1yUD7iWUDL,QIDQJHU'HU6SUDFKJHEUDXFKGHU8QJDUQ LQGHU6FKZHL]&URVV&XOWXUDOFRPPXQLFDWLRQ

(1)

6]HPOH

IRO\DPDWRVDQKDQJR]WDWWiNKRJ\RO\DQKHO\HVtUiVLUHQGV]HUPHJDONRWiViUDYDQV]NVpJDPHO\iO WDOiQRVDQHOIRJDGKDWyVtJ\EHLVYH]HWKHW(EEHQDIRO\DPDWEDQDOHJNpSWHOHQHEEpVOHJERQ\R OXOWDEEKDQJMHO|OpVHNIRUGXOWDNHOHJpV]HQD]pULQWHWWQ\HOYHN VWDQGDUGL]iFLyMiQDN OH]iUXOiViLJ D]D]DGLDNULWLNXVMHOHNEHYH]HWpVpLJ$GLDNULWLNXVMHOHND]tUiVMHOHNNO|QOHJHVIDMWiMiWDONRWMiN VFVDNQHPYDODPHQQ\LHXUySDLQ\HOYEHQPHJWDOiOKDWyDN.O|Q|VHQIRQWRVDN±PLQWHPOtWHWWHP±

DODWLQEHW&WKDV]QiOyV]OiYQ\HOYHNEHQYDODPLQWDFLULOOEHW&VV]|YHJHNODWLQEHW&NNHOYDOyiWtUi ViEDQ$]WWHUPpV]HWHVHQDM|YG|QWLPDMGHOKRJ\H]HNDV]OiYIRQpPiNDWPHJMHOHQtWGLDNULWL NXVMHOHNNHOtUWJUDIpPiNKRJ\DQIRJMiNpVPHJIRJMiNHHJ\iOWDOiQWDOiOQLKHO\NHWDQHP]HWN|]L V]iPtWyJpSHVVPVHVNRPPXQLNiFLyEDQ0iUPDLVD]DIXUFVDKHO\]HWiOOWHOKRJ\SpOGiXO DKRUYiWWXODMGRQQHYHNQDJ\UpV]pWFVDNNO|QHYYHODNDUDNWHUNpV]OHWWHOHOOiWRWWV]iPtWyJpSHNHQ WXGMXNKHO\HVHQOHtUQLLOOHWYHKHO\HVHQHOLVROYDVQLMHOHQOHJD]RQEDQSpOGiXONpQ\V]HU&VpJEO 'DPMDQRYLüKHO\HWW'DPMDQRYLFRW.DWLþLüKHO\HWW.DWLFLFRWVWEtUXQN$PHOOpNMHOHNtUiViWpV DYHONNDSFVRODWRVNpUGpVHNWiUJ\DOiViWWHUPpV]HWHVHQQHPNpUKHWMNV]iPRQ.(6=/(5%25%È/ÈWyO D]RQEDQV]HUHSNDODWLQEHW&NNHOtUyV]OiYQ\HOYHNHVHWpEHQYLWDWKDWDWODQ

$N|Q\YQ\RPWDWiVQDNYDOyEDQLJHQMHOHQWVV]HUHSHYROWDORJLNDLJUDPPDWLNDLtUiVMHOKDV]

QiODWNLDODNXOiViEDQ$V]HU]IHOLVKtYMDDILJ\HOPHWDUUDDG|QWYiOWR]iVUDKRJ\ÄDV]|YHJKDOO JDWiVKR]V]RNRWWN|]|QVpJHWIRNR]DWRVDQIHOYiOWRWWiND]HJ\pQLROYDVyNDNLNQHN|QiOOyDQNHOOHWW DV]|YHJHWpUWHOPH]QLNDPLWNRUiEEDQDIHOROYDVyWHWWPHJ´$]HOVGOHJHVV]HPSRQWLWWWH KiWDKHO\HVDV]HU]V]iQGpNDV]HULQWLPHJpUWHWpVYROW(]pUWNHOOHWWD]HJ\HVJUDPPDWLNiNEDQ UpV]OHWHVHQOHtUQLD]tUiVMHOHNDODNMiWDGXFWXVWYDODPLQWD]WLVKRJ\D]HJ\HVPRQGDWYpJLtUiVMHOHN PLO\HQKDQJV~O\WNtYiQQDNPHJD]D]PHO\HNDKHO\HVROYDViVpVDKHO\HVEHV]pGDODSN|YHWHOPp Q\HLeUGHNHVpVDNpVEELJUDPPDWLNiNWHNLQWHWpEHQLUiQ\PXWDWyLVD]DSiUEHV]pGDPHO\DPHVWHU pVWDQtWYiQ\DN|]|WWIRO\LNDN|]SRQWR]iVUyOVDDPHO\HW.(6=/(5%25%È/$-$.Ï./È5$Ä(UGpO\L N|Q\YHVKi]´iEDQN|]]pWHWWEOV]iUPD]yODWLQQ\HOY&PXQNiEyOPDJ\DUIRUGtWiVEDQLGp]

±+D|VV]HKDVRQOtWMXNHQQHNDSiUEHV]pGQHND]tUiVMHOHNHWGHILQLiOypVKDV]QiODWXNDWOHtUy UpV]pWD;9,,,V]i]DGYpJLQpSV]HU&LVNRODLQ\HOYWDQD]Ä$QOHLWXQJNpVEE9HUEHVVHUWH$QOHLWXQJ ]XUGHXWVFKHQ6SUDFKOHKUH´PHJIHOHOUpV]HLYHOPHJG|EEHQWKDVRQOyViJRWYHV]QNpV]UH

EDQpVDQQDNPLQWiMiUDDNRUDEHOLPDJ\DUKRUYiWV]ORYiNV]ORYpQpVV]HUEJUDPPDWLNiNEDQ$]

1<20È5.$<,679È1

1yUD7iWUDL,QIDQJHU'HU6SUDFKJHEUDXFKGHU8QJDUQ LQGHU6FKZHL]&URVV&XOWXUDOFRPPXQLFDWLRQ

3HWHU/DQJ)UDQNIXUWDP0DLQ±%HUOLQ±%HUQ±%UX[HOOHV±1HZ<RUN±2[IRUG±:LHQ;,9 ODS

$V]yUYiQ\EDQpOPDJ\DUViJQ\HOYKDV]QiODWiYDOIRJODONR]yV]DNLURGDORPHJ\~MDEEWHUMH GHOPHVPXQNiYDOJD]GDJRGRWW$YL]VJiOWN|]|VVpJWDJMDLHPLJUiOiVXNXWiQ(XUySiEDQPDUDGWDN ]|PpEHQ6YiMFQDNDQpPHWQ\HOYWHUOHWKH]WDUR]yUpV]pQGHDPDJ\DUV]RNiVRNWyOPHQWDOLWiVWyO

(2)

6]HPOH WiYRODEEiOOyN|]|VVpJEHNHOOHWWEHLOOHV]NHGQLNPLQWSpOGiXOD]$XV]WULiEDQPDUDGRWWDNQDN 6YiMFVDMiWRVW|UWpQHWHRNiQDV]HU]iWWHNLQWLDPDJ\DURNpVDVYiMFLDNWDOiONR]iVDLQDNW|EEPLQW H]HUHV]WHQGHMpWLV

$V]HU]NHWWVFpOWW&]|WWPDJDHOpDVYiMFLPDJ\DURNQ\HOYKDV]QiODWiWEHPXWDWQLHJ\IHOO PiVIHOOSHGLJRO\DQPRGHOOHNHWNLDODNtWDQLWRYiEEIHMOHV]WHQLLOOHWOHJNRPELQiOQLDPHO\HNDNpWpV W|EEQ\HOY&VpJNXWDWiViUDDONDOPDVDN$N|Q\YDV]HU]IHORV]WiVDV]HULQWNpWUpV]EOiOOD]HOV H]WD,,±9IHMH]HWWDUWDOPD]]DD6YiMFEDQpOPDJ\DURNW|UWpQHWLpVV]RFLROyJLDLKiWWHUpWHOHP]L (]HQEHOOIRJODONR]LN6YiMFPLJUiFLyVSROLWLNiMiQDNpVDPDJ\DURNKHO\]HWpQHNDODNXOiViYDO±

$PiVRGLN7È75$,,1)$1*(5PHJIRJDOPD]iViEDQIRQWRVDEEUpV]HDN|Q\YQHNDYL]VJiOWN|]|V VpJ Q\HOYKDV]QiODWiUyO LJ\HNV]LN D UHDOLWiVKR] PLQpO N|]HOHEEL NpSHW DGQL 9ROWDNpSSHQ H] NpW WHUMHGHOPpEHQpVIRQWRVViJiEDQKDVRQOyUpV]WUHMWD]HJ\LNEHQNLNOG|WWNpUGtYHNUHDGRWWYiOD V]RNDWHOHPH]9,IHMH]HWDPiVLNEDQ9,,IHMH]HWEHUQLPiVRGLNJHQHUiFLyVPDJ\DURNNDOD )LJXUiVWiQFFVRSRUWWDJMDLYDOYpJ]HWWNXWDWiVRNHUHGPpQ\pWN|]OL

$ 9, IHMH]HWEHQ HOHP]HWW NpUGtYHN NpW Q\HOYHQ PDJ\DUXO pV QpPHWO NpV]OWHN $ V]R FLROLQJYLV]WLNDLYiOWR]yNUDYDOyUiNpUGH]pVHQNtYODV]OHWpVLKHO\UHD6YiMFEDQWDUWy]NRGiVLG WDUWDPiUDDURNRQLNDSFVRODWRNUpYpQOHKHWVpJHVQ\HOYLN|WGpVHNLUiQ\iUDDPDJ\DUQ\HOYWHUOHWUH YDOyXWD]iVRNUDDPDJ\DUpVQpPHWH]HQEHOODVYiMFLGLDOHNWXVLVPHUHWpUHpVDFVDOiGRQEHOOL Q\HOYKDV]QiODWUDLUiQ\XOyNpUGpVHNHWWDUWDOPD]$FtP]HWWHNKH]SRVWDL~WRQHOMXWWDWRWWNpUGtYHN SpOGiQ\N|]ODYLVV]DNOG|WWNLpUWpNHOpVHYROWOHKHWVpJHV$NpUGtYHNOHJQDJ\REEUp V]pWFVDNPDJ\DUXOMyYDONHYHVHEEHWSpOGiQ\WFVDNQpPHWOHWSHGLJQpPHWOpVPDJ\DUXO W|OW|WWHNNL$NpUGtYHNHJ\NLVHEEKiQ\DGD6YiMFIUDQFLDQ\HOY&UpV]pEOpUNH]HWWYLVV]DH]HN QHNDWDQXOViJDLWEL]RQ\RVV]HPSRQWRNQiOQHPOHKHWHWWDIHOGROJR]iVVRUiQIHOKDV]QiOQL

$GHPRJUiILDLDGDWRNDODSMiQLVPHUWHWLDYL]VJiOWFVRSRUWQDNNRUpVILVNRODLYpJ]HWWVpJV]H ULQWLPHJRV]OiViWWRYiEEiD]WKRJ\KiQ\DGDWN|]OQHNYDQYDQQDNJ\HUPHNHLpVYHONPLO\HQ Q\HOYHQEHV]pOQHN$V]RFLiOLVYiOWR]yNNDSFViQD6YiMFEDQWDUWy]NRGiVLGWDUWDPiWLOOHWOHJD]

RUV]iJEDQV]OHWHWWHNV]iPEDYpWHOpWD]LVNROiEDMiUiVKHO\pWpVLGHMpWD]LVNRODLYpJ]HWWVpJHWDGRN WRULFtPPHJV]HU]pVpWV]DNNpSHVtWpVWIRJODONR]iVWDPDJ\DURUV]iJLXWD]iVRNJ\DNRULViJiWHOHP ]LpVD]WKRJ\DFVDOiG URNRQViJPHO\LNRUV]iJEDQODNLN±$NpUGtYHNHJ\HVNpUGpVHLUHU|

YLGV]|YHJHVYiODV]RNDWNHOOHWWD]DGDWN|]ONQHNDGQLXN(]HNEOPDJ\DUpVQpPHWQ\HOYLNRP SHWHQFLiMXNUDKHO\HVtUiVLNpV]VpJHLNUHYRQDWNR]yREMHNWtYDGDWRNDWOHKHWHWWPHUtWHQLDV]XEMHNWtY D]DGDWN|]ON|QpUWpNHOpVpQDODSXOyPHJMHJ\]pVHLYHOV]HPEHQ$NpUGtYHNYpJpQHJ\OHKHWVp JHVNpVEELWDOiONR]iVOHKHWVpJpWPHJWHUHPWYHDNLW|OWNQHYpWpVFtPpWLVPHJNpUGH]WH$PHJ DGRWWQpYDODNRWLVD]HOHPH]KHWQ\HOYLDGDWRNVRUiEDYRQWD

$NpUGtYHNQ\HOYLV]HPSRQWEyOYL]VJiOKDWyYiODV]DLWQpJ\IpOHFVRSRUWRVtWiVEDQHOHP]LDFVDN PDJ\DUXONLW|OW|WWHNHW$DPDJ\DUXOpVQpPHWONLW|OW|WWHNHW&DQpPHWO%YDODPLQWDQp PHWOpVNpWQ\HOYHQNLW|OW|WWNpUGtYHNHW'(]HNDFVRSRUWRN|QPDJXNEDQpVDYiOWR]yNWNUp EHQpUWHOPH]KHWDQ\HOYKDV]QiODWV]LJQLILNiQVPiVHVHWHNEHQ WHQGHQFLDV]HU&PR]JiViW PXWDW MiN±$Q\HOYLYiOWR]DWRNN|]ODPDJ\DUVWDQGDUGD+RFKGHXWVFKWHKiWDQpPHWVWDQGDUGpVD VYiMFL QpPHW GLDOHNWXV LVPHUHWpW PHJpUWpVpW KDV]QiODWiW YL]VJiOMD $] DGDWN|]ON PDJ\DU Q\HOYMiUiVLHUHGHWHLUiQWQHPpUGHNOG|WW

$]HJpV]QpPHW6YiMFUDNLWHUMHGDGDWN|]OpVPHOOHWWNpUGtYHVpVpOQ\HOYLJ\&MWpVWLVIHO GROJR]RWWDV]HU]H]YROWD)LJXUiVWiQFHJ\WWHVWDJMDLYDOYpJ]HWWNXWDWiV$J\&MWpVLQIRUPiWRUDL ILDWDORN]|PPHOPiVRGLNJHQHUiFLyVV]HPpO\HNYROWDN9HONNDSFVRODWEDQtUiVEHOLpVV]yEHOL Q\HOYLNRPSHWHQFLiMXNDWHJ\DUiQWYL]VJiOWD$EHV]pONNRPPXQLNiFLyVKiOyMiQDND]HOHP]p VpWN|YHWHQDQ\HOYLDGDWRNDWPLQGHQHVHWEHQHQQHND]HUHGPpQ\HLYHOV]HPEHVtWHWWH±$)LJXUiV WiQFHJ\WWHVWDJMDLQDNQ\HOYKDV]QiODWiWDYHONLVNLW|OWHWHWWNpUGtYVHJtWVpJpYHOPXWDWMDEH(E EONpSHWOHKHWDONRWQLDPiVRGLNJHQHUiFLyQDNDV]ONDQ\DQ\HOYpKH]YDOyYLV]RQ\iUyOpVDQQDN DODNXOiViUyOYiOWR]iViUyODGGLJLpOHWNIRO\DPiQ$PDJ\DUQ\HOYQHNNXOWXUiOLVpVLGHQWLWiVMHO|O V]HUHSpUHLVUiYLOiJtW

(3)

6]HPOH

$N|]|VVpJWDJMDLQDNNRPPXQLNiFLyMiWDN|YHWNH]IHMH]HWFtPHNDODWWWiUJ\DOMDÄ1\HOYYi ODV]WiVDFVRSRUWRQEHOO´M|YHYpQ\V]DYDNDV]yN|OFV|Q]pVIDMWiLÄ$QpPHWVWDQGDUGWyOYDOyHO WpUpVHN´Ä$PDJ\DUVWDQGDUGWyOYDOyHOWpUpVHN´(]XWyEELQEHOODQ\HOYLUHQGV]HUPLQGHQV]LQWMH V]yEDNHUODPDJ\DUVWDQGDUGWyOYDOyHOWpUpVHNRNDLWDQpPHWPpJLQNiEEDVYiMFLQpPHWGLD OHNWXVRNKDWiViEDQOiWMDDPDJ\DUQ\HOYMiUiVRNV]HUHSpWNLVHEEPpUWpNEHQWiUJ\DOMD(OHP]LDN|

]|VVpJ iOWDO LVPHUW pV KDV]QiOW UHJLV]WHUHNHW D N|]|VVpJEHQ KDV]QiODWRV V]yDONRWiVL PyGRNDW ± 5pV]OHWHVHQIRJODONR]LNDFVRSRUWWDJMDLQDNDWiUVDOJiVLVWUDWpJLiLYDOLOOHWOHJHJ\WHOMHVIHMH]HWHW V]HQWHODGLVNXU]XVHOHP]pVQHN

$]LJHQDODSRVPXQNDDQ\HOYFVHUHIRO\DPDWiQDNN|UOWHNLQWPHJJ\]EHPXWDWiVD.L GHUOKRJ\DWiUVDGDORPEDYDOyEHLOOHV]NHGpV~WMiQMHOHQWVV]HUHSHWMiWV]LNDVWDQGDUGPHOOHWWVW KHO\HWWDKHO\LGLDOHNWXVHOVDMiWtWiVDeUWKHWWHKiWKRJ\D]DGRWWN|UOPpQ\HNN|]|WWDVYiMFLGL DOHNWXVRNLVPHUHWpQHNNpUGpVpYHODODSRVDQIRJODONR]LN$PDJ\DUQ\HOYMiUiVRNKDWiViQDNNpUGp VH HKKH] NpSHVW VRNNDO HOQDJ\ROWDEEDQ WiUJ\DOWDWLN ± $ Q\HOYL DQ\DJEDQ HOIRUGXOy|]DODN NDSFViQPHJMHJ\]LXJ\DQKRJ\LO\HQQ\HOYMiUiVYDQ0DJ\DURUV]iJRQ6]HJHGN|UQ\pNpQ D]D]RQEDQQHPGHUONLKRJ\D]DGDWN|]OQHNYDOyEDQYDQHNDSFVRODWDH]]HODPDJ\DUQ\HOYMiUiV VDO PLYHO D PDJ\DU Q\HOYWHUOHWHQ QHPFVDN LWW KDQHP PiVKRO LV YDQ|]pV $ WHOHSOpV QHYH D]RQEDQDKHO\LQ\HOYYiOWR]DWEDQVHP6]|J|G 1HKH]HQpUWKHWD]DPHJiOODStWiVKRJ\±

PLYHOD]HOVJHQHUiFLyVPDJ\DURND)HOYLGpNNLYpWHOpYHOD]HJpV]PDJ\DUQ\HOYWHUOHWHWNpSYL VHOLN±QHPYDOyV]tQ&KRJ\D)LJXUiVWiQFHJ\WWHVWDJMDLQDNQ\HOYKDV]QiODWiEDQHOIRUGXOyED EHKDV]QiODWDEDQEHQKHO\HWWD]HOVJHQHUiFLyQ\HOYpEOÄ|U|NOG|WW´iW 0LYHO D V]ON ± Q\HOYLWHNLQWHWEHQ±FVDNQHPD]HJpV]Q\HOYWHUOHWHWOHIHGLNDKLEiVDODNKDV]QiODWDDV]HU]V]H ULQWQHPV]iUPD]KDWWOND]pUWDFVRSRUWNpWGRPLQiQVQDNQHYH]HWWWDJMiWWHV]LIHOHOVVp(]HN KH]KDVRQOyWpYHGpVHNKHO\HQNpQWPiVXWWLVWDOiOKDWyN$]HIIpOHWpYHGpVHNWiUJ\EHOLLVPHUHWKLi Q\RNKiWWpUpEHQEL]RQ\iUDD]iOOKRJ\DV]HU]QHPYpJ]HWWPDJ\DUV]DNRW

$N|Q\YHOVVRUEDQLGHJHQDQ\DQ\HOY&ROYDVyLWDOLJKD]DYDUMDpVDN|Q\YV]DNPDLpUWpNpW HJ\iOWDOiQQHPFV|NNHQWLD]DQpKiQ\WpYHGpVDPLDPDJ\DUROYDVyEDQDNRUUHNFLyYiJ\iWpE UHV]WLIHO9L]VRO\±HOOHQWpWEHQDN|Q\YEHQROYDVKDWyYDO±QHP1yJUiGPHJ\pEHQKDQHP

$ED~MEDQ%RUVRG$ED~M=HPSOpQPHJ\HYDQÈUSiGKi]L6]HQW(U]VpEHW6iURVSDWDN±

0DUEXUJ DNLW QpPHW Q\HOYWHUOHWHQ WKULQJLDLNpQW LVPHUQHN QHP WpYHV]WHQG |VV]H D]

HJ\pENpQWXJ\DQFVDNÈUSiGKi]L7|VVL6]HQW(U]VpEHWWHOY%XGD±Y 7|VV$NpWV]HQWDGDWDL|VV]HNHYHUHGWHNDN|Q\YODSMDLQ$PDJ\DU±VYiMFLNDSFVRODWRNHO VRUROiVDNDSFViQH]XWyEELHPOtWHQGWHUPpV]HWHVHQ

7È75$,,1*)$1*(51Ï5$ PXQNiMD LJHQ JD]GDJ DGDWKDOPD]RQ YpJ]HWW NXWDWiV HUHGPpQ\H 9L]VJiODWDLV]HUWHiJD]yPyGRQPXWDWMiNEHD6YiMFEDQpOPDJ\DURNFVRSRUWMDLQDNQ\HOYKDV]Qi ODWL V]RNiVDLW 6WDWLV]WLNDL DGDWDLW WiEOi]DWRNED IRJODOMD pV GLDJUDPRN UpYpQ WHV]L V]HPOpOHWHVVp

$GDWN|]OLQHNQHPFVDNDPDJ\DUKDQHPDQpPHWVWDQGDUGWRYiEEiDKHO\L]ULFKLDDUJDXLLO OHWOHJ EHUQL GLDOHNWXVEDQ YDOy MiUWDVViJiW LV YL]VJiOMD (EEHQ D] |VV]HIJJpVEHQ D PDJ\DU Q\HOYMiUiVRNUDYDOyNLWHNLQWpVHHOQDJ\ROWQDNW&QLN$PXQNDHJpV]HDNXWDWyNV]pOHVN|U&pUGHN OGpVpUH WDUWKDW V]iPRW PLQG D KXQJDUROyJLD PLQG D JHUPDQLV]WLND UpV]pUO $ NpWQ\HOY&VpJ Q\HOYL LQWHUIHUHQFLiN NXWDWiVD VRUiQ WHWW iOWDOiQRV |VV]HIJJpVHNHW pULQWPHJiOODStWiVDL SHGLJ D WRYiEELDNEDQPHJNHUOKHWHWOHQHNOHV]QHN

=(//,*(5(5=6e%(7