89E07478E:390050830;F0

6]ypVV]yOiVPDJ\DUi]DWRN

6 = Ï e 6 6 = Ï / È 6 0 $ * < $ 5 È = $ 7 2 .

/XEH(J\VWiMHURUV]iJLNXQWHOHSHVQHYpKH]

(J\DXJXV]WXVpQNHOW QpPHW Q\HOY&RNOHYpO V]HULQW Ä/XEH UHJHGHL N~Q pV QHMH %HUWD OXWWHQEHUJL V]|OOHMNHW 6W\ULiEDQ DGPRQWL EHQF]pV DSiW (QJHOEHUWQHN PiUND ILOOpUpUW HODGMD´ *<È5)È6 0LNpQW NHUOW HJ\NXQ6WiMHURUV]iJEDVYDOyEDQNXQYROWHD]HPOtWHWW/XEH"

.|]WXGRPiV~KRJ\DNXQN|QQ\&ORYDVViJRWÈUSiGKi]LNLUiO\DLQNHOV]HUHWHWWHOIRJWiN KDGUD%L]RQ\iUDMHOHVNHGWHN,9%pOD$XV]WULDpV6WiMHURUV]iJHOOHQLKDUFDLEDQLVD]HV pYHNEHQËJ\W|UWpQKHWHWWPHJKRJ\6WiMHURUV]iJEDQD]WOLJWDUWyU|YLGPDJ\DUXUD ORPDODWWNXQRNLVNDSWDNKDGLV]ROJiODWDLNpUWELUWRNRWDPHO\HW²PLQWOiWWXN²KRVV]DEELGHLJPHJ WDUWRWWDNVWPDJXNQDNVWiMHUIHOHVpJHWYiODV]WYDDWDUWRPiQ\EDQYpJOHJOHWHOHSHGWHN3È/Ï&=, /XEHNXQPLYROWDQHPOHKHWNpWVpJHVKLV]HQD]RNOHYpOHOHMpQH]iOOÄ/$EHGHU9ROEH YRQ 5DNHUVSXUFK´ D]D]/XEH D NXQ 5DGNHUVEXUJEyO $ WRYiEELDNEDQ PpJ NpWV]HU HPOtWLN PLQGLJD/XEHQpYQpONOÄGHUYRHUJHQDQW9DOEH´¶DIHQWQHYH]HWWNXQ¶LOOHWYHÄGHV9DOEHQ´¶D NXQQDND¶$]WLVMyOWXGMXNKRJ\DNO|QE|]NHOHWLpVQ\XJDWLIRUUiVRNNXQMDLQNDWDUpJLNR URNEDQIpOHQpYHQHPOtWHWWpN(QpSQHYHNHJ\NLYpWHOOHOYDODPLO\HQV]tQWMHOHQWPHOOpNQpYEO V]iUPD]QDN .|]pMN WDUWR]LN D QpPHW IRUUiVRNEDQ IHOEXNNDQyYDOZHQ YDOHZHQ QpSQpY DPHO\QHN9ROEHa9DOEHYiOWR]DWiWWDOiOMXND]LGp]HWWRNOHYpOEHQ$]LWWHPOtWHWWQHYHNOpQ\HJp EHQ D PDLIDOE ¶IDNy¶ V]yYDO YDQQDN |VV]HIJJpVEHQ V tJ\ XJ\DQD]W MHOHQWLN PLQW D] RURV]

SRORYHF DPHO\ DSRORY\M ¶IDNy V]DOPDViUJD KDOYiQ\ViUJD¶ MHOHQWpV& PHOOpNQpYEO V]iUPD]LN

1e0(7+

Ä$-iV]NXQViJNXWDWiVD´FtP&WXGRPiQ\RVNRQIHUHQFLiQ.LVNXQIpOHJ\Ki]D V]HSWHPEHU±HOKDQJ]RWWHODGiVNLEYtWHWWpViWGROJR]RWWV]|YHJH

6]ypVV]yOiVPDJ\DUi]DWRN

$NXQ/XEHWHUPpV]HWHVHQPLQGHQWRYiEELQpONOYLVHOKHWHWWQHPNXQHUHGHW&QHYHWLV

$;,,,²;,9V]i]DGLPDJ\DURNOHYHOHNEOMyQpKiQ\SpOGiWKR]KDWXQNIHODUUDKRJ\NXQRNPD J\DUNHUHV]WQHYHNHWYLVHOWHNSO(UWXJILD0LNOyV*<È5)È6eGXDEiW\MD

0LNOyVXR%HOHUILD3HWUXVXR.DUODILD,VWYiQXRVWE

-HOHV WXUNROyJXV HOGHLP ILJ\HOPpW KRJ\ KRJ\ QHP HONHUOWH D N|WHW OHJXWROVy RNOHYHOpEHQ V]HUHSO/XEHQpYDPHO\HJ\pENpQWDQpYPXWDWyEDQV]LQWpQPHJWDOiOKDWy*<È5)È6

7XGRPiVRPV]HULQWHV]HPpO\QHYHWHGGLJVHQNLVHPSUyEiOWDNXQD]D]W|U|NQ\HOYLDOD SRQpUWHOPH]QLSHGLJDPHJIHMWpVPiUHOVUiQp]pVUHNp]HQIHNYQHNW&QLN$W|U|NKDQJWDQHJ\LN DODSWpWHOHV]HULQWHUHGHWLW|U|NV]yHOHMpQQHPiOOKDWVHPOVHPUKDQJ,GHJHQV]DYDNiWYpWHOHNRU D V]DYDN HOHMpUH HJ\ SURWHWLNXV PDJiQKDQJ]yW V]RNWDN LOOHV]WHQL ~J\ DPLQW D]W DUXV ! XUXV

¶RURV]¶ V]y SpOGiMiQ OiWKDWMXN $/XEH QpY HVHWpEHQ D]RQEDQ D]W NHOO IHOWpWHOH]QQN KRJ\ HJ\

V]yHOHMLKDQJV~O\WDODQU|YLGPDJiQKDQJ]yW|UWpQHWHVHQpSSHQD]XHOW&QWDQpYHOHMpUO6]iPRO QXQNNHOOWHUPpV]HWHVHQD]LGHJHQDMN~RNOHYpOtUyIpOUHKDOOiViYDOLOOHWYHWpYHV]WpVpYHOLV+DD]

HOKDJ\RWW PDJiQKDQJ]yW YLVV]DiOOtWMXN DNNRU D] 8OXEH QpYDODNRW NDSMXN $ PDJiQKDQJ]y KDUPyQLDN|YHWNH]HWHVpUYpQ\HVOpVHPLDWWDW|U|NEHQQLQFVHQHN HUHGHQGHQ YHJ\HV KDQJUHQG&

V]DYDNgVV]HWpWHO~WMiQD]RQEDQNHOHWNH]KHWQHN7HKiWD]8OXEH|VV]HWHWWQpYDPHO\D]XOXpV EHHOHPHNEOiOOMHOHQWpVHSHGLJIHOWHKHWHQ¶1DJ\~U1DJ\IHMHGHOHP¶

$ IHOWpWHOH]HWW |VV]HWHYN NLPXWDWKDWyN D NRUDEHOL pV NpVEEL W|U|N Q\HOYHNEO $ ;,,,²

;,9V]LNXQEDQV]LQWHWHOMHVHQHJ\H]IRUPiEDQWDOiOKDWyNPHJXOX>YOXROXRXOXXOXYOX@

¶JURVV¶_¶PDJQXV¶&&pVEHMaELM">EH\@¶$GOLJHU¶_¶EDURQXV¶&&+DVRQOyN|]V]yLMHO]V |V]

V]HWpWHOHNLVYDQQDNSOXOXDWD¶*URVVYDWHU¶XOXSDSD]¶+RKHSULHVWHU¶&&

$ ;,,,²;9 V]L PDPHOXNNLSFVDN Q\HOYHPOpNHN D N|YHWNH] DODNYiOWR]DWRNDWUL]WpN PHJXOX¶JURVV¶ElaElL ElJaElN¶)UVW(PLU¶+28760$XOX¶ERO¶ãRMYHOLNLMVWDUãLM Y]URVO\M¶EL¶EHN¶>~UIHMHGHOHP@7XKIDXOX¶QDJ\¶_¶JURVV¶EL\¶IHMHGHOHP¶_¶)UVW¶$O4DZD QLQ 8J\DQH]HNHW D] DGDWRNDW OiWMXN D ;9, V]L |UPpQ\NLSFVDNEDQXOX ¶JUDQG¶EH\ a EL\

¶VHLJQHXUSULQFHURLPDvWUH¶'(1<XOX¶ELJJUHDW¶ELM¶SULQFHQREOHPDQ¶9È6È5<

(V]DYDNDPDLW|U|NQ\HOYHNEHQpVQ\HOYMiUiVRNEDQV]LQWHYiOWR]DWODQDODNEDQpVMHOHQWpV EHQpOQHNSODOWiMLW|U|NND]DNNLUJL]NUtPLWDWiUW|U|NRUV]iJLW|U|ND]HULXOX¶JURVVHUKDEHQ¶

5$'/RV]PiQW|U|NElL> EH\@¶)UVW(KUHQWLWHO¶5$'/WDWiUNDUDLPND ]DNEL> EL\@ ¶)UVW .|QLJ +HUU¶ 5$'/ DOWiMLSL¶+HUU %HDPWH¶ 5$'/

5$'/29QiOD]LGp]HWWKHO\HNHQDNpUGpVHVQpYYHOD]RQRVWtSXVEDWDUWR]yN|]V]yL|VV]HWpWHOHNHWLV WDOiOXQN$]DOWiMLW|U|NEHQSpOGiXOYDQXOXSL> QDJ\~U@¶GHU.DLVHU¶pVXOXDED> QDJ\DSD@

¶GHU*URVVYDWHU¶

$IHOVRUROWDGDWRNDODSMiQN|UYRQDOD]KDWyD]8OXEHV]HPpO\QpY|VV]HWHYLQHNDMHOHQWpVH

$]XOXV]yQDN6(9257-$1W|U|NHWLPROyJLDLV]yWiUiEDQD]XOFtPV]yDODWW|VV]HIRJODOYDW|EE RO\DQMHOHQWpVpWWDOiOMXNDPHO\QHNDODSMiQNLYiOyDQPHJIHOHOV]HPpO\QpYQHNËJ\SpOGiXONO|Q E|]W|U|NQ\HOYHNEHQD]XOÉaXOXMHOHQWpVHOHKHW¶QDJ\iWYLWWpUWHOHPEHQLVWHVWHV|UHJ|UH JHEELGVLGVHEEHUVHJpV]VpJHV¶VWE6(9257-$1$IHOWpWHOH]HWWEHNRPSRQHQVSH GLJDPLQWOiWWXNPLQGHQEL]RQQ\DO|VV]HIJJDW|U|NEl\aEL\V]yYDODPHO\DW|U|NIpUILQHYHN UHQGNtYONHGYHOWKDMGDQPpOWyViJRWNLIHMH]PiVRGODJRVHOHPH0pOWyViJQpYNpQWDMHOHQWpVH

¶XUDONRGyIHMHGHOHPKLYDWDOQRN¶PiVRGODJRVQpYNRPSRQHQVNpQWSHGLJ¶~UQHPHVHPEHUJD]

GD¶7DOiQHUUHSpOGDDPDPHOXNNLSFVDN$TþDEH> (]VW3pQ]~U)HKpUHV~U@

'DZDG=(77(567D;,,,V]i]DGLV]HOG]VXN$OWXQEHa$OWXQEH\>$UDQ\RV~U@

,EQ%LELpVYpJOD;,;V]i]DGLND]DN.|NOEH>"@$23.|ãEH>"@

$23V]HPpO\QHYHNEHHOHPH

Ä(J\DGDWQHPDGDW´²HNNpSSILJ\HOPH]WHWPLQGHQHWLPROyJXVWDUpJLV]yOiV9DOyEDQ 1pYPDJ\DUi]DWXQNKLWHOpWQDJ\PpUWpNEHQQ|YHOKHWQpQNKDNLWXGQiQNPXWDWQLDPpJFVDNIHOWpWH OH]HWW 8OXEH V]HPpO\QHYHW KLWHOHV URNRQ Q\HOYL IRUUiVRNEyO 6RNV]RU D]RQEDQ EH NHOO pUQQN D]

6]ypVV]yOiVPDJ\DUi]DWRN

D]RQRV LQGtWpNNDO DGRWW D]RQRV YDJ\ KDVRQOy MHOHQWpV& V]HPpO\QHYHN EL]RQ\tWy HUHMpYHO ,O\HQ SpOGiNpUWPLQGHQHNHOWWDV]HUNHV]WpVDODWWiOOyN|]HO|WYHQH]HUW|U|NV]HPpO\QpYLDGDWRWWDUWDO PD]yÄ2QRPDVWLFRQ7XUFLFXP´V]iPtWyJpSHQOpYDGDWEi]LViKR]IRUGXOKDWXQN

0LHOWWDWDOiOWQpYDGDWRNDWiWWHNLQWHQpQNPHJMHJ\]HPKRJ\D]XOXV]yHJ\HVUpJLpVPDL W|U|NQ\HOYMiUiVRNEDQD]DUFKDLNXVDEEXOXJIRUPiEDQPDUDGWIHQQ8J\DQH]WPRQGKDWMXNHODUpJL W|U|NElJ V]yYDO NDSFVRODWEDQ LV (J\HV Q\HOYMiUiVRNEDQ DJ iWYiOWR]RWW \UH PtJ PiVRNEDQ HJ\V]HU&HQHOW&QWYDJ\PiVRGODJRVDQNUDYiOWR]RWW7HKiWDNpUGpVHVNXQQpYyW|U|NPHJIHOHO MH8OXJElJOHKHW

1HYQNOHJNRUiEELDODNYiOWR]DWiUD.$5$*<g5*<SURIHVV]RUYROWV]tYHVILJ\HOPHPHWIHO KtYQLDPLpUWH]~WRQLVN|V]|QHWHPHWIHMH]HPNL(V]HULQWDW|U|NQ\HOYPiLJLVPHUWWpYiOWOHJUp JLEED,9pV9V]i]DGIRUGXOyMiUDNHOWH]KHWNLIHMH]pVHHJ\WLWXOXVKXOXJElJUlN$NtQDLIRU UiVRNV]HULQWHFtPHWDNDRNLD]D]D¶PDJDVWDOLJiV¶QpSIHMHGHOPH$IXþLORYLVHOWH8J\DQRWW PHJMHJ\]LNKRJ\DNDRNLQ\HOYQpPLNpSSDKLXQJQXUDKDVRQOtWPDMGPHJiOODStWMiNKRJ\H]D FtPD:HLGLQDV]WLDD]D]DWDEJDFVRNQ\HOYpQQHPPiVPLQW¶QDJ\FViV]iU¶WDW¶LHQþL¶1DJ\

eJILD¶/,*(7,V]HULQWOHKHWVpJHVKRJ\DWDEJDFVRNHJ\LNiJDMHOHQWVW|U|NNRPSRQHQVWNpSYL VHOWiPD]WRYiEEUDLVNpUGpVKRJ\D]HJ\pENpQWD]RQRVtWKDWDWODQNDRNLQ\HOYQHNYDQHN|]HD WDEJDFVKR]/,*(7,±²$PpOWyViJQpYKXOXJHOHPHDIHQWHEELVPHUWHWHWWXOXJ¶QDJ\|UHJ VWE¶NtQDLiWtUiVEDQMHOHQWNH]YiOWR]DWDDElJUlNSHGLJDPiUV]LQWpQLVPHUWElJPpOWyViJQpYQHN HJ\UlNNpS]YHOHOOiWRWWDODNMD(NpS]DNpVEELW|U|NQ\HOYHNEHQDN|]pSIRNMHOH/,*(7,LP

$]Ä2QRPDVWLFRQ7XUFLFXP´EyOLGp]KHWDQDOyJLiNFVDNQHPH]HUHV]WHQGYHONpVEELHN PpJLVV]DEiO\RVPHJIHOHOpVHLDIHOWpWHOH]HWWyW|U|N8OXJElJV]HPpO\QpYQHNVDV]LQWpQNLN|

YHWNH]WHWHWW;,9V]i]DGLNXQ8OXEHV]HPpO\QpYQHNRV]PiQW|U|N;,9V]8OXEH\>1DJ\

~U@ 8=81d$5 ;9, V]8OXEH\ 21*$1 $QN ,, FVDJDWiM 8OXJEHJ

>1DJ\~U@,EQ7DJKULE0,7;9,V]8OXJEHN>1DJ\~U@,9$129

8OXJEHNWDUFDQ>1DJ\~UWiUNiQ\@,9$129

$]XOXaXOXJPHOOHWWHJ\pEPiVRGODJRVNRPSRQHQVHNLVHOIRUGXOKDWQDN3OKRUH]PLW|

U|N 8OXJFDQ >1DJ\NiQ@ 1DVDZL |]EHJ8OXJPLU]D >1DJ\QHPHV~U@ 0,7 RV]PiQW|U|N8OXTDWXQ>1DJ\IHMHGHOHPDVV]RQ\@21*$1$QNEDVNtU 8OXED\>1DJ\~U@9(/=(51

$]LGp]HWWRNOHYpOEHQIHQQPDUDGW/XEHQpYWHKiWHJ\NXQHPEHUNXQHUHGHW&V]HPpO\QHYH DPHO\QHNYpOHPpQ\HPV]HULQW8OXEHa8OXEH\YROWD]HUHGHWLIRUPiMD-HOHQWpVHSHGLJ¶1DJ\

~U 1DJ\,GVHEEIHMHGHOHP (UV(JpV]VpJHV~U¶ OHKHWHWW (]W D IHOWHYpVW V]iPRV W|U|N V]H PpO\QpYLSiUKX]DPLJD]ROMD

) R U U i V R N $O4DZDQLQ 7(/(*',6(LQH7UNLVFKH*UDPPDWLNLQDUDELVFKHU6SUD FKHDXVGHP;9-KGW.&V$,(UJlQ]XQJVEDQG+HIW%XGDSHVW²/HLS]LJ²

² $23 .LUJL]VNRH KR]MDMVWYR Y $NPROLQVNRM REODVWL 7RP ,,, 3HWURSDYORYVNLM XH]G 6SE

²&& *5g1%(&+..RPDQLVFKHU:|UWHUEXFK7UNLVFKHU:RUWLQGH[]X&RGH[&XPD QLFXV.RSHQKDJHQ²'DZDG 52(0(5+5+UVJ'LH&KURQLNGHV,EQDG'DZDGDUL 1HXQWHU 7HLO 'HU %HULFKW EHU GHQ 6XOWDQ DO0DOLN DQ1DVLU 0XKDPPDG ,EQ 4DOD¶XQ .DLUR 'HXWVFKHV$UFK,QVW²'(1< '(1<-/¶DUPpQRFRPDQHWOHVÄ(SKpPpULGHV´GH.D PLHQLHF²:LHVEDGHQ²*<È5)È6 *<È5)È6,679È1$MiV]NXQRNW|UWpQHWH ,²,9.HFVNHPpW²%S²²+28760$ (LQWUNLVFKDUDELVFKHV*ORVVDU1DFKGHU OHLGHQHU+DQGVFKULIWKHUDXVJHJHEHQXQGHUOlXWHUWYRQ07++28760$/HLGHQ²,EQ%LEL +28760$07++LVWRLUHGHV6HOGMRXFLGHVG¶$VLH0LQHXUH,Q+28760$07+ (G5HFXHLO GHVWH[WHVUHODWLIVºO¶KLVWRLUHGHV6HOGMRXFLGHV7RPH,,,²,9/HLGHQ²,EQ7DJKULE

$EXO0DKDVLQLEQ7DJKUv%LUGv¶V$QQDOVHQWLWOHG$Q1XMvPD]=DKLUDIv0XOvN0LVUZD¶O.D KLUD(GE\:3233(5%HUNHOH\&DOLIRUQLD²8QLYHUVLW\RI&DOLIRUQLD3XEOLFDWLRQVLQ 6HPLWLF 3KLORORJ\ ² ,9$129 ,9$129 3 3 +R]MDMVWYR 'åXMEDUVNLK ãHMKRY . LVWRULL IHR

6]ypVV]yOiVPDJ\DUi]DWRN GDO¶QRJR]HPOHYODGHQLMDY6UHGQHM$]LLY;9,²;9,,YY0RVNYD²/HQLQJUDG²/,*(7,

/,*(7,/$-26 $ PDJ\DU Q\HOY W|U|N NDSFVRODWDL D KRQIRJODOiV HOWW pV D] ÈUSiGNRUEDQ %S ² 0,7 0DWHULDO\ SR LVWRULL WXUNPHQ L 7XUNPHQLL 7RP 9,,²;9 YY DUDEVNLH L SHUVLGVNLH LVWRþQLNL (G 6 / 92/,1 ,²,, 0RVNYD²/HQLQJUDG ² ² 1DVDZL +LVWRULUH GX VXOWDQ 'MHODO HG'LQ 0DQNRELUWL SULQFH GX .KDUH]P 3DU 0RKDPPHG DQ1DVDZL 7H[WH DUDEH HW WUDG IUDQo SDU 2 +28'$6 3DULV 3XEOLFDWLRQV GH O¶eFROH GHV /DQJXHV 2ULHQWDX[9LYDQWHV6pU,,,7RPH²1e0(7+ 1e0(7+*<8/$$NXQRNQHYHpVHUHGHWH6]i ]DGRN²21*$1$QN, 21*$1+$/,7$QNDUD¶QQO1XPDUDOùHU¶L\H6LFLOL²

$QNDUD²21*$1$QN,, 21*$1+$/,7$QNDUD¶QQ,NL1XPDUDOùHU¶L\H6LFLOL

²$QNDUD²2QRPDVWLFRQ7XUFLFXP 2QRPDVWLFRQ7XUFLFXP7XUNLF3HUVRQDO 1DPHVIURP/È6=/Ï5È621<,¶V&ROOHFWLRQ(GLWHGE\,05(%$6.,6]HUNHV]WpVDODWW²3È/Ï&=,

3È/Ï&=,+259È7+$1'5È6%HVHQ\NNXQRNMiV]RN%S²5$'/ 5$'/2)):9HUVXFK HLQHV:|UWHUEXFKHVGHU7UN'LDOHNWH,²,96SE²² 6(9257-$1 6(9257-$1e 9eWLPRORJLþHVNLMVORYDU¶WMXUNVNLKMD]\NRY2EãþHWMXUNVNLHRVQRY\QDJODVQ\H0RVNYD

²7XKID )$=</29e,²=,-$(9$07,]\VNDQQ\MGDUWMXUNVNRPXMD]\NX7DãNHQW

² 8=81d$5 $QDG 8]XQoDUúORJOX , + $QDGROX %H\OLNOHUL YH $NNR\XQOX .DUNR\XQOX 'HYOHWOHUL $QNDUD ² 9È6È5< 9È6È5< 6 $UPHQR.LSFKDN 3DUWV IURP WKH .DPHQHWV

&KURQLFOH $2+ ² ² 9(/=(51 9(/¶-$0,129=(5129 9 9 ,VWRþQLNL GOMD L]XþHQLMDWDUKDQVWYDMDORYDQQDJREDãNLUDPUXVVNLPLJRVXGDUDPL6SE²3ULORåHQLHN ,9RPXWRPX=DS,PS$N1DXN1R²=(77(567 %HLWUlJH]XU*HVFKLFKWHGHU0DPOXNHQ VXOWDQH LQ GHQ -DKUHQ ² GHU +LJUD 1DFK DUDELVFKHQ +DQGVFKULIWHQ KUVJ Y . 9

=(77(567e(1/HLGHQ

%$6.,,05(