+DYDV)HUHQF$PDU[L]PXVV]LQGUyPD 6]WiOLQL]PXVpVQ\HOYWXGRPiQ\

+DVRQOyRNDOHKHWDQQDNLVKRJ\D]HJ\HWOHQHJ\DPLNRUUDOV]HPEHQPLNRUDODN~YRQDW NR]yKDWiUR]yV]yWWDOiOXQND7ROGLEDQeUGHNHVKRJ\D]DPLpVDPLYRQDWNR]yQpYPiVIHOKDV]Qi OiVLDUiQ\DYLV]RQWpSSDIRUGtWRWWMDHQQHNHEEODV]ySiUEyOXJ\DQLVDKRVV]DEEDODN³V]HUHSHO´

V]RUPtJDU|YLGHEEFVDNHJ\KHO\HQ7DOiQD]pUWDODNXOWtJ\D]DUiQ\XNPHUWDN|]|QVpJHV PDJ\DU Q\HOYKDV]QiODWEDQ Y R Q D W N R ] y QpYPiVNpQW DPL ULWNiQ IRUGXO HO D]DPL HOOHQEHQ HOpJJ\DNUDQVH]D7ROGLQ\HOYpEHQLVWNU|]GLN3pOGiXO³$PL> DPL@YROWD]QLQFVPiUDPL MyYROWHOPXOW´

eOPLQGPiLJD]DQ\HOYKHO\HVVpJLEDERQDLVKRJ\ N | WV ] y Y D O QHPKHO\HVPRQGDWRW NH]GHQL9|1\HOYP&YHONp]LN|Q\Y+RJ\$UDQ\DOHJNHYpVEpVHPWDUWRWWDPDJiWHK KH] D WXGRPiQ\WDODQ ³V]DEiO\´KR] D] D 7ROGLQDN PLQGHQ pQHNpEO NLW&QLN 0iU D N|OWHPpQ\

OHJHOV PRQGDWD LV N|WV]yYDO PpJSHGLJ NpW N|WV]yYDO LQGXO D] HOKDQJ HOHMpQ ³0LQW KD SiV]WRUW&]pJV]LpMV]DNiNRQ0HVV]LUOORERJYDWHQJHUSXV]WDViJRQ7ROGL0LNOyVNpSHXJ\OR ERJIHOQpNHP´$WL]HQNpWpQHNN|]OKiURPNH]GGLNN|WV]yYDO³0LQWDKtPV]DUYDVNLWYD GiV]VpUWHQ\LOODO)XWV|WpWHUGEHVDMJyIiMGDOPLYDO8J\ERO\RQJD0LNOyV´³.LQHND]pJ DODWWPiUVHQNLHVLQFVHQ1HIpOMHQIHOIRJMDJ\pWDMy,VWHQ´³0LNRU7ROGL0LNOyVPHJIRJi DFVHKHWeVD]LMHGWpEHQOHJRWWWpUGUHHVHWW,JHQPHJ|UYHQGHWWDIHOVpJHVNLUiO\´$YR QDWNR]yQpYPiVRNpVDYRQDWNR]yKDWiUR]yV]yNW|EEQ\LUH N | WV ] y L V]HUHSEHQIRUGXOQDNHO 6]iPRV YHUVV]DNQDN LV N|WV]y iOO D OHJHOHMpQ V HOIRUGXO KRJ\ XJ\DQDEEDQ D YHUVV]DNEDQ WR YiEELPRQGDWRNLVNH]GGQHNN|WV]yYDO3pOGiXO³'HNLYtQDEDMWD]pJLKiERU~YDO6]pOYHV]HV ]LPDQNyVYLKDURVERU~YDO"eVNLYtQD,VWHQW]HVKDUDJMiYDO+RVV]XNDFVNDULQJyVVLVWHUJQ\L OiYDO"0HUWFVDND]N|VV|QNL7ROGLYDOKDGUiJD6QHPPHJXQWHOWWH,VWHQV]pSYLOiJD´

$UDQ\-iQRVW|EEV]|ULVNpWN|WV]yYDOLQGtWMDYHUVV]DNDLW³eVPLQWDWRSRUW\iQKDMXKiV]

NHUJHWWH>0LNOyV@0DJiWHJ\NLV]iUDGWQDJ\QiGDVEDYHWWH´LWWPHOOpUHQGHOpVDOiUHQGHO N|WV]yiOOHJ\PiVPHOOHWWDPRQGDWpOpQÈPHJ\PHOOpUHQGHOYHOpVNpWDOiUHQGHOYHOLVNH]G GLNYHUVV]DND7ROGLEDQYpJOLO\HQSpOGiWLGp]HN³6PLQWPLNRUHJ\IpV]HNOyGDUi]VIHOOi]DG 2O\Ei NpS]HOKHWQL PRVW D] HJpV] Ki]DW´ ² LWW K i U R P N | WV ] y Y D O LQGXO $UDQ\

PRQGDWD

3È6=725(0,/

e / 1 < ( / 9

1\HOYMiUiVLV]|YHJHN7RURQWiOYiViUKHO\UO

$] LWW N|YHWNH]V]|YHJHN N|]O D] HOV NHWWW ² NpW QpSPHVpW ² Q\DUiQ YHWWHP PDJQHWRIRQUDWRURQWiOYiViUKHO\LILDWDORNWyO$KDJ\RPiQ\R]yGiVN|]YHWtWVHJtWVpJpYHOW|UWpQWD PHVpNHWDOiQ\RNWDQiUQMHJ\&MW|WWHKHO\EpOLLGVHPEHUHNWO$N|W|WWV]|YHJHNHWQHPWHNLQWMN DN|WHWOHQEHV]pGGHOD]RQRVpUWpN&Q\HOYMiUiVLGRNXPHQWXPRNQDNiPDSUy]DLQpSN|OWpV]HWLDONR WiVRNpOQ\HOYLPHJIRUPiOiVDVRUiQQDJ\PpUWpNEHQpUYpQ\HVOQHNDEHV]pOQ\HOYKDV]QiODWiQDN HJ\pQL pV N|]|VVpJL VDMiWRVViJDL 0LYHO DGDWN|]OLP VDMiW DQ\DQ\HOYYiOWR]DWXNEDQ HOKDQJ]RWW W|UWpQHWHNHWPRQGDQDN~MUDHODGiVXNDQ\HOYMiUiVLDODSUpWHJHWUHSURGXNiOMD(QQHNV]HPOpOWHWpVpUH MHJ\H]WHPOHDKDUPDGLNN|WHWOHQV]|YHJHWDPHO\HW6]DEy-y]VHIJ\&MW|WW7RURQWiOYiViUKHO\HQ V]HSWHPEHUpEHQ$GDWN|]OMHHJ\KHWYHQKiURPpYHVDVV]RQ\YROW(]~WRQLVN|V]|Q|PKRJ\

KR]]iMiUXOWDIHOYpWHOUpV]OHWN|]OpVpKH]

7RURQWiOYiViUKHO\'HEHOMiFVD>PiVKHO\HVtUiVV]HULQW'HEHOMDFVDa'HEHO\DFVD@Y|V]HUE 'HEHOMDþDYDMGDViJLGpOEiQiWLWHOHSOpV$KHO\VpJOHJNRUiEELQHYHD]EDQI|OEXNNDQy'HEqO MNO.,66/$-26)|OGUDM]LQHYHNHWLPROyJLDLV]yWiUD,,%S$NDGpPLDL.1HJ\HGLNE

YtWHWWNLDGiV$KHO\QpYDV]HUEKRUYiWGHEOMDN¶N|YpUHPEHU¶N|]V]yYDOHVLNHJ\EH.pVEE D'HEHOMDþDQpYYiOWR]DWYiOWiOWDOiQRVViDWHOHSOpVMHO|OpVpUH(KKH]ODV]HUEKRUYiWGHEOMDþD

¶IHNHWHI|OGLW|N%U\RQLDDOEDYDUM~KiM6HGXPWHOHSKLXPPD[LPXP¶Y|)1(6]LK$N|]

VpJEHD;9,,,²;,;V]i]DGIRUGXOyMiQWHOHSOWHNPDJ\DURNDN|YHWNH]KHO\VpJHNEO+yGPH]Yi ViUKHO\0DJ\DULWWDEp*\RPD6]HJKDORP0DNyOPpJZZZXQJDWGHEHOMDFDOHWHOHSXOHVKWP$

7RURQWiOYiViUKHO\QHYHWDKyGPH]YiViUKHO\L WHOHSHVHN DGWiN D IDOXQDN $] LQWHUQHWHV IRUUiV D)1(6]WOHOWpUHQPDJ\DUi]]DD'HEHO\DFVDQpYHUHGHWpW(V]HULQWDWHOHSOpVN|UQ\pNpWDOD WLQGHEHOODWLR¶YLVV]DIRJODOWWHUOHW¶PDJ\DURVtWRWW IRUPiMiEyO'HEHOOiWLSXV]WiQDN KtYWiN LQQHQ HUHGD'HEHOOiFVYDJ\'HEHO\DFVDQpY0DLQNiEEH]XWyEELKDV]QiODWRV

$IDOXQDNKDWH]HUODNRVDYDQHQQHNKDWYDQV]i]DOpNDPDJ\DU$PDJ\DUODNRVViJUHIRUPi WXVYDOOiV~$]iOWDOiQRVLVNROiVRNV]iPiUDYDQPDJ\DULVNROD$N|]pSLVNROiVRNW|EEVpJHDN|

]HOLYiURVRNEDQ.RYDþLFiQYDJ\3DQFVRYiQY|V]HUE3DQþHYRWDQXODKROFVDNV]HUEQ\HOY&RNWD WiVIRO\LN

7RURQWiOYiViUKHO\Q\HOYMiUiVDDGpODOI|OGLQ\HOYMiUiVWtSXVEDWDUWR]LN3(1$9,12/*$DV]H JHGL NLUDM]iV~|] WHOHSHN N|]|WW HPOtWL D IDOXW 3(1$9,12/*$ $ MXJRV]OiYLDL %iQiW PDJ\DU Q\HOYMiUiVLDWODV]D.DQL]VD&QHVD$WHOHSOpVÄ$PDJ\DUQ\HOYMiUiVRNDWODV]i´EDQ pVDEiQiWLDWODV]EDQNXWDWySRQWNpQWV]HUHSHO$QDJ\DWODV]DQ\DJiWpVVDMiWJ\&MWpVpWI|OKDV]QiOYD 6=$%Ï-Ï=6()tUWUpV]OHWHVHEEHQDIDOXQ\HOYMiUiViUyO6=$%Ï-Ï=6()0DJ\DURUV]iJLpVMXJRV]OiYLDL PDJ\DUQ\HOYMiUiVV]LJHWHN%pNpVFVDED.HFVNHPpW6]HJHG²$ WRURQWiOYiViUKHO\L Q\HOYMiUiVIEEMHOOHJ]HWHVVpJHLDN|YHWNH]NEHQIRJODOKDWyN|VV]H

$IRQpPDUHQGV]HUHVPHJWDOiOKDWyEHQQHD]iUWsKDQJEiUD]|]pVPLDWWPHJWHUKHOWVpJH NLFVL 6=$%Ï-Ï=6() PHJILJ\HOpVHL V]HULQW FVDN EL]RQ\RV HJ\WDJ~ pV YHJ\HV KDQJUHQG&V]DYDNEDQ IRUGXOHO]iUs6=$%Ï-Ï=6()LP$Q\HOYMiUiVUDDIJJHWOHQ|]pVMHOOHP]WRYiEEiD]iUW

]pVpV&]pV$N|]pSVQ\HOYiOOiV~KRVV]~PDJiQKDQJ]yNNHWWVKDQJ]yNNDOYiOWDNR]QDN$]

DWODV]RNDGDWDLEDQIOHJD]̎¦GLIWRQJXVRNV]HUHSHOQHN$]iOWDODPOHMHJ\]HWWV]|YHJHNEHQ V]pOHVHEEHMWpV&QHPWLV]WDNpS]pV&NHWWVKDQJ]yNIRUGXOQDNHODI|QWHPOtWHWWHNHQNtYOJ\D NRULD]y^Xp^LGH^Dy^HHpLVPHJMHOHQLN$UyOUOWyOWOUDJRNPDJiQKDQJ]yLJ\DNUDQU|

YLGHN YDJ\ IpOKRVV]~DN $ ILDWDORNWyO J\&MW|WW V]|YHJHNEHQ D KDQJV~O\RV KHO\]HW&H KDQJRN D N|]Q\HOYLQpOiOWDOiEDQQ\tOWDEEDN$]LGVDGDWN|]OEHV]pGpUHH]QHPMHOOHP]$Q\HOYMiUiVEDQD]

HOKDQJNDSFVRODWKHO\pQPHJWDOiOKDWyDKRVV]~HKDQJ$]DpVD]iRO\NRUDN|]Q\HOYLQpO]iUWDEE

$]|pVD]sKHO\pQQpKD pVKKDOODWV]LN$OHMHJ\]HWWPHVpNV]|YHJpEHQJ\DNRULKRJ\DPDJiQ KDQJ]yN D] pU]HOPL KDQJV~O\ PLDWW PHJQ\~OQDN $ Q\HOYMiUiV PiVVDOKDQJ]yLQDN IRQpPDNpV]OHWH DN|]Q\HOYLYHOHJ\H]$M|QLJHHJ\HVDODNYiOWR]DWDLEDQDMKHO\HWWJ\iOOJ\WWJ\|GEH$V]y YpJL]|QJpWOHQOpVPHJWDOiOKDWyGHQHPJ\DNRUL

$Q\HOYMiUiVWHUOHWUHMHOOHP]DPHJ\LJHVDMiWRVUDJR]iVDPpNPpJ\PpQ$W|EEHVV]iP~

DODNRNEDQD]|]pVpUYpQ\HVOP|Q\QNP|QW|NP|QQHNaPsQQHNY|01\$3(1$9,1LP

$]DGLPRQGLIpOHUDJR]iVPHJWDOiOKDWy$KR]KH]K|]QpYV]yUDJKRQK|QDODNEDQYDOyVXOPHJ

$NpWV]|YHJEHQHOIRUGXOQDNDQ\HOYMiUiVUDMHOOHP]WiMV]yN/HJQDJ\REEUpV]NDODNLWiM V]yP|JpQWKtQiQDNOHGxUW¶OHW~UW¶VWELOOOPpJD]|]pVHVHWHLW9DOyGLWiMV]yNDN|YHWNH]N NDQWD¶QDJ\|EO|VDNRUVyKR]KDVRQOyDODN~GHDQQiOV]pOHVHEEV]iM~HJ\IO&FVHUpSHGpQ\¶

Ò07V]NDQWDGHUpN¶FVRUEDOHW|UWIO&FVHUpSNDQQD¶LPWDURJO\D¶UiFVLOOHWOHJOpWUDV]HU&

V]iOOtWyHV]N|]¶7(6]

$UyND_N|U|V]W|O^EHP|*\

9yWDYLOiJRQsJ\U&^ŒND_%DOODJRWW_P|QWDIRQ\yKi]DWNHUHVQL(O^WDQiOWDDIUNDVW_

²+RYiPpJ\U&^ŒNDNRPD"_

²(OP*NDIRQ\y^XED_

²eQLV$OPkN_

²*\HUHQR_²DV]RQ\J\D_²O|V]QNHWWHQ_

%DOODNWDN_EDOODNWDN_ÒWN|]EHQWDQiWDNsW\Ki]DW_%HP|QWHN_+iW_RWYDQsW\NRVU V]LOY_QLQFVP|NI^Y$_+iWDUyND_HON&WHDIUNDVWW&]UHYDO&^ŒWV]|G|JHWQL_P|JDGGLJMO EHV]|G|JHW|WWDV]LOYiEO_0|J^_J\xMWRWWiNDW]HW_NLIV]Wp^LNDOHNYiUW_IOYLWWpNDSDGOiVUD_O|W KiURP NDQWDGHUpNNO _ $]XWiP EHP|QWHN D Ki]ED _ $ IUNDV EHOW D NXFNyED _ D U&^ŒND P J DNLVSDWNiUD_ÉW\V]|U_DU&^ŒNDP|JpK|]|WW_$ONH]GLDNLVSDWNiQ_)ULQFLIUiMNULV]WLQiM*\HUH N|U|V]W|OQL_0|JpQW$ONH]GL_)ULQFLIUiMNULV]WLQiM_*\HUHN|U|V]W|OQL_6]&UL>"V]yOL¶V]yOMD¶@

DUyNDPDJiEDQ_DV]RQ\J\D_

²+DOORWSDMWiV"_ÊQJ|PKtQDNN|U|V]W|OQL_

²ÊUL**\_+DHQJ|PKtQiQDN_pQLV®^OP|QQpN_

.LP|QWDUyND_IOP|QWDSDGOiVUD_P|J|Y|WWsW\NQWDGHUpNOHNYiUW_$V]WiPEHP QW_

$V]RQ\J\DDIUNDV_

²1HPKRV]WiOQHN|PU&^ŒNDNRPDVsPPLW"_

²1HPiP_0pJPDJDPVHPODNWDPMO~J\DKRW\N|OO|WYy^XQD_

)FOOWDNLVSDWNiUD_)RQQDN_'HDIDUNDV_QDJ\RQpK ViP_ÉW\V]|U_P|JpQW$ONH]GL V]yUQL>"¶V]yOQL¶@_)ULQFLIUiMNULV]WLQiM_*\HUHN|U|V]W|OQL_

²+DOORGHSDMWiVIUNDVNRPD"_(QJ|PKtQDNN|U|V]W|OQL_

²ÊUL**\_²DV]RQ\J\D_²HQJ|PKtQiQDN_pQLV$OP|QQkN_

)FOP|QW D SGOiVUD P|JpQW P|J|Y|WW sW\ NDQWDGHUpN OHNYiUW _ 0LNRU P|J|WWH _ OsJ\WW DSDGOiVURO_$V]RQ\J\DDIDUNDVDU^XNiQDN_

²1HPKRV]WiU^DyNDNRPD_PRVVsVsPPLW"_vPPiQDJ\RQpK|VYDJ\RN_

²1&QR_²DV]RQ\J\D_²KRV]WDPsW\NLVNQ\HUHW_vOGXNWDPD]VHE|PEH_gGP|J_

)|OOWDNLVSDWNiUD_IRQQDN_IRQQDN_$V]WiPP|J*^LQWONH]GL_)ULQFLIUiMNULV]WLQiM_

*\HUHN|U|V]W|OQL_

²+DOORWIDUNDVSDMWiV"_(QJ|PKtYQDNP|JpQWN|U|V]W|OQL_

²ÊULJJ\_²DV]RQ\J\D_²HQJ|PKtQiQDN_^H*QLV¯^OP|QQkN_

.LP|QWDU&^XND_IOP|QWDSDGOiVUD_P|J|WWHDKUPDGLNNDQWDOHNYiUWLV_0LNRUJ\‘_

OHDSDGOiVU_DWURJMDPiVRGLNIRNiUROOsHV|W^W_PH^UWPDJDLV~J\DNDUWD_(ONH]G|WMDMJDWQL

²-DMMDMIUNDVNRPDJ\HUH_ÊPE|UYDQDSDGOiVRQ_0tQGP|J|WWHDOHNYiUW_)|O DNDUWDPP|QQL_+R]QLDNDUWDPQHN|GLV_/sHVWHP_

$]HPE|UJ\|GEH*SSDNLVNDSXQ_PpJHJ\ERWRWLVKR]RWW_$UyNDP|JOiWWD_OV]DODWW_D IDUNDVP|JM{ONLNDSRWW_$PLNRUXWROpUWHDUyNiW_DUyNDDNNRLV$ONH]GsWMDMJDWQL_KRJ\FQD J\RQP|JW|WWHPDJiWDPLNOsHV|WWDSDGOiVURO_9|J\HI|OYLJ\$_$IDUNDVI|OY|WWHDKiWiUD_

$ONH]GLDU^D&NDV]yUQLD]~WRQ_>PLQWHJ\pQHNHOYHPRQGyNDV]HU&HQ@

²9UWYLV]LYHUHWOHQWDJ\DIHMHW|UHWOHQW_eQ\MyOODNYDtpK|Q_PpJLV&YLV]HQJ|P_

ÉJ\ GDUDELN FVDN KOJDWWD D IUNDV _ PLG EHV]pO D U^D&ND _ 'H DV]WiP P|NKDUDJXGRWW _ OsYiNWDDU^D&NiWDIË^¤GUH_$U&^XNDP|JLM$WW_OV]DODWW_8WROpUWsW\KDODVNRFVLW_6DURJMDQHP YROW _ )FOP|QW YDODKRJ\ D NRFVLUD _ VN KDODW OHGxUW _ $ V]|JpQ\HPE|U QHP Y|WWH pV]UH _ /sFV~V]RWWDUy^XNDLV_HONH]G|‘|QQL_$UUDP|QWDIUNDVLV_OiWW\DKRJ\DUyND|V]LN_

²0LWFVLQi^OV]U&^XNDNRPD"_gV]|O"_

²+y KRQQH KRQQH ² DV]RQ\J\D _ ² /HP|QWHP D] iUDJ\ OpJEH _ QpG PHQQ\L KDODW IRNWDP_OLJELURPP|J|QQL_

²8J\DQ_KRW\IRNWDGUy^XNDNRPD"_

²%HQ\~MWRWWDPDIUNDPDWDOp*EH_RWWDUWRWWDPPÎNFVDNQHKH]HQQHPJ\WNL_ÊULW\

W*^LVLV_

/ P^HpQDIUNDV_EHQ\~MW\DDIDUNiWDYt]EH_ÉFFP|JUiQW\DDIDUNiW_sDHVHWW_

²+D]XFWHU&^XNDNRPD_

²1HPD$GGLNWDUG]VEHQQHPLNFVDNQHKH]HQQHPJ\¤QNL_

GGLNWUWRWWDDIUNDVDIUNiWDOpJEHQ_PÎJEHOHQHPIDJ\RWW_.LDEiODIDUNDV_

²*\HUHU&NDNRPDK~]]iONL_*\HUHU&NDNRPDK~]]iNL_

²7XGRGHPLNOHYiNWiODI^HGUH"_

5&^ŒNDMy^XºDNRWW_YYDOHOP|QW_

0¡QQHND7LV]iUD_NLDEiOQDNDIDUNDVQDN_GHDIDUNDVFVDNYRQ\tWR‘RV]WiQIHV]$OJ|WW_

/iWWiNKRJ\RGDYDQIDJ\YD_tJ\DJ\RQW|WW*N_ËJ\DU&NiQDN_P|QWO|WWD]pOHW$

$GDWN|]O6]DEDGRV(U]VpEHWpYHV ÉJ\GsEsMMiFVLW|UW*QHWDERV]RUNiQ\RNUy

+XQYyWKXQQHPY&W_sJ\GpOEiQiWLIDOXFVNiEDQ'sEsMMiFVRQ_YyWsJ\ERUEpMP&K$M_$

ERUEpMQiO |VV]$J\&OW D IDOX Q*^LS$ _ .L ERURWYiONR]QL V]HUHW|W Y&^ŒQD _ NL Q\tUDWNR]QL _ GH MDYD U*V]JEHV]pOJHWQLJ\WWVV]H_ÉJ\LGHJ|QHPE|U_DNLQHPKLWWDERV]RUNiQ\RJED_DV]RQWD_

²8J\DQ^_PiQHPE|U|N_6|SUQOERV]RUNiQ\RNQHP O^H*W$]Q$N _ (V] FVDN D EDERQiV Q*SKLV]L_

²8J\DQV]RPV]*G_v^LPPiOiWWDPERV]RUNiQ\W_1HN|PDV]WiQ$OKLKHW|G_²PRQJ\D DERUEkM_

2V]W®]|QsJ\LGHLNWDQDNRWWDN_RV]WV]*^LWV]*O$WWHN_0QWPLQG|QNLDGy^XJiUD_,GË^¤N|]E$_ QpKiQ\DQ |VV]HE$V]pOWHN _ KRW\ WUpIiW&]QHN 0LKiMMD^O _ DNL HUHGHWLOHJ 0LKiMO&^š Y&W _ GH PLYHO P|NWDQxWPDJ\DUXOE$V]pOQL_DIDOXQ*^LSHtW\KtWWD

0LKiMOsIHNWWDOXGQL_®ODOXWW_1HPJ\~MWRWVsJ\sUW\iW_VsSsWU^DyOsŒPRVOiPSiW_ÉW\V]|U YDODPL]DMWKDºRWW_0LO|KHWH]"_²JRQGROWDPDJiED_GHQHPV]yWVsPPLW_$]DMW^DyQIDNLOLQFV Y&^XW_$]HPE|U|NOsQ\RPWiN_EHP|QWHN_ÉJ\YNORYDWYH]$WW$JE$_DPLQHNSRNU&FY&WDOi EiQ_KRJ\QsKDOODFFRQDP|QpV$_$O&RGDP|QWDJD]GiKRQ_$]P|NWDSRJDWWD_+iW_YDODPL V]ËU|V_.|]$O$EJ\|Q_6]ËU|V_'HPpJUXJLV_%ULVW$QPLO|KHW$]"_1DJ\RPP|JLM$WW_

=VXSV]_.LXJURWWD]DEODNRQ_iWDERUE*MKRQ_'H]QHPKLWWH$OQHNLPLW|UW*^LQW_7|WHWWHPD JiWKRJ\QHPWXWVPPLW_0LYHOD]LGHJ|QHPE|UEHEL]RQ\RVRGR‘_KRJ\$EEHDIDOXEDO*^LWH]QHN ERV]RUNiQ\RN _ PLQG|QLW HODGRWW _ RV]W$ONW|]|W PiV IDOXED _ ËJ\ YyW PHVH YyW _ ,JD] Y&^XW _ 9DJ\QHPY&W"_+iWtJ\PHVpOWpNQHN|PLV

$GDWN|]O.LVV6]DELQDpYHV

$GLV]Qy|OpVUO

²+RJ\DQNpV]OGWHNDGLV]Qy|OpVUH"

² 0LNRU J\HU|N|N Y&^XWXQN _ DNNRU |VV]H _^Æ V]|GHO^V]N|WWQN Qp^LJ\HQ|WH _ P|QWQN D URNRQRNKR] _ +tQQL KRW\ Ky^XQDS GLV]QyWRU O|VV] _vV DNNRU _ U|JJHO _ PiQ DNNRUUD DSiPp^LN PLQGRWWDQN|UO|WWH_FVLQiWiNDV]DOPiERODW]HW_PHJPLQG|UHJDSiP_PHJDQDJ\EiW\iLQN_

XW\KRJ\Qp^LJ\|GGLV]Qy^XWYiNWDN_eVDNNRUPLQNP|JDJ\HU|N|NN|UORWW_V]DODGJiWXQND_W«V]

N|UO_FVLQiWXNDNLVW]HWQHNLN_QDpVDNNRUPLNRUH]P|JO|WW_DNNRUV]*^LSHQOsPRVWiN_DNNRU RV]WRWWDQ

²+RJ\DQW|UWpQWD]"$OHPRViV

² $PLNRU P|NIRNWXN P|NS|U]V|OWp^LN _ DNNRU V]p^LSHQ Yt]]HO OsPRVWiN V~UROyNHI*^LYHO KRW\

VHJtW|WWQNV~UROWXNPLQGsQ_eVDNNRURWW~J\YiNWiNDNNRUUp^LJ|QV]p^LMMH^O_t]LNFVXWNiWW|WWHN Np^LWIHO|OsJJ\sW\Np^LYkW_pVDNNRUOsY|WWk^LNDVRQNiNDW_DNNRUDV]V]DORQQiW_DV]WD]yGDOW_pV DNNR~J\YLWWk^LNDV]WiPEH_^sVDV]WiQFVLQi^OWiNEHQWDNROEiV]W_PiMDV_EUVDMW_LH]|NY&^XWDN_

$NNRURV]WHVWHY&^XWDQDJ\YDFVRUD_|VV]HO|WWHNKtYD_Pp^LJ^DW|EELURN.Vi*_ÎJ\

²0LYROWD]DVV]RQ\RNGROJD"

²8J\GpOHVWHPiHOWWHYDOy^XQDSP|NNRSDV]WRWWXNDW\~NRWVW|WWQNUp^LWHVW_DV]W_

J\~UWXNDWpV]WiWNLK~V]WXND]DV]WDORQYWW~UxVDOPiVW|N|VGL&^XV_*VD]RNDWDWHSV]LEHpV

DYDW\NHP|QFp^LW^_EHEHI&W|WWQN_pVDNNRUDEEDVOWHNP|JD_UpDNNRUU|JJHUHYy^XWW|S|UW^V SRJiFVD_SiOLQND_^HpV~*\_PsQWDGLV]Q&^XWRU_

$GLV]QyWPLNRUNLNp^LWIHOHYiNW}NNLY|WWp^LNDEHOHWDNNRUD]DVV]RQ\RNHOYLWWpNDYiMOLQJD^O_pV V]p^LWY|WWp^LNDYp^LNRPEHOHWDYDVWDNWx_pVDYDVWDJEHOHWXW\I|OV]|WWs^LNDNDUMXNUDPp^LWHU|V|NUH_pV DNNRU DV]W HOYLWWs^LN 8W\ NLYiNWiN P|JPRVWiN pV DV]WiQ K~V]WiN P|N Np^LVVH^O _ KRJ\ Yp^LNMQ>@

O|J\|Q_$YDVWDJEpOUOPKJOsV]HWWp^LNDN|Yp^LUHW_pVDV]WLVNLPRVWiNDNNRUD]GU]V|OWpNNXNRUL FiYDO _ FVXWNDWRNNDO _ pV PLNRU DV] WLV]WD O|WW DNNRU RV] O|WW _ EHYtYH _ pV DNNRU IË^WW D NXNR ULFDNiViEXOO|WWDK~UND_DPiMDVKXUNDP|JO|WWDPLQG|QI*^LOHDSU&^XO*^LNRJEXO_DNROEiV]P|N KiWD_K~VRJEXOXJ\sDPsMLNHWOsV]|WWHN_0HUDVRQNiNDWV]RNWDNQDJ\RSVRQNiWKDJ\QLNLV VHEEHW_pVDNNRUtJ\YDQW|SI^HpOH_$NNRURV]W_N|OOXJ\sDERUV_$]|NHWPiHOWWHYDOy^X QDS PLQG|QWHONp^LV]ÎW|WWNDEyUVRW_IRNKDJ\PiW_PLQG_HPL>@KR]]iYDOy^XN|OO|WW_0LNRURV]W Np^LV]Yy^XWDKXUND_P|JDEUVDMW_PiMDV_DNNRUDV]WD]]VGEHIRUWDYt]_DNNRUV]p^LSHQRWNL O|WWDEi^OYDDJ|PE|G]EHP|JO|WWDEUVDMW_DNNRUD]LV^ÆxW\NLO|WWDEiOYDD]PLQG|QNLO|WK&W YH_pVDV]W;t*\_Yp^LJ]G|WV]p^L$NNRURV]WHVWHDYDFVRUD_Y^DyWPLQG|QIp^LOHDNNRUP|JpQYyW OHYHV _ VOW K~V Yy^XW _ V]iUPD _ KXUND NROEiV] Pi DNNRUD Y&^XW VWYH D] DV]WDOUD _ LMHQ Y&^XW DYDFVRvVXWiÈDVRNLYiV

²+RJ\DQNpV]tWLNLWWDV]iUPiW"

²$V]iUP}W"_+iWD_GLV]Q&KXVPHJYDQGDUiOYD_VDEEDP^HpQDULVNiVD_EyUV_IRN KDJ\PD_V&_W|UWSDSULND_pV|VV]HJ\~UMXNpVDNNRUD_NiSRV]WDOHYHOp^LWXJ\sP|JYDQVDYD Q\RGYDDEEDEHJ\&UMN_pVDNNRxJ\UDNMXNDV]WDWD_ID]^HpJED_H]HO|WY&WRMDQFVHUp^LSID]^HpN_

eVDEEDW|WWpN_pVD]P|QGEHDEDQ\DNHP|QFp^LEH_RV]^WDEEDYyWI^YHDM&LJD]LV]iUPD

$GDWN|]O &VDOD )HUHQFQp )|OGHVL -XOLDQQD pYHV*\&MW6]DEy-y]VHI

/$.$7265,7$

6 = ( 0 / (

+DYDV)HUHQF$PDU[L]PXVV]LQGUyPD 6]WiOLQL]PXVpVQ\HOYWXGRPiQ\

6HJpGN|Q\YHNDQ\HOYpV]HWWDQXOPiQ\R]iViKR];97LQWD.|Q\YNLDGy%SODS

$V]HU]PHJOHSWpPiM~N|WHWWHOOpSDQ\HOYpV]WiUVDGDORPHOpDPHO\PiUDFtPpEHQMHO]L DNLKtYiVWD]HOIHOHGHWWQHNKLWWpVtWpOWHOPpOHWpVDN|UppSOWYLWD~MUDJRQGROiViUDD³SHU´~MUD IHOYpWHOpUH9DMRQpUGHPHVHDWXGRPiQ\W|UWpQHWORPWiUiEyONLiVQLD]WDUpJPHJFiIROWWXGRPiQ\

WDODQ HOPpOHWHW DPHO\ NO|QEHQ MHOHQWV SROLWLNDL HVHPpQQ\p YiOW 6]WiOLQ pYL ³G|QW EtUiVNRGiViYDO´DPHO\QHNN|YHWNH]WpEHQDGHVSRWDUHQGV]HUHQEHOOOHJDOiEEDQ\HOYWXGRPiQ\L YL]VJiODWRNEDQPHJGOWHJ\YH]HWNOLNNHJ\HGXUDOPD"²JRQGROMXNVRNDQDFtPHOROYDViVDXWiQ pVDN|Q\YHOROYDViVDHOWW+$9$6)(5(1&D]RQEDQPHJJ\]HQHOpQNWiUMDEHEL]RQ\tWMDKRJ\

DNpUGpVpVDYLWDIHOpOHV]WpVHQHPFVXSiQWXGRPiQ\W|UWpQHWLNXULy]XPKDQHPW|EEDQQiO(OHP ]pVHLEHQNLPXWDWMDKRJ\0DUUWp]LVHLWHOOHQIHOHLVRPPiVDQYHWHWWpNHOQHPYL]VJiOWiNiWPLQ GHQHJ\HVWpWHOpWQHPYHWWpNILJ\HOHPEHKHO\HVYDJ\OHJDOiEEJRQGRONRGiVUD|V]W|Q]Qp]HWHLW DV]HPEHQiOOyNpUYHLMyUpV]WIHNHWHIHKpUYpJOHWHNEHQPR]RJWDNW~ODKDV]QiOKDWyJRQGRODWRN QDNNLMiUyLJD]ViJWpWHOHQDPLQGHQNRULWXGRPiQ\RVViJEDYHWHWWKLWPHJNtYiQMDD]HJpV]NpUGpV