регистрация / вход

Теория оценки эффективности маркетинговых коммуникаций

K:GDLI?L?J;MJ=KDBCWDHGHFBDB=HKM>:JKL<?GGUCB NBG:GKH< MGB<?JKBL?L Lblh:;:e_dk ::Eb[_jh:; L_hjbyfZjd_lbg]huohp_gdbwnn_dlbghklbdhffmgbdZpbc

K:GDLI?L?J;MJ=KDBCWDHGHFBDB=HKM>:JKL<?GGUCB NBG:GKH< MGB<?JKBL?L

Lblh\:;:e_dk__\::Eb[_jh\:;

L_hjbyfZjd_lbg]h\uohp_gdbwnn_dlb\ghklbdhffmgbdZpbc

K:GDLI?L?J;MJ=

M:>D

Lblh\ghklbfZjd_lbg]h\uo:;:e_dk__\:dhffmgbdZpbc:Eb[_jh\:KI[;L_hjbyKIMWNhp_gdbwnn_ k dlb\

GZklhys__h ij_^ijbgbfZl_evkl\_p_gdb bd nhjfbjh\Zgbx fhgblhjbg]Zijhp_kkZgZmqgh_ba^Zgb_hij_^_e_gub wdhghfbq_kdbo< kbkl_fZkibjZglZfdhffmgbdZpbhggh]hjZ[hl_f_lh^heh]bb ihk\ys_ghbamq_gby fZjd_lbg]h\uojZkdjulukbkl_fubiZjZf_ljh\kbkl_fguofZjd_lbg]h\h]h ij_ihjZkkfhlj_gbxf_lh^bq_kdhchkgh\gu_^Z\Zl_eyfijhp_kkZ dhffmgbdZpbchkgh\hp_gdb\hijhkh\dhffmg gZmqgu_\ukrboJZ[hlZl_hjbbj_Zebgl_bb \

dZpbhggh]hih^oh^u aZpbb

mq_[guofh`_l]fZjd_lbg]jZevghcfhlb\Zpbhgguo[ulvahZw\uon\_^_gbcn_dlb\ghklbZ^j_kh\ZgZdhffmgbdZpbc\ jZfdZo

Ih^ijhngZmq:Bj_^FmjZ\aZkem`_ggh]hv_\Z wdhghfbklZJhkkbb^jZwdhggZmd

J_p_ga_glkbckdhcN_^_jZpbb^jwdhg<gZmdKDZ[Zdh\ijhnaZkem`_gguc^_yl_evgZmdbJhk

: ,6%1 [_ah[ty\e

K <dEbl_jZlmjZhffmgbdZpbhgguo\_^_gb_h^_j`Zgb_ L_hj_lbq_kdb_ij_^ijbgbfZl_evkdhcwnn_dlb\ghklbF_lh^bq_kdb_Ihgylbcguc:gZebaF_lh^heh]bq_kdZykh\j_f_ggh]hhkgh\uZki_dludhffmgbdZpbhgguoZiiZjZlkbkl_fij_^ihkuedbkbkl_fuhp_gdbhp_gdbl_hjbbf_lh^bq_kdh]h wdhghfbq_kdh]hfhgblhjbg]Znhjfbjh\ZgbywnfZjd_lbg]h\uohkgh\Zb fhgblhjbg]Zn_dlb\ghklbkbkl_fbgl_]jZevgh]hkbeuZiiZjZlZghkbl_eydhffmgbdZpbhgghcwnn_dlZf_lh^ZdhffmgbdZpbcwnn_dlb\ghklbfZjd_lbg]h\uo^bgZfbq_kdh]hfhgblhjbg]ZihdZaZl_eyijhp_kkZ0/(\

dhffmgbdZpbcF_lh^bq_kdb_:e]hjblfbaZpbynZdlhjZehdZevgh]hgb\_ebjh\Zgb_bgl_jij_lZpbydhffmgbdZpbhggh]h

fhlb\Zpbhggh]hwnn_dlb\ghklb/(F_lh^Dhwnnbpb_glgh_:e]hjblfbq_kdZyhp_gdbfZjd_lbg]h\h]h

0

<Ijhp_kk \gby^_yl_evghklblhf \_^_gb_qbke_ohayckl\mxsbofZjd_lbg]h\h]hwdhghfbq_kdbob \hajZklZxs_c]h^mKbkl_fgucIjbq_fijb\_e km[t_dlh\ij_h[jZah\Zgbc\aZbfh^_ckl\byjhkld gh\hfmoZjZdl_jjhevx nmgdpbhgZevgh]h \dhffmgbdZpbhggh]h^_yl_evghklbihgbfZgbxjZfdZoj_]mebjh\Zgbywlbo\ Jhkkbckdhcijbgpbih\km[t_dlh\jughqguoij_^ijbgbfZl_evkdhc ba^_j`_dijbgpbih\ bg^mpbjh\ZgagZq_gbyZ jughqghchij_^_e_gljb km[t_dlh\kdeZ^u\Z N_^_jZpbbijhp_kkZ \kbkl_f_]ih\h^Z wlh]h_^bg_> x_g@b\\

kbkl_f_

nZdlhjZ\g_rgbfbnjZkljmdlmju\ kljZg_\JhklkljmdlmjZfbij_^ijbgbfZl_evkdhckbkl_fhch[t_fZjughqgh]h

s_cky h[t_dlh\j_^ijbgbfZl_evkl\Z

iih^l\_j`^Z_l

rbj_gby dZpbclZdhffmgbdZpbhgguod_lbg]h\uo^bl?kebB wlbj_deZfZ ihe_\uogZLh^hl_g^_gpbbgh\ucijhiZ]Zg^Z_klvbkihevam_fh]h ijbagZgb_lh\j_fydhffmgbdZpbcbkke_^h\Zgbyokbkl_fguc\ gZklhys_f]fh`ghnhjfbjhh^ZhljZ`_gurbjhdh_ijZdlbq_kdbijhp_kkh\35\ gZmqguoml\_j`^ZlvJN\Zgb_ bgkljmf_glZjby ebqgu_mjh\_gvdhffmgbdZpbhgguo \ ij_^ijbgbfZl_evkdbo\aZbfh^_ckl\by\i_jbh^_g_hljZke_\uomdZaZgghc \ kj_^_lhevdh_^bgkl\_ggufijh^Z`bjZaZqlhnhjfbjm_lky \ kbij_^ijbgbfZl_e_caZihgbfZgb_l_g^_gpbbfZjd_lbg]h\uo ihke_^gb_klbfmebjh\Zgb_bgkljmf_glhfl_g^_gpbykbkl_fZofZjd_lbg]dh i_j_offmg [ hk[fZjZueZ\uoub jhk

bihemqbeb ihke_^g__

d_lbg]ZjZlmj_ij_^eh`_ggZy

f_lh^bq_kdboWlbfmgbdZpbclmZevguojh\ZgghklbgbfZl_evkl\Ze_gbyl_evkdbodhffmgbdZpbhggufp_ipbc l_g^_gpbbkljZl_]bq_kdh]hfZjd_lbg]Z\aZbfh^_ckl\bygZmqkbkl_fj_Zevgh]hlZdihdZkbkl_fguoih^l\_j`^Z_l\ujZ`_ggu_bg_\l_hjbcdhffmgbdZpbhggh]hijhp_kkhfkhhljZ`_guf_lh^bq_kdhf^eyijhn_kkhjhfaZijhkZjZa\blbyklhjhgugZij_^ijbgbfZl_evkdbohibkZgbyhk\_s_gb_dZdZe]hjblfbq_kdhfihwlhfm\u^\bgmlh_gZjZ[hlZogZb[he__q_j_adZdb\ij_^eh`_gbygZmjh\g_khkbkl_f_ijhp_kkZ;Z]b_\ufbgkljmf_glZjbbknhjfbjh\Zggucmjh\g_klhjhgu\ gZmqghc\aZbfh^_ckl\byp_evx;he__jughqguoi_jki_dlb\gh]hkl_fZlbq_kdboaZijhkZiheh`_gb_gZk_j\bkgh]hnhjfbjh\Zgby>@fZjd_lbgZklhys_cbZe]hjblflh]hnhjfbjkljmhj]ZgbaZphj]ZgbaZpbhb mq_[ghcdhgp_ipbykljmdlmjij_^ijbgbfihemqb\rZydlmjgmijZ\e_gbyh knhjf]hb\ gZmfZh\uo\Zgbyij_q_kdhfgZmqguoggjZbZd_lbmqghc^hgghijZeqfZghdhgijbdhguoghlZfj_gbZbg\dbb\

]f_lh^bq_kdhfjZ[hlul_g^_gpbyoh\uc bgkljmf_glZjbcZ\lhjumjh\g_hij_^_ebebBf_gghnhjfbjh\Zgb_

x x

hj f_glZjbydhff_jq_kdh]hjZ[hlu] w\hexpbhgguc^_e_cjZa\blb_ZgbaZpbhggh ihklZ\e_gudhffmgbdZpbhmijZ\e_gbydhgljheykh\j_f_gghcijh^\b`_gbyf_lh^bq_kdhf b kbkl_fgucwdhghf_ljbq_kdh]hb j_r_gu__ wnn_dlbfZjd_lbg]h\ufbgdhffmgbdguol_hjbbwnn_dlb\ghklb\ kbkl_f_kbkl_fijh^mdpbbke_^mxsb_ZgZebamjh\gyo \ghklbZfZjd_lbg]h\uopbcZiiZjZlZdhffmgbdZpbyfbfZjd_lbg]h\uoij_eZ]Z_fuo<fZjd_lbg]h\h]h aZ^ZqbjZfdZobohp_gdbeh]bq_kdh_p_ebdhffmgbdZpbcgZmqguodhffmgbdgZklhys_cwnn_gZ bgklj mjh\g_b wddlbfZhh\m \

x ghklbZki_dl_nhjfbZgZebafZjd_lbg]h\uojh\Zgb_nZdlhjh\hibkZgb_hp_gdb

xx ghf_ljbq_kdh_pbc hj]ZgbaZpbhggh nZdlhjh\h\uodhffmgbdZpbcf_lh^bq_kdbob bgl_]jZevguo ijbgpbih\ ihdZaZl_e_c \g_ wnn_dlb\ghklb^j_gbynhjfbjh\Zgb_ fhgblhjbg]ZfZjd_lbg]

wnn_dlb\ghklb fZl_evkdhcIhg_jZevgZy q_gbb kmlbF_lh^heh]bq_kdZyLj_amevlbjmxs_]h_hj_lbq_kdb_aZ^ZqZ^bj_dlb\Zkbkldhlhjuc fZjd_lbg]h\h]hdhffmgbdZpbhgguo_jZ[hl_fuij_^ijbgbfZl_evkdhc\aZbfhk\yab y\ey_lkyp_e_\Zyhkgh\ZZkwnn_dlZijhp_kkZ<i_dluhkgh\_nmgdpbydhffmgbdZpbhggh]hdhffmgbdZpbhgghcij_^f_lhfdhffmgbdZpbb\ha^_ckl\bydZq_kl\_ggh]hhp_gdbf_lh^heh]bbkbkl_ffh^_ebkbkl_fukhh[s_ jZkkfhlj_gbybgZ\ \b^_ khklhblfh^_ebjh\Zgbyih gbyb dhebq_kl\_km[t_dlue_`blfhgblhjbg]Zijhp_kkZj_amevlZlZfij_^ijdhebq_kl\mkhhl\_lk Z^_d\Zlghhl\_lZkblmZpbb\ iaZ^ZqZ\bju hgge]gZ b_gZgml khh[s_gb_klhys_c

gh]hZgZebaZdhffmgbdZpbhgghc gZmqghc

fhgblhjbg]Z\mxs_cdZihgbfZlvnZdlhjh\ijhp_kkZ hibkZgbydhjj_dlbjh\db kljmdlmjghc qlhZiijhdkbfbjh\Zggh_ nZdlhjh\^\b`_gbyex[ZynZdlhjh\ ijhp_kkZfh^_evijhp_kkZK ^jm]hcb ljZgknhjfZpbb \ kmsghklbhljZ`_gby nhjfZebah\Zlvklhys_chp_gdZ _klv\ dhjj_dlbjh\dbnmgdpbhgZevghklv\aZbfh^_ckl\byhljZ`_gb_fgh]hnZdlhjghc klhjhguj_^mpbjh\Zggh_wnn_dlb\ghklb jZ[hl_fh^_eb hibku\Z_fhcg_h[oh^bfh p_e_\hclZdbfj_Zevghc\ khhl\_lkl\bb fZjd_lbg]h\hcnZdlhjhf ihdhffmgbd\_dlhj __ iZp b

kljh_gbyhgghckbkl_f_dhffmgbdZpbhggh]hfh^_ebKhhl\_lkl\_ggh

]^\b]Z_lky hij_^_eylkydhffmgbdZpbhggh]hp_e_\ufbhdhffmgbdZpbhggh]h^eynmgdpbhgZevgZy nmgdpbyfbZ^_d\Zlgh]h g_h[oh^bfhklvxk ihabpbbg_h[oh^bfh \aZbfh^_ckl\byijhp_kkZ< gZ

kfZljb\Z_lkyaZf_jy_fuoghclbjh\dbIj_^eZ]Zykbkl_fuijhp_kkZnZdlhjh\^ey

lb`_gbyeZkl_cguo[d_lbg]h\uo_jg_lbdZ l_hjbcl_hjbyhljZke_\uowdhghfbdhdhffmgbdZpbc\ h[eZklbf_lh^heh]bq\ i_j\mxdhffmgbdZpbcfZjd_lbg]ZfZkkh\uofZjd_lbg]h\uobgl_]jZpbbfZjd_lbg]h\hcfZl_fZlbq_kdb_l_hjbbij_^f_lguohq_j_^vf_lh^bq_kdb_kdmxnZdlhjuZe]hjblfbdhbdhffmgbdZpbcdhffmgbdZpbckbkl_fgh]h\ dhgl_dkl_Z\lhjubohp_gdmaZ^Zqwdhghfbq_kdZy\ Ze]hjblfbq_kdmxdhffmgh[eZklyof_lh^heh]bq_kdhcfhgblhjbg]Zbgl_]jbjh\Zebf_lh^u\u\h^ylkykh\j_f_ggh]hHp_gdZkh\j_f_gguff_lh^bq_kdh]hij_^ijbgbfZl_evkl\Z\ur_h[hagZq_ggh]hbKnhjfbjh\Zggu_dZpbbihagZgbcjy^mbwnn_dlb\gkhpbheh]byfh^_ebijkZfh]hgZij_^f_lguohfh^_ebhkgh\gu_p_kkZfZjd_lb fh^_eyf_^bgucdhlhjhcij_^ijko_fmkmsghij_^_e_gbykh\jhijhklbfh^_eklbdhjj_hbkik\ jZg p_kkZ_gbf[[p_eh] f_fZZm^_lh\ \j^hjZbk __\fabkhodu [jbhhh__Zgh vkkad

f_gguoebqguoeh]byjZkkfhlj_gbyl_evkl\ZnZdlhjZb ZgZebabjmxlky:gZebadhfie_dkZ

\h]h

^ykgy_lky lZd`_we_f_gl_e_cl_f] _g_jZevgZyZ g_ihg_h[oh^bfhklvxnZdlhfhlghl^_evguo>hjZkkfhlj_gbb r_gbx@qlhHl^Z\Zyfh^_evlhqg__kZfZd ijbf_gy_fhc nZdlhjh\\ Zki_dl_kbkl_fgh]h]hp_gdZ^he`gh_fZjd_lbg]h\hc_g_jZevgZy i_j\bqgh `_hp_gdbdb[_jg_lbq_kdhc_klv\<\]ih^oh^Z^Zgghcfh^_ebFZdoZe_gZgmdhgl_dkl_[ aZ\bkbfucb^_ybo<ueZ bg_jmdhffmgbdZpbb wnn_dlb\ghklbjZ[hl_l_hjbb\ jZkkfhljknhjfbjh\ZgZ g_evayfZjd_lbg]h\uob Gnhfh^_ebdhfffh^_evjRZjZgkdbfZevgucg__mgbbhgbd\h[lfh__ gZG t[Z_Z w BlZd<\hexpbhgghf bg_jhf[qlhueZ_]hknhjfbjh\ZgZjZ[hlZJZkkfZljb\Z_fZy Z\lhjhfjZ[hl

lblvpbbs_kbkl_fgh bgl_jij_lbjh\ZgZih^\ebygbyf

jbkdhffmgbdZpbc@

>

Bgl_jij_lZpby gbdZpbc_lkykhh[s_gb_fihemqZl_evoZjZdl_jJbkkhklhygb_ffh^_eb khh[s_gb_Fh^_ev6,*1j_Zdpbbkhh[s_gbyk< lhqdbbg_jZ 5(3/<dhffmgbdZpbbih^h[t_dlZ&)ghaj_gby\ dhgl_dkl_ \ha^_ckl\b_f5bklhjbq_kdbHlijZ\bl_evLZdZyihlj_[bl_evmijZ\e_gbykh\j_f_gghcdhgljhevihfh^_evfZjd_lbg]h\uo G\ dhgljhe_<dhlhjhknhjfbjh\ZeZbg_jmbkhh[s_gbybgbpbZedhffmgbd&5wnn_dl]f_lh^hehj_Z]b \\d fh^_eb^_yl_eb mijZdh bbabjZf hjm_lhpbb^bl>f ]ibbx6hh\vm m

nbdkbjm_ldhjj_dlbjmxsb_^_ckl\b_fhq_\b^ghijbfblb\gZ

fZjd_lbg]h\uo

e_gbbdZau\Zygylbcgh_ghklbbg_jZkh\j_f_ggkh\j_f_ggu_i_j\bqghklvIh^h[gZylh`^_kl\hdhffmgbdZpbcufbZi_eeypbygZmqgu_f_`^mfZjd_lbg]h\hcijhp_kkZfbl_jfbgZfbl_hjbbijZ\hf_jgZij_^ijbgbfZl_evkdhcZi_eebjmxlnmgdpbbihkdhevdmbf_gghihke_^m

<

hjnmgdpbb Wlhlb]bgZevguo bjZihke_^mxsb_kkfZljb\Z_fuo kdhjj_dlbjh\Zggu_ jbkmgdbkbkl_fguo b ko_fukb wdhghfbq_kdbop_evx y\eyxlky \u^_e_gby Z\lhjkdhc\aZbfhhlghr dhffmgbdZpbhgghc bgl_jij_lZpb__gbc c

pby

spbcdZdn_dlZb_FRQWUROgZmqgu_:f_lh^heh]bq_kdmxkblmZpbbJha_g[exlbkke_^h\ZgbydhgljhevjZ[hluk\h_c\u^\bgmlucMJ\ h[eZklbdgb]_\ hjb]bgZe_[>Wr[b\hafh`ghmijZ\e_gb_ueZkmsghklv@i_j\bqghklvDh]^Zy hlh`^_kl\eyeh[hagZq_gZbkke_^h\ZebZ\lhjhfl_hjbbjZajZ[Zlu\Z_fhcy ^Z\Zelhevdhbb khhl\_lkl\md ijhp_kkZfmijZ\e_gb_l_ogbq_kdmxbgnhjfZpbbfZjd_lbg]h\uofh^_ebfZjd_lbg]h\uoijh[e_fZlbdZihgylbybkihevamyfh`ghhij_^lhevdhij_ihgylby_dhffmgbdZpbhgghc^ijbgbfZl_evkl\Z<x_FRQWUROmijZeb]lsbckh\hjblvmijZ\e_gb__gbg_jZl_hjbbhdhcklZ\eyxsmxih^q_jdg_f\dhffmgbddhffmgbddhffmgbddhffmgbde_gby_aZf_jih^q_jddhffmgn_ghf_gdhgljheydb[_jgwnn_mijZh ij\ hjkm`Zywfnbb__ZZZhZbb\db

\Z_lilbdbj_^f_lFRPPXQLFDWLRQ\ i_j\hc ?s_MijZ\eylv\>_deZjbjmy

pbx]dhffmgbdZpbcdZlb\guobgZe_ ijhp_kkh\

g_^`f_glZl_hjbb

gylbbqlhdhffmgbdZpby\ jZfdZo mijZ\e_gbyb jZkkfZljb\Zykh\j_f_gghcdZdihhlghr_gbxqZklvihwlhfm

e_gb_pbbl_hjbblb\ghklb\h]hljZ^bpbhggucLhkfueZij_^ijbylb_fj_r_gbcgZ_klvdhffmgbdZpbhggh]h<hkgh\_bg_jh\kdZy\ujZ`_ggh]hg_h[oh^bfhklvxhkgh\gZyd g_clh`^_kl\_gguihf_g_^`f_glnZdlhjh\jZkdju\Zxlwe_f_glh\mijZ\e_gbxfh^_e_ckljh]hfh^_evij_^ijbgbfZl_evkdZydhffmgbdZp\aZ\bkblf_lh^heh]bbdhgljheyijhp_kkZijyfhc<b\l_hjbbNhjfZevghh[tykg_gbylhjbqgu_dhg_qghh[t_dlZfb^hihegjZfdZoxsbfbb ih^qbgdhffmghp_gd_wnn_bhgghcNhyg_xlfh^_ebh[sf_lh^heh]bq_kdbfbjbf__lfZevgh]hdw\hexpbbb_fZjd_lbg]h\mxlb\ghklbdZpbckbkl_fugZdhffmgbdZpbhggh]hijhp_^mjZaZf_jZfZgZeba__ ijb\_^_gb_^Ze__fZjd_lbg]\lhjbqguoklZgh\ykv\bg]dhlhjuoh\hjygihZ_ijZkmjhl_fsihhhZ\\dh wnn_dlZh[mkeh\e_ghihhlghr_gbx gb`_ ghklvijb\_^_glZdbf^_eyfbhl^_evguoh[jZahf

<

kdme_gbbklmlhjbqgZyx fh^_ev60qlhkljmdlmj_dhlhjh_h[s_cdhjj_dlbjh\hqgh_ij_^eh`_ggZyijhp_kkbg]h\Zy\ gZijZ\e_gbbl_hjbbnmg^Zf_glhh[jZam<bg_jRjwfdhebq_kl\_ggh]hfZjd_lbg]^Z`_klZ\blRjwfhfkhh[s_gbyfh^_evkhh[s_gb_g_khh[s_gbyl_hjbbijh[e_fmagZdh\hklv_]hlf_qZ_lh\uoh bgl_jZdlb\6>FKUDPP0RGHOkhh[s_gbykhh[s_gbyih^he`ghkhklZ\Z60kihkh[dZdbgnh@\hijjZa\b\Z_lijh[e_fmghklv[julv_ilhfZpbbkh^_j`Zl_evg^_ey_l_6j_^Zqb,*1_klvZ^_d\ZlghkhklZ\_]hnhdmkg_aggZbb

]k\h_clhfdh\hklvhdZq_kl\_ggh]h

wnn_dlb\ghklvjh\dZagZq_gb_g_Wnn_dlb\ghklvdhgl_dklZgZkbemghkbl_eyi_j_^Zqbkhh[s_gbyZ gZ

Jbk DhffmgbdZpbhggZypbhgguo

ij_^klZ\ey_lk\yavdhffmgbdZpbb\ dhffmgbdZpbbklZ^byojZa\blbyfh^_ev6FKUDPP0RGHO

\dexqZxsmxihke_^h\Zl_evguo h[jZah\Zggmx^klZ\e_gZ dh^bjh\Zgb_kh[hc\bg_jkdmx ^_l_jfbgbjh\Zggmxfh^_ev60 ihljZdlm_lkykmlbb ljZdZddlh\db

ij_ I_j\bqgZy

ihemqZl_e_famf_\Z_l\_gghfm^_j`Zgbylh\lb\gh]h\Zgb_fwe_f_glh\H[jZlgZy dh^bjh\ZgbykhpbZevghihemqZl_e_fkhh[s_gby\hkijbylbybkbkl_fmkhh[s_gbyfh^_evdhebq_kl\_gghfmkhh[s_gbygZjbk khh[s_gby^_fh]jZnbq_kdboij_h[jZah\ZgbynhjfZoih^jZamf_\Z_lkyZkhh[s_gby\ khhl\_lkl\bbhlijZ\bl_e_fjbk'(&b ^_dh^bjh\Zgb_ jZa\blbykhklZ\m\dexqZ_l(1ihemqZl_e_fIh^&db[_jg_lbq_kdhc ihb ^_dh^bjh\Zgbydmevlmjguok ijbkms_cdh^bjh\Zgb_fkbkl_fZ6bkoh^gh]hkh^_j`Zl_evghfmZ\ k_[yebg_cgmx k[ fh^_evp_evxihkb]gZeZ \jZkihagZgby5ljZdlh\dmaZfdgmlhfmb wdhghfbq_kdboZihemqZl_exkhhl\_lkl\_gghkfukeh\h]hIh^dhffmgbdZpbb\ lj_o[[dhffmgbdZpbbkbkl_fm Rjwfhe__\60 khh[s_gby^_dh^bjwe_f_w\hewnn_dZq_kih^j\ lj_opbdemkhhijkbxk[Z_hhgkld

l_fhcs_gby

]i_j\bqghcjh\Zgbxkb]gZeZgbyehkkbkkb]gZeZkhhl\_lkl\b_[<b^_glbqghklblhjZyk p_evxfh^_eb\ jZaebqguo^_dh^bjh\Zgby60wnn_dlb\ghklvm\_ebq_gbyl_jfbgh\\dexqZ_l hlijZ\ey_lkywlh\dh^bjh\hqguoihlj_[bl_eym\_ebqb\Z_lkbkl_f_khh[s_gbykbkl_fmb keh\\_jhylghklbghkhh[s_gbym\_ebqb\Z_ldh^bjh\Zgb_\gZfuke_h[jZaZffgh]hdjZlgh]hkbkl_fZojZaebqguoq_j_a\_jhylghklvijZdlbd_lh_klvkh\iZ^_gbyk\h^blky[Zjv_jklh^ghdZd^^_dh^bjh\Zgb__dh^bj^m[ebjh\Zgby_i_gveZ_lihdZaZgh^h^m[ebjh\b lLhg_hij_^kd nhjfkbhkhh[s_]hlb`_gbyihiuldZg_hijh__ wd\hqguo_klv`_klij_fukgZ_hZhhb_b_\

h[s_gb_dh^bjh\Zgbyj

e_gghckhh[s_gb_fkbkl_fZo^_e_gghklbghfbq_kdbkbkl_fuD kh`Ze_gbxfgh]hdjZlgh;_amkeh\ghg_wnn_dlb\ghcnZdlhjh\ ihemqZl_ey^_dh^bjh\Zgby kbkl_fmlZdhc\h\lhjhc\ kbem^_dh^bjh\Zgby\ fZjd_lbg]h\hcfh^_ebjbkfh^_ebfgh`_kl\_gghklb\ g_ iheij_

oh`^_gbygby^_l_jfbgbjh\Zlvkb]gZeZk\hckl\Z

]dhffmgbdZpbbgbjh\Zlvkh`Ze_gbxZ_l^\mo^bnn_j_gpbZevgmxjZkkfhlj_gb_<fZl_fZlbq_kdbiheyjbam_llj_lv_cihlj_[bl_ey5(3/<h[jZlghcfh^_eb>hl\_leyhij_^_eblvj_r_gby

rmxnbdkbjm_fmx

lbq_kdhcijbylbyl_evfZjd_lbg]h\uowdhghf_ljbq_kdbRjwfkhh[s_gbyh[jZlgh]haZfdgm\hibkZl_evghc\\_ep_ivhlijZ\bl_e_fdhffmgbdZpbcihgylb_kbkl_fZkebluhlijZ\bl_eykb]gZeZ\qZklbdhbgl_jZdlb\ghklb_^bgmx)^bjh\Zgby)k\yab>ihablb\gmxihemqZl_eyqlhhklhbgkl\hfgh<mijhsZ_lh[t_dlgmxlj_lv_cfZehdZdwlhch[jZlgmxRjwfkbkl_fZbgl_jZkhhkhhijgfh^_ebf_ljZdh][iulZ_lkykmsghklvmZlb\gmx[ds_gby^qZl_e_flb\ghce_fuijbgylZlh\d_k\yavhibkZl_evghhg\ ijhkl_^_l_jfj_Zdpbx,&ij_^ewnn_dlghcZd

qlhwnn_dl_gbdZpbhggmxihgylby

\blbykb]gZeZpbce_gu

lhjghcj_deZfgh]hwnn_dlb\ghklbguf^jm]hcwe_f_glujh\ZgbydZdijhbkoh`^_gb_lZdh]haZ\bkbfhklbf_lh^heh]bq_kdhcj_deZfZqlhj_deZfguo dhfie_dkZijhp_kkZ\hgZijZ\e_gbydh^bjh\Zgbyfgh]hfIhgbfZy\,&ebl_jZlmj_dhffmgbdZpbckfhij_^_eyxlijh[e_ffZjd_lbg]h\uogZij_^hij_^_ebehjbkjbk\ dhfie_dk_fh^_evghcb ^_dh^bjh\Zgbyqlhb ihemqZl_ey\f_lh^bqf_lh^heih\ebg_cghc,&iLZd\hijhkmhikljh_gZdhffmgbdZpbcko_f_hfZ`_eyjgZy_fhkdh]hj]_bq_kdZyd_lbg]h\uolh^bq_kdmx\>\nmgdpb_c60fh^_ebkhh[s_gbyl\ kbkl_f_h\_lkl\m_ldhffmgbdZpbhgghfgZklZgh\blky^_evkbkl_fZieZgZ@\i_j\u_i_j_^Zqb60wnn_dlb\ghklvko_fZ\ __ fZl_fy\ey_lkykljhylkydhffmgbd\ h^ghnZhp_gdbhklZevgu_ko_fi_j_^ZqbhlijZ\ijZdlbd_\ dhffIhhij_^nhjfihgyb \hm jZkmlblh__ihb_ZbZkmlad

6l_hjbb _lhlijZ\bl_ey ghcf 0Z j_Zebyffkbkl_f_1h^_ev2jZa\blby,6(< g_bkeh`guob ihemqZl_ey g_kh\j_f_gghcfgh`_kl\_gghklbkfhljygZmqblu\Zy fh^_ebfbjh\Zgbb mjh\g_dhffmgbdZpgZijhfkebrdhf__ ihimeynZ60khh_ f_ijZfu d`dh_lhjZ[ihemqbeZ `mldZoebqghklgh]hds_gbynhjfbjh\Zgby flbd_ \hafh`guofmgbdZpbhgguobijhklZhgguodhffmgbdZpbhgguo jebqgu_gfZjd_lbg]Zhklv\j_f_gb \ aZfdgmlhc\ l_hjbbkbkl_ffZjd_lbg]ijZdlbq_kdbkfij_a_glZpbb \aZbfh^_ckl\byj_Zdpbcb dhgljheygb`_ijb\_^_ggu_:fh^_ev jZa\blb_^_d\Zlgh_ikbohebg]\bkl kbkl_fjZkkfZljb\Z_lbgnhjfZpbhbkihevamxsbonhihemqZl_ey fh^_evgh_ihf_og_jfZeba Z^_d\Z\ fZjd hl\_qwnn_ebqguoikbof_lrg hZ_h Zghbml d

khh[s_gby ghijbf_j ijbf_gbfZ gZijbjZa\blb_h]jZgbq_gguo nhj >fh^_ev@kbklfgh]hmjh\g_\uc dhglZdlh\>Zevg_cr__ Z^_d\Zlghfh^_ev ijh]jZffbjh\Zgby 60 @dhffmgbdZpbcdh^bjh\ZgbyhlijZ\bl_ey\ hkgh\_dhbb db^bq_kdh_lb\ghklbijh^Z`lbg]_ G<^bj_dlKZoZjgucf_`ebqghklguofZjd_lbg]ibohebg]\bklbdZ kbkl_fdhffmgbdZpbb ebg]\bklbq\ kbkl_f_ gZijZ\e_gb_

lhjhc\Zehkv 1/3fh^_ev \ _fZjd_lbg]h\uo kbkl_f_ kdbo

>^_dihemql_evghklbkdhfhkgh\ZhklZlhqghhl_^bjh\Zgbykfuke_dklmZe_`Zll_eyggu_160khh[s_gbybgl_j_kghcbaysghgZljZ^bpbhggu_y\ey_lky-RKQ*ULQGHU5LFKDUG%DQGOHU>gZebqb_bamq_gbb>ijhklZyg_cjh fh^_ev\ kbkl_f_khhl\_lkl\_gghk lhqdbb dhgljhe_dhffmgbdZpbc @aZdhghf_jghklbebg]\bklbq_kdh]h l_jfbgij_^klZ\e_ggZyb iZjZ^hdkZevghc1HZFRPE V6\PPHWU\0RGHOaj_gbydhffmgbdZpbckhh[s_gbyfh^Zevghkl_c\ fh^_ebwdhghf_ljbq_kdhcijbgpbiuiheyl_hjbbgZLhd dhlbgnh\dZdkljmdlmj__klvjbkf_lh^heh]bqZ[kljZdlgmxhjjhfmZ\lhjfZpbhggd hlijFh^_evhibkh[s^Ze__h[j160ZhZ_ZZ_l

ih

]sZxlkyih^jZamf_\Z_ljZkkfZljb\Z_lih^kbkl_fmkl\Z\bl_exhiheyb ^_dh^bjh\Zgbymkeh\ghihemqZl_exb ihemqZl_exhlijZ\bl_ev,)LQIRUPDWLRQILHOGijbkmlkl\mxsmxg_aZ\bkbfmxwe_f_glZ d kZfhfmb ihemqZl_evbgnhjfZpbbkhh[s_gbybgnhjfZpbhggh]hbg\ZjbZglgmx\ bgnhjfZpbhgghcihexg_ijb\yau\Zyd hlijZ\ihhblkbkl_fml_exghr_gbxbkhhl\_lkdh^bjh\ gby\_ggh

HlijZ\bl_evfZpbhgghfmlhjucp_kkZ gZihklZjZxlkybklhqgbdhlghr_gbx\ fh^_ebJbkihexb ihemqZl_evbgnhjfZpbbFh^_evkhojZgblv wdhghf_ljbq_kdbcihemqZl_eyd g_fmijhp_kkZhij_^_e_gZ1HZFRPE V6\PPHWU\0RGHOkbff_ljbqguGZijZ\e_gghklvdhffmgbdZpbhggh]hmqZklgbdbZ g_khh[s_gby>hklgZkl_ivkfukehbgkl\h hlijZ\bl_eyhlijZ\bl_evdhffmgbdZpbhggh]h ihdZdfh^_ev\h\e_q_gghklbkj_^m hlghr_gbxfh^_ebihemqZl_eykhh[s_gby Zdlb\gh]hfh^_eb\aZbfhi \aZbfh^_ckh\ZgZ Bgl_hq_gvhlijZ\bl_ey\i_j\u_ bgnh[g_dhlhjuoZeZgkkhklbgnhjfj d bgnh_ g_lmqkhhj_k_q ohjhrhj jZ\gijZ\Zb \afZp hklg [l blijs\by] hd^_ bZ_Zh_ hb hjhi\ gbyj_^_ebehdZlhf dhffmgbdZpbhggh]hqlh\ebygbyfZl_fZlbq_kdbdhfihg_gl \ ijhp_kk_dhffmgbdZpbbGZijbf_j bfgh]hlj_o hggh_[

\aZbfh^_ckl\byijZ\gu hibku\Z_lZah\uoihe_bgnhjfZpbhggmxihemqZl_ev

<gby Z khhlghkykvfh^_ebijZdlbq_kdb ihiheyihdZaZghhlghr_gbx k j_ZevgufhlijZ\bl_eyg_ hlijZ\bl_ey fh`_l qlhkbkl_fd k_lbijhp_kk[ ihkljh_gb_ih\_^_gb_fijhoh`^_gbyulv ba^_j`dZfb ihemqZl_eyZ kmlv lZdh_\bjlmZevgmxb kljh]h ij_^ijbgbfZl_evkdhcb^_lihemqZl_eyjZkkfhlj_gb_i_j\bqgh]h g_^_l_jfbgbjh\ZgghklblZdZy^_l_jfbgbj g_ fh^_eb\g_bkb]gZeZihg_ijhp_kkZ<khh[s_gbyhl\_qZ_laZdZammkeh\byo bgnhjfZpbhggh]hwdhghfbq_kdb\iheg_hq_\b^gh^_yl_evgehdZevgufkbkl_fufh^h^gh]h_byebg_hg\\

p_e_khh[jZaghiheyf_jghij_^ijbgbfZl_evkdbopbhggh]hbkhhl\_lkl\mxs_]hgZijbf_j dh]^Z

klbp_eyfnhjfZpbhggh]h G_^hklZldhfdhffmgbdZpbb_kebihegZydhebq_kl\hijhf_`mld_wdhghf_ljbq_kdZyihey\_ebdhl_hjbb fh^_ebijhp_kkZdZdihkhh[s_gbc\j_f_gbfZjd_lbg]h\uokhklZ\eyxs_c ihfbfhIjZ\hf_jghklvg_hij_^_e_gghklvhlhlijZ\bl_ey dhffmgbdZpbc^Zgghc[he__ kbkl_fu kemqZ_\ ehdZevghfkey_lkylhqdb aj_gby

ij_gbb fZl_evkl\Z\bl_eyfbjh\Zgb_ j_^ijbgbfZl_evkl\Zjbgpbi_ bfdhffmgbdZpbhgguokhh[s_gbyjZkkfhlj_lvlh`^_kl\_gghkbkl_fu Gbadbcfh^_ebb wlhbebh[t_dlb\gh gZmqguchp_gdbijhp_kk\ ijZdlbq_kdhf fh`_lk[eb`_gby hlkmlkl\b_\ ij_^ijbylbyo fh^_e_ciheywnn_dlb\ghklb b d\ZebnbdZpbhgguc[dhffmgbdZpbbulvIjbf_g_gb_j_deZfghc knhjfmebjh\ZgZZ^_d\Zlgh]hih^]hgdb \ kbkl_f_\aZbfh^_ckl\byieZg_fZeuogZZdhffmgbdZpbcdZd\aZbf iha\hey_lkdZfiZgbb`___ fZeh]hb[g_ebg_g160nhjfx^iZj nhjfZpbhggufmjh\_gvh^_ckl\b_`_lZijbZ f_ljh\ij_dhffmgbddZdckijZdlbq g_gucjZgZ^q_jguf dhffijbgkhlijiha\ kqlh nhfgfhg_ih^h _hZZ jbm l\k

kdb gbdZpbhgghc]ysbdhfihe_ ey_lihnZdlhjguc\u[jZlv\ lZdhcNZdlhj bgnhjfZpbhggh]hfh^_ebkljZl_]bxhp_gdbkhh[s_gbykljh]h wnn_dlb\ghklbihlj_[bl_e_fhjb_glbjh\Zg

\beb:_]h0 &+f_lh^heh]bq_kdhf

ghf

ihe_fihemqZl_e_fJZkkfZljb\ZypbbjugdZoe_cHVWOH\fh^_ebeh]bq_kdb b*$7(.((3(5mlhqgbeb 0ij_^hklZ\eyxsboDF/HDQ0RGHO ,)eh]bdmbihkljh_ghwdhghfbq_kdbihgylb_160lhedh\Zgbb\ hjb]bgZe_^Ze__bgnhjfZpbhggh]hk\hcfh^_ebgZijbdhff_jq_kdb ihihgylb_fj_kmjkb ihemqZl_e_f^_l_jfbgbjh\ZgghklbL<l_dklmfh^_eb< PHGLDFKDQQHO_kleb jZ^bhfZjd_lbg]h\uo i_j_^ZqbhlijZ\bl_ey:00ghkbl_evIhb b lZdlb\guo iheyFZdebgfg_gbxi Fh^_ev>fZjdkhh[s_gby,)dZd\ kh\j_f_khh[s_gby dhffmgk_hkm[t_d\h[tykgyy dh lbg]h\uonZh[s_gbykha^Zl \i_kbkl_fufh^_eb f @ dfmg lbqjjZ b\u_lZodhlg__ Zb a

^_dh^bjh\ZgbyhlijZ\bl_eyhij_^_ebeZkdb\Z`g_crmx f_^bZd f_`^mihemqZl_ex

dZpbc

lh\dZijZ\bl_ev<lhjZdhffmgbdZpbcb dhffmgbdZlhjZlhjufghkbl_eyi_j_^Zqbkf eh]bq_kdjbk^hfbgZglghckhklZ\eyxsmx lhghkbl_eykj_^m _klvghkbl_e_fjZa^_e_gu ]Za_luklZgh\blkyIjbkbkl_fu wlhfjheb\ kbkl_f_jhevbf_ggh

f_klhgbyg_h[oh^ihemqZl_eyhliZjZ^hdkZevgZyihemqZl_eybfhklbkhh[s_gbykhh[s_gbyihemqZl_eykhh[s_gbybfdh]^Z ij_^bdZlhfgZijZ\e_gghklvLhm^h\e_l\hjy_li_j_^ZqZ6HUHULQ>_klvdZdh[jZlgucgZ fh^_ebkhh[s_gbyi_j\ucaZijhkZbgnhjfZpbhggu_ijhp_kkjZkkfZljb\Z_lky\a]ey^@^habjm_lkykb]gZeZ\ fh^_eb\ dhlhjhfkhhihgm`^ubff_j_ljZ[s_h_l_ld

s_bgnhjfZpbhgguoihlj_[bl_ey i_j_^Zqm

IZjZ^hdkZevghklvi_j\hi_j\bqghklb]h \ur_mihfygmlh]hg_fZjd_lbg]h\uoghkbl_eyJbkwlhcFh^_evm^h\e_l\hjyxsbonhjfZevghkblmZpbbgh\hklbcguo ij_^bdZlZ:HVWOH\dhffmgbdZpbhgguofZjd_lbg]h\h]h e_]dh0ghkbl_ebDF/HDQ0RGHOZ ^eyfh^_ebbebbgnhjfZpbbghkbl_e_cbqlhbgnhjfZpbhggu_jZaj_rZ_lkyjZg__jZa\e_dZl_evguobf_gql_gbyhjb_glbjh\Zgukhh[s_gbc\u^_e_gghklbghijhy\eyebkhh[s_gby bf_ggh\ wlhlgh\hkl_cbgbpbZlb ijbi_jbh^jm_lkyg kbklmq_l_ihe_mZ hk_[y`^u\i kghIhgZgZ[_h h\b

dmiZ_lhl\_lkl\_ggheh]bq_kdhc ]Za_lmZgZeh]bb gZijbf_j

kj_^ZdZdhihkj_^h\Zggh_Hq_\b^gufj_deZfgu_]h^uihkdhevdmnhjfbjm_lkyihe_g_h[jZsZykvd gh\hklbcghcgh^hklhbgkl\hfb h[t_dlb\guf^eyhl^_evgu_f_^bZg_ql_gbyihemqZl_ev [uebghkbl_e_cd j_deZfghcihe_fZjd_lbg]h\hcdhffmgbdZpbhggh]h\ujZ`_guj_deZfuo fZjd_lbg]h\uoghkbl_ebHlf_lbffh^_ebf_^bZ lhevdh dhlhjh_:00\ bgnhjfZpbhggmxdp_ihqd_fh`gh]fh`ghh^Zfnhjf

fm

mjh\g_e_gb_mklhcqb\h_ey\u_eZfguoihkj_^gbdZ\hagbdZ_l\ dhffmgbdZpbhgghcfh^_ebdhfiZgbcb^_y\ i_j_^Zq_f_lh^bq_kdZyfZkkh\u

^_l_jfbgbjh\Zggu_

dZpbcklhys_cnhjfZpbhggh]hl_jfbgbjh\Zgghklvfh^_evhij_^_e_ghjZ[hlufZjd_lbg]h\h]h:00khh[s_gbyhp_gdbihqlhbhij_^_ebeZdZgZeZffZl_fZlbq_kdblbiwnn_dlb\ghklbK lhqdbj_ZdpbbkhhdhffmgbdZpbc[kmsghklvs_gbyhq_gvaj_gbyh[jZlghc hibkZggu_fZjd_lbg]h\uo\Z`gh_dhlhjuop_e_\hcdhffmgbdZpbch[jZlghck\yabkhh[s_gbyiheh`_gb_f_^bZkqblZlvghkbl_ebhibjZ_lkynmgdpbbk\yaZghibkZlvdhk\yabbghkblf<fmgihyk li_j_^gbgZgZj__bbd<

fh^_ebihfghkbl_ey

<ij_^klZ\e_ggZywnn_dlZ^_ebfZl_evkdbolhjZyhjb_glbjh\Zgghcfh^_evfZjd_lbg]h\uodhffmgbdZpbc2gZVJRRG0RGHOjbkgZdhffmgbdZpbchibkZgb_jZa\b\ZeZkv^Ze__bf_gghihb ijbh[j_lZ_l\l_dklmgZijZ\e_gbbkbkl_fu20ij_^ijbg>q_jluZgZebaZf@hb

LZdZyp_evxk\yab\ hibkZgbb\ kbkl_f_gZijZ\e_gghklv^_l_jfbgbjh\Zlv ebg_cguoJbk kb]gZeZdhffmgbdZpbc nZdlhjh\<lhjZy h[mkeh\e_gZkhklZ\eyxsbfh[jZlghchij_^_e_ggu_\ i_j\mxfh^_ev fh^_ebJ_r_gb_k\yab2VJRRG0RGHO khklZ\eyxs_cl_fhq_j_^v\_jhylghklgZyIjb\ fh^_ebhibkZgguodZdqlhwlhcwlhfkmZ\lhjuoZjZdl_jffuijh[e_fukbkl_fZ:00fh^_eb^bnn_j_gpih20khklZdhebq_kh[jZlghcghkklZ\beb^bhgb\bhijneyl_ebn\xb__bl

^yljh\Zgguo

^_e_gbgnhjfZpbbj_gpbZpbb\_gghclbib dZq_kl\_gghcghkbl_eykkueZ_lkylh_klv\ujZ`_ggucgZdZq_kl\_gghcdZd

sZyU FK Q_f[he__m[_^bl_e_gdZq_kl\_g_gkbe_gghkbl_ev l_fkhh[s_gbyeyxs_c \_jhylg__\ h[t_f_ ghkbl_ey hij_^_e_ \ g_h[oh^bfhklb hgihdmihd gZaZ^Zgguc kfh`_lZm^blhjbyiZjZf_ljZfb¦4nmgdpbhgZevguf m[_^blv\ fh^_eb hij_^_e_gihdmidbghkbl_eyihl_gpbZevgh]hghkbl_eydZd Dhebq_kl\_gghcdhebq_kl\hfdhffmgbdZpbbwdhghfbq_kdbc khhlg\ujhr_gb_fZihemqk`Z_lkyhh[s_gbc kh\uj ZklZl_ey1gFK Z b\

Wnn_dl

`_ijb\_^_ggufb \ur_hij_^_e_ggufb`_gguc ebg_cguf

4 I UFK 1 FK 3

]ij_^ijbgbfZl_evkl\Z^_3 nmgdpbynZdlhjh\p_gZ1 wdhghfbq_kdhcba^_j`dbk[ulh\u_dhgtxgdlmjub liijhp_kkZ< Z^_d

\ko_fZ ghkljh_gbyZlghklbdhg_qghhp_gdbijhkl_cr_cijb\_^_gghc\ l_hjbx ghihkljh_ggu_\j_f_gbh[jZlghc mkhfgblvkyl_fdhffmgbdZpbhggh]hg_dhffmgbdZpbcf_g__k\yabG_khfg_ggufdhf[bgZpbbebg_cghcgZ\ \b^mihljZ^bpbhgguohgZghkbl_exijbfblb\ghklbZ^_d\ZlgZfh^_ebb klZ[bevghklbiheh`_gby fZjd_lbg]h\h]h ^hklhbgkl\hfb bo jbkghkbl_eyo hibku\Z_lh fgh`_kl\_ggnZdlhjghc __ nZdlhjgh]hdZdh[t_fh\ wnn_dlZ20dhffj_deZeh]bq_kdZyy\ey_khmkhh fgbdklZfhhgu_klbliky`[Zh\

ps_gbcdZfiZgbb\g_k_gb_we_f_glh\bc \ bo \h

DQG:HDYHU0DWKHPDWLFDO7KHRU\RI&RPPXQLFDWLRQd_lbg]h\uo nZdlhjh\GZb[he__eyxs_cb \j_f_gguojZa\blhc dhffmgbdZpbhgguo k lhqdbijhp_^mj aj_gbykbkl_f hij_^_eyxsbo wdhgy\ey_lky hf_ljbq_kdh]hfh^_ev ih\_^_gb_hibkZgby

l_fZlbq_kdbfklm6:07&

fZl_fZlbd_dbaZgZfZl_fZlbq_kgZyKRPDVgZklhevdhfh^_evk\hbfijhbkoh`^_gb_fdbfhij_^_ey_fZy<>qlhfh^_eyfg__ijhklhhibkZgb_f@g_dhlhju_>Zdlb\ghGhihihgylby\ fhf_gl6:07l_hjbb@fg_gbxihgylb_f\dexq_gubgnhjfZpbhggh]hFh^_ev12hiihg_glubgnhjfZpbhgghc&,dhffmgbdZpbb6(wgljhiby\g_k_ghnhjfbjhibku\Z_fh_ihlhdZZ\lhjh\i6:07hrmfZlhdZ&we_f_glujZkk_b\ZgbykqblZxlhbgnhjfZpbbihgylb_\Zgbygh^ghklhjhggyykf&[Zueh[klhys_cqZklhjbkihkdhevdmidZdl_hjbbhjZ[hlum\_ebq_gb_l_hjbb__lhdZj_\hexpbhggufwgljhibbdZq_kl\_ggh]hhlghkyl^Ze___kl_kl\_ggh_Z[kljZdlguf&RYHUDQG\ ijhp_kk_jZ[hluihlhdh\klZl\g_k_gb_hgZ6KDQQRQ ihebg_db\ [dfZh[hkll_fwlhlZbhjchyd\

ij_m\_ebq_gb_\ l_hjbxrZ]hf7e__

dhffmgbdZpbhggh]hj_^mpbjh\Zgb_b dhebq_kl\_gghcwdhghf_ljbq_kdhfiha^g_cBlZdbgnhjfZpbbl_hjbb\ fh^_evihgkhklZbk`_gb_hibkZgbbhrmfh[s_gby\eyxs_ckb]gZeZ6:07

<

jh]hwdhghfbq_kdbcebguo\Z_fuoijyfhhlijZ\bl_e_fijhihjpbhgZevgh\b \hkijbylbykhh[s_gbcijb\e_q_gbyjZagijhihjpbhgZe_gh_wnn_dl\j_fy1mf_gvrZ_lkyVLJQ khh[s_gbyihdmiZl_eykl_i_gghcdhffmgbdZpbbhlijZ\e_ghk mq_lhfdhebq_kl\mWijhihjpbhgZevghnmgdpbbihelh]hMijhsZyl_fmkhh[s_gbcihqZl_eyqlhfg_gbx\ur_\j_f_gbdhebq_kl\hkhh[s_gbyq_f \_jhylghklvZ\lhjh\k]_g_jbj[hevr_\j_f_gbWLhi_jfh^hk_klv_h\Z^hi\h[__gZ

\j_f_gbs_gbcj_^Zqb

Jbk Fh^_ev6KDQQRQDQG:HDYHU0DWKHPDWLFDO7KHRU\RI&RPXQLFDWLRQ dhebq_kl\Z P

khh[slbjmxs_cahf\Zlgufrbo< fh^_ebbgnhjfZpbx_gbyijbhij_^_e_gZwdhghfbq_kdh]hmkeh\bbb dhebq_kl\ZkljZl_]bbfh^_evlh`^_kl\_gghklv¦wnn_dlZfh`ghgbr_\h]hihdmihdi_j_^ZqbhibkZlvqlhfZjd_lbg]Zfh`ghdZddhffmgbdnmgdpbxijbgylvebpLZdbfZpbhggh]hihej_ameh[jZ^_mqbZ\vd

wdhghf_ljbq_kdb

4 I [ W 1 VLJQ 3

j_^vgZk\yav

Fh^_ev rblv^ZqZghg_]hghkbl_evkhh[s_gbykb]gZeihemqZl_evk ghkbl_e_f\ khhl\_lkl\bb\i_j\u_ \ fh^_ebg__]hwnn_dlb\ghklvbg^_n_j_gl_gbg^_n_j_glZi_j_^Zqm\g_keZ g_ghkblkh\j_f_gghcLZdbfwgljhibbbg^_n_j_gl_gnbdkbjh\Zgk \ur_hibkZgghcihgylb_ \_jhylghklguch[jZahfIhZ^_d\ZlghdhffmgbdZpbhggh]hkb]gZeZihfg_gbxihljZdlh\d_hlghr_gbxlh]h hlghr_gbxdZdihdZdij_^ijiZkkb\gh&KDQGOHU>hlghr_gbxqlh \ujh`^_gbykh\jihdZaZghoZjZdl_jnmgdpb_cwlhcghkbl_ev ijb_fd ijbjh^_gbfZl_evkl\Zf_gghc_d kb]gZemhlh^p_kkZ\hkijbgbfZxsbcfh\ ijb\_^_gghfkhh[s_gbyd kb^_ebqlhj_deZfu<fh`_l ijZdlbq_kdbl_hjbbdhffmgbd]gZemk\hx&KDQGOHUeh]bq_kdbghkblb \eby_l@i_jb _]hmom \ dfZhq_DZdkey^ h__hjZ

hq_\b^gh

>bohlghkylkhhlghr_gbbhlh`^_kl\eyyk kbkl_fhc

fh`ghlhjhcd_lbg]h\uobgnhjfZpbxij_h[eZ^Zxsbf\b^_lv@ihemqZl_evdhffmgbdZpbcqlh\ ^Zgghc<\ ijbgpbi_ ijb_fhffh^_eb\ kbkl_f_mqZklgbdby\ey_lky

pihkdhevdm ^H^ghc fZjd_lbg]h\uo bb_ RGHOebfZl_fZl ^Ze__bakgb`Z_lihke_^gbo dhlhjhcbihq_kdbdhffmgbdZpbc l_dklmkhklZ\eyxs_cihemqZl_evkl_i_gve_`blbahebjh\ZguaZ\bkbfmx+1ijb0^bZe_dlbq_kdbcw\hexpbhgghfg_hij_^_e_gghklbkhh[s_gby-kha^ZgZ DPHV:DWVRQh[t_dlZfZjd_lbg]h\uokljmdlmjm\hafh`ghfh^_ev wlh\ijbgpbidZq_kl\_ggmxjZkkfhlj_gbbAZ\bkbfhklvbg_dbcwlh$QQH+LOO>+ ijbkhh[s_gbc\SRGHUPLF1H ihe_bh[t_dli_jhibkZgbbh[hkgh\Zgghihe_jZklZgby\ujZ`LhmdhlhjZyIh^jl_hjbbqZl_eybf_hl_klvH fihGOH xZ@hhZld

P\ kmsghklb

_lky

amf_\Z_lkysbcdhebq_kl\_gghcbgnhjfZpbhggh\ gZdhie_gbbij_^ijbgbfZl_eyqlh\ dZq_kl\_ggmxg_dhlhjhculvi_j_^Zgguokhh[s_gbchibkZgZ\ kbemdjblbq_kdhc__ y\ghcebg_cghc\ bgnhjfZpbhgghfkhklZ\eyxsmx>ZggZyijbkdehgguwdkl_gkb\gijZdlbqfZkkunmgdpb_cfh^_ev__bdhffmgbdZpbc\Zlvkhh[s_gbc_kdhfhlghkblvg_hihdmidmaZ\klbhl^_evghihemqbeZbijbf_g_gbbkbfhklblh_klvklhqdbijZ\ gdwd\Zbh

dmidbfh^_evij_h[jZam_lky^hjZ\bl_eylbq_kdhcghfbq_kdhc:aj_gby\lhju^hklb`_gbyhlh[s_cfh`_l^Zggdhebq_kl\Zj_ZebaZpbbfh^_ebg_p_e_khh[jZaghklbhc[f_lh^heh]bbkjZ\gbl_evghfjZ[hlu6:07ijb\_^_gguofh^_ebjZkkfhlj_lv\hh[s_& fZjd_lbg]h\uob g_ZgZeba_hp_gdbjZkkfZljf_lh^heh]bq_kdbo\ jZdmjk_

jbZpbhgghc

fh^_ebjh\ZgbxKh\f_s_gguc`_ijb\_^_gghfjZ[hlu nhjfbjh\Zgby ZgZebaeh]bqgh

Ijh\_^y]\ur_ijb\_^_ggml\_j`^Zlvd\ZlghcjZevgh]hgZklhys_]h^eykhhl\_lkl\mxsbcwnn_dlZqlhnhjfmebjh\Zgbydjbl_jbyffh^_ev20hfgZmqgh]h\w\hexpbhgghfdZq_kl\_dhffmgbdZpbhggh]h\u^_ey_lkydhffmgbdZpbc[h^ghagZqghZabkwnn_dlZ__ fh`gh\ hibkZgbbbkke_^h\Zgbydjbl_jbZevgucZ^_d\Zlghklvhlghkbl_evghjZ[hluf_lh^Zkf_lh^heh]bbdZdwlbfh[jZlghcjZkkfhlj_gbbfhgblhjbg]ZkqblZlviheh`bl_evghf_lh^heh]bq_kdbcgZh[jZlghc<hp_gdbkhhkh\j_f_gguoZ\lhjkdb_wnn_dlb\ghklbdhlhjhffh`ghhibkZgby[ZgZebam^h\e_l\hjyxs_ck\yabf_ls_gbyfh]mldhfie_dkgh]hk\yabh\u^_eblvkhhl\_lk^heh]bq_kdbp_ebfh^_e_cij_^iheZ]Z_lkyNhjfZevghhkgh\ZggucZgZeblhl\_qZ_l[ghkulvwdhghf_ljmq_[gbdZoih^oh^h\gZklh[bZabkl_eydhffmg\u[jZgulb\mxsbofh^_evq_kdb_fh`ghybgllj_fZ^s_cl_pghgZbZ_bh__ibd ebqb_hjb_glbjmykvhp_gdbkh\f_s_ggh]hijhp_kkZ< khhl\_lkl\bbb f_lh^bdb iZjZf_ljh\dZpbhggh]h

j_^_eyyq_kdZyijb\_^_gguonZdlhjghchij_^_e_gghklv_kebgZdjbl_jbbfh^_ebZgZebaZ eyf2jbbVJRRG0RGHO fZjd_lbg]h\uof_lh^bq_kdbc

kljhblv

gkdhevdbofZjd_lbg]h\uoZmqguo@ h[uqghb fh^_evim[ebdZpbyohibkZgguo;_amkeh\gh ijb\h^ylbeb20hibkZgb_h[s_kbkl_fguo\ur_ih \ ljZdlh\d_\k_k\h_h[jZagmxl_hjbb[Zamfh^_e_chgbZ\lhjZfbijZdlbq_kdmxijhp_kkZ<fZjd_lbg]h\uobf_xlg_dhlhjuohl\_qZxs_cfhf_glZoklZjZykvdhfibeypbx\ghkylkyeh]bq_kdh_jZkdju\Zxsb_ijbf_gbfhklvkemqZyoZdp_glbjh\Zlvkyfh^_ebdhffmgbdZpbcbp_eyf^hihegbl_evgu_bgl_j_kgufZgZebabjh\Zlvf_lh^heh]bqh^ghc\ bgl_jijh[hkgh\Zgb_QZklhlZdbokmsghklvb gZdebbjm>ijim_glgZihxba[bh__hb

\h^blkyewdhghf_ljbq_kdb_bdZpbcf_lh^uklZlbklbq_kdmxdhffmgbdZpbhggh]hbgl_jij_lZpbbih b fh^_eb ie_ggmxjmxsb_we_f_gluZ\lhjkdhc

\lhjbqgu_kdbffg_gbxfh^_eyf

sb_

^eyZiiZjZlZBf_ggh>kdmxdhffmgbdZpbhggh]hjbbgboVJRRG0RGHOi_j_^Zqb\u[jZgghcjZkkfZljb\Z_laZ^Zqbbgl_jij_lbj\ lhf@Z\lhjh\ihwlhfm hjb_glbjh\Zggh]hqlhZ\lhjh\khh[s_gbyijb\_^_gghchlghr_gbxko_fuf_lh^heh]bq_kdh]hijbihkdhevdmmxsmx^eywe_f_glh\ijhp_kkZdhffmgbdZpbhgguckhojZg_gbbim[ebdZpbcnhjfmebjh\dbg_b jZa\b\Zxsmxij_^klZ\ey_lkyZ g_dKbkl_fZlbabjh\ZlvhgbgZd ghkbl_eyfhibkZggufh[jZlghcgZKmsghklvf_lh^bdbjbkj_rZxleh]bq_kdh]hhp_gdmD kh`Ze_gbxih^oh^Zihl_gpbZevghfmZ^_d\Zlgh]haZdexqZ_lkyk\yabijhp_kkZ\lhjkdhcdhgljheyqZklgu_wnn_dlb\ghklb[fh^_evgZmqghf_^bZZa20h\ufij_^bdZlZihgbfZgb_hgb:HVWOH\ijb\h^yl\[dZgZeZfbgl_jij_lwnn_dlbfZjd_lbg]h\h]hhevrbgkl\hbgl_jij_ldhgl_dkl_f_lh^bq_kdh]h\ i_j\mxk\yabihlj_[baeh`_gbyfh^0gZmqghcghkeh]bqZ\lhjuDF/\^_ghklbi_Zeb_hql_bbl_pbbHDQjll_____jh

j_^v2fgh`_kl\_gghklbfbgbjh\Zgu

^Zxsbfexey

ihke_^mxsbojZ[hlu:06\lhjhfRGHOb dhffmgbdZlhjZf_^bZIjbdhlhjh_\\_^_ghwlhfbgnhjfZpbxijhp_kkZdZgZeZihf_lh^bq_kdboeh]bq_kdh_kqblZ_lhlghr_gbxeh]bq_kdh_Z\lhjihemqZl_ex[he__khhb wdhghf_ljbq_kdh_ lbZ^_d\ZlgufghkblZe]hjblfbq_kdbok fh^_evx\ dhgl_dkl_ qZkl_c

Z\lhjkdhcpbhggh]h jucdhjj_dlbjmxs_]h\klmiZ_l\ dhglZdl

ey_lkyhlebqgucdhebq_kl\_gghcnbdkZpbykfukeljZdlh\d_khhlh[jZlghcmkbebyklZ\eyxs_cHFkf&bgl_jij_lbjmxs_ck f_^bZjbkdZdnmgdpb_cklZ\blkyk\yabkZfhklhyl_evguojZa^_e_gb_Ihgylb_dhjj_dlbjmxs_]hghkbl_eyfbb hij_^_e_gb_hlijZ\bl_eyi_j_^hlijZ\bl_eyfh^_ebhlijZ\bl_eydhffmgbdZl0_^bgbp&+khh[s_gbybf__lmkbebydZq_kl\_b j_rZ_lkhh[s_gbyhdhffmgkhh[s_gbyjhfg_kdheAZ^ZqZg\u^ghcdhlb\k_vddhZ_hb\

\kj_^kl\_ggh eyhijhkukhh[s_gby dh^bjh\Zgbykhh[s_gbyljZgkn_jZ\ nbgZe_^_dh^bjh\ZgbyLZdh_ khh[s_gbyh[mkeh\e_gh i_j_^Z\ZyjZa^_e_gb_\ fh^_eb bgnhjfZpbxq_j_akhh[s_gby\ i_j\mxdhffmgbd keh`ghklv wghkbl_ebwegZn_n_dlb\ghklbf_glh\hlijZ\Z hqpbch g_ Zj_^v kh\j_f_gghc ^hh lZd`_bkbl_eyodhffmgbd\hl_eyihemqZlg_h[o\lhjmx dhffg_ikhh h[ _hZh ml

^ s_gbyijZ\bl_exbgnjZkljmdlmjubfhklvx b dhffmgbdZlhjZZ^_d\Zlgh jugdZeh]bq_kdhcnhjfbjmxsbohljZablv fZjd_lbg]h\uofbgbfbaZpbbhp_gdm

pbhggh]hgbdg_h[oh^bfhklvxZpbbijhp_kkZ

ij_^eh`_gb_k_[yeh\

Keh`ghklvdhffmgbdZpbcfZpbhggh]hjZaghJbklZdh\ufb kms_kl\h\Zgb_:kh\j_f_gghcihey \lhjkdh_ih hij_^_ey_lkyd gbfbi_j_^Zq_ bf_xsb_\ dhlhjhfkhhl\_lkl\_gghfh`ghjZa\blb_bgnhjfZpbhgguo\g_ihkj_^kl\_ggh[hevr_cbgnjZkljmdlmjubgnhjfZpbb k\hbhlg_klbhijZ\^ZghdhffmgbdZlhjunhjfbjh\Zgb_fb bgl_jij_lZpby\uklmiZxlj_deZfgu_>ijhp_kk_kl_i_gbZn_jlbjmxsboj_deZfgu_@Khhl\_lkl\_gghb wdhghfbq_kdbihkj_^gbdh\ ihkj_^kl\hf aZdexqZ\jugdZjZkkfZf_`^mkem`[ujhebKj_Zevgh]h2VJRRG0RGHOghkxghsb_fZjd_lbg]h\uolkh\fbdhhlijZ\jb\Zxlkyb kh[kl\_gghl_ebbhkhf_^bZ f^h]h\hjZi_j\u_f_jq_kdh_p_e_k_ajs_ggh]hgZxsboZa^_eb]bgnhZa_lul_e_fdZg hhdZdgZ[Z j_k

ghkbl_eyfbj_deZfgu_knhjfbjh\Zggu_L<k_]h^gyrgbcjZ^bh< ijZdlbd_b lZ]_glkl\Z<i^_gvlhju_b f_^bZgZ \k_jugd_ghkbl_eyqZs_

dhffmgbdZlhjZgb_ jhe_c \ dhffmgbdZpbhgghf

k\u]ey^blj_Zebyfj_deZfgufhh[s_gbyehdZebah\Zlvkh\j_f_gguog_Z]_glkl\hfij_^ijbgbfZl_evkdhclhevdheh]bq_kdbwnn_dlZbgnhjfZpbhgguofbgbfbabjh\Zlv b ghkbl_e_fhijZ\^Zggufwnn_dlb\ghklbLh_klvkljmdlmjhchklb ]Za_lZfbwe_f_glgmxbgnjZkljmdlmjkbkl_fujhevb khhl\_lkhlijZ\ b iL<dhffmgbddhhjZ^bhklZgh\dbfkobfmgbdZpbblkhh[s_g Z__eyl_gpbZeZll_evkdhcfmgh\mxsbfZb llhp_khh b ihjhfi ai[_Zghb

a\hey_ldb dhffmgbdZpbhggh]h

s_gby^Zq

j_^ZqbZ]_glkl\ZfkljmdlmjZ

kj_^u _fhl^_eyy^eyWlhmijZ\e_gbydhjj_dlbjh\db6ij_^ijbylb_^_e_]bjmy_]hZ^_d\Zlghk\h^blkydhffmgbdZlhjZf hlaZ^Zqnhjfbjh\Zgby^he`gZwlhciheghfhqbybd dhgljhexh[uqghnmgdpbyf mijZ\e_gby wnn_dlb\gkdhgp_gljbjh\Zlvg_GhdhffmgbdZpbcbf__ldhffmgbdZl fZjd_lbg]h\ufj_Zevghckljmdlmj\ k\hxdhffmgbdZpbhgguf^hklZlhqgh]hhd\Zgghklb hq_j_^vdhffmgbdghkbl_eyfij_^ijbgbflbiZh\ khhl\_lkl\bbju bf_gghmkbwnn_dlghkbl_eyeby bebIjb\ fh^_ebij_^ijbgbfZgZypbhgghclh\ZjZgZi lh lhc wlhfj_deZfguf_h l\hj_ggihkdhevdmdhffmgwdhghf _klv baf_gg_hijnaZ^ZqbqZ_ln_dlZhq_gvk \ij wef uh_bb _Zb_ h l\

l_evkdZyq_kdhcdhlhjmx\Z`gufhp_gd_ hp_gdZJZa\blb_r_hibkZgghcdZpbhggh]h `_lf_glh\boh[jZlghchklZ_lkyg_fh^_ebwnn_dlb\ghklbfh]mlwnn_dlb\ghklbb \hijhk\aylvk\yabgZihh ^_l_jfbgbjk_[y

gb_klboh^lh\Zjhf\ fZ]Zabgijhy\eylvkykbkl_fu\ha^_ckl\by IjbihgbfZgbyb lij_^ihql_gbcl_hjb_cb lidZdilZd`_<wdhghfbq_kdZylZdjZ[hl_+\SRGHUPLF1HHGOH0RGHOih^jZamf_\Z_l gZ b ikboheh]bq_kdZykljhblkyihemqZl_ey hlghr_gbxk mqj_Zdpby_lhf ^mZebklbq_g qlh

^_e_gghklvwlh]hjZkkfhlj_gb_\mxs_cl_hjbxlbiZ

jbjh\Zgb_lhjhfHij_^_eb\dZpbhggh]hgbyij_^f_lhf(dhffmgbdZpbhgghc\ g_cnhjfbjh\Zgby^_dh^bjh\dbnmgdpbbijhp_kkZgZklhys_clZdijhp_kkubfwlhfh[jZahf(hp_gdb ihemqZl_e_ffh^_jgbabjh\ZggZyjZ[hluIbbdh^bjh\dbfh^_ebi_j_^Zqb1wdhghf_ljbq_kdhckhhlghr_gb_wnn_dlZfhlb\Zpbc.9ij_^ijbgylZ hp_gdZ2VJRRG0RGHO5dhffmgbdZlhjhfhlghky&6khh[s_gbydhffmgbdZpbhggh]hwnn_dlb\gmjh\gywe_f_glh\fh^_evihiuldZ^Zggu_khpbZevihdmidZljZdlh\db\hafh`ghm^h\eg_g_hkgylvklbijjZa\blhcb ky\\deheyxsb_kyp_kkuhdhffmgwkhhhl\_lkx^_[dseZgZbZ_\

]fmgbdZpbb^_1 dhebq_kl\h.9 gb\_ebjmxsbcghkbl_e_caZ^_ckl\h\Zgguodhwnnbpb_glmq_lZ\ ijhp_kk_ghkbl_eydh5f

dwnnbpb_gl gh]hfh^_evx hebq_kl\h \ha^_ckl\by +aZnbdkbjh\Zgguo\SRGHUPLFmq_lZjZ[hluihdZaZl_e_c g_wdhghfbq_kdh]hgZ ihemqZl_ey1 HHGOHAZf_lbfwnn_dlh\fh^_eb 0RGHOqlhkhh[s_gbikboheh]bq_kdh]h[ \ hlebqbbWdhghf_ljbq_kdbcm^_l h[jZlghchij_^_e_g y \hlkhhl\_lkl\bbk\yab2VJRRG0RGHO\h khpbZe&D\l 6kfukeWLRQfh^iZjhijhjhc dhhZ__v\k

nmgdpbhgZevguo qbZklb6KDQQRQDQG:HDYHU0DWKHPDWLFDO7KHRU\RI&RPPXQLFgZklhys_cwnn_dlh[t_ffZjd_lbg]h\hcijh^Z`

dhlhjuo^_e_gZ\lhjuhp_gdbq_j_a\ha^_j`b\Zxlky ebf_ljZfbq_kdbf

fh^_e_ckms_kl\h\ZeZhibkZgbbZ\lhjh\ijb\_^_gufZjd_lbg]h\uogylbcgucJZkkfZljb\Z_fZypbc Ihgylbcgucbkihevam_lkhhl\_lkl\mxsboqlhkfukeh\ufboZiiZjZlZki_dlZobq_j_ag_^himklbfhhibkZgudhffmgbdZpbhggh]h\_jhylghklvkbkl_ffZjd_lbg]h\uokh^_j`Zgb_\ ihke_^mxsboZiiZjZll_hjbb\mgb\_jkZebabjh\Zggu_Z\lhjujZa^_e_ihdZaZl_e_fkbbkihevah\Zgb_ffZjd_lbgw\hexpbyjZajZ[hlhdbkdZ`_gbyl_hjbbjZa\b\Zxl<4hlbeb gZklhys_fdhffmgbdZpbch^ghagZqgh]h\ ij_^eh`_gghfdhffmgbdZpbbjZa^_eZol_jfbg\ha^_ckl\by]f_lh^heh]byfZjd_lbg]h\uoh\uokhhl\_lkl\mxsbof_lh^heh]bq_kdh]hljZ^bpbhgguc<jZa^_e_dhffmgbdZpbcijhlb\ghfhl\_qZxsbcihgylbcgh]hjZ[hluihgylbcgu_hij_^_e_gbyh[hkgh\ZgghdZdbfh^ghagZqghfh^_ebjh\ZgbyjZa\blbbmlhqgy_lky;he__dhffmgbdkemqZ_eb[hihgylbcgucfh^_e_cZiiZjZlZkh^_kbkl_fudhlhjuckfukeZlh]hwdhgbjaijbf`iZ_Zh\

g_dhlhjuoZ\lhjZiiZjZlgyy

DhffmgbdZpbhggZyqb\ZxsZygbxh[t_dlh\kfukeh\h_l_hjbbK\yavhij_^_e_ggmxkbkl_fZ

q_kdhcbgnhjfZpbb

nhjfbjh\Zgbypbb\ kbkl_fm\h^mnmgdpbhgZevghdhffmgbdZpbhggZyf_`^mi_j_^Zqblhqdb\oh^blgbfbijbdeZ^guof_`^maj_gbybgnhjfZpbblZdh\hcZe]hjblfZjZkkfhlj_gbyhibku\Zxsmx\hiehs_gZfh`_l^\Zkbkl_fZi_j_^Zqbh[t_dlZfbh[t_dlZdhffmgbdZpbhgghcLh[b l_hj_lbq_kdboulvnmgdpbhgZevgmxnhjfbjh\Zgby_klvdZdEh]bq_kdbihbkihevam_fh_jZkkfhlj_gZdhffmgbdZpbhgguobgnhjfZpbbb hj]ZgbaZpby\aZbfhhlghr_gby+nmgdpbhgZevgucLZdbfRUQXQJmgb\_jkZebabjh\Zggh_hq_\b^ghh[jZahf>fh`ghh[eZklyob@dZdDhg_qghijZdlbq_kdbk\yavi_j_^Zqbkhhl\_lkp_e_\Zykbkl_fZkqblZlvqlhh[t_dlh\dZgZefh^k l_jfbgheh]f_`^mijfbg_Z\lhjue_c_lbgnhjfi_j_^Zqb\mxs_]h^hij_^bnmgdpbyihgylb_kbkl_fm\hh[_kifZevghihjy^hf\ dh\k_o\iuZ__bhg

ey_lij_^f_lguol_dkl_ZgZebaZijbgpbiu lhevdhijhp_^mju

rpbhgZev \ ihgylbbgh]hkljh_gby _ijb\_^_ggh]h_kbkl_fgmx iheh`_gbygu_dhffmgbdZpbhgguodhffmgbdZpbhgguo\aZbfhhlghr_gbyihgylbcgmxhij_^_e_gbyfh`gh \b^_lvkbkl_ffh^_e_cih^jZamf_\Zebghb^_heh]bxoZjZdl_jbkdexqbl_evgh0 <DF/HDQ0RGHOih^l\_j`^hjb_glbjnmgdpb6FKUDPPoZjZg_dhlhZ g__\ZgguohdZdgb_ dgZevgh]hl_jh<jdhffmgbd\lhjbqgu_u_\ukdZaZgboghgZ0nmgij_ k\yavRGHO hi[^ hZgd

r1f_`^mf_lhf HZFRPE V6\PPHWU\0RGHO:HVWOH\

<\hijhkjbjh\Zggu_pbhggucgZmqghc hibkZgbyh[t_dlZfbh g_h[oh^bfhklbwnn_dlljZdlh\d_ihe_fbd_fZjd_lbg]h\u_hklZ_lkyohlyb ghkbl\hafh`ghklb i_j_^ZqZih ^mZebklbq_kdbc\hijhkZfbgnhjfZpbb

lhy\r_cky\ Zg]ehyauqghc ih^ij_^eh`_ggh]h

pbibZevgh\Zl_evghl_jfbgl_jfbgheh]bq_kdbfij_^ijbgbfZl_evkl\ZRmevpZke_^m_l ijbf_gbl_evghkh]eZkghbaf_gblvi_j_^ l_jfbgZZ h ijbgpbibZevghml\_j`^Zxlijhn_kkhjhf ,0& ihevah\Zlvkyh[s_kbkl_fguf ;jbl\_ihgbfZgb_fZjd_lbg]h\Zydhlhju_khhl\_lkl\mxs_cd kbkl_f_ ,QWHJUDWHG 0DUNHWLQJ &RPPXQLFDWLRQVdhffmgbdZpbbqlh HdZfZ>[Rmevp_f l_hjbbug_gh\hc\ghkbeb ij_^ijbgbfkms_kl\m_l dhffmgbdZpbhggZyl_jfbghf\\_^_gby ljZdlh\d_>ij_fZjd_lbg]Z\@< jmkkdhyau^f_lghc hijhkdhffmgbdZpbh l_jfbgZklhyekbkl_fZ klZ\bekyq h[eZklbghcbgl_g_m k]h

g_glugbdZpbcgZy fZjd_lbg]klZgh\d_kbkl_fZ

nhjfmebjh\d_nmgdpbbkbkl_f ijh^Z` <lh\ZjZ hajZ`_gb_ ihemq_gb_lZdh]h l_hjbbl_jfbgZ<wlhf ZiiZjZlhfRmevpZwnn_dlZfZjd_lbg]h\uo Z khhl\_lkl\_gghdhgl_dkl_ ij_^f_lghcl_fb Ziheh]_lh\[h[s_ch[jZlghc he__fh^_evguf o ]Z\lhju g_kbkl_fmhqlhdhffl_hjbb^h\hdhff[ke_^m_l k\eZklbihgylb__]h kbkl_fumy kdehggu LZdbfggbdZpbcab _mbh[oh^bfhklvgbdZpbcdh ihgylbcghl_hjbb \ JhkkbckdhcZf \ bohkh[uo l_evkl\Zk fmgbdZpbhgguo\ghkblvh h[jZahfl_hjbb l_hjbyhl\_lk kh]eZkblky ihljZdlh\d_ \ yaudh\hck\h^blkyZ ke_^Zdlb\gp_e_\hcmkeh\bc hij_^l\_ggh dhfffZjdgh\ucHii ijbZ\lNh_g _hhgh_Zmk d

lbg]h\uo\g_k_gb_f

klbeyxlpbhggu_ZevghffZjd_q_kdb_juij_^eh`_ggh]h^_jZpbbijZdlbd_fZjd_lbg]h\mxbkihevamxsbcdZd]b k lZdlbq_kdhcjZgbpuihdmiZl_e_khhl\_lkl\mxs_cdhfie_dkgucijb`behkvkbkl_fudhffmgbdZpbchij_^_e_gbyihlj_[e_gbydhffmgbdZpbhggmxkhkh\j_f_ggu_`_eZgb_k k_j_^bgukljZl_]bqbgkljmf_gl ij_^ihdmlZdh\h]hZ\lhjhij_^_eblv_kdhcidhffmgbdZpbhggu_dbij_^ijbgbfZl_evkdhc\dexqZ_lijb\_j`_gghklvp_evxJZa\b\Zy\j_f_ggu_\ua\Zlv\ ij_^f_lgh_h[t_dlgmxb bgnhjfb ]_h]jZn\d lhj]h\hcihl_gpk\yavihe_bb

ih[s_gb_ khh[dhhgylbc^bs_jh\Z \gbyfZjd_lbg]h\uo dhffmgbdZpbbgb_f_lh^ ihemqZl_evb dhff^_dh^bj fZjd_lb mgZ^mjmbdZpbhggh]hpbhggh]hdhij_^_e_gZk\ ]ehwnn_dlfh\Zgb_h[s_gbyfg] mgbdZpbchibkZgbyh\hc gZhibku\Z_lkyjbkkhh[s_gbyijhp_kkZdhffmgbdZpbhggh]hZ lZd`_dhffmgbdZpbc ZgZebahfijhp_kkZke_^mxsb_gZklhys_cdhffmgbdZlhjfZjd_lbg]h\hckljij_^eh`_ggufgb`_Eh]bdZf_lh^heh]bq_kdh]hwe_f_glIhgylbcgZyrmfkhh[s_gb_fhgblhjbg] jZ[hlub kem`blwe_f_gluhlijZ\bl_e_f hlijZ\bl_ev \h\e_q_gbydhffmgbdijhp_kkZghkbl_evh[jZlgZykbkl_fu\kihkh[ujZa\a\ZlvhkgkmkbwknshhZb]

k\yavn_dlb\ghklbwlbownn_dlb\ghklvwe_f_glh\ kbkl_fu dhffmgbd\ ijhp

ghklvlb_foZjZdl_jZpbhgghc

gZeKhh[s_gb_\Zgb_ffZjd_lbg]h\uobbebagZdh\Zyfh^_ebijb\_^_gguodhffmgbdZlhjhf^eyijb\_^_ggufbkihekbghgbfbq_kdbhij_^_e_ggmxij_^klZkbkl_fZkh[hcfZjd_lbg]h\hckihkh[ZdhffmgbdZpbcvah\Zgbyij_^we_f_glh\ij_^ijbgbfZl_e_fk_fZglbq_kdbc\_e_gghfhVLJQihemqZl_exhq_j_^vi_j_^Zqbqlh\ dhgl_dkl_j_ZdpbxdhffmgbdZpbhggh_agZdh\u_dhffmgbdZpbbbgnhjfZpbhggucaZ^ZqZfbi_j_^Z\Z_fucij_^hij_^_ebl\hbckhh[s_gbyjy^\lhjmxgZk\hckl\Zbkh^_j`Zgb_hlijZ\blgZeh`_gb_ghkklhysLhbijbf_gy_fufbl_eybkhh[s_gbydbk p_evx_klvkbh_hfbh[s_gbyb ikboheh]bbe_fij_^_e_ggmx;_amkeh\ghgZbebkhh[s_gb_i_j_^bebdhlhjucy\eijZdhijgbfff___yd

m ihke_^g_]hih^Zqbij_^klZ\ey_lhij_^_e_ggh]hj_Zdpbxf_lh^aZ^Zggmx \ i_j\mxHq_\b^ghihemqZl_eydhffmgbdZphilbfbaZpbb

lh^ZfbZgZeba_lkyqvb^hij_^_e_gufmgbdZlhjhflbd_gbch`b^Z_fhcj_amevlZluh^ghcnhjfbjh\Zgbyijbgpbih\fZjd_lbg]h\hcfZjd_lbg]h\uofZjd_lbg]h\uofbdkbaj_Zdpb_cZdlmZevguo>PDUNHWLQJPL[HOHPHQWk_fZglbq_kdhcfZjd_lbg]h\uoh lh\Zj_@Zdlb\ghdhffmgbdZpbcghkbl_eydhffmgbdZpbcihaZ^Zq ihe_p_eyfijbf_gyxlkylhj]h\hcdZdikbohebg]\bkl h[_ki_qb\ZxsbcfZjd_lbg]h\uo\gh\uodhffmgbdkhh[s_gbyf_lh^heh]bq_kdhfmklhcqb\ufbkbghgbfbq_kdb>fZjd_ih^oh^h\@f_lh^bq_kdbc\ k_]h^gyrg_cwe_f_glZih^oh^h\pbmqblu\Zy\ha^_ckl\b_hgguo dhffmgbdZpbcihkj_^kl\hfb f_lh^bqGhdhfie_dkZ>\ kh\jkhh[swe_f_gllZdkhklZ\ijb_f@j_bgZ__d\

khhi_j_^Zqbihke_^g_]hdhfie_dkZF_lh^fZjd_lbg][s_gbykhh[s_gbybwnn_dlb\gh_kh\_jr_gkl\m_lkyF_lh^bq_kdh_ieZg_oZjZdl_jfZjd_lbg]ZkqblZxlkynhjfbjh\ZgbygZb[he__f_lh^bq_kdbo g_ij_ju\ghihemqZl_eyijZdlbq_kdhfijZdlbd_

kdbf_gghchij_^_e_ggufb

ejweZcrbg LQJSURSDJDQGDSXEOLFLW\SXEOLFUHODWLRQVkl\_gghgbyb^ghZfZ jhebijhiZ]Zg^Zqlhgh\ Zg]ehyauqghcDZdf_lh^ZhgZ\lhjbqgZfgh]hmjh\g_\uc kfukeh\hcke_^m_lbgl_]jZpbhggZf_lh^Z\iZ[ebkblbkbkl_f_ihbahlghr_gbxfZjd_lbg]h\uoebl_jZlmj_bgl_jij_lZpbbijb\_^_ggh]hdhffmgbdZlhjZfZjd_lbg] fZjd_lbg]h\uoihk\yabhlghr_gbxd aZ^ZqZfk h[s_kl\_gghklvxBaebqgu_ dhffmgbdZ\lhjujbk0ijb\_^_ggh]hbgnjZkljmdlmju/f_lh^Z0h[hkgh\u\Zydhffmgbdd ghkbl_exGLUHFWVDOHnhjfbjh\gZijh^Z`b b kbkl_fukdehgguZpbcbakljg_iZgZhij_^_epbchhZkhhl\_DGYHUWL lwlhkj_^kb khhgbyb khhbgnhKe_^iZ[ebdghkblvhibkhqkk[h_Z_jhhV lll

\s_gbxh[s_gby\_lkl\mxs_c fZpbhggh]haZ^Zqbklhygb_f\u[hjZ

jZsbdZamyfh`ghklvdhffmgbdZpbhggucihemqZl_e_f[kykvb we_f_gldhffmgbdZpbbHlijZ\bl_evgby\_gguo\Zl_evghuehHlijZ\bl_evf_lh^bq_kdhcwnn_dlZaZ^Zqbhlf_q_ghaZ^Zqkh\j_f_gghcgZebqbywlhhij_^_eyxsbcihkj_^gbdZdhffmgbdZpbbfZjd_lbg]h\hckhh[s_gbyij_^ijbgbfZl_evkdhcbkdexqZ_lhij_^_e_ggucZ\lhjukhh[s_gbybgnhjfZpbhggh]hijhp_kkbgnhjfZpbhgghcg_aZ^Zqmkbghgbfbq_kdbwnn_dldhffmgbdgZkdehggudZd hlijZ\bl_eyihklZgh\sbd\u[hjZlZdhckljmdlmjuZpbbhlghkblvdhffmgbdZpbbVHQGHUaZ^Zqbkhh[sbgbpbZlhj

nbdkbjh\Zgb_kZ dhffmgbdZpbbk h`b^Z_fufghj_]eZf_glbjmykljmdlmjubgbpbZlhjZb khklZ\Z\uklmiZ_lihkj_^gbdZ jZkkfZljb\Zy g_ihkj_^klDZd\__m`_gby

lbjh\db_^bgkl\hjZag_k_gZaZ^Zqblh`^_kl\hwnn_dlZihwlhh[t_dlZwnn_dlZiheh`_gb_bgbpbZebaZpbbk ij_^ijbgbfZl_evkdhcwdhghfbq_kdbf<ihgylbykhh[s_gbyZ`ghihklZgh\dbdhffmgbdZpbhgghcdhffmgbdZpbbhqkbghgbfbq_kdbhlf_lblv_hlijZ\bl_evj_^vZ\lhjq_eh\_ddhlhjZyklhbfhklvaZ^Zqbkhh[s_gbywnn_dlhfkqblZ_l\lhjmxwe_f_glh\\ha^_ckl\byh[jbf_gghkhh[s_gbyb dhgljheydhg_qgh]jmiiZkbkl_fukhh[s_gbykljmdlmjhcdhglZdZlghcdhffmgbdh^gbfjhev^_l_jfbgbjh\Zggu_j_ameb dhaZ^Zgghc\ jhebex^_clgZyk\gdhffmgg_vljheyhybalZlh\Zihkdhevdmldhffmgbdabg_ihkj_^kl\hf__ijZ\bl_eypbbfh`_l\ jZfdZo\Z`g_crboZm^blhjbyZ^_d\ZlghnhHq_\b^ghihkl\uihegihlj_[hlijZ\bijhp_dZpbbkhhlgdhjj_jfZeZ[ghZ\hulvglkgh__hb_bhb\kmadk hlh`^_kl\eyyijbgbyk[ulh\uos_kl\m_l hij_^_e_gbbBf_ggh

l_e_foZjZdl_jbklbdbdhffmgbdZpbhggh]hl_evkdbcZm^blhjbyIhemqZl_evkhh[s_gbyk_]f_glaZ^ZqUHFHLYHUkhh[s_gby_]hdhlhjh]h\ i_j\mxj_ZdpbbbgnhjfZpbhggh]hkhh[s_gby h[t_dliha\heyxl hkgh\gu_h`b^Zlv

Gf_^bZghkbl_ev GLDFKDQQHOlmjuju\ghc ij_^_e_ggmxhkbl_evh[s_kl\Z\hkbghgbfbq_kdb\j_f_gb we_f_gl]jmiim\ujZ`_ggucdZgZeu we_f_glubgnhjfZpbhgghcihemqZl_e_ckh\j_f_gghck\yabkhh[s_gb_ dZgZeudZdbgnhjfZpbhgghf jZaf_s_gb_FKDQQHOVPHGLDwe_f_glD ghkbl_eyfbgnhjfZpbhgghcdhffmgbdZpbb]Za_luk\yabgZau\ZxlkyjZa^_eyxl^bkdj_lghcbgnhjfZpbbhjb_glbjh\Z`mjgZeudgb]bbgnhPHGLDVSDFHPijhlghkyebqgh_ hjZgZkljZgkl\_f_^bZmebqgZygajbgnjb lh^_e_gb_fZpbxbgbpbZlbbebkbl_eblL<ihkdhevdmky ex[u_`_eZgb_ gZigZghcg_ijZ^bh kj_^ZkljmdhlIZj_lh\g_fgjigZg_ihhhH_h h\qkdd

juodgb]b bgnhjfZpbhggu_h iha\hey_l

gu_kbl_ebb l

\u[hj

aZ\bkbfhklbkb\gufb\uclbhlghr_gbx eZfgZykms_kl\_gghb iZkkb\gu_jbkgZkhhl\_lkl\mxs_]hih ijyfZygZau\ZxlkyidhglZdlbo\ hlghr_gbbd hij_^_ey_lkyhl<hlghr_gbx \dhlhjuf i_j_^Zlvkh\j_f_gghfdhgl_dkl_kbkl_fh _]hebqghcihqlh\Zy>]Za_lu@bf_xll_gb\_ebjh\ZgbbBgbpbZlb\gufbdhffmgbdZpbhggh]hi_j_^ZqbihemqZl_ev bgbpbZlb\udhlhju_d ihemqZl_exghkbl_ey`mjgZeujZkkfZljb\Z_fh]hj_deZfZdhffmgbdZlhjhfjZaebqgucjZagbpuwnn_dlZgZ\yau\ZxlagZdh\mxljZgkeypbbbgnhjfZpbb\ ij_^eh`_gghcbL<ijhy\ey_l ihlj_[bl_eyijblmjh\_gvii_jjZghkbl_eyhp_gd_^bhdh^bjh\Zgb_khh[s_gby_LZdh_ghkbl^Zqbkbkl_fmK f_lb wlh\hijhkZaZ^Zqbwnn_dlb\ghklb_bgnhjfZpbbwnn_dlb\ghklbHq_\b^gheyhdjZcg_eh]b^bq_kdhcqZ\lhjhfZ\lhjhf_hjb_glhlijZ\j_amLhqgbdZlhjZhlg_k_ghghklZ\bl\Z`gZ_klvgZijaZ^Z\_^vbbqlhjilb_h_gvZ\\\

klZ\e_gdbjZaebqgu_^_ebdhjj_dlbjh\daj_gbyh[t_dlb\ghc\hijhkghkbl_ebb

khhl\_lkl\_gghDh^bjh\Zgb_eykbem

kyf_jKZfgu_g_ihkj_^kl\_ggucj_^ZqbgZij_^eh`_gghc\Zggmx\ gZb[he__nmgdpbbkhh[s_gbyijhp_kkghkbl_ebd k_fZglbq_kdhfmgZkbkl_fmdhffmgbdZlhjZwlhkhh[s_gbyh[s_fZ\lhjhfdhffmgbdZlhjhfy\ey_lkyhp_gdZij_h[jZah\Zgb_l_ogbq_kdhcdhglZdl\hkijbylby\b^_qbklh]hfh^_evghcdhff_jq_kdbfijhp_kkihemqZl_e_fjbkihemqZl_ey\ ko_f_klj

\_lkl\_gghlbiZpbbs_gbyh[jZah\i_j\mxqlhbkihevam_fh]hkhh[s_gbyhq_j_^vihemqZl_e_fhq_\b^gh dh^bjh\Zgb_ ikbohebg]\bklbq_kdhcghkbl_e_fbghkbl_eyh`b^Z_fuckbkl_fujy^m nhjfbjm_lkyZ^_d\Zlghfmm\_ebq_gb_f_lh^Zb^_dh^bjh\ZgbykhpaZ^Zqbijhp_kkbZevghfZjddZdkhh[s_gbyZdlb\hfh[t_fZkbdhlhjZyl_ogbq^_dh^bjh\Zgby_klbg]h\hcl_f_^_fh]jZnbq_kdhcnZdlhjgucihemqZl_ey_ijkdhcdhfffjZkihagZ\Zgbyhh`_l^Z`dhffmgbdnhjf_ we_f_glKhhkhh[Zl

gby^

>jy^Z dZpbckhpbZevghq_kdbo_deZjbjm_l_dh^bjh\Zgb_dhffmgbdZpbhggh]hihemqZl_e_f ijhp_kkfZjd_lbg]h\uooZjZdl_jbklbdk_]f_glm\^_fh]jZnbq_kdbokbemi_j\bqghklv^_dh^bjh\Zgbykhh[s_gbyhlkmlkl\byZ[hjb]_gukhh[s_gby ihemqZl_eydhffmgbdZpbckhhl\_lkkhh[s_gbywlbLhiohkljh\Zjhp_kkebg]\bklbq_kdbo_klvZ^_d\Zlguo< g_oZjZdl_jbklbdkhh[s_gbylkbkl_f_ wnn_dlZ\mxsbohq_\b^_gkhh[s_gbyijbgpbibZevgZykhh[s_gbyihgylbcguojZkihagZgbygZijbf_j;hjg_hl_gahjgh]hfZjd_lbg]h\uo Z eh]bq_kdbh[jZahfikbohebg]\bklbq_kdboaZ\bkblihkdhevdm\ kbkl_f_khh[s_gby\ ijbgpbi_;he__bZ^_d\Zlguoijh^Z`Zikbohebnhjfk_fZglbq_kdi_j_dehl\hafh`ghklvdh^bjh\Zlvlh]hhlg_k_gaZ\bgZebqby\lhjbqghdh ihkljhIjhp_kkxgihkj_]f qZl_eyg_\h\bkl\ wlhlkZ\lhjfmg ^lb_hdhl^]bb g_hah\\

:kl\hffh`gZnhjf^_dh^bjh\ZlvID iha\heyxsbodhffmgbdZpbhggh]hdhffmgbdZpbhggh]hkhh[s_gb_bjh\ZgbyihemqZl_ey

^hklb`_gby

kbkl_f_^bjh\hqguoihkljh_gbybamq_gby^_dh^

ihbkdhfijhp_kkgh]hko_f_pbZpbci_jbh^ihkj_^gbdZkbghgbfbq_kdbij_^eh`_gghcihlj_[ihl_gpbZevgh]hkbkl_fguo\kbkl_fukbkl_fZgZl_hjbbdZq_kl\_ggh_ikbohebg]\bklbq_kdboijhp_kkbl_eykbkl_fufZjd_lbg]h\uo^_dh^bjh\ZgbyijbgpbibZevghihlj_[bl_evkdboZ\lhjhfwgljhibyi_j_^Zqb ihlj_[bl_evkdh]hbebfZjd_lbg]h\uormfZgZdhebq_kl\_ggh_6b \hkijbylbynZdlhjKDQQRQDQG:HDYHU0DWKHPDWLFDOdhffmgbdZlhjZihemqZl_eydhffmgbdZpbcg_ij_^kdZam_fuoij_^eh`_gZ]ehkkughaZlmoZgbybebk_]f_glZ^hdhffmgbdZpbckhh[s_gbyk_]ij_^f_lguokhklhygb_mjh\g_b wdhggZau\Z_lkyhbgnhjfZpbh^gyrg_]hkhh[s_gby\ dhhnZdlhjh\f_ljbqijZdlbd_kbkl_fuj_^ffmg<ZWlhl>i_mk^gypkbjbh_@

\ebyxsboQRLVHRmf

ihijZ\hqguodZpbhgguoijZdlbq_kdb

\u_jmxsbokdb7KHRU\RI&RPPXQLFDWLRQ^_l_jfbgbjh\ZgZb^_y_]hdhffmgbdZpbhggh]hg_dhwnnbpb_glh\ ij_^eh`_ghMq_l\ fh^_ebkf^Zggh]hdjhf_^eygZkljl_hj_lbq_kdhfmq_lZj_^dbonZdlhjZhljZwlh]hodZkekjZdl_j^Zgghce_\uom\ j_ZevghcqZ_\nZdlhjZijb\ZgbyZ\lhjh\kbkl_fZohibkZgby^Zgghfkbkl_fZobkdexqbl_evghwfibjbq_kdh]hij_^ijbgbflhevdh\ur_ijgZ[hj_gZwfikijghdZbbZZb

hp_gb\ZgbywlbdhffmgbdZpbcehdZevgh]h wdki_jlgu_kbkl_f_fh^_eyoagZq_gbywdki_jlZfbg_dhwnnbpb_glu\_^_lky\ ^Zggucghkbl_e_c\ hl^_evguoijbf_gbl_evghi_jbh^ghkylIh\j_f_gbbkihevaehdZevfg_gbxguoh l_evkdhcaZ^Zq

\_^eb\hjbq_kdbo\_^_ggh_b bkihevam_fuo\ kbemagZq_gbyiheh`_gb_ijbgpbibZevghc dhwnnbpb_glZh \hafh`ghklbg_\hafh`ghklb \

qjZfdZo DhffmgbdZlhjfZjd_lbg]h\uo hlijZ\bl_e_f_kl\_gghf_kl\eyxsbc fZjdDZd\ jZfdZo_blbg]h\hcljZgkeypbxdhebq_kl\_gghfbdhffmgbdZpbhgghcdhffmgbdZpbc m`_f_lh^bq_kdbkbghgbfbq_kdbjZg__ihemqZl_e_f[ZgZebaZueh mklZgh\e_gguodhffmgbdZpbhgghc\dhlhjhcebl_jZlmj_jZg__khh[s_gbykms_kl\mxs_chij_^_e_gbgnhjfZpbhgguckhh[s_gby mjh\g_hlf_q_ JDWHNHHSHUbkihevah\Zgb_ kbkl_f_Z]_glkl\f_lh^h\wlhlq_j_agh\k_oihkj_^kl\ kbkl_fuZ\lhjul_jfbgih^g_ihkj_^kl\_gghp_e_\ufb[ ghkbl_evnZdlgfZjd_lbg]_j nhjfZpbhgghcwe_f_gl\ebygb_fmihkj_^gbdp_e_khh[jZagufsbohij_^ijbgbfZl \\h^ylghkbl_e_cjhbkihe\nmgdpbyfgZbeb\ebygbyhv\uok_[y kbkl_fuihgylb_ah\Zekyj_amef_] jmiimdhijhk`bim^mf h_h g\vk m\\

fmgbdZpbcdhffmgbdZlhjZghkbl_e_cs

fZjd_lbg]h\hc >lZlh\njZkljmdlmju@ ghj_deZfguoh[t_dlb\gh]hg_[uenmgdpbbgdpby\ wdhghfbq_kdbbgnhjfZpbb b fZjd_lbg]h\uojZfdZodhffmgbdZlhjZ kh]eZkh\Zgguc gZjugd_ghkbl_eyk mq_lhf b hj]ZgbaZpbhgghf_^bZk\h^blky AZf_lbfk hlijZ\ nZdlhjh\h[s_gbykbkhh[s_gbykl_fm[d hj]ZgbaZpbbqlhb hevrbfg_l_e_f Z kmffbjh\Zgb_aZ^ZqZlj_odZ`^ucbfg___lj_]j_kkbhihf_lh^ mdZaZgguodhebq_kfh`_lnmgdpbbhlghrihklZbawlbodh __f g_l kj_^gbq_kdb_lZgZ\eb\Z_lky ^_ckl\b_fp_kkZ e_ggZy fmgbdZpbbeyfbnZdlhjh\mq_l\ j_Zevghfi_j_^ZqbhlijZ\bl_e_f bf__lhibku\Z_llbiNmb k\hckl\Zk\hxijhp_kk_ijhp_kkfbdjhnZdlhjgmxkbkl_fhchq_j_^v[he__i_j_^Zqbbi_j_^Zqbhgghclh]hk ba[dhffmgbdZlhjkuhgg_aZ\bkbfhklbhlhqghl_ogbq_kdb nZdlhjh\ghc\hf

hj]Zgbah\Zlvdhgljheygbxi_j_f_gguowdhghf_ljbq_kdhcd hlijZ\bl_exnZdlZ\lhjZwnn_dlb\ghklb_s_\ kbemjZa<hk\hxih^q_jdb\Z_lhj]ZgbaZp

ihkuedbWlhl

ghfbq_kdb^hfkhh[s_gbydhffmgbdZpbhgghc

j_^Zqbgboijhlb\hihklZ\ey_fuoghfbq_kdmx>@Z\lhjZfbb;he__f__lkykhh[s_gbyfh^_ebkZfhklhyl_evghgZlh]hh[hagZq_gguownn_dlb\ghklv^\Z\u^\b]Z_lky^\_\ kh\j_f_gghcdhfie_dkghjZaebqguokj_^ukbkl_fu\ ^jm]bonmgdpbhgZevghfd hibkZgbxZiiZjZlZihih^kbkl_f^hfbgZglZhibkZgZhibkZgb_dZ`^Zyj_Zdpbbg_jhebih^oh^Z\_jgZgZmqghcijZ\bevghklvfh^_e_cdhffmgbdZlhjZhibku\Zxs_]hmijhs_ggufbojZa^_e_gbbkljhblky\hh[jZlghci_j\bqghklbdhlhjuo\hZdp_glZ\lhjuoebl_jZlmj_i_j\uodhffmgbdZpbc\ jZkq_l_eh]bq_kdhcfh`_lk\yab\ kbemfh^_evgufjZamf__lkyfZjd_lbg]h\hclZdmxb hlijZ\bl_ey\ kbemijhp_kkZih[]IhiuldZulvfh^_evj\hijhkmgZhjZaefhaij_\ hwdwdijg_^^^b_hhy

hibkZgbyqbynmgdpbcwdhghf_ljbq_kdh]h

dhklb

dih jZa^_e_gb_ i_j_^Zqb,,hlhjucjZ\bl_exhilbfmfmhlghkysb_kyk h[hagZq_gghc\\ [hevrbgkl\_e_ghkb]gZeZij_^ijbgbfZl_exbkoh^ghc j_r_gbyko_fhcd ,dhffmgbdZlhjmk eh]bdhcgZbfh^_eb Bf_gghbgbpbZebaZpbbkemqZ_\jbkgZ nmgdpbckhhl\_lkl\_ggh^_eZ_lihwlhfm ^\_ j_deZfghfmdhgljheyihgylbcgu_ kbkl_khklZh[hkgh\Zghf\m g_hijeyxsboZ]_glkl\mhL[Zdh_jZlghcih^kbkl_fu eh]bq_kdh__^h[t_dlh\jZa^_e_e_gghck\yabb h_l

gb_ij_^klZi

gh]hnmgdpbyfbgh]hlZd`_ghcdhffmgbdZpbcKe_^mynmgdpbyi_j_^ZqZkbkl_fuZiiZjZlZbkke_^h\Zgbye_`bl ij_^eh`_gghck\yab,khh[s_gbyb khklZ\eyxsbfbi_j\hc\ jZfdZoghkbljZa^_ey_lky>mZebklbq_kdZydZdih^kbkl_fukbkdexqbl_evghnmgdpbyhhl\_lkl\_gghh[_ki_q_gbyg_eh]bd_y\ey_lky gZh[t_dlZfb,,ihgylbcgZyijbjh^Z^\_ \lhjhcijb_f0ij_^f_lhfb jZkkfhlj_gb_l_jfbgheh]bq_kdbcaZ^Zqih^kbkl_fu&+rmfkhh[s_gbyih^kbkl_fuihemqZl_eyI_j\Zyghkbl_evbkke_^h\ZgbyKkj_^Z(1dhffmgbdZpbhgghc, dhffmgbdZlhj&b bgbpbZeba gZklhys_]hih^kbkl_fZdh^bjh\Zgb_fZjd_lbg]h\uokjZa^_e_gb_b j_ZdpbyjZaebqgufb__ ihgylbkhh[s_gbyk\yau\Z_lkfuke\lhjbZ gZmpbb 6ihc,qqZ kj_^u dhgljheyihgylbcguohlijZ\bl_evJbkgZ Ko_fZ^\_ h[jZlghc'(&h[t_dlh\ih^kbkl_fu 5^_fhgkljbjmxsZyihemqZl_ev^_dh^bjh\Zgb_k\yabjZfdZo,,i_j_^Zqb H[hagZq_gbyfZjd_lbg]h\hc12,6(nmgdpbhgZevgh_kb]gZeZ

h[jZlghc

<ihfbfh lhjZynmgdpbhgZevghcZ lZd`_ih^kbkl_fZ kbkl_fu kbkl_f_\aZbfhk\yabbgbpbZebaZpbb ,,nZdlhjh\fhgblhjbgkhkj_^hlhq_gZihe_ihemqZl_eywlhc]Zkhh[s_gby Bf_ggh\lhjhck\yabgZwnn_dl_bkhh[s_gbyih^kbkl_fuwlbkbkl_fguohibkZgbbwlb ihgylbcgu_h[jZlghc\ha\jZlgZy ih^kbkl_fu hlb ihkeweij_k\f_Zweyj\abH__b_g

l_eylh\f^h\Zl_evghH[jZlgZyZdpbySO\nhjfbjh\Zgbb_glu__ nbdkbjh\Zgbylh`^_kl\hj_ZdpbydhffmgbdZlhjhfh[jZamxlj_Zdpbyk\yavij_^klZ\e_guihemqZl_eybgbpbZlhjhfZm^blhjbbf_`^mbaf_g_gbb\ dhffmgbdZpbbl_hj_lbq_kdh_aZ^ZqmaZ^Zq_cb j_Zdpb_ckemqZ_gZ\ gb`_ijb\_^_gghfgZfg_gbykhh[s_gb_dhffmgbdZpbbkhh[s_gb_bdihgylbcgh_h`b^ZxsbchffmgbdZpbbkbghgbfbq_kdbwdhghf_ljbq_kdh_Lhdhlhjhc_klv\ujZ`_ggZySXOVHEDFNIHHGEDFNU\uklmiZ_llh`^_kl\hkms_kl\m_l^h[b\Z_lkyh[jZlgmx dhlhjZy\ ^_ckl\bbbf_klZ\bihgi ylb

gh_

ih^jZamf_\Z_ldhffmgbdZpbbijZ\bl_evgbci_j_^qlhb \ kbkl_fZo\ihkdhevdmj_Zevghc klZ\ysbcf_`^m<bijZdlbd_^Zgghfkhhl\_lkl\mxs_]hnmgdpbhgZevgh_fZjd_lbg]h\uo

^Z_fZyghceh]bq_kdbcdZpbce_fjZkoh`^_gb_dZdk\yabh[jZlgZybf_ggh

gbbihdhfiZgbydhffmgbdZpbhgghf\b^mlhj]h\hcjZkkfhlj_gbbkhh[s_gbymdZau\Zylbim=oZjZdl_jij_^iheZ]Z_ldhebq_kl\_ggu_nZdlhjufZjdbdeZkkbnbdZpbhgghcb hlijZ\bl_e_fgZk\yavwdhghf_ljbq_kdboijhp_kk_ihwlhfmoZjZdl_jaZ^Zq_chibkZgbyLhhp_gdb_klvIhgylb_\ \b^_ijhp_kkZbgh]^Zi_j_f_ggu_b j_Zebah\Zggufh[jZlgZy\aZbfhhlghr_gbcgZijZ\e_gghffhgblhjbg]fh^_e_cgZijbf_jbfb^`_\h]hh[jZlgZykljmdlmj_fh^_ebjh\Zgbymihlj_[ey_lkyijbgp\ujZ`_gguck\yavehdZevgucfZjd_lbkmsghklvdhffmgbdihgylbybk\yav\b^ih\gZkdhj__wnn_dlZ\aZbfh^_ckl\bykk_]f_glh[jZlghcmf_`^mglZdh]hhq_\b^ghs_kl\hf]ghkblh\uoZj_amevlZlwnn_dldhlhjhcpbcl_jfbgdhebq_k\k_]^Zwnn_dlhibku\Z_lkyHq_\b^ghh\ hlghrihemqZlijhp_kkZf \ jhebdhffmgk\yavl_jfbgljugdZ\ijhq_fbgx^vlh\k\yabglhjguohh[jZgh\uj[ke_Z^_Z^_lh`m^_lij\_wldZdhng_g_ihky6^gbZbhc_h_llddZ\

ijbbkihevamxln_dlb\ghklvdhffmgbdZpbhggh]heb[hdhffmgbdZpbbhlijZ\bl_e_fi_j_f_gghcijh^Z`dhfiZgbbGZijbf_j\uklmiZxs_ Zm^d Wnn_dlp_kkZguf \Zlgh`_gguc\ZlghagZq_gb_f\hkijbgbfZ_lkyfZjd_lbg]h\hcdZdhc

kbkl_fZfh`_ldhglZdlh\hlijZ\bl_ey[jZkkfZljb\Zlvkym^_l\ baf_g_gbbkhhlghr_gbydkj_^g_c\hkijbgylkhh[s_gby\_ebqbg_h[t_fZij_^ijbgbfZl_e_fnZdlhjh\ dZd: khhlg_k_gb_ wnn_dl \gmljbnbjf_gguo dhffmgbdZpbhggh]h dhffmgbdZpbbdhebq_kl\Z dhglZkdhj__ijhp_kkZ

khhlg_k_gghc`_kldh\hibku\Z_lkyhlZgb_j_ZebaZpbbqlhwnn_dllhevdh

Lgh\blky Hq_\b^ghZdbfh[jZahf^_l_jfbgbjh\ZgZ ihgylb_qlhkmffhcdhffmgbdZpbhggZyh^gbf _]hfZjd_lbg]h\h]hwnn_dlhfZ^Zilb\ghklb baGZijbf_jdjbl_jb_\h^gbfijh^Z`[he__h[t_fZnZdlhjhfhp_gdbIhgylb_ wnn_dlb\ghklvgdhffmgbdZpbhggh_ dhffmgbdZpbhggh]h_dhjj_dlguf\u[hjZih^jh[ghbgl_]jbjmxsmxih^dnZdlhjh\ ijh^Z`hlijZ\bl_exwnn_dlb\ghklbijhy\ey_lky wnn_dlb\gh[wnn_dlnZdlhjh\wnn_dlhfjZlkfgZy\_^vKhh [fh^_evg_m^_ldhffmgbdk\yavl hgZ[ fh`_l\_lkl\_ggh g_aZ\bkbfhkhh[s_gbyhp_gdbklvxkhh[s_gb_\ ijhp_kkZdhffmg\ukdZahjwnn_dl_ Z lhevdhJdZd^bgZ^Z[Z Ewklulv pbb__uc bZZi

hklZ\ey_l lb\guo

dZpbhggh]h gm`gh\b^`Zfbq_kdmx jZkkfZljb\Zlvb =ihihgylb_ bebhlghr_gbx bfb^`_\ucKlZcg_jZ ijhp_kkZgZijbf_jklZlbq_kdmx ijhp_^mjudhffmgbdZpbhggh]hk\yau\Z_lkygZdZdbgl_]jbjmxsZyih^jZamf_\Zyd hlijZ\bl_ex ke_^dhffmgbdZpbhggh]hh[jZlgZykljhp_gdb nZdlhjfh^_evkhhl\_lkl\_ggh k ihgylb_fBlZdkbkl_fguc k\yavijhp_kkZ b\ i_j\mx\aZbfhk\yab hij_^_e_ghbeb ijhp_kkZoZjZdl_j dZdbgl_jij_lbjmxsZy^bgZfbq_kdZyhq_j_^vb \kydZyf_`^m\ur_dhffmgbd wnn_dlh\gZ\u[hjZ hp_gdZmjh\g_ wdhggbfbij_ Z beb gby ^hZ:

Wnn_dlb\ghklvklZlbq_kdZyijhy\e_gb_^Zggh_gZ[hj\ jZfdZoh[t_fnZdlhjh\ijh^Z`eh]bdb fh^_evwlhhp_gdbfh^_ebfh^_ev hgZ ghkblb kbkl_fum`_[uehfZjd_lbg]h\hchp_gd_nhjfbjh\ k l_f^ijbgbfqlh[uZ f_ljbq_hibku\Zxsbownn_dlb\ghklbNZdlhjukdZy fh^_ev klZ\eyxl

^Zggucl_evkdbo\ [hevr_cbgl_]jZevgh]hkbkl_fZ pbb lZpbbihke_^gboih^qbg_ggu_wnn_dlb\ghklbhl^_evguodjbl_jbc\aZbfhk\yab ^Zgghc dhffmgbdZpbhgguokh[hc ^he`_gkl_i_gbdjbl_jby__ nZdlhjh\ehdZevgu_fh^_ebnZdlhjguo\ujZ`Zehij_^_e_gghckljhblkyhljZ`Z_lnZdlhjh\ wnn_dlb\ghklbdZd dhfie_dkgucwnn_dluih^qbg_gZ djbl_jbZevghcgZ

^_ebijhy\ey_lky

klbamf__lky\b^_^_evghcbo\aZbfhk\yabdhffmgbdZpbhggh]hZ^Zilb\gh]hbgl_jij_lbjh\Zgghklbbgl_]jZevgucdZdb\u[hjd hlijZ\bl_exnhjfbjh\Zgb_LZdbfijhp_kkZiZjZf_ljh\ihdZaZl_evk mq_lhfmkbebcihdZaZl_e_cknhjfbjh\Zggmx h[jZahfihihkbkl_fug_dZaZl_eyhlghr_gbxfZjd_lbhp_gdb<kbkl_fufh`_lkmsghklbj_amevlZlfh^_evohlyboboaZ^Zqb w[ghkgh\_nohlybgl_jij_lZpbb]ulvnhjfbjh\Zgbyh\hckbb ijhp_kkn_dlh\dkwnn_dlb\ghklbwl_fmij_^klZ\e_g\ kbemnnZdlhjZfij_wnn_dlb\gn_dlb\ghklvbgl_jijhibkZgb_\u[hjZ_]hffJLhh_hZh\

_kfukeFhgblhjbg]^bq_kdZyklv_]h\ hlebqbbkmsghklvnhjfZwnn_dlb\ghklbihdZaZl_ey\hhj]ZgbaZpbbhl\j_f_gb[ihgylbym^_l<ghkblwnn_dlb\ghklbdZq_kl\_dhebq_kl\_gguodhffmgbdZpbhggh]hwnn_dlk[hjZ\ \ur_ibkdexqbl_evghkfukeh\hcbgnhjfZpbbjb\_^_gghffZjd_lbg]h\h]hnhjfuagZq_gbcwdhghf_ljbq_kdbci_j\hhkgh\uijhp_kkZbgl_jij_lZpbbhj]ZgbaZpbbhij_^_e_gbbwnn_dlZijhp_kkZdhfff_lfhhmb

gblhjbg]ZgbdZpbhggh]hbb gZ[ex^_gby_]hgl_]jZevgh]h ihgbfZgb_klhblijhp_kkZ^_ckl\bcbf_gghZdp_glbjh\Zlv

Ihhij_^_e_gguohij_^_eyy]^_kmlbdh]^Zfhgblhjbg]

^hklZ\e_gbylhjbg]f_glfZpbbdhfie_dkZ\uiheg_gbyh ijhp_kk_bgl_]jbjihd_ffZl_jbZeh\kmlb[m^_ljZkq_lguoZ lZd`_hj]ZgbaZpbhggu_ij_^hij_^_ey_lnbdkbjh\ZlvkydZd\ jZfdZoZe]hjblfbq_kdbcf_lh^bq_kdhcdhffmgbdZpbhggh]hihjy^hdhkgh\ulZbeb

ijZ\e_gguohgguol_fZlbq_kdboijhp_kkh\hij_^_e_gbxdhffmgbdZpbchj]ZgbaZpbx^_ckl\bcm_lk[hjZdZdG_h[oh^bfhklv\hj]ZgbaZpbhggZyfhgblhjbg]k_[ybgnhjfZpbbkhb fh`_lihwdhghf_ljbq_kdhcijbgpbibZevgmxbg^_dkghfklhjhgu\k_j_amevlZlZfijhp_^mjihgylbyiheh`_gb_[aZ\yaZghlf_lblvulvhlijZ\bl_ey\ ^bgZfbq_kdhf\hafh`ghklb\ujZ`_gbbb kihkh[ij_^klZ\e_gnhjfZjZkq_lZ\lhjhcgZgZhp_gdb\hafh`^Z_lqlhihgylb_b \j_f_gghcgZdhie_gbyk[hjZbgZy^he`_ghkgnhjfmgkh]eZkghihkhh[s_gby]hhkgh\Zgb_,,ZIhdhjj_dlbjh\db\_k\yabghklvdhffmg\ gZ[hj_i_j_f_ggZyhlghr_gbxbgnhjfZpbb<ih^kbkl\jihlhd_kmlblhjZybg^_dkguomqblu\Zlv_\b^f_gbbgnh\u^\bbgl_j_]efhgnmgdZpihij_kb^eyZ \gfu__^jZbbb_ZjkZdZd

gmlhfmkhhl\_lkl\_gghhkh[u_mkeh\by

ij_lZpbbf_lh^bdh ihdZaZl_e_ckbkl_fZ

\u^\b`_gbyiZjZf_ljh\iZjZf_ljmihdZaZl_e_cl_hj_lbq_kdhf\j_f_gbkhkj_^hlhq_gZdhffmgbdZpbhggh]h]ihemq_gguobihl_auIhke_^g__\ bohlghkbl_evghwlhcihemqZl_ey\ j_amevlZl_]ZgZBk\yab\lhjhcwnn_dl_f_ggh ijhp_kkZbkhh[s_gbywlbih^kbkl_fufhgblhjbkbkl_fguoh[jZlghchibkZgbbihgylb ZiiZjZlZkl_fchlijZ\bl_eygu_we_f_glh\b ihke_^h\we_f_glufhgblb ZhegZhZ

l_evghh[jZamxlnbdkbjh\ZgbylZd`_pbhgZevghcjbg]Zi_j\mx:gZebawnn_dlb\ghklbkbkl_f_ij_^klZ\e_gu,,hq_j_^vl_hj_lbq_kdh_\aZbfhk\yabkh\j_f_ggh]hZki_dlh\nZdlhjh\fhgblhjbgi_j_oh^y\ gb`_ijb\_^_gghfg_h[oh^bfhdhffmgbdZpbhgguo\ jZfdZoihe_f_lh^bq_kdh]hd jZkkfhlj_gbx dhffmgbdZpbbkh\j_f_gghchij_^_eblvkykbf_lh^bq_kdboh[t_dlghcl_hjbbk Zki_dlhffZjd_lb kmsgg

]<

ijZ\e_gghklb]h\uohjblfbq_kdbodhffmgbdZpbc fZjd_lbg]h\hc

kgu \_gghf\aZbfh^_ckl\bylvxkh]eZkblkyihemqZl_eyihemqZl_eyihgbfZgbbk lhqdhcg_\ kbkl_f_k jZa\blhklvxlhevdhihemqZl_ey^_yl_evghklbaj_gbydZdkj_^uij_^ijbgbfZl_evkl\Z\ hlghr_gbbihlj_[bl_ey\ijhn_kkhjZih\ [hevrbgkl\_kjZfdZofZjd_lbg]Zh[t_dlghci_j_qbke_ggufbihklZ\sbdZdhgp_ipbbnhjfZebaZpbbgh;Z]b_\ZK ^jm]hckmsghklbb dZdij_^e dhfie_dlmkemqZ_\ :\iZjlg_jZlhjuhGh h fgh`_kfZjd_lbg]Zdhffmgbd h[`_gghfmkl ihlj_[ tihgbfhibkZlvhgbdZd_dlZfbhp_gdbhiZgbbkdehx hnZjhguqlhsfZgZk_m`_fboihhb_gZ b Zj\mld]\\

gbyidhgdmj_glZj_^ijbgbfZl_evkdhcg_\b^ylb li\aZbfh^_ckl\bywe_f_glZkeh`ghklbhdjm`_gby^bnn_j_gpbZemihemqZl_e_fkfklj

Z\lhjuwnn_dlb\ghklbfZjd_lbg]h\h]hk\_^_gu\ ]e fh^_ebd iheyjghfm jZkkfZljb\Z_lky 6FKUDPP0RGHOg_\hafh`gh\ kemqZyo lZdhcfZjd_lbg]h\h]hiheyjbaZpb_cdZd_keb\ kmsghklbohly^bihl_gpbZevguc gZfbq_kdZy[ihlj_[bl_evkdbcuhdjm`_gbyjZkkfZljb\Z_lih\ihemqZlkbemj_Zdpbblh]hfgdh_fhey]ijhyp_eihe _

fh^_evhlebqbb lhjghh[jZlgZy

\ur_hibkZgghc[ ]kj_^upbhggh]h l_evmlueh [ulvjughqguchlf_q_ghwnn_dlb\ghklbhlkhh[s_gby k\yav^jm]bok_]f_gl^_l_jfbgbjh\ZgZh[t_dlh\Bf_ggh ihwlhfmkhh[s_gbykbkl_fuKhhl\_lkl\_ggh khh[s_gby

[f_gl\Zye_ggZyqZl_e_fd_lbg]h\h]hhe__nmgdpbynbgZevghcjugdZijhy\ey_fZykeh`guc\hkhh[s_gby\aZbfh^_ckl\bb dhffmgbdZpbhggh]hihl_gpbZevgh]hij_^ijbgbfZl_eyh[t_dlh[jZlghc \ur\ gZklhys_cjughqghc_k\yavxp_e_\hck ihl_gpbZevgufhq_\b^gufihlj_[bl_eyhlijZ\bl_eyihjZ[hl_nmgdpbbwdhghfbq_kdhfmqlhhij_^_ey_lkyihlj_[bl_e_fwnn_dlmh`b^Zih

fhcdmidb

\mxsboguff_^_e_cghl_evghklbwnn_dlh\\aZbfh^_ckl\byIhkljhblky<hij_^_e_gghcjughqgufkh\j_f_gghcgZbemqrbf fh^_e_c \ hlghr_gbbk_]f_glhfklZgh\blky hibku\Zxsbo fZjd_lbg]h\uo

kdhfmg__lhju_pbc^_fbq_kdbihl_fkhhl\_lkl\_gghih^oh^mg_agZqbl_evgu_l_dk[he__wlZih\nmg^Zf_glZevghcjZajZ[hlZgghclmfh^_evij_^eh`_gghfmqlh\ha^_ckl\byh[jZahfgZmqghchgZZ\lhjuEw\b^`Z^bkdmkkbhggu_gZbemqrbfJihkdhfibebjh\Zghebl_jZlmj_g_Ewc\b^`_f\ l_hjbb^bgZfbq_kdhcgZZ\lhjhfKlwg_jZkqblZxlihlj_[bl_ey\aZbfh^_ckl\b_h[jZahffZjd_lbg]h\uofgh`_kl\hiheh`_gbygm`guf\ ]eb =Fh^_evf_lh^h\\ fh^_ebfgh]hnZdlhjghcbkke_^h\Zgb_KlZcg_jhfhl\_qZ_ldhffmgbdZpbhggh]hb khhl\_lkijb\h^blvkljkqblZ_kf_lh^h\\bihl_gpbZeihkedhhlghrkhhl\_lkf_lf>ll\mxsbofmgbdky_hF_l^he^h\^bqb f@g_d_koZdgbb^`hZZhZ_Z_hvl

e__

^fh`_lmqblu\Zxs_cbq_kdZy [ulvkmsghklv\ha^_ckl\byij_^klZ\e_gZ^bgZfbq_kdbcfh^_ebgZihlj_[bl_eyEw\b^`Zdhfibeypbhgghcwnn_dlKlwg_jZfb khhl\_lkZjd_lbg]h\h]hgZbemqrbfZ\lhjkdhcl\mxsb_dhffmgbdh[jZahfko_fhcwnn_Zd

lupbhggh]hjbk

Kmsghklvk_]f_gl Jbk$jZa[bl Hkms_kl\eyyhlghr_gb_fh^_ebF_lh^bq_kdZyihlj_[bl_evkhh[s_gbcgZq_luj_ ih^jZamf_\Z_lijh^mdlZ%dhffmgbdZpbhggh]hdhffmgbdZpbhggu_kgZqZeZaZihfbgZ_li_j\bqgZykmsghklvihke_^h\Zl_evguo hk\_^hfe_gghklvnhjfbjm_ldlh\Zjmfh^_ebqlhihdmidZhlghr_gb_fZjdm\hafh`guihdmidZihlj_[bl_eyijhp_kk\ha^_ckl\bydhglZdlulEw\b^`Zlh&m q_eh\_dZ_wlZiZ \ZjZ&ihlj_[b ^jm]b_%i$ijb\ha^_ckl\byh\lhjgZybbeb<gbfZ_lkykIhKlwg_jZd i_j\hchk\_^hfe_ ihdmid_Bkh\_jrZ_kemqZ_ihlj_[blbl_evnhjfbjj_amevl\u^_e_hk\_^hp_e_\u_gZdhg_pihdm^Z\hii_gZf_Zghg ghikkml ghklvdZe_fe_gghklv'ke_^mxs_coZjZdl_jbklbdmgZ[hjiheh`bl_evgh_lh\Zjk_jbb

lZfgmx nhjfmebjh\dbijbgbfZ_l_lky

ebdmid__s_h^gZ

HibkZggZygZfbq_kdhckylj_[bl_e_fgh]hih\lhjgZy^hklb]gmlZlh\ZjZlh\ZjZihjpbyij_^ijbgbfZl_evkdhcfh^_ev%$ijhly`_gghklb36^ZgghcihdmidZhij_^_e_ggZy\b lhj]h\ZydZdlhih\lhjgZyk\h_cdhglZdlh\\ha^_ckl\byijbh^bgfZjdbdhffmgbdZpbhggh]h'hlghr_gb_ke_^mxs_cdZl_]hjbbbai_j\bqgZyfZjdZdhffmgbdZpbhggh]hih^\b]Z_lihdmidZemqrbom^h\e_l\hj_gghklv^Z_l kljmdlmjuZ^_d\Zlghk_jbb'h^ghagZqgh_\ha^_ckl\byZ lZd`_khh[sgZ\hkijjugd__dhglZdlZgbcg_ihgbfZgb_h^ghagZqgHq_\b^ghk hij_^^h^ahb_Z

dj_ie_gbye_ggufklbhp_gdblh\Zjhfwnn_dlZ

qgZgu_jZkkfZljb\Z_ljZfdZolh_lkl\mxsbchklZevguownn_dlwdhghf_ljbq_kdb_^\modZdwdhghfbq_kdbc\j_fyi_j_f_gguowlZiwlZiZo wnn_dlb\ghklvfZjd_lbg]h\hcijb*hgnbdkbjh\Zgguoi_j_f_ggu_g_>I_j\Zyijhy\ey_lky$fh`_l%&dhffmgbdZpbhggh]hdhffmgbdZpbb['i_j_f_ggZyulv@Fh^_evihlhevdhhibkZg\j_f_gb gZq_j_aEw\b^`Zh[hagZqZ_lqZs_wlZiZowlZiZoijhp_kkZljZ^bpbhbgl_jijKlwg_jZK b khh'g_lZ\ lbjm_lky\

<ghklvgZevghlhjZy dhffmgbdZpbbaZ\bkbfZyi_j_f_ggZyih hhibku\Z_lkhhl\_lkl\mxs_]hlghr_gbx mkeh\gmxihhlghr_gbx wlZiZ nZdlhjgmxd wlZimlh _klvwnn_dlb nmgdpbh\

( * I %$ 36 3

]\gmr_gghc EUDQGDZDUHQHVVSURGXFWDWWULEXWHVDWLVIDFWLRQ^_%$hibku\Z_lknhjfbjh\Zggucbeb nZdlhjh\hsmlbfhc \ Zg]ehyauqghfwnn_dlb\ghklvbownn_dlh\fh^_ebkhhlg_k_gbym^h\e_l\hj_gghklb mjh\_gv\aZbfhk\yabiha\heyxsbc3g_ijhp_kkgZhij_^_eyxli_j\hbklhqgbd_ij_^ihql_gbydZdhij_^_e_gguohij_^_e_gZihdmidbkbkl_fmdwnn_dlh\dhffmgbdg_dhfmk\_klbwdhghf_ljbqhl SXUFKDVHmkeh\ghlh\ZjZ lhj]h\hchp_gdmbgl\wlZiZoZ36pbbi_j;_am_]jZevghfm\mxmjh\_gvwnn_dlkkhhlgwnn_mkem]b dheh\gh_fZjdbkdh]hfhqfh_md

dhffmgbdihdZaZl_exlb\ghklbwlhK

Fh^_evkbfuolj_oMkeh\ghklvnmgdpbhgZevghcqlhZ\lhjufh^_eb\ujZ`Zyg_dhffmgbdZpbc wnn_dlkljh]mxhp_gdb^_l_jfbgbjh\Zgghklvkh\j_f_gghcwnn_dlZfkeh]bdhcwnn_l_hjbb\ fhhd\

gbdZpbbj_^vhibkZgbyg_^hklZlhdl_f fZjd_lbg]h\uodhfie_dkghba^_j`_dfh`ghih\b^_lvnZdlhjZf\ jZfdZog_fZjdbk_]f_glZ]jmiiumjh\_gvmkem]bkh]eZkblvkyEUDQGDZDUHQHVVnZdlhjh\%$\gmr_gghcSURGXFWDWWULEXWH3knhjfbj ijhp_kk beb

^_ebfZjd_lfh^_eblb\ghklbeh]bq_kdmx^jm]hcb wlhbg]h\uomjh\_gvnhjfZevghZklhjhgufhlb\Zpbhggu_pbhgguo__ [hevrh_ihgylbcgmxi_j\hbklhqgbd_dhffmgbdZpbcij_^ihql_gby\u^_eyxs_c^hklb`_gb_\ hlghr_gbblhj]h\hcG_evay^\_

\Zgguc

hsmlbfhcZg]ehyauqghfVDWLVIDFWLRQm^h\e_l\hj_gghklb nZdlhjuihdmidb

lb\Zpbhgghfp_kkuj_gby]hnZdlhjZy\eyxlky\ hkgh\_kha^ZxlSXUFKDVHijh^Z`wdhghfbq_kdb_ih\_^_gbbdhlhjuobf_gghhkgh\Zgb_Fh^_evwlhihlj_[bl_eyl_fe_`blfZjd_lbg]h\u_\ hlghr_gbb^eyih^jZamf_\Z_l[hlhe__ij_^ihkuedZb\klmilh\ZjZ36\_jghijbe_gbyij_^ijbylbydhffmgbdZpbhggu_\u[hj_qlh\ kbemh jZpbhgZevghfqlhh[t_dlhflh\ZjZfhlb\Zpbhggu_wdhghfbqjZmkem]bkkfh_ijkdfhhhl

Ghkgh\Zgb_ l_eyq_kl\_gguoih\_^_gbyijhf_`mld_hevrbcZdZieb\Z_fu_lhfZjd__klvmjh\_gvlh\Zjhfihlj_[bl_ey^ey \j_f_gbgZdhie_gbaf_g_gbc\k_j_ZebaZpbb \hm\lhlnbjfu_j_gghklb\j_f_gb'`_b q_f7U^bZe_dlbq_kdbc\3 ijbl_fihdmidZdZq_kl\_ggu_[wdhghfbq_kdh]h hevr_fhlb\Zpbhggu_i_j\bqghc\ur_nhjfZevgh]hih\lhjgZy\_jhylghklvmjh\_gvijbgpbiihdmid_ NmgdpbhgZevghij_^ihql_gbyih\_^_gby l_dms_cinZdlhjuhdm\ fbgwdi_j_oihdZghfbq_kdh]hm^hbhihlj_[ fZevghf^Zkha^Zxl\e\ lhdhe_l\q_fhb bj

j_gghklb][h\hc

U 3 I '7%$36

l_gby

Fh^_evguoey_lghf_ljbq_kdhf fhlb\Zpbhgguo\aZbfhk\yavlhj]h\hch[tykgy_lij_^eZ]Z_fmxih\_^_gby \fZjdbLZdfh^_ebihgZebrvihlj_[bl_eyih^hlghr_gbx b wdhghfbq_kdbonh ih^jZamf_\Z_lkylhj]h\uolhj]h\mxjfZevgh%$eh]bq_kdbcwlh]hIjbq_f knhjfbjh\Zgguf\ jZfdZonZdlhjZd nhjfbjh\ZgbxfZjhd eh]bq_kdhf\ujZ`_ggZygZ fZjdmnhjfbjh\Zgb_b ihgylbcgucj_amevlZlZonZdlhjh\> ihlj_[bl_eyh[hagZq_gghc fhlb\ZpbhggZykj_^bhp_gdb@[ mjh\g_\j_f_ggZyjwg^bg\ kihkh[ghklb G_h[oh^bfh mjh\g_fhp_gdb__ hp_gdbwnn_dlb\ghklbfZjd_lbg]h\h]h kfukekbkl_fu] dhgdmj_glh\gZdhie_gbyZ g_lh l_hjbbEUDQGLQJij_ijb\yo Hij_klvfhlb\ \\ZlhgZjZdlhlf _^ _klv_^_dh ihwd\^_]h agZuf dZgh__ _Zqb\

^_eblvIj_^eh`_gb_klZehgZijZ\e_gby jbklbdZZg]ehyauqghcie_dkgh]\lhjbqguf h hp_gb\Zgby khklhygbyhkgh\u\Z_lkyebl_jZlmj_l_hjbb dhffmgbdZpbhggh]h ihl_gpbZevgh]h \ nhjfmevghf[jwg^Zbf_ggh khklhygby pbhggh]hhp_gd_ lblv

\hdhffmgbdZpbhggucd ^Zgghfm\j_f_gbqlhwnn_dlZ ijb\_^_ggZynZdlhjmijb\yaZgghklbk\b^_l_evkl\m_l

wdhghfbq_kdb

ghcqlh36

fZjdbj_gbyy\ey_lky%$fhlb\Zpbhgghcbebmjh\_gvihemq_gguc%$mjh\_gvhsmlbfhckha^Z\Zyg_Z hljZ`Z_ghlhevdhp_e_khh[jZa_g\hafh`ghklvb j_Zevgucm^h\e_l\hj_gghklb\ l_q_gbbijb\yaZgghklvm^h\e_l\hj_gghklbhlwnn_dlkhklZ\eyxs_c\gmr_ggucl hlghr_gb_ihlj_[e_gbyihlj_[bl_eymjh\_gvdhebq_kl\_ggh]h_]hgZijZ\e_ggucihihlj_[e_gbyhij_^_e_gmjh\_gvd ijh^mdlmk_]f_glZijbgylbylh\ZjZihlj_[bl_evkdh]hg_h \hafh`ghklbjy^_nZdlhjZ hlgZdZieb\Z_lkyd lhj]h\hclh\ZjZij_^ihql_gbybxk_]f_glhfgZhij_^_e_gghcd ijh^mdlm\ujZ`_gbyohlyj_r_gbynZdlhjZ%$ih^jZamf_\Z_lb aZ\bkbl^he]hkjhq_gfZjd_m^h\e_l\<\h\ ^Zgguclhj]h\hc\gmr_hlebqbbl_q_gbbihdmid_lh\ gj]hgh_

hl\j_f_gbfZjdb\j_f_gb

\hcfhf_gl

dkhh[s_gby iZjZ^hdk\gmrZlvkyhlhjhc kl_i_gb_keb\aZK ^jm]hcqZklghklbkq_ldjbl_jbchldZd kljmdlmjubf__lihlj_[e_gbywnn_dl klhjhgu^Zggh]hlh^\_ihlj_[bl_evkdhc _klvdhffmgbdZpbbdhffmgbdZpbhggh]h klhjhgugh\hagbdZ_lnZdlhjZb :e_dk__\ZijhiZ]Zg^ukh]eZkghijh^mdlZb aZh[tykgyxsbfnZdlhjZfkq_l\hnhjfbjm_lkyg_dhlhjuci_j\uohij_^_e_gbxlhdhffmgbdZp>m^h\e_l\hj_gghklb\hkhklZ\Zihq_fm@\lhjuoagZq_gb_gZijbf_jd\ha^_ckl\by Zdiheh]bq_kdbcg_bhg hlf_qhbf_lh^ZdZdlhggh]hlhevdhfh`_lfh`_l ghr^Z_ighihh_g

nhjfbjm_lkyjZkkfZljb\Zlvky gZwlhl\hijhkagZq_gb_ijh^mdlZf_lh^Zfb;Z]b_\Z

\ hij_^_e_gbbaZHl\_ldZaZghgh]h\gmr_gbykq_lnZdlhjZd\ gZmqghcwdhghfbq_kdbfihlj_[e_gbyd nZdlhjmgZijbf_jkem`bljZ[hl_h[t_fZwdhghf_ljbq_kdb dhgtxgdlmjguf

gbxhlghr_gbxihlj_[bl_evkdhc

Djbl_jbcjbyok_j\bkgh]hhp_gdb

`Z_fu_kdbo fh^_eyodZq_kl\Zmjh\gy

^Zj_gghklbaZl_e_fWdhghfbq_kdbfdhffmgbdZpbhgguoh[t_fnhjfbjh\Zgby^h\ZgbyZ lZd`_Z^_d\Zlghcfh^_ebkh\_jr_gguoijh^Z`_]hdhffmgbdZpbhgghcbgl_jij_lbjm_fu_khh[s_gby^he`gZlZd`_f_lh^bdbfh^_jgbaZpbyhp_gdbZ lZd`_h[t_f]dhfie_dkghcy\ey_lkynZdlhjhf^_klZlvijhp_kkh\ihlj_[bl_evkdhcmjh\gybgl_jij_lbjh\ZekygZg_ihkj_^kl\_gghbhp_gdbm^h\e_l\hj_gghklbnmg^Zf_glbjh\Zgguoihdmihd_]hwlZiZo^bnnmaguoaZ^Zq_ckh]eZkh\Zgghklv\ jZfdZownn_dlblhj]h\hcm^h\e_l\hj_gghklbnZdlhjZfh^_ebi_j_f_ggu_mjh\gyijf_lh^bdbIjb\ gZlmjZevguo&'g_h^Z`\ha^_ckl\byfh]mlwlhfih^gZklhys_c\aZ\bkbfhklvxl_dms_cfZjd_ihlj_[bl_evkdhcEw\b^`ZgZklhys_]hghklbm^h\e_l\hj_gghklblZdZdlb\babjmxsbo\ha^_ckl\b_fnZdlhjZfdjbl_jb_fq_j_aklZlvhp_gdb`_JZkkfhlj_gb_\k bgl_]jZeLhgZau\Z_fuoihlhfm^h\e_l\bebKlwg_jZgZ_klvjZaebqgu_kZfhklhjZ[hluhljZ`Zekyfhlb\ZpbyfgZmihl_wnn_dlbqbk\Zexlguoij\u[hjZvkh]eZqhe_kl\Zgh]hgdhffmgvp_kkZm^hhpbZevgh]hgufyj_gghklb\\u^\bgmlnmgdpbkZfl_evguffh^_eyob \u[hjb;Z\kjZfdZo\bkkee_l\ghK ^j\ghklbf_lij_ij_hljkihdfZ_^ijkhl_bkhfd^^hhhZZZbhj_hh\ma

pbhgguogbpZop_kk^ZggufihdmidbgZijb\_j`_gghklbhkgh\_

^_ebihql_gbyj_amevlZlhfwdhghfbq_kdb_

gZevgud_lbg]h\hc]ijbdZdihlj_[bl_eyhcgbfZl_evhkgh\gmxklhjhguihhlghr_gbxdhffmgbdZpbbdhffmgbdZpbhggh]hhlijZ\bl_evaZ^ZqmklZ\blhgb dZdwdhghfbq_kdb_ijbnZdlhjud fhlb\Zpbhggufh[hagZq_ghnhjfbjh\Zgbb\ kbkl_f_dhffmgbdZpbhggh]hnZdlhjuij_^ijbgbfZl_efZjd_lbg]h\uownn_dlukhh[s_gbyijhp_kkZdhffmgb

ddbfZjd_lbg]h\uoP_e_\Zy Zpbcwnn_dlb\ghklbF_lh^bq_kdb_fh^_evF_lh^bq_kdb_qlhhjb_glbjh\dZ^_eZ_lwdhghf_ljbq_kdh]h gZfZjd_lbg]h\uohkgh\_dhffmgbdZpbcboKlwg_jZ ij_^ihkuedb^hfbgZglgufbdhffmgbdZpbcdhlhjhchkgh\ukfq_luj_dhffmgbdZpbckljhibkZgbyjZkkfZljb\Z_lkynhjfbjh\Zgbyihke_^h\Zl_evguo p_e_\ufbhp_gdb wnn_dlZ hij_^_ebeZFh^_evwnn_dlZkmsghklvdZddhffmgbd \ ijhp_kk_dhfihablguownn_dlb\ghklbghkbl we_f_glgZyf_lh^Zkhhl\_lkl\mdhffmgbd klZ^bbb wdagZqwlbo^bg_\hhZ kdbchp_kkZobghfbqbgl_j_kpbhgg 0wlZih\l_evgh\j_fZKfbq/hp_Z(pbcw[jbknxhZ_ gg_h __

klZ\eyxsboaZsmxkdbcfh^_ev\ha^_ckl\bywlZiZ wnn_dlh\oZjZdl_j nhjfbjh\Zgby Ew\b^`Z b hij_^_ey_l

]gb

kdb_Z\lhjuh

dn_dlgb`_GZgh\ZpbhgghfjZkkfhlj_gbxhkgh\_wnn_dlufh`_lq_fhmklZgh\bebehdZebaZpbbfhlb\Zpbhgguo\ur_ijb\_^_gguo[ulvwlZi_klZ^b_cijhy\eyxlkyJZkkfZljb\Zy^Zgghcg_ijhy\e_gqlhjhevih\lhjghcdhfie_dkgh]h jZkkfZljb\Z_fh]hiheghklvxklZ^bbwdhghfbq_kdboZlhevdhkhhl\_lkl\_ggh\hh[s_nZdlbq_kdmxZj]mf_glh\\ihdmidbdhffmgbdZpbhgguogZfhlb\Zpbhggu_wlZi_4 wnn_dlh\b ZgZeba_'\j_f_ggh]hqlh'\ fh^_ebwdhghfbqGZkgb`Z_l ijbgylhijEw\b^`Zi_jbh^Z

r_gb_dhffmgbdZpbb

n_dlpbhgguo\b_GZWdhghfbq_kdhfKlwg_jZwlZi_gZ36nhjfbjmxsboihlj_[bl_eywnn_dl'm^h\e_l\hj_gghklv\ ^bgZfbq_kdhcij_^hij_^_e_ghwnn_dl<:hp_ijhy\ey_lkyehyevghklv\ ihabpbhgghcgdmkmlbJ^_yl_evghklbwnn_dlb\ghklbihdmidZe_]dhko_f_\ ijhp_kk_eh]bdhc\ wnn_dlZoaZf_jyxlkyd lhj]h\hchljZ`_gbbijyfh]hJZa^_e_gb_ihke_^h\Zl_evgh_Zdlb\ghklbfh^_ebij_^ijbylbyihlj_[e_gbydhebq_kl\_gZ^\mofZjd_q_j_abgl_jijFhlb\Zpfhlb\Zpbh\ fh^_ebk_]f_glZWdhghflbih\jklZguo[jwg^m_gblbjm_fu_g\ha^_ckghkylwnn_dlZijh^mhkgh\mgh]hhggu_^Zjlgu_Fhlwe_f_bgnZdlq_kdb_gu_ihbhldw\hdlZnghZhhllb\k wdhghfbq_kdb_jh\nZdlhjud ijh^mdlm\ujZ`_ggu_wdhghfbq_kdhcih ihdZaZl_ebghr_gbxebq_kl\_gguc

Ijbq_flh^ghcd ijh^mdlmq_j_a[^jm]hch\jZ`_gby nhjfbjh\Zgbyhq_j_^vdhk\_ggu_klhjhguklhjhgufhlb\Zpbhggu_^_deZjbjh\Zgukha^Z\ZyoZjZdl_jgZijyfmxg_hljZ`ZxlaZf_jubf_xl fh^_ebl_f\ ijyfhfnZdlhjunhjfbjmxlkZfufkbkl_fuk_jbxmjh\_gvdZdbgl_]jZpbhgghcdZq_kl\_ggu_fhlb\ZpbhggmxaZf_jh\bf_xlih^]hlh\e_ggihlj_[bl_evkdh_^mZebklbqgmxih^nZdlhkbkl_fuhihklbq\mhlghr_gb_kl_i_ggh_ihdmidbk k\hx

m \Z_fh_]hlGZqijhp_kkZh\hjblvjh\g_\h_ _kdZykhklhygbywlhfLhwnn_dlb\ghklbbgZ_klvmjh\g_h jZaebqghffh^_evgZyKnhjfbjh\ZgZijh^mdlihlj_[bl_ey nhjfZebah\ZgfhlZgZebaZb\Zpbhggh]hhlghr_gb_fZjd_lbg]h\h]hhkgh\umjh\g_nhjfbjh\Zgbyb f_lh^heh]bq_kdbd ihdmid_ ijZdlbq_kdbkbkl_fZb ij_^eh`_gnZ\_jhylghklbfZjd_lbg]h\h]h\ ijhp_kk_ihgylbcguokbkl_fdlhjZgZb khhl\_lk gZdhffmgbdZpbhggh]hknhjfbjh\ZgZhp_gdbmjh\g_jbkij_^klZ\e_ghihjgucijZa\blucihdmidbhdmidbbb fhgblhjbg]Z\aZbfhk\yabl ,dhffmgbdZpbhggh]h\ wdhghmxs__ dhgljheyih^kbkl_fZLh[\ aZ\bkbfhklbihgylbcgucZabkf_ljbq_kdbof_lh^heh]_klvihemqZl_evgZgZdeZ^ 0^eyijhp_mjh\g_nZdlh[jZfh`ghbgl&+fZZgFiu Zb__hjklb

ebaZjh\kZNhjfZebah\Zgguc[Zabku

12ghcghkbl_ev,6(

f_lh^bq_kdbcd_lbg]h\uo\oh^ysbowe_f_glh\j_^Zqbk\yabkb]gZeZrmf,17\gZdhffmgbdZpbhgguoKfhgbl(1&g_]hjbk,,dhffZe]l_jbcheh]bq_kdbodhffmgbdZpbbjbg]Zhih^kbkl_fZjblfbq_kdbcdh^bjh\Zgb_mH[hagZq_gbygbdZlhjdhffmgbdZpbbihlj_[bl_evkdhcZe]hjblfbq_kdbcwnn_dlh\wnn_dlh\6qZklguoij_^klZ\ey_l36bgbpbZebaZpbb'(&bgl_jij_lZlhjhlijZ\bl_evb,17wnn_dlb\ghklbwnn_dlh\^_yl_evghklbdhffmgbdZpbhggh]hfhlb\Zpbhgguc^_dh^bjh\Zgb_m^h\e_l\hj_gghklbbgl_jij_lZlhjihkh[hckmlb5\ bgl_]jZewnn_dlh\wdhghf_ljbgl_]jZey\eyykv< [?fhlb\wnn_dlZag_vhvdhij^hwebgmxgZy\hcqJfh__Zk

dhffmgbdZpbb]ih^kbkl_fZwdhghfbq_kjZevguc wnn_dl

f_glhfpbhgguoIjb\_^_gguckdmxfh^_evkbkl_fub wdhghfbq_kdbodbcgZwnn_dldjbjbk

hp_gdm

fh^_ebhp_gdZp_kkZ\ kbkl_f_wnn_dlb\ghklbij_h[jZah\Zgbyfhgblhjbg]Z

fmgbdlZldhfZpbbdhffmgbdZpbhgghcg_iha\heyxsEw\b^`Zdhfie_dkghij_^ijbgbfZl_evkdhcKlwg_jZbffZjd_lbg]h\h]h\hkijbgylv wnn_dlb\ghklbg_ ij_^mkfZljb\Z_lkywnn_dl qlhfZjd_lbg]h\hc y\ey_lky

Ew\b^`Zwdhghfbq_kdbo jZkkfhlj_gbyaZdexq_gbyfhgblhjbg]ZBgl_]jZevgucfZjd_lbg]h\uojbg]Z Klwg_jZh \hafh`ghklbkmsghklb_klvihdZaZl_evfZjd_lbg]h\uonZdlhjh\ hij_^_ey_l j_amevlZlwlbo[Zabku\ dZdj_]j_kkbhgghc f_lh^heh]bq_kdbcdhffmgbdZpbhgguohij_^_e_ghbgl_jij_lZpbb nhjfbjh\Zgby\ kmsghklbb jZa\bluchp_gdbkbkl_fb fhgblihgyh lbcgucJbkb f_lh^bq_kdbcNhjfZebah\Zgguc

eyokhhl\_lkl\mxsbckh\gZijZ\e_gbywnn_dlh\

m ihl_gpbZevgh]hkhklhygbyNZdlhj^bgZfbq_kdh]hjZa\blbyihlj_[bl_evkdhc ijb\_j`_gghklbhij_^_eyxsb_kbkl_fZlZd`_ZgZebaihlj_[bl_eydhffmgbdZpbcbohij_^_e_guehyevghklbkljmdlmjgh]hh[jZah\Zgbyijbf_g_gbydnZdlhjh\ljb\hafh`gu_ijh^mdlZfk_]f_glZgZwnn_dlZJhkkbckdhf<:eh]bq_kdb_b wdhghf_ljbqk^_eZgub fhgblhjbg]Zbohij_^_e_gghcih^jZamf_\Z_lgZijZ\e_gby\hafh`\ kh\j_f_gguoaZ\bkbfhklb <:36fhlb\Zpbhgguo khhl\_lkl\mjugd_bghklbf_lJ_kdh]hijhp_kkh\\ lhfhgZdhjj_dlijh\_^_gkha^Zgby^bq_kdb_lhj]h\hcgZebqb_Fh^_ev hkgh\_fh^x[sb_qbZab_bkb

e_jh\db

\Zy wjunn_dlZ

ffhklgh kha^Zgbykhh[s_gbcZjdb eh]bq_kdmx\g_dZq_kl\_gguodhffmgbdZpbblZdh]haZ\bkbfhklb\ Z^_d\Zlghf bjmdh\h^kl khhl\_lkl\b_fZkkb\Zwdhghf_ljbq_kdmxoZjZdl_jbklbdljb hlidhebq_kl\_gghfhlj_[bl_evkdhc\mykvbonZdlhjZ qbklufBamq_ggucklhbfhklghkh\j_f_ggh]hhibku\Zxsb_djbl_jbZevghci_j_oh^ZihlhdhfIh^jZamf_\Zykmsghklvdhgdmj_glguoZ\lhjZfbjugdZ\ujZ`_gbbnehyevghklbmgdpbhgZevguojugdZJhkkbckddhffmgbdZpbhihnZdlhjZJhkkbh ko_fhc\ bfhlb\Zpe__ fhlfZlq_fk\hafhd [jwg^bg]ke_^h\Zgbb cblh]h _JZkdbckbkl_f\ZpbhgghcjbZeh<:kljZl_]]gZ[kihabpblhj]h\hchbkfZljjwg^b `hggh]hkha^ jugd_jugdZjughd ghklvkijZ\lklhg klguogZbhZhgZ bZ bh

lbklbdblhj]h\uo\hc]lhj]h\uoh\hcbkke_^h\Zebkbkl_f_fh^_ebb j_clbg]h\u_fZjhd ij_^eh`_gby=mk_\hc

gb_\ kbkl_f_ fZjdbihlj_[bl_evkdhcmjh\g_q_kdZyb^_heh]by[jwg^Zl_ogheh]bybgl_jij_lbjh\Zggh]h [jwg^h\fZjhd ihlj_[bl_evkdbo ijh^mdlZgZZ g_hkgh\_Bamq_gb_qlhko_f_ h[yaZl_evgZyihdZaZefZjd_lbg]h\h]h\ jy^_\ jughqghclhj]h\hckbkl_fu ihdZaZehh^ghjh^gh]hhlkmlkl\b_djbl_jb_\ ihkemqZ_\ihgylb_f[fZjdbnhjfZ_a[jwkbkl_f_\hiehs_gbyhlkmlkl\b_ ij_^ijbgbfZl_evkl\ZZ^_g\u[hjZ wlh^h\hcij_klb`bf_gghkmsd\Zlgufg_Ke_^h\Zl_evgh_h[jZahfkl\h\Zgby[l_ogheh]bbh; ijh^mdlZgZe__Z\lhj[m^_l[_a[jwg^h\mxmdZau\ZyihabpbhgmdZau\Z_lkqblZlvkygZijljZ^egZbhhbb

gbjh\Zgby\_^eb\hkbkl_fZ

\ lhfpbhgghf_jn_ghf_gZevgmxg_mgb\_jkZevguc\ kbkl_fZoqbke_kljZl_]bq_kdbkqblZlvihabpbhgbjh\Zgbyb gZkmsghklvfZeh]haZjm[_`guohjb_glbjb kj_^g_]h

gZjh\Zgby]

klbbq_kdbo

lbyij_^ijbgbfN_^_jghklbHij_^_eb\rbkv<:wdhghfbkihevah\Zgby\ kbkl_f_ZdhffmgpbbjZkkm`^_gbcGZbZq_kdbol_evkdhcbhkgh\_dZpbhggh]hdhfie_dkgh]hb bgnhjfZpbhgguownn_dlZoj^_yl_evghklbZ\lhjZZ_jZdl_jamevlZlh\\ha^_ckl\by[jwg^Zhp_gdbjugdZohlh[jZ`_gbyk^_eZglZdh]hh\Zgguobkke_^h\ZgbydZdgZihlj_[bl_evkdhcLZdbfkljZl_]bq_kdh]h\u\h^kljZl_]bbbgnjZkljmdlmjgZkh\j_f_gghfihlj_[bl_eykhklhygbyh g_b Zijbhjguop_e_khh[jZagwlZi_ehyevghklbJhkkbckdhcwnn_dlb\ kbkl_f_jZa\b\

jZ`_gby]Klwg_jZ36hhfhlb\Zpbhggh]h\ j_amevlZl_KmsghklvdZq_kl\_ggh]hb __ jZa\blbyehyevghklbdhlhjhcki_j\bqgh]hnZdlhjZg_\hafh`ghklvxkhklhygby\hij_^_ey_l5(7<:ihlj_[bl_evkdhcihlj_[e_gbydZdjZkkfZljb\Z_lkym^h\e_l\hj_gghklbkbkl_fubkihevah\Zgbykh]eZkghijh^mdlZdhebq_kl\_ggm^h\e_l\hj_fh^_ebkljmdlmjZwnn_dlZgZihklZ^bbEemq_ggwh\b^`Zg]^jghklbhm\i]uhhhK lj_[bl_evkdhc]

jZkkfZljb\Z_lky JZamf__lky^bbdZdKm`_ijhf_`mldZbf__l[uehml\_j`^ZlvklZ^bbdZd ^Zggucijh^he`_gb_hlf_q_ghwnn_dl lhevdhb 'ijhy\ey_fmx'ijh^mdlhf wnn_dlghh \hafh`ghklb;_ahlghkbl_evghklvdhffmgbdZpbb ihdZau\Z_l_]hgZwnn_dlb\ghklvklZ^bbdZdi_j\hgZqZevgh_ i_j\hgZqZevghnbdkbjm_fuc;he__ \ hlghr_gbyo'_]h[fh^_eb_amkeh\gh]hiha\hey_l lh]h eh]bqdhffmgbdZpbcijhp_kkhf^Zggh]hnhjfbjnhjfbj_kmd wnn_dlEw\b^`Zgyxsmxkdmxl_hjbxf_`^mZaZggZy ml aZf_jZkmsghklv\_j`^Zlvijhp_kkZnZdlhjZmhykv\Zgb_ihlj_[bl qlh\ l_q_gbb kmsghklvKlwg_jZ\ jZ[hl_;Z]b_\Zkbkl_fZ gZiha\gZ\ Kkl_]hdZdba LhhZ_Zk

f_jy_fh]hke_^m_fhc i\k_]hj_Zevgmxe_f ha\hey_lk_]f_glhf ijbjh^mnZdlhjZ dhffmgbdZpbhgguf ih^l\_j`^Zy

nhjfbjh\Zgby

:ihebehg_e_dk__\Zhlghr_gbxk\yaZggmx Z\lhjm\ FDHLKk kZfbf^_deZjbjh\Zlv

_klv

^Zggh]h\ujZ`_gbyZki_dluZijbhjgu_nhjfbjh\Zgbyd wnn_dlb\ghklbeh]bq_kdb_>@_]hi_j\bqgmx

ehkv\ujZ`_gZdhebq_kl\_gghcIjh\_^_gghcnmagu_^_eba_5(7jZa\blbywnn_dlb\ghklbk hlebqgufbfhgblhjbg]Zl_hjbbfh^_ebnZdlhjZZgZeba\ lhf iha\heyxlbggh\Zpbhgguobgl_jij_lZpbb\ kbkl_f_qlhkms_kl\mxs_]hhl [ijbgylhchevrbgkl\hkbkl_fuknhjfbjh\Zlvbgl_]jZevghcij_^ihkuedbwnn_dlZdhffmgbd_]h[ZabkZhp_gb\Zgby]h[tybZZ\lhjZhp_gdbihl_ampbhggh]hdhebq_kl\_ggh]hb l_hj_lbq_kdb_dhffmgbdZpbhbkihevah\Zgbyg

_]hgZebqbb

ih^oh^

ij_^ihkuedbfh`ghklv]l_evkdh]hh wnn_dlZhkgh\ZgbydZdlZdh]hjy^ZZe]hjblfbq_kdh]hdhffmgbdZpbcbkihevah\Zgbyh`b^Zgbyijhlhlbi\ f_lh^Zoihlj_[bl_evkdhckha^Zgbyfh^_evZki_dlh\h`b^Zgbyeh]bq_kdb_ObjrfZgZdhlhjhcIjh\_^y^ey\ kbemlh\Zjghch[jZahfLbZaZFDHLKZe]hjblfZihfh^_ebg_kha^Zgby:[^_d\Zlgufg_h[oh^bfh[bj_amevlZlZfZgZebaZabkZlh]hiha\Zah\h]hb Fhgjhkbkl_fghkbkl_fuijhp_kkh\\ jZ[hl_m^hnZdlhjgmx^_deZjbjm_lkyhhkgeyxsboqlhhp_f_lh^Zf_lh^h\\[f_lh^h\e_l\hj_gghklbhuf_lh^Z\Zgghchlkmlkl\mxlgDjbrgZgZeZf_lh^hfdbbgl_jij_lZpbhggu_36ihijp_e_\hckhhl\_lkl\mxs_]hf_lh^h\wnn_dlb\ghklb^_deZjbjh\ZgZhp_gdbdhjj_dlbjh\hbkihevah\Zlv_khp_gdbh[jZah\Zlvdhfihg_glgmxh6(5948Keh`ghklvihkljh_gZhl\_lkl\mxs_ckljh]mxl_hjbb^k^_eZgeyfhlb\Zpbhggnmgdpbbkhhl\_lkl\mb36<gkha^Zgby$/Ze]hjblfh\guoqihlj_[dZq_kl\_kha^Z\Z^_d\Z^eyZgZebaZgu_\u\h^Z lZd`_^ZggucfZjdg_\hgZZlj^bZg^eyf[pinxbhZZhbZh__alhb

e_\hckljh_gby[ebaZlbg]h\uojZa\blbyhp_gdbsb_mlb\gmxijbgylZnmgdpbbZ^_d\Zlghcko_fmLZdbf

gfhlb\Zpbhggh]h ihdmid_qlhbf_lvhklvkh\_jr_ggu_jZaebqgmxnZdlhjZgZhkgh\_ ihlj_[bl_evkdhc\_jhylghklvikboheh]bq_kdh]h kdhffmgbdZpbjZaguf mjh\g_fjZaebqguchggh]hm^h\e_l\hj_ggnZdlhjZ nZdlhjZkhh[swnn_dlij _gby36b hgylby klbih^jZamf_\Zyihdmidb36j_r_gby hp_gd_[m^mlh

U4 6L W I 36

]^_U4 6L W \_jhylghklvkh\_jr_gbyihdmidbgZ6L k_]f_gl_\ W

ijhf_`mld_pbhggh]heh]bd_ kl_i_gb\ur_ijb\_^_gguo wnn_dlZ\j_f_gbij_h[jZah\Zgby\_jhylghklbagZq_gb_d wdhghfbq_kdhfmKhhl\_lkl\_gghghijbhp_gd_\ khhl\_lkl\bbZijbhjguo dhlhjhf\hagbdgh\_gby>nZdlhjZ\_jhylghklguo@agZq_gb_ij_^ihkuehd fh`_l36 ij_h[jZah\Zgb_k ghjfZfb^he`gZwdhghfbq_kdh]hjZkkfZljb\ZlvkynZdlhjZijhkljZgkl\mqblu\ZlvdZd wdhghf_ljijbgZ^enhjfbj fhlb\kh[_]hihub_h Z

\Zgb_ldhebq_kl\_ggh_byAZ^ZqZghjfbjh\Zgbykh]eZk q_kdh]h`blijhf_`mldm

36 

Lhg_h[oh^bfh aZ\bkbfh]h_klvFDHLKijbih\\_^_gb_ nhjfbjh\ZgbbnZdlhjZfdZq_kl\_gguo^_deZjbjm_lnmgdpbhgZevghfhp_gdbg_h[oh^bfuoghjfbjh\hqgh]h pb_glZqlhb kha^Zgbyb fhgblhjbg]Zhp_ghqghc_kl_kl\_gghg_h[oh^bfhklvhp_ghd36ijhlhlbi_nmgdpbhgZevguokbkl_fuKe_^myZe]hjblfbq_kdhcij_h[jZah\Zgby ZgZebawnn_dlb\ghklbg_bkihevah\Zgbyghjfbjh\Zgbyij_^iheZ]Z_lkyZ\ur_kdZaZgghfme]hjblfbq_kdh]hij_^eh`_ggh]hwnn_dlb\gij_h[jnZdlhjhf\aZbf fh^_ebdhffZ&S36ja_h hhm\

Z\lhjij_h[jZah\Zgbyf_lh^_\ fh^_evghch^ghagZqgh

\ZgbcgbdZpbc

\ fh^_ebklbIjh\_^_gamevlZlZ\ ijhlhlbijZkq_lZijb\g_k_gbbko_f_

h[t_fhfamevlZl_oZjZdl_jIh^jZamf_\Z_lkydhffmgbdZpbhggh]h[bkoh^ghch[hjhluebJ\Zeb^gudhfiZgbbh[t_fZZgZebaZIjh\_jdZba^_j`_dhp_gd_fh^_ebij_^eh`_gghcEw\b^`Zdhjj_eypbhgghhlebqguoihijh^Z`^bgZfbq_kdbowdhghf_ljbq_kdhfmFDHLKijyfZydhwnndhwnnbpb_glmKlwg_jZb Z[khexlguf]4ijhp_kkZbihl_auo ij_^ijbylbc bhp_gdbhllhevdh4j_]j_kkbhggucebg_cgZy4nZdlhjZ\ khhlg_k_gbbh g_mgbk_jbcba^_j`_dnZdlhjh\wnn_dlZdhjj_eypbbdhebq_kl\hfhij_^_e_gwdhghfbq_kdhcijhihjpbhgZevghklvh[tykg_gbx\_jkZevghklbdhwnnbpb_glZbaijb\_^_gguogZfh^_e_cq_j_ak [Zah\uflZdhcij_^eh`_gghfmkhh[s_gbcg_mgb\_jkZevgucebg_cghch[t_f4ijhp_kkLhb nbdkijh\_^klZlbklbd_klvijh^Z`f_`^m<aZZpbb_jj\gZ__b\

kbfhklblZd`_ih

h[tykgyxsbo

adhebq_kl\_gghcf_ijhp_kkZdhlhjuolhjZmevlZl hp_gd_wdhghfbq_kdh]hZgZebaZ[eh]bq_kdbouehb wnn_dlb\ghklbihklZ\be[ubgl_jij_lZpbbihdZaZe\uy\e_gb_eh]bq_kdZyiheh`_gbyownn_dlZaZ^Zqmg_\hafh`ghklvaZ\bkbfhklv fZjd_lbg]h\h]hh^ghagZqgh]hihkljh_gbybwdhghfbq_kdh]hdhffmgbdZpbhggh]hlj_[mxsZyfh^_ebwdhghfbq_kdh]hEw\b^`Zbkihevah\Zgbyfh^_e_cmgb\_jkZevgh]hhij_^_e_gbydhffmgbdZpbhggh]hnZdlhjZKlwg_jZ ijhp_kkZj_amevlZlhfw\ kbkln^Zgghcn_dlZ\uyhnZ^g_h\d< e_gbyagZqghjZa\bluo

Ke_^myfhlb\Zpbhggh]hhlfhlb\ljZdlm_lky\ur_ijb\_^_gghcwdhghf_ljbq_kdZyZpbhggh]h

f_ljbdbh[jZam_le_]bq_kdb_fh`ghij_^ihkuedb36

nmgdpbhgZevgZyBgl_jij_lbjmyq_kdhfm fh^_ebfh^_ebwnn_dlm\_jhylghklguch^ghagZqgh36 hp_gdbnZdlhj\aZbfhk\yavnmgdpbdZdBf_gghZ lZd`_\_kh\hcml\_j`^Zlvkbkl_fZlbabjh\Zggu_bglhihbgl_jij_lbjm_fucgZevghc_eh]bd_\]hlghr_gbjZevghcwlhfbgl_]jbjmyeh]bq_kdbkh]eZkghnZdlhjh\aZ\bkbfqlhbijhy\ey_lkywnn_dlb\ghklbx d \ujZ`_gghfm\ kbkl_f_\_jhylghklguceh]bq_kdb_[hZabkghcklbwdhghfbq_kdh]hdZd\ gZklhys_f\_kh\hcbkqbke_gbybof_lh^heb f_lh^hek\eh]bqwd_\ wdhgnZdlhj^_lkyhjZghf_hkdZyJ36a]^bbhbh_bd

eh]bdZgb`_ijb\_^_gghc

(U I 36 u 3

]\ujZ`Z_fu oh^Zbf__l ^_dhffmgbdZpbhggh]h(wdhghfbq_kdh]hUij_^klZ\eylvkbkl_fm bgl_]jbjh\Zggucc q_j_awdhghfbq_kdh]hdhebq_kl\_ggh]h jZkdju\Z_lky\_jhylghklv\ujZ`_gb_kh[hcwnn_dlZ\aZbfh^_ckl\bywdhghfbq_kdhcqbke_ggh_wnn_dlijhf_`mlhqgh]hb kfukeijhp_kkZdhlhjh]hbkqbke_gby gZklmie_gbyf_`^mgZijbf_jdhffmgbdZpbhggh]hhljZ`_gb_wdhghfbq_kdh]h^_ylk[ulh\hcgm`ghlhGhwnn_dlhljZ`Zxsmx _evgihkdhevdm ihk[ulh\h]hiheh`bl_evgh]hhijkbkl_f_k]eZ`_ggh^_yl_evghklvxklb_^_eylvk mq_lhfZ gZnZdlhjZijhp_kkZnZdlhjnZdlhjZi_j\bj h_ ]g_hkgame h36\bih_hv qkJ\ lZl[jhylghklvxKe_^h\Zl_evghm^_l qbke_ggh_j_amevlZlZf]jZgbqguo

nbgZevguffh^_eb

Gb`_ijb\_^_gguchggh]h:dhglZdlh\e]hjblfbaZpbynZdlhjZ ijhp_kkhffhgblhjbg]ZagZq_gbc ^bgZfbq_kdh]h fhlb\Zpb b\_guodhffmgbdZpbhggufnbdkZpbb

wnn_dlh\jh\ZgdZdmgb\_jkZevgucdhffmgbdZpbcZe]hjblfBlZdih^oh^nhjfbjh\Zgby ijh^mdld fhgblhjbg]mKi_j_f_gghcbgl_jij_lbjm_lkyfhlb\Zpbhgguoknhjfb\

FfZkkb\DHLKnZdlhjh\b khhl\_lkl\_gghkmffZihlj \ _[bl_eij_^eZ]Z_fhfvkdbok\hckl\ Ze]hjblf_ 0/( dZd

K KKQ

Ijbgpbiui_jlba_ggh\Zpbhggmxihgh nhjfbjh\Zgbyf_lh^mg_ hp_gdb fZjd_lbg]h\uohp_gdZ^he`gudZjlbgmhljZ`Zxl >dZd_evnbbf_eZijh^mdlZ[jZanZdlhjh\ulvbgl_]jZevgmx \ kbemmgb\_jkZevguc[dhffmgbdZpbcmgb\_jkZevgu_amkeh\gh\Zjvbjmykvwlh]h\ FDHLKnZdlhjgmx \Zjvbjh\ZgbyZ^_d\ZlghoZjZdl_jihhkgh\Zggu_[___ahlghklbimkhklZko_fm nhjfbjbamqZ\b\>l_evghkbkl_f_eyxsb_eygZdhff _lh]h fwdmh]h xlkm d

b ijh^mdlZ gbdZpbhgghc 36dZd fhgblhjbg]Zqlh[unZdlhjuK

ijh^mdlmdhffmgbdZpbchljZ`ZlvDhebq_kl\hk\hckl\ZnZdlhjh\ihke_^g_]hK j_]eZf_gl\ kbkl_f_bfZjh\Zghjd_lbg]h\uofZdkb

\uoklZ\e_gguoghc Zdlb\ghklb dhfiZgbcwlbo

hlq_lZo^Z

fZevghcagZq_gb_ 0fbjh\Zgby/( Zm^blhjbc>eyqbke_gghklvx36 ihemq_ggh_nhjfbjh\ZgbydZdZ\lhjubfhgblhjbg] ij_^ijbylbc =nZdlhjh\ijhy\ey_fu_hjlbkhlq_lh\h[jZlbebkv b f_^bZjZg__ fZkkb\Z=mgb\_jkZevguoweZiZ\lhjuIjbdhffmgbdb hlq_lZf \ij_^klZ\e_gguo Z]_glkl\j_amevlZl_DhfDhg\ jZfdZowlhfb g_d j_amevlZlZf\IjbgylhnZdlhjh\kbkl_fZlbabjZpbhggh]hjZkkfZljijh^mdlhhjwe_f_glh\dZqihihnZdlhjh\Z\lhju_dhfie_ddhffhp_gd_Wdjhjkl\hhp_gdbqZkl_kbkl_fgu_h[jZamxsbor_gb_bm\ hp_ghdgbdZpbhgghcijhp_kkZaZl_ogbq_kdh_\Zebkvhihabpbhgbjh\hbih^jZamf_\Zxll_ZgZeblbq_kdbo kdhffmgbdZlb\Zeb_glbjh\Zggu_wfibjbq_kdh_ghklvfh^_eb^bki_jkbch \hafh`gbkihevah\j_clbg]nZdlhjunZdlhjudZdnZ_hp_gdm^_eij_dnhnZlhdZ]^ hhZhjjZ_Z\dd\

nZdlhjugbylb\ghklbhp_gdb<b jZfdZokj_^g_cijh^mdlh\ij_^ijbylbc

36klbq_kl\hlhjudhffmgbdZpbhggh]hijbf_g_gbyg_mgb\k_j\bkgh_g__jkZevgh]hkbkl_fZlbabjh\ZebkvagZqbfhklbb mgb\_jkZevguooZjZdl_jZ gZygby36lh\ZjZ^_d\Zlgh[LhZaZ_klvKlZdqlhfh`ghijbb mkem]m\ jZfdZohibku\ZxlgZ^_`ghklvQ ml\_j`^Zlvijhp_kkZZ \ur_ijb\_^_ggu_^eyihgylbyh[_nhjfbjh\ZgbyihklZ\sbdZnhjfuqlhijh^mdlp_gZkbkl_fhh[jZamxsZyjughqgh]hhp_gdb36hij

dZdHq_\b^gh

gZhljZ`Zxlhijhk_^jm]hc?kl_kl\_gghklhjhgu\jZfdZokm[t_dlb\gh_b dZddZ`^uc\k_nZdlhjfhgblhjbg]ZnZdlhjh\badhjj_dlbjh\dbfg_gb_ijb\_^_gguo dhffmgbdZpbhggh]hghkylj_kihg^_glZdZq_kl\_ggucdhffmgbdZpbhgghcnZdlhjh\ihlj_[bl_eyijhp_kkZfh`_loZjZdihel_j[ulvijbbKb

jZkkfhlj_g

lZdp_glu dhffmgbdZpbcZe]hjblfZ bdb baf_g_gb_dhffmgbdZpbhggh]h khklhblihihdZaZl_evgZdhie_gguo khklZ\ZZdp_glZf\qlhkha^ZgbbdZq_kl\_ggh_ bb lihlj_[bl_evkdhcihlj_[bl_evkdhcaZ^Zqkhh[s_gby dZq_kl\_gguo ibgl_jij_lZpbhggh]h IhwlhfmkhklhygbydhffmgbdZpbhggh]hkhklhygb_ihjZkij_^_e_gb_j_amevlZlZfaZ^ZqZm^h\e_l\hj_gghklbnZdlhjh\hp_ghd m^h\e_l\hj_ggijh^mdlZnhjfbjh\ZgbynZdlhjh\ f_oZgbafZ ijhp_kkZklZlbklbdij_h[j[x^`_lZKQhklb\uZ\ ij_h[jZah\Zgby dhebq_kl\_gguchq_\b^ghq_j_akmffhc djbl_jbcdZq_kl\_ggh]hhlghr_gb_ jZ`Z_fh_Eh]bq_kdb

hah\ZgguohljZ`Z_lkyijhkZ_]h\ dhebq_kl\_ggh_hij_^_eyxsbo¦

36 Q 36K Q

LZdbf36b jZkq_lmk\h^blkyh[jZahfi_j_f_gghcd ihemq_gbx\gmlj_ggyyQ 36¦bgnhjfZpbbkmsghklvQ fh^_ebQhldhg_qgh]h0/(\ hij_^_eihlj_[b_l_eygbb

36K :K $K

] khklhygbyku\Z_lky:^_ b hp_gdZ:K Q \ jZfdZonZdlhjghcagZqbfhklv nZdlhjZkhklhygbyhij_^_e_ggh]h\ lh\Zj_\a\_r_gghcnZdlhjZ nZdlhjZZdlb\ghklbLh\ wnn_dlZZijh[Zpbb\j_f_ggh]h_klvfh^_evxlh\Zj_ ij_^ijbylbyZ hp_gdZagZq_gb_:0/($ ijhy\eyxlkyK \ dhlhjhcQ ijhf_`mldZkhklhygbyi_j_f_gghchp_gdZ hp_gdZIhagZqbfhklvZdlb\ghklbwfibjbqagZqbfl_dms_]h b nbdkfhgbl\ l_qfh]mlhihbb_h_ jbg]Zjmxlkykdbf\Zjvbjm_lkyj_amevlZlZfdhffmgbdZpbhgghcf_kypZ

klb ij_^ijbylbygbb

klbhijhkZ[ulvb l_dmsboihemq_gufh]ml[hp_ghdIhdZaZl_ebulvijb\\ i_jbh^_oh^_ijh\_^_gghcij_^klZ\e_gu _`_f_kyqghcnZdlhjh\ijh\_^_gbyagZqbfhklbf_kyp_\ \ \b^_dhffmgbdZpbhgghcmklgh]hb^\mohp_gdbhijhkZfZkkb\h\khklhygbyJ_amevlZluagZqbfh

:K Q : $K Q $

Kh]eZkghklZlbklbq_kdbc\Zxs_c\_gghghr_gb_fkmsghklv\_ebqbghcljZ^bpbhgghcklZlbklbq fZkkb\khklhygby_ih:kdboPhlghr_gbxnZdlhjh\ljZdlh\d_fZkkb\h\nZdlhjZagZqbfhklb\_kh\uod hp_gd_36fh`_l$P nZdlhjguonZdlhjZ[y\ey_lkyulvhljZ`_gZkhhl\_lkfh^_e_c\a\_rhbll

36K Q ¦ Q :K Q $K Q :: P $$ P

Hlf_lbfbamqZ_fhfm g_h[oh^bfhklbFhgjh qlh^ey b DjbrgZgZihlj[deZkl_jbah\Zgguo ZaZihklijbhjghc _[bl_evkdhfm^ZgguoLhKhhl\_lkl\_ggh_klv djbl_jbZevghklZlbklbq_kdh]hdeZkl_jbaZpbb\k_]f_glm0 ih/( ^Zl_\\_^_gZk_]f_glghcfh^_evgucnbevljm_lkyqlhkh]eZkghbk_]f_glm ijbf_gy_fhcZijbhjgZyfZkkb\Z j_rZ_l]deZkl_jbaZpbbjmii_ijhba\h^blky >jy^ihfZkkb\Zfijh[e_fm@ ih\j_f_ ijijbag ihdeZkl^Zl_i_j \ fh ijkkqwdk_ ggbZh _h ghbh_ ]b

igylhcdh\

lu\Z_lky ^_eb^bnn_j_gpbjh\ZgghjbaZpby f_ggufhl_gpbZevguo\ dhgdj_lghc\j_f_gybkke_^h\Zl_evkdh]hihlj_[bl_e_c b k_]f_glij_^ijbgbfZl_evkdhc= jmiibjh\dZIjbgpbiu\u[bjZxlky\ blh]_ ihZe]hjblfZ ihexhp_gdbkbkl_f_ ^ZlZijb 36fh`_l ;he__ kgbfZxlq_ldb_nbdkZpbb b dhfie_d\hag lh]h qlhwd b h dZlv [_ a

ghfbq_kdbo]f_glgZy gu_ihf_kyqghhbgl_]jZlb\gh]hk_]f_glbjh\Zgbyjy^ub \j_f_ggZy ^eyqlhnZdlhjh\ g_hij_^_e_gghklv ijh\_^_gby h[_ki_qb\Z_lihdZaZl_eyg_deZkl_jbah\Zggh]hlhqghklvk lhcZijbhjgu_ ^bgZfbq_kdhc`_wnn_dlb\ghklb j_i_jbh^bqghklvx ^Zgguo amedeZkl_jbaZpbb vkhpbZevghlZlh\ijbfZkkb\Z dhlhjZy ihabpbhgbjh\Zgbbijbf_g_gby^_fh]jZnbq_kdZyhp_ghd \ 0k_]f_glbj0/(/(fZkkijbhh

ijbf_ljbq_kdmx mkeh\ghjZkkfhlj_gbbm\_ebqb\Z_l

^mdpbbkljZlbnbdZpbyK_]f_glbjh\Zgb_

\Zgguo\hfwe_f_glugZ]jmiiihlj_[bl_evkdhfVb bodhlhjh]hdZd _fdhklvihlj_[bl_e_c\ZjbZglhibku\Zxl9jugd_lZdh\hcV hij_^_ey_lkyqbke_gghklvP

V VVP 9V 99P

Qbke_gghklvhp_gdmkhpbZevgh kljZlbnbdZpbb k_]f_glghc>^_f @h]jZnbq_kdbo m^h\e_l\hj_gghklvxbeb]jmiiuq_j_a9V _fdhklvdZdhij_^_ey_lkyoZjZdl_jbklbd ihdZaZl_ey kj_^gyyjugdZk_]f_glZ36\uklmiZ_l]h[uqghZjfhgbq_kdZy\ kljZlbn\ kemqZ_ijh^mdlZkemqZ_ q_j_abqbpk ihDh bk

\k_f

k_]f_glbjh\ZgbypbZevghcKmffZjgh_ k_]f_glZfkhklhygb_ijbq_f jZkkqblu\Z_lky\ jhebkhpbZevgh\_kh\h]h ^_fh]jZnbq_kdhc

jh\Zgghce_gghklv\a\_r_ggZy]h[ke_^m_fhcjmiiubebk_]f_glZ

¦9P

36 6 ¦P 9 P

>fh`_lfhlb\Zpbb _kkZZggucjZkkfZljb\ZlvkyihdZaZl_evdZdg_h[oh^bfhklv nZdlhjZ dZd_keb wlhdZdwnn_dlZ fZjd_lbg]h\h]hdZd hgk_]f_glgh [blh]h\Zyueh Pg_kbkl_fu ghjfbjh\Zgby36_jZkkfZljb\Z_lkykhklZ\eyxsbfhlf_q_ghgbcKe_^h\Zl_evgh NP dhfie_dkgZydeZkl_jbah\Zggh]h \_kh\h]hdhffmgbdZpbhggh]h f_lh^bq_kdhcj_amevlZlh\36\_jhylghklgh]hdZdhp_gdZ jZkq_l aZ\_bg^_dkgucjbebjZkqrZ_lkyex[ mjh\gyjhevx ijg_l_h lZ] hh

Hij_^_e_ggZy p36^Zggh]h nZdlhjZ h[mkeh\e_gZwdhghfbq_kdh]h 36 dhwnnbpb_glZbg\ZjbZglghihh\Zgb_fhl^_evgufagZq

Z lZd`_nbgZevgufagZq_gbyagZq_gbcghjfbj

1 ghjfbjh\Zggh_ agZq_gb_36 agZq_gby1 36agZq_gb_ bkihevam_lkyL y dhffmgbdZpbhgghcPD[\ jy^m 36L \ bgl_]jZpbhgguoagZq_gbc wnn_dlb\ghklb36L B bf_ggh jZkq_

] ghjfbjh\Zggh_lZo^_36 dhfie_dkgh]h l_f wnn_dlb\ghklvdhgljhey dhffmgbdZpbbjZ[hluqlhkhklZ\eyxsbo lh`^_kl\_gghnZdlhjuKkhklZ\eyxsbobgnhjfZpbhbf__lnhjf\p_e_\mx\^Zgghfbihgjmdhgghxfy nmgdpbx<ijhp_kkZlbcghff_kl_kfuke_kdhjj_dlbjh\Zgby\ jZfdZoijhp_kkZb\ZxlkygZklhys_cbgnhjfZpbhggu_ijhp_kk< dZq_kl\_ lh _klv

fmgbdZpbhggh]hkemqZ_sb_ wlhljZkkfZlj fhlb\Zpbhgguc

eh]bq_kdb_ h[s_gby^_`ghklvfmgbdZpbhggh]hrZl_evkl\ZihklZ\sbdZp_gZwe_f_glu fh`gh dZq_kl\hnZdlhjZihgylvagZqbfhklbdhffmgbdZpbhggh]h dhfie_dkghklvhkgh\Zgb_ l_ogbq_kdh_nhjfmebjmxs_]h__ f_lh^bq_kdmxkhklZ\eyxsbohq_j_^vdhlhjZynZdlhjZlj_[m_l^ey eh]bq_kdhcJZkkfZljb\Zybf__lkydZq_kl\hgZkhh[s_gbyijhp_kkZ bdhjj_dlbjmxs_]hfhlb\Zpbhggh]hl_dms_c_]hfhlb\Zpbhggmxnmgdpbx\hafh`ghklvl_dms_ck_j\bkgh_lZdh]hnhjfmebjhkbkl_fu ijhf_`mlhdeh]bdmhlgnhjfbjhlghrhhp_gdbr_gb_nZ\fdh\ghkk fdb_hhh Z_id

klZ\eyxsmx\Zgbykhhlghr_gb_Wlh^Z_l ihlj_[bl_e_fijbgpbih\

\j_f_gbj_^_e_gbylhjZ\ fh^_ebWdhjj_dlbjh\Zgby\ gZb[hevr_ckhklZ\eyxs_cnZdlhjZhlijZ\bl_ey0/(<d l_dms_ci_j\mxdhffmgbdZlhjZ36kl_i_gbhp_gd_FZdkbfmf

agZqbfhklb

gjZfdZoklZ\eyxs_chp_gdZbyhij_^_ey_ldhffmgbdZpbhggh]hl_f[l_fhevr_nZdlhj[he__g_h[oh^bfZg_h[oh^bfhdhlhjucijhp_kk dhjj_Qg_h[oh^bfhq_fdhjj_dlbjh\dZdlbjh\dZQ [hevr_kdhjj_dlagZqq_fbbfhklvjhf_gvr_\Zlvkh\

36%K WQ PD[ :K y $K

JZamf__lkyklZlZpb_cfZ`Z_fZy fh^bnbpbjmxsbo b ^habjh\dZq_j_aklhbfhklbJ_]mebjh\Z nZdlZijb\h^bfuch[t_fg_h[oh^bfhklbdhjj_dlbjmxs_]hdhffmgbdZpbhgguokhh[s_gbygb_g_h[oh^bfh]h oZjZdl_jZZe]hjblfdhffmgbdZpbhgguo wdhghf_ljbq_kdbfIjbqbghcq_j_adhjj_dlbjh\dbijhp_kkZ 0/(bdhebq_kl\Zmkbebyl_f kmffmkhh[s_gbcwlh]hg_[kfhe__h]jZgbqb\Z_lkyljZ^bpbhgghba^_j`_ddhffmgbdZpbhgguoy\ey_lkyklj 36ih^oh^hf dhjj_dlbjmxsbo[%ulvijbih_g_h[oh^lb\hj_qbl j_f_gguog_dhffmghibkZghggb\_efh^_eb _ fh`_lih \uj0/(ij_dhk^ hgbZb bl

jh\Zgghc ba^_j`_dghkblv

Ew\b^`Zkbkl_f_

kdZam_fhklvhlghr_gbxdZpbb ijhp_kkZ[kblkyulv hibkZghihgylb_j_^mpbjmxsbo mgb\_jkZevgh]hihwlhfmebg_cgh]h Klwg_jZ\ujZ`_gbxZ nZdlhjh\rmfh\uoijbf_g_gb_mgb\_jkZevguf lZjbjh\hqgh]h^eykhklZ\eyxs_ckf hljZ`_gby g_h[oh^bfuohij_^_e_gbymjh\_gvfh^_ebkljnZdlhjh\ ba^_j`_d\_jhylghklguodhwnnbpb_glZ\ jZfdZo ^_l_jfbgbjh\ZgghklbgZ36dhlhjhckbkl_fudhffmgbdZpLhZ\lhjf_lh^heh]bq _klvhkgh\Zgnmgdpbc \uih\ jZfdZo7[^bjZ_l&Sboh^ZhgguoK Ze]hjblf Q_ ijkdhc ih^oh^d dhebq_klj_[m_fuc0/( ba^_j`_d\gwdhh

\_gghfmgZghfbq_kdh]hBf_gghdhjj_dlbjh\dm lZjbjh\Zgby

h[t_f gbyjh\hqgh]hgbobeb/(aZljZlhl^_evghc_]hdhffmgbdZpbc gZdhwnnbpb_glZ\ i_jbh^_imgdlkhklZ\eyxs_c36d baf_g_gbx\ khklhygb_ IjbjZkkfZljb\Z_lkwlhfaZf_jy_fu_lZjbjh\dZnZdlhjZ nZdlhjZy dZd36kh]eZkghjZkq_lijh^mdlZ ijh^mdlZhlghr_gb_agZq_gbylj_[h\Zgbyf^ey \ p_ehfbaf_g kj_lZj^b_

0

7&SK Q 36 W&S K Q W KQ36 WK Q

]^_ & WK Q g_j_]eZf_glbjh\Zgguci_j\bqgucmjh\_gv\eh`_g

guoihabpbhgbjh\Zgb_kj_^kl\\ j_]mebjh\Zgb_ dhffmgbdZpbhgghcfh^_jgbaZpby khklZ\eyxs_cj_bg`_g_jbg] ijh^mdlZj_

36 WK Q b 36 WK Q aZf_j_ggh_ agZq_gb_ m^h\e_l\hj_gghklb kh klhygb_f nZdlhjZijh^mdlZ\ i_jbh^_Wb Wkhhl\_lkl\_gghKh

h gZgbymjh\g_l\_lkl\_ggh hij_^_e_ggh_ \hkijbylby[x^`_lijb fh^_jgbaZpbbnZdlhjZdhebq_kl\h&Sg_h[oh^bfhklb K Q 7beb&Simgdlh\K Qijh^mdlZkhklZ\eyxs_]hu'baf_g_gby 363K 6QgZZ^_d\Zlgh_ dhgdmj_glhkikhklhygby lh\Zj^eynZdlhjZhnZ m^_j`kh[ghfdlhjZ kZh klZ\bl

]^_&SK Q g_h[oh^bfucmjh\_gvdhffmgbdZpbc\ baf_g_gb_fh

^_jgbaZpbxkhklhygbynZdlhjZ nZdlhjZ' 36QK Q^ey jZagbpZ ^hklb`_gbyf_`^m dhgdmj_glhkihkh[gl_dmsbfkhklhygb_fh]h

:

36gZijbf_jdhgdmj_glZ\lhju F_lh^nZdlhjZij_^ijbgbfZl_evkl\Zkdehggu@hdZau\Zxlky hp_gdbG_ih\u^_eblvb\gmlj_ggbojZa^_eyydhgdmj_glhkihkh[gufWlhhlghr_gbxq_ldh ehdZevgh]hwnn_dlZijb\h^blkf_rZggufb jZa^_eylvdhffmgbdZpbhggu_wlb b\gZki_dlubd_rgbokljmdlmjuwdhghfbq_kdh]hkhklhygbxihgbfZgb_\ gZmqghc dhffmgbdZpbcgZijbf_jkhklhygb_fdhffmgbdZpbbnZdlhjZkljmdlmj ebl_jZlmj_ jZkkfZljb\Zywnn_dlZ aZf_j_k[ulZijdhlhju_hih ^mdlZggufkb k

ijhkmg_ l_fu dZdfh`ghj_^dh kbkl_fm>kdhevays_]hijhp_kkZq_ldheh]bd_wlZiZ fhgblhjbg]Z_]h

l_fulhqdbgbb ih dZpbhggh]hhq_j_^vfhgblhjbg]Z\ kbemih

lmwg^h]_gghfm\ijhq_f l_fguolhju

\aZbfh^_ckl\bygZ^_Z^_d\ZlghlZij_^ijbgbfZl_evkdhcihemqZl_eyj_i_jghcnhjfbjmy hkgh\hibku\Z_lky \j_f_ggh_lhqdbijhp_kku]dZdkhh[s_gbyjZgbqgmxwdhghfbq_kdh]hk\h_cij_^ijbgbfZl_evkl\ZnZdlhjb fgh]b_(mgbnbpbjh\Zgghklbhp_gdbp_e_\hcL ]LZdh_ijbjh^_Zdlb\ghklbjZi_j_f_gghcg_khklhygb_gbqgmxh[eZklvDhffmgbdZpbhggucb _]hhldebdh\kf_rl_dklm\ur_mdZaZgguf^jm]b_ihgZijbf_jjZkkfhlj_gb_Zm^blhjbbd jZkkfhlj_gbxwlZiZfh[jZah\Zgbywnn_dlZdhebq_kl\_bh[eZklv\ZxlkyhldebdgZgZmqgu_f_`^mihjh[t_fZkn_jm_i_jgmx\ nhjf_j_amevlZlZfg_ih>bebgZ\ ijhp_kk_K:gbfbjZa^_eyyf_lh^bq_kd\ujZ`_ggmx@b k[ulh\u_g_dhjj_dlghjgj_i_jgufdhwlZiZogh_Zijh^Z`KjZ'[fhijhp_kkK[ulh\hclhqdmhlu1a]ijhp_kkZfmgbdZpbbwnn_dleZkgh^_eyxl\ujZ`_gb_j_i_jgmx\ h[eZklbijhp_kkZ_]h>dhffmgbdZp4hbok[ulZlhqdZffmjbkhibjZ_lky\hj_i_jgu_q_j_a\ i_j\mxdhjZkkfh@nZdlhjijhp_kkijhp_kkdZdZiiZjf\jb k[g_\hfmglhqdm\ \_kbkbIjbfjZ\ g_ghubo_Zb_h bb\kkla

i_jlgmxh[jZamxlj_gbywlhfhggh]h^_deZjbjmy^Zggu_ihijhp_kkZlhqdmnZdlhjZfhq_\b^gmxdhebq_kl\h^Ze__ih

Jbk KljmdlmjZwdhghfbq_kdbo]h\uo

khh[s_gbyjmxsboh[jZlghckdhffmgbdZpbc k\yabij_^ijbylb_fijhp_kkmLh_klv_]hbf_gghdhebq_kl\_ggh_\ujZ`_gh ih^dhwlhf\ha^_ckl\b fmgbdZpbckhklhygb_wnn_dlh\dZddhebq_kl\h_f\ kbkl_f_fZjd_lbg

gZ^e_`bl lbg]h\uoij_^ijbylby\ibku\Z_lky

e__ _fm`Z_l \ujZ`_ghdebd Kmsghklvijh^Z`lh]h ijhp_kk'1 y\ey_lky ihy\ey_lky agZq_gby\ kbemwnn_dlb\ghklb\ f_lh^bq_kdmxbf_ggh hlijZ\bl_exh lh]h[ wdhghfbq_kdhc'tykgyxsbf 4\ _]h 1dhffmgbdZpbc qlh> 'ZggucZ[khexlghf khh[s_gby1qbke_ggh_jZ[hlufh^_ev u )0nZdlhjhf nZdlhji_j_f_gghc k[ulh\hc0/( \ujZ`_gb_k hlebqb_qbkeh\hf^jm]hcqlh kK ^jm]hcb hibku\Z_lh^ghc ih gZbemqrbf dhffmgbdZpbhggh]hk_lbhlghr_gbx wlboijhp_kkm ihkdhevdm\ l_hjbb\ujZ`_gbb klhjhgudhebpi_jklhjhgufiZgbbdhglZdl_h[jZahfijhp_kkf_gguofZjdd h[ k[ulZhlj ij; ht Zh b_bl

]wfibjbq_kdhfmkbkl_fu^__lbjh\ZgZ)0wnn_dlb\ghklv>ZggZykhhlghr_gb_f khhlghr_gbxi_j_f_ggZyjZ[hlu fh`_ldhgdj_lghck[ulh\hc[ulvij_^ijbgbfZl_evkdhcdhebq_kl\_gghk_lbbaf_jy_fZybgl_ihj ij

)0 '1 W y 4W

]^_ 4W kj_^gbc \ ijhf_`mld_Wh[t_fijh^Z`'1 W kj_^g__\

ijhf_`mld_kbkl_fhc_lk_[yebg_cgh?kebWqbkehk lhqdbijbhldebdh\ihklhygghfaj_gbynbdkbjm_fh_k[ulh\uoagZq_gbbwe_f_glh\ij_^ijbgbfZl_evkdhc)0mkeh\gh'1ijhy\eihklhygy

ggZebqb_ gm`^Z_lky\Zlguchf\ ijhf_`mld_ihdhjj_eypbhgghcklhjhgu] \ jZkkfhlj_gbbjZgbqghfmwnn_dlZ\j_f_gbijbkhhlghr_gbx\ jZkkfhl>aZ\bkbfhklb0 ey dhffmgbdZpbb/( WZ nZdlhj hij_^_e_gbyihk dhffmgbdZpbhggufb dhjj_eypbhggucj_gbbhlghr_gbx\ ih^kbkl_f_'f_`^m' 1ih1_]h fh`ghij_^klZ\e_guijbkmlkl\bydZddhffmgbdZpk\yav d h[t_fmwlbfbnhjfu ijbgylvnZdlhjh\b j_]j_kkk[ulZgZijbf_j nZdlhjZfb]ba^_j`d bijhy\e_gbyh^ZlZdhcijh^Z`hggufagZq_gbydZdbihhggucZ^_aZ\dhZ e bfb g_flhbb ad

wdhghfbq_kdh]hK ^jm]hc

U

kbfhklbg_cgZy Kj g_klhev^_deZjbjm_fZy g_h[oh^bf< gb`_ijb\_^_gghchq_\b^gZihdhjj_eypbb:HALfh^_evgucdhwnnbpb_glZ:dp_glKjnZdlhjh\lZ[ebp_\ i_jbh^dhjj_eypbb4 '1 36 dhwnnbpb_glZ^_j`dZfZgZebauhggufKjAgZq_gby&Sba^_j`dZf1 fmgbdZpLZ[ebpZb

<pbhgguo lZ[e\aZbfhk\yavj_amevlZlhffbq_kdZyU ZgZeba_klZgh\blkyEw\b^\ujZ`Z_fufba^_j`_d i_j_f_ggZyj_amevlZlh\'`Z1aZljZlU Klwg_jZU hij_^_e_gghk ^jm]bfb iheh`_gbyijhp_kkZijhp_kkZq_j_ahp_gdbAZf_lbfg_nZdlhjZ36ijhy\beZnZdlhjZfb dhjj_eypbhgghc^ZxldhffmgbdZpbchq_\b^ghcbkhp_gdbih^l\_j^blvqlhbkke_^m_fufdhffmgbdZpbhgguofhlb\Zpbhggufhkgh\Zgb_k\h_ch[t_fdhffmgbdZpbhggucijhp_kkZ wnn_dlb\ghklbijZdlbq_kdbnZdlhjZf\aZbfhk\yabijh^Z`dZdk\yabZ^_d\Zlghklvml\_j`^Zlvwdhghfbq_kdbfij_^eh`_ghagZq_gb_ gZdhffmgbdwnn_\wnn_dlhfdZdebg_ba^_j`_di_jlj_ldhffk nZwdhg_dcf_ijlbvgZyfboU \hhhgZ_\md\ \ fh^_eblhjhfur_ijb\_^_ggu_ba^_j`_di_j\hijbqbgghklvd ^jm]bf

<i_j\uo

lh^heh]bq_kdhcgbdZpbhggh]hihhlghr_gbxijhp_kkZ

ghklb

h^ghagZqghp_kkgu_36ihdhffmgbdZpbhggh]hbfhlb\Zpbhggufk h^ghc'1ml\_j`^ZlvdZd fh^_ebj_amevlZlZklhjhgunZdlhjuj_amevlZlh\ihl_gpbZe\hijZ\bevghklvnZdlhjZfbijhp_kkZhibku\Zxsbc\lhjuo'fhgblhjbwdhghfbq_kdbf1dhffmgbdZpbb\u[jZggucwdhghfbq_kdhcwdhghfbq_kdhcg]Zhjb_glbjh\db^_ckl\byfbbgl_]jZevghcdZdhljZ`Z_llhqdbnZdlhjaj_gby^_yl_evghklb^_yl_evghklbij_^ijbylbyihhljZ`_gbykmlbwnn_hibkg_Zd

wdhghfbq_kdh]hDhg_qghqbke_ggh_\ujZ`_gb_

ij_^ijbylby

gbyKhhl\_lkl\_gghknhjfbjh\ZggucfZjd_lbg]h\uo Zkdhj__dhjj_dlghdhffmgbdZpbhggufbijhp_kkh\ebgZa\Zlvk ihgylbcghc_]hwdhghfbq_kdbf

kdbc

l^mxsbo ey_lf_g_^`f_glZhf"ebp h[t_fijhp_kkhljZ`_g :\lhjh[klhyl_evkl\ ihl_gpbZevgh]hijh^Z`kqblZ_lgZ k[ulZg_ Zdlb\ghklbijhfure_gghflhevdhijblZdh_ij_^ijbylbygb\_ebjh\Zgb_\hnbdkbjh\Zgghf\Zeh\ufij_^ijbgbfZl_evkdhcmihlj_[e_gbi_j\uok_]f_glZ mlhqgblvkh\_jrb\rbo)0h[t_fhfijhy\e_gby hgdhlhjh]hgZ\h _wnn_dlkbeujhev agZq_gbbkhh[s_gbyihlj_[bl_evkdhf dhjj_dlguf\lhjuo ijh^Z`hljZ`_gghkbl_eyghkbl_eyi bgbpbZebabjm_lkyklZ^bbhebg_cghkbeu dmidm kbkl_fukZfwnn_dlb\ghklbgh\\ kbemgZwdhghfbq^bgZfbq'ghkbl_ey dhebq_k\dhffkljhij_^\ fhp_gd_fh`_ljugd_hkemG^hg]h__b___l h

BlZdwnn_dlZ dIj_^\Zjbl_evgh ZddhffmgbdZpbhggucghkbl_evkbkl_f_ b ihgylbcgmx fZjd_lbg]h\uoihgylbcgucdZgZe

\hf[ij_^ijbylbculv Dhwnnbpb_glgh_ g_h[oh^bfh kmsghklv kfukei_j_^ZqbdhffmgbdZpbcijh^Z`hkms_kl\ey_lkygZ ihl_gpbZevgkhh[s_gbyk[uljmiiughkb

kdhcdhffmgbdZlhjhf

dZlhjhfkbl_evihdijhy\eyykvl_eyebmEw\b^`ZiZl_eyNmgdpbhgZevghljZgkebjm_lb mqblu\Z_lkyghkbl_e_cq_j_aKlwg_jZk_]f_glihagZq_gb_p_e_\hckhh[s_gb_fh`_lh[jZah\Zgb_^h<ihu[hjdhglZdlghc_]h['nmgdpbbulvghkbl_ey1lbimbj_Zebah\Zggh_hljZ`_ghkhijh\h`^Z_lkmffuhlijZ\bl_e_febgbbhldebdh\khhlghr_gdhffmgbdZpbyhl ^Zggh]h'1b_fhl]

jZaebqguo

'1 I § ¨©¦ P '1P 0 &+ · ¸¹

]l_eydhebq_kl\h^_'10P&+0 &+ihl_gpbZevguok[ulZLh dhebq_kl\h_klvij_jZa^_e_gb_f dZ`^uc^ijbylbyihdeb_glh\ hldebdh\hldebdmghkbl_evZ kmffbjh\Zgb_l_ogbq_kdbo gZ \ aZ\bkbfhklbihemq_gguoi_j\bqgucijbghkblb ebqghklguo hlij_^hij_^_e dhglZdlhij_^_e_ggh_hlPgh]hlbiheh]bb\ jZghkkb fb_ k

l_fgh dZoghkblnmgdpbhgZevguf kbkl_fui_j\bqgh]h_ey dhglZdlZ

^_ckl\byLbiheh]byeZ

qm\kl\emqZl_eyhgguoijb\ha^_ckl\byql_gbboZjZdl_jbklbdq_eh\_dZIhkhhl\_lkl\_gghgZgZghkbl_ey]kmlbZa_luaZ^ZgghfkhagZgb_hij_^_ey_lkykbeZijbZ ijb\ujZ`Z_lkykihkh[guoijhkemrb\Zgbbkhh[s_gbbghkbl_eyihemqZl_eyijhkemrb\Zgbb\ur_gZ[hjhfq_fhij_^_ey_lkykdhgp_gljbjh\Zlvq_j_aLhkhh[s_gbyijb_klvjZ^bhi_j_^Zql_ogbq_kdboijhkemrb\Zgbbijhy\ey_fmxijhkfZljb\Zgbbdhgp_gljZpbymjh\g_fHq_\b^ghb hj]Zg\gbfZgb_b\ur_kbemZ]j_kkbjZ^bhihj]l_e_iqlhbaZpZ\hq_fgh\ikh_bb_\a

j_^Zqbj_^Zqb

gmjh\g_f<wdhghf_ljbq_kdh]hfh^_evhklbuf[ihbgZjgufOhnnfZgZ]hddmiZpbbh^mhlghr_gbx OhnnfZg qlhiheyjgufhj]Zgh\b ^bgZfbqghklvGh\ZdZ^_l_jfbgbjh\Zgbyd\_dlhj bhj]ZgZf>Gh\Zdkhh[s_gbyih\hkijbylbymjh\gx@i_jkhgZevghklvkhklZ\eyxsbfhp_gdbij_^eh`bebqm\kl\klZlbqghklvijhy\e_gghklbq_fq_eh\_dZ__ mjh\gykbeudhglZdlZihemqZl_ey\ur__]hq_j_aijhy\ey_lkyfZljbqgucbfi_jkhgZevghklvghkbl_ey<kbemi_jkkbevg__i_jkhgZeiheh]bd_l_f^bg^\mfebqgh]hh\hgKhhZ\ur_Zevfbq_kdbcaffh^_eb\_lkihkh[h`gufvfZdkihg]\_lkghklvbi_jhklvdlhjdhwonbgZl

bfi_jkhgZevghklvih^jZamf_\Z_lkyghij_^_ey_llZdlZl_lZlZdh]h\ kbkl_f_l_l\ \_dlhj_bf_gghh[s_gb_kbemkhh[s_gby^bgZfbqgh_i_j_^Zqbghkbl_ey\ khh[s_gbyo^bgZfbqghklvdhffmgbdZpbhggh]hq_fijhy\e_ggu_klZlb \b^_hbah[jZ`_gb_qgh_\ujZ`_gguoklZlbqghklvhibkZgby]Za_lgh_q_j_akbeuq_luj_wnn_dlZd\Z^jZglZklkZhl

\_gghfmfn_dljy^jZdl_jmkbeugZijbf_j\ha^_ckl\bykbkl_fZkhhl\_lkl\_ggh^\mo\_dlhjgh]h^bgZfbqguc\ ]bi_jfh^_eb

kbeuGh\ZdZimgdlh\kylbqgucgucKhhl\_lkl\_gghghkbl_ev^bgZfbqguch[s_gbyIheyjgZykljmdlmj_d\Z^jZglm] d\Z^jZglgZyghkbl_eykeZ[_crZyaZ^Zq_i_jkhgZevgucbf__lihkZfZy i_jkhgZevgucdhlhjZyhp_gdb kljmdlmjZ klZlbqguc

kl\hij_^eh`q_qghcb_jfh^_eb ^bnn_j_gpbZpbbhp_gd__ghb khhl\_lkl\mxsbcq_j_ag__]hkbkl_fudhlhjZyhgbklZ\beb\ujZ`_gghcijbgZ^e_`ghklvZ\lhjukbevgdhf[bgZpbyebrvh[s_gb_kjZ\gbl_evghch^bgZdh\mx^hklZlhqghkljh]haZ^Zqbghkbl_e_c\Zyhij_^_eyeb]h[s_fbi_jfh^_ebdhf[bgZpbykem`bl]hj]ZgbaZpbhgghcbi_jfh^_ebdhwnnbpb_glihkj_^kl\hf^bnn_j_gpbjh\ZgZkjZ\g_gbybfi_jkhgZevguclhhp_gdmaZ^Zqd]Khhl\_lkl\_gghjm[Z\bfi_jkhgZevguc\_dlhjguc\_dlhjghfmhp_gdbnhjfZevgh__ bkihevah\kg]Zbi_jfh^_ebl_f_hdeZkkbnbpbjmxlgbyi_jkhgZevguckbl_e_chp_gdZ^eykbeu\ kbem>bfi_jkhgZevguckbeu\b^_hdhgn_j_gpbbey^hklghkbl_e_cfZjdb l_ogheh]bq_kdhcj_r_gbywdhghf_ljbq_kdhcghkbl_e_cih^oh^klZlblh]hH^gZdhkbeuZhibkZl_evghfm_hij_^_e_gghcihlhqghblbg]h\hcZkgb_ihevam_fuoOhnnfbihabpbyfqlhqJZaghkbl_eygucdZd^bgg_klhysbohij_^lhqgh]hZ\lbolhemex[hcihkmsZf__[fbdhZ\_uhvgZljuehfdhh__qdb

d\Z^jZglgZyhp_gdb\klj_qZGZijbf_jh^ghfbf_xlgZklhys_clhqghklbd\Z^jZgl_ dhebq_kl\hfjZ[hluihkdhevdm\ kbkha^ i_j_^lhjZebqgZylj_[m_le_`Zl\_jhylghZ\lhjZfb[hevr_c [bebhevrbfhlijZ\bl_e_fklhblaZ^ZqZ

dhffmgbdZlhjhfe_ghfmgbdZpbbLh_klv

^bq_kdh]hihevah\Zgb_.9wdhghf_ljbq_kdb gZ[Za_]bi_jfh^ZiiZjZlZdZeb[j]bi_jfh^_eb\blbbhij_^_e_ggh]hiheyjgu__hdZeb[jh\hqghceb\hqghcbkqbke_gbydhhj^bgZlOhnnfZgZij_^eh`_gghcOhnnfZgZf_ljbq_kdhckbeuihihkbe_fh^_ebdhwnnbf_gm_fuogZGh\ZdZk_ldbghkbl_eyb\k_fg^bgZfbqghklvl_jij_lbjm_fu_\Gh\ZdZghkbl_eb^_ebbfi_jkhgZevghklvb]pb_glZlbiZfbi_jfihk_ldb_gguckhaZ\akmlbbkihevah\Zg^ZxsboZ\lhjhf<yIlhjbqgZyhau\Zyghkbl_e_c\^_ebj_^eZ]Z_lkygZJ_r_gb_kbeuj_Zebah\Zgghc^\mo\_dlhjghc.9'jbkdhwnnbp__ ihexkZkbkl_fudZdihghkbl_eydhhj^]ihij\_dljZn[f_lbb im^_l^bZbhhbbbhkk

dZd

kljhblvkygiheyjghcmq_lhfZ ^bZ]hgZevgu_\lhjbqgZygZeh`_k_ldZkbkldhwghcgZnZgli_jkhgZevghklvklZlbqghklv_nbpb_glufmij_^eh`_gZjZkbkl_fZgfh^_ebj_r_gbyghca\ hlghr_gbbi_jkhgZevghklvihijZ\dZaZ^Zqb<\ hkyo.93jZa\blbbij_^klZ\efh

gZlgZy\hqgu_ijZ\dZ_glgmx bkohgZ^

q_kdbcgjZfZfbqghklv\Zjb

JbkdZobgl_jij_lZpbb JZa\blb_ghkbl_eyZ\lhjhfq_j_adhwnnbpb_glghcdZeb]bi_jfh^_eb[jh\hqgmx[Zau^\mohk_\mxOhnnfZgZgb\_ebjh\ZgbyGh\ZdZk_ldm k\ jZbeuf

Gihey dhjj_dlghklvkljh]h ]^_Z hkgh\_mgdpbyfb .9ghkbl_eyghk'iheyjgZbb IjbjmxsZybl_e_ceh]bq_kdbihijZ\hqguci_jkhgZevghklvij_^klZ\e_ggh]h\\_^_gghcwlhfi_j_f_\ \_dlhj_bkoh^gufb hl^_evguo^\mo\_dlhjgZykmffZ.9g\ujguo k_ldb j Zdhwnnbpb_glZ ihijZ\hqgu_guc\_dlhjh\ `Z_lky\_.9d]lhjZf'jZnbq_kdh]hwe_f_glh\ Gbkoh^gZygb\_ebjmxsbc Zeh`_ggZyudhwnnbpb_gl [.93q_j_aZaZ]bi_jfh^_ebihgZ ijhba\_^_gb_^bZ]jZffZwlh]hdhwnnbpb_i_j_f_gguf\_dlhjj_r_gbydZeb[jh\hqgZydhwnniheygZ b wlh \_dlhj^bgZfbqghklbmdnhjfbjm_lkyb\ hlghr_gbbg pb_glluZhl^_evguohau\Z_li^bgZfb__ gb\jZ\^Zghi_jkk_ldZghk gZ_bhq

nkbem

l_eyebjmxlihijZ\hqguo.9

ghkbl_eygZevghklbMjZ\g_gb_.93

ghkbl_e_c

ijb \byrbkvi_jkhgZevghklvb l_fbkihevah\Zgbbk lZdbf f_gvr_Z\lhjghkbl_ey^ey ih^oh^hfeh]bq_kdbghkbl_eyijb\h^bljy^Z ihijZ\hqguc^he`_gdhffmgZ\lhjhf \ljZ^bpbhgguoijhba\_^_gbyo d j_r_gbxkijZ\_^eb\h l_fb\ lZ[e [dZpbculv ij_^eh`_gih ghkbl_ey\ur_ b l_ogheh]bq_kdhc_]h _]h q_j_aaZ^Zqbgb\_ebjmxsbcagZq_gby kbe_ _]hghkbl_e_c ihijZ\hqguoq_f]kha^Z\Z_fh_ bi_jfh^_ebdhwnnbpb_gl_^bgucmkeh\gZy b^_glbnbdZpbx\\ha^_ckl\by h gb\_ebjh\Zgbb\ur_ jZfdZogb\_ebjmxs_]h kj_^kl\bgl_jij_lZpbh ^bgZfbqgjZkq_lhfijbgpbikbeZjZa\b\Zdhwnnihgb`Zxsbc gh\h_OhnnfKh]eZkb \ha^_ckIjb\yadZ fZkk _]hbbhklv fZevghxpb_[kbeu_Zs_cZa^bZf fgZdhh_ g_g\l b

^bZDZd guc wnnbpb_glZfZjd_lbg]h\uofh`gh [ hZabk \gh\vihhp_gdb \b^_lvhj]ZgbaZpbhgghch[jZah\Zggh]hhkms_kl\ey_lkyko_f_ghkbl_ey kqblu\Zgb_fd\Z^jZglh\

ex[h]kj_^kl\hgh\hc^bZkljmdlmjukmsghklbk ihke_^mxsbf ih b i_jkhgZevghklbpb_glZk_ldbb nbgZevguf.9 ghkbl_ey.9^ey jy^Z

\h]h]lh\Gh\ZdZLZ[ebpZbi_jfh^_evgb\_ebjmxs_]h^bgZfbqghklb Gb\_ebjmxsbcdZeb[jh\hqghcghkbl_e_cdhwnnkj_^kl\bdhwnnbpb_glfZkk.9f_^bZ' .93 .9

ljZ^bpbhgguoGhkbl_ev

EbqgZy\klj_qZ

L_e_nhg

GZjm`gZyj_deZfZ

Ihqlh\Zyj_deZfZ

L_e_\b^_gb_

JZ^bh

<_[ijbeh`_gby

EhdZevgucdhfivxl_j

I_qZlgu_ba^Zgby

L_i_jvn djulb_gby1 bpb_glZKmffZjgZy ih .9nmgdpbhgZevghhldebdZfihgylbcghcb wdhghfbq_kdh]h dh]^Zh^ghagZqghwdhghf_ljbq_kdZy\_ebqbgZ '1 b jZkq_lghc¦ihemq_ggufjZkdjulZfZl_fZlbq_kdbwdhghfbq_kdh]h wnn_dlZq_j_anmgdpbbkmsghklvihfZjd_lbg]h\hchl^_evgufke_^mxsmxhij_^_e_gZ\ jZfdZownn_dlZ gb\_ebjmxs_]hghkblaZ\aZbfhhlg\bkbfhklv\hafh`ghdhffmgbd ij_ _eyf ^klZ\e_ fh`_ldhwhZ jZrpbb ng _k gZy' [ulv

'1 P '1P 0 &+ u .9P 0 &+

Eh]bdZi_j\uc _lky'qbkluc1Ghmkeh\ghqlh^Zgghc\a]ey^ ^ZgguchldebdkbevgucghijbgbfZ_iZjZ^hdkZevgZ \aZbfhk\yabiZjZ^hdkijbgbfZ_fuc\_jhylghklv\ fbgmlghfdhffmgbdZpbhggh]hghkbl_evfh_Ew\b^`Ze_]dhhlgZij_^klZ\e_gghcnhjfZevghihdmidbq_f \ jZkq_lZoihju\_^Zggh]hbgbpbZlb\gu_h[tykgbfKlwg_jZkbevg__ h ijh^mdl_khh[s_gbyhldebdgm\rbokyijbh[j_klbghkbl_eyijb\_^_lg_hijZ\^ZgghLhijbihl_gpbZevgucghkbl_ev _klvdhffmgbdZp\khmq_l_aZ\bkbfhklbih>klZ^bcqbkehklZ^byoih^Zgguc[eh]helhcl_f @g_kmlbvvbLhgkdhcr__d_hbknhjf$%&f_g ij_^ii_j_llb`_kgb`36debdh\ihlj_klvhggu_]lh\Zjhlhqbkbv ir_ gZZZh_bh\kkZ\ kuedbehkdhevdmdeb_glh\\ha^_ckl\b_fklZ^bb^he`_g\ujZ`_gZkZfgZoh^blv'kbevgucj_Z]bjh\Zlvfh^_eb

ih^jZfdZo[bl_ev

sblvijbf_g_ggucghkbl_ebIhl_gpbZevgu_gZhldebd

jh\Z\l_fughklb:e]hjblfbq_kdZywdhghfbq_kdh]hkh\_jrZl4 ihdmiZl_eb'ihdmidm1ij_^klZ\bl_e_cfZjd_lbg]h\h]hj_amevlZlZbgl_jij_lZpbybgnhjfZpbxghkbl_evk \_jhylghklvxgZoh^ysb_ky^eyfh`_lk_]f_glZdhffmgbdZpbhggh]hij_^ijbgbfZl_ebgl_]jZevgh]h[ebadhcgZwlbod ihdZa ijZlh_

eyp_kkZJZa\b\ZyihdZaZl_ey wnn_dlb\ghklbhij_^_e_ggmx\qlh0ihgylbcgmx/(__ jZa\blb_wnn_dlb\'khklZ\eyxsbo1Z lZd`_\ fh^_ebghklbb wdhghf_ljbq_kdmxkmsghklv\ jZfdZodhffmgbdZpbhggh]hkbkl_fhcEw\b^`Zfhlb\Zpbhgguobgl_]jZpbhggh]h0/(ihijZ\hqguoij_^hij_^_e_ghKlwg_jZhkgh\ubijhp_kkZihdZaZl_eyZ\lhjwdhghfbq_kdbobgl_]jZevgh]hdhwnnbpijboh^blkljmdlm ihgbw_ngjy d lhfmlbcghghc kmsghklvx36Dhfibebjmyb lh\wnn_dlh\.9

npbhgZevghc_dlb\ghklbaZ\bkbfhklbfh`gh]h\hjblv h _]hijhy\e_gghklb \ jZfdZonmgd

( I 36'1.9

Mqblu\Zyylghklgufb\_gghklv l_]jZpbhggh]hjZ`_gb_Zl_e_cjZkkfZljb\Z_lwnn_dlZkhhl\_lkl\_ggh \ujZ`_gbyqlhihdmiZl_e_c iZjZf_ljZfb36wnn_dlZWlZwdhghfbq_kdhcbkljhblkylh`^_kl\_gghklv'wdhghfbq_kdh]h1ih\_jhylghklv \k_cwnn_dlb\ghklvijh^mdpbb kmlbfh^_ebgZ kbkl_fufZjd_lbg]h\hcqbke_gghklb fZjd_lbg]h\hcy\eyxlkyijh^mdpbb0/(gZ wnn_dlZijh^Z`bl_f ij_^ijbgbfkhkj_^hlhq_gklZ^bb \a\_rb\Zxsbfb[gZ[ex^Z_lkydZd he__ihl_gpbZevguoihl_gpdhffmgbdZpbbb dhfie_dkgdhfie_dkgZy '' ^_yl_evg1Z^_d\ZlgZdhffmgbd dhebq_kl\mZl_evkdhcbgl_]jZevgZybgZ\Zevguf_jhylghk^hklb`lhhklbhZ `]pbh i_j\_jqlh^_khihd kb< biiZuh__hgh g kmlldb f_ggZyil_gpbZevguo gh]h

kZf

gbblb\ghcj_amevlZlijhp_kkZ

l_fuwnn_dlb\ghklvgucdmiZl_eyfjy^wnn_dlZq_j_aij_^ijbgbfZl_evkdhc '41ijh^Z`b\ujZ`ZykvLhfh`_l_klv[fZdkbfmfZulvmqblu\Zy\ wdhghfbd_bgl_jij_lbjh\ZgZ\ur_kdZaZggh_q_j_a

( U.9 36 u'1

]^_U.9 36 \_jhylghklgZynmgdpby36b .9Ijbwlhfkhhlg_k_ gb_hl\_lkl\bb36b '1k wdhghf_ljbq_kdbfb\ujZ`Z_lkyq_j_aijhba\_^_gb_aZdhgZfbhp_gdb\_jhylghkl_c\_jhylghkl_c\ kh

U.9 36 .9 u 36

ij_^klZ\blvfZevgmxebg_cgmx

Khhl\_lkl\_ggh ghcy\e_ggZyguofhgblhjbg]ZIjhy\e_gb_aZ\bkbfhklb<hi_j\uoebg_cgZynmgdpbhgZevghcdhfie_dkguc^_l_jfbgbjh\Zgghklv h[jZamxsbo( \aZbfhk\yavaZ\bkbfhklv .9 ihdZaZl_evu aZ\bkbfhklb36 ihdZaZl_evu we_f_glh\' jy^Z1 ^bgZfbq_kdbwnn_dlb\ghklbwe_f_glh\ \h^bgZfbq_kdbownn_dlb\ghklb\lhjuo\j_f_gbkbkl_f_nmgdpbb\ j_Zevghci_j_f_ggu_ fgh`_kl\_gghklvijhp_kkZbnmgdpbhgZe ijhp_kkg_h[oh^bfhb gZq_j_akhpbZevghiha\heyxl i_j_f_kbkl_f_fZjdj_Zeb ijhljnhk_jZhg_v v]

h[mkeh\e_gh

mqblu\Zlvf_glgh^_fh]jZnbq_kdhc ^bnn_j_gpbjh\Zg nZdlhj ijhp_kk j_Zevgh]h ijhl_dZ_l mq_lhf

guojZkkfhlj_gby`Zxsb_ ihlj_[bl_evkdboijhp_kkb hp_gdbhp_gdbkljZlbnbdZpbb k_]f_glZonZdlhjZ\ j_Zevghf ih \j_f_gb\wnn_dlb\ghklbu[bg^mpbjmxlH[_jZgghcihlhd_ wlb

lh[jZam_lgbblb\ghklvbg]h\uo bgl_]jZlb\ghc^bgZfbq_kdb_dhffmgbdZpbcgZ nZdlhjZoqbke_ i_j_f_gghcihdmiZl_e_cjy^um^h\e_l\hj_gghklbFgh`_kl\_gghklvwnn_dlb\ghklb kmffZjgmx ihdZaZl_ey bbeb\j_f_ggmxkhhl\_lkijb\hjZlk\j_f\mxs_fkfhljwnn__g_db

ihl_gpbZevghf

( I §¨©¦ W 36 u'1·¸¹

IjbijZ\hqgu_dZpbc'1 ijbwlhfDZd aZ^Zgghf'Z^_d\Zlghklv1dhwnnbpb_glukmffZgZPgZdhie_ggh]hghfmjh\g_ghkbl_e_khhlghr_gbygb\_ebjh\Zgbydjbl_jby\hbgl_]jZevgh\j_f_gb ihlj_[bl_evkdhc jZkdju\Z_lkyihdhebq_kl\Zghkbl_eyfdZdkmffZ m^h\eihq_j_adhffhldeblh]Zf_bml\dh\gihhb j_gghklb\k_oghkbl_e_c

(6 ¦ P § ¨© .9P 0 &+ ¦ W 36 u'1· ¸¹

>] g_jZe Zggh_jhljZ`Z_leba_d_lbg]h\hcv ij_^ijbgbfZl_evkdboguc kkbkl_fhhlghr_gb_wnn_dl kbkl_fZihaZ\bkbfhklbkljhblkydhffmgbdZpbbk_]f_glgh]hkmlb(V bgl_]jZevghc^bnn_j_gpbjh\Zgh dhfie_dkgh]hfh`gh\ kmffbjh\Zgbb fgh]hijh^mdlh\uoihabpbhgbjh\ZgbyjZkkfZljb\Zlvghwnn_dlb\ghklbbf__lbgl_]jZevgh]hwnn_dlZih [hevrh_dZ`^hfm dZdkbkl_fijh^mdpbbihblh]h\ucfZjd_lbg]h\hcwnn_dlZagZq_gb_\k_fk_]f_glm <k_\ jblh]_]bgl\k_cf_ijbZf( _gV fZZgdZokmdhffmgbdZpbblZffZfZjgZygZhkgh\_

( ¦ § ¨©¦ P §¨© .9P 0 &+ ¦ W 36 u'1·¸¹ ¸· ¹

V

GZh[jZlghcpbc wnn_dlkhhlghr_gb_ihdmiZl_eyf hkgh\_ijhf_`mldZ ij_^ijbgbfZl_evdhffmgbdZpbbk\yabeh]bdbk mjh\g_f\_jhylghklbih\j_f_gb \wdhghghf_ljbq_kdh]hkmff_ebg_cguo'36kdbokhklZ\_fh`_l1\_jhylghck_]f_glh\ W ihl_gpbZevgufijh^Z`bk_]f_glh\ih bkbkl_f fh^_eyo.9[fgh`_kl\m ulvdZgZeh\ ijbhoZjZdl_jbah\Zgijh^mdpbbm^h\e_l\hj_gghklbihabpbhgbjh\Zgby dhfie_dkgucaZ^ZgguofZjd_lbg]h\uodhffmgbdZpbbhibkZgbyghkbl_e_c ihdmiZl'1ihl_ihl_gpbZe wnn_dlb\ghklbeyfbgl_]jZevguch.9 dZdd_36dhffmgbdb fgh`_k6P ihL ebg_cgh_\j_f_gbLhdZgZeh\ \_jhy\ jZv_klvguff Zll

dZo

\_jhylghklvghklgufdhffmgbdZpbc b dZq_kl\_gghf i_j_f_ggufijh^Z`bjughqguo

qbke_\_ihabpbhgguo

<wnn_dlb\ghklv jZ`_ggZy \_jhylghklvijZdlbd_^Zgguc(\ Z[khexlguo &Sijhp_kkh\ ij_^ijbgbfZl_evkdhcijh^Z`ihdZaZl_evijb(fZjd_lbg]h\h]hkhhlg_k_gb_ijh^mdlh\hf\_ebqbghcg_j_ihdZaZl_eyo bkihevam_lky\k_]^Z]mebjh\ZgbyZ[khexlghcdhffmgbdZpbhgguoihabpbhgbjh\ZgbbdhffmgbdZpbhggh]h& m^h[gZS ^_yl_evghklb\ qZklghklb ^ey\_ebqbguhkh[_gghwnn_dlb^habjh\Zgbybdhffa<wdhghfbq ^_j`_d\ijhp_kkZ\ l_obgl_]jZevgZyghklbwlbomgdhffmgbdZpbhkemqZyokemqZyoKjdhff_kdbo \ubgm

gbdZpbc

guodp_e_khh[jZaghdh]^ZZpbhgguoba^_j`_dk l_dms_c& S ª««¬ ¦V § ©¨ ¦P ©§¨.9 P0&+ ¦W 36u'1·¹¸·¸¹»¼»º

Ke_^h\Zl_evghkbkl_fZ ijhp_kk_klhblklZ^bbijb\e_q_gb_m^h\e_l\hj_gghklbbkihevah\Zgbbm^_evguo gZ'\_jhylgh]hfh^_evbgl_]jZevgZydhffmgbdZpbhgguo h^gh]hEw\b^`ZPihdmiZl_ey\_jhylgh]h36ghkbl_e_cwnn_dlb\ghklv\ jZfdZoKlwg_jZijh^mdpbbba^_j`_d ihdmiZl_eydhffmgbdZpbcijhf_`mldZbak_]f_glZij_^klZ\ey_lkyIh\ fZjd_lb gZokmlb\jVkh_^ys_]hkyf_gbijblkdhevdh_g dmsbf]h\hf WkmdZdf gZ

mjh\g_ffZjghf

Ehj]ZgbaZpbbBa^bl_jZlmjZ:;Z]b_\: m^blhjbbLHQHU17KHKXPDQXVHRIKXPDQEHLQJ&\EHUQHWLFVDQG6RF \hKI[=MN=Eb j_clbg]bdhffmgbdZlb\ghcFZjd_lbg] \aZbfh^_ckl\byKI[WdjhiheblbdbMq_[gh_ f_lh^heh]byihkh[b_b f_lh^ KI[LHW\bdZ

FKRORJLFDOZDUIDUH+ SUHVV&DPEULGJH5LYHUVLGH3UHVVD\HV6WHSKHQ%:HLQVWHLQ:'DWDFRPPXQLFDWLRQVSULQFLSOHV5LFKDUG'*LWOLQ-HUHPLDK)6nhg LPSVRQ&6FLHQFHRIFRHUFLRQ&RPPXQLFDWLRQUHVHDUFKDQGSVbgZ 1HZ<RUN1<2[IRUG8QLYHUVLW\3UHVVSULQW1 HZ<RUN/RQGRQ3OHQXP\

wdhgjbjh\Zgguo

eZfbklZ Hj]ZgbaZpbydhffmgbdZpbyfbbkKZoZjguc => hevfZgKblgbdh\he[mgh\ Kl_gh]jZffZ gZmddZg^FBwdhg Dk_gbyEBa^fZjd_lbg]h\uo::: j_deZfghc<e_dk_c IJ_deZfgh_<\hgZmdk bkihevah\Zgb_f\_^_gb_ k_fbg Gh\u_=<_eeZ eZ^bfbjh\gZKI[:gZlhev_\bq Z ^_yl_evghklb jZ ijbglih^oh^u \ ikbohebg]ieZgbjh\Zgb_dhffmgbdZpbcGh\hkb[bjkd FBkke_^h\Zgb_ eb^_jh\MijZ\e_gb_wnn_dlb\ghc\bklbdmAZibkdb J_deZfgu_^ :fg_gby\lhj_nEfhkdh\kdh]hfZjd_lbg]h\ufb b hp_gdZdhffmgbdZpbbfZeuo^bkl_oghe bgl_] dZg^jmii hj_]bb Vd ]

>

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

QLFDWLRQSS17&%XVLQHVV%RRNV/L0HVVQHU)UHG5%XVLQHVVWREXVLQHVVFRPPXQLFDWLRQVKDQQFROQZRRG,OOLQRLV

+ SUHVV WKHV-RXUQDORI&RPPXQD\HV6WHSKHQ%:HLQVWHLQ'&PLHO.2QF\QLFLVPHYLODQGWKHGLVFRYHU\RIFRPPXQLFDWLRQLQ;>Z]b_\`m]_goZcf_jDWDFRPPXQLFDWLRQVSULQFLSOHV5LFKDUG'*LWOLQ-HUHPLDK)>Mq_[@I_j=E^eyB]hjvk Zg]eFZjd_lbg]l_o\ Jhkkb>hgZev^;<dlhFbdlhjh\bqDhk_gdh\ohq_lb jughqgu_>MbkLFDWLRQMZclSULQWmagZlv^jZ khpbheKZMijZ\e_gb_=hj^hgk_lbfZjZqlh1HZ<RUN/RQGRQ3OHQXPBlZdh_BN_^hjh\a^Hkgh\ugZmd\h KI=MWNj_deZfZfZjd_lbg]h\ufbj_deZfgh]hb dZd KI[F__

^_eZ^_eZlvDjueh\

dhffmgbdZpbyfb

Yg\ZjvfZjd_lbg]ZKljbdk(RmevpB]hjv<:XJHQH$'H:LWW%$$GYHUWLVLQJ(QFDUWD(QF\FORSHGLDheh^__\Zk__\Z^WdDZqZeh\>ki_jlgh_?KI[KljZl_]bq_kdb_G<G:<Lhj]k__\Z`_gFZjdbgZ[xjhwdhghfIj_amevlZl<Gj_deZfJ_deZfgZy<bgJ_deZfgu_lZ g_gu_dZfiZgbbaZljZlu dZfiZgbydhfiZgbbKj_^ZFF\ kbkl_f_Ba^‹Ijbhj^hf

FGWIM>h\]Zgv;m^Zgp_\

i_jp_ilb\gucMq_[Dhle_j?\klZnv_\EZ[mgkdZy<heh^__\ZIhkhNbebi[b_LXih<<Hkgh\gu_aZjm[_`ghc<KI[:GI^:oh^DhffmgbdZlb\gu_Hkgh\uMdjZbguYkhgh\>Khpbheh]byb fZjd_lbg]Zhjhr_\LWBG_\_j[Zevgh_Jhklh\&MnZZki_dlufZjd_lbg]Zhklebl_jZlmju<\_^_gb_<;ZgdB?fZkkh\hckhpbheh]bq_kdboGHkgh\uIjZdlbq_kdb_<Zki_dluFZofmlh\Zhklhd\I_jih\_^_gb_Ff_^bZieZgbjh\Zgb_ikboheh]bbk Zg]eBGBHGdhffmgbdZpbbk_fZglbdbBj_dhf_g^ZpbbRbkke_^h\J:GFkhpbZevghGZmrbIjh]j_kkj_deZfuDb_\Zjgbc\FFGZ

G:Lj_deZfuIhq_iph\Mevygh\Zh[ahj gh\ZIh^/DYLGJHDQG6WHLQHU$0RGHOIRU3UHGLFWLYH0HDVXUHPHQWVRI$Hkgh\uj_^Bj_de<EZGb]ffbklh\Aj_deZfuNZlomeebgZ=Z=lmeebgZ Khxa

YHUWLVLQJ(IIHFWLYHQHVV-RXUQDORI0DUNHWLQJ2FWREHU

Mq_[gh_ ihabpbhgbjh\Zgby:;Z]be_dk__\Zjd_lbg]h\u_Baj_^ _\\h ihkh[b_=: KIMWbNe_dk__\Z E:::e_dk__\=bkke_^h\ZgbyKI[\ mk_\Z:bggh\Zpbhgghf:Ba^: HKI[: <\hFZjd_lbg]h\u_;jwg^bg]KI[=MWNBa^ jugdZ\h i_jbh^_KI[=MWNmkem] b fZjd_lbg]h\u_hkgh\uMq_[gh_ GZmqgZylh\Zjgh]hihkh[b_ jZ[hlZ k_lbE

KI[

OLVKLQJ%UL Ih^6/DSKDP7RP%XVLQHVVPDUNHWLQJUHIHUHQFHPDQXDO,6$$&3XF KHWK0RGHOVRI%X\HU%HKDYLRU8QLYHUVLW\RI,OOLQRLVDW8UEDQD VWRO&RQQHFWLFXW

KI[Fijbylbc:FZeucmg=hj_g[mj]h\l wdhghfbdbKI[DZn[bag_kBa^fZjd_lbg]Zb bgnjZkljmdlmjZ?\hb nbgZgkh\<KI[=MWNB\qmd DZn:;DZnwdhgDjmlbdMq_[wdhghfbdbdb[_jg_lbdbGZmqihkh[b_j_^b ieZgbjb::;wdhg;DjmlbdLblh\ij_fZl^

f_lh^h\

SOHV1HZ<RUN+DUSHU 5RZ0&RPSXWHU0HGLXP(QYLURQPHQW&RQFHSWLRQDO)RXQGDWLRQ-RXUQDORIDUNHWLQJYRO1'RQQD/+RIIPDQ7RPDV'1RYDF0DUNHWLQJ +\SHUPHGLD'UXFNHU3),QQRYDWLRQDQG(QWUHSUHQHXUVKLS3UDFWLFHDQG3ULQFL

ОТКРЫТЬ САМ ДОКУМЕНТ В НОВОМ ОКНЕ

ДОБАВИТЬ КОММЕНТАРИЙ [можно без регистрации]

Ваше имя:

Комментарий