ITC: The Economic Impact of US Sanctions with Respect to Cuba

8161 ,QWHUQDWLRQDO 7UDGH &RPPLVVLRQ

'LUHFWRU/ 2IILFH RI (FRQRPLFV5REHUW %1 .RRSPDQ

&200,66,21(56

'HDQQD 7DQQHU 2NXQ/ 9LFH &KDLUPDQ6WHSKHQ .RSODQ/ &KDLUPDQ

'HQQLV 01 'HYDQH\

$GGUHVV DOO FRPPXQLFDWLRQV WR6HFUHWDU\ WR WKH &RPPLVVLRQ

8QLWHG 6WDWHV ,QWHUQDWLRQDO 7UDGH &RPPLVVLRQ:DVKLQJWRQ/ '& 53769

/\QQ 01 %UDJJ

0DUFLD (10LOOHU

-HQQLIHU $1 +LOOPDQ

'LUHFWRU RI 2SHUDWLRQV5REHUW $1 5RJRZVN\

OMB No.: 3117--0188

02/01

ITC READER SATISFACTION SURVEYThe Economic Impact of U.S. Sanctions With Respect to Cuba

The U.S . In ternational Trade Commission (ITC) is in tere sted in your vo lun tary comments(burden < 15 minutes) to help us assess the value and quality of our repor ts, and to assist us inimproving future products. P lease re turn survey by fax (202-205-2340) or by mail to the ITC.

Your name and t it le (please pr in t ; responses below not for attribution):

P lease specify in format ion in this repor t most useful to you/your organ izat ion :

Was any in format ion missing that you consider impor tan t? Yes (specify below) No

If yes, please iden t ify missing in format ion and why it would be impor tan t or helpful to you:

P lease assess the va lue of this ITC repor t (answer below by circling all that apply): SA—StronglyAgree; A—Agree; N—No Opin ion /Not Applicable; D—Disagree; SD—Strongly Disagree

" Repor t presen ts new facts, in format ion , and/or data SA A N D SD" Staff analysis adds value to facts, in format ion , and/or data SA A N D SD" Analysis is un ique or ground breaking SA A N D SD" Stat ist ical data are useful to me/my organ izat ion SA A N D SD" Subject mat ter and analysis are t imely SA A N D SD" ITC is the on ly or the prefer red source of this in format ion SA A N D SD

If not , please iden t ify from what other source the in format ion is available

P lease evaluate the qua l i t y of this r epor t (answer below by circling all that apply): SA—StronglyAgree; A—Agree; N—No Opin ion /Not Applicable; D—Disagree; SD—Strongly Disagree

" Writ ten in clear and under standable manner SA A N D SD" Repor t findings or execut ive summary address key issues SA A N D SD" Figures, char ts, graphs are helpful to under standing issue SA A N D SD" Analysis throughout repor t answers key quest ions SA A N D SD" Repor t r eferences var iety of pr imary and secondary sources SA A N D SD" Sources are fully documented in text or footnotes SA A N D SD

P lease provide fur ther comment on any of the above per formance measures, as appropr iate:

Suggest ions for improving this repor t and/or future repor ts:

Other topics/issues of in terest or concern :

P lease provide your In ternet address and update your mailing address below, if applicable:

UNITED STATESINTERNATIONAL TRADE COMMISSION

WASHINGTON, DC 20436

OFFICIAL BUSINESSPENALTY FOR PRIVATE, USE $300

FOLD

NO POSTAGENECESSARYIF MAILEDIN THE

UNITED STATES

BUSINESS REPLY MAILFIRST CLASS PERMIT NO. 12840 WASHINGTON, DC

POSTAGE WILL BE PAID BY ADDRESSEE

U.S INTERNATIONAL TRADE COMMISSION500 E STREET, SW.WASHINGTON, DC 20277--2840

ATTN:OFFICE OF ECONOMICSThe Economic Impact of U.S. Sanctions WithRespect to Cuba

8161 ,QWHUQDWLRQDO 7UDGH &RPPLVVLRQ:DVKLQJWRQ/'& 53769

)HEUXDU\ 5334

ZZZ1XVLWF1JRY

3XEOLFDWLRQ 66<;

,QYHVWLJDWLRQ 1R1 6650746

7KH (FRQRPLF ,PSDFW RI 8161 6DQFWLRQV:LWK 5HVSHFW WR &XED

7KLV UHSRUW ZDV SULQFLSDOO\ SUHSDUHG E\

3URMHFW 6WDII

2IILFH RI (FRQRPLFV$URQD 01 %XWFKHU

&KLHI/ &RXQWU\ DQG 5HJLRQDO 5HSRUWV 'LYLVLRQ

-DPHV 6WDPSV/ 3URMHFW /HDGHU9LFWRULD &KRPR/0LFKDHO )HUUDQWLQR/ DQG (GZDUG :LOVRQ

2IILFH RI ,QGXVWULHV-RQDWKDQ &ROHPDQ/ 'HSXW\ 3URMHFW /HDGHU

'LYLVLRQ &RRUGLQDWRUV9LQFH 'H6DSLR/ &KULVWRSKHU -RKQVRQ/ 'HQQLV /XWKHU/ 'RXJODV 1HZPDQ/ DQG 6WHYH :DQVHU

,QWHUQDWLRQDO 7UDGH $QDO\VWV6FRWW %DNHU/ /DXUD %ORRGJRRG/ 'HYU\ %RXJKQHU/ 5D\ &DQWUHOO/ 5RJHU &RUH\/ -RKQ &XWFKLQ/ $OIUHG 'HQQLV/'HQQLV )UDYHO/ -RKQ )U\/ *HUDOG +RXFN/ 'DYLG ,QJHUVRO/ 'DYLG /XGZLFN/ 'DYLG 0LFKHOV/0LFKDHO 1XQHV/

/DXUD 3ROO\/ -RKQ 5HHGHU/ .DUO 5LFK/ /DXUD 5RGULJXH]0$UFKLOD/ *HRUJH 6HUOHWLV/ -RDQQ 7RUWRULFH/0LFKHOOH 9DFD06HQHFDO/ DQG /LQGD :KLWH

2IILFH RI WKH *HQHUDO &RXQVHO5KRQGD +XJKHV

5HYLHZHUV.HLWK +DOO DQG &DWK\ -DEDUD

$GPLQLVWUDWLYH 6XSSRUW3K\OOLV %RRQH DQG 3DWULFLD 7KRPDV

K

2222TTTTGGGGHHHHCCCCEEEEGGGG

1P #RTKN ÏÈÒ ÎÌÌÌÒ VJG 7PKVGF 5VCVGU +PVGTPCVKQPCN 6TCFG %QOOKUUKQP ıVJG%QOOKUUKQPÙ KPUVKVWVGF KPXGUVKICVKQP 0QÔ ÍÍÎEÈÏÍÒ 6JG 'EQPQOKE +ORCEV QH 7Ô5Ô5CPEVKQPU9KVJ 4GURGEV VQ %WDCÔ 6JG KPXGUVKICVKQPÒ EQPFWEVGF WPFGT UGEVKQP ÍÍÎıIÙ QHVJG 6CTKHH #EV QH Ï‰ÍÌÒ YCU KP TGURQPUG VQ C TGSWGUV HTQO VJG %QOOKVVGG QP9C[U CPF/GCPUÒ 7Ô5Ô *QWUG QH 4GRTGUGPVCVKXGU ıUGG CRRGPFKZ #ÙÔ

6JG RWTRQUG QH VJKU KPXGUVKICVKQP KU VQ CUUGUU VJG KORCEV QH VJG 7Ô5Ô UCPEVKQPU YKVJTGURGEV VQ %WDC QP DQVJ VJG 7Ô5Ô CPF VJG %WDCP GEQPQOKGUÔ +P RCTVKEWNCTÒ VJG%QOOKVVGG QP 9C[U CPF /GCPU TGSWGUVGF VJCV VJG %QOOKUUKQPrU TGRQTV RTQXKFG CPQXGTXKGY QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC‚ C FGUETKRVKQP QH VJG %WDCP GEQPQO[ÒCPF KVU VTCFG CPF KPXGUVOGPV RQNKEKGU CPF VTGPFU‚ CP CPCN[UKU QH VJG JKUVQTKECN KORCEV QH7Ô5Ô UCPEVKQPU QP DQVJ VJG 7Ô5Ô CPF %WDCP GEQPQOKGUÒ GURGEKCNN[ QP CHHGEVGF UGEVQTUCPFÒ VQ VJG GZVGPV RQUUKDNGÒ QP 7Ô5Ô GZRQTVUÒ KORQTVUÒ GORNQ[OGPVÒ EQPUWOGTUÒ CPFKPXGUVOGPV‚ CPF CP GXCNWCVKQP QH VJG EWTTGPV KORCEV QP 7Ô5ÔE%WDCP DKNCVGTCN VTCFGÒKPXGUVOGPVÒ GORNQ[OGPVÒ CPF EQPUWOGTU QH VJG GEQPQOKE UCPEVKQPU QP VTCFG CPFKPXGUVOGPV YKVJ %WDCÒ YKVJ RCTVKEWNCT CVVGPVKQP VQ VJG GHHGEVU QP 7Ô5Ô UGTXKEGUÒ 7Ô5ÔCITKEWNVWTGÒ CPF QVJGT UGEVQTU HQT YJKEJ VJG KORCEV KU NKMGN[ VQ DG UKIPKHKECPVÔ 6JG%QOOKUUKQP JCU OCFG PQ CUUWORVKQPU KP VJKU KPXGUVKICVKQP TGICTFKPI CP[ RQUUKDNGHWVWTG RQNKE[ EJCPIGU KP%WDCÔ 6JKU TGRQTV FQGU PQV CFFTGUU VTCFG KPOKNKVCT[ IQQFU CPFUGTXKEGU QT VTCFG KP IQQFUÒ UGTXKEGUÒ CPF VGEJPQNQI[ UWDLGEV VQ GZRQTV EQPVTQNU TGNCVKPIVQ 7Ô5Ô PCVKQPCN UGEWTKV[ KPVGTGUVUwCNN CTGCU PQV VTCFKVKQPCNN[ OQPKVQTGF D[ VJG%QOOKUUKQPÔ

6JG %QOOKUUKQP UQNKEKVGF RWDNKE EQOOGPV HQT VJKU KPXGUVKICVKQP D[ RWDNKUJKPI C PQVKEG KPVJG (GFGTCN 4GIKUVGT QH #RTKN ÎÈÒ ÎÌÌÌ ıUGG CRRGPFKZ $Ù CPF JQNFKPI C RWDNKE JGCTKPIQP 5GRVGODGT Ï‰EÎÌÒ ÎÌÌÌÔ

KKK

6666CCCCDDDDNNNNGGGG QQQQHHHH %%%%QQQQPPPPVVVVGGGGPPPPVVVVUUUU

2222CCCCIIIIGGGG''''ZZZZGGGGEEEEWWWWVVVVKKKKXXXXGGGG UUUUWWWWOOOOOOOOCCCCTTTT[[[[ ZKKKÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%%%%JJJJCCCCRRRRVVVVGGGGTTTT ÏÏÏÏÔÔÔÔ ++++PPPPVVVVTTTTQQQQFFFFWWWWEEEEVVVVKKKKQQQQPPPP ÏEÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô2WTRQUG CPF UEQRG QH VJG TGRQTV ÏEÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô#RRTQCEJ QH VJG TGRQTV ÏEÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô&CVC UQWTEGU ÏEÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô#PCN[VKECN HTCOGYQTM ÏEÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô1TICPK\CVKQP QH VJG TGRQTV ÏEÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô1XGTXKGY QH 7Ô5ÔE%WDCP GEQPQOKE TGNCVKQPU ÏEÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô7Ô5Ô EGTVKHKGF ENCKOU ÏE‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô%WTTGPV TGNCVKQPU ÏEÏÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%%%%JJJJCCCCRRRRVVVVGGGGTTTT ÎÎÎÎÔÔÔÔ 1111XXXXGGGGTTTTXXXXKKKKGGGGYYYY QQQQHHHH 7777ÔÔÔÔ5555ÔÔÔÔ 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU 9999KKKKVVVVJJJJ 4444GGGGUUUURRRRGGGGEEEEVVVV VVVVQQQQ %%%%WWWWDDDDCCCC CCCCPPPPFFFF6666JJJJGGGGKKKKTTTT ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP VVVVJJJJGGGG 7777ÔÔÔÔ5555ÔÔÔÔ ''''EEEEQQQQPPPPQQQQOOOO[[[[ ÎEÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

/CLQT 7Ô5Ô 5CPEVKQPU YKVJ TGURGEV VQ %WDC ÎEÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô6JG Ï‰ÁÌU„ 'EQPQOKE UCPEVKQPU QH VJG 'KUGPJQYGT CPF -GPPGF[

CFOKPKUVTCVKQPU ÎEÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô+PKVKCN KORNGOGPVCVKQP ÎEÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô5CPEVKQPU FGP[KPI 7Ô5Ô HQTGKIP CUUKUVCPEG ÎEÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô5WURGPUKQP QH OQUVEHCXQTGFEPCVKQP VTGCVOGPV ÎEÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô5JKRRKPIÒ HQQFÒ CPF OGFKECN UCNGU ÎEÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô%QORTGJGPUKXG GEQPQOKE UCPEVKQPU ÎEËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

6JG Ï‰ÊÌU„ UVGRU VQYCTF PQTOCNK\CVKQP ÎEËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô6JG Ï‰ÂÌU„ TGPGYGF UCPEVKQPU ÎEÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô6JG Ï‰‰ÌU„ UCPEVKQPU CICKPUV RQUVE5QXKGV %WDC ÎEÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%WDCP &GOQETCE[ #EV QH Ï‰‰Î ÎEÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô%WDCP .KDGTV[ CPF &GOQETCVKE 5QNKFCTKV[ ı.KDGTVCFÙ

#EV QH Ï‰‰Á ı*GNOU $WTVQP #EVÙ ÎEÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô4GOKVVCPEGU ÎE‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô5GEVKQP ÎÏÏ QH VJG 7Ô5Ô 1OPKDWU #RRTQRTKCVKQPU #EV ÎE‰Ô Ô Ô Ô Ô Ô Ô5CNGU CPF FQPCVKQPU QH OGFKEKPGU CPF OGFKECN GSWKROGPV ÎE‰Ô Ô Ô5CNGU QH HQQF CPF CITKEWNVWTCN KPRWVU ÎEÏÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

*KUVQTKECN KORCEV ÎEÏÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô.KVGTCVWTG TGXKGY ÎEÏÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô+ORCEV FWTKPI Ï‰ÁÌEÂ‰ ÎEÏÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô+ORCEV FWTKPI Ï‰‰ÌE‰Á ÎEÏËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%WTTGPV KORCEV ÎEÏÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô#PCN[UKU QH KORCEV ÎEÏÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô'UVKOCVGF 7Ô5ÔE%WDCP VTCFG ÎEÏ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô'UVKOCVGF 7Ô5ÔE%WDCP HQTGKIP GZEJCPIG HNQYU ÎEÎÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô'HHGEVU QP 7Ô5Ô QWVRWVÒ GORNQ[OGPVÒ CPF YCIGU ÎEÎÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

KX

6666CCCCDDDDNNNNGGGG QQQQHHHH %%%%QQQQPPPPVVVVGGGGPPPPVVVVUUUUEEEE%%%%QQQQPPPPVVVVKKKKPPPPWWWWGGGGFFFF

2222CCCCIIIIGGGG%%%%JJJJCCCCRRRRVVVVGGGGTTTT ÍÍÍÍÔÔÔÔ 1111XXXXGGGGTTTTXXXXKKKKGGGGYYYY QQQQHHHH VVVVJJJJGGGG %%%%WWWWDDDDCCCCPPPP ''''EEEEQQQQPPPPQQQQOOOO[[[[ CCCCPPPPFFFF VVVVJJJJGGGG ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH

7777ÔÔÔÔ5555ÔÔÔÔ 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU ÍEÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô$CEMITQWPF„ %WDC KP VJG Ï‰ËÌU ÍEÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô%WDC FWTKPI Ï‰ÁÌEÂ‰ ÍEÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô4QNG QH 5QXKGV GEQPQOKE CUUKUVCPEG ÍEÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô+ORCEV QH 1#5 OWNVKNCVGTCN GEQPQOKE UCPEVKQPU ÍEÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô6TCFG CPF KPXGUVOGPV RQNKEKGU CPF VTGPFU ÍEÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

6TCFG RQNKEKGU CPF VTGPFU ÍEÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô+PXGUVOGPV RQNKEKGU CPF VTGPFU ÍEÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô6QWTKUO ÍEÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%WDCrU GEQPQO[ KP VJG Ï‰‰ÌU ÍEÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô.QUU QH 5QXKGV CKF CPF GEQPQOKE ETKUKU ÍEÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô'EQPQOKE TGHQTOU ÍEÏÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

#ITKEWNVWTCN UGEVQT TGHQTOU ÍEÏÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô.GICNK\CVKQP QH VJG WUG QH HQTGKIP EWTTGPE[ ÍEÏÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô.GICNK\CVKQP QH NKOKVGF HQTOU QH UGNHEGORNQ[OGPV ÍEÏËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô+ORTQXGF HKUECN OCPCIGOGPV ÍEÏËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô(QTGKIP VTCFG CPF CKF ÍEÏÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô(QTGKIP KPXGUVOGPV ÍEÏÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

,QKPV XGPVWTG QRGTCVKQPU ÍEÎÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô(TGG VTCFG \QPGU ÍEÎÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô.CDQT RQNKEKGU ÍEÎÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%CRKVCN HNQYU ÍEÎÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô(QTGKIP GZEJCPIG ÍEÎÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô6QWTKUO ÍEÎÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô4GOKVVCPEGU ÍEÎËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô(QTGKIP FGDV ÍEÎÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

'EQPQOKE TGURQPUG VQ VJG TGHQTOU ÍEÎÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN KORCEV ÍEÎÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

+ORCEV FWTKPI Ï‰ÁÌEÂ‰ ÍEÎÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô+ORCEV FWTKPI Ï‰‰ÌE‰Á ÍEÍÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô%WDCP IQXGTPOGPV GUVKOCVGU QH VJG EQUVU QH 7Ô5Ô UCPEVKQPU ÍEÍÈÔ Ô Ô

%WTTGPV KORCEV ÍEÍÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô/GTEJCPFKUG VTCFG ÍEÍÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô(QTGKIP GZEJCPIG HNQYU CPF KPXGUVOGPV ÍEÍÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%%%%JJJJCCCCRRRRVVVVGGGGTTTT ÈÈÈÈÔÔÔÔ ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP 5555GGGGTTTTXXXXKKKKEEEEGGGGUUUU ÈEÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô+PVTQFWEVKQP ÈEÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô#KT VTCPURQTVCVKQP UGTXKEGU ÈEÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÈEÍÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÈEËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

X


2222CCCCIIIIGGGG

%%%%JJJJCCCCRRRRVVVVGGGGTTTT ÈÈÈÈÔÔÔÔ ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP 5555GGGGTTTTXXXXKKKKEEEEGGGGUUUUEEEE%%%%QQQQPPPPVVVVKKKKPPPPWWWWGGGGFFFF/CTKVKOG VTCPURQTVCVKQP UGTXKEGU ÈEÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÈEÊÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÈEÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

$CPMKPI UGTXKEGU CPF KPUWTCPEG UGTXKEGU ÈE‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÈEÏÌÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÈEÏÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%QPUVTWEVKQP UGTXKEGU ÈEÏÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÈEÏÈÔ Ô Ô

6GNGEQOOWPKECVKQP UGTXKEGU ÈEÏËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÈEÏËÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÈEÏÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

6TCXGN CPF VQWTKUO UGTXKEGU ÈEÏ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÈEÎÌÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÈEÎÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%%%%JJJJCCCCRRRRVVVVGGGGTTTT ËËËËÔÔÔÔ ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP ####IIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTGGGG ËEÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô+PVTQFWEVKQP ËEÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô/GCV CPF &CKT[ ËEÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÍÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

9JGCV ËEÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÁÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

4KEG ËE‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËE‰Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÏÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

(GGFITCKP ËEÏÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÏÏÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÏÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

#PKOCN HGGF ËEÏÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÏÈÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÏÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

(CVU CPF QKNU ËEÏÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÏÊÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÏÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

&T[ DGCPU ËEÏÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÏ‰Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÎÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%QVVQP ËEÎÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

XK


2222CCCCIIIIGGGG

%%%%JJJJCCCCRRRRVVVVGGGGTTTT ËËËËÔÔÔÔ ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP ####IIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTGGGGEEEE%%%%QQQQPPPPVVVVKKKKPPPPWWWWGGGGFFFF*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÎÌÔ Ô Ô

9KPVGT XGIGVCDNGU ËEÎÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÎÍÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÎÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

6TQRKECN HTWKV ËEÎÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÎÂÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÍÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%KVTWU HTWKV ËEÍÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÍÏÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÍÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

5WICT ËEÍÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÍËÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÍÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

&KUVKNNGF URKTKVU ËEÈÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÈÌÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÈÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%KICTU ËEÈÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÈÍÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÈÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

5GCHQQF ËEÈËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ËEÈÁÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ËEÈÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%%%%JJJJCCCCRRRRVVVVGGGGTTTT ÁÁÁÁÔÔÔÔ ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP ++++PPPPVVVVGGGGTTTTOOOOGGGGFFFFKKKKCCCCVVVVGGGG CCCCPPPPFFFF ////CCCCPPPPWWWWHHHHCCCCEEEEVVVVWWWWTTTTGGGGFFFF ))))QQQQQQQQFFFFUUUU ÁEÏÔ Ô+PVTQFWEVKQP ÁEÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô(GTVKNK\GT CPF RGUVKEKFG RTQFWEVU ÁEÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁEÍÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÁEÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

2JCTOCEGWVKECN RTQFWEVU ÁEËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁEÁÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÁEÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

6GZVKNG CPF CRRCTGN KPFWUVTKGU ÁE‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁE‰Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÁEÏÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

5VGGN ÁEÏÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁEÏÍÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÁEÏÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

0KEMGN CPF EQDCNV ÁEÏËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁEÏÁÔ Ô Ô

XKK


2222CCCCIIIIGGGG

%%%%JJJJCCCCRRRRVVVVGGGGTTTT ÁÁÁÁÔÔÔÔ ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP ++++PPPPVVVVGGGGTTTTOOOOGGGGFFFFKKKKCCCCVVVVGGGG CCCCPPPPFFFF ////CCCCPPPPWWWWHHHHCCCCEEEEVVVVWWWWTTTTGGGGFFFF))))QQQQQQQQFFFFUUUUEEEE%%%%QQQQPPPPVVVVKKKKPPPPWWWWGGGGFFFF

*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÁEÏÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô/CEJKPGT[ CPF VTCPURQTVCVKQP GSWKROGPV ÁEÏ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁEÎÌÔ Ô Ô

/CEJKPGT[ ÁEÎÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô6TCPURQTVCVKQP GSWKROGPV ÁEÎÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÁEÎÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô/CEJKPGT[ ÁEÎÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô6TCPURQTVCVKQP GSWKROGPV ÁEÎÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

2QYGT IGPGTCVKQP OCEJKPGT[ CPF GSWKROGPV ÁEÎÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁEÎËÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÁEÎÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

'NGEVTQPKEU IQQFU ÁEÎÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁEÎÂÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÁEÍÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

/GFKECN IQQFU ÁEÍÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁEÍÎÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÁEÍËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

%GOGPV ÁEÍÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁEÍÊÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÁEÍÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

2NCUVKEU ÁEÍ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP 7PKVGF 5VCVGU ÁEÍ‰Ô Ô Ô Ô Ô

6KTGU ÁEÈÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁEÈÌÔ Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP %WDC ÁEÈÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

5RQTVKPI IQQFU ÁEÈÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô*KUVQTKECN CPF EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7PKVGF 5VCVGU ÁEÈÎÔ Ô Ô

####RRRRRRRRGGGGPPPPFFFFKKKKEEEEGGGGUUUU#Ô 4GSWGUV NGVVGT #EÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô$Ô (GFGTCN 4GIKUVGT PQVKEG $EÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô%Ô .KUV QH JGCTKPI RCTVKEKRCPVU %EÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô&Ô 5WOOCT[ QH JGCTKPI VGUVKOQP[ CPF YTKVVGP UWDOKUUKQPU &EÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô'Ô 6GNGRJQPG UWTXG[ 'EÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô(Ô 6JG 75+6% ITCXKV[ OQFGN (EÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)Ô 5GEVQTCN UVCVKUVKEU )EÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

XKKK


2222CCCCIIIIGGGG

6666CCCCDDDDNNNNGGGGUUUU'5EÏ 'UVKOCVGF CPPWCN 7Ô5Ô GZRQTVU VQ %WDC KP VJG CDUGPEG QH 7Ô5Ô

UCPEVKQPU ıDCUGF QP CXGTCIG Ï‰‰ÁE‰Â VTCFG FCVCÙ ZZXÔ Ô Ô Ô Ô Ô Ô Ô'5EÎ 'UVKOCVGF CPPWCN 7Ô5Ô KORQTVU HTQO %WDC KP VJG CDUGPEG QH 7Ô5Ô

UCPEVKQPU ıDCUGF QP CXGTCIG Ï‰‰ÁE‰Â VTCFG FCVCÙ ZZXKÔ Ô Ô Ô Ô Ô Ô ÔÎEÏÔ 5GNGEVGF MG[ GXGPVU TGICTFKPI 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDCÒ

Ï‰Ë‰EÎÌÌÌ ÎEÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔÎEÎÔ 7Ô5Ô VTCFG YKVJ YQTNF CPF YKVJ %WDCÒ Ï‰ËÊEÁÈ ÎEÏÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔÎEÍÔ 'UVKOCVGF 7Ô5ÔE%WDCP VTCFG KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÒ

Ï‰‰ÁE‰Â CXGTCIG CPPWCN ÎEÎÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔÎEÈÔ 'UVKOCVGF CFFKVKQPCN PGV HQTGKIP GZEJCPIG HNQYU HTQO VJG

7PKVGF 5VCVGU VQ %WDC KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPU ÎEÎÏÔ Ô Ô Ô Ô ÔÍEÏÔ %WDC„ OCETQGEQPQOKE KPFKECVQTUÒ Ï‰Â‰E‰Â ÍEÎÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔÍEÎÔ %WDCP )QXGTPOGPV GUVKOCVGU QH VJG EQUVU QH 7Ô5Ô UCPEVKQPU

VQ VJG %WDCP GEQPQO[Ò VJTQWIJ Ï‰‰Â ÍEÍËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô(EÏÔ #IITGICVG ITCXKV[ OQFGN TGITGUUKQPU (EÏÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏC #KT VTCPURQTVCVKQP UGTXKEGU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÍÔ Ô Ô Ô Ô Ô Ô Ô)EÏD #KT VTCPURQTVCVKQP UGTXKEGU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏE #KT VTCPURQTVCVKQP UGTXKEGU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÈÔ Ô Ô Ô Ô Ô)EÏF #KT VTCPURQTVCVKQP UGTXKEGU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÈÔ Ô Ô Ô Ô Ô Ô Ô)EÎC /CTKVKOG VTCPURQTVCVKQP UGTXKEGU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EËÔ Ô Ô)EÎD /CTKVKOG VTCPURQTVCVKQP UGTXKEGU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EËÔ Ô Ô Ô Ô)EÎE /CTKVKOG VTCPURQTVCVKQP UGTXKEGU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÁÔ)EÎF /CTKVKOG VTCPURQTVCVKQP UGTXKEGU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÁÔ Ô Ô)EÍC $CPMKPI UGTXKEGU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍD $CPMKPI UGTXKEGU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍE $CPMKPI UGTXKEGU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍF $CPMKPI UGTXKEGU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈC +PUWTCPEG UGTXKEGU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )E‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈD +PUWTCPEG UGTXKEGU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )E‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈE +PUWTCPEG UGTXKEGU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÏÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈF +PUWTCPEG UGTXKEGU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÏÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EËC %QPUVTWEVKQP UGTXKEGU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÏÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EËD %QPUVTWEVKQP UGTXKEGU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÏÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EËE %QPUVTWEVKQP UGTXKEGU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÏÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô)EËF %QPUVTWEVKQP UGTXKEGU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÏÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÁC 6GNGEQOOWPKECVKQPU UGTXKEGU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÏÍÔ Ô Ô Ô Ô Ô)EÁD 6GNGEQOOWPKECVKQPU UGTXKEGU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÏÍÔ Ô Ô Ô Ô Ô Ô Ô)EÁE 6GNGEQOOWPKECVKQPU UGTXKEGU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÏÈÔ Ô Ô Ô)EÁF 6GNGEQOOWPKECVKQPU UGTXKEGU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÏÈÔ Ô Ô Ô Ô Ô

KZ


2222CCCCIIIIGGGG

6666CCCCDDDDNNNNGGGGUUUUEEEE%%%%QQQQPPPPVVVVKKKKPPPPWWWWGGGGFFFF)EÊC 6TCXGN CPF VQWTKUO UGTXKEGU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÏËÔ Ô Ô Ô Ô Ô Ô)EÊD 6TCXGN CPF VQWTKUO UGTXKEGU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÏËÔ Ô Ô Ô Ô Ô Ô Ô Ô)EÊE 6TCXGN CPF VQWTKUO UGTXKEGU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÏÁÔ Ô Ô Ô Ô)EÊF 6TCXGN CPF VQWTKUO UGTXKEGU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÏÁÔ Ô Ô Ô Ô Ô Ô)EÂC $GGH„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÏÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÂD $GGH„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÏÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÂE $GGH„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÏÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÂF $GGH„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÏÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)E‰C 2QTM„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÏ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)E‰D 2QTM„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÏ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)E‰E 2QTM„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÎÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)E‰F 2QTM„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÎÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÌC 2QWNVT[„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÎÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÌD 2QWNVT[„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÎÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÌE 2QWNVT[„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÎÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÌF 2QWNVT[„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÎÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÏC &CKT[ RTQFWEVU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÎÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÏD &CKT[ RTQFWEVU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÎÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÏE &CKT[ RTQFWEVU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÎÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÏF &CKT[ RTQFWEVU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÎÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÎC 9JGCV„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÎËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÎD 9JGCV„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÎËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÎE 9JGCV„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÎÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÎF 9JGCV„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÎÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÍC 4KEG„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÎÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÍD 4KEG„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÎÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÍE 4KEG„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÎÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÍF 4KEG„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÎÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÈC (GGFITCKP„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÎ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÈD (GGFITCKP„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÎ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÈE (GGFITCKP„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÍÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÈF (GGFITCKP„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÍÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏËC #PKOCN HGGF„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÍÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏËD #PKOCN HGGF„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÍÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏËE #PKOCN HGGF„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÍÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏËF #PKOCN HGGF„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÍÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÁC (CVU CPF QKNU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÍÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÁD (CVU CPF QKNU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÍÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÁE (CVU CPF QKNU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÍÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

Z


2222CCCCIIIIGGGG

6666CCCCDDDDNNNNGGGGUUUUEEEE%%%%QQQQPPPPVVVVKKKKPPPPWWWWGGGGFFFF)EÏÁF (CVU CPF QKNU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÍÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÊC &T[ DGCPU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÍËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÊD &T[ DGCPU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÍËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÊE &T[ DGCPU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÍÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÊF &T[ DGCPU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÍÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÂC %QVVQP„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÍÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÂD %QVVQP„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÍÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÂE %QVVQP„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÍÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏÂF %QVVQP„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÍÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏ‰C 9KPVGT XGIGVCDNGU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÍ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏ‰D 9KPVGT XGIGVCDNGU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÍ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏ‰E 9KPVGT XGIGVCDNGU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÈÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÏ‰F 9KPVGT XGIGVCDNGU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÈÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÌC 6TQRKECN HTWKV„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÈÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÌD 6TQRKECN HTWKV„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÈÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÌE 6TQRKECN HTWKV„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÈÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÌF 6TQRKECN HTWKV„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÈÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÏC %KVTWU HTWKV„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÈÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÏD %KVTWU HTWKV„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÈÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÏE %KVTWU HTWKV„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÈÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÏF %KVTWU HTWKV„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÈÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÎC 5WICT„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÈËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÎD 5WICT„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÈËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÎE 5WICT„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÈÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÎF 5WICT„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÈÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÍC &KUVKNNGF URKTKVU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÈÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÍD &KUVKNNGF URKTKVU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÈÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÍE &KUVKNNGF URKTKVU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÈÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÍF &KUVKNNGF URKTKVU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÈÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÈC %KICTU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÈ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÈD %KICTU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÈ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÈE 6QDCEEQ ıEKICTUÙ„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EËÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÈF 6QDCEEQ ıEKICTUÙ„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EËÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎËC 5GCHQQF„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EËÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎËD 5GCHQQF„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EËÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎËE 5GCHQQF„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EËÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎËF 5GCHQQF„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EËÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÁC (GTVKNK\GTU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EËÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÁD (GTVKNK\GTU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EËÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ZK


2222CCCCIIIIGGGG

6666CCCCDDDDNNNNGGGGUUUUEEEE%%%%QQQQPPPPVVVVKKKKPPPPWWWWGGGGFFFF)EÎÁE (GTVKNK\GTU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EËÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÁF (GTVKNK\GTU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EËÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÊC 2GUVKEKFGU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EËËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÊD 2GUVKEKFGU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EËËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÊE 2GUVKEKFGU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EËÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÊF 2GUVKEKFGU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EËÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÂC 2JCTOCEGWVKECN RTQFWEVU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EËÊÔ Ô Ô Ô Ô Ô Ô Ô Ô)EÎÂD 2JCTOCEGWVKECN RTQFWEVU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EËÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎÂE 2JCTOCEGWVKECN RTQFWEVU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EËÂÔ Ô Ô Ô Ô Ô Ô)EÎÂF 2JCTOCEGWVKECN RTQFWEVU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EËÂÔ Ô Ô Ô Ô Ô Ô Ô Ô)EÎ‰C 6GZVKNGU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EË‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎ‰D 6GZVKNGU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EË‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎ‰E 6GZVKNGU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÁÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÎ‰F 6GZVKNGU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÁÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÌC #RRCTGN„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÁÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÌD #RRCTGN„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÁÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÌE #RRCTGN„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÁÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÌF #RRCTGN„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÁÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÏC 5VGGN„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÁÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÏD 5VGGN„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÁÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÏE 5VGGN„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÁÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÏF 5VGGN„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÁÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÎC 2TKOCT[ PKEMGN„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÁËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÎD 2TKOCT[ EQDCNV„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÁËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÎE 2TKOCT[ PKEMGN CPF EQDCNV„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÁÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÎF 0KEMGNEEQDCNV QZKFGÒ UKPVGTÒ CPF UWNHKFG„ %WDCP UGEVQT RTQHKNGÒ

Ï‰‰ËE‰‰ )EÁÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÎG 0KEMGN CPF EQDCNV„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÁÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÍC /CEJKPGT[„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÁÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÍD /CEJKPGT[„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÁÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÍE /CEJKPGT[„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÁ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÍF /CEJKPGT[„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÁ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÈC 6TCPURQTVCVKQP GSWKROGPV„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÊÌÔ Ô Ô Ô Ô Ô Ô Ô)EÍÈD 6TCPURQTVCVKQP GSWKROGPV„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÊÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÈE 6TCPURQTVCVKQP GSWKROGPV„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÊÏÔ Ô Ô Ô Ô Ô)EÍÈF 6TCPURQTVCVKQP GSWKROGPV„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÊÏÔ Ô Ô Ô Ô Ô Ô Ô)EÍËC 2QYGT IGPGTCVKQP OCEJKPGT[ CPF GSWKROGPV„ 7Ô5Ô UGEVQT

RTQHKNGÒ Ï‰‰ËE‰‰ )EÊÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ZKK


2222CCCCIIIIGGGG

6666CCCCDDDDNNNNGGGGUUUUEEEE%%%%QQQQPPPPVVVVKKKKPPPPWWWWGGGGFFFF)EÍËD 2QYGT IGPGTCVKQP OCEJKPGT[ CPF GSWKROGPV„

7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÊÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍËE 2QYGT IGPGTCVKQP OCEJKPGT[ CPF GSWKROGPV„

%WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÊÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍËF 2QYGT IGPGTCVKQP OCEJKPGT[ CPF GSWKROGPV„

%WDCP UGEVQT EJCTCEVGTKUVKEU )EÊÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÁC 'NGEVTQPKEU IQQFU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰U )EÊÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÁD 'NGEVTQPKEU IQQFU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÊÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÁE 'NGEVTQPKEU IQQFU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÊËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÁF 'NGEVTQPKEU IQQFU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÊËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÊC /GFKECN IQQFU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÊÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÊD /GFKECN IQQFU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÊÁÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÊE /GFKECN IQQFU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÊÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÊF /GFKECN IQQFU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÊÊÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô))))EEEEÍÂC %GOGPV„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÊÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÂD %GOGPV„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÊÂÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÂE %GOGPV„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÊ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍÂF %GOGPV„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÊ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍ‰C 2NCUVKEU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÂÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍ‰D 2NCUVKEU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÂÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍ‰E 2NCUVKEU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÂÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÍ‰F 2NCUVKEU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÂÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈÌC 6KTGU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÂÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈÌD 6KTGU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÂÎÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈÌE 6KTGU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÂÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈÌF 6KTGU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÂÍÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈÏC 5RQTVKPI IQQFU„ 7Ô5Ô UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÂÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈÏD 5RQTVKPI IQQFU„ 7Ô5Ô UGEVQT EJCTCEVGTKUVKEU )EÂÈÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈÏE 5RQTVKPI IQQFU„ %WDCP UGEVQT RTQHKNGÒ Ï‰‰ËE‰‰ )EÂËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô)EÈÏF 5RQTVKPI IQQFU„ %WDCP UGEVQT EJCTCEVGTKUVKEU )EÂËÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

((((KKKKIIIIWWWWTTTTGGGGUUUUÍEÏÔ %WDC„ UJCTG QH GZRQTVU VQ NGCFKPI RCTVPGTUÒ D[ UJCTGÒ Ï‰ËÂEÁÍ ÍEËÔ Ô Ô ÔÍEÎÔ %WDC„ UJCTG QH KORQTVU HTQO NGCFKPI RCTVPGTUÒ D[ UJCTGÒÏ‰ËÂEÁÍ ÍEËÔ ÔÍEÍÔ %WDC„ EQORQUKVKQP QH NGCFKPI GZRQTVUÒ D[ UJCTGÒ Ï‰ËÂE‰Â ÍEÁÔ Ô Ô Ô Ô Ô Ô ÔÍEÈÔ %WDC„ UWICT GZRQTVU VQ NGCFKPI OCTMGVUÒ D[ UJCTGÒ Ï‰ÊÂEÂÂ ÍE‰Ô Ô Ô Ô Ô ÔÍEËÔ %WDC„ VTCFG HNQYU CPF )&2 ITQYVJÒ Ï‰Â‰E‰‰ ÍEÏÏÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔÍEÁÔ %WDC„ GZRQTVU VQ NGCFKPI RCTVPGTUÒ D[ UJCTGÒ Ï‰‰Â ÍEÏ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔÍEÊÔ %WDC„ KORQTVU HTQO NGCFKPI RCTVPGTUÒ D[ UJCTGÒ Ï‰‰Â ÍEÏ‰Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔÍEÂÔ %WDC„ GZRQTVU QH NGCFKPI RTQFWEVUÒ D[ UJCTGÒ Ï‰‰Â ÍEÎÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔÍE‰Ô %WDC„ KORQTVU QH NGCFKPI RTQFWEVUÒ D[ UJCTGÒ Ï‰‰Â ÍEÎÌÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ZKKK

''''ZZZZGGGGEEEEWWWWVVVVKKKKXXXXGGGG 5555WWWWOOOOOOOOCCCCTTTT[[[[

1P /CTEJ ÏËÒ ÎÌÌÌÒ VJG %QOOKVVGG QP 9C[U CPF /GCPUÒ 7Ô5Ô *QWUG QH4GRTGUGPVCVKXGU ıVJG %QOOKVVGGÙÒ TGSWGUVGF VJG 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPıVJG %QOOKUUKQPÙ VQ GZCOKPG CPF TGRQTV QP VJG GEQPQOKE KORCEV QH 7Ô5Ô UCPEVKQPU YKVJTGURGEV VQ %WDCÔ 6JG %QOOKVVGG TGSWGUVGF VJCV VJG %QOOKUUKQPrU TGRQTV RTQXKFG„

1 CP QXGTXKGY QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC‚

1 C FGUETKRVKQP QH VJG %WDCP GEQPQO[Ò %WDCP VTCFG CPF KPXGUVOGPV RQNKEKGUÒCPF VTCFG CPF KPXGUVOGPV VTGPFU‚

1 CP CPCN[UKU QH VJG JKUVQTKECN KORCEV QH 7Ô5Ô UCPEVKQPU QP DQVJ VJG 7Ô5Ô CPF%WDCP GEQPQOKGUÒ GURGEKCNN[ QP CHHGEVGF UGEVQTU CPFÒ VQ VJG GZVGPV RQUUKDNGÒQP 7Ô5Ô GZRQTVUÒ KORQTVUÒ GORNQ[OGPVÒ EQPUWOGTUÒ CPF KPXGUVOGPV‚ CPF

1 CP GXCNWCVKQP QH VJG EWTTGPV KORCEV QH 7Ô5Ô UCPEVKQPU QP 7Ô5ÔM%WDCP DKNCVGTCNVTCFGÒ KPXGUVOGPVÒ GORNQ[OGPVÒ CPF EQPUWOGTUÒ YKVJ RCTVKEWNCT CVVGPVKQP VQVJG GHHGEVU QP 7Ô5Ô UGTXKEGUÒ 7Ô5Ô CITKEWNVWTGÒ CPF QVJGT UGEVQTU HQT YJKEJ VJGKORCEV KU NKMGN[ VQ DG UKIPKHKECPVÔ

6JG JKUVQTKECN KORCEV QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC QP VJG 7Ô5Ô CPF VJG %WDCPGEQPQOKGU KU CUUGUUGF HQT VJG VKOG RGTKQF HTQO Ï‰ÁÌ VJTQWIJ VJG Ï‰‰Á KORNGOGPVCVKQPQH %WDCP .KDGTV[ CPF &GOQETCVKE 5QNKFCTKV[ #EV ı%.&5#Ò CNUQ MPQYP CU VJG*GNOUM$WTVQP #EVÙÒ CU VJCV CEV YCU VJG OQUV TGEGPV EJCPIGOCFG VQ 7Ô5Ô UCPEVKQPU YKVJTGURGEV VQ %WDC RTKQT VQ VJG KPUVKVWVKQP QH VJKU TGRQTVÔ

6JG EWTTGPV KORCEV QH 7Ô5Ô UCPEVKQPU QP VJG 7Ô5Ô CPF VJG %WDCP GEQPQOKGU KU CUUGUUGFHQT VJG VKOG RGTKQF CHVGT Ï‰‰ÁÔ 6Q CUUGUU VJKUÒ VJG %QOOKUUKQP CPCN[\GF VJG GEQPQOKEKORCEV QH YJCV GUVKOCVGF 7Ô5ÔM%WDCP DKNCVGTCN VTCFG CPF KPXGUVOGPV HNQYU OKIJV JCXGDGGP KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ

$CUGNKPG VTCFG FCVC WUGF YGTG %WDCrU CXGTCIG CPPWCN VTCFG YKVJ VJG YQTNF FWTKPIÏ‰‰ÁM‰ÂÒ VJG OQUV TGEGPV RGTKQF HQT YJKEJ UWEJ FCVC YGTG CXCKNCDNGÔ 6JG %QOOKUUKQPGUVKOCVGF GZRGEVGF 7Ô5ÔM%WDCP DKNCVGTCN VTCFG CPF HQTGKIP GZEJCPIG HNQYU KP VJGCDUGPEG QH 7Ô5Ô UCPEVKQPU WUKPI FCVC QDVCKPGF HTQO CP CPCN[UKU QH VJG %WDCPGEQPQO[‚ HCEVHKPFKPI VTCXGN KP VJG 7PKVGF 5VCVGU CPF KP %WDC D[ 75+6% UVCHH‚ C RWDNKEJGCTKPI QP 5GRVGODGT Ï‰MÎÌÒ ÎÌÌÌÒ CPF YTKVVGP UWDOKUUKQPU HTQO VJG RWDNKE‚ CPKPHQTOCN VGNGRJQPG UWTXG[ QH QXGT ÎÌÌ 7Ô5Ô EQORCPKGU CPF CUUQEKCVKQPU‚ C TGXKGY QHVJG TGNGXCPV GEQPQOKE NKVGTCVWTG‚ CPF CP GEQPQOGVTKE CPCN[UKUÔ

6JG %QOOKUUKQP JCU OCFG PQ CUUWORVKQPU KP VJKU TGRQTV TGICTFKPI CP[ RQUUKDNG HWVWTGRQNKE[ EJCPIGU KP %WDCÔ 6JKU TGRQTV FQGU PQV CFFTGUU VTCFG KP UVTKEVN[ OKNKVCT[ IQQFUCPF UGTXKEGU QT VTCFG KP IQQFUÒ UGTXKEGUÒ CPF VGEJPQNQI[ UWDLGEV VQ GZRQTV EQPVTQNUTGNCVKPI VQ 7Ô5Ô PCVKQPCN UGEWTKV[ KPVGTGUVUwCNN CTGCU PQV VTCFKVKQPCNN[OQPKVQTGF D[ VJG%QOOKUUKQPÔ

ZKX

2222TTTTKKKKPPPPEEEEKKKKRRRRCCCCNNNN ((((KKKKPPPPFFFFKKKKPPPPIIIIUUUU

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP VVVVJJJJGGGG 7777ÔÔÔÔ5555ÔÔÔÔ ''''EEEEQQQQPPPPQQQQOOOO[[[[1 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC JCF C OKPKOCN QXGTCNN JKUVQTKECN

KORCEV QP VJG 7Ô5Ô GEQPQO[Ô &GURKVG VJG TGNCVKXGN[ UOCNN UK\G QH KVU GEQPQO[Ò%WDC YCU CP KORQTVCPV 7Ô5Ô VTCFG RCTVPGT KP VJG Ï‰ËÌUÔ 7Ô5ÔM%WDCPGEQPQOKE TGNCVKQPU FGVGTKQTCVGF UKIPKHKECPVN[ DGHQTG EQORTGJGPUKXG 7Ô5ÔGEQPQOKE UCPEVKQPU YGTG KORNGOGPVGF KP TGCEVKQP VQ RQNKVKECN GXGPVU KP %WDCKP VJG NCVG Ï‰ËÌUÔ9KVJ OQUV 7Ô5Ô GEQPQOKE CUUGVU KP %WDC GZRTQRTKCVGF D[ VJG%CUVTQ IQXGTPOGPV FWTKPI Ï‰Ë‰MÁÌÒ VJG 7Ô5Ô GEQPQOKE UCPEVKQPU QH 1EVQDGTÏ‰ÁÌ CPF EQORTGJGPUKXG UCPEVKQPU QH (GDTWCT[ Ï‰ÁÎ CRRGCT VQ JCXG ECWUGFHGY CFFKVKQPCN EQUVU HQT VJG 7Ô5Ô GEQPQO[Ô 'XGP YKVJ OCUUKXG GEQPQOKECUUKUVCPEG HTQO VJG 5QXKGV 7PKQP FWTKPI Ï‰ÁÌMÂ‰Ò %WDC TGOCKPGF C UOCNNINQDCN OCTMGV TGNCVKXG VQ QVJGT .CVKP #OGTKECP EQWPVTKGUÔ

1 6JG %WDCP )QXGTPOGPV UKIPGF KVU HKTUV OCLQT VTCFG CITGGOGPV YKVJ VJG 5QXKGV7PKQP KP Ï‰ÁÌÒ CPF JCF UGK\GF CNOQUV CNN 7Ô5Ô RTQRGTV[ KP %WDC DGHQTGEQORTGJGPUKXG 7Ô5Ô GEQPQOKE UCPEVKQPU YGTG KORQUGF KP Ï‰ÁÎÔ $GVYGGPÏ‰ÁÌ CPF VJG NCVG Ï‰ÂÌUÒ %WDCrU TGNCVKXGN[ ENQUGF GEQPQO[ TGNKGF GZVGPUKXGN[QP GEQPQOKE CUUKUVCPEG HTQOÒ CPF NQPIMVGTO GEQPQOKE CITGGOGPVU YKVJÒ VJG5QXKGV DNQE EQWPVTKGU CPF %JKPCÔ

1 6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU VQ %WDC KP VJG CDUGPEG QHUCPEVKQPUÒ DCUGF QP CXGTCIG Ï‰‰ÁM‰Â VTCFG FCVCÒ YQWNF JCXG DGGPCRRTQZKOCVGN[ ˘ÁËÂOKNNKQP VQ ˘ÏÔÌ DKNNKQP CPPWCNN[‚ VJKU KU GSWKXCNGPV VQ CDQWVÏÊ VQ ÎÊ RGTEGPV QH %WDCrU VQVCN KORQTVU HTQO VJG YQTNFÒ QT NGUU VJCP ÌÔËRGTEGPV QH VQVCN 7Ô5Ô GZRQTVU ıVCDNG '5MÏÙÔ 6JKU GUVKOCVG YQWNF KPETGCUGOCTIKPCNN[Ò VQ ˘ÁÂÈ OKNNKQP VQ ˘ÏÔÎ DKNNKQPÒ KH 7Ô5Ô GZRQTVU YGTG VQ KPETGCUG D[VJG COQWPV QH GUVKOCVGF CFFKVKQPCN PGV HQTGKIP GZEJCPIG HNQYU HTQO VJG7PKVGF 5VCVGU VQ %WDC HTQO VGNGEQOOWPKECVKQP UGTXKEGU RC[OGPVUÒ VTCXGN CPFVQWTKUO RC[OGPVUÒ CPF 7Ô5Ô HQTGKIP FKTGEV KPXGUVOGPVÔ

1 'UVKOCVGF 7Ô5Ô KORQTVU HTQO %WDC KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QPCXGTCIG Ï‰‰ÁM‰Â VTCFG FCVC CPF GZENWFKPI UWICT ı7Ô5Ô UWICT KORQTVU CTGIQXGTPOGPVMTGIWNCVGFÙÒ YQWNF JCXG DGGP CRRTQZKOCVGN[ ˘Á‰OKNNKQP VQ ˘ÏÈÁOKNNKQP CPPWCNN[‚ VJKU KU GSWKXCNGPV VQ CDQWV Ê VQ ÏË RGTEGPV QH VQVCN %WDCPGZRQTVU VQ VJG YQTNFÒ QT NGUU VJCP ÌÔË RGTEGPV QH VQVCN 7Ô5Ô KORQTVU ıVCDNG '5MÎÙÔ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP VVVVJJJJGGGG %%%%WWWWDDDDCCCCPPPP ''''EEEEQQQQPPPPQQQQOOOO[[[[1 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC IGPGTCNN[ JCF COKPKOCN QXGTCNN

JKUVQTKECN KORCEV QP VJG %WDCP GEQPQO[Ô %WDC CFLWUVGF SWKEMN[ VQ 7Ô5Ô

ZX

GEQPQOKE UCPEVKQPU VJTQWIJ RQNKVKECN CPF GEQPQOKE VJGCNNKCPEGYKVJ VJG5QXKGVDNQE EQWPVTKGUÔ 5QXKGV GEQPQOKE CUUKUVCPEGÒ YJKEJ RGCMGF CV PGCTN[ ˘Á DKNNKQPCPPWCNN[ KP VJG Ï‰ÂÌUÒ NCTIGN[ QHHUGV CP[ CFXGTUG GHHGEVU QH 7Ô5Ô UCPEVKQPU CPFGPCDNGF VJG %WDCP GEQPQO[ VQ ITQYÔ

1 6JG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEGCHVGT Ï‰‰Ì ECWUGF C UGXGTG FQYPVWTP KPVJG %WDCP GEQPQO[Ò DTKPIKPI VQ VJG HQTGHTQPV NQPIUVCPFKPI KPGHHKEKGPEKGU KPVJG %WDCP GEQPQO[Ô 6JG NQUU QH 5QXKGV CUUKUVCPEG GXGPVWCNN[ HQTEGF %WDC VQKPVTQFWEG GEQPQOKE TGHQTOU VQ CVVTCEV HQTGKIP KPXGUVOGPVÒ CPF UGNGEVKXGGEQPQOKE NKDGTCNK\CVKQP VQ UVKOWNCVG FQOGUVKE RTQFWEVKQPÔ

1 &GURKVG VJG ENQUG IGQITCRJKE RTQZKOKV[ VJCV YQWNF CRRGCT VQ OCMG VJG 7PKVGF5VCVGU CPF %WDC PCVWTCN VTCFKPI RCTVPGTUÒ DKNCVGTCN GEQPQOKE TGNCVKQPU KP VJGCDUGPEG QH UCPEVKQPU EQWNF DG NKOKVGF HQT UGXGTCN TGCUQPUÔ (QT GZCORNGÒRTQFWEVKQP EQPUVTCKPVU NKOKV %WDCrU PGCTMVGTO GZRQTV RQVGPVKCN‚ HQTGKIPGZEJCPIG EQPUVTCKPVU NKOKV %WDCrU KORQTV RWTEJCUKPI RQYGT‚ CPF %WDCrUKPXGUVOGPV TGIKOG TGOCKPU TGUVTKEVKXGÔ %WDC CNUQ VGPFU VQ UGNGEV KVU VTCFG CPFKPXGUVOGPV RCTVPGTU DCUGF QP RQNKVKECN EQPUKFGTCVKQPUwVJG FGUKTG VQ OCKPVCKPGEQPQOKE VKGU YKVJ GZKUVKPI RCTVPGTU CPF VQ CXQKF DGEQOKPI GEQPQOKECNN[FGRGPFGPV QP C UKPING EQWPVT[wTCVJGT VJCP GEQPQOKE EQUV HCEVQTUÔ2TQFWEVKXKV[ EQPUVTCKPVU NKMGN[ YQWNF NKOKV %WDCrU PGCT VGTO CDKNKV[ VQ KPETGCUGRTQFWEVKQP QH KVU OCKP GZRQTV RTQFWEVUw%WDC YQWNF JCXG VQ TGFWEG UCNGU VQQVJGT EQWPVTKGU KP QTFGT VQ GZRQTV VQ VJG 7PKVGF 5VCVGUÔ 5KOKNCTN[Ò %WDCrU NCEM QHHQTGKIP GZEJCPIG YQWNF OGCP VJCV %WDCP KORQTVU QH 7Ô5Ô IQQFU OQUV NKMGN[YQWNF FKURNCEG KORQTVU QH UKOKNCT IQQFU HTQO QVJGT EQWPVTKGUÔ

1 6JG %WDCP )QXGTPOGPV GUVKOCVGU VJCV VJG EWOWNCVKXG EQUV QH 7Ô5Ô GEQPQOKEUCPEVKQPU QP VJG %WDCP GEQPQO[ YCU ˘ÁÊ DKNNKQP VJTQWIJ Ï‰‰ÂÒ KPENWFKPIUWEJ EQUVU CU TGFWEGF VTCFG CPF VQWTKUOÒ JKIJGT UJKRRKPI EQUVUÒ KPCDKNKV[ VQRTQEWTG URCTG RCTVUÒ HTQ\GP DCPM CEEQWPVUÒ HQTGKIP FGDV RTQDNGOUÒ CPFGOKITCVKQP QH UMKNNGF YQTMGTUÔ 6JCV GUVKOCVG FQGU PQV HCEVQT KP VJG EWOWNCVKXGXCNWG QH 5QXKGV DNQE GEQPQOKE CUUKUVCPEG RTQXKFGF UKPEG Ï‰ÁÌÔ

++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP 7777ÔÔÔÔ5555ÔÔÔÔ CCCCPPPPFFFF %%%%WWWWDDDDCCCCPPPP ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE5555GGGGEEEEVVVVQQQQTTTTUUUU

5555GGGGTTTTXXXXKKKKEEEEGGGGUUUU1 #KT VTCPURQTVCVKQPÔ 7Ô5Ô GEQPQOKE UCPEVKQPU JCF C UOCNN DWV OGCUWTCDNG

CFXGTUG JKUVQTKECN KORCEV QP 7Ô5Ô CKTNKPG TGXGPWG CPF GORNQ[OGPVÔ +PFWUVT[UQWTEGU GUVKOCVG VJCV CPPWCN TGXGPWGU HTQO TGIWNCTN[MUEJGFWNGF RCUUGPIGTUGTXKEG VQ %WDC KP VJG CDUGPEG QH UCPEVKQPU YQWNF CEEQWPV HQT PQ OQTG VJCP ÏRGTEGPV QH VQVCN RCUUGPIGT TGXGPWGU QH 7Ô5Ô CKTNKPGUÔ 7Ô5Ô CKTRQTVU GUVKOCVG VJCVVJG[ YQWNF DGPGHKV HTQO KPETGCUGF TGXGPWGU KH 7Ô5Ô CKTNKPGU YGTG CDNG VQRTQXKFG TGIWNCTN[MUEJGFWNGF UGTXKEG VQ %WDCÔ %WDCP )QXGTPOGPV QHHKEKCNU

ZXK

TGRQTVGF VJCV 7Ô5Ô GEQPQOKE UCPEVKQPU JCXG TGUWNVGF KP JKIJGT EQUVU HQT7Ô5ÔMOCPWHCEVWTGF CKTETCHV EQORQPGPVUÔ %WDC JCU TGPQXCVGF KVU NCTIGUVCKTRQTVU YKVJ VJG JGNR QH HQTGKIP KPXGUVOGPV‚ VJQUG CKTRQTVU RTQDCDN[ YQWNFDGPGHKV HTQO KPETGCUGF TGXGPWG CPF GORNQ[OGPV CU C TGUWNV QH VJG QRGTCVKQPQH TGIWNCTN[ UEJGFWNGF HNKIJVU VQ CPF HTQO VJG 7PKVGF 5VCVGU KP VJG CDUGPEG QHUCPEVKQPUÔ

1 /CTKVKOG VTCPURQTVCVKQPÔ 5CPEVKQPU JCF CP CFXGTUG JKUVQTKECN KORCEV QPUGXGTCN 7Ô5Ô UGC RQTVUÔ 6JG RQTV QH 0GY 1TNGCPU VQQM PGCTN[ ÏÌ [GCTU VQTGRNCEG VJG XQNWOG QH ECTIQ VJCV KV JCF UJKRRGF VQ %WDCÔ (NQTKFC RQTVUÒKPENWFKPI VJG 2QTV QH ,CEMUQPXKNNG CPF 2QTV 'XGTINCFGUÒ CNUQ TGRQTVGF C UKOKNCTCFXGTUG KORCEVÔ 7Ô5Ô RQTVUÒ UJKRRKPI NKPGUÒ CPF ETWKUG NKPGU OQUV RTQDCDN[YQWNF DGPGHKV KP VJG CDUGPEG QH UCPEVKQPUÒ CPF CFFKVKQPCN 7Ô5Ô NQPIUJQTGOGPLQDU YQWNF DG ETGCVGFÔ %WDCP QHHKEKCNU TGRQTVGF VJCV 7Ô5Ô UCPEVKQPUÒ D[TGUVTKEVKPI VJG QRGTCVKQP QH 7Ô5ÔM CPF HQTGKIPMHNCI XGUUGNU YKVJ TGURGEV VQ%WDCÒ JCXG KPETGCUGF %WDCrU UJKRRKPI EQUVU CPF FGVGTTGF XGUUGNU QH HQTGKIPUJKRRKPI NKPGU HTQO FQEMKPI KP %WDCP RQTVUÔ %WDCrU RQTVU CPF OGTEJCPV HNGGVCNUQ YQWNF RTQDCDN[ DGPGHKV HTQO KPETGCUGF UJKRRKPI KP VJG CDUGPEG QHUCPEVKQPUÔ

1 $CPMKPI CPF KPUWTCPEGÔ 5CPEVKQPU FKF PQV JCXG C UKIPKHKECPV FKTGEV JKUVQTKECNKORCEV QP 7Ô5Ô HKPCPEKCN UGTXKEGU HKTOU DGECWUG %WDC JCF GZRTQRTKCVGF VJGODGHQTG UCPEVKQPU YGTG KORQUGFÔ %WDC KU C UOCNN OCTMGV HQT HKPCPEKCN UGTXKEGUÒCPF 7Ô5Ô HKPCPEKCN UGTXKEGU HKTOU OQUV RTQDCDN[ YQWNF PQV OCMG UKIPKHKECPVKPXGUVOGPVU KP %WDC KP VJG CDUGPEG QH UCPEVKQPU DGECWUG QH %WDCP TGUVTKEVKQPUQP HQTGKIP KPXGUVOGPVÔ %WDCP DCPMU CPF KPUWTCPEG HKTOU CTG WPNKMGN[ VQ DGUKIPKHKECPVN[ CHHGEVGF KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ

1 %QPUVTWEVKQPÔ 6JG 7Ô5Ô EQPUVTWEVKQP UGTXKEGU KPFWUVT[ RCTVKEKRCVGF KP C YKFGTCPIG QH KPHTCUVTWEVWTG RTQLGEVU KP %WDC RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÔ#HVGT UCPEVKQPU YGTG KORQUGFÒ 7Ô5Ô EQPUVTWEVKQP HKTOU YGTG TGRNCEGF D[ 5QXKGVCPFÒ OQTG TGEGPVN[Ò %CPCFKCP CPF 'WTQRGCP HKTOUÔ 6JG JKUVQTKECN KORCEV QHVJG UCPEVKQPU QP VJG 7Ô5Ô KPFWUVT[ YCU UOCNNÒ IKXGP VJG UOCNN UK\G QH VJG %WDCPGEQPQO[Ò NKOKVGF DWUKPGUU QRRQTVWPKVKGU KP %WDCÒ CPF CNVGTPCVKXGQRRQTVWPKVKGU GNUGYJGTG KP .CVKP #OGTKECÔ 7Ô5Ô KPFWUVT[ UQWTEGU TGRQTV VJCVVJGKT EQPEGTPU CDQWV %WDCrU CDKNKV[ VQ HKPCPEG OCLQT EQPUVTWEVKQP RTQLGEVUOCMG KV WPNKMGN[ VJCV VJG 7PKVGF 5VCVGU YQWNF DGEQOG C UKIPKHKECPV GZRQTVGT QHUWEJ UGTXKEGU VQ %WDC KP VJG CDUGPEG QH UCPEVKQPUÔ

1 6GNGEQOOWPKECVKQPUÔ 6JG 7PKVGF 5VCVGU PGXGT EQORNGVGN[ UGXGTGFVGNGEQOOWPKECVKQPU NKPMU YKVJ %WDCÒ CPF C UOCNN PWODGT QH 7Ô5Ô EQORCPKGUEWTTGPVN[ RTQXKFG EGTVCKP VGNGEQOOWPKECVKQPU UGTXKEGU VQ %WDCÔ 7Ô5Ô UCPEVKQPUTGRQTVGFN[ JCXG JCF C NCTIG PGICVKXG GHHGEV QP VJG %WDCP VGNGEQOOWPKECVKQPKPFWUVT[Ò YJKEJ HWPEVKQPU YKVJ CP CPVKSWCVGF CPF RQQTN[ OCKPVCKPGF FQOGUVKEKPHTCUVTWEVWTGÔ 7Ô5Ô VGNGEQOOWPKECVKQPU RTQXKFGTU OQUV RTQDCDN[ YQWNFCVVGORV VQ KPETGCUG VJGKT RCTVKEKRCVKQP KP VJG %WDCP OCTMGV KH 7Ô5Ô UCPEVKQPUYGTG TGOQXGFÒ CNVJQWIJ OCTMGV QRRQTVWPKVKGU OC[ DG NKOKVGF DGECWUG

ZXKK

VGNGEQOOWPKECVKQPU RTQXKFGTU QH QVJGT EQWPVTKGU CNTGCF[ JCXG OCFGUKIPKHKECPV KPTQCFU KP VJG %WDCP OCTMGVÔ # %WDCPM+VCNKCP LQKPV XGPVWTGEQORCP[ JCU C ÏÎM[GCT GZENWUKXG CITGGOGPV VQ RTQXKFG DCUKEVGNGEQOOWPKECVKQP UGTXKEGU KP %WDCÔ #PQVJGT %WDCP LQKPV XGPVWTG EQORCP[YKVJ %CPCFKCP KPXGUVQTU JCU C ÎÌM[GCT GZENWUKXG CITGGOGPV VQ RTQXKFGCPCNQI CPF FKIKVCN EGNNWNCT UGTXKEG VQ %WDCÔ

1 6QWTKUOÔ 5CPEVKQPU JCF C OKPKOCN FKTGEV JKUVQTKECN KORCEV QP VJG 7Ô5Ô VQWTKUOKPFWUVT[ DGECWUG 7Ô5Ô RTQRGTVKGU YGTG GZRTQRTKCVGF DGHQTG UCPEVKQPU YGTGKORQUGF CPF %WDCrU VQWTKUO UGEVQT UWHHGTGF FWG VQ C FGENKPKPI PWODGT QH 7Ô5ÔXKUKVQTU KP VJG NCVG Ï‰ËÌUÔ %WDC ICXG C NQY RTKQTKV[ VQ VJG VQWTKUO UGEVQTDGVYGGP Ï‰ÁÌ CPF VJG GCTN[ Ï‰ÂÌUÔ 5KPEG VJG NCVG Ï‰ÂÌUÒ JQYGXGTÒ VJG %WDCP)QXGTPOGPV JCU VCTIGVGF VQWTKUOCU C RTKQTKV[ UGEVQT HQT KVU CDKNKV[ VQ IGPGTCVGHQTGKIP GZEJCPIGÔ 7Ô5Ô UCPEVKQPU RTGXGPV 7Ô5Ô KPXGUVQTU HTQO RCTVKEKRCVKPI KPVJG LQKPV XGPVWTG CTTCPIGOGPVU %WDC JCU CYCTFGF VQ 'WTQRGCPÒ %CPCFKCPÒCPF %CTKDDGCP RCTVPGTUÔ 7Ô5Ô KPFWUVT[ UQWTEGU GUVKOCVG VJCV Ï OKNNKQP 7Ô5ÔVQWTKUVU CPPWCNN[ EQWNF XKUKV %WDC KP VJG CDUGPEG QH UCPEVKQPUÒ YJKEJ EQWNFDGPGHKV 7Ô5Ô VQWTKUO UGTXKEG RTQXKFGTU KH VJG[ CTG CDNG VQ GPVGT VJG %WDCPOCTMGVÔ

####IIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTGGGG1 /GCV CPF FCKT[Ô 5CPEVKQPU JCF C UOCNN JKUVQTKECN KORCEV QP VJG 7Ô5Ô NKXGUVQEM

CPF FCKT[ UGEVQTUÔ +V KU GUVKOCVGF VJCV 7Ô5Ô GZRQTVU QH DGGHÒ RQTMÒ CPF RQWNVT[ VQ%WDC KP VJG CDUGPEG QH UCPEVKQPU YQWNF JCXG VQVCNGF ˘ÁÎ OKNNKQP VQ ˘ÊÁOKNNKQP CPPWCNN[ ıQT Ï RGTEGPV QH VQVCN 7Ô5Ô OGCV GZRQTVUÙÒ DCUGF QP CXGTCIGÏ‰‰ÁM‰Â VTCFG FCVCÔ +P CFFKVKQPÒ GUVKOCVGF 7Ô5Ô GZRQTVU QH FCKT[ RTQFWEVU VQ%WDCÒ KP VJGCDUGPEG QH UCPEVKQPUÒ YQWNF JCXG VQVCNGF ˘ÈOKNNKQP VQ ˘ÏÎOKNNKQPCPPWCNN[ ıQT Ï VQ Í RGTEGPV QH VQVCN 7Ô5Ô FCKT[ GZRQTVUÙÔ 5CPEVKQPU JCF C UOCNNJKUVQTKECN KORCEV QP %WDCrU OGCV CPF FCKT[ UGEVQTU DGECWUG %WDCYCU CDNG VQHKPF QVJGT UWRRNKGTUÒ DWV CV UQOGYJCV JKIJGT RTKEGUÔ %WDCP RTQFWEVKQP KU PQVEQORGVKVKXG KPVGTPCVKQPCNN[Ò CPF YQWNF OCMG QPN[ UOCNN ICKPU KP VJG CDUGPEGQH UCPEVKQPUÔ

1 9JGCVÔ 2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ VJG 7PKVGF 5VCVGU UWRRNKGF OQUV%WDCP YJGCV KORQTVUÔ *QYGXGTÒ QYKPI VQ VJG UOCNN UJCTG QH 7Ô5Ô GZRQTVUIQKPI VQ %WDC CPF VJG CDKNKV[ QH 7Ô5Ô GZRQTVGTU VQ HKPF CNVGTPCVKXG OCTMGVUÒ VJGQXGTCNN JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô YJGCV KPFWUVT[ YCU UOCNNÔ +PVJG CDUGPEG QH UCPEVKQPUÒ 7Ô5Ô GZRQTVGTU YQWNF DG CDNG VQ VCMG OCTMGV UJCTGCYC[ HTQO EWTTGPV UWRRNKGTU VQ VJG %WDCP OCTMGV ıGÔIÔÒ (TCPEGÒ #TIGPVKPCÒCPF %CPCFCÙÒ CPF VJWU VJG EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô YJGCVKPFWUVT[ KU HCKTN[ UKIPKHKECPVÔ +V KU GUVKOCVGF VJCV 7Ô5Ô YJGCV GZRQTVU VQ %WDC KPVJG CDUGPEG QH UCPEVKQPU YQWNF VQVCN ˘ÍÈ OKNNKQP VQ ˘ËÎ OKNNKQP CPPWCNN[ÒTGRTGUGPVKPI ÈÌ VQ ÁÌ RGTEGPV QH %WDCP YJGCV KORQTVU KP VJG UJQTV VGTOÔ 6JKUEJCPIG YQWNF KPETGCUG 7Ô5Ô GZRQTVU D[ Ï RGTEGPV QH VJG XCNWG QH Ï‰‰ÁM‰Â 7Ô5ÔYJGCV GZRQTVUÔ

ZXKKK

1 4KEGÔ &WTKPI Ï‰ËËMËÂÒ %WDC YCU VJG NGCFKPI OCTMGV HQT 7Ô5Ô TKEG GZRQTVUıRWTEJCUKPI CDQWV ÎË RGTEGPV QH 7Ô5Ô TKEG GZRQTVUÙÔ 6JWUÒ JKUVQTKECNN[ VJG NQUU QHVJG %WDCP OCTMGV JCF C UKIPKHKECPV KORCEV QP VJG 7Ô5Ô TKEG KPFWUVT[Ò CNVJQWIJQXGT VKOG 7Ô5Ô GZRQTVGTU YGTG CDNG VQ UJKR VQ QVJGT EQWPVTKGUÒ DWV HTGSWGPVN[QPN[YKVJ QHHKEKCN 7Ô5Ô GZRQTV CUUKUVCPEGÔ 6JG EWTTGPV KORCEV QH UCPEVKQPU QP VJG7Ô5Ô TKEG KPFWUVT[ KU UKIPKHKECPVÒ KPFKECVKPI VJCV 7Ô5Ô GZRQTVGTU YQWNF DG JKIJN[EQORGVKVKXG YKVJ EWTTGPV UWRRNKGTU ı6JCKNCPFÒ %JKPCÒ CPF 8KGVPCOÙ VQ VJG%WDCP OCTMGV KP VJG CDUGPEG QH UCPEVKQPUÔ +P VJG CDUGPEG QH UCPEVKQPUÒ KV KUGUVKOCVGF VJCV 7Ô5Ô GZRQTVU QH TKEG VQ %WDC YQWNF VQVCN ˘ÈÌ OKNNKQP VQ ˘Ë‰OKNNKQP CPPWCNN[Ò DCUGF QP CXGTCIG Ï‰‰ÁM‰Â VTCFG FCVCÒ TGRTGUGPVKPI ÈÌ VQÁÌ RGTEGPV QH %WDCP TKEG KORQTVU KP VJG UJQTV VGTOÒ OQUVN[ CV VJG GZRGPUG QH6JCKNCPFÔ 6JKU EJCPIGYQWNF KPETGCUG GZRQTVU D[ È VQ Á RGTEGPV QH VJG XCNWG QHÏ‰‰ÁM‰Â 7Ô5Ô TKEG GZRQTVUÔ

1 (GGFITCKPUÔ 7Ô5Ô UCPEVKQPU JCF C OKPKOCN GHHGEV QP 7Ô5Ô HGGFITCKP RTQFWEVKQPCPF GZRQTV NGXGNU CPF RQUGF HGY RTQDNGOU HQT VJG 7Ô5Ô EQTP CPF HGGFITCKPKPFWUVT[Ô 2TKQT VQ VJG KORNGOGPVCVKQP QH 7Ô5Ô GEQPQOKE UCPEVKQPUÒ %WDCrUITCKPMHGF NKXGUVQEM UGEVQT YCU TCVJGT UOCNNÒ CPF VJG 7PKVGF 5VCVGU UWRRNKGF%WDC YKVJ PGINKIKDNG COQWPVU QH EQTP CPF HGGF ITCKPÔ +P VJG CDUGPEG QHUCPEVKQPUÒ VJG 7Ô5Ô HGGFITCKP KPFWUVT[ KU NKMGN[ VQ DG JKIJN[ EQORGVKVKXG KP VJG%WDCPOCTMGVÒ RCTVKEWNCTN[ KP EQTP CPF UQTIJWOÔ +P VJG CDUGPEG QH UCPEVKQPUÒKV KU GUVKOCVGFÒ DCUGF QP Ï‰‰ÁM‰Â CPPWCN CXGTCIG VTCFG FCVCÒ VJCV 7Ô5ÔGZRQTVU QH HGGFITCKP VQ %WDC YQWNF VQVCN ˘‰ OKNNKQP VQ ˘ÏÌ OKNNKQP CPPWCNN[ıNGUU VJCP ÌÔË RGTEGPV QH VQVCN 7Ô5Ô HGGFITCKP GZRQTVUÙÒ TGRTGUGPVKPI ‰Ì VQ ÏÌÌRGTEGPV QH %WDCP HGGFITCKP KORQTVUÔ

1 #PKOCN HGGFÔ #NVJQWIJ %WDC YCU C NGCFKPI OCTMGV HQT EGTVCKP 7Ô5Ô HGGFGZRQTVUÒ VJG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG7Ô5Ô CPKOCN HGGF KPFWUVT[ JCUDGGP UOCNNÔ 5KPEG VJG KORQUKVKQP QH UCPEVKQPUÒ VJG 7PKVGF 5VCVGU HQWPF QVJGTOCTMGVU HQT CPKOCN HGGFÒ RCTVKEWNCTN[ ,CRCPÒ %CPCFCÒ CPF VJG '7Ô 6JG EWTTGPVKORCEV QH UCPEVKQPU KU VQ FGP[ 7Ô5Ô GZRQTVGTU CEEGUU VQ C ITQYKPI %WDCPOCTMGV HQT CPKOCN HGGF KPITGFKGPVU ıRCTVKEWNCTN[ XGIGVCDNG OGCNU CPF QKNUGGFOGCNUÙ VJCV TGUWNVGF HTQO VJG UKIPKHKECPV GZRCPUKQP KP VJG %WDCP JQI UGEVQTÔ +PVJG CDUGPEG QH UCPEVKQPUÒ KV KU GUVKOCVGF VJCV 7Ô5Ô GZRQTVU QH CPKOCN HGGF VQ%WDCYQWNF VQVCN ˘ÈÎOKNNKQP VQ ˘ÈÂOKNNKQP CPPWCNN[ ıQT Ï RGTEGPV QH VQVCN 7Ô5ÔCPKOCN HGGF GZRQTVUÙÒ DCUGF QP CXGTCIG Ï‰‰ÁM‰Â VTCFG FCVCÒ TGRTGUGPVKPIÂÌ VQ ‰Ì RGTEGPV QH %WDCP CPKOCN HGGF KORQTVUÔ

1 (CVU CPF QKNUÔ 2TKQT VQ VJG UCPEVKQPUÒ VJG 7PKVGF 5VCVGU UWRRNKGF OQUV %WDCPKORQTVU QH HCVU CPF QKNUÔ 6JWU VJG JKUVQTKECN KORCEV QH UCPEVKQPU YCU UKIPKHKECPVKPKVKCNN[ HQT VJG 7Ô5Ô HCVU CPF QKNU KPFWUVT[Ò RCTVKEWNCTN[ HQT VJG CPKOCN HCVUKPFWUVT[Ô *QYGXGTÒ QXGT VKOG 7Ô5Ô GZRQTVGTU YGTG CDNG VQ HKPF CNVGTPCVKXGOCTMGVUÔ +P VJG CDUGPEG QH UCPEVKQPUÒ VJG 7Ô5Ô HCVU CPF QKNU KPFWUVT[ UVCPFU VQGZRQTV NCTFÒ VCNNQYÒ CPF XGIGVCDNG QKN VQ %WDCÒ VCMKPI C UWDUVCPVKCN UJCTG QH%WDCP KORQTVU CYC[ HTQO EQORGVKPI EQWPVTKGU UWEJ CU #TIGPVKPC CPF $TC\KNÔ+P VJG CDUGPEG QH UCPEVKQPUÒ KV KU GUVKOCVGF VJCV 7Ô5Ô GZRQTVU QH HCVU CPF QKNU VQ%WDCYQWNF VQVCN ˘Î‰OKNNKQP VQ ˘ÍÍOKNNKQP CPPWCNN[ ıQT Ï RGTEGPV QH VQVCN 7Ô5Ô

ZKZ

HCVU CPF QKNU GZRQTVUÙÒ TGRTGUGPVKPI ÂÌ VQ ‰Ì RGTEGPV QH %WDCP HCVU CPF QKNUKORQTVUÔ

1 &T[ DGCPUÔ 1XGTCNN VJG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô FT[ DGCPKPFWUVT[ JCU DGGP UOCNNÔ #NVJQWIJ VJG NQUU QH VJG %WDCPOCTMGV KPKVKCNN[ RQUGFC UKIPKHKECPV RTQDNGO HQT VJG KPFWUVT[Ò QXGT VKOG GZRQTVGTU YGTG CDNG VQ UJKR VQQVJGT EQWPVTKGUÔ +P VJG CDUGPEG QH UCPEVKQPUÒ VJG 7Ô5Ô FT[ DGCP KPFWUVT[ YQWNFRTQDCDN[ GZRQTV DNCEM DGCPUÒ RKPVQ DGCPUÒ CPF YJKVG DGCPU VQ %WDCÒTGFWEKPI OCTMGV UJCTG QH %CPCFCÒ %JKPCÒ CPF #WUVTCNKCÔ +V KU GUVKOCVGF VJCV7Ô5Ô GZRQTVU QH FT[ DGCPU VQ %WDC KP VJG CDUGPEG QH UCPEVKQPU YQWNF VQVCN ˘ÏÍOKNNKQP VQ ˘ÎÁ OKNNKQP CPPWCNN[ ıQT È VQ Â RGTEGPV QH VQVCN 7Ô5Ô FT[ DGCPGZRQTVUÙÒ QT CRRTQZKOCVGN[ ÎÌ VQ ÈÌ RGTEGPV QH %WDCP FT[ DGCP KORQTVUÔ

1 %QVVQPÔ 5CPEVKQPU JCF C UOCNN QXGTCNN JKUVQTKECN KORCEV QP 7Ô5Ô EQVVQPRTQFWEVKQP CPF GZRQTVUÔ %NQUG IGQITCRJKE RTQZKOKV[ OCMGU 7Ô5Ô EQVVQPRTQFWEGTU PCVWTCN UWRRNKGTU HQT VJG %WDCP OCTMGVÒ CPF 7Ô5Ô RTQFWEGTU EQWNFUCVKUH[ CNN QH %WDCrU EQVVQP FGOCPF YKVJQWV FKHHKEWNV[Ô 5CPEVKQPU RTGXGPVGF7Ô5Ô EQVVQP GZRQTVU VQ %WDC CU VJG %WDCP VGZVKNG CPF ENQVJKPI KPFWUVTKGUGZRCPFGF KP VJG Ï‰ÁÌU VJTQWIJ VJG Ï‰ÂÌUÔ +V KU GUVKOCVGF VJCV 7Ô5Ô GZRQTVU QHEQVVQP VQ %WDC KP VJG CDUGPEG QH UCPEVKQPU YQWNF JCXG DGGP ˘Á OKNNKQP VQ ˘ÂOKNNKQP CPPWCNN[ ıNGUU VJCP ÌÔË RGTEGPV QH VQVCN 7Ô5Ô EQVVQP GZRQTVUÙÒ DCUGF QPCXGTCIG Ï‰‰ÁM‰Â VTCFG FCVCÒ QT CRRTQZKOCVGN[ ËÌ VQ ÊÌ RGTEGPV QH %WDCPEQVVQP KORQTVUÔ

1 9KPVGT XGIGVCDNGUÔ 7Ô5Ô UCPEVKQPU KPKVKCNN[ DGPGHKVVGF VJG 7Ô5Ô YKPVGTXGIGVCDNGU KPFWUVT[Ò YJKEJ KU EQPEGPVTCVGF KP (NQTKFCÔ 6JCV DGPGHKV FKUUKRCVGFQXGT VKOGÒ JQYGXGTÒ CU KORQTVU HTQO /GZKEQ CPF QVJGT EQWPVTKGU KPETGCUGFÔ6JG 7Ô5Ô KPFWUVT[ OQUV RTQDCDN[ YQWNF TGEGKXG C UOCNN DGPGHKV KP VJG CDUGPEGQH UCPEVKQPUÒ CU %WDC RTQDCDN[ YQWNF KORQTV HTGUJ XGIGVCDNGU HTQO VJG7PKVGF 5VCVGU VQ UWRRN[ KVU ITQYKPI VQWTKUO UGEVQT ıXCNWGF CV ˘ÎËÌÒÌÌÌ VQ˘ËÌÌÒÌÌÌ CPPWCNN[Ò QT NGUU VJCP ÌÔË RGTEGPV QH VQVCN 7Ô5Ô YKPVGT XGIGVCDNGGZRQTVUÙÔ 5CPEVKQPU JCF NKVVNG JKUVQTKECN KORCEV QP %WDCP RTQFWEVKQP CPFEQPUWORVKQP QH YKPVGT XGIGVCDNGUÔ %WDCP RTQFWEVKQP EQWNF KPETGCUG CU CTGUWNV QH 7Ô5Ô KPXGUVOGPV CPF CEEGUU VQ 7Ô5Ô VGEJPQNQI[ KP VJG CDUGPEG QHUCPEVKQPUÔ %WTTGPV %WDCP QWVRWV CPF GZRQTV RQVGPVKCN KU EQPUVTCKPGF D[ C NCEMQH HQTGKIP GZEJCPIG VQ QDVCKP KPRWVU UWEJ CU HGTVKNK\GT CPF RGUVKEKFGUÔ +P VJGNQPIGT VGTO VJG 7Ô5Ô KPFWUVT[ OQUV RTQDCDN[ YQWNF DG CFXGTUGN[ CHHGEVGF KPVJG CDUGPEG QH UCPEVKQPU CU %WDC DGEQOGU DGVVGT RQUKVKQPGF VQ VCMG HWNNCFXCPVCIG QH KVU CXCKNCDNG NCPF CPF NQYMEQUV NCDQTÔ +V KU GUVKOCVGF VJCV 7Ô5ÔKORQTVU QH HTGUJ YKPVGT XGIGVCDNGU HTQO %WDC YQWNF VQVCN ˘ÍÌÒÌÌÌ VQ˘ÁÌÒÌÌÌ CPPWCNN[ KP VJG UJQTV VGTO KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QPCXGTCIG Ï‰‰ÁM‰Â VTCFG FCVC ıNGUU VJCP ÌÔË RGTEGPV QH VQVCN 7Ô5Ô KORQTVU QHYKPVGT XGIGVCDNGUÙÔ

1 6TQRKECN HTWKVÔ 6JG 7PKVGF 5VCVGU YCU %WDCrU RTKOCT[ GZRQTV OCTMGV HQTVTQRKECN HTWKVU KP VJG Ï‰ËÌUÔ 5CPEVKQPU IGPGTCNN[ JCF C RQUKVKXG JKUVQTKECNKORCEV QP VJG 7Ô5Ô GEQPQO[ CU ITQYGTU YJQ KOOKITCVGF HTQO %WDC FWTKPI

ZZ

VJG GCTN[ Ï‰ÁÌU UGV WR QRGTCVKQPU KP UQWVJGTP (NQTKFCÒ GHHGEVKXGN[ GUVCDNKUJKPIVJG 7Ô5Ô KPFWUVT[Ô 5CPEVKQPU JCF C OKPKOCN JKUVQTKECN KORCEV QP %WDCÒ YJKEJUJKHVGF GZRQTVU VQ VJG 5QXKGV 7PKQPÔ %WTTGPV %WDCP QWVRWV CPF GZRQTV RQVGPVKCNKU EQPUVTCKPGF D[ C NCEM QH HQTGKIP GZEJCPIG HQT KPRWVU UWEJ CU HGTVKNK\GT CPFRGUVKEKFGUÔ 6JG 7PKVGF 5VCVGU OQUV RTQDCDN[ YQWNF DGPGHKV KP VJG CDUGPEG QHUCPEVKQPUÒ CU %WDC RTQDCDN[ YQWNF KORQTV 7Ô5Ô VTQRKECN HTWKV VQ UWRRN[ KVUVQWTKUO UGEVQTÒ XCNWGF CV ˘ÈÌÒÌÌÌ VQ ˘ÊÎÒÌÌÌ CPPWCNN[ ıNGUU VJCP ÌÔË RGTEGPVQH VQVCN 7Ô5Ô VTQRKECN HTWKV GZRQTVUÙÔ *QYGXGTÒ KP VJG NQPIGT TWP VJG 7Ô5Ô KPFWUVT[RTQDCDN[ YQWNF DG CFXGTUGN[ CHHGEVGF KP VJG CDUGPEG QH UCPEVKQPU CU %WDCDGEQOGU DGVVGT RQUKVKQPGF VQ VCMG HWNNGT CFXCPVCIG QH KVU TGUQWTEGGPFQYOGPVU YKVJ TGURGEV VQ CXCKNCDNG NCPF CPF NQYMEQUV NCDQTÔ +V KU GUVKOCVGFVJCV 7Ô5Ô KORQTVU QH VTQRKECN HTWKV HTQO%WDCYQWNF VQVCN ˘‰ÌÒÌÌÌ VQ ˘ÏÂÌÒÌÌÌCPPWCNN[ KP VJG UJQTV VGTO KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QP CXGTCIGÏ‰‰ÁM‰Â VTCFG FCVC ıNGUU VJCP ÌÔË RGTEGPV QH VQVCN 7Ô5Ô VTQRKECN HTWKV KORQTVUÙÔ

1 %KVTWU HTWKVÔ %WDC KU CP KORQTVCPV ITQYGT CPF GZRQTVGT QH EKVTWU RTQFWEVUÔ5CPEVKQPU TGRQTVGFN[ DGPGHKVVGF VJG 7Ô5Ô EKVTWU KPFWUVT[ D[ TGUVTKEVKPIEQORGVKVKQP HTQO %WDCP EKVTWUwOCKPN[ HTGUJ ITCRGHTWKVÒ QTCPIG LWKEGÒITCRGHTWKV LWKEGÒ CPF NKOGUÔ 7Ô5Ô EQPUWOGTU CPF VJG 7Ô5Ô EKVTWU KPFWUVT[RTQDCDN[ YQWNF DG CHHGEVGF KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ%WDCÔ +V KU NKMGN[ VJCV (NQTKFC ITCRGHTWKV RTQFWEGTU YQWNF HCEG VJG RQVGPVKCN QHCP KPHNWZ QH %WDCP ITCRGHTWKVU UGXGTCN YGGMU RTKQT VQ VJG UVCTV QH VJG (NQTKFCUGCUQPÒ YJKEJ YQWNF RTQDCDN[ NGCF VQ NQYGT 7Ô5Ô RTKEGUÔ 6JG HWNN KORCEV HQTHTGUJ EKVTWU YQWNF VCMG UGXGTCN [GCTU VQ FGXGNQR DGECWUG %WDCP HTWKV YQWNFJCXG VQ OGGV UVTKEV 7Ô5Ô RJ[VQUCPKVCT[ UVCPFCTFUÒ CPF VJG %WDCP KPFWUVT[YQWNF PGGF KPXGUVOGPV ECRKVCN CPF VKOG VQ TGCEJ KVU HWNN RQVGPVKCNÔ 5GXGTCNHQTGKIP KPXGUVQTU CNTGCF[ CTG YQTMKPI VQ GZRCPF %WDCrU EKVTWU GZRQTVKPFWUVT[Ô +V KU GUVKOCVGF VJCV 7Ô5Ô KORQTVU QH EKVTWU HTWKV HTQO %WDC YQWNF VQVCNDGVYGGP ˘‰OKNNKQP CPF ˘ÎÍOKNNKQP CPPWCNN[ KP VJG CDUGPEG QH UCPEVKQPU ıQT ÎVQ Á RGTEGPV QH VQVCN 7Ô5Ô KORQTVU QH EKVTWU HTWKVÙÒ DCUGF QP CXGTCIG Ï‰‰ÁM‰ÂVTCFG FCVCÔ

1 5WICTÔ 5WICT KU %WDCrU OQUV KORQTVCPV CITKEWNVWTCN GZRQTVÔ +P Ï‰Ë‰Ò %WDCGZRQTVGF ÎÔ‰ OKNNKQP OGVTKE VQPU QH UWICT VQ VJG 7PKVGF 5VCVGUÒ TGEGKXGF ÊÎRGTEGPV QH VJG 7Ô5Ô KORQTV SWQVC HQT UWICTÒ CPF UWRRNKGF ÍË RGTEGPV QH VJGVQVCN 7Ô5Ô UWICT KORQTVUÔ 6JG JKUVQTKECN KORCEV QH VJG 7Ô5Ô UCPEVKQPU YCUOKPKOCN DGECWUG DQVJ VJG 7PKVGF 5VCVGU CPF %WDC CFLWUVGF SWKEMN[wVJG7PKVGF 5VCVGU CNNQECVGF %WDCrU UWICT SWQVC VQ QVJGT .CVKP #OGTKECP CPF%CTKDDGCP EQWPVTKGUÒ YJKNG %WDC UQNF VJG DWNM QH KVU UWICT VQ VJG 5QXKGV DNQEEQWPVTKGUÔ +P VJG CDUGPEG QH UCPEVKQPUÒ %WDCrU UVCVWU YKVJ TGURGEV VQ VJG 7Ô5ÔUWICT RTQITCO YQWNF DG WPEGTVCKPÔ +H %WDC YGTG KPENWFGF KP VJG EWTTGPVVCTKHHMTCVG SWQVC ı643Ù TGIKOGÒ %WDCrU CEEGUU KU PQV NKMGN[ VQ DG QP VJG UECNG VQYJKEJ %WDC YCU CEEWUVQOGF DGHQTG VJG UCPEVKQPUÔ +H %WDC YGTG PQV KPENWFGFKP VJG EWTTGPV 643 TGIKOGÒ %WDCP UWICT GZRQTVU VQ VJG 7PKVGF 5VCVGU YQWNF DG\GTQ CPF YQWNF VJGTGHQTG JCXG PQ KORCEV QP VJG 7Ô5Ô UWICT KPFWUVT[Ô #U YKVJUWICT HTQO CP[ QVJGT PQPMSWQVCMJQNFKPI EQWPVT[Ò %WDCP UWICT YQWNF DG

ZZK

FWVKCDNG CV VJG QXGTMSWQVC VCTKHH TCVG HQT TCY UWICT QH ÎÈÎ RGTEGPV CF XCNQTGOGSWKXCNGPVÒ YJKEJ IKXGP EWTTGPV YQTNF OCTMGV RTKEGU KU RTQJKDKVKXGÔ

1 &KUVKNNGF URKTKVUÔ %WDC YCU VJG UGEQPF NCTIGUV UWRRNKGT QH TWO VQ VJG 7PKVGF5VCVGU CHVGT ,COCKEC RTKQT VQ VJG KORQUKVKQP QH 7Ô5Ô UCPEVKQPUÔ #HVGT UCPEVKQPUYGTG KORQUGFÒ UJKROGPVU HTQO ,COCKEC CPF QVJGT UQWTEGU SWKEMN[ KPETGCUGFVQ QHHUGV VJG NQUU QH %WDCP UJKROGPVUÔ 6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP7Ô5ÔEQPUWOGTU YCU UOCNN KP VGTOU QH CXCKNCDKNKV[ QH UWRRN[ CPF RTKEGUÔ 7Ô5ÔGEQPQOKE UCPEVKQPU JCF C UGXGTG CFXGTUG KORCEV QP VJG %WDCP FKUVKNNGF URKTKVUKPFWUVT[Ô 5CPEVKQPU ECWUGF %WDC VQ NQUG KVU NCTIGUV TWO GZRQTV OCTMGVÒGZCEGTDCVKPI QVJGT RTQDNGOU KP VJG %WDCP KPFWUVT[ ECWUGF D[ VJG GOKITCVKQPQH UGXGTCN %WDCP EQORCP[ QYPGTU CHVGT VJG %CUVTQ IQXGTPOGPV ECOG VQRQYGT VJCV NGHV C XQKF KP OCTMGVKPI MPQYNGFIGÒ VGEJPKECN GZRGTVKUGÒ CPFECRKVCN KP %WDCÔ +V KU GUVKOCVGF VJCV 7Ô5Ô KORQTVU QH FKUVKNNGF URKTKVU HTQO %WDCYQWNF VQVCN ˘ÏË OKNNKQP VQ ˘ÎË OKNNKQP CPPWCNN[ ıQT Ï RGTEGPV QH VQVCN 7Ô5ÔKORQTVU QH FKUVKNNGF URKTKVUÙ KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QP CXGTCIGÏ‰‰ÁM‰Â VTCFG FCVCÔ

1 %KICTUÔ 2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ %WDC YCU PGCTN[ VJG GZENWUKXGHQTGKIP UWRRNKGT QH EKICT VQDCEEQÔ 5CPEVKQPU HQTEGF VJG 7Ô5Ô KPFWUVT[ KPVQ COCLQT CPF EQUVN[ TGUVTWEVWTKPI RTQITCOÒ CPF 7Ô5Ô EKICT EQORCPKGU YGTGHQTEGF VQ FGXGNQR CNVGTPCVKXG UWRRN[ UQWTEGUÔ 6JG JKUVQTKECN KORCEV QP VJG%WDCP KPFWUVT[ YCU UOCNN CU %WDC YCU CDNG VQ HKPF CNVGTPCVKXG OCTMGVUÒRTKPEKRCNN[ KP 'WTQRGÔ +V KU GUVKOCVGF VJCV 7Ô5Ô KORQTVU QH EKICTU HTQO %WDC KPVJGCDUGPEG QH UCPEVKQPU EQWNF VQVCN ˘ÏËOKNNKQP VQ ˘ÍÌOKNNKQP CPPWCNN[ ıQT Ë VQÏÌ RGTEGPV QH VQVCN 7Ô5Ô KORQTVU QH EKICTUÙÒ DCUGF QP CXGTCIG Ï‰‰ÁM‰Â VTCFGFCVCÔ

1 5GCHQQFÔ 5CPEVKQPU ECWUGF PQ OGCUWTCDNG GHHGEVU QP 7Ô5Ô UGCHQQF GZRQTVGTUDGECWUG %WDC YCU C UOCNN 7Ô5Ô UGCHQQF VTCFKPI RCTVPGTÔ 5CPEVKQPU JCF CUKIPKHKECPV PGICVKXG KORCEV QP 7Ô5Ô FGOCPF HQT %WDCP UGCHQQF GZRQTVUÔ 6JGNQUU QH VJG 7Ô5Ô OCTMGV HQTEGF %WDC VQ HKPF PGY GZRQTV OCTMGVU UWEJ CU 5RCKPÒ(TCPEGÒ CPF ,CRCP YJKEJÒ DGECWUG QH VJGKT FKUVCPEGÒ TCKUGF %WDCPVTCPURQTVCVKQP EQUVUÔ +V KU GUVKOCVGF VJCV 7Ô5Ô UGCHQQF GZRQTVU VQ %WDC KP VJGCDUGPEG QH UCPEVKQPU YQWNF VQVCN ˘Ï OKNNKQP VQ ˘Î OKNNKQP CPPWCNN[ ıNGUU VJCPÌÔË RGTEGPV QH VQVCN 7Ô5Ô GZRQTVU QH UGCHQQFÙÒ DCUGF QP CXGTCIG Ï‰‰ÁM‰ÂVTCFG FCVCÒ OQUV QH YJKEJ YQWNF DG FGUVKPGF HQT %WDCrU VQWTKUO UGEVQTÔ 7Ô5ÔKORQTVU QH %WDCP UGCHQQF YQWNF VQVCN ˘Ë OKNNKQP VQ ˘ÏÏ OKNNKQP CPPWCNN[ ıNGUUVJCP ÌÔË RGTEGPV QH VQVCN 7Ô5Ô UGCHQQF KORQTVUÙÒ KPETGCUKPI EQORGVKVKQPRTKOCTKN[ HQT VJG (NQTKFC HKUJ KPFWUVT[Ô

++++PPPPVVVVGGGGTTTTOOOOGGGGFFFFKKKKCCCCVVVVGGGG CCCCPPPPFFFF ////CCCCPPPPWWWWHHHHCCCCEEEEVVVVWWWWTTTTGGGGFFFF ))))QQQQQQQQFFFFUUUU1 (GTVKNK\GTU CPF RGUVKEKFGUÔ 6JG JKUVQTKECN KORCEV QH UCPEVKQPU YCU UOCNN

DGECWUGÒ CNVJQWIJ %WDC YCU C UOCNN DWV KORQTVCPV QWVNGV HQT 7Ô5Ô HGTVKNK\GTUCPF RGUVKEKFG RTQFWEVU CV VJG VKOG UCPEVKQPU YGTG KORQUGFÒ 7Ô5Ô GZRQTVGTU

ZZKK

YGTG CDNG VQ HKPF CNVGTPCVKXG OCTMGVU HQT VJGKT RTQFWEVU TGNCVKXGN[ SWKEMN[Ô 6JGEWTTGPV KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô HGTVKNK\GT CPF RGUVKEKFG KPFWUVTKGU KUUOCNN DWV OGCUWTCDNGÔ +V KU GUVKOCVGF VJCV VJG 7Ô5Ô HGTVKNK\GT GZRQTVU VQ %WDC KPVJG CDUGPEG QH UCPEVKQPU YQWNF VQVCN ˘Â OKNNKQP VQ ˘ÏË OKNNKQP CPPWCNN[ ıNGUUVJCP ÌÔË RGTEGPV QH VQVCN 7Ô5Ô HGTVKNK\GT GZRQTVUÙÒ QT ÏÌ VQ ÎÌ RGTEGPV QH %WDCrUVQVCN KORQTVUÔ +H %WDCP CITKEWNVWTCN RTQFWEVKQP YGTG VQ KPETGCUGÒ %WDCPFGOCPF HQT RGUVKEKFG RTQFWEVUÒ KPENWFKPI KORQTVU HTQO 7Ô5Ô EQORCPKGUÒRTQDCDN[ YQWNF KPETGCUGÔ +P VJG CDUGPEG QH UCPEVKQPUÒ 7Ô5Ô GZRQTVU QHRGUVKEKFG RTQFWEVU YQWNF DG UOCNNÒ CV OQUV ˘È OKNNKQP KP VJG UJQTV VGTOÔ

1 2JCTOCEGWVKECNUÔ 5CPEVKQPU JCF C OKPKOCN JKUVQTKECN KORCEV QP VJG 7Ô5ÔRJCTOCEGWVKECNU KPFWUVT[ IKXGP VJG UOCNN UK\G QH VJG %WDCPOCTMGV CPFCEEGUUVQ CNVGTPCVKXG UWRRNKGTUÔ +P VJG CDUGPEG QH UCPEVKQPUÒ 7Ô5Ô RJCTOCEGWVKECNGZRQTVU YQWNF RTQDCDN[ DG UOCNN ı\GTQ VQ ˘Ï OKNNKQPÙÔ 1PGTQWU NKEGPUKPITGUVTKEVKQPU CPF JGCNVJ CPF UCHGV[ TGIWNCVKQPU QH VJG %WDCP IQXGTPOGPV OQUVRTQDCDN[ YQWNF KORGFG UQOG 7Ô5Ô GZRQTVUÔ #NVJQWIJ %WDC JCF CEEGUU VQRJCTOCEGWVKECN RTQFWEVU HTQO QVJGT EQWPVTKGUÒ 7Ô5Ô UCPEVKQPU RTQXKFGF CPKORGVWU HQT %WDC VQ FGXGNQR CP KPFKIGPQWU DKQVGEJPQNQI[ KPFWUVT[Ô

1 6GZVKNGU CPF CRRCTGNÔ 5CPEVKQPU IGPGTCNN[ JCF C OKPKOCN JKUVQTKECN KORCEV QPVJG 7Ô5Ô VGZVKNGU CPF CRRCTGN KPFWUVT[Ò YJKEJ HQWPF CNVGTPCVG OCTMGVU HQT VJGKTRTQFWEVUÔ +V KU GUVKOCVGF VJCV 7Ô5Ô GZRQTVU QH VGZVKNGU CPF CRRCTGN VQ %WDC KP VJGCDUGPEG QH UCPEVKQPU YQWNF VQVCN ˘Á OKNNKQP VQ ˘‰ OKNNKQP CPPWCNN[ ıNGUU VJCPÌÔË RGTEGPV QH VQVCN 7Ô5Ô VGZVKNG CPF CRRCTGN GZRQTVUÙ KP VJG CDUGPEG QHUCPEVKQPUÒ DCUGF QP CXGTCIG Ï‰‰ÁM‰Â VTCFGFCVCÔ 7Ô5Ô EQORCPKGU TGRQTVGFN[OKIJV EQPUKFGT GUVCDNKUJKPI UGYKPI QRGTCVKQPU KP %WDC DGECWUG QH KVURTQZKOKV[ VQ VJG 7PKVGF 5VCVGUÒ UMKNNGF CPF GFWECVGF YQTMHQTEGÒ CPF NQY NCDQTYCIG TCVGUÔ 5CPEVKQPU KPKVKCNN[ KORGFGF VJG QRGTCVKQPU QH VJG %WDCP VGZVKNGUCPF CRRCTGN KPFWUVT[ D[ GNKOKPCVKPI C MG[ UQWTEG QH TCY CPF KPVGTOGFKCVGOCVGTKCNU CPF OCEJKPGT[Ô 6JG %WDCP KPFWUVT[ YCU CKFGF D[ 5QXKGV CUUKUVCPEGVJTQWIJ VJG Ï‰ÂÌU‚ JQYGXGTÒ %WDCP VGZVKNG RTQFWEVKQP JCU FGENKPGFUWDUVCPVKCNN[ UKPEG VJG NQUU QH 5QXKGV CUUKUVCPEGÔ

1 5VGGNÔ 6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG7Ô5Ô UVGGN KPFWUVT[YCU UOCNNÒ CU7Ô5Ô RTQFWEGTU SWKEMN[ HQWPF CNVGTPCVG OCTMGVU HQT VJGKT RTQFWEVUÔ +P VJGCDUGPEG QH UCPEVKQPUÒ 7Ô5Ô GZRQTVU QH UVGGN RTQFWEVU VQ %WDC OQUV RTQDCDN[YQWNF DG UOCNNÔ 5CPEVKQPU JCF NKVVNGÒ KH CP[Ò KORCEV QP %WDC DGECWUG UVGGN KUTGCFKN[ CXCKNCDNG QP YQTNF OCTMGVUÔ %WDC JCU FGXGNQRGF C UOCNN UVGGNKPFWUVT[YKVJ C RTQFWEV NKPG NKOKVGF VQ EQOOQFKV[MV[RG NQPI RTQFWEVUÒ RTKOCTKN[EQPETGVG TGKPHQTEKPI DCTÒ CPF GZRQTVU CDQWV ÁÌ RGTEGPV VQ ÂÌ RGTEGPV QH KVURTQFWEVKQPÒ RTKOCTKN[ VQ VJG %CTKDDGCP CPF %GPVTCN #OGTKECÔ +P VJG CDUGPEGQH UCPEVKQPUÒ KV KU GUVKOCVGF VJCV 7Ô5Ô KORQTVU QH UVGGN RTQFWEVU HTQO %WDCYQWNF VQVCN PQ OQTG VJCP CDQWV ˘ÏÏ OKNNKQP CPPWCNN[ ıNGUU VJCP ÌÔË RGTEGPV QHVQVCN 7Ô5Ô KORQTVU QH UVGGNÙÔ

1 0KEMGN CPF EQDCNVÔ 6JG 7PKVGF 5VCVGU RTQFWEGU PQ RTKOCT[ PKEMGN CPF EQDCNVÒYJKNG %WDC KU QPG QH VJG YQTNFrU OCLQT PKEMGN CPF EQDCNV TGIKQPU KP VGTOU QH

ZZKKK

RTQXGP TGUGTXGUÔ 6JG JKUVQTKECN KORCEV QH UCPEVKQPU JCU DGGP JKIJGT RTKEGURCKF D[ 7Ô5Ô EQPUWOGTU YJQ OWUV RWTEJCUG PKEMGNMEQPVCKPKPI RTQFWEVUÒ UWEJCU UVCKPNGUU UVGGN CPF PKEMGN CNNQ[ RTQFWEVUÒ HTQOOQTG FKUVCPV UWRRNKGTU UWEJ CU0QTYC[Ò #WUVTCNKCÒ CPF 4WUUKCÒ CPF EQDCNV RTQFWEVU HTQO 0QTYC[Ò (KPNCPFÒ<CODKCÒ CPF %QPIQÔ 5CPEVKQPU RTQJKDKV 7Ô5Ô KORQTVU QH %WDCPMQTKIKP PKEMGNHTQO EQWPVTKGU UWEJ CU %CPCFC VJCV RTQEGUU KVÔ +P VJG CDUGPEG QH UCPEVKQPUÒ KV KUNKMGN[ VJCV VJG 7PKVGF 5VCVGU YQWNF KORQTV %WDCPMQTKIKP PKEMGN CPF EQDCNVRTQFWEVU HTQO %CPCFC ıXCNWGF CV DGVYGGP ˘ËË OKNNKQP CPF ˘ÊÏ OKNNKQPCPPWCNN[ÙÔ

1 /CEJKPGT[ CPF VTCPURQTVCVKQP GSWKROGPVÔ 6JG JKUVQTKECN KORCEV QH UCPEVKQPUQP 7Ô5Ô KPFWUVTKGU YCU OKPKOCNÒ CU CNVGTPCVG OCTMGVU YGTG GCUKN[ NQECVGFÔ +V KUGUVKOCVGF VJCV 7Ô5Ô GZRQTVU QH OCEJKPGT[ KP VJG CDUGPEG QH UCPEVKQPU YQWNFVQVCN ˘ÏÎÌ OKNNKQP VQ ˘ÏËÈ OKNNKQP CPPWCNN[ ıNGUU VJCP ÌÔË RGTEGPV QH VQVCN 7Ô5ÔOCEJKPGT[ GZRQTVUÙÒ DCUGF QP CXGTCIG Ï‰‰ÁM‰Â VTCFG FCVCÔ 7Ô5Ô GZRQTVU QH7Ô5Ô VTCPURQTVCVKQP GSWKROGPV YQWNF RTQDCDN[ VQVCN ˘ÈÍOKNNKQP VQ ˘ËËOKNNKQPCPPWCNN[ ıNGUU VJCP ÌÔË RGTEGPV QH VQVCN 7Ô5Ô VTCPURQTVCVKQP GSWKROGPVGZRQTVUÙÔ 6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP %WDC YCU UKIPKHKECPVÒRCTVKEWNCTN[ FWTKPI VJG Ï‰ÁÌUÒ CU %WDC YCU FGPKGF CEEGUU VQ 7Ô5Ô URCTG CPFTGRNCEGOGPV RCTVUÔ %WDC GXGPVWCNN[ TGRNCEGF CPF CFFGF OCEJKPGT[ CPFVTCPURQTVCVKQP GSWKROGPVÒ HKTUV HTQO VJG 5QXKGV DNQE EQWPVTKGU CPF NCVGT HTQO'WTQRG CPF ,CRCPÔ

1 2QYGT IGPGTCVKQP OCEJKPGT[Ô 5CPEVKQPU JCF C OKPKOCN JKUVQTKECN KORCEV QP7Ô5Ô RTQFWEGTUÒ YJQ YGTG CDNG VQ HKPF CNVGTPCVG OCTMGVU HQT VJGKT RTQFWEVUÔ +PVJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÒ GZRQTVU QH 7Ô5ÔMOCFG RQYGT IGPGTCVKQPOCEJKPGT[OQUV NKMGN[ YQWNF DG UOCNN DGECWUG QH 7Ô5Ô KPFWUVT[ EQPEGTPU CDQWVVJG %WDCP TGIWNCVQT[ GPXKTQPOGPVÔ 6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP%WDCYCU OKPKOCNÒ CU VJG 5QXKGV DNQE EQWPVTKGU RTQXKFGF %WDC YKVJ UWDUKFK\GF QKNCPF VGEJPKECN CPF HKPCPEKCN CUUKUVCPEGÔ /QUV QH %WDCrU RQYGT IGPGTCVKQPECRCDKNKV[ TGNKGU QP QNFÒ KPGHHKEKGPV HCEKNKVKGU KP PGGF QH WRITCFKPIÒ CPF C UOCNNPWODGT QH LQKPV XGPVWTG RTQLGEVU YKVJ HQTGKIP KPXGUVQTU CTG WPFGTYC[Ô*QYGXGTÒ VJG EWTTGPV %WDCP TGIWNCVQT[ GPXKTQPOGPV YQWNF TGOCKP CPQDUVCENG VQ UKIPKHKECPV 7Ô5Ô RCTVKEKRCVKQP GXGP KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ

1 'NGEVTQPKEU IQQFUÔ 5CPEVKQPU JCF NKVVNG JKUVQTKECN KORCEV QP 7Ô5Ô GNGEVTQPKEUIQQFU EQORCPKGU DGECWUG %WDC YCU C UOCNN OCTMGV CPF CNVGTPCVKXGEWUVQOGTU YGTG SWKEMN[ NQECVGFÔ +V KU GUVKOCVGF VJCV 7Ô5Ô GZRQTVU QH GNGEVTQPKEUIQQFU VQ %WDC KP VJG CDUGPEG QH UCPEVKQPU YQWNF DG NGUU VJCP ˘ÎÌ OKNNKQPCPPWCNN[ ıNGUU VJCP ÌÔË RGTEGPV QH VQVCN 7Ô5Ô GNGEVTQPKEU IQQFU GZRQTVUÙÒ DCUGFQP CXGTCIG Ï‰‰ÁM‰Â VTCFG FCVCÔ 5CPEVKQPU RTGXGPVGF %WDC HTQO RWTEJCUKPIGSWKROGPV EQORCVKDNG YKVJ 7Ô5Ô GSWKROGPV KPUVCNNGF RTKQT VQ Ï‰ÁÌÒ CPF JCXGNKOKVGF %WDCrU CEEGUU VQ VJG NCVGUV VGEJPQNQIKGUÔ 6JKU JCU DGGP C UKIPKHKECPVRTQDNGO KP VJG CTGC QH VGNGEQOOWPKECVKQPU GSWKROGPVÔ %WDC JCU FGXGNQRGFNKOKVGF RTQFWEVKQP ECRCDKNKVKGU VJCV YQWNF RQUG PQ EQORGVKVKXG VJTGCV VQ 7Ô5ÔHKTOU KP VJG CDUGPEG QH UCPEVKQPUÔ

1 /GFKECN GSWKROGPVÔ 6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP 7Ô5Ô UCNGU CPFGORNQ[OGPV YCU OKPKOCN DGECWUG %WDC YCU C UOCNN OCTMGV HQT 7Ô5Ô OGFKECNIQQFUÔ 5QOG7Ô5Ô HKTOU VJCV CNTGCF[ GZRQTV VQ .CVKP #OGTKECP EQWPVTKGU TGRQTV

ZZKX

VJCV VJG[ YQWNF RTQDCDN[ GZRQTV UOCNN COQWPVU VQ %WDC KP VJG CDUGPEG QHUCPEVKQPUÔ +V KU GUVKOCVGF VJCV 7Ô5Ô GZRQTVU QH OGFKECN GSWKROGPV VQ %WDC KP VJGCDUGPEG QH UCPEVKQPU YQWNF VQVCN ˘Á OKNNKQP VQ ˘Â OKNNKQP CPPWCNN[ ıNGUU VJCPÌÔË RGTEGPV QH VQVCN 7Ô5Ô OGFKECN GSWKROGPV GZRQTVUÙÒ DCUGF QP CXGTCIGÏ‰‰ÁM‰Â VTCFG FCVCÔ 5CPEVKQPU IGPGTCNN[ JCF C UOCNN KORCEV QP %WDCÒ YJKEJYCU HQTEGF VQ QDVCKP OGFKECN GSWKROGPV HTQO VJG 5QXKGV DNQE EQWPVTKGUÒ'WTQRGÒ CPF #UKCÒ CNVJQWIJ %WDC OC[ JCXG HCEGF JKIJGT RTKEGU CPF C NGUUEQORGVKVKXG OCTMGVRNCEG YKVJQWV CEEGUU VQ 7Ô5Ô RTQFWEVUÔ

1 %GOGPVÔ 5CPEVKQPU NKOKVGF 7Ô5Ô CEEGUU VQ PGCTD[ EGOGPV UWRRNKGUÒ CPF HQTEGF7Ô5Ô EQPUWOGTU VQ RC[ UQOGYJCV JKIJGT RTKEGU CU KORQTVU YGTG QDVCKPGF HTQOOQTG FKUVCPV UWRRNKGTU KP 'WTQRG CPF #UKCÔ 5CPEVKQPU JCF PQ OGCUWTCDNGJKUVQTKECN KORCEV QP %WDCÔ +P VJGCDUGPEG QH UCPEVKQPUÒ KV KU GUVKOCVGF VJCV ÊË VQ‰Ë RGTEGPV QH %WDCP EGOGPV GZRQTVU YQWNF DG FKTGEVGF VQ VJG 7Ô5Ô OCTMGVÒGSWKXCNGPV VQ ˘Ï‰OKNNKQP VQ ˘ÎÈOKNNKQP CPPWCNN[ ıQT Î VQ Í RGTEGPV QH VQVCN 7Ô5ÔEGOGPV KORQTVUÙÒ DCUGF QP CXGTCIG Ï‰‰ÁM‰Â VTCFG FCVCÔ )KXGP VJG JKIJVTCPURQTVCVKQP EQUVU CUUQEKCVGF YKVJ EGOGPV VTCFGÒ OQUV QH VJG KORCEVU YQWNFDG HGNV KP 7Ô5Ô UQWVJGTP UVCVGUÔ

1 2NCUVKEUÔ 5CPEVKQPU JCF C OKPKOCN KORCEV QP VJG 7Ô5Ô RNCUVKEU KPFWUVT[Ô +V KUGUVKOCVGF VJCV VJG 7Ô5Ô RNCUVKEU KPFWUVT[ EQWNF UWRRN[ CU OWEJ CU ÏÌ RGTEGPV QH%WDCP KORQTVU KP VJG CDUGPEG QH UCPEVKQPUÒ GSWKXCNGPV VQ CDQWV ˘È OKNNKQPCPPWCNN[ ıNGUU VJCP ÌÔË RGTEGPV QH VQVCN 7Ô5Ô RNCUVKEU GZRQTVUÙ DCUGF QPCXGTCIG Ï‰‰ÁM‰Â VTCFG FCVCÔ #NVJQWIJ VJGTG YCU C UOCNN RNCUVKEU KPFWUVT[ KP%WDC RTKQT VQ Ï‰ËÂÒ VJG FGXGNQROGPV QH VJCV KPFWUVT[ EQPVKPWGU VQ DG KORGFGFD[ %WDCrU NCEM QH CEEGUU VQ OQFGTP VGEJPQNQIKGU CPF NKOKVGF CEEGUU VQEJGOKECN HGGFUVQEMU FGTKXGF HTQO RGVTQNGWOÔ

1 6KTGUÔ 5CPEVKQPU JCF C UOCNN KORCEV QP VJG 7Ô5Ô VKTG KPFWUVT[ CU OCPWHCEVWTGTUYGTG CDNG VQ HKPF CNVGTPCVKXG OCTMGVU HQT VJGKT RTQFWEVU KP .CVKP #OGTKEC CPF#UKCÔ +V KU GUVKOCVGF VJCV 7Ô5Ô GZRQTVU QH VKTGU VQ %WDC KP VJG CDUGPEG QHUCPEVKQPU YQWNF VQVCN ˘ÎÏ OKNNKQP VQ ˘ÎË OKNNKQP CPPWCNN[ ıQT Ï RGTEGPV QH VQVCN7Ô5Ô VKTG GZRQTVUÙÒ DCUGF QP CXGTCIG Ï‰‰ÁM‰Â VTCFG FCVCÔ 5CPEVKQPU JCF CUOCNN JKUVQTKECN KORCEV QP %WDC CPF FQ PQV CRRGCT VQ JCXG UKIPKHKECPVN[CHHGEVGF VJG %WDCP VKTG KPFWUVT[Ô

1 5RQTVKPI IQQFUÔ 5CPEVKQPU JCF PQ OGCUWTCDNG KORCEV QP VJG 7Ô5Ô URQTVKPIIQQFU KPFWUVT[Ô 5CPEVKQPU FGPKGF RQVGPVKCN %WDCP EWUVQOGTU CEEGUU VQ JKIJSWCNKV[ 7Ô5ÔMOCFG URQTVKPI IQQFUÒ HQTEKPI %WDC VQ KORQTV EGTVCKP V[RGU QHJKIJMGPF URQTVKPI IQQFU HTQO 'WTQRGÔ +V KU GUVKOCVGF VJCV 7Ô5Ô GZRQTVU QHJKIJMGPFÒ RTGOKWOSWCNKV[ URQTVKPI IQQFU ıHQT VQRMNGXGN %WDCP CVJNGVKE VGCOUÒRCTVKEWNCTN[ VJQUG KPXQNXGF KP KPVGTPCVKQPCN EQORGVKVKQPÙ YQWNF RTQDCDN[ VQVCN˘Ï OKNNKQP VQ ˘Î OKNNKQP CPPWCNN[ KP VJG CDUGPEG QH UCPEVKQPU ıNGUU VJCP ÌÔËRGTEGPV QH VQVCN 7Ô5Ô URQTVKPI IQQFU GZRQTVUÙÒ DCUGF QP CXGTCIG Ï‰‰ÁM‰ÂVTCFG FCVCÔ %WDCP URQTVKPI IQQFU YQWNF PQV NKMGN[ DG EQORGVKVKXG KP VJG 7Ô5ÔOCTMGV YKVJQWV UKIPKHKECPV HQTGKIP KPXGUVOGPVÔ

ZZX

6666CCCCDDDDNNNNGGGG ''''5555MMMMÏÏÏÏ''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGFFFF CCCCPPPPPPPPWWWWCCCCNNNN 7777ÔÔÔÔ5555ÔÔÔÔ GGGGZZZZRRRRQQQQTTTTVVVVUUUU VVVVQQQQ %%%%WWWWDDDDCCCC KKKKPPPP VVVVJJJJGGGG CCCCDDDDUUUUGGGGPPPPEEEEGGGG QQQQHHHH 7777ÔÔÔÔ5555ÔÔÔÔ UUUUCCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU ııııDDDDCCCCUUUUGGGGFFFF QQQQPPPPCCCCXXXXGGGGTTTTCCCCIIIIGGGG ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁMMMM‰‰‰‰ÂÂÂÂ VVVVTTTTCCCCFFFFGGGG FFFFCCCCVVVVCCCCÙÙÙÙ

5555GGGGEEEEVVVVQQQQTTTT

%%%%WWWWDDDDCCCCPPPP KKKKOOOORRRRQQQQTTTTVVVVUUUUHHHHTTTTQQQQOOOO VVVVJJJJGGGG YYYYQQQQTTTTNNNNFFFFÒÒÒÒ

ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁMMMM‰‰‰‰ÂÂÂÂCCCCXXXXGGGGTTTTCCCCIIIIGGGG

''''UUUUVVVVKKKKOOOOCCCCVVVVGGGG QQQQHHHH7777ÔÔÔÔ5555ÔÔÔÔ UUUUJJJJCCCCTTTTGGGG QQQQHHHH

%%%%WWWWDDDDCCCCPPPPKKKKOOOORRRRQQQQTTTTVVVVUUUU

''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGQQQQHHHH 7777ÔÔÔÔ5555ÔÔÔÔ

GGGGZZZZRRRRQQQQTTTTVVVVUUUU VVVVQQQQ%%%%WWWWDDDDCCCC

''''UUUUVVVVKKKKOOOOCCCCVVVVGGGG QQQQHHHH%%%%WWWWDDDDCCCCPPPP UUUUJJJJCCCCTTTTGGGGQQQQHHHH VVVVQQQQVVVVCCCCNNNN 7777ÔÔÔÔ5555ÔÔÔÔ

GGGGZZZZRRRRQQQQTTTTVVVVUUUUÒÒÒÒÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁMMMM‰‰‰‰ÂÂÂÂCCCCXXXXGGGGTTTTCCCCIIIIGGGG

/KNNKQP FQNNCTU 2GTEGPV /KNNKQP FQNNCTU 2GTEGPV

5555GGGGNNNNGGGGEEEEVVVVGGGGFFFF CCCCIIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTCCCCNNNN RRRRTTTTQQQQFFFFWWWWEEEEVVVVUUUU/GCV Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰Ë ÁËMÂÌ ÁÎMÊÁ Ï&CKT[ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÎ ËMÏË ÈMÏÎ ÏMÍ9JGCV Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÁ ÈÌMÁÌ ÍÈMËÎ Ï4KEG Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰‰ ÈÌMÁÌ ÈÌMË‰ ÈMÁ(GGFITCKPU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌ ‰ÌMÏÌÌ ‰MÏÌ ıÏÙ#PKOCN HGGF Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÍ ÂÌM‰Ì ÈÎMÈÂ Ï(CVU CPF QKNU Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÊ ÂÌM‰Ì Î‰MÍÍ Ï&T[ DGCPU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÈ ÎÌMÈÌ ÏÍMÎÁ ÈMÂ%QVVQP Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎ ËÌMÊÌ ÁMÂ ıÏÙ9KPVGT XGIGVCDNGU Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÍÙ ıÏÙ6TQRKECN HTWKV Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÍÙ ıÏÙ5GCHQQF Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÏ ËMÏÌ ÏMÎ ıÏÙ6QVCNÈ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËË‰ ÈÍMËÂ ÎÈÏMÍÎÊ Ï

5555GGGGNNNNGGGGEEEEVVVVGGGGFFFF KKKKPPPPVVVVGGGGTTTTOOOOGGGGFFFFKKKKCCCCVVVVGGGG CCCCPPPPFFFF OOOOCCCCPPPPWWWWHHHHCCCCEEEEVVVVWWWWTTTTGGGGFFFF IIIIQQQQQQQQFFFFUUUU(GTVKNK\GT Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊË ÏÌMÎÌ ÂMÏË ıÏÙ2GUVKEKFG Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÏ ÌMÏÌ ÌMÈ ıÏÙ2JCTOCEGWVKECNU Ô Ô Ô Ô Ô Ô ÎÁ ÌMË ÌMÏ ıÏÙ6GZVKNGU CPF CRRCTGN Ô Ô Ô ÁÌ ÏÌMÏË ÁM‰ ıÏÙ5VGGN Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎÏ ıÏÙ ıÍÙ ıÏÙ/CEJKPGT[ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÈÎ ÍËMÈË ÏÎÌMÏËÈ ıÏÙ6TCPURQTVCVKQP

GSWKROGPV Ô Ô Ô Ô Ô Ô Ô Ô ÏÎÍ ÍËMÈË ÈÍMËË ıÏÙ2QYGT IGPGTCVKQP

OCEJKPGT[Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÂ ıÏÙ ıÍÙ ıÏÙ'NGEVTQPKEU IQQFU Ô Ô Ô Ô Ô Ô ÏÁ‰ ÌMÏÌ ÌMÏÊ ıÏÙ/GFKECN GSWKROGPV Ô Ô Ô Ô ÏÎ ËÌMÊÌ ÁMÂ ıÏÙ2NCUVKEU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÎ ÌMÏÌ ÌMÈ ıÏÙ6KTGU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÍ ÁËMÊË ÎÏMÎË Ï5RQTVKPI IQQFU Ô Ô Ô Ô Ô Ô Ô Ë ÎÌMÍÌ ÏMÎ ıÏÙ6QVCNË Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÏÎÊ ÏÂMÎÁ ÎÌÈMÎ‰È ıÏÙ

1VJGT RTQFWEVUÁ Ô Ô Ô Ô Ô Ô ÎÒÏÎ‰ ÏÌMÎÌ ÎÏÍMÈÎÁ ıÏÙ)TCPF VQVCN Ô Ô Ô Ô Ô Ô Ô ÍÒÂÏË ÏÊMÎÊ ÁËÂMÏÒÌÈÊ ıÏÙ

Ï .GUU VJCP ÌÔË RGTEGPVÔÎ 0QV CXCKNCDNGÔÍ .GUU VJCP ˘ËÌÌÒÌÌÌÔÈ 4GRTGUGPVU QXGT ‰Ì RGTEGPV QH VQVCN %WDCP KORQTVU QH CITKEWNVWTCN RTQFWEVUÔË 4GRTGUGPVU CDQWV QPG VJKTF QH VQVCN %WDCP KORQTVU QH KPVGTOGFKCVG CPF OCPWHCEVWTGF IQQFUÔÁ s1VJGT RTQFWEVUt EQPUKUV QH OKUEGNNCPGQWU KORQTVU QH %WDCÒ OQUVN[ QH KPVGTOGFKCVG CPF

OCPWHCEVWTGF IQQFUÒ HQT YJKEJ VJG %QOOKUUKQP JCU PQV OCFG UGRCTCVG FGVGTOKPCVKQPU QH RQVGPVKCN7Ô5Ô GZRQTVUÔ 6JGUG KPENWFGÒ DWV CTG PQV NKOKVGF VQÒ OKUEGNNCPGQWU GFKDNG RTQFWEVU‚ EQTM CPF YQQFÒCPF RTQFWEVU OCFG VJGTGHTQO‚ OKUEGNNCPGQWU VGZVKNG HKDGTU‚ EQCN‚ RGVTQNGWO CPF RGVTQNGWORTQFWEVU‚ PCVWTCN ICUÒ QTICPKE CPF KPQTICPKE EJGOKECNU‚ F[GU CPF RCKPVU‚ RGTHWOGU CPF EQUOGVKEU‚JGTDKEKFGUÒ TWDDGT RTQFWEVU QVJGT VJCP VKTGUÒ RCRGT CPF ECTFDQCTF‚ UVQPGÒ ENC[Ò CPF INCUU‚PQPMHGTTQWU OGVCNU‚ OCPWHCEVWTGF OGVCN RTQFWEVU‚ EQPUVTWEVKQP OCVGTKCNU CPF HKZVWTGU‚ HWTPKVWTG‚VTCXGN IQQFU‚ HQQVYGCT‚ RTQHGUUKQPCN KPUVTWOGPVU QVJGT VJCP OGFKECN GSWKROGPV‚ YCVEJGU CPFENQEMU‚ CPF QVJGT OKUEGNNCPGQWU OCPWHCEVWTGUÔ

5QWTEG„ Ï‰‰ÁM‰Â CXGTCIG CPPWCN DCUG XCNWG QH %WDCP VTCFG FCVC HTQO XCTKQWU UQWTEGU ıUGGCRRGPFKZ )ÙÔ 'UVKOCVGF 7Ô5Ô UJCTG QH %WDCP VTCFG CPF GUVKOCVGF 7Ô5Ôv%WDCP VTCFG FCVC CTGFGTKXGF HTQO 75+6% GUVKOCVGU CPF VJG 75+6% ITCXKV[ OQFGNÔ

ZZXK

6666CCCCDDDDNNNNGGGG ''''5555MMMMÎÎÎÎ''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGFFFF CCCCPPPPPPPPWWWWCCCCNNNN 7777ÔÔÔÔ5555ÔÔÔÔ KKKKOOOORRRRQQQQTTTTVVVVUUUU HHHHTTTTQQQQOOOO %%%%WWWWDDDDCCCC KKKKPPPP VVVVJJJJGGGG CCCCDDDDUUUUGGGGPPPPEEEEGGGG QQQQHHHH 7777ÔÔÔÔ5555ÔÔÔÔ UUUUCCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU ııııDDDDCCCCUUUUGGGGFFFF QQQQPPPP CCCCXXXXGGGGTTTTCCCCIIIIGGGGÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁMMMM‰‰‰‰ÂÂÂÂ VVVVTTTTCCCCFFFFGGGG FFFFCCCCVVVVCCCCÙÙÙÙ


%%%%WWWWDDDDCCCCPPPP GGGGZZZZRRRRQQQQTTTTVVVVUUUUVVVVQQQQ VVVVJJJJGGGG YYYYQQQQTTTTNNNNFFFFÒÒÒÒ


''''UUUUVVVVKKKKOOOOCCCCVVVVGGGG QQQQHHHH7777ÔÔÔÔ5555ÔÔÔÔ UUUUJJJJCCCCTTTTGGGG QQQQHHHH

%%%%WWWWDDDDCCCCPPPP GGGGZZZZRRRRQQQQTTTTVVVVUUUU

''''UUUUVVVVKKKKOOOOCCCCVVVVGGGG QQQQHHHH7777ÔÔÔÔ5555ÔÔÔÔ KKKKOOOORRRRQQQQTTTTVVVVUUUUHHHHTTTTQQQQOOOO %%%%WWWWDDDDCCCC

''''UUUUVVVVKKKKOOOOCCCCVVVVGGGG QQQQHHHH%%%%WWWWDDDDCCCCPPPP UUUUJJJJCCCCTTTTGGGG

QQQQHHHH VVVVQQQQVVVVCCCCNNNN7777ÔÔÔÔ5555ÔÔÔÔ KKKKOOOORRRRQQQQTTTTVVVVUUUUÒÒÒÒ


/KNNKQP FQNNCTU 2GTEGPV /KNNKQP FQNNCTU 2GTEGPV

5555GGGGNNNNGGGGEEEEVVVVGGGGFFFF CCCCIIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTCCCCNNNN RRRRTTTTQQQQFFFFWWWWEEEEVVVVUUUU9KPVGT XGIGVCDNGU Ô ıÏÙ ÈËM‰Ì ıÏÙ ıÎÙ6TQRKECN HTWKV Ô Ô Ô Ô Ô ıÏÙ ÎËMÈË ıÏÙ ıÎÙ%KVTWU HTWKV Ô Ô Ô Ô Ô Ô Ô ÈÁ ÎÌMËÌ ‰MÎÍ ÎMÁ5WICT Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÁÌ ıÍÙ ıÍÙ ıÍÙ&KUVKNNGF URKTKVU Ô Ô Ô Ô ÏÌÌ ÏËMÎË ÏËMÎË Ï%KICTU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰‰ ÏËMÍÌ ÏËMÍÌ ËMÏÌ5GCHQQF Ô Ô Ô Ô Ô Ô Ô Ô ÏÌ‰ ËMÏÌ ËMÏÏ ıÎÙ

6QVCNÈ Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÎÏÈ ËÏÍMÎË ËÈËMÂ‰ ıÎÙ

5555GGGGNNNNGGGGEEEEVVVVGGGGFFFF KKKKPPPPVVVVGGGGTTTTOOOOGGGGFFFFKKKKCCCCVVVVGGGG CCCCPPPPFFFF OOOOCCCCPPPPWWWWHHHHCCCCEEEEVVVVWWWWTTTTGGGGFFFF IIIIQQQQQQQQFFFFUUUU2JCTOCEGWVKECNU Ô Ô Ô Ô ÍÁ ÌMË ÌMÎ ıÎÙ6GZVKNGU CPFCRRCTGN Ô Ô Ô Ô Ô Ô Ô Ô Ë ÏÌMÏË ÌMÏ ıÎÙ

5VGGN Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÈ ÌMÎË ÌMÏÏ ıÎÙ0KEMGN CPF EQDCNV Ô Ô Ô Í‰Ï Ì Ì ıÎÙ%GOGPV Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎË ÊËM‰Ë Ï‰MÎÈ ÎMÍ

6QVCNÁ Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÌÏ ÈMÊ Ï‰MÍÊ ıÎÙ

1VJGT RTQFWEVUÊ Ô Ô Ô Ô ÏÌÏ ËMÎÌ ËMÎÌ ıÎÙ

))))TTTTCCCCPPPPFFFF VVVVQQQQVVVVCCCCNNNN Ô Ô Ô ÏÒÂÏÊ ËÊMÏË ËÁ‰MÏÈÁ ıÎÙÏ .GUU VJCP ˘ËÌÌÒÌÌÌÔÎ .GUU VJCP ÌÔË RGTEGPVÔÍ 0QV CXCKNCDNGÔÈ 4GRTGUGPVU QXGT ‰Ë RGTEGPV QH VQVCN %WDCP GZRQTVU QH CITKEWNVWTCN RTQFWEVUÔË 'UVKOCVG GZENWFGU UWICTÔÁ 4GRTGUGPVU QXGT ÂË RGTEGPV QH VQVCN %WDCP GZRQTVU QH KPVGTOGFKCVG CPF OCPWHCEVWTGF IQQFUÔÊ s1VJGT RTQFWEVUt EQPUKUV QH OKUEGNNCPGQWU GZRQTVU QH %WDC HQT YJKEJ VJG %QOOKUUKQP JCU PQV OCFG

UGRCTCVG FGVGTOKPCVKQPU QH RQVGPVKCN 7Ô5Ô KORQTVUÔ 6JGUG KPENWFGÒ DWV CTG PQV NKOKVGF VQÒ EQHHGG‚ VQDCEEQRTQFWEVU QVJGT VJCP EKICTU‚ OKUEGNNCPGQWU EJGOKECN RTQFWEVU‚ PQPMHGTTQWU OGVCNU‚ OCPWHCEVWTGF OGVCNRTQFWEVU‚ OKUEGNNCPGQWU OCEJKPGT[‚ VTCXGN IQQFU‚ CPF QVJGT OKUEGNNCPGQWU OCPWHCEVWTGUÔ

0QVGÔw6QVCNU OC[ PQV CFF FWG VQ TQWPFKPIÔ

5QWTEGU„ Ï‰‰ÁM‰Â CXGTCIG CPPWCN DCUG XCNWG QH %WDCP VTCFG FCVC HTQO XCTKQWU UQWTEGU ıUGG CRRGPFKZ)ÙÔ 'UVKOCVGF 7Ô5Ô UJCTG QH %WDCP VTCFG CPF GUVKOCVGF 7Ô5Ôv%WDCP VTCFG FCVC CTG FGTKXGF HTQO 75+6%GUVKOCVGU CPF VJG 75+6% ITCXKV[ OQFGNÔ

Ï"Ï

%%%%****####22226666''''4444 ÏÏÏÏ++++PPPPVVVVTTTTQQQQFFFFWWWWEEEEVVVVKKKKQQQQPPPP

2222WWWWTTTTRRRRQQQQUUUUGGGG CCCCPPPPFFFF 5555EEEEQQQQRRRRGGGG QQQQHHHH VVVVJJJJGGGG 4444GGGGRRRRQQQQTTTTVVVV

6JKU TGRQTV CPCN[\GU VJG GEQPQOKE KORCEV QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC QPDQVJ VJG 7Ô5Ô CPF VJG %WDCP GEQPQOKGUÔ 6JG 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPı75+6%Ò QT VJG %QOOKUUKQPÙ KPUVKVWVGF VJKU HCEV"HKPFKPI KPXGUVKICVKQP WPFGT UGEVKQPÍÍÎıIÙ QH VJG 6CTKHH #EV QH Ï‰ÍÌ ıÏ‰ 7Ô5Ô%Ô ÏÍÍÎıIÙÙ HQNNQYKPI TGEGKRV QH C NGVVGT QHTGSWGUV HTQO VJG %QOOKVVGG QP 9C[U CPF /GCPUÒ 7Ô5Ô *QWUG QH 4GRTGUGPVCVKXGU ıVJG%QOOKVVGGÙÒ QP /CTEJ ÏËÒ ÎÌÌÌÔÏ

+P KVU NGVVGTÒ VJG %QOOKVVGG TGSWGUVGF VJG %QOOKUUKQP VQ RTQXKFG„

1 CP QXGTXKGY QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC‚

1 C FGUETKRVKQP QH VJG %WDCP GEQPQO[Ò %WDCP VTCFG CPF KPXGUVOGPV RQNKEKGUÒCPF VTCFG CPF KPXGUVOGPV VTGPFU‚

1 CP CPCN[UKU QH VJG JKUVQTKECN KORCEV QH 7Ô5Ô UCPEVKQPU QP DQVJ VJG 7Ô5Ô CPF%WDCP GEQPQOKGUÒ GURGEKCNN[ QP CHHGEVGF UGEVQTU CPFÒ VQ VJG GZVGPV RQUUKDNGÒQP 7Ô5Ô GZRQTVUÒ KORQTVUÒ GORNQ[OGPVÒ EQPUWOGTUÒ CPF KPXGUVOGPV‚ CPF

1 CP GXCNWCVKQP QH VJG EWTTGPV KORCEV QP7Ô5Ô"%WDCPDKNCVGTCN VTCFGÒ KPXGUVOGPVÒGORNQ[OGPVÒ CPF EQPUWOGTU QH VJG GEQPQOKE UCPEVKQPU QP VTCFG CPFKPXGUVOGPV YKVJ %WDCÒ YKVJ RCTVKEWNCT CVVGPVKQP VQ VJG GHHGEVU QP 7Ô5Ô UGTXKEGUÒ7Ô5Ô CITKEWNVWTGÒ CPF QVJGT UGEVQTU HQT YJKEJ VJG KORCEV KU NKMGN[ VQ DGUKIPKHKECPVÔ

6JG 7PKVGF 5VCVGU OCKPVCKPU GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC HQT URGEKHKE 7Ô5ÔRQNKE[ IQCNUÔÎ 6JG %QOOKUUKQP JCU OCFG PQ CUUWORVKQPU KP VJKU TGRQTV TGICTFKPI CP[RQUUKDNG HWVWTG RQNKE[ EJCPIGU KP %WDCÔ 6JKU TGRQTV FQGU PQV CFFTGUU VTCFG KP OKNKVCT[IQQFU CPF UGTXKEGU QT VTCFG KP IQQFUÒ UGTXKEGUÒ CPF VGEJPQNQI[ UWDLGEV VQ GZRQTVEQPVTQNU TGNCVKPI VQ 7Ô5Ô PCVKQPCN UGEWTKV[ KPVGTGUVUwCNN CTGCU PQV VTCFKVKQPCNN[OQPKVQTGF D[ VJG %QOOKUUKQPÔ

1P 1EVQDGT ÎÂÒ ÎÌÌÌÒ 2TGUKFGPV %NKPVQP UKIPGF 2WDNKE .CY ÏÌÁ"ÍÂÊ VJCV YTQVG KPVQNCY VJG 6TCFG 5CPEVKQPU 4GHQTO CPF 'ZRQTV 'PJCPEGOGPV #EV QH ÎÌÌÌÔ 6JCV NCY

Ï # EQR[ QH VJG TGSWGUV NGVVGT CRRGCTU CU #RRGPFKZ # QH VJKU TGRQTVÔ 6JG (GFGTCN 4GIKUVGT PQVKEG QHKPUVKVWVKQP HQT VJKU KPXGUVKICVKQP CRRGCTU CU #RRGPFKZ $Ô

Î (QT C UVCVGOGPV QH QHHKEKCN 7Ô5Ô )QXGTPOGPV RQNKE[YKVJ TGURGEV VQ %WDCÒ UGG s7Ô5Ô"%WDC 4GNCVKQPUÒtCV JVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓEWDCÓRQNKE[ÔJVONÒ TGVTKGXGF 0QXÔ ÏÍÒ ÎÌÌÌÔ

Ï"Î

CWVJQTK\GU EGTVCKP UCNGU QH HQQFÒ OGFKEKPGUÒ CPF EGTVCKP OGFKECN GSWKROGPV VQ CPWODGT QH EQWPVTKGUÒ KPENWFKPI %WDCÒ EWTTGPVN[ UWDLGEV VQ 7Ô5Ô GEQPQOKE UCPEVKQPUÔ 6JGRQUUKDNG GEQPQOKE GHHGEVU QH VJKU PGY NCY CTG QWVUKFG VJG UEQRG QH VJKU KPXGUVKICVKQPÔ

####RRRRRRRRTTTTQQQQCCCCEEEEJJJJ QQQQHHHH VVVVJJJJGGGG 4444GGGGRRRRQQQQTTTTVVVV

7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC YGTG KORNGOGPVGF DGIKPPKPI KP Ï‰ÁÌÔ6JG JKUVQTKECN KORCEV QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC QP VJG 7Ô5Ô GEQPQO[ KUCUUGUUGF HQT VJG RGTKQF DGIKPPKPI KP Ï‰ÁÌ VJTQWIJ VJG Ï‰‰Á KORNGOGPVCVKQP QH %WDCP.KDGTV[ CPF &GOQETCVKE 5QNKFCTKV[ #EVÒ CNUQ MPQYP CU VJG *GNOU"$WTVQP #EV CHVGT KVUOCKP %QPITGUUKQPCN URQPUQTUÒÍ YCU VJG OQUV TGEGPV EJCPIG OCFG VQ 7Ô5Ô UCPEVKQPUYKVJ TGURGEV VQ %WDC RTKQT VQ VJG KPUVKVWVKQP QH VJKU TGRQTVÔ

6JG GEQPQOKE EQNNCRUG CPF DTGCMWR QH VJG 5QXKGV 7PKQP VGTOKPCVGF OCUUKXG 5QXKGVGEQPQOKE CUUKUVCPEG HQT%WDCÒ CPF HQTEGF VJG%WDCP)QXGTPOGPV VQ UKIPKHKECPVN[ CNVGTKVU GEQPQOKE RQNKEKGU KP VJG Ï‰‰ÌUÔ (QT VJKU TGCUQPÒ VJG JKUVQTKECN KORCEV QH 7Ô5ÔUCPEVKQPU QP VJG %WDCP GEQPQO[ KU CUUGUUGF HQT VJG VKOG RGTKQF Ï‰ÁÌ"Â‰ CPFÒUGRCTCVGN[Ò HQT VJG Ï‰‰Ì"‰Á VKOG RGTKQFÔ

6JG EWTTGPV KORCEV QH 7Ô5Ô UCPEVKQPU QP VJG 7Ô5Ô CPF VJG %WDCP GEQPQOKGU KU CUUGUUGFHQT VJG VKOG RGTKQF CHVGT Ï‰‰ÁÔ 6Q CUUGUU VJKUÒ VJG %QOOKUUKQP CPCN[\GF VJG GEQPQOKEKORCEV QH YJCV GUVKOCVGF 7Ô5Ô"%WDCP DKNCVGTCN VTCFG CPF KPXGUVOGPV HNQYU OKIJV JCXGDGGP KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ

6JG %QOOKUUKQPrU GUVKOCVG QH RQVGPVKCN 7Ô5Ô"%WDCP DKNCVGTCN VTCFG KP VJG CDUGPEG QHUCPEVKQPU U[PVJGUK\GU KPHQTOCVKQP FGTKXGF HTQOC XCTKGV[ QH UQWTEGUÔ $GECWUG VJGTG JCUDGGP XKTVWCNN[ PQ 7Ô5Ô"%WDCP DKNCVGTCN VTCFG HQT PGCTN[ ÈÌ [GCTUÒ VJG %QOOKUUKQPEQWNF PQV WUG CP[ QH VJG VTCFKVKQPCN GEQPQOKE OQFGNU KV JCU FGXGNQRGF CPF WUGF KPQVJGT KPXGUVKICVKQPU VQ CPCN[\G VJG KORCEV QH RQNKE[ EJCPIGU QP VTCFG HNQYUÔ +PUVGCFÒHQT VJKU KPXGUVKICVKQP VJG %QOOKUUKQP WUGF C EQODKPCVKQP QH OGVJQFQNQIKGU VQ GUVKOCVGYJCV UJCTG QH%WDCrU VTCFGYKVJ VJGYQTNF FWTKPI C TGEGPV RGTKQFOKIJV JCXG DGGPYKVJVJG 7PKVGF 5VCVGU KP VJG CDUGPEG QH UCPEVKQPU‚ UJCTG GUVKOCVGU YGTG UWDUGSWGPVN[GZRTGUUGF CU FQNNCT XCNWGUÔ 6JG DCUG FCVC YGTG %WDCrU CXGTCIG CPPWCN VTCFG YKVJ VJGYQTNF FWTKPI Ï‰‰Á"‰ÂÒ VJG OQUV TGEGPV FCVC CXCKNCDNGÔ #NN GUVKOCVGU CTG RTGUGPVGF CUTCPIGU VQ TGHNGEV VJG KPJGTGPV WPEGTVCKPVKGU QH CUUGUUKPI RQVGPVKCN 7Ô5Ô"%WDCP DKNCVGTCNVTCFGÒ IKXGP CNOQUV ÈÌ [GCTU QH XKTVWCNN[ PQ VTCFG DGVYGGP VJG VYQ EQWPVTKGUÔ

6JG%QOOKUUKQP WUGF C XCTKCPV QH C UVCVKUVKECN VQQN MPQYPCU C ITCXKV[OQFGN VQ GUVKOCVGVJG RQVGPVKCN 7Ô5Ô UJCTG QH CIITGICVG %WDCP VTCFGÔÈ 6JG %QOOKUUKQP CNUQ CPCN[\GF

Í 6JG %WDCP .KDGTV[ CPF &GOQETCVKE 5QNKFCTKV[ #EV KU FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ÎÔÈ )TCXKV[ OQFGNKPI KU CP GEQPQOGVTKE VGEJPKSWG VJCV GUVKOCVGU DKNCVGTCN VTCFG HNQYU CU C HWPEVKQP QH

VJG GZRQTVGTrU ITQUU FQOGUVKE RTQFWEV ı)&2ÙÒ KORQTVGTrU )&2Ò CPF VJG GEQPQOKE FKUVCPEG DGVYGGP VJGVYQ VTCFKPI RCTVPGTUÔ +P C ITCXKV[ OQFGNÒ VTCFG HNQYU CTG GZRGEVGF VQ DG RQUKVKXGN[ EQTTGNCVGFYKVJ VJG UK\GQH VJG VYQ RCTVPGTUr GEQPQOKGU ı)&2ÙÒ CPF PGICVKXGN[ EQTTGNCVGF YKVJ GEQPQOKE FKUVCPEGÔ 6JG DCUG [GCTHQT VJG %QOOKUUKQPrU OQFGN YCU Ï‰‰ÊÔ /QTG FGVCKNGF KPHQTOCVKQP QP VJG %QOOKUUKQPrU ITCXKV[ OQFGN KURTQXKFGF KP #RRGPFKZ (Ô

Ï"Í

ÈÌ EQOOQFKVKGU CPF UGEVQTU VJCV CTG DGNKGXGF VQ DG RQVGPVKCNN[ KORQTVCPV VQ7Ô5Ô"%WDCP DKNCVGTCN VTCFGÔ %GTVCKP UGEVQTU YGTG KFGPVKHKGF D[ VJG %QOOKVVGG QP9C[UCPF /GCPU KP KVU TGSWGUV NGVVGT‚ QVJGTU YGTG KFGPVKHKGF D[ VJG %QOOKUUKQP HTQOTGUGCTEJÒ KPHQTOCVKQP RTGUGPVGF CV VJG RWDNKE JGCTKPI CPF KP YTKVVGP UWDOKUUKQPUÒKPHQTOCVKQP QDVCKPGF FWTKPI VJG VGNGRJQPG UWTXG[Ò UVCHH VTCXGNÒ CPF KPHQTOCVKQPQDVCKPGF VJTQWIJ EQPVCEVU YKVJ VJG 7Ô5Ô RTKXCVG UGEVQTÔ 6JG ITCXKV[ OQFGN EQWNF PQVRTQXKFG RNCWUKDNG UJCTG GUVKOCVGU HQT EGTVCKP EQOOQFKVKGU CPF UGEVQTU HQT XCTKQWUTGCUQPU UWEJ CU KPUWHHKEKGPV FCVC QT HCEVQTU VJCV EQWNF PQV DG SWCPVKHKGF HQT VJG OQFGN‚KP VJQUG ECUGUÒ UJCTG GUVKOCVGU YGTG FGXGNQRGF VJTQWIJ GZRGTV QRKPKQP WVKNK\KPIKPHQTOCVKQP QDVCKPGF HTQO VJG RWDNKE JGCTKPIÒ YTKVVGP UWDOKUUKQPUÒ UVCHH VTCXGNÒVGNGRJQPG UWTXG[Ò CPF CXCKNCDNG RWDNKUJGF NKVGTCVWTGÔ

6JWUÒ HQT EQOOQFKVKGU CPF UGEVQTUÒ VJG TCPIGF GUVKOCVGU QH RQVGPVKCN 7Ô5Ô"%WDCPDKNCVGTCN VTCFG RTGUGPVGF KP VJKU TGRQTV CTG C EQODKPCVKQP QH GUVKOCVGU FGTKXGF HTQO VJGITCXKV[ OQFGN CPF GUVKOCVGU DCUGF QP GZRGTV QRKPKQPÔ 6JG ITCXKV[ OQFGN YCU WUGF VQIGPGTCVG TCPIGF GUVKOCVGU HQT VJG TGOCKPFGT QH RTQFWEVU QVJGT VJCP VJG ÈÌ UGNGEVGFEQOOQFKVKGU CPF UGEVQTUÔ 6JG TCPIGF GUVKOCVGU HQT CIITGICVG 7Ô5Ô"%WDCP VTCFGRTGUGPVGF KP VJKU TGRQTV YGTG QDVCKPGF D[ UWOOKPI VJG EQOOQFKV[ÓUGEVQT GUVKOCVGUıHTQO VJG ITCXKV[ OQFGN CPF HTQO GZRGTV QRKPKQPÙ CPF VJG TGUKFWCN GUVKOCVGU ıHTQO VJGITCXKV[ OQFGNÙÔ

6JG %QOOKUUKQP VJGP CPCN[\GF VJG RQVGPVKCN KORCEV QH VJQUG GUVKOCVGF VTCFG HNQYU QP7Ô5Ô CPF %WDCP KPXGUVOGPVÒ GORNQ[OGPVÒ CPF EQPUWOGTUÔ +P CFFKVKQPÒ VJG %QOOKUUKQPGUVKOCVGF CFFKVKQPCN PGV HQTGKIP GZEJCPIG HNQYU HTQO VJG 7PKVGF 5VCVGU VQ %WDC HTQOVGNGEQOOWPKECVKQP UGTXKEGUÒ VTCXGN CPF VQWTKUO RC[OGPVUÒ CPF HQTGKIP FKTGEVKPXGUVOGPVÔ

&&&&CCCCVVVVCCCC 5555QQQQWWWWTTTTEEEEGGGGUUUU

(QT VJKU TGRQTVÒ CP QXGTXKGY QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC KU DCUGF QP CPCPCN[UKU QH TGNGXCPV 7Ô5Ô UVCVWVGU CPF TGIWNCVKQPU YKVJ TGICTF VQ %WDCÔ *KUVQTKE CPFEWTTGPV OCETQGEQPQOKEÒ VTCFGÒ CPF KPXGUVOGPV FCVC YGTG QDVCKPGF HTQOOWNVKRNG FCVCUQWTEGU‚ FCVC TGRQTVGF D[ VJG %WDCP )QXGTPOGPV YGTG WUGF QPN[ YJGP EQORCTCDNGFCVC YGTG WPCXCKNCDNG HTQO QVJGT UQWTEGUÔË 75+6% UVCHH VTCXGNGF VQ %WDC FWTKPI ,WN[ÎÌÌÌ VQ KPVGTXKGY %WDCP )QXGTPOGPV QHHKEKCNU CPF HQTGKIP KPXGUVQTU QP VJG GHHGEVU QH

Ë 5VCPFCTF CPF EQORNGVG GEQPQOKE FCVC QP %WDC HQT VJG RGTKQF Ï‰ËË VQ VJG RTGUGPV CTG PQVCXCKNCDNG CU VJG %WDCP )QXGTPOGPV JCU PQV TGIWNCTN[ RWDNKUJGF UWEJ FCVC QT RTQXKFGF KV VQ TGRQTVKPIKPUVKVWVKQPU UWEJ CU VJG +PVGTPCVKQPCN /QPGVCT[ (WPF UKPEG VJG Ï‰ÁÌUÔ /QTGQXGTÒ FCVC EQNNGEVGF CPFTGRQTVGF D[ VJG %WDCP )QXGTPOGPV V[RKECNN[ CTG PQV EQORCVKDNG YKVJ UVCPFCTF KPVGTPCVKQPCN GEQPQOKEFCVC TGRQTVKPI OGVJQFU DGECWUG %WDC KU C PQP"OCTMGV GEQPQO[Ô &CVC CPCN[UKU KU HWTVJGT EQORNKECVGF D[VJG PCVWTG QH %WDCrU sFWCN GEQPQO[t KP YJKEJ GEQPQOKE CEVKXKV[ QEEWTU DQVJ KP %WDCP RGUQU CPF KPHQTGKIP EWTTGPE[ ıRTKOCTKN[ 7Ô5Ô FQNNCTUÙÔ 5KOKNCT FCVC RTQDNGOU CNUQ CTG TGRQTVGF KP 7PKVGF 0CVKQPU'EQPQOKE %QOOKUUKQP HQT .CVKP #OGTKEC CPF VJG %CTKDDGCP ı'%.#%ÙÒ .C 'EQPQOºC %WDCPC„ 4GHQTOCUGUVTWEVWTCNGU [ FGUGORGøQ GP NQU PQXGPVC ı/GZKEQ %KV[„ 7PKVGF 0CVKQPUÒ Ï‰‰ÊÙÒ RÔ ÂÔ

Ï"È

VJG 7Ô5Ô UCPEVKQPUÒ %WDCrU EWTTGPV VTCFG CPF KPXGUVOGPV TGIKOGÒ CPF VJG UVCVWU QH VJG%WDCP GEQPQO[Ô # TGXKGY QH TGNGXCPV GEQPQOKE NKVGTCVWTG RTQXKFGF JKUVQTKE CPFEWTTGPV KPHQTOCVKQP QP %WDC CPF 7Ô5Ô"%WDCP GEQPQOKE TGNCVKQPUÔ 6JG TGRQTV CNUQFTCYU QP VJG NKVGTCVWTG TGXKGY EQPFWEVGF KP VJG %QOOKUUKQPrU RTKQT TGRQTVU QP 7Ô5ÔWPKNCVGTCN GEQPQOKE UCPEVKQPUÔÁ

6JG %QOOKUUKQP QDVCKPGF C YKFG TCPIG QH XKGYU QP VJG GEQPQOKE KORCEV QH 7Ô5ÔUCPEVKQPU YKVJ TGURGEV VQ %WDC HTQO C RWDNKE JGCTKPI JGNF QP 5GRVGODGT Ï‰"ÎÌÒ ÎÌÌÌÒKP 9CUJKPIVQPÒ &Ô%ÔÒ CPF HTQO YTKVVGP UWDOKUUKQPU HTQO VJG RWDNKEÔÊ 6JG %QOOKUUKQPQDVCKPGF 7Ô5Ô RTKXCVG UGEVQT XKGYU HTQO CP KPHQTOCN VGNGRJQPG UWTXG[ EQPFWEVGF D[75+6% UVCHH QH QXGT ÎÌÌ 7Ô5Ô EQORCPKGU CPF CUUQEKCVKQPUÒÂ CPF KPVGTXKGYU EQPFWEVGFD[ 75+6% UVCHHÔ 6JG JGCTKPIÒ YTKVVGP UWDOKUUKQPUÒ VGNGRJQPG UWTXG[Ò CPF KPVGTXKGYURTQXKFGF CFFKVKQPCN GEQPQOKE FCVC CPF CPGEFQVCN KPHQTOCVKQP HTQO VJG 7Ô5Ô RTKXCVGUGEVQT VJCV CNUQ JCXG DGGP KPEQTRQTCVGF KPVQ VJG CPCN[UKU EQPFWEVGF HQT VJKU TGRQTVÔ 6JKUTGRQTV CNUQ TGHNGEVU KPHQTOCVKQP RTQXKFGF KP C /C[ ÊÒ Ï‰‰ÂÒ JGCTKPI QP %WDC D[ VJG5WDEQOOKVVGG QP 6TCFG QH VJG %QOOKVVGG QP 9C[U CPF /GCPUÔ‰

####PPPPCCCCNNNN[[[[VVVVKKKKEEEECCCCNNNN ((((TTTTCCCCOOOOGGGGYYYYQQQQTTTTMMMM

%WDC KU C PQP"OCTMGVÒ TGNCVKXGN[ NQY"KPEQOG GEQPQO[ VJCV KP OCP[ TGURGEVU TGOCKPUTGNCVKXGN[ ENQUGF VQ HQTGKIP KPXGUVOGPV CPF KU PQV HWNN[ KPVGITCVGF KPVQ VJG INQDCNGEQPQO[Ô %WDC HCEGU CP CEWVG HQTGKIP GZEJCPIG UJQTVCIG CPF VJWU KU PQV NKMGN[ VQ DGCDNG VQ UKIPKHKECPVN[ KPETGCUG KVU RWTEJCUGU QH KORQTVU KP VJG PGCT VGTO‚ KPFGGFÒ %WDCTGNKGU QP DCTVGT VTCFGÒ VTCFG ETGFKVUÒ CPF FGDV HQTIKXGPGUU VQ HKPCPEG C RQTVKQP QH KVUKORQTVU HTQO EWTTGPV VTCFKPI RCTVPGTUÔ %WDCrU NQY NGXGN QH GEQPQOKE RTQFWEVKXKV[ CPFNKOKVGF TCPIG QH RTQFWEVKQP OGCP VJCV KVU PGCT VGTO RQVGPVKCN VQ GZRCPF KVU GZRQTVUUKIPKHKECPVN[ CNUQ KU NKOKVGFÔ

6JG CPCN[UKU QH VJG GEQPQOKE KORCEV QH 7Ô5Ô WPKNCVGTCN UCPEVKQPU YKVJ TGURGEV VQ %WDCRTGUGPVU UGXGTCN CPCN[VKECN EJCNNGPIGUÔ (QTGOQUV KU VJG FKHHKEWNV[ QH FKUVKPIWKUJKPIDGVYGGP VJG GEQPQOKE GHHGEVU QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC CPF VJG GHHGEVU QHQVJGT UKIPKHKECPV DWV WPTGNCVGF GEQPQOKE HCEVQTUÒ UWEJ CUw

1 6666JJJJGGGG GGGGEEEEQQQQPPPPQQQQOOOOKKKKEEEE EEEEQQQQNNNNNNNNCCCCRRRRUUUUGGGG CCCCPPPPFFFF DDDDTTTTGGGGCCCCMMMMWWWWRRRR QQQQHHHH VVVVJJJJGGGG 5555QQQQXXXXKKKKGGGGVVVV 7777PPPPKKKKQQQQPPPPÔÔÔÔ $GIKPPKPI KP Ï‰Â‰Ò%WDC NQUV KVU OQUV KORQTVCPV VTCFG OCTMGVU CPF HKPCPEKPI UQWTEGUÔ 6JG NQUU QH

Á 75+6%Ò 1XGTXKGY CPF #PCN[UKU QH %WTTGPV 7Ô5Ô 7PKNCVGTCN 'EQPQOKE 5CPEVKQPUÒ KPXGUVKICVKQP 0QÔÍÍÎ"Í‰ÏÒ RWDNKECVKQP ÍÏÎÈÒ #WIWUV Ï‰‰ÂÒ CPF 1XGTXKGY CPF #PCN[UKU QH VJG 'EQPQOKE +ORCEV QH 7Ô5Ô5CPEVKQPU 9KVJ 4GURGEV VQ +PFKC CPF 2CMKUVCPÒ KPXGUVKICVKQP 0QÔ ÍÍÎ"ÈÌÁÒ RWDNKECVKQP ÍÎÍÁÒ 5GRVGODGTÏ‰‰‰Ô 4GRQTVU ECP DG QDVCKPGF HTQO VJG %QOOKUUKQPrU +PVGTPGV UKVG„ JVVR„ÓÓYYYÔWUKVEÔIQXÔ

Ê# NKUV QH VJG KPFKXKFWCNU YJQCRRGCTGF CV VJG JGCTKPI QT YJQ RTQXKFGFYTKVVGP UWDOKUUKQPU CRRGCTUCU #RRGPFKZ %Ô 5WOOCTKGU QH JGCTKPI VGUVKOQP[ CRRGCT CU #RRGPFKZ &Ô

Â 3WGUVKQPU CUMGF KP VJG VGNGRJQPG UWTXG[ CPF C NKUV QH VJG EQORCPKGU CPF CUUQEKCVKQPU EQPVCEVGF KPVJCV UWTXG[ CRRGCT CU #RRGPFKZ 'Ô

‰ 7Ô5Ô *QWUG QH 4GRTGUGPVCVKXGUÒ %QOOKVVGG QP 9C[U CPF /GCPUÒ 7Ô5Ô 'EQPQOKE CPF 6TCFG 2QNKE[6QYCTF %WDC„ *GCTKPI $GHQTG VJG 5WDEQOOKVVGG QP 6TCFGÒ ÏÌËVJ %QPITGUUÒ ÎPF UGUUÔÒ /C[ ÊÒ Ï‰‰ÂÔ

Ï"Ë

5QXKGV DNQE GEQPQOKE CUUKUVCPEGwYJKEJ RGCMGF CV CRRTQZKOCVGN[ ˘Á DKNNKQPCPPWCNN[wJCF C UKIPKHKECPV CFXGTUG KORCEV QP %WDCrU GEQPQO[ KP VJG Ï‰‰ÌUÔ

1 ////WWWWNNNNVVVVKKKKNNNNCCCCVVVVGGGGTTTTCCCCNNNN UUUUCCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU VVVVJJJJCCCCVVVV QQQQXXXXGGGGTTTTNNNNCCCCRRRRRRRRGGGGFFFF 7777ÔÔÔÔ5555ÔÔÔÔ UUUUCCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUUÔÔÔÔ 6JG OGODGTU QH VJG1TICPK\CVKQP QH #OGTKECP 5VCVGU ı1#5ÙÏÌ LQKPVN[ UWURGPFGF FKRNQOCVKE CPFGEQPQOKE TGNCVKQPU YKVJ %WDC KP ,WN[ Ï‰ÁÈ‚ KP ,WN[ Ï‰ÊËÒ VJG 1#5 CWVJQTK\GFKVU OGODGTU VQ RWTUWG KPFGRGPFGPV RQNKEKGU YKVJ TGURGEV VQ %WDCÔ

1 %%%%WWWWDDDDCCCCrrrrUUUU QQQQYYYYPPPP FFFFQQQQOOOOGGGGUUUUVVVVKKKKEEEE GGGGEEEEQQQQPPPPQQQQOOOOKKKKEEEE RRRRQQQQNNNNKKKKEEEEKKKKGGGGUUUUÔÔÔÔ #U KU FQEWOGPVGF KP VJG GEQPQOKENKVGTCVWTGÒ EQPVTKDWVKPI VQ %WDCrU RQQT GEQPQOKE RGTHQTOCPEG JCXG DGGP„EGPVTCN GEQPQOKE RNCPPKPI RQNKEKGU UWRRQTVGF D[ 5QXKGV DNQE CUUKUVCPEG‚FQOGUVKE TGUVTKEVKQPU QP RTKXCVG GEQPQOKE CEVKXKVKGUÒ VTCFGÒ CPF KPXGUVOGPV‚CPF %WDCrU HQTGKIP FGDV OQTCVQTKWOÔ

6JWUÒ KV KU PQV RQUUKDNG VQ GUVCDNKUJ URGEKHKE RTQXKUKQPU QH 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJTGURGEV VQ %WDC CU VJG UQNG ECWUG QH URGEKHKE GEQPQOKE EQPFKVKQPU KP GKVJGT VJG 7Ô5Ô QTVJG %WDCP GEQPQO[Ô

0WOGTQWU 7Ô5Ô TGUGCTEJGTU CPF %WDCP )QXGTPOGPV QHHKEKCNU EQPVCEVGF FWTKPI VJGEQWTUG QH VJKU KPXGUVKICVKQP TGRQTVGF VJCV QPG QH %WDCrU MG[ HQTGKIP RQNKE[ IQCNU KU VQCXQKF GEQPQOKE FGRGPFGPEG QP CP[ QVJGT UKPING EQWPVT[ KP VJG YC[ VJCV %WDC YCUFGRGPFGPV QP VJG 7PKVGF 5VCVGU DGHQTG Ï‰ÁÌ QT VJG 5QXKGV 7PKQP DGHQTG Ï‰‰ÌÔ 6JG[TGRQTVGF VJCV %WDC V[RKECNN[ UGNGEVU KVU VTCFG CPF KPXGUVOGPV RCTVPGTU DCUGF QPRQNKVKECNwTCVJGT VJCP GEQPQOKEwEQPUKFGTCVKQPUÒ CPF VJCV VJQUG EQPUKFGTCVKQPU OKIJVYGKIJ CICKPUV UKIPKHKECPV HWVWTG %WDCP VTCFG CPF KPXGUVOGPV TGNCVKQPU YKVJ VJG 7PKVGF5VCVGUÔ

# HWTVJGT EQORNKECVKPI HCEVQT HQT 7Ô5Ô HKTOUr ICKPKPI OCTMGV UJCTG KP %WDCrURNCPPGF GEQPQO[ KU VJG FKHHKEWNV[ QH UGNNKPI VQ C %WDCP %QOOWPKUVIQXGTPOGPV OQPQRUQP[ YJGTG PQP"OCTMGV HQTEGU OC[ VTWOR GEQPQOKEEQPUKFGTCVKQPUÔ Ô Ô Ô %WDCP CWVJQTKVKGU OC[ YKUJ VQ CXQKF VJG TKUM QH TGN[KPI QPCP[ QPG UWRRNKGT HQT VJG OCLQTKV[ QH KVU KORQTVGF IQQFU Ô Ô Ô CHVGT JCXKPI DGGPDWTPGF VYKEG KP VJG RCUVÔÏÏ %WDC Ô Ô Ô =KU? XGT[ UMKVVKUJ CDQWV RWVVKPI CNN QH KVU GIIUKP CP[ QPG DCUMGVÔ Ô Ô =CPF? YQWNF YCPV VQ URTGCF RWTEJCUGU Ô Ô Ô CTQWPF VQOCP[ EQWPVTKGU CPF PQV LWUV DW[ HTQO YJCV OKIJV DG VJG OQUV GHHGEVKXGÒ OQUVGHHKEKGPVÒ CPF VJG OQUV EQPXGPKGPV UWRRNKGTÒ YJKEJ KU VJG 7PKVGF 5VCVGUÔÏÎ

6JG +PVGTPCVKQPCN 6TCFG %QOOKUUKQP PGGF DG ECWVKQWU CDQWV WUKPI UKORNGCTKVJOGVKE VQ FGVGTOKPG JQY OWEJ YQWNF DG RWTEJCUGF HTQO YJQOÒ CU VJGTGUWNVKPI ECNEWNCVKQPUOC[ DG VQQ GPVJWUKCUVKE HQT TGCNKV[Ô &Q PQV WPFGTGUVKOCVGVJG UKIPKHKECPEG QH VJG RQNKVKECN F[PCOKE VQ GZKUVKPI FGEKUKQP"OCMKPI YKVJKP%WDC TGICTFKPI EQOOGTEKCN VTCPUCEVKQPUÔÏÍ Ô Ô Ô =9?G UGG CDUQNWVGN[ PQ

ÏÌ 6JG 1#5 KPENWFGU CNN QH VJG EQWPVTKGU QH VJG9GUVGTP *GOKURJGTGÔ %WDC KU C OGODGT QH VJG1#5ÒDWV VJG EWTTGPV IQXGTPOGPV QH %WDCYCU GZENWFGF HTQO XQVKPICPF RCTVKEKRCVKPI KP1#5CEVKXKVKGU KP Ï‰ÁÎÔ

ÏÏ 2CWNC 5VGTPÒ 6JG 5VGTP )TQWRÒ 6JG +ORCEV QP VJG 7Ô5Ô 'EQPQO[ QH .KHVKPI VJG (QQF CPF /GFKECN'ODCTIQ QP %WDCÒ ,WPG ÏËÒ ÎÌÌÌÒ RRÔ Ë"ÁÔ

ÏÎ 2CWNC 5VGTPÒ 6JG 5VGTP )TQWRÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RRÔÏÊÊ"ÏÊÂÔ

ÏÍ ,QJP 5Ô -CXWNKEJÒ 2TGUKFGPVÒ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ VGUVKOQP[ DGHQTG VJG75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÏËÊÔ

Ï"Á

GXKFGPEG VJCV UWRRQTVU VJCV VJGTG KU IQKPI VQ DG CP KOOGFKCVG CPF UWDUVCPVKCNFGEKUKQP D[ VJG %WDCP)QXGTPOGPV VQ YCPV VQ RWTEJCUG C UK\GCDNG COQWPV QHRTQFWEV HTQO VJG7PKVGF 5VCVGUÔ Ô Ô Ô =%WDC KU? IQKPI VQOCKPVCKP TGNCVKQPUJKRUÔ Ô ÔYJGTG VJG RTKEG TGCNN[ KU KOOCVGTKCN DGECWUG VJG TGNCVKQPUJKR YKVJ VJCVRCTVKEWNCT IQXGTPOGPV HCT GZEGGFU UCXKPI ËÒ ÏÌÒ ÏËÒ QT ÎÌ RGTEGPVÔÏÈ

+ FQPrV VJKPM VJG %WDCP )QXGTPOGPV YQWNF DG YKNNKPI VQ GUUGPVKCNN[ CDCPFQPUQOG QH VJG EQWPVTKGU VJCV JCXG JGNRGF KV QXGT VJG NCUV ÏÌ [GCTUÔÏË

6JWUÒ CP[ CUUGUUOGPV QH RQVGPVKCN 7Ô5Ô"%WDCP VTCFG KP VJG CDUGPEG QH UCPEVKQPU OWUVVCMG KPVQ CEEQWPV RQNKVKEUÒ RQNKE[Ò CPF QVJGT PQPGEQPQOKE HCEVQTUÔ

1VJGT HCEVQTU CNUQ PGGF VQ DG EQPUKFGTGF YJGP GXCNWCVKPI VJG KORCEV QH UCPEVKQPUÔ (QTGZCORNGÒ KP CFFKVKQP VQ RTQJKDKVKPI OQUV DKNCVGTCN VTCFGÒ VJG 7PKVGF 5VCVGU UWURGPFGF%WDC HTQO OQUV"HCXQTGF"PCVKQP VTGCVOGPVÒ YJKEJ UWDLGEVGF %WDCP IQQFU VQ VJGJKIJGTÒ EQNWOP Î TCVGU QH FWV[Ò CPF KORQUGF CP GXGPVWCN VTCFG GODCTIQÔ 6JG CPCN[UKUQH VJG KORCEV QH VJG 7Ô5Ô UCPEVKQPU TGSWKTGU CPCN[UKU DQVJ QH VTCFG HNQYU CU YGNN CU QHVCTKHH NGXGNUÔ #NUQÒ VJG 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC JCXG DGGP OQFKHKGF OCP[VKOGU UKPEG Ï‰ÁÌÒ CNVGTPCVGN[ UVTGPIVJGPKPI CPF YGCMGPKPI XCTKQWU RTQXKUKQPU CPFCFFKPI PGY TGSWKTGOGPVUÔ (KPCNN[Ò GZVTCVGTTKVQTKCN RTQXKUKQPUÒ CRRN[KPI VQ CEVKXKVKGU KPVJKTF EQWPVTKGUÒ YGTG CFFGF VQ 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC FWTKPI VJG Ï‰‰ÌUÔ6JQUG GZVTCVGTTKVQTKCN RTQXKUKQPU CNUQ OC[ ETGCVG EQUVU HQT VJG 7Ô5Ô GEQPQO[Ò CPF OC[FKUEQWTCIG UQOG HQTGKIP EQORCPKGU HTQO TGNGCUKPI FCVC QP VJGKT QRGTCVKQPU KP %WDCÔ

1111TTTTIIIICCCCPPPPKKKK\\\\CCCCVVVVKKKKQQQQPPPP QQQQHHHH VVVVJJJJGGGG 4444GGGGRRRRQQQQTTTTVVVV

%JCRVGT Î FGUETKDGU VJG TGNGXCPV 7Ô5Ô UVCVWVGU CPF TGIWNCVKQPU VJCV CWVJQTK\G QTOCPFCVG7Ô5Ô GEQPQOKE UCPEVKQPUYKVJ TGURGEV VQ %WDCÔ 6JCV EJCRVGT CNUQ FGUETKDGU VJGJKUVQTKECN CPF VJG EWTTGPV KORCEVU QH VJG UCPEVKQPU QP VJG 7Ô5Ô GEQPQO[ CV VJGCIITGICVG NGXGNÔ

%JCRVGT Í RTQXKFGU CP QXGTXKGY QH VJG %WDCP GEQPQO[Ò VTCFG CPF KPXGUVOGPV RQNKEKGUÒCPF VTCFG CPF KPXGUVOGPV VTGPFUÔ 6JG EJCRVGT CNUQ FGUETKDGU VJG JKUVQTKECN CPF VJGEWTTGPV GEQPQOKE GHHGEVU QH VJG 7Ô5Ô UCPEVKQPU QP VJG %WDCP GEQPQO[CV VJG CIITGICVGNGXGNÔ

%JCRVGTU ÈÒ ËÒ CPF Á GXCNWCVG VJG JKUVQTKECN CPF VJG EWTTGPV KORCEV CV VJG UGEVQTCN NGXGNQH 7Ô5Ô GEQPQOKE UCPEVKQPU QP VJG 7Ô5Ô CPF %WDCP GEQPQOKGUÒ TGURGEVKXGN[Ô %JCRVGT ÈCFFTGUUGU VJG KORCEV QH UCPEVKQPU QP UGTXKEGU‚ EJCRVGT ËÒ VJG KORCEV QP CITKEWNVWTG‚CPF EJCRVGT ÁÒ VJG KORCEV QP KPVGTOGFKCVG CPF OCPWHCEVWTGF IQQFUÔ +P VJQUGEJCRVGTUÒ RCTVKEWNCT CVVGPVKQP KU RCKF VQ VJG GHHGEVU QP 7Ô5Ô"%WDCP DKNCVGTCN VTCFGÒKPXGUVOGPVÒ GORNQ[OGPVÒ CPF EQPUWOGTUÔ

ÏÈ +DKFÔÒ RÔ ÏÊ‰ÔÏË 9KNNKCO #Ô /GUUKPCÒ 'ZGEWVKXG %QQTFKPCVQTÒ +PVGTPCVKQPCN #ITKEWNVWTCN 6TCFG CPF &GXGNQROGPV

%GPVGTÒ 7PKXGTUKV[ QH (NQTKFCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ËÍÊÔ

Ï"Ê

1111XXXXGGGGTTTTXXXXKKKKGGGGYYYY QQQQHHHH 7777ÔÔÔÔ5555ÔÔÔÔ""""%%%%WWWWDDDDCCCCPPPP ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE 4444GGGGNNNNCCCCVVVVKKKKQQQQPPPPUUUU

6TCFG DGVYGGP RTG"4GXQNWVKQPCT[ CPF CPVGDGNNWO 7PKVGF 5VCVGU CPF %WDC FWTKPI VJGÏÂVJ CPF Ï‰VJ EGPVWTKGU YCU DCUGF QP %WDCP GZRQTVU QH UWICT CPF OQNCUUGUÒ EKICTUÒCPF JKFGU KP GZEJCPIG HQT 0QTVJ #OGTKECP HNQWTÒ OCPWHCEVWTGF IQQFUÒ CPF NWODGTÔ#HVGT VJG 7Ô5Ô %KXKN 9CTÒ C YCXG QH 7Ô5Ô KOOKITCPVU UGVVNGF KP %WDC CPF KPXGUVGFJGCXKN[ KP CITKEWNVWTCN RTQFWEVKQPÒ EQOOGTEGÒ CPF UJKRRKPIÔ 5RCKP TGNKPSWKUJGFEQPVTQN QH %WDCÒ KVU EQNQP[ HQT PGCTN[ ÈÌÌ [GCTUÒ VQ VJG 7PKVGF 5VCVGU KP &GEGODGTÏÂ‰ÂÔ 6JG 7PKVGF 5VCVGU ITCPVGF %WDC KVU KPFGRGPFGPEG KP Ï‰ÌÎÔ 'EQPQOKE NKPMUDGVYGGP %WDC CPF VJG 7PKVGF 5VCVGU YGTG HWTVJGT CKFGF D[ RTGHGTGPVKCN CEEGUUITCPVGF D[ VJG 7PKVGF 5VCVGU HQT %WDCP UWICTÔÏÁ %WDC DGECOG CP KORQTVCPV UQWTEG QHUWICT CPF WPRTQEGUUGF OKPGTCNU HQT VJG 7PKVGF 5VCVGUÔ *QYGXGTÒ D[ VJG Ï‰ËÌUÒ 7Ô5ÔKPXGUVQTU JCF DGIWP VQ TGFWEG VJGKT UWICT JQNFKPIU KP %WDCÒ CPF JCF VWTPGF VQ C YKFGTCPIG QH QVJGT XGPVWTGUÒ GURGEKCNN[ KP FGXGNQROGPV QH %WDCrU RJ[UKECN CPF GEQPQOKEKPHTCUVTWEVWTGÔÏÊ %WDC CNUQ JCF DGEQOG CP KORQTVCPV FGUVKPCVKQP HQT 7Ô5Ô VQWTKUVUÔÏÂ

6JG 7Ô5Ô GEQPQOKE RTGUGPEG KP %WDC DGECOG RGTXCUKXG FWTKPI VJKU RGTKQFÒ YKVJ#OGTKECPU GXGPVWCNN[ EQPVTQNNKPI OQUV MG[ UGEVQTU QH VJG %WDCP GEQPQO[ CPF QYPKPIC NCTIG RQTVKQP QH %WDCP NCPFÔÏ‰

#U %WDCrU NGCFKPI VTCFG CPF KPXGUVOGPV RCTVPGTÒ VJG 7PKVGF 5VCVGU CEEQWPVGF HQT ÁÊRGTEGPV QH %WDCrU GZRQTVU CPF ÊÌ RGTEGPV QH KVU KORQTVU KP Ï‰ËÂÔÎÌ 6JG 7PKVGF 5VCVGUCNUQ YCU %WDCrU OCKP UQWTEG QH DQVJ RTKXCVG CPF QHHKEKCN ECRKVCNÔ 6JG TGNCVKXGN[ UOCNN%WDCP GEQPQO[ CEEQWPVGF HQT QPN[ CDQWV Í RGTEGPV QH 7Ô5Ô YQTNFYKFG GZRQTVU CPF ÈRGTEGPV QH 7Ô5Ô KORQTVU KP Ï‰ËÂÒÎÏ DWV PGXGTVJGNGUU YCU CP KORQTVCPV 7Ô5Ô VTCFKPIRCTVPGTÔ %WDC TCPMGF CU VJG UGXGPVJ NCTIGUV 7Ô5Ô GZRQTV OCTMGV KP Ï‰ËÂÒ DGJKPF VJG7PKVGF -KPIFQOÒ 8GPG\WGNCÒ CPF 9GUV )GTOCP[Ò DWV CJGCF QH $TC\KNÒ CNN QH VJG/KFFNG 'CUVÒ CPF CNN QH 5WD"5CJCTCP#HTKECÔ %WDCYCU CNUQ VJG UGXGPVJ NGCFKPI UQWTEGQH 7Ô5Ô KORQTVUÒ DGJKPF ,CRCPÒ 9GUV )GTOCP[Ò CPF $TC\KNÒ DWV CJGCF QH /GZKEQÒ(TCPEGÒ CNN QH VJG /KFFNG 'CUVÒ CPF CNN QH 5WD"5CJCTCP #HTKECÔÎÎ

ÏÁ #FQNH #Ô $GTNGÒ ,TÔÒ s6JG %WDCP %TKUKU„ (CKNWTG QH #OGTKECP (QTGKIP 2QNKE[Òt (QTGKIP #HHCKTUÒ XQNÔÍ‰Ò PQÔ ÏÒ 1EVÔ Ï‰ÁÌÒ RÔ ÈÌÔ 6JG %WDCP UWICT UGEVQT KU FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ÈÔ

ÏÊ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ $WTGCW QH +PVGT"#OGTKECP #HHCKTUÒ s<GPKVJ CPF 'ENKRUG„ # %QORCTCVKXG.QQM CV 5QEKQ"'EQPQOKE %QPFKVKQPU KP 2TG"%CUVTQ CPF 2TGUGPV &C[ %WDCÒt (GDÔ ‰Ò Ï‰‰ÂÒ CVJVVR„ÓÓYYYÔÏÎÍEWDCÔEQOÓ'EQPQOKE"%QPFKVKQPU"%WDCÔJVONÒ TGVTKGXGF 0QXÔ ÎÌÒ ÎÌÌÌÔ

ÏÂ %JTQPQNQIKGU QH 7Ô5Ô"%WDCP TGNCVKQPU CTG RTQXKFGF D[ ,CPG (TCPMNKPÒ%WDC CPF VJG7PKVGF5VCVGU„# %JTQPQNQIKECN *KUVQT[ ı0GY ;QTM„ 1EGCP 2TGUUÒ Ï‰‰ÊÙ‚ )CT[ %N[FG *WHDCWGTÒ ,GHHTG[ ,Ô 5EJQVVÒ CPF-KODGTN[ #PP 'NNKQVVÒ 'EQPQOKE 5CPEVKQPU 4GEQPUKFGTGFÒ 5WRRNGOGPVCN %CUG *KUVQTKGUÒ ı9CUJKPIVQPÒ &%„+PUVKVWVG HQT +PVGTPCVKQPCN 'EQPQOKEUÒ Ï‰‰ÌÙÒ RRÔ Ï‰È"ÎÌÌ‚ /CTM 2Ô 5WNNKXCP CPF 5W\CPPG .Ô ;QTMÒ%QPITGUUKQPCN 4GUGCTEJ 5GTXKEG ı%45ÙÒ .KDTCT[ QH %QPITGUUÒ %45 4GRQTV HQT %QPITGUUw%WDC"7Ô5Ô4GNCVKQPU„ %JTQPQNQI[ QH -G[ 'XGPVU 5KPEG Ï‰Ë‰Ò &GEÔ ÏÍÒ Ï‰‰‰‚ 2JKNKR )Ô 9TKIJVÒ 6JG %WDCP 5KVWCVKQPCPF 1WT 6TGCV[ 4GNCVKQPUÒ ı9CUJKPIVQPÒ &%„ 6JG $TQQMKPIU +PUVKVWVKQPÒ Ï‰ÍÏÙ‚ CPF 7Ô5Ô &GRCTVOGPV QH5VCVGÒ s%WDC„ %QWPVT[ +PHQTOCVKQPÒt CV JVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓEWDCÓEQWPVT[AKPHQÔJVONÒ TGVTKGXGF 1EVÔ ÍÒ ÎÌÌÌÔ

Ï‰ .QWKU #Ô 2pTG\Ò 6JG 7PKVGF 5VCVGU CPF VJG #OGTKECU„ %WDC CPF VJG 7PKVGF 5VCVGU ı#VJGPUÒ )#„7PKXGTUKV[ QH )GQTIKC 2TGUUÒ Ï‰‰ÊÙÒ RÔ ÏÈËÔ

ÎÌ 7PKVGF 0CVKQPU 'EQPQOKE %QOOKUUKQP HQT .CVKP #OGTKECÒ 'EQPQOKE 5WTXG[ QH .CVKP #OGTKECÒÏ‰ÁÍÒ ı0GY ;QTM„ 7PKVGF 0CVKQPUÒ Ï‰ÁËÙÒ RÔ ÎÊÍÔ

ÎÏ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ Ï‰ÁÊ $WUKPGUU 5VCVKUVKEUÒ UWRRNGOGPV VQ VJG 5WTXG[ QH %WTTGPV$WUKPGUUÒ VCDNGU ÏÌ‰Ò ÏÏÏÒ ÏÏÈÒ CPF ÏÏÁÔ

ÎÎ +PVGTPCVKQPCN /QPGVCT[ (WPF ı+/(ÙÒ &KTGEVKQP QH 6TCFG 5VCVKUVKEU ı9CUJKPIVQPÒ &%„ +/(ÙÒ XCTKQWUGFKVKQPUÔ

Ï"Â

(QNNQYKPI (KFGN %CUVTQrU ,CPWCT[ ÏÒ Ï‰Ë‰Ò CUUWORVKQP QH RQYGT ıVJG 7PKVGF 5VCVGUHQTOCNN[ TGEQIPK\GF VJG PGY IQXGTPOGPV QP ,CPWCT[ ÊVJÙÒ VJG %WDCP )QXGTPOGPVDGICP VQ PCVKQPCNK\G HQTGKIP DWUKPGUUGU CPF GZRTQRTKCVG HQTGKIP"QYPGFRTQRGTV[wOQUV QH YJKEJ DGNQPIGF VQ 7Ô5Ô KPXGUVQTUwFWTKPI Ï‰Ë‰"ÁÌÔ 6JG %WDCP6GNGRJQPG %QORCP[ ıCP CHHKNKCVG QH VJG 7Ô5Ô EQORCP[ +PVGTPCVKQPCN 6GNGRJQPG CPF6GNGITCRJ %QTRQTCVKQPÙ CPF CNN ECUKPQU ıNCTIGN[ QRGTCVGF D[ 7Ô5Ô KPXGUVQTUÙ YGTGGZRTQRTKCVGF KP /CTEJ CPF #RTKN Ï‰Ë‰Ò TGURGEVKXGN[Ô 7Ô5Ô"QYPGF TCPEJGU CPF HCTOUYGTG UGK\GF DGIKPPKPI KP ,WPG Ï‰Ë‰ WPFGT %WDCrU CITCTKCP TGHQTO RTQITCOÔ2TQRGTV[ QYPGF D[ 7Ô5Ô UWICT EQORCPKGUÎÍ CU YGNN CU NCPF QYPGF D[ 7PKVGF (TWKV%QORCP[ ıNCVGT 7PKVGF $TCPFU CPF %JKSWKVC $TCPFUÙ YCU GZRTQRTKCVGF KP ,CPWCT[Ï‰ÁÌÔÎÈ

%WDC UKIPGF KVU HKTUV OCLQT VTCFG CPF GEQPQOKE CUUKUVCPEG CITGGOGPV YKVJ VJG 5QXKGV7PKQP KP (GDTWCT[ Ï‰ÁÌÒ WPFGT YJKEJ %WDCP UWICT YCU RTQXKFGF KP GZEJCPIG HQT5QXKGV ETWFG QKN CPF RGVTQNGWO RTQFWEVUÒ YJGCVÒ HGTVKNK\GTÒ KTQPÒ OCEJKPGT[Ò CPF VTCFGETGFKVUÔ (QTGKIP"QYPGF QKN TGHKPGTKGU KP %WDCÒ KPENWFKPI TGHKPGTKGU QYPGF D[ 7Ô5ÔEQORCPKGU 'UUQÓ5VCPFCTF 1KN CPF 6GZCEQÒ YGTG PCVKQPCNK\GF KP ,WPG CPF ,WN[ Ï‰ÁÌÒTGURGEVKXGN[Ò CHVGT VJG[ TGHWUGF VQ TGHKPG VJG 5QXKGV QKN FGNKXGTKGUÔ 2TGUKFGPV 'KUGPJQYGTTGURQPFGF VQ VJG EQPHKUECVKQP QH TGHKPGTKGU D[ TGFWEKPI %WDCrU UWICT SWQVC CEEGUU VQVJG 7Ô5Ô OCTMGV KP ,WN[ Ï‰ÁÌ ıCV VJCV VKOGÒ UWICT YCU %WDCrU OQUV KORQTVCPV GZRQTVGCTPGT CPF CEEQWPVGF HQT PGCTN[ ÂÌ RGTEGPV QH KVU GZRQTVU VQ VJG 7PKVGF 5VCVGUÙÔÎË +PTGURQPUG VQ VJG TGFWEVKQP QH KVU UWICTSWQVCÒ %WDC PCVKQPCNK\GF CFFKVKQPCN 7Ô5Ô"QYPGFCITKEWNVWTCN CPF KPFWUVTKCN GPVGTRTKUGU KP #WIWUV Ï‰ÁÌÒ CPF UGK\GF 7Ô5Ô DCPMU ı(KTUV0CVKQPCN $CPM QH $QUVQPÒ (KTUV 0CVKQPCN %KV[ $CPM QH0GY ;QTMÒ CPF %JCUG/CPJCVVCP$CPMÙ VJCV 5GRVGODGTÔ 6JG 7PKVGF 5VCVGU TGURQPFGF VQ VJG GZRTQRTKCVKQP QH 7Ô5ÔRTQRGTV[ D[ KORQUKPI WPKNCVGTCN GEQPQOKE UCPEVKQPU VQ RTQJKDKV OQUV 7Ô5Ô GZRQTVUıGZEGRV PQPUWDUKFK\GF HQQFÒOGFKEKPGUÒ CPFOGFKECN UWRRNKGUÙ VQ %WDC QP1EVQDGT Ï‰ÒÏ‰ÁÌÔ %WDC GZRTQRTKCVGF OQUV TGOCKPKPI 7Ô5Ô"QYPGF RTQRGTVKGU QP 1EVQDGT ÎÈÒÏ‰ÁÌÔÎÁ

2QNKVKECN CPF GEQPQOKE TGNCVKQPU DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDC HWTVJGTFGVGTKQTCVGF KP VJG GCTN[ Ï‰ÁÌUÔ 6JG7PKVGF 5VCVGU DTQMG FKRNQOCVKE TGNCVKQPU YKVJ %WDCCPF UWURGPFGF 7Ô5Ô DKNCVGTCN CKF KP Ï‰ÁÏÔ +P Ï‰ÁÎÒ 2TGUKFGPV -GPPGF[ RTQJKDKVGFXKTVWCNN[ CNN 7Ô5Ô VTCFG ıKORQTVU CU YGNN CU GZRQTVUÙ YKVJ %WDCÔ 6JG 7PKVGF 5VCVGUUWURGPFGF %WDCrU OQUV"HCXQTGF"PCVKQP VTCFKPI UVCVWU KP /C[ Ï‰ÁÎÔ 7Ô5Ô EQOOGTEKCNCPF HKPCPEKCN VTCPUCEVKQPU YKVJ %WDCYGTG RTQJKDKVGF KP ,WN[ Ï‰ÁÍÒ CPF %WDCP"QYPGFCUUGVU KP VJG 7PKVGF 5VCVGU YGTG HTQ\GPÔ 6JG 1#5 KORNGOGPVGF EQNNGEVKXGJGOKURJGTG"YKFG GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC DGIKPPKPI KP ,WPG Ï‰ÁÈÔ%WDC RWTUWGF ENQUG GEQPQOKEÒ OKNKVCT[Ò CPF RQNKVKECN VKGU YKVJ VJG 5QXKGV 7PKQP FWTKPIVJG Ï‰ÁÌUÒ YJKEJ HWGNGF EQNF YCT VGPUKQPU CPF HWTVJGT UVTCKPGF VJG 7Ô5Ô"%WDCPDKNCVGTCN TGNCVKQPUJKRÔ 5QXKGV GEQPQOKE CUUKUVCPEG VQ %WDC TGRQTVGFN[ ITGY VQ PGCTN[

ÎÍ 6GUVKOQP[ QH 0KEQNgU ,Ô )WVKpTTG\Ò 'USÔÒ 5GETGVCT[ CPF )GPGTCN %QWPUGN VQ VJG 0CVKQPCN#UUQEKCVKQP QH 5WICT /KNN 1YPGTU QH %WDCÒ KU UWOOCTK\GF KP #RRGPFKZ &Ô

ÎÈ ,CPG (TCPMNKPÒ %WDC CPF VJG 7PKVGF 5VCVGU„ # %JTQPQNQIKECN *KUVQT[ ı0GY ;QTM„ 1EGCP 2TGUUÒÏ‰‰ÊÙÒ RRÔ ÏÂ"ÎÍÔ

ÎË 6JG UWICT KPFWUVT[ KU FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ËÔÎÁ (TCPMNKPÒ %WDC CPF VJG 7PKVGF 5VCVGUÒ RRÔ ÎÈ"ÍÍÔ

Ï"‰

˘Á DKNNKQP CPPWCNN[ D[ VJG OKF"Ï‰ÂÌUÎÊwCNNQYKPI %WDC VQ NCTIGN[ QHHUGV VJG CFXGTUGGEQPQOKE KORCEV QH 7Ô5Ô UCPEVKQPUÔ

#HVGT OWNVKNCVGTCN UCPEVKQPU KORQUGF D[ VJG 1#5 YGTG VGTOKPCVGF KP ,WN[ Ï‰ÊËÒ VJG7PKVGF 5VCVGU TGOCKPGF VJG QPN[ EQWPVT[ KORQUKPI GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ%WDCÔ #ICKPUV VJG DCEMITQWPF QH FpVGPVG YKVJ VJG 5QXKGV 7PKQPÒ VJG 7PKVGF 5VCVGU CPF%WDC VQQM UGXGTCN UVGRU VQ PQTOCNK\G DKNCVGTCN TGNCVKQPU KP VJG Ï‰ÊÌUÔ 0QVCDN[Ò HQTGKIPUWDUKFKCTKGU QH 7Ô5Ô EQORCPKGU YGTG CNNQYGF VQ VTCFG YKVJ %WDC WPFGT EGTVCKPEQPFKVKQPUÔ (WTVJGT PQTOCNK\CVKQP GPFGF KP VJG Ï‰ÂÌUÔ

6JG NCVG Ï‰ÂÌU CPF GCTN[ Ï‰‰ÌU OCTMGF CFFKVKQPCN EJCPIGU KP 7Ô5Ô"%WDCP TGNCVKQPUÔ6JG %WDCP GEQPQO[ YCU HQTEGF VQ CFLWUV VQ TGFWEGF 5QXKGV GEQPQOKE CUUKUVCPEG CHVGTÏ‰Â‰ CU C TGUWNV QH GEQPQOKE RTQDNGOU KPÒ CPF VJG GXGPVWCN DTGCMWR QHÒ VJG 5QXKGV7PKQPÔ +P Ï‰‰ÎÒ VJG 7PKVGF 5VCVGU KORNGOGPVGF VJG %WDCP &GOQETCE[ #EV YJKEJÒCOQPI QVJGT VJKPIUÒ RTQJKDKVU HQTGKIP UWDUKFKCTKGU QH 7Ô5Ô EQORCPKGU HTQO EQPFWEVKPIVTCFG YKVJ %WDCÔ 6JG Ï‰‰Á %WDCP .KDGTV[ CPF &GOQETCVKE 5QNKFCTKV[ #EVı*GNOU"$WTVQP #EVÙÒ COQPI QVJGT VJKPIUÒ CNNQYU 7Ô5Ô PCVKQPCNU VJG TKIJV VQ UWG KP 7Ô5ÔEQWTVU HQTGKIP EQORCPKGU KPXGUVKPI KP VJG GZRTQRTKCVGF 7Ô5Ô RTQRTKGVKGU KP %WDCÒ CPFTGSWKTGU VJG 7PKVGF 5VCVGU VQ FGP[ XKUCU VQ GZGEWVKXGU QH HQTGKIP HKTOU FGGOGF VQ DGVTCHHKEMKPI KP VJG 7Ô5Ô"ENCKOGF RTQRGTVKGU KP%WDCÔ #ICKPUV VJKU DCEMITQWPFÒ VJG%WDCP)QXGTPOGPV JCU YQTMGF VQ KPVTQFWEG NKOKVGF OGCUWTGU VQ QRGP VJG EQWPVT[ VQ HQTGKIPVTCFG CPF KPXGUVOGPV VQ TGRNCEG 5QXKGV GEQPQOKE CUUKUVCPEGÒ CPF VQ KPVTQFWEG UGNGEVKXGGEQPQOKE NKDGTCNK\CVKQP VQ UVKOWNCVG FQOGUVKE RTQFWEVKQPÔ

7777ÔÔÔÔ5555ÔÔÔÔ %%%%GGGGTTTTVVVVKKKKHHHHKKKKGGGGFFFF %%%%NNNNCCCCKKKKOOOOUUUU7Ô5Ô GEQPQOKE UCPEVKQPU KPKVKCNN[ YGTG RTQORVGF D[ VJG UGK\WTG QH 7Ô5Ô RTQRGTV[ KP%WDCÔ 6JG %WDCP )QXGTPOGPV GHHGEVKXGN[ VQQM KPVQ UVCVG QYPGTUJKR OQUV 7Ô5Ô"QYPGFRTQRGTV[Ò YKVJ VJG GZEGRVKQP QH VJG 7PKVGF 5VCVGU 0CXCN $CUG CV )WCPVgPCOQ $C[ÒÎÂ

YKVJ PQ RTQXKUKQPU VQ RTQXKFG RC[OGPV QH EQORGPUCVKQP CU TGSWKTGF WPFGT VJGIGPGTCNN[ CEEGRVGF TWNGU QH KPVGTPCVKQPCN NCYÔ 6JG 7Ô5Ô (QTGKIP %NCKOU 5GVVNGOGPV%QOOKUUKQP ı(%5%ÙÎ‰ EGTVKHKGF C VQVCN QH ËÒ‰ÏÏ ENCKOU QH 7Ô5Ô PCVKQPCNU CICKPUV VJG)QXGTPOGPV QH %WDCÒ XCNWGF CV CRRTQZKOCVGN[ ˘ÏÔÂ DKNNKQP KP Ï‰ÊÎÔÍÌ1H VJQUG ENCKOUÒ

ÎÊ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ s7Ô5Ô"%WDCP 4GNCVKQPUÒt CV JVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓEWDCÓRQNKE[ÔJVONÒ TGVTKGXGF 1EVÔ ÍÒ ÎÌÌÌÔ

ÎÂ # Ï‰ÌÍ VTGCV[ CWVJQTK\GU VJG 7PKVGF 5VCVGU VQ OCKPVCKP C PCXCN DCUG CV )WCPVgPCOQ $C[Ô 6JG7PKVGF 5VCVGU EQPVKPWGU VQ NGCUG VJG)WCPVgPCOQ$C[CTGC HTQO VJG%WDCP)QXGTPOGPVÒ CPF QPN[OWVWCNCITGGOGPV QT 7Ô5Ô CDCPFQPOGPV QH VJG CTGC ECP VGTOKPCVG VJG NGCUGÔ

Î‰ 6JG (%5% KU CWVJQTK\GF D[ %QPITGUU VQ FGVGTOKPG VJG XCNKFKV[ CPF XCNWCVKQP QH ENCKOU QH 7Ô5ÔPCVKQPCNU HQT NQUU QH RTQRGTV[ KP HQTGKIP EQWPVTKGUÔ (QT VJG %WDC %NCKOU 2TQITCOÒ VJG (%5% EQPUKFGTGFNQUUGU QH 7Ô5Ô PCVKQPCNU KP %WDC VJCV QEEWTTGF DGVYGGP ,CPWCT[ ÏÒ Ï‰Ë‰Ò YJGP VJG %CUVTQ TGIKOG VQQMRQYGTÒ CPF 1EVQDGT ÏÁÒ Ï‰ÁÈÒ VJG FCVG VJG %WDC %NCKOU 2TQITCO YCU CWVJQTK\GFÔ (QTGKIP %NCKOU5GVVNGOGPV %QOOKUUKQP QH VJG 7PKVGF 5VCVGUÒ (KPCN 4GRQTV QH VJG %WDCP %NCKOU 2TQITCOÒ TGRTKPVGF HTQOVJG Ï‰ÊÎ #PPWCN 4GRQTV VQ VJG %QPITGUUÔ

ÍÌ 6JG (%5% RGTOKVVGF KPVGTGUV VQ DG CEETWGF KP VJG COQWPV QH Á RGTEGPV CPPWCNN[‚ VJCV KPVGTGUV KU PQVTGHNGEVGF KP VJG COQWPVU EKVGFÔ

Ï"ÏÌ

Â‰Â YGTG EGTVKHKGF EQTRQTCVG ENCKOU XCNWGF CV ˘ÏÔÁ DKNNKQPÒ CPF ËÒÌÏÍ YGTG EGTVKHKGFKPFKXKFWCN ENCKOU XCNWGF CV ˘ÎÎÏ OKNNKQPÔ +V YCU KPKVKCNN[ RTQRQUGF VJCV %WDCP CUUGVU KPVJG 7PKVGF 5VCVGU DG NKSWKFCVGF CPF OCFG CXCKNCDNG HQT RC[OGPVU QP VJG NQUUGUFGVGTOKPGF D[ VJG (%5%‚ JQYGXGTÒ C UVWF[ D[ VJG 7Ô5Ô &GRCTVOGPV QH VJG 6TGCUWT[ CPFVJG &GRCTVOGPV QH VJG 5VCVG EQPENWFGF VJCV %WDCP )QXGTPOGPV CUUGVU KP VJG 7PKVGF5VCVGU YGTG PQV QH UWHHKEKGPV XCNWG VQ RGTOKV UWEJ CEVKQPÔ ı%WDC UQNF KVU IQNF TGUGTXGUJGNF CV (QTV -PQZ KP 0QXGODGT Ï‰Ë‰Ò CPF VTCPUHGTTGF VJG OQPG[ VQ 5YKUU CPF%CPCFKCP DCPMU VQ RTGXGPV RQUUKDNG 7Ô5Ô EQPHKUECVKQPÔÍÏÙ 6JGTGHQTGÒ VJG (%5%ENCUUKHKGF KVU %WDCP %NCKOU 2TQITCO CU C sTGUGVVNGOGPV CFLWFKECVKQP QH ENCKOU VQFGVGTOKPG VJG GZVGPV QH #OGTKECP NQUUGU CPF RTQXKFG C VQQN HQT QWT )QXGTPOGPV KPFGCNKPI YKVJ VJG )QXGTPOGPV QH %WDC KP VJG HWVWTG QP VJKU KORQTVCPV KPVGTPCVKQPCNKUUWGÔtÍÎ

6JG %WDCP )QXGTPOGPV TGRQTVU VJCV KV PGIQVKCVGF EQORGPUCVKQP CITGGOGPVU HQTUGK\GF RTQRGTVKGU YKVJ QVJGT EQWPVTKGUÒ DWV VJCV C UCVKUHCEVQT[ CITGGOGPV YKVJ VJG7PKVGF 5VCVGU YCU PQV RQUUKDNG DGECWUG QH VJG 7Ô5Ô GEQPQOKE UCPEVKQPUÔÍÍ 6JG %WDCP)QXGTPOGPV CNUQ CUUGTVU VJCV %WDCP GZRTQRTKCVKQP NCYU RTQXKFG HQT EQORGPUCVKQPYKVJ HWPFU GCTPGF D[ %WDCP UWICT GZRQTVU VQ VJG 7PKVGF 5VCVGU‚ VJWUÒ CEEQTFKPI VQ VJG%WDCP )QXGTPOGPVÒ D[ VGTOKPCVKPI %WDCrU UWICT SWQVC CEEGUU VQ VJG 7PKVGF 5VCVGUCPF UWDUGSWGPVN[ KORQUKPI VJG GEQPQOKE UCPEVKQPUÒ VJG 7PKVGF 5VCVGU FGRTKXGF %WDCQH VJG CDKNKV[ VQ OCMG EQORGPUCVKQP KP CP[ GXGPVÔÍÈ

%%%%WWWWTTTTTTTTGGGGPPPPVVVV 4444GGGGNNNNCCCCVVVVKKKKQQQQPPPPUUUU%WTTGPVN[Ò VJG 7Ô5Ô UCPEVKQPU TGUVTKEV GEQPQOKE TGNCVKQPU YKVJ %WDC VQ UCNGU QHRWDNKECVKQPU CPF QVJGT KPHQTOCVKQPCN OCVGTKCNUÒ 7Ô5Ô)QXGTPOGPV"CRRTQXGF UCNGU CPFFQPCVKQPU QH EGTVCKP 7Ô5Ô JWOCPKVCTKCP HQQF CPF OGFKECN RTQFWEVUÒ CRRTQXGF 7Ô5ÔRC[OGPVU VQ %WDC HQT EGTVCKP UGTXKEGU ıKPENWFKPI VGNGEQOOWPKECVKQPUÒ FKTGEV EJCTVGTCKTNKPG HNKIJVUÒ CPF RC[OGPVU HQT QXGTHNKIJVU D[ 7Ô5Ô RTKXCVG CPF EQOOGTEKCN CXKCVQTUÙÒGZRGPUGU KPEWTTGF KP NKEGPUGF VTCXGN VQ %WDCÒ CPF NGICN TGOKVVCPEGU HTQO#OGTKECPU VQGNKIKDNG %WDCP HCOKNKGU QT KPFKXKFWCNUÔÍË)QQFU QT UGTXKEGU QH %WDCP QTKIKPOC[ PQV DGKORQTVGF KPVQ VJG 7PKVGF 5VCVGU GZEGRV CU CEEQORCPKGF DCIICIG D[ CWVJQTK\GF

ÍÏ ,CPG (TCPMNKPÒ %WDC CPF VJG 7PKVGF 5VCVGU„ # %JTQPQNQIKECN *KUVQT[ ı0GY ;QTM„ 1EGCP 2TGUUÒÏ‰‰ÊÙÒ RÔ ÎÍÔ

ÍÎ 5GG PQVG Î‰Ò RÔ ÊÌÔÍÍ )QXGTPOGPV QH %WDCÒ &GOCPFC FGN 2WGDNQ %WDCPQ %QPVTC GN )QDKGTPQ FG 'UVCFQU 7PKFQU RQT

NQU &CøQU 'EQP¿OKEQU 1ECUKQPCFQU C %WDCÒ ı*CXCPC„ ÎÌÌÌÙÒ RRÔ ÏÎ CPF ÏÂÔÍÈ (GTPCPFQ 4GOKTG\ FG 'UVGPQ\Ò 2TKPEKRCN 1HHKEGTÒ %WDCP +PVGTGUVU 5GEVKQPÒ 9CUJKPIVQPÒ &% CPF

&GRWV[ /KPKUVGT QH (QTGKIP #HHCKTU QH VJG 4GRWDNKE QH %WDCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò VTCPUETKRVÒ RRÔË‰"ÁÌÔ

ÍË #NUQ CWVJQTK\GF CTG EGTVCKP KPXGUVOGPVU KP VJKTF"EQWPVT[ DWUKPGUUGU VJCV JCXG EQOOGTEKCNFGCNKPIU YKVJ %WDCÔ 5WEJ UGEQPFCT[OCTMGV KPXGUVOGPVU OWUV DG KP C VJKTF"EQWPVT[ EQORCP[ VJCV FQGU PQVFGTKXG COCLQTKV[ QH KVU TGXGPWGU HTQO DWUKPGUU CEVKXKV[ KP %WDCÒ CPFOWUV PQV TGUWNV KP C EQPVTQNNKPI KPVGTGUVKP VJCV DWUKPGUUÔ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ s#OGTKECP 'ZRTGUU %QORCP[ KU5JCTGJQNFGT KP %NWD /GFÒ YJKEJ JCU %WDC 1RGTCVKQPUÒt'EQPQOKE '[G QP %WDCÒ ,CPÔ ÎÎ"ÎÂÒ ÎÌÌÏÒ RÔ ÎÔ

Ï"ÏÏ

VTCXGNGTUÔÍÁ *QYGXGTÒ VJGTG KU CP WPCWVJQTK\GF HNQY QH 7Ô5Ô HQTGKIP GZEJCPIG VQ %WDCÔ5QOG UQWTEGU TGRQTV KPETGCUKPI PWODGTU QH WPNKEGPEGF 7Ô5Ô VQWTKUVU XKUKVKPI %WDC GCEJ[GCTÒÍÊ CPF GUVKOCVGU QH TGOKVVCPEGUÒ KPENWFKPI ECUJ KNNGICNN[ ECTTKGF D[ CWVJQTK\GFXKUKVQTU VQ %WDCÒ TCPIG HTQO ˘ÍÌÌ OKNNKQP VQ ˘ÂÌÌ OKNNKQP CPPWCNN[ÔÍÂ

7Ô5Ô GZRQTVU VQ %WDC VQVCNGF ˘ÈÔÊ OKNNKQP KP Ï‰‰‰Ò CEEQTFKPI VQ QHHKEKCN 7Ô5Ô)QXGTPOGPV FCVCÒÍ‰ OQTG VJCP ‰Ì RGTEGPV QH YJKEJ EQPUKUVGF QH FQPCVGF KVGOUÒKPENWFKPIOGFKECN CPF RJCTOCEGWVKECN RTQFWEVU VQVCNKPI ˘ÎÔÈ OKNNKQPÒ CTVKENGU HQT TGNKGHQT EJCTKV[ ı˘ÏÔÁ OKNNKQPÙÒ CPF YGCTKPI CRRCTGN ı˘Ï‰ÊÒÌÌÌÙÔ #U UJQYP KP VJG VCDWNCVKQPDGNQYÒ 7Ô5Ô GZRQTVU VQ %WDC VQVCNGF NGUU VJCP ˘Á OKNNKQP HTQO Ï‰‰Ë VJTQWIJ Ï‰‰‰GZEGRV KP Ï‰‰ÊÒ YJGP VJGTG YCU C UWTIG KP UJKROGPVU QH FQPCVGF 7Ô5Ô OGFKECN CPFRJCTOCEGWVKECN RTQFWEVU XCNWGF CV ˘ÊÔÈ OKNNKQPÔ +PETGCUGF 7Ô5Ô GZRQTVU FWTKPI,CPWCT["1EVQDGT ÎÌÌÌ QXGT VJG UCOG RGTKQF KP Ï‰‰‰ KU CVVTKDWVCDNG VQ JKIJGT 7Ô5ÔUJKROGPVU QH FQPCVGF CTVKENGU HQT TGNKGH QT EJCTKV[Ô 7Ô5Ô KORQTVU HTQO %WDC EQPUKUVGFCNOQUV GPVKTGN[ QH CTV YQTMÔ

,,,,CCCCPPPPWWWWCCCCTTTT[[[[""""1111EEEEVVVVQQQQDDDDGGGGTTTTÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰ ÎÎÎÎÌÌÌÌÌÌÌÌÌÌÌÌ

ıOKNNKQP FQNNCTUÙ

7Ô5Ô GZRQTVU VQ %WDC Ô Ô Ô Ô ËÒÂÈÁ ËÒÈËÊ ‰ÒÍÏË ÍÒÈËË ÈÒÁÁÎ ÈÒÌËÁ ÁÒÎÁÌ7Ô5Ô KORQTVU HTQO %WDC Ô Ô Ì Ì Ì Ì ÁÈ‰ ÁÈÈ ÍÎÍ5QWTEG„ %QORKNGF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÔ

ÍÁ 1HHKEG QH (QTGKIP #UUGVU %QPVTQN ı1(#%Ò 7Ô5Ô &GRCTVOGPV QH VJG 6TGCUWT[ÙÒ s%WDC„ 9JCV ;QW0GGF VQ -PQY #DQWV VJG 7Ô5Ô 'ODCTIQÒt CV JVVR„ÓÓYYYÔWUVTGCUÔIQXÓQHCEÓVÏÏEWDCÔRFHÒ TGVTKGXGF 5GRVÔÎÂÒ ÎÌÌÌÒ CPF 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ s*WOCPKVCTKCP #UUKUVCPEGÒtCV JVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓEWDCÓJWOCPKACKFÔJVONÒ TGVTKGXGF 5GRVÔ ÎÂÒ ÎÌÌÌÔ

ÍÊ $TKCP .CVGNNÒ 2TQHGUUQTÒ 5EJQQN QH (QTGKIP 5GTXKEGÒ )GQTIGVQYP 7PKXGTUKV[Ò VGUVKOQP[ DGHQTG VJG75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÂÈÔ

ÍÂ 4GOKVVCPEGU CTG FKUEWUUGF KP ITGCVGT FGVCKN KP EJCRVGT ÍÔÍ‰ &CVC EQORKNGF HTQO VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEG CPF VJG 7Ô5Ô &GRCTVOGPV QH VJG 6TGCUWT[Ô

Î"Ï

%%%%****####22226666''''4444 ÎÎÎÎ1111XXXXGGGGTTTTXXXXKKKKGGGGYYYY QQQQHHHH 7777ÔÔÔÔ5555ÔÔÔÔ 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU 9999KKKKVVVVJJJJ 4444GGGGUUUURRRRGGGGEEEEVVVV VVVVQQQQ %%%%WWWWDDDDCCCCCCCCPPPPFFFF 6666JJJJGGGGKKKKTTTT ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP VVVVJJJJGGGG 7777ÔÔÔÔ5555ÔÔÔÔ ''''EEEEQQQQPPPPQQQQOOOO[[[[

6JKU EJCRVGT RTQXKFGU CP QXGTXKGY QH 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDCÔ6JG UCPEVKQPU CTG FGUETKDGF HTQO VJG VKOG VJG[ YGTG HKTUV GPCEVGF VQ VJG RTGUGPVÔ 6JKUEJCRVGT CNUQ FGUETKDGU VJG JKUVQTKECN CPF EWTTGPV KORCEVU QH VJG UCPEVKQPU QP VJG 7Ô5ÔGEQPQO[CPF UWOOCTK\GU VJG CIITGICVG KORCEV QH VJG UCPEVKQPU QP VJG 7Ô5Ô GEQPQO[Ô

////CCCCLLLLQQQQTTTT 7777ÔÔÔÔ5555ÔÔÔÔ 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU 9999KKKKVVVVJJJJ 4444GGGGUUUURRRRGGGGEEEEVVVV VVVVQQQQ %%%%WWWWDDDDCCCC

7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC YGTG KPKVKCNN[ KORQUGF KP Ï‰ÁÌ WPFGT VJG'ZRQTV %QPVTQN #EVÒ CHVGT VJG (KFGN %CUVTQ IQXGTPOGPV DGICP GZRTQRTKCVKPI 7Ô5ÔRTQRGTV[ KP %WDCÔ 5KPEG VJGPÒ 7Ô5Ô NGIKUNCVKQP CWVJQTK\KPI VJGUG UCPEVKQPU JCUEQPUQNKFCVGF CPF VJGP GZVGPFGF VJG UEQRG QH UCPEVKQPU CICKPUV %WDCÒ DTQCFGPKPI VJGQTKIKPCN VTCFG GODCTIQ KPVQ C OQTG EQORTGJGPUKXG UGV QH GEQPQOKE UCPEVKQPURTQJKDKVKPI 7Ô5Ô EKVK\GPU CPF GPVKVKGU HTQOOQUV EQOOGTEKCN CPF HKPCPEKCN VTCPUCEVKQPUYKVJ %WDCÔ 6JG NGICN HQWPFCVKQP HQT7Ô5Ô UCPEVKQPUYKVJ TGURGEV VQ %WDC TGUVU NCTIGN[ QPVJG HQNNQYKPI OCLQT UVCVWVGU CPF TGIWNCVKQPU„Ï

1 6TCFKPI YKVJ VJG 'PGO[ #EV QH Ï‰ÏÊ ı69'#Ù‚Î

1 (QTGKIP #UUKUVCPEG #EV QH Ï‰ÁÏ ı(##Ù‚Í

1 %WDCP #UUGVU %QPVTQN 4GIWNCVKQPU QH Ï‰ÁÍ ı%#%4Ù‚È

1 %WDCP &GOQETCE[ #EV QH Ï‰‰Î ı%&#Ù‚Ë CPF

1 %WDCP .KDGTV[ CPF &GOQETCVKE 5QNKFCTKV[ ı.KDGTVCFÙ #EV QH Ï‰‰Áı*GNOU"$WTVQP #EVÙÔÁ

1P 1EVQDGT ÎÂÒ ÎÌÌÌÒ 2TGUKFGPV %NKPVQP UKIPGF 2WDNKE .CY ÏÌÁ"ÍÂÊÒ VJG 6TCFG5CPEVKQPU 4GHQTO CPF 'ZRQTV 'PJCPEGOGPV #EV QH ÎÌÌÌÔ 6JCV NCY TGNCZGF 7Ô5ÔWPKNCVGTCN UCPEVKQPU VQ CNNQY EGTVCKP UCNGU QH HQQFÒ OGFKEKPGUÒ CPF EGTVCKP OGFKECNGSWKROGPV VQ C PWODGT QH EQWPVTKGU EWTTGPVN[ UWDLGEV VQ 7Ô5Ô GEQPQOKE UCPEVKQPUÒKPENWFKPI %WDCÔ #PCN[UKU QH VJG KORCEV QH VJKU PGY NCY KU QWVUKFG QH VJG UEQRG QH VJKUKPXGUVKICVKQPÔ 6CDNG Î"Ï UWOOCTK\GU VJGUG CPF QVJGT OCLQT 7Ô5Ô UCPEVKQPU YKVJ TGURGEVVQ %WDCÒ CNQPI YKVJ MG[ 2TGUKFGPVKCN RTQENCOCVKQPU CPF FGENCTCVKQPUÔ

Ï # FGVCKNGF JKUVQTKECN VTGCVOGPV QH 7Ô5Ô UCPEVKQPU NGIKUNCVKQP TGICTFKPI %WDC OKIJV TGHGTGPEGCFFKVKQPCN CPEKNNCT[ UVCVWVGUÒ NGIKUNCVKQPÒ TGIWNCVKQPUÒ COGPFOGPVUÒ CPF RTQENCOCVKQPUÔ

Î 2WDNKE .CY ÁË"‰ÏÒ ÈÌ 5VCVÔ .Ô ÈÏÏÒ ËÌ 75% #RRÔ UGEÔ ËÔÍ 2WDNKE .CY ÂÊ"Ï‰ËÒ ÊË 5VCVÔ ÈÈÈÒ ÎÎ 75% UGEÔ ÎÏËÏ GV UGSÔÈ ÍÏ %(4 ËÏËÔ UGEÔ ËÏËÔÂÌÏ VQ ËÏËÔÂÌ‰ÔË 2WDNKE .CY ÏÌÎ"ÈÂÈÒ ÏÌÁ 5VCVÔ ÎËÊËÒ ÎÎ 75% UGEÔ ÁÌÌÏ GV UGSÔÁ 2WDNKE .CY ÏÌÈ"ÏÏÈÒ ÏÏÌ 5VCVÔ ÊÂËÒ ÎÎ 75% UGEÔ ÁÌÎÏ GV UGSÔ

6 666C CCCD DDDN NNNG GGGÎ ÎÎÎ' '''Ï ÏÏÏ

6 666K KKKO OOOG GGGE EEEJ JJJC CCCT TTTV VVVQ QQQ

H HHHU UUUG GGGN NNNG GGGE EEEV VVVG GGGF FFFM MMMG GGG[ [[[G GGGX XXXG GGGP PPPV VVVU UUUT TTTG GGGI IIIC CCC

T TTTF FFFK KKKP PPPI III7 777Ô ÔÔÔ5 555Ô ÔÔÔU UUUC CCCP PPP

E EEEV VVVK KKKQ QQQP PPPU UUU

Y YYYK KKKV VVVJ JJJ

T TTTG GGGU UUUR RRRG GGGE EEEV VVVV VVVQ QQQ% %%%W WWWD DDDC CCC

; ;;;G GGGC CCCT TTT

& &&&C CCCV VVVG GGG

5 555G GGGN NNNG GGGE EEEV VVVG GGGF FFF

G GGGX XXXG GGGP PPPV VVVU UUU

Ï‰Ë‰

,CPÔÊ

/C[

ÏÊ:7PKVGF5VCVGU

TGEQIP

K\GU

PGY%W

DCP)QXGTPO

GPVWPF

GT(KFGN%

CUVTQ

Ô:%W

DCP)QXGTPO

GPVDGIKPUGZRTQR

TKCVKPIHQTGKIP'QY

PGFRTQR

GTVKGUYKVJQWVF

WGEQORGPUCVKQPÔ

Ï‰ÁÌ

,WN[Á

1EVÔÏ‰

:7PKVGF5VCVGU

EWVUTGOCKPKPI

RQTVKQP

QH%WD

CrUÏ‰Ë‰

'ÁÌ7Ô5ÔUWI

CTKORQ

TVSWQVCKPTGURQPUG

VQGZRTQR

TKCVKQPQH

7Ô5ÔR

TQRGTV[

Ô:7PKVGF5VCVGU

DCPU

7Ô5ÔGZRQTVUVQ%W

DCÒGZEGRVPQPUWDUKFK\GF

HQQF

UVWHHU

CPFOGFKECN

UWRR

NKGUÔ

Ï‰ÁÏ

,CPÔÍ

5GRVÔÈ

:7PKVGF5VCVGU

DTGCMU

FKRNQO

CVKETGNCVKQPU

YKVJ

%WDC

Ô:(QTGKIP#UUKUVCP

EG#EVCW

VJQTK\GU

VJG7Ô5Ô2TGUKF

GPVVQGUVCDNKUJ

CVQVCNGODC

TIQQP

CNN7

Ô5ÔVTCFG

YKVJ

%WDC

ÔÏ‰ÁÎ

/C[

ÎÈ:7PKVGF5VCVGU

UWURGPFU

RTGHGTGPVKCNC

PFOQUV'HCXQTGF'PCVKQPVCTKHHVTGCVOGPVVQ%W

DCÔ

Ï‰ÁÍ

,WN[Â

:%W

DCP#UUGVU%Q

PVTQN4GIWNCVKQPU

HTGG\G

CNN%

WDCP

'QYPGFCUUGVUKPVJG7PKVGF5VCVGU

CPFHQTO

CNK\GU

7Ô5ÔEQO

OGTEKCNÒ

HKPCP

EKCNÒC

PFVTC

XGNVTCPUCEVKQPU

YKVJ

%WDC

D[7Ô5ÔEKVK\GPUÔ

Ï‰ÁÈ

,WN[ÎÁ

:1TICP

K\CVKQPQH

#OGTKECP

5VCVGU

ı1#5Ù

KORQ

UGUOWNVKNCVGTCN

GEQP

QOKEUCPEVKQPU

YKVJ

TGURGEVVQ%W

DCÔ

Ï‰ÊË

,WN[Î‰

:1#5CD

CPFQ

PUOWNVKNCVGTCN

UCPEVKQPU

YKVJ

TGURGEVVQ%W

DCÔ7

PKVGF5VCVGU

RGTO

KVU7Ô5ÔHQTGKIP

UWDUKFKCTKG

UVQVTC

FGYKVJ

%WDC

ÔÏ‰‰Î

1EVÔÏË

:%W

DCP&GO

QETCE[

#EVÒC

OQP

IQVJGTVJKPIUÒR

TQJKDKVU7Ô5ÔHQTGKIP

UWDUKFKCTKG

UHTQO

GPIC

IKPI

KPVTC

PUCEVKQPU

YKVJ

%WDC

‚RTQJKDKVUUJKRU

YKVJ

%WDC

PIQ

QFUHTQO

GPVGTKP

I7Ô5ÔR

QTVU‚

CPFRTQJKDKVU

EQOOGTEKCN

UCNGUQH

HQQF

CPFOGFKEKPGVQ%W

DCWPNGUU%W

DCJQNFUHTGG

CPFHCKTGNGEVKQPUÔ

Ï‰‰Á

/CTÔÏÎ

1EVÔÍ

:%W

DCP.KDGTV[

CPF&GO

QETCVKE

5QNKFCTKV[

#EVı%.&

5#ÙÒCNUQ

MPQY

PCU

VJG*GNOU'$WTVQ

P#EVCHVGTKVU

OCKPURQP

UQTUÒGUVC

DNKUJ

GUVJGTKI

JVQH

7Ô5ÔP

CVKQPC

NUVQHKNGUWKVKP7Ô5ÔEQWTVCI

CKPUVHQTGKIP

PCVKQPC

NUVJCV

DGPGHKVQT

RTQHKVHTQO

GZRTQR

TKCVGF7Ô5ÔR

TQRGTV[

KP%W

DCÔ6JG

#EV

CNUQ

CNNQYUVJG7PKVGF5VCVGU

VQFGP[

GPVT[

XKUCUVQVJGUGPC

VKQPC

NUÔ

:'7

TGSWGUVUGUVCDNKUJ

OGPVQHC

9QTNF6TCF

G1TICP

K\CVKQPı9

61ÙF

KURWVGRC

PGNRWTUWCP

VVQVJG*GNOU'$WTVQ

P#EVÔ

Ï‰‰Â

/C[

ÏÂ

1EVÔÎ

Ï

:7PKVGF5VCVGU

CPF'7

TGCEJCP

CITGGO

GPVVQTGUQNXG'7

EQORNCKPVCD

QWVVJG

*GNOU'$WTVQ

P#EVÔ

:5GEVKQPÎÏÏQH

VJG1OPKDW

U#RR

TQRTKCVKQP#EVOCMGU

KORGTO

KUUKDNGVJGTGIKUVTCVKQPQT

TGPGYCN

KPVJG7PKVGF5VCVGU

QHCVTC

FGOCTMÒKHKV

YCU

RTGXKQWUN[CD

CPFQ

PGFD[

CVTC

FGOCTMQY

PGTYJQUG

RTQR

GTV[JC

FDGGP

EQPHKUECVGF

D[%W

DCÔ

ÎÌÌÌ

1EVÔÎ

Â:6JG6TCF

G5C

PEVKQPU

4GHQTO

CPF'ZRQ

TV'PJC

PEGO

GPV#

EVQH

ÎÌÌÌ

KUUKI

PGFKPVQNCYÔ4GICTFKPI

%WDC

ÒVJG

#EVGUUGPVKCNN[

CNNQYUVTC

FGYKVJ

%WDC

KPCI

TKEWNVWTCNEQO

OQF

KVKGUÒO

GFKEKPGUÒC

PFOGFKECN

UWRR

NKGUÒDW

VRTQJKDKVUFKTGEVRW

DNKEQT

RTKXCVGGZRQ

TVHKPCP

EKPI

HQTVJKU

VTCFGÔ

5QWTEG„%

QORKNGFD[

VJG7Ô5Ô+PVGTPC

VKQPC

N6TCFG

%QOOKUUKQPÔ

Î"Í

6JG 69'# RTQXKFGU VJG NGIKUNCVKXG DCUKU HQT 7Ô5Ô HKPCPEKCN UCPEVKQPU YKVJ TGURGEV VQ%WDCÔ 6JG 69'# YCU UKIPGF KPVQ NCY KP Ï‰ÏÊÒ KP VJG EQPVGZV QH 7Ô5Ô GPVT[ KPVQ 9QTNF9CT +Ô +V CWVJQTK\GF VJG 2TGUKFGPV VQ RTQJKDKVÒ NKOKVÒ QT TGIWNCVG VTCFG YKVJ JQUVKNGEQWPVTKGU KP VKOG QH YCTÔ # Ï‰ÍÍ COGPFOGPV GZVGPFGF VJG 2TGUKFGPVrU CWVJQTKV[ VQKPXQMG VJG 69'# VJTQWIJ C FGENCTCVKQP QH PCVKQPCN GOGTIGPE[ CU YGNN CU KP VKOG QHYCTÔ # Ï‰ÊÊ COGPFOGPVÊ TGVWTPGF NCPIWCIG KP VJG CEV VQ KPXQECVKQP QPN[ KP VKOG QHYCTÒ DWV GHHGEVKXGN[ TGSWKTGU VJG 2TGUKFGPV VQ LWUVKH[ CPPWCNN[ GEQPQOKE UCPEVKQPU UVKNN KPRNCEGÔ 7Ô5Ô 2TGUKFGPVU UKPEG Ï‰ÊÊ JCXG KUUWGF CPPWCN FGVGTOKPCVKQPU VJCV GZVGPF VJGUVCVG QH GOGTIGPE[ YKVJ TGURGEV VQ %WDCÒ VJG OQUV TGEGPV FGVGTOKPCVKQP GZVGPFKPI VJGGODCTIQ DGKPI 2TGUKFGPVKCN &GVGTOKPCVKQP 0QÔ ÎÌÌÌ"Î‰ QH 5GRVGODGT ÏÎÒ ÎÌÌÌÔÂ

6666JJJJGGGG ÏÏÏÏ‰‰‰‰ÁÁÁÁÌÌÌÌUUUU„„„„ ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQHHHH VVVVJJJJGGGG ''''KKKKUUUUGGGGPPPPJJJJQQQQYYYYGGGGTTTT CCCCPPPPFFFF----GGGGPPPPPPPPGGGGFFFF[[[[ ####FFFFOOOOKKKKPPPPKKKKUUUUVVVVTTTTCCCCVVVVKKKKQQQQPPPPUUUU

++++PPPPKKKKVVVVKKKKCCCCNNNN KKKKOOOORRRRNNNNGGGGOOOOGGGGPPPPVVVVCCCCVVVVKKKKQQQQPPPP6JG 7PKVGF 5VCVGU TGEQIPK\GF VJG PGY %WDCP IQXGTPOGPV NGF D[ (KFGN %CUVTQ QP,CPWCT[ ÊÒ Ï‰Ë‰Ô 6JG %CUVTQ IQXGTPOGPV DGICP VQ GZRTQRTKCVG HQTGKIP"QYPGFRTQRGTV[ YKVJQWV EQORGPUCVKQP FWTKPI Ï‰Ë‰"ÁÌÔ 7Ô5Ô QKN TGHKPGTKGU YGTG GZRTQRTKCVGFKP ,WPGCPF ,WN[ Ï‰ÁÌ CHVGT VJG[ TGHWUGF VQ TGHKPG QKN %WDC JCF CESWKTGF HTQO VJG5QXKGV7PKQPÔ‰ +P TGURQPUGÒ 2TGUKFGPV 'KUGPJQYGT ECPEGNNGF %WDCrU RQTVKQP QH VJG CPPWCN7Ô5Ô UWICT KORQTV SWQVC KP ,WN[Ï‰ÁÌÔÏÌ +P 1EVQDGT Ï‰ÁÌÒ VJG 'KUGPJQYGT#FOKPKUVTCVKQP CPPQWPEGF C EQORNGVG DCP QP 7Ô5Ô GZRQTVU VQ %WDC GZEGRV HQTPQPUWDUKFK\GF HQQFUVWHHU CPF OGFKECN UWRRNKGUÒ WPFGT VJG CWVJQTKV[ QH VJG 'ZRQTV%QPVTQN #EV QH Ï‰È‰ÔÏÏ 6JG 7PKVGF 5VCVGU DTQMG FKRNQOCVKE TGNCVKQPU YKVJ %WDC KP,CPWCT[ Ï‰ÁÏÔ

Ê 6JG Ï‰ÍÍ 69'# COGPFOGPV YCU OQFKHKGF D[ VJG +PVGTPCVKQPCN 'OGTIGPE[ 'EQPQOKE 2QYGTU #EVı+''2#Ù QH Ï‰ÊÊÒ 5GEVKQPU ÏÌÏıCÙ CPF ÏÌÎ ı2WDÔ .Ô ‰Ë"ÎÎÍÒ ‰Ï 5VCVÔ ÏÁÎËÒ ËÌ 75% ÏÊÌÏ"ÏÊÌÁÙÔ

Â ÁË (4 ÏÊ‰Ò 5GRÔ ÏÈÒ ÎÌÌÌÒ RRÔ ËËÂÂÏ"ËËÂÂÍÔ‰ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ s7Ô5Ô"%WDC 4GNCVKQPUÒt CV

JVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓEWDCÓRQNKE[ÔJVONÒ TGVTKGXGF ,WPG ÎÌÒ ÎÌÌÌÔ 7UGHWNEJTQPQNQIKGU QH %WDC EQXGTKPI VJG %CUVTQ TGIKOG KPENWFG„ $WTGCW QH +PVGT"#OGTKECP #HHCKTUÒ 7Ô5Ô&GRCTVOGPV QH 5VCVGÒ s%JTQPQNQI[ QH %WDCP #HHCKTUÒ Ï‰ËÂ"Ï‰‰ÂÒt ,CPÔ ÏÎÒ Ï‰‰ÂÒ CVJVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓEWDCAEJTQPQNQI[ÔJVONÒ TGVTKGXGF ,WPG ÎÌÒ ÎÌÌÌ‚ /CTM 2Ô5WNNKXCP CPF 5W\CPPG .Ô ;QTMÒ s%WDC"7Ô5Ô 4GNCVKQPU„ %JTQPQNQI[ QH -G[ 'XGPVU 5KPEG Ï‰Ë‰Òt %45 4GRQTVHQT %QPITGUUÒ &GEÔ ÏÍÒ Ï‰‰‰Ò .KDTCT[ QH %QPITGUUÒ %QPITGUUKQPCN 4GUGCTEJ 5GTXKEGÒ 4.ÍÌÍÂÁ‚+PVGTPCVKQPCN +PUVKVWVG HQT 'EQPQOKEUÒ 'EQPQOKE 5CPEVKQPU 4GEQPUKFGTGFÒ ÍTF GFÔ ı9CUJKPIVQPÒ &%„HQTVJEQOKPIÙ‚ CPF ,CPG (TCPMNKPÒ %WDC CPF VJG 7PKVGF 5VCVGUw# %JTQPQNQIKECN *KUVQT[ ı/GNDQWTPG„1EGCP 2TGUU Ï‰‰ÊÙÔ

ÏÌ 2TGUKFGPVKCN 2TQENCOCVKQP 0QÔ ÍÍËËÒ s&GVGTOKPCVKQP QH %WDCP 5WICT 3WQVC D[ VJG 2TGUKFGPV QHVJG 7PKVGF 5VCVGU QH #OGTKECw# 2TQENCOCVKQPÒt ÎË (4 ÁÈÏÈÒ ,WN[ ÂÒ Ï‰ÁÌÔ 5WICT KU FKUEWUUGF KP OQTGFGVCKN KP EJCRVGT ËÔ

ÏÏ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ $WNNGVKPÒ XQNÔ ÈÍÒ Ï‰ÁÌÒ RRÔ ÊÏË"ÊÏÁÔ 6JG 'ZRQTV %QPVTQN #EV QH Ï‰È‰YCUUWEEGGFGF D[ VJG 'ZRQTV #FOKPKUVTCVKQP #EV ı'##Ù QH Ï‰Á‰Ò YJKEJ KP VWTP YCU TGRNCEGF D[ VJG 'ZRQTV#FOKPKUVTCVKQP #EV QH Ï‰Ê‰ ı2WDNKE .CY‰Á"ÊÎÒ ‰Í 5VCVÔ ËÌÁ GVÔ UGSÔ ËÌ75%#RRÔ ÎÈÌÈÙÔ 6JG '##QH Ï‰Ê‰NCRUGF QP #WIÔ ÎÌÒ Ï‰‰ÈÒ DWV KVU NGIKUNCVKXG EQTG YCU EQPVKPWGF WPFGT 'ZGEWVKXG1TFGT ÏÎ‰ÎÈ QH #WIÔ Ï‰ÒÏ‰‰ÈÒ YJKEJ EQPVKPWGU KP GHHGEV C U[UVGO QH GZRQTV EQPVTQNUÒ KORNGOGPVGF D[ VJG $WTGCW QH 'ZRQTV#FOKPKUVTCVKQP ı$:#ÙÒ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ VJTQWIJ VJG 'ZRQTV #FOKPKUVTCVKQP 4GIWNCVKQPUı'#4ÙÔ +P CFFKVKQPÒ RTQXKUKQPU QH VJG 69'# CWVJQTK\G VJG 2TGUKFGPV VQ RTQJKDKVÒ NKOKVÒ QT TGIWNCVG VTCFGYKVJJQUVKNG EQWPVTKGU KH PGEGUUCT[Ô

Î"È

5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU FFFFGGGGPPPP[[[[KKKKPPPPIIII 7777ÔÔÔÔ5555ÔÔÔÔ HHHHQQQQTTTTGGGGKKKKIIIIPPPP CCCCUUUUUUUUKKKKUUUUVVVVCCCCPPPPEEEEGGGG6JG (## QH Ï‰ÁÏ FGPKGF CNN 7Ô5Ô HQTGKIP CUUKUVCPEG VQ %WDC CPF ICXG VJG 2TGUKFGPVURGEKHKE CWVJQTKV[ VQ KORQUG GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC CPF RTQXKFGFCNVGTPCVG CWVJQTKV[ HQT UCPEVKQPU YKVJ TGURGEV VQ %WDC CNTGCF[ KORNGOGPVGFÔÏÎ 6JGCPPWCN TGCWVJQTK\CVKQP QH VJG #EV KP VJG HQNNQYKPI [GCTwVJG (## QH Ï‰ÁÎÏÍwFGPKGF7Ô5Ô CUUKUVCPEG VQ CNN EQOOWPKUV EQWPVTKGUÒ WPFGT (## PGY UWDUGEVKQP ÁÌÎıGÙÔ9KVJQWVURGEKH[KPI CP[ RCTVKEWNCT EQWPVTKGUÒ UGEVKQP ÁÌÎ ıGÙ CNUQ TGKPHQTEGF UCPEVKQPU CICKPUVEQWPVTKGU VJCV GZRTQRTKCVG 7Ô5Ô RTQRGTV[Ô 6JG (## QH Ï‰ÁÎ HWTVJGT UVTGPIVJGPGFUCPEVKQPU CICKPUV EQOOWPKUV EQWPVTKGU D[ URGEKHKECNN[ GPWOGTCVKPI C NKUV QH EQWPVTKGUsEQPVTQNNGF D[ VJG KPVGTPCVKQPCN %QOOWPKUV EQPURKTCE[Òt KPENWFKPI %WDCÔ %WDC JCUCNYC[U DGGP URGEKHKECNN[ KFGPVKHKGF CU C EQOOWPKUV EQWPVT[ UWDLGEV VQ UCPEVKQPU WPFGTVJG (##Ò CNVJQWIJ QVJGT EQWPVTKGU JCXG DGGP TGOQXGF D[ COGPFOGPV HTQO VJG NKUVÔ 1P(GDTWCT[ ÊÒ Ï‰ÁÎÒ VJG 7PKVGF 5VCVGU RTQJKDKVGF XKTVWCNN[ CNN 7Ô5Ô VTCFG YKVJ %WDC WPFGTVJG CWVJQTKV[ QH VJG (##ÔÏÈ

5555WWWWUUUURRRRGGGGPPPPUUUUKKKKQQQQPPPP QQQQHHHH OOOOQQQQUUUUVVVV""""HHHHCCCCXXXXQQQQTTTTGGGGFFFF""""PPPPCCCCVVVVKKKKQQQQPPPP ıııı////((((0000ÙÙÙÙ VVVVTTTTGGGGCCCCVVVVOOOOGGGGPPPPVVVV+P /C[ Ï‰ÁÎÒ VJG 7PKVGF 5VCVGU UWURGPFGF VJG CRRNKECVKQP QH TGFWEGF TCVGU QH FWV[ HQT%WDCwDQVJ RTGHGTGPVKCN CPF/(0 VCTKHH VTGCVOGPVwWPFGT VJG UGEVKQP ÈÌÏ QH VJG 6CTKHH%NCUUKHKECVKQP #EV QH Ï‰ÁÎÔ 5WURGPUKQP QH TGFWEGF TCVGU QH FWV[ KU TGSWKTGF QPEG VJG7PKVGF 5VCVGU FGVGTOKPGU VJCV C EQWPVT[ KU sFQOKPCVGF QT EQPVTQNNGF D[ VJG HQTGKIPIQXGTPOGPV QT HQTGKIP QTICPK\CVKQP EQPVTQNNKPI VJG YQTNF %QOOWPKUV OQXGOGPVÒtÏË

CNVJQWIJ HQT RTCEVKECN RWTRQUGU VJG (GDTWCT[ Ï‰ÁÎ OGCUWTGU RWTUWCPV VQ VJG (##CNTGCF[ JCF JCNVGF XKTVWCNN[ CNN 7Ô5Ô KORQTVU HTQO %WDCÔÏÁ

5555JJJJKKKKRRRRRRRRKKKKPPPPIIIIÒÒÒÒ HHHHQQQQQQQQFFFFÒÒÒÒ CCCCPPPPFFFF OOOOGGGGFFFFKKKKEEEECCCCNNNN UUUUCCCCNNNNGGGGUUUU+P 1EVQDGT Ï‰ÁÎÒ VJG ETKUKU KPXQNXKPI 5QXKGV OKUUKNG UKVGU KP %WDC WPHQNFGFÒ UGVVKPI KPVTCKP C PWODGT QH CFFKVKQPCN 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ UJKRRKPI VQÒ HTQOÒ

ÏÎ5GEÔ ÁÎÌıCÙıÏÙ QH VJG (##QH Ï‰ÁÏ RTQXKFGU VJCV s=P?Q CUUKUVCPEG UJCNN DG HWTPKUJGF Ô Ô Ô VQ VJGRTGUGPVIQXGTPOGPV QH %WDCÔt 5GEÔ ÁÎÌıCÙıÎÙ RTQXKFGU VJCV s=G?ZEGRV CU OC[ DG FGGOGF PGEGUUCT[ D[ VJG2TGUKFGPV KP VJG KPVGTGUV QH VJG 7PKVGF 5VCVGUÒ PQ CUUKUVCPEG UJCNN DG HWTPKUJGF WPFGT VJKU EJCRVGT VQ CP[IQXGTPOGPV QH %WDCÒ PQT UJCNN %WDC DG GPVKVNGF VQ TGEGKXG CP[ SWQVC CWVJQTK\KPI VJG KORQTVCVKQP QH%WDCP UWICT KPVQ VJG7PKVGF 5VCVGU QT VQ TGEGKXG CP[ QVJGT DGPGHKV WPFGT CP[ NCYQH VJG7PKVGF 5VCVGUÒ WPVKNVJG 2TGUKFGPV FGVGTOKPGU VJCV UWEJ IQXGTPOGPV JCU VCMGP CRRTQRTKCVG UVGRU CEEQTFKPI VQ KPVGTPCVKQPCNNCY UVCPFCTFU VQ TGVWTP VQ 7PKVGF 5VCVGU EKVK\GPUÒ CPF VQ GPVKVKGU PQV NGUU VJCP ËÌ RGT EGPVWO DGPGHKEKCNN[QYPGF D[ 7PKVGF 5VCVGU EKVK\GPUÒ QT VQ RTQXKFG GSWKVCDNG EQORGPUCVKQP VQ UWEJ EKVK\GPU CPF GPVKVKGU HQTRTQRGTV[ VCMGP HTQO UWEJ EKVK\GPU CPF GPVKVKGU QP QT CHVGT ,CPÔ ÏÒ Ï‰Ë‰Ò D[ VJG )QXGTPOGPV QH %WDCÔt ÎÎ75% UGEÔ ÎÍÊÌıCÙÔ 6JG 7Ô5Ô &GRCTVOGPV QH 5VCVG KU VJG NGCF CIGPE[ CFOKPKUVGTKPI VJG (##Ô

ÏÍ 2WDNKE .CY ÂÊ"ËÂËÒ ÊÁ 5VCVÔ ÎËËÔ 6JG (## YCU HKTUV RTQOWNICVGF KP Ï‰ÁÏ ıVJG (## QH Ï‰ÁÏÙÔ5WDUGSWGPV TGCWVJQTK\CVKQPU ıUWEJ CU VJG (## QH Ï‰ÁÎÒ CPF QVJGTUÙ JCXG COGPFGF XCTKQWU RTQXKUKQPU QTCFFGF PGY GNGOGPVU VQ VJG EQTG NGIKUNCVKQPÔ

ÏÈ 2TGUKFGPVKCN 2TQENCOCVKQP 0QÔ ÍÈÈÊ QH (GDÔ ÍÒ Ï‰ÁÎ ıÎÊ (4 ÏÌÂËÙÒ GHHGEVKXG (GDÔ ÊÒ Ï‰ÁÎÔ#NVJQWIJ VJG RTQENCOCVKQP EQPVCKPGF PQ URGEKHKE OGPVKQP QH HQQF CPF OGFKEKPGÒ KV FKF IKXG VJG 5GETGVCT[QH %QOOGTEG VJG CWVJQTKV[ VQ OCMGÒ OQFKH[Ò QT TGXQMG GZEGRVKQPU HQT IQQFU UWEJ CU HQQF CPF OGFKEKPGWPFGT VJG 'ZRQTV %QPVTQN #EV QH Ï‰È‰Ô 6JWUÒ VJG -GPPGF[ TGUVTKEVKQPU NGHV KPVCEV VJG 'KUGPJQYGT DCP QP CNN7Ô5Ô GZRQTVU VQ %WDC GZEGRV WPUWDUKFK\GF HQQFUVWHHU CPF OGFKECN UWRRNKGUÔ

ÏË 2WDNKE .CY ÂÊ"ÈËÁÒ ÊÁ 5VCVÔ ÊÎÒ QH /C[ ÎÈÒ Ï‰ÁÎÔÏÁ (QT HWTVJGT FKUEWUUKQP QH/(0 VTGCVOGPVÒ UGG 8NCFKOKT 0Ô 2TGIGNLÒ %QPITGUUKQPCN 4GUGCTEJ5GTXKEG

ı%45ÙÒ 0QTOCN"6TCFG"4GNCVKQPU ı/QUV"(CXQTGF"0CVKQPÙ 2QNKE[ QH VJG 7PKVGF 5VCVGUÒ %45 +UUWG $TKGHÒ #WIÔÈÒ ÎÌÌÌÔ

Î"Ë

CPF TGNCVGF VQ %WDCÔ 1PEG VJG OKUUKNG ETKUKU YCU TGUQNXGFÒ UQ"ECNNGF SWCTCPVKPGOGCUWTGU KORQUGF CICKPUV UJKRRKPI HTQO VJKTF RCTVKGU VQ %WDC YGTG VGTOKPCVGF KP0QXGODGT Ï‰ÁÎÒ CNVJQWIJ DKNCVGTCN UJKRRKPI TGUVTKEVKQPU TGOCKPGF KP HQTEG WPFGT VJG7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDCÔ +P /C[ Ï‰ÁÈÒ VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEG KUUWGF CP QTFGT TGSWKTKPI GZRQTV NKEGPUGU HQT 7Ô5Ô UCNGU QH HQQF CPFOGFKEKPGU VQ %WDCÔ

%%%%QQQQOOOORRRRTTTTGGGGJJJJGGGGPPPPUUUUKKKKXXXXGGGG GGGGEEEEQQQQPPPPQQQQOOOOKKKKEEEE UUUUCCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU6JG 1HHKEG QH (QTGKIP #UUGVU %QPVTQN ı1(#%Ù QH VJG 7Ô5Ô &GRCTVOGPV QH VJG 6TGCUWT[ KUTGURQPUKDNG HQT KUUWKPIÒ KPVGTRTGVKPIÒ CPF CRRN[KPI GEQPQOKE UCPEVKQPU TGIWNCVKQPUÔÏÊ

1(#% RWDNKUJGF VJG %#%4 QP ,WN[ ‰Ò Ï‰ÁÍÔÏÂ #OQPI QVJGT VJKPIUÒ VJG %#%4„

1 RTQJKDKVGF CNN WPNKEGPEGF HKPCPEKCN CPF EQOOGTEKCN VTCPUCEVKQPU D[#OGTKECPU YKVJ %WDC QT KVU EKVK\GPU‚

1 RTQJKDKVGF VJG FKTGEV QT KPFKTGEV ıGÔIÔÒ VJTQWIJ VJKTF EQWPVTKGUÙ GZRQTV VQ %WDCQH 7Ô5Ô RTQFWEVUÒ UGTXKEGUÒ QT VGEJPQNQI[Ò GZEGRV RWDNKECVKQPUÒ KPHQTOCVKQPCNOCVGTKCNUÒ VGNGEQOOWPKECVKQPU UGTXKEGUÒ CPF CVVGPFCPV GSWKROGPV‚

1 RTQJKDKVGF VJG FKTGEV QT KPFKTGEV KORQTV KPVQ VJG 7PKVGF 5VCVGU QH %WDCPRTQFWEVU QT UGTXKEGUÒ GZEGRV HQT WR VQ ˘ÏÌÌ YQTVJ QH %WDCP OGTEJCPFKUGTGVWTPKPI YKVJ CWVJQTK\GF VTCXGNGTUÒ RWDNKECVKQPUÒ KPHQTOCVKQPCN OCVGTKCNUÒCPF EGTVCKP CTVYQTM‚ CPF

1 KORQUGF C VQVCN HTGG\G QP %WDCP )QXGTPOGPV CPF RTKXCVG CUUGVUÒ CU YGNN CUQP HKPCPEKCN FGCNKPIU YKVJ %WDCÒ DNQEMKPI CNN RTQRGTV[ QH %WDC CPF %WDCPPCVKQPCNU KP VJG RQUUGUUKQP QH 7Ô5Ô RGTUQPU ıDNQEMKPI KORQUGU C EQORNGVGRTQJKDKVKQP CICKPUV VTCPUHGTU QT VTCPUCEVKQPU QH CP[ MKPF WPNGUU CWVJQTK\GF D[VJG &GRCTVOGPV QH VJG 6TGCUWT[ÙÔ

6666JJJJGGGG ÏÏÏÏ‰‰‰‰ÊÊÊÊÌÌÌÌUUUU„„„„ 5555VVVVGGGGRRRRUUUU 6666QQQQYYYYCCCCTTTTFFFF 0000QQQQTTTTOOOOCCCCNNNNKKKK\\\\CCCCVVVVKKKKQQQQPPPP+P VJG Ï‰ÊÌUÒ CICKPUV VJG DCEMITQWPF QH FnVGPVG YKVJ VJG 5QXKGV 7PKQPÒ VJG FGHGCV QH/CTZKUV IWGTTKNNC OQXGOGPVU KP .CVKP #OGTKECÒ CPF VJG Ï‰ÊË XQVG D[ VJG1TICPK\CVKQPQH #OGTKECP 5VCVGU VQ GPF KVU OWNVKNCVGTCN GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDCÒÏ‰

VJG 7PKVGF 5VCVGU CPF %WDC VQQM UGXGTCN KPKVKCN UVGRU VQYCTF PQTOCNK\KPI VJGKTTGNCVKQPUJKRÔ +P (GDTWCT[ Ï‰ÊÍÒ VJG 7PKVGF 5VCVGU CPF %WDC UKIPGF CP CPVK"JKLCEMKPICITGGOGPV KP YJKEJ VJG VYQ EQWPVTKGU CITGGF VQ TGVWTP QT RTQUGEWVG JKLCEMGTUÔÎÌ +P#WIWUV Ï‰ÊËÒ VJG 7PKVGF 5VCVGU COGPFGF VJG %#%4 VQ CNNQY UWDUKFKCTKGU QH 7Ô5Ô HKTOU

ÏÊ ÍÏ %(4 ËÏËÔ UGEÔ ËÏËÔÂÌÏ VQ ËÏËÔÂÌ‰Ô 1(#%YCU GUVCDNKUJGF D[ 6TGCUWT[ &GRCTVOGPV 1TFGT 0QÔÏÎÂÒ 4GXÔ Ï QH 1EVÔ ÏËÒ Ï‰ÁÎÔ

ÏÂ 6JG %#%4 YGTG RWDNKUJGF WPFGT VJG CWVJQTKV[ QH (## UGEVKQP ÁÎÌıCÙÒ CPF 69'# UGEVKQP ËıDÙÔÏ‰ 6JG KORQUKVKQP QH OWNVKNCVGTCN GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC D[ VJG 1TICPK\CVKQP QH

#OGTKECP 5VCVGU KU FKUEWUUGF KP EJCRVGT ÏÔÎÌ /CTM 2Ô 5WNNKXCP CPF 5W\CPPG .Ô ;QTMÒ s%WDC"7Ô5Ô 4GNCVKQPU„ %JTQPQNQI[ QH -G[ 'XGPVU 5KPEG

Ï‰Ë‰Òt %45 4GRQTV HQT %QPITGUUÒ &GEÔ ÏÍÒ Ï‰‰‰Ò .KDTCT[ QH %QPITGUUÒ %QPITGUUKQPCN 4GUGCTEJ 5GTXKEGÒ4.ÍÌÍÂÁÒ RRÔ Î"ÍÔ

Î"Á

KP VJKTF EQWPVTKGU VQ VTCFG YKVJ %WDCÔÎÏ +P 1EVQDGT Ï‰ÊËÒ VJG 6TGCUWT[ &GRCTVOGPVHQTOCNN[ TGXQMGF VJG TGIWNCVKQP VJCV OCFG KV KNNGICN HQT QXGTUGCU UWDUKFKCTKGU QH 7Ô5ÔHKTOU VQ VTCFG YKVJ %WDCÒ TGRNCEKPI KV YKVJ C TGSWKTGOGPV HQT C URGEKHKE NKEGPUG VQ VTCFGYKVJ %WDC HTQO VJQUG VJKTF EQWPVTKGUÔÎÎ +P/CTEJ Ï‰ÊÊÒ VJG 7Ô5Ô )QXGTPOGPV NGV NCRUGTGUVTKEVKQPU QP 7Ô5Ô VTCXGN VQ %WDC D[ 7Ô5Ô EKVK\GPUÒ VJGTGD[ CNNQYKPI 7Ô5Ô EKVK\GPU VQURGPF ˘ÏÌÌ KP VTCXGN"TGNCVGF GZRGPFKVWTGU QP %WDCP IQQFU FWTKPI VJGKT XKUKVUÔ +P #RTKNÏ‰ÊÊÒ VJG 7PKVGF 5VCVGU CPF %WDC UKIPGF CP CEEQTF QP HKUJKPI TKIJVU CPF OCTKVKOGDQWPFCTKGU DGVYGGP VJG VYQ EQWPVTKGUÔ +P 5GRVGODGT Ï‰ÊÊÒ VJG VYQ EQWPVTKGU QRGPGFKPVGTGUV UGEVKQPU KP GCEJ QVJGTrU ECRKVCNUw CNNQYKPI VJG VYQ EQWPVTKGU VQ OCKPVCKP CPWPQHHKEKCN FKRNQOCVKE TGRTGUGPVCVKQP KP GCEJ QVJGTrU TGURGEVKXG ECRKVCNÔ %WTTGPVN[Ò VJG7Ô5Ô +PVGTGUVU 5GEVKQP KP *CXCPC KU RCTV QHÒ CPF FKRNQOCVU CTG CEETGFKVGF VQÒ VJG 5YKUU'ODCUU[ KP*CXCPC‚ KP C UKOKNCT HCUJKQPÒ VJG%WDCP +PVGTGUVU 5GEVKQP KU RCTV QH VJG 5YKUU'ODCUU[ KP9CUJKPIVQPÒ &Ô%Ô ıJQYGXGTÒ VJG 7Ô5Ô CPF VJG %WDCP +PVGTGUVU 5GEVKQPU CTGRJ[UKECNN[ NQECVGF CV VJG UKVGU QH VJGKT HQTOGT TGURGEVKXG GODCUUKGUÙÔ

6666JJJJGGGG ÏÏÏÏ‰‰‰‰ÂÂÂÂÌÌÌÌUUUU„„„„ 4444GGGGPPPPGGGGYYYYGGGGFFFF 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU0QTOCNK\CVKQP GHHQTVU ECOG VQ C JCNV CU VJG %WDCP )QXGTPOGPV DGICP UGPFKPIOKNKVCT[ HQTEGU VQ #HTKEC KP VJG NCVG Ï‰ÊÌUÔ &WTKPI VJG Ï‰ÂÌUÒ 7Ô5Ô UCPEVKQPU YKVJ TGURGEVVQ %WDC YGTG KPVGPUKHKGFÔ +P #RTKN Ï‰ÂÎÒ VJG 4GCICP #FOKPKUVTCVKQP TGKPUVCVGF VJGRTQJKDKVKQP QP KPEKFGPVCN VTCXGN GZRGPFKVWTGU D[ 7Ô5Ô VQWTKUVU KP %WDCÒ GHHGEVKXGN[DCPPKPI VTCXGN VQ %WDC D[ 7Ô5Ô EKVK\GPUwGZEGRV HQT QHHKEKCNUÒ TGNCVKXGU XKUKVKPI HCOKN[ÒCPF RTQHGUUKQPCN CEVKXKVKGUÔÎÍ +P Ï‰Â‰Ò 5GPCVQT %QPPKG/CEM ı4"(NQTKFCÙ KPVTQFWEGF CPCOGPFOGPV ıVJG UQ"ECNNGF /CEM #OGPFOGPVÙ FTCHVGF VQ TGKPUVCVG VJG RTQJKDKVKQP QHVTCFG YKVJ %WDC D[ 7Ô5Ô HQTGKIP UWDUKFKCTKGUÔ 5GPCVQT /CEM KPVTQFWEGF VJKU RTQRQUCNGXGT[ [GCT WPVKN KV YCU RCUUGF KP Ï‰‰Î CU RCTV QH VJG %&# ıFKUEWUUGF KP OQTG FGVCKNDGNQYÙÔ

6666JJJJGGGG ÏÏÏÏ‰‰‰‰‰‰‰‰ÌÌÌÌUUUU„„„„ 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU ####IIIICCCCKKKKPPPPUUUUVVVV 2222QQQQUUUUVVVV""""5555QQQQXXXXKKKKGGGGVVVV %%%%WWWWDDDDCCCC+P 5GRVGODGT Ï‰‰ÏÒ VJG 6TGCUWT[ &GRCTVOGPV VKIJVGPGF 7Ô5Ô UCPEVKQPU D[ NKOKVKPI VJGCOQWPV QHOQPG[ VJCV 7Ô5Ô EKVK\GPU ECP TGOKV VQ HCOKN[OGODGTU KP %WDCÔ +P #RTKN Ï‰‰ÎÒVJG 6TGCUWT[ &GRCTVOGPV KUUWGF TGIWNCVKQPU RTQJKDKVKPI UJKRU YKVJ %WDCP IQQFU QT VKGUVQ %WDCP KPVGTGUVU HTQO NQCFKPI QT WPNQCFKPI KP 7Ô5Ô RQTVUÔ 6TGCUWT[ CNUQ TGFWEGF VJGRGTOKVVGF XCNWG QH RCTEGN UJKROGPVU VQ %WDC VQ ˘ÏÌÌ QT NGUUÒ YKVJ CP GZEGRVKQP OCFGHQT HQQFÒ OGFKEKPGUÒ VQKNGVTKGUÒ CPF QVJGT sJWOCPKVCTKCPt KVGOUÔ 6JG 6TGCUWT[

ÎÏ +DKFÔ 6JG 5VCVG &GRCTVOGPV CPPQWPEGF VJCV HQTGKIP UWDUKFKCTKGU QH 7Ô5Ô HKTOU OC[ GZRQTVwYKVJEGTVCKP TGUVTKEVKQPUwVQ %WDCÔ 6JG 5VCVG &GRCTVOGPV CNUQ GPFGF VJG RTCEVKEG QH YKVJJQNFKPI CKF VQEQWPVTKGU VJCV VTCFG YKVJ %WDCÒ CPF ECPEGNNGF VJG RQNKE[ VJCV XGUUGNU VTCFKPI YKVJ %WDC OC[ PQV TGHWGN CV7Ô5Ô RQTVUÔ *QYGXGTÒ FKTGEV 7Ô5Ô"%WDC VTCFG TGOCKPGF RTQJKDKVGFÔ

ÎÎ ,CPG (TCPMNKPÒ %WDC CPF VJG 7PKVGF 5VCVGUw# %JTQPQNQIKECN *KUVQT[ ı/GNDQWTPG„ 1EGCP 2TGUUÏ‰‰ÊÙÒ RRÔ ÏÏ‰"ÏÎÏÔ

ÎÍ +P &GEGODGT Ï‰ÂÂÒ VJG 6TGCUWT[ &GRCTVOGPV QPEG CICKP RGTOKVVGF VTCXGN KH YTKVVGP LWUVKHKECVKQPYCU UWDOKVVGF HQT CRRTQXCNÔ (WTVJGT TGSWKTGOGPVU YGTG CFFGF KP 0QXGODGT Ï‰Â‰Ô

Î"Ê

&GRCTVOGPV HWTVJGT VKIJVGPGF VTCXGN TGUVTKEVKQPU KP #WIWUV Ï‰‰ÈÒ CNNQYKPI VTCXGN QPN[ KPECUGU QH JCTFUJKR TGXKGYGF QP C ECUG"D["ECUG DCUKUÒ CNNQYGF PQ ECUJ VTCPUHGTU VQ%WDC GZEGRV HQT RWTRQUGU QH GOKITCVKQP‚ CPF GXGP TGSWKTGF C URGEKHKE NKEGPUG HQTQHHKEKCN VTCXGNÔ

%%%%WWWWDDDDCCCCPPPP &&&&GGGGOOOOQQQQEEEETTTTCCCCEEEE[[[[ ####EEEEVVVV QQQQHHHH ÏÏÏÏ‰‰‰‰‰‰‰‰ÎÎÎÎ ıııı%%%%&&&&####ÙÙÙÙ2TGUKFGPV $WUJ UKIPGF VJG %&# KPVQ NCY QP1EVQDGT ÎÍÒ Ï‰‰ÎÔ 6JG %&# VKIJVGPGF 7Ô5ÔGEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC D[ EQFKH[KPI CPF GZRCPFKPI OCP[RTQXKUKQPUwGHHGEVKXGN[ TGXGTUKPI VJG RQNKE[ FKTGEVKQP VQYCTF PQTOCNK\CVKQP VJCV JCFQEEWTTGF FWTKPI VJG Ï‰ÊÌUwCPF CFFKPI PGY RTQXKUKQPUÔ

#OQPI QVJGT VJKPIUÒ VJG %&#„

1 RTQJKDKVGF UWDUKFKCTKGU QH 7Ô5Ô HKTOU HTQO GPICIKPI KP CP[ VTCPUCEVKQP YKVJ%WDC‚

1 RTQJKDKVGF CP[ XGUUGN VJCV GPVGTU C RQTV QT RNCEG KP %WDC VQ GPICIG KP VJGVTCFG QH IQQFU QT UGTXKEGU HTQO NQCFKPI QT WPNQCFKPI CP[ HTGKIJV KP VJG 7PKVGF5VCVGU YKVJKP ÏÂÌ FC[U CHVGT FGRCTVWTG HTQO %WDCÒ CPF EQFKHKGU RTKQTCFOKPKUVTCVKXG TGIWNCVKQPU ENQUKPI 7Ô5Ô RQTVU VQ XGUUGNU ECTT[KPI IQQFU QTRCUUGPIGTU VQ QT HTQO %WDC QT ECTT[KPI IQQFU KP YJKEJ %WDC QT C %WDCPPCVKQPCN JCU CP[ KPVGTGUV‚

1 TGSWKTGF VJCV GZRQTVU QH OGFKEKPGU QT OGFKECN UWRRNKGUÒ KPUVTWOGPVUÒ QTGSWKROGPV DG UWDLGEV VQ QPUKVG XGTKHKECVKQP VJCV VJG GZRQTVGF KVGO KU VQ DG WUGFHQT VJG RWTRQUGU HQT YJKEJ KV YCU KPVGPFGF CPF QPN[ HQT VJG WUG CPF DGPGHKV QHVJG %WDCP RGQRNG‚

1 CWVJQTK\GF VJG 2TGUKFGPV VQ RTQJKDKV 7Ô5Ô GEQPQOKE CPF OKNKVCT[ CUUKUVCPEGÒOKNKVCT[ UCNGUÒ QT FGDV HQTIKXGPGUU QT TGFWEVKQP QH FGDV QYGF VQ VJG 7PKVGF5VCVGUÒ VQ CP[ EQWPVT[ VJCV RTQXKFGU CUUKUVCPEG VQ %WDC‚

1 KPUVTWEVGF VJG 2TGUKFGPV VQ OCKPVCKP UVTKEV NKOKVU QP TGOKVVCPEGU VQ %WDC D[ 7Ô5ÔRGTUQPU‚ CPF

1 RTQXKFGF VJG 6TGCUWT[ &GRCTVOGPV YKVJ VJG CWVJQTKV[ VQ KORQUG EKXKN HKPGU CPFHQTHGKVWTGU QH RTQRGTV[ HQT XKQNCVQTU QH 7Ô5Ô UCPEVKQPU TGIWNCVKQPUÔ

6JG %&# CNUQ CWVJQTK\GF VGNGEQOOWPKECVKQPU UGTXKEGU DGVYGGP VJG 7PKVGF 5VCVGU CPF%WDCÒ CPF RC[OGPVU VQ VJG %WDCP IQXGTPOGPV HQT UWEJ UGTXKEGUÒ CU YGNN CU FKTGEV OCKNUGTXKEG DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDCÒ YKVJ EGTVCKP NKOKVCVKQPUÔ

%%%%WWWWDDDDCCCCPPPP ....KKKKDDDDGGGGTTTTVVVV[[[[ CCCCPPPPFFFF &&&&GGGGOOOOQQQQEEEETTTTCCCCVVVVKKKKEEEE 5555QQQQNNNNKKKKFFFFCCCCTTTTKKKKVVVV[[[[ ıııı....KKKKDDDDGGGGTTTTVVVVCCCCFFFFÙÙÙÙ ####EEEEVVVV QQQQHHHH ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁıııı****GGGGNNNNOOOOUUUU""""$$$$WWWWTTTTVVVVQQQQPPPP ####EEEEVVVVÙÙÙÙÎÈ

6JG *GNOU"$WTVQP #EV YCU UKIPGF KPVQ NCY QP /CTEJ ÏÎÒ Ï‰‰ÁÒ QPG OQPVJ CHVGT VYQWPCTOGF 7Ô5Ô EKXKNKCP CKTETCHV YGTG FQYPGF D[ %WDCP OKNKVCT[ HQTEGU KP KPVGTPCVKQPCN

ÎÈ 6JG %WDCP .KDGTV[ CPF &GOQETCVKE 5QNKFCTKV[ #EV KU CNUQ MPQYP CPF YKFGN[ TGHGTTGF VQ CU VJG*GNOU"$WTVQP #EV CHVGT KVU URQPUQTUÒ 5GPÔ ,GUUG *GNOU ı4"0QTVJ %CTQNKPCÙ CPF 4GRÔ &CP $WTVQPı4"+PFKCPCÙÔ

Î"Â

CKTURCEG PQTVJ QH %WDCÔ 6JG *GNOU"$WTVQP #EV HWTVJGT EQFKHKGF VJG EQORTGJGPUKXG 7Ô5ÔGEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDCÒ UGV QWV WPFGT HQWT VKVNGU„

1 6KVNG + TGSWKTGF 7Ô5Ô TGRTGUGPVCVKXGU QH KPVGTPCVKQPCN HKPCPEKCN KPUVKVWVKQPU VQQRRQUG %WDCP OGODGTUJKRÒ CPF TGUVTKEVU 7Ô5Ô RC[OGPVU VQ CP[ KPVGTPCVKQPCNHKPCPEKCN KPUVKVWVKQP VJCV CRRTQXGU CUUKUVCPEG VQ %WDC QXGT 7Ô5Ô QDLGEVKQPU‚

1 6KVNG ++ OCFG VJG NKHVKPI QH 7Ô5Ô GEQPQOKE UCPEVKQPU EQPVKPIGPV QP UGVVNGOGPV QHQWVUVCPFKPI ENCKOU HQT GZRTQRTKCVGF 7Ô5Ô RTQRGTV[ KP %WDC‚

1 6KVNG +++ RTQXKFGF HQT 7Ô5Ô PCVKQPCNU YJQUG RTQRGTV[ KP %WDC JCU DGGPEQPHKUECVGF VQ DTKPI NGICN UWKV CICKPUV QVJGT RCTVKGUw%WDCP )QXGTPOGPVGPVKVKGU CU YGNN CU HQTGKIP KPXGUVQTUwYJQ RTQHKV HTQO VJG WUG QH VJQUGRTQRGTVKGU‚ CPF

1 6KVNG +8 FGPKGF XKUCU CPF GPVT[ KPVQ VJG 7PKVGF 5VCVGU QH KPFKXKFWCNU YJQ VTCHHKEKP 7Ô5Ô"ENCKOGF RTQRGTVKGU KP %WDCÔ

6JG GZVTCVGTTKVQTKCN PCVWTG QH VJG *GNOU"$WTVQP #EVwGZVGPFKPI 7Ô5Ô UCPEVKQPU VQ VJKTFEQWPVTKGU UWEJ CU %CPCFCÒ VJG 'WTQRGCP 7PKQP ı'7ÙÒ CPF /GZKEQwJCU OCFG VJG CEVVJG UWDLGEV QH EQPEGTP D[ OCLQT 7Ô5Ô CNNKGUÔ %CPCFC TGURQPFGF VQ VJG GZVTCVGTTKVQTKCNTGCEJ QH 7Ô5Ô UCPEVKQPU YKVJ VYQ %CPCFKCP NCYUÔ 6JG (QTGKIP 'ZVTCVGTTKVQTKCN/GCUWTGU#EV QH Ï‰‰Î ı('/#Ù TGSWKTGU %CPCFKCP EQORCPKGU ıKPENWFKPI 7Ô5Ô UWDUKFKCTKGUÙ VJCVTGEGKXG KPUVTWEVKQPU PQV VQ VTCFG YKVJ %WDC VQ FKUTGICTF VJG KPUVTWEVKQPUÔ ('/# YCUCOGPFGF KP Ï‰‰Á VQ KPETGCUG RTQVGEVKQP HQT %CPCFKCP DWUKPGUUGU CFXGTUGN[ CHHGEVGFD[ VJG *GNOU"$WTVQP #EV‚ VJCV COGPFOGPV OCMGU LWFIGOGPVU KP VJG 7PKVGF 5VCVGURWTUWCPV VQ VJG *GNOU"$WTVQP #EV WPGPHQTEGCDNG KP %CPCFCÒ CPF CNNQYU %CPCFKCPUYJQ CTG UWGF KP VJG 7PKVGF 5VCVGU VQ TGEQXGT CP[ COQWPVU CYCTFGF KH VJG QVJGT RCTV[JCU CUUGVU KP %CPCFCÔÎË /GZKEQ RCUUGF C UKOKNCT NCY KP 1EVQDGT Ï‰‰ÁÒ VJG .CY VQ2TQVGEV 6TCFG CPF +PXGUVOGPV HTQO (QTGKIP .CYU VJCV %QPVTCXGPG +PVGTPCVKQPCN .CYÒVJCV KORQUGU HKPGU QP /GZKECP EQORCPKGU VJCV EQORN[ YKVJ GZVTCVGTTKVQTKCN NGIKUNCVKQPUWEJ CU VJG *GNOU"$WTVQP #EV CPF RTQXKFGU HQT VJG PQPTGEQIPKVKQP CPFPQPGPHQTEGOGPV QH HQTGKIP LWFIOGPVU KUUWGF WPFGT UWEJ GZVTCVGTTKVQTKCN NCYUÔÎÁ

+P /C[ Ï‰‰ÁÒ VJG '7 TGSWGUVGF 9QTNF 6TCFG 1TICPK\CVKQP ı961Ù FKURWVG"UGVVNGOGPVEQPUWNVCVKQPU YKVJ VJG 7PKVGF 5VCVGU QXGT VJG GZVTCVGTTKVQTKCN GHHGEVU QH VJG *GNOU"$WTVQP#EVÔ 6JG '7 YCU RCTVKEWNCTN[ EQPEGTPGF CDQWV VJG GZVTCVGTTKVQTKCN GHHGEV QP 7Ô5ÔUWDUKFKCTKGU KPEQTRQTCVGF KP 'WTQRGÔ 6JG VYQ UKFGU TGCEJGF CP CEEQOOQFCVKQP QP VJKUFKURWVG CPF UKIPGF CP CITGGOGPVÒ 6JG '7"7Ô5Ô 7PFGTUVCPFKPI QH /C[ ÏÂÒ Ï‰‰ÂÒWPFGT YJKEJ VGTOU VJG '7 CITGGF VQ FGXGNQR TWNGU TGICTFKPI KPXGUVOGPV RTQLGEVUFGCNKPI YKVJ KNNGICNN[ GZRTQRTKCVGF RTQRGTVKGUÒ CPF VJG 7Ô5Ô #FOKPKUVTCVKQP CITGGF VQ

ÎË )QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ,WPG Ï‰‰‰Ò RRÔ ÍË"ÍÁÔ CV JVVR„ÓÓYYYÔFHCKV"OCGEKÔIEÔECÓNCVKPÓXKGYFQEWOGPV"GCUR"EQPVKPGPV .CVKP˜EQWPVT[ ÏÏ˜PCOG EWDCÒ TGVTKGXGF ,CPÔ ÎÂÒ ÎÌÌÌÔ

ÎÁ *CTT[ .Ô %NCTMÒ s&GCNKPI YKVJ 7Ô5Ô 'ZVTCVGTTKVQTKCN 5CPEVKQPU CPF (QTGKIP %QWPVGTOGCUWTGUÒt7PKXGTUKV[ QH 2GPPU[NXCPKC ,QWTPCN QH +PVGTPCVKQPCN 'EQPQOKE .CYÒ XQN ÎÌÒ PQÔ ÁÏ ıÏ‰‰‰ÙÒ CVJVVR„ÓÓYYYÔFDVTCFGÔEQOÓRWDNKECVKQPUÓGZVTCAVGTTKVQTKCNÔJVOÒ TGVTKGXGF &GEÔ ÏÏÒ ÎÌÌÌÔ

Î"‰

UGGM HTQO VJG %QPITGUU VJG CWVJQTKV[ VQ ITCPV C YCKXGT HTQO 6KVNG +++ CPF +8 TGUVTKEVKQPUWPFGT VJG CEVÔÎÊ

4444GGGGOOOOKKKKVVVVVVVVCCCCPPPPEEEEGGGGUUUU6JG 7PKVGF 5VCVGU TGKPUVKVWVGF NGICN TGOKVVCPEGU D[ 7Ô5Ô EKVK\GPU VQ VJGKT HCOKN[ KP %WDCHQT JWOCPKVCTKCP RWTRQUGU KP /CTEJ Ï‰‰ÂÔÎÂ #V VJCV VKOGÒ 7Ô5Ô EKVK\GPU YGTG NGICNN[CWVJQTK\GF VQ TGOKV WR VQ ˘ÍÌÌ KP CP[ EQPUGEWVKXG Í"OQPVJ RGTKQF VQ ENQUG HCOKN[OGODGTU KP %WDC VJTQWIJ CP 1(#%"NKEGPUGF TGOKVVCPEG HQTYCTFGTÔÎ‰ 6JG UEQRG HQTNGICN TGOKVVCPEGU YCU GZRCPFGF DG[QPF ENQUG HCOKN[ OGODGTU QH %WDCP"#OGTKECPUKP Ï‰‰‰Ò YJGP CP[ 7Ô5Ô EKVK\GP YCU CWVJQTK\GF VQ UGPF WR VQ ˘ÍÌÌ GCEJ SWCTVGT QH VJG[GCT VQ CP[ %WDCP HCOKN[ ıGZEGRV HQT UGPKQT"NGXGN %WDCP IQXGTPOGPV CPF EQOOWPKUVRCTV[ QHHKEKCNUÙÔÍÌ

5555GGGGEEEEVVVVKKKKQQQQPPPP ÎÎÎÎÏÏÏÏÏÏÏÏ QQQQHHHH VVVVJJJJGGGG 7777ÔÔÔÔ5555ÔÔÔÔ 1111OOOOPPPPKKKKDDDDWWWWUUUU ####RRRRRRRRTTTTQQQQRRRRTTTTKKKKCCCCVVVVKKKKQQQQPPPPUUUU ####EEEEVVVV5GEVKQP ÎÏÏ QH VJKU #EVÒ YJKEJ YCU UKIPGF KPVQ NCY QP 1EVQDGT ÎÏÒ Ï‰‰ÂÒ JCU VJGEQPUGSWGPEG QH OCMKPI KORGTOKUUKDNG VJG TGIKUVTCVKQP QT TGPGYCN KP VJG 7PKVGF 5VCVGUQH C VTCFGOCTMÒ KH KV YCU RTGXKQWUN[ CDCPFQPGF D[ C VTCFGOCTM QYPGT YJQUG DWUKPGUUCPF CUUGVU JCXG DGGP EQPHKUECVGF WPFGT %WDCP NCY‚ KV CNUQ RTQXKFGU VJCV PQ 7Ô5Ô EQWTVUJCNN TGEQIPK\G QT GPHQTEG CP[ CUUGTVKQP QH UWEJ TKIJVUÔ 6JG '7 HKNGF C961 EQORNCKPVKP ,WN[ Ï‰‰‰Ò CNNGIKPI VJCV 5GEVKQP ÎÏÏ QH VJG #EV KU PQV KP EQPHQTOKV[ YKVJ 7Ô5ÔQDNKICVKQPU WPFGT VJG 961 #ITGGOGPV QP 6TCFG"4GNCVGF #URGEVU QH +PVGNNGEVWCN2TQRGTV[ 4KIJVU ı64+2UÙÔÍÏ

5555CCCCNNNNGGGGUUUU CCCCPPPPFFFF FFFFQQQQPPPPCCCCVVVVKKKKQQQQPPPPUUUU QQQQHHHH OOOOGGGGFFFFKKKKEEEEKKKKPPPPGGGGUUUU CCCCPPPPFFFF OOOOGGGGFFFFKKKKEEEECCCCNNNN GGGGSSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV6JG7PKVGF 5VCVGU KORNGOGPVGF PGY RTQEGFWTGU VQ JGNR HCEKNKVCVGOGFKECN UCNGU VQ %WDCKP Ï‰‰ÂÔ 6JG %QOOGTEG &GRCTVOGPV CPF QVJGT CIGPEKGU FGXGNQRGF RTQEGFWTGU VQGZRGFKVG RTQEGUUKPI QH JWOCPKVCTKCP OGFKECN NKEGPUGU CPF VQ YQTM YKVJ GZRQTVGTU QP

ÎÊ 6JG '7 TGSWGUVGF VJG 961 VQ GUVCDNKUJ C FKURWVG RCPGN RWTUWCPV VQ VJKU EQORNCKPV KP 1EVQDGTÏ‰‰Á‚ UWEJ C RCPGN YCU GUVCDNKUJGF KP 0QXGODGT Ï‰‰ÁÔ #V VJG TGSWGUV QH VJG '7Ò VJG961 FKURWVG RCPGNUWURGPFGF KVU YQTM KP #RTKN Ï‰‰ÊÒ CPF KVU CWVJQTKV[ NCRUGF KP #RTKN Ï‰‰ÂÔ 961Ò s1XGTXKGY QH VJG5VCVG"QH"2NC[ QH 961 &KURWVGUÒt CV JVVR„ÓÓYYYÔYVQÔQTIÓGPINKUJÓVTCVQRAGÓFKURWAGÓUVRNC[AGÔFQEÒTGVTKGXGF ,CPÔ ÈÒ ÎÌÌÏÒ CPF 'WTQRGCP %QOOKUUKQPÒ 4GRQTV QP 7PKVGF 5VCVGU $CTTKGTU VQ 6TCFG CPF+PXGUVOGPVwÏ‰‰Á ı$TWUUGNUÒ /C[ Ï‰‰ÁÙÒ RRÔ Á"ÊÔ

ÎÂ #NVJQWIJ HCOKN[ TGOKVVCPEGU HTQO VJG 7PKVGF 5VCVGU VQ %WDC RTGXKQWUN[ YGTG CWVJQTK\GFÒ VJG7PKVGF 5VCVGU UWURGPFGF VJG UGPFKPI QH TGOKVVCPEGU VQ %WDC KP Ï‰‰ÁÒ HQNNQYKPI VJG UJQQVFQYP D[ VJG%WDCPCKT HQTEGQH VYQ UOCNN 7Ô5Ô EKXKNKCP CKTRNCPGUÔ (QT HWTVJGT KPHQTOCVKQPÒ UGG $WTGCW QH +PVGT"#OGTKECP#HHCKTUÒ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ s4GOKVVCPEGU VQ %WDCÒt HCEV UJGGVÒ /CTEJ ÎÌÒ Ï‰‰ÂÒJVVR„ÓÓWUKPHQÔUVCVGÔIQXÓTGIKQPCNÓCTÓWU"EWDCÓTGOÎÌÔJVOÒ TGVTKGXGF ,CPÔ ÈÒ ÎÌÌÏÔ

Î‰ ÁÍ (4 ‰ËÒ /C[ Ï‰Ò Ï‰‰ÂÒ RRÔ ÎÊÍÈÊ"ÎÊÍÈ‰ÔÍÌ$WTGCW QH +PVGT"#OGTKECP#HHCKTUÒ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ s%WDC„ 4GOKVVCPEGUÒt HCEV UJGGVÒ ,CPÔ

ËÒ Ï‰‰‰Ò CV JVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓHUA‰‰ÌÏÌËAEWDCATGOKVÔJVONÒ TGVTKGXGF ,CPÔ ÈÒÎÌÌÏÔ

ÍÏ 5GG VJG FKUEWUUKQP QH FKUVKNNGF URKTKVU KP EJCRVGT Ë HQT CFFKVKQPCN KPHQTOCVKQPÔ #961 FKURWVG RCPGNYCU GUVCDNKUJGF KP 5GRVGODGT ÎÌÌÌÔ 961Ò s1XGTXKGY QH VJG 5VCVG"QH"2NC[ QH 961 &KURWVGUÒt CVJVVR„ÓÓYYYÔYVQÔQTIÓGPINKUJÓVTCVQRAGÓFKURWAGÓUVRNC[AGÔFQEÒ TGVTKGXGF ,CPÔ ÈÒ ÎÌÌÏÔ

Î"ÏÌ

VJG OQPKVQTKPI CPF QP"UKVG XGTKHKECVKQP TGSWKTGOGPVU HQT OGFKECN UCNGU QT FQPCVKQPU VQPQPIQXGTPOGPVCN GPVKVKGU KP %WDCÔÍÎ

5555CCCCNNNNGGGGUUUU QQQQHHHH HHHHQQQQQQQQFFFF CCCCPPPPFFFF CCCCIIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTCCCCNNNN KKKKPPPPRRRRWWWWVVVVUUUU1P ,CPWCT[ ËÒ Ï‰‰‰Ò 2TGUKFGPV %NKPVQP CPPQWPEGF JKU FGEKUKQP VQ CWVJQTK\G NKEGPUKPIÒQP C ECUG"D["ECUG DCUKUÒ QH UCNGU QH HQQF CPF CITKEWNVWTCN KPRWVU VQ KPFGRGPFGPVGPVKVKGUÒ KPFKXKFWCNUÒ CPF QTICPK\CVKQPU KP %WDCÔ 6JG WNVKOCVG RWTEJCUGT CPF GPF"WUGTOWUV PQV DG EQPVTQNNGFÒ QYPGFÒ QT QRGTCVGF D[ VJG %WDCP IQXGTPOGPV ıCNVJQWIJEGTVCKP IQXGTPOGPV GPVKVKGU OC[ DG WUGF UVTKEVN[ CU RTQXKFGTU QH UGTXKEGU HQT GZRQTVGFHQQF QT CITKEWNVWTCN KVGOUÒ GÔIÔ YCTGJQWUKPI CPF FKUVTKDWVKQPÒ CV EWUVQOCT[ CPFTGCUQPCDNG TCVGUÙÔÍÍ 'PVKVKGU UWEJ CU TGNKIKQWU ITQWRU CPF RTKXCVG TGUVCWTCPVU YQWNFDG GNKIKDNG VQ RWTEJCUG 7Ô5Ô HQQFÒ YJKNG RTKXCVG HCTOGTU CPF HCTOGTU KP EQQRGTCVKXGUTCKUKPI HQQF HQT UCNG KP RTKXCVG OCTMGVU YQWNF DG GNKIKDNG VQ RWTEJCUG 7Ô5Ô CITKEWNVWTCNKPRWVUÔÍÈ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN ++++OOOORRRRCCCCEEEEVVVV

....KKKKVVVVGGGGTTTTCCCCVVVVWWWWTTTTGGGG 4444GGGGXXXXKKKKGGGGYYYY# Ï‰‰‰ TGRQTV D[ VJG %QPITGUUKQPCN $WFIGV 1HHKEG ı%$1Ù HQWPF VJCVÒ s=V?Q FCVGÒUCPEVKQPU QP HQTGKIP EQOOGTEG JCXG JCF QPN[ C UOCNN EQODKPGF KORCEV QP VJGPCVKQPCN GEQPQO[ÔtÍË 6JG %$1 TGRQTVÒ YJKEJ GZCOKPGF OWEJ QH VJG UCOG GEQPQOKENKVGTCVWTG CPCN[\GF KP VJG %QOOKUUKQPrU Ï‰‰Â TGRQTVÒ FGUETKDGF CU RQUUKDNG EQUVU VQ VJG7Ô5Ô GEQPQO[ TGUWNVKPI HTQO VJG CRRNKECVKQP QH GEQPQOKE UCPEVKQPU„

1 C NQUU QH VJG ICKPU HTQO VTCFGÒ VQ VJG GZVGPV VJCV UWEJ VTCFG KU DCUGF QPEQORCTCVKXG CFXCPVCIG VJCV GPJCPEGU VJG EQWPVT[rU GEQPQOKE GHHKEKGPE[ÒTGHNGEVGF KP C TGFWEVKQP QH EQPUWOGT YGNHCTG‚

1 CFLWUVOGPV EQUVU QH VGORQTCT[ WPGORNQ[OGPV CPF NQYGT QWVRWV CU FQOGUVKETGUQWTEGU UJKHV VQ PGY HQTGKIP OCTMGVU‚

1 NQUU QH HWVWTG OCTMGV RQYGT UWEJ CU HQNNQY"QP UCNGU QT UGTXKEG RTQXKUKQP‚ CPF

ÍÎ $:#Ò 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ s(CEV 5JGGV„ )WKFGNKPGU QP 5CNGU CPF &QPCVKQPU QH/GFKEKPGU CPF /GFKECN 'SWKROGPV VQ %WDCÒt CV JVVR„ÓÓYYYÔDZCÔFQEÔIQXÓHCEVUJGGVUÓOGFUJVÔJVOÔÒTGVTKGXGF ,CPÔ ÈÒ ÎÌÌÏÔ

ÍÍ $:#Ò 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ s(CEV 5JGGV„ &QrU CPF &QPrVU QH 'ZRQTVKPI (QQF HQT 5CNG VQ%WDCÒt CV JVVR„ÓÓYYYÔDZCÔFQEÔIQXÓHCEVUJGGVUÓ&QUCPF&QPVUÈ%WDCÔJVONÒ TGVTKGXGF ,CPÔ ÈÒ ÎÌÌÏÔ

ÍÈ $WTGCW QH +PVGT"#OGTKECP #HHCKTUÒ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ s%WDC„ (QQF 5CNGUÒt HCEV UJGGVÒ ,CPÔËÒ Ï‰‰‰Ò CV JVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓHUA‰‰ÌÏÌËAEWDCAHQQFÔJVONÒ CPF $:#Ò 7Ô5Ô&GRCTVOGPV QH %QOOGTEGÒ s(CEV 5JGGV„ (QQF CPF #ITKEWNVWTCN 'ZRQTVU VQ %WDCÒt CVJVVR„ÓÓYYYÔDZCÔFQEÔIQXÓHCEVUJGGVUÓ%WDC(CEVUÔJVONÒ TGVTKGXGF ,CPÔ ÈÒ ÎÌÌÏÔ

ÍË 7Ô5Ô %QPITGUUÒ %QPITGUUKQPCN $WFIGV 1HHKEG ı%$1ÙÒ 6JG &QOGUVKE %QUVU QH 5CPEVKQPU QP (QTGKIP%QOOGTEGÒ /CTEJ Ï‰‰‰Ò RÔ ZKKÔ

Î"ÏÏ

1 NQUU QH TGRWVCVKQP QH VJG 7PKVGF 5VCVGU CU C TGNKCDNG VTCFG RCTVPGTÔÍÁ

6JG %$1 CNUQ TGRQTVGF VJCV UCPEVKQPU OC[ DGPGHKV VJG 7Ô5Ô GEQPQO[ KH VJG[ CEV VQEQTTGEV OCTMGV FKUVQTVKQPU QT TGUWNV KP C TGFWEVKQP QH 7Ô5Ô HQTGKIP CKF QWVNC[UÔÍÊ

6JG %$1 HWTVJGT TGRQTVGF VJCV 7Ô5Ô WPKNCVGTCN GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDCÒC UOCNN FGXGNQRKPI EQWPVT[ÒOQUV NKMGN[ JCXG TGUWNVGF KP UOCNN GEQPQOKE EQUVU VQ VJG7Ô5ÔGEQPQO[ DGECWUG %WDCrU UOCNN GEQPQO[CEEQWPVGF HQT QPN[ C UOCNN UJCTG QH VQVCN 7Ô5ÔVTCFG CPF HQTGKIP KPXGUVOGPVÔ 6JG %$1CNUQ PQVGF VJCV FKUTWRVKPI VTCFG CPF KPXGUVOGPVYKVJ UWEJ C UOCNN EQWPVT[ RTQDCDN[ JCU PQV JCF CP[ UKIPKHKECPV GHHGEVU QP VJG 7Ô5ÔGEQPQO[Ô /QTGQXGTÒ %WDCrU GEQPQO[ JKUVQTKECNN[ JCU TGNKGF RTKOCTKN[ QP GZRQTVU QHVJG NQY"XCNWG"CFFGF GZRQTV EQOOQFKVKGU UWICT CPF PKEMGNÒ HQT YJKEJ CNVGTPCVGUWRRNKGTU CTG TGCFKN[ CXCKNCDNG‚ VJWUÒ VJG EQUVU VQ VJG 7PKVGF 5VCVGU QH FKUTWRVKPI VTCFGCPF UYKVEJKPI OCTMGVU CYC[ HTQO %WDC OQUV NKMGN[ JCXG DGGP XGT[ UOCNNÔ (KPCNN[ÒJCNVKPI VTCFG YKVJ C FGXGNQRKPI EQWPVT[ UWEJ CU %WDC RTQDCDN[ DGPGHKVVGF VJG 7Ô5ÔGEQPQO[ D[ TGFWEKPI 7Ô5Ô QWVNC[U HQT HQTGKIP CKF CPF HQTGKIP VTCFG ETGFKVUÔÍÂ

'EQPQOKE NKVGTCVWTG QP VJG GHHGEVU QH 7Ô5Ô WPKNCVGTCN UCPEVKQPU YKVJ TGURGEV VQ %WDC QPVJG 7Ô5Ô GEQPQO[ YCU RTQXKFGF VQ VJG %QOOKUUKQP VJTQWIJ YTKVVGP UWDOKUUKQPU HTQOVJG RWDNKE KP TGURQPUG VQ VJG %QOOKUUKQPrU (GFGTCN 4GIKUVGT PQVKEG HQT VJKUKPXGUVKICVKQPÔÍ‰ 6JCV NKVGTCVWTG KU EKVGF VJTQWIJQWV VJKU TGRQTV CPF KU PQV TGXKGYGFUGRCTCVGN[Ô +P CFFKVKQP VQ VJG %$1 TGRQTV CPF VJG YTKVVGP UWDOKUUKQPUÒ VJKU TGRQTV CNUQFTCYU QP C TGXKGY QH VJG GEQPQOKE NKVGTCVWTG QP VJG EQUVU QH 7Ô5Ô WPKNCVGTCN GEQPQOKEUCPEVKQPU KP C Ï‰‰Â TGRQTV VJG %QOOKUUKQP RTGRCTGF HQT VJG %QOOKVVGG QP9C[U CPF/GCPUÔÈÌ +P VJCV TGRQTVÒ VJG %QOOKUUKQP HQWPF VJCV QPN[ C NKOKVGF TCPIG QH NKVGTCVWTGURGEKHKECNN[ GZCOKPGU VJG EQUVU QH GEQPQOKE UCPEVKQPU VQ VJG EQWPVT[ KORQUKPIGEQPQOKE UCPEVKQPUÔ /QUV QH VJG NKVGTCVWTG HQEWUGF QP VJG EQUVU QH UCPEVKQPU VQ VJGEQWPVT[ VCTIGVGF HQT GEQPQOKE UCPEVKQPUÒ QT GUVKOCVGU VJG FGITGG QH UWEEGUU QH VJGUCPEVKQPU CEJKGXKPI UVCVGF RQNKE[ IQCNU QT QDLGEVKXGU QH VJG UCPEVKQPUÔ #EEQTFKPI VQ QPGCPCN[UKU QH 7Ô5Ô GEQPQOKE UCPEVKQPUÒ sKV KU LWUV RNCKP JCTF VQ SWCPVKH[ VJG EQUVU VQ VJGUGPFGT EQWPVT[t DGECWUG s=J?CTF FCVC TCTGN[ GZKUV Ô Ô Ô Ô =C?PF OCP[ EQUVU CRRGCT QPN[[GCTU NCVGT KP VJG HQTOQH NQUV UCNGU QRRQTVWPKVKGUÔtÈÏ 1PG UVWF[ TGRQTVGF VJCV VJG CEVWCNEQUVU QH UCPEVKQPU VQ VJG 7Ô5Ô GEQPQO[ CTG NKMGN[ VQ DG UOCNNGT VJCP GUVKOCVGF EQUVUÒ KPRCTV DGECWUG QH VJG QHHUGVVKPI DGPGHKVU QH TGFWEGF GZRGPFKVWTGU HQT HQTGKIP CKF QT

ÍÁ +DKFÔÒ RRÔ Â"ÏÌÔÍÊ +DKFÔÒ RRÔ ÍÈ"ÍËÔÍÂ +DKFÔÒ RRÔ ÍÎ"ÍÍÔÍ‰ 6JG (GFGTCN 4GIKUVGT PQVKEG CRRGCTU CU #RRGPFKZ $Ô # NKUV QH VJG KPFKXKFWCNU YJQ CRRGCTGF CV VJG

JGCTKPI QT YJQ RTQXKFGF YTKVVGP UWDOKUUKQPU HQT VJKU KPXGUVKICVKQP CRRGCTU CU #RRGPFKZ %ÔÈÌ 75+6%Ò 1XGTXKGY CPF #PCN[UKU QH %WTTGPV 7Ô5Ô 7PKNCVGTCN 'EQPQOKE 5CPEVKQPUÒ KPXGUVKICVKQP 0QÔ

ÍÍÎ"Í‰ÏÒ RWDNKECVKQP ÍÏÎÈÒ #WIWUV Ï‰‰ÂÒ RRÔ È"Ï VQ È"ÎÔ 6JKU TGRQTV ECP DG QDVCKPGF HTQO VJG%QOOKUUKQPrU +PVGTPGV UKVG„ JVVR„ÓÓYYYÔWUKVEÔIQXÔ

ÈÏ +P VJG NKVGTCVWTG QP GEQPQOKE UCPEVKQPUÒ VJG VGTO sUGPFGTt KPFKECVGU VJG EQWPVT[ VJCV KORNGOGPVU QTKORQUGU GEQPQOKE UCPEVKQPUÒ CPF VJG VGTO sVCTIGVt KPFKECVGU VJG EQWPVT[ CICKPUV YJKEJ VJG UCPEVKQP KUFKTGEVGFÔ )CT[ %N[FG *WHDCWGTÒ ,GHHTG[ ,Ô 5EJQVVÒ CPF -KODGTN[ #PP 'NNKQVVÒ 'EQPQOKE 5CPEVKQPU4GEQPUKFGTGF„ *KUVQT[ CPF %WTTGPV 2QNKE[Ò ÎPF GFÔÒ ı9CUJKPIVQPÒ &%„ +PUVKVWVG HQT +PVGTPCVKQPCN'EQPQOKEUÒ Ï‰‰ÌÙÒ RÔ ÊÁÔ

Î"ÏÎ

GZRQTV KPEGPVKXGUÒÈÎ QT DGECWUG VJG UCPEVKQPU RTQVGEV EGTVCKP 7Ô5Ô UGEVQTU HTQO HQTGKIPEQORGVKVKQPÔÈÍ

6JG %QOOKUUKQPrU Ï‰‰Â TGRQTV HQWPF VJCV 7Ô5Ô WPKNCVGTCN GEQPQOKE UCPEVKQPU GPVCKNEQUVU VQ VJG 7Ô5Ô GEQPQO[ CU C YJQNG CPF VQ URGEKHKE GEQPQOKE UGEVQTUÔ 5QOG QH VJGFKTGEVÒ SWCPVKHKCDNG EQUVU QH UCPEVKQPU KPENWFG TGFWEGF 7Ô5Ô GZRQTVUÒ KORQTVUÒKPXGUVOGPVÒ CPF GZRQTV"TGNCVGF LQDU CU YGNN CU VJG EQUVU QH GUVCDNKUJKPI RQNKEKGU CPFRTQEGFWTGU VQ EQORN[ YKVJ UCPEVKQPU CPF VQ CXQKF RC[OGPV QH RGPCNVKGUÔ 1VJGT NGUUSWCPVKHKCDNGÒ KPFKTGEV EQUVU VQ VJG 7Ô5Ô RTKXCVG UGEVQT KPENWFG TGFWEGF 7Ô5Ô VTCFGQRRQTVWPKVKGU‚ TGFWEGF EQORGVKVKXGPGUU QH 7Ô5Ô DWUKPGUUGU KH UCPEVKQPU RTQJKDKV VJGRTQXKUKQP QH 7Ô5Ô IQXGTPOGPV VTCFG ETGFKVUÒ IWCTCPVGGUÒ ITCPVUÒ CPF NQCPU‚ NQUVDWUKPGUU QRRQTVWPKVKGU FWG VQ FGNC[U KP TGEGKXKPI GZRQTV NKEGPUGU‚ UWRRN[ TGFWEVKQPU CPFJKIJGT RTKEGU HQT 7Ô5Ô EQPUWOGTU CPF KPFWUVTKCN WUGTU KH UWDUVKVWVGU HQT RTQJKDKVGFKORQTVU CTG WPCXCKNCDNG‚ CPF C sEJKNNKPI GHHGEVt QP NQPI"VGTO EQOOGTEKCN TGNCVKQPUJKRUCU UQOG HQTGKIP RCTVPGTU ITQY TGNWEVCPV VQ FQ DWUKPGUU YKVJ 7Ô5Ô EQORCPKGU QWV QHEQPEGTP CDQWV HWVWTG 7Ô5Ô GEQPQOKE UCPEVKQPUÔÈÈ

6JG %QOOKUUKQPrU Ï‰‰Â TGRQTV CNUQ HQWPF VJCV 7Ô5Ô WPKNCVGTCN GEQPQOKE UCPEVKQPU OC[DGPGHKV UQOG 7Ô5Ô RTQFWEGTUÔ 6Q VJG GZVGPV VJCV 7Ô5Ô UCPEVKQPU RTQJKDKV KORQTVU QHEGTVCKP RTQFWEVUÒ VJG UCPEVKQPU OC[ TGFWEG HQTGKIP EQORGVKVKQP KP VJG 7Ô5Ô OCTMGV HQTVJQUG RTQFWEVU CPF NGCF VQ JKIJGT 7Ô5Ô FQOGUVKE RTQFWEVKQP CPF GORNQ[OGPVÔ 5WEJ CDGPGHKV OC[ QEEWT HQT 7Ô5Ô URGEKCNV[ CITKEWNVWTCN ETQRU KP VJG ECUG QH 7Ô5Ô UCPEVKQPU YKVJTGURGEV VQ %WDCÔÈË 6JG %QOOKUUKQPrU Ï‰‰‰ TGRQTV QP 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJTGURGEV VQ +PFKC CPF 2CMKUVCP HQWPF VJCV UCPEVKQPU RTQJKDKVKPI VJG RTQXKUKQP QH 7Ô5ÔIQXGTPOGPV CITKEWNVWTCN GZRQTV ETGFKVU CPF IWCTCPVGGU YQWNF TGUWNV KP CP GUVKOCVGFDGPGHKV HQT VJG 7PKVGF 5VCVGUwKÔGÔÒ CP KPETGCUG KP 7Ô5Ô YGNHCTG FWG VQ TGFWEGFIQXGTPOGPV QWVNC[U HQT VJG GZRQTV ETGFKVUwRCTVKCNN[ QHHUGVVKPI VJG GUVKOCVGF EQUV QHVJQUG UCPEVKQPU VQ VJG 7PKVGF 5VCVGUÔÈÁ

++++OOOORRRRCCCCEEEEVVVV FFFFWWWWTTTTKKKKPPPPIIII ÏÏÏÏ‰‰‰‰ÁÁÁÁÌÌÌÌ""""ÏÏÏÏ‰‰‰‰ÂÂÂÂ‰‰‰‰6JG %WDCP )QXGTPOGPV JCF UGK\GF C UKIPKHKECPV RQTVKQP QH 7Ô5Ô RTQRGTV[ KP VJCVEQWPVT[wKPENWFKPI VJGOQUV GEQPQOKECNN[ UKIPKHKECPV KPFWUVTKGU UWEJ CU UWICT CPF HTWKVEQORCPKGUÒ QKN TGHKPGTKGUÒ WVKNKVKGUÒ CPF DCPMUwDGHQTG VJG 'KUGPJQYGT #FOKPKUVTCVKQPKORQUGF VJG HKTUV TQWPF QH 7Ô5Ô GEQPQOKE UCPEVKQPU CICKPUV %WDC QP1EVQDGT Ï‰Ò Ï‰ÁÌÔ%WDC UGK\GF TGOCKPKPI 7Ô5Ô RTQRGTV[ QP 1EVQDGT ÎÈÒ Ï‰ÁÌ‚ DWV EQORTGJGPUKXG 7Ô5ÔGEQPQOKE UCPEVKQPU RTQJKDKVKPI DQVJ GZRQTVU CPF KORQTVU YGTG PQV CPPQWPEGF WPVKN(GDTWCT[ ÊÒ Ï‰ÁÎÔ

ÈÎ 4KEJCTF &Ô (CTOGTÒ s%QUVU QH 'EQPQOKE 5CPEVKQPU VQ VJG 5GPFGTÒt 6JG 9QTNF 'EQPQO[Ò XQNÔ ÎÍÒ0QÔ ÏÒ ,CPWCT[ ÎÌÌÌÒ RÔ ÏÏÈÔ

ÈÍ +DKFÔÒ RRÔ ÏÌÏ"ÏÌÎÔÈÈ 5GG PQVG ÍÍÒ RRÔ Ï"Á VQ Ï"ÊÔÈË +DKFÔÒ RRÔ Ï"Á CPF Í"Á VQ Í"ÊÔÈÁ 75+6%Ò 1XGTXKGY CPF #PCN[UKU QH VJG 'EQPQOKE +ORCEV QH 7Ô5Ô 5CPEVKQPU 9KVJ 4GURGEV VQ +PFKC

CPF 2CMKUVCPÒ KPXGUVKICVKQP 0QÔ ÍÍÎ"ÈÌÁÒ RWDNKECVKQP ÍÎÍÁÒ 5GRVGODGT Ï‰‰‰Ò RÔ Ë"ÎÔ 6JKU TGRQTV ECP DGQDVCKPGF HTQO VJG %QOOKUUKQPrU +PVGTPGV UKVG„ JVVR„ÓÓYYYÔWUKVEÔIQXÔ

Î"ÏÍ

+P Ï‰ËÂÒ %WDC CEEQWPVGF HQT CDQWV Í RGTEGPV QH 7Ô5Ô YQTNFYKFG GZRQTVU CPF È RGTEGPVQH 7Ô5Ô KORQTVUÔÈÊ &GURKVG VJG TGNCVKXGN[ UOCNN UK\G QH KVU GEQPQO[Ò %WDC YCU CTGNCVKXGN[ KORQTVCPV 7Ô5Ô VTCFG RCTVPGTÒ TCPMKPI CU VJG UGXGPVJ NCTIGUV 7Ô5Ô GZRQTVOCTMGV CPF VJG UGXGPVJ NGCFKPI UQWTEG QH 7Ô5Ô KORQTVU KP Ï‰ËÂÔÈÂ 7Ô5Ô"%WDCPGEQPQOKE TGNCVKQPU FGVGTKQTCVGF UKIPKHKECPVN[ DGHQTG EQORTGJGPUKXG 7Ô5Ô GEQPQOKEUCPEVKQPU YGTG KORNGOGPVGF KP TGCEVKQP VQ RQNKVKECN GXGPVU KP %WDCÔ 9KVJ OQUV 7Ô5ÔGEQPQOKE CUUGVU KP %WDC CNTGCF[ GZRTQRTKCVGF D[ VJG %WDCP )QXGTPOGPVÒ VJG 7Ô5ÔGEQPQOKE UCPEVKQPU QH 1EVQDGT Ï‰ÁÌ CPF (GDTWCT[ Ï‰ÁÎ CRRGCT VQ JCXG ECWUGF NKVVNGTGCN CFFKVKQPCN EQUVU HQT VJG 7Ô5Ô GEQPQO[Ô 6CDNG Î"Î UJQYU VJCV 7Ô5Ô GZRQTVU VQ %WDCFGENKPGF D[ OQTG VJCP QPG"JCNH DGVYGGP Ï‰ËÂ CPF Ï‰ÁÌÒ HTQO ˘ËÈÊ OKNNKQP VQ ˘ÎÎÈOKNNKQPÒ CPF FGENKPGF HWTVJGT VQ LWUV ˘ÏÈ OKNNKQP KP Ï‰ÁÏ‚ 7Ô5Ô KORQTVU HTQO %WDCUKOKNCTN[ FGENKPGF HTQO ˘ËÎÂ OKNNKQP KP Ï‰ËÂ VQ ˘ÍË OKNNKQP KP Ï‰ÁÏÔ 6JG 7PKVGF 5VCVGUSWKEMN[ HQWPF CNVGTPCVKXG UQWTEGU HQT VJG RTQFWEVU VJCV %WDC JCF UWRRNKGFÒ CPFCNVGTPCVKXGOCTMGVU HQT RTQFWEVU VJCV JCF DGGP UWRRNKGF VQ %WDCÔÈ‰ #P KPHQTOCN UWTXG[QH 7Ô5Ô PGYURCRGT CPF GEQPQOKE LQWTPCN CTVKENGU FWTKPI Ï‰ÁÏ"ÁÍ UJQYU PQ TGRQTVU QHCFXGTUG KORCEV QP VJG 7Ô5Ô GEQPQO[Ò QT VQ URGEKHKE GEQPQOKE UGEVQTUÒ CU C TGUWNV QH VJG7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC DG[QPF VJG EQUVU KPHNKEVGF D[ %WDCPGZRTQRTKCVKQP QH 7Ô5Ô RTQRGTV[ÔËÌ

6666CCCCDDDDNNNNGGGG ÎÎÎÎ""""ÎÎÎÎ7777ÔÔÔÔ5555ÔÔÔÔ VVVVTTTTCCCCFFFFGGGG YYYYKKKKVVVVJJJJ YYYYQQQQTTTTNNNNFFFF CCCCPPPPFFFF YYYYKKKKVVVVJJJJ %%%%WWWWDDDDCCCCÒÒÒÒ ÏÏÏÏ‰‰‰‰ËËËËÊÊÊÊ""""ÁÁÁÁÈÈÈÈ

ÏÏÏÏ‰‰‰‰ËËËËÊÊÊÊ ÏÏÏÏ‰‰‰‰ËËËËÂÂÂÂ ÏÏÏÏ‰‰‰‰ËËËË‰‰‰‰ ÏÏÏÏ‰‰‰‰ÁÁÁÁÌÌÌÌ ÏÏÏÏ‰‰‰‰ÁÁÁÁÏÏÏÏ ÏÏÏÏ‰‰‰‰ÁÁÁÁÎÎÎÎ ÏÏÏÏ‰‰‰‰ÁÁÁÁÍÍÍÍ ÏÏÏÏ‰‰‰‰ÁÁÁÁÈÈÈÈ

2TG"%CUVTQ %WDC

%QORTGJGPUKXG 7Ô5ÔUCPEVKQPU DGIKP

(KTUV [GCTU QH %CUVTQ )QXGTPOGPV KP %WDC

7Ô5Ô GZRQTVUVQ YQTNFıOKNNKQP FQNNCTUÙ ÎÌÒÂËÌ ÏÊÒ‰ÏÌ ÏÊÒÁÍÈ ÎÌÒËÊË ÎÏÒÌÌÌ ÎÏÒÊÌÌ ÎÍÒÍÈÊ ÎÁÒËÌÂ

VQ %WDCıOKNNKQP FQNNCTUÙ ÁÏÊ ËÈÊ ÈÍ‰ ÎÎÈ ÏÈ ÏÍ ÍÁ Ì

RGTEGPV VQ %WDC Ô ÍÔÌ ÍÔÏ ÎÔË ÏÔÏ ÌÔÏ ÌÔÏ ÌÔÎ Ì

7Ô5Ô KORQTVUHTQO YQTNFıOKNNKQP FQNNCTUÙ ÏÍÒÎËË ÏÍÒÎËË ÏËÒÁÎÊ ÏËÒÌÏÊ ÏÈÒÊÏÈ ÏÁÒÍÂ‰ ÏÊÒÏÍÂ ÏÂÒÁÂÈ

HTQO %WDCıOKNNKQP FQNNCTUÙ ÈÂÎ ËÎÂ ÈÊË ÍËÊ ÍË Ê Ì Ì

RGTEGPV HTQO%WDC Ô Ô Ô Ô Ô Ô Ô Ô ÍÔÁ ÈÔÌ ÍÔÌ ÎÔÈ ÌÔÎ ÌÔÏ Ì Ì

5QWTEG„ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ Ï‰ÁÊ $WUKPGUU 5VCVKUVKEUÒ UWRRNGOGPV VQ VJG 5WTXG[ QH%WTTGPV $WUKPGUUÒ VCDNGU ÏÌ‰Ò ÏÏÏÒ ÏÏÈÒ CPF ÏÏÁÔ

ÈÊ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ Ï‰ÁÊ $WUKPGUU 5VCVKUVKEUÒ UWRRNGOGPV VQ VJG 5WTXG[ QH %WTTGPV$WUKPGUUÒ VCDNGU ÏÌ‰Ò ÏÏÏÒ ÏÏÈÒ CPF ÏÏÁÔ

ÈÂ +PVGTPCVKQPCN /QPGVCT[ (WPF ı+/(ÙÒ &KTGEVKQP QH 6TCFG 5VCVKUVKEU ı9CUJKPIVQPÒ &%„ +/(ÙÒ XCTKQWUGFKVKQPUÔ

È‰ $WTGCW QH 'CUV"9GUV 6TCFGÒ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ 7PKVGF 5VCVGU %QOOGTEKCN 4GNCVKQPUYKVJ %WDC„ # 5WTXG[ ı9CUJKPIVQPÒ &%Ò #WIWUV Ï‰ÊËÙÒ RÔ ÎÈÔ

ËÌ 6JG %QOOKUUKQP EQPFWEVGF C NKVGTCVWTG UWTXG[ WUKPI VJG0GY ;QTM 6KOGU +PFGZÒ Ï‰ÁÏ"ÁÍÒ CPF VJG$WUKPGUU 2GTKQFKECNU +PFGZÒ ,WN[ Ï‰ÁÌ",WPG Ï‰ÁÏÒ ,WN[ Ï‰ÁÏ",WPG Ï‰ÁÎÒ ,WN[ Ï‰ÁÎ",WPG Ï‰ÁÍÒ CPF ,WN[Ï‰ÁÍ",WPG Ï‰ÁÈÔ

Î"ÏÈ

7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC CRRGCT VQ JCXG JCF OKPKOCN QXGTCNNCFXGTUG KORCEV QP VJG 7Ô5Ô GEQPQO[ HTQO VJG VKOG VJG[ YGTG KORNGOGPVGF VJTQWIJÏ‰Â‰Ô %WDCrU TGNCVKXGN[ ENQUGF GEQPQO[ TGNKGF GZVGPUKXGN[ QP CUUKUVCPEG HTQO CPFVTCFG YKVJ VJG 5QXKGV DNQE EQWPVTKGU FWTKPI VJCV RGTKQFÔ 1RRQTVWPKVKGU HQT HQTGKIPKPXGUVOGPV CPF VTCFG YKVJ %WDC YGTG NKOKVGF HQT CNN PQP"5QXKGV EQWPVTKGUwPQV LWUV VJG7PKVGF 5VCVGUÔËÏ 1PG UVWF[ GUVKOCVGF VJCV 7Ô5Ô GZRQTVU VQ %WDC KP Ï‰ÂÊ YQWNF JCXGDGGP ˘ÈÍÎ OKNNKQP KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÒ XGTUWU CEVWCN 7Ô5Ô GZRQTVU VQ %WDCVJCV [GCT QH ˘Ï OKNNKQPÔËÎ

# UJQTVCIG QH HQTGKIP GZEJCPIG HWTVJGT NKOKVGF %WDCrU CDKNKV[ VQ RWTEJCUG IQQFU CPFUGTXKEGU HTQO PQP"5QXKGV DNQE EQWPVTKGUÔËÍ 6Q VJG GZVGPV VJCV %WDC UWEEGUUHWNN[QDVCKPGF VTCFG HKPCPEKPI QWVUKFG VJG 5QXKGV DNQEÒ VJG 7PKVGF 5VCVGU OC[ JCXGGZRGTKGPEGF TGFWEGF GZRQTVU CU QVJGT EQWPVTKGUÒ PQVCDN[ ,CRCPÒ %CPCFCÒ 5RCKPÒ CPF/GZKEQÒ GZRCPFGF VJGKT VTCFG YKVJ %WDCÔ *QYGXGTÒ %WDC UVQRRGF UGTXKEKPI KVU HQTGKIPFGDVwOWEJ QH YJKEJ JCF DGGP WUGF VQ HKPCPEG VTCFGwKP Ï‰ÂÁÔËÈ 6JWUÒ VJGQRRQTVWPKV[ EQUV QH HQTIQPG 7Ô5Ô GZRQTVU VQ %WDC OC[ JCXG DGGP CV NGCUV KP RCTV QHHUGVD[ C UCXKPI HQT VJG 7Ô5Ô GEQPQO[ QH PQV JCXKPI DGGP GZRQUGF VQ %WDCrU HQTGKIP FGDVFGHCWNVÔËË 1PG UQWTEG UVCVGF VJCV 7Ô5Ô GEQPQOKE UCPEVKQPU OC[ JCXG EQPVTKDWVGF VQ CRGCEG FKXKFGPF HQT VJG 7PKVGF 5VCVGUÒ DWV VJCV UCOG UQWTEG TGRQTVGF VJCV KV KU FKHHKEWNV VQCVVTKDWVG URGEKHKE JKUVQTKECN QWVEQOGU UQNGN[ VQ 7Ô5Ô UCPEVKQPUw

1P VJG RQUKVKXG UKFGÒ VJGTG YGTG PQ CFFKVKQPCN /CTZKUV TGXQNWVKQPU KP VJG9GUVGTP *GOKURJGTG WPVKN Ï‰Ê‰Ô 9JGVJGT VJKU YCU RTKOCTKN[ VJG TGUWNV QH VJGGODCTIQÒ QT QH VJG EQODKPCVKQP QH RQNKEKGU VJCV 9CUJKPIVQP KORNGOGPVGFHQNNQYKPI VJG %WDCP TGXQNWVKQPÒ QT QH QVJGT FGXGNQROGPVU JCXKPI NKVVNG QTPQVJKPI VQ FQ YKVJ 7Ô5Ô RQNKE[ TGOCKPU FGDCVCDNGÔ +H VJG GODCTIQ FKF RNC[ CTQNG KP EQPVCKPKPI VJG URTGCF QH %WDCP EQOOWPKUOÒ KV FKF UQ QPN[ KPEQODKPCVKQP YKVJ VJG GEQPQOKE CPF OKNKVCT[ CKF VJCV VJG 7PKVGF 5VCVGURTQXKFGF VQ VJG TGUV QH .CVKP #OGTKEC CU RCTV QH KVU QXGTCNN RQNKE[ QHEQPVCKPOGPVÔËÁ

ËÏ s=6?JG WPKNCVGTCN GODCTIQ RTGENWFGU 7Ô5Ô GZRQTVGTU CPF KPXGUVQTU HTQO VJG %WDCP OCTMGVÒ YJKNGNGCXKPI KV QRGP VQ VJG DGPGHKV QH CNN EQORGVKVQTUÔ 6JKU FKF PQV OGCP OWEJ DGHQTG Ï‰‰ÌÒ YJGP VJG %WDCPGEQPQO[ YCU KPVGITCVGF YKVJ VJG 5QXKGV $NQEÔt 'TPGUV *Ô 2TGGIÒ %GPVGT HQT 5VTCVGIKE CPF +PVGTPCVKQPCN5VWFKGUÒ VGUVKOQP[ DGHQTG VJG *QWUG QH 4GRTGUGPVCVKXGUÒ %QOOKVVGG QP 9C[U CPF /GCPUÒ 5WDEQOOKVVGGQP 6TCFGÒ /C[ ÊÒ Ï‰‰ÂÒ VTCPUETKRVÒ RÔ ÏÈÊÔ

ËÎ )CT[ %N[FG *WHDCWGTÒ ,GHHTG[ ,Ô 5EJQVVÒ CPF -KODGTN[ #PP 'NNKQVVÒ 'EQPQOKE 5CPEVKQPU4GEQPUKFGTGF„ *KUVQT[ CPF %WTTGPV 2QNKE[Ò XQNÔ ÏÒ ÎPF GFÔÒ ı9CUJKPIVQPÒ &%„ +PUVKVWVG HQT +PVGTPCVKQPCN'EQPQOKEUÒ Ï‰‰ÌÙÒ VCDNG ÈÔÎÒ RÔ ÂÏÔ 6JKU UVWF[ WUGF CEVWCN 1'%& GZRQTVU VQ %WDC FWTKPI Ï‰ÂÊÒ CPFGUVKOCVGF 7Ô5Ô GZRQTVU VQ %WDC D[ CUUWOKPI sVJCV VJG 7PKVGF 5VCVGU YQWNF JCXG OCKPVCKPGF KVU È‰ RGTEGPVUJCTG QH 1'%& GZRQTVU VQ PQP"1'%& #OGTKECÔt

ËÍ 5VCVGOGPVU VQ VJKU GHHGEV YGTG RTQXKFGF D[ 4GRTGUGPVCVKXG 4QDGTV /GPGPFG\ ı&"0GY ,GTUG[Ù CPF'TPGUV *Ô 2TGGIÒ %GPVGT HQT 5VTCVGIKE CPF +PVGTPCVKQPCN 5VWFKGUÒ VGUVKOQP[ DGHQTG VJG *QWUG QH4GRTGUGPVCVKXGUÒ %QOOKVVGG QP9C[U CPF /GCPUÒ 5WDEQOOKVVGG QP 6TCFGÒ /C[ ÊÒ Ï‰‰ÂÒ VTCPUETKRVÒ RRÔÎÈ CPF ÏÈËÒ TGURGEVKXGN[Ô 5GG CNUQ 6JQOCU 'Ô %QZÒ &KTGEVQTÒ 7Ô5Ô"%WDC $WUKPGUU %QWPEKNÒ VGUVKOQP[DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÏÁÏÒ CPF9KNNKCO #Ô /GUUKPCÒ ,TÔÒ 'ZGEWVKXG %QQTFKPCVQTÒ+PVGTPCVKQPCN #ITKEWNVWTCN 6TCFG CPF &GXGNQROGPV %GPVGTÒ 7PKXGTUKV[ QH (NQTKFCÒ VGUVKOQP[ DGHQTG VJG75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ËÍÊÔ

ËÈ %WDCrU HQTGKIP FGDV KU FKUEWUUGF KP EJCRVGT ÍÔËË 6GUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ %QPITGUUYQOCP +NGCPC 4QU".GJVKPGP ı4"(NQTKFCÙÒ

VTCPUETKRVÒ RÔ ÍËÒ CPF &GPPKU -Ô *C[GUÒ 'ZGEWVKXG 8KEG 2TGUKFGPVÒ 6JG %WDCP #OGTKECP 0CVKQPCN(QWPFCVKQPÒ VTCPUETKRVÒ RÔ ÎÊÊÔ

ËÁ 5WUCP -CWHOCP 2WTEGNNÒ 8KEG 2TGUKFGPVÒ #OGTKECU 5QEKGV[ CPF %QWPEKN QH VJG #OGTKECUÒ s%WDCÒtGZEGTRVGF YKVJ RGTOKUUKQP HTQO 'EQPQOKE 5CPEVKQPU CPF #OGTKECP &KRNQOCE[Ò GFKVGF D[ 4KEJCTF 0Ô*CCUUÒ ı0GY ;QTM„ %QWPEKN QP (QTGKIP 4GNCVKQPU 2TGUUÒ Ï‰‰ÂÙÒ CV JVVR„ÓÓYYYÔCOGTKECU"UQEKGV[ÔQTIÓUREWDCÔJVONÒ TGVTKGXGF 0QXÔ ÎËÒ ÎÌÌÌÔ

2-15

IImmppaacctt dduurriinngg 11999900--9966Although Cuba has encouraged foreign investment since 1982, the possibility forsignificant foreignbusinessopportunitiesinCuba didnotemergeuntil after 199057—after the breakup of the Soviet Union and as a result of the Cuban Government’seffortstoopenthecountry’seconomytoforeign tradeand investment.58 However, the1992 Cuban Democracy Act and the 1996 Cuban Liberty and Democracy Actintensified U.S. sanctionswith respect to Cuba by, among other things, prohibitingforeign subsidiaries of U.S. companies from trading with Cuba, allowing U.S.nationalsthe right to sue in U.S. courtsforeign companiesthat invest in expropriatedU.S.propertiesinCuba, anddenyingvisastoexecutivesof foreign firmsdeemed tobetrafficking in U.S.-claimed properties in Cuba.

Oneanalysisreviewedby theCommissionestimated thevalueof forgoneU.S.exportstoCuba tohavebeen$3billion to$4 billionannuallyduring thelate1990s, assumingthat theUnited Statescould expect to account for at least 60 percentof actual Cubantrade.59 Another study estimated U.S. export lossesbecauseof economic sanctionswith respect to Cuba to beabout $1billion in 1995.60

In addition to the costs of forgone exports, U.S. economic sanctionswith respect toCuba imposed other costsfor theU.S. economy and for U.S. businesses. An informalsurvey of 42 multinational companies conducted for a 1997 report by theEuropean-American BusinessCouncil found thatmore than 60 percent of thesurveyrespondents reported being adversely affected by U.S. sanctions with respect toCuba,61withcompaniesinthehightechnologymanufacturingandautomotivesectorsreporting the greatest impact.62 Respondents to that survey reported that theextraterritorial provisionsof theHelms-BurtonActdenyU.S. visasfor foreignbusinessexecutivesdealing in confiscated U.S. property would deter foreign investment in theUnitedStatesand reduceassociated job creation.63 Individualsat thehearing for thisinvestigation further reported on the financial burden borneby U.S. taxpayersasaresult of the establishment of federal programs to administer and enforce the U.S.sanctions,64 aswell as the costs to theU.S. private sector of establishing sanctions

57 The Economist Intelligence Unit, Country Profile: Cuba, 1999-2000, (London: The EconomistIntelligenceUnit, Ltd., 1999), p. 27.

58 Cuba’scurrent trade and investment regime isdiscussed in chapter 3.59 SeeErnest H. Preeg, note 44, transcript, p. 147.60 Gary ClydeHufbauer, Kimberly Ann Elliott, TessCyrus, and ElizabethWinston, “U.S. Economic

Sanctions: Their Impact on Trade, Jobs, and Wages,” Institute for International Economics WorkingPaper, 1997, at http:/ / www.iie.com/ catalog/ WP/ 1997/ SANCTION/ sanctn.wp.htm, retrieved Oct.30, 2000.

61European-American BusinessCouncil, Is thePrice Too High?TheCost of U.S. SanctionsPolicies,October 1997, p. 49. Thissurvey waspartially funded by theEuropean Commission.

62 Ibid., p. 62.63 Ibid., p. 18.64 Concernsabout thecoststoU.S. taxpayersof U.S. economic sanctionswith respect to Cuba were

expressed by Lissa Weinmann, Communications Director, Americans for Humanitarian Trade withCuba, testimony before theUSITC, Sept. 19, 2000, transcript, p. 312.

Î"ÏÁ

EQORNKCPEG RTQITCOUÒÁË CPF VJG IGPGTCN FKHHKEWNV[ QHOGGVKPI VJG TGSWKTGOGPVU UGV D[VJG 7PKVGF 5VCVGU VJCV CWVJQTK\GF VTCFG YKVJ %WDC DG EQPFWEVGF QPN[ YKVJ C RTQXGPsKPFGRGPFGPVt GPVKV[ÔÁÁ

%%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV

%WDC OQUV NKMGN[ YQWNF JCXG OCP[ GEQPQOKE FKHHKEWNVKGU VQFC[ GXGP KP VJG CDUGPEG QH7Ô5Ô GEQPQOKE UCPEVKQPUÔ (QTGKIP DWUKPGUU IWKFGU KPFKECVG VJCV %WDC RTGUGPVU DQVJDWUKPGUU QRRQTVWPKVKGU CPF EJCNNGPIGUÔ *QYGXGTÒ OQUV QH VJQUG EJCNNGPIGU CRRGCT VQDG KPFGRGPFGPV QH 7Ô5Ô UCPEVKQPU CPF VQ UVGO HTQO %WDCP FQOGUVKE GEQPQOKE RQNKEKGUUWEJ CU sKPGHHKEKGPEKGU ECWUGF D[ DWTGCWETCVKE EGPVTCN RNCPPKPIÒ QWVFCVGF CPFKPCRRTQRTKCVG VGEJPQNQI[Ò CPF RQQTN[ OQVKXCVGF YQTMGTUÒtÁÊ CU YGNN CU C UJQTVCIG QHKPVGTPCVKQPCN HKPCPEKPI FWG VQ %WDCrU FGDV UGTXKEG OQTCVQTKWO UKPEG Ï‰ÂÁÔÁÂ 6JWUÒ7Ô5Ô UCPEVKQPU FQ PQV CRRGCT VQ DG VJG QPN[ KORGFKOGPVU VQ 7Ô5Ô"%WDCP GEQPQOKETGNCVKQPUÒ FGURKVG VJG ENQUG IGQITCRJKE RTQZKOKV[ VJCV YQWNF CRRGCT VQ OCMG VJG VYQEQWPVTKGU PCVWTCN VTCFKPI RCTVPGTUÔÁ‰

#U OGPVKQPGF KP EJCRVGT ÏÒ %WDC V[RKECNN[ UGNGEVU KVU VTCFG CPF KPXGUVOGPV RCTVPGTUDCUGF QP RQNKVKECN EQPUKFGTCVKQPU TCVJGT VJCP GEQPQOKE HCEVQTUÔ 5WEJ RQNKVKECNEQPUKFGTCVKQPU KPENWFG C RTGHGTGPEG VQ OCKPVCKP GEQPQOKE VKGU YKVJ GZKUVKPI RCTVPGTUCPF VJG FGUKTG VQ CXQKF DGEQOKPI GEQPQOKECNN[ FGRGPFGPV QP C UKPING EQWPVT[Ô 6JWUÒ%WDC OC[ RTGHGT VQ OCKPVCKP GEQPQOKE TGNCVKQPU YKVJ OQTG FKUVCPVÒ NGUU EQORGVKVKXGRCTVPGTU VJCP VQ GPICIG KP C UKIPKHKECPV VTCFG TGNCVKQPUJKR YKVJ VJG 7PKVGF 5VCVGU GXGPKP VJG CDUGPEG QH UCPEVKQPUÔ #U QPG YKVPGUU CV VJG %QOOKUUKQPrU JGCTKPI HQT VJKUKPXGUVKICVKQP VGUVKHKGFw

6JG GNKOKPCVKQP QH TGUVTKEVKQPU D[ VJG Ô Ô Ô 7PKVGF 5VCVGU QP GZRQTVU VQÒ KORQTVUHTQOÒ VJG RTQXKUKQP QH UGTXKEGU VQÒ CPF KPXGUVOGPVU YKVJKP %WDC YQWNF PQVTGUWNV KP CP KOOGFKCVG UJKHV QT KP C UWDUVCPVKCN UJKHV D[ Ô Ô Ô %WDC HTQO KVUVTCFKVKQPCN EQOOGTEKCN TGNCVKQPUJKRUÔ 6JQUG YJQ DGNKGXG UQ JCXG VJG EQWTCIGQH VJGKT KIPQTCPEGÔ Ô Ô Ô %WDC KU PQV VQ DG GZRGEVGF VQFC[ QT VQOQTTQY VQ

ÁË &KUEWUUKQPU CDQWV VJG KORCEV QH UCPEVKQPU EQORNKCPEG RTQITCOU QP VJG 7Ô5Ô RTKXCVG UGEVQT CTGRTQXKFGF D[ ,QJP 5Ô -CXWNKEJÒ 2TGUKFGPVÒ 7Ô5Ô"%WDC $WUKPGUU %QWPEKNÒ CPF 6JQOCU %QZÒ &KTGEVQTÒ7Ô5Ô"%WDC $WUKPGUU %QWPEKNÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÎÎË CPF ÎÎÊÒTGURGEVKXGN[Ô

ÁÁ 4KEJCTF $GNNÒ 2TGUKFGPV CPF %'1Ò 75# 4KEG (GFGTCVKQPÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰ÒÎÌÌÌÒ VTCPUETKRVÒ RÔ ‰ÁÔ #EEQTFKPI VQ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ CWVJQTK\GF GZRQTVU QH HQQF CPFEGTVCKP CITKEWNVWTCN EQOOQFKVKGU OC[ QPN[ DG UGPV VQ sKPFGRGPFGPV PQP"IQXGTPOGPV GPVKVKGUÒ KPFKXKFWCNUQT QTICPK\CVKQPU KP %WDCÒt CPF GZRQTVGTU sOWUV FGOQPUVTCVG Ô Ô ÔVJCV VJG RTQURGEVKXG GPF"WUGT KUKPFGRGPFGPV HTQO VJG %WDCP IQXGTPOGPVÔt $WTGCW QH 'ZRQTV #FOKPKUVTCVKQPÒ 7Ô5Ô &GRCTVOGPV QH%QOOGTEGÒ HQWPF CV JVVR„ÓÓYYYÔDZCÔFQEÔIQXÓHCEVUJGGVUÓ%WDC(CEVUÔJVONÒ TGVTKGXGF 0QXÔ ÂÒ ÎÌÌÌÔ

ÁÊ )QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ,WPG Ï‰‰‰Ò RÔ ÈÒ CV JVVR„ÓÓYYYÔFHCKV"OCGEKÔIEÔECÓNCVKPÓXKGYFQEWOGPV"GCUR"EQPVKPGPV .CVKP˜EQWPVT[ ÏÏ˜PCOG %WDCÒ TGVTKGXGF ,CPÔ ÎÂÒ ÎÌÌÌÔ

ÁÂ'ZRQTVGT Ø %WDC„ Nr'UUGPVKGN FrWP/CTEJnÒ ı%GPVTG (TCPECKU FW %QOOGTEG 'ZVGTKGWTÒ Ï‰‰‰ÙÒ RÔ ÈÏÔÁ‰ 6JG NKMGN[ KPHNWGPEG QH IGQITCRJKE RTQZKOKV[ QP 7Ô5Ô CPF %WDCP VTCFG RCVVGTPU YCU QPG QH VJG

HCEVQTU CPCN[\GF KP VJG %QOOKUUKQPrU ITCXKV[ OQFGNÔ 6JG ITCXKV[ OQFGN KU FKUEWUUGF KP OQTG FGVCKN KP#RRGPFKZ (Ô

2-17

purchase substantial quantities of rice from Arkansas, peas fromWashington, wheat from Kansas, pork from North Carolina, milk fromWisconsin, or chicken fromMaryland, solely because of price differentialsand quality differentials.70

Cuba isa low-incomeand low-productivity economy, althoughgenerally praised forthehighlevelof skillsof itspopulationandsignificantaccomplishmentsinsuchareasasbiotechnology research. According to the Congressional Budget Office (CBO), theUnited Statestendsto apply economic sanctions, “where the least harmcan come towell-organized domestic interests. Thus, the [U.S.] government oftenusessanctionsincasesinwhich thereislittletradetodisrupt in thefirstplace.”71 Similar assessmentsofCuba’s limited immediate potential as a U.S. trading partner were provided byindividualswho testified at theCommission’shearing for this investigation.

Oncewe lift the embargo, Cuba will not becomea major purchaser of ourfarmgoodsor manufactured productsovernight. . . .Weneed toberealistic.WithCuba’sfailedeconomyandlowincome,endingtheembargowon’tleadto a huge surgeof American products into Cuba.72

[I]f U.S. sanctionswere lifted today wewould anticipate limited U.S. exportopportunities . . . . because we don’t think that commercially meaningfulbusiness will occur until fundamental economic and political reform takesplace in Cuba.73

Post-SovietCubacontinuestofacetheproblemof ashortageof foreignexchange.Theavailability of foreign exchange—earned through export of Cuban goods andservices,accesstoforeignfinancing,andremittances—isa keydeterminantofCuba’sability to purchaseU.S. goodsand services.74 The general consensusof economicresearchers is that, “[g]iven Cuba’s scant foreign exchange, its ability to buy U.S.products remains very limited.”75 Some researchers have observed that Cuba’saccess to foreign exchange has improved in recent years,76 as a result of capitalinflowfromremittancesand tourismsector income, and that incomefromtourismandpetroleum exports could increase significantly in the near term.77 However,

70 JohnS. Kavulich, President, U.S.-Cuba Tradeand EconomicCouncil, testimony before theUSITC,Sept. 19, 2000, transcript, pp. 153 and 156-157.

71CBO, TheDomestic Costsof Sanctionson Foreign Commerce, March 1999, p. 49.72 Senator Max Baucus(D-Montana), testimony before theUSITC, Sept. 19, 2000, transcript, p. 13.73 J.M.Green, Director for LatinAmericanSales, Caterpillar, Inc., testimony beforetheUSITC, Sept.

20, 2000, transcript, p. 370.74 Paula Stern, TheSternGroup, testimony before theUSITC, Sept. 19, 2000, transcript, p. 190. The

constraint on Cuba’scapacity to import imposed by that country’sexport performance isalso discussedby Bureau of East-West Trade, U.S. Department of Commerce, United StatesCommercial RelationswithCuba: A Survey (Washington, DC, August 1975, p. 29.

75 Jaime Suchlicki, “The U.S. Embargo of Cuba,” Institute for Cuba and Cuban American StudiesOccasional Paper Series, University of Miami, June 2000, p. 14.

76 United Nations Economic Commission for Latin America and the Caribbean (ECLAC), LaEconomía Cubana: Reformas estructurales y desempeño en los noventa (Mexico City: United Nations,1997), p. 65.

77Paula Stern, seenote68, transcript, pp. 190 and 194, andPhilip Peters, VicePresident, LexingtonInstitute, testimony before the USITC, Sept. 19, 2000, transcript, p. 194. Remittances and tourism arediscussed in more detail in chapter 3. The Commission’s gravity model described in Appendix F alsoestimated the potential impact on U.S.-Cuban bilateral trade of additional net foreign exchange flowsfromtheUnited Statesto Cuba fromremittances, tourism, telecommunication services, and foreigndirectinvestment. The gravity model estimatesare discussed below.

Î"ÏÂ

KPFKXKFWCNU YJQ VGUVKHKGF CV VJG %QOOKUUKQPrU JGCTKPI HQT VJKU KPXGUVKICVKQP TGRQTVGFVJCVÒ HQT %WDC VQ DGEQOG C UKIPKHKECPV 7Ô5Ô VTCFKPI RCTVPGTÒ VJG 7PKVGF 5VCVGU YQWNFJCXG VQ KPEWT VJG EQUVU QH RTQXKFKPI VTCFG ETGFKVU QT QVJGT HKPCPEKPI HQT %WDCÔ

=,?WUV NQQMKPI CV VJG GEQPQOKEU QH %WDC VQFC[Ò VJGTG OC[ DG UQOG RWTEJCUGUVJCV ECP DG CTTCPIGFÔ $WV + VJKPM VJCV VJG[ YKNN PQV DGIKP VQ OGGV VJG CRRGVKVGUQH Ô Ô Ô =7Ô5Ô? KPFWUVTKGUÔ #PF VJGTG YKNN DG KPGZQTCDN[ RTGUUWTG VQ NKHV Ô Ô Ô =ETGFKV?NKOKVU UQ VJCV VJG #OGTKECP VCZRC[GT FQGU KP HCEV WPFGTYTKVG VJKU VTCFGÔtÊÂ

%WDC Ô Ô Ô JCU PQ UJQTVCIGU QH VTCFKPI RCTVPGTUÔ Ô Ô Ô6JG QPN[ QDUVCENG KU VJCV%WDC NCEMU VJG GEQPQOKE TGUQWTEGU VQ RWTEJCUG IQQFU CPF UGTXKEGU KP CUWHHKEKGPV COQWPV VQ OGGV VJG EQWPVT[rU PGGFUÔÊ‰ Ô Ô Ô + VJKPM VJCV YG FQPrVDGNKGXGÒ CP[ QH WUÒ VJCV %WDC ECP VCMG CFXCPVCIG QH RWTEJCUKPI #OGTKECPIQQFU WPNGUU UQOGJQY VJG[rTG IKXGP VJG ETGFKV VQ DG CDNG VQ RWTEJCUG KVÔÂÌ

6JWUÒ TGOQXKPI VJG UCPEVKQPU CPF TGUWOKPI GEQPQOKE TGNCVKQPU YKVJ %WDCOKIJV ETGCVGEQUVU HQT VJG 7Ô5Ô)QXGTPOGPV CPF 7Ô5Ô VCZRC[GTUwVJG EQUVU QH 7Ô5Ô IQXGTPOGPV VTCFGETGFKVU CPF HKPCPEKPIwCU YGNN CU QRRQTVWPKVKGU HQT VJG 7Ô5Ô RTKXCVG UGEVQTÔ

####PPPPCCCCNNNN[[[[UUUUKKKKUUUU QQQQHHHH ++++OOOORRRRCCCCEEEEVVVV6Q CUUGUU VJG EWTTGPV KORCEV QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC QP VJG 7Ô5ÔGEQPQO[Ò VJG %QOOKUUKQP GUVKOCVGF YJCV RQVGPVKCN 7Ô5Ô"%WDCP DKNCVGTCN VTCFG CPFHQTGKIP GZEJCPIG HNQYU OKIJV JCXG DGGP KP VJG CDUGPEG QH UCPEVKQPU HQT C TGEGPV VKOGRGTKQFÔ 6JQUG GUVKOCVGF VTCFG HNQYU YGTG VJGP WUGF VQ CUUGUU VJG GHHGEVU QP 7Ô5Ô QWVRWVÒGORNQ[OGPVÒ CPF YCIGUÔ 6JG UCOG GUVKOCVGU QH RQVGPVKCN 7Ô5Ô"%WDCP DKNCVGTCN VTCFGCPF HQTGKIP GZEJCPIG HNQYU KP VJG CDUGPEG QH UCPEVKQPU YGTG WUGF KP EJCRVGT Í VQCUUGUU VJG KORCEV QP %WDCÔ

6JG GEQPQOKE NKVGTCVWTG GZVGPUKXGN[ FQEWOGPVU %WDCrU EWTTGPV CITKEWNVWTCN CPFKPFWUVTKCN RTQFWEVKQP EQPUVTCKPVUÒ TGNCVKXGN[ NQY RTQFWEVKXKV[Ò CPF UJQTVCIG QH HQTGKIPGZEJCPIGÔÂÏ /QTGQXGTÒ CU FKUEWUUGF CDQXGÒ %WDC V[RKECNN[ UGNGEVU KVU VTCFG CPFKPXGUVOGPV RCTVPGTU DCUGF QP RQNKVKECN EQPUKFGTCVKQPU TCVJGT VJCPQP GEQPQOKE HCEVQTUÔ%QPUGSWGPVN[Ò VJG CPCN[UKU VJKU TGRQTV CUUWOGU VJCV CIITGICVG %WDCP GZRQTVU YQWNFPQV EJCPIG KP VJG CDUGPEG QH UCPEVKQPUÔ %WDCrU CDKNKV[ VQ GZRQTV FGRGPFU QP KVU CDKNKV[ VQRTQFWEG GZRQTVCDNG EQOOQFKVKGU‚ YJKNG %WDCrU CDKNKV[ VQ RTQFWEG VJGUG IQQFU OC[KPETGCUG CU RCTV QH QPIQKPI GEQPQOKE TGHQTOU CPF VJG EWTTGPV GEQPQOKE TGEQXGT[FGUETKDGF KP EJCRVGT Í QH VJKU TGRQTVÒ RTQFWEVKQP YQWNF PQV KPETGCUG URGEKHKECNN[ CU CEQPUGSWGPEG QH VJG TGOQXCN QH 7Ô5Ô UCPEVKQPUÔ 5KOKNCTN[Ò %WDCrU KORQTV FGOCPF KUEQPUVTCKPGF D[ VJG EQWPVT[rU HQTGKIP GZEJCPIG UJQTVCIGÔ *QYGXGTÒ KV KU RQUUKDNG VJCV

ÊÂ (TCPM ,Ô )CHHPG[Ò 2TGUKFGPV CPF %'1Ò 6JG %GPVGT HQT 5GEWTKV[ 2QNKE[Ò VGUVKOQP[ DGHQTG VJG 75+6%Ò5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ‰ÂÔ

Ê‰ .C\CTQ #NXCTG\Ò %QOOKVVGG %JCKTOCPÒ 7PKVGF %WDCP 1TICPK\CVKQPUÒ VGUVKOQP[ DGHQTG VJG75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÎÈÈ"ÎÈËÔ

ÂÌ +DKFÔÒ RÔ ÎÊÎÔÂÏ 6JGUG KUUWGU CTG FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ÍÔ (QT HWTVJGT KP HQTOCVKQPÒ UGG '%.#%Ò .C

'EQPQOºC %WDCPC ı/GZKEQ %KV[„ 7PKVGF 0CVKQPUÒ Ï‰‰ÊÙÒ RRÔ ÎÈÌ"ÎÈÏ CPF ÎÊÎ"ÎÊ‰Ô

Î"Ï‰

CIITGICVG %WDCP KORQTVU OKIJV KPETGCUG KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPU KH %WDCGZRGTKGPEGU KPETGCUGF HQTGKIP GZEJCPIG KPHNQYU HTQO VJG 7PKVGF 5VCVGU CU C TGUWNV QHVQWTKUOÒ VGNGEQOOWPKECVKQPU UGTXKEGU RC[OGPVUÒ CPF HQTGKIP FKTGEV KPXGUVOGPVÔ 6JWUÒVJKU CPCN[UKU CUUWOGU VJCV CP[ RQVGPVKCN 7Ô5Ô"%WDCP DKNCVGTCN VTCFG YQWNF QEEWT CU CTGUWNV QH FKXGTUKQP QH VTCFG CYC[ HTQO%WDCrU EWTTGPV VTCFKPI RCTVPGTU ıTCVJGT VJCP VJGTGUWNV QH KPETGCUGF %WDCP RTQFWEVKQP QH GZRQTVCDNG IQQFU CPFÓQT KPETGCUGF %WDCPFGOCPF HQT KORQTVUÙÒ GZEGRV VQ VJG GZVGPV VJCV KPETGCUGU KP %WDCrU PGV HQTGKIPGZEJCPIG RQUKVKQP ıVJTQWIJ KPETGCUGU KP RC[OGPVU HTQO VGNGEQOOWPKECVKQP UGTXKEGUÒVTCXGN CPF VQWTKUOÒ CPF HQTGKIP FKTGEV KPXGUVOGPV KP VJG CDUGPEG QH UCPEVKQPUÙ YQWNFKPETGCUG %WDCP KORQTV ECRCEKV[Ô

4GEQIPK\KPI VJGUG KPJGTGPV EQPUVTCKPVU QP CP[ CPCN[UKU QH UCPEVKQPU YKVJ TGURGEV VQ%WDCÒ VJG %QOOKUUKQP EQPUVTWEVGF CRRTQZKOCVG GUVKOCVGU QH RQVGPVKCN 7Ô5Ô"%WDCPOGTEJCPFKUG VTCFG CPF CFFKVKQPCN UQWTEGU QH HQTGKIP GZEJCPIG CXCKNCDNG VQ %WDC KPVJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ 6JGUG GUVKOCVGU CTG DCUGF QP KPHQTOCVKQP QDVCKPGFHTQO VJG VGNGRJQPG UWTXG[Ò VJG RWDNKE JGCTKPI CPF YTKVVGP UWDOKUUKQPUÒ HQTGKIP CPFFQOGUVKE VTCXGNÒ C TGXKGY QH TGNGXCPV TGEGPV FCVC CPF NKVGTCVWTGÒ CPF VJG ITCXKV[ OQFGNFGUETKDGF KP #RRGPFKZ (Ô 6JG GUVKOCVGU TGHNGEV J[RQVJGVKECN 7Ô5Ô"%WDCP OGTEJCPFKUGVTCFG CICKPUV C DCUGNKPG TGHNGEVKPI%WDCrU CPPWCN CXGTCIGOGTEJCPFKUG VTCFGYKVJ VJGYQTNF FWTKPI Ï‰‰Á"‰ÂÔÂÎ

''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGFFFF 7777ÔÔÔÔ5555ÔÔÔÔ""""%%%%WWWWDDDDCCCCPPPP 6666TTTTCCCCFFFFGGGG'UVKOCVGF 7Ô5Ô"%WDCP DKNCVGTCN VTCFG KP VJG CDUGPEG QH UCPEVKQPU KU UJQYP KP VCDNG Î"ÍÔ'UVKOCVGF CPPWCN 7Ô5Ô GZRQTVU VQ %WDC KP VJG CDUGPEG QH UCPEVKQPU YQWNF JCXG DGGPCRRTQZKOCVGN[ ˘ÁËÂ OKNNKQP VQ CRRTQZKOCVGN[ ˘Ï DKNNKQP DCUGF QP CXGTCIG Ï‰‰Á"‰ÂVTCFG FCVCÒ QT CDQWV ÏÊ VQ ÎÊ RGTEGPV QH VQVCN %WDCP KORQTVU HTQO VJG YQTNFÔ 6JKUGUVKOCVG YQWNF KPETGCUG OCTIKPCNN[Ò VQ ˘ÁÂÈ OKNNKQP VQ ˘ÏÔÎ DKNNKQPÒ KH RQVGPVKCNKPETGCUGU KP %WDCrU UWRRN[ QH HQTGKIP GZEJCPIG KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUıFKUEWUUGF KP OQTG FGVCKN DGNQYÙ YGTG URGPV GPVKTGN[ QP KORQTVUÒ URTGCFRTQRQTVKQPCVGN[ DGVYGGP 7Ô5Ô CPF PQP"7Ô5Ô UWRRNKGTUÔÂÍ

'UVKOCVGF 7Ô5Ô KORQTVU HTQO%WDC YQWNF JCXG DGGP ˘Á‰OKNNKQP VQ ˘ÏÈÁOKNNKQPÒ DCUGFQP CXGTCIG CPPWCN Ï‰‰Á"‰Â VTCFG FCVCÒÂÈ QT CDQWV Ê VQ ÏË RGTEGPV QH VQVCN %WDCPGZRQTVU VQ VJG YQTNFÒ GZENWFKPI UWICTÔÂË 6JGUG UJCTGU CTG UKIPKHKECPVN[ NQYGT VJCP

ÂÎ %TQUU"EQWPVT[ TGITGUUKQP CPCN[UGU HGGFKPI KPVQ VJKU GUVKOCVG YGTG RGTHQTOGF HQT FCVC HTQOECNGPFCT [GCT Ï‰‰ÊÔ

ÂÍ %WDCrU GUVKOCVGF RQVGPVKCN CFFKVKQPCN HQTGKIP GZEJCPIG GCTPKPIU KP VJG CDUGPEG QH UCPEVKQPUÒQVJGT VJCP HTQO OGTEJCPFKUG VTCFGÒ COQWPV VQ È VQ ÏÏ RGTEGPV QH %WDCrU KORQTVU HTQO VJG YQTNF FWTKPIÏ‰‰Á"‰ÂÔ

ÂÈ 6JG TGOQXCN QH 7Ô5Ô UCPEVKQPU RTQDCDN[ YQWNF KPFWEG UQOG GZRQTVU QH %WDCP"QTKIKP PKEMGN HTQO%CPCFC VQ VJG 7PKVGF 5VCVGUÔ 'UVKOCVGF 7Ô5Ô KORQTVU HTQO %CPCFC QH %WDCP"QTKIKP PKEMGN KP VJG CDUGPEGQH 7Ô5Ô UCPEVKQPU YQWNF KPETGCUG D[ ˘ËË OKNNKQP VQ ˘ÊÎ OKNNKQPÔ 0KEMGN KU FKUEWUUGF KP ITGCVGT FGVCKN KPEJCRVGT ÁÔ

ÂË 6JG COQWPV QH %WDCP UWICT VJCV YQWNF GPVGT VJG 7PKVGF 5VCVGU KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUYQWNF DG FGVGTOKPGF D[7Ô5Ô UWICT KORQTV RQNKEKGU WPFGT 7Ô5Ô961QDNKICVKQPUÔ 5WICT KU FKUEWUUGFOQTGHWNN[ KP EJCRVGT ËÔ

Î"ÎÌ

6666CCCCDDDDNNNNGGGG ÎÎÎÎ""""ÍÍÍÍ''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGFFFF 7777ÔÔÔÔ5555ÔÔÔÔ""""%%%%WWWWDDDDCCCCPPPP VVVVTTTTCCCCFFFFGGGG KKKKPPPP VVVVJJJJGGGG CCCCDDDDUUUUGGGGPPPPEEEEGGGG QQQQHHHH 7777ÔÔÔÔ5555ÔÔÔÔ UUUUCCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUUÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ""""‰‰‰‰ÂÂÂÂ CCCCPPPPPPPPWWWWCCCCNNNNCCCCXXXXGGGGTTTTCCCCIIIIGGGG


$$$$CCCCUUUUGGGG XXXXCCCCNNNNWWWWGGGG QQQQHHHH%%%%WWWWDDDDCCCCPPPP VVVVTTTTCCCCFFFFGGGG

YYYYKKKKVVVVJJJJ VVVVJJJJGGGG YYYYQQQQTTTTNNNNFFFFÒÒÒÒÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ""""‰‰‰‰ÂÂÂÂCCCCXXXXGGGGTTTTCCCCIIIIGGGGCCCCPPPPPPPPWWWWCCCCNNNN

''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGFFFF7777ÔÔÔÔ5555ÔÔÔÔ UUUUJJJJCCCCTTTTGGGG

QQQQHHHH %%%%WWWWDDDDCCCCPPPP VVVVTTTTCCCCFFFFGGGG

''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGFFFF7777ÔÔÔÔ5555ÔÔÔÔ""""%%%%WWWWDDDDCCCCPPPP

VVVVTTTTCCCCFFFFGGGG

OKNNKQP FQNNCTU RGTEGPV OKNNKQP FQNNCTU

%WDCP KORQTVU ı7Ô5Ô GZRQTVUÙ

6QVCN Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÂÏË ÏÊ"ÎÊ ÁËÂ"ÏÒÌÈÊ

#ITKEWNVWTG ıUGNGEVGF RTQFWEVUÙ Ô Ô Ô Ô ËË‰ ÈÍ"ËÂ ÎÈÏ"ÍÎÊ

+PVGTOGFKCVG CPF OCPWHCEVWTGFIQQFU ıUGNGEVGF RTQFWEVUÙ Ô Ô Ô Ô Ô Ô ÏÒÏÎÊ ÏÂ"ÎÁ ÎÌÈ"Î‰È

1VJGT RTQFWEVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÏÎ‰ ÏÌ"ÎÌ ÎÏÍ"ÈÎÁ

%WDCP GZRQTVU ı7Ô5Ô KORQTVUÙ

6QVCN Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÂÏÊ ÏÊ"ÏË ÏÁ‰"ÏÈÁ

#ITKEWNVWTG ıUGNGEVGF RTQFWEVUÙ Ô Ô Ô Ô ÏÒÎÏÈ ÏÏÍ"ÎË ÏÈË"Â‰

+PVGTOGFKCVG CPF OCPWHCEVWTGFIQQFU ıUGNGEVGF RTQFWEVUÙ Ô Ô Ô Ô Ô Ô ËÌÏ È"Ê Ï‰"ÍÊ

1VJGT RTQFWEVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÏ Ë"ÎÌ Ë"ÎÌ

%WDCP VTCFG FGHKEKV YKVJ VJG7PKVGF 5VCVGU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ËÏÎ"‰ÊÂÏ

Ï 'ZENWFGU GUVKOCVGF CXGTCIG CPPWCN %WDCP UWICT GZRQTVU QH ˘ÂÏÁ OKNNKQP FWTKPI Ï‰‰Á"‰ÂÔ5WICT KU FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ËÔ

Î 0QV CRRNKECDNGÔ

0QVGÔw6JG TCPIG QH VJG GUVKOCVGF XCNWG QH 7Ô5Ô"%WDCP VTCFG KP VJG CDUGPEG QH UCPEVKQPU KU GSWCNVQ VJG DCUG XCNWG QH %WDCP VTCFG YKVJ VJG YQTNF VKOGU VJG TCPIG QH VJG GUVKOCVGF 7Ô5Ô UJCTG QH%WDCP VTCFGÔ 6JG RTQFWEV QH VJG GUVKOCVGF UJCTGU VKOGU VJG DCUG XCNWG OC[ PQV GZCEVN[ GSWCN VJGGUVKOCVGF 7Ô5Ô"%WDCP VTCFG XCNWG FWG VQ TQWPFKPIÔ

5QWTEGU„ Ï‰‰Á"‰Â CXGTCIG CPPWCN DCUG XCNWG QH %WDCP VTCFG FCVC HTQO XCTKQWU UQWTEGU ıUGGCRRGPFKZ )ÙÔ 'UVKOCVGF 7Ô5Ô UJCTG QH %WDCP VTCFG CPF GUVKOCVGF 7Ô5Ôv%WDCP VTCFG FCVC CTGFGTKXGF HTQO 75+6% UVCHH GUVKOCVGU CPF VJG 75+6% ITCXKV[ OQFGNÔ

EQORCTCDNG UJCTGU HQT Ï‰ËÂwYJGP ÊÌ RGTEGPV QH VQVCN %WDCP KORQTVU YGTG UQWTEGFHTQO VJG 7PKVGF 5VCVGU CPF ÁÈ RGTEGPV QH VQVCN %WDCP GZRQTVU YGTG UJKRRGF VQ VJG7PKVGF 5VCVGUÔÂÁ

''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGFFFF 7777ÔÔÔÔ5555ÔÔÔÔ""""%%%%WWWWDDDDCCCCPPPP ((((QQQQTTTTGGGGKKKKIIIIPPPP ''''ZZZZEEEEJJJJCCCCPPPPIIIIGGGG ((((NNNNQQQQYYYYUUUU+P VJG CDUGPEG QH UCPEVKQPUÒ VJG %QOOKUUKQP GUVKOCVGF VJCV PGV QWVHNQYU QH HQTGKIPGZEJCPIG HTQO VJG 7PKVGF 5VCVGU VQ %WDC HQT VGNGEQOOWPKECVKQPU UGTXKEGUÒ VTCXGN CPFVQWTKUO UGTXKEGUÒ CPF HQTGKIP FKTGEV KPXGUVOGPV YQWNF JCXG DGGP ˘ÏÍË OKNNKQP VQ ˘ÈÎÌOKNNKQP CPPWCNN[ ıVCDNG Î"ÈÙÔ 6JKU GUVKOCVG CUUWOGF VJCV TGOKVVCPEGU YQWNF TGOCKP

ÂÁ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ &QOGUVKE CPF +PVGTPCVKQPCN $WUKPGUU #FOKPKUVTCVKQPÒ $WTGCW QH'CUV"9GUV 6TCFGÒ 7PKVGF 5VCVGU %QOOGTEKCN 4GNCVKQPU YKVJ %WDC„ # 5WTXG[Ò #WIWUV Ï‰ÊËÒ RÔ ÍÂÔ

Î"ÎÏ

6666CCCCDDDDNNNNGGGG ÎÎÎÎ""""ÈÈÈÈ''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGFFFF CCCCFFFFFFFFKKKKVVVVKKKKQQQQPPPPCCCCNNNN PPPPGGGGVVVV HHHHQQQQTTTTGGGGKKKKIIIIPPPP GGGGZZZZEEEEJJJJCCCCPPPPIIIIGGGG HHHHNNNNQQQQYYYYUUUU HHHHTTTTQQQQOOOO VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF 5555VVVVCCCCVVVVGGGGUUUU VVVVQQQQ %%%%WWWWDDDDCCCC KKKKPPPP VVVVJJJJGGGGCCCCDDDDUUUUGGGGPPPPEEEEGGGG QQQQHHHH 7777ÔÔÔÔ5555ÔÔÔÔ UUUUCCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU

5555GGGGEEEEVVVVQQQQTTTT''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGFFFF CCCCFFFFFFFFKKKKVVVVKKKKQQQQPPPPCCCCNNNN PPPPGGGGVVVV HHHHQQQQTTTTGGGGKKKKIIIIPPPP GGGGZZZZEEEEJJJJCCCCPPPPIIIIGGGG

HHHHNNNNQQQQYYYY HHHHTTTTQQQQOOOO VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF 5555VVVVCCCCVVVVGGGGUUUU VVVVQQQQ %%%%WWWWDDDDCCCC

/KNNKQP FQNNCTU

6QVCN Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÍË"ÈÎÌ6GNGEQOOWPKECVKQP UGTXKEGU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏË"ÍÌ6TCXGN CPF VQWTKUO Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÌ"ÍËÌ(QTGKIP FKTGEV KPXGUVOGPV Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÌ"ÈÌ

5QWTEG„ 75+6% GUVKOCVGUÔ

WPEJCPIGF KP VJG CDUGPEG QH UCPEVKQPU‚ VJG %QOOKUUKQP HQWPF VJKU VQ DG C TGCUQPCDNGCUUWORVKQPÒ IKXGP VJG YKFG TCPIG QH TGRQTVGF GUVKOCVGU QH TGOKVVCPEGU CU FKUEWUUGF KPEJCRVGT ÍÔ %WDCrU HQTGKIP GZEJCPIG UWRRN[ YQWNF JCXG KPETGCUGF D[ VJG UCOGGUVKOCVGF COQWPVÒ ˘ÏÍË OKNNKQP VQ ˘ÈÎÌ OKNNKQPÒ UKPEG EJCPIGU KP %WDCrU HQTGKIPGZEJCPIG RQUKVKQP CTKUKPI HTQO GZRQTVU VQ VJG 7PKVGF 5VCVGU QT KORQTVU HTQO VJG 7PKVGF5VCVGU YQWNF NKMGN[ DG QHHUGV D[ EQTTGURQPFKPI TGFWEVKQPU KP GZRQTVU VQ QT KORQTVU HTQOQVJGT UQWTEGUÔ

6JG GUVKOCVGF EJCPIG KP VJG HQTGKIP GZEJCPIG RQUKVKQP QH VJG 7PKVGF 5VCVGU ıEWTTGPVCEEQWPV RNWU ECRKVCN CEEQWPVÙ KU GSWCN VQ VJG GUVKOCVGF KPETGCUG KP VJG 7Ô5ÔOGTEJCPFKUGVTCFG DCNCPEG KORNKGF D[ EJCPIGU KP 7Ô5Ô"%WDCP VTCFGÒ OKPWU VJG PGV QWVHNQYU QHHQTGKIP GZEJCPIG HTQO VJG 7PKVGF 5VCVGU VQ %WDC PQV CUUQEKCVGF YKVJ OGTEJCPFKUGVTCFGÔ 6JG CDQXG GUVKOCVGU QH RQVGPVKCN 7Ô5Ô"%WDCP DKNCVGTCN VTCFG KORN[ VJCV VJG7PKVGF 5VCVGU YQWNF TWP C OGTEJCPFKUG VTCFG UWTRNWU YKVJ %WDC QP VJG QTFGT QH ˘ËÏÎOKNNKQP VQ ˘‰ÊÂ OKNNKQP FQNNCTUÒÂÊ YJKEJ GZEGGFU VJG GUVKOCVGF QWVHNQY QH HQTGKIPGZEJCPIG HTQO VJG 7PKVGF 5VCVGU VQ %WDC QH ˘ÏÍË OKNNKQP VQ ˘ÈÎÌ OKNNKQP PQVCUUQEKCVGF YKVJ OGTEJCPFKUG VTCFGÔ 6JWUÒ PGV HQTGKIP GZEJCPIG CXCKNCDKNKV[ KP VJG7PKVGF 5VCVGU CPF %WDC CTG GUVKOCVGF VQ KPETGCUG UKOWNVCPGQWUN[Ò YKVJ VJG FKHHGTGPEGOCFG WR D[ C FGETGCUG KP %WDCrU PGV KORQTVU HTQO QVJGT VTCFKPI RCTVPGTUÔ

''''HHHHHHHHGGGGEEEEVVVVUUUU QQQQPPPP 7777ÔÔÔÔ5555ÔÔÔÔ 1111WWWWVVVVRRRRWWWWVVVVÒÒÒÒ ''''OOOORRRRNNNNQQQQ[[[[OOOOGGGGPPPPVVVVÒÒÒÒ CCCCPPPPFFFF 9999CCCCIIIIGGGGUUUU6JG GUVKOCVGF EWTTGPV KORCEV QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC QP 7Ô5Ô QWVRWVÒGORNQ[OGPVÒ CPF YCIGUÒ KU PGINKIKDNGÒ RTKOCTKN[ DGECWUG QH VJG UOCNN UK\G QH VJG%WDCP GEQPQO[ TGNCVKXG VQ VJG 7Ô5Ô GEQPQO[Ô 6JG KPETGCUG KP 7Ô5Ô CIITGICVG FGOCPFCUUQEKCVGF YKVJ VJG TGOQXCN QH UCPEVKQPU YQWNF DG CRRTQZKOCVGN[ GSWCN VQ VJGGUVKOCVGF TGFWEVKQP KP VJG 7Ô5Ô VTCFG FGHKEKV CUUQEKCVGF YKVJ VJG TGOQXCN QH UCPEVKQPUÒ˘ËÏÎ OKNNKQP VQ ˘‰ÊÂOKNNKQPÔ 6JKU KU CRRTQZKOCVGN[ ÌÔÌÏ RGTEGPV QH 7Ô5Ô ITQUU FQOGUVKERTQFWEV ı)&2ÙÔ 'XGP KP VJGOQUV GZVTGOG ECUGÒ KPYJKEJ VJG7PKVGF 5VCVGUYGTG VQ UWRRN[

ÂÊ 6JG NQYGT DQWPF KU VJG FKHHGTGPEG DGVYGGP ˘ÁËÂ OKNNKQP QH 7Ô5Ô GZRQTVU CPF ˘ÏÈÁ OKNNKQP QH 7Ô5ÔKORQTVUÒ YJKNG VJG WRRGT DQWPF KU VJGFKHHGTGPEG DGVYGGP˘ÏÒÌÈÊOKNNKQP QH 7Ô5Ô GZRQTVU CPF˘Á‰OKNNKQP QH7Ô5Ô KORQTVUÔ 6JKU ECNEWNCVKQP KPENWFGU KORQTVU HTQO %WDC CPF KORQTVU QH PKEMGN OGVCN HTQO %CPCFCÔ

Î"ÎÎ

CNN QH %WDCrU KORQTVU ıEWTTGPVN[ CDQWV ˘È DKNNKQP CPPWCNN[ÙÒ YKVJQWV KORQTVKPI CP[VJKPIHTQO%WDCÒ VJG KORCEV QH UWEJ C UEGPCTKQ QP7Ô5Ô CIITGICVG FGOCPFYQWNF COQWPV VQNGUU VJCP ÌÔÌË RGTEGPV QH 7Ô5Ô )&2Ô 6JG GHHGEV QH UWEJ EJCPIGU QP OCETQGEQPQOKEXCTKCDNGU UWEJ CU QWVRWVÒ GORNQ[OGPVÒ QT YCIGU YQWNF DG PGINKIKDNGÔ

5KOKNCTN[Ò PGV QWVHNQYU QH HQTGKIP GZEJCPIG HTQO VJG 7PKVGF 5VCVGU VQ %WDC TGUWNVKPIHTQO VJG UKOWNVCPGQWU PGV VTCFG UWTRNWU CPF CFFKVKQPCN QWVHNQYU QH HQTGKIP GZEJCPIGÒCV ˘ÊOKNNKQP VQ ˘ÊÍËOKNNKQPÒÂÂ COQWPV VQ PQOQTG VJCP ÌÔÁRGTEGPV QH VJG 7Ô5Ô EWTTGPVCEEQWPV FGHKEKV HQT Ï‰‰Ê QH ˘ÏÈÍ DKNNKQP FQNNCTUÒ C EQORCTCDN[ UOCNN COQWPVÔ

ÂÂ 6JKU KU VJG FKHHGTGPEG DGVYGGP VJG CDQXG GUVKOCVGU HQT VJG RQVGPVKCN KORTQXGOGPV KP VJG 7Ô5Ô VTCFGDCNCPEG CPF VJG QWVHNQYU QH CFFKVKQPCN HQTGKIP GZEJCPIGÒ GXCNWCVGF CV WRRGT CPF NQYGT DQWPFUÔ

Í"Ï

%%%%****####22226666''''4444 ÍÍÍÍ1111XXXXGGGGTTTTXXXXKKKKGGGGYYYY QQQQHHHH VVVVJJJJGGGG %%%%WWWWDDDDCCCCPPPP ''''EEEEQQQQPPPPQQQQOOOO[[[[ CCCCPPPPFFFF VVVVJJJJGGGG ++++OOOORRRRCCCCEEEEVVVVQQQQHHHH 7777ÔÔÔÔ5555ÔÔÔÔ 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU

6JKU EJCRVGT RTQXKFGU CP QXGTXKGY QH VJG %WDCP GEQPQO[ HTQO VJG NCVG Ï‰ËÌU VQ VJGRTGUGPVÔ +PHQTOCVKQP JKIJNKIJVU %WDCrU QXGTCNN GEQPQOKE RGTHQTOCPEG CU YGNN CU%WDCrU VTCFG CPF KPXGUVOGPV RQNKEKGUÔ 6JKU EJCRVGT CNUQ FGUETKDGU VJG JKUVQTKECN CPFEWTTGPV GHHGEVU QH VJG 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC QP VJG %WDCPGEQPQO[ÔÏ

$$$$CCCCEEEEMMMMIIIITTTTQQQQWWWWPPPPFFFF„„„„ %%%%WWWWDDDDCCCC KKKKPPPP VVVVJJJJGGGG ÏÏÏÏ‰‰‰‰ËËËËÌÌÌÌUUUU

*KUVQTKE GEQPQOKE NKPMU DGVYGGP %WDC CPF VJG 7PKVGF 5VCVGU YGTG DCUGF QPRTGHGTGPVKCN CEEGUU ITCPVGF D[ VJG 7PKVGF 5VCVGU HQT %WDCP UWICTÔÎ (TQO VJG VKOG VJG7PKVGF 5VCVGU ITCPVGF%WDC KVU KPFGRGPFGPEG KP Ï‰ÌÎ VJTQWIJ VJG Ï‰ËÌUÒ%WDCYCU CPKORQTVCPV UQWTEG QH UWICTÒ EKICTUÒ CPF WPRTQEGUUGF OKPGTCNU HQT VJG 7PKVGF 5VCVGUÔ7Ô5Ô KPXGUVQTU ITCFWCNN[ FKXGTUKHKGF CPF GZRCPFGF VJGKT CEVKXKVKGU KP %WDCÒ OQXKPICYC[ HTQO UWICT CPF KPXGUVKPI KP C TCPIG QH UGEVQTU QH VJG %WDCP GEQPQO[ÔÍ

#U %WDCrU NGCFKPI VTCFG RCTVPGTÒ VJG 7PKVGF 5VCVGU CEEQWPVGF HQT ÁÊRGTEGPV QH%WDCrUGZRQTVU CPF ÊÌ RGTEGPV QH KVU KORQTVU KP Ï‰ËÂÔÈ 6JG7PKVGF 5VCVGU CNUQYCU %WDCrUOCKPUQWTEG QH DQVJ RTKXCVG CPF QHHKEKCN ECRKVCNÔ 6JG 7Ô5Ô 'ZRQTV"+ORQTV $CPMÒ VJG RTKOCT[UQWTEG QH QHHKEKCN 7Ô5Ô NQCPU HQT %WDC CV VJCV VKOGÒ FKUDWTUGF ˘ÏÏ OKNNKQP HQTFGXGNQROGPV RTQLGEVU KP %WDC KP Ï‰ËÂÔË 7Ô5Ô VQWTKUVU YGTG VJG OCKPUVC[ QH VJG %WDCPVQWTKUO KPFWUVT[Ò OCMKPI %WDC VJG NCTIGUV %CTKDDGCP VQWTKUO OCTMGV KP VJG Ï‰ËÌUÔÁ

Ï 5VCPFCTF CPF EQORNGVG GEQPQOKE FCVC QP %WDC HQT VJG RGTKQF Ï‰ËË VQ VJG RTGUGPV CTG PQVCXCKNCDNGwVJG %WDCP )QXGTPOGPV JCU RWDNKUJGF UWEJ FCVC QPN[ URQTCFKECNN[ CPF JCU PQV TGIWNCTN[RTQXKFGF UWEJ FCVC VQ TGRQTVKPI KPUVKVWVKQPU UWEJ CU VJG +PVGTPCVKQPCN /QPGVCT[ (WPFÔ %QPUGSWGPVN[Ò VJGGEQPQOKE FCVC RTGUGPVGF KP VJKU EJCRVGT EQXGT QPN[ UGNGEVGF [GCTU CPF CTG KPVGPFGF VQ DG KNNWUVTCVKXG QHVTGPFU KPFKECVGF KP VJG CPCN[UKUÒ TCVJGT VJCP VQ RTQXKFG EQORTGJGPUKXG VKOG"UGTKGU UVCVKUVKEU HQT VJG GPVKTGRGTKQFÔ

Î#FQNH #Ô $GTNGÒ s6JG%WDCP%TKUKU„ (CKNWTGQH #OGTKECP (QTGKIP 2QNKE[Òt (QTGKIP #HHCKTUÒ XQNÔ Í‰Ò PQÔÏÒ 1EVÔ Ï‰ÁÌÒ RÔ ÈÌÔ 6JG %WDCP UWICT UGEVQT KU FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ËÔ

Í 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ $WTGCW QH +PVGT"#OGTKECP #HHCKTUÒ s<GPKVJ CPF 'ENKRUG„ # %QORCTCVKXG.QQM CV 5QEKQ"'EQPQOKE %QPFKVKQPU KP 2TG"%CUVTQ CPF 2TGUGPV &C[ %WDCÒt (GDÔ ‰Ò Ï‰‰ÂÒ CVJVVR„ÓÓYYYÔÏÎÍEWDCÔEQOÓ'EQPQOKE"%QPFKVKQPU"%WDCÔJVONÒ TGVTKGXGF 0QXÔ ÎÌÒ ÎÌÌÌÔ

È 7PKVGF 0CVKQPU 'EQPQOKE %QOOKUUKQP HQT .CVKP #OGTKEC ı'%.#%ÙÒ 'EQPQOKE 5WTXG[ QH .CVKP#OGTKECÒ Ï‰ÁÍÒ ı0GY ;QTM„ 7PKVGF 0CVKQPUÒ Ï‰ÁËÙÒ RÔ ÎÊÍÔ

Ë '%.#%Ò 'EQPQOKE 5WTXG[ QH .CVKP #OGTKECÒ Ï‰ËÂÒ ı/GZKEQ %KV[„ 7PKVGF 0CVKQPUÒ Ï‰Ë‰ÙÒ RÔ ÈÈÔÁ #TVJWT #PFGTUQPÒ s%WDCw6QWTKUO CU C 4GRNCEGOGPV +PFWUVT[Òt 5RTKPI Ï‰‰ÁÒ CV

JVVR„ÓÓYYYÔJQVGN"QPNKPGÔEQOÓPGQÓVTGPFUÓCPFGTUQPÒ TGVTKGXGF ,WPG ÍÌÒ ÎÌÌÌÔ 6TCXGN CPF VQWTKUOUGTXKEGU CTG FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ÈÔ

Í"Î

+P RCTV DGECWUG QH %WDCrU ENQUG GEQPQOKE KPVGITCVKQP YKVJ VJG 7PKVGF 5VCVGU DGHQTGÏ‰Ë‰Ò %WDCrU GEQPQOKE CPF UQEKCN KPFKECVQTU TCPMGF COQPI VJG JKIJGUV KP VJGYQTNFÔÊ

$[ Ï‰ËÊÒ %WDC JCF CP CFXCPEGF JGCNVJ UGEVQT RTQXKFKPI VJG NQYGUV KPHCPV OQTVCNKV[TCVG KP .CVKP #OGTKEC ıÏÍVJ NQYGUV KP VJG YQTNFÙÒ CPF VJG VJKTF JKIJGUV PWODGT QHRJ[UKEKCPU CPF FGPVKUVU RGT ECRKVCÒ EQORCTCDNG VQ VJG 0GVJGTNCPFU CPF JKIJGT VJCP KPVJG 7PKVGF -KPIFQO CPF (KPNCPFÔ %WDC CNUQ TCPMGF COQPI VJG JKIJGUV KP .CVKP#OGTKEC CV VJCV VKOG KP VGTOU QH NKVGTCE[ TCVGÒ HQQF EQPUWORVKQP ıFCKN[ ECNQTKGUEQPUWOGFÙÒ CPF CEEGUU VQ OCUU OGFKCÔÂ

%WDCrU GEQPQO[ WPTCXGNGF FWTKPI Ï‰ËÂÒ CU RQNKVKECN WPTGUV CPF GEQPQOKE FCOCIGECWUGF D[ TGXQNWVKQPCT[ HQTEGU FKUTWRVGF GEQPQOKE RTQFWEVKQP CPF RTGEKRKVCVGFECRKVCN HNKIJVÔ‰ %WDCrU VQWTKUO KPFWUVT[ EQNNCRUGF CU VJG PWODGTU QH 7Ô5Ô VQWTKUVUFGENKPGFÔ 'EQPQOKE RTQDNGOU EQPVKPWGF KPVQ Ï‰Ë‰Ò CHVGT VJG %CUVTQ IQXGTPOGPVCUUWOGF RQYGTÒ CPF EQPFKVKQPU YQTUGPGF CU NQY YQTNF UWICT RTKEGU HWTVJGT FTCKPGF%WDCrU HQTGKIP GZEJCPIGÔÏÌ

%%%%WWWWDDDDCCCC FFFFWWWWTTTTKKKKPPPPIIII ÏÏÏÏ‰‰‰‰ÁÁÁÁÌÌÌÌ""""ÂÂÂÂ‰‰‰‰

#HVGT CUUWOKPI RQYGTÒ VJG IQXGTPOGPV QH (KFGN %CUVTQ KORNGOGPVGF OGCUWTGU VQVTCPUHQTO VJG %WDCP GEQPQO[ VJTQWIJ sTCFKECN EJCPIGU CPF CFLWUVOGPVU FKTGEVGFVQYCTFU VJG HQTOCVKQP QH C FKHHGTGPV GEQPQOKE U[UVGOÔtÏÏ (KFGN %CUVTQ RTQENCKOGF%WDC VQ DG C UQEKCNKUV EQWPVT[ KP Ï‰ÁÏÔ -G[ GNGOGPVU QH %WDCrU GEQPQOKEVTCPUHQTOCVKQP YGTG„

1 PCVKQPCNK\CVKQP QH VJG OGCPU QH RTQFWEVKQP‚

1 TGQTICPK\CVKQP QH VJG RWDNKE UGEVQT HQT FKTGEV OCPCIGOGPV QH RTQFWEVKQP CPFVTCFG‚ CPF

1 EGPVTCNK\GF RNCPPKPI QH XKTVWCNN[ CNN GEQPQOKE CEVKXKV[ÔÏÎ

%WDC CNUQ UKIPKHKECPVN[ KPETGCUGF URGPFKPI QP JGCNVJ ECTGÒ GFWECVKQPÒ CPF VJG CTOGFHQTEGUÔÏÍ %WDCrU Ë"[GCT GEQPQOKE RNCPU GXGPVWCNN[ YGTG EQQTFKPCVGF YKVJ UKOKNCT

Ê 7Ô5Ô &GRCTVOGPV QH 5VCVG VGNGITCOÒ s5QEKQ"'EQPQOKE %QPFKVKQPU KP 2TG"%CUVTQ %WDCÒt OGUUCIGTGHGTGPEG 0QÔ ÎÍËÎÏÁÒ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ &GEÔ ÏÊÒ Ï‰‰ÊÔ

Â 5GG PQVG ÍÔ‰ .QWKU #Ô 2hTG\Ò 6JG 7PKVGF 5VCVGU CPF VJG #OGTKECU„ %WDC CPF VJG 7PKVGF 5VCVGU ı#VJGPUÒ )#„

7PKXGTUKV[ QH )GQTIKC 2TGUUÒ Ï‰‰ÊÙÒ RRÔ ÎÍÎ"ÎÍËÔÏÌ '%.#%Ò 'EQPQOKE 5WTXG[ QH .CVKP #OGTKEC„ Ï‰ÁÌÒ 2CTV 1PGÒ 5JQTV"6GTO %JCPIGU KP 2TQFWEV CPF

+PEQOGÒ /C[ Ï‰ÁÏÒ 'Ó%0ÔÏÎÓËÁËÒ RRÔ ‰Ï"‰ÎÔ '%.#% TGRQTVGF VJCV VJG FGRTGUUKQP QP YQTNF UWICTOCTMGVU YCU FWG VQ NQYGT GZRQTVU VQ VTCFKPI RCTVPGTU QVJGT VJCP VJG 7PKVGF 5VCVGU ı%WDCrU GZRQTVU VQ VJG7PKVGF 5VCVGU CV VJCV VKOG YGTG IWCTCPVGGF QP CP CPPWCN DCUKU D[ VJG 7Ô5Ô SWQVCÙÒ sEJKGHN[ FWG VQ VJGYGCMGPKPI QH YQTNF OCTMGV FGOCPF CU C TGUWNV QH VJG JKIJGT FGITGG QH UGNH"UWHHKEKGPE[ CEJKGXGF KP VJCV[GCT D[ VJG NGCFKPI 'WTQRGCP KORQTVGTUÔt

ÏÏ 5GG PQVG ËÒ RÔ ÎË‰ÔÏÎ +DKFÔÏÍ +DKFÔÒ RRÔ ÎÁÎ"ÎÁÊÔ

Í"Í

RNCPU QH VJG 5QXKGV DNQE EQWPVTKGUÔÏÈ 1PG UQWTEG TGRQTVU VJCVÒ D[ Ï‰ÊÌÒ %WDC YCUTGEGKXKPI QPG"JCNH QH CNN 5QXKGV HQTGKIP CUUKUVCPEGÔÏË

4444QQQQNNNNGGGG QQQQHHHH 5555QQQQXXXXKKKKGGGGVVVV ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ####UUUUUUUUKKKKUUUUVVVVCCCCPPPPEEEEGGGG6JG FQOKPCPV HGCVWTG QH VJG %WDCP GEQPQO[ DGVYGGP Ï‰ÁÌ CPF Ï‰Â‰ YCU OCUUKXG5QXKGV GEQPQOKE CUUKUVCPEGÒ GUVKOCVGF VQ JCXG RGCMGF CV PGCTN[ ˘Á DKNNKQP CPPWCNN[ KPVJG NCVG Ï‰ÂÌUÔÏÁ 6JG 5QXKGV DNQE EQWPVTKGU RTQXKFGF VJTGG V[RGU QH GEQPQOKE CUUKUVCPEGHQT %WDC„ IWCTCPVGGF GZRQTV OCTMGVU HQT %WDCrU OCKP GZRQTVUÒ UWICT CPF PKEMGN‚NQPI"VGTO UWRRN[ CPF FGNKXGT[ CITGGOGPVU YKVJ RTKEGU UGV QP VGTOU HCXQTCDNG VQ %WDC‚CPF VTCFG ETGFKVU VQ UWRRQTV %WDCrU CDKNKV[ VQ KORQTV QVJGT PGGFGF RTQFWEVUÔ ÏÊ 6JGEQTPGTUVQPG QH VJG %WDCP"5QXKGV TGNCVKQPUJKR YCU GZRQTVU QH %WDCP UWICT CPFÒ VQ CNGUUGT GZVGPVÒ PKEMGNÒ KP GZEJCPIG HQT 5QXKGV RGVTQNGWO RTQFWEVU CPF KPFWUVTKCNOCEJKPGT[Ô

++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 1111####5555 ////WWWWNNNNVVVVKKKKNNNNCCCCVVVVGGGGTTTTCCCCNNNN ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU%WDC YCU CFXGTUGN[ CHHGEVGF D[OWNVKNCVGTCN GEQPQOKE UCPEVKQPU LQKPVN[ CRRNKGF D[ VJGOGODGTU QH VJG 1TICPK\CVKQP QH #OGTKECP 5VCVGU ı1#5ÙÏÂ KP HQTEG DGVYGGP ,WN[ Ï‰ÁÈCPF ,WN[ Ï‰ÊËÔ 6JG OWNVKNCVGTCN 1#5 UCPEVKQPU QXGTNCRRGF 7Ô5Ô WPKNCVGTCN GEQPQOKEUCPEVKQPUÔ %WDCP KORQTVU HTQO .CVKP #OGTKEC FGENKPGF HTQO ˘ÂÈ OKNNKQP KP Ï‰ËÂ VQ˘ÎÔË OKNNKQP KP Ï‰ÁËÔÏ‰ %WDCP VTCFG YKVJ .CVKP #OGTKEC JKV C NQY QH DCTGN[ ˘Ï OKNNKQP KPGZRQTVU CPF ˘Ï OKNNKQP KP KORQTVU KP Ï‰Á‰Ô *QYGXGTÒ KP VJG GCTN[ Ï‰ÊÌU C PWODGT QH.CVKP #OGTKECP EQWPVTKGU TGUWOGF VTCFG YKVJ %WDC FGURKVG VJG1#5 UCPEVKQPUÔ %WDCPKORQTVU HTQO VJG TGUV QH .CVKP #OGTKEC SWKEMN[ TQUG HTQO ˘ÍÏ OKNNKQP KP Ï‰ÊÍÒ VQ ˘ÏÏÏOKNNKQP KP Ï‰ÊÈÒ VQ ˘ÎÍÌ OKNNKQP KP Ï‰ÊËÔÎÌ

6666TTTTCCCCFFFFGGGG CCCCPPPPFFFF ++++PPPPXXXXGGGGUUUUVVVVOOOOGGGGPPPPVVVV 2222QQQQNNNNKKKKEEEEKKKKGGGGUUUU CCCCPPPPFFFF 6666TTTTGGGGPPPPFFFFUUUU%WDC YCU C HQWPFKPI OGODGT QH VJG)GPGTCN #ITGGOGPV QP 6CTKHHU CPF 6TCFG ı)#66ÙCPF VJG 9QTNF 6TCFG 1TICPK\CVKQP ı961ÙÔÎÏ %WDC CNUQ YCU C HQWPFKPI OGODGT QH

ÏÈ )QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ,WPG Ï‰‰‰Ò RÔ ÂÒ CV JVVR„ÓÓYYYÔFHCKV"OCGEKÔIEÔECÓNCVKPÓXKGYFQEWOGPV"GCUR"EQPVKPGPV .CVKP˜EQWPVT[ ÏÏ˜PCOG EWDCÔ

ÏË 'ZRQTVGT Ø %WDC„ Nr'UUGPVKGN FrWP/CTEJhÒ ı2CTKU„ %GPVTG (TCPECKU FW %QOOGTEG 'ZVGTKGWTÒ Ï‰‰‰ÙÒRÔ ÍÈÔ

ÏÁ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ s7Ô5Ô"%WDCP 4GNCVKQPUÒt CV JVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓEWDCÓRQNKE[ÔJVON TGVTKGXGF 1EVÔ ÍÒ ÎÌÌÌÔ

ÏÊ '%.#%Ò .C 'EQPQOºC %WDCPC„ 4GHQTOCU GUVTWEVWTCNGU [ FGUGORGøQ GP NQU PQXGPVC ı/GZKEQ %KV[„7PKVGF 0CVKQPUÒ Ï‰‰ÊÙÒ RÔ ÁÎÔ

ÏÂ 6JG 1#5 KPENWFGU CNN QH VJG EQWPVTKGU QH VJG 9GUVGTP *GOKURJGTG ı%CPCFC LQKPGF VJG 1#5 KPÏ‰‰ÌÙÔ %WDC KU C OGODGT QH VJG1#5Ò DWV VJG EWTTGPV IQXGTPOGPV QH %WDC YCU GZENWFGF HTQO XQVKPI CPFRCTVKEKRCVKPI KP 1#5 CEVKXKVKGU KP Ï‰ÁÎÔ +PHQTOCVKQP QP VJG 1#5 CV JVVR„ÓÓYYYÔQCUÔQTIÔ

Ï‰ +/(Ò &KTGEVKQP QH 6TCFG 5VCVKUVKEU ;GCTDQQMÒ XCTKQWU GFKVKQPUÔÎÌ +DKFÔÎÏ %WDCP KU C UKIPCVQT[ VQ VJG OCLQT KPVGTPCVKQPCN CITGGOGPVU QP KPVGNNGEVWCN RTQRGTV[ KPENWFKPI VJG

2CTKU %QPXGPVKQP CPF VJG Ï‰‰È #ITGGOGPV QP 6TCFG"4GNCVGF #URGEVU QH +PVGTPCVKQPCN 2TQRGTV[ 4KIJVUı64+2UÙ WPFGT VJG 961Ô

Í"È

VJG +PVGTPCVKQPCN /QPGVCT[ (WPF ı+/(Ù CPF VJG +PVGTPCVKQPCN $CPM HQT 4GEQPUVTWEVKQPCPF &GXGNQROGPV ıVJG 9QTNF $CPMÙÒ DWV NCVGT YKVJFTGY HTQO OGODGTUJKR KP VJG +/(CPFÒ CU C TGUWNVÒ HTQO QVJGT KPVGTPCVKQPCN QTICPK\CVKQPUÒÎÎ KP Ï‰ÁÈÎÍwOCMKPI %WDCKPGNKIKDNG HQT HKPCPEKCN CUUKUVCPEG HTQO VJQUG QTICPK\CVKQPU TGICTFNGUU QH VJG UVCVWU QH7Ô5Ô GEQPQOKE UCPEVKQPUÔ #EEQTFKPI VQ TGEGPV TGRQTVUÒ %WDCP IQXGTPOGPVCN QHHKEKCNUJCXG GZRTGUUGF NKVVNG KPVGTGUV KP TGLQKPKPI VJGUG KPUVKVWVKQPUÔÎÈ

6666TTTTCCCCFFFFGGGG RRRRQQQQNNNNKKKKEEEEKKKKGGGGUUUU CCCCPPPPFFFF VVVVTTTTGGGGPPPPFFFFUUUU$[ Ï‰ÁÏÒ VJG 5QXKGV 7PKQP JCF UWRRNCPVGF VJG 7PKVGF 5VCVGU CU %WDCrU NGCFKPI VTCFGRCTVPGT ıHKIWTGU Í"Ï CPF Í"ÎÙÔ %WDCrU VTCFG YKVJ 9GUVGTP 'WTQRG KPKVKCNN[ FGENKPGFCHVGT VJG 7Ô5Ô UCPEVKQPU YGTG KORNGOGPVGF KP Ï‰ÁÌÒ DWV KPETGCUGF CHVGT Ï‰ÁÍ FWGRTKOCTKN[ VQ KPETGCUGF UWICT UCNGU WPFGT PGY VTCFG CITGGOGPVU VJCV %WDC UKIPGFYKVJ(TCPEGÒ 5RCKPÒ CPF VJG 7PKVGF -KPIFQOÔÎË

9JKNG YQTMKPI VQ KPETGCUG GZRQTVUÒ VJG %WDCP )QXGTPOGPV CNUQ KORNGOGPVGFOGCUWTGU VQ TGFWEG KORQTVU VQ EQPUGTXG UECTEG HQTGKIP GZEJCPIGÔ #P GZEJCPIGEQPVTQN TGIKOGYCU KPVTQFWEGF KP Ï‰Ë‰ CNQPI YKVJ KORQTV UWTEJCTIG HGGU TCPIKPI HTQOÍÌ VQ ÏÌÌ RGTEGPV CF XCNQTGOÔÎÁ 6Q HWTVJGT EQPVTQN KORQTVUÒ %WDCrU $CPEQ FG%QOGTEKQ 'ZVGTKQT YCU OCFG VJG EQWPVT[rU UQNG KORQTVGT QH C NKUV QH DCUKE IQQFUKPENWFKPI EGTVCKP HQQFÒ DCUKE OCEJKPGT[Ò RJCTOCEGWVKECNUÒ TCY EQVVQPÒ CPF QVJGTRTQFWEVUÔÎÊ

%WDC UKIPGF KVU HKTUV OCLQT VTCFG CPF GEQPQOKE CITGGOGPV YKVJ VJG 5QXKGV 7PKQP KP(GDTWCT[ Ï‰ÁÌÒ WPFGT YJKEJ %WDCP UWICT YCU RTQXKFGF KP GZEJCPIG HQT 5QXKGV ETWFGQKN CPF RGVTQNGWO RTQFWEVUÒ YJGCVÒ HGTVKNK\GTÒ KTQPÒ OCEJKPGT[Ò CPF VTCFG ETGFKVUÔ 6JCVCITGGOGPV CNNQYGF %WDC VQ ENCKO VYQ NCTIGÒ IWCTCPVGGF UWICT GZRQTVOCTMGVUÎÂwVJG 5QXKGV 7PKQP CPFÒ WPVKN GEQPQOKE UCPEVKQPU YGTG KORQUGFÒ VJG 7PKVGF5VCVGUÔ %WDC LQKPGF VJG UQEKCNKUV VTCFG CPF GEQPQOKE QTICPK\CVKQP VJG %QWPEKN HQT/WVWCN 'EQPQOKE #UUKUVCPEG ı%/'#ÙÎ‰ KP Ï‰ÊÎ CPF EQPFWEVGF OQUV QH KVU VTCFG YKVJ%/'# EQWPVTKGU CPF %JKPC WUKPI UQHV EWTTGPE[ÍÌ CPF DCTVGT CTTCPIGOGPVUÔ

ÎÎ 1PN[ OGODGTU QH VJG +/( ECP DG OGODGTU QH VJG 9QTNF $CPMÔ /GODGTUJKR KP VJG +PVGTPCVKQPCN&GXGNQROGPV #UUQEKCVKQP ı+&#ÙÒ +PVGTPCVKQPCN (KPCPEG %QTRQTCVKQP ı+(%ÙÒ CPF /WNVKNCVGTCN +PXGUVOGPV)WCTCPVGG #IGPE[ ı/+)#Ù CTG EQPFKVKQPCN QP 9QTNF $CPM OGODGTUJKRÔ 9QTNF $CPMÒ s/GODGTUJKR KPVJG9QTNF $CPM)TQWRÒtCV JVVR„ÓÓYYYÔYQTNFDCPMÔQTIÓJVONÓGZVFTÓCDQWVÓOGODGTUÒ TGVTKGXGF0QXÔ ÏÁÒÎÌÌÌÔ

ÎÍ%WDC UVQRRGF RTQXKFKPI VJG +/(YKVJ TGSWKTGF GEQPQOKE FCVC KP Ï‰ÁÌÔ ,QCSWKP 2Ô 2WLQNÒ s%WDC KP6TCPUKVKQPÒt RCRGT RTGUGPVGF CV VJG ÏUV CPPWCN OGGVKPI QH VJG #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP'EQPQO[ ı#5%'ÙÒ /KCOKÒ (.Ò #WIÔ ÏÁÒ Ï‰‰ÏÒ CV JVVR„ÓÓNCPKEÔWVGZCUÔGFWÓNCÓEDÓEWDCÓCUEGÓEWDCÏÓRWLQNÔJVONÒ TGVTKGXGF 0QXÔ ÏÁÒ ÎÌÌÌÔ

ÎÈ 7Ô5Ô &GRCTVOGPV QH 5VCVG VGNGITCOÒ s%WDCP %GPVTCN $CPM 2TGUKFGPV 'ZRTGUUGU .KVVNG +PVGTGUV KP,QKPKPI +/(Òt OGUUCIG TGHGTGPEG 0QÔ ÂÏÎÊÏÒ RTGRCTGF D[ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ /C[ ÈÒ Ï‰‰‰Ô

ÎË '%.#%Ò 'EQPQOKE 5WTXG[ QH .CVKP #OGTKECÒ Ï‰ÁÍÒ RÔ ÎÊÈÔÎÁ +DKFÔÒ RÔ ÎÁÍÔÎÊ '%.#%Ò 'EQPQOKE 5WTXG[ QH .CVKP #OGTKECÒ Ï‰ÁÌÒ RÔ ‰ÎÔÎÂ +DKFÔ 5WICT KU FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ËÔÎ‰ 6JG %QWPEKN HQT /WVWCN 'EQPQOKE #UUKUVCPEG ıCNUQ MPQYP CU %QOGEQPÙ YCU GUVCDNKUJGF KP Ï‰È‰Ò

CPF KVU OGODGTU KPENWFGF VJG 5QXKGV 7PKQPÒ $WNICTKCÒ %\GEJQUNQXCMKCÒ 'CUV )GTOCP[Ò *WPICT[Ò 2QNCPFÒ4QOCPKCÒ %WDCÒ /QPIQNKCÒ CPF 8KGVPCOÔ +VU RWTRQUG YCU VQ JGNR OGODGTU FGXGNQR VJGKT GEQPQOKGU KPCEEQTFCPEG YKVJ UQEKCNKUV GEQPQOKE RTKPEKRNGU CPF QTICPK\CVKQPÔ %/'# YCU FKUDCPFGF KP Ï‰‰ÏÔ

ÍÌ 6JG VGTO sUQHV EWTTGPE[t OGCPU C EWTTGPE[ VJCV KU PQV HTGGN[ EQPXGTVKDNG CPF KU PQV VTCFGF QPKPVGTPCVKQPCN OCTMGVU‚ sJCTF EWTTGPEKGUÒt UWEJ CU VJG 7Ô5Ô FQNNCT CPF EWTTGPEKGU QH OQUV PQPUQEKCNKUVEWTTGPEKGU QH VJG YQTNFÒ CTG HTGGN[ EQPXGTVKDNG CPF VTCFG QP KPVGTPCVKQPCN OCTMGVUÔ

3-5

FFiigguurree 33--11CCuubbaa:: SShhaarree ooff eexxppoorrttss ttoo lleeaaddiinngg ppaarrttnneerrss,, 11995588--6633

Source: United Nations, ECLAC, Economic Survey of Latin America, 1963, table 263, p. 273

0

20

40

60

80

100

1958 1959 1960 1961 1962 1963

OtherWestern Europe and CanadaEastern EuropeChina

Soviet UnionUnited States

FFiigguurree 33--22CCuubbaa:: SShhaarree ooff iimmppoorrttss ffrroomm lleeaaddiinngg ttrraaddee ppaarrttnneerrss,, 11995588--6633

Source: United Nations, ECLAC, Economic Survey of Latin America, 1963, table 263, p. 273

0

20

40

60

80

100

1958 1959 1960 1961 1962 1963

Other

Western Europe and CanadaLatin America

ChinaSoviet UnionUnited States

3-6

TradewithCMEAcountriesprovided a formof indirect economicassistancetoCuba.Under 5-year agreements,CMEAcountriespaidabove-marketpricesfor Cubanrawmaterials,primarilysugarandsugarby-productsandores,providingCubaanexportsubsidy. Some 60 to 80 percent of Cuba’sannual sugar exportsduring thisperiodweredestined for theSovietbloccountriesandChina (figure3-3). Sovietoil for Cubawastypically priced below world market prices—giving Cuba an import subsidy.

FFiigguurree 33--33CCuubbaa:: SSuuggaarr eexxppoorrttss ttoo lleeaaddiinngg mmaarrkkeettss,, bbyy sshhaarree,, 11997788--8888

Source: Economist IntelligenceUnit, Cuba Dominican Republic, Haiti, Puerto Rico, variousyears.

0

20

40

60

80

100

1978 1980 1982 1984 1986 1988

OtherChinaSoviet bloc

Inaddition,Cuba oftenresoldSovietoil for hard currencyat thehigher, worldmarketprice.31Thissystemgenerallyworked toCuba’sbenefit. However, becausetheCMEAcountriesused 5-year moving averagesbased onworld pricestocalculatepricesforintra-socialist-traded commodities, this pricing policy worked against Cuba in themid-1980s, when world oil pricesdeclined. Cuba’s tradearrangementswith CMEAcountriesalso were adversely affected by fluctuations in Cuban sugar crop yields.Cuba was forced to purchase sugar fromother sugar-producing countries, such asBrazil, in bad crop years to resell to the Soviet Union to meet Cuban sugar exportcommitments.32

IInnvveessttmmeenntt ppoolliicciieessaanndd ttrreennddssThe Cuban Government has controlled foreign investment since 1959, and noinvestmenthasbeenallowed tooccur withoutofficial governmentapproval or outside

31ECLAC, La Economía Cubana, p. 63.32 Economist IntelligenceUnit (EIU), Quarterly EconomicReview: Cuba, Dominican Republic, Haiti,

Puerto Rico, No. 4, 1983, p. 11.

Í"Ê

QH EGPVTCN IQXGTPOGPV EQPVTQNÔ .KMG VTCFGÒ HQTGKIP KPXGUVOGPV KP %WDC IGPGTCNN[ JCUDGGP CFOKPKUVGTGF CEEQTFKPI VQ EGPVTCNN[ RNCPPGF GEQPQOKE ETKVGTKC CPF RQNKE[ IQCNUTCVJGT VJCP OCTMGV HQTEGUÔÍÍ /QTGQXGTÒ VJG NCTIG COQWPVU QH 5QXKGV GEQPQOKECUUKUVCPEG OGCPV VJCV %WDC FKF PQV RCTVKEWNCTN[ PGGF CP[ QVJGT HQTGKIP KPXGUVOGPVÔ

(QT KVU HKTUV VJTGG FGECFGUÒ %WDCrU UQEKCNKUV IQXGTPOGPV NCTIGN[ MGRV HQTGKIPECRKVCN KPXGUVOGPV CV CTOrU NGPIVJÔ 6JG TGCUQP JCF PQVJKPI VQ FQ YKVJ UQEKCNKUVVJGQT[ Ô Ô Ô Ô 4CVJGTÒ VJG %WDCP TGXQNWVKQP YCU KPVGPV QP CXQKFKPI VJG JGCX[HQTGKIP QYPGTUJKR CPF RGTEGKXGF GXKNU QH Ô Ô Ô DWUKPGUU CEVKXKV[Ô 9KVJ VJGUWRRQTV RTQXKFGF D[ CKF CPF VTCFG HTQO VJG 5QXKGV DNQEÒ %WDC EQWNF CHHQTF VQGZENWFG HQTGKIP ECRKVCNÔÍÈ

%WDC DGICP VQ CEVKXGN[ UGGM HQTGKIP KPXGUVOGPV CHVGT VJG OKF"Ï‰ÂÌUÒ RCTVKEWNCTN[ CU KVDGECOG KPETGCUKPIN[ CRRCTGPV VJCV 5QXKGV GEQPQOKE CUUKUVCPEG YCU VQ DG TGFWEGF KPNKIJV QH RQNKVKECN CPF GEQPQOKE GXGPVU CV VJCV VKOG KP VJG 5QXKGV 7PKQPÔ &CVC QP JKUVQTKECNHQTGKIP KPXGUVOGPV VTGPFU KP %WDC CTG NKOKVGF DGECWUG %WDC JCF PQ HQTOCNN[GUVCDNKUJGF HQTGKIP KPXGUVOGPV TGIKOG WPVKN Ï‰ÂÎÒ CPF OGCUWTCDNG KPXGUVOGPV FKF PQVQEEWT WPVKN VJG NCVG Ï‰ÂÌUÔ #EEQTFKPI VQ QPG UQWTEGÒ D[ Ï‰‰Ì VQVCN HQTGKIP KPXGUVOGPVEQOOKVOGPVU ıPQV CNN QH YJKEJ YGTG CEVWCNN[ KORNGOGPVGFÙ VQ %WDC YGTG QXGT ˘ÂÌÌOKNNKQPÍËwVJG OCLQTKV[ QH YJKEJ YCU FGUVKPGF HQT VJG VQWTKUO UGEVQTÔÍÁ

6666QQQQWWWWTTTTKKKKUUUUOOOO#RRTQZKOCVGN[ ÎÊËÒÌÌÌ VQ ÍËÌÒÌÌÌ VQWTKUVUÒ RTKOCTKN[ HTQO VJG 7PKVGF 5VCVGUÒ XKUKVGF%WDC CPPWCNN[ KP VJG NCVG Ï‰ËÌUÔÍÊ %WDCrU VQWTKUO UGEVQT TGOCKPGF FGRTGUUGF CHVGTVJG %CUVTQ IQXGTPOGPV CUUWOGF RQYGTÔ 6QWTKUV CTTKXCNU HTQO 5QXKGV DNQE EQWPVTKGUTGRQTVGFN[ PGXGT GZEGGFGF ÍÌÒÌÌÌ RGT [GCTÔ ÍÂ 6QWTKUV XKUKVU VQ %WDC KPETGCUGF KP VJGNCVG Ï‰ÊÌUÒ RCTVKEWNCTN[ CU C ITQYKPI PWODGT QH 7Ô5Ô EKVK\GPU VQQM CFXCPVCIG QHTGNCZGF 7Ô5Ô TGUVTKEVKQPU QP VTCXGN VQ %WDCÔÍ‰ 6Q RTQOQVG VJG FGXGNQROGPV QH COQFGTPVQWTKUO UGEVQTÒ &GETGG .CY ËÌ QH Ï‰ÂÎÒ %WDCrU HKTUV HQTGKIP KPXGUVOGPV TGIWNCVKQPUÒCWVJQTK\GF HQTGKIP RTKXCVG KPXGUVQTU VQ HQTO LQKPV XGPVWTGU CU OKPQTKV[ RCTVPGTU YKVJ%WDCP IQXGTPOGPV"QYPGF GPVGTRTKUGUÔÈÌ &GETGG .CY ËÌ TGSWKTGF VJCV C %WDCPRCTVPGT RCTVKEKRCVG KP OCPCIGOGPVÒ CPF VJCV %WDCP NCDQT DG WUGF KP VJG OCLQTKV[ QHRQUKVKQPUÔ 0Q LQKPV XGPVWTGU YGTG GUVCDNKUJGF WPFGT&GETGG .CYËÌ WPVKN VJG NCVG Ï‰ÂÌUÒJQYGXGTÒ DGECWUG QH TGOCKPKPI TGUVTKEVKQPU KP VJG %WDCP KPXGUVOGPV TGIKOGÔÈÏ

ÍÍ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏÁÁÔÍÈ 2JKNKR 2GVGTUÒ (QTGKIP +PXGUVOGPV KP %WDCÒ #NGZKU FG 6QESWGXKNNG +PUVKVWVKQPÒ /CTEJ Ï‰‰‰Ò RÔ ÎÔÍË '+7Ò %QWPVT[ 4GRQTV„ %WDCÒ &QOKPKECP 4GRWDNKEÒ *CKVKÒ 2WGTVQ 4KEQÒ 0QÔ ÍÒ Ï‰‰ÌÒ RÔ ÎÌÔÍÁ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏÁ‰ÔÍÊ #TVJWT #PFGTUQPÒ s%WDCw6QWTKUO CU C 4GRNCEGOGPV +PFWUVT[Òt 5RTKPI Ï‰‰ÁÒ CV

JVVR„ÓÓYYYÔJQVGNQPNKPGÔEQOÓPGQÓVTGPFUÓCPFGTUQPÒ TGVTKGXGF ,WPG ÍÌÒ ÎÌÌÌ‚ CPF '%.#%Ò .C'EQPQOºC %WDCPCÒ RÔ ÏÁÂÔ 6TCXGN CPF VQWTKUO UGTXKEGU CTG FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ÈÔ

ÍÂ )QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒRÔ ÏÎÔ

Í‰ 6JG 7PKVGF 5VCVGU RTQJKDKVGF VTCXGN VQ %WDC KP (GDTWCT[ Ï‰ÁÍÔ +P /CTEJ Ï‰ÊÊÒ VJG 7Ô5Ô)QXGTPOGPV NGV NCRUG TGUVTKEVKQPU QP 7Ô5Ô VTCXGN VQ %WDC D[ 7Ô5Ô EKVK\GPUÔ 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJTGURGEV VQ %WDC CPF MG[ EJCPIGU KP 7Ô5Ô VTCXGN RQNKEKGU CTG FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ÎÔ

ÈÌ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏÊÍÔÈÏ )QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ

RÔ ÏÎÔ

Í"Â

6JG %WDCP )QXGTPOGPV TGQTICPK\GF VJG VQWTKUO UGEVQT KP Ï‰ÂÊ CPF GUVCDNKUJGF CIQXGTPOGPV"QYPGF EQORCP[Ò %WDCPCEqPÒ VQ FGXGNQR VJG KPFWUVT[ D[ CVVTCEVKPIHQTGKIP RCTVPGTUÈÎwOCMKPI VQWTKUO VJG HKTUV UGEVQT QRGPGF VQ HQTGKIP KPXGUVOGPV KPRQUV"TGXQNWVKQPCT[%WDCÔÈÍ (QTGKIPRCTVPGTU YGTGIKXGP C ÏÌ"[GCT VCZ JQNKFC[ CPF VJGTKIJV VQ TGOKV RTQHKVU KP JCTF EWTTGPE[Ô %WDCPCEqP GPVGTGF KPVQ KVU HKTUV LQKPV XGPVWTGWPFGT &GETGG .CY ËÌ KP Ï‰ÂÂ YKVJ C 5RCPKUJ EQORCP[ VQ DWKNF CPF QRGTCVG C JQVGN KP8CTCFGTQÒ %WDCrU OCKP DGCEJ TGUQTV CTGC‚ VJG JQVGN QRGPGF KP Ï‰‰ÌÔÈÈ

%%%%WWWWDDDDCCCCrrrrUUUU ''''EEEEQQQQPPPPQQQQOOOO[[[[ KKKKPPPP VVVVJJJJGGGG ÏÏÏÏ‰‰‰‰‰‰‰‰ÌÌÌÌUUUU

....QQQQUUUUUUUU QQQQHHHH 5555QQQQXXXXKKKKGGGGVVVV ####KKKKFFFF CCCCPPPPFFFF ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE %%%%TTTTKKKKUUUUKKKKUUUU6JG %/'# UWHHGTGF C OCUUKXG GEQPQOKE UJQEM CU C TGUWNV QH VJG DTGCMWR QH VJG 5QXKGV7PKQPÔ 5QXKGV DNQE GEQPQOKE CUUKUVCPEG VQ %WDCÒ GUVKOCVGF VQ DG ˘È DKNNKQP VQ ˘Á DKNNKQPCPPWCNN[ KP Ï‰‰ÌÒÈË FGENKPGF UJCTRN[ CHVGT Ï‰Â‰ CU KPETGCUKPI RQNKVKECN CPF GEQPQOKERTQDNGOU KP VJG 5QXKGV 7PKQP NGF VQ VJG GXGPVWCN 5QXKGV DTGCMWRÔ 6JG %/'# DGICPEQPFWEVKPI CNN QH KVU VTCFG KP JCTF EWTTGPE[ KP ,CPWCT[ Ï‰‰ÏÔ9KVJ VJG NQUU QH 5QXKGV DNQEGEQPQOKE CUUKUVCPEGÒ %WDC GZRGTKGPEGF C UJCTR TGFWEVKQP KP HQTGKIP VTCFGÒ ETGFKVÒ CKFCPF QKN UWRRN[wCNN RTGXKQWUN[ NCTIGN[ RTQXKFGF D[ VJG 5QXKGV 7PKQPÔÈÁ

0GCTN[ ÍÌ [GCTU QH FGRGPFGPEG QP 5QXKGV GEQPQOKE CUUKUVCPEG CPF UWDUKFK\GF VTCFGJCF ECWUGF UVTWEVWTCN TKIKFKVKGU KP VJG %WDCP GEQPQO[Ò YJKEJOCFG KV FKHHKEWNV HQT %WDCVQ HKPF CNVGTPCVG UWRRNKGTU QT OCTMGVU KP VJG UJQTV VGTOÔ #EEQTFKPI VQ '%.#%Ò VJQUGUVTWEVWTCN TKIKFKVKGU EQPVTKDWVGF VQ %WDCrU JKIJ KPEQOG GNCUVKEKV[ QH KORQTVFGOCPFwOGCPKPI VJCV %WDCrU GEQPQOKE ITQYVJ YCU JKIJN[ FGRGPFGPV QP KORQTVUUWEJ CU HGTVKNK\GTÒ RGUVKEKFGUÒ RGVTQNGWOÒ CPF OCEJKPGT[Ò HQTOGTN[ RTQXKFGF QPUWDUKFK\GF VGTOU D[ VJG 5QXKGV DNQE EQWPVTKGUÔÈÊ 'OGTIGPE[ OGCUWTGU JCNVGF CNN DWVGUUGPVKCN KORQTVU CPF EJCPPGNGF CNN CXCKNCDNG TGUQWTEGU KPVQ GUUGPVKCN UGTXKEGUÔÈÂ (QTGZCORNGÒ VJG NQUU QH NQY"RTKEGF 5QXKGV QKN RNWPIGF %WDC KPVQ CP GPGTI[ ETKUKU KP VJGGCTN[ Ï‰‰ÌU FWTKPI YJKEJ GNGEVTKEKV[ YCU TCVKQPGF VQ CNN DWV RTKQTKV[ GEQPQOKE UGEVQTUUWEJ CU VJG HQTGKIP"GZEJCPIG"GCTPKPI VQWTKUO CPF DKQVGEJPQNQI[ KPFWUVTKGUÔÈ‰

ÈÎ +DKFÔÈÍ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏÁ‰ÔÈÈ '+7Ò %QWPVT[ 4GRQTV„ %WDCÒ &QOKPKECP 4GRWDNKEÒ *CKVKÒ 2WGTVQ 4KEQÒ 0QÔ ÍÒ Ï‰‰ÌÒ RÔ Ï‰ÔÈË%+#Ò9QTNF (CEV $QQMÒ CV JVVR„ÓÓYYYÔQFEKÔIQXÒ TGVTKGXGF #WIÔ ÏÒ ÎÌÌÌÔ #PQVJGT UQWTEG RTQXKFGF

VJG HQNNQYKPI DTGCMFQYP QH CPPWCN 5QXKGV GEQPQOKE CKF VQ %WDC„ ˘Ë DKNNKQP QH GEQPQOKE CUUKUVCPEG‚ ˘ÏDKNNKQP QHOKNKVCT[ CUUKUVCPEG‚ ÏÌOKNNKQP VQPU QH RGVTQNGWOÔ 'ZRQTVGT Ø %WDC„ Nr'UUGPVKGN FrWP/CTEJhÒ RÔ ÍÈÔ

ÈÁ %CTOGNQ /GUC".CIQÒ s#UUGUUKPI 'EQPQOKE CPF 5QEKCN 2GTHQTOCPEG KP VJG %WDCP 6TCPUKVKQP QHVJG Ï‰‰ÌUÒt 9QTNF &GXGNQROGPVÒ Ï‰‰ÂÒ XQNÔ ÎÁÒ 0QÔ ËÒ RRÔ ÂËÊ"ÂÊÁÔ

ÈÊ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÁÍÔÈÂ +DKFÔÒ RÔ ÏËÎÔÈ‰ 75+6% UVCHH KPVGTXKGY YKVJ QHHKEKCNU HTQO VJG (KPNC[ +PUVKVWVGÒ *CXCPCÒ ,WN[ ÏÂÒ ÎÌÌÌÔ

3-9

Agricultural and industrial productionwasdisruptedbecauseof shortagesof fuel andequipment previously obtained from the Soviet bloc.50 By 1994, agriculturalproduction had fallen 54 percent from 1989 levels, and food consumption haddeclined.51 One written submission to the Commission reported declines in Cubanfood importsandmilkproductionduring1989-93dueto thelossof imported feedandfuel.52 While Cuba ranked as one of Latin America’smost prosperous economiesduring thelate1950s,Cuba’s1998per capitagrossdomesticproduct(GDP)of$1,560wasamong the lowest inWestern Hemisphere, ranking aboveonly Haiti, Suriname,Nicaragua, Guyana, and Honduras.53

Moreover, Soviet economic assistance had not helped Cuba’s long-term growthprospectsby promoting economicdiversification.Althoughdescribedasa “relativelyhighly developed Latin American export economy” in 1959 and the early 1960s,54Cuba’s basic economic structure changed very little between then and the 1980s.Sugar and sugar by-productsremained by far Cuba’s leading export (figure 3-4).FFiigguurree 33--44CCuubbaa:: CCoommppoossiittiioonn ooff lleeaaddiinngg eexxppoorrttss,, bbyy sshhaarree,, 11995555--9988

Source: United Nations, ECLAC, Economic Survey of Latin America, 1963, table 265, p. 274, andEIU, Cuba, Dominican Republic, Haiti, Puerto Rico, Annual Supplement, variousyears.

0

20

40

60

80

100

55 58 59 60 63 71 75 80 94 95 98

TobaccoOresSugar and other by-products

Other

Years

50 Jorge F. Pérez-Lòpez, “The Cuban Economic Crisis of the 1990s and the External Sector,” 8thAnnual Meeting of theASCE, Miami, FL, 1998, pp. 395-396.

51Onesourcereportsthatdaily caloric intakefell fromnearly 3,000 caloriesper day in the1980stoas low as1,450 caloriesper day in 1993 (theUSDA-recommended minimumis2,100 to 2,300 caloriesper day). USDA, Economic Research Service, “Cuba’s Agriculture: Collapse and Economic Reform,”Agricultural Outlook, October 1998, p. 26.

52 Richard Garfield, “The Impact of Economic Sanctions on Health and Well-being,”paperprepared for the Relief and Rehabilitation Network, November 1999, written submission to the USITC,received Sept 20, 2000.

53 EIU, Country Profile: Cuba, 1999-2000, table, and ECLAC, Anuario estadístico de AméricaLatina y el Caribe 1999, table 134, at http:/ / www.eclac.cl/ publicaciones/ Estadisticas/ 6/ lcg2066/cuentasII.pdf, retrieved Jan. 4, 2001.

54 ECLAC, Economic Survey of Latin America, 1963, p. 259.

Í"ÏÌ

6QDCEEQ RTQFWEVUÒ UWEJ CU EKICTU CPF EKICTGVVGUÒ YGTG VJG QPN[ OCPWHCEVWTGFRTQFWEVU COQPI %WDCrU NGCFKPI GZRQTVUÒ sCPF GXGP VJGUG CTG RTQFWEGF D[ CRTG"KPFWUVTKCN RTQEGUUÔtËË 6JG %WDCP GEQPQO[ TGOCKPGF JKIJN[ HWGN KPGHHKEKGPV CPFQXGT"URGEKCNK\GF KP C HGY JKIJN[ UWDUKFK\GF EQOOQFKVKGU RTQXKFGF D[ VJG 5QXKGV DNQEEQWPVTKGUÔËÁ (WTVJGTOQTGÒ FGURKVG OCUUKXG 5QXKGV GEQPQOKE CUUKUVCPEG %WDC TGOCKPGFC UOCNN INQDCN OCTMGV TGNCVKXG VQ QVJGT .CVKP #OGTKECP EQWPVTKGUÔ +P EQPVTCUV VQ KVU TCPMCOQPI VJG VQR .CVKP #OGTKECP GZRQTVGTU CPF KORQTVGTU KP Ï‰Ë‰Ò%WDCrU INQDCN GZRQTVUCPF KORQTVU KP Ï‰Â‰ ı˘ÏÔÁ DKNNKQP CPF ˘ÍÔÎ DKNNKQPÒ TGURGEVKXGN[Ù YGTG UKIPKHKECPVN[DGNQY VJQUG QH EQWPVTKGU UWEJ CU %JKNG ı˘ÂÔÏ DKNNKQP CPF ˘ÁÔË DKNNKQPÙÒ %QNQODKC ı˘ËÔÊDKNNKQP CPF ˘ËÔÌ DKNNKQPÙÒ CPF /GZKEQ ı˘ÎÍÔÌ DKNNKQP CPF ˘ÎÍÔÍ DKNNKQPÙÔËÊ

%WDCrU TGCN )&2ËÂ FGENKPGF D[ PGCTN[ ÈÌ RGTEGPV DGVYGGP Ï‰Â‰ CPF Ï‰‰Í‚ %WDCPGZRQTVU FGETGCUGF D[CRRTQZKOCVGN[ VYQ"VJKTFUÒ CPF KORQTVU FGENKPGF D[ VJTGG"HQWTVJUFWTKPI VJG UCOG RGTKQF ıHKIWTG Í"ËÙÔ 7PNKMG VJG ECUG QH COCTMGV GEQPQO[Ò KP YJKEJ VJGEQNNCRUG QH GZRQTV OCTMGVU CPF NQUU QH MG[ UWRRNKGTU YQWNF JCXG TGUWNVGF KPTGQTKGPVCVKQP QH RTQFWEVKQP CPF GEQPQOKE FKUNQECVKQPU KPENWFKPI WPGORNQ[OGPV CPFTGFKUVTKDWVKQP QH KPEQOGÒ '%.#% TGRQTVGF VJCV VJG %WDCP RQNKE[ TGURQPUG YCU VQUCHGIWCTF UQEKCN CPF KPEQOG GSWCNKV[ D[ TCVKQPKPI CXCKNCDNG HQTGKIP GZEJCPIG CPFÒGHHGEVKXGN[Ò RTQVTCEVKPI VJG CFLWUVOGPV RGTKQFÔË‰ 6JG JKIJ KORQTV TGSWKTGOGPV QH%WDCP RTQFWEVKQP HWTVJGT GPVCKNGF C TGFWEVKQP KP %WDCP GEQPQOKE CEVKXKV[Ò NGCFKPI%WDC VQ C XKEKQWU EKTENG KP YJKEJ TGFWEGF ECRKVCN KPHNQYU NKOKVGF %WDCrU CDKNKV[ VQRTQEWTG KORQTVGF KPRWVU PGGFGF HQT RTQFWEVKQPÒ NGCFKPI VQ NQYGT FQOGUVKE RTQFWEVKQPÒTGFWEGF GZRQTVUÒ CPF GXGP NQYGT ECRKVCN KPHNQYUÔÁÌ # NCEM QH KPRWVU CPF YQTMKPIECRKVCN CFXGTUGN[ CHHGEVGF RTQFWEVKQP KP CNN UGEVQTUÔÁÏ

6Q CFLWUV VQ VJG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEGÒ VJG %WDCP )QXGTPOGPVKORNGOGPVGF CP GEQPQOKE CFLWUVOGPV RTQITCO KP Ï‰‰Ì TGHGTTGF VQ CU C s5RGEKCN2GTKQF KP 2GCEGVKOGÔtÁÎ #WUVGTKV[ OGCUWTGU YGTG KORNGOGPVGF VQ TGFWEG FQOGUVKEFGOCPF CPF TCVKQP CXCKNCDNG TGUQWTEGUÔ (QTGKIP GZEJCPIG PGGFGF VQ CESWKTGKORQTVGF KPRWVU YCU RTQXKFGF QP C RTKQTKV[ DCUKU QPN[ VQ KPFWUVTKGU VJCV IGPGTCVGFHQTGKIP GZEJCPIGÔÁÍ9JGP CWUVGTKV[ OGCUWTGU CNQPG RTQXGF KPUWHHKEKGPVÒ DGIKPPKPI KPÏ‰‰ÍÒ %WDC KPVTQFWEGF GEQPQOKE TGHQTOU YKVJ OCTMGV"QTKGPVGF GNGOGPVUÔÁÈ

ËË '+7Ò %WDCÒ &QOKPKECP 4GRWDNKEÒ *CKVKÒ 2WGTVQ 4KEQÒ #PPWCN 5WRRNGOGPVÒ Ï‰ÂÌÒ RÔ ÎÎÔËÁ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÎÏÊ‚ CPF )QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ

%WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ RÔ ÊÔËÊ +/(Ò &KTGEVKQP QH 6TCFG 5VCVKUVKEU ;GCTDQQMÒ XCTKQWU GFKVKQPUÔËÂ 6JG %WDCP )QXGTPOGPV UYKVEJGF HTQO VJG UQEKCNKUV OCVGTKCN RTQFWEV CEEQWPVKPI U[UVGO VQ VJG

KPVGTPCVKQPCNN[ CEEGRVGF PCVKQPCN CEEQWPVU U[UVGO KP Ï‰‰ÁÔ &GURKVG VJKU TGEGPV EJCPIGÒ VJGTG CTG KPJGTGPVNKOKVCVKQPU KP %WDCP GEQPQOKE FCVCÔ #OQPI QVJGT VJKPIUÒ QHHKEKCNN[ TGRQTVGF FCVC FQ PQV KPENWFG %WDCrUHCUV"ITQYKPIÒ FQNNCT"DCUGF KPHQTOCN UGEVQTÔ 'ZCEGTDCVKPI VJG RTQDNGO QH ETGCVKPI C VKOG"UGTKGU QH %WDCrUPCVKQPCN KPEQOGÒ VJG )QXGTPOGPV QH %WDC FKF PQV RWDNKUJ CPPWCN UVCVKUVKECN [GCTDQQMU CHVGT Ï‰Â‰ÒCNVJQWIJ UGNGEVGF UVCVKUVKEU JCXG DGGP RWDNKUJGF KP VJG Ï‰‰ÌUÔ (QT HWTVJGT FKUEWUUKQP QH %WDCP FCVCNKOKVCVKQPUÒ UGG '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÁÊÔ

Ë‰ +DKFÔÒ RÔ ÏËÏÔÁÌ +DKFÔÁÏ '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RRÔ ÎÏ"ÎÍÁÎ(KFGN %CUVTQÒ 5RGGEJ FWTKPI VJG EGTGOQP[OCTMKPI VJG ÍÌVJ #PPKXGTUCT[ QH VJG %QOOKVVGGU HQT VJG

&GHGPUG QH VJG 4GXQNWVKQPÒ QP 5GRVGODGT ÎÂÒ Ï‰‰ÌÔÁÍ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏËÎÔÁÈ +DKFÔÒ RÔ ÁÁÔ

3-11

FFiigguurree 33--55CCuubbaa:: TTrraaddee fflloowwssaanndd GGDDPPggrroowwtthh,, 11998899--9999

Source: ECLAC, La Economia Cubana, table A-1., and ECLAC, Evolutiòn Econòmica, table 1, p. 13.

-4

-2

0

2

4

6

8

10

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

ExportsImportsBalance

GDPgrowth (right axis)

-15

-10

-5

0

5

10

EEccoonnoommiicc RReeffoorrmmssEconomic reformswere introduced to stimulate domestic production, restore importcapacity, and stabilize the economy. These reforms aimed to stimulate economicgrowthandtobetter integrateCuba intotheglobaleconomy.Their practical effectwasto create a “second economy” in Cuba largely outside the scope of the centrallyplannedeconomy,madeupof freemarkets, cooperatives, small businesses, and jointventures with foreign partners. Cuba has not abandoned central planning or theprinciplesof economicsocialism; instead, thecurrentCubaneconomyisoftenreferredto asa “mixed socialist economy” (economía socialista de car‡cter mixto) in whichboththegovernmentandtheprivatesector interacttocoordinateproductionandclearmarkets.65

Theeconomicliteratureshowsextendeddebateaboutthedegreeof commitmentof theCubanGovernment tomarket-oriented reforms, and theextent towhich thesereformsareintended tobepermanentchangesindirection for theCubaneconomy, or merelystop-gap measures to maintain the socialist economic system. Several of theindividualswho testified at theCommission’shearing for this investigation expressedconcernsabout theextentof theCubanGovernment’scommitment tomarket-orientedeconomic reforms.66

65 ECLAC, La Economía Cubana, p. 15.66SeeWilliamR.Hawkins, VisitingFellow, U.S.Businessand IndustryCouncil, transcript, p. 67; Otto

J. Reich, President, RMA International, Inc., transcript, p. 171; DennisK. Hayes, Executive VicePresident,The Cuban American National Foundation, transcript, p. 240; and Jaime Suchlicki, Director andProfessor, Institute for CubanandCuban-AmericanStudies, School of International Studies, University ofMiami, testimony before theUSITC, Sept. 19, 2000, transcript, p. 253; and Antonio Gayoso, EconomicAdvisor, Economic Advisory Services, testimony before theUSITC, Sept. 20, 2000, transcript, p. 560.

Í"ÏÎ

####IIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTCCCCNNNN UUUUGGGGEEEEVVVVQQQQTTTT TTTTGGGGHHHHQQQQTTTTOOOOUUUU

%WDC GZRGTKOGPVGF YKVJ OCTMGV"QTKGPVGF CITKEWNVWTCN TGHQTOU KP VJG Ï‰ÂÌUÔ # HTGGOCTMGV HQT UOCNN HCTOGTU YCU KPVTQFWEGF KP Ï‰ÂÌ VQ CNNQY UOCNN NCPFJQNFGTU QTEQQRGTCVKXGU OCFG WR QH RTKXCVG HCTOGTU VQ UGNN VJGKT UWTRNWU RTQFWEG FKTGEVN[ VQ VJGRWDNKEÔ 6JKU OGCUWTG NGF VQ KPETGCUGF CITKEWNVWTCN RTQFWEVKQPÒ DWV EQPEGTPU CDQWVRTQHKVGGTKPI NGF VQ TGTGIWNCVKQP KP Ï‰ÂÎÒÁÊ CPF VJG OCTMGVU YGTG ENQUGF KP Ï‰ÂÁÔÁÂ

%WDCP CITKEWNVWTCN RTQFWEVKQP KPETGCUGF D[ ÎÔË RGTEGPV CPPWCNN[ FWTKPI VJG Ï‰ÂÌUÒDWV FGENKPGF D[ Â RGTEGPV CPPWCNN[ DGVYGGP Ï‰Â‰ CPF Ï‰‰ÁÒ CHVGT VJG NQUU QH 5QXKGVGEQPQOKE CUUKUVCPEGCPF KPRWVU UWEJ CU HGTVKNK\GT CPF RGUVKEKFGU VJCV VJG 5QXKGV DNQE JCFRTQXKFGFÔÁ‰ /QTG TGEGPV NKDGTCNK\CVKQP OGCUWTGU DGICP KP Ï‰‰ÍÒ YJGP CRRTQZKOCVGN[VYQ"VJKTFU QH IQXGTPOGPV"QYPGF CITKEWNVWTCN NCPF YCU TGFKUVTKDWVGF VQ PGYN[ ETGCVGFEQQRGTCVKXGUÒ VJG 7PKFCFGU $gUKECU FG 2TQFWEEK¿P %QQRGTCVKXC ı7$2%Ò QT DCUKE WPKVUQH EQQRGTCVKXG RTQFWEVKQPÙÔ 7$2%UÒ C ETQUU DGVYGGP EQNNGEVKXG HCTOU CPF EQQRGTCVKXGUÒKP VJGQT[ GPLQ[ OCPCIGTKCN CWVQPQO[Ô # RTQHKV"UJCTKPI UEJGOG YCU KPVTQFWEGF QPUQOG HCTOU VQ HWTVJGT DQQUV RTQFWEVKQPÔ 5OCNNGT RCTEGNU QH NCPF YGTG FKUVTKDWVGF VQKPFKXKFWCN HCTOGTUÔ # MG[ TGUWNV QH VJGUG TGHQTOU YCU C TGFWEVKQP KP VJG COQWPV QH NCPFFKTGEVN[ EQPVTQNNGF D[ VJG %WDCP )QXGTPOGPVÔÊÌ '%.#% TGRQTVGF VJCV HTQO Ï‰ÂÌ VQÏ‰‰ÊÒ VJG UJCTG QH EWNVKXCVGF NCPF FKTGEVN[ WPFGT EQPVTQN QH VJG %WDCP )QXGTPOGPVFGENKPGF HTQOÊÂ VQ ÎÈ RGTEGPVÒ YJKNG VJG UJCTG QH NCPF KP EQQRGTCVKXGU KPETGCUGF HTQOÏÌ VQ ËÊ RGTEGPV CPF VJG UJCTG QH RTKXCVGN[ JGNF NCPF ıPGXGT GPVKTGN[ CDQNKUJGF WPFGT%WDCP UQEKCNKUOÙ KPETGCUGF HTQO ÏÎ VQ Ï‰ RGTEGPV FWTKPI VJG UCOG RGTKQFÔÊÏ

'EQPQOKE KPEGPVKXGU CNUQ YGTG KPVTQFWEGF KP VJG CITKEWNVWTCN UGEVQTÔ 2TQFWEGTU YGTGRGTOKVVGFÒ CHVGT FGNKXGTKPI VJGKT EQPVTCEVGF COQWPVU VQ VJG )QXGTPOGPVÒ VQ UGNN VJGKTUWTRNWU RTQFWEVKQP QP VJG QRGP OCTMGVÔ (CTOGTU OCTMGVU YGTG ETGCVGF KP Ï‰‰È VQCNNQY VJKU UWTRNWU RTQFWEVKQP VQ TGCEJ EQPUWOGTU CV RTKEGU PQV TGIWNCVGF D[ VJG)QXGTPOGPVÔÊÎ 0GY CITKEWNVWTCN OCTMGVU YGTG ETGCVGF KP Ï‰‰‰ VJCV TGRQTVGFN[ CNNQYGXGP ITGCVGT WUG QH OCTMGV"FGVGTOKPGF RTKEKPIÔÊÍ 6JG 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGTGRQTVU VJCV HCTOGTU OCTMGVU PQY JCPFNG ÎË VQ ÍÌ RGTEGPV QH VJG HCTO RTQFWEVUCXCKNCDNG VQ %WDCP EWUVQOGTUÔÊÈ 6JKU KPEGPVKXG"DCUGF HCTO RTQFWEVKQP JCU JGNRGFKPETGCUG VJG UWRRN[Ò FKXGTUKV[Ò CPF CXCKNCDKNKV[ QH HQQF KP %WDCÔÊË 'EQPQOKE TGHQTOUÒKPENWFKPI VJG WUG QH UJQTV"VGTO KPVGTPCVKQPCN HKPCPEKPI VQ KORTQXG VJG EQWPVT[rU

ÁÊ '+7Ò %WDCÒ &QOKPKECP 4GRWDNKEÒ *CKVKÒ 2WGTVQ 4KEQÒ #PPWCN 5WRRNGOGPVÒ Ï‰ÂÍÒ RÔ ‰Ò CPF #PPWCN5WRRNGOGPVÒ Ï‰ÂËÒ RÔ ÏÍÔ

ÁÂ '+7Ò %WDCÒ &QOKPKECP 4GRWDNKEÒ *CKVKÒ 2WGTVQ 4KEQÒ 0QÔ ÍÒ Ï‰‰ÌÒ RÔ ÏÂÔÁ‰ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RRÔ ÎÈÌÔÊÌ 2JKNKR 2GVGTUÒ %WDCP #ITKEWNVWTG„ 5NQY 4QCF VQ 4GEQXGT[Ò #NGZKU FG 6QESWGXKNNG +PUVKVWVKQPÒ /CTEJ

Ï‰‰‰Ò RÔ È‚ CPF '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RÔ ÏÊÔÊÏ '%.#%Ò %WDC„ 'XQNWEK¿P 'EQP¿OKEC FWTCPVG Ï‰‰‰Ò .%Ó/':Ó.ÔÈÈÏÒ ,WN[ ÎÁÒ ÎÌÌÌÒ VCDNG ÏÎÒ

RÔ ÎÊÔÊÎ (QT C OQTG FGVCKNGF CPCN[UKU QH %WDCP HCTOGTU OCTMGVUÒ UGG 2JKNKR 2GVGTUÒ 6JG (CTOGTU /CTMGV„

%TQUUTQCFU QH %WDCrU 0GY 'EQPQO[Ò .GZKPIVQP +PUVKVWVKQPÒ 1EVQDGT ÎÌÌÌÔÊÍ '%.#%Ò %WDC„ 'XQNWEK¿P 'EQP¿OKEC FWTCPVG Ï‰‰‰Ò RÔ ÁÔÊÈ 75&#Ò 'EQPQOKEU 4GUGCTEJ 5GTXKEGÒ s%WDCrU #ITKEWNVWTG„ %QNNCRUG CPF 'EQPQOKE 4GHQTOÒt

RÔ ÎÊÔÊË 2JKNKR 2GVGTUÒ 6JG (CTOGTU /CTMGVÒ RÔ ÏÔ

6666JJJJGGGG 6666YYYYQQQQ %%%%WWWWDDDDCCCCPPPP 2222GGGGUUUUQQQQUUUU6JGTG CTG EWTTGPVN[ VYQ QHHKEKCN %WDCP EWTTGPEKGUÔ 1PG KU C FQOGUVKE EWTTGPE[Ò VJG %WDCP RGUQÒ YJKEJ JCUC HNQCVKPI TCVG GZEJCPIG TCVGÒ EWTTGPVN[ CDQWV ÎÌ RGUQU ˘ÏÔÌÌ ıFQYP HTQO CDQWV ÏËÌ RGUQU VQ VJG FQNNCTKP Ï‰‰ÍÙÔ *QYGXGTÒ FQOGUVKE RGUQU CTG PQV EQPXGTVKDNG QWVUKFG QH %WDC CPF KV KU KNNGICN VQ GZRQTV VJGOÔ 6JGQVJGT %WDCP EWTTGPE[ KU VJG EQPXGTVKDNG RGUQÒ YJKEJ JCU C HKZGF GZEJCPIG TCVG QH Ï RGUQ ˘ÏÔÌÌÒ QT CDQWVVJG UCOG TCVG KP WUG CNOQUV ÈÌ [GCTU CIQÔ 6JG %WDCP )QXGTPOGPV WUGU EQPXGTVKDNG RGUQU HQT QHHKEKCNVTCPUCEVKQPU CPF KP GEQPQOKE UVCVKUVKEUwYJKEJ JGNRU KPUWNCVG %WDC HTQO GZVGTPCN UJQEMU VJCVYQWNF QEEWT KHVJG HNQCVKPI RGUQ TCVG YGTG WUGFÔ

6JG FKXGTIGPEG DGVYGGP VJG HNQCVKPI FQOGUVKE RGUQ CPF VJG HKZGF EQPXGTVKDNG RGUQ GZEJCPIG TCVGU KU CEQPEGTP KP CPCN[UKU QH %WDCP OCETQGEQPQOKE CPF VCTKHH FCVCÔ 9JGP CRRNKGF VQ VJG ECNEWNCVKQP QH CFXCNQTGO VCTKHHUÒ VJG OCTMGV TCVG UWDUVCPVKCNN[ KPETGCUGU VJG CUUGUUGF XCNWG QH KORQTVU CPFÒ EQPUGSWGPVN[ÒVJG CRRNKECDNG VCTKHHÔ

+P CFFKVKQP VQ VJG VYQ RGUQ EWTTGPEKGU KP EKTEWNCVKQPÒ %WDCPUCNUQOC[WUG HQTGKIP EWTTGPEKGUÔ 6JGRTGHGTTGFHQTGKIP EWTTGPE[ KP %WDC KU VJG 7Ô5Ô FQNNCTÒ CPF FQNNCTU EKTEWNCVG CNQPI YKVJ RGUQU HQT OQUV VTCPUCEVKQPU KP%WDCÔ %WDCP EKVK\GPU OC[ JQNF DCPM FGRQUKVU KP RGUQU QT KP FQNNCT"FGPQOKPCVGF CEEQWPVUÔ 5QOGQDUGTXGTU JCXG PQVGF VJG KTQP[ QH %WDCPU WUKPI 7Ô5Ô FQNNCTUÒ FGURKVG 7Ô5Ô GEQPQOKE UCPEVKQPUÔ

6JG %WDCP )QXGTPOGPV TGEGPVN[ JCU UVGRRGF WR GHHQTVU VQ sFG"FQNNCTK\Gt VJG GEQPQO[Ô *KIJGT KPVGTGUV KUPQYRCKF QP RGUQ"FGPQOKPCVGF CEEQWPVU VJCP HQT FQNNCT"FGPQOKPCVGF CEEQWPVUÔ +P GCTN[ ÎÌÌÌÒ HKZGF VGTOEQPXGTVKDNG RGUQ EGTVKHKECVGU QH FGRQUKV YGTG QHHGTGF CV KPVGTGUV TCVGU EQORCTCDNG VQ TCVGU HQTFQNNCT"FGPQOKPCVGF FGRQUKVUÔ

5QWTEGU„ '%.#%Ò %WDC„ 'XQNWEK¡P 'EQP¿OKEC FWTCPVG Ï‰‰‰‚ '+7Ò %QWPVT[ 2TQHKNG„ %WDC‚ CPF)QXGTPOGPVQH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÔ

Í"ÏÍ

CITKEWNVWTCN KPHTCUVTWEVWTGÒÊÁ JCXG JGNRGF %WDCP CITKEWNVWTG VQ TGEQXGT KP TGEGPV [GCTUFGURKVG C FTQWIJV"TGNCVGF UGVDCEM FWTKPI Ï‰‰Ê"‰ÂÔÊÊ

....GGGGIIIICCCCNNNNKKKK\\\\CCCCVVVVKKKKQQQQPPPP QQQQHHHH VVVVJJJJGGGG WWWWUUUUGGGG QQQQHHHH HHHHQQQQTTTTGGGGKKKKIIIIPPPP EEEEWWWWTTTTTTTTGGGGPPPPEEEE[[[[

#U KP OCP[ PQP"OCTMGV GEQPQOKGUÒ C DNCEM OCTMGV GZKUVGF KP %WDC HQT HQTGKIPıRTKOCTKN[ 7Ô5Ô"QTKIKPÙ EQPUWOGT IQQFU VJCV EQWNF QPN[ DG RCKF HQT KP JCTF EWTTGPE[ÔÊÂ

$NCEM"OCTMGV CEVKXKV[ GZRCPFGF UKIPKHKECPVN[ FWTKPI Ï‰‰Ì"‰ÍÒ CU VJG %WDCP)QXGTPOGPVrU CWUVGTKV[ OGCUWTGU JCNVGF PQPGUUGPVKCN KORQTVUÔÊ‰ %WDCPU CEVKXGN[VTCFGF PQPEQPXGTVKDNG RGUQU HQT JCTF EWTTGPE[ KP VJG EQWPVT[rU HQTGKIP"GZEJCPIGDNCEM OCTMGVÔ %WDCPU YJQ TGEGKXGF JCTF EWTTGPE[wOQUVN[ 7Ô5Ô FQNNCTUwHTQOTGNCVKXGU CDTQCF EQPXGTVGF FQNNCTU HQT RGUQU KP VJG DNCEM OCTMGVÔ ı(QTGKIP EWTTGPE[EQWNF QPN[ DG URGPV KP UQ"ECNNGF FQNNCT UVQTGU VJCV YGTG QRGP RTKOCTKN[ VQ FKRNQOCVUCPF HQTGKIP XKUKVQTUÒ DWV QHH NKOKVU VQ QTFKPCT[ %WDCP EKVK\GPUÔÙ 6JG DNCEM OCTMGV HQTHQTGKIP GZEJCPIG EQPVTKDWVGF VQ VJG ITQYVJ QH GZEGUU NKSWKFKV[ KP VJG %WDCP GEQPQO[ÒCPF FTQXG WR FQOGUVKE RTKEGUÔ $[ RTKPVKPI OQPG[ VQ EQXGT VJG EQWPVT[rU YKFGPKPIFGHKEKVÒ VJG %WDCP )QXGTPOGPV GZCEGTDCVGF VJGUG RTQDNGOU CPF VJG XCNWG QH VJG RGUQEQNNCRUGFwIKXKPI %WDCPU [GV CPQVJGT TGCUQP VQ RTGHGT VQ WUG FQNNCTUÔÂÌ

ÊÁ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÎÂ‰ÔÊÊ 75&#Ò 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ s%WDCrU #ITKEWNVWTG„ %QNNCRUG CPF 'EQPQOKE 4GHQTOÒt

RRÔ ÎÁ"ÎÂÔÊÂ )QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ

RÔ ‰ÔÊ‰ '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RÔ Î‰ÔÂÌ #PC ,WNKC ,CVCTÒ s%WDC„ +U #OGTKECPw5ºÒ # $TKIJV (WVWTGÒt #ETQUU VJG $QCTFÒ ,WN["#WIWUV ÎÌÌÌÒ

RÔ ÎÎÔ

Í"ÏÈ

6Q UVGO VJG ITQYVJ QH VJG DNCEM OCTMGVÒ RQUUGUUKQP CPF WUG QH HQTGKIP EWTTGPE[ YKVJKP%WDC YCU FGETKOKPCNK\GF KP Ï‰‰ÍÒ CPF UJQTVN[ CHVGTYCTF VJG FQNNCT UVQTGU YGTGQRGPGF VQ CNN %WDCPUÔÂÏ 6JKU JGNRGF VQ ETGCVG CP GUECRG XCNXG HQT KPHNCVKQPCT[RTGUUWTGÒ YJKNG HCEKNKVCVKPI VJG HNQY QH HQTGKIP TGOKVVCPEGU ıFKUEWUUGF DGNQYÙ VQ UWRRQTVFQOGUVKE FGOCPFÔÂÎ +P Ï‰‰ÈÒ VJG EQPXGTVKDNG RGUQ YCU KPVTQFWEGFÒ YKVJ C XCNWG UGV CVRCT YKVJ VJG 7Ô5Ô FQNNCT CPF YKVJ HWNN JCTF"EWTTGPE[ DCEMKPIÔ +P Ï‰‰ËÒ VJG GZEJCPIG QHHQTOGTN[ PQPEQPXGTVKDNG RGUQU HQT HQTGKIP EWTTGPE[ CV C OCTMGV TCVG YCU NGICNK\GFVJTQWIJ QHHKEKCN HQTGKIP"GZEJCPIG DWTGCWU QRGTCVGF D[ VJG %WDCP )QXGTPOGPVÔ%WDCPU YGTG CWVJQTK\GF VQ QRGP DCPM CEEQWPVU FGPQOKPCVGF KP HQTGKIP EWTTGPEKGU KPÏ‰‰ËÔ %WDCP QHHKEKCNU TGRQTVGFN[ GPXKUKQP C WPKHKGF GZEJCPIGÒ DWV PQ VKOGVCDNG JCUDGGP UGV HQT VJKUÔÂÍ

+PVTQFWEVKQP QH VJG EQPXGTVKDNG RGUQ JCU DGGP ECNNGF VJG OQUV KORQTVCPV GEQPQOKETGHQTO KP TGEGPV [GCTUÔÂÈ 2GUQ EQPXGTVKDKNKV[ JCU CEEGNGTCVGF VJG GZRCPUKQP QH C FWCNGEQPQO[wQPG VJCV WUGU RGUQU CPF QPG VJCV WUGU FQNNCTUÔ 6JG VTCFKVKQPCNÒ RGUQ"DCUGFEQORQPGPV QH VJG %WDCP GEQPQO[Ò KPENWFKPI UWICT CPF OQUV CITKEWNVWTCN RTQFWEVKQPÒGFWECVKQPÒ CPF JGCNVJ UGTXKEGUÒ TGOCKPU WPFGT EGPVTCN"IQXGTPOGPV RNCPPKPIÔ 6JGEQPXGTVKDNG RGUQ KU ETGFKVGF YKVJ URWTTKPI VJG OKF"Ï‰‰ÌU ITQYVJ KP %WDCrUFQNNCT"DCUGF GEQPQO[Ò KPENWFKPI VQWTKUO CPF GZRQTV"QTKGPVGF CITKEWNVWTG UWEJ CUEKVTWU RTQFWEVKQPÔ 6JG FQNNCT"DCUGF GEQPQO[ EQORGVGU KP KPVGTPCVKQPCN OCTMGVU QP VJGDCUKU QH KPVGTPCVKQPCN EQORGVKVKXGPGUU CPF SWCNKV[Ò CPF YCU C MG[ GNGOGPV QH %WDCrUKORTQXGF GEQPQOKE RGTHQTOCPEG CHVGT VJG OKF"Ï‰‰ÌUÔÂË

/CP[ UQWTEGU JCXG CPCN[\GF VJG KORCEV QH sFQNNCTK\CVKQPt QH VJG %WDCP GEQPQO[CPFVJG GZVGPV VQ YJKEJ C FWCN GEQPQO[ RTQOQVGU UQEKCN KPGSWCNKV[ KP VJCV %WDCPU YKVJCEEGUU VQ FQNNCTU CTG DGVVGT QHH VJCP VJQUG YKVJQWVÔÂÁ 4GCN GCTPKPIU QH OQUVRWDNKE"UGEVQT YQTMGTU JCXG FGENKPGFÒ YJKNG YQTMGTU KP JKIJ"RTKQTKV[ UGEVQTUıGZRQTV"QTKGPVGF KPFWUVTKGUÒ HQQF CPF GPGTI[ RTQFWEVKQPÒ CPF VQWTKUOÙ TGEGKXGDQPWUGU QT RCTVKCN RC[OGPV KP FQNNCTUÔÂÊ /QTGQXGTÒ YKFGURTGCF WUG QH FQNNCTU CPFQVJGT HQTGKIP GZEJCPIG OGCPU VJCV %WDCP OQPGVCT[ CWVJQTKVKGU JCXG NGUU CDKNKV[ VQEQPVTQN VJG EQWPVT[rU OQPG[ UWRRN[Ô +P RCTVÒ PGY VCZGU CPF WUGT HGGU JCXG JGNRGFTGFWEG UQOG QH VJKU GZEGUU NKSWKFKV[ ıUGG VJG FKUEWUUKQP QP HKUECNOCPCIGOGPV DGNQYÙÔ +PÏ‰‰‰Ò VJG %WDCP )QXGTPOGPV CPPQWPEGF RNCPU VQ CFQRV VJG GWTQ HQT QHHKEKCNVTCPUCEVKQPUÒ DWV VJKU OGCUWTG JCU PQV DGGP KORNGOGPVGF CU QH VJKU YTKVKPIÔ

ÂÏ )QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒRÔ ÊÔ

ÂÎ '%.#%Ò .C 'EQPQOºC %WDCPCÒ R ÊÏÔÂÍ '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RÔ Î‰ÔÂÈ 4QIGT 4Ô $GVCPEQWTVÒ s%WDCrU 'EQPQOKE 4GHQTOU„ 9CKVKPI HQT (KFGN QP VJG 'XG QH VJG 6YGPV["(KTUV

%GPVWT[Òt V[RGUETKRVÒ &GRCTVOGPV QH 'EQPQOKEUÒ 7PKXGTUKV[ QH /CT[NCPFÒ #WIWUV Ï‰‰‰Ò RÔ ÊÔÂË '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏËÈÔÂÁ 2JKNKR 2GVGTUÒ %WDCPU KP 6TCPUKVKQP„ 6JG 2GQRNG QH %WDCrU 0GY 'EQPQO[Ò #NGZKU FG 6QESWGXKNNG

+PUVKVWVKQPÒ /CTEJ Ï‰‰‰‚ ,WNKC 5YGKIÒ s*CPIKPI 1P„ 6JG %WDCP 'EQPQO[ CV VJG 'PF QH *KUVQT[Òt 6JG/KNMGP +PUVKVWVG 4GXKGYÒ ÎPF 3WCTVGT ÎÌÌÌÒ RÔ ÎË‚ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ËÈ‚ )QXGTPOGPV QH%CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ RÔ ÈÌ‚ CPF 6TCPU#HTKEC(QTWOÒ (QTV[ ;GCTU QH *QUVKNKV[„ %QPUGSWGPEGU QH VJG 7PKVGF 5VCVGU 'EQPQOKE 'ODCTIQ QP %WDCÒ Ï‰‰‰Ò CVJVVR„ÓÓVTCPUCHTKECHQTWOÔQTIÓTGRQTVUÓEWDCAÌÏÌÎAÌÁ‰‰ÔUJVONÒ TGVTKGXGF 0QXÔ ÎËÒ ÎÌÌÌÔ

ÂÊ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ËÈÔ

Í"ÏË

....GGGGIIIICCCCNNNNKKKK\\\\CCCCVVVVKKKKQQQQPPPP QQQQHHHH NNNNKKKKOOOOKKKKVVVVGGGGFFFF HHHHQQQQTTTTOOOOUUUU QQQQHHHH UUUUGGGGNNNNHHHH""""GGGGOOOORRRRNNNNQQQQ[[[[OOOOGGGGPPPPVVVV+P Ï‰Â‰Ò VJG %WDCP GEQPQO[ YCU D[ CNN TGRQTVU CV HWNN GORNQ[OGPVÔÂÂ 6JG GEQPQOKEETKUKU ECWUGF D[ VJG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEG NGF VQ C TKUG KP WPGORNQ[OGPVÔ#NVJQWIJ VJG RWDNKE UGEVQT DGECOG VJG NCTIGUV GORNQ[GT KP RQUV"Ï‰Ë‰ %WDCÒ C NKOKVGFCOQWPV QH UGNH"GORNQ[OGPV TGOCKPGFÒÂ‰ YKVJ TGRQTVGFN[ Î‰ÒÌÌÌ TGIKUVGTGFUGNH"GORNQ[GF YQTMGTU KP %WDC DGHQTG Ï‰‰ÌÔ +P 5GRVGODGT Ï‰‰ÍÒ VJG %WDCP)QXGTPOGPV NGICNK\GF UGNH"GORNQ[OGPV KP C YKFG TCPIG QH VTCFGÒ ETCHVÒ CPF UGTXKEGUUGEVQTUÔ $[ Ï‰‰ÂÒ VJGTG YGTG TGRQTVGFN[ OQTG VJCP ÏÁÌÒÌÌÌ UGNH"GORNQ[GF %WDCPUÔ‰Ì

'ZRCPUKQP QH VJG UEQRG QH UGNH"GORNQ[OGPV QRRQTVWPKVKGU YCU CP KORQTVCPV EQORQPGPVQH %WDCrU GHHQTVU VQ TGFWEG VJG UK\G QH VJG RWDNKE UGEVQTÒ EWV IQXGTPOGPV URGPFKPIÒ CPFTGFWEG VJG )QXGTPOGPVrU TQNG KP OGGVKPI FQOGUVKE FGOCPF HQT EGTVCKP IQQFU CPFUGTXKEGUÔ *QYGXGTÒ VJG %WDCP)QXGTPOGPV sYCU PQVwCPF UVKNN KUPrVwEQOHQTVCDNGYKVJC HNQWTKUJKPI ECRKVCNKUV GPENCXG QH %WDCPUÒt FGURKVG VJG HCEV VJCV KV sTGNKGU QPUGNH"GORNQ[OGPV HQT WPGORNQ[OGPV TGNKGHÒ VCZ TGXGPWGÒ CPF VJG KPEQTRQTCVKQP QH OQTG%WDCPU KPVQ VJG FQNNCT GEQPQO[Ôt‰Ï #EEQTFKPI VQ QPG TGRQTVÒ sVJG PWODGT QH NKEGPUGFGPVTGRTGPGWTU KP %WDC JCU FGENKPGF CDQWV ÎÌ RGTEGPV HTQO KVU RGCM KP Ï‰‰ÁÒ EQKPEKFKPIYKVJ VJG KORQUKVKQP QH KPEQOG VCZGU CPF GPHQTEGOGPV QH TGIWNCVKQPUÔt‰Î $GECWUGUGNH"GORNQ[OGPV KU ENQUGN[ CUUQEKCVGF YKVJ %WDCrU RQUV"5QXKGV CWUVGTKV[ OGCUWTGUÒs=O?CP[ %WDCPU JCXG KPVGTRTGVGF VJKU VQ OGCP VJCV UGNH"GORNQ[OGPV KU VGORQTCT[Ôt‰Í

++++OOOORRRRTTTTQQQQXXXXGGGGFFFF HHHHKKKKUUUUEEEECCCCNNNN OOOOCCCCPPPPCCCCIIIIGGGGOOOOGGGGPPPPVVVV# PGY EGPVTCN DCPMÒ VJG $CPEQ %GPVTCN FG %WDCÒ YCU GUVCDNKUJGF KP Ï‰‰Ê VQ QRGTCVGYKVJ OQFGTP EGPVTCN DCPMKPI HWPEVKQPUÔ %WDC KORNGOGPVGF UGXGTCN UVGRU VQ OQFGTPK\GVJG DCPMKPI U[UVGOwVJG FQOGUVKE DCPMKPI U[UVGO YCU EQORWVGTK\GFÒ C ENGCTKPIU[UVGO GUVCDNKUJGFÒ CPF CWVQOCVKE VGNNGT OCEJKPGU ı#6/UÙ KPUVCNNGF VJTQWIJQWV VJGEQWPVT[Ô‰È

2CTV QH %WDCrU RQUV"5QXKGV CWUVGTKV[ OGCUWTGU KPENWFGF UJCTR EWVU KP IQXGTPOGPVURGPFKPI CPF KORTQXGF HKUECN OCPCIGOGPVÔ 6JG UJCTRGUV EWVU QEEWTTGF KPIQXGTPOGPV"QYPGF GPVGTRTKUGUÒ FGHGPUG URGPFKPIÒ CPF IQXGTPOGPV KPXGUVOGPVÔ %WDCKU RJCUKPI KP VJG WUG QH UVCPFCTF KPVGTPCVKQPCN CEEQWPVKPI RTCEVKEGU KP KVU DWFIGVKPIRTQEGUUÔ )QXGTPOGPV"QYPGF GPVGTRTKUGU YGTG TGQTICPK\GF CU CWVQPQOQWU WPKVUQRGTCVKPI VJGKT QYP CEEQWPVU KPUVGCF QH UKORN[ VTCPUHGTTKPI GCTPKPIU VQ CPF FTCYKPI

ÂÂ +DKFÔÒ RÔ ËÍÔÂ‰ 6JG %WDCP 9C[Ò RÔ ÊÌÔ‰Ì +DKFÔÒ CPF 2JKNKR 2GVGTUÒ %WDCrU 0GY 'PVTGRTGPGWTU„ (KXG ;GCTU QH 5OCNN"5ECNG %CRKVCNKUOÒ #NGZKU

FG 6QESWGXKNNG +PUVKVWVKQPÒ #WIWUV Ï‰‰ÂÒ RÔ ÎÔ‰Ï #PC ,WNKC ,CVCTÒ s%WDC„ +U #OGTKECPw5ºÒ # $TKIJV (WVWTGÒt #ETQUU VJG $QCTFÒ ,WN["#WIWUV ÎÌÌÌÒ

RÔ ÊÏÔ‰Î 2JKNKR 2GVGTUÒ %WDCPU KP 6TCPUKVKQP„ 6JG 2GQRNG QH %WDCrU 0GY 'EQPQO[Ò #NGZKU FG 6QESWGXKNNG

+PUVKVWVKQPÒ /CTEJ Ï‰‰‰Ò RÔ ÍÔ‰Í #PC ,WNKC ,CVCTÒ s%WDC„ +U #OGTKECPw5ºÒ # $TKIJV (WVWTGÒt #ETQUU VJG $QCTFÒ ,WN["#WIWUV ÎÌÌÌÒ

RÔ ÊÌ‰È %GPVTCN $CPM QH %WDCÒ s%WDCP $CPMKPI CPF (KPCPEKCN 5[UVGOÒt DTKGHKPI FQEWOGPVÒ #RTKN Ï‰‰‰Ô

Í"ÏÁ

EGPVTCNN[ RNCPPGF TGUQWTEGU HTQO VJG )QXGTPOGPVÔ‰Ë &GETGG .CY ‰Î QH Ï‰‰‰ CKOU VQKPETGCUG VTCPURCTGPE[ KP EGPVTCN IQXGTPOGPV RNCPPKPI CPF VJG OCPCIGOGPV QH RWDNKEHKPCPEGUÒ‰Á DWV QPN[ NKOKVGF RTQITGUU TGRQTVGFN[ JCU DGGP CEJKGXGF VQ FCVGÔ‰Ê

4GRQTVGF FGHGPUG URGPFKPI YCU EWV D[ QPG"VJKTF DGVYGGP Ï‰‰Ì CPF Ï‰‰ÂÔ %WDCKPETGCUKPIN[ JCU VWTPGF VQ HQTGKIP KPXGUVQTU ıUGG VJG FKUEWUUKQP QH HQTGKIP KPXGUVOGPVDGNQYÙ VQ TGDWKNF VJG GEQPQOKE KPHTCUVTWEVWTGÔ‰Â

&KTGEV VCZCVKQPÒ NCTIGN[ CDQNKUJGF UKPEG Ï‰ÁÊÒYCU TGKPVTQFWEGF KP Ï‰‰È VQ JGNR TGFWEGVJG HKUECN FGHKEKV ECWUGF D[ VJG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEGÔ‰‰ 6JG 6CZ 5[UVGO.CY ı.CY0WODGT ÊÍÙ QH Ï‰‰È UGV QWV VJG IGPGTCN VCZCVKQP U[UVGOÔ $GIKPPKPI KP Ï‰‰ÁÒUGNH"GORNQ[GF KPFKXKFWCNU YGTG TGSWKTGF VQ RC[ KPEQOG VCZ‚ VJG %WDCP )QXGTPOGPVUVGRRGF WR GPHQTEGOGPV QH VCZ TGIWNCVKQPU KP Ï‰‰ÊÔÏÌÌ 0GY VCZGUÒ WUGT EJCTIGUÒ CPFRTKEG KPETGCUGU QP PQPGUUGPVKCN IQQFU KORTQXGF VJG )QXGTPOGPVrU ECRKVCN CEEQWPVCPF JGNRGF TGFWEG GZEGUU NKSWKFKV[ KP VJG GEQPQO[ÔÏÌÏ #OQPI VJQUG PGY VCZGU CPFPGY WUGT EJCTIGUÒ VJG %WDCP )QXGTPOGPV KORQUGFÒ DGIKPPKPI KP Ï‰‰ÈÒ PQOKPCNEJCTIGU HQT EGTVCKP RTGXKQWUN[ HTGG IQXGTPOGPV"RTQXKFGF UGTXKEGU UWEJ CU UEJQQNOGCNU CPF XKVCOKP UWRRNGOGPVUÒÏÌÎ CU YGNN CU NGXKGU QP RTGXKQWUN[ WPVCZGF EQPUWOGTIQQFU UWEJ CU VQDCEEQ CPF CNEQJQNKE DGXGTCIGUÔ 4GCN GUVCVG TGPVCN RTQRGTV[ YCUNGICNK\GF KP Ï‰‰ÊÒ ETGCVKPI C PGY UQWTEG QH VCZ TGXGPWGÔÏÌÍ 0GXGTVJGNGUUÒ FGURKVG VJGETKUKU ECWUGF D[ VJG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEGÒ %WDC FKF PQV TGFWEG VJG JKIJRTKQTKV[ CUUKIPGF VQ DCUKE UQEKCN URGPFKPIÔ *GCNVJ URGPFKPI TGOCKPGF CNOQUV EQPUVCPVKP RGUQ VGTOUÒ GFWECVKQP URGPFKPI FGENKPGF OCTIKPCNN[Ò CPF UQEKCN UGEWTKV[ RC[OGPVUKPETGCUGF DGVYGGP Ï‰Â‰ CPF Ï‰‰ÂÔÏÌÈ

((((QQQQTTTTGGGGKKKKIIIIPPPP VVVVTTTTCCCCFFFFGGGG CCCCPPPPFFFF CCCCKKKKFFFF6JG FKUUQNWVKQP QH VJG 5QXKGV DNQE HQTEGF %WDC VQ HKPF PGY GZRQTV OCTMGVUÔ 5QOG ÂÌRGTEGPV QH VQVCN %WDCP VTCFG KP Ï‰Â‰ YCU YKVJ UQEKCNKUV EQWPVTKGU‚ %WDCrU VTCFG YKVJVJQUG HQTOGTN[ UQEKCNKUV EQWPVTKGU FGENKPGF VQ ÏÎ RGTEGPV D[ Ï‰‰ÈÔÏÌË 6JG %WDCP)QXGTPOGPV VQQM UVGRU VQ DGVVGT KPVGITCVG %WDC KPVQ VJG INQDCN GEQPQO[ VJTQWIJKPETGCUGF RCTVKEKRCVKQP KP TGIKQPCN VTCFG CTTCPIGOGPVUÔ %WDCrU RCTVKEKRCVKQP KUTGUVTKEVGF VQ VTCFG CPF GEQPQOKE QTICPK\CVKQPU PQV UWDLGEV VQ C 7Ô5Ô XGVQÔ 6JWUÒ %WDC KUGZENWFGF HTQO VJG 1#5Ò VJG +PVGT"#OGTKECP &GXGNQROGPV $CPMÒ CPF VJG PGIQVKCVKQPUQP VJG (TGG 6TCFG #TGC QH VJG #OGTKECUÔ *QYGXGTÒ %WDC YCU C HQWPFKPI OGODGT QHVJG #UUQEKCVKQP QH %CTKDDGCP 5VCVGUÒ CPF LQKPGF VJG .CVKP #OGTKECP +PVGITCVKQP

‰Ë '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÊÍÔ‰Á '%.#%Ò .C 'XQNWEK¿P 'EQP¿OKEC FWTCPVG Ï‰‰‰Ò RRÔ È"ËÔ‰Ê 7Ô5Ô"%WDCP 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ s#VVQTPG[ )GPGTCN 4GRQTVU ËÒÂÌÌ %CUGU QH

%QTTWRVKQP KP ÎÌÌÌÒt 'EQPQOKE '[G QP %WDCÒ ,CPÔ Ï"ÊÒ ÎÌÌÏÒ RÔ ËÔ‰Â '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RRÔ ÏÁ"ÏÊÔ‰‰ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ Á‰‚ CPF '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RÔ Î‰ÔÏÌÌ 2JKNKR 2GVGTUÒ %WDCrU 0GY 'PVTGRTGPGWTU„ (KXG ;GCTU QH 5OCNN"5ECNG %CRKVCNKUOÒ #NGZKU FG

6QESWGXKNNG +PUVKVWVKQPÒ #WIWUV Ï‰‰ÂÒ RÔ ÈÔÏÌÏ '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RRÔ ÏÁ"ÏÊÔÏÌÎ +CP ,GHHTKGUÒ # )WKFG VQ 'EQPQOKGU KP 6TCPUKVKQPÒ ı.QPFQP„ 4QWVNGFIGÒ Ï‰‰ÁÙÔÏÌÍ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÊÊÔÏÌÈ +DKFÔÒ VCDNG #ÔÊ‚ CPF '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RRÔ ÏÁ"ÏÊÔÏÌË '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÂÌÔ

Í"ÏÊ

#UUQEKCVKQP ı.#+#Ù KP Ï‰‰‰ÔÏÌÁ %WDCYCU ITCPVGF QDUGTXGT UVCVWU CV OGGVKPIU DGVYGGPVJG 'WTQRGCP 7PKQP ı'7Ù CPF VJG #HTKECPÒ %CTKDDGCPÒ CPF 2CEKHKE ı#%2Ù EQWPVTKGURWTUWCPV VQ PGIQVKCVKQPU HQT C PGY RTGHGTGPVKCN VTCFG CTTCPIGOGPV ıVJG %QVQPQW%QPXGPVKQPÙ VQ TGRNCEG VJG .QOh %QPXGPVKQPÔÏÌÊ %WDC JCU UQWIJV KPETGCUGFRCTVKEKRCVKQP KP .CVKP #OGTKECP TGIKQPCN VTCFKPI ITQWRU UWEJ CU VJG %CTKDDGCP%QOOWPKV[ ı%#4+%1/Ù CPF VJG 5QWVJGTP %QOOQP /CTMGV ı/GTEQUWTÙÒ YJKEJKPENWFGU #TIGPVKPCÒ $TC\KNÒ 2CTCIWC[Ò CPF 7TWIWC[ÔÏÌÂ

%WDCP VCTKHHU CTG UWDLGEV VQ 961 FKUEKRNKPGUÒ YJKEJ FKUVKPIWKUJ DGVYGGPOQUV"HCXQTGF"PCVKQP ı/(0Ù TCVGU CPF QVJGT VCTKHH TCVGUÔ %WDCP /(0 VCTKHH TCVGU CTGCRRNKGF VQ KORQTVU HTQO KVU NCTIGUV VTCFKPI RCTVPGTUÒ KPENWFKPI %CPCFC CPF ,CRCPÔ(QNNQYKPI VCTKHH TGFWEVKQPU KP Ï‰‰ÊÒ %WDCrU UKORNG CXGTCIG IGPGTCN VCTKHH YCU ÏÁÔ‰RGTEGPV CF XCNQTGO ıFQYP HTQO ËÏÔË RGTEGPV KP Ï‰‰ÌÙ YKVJ C OCZKOWO TCVG QH ÈÌRGTEGPVÒ XGTUWU CP CXGTCIG/(0 VCTKHH QH ÏÌÔÊ RGTEGPV ıFQYP HTQO ÏÊ RGTEGPV KP Ï‰‰ÌÙYKVJ C OCZKOWO TCVG QH ÍÌ RGTEGPVÔ #U C OGODGT QH .#+#Ò %WDC CHHQTFU RTGHGTGPVKCNVCTKHH TCVGU ıDGNQY /(0 TCVGUÙ VQ EGTVCKP NGUU"FGXGNQRGF .CVKP #OGTKECP OGODGTUÔ%WDC CNUQ CHHQTFU RTGHGTGPVKCN VCTKHH TCVGU VQ EGTVCKP FGXGNQRKPI EQWPVTKGU RWTUWCPV VQVJG )NQDCN 5[UVGO QH 6TCFG 2TGHGTGPEGU ı)562ÙÔÏÌ‰ %WDC DGPGHKVU HTQO TGFWEGF FWVKGUWPFGT VJG )GPGTCNK\GF 5[UVGO QH 2TGHGTGPEGU HTQO VJG '7Ò #WUVTCNKCÒ $WNICTKCÒ%CPCFCÒ VJG %\GEJ 4GRWDNKEÒ *WPICT[Ò ,CRCPÒ 0GY <GCNCPFÒ 0QTYC[Ò 2QNCPFÒ CPF5YKV\GTNCPFÔÏÏÌ

# Ï‰‰Î %QPUVKVWVKQPCN COGPFOGPV GPFGF VJG %WDCP )QXGTPOGPVrU OQPQRQN[ QPKORQTVUÒ CPF PQY JWPFTGFU QH IQXGTPOGPV"QYPGF DWV FGEGPVTCNK\GF HKTOU ıYKVJ VJGFGUKIPCVKQP s5Ô#Ôt CHVGT VJGKT PCOGUÙ CTG NKEGPUGF VQ KORQTVÔ 'ZRQTVU VTCFKVKQPCNN[ YGTGECTTKGF QWV GZENWUKXGN[ D[ IQXGTPOGPV"QYPGF GPVGTRTKUGUÒ CU RCTV QH VJG)QXGTPOGPVrUGHHQTVU VQ QDVCKP JCTF"EWTTGPE[ TGUGTXGUÒ GURGEKCNN[ KP VJG ECUG QH CITKEWNVWTGÔÏÏÏ

*QYGXGTÒ HQTGKIP RTKXCVG KPVGTGUVU CTG ICKPKPI CP KPETGCUKPI TQNG KP VJKU CEVKXKV[Ô 'ZRQTVRTQOQVKQP KU VJG IQCN QH &GETGG .CYU 0QÔ ÊÊ CPF ÏÁËÒÏÏÎ YJKEJ CNNQY LQKPV XGPVWTGCTTCPIGOGPVU DGVYGGP HQTGKIP HKTOU CPF %WDCP IQXGTPOGPV"QYPGF

ÏÌÁ.#+# ıCNUQ MPQYP CU VJG#UUQEKCVKQP HQT .CVKP#OGTKECP +PVGITCVKQPÒ QT #.#&+ÙYCU GUVCDNKUJGF KPÏ‰ÂÌ VQ RTQOQVG TGIKQPCN GEQPQOKE EQQRGTCVKQPÔ 6JG ÏÏ QTKIKPCN .#+#OGODGTUYGTG„ #TIGPVKPCÒ $QNKXKCÒ$TC\KNÒ %JKNGÒ %QNQODKCÒ 'EWCFQTÒ /GZKEQÒ 2CTCIWC[Ò 2GTWÒ 7TWIWC[Ò CPF 8GPG\WGNCÔ %WDC DGECOG VJGÏÎVJ .#+# OGODGT KP 0QXGODGT Ï‰‰ÂÔ #.#&+ YGDUKVGÒ CV JVVR„ÓÓYYYÔCNCFKÔQTIÒ TGVTKGXGF QP ,CPÔ ÂÒÎÌÌÏÔ

ÏÌÊ %WDC UWDUGSWGPVN[ YKVJFTGY KVU CRRNKECVKQP VQ LQKP VJG PGY RCTVPGTUJKR DGVYGGP VJG '7 CPF VJG#%2 UVCVGU DGECWUG QH C FKURWVG YKVJ VJG '7 QXGT TGSWKTGOGPVU QP JWOCP TKIJVU CPF VJG TWNG QH NCYÔ#NVJQWIJ %WDCrU FKURWVG YKVJ VJG '7 TGOCKPU WPTGUQNXGF CU QH VJKU YTKVKPIÒ %WDC YCU CFOKVVGF CU C HWNN#%2 OGODGT KP &GEGODGT ÎÌÌÌÔ 7Ô5Ô &GRCTVOGPV QH 5VCVG VGNGITCOÒ s%WDC 9KVJFTCYU $KF VQ ,QKP'7"#%2 2CEVÒt OGUUCIG TGHGTGPEG 0QÔ ÎËÊÏÒ RTGRCTGF D[ 7Ô5Ô /KUUKQP VQ VJG 'WTQRGCP 7PKQPÒ $TWUUGNUÒ#RTKN ÎÂÒ ÎÌÌÌÒ CPF s#%2 )TQWR #FOKVU %WDC CU /GODGTÒt 4GWVGTUÒ &GEÔ ÏÈÒ ÎÌÌÌÔ

ÏÌÂ s%WDC"%#4+%1/ 6TCFG #ITGGOGPV %QOKPIÒt %CTKDDGCP 0GYU #IGPE[Ò ,WPG ÂÒ ÎÌÌÌ‚ CPFs%WDC *QRGU VQ 5KIP 6TGCV[ YKVJ /GTEQUWTÒt 9CNN 5VTGGV ,QWTPCNÒ &GEÔ Î‰Ò ÎÌÌÌÒ RÔ #ÁÔ

ÏÌ‰ 6JG )562 YCU GUVCDNKUJGF D[ FGXGNQRKPI EQWPVTKGU VQ RTQXKFG RTGHGTGPVKCN VTCFKPI DGVYGGP CPFCOQPI RCTVKEKRCVKPI EQWPVTKGUÔ )TQWR QH ÊÊ YGDUKVGÒ CV JVVR„ÓÓYYYÔIÊÊÔQTIÓKPFGZÔJVONÒ TGVTKGXGF ,CPÔËÒ ÎÌÌÏÔ

ÏÏÌ )QXGTPOGPV QH %WDCÒ %GPVGT HQT 'ZRQTV 2TQOQVKQPÒ CV JVVR„ÓÓYYYÔKPHQEGZÔEWÓEGRGEÓKPIÓHTAKPHQÔJVO TGVTKGXGF ,CPÔ ÎÒ ÎÌÌÏÔ

ÏÏÏ 9KNNKCO #Ô /GUUKPCÒ 'ZGEWVKXG %QQTFKPCVQTÒ +PVGTPCVKQPCN #ITKEWNVWTCN 6TCFG CPF &GXGNQROGPV%GPVGTÒ 7PKXGTUKV[ QH (NQTKFC‚ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÏÎÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ËÏ‰Ô

ÏÏÎ 6JGUG %WDCP NCYU CTG TGRTQFWEGF KP '%.#%Ò .C 'EQPQOºC %WDCPCÒ RRÔ ÈÏÂ CPF ÈËÌÔ

Í"ÏÂ

GPVGTRTKUGUÒ KPFWUVTKCN RCTMUÒ CPF HTGG VTCFG \QPGU ı(6<UÙÒ FKUEWUUGF KP OQTG FGVCKNDGNQYÔ

(KIWTGU Í"Á CPF Í"Ê UJQY %WDCrU NGCFKPI VTCFG RCTVPGTU KP Ï‰‰ÂÔ 4WUUKC TGOCKPGF%WDCrU NCTIGUV UKPING GZRQTV FGUVKPCVKQPÒ TGEGKXKPI ÎË RGTEGPV QH %WDCrU GZRQTV XCNWGVJCV [GCT‚ JQYGXGTÒ UKPEG Ï‰‰Ì HQTOGT 5QXKGV DNQE EQWPVTKGU CEEQWPVGF HQT C FGENKPKPIUJCTG QH %WDCrU VQVCN VTCFGÔÏÏÍ 5WICT CPF UWICT RTQFWEVU ıOQNCUUGU CPF JQPG[ÙEQORTKUGF QXGT ‰Ë RGTEGPV QH %WDCP GZRQTVU VQ 4WUUKCÔ 'WTQRG YCU %WDCrU VQR GZRQTVOCTMGV KP Ï‰‰Â‚ VJG 0GVJGTNCPFUÒ 5RCKPÒ CPF (TCPEG VQIGVJGT CEEQWPVGF HQT ÎÁRGTEGPV QH %WDC GZRQTVUÔ %CPCFC YCU %WDCrU VJKTF NGCFKPI GZRQTV OCTMGV CHVGT 4WUUKCCPF VJG 0GVJGTNCPFUÔ %WDCrU OCKP GZRQTV VQ DQVJ VJG 0GVJGTNCPFU CPF %CPCFC YCUPKEMGNÒ YJKNG GZRQTVU VQ 5RCKP CPF (TCPEG YGTG OCKPN[ HQQF RTQFWEVUÔ

0GCTN[ QPG"VJKTF QH %WDCrU Ï‰‰Â KORQTVU QTKIKPCVGF KP VJTGG 'WTQRGCPEQWPVTKGUw5RCKPÒ (TCPEGÒ CPF +VCN[Ô %WDC KORQTVGF C YKFG TCPIG QH RTQFWEVU HTQO5RCKPÒ YJKNG QXGT QPG"JCNH QH KORQTVU HTQO (TCPEG YGTG HQQF RTQFWEVU ıRTKOCTKN[YJGCVÙÔ 8GPG\WGNC YCU %WDCrU UGEQPF NGCFKPI KORQTV RTQXKFGT HQNNQYKPI 5RCKP‚RGVTQNGWORTQFWEVU OCFG WROQTG VJCP ‰Ì RGTEGPV QH %WDCrU KORQTVU HTQO8GPG\WGNCÔ%JKPC CPF 4WUUKC YGTG %WDCrU ÊVJ CPF ‰VJ NGCFKPI UQWTEGU QH KORQTVUÒ TGURGEVKXGN[Ò KPÏ‰‰ÂÔ %WDCrU VQR GZRQTV EQOOQFKVKGU KP Ï‰‰Â YGTG UWICTÒ PKEMGNÒ VQDCEEQÒ UJGNNHKUJÒOGFKECN RTQFWEVUÒ EKVTWUÒ CPF EQHHGG ıHKIWTG Í"ÂÙÒ YJKNG VQR KORQTVU KP Ï‰‰Â YGTGRGVTQNGWOÒ HQQFÒ OCEJKPGT[Ò CPF EJGOKECNU ıHKIWTG Í"‰ÙÔ %WDC TGEGKXGF DKNCVGTCN CPFOWNVKNCVGTCN CKF FWTKPI VJG Ï‰‰ÌU‚ JQYGXGTÒ VJKU GEQPQOKE CKF YCU XGT[ UOCNN YJGPEQORCTGF YKVJ 5QXKGV GEQPQOKE CUUKUVCPEGÔ +P Ï‰‰ÊÒ %WDC TGEGKXGF ˘ÍÎ OKNNKQP KPQHHKEKCN DKNCVGTCN FGXGNQROGPV CUUKUVCPEGÒ OCKPN[ HTQO 5RCKPÒ (TCPEGÒ %CPCFCÒ +VCN[ÒCPF )GTOCP[Ò CPF ˘ÍË OKNNKQP QH QHHKEKCN OWNVKNCVGTCN FGXGNQROGPV CUUKUVCPEG OCKPN[HTQO 7PKVGF 0CVKQPU CIGPEKGUÔ 6JG 7Ô5Ô )QXGTPOGPV TGRQTVGF VJCV UKPEG Ï‰‰ÎÒ VJG7PKVGF 5VCVGU JCU DGGP VJG NCTIGUV FQPQT QH JWOCPKVCTKCP CUUKUVCPEG VQ %WDCÒ CPF JCUNKEGPUGF OQTG VJCP ˘ÎÎÊ OKNNKQP KP JWOCPKVCTKCP FQPCVKQPU QH OGFKEKPGU CPF OGFKECNGSWKROGPV HQT %WDCÔÏÏÈ

((((QQQQTTTTGGGGKKKKIIIIPPPP KKKKPPPPXXXXGGGGUUUUVVVVOOOOGGGGPPPPVVVV6JG PGGF HQT GZVGTPCN HKPCPEKPI VQ OQFGTPK\G VJG FQOGUVKE GEQPQO[ CPF VQ JGNR QHHUGVVJG YKVJFTCYCN QH 5QXKGV GEQPQOKE CUUKUVCPEG YCU C MG[ TGCUQP DGJKPF VJG %WDCP)QXGTPOGPVrU FGEKUKQP VQ NKDGTCNK\G KVU HQTGKIP KPXGUVOGPV TGIKOGÔÏÏË 6JG %WDCPEQPUVKVWVKQP YCU COGPFGF KP Ï‰‰Î VQ RTQXKFGÒ COQPI QVJGT VJKPIUÒ HQT VJG UCNG QHIQXGTPOGPV"QYPGF RTQRGTV[ VQ HQTGKIP KPXGUVQTU CPF VQ TGEQIPK\G RTQRGTV[QYPGTUJKR TKIJVU QH VJGUG PGY HQTOU QH RTQRGTV[ QYPGTUJKRÔÏÏÁ

ÏÏÍ %GPVTCN +PVGNNKIGPEG #IGPE[Ò *CPFDQQM QH 6TCFG 5VCVKUVKEUÒ Ï‰‰‰Ò HQWPF CV +PVGTPGV CFFTGUUJVVR„ÓÓYYYÔQFEKÔIQXÒ TGVTKGXGF /C[ ÎËÒ ÎÌÌÌÔ

ÏÏÈ '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RÔ ÎÂÒ CPF 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ s%WDC„*WOCPKVCTKCP #UUKUVCPEGÒt CV JVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓEWDCÓJWOCPKACKFÔJVONÒTGVTKGXGF 0QXÔ ÎËÒ ÎÌÌÌÔ

ÏÏË '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏÈÔÏÏÁ )QXGTPOGPV QH %WDCÒ 0CVKQPCN #UUGODN[Ò s(QTGKIP +PXGUVOGPV .CYÒt TGRTQFWEGF KP '%.#%Ò .C

'EQPQOºC %WDCPCÒ RÔ ÈÏÊÔ

3-19

FFiigguurree 33--66CCuubbaa:: EExxppoorrttss ttoo lleeaaddiinngg ppaarrttnneerrss,, bbyy sshhaarree,, 11999988

Source: CIA, Handbook of TradeStatistics, 1999.

Percent

Other (29%)

Japan(2%)France (3%)

China (5%)

Spain (8%)Canada (13%)

Netherlands(15%)

Russia (25%)

FFiigguurree 33--77CCuubbaa:: IImmppoorrttss ffrroomm lleeaaddiinngg ppaarrttnneerrss,, bbyy sshhaarree,, 11999988


Percent

Other (35%)

China (4%)

Italy (6%)Mexico (8%)

France (8%)

Canada (9%)

Venezuela (13%)

Spain (17%)

3-20

FFiigguurree 33--88CCuubbaa:: EExxppoorrttssooff lleeaaddiinngg pprroodduuccttss,, bbyy sshhaarree,, 11999988


Percent

Other (14%)

Medical products (2%)Fruit (3%)

Fish (7%)

Tobacco (10%)

Nickel (22%)

Sugar, molasses, honey (42%)

FFiigguurree 33--99CCuubbaa:: IImmppoorrttss ffrroomm lleeaaddiinngg pprroodduuccttss,, bbyy sshhaarree,, 11999988


Percent

Other (4%)Transportation equipment (5%)

Consumer goods(7%)

Chemicals (8%)

Semifinished goods(14%)

Food products (19%)

Fuels (21%)

Machinery (22%)

Í"ÎÏ

0GY HQTGKIP KPXGUVOGPV TGIWNCVKQPU YGTG RTQXKFGF D[ &GETGG .CY ÊÊ QH Ï‰‰ËÒ YJKEJGUVCDNKUJGF EGTVCKP IWCTCPVGGU CICKPUV GZRTQRTKCVKQP QH CUUGVU CPF CNNQYGFÒ COQPIQVJGT VJKPIUÒ HQTGKIP HKTOU VQ VTCPUHGT RTQHKVU CDTQCFÔ +PXGUVOGPV YCU CNNQYGF KP CNNUGEVQTU QH VJG %WDCP GEQPQO[ GZEGRV GFWECVKQPÒ JGCNVJ ECTGÒ CPF FGHGPUGÔÏÏÊ &GETGG.CY ÊÊ YCU C UGNGEVKXG QRGPKPI VQ HQTGKIP KPXGUVOGPVw%WDCP )QXGTPOGPVCWVJQTKVKGU EQPVKPWG VQ UGNGEV KPXGUVOGPV RTQLGEVU CPF HQTGKIP RCTVPGTUÔ #EEQTFKPI VQ%WDCP CWVJQTKVKGUÒ RTQLGEVU OWUV OGGV QPG QT OQTG QH VJG HQNNQYKPI ETKVGTKC„

1 RTQXKFG ECRKVCN HQT VJG %WDCP GEQPQO[‚

1 VTCPUHGT VGEJPQNQI[ VQ %WDC‚ QT

1 DTKPI PGY OCTMGVU HQT %WDCP IQQFU CPF UGTXKEGU QT EQPVTKDWVG VQFGXGNQROGPV QH VJG %WDCP VQWTKUO UGEVQTÔÏÏÂ

&GETGG .CY ÊÊ CNUQ CNNQYU HQTGKIP RCTVPGTU VQ UGNN VJGKT UJCTGU QH VJG KPXGUVOGPVÒ DWVQPN[ VQ RWTEJCUGTU CRRTQXGF D[ VJG %WDCP RCTVPGTÔ 1VJGT RTQXKUKQPU QH &GETGG .CYÊÊÒ KPENWFKPI OQTG FGVCKNGF FKUEWUUKQPU QH LQKPV XGPVWTGU CPF NCDQT TGHQTOUÒ CTGFKUEWUUGF KP OQTG FGVCKN DGNQYÔ

+P CFFKVKQP VQ VJG RTQXKUKQPU QH &GETGG .CY ÊÊÒ &GETGG .CY ÂÌ QH Ï‰‰Á RTQXKFGFCFFGF RTQVGEVKQP HQT HQTGKIP KPXGUVQTUÔ (QTGKIP KPXGUVQTU CTG RGTOKVVGF VQ PGIQVKCVGCFFKVKQPCN KPXGUVOGPV RTQVGEVKQPU QT RTQXKUKQPU KP DKNCVGTCN CEEQTFU YKVJ VJG %WDCP)QXGTPOGPVÒ KPENWFKPI RTQVGEVKQP CICKPUV WPTGCUQPCDNG GZRTQRTKCVKQPÔÏÏ‰ %WDC JCUUKIPGF UWEJ DKNCVGTCN RTQVGEVKQP CITGGOGPVU YKVJ ÈË EQWPVTKGU CU QH GCTN[ ÎÌÌÌÒ CPFJCU PGIQVKCVGF VCZ CITGGOGPVU YKVJ C PWODGT QH KVU EWTTGPV VTCFG CPF KPXGUVOGPVRCTVPGTU VQ CXQKF FQWDNG VCZCVKQPÔÏÎÌ

&CVC QP HQTGKIP KPXGUVOGPV KP %WDC KU FKHHKEWNV VQ QDVCKPÔ 6JG %WDCP )QXGTPOGPVRTQXKFGU QPN[ NKOKVGF ECRKVCN CEEQWPVU FCVCÔ /QTGQXGTÒ 7Ô5Ô GEQPQOKE UCPEVKQPU CPFÒKP RCTVKEWNCTÒ VJG VJTGCV QH 7Ô5Ô NGICN CEVKQP RWTUWCPV VQ VJG Ï‰‰Á *GNOU"$WTVQP #EVı%WDCP .KDGTV[ CPF &GOQETCVKE 5QNKFCTKV[ #EVÙÏÎÏOC[ GPEQWTCIG HQTGKIP KPXGUVQTU PQVVQ TGRQTV CNN QH VJGKT HKPCPEKCN CEVKXKVKGU KP %WDCÔÏÎÎ #EEQTFKPI VQ QPG YKVPGUU CV VJG%QOOKUUKQPrU JGCTKPI HQT VJKU KPXGUVKICVKQPÒ s=O?CP[ HQTGKIP GZGEWVKXGU CTG GZVTGOGN[YCT[ QH FKUEWUUKPI VJGKT DWUKPGUU =KP %WDC?Ò GURGEKCNN[ YKVJ CP#OGTKECPt KP NKIJV QH VJGGZVTCVGTTKVQTKCN TGCEJ QH 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDCÔÏÎÍ 6JG %WDCP)QXGTPOGPV TGRQTVGFN[ JCU KORNGOGPVGF C PWODGT QH FGHGPUKXG CFOKPKUVTCVKXGOGCUWTGU KP TGURQPUG VQ 7Ô5Ô UCPEVKQPUÒ CPF TGRQTVGFN[ JCU EGCUGF RWDNKUJKPI NKUVU QHCRRTQXGF HQTGKIP KPXGUVOGPV RTQLGEVU VQ RTQVGEV KPXGUVQTUÔÏÎÈ

ÏÏÊ %WDCP QHHKEKCNU GZRNCKPGF VJCVÒ DGECWUG %WDC RTQXKFGU WPKXGTUCN GFWECVKQP CPF JGCNVJ ECTGÒHQTGKIP KPXGUVOGPV KP VJQUG UGEVQTU KU PQV FGUKTGFÔ 75+6% UVCHH KPVGTXKGY YKVJ /CTVC .QOCUÒ /KPKUVGT QH(QTGKIP +PXGUVOGPV CPF 'EQPQOKE %QQRGTCVKQPÒ *CXCPCÒ ,WN[ Ï‰Ò ÎÌÌÌÔ

ÏÏÂ +DKFÔÏÏ‰ )QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ

RÔ ÍÎÔÏÎÌ '%.#%Ò %WDC„ 'XQNWEK¿P 'EQP¿OKEKC FWTCPVG Ï‰‰‰Ò RÔ È‚ CPF )QXGTPOGPV QH %CPCFCÒ/KPKUVT[

QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ RÔ ÍÍÔÏÎÏ 6JG *GNOU"$WTVQP #EV KU FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ÎÔÏÎÎ '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RÔ ÎÂÔÏÎÍ 2JKNKR 2GVGTUÒ (QTGKIP +PXGUVOGPV KP %WDCÒ #NGZKU FG 6QESWGXKNNG +PUVKVWVKQPÒ /CTEJ Ï‰‰‰Ò RÔ ÎÔÏÎÈ)QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ

RÔ ÍÁÔ

Í"ÎÎ

4GEGPV RTGUU TGRQTVU JCXG FGUETKDGF C ˘ËÌÌ OKNNKQP (TCPEQ"5RCPKUJ LQKPV XGPVWTGRWTEJCUG QH QPG"JCNH QH VJG %WDCP VQDCEEQ EQORCP[ *CDCPQUÒ CPF C ˘ÏËÌ OKNNKQPKPXGUVOGPV KP VJG %WDCP EGOGPV KPFWUVT[ D[ C 5RCPKUJ EQORCP[ÔÏÎË %WOWNCVKXGHQTGKIP FKTGEV KPXGUVOGPV ı(&+Ù KP %WDC TGRQTVGFN[ VQVCNGF CRRTQZKOCVGN[ ˘Î DKNNKQPFWTKPI Ï‰‰Ì"‰‰Ò ÁÌ RGTEGPV QH YJKEJ YCU HTQO %CPCFC CPF /GZKEQÔÏÎÁ 6JGUG (&+KPHNQYU CTG KPUKIPKHKECPV EQORCTGF YKVJ VJG OCUUKXG UWDUKFKGU %WDC GPLQ[GF HTQO VJG5QXKGV DNQE EQWPVTKGUÔ

&GURKVG VJG RTQXKUKQPU QH &GETGG .CY ÊÊÒ UQOG HQTGKIP KPXGUVQTU EQORNCKP VJCV %WDCrUKPXGUVOGPV TGIKOG TGOCKPU TGUVTKEVKXGÔ (QTGKIP KPXGUVQTU EQORNCKP VJCV %WDCrUKPXGUVOGPV CRRTQXCN RTQEGUU KU VKOG EQPUWOKPI CPF KPXQNXGU PWOGTQWU DWTGCWETCVKEJWTFNGUÔÏÎÊ 1PG TGEGPV TGRQTV EKVGU %WDCrU /KPKUVGT QH (QTGKIP +PXGUVOGPV CU UVCVKPIVJCV %WDC KU sDGKPI OQTG UGNGEVKXG =KP EJQQUKPI HQTGKIP KPXGUVQTU? DGECWUG VJGGEQPQOKE EQPFKVKQPU QH VJG EQWPVT[ JCXG KORTQXGFÔtÏÎÂ &KURWVG CTDKVTCVKQP KU CPQVJGTUQWTEG QH EQORNCKPVUÔ 7PFGT %WDCP NCYÒ FKURWVGU CTG UWRRQUGF VQ DG TGUQNXGF D[%WDCrU (QTGKIP 6TCFG #TDKVTCVKQP %QWTVÒ DWV VJCV RTQEGUU TGRQTVGFN[ JCU HCNNGP KPVQFKUWUG DGECWUG QH EQPEGTPU CDQWV VJG KPFGRGPFGPEG QH VJG CTDKVTCVQTUÔ ,QKPV XGPVWTGCITGGOGPVU YKVJ %WDC ECP URGEKH[ FKURWVG TGUQNWVKQP RTQEGFWTGU QH VJG +PVGTPCVKQPCN%JCODGT QH %QOOGTEG ıYJKEJ %WDC LQKPGF KP Ï‰‰ÂÙ QT QVJGT OGEJCPKUOU WPFGT VJG7PKVGF 0CVKQPU #TDKVTCVKQP 4WNGUÔÏÎ‰

,,,,QQQQKKKKPPPPVVVV XXXXGGGGPPPPVVVVWWWWTTTTGGGG QQQQRRRRGGGGTTTTCCCCVVVVKKKKQQQQPPPPUUUUÔÔÔÔ &GETGG .CY ÊÊ RTQXKFGU HQT VJTGG FKHHGTGPV HQTOU QHKPXGUVOGPVÒ CNN QH YJKEJ KPXQNXG UQOG HQTOQH RCTVPGTUJKR QT EQQRGTCVKQPYKVJ C %WDCPIQXGTPOGPV GPVKV[wC LQKPV XGPVWTGÒ YJKEJ KU C HTGG"UVCPFKPI EQTRQTCVKQP YKVJ UJCTGECRKVCN‚ CP KPVGTPCVKQPCN GEQPQOKE CUUQEKCVKQP EQPVTCEVÒ YJKEJ RTQXKFGU HQT LQKPVCEVKXKVKGU YKVJQWV VJG ETGCVKQP QH C UGRCTCVG NGICN GPVKV[‚ CPF C EQTRQTCVKQP YKVJ VQVCNN[HQTGKIP ECRKVCNÒ YJKEJ QRGTCVGU KP RCTVPGTUJKR YKVJ VJG %WDCP )QXGTPOGPV WUKPIKPXGUVOGPV ECRKVCN RTQXKFGF UQNGN[ D[ VJG HQTGKIP EQORCP[ÔÏÍÌ #EEQTFKPI VQ C%CPCFKCP DWUKPGUU IWKFGÒ sXKTVWCNN[ GXGT[ CURGEV QH LQKPV XGPVWTGU KU PGIQVKCDNGÔtÏÍÏ

9JKNG &GETGG .CY ÊÊ RGTOKVU ÏÌÌ"RGTEGPV YJQNN[ HQTGKIP"QYPGF KPXGUVOGPVUÒ QPN[QPG UWEJ KPXGUVOGPV JCU QEEWTTGF VQ FCVGwC RTQLGEV YKVJ C 2CPCOCPKCP"DCUGFEQORCP[ KP EQPLWPEVKQP YKVJ )GTOCP CPF +UTCGNK GSWKROGPV RTQFWEGTU VQ DWKNF C ˘ÏËOKNNKQP VJGTOCN RQYGT RNCPV QP %WDCrU +UNG QH ;QWVJwCPF VJCV RTQLGEV KU VQ TGXGTV VQ VJG%WDCP )QXGTPOGPV YKVJKP È CPF QPG"JCNH [GCTU WPFGT VJG EQWPVT[rU

ÏÎË 2CUECN (NGVEJGTÒ s*CXCPC 5GGMU VQ 5QQVJG (QTGKIP +PXGUVQTU 1XGT 2TQRGTV[ /GCUWTGÒt (KPCPEKCN6KOGUÒ ,WN[ ÏÂÒ ÎÌÌÌÔ

ÏÎÁ 6JCV GUVKOCVG KU KP NKPG YKVJ C TGEGPV RTGUU TGRQTV QH ˘ÈÔÍ DKNNKQP QH HQTGKIP KPXGUVOGPV KP %WDCVJTQWIJ Ï‰‰‰Ò OQTG VJCP JCNH QH YJKEJ JCF DGGP FGNKXGTGFÔ +DKFÔ

ÏÎÊ)QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒRÔ ÎËÔ

ÏÎÂ /CTVC .QOCUÒ /KPKUVGT QH (QTGKIP +PXGUVOGPV CPF 'EQPQOKE %QQRGTCVKQPÒ SWQVGF KP 2CUECN(NGVEJGTÒ s*CXCPC 5GGMU VQ 5QQVJG (QTGKIP +PXGUVQTU 1XGT 2TQRGTV[ /GCUWTGÒt (KPCPEKCN 6KOGUÒ ,WN[ ÏÂÒÎÌÌÌÔ

ÏÎ‰)QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒRÔ ÍÍÔ

ÏÍÌ +DKFÔÒ RÔ ÎËÔÏÍÏ +DKFÔÒ RÔ ÈË

Í"ÎÍ

sDW["QYP"QRGTCVG"VTCPUHGTt LQKPV XGPVWTG VWTPMG[ RTQITCOÔÏÍÎ 9KVJ VJG CUUKUVCPEG QHLQKPV XGPVWTG RCTVPGTUÒ %WDC KU KPXGUVKPI JGCXKN[ KP VQWTKUOÒ KVU NCTIGUVHQTGKIP"GZEJCPIG"GCTPKPI KPFWUVT[Ô 5KPEG Ï‰‰ÁÒ %WDC JCU RWTUWGF RQVGPVKCNN[NWETCVKXG QHH"UJQTG QKN GZRNQTCVKQP KP VJG %WDCP \QPG QH VJG )WNH QH /GZKEQ YKVJ$TC\KNKCPÒ %CPCFKCPÒ (TGPEJÒ 5RCPKUJÒ CPF 5YGFKUJ KPXGUVQTU‚ EWOWNCVKXG HQTGKIPKPXGUVOGPV KP %WDCrU QKN UGEVQT TGRQTVGFN[ VQVCNU ˘ÁËÌ OKNNKQPÔÏÍÍ

((((TTTTGGGGGGGG VVVVTTTTCCCCFFFFGGGG \\\\QQQQPPPPGGGGUUUU ıııı((((6666<<<<UUUUÙÙÙÙÔÔÔÔ &GETGG .CY ÏÁË QH Ï‰‰Á CWVJQTK\GF VJG GUVCDNKUJOGPV QHKPFWUVTKCN RCTMU CPF (6<UÔ %WDCrU HKTUV (6<U YGTG QRGPGF KP Ï‰‰Ê‚ VJTGG \QPGU CTGEWTTGPVN[ QRGPÒ YKVJ Î‰È EQORCPKGU QRGTCVKPI KP VJGOÔÏÍÈ 1RGTCVKQPU NQECVGF KP (6<UOC[ DG ÏÌÌ"RGTEGPV HQTGKIP QYPGF ıGNKOKPCVKPI VJG PGIQVKCVKQPU PGGFGF VQ HQTO CLQKPV XGPVWTGÒ CU FGUETKDGF CDQXGÙÔ &GURKVG CPGEFQVCN TGRQTVU QH EQORNCKPVU CDQWV VJGDWTGCWETCVKE RTQEGUU QH CRRN[KPI HQT NKEGPUGU VQ QRGTCVG KP (6<UÒ C %CPCFKCP DWUKPGUUIWKFG FGUETKDGU %WDCP (6<U CU sCOQPI VJG OQUV NKDGTCN KP .CVKP #OGTKECÔtÏÍË

1RGTCVKQPU KP (6<U TGEGKXG EGTVCKP VCTKHH CPF VCZ EQPEGUUKQPU CU YGNN CU OQTG HCXQTCDNGKPXGUVOGPV EQPFKVKQPUÔ 0Q FWVKGU CTG RCKF QP KORQTVU KPVQ QT GZRQTVU QWV QH (6<UÔ+PFWUVTKCN RNCPVU KP (6<U CTG GZGORV HTQO KPEQOG CPF NCDQT VCZGU HQT ÏÎ [GCTUÒHQNNQYGF D[ C ËÌ"RGTEGPV GZGORVKQP HQT CPQVJGT Ë [GCTU‚ UGTXKEG CPF EQOOGTEKCNQRGTCVKQPU CTG GZGORV HTQO KPEQOG CPF NCDQT VCZGU HQT Í [GCTU CPF Ë [GCTUÒTGURGEVKXGN[Ô #NVJQWIJ %WDCP (6<U YGTG KPKVKCNN[ KPVGPFGF VQ CVVTCEV GZRQTV"QTKGPVGFOCPWHCEVWTKPIÒ WR VQ ÎË RGTEGPV QH QWVRWV RTQFWEGF KP (6<U OC[ DG UQNF FQOGUVKECNN[YKVJ RTKQT CRRTQXCN QH VJG %WDCP )QXGTPOGPVÔÏÍÁ

....CCCCDDDDQQQQTTTT RRRRQQQQNNNNKKKKEEEEKKKKGGGGUUUUÔÔÔÔ &GETGG .CY ÊÊ RTQJKDKVU HQTGKIP"QYPGF DWUKPGUUGU KP %WDC HTQOFKTGEVN[ JKTKPI QT RC[KPI %WDCP YQTMGTUÔ +PUVGCFÒ VJG[ IGPGTCNN[ OWUV JKTG %WDCPNCDQT CPF RC[ UCNCTKGU VJTQWIJ C %WDCP IQXGTPOGPV GORNQ[OGPV CIGPE[ ıVJGGORNQ[OGPV CIGPE[ UETGGPU RTQURGEVKXG %WDCP YQTMGTU HQT LQD SWCNKHKECVKQPU CPFÒTGRQTVGFN[Ò HQT RQNKVKECN XKGYUÏÍÊÙÒ CNVJQWIJ GZEGRVKQPU GZKUV YKVJ TGURGEV VQ JKTKPIEGTVCKP VGEJPKECN CPF OCPCIGTKCN RGTUQPPGNÔ (QTGKIP KPXGUVQTU CTG EJCTIGF HQT VJGNCDQT D[ VJG %WDCP )QXGTPOGPVÒ CPF UCNCTKGU CTG RCKF VQ VJG %WDCP GORNQ[OGPVCIGPE[ VJCVÒ KP VWTPÒ RC[U VJG YQTMGTUÔÏÍÂ 6JKU CTTCPIGOGPV TGRQTVGFN[ CFFU VQ %WDCPNCDQT EQUVU CPF OCMGU %WDCP NCDQT TGNCVKXGN[ OQTG GZRGPUKXG VJCP NCDQT KPPGKIJDQTKPI %CTKDDGCP CPF %GPVTCN #OGTKECP EQWPVTKGUÔÏÍ‰ (QTGKIP KPXGUVQTU CNUQECP PGIQVKCVG KP VJGKT LQKPV XGPVWTG CITGGOGPV VJG CWVJQTK\CVKQP VQ RC[ JCTF"EWTTGPE[KPEGPVKXGU VQ NQECN YQTMGTU KP CFFKVKQP VQ VJG RGUQ UCNCTKGU YQTMGTU TGEGKXG HTQO VJG

ÏÍÎ 75+6% UVCHH KPVGTXKGY YKVJ /CTVC .QOCUÒ /KPKUVGT QH (QTGKIP +PXGUVOGPV CPF 'EQPQOKE%QQRGTCVKQPÒ *CXCPCÒ ,WN[ Ï‰Ò ÎÌÌÌ‚ CPF s'%101/;"%7$#„ (KTUV ÏÌÌ 2GTEGPV (QTGKIP +PXGUVOGPVÒt+PVGT 2TGUU 5GTXKEGÒ9QTNF 0GYUÒ CV JVVR„ÓÓYYYÔQPGYQTNFÔQTIÓKRUÎÓHGD‰‰ÓÏÈAË‰AÌÈÁÔJVONÒ TGVTKGXGF#WIÔ ÎÒ ÎÌÌÌÔ

ÏÍÍ '%.#%Ò %WDC„ 'XQNWEK¿P 'EQP¿OKEKC FWTCPVG Ï‰‰‰Ò RÔ ÊÔÏÍÈ +DKFÔÒ RÔ ÈÔÏÍË)QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ

RÔ ÈËÏÍÁ +DKFÔÒ RÔ ÎË‚ CPF 'ZRQTVGT Ø %WDC„ Nr'UUGPVKGN FrWP /CTEJhÒ RÔ ÏÎÁÔÏÍÊ 75+6% UVCHH KPVGTXKGYUÒ *CXCPCÒ ,WN[ ÏÊ"ÎÍÒ ÎÌÌÌÔÏÍÂ #PVJQP[ %Ô'Ô 3WCKPVQPÒ s6QYCTF $GUV $WUKPGUU 2TCEVKEGU HQT (QTGKIP +PXGUVQTU KP %WDCÒt ÏÌVJ

#PPWCN /GGVKPI QH VJG #5%'Ò /KCOKÒ (.Ò #WIWUV ÎÌÌÌÔÏÍ‰)QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ

RÔ ÈËÔ

Í"ÎÈ

IQXGTPOGPV GORNQ[OGPV CIGPE[ÔÏÈÌ %QORCPKGU KP (6<U CTG CWVJQTK\GF VQ RTQXKFGKPEGPVKXGU KP VJG HQTO QH HQQFÒ ENQVJKPIÒ VTCPURQTVCVKQPÒ CU YGNN CU WR VQ ÏÌ RGTEGPV QHOQPGVCT[ EQORGPUCVKQP KP JCTF EWTTGPE[ÔÏÈÏ

%%%%CCCCRRRRKKKKVVVVCCCCNNNN HHHHNNNNQQQQYYYYUUUU

((((QQQQTTTTGGGGKKKKIIIIPPPP GGGGZZZZEEEEJJJJCCCCPPPPIIIIGGGGÔÔÔÔ %WDCrU CDKNKV[ VQ KORQTV KU EQPUVTCKPGF D[ C UJQTVCIG QH HQTGKIPGZEJCPIGÔ 6JG 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTG GUVKOCVGU VJCV VJG NCEM QH HQTGKIPGZEJCPIG VQ RWTEJCUG PGGFGF RTQFWEVKQP KPRWVUwHGTVKNK\GTÒ QKNÒ RGUVKEKFGUÒ RCTVU CPFGSWKROGPV HQTOGTN[ RTQXKFGF QP JKIJN[ UWDUKFK\GF VGTOU D[ VJG 5QXKGV DNQEwHTQO CP[UQWTEG KU VJG OQUV RTGUUKPI RTQDNGO HCEKPI %WDCP CITKEWNVWTGÔÏÈÎ 6JKU RTQDNGO CNUQJCU KORNKECVKQPU HQT %WDCrU RQVGPVKCN CDKNKV[ VQ RWTEJCUG 7Ô5Ô RTQFWEVU KH 7Ô5Ô GEQPQOKEUCPEVKQPU YGTG TGOQXGFÔ #EEQTFKPI VQ QPG YKVPGUU CV VJG %QOOKUUKQPrU JGCTKPIÒ s=K?PQTFGT VQ VTCFG YKVJ VJG 7PKVGF 5VCVGUÒ %CUVTQ YKNN PGGF VQ DQTTQY HTQO #OGTKECP CPFQVJGT HKPCPEKCN KPUVKVWVKQPUÔ 7PNGUU VJGUG NQCPU CTG EQPFKVKQPU QH UWDUVCPVKCN UVTWEVWTCNEJCPIGUÒ VJG[ YKNN QPN[ UGTXG VQ UWDUKFK\G CP CTEJCKEÒ KPGHHKEKGPVÒ TGRTGUUKXG GEQPQOKEU[UVGOÔtÏÈÍ

6666QQQQWWWWTTTTKKKKUUUUOOOOÔÔÔÔÏÈÈ 5KPEG Ï‰‰ÈÒ VQWTKUO JCU TGRNCEGF UWICT GZRQTVU CU %WDCrU NGCFKPI UQWTEGQH JCTF"EWTTGPE[ GCTPKPIUÔ )TQUU TGXGPWG HTQO VQWTKUO KP Ï‰‰Â YCU ˘ÏÔÂ DKNNKQPÒXGTUWU ˘ÁÌÌ OKNNKQP HTQO UWICTÔÏÈË s%WDC CWVJQTKVKGU UGG =VQWTKUO? Ô Ô Ô CU VJG RTKPEKRCNOGCPU QH TGFWEKPI VJG PCVKQPrU GZEGUUKXG FGRGPFGPEG QP VJG UWICT KPFWUVT[ÔtÏÈÁ

$GECWUG QH VJG KORQTVCPEG QH VQWTKUO VQ VJG %WDCP GEQPQO[Ò %WDCP CWVJQTKVKGUTGRQTVGFN[ CNUQ XKGY VJG UGEVQT CU KORQTVCPV VQ UVKOWNCVKPI GEQPQOKE CEVKXKV[ KP QVJGTUGEVQTU UWEJ CU HQQF CPF DGXGTCIG RTQFWEVKQPÒ EQPUVTWEVKQPÒ VGNGEQOOWPKECVKQPUÒ CPFVTCPURQTVCVKQPÔÏÈÊ *QYGXGTÒ %WDC OWUV KORQTV C UKIPKHKECPV COQWPV QH HQQF CPF QVJGTIQQFU VQOGGV VJG FGOCPF QH HQTGKIP VQWTKUVUÒ CV NGCUV KP VJG PGCT VGTOÔ 6QWTKUO KPFWUVT[UQWTEGU TGRQTVGF VJCV NKOKVGF GPVGTVCKPOGPV QRRQTVWPKVKGU EQPVTKDWVG VQ UJQTV XKUKVQTUVC[U CPF TGNCVKXGN[ NQY URGPFKPI RGT VQWTKUVÔÏÈÂ9JKNGOQUV VQWTKUVU XKUKVKPI %WDC EQOGHTQO %CPCFCÒ +VCN[Ò 5RCKPÒ CPF )GTOCP[Ò C UKIPKHKECPV PWODGT QH 7Ô5Ô

ÏÈÌ 2JKNKR 2GVGTUÒ s*CTF %WTTGPE[ 2C[OGPVU VQ 9QTMGTU $QQUV $W[KPI 2QYGT HQT /CP[ %WDCPUÒt%WDC0GYUÒ/C[ Ï‰‰‰Ò RÔ ‰Ò CPF)QXGTPOGPV QH %CPCFCÒ/KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„#)WKFG HQT%CPCFKCP $WUKPGUUGUÒ RÔ ÍÎÔ

ÏÈÏ )QXGTPOGPV QH %CPCFCÒ KDKFÔÒ RÔ ÍÍÔÏÈÎ 75&#Ò 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ s%WDCrU #ITKEWNVWTG„ %QNNCRUG CPF 'EQPQOKE 4GHQTOÒt

RÔ ÎÂÔÏÈÍ .C\CTQ #NXCTG\Ò %QOOKVVGG %JCKTOCPÒ 7PKVGF %WDCP 1TICPK\CVKQPUÒ VGUVKOQP[ DGHQTG VJG

75+6%Ò 5GRVÔ Ï‰"ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎËÌÔÏÈÈ 6JG VQWTKUO UGEVQT KU FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ÈÔÏÈË '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RRÔ ÎÏ CPF ÎÈÔÏÈÁ )QXGTPOGPV QH %CPCFCÒ /KPKUVT[ QH (QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ

RÔ ÏÏÔÏÈÊ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏÁÊÔÏÈÂ /KEJCGN #Ô 5VGKP CPF .CPK -CPG"*CPCPÒ s%WDCw6QWTKUO CU C 4GRNCEGOGPV +PFWUVT[Ò #TVJWT

#PFGTUQP *QURKVCNKV[ CPF .GKUWTG 4GRQTVÒ 5RTKPIÓ5WOOGT Ï‰‰ÁÒ CVJVVR„ÓÓYYYÔJQVGN"QPNKPGÔEQOÓ0GQÓ6TGPFUÓ#PFGTUGPÓ%WDCA6QWTKUO+PFWUVT[A5RTKPIÏ‰‰ÁÔJVONÒTGVTKGXGF 0QXÔ ÎÍÒ ÎÌÌÌÔ

Í"ÎË

VQWTKUVUwÎÌÌÒÌÌÌ KP Ï‰‰‰CNQPGÒ CEEQTFKPI VQ QPG GUVKOCVGÏÈ‰wXKUKV %WDC GXGT[ [GCTıTGRQTVGFN[Ò OCP[ CTG VGEJPKECNN[ KP XKQNCVKQP QH 7Ô5Ô GEQPQOKE UCPEVKQPU RTQJKDKVKPIURGPFKPI OQPG[ KP %WDC HQT WPNKEGPUGF RWTRQUGUÙÔ

4444GGGGOOOOKKKKVVVVVVVVCCCCPPPPEEEEGGGGUUUUÔÔÔÔÏËÌ %WDCPU YJQ HNGF VJG KUNCPF CHVGT VJG %QOOWPKUV TGXQNWVKQP TGNQECVGFRTKOCTKN[ VQ VJG 7PKVGF 5VCVGUÒ 5RCKPÒ CPF 8GPG\WGNCÔ (COKN[ TGOKVVCPEGU DGECOG CPKORQTVCPV UQWTEG QH UWRRNGOGPVCN KPEQOG HQT OCP[ %WDCPU FWTKPI VJG EQWPVT[rUGEQPQOKE FQYPVWTP CPF TGEQXGT[ HTQO VJG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEG wCPFVJG KPHNQY QH TGOKVVCPEGU CV VJCV VKOG UKIPKHKECPVN[ KPETGCUGFÔÏËÏ #EEQTFKPI VQ QPGUQWTEGÒ sKP QPG RCTVKEWNCT RCTKUJ QH %WDC YKVJ CDQWV ‰ÒÌÌÌ RGQRNGÒ LWUV CDQWV CNN QHVJGO Ô Ô Ô HQWPF VJGOUGNXGU FGRGPFGPV QP TGOKVVCPEGU HTQO VJG 7PKVGF 5VCVGUÔtÏËÎ 6JG%WDCP )QXGTPOGPV NGICNK\GF FQNNCT"FGPQOKPCVGF TGOKVVCPEGU WPFGT KVU Ï‰‰ÈOQPGVCT[ TGHQTO RTQITCOÔÏËÍ #EEQTFKPI VQ QPG UQWTEGÒ NGICNK\CVKQP QH VJG WUG QHHQTGKIP EWTTGPE[ GPEQWTCIGF OQTG HCOKN[ TGOKVVCPEGUÒ CPF sVJG JKIJ RTKEGU CV VJGFQNNCT TGVCKN UVQTGU CEVGF CU C JKFFGP UCNGU VCZ QP VJQUG TGOKVVCPEGUtwGHHGEVKXGN[CNNQYKPI VJG %WDCP )QXGTPOGPV VQ QDVCKP CEEGUU VQ VJCV OQPG[ÔÏËÈ

'UVKOCVGU QH VJG VQVCN XCNWG QH TGOKVVCPEGU VQ %WDC XCT[ YKFGN[Ò TCPIKPI HTQO ˘ÍÌÌOKNNKQP VQ ˘ÂÌÌ OKNNKQP CPPWCNN[ÔÏËË 1PG UQWTEG PQVGF VJCVÒ GXGP CV VJG WRRGT GPF QHVJG TCPIG QH GUVKOCVGUÒ HCOKN[ TGOKVVCPEGU FQ PQV DGIKP VQ TGRNCEG VJG NQUV 5QXKGVGEQPQOKE CUUKUVCPEGÔÏËÁ 5QOG UQWTEGU CVVTKDWVGF C RQTVKQP QH %WDCrU ECRKVCN KPHNQYU VQFTWI OQPG[ NCWPFGTKPI TCVJGT VJCP OQPG[ UGPV VQ UWRRQTV TGNCVKXGU KP %WDCÒÏËÊ DWVCPQVJGT TGDWVVGF VJCV GXKFGPEG QH OQPG[ NCWPFGTKPI KP TGOKVVCPEG FCVC KU NKOKVGFÔÏËÂ

ÏÈ‰ ,WNKC 5YGKIÒ s*CPIKPI 1P„ 6JG %WDCP 'EQPQO[ CV VJG 'PF QH *KUVQT[Òt 6JG /KNMGP +PUVKVWVG4GXKGYÒ ÎPF 3WCTVGT ÎÌÌÌÒ RÔ ÎÊÔ 6JG %CPCFKCP )QXGTPOGPV TGRQTVU VJCV KP GZEGUU QH ÎÏËÒÌÌÌ%CPCFKCPU XKUKVGF %WDC KP Ï‰‰ÂÒDWV VJCV7Ô5Ô VQWTKUVU sCTG SWKVG XKUKDNG COQPI XKUKVQTU CTTKXKPI KP %WDCQPHNKIJVU HTQO/QPVTGCNÒ 6QTQPVQÒ -KPIUVQPÒ0CUUCWÒ CPF/GZKEQ %KV[Ôt )QXGTPOGPV QH %CPCFCÒ/KPKUVT[ QH(QTGKIP #HHCKTUÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ RÔ ÏÎÔ

ÏËÌ #FFKVKQPCN FKUEWUUKQP QH TGOKVVCPEGU KU RTQXKFGF KP EJCRVGT ÎÔÏËÏ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏËÍÔÏËÎ $TKCP .CVGNNÒ 2TQHGUUQTÒ )GQTIGVQYP 7PKXGTUKV[Ò 5EJQQN QH (QTGKIP 5GTXKEGÒ VGUVKOQP[ DGHQTG VJG

75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÂËÔÏËÍ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏËÍÔÏËÈ#PC ,WNKC ,CVCTÒ s%WDC„ +U #OGTKECPw5ºÒ # $TKIJV (WVWTGÒt #ETQUU VJG $QCTFÒ ,WN["#WIWUV ÎÌÌÌÒ

RÔ ÁÂÔÏËË ,QJP 5Ô -CXWNKEJÒ 2TGUKFGPVÒ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ VTCPUETKRVÒ RÔ Ï‰Ê

ıGUVKOCVG QH ˘ÎÊË"ÍÏË OKNNKQPÙ‚ CPF 6JQOCU 'Ô %QZÒ &KTGEVQTÒ 7Ô5Ô"%WDC $WUKPGUU %QWPEKNÒ VGUVKOQP[DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ Ï‰Ê ıGUVKOCVG QH ˘ÍÌÌ"ÈÌÌ OKNNKQPÙ‚ CPF 0KEJQNgU)WVKhTG\Ò 5GETGVCT[ CPF )GPGTCN %QWPUGNÒ 0CVKQPCN #UUQEKCVKQP QH 5WICT /KNN 1YPGTU QH %WDCÒVGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÍÂË ıGUVKOCVG QH ˘ÂÌÌOKNNKQPÙ‚ CPF '%.#%Ò .C'EQPQOºC %WDCPCÒ RÔ ÏÊÎ ıGUVKOCVG QH ˘ÂÌÌ OKNNKQP KP Ï‰‰ÁÙÔ

ÏËÁ %CTOGNQ /GUC".CIQÒ s#UUGUUKPI 'EQPQOKE CPF 5QEKCN 2GTHQTOCPEG KP VJG %WDCP 6TCPUKVKQP QHVJG Ï‰‰ÌUÒt 9QTNF &GXGNQROGPVÒ Ï‰‰ÂÒ VCDNG ËÒ XQNÔ ÎÁÒ 0QÔ ËÒ RRÔ ÂËÊ"ÂÊÁÔ

ÏËÊ s=/?WEJ QH YJCV VJG %WDCP IQXGTPOGPV ECNNU TGOKVVCPEGU KU CEVWCNN[ FTWI OQPG[ NCWPFGTKPIÔt1VVQ ,Ô 4GKEJÒ 2TGUKFGPVÒ 4/# +PVGTPCVKQPCNÒ +PEÔÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÔ #PQVJGTUQWTEG NKPMU VJG %WDCP )QXGTPOGPV GUVKOCVG QH HCOKN[ TGOKVVCPEGU QH ˘ÂÌÌ OKNNKQP VQ FTWI OQPG[NCWPFGTKPI CEVKXKVKGU TGHNGEVGF KP VJG %WDCP DCNCPEG QH RC[OGPVU UVCVKUVKEUÔ 'TPGUVQ (Ô $GVCPEQWTVÒ s%WDCrU$CNCPEG QH 2C[OGPVU)CRÒ VJG 4GOKVVCPEGU 5ECOÒ&TWI 6TCHHKEMKPI CPF/QPG[ .CWPFGTKPIÒt ÏÌVJ #PPWCN/GGVKPI QH VJG#5%'Ò/KCOKÒ (.Ò #WIWUV ÎÌÌÌÔ # ETKVKEKUO QH VJCV CPCN[UKU KU RTQXKFGF D[2JKNKR 2GVGTUÒ8KEG2TGUKFGPVÒ .GZKPIVQP +PUVKVWVGÒ 7Ô5Ô"6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔÏ‰Ò ÎÌÌÌÒ RÔ ÎÌÊÔ

ÏËÂ 2JKNKR 2GVGTUÒ KDKFÔÒ VTCPUETKRVÒ RRÔ ÎÌÊ"ÎÌÂÔ

Í"ÎÁ

((((QQQQTTTTGGGGKKKKIIIIPPPP FFFFGGGGDDDDVVVV%WDC UVQRRGF RC[OGPV QP CNN KVU HQTGKIP EQOOGTEKCN CPF DKNCVGTCN QHHKEKCN FGDV YKVJPQPUQEKCNKUV EQWPVTKGU KP Ï‰ÂÁÔ $GECWUG 7Ô5Ô HKPCPEKCN KPUVKVWVKQPU YGTG RTQJKDKVGF HTQOHKPCPEKCN FGCNKPIU YKVJ %WDCÒ VJGTG YCU PQ 7Ô5Ô GZRQUWTG VQ %WDCrU HQTGKIP FGDVOQTCVQTKWOÔ #U C TGUWNV QH KVU FGDV OQTCVQTKWOÒ %WDC DGECOG KPGNKIKDNG HQT NQPI"VGTOHKPCPEKPI HTQO EQOOGTEKCN DCPMUÒ CPF JCU JCF VQ TGUQTV VQ JKIJ"KPVGTGUV UJQTV"VGTONQCPUÏË‰ QT DCTVGT CTTCPIGOGPVU ıÊÌ RGTEGPV QH (TGPEJ YJGCV CPF HNQWT UCNGU VQ %WDCCTG CEEQORNKUJGF VJTQWIJ DCTVGT CTTCPIGOGPVUÏÁÌÙ VQ HKPCPEG KVU VTCFGÔ +P Ï‰‰ËÒ %WDCTGUVCTVGF KPHQTOCN EQPVCEVU YKVJ VJG 2CTKU %NWD QH %TGFKVQT 0CVKQPU HQT RQUUKDNGTGUEJGFWNKPI CITGGOGPVU QH KVU ˘ÏÎ DKNNKQP HQTGKIP FGDVÔ %WDC JCU PGIQVKCVGFTGUEJGFWNKPI CITGGOGPVU YKVJ C HGY QHHKEKCN CPF EQOOGTEKCN ETGFKVQTUÒ KPENWFKPI CÏ‰‰Â TGUEJGFWNKPI YKVJ ,CRCPGUG ETGFKVQTU HQT FGDV QH ˘ÊÁ‰ OKNNKQPÔÏÁÏ

%WDC CNUQ QYGU KP GZEGUU QH ˘ÎÌ DKNNKQP ıCU QH Ï‰‰ÌÙ VQ HQTOGT %/'#OGODGTUÔ 4WUUKCÒYJKEJ JCU CUUWOGF VJG FGDV ENCKO QH VJG HQTOGT 5QXKGV 7PKQPÒ DGECOG COGODGT QH VJG2CTKU %NWD KP Ï‰‰ÂÒ CPF TGRQTVGFN[ UGGMU VQ JCXGFGDV QYGF KV D[%WDC VQ DG KPENWFGF KPCP[ HWVWTG 2CTKU %NWD FGDV TGUVTWEVWTKPI CITGGOGPVÔÏÁÎ

''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE 4444GGGGUUUURRRRQQQQPPPPUUUUGGGG VVVVQQQQ VVVVJJJJGGGG 4444GGGGHHHHQQQQTTTTOOOOUUUU6JG %WDCP GEQPQO[ UVCDKNK\GF CPF GEQPQOKE ITQYVJ TGUWOGF D[ VJG OKF"Ï‰‰ÌUÒRQUVKPI ÁÔÎ RGTEGPV TGCN )&2 ITQYVJ KP Ï‰‰‰ ıVCDNG Í"ÏÙÔ %WDCrU HKUECN FGHKEKV FGENKPGFHTQOÍÌÔÈ RGTEGPV QH)&2 KP Ï‰‰Í VQ ÎÔÎ RGTEGPV QH)&2 KP Ï‰‰Â CPF Ï‰‰‰Ô 6JG QHHKEKCNWPGORNQ[OGPV TCVG CNUQ FGENKPGF HTQO PGCTN[ Â RGTEGPV KP Ï‰‰Ë VQ Á RGTEGPV KP Ï‰‰‰Ô'ZRQTVU KPETGCUGF HTQO ˘Î DKNNKQP KP Ï‰‰Í VQ ˘ÈÔË DKNNKQP KP Ï‰‰‰Ò CPF KORQTVU ITGYHTQO ˘ÎÔÍ DKNNKQP VQ ˘Ë DKNNKQP FWTKPI VJG UCOG RGTKQFÔÏÁÍ 6TCFG RQNKEKGU HQEWUGF QPKORTQXKPI RTQFWEVKXKV[ KP VTCFKVKQPCN GZRQTVU HQT YJKEJ %WDC JCF EQORCTCVKXGCFXCPVCIG ıUWICTÒ PKEMGNÒ CPF VQDCEEQÙÒ YJKNG CNUQ KORTQXKPI GCTPKPIU KP UGEVQTU VJCVJCF DGGP PGINGEVGFÒ UWEJ CU VQWTKUOÔ 9KVJ VJG JGNR QH HQTGKIP KPXGUVOGPVÒ VQWTKUO JCUGOGTIGF CU %WDCrU HCUVGUV"ITQYKPI UGEVQTÔÏÁÈ

ÏË‰ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏËÁÒ CPF ,WNKC 5YGKIÒ s*CPIKPI 1P„ 6JG %WDCP 'EQPQO[ CVVJG 'PF QH *KUVQT[Òt 6JG /KNMGP +PUVKVWVG 4GXKGYÒ 5GEQPF 3WCTVGT ÎÌÌÌÒ RÔ ÎÏÔ

ÏÁÌ 7Ô5Ô &GRCTVOGPV QH 5VCVG VGNGITCOÒ s(TGPEJ 6TCFG YKVJ %WDCÒt OGUUCIG TGHGTGPEG 0QÔ ÂÂÈÂÒRTGRCTGF D[ 7Ô5Ô 'ODCUU[ 2CTKUÒ #WIÔ ‰Ò ÎÌÌÌÔ

ÏÁÏ '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RÔ ÎÂÔÏÁÎ7Ô5Ô"%WDC 6TCFG CPF'EQPQOKE%QWPEKNÒ +PEÔÒ s%WDC2QUVRQPGU &GDV 4GRC[OGPV &KUEWUUKQPUYKVJ

2CTKU %NWD QH %TGFKVQT 0CVKQPUÒt 'EQPQOKE '[G QP %WDCÒ ,CPÔ ÎÎ"ÎÂÒ ÎÌÌÏÒ RÔ ËÔÏÁÍ '%.#%Ò %WDC„ 'XQNWEK¿P 'EQP¿OKEKC FWTCPVG Ï‰‰‰Ò VCDNG ÏÒ RÔ ÏÍÔÏÁÈ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÏÍÔ

6 666C CCCD DDDN NNNG GGGÍ ÍÍÍ' '''Ï ÏÏÏ

% %%%W WWWD DDD

C CCC„ „„„/ ///C CCCE EEET TTTQ QQQG GGGE EEEQ QQQP PPP

Q QQQO OOOK KKKE EEEK KKKP PPPF FFFK KKKE EEEC CCCV VVVQ QQQT TTTU UUUÒ ÒÒÒÏ ÏÏÏ‰ ‰‰‰Â ÂÂÂ

‰ ‰‰‰' '''‰ ‰‰‰‰ ‰‰‰

Ï ÏÏÏ‰ ‰‰‰Â ÂÂÂ‰ ‰‰‰

Ï ÏÏÏ‰ ‰‰‰‰ ‰‰‰Ì ÌÌÌ

Ï ÏÏÏ‰ ‰‰‰‰ ‰‰‰Ï ÏÏÏ

Ï ÏÏÏ‰ ‰‰‰‰ ‰‰‰Î ÎÎÎ

Ï ÏÏÏ‰ ‰‰‰‰ ‰‰‰Í ÍÍÍ

Ï ÏÏÏ‰ ‰‰‰‰ ‰‰‰È ÈÈÈ

Ï ÏÏÏ‰ ‰‰‰‰ ‰‰‰Ë ËËË

Ï ÏÏÏ‰ ‰‰‰‰ ‰‰‰Á ÁÁÁ

Ï ÏÏÏ‰ ‰‰‰‰ ‰‰‰Ê ÊÊÊ

Ï ÏÏÏ‰ ‰‰‰‰ ‰‰‰Â ÂÂÂ

Ï ÏÏÏ‰ ‰‰‰‰ ‰‰‰‰ ‰‰‰

)&2ITQY

VJıRGTEGPVÙÏ

ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

ÏÔË

'ÎÔ‰

'‰ÔË

'‰Ô‰

'ÏÍÔÁ

ÌÔÊ

ÎÔË

ÊÔÂ

ÎÔË

ÏÔÎ

ÁÔÎ

+PHNC

VKQPıRGTEGPVÙÏ

ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

0#

0#

0#

0#

0#

0#

'‰ÔÂ

'ÊÔÍ

'ÏÔÏ

ÎÔ‰

'ÎÔ‰

6TCF

GDC

NCPEGıDKNNKQPFQ

NNCTUÙÏ

ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

'ÎÔÁ

'ÎÔÏ

'ÏÔÏ

'ÌÔÎ

'ÌÔÈ

'ÌÔÁ

'ÏÔÈ

'ÏÔÁ

'ÎÔÍ

'ÎÔÂ

'ÎÔÂ

%WTTGPVC

EEQWPVıRGTEGPVQH

)&2ÙÎÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

'ÏÈÔÈ

'ÏÎÔÎ

'ÂÔÍ

'ÎÔÁ

'ÎÔÍ

ÌÔË

'ÎÔÈ

Ì'ÎÔÎ

'ÏÔ‰

0#

(QTGKIPFGDVıDKNNKQPFQ

NNCTUÙÎ

ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

QHYJKEJÒUJQTVVGTO

ıDKNNKQPFQ

NNCTUÙÎ

ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

VQVCNFGDVıRGTEGPVQH)

&2Ù

ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

&GDVUGTXKEG

TCVKQ

ıRGTEGPVÙÍ

ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

0#

0#

0#

0#

0#

0#

0#

0#

0#

0#

0#

0#

0#

0#

0#

0#

È È È È

ÏÌÔÎ ÊÔÈ

ÁÍÔÍ

ÎÏÔÎ

ÏÏÔÊ ÂÔÁ

ÁÂÔÊ

ÎÈÔÏ

ÏÏÔÊ ÊÔÈ

ÁÏÔ‰

ÎÏÔÍ

ÏÏÔÈ ÊÔÌ

ËÊÔÁ

ÎÌÔË

ÏÎÔË ÊÔÊ

ÁÏÔÈ

ÎÎÔÁ

ÏÏÔÏÏ

0#

0#

0#

6QWTKUV

CTTKXCNUıVJQWUCPF

UQH

XKUKVQTUÙÏÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

4GXGPWGıOKNNKQPFQ

NNCTUÙÏ

ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

0#

0#

ÍÈÌ

ÎÈÍ

ÈÎÈ

ÍÂÊ

ÈÁÏ

ËÁÊ

ËÈÁ

ÊÎÌ

ÁÏ‰

ÂËÌ

ÊÈË

ÏÒÏÌÌ

ÏÒÌÌ

ÈÏÒÍË

ÌÏÒÏÊÌ

ÏÒËÈ

ÁÏÒÈÏÁ

ÏÒÂÏÁ

ÏÒÁÌ

ÍÏ 0#

'ZEJCP

IGTCVGıRGUQU

RGT7Ô5ÔF

QNNCTÙ

%QPXGTVKDNGRGUQ

ıQHHKEKCN

TCVGÙÎ

ÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

&QO

GUVKE

RGUQ

ıHNQC

VKPITCVGÙÎÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔÔ

ÏÈË

ÏÁÂ

ÏÏÎÌ

ÏÏËÌ

ÏÏÍÊ

Ï‰Ë

ÏÍÎ

ÔÏÏ

Ï‰ÔÎ

ÏÎÎ

ÔÂÏ

ÎÎÔÍ

ÏÎÌ

Ï

Ï%G

PVTCN$CP

MQH

%WDC

Ò'EQPQOKE4GRQ

TVÒÏ‰‰‰

Ò#RTKNÎÌ

ÌÌÔ

Î'EQPQO

KUV+PVGNNKIGPEG7PKVı'+7ÙÒ%W

DC„%

QWPVT[

2TQHKNGÒÏ‰‰

‰'ÎÌ

ÌÌÔ

Í&GDVUGTXKEG

CUCRGTEGPVQHGCTPKPI

UHTQO

GZRQ

TVUQH

IQQF

UCP

FUGTXKEGUÔ'+7Ò%

WDCÒ

%QWPVT[

2TQHKNGÒÏ‰‰

‰'ÎÌ

ÌÌÔ

0QVGÔw&CVCHQTÏ‰Â‰

'Ï‰‰

ÍQD

VCKPGF

HTQO

7PKVGF0CVKQPU

'EQPQO

KE%Q

OOKUUKQPHQT.CVKP

#OGTKECCP

FVJG%C

TKDDGCP

Ò.C

'EQPQO

ºC%W

DCPC

„4GHQTOCU

GUVTW

EVWTCNGU

[FGUGORGøQ

GEQP¿O

KEQGP

NQUPQXGPVCı/

GZKEQ„

7PKVGF0CVKQPUÒÏ‰‰

ÊÙÒXCTKQWU

VCDNGUÔ

Í"ÎÂ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN ++++OOOORRRRCCCCEEEEVVVV

++++OOOORRRRCCCCEEEEVVVV FFFFWWWWTTTTKKKKPPPPIIII ÏÏÏÏ‰‰‰‰ÁÁÁÁÌÌÌÌ""""ÂÂÂÂ‰‰‰‰5QXKGV GEQPQOKE CUUKUVCPEG CNNQYGF %WDC VQ GZRGTKGPEG PGCTN[ WPKPVGTTWRVGFGEQPQOKE ITQYVJ DGVYGGP Ï‰ÁÌ CPF Ï‰Â‰Ò NCTIGN[ WPCHHGEVGF D[ VJG CFXGTUKVKGU QHINQDCN GEQPQOKE E[ENGUÔÏÁË '%.#% TGRQTVGF VJCV VJG TGFWEVKQP QH VJG 7Ô5Ô UWICT SWQVCKP ,WN[ Ï‰ÁÌ sJCF PQ XGT[ UGTKQWU GHHGEVU QP VJG XQNWOG QH =%WDCP? GZRQTVUt DGECWUG%WDC JCF CNTGCF[ UJKRRGF PGCTN[ VJTGG"HQWTVJU QH VJG SWQVC D[ VJCV VKOG CPF DGECWUG%WDC YCU CDNG VQ UGNN VQ QVJGT EQWPVTKGU VJG SWCPVKV[ QH UWICT VJCV VJG 7PKVGF 5VCVGU FKFPQV RWTEJCUGÒ CPF YCU CDNG VQ HKPF QVJGT UWICT OCTMGVU KP UWDUGSWGPV [GCTUÔÏÁÁ +P VJGGCTN[ Ï‰ÁÌUÒ %WDC TGRNCEGF DTQMGP VTCFG CPF KPXGUVOGPV NKPMU YKVJ VJG 7PKVGF 5VCVGUYKVJ ENQUG GEQPQOKE CPF RQNKVKECN VKGU VQ VJG 5QXKGV DNQE EQWPVTKGU CPF %JKPCÔ %WDCrUGEQPQO[ SWKEMN[ ITGY FGRGPFGPV WRQP OCUUKXG GEQPQOKE CUUKUVCPEG HTQO 5QXKGV DNQEEQWPVTKGUÔ 5QEKQGEQPQOKE KPFKECVQTUÒ UWEJ CU VJG TCVG QH KPHCPV OQTVCNKV[Ò IGPGTCNN[EQPVKPWGF VQ KORTQXG VJTQWIJ VJG Ï‰ÂÌU FWG KP NCTIG RCTV VQ VJG GZVGPUKXG 5QXKGVGEQPQOKE CUUKUVCPEGÔÏÁÊ

#U FKUEWUUGF CDQXGÒ KV KU FKHHKEWNV VQ FKUVKPIWKUJ DGVYGGP VJG GEQPQOKE GHHGEVU QH 7Ô5ÔWPKNCVGTCN GEQPQOKE UCPEVKQPU QP VJG %WDCP GEQPQO[ CPF VJG GHHGEVU QH QVJGTUKIPKHKECPV CPF WPTGNCVGF GEQPQOKE HCEVQTUÒ UWEJ CUOWNVKNCVGTCN GEQPQOKE UCPEVKQPU D[VJG 1#5 CPF VJG VTCPUHQTOCVKQP QH %WDCrU FQOGUVKE GEQPQOKE QTICPK\CVKQP CPFGEQPQOKE U[UVGO VQ VJCV QH C PQPOCTMGVÒ EGPVTCNN[ RNCPPGF U[UVGO DGIKPPKPI KP VJGGCTN[ Ï‰ÁÌUÔ '%.#% TGRQTVGF VJCV %WDC HCEGF EGTVCKP EQUVU KP VTCPUHQTOKPI KVUFQOGUVKE GEQPQOKE U[UVGO FWTKPI VJG Ï‰ÁÌUÔ 5QOG QH VJQUG EQUVUÒ YJKEJ YGTGKPFGRGPFGPV QH 7Ô5Ô GEQPQOKE UCPEVKQPUÒ KPENWFGF„

1 UJQTVCIGU QH CFOKPKUVTCVKXGÒ VGEJPKECNÒ CPF GPVTGRTGPGWTKCN RGTUQPPGNDGECWUG OCP[ UMKNNGF YQTMGTU GOKITCVGF KP TGURQPUG VQ VJG %WDCP TGXQNWVKQP‚

1 RTQDNGOU CFLWUVKPI VQ PGY RCVVGTPU QH CITKEWNVWTCN CPF KPFWUVTKCNQTICPK\CVKQP CPF EGPVTCN RNCPPKPIÒ sRCTVN[ VQ VJGKT QYP FGHGEVKXG CPFKPEJQCVG EJCTCEVGT Ô Ô Ô Ô =0?GY RCVVGTPU HQT VJG QTICPK\CVKQP QH RTQFWEVKQPCPF OCTMGVKPI YGTG DGKPI UQWIJV CPF VTKGF QWVÒ DWV QPN[ VGPVCVKXGN[Ò CPFHTGSWGPV EJCPIGU YGTG DGKPI KPVTQFWEGFtÏÁÂ‚ CPF

ÏÁË +DKFÔÒ RRÔ ÏÏ CPF ÁÎÔ 6JKU RQKPV YCUOCFG D[ UGXGTCN KPFKXKFWCNU YJQ VGUVKHKGF CV VJG %QOOKUUKQPrUJGCTKPI HQT VJKU KPXGUVKICVKQPÒ KPENWFKPI .C\CTQ #NXCTG\Ò %QOOKVVGG %JCKTOCPÒ 7PKVGF %WDCP1TICPK\CVKQPUÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÈÁÒ CPF 0KEJQNgU )WVKhTTG\Ò5GETGVCT[ CPF )GPGTCN %QWPUGNÒ 0CVKQPCN #UUQEKCVKQP QH 5WICT /KNN 1YPGTU QH %WDCÒ VGUVKOQP[ DGHQTGVJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÍÂËÔ 5GG CNUQ 75&#Ò 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ s%WDCrU#ITKEWNVWTG„ %QNNCRUG CPF 'EQPQOKE 4GHQTOÒt RÔ ÎÁÔ

ÏÁÁ 1PG UQWTEG TGRQTVU VJCV VJG TGFWEVKQP QH VJG 7Ô5Ô SWQVC UKIPKHKGF C sRCTVKCNt NQUU HQT %WDCDGECWUG YQTNF UWICT RTKEGU V[RKECNN[ YGTG NQYGT VJCP RTKEGU SWQVGF WPFGT VJG 7Ô5Ô RTGHGTGPVKCN SWQVC‚s=V?JG COQWPV QH VJG NQUU ECPPQV DG GUVKOCVGFÒ JQYGXGTÒ QYKPI VQ VJG EQORNGVG CDUGPEG QH FCVC QP VJGXCNWG QH GZRQTVU KP Ï‰ÁÌ CPF QP VJG GHHGEVKXG RTKEGU QDVCKPGF HQT VJG UWICT UQNF VQ VJG 7554 CPF QVJGTEQWPVTKGUÔt '%.#%Ò 'EQPQOKE 5WTXG[ QH .CVKP #OGTKECÒ Ï‰ÁÌÒ RÔ ‰ÎÔ

ÏÁÊ '%.#%Ò .C 'EQPQOºC %WDCPCÒ RRÔ ÍÁ"ÍÊ CPF ÍÁÎ"ÍÁÈÔÏÁÂ '%.#%Ò 'EQPQOKE 5WTXG[ QH .CVKP #OGTKECÒ Ï‰ÁÍÒ RÔ ÎÁÍÔ

Í"Î‰

1 FGENKPKPI KPVGTPCVKQPCN TGUGTXGUÒ YJKEJ NKOKVGF %WDCrU CDKNKV[ VQ RWTEJCUGKORQTVUÒ EQODKPGF YKVJ CP sKPETGCUG KP RWDNKE GZRGPFKVWTG KP QTFGT VQ HKPCPEGKPXGUVOGPV RTQITCOU CPF VJG GZRCPUKQP QH UQEKCN UGTXKEGU CPF FGHGPUGCEVKXKVKGUÔt 6JG TGUWNV YCU CP KPETGCUG KP VJG IQXGTPOGPV FGHKEKV VJCV YCUEQPVTQNNGF VJTQWIJ JKIJGT RTKEGU HQT EQPUWOGT IQQFU CPF TCVKQPKPIÔÏÁ‰

5QOG UQWTEGU TGRQTVGF VJCV 7Ô5Ô GEQPQOKE UCPEVKQPU OCFG KV FKHHKEWNV HQT %WDC VQOCKPVCKP KVU UVQEM QH ECRKVCN GSWKROGPVÒ OQUV QH YJKEJ JCF DGGP CESWKTGF HTQO VJG7PKVGF 5VCVGUÔ $GECWUG URCTG RCTVU CPF UGTXKEG HQT VJKU GSWKROGPV YGTG PQ NQPIGTCXCKNCDNGÒÏÊÌ VJGTG YGTG sHTGSWGPV YQTM UVQRRCIGU YJKEJ QEEWTTGF KP VJG RTQFWEVKQPUGEVQTU HQT YCPV QH TCY OCVGTKCNU CPF URCTG RCTVU CPF KP VJG HCEV VJCV C NCTIGRTQRQTVKQP QH VJG VTCPURQTV XGJKENGU CPF HCTO VTCEVKQP GSWKROGPV YCU RTCEVKECNN[WPWUCDNG DGECWUG QH VJG FKHHKEWNV[ QH CESWKTKPI VJG PGEGUUCT[ CEEGUUQTKGU CPF URCTGRCTVUÔtÏÊÏ %QPUGSWGPVN[Ò %WDC YCU HQTEGF VQ RWTEJCUG NGUU GHHKEKGPV GSWKROGPV VJCVYCU JKIJGT KP HWGN EQPUWORVKQP HTQO 5QXKGV DNQE EQWPVTKGUÔÏÊÎ 7Ô5Ô GEQPQOKE UCPEVKQPUCNUQ KPETGCUGF %WDCrU UJKRRKPI CPF VTCPURQTVCVKQP EQUVUwHQTEKPI %WDC VQ URGPFOQTG HQT EQOOQFKVKGU VJCV GCUKN[ EQWNF JCXG DGGP RWTEJCUGF HTQO VJG 7PKVGF 5VCVGU CVNQYGT EQUVÔ /CP[ QVJGT UQWTEGU CNUQ TGRQTVGF VJCV 7Ô5Ô UCPEVKQPU HQTEGF %WDC VQ TGN[QP FKUVCPV UWRRNKGTU CPF OCTMGVU KP 'WTQRG CPF #UKCÔÏÊÍ

6Q UQOG FGITGGÒ 7Ô5Ô GEQPQOKE UCPEVKQPU OC[ JCXG RTQORVGF VJG %WDCP)QXGTPOGPVVQ UGGM ITGCVGT GEQPQOKE UGNH"TGNKCPEG KP UQOG UGEVQTUÔ +P VJG Ï‰ÁÌUÒ %WDC CEEGNGTCVGFKPXGUVOGPV KP VJG FGXGNQROGPV QH OGVCNNWTIKECN KPFWUVTKGU VQ WNVKOCVGN[ UWRRN[ URCTGRCTVU CPF QVJGT KPRWVU PGGFGF HQT KPFWUVT[Ò CITKEWNVWTGÒ CPF VTCPURQTVCVKQPÔÏÊÈ %WDCGPICIGF KP CFXCPEGF OGFKECN CPF DKQOGFKECN TGUGCTEJ KP VJG Ï‰ÊÌU CPF Ï‰ÂÌUÒEQPFWEVKPI EQQRGTCVKXG JGCNVJ TGUGCTEJ YKVJ EQWPVTKGU UWEJ CU (TCPEG CPF +PFKC CPFGUVCDNKUJKPI RJCTOCEGWVKECN RTQFWEVKQP ECRCDKNKVKGU YKVJ HWPFKPI HTQO VJG 7PKVGF0CVKQPU +PFWUVTKCN &GXGNQROGPV 1TICPK\CVKQPÔÏÊË

ÏÁ‰ +DKFÔÒ RÔ ÎÁÈÔÏÊÌ (GTPCPFQ 4GOKTG\ FG 'UVGPQ\Ò 2TKPEKRCN 1HHKEGTÒ %WDCP +PVGTGUVU 5GEVKQPÒ9CUJKPIVQPÒ &%Ò CPF

&GRWV[ /KPKUVGT QH (QTGKIP #HHCKTU QH VJG 4GRWDNKE QH %WDCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒVTCPUETKRVÒ RÔ ËÍÒ CPF 9KNNKCO #Ô /GUUKPCÒ 'ZGEWVKXG %QQTFKPCVQTÒ +PVGTPCVKQPCN #ITKEWNVWTCN 6TCFG CPF&GXGNQROGPV %GPVGTÒ 7PKXGTUKV[ QH (NQTKFCÒ VGUVKOQP[ DGHQTG VJG75+6%Ò 5GRVÔ ÏÎÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ËÎÍÔ

ÏÊÏ '%.#%Ò 'EQPQOKE 5WTXG[ QH .CVKP #OGTKECÒ Ï‰ÁÍÒ RÔ ÎÊËÔÏÊÎ #PVQPKQ )C[QUQÒ 'EQPQOKE #FXKUQTÒ 'EQPQOKE #FXKUQT[ 5GTXKEGUÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò

5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ËÏÁÔÏÊÍ .CYTGPEG *Ô 6JGTKQVÒ s%WDCrU 2TQDNGO„ .QECVKQPÒ .QECVKQPÒ .QECVKQPÒt ,QWTPCN QH %QOOGTEGÒ

#RTÔ ÏÁÒ Ï‰‰ÂÒ CPF 75&#Ò 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ s%WDCrU #ITKEWNVWTG„ %QNNCRUG CPF 'EQPQOKE4GHQTOÒt RÔ ÎÁÔ +PFKXKFWCNU YJQ VGUVKHKGF CV VJG %QOOKUUKQPrU JGCTKPI RTQXKFGF CFFKVKQPCN KPHQTOCVKQPCDQWV VJG GHHGEVU QH 7Ô5Ô UCPEVKQPU QP %WDCrU UJKRRKPI EQUVUÔ 4KEJCTF $GNNÒ 2TGUKFGPV CPF %'1Ò 75# 4KEG(GFGTCVKQPÒ VTCPUETKRVÒ RÔ ‰Í‚ CPF 2CWNC 5VGTPÒ 6JG 5VGTP )TQWRÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰ÒÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÎÍ‚ CPF 0GNUQP &GPNKPIGTÒ 8KEG 2TGUKFGPVÒ 7Ô5Ô 9JGCV #UUQEKCVGUÒ 9JGCV 'ZRQTV6TCFG 'FWECVKQP %QOOKVVGGÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ Î‰ÁÔ

ÏÊÈ '%.#%Ò 'EQPQOKE 5WTXG[ QH .CVKP #OGTKECÒ Ï‰ÁÍÒ RÔ ÎÁÈÔÏÊË '+7Ò %WDCÒ &QOKPKECP 4GRWDNKEÒ *CKVKÒ 2WGTVQ 4KEQÒ 0QÔ ÎÒ Ï‰ÂËÒ RÔ ÏÌÔ

Í"ÍÌ

++++OOOORRRRCCCCEEEEVVVV FFFFWWWWTTTTKKKKPPPPIIII ÏÏÏÏ‰‰‰‰‰‰‰‰ÌÌÌÌ""""‰‰‰‰ÁÁÁÁ7Ô5Ô GEQPQOKE UCPEVKQPUwKP RCTVKEWNCTÒ VJG GZVTCVGTTKVQTKCN TGUVTKEVKQPU CFFGF D[ VJGÏ‰‰Î %WDCP &GOQETCE[ #EV ı%&#ÙÏÊÁ CPF VJG *GNOU"$WTVQP #EVwCRRGCT VQ JCXGJCF CP CFXGTUG KORCEV QP %WDCrU GEQPQO[ FWTKPI VJG Ï‰‰ÌUÔ *QYGXGTÒ D[ CNNTGRQTVGF CEEQWPVU TGXKGYGF D[ VJG %QOOKUUKQPÒ VJG CFXGTUG KORCEV QH VJG NQUU QH5QXKGV DNQE GEQPQOKE CUUKUVCPEG CRRGCTU VQ DG VJG ITGCVGUV HCEVQT CHHGEVKPI %WDCrURQUV"Ï‰‰Ì GEQPQO[Ô /QTGQXGTÒ GEQPQOKE TGEQXGT[ CHVGT VJG OKF"Ï‰‰ÌU FGOQPUVTCVGUVJG TGUKNKGPEG QH VJG %WDCP GEQPQO[ CPF KVU RQVGPVKCN HQT ITQYVJ VJTQWIJ GEQPQOKENKDGTCNK\CVKQP CPF KPVGITCVKQP KPVQ VJG INQDCN GEQPQO[Ô

'%.#% TGRQTVGF VJCV VJG NQUU QH 5QXKGV DNQE GEQPQOKE CUUKUVCPEG ECWUGF OQTGGEQPQOKE FCOCIG VQ %WDCrU GEQPQO[ VJCP VJG Ï‰Î‰"Ï‰ÍÎ INQDCN )TGCV&GRTGUUKQPÔÏÊÊ 6JG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEG OGCPV VJCV %WDCÒ HQT VJG HKTUVVKOG UKPEG Ï‰ÁÌÒ JCF PQ OGCPU VQ KPUWNCVG KVU GEQPQO[ HTQO VJG GHHGEVU QH INQDCNGEQPQOKE GXGPVU CU YGNN CU VJG GHHGEVU QH 7Ô5Ô UCPEVKQPUÔ

9KVJ VJG Ô Ô ÔÏ‰‰Ï FKUUQNWVKQP QH VJG 5QXKGV 7PKQPÒ %WDC NQUV DQVJ KVU OCLQTOCTMGVU CPF KVU RTKOCT[ UQWTEG QH HQTGKIP CUUKUVCPEGÔ #U C TGUWNVÒ VJG %WDCPGEQPQO[ EQNNCRUGFÒ CPF VJG HWNN GHHGEV QH VJG 7Ô5Ô GODCTIQ DGECOGGXKFGPVÔÏÊÂ

7PVKN Ï‰‰ÌÒ VJG CXGTCIG %WDCP YCU UJKGNFGF HTQO VJG KORCEV QH Ô Ô Ô =7Ô5ÔUCPEVKQPU? D[ UWDUKFKGU HTQO VJG 5QXKGV 7PKQP CPF 'CUVGTP 'WTQRGÔÏÊ‰

+PFKXKFWCNU YJQ VGUVKHKGF CV VJG %QOOKUUKQPrU JGCTKPI HQT VJKU KPXGUVKICVKQP TGRQTVGFVJCV VJG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEG CNNQYGF OCP[ QH %WDCrU NQPI"PGINGEVGFGEQPQOKE RTQDNGOU VQ UWTHCEGÔ

6JG EQNNCRUG QH VJG 5QXKGV 7PKQP CPF VJG UQEKCNKUV U[UVGO JCF C UVTQPI KORCEVQP VJG %WDCP GEQPQO[Ô %WDC FKF PQV QPN[ HCEG C TGFWEVKQP QH ÊË RGTEGPV QHKVU KORQTVU QXGTPKIJVÒ DWV CNUQ CNOQUV C VQVCN NQUU QH KVU OCKP OCTMGVU YJGP KVUGEQPQOKE TGNCVKQP YKVJ VJGUG EQWPVTKGU FKUCRRGCTGFÒ KP RCTVKEWNCT YKVJ TGICTFVQ RTGHGTGPVKCN RTKEGU QH UWICT GZRQTVUÔ 6JG ITQUU FQOGUVKE RTQFWEV FTQRRGFÍË RGTEGPVÒ CPF VJG DWFIGV FGHKEKV TGCEJGF QPG"VJKTF QH VJG )&2ÔÏÂÌ

9JCV JCU JCRRGPGF JCU DGGP VJG GHHGEV QH IGVVKPI NKHG UWRRQTV HTQO VJG 5QXKGV7PKQP CPF JCXKPI KV YKVJFTCYPÔÏÂÏ

ÏÊÁ 6JG %WDCP &GOQETCE[ #EV QH Ï‰‰Î KU FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ÎÔÏÊÊ +DKFÔÒ RÔ ÍÈÔÏÊÂ 75&#Ò 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ s%WDCrU #ITKEWNVWTG„ %QNNCRUG CPF 'EQPQOKE 4GHQTOÒt

RÔ ÎÁÔÏÊ‰ .CYTGPEG *Ô 6JGTKQVÒ s%WDCrU 2TQDNGO„ .QECVKQPÒ .QECVKQPÒ .QECVKQPÒt ,QWTPCN QH %QOOGTEGÒ

#RTÔ ÏÁÒ Ï‰‰ÂÔÏÂÌ (GTPCPFQ 4GOKTG\ FG 'UVGPQ\Ò 2TKPEKRCN 1HHKEGTÒ %WDCP +PVGTGUVU 5GEVKQPÒ9CUJKPIVQPÒ &%Ò CPF

&GRWV[ /KPKUVGT QH (QTGKIP #HHCKTU QH VJG 4GRWDNKE QH %WDCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒVTCPUETKRVÒ RÔ ËÈÔ

ÏÂÏ (TCPM ,Ô )CHHPG[Ò 2TGUKFGPV CPF %'1Ò 6JG %GPVGT HQT 5GEWTKV[ 2QNKE[Ò VGUVKOQP[ DGHQTG VJG75+6%Ò5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÏÏÎÔ

Í"ÍÏ

=#?HVGT VJG FKUCRRGCTCPEG QH VJG 5QXKGV 7PKQP CPF VJG 'CUVGTP 'WTQRGCPEQOOWPKUV EQWPVTKGUÒ VJG CRRTQZKOCVGN[ ˘Á DKNNKQPÒ OC[DG ˘Ê DKNNKQPÒ C [GCTKPOKNKVCT[ CPF GEQPQOKE CUUKUVCPEG VJCV %WDCYCU TGEGKXKPI HTQO VJQUG UVCVGUFKUCRRGCTGFÒ EGCUGFÔ #PF KP VJG CHVGTOCVJ QH VJCV KPVGTTWRVKQPÒ VJG %WDCPGEQPQO[ EQPVTCEVGFÔÏÂÎ

5CPEVKQPU CTG PQV VJG RTKOCT[ ECWUG QH =%WDCrU? Ô Ô Ô JCTFUJKRÔ Ô Ô Ô Ô )NQDCNGXGPVUÒ UWEJ CU VJG HCNN QH VJG 5QXKGV 7PKQP CPF KPVGTPCN KPGHHKEKGPEKGUÒ JCXGYGKIJGF HCT JGCXKGTÔÏÂÍ

%WDCrU GEQPQOKE RQNKEKGU JCXG DTQWIJV VJG EQWPVT[ ENQUG VQ RQNKVKECN CPFHKPCPEKCN TWKPÔ 6JG FKUCRRGCTCPEG QH UWDUKFKGU YKVJ VJG EQNNCRUG QH VJG 5QXKGV7PKQP EQORQWPFGF %WDCrU RTQDNGOUÔÏÂÈ

'EQPQOKE KPGHHKEKGPEKGU KORGFGF %WDCrU CDKNKV[ VQ TGURQPF SWKEMN[ VQ VJG NQUU QH 5QXKGVGEQPQOKE CUUKUVCPEGÔ #EEQTFKPI VQ QPG KPFKXKFWCNÒ s%WDCrU RTGUGPV GEQPQOKE VTCIGF[ECP DG GZRNCKPGF CU DGKPI RCTV QH VJG TGUWNV QH VJG HCKNWTGU CPF KPGHHKEKGPEKGU QH CRNCPPGF GEQPQO[ÔtÏÂË +PGHHKEKGPEKGU KP %WDCrU EQNNGEVKXK\GF CITKEWNVWTCN UGEVQTEQPVTKDWVGF VQ HQQF UJQTVCIGU‚ CITKEWNVWTCN RTQFWEVKXKV[ KP %WDC NCIIGF UKIPKHKECPVN[DGJKPF RTQFWEVKXKV[ KPETGCUGU KP PGKIJDQTKPI %CTKDDGCP EQWPVTKGUÒ CEEQTFKPI VQ QPGTGRQTVÔÏÂÁ

5QOG UQWTEGU UVCVGF VJCV PGY TGUVTKEVKQPUÒ CFFGF VQ 7Ô5Ô UCPEVKQPU D[ VJG %&# CPF VJG*GNOU"$WTVQP #EVÒ KORQUGF HWTVJGT JCTFUJKR QP VJG %WDCP GEQPQO[Ô

5Q PQYÒ YJGP VJG[ NQUG VJGKT =5QXKGV? UWDUKF[ VJCV VJG[ PGGF VQ TGCNN[ GPICIGKP GEQPQOKE VTCFGÒ =VJG 7Ô5Ô? %QPITGUU VKIJVGPU VJG UETGYU CPF UC[UÒ DWV [QWCTG PQV IQKPI VQ VTCFGYKVJ QWT DWUKPGUUGU VJTQWIJ VJGKT HQTGKIP UWDUKFKCTKGUÔ Ô Ô=2?CUUCIG QH VJG %WDCP &GOQETCE[ #EV CPF VJG *GNOU"$WTVQP #EV JCXG JCF CUKIPKHKECPV KORCEV KP %WDC CPF JCXG DTQWIJV CDQWV RTQDCDN[ VJG VYQ OQUVHWPFCOGPVCN Ô Ô Ô EJCPIGU KP %WDCÔ 1PG KU VJG FQNNCTK\CVKQP QH VJG GEQPQO[ÒCPF UGEQPF KU VJG QRGPKPI VQ HQTGKIP KPXGUVOGPVÔ %WDC FKF PQV QRGP VQ HQTGKIPKPXGUVOGPV WPVKN VJG UETGYU YGTG VKIJVGPGFÔÏÂÊ

ÏÂÎ $TKCP .CVGNNÒ 2TQHGUUQTÒ )GQTIGVQYP 7PKXGTUKV[Ò 5EJQQN QH (QTGKIP 5GTXKEGÒ VGUVKOQP[ DGHQTG VJG75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÏÏ‰"ÏÎÌÔ

ÏÂÍ 4C[OQPF %Ô 1HHGPJGKUGTÒ 2TGUKFGPVÒ 1:(#/ #OGTKECÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒÎÌÌÌÒ VTCPUETKRVÒ RÔ ÍÌÈÔ

ÏÂÈ #PVQPKQ )C[QUQÒ 'EQPQOKE #FXKUQTÒ 5WICT 2TQFWEGTU QH %WDCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ËÏÈÔ

ÏÂË .C\CTQ #NXCTG\Ò %QOOKVVGG %JCKTOCPÒ 7PKVGF %WDCP 1TICPK\CVKQPUÒ VGUVKOQP[ DGHQTG VJG75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÈÊÔ

ÏÂÁ 5GG PQVG ÍÔÏÂÊ +IPCEKQ 'Ô 5gPEJG\Ò 5JCTGJQNFGTÒ 8GTPGTÒ .KKRHGTVÒ $GTPJCTFÒ /E2JGTUQP CPF *CPFÒ VGUVKOQP[

DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÈÁÌ"ÈÁÏÔ

Í"ÍÎ

#EEQTFKPI VQ QPG UQWTEGÒ 7Ô5Ô UCPEVKQPU DGICP VQ JCXG C TGCN KORCEV QP VJG %WDCPGEQPQO[ QPN[ CHVGT VJG %&# CPF VJG *GNOU"$WTVQP #EV YGTG KORNGOGPVGFÔ

5Q VJG GODCTIQ ECP TGCNN[ Ô Ô Ô DG UCKF VQ JCXG YQTMGF QPN[ KP VJG Ï‰‰ÌUÒ UKPEGVJG GPF QH VJG 5QXKGV UWDUKFKGU CPF UKPEG VJG 7Ô5Ô VKIJVGPGF VJG GODCTIQ YKVJVJG %WDCP &GOQETCE[ #EV KP Ï‰‰Î CPF VJG *GNOU"$WTVQP NCY KP Ï‰‰ÁÔÏÂÂ

6JG %&# VKIJVGPGF 7Ô5Ô UCPEVKQPU D[Ò COQPI QVJGT VJKPIUÒ RTQJKDKVKPI VTCFG YKVJ %WDCD[ CNN HQTGKIP UWDUKFKCTKGU QH 7Ô5Ô"DCUGF EQORCPKGU CPF D[ RTQJKDKVKPI GPVT[ QH UJKRUKPVQ 7Ô5Ô RQTVU Á OQPVJU CHVGT FGRCTVKPI HTQO C %WDCP RQTV QT CP[ VKOG YJGP ECTT[KPIRCUUGPIGTU QT IQQFU VQ QT HTQO%WDCÔ 5QOG UQWTEGU TGRQTVGF VJCV %&# TGUVTKEVKQPU QPVTCFG D[ 7Ô5Ô"DCUGF HQTGKIP UWDUKFKCTKGU JCXG JCF CP CFXGTUG KORCEV QP %WDCrUCDKNKV[ VQ KORQTV HQQF CPF OGFKEKPGU HTQO VJG 7Ô5Ô UWDUKFKCTKGUÔ

6JG KORNGOGPVCVKQP QH VJG %WDCP &GOQETCE[ #EV Ô Ô Ô GNKOKPCVGF VJGEQPVKPWCVKQP QH OQUV 7PKVGF 5VCVGU"DCUGF EQORCP[ HQTGKIP UWDUKFKCTKGUVTCFGÒ OQTG VJCP ‰Ì RGTEGPV QH YJKEJ YCU EQORQUGF QH HQQF RTQFWEVU YKVJGPVGTRTKUGU YKVJKP %WDCÒ YJKNG TGRQUKVKQPKPI VJG EQPVKPWCVKQP QH JGCNVJ ECTGRTQFWEV GZRQTVU VQ %WDC IQXGTPOGPV QRGTCVGF GPVKVKGUÔÏÂ‰

'UVKOCVGU QH VJG GEQPQOKE KORCEV QH VJG %&#Ò QP %WDCrU CDKNKV[ VQ KORQTV HQQFÒOGFKEKPGUÒ CPF OGFKECN RTQFWEVU XCT[ YKFGN[Ô #U OGPVKQPGF CDQXGÒ %WDCP GEQPQOKEFCVC KPFKECVG VJCV URGPFKPI QP JGCNVJÒ GFWECVKQPÒ CPF UQEKCN UGEWTKV[ TGOCKPGF NCTIGN[WPEJCPIGF KP RGUQ VGTOU FWTKPI Ï‰Â‰"‰ÂÔÏ‰Ì *QYGXGTÒ CPGEFQVCN TGRQTVU KPFKECVGFCP KPETGCUG KP VJG KPEKFGPEG QH FKUGCUG KP %WDC KP VJG RQUV"5QXKGV GTC FWG VQ UJQTVCIGUQH OGFKEKPGUÔÏ‰Ï 5QOG UQWTEGU KPFKECVGF VJCV 7Ô5Ô UCPEVKQPU RTGXGPVGF %WDC HTQOQDVCKPKPI OGFKEKPGU CPF OGFKECN FGXKEGU QPN[ CXCKNCDNG KP VJG 7PKVGF 5VCVGUÏ‰Î CPFVJCV TGSWKTGOGPVU VJCV 7Ô5Ô OGFKECN UWRRNKGU GZRQTVGF VQ %WDC DG UWDLGEV VQ QP"UKVGKPURGEVKQPU VQ GPUWTG VJCV VJG IQQFU CTG PQV FKXGTVGF HTQO VJGKT KPVGPFGF WUG YGTGDWTFGPUQOGÔÏ‰Í 1VJGT UQWTEGU GORJCUK\GF VJG HCEV VJCV 7Ô5Ô UCNGU CPF FQPCVKQPU QH

ÏÂÂ 1VVQ ,Ô 4GKEJÒ 2TGUKFGPVÒ 4/# +PVGTPCVKQPCNÒ +PEÔ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒVTCPUETKRVÒ RÔ ÏÊÏÔ

ÏÂ‰ ,QJP 5Ô -CXWNKEJÒ 2TGUKFGPVÒ 7Ô5Ô"%WDC $WUKPGUU %QWPEKNÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰ÒÎÌÌÌÒ VTCPUETKRVÒ RÔ ÏËÎÔ

Ï‰Ì '%.#% TGRQTVGF VJCV URGPFKPI QP VJGUG KVGOU FGENKPGF KP TGCN VGTOUÔ '%.#%Ò .C 'EQPQOºC%WDCPCÒ VCDNG #ÔÊÔÒ CPF RRÔ ÍÁÈ CPF ÍÁ‰‚ CPF '+7Ò %QWPVT[ 2TQHKNG„ %WDCÒ Ï‰‰‰"ÎÌÌÌÒ RRÔ ÏËÒ ÏÁÒ CPFÏ‰Ô

Ï‰Ï 4KEJCTF )CTHKGNFÒ 5GG PQVG ËÎÒ RÔ ÏÍ‚ CPF 6TCPU#HTKEC (QTWOÒ UGG PQVG ÂÈÔÏ‰Î (GTPCPFQ 4GOKTG\ FG 'UVGPQ\Ò 2TKPEKRCN 1HHKEGTÒ %WDCP +PVGTGUVU 5GEVKQPÒ9CUJKPIVQPÒ &%Ò CPF

&GRWV[ /KPKUVGT QH (QTGKIP #HHCKTU QH VJG 4GRWDNKE QH %WDCÒ VTCPUETKRVÒ RÔ ËÁ‚ #PVJQP[ (Ô -KTMRCVTKEMÒ#UUKUVCPV 2TQHGUUQTÒ &GRCTVOGPV QH #PGUVJGUKQNQI[Ò 7PKXGTUKV[ QH 5QWVJ (NQTKFCÒ VTCPUETKRVÒ RÔ ÎÁÈ‚ CPF9KNNKCO /Ô 2CRCTKCPÒ HQTOGT OC[QT QH 2CUCFGPCÒ %CNKHQTPKCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰ÒÎÌÌÌÒ VTCPUETKRVÒ RÔ ÍÍÊÔ

Ï‰Í #PVJQP[ (Ô -KTMRCVTKEMÒ s6JG 7Ô5Ô #VVCEM QP %WDCrU *GCNVJÒt %CPCFKCP /GFKECN #UUQEKCVKQP,QWTPCNÒ #WIWUV Ï‰‰ÊÒ CV JVVR„ÓÓYYYÔEOCÔECÓEOCLÓXQN"ÏËÊÓKUUWG"ÍÓÌÎÂÏÔJVOÒ TGVTKGXGF 0QXÔ ÎËÒÎÌÌÌÔ 1PG YKVPGUU CV VJG %QOOKUUKQPrU JGCTKPI VGUVKHKGF VJCV s%WDC JCU CP GZEGNNGPV TGEQTFt QH GPUWTKPIVJCV UWEJ UWRRNKGU TGCEJ VJGKT KPVGPFGF FGUVKPCVKQPÔ .KUUC 9GKPOCPPÒ %QOOWPKECVKQPU &KTGEVQTÒ#OGTKECPU HQT *WOCPKVCTKCP 6TCFG YKVJ %WDCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒRÔ ÍÈÏÔ

Í"ÍÍ

HQQF CPF OGFKECN RTQFWEVU TGOCKPGF NGICNN[ CWVJQTK\GF FGURKVG VJG UCPEVKQPUÒÏ‰È CPFFTGY C FKUVKPEVKQP DGVYGGP UCNGU QH 7Ô5Ô HQQF CPF OGFKEKPGU VQ %WDC ıFGUETKDGF CUsPQP"GZKUVGPVt CPF sOKPKOCNtÙ XGTUWU FQPCVKQPUÔÏ‰Ë 1VJGT UQWTEGU TGRQTVGF VJCV %WDCYCU CDNG VQ RWTEJCUG OCP[ 7Ô5Ô"RCVGPVGF OGFKEKPGU HTQO VJKTF EQWPVTKGU CPF CVTGNCVKXGN[ NQY EQUVUÒÏ‰Á VJCV %WDC TGEGKXGF CUUKUVCPEG HTQO UWEJ UQWTEGU CU VJG '7 CPFPQPIQXGTPOGPVCN QTICPK\CVKQPUÒÏ‰Ê VJCV %WDC JCF UWHHKEKGPV CEEGUU VQ UVCVG"QH"VJG"CTVOGFKEKPGU CPF OGFKECN VGEJPQNQI[ CU VQ DG CDNG VQ OCTMGV VJG KUNCPF CU C FGUVKPCVKQPHQT HQTGKIP sJGCNVJ VQWTKUVUÒt CPF VJCV CFXCPEGF OGFKECN ECTG KU CXCKNCDNG HQT %WDCPUYKVJ GPQWIJ OQPG[ VQ RC[ HQT KVÔÏ‰Â 5QOG UQWTEGU TGRQTVGF VJCV C EQODKPCVKQP QHHCEVQTUwVJG NQUU QH 5QXKGV CUUKUVCPEGÒ VJG OQTG UVTKPIGPV TWNGU QH VJG %&#Ò CPFCESWKUKVKQPU QH 'WTQRGCP RJCTOCEGWVKECN EQORCPKGU D[ 7Ô5Ô EQORCPKGU KP VJGÏ‰‰ÌUÏ‰‰ DTKPIKPI VJQUG 'WTQRGCP EQORCPKGU WPFGT VJG UEQRG QH 7Ô5Ô UCPEVKQPUwJCFCP CFXGTUG KORCEV QP %WDCÔÎÌÌ

5QOG UQWTEGU TGRQTVGF VJCV VJG %&# HQTEGF %WDC VQ KORQTV HTQO ITGCVGT FKUVCPEGUÔÎÌÏ

*KIJGT VTCPURQTVCVKQP CPF HTGKIJV EQUVUÒ KP VWTPÒ TGRQTVGFN[ NGF VQ JKIJGT EQUVU CPFNQYGT NGXGNU QH RTQFWEVKQP KP %WDCÔÎÌÎ #EEQTFKPI VQ QPG TGRQTVÒ 7Ô5Ô UCPEVKQPU sETGCVGC ˘XKTVWCN VCZr QH ÍÌ RGTEGPV QP CNN KORQTVU Ô Ô Ô DGECWUG =KORQTVU? JCXG VQ DG RWTEJCUGFHTQO OQTG GZRGPUKXG CPF OQTG FKUVCPV OCTMGVUÔtÎÌÍ 6JG UQEKCN KORCEV QH UWEJ JKIJGTEQUVU YCU TGRQTVGF VQ DG sJKIJGT EQUV QH OCVGTKCNUÒ WPCXCKNCDKNKV[ QH VGEJPQNQI[Ò CPFDCTTKGTU VQ VJG HNQY QH KPHQTOCVKQP Ô Ô Ô UGTKQWUN[ FCOCIKPI VQ %WDCrU GHHQTVU VQ TGFWEGUQEKCN KPGSWCNKV[ÔtÎÌÈ

6JG *GNOU"$WTVQP #EV VKIJVGPGF 7Ô5Ô UCPEVKQPU D[Ò COQPI QVJGT VJKPIUÒ CNNQYKPI 7Ô5ÔEKVK\GPU YJQ ENCKO VQ JCXG RTQRGTV[ GZRTQRTKCVGF D[ VJG %WDCP )QXGTPOGPV VJG TKIJVVQ UWG HQTGKIP EQORCPKGU VJCV DGPGHKV HTQO VJG WUG QH VJG RTQRGTV[Ô /CP[ UQWTEGUTGRQTVGF VJCV VJG GZVTCVGTTKVQTKCN PCVWTG QH VJG *GNOU"$WTVQP #EV FKUEQWTCIGU HQTGKIP

Ï‰È%QPITGUUOCP .KPEQNP &KC\"$CNCTV ı4"(NQTKFCÙÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ 5GRVÔ Ï‰Ò ÎÌÌÌÒVTCPUETKRVÒ RÔ Í‰Ô #PQVJGT KPFKXKFWCN TGRQTVGF VJCVÒ FGURKVG 7Ô5Ô RTQXKUKQPU HQT UCNGU CPF FQPCVKQPU QH HQQFCPF OGFKEKPGU VQ %WDCÒ VJG 7Ô5Ô TGIWNCVKQPU CTG QPGTQWU CPF FQ PQV HCEKNKVCVG UWEJ UCNGU‚ UGG #PVJQP[ (Ô-KTMRCVTKEMÒ #UUKUVCPV 2TQHGUUQTÒ &GRCTVOGPV QH #PGUVJGUKQNQI[Ò 7PKXGTUKV[ QH 5QWVJ (NQTKFCÒ VGUVKOQP[DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÁÌ

Ï‰Ë 2CWNC 5VGTPÒ 6JG 5VGTP )TQWRÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÏÍÂÔ #UOGPVKQPGF CDQXGÒ VJG 5VCVG &GRCTVOGPV TGRQTVU VJCV VJG 7PKVGF 5VCVGU JCU DGGP VJG NCTIGUV JWOCPKVCTKCPCKF FQPQT VQ %WDC UKPEG Ï‰‰ÎÔ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ s%WDC„ *WOCPKVCTKCP #UUKUVCPEGÒt CVJVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓEWDCÓJWOCPKACKFÔJVONÒ TGVTKGXGF 0QXÔ ÎËÒ ÎÌÌÌÔ

Ï‰Á 1VVQ ,Ô 4GKEJÒ 2TGUKFGPVÒ 4/# +PVGTPCVKQPCNÒ +PEÔÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒVTCPUETKRVÒ RÔ ÏÊÌ‚ CPF 5GTIKQ &ºC\"$TKSWGVUÒ s%QOOGPVU QP 6JG +ORCEV QH VJG 7Ô5Ô 'ODCTIQ QP *GCNVJCPF 0WVTKVKQP KP %WDCÒt ÂVJ #5%'Ò RÔ ÎÏÊÔ

Ï‰Ê '%.#%Ò .C 'EQPQOºC %WDCPCÒ RÔ ÍÁËÔÏ‰Â .C\CTQ #NXCTG\Ò %QOOKVVGG %JCKTOCPÒ 7PKVGF %WDCP 1TICPK\CVKQPUÒ VGUVKOQP[ DGHQTG VJG

75+6%Ò 5GRVGODGT Ï‰"ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÈËÔÏ‰‰ 2JCTOCEGWVKECN RTQFWEVU CTG FKUEWUUGF KP ITGCVGT FGVCKN KP EJCRVGT ÁÔÎÌÌ2GVGT )Ô $QWTPGÒ s6JG +ORCEV QH VJG7Ô5Ô 'ODCTIQQP*GCNVJCPF0WVTKVKQP KP %WDCÒt ÂVJ #5%'ÒRÔ

ÎÏÈÔÎÌÏ9C[PG 5Ô 5OKVJÒ 5GPKQT (GNNQYÒ %GPVGT HQT +PVGTPCVKQPCN 2QNKE[Ò VGUVKOQP[ DGHQTG VJG75+6%Ò5GRVÔ

Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÊÈÔÎÌÎ 75&#Ò 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ s%WDCrU #ITKEWNVWTG„ %QNNCRUG CPF 'EQPQOKE 4GHQTOÒt

RÔ ÎÁÔÎÌÍ 4KEJCTF )CTHKGNFÒ 5GG PQVG ËÎÒ RÔ ÏÁÔÎÌÈ 6TCPU#HTKEC (QTWOÒ UGG PQVG ÂÈÔ

Í"ÍÈ

KPXGUVOGPV KP %WDCÔÎÌË *QYGXGTÒ HQTGKIP KPXGUVQTU JCXG PQV CDCPFQPGF VJG %WDCPOCTMGVÔ 5QOG EQORCPKGU JCXG UQNF QT URWP QHH VJGKT 7Ô5Ô UWDUKFKCTKGU KP QTFGT VQ CXQKF*GNOU"$WTVQP #EV UCPEVKQPUÔÎÌÁ

+P IGPGTCNÒ VJG %WDCP GEQPQO[ UKPEG Ï‰‰Ì CRRGCTU VQ EQPVKPWG VQ QRGTCVG NCTIGN[KPFGRGPFGPVN[ QH CP[ GHHGEVU QH 7Ô5Ô GEQPQOKE UCPEVKQPUÔ 'ZVGTPCN UJQEMU CPF GXGPVUPQV TGNCVGF VQ 7Ô5Ô GEQPQOKE UCPEVKQPU CPF %WDCP FQOGUVKE GEQPQOKE RQNKEKGUwVJGNQUU QH 5QXKGV GEQPQOKE CUUKUVCPEGÒ VJG PGGF VQ KPETGCUG RTQFWEVKXKV[ CPF FKXGTUKH[ VJGGEQPQO[Ò CPF VJG NKOKVGF GEQPQOKE TGHQTOU KORNGOGPVGF VQ FCVGwTGOCKP VJGRTKOCT[ HCEVQTU EQPUVTCKPKPI EWTTGPV %WDCP GEQPQOKE RGTHQTOCPEGÔ +P TGEGPV [GCTUÒVJG %WDCP GEQPQO[ JCU UJQYP KVU RQVGPVKCN HQT GEQPQOKE ITQYVJ FGURKVG 7Ô5ÔGEQPQOKE UCPEVKQPUÔ /WEJ QH VJCV ITQYVJ JCU DGGP HWGNGF D[ TCRKF ITQYVJ KP VJGVQWTKUO UGEVQTÒ CKFGF D[ HQTGKIP KPXGUVOGPV VJCV CRRGCTU QPN[ OKPKOCNN[ EQPEGTPGFCDQWV 7Ô5Ô UCPEVKQPUÔ

%%%%WWWWDDDDCCCCPPPP ))))QQQQXXXXGGGGTTTTPPPPOOOOGGGGPPPPVVVV ''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGUUUU QQQQHHHH VVVVJJJJGGGG %%%%QQQQUUUUVVVVUUUU QQQQHHHH 7777ÔÔÔÔ5555ÔÔÔÔ5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU6JG %WDCP )QXGTPOGPV GUVKOCVGU VJCV VJG EWOWNCVKXG EQUVU QH VJG 7Ô5Ô GEQPQOKEUCPEVKQPU QP VJG %WDCP GEQPQO[ CTG ˘ÁÊ DKNNKQP VJTQWIJ Ï‰‰Â ıVCDNG Í"ÎÙÔ

%%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV

6Q CUUGUU VJG EWTTGPV KORCEV QH 7Ô5Ô UCPEVKQPU QP VJG %WDCP GEQPQO[Ò VJG %QOOKUUKQPCPCN[\GF VJG GEQPQOKE KORCEV QH YJCV 7Ô5Ô"%WDCP DKNCVGTCN VTCFG CPF KPXGUVOGPVHNQYU OKIJV DG KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPU HQT C TGEGPV VKOG RGTKQFÔ 6JQUGGUVKOCVGF VTCFG CPF ECRKVCN HNQYU YGTG VJGP WUGF VQ CUUGUU VJG RQVGPVKCN GHHGEVU QP VJG%WDCP GEQPQO[Ô

#U FKUEWUUGF CDQXGÒ VJG RTKOCT[ EQPUVTCKPVU QP %WDCrU GEQPQOKE ITQYVJ CPF CDKNKV[ VQGCTP HQTGKIP GZEJCPIG CTKUG HTQO%WDCrU QYP FQOGUVKE RQNKEKGUÔ 6JWUÒ KV KU WPNKMGN[ VJCVDCUKE GEQPQOKE EQPFKVKQPU KP %WDCwKPENWFKPI %WDCrU RTQFWEVKQP RQVGPVKCN CPFHQTGKIP KPXGUVOGPV ENKOCVGwYQWNF EJCPIG UKIPKHKECPVN[ KP VJG CDUGPEG QH 7Ô5ÔGEQPQOKE UCPEVKQPUÔ /QTGQXGTÒ CP[ GHHGEVU QH 7Ô5Ô GEQPQOKE UCPEVKQPUÒ QT VJGKTRQVGPVKCN TGOQXCNÒ CTG NKMGN[ VQ DG FYCTHGF D[ VJG QPIQKPI CFLWUVOGPV QH VJG %WDCPGEQPQO[ VQ VJG YKVJFTCYCN QH 5QXKGV GEQPQOKE CUUKUVCPEGÔ #U PQVGF CDQXGÒ %WDCrU

ÎÌË -KTM 4GCICP /GPGPFG\Ò )GPGTCN %QWPUGNÒ ,QTIG /CU %CPQUC (TGGFQO (QWPFCVKQPÒ VGUVKOQP[DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÍÌ‚ 75+6%Ò 1XGTXKGY CPF #PCN[UKU QH %WTTGPV 7Ô5Ô7PKNCVGTCN 'EQPQOKE 5CPEVKQPUÒ KPXGUVKICVKQP0QÔ ÍÍÎ"Í‰ÏÒ RWDNKECVKQPÍÏÎÈÒ#WIWUV Ï‰‰ÂÒ RRÔ Ï"Á VQ Ï"Ê‚CPF 'WTQRGCP"#OGTKECP $WUKPGUU %QWPEKNÒ +U VJG 2TKEG 6QQ *KIJ" 6JG %QUV QH 7Ô5Ô 5CPEVKQPU 2QNKEKGUÒ1EVQDGT Ï‰‰ÊÒ RÔ È‰Ô

ÎÌÁ 5WUCP -CWHOCP 2WTEGNNÒ 8KEG 2TGUKFGPVÒ #OGTKECU 5QEKGV[ CPF %QWPEKN QH VJG #OGTKECUÒ s%WDCÒtGZEGTRVGF YKVJ RGTOKUUKQP HTQO 'EQPQOKE 5CPEVKQPU CPF #OGTKECP &KRNQOCE[Ò GFÔ 4KEJCTF 0Ô *CCUUÒı0GY ;QTM„ %QWPEKN QP (QTGKIP 4GNCVKQPU 2TGUUÒ Ï‰‰ÂÙÒ CV JVVR„ÓÓYYYÔCOGTKECU"UQEKGV[ÔQTIÓUREWDCÔJVONÒ TGVTKGXGF 0QXÔ ÎËÒ ÎÌÌÌÔ

Í"ÍË

6666CCCCDDDDNNNNGGGG ÍÍÍÍ""""ÎÎÎÎ%%%%WWWWDDDDCCCCPPPP ))))QQQQXXXXGGGGTTTTPPPPOOOOGGGGPPPPVVVV GGGGUUUUVVVVKKKKOOOOCCCCVVVVGGGGUUUU QQQQHHHH VVVVJJJJGGGG EEEEQQQQUUUUVVVVUUUU QQQQHHHH 7777ÔÔÔÔ5555ÔÔÔÔ UUUUCCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU VVVVQQQQ VVVVJJJJGGGG %%%%WWWWDDDDCCCCPPPP GGGGEEEEQQQQPPPPQQQQOOOO[[[[VVVVJJJJTTTTQQQQWWWWIIIIJJJJ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ

$$$$KKKKNNNNNNNNKKKKQQQQPPPP FFFFQQQQNNNNNNNNCCCCTTTTUUUU

4GFWEGF %WDCP GZRQTVU QH IQQFU CPF UGTXKEGU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔQH YJKEJ„

GZRQTVU QH IQQFU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔVQWTKUO Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔEQOOGTEKCN CKT VTCPURQTVCVKQP Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔVGNGEQOOWPKECVKQPU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÍÌÔÎ

ÁÔÂÏÂÔÌÏÔÍÈÔÌ

%QUVU FWG VQ IGQITCRJKE FKUNQECVKQP QH VTCFG Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔQH YJKEJ„

KPETGCUGF VTCPURQTVCVKQP EQUVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔKPETGCUGF EQUVU KP QVJGT OCTMGVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔTGUQWTEGU KP HKZGF KPXGPVQTKGU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔRQTVUÒ YCTGJQWUGUÒ FKUVTKDWVKQP Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÏÁÔÏ

ÁÔËÏÔÈËÔÍÎÔ‰

%QUVU QH RTQFWEVU CPF UGTXKEGU ıKPENWFGU GSWKROGPV HQT YJKEJ URCTG RCTVUDGECOG WPCXCKNCDNGÒ VGEJPQNQI[ GODCTIQÒ CPF QVJGT GHHGEVU QP %WDCPRTQFWEVKQPÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ÔÁ

'HHGEVU QP VJG %WDCP RQRWNCVKQP Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÔË

(KPCPEKCN CPF OQPGVCT[ EQUVU ıKPENWFGU KORCEV QP GZEJCPIG TCVGÒ DCPMCEEQWPVU HTQ\GP KP VJG 7PKVGF 5VCVGUÒ QDUVCENGU VQ KPVGTPCVKQPCN HKPCPEKPIÒFKHHKEWNVKGU KP TGPGIQVKCVKPI HQTGKIP FGDVÒ KPETGCUG KP VJG EQUV QH GZVGTPCNHKPCPEKPIÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÔÈ

'OKITCVKQP EQUVU ısDTCKP FTCKPtÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÔÎ

6QVCN Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÊÔÌ

5QWTEG„ )QXGTPOGPV QH %WDCÒ DTKGHKPI VQ 75+6% UVCHHÒ ,WN[ ÎÏÒ ÎÌÌÌÔ

HQTGKIP KPXGUVOGPV ENKOCVG TGOCKPU TGNCVKXGN[ TGUVTKEVKXGÒ CPF UGXGTCN QDUGTXGTU JCXGPQVGF VJCV VJG%WDCP)QXGTPOGPV RTGHGTU VQOCKPVCKP FKXGTUKHKECVKQPCOQPI VTCFGCPFKPXGUVOGPV RCTVPGTU CPF VQ TGYCTF VTCFKVKQPCN UWRRNKGTU YJQ JCXG VTCFGF YKVJ %WDCFWTKPI VJG RGTKQF QH UCPEVKQPUÔ 6JWUÒ VJG FGITGG QH 7Ô5Ô OCTMGV CEEGUU VQ %WDC KP VJGCDUGPEG QH UCPEVKQPU KU WPEGTVCKPÔ

6JKU CPCN[UKU CUUWOGF VJCV CP[ RQVGPVKCN 7Ô5Ô"%WDCP DKNCVGTCN VTCFG YQWNF QEEWT CU CTGUWNV QH FKXGTUKQP QH VTCFG CYC[ HTQO%WDCrU EWTTGPV VTCFKPI RCTVPGTU ıTCVJGT VJCP VJGTGUWNV QH KPETGCUGF %WDCP RTQFWEVKQP QH GZRQTVCDNG IQQFU CPFÓQT KPETGCUGF %WDCPFGOCPF HQT KORQTVUÙÒ GZEGRV VQ VJG GZVGPV VJCV KPETGCUGU KP %WDCrU PGV HQTGKIPGZEJCPIG RQUKVKQP ıVJTQWIJ KPETGCUGU KP RC[OGPVU HTQO VGNGEQOOWPKECVKQP UGTXKEGUÒVTCXGN CPF VQWTKUOÒ CPF HQTGKIP FKTGEV KPXGUVOGPV KP VJG CDUGPEG QH UCPEVKQPUÙ YQWNFKPETGCUG %WDCP KORQTV ECRCEKV[Ô 6JGUG CUUWORVKQPUÒ CPF VJG %QOOKUUKQPrUOGVJQFQNQI[ HQT GUVKOCVKPI VTCFG CPF ECRKVCN HNQYU KP VJKU TGRQTVÒ CTG FKUEWUUGF OQTGHWNN[ KP EJCRVGT Î CPF KP #RRGPFKZ (Ô

Í"ÍÁ

////GGGGTTTTEEEEJJJJCCCCPPPPFFFFKKKKUUUUGGGG 6666TTTTCCCCFFFFGGGG#U FKUEWUUGF KP EJCRVGT ÎÒ VJG %QOOKUUKQP GUVKOCVGU VJCVÒ KP VJG CDUGPEG QH UCPEVKQPUÒ%WDC YQWNF JCXG UQWTEGF HTQO ÏÊ VQ ÎÊ RGTEGPV QH KVU CPPWCN KORQTVU HTQO VJG 7PKVGF5VCVGU DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ COQWPVKPI VQ ˘ÁËÂ OKNNKQP VQCRRTQZKOCVGN[ ˘Ï DKNNKQP FQNNCTUÒÎÌÊ CPF UJKRRGF Ê VQ ÏË RGTEGPV QH KVU CXGTCIG CPPWCNPQP"UWICT GZRQTVUÎÌÂ VQ VJG7PKVGF 5VCVGU FWTKPI Ï‰‰Á"‰ÂÒ COQWPVKPI VQ ˘Á‰OKNNKQP VQ˘ÏÈÁ OKNNKQP FQNNCTUÔ $GECWUG VJKU GUVKOCVGF VTCFG YKVJ VJG 7PKVGF 5VCVGU TGRTGUGPVUVTCFG FKXGTVGF HTQO EWTTGPV %WDCP VTCFKPI RCTVPGTUÒ VJG QXGTCNN KORCEV QP VJG %WDCPGEQPQO[ OQUV NKMGN[ YQWNF DG OKPKOCNÔ

((((QQQQTTTTGGGGKKKKIIIIPPPP ''''ZZZZEEEEJJJJCCCCPPPPIIIIGGGG ((((NNNNQQQQYYYYUUUU CCCCPPPPFFFF ++++PPPPXXXXGGGGUUUUVVVVOOOOGGGGPPPPVVVV+P VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÒ %WDC RQVGPVKCNN[ YQWNF JCXG TGEGKXGF CFFKVKQPCNHQTGKIP GZEJCPIG HTQO 7Ô5Ô VTCXGN RC[OGPVUÒ VGNGEQOOWPKECVKQPU UGTXKEGRC[OGPVUÒÎÌ‰ CPF HQTGKIP FKTGEV KPXGUVOGPV VQVCNKPI ˘ÏÍË OKNNKQP VQ ˘ÈÎÌ OKNNKQPÒDCUGF QP Ï‰‰Ê FCVCÒ CU TGRQTVGF KP VCDNG Î"ÈÔÎÏÌ 6JG GUVKOCVGF VQVCN CFFKVKQPCN PGVHQTGKIP GZEJCPIG HQT %WDC COQWPVU VQ CDQWV È VQ ÏÏ RGTEGPV QH %WDCrU EWTTGPV KORQTVECRCEKV[Ô 6JG KPETGCUG KP %WDCrU KORQTVU CUUQEKCVGF YKVJ VJKU CFFKVKQPCN HQTGKIPGZEJCPIG KU NKMGN[ VQ DG UOCNNÒ DWV OGCUWTCDNGÔ 5KOKNCTN[Ò CP[ CFFKVKQPCN ECRKVCNCEEWOWNCVKQP CTKUKPI GKVJGT HTQO HQTGKIP FKTGEV KPXGUVOGPV QT QVJGT KORQTVU QH ECRKVCNIQQFU QWV QH CFFKVKQPCN HQTGKIP GZEJCPIG YQWNF RTQDCDN[ DG UOCNNÒ CU YQWNF VJGGHHGEVU QH UWEJ ECRKVCN CEEWOWNCVKQP QP %WDCP GEQPQOKE ITQYVJÔ

ÎÌÊ 6JKU GUVKOCVG GZENWFGU VJG GHHGEVU QH CFFKVKQPCN RQVGPVKCN HNQYU QH HQTGKIP GZEJCPIG HTQO VJG7PKVGF 5VCVGU VQ %WDCÒ CU FKUEWUUGF KP EJCRVGT Î CPF DGNQYÔ

ÎÌÂ 6JG COQWPV QH %WDCP UWICT VJCV YQWNF GPVGT VJG 7PKVGF 5VCVGU KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUYQWNF DG FGVGTOKPGF D[ 7Ô5Ô UWICT KORQTV RQNKEKGU CPF D[ 7Ô5Ô 961 QDNKICVKQPUÔ 5WICT KU FKUEWUUGFOQTG HWNN[ KP EJCRVGT ËÔ

ÎÌ‰ %WTTGPV VGNGRJQPG VTCHHKE DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDC CRRGCTU VQ DG QPN[ OQFGUVN[ NGUUVJCP VJG NGXGNU QPG YQWNF GZRGEV IKXGP VJG UK\G QH %WDCrU GEQPQO[Ò KVU IGQITCRJKE NQECVKQPÒ CPF KVUGEQPQOKE RQNKEKGUÒ CEEQTFKPI VQ ITCXKV[ OQFGN GUVKOCVGU CU FGUETKDGF KP #RRGPFKZ (Ô

ÎÏÌ 6JKU GUVKOCVG FQGU PQV VCMG KPVQ CEEQWPV RQVGPVKCN EJCPIGU KP HQTGKIP GZEJCPIG HNQYU FWG VQTGOKVVCPEGU KP VJG CDUGPEG QH UCPEVKQPUÔ #U FKUEWUUGF CDQXGÒ VJGTG KU C YKFG TCPIG QH GUVKOCVGU QHTGOKVVCPEGUÔ /QTGQXGTÒ KV KU PQV ENGCT KH VJG HNQY QH TGOKVVCPEGU YQWNF EJCPIG KP VJG CDUGPEG QH 7Ô5ÔUCPEVKQPUÔ

È"Ï

%%%%****####22226666''''4444 ÈÈÈÈ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP 5555GGGGTTTTXXXXKKKKEEEEGGGGUUUU

++++PPPPVVVVTTTTQQQQFFFFWWWWEEEEVVVVKKKKQQQQPPPP

6JG UGTXKEGU UGEVQT KU DGEQOKPI KPETGCUKPIN[ KORQTVCPV VQ VJG 7Ô5Ô GEQPQO[ÔÏ +P Ï‰‰‰ÒVJG XCNWG QH QWVRWV KP VJG UGTXKEGU UGEVQT TGCEJGF ˘ÁÔË VTKNNKQPÒ TGRTGUGPVKPI ÂÌ RGTEGPVQH )&2 HQT RTKXCVG KPFWUVTKGUÒ EQORCTGF YKVJ ˘ÍÔÁ VTKNNKQP KP Ï‰‰Ì ıÊÈ RGTEGPV QH )&2HQT RTKXCVG KPFWUVTKGUÙÔÎ $GVYGGP Ï‰‰Ì CPF Ï‰‰‰Ò GORNQ[OGPV KP VJG UGTXKEGU UGEVQTCNUQ ITGY UKIPKHKECPVN[Ò KPETGCUKPI HTQO ÁË OKNNKQP HWNN"VKOG GSWKXCNGPV GORNQ[GGU ıÊÁRGTEGPV QH RTKXCVG UGEVQT HWNN"VKOG"GSWKXCNGPV GORNQ[GGUÙ VQ ÂÍ OKNNKQP ıÂÌ RGTEGPVÙÔÍ1XGT VJG UCOG VKOG RGTKQFÒ 7Ô5Ô ETQUU"DQTFGT GZRQTVU QH UGTXKEGU CNOQUV FQWDNGF HTQO˘ÏÍÊ DKNNKQP VQ ˘ÎËË DKNNKQPÒ YJKNG VJG PGV UWTRNWU KP UGTXKEGU VTCFG KPETGCUGF HTQO ˘Í‰DKNNKQP VQ ˘ÂÌ DKNNKQPÔÈ /QTGQXGTÒ 7Ô5Ô OCLQTKV["QYPGF CHHKNKCVGU CDTQCF TGEQTFGFUCNGU QH UGTXKEGU VQVCNKPI ˘ÏÎÏ DKNNKQP VQ HQTGKIP RGTUQPU KP Ï‰‰ÌÒ TKUKPI VQ ˘ÍÌ‰ DKNNKQPKP Ï‰‰Â ıVJG NCVGUV [GCT HQT YJKEJ FCVC CTG CXCKNCDNGÙÔË

+P VJKU EJCRVGTÒ VJG JKUVQTKECN CPF EWTTGPV KORCEV QH 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJTGURGEV VQ %WDC CTG FKUEWUUGF HQT UGXGTCN MG[ KPFWUVTKGU YKVJKP VJG UGTXKEGU UGEVQTÔ 6JGJKUVQTKECN KORCEV QH UCPEVKQPU KU FKUEWUUGF OCKPN[ KP VGTOU QH VTCFG CPF KPXGUVOGPVQRRQTVWPKVKGU VJCV OC[ JCXG DGGP HQTIQPG D[ VJG VYQ EQWPVTKGU HTQO VJG GCTN[ Ï‰ÁÌU VQVJG RTGUGPVÒ YJKNG VJG EWTTGPV KORCEV KU CPCN[\GF KP VGTOU QH RQVGPVKCN VTCFKPI CPFKPXGUVOGPV QRRQTVWPKVKGU VJCV YQWNF DG ICKPGF D[ VJG VYQ EQWPVTKGU KH UCPEVKQPU YGTGTGOQXGF CPF VTCFG CPF KPXGUVOGPV TG"GUVCDNKUJGFÔ +P CPCN[\KPI VJG EWTTGPV KORCEV QHUCPEVKQPUÒ QPN[ VJG KORCEV QH NKHVKPI UCPEVKQPU KU EQPUKFGTGF CPF CNN QVJGT HCEVQTU CTGCUUWOGF VQ TGOCKP WPEJCPIGFÔ +P RCTVKEWNCTÒ VJG CPCN[UKU CUUWOGU VJCV VJG EWTTGPVRQNKVKECN U[UVGO TGOCKPU VJG UCOGÒ VJCV PQ EJCPIGU CTG OCFG VQ %WDCP GEQPQOKERQNKEKGUÒ CPF VJCV WPFGT VJGUG EQPFKVKQPUÒ GXGP YKVJ UCPEVKQPU NKHVGFÒ %WDC GZRGTKGPEGUHGYÒ KH CP[Ò EJCPIGU KP GEQPQOKE VTGPFUÔ

)KXGP VJCV GEQPQOKE TGNCVKQPU YKVJ %WDC JCXG DGGP PQPGZKUVGPV UKPEG VJG GCTN[ Ï‰ÁÌUCPF VJCV 7Ô5Ô"%WDC VTCFG KP UGTXKEGU JCU DGGP OKPKOCN UKPEG VJGPÒ VJG CPCN[UKU QH VJGKORCEV QH TGOQXKPI 7Ô5Ô UCPEVKQPU QP %WDC TGNKGF QP GUVKOCVKPI GZRGEVGF VTCFG HNQYUHQT UGNGEVGF UGTXKEGU JCF VJGTG DGGP PQ UCPEVKQPUÔ 5GTXKEG UGEVQTU YGTG UGNGEVGF HQT VJKUEJCRVGT DCUGF QP OCP[ ETKVGTKCÔ )GPGTCNN[Ò UGEVQTU YGTG UGNGEVGF KH„

1 VJG 7PKVGF 5VCVGU KU KPVGTPCVKQPCNN[ EQORGVKVKXG KP C RCTVKEWNCT UGTXKEG CPF CUKIPKHKECPV GZRQTVKPI EQWPVT[ VQ YQTNF OCTMGVUÒ GURGEKCNN[ VQ VJG %CTKDDGCPTGIKQP‚

Ï +PHQTOCVKQP QP VJG TQNG QH VJG UGTXKEGU UGEVQT KP VJG 7Ô5Ô GEQPQO[ KU VCMGP HTQO 'EQPQOKE 4GRQTV QHVJG 2TGUKFGPVÒ VTCPUOKVVGF VQ %QPITGUUÒ (GDÔ ÎÌÌÌ ı9CUJKPIVQPÒ &%„ 7Ô5Ô )QXGTPOGPV 2TKPVKPI 1HHKEGÒÎÌÌÌÙÒ RÔ ÍÌÊ ı)&2ÙÒ RÔ ÍËÂ ıGORNQ[OGPVÙÒ CPF RÔ ÈÎÈ ıVTCFGÙÔ

Î &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE#PCN[UKUÒ 5WTXG[ QH %WTTGPV $WUKPGUUÒ1EVÔ Ï‰‰ÈÒ RÔÍÏÒ CPF 5GRVÔ ÎÌÌÌÒ RÔ &"ÍÌÔ

Í +DKFÔÒ ,WN[ Ï‰‰ÈÒ RÔ Â‰Ò CPF 5GRVÔ ÎÌÌÌÒ RÔ &"ÍËÔÈ +DKFÔÒ 1EVÔ ÎÌÌÌÒ RRÔ ÏÍÌ"ÏÍÏÔË +DKFÔÒ 5GRVÔ Ï‰‰ÍÒ RÔ ÏËÍÒ CPF 1EVÔ ÎÌÌÌÒ RÔ ÏË‰Ô

È"Î

1 %WDC KU C UKIPKHKECPV KORQTVGT QH VJG UGTXKEG HTQO YQTNF OCTMGVUÒ GURGEKCNN[%CPCFC CPF 'WTQRG‚ CPF

1 7Ô5Ô KPFWUVT[ NGCFGTU CPF TGRTGUGPVCVKXGU JCXG CTIWGF VJCV VTCFG YQWNF DGUKIPKHKECPV KP VJG CDUGPEG QH UCPEVKQPUÔ

$CUGF QP VJGUG ETKVGTKCÒ UGTXKEG UGEVQTU VQ DG EQXGTGF KPENWFG CKT CPF OCTKVKOGVTCPURQTVCVKQPÒ DCPMKPI CPF KPUWTCPEGÒ EQPUVTWEVKQPÒ CPF VGNGEQOOWPKECVKQPUUGTXKEGUÔ 6Q VJGUG UGEVQTUÒ VQWTKUO YCU CFFGF CU %WDC KU KPVGTPCVKQPCNN[ EQORGVKVKXGCPF KU C UKIPKHKECPV GZRQTVKPI EQWPVT[ VQ YQTNF OCTMGVUÒ GURGEKCNN[ VQ %CPCFC CPF'WTQRGÔ

#U KPFKECVGF KP EJCRVGT ÏÒ VJG DCEMITQWPF KPHQTOCVKQP CPF CPCN[UKU RTGUGPVGF KP VJKUEJCRVGTÒ CU YGNN CU GUVKOCVGU QP VGNGEQOOWPKECVKQPU CPF VQWTKUO UGTXKEGU VTCFG YKVJ%WDCÒ CTG DCUGF QP UGXGTCN UQWTEGUÒ KPENWFKPI CECFGOKE TGRQTVU CPF KPFWUVT[RWDNKECVKQPUÒ IQXGTPOGPV VTCFG UVCVKUVKEUÒ KPVGTXKGYU YKVJ KPFWUVT[ TGRTGUGPVCVKXGUÒ VJGTGUWNVU QH VJG %QOOKUUKQP VGNGRJQPG UWTXG[ QH 7Ô5Ô EQORCPKGU CPF VTCFG CUUQEKCVKQPUÒJGCTKPI VGUVKOQP[ CPF YTKVVGP UWDOKUUKQPUÒ %QOOKUUKQP UVCHH VTCXGN YKVJKP VJG 7PKVGF5VCVGU CPF %WDCÒ CPF ITCXKV[ OQFGN GUVKOCVGUÔÁ

####KKKKTTTT 6666TTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP 5555GGGGTTTTXXXXKKKKEEEEGGGGUUUUÊ

6JG 7Ô5Ô CKT VTCPURQTV KPFWUVT[ EQORTKUGU ÏÌ OCLQT RCUUGPIGT CKTNKPGU CPF GORNQ[UENQUG VQ C OKNNKQP RGQRNGÔÂ +P Ï‰‰ÂÒ TGXGPWGU IGPGTCVGF D[ VJG 7Ô5Ô CKT VTCPURQTVKPFWUVT[ TGCEJGF ˘ÂÂ DKNNKQPÔ‰ &WTKPI VJG UCOG [GCTÒ 7Ô5Ô GZRQTVU QH CKT VTCPURQTVUGTXKEGU GSWCNGF PGCTN[ ˘ÍÎ DKNNKQPÒ TQWIJN[ VJG UCOG XCNWG CU 7Ô5Ô KORQTVUÔÏÌ 1PCXGTCIG FWTKPI Ï‰‰Ë"‰ÂÒ 7Ô5Ô CKTNKPGU CEEQWPVGF HQT ÍÂ RGTEGPV QH YQTNF RCUUGPIGTVTCHHKE CPF ÎË RGTEGPV QH YQTNF HTGKIJV VTCHHKEÔ (CEVQTU VJCV KPHNWGPEG VJG KPVGTPCVKQPCNEQORGVKVKXGPGUU QH 7Ô5Ô CKT ECTTKGTU KPENWFG CKTNKPG TCVGUÒ SWCNKV[ QH UGTXKEGÒ CPF TQWVGPGVYQTMÔÏÏ

6JG 7PKVGF 5VCVGU EWTTGPVN[ RGTOKVU QPN[ CWVJQTK\GF 7Ô5Ô CKTNKPGU CPF CKT ECTTKGTU VQQRGTCVG EJCTVGT HNKIJVU VQ %WDCÔ #NN EJCTVGT HNKIJV QRGTCVQTU VQ %WDCOWUV DG NKEGPUGF D[

Á 6JG ITCXKV[ OQFGN KU FKUEWUUGF KP #RRGPFKZ (Ô +P CFFKVKQP VQ EWTTGPV KORCEVUÒ UGXGTCN sNQPI"VGTOtGUVKOCVGU QH 7Ô5Ô"%WDCP VTCFG DCUGF QP CP CTTC[ QH CUUWORVKQPU CDQWV GEQPQOKE ITQYVJÒ HWVWTGOCPCIGOGPV QH VJG %WDCP GEQPQO[Ò CU YGNN CU CXCKNCDKNKV[ QH HQTGKIP ECRKVCN YGTG OCFG CXCKNCDNG VQ%QOOKUUKQP UVCHHÔ 6JGUG GUVKOCVGU CTG CNUQ TGRQTVGFÔ

Ê #KT VTCPURQTVCVKQP UGTXKEGU KPENWFG RCUUGPIGT VTCPURQTVCVKQPÒ HTGKIJV VTCPURQTVCVKQPÒ CPF RQTVUGTXKEGUÔ 2CUUGPIGT CPF HTGKIJV VTCPURQTVCVKQP EQORTKUG DQVJ UEJGFWNGF UGTXKEG CPF PQPUEJGFWNGFUGTXKEGÔ 2QTV UGTXKEGU KPENWFG RCUUGPIGT CKT VGTOKPCN UGTXKEGUÒ UWEJ CU ITQWPF JCPFNKPI CPF TWPYC[QRGTCVKPI UGTXKEGUÔ

Â#KT 6TCPURQTV #UUQEKCVKQP ı#6#ÙÒ #0GY%GPVWT[„ #0GY8KUKQPÒ#PPWCN 4GRQTV ı(KUECN ;GCT Ï‰‰‰ÙÒRÔ ÏÊ‚ CPF7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE #PCN[UKUÒ 5WTXG[ QH %WTTGPV $WUKPGUUÒ #RTÔÎÌÌÌÒ RÔ ÂÍÔ

‰ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE #PCN[UKUÒ 5WTXG[ QH %WTTGPV $WUKPGUUÒ ,WPGÎÌÌÌÒ RÔ ÈÏÔ

ÏÌ +DKFÔÒ RRÔ ÁÂ"ÊÏÔÏÏ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ È CPF ÎÏÒ ÎÌÌÌÔ

È"Í

VJG 1HHKEG QH (QTGKIP #UUGVU %QPVTQN ı1(#%Ù QH VJG 7Ô5Ô &GRCTVOGPV QH VJG 6TGCUWT[ÔÏÎ

%WTTGPVN[Ò UQOG 7Ô5Ô RCUUGPIGT CKTNKPGU RTQXKFG CKT VTCPURQTV UGTXKEG VQ %WDC D[NGCUKPI VJGKT CKTETCHV VQ NKEGPUGF 7Ô5Ô EJCTVGT QRGTCVQTUÔÏÍ 1PN[ 1(#%"NKEGPUGF VTCXGNUGTXKEG RTQXKFGTU CTG CWVJQTK\GF VQ UGNN CKTNKPG VKEMGVU HQT HNKIJVU DGVYGGP VJG 7PKVGF5VCVGU CPF %WDCÔÏÈ 6JGTGHQTGÒ CNVJQWIJ 7Ô5Ô CKTNKPGU TGEGKXG TGXGPWG HTQO NGCUKPICKTETCHV HQT VJG VTCPURQTV QH RCUUGPIGTU VQ %WDCÒ VJG[ FQ PQV TGEGKXG KPEQOG HTQOCKTNKPG VKEMGV UCNGUÔÏË

6JG %WDCP CKT VTCPURQTV KPFWUVT[ EQORTKUGU QPG HNCIUJKR ECTTKGTÒ %WDCPC FG#XKCEK¿PÒCNQPIYKVJ HQWT UOCNNGT CKTNKPGU VJCV HN[ FQOGUVKE QT UJQTV"JCWN KPVGTPCVKQPCN TQWVGUÔÏÁ +PÏ‰‰‰Ò %WDCP CKTNKPGU VTCPURQTVGF PGCTN[ ÏÔÊ OKNNKQP RCUUGPIGTU QP DQVJ FQOGUVKE CPFKPVGTPCVKQPCN HNKIJVUÔÏÊ %WDCP CKTNKPGU ECTT[ NGUU VJCP Ï RGTEGPV QH RCUUGPIGT CPFHTGKIJV VTCHHKE YQTNFYKFGÔÏÂ /CP[ QH VJG CKTETCHV KP %WDCrU HNGGV CTG CIKPI CPF KP PGGFQH TGRCKT QT TGRNCEGOGPVÔ 9KVJ VJG JGNR QH HQTGKIP KPXGUVOGPVÒ VJG %WDCP )QXGTPOGPVJCU TGPQXCVGF UQOG QH VJG EQWPVT[rU UGXGP CKTRQTVU VJCV JCPFNG KPVGTPCVKQPCN HNKIJVUÔÏ‰

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU)KXGP VJG TGNCVKXGN[ UOCNN UK\G QH VJG %WDCP CKT VTCPURQTV OCTMGVÒ KPFWUVT[ UQWTEGUKPFKECVGF VJCV VJG JKUVQTKECN KORCEV ıDCUGF QP HQTGIQPG TGXGPWGU HTQO VKEMGV UCNGUÙ QH7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC QP 7Ô5Ô CKTNKPGU YCU OGCUWTCDNG DWV

ÏÎ1(#% KUUWGU %CTTKGT 5GTXKEG 2TQXKFGT ı%52Ù NKEGPUGU VQ7Ô5Ô EQORCPKGU QRGTCVKPI EJCTVGT HNKIJVU VQ%WDCÒ CPF 6TCXGN 5GTXKEG 2TQXKFGT ı652Ù NKEGPUGU VQ EQORCPKGU VJCV UGNN CKTNKPG VKEMGVU VQ RCUUGPIGTUVTCXGNKPI VQ %WDCÔ 7Ô5Ô )QXGTPOGPV QHHKEKCNÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÏÒ ÎÌÌÌÔ

ÏÍ 7Ô5Ô CKTNKPGU RTQXKFKPI UGTXKEG VQ %WDC IGPGTCNN[ GUVCDNKUJ YGV"NGCUKPI EQPVTCEVU YKVJ EJCTVGTQRGTCVQTU ıKÔGÔÒ VJG NGCUKPI QH CKTETCHV YKVJ ETGYÙÔ 7Ô5Ô )QXGTPOGPV QHHKEKCNÒ VGNGRJQPG KPVGTXKGY D[ VJG%QOOKUUKQP UVCHHÒ #WIÔ ÎÏÒ ÎÌÌÌÔ

ÏÈ 4GRQTVGFN[Ò UQOG 7Ô5Ô CKTNKPGU JCXG CNUQ TGEGKXGF 6TCXGN 5GTXKEG 2TQXKFGT ı652Ù NKEGPUGU HTQO1(#%Ò DWV FQ PQV EWTTGPVN[ UGNN VKEMGVU HQT HNKIJVU VQ %WDC DGECWUG QH UVTKPIGPV TGSWKTGOGPVU CUUQEKCVGFYKVJ GUVCDNKUJKPI RCUUGPIGT UGTXKEG QRGTCVKQPU CV %WDCP CKTRQTVUÔ $CUGF QP %QOOKUUKQP UVCHH VGNGRJQPGKPVGTXKGYU YKVJ 7Ô5Ô )QXGTPOGPV QHHKEKCNÒ #WIÔ ÏÒ ÎÌÌÌÒ CPF KPFWUVT[ TGRTGUGPVCVKXGÒ #WIÔ ÈÒ ÎÌÌÌÔ

ÏË +P Ï‰‰‰Ò VJG 7PKVGF 5VCVGU KORNGOGPVGF OGCUWTGU VQ GZRCPF VJG PWODGT QH FKTGEV RCUUGPIGTEJCTVGT HNKIJVU DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDCÔ +P CFFKVKQP VQ GZKUVKPI NKEGPUGF FKTGEV RCUUGPIGTEJCTVGT HNKIJVU DGVYGGP /KCOK CPF *CXCPCÒ FGRCTVWTGU HTQO QVJGT 7Ô5Ô EKVKGU YGTG CWVJQTK\GF‚ FKTGEVHNKIJVU CNUQ YGTG CWVJQTK\GF HTQO VJG 7PKVGF 5VCVGU VQ %WDCP EKVKGU QVJGT VJCP *CXCPCÔ $WTGCW QH+PVGT"#OGTKECP #HHCKTUÒ 7Ô5Ô &GRCTVOGPV QH 5VCVGÒ s%WDC„ &KTGEV (NKIJVUÒt HCEV UJGGVÒ CVJVVR„ÓÓYYYÔUVCVGÔIQXÓYYYÓTGIKQPUÓYJCÓHUA‰‰ÌÏÌËA EWDCAHNKIJVUÔJVONÒ TGVTKGXGF ,CPÔ ÏÊÒ ÎÌÌÏÔ

ÏÁ #RCTV HTQO %WDCPC FG #XKCEK¿PÒ QVJGT %WDCP CKTNKPGU KPENWFG #GTQ%CTKDDGCPÒ #GTQ)CXKQVCÒ'05#Ò CPF +PVGT%WDCÒ C LQKPV XGPVWTG DGVYGGP )TWRQ +PVGTPCEK¿PCN FG #GTQNºPGCU %GPVTQCOGTKECPCÒ CEQPUQTVKWO QH %GPVTCN #OGTKECP CKTNKPGUÒ CPF VJG %WDCP)QXGTPOGPVÔ 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ%WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF 2WDNKUJKPI %QÔÒ ÎÌÌÌÙÒ RÔ ÏÍÏÔ

ÏÊ 1HKEKPC 0CEKQPCN FG 'UVCFKUVºECUÒ #PWCTKQ 'UVCFºUVKEQ FG %WDC Ï‰‰ÂÒ 'FKEK¿P Ï‰‰‰Ò *CXCPCÒRÔ ÎÏÁÔ

ÏÂ +PVGTPCVKQPCN %KXKN #XKCVKQP 1TICPK\CVKQP ı+%#1ÙÒ #PPWCN 4GRQTV QH VJG %QWPEKN"Ï‰‰‰ÔÏ‰7Ô5Ô"%WDC$WUKPGUU %QWPEKNÒ&TÔ ,CKOG5WEJNKEMKÒ s%WDC 6TCPUKVKQP 2TQLGEVÒt %WDC +PFWUVT[4GXKGYÒ

ı/KCOK„ +PHQ"%WDCÒ +PEÔÒ Ï‰‰ÂÙÔ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP CKT VTCPURQTVCVKQP UGTXKEGUKPFWUVTKGU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU )"ÏC VJTQWIJ )"ÏFÔ

È"È

UOCNNÔÎÌ 'ORNQ[OGPV YCU CNUQ OKPKOCNN[ KORCEVGF DGECWUG CKTETCHV CPF ETGYCUUKIPGF VQ HN[ VQ %WDC YGTG TGFGRNQ[GF VQ QVJGT OCTMGVUÔÎÏ

*QYGXGTÒ KPFWUVT[ TGRTGUGPVCVKXGU CNUQ PQVGF VJCV UCPEVKQPU JCXG CFXGTUGN[ CHHGEVGFVJG UEQRG QH 7Ô5Ô CKTNKPGUr DWUKPGUU KP VJG %CTKDDGCPÔ (QT GZCORNGÒ CEEQTFKPI VQ QPGKPFWUVT[ TGRTGUGPVCVKXGÒ RTKQT VQ Ï‰ÁÌÒ JKU CKTNKPG JCF QRGTCVGF HNKIJVU VQ %WDC ıHQTGZCORNGÒ HTQO0GY1TNGCPUÙ CU CP KPVGITCN RCTV QH KVU %CTKDDGCP UGTXKEGÔÎÎ #HVGT 7Ô5ÔGEQPQOKE UCPEVKQPU YGTG KORQUGFÒ %WDC"DQWPF HNKIJVU QRGTCVGF D[ VJKU CPF QVJGT7Ô5ÔCKTNKPGU YGTG VGTOKPCVGFÒ CPF ECTTKGTU HTQO %CPCFCÒ 5QWVJ #OGTKECÒ CPF 'WTQRGDGICP VTCPURQTVKPI PQP"7Ô5Ô TGUKFGPVU VQ %WDCÔÎÍ

7Ô5Ô CKTRQTVU JCXG CNUQ DGGP CFXGTUGN[ CHHGEVGF D[ GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ%WDCÔ %WTTGPVN[Ò 1(#%"NKEGPUGF CKT ECTTKGTU CTG CWVJQTK\GF VQ QRGTCVG HNKIJVU HTQOQPN[ VJTGG 7Ô5Ô CKTRQTVU„ /KCOK +PVGTPCVKQPCN #KTRQTVÒ ,QJP (Ô -GPPGF[ +PVGTPCVKQPCN#KTRQTV KP 0GY ;QTM %KV[Ò CPF .QU #PIGNGU +PVGTPCVKQPCN #KTRQTVÔ +P Ï‰‰ÂÒ /KCOK+PVGTPCVKQPCN #KTRQTV TGEGKXGF CDQWV ˘ÍÌ OKNNKQP KP TGXGPWGU ıKPENWFKPI NCPFKPI HGGUÒICVG HGGUÒ CPF RCUUGPIGT VKEMGVKPI HGGU EJCTIGF VQ CKTNKPGUÙ HTQO EJCTVGTGF HNKIJVUDGVYGGP VJG 7PKVGF 5VCVGU CPF %WDCÔ 6JKU COQWPV KU OQUV NKMGN[ NGUU VJCP VJG CKTRQTVYQWNF TGEGKXG KH 7Ô5Ô CKTNKPGU YGTG CDNG VQ RTQXKFG TGIWNCTN[ UEJGFWNGF UGTXKEG HTQO/KCOK VQ %WDCÔÎÈ

#EEQTFKPI VQ KPFWUVT[ TGRTGUGPVCVKXGUÒ VJG EWTTGPV KORCEV QH UCPEVKQPU QP 7Ô5Ô CKTNKPGUKU VQ FGP[ VJGO C UOCNN DWV RQVGPVKCNN[ RTQHKVCDNG OCTMGVÔ 7Ô5Ô CKTNKPGU YQWNF DG XGT[KPVGTGUVGF KP GUVCDNKUJKPI TGIWNCTN[ UEJGFWNGF CKT VTCPURQTV UGTXKEG VQ %WDC KP VJGCDUGPEG QH 7Ô5Ô UCPEVKQPUÔ 6JG[ PQVGFÒ JQYGXGTÒ VJCV VJG UEQRG QH UGTXKEG RTQXKFGF D[7Ô5Ô CKTNKPGU VQ %WDC YQWNF FGRGPF QP VJG VGTOU QH C TGPGIQVKCVGF 7Ô5Ô"%WDC DKNCVGTCNCKT UGTXKEG CITGGOGPVÒÎË CPF VJG EQPFKVKQPU WPFGT YJKEJ VJG %WDCP )QXGTPOGPVYQWNF RGTOKV 7Ô5Ô CKTNKPGU VQ QRGTCVGÔÎÁ

7Ô5Ô KPFWUVT[ UQWTEGU PQVGF VJCVÒ DGECWUG QH VJG UK\CDNG %WDCP"#OGTKECP EQOOWPKV[KP VJG 7PKVGF 5VCVGUÒÎÊ VJG CKT VTCPURQTV OCTMGV KP %WDC KU NKMGN[ VQ DG CU NCTIG CU GKVJGT

ÎÌ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ VJG %QOOKUUKQP UVCHHÒ ,WN[ ÎÁÒ CPF #WIÔ È CPFÎÏÒ ÎÌÌÌÔ

ÎÏ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÈÒ ÎÌÌÌÔÎÎ +DKFÔÎÍ #V RTGUGPVÒ TQWIJN[ ÁÌ RCUUGPIGT CKTNKPGU HN[ VQ %WDCÒ ÈÌ QH YJKEJ CTG EJCTVGT QRGTCVQTUÔ

0QP"7Ô5Ô CKTNKPGU VJCV RTQXKFG TGIWNCTN[ UEJGFWNGF UGTXKEG VQ %WDC KPENWFGÒ COQPI QVJGTU„ #GTQHNQVÒ #KT(TCPEGÒ #GTQNºPGCU #TIGPVKPCUÒ $TKVKUJ#KTYC[UÒ +DGTKCÒ/GZKECPC FG#XKCEK¿PÒ CPF ,CRCP#KTNKPGUÔ 5QOGQH VJKU UGTXKEG KU UGCUQPCN VQ UGTXKEG YKPVGT VQWTKUOÔ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒs'EQPQOKE '[G QP %WDCÒt /C[ÍÏ " ,WPG ÁÒ Ï‰‰‰Ò CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÒ TGVTKGXGF ,WN[ ÎËÒ ÎÌÌÌÔ

ÎÈ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÏÒ ÎÌÌÌÔÎË +P Ï‰ËÍÒ C DKNCVGTCN CKT UGTXKEG CITGGOGPV YCU GUVCDNKUJGF DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDC

RGTOKVVKPI 7Ô5Ô CPF %WDCP CKTNKPGU VQ HN[ DGVYGGP VJG VYQ EQWPVTKGUÔ 7Ô5Ô )QXGTPOGPV QHHKEKCNÒ VGNGRJQPGKPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ ,WN[ ÎÊÒ ÎÌÌÌÔ

ÎÁ #EEQTFKPI VQ CP KPFWUVT[ TGRTGUGPVCVKXGÒ 7Ô5Ô EJCTVGT HNKIJV QRGTCVQTU VQ %WDC EWTTGPVN[ RTQXKFGUGTXKEG WPFGT sGZVTC"DKNCVGTCNt CWVJQTKV[ ıKÔGÔÒ CWVJQTKV[ ITCPVGF WPFGT OWVWCN CITGGOGPV QH VJG 7Ô5Ô CPF%WDCP)QXGTPOGPVU VJCV NKGU QWVUKFG VJG UEQRG QH VJG7Ô5Ô"%WDC DKNCVGTCN CKT UGTXKEG CITGGOGPVÙÔ +PFWUVT[TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ VJG %QOOKUUKQP UVCHHÒ ,WN[ ÎÁÒ CPF #WIÔ È CPF ÎÏÒ ÎÌÌÌÔ

ÎÊ (QT KPUVCPEGÒ ËÌÌÒÌÌÌ %WDCP"#OGTKECPU CTG TGRQTVGFN[ NKXKPI KP &CFG %QWPV[Ò (.Ò CPF CPQVJGTËÌÌÒÌÌÌ KP %JKECIQÒ .QU #PIGNGUÒ0GY1TNGCPUÒ VJG0GY ,GTUG["0GY;QTM CTGCÒ 6CORCÒ CPF 5CP ,WCPÒ2WGTVQ 4KEQÔ 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF2WDNKUJKPI %QÔÒ ÎÌÌÌÙÒ RÔ ÏÍÏÔ

È"Ë

QH VJG VYQ NCTIGUV %CTKDDGCP OCTMGVU VJCV 7Ô5Ô CKTNKPGU EWTTGPVN[ UGTXG„ &QOKPKECP4GRWDNKE CPF 2WGTVQ 4KEQÔÎÂ #U UWEJÒ KH 7Ô5Ô CKTNKPGU YGTG VQ EQOOGPEG UEJGFWNGFRCUUGPIGT UGTXKEG VQ %WDCÒ CPPWCN TGXGPWGU HTQO UWEJ UGTXKEG YQWNF CEEQWPV HQT PQOQTG VJCP Ï RGTEGPV QH VQVCN RCUUGPIGT TGXGPWGUÔ 0QPGVJGNGUUÒ KPFWUVT[TGRTGUGPVCVKXGU GORJCUK\GF VJCVÒ CNVJQWIJ VJG %WDCPOCTMGV KU UOCNNÒ KV KU C RQVGPVKCNN[RTQHKVCDNG QPG HQT 7Ô5Ô CKTNKPGUÔÎ‰ 1PG 7Ô5Ô CKTNKPG TGRTGUGPVCVKXG GUVKOCVGF VJCV KP VJGCDUGPEG QH 7Ô5Ô UCPEVKQPU VJG CKTNKPG YQWNF GCTP CDQWV ˘ÎË OKNNKQP CPPWCNN[ HTQORCUUGPIGT QRGTCVKQPU CPF ˘ÊËÌÒÌÌÌ HTQO ECTIQ QRGTCVKQPUÔÍÌ #PQVJGT KPFWUVT[TGRTGUGPVCVKXG GUVKOCVGF VJCV JKU CKTNKPG EQWNF GCTP RCUUGPIGT TGXGPWGU QH PGCTN[ ˘ÏËÌOKNNKQP CPPWCNN[ KH KV YGTG VQ QRGTCVG TGIWNCTN[ UEJGFWNGF HNKIJVU VQ %WDCÔÍÏ # 7Ô5ÔCKTNKPG TGRTGUGPVCVKXG KPFKECVGF VJCVÒ KH CDNG VQ TGUWOG TGIWNCT UGTXKEG VQ %WDCÒ VJG[YQWNF RTQDCDN[ EJCPPGN UWEJ UGTXKEG VJTQWIJ VJGKT 7Ô5Ô JWDU YJKEJÒ KP VWTPÒ YQWNFJCXG C RQUKVKXG KORCEV QP VJG TGXGPWGU QH 7Ô5Ô CKTRQTVUÔÍÎ

7Ô5Ô CKTNKPGU CTG PQV EQPEGTPGF CDQWV EQORGVKVKQP HTQO %WDCP CKTNKPGU KP VJG CDUGPEGQH 7Ô5Ô UCPEVKQPUÒ CU %WDCP CKTNKPGU CTG PQV EQPUKFGTGF UKIPKHKECPV EQORGVKVQTUÔÍÍ +PCFFKVKQPÒ CNVJQWIJ UGXGTCN HQTGKIP CKTNKPGU ıGÔIÔÒ $TKVKUJ #KTYC[U CPF +DGTKCÙ EWTTGPVN[UGTXG VJG %WDCP OCTMGVÒ VJG EQPFKVKQPU WPFGT YJKEJ VJGUG ECTTKGTU YQWNF RTQXKFG CKTVTCPURQTV UGTXKEG DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDC YQWNF NKMGN[ DG EQPUVTCKPGF D[DKNCVGTCN CKT UGTXKEG CITGGOGPVU DGVYGGP VJG 7Ô5Ô CPF HQTGKIP EQWPVTKGUÔ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP%WDCrU CKT VTCPURQTVCVKQP UGTXKEGU UGEVQT JCU DGGPHCKTN[ UKIPKHKECPVÔ +P VJG Ï‰ËÌUÒ VJG %WDCP CKTRQTVU QH *CXCPC CPF %COCIWG[ UGTXGFCU JWDU HQT CKT RCUUGPIGT VTCHHKE DGVYGGP VJG 7PKVGF 5VCVGU CPF 5QWVJ #OGTKEC CPFYGTG TGRQTVGFN[ COQPI VJG DWUKGUV CKTRQTVU KP VJG %CTKDDGCPÔÍÈ 6JG %QOOKUUKQPGUVKOCVGU VJCV CPPWCNN[ CP CFFKVKQPCN ÏÌÌÒÌÌÌ VQ ÍËÌÒÌÌÌ 7Ô5Ô TGUKFGPVU OC[ DGGZRGEVGF VQ VTCXGN VQ %WDCÒ RTKOCTKN[ CU VQWTKUVUÒ KP VJG CDUGPEG QH UCPEVKQPUÒ CNVJQWIJQVJGT GUVKOCVGU CTG UKIPKHKECPVN[ JKIJGT ıUGG FKUEWUUKQP QH 6TCXGN CPF 6QWTKUO5GTXKEGUÙÔ)TQYVJ KP RCUUGPIGT VTCHHKE DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDC KU NKMGN[ VQ DGPGHKV

ÎÂ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ ,WN[ ÎÁÒ ÎÌÌÌÔÎ‰ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ %QOOKUUKQP UVCHHÒ ,WN[ ÎÁÒ CPF #WIÔ È CPF ÎÏÒ

ÎÌÌÌ‚ CPF #KT 6TCPURQTV #UUQEKCVKQP ı#6#ÙÒ # 0GY %GPVWT[„ # 0GY 8KUKQPÒ #PPWCN 4GRQTV ı(KUECN ;GCTÏ‰‰‰ÙÒ RÔ ÏÂÔ

ÍÌ 6JKU CKTNKPG EWTTGPVN[ NGCUGU KVU CKTETCHV VQ EJCTVGT QRGTCVQTU HQT VJG VTCPURQTV QH RCUUGPIGTU VQ%WDCÒ DWV FQGU PQV VTCPURQTV ECTIQ QP VJGUG RCUUGPIGT HNKIJVUÔ 'UVKOCVGF TGXGPWG HTQO VJG VTCPURQTV QHECTIQ KU DCUGF QP CRRTQZKOCVG Ï‰‰‰ TGXGPWGU HQT VJG CKTNKPGrU ECTIQ QRGTCVKQPU KP 2WGTVQ 4KEQÔ +PFWUVT[TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ VJG %QOOKUUKQP UVCHHÒ ,WN[ ÎÁ CPF #WIÔ ÍÒ ÎÌÌÌÔ

ÍÏ 6JKU GUVKOCVG KU DCUGF QP CP CUUWORVKQP QH VTCPURQTVKPI ÁÌÌÒÌÌÌ RCUUGPIGTU CPPWCNN[Ò CPFTGRTGUGPVU TQWIJN[ Ï RGTEGPV QH VQVCN RCUUGPIGT TGXGPWGU HQT VJG CKTNKPG KP Ï‰‰‰Ô +PFWUVT[ TGRTGUGPVCVKXGÒVGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÈÒ ÎÌÌÌ‚ CPF #KT 6TCPURQTV #UUQEKCVKQPÒ UGG PQVG Î‰Ô

ÍÎ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÈÒ ÎÌÌÌÔÍÍ 1PG 7Ô5Ô KPFWUVT[ TGRTGUGPVCVKXG KPFKECVGF VJCV OQUV 7Ô5Ô EKVK\GPU VTCXGNKPI VQ %WDC YQWNF NKMGN[

HCXQT 7Ô5Ô CKTNKPGU DGECWUG QH sHCOKNKCTKV[Ò RTQFWEV SWCNKV[Ò CPF QVJGT HCEVQTUÔt +PFWUVT[ TGRTGUGPVCVKXGUÒVGNGRJQPG KPVGTXKGYU D[ VJG %QOOKUUKQP UVCHHÒ ,WN[ ÎÁ CPF #WIÔ ÈÒ ÎÌÌÌ‚ CPF KPFWUVT[ TGRTGUGPVCVKXGG"OCKN VQ VJG %QOOKUUKQP UVCHHÒ 0QXÔ ÁÒ ÎÌÌÌÔ

ÍÈ +PVGTPCVKQPCN %KXKN #XKCVKQP 1TICPK\CVKQP ı+%#1ÙÒ #PPWCN 4GRQTV QH VJG %QWPEKN"Ï‰‰‰‚ CPF7Ô5Ô"%WDC $WUKPGUU %QWPEKNÒ &TÔ ,CKOG 5WEJNKEMKÒ s%WDC 6TCPUKVKQP 2TQLGEV„ %WDC +PFWUVT[ 4GXKGYÔtı/KCOK„ +PHQ"%WDCÒ +PEÔÒ Ï‰‰ÂÙÔ

È"Á

%WDCrU HNCIUJKR CKTNKPGÒ %WDCPC FG #XKCEK¿PÒÍË CPF CPQVJGT %WDCP ECTTKGTÒ#GTQ%CTTKDGCPÒ YJKEJ TGRQTVGFN[ VTCPURQTVGF ÎÂ RGTEGPV QH CNN KPVGTPCVKQPCN XKUKVQTUVQ %WDC KP Ï‰‰ÂÔÍÁ .KMGN[ EQORGVKVQTU KP VJG 7Ô5Ô"%WDC CKT VTCPURQTV OCTMGV KPENWFGOCLQT 7Ô5Ô CKTNKPGUÒ UWEJ CU #OGTKECPÒ &GNVCÒ CPF 7Ô5Ô #KTYC[UÒ CPF HQTGKIPECTTKGTUÔÍÊ

4GEGPVN[Ò VJG %WDCP )QXGTPOGPVÒ CKFGF D[ %CPCFKCP HQTGKIP KPXGUVOGPVÒ TGPQXCVGFVJG EQWPVT[rU NCTIGUV CKTRQTVÒ ,QUG /CTVº +PVGTPCVKQPCN UGTXKPI *CXCPCÒ CPF GZRCPFGF,WCP )WCNDGTVQ )¿OG\ +PVGTPCVKQPCN CKTRQTVÒ %WDCrU UGEQPF NCTIGUV CKTRQTV UGTXKPIVJG VQWTKUV TGUQTV QH 8CTCFGTQÔ 5GXGTCN UOCNNGT CKTRQTVU VJCV JCPFNG KPVGTPCVKQPCN HNKIJVUJCXG CNUQ DGGP GZRCPFGFÔ 6JGUG CKTRQTVU YQWNF DGPGHKV HTQO TGIWNCTN[ UEJGFWNGFHNKIJVU VQ %WDC D[7Ô5Ô CKTNKPGUÔ1PG TGRTGUGPVCVKXG HTQO C7Ô5Ô CKTNKPG PQVGF VJCVÒ YGTGJKU EQORCP[ VQ EQOOGPEG TGIWNCT UGTXKEG VQ %WDCÒ KV YQWNF GORNQ[ CV NGCUV ÈÌ RGTUQPUCU VKEMGV CIGPVU CPF ITQWPF JCPFNKPI RGTUQPPGN CV GCEJ %WDCP CKTRQTV VJCV KV UGTXGFÔ6JG CKTNKPG YQWNF RTQDCDN[ DGIKP HWNN"UECNG QRGTCVKQPU KP %WDC Á OQPVJU CHVGT VJGTGOQXCN QH UCPEVKQPUÔÍÂ

////CCCCTTTTKKKKVVVVKKKKOOOOGGGG 6666TTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP 5555GGGGTTTTXXXXKKKKEEEEGGGGUUUUÍ‰

6JG 7Ô5Ô OCTKVKOG VTCPURQTV UGTXKEGU KPFWUVT[ EQPUKUVU QH CDQWV ÎÂÌ 7Ô5Ô HNCI XGUUGNUÈÌ

CPF GORNQ[U CRRTQZKOCVGN[ ÏÊÍÒÌÌÌ RGQRNGÔÈÏ +P Ï‰‰ÂÒ TGXGPWGU IGPGTCVGF D[ VJG7Ô5Ô KPFWUVT[ YGTG ˘ÏÈ DKNNKQPÔÈÎ &WTKPI VJG UCOG [GCTÒ 7Ô5Ô GZRQTVU QH OCTKVKOGVTCPURQTV UGTXKEGU GSWCNGF PGCTN[ ˘ÏÏ DKNNKQPÒ YJKNG 7Ô5Ô KORQTVU VQVCNGF QXGT ˘ÏÍDKNNKQPÔÈÍ 7Ô5Ô HQTGKIP YCVGTDQTPG VTCPURQTVCVKQPÈÈ KU GZRGEVGF VQ ITQY D[ Í VQ ÈRGTEGPV CPPWCNN[ DGVYGGP Ï‰‰Â CPF ÎÌÌÎÔÈË

ÍË 'HHGEVKXG &GEÔ ÏÒ ÎÌÌÌÒ VJG 7Ô5Ô &GRCTVOGPV QH 5VCVG RTQJKDKVGF KVU RGTUQPPGN HTQO CNN VTCXGNWVKNK\KPI %WDC FG #XKCEK¿PÒ CPF TGEQOOGPFGF VJCV QVJGT #OGTKECPU FGHGT VTCXGN QP %WDCPC FG#XKCEK¿PÒ DGECWUG QH EQPEGTPU CDQWV UCHGV[ UVCPFCTFU CPF OCKPVGPCPEG QH VJG CKTNKPGÔ 7Ô5Ô &GRCTVOGPVQH 5VCVGÒ s%WDC"%QPUWNCT +PHQTOCVKQP 5JGGVÒt &GEÔ ÏÒ ÎÌÌÌÒ CV JVVR„ÓÓVTCXGNÔUVCVGÔIQXÓEWDCÔJVONÒTGVTKGXGF ,CPÔ ÏÊÒ ÎÌÌÏÔ

ÍÁ +P CFFKVKQPÒ FWTKPI Ï‰‰ÂÒ VJGUG VYQ ECTTKGTU VTCPURQTVGF TQWIJN[ ÎËÌÒÌÌÌ HQTGKIP VQWTKUVUDGVYGGP RQKPVU YKVJKP %WDCÔ s#KTNKPG VTCHHKEÒ CKTRQTV EQPUVTWEVKQP TQUG KP Ï‰‰ÂÒt %WDC0GYUÒ ,CPÔ Ï‰‰‰Ô

ÍÊ 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF 2WDNKUJKPI%QÔÒ ÎÌÌÌÙÒ RÔ ÏÍÏÔ

ÍÂ /CTKVKOG VTCPURQTVCVKQP UGTXKEGU KPENWFG RCUUGPIGT VTCPURQTVCVKQPÒ HTGKIJV VTCPURQTVCVKQPÒ CPFRQTV UGTXKEGUÔ 2CUUGPIGT VTCPURQTVCVKQP KPENWFGU VJG VTCPURQTV QH KPFKXKFWCNU QP RCUUGPIGT XGUUGNU UWEJ CUEQCUVCN"YCVGT HGTTKGU CPF ETWKUG UJKRUÔ (TGKIJV VTCPURQTVCVKQP KU VJG VTCPURQTV QH OGTEJCPFKUG QPQEGCPIQKPI XGUUGNU UWEJ CU EQPVCKPGTUJKRUÒ FT[ DWNM ECTTKGTUÒ CPF VCPMGTUÔ 2QTV UGTXKEGU KPENWFG UGTXKEGUCUUQEKCVGF YKVJ VJG QRGTCVKQP QH RQTVUÒ JCTDQTUÒ CPF RCUUGPIGT VGTOKPCN HCEKNKVKGUÔ &GOCPF HQT HTGKIJVVTCPURQTVCVKQP CPF RQTV UGTXKEGU UVGOU HTQO OGTEJCPFKUG VTCFGÔ

Í‰ 6JKU PWODGT KPENWFGU UGNH"RTQRGNNGF QEGCPIQKPI XGUUGNU QH ÏÒÌÌÌ VQPU CPF CDQXG VJCV CTGRTKXCVGN[ QYPGFÔ 7Ô5Ô &GRCTVOGPV QH 6TCPURQTVCVKQPÒ /CTKVKOG #FOKPKUVTCVKQPÒ s/GTEJCPV (NGGVU QH VJG9QTNFÒt ,CPÔ ÏÒ ÎÌÌÌÔ

ÈÌ 5GG PQVG ÍÎÔÈÏ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE #PCN[UKUÒ 5WTXG[ QH %WTTGPV $WUKPGUUÒ #RTÔ

ÎÌÌÌÒ RÔ ÂÍÔÈÎ +DKFÔÒ ,WPG ÎÌÌÌÒ RÔ ÈÏÔÈÍ +DKFÔÒ RRÔ ÁÂ"ÊÏÔÈÈ 7Ô5Ô HQTGKIP YCVGTDQTPG VTCPURQTVCVKQP FGPQVGU KORQTVU CPF GZRQTVU ECTTKGF D[ 7Ô5Ô UJKRU

DGVYGGP VJG 7PKVGF 5VCVGU CPF HQTGKIP RQTVUÔ 7Ô5Ô &GRCTVOGPV QH 6TCPURQTVCVKQPÒ $WTGCW QH6TCPURQTVCVKQP 5VCVKUVKEUÒ /CTKVKOG #FOKPKUVTCVKQPÒ 7Ô5Ô %QCUV )WCTFÒ /CTKVKOG 6TCFG ˜ 6TCPURQTVCVKQPÏ‰‰‰ ı9CUJKPIVQPÒ &%„ Ï‰‰‰ÙÒ RÔ ÏÏÔ

ÈË +DKFÔ

È"Ê

6JG %WDCPOGTEJCPV OCTKPG TGRQTVGFN[ QRGTCVGF ÈÌÁ XGUUGNU WPFGT VJG %WDCP HNCI KPÏ‰‰ÏÒ DWV VJCV PWODGT FGENKPGF VQ LWUV ÏÊ NCTIG"UECNG XGUUGNU KP Ï‰‰‰ÔÈÁ %WDCrUUVCVG"QYPGF OGTEJCPV OCTKPG VTCPURQTVU ECTIQ DGVYGGP %WDC CPF PQTVJGTP 'WTQRGÒVJG $CNVKEÒ VJG /GFKVGTTCPGCPÒ ,CRCPÒ .CVKP #OGTKECÒ CPF QVJGT RCTVU QH VJG%CTKDDGCPÔÈÊ 6JG %WDCP HNGGV KU OCPCIGF D[ VYQ )QXGTPOGPV"QYPGF GPVKVKGU„0CXGICEK¿P /CODKUCÒ YJKEJ JCPFNGU KPVGTPCVKQPCN UJKRRKPIÒ CPF 0CXGICEK¿P%CTKDGÒ YJKEJ QXGTUGGU FQOGUVKE CPF %CTKDDGCP UJKRRKPIÔÈÂ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU*KUVQTKECNN[ UCPEVKQPU JCF CP CFXGTUG KORCEV QP UGXGTCN 7Ô5Ô UGCRQTVUÔ 2TKQT VQ VJGKORQUKVKQP QH 7Ô5Ô UCPEVKQPUÒ %WDCYCU TGRQTVGFN[ CP KORQTVCPV VTCFKPI RCTVPGT HQT VJG7Ô5Ô OCTKVKOG UGTXKEGU KPFWUVT[Ò RCTVKEWNCTN[ HQT 7Ô5Ô UGCRQTVUÔ (QT KPUVCPEGÒ KP Ï‰ÁÌÒ%WDC YCU VJG NGCFKPI VTCFKPI RCTVPGT HQT VJG 2QTV QH 0GY 1TNGCPUÒ CPF TQWIJN[QPG"VJKTF QH CNN ECTIQ UJKRRGF VJTQWIJ VJG RQTV YCU UGPV VQ %WDCÔÈ‰ #EEQTFKPI VQKPFWUVT[ TGRTGUGPVCVKXGUÒ KV VQQM PGCTN[ ÏÌ [GCTU HQT VJG 2QTV QH 0GY1TNGCPU VQ TGRNCEGVJG XQNWOG QH ECTIQ VJCV KV RTGXKQWUN[ UJKRRGF VQ %WDC YKVJ UJKROGPVU VQ QVJGTEQWPVTKGUÔËÌ (NQTKFC RQTVU YGTG CNUQ CEVKXG KP 7Ô5Ô"%WDC VTCFGÒ KPENWFKPI VJG 2QTV QH,CEMUQPXKNNG CPF 2QTV 'XGTINCFGUÔËÏ

#EEQTFKPI VQ KPFWUVT[ TGRTGUGPVCVKXGUÒ 7Ô5Ô RQTVUÒ UJKRRKPI NKPGUÒ CPF ETWKUG NKPGURTQDCDN[ YQWNF DGPGHKV KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ (QT GZCORNGÒ QPG KPFWUVT[TGRTGUGPVCVKXG GUVKOCVGF VJCVÒ YGTG VJG 7PKVGF 5VCVGU VQ TG"GUVCDNKUJ VTCFG YKVJ %WDCÒCP CFFKVKQPCN ËÌÌÒÌÌÌ VQ ÎÒÌÌÌÒÌÌÌ OGVTKE VQPU QH ECTIQ FGUVKPGF HQT %WDC YQWNFOQXG CPPWCNN[ VJTQWIJ VJG 2QTV QH 0GY 1TNGCPU YJKEJÒ KP VWTPÒ YQWNF ETGCVG ÍÌÌ VQËÌÌ PGY NQPIUJQTGOCP LQDUÔËÎ /QTGQXGTÒ KPFWUVT[ UQWTEGU GUVKOCVGF VJCV KH 7Ô5ÔUJKRRKPI NKPGU YGTG RGTOKVVGF VQ VTCPURQTV ECTIQ VQ CPF HTQO%WDCÒ VJG[ YQWNF TGEGKXGCPPWCN TGXGPWGU QH DGVYGGP ˘ÁÌÌ OKNNKQP CPF ˘ÊÌÌOKNNKQPÒËÍ CPF VJG[ YQWNF HWTVJGT

ÈÁ 6JKU PWODGT KPENWFGU UGNH"RTQRGNNGF QEGCPIQKPI XGUUGNU QH ÏÒÌÌÌ VQPU CPF CDQXGÔ 7Ô5Ô&GRCTVOGPV QH 6TCPURQTVCVKQPÒ /CTKVKOG #FOKPKUVTCVKQPÒ s/GTEJCPV (NGGVU QH VJG 9QTNFÒt ,CPÔ ÏÒ ÎÌÌÌÒCPF 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF 2WDNKUJKPI %QÔÒÎÌÌÌÙÒ RÔ ÏÎÊÔ

ÈÊ 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF 2WDNKUJKPI%QÔÒ ÎÌÌÌÙÒ RÔ ÏÍÏÔ

ÈÂ +DKFÔ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP OCTKVKOG VTCPURQTVCVKQP UGTXKEGU UGEVQTU ECP DGHQWPF KP #RRGPFKZ )Ò VCDNGU )"ÎC VJTQWIJ )"ÎFÔ

È‰ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ #WIÔ ÎÒ ÎÌÌÌ‚ CPF 0KEQNCU #Ô4QDKPU CPF /CTKC (Ô 6TWLKNNQÒ s0QTOCNK\GF 6TCFG 4GNCVKQPU $GVYGGP VJG 7PKVGF 5VCVGU CPF %WDC„'EQPQOKE +ORCEV QP 0GY 1TNGCPU CPF .QWKUKCPCÒt %WDC KP 6TCPUKVKQPv8QNWOG ‰Ò ı9CUJKPIVQP„#UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰‰ÙÒ RRÔ ‰Á"ÏÌÎÒ ÏÈÂÔ

ËÌ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÎÒ ÎÌÌÌÔËÏ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ VJG %QOOKUUKQP UVCHHÒ ,WPG Î‰ CPF #WIÔ ÏÁÒ

ÎÌÌÌÔËÎ #PQVJGT UQWTEG JCU GUVKOCVGF VJCV KH 7Ô5Ô"%WDC VTCFG TGNCVKQPU YGTG TGUWOGFÒ DGVYGGP ÎÌÌÒÌÌÌ

CPF ÏÒÈÌÌÒÌÌÌ OGVTKE VQPU QH %WDCP GZRQTVU CPF KORQTVU YQWNF RCUU VJTQWIJ VJG 2QTV QH 0GY 1TNGCPUÔ5GG PQVG ËÌÔ 4QDKPU CPF 6TWLKNNQÒ RÔ ÏÌÎÔ

ËÍ 6JKU GUVKOCVG KU FGTKXGF HTQO CP KPFWUVT[ TGRQTV EQORNGVGF KP/C[ Ï‰‰Á D[C RTKXCVGOCPCIGOGPVEQPUWNVKPI HKTOÒ CPF KU DCUGF QP ITQUU TGXGPWGU TGEGKXGF D[ CNN EQORGVKPI7Ô5Ô UJKRRKPI NKPGU VJCV RTQXKFGUGTXKEG DGVYGGP VJG 7PKVGF 5VCVGU CPF 2WGTVQ 4KEQÔ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ VJG%QOOKUUKQP UVCHHÒ ,WN[ ÍÏÒ ÎÌÌÌÔ

È"Â

ICKP HTQO VJG CDKNKV[ VQ UGTXG RQTVU DGVYGGP %WDC CPF QVJGT HQTGKIP EQWPVTKGUÔËÈ

(KPCNN[Ò 7Ô5Ô ETWKUG NKPGU YQWNF CNUQ DGPGHKV HTQO VJG TGUWORVKQP QH VTCFG DGVYGGP VJG7PKVGF 5VCVGU CPF %WDCÔËË #V VJG UCOG VKOGÒ JQYGXGTÒ KPFWUVT[ UQWTEGU PQVGF VJCVUQOG 7Ô5Ô ETWKUG NKPGU OKIJV EJQQUG VQ DCUG VJGKT QRGTCVKQPU KP %WDCÒ TCVJGT VJCP KP VJG7PKVGF 5VCVGUÒ DGECWUG QH RQVGPVKCNN[ NQYGT HGGU CV %WDCP RQTVUÔËÁ

+PFWUVT[ TGRTGUGPVCVKXGU KPFKECVGF VJCV VJG[ YGTG PQV EQPEGTPGF CDQWV EQORGVKVKQPHTQO %WDCP UJKRRKPI NKPGU IKXGP VJCV %WDC JCU C UOCNN OGTEJCPV HNGGVÔËÊ +P CFFKVKQPÒWPFGT VJG ,QPGU #EVÒ %WDCP"QYPGF XGUUGNU YQWNF DG RTQJKDKVGF HTQO VTCPURQTVKPIECTIQ DGVYGGP 7Ô5Ô RQTVUÔËÂ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG JKUVQTKECN KORCEV QP %WDCrU OCTKVKOG UGTXKEGU KPFWUVT[ QH GEQPQOKE UCPEVKQPU QP%WDC JCU DGGP UKIPKHKECPVÒ CEEQTFKPI VQ KPFWUVT[ UQWTEGUÒ YJQ PQVGF VJCV VJGFGXGNQROGPV QH %WDCP UGCRQTVU JCU DGGP CFXGTUGN[ CHHGEVGF D[ VJG %WDCP&GOQETCE[ #EV QH Ï‰‰Î ı%&#ÙÒ YJKEJ RTQJKDKVU 7Ô5Ô"HNCI XGUUGNU HTQO VTCPURQTVKPIECTIQ QT RCUUGPIGTU VQ QT HTQO %WDCÒ QT ECTT[KPI IQQFU KP YJKEJ C %WDCP PCVKQPCNJCU CP KPVGTGUVÔ +P CFFKVKQPÒ UJKRU YJKEJ JCXG XKUKVGF C %WDCP RQTV OC[ PQV FQEM KP C7Ô5Ô RQTV HQT Á OQPVJU CHVGT JCXKPI DGGP KP %WDCÔË‰ %WDCP QHHKEKCNU TGRQTVGF VJCV VJG%&# JCU KPETGCUGF UJKRRKPI EQUVU VQ %WDC D[ ÎÍ RGTEGPV CPF JCU FGVGTTGF OCP[XGUUGNU QH HQTGKIP UJKRRKPI NKPGU HTQO FQEMKPI KP %WDCP RQTVUÔÁÌ

+V KU GUVKOCVGF VJCV %WDCrU OGTEJCPV HNGGV YQWNF DGPGHKV KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ+P RCTVKEWNCTÒ YKVJ VJG TGUWORVKQP QH 7Ô5Ô"%WDC VTCFGÒ UGXGTCN QH %WDCrU RQTVU YQWNFRTQDCDN[ HQEWU VJGKT QRGTCVKQPU QP VJG GZRQTV QH IQQFU HTQO %WDC VQ VJG GCUV EQCUV QH

ËÈ (GY OCLQT 7Ô5Ô UJKRRKPI NKPGU TGVCKP QYPGTUJKR QH VJGKT KPVGTPCVKQPCN QRGTCVKQPUÔ (QT KPUVCPEGÒYKVJKP VJG RCUV VYQ [GCTUÒ 5GCNCPFÓ%5: UQNF KVU KPVGTPCVKQPCN HNGGV VQ &CPKUJ UJKRRKPI NKPG /CGTUMÒ CPF%TQYNG[ UQNF KVU 5QWVJ #OGTKECP QRGTCVKQPU VQ VJG )GTOCP UJKRRKPI NKPG *CODWTI"5WFÒ VJQWIJ KV UVKNNRTQXKFGU UGTXKEG VQ %GPVTCN #OGTKEC CPF VJG %CTKDDGCPÔ 7Ô5Ô XGUUGNU VJCV YQWNF UGTXG %WDC UJQWNFPQTOCN VTCFG TGNCVKQPU DG TGUVQTGF YQWNF RTQDCDN[ DG VJQUG QH UOCNN 7Ô5Ô UJKRRKPI HKTOUÔ +PFWUVT[TGRTGUGPVCVKXGUÒ KPVGTXKGYU YKVJ VJG %QOOKUUKQP UVCHHÒ ,WN[ ÍÏ CPF #WIÔ ÏÁÒ ÎÌÌÌÔ

ËË +P Ï‰‰ÂÒ %WDCrU /KPKUVT[ QH 6QWTKUO GUVKOCVGF VJCV PGCTN[ ÎËÒÌÌÌ VQWTKUVU YQWNF VTCXGN QPRCUUGPIGT UJKRU VQ%WDCDGVYGGP&GEÔ Ï‰‰‰ CPF#RTÔ ÎÌÌÌÔ (TQO ,CPÔ Ï‰‰Â VQ/C[ Ï‰‰ÂÒÍ‰ ETWKUG UJKRUXKUKVGF %WDCÒ RTKOCTKN[ VJQUG QRGTCVGF D[%NWD/nFKVGTTCPnG 5Ô#ÔÒ C (TCPEG"DCUGF ETWKUG NKPGÔ 7Ô5Ô"%WDC6TCFG CPF 'EQPQOKE %QWPEKNÒ sÏ‰‰‰ %QOOGTEKCN *KIJNKIJVUÒt CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓ‰‰JKIJNKIJVUÔJVONÒ TGVTKGXGF ,WPG ‰Ò ÎÌÌÌ‚ CPF 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ s'EQPQOKE '[GQP %WDCÒt /C[ ÏÏ"ÏÊÒ Ï‰‰ÂÒ CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓG[GQPYÔJVONÒ TGVTKGXGF ,WN[ ÎËÒ ÎÌÌÌÔ

ËÁ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ ,WPG Î‰Ò ÎÌÌÌÔËÊ +DKFÔËÂ 6JG ,QPGU #EV KU VJG UJQTVJCPF PCOG IKXGP VQ UGEVKQP ÎÊ QH VJG Ï‰ÎÌ /GTEJCPV /CTKPG #EV ıÈÁ

7Ô5Ô%Ô ÂÂÍÙÔ 7PFGT VJG ,QPGU #EVÒ UJKRU VJCV VTCPURQTV ECTIQ DGVYGGP 7Ô5Ô RQTVU OWUV DG DWKNV CPFTGIKUVGTGF KP VJG7PKVGF 5VCVGU CPF QYPGF CPF QRGTCVGF D[7Ô5Ô EKVK\GPUÔ s/CTKVKOG 6TCPURQTVCVKQP +UUWGUCPF VJG ÏÌËVJ %QPITGUUÒt %QPITGUUKQPCN 4GUGCTEJ 5GTXKEG 4GRQTV HQT %QPITGUUÒ 5GRVÔ ÏÊÒ Ï‰‰ÊÒ RÔ ÏÔ

Ë‰ +P UQOG ECUGUÒ VJG 7Ô5Ô )QXGTPOGPV JCU RGTOKVVGF 7Ô5Ô XGUUGNU VQ VTCPURQTV ECTIQ VQ %WDC ıGÔIÔÒHQQF CPF OGFKEKPGÙ HQT JWOCPKVCTKCP TGCUQPUÔ 0KEQNCU #Ô 4QDKPU CPF /CTKC (Ô 6TWLKNNQÒ s0QTOCNK\GF6TCFG 4GNCVKQPU $GVYGGP VJG 7PKVGF 5VCVGU CPF%WDC„ 'EQPQOKE +ORCEV QP0GY1TNGCPU CPF .QWKUKCPCÒt%WDC KP 6TCPUKVKQPv8QNWOG ‰Ò ı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰‰ÙÒ RÔ‰‰‚ 7Ô5Ô )QXGTPOGPV QHHKEKCN VGNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ #WIÔ ÎÎÒ ÎÌÌÌÔ 6JG %&# KUFKUEWUUGF KP EJCRVGT ÎÔ

ÁÌ s.CIG UC[U 7Ô5Ô GODCTIQ EQUVU %WDC ˘ÂÌÌ OKNNKQP RGT [GCTÒt %WDC0GYUÒ (GDÔ Ï‰‰‰Ô

È"‰

VJG 7PKVGF 5VCVGUÔÁÏ 5WEJ VTCFG YQWNF CNUQ RTQXKFG KPEGPVKXGU HQT %WDC VQ GZRCPF KVUOGTEJCPV HNGGV HQT VJG VTCPURQTV QH 7Ô5Ô IQQFUÔÁÎ

+P VJG CDUGPEG QH UCPEVKQPUÒ OCTKVKOG UGTXKEGU RTQXKFGF D[ 7Ô5Ô HKTOU VQ %WDC YQWNF DGUWDLGEV VQ EQOOKVOGPVU OCFG WPFGT VJG )GPGTCN #ITGGOGPV QP 6TCFG KP 5GTXKEGUı)#65ÙÒ WPFGT YJKEJ %WDC RTQJKDKVU HQTGKIP EQORCPKGU HTQO QRGTCVKPIECTIQ"ECTT[KPI XGUUGNU WPFGT VJG %WDCP HNCIÔÁÍ #V RTGUGPVÒ UJKRU VJCV CTG TGIKUVGTGF KPC PWODGT QH HQTGKIP EQWPVTKGU VTCPURQTV ECTIQ VQ %WDCÒÁÈ KPENWFKPI VJQUG HTQO)GTOCP[Ò 0QTYC[Ò VJG 0GVJGTNCPFUÒ 5KPICRQTGÒ 6JCKNCPFÒ CPF VJG 7PKVGF-KPIFQOÔÁË 7Ô5Ô UJKRRKPI NKPGU YQWNF RTQDCDN[ EQORGVG YKVJ XGUUGNU TGIKUVGTGF KPVJGUG EQWPVTKGU KP VJG CDUGPEG QH UCPEVKQPUÔ

$$$$CCCCPPPPMMMMKKKKPPPPIIII 5555GGGGTTTTXXXXKKKKEEEEGGGGUUUU CCCCPPPPFFFF ++++PPPPUUUUWWWWTTTTCCCCPPPPEEEEGGGG 5555GGGGTTTTXXXXKKKKEEEEGGGGUUUUÁÁÁÁÁÁÁÁ

+P Ï‰‰‰Ò VJGTG YGTG ÏÌÒÎÌÌ FGRQUKVQT[ KPUVKVWVKQPUÁÊ KP VJG 7PKVGF 5VCVGUÒ FQYP HTQOCNOQUV ÏÎÒÌÌÌ KP Ï‰‰ËÔ 6JGUG KPUVKVWVKQPU TGEQTFGF VQVCN CUUGVU QH ˘Ê VTKNNKQP KP Ï‰‰‰ÒYKVJ VQVCN FGRQUKVU QH ˘Ë VTKNNKQPÔÁÂ 7Ô5Ô DCPMU TGEQTFGF ETQUU"DQTFGT GZRQTVU QH ˘ÏÈDKNNKQP KP Ï‰‰‰Ò EQORCTGF VQ ETQUU"DQTFGT KORQTVU QH ˘È DKNNKQPÒ HQT C 7Ô5Ô VTCFG UWTRNWUQH ˘ÏÌ DKNNKQP KP DCPMKPI UGTXKEGUÔÁ‰ 6JG 7Ô5Ô DCPMKPI KPFWUVT[ KU C NGCFGT KP INQDCNOCTMGVUÔ #V [GCT"GPF Ï‰‰ÂÒ 7Ô5Ô KPUVKVWVKQPU OCFG WR ÎÌ RGTEGPV QH VJG YQTNFrU ÏÌÌNCTIGUV EQOOGTEKCN DCPMUÔÊÌ

ÁÏ s2QTV 5[UVGO CPF /GTEJCPV /CTKPGÒt %WDC0GYUÒ 5GRVÔ ÎÌÌÌ‚ CPF 6GQ #Ô $CDWPÒ # $WUKPGUU)WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF 2WDNKUJKPI %QÔÒ ÎÌÌÌÙÒ RÔ ÏÎÈÔ

ÁÎ s2QTV 5[UVGO CPF /GTEJCPV /CTKPGÒt %WDC0GYUÒ 5GRVÔ ÎÌÌÌÔÁÍ 9QTNF 6TCFG 1TICPK\CVKQP ı961ÙÒ )GPGTCN #ITGGOGPV QP 6TCFG KP 5GTXKEGU ı)#65ÙÒ 4GRWDNKE

QH %WDC„ 5EJGFWNG QH 5RGEKHKE %QOOKVOGPVUÒ )#65Ó5%ÓÎÈÒ #RTÔ ÏËÒ Ï‰‰ÈÒ RÔ ÎÌÔÁÈ 5JKRRKPI NKPGU QHVGP EJQQUG VQ TGIKUVGT VJGKT XGUUGNU WPFGT HQTGKIP HNCIU VQ CXQKF VJG JKIJ NCDQT

EQUVUÒ JKIJ VCZGUÒ CPF TGUVTKEVKXG TGIWNCVKQPU VJCV OC[ RGTVCKP VQ VJGKT PCVKQPCN OCTKVKOG UGTXKEGU KPFWUVT[Ô7Ô5Ô &GRCTVOGPV QH 6TCPURQTVCVKQPÒ $WTGCW QH 6TCPURQTVCVKQP 5VCVKUVKEUÒ /CTKVKOG #FOKPKUVTCVKQPÒ 7Ô5Ô%QCUV )WCTFÒ /CTKVKOG 6TCFG ˜ 6TCPURQTVCVKQP Ï‰‰‰ ı9CUJKPIVQPÒ &%„ Ï‰‰‰ÙÒ RRÔ Ë"ÁÔ

ÁË .NQ[FrU/CTKVKOG +PHQTOCVKQP 5GTXKEGUÒ s8GUUGN %CNNKPIU CV %WDC#U QH ,CPÔ Ï",WN[ ÍÌÒ ÎÌÌÌÒt 7Ô5Ô&GRCTVOGPV QH 6TCPURQTVCVKQPÒ /CTKVKOG #FOKPKUVTCVKQPÒ 1HHKEG QH 5VCVKUVKECN CPF 'EQPQOKE #PCN[UKUÒ,WN[ ÎÌÌÌÔ

ÁÁ (QT VJG RWTRQUGU QH VJKU FKUEWUUKQPÒ DCPMKPI UGTXKEGU EQORTKUG HGG"DCUGF EQOOGTEKCN DCPMKPIUGTXKEGU KPENWFKPI HKPCPEKCN OCPCIGOGPV CPF VTCPUCEVKQPU UGTXKEGUÒ CFXKUQT[ UGTXKEGUÒ EWUVQF[ UGTXKEGUÒETGFKV ECTF UGTXKEGUÒ CPF QVJGT ETGFKV"TGNCVGF UGTXKEGUÒ UWEJ CU RTQXKUKQP QH UVCPFD[ NGVVGTU QH ETGFKV HQTVTCFG HKPCPEKPIÔ $CPMUr FGRQUKV"VCMKPI CPF NGPFKPI UGTXKEGU CTG GZENWFGF HTQO VJKU FKUEWUUKQPÒ CU VJG7Ô5Ô&GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE #PCN[UKU FQGU PQV TGRQTV FCVC QP VTCFG KP VJQUG UGTXKEGUÔ6JG KPUWTCPEG KPFWUVT[ WPFGTYTKVGU HKPCPEKCN TKUM HQT NKHG CPF PQPNKHG ıRTQRGTV[ÓECUWCNV[Ù RTQFWEVU CPFRTQXKFGU OCP[ URGEKCNV[ KVGOUÒ KPENWFKPI TGKPUWTCPEGÒ OCTKPG CPF VTCPURQTVCVKQP KPUWTCPEGÒ CPFDTQMGTCIG UGTXKEGUÔ

ÁÊ +PENWFGU EQOOGTEKCN DCPMU CPF UCXKPIU KPUVKVWVKQPUÔ &QGU PQV KPENWFG ETGFKV WPKQPUÔÁÂ (&+% 3WCTVGTN[ $CPMKPI 2TQHKNGÒ (KTUV 3WCTVGT ÎÌÌÌÒ VCDNG Ï"%Ò RÔ ÏÁÔÁ‰ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE #PCN[UKUÒ 5WTXG[ QH %WTTGPV $WUKPGUUÒ 1EVÔ

ÎÌÌÌÒ RRÔ ÏÍÌ"ÏÍÏÔ &WG VQ FCVC NKOKVCVKQPUÒ VJGUG HKIWTGU CNUQ KPENWFG HGGU HQT UGEWTKVKGU"TGNCVGF UGTXKEGUÒUWEJ CU UGEWTKVKGU VTCFKPI CPF WPFGTYTKVKPI UGTXKEGUÔ

ÊÌ s6JG 9QTNFrU ÏÌÌ .CTIGUV $CPMUÒt +PUVKVWVKQPCN +PXGUVQTÒ #WIÔ Ï‰‰‰Ò RRÔ ÏÏÍ"ÏÏÊÔ

È"ÏÌ

7Ô5Ô KPUWTCPEG EQORCPKGU IGPGTCVGF OQTG VJCP ˘È‰Ì DKNNKQP KP RTGOKWOU HQT NKHG CPFJGCNVJ KPUWTCPEG KP Ï‰‰‰ CPF ˘ÎÂÊ DKNNKQP KP RTGOKWOU HQT RTQRGTV[ÓECUWCNV[KPUWTCPEG KP VJCV [GCTÔÊÏ %TQUU"DQTFGT GZRQTVU QH KPUWTCPEG UGTXKEGU IGPGTCVGF ˘ÎDKNNKQP KP PGV RTGOKWO RC[OGPVU VJG UCOG [GCTÒ YKVJ PGV ETQUU"DQTFGT KORQTVU QH ˘ÈDKNNKQPÒ HQT C 7Ô5Ô VTCFG FGHKEKV QH ˘Î DKNNKQP KP KPUWTCPEG UGTXKEGUÔÊÎ 7Ô5Ô KPUWTCPEG HKTOUCEEQWPVGF HQT ÍÈ RGTEGPV QH VQVCN INQDCN KPUWTCPEG RTGOKWOU KP Ï‰‰ÂwÎÂ RGTEGPV QHNKHG KPUWTCPEG RTGOKWOU CPF ÈÍ RGTEGPV QH RTQRGTV[ÓECUWCNV[ RTGOKWOUÔÊÍ

#U QH/CTEJ ÎÌÌÌÒ VJG %WDCP DCPMKPI KPFWUVT[ EQPUKUVGF QH ÎË FGRQUKVQT[ KPUVKVWVKQPUÒKPENWFKPI Â %WDCP DCPMU CPF ÏÊ TGRTGUGPVCVKXG QHHKEGU QH HQTGKIP DCPMUÔ #NN %WDCPDCPMU CTG QYPGF CPF QRGTCVGF D[ VJG %WDCP )QXGTPOGPVÔ $GIKPPKPI YKVJ C Ï‰‰ÈDCPMKPI TGHQTO NCYÒ VJG TGRTGUGPVCVKXG QHHKEGU QH HQTGKIP DCPMU JCXG DGGP RGTOKVVGFVQ QHHGT EGTVCKP HKPCPEKCN UGTXKEGU ıRTKOCTKN[ VTCFG CPF KPXGUVOGPV HKPCPEKPIÙ VQ HQTGKIPHKTOU CPF %WDCP GPVGTRTKUGU CPF LQKPV XGPVWTGUÒ DWV VJG[ OC[ PQV CEEGRV FGRQUKVUYKVJKP %WDCÔÊÈ 6JGTG YGTG VJTGG %WDCP KPUWTCPEG EQORCPKGU CU QH Ï‰‰‰Ò CNN QYPGFCPF QRGTCVGF D[ VJG %WDCP )QXGTPOGPVÔÊË # Ï‰‰Ê NCY RGTOKVU VJG GUVCDNKUJOGPV QHRTKXCVG KPUWTGTU CPF VJG QRGTCVKQP QH KPUWTCPEG CIGPVU CPF DTQMGTUÔ 6JGTG KU CV NGCUVQPG $TKVKUJ"%WDCP KPUWTCPEG LQKPV XGPVWTGÒ DWV VJG VQVCN PWODGT QH RTKXCVG KPUWTGTU KPQRGTCVKQP KU WPMPQYPÔÊÁ &KTGEV KPUWTCPEG RTGOKWOU HTQO NKHG CPF RTQRGTV[ÓECUWCNV[RQNKEKGU YGTG GUVKOCVGF CV ˘ÏÁË OKNNKQP KP Ï‰‰ÂÔÊÊ 4GXGPWGU IGPGTCVGF D[ %WDCrUHKPCPEKCN UGEVQT VQVCNGF ËÈÊOKNNKQP %WDCP RGUQU KP Ï‰‰ÂÔÊÂ %WDCP HKTOU CTG PQV CEVKXGRCTVKEKRCPVU KP INQDCN DCPMKPI QT KPUWTCPEG OCTMGVUÔÊ‰

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU#EEQTFKPI VQ KPFWUVT[ UQWTEGUÒ VJG JKUVQTKECN KORCEV QH UCPEVKQPU QP QXGTCNN TGXGPWGUCPF GORNQ[OGPV KP VJG 7Ô5Ô HKPCPEKCN UGTXKEGU KPFWUVT[ JCU DGGP UOCNNÒ DGECWUG %WDCKU C TGNCVKXGN[ UOCNN OCTMGV CPF 7Ô5Ô HKTOU CTG YQTNF NGCFGTU KP HKPCPEKCN UGTXKEGUÔ $QVJ7Ô5Ô DCPMU CPF KPUWTCPEG EQORCPKGU YGTG CEVKXG KP %WDC RTKQT VQ VJG KORQUKVKQP QHUCPEVKQPUÔ 7Ô5Ô DCPMUÒ UGXGTCN QH YJKEJ JCF DTCPEJGU KP %WDCÒ YGTG KPXQNXGF KPHKPCPEKPI 7Ô5Ô"%WDC VTCFGÒ CPF KPFWUVT[ TGRTGUGPVCVKXGU KPFKECVGF VJCV %WDC YCU

ÊÏ #Ô/Ô $GUV %QÔÒ +PEÔÒ $GUV 4GXKGYÒ ,WN[ ÎÌÌÌÒ RRÔ ËÍ CPF ÂÊÔÊÎ 5GG PQVG Á‰ÔÊÍ 5YKUU 4GÒ s9QTNF +PUWTCPEG KP Ï‰‰ÂÒt 5KIOC 0QÔ ÊÓÏ‰‰‰ÔÊÈ ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ %WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒ ı9CUJKPIVQPÒ &%„

%WDC0GYUÒ ÎÌÌÌÙÒ RÔ Î"ÏÌ‚ CPF 7Ô5Ô"%WDC $WUKPGUU %QWPEKNÒ s6TCPUKVKQP 2TQLGEV 4GRQTV QP %WDCrU(KPCPEKCN 5GEVQTÒt (GDÔ ÎÎÒ Ï‰‰‰Ò RRÔ Í"ÁÔ

ÊË)QXGTPOGPV QH %CPCFCÒ &GRCTVOGPV QH (QTGKIP #HHCKTU CPF +PVGTPCVKQPCN 6TCFGÒ %WDC„ #)WKFGHQT %CPCFKCP $WUKPGUUGUÒ ÎPF GFÔÒ ,WPG Ï‰‰‰Ò RÔ ÎÊÒ CVJVVR„ÓÓYYYÔFHCKV"OCGEKÔIEÔECÓIGQÓJVONAFQEWOGPVUÓEWDC"GÔJVOÒ TGVTKGXGF #RTÔ ÏÎÒ ÎÌÌÌÔ

ÊÁ +PUWTCPEG 5GTXKEGU 0GVYQTMÒ CV JVVR„ÓÓYYYÔKUP"KPEÔEQOÓEQWPVTKGUÓEWDCÔJVOÒ TGVTKGXGF #WIÔ ÏÌÒÎÌÌÌÔ

ÊÊ +PFWUVT[ TGRTGUGPVCVKXGÒ HTQO RTKXCVG TGRQTVÔÊÂ +PENWFGU DCPMKPIÒ KPUWTCPEGÒ TGCN GUVCVGÒ CPF DWUKPGUU UGTXKEGUÔ 1HKEKPC 0CVKQPCN FG 'UVCFKUVKECUÒ

#PWCTKQ 'UVCFKUVKEQ FG %WDC Ï‰‰ÂÒ *CXCPCÔÊ‰ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP DCPMKPI CPF KPUWTCPEG UGEVQTU ECP DG HQWPF KP

#RRGPFKZ )Ò VCDNGU )"ÍC VJTQWIJ )"ÍFÒ CPF )"ÈC VJTQWIJ )"ÈFÔ

È"ÏÏ

JKUVQTKECNN[ QPG QH VJGKT OQUV KORQTVCPV OCTMGVU KP .CVKP #OGTKECÔ 5GXGTCN 7Ô5Ô KPUWTGTUYGTG CNUQ NKEGPUGF VQ FQ DWUKPGUU KP %WDC DGHQTG VJG UCPEVKQPU YGTG KORQUGFÒ DWV QPN[QPG EQORCP[ TGRQTVGF VJCV KVU %WDCP QRGTCVKQPU EQORTKUGF C UKIPKHKECPV RGTEGPVCIGQH KVU DWUKPGUUÔÂÌ +PUWTCPEG KPFWUVT[ TGRTGUGPVCVKXGU PQVGF VJCV VJG NKOKVCVKQPU VJCVUCPEVKQPU RNCEGF QP VJGKT KPVGTPCVKQPCN QRGTCVKQPU QWVUKFG QH %WDC YGTG OQTGKORQTVCPV VJCP VJG FKTGEV KORCEV QH VJG UCPEVKQPU QP7Ô5Ô KPUWTCPEG QRGTCVKQPU KP%WDCÔ6JKU KU DGECWUG QXGTUGCU QHHKEGU QH 7Ô5Ô KPUWTCPEG EQORCPKGUÒ YJKEJ CTG CNUQRTQJKDKVGF HTQO KPUWTKPI TKUMU KP %WDCÒ JCXG TGRQTVGFN[ VWTPGF CYC[ DWUKPGUU HTQOPQP"7Ô5Ô ENKGPVU YKVJ CUUGVU KP %WDCÒ QT JCXGDGGP QDNKIGF VQ GZENWFG EQXGTCIG QH VJQUGCUUGVU HTQO C EQORTGJGPUKXGÒ INQDCN KPUWTCPEG RCEMCIGÔÂÏ 7Ô5Ô KPUWTCPEG EQORCPKGUKPFKECVGF VJCV ENKGPVU TGSWKTKPI INQDCN EQXGTCIG OC[ VWTP VQ PQP"7Ô5Ô KPUWTCPEGEQORCPKGU HQT CNN QH VJGKT KPUWTCPEG PGGFUÔÂÎ

6JG EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô DCPMKPI CPF KPUWTCPEG KPFWUVTKGU KUTGRQTVGFN[ UOCNNÔ 9KVJQWV EJCPIGU VQ %WDCrU GEQPQOKE U[UVGOÒ 7Ô5Ô HKPCPEKCN KPFWUVT[TGRTGUGPVCVKXGU GZRGEV VJCV %WDC YQWNF RTGUGPV QPN[ NKOKVGF OCTMGV QRRQTVWPKVKGU KPVJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ 6JG %WDCP GEQPQO[ KU UOCNN CPF VJG PCVKQPCNK\GFUVTWEVWTG QH VJG DCPMKPI CPF KPUWTCPEG KPFWUVTKGU YQWNF RTQDCDN[ TGOCKP CPKORGFKOGPV VQ KPXGUVOGPV KP VJKU UGEVQTÔÂÍ $WUKPGUU QRRQTVWPKVKGU HQT 7Ô5Ô DCPMU YQWNFNCTIGN[ DG NKOKVGF VQ HKPCPEKPI 7Ô5Ô VTCFGYKVJ %WDCCPF VQ JCPFNKPI HCOKN[ TGOKVVCPEGUHTQO VJG 7PKVGF 5VCVGU VQ %WDCÔÂÈ 1PG 7Ô5Ô DCPMGT UVCVGF VJCV JG YQWNF GZRGEV RTQHKVUHTQO VJG TGOKVVCPEGU HTQO %WDCPU CDTQCF VQ VQVCN ˘ÏÌ OKNNKQP RGT [GCT KH UCPEVKQPUYGTG NKHVGFÔÂË 5GXGTCN KPFWUVT[ TGRTGUGPVCVKXGU GZRGEVGF VJCV VJGKT HKTOU YQWNF VT[ VQUKIPKHKECPVN[ GZRCPF VJGKT DWUKPGUU CEVKXKVKGU KP %WDCÒ KPENWFKPI QRGPKPI DTCPEJGUVJGTG KHÒ KP CFFKVKQP VQ TGOQXCN QH 7Ô5Ô GEQPQOKE UCPEVKQPUÒ VJG %WDCP HKPCPEG UGEVQTYGTG QRGPGF VQ EQORGVKVKQP HTQO VJG RTKXCVG UGEVQTÔ 1PG DCPMGT UWIIGUVGF VJCV JKUHKTOYQWNF DG QRGTCVKPI KP %WDCYKVJKP Á VQ ÏÎOQPVJU WPFGT UWEJ C UEGPCTKQÒ CPF VJCVKV YQWNF OCMG UKIPKHKECPV KPXGUVOGPVU KP VJG %WDCP OCTMGVÔÂÁ

7Ô5Ô KPUWTCPEG HKTOU TGRQTVGF VJCV VJG[ YQWNF DG KPVGTGUVGF KP RTQXKFKPI C YKFG TCPIGQH UGTXKEGU KP %WDCÒ KPENWFKPI NKHG KPUWTCPEGÒ RGPUKQP RTQFWEVUÒ CPF RTQRGTV[ÓECUWCNV[KPUWTCPEG HQT KPFKXKFWCNU CPF DWUKPGUUGUÔÂÊ 5GXGTCN KPUWTCPEG KPFWUVT[ TGRTGUGPVCVKXGUGUVKOCVGF VJCV YKVJKP Î VQ Ë [GCTU VJG[ EQWNF DGEQOG CEVKXG EQORGVKVQTU KP VJGOCTMGVRNCEGÒ YJKNG CPQVJGT TGRTGUGPVCVKXG GUVKOCVGF VJCV YKVJKP Î VQ Í [GCTUÒ KP CRTKXCVK\GFÒ EQORGVKVKXG OCTMGVÒ JKU HKTO YQWNF GZRGEV VQ GCTP CPPWCN TGXGPWG QH

ÂÌ 6JCV EQORCP[ TGRQTVGF NQUUGU QH ˘ÎËOKNNKQP CU C TGUWNV QH VJG GZRTQRTKCVKQP QH VJG KPFWUVT[ D[ VJG%WDCP )QXGTPOGPVÔ 5KPEG VJGPÒ VJG HKTO JCU EQPEGPVTCVGF RTKOCTKN[ QP FQOGUVKE DWUKPGUUÔ +PFWUVT[TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY YKVJ %QOOKUUKQP UVCHHÒ ,WN[ ÏÈÒ ÎÌÌÌÔ

ÂÏ .CTIG KPUWTCPEG HKTOU QHVGP RTGHGT VQ QHHGT VJGKT OWNVKPCVKQPCN ENKGPVU C UKPING RCEMCIG QH UGTXKEGUVQ OGGV VJGKT PGGFU CTQWPF VJG YQTNFÔ 1YKPI VQ VJG 7Ô5Ô UCPEVKQPU QP %WDCÒ C 'WTQRGCP CHHKNKCVG QH C 7Ô5ÔKPUWTCPEG HKTOÒ HQT GZCORNGÒ KU RTGXGPVGF HTQO KPUWTKPI VJG %WDCP CUUGVU QH C NCTIG 'WTQRGCP"DCUGFOWNVKPCVKQPCN EQORCP[Ô 6JG 7Ô5Ô KPUWTGT KU VJWU WPCDNG VQ RTQXKFG UWEJ C INQDCN RCEMCIG QH KPUWTCPEGUGTXKEGU VQ HQTGKIP HKTOU YKVJ CUUGVU KP %WDCÔ

ÂÎ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÏÒ ÎÌÌÌÔÂÍ %QOOKUUKQP UVCHH KPVGTXKGY YKVJ QHHKEKCNU QH VJG %GPVTCN $CPM QH %WDCÒ *CXCPCÒ ,WN[ Ï‰Ò ÎÌÌÌÔÂÈ 4GOKVVCPEGU CTG FKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ÍÔÂË +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÏÏÒ ÎÌÌÌÔÂÁ +DKFÔÒ ,WN[ ÏÂÒ ÎÌÌÌÔÂÊ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU YKVJ VJG %QOOKUUKQP UVCHHÒ ,WN[ CPF #WIÔ ÎÌÌÌÔ

È"ÏÎ

DGVYGGP ˘Í OKNNKQP CPF ˘Ë OKNNKQP KP %WDCÔÂÂ 6JKU CFFKVKQPCN DWUKPGUU YQWNF NKMGN[IGPGTCVG C PWODGT QH 7Ô5Ô LQDU HQT DQVJ KPUWTCPEG ECTTKGTU CPF DTQMGTUÔÂ‰

+PFWUVT[ TGRTGUGPVCVKXGU CNUQ RQKPVGF VQ UGXGTCN KUUWGU VJCV OKIJV UGTXG CU RQVGPVKCNVTCFG DCTTKGTUÔ # PWODGT QH 7Ô5Ô HKTOU JCXG PQV DGGP EQORGPUCVGF HQT CUUGVUGZRTQRTKCVGF D[ VJG %WDCP )QXGTPOGPV CV VJG VKOG UCPEVKQPU YGTG KORQUGFÒ CPF 7Ô5ÔKPFWUVT[ TGRTGUGPVCVKXGU HTQO DQVJ VJG DCPMKPI CPF KPUWTCPEG KPFWUVTKGU PQVGF VJCV VJGKUUWGYQWNF PGGF VQ DG CFFTGUUGF DGHQTG VJG[YQWNF KPXGUV KP %WDCÔ‰Ì +P CFFKVKQPÒ 7Ô5ÔDCPMUÒ RCTVKEWNCTN[ VJQUG CEVKXG KP (NQTKFCÒ YQWNF DG JGUKVCPV VQ FQ DWUKPGUU YKVJRTGUGPV"FC[ %WDC HQT EQPEGTP QXGT CNKGPCVKPI VJG 7Ô5Ô %WDCP"#OGTKECPEQOOWPKV[Ô‰Ï

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG JKUVQTKECN KORCEV QH 7Ô5Ô UCPEVKQPU QP %WDCrU DCPMKPI CPF KPUWTCPEG UGEVQTU JCUDGGP UOCNNÔ %WDC YCU PQV CP GZRQTVGT QH DCPMKPI QT KPUWTCPEG UGTXKEGU VQ VJG 7PKVGF5VCVGU RTKQT VQ VJG KORQUKVKQP QH 7Ô5Ô UCPEVKQPU‚ VJWUÒ UCPEVKQPU JCXG JKUVQTKECNN[ JCFXGT[ NKVVNG FKTGEV KORCEV KP VJGUG UGEVQTUÔ

+P VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÒ 7Ô5Ô DCPMU CPF KPUWTGTU YQWNFOQUV NKMGN[ EQPEGPVTCVGQP QHHGTKPI UGTXKEGU VQ QVJGT HQTGKIP KPXGUVQTU KP %WDCÒ EQORGVKPI YKVJ DCPMU CPFKPUWTCPEG HKTOU HTQO 'WTQRGCPF %CPCFCÔ‰Î%WDC JCU PQ URGEKHKE RQNKEKGU VJCV RTQJKDKVHQTGKIP HKTOUÒ CU QRRQUGF VQ FQOGUVKE %WDCP HKTOUÒ HTQO RCTVKEKRCVKPI KP VJG %WDCPOCTMGVÔ *QYGXGTÒ DGECWUG PQ RTKXCVGN[ QYPGF DCPMU QT KPUWTCPEG HKTOU CTG RGTOKVVGFKP VJG FQOGUVKE OCTMGVÒ HQTGKIP HKTOU CTG GHHGEVKXGN[ GZENWFGF HTQOOQUV QH VJG EQWPVT[ÒCNVJQWIJ VJG[ CTG CDNG VQ HQTO LQKPV XGPVWTGU YKVJ %WDCP HKTOUÔ

#U QH ,WN[ ÎÌÌÌÒ HQWT LQKPV XGPVWTGU DGVYGGP UVCVG"QYPGF %WDCP DCPMU CPF 'WTQRGCPDCPMU QT HKPCPEG EQORCPKGU YGTG QRGTCVKPI ıQPG YCU FQOKEKNGF KP %WDCÒ VJG QVJGTU KPQHHUJQTG NQECVKQPUÙÔ‰Í 1PG QH VJG LQKPV XGPVWTGUÒ %QTRQTCEK¿P (KPCPEKGTC *CDCPCÒEQPFWEVGF OQTG VJCP ˘ÎÂ OKNNKQP KP DWUKPGUU FWTKPI Ï‰‰‰Ò KPENWFKPI NQCPUÒ NGCUKPIÒCPF NKPGU QH ETGFKVÔ‰È %WDCrU VJTGG IQXGTPOGPV"QYPGF KPUWTCPEG EQORCPKGU HQEWU QPVJG DCUKE KPUWTCPEG PGGFU QH %WDCP KPFKXKFWCNU CPF DWUKPGUUGUÔ 6JGTG KU CV NGCUV QPGLQKPV XGPVWTG KP VJG KPUWTCPEG KPFWUVT[Ô‰Ë +P VJG CDUGPEG QH UCPEVKQPUÒ UKOKNCT DCPMKPI

ÂÂ +DKFÔÒ #WIÔ ÏÒ ÎÌÌÌÔÂ‰ +DKFÔÒ ,WN[ CPF #WIÔ ÎÌÌÌÔ‰Ì +DKFÔ‰Ï +DKFÔ‰Î +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU YKVJ VJG %QOOKUUKQP UVCHHÒ ,WN[ CPF #WIÔ ÎÌÌÌ‚

(QTGKIP DCPMU KP %WDC RTKOCTKN[ QHHGT VTCFG CPF KPXGUVOGPV HKPCPEKPI VQ HQTGKIP KPXGUVQTUÔ %QWPVT[OCPCIGT HQT C HQTGKIP DCPMÒ KPVGTXKGY YKVJ EQOOKUUKQP UVCHHÒ *CXCPCÒ ,WN[ ÎÌÒ ÎÌÌÌÔ

‰Í +PFWUVT[ TGRTGUGPVCVKXGÒ KPVGTXKGY YKVJ VJG %QOOKUUKQP UVCHHÒ *CXCPCÒ ,WN[ ÎÌÌÌ‚ s5RCPKUJÒ%CPCFKCP DCPMU YQTMKPI QP VYQ HKPCPEKCN LQKPV XGPVWTGUÒt %WDC0GYUÒ (GDÔ Ï‰‰‰‚ s$02 VQ QRGP QHHKEG KP*CXCPC CU DKF D[ $TKVKUJ HKTO KU TGDWHHGFÒt %WDC0GYUÒ /CTÔ ÎÌÌÌÔ

‰È ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ %WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒ ı9CUJKPIVQPÒ &%„%WDC0GYUÒ ÎÌÌÌÙÒ RÔ Î"ÏÏÔ

‰Ë +P 1EVQDGT Ï‰‰ÂÒ $TKVKUJ KPUWTGT *GCVJ )TQWR CPF %WDCP"QYPGF 'UKEWDC HQTOGF VJG HKTUV %WDCPLQKPV XGPVWTG VQ UGNN EQOOGTEKCN KPUWTCPEG VQ HQTGKIP KPXGUVQTUÔ *GCVJ FG %WDC YKNN QHHGT URGEKCNK\GFKPUWTCPEG HQT JQVGNUÒ KPFWUVTKCN RNCPVUÒ CPF QVJGT RTQLGEVU VQ DQVJ HQTGKIP CPF %WDCP EWUVQOGTUÔ +PFWUVT[TGRTGUGPVCVKXGÒ KPVGTXKGY YKVJ VJG %QOOKUUKQP UVCHHÒ *CXCPCÒ ,WN[ ÎÌÌÌ‚ s7-"%WDC +PUWTCPEG 8GPVWTGÒt%WDC0GYUÒ 1EVÔ Ï‰‰ÂÔ

È"ÏÍ

CPF KPUWTCPEG EQORCP[ LQKPV XGPVWTG QRRQTVWPKVKGU OC[ DG CXCKNCDNG VQ 7Ô5Ô HKTOUÒCNVJQWIJ UWEJ QRRQTVWPKVKGU OC[ DG NKOKVGF IKXGP VJG UOCNN UK\G QH VJG %WDCP GEQPQO[CPF VJG GUVCDNKUJGF RTGUGPEG QH HQTGKIP EQORGVKVQTUÔ

6JG %WDCP GEQPQO[ CU C YJQNG YQWNF CNUQ DG GZRGEVGF VQ DGPGHKV HTQO CFFKVKQPCNHQTGKIP EQORGVKVKQPÒ RCTVKEWNCTN[ KP VJG KPUWTCPEG UGEVQTÒ NGCFKPI VQ NQYGT KPUWTCPEGEQUVU VJTQWIJQWV VJG EQWPVT[Ô 7Ô5Ô HKTOU YQWNF CNUQ GZRGEV VQ QHHGT PGY KPUWTCPEGRTQFWEVU EWTTGPVN[ WPCXCKNCDNG KP %WDCÔ +PFWUVT[ TGRTGUGPVCVKXGU FQ PQV GZRGEV %WDCPDCPMU QT KPUWTCPEG HKTOU VQ GZRQTV UGTXKEGU VQÒ QT KPXGUV KPÒ VJG 7PKVGF 5VCVGUÔ %WDCPHKPCPEKCN HKTOU JCXG PQV GPICIGF KP UKIPKHKECPV DWUKPGUU QWVUKFG QH %WDCÒ UQ VJG 7Ô5ÔUCPEVKQPU JCXG JCF NKVVNG FKTGEV KORCEV QP VJGOÔ‰Á

%%%%QQQQPPPPUUUUVVVVTTTTWWWWEEEEVVVVKKKKQQQQPPPP 5555GGGGTTTTXXXXKKKKEEEEGGGGUUUU‰Ê

6JG7Ô5Ô EQPUVTWEVKQP UGTXKEGU UGEVQT KU QPGQH VJG NCTIGUV CPFOQUV GHHKEKGPV KP VJGYQTNFÔ+P Ï‰‰ÂÒ UGEVQT TGXGPWGU TGCEJGF ˘ÍÊÍ DKNNKQPÒ EQORCTGF YKVJ ˘Î‰Ì DKNNKQP KP Ï‰‰ËÒYKVJ GORNQ[OGPV KP GZEGUU QH Á OKNNKQPÔ 'PLQ[KPI C YQTNFYKFG TGRWVCVKQPÒ VJG 7Ô5ÔEQPUVTWEVKQP UGTXKEGU UGEVQT IGPGTCVGF ETQUU"DQTFGT GZRQTVU QH OQTG VJCP ˘È DKNNKQP KPÏ‰‰ÂÒ EQORCTGF YKVJ ˘ÎÔÁ DKNNKQP KP Ï‰‰ËÔ /CLQT OCTMGVU KPENWFG +PFQPGUKCÒ VJG7PKVGF -KPIFQOÒ CPF %JKPCÔ %TQUU"DQTFGT KORQTVU COQWPVGF VQ ˘Á‰‰OKNNKQP KP Ï‰‰ÂÒUWRRNKGF OCKPN[ D[ VJG '7 CPF ,CRCPÔ

&GETGG .CY ÊÊ QH Ï‰‰ËÒ YJKEJ QRGPGF %WDC VQ LQKPV XGPVWTG QRGTCVKQPU YKVJ HQTGKIPKPXGUVQTUÒ YCU VJG KORGVWU HQT EQPUVTWEVKQP ITQYVJ KP %WDC ıRTQFWEVKQP KP VJG %WDCPEQPUVTWEVKQP UGEVQTU TGRQTVGFN[ KPETGCUGF HTQO ˘ÂÂÌ OKNNKQP VQ ˘ÏÔË DKNNKQP DGVYGGPÏ‰‰Ë CPF Ï‰‰‰ÙÔ +P GZEGUU QH ÎÌ LQKPV XGPVWTGU CTG TGRQTVGF DGVYGGP %WDCPEQORCPKGU CPF HQTGKIP KPXGUVQTU KPXQNXKPI QHHKEG CPF TGUKFGPVKCN EQPUVTWEVKQPÔ‰Â (QTGZCORNGÒ C %CPCFKCP HKTO KU KPXQNXGF KP VJG FGUKIP CPF EQPUVTWEVKQP QH OCP[ TGCNGUVCVG LQKPV XGPVWTGUÒ KPENWFKPI VJG PGY /KTCOCT 6TCFG %GPVGT KP *CXCPCÔ‰‰ ,QKPVXGPVWTG EQPUVTWEVKQP RTQLGEVU JCXG CNUQ KPXQNXGF VJG EQPUVTWEVKQP QH KPFWUVTKCN HCEKNKVKGUCU YGNN CU JQVGNU HQT VJG VQWTKUO KPFWUVT[Ò VJG RTKQTKV[ UGEVQT HQT EQPUVTWEVKQPGZRGPFKVWTGU KP %WDCÔÏÌÌ $GECWUG EQPUVTWEVKQP UGTXKEGU KP %WDC CTG RTQXKFGF VJTQWIJ

‰Á +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU YKVJ VJG %QOOKUUKQP UVCHHÒ ,WN[ CPF #WIÔ ÎÌÌÌÔ‰Ê %QPUVTWEVKQP UGTXKEGU KPENWFG RTG"GTGEVKQP YQTM‚ PGY EQPUVTWEVKQP CPF TGRCKT‚ CPF CNVGTCVKQPÒ

TGUVQTCVKQPÒ CPF OCKPVGPCPEG YQTMÔ 5WEJ UGTXKEGU OC[ DG RTQXKFGF D[ IGPGTCN EQPVTCEVQTUÒ YJQ QXGTUGGCNN EQPUVTWEVKQP YQTM HQT VJQUG CYCTFKPI VJG EQPVTCEVÒ QT URGEKCNV[ UWDEQPVTCEVQTU YJQ RGTHQTO FKUETGVGUGEVKQPU QH VJG EQPUVTWEVKQPÔ

‰Â ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ %WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒ ı9CUJKPIVQPÒ &%„%WDC0GYUÒ ÎÌÌÌÙÒ RÔ È"ÎÂÔ

‰‰)QXGTPOGPV QH %CPCFCÒ &GRCTVOGPV QH (QTGKIP #HHCKTU CPF +PVGTPCVKQPCN 6TCFGÒ %WDC„ #)WKFGHQT %CPCFKCP $WUKPGUUGUÒ ÎPF GFÔÒ ,WPG Ï‰‰‰Ò RÔ ÎÊÒ CV JVVR„ÓÓYYYÔFHCKV"OCGEKÔIEÔECÓIGQÓJVONAFQEWOGPVUÓEWDC"GÔJVOÒ TGVTKGXGF #RTÔ ÏÎÒ ÎÌÌÌÒ RÔ ÎÊÔ

ÏÌÌ (QT GZCORNGÒ C 5RCPKUJ HKTO JCU GUVCDNKUJGF C LQKPV XGPVWTG YKVJ %WDCP IQXGTPOGPV"QRGTCVGF)GQOKPGTC 5Ô #ÔÒ C UWDUKFKCT[ QH VJG/KPKUVT[ QH $CUKE +PFWUVT[Ò VQ EQPUVTWEV C EGOGPV RNCPV XCNWGF CV ˘ÏËÌOKNNKQPÔ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ s'EQPQOKE '[G QP %WDCÒt ÏÊ VQ ÎÍ ,WN[ ÎÌÌÌÒ RÔ ÊÔ

È"ÏÈ

LQKPV XGPVWTGU YKVJ HQTGKIP HKTOUÒ QPN[ VJG JKUVQTKECN CPF EWTTGPV KORCEVU QH UCPEVKQPU QPVJG 7Ô5Ô EQPUVTWEVKQP UGEVQT CTG FKUEWUUGFÔÏÌÏ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ VJG 7Ô5Ô EQPUVTWEVKQP UGTXKEGU KPFWUVT[ RCTVKEKRCVGFKP %WDC KP VJG EQPUVTWEVKQP QH C YKFG TCPIG QH KPHTCUVTWEVWTG RTQLGEVUÒ KPENWFKPI YCVGTCPF YCUVGYCVGT CPF RQTV HCEKNKVKGUÒ RQYGT IGPGTCVKQP HCEKNKVKGUÒ JQVGNUÒ CPF QVJGTEQOOGTEKCN CPF KPFWUVTKCN RTQLGEVUÔÏÌÎ #HVGT UCPEVKQPU YGTG KPVTQFWEGFÒ 7Ô5ÔEQPUVTWEVKQP HKTOU YGTG TGRNCEGF OQUVN[ D[ %CPCFKCP CPF 'WTQRGCP HKTOUÒ CU YGNN CUD[ CUUKUVCPEG HTQO 5QXKGV DNQE EQWPVTKGUÔ *QYGXGTÒ CNVJQWIJ 7Ô5Ô KPFWUVT[ UQWTEGUYGTG WPCDNG VQ RTQXKFG URGEKHKE KPHQTOCVKQP QP VJG NQUV UCNGUÒ KPXGUVOGPVÒ CPFGORNQ[OGPVÒ VJG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô EQPUVTWEVKQP KPFWUVT[ NKMGN[YCU OQFGUVÒ IKXGP VJG TGNCVKXGN[ UOCNN UK\G QH VJG %WDCP GEQPQO[ CPF CNVGTPCVKXGQRRQTVWPKVKGU HQT 7Ô5Ô EQORCPKGU KP QVJGT RCTVU QH .CVKP #OGTKEC CPF VJG%CTKDDGCPÔÏÌÍ

6JG EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô EQPUVTWEVKQP KPFWUVT[ KU OKPKOCNÔ &GURKVG%WDCrU JKIJ PGGFU HQT OQUV V[RGU QH KPHTCUVTWEVWTGÒÏÌÈ TGRTGUGPVCVKXGU QH VJG 7Ô5ÔEQPUVTWEVKQP KPFWUVT[ IGPGTCNN[ TGRQTVGF NKVVNG KPVGTGUV KP VJG %WDCPOCTMGVÔÏÌË 6JG[ CTGRCTVKEWNCTN[ EQPEGTPGF CDQWV JQY %WDC YQWNF HKPCPEG UWDUVCPVKCN EQPUVTWEVKQPRTQLGEVU IKXGP VJG EQWPVT[rU UGXGTG HQTGKIP GZEJCPIG UJQTVCIGÔÏÌÁ )KXGP VJGUWDUVCPVKCN COQWPVU QH HWPFKPI TGSWKTGF HQT OCLQT EQPUVTWEVKQP CPF KPHTCUVTWEVWTGRTQLGEVUÒ OQUV FGXGNQRKPI EQWPVTKGU FGRGPF QP HQTGKIP HKPCPEKPIÒ QHVGP VJTQWIJ NQCPUCV EQPEGUUKQPCN TCVGU HTQO KPVGTPCVKQPCN NGPFKPI QTICPK\CVKQPUÒ UWEJ CU VJG 9QTNF$CPMÔ 5WEJ NQCPU RTQDCDN[ YQWNF PQV DG CXCKNCDNG GXGP KH UCPEVKQPU YGTG NKHVGFDGECWUG%WDC JCUYKVJFTCYP HTQO VJG +/( CPF9QTNF $CPMÔÏÌÊ 5KOKNCTN[Ò %WDCYQWNF

ÏÌÏ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP EQPUVTWEVKQP UGTXKEGU UGEVQTU ECP DG HQWPF KP#RRGPFKZ )Ò VCDNGU )"ËC VJTQWIJ )"ËFÔ

ÏÌÎ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ 5GRVÔ Ï‰Ò ÎÌÌÌÔÏÌÍ 5QOG NKOKVGF 7Ô5Ô KPXQNXGOGPV KP EQPUVTWEVKQP JCU VCMGP RNCEG KP TGEGPV [GCTU FGURKVG 7Ô5Ô

UCPEVKQPUÔ (QT GZCORNGÒ VJG 7Ô5Ô 6TGCUWT[rU 1HHKEG QH (QTGKIP #UUGVU %QPVTQN KUUWGF C NKEGPUG VQ C 0GY,GTUG["DCUGF EQPUVTWEVKQP EQORCP[ HQT VJG RWTRQUG QH TGOQFGNKPI VJG 'ODCUU[ QH )GTOCP[ KP *CXCPCÔ6JG EQPVTCEV YCU TGRQTVGFN[ YQTVJ UGXGTCN JWPFTGF VJQWUCPF FQNNCTUÔ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE%QWPEKNÒ +PEÔÒ s4GCNKVKGU QH /CTMGV %WDCÒt RÔ ÏÏÒ CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓOCTMGVÔJVONÒ TGVTKGXGF/C[ ÎÒ ÎÌÌÌÔ

ÏÌÈ#EEQTFKPI VQ VJG %WDCP)QXGTPOGPVÒ KP Ï‰‰Ê ÏÍËÒÌÌÌ JQOGU CPF CRCTVOGPVU KP *CXCPC CNQPGYGTG EQPUKFGTGF VQ DG PQPTGRCKTCDNG QT ENQUG VQ EQNNCRUGÔ 6JGTG KU CNUQ C UGXGTG UJQTVCIG QH OQFGTPQHHKEG DWKNFKPIU CPF C PGGF HQT PGY FYGNNKPIU VQ CEEQOOQFCVG VJG ITQYKPI RQRWNCVKQPÔ ,QG )TGGPÒ&KTGEVQT HQT .CVKP #OGTKECP 5CNGUÒ %CVGTRKNNCT +PEQTRQTCVGFÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒVTCPUETKRVÒ RÔ ÍÁ‰‚ 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF2WDNKUJKPI %QÔÒ ÎÌÌÌÙÒ RRÔ ÍÁ"ÍÊ‚ %QOOKUUKQP UVCHH KPVGTXKGY YKVJ %WDCP"DCUGF TGCN GUVCVG FGXGNQRGTÒ*CXCPCÒ ,WN[ ÎÌÒ ÎÌÌÌÔ

ÏÌË +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ 5GRVÔ Ï‰Ò ÎÌÌÌÔÏÌÁ +DKFÔÏÌÊ %QOOKUUKQP UVCHH HKGNFYQTMÒ *CXCPCÒ %WDCÒ ,WN[ ÏÁ"ÎÍÒ ÎÌÌÌÔ

È"ÏË

EQPVKPWG VQ JCXG ITGCV FKHHKEWNV[ DQTTQYKPI KP KPVGTPCVKQPCN OCTMGVU QYKPI VQ KVU RQQTETGFKV TCVKPIÒ GXGP KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ

+P VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÒ KV KU RQUUKDNG VJCV UQOG 7Ô5Ô EQPUVTWEVKQP HKTOU YQWNFUGGM VQ GPVGT KPVQ LQKPV XGPVWTGU YKVJ VJG %WDCP )QXGTPOGPV UKOKNCT VQ VJQUG GPVGTGFKPVQ D[%CPCFKCP CPF 'WTQRGCP HKTOUÒ VQ VJG GZVGPV VJCV VJG %WDCP)QXGTPOGPV YQWNFCRRTQXG UWEJ QRGTCVKQPUÔ 6JG UOCNN UK\G CPF ECRCEKV[ QH VJG %WDCP EQPUVTWEVKQPUGTXKEGU KPFWUVT[OCMG KV WPNKMGN[ VJCV VJG 7Ô5Ô EQPUVTWEVKQP UGTXKEGU KPFWUVT[ YQWNF HCEGEQORGVKVKQP HTQO %WDC KP VJG CDUGPEG QH UCPEVKQPUÔ

6666GGGGNNNNGGGGEEEEQQQQOOOOOOOOWWWWPPPPKKKKEEEECCCCVVVVKKKKQQQQPPPP 5555GGGGTTTTXXXXKKKKEEEEGGGGUUUUÏÏÏÏÌÌÌÌÂÂÂÂ

+P Ï‰‰‰Ò VJG 7Ô5Ô VGNGEQOOWPKECVKQP UGTXKEGU KPFWUVT[ IGPGTCVGF TGXGPWGU QH ˘ÎÊÌDKNNKQPÔ 7Ô5Ô VGNGEQOOWPKECVKQP ECTTKGTU NGCF VJG YQTNF OCTMGV KP VGTOU QH TGXGPWGÒCEEQWPVKPI HQT ÍÈ RGTEGPV KP Ï‰‰ÂÔ 7Ô5Ô EQORCPKGU CTG YQTNF NGCFGTU KP VJGFGXGNQROGPV CPFOCTMGVKPI QH VGNGEQOOWPKECVKQP UGTXKEGUÒ CPF HQTGECUVU KPFKECVG VJCV7Ô5Ô TGXGPWG HQT DCUKE XQKEG CPF FCVC UGTXKEGU CTG GZRGEVGF VQ ITQY D[ Â RGTEGPVCPPWCNN[ VJTQWIJ ÎÌÌÍÔ 6JG %WDCP VGNGEQOOWPKECVKQP KPFWUVT[ IGPGTCVGF TGXGPWG QH˘ËÎË OKNNKQP KP Ï‰‰ÂÒÏÌ‰ CEEQWPVKPI HQT C VKP[ RQTVKQP QH YQTNF VGNGEQOOWPKECVKQPTGXGPWGÔ +P Ï‰‰ÂÒ %WDC JCF ÍÔË VGNGRJQPG NKPGU RGT ÏÌÌ KPJCDKVCPVUÒ CPFVGNGEQOOWPKECVKQP KPXGUVOGPV VQVCNGF ˘ÊÈ OKNNKQPÔÏÏÌ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU#NVJQWIJ VJG 7PKVGF 5VCVGU PGXGT EQORNGVGN[ UGXGTGF VGNGEQOOWPKECVKQPU NKPMU YKVJ%WDC CPF C UOCNN PWODGT QH 7Ô5Ô EQORCPKGU EWTTGPVN[ RTQXKFG EGTVCKPVGNGEQOOWPKECVKQPU UGTXKEGU VQ %WDCÒ VJG QXGTCNN JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG7Ô5Ô VGNGEQOOWPKECVKQPU UGTXKEGU UGEVQT KU UOCNNÔ 2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ7Ô5Ô"DCUGF +PVGTPCVKQPCN 6GNGRJQPG CPF 6GNGITCRJ ı+66Ù QYPGF C EQPVTQNNKPI UJCTG KPVJG %WDCP 6GNGRJQPG %QORCP[ ı%76'.%1ÙÒ CPF +66 CPF #6˜6 LQKPVN[ QYPGF VJG%WDCP #OGTKECP 6GNGRJQPG CPF 6GNGITCRJ %QORCP[ ı%#66ÙÒ YJKEJ QRGTCVGF CPWPFGTYCVGT VGNGEQOOWPKECVKQP ECDNG DGVYGGP %WDC CPF (NQTKFCÔ %WDC YCU

ÏÌÂ 6JG VGNGEQOOWPKECVKQP UGTXKEGU KPFWUVT[ EQPUKUVU QH HKTOU GPICIGF KP VJG RTQXKUKQP QH DQVJ DCUKECPF XCNWG"CFFGF UGTXKEGUÔ 6JGUG UGTXKEGU KPENWFG NQECN GZEJCPIGÒ EGNNWNCT VGNGRJQP[ CPF RCIKPIÒ NQPIFKUVCPEGÒ CPF KPVGTPCVKQPCN UGTXKEGUÒ YJGVJGT RTQXKFGF D[YKTGNKPG QT YKTGNGUU VGEJPQNQIKGUÔ 8CNWG"CFFGFUGTXKEGU KPENWFG EQORWVGT RTQEGUUKPIÒ GNGEVTQPKE OCKNÒ GNGEVTQPKE FCVC KPVGTEJCPIGÒ GNGEVTQPKE HWPFUVTCPUHGTÒ GPJCPEGF HCEUKOKNGÒ CPF QP"NKPG FCVCDCUG CEEGUUÔ

ÏÌ‰ +PVGTPCVKQPCN 6GNGEQOOWPKECVKQP 7PKQP ı+67ÙÒ 9QTNF 6GNGEQOOWPKECVKQP &GXGNQROGPV 4GRQTVÒÏ‰‰‰ ı)GPGXC„ +67Ò Ï‰‰‰ÙÒ RÔ #"ËÊÔ

ÏÏÌ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP VGNGEQOOWPKECVKQPU UGTXKEGU UGEVQTU ECP DG HQWPF KP#RRGPFKZ )Ò VCDNGU )"ÁC VJTQWIJ )"ÁFÔ

È"ÏÁ

TGRQTVGFN[ QPG QH #6˜6rU VQR VJTGG KPVGTPCVKQPCN OCTMGVUÒ YJKEJ YCU NCTIGN[ CVVTKDWVGFVQ %WDCrU RTQZKOKV[ VQ VJG 7PKVGF 5VCVGU CPF VJG NCTIG VQWTKUO DWUKPGUU VJCV GZKUVGFDGHQTG Ï‰ÁÌÔÏÏÏ %WDC GZRTQRTKCVGF +66rU %WDCP CUUGVU KP #WIWUV Ï‰ÁÌÒ XCNWGF CV ˘ÏÍÍOKNNKQPÒÏÏÎ CPF #6˜6 RWTEJCUGF +66rU %#66 UJCTGU KP Ï‰ÁÈÔÏÏÍ

#HVGT UCPEVKQPU YGTG KORQUGFÒ #6˜6 YCU CNNQYGF VQ EQPVKPWG ECTT[KPI ECNNU DGVYGGPVJG 7PKVGF 5VCVGU CPF %WDC‚ CPF WPVKN VJG GCTN[ Ï‰‰ÌUÒ #6˜6 YCU VJG QPN[ 7Ô5Ô ECTTKGTRTQXKFKPI KPVGTPCVKQPCN VGNGEQOOWPKECVKQP UGTXKEGU VQ %WDCÔÏÏÈ 7PVKN Ï‰ÂÊÒVGNGEQOOWPKECVKQP UGTXKEGU DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDC YGTG RTQXKFGF D[ VJGWPFGTYCVGT ECDNGÒ YJKEJ JCF ÏÍÌ VGNGRJQPG EKTEWKVU CPF C TCFKQ VGNGRJQP[VTCPUOKUUKQP U[UVGOÔ 9JGP VJG ECDNG U[UVGO DGECOG KPQRGTCDNG KP Ï‰ÂÊÒ QPN[ VJGTCFKQ VGNGRJQP[ U[UVGOÒ YKVJ C OCZKOWO ECRCEKV[ QH Ê‰ UKOWNVCPGQWU VGNGRJQPGECNNUÒÏÏË YCU CXCKNCDNGÔ #U C TGUWNV QH VJG ECRCEKV[ EQPUVTCKPVUÒ ECNNU VQ %WDC VJCVQTKIKPCVGF KP VJG 7PKVGF 5VCVGU YGTG UGNFQO UWEEGUUHWNÔÏÏÁ 7Ô5Ô UCPEVKQPU RTQJKDKVGF#6˜6 HTQO WRITCFKPI KVU GZKUVKPI VGEJPQNQI[ QT GZRCPFKPI VJG PWODGT QH VGNGRJQP[EKTEWKVUÔ #6˜6 CNUQ YCU RTQJKDKVGF HTQOOCMKPI RC[OGPVU VQ %WDCÒ CPF %WDCrU UJCTGQH TGXGPWGU YCU FGRQUKVGF KP CP GUETQY CEEQWPVÔÏÏÊ

5GXGTCN %CPCFKCP VGNGEQOOWPKECVKQP EQORCPKGU YKVJ FKTGEV FKCN CEEGUU VQ %WDCDGICP VQ QHHGT UGTXKEG KP Ï‰‰ÎÔ %CNNU QTKIKPCVKPI KP VJG 7PKVGF 5VCVGU YGTG TQWVGFVJTQWIJ %CPCFKCP UCVGNNKVG U[UVGOU CPF VGTOKPCVGF KP %WDCÔ 6JG UGTXKEG UCVKUHKGF UQOGQH VJG FGOCPF HQT RJQPG UGTXKEG VQ %WDCÒ DWV TGRQTVGFN[ TGUWNVGF KP NQUV TGXGPWG VQ#6˜6 CPF KPETGCUGF VGPUKQP DGVYGGP VJG 7Ô5Ô CPF %WDCP )QXGTPOGPVUÔÏÏÂ

6JG %WDCP &GOQETCE[ #EV QH Ï‰‰È CWVJQTK\GF VJG TG"GUVCDNKUJOGPV QH FKTGEV"FKCNKPVGTPCVKQPCN ECNNU DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDC CPF RGTOKVVGF RC[OGPVU VQ%WDC HQT KVU UJCTG QH VJG UGTXKEGÔÏÏ‰ 5KPEG Ï‰‰ÈÒ VJG (%% JCU CWVJQTK\GF HKXG ECTTKGTU VQRTQXKFG XQKEG CPF NGCUGF RTKXCVG"NKPG UGTXKEGU VQ %WDC„ 9KN6GNÒ /%+Ò .&&5%QOOWPKECVKQPUÒ 5RTKPVÒ CPF +&$ %QOOWPKECVKQPU )TQWRÔÏÎÌ 6JG (%% CNUQCWVJQTK\GF CP KPETGCUG KP VJG PWODGT QH CXCKNCDNG FKTGEV"FKCN EKTEWKVU VQ %WDCÒ DTKPIKPI

ÏÏÏ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY YKVJ VJG %QOOKUUKQP UVCHHÒ 1EVÔ ÏÌÒ ÎÌÌÌÔÏÏÎ ,QJP 0KEJQNU CPF #NKEKC 6QTTGUÒ s6GNGEQOOWPKECVKQPU KP %WDCÒt CV

JVVR„ÓÓYYYÔXKKÔQTIÓRCRGTUÓEWDCÔJVOÒ TGVTKGXGF 1EVÔ ËÒ ÎÌÌÌÔÏÏÍ +PFWUVT[ UQWTEGU CPF 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG

/KCOK *GTCNF 2WDNKUJKPI %QÔÒ ÎÌÌÌÙÒ RÔ ÏÈÏÔÏÏÈ .CTT[ 2TGUUÒ %WDCP 6GNGEQOOWPKECVKQPUÒ %QORWVGT 0GVYQTMKPIÒ CPF 7Ô5Ô 2QNKE[ +ORNKECVKQPUÒ

4#0& %QTRQTCVKQPÒ 4GRQTV 0QÔ &47"ÏÍÍÌ"Ï"15&Ò ,WN[ Ï‰‰ÁÒ RÔÍÔÏÏË $[ EQORCTKUQPÒ &QOKPKECP 4GRWDNKEÒ C %CTKDDGCP EQWPVT[ YKVJ NGUU VJCP JCNH VJG RQRWNCVKQP QH

%WDCÒ JCF CRRTQZKOCVGN[ ÏÒÌÌÌ EKTEWKVU VQ JCPFNG C OWEJ NQYGT ECNN XQNWOG HTQO VJG 7PKVGF 5VCVGUÔÏÏÁ +P Ï‰‰Ï VJG (GFGTCN %QOOWPKECVKQPU %QOOKUUKQP ı(%%Ù GUVKOCVGF VJCV NGUU VJCP Ï RGTEGPV QH VJG

ÁÌ OKNNKQP CVVGORVGF ECNNU YGTG EQORNGVGFÔ (%%Ò %QOOQP %CTTKGT #EVKQPÒ 4GRQTV 0QÔ %%"ËÂÂÒ 1EVÔ ËÒÏ‰‰ÈÔ

ÏÏÊ 5QOG QDUGTXGTU GUVKOCVG VJCV VJG COQWPV KP VJG GUETQY CEEQWPV OC[ VQVCN ˘ÁË OKNNKQP VQ ˘ÏÍÌOKNNKQPÔ 5GG PQVG ÏÏÎÔ

ÏÏÂ +DKFÔÏÏ‰ +DKFÔÏÎÌ 9KN6GNÒ +&$Ò CPF .&&5 UWDUGSWGPVN[ OGTIGF VQ HQTO 9QTNF%QOÒ YJKEJ CESWKTGF /%+ KP Ï‰‰ÊÔ

È"ÏÊ

VJG VQVCN PWODGT QH EKTEWKVU VQ ÏÒÌÎÌÒÏÎÏ CPF #6˜6 JCU UKPEG GZRCPFGF KVU UGTXKEG VQCRRTQZKOCVGN[ ÏÌÒÌÌÌ ECNNU RGT FC[Ô 9KVJ VJG TG"GUVCDNKUJOGPV QH FKTGEV"FKCNKPVGTPCVKQPCN UGTXKEG DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDCÒ CPPWCN ITQUU TGXGPWGU VQ7Ô5Ô"DCUGF VGNGEQOOWPKECVKQP UGTXKEG RTQXKFGTU JCXG KPETGCUGF HTQO CRRTQZKOCVGN[˘ÏÌ OKNNKQP KP Ï‰‰Í VQ ˘ÏÎÂ OKNNKQP KP Ï‰‰ÂÔÏÎÎ +P CFFKVKQPÒ KP Ï‰‰‰Ò VJG (%% CNNQYGF5RTKPV %QOOWPKECVKQPU %QORCP[ VQ WUG QPG CFFKVKQPCN FKIKVCN UCVGNNKVG EKTEWKV DGVYGGP%WDC CPF VJG 7PKVGF 5VCVGUÔÏÎÍ

#EEQTFKPI VQ 7Ô5Ô VGNGEQOOWPKECVKQP UGTXKEG RTQXKFGTUÒ VJG EWTTGPV KORCEV QH UCPEVKQPUKU VJG NQUU QH DWUKPGUU QRRQTVWPKVKGU KP%WDCÔÏÎÈ 2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ7Ô5ÔKPXGUVQTU TGRQTVGFN[ EQPVTQNNGF OQTG VJCP QPG"VJKTF QH VJG EQWPVT[rU RWDNKE WVKNKVKGUÒFQOKPCVKPI FQOGUVKE CPF KPVGTPCVKQPCN VGNGEQOOWPKECVKQPUÔÏÎË +H UCPEVKQPU JCF PQVDGGP KORQUGFÒ VJG RTGUGPEG QH 7Ô5Ô HKTOU YQWNF NKMGN[ JCXG EQPVKPWGFÒ RQVGPVKCNN[NKOKVKPI VJG RCTVKEKRCVKQP QH 'WTQRGCP CPF /GZKECP VGNGEQOOWPKECVKQP HKTOU KP %WDCÔ6JG EWTTGPV RCTVKEKRCVKQP QH 'WTQRGCP CPF /GZKECP HKTOU KP VJG %WDCP OCTMGV OC[NKOKV VJG HWVWTG RCTVKEKRCVKQP QH 7Ô5Ô HKTOU KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ

+P VJG CDUGPEG QH UCPEVKQPUÒ 7Ô5Ô VGNGEQOOWPKECVKQP RTQXKFGTU YQWNF RTQDCDN[ CVVGORVVQ KPETGCUG VJGKT RCTVKEKRCVKQP KP VJG %WDCP VGNGEQOOWPKECVKQP OCTMGVÔÏÎÁ 1PG UWTXG[TGURQPFGPV KPFKECVGF VJCV VJG KOOGFKCVG GHHGEV QH TG"GUVCDNKUJKPI VTCFG TGNCVKQPUYQWNFDG KPETGCUGF ECNN XQNWOG DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDCÔ +PHTCUVTWEVWTGKPXGUVOGPV YQWNF RTQDCDN[ KPETGCUG KP CP CVVGORV VQ HWTVJGT FGXGNQR VJG OCTMGVÒCNVJQWIJ 7Ô5Ô VGNGEQOOWPKECVKQP GSWKROGPV RTQXKFGTU YQWNF NKMGN[ PQV DGPGHKVUWDUVCPVKCNN[ HTQO %WDCrU PGGF VQ TGRNCEG QWV"FCVGF GSWKROGPV CPF VGEJPQNQI[ ıUGG'NGEVTQPKEU )QQFUÒ EJCRVGT ÁÙÔ +P CFFKVKQP VQ KPHTCUVTWEVWTG KPXGUVOGPVÒ VJGTG YQWNFRTQDCDN[ DG C FGOCPF HQT RTKXCVG NKPG UGTXKEGU DGVYGGP 7Ô5Ô"DCUGF EQORCPKGU CPFVJGKT CHHKNKCVGU KP %WDCÔ 5WEJ FGXGNQROGPVU YQWNF RTQDCDN[ JCXG C RQUKVKXG KORCEV QP7Ô5Ô"DCUGF ECTTKGTUr TGXGPWGU HTQO%WDCÒ CU ECNN EQORNGVKQP TCVGU YQWNF KORTQXG CPFECNN XQNWOG YQWNF KPETGCUGÔÏÎÊ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC7Ô5Ô GEQPQOKE UCPEVKQPU JCXG CFXGTUGN[ CHHGEVGF VJG FGXGNQROGPV QH %WDCrUVGNGEQOOWPKECVKQP KPFWUVT[Ô 9KVJQWV CEEGUU VQ 7Ô5Ô RTQFWEVUÒ %WDCrUVGNGEQOOWPKECVKQP FGXGNQROGPV YCU NCTIGN[ FGRGPFGPV QP 5QXKGV GEQPQOKECUUKUVCPEGÔÏÎÂ 9JGP VJG 5QXKGV 7PKQP EQNNCRUGF KP VJG GCTN[ Ï‰‰ÌUÒ %WDCrU

ÏÎÏ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ ÎÌÌÌ %QOOGTEKCN *KIJNKIJVUÒ CVJVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓÎÌÌÌJNKIJVUÔJVONÒ TGVTKGXGF #WIÔ ÏÁÒ ÎÌÌÌÔ

ÏÎÎ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ Ï‰‰‰ %QOOGTEKCN *KIJNKIJVUÒ CVJVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓ‰‰JNKIJVUÔJVONÒ TGVTKGXGF ,WPG ‰Ò ÎÌÌÌÔ

ÏÎÍ 5GG PQVG ÏÎÏÔÏÎÈ 5GG PQVG ÏÏÎÔÏÎË +DKFÔÏÎÁ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY YKVJ VJG %QOOKUUKQP UVCHHÒ #WIÔ ‰Ò ÎÌÌÌÔÏÎÊ +DKFÔÏÎÂ &GURKVG 5QXKGV GEQPQOKE CUUKUVCPEGÒ %WDCrU VGNGEQOOWPKECVKQP KPHTCUVTWEVWTG YCU DGNQY VJG

UVCPFCTF QH OCP[ FGXGNQRKPI EQWPVTKGUÔ *KUVQTKECNN[Ò VJG EQWPVT[ JCU JCF HGYGT VGNGRJQPG NKPGU CU CRTQRQTVKQP QH RQRWNCVKQP VJCP CP[ QVJGT %CTKDDGCP PCVKQP GZEGRV *CKVKÔ .CTT[ 2TGUUÒ s%WDCP6GNGEQOOWPKECVKQPUÒ %QORWVGT 0GVYQTMKPIÒ CPF 7Ô5Ô 2QNKE[ +ORNKECVKQPUÒt 4#0& %QTRQTCVKQPÒ 4GRQTV0QÔ &47"ÏÍÍÌ"Ï"15&Ò ,WN[ Ï‰‰ÁÒ RÔ ÁÔ

È"ÏÂ

VGNGEQOOWPKECVKQP U[UVGO HGNN KPVQ FKUTGRCKTÔ 2TQDNGOU UWEJ CU HTGSWGPV KPVGTTWRVKQPUKP UGTXKEGÒ NQPI FGNC[U KP TGRCKTU CPF KPUVCNNCVKQPUÒ PGVYQTM EQPIGUVKQPÒ FKCNKPIFKHHKEWNVKGUÒ CPF UECTEKV[ QH HWPEVKQPKPI RWDNKE VGNGRJQPGU DGECOG OQTG EQOOQPÔÏÎ‰

.CEM QH TGRNCEGOGPV RCTVU TGUWNVGF KP C OKZVWTG QH KPEQORCVKDNG GSWKROGPV KORQTVGFHTQO C XCTKGV[ QH EQWPVTKGUÒ KPENWFKPI VJG 7PKVGF 5VCVGU ıFCVKPI DCEM VQ VJG Ï‰ËÌUÙ CPF4WUUKCÔ

+P Ï‰‰ÈÒ %WDCrU 'ORTGUC FG 6GNGEQOWPKECEKQPGU FG %WDC ı'6'%5#Ù GPVGTGF KPVQ CLQKPV XGPVWTG CITGGOGPV YKVJ )TWRQ &QOQUÒ C /GZKECP JQNFKPI EQORCP[Ò KP CP GHHQTVVQ CVVTCEV KPXGUVOGPV CPF KORTQXG ECRCEKV[ EQPUVTCKPVUÔÏÍÌ&QOQU QTKIKPCNN[ RWTEJCUGFÈ‰ RGTEGPV QH '6'%5# HQT ˘ÏÔË DKNNKQPÒ KPENWFKPI ˘ÎÌÌ OKNNKQP VQ ˘ÍÌÌ OKNNKQP QH FGDVHQTIKXGPGUUÒÏÍÏ DWV UQQP FKXGUVGF KVU KPVGTGUV KP VJG EQORCP[ CHVGT &QOQUYCU WPCDNG VQUGEWTG CFFKVKQPCN HKPCPEKPI VQ WRITCFG '6'%5#rU PGVYQTMÔÏÍÎ &QOQU YCU CNUQVCTIGVGF D[ VJG Ï‰‰Á %WDCP .KDGTV[ CPF &GOQETCVKE 5QNKFCTKV[ #EVÏÍÍ CPF KVUGZGEWVKXGU YGTG DCTTGF GPVT[ KPVQ VJG 7PKVGF 5VCVGUÔÏÍÈ 56'6 +PVGTPCVKQPCN 0GVJGTNCPFUıC UWDUKFKCT[ QH 6GNGEQO +VCNKC 5ÔRÔ#ÔÙ PQY QYPU Î‰ RGTEGPV QH '6'%5#ÒÏÍË CPF VJG%WDCP )QXGTPOGPVÒ VJTQWIJ VJG /KPKUVT[ QH %QOOWPKECVKQPUÒ QYPU VJG TGOCKPKPI ÊÏRGTEGPV QH VJG EQORCP[ KP C ÏÎ"[GCT GZENWUKXG CITGGOGPV VQ RTQXKFG DCUKEVGNGEQOOWPKECVKQPU UGTXKEG KP %WDCÔ 6JKU CITGGOGPV EQWNF RQVGPVKCNN[ GZENWFG 7Ô5ÔHKTOU HTQO VJG %WDC OCTMGV KP VJG CDUGPEG QH UCPEVKQPUÔÏÍÁ

9KTGNGUU VGNGEQOOWPKECVKQP UGTXKEGU CTG RTQXKFGF D[ 6GNGHQPQU %GNWNCTGU FG %WDCı%WDCEGNÙÒ YJKEJ JCU C ÎÌ"[GCT GZENWUKXG EQPVTCEV VQ RTQXKFG CPCNQI CPF FKIKVCNEGNNWNCT UGTXKEGU VJTQWIJQWV %WDCÔ 5JGTKVV +PVGTPCVKQPCNÒ C %CPCFKCP JQNFKPIEQORCP[Ò RWTEJCUGF ÍÊÔË RGTEGPV QH %WDCEGN KP Ï‰‰ÂÔ %WDCEGNrU GZENWUKXG EQPVTCEVYQWNF RTQJKDKV VJG 7Ô5Ô RTQXKUKQP QH CPCNQI CPF FKIKVCN UGTXKEG KP %WDC KP VJG CDUGPEGQH 7Ô5Ô UCPEVKQPUÔ

ÏÎ‰ ,QJP 0KEJQNU CPF #NKEKC 6QTTGUÒ s6GNGEQOOWPKECVKQPU KP %WDCÒt CV JVVR„ÓÓYYYÔXKKÔQTIÓRCRGTUÓEWDCÔJVOÒ TGVTKGXGF 1EVÔ ËÒ ÎÌÌÌÔ

ÏÍÌ '6'%5# YCU VJG HKTUV OCLQT LQKPV XGPVWTG DGVYGGP C HQTGKIP EQORCP[ CPF VJG %WDCP)QXGTPOGPVÔ +PKVKCN VGTOU QH VJG XGPVWTG ECNNGF HQT VJG KPUVCNNCVKQP QH C OKNNKQP PGY RJQPG NKPGUÒ YKVJ VJGWNVKOCVG IQCN QH JCXKPI ÏÏ NKPGU RGT ÏÌÌ RGQRNG D[ ÎÌÌÈÔ .CTT[ 2TGUUÒ s%WDCP 6GNGEQOOWPKECVKQP+PHTCUVTWEVWTG CPF +PXGUVOGPVÒt%WDC KP 6TCPUKVKQPv8QNWOG ÁÒ ı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QHVJG %WDCP 'EQPQO[Ò Ï‰‰ÁÙÒ RRÔ ÏÈË"ÏËÈÔ

ÏÍÏ &TÔ ,CKOG 5WEJNKEMKÒ %WDC 6TCPUKVKQP 2TQLGEV„ %WDCP +PFWUVT[ 4GXKGY ı#TNKPIVQP„ 7Ô5Ô"%WDC$WUKPGUU %QWPEKNÒ Ï‰‰ÂÙÒ RÔ ÍÊ‚ .CTT[ 2TGUUÒ s%WDCP 6GNGEQOOWPKECVKQP +PHTCUVTWEVWTG CPF+PXGUVOGPVÒt%WDC KP 6TCPUKVKQPv8QNWOG ÁÒ ı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP'EQPQO[Ò Ï‰‰ÁÙÒ RRÔ ÏÈ‰"ËÏÔ

ÏÍÎ/CTKC %9GTNCWÒ s7RFCVG QP (QTGKIP +PXGUVOGPV KP %WDC„Ï‰‰Á"‰ÊÒt%WDC KP 6TCPUKVKQPv8QNWOGÊÒ ı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÊÙÒ RRÔ ÊÎ"‰ÂÔ

ÏÍÍ 6JG %WDCP .KDGTV[ CPF &GOQETCE[ 5QNKFCTKV[ #EV KU FKUEWUUGF KP ITGCVGT FGVCKN KP EJCRVGT ÎÔÏÍÈ)QXGTPOGPV QH %CPCFCÒ&GRCTVOGPV QH (QTGKIP#HHCKTU CPF +PVGTPCVKQPCN 6TCFGÒ%WDC„#)WKFG

HQT %CPCFKCP $WUKPGUUGUÒ ÎPF GFÔÒ ,WPG Ï‰‰‰Ò RÔ ÈÏÒ CVJVVR„ÓÓYYYÔFHCKV"OCGEKÔIEÔECÓIGQÓJVONAFQEWOGPVUÓEWDC"GÔJVOÒ TGVTKGXGF #RTÔ ÏÎÒ ÎÌÌÌÔ

ÏÍË +P ,WN[ Ï‰‰ÊÒ 56'6 CITGGF VQ RC[ +66 CRRTQZKOCVGN[ ˘ÎË OKNNKQP HQT C ÏÌ"[GCT TKIJV VQ WUGVGNGRJQPG HCEKNKVKGU CPF GSWKROGPV KP %WDC QP YJKEJ +66 JCU C EGTVKHKGF 7Ô5Ô ENCKO HQT GZRTQRTKCVKQPYKVJQWV EQORGPUCVKQP ıUGG CDQXGÙÔ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ s7Ô5Ô %QORCPKGU /C[5GVVNG %NCKOU YKVJ 2C[OGPVUÒ 'SWKVKGUÒt 'EQPQOKE '[G QP %WDCÒ &GEÔ È"ÏÌÒ ÎÌÌÌÒ RÔ ÍÔ

ÏÍÁ 75+6% UVCHH KPVGTXKGY YKVJ '6'%5# QHHKEKCNUÒ ,WN[ ÎÏÒ ÎÌÌÌÒ *CXCPCÔ

È"Ï‰

&GOCPF HQT VGNGEQOOWPKECVKQP UGTXKEGU KP %WDC KU TKUKPI CPF RTQDCDN[ YQWNF TKUG CV CHCUVGT TCVG KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔÏÍÊ (QT GZCORNGÒ KPFWUVT[ TGRTGUGPVCVKXGUKPFKECVG VJCV ECNN XQNWOG DGVYGGP %WDC CPF VJG 7PKVGF 5VCVGU YQWNF RTQDCDN[KPETGCUGÒ CU KPVGTPCVKQPCN ECNNKPI RTKEGU YGTG TGFWEGF CPF GEQPQOKE EQPFKVKQPU KP%WDC KORTQXGFÔÏÍÂ +PHTCUVTWEVWTG KPXGUVOGPV YQWNF RTQDCDN[ KPETGCUGÒ CPF '6'%5# KUNKMGN[ VQ EQPVKPWG KVU OQFGTPK\CVKQP GHHQTVUÒ RQUUKDN[ UGGMKPI PGY GSWKV[ RCTVPGTU VQUWRRN[ CFFKVKQPCN GSWKROGPV CPF UGTXKEGÔ +P CFFKVKQP VQ DCUKE EQOOWPKECVKQPGSWKROGPVÒ PGVYQTM KPXGUVOGPV YQWNF RTQDCDN[ ETGCVG FGOCPF HQT PGVYQTM TQWVGTUCPF UYKVEJGU ıUGG 'NGEVTQPKEU )QQFUÒ EJCRVGT ÁÙÔÏÍ‰ 5WEJ KPXGUVOGPVU YQWNF RTQDCDN[KORTQXG 7Ô5Ô ECTTKGTUr CDKNKV[ VQ RTQXKFG VGNGEQOOWPKECVKQP UGTXKEGU KP %WDCÔ+PHTCUVTWEVWTG KORTQXGOGPVU YQWNF CNUQ GCUG VJG EWTTGPV EQPUVTCKPVU QH %WDCrUVGNGEQOOWPKECVKQPU UGEVQTÒ RTQDCDN[ KORTQXKPI %WDCrU CDKNKV[ VQ CVVTCEV HQTGKIPKPXGUVOGPV KP QVJGT UGEVQTUÔ

+P VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÒ CPCN[UKU D[ VJG %QOOKUUKQP UWIIGUVU VJCV 7Ô5Ô ECNNU VQ%WDC CTG NKMGN[ VQ KPETGCUG VQ ÏÁÌ OKNNKQP OKPWVGUÒ CP KPETGCUG QH ÈÌ OKNNKQP OKPWVGUCPPWCNN[Ô %WDCP ECNNU VQ VJG 7PKVGF 5VCVGU CTG NKMGN[ VQ KPETGCUG VQ ÍÔÈ OKNNKQP OKPWVGUÒCP KPETGCUG QH ÏÔÍOKNNKQPOKPWVGU CPPWCNN[Ô $CUGF QP VJG EWTTGPV UGVVNGOGPV RC[OGPV QHÁÌ EGPVU COKPWVG HQT ECNNU QTKIKPCVKPI KP VJG 7PKVGF 5VCVGUÒ KPETGCUGF ECNNKPI XQNWOGU QHVJGUG OCIPKVWFGU YQWNF TGUWNV KP CFFKVKQPCN TGXGPWGU HQT %WDC TCPIKPI DGVYGGP ˘ÏËOKNNKQP CPF ˘ÍÌ OKNNKQP CPPWCNN[ÔÏÈÌ

6666TTTTCCCCXXXXGGGGNNNN CCCCPPPPFFFF 6666QQQQWWWWTTTTKKKKUUUUOOOO 5555GGGGTTTTXXXXKKKKEEEEGGGGUUUUÏÈÏ

6JG 7PKVGF 5VCVGU KU VJG YQTNFrU HQTGOQUV TGEKRKGPV QH VTCXGN TGEGKRVU HTQO PQPTGUKFGPVXKUKVQTUÔ +P TGEGPV [GCTUÒ VJG 7PKVGF 5VCVGU JCU TGEQTFGF UWTRNWUGU COQWPVKPI VQ CV NGCUV˘ÏÈ DKNNKQP RGT [GCT KP VJG VTCXGN CEEQWPV QH VJG DCNCPEG QH RC[OGPVUÒ YJKEJ JCUEQPVTKDWVGF UKIPKHKECPVN[ VQ 7Ô5Ô UWTRNWUGU KP VTCFG KP UGTXKEGUÔ /GCPYJKNGÒ UWUVCKPGFGEQPQOKE ITQYVJ KP VJG 7PKVGF 5VCVGU JCU GPEQWTCIGF 7Ô5Ô TGUKFGPVU VQ KPETGCUG VTCXGNDQVJ FQOGUVKECNN[ CPF CDTQCFÒ YJKEJ JCU JGNRGF HKPCPEG GZRCPUKQP QH VJG JKIJN[EQORGVKVKXG 7Ô5Ô VTCXGN KPFWUVT[Ò GURGEKCNN[ KP HQTGKIP OCTMGVUÔ

ÏÍÊ .CTT[ 2TGUUÒ s%WDCP 6GNGEQOOWPKECVKQP +PHTCUVTWEVWTG CPF +PXGUVOGPVÒt%WDC KP6TCPUKVKQPv8QNWOG ÁÒ ı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÁÙÒ RRÔ ÏÈ‰"ËÏÔ

ÏÍÂ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY YKVJ VJG %QOOKUUKQP UVCHHÒ #WIÔ ‰Ò ÎÌÌÌÔÏÍ‰ 5GG PQVG ÏÍÁÔÏÈÌ 'UVKOCVGU CTG DCUGF QP VJG %QOOKUUKQP ITCXKV[ OQFGN FGUETKDGF KP #RRGPFKZ (Ô 6JG GUVKOCVGF

TGXGPWG ICKP HQT %WDC KU DCUGF QP VJG EWTTGPV UGVVNGOGPV HGG QH ÁÌ EGPVU C OKPWVG HQT ECNNU DGVYGGP VJG7PKVGF 5VCVGU CPF %WDCÔ

ÏÈÏ 6TCFG KP VTCXGN CPF VQWTKUO UGTXKEGU GPEQORCUUGU GZRGPFKVWTGU OCFG D[ VTCXGNGTU YJKNG KPCPQVJGT EQWPVT[Ò UWEJ CU HQT NQFIKPI CPF OGCNUÔ 'ZRGPFKVWTGU KP VJG 7PKVGF 5VCVGU D[ HQTGKIP XKUKVQTU CTGEQWPVGF KP VJG EWTTGPV CEEQWPV QH VJG 7Ô5Ô DCNCPEG QH RC[OGPVU CU 7Ô5Ô ETQUU"DQTFGT GZRQTVUÒ YJKNGGZRGPFKVWTGU CDTQCF D[ VTCXGNGTU HTQO VJG 7PKVGF 5VCVGU CTG 7Ô5Ô ETQUU"DQTFGT KORQTVUÔ #NVJQWIJRCUUGPIGT HCTGU OC[ DG EQPUKFGTGF C EQORQPGPV QH VTCXGN CPF VQWTKUO TGXGPWGUÒ UWEJ HCTGU HCNN QWVUKFGVJG UEQRG QH VJKU FKUEWUUKQP CPF CTG CFFTGUUGF KP VJG FKUEWUUKQPU QH CKT VTCPURQTV UGTXKEGU CPF OCTKVKOGUGTXKEGUÔ

È"ÎÌ

#EEQTFKPI VQ VJG %WDCP)QXGTPOGPVÒ VJG PWODGT QH VTCXGNGTU VQ %WDC KPETGCUGF HTQOÊÈÁÒÌÌÌ KP Ï‰‰Ë VQ ÏÔÁOKNNKQP KP Ï‰‰‰Ô %WDC TCPMU COQPI VJGYQTNFrU HCUVGUV ITQYKPIVTCXGN OCTMGVU KP TGEGPV [GCTU CU CP KPGZRGPUKXG FGUVKPCVKQPÒ FGURKVG 7Ô5Ô GEQPQOKEUCPEVKQPU NKOKVKPI WPNKEGPUGF VTCXGN"TGNCVGF GZRGPFKVWTGU D[ 7Ô5Ô EKVK\GPUÔ0GXGTVJGNGUUÒ %WDCrU VTCXGN CPF VQWTKUO KPFWUVT[ KU WPFGTFGXGNQRGFÒ JCXKPI UWHHGTGFWPVKN VJG Ï‰‰ÌU HTQO FGECFGU QH PGINGEV CPF EWTTGPVN[ TGNKGU QP HQTGKIP KPXGUVOGPV HQTECRKVCNÒ OCPCIGOGPVÒ GSWKROGPVÒ CPF UWRRNKGUÔÏÈÎ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU6JG JKUVQTKECN KORCEV QH UCPEVKQPU YCU EGUUCVKQP QH 7Ô5Ô KPXGUVOGPVÒ HQNNQYGF D[FGECFGU QH KPXGUVOGPV KP CPF VTCFG YKVJ CNVGTPCVKXG %CTKDDGCP FGUVKPCVKQPUÒ CPF VJGD[RCUUKPI D[ 7Ô5Ô VQWTKUVU QH VJG TCRKFN[ FGXGNQRKPI %WDCP VQWTKUO OCTMGVÔ 6JGJKUVQTKECN KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô VQWTKUO KPFWUVT[ TGICTFKPI VTCXGN KPVQ VJG7PKVGF 5VCVGU D[ %WDCPU JCU DGGP OKPKOCNÒ CU QPN[ C UOCNN RGTEGPVCIG QH VJG %WDCPRQRWNCVKQP QH ÏÏ OKNNKQP KU CWVJQTK\GF CPF HKPCPEKCNN[ CDNG VQ VTCXGN CDTQCFÔ

7Ô5Ô HKTOU KPXGUVGF KP CPF QRGTCVGF %WDCP JQVGNU CPF VJGKT QP"UKVG ECUKPQU WPFGTNQPI"VGTO EQPVTCEVU FWTKPI VJG Ï‰ËÌUÔ 7Ô5Ô JQVGN HKTOU CVVTCEVGF JKIJ"RC[KPI 7Ô5ÔVTCXGNGTU CDNG VQ RCVTQPK\G %WDCP JQVGNU CPF ECUKPQU KP YJKEJ 7Ô5Ô HKTOU JGNF CHKPCPEKCN KPVGTGUVÔ #P GUVKOCVGF ÂË RGTEGPV QH CRRTQZKOCVGN[ ÍËÌÒÌÌÌ XKUKVQTU VQ %WDCCPPWCNN[ KP VJG NCVG Ï‰ËÌU ECOG HTQO VJG7PKVGF 5VCVGUÔ #V VJG VKOGÒ %WDC TCPMGF CU VJGNCTIGUV VQWTKUO OCTMGV KP VJG %CTKDDGCPÔÏÈÍ +P Ï‰ËÁÒ GZRGPFKVWTGU D[ 7Ô5Ô XKUKVQTU VQ%WDCYGTG GUVKOCVGF CV ˘ÍÌOKNNKQPÒ CPF HQTGECUVU CV VJCV VKOGYGTG HQT GZRGPFKVWTGU VQTGCEJ ˘Á DKNNKQP CPPWCNN[ D[ Ï‰ÁÈÔÏÈÈ

6JG HNQY QH 7Ô5Ô VTCXGNGTU CPF VTCXGN KPXGUVOGPVU KPVQ %WDC UVQRRGF HQNNQYKPI VJGKORQUKVKQP QH UCPEVKQPU KP VJG GCTN[ Ï‰ÁÌUÒ CNVJQWIJ VJG XQNWOG QH 7Ô5Ô VQWTKUVU KP %WDCJCF UKIPKHKECPVN[ FGENKPGF D[ Ï‰ËÂ CU C TGUWNV QH RQNKVKECN WPTGUV KP VJCV EQWPVT[ÔÏÈË $[VJG VKOG %WDC JCF PCVKQPCNK\GF CNN 7Ô5Ô RTQRGTV[ KP 1EVQDGT Ï‰ÁÌÒ %WDC YCU PQNQPIGT C XKCDNG FGUVKPCVKQP HQT 7Ô5Ô VQWTKUVUÒ YJQ KPUVGCF VWTPGF VQ 2WGTVQ 4KEQÒ VJG$CJCOCUÒ CPF GXGPVWCNN[ /GZKEQÏÈÁ CPF GNUGYJGTG KP VJG %CTKDDGCPÔ

ÏÈÎ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP VTCXGN CPF VQWTKUO UGTXKEGU UGEVQTU ECP DG HQWPF KP#RRGPFKZ )Ò VCDNGU )"ÊC VJTQWIJ )"ÊFÔ

ÏÈÍ #TVJWT #PFGTUGPÒ s%WDC " 6QWTKUO CU C 4GRNCEGOGPV +PFWUVT[Òt 5RTKPI Ï‰‰ÁÒ CVJVVR„ÓÓYYYÔJQVGN"QPNKPGÔEQOÓPGQÓVTGPFUÓCPFGTUGPÒ TGVTKGXGF ,WPG ÍÌÒ ÎÌÌÌÔ

ÏÈÈ 4QUCNKG 5EJYCTV\Ò 2NGCUWTG +UNCPF„ 6QWTKUO CPF 6GORVCVKQP KP %WDC ı.KPEQNPÒ 0$Ò CPF .QPFQP„7PKXGTUKV[ QH 0GDTCUMC 2TGUUÒ Ï‰‰ÊÙÒ RÔ Ï‰ÂÔ

ÏÈË 6QWTKUO TGXGPWGU HGNN D[ CDQWV ÂÌ RGTEGPV KP VJG ÏÎ OQPVJU GPFKPI 0QXGODGT ÍÌÒ Ï‰Ë‰ÔÏÈÁ +P Ï‰‰ÂÒ OQTG VJCP ÏÂ OKNNKQP 7Ô5Ô VTCXGNGTU XKUKVGF /GZKEQ CPF FWTKPI Ï‰ÂÂ"‰Â 7Ô5Ô VTCXGN VQ

/GZKEQ KPETGCUGF KP Â QH VJG ÏÏ [GCTUÔ +P Ï‰‰‰Ò ÁÎ RGTEGPV QH CRRTQZKOCVGN[ Í OKNNKQP XKUKVQTU VQ %CPEWPÒ/GZKEQÒ YGTG HTQO VJG 7PKVGF 5VCVGUÔ 0KEJQNCU %TGURQ CPF %JCTNGU 5WFFCD[Ò s# %QORCTKUQP QH %WDCrU6QWTKUO +PFWUVT[ YKVJ VJG &QOKPKECP 4GRWDNKE CPF %CPEWP HQT VJG 2GTKQF Ï‰Â‰"‰‰Òt %WDC KP6TCPUKVKQPv8QNWOG ÏÌÒ ı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò ÎÌÌÌÙÔ

È"ÎÏ

7Ô5Ô UCPEVKQPU EWTTGPVN[ JCXGC UOCNN VQ PGINKIKDNG KORCEV QP VJG7Ô5Ô VTCXGN CPF VQWTKUOUGTXKEGU KPFWUVT[ÔÏÈÊ 6JG 1HHKEG QH (QTGKIP #UUGVU %QPVTQN ı1(#%Ù QH VJG 7Ô5Ô&GRCTVOGPV QH VJG 6TGCUWT[ KPFKECVGF VJCV ÂÎÒÌÌÌ 1(#%"CWVJQTK\GF 7Ô5Ô TGUKFGPVUVTCXGNGF VQ%WDC KP Ï‰‰‰ WPFGT C URGEKCN NKEGPUGÔÏÈÂ#P WPMPQYPPWODGT QH CFFKVKQPCNNKEGPUGF CPF WPNKEGPUGF 7Ô5Ô TGUKFGPVU CNUQ VTCXGN VQ %WDC CPPWCNN[ÔÏÈ‰ %QOOKUUKQPUVCHH GUVKOCVG VJCV CP CFFKVKQPCN ÏÌÌÒÌÌÌ VQ ÍËÌÒÌÌÌ 7Ô5Ô TGUKFGPVU CPPWCNN[ OC[ DGGZRGEVGF VQ VTCXGN RTKOCTKN[ CU VQWTKUVU VQ %WDC KP VJG CDUGPEG QH UCPEVKQPUÔÏËÌ 5WEJVTCXGN EQWNF TGUWNV KP 7Ô5Ô RC[OGPVU VQ %WDCÒ PQV KPENWFKPI RCUUGPIGT HCTGUÒ QH ˘‰ÌOKNNKQP VQ ˘ÍÏË OKNNKQP CPPWCNN[Ô 6JGUG GUVKOCVGU TGHNGEV VJCV VJG %WDCP )QXGTPOGPV KUPQV NKMGN[ VQ ITCPV XKUCU KP NCTIG PWODGTU VQ 7Ô5Ô TGUKFGPVU YKVJ HCOKN[ VKGU VQ %WDCÒDGECWUG VJG )QXGTPOGPV EQWNF TGEGKXG JKIJGT TGXGPWGU CPF TGVWTPU QP KPXGUVOGPVUHTQO GZRGPFKVWTGU D[ VQWTKUVUÔ

7Ô5Ô VTCXGN CIGPEKGU YQWNF RTQDCDN[ DG COQPI VJG HKTUV VQ UGG CP KORCEVÒ CU VJG[ EQWNFFGTKXG PGY TGXGPWGU HTQO CKTÒ ETWKUGÒ CPF CEEQOOQFCVKQP UQWTEGU CU VTCXGN VQ %WDCHTQO VJG 7PKVGF 5VCVGU KPETGCUGUÔÏËÏ +PFWUVT[ UQWTEGU KPFKECVG VJCV KP VJG CDUGPEG QHUCPEVKQPUÒ VJG CRRTQZKOCVGN[ ÏÎÌ 1(#%"NKEGPUGF CIGPEKGUÏËÎ CPF OCP[ CFFKVKQPCNVTCXGN CIGPEKGU YQWNF YQTM YKVJ %WDCP VTCXGN HKTOU KP CP GHHQTV VQ OGGV CPVKEKRCVGFFGOCPF D[ RTQURGEVKXG 7Ô5Ô VTCXGNGTUÔÏËÍ 5WEJ CTTCPIGOGPVU YQWNF PQV TGSWKTG 7Ô5ÔVTCXGN CIGPEKGU VQOCMG UWDUVCPVKCN HQTGKIP KPXGUVOGPVUÒ CV NGCUV PQV KPKVKCNN[Ô 0QVKPI VJGRTQRGPUKV[ QH 7Ô5Ô VTCXGNGTU VQ UGGM XCTKGF NQECVKQPU CPF CEVKXKVKGUÒ 7Ô5Ô KPFWUVT[TGRTGUGPVCVKXGU KPFKECVG VJCV %WDC EQWNF DG KPENWFGF COQPI UGXGTCN %CTKDDGCPKUNCPFU KP PWOGTQWU XCECVKQP VTCXGN RCEMCIGU CTTCPIGF D[ 7Ô5ÔÒ %WDCPÒ CPF QVJGTVTCXGN GPVKVKGUÔ 6JG7Ô5Ô VTCXGN CIGPV KPFWUVT[ CPVKEKRCVGU VJCV FGOCPF HQT VTCXGN VQ %WDCD[7Ô5Ô TGUKFGPVU EQWNF DG UWDUVCPVKCNÒÏËÈ CNVJQWIJ VTCXGN CIGPVU KPVGTXKGYGFCPVKEKRCVGUWEJ JKIJGT FGOCPF KU NKMGN[ VQ DG IGPGTCVGF OCKPN[ D[ 7Ô5Ô TGUKFGPVU UGGMKPI HCOKN[XKUKVU KP %WDCÔÏËË

ÏÈÊ 6JQOCU 'Ô %QZÒ &KTGEVQTÒ 7Ô5Ô"%WDC $WUKPGUU %QWPEKNÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰ÒÎÌÌÌÒ VTCPUETKRVÒ RÔ ÏÁÈÔ

ÏÈÂ1(#%QHHKEKCNÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÎËÒ ÎÌÌÌÔ1(#% KUUWGU URGEKCNNKEGPUGU HQT VTCXGN VQ %WDC VQ UGXGTCN ECVGIQTKGU QH RGTUQPU EQXGTGF WPFGT 7Ô5Ô NCYÔ # HGCVWTG EQOOQP VQCNN UWEJ NKEGPUGU KU VJCV VTCXGN VQ %WDC OWUV DG D[ TGIWNCTN[ UEJGFWNGF EJCTVGT HNKIJVU FGRCTVKPI HTQO/KCOKÒ 0GY ;QTMÒ CPF .QU #PIGNGUÔ 1(#% CNUQ KUUWGU IGPGTCN NKEGPUGU HQT VTCXGN VQ %WDC VJCV FQ PQVTGSWKTG VTCXGNGTU VQ WUG EJCTVGTGF CKT ECTTKGTU QT VQ FGRCTV HTQO RCTVKEWNCT NQECVKQPUÔ

ÏÈ‰ 6JG HWNN UEQRG QH VTCXGN VQ %WDC D[ 7Ô5Ô TGUKFGPVU KU PQV TGRQTVGF KP QHHKEKCN 7Ô5Ô )QXGTPOGPVUVCVKUVKEUÔ

ÏËÌ 5GXGTCN UQWTEGU GUVKOCVGF VJCV COKNNKQP 7Ô5Ô VTCXGNGTU EQWNF XKUKV %WDC CPPWCNN[ KP VJG CDUGPEGQHUCPEVKQPUÒ YJKNG QVJGT RTQLGEVKQPU TCPIG HTQO UWDUVCPVKCNN[ NGUU VJCP Ï OKNNKQP WR VQ Á OKNNKQPÔ %WDCP)QXGTPOGPV QHHKEKCNU GUVKOCVG VJCV D[ ÎÌÏÌ CU OCP[ CU ÏÎ OKNNKQP VQWTKUVU YQWNF XKUKV %WDC CPPWCNN[ KHVTCFG TGNCVKQPU YGTG TG"GUVCDNKUJGFÔ 2CWNC 5VGTPÒ 6JG 5VGTP)TQWRÒ +PEÔÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔÏ‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÏÏ‚ ,WNKC 5CIGDKGP CPF 4COQP %QVQ"1LGFCÒ s2KTCVGU QT 2CTVPGTU" %WDC"2WGTVQ4KEQ %QOOGTEKCN 4GNCVKQPU KP C 2QUV"'ODCTIQ 5EGPCTKQÒt %WDC KP 6TCPUKVKQPv8QNWOG ‰Ò ı9CUJKPIVQP„#UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰‰ÙÒ RRÔ Ê‰"‰Ë‚ CPF %QOOKUUKQP UVCHH KPVGTXKGY YKVJ%WDCP /KPKUVT[ QH 6QWTKUO QHHKEKCNUÒ *CXCPCÒ ,WN[ ÎÌÒ ÎÌÌÌÔ

ÏËÏ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÎÍÒ ÎÌÌÌÔÏËÎ +P CFFKVKQP VQ NKEGPUKPI 7Ô5Ô TGUKFGPVU HQT VTCXGN VQ %WDCÒ 1(#% CNUQ NKEGPUGU 7Ô5Ô HKTOU ıEJKGHN[

VTCXGN CIGPVUÙ UGGMKPI VQ CTTCPIG1(#%"CWVJQTK\GF VTCXGN VQÒ HTQOÒ QT YKVJKP %WDC D[RGTUQPU WPFGT7Ô5ÔNCYÔ 1(#% QHHKEKCNÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÎËÒ ÎÌÌÌÔ

ÏËÍ 5GG PQVG ÏËÌÔÏËÈ#OGTKECP 5QEKGV[ QH 6TCXGN #IGPVUÒ RQUVJGCTKPI UVCVGOGPVÒ UWDOKVVGF VQ VJG 75+6%Ò1EVÔ ÍÒ ÎÌÌÌÔÏËË 5GG PQVG ÏËÌÔ

È"ÎÎ

6JG RQVGPVKCN KORCEV KU QH EQPUKFGTCDNG EQPEGTP VQ 2WGTVQ 4KEQrU RWDNKE CPF RTKXCVGUGEVQTUÏËÁ KP XKGY QH %WDCrU TGEGPV HCUV ITQYVJ CU C %CTKDDGCP VQWTKUO FGUVKPCVKQPGXGPYKVJQWV NCTIG TGRTGUGPVCVKQP HTQO7Ô5Ô VTCXGNGTUÔÏËÊ0GXGTVJGNGUUÒ VJG CPVKEKRCVGFKPETGCUG KP %WDC"DQWPF VQWTKUO EQWNF DGPGHKV 2WGTVQ 4KEQ CU YGNNÒ D[ KPETGCUKPIQRRQTVWPKVKGU HQT KPVTQFWEKPI GZVGPFGF"FC[Ò OWNVKRNG"KUNCPF FGUVKPCVKQP RCEMCIGUUKOKNCT VQ VJQUG FGXGNQRGF HQT VJG 'WTQRGCP JQNKFC[ OCTMGVÔÏËÂ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC*KUVQTKECNN[Ò VJG KORCEV QH UCPEVKQPU QP %WDC XCTKGF EQPUKFGTCDN[Ô /QUVN[Ò 7Ô5ÔVTCXGNGTUr GZRGPFKVWTGU KP %WDC FGENKPGF UKIPKHKECPVN[ CU C EQPUGSWGPEG QH %WDCPRQNKVKECN WPTGUV DGHQTG 7Ô5Ô UCPEVKQPU YGTG KORQUGFÔ (TQO VJG VKOG UCPEVKQPU YGTGKPVTQFWEGF WPVKN VJG NCVG Ï‰ÂÌUÒ VJG %WDCP)QXGTPOGPV JCF FKHHKEWNV[ YKVJ KPVGTPCVKQPCNVQWTKUOÔÏË‰ (TQO VJG Ï‰ÁÌU VJTQWIJ OQUV QH VJG Ï‰ÂÌUÒ %WDC TGNKGF QP 5QXKGV DNQEGEQPQOKE CUUKUVCPEG CPF FKF PQV CUUKIP C JKIJ RTKQTKV[ VQ OCKPVCKPKPI QT FGXGNQRKPIVJG VQWTKUO KPFWUVT[Ô 6QWTKUO JCU GOGTIGF CU %WDCrU NGCFKPI UQWTEG QH HQTGKIPGZEJCPIG GCTPKPIU UKPEG VJG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEGÔ 5KPEG VJG Ï‰‰ÌUÒ VJG%WDCP)QXGTPOGPV CNNQECVGF OCLQT RQTVKQPU QH NCDQTÒ ECRKVCNÒ CPF EQOOQFKVKGUÒ UWEJCU EGOGPVÒ VQ VJG VQWTKUO UGEVQTÔ 6QWTKUO IGPGTCVGU CP GUVKOCVGF ÁËÒÌÌÌ LQDU KP %WDCVJTQWIJ FKTGEV GORNQ[OGPVÒ CPF CU OCP[ CU ÎËÌÒÌÌÌ LQDU KPFKTGEVN[ÔÏÁÌ

1VJGT OCLQT KPKVKCVKXGU VQ DQNUVGT VJG UGEVQT KPENWFGF GUVCDNKUJKPI UVCVG"QYPGF VQWTKUVGPVGTRTKUGU CPF C UGRCTCVG /KPKUVT[ QH 6QWTKUOÒ CPF GPEQWTCIKPI LQKPV XGPVWTGU YKVJHQTGKIP EQTRQTCVKQPUÔ 6QFC[ %WDCPCEgP ıC %WDCP IQXGTPOGPV"QYPGF VQWTKUOEQTRQTCVKQPÙ QYPU ENQUG VQ ËÌ JQVGNU KP CUUQEKCVKQP YKVJ PWOGTQWU HQTGKIP EQPUQTVKCKPENWFKPI )TQWRQ 5QN /GNKg ı5RCKPÙÒ 6T[R ı5RCKPÙÒ .6+ ı)GTOCP[ÙÒÏÁÏ )QNFGP 6WNKR ıVJG

ÏËÁ 5GPCVQT -GPPGVJ /E%NKPVQEMÒ 2CUV %JCKTOCPÒ %QWPEKN QH 5VCVG )QXGTPOGPVU CPF %JCKT QH VJG)QXGTPOGPV CPF (GFGTCN #HHCKTU %QOOKVVGG QH VJG 2WGTVQ 4KEQ 5GPCVGÒ YTKVVGP UWDOKUUKQP VQ VJG 75+6%ÒTGEGKXGF 5GRVÔ Ï‰Ò ÎÌÌÌÒ CPF VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÈÊÔ

ÏËÊ ,WNKC 5CIGDKGP CPF 4COQP %QVQ"1LGFCÒ s2KTCVGU QT 2CTVPGTU" %WDC"2WGTVQ 4KEQ %QOOGTEKCN4GNCVKQPU KP C 2QUV"'ODCTIQ 5EGPCTKQÒt %WDC KP 6TCPUKVKQPv8QNWOG ‰Ò ı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰‰ÙÒ RRÔ Ê‰"‰ËÔ

ÏËÂ +DKFÔÏË‰ 7RQP ICKPKPI EQPVTQN QH VJG %WDCP )QXGTPOGPV KP Ï‰Ë‰Ò VJG %CUVTQ TGIKOG KU DGNKGXGF VQ JCXG

KPKVKCNN[ VTKGF VQ DQNUVGT VQWTKUOÒ JQUVKPI VJG #OGTKECP 5QEKGV[ QH 6TCXGN #IGPVUr ı#56#Ù YQTNF EQPITGUU QHÎÒÌÌÌ FGNGICVGU KP *CXCPC KP 1EVÔ Ï‰Ë‰Ô #56# TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQPUVCHHÒ #WIÔ ÎÍÒ ÎÌÌÌÔ 6JG PGY %WDCP IQXGTPOGPV JCF CUUWOGF C UVCMG KP VQWTKUO HKPCPEKPIÒ CU UQOG QHVJG PGY JQVGNU YGTG QYPGF D[ %WDCP YQTMGTUr RGPUKQP HWPFUÒ CPF VJG RTGXKQWU IQXGTPOGPVrUIWCTCPVGGF DQPFU JCF DCEMGF NQCPU VQ JQVGN GPVGTRTKUGU D[ VJG RGPUKQP HWPFU CPF QVJGT %WDCP GPVKVKGUÔ0GXGTVJGNGUUÒ JQVGNU CPF ECUKPQU KP %WDCÒ HCEKPI FGENKPKPI RCVTQPCIGÒ YGTG WPCDNG VQ TGRC[ FGDVUÒ HGNNKPVQ DCPMTWRVE[Ò CPF YGTG EQPHKUECVGF D[ VJG )QXGTPOGPVÔ 4QUCNKG 5EJYCTV\Ò 2NGCUWTG +UNCPF„ 6QWTKUOCPF 6GORVCVKQP KP %WDC ı.KPEQNPÒ 0$Ò CPF .QPFQP„ 7PKXGTUKV[ QH 0GDTCUMC 2TGUUÒ Ï‰‰ÊÙÒ RRÔ ÎÌÏ"ÌÍÔ

ÏÁÌ 'EQPQOKE %QOOKUUKQP HQT .CVKP #OGTKEC CPF VJG %CTKDDGCP ı'%.#%ÙÒ .C 'EQPQOºC %WDCPC„4GHQTOCU GUVTWEVWTCNGU [ FGUGORGøQ GP NQU PQXGPVCÒ ı/GZKEQ %KV[„ 7PKVGF 0CVKQPUÒ Ï‰‰ÊÙÒ RÔ ÏÁÊÔ

ÏÁÏ 5QN /GNKg CESWKTGF 6T[R KP ÎÌÌÌÔ %GTVCKP 7Ô5Ô EKVK\GPU TGRQTVGFN[ ENCKO VQ JCXG QYPGF ÏÌÌÒÌÌÌCETGU KP %WDC QP YJKEJ 5QN /GNKgÒ .6+Ò CPF 5WRGT %NWDU JCXG DWKNV JQVGNUÒ CPF JCXG UQWIJV VQ JCXG VKVNG +8QH VJG *GNOU"$WTVQP #EV ıFKUEWUUGF KP OQTG FGVCKN KP EJCRVGT ÎÙ GPHQTEGF YKVJ TGURGEV VQ VJKU OCVVGTÔ7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ s7Ô5Ô %QORCPKGU /C[ 5GVVNG %NCKOU YKVJ 2C[OGPVUÒ'SWKVKGUÒt 'EQPQOKE '[G QP %WDCÒ &GEÔ È"ÏÌÒ ÎÌÌÌÒ RÔ ÈÔ

È"ÎÍ

0GVJGTNCPFUÙÒ CPF 5WRGT %NWDU ı,COCKECÙÔ +P Ï‰‰ÈÒ HQTGKIP KPXGUVOGPV KP %WDCrU JQVGNUCPF TGUQTVU TGRQTVGFN[ COQWPVGF VQ ˘ËÌÌ OKNNKQPÔÏÁÎ 5GXGTCN 7Ô5Ô JQVGN EQORCPKGUTGRQTVGFN[ RNCP VQ KPXGUV KP %WDC KP VJG CDUGPEG QH UCPEVKQPUÔÏÁÍ

&GURKVG 7Ô5Ô UCPEVKQPUÒ %WDC TGRQTVGFN[ JCU QWVRGTHQTOGF VJG OCLQTKV[ QH QVJGT%CTKDDGCP FGUVKPCVKQPU KP VGTOU QH TCVG QH ITQYVJ KP XKUKVQT CTTKXCNU KP TGEGPV [GCTUÔÏÁÈ

6JG 7Ô5Ô OCTMGV TGRTGUGPVU VJG UKPING NCTIGUV UQWTEG QH VTCXGNGTU VQ VJG %CTKDDGCPTGIKQPÔ 6JG EWTTGPV KORCEV QH UCPEVKQPU KU UWDUVCPVKCN CPF %WDCrU VTCXGN CPF VQWTKUOUGTXKEGU GZRQTVU OQUV RTQDCDN[ YQWNF DGPGHKV KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ %WDCCNUQ YQWNF NKMGN[ HCEG NQYGT EQUVU QH KORQTVGF RTQFWEVU WUGF KP VJG VQWTKUO UGEVQT KP VJGCDUGPEG QH UCPEVKQPUÒ CU %WDC YQWNF KORQTV VJGUG RTQFWEVU HTQO VJG 7PKVGF 5VCVGUKPUVGCF QH HTQO %CPCFCÒ VJG '7Ò CPF GNUGYJGTGÔÏÁË

%WDCP QHHKEKCNU TGRQTV VJCV KP VJG CDUGPEG QH UCPEVKQPUÒ %WDC EQWNF GZRGTKGPEG C UWTIGKP XKUKVQTUÒ KPETGCUKPI VJG VQVCN PWODGT QH VQWTKUVU YKVJKP C FGECFG VQ Ë OKNNKQP VQ ÊOKNNKQP CPPWCNN[ÔÏÁÁ 5QOG 7Ô5Ô UQWTEGU GUVKOCVG VJCV %WDCrU PGGF HQT CFFKVKQPCN JQVGNTQQOU EQWNF KPETGCUG D[ OQTG VJCP ‰Ì RGTEGPV YKVJKP È [GCTUÒ CPF D[ OQTG VJCP ÏÌÌRGTEGPV YKVJKP CP CFFKVKQPCN È [GCTUÔÏÁÊ *QYGXGTÒ UQOG CPCN[UVU DGNKGXG %WDC NCEMU CUWHHKEKGPV UWRRN[ QH JKIJ SWCNKV[ JQVGNUÒ FGURKVG HQTGKIP RCTVKEKRCVKQPÒ CPF DQVJEQPUVTWEVKQPCPF TGPQXCVKQPCTG TGRQTVGFN[ TWPPKPI DGJKPF PCVKQPCN VCTIGVUÔÏÁÂ +V KU PQVNKMGN[ VJCV VJG )QXGTPOGPVrU RNCPU VQ EQORNGVG QPG PGY NCTIG JQVGN RGT [GCT YKNN DGOGVÔÏÁ‰ %WTTGPVN[Ò %WDCP CPF 7Ô5Ô UQWTEGU CITGG VJCV EQPUVTWEVKQP RGTHQTOCPEG JCUPQV DGGP CDNG VQ OCVEJ VJG PGGF HQT JQVGN GZRCPUKQPÒ FGURKVG VJG )QXGTPOGPVrURTQXKUKQP QH EQPUVTWEVKQP TGUQWTEGU VQ VJG VQWTKUO KPFWUVT[Ô

+P CFFKVKQP VQ VQWTKUO KPHTCUVTWEVWTGÒ UGXGTCN CPCN[UVU JCXG TGRQTVGF VJCV VJG SWCNKV[ QHUGTXKEG CXCKNCDNG KP %WDCP JQVGNU KU NKMGN[ VQ KORTQXG KP VJG CDUGPEG QH UCPEVKQPUÔ +V JCUDGGP TGRQTVGF VJCV VJG SWCNKV[ QH UQOG GZKUVKPI NWZWT["TCVGF JQVGNUÒ GURGEKCNN[ VJQUGQWVUKFG VJG RTKPEKRCN VQWTKUV CTGCU QH *CXCPCCPF 8CTCFGTQÒ FQ PQVOGGV EWTTGPV XKUKVQTGZRGEVCVKQPUÒÏÊÌ CPF VJCV JQVGN RTQRGTVKGU XCT[ EQPUKFGTCDN[ KP SWCNKV[Ò GXGP COQPIRTQRGTVKGU CUUKIPGF VJG GSWKXCNGPV SWCNKV[ TCVKPIÔ .KMGYKUGÒ UGTXKEGU UWRRQTVKPI JQVGNU

ÏÁÎ 5GG PQVG ÏË‰ÔÏÁÍ 5GG PQVG ÏËÁÔÏÁÈ 0KEJQNCU %TGURQ CPF %JCTNGU 5WFFCD[Ò s# %QORCTKUQP QH %WDCrU 6QWTKUO +PFWUVT[ YKVJ VJG

&QOKPKECP 4GRWDNKE CPF %CPEWP HQT VJG 2GTKQF Ï‰Â‰"‰‰Òt %WDC KP 6TCPUKVKQPv8QNWOG ÏÌÒ ı9CUJKPIVQP„#UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò ÎÌÌÌÙÔ

ÏÁË %QOOKUUKQP UVCHH KPVGTXKGY YKVJ OCPCIGT QH *CDCPC .KDTG JQVGNÒ *CXCPCÒ ,WN[ Ï‰Ò ÎÌÌÌÒ CPFYKVJ OCPCIGT QH 5QN /GNKg JQVGNÒ 8CTCFGTQÒ ,WN[ ÎÎÒ ÎÌÌÌÔ

ÏÁÁ ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ %WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒ ı9CUJKPIVQPÒ &%„%WDC0GYUÒ ÎÌÌÌÙÒ RÔ Î"ÍÔ

ÏÁÊ %JCTNGU 5WFFCD[Ò s%WDCrU 6QWTKUO +PFWUVT[Òt%WDC KP 6TCPUKVKQPv8QNWOG ÊÒ ı9CUJKPIVQP„#UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÊÙÒ RÔ ÏÎÍ"ÍÌÔ

ÏÁÂ ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ %WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒ ı9CUJKPIVQPÒ &%„%WDC0GYUÒ ÎÌÌÌÙÒ RÔ Î"ÍÔ

ÏÁ‰ +DKFÔÒ RÔ Î"ÈÔÏÊÌ +DKFÔ

È"ÎÈ

KP %WDCÒ UWEJ CU YCVGT CPF UGYCIGÒ GNGEVTKEKV[Ò CPF ECVGTKPIÒ CTG ETKVKEK\GFÔÏÊÏ

#EEQTFKPI VQ UQOG CPCN[UVUÒ EQPVKPWGF ITQYVJ KP TGXGPWGU HTQO VQWTKUO KP %WDC EQWNFUWHHGT HTQO NQPI [GCTU QH FGNKXGTKPI RQQT UGTXKEG VQ OQUVN[ DWFIGV"XCNWG VTCXGNGTUÔÏÊÎ

5WEJ QDUGTXCVKQPU OC[ GZRNCKP YJ[ VJG KPEKFGPEG QH TGRGCV XKUKVQTU VQ %WDCÒ CDQWV ÏÌRGTEGPVÒ KU DGNQY VJCV QH QVJGT %CTKDDGCP FGUVKPCVKQPUÔ

ÏÊÏ %QOOKUUKQP UVCHH KPVGTXKGY YKVJ OCPCIGT QH *CDCPC .KDTG JQVGNÒ *CXCPCÒ ,WN[ Ï‰Ò ÎÌÌÌÔÏÊÎ 0KEJQNCU %TGURQ CPF %JCTNGU 5WFFCD[Ò s# %QORCTKUQP QH %WDCrU 6QWTKUO +PFWUVT[ YKVJ VJG

&QOKPKECP 4GRWDNKE CPF %CPEWP HQT VJG 2GTKQF Ï‰Â‰"‰‰Òt %WDC KP 6TCPUKVKQPv8QNWOG ÏÌÒ ı9CUJKPIVQP„#UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò ÎÌÌÌÙÔ

Ë"Ï

%%%%****####22226666''''4444 ËËËË''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP ####IIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTGGGG


6JG CITKEWNVWTCN UGEVQTÏ RNC[U C ETWEKCN TQNG KP VJG 7Ô5Ô GEQPQO[ÔÎ +P Ï‰‰‰Ò QWVRWV QH VJGUGEVQT TGCEJGF ˘ÏÔË VTKNNKQPÒ TGRTGUGPVKPI CDQWV ÏÁ RGTEGPV QH VJG EQWPVT[rU VQVCN )&2Ô6JG UGEVQT IGPGTCVGF ˘ËË DKNNKQP KP GZRQTVU KP Ï‰‰‰Ò EQORCTGF VQ ˘ÍÊ DKNNKQP KPKORQTVUÒ CPF VJWU OCFG C RQUKVKXG EQPVTKDWVKQP VQ VJG DCNCPEG QH VTCFGÔ +P Ï‰‰‰Ò VJGCITKEWNVWTCN UGEVQT GORNQ[GF CDQWV ÎË OKNNKQPÒ TQWIJN[ ÏÊ RGTEGPV QH VJG NCDQT HQTEGÔ9KVJ FGENKPKPI 7Ô5Ô HCTO RTKEGU CPF KPEQOGU KP VJG NCVG Ï‰‰ÌUÒ VJG CITKEWNVWTCN UGEVQTJCU KPETGCUKPIN[ DGGP NQQMKPI VQ GZRQTVU HQT KPETGCUGF UCNGUÔ #U C TGUWNVÒ OCP[ HCTOKPVGTGUV ITQWRUÒ NGF D[ VJG #OGTKECP (CTO $WTGCW (GFGTCVKQPÒ JCXG DGGP UVTQPICFXQECVGU QH NKHVKPI 7Ô5Ô WPKNCVGTCN VTCFG UCPEVKQPUÔ

+P VJKU EJCRVGTÒ VJG JKUVQTKECN CPF EWTTGPV KORCEVU QH 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJTGURGEV VQ %WDC CTG FKUEWUUGF HQT UGXGTCN CITKEWNVWTCN EQOOQFKVKGU CPF UGCHQQFÔ 6JGJKUVQTKECN KORCEV QH UCPEVKQPU KU FKUEWUUGF OCKPN[ KP VGTOU QH VTCFG CPF KPXGUVOGPVQRRQTVWPKVKGU VJCV YGTG NQUV D[ VJG VYQ EQWPVTKGU HTQO VJG GCTN[ Ï‰ÁÌU VQ VJG RTGUGPVÒYJKNG VJG EWTTGPV KORCEV KU CPCN[\GF KP VGTOU QH VTCFKPI CPF KPXGUVOGPV QRRQTVWPKVKGUVJCV YQWNF DG ICKPGF D[ VJG VYQ EQWPVTKGU KP VJGCDUGPEG QH UCPEVKQPUÔ #U KP VJG UGTXKEGUUGEVQTÒ KP CPCN[\KPI VJG EWTTGPV KORCEV QH UCPEVKQPUÒ QPN[ VJG KORCEV QH NKHVKPI UCPEVKQPUKU EQPUKFGTGF CPF CNN QVJGT HCEVQTU CTG CUUWOGF VQ TGOCKP WPEJCPIGFÔ +P RCTVKEWNCTÒVJG CPCN[UKU CUUWOGU VJCV VJG EWTTGPV RQNKVKECN U[UVGO TGOCKPU VJG UCOGÒ VJCV PQEJCPIGU CTG OCFG VQ %WDCP GEQPQOKE RQNKEKGUÒ CPF VJCV WPFGT VJGUG EQPFKVKQPUÒ GXGPYKVJ UCPEVKQPU NKHVGFÒ %WDC GZRGTKGPEGU HGYÒ KH CP[Ò EJCPIGU KP GEQPQOKE VTGPFUÔ

)KXGP VJCV GEQPQOKE TGNCVKQPU YKVJ %WDC JCXG DGGP PQPGZKUVGPV UKPEG VJG GCTN[ Ï‰ÁÌUÒCPF VJCV PQ 7Ô5Ô"%WDC VTCFG KP CITKEWNVWTCN RTQFWEVU JCU VCMGP RNCEG UKPEG VJGPÒ VJGCPCN[UKU QH VJG KORCEV QH TGOQXKPI 7Ô5Ô UCPEVKQPU QP %WDC TGNKGF QP GUVKOCVKPIGZRGEVGF VTCFG HNQYU HQT UGNGEVGF CITKEWNVWTCN RTQFWEVU JCF VJGTG DGGP PQ UCPEVKQPUÔ6JG UGNGEVKQP QH RTQFWEVU YCU DCUGF QP UGXGTCN HCEVQTUÔ )GPGTCNN[Ò EQOOQFKVKGU CTGKPENWFGF KH„

1 VTCFG DGVYGGP VJG VYQ EQWPVTKGU RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ GURGEKCNN[KP VJG NCVG Ï‰ËÌUÒ YCU UKIPKHKECPV‚

Ï 6JG CITKEWNVWTCN UGEVQT EQXGTU VJG GPVKTG HQQF CPF HKDGT U[UVGOÒ CPF KPENWFGU HCTOKPI RTQFWEVKQPCPF KPRWVUÒ HQQFOCPWHCEVWTKPI CPF RTQEGUUKPIÒ FKUVTKDWVKQP ıVTCPURQTVCVKQPÒYJQNGUCNKPIÒ CPF TGVCKNKPIÙÒCPF HQQFUGTXKEGÔ

Î +PHQTOCVKQP QP VJG TQNG QH VJG CITKEWNVWTCN UGEVQT KP VJG 7Ô5Ô GEQPQO[ KU VCMGP HTQOÒ 7Ô5Ô&GRCTVOGPV QH #ITKEWNVWTG ı75&#ÙÒ 'EQPQOKE 4GUGCTEJ 5GTXKEG ı'45ÙÒ 6JG (QQF CPF (KDGT 5[UVGO„%QPVTKDWVKPI VQ VJG 7Ô5Ô CPF 9QTNF 'EQPQOKGUÒ D[ -CVJT[P .Ô .KRVQPÒ 9KNNKCO 'FOQPFUQPÒ CPF #NFGP/CPEJGUVGTÒ '45 $WNNGVKP 0QÔ ÊÈÎÒ ,WN[ Ï‰‰ÂÔ Ï‰‰‰ FCVC YGTG RTQXKFGF D[ CWVJQTU VQ %QOOKUUKQP UVCHHÔ

Ë"Î

1 VJG 7PKVGF 5VCVGU KU KPVGTPCVKQPCNN[ EQORGVKVKXG CPF C UKIPKHKECPV GZRQTVKPIEQWPVT[ VQ YQTNF OCTMGVUÒ GURGEKCNN[ VJG %CTKDDGCP‚

1 %WDC KU C UKIPKHKECPV KORQTVGT HTQO YQTNF OCTMGVUÒ GURGEKCNN[ %CPCFC CPF'WTQRG‚ CPF


7UKPI VJGUG ETKVGTKCÒ EQOOQFKVKGU EQXGTGF KPENWFG OGCV CPF FCKT[Ò ITCKPU HQT JWOCPCPF CPKOCN EQPUWORVKQPÒ FT[ DGCPUÒ HCVU CPF QKNUÒ CPF EQVVQPÔ #NUQ KPENWFGF KP VJKUEJCRVGT CTG RTQFWEVU KP YJKEJ %WDC KU KPVGTPCVKQPCNN[ EQORGVKVKXG CPF KU C UKIPKHKECPVGZRQTVKPI EQWPVT[ VQ YQTNF OCTMGVUÒ GURGEKCNN[ VQ %CPCFC CPF 'WTQRGÔ %QOOQFKVKGUUGNGEVGF DCUGF QP VJGUG ETKVGTKC KPENWFG UWICTÒ HTWKV CPF XGIGVCDNGUÒ EKICTUÒ FKUVKNNGFURKTKVUÒ CPF UGCHQQFÔ

'CEJ EQOOQFKV[ CPCN[UKU GUVKOCVGU 7Ô5Ô"%WDCP DKNCVGTCN VTCFG KP VJG CDUGPEG QHUCPEVKQPUÒ DCUGF QP %WDCrU CXGTCIG CPPWCN VTCFG FWTKPI Ï‰‰Á"‰ÂÒ CUUWOKPI PQGEQPQOKE RQNKE[ CPF RQNKVKECN EJCPIGU KP %WDCÔ +P C HGY ECUGUÒ QVJGT GUVKOCVGU QH7Ô5Ô"%WDCP VTCFGwDCUGF QP CP CTTC[ QH CUUWORVKQPU CDQWV GEQPQOKE ITQYVJ CPFHWVWTG OCPCIGOGPV QH VJG %WDCP GEQPQO[Ò CU YGNN CU CXCKNCDKNKV[ QH HQTGKIPECRKVCNwYGTG OCFG CXCKNCDNG VQ %QOOKUUKQP UVCHH CPF CNUQ CTG TGRQTVGFÔ

#U KPFKECVGF KP EJCRVGT ÏÒ VJG DCEMITQWPF KPHQTOCVKQP CPF CPCN[UKU RTGUGPVGF KP VJKUEJCRVGTÒ CU YGNN CU GUVKOCVGU QH7Ô5Ô"%WDC VTCFG KP VJGCDUGPEG QH UCPEVKQPUÒ CTG DCUGFQP UGXGTCN UQWTEGUÒ KPENWFKPI CECFGOKE TGRQTVU CPF KPFWUVT[ RWDNKECVKQPUÒ IQXGTPOGPVVTCFG UVCVKUVKEUÒ KPVGTXKGYU YKVJ KPFWUVT[ TGRTGUGPVCVKXGUÒ VJG TGUWNVU QH VJG %QOOKUUKQPVGNGRJQPG UWTXG[ QH 7Ô5Ô EQORCPKGU CPF VTCFG CUUQEKCVKQPUÒ JGCTKPI VGUVKOQP[ CPFYTKVVGP UWDOKUUKQPUÒ CPF %QOOKUUKQP UVCHH VTCXGN YKVJKP VJG 7PKVGF 5VCVGU CPF %WDCÔ

////GGGGCCCCVVVVÍÍÍÍ CCCCPPPPFFFF &&&&CCCCKKKKTTTT[[[[

+P Ï‰‰‰Ò VJG XCNWG QH 7Ô5Ô OGCV CPF FCKT[ RTQFWEVKQP TGCEJGF ˘ÂÈ DKNNKQPÒ CNOQUV JCNHQH CNN TGEGKRVU HTQO HCTOKPIÒ YKVJ ECVVNG CEEQWPVKPI HQT ˘ÍÊ DKNNKQPÒ RQTM ˘‰ DKNNKQPÒEJKEMGP ˘ÏË DKNNKQPÒ CPF FCKT[ ˘ÎÍ DKNNKQPÔ 6JG 7PKVGF 5VCVGU KU C OCLQT RCTVKEKRCPV KPYQTNF OCTMGVU HQT OGCVÔ +P Ï‰‰‰Ò 7Ô5Ô DGGH GZRQTVU TGCEJGF CNOQUV ˘Í DKNNKQP ıÎÌRGTEGPV QH YQTNF DGGH GZRQTVU D[ SWCPVKV[ÙÒ EQPUKUVKPI OCKPN[ QH ITCKP"HGF DGGH VQ%CPCFCÒ ,CRCPÒ /GZKEQÒ CPF -QTGCÔ 6JG 7PKVGF 5VCVGU CNUQ KORQTVGF CDQWV ˘Î DKNNKQPQH OQUVN[ ITCUU"HGF DGGH HTQO %CPCFCÒ #WUVTCNKCÒ 0GY <GCNCPFÒ CPF 5QWVJ #OGTKECKP Ï‰‰‰Ô #PPWCN 7Ô5Ô RQTM CPF EJKEMGP GZRQTVU YGTG XCNWGF CV ˘Ï DKNNKQP CPF ˘Î DKNNKQPÒTGURGEVKXGN[Ò FWTKPI Ï‰‰Ë"‰‰Ò OCMKPI VJG 7PKVGF 5VCVGU VJG YQTNFrU NCTIGUV GZRQTVKPIEQWPVT[ QH DQVJ QH VJGUG RTQFWEVUÔ /CLQT OCTMGVU HQT 7Ô5Ô RQTM CPF RQWNVT[ KPENWFG,CRCPÒ/GZKEQÒ CPF 4WUUKCÔ +P EQPVTCUVÒ 7Ô5Ô FCKT[ GZRQTVU TGRTGUGPV NGUU VJCP Ï RGTEGPVQH FQOGUVKE RTQFWEVKQPÒ CPF YKVJ VJG GZEGRVKQP QH PQPHCV FT[ OKNMÒ VJG 7PKVGF 5VCVGU KUPQV C OCLQT YQTNF GZRQTVGT QH FCKT[ RTQFWEVUÔ

Í (QT VJG RWTRQUGU QH VJKU TGRQTVÒ OGCV EQXGTU DGGHÒ RQTMÒ CPF EJKEMGPÔ

Ë"Í

6JG %WDCP )QXGTPOGPV OCFG UKIPKHKECPV KPXGUVOGPVU KP VJG OGCV CPF FCKT[ UGEVQTU KPVJG Ï‰ÁÌU CPF Ï‰ÊÌUÒ CPF CU C TGUWNVÒ RTQFWEVKQP KPETGCUGF TCRKFN[Ô 'EQPQOKECUUKUVCPEG HTQO VJG 5QXKGV 7PKQP YCU C UKIPKHKECPV RQUKVKXG HCEVQT FWTKPI VJKU RGTKQFÒGURGEKCNN[ 5QXKGV EQPEGUUKQPU QP HGGFITCKPUÔ 2TQFWEVKQP KP VJGUG UGEVQTU FGENKPGFUKIPKHKECPVN[ CHVGT 5QXKGV UWRRQTV YCU RJCUGF QWV KP VJG NCVG Ï‰ÂÌUÔÈ %WDCP OGCV CPFFCKT[ RTQFWEVKQP JCU DGGP IGCTGF VQ UGTXKPI VJG FQOGUVKEOCTMGVÒ CPF GZRQTVU QH VJGUGRTQFWEVU FWTKPI Ï‰‰Ë"‰‰ YGTG PGINKIKDNGÔ %WDC CNUQ KORQTVU EGTVCKP OGCV CPF FCKT[RTQFWEVU NCTIGN[ VQ UGTXKEG VJG VQWTKUO UGEVQTÔ #NVJQWIJ %WDCP KORQTVU QH DGGH YGTGXGT[ UOCNN KP TGEGPV [GCTUÒ RQTM CPF RQWNVT[ KORQTVU JCXG KPETGCUGFÒ TGCEJKPI ÏÌÒÌÌÌOGVTKE VQPU CPF ÍÎÒÌÌÌOGVTKE VQPUÒ TGURGEVKXGN[Ò KP Ï‰‰Â ıTGRTGUGPVKPI ÏÎ RGTEGPV CPFÍÎ RGTEGPVÒ TGURGEVKXGN[Ò QH FQOGUVKE EQPUWORVKQP QH VJGUG RTQFWEVUÙÒ OCKPN[ HTQO%CPCFCÒ /GZKEQÒ CPF VJG 'WTQRGCP 7PKQP ı'7ÙÔ %WDC KORQTVGF CDQWV ˘ÈË OKNNKQP KPFCKT[ RTQFWEVU KP Ï‰‰ÂÒ EQPUKUVKPI OQUVN[ QH OKNM RQYFGT ıÊË RGTEGPVÙ CPF EJGGUG ıÏËRGTEGPVÙÒ HTQO VJG '7 CPF 0GY <GCNCPFÔË

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU1XGTCNNÒ VJG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG7Ô5ÔOGCV CPF FCKT[ UGEVQTU KP VGTOU QHRTQFWEVKQPÒ TGXGPWGUÒ EQUVUÒ CPF GORNQ[OGPV YCU UOCNN DGECWUG VJG %WDCP OCTMGVHQT VJGUG RTQFWEVU YCU UOCNN TGNCVKXG VQ QVJGT OCTMGVU UWRRNKGF D[ 7Ô5Ô GZRQTVGTUÒ CPFDGECWUG 7Ô5Ô GZRQTVGTU HQWPF CNVGTPCVKXG OCTMGVU TGNCVKXGN[ SWKEMN[ CPF GCUKN[ÔÁ (QTGZCORNGÒ %WDC CEEQWPVGF HQT NGUU VJCP Ï RGTEGPV QH CPPWCN 7Ô5Ô DGGH GZRQTVU KP VJG[GCTU KOOGFKCVGN[ RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPU ıCDQWV ˘ÎÌÌÒÌÌÌÙÔÊ #NVJQWIJ%WDC CEEQWPVGF HQTOQTG VJCP JCNH QH 7Ô5Ô RQTM GZRQTVU KPOQUV [GCTU FWTKPI Ï‰ËÁ"Ë‰ÒCPPWCN GZRQTVU YGTG XCNWGF CV ˘ÏÏ OKNNKQP QT NGUU‚ 7Ô5Ô GZRQTVU QH EJKEMGP VQ %WDCCEEQWPVGF HQT NGUU VJCP ÌÔË RGTEGPV ı˘ÎÌÌÒÌÌÌÙ QH VQVCN 7Ô5Ô GZRQTVU KP VJG NCVG Ï‰ËÌUÔÂ

È%JKEMGP RTQFWEVKQPYJKEJ JCF KPETGCUGF HTQOÎ‰ÒÌÌÌOGVTKE VQPU KP Ï‰ËÂ VQCNOQUV ÏÏÂÒÌÌÌOGVTKEVQPU KP Ï‰Â‰Ò FGENKPGF VQ ËÏÒÌÌÌOGVTKE VQPU KP Ï‰‰ÍÔ 5KOKNCT VTGPFU YGTG GZRGTKGPEGF KP DGGHÒ RQTMÒ CPFOKNM RTQFWEVKQPÔ ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ %WDC0GYUr $WUKPGUU)WKFG VQ %WDCÒ ı9CUJKPIVQPÒ &%„%WDC0GYUÒ ÎÌÌÌÙÒ RÔ Í"ÎÏÔ

Ë (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP OGCV CPF FCKT[ UGEVQTU ECP DG HQWPF KP #RRGPFKZ )ÒVCDNGU )"Â VJTQWIJ )"ÏÏÔ

Á %JWEM .CODGTVÒ %JKGH 'EQPQOKUVÒ 0CVKQPCN %CVVNGOGPrU $GGH #UUQEKCVKQP ı0%$#ÙÒ TGURQPUG VQ75+6% UWTXG[Ò ,WN[ ÏÍÒ ÎÌÌÌÔ

Ê 75&#Ò (QTGKIP #ITKEWNVWTCN 5GTXKEG ı(#5ÙÒ (QTGKIP #ITKEWNVWTCN 5VCVKUVKEU QH VJG 7PKVGF 5VCVGUÒXCTKQWU KUUWGUÔ

Â +DKFÔ #EEQTFKPI VQ KPFWUVT[ TGRTGUGPVCVKXGUÒ 7Ô5Ô KPXGUVOGPVU KP %WDCP ECVVNG TCPEJGU YGTG VCMGPQXGT D[ VJG %WDCP )QXGTPOGPV KP VJG GCTN[ Ï‰ÁÌUÔ (QT GZCORNGÒ VJG 7Ô5Ô"DCUGF OGCV RCEMKPI CPFRTQEGUUKPI EQORCPKGUÒ -KPI 4CPEJÒ +PEÔÒ CPF #TOQWT ˜ %QORCP[ ıPQY RCTV QH %QP#ITCÒ +PEÔÙ JCXGGZRTQRTKCVKQP ENCKOU HQT ˘ÍÔÎ OKNNKQP CPF ˘Î OKNNKQPÒ TGURGEVKXGN[Ô /CVKCU (Ô 6TCXGUKQ"&KC\Ò s#NVGTPCVKXG4GOGFKGU KP C 0GIQVKCVGF 5GVVNGOGPV QH 7Ô5Ô 0CVKQPCNUr 'ZRTQRTKCVKQP %NCKOU #ICKPUV %WDCÒt #RRGPFKZ#„ s7Ô5Ô 'ZRTQRTKCVKQP %NCKOU #ICKPUV %WDC YKVJ %GTVKHKGF #OQWPVU KP 'ZEGUU QH ˘Ï OKNNKQP‚t 7PKXGTUKV[ QH2GPPU[NXCPKCÒ ,QWTPCN QH +PVGTPCVKQPCN 'EQPQOKE .CYÒ XQNÔ ÏÊÒ PQÔ ÎÒ Ï‰‰ÁÔ

Ë"È

7Ô5Ô HKTOU YQWNF RTQDCDN[ GZRQTV OGCV CPF FCKT[ RTQFWEVU VQ %WDC KP VJG CDUGPEG QHUCPEVKQPUÔ *QYGXGTÒ VJG %WDC OCTMGV YQWNF TGOCKP UOCNNÒ GURGEKCNN[ KP VJG UJQTV VGTOÔ)TQYVJ QH 7Ô5Ô GZRQTVU QXGT VJG NQPIGT VGTO YKNN DG JKIJN[ FGRGPFGPV QP VJG ITQYVJ QHVJG %WDCP VQWTKUO UGEVQTÔ‰ +P VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÒ VJG %QOOKUUKQP GUVKOCVGUVJCV 7Ô5Ô GZRQTVU QH DGGHÒ RQTMÒ CPF EJKEMGP VQ %WDC YQWNF VQVCN ˘ÁÎ OKNNKQP VQ ˘ÊÁOKNNKQP CPPWCNN[Ò CEEQWPVKPI HQT ÁË VQ ÂÌ RGTEGPV QH VQVCN %WDCP KORQTVU QH VJGUGRTQFWEVUÔÏÌ

#NVJQWIJ VJG %WDCP KORQTV OCTMGV HQT DGGH JCU DGGP UOCNN KP TGEGPV [GCTU ı˘ÂÌÌÒÌÌÌCPPWCNN[ FWTKPI Ï‰‰È"‰ÂÙÒ VJG 0CVKQPCN %CVVNGOGPrU $GGH #UUQEKCVKQP ı0%$#ÙGUVKOCVGU VJCV KP VJG CDUGPEG QH UCPEVKQPUÒ 7Ô5Ô DGGH GZRQTVU VQ %WDC EQWNF VQVCN ˘ÎÌOKNNKQP VQ ˘ËÌ OKNNKQP CPPWCNN[Ò RTKOCTKN[ VQ UWRRN[ VJG %WDCP VQWTKUO UGEVQTÔ 6JG0%$# CNUQ KPFKECVGF VJCV VJGTG OC[ DG UQOG UCNGU QH GFKDNG QHHCN VQ VJG FQOGUVKE%WDCP OCTMGVÒ CPF RQUUKDN[ UCNGU QH DGGH HQT EQPUWORVKQP D[ %WDCPU QWVUKFG VJGVQWTKUO UGEVQT YJGP VJG %WDCP GEQPQO[ CPF FKURQUCDNG KPEQOG KPETGCUGÔÏÏ +PFWUVT[QDUGTXGTU PQVG VJCV %WDCP )QXGTPOGPV RQNKEKGUÒ UWEJ CU NKOKVGF UWRRQTV HQT IGPGVKEKORTQXGOGPV CPF OKPKOCN TGUGCTEJ CPF FGXGNQROGPVÒ NKOKV VJG FQOGUVKE RTQFWEVKQP QHDGGHÒ VJWU RTQXKFKPI QRRQTVWPKVKGU HQT GZRQTVGTUÔÏÎ 7Ô5Ô EQORGVKVQTU KP VJG %WDCPOCTMGV CTG NKMGN[ VQ DG %CPCFCÒ VJG '7Ò #TIGPVKPC CPF/GZKEQÔÏÍ +P CFFKVKQP VQ VTCFGÒVJG 0%$# TGRQTVU VJCV 7Ô5Ô OGCV RCEMGTU OKIJV DG KPVGTGUVGF KP KPXGUVKPI KP TGVCKN CPFYJQNGUCNG OGCV FKUVTKDWVKQP HCEKNKVKGU KP %WDCÔÏÈ

6JG 0CVKQPCN 2QTM 2TQFWEGTUr %QWPEKN ı022%Ù TGRQTVGF VJCV %WDC RTQDCDN[ YQWNFDGEQOG CP KORQTVCPV OCTMGV HQT 7Ô5Ô RQTM KP VJG CDUGPEG QH UCPEVKQPUÔÏË %WTTGPVN[Ò%WDC KORQTVU ˘ÏÌ OKNNKQP QH RQTM CPPWCNN[ HTQO %CPCFCÒ /GZKEQÒ CPF VJG '7ÔÏÁ 7Ô5ÔKPFWUVT[ TGRTGUGPVCVKXGU TGRQTV VJCV VJG 7PKVGF 5VCVGU YQWNF DG CDNG VQ VCMG QXGT VJGOCLQTKV[ QH VJKU OCTMGVÒ CPF %WDC EQWNF DG C MG[ GZRQTV OCTMGV HQT 7Ô5Ô RQTMÒ RGTJCRUCU NCTIG CU/GZKEQ ıCPPWCN 7Ô5Ô RQTM GZRQTVU VQ/GZKEQ JCXG DGGP ENQUG VQ ˘ËÌOKNNKQPKP TGEGPV [GCTUÙÔÏÊ

‰ 6KOQVJ[ ,Ô )CNXKPÒ #FOKPKUVTCVQTÒ 75&#Ò (#5Ò YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ 5GRVÔ ÎÂÒÎÌÌÌÔ

ÏÌ 6JKU GUVKOCVG KPENWFGU HTGUJÒ EJKNNGFÒ CPF HTQ\GP OGCVÒ CU YGNN CU RTQEGUUGF CPF RTGRCTGF OGCVRTQFWEVUÒ CPF KU DCUGF QP VJG XCNWG QH TGRQTVGF %WDCP KORQTVU FWTKPI Ï‰‰Á"‰Â CPF VJG UJCTG QH UGNGEVGFHQTGKIPOCTMGVU UWRRNKGF D[ VJG7PKVGF 5VCVGU CPF EQORGVKPI EQWPVTKGUÔ +V CUUWOGU 7Ô5Ô GZRQTVGTU HCEG VJGUCOG VCTKHH ıÈÌ RGTEGPV CF XCNQTGOÙ CU QVJGT EQWPVTKGU UWRRN[KPI VJG %WDCP OCTMGVÔ

ÏÏ %JWEM .CODGTVÒ %JKGH 'EQPQOKUVÒ 0CVKQPCN %CVVNGOGPrU $GGH #UUQEKCVKQP ı0%$#ÙÒ TGURQPUG VQ75+6% UWTXG[Ò ,WN[ ÏÍÒ ÎÌÌÌÔ

ÏÎ ,COGU 'Ô 4QUUÒ s%WDCrU 2QNKEKGU 2NCEG .KOKVU QP $GGH 2TQFWEVKQPÒt +PVGTPCVKQPCN #ITKEWNVWTG 6TCFGCPF&GXGNQROGPV %GPVGTÒ +PUVKVWVG QH (QQF CPF#ITKEWNVWTG 5GTXKEGUÒ 7PKXGTUKV[ QH (NQTKFCÒ (GGFUVWHHUÒ1EVÔÎÒ ÎÌÌÌÒ RÔ ËÔ

ÏÍ 5GG PQVG ÏÏÔÏÈ +DKFÔÏË 022%Ò RTGUU TGNGCUG s%WDC UCPEVKQPU RGPCNK\KPI 7Ô5Ô RQTM RTQFWEGTUÒt ,WPG ‰Ò ÎÌÌÌÔÏÁ +DKFÔÏÊ #NCP 6CPMÒ 2TGUKFGPV CPF %'1Ò CV EQPHGTGPEGÒ s6JG &QOGUVKE +ORCEV QH 7Ô5Ô 7PKNCVGTCN (QQF CPF

/GFKECN 5CPEVKQPU„ %CUG 5VWF[ QH %WDCÒt 9QTNF 2QNKE[ +PUVKVWVGÒ ,WPG ÏËÒ ÎÌÌÌÔ

Ë"Ë

6JG 75# 2QWNVT[ CPF 'II 'ZRQTV %QWPEKN ı75#2''%Ù PQVGF sUVTQPI KPVGTGUV KP QRGPKPICPF FGXGNQRKPI VJG %WDCP OCTMGVt KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔÏÂ %WDCP KORQTVUQH EJKEMGP YGTG XCNWGF CV DGVYGGP ˘ÏÊ OKNNKQP CPF ˘ÎÈ OKNNKQP CPPWCNN[ FWTKPIÏ‰‰È"‰ÂÔ 7Ô5Ô GZRQTVU CTG NKMGN[ VQ DG JKIJN[ EQORGVKVKXG KP %WDC KP VJG CDUGPEG QHUCPEVKQPUÒ CNVJQWIJ VJG[ YQWNF HCEG UVTQPI EQORGVKVKQP HTQO $TC\KNÒ QPG QH VJG OQUVGHHKEKGPV RQWNVT["RTQFWEKPI EQWPVTKGU KP VJG YQTNFÔÏ‰ 7Ô5Ô RTQFWEV YQWNF CNUQ HCEG UVKHHEQORGVKVKQP HTQO '7 RQWNVT[ YJKEJ DGPGHKVU HTQO IQXGTPOGPV CUUKUVCPEGÔÎÌ #EEQTFKPIVQ VJG 75&#Ò VJGTG KU UKIPKHKECPV ITQYVJ RQVGPVKCN QH 7Ô5Ô RQWNVT[ GZRQTVU VQ %WDCÒ YKVJ7Ô5Ô GZRQTVU RQUUKDN[ TGCEJKPI ˘ÏÌÌ OKNNKQP CPPWCNN[ QXGT VJG NQPI VGTO KP VJG CDUGPEGQH UCPEVKQPUÔÎÏ

%WDC KORQTVGF PGCTN[ ˘ÍÍ OKNNKQP KP OKNM RQYFGT KP Ï‰‰ÂÔ *QYGXGTÒ KP VJG CDUGPEG QHUCPEVKQPU VJG 7PKVGF 5VCVGU RTQDCDN[YQWNF PQV EQORGVGYKVJ VJG '7CPF0GY<GCNCPFKP VJKU OCTMGVÔ 6JKU KU DGECWUG 7Ô5Ô OKNM RQYFGT GZRQTVU CTG JGCXKN[ FGRGPFGPV QPIQXGTPOGPV CUUKUVCPEG VJTQWIJ VJG &CKT[ 'ZRQTV +PEGPVKXG 2TQITCOÒ YJKEJ KUKPETGCUKPIN[ EQPUVTCKPGF D[ 7Ô5Ô EQOOKVOGPVU WPFGT VJG 961 #ITGGOGPV QP#ITKEWNVWTGÔÎÎ *QYGXGTÒ KPFWUVT[ TGRTGUGPVCVKXGU UGG RQVGPVKCN QRRQTVWPKVKGU VQ GZRQTVEGTVCKP JKIJ"XCNWGF FCKT[ RTQFWEVUÒ UWEJ CU EJGGUGÒ [QIWTVÒ KEG ETGCOÒ CPF HTGUJ CPFEQPFGPUGF OKNMÒ HQT VJG TCRKFN[ FGXGNQRKPI VQWTKUV UGEVQTÔ # OCLQT 7Ô5Ô FCKT[ EQORCP[CNUQ KPFKECVGF VJCV KV YQWNF UGTXG VJG %WDCPOCTMGV HTQO RNCPV NQECVKQPU KP /KCOK YKVJHTGUJ FCKT[ RTQFWEVUÔÎÍ +P VJG CDUGPEG QH UCPEVKQPUÒ VJG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5ÔGZRQTVU QH FCKT[ RTQFWEVU VQ %WDCYQWNF VQVCN ˘ÈOKNNKQP VQ ˘ÏÎOKNNKQP CPPWCNN[Ò DCUGFQP Ï‰‰Á"‰Â VTCFG FCVCÒ TGRTGUGPVKPI Ë VQ ÏË RGTEGPV QH VJG %WDCP OCTMGVÔ 6JG 75&#GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QH FCKT[ RTQFWEVU VQ %WDC KP VJG PGCT VGTO YQWNF DG ˘ÏÌOKNNKQP VQ ˘ÏË OKNNKQP CPPWCNN[ KP VJG CDUGPEG QH UCPEVKQPU ıOQTG FGVCKNGF KPHQTOCVKQPCDQWV VJG DCUKU HQT VJKU GUVKOCVG QT WPFGTN[KPI CUUWORVKQPU YCU PQV RTQXKFGFÙÒ RQUUKDN[ITQYKPI VQ ˘ËÌ OKNNKQP VQ ˘ÁÌ OKNNKQP KP VJG NQPIGT VGTO ıÍ VQ Ë [GCTUÙÔÎÈ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG JKUVQTKECN KORCEV QH 7Ô5Ô UCPEVKQPU QP %WDCrU OGCV CPF FCKT[ UGEVQTU JCU DGGPUOCNN KP VGTOU QH %WDCP RTQFWEVKQPÒ EQUVUÒ CPF GORNQ[OGPVÒ DGECWUG CHVGT UCPEVKQPU

ÏÂ ,COGU 5WOPGTÒ 2TGUKFGPVÒ 75#2''%Ò KP VGNGRJQPG EQPXGTUCVKQP YKVJ %QOOKUUKQP UVCHHÒ ,WN[ ÎÂÒÎÌÌÌÔ

Ï‰ 75+6%Ò +PFWUVT[ CPF 6TCFG 5WOOCT[Ò 2QWNVT[Ò 75+6% 2WDNKECVKQP ÍÏÈÂÒ &GEÔ Ï‰‰ÂÒ VCDNG #"ÈÒ RÔ#"ÈÔ

ÎÌ +DKFÔÎÏ 6KOQVJ[ ,Ô )CNXKPÒ #FOKPKUVTCVQTÒ 75&#Ò (#5Ò YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ 5GRVÔ ÎÂÒ

ÎÌÌÌÔ 6JG UWDOKUUKQP IKXGU PQ KPFKECVKQP QH VJG VKOG RGTKQF QXGT YJKEJ VJG NQPI"VGTO KORCEVU YQWNF VCMGRNCEGÔ

ÎÎ %QOOKUUKQP UVCHH VGNGRJQPG EQPUGTXCVKQP YKVJ FCKT[ KPFWUVT[ TGRTGUGPVCVKXGÒ 1EVÔ ÏÁÒ ÎÌÌÌÔÎÍ 4GURQPUG VQ 75+6% VGNGRJQPG UWTXG[Ò #RTKN Ï‰‰ÂÔÎÈ 5GG PQVG ÎÏÔ 6JG UWDOKUUKQP ICXG PQ KPFKECVKQP QH YJCV TCVG QH GEQPQOKE ITQYVJ YCU CUUWOGFÔ

Ë"Á

YGTG KORQUGF %WDC HQWPF CNVGTPCVG UWRRNKGTUÒ KPENWFKPI %CPCFC ıDGGH CPF RQTMÙÒ VJG'7 ıEJKEMGP CPF FCKT[ÙÒ CPF $TC\KN ıEJKEMGPÙÔ *QYGXGTÒ VJGUG CNVGTPCVG UWRRNKGTUTGUWNVGF KP C UOCNN KPETGCUG KP %WDCrU KORQTV EQUVU DGECWUG VJG 7PKVGF 5VCVGU KU EQUVEQORGVKVKXG KP VJG RTQFWEVKQP QH ITCKP"HGF DGGHÒ CU YGNN CU RQTM CPF EJKEMGPÔ #NUQÒ VJG7PKVGF 5VCVGU KU IGQITCRJKECNN[ ENQUGT VJCP CNVGTPCVG UWRRNKGTUÒ IKXKPI KV C UWDUVCPVKCNVTCPURQTVCVKQP EQUV CFXCPVCIGÔ 7Ô5Ô UCPEVKQPU OC[ JCXG JCF C UQOGYJCV ITGCVGTCFXGTUG KORCEV QP%WDC CHVGT VJG NQUU QH VJG 5QXKGV GEQPQOKE CUUKUVCPEG KP VJG Ï‰‰ÌUÔ +PVJG CDUGPEG QH UCPEVKQPU %WDC OKIJV JCXG RWTEJCUGF NKOKVGF SWCPVKVKGU QH 7Ô5ÔHGGFITCKPU CV NQYGT EQUV VJCP HTQO QVJGT EQWPVTKGU UWRRN[KPI VJG %WDCP OCTMGVÒVJGTGD[ COGNKQTCVKPI VJG FGENKPG KP VJG %WDCP NKXGUVQEM UGEVQTÔ

9999JJJJGGGGCCCCVVVV

6JG 7PKVGF 5VCVGU KU VJG YQTNFrU UGEQPF NGCFKPI RTQFWEGT CPF NGCFKPI GZRQTVGT QHYJGCVÒ YKVJ CPPWCN 7Ô5Ô RTQFWEVKQP QH ˘‰ DKNNKQP ıCV VJG HCTO NGXGNÙ FWTKPI Ï‰‰Ë"‰‰Ô7Ô5Ô GZRQTVU QH YJGCV COQWPVGF VQ ˘ÍÔÁ DKNNKQP KP Ï‰‰‰Ò YJGP 'I[RVÒ ,CRCPÒ CPF VJG2JKNKRRKPGU YGTG VJG VQR VJTGGOCTMGVUÔ 6JG7Ô5Ô YJGCV UGEVQT JCU JKUVQTKECNN[ DGGP XGT[GZRQTV FGRGPFGPVÒ YKVJ VJG UJCTG QH 7Ô5Ô RTQFWEVKQP GZRQTVGF CXGTCIKPI DGVYGGP ÈÎCPF ÁÂ RGTEGPV CPPWCNN[ FWTKPI Ï‰‰Ë"‰‰Ô 6JG 7Ô5Ô EQORGVKVKXGPGUU KP YQTNF OCTMGVU KUDCUGF QP UGXGTCN HCEVQTUÒ KPENWFKPI NQY"EQUV RTQFWEVKQPÒ JKIJN[ GHHKEKGPV VTCPURQTVCVKQPCPF JCPFNKPIÒ CPF IQXGTPOGPV GZRQTV CUUKUVCPEG RTQITCOUÔ

%WDC FQGU PQV ITQY CP[ YJGCVÒ DWV FQGU JCXG C UK\CDNG CPF TGNCVKXGN[ OQFGTP YJGCVOKNNKPI KPFWUVT[Ò YKVJ UVCVG"QH"VJG"CTV 'WTQRGCP OKNNKPI GSWKROGPVÔ 9JGCV KORQTVU KPVJG HQTO QH YJGCV HNQWT JCXG FKOKPKUJGF QXGT VJG RCUV FGECFG DGECWUG %WDC KU CDNG VQOKNN VJG OCLQTKV[ QH KORQTVGF YJGCV KPVQ HNQWTÔ +ORQTVU CEEQWPV HQT CNN %WDCPEQPUWORVKQP QH YJGCV‚ FWTKPI ETQR [GCTU Ï‰‰Ë"‰Á VQ Ï‰‰Â"‰‰ ıVJG NCVGUV RGTKQF HQTYJKEJ FCVC CTG CXCKNCDNGÙ KORQTVU ıCPF EQPUWORVKQPÙ TQUG HTQO ÊÊÁÒÌÌÌ VQ ‰ËÏÒÌÌÌOGVTKE VQPU ıÂË RGTEGPV YJGCV CPF ÏË RGTEGPV HNQWTÙÔ 6JG '7Ò KP RCTVKEWNCT (TCPEGÒ JCUÒD[ HCTÒ DGGP VJG NGCFKPI UWRRNKGT QH YJGCV VQ %WDC YKVJ CUUKUVCPEG HTQO IQXGTPOGPVUWDUKF[ CPF GZRQTV ETGFKV RTQITCOUÒ CNVJQWIJ %CPCFC CPF #TIGPVKPC JCXG UWRRNKGFUKIPKHKECPV COQWPVU FWTKPI VJKU RGTKQFÔÎË

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ VJG 7PKVGF 5VCVGU UWRRNKGF OQUV %WDCP YJGCVKORQTVUÔ 75&# FCVC KPFKECVG VJCV FWTKPI Ï‰ËË"ËÂ CPPWCN 7Ô5Ô YJGCV CPF YJGCV HNQWTGZRQTVU VQ %WDC CXGTCIGF CDQWV ÎÌÌÒÌÌÌ OGVTKE VQPU ıQP C YJGCV GSWKXCNGPV DCUKUÙÒ

ÎË (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP YJGCV UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU)"ÏÎC VJTQWIJ )"ÏÎFÔ

Ë"Ê

YJKEJ COQWPVGF VQ NGUU VJCP Î RGTEGPV QH 7Ô5Ô YJGCV GZRQTVU FWTKPI VJCV RGTKQFÔ1YKPI VQ VJG UOCNN UJCTG QH7Ô5Ô GZRQTVU IQKPI VQ%WDC CPF VJG CDKNKV[ QH 7Ô5Ô GZRQTVGTUVQ HKPF CNVGTPCVKXG OCTMGVUÒ VJG QXGTCNN JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô YJGCVKPFWUVT[ YCU UOCNNÔ

*QYGXGTÒ KPFWUVT[ UQWTEGU KPFKECVG VJCV KP VJG CDUGPEG QH UCPEVKQPUÒ 7Ô5Ô GZRQTVGTUYQWNF DG CDNG VQ VCMG OCTMGV UJCTG CYC[ HTQO EWTTGPV UWRRNKGTU VQ VJG %WDCPOCTMGVÒCPF VJWU VJG EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô YJGCV KPFWUVT[ KU HCKTN[UKIPKHKECPVÔÎÁ 6JG '7 ıOCKPN[ (TCPEGÙÒ #TIGPVKPCÒ CPF %CPCFC JCXG UWRRNKGF OQUV%WDCP YJGCV KORQTVU KP TGEGPV [GCTUÔ #NN VJTGG GZRQTVKPI EQWPVTKGU CTG GZVTGOGN[EQORGVKVKXG YKVJ VJG 7PKVGF 5VCVGU KP VGTOU QH RTKEG CPF SWCNKV[ÔÎÊ 1HHKEKCN 7Ô5Ô GZRQTVETGFKV RTQITCOU RTQXKFG UQOG EQORGVKVKXG GFIG VQ 7Ô5Ô YJGCV GZRQTVU VQ EGTVCKPOCTMGVU ıKPENWFKPIÒ RQVGPVKCNN[Ò VJG %WDCP OCTMGVÙÔ /QTGQXGTÒ 7Ô5Ô YJGCV UJKRRGFHTQO)WNH RQTVU YQWNF RTQDCDN[ GPLQ[ C RGT"VQP QEGCP HTGKIJV CFXCPVCIG QH CDQWV ˘ÏÌQXGT '7 YJGCVÔÎÂ $[ EQPVTCUVÒ IKXGP VJG OCIPKVWFG QH '7 YJGCV HNQWT CUUKUVCPEGÒ 7Ô5ÔYJGCV HNQWT KU WPNKMGN[ VQ DG RTKEG EQORGVKVKXG KP VJG YJGCV HNQWT OCTMGVUÔ

75&#Î‰ FCVC UWIIGUV VJCV KP ETQR [GCT Ï‰‰‰"ÎÌÌÌÒ %WDCP YJGCV KORQTVU HTQO CNNPCVKQPU YGTG GSWKXCNGPV VQ CDQWV Í RGTEGPV QH VQVCN 7Ô5Ô YJGCV GZRQTVU VQ CNN EQWPVTKGUıÎ‰OKNNKQPOGVTKE VQPUÙÔ 6JWUÒ VJG 7PKVGF 5VCVGU EQWNF GCUKN[ UWRRN[ CNN QH %WDCrU EWTTGPVYJGCV KORQTV FGOCPFYKVJ NKVVNG UVTCKP QP7Ô5Ô RTQFWEVKQP QT QP RTKEGUÔ/QUV 7Ô5ÔYJGCVGZRQTVU OQXG VJTQWIJ 7Ô5Ô )WNH RQTVU CPF YQWNF DGPGHKV HTQO NQY EQUVU QH UJKRRKPI VQ%WDCÔ 6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô YJGCV GZRQTVU VQ %WDC KP VJG CDUGPEG QHUCPEVKQPU YQWNF VQVCN ˘ÍÈ OKNNKQP VQ ˘ËÎ OKNNKQP CPPWCNN[ÒÍÌ TGRTGUGPVKPI DGVYGGP ÈÌCPF ÁÌ RGTEGPV QH %WDCP YJGCV KORQTVU KP VJG UJQTV VGTOÔ 6JG CRRTQZKOCVG ‰"RGTEGPV7Ô5Ô RTKEG CFXCPVCIG RTQDCDN[ YQWNF GPEQWTCIG C UJKHV QH CDQWV JCNH QH %WDCPYJGCVKORQTVU VQ 7Ô5Ô QTKIKPÔ 6JKU EJCPIG YQWNF KPETGCUG 7Ô5Ô GZRQTVU D[ Ï VQ ÏÔË RGTEGPV QHVJG XCNWG QH Ï‰‰‰ 7Ô5Ô YJGCV GZRQTVUÔ

6JG7Ô5Ô9JGCV #UUQEKCVGU TGRQTVGF VJCV %WDC EQWNF KORQTV CUOWEJ CU ÏOKNNKQPOGVTKEVQPU QH YJGCV CPPWCNN[ KP VJG NQPIGT VGTOÒ CUUWOKPI VJCV OQTG OKNNKPI ECRCEKV[ YCUCFFGFÔ 75&# KPFKECVGF VQ VJG %QOOKUUKQP VJCV VJG 7PKVGF 5VCVGU EQWNF UWRRN[ OQUV QH%WDCrU CPPWCN KORQTVU QH ˘ÏÌÌ OKNNKQP QH YJGCV CPF ˘ÈÌ OKNNKQP QH YJGCV HNQWT KP VJG

ÎÁ 0GNUQP &GPNKPIGTÒ 8KEG"2TGUKFGPVÒ 7Ô5Ô 9JGCV #UUQEKCVGUÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÍÎÍ"ÍÈÁÔ

ÎÊ 6JG '7 KU VJG RTKOCT[ GZRQTVGT QH DQVJ YJGCV CPF YJGCV HNQWT VQ %WDCÒ DGPGHKVVKPI HTQOUWDUVCPVKCN IQXGTPOGPV HKPCPEKCN CUUKUVCPEGÔ (QT KPUVCPEGÒ QHHKEKCN '7 HKPCPEKPI EQXGTU CNN QT PGCTN[ CNN(TGPEJ YJGCV CPF YJGCV HNQWT GZRQTVU VQ %WDCÔ +P CFFKVKQPÒ CITGGOGPVU VQ RWTEJCUG (TGPEJ YJGCV D[%WDC QHVGP KPXQNXG TGSWKTGOGPVU VJCV (TCPEG RWTEJCUGU UWICT HTQO %WDCÔ %CPCFC CPF #TIGPVKPC CTGJKIJN[ GHHKEKGPVÒ KPVGTPCVKQPCNN[ EQORGVKVKXGÒ YJGCV RTQFWEKPI EQWPVTKGUÔ

ÎÂ 6JG RTKEG KP ETQR [GCT Ï‰‰‰"ÎÌÌÌ HQT 7Ô5Ô YJGCV ı0QÔ ÎÒ *CTF 4GF 9KPVGTÒ QTFKPCT[ RTQVGKPÒHÔQÔDÔ )WNH RQTVUÙ YCU CDQWV ˘ÏÏÌ RGT OGVTKE VQPÒ CEEQTFKPI VQ FCVC QH VJG 75&#‚ VJKU KORNKGU C ‰"RGTEGPVCFXCPVCIG QXGT '7YJGCV ıCUUWOKPI VJCV VJG HÔQÔDÔ '7YJGCV RTKEG KU TQWIJN[ GSWKXCNGPV VQ VJG 7Ô5Ô GZRQTVRTKEGÙÔ 0GNUQP &GPNKPIGTÒ 8KEG"2TGUKFGPVÒ 7Ô5Ô9JGCV #UUQEKCVGUÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ 5GRVÔÏ‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÍÎÎÔ

Î‰ 75&#Ò (#5Ò )TCKP„ 9QTNF /CTMGVU CPF 6TCFGÒ ,WN[ ÎÌÌÌÒ RÔ ‰ÔÍÌ 6JKU CUUWOGU C 7Ô5Ô UJCTG QH DGVYGGP ÈÌ CPF ÁÌ RGTEGPV QH %WDCP YJGCV KORQTVU QH ÊÂÌÒÌÌÌ

OGVTKE VQPUÒ XCNWGF CV ˘ÏÏÌ RGT OGVTKE VQPÔ

Ë"Â

CDUGPEG QH UCPEVKQPUÔÍÏ 6JG#OGTKECP (CTO $WTGCW (GFGTCVKQP TGRQTVGF VJCVÒ s%WDC KUC UQNKF OCTMGV HQT VQVCN KORQTVU QH EGTGCNUÒ KPENWFKPI EQTPÒ YJGCVÒ DCTNG[ CPF TKEG QHQXGT ˘ÍÌÌ OKNNKQPÔtÍÎ

#EEQTFKPI VQ KPFWUVT[ TGRTGUGPVCVKXGUÒ VJG 7Ô5Ô YJGCV KPFWUVT[ YQWNF RTQDCDN[ GZRQTVYJGCV ıDWV NKVVNG YJGCV HNQWTÙ VQ %WDC TCVJGT VJCP KPXGUV KP %WDCP KPFWUVT[ KP VJGCDUGPEG QH UCPEVKQPUÔ *QYGXGTÒ UQOG KPEKFGPVCN KPXGUVOGPV VQ EQORNGOGPV VJKU VTCFGYQWNF DG GZRGEVGFÒ CPF VQ UWDUVCPVKCNN[ KPETGCUG VJG XQNWOG QH %WDCP YJGCV KORQTVUYQWNF TGSWKTG CFFKPI OKNNKPI ECRCEKV[ KP %WDCÔÍÍ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC2TKQT VQ VJG UCPEVKQPUÒ %WDC KORQTVGF CDQWV ÎÌÌÒÌÌÌ OGVTKE VQPU QH YJGCV CPPWCNN[Ô(TQO VJG Ï‰ÁÌU VKNN VJG NCVG Ï‰ÂÌUÒ VJG 5QXKGV DNQE EQWPVTKGU UWRRNKGF YJGCV CPF YJGCVHNQWT VQ %WDCÒ OWEJ QH YJKEJ YCU JGCXKN[ UWDUKFK\GF QT RTQXKFGF KP EQWPVGTVTCFG HQT%WDCP UWICT CV HCXQTCDNG RTKEGUÔ 5QOG QH VJKU YJGCV YCU NQYGT"ITCFG HGGF YJGCVWUGF KP NKXGUVQEM HGGF CPF PQVOKNNGF KP%WDCÔ #U C TGUWNVÒ VJG EQUV QH YJGCVYCU XGT[ NQYQT PKN VQ %WDCÒ CPF EQPUWORVKQP KP %WDC TQUGÔ &WTKPI VJG Ï‰ÂÌUÒ %WDC KORQTVGF CUOWEJ CU Ï OKNNKQP OGVTKE VQPU CPPWCNN[ QH YJGCV CPF YJGCV HNQWTÔ 6JWUÒ WPVKN VJG GPFKPIQH 5QXKGV CUUKUVCPEG VJG KORCEV QH UCPEVKQPU QP VJG %WDCP YJGCV KPFWUVT[ YCU UOCNNÔ*QYGXGTÒ YKVJ VJG YKVJFTCYCN QH 5QXKGV UWRRQTVÒ %WDC YCU HQTEGF VQ VWTP VQ VJG '7Ò%CPCFCÒ CPF #TIGPVKPCÒ CNN QH YJKEJ CTG NCTIGYJGCV GZRQTVGTUÔ #U C TGUWNVÒ VJG EQUV QHKORQTVKPI YJGCV TQUG CU FKF KPVGTPCN EQUVU QH DTGCF CPF HNQWTÔ

%WDC KU NKMGN[ VQ KORQTV YJGCVÒ RCTVKEWNCTN[ WPOKNNGF YJGCVÒ HTQO VJG 7PKVGF 5VCVGU KPVJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ 1XGT VJG NQPI TWPÒ CUUWOKPI VJCV QHHKEKCN 7Ô5Ô ETGFKVIWCTCPVGGU CTG CXCKNCDNG HQT UCNGU VQ %WDC CPF YKVJ EQORGVKVKXG HTGKIJV CPF JCPFNKPIEQUVUÒ KORQTVU HTQO VJG 7PKVGF 5VCVGU YQWNF RTQDCDN[ EQPVTKDWVG CV NGCUV JCNH QH %WDCrUWPOKNNGF YJGCV KORQTVUÒ FKURNCEKPI NCTIGN[ '7 CPF #TIGPVKPG YJGCVÔ %WDCP CPPWCNYJGCV KORQTVU YGTG CDQWV ÊÂÌÒÌÌÌ OGVTKE VQPU KP TGEGPV [GCTUÒ CPF KORQTVU HTQO VJG7PKVGF 5VCVGU EQWNF COQWPV VQ TQWIJN[ ÈÌÌÒÌÌÌ OGVTKE VQPUÒ XCNWGF CV ˘ÍÈ OKNNKQP VQ˘ËÎ OKNNKQP CPPWCNN[Ô 6JG %WDCP OKNNKPI KPFWUVT[ OC[ JCXG VQ KPETGCUG KVU OKNNKPIECRCEKV[ KP QTFGT VQ JCPFNG CP KPETGCUGF XQNWOG QH YJGCV KORQTVU QXGT VJG NQPI VGTOÔ+P VJG UJQTV TWPÒ OKNNKPI ECRCEKV[ KU CFGSWCVG VQ JCPFNG EWTTGPV NGXGNU QH YJGCV KORQTVUÔ

ÍÏ 6KOQVJ[ ,Ô )CNXKPÒ #FOKPKUVTCVQTÒ 75&#Ò (#5Ò YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ 5GRVÔ ÎÂÒÎÌÌÌÔ

ÍÎ 4KEJCTF 0GYRJGTÒ 'ZGEWVKXG &KTGEVQTÒ 9CUJKPIVQP 1HHKEGÒ #OGTKECP (CTO $WTGCW (GFGTCVKQPÒYTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ TGEGKXGF 1EVÔ ÈÒ ÎÌÌÌÔ

ÍÍ 0GNUQP &GPNKPIGTÒ 8KEG"2TGUKFGPVÒ 7Ô5Ô 9JGCV #UUQEKCVGUÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÍÎÍ"ÍÈÁÔ

Ë"‰

4444KKKKEEEEGGGG

6JG 7PKVGF 5VCVGU KU VJG YQTNFrU HQWTVJ NGCFKPI GZRQTVGT QH TKEG‚ 7Ô5Ô TKEG RTQFWEVKQPCXGTCIGF ˘ÎÔÏ DKNNKQP CPPWCNN[ ıCV VJG HCTO NGXGNÙ FWTKPI Ï‰‰Ë"‰‰Ô 7Ô5Ô GZRQTVU QHTKEGwDQVJ TQWIJ ıWPOKNNGFÙ CPF HWNN[ OKNNGF TKEGwCOQWPVGF VQ PGCTN[ ˘Ï DKNNKQPCPPWCNN[ KP VJKU RGTKQFÒ YKVJ ,CRCPÒ VJG '7Ò CPF /GZKEQ DGKPI VJG VJTGG NGCFKPI 7Ô5ÔOCTMGVUÔ *KUVQTKECNN[ VJG 7Ô5Ô TKEG UGEVQT JCU DGGP XGT[ GZRQTV FGRGPFGPVÔ 6JG GZRQTVUJCTG QH 7Ô5Ô RTQFWEVKQP YCU DGVYGGP ÈÌ RGTEGPV CPF ËÍ RGTEGPV CPPWCNN[ FWTKPIÏ‰‰Ë"‰‰Ô 7Ô5Ô KORQTVU QH TKEG COQWPVGF VQ ˘ÏÂÊ OKNNKQP KP Ï‰‰‰Ò OQUV QH YJKEJ ECOGHTQO 6JCKNCPF CPF +PFKCÔ 6JG 7Ô5Ô TKEG KPFWUVT[ KU NQECVGF OCKPN[ KP #TMCPUCU CPF VJG)WNH 5VCVGUÒ JCU UWDUVCPVKCN CXCKNCDNG UVQEMU CPF WPWVKNK\GFOKNNKPI ECRCEKV[Ò CPFYQWNFGPLQ[ NQY UJKRRKPI EQUV VQ VJG PGCTD[ %WDCP OCTMGVÔ

%WDCÒ NKMG OCP[ QVJGT VTQRKECN EQWPVTKGUÒ RTQFWEGU C UKIPKHKECPV RTQRQTVKQP QH KVU TKEGEQPUWORVKQPÒ DWV TGOCKPU JKIJN[ FGRGPFGPV QP KORQTVU HQT OQTG VJCP JCNH KVU FQOGUVKEEQPUWORVKQPÔ %WDCPU CTG JGCX[ EQPUWOGTU QH TKEGÒ JCXKPI RGT ECRKVC EQPUWORVKQPHQWT VKOGU VJG 7Ô5Ô NGXGNÔ 4KEG KU UWDUKFK\GF CPF TCVKQPGF KP %WDC CV C TGRQTVGF ÁRQWPFU RGT OQPVJ CPF C RTKEG QH ÏÔËÌ RGUQU ıCDQWV 7Ô5Ô Ï EGPVÙ RGT RQWPF KP ,WN[ÎÌÌÌÔÍÈ %WDCP KORQTVU CXGTCIGF CNOQUV ÍÌÌÒÌÌÌ OGVTKE VQPU CPPWCNN[ FWTKPI VJGRGTKQFÒ RGCMKPI CV CDQWV ÍÂ‰ÒÌÌÌ OGVTKE VQPU KP Ï‰‰Á"‰ÊÒ UWRRNKGF OCKPN[ D[6JCKNCPFÒ %JKPCÒ CPF 8KGVPCOÔÍË

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU2TKQT VQ VJG UCPEVKQPUÒ VJG 7PKVGF 5VCVGU UWRRNKGF OQUV QH %WDCP TKEG KORQTVUÔÍÁ &WTKPIÏ‰ËË"ËÂÒ 7Ô5Ô TKEG GZRQTVU CXGTCIGF CDQWV ÏÁÌÒÌÌÌ OGVTKE VQPU ıOKNNGF DCUKUÙCPPWCNN[ VQ %WDCÒ YJKEJ YCU VJG NGCFKPI 7Ô5Ô HQTGKIP OCTMGV ıRWTEJCUKPI CDQWV ÎËRGTEGPV QH 7Ô5Ô TKEG GZRQTVUÙ FWTKPI VJCV RGTKQFÒ CEEQTFKPI VQ 75&# FCVCÔ 6JWUÒJKUVQTKECNN[ VJG NQUU QH VJG %WDCP OCTMGV JCF C UKIPKHKECPV KORCEV QP VJG 7Ô5Ô TKEGKPFWUVT[Ò CNVJQWIJ QXGT VKOG 7Ô5Ô GZRQTVGTU YGTG CDNG VQ UJKR VQ QVJGT EQWPVTKGUÒ DWVHTGSWGPVN[ QPN[ YKVJ QHHKEKCN 7Ô5Ô GZRQTV CUUKUVCPEGÔ

#EEQTFKPI VQ KPFWUVT[ UQWTEGUÒ VJG EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô TKEG KPFWUVT[KU UKIPKHKECPVÔÍÊ 6JG[ KPFKECVG VJCV 7Ô5Ô GZRQTVGTU YQWNF DG JKIJN[ EQORGVKVKXG YKVJEWTTGPV UWRRNKGTU ı6JCKNCPFÒ %JKPCÒ CPF 8KGVPCOÙ VQ VJG %WDCP OCTMGV KP VJG CDUGPEGQH UCPEVKQPUÔ #NVJQWIJ CNN VJTGG GZRQTVKPI EQWPVTKGU EQORGVG QP VJG DCUKU QH

ÍÈ -CTGP &G;QWPIÒ s%WDC %NKODU 'EQPQOKE .CFFGTÒt 6JG9CUJKPIVQP 2QUVÒ ,WN[ ÎÈÒ ÎÌÌÌÒ RÔ #ÎÌÔÍË (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP TKEG UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU

)"ÏÍC VJTQWIJ )"ÏÍFÔÍÁ 4KEJCTF $GNNÒ 2TGUKFGPV CPF %'1Ò 4KEGNCPF (QQFU +PEÔÒ YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ

TGEGKXGF 5GRVÔ Ï‰Ò ÎÌÌÌÔÍÊ &GPPKU &G.CWIJVGTÒ %JCKTOCPÒ 7Ô5Ô 4KEG 2TQFWEGTU #UUQEKCVKQPÒ CV EQPHGTGPEGÒ s6JG &QOGUVKE

+ORCEV QH 7Ô5Ô 7PKNCVGTCN (QQF CPF /GFKECN 5CPEVKQPU„ %CUG 5VWF[ QH %WDCÒt 9QTNF 2QNKE[ +PUVKVWVGÒ ,WPGÏËÒ ÎÌÌÌÔ

Ë"ÏÌ

NQYGT"RTKEGF TKEG CU EQORCTGF VQ 7Ô5Ô TKEGÒ 7Ô5Ô TKEG KU QH JKIJ SWCNKV[ CPF RQVGPVKCNN[YQWNF GPLQ[ HCXQTCDNG GZRQTV ETGFKV VGTOU‚ HQT TQWIJ TKEGÒ UKORNG CXCKNCDKNKV[ KU CPCFXCPVCIG HQT VJG 7PKVGF 5VCVGU UKPEG VJG VJTGG NGCFKPI HQTGKIP TKEG GZRQTVGTU DCPTQWIJ TKEG GZRQTVUÔ #NUQÒ 7Ô5Ô TKEG UJKRRGF HTQO*QWUVQP YQWNF GPLQ[ CP QEGCP HTGKIJVCFXCPVCIG QXGT 6JCK QT 8KGVPCOGUG TKEGÒ YJKEJ EQWNF EWV VJG RTKEG CFXCPVCIG HQT 6JCKTKEG PGCTN[ KP JCNH CPF RTQDCDN[ GPEQWTCIG UQOG UJKHV VQ 7Ô5Ô TKEGÔÍÂ

6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QH TKEG VQ %WDC YQWNF VQVCN ˘ÈÌ OKNNKQP VQ˘Ë‰ OKNNKQP CPPWCNN[ KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFGFCVCÒ TGRTGUGPVKPI DGVYGGP ÈÌ CPF ÁÌ RGTEGPV QH %WDCP TKEG KORQTVU KP VJG UJQTV VGTOÒOQUVN[ CV VJG GZRGPUG QH 6JCKNCPFÔÍ‰ 6JKU EJCPIG YQWNF KPETGCUG 7Ô5Ô GZRQTVU D[ Í VQË RGTEGPV QH VJG XCNWG QH Ï‰‰‰ 7Ô5Ô TKEG GZRQTVUÔ 6JG 7Ô5Ô TKEG KPFWUVT[ YQWNF RTQDCDN[GZRQTV OKNNGF TKEG CPF UQOG TQWIJ TKEG VQ %WDC TCVJGT VJCP KPXGUV KP %WDCP KPFWUVT[Ô*QYGXGTÒ UQOG KPEKFGPVCN KPXGUVOGPV VQ EQORNGOGPV VJKU VTCFG YQWNF DG GZRGEVGFÔ

6JG FQOGUVKE TKEG KPFWUVT[ CUUQEKCVKQP KPFKECVGF KP VGUVKOQP[ VJCVÒ KP VJG NQPI TWP WPFGTGEQPQOKE NKDGTCNK\CVKQP KP %WDCÒ VQVCN %WDCP OKNNGF TKEG KORQTVU YQWNF DG DGVYGGPËËÌÒÌÌÌ CPF ÁÌÌÒÌÌÌ OGVTKE VQPU CPPWCNN[ ıXCNWGF CV ˘ÏÍÌ OKNNKQP VQ ˘ÏÊË OKNNKQPÙÒPGCTN[ CNN QH YJKEJ YQWNF DG 7Ô5Ô TKEGÔÈÌ 75&# TGRQTVGF VJCV %WDC KORQTVU CDQWV ˘ÂÁOKNNKQP QH TKEG CPPWCNN[ CPF VJCV VJG 7PKVGF 5VCVGU YQWNF UWRRN[OQUV QH VJGUG KORQTVU KPVJG CDUGPEG QH UCPEVKQPUÔÈÏ 6JG #OGTKECP (CTO $WTGCW (GFGTCVKQP KPFKECVGF VJCV TKEGHTQO #TMCPUCU CPF 6GZCU ECP DG GZRQTVGF VQ %WDCÒ CPF VJCV KVU KPFWUVT[ UQWTEGUGUVKOCVGF RQVGPVKCN NQPI"VGTO 7Ô5Ô TKEG UCNGU VQ %WDC QH QXGT ˘ÍÌÌ OKNNKQP CPPWCNN[ıCDQWV C VJKTF QH EWTTGPV 7Ô5Ô TKEG GZRQTVUÙÔÈÎ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG KORCEV QH UCPEVKQPU QP VJG %WDCP TKEG OCTMGV JCU DGGP UKIPKHKECPVÔ #U OGPVKQPGFCDQXGÒ %WDC KORQTVGF CTQWPF ÎÌÌÒÌÌÌ OGVTKE VQPU QH TKEG CPPWCNN[ RTKQT VQ VJGUCPEVKQPU KP VJG Ï‰ËÌUÒ OQUV QH YJKEJ YCU UWRRNKGF D[ VJG 7PKVGF 5VCVGUÔ #U C TGUWNV QHUCPEVKQPUÒ %WDC YCU HQTEGF VQ HKPF CNVGTPCVKXG UWRRNKGTUÔ 5KPEG VJG KORQUKVKQP QH 7Ô5Ô

ÍÂ %WTTGPV 7Ô5Ô TKEG RTKEGU CTG UWDUVCPVKCNN[ CDQXG 6JCK CPF 8KGVPCOGUG TKEG‚ HQT GZCORNGÒ KP ETQR[GCT Ï‰‰‰"ÌÌÒ VJG RTKEG HQT 7Ô5Ô NQPI"ITCKPOKNNGF TKEG ıHÔQÔDÔ *QWUVQPÙ YCU ˘ÎÂÈ RGT OGVTKE VQP‚ 6JCK TKEGıHÔQÔDÔ $CPIMQM Ù YCU ˘ÎÍÌ RGT OGVTKE VQP‚ CPF 8KGVPCOGUG TKEGÒ ˘ÎÌÎ RGT OGVTKE VQPÔ ı2TQLGEVGF CXGTCIGETQR"[GCT RTKEGÒ ,WN[ ÎÌÌÌÒ75&#Ò '45Ò 4KEG1WVNQQMÒ ,WN[ ÏÍÒ ÎÌÌÌÔÙ *QYGXGTÒ 7Ô5Ô GZRQTVU YQWNF GPLQ[C HTGKIJV CFXCPVCIG QH ˘ÎÌ VQ ˘ÎË RGT OGVTKE VQP QXGT 6JCK QT 8KGVPCOGUG TKEG ıGUVKOCVGF TCVG QH ˘ÍÌ RGTOGVTKE VQP HTQO $CPIMQM VQ *CXCPC EQORCTGF YKVJ ˘Ë VQ ˘ÏÌ RGT OGVTKE VQP HTQO *QWUVQP VQ *CXCPCÙÔ

Í‰ 6JKU CUUWOGU VJG 7Ô5Ô UJCTG TKUGU VQ ÈÌ RGTEGPV VQ ÁÌ RGTEGPV QH %WDCP TKEG KORQTVU QH ÍÍÌÒÌÌÌOGVTKE VQPUÒ XCNWGF CV C RTKEG QH ˘ÍÌÌ RGT OGVTKE VQPÔ

ÈÌ 4KEJCTF $GNNÒ 2TGUKFGPV CPF %'1Ò 4KEGNCPF (QQFU +PEÔÒ YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒTGEGKXGF 5GRVÔ Ï‰Ò ÎÌÌÌÔ RÔ ÈÔ

ÈÏ 6KOQVJ[ ,Ô )CNXKPÒ #FOKPKUVTCVQTÒ 75&#Ò (#5Ò YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ 5GRVÔ ÎÂÒÎÌÌÌÔ

ÈÎ 4KEJCTF 0GYRJGTÒ 'ZGEWVKXG &KTGEVQTÒ 9CUJKPIVQP 1HHKEGÒ #OGTKECP (CTO $WTGCW (GFGTCVKQPÒYTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ TGEGKXGF 1EVÔ ÈÒ ÎÌÌÌÔ

Ë"ÏÏ

GEQPQOKE UCPEVKQPUÒ 6JCKNCPFÒ %JKPCÒ CPF 8KGVPCO JCXG UWRRNKGF OQUV %WDCP TKEGKORQTVU CV C JKIJGT EQUV VJCP KH TKEG KORQTVU EQWNF JCXG DGGP UQWTEGF HTQO VJG 7PKVGF5VCVGUÔÈÍ 6JG %QOOKUUKQP GUVKOCVGU VJCV %WDCP TKEG KORQTVU HTQO VJG 7PKVGF 5VCVGUYQWNF VQVCN ˘ÈÌ OKNNKQP CPF ˘Ë‰ OKNNKQP CPPWCNN[ KP VJG CDUGPEG QH UCPEVKQPUÒTGRTGUGPVKPI CU OWEJ CU ÁÌ RGTEGPV QH CNN %WDCP TKEG KORQTVUÔ %WDCP KORQTVU QH 7Ô5ÔTKEG UVCPF VQ KPETGCUG KP VJG NQPI TWP KP VJG CDUGPEG QH UCPEVKQPUÔÈÈ

((((GGGGGGGGFFFFIIIITTTTCCCCKKKKPPPPÈÈÈÈËËËË

6JG 7PKVGF 5VCVGU KU VJG YQTNFrU NGCFKPI RTQFWEGT CPF GZRQTVGT QH HGGFITCKPÒ YKVJCPPWCN 7Ô5Ô RTQFWEVKQP CXGTCIKPI CDQXG ˘ÎÌ DKNNKQP ıCV VJG HCTO NGXGNÙ FWTKPIÏ‰‰Ë"‰‰Ô 7Ô5Ô KORQTVU QH HGGFITCKP COQWPVGF VQ CDQWV ˘ÈÌÌ OKNNKQP KP Ï‰‰‰Ò OQUV QHYJKEJ ECOG HTQO %CPCFCÔ 7Ô5Ô GZRQTVU QH HGGFITCKP ıQXGTYJGNOKPIN[ EQORQUGF QHEQTPÙ COQWPVGF VQ PGCTN[ ˘Á DKNNKQP KP Ï‰‰‰ CPF YGPV OCKPN[ VQ ,CRCPÒ /GZKEQÒ CPF-QTGCÔ 1XGTCNNÒ VJG 7Ô5Ô HGGFITCKP UGEVQT JCU DGGP GZRQTV FGRGPFGPVÒ YKVJ VJG GZRQTVUJCTG QH 7Ô5Ô RTQFWEVKQP DGVYGGP ÎÏ RGTEGPV CPF ÍÁ RGTEGPV FWTKPI Ï‰‰Ë"‰‰Ô*KUVQTKECNN[Ò C NCTIG UJCTG QH 7Ô5Ô EQTP GZRQTVU TGEGKXGF QHHKEKCN 7Ô5Ô IQXGTPOGPVCUUKUVCPEG VJTQWIJ GZRQTV ETGFKV RTQITCOUÔ

%WDCP HGGFITCKP RTQFWEVKQP EQPUKUVU OQUVN[ QH EQTP CPF UOCNN COQWPVU QH UQTIJWOÔ&WTKPI ETQR [GCTU Ï‰‰Ë"‰Á VQ Ï‰‰‰"ÎÌÌÌÒ %WDCP RTQFWEVKQP QH HGGFITCKP TQUG HTQOÂÎÒÌÌÌ OGVTKE VQPU VQ ÏÍÏÒÌÌÌ OGVTKE VQPU‚ JQYGXGTÒ DGECWUG QH VJG FTCUVKE HCNN KPKORQTVUÒ EQPUWORVKQP FTQRRGF D[ PGCTN[ JCNH HTQO ÍËÊÒÌÌÌ OGVTKE VQPU KP ETQR [GCTÏ‰‰Ë"‰Á VQ Ï‰ÁÒÌÌÌ OGVTKE VQPU FWTKPI ETQR [GCT Ï‰‰Â"‰‰Ô 2TKQT VQ VJG UCPEVKQPUÒ%WDC JCF C UOCNN ITCKP"HGF NKXGUVQEM KPFWUVT[ VJCV EQPUWOGF UOCNN COQWPVU QHHGGFITCKPÔ 9KVJ VJG GZRCPUKQP QH KVU ITCKP"HGF NKXGUVQEM KPFWUVT[ FWTKPI VJG Ï‰ÁÌUVJTQWIJ Ï‰ÂÌU CPF C JKIJN[ UWDUKFK\GF OGCV UGEVQTÒ %WDC DGECOG FGRGPFGPV QPKORQTVU QH NQY"RTKEGF 5QXKGV ITCKPÔ #HVGT VJG EQNNCRUG QH VJG 5QXKGV 7PKQPÒ %WDC EQWNFPQV CHHQTF VQ KORQTV HGGFITCKP QP EQOOGTEKCN VGTOUÒ CPF VJG NKXGUVQEM UGEVQTEQPVTCEVGF UJCTRN[Ò TGUWNVKPI KP OWEJ NQYGT HGGFITCKP EQPUWORVKQPÔ 9JKNG %WDCPCPPWCN EQTP RTQFWEVKQP TQUG VQ ÏÍÏÒÌÌÌ OGVTKE VQPU D[ Ï‰‰Â"‰‰Ò CPF CPKOCN HGGFEQPVCKPGFOQTG UWICT D[RTQFWEVU CPF HQQFYCUVGUÒ %WDCPOGCV RTQFWEVKQP TGOCKPGFNCTIGN[ WPEJCPIGFÔ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU7Ô5Ô UCPEVKQPU JCF C OKPKOCN GHHGEV QP 7Ô5Ô HGGFITCKP RTQFWEVKQP CPF GZRQTV NGXGNUCPF RQUGF HGY RTQDNGOU HQT VJG 7Ô5Ô EQTP CPF HGGFITCKP KPFWUVT[Ô 2TKQT VQ VJG

ÈÍ ,QUj #NXCTG\ CPF9KNNKCO #Ô /GUUKPCÒ %WDCrU 4KEG +PFWUVT[„ 2QVGPVKCN +ORQTVU HTQO (NQTKFCÒ (QQFCPF 4GUQWTEG 'EQPQOKEU &GRVÔÒ 7PKXÔ QH (NQTKFCÒ (GDÔ Ï‰‰ÍÒ RÔ ÎÏÔ

ÈÈ &GPPKU &G.CWIJVGTÒ %JCKTOCPÒ 7Ô5Ô 4KEG 2TQFWEGTU #UUQEKCVKQPÒ CV EQPHGTGPEGÒ s6JG &QOGUVKE+ORCEV QH 7Ô5Ô 7PKNCVGTCN (QQF CPF /GFKECN 5CPEVKQPU„ %CUG 5VWF[ QH %WDCÒt 9QTNF 2QNKE[ +PUVKVWVGÒ ,WPGÏËÒ ÎÌÌÌÔ

ÈË (GGFITCKP KPENWFGU EQTPÒ UQTIJWOÒ HGGF YJGCVÒ CPF HGGF DCTNG[Ô

Ë"ÏÎ

KORNGOGPVCVKQP QH 7Ô5Ô GEQPQOKE UCPEVKQPUÒ %WDCrU ITCKP"HGF NKXGUVQEM UGEVQT YCUTCVJGT UOCNNÒ CPF VJG 7PKVGF 5VCVGU UWRRNKGF %WDC YKVJ PGINKIKDNG COQWPVU QH EQTP CPFHGGF ITCKPwNGUU VJCP ÎÒÌÌÌ OGVTKE VQPU QH EQTPÒ XCNWGF CV ˘Í‰ÒÌÌÌ KP Ï‰ËÊıEQORCTGF YKVJ 7Ô5Ô HGGFITCKP GZRQTVU VQ CNN EQWPVTKGU QH CDQWV ˘ÍÌÌ OKNNKQP CPPWCNN[FWTKPI VJG NCVG Ï‰ËÌUÙÔÈÁ &WTKPI VJKU RGTKQFÒ 7Ô5Ô HGGFITCKP GZRQTVU HQEWUGF QPFGXGNQRGF EQWPVTKGUÒ UWEJ CU ,CRCPÒ VJG '7Ò CPF VQ FGXGNQRKPI OCTMGVUÒ UWEJ CU 5QWVJ-QTGC CPF 6CKYCPÒ YKVJ NCTIG FQOGUVKE HGGF QRGTCVKQPUÔ

+P VJG CDUGPEG QH UCPEVKQPUÒ VJG 7Ô5Ô HGGFITCKP KPFWUVT[ KU NKMGN[ VQ DG JKIJN[ EQORGVKVKXGKP VJG %WDCP OCTMGVÒ RCTVKEWNCTN[ KP EQTP CPF UQTIJWOÔ 7Ô5Ô GZRQTVUÒ YJKEJ OQXGEJKGHN[ VJTQWIJ )WNH RQTVUÒ YQWNF GPLQ[ NQYGT EQUVU QH UJKRRKPI VQ %WDC VJCP CP[ QVJGTUWRRNKGTÒ UWEJ CU #TIGPVKPC QT %CPCFC‚ CPF VJG 7PKVGF 5VCVGU KU JKIJN[ EQORGVKVKXGDCUGF QP RTKEGÔÈÊ 6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QH HGGFITCKP VQ %WDCYQWNF VQVCN ˘‰ OKNNKQP VQ ˘ÏÌ OKNNKQP CPPWCNN[ KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QPÏ‰‰Á"‰Â CXGTCIG VTCFG FCVCÒ TGRTGUGPVKPI ‰Ì VQ ÏÌÌ RGTEGPV QH %WDCP HGGFITCKPKORQTVUÒ YJKEJ CTG EWTTGPVN[ CDQWV ÏÏÌÒÌÌÌ OGVTKE VQPU CPPWCNN[ÔÈÂ

75&# KPFKECVGF VQ VJG %QOOKUUKQP VJCV VJG 7PKVGF 5VCVGU EQWNF UWRRN[ WR VQ ËÌÌÒÌÌÌOGVTKE VQPU QH HGGFITCKP ıTQWIJN[ ˘ÈÌ OKNNKQPÒ TGRTGUGPVKPI NGUU VJCP Ï RGTEGPV QH VQVCN7Ô5Ô HGGFITCKP GZRQTVUÙ CPPWCNN[ VQ %WDC KP VJG CDUGPEG QH UCPEVKQPUÒ sCNVJQWIJEWTTGPVN[ %WDC HGGFITCKP KORQTVU CTG NQYÔtÈ‰ 6JG #OGTKECP (CTO $WTGCW (GFGTCVKQPKPFKECVGF VJCV KVU +QYC (CTO $WTGCW CHHKNKCVG GZRGEVU 7Ô5Ô CPPWCN GZRQTVU QH EQTP VQ%WDC VQ GZEGGF ˘ÂÌ OKNNKQP CNOQUV KOOGFKCVGN[ CHVGT UCPEVKQPU CTG GPFGFÔËÌ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ %WDC FKF PQV JCXG C FGXGNQRGF NKXGUVQEM UGEVQTWUKPI RTGRCTGF HGGFÒ CPF VJGTGHQTG KORQTVGF QPN[ PGINKIKDNG COQWPVU QH HGGFITCKPÔ6JWU VJG KPKVKCN KORCEV QH 7Ô5Ô UCPEVKQPU QP VJG %WDCP KPFWUVT[ YCU OKPKOCNÔ $WV FWTKPI

ÈÁ +P VJG Ï‰ËÌUÒ %WDC KORQTVGF RTQEGUUGF CPF RTGRCTGF OGCV ıRQTM CPF RQWNVT[Ù HTQO VJG 7PKVGF5VCVGU TCVJGT VJCP ITCKP QT HGGF KPITGFKGPVU VQ DG HGF VQ RQWNVT[ CPF JQIU FQOGUVKECNN[Ô

ÈÊ %QOOKUUKQP UVCHH GUVKOCVG 7Ô5Ô EQTP GZRQTVU YQWNF RTQDCDN[ JCXG CP QEGCP HTGKIJV CFXCPVCIGQXGT #TIGPVKPG EQTP QH ˘ÏÌ VQ ˘ÏË RGTOGVTKE VQPÔ #UUWOKPI C TCVG QH ˘ÎÌ RGTOGVTKE VQP HTQO $WGPQU#KTGUVQ *CXCPC EQORCTGF YKVJ ˘Ë VQ ˘ÏÌ RGT OGVTKE VQP HTQO 0GY 1TNGCPU VQ *CXCPCÔ 6JG Ï‰‰‰"ÎÌÌÌETQR"[GCT GZRQTV RTKEG HQT 7Ô5Ô EQTP YCU ˘‰Ï C OGVTKE VQP ı0QÔ ÎÒ [GNNQYÒ )WNH RQTVUÔ 75&#Ò '45Ò (GGF1WVNQQMÒ ,WN[ ÏÈÒ ÎÌÌÌÒ 5GRVÔ"/C[ ÎÌÌÌÒ RTQLGEVGF ETQR [GCT CXGTCIGÙÒ KORN[KPI CP CFXCPVCIG HQT 7Ô5ÔEQTP QXGT EQORGVKVQTUr RTKEGU QH HTQO ÏÏ VQ ÏÁ RGTEGPV QH VJG 7Ô5Ô HÔQÔDÔ RTKEGÔ

ÈÂ 6JKU CUUWOGU C 7Ô5Ô UJCTG QH ‰Ì VQ ÏÌÌ RGTEGPV QH ÏÏÌÒÌÌÌ OGVTKE VQPU QH %WDCP EQTP KORQTVUÒXCNWGF CV VJG EWTTGPV RTKEG QH ˘‰Ì RGT OGVTKE VQPÔ

È‰ 6KOQVJ[ ,Ô )CNXKPÒ #FOKPKUVTCVQTÒ 75&#Ò (#5Ò YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ 5GRVÔ ÎÂÒÎÌÌÌÔ

ËÌ 4KEJCTF 0GYRJGTÒ 'ZGEWVKXG &KTGEVQTÒ 9CUJKPIVQP 1HHKEGÒ #OGTKECP (CTO $WTGCW (GFGTCVKQPÒYTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ TGEGKXGF 1EVÔ ÈÒ ÎÌÌÌÔ

Ë"ÏÍ

VJG Ï‰ÁÌU VQ Ï‰ÂÌU %WDCP JQI CPF RQWNVT[ RTQFWEVKQP GZRCPFGFÒËÏ CPF HGGFITCKPEQPUWORVKQP TGCEJGF ÁÌÌÒÌÌÌ OGVTKE VQPU CPPWCNN[ FWTKPI Ï‰ÂË"Â‰ÔËÎ &WTKPI VJGÏ‰ÁÌU VQ Ï‰ÂÌUÒ OQUV %WDCP KORQTVU QH EQTP CPF HGGFITCKP ıKPENWFKPI HGGF"ITCFGYJGCVÙ YGTG UWRRNKGF D[ 5QXKGV DNQE EQWPVTKGUÔ

9KVJ VJG GPFKPI QH %WDCrU CEEGUU VQ EJGCR 5QXKGV HGGFITCKP KP VJG GCTN[ Ï‰‰ÌUÒ VJGNKXGUVQEM UGEVQT EQPVTCEVGF CPFCXGTCIGCPPWCN HGGFITCKP EQPUWORVKQP HGNN VQ Ï‰ÁÒÌÌÌOGVTKE VQPU FWTKPI ETQR [GCTU Ï‰‰Ë"‰Á VQ Ï‰‰Â"‰‰Ô %WDC VWTPGF VQ #TIGPVKPCÒ%CPCFCÒ CPF VJG '7 HQT HGGFITCKPÔ 6JGUG UWRRNKGTU CTG EQORGVKVKXG HGGFITCKPGZRQTVGTU YKVJ VJG 7PKVGF 5VCVGU‚ %CPCFC UWRRNKGU %WDC RTKOCTKN[ YKVJ EQTP CPF HGGFYJGCV YJKNG #TIGPVKPC UWRRNKGU RTKOCTKN[ EQTPÔ 5KPEG VJG Ï‰‰ÌUÒ VJGUG GZRQTVGTUGOGTIGF CU %WDCrU RTKOCT[ UWRRNKGTU QH HGGFITCKPUÒ OQUVN[ EQTPÔ

6JG EWTTGPV GHHGEV QH VJG UCPEVKQPU KU VQ KPETGCUG VJG FGNKXGTGF EQUV QH HGGFITCKP VQ%WDCÒDGECWUG 7Ô5Ô HGGFITCKP YCU WPCXCKNCDNGÔ %QPUGSWGPVN[Ò %WDC RTQDCDN[ YQWNF KORQTVHGGFITCKPÒ RCTVKEWNCTN[ EQTPÒ HTQO VJG 7PKVGF 5VVGU TCVJGT VJCP HTQO UQOG OQTG FKUVCPVUWRRNKGTUÔ 6JG %QOOKUUKQP GUVKOCVGU VJCV VJG 7PKVGF 5VCVGU EQWNF UWRRN[ OQTG VJCP ‰ÌRGTEGPV QH %WDCP HGGFITCKP KORQTVU KP VJG CDUGPEG QH UCPEVKQPUÒ GUVKOCVGF VQ VQVCN ˘‰OKNNKQP VQ ˘ÏÌ OKNNKQP CPPWCNN[Ô 6JG CXCKNCDKNKV[ QH HGGFITCKP KU NKMGN[ VQ GPEQWTCIGGZRCPUKQP QH RQWNVT[ CPF JQIU UQ VJCV VQVCN %WDCP EQPUWORVKQP QH HGGFITCKP YQWNFTKUG GXGP HWTVJGT QXGT VKOGÔ

####PPPPKKKKOOOOCCCCNNNN ((((GGGGGGGGFFFF

6JG 7Ô5Ô CPKOCN HGGF KPFWUVT[ KU VJG YQTNFrU NCTIGUVÒ YKVJ RTQFWEVKQP QH CPKOCN HGGFKPITGFKGPVU CPF HKPKUJGF HGGF RTQFWEVUËÍ GUVKOCVGF CV CNOQUV ˘ÍÂ DKNNKQP KP Ï‰‰‰Ô 6JGKPFWUVT[ JCU UGXGTCN CFXCPVCIGU„ PCOGN[Ò HCXQTCDNG CEEGUU VQ TCY OCVGTKCNUÒRCTVKEWNCTN[ EQTPÒ UQ[DGCPUÒ CPF HQQF D[RTQFWEVU‚ CPF JKIJ NGXGNU QH VGEJPQNQI[ VJCVRTQFWEG JKIJ"SWCNKV[ RTQFWEVU CV NQY EQUV Ô /QUV CPKOCN HGGF RTQFWEVKQP UGTXKEGU VJGFQOGUVKE OCTMGVÔ *QYGXGTÒ UKIPKHKECPV COQWPVU QH CPKOCN HGGF KPITGFKGPVUÒ UWEJ CUUQ[DGCP OGCN CPF EQTP INWVGPÒ CPF HGGF RTQFWEVUÒ UWEJ CU RGV HQQFÒ CTG GZRQTVGFÔ +PÏ‰‰ÊÒ TQWIJN[ QPG"SWCTVGT QH 7Ô5Ô UQ[DGCP OGCN RTQFWEVKQP CPF QXGT ÁÌ RGTEGPV QHEQTP INWVGP YGTG GZRQTVGFÔËÈ +ORQTVU EQORTKUG C XGT[ UOCNN UJCTG ıÎ RGTEGPVÙ QH 7Ô5ÔEQPUWORVKQPÔ /QUV 7Ô5Ô GZRQTVU QH CPKOCN HGGF EQPUKUV QH HGGF KPITGFKGPVUÒ UWEJ CUUQ[DGCP OGCN CPF EQTP INWVGPÒ TCVJGT VJCP HKPKUJGF HGGF RTQFWEVUÔ

ËÏ (QT GZCORNGÒ JQI RTQFWEVKQP KP %WDC TQUG HTQO ÍÈÍÒÌÌÌ JGCF KP Ï‰ÁÊ VQ ÏÔÍ OKNNKQP JGCF KPÏ‰Â‰Ô %JCTNGU *QWUGÒ s#IKPI (GGF2NCPV/KZGU +ORQTVU HQT %WDCP*QI5GEVQTÒt (GGFUVWHHUÒ/C[ ÏËÒ Ï‰‰ËÒRÔ ÍÔ

ËÎ %CTOGP &Ô &GGTGÒ 5QEKCNKUO QP1PG +UNCPF„ %WDCrU0CVKQPCN (QQF 2TQITCO CPF KVU 2TQURGEVU HQT(QQF 5GEWTKV[Ò 9QTMKPI 2CRGT 0QÔ ÏÎÈÒ +PUVKVWVG QH 5QEKCN 5VWFKGUÒ VJG *CIWGÒ ,WPG Ï‰‰ÎÔ

ËÍ (GGF KPITGFKGPVU KPENWFG XGIGVCDNGÒ OGCVÒ CPF HKUJ OGCNU‚ ITCKP CPF XGIGVCDNG D[RTQFWEVU‚UWRRNGOGPVU‚ RTGOKZGU‚ CPF XKVCOKPUÔ (KPKUJGF HGGF RTQFWEVU KPENWFG EQORNGVG HGGFU CPF RGV HQQFUÔ

ËÈ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ +PFWUVT[ ˜ 6TCFG 5WOOCT[„ #PKOCN (GGFUÒ 75+6%2WDNKECVKQP ÍÎÊËÒ ,CPÔ ÎÌÌÌÔ

Ë"ÏÈ

6JG %WDCP HGGF KPFWUVT[ KU EJCTCEVGTK\GF D[ CIKPIÒ KPGHHKEKGPV HGGF OKNNU CPF FGENKPKPIRTQFWEVKQPÔ #PKOCN HGGF RTQFWEVKQP ıEQPUKUVKPI QH OKZGF HGGFU OCPWHCEVWTGF HTQOKORQTVGF HGGF KPITGFKGPVU UWEJ CU EQTPÒ YJGCVÒ CPF UQ[DGCP OGCNÙ KP %WDC VQVCNGFCNOQUV ÁÌÌÒÌÌÌ OGVTKE VQPU KP Ï‰‰ÂÒ FQYP UKIPKHKECPVN[ HTQO VJG ÊÎÏÒÌÌÌ OGVTKE VQPURTQFWEGF KP Ï‰‰ËÔ &WTKPI Ï‰‰Ë"‰‰Ò CNOQUV C VJKTF QH %WDCP CPKOCN HGGF EQPUWORVKQPYCU KORQTVGFÒ UWRRNKGF OQUVN[ D[ #TIGPVKPCÔËË 6JG XCNWG QH CPKOCN HGGF KORQTVUCXGTCIG ˘ËÂ OKNNKQP CPPWCNN[ FWTKPI Ï‰‰Á"‰ÂÒ OQUV QH YJKEJ ıÂË RGTEGPVÙ YCUUQ[DGCP OGCNÔ 6JG %WDCP KPFWUVT[ KU WPFGTIQKPI TCFKECN EQPUQNKFCVKQP VQ DQQUVNKXGUVQEM RTQFWEVKQPÔ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô CPKOCN HGGF KPFWUVT[ JCU DGGP UOCNNÒVJQWIJ PQV PGINKIKDNGÒ IKXGP VJCV %WDC YCU C NGCFKPI OCTMGV HQT EGTVCKP 7Ô5Ô HGGFGZRQTVUÔ 2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ VJG 7PKVGF 5VCVGU UWRRNKGF %WDC YKVJ UOCNNCOQWPVU QH CPKOCN HGGF KPITGFKGPVU CPF RTQFWEVUÔ 6JG OCKP CPKOCN HGGF KPITGFKGPVUWRRNKGF VQ %WDC YCU UQ[DGCP OGCNÔ +P Ï‰ËÂÒ HQT KPUVCPEGÒ %WDCP KORQTVU HTQO VJG7PKVGF 5VCVGU YGTG XCNWGF CV LWUV WPFGT ˘Í OKNNKQP ıÈÌÒÌÌÌ UJQTV VQPUÙÒ TGRTGUGPVKPICDQWV ÏÎ RGTEGPV QH VQVCN 7Ô5Ô GZRQTVU QH UQ[DGCPOGCNÔ 5NKIJVN[ QXGT ˘Ï OKNNKQP ıÏËÒÌÌÌUJQTV VQPUÙ QH OKZGF RQWNVT[ HGGFU YGTG GZRQTVGF VQ %WDC KP Ï‰ËÊÒ TGRTGUGPVKPI CDQWVÏË RGTEGPV QH VQVCN 7Ô5Ô GZRQTVU QHOKZGF RQWNVT[ HGGFÔ1VJGT HGGF GZRQTVU VQ %WDCYGTGPGINKIKDNGÔ 5KPEG VJG KORQUKVKQP QH UCPEVKQPUÒ VJG 7PKVGF 5VCVGU HQWPF QVJGT OCTMGVU HQTCPKOCN HGGFÒ RCTVKEWNCTN[ ,CRCPÒ %CPCFCÒ CPF VJG '7Ô

6JG EWTTGPV KORCEV QH UCPEVKQPU KU VQ FGP[ 7Ô5Ô GZRQTVGTU CEEGUU VQ C ITQYKPI %WDCPOCTMGV HQT CPKOCN HGGF KPITGFKGPVU ıRCTVKEWNCTN[ XGIGVCDNG OGCNU CPF QKNUGGF OGCNUÙVJCV TGUWNVGF HTQO VJG UKIPKHKECPV GZRCPUKQP KP VJG %WDCP JQI UGEVQTÔËÁ $CUGF QP 7Ô5ÔOCTMGV UJCTG KP QVJGT %CTKDDGCP OCTMGVU HQT UQ[DGCP OGCN ıTQWIJN[ ÂÌ VQ ‰ÌRGTEGPVÙÒ VJG QKNUGGF KPFWUVT[ GUVKOCVGU HQTGIQPG7Ô5Ô UQ[DGCPOGCN GZRQTVU CU C TGUWNVQH 7Ô5Ô UCPEVKQPU HQT Ï‰‰Ê"‰Â CV ˘ÈÏ OKNNKQP VQ ˘ÈÁ OKNNKQPÔËÊ +V CNUQ RTQLGEVU VJCV VJGEWOWNCVKXG OCTMGV XCNWG HQT sNQUV 7Ô5Ô UQ[DGCP OGCN GZRQTVUt KH UCPEVKQPU TGOCKP VQÎÌÌË"ÌÁ CV DGVYGGP ˘ÁÊÎ OKNNKQP CPF ˘ÊÁÍ OKNNKQPÔËÂ

+P VJG CDUGPEG QH UCPEVKQPUÒ VJG 7Ô5Ô CPKOCN HGGF KPFWUVT[ YQWNF UVCPF VQ DQQUV KVUGZRQTVU QH CPKOCN HGGF KPITGFKGPVU VQ %WDCÔ 'ZRQTVU QH UQ[ RTQFWEVUÒ KPENWFKPIUQ[DGCP OGCNÒ YQWNF DG RCTVKEWNCTN[ DGPGHKEKCNN[ CHHGEVGFÔ 6JG %QOOKUUKQP GUVKOCVGU

ËË (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP CPKOCN HGGF UGEVQTU ECP DG HQWPF KP #RRGPFKZ )ÒVCDNGU )"ÏËC VJTQWIJ )"ÏËFÔ

ËÁ $GVYGGP Ï‰ÁÏ CPF Ï‰Â‰Ò HQT KPUVCPEGÒ VQVCN %WDCP KORQTVU QH XGIGVCDNG OGCNU TQUG HTQO CDQWVÍÎÒÌÌÌ VQ ÍÁÌÒÌÌÌ OGVTKE VQPUÔ &CVC EQORKNGF HTQO 75&#Ò (#5Ò (QTGKIP #ITKEWNVWTCN 5VCVKUVKEU QH VJG7PKVGF 5VCVGUÒ XCTKQWU KUUWGUÒ Ï‰ËÂÔ

ËÊ +PFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ 75+6% UWTXG[Ò ,WPG Î‰Ò ÎÌÌÌÔËÂ +DKFÔ

Ë"ÏË

VJCV 7Ô5Ô GZRQTVU QH UQ[DGCP OGCN VQ %WDC KP VJG CDUGPEG QH UCPEVKQPU YQWNF DG ˘ÈÎOKNNKQP VQ ˘ÈÂ OKNNKQPÒ DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ QT ÂÌ VQ ‰Ì RGTEGPV QH%WDCP KORQTVU ıGSWKXCNGPV VQ CDQWV Í RGTEGPV QH VQVCN 7Ô5Ô GZRQTVU QH UQ[DGCP OGCNÙÔ)KXGP VJG RTQZKOKV[ VQ %WDCÒ KV KU NKMGN[ VJCV VJG 7PKVGF 5VCVGU YQWNF QXGTVCMG#TIGPVKPCCU VJG NGCFKPI UWRRNKGT QH UQ[DGCP OGCN VQ %WDCÔ 6JG 7Ô5Ô QKNUGGF KPFWUVT[ GUVKOCVGUVJCV ÏÒÎÌÌ VQ ÏÒÈÌÌ LQDU YQWNF DG ETGCVGF CPF RTKEGU QH UQ[DGCPOGCN YQWNF KPETGCUGD[ ˘ÏÔÊÌ RGT OGVTKE VQP KP VJG CDUGPEG QH UCPEVKQPUÔË‰ +V KU OQTG NKMGN[ VJCV VJG 7Ô5ÔUQ[DGCP OGCN KPFWUVT[ YQWNF TGN[ QP GZRQTVU TCVJGT VJCP KPXGUVOGPV YKVJKP %WDCÒ CVNGCUV KP VJG UJQTV VGTOÔÁÌ

1VJGT 7Ô5Ô HGGF UGEVQTU YQWNF CNUQ DGPGHKV KP VJG CDUGPEG QH UCPEVKQPUÔ $CUGF QPPWOGTQWU KPFWUVT[ UWDOKUUKQPUÒ VJG OGCV CPF DQPGOGCN KPFWUVT[Ò YJKEJ KU EWTTGPVN[FGCNKPI YKVJ UNWIIKUJ FGOCPF CPF NQY RTKEGUÒ YQWNF DGPGHKVÁÏ CU YQWNF KPITGFKGPVUUWEJ CU FKUVKNNGTU FTKGF ITCKPU ıHQT FCKT[ ECVVNGÙÒ EQVVQPUGGF OGCNÒ HKUJ OGCNÒ CPFUWRRNGOGPVUÔÁÎ +PFWUVT[ CNUQ GZRTGUUGF KPVGTGUV KP GZRNQTKPI VJG %WDCP OCTMGV HQTUWRRNGOGPVUÒ RTGOKZGUÒ EJGOKECNUÒ OGCV CPF DQPGOGCNÒ CPF XKVCOKPU HQT NKXGUVQEMÔ/QUV QH VJG EQORCPKGU EQPVCEVGF PQVG VJCV VJG XQNWOGU QH GZRQTVU QH VJGUG RTQFWEVUYQWNF DG UOCNNÒ XCNWGF CV CDQWV ˘ÏÌÌÒÌÌÌÒ VJQWIJ C HGY EQORCPKGU UWIIGUVGF GZRQTVUCNGU VQ %WDC QH WR VQ ˘Í OKNNKQPÔ +PHQTOCVKQP EQNNGEVGF HTQO KPFWUVT[ UWDOKUUKQPUUWIIGUVU VJCV VJG KORCEV QP VJG 7Ô5Ô UGEVQT YQWNF DG UOCNNÒ YKVJ CP[ OCTMGV KORCEVUVCMKPI DGVYGGP Á OQPVJU CPF UGXGTCN [GCTU VQ VCMG GHHGEVÔ

(QT QVJGT HGGF KPITGFKGPVUÒ GUVKOCVGU QH VJG EWTTGPV KORCEV QH UCPEVKQPU FGRGPFU QP VJGV[RG QH KPITGFKGPVÔ 6JG 7PKVGF 5VCVGU YQWNF RTQDCDN[ JCXG C OCLQT UJCTG ıÂÌ VQ ‰ÌRGTEGPVÙ QH VJG EQVVQPUGGF OGCN OCTMGV CPF VJG OGCV CPF DQPGOGCN OCTMGVÒ HQTKPUVCPEGÔ +P HKUJ OGCNÒ KV KU NKMGN[ VJCV %JKNG YQWNF OCKPVCKP OWEJ QH KVU %WDCP OCTMGVUJCTGÒ IKXGP VJCV KV KU C OCLQT YQTNF GZRQTVGTÒ VJQWIJ VJG 7PKVGF 5VCVGU YQWNF JCXG COCLQT CFXCPVCIG KP VTCPURQTV EQUVU QXGT %JKNGÔ +P QVJGT RTQFWEVUÒ RCTVKEWNCTN[UWRRNGOGPVU CPF URGEKCNV[ HGGFU YJGTG SWCNKV[ CPF UGTXKEG CTG OWEJ OQTG KORQTVCPVHCEVQTU VJCP RTKEGÒ KV YQWNF VCMG VKOG HQT VJG 7PKVGF 5VCVGU VQ DWKNF OCTMGV UJCTG CPF HQTVJG %WDCP NKXGUVQEM UGEVQT VQOQFGTPK\G VQ VJG GZVGPV VJCV FGOCPF HQT UWRRNGOGPVU CPFQVJGT URGEKCNV[ HGGFU YQWNF KPETGCUGÔ )KXGP VJGUG HCEVQTUÒ VJG %QOOKUUKQP GUVKOCVGUVJCV 7Ô5Ô GZRQTVU QH QVJGT HGGF KPITGFKGPVU VQ %WDC YQWNF VQVCN ˘ÎÔÁ OKNNKQP VQ ˘ËÔÎOKNNKQP KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ QT ÍÌ VQ ÁÌRGTEGPV QH %WDCP KORQTVUÔ +V KU NKMGN[ VJCV VJG 7PKVGF 5VCVGU YQWNF GXGPVWCNN[ DG VJGOCLQT GZRQTVGT QH VJGUG HGGF KPITGFKGPVU QYKPI VQ RTKEG CPF HTGKIJV CFXCPVCIGUTGNCVKXG VQ CNVGTPCVKXG UWRRNKGTUÔ

Ë‰ $CUGF QP VJG GZRQTV XCNWG QH UQ[DGCP OGCN KP Ï‰‰Ê"‰ÂÔ +PFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ75+6% UWTXG[Ò ,WPG Î‰Ò ÎÌÌÌÔ

ÁÌ +PFWUVT[ TGRTGUGPVCVKXGUÒ TGURQPUGU VQ 75+6% UWTXG[Ò XCTKQWU FCVGUÔÁÏ +PFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ 75+6% UWTXG[Ò ,WN[ ÎÏÒ ÎÌÌÌÔÁÎ %JCTNGU *QWUGÒ s# IQQF HKTUV UVGR HQT %WDC„ JKIJ"SWCNKV[ FKUVKNNGTU ITCKPUÒt (GGFUVWHHUÒ /C[ ÏËÒ

Ï‰‰ËÒ RÔ ÍÔ

Ë"ÏÁ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP %WDC YCU VQ FKXGTV KORQTVU CYC[ HTQO VJG 7PKVGF5VCVGU CPF VQYCTF CNVGTPCVKXG UWRRNKGTUÔ +P RCTVKEWNCTÒ VJG 5QXKGV 7PKQP CPF #TIGPVKPCUWRRNKGF %WDC YKVJ KORQTVU QH XGIGVCDNG OGCNUÒ YKVJ #TIGPVKPC EWTTGPVN[ VJG OCLQTUWRRNKGT QH UQ[DGCP OGCNÔ 6JG SWCPVKV[ QH %WDCP HGGF ITCKPUÒ XGIGVCDNG OGCNUÒUWRRNGOGPVUÒ CPF RTGOKZGU VJCV EQWNF DG EQODKPGF KP %WDCP HGGF OKNNU YQWNF OQUVNKMGN[ KORTQXG KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÒ VJTQWIJ ITGCVGT 7Ô5Ô GZRQTVU QH VJGUGRTQFWEVUÔ 6JG %QOOKUUKQP GUVKOCVGU VJCV %WDC EQWNF KORQTV DGVYGGP ˘Í‰ OKNNKQP CPF˘ÈÈOKNNKQP QH CPKOCN HGGF KP VJG CDUGPEG QH UCPEVKQPUÒ TGRNCEKPI #TIGPVKPC CU %WDCrUNGCFKPI UWRRNKGT QH VJG RTQFWEVÔ +V KU CNUQ RQUUKDNG VJCV CP KPETGCUG KP VJG COQWPV QHKORQTVGF EQORNGVG HGGFU HTQO VJG 7PKVGF 5VCVGU EQWNF EQORGVG YKVJ %WDCP HGGFRTQFWEVKQPÒ CNVJQWIJ HGGF KPITGFKGPVU OKZGF KP %WDC OKIJV EQORGVG DGVVGT QP RTKEGVJCP 7Ô5Ô"QTKIKP EQORNGVG HGGFUÔ

((((CCCCVVVVUUUU CCCCPPPPFFFF 1111KKKKNNNNUUUUÁÁÁÁÍÍÍÍ

7Ô5Ô HCVU CPF QKNU RTQFWEVKQP CXGTCIGF ˘ÂÔË DKNNKQP CPPWCNN[ FWTKPI Ï‰‰Á"‰‰Ô 6JG7Ô5ÔHCVU CPF QKNU UGEVQT JCU DGGP JKUVQTKECNN[ GZRQTV FGRGPFGPVÒ YKVJ VJG GZRQTV UJCTG QH7Ô5Ô RTQFWEVKQP DGVYGGP ÎÎ CPF ÍÎ RGTEGPV FWTKPI Ï‰‰Ë"‰‰Ô (QT VJG CPKOCN HCVUKPFWUVT[Ò HQTGKIPOCTMGVU CTG GXGPOQTG KORQTVCPV VJCP HQT XGIGVCDNG QKNUÔ 7Ô5Ô GZRQTVUQH HCVU CPF QKNUÒ EJKGHN[ UQ[DGCP QKN CPF CPKOCN VCNNQY CPF ITGCUGUÒ COQWPVGF VQ ˘ÎÔÎDKNNKQP CPPWCNN[ KP VJKU RGTKQFÒ YKVJ /GZKEQÒ %CPCFCÒ CPF -QTGC VJG VJTGG NGCFKPIOCTMGVUÔ 6JG 7PKVGF 5VCVGU KU VJG YQTNFrU HQWTVJ NGCFKPI GZRQTVGT QH HCVU CPF QKNU‚ EJKGHEQORGVKVKXG GZRQTVGTU CTG #TIGPVKPCÒ VJG '7Ò $TC\KNÒ /CNC[UKCÒ CPF +PFQPGUKCÔ 7Ô5ÔKORQTVU QH HCVU CPF QKNU COQWPVGF VQ ˘ÏÔÈ DKNNKQP FWTKPI VJG RCUV Ë [GCTUÒ OQUV HTQO%CPCFCÒ VJG '7Ò CPF /CNC[UKCÔ

%WDCÒ NKMG OCP[ QVJGT VTQRKECN EQWPVTKGUÒ RTQFWEGU C UKIPKHKECPV RTQRQTVKQP QH KVU HCVUCPF QKNU EQPUWORVKQPÒ DWV TGOCKPU JKIJN[ FGRGPFGPV QP KORQTVUÔ &WTKPI ETQR [GCTUÏ‰‰Ë"‰Á VQ Ï‰‰‰"ÎÌÌÌÒ%WDCP HCVU CPF QKNU RTQFWEVKQP ıOQUV QH YJKEJ EQPUKUVU QH NCTFÒVCNNQYÒ CPF RQWNVT[ HCV HTQO NKXGUVQEM RTQEGUUKPIÙ TGOCKPGF HNCV CV ÏÌÌÒÌÌÌ OGVTKE VQPUCPPWCNN[Ô %WDCP HCVU CPF QKNU KORQTVU CXGTCIGF UNKIJVN[ CDQXG ÏÌÌÒÌÌÌ OGVTKE VQPUCPPWCNN[ FWTKPI VJG RGTKQFÒ RGCMKPI CV CDQWV ÏÎÊÒÌÌÌOGVTKE VQPU KP Ï‰‰Ê"‰ÂÔ 6JGTG KUNKVVNG RTQEGUUKPI QT ETWUJKPI QH QKNUGGFU KPVQ XGIGVCDNG QKN CPF QKNUGGF OGCN KP %WDCÔÁÈ

%WDC TGHKPGU QT TGRCEMCIGU KORQTVGF HCVU CPF QKNU HQT EQPUWOGT WUG GKVJGT CU EQQMKPIQKNU QT HT[KPI HCV ıUJQTVGPKPIÙ RTQFWEVUÔ %WDCP HCVU CPF QKNU RTQFWEVKQP RGCMGF KP VJGÏ‰ÂÌU CU C TGUWNV QH VJG JKIJ NGXGNU QH RQTM CPF RQWNVT[ RTQFWEVKQPÒ CPF VJGP HGNN CUNKXGUVQEM QWVRWV FTQRRGFÔ %WDCPU CTGOQFGTCVG EQPUWOGTU QH HCVU CPF QKNUÒ JCXKPI RGT

ÁÍ #PKOCN HCVU EQPUKUV OCKPN[ QH DGGH HCV ıVCNNQYÙ CPF RQTM HCV ıNCTFÙÔ 8GIGVCDNG QKNU EQPUKUV OCKPN[ QHUQ[DGCP QKNÒ UWPHNQYGT QKNÒ CPF EQVVQPUGGF QKNÔ

ÁÈ1KN9QTNF KPFKECVGU VJCV %WDC FQGU PQV ETWUJ CP[ QKNUGGFUÒ CNVJQWIJ %WDCP UVCVKUVKEU KPFKECVG VJCVUQOG UQ[DGCPU CTG KORQTVGFÔ

Ë"ÏÊ

ECRKVC EQPUWORVKQP QH CDQWV ÏÊ MKNQU CPPWCNN[Ô (CVU CPF QKNU EQPUWORVKQP KP %WDC KUJGCXKN[ UWDUKFK\GF CPF TCVKQPGFÒ TGRQTVGFN[ CDQWV ËË ITCOU RGT OQPVJ CV C RTKEG QHÌÔÏË RGUQU ıCDQWV 7Ô5Ô Á EGPVUÙ RGT RQWPF KP ,WN[ ÎÌÌÌÔ ÁËÒ ÁÁ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU2TKQT VQ VJG UCPEVKQPUÒ VJG 7PKVGF 5VCVGU UWRRNKGF OQUV %WDCP KORQTVU QH HCVU CPF QKNUÔ&WTKPI Ï‰ËË"ËÂÒ CPPWCN 7Ô5Ô HCVU CPF QKNU GZRQTVU VQ %WDC CXGTCIGF CDQWV ÏÌÌÒÌÌÌOGVTKE VQPU ıOCKPN[ CPKOCN HCVÙÒ TGRTGUGPVKPI CDQWV Ê RGTEGPV QH VQVCN 7Ô5Ô HCVU CPF QKNUGZRQTVUÔ %WDC RWTEJCUGF CDQWV QPG"VJKTF QH VQVCN 7Ô5Ô NCTF GZRQTVU KP VJCV RGTKQFÔ 6JWUVJG JKUVQTKECN KORCEV QH UCPEVKQPU YCU UKIPKHKECPV KPKVKCNN[ HQT VJG 7Ô5Ô HCVU CPF QKNUKPFWUVT[Ò RCTVKEWNCTN[ HQT VJG CPKOCN HCVU KPFWUVT[Ô *QYGXGTÒ QXGT VKOG 7Ô5Ô GZRQTVGTUYGTG CDNG VQ HKPF CNVGTPCVKXG OCTMGVUÔ

+P VJG CDUGPEG QH UCPEVKQPUÒ VJG 7Ô5Ô HCVU CPF QKNU KPFWUVT[ UVCPFU VQ GZRQTV NCTFÒ VCNNQYÒCPF XGIGVCDNG QKN VQ %WDCÒ VCMKPI C UWDUVCPVKCN UJCTG QH %WDCP KORQTVU CYC[ HTQOEQORGVKPI EQWPVTKGUÔ %WTTGPVN[ #TIGPVKPC CPF $TC\KN CTG VJG VYQ NGCFKPI GZRQTVGTU QHUQ[DGCP QKN CPF CTG XGT[ RTKEG EQORGVKVKXG YKVJ 7Ô5Ô UQ[DGCP QKNÔ *QYGXGTÒ VJG 7PKVGF5VCVGU KU VJG NGCFKPI GZRQTVGT QH CPKOCN HCVUÒ C NQYGT"RTKEGF RTQFWEV VJCP UQ[DGCPQKNÔÁÊ 6JG 7Ô5Ô HCVU CPF QKNU KPFWUVT[ GZRQTVU OCKPN[ VJTQWIJ VJG )WNH RQTVUÒ JCUEWTTGPVN[ NCTIG UVQEMU CXCKNCDNGÒ CPF YQWNF GPLQ[ NQY EQUVU QH UJKRRKPI VQ %WDCÔ (QTKPUVCPEGÒ 7Ô5Ô RTQFWEV UJKRRGF HTQO 0GY 1TNGCPU YQWNF RTQDCDN[ DGPGHKV HTQO CPQEGCP HTGKIJV CFXCPVCIG QXGT #TIGPVKPG QT $TC\KNKCP UQ[DGCP QKNU HTQO ˘ÏÌ VQ ˘ÏË RGTOGVTKE VQPÒÁÂ YJKEJ YQWNF RTQDCDN[ GPEQWTCIG %WDC VQ UJKHV OQUVÒ KH PQV CNNÒ QH KVUUQ[DGCPQKN RWTEJCUGU VQ7Ô5Ô HCVU CPF QKNUÔ 6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô HCVU CPFQKNU GZRQTVU VQ %WDC YQWNF VQVCN ˘Î‰ OKNNKQP VQ ˘ÍÍ OKNNKQP CPPWCNN[ KP VJG CDUGPEG QHUCPEVKQPUÒ TGRTGUGPVKPI ÂÌ VQ ‰Ì RGTEGPV QH %WDCP HCVU CPF QKNU KORQTVUÒ YJKEJ PQYCXGTCIG CDQWV ÏÎÎÒÌÌÌ OGVTKE VQPU CPPWCNN[ÔÁ‰

#P KPFWUVT[ TGRTGUGPVCVKXG KPFKECVGF VJCV VJG %WDCP OCTMGV HQT UQ[DGCP QKN YCUÈÂÒÌÌÌ OGVTKE VQPU KP Ï‰‰Ê"‰ÂÒÊÌ CPF VJCVÒ DCUGF QP VJG ÂË VQ ‰Ë RGTEGPV 7Ô5Ô UJCTG

ÁË-CTGP &G;QWPIÒ s%WDC%NKODU 'EQPQOKE .CFFGTÒt 6JG9CUJKPIVQP 2QUVÒ ,WN[ ÎÈÒ ÎÌÌÌÒ RÔ#"ÎÌÔÁÁ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP HCVU CPF QKNU UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò

VCDNGU )"ÏÁC VJTQWIJ )"ÏÁFÔÁÊ (QT GZCORNGÒ KP ETQR [GCT Ï‰‰‰"ÌÌÒ VJG RTKEG HQT 7Ô5Ô UQ[DGCP QKN ıHÔQÔDÔ &GECVWTÙ YCU ˘ÍËÎ RGT

OGVTKE VQP‚ #TIGPVKPG UQ[DGCP QKN ıHÔQÔDÔ $WGPQU #KTGUÙ ˘ÍÈË RGT OGVTKE VQP‚ CPF 7Ô5Ô VCNNQY ıFGNKXGTGF%JKECIQÙ ˘ÍÌÎ RGTOGVTKE VQPÔ 2TQLGEVGF CXGTCIG RTKEGÒ 75&#Ò (#5Ò1KNUGGFU9QTNF/CTMGVU CPF 6TCFGÒ,WN[ ÎÌÌÌÔ 6JG VCNNQY RTKEG KU HQT 1EVÔ",WN[ Ï‰‰‰"ÌÌÒ HTQO FCVC QH VJG 75&#Ò '45Ò #WIÔ ÏÈÒ ÎÌÌÌÔ

ÁÂ 'UVKOCVGF TCVG QH ˘ÎÌ RGT OGVTKE VQP HTQO $WGPQU #KTGU VQ *CXCPC EQORCTGF YKVJ ˘Ë VQ ˘ÏÌ RGTOGVTKE VQP HTQO 0GY 1TNGCPU VQ *CXCPCÔ

Á‰ 6JKU CUUWOGU VJG 7PKVGF 5VCVGU IGVU C ÂÌ RGTEGPV VQ ‰Ì RGTEGPV UJCTG QH VJG ÏÎÎÒÌÌÌOGVTKE VQPU QH%WDCP KORQTVU QH HCVU CPF QKNU XCNWGF CV ˘ÍÌÌ RGT OGVTKE VQPÔ

ÊÌ +PFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ 75+6% UWTXG[Ò TGEGKXGF ,WPG Î‰Ò ÎÌÌÌÔ

Ë"ÏÂ

QH UQ[DGCP QKN GZRQTVU VQ QVJGT %CTKDDGCP EQWPVTKGUÒ 7Ô5Ô UQ[DGCP QKN GZRQTVU VQ %WDCYKVJQWV UCPEVKQPU YQWNF JCXG DGGP HTQO ˘ÎÍ OKNNKQP VQ ˘ÎÁ OKNNKQP KP VJCV [GCTÔ 6JG75&# TGRQTVGF VJCV %WDCP KORQTVU QH XGIGVCDNG QKNU JCXG CXGTCIGF KP GZEGUU QH ˘ËÌOKNNKQP CPPWCNN[ QXGT VJG RCUV Ë [GCTUÒ CPF VJCV VJG 7PKVGF 5VCVGU EQWNF UWRRN[ CU OWEJCU JCNH QH VJKU COQWPVÒ QT ˘ÎË OKNNKQP CPPWCNN[ÔÊÏ #PQVJGT KPFWUVT[ TGRTGUGPVCVKXGKPFKECVGF VJCV 7Ô5Ô GZRQTVU QH CPKOCN HCVUÒ VCNNQYÒ CPF QVJGT TGPFGTGF RTQFWEVU ıUWEJ CUOGCV CPF DQPGOGCN WUGF KP CPKOCN HGGFÙ EQWNF COQWPV VQ ˘Î OKNNKQP VQ ˘Í OKNNKQPCPPWCNN[ÔÊÎ 6JG #OGTKECP (CTO $WTGCW (GFGTCVKQP KPFKECVGF VJCV KVU +QYC (CTO$WTGCW CHHKNKCVG GUVKOCVGF VJCV 7Ô5Ô GZRQTVU QH UQ[DGCPU VQ %WDC YQWNF GZEGGF ˘ÊÌOKNNKQP CPPWCNN[ CNOQUV KOOGFKCVGN[ KP VJG CDUGPEG QH UCPEVKQPUÔÊÍ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG QXGTCNN JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG %WDC HCVU CPF QKN KPFWUVT[ YCU HCKTN[UKIPKHKECPVÔ #NVJQWIJ VJG 7PKVGF 5VCVGU YCU VJG OCLQT UWRRNKGT QH %WDCP HCVU CPF QKNKORQTVU KP VJG NCVG Ï‰ËÌUÒ QVJGT EQWPVTKGUÒ KP RCTVKEWNCT #TIGPVKPCÒ $TC\KNÒ CPF %JKPCÒGOGTIGF CU %WDCrU RTKOCT[ UWRRNKGTU HQNNQYKPI VJG KORQUKVKQP QH UCPEVKQPUÔ 6JGUGEQWPVTKGU JCXG UWRRNKGF OQUV QH %WDCP HCVU CPF QKNU KORQTVU UKPEG VJG GCTN[ Ï‰ÁÌUÔ +PVJG UJQTV TWPÒ VQVCN %WDCP HCVU CPF QKNU KORQTVU YQWNF TGOCKP WPEJCPIGF KP VJGCDUGPEG QH UCPEVKQPUÒ CNVJQWIJ VJG 7PKVGF 5VCVGU YQWNF RTQDCDN[ UWRRN[ VJG OCLQTKV[ıÂÌ VQ ‰Ì RGTEGPVÙ QH VJGUG KORQTVUÔ +P VJG NQPI TWPÒ NQYGT"RTKEGF 7Ô5Ô HCVU CPF QKNUYQWNF NKMGN[ KPETGCUG VQVCN EQPUWORVKQPÔ

&&&&TTTT[[[[ $$$$GGGGCCCCPPPPUUUUÊÊÊÊÈÈÈÈ

6JG 7PKVGF 5VCVGU KU VJG YQTNFrU HQWTVJ NGCFKPI GZRQTVGT QH FT[ DGCPUÒ DGJKPF %CPCFCÒ%JKPCÒ CPF #WUVTCNKCÔ 7Ô5Ô FT[Ò GFKDNG DGCP RTQFWEVKQP CXGTCIGF CDQWV ˘ÁÌÌ OKNNKQPCPPWCNN[ ıCV VJG HCTO NGXGNÙ FWTKPI Ï‰‰Ë"‰‰Ô 7Ô5Ô KORQTVU QH FT[ DGCPU COQWPVGF VQ˘ÏÂÍ OKNNKQP KP Ï‰‰‰Ò OQUV QH YJKEJ ECOG HTQO%CPCFC CPF +PFKCÔ 7Ô5Ô GZRQTVU QH FT[DGCPUÒ YJKEJ KPENWFG PCX[ DGCPUÒ RKPVQ DGCPUÒ DNCEM DGCPUÒ NGPVKNUÒ MKFPG[ DGCPUÒEJKEM RGCUÒ CPF FTKGF RGCUÒ COQWPVGF VQ ˘ÍÎÁOKNNKQP CPPWCNN[ KP VJKU RGTKQFÒ YKVJ VJG'7Ò /GZKEQÒ CPF %CPCFC VJG VJTGG NGCFKPI 7Ô5Ô OCTMGVUÔ 6JG 7Ô5Ô GFKDNG DGCP UGEVQTJCU JKUVQTKECNN[ DGGP XGT[ GZRQTV FGRGPFGPVÔ 6JG GZRQTV UJCTG QH 7Ô5Ô RTQFWEVKQP YCUDGVYGGP ÈÊ RGTEGPV CPF ÁÂ RGTEGPV CPPWCNN[ FWTKPI Ï‰‰Ë"‰‰Ô

%WDC RTQFWEGU C UOCNN HTCEVKQP QH KVU GFKDNG DGCP EQPUWORVKQP CPF TGOCKPU JKIJN[FGRGPFGPV QP KORQTVU HTQO %CPCFCÒ +PFKCÒ CPF /GZKEQÔ &WTKPI Ï‰‰Ë"‰‰Ò %WDCP

ÊÏ 6KOQVJ[ ,Ô )CNXKPÒ #FOKPKUVTCVQTÒ 75&#Ò (#5Ò YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ 5GRVÔ ÎÂÒÎÌÌÌÔ 6JG UWDOKUUKQP EQPVCKPGF PQ CUUWORVKQP WRQP YJKEJ VJKU GUVKOCVG YCU DCUGFÔ

ÊÎ +PFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ 75+6% UWTXG[Ò ,WN[ ÎÏÒ ÎÌÌÌÔÊÍ 4KEJCTF 0GYRJGTÒ 'ZGEWVKXG &KTGEVQTÒ 9CUJKPIVQP 1HHKEGÒ #OGTKECP (CTO $WTGCW (GFGTCVKQPÒ

YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ TGEGKXGF 1EVÔ ÈÒ ÎÌÌÌÔÊÈ &T[ DGCPUÒ CNUQ VGTOGF sRWNUGUt QT sNGIWOGUÒt KPENWFG CNN FT[ GFKDNG DGCPUÒ RGCUÒ CPF NGPVKNU

ıUQ[DGCPU GZENWFGFÙÔ

Ë"Ï‰

DGCP RTQFWEVKQP TQUG HTQO ÏÏÒÌÌÌ OGVTKE VQPU ıÏ‰‰Ë YCU C FTQWIJV [GCT KP OCP[%CTKDDGCP DGCP"RTQFWEKPI EQWPVTKGUÙ VQ ÏÂÒÌÌÌOGVTKE VQPUÔ %WDCP KORQTVU CXGTCIGFÏÈÍÒÌÌÌ OGVTKE VQPU CPPWCNN[ FWTKPI Ï‰‰Ë"‰ÂÒ RGCMKPI CV CDQWV ÏÂ‰ÒÌÌÌ OGVTKE VQPUKP Ï‰‰ÊÒ CPF OQUVN[ UWRRNKGF D[ %CPCFC CPF %JKPCÔÊË

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU1XGTCNN VJG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG7Ô5Ô FT[ DGCP KPFWUVT[ JCU DGGP UOCNNÔ#NVJQWIJ VJG NQUU QH VJG %WDCP OCTMGV KPKVKCNN[ RQUGF C UKIPKHKECPV RTQDNGO HQT VJGKPFWUVT[Ò QXGT VKOG GZRQTVGTU YGTG CDNG VQ UJKR VQ QVJGT EQWPVTKGUÔ 2TKQT VQ VJG KORQUKVKQPQH UCPEVKQPUÒ VJG 7PKVGF 5VCVGU UWRRNKGF OQUV QH %WDCP FT[ DGCP KORQTVUÔ &WTKPIÏ‰ËË"ËÂÒ 7Ô5Ô FT[ DGCP GZRQTVU CXGTCIGF CDQWV ÂÁÒÌÌÌ OGVTKE VQPU CPPWCNN[ VQ%WDCÒ YJKEJ YCU VJG VJKTF QT HQWTVJ NGCFKPI 7Ô5Ô HQTGKIP OCTMGV FWTKPI VJCV RGTKQFÒCEEQTFKPI VQ 75&# FCVCÔ 7Ô5Ô FT[ DGCP GZRQTVU VQ %WDC KP VJG Ï‰ËÌU EQPUKUVGF NCTIGN[QH DNCEM DGCPU ıÈÁ RGTEGPV QH VJG XCNWG QH VJG 7Ô5Ô GZRQTVUÙÒ TGF MKFPG[ DGCPU ıÎÎRGTEGPVÙÒ YJKVG DGCPU ıÏÁ RGTEGPVÙÒ CPF RKPVQ DGCPU ıÁ RGTEGPVÙÔ

+P VJG CDUGPEG QH UCPEVKQPUÒ VJG 7Ô5Ô FT[ DGCP KPFWUVT[ YQWNF RTQDCDN[ GZRQTV DNCEMDGCPUÒ RKPVQ DGCPUÒ CPF YJKVG DGCPU VQ %WDCÔ #NVJQWIJ VJG 7Ô5Ô FT[ DGCP KPFWUVT[ KUNQECVGF OCKPN[ KP VJG 0QTVJGTP 6KGT 5VCVGUÒ NKMG /KEJKICPÒ KV JCU UWDUVCPVKCN CXCKNCDNGUVQEMUÒ CPFCNTGCF[ GZRQTVU C JKIJ RTQRQTVKQP QH KVU RTQFWEVU VQ %CTKDDGCP EQWPVTKGUÔ +PGPVGTKPI VJG %WDCP OCTMGVÒ 7Ô5Ô DGCPU YQWNF JCXG VQ VCMG OCTMGV UJCTG CYC[ HTQO%CPCFCÒ%JKPCÒ CPF#WUVTCNKCÒ EQWPVTKGU VJCV EQORGVG KP VJGYQTNFOCTMGV QP VJG DCUKUQH NQYGT"RTKEGF RTQFWEVU EQORCTGF YKVJ 7Ô5Ô DGCPU CPF RGCUÔ *QYGXGTÒ 7Ô5ÔRTQFWEVUÒ RCTVKEWNCTN[ DGCPUÒ EQORGVG QP VJG DCUKU QH VJGKT GZEGNNGPV SWCNKV[ CPFHCXQTCDNG GZRQTV ETGFKV VGTOUÔ 7Ô5Ô RGCU CPF NGPVKNU JCXG PQV DGGP RTKEG EQORGVKVKXGYKVJ %CPCFKCP RTQFWEVU KP TGEGPV [GCTUÔÊÁ *QYGXGTÒ 7Ô5Ô DNCEM DGCPUÒ RKPVQ DGCPUÒYJKVG DGCPUÒ CPF TGF MKFPG[ DGCPU CTG JKIJN[ EQORGVKVKXG YKVJ %CPCFKCP DGCPUÔ 7Ô5ÔDGCPU YQWNF GPLQ[ CP QEGCP HTGKIJV CFXCPVCIGQXGT %JKPGUG DGCPU CPF RGCUÒ DWV NKVVNGQXGT %CPCFKCP RGCU CPF NGPVKNUÔÊÊ

6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô FT[ DGCP GZRQTVU VQ %WDCYQWNF VQVCN ˘ÏÍOKNNKQP VQ˘ÎÁ OKNNKQP CPPWCNN[ KP VJG CDUGPEG QH UCPEVKQPUÒ QT ÎÌ VQ ÈÌ RGTEGPV QH %WDCP FT[DGCP KORQTVUÔÊÂ %CPCFKCP RGCU CPF NGPVKNU EWTTGPVN[ WPFGTUGNN 7Ô5Ô GZRQTVU QH RGCUCPF NGPVKNU CPF CTG PQV NKMGN[ VQ DG CHHGEVGF KP VJG UJQTV VGTO CU 7Ô5Ô DGCPU CTG NKMGN[ VQFKURNCEG DGCPU HTQO QVJGT UQWTEGUÔ 75&# TGRQTVGF VJCV VJG 7PKVGF 5VCVGU KU sYGNNRQUKVKQPGFt VQ UWRRN[ FT[ DGCPU VQ VJG %WDCP OCTMGV KP VJG CDUGPEG QH UCPEVKQPUÔÊ‰

ÊË (WTVJGT DCEMITQWPF QP VJG7Ô5Ô CPF%WDCP FT[ DGCPU UGEVQTU ECP DG HQWPF KP#RRGPFKZ)Ò VCDNGU)"ÏÊC VJTQWIJ )"ÏÊFÔ

ÊÁ 5GG 75+6%Ò &T[ 2GCU CPF .GPVKNUÒ 2WDNKECVKQP 0QÔ ÎÁÎÊÒ #RTÔ Ï‰‰ÍÔÊÊ +P Ï‰‰‰Ò VJG UGCUQP CXGTCIG ITQYGT RTKEG HQT 7Ô5Ô FT[ GFKDNG DGCPU YCU ˘ÏÂ RGT JWPFTGFYGKIJV

QT ˘ÈÌÌ RGT OGVTKE VQP‚ C HTGKIJV CFXCPVCIG QH ˘Ë VQ ˘ÏÌ RGT OGVTKE VQP KU NGUU VJCP Í RGTEGPV QH VJKU RTKEGÔ75&#Ò '45Ò 8GIGVCDNGU CPF 5RGEKCNVKGU 1WVNQQMÒ ,WN[Ò ÎÌÌÌÔ

ÊÂ 6JKU CUUWOGU C 7Ô5Ô UJCTG QH ÎÌ VQ ÈÌ RGTEGPV QH %WDCP KORQTVU QH ÏË‰ÒÌÌÌ OGVTKE VQPU QH FT[DGCPU XCNWGF CV ˘ÈÌÌ RGT OGVTKE VQPÔ

Ê‰ 6KOQVJ[ ,Ô )CNXKPÒ #FOKPKUVTCVQTÒ 75&#Ò (#5Ò YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ 5GRVÔ ÎÂÒÎÌÌÌÔ

Ë"ÎÌ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC1XGTCNN VJG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG %WDCP FT[ DGCP KPFWUVT[ YCU HCKTN[UOCNNÔ #HVGT UCPEVKQPU YGTG KORQUGFÒ %WDC YCU CDNG VQ HKPF CNVGTPCVKXG UWRRNKGTUÒRCTVKEWNCTN[ VJG 5QXKGV 7PKQPÒ CPFOQTG TGEGPVN[ %CPCFCCPF %JKPC ıEQWPVTKGU VJCV CTGJKIJN[ RTKEG EQORGVKVKXG YKVJ VJG 7PKVGF 5VCVGUÙÔ +P VJG CDUGPEG QH UCPEVKQPUÒ %WDC KUGUVKOCVGF VQ KORQTV DGVYGGP ÎÌ CPF ÈÌ RGTEGPV QH KVU VQVCN FT[ DGCP KORQTVU HTQO VJG7PKVGF 5VCVGU KP VJG PGCT VGTOÒ TGRTGUGPVKPI CDQWV ˘ÏÍ OKNNKQP VQ ˘ÎÁOKNNKQP QH KORQTVUCPPWCNN[Ô %WDCP KORQTVU QH FT[ DGCPU YQWNF DG NKMGN[ VQ KPETGCUG KP VJG NQPI TWPYKVJQWV UCPEVKQPUÔ 6JG %WDCP FT[ DGCP KPFWUVT[ KU NKMGN[ VQ DG QPN[ OKPKOCNN[ CHHGEVGFD[ VJG KPETGCUGF KORQTVU DGECWUG KPETGCUGF EQPUWORVKQP YQWNF RTQDCDN[ OKVKICVGCP[ KORCEVÔ

%%%%QQQQVVVVVVVVQQQQPPPP

+P Ï‰‰‰Ò 7Ô5Ô EQVVQP RTQFWEVKQP YCU XCNWGF CV CNOQUV ˘È DKNNKQPÒ OCMKPI VJG 7PKVGF5VCVGU VJG UGEQPF NCTIGUV EQVVQP RTQFWEGT CHVGT %JKPCÔ #NVJQWIJ RTQFWEVKQP EQUVU KP VJG7PKVGF 5VCVGU CTG JKIJGT VJCP KP OCP[ QVJGT EQVVQP"RTQFWEKPI EQWPVTKGUÒ 7Ô5ÔIQXGTPOGPV GZRQTV RC[OGPVU GPCDNG 7Ô5Ô EQVVQP VQ DG RTKEG"EQORGVKVKXG QP YQTNFOCTMGVUÔ 6JG XCNWG QH 7Ô5Ô EQVVQP GZRQTVU YCU CNOQUV ˘Ï DKNNKQP KP Ï‰‰‰Ò FQYP HTQO˘ÍÔÊ DKNNKQP KP Ï‰‰ËÔ -G[ OCTMGVU KPENWFG /GZKEQÒ ,CRCPÒ CPF +PFQPGUKCÔ

%WDC RTQFWEGF CNOQUV PQ EQVVQP RTKQT VQ VJG KORQUKVKQP QH 7Ô5Ô UCPEVKQPUÔ +P VJGCHVGTOCVJ QH VJG CITCTKCP TGHQTO NCY QH Ï‰Ë‰Ò EQVVQP YCU VCTIGVGF KP %WDCrU ETQRFKXGTUKHKECVKQP GHHQTVUÒ DWV VJG RTQITCOYCU PQV UWEEGUUHWNÔ .CPF FGXQVGF VQ EQVVQP YCUTGEQPXGTVGF VQ RTQFWEG UWICTECPGÔÂÌ 0GCTN[ CNN EQVVQP EQPUWOGF KP %WDC KU RTQXKFGFD[ KORQTVUÒ UWRRNKGF OCKPN[ D[ /GZKEQ CPF 5RCKPÔ $GECWUG VJGTG KU NKVVNG EQVVQPRTQFWEVKQP KP %WDCÒ VJGTG CTG PQ JKUVQTKECN CPF EWTTGPV KORCEVU VQ TGRQTVÔÂÏ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô EQVVQP KPFWUVT[ JCU DGGP XGT[ UOCNNÔ&WTKPI Ï‰ËÁ"ÁÌÒ %WDCP KORQTVU QH 7Ô5Ô EQVVQP TCPIGF DGVYGGP ÈÒÏÌÌ CPF ÊÒÊÌÌOGVTKE VQPU CPPWCNN[Ò TGRTGUGPVKPI NGUU VJCP ÌÔÎ RGTEGPV QH GUVKOCVGF 7Ô5Ô RTQFWEVKQPCV VJCV VKOGÔÂÎ $GECWUG %WDCrU ENQVJKPI CPF VGZVKNG KPFWUVTKGU YGTG PQV YGNN FGXGNQRGFÒ

ÂÌ9KNNKCO #Ô /GUUKPCÒ CPF ,QUj #NXCTG\Ò 2QVGPVKCN %WDCP +ORQTVU HQT 5GNGEVGF (NQTKFC (KGNF %TQRU„%GTGCNUÒ %QVVQPÒ 2QVCVQGUÒ ı)CKPUXKNNGÒ 7PKXGTUKV[ QH (NQTKFCÒ &GEÔ Ï‰‰ÎÙÒ RÔ ÏÌ

ÂÏ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP EQVVQP UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU)"ÏÂC VJTQWIJ )"ÏÂFÔ

ÂÎ 6JQOCU /Ô $GNN CPF (Ô'Ô/Ô )KNNJCOÒ 6JG 9QTNF QH %QVVQP ı9CUJKPIVQPÒ &%„ %QPVKEQVVQPÒ '/4ÒÏ‰Â‰ÙÒ RÔ ÍÂÌÔ

Ë"ÎÏ

OQUV EQVVQP KORQTVU HTQO VJG 7PKVGF 5VCVGU YGTG KP VJG HQTO QH HKPKUJGF VGZVKNGU CPFCRRCTGNÔÂÍ 6JWUÒ KPKVKCNN[ 7Ô5Ô EQVVQP RTQFWEGTU UWHHGTGF OQTG HTQO VJG NQUU QH %WDCPOCTMGVU HQT EQVVQP VGZVKNGU CPF CRRCTGN VJCP HTQO NQUV UCNGU QH TCY EQVVQP ıUGG 6GZVKNGUCPF #RRCTGN KP EJCRVGT ÁÙÔÂÈ

6JG %WDCP VGZVKNG CPF ENQVJKPI KPFWUVTKGU GZRGTKGPEGF EQPUKFGTCDNG ITQYVJ FWTKPI VJGÏ‰ÁÌU VJTQWIJ Ï‰ÂÌUÔ %WDCP FGOCPF HQT EQVVQP SWCFTWRNGF FWTKPI VJKU RGTKQFÒ CPFKORQTVU HTQO CNN UQWTEGU KPETGCUGF HTQO NGUU VJCP ÏÍÒÌÌÌ OGVTKE VQPU VQ QXGT ËÌÒÌÌÌOGVTKE VQPUÔ #NOQUV CNN QH VJG KORQTV ITQYVJ YCU UWRRNKGF D[ VJG 5QXKGV 7PKQPÒ CU YGNNCU UOCNN SWCPVKVKGU HTQO 2GTW CPF UGXGTCN EQWPVTKGU KP %GPVTCN #OGTKEC DGECWUG 7Ô5ÔUCPEVKQPU RTGXGPVGF 7Ô5Ô UWRRNKGTU HTQO OGGVKPI VJKU FGOCPFÔÂË 6JG %WDCP GEQPQO[UWHHGTGF C UGXGTG FGRTGUUKQP CPF KORQTVU QH EQVVQP FGENKPGF RTGEKRKVQWUN[ HQNNQYKPI VJGYKVJFTCYCN QH 5QXKGV GEQPQOKE CUUKUVCPEG CHVGT Ï‰Â‰ÔÂÁ $[ Ï‰‰ÍÒ KORQTVU VQVCNGF QPN[ÍÒÎÌÌ OGVTKE VQPUÒ TGEQXGTKPI UNKIJVN[ D[ Ï‰‰Â VQ ÁÒÌÌÌ OGVTKE VQPUÔÂÊ

6JG 7PKVGF 5VCVGU KU C PCVWTCN UWRRNKGT QH TCY EQVVQP VQ %WDC‚ CPF KP VJG CDUGPEG QHUCPEVKQPUÒ VJG 7Ô5Ô KPFWUVT[ EQWNF UCVKUH[ CNN QH VJG %WDCP FGOCPF YKVJ EWTTGPVKPXGPVQTKGUÔÂÂ 5RCKP CPF /GZKEQÒ VJG VYQ EQWPVTKGU VJCV UCVKUH[ OQUV QH %WDCrU EWTTGPVFGOCPFÒ CTG PQV YGNN RQUKVKQPGF VQ EQORGVG YKVJ 7Ô5Ô UWRRNKGTU QXGT VJG NQPI VGTOÔ5RCKPrU RTKOCT[ FKUCFXCPVCIG KU FKUVCPEG VQOCTMGVÒ YJKNG/GZKECP EQVVQP RTQFWEVKQPÒEQPUWORVKQPÒ CPF VTCFG VTGPFU KPFKECVG VJCV /GZKECP RTQFWEV CXCKNCDNG HQT GZRQTV VQ%WDC YKNN RTQDCDN[ FGENKPG QXGT VKOGÔÂ‰

#V NCVG Ï‰‰ÌU NGXGNUÒ %WDC YQWNF TGOCKP C OKPQT OCTMGV HQT EQVVQPÒ RTKOCTKN[EQPUWOKPI NQYGT"SWCNKV[ OGTEJCPFKUG UJKRRGF HTQO 7Ô5Ô KPXGPVQTKGUÔ 0QPGVJGNGUUÒ%WDC OCKPVCKPU XGT[ HGY PQPVCTKHH DCTTKGTU CICKPUV CITKEWNVWTCN RTQFWEVU VJCV KV FQGUPQV RTQFWEGÒ UWEJ CU EQVVQP‚ CPF VJG TCVG QH FWV[ QP CNN EQVVQP KU QPN[ Ë RGTEGPV CFXCNQTGOÔ #UUWOKPI RTG"Ï‰Â‰ KORQTV NGXGNUÒ VJG 75&# GUVKOCVGU VJCV %WDC EQWNF

ÂÍ +PFWUVT[ TGRTGUGPVCVKXG KP G"OCKN VQ %QOOKUUKQP UVCHHÒ ,WN[ ËÒ ÎÌÌÌÔÂÈ/QTG KORQTVCPV FWTKPI VJG Ï‰ÁÌU CPF Ï‰ÊÌUYGTG NQUV GZRQTV QRRQTVWPKVKGU HQT7Ô5Ô EQVVQP GZRQTVU

TGUWNVKPI HTQO VJG FGOCPF UJKHV CYC[ HTQO EQVVQP VQYCTF U[PVJGVKE HKDGTUÒ UWEJ CU RQN[GUVGTÔ 7Ô5ÔGZRQTVGTU YGTG WPCDNG VQ HKPF CNVGTPCVKXG OCTMGVU HQT %WDCP UCNGU CU YQTNF EQVVQP FGOCPF EQPVTCEVGFÔ.CTIGN[ CU C TGUWNV QH VJKU VTGPFÒ DGVYGGP Ï‰È‰ CPF Ï‰Á‰Ò CETGU QH EQVVQP JCTXGUVGF D[ 7Ô5Ô HCTOGTUFGENKPGF PGCTN[ ËÊ RGTEGPVÒ HTQO CNOQUV ÎÊ OKNNKQP CETGU VQ NGUU VJCP ÏÎ OKNNKQP CETGUÔ

ÂË 5GG PQVG ÂÌÒ RRÔ ÏÌ"ÏÏÔÂÁ %WDCrU EQVVQP KORQTVU FGENKPGF HTQO ˘ÁÌ OKNNKQP VQ ˘ÏÌ OKNNKQP CHVGT Ï‰‰ÌÔ 6KOQVJ[ ,Ô )CNXKPÒ

#FOKPKUVTCVQTÒ 75&#Ò (#5Ò YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ 5GRVÔ ÎÂÒ ÎÌÌÌÔÂÊ &CVC HTQO VJG (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓ

EQNNGEVKQPU"UWDUGV CITKEWNVWTGÒ TGVTKGXGF ,WPG ÏÎ CPF ÏÈÒ ÎÌÌÌÔ +%#% GUVKOCVGU VJCV EWTTGPV KORQTVU CTGQPN[ ËÒÌÌÌ OGVTKE VQPUÔ 5GG 9QTNF %QVVQP 6TCFGÒ Ï‰‰‰"ÌÌÒ ı9CUJKPIVQPÒ &%„ +PVGTPCVKQPCN %QVVQP#FXKUQT[ %QOOKVVGGÙÒ CV YYYÔKECEÔQTIÒ TGVTKGXGF ,WN[ ËÒ ÎÌÌÌÔ

ÂÂ +V KU WPENGCT YJCV VJG VTWG FGOCPF HQT 7Ô5Ô EQVVQP YQWNF DG KP VJG CDUGPEG QH UCPEVKQPUÔ 2CTV QH VJGWPEGTVCKPV[ KU VJCV %WDCPU OC[ JCXG RGPV"WR FGOCPF HQT CNN 7Ô5Ô RTQFWEVUÒ KPENWFKPI EQVVQPÔ 6JGTGHQTGÒNQQMKPI CV EWTTGPV %WDCP KORQTVU HTQO QVJGT UQWTEGU EQWNF DG OKUNGCFKPI YJGP GUVKOCVKPI HWVWTGUJKROGPVU QH 7Ô5Ô EQVVQP VQ %WDCÔ 1P VJG QVJGT JCPFÒ %WDCP FGOCPF KU CNUQ UVWPVGF DGECWUG QH RTQDNGOUUGEWTKPI HKPCPEKPI HQT EQVVQP UCNGU CPF C NKOKVGF CDKNKV[ VQ HKPCPEG OCEJKPGT[ HQT RTQFWEKPI KPVGTOGFKCVGRTQFWEVU ıGÔIÔÒ EQVVQP HCDTKEU CPF [CTPUÙÔ

Â‰ 5GG 9QTNF %QVVQP 6TCFGÒ PQVG ÂÊÒ RRÔ Á"ÊÔ

Ë"ÎÎ

KORQTV EQVVQP SWCPVKVKGU GSWCN VQ PGCTN[ ÏÌ RGTEGPV QH EWTTGPV 7Ô5Ô GZRQTVUÒ CPF VJCV VJG7PKVGF 5VCVGU EQWNF UWRRN[ CV NGCUV JCNH QH %WDCrU EQVVQP KORQTVU ı˘ÍÌ OKNNKQP CPPWCNN[ÙKH UCPEVKQPU YGTG NKHVGF CPF VJG %WDCP VGZVKNG KPFWUVT[ TGEQXGTUÔ‰Ì 6JG %QOOKUUKQPGUVKOCVGU VJCV %WDC YQWNF KORQTV TQWIJN[ ˘Á OKNNKQP VQ ˘Â OKNNKQP QH 7Ô5Ô EQVVQP KP VJGCDUGPEG QH UCPEVKQPUÒ QT ËÌ VQ ÊÌ RGTEGPV QH VQVCN %WDCP KORQTVUÔ‰Ï

+P VJG PGCT VGTOÒ VJG 0CVKQPCN %QVVQP %QWPEKN ı0%%Ù‰Î KPFKECVGF VJCV %WDC RTQDCDN[YQWNF QHHGT QPN[ NKOKVGF GZRQTV QRRQTVWPKVKGU KP VJG CDUGPEG QH UCPEVKQPUÔ *QYGXGTÒTGEGPVN[ VJG 0%% JCU DGGP HQEWUKPI QP VJG PGY %CTKDDGCP $CUKP 6TCFG 2CTVPGTUJKR#EV ı%$62#Ù VJCV CNNQYU FWV["HTGGÓSWQVC"HTGG 7Ô5Ô KORQTVU ıHTQO EGTVCKP SWCNKH[KPI%CTKDDGCP $CUKP EQWPVTKGUÙ QH CRRCTGN OCFG KP VJG NCVVGT HTQO 7Ô5Ô HCDTKE EQPVCKPKPI7Ô5Ô [CTPÔ‰Í 6JG 0%% KU KPETGCUKPIN[ HQEWUGF QP UCNGU QH JKIJGT XCNWG"CFFGFKPVGTOGFKCVG RTQFWEVUÒ UWEJ CU [CTP CPF HCDTKEUÒ VQ EQWPVTKGU KP %GPVTCN #OGTKEC CPFVJG %CTTKDGCP VJCV DGPGHKV HTQO VJG %$62#Ô $GECWUG %WDC KU WPNKMGN[ VQ SWCNKH[ WPFGTVJG %$62#Ò VJG 0%% GZRGEVU VJCV PQ KOOGFKCVG GZRCPUKQP QH VJG %WDCP URKPPKPIKPFWUVT[YQWNF QEEWT KP VJGCDUGPEG QH UCPEVKQPU CPF QRRQTVWPKVKGU HQT7Ô5Ô EQVVQP UCNGUKP %WDC YQWNF TGOCKP NKOKVGFÒ WPNGUU %WDC WNVKOCVGN[ SWCNKHKGU HQT FWV["HTGGÓSWQVC"HTGG CEEGUU VQ VJG 7Ô5Ô OCTMGV WPFGT %$62#Ô‰È

9999KKKKPPPPVVVVGGGGTTTT 8888GGGGIIIIGGGGVVVVCCCCDDDDNNNNGGGGUUUU‰‰‰‰ËËËË

7Ô5Ô RTQFWEVKQP QH YKPVGT XGIGVCDNGU VQVCNGF CRRTQZKOCVGN[ ˘ÂÎÂ OKNNKQP KP Ï‰‰‰Ô 6JG7Ô5Ô YKPVGT XGIGVCDNG KPFWUVT[ KU EQPEGPVTCVGF KP (NQTKFCÒ CPF VJG7Ô5Ô YKPVGT XGIGVCDNGOCTMGV KU QPG QH VJG NCTIGUV KP VJG YQTNFÔ 7Ô5Ô RTQFWEVKQP CPF KORQTVU JCXG DGGPKPETGCUKPI KP TGEGPV [GCTUÒ NCTIGN[ KP TGURQPUG VQ C TKUG KP FGOCPF QYKPI OCKPN[ VQEQPUWOGTUr JGCNVJ EQPEGTPUÔ +ORQTVU OCMG WR OQTG VJCP JCNH QH FQOGUVKEEQPUWORVKQPÒ YKVJ /GZKEQ VJG RTKPEKRCN UWRRNKGTÔ 7Ô5Ô VCTKHHU QP KORQTVU QH YKPVGTXGIGVCDNGU CTG TGNCVKXGN[ NQY‚ JQYGXGTÒ GZVGPUKXG 7Ô5Ô RJ[VQUCPKVCT[ TGUVTKEVKQPU NKOKV

‰Ì 6KOQVJ[ ,Ô )CNXKPÒ #FOKPKUVTCVQTÒ 75&#Ò (#5Ò YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ 5GRVÔ ÎÂÒÎÌÌÌÔ

‰Ï 6JKU GUVKOCVG KU DCUGF QP VJG 7Ô5Ô UJCTG QH %WDCP EQVVQP KORQTVU RTKQT VQ VJG KORQUKVKQP QHUCPEVKQPUÒ CU YGNN CU TGEGPV VTGPFU KP %WDCP EQVVQP KORQTVU CPF YQTNF EQVVQP RTKEGUÔ +P GXCNWCVKPI VJG%QOOKUUKQPrU GUVKOCVGU QH 7Ô5Ô EQVVQP UCNGU KP %WDC KH UCPEVKQPU CTG NKHVGFÒ -GPV .CPENQUÒ CP GEQPQOKUV HQT0CVKQPCN %QVVQP %QWPEKNÒ UVCVGF VJCV VJG 7PKVGF 5VCVGU EQWNF ICKP UKIPKHKECPV OCTMGV UJCTG KP %WDC KP VJGCDUGPEG QH UCPEVKQPU ıËÌ RGTEGPV QT OQTGÙÔ *KU TGCUQPU KPENWFGF VTCPURQTVCVKQP EQUV CFXCPVCIGU CPF VJGRQTV QH /KCOK CU C OCLQT UJKRRKPI RQKPV HQT EQVVQPÔ *QYGXGTÒ &TÔ .CPENQU CNUQ PQVGF VJCV %WDCrU CDKNKV[ VQRC[ 7Ô5Ô FQNNCTU CPF RQVGPVKCN CPVK"#OGTKECP UGPVKOGPV CTG QVJGT HCEVQTU VJCV OWUV DG EQPUKFGTGFÔ '"OCKNVQ VJG %QOOKUUKQPÒ 1EVÔ ÎÁÒ ÎÌÌÌÔ

‰Î 0CVKQPCN %QVVQP %QWPEKN KU CP WODTGNNC QTICPK\CVKQP TGRTGUGPVKPI VJG 7Ô5Ô EQVVQP KPFWUVT[Ô‰Í 6JG %$62# CNUQ EQPVCKPU UQOG CNNQYCPEGU HQT TGIKQPCN MPKV HCDTKE EQPVCKPKPI 7Ô5Ô [CTPÔ‰È /CTM .CPIGÒ FKTGEVQT QH 'EQPQOKE 5GTXKEGU HQT 0CVKQPCN %QVVQP %QWPEKNÒ G"OCKN VQ %QOOKUUKQP

UVCHHÒ ,WPG ÏÁÒ ÎÌÌÌÔ .CPIG DCUGU JKU GUVKOCVGU QP VJG NCUV (QQF CPF #ITKEWNVWTG 1TICPK\CVKQP HKDGT WUGUWTXG[ ıÏ‰ÂÊ"Â‰ÙÒ YJKEJ NKUVGF %WDCrU CPPWCN RGT ECRKVC EQPUWORVKQP QH EQVVQP CV Ë MKNQITCOU ıÏÏRQWPFUÙÔ *G GUVKOCVGU VJCV RGT ECRKVC EQPUWORVKQP JCU FGENKPGF UKPEG Ï‰Â‰Ô

‰Ë +PENWFGU VQOCVQGUÒ RGRRGTUÒ EWEWODGTUÒ GIIRNCPVÒ CPF USWCUJÔ

Ë"ÎÍ

KORQTVU VQ CRRTQXGF UQWTEGUÔ 7Ô5Ô GZRQTVUÒ XKTVWCNN[ CNN VQ %CPCFCÒ CEEQWPV HQT COKPQTUJCTG QH 7Ô5Ô RTQFWEVKQP CPF JCXG DGGP TGNCVKXGN[ UVCIPCPV KP TGEGPV [GCTUÔ

6JG %WDCP YKPVGT XGIGVCDNG KPFWUVT[ IGPGTCNN[ KU EQORCTCDNG VQ VJG 7Ô5Ô KPFWUVT[ KPVGTOU QH ECRCEKV[ ıCETGCIGÙÒ ENKOCVGÒ CPF ITQYKPI UGCUQPÔ *QYGXGTÒ [KGNFU KP %WDCCTG UWDUVCPVKCNN[ DGNQY VJQUG KP VJG 7PKVGF 5VCVGU ıHQT GZCORNGÒ YKPVGT VQOCVQ [KGNFU KPVJG 7PKVGF 5VCVGU YGTG CDQWV ÍÁÒÌÌÌ RQWPFU RGT CETG KP Ï‰‰ÂÒ EQORCTGF YKVJ QPN[ËÒÌÌÌ RQWPFU RGT CETG KP %WDCÙÒ OCKPN[ QYKPI VQ VJG NCEM QH ETKVKECN KPRWVUÒ UWEJ CUHGTVKNK\GTU CPF RGUVKEKFGUÔ %WDCP RTQFWEVKQP QH YKPVGT XGIGVCDNGU JCU TKUGPUWDUVCPVKCNN[ KP TGEGPV [GCTU ıTGCEJKPI CRRTQZKOCVGN[ ÏÔË OKNNKQP OGVTKE VQPU KP Ï‰‰‰ÙNCTIGN[ VJG TGUWNV QH KPETGCUGF FGOCPF KP VJG VQWTKUV UGEVQTÔ %WDC KU C OKPQT INQDCNYKPVGT XGIGVCDNG OCTMGVÒ CPF %WDCP VTCFG KU OKPKOCN TGNCVKXG VQ RTQFWEVKQP OCKPN[DGECWUG QH SWCNKV[ EQPUVTCKPVU HQT GZRQTVU CPF C NCEM QH HQTGKIP GZEJCPIG HQTKORQTVUÔ‰Á

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU*KUVQTKECNN[ VJG 7Ô5Ô YKPVGT XGIGVCDNG KPFWUVT[ FKTGEVN[ DGPGHKVVGF HTQO VJG UCPEVKQPUDGECWUG %WDC YCU C OCLQT HQTGKIP UWRRNKGT QH YKPVGT XGIGVCDNGU VQ VJG 7Ô5Ô OCTMGVCPF VJG XQKF ECWUGF D[ VJG UCPEVKQPU EQPVTKDWVGF VQ VJG HWTVJGT FGXGNQROGPV QH VJG 7Ô5ÔKPFWUVT[Ô 6JG7Ô5Ô KPFWUVT[ CNUQ GZRCPFGF RCTVN[ CU C TGUWNV QH VJG GOKITCVKQPÒOCKPN[ VQ5QWVJ (NQTKFCÒ QH JKIJN[ UMKNNGF %WDCP XGIGVCDNG HCTOGTU YJQUG %WDCP NCPF YCUEQPHKUECVGF FWTKPI VJG RGTKQFÔ‰Ê +P Ï‰ÁÌÒ %WDC UWRRNKGF ÏÌ RGTEGPV QH VJG ˘ÎÈ OKNNKQPQH 7Ô5Ô VQOCVQ KORQTVUÒ VTCKNKPI /GZKEQrU UJCTG QH ÂÁ RGTEGPVÔ‰Â +P VJG UCOG [GCTÒ%WDCYCU VJG UGEQPF NGCFKPI UWRRNKGT QH RGRRGTU ıÎ RGTEGPV QH ˘ÎOKNNKQPÙ CPFYCU VJGNGCFKPI UWRRNKGT QH EWEWODGTU ıËÌ RGTEGPV QH ˘Í OKNNKQPÙ CPF sQVJGTt HTGUJ XGIGVCDNGUıËÁ RGTEGPV QH ˘Ï OKNNKQPÙÔ #HVGT VJG KORQUKVKQP QH UCPEVKQPUÒ 7Ô5Ô KORQTVU UJKHVGF OCKPN[VQ /GZKECP UQWTEGUÒ YJKEJ YGTG JKIJN[ UWDUVKVWVCDNG HQT %WDCP RTQFWEV CPFEQORCTCDNG KP VGTOU QH EQUVÔ9KPVGT XGIGVCDNGU JKUVQTKECNN[ YGTG PQV GZRQTVGF HTQO VJG7PKVGF 5VCVGU VQ %WDCÔ

+P VJG CDUGPEG QH UCPEVKQPU VJGTGOQUV NKMGN[ YQWNF DG7Ô5Ô GZRQTVU QH YKPVGT XGIGVCDNGUVQ %WDCÔ #NVJQWIJ VJG 7PKVGF 5VCVGU JKUVQTKECNN[ FKF PQV GZRQTV YKPVGT XGIGVCDNGU VQ%WDCÒ VJG FGXGNQROGPV QH VJG 5QWVJ (NQTKFC KPFWUVT[Ò %WDCP FGOCPF HGF RTKOCTKN[ D[%WDCrU VQWTKUO UGEVQTÒ CPF %WDCrU EWTTGPV RTQFWEVKQP EQPUVTCKPVU CTG NKMGN[ VQ TGUWNV KP7Ô5Ô GZRQTVU VQ %WDCÔ‰‰ 6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QH HTGUJ YKPVGTXGIGVCDNGU VQ %WDC EQWNF VQVCN ˘ÎËÌÒÌÌÌ VQ ˘ËÌÌÒÌÌÌ CPPWCNN[ KP VJG CDUGPEG QH

‰Á (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP YKPVGT XGIGVCDNGU UGEVQTU ECP DG HQWPF KP #RRGPFKZ)Ò VCDNGU )"Ï‰C VJTQWIJ )"Ï‰FÔ

‰Ê +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGYÒ D[ %QOOKUUKQP UVCHHÒ ,WN[ ÎÈÒ ÎÌÌÌÔ‰Â 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ 7PKVGF 5VCVGU +ORQTVU QH /GTEJCPFKUG HQT %QPUWORVKQPÒ 4GRQTV

0QÔ (6ÏÏÌÒ /C[ Ï‰ÁÏÔ‰‰ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYUÒ D[ VJG %QOOKUUKQP UVCHHÒ ,WPG Î‰ CPF #WIÔ ÊÒ

ÎÌÌÌ‚ KPFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ 75+6% VGNGRJQPG UWTXG[Ò ,WPG ÎÊÒ ÎÌÌÌÔ

Ë"ÎÈ

UCPEVKQPUÒ XKTVWCNN[ CNN VJG TGUWNV QH ITQYKPI FGOCPF KP VJG %WDCP VQWTKUO UGEVQTÔÏÌÌ

6JG DWNM QH UWEJ VTCFG KU NKMGN[ VQ DG KP VQOCVQGU CPF RGRRGTUÔÏÌÏ 6JGUG GZRQTVURTQDCDN[ YQWNF HCEG EQORGVKVKQP HTQO %CPCFCÒ /GZKEQÒ CPF %JKNGÒ EWTTGPVN[ VJGNGCFKPI UWRRNKGTU VQ %WDCÔ *QYGXGTÒ EWTTGPV %WDCP KORQTVU CTG TGNCVKXGN[ OKPQTÒ CPFÒHQT UQOG KVGOUÒ VJGTG OC[ DG C RTGHGTGPEG HQT 7Ô5Ô RTQFWEVUÔ %WDCP FWV[ TCVGU HQTYKPVGT XGIGVCDNGU QH EQPEGTP CTG DQWPF WPFGT VJG 961 CV ÈÌ RGTEGPV CF XCNQTGOÒCNVJQWIJ VJG/(0 CRRNKGF TCVGU CTG QPN[ È RGTEGPV CF XCNQTGOÔ .QPI"VGTO7Ô5Ô GZRQTVITQYVJ KU NKMGN[ VQ DG EQPUVTCKPGF RTKOCTKN[ D[%WDCrU NCEM QH HQTGKIP GZEJCPIG CPF VJG7Ô5Ô KPFWUVT[rU EQORGVKVKXG FKUCFXCPVCIG KP UWRRN[KPI VJG %WDCP FQOGUVKE OCTMGVDGECWUG QH JKIJGT NCDQT CPF VTCPURQTVCVKQP EQUVUÔÏÌÎ

6JG CDUGPEG QH UCPEVKQPU QP %WDC KU CNUQ NKMGN[ VQ TGUWNV KP TGNCVKXGN[ OKPQT CPPWCN 7Ô5ÔKORQTVU QH HTGUJ YKPVGT XGIGVCDNGU HTQO %WDCÔ 5WEJ KORQTVU EQWNF VQVCN ˘ÍÌÒÌÌÌ VQ˘ÁÌÒÌÌÌ ıTGRTGUGPVKPI NGUU VJCP QPG"VGPVJ QH Ï RGTEGPV QH VQVCN 7Ô5Ô KORQTVU QH YKPVGTXGIGVCDNGUÙÔÏÌÍ 6JG DWNM QH UWEJ KORQTVU YQWNF DG RGRRGTUÔ 7Ô5Ô KORQTVU QH VQOCVQGUHTQO %WDC YQWNF RTQDCDN[ DG PGINKIKDNGÒ CU %WDCP VQOCVQ GZRQTVU VQ VJG YQTNF JCXGDGGP XKTVWCNN[ PKN KP TGEGPV [GCTUÔ

+PFWUVT[ UQWTEGU GUVKOCVG VJCV %WDC JCUÒ KP VJG NQPIGT VGTOÒ VJG RQVGPVKCN VQ KPETGCUGUWDUVCPVKCNN[ CPF TCRKFN[ UWEJ GZRQTVUÒ RGTJCRU D[ UGXGTCN QTFGTU QH OCIPKVWFG KHHWVWTG GEQPQOKE TGHQTOU CVVTCEV UWHHKEKGPV HQTGKIP ECRKVCN CPF VGEJPQNQI[ VQ KORTQXGRTQFWEVKQPÒ [KGNFUÒ VJG FKUVTKDWVKQP KPHTCUVTWEVWTGÒ CPF OCTMGVKPI ECRCDKNKVKGUÔÏÌÈ 7Ô5ÔKPFWUVT[ CNUQ UJQYU KPVGTGUV KP KPXGUVKPI KP VJG %WDCP YKPVGT XGIGVCDNG UGEVQTÔ*QYGXGTÒ UWEJ KPXGUVOGPV NKMGN[ YQWNF FGRGPF QP VJG NKDGTCNK\CVKQP QH VJG %WDCPGEQPQO[Ò RCTVKEWNCTN[ YKVJ TGURGEV VQ NCPF QYPGTUJKRÔÏÌË %WDC JCU C UWDUVCPVKCN CPFWPFGTWVKNK\GF RTQFWEVKQP ECRCEKV[ VJCV EQWNF DG TGJCDKNKVCVGF TGNCVKXGN[ SWKEMN[ÒTGRQTVGFN[ YKVJKP Ï VQ Î ITQYKPI UGCUQPUÔÏÌÁ +H %WDC YGTG VQ TGICKP VJG ÏÌ"RGTEGPVUJCTG QH VJG 7Ô5Ô YKPVGT XGIGVCDNG KORQTV OCTMGV KV JGNF RTKQT VQ VJG UCPEVKQPUÒ VJGCPPWCN NGXGN EQWNF COQWPV VQ ˘ÏÌÌ OKNNKQP DCUGF QP EWTTGPV 7Ô5Ô KORQTV NGXGNUÔ 1H VJKUÒCDQWV ˘ËËOKNNKQP EQWNF DG HTGUJ VQOCVQ KORQTVUÔÏÌÊ %WDC EQWNF KPETGCUG KVU RTQFWEVKQPHTQO EWTTGPV NGXGNU VQ UWRRN[ VJKU COQWPVÔÏÌÂ

ÏÌÌ 6JKU KU C UJQTV"VGTO GHHGEVÒ CUUWOKPI PQRQNKVKECN QT GEQPQOKE UVTWEVWTCN TGHQTOUÔ +V CUUWOGU VJCV ËÌVQ ÏÌÌ RGTEGPV QH %WDCP KORQTVU QH YKPVGT XGIGVCDNGU YQWNF DG UQWTEGF HTQO VJG7PKVGF5VCVGU CPF HWTVJGTCUUWOGU PQ %WDCP KORQTV TGUVTKEVKQPUÔ #PCN[UKU KU DCUGF QP 70 FCVC QP CXGTCIG CPPWCN %WDCP KORQTVUFWTKPI Ï‰‰Ë"‰‰Ò CU TGRQTVGF D[ RCTVPGT EQWPVTKGUÔ

ÏÌÏ $CUGF QP 70 FCVC QP CXGTCIG CPPWCN %WDCP KORQTVU FWTKPI Ï‰‰Ë"‰‰Ò CU TGRQTVGF D[ RCTVPGTEQWPVTKGUÔ

ÏÌÎ 6JG %QOOKUUKQP UVCHH HKGNF KPVGTXKGYU YKVJ 7Ô5Ô YKPVGT XGIGVCDNG KPFWUVT[ TGRTGUGPVCVKXGU CPFCECFGOKEUÒ 5GRVÔ ÎË"Î‰Ò ÎÌÌÌÔ

ÏÌÍ 5GG PQVG ÏÌÌÔ 6JKU CNUQ CUUWOGU VJCV VJG EQNWOP Ï TCVG QH FWV[ YQWNF DG CRRNKGFÔÏÌÈ 5GG PQVG ÏÌÎÔÏÌË +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYUÒ D[ VJG %QOOKUUKQP UVCHHÒ ,WPG Î‰ CPF #WIÔ ÊÒ

ÎÌÌÌ‚ KPFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ 75+6% VGNGRJQPG UWTXG[Ò ,WPG ÎÊÒ ÎÌÌÌÔÏÌÁ 5GG PQVG ÏÌÎÔÏÌÊ #P KPFWUVT[ CPCN[UV TGRQTVU VJCV CP CFFKVKQPCN KORQTVU QH HTGUJ VQOCVQGU EQWNF JCXG C PGICVKXG

KORCEV QP 7Ô5Ô FQOGUVKE RTQFWEVKQP CPF RTKEGUÔ +V KU GUVKOCVGF VJCV HQT GXGT[ Ï"RGTEGPV TKUG KP 7Ô5Ô KORQTVUÒFQOGUVKE RTQFWEVKQP KU FKURNCEGF D[ ÌÔÂ RGTEGPV CPF RTKEGU FTQR D[ ÌÔÈ RGTEGPVÔ %QOOKUUKQP UVCHHKPVGTXKGY YKVJ &TÔ ,QJP 8CP 5KEMNGÒ 7PKXGTUKV[ QH (NQTKFCÒ 5GRVÔ Î‰Ò ÎÌÌÌÔ

ÏÌÂ 6JKU TKUG KP UWRRN[ EQWNF DG TGCNK\GF D[ CP KPETGCUG KP [KGNFU CNQPGÔ %WTTGPV %WDCP RTQFWEVKQP[KGNFU HQT XGIGVCDNGU CTG CDQWV ËÒÌÌÌ VQ ÁÒÌÌÌ RQWPFU RGT CETGÒ YKVJQWV VJG GZVGPUKXG WUG QH CITKEWNVWTCNKPRWVU UWEJ CU UQKN HWOKICPVUÒ HGTVKNK\GTUÒ CPF RGUVKEKFGUÔ 7Ô5Ô [KGNFU CTG CDQWV ÍÌÒÌÌÌ VQ ÍËÒÌÌÌ RQWPFU

Ë"ÎË

7Ô5Ô KORQTVU QH YKPVGT XGIGVCDNGU HTQO %WDC CTG NKMGN[ VQ JCXG C PGICVKXG KORCEV QPRTQFWEGTU KP 5QWVJ (NQTKFCÔ 5WEJ KORQTVU WNVKOCVGN[ YQWNF EQORGVG FKTGEVN[ YKVJRTQFWEVKQP HTQO VJKU NQECVKQP KP VGTOU QH V[RGU QH XGIGVCDNGU CPF OCTMGVKPI UGCUQPÔ6JG ITGCVGUV KORCEV YQWNF RTQDCDN[ DG HGNV D[ VJG UQWVJGTPOQUV (NQTKFC RTQFWEGTUFWTKPI VJG YKPVGT OQPVJU QH ,CPWCT["/CTEJÔÏÌ‰ #NVJQWIJ 5QWVJ (NQTKFC RTQFWEGTU CTGUNKIJVN[ ENQUGT VQ OCLQT 7Ô5Ô OCTMGVUÒ VJKU RTQZKOKV[ CFXCPVCIG KU OKVKICVGF D[ VJGTGNCVKXG FKUVCPEG QH VJGUG OCTMGVU HTQO DQVJ 5QWVJ (NQTKFC CPF %WDCÔÏÏÌ +P CFFKVKQPÒ%WDC YQWNF GPLQ[ EQUV CFXCPVCIGU KP VGTOU QH NCPF CPF NCDQTÔ #PQVJGT 7Ô5Ô KPFWUVT[EQPEGTP KU VJCV %WDCYQWNF JCXGCEEGUU VQOGVJ[N DTQOKFGÒ C YKFGN[ WUGF CPF GHHGEVKXGUQKN HWOKICPVÒ HQT CPQVJGT ÏÌ [GCTU CHVGT ÎÌÌË YJGP VJG 7Ô5Ô KPFWUVT[ KU TGSWKTGF VQEGCUG WUKPI KVÔÏÏÏ +ORQTVU OC[ DGPGHKV RCEMGTU CPF DTQMGTUÒ YJQ EQWNF JCPFNG DQVJKORQTVGF CPF FQOGUVKECNN[ RTQFWEGF RTQFWEVÔ 5QOG UWEJ QRGTCVQTU JCF RCTVPGTUJKRUYKVJ %WDCP UWRRNKGTU RTKQT VQ VJG UCPEVKQPUÔÏÏÎ 6JG FGITGG QH CFXGTUG KORCEV QPKPFKXKFWCN 7Ô5Ô QRGTCVQTU KU NKMGN[ VQ FGRGPF QP XCTKQWU HCEVQTUÒ KPENWFKPI FGITGG QHECRKVCNK\CVKQPÒ XGTVKECN KPVGITCVKQPÒ RTGEKUG NQECVKQP QH RTQFWEVKQP HCEKNKVKGU CPFIGQITCRJKE TCPIG QH QRGTCVKQPUÒÏÏÍ CPF HQTOGT VKGU VQ %WDCÔÏÏÈ #NUQÒ 7Ô5Ô KORQTVU QHYKPVGT XGIGVCDNGU HTQO %WDC YQWNF RTQDCDN[ FKURNCEG UQOG KORQTVU HTQO QVJGTUQWTEGUÒ UWEJ CU /GZKEQÔ

%WDC YQWNF HCEG EQORGVKVKQP KP VJG 7Ô5Ô KORQTV OCTMGV OCKPN[ HTQO/GZKEQÒ CU YGNN CUHTQO %CPCFC CPF VJG 0GVJGTNCPFUÔÏÏË 7Ô5Ô EQNWOP Ï"IGPGTCN TCVGU QH FWV[ CTG NQY QPOQUV HTGUJ YKPVGT XGIGVCDNGUÒ TCPIKPI HTQO sHTGGt VQ ÊÔÊ RGTEGPV CF XCNQTGO CPF YKVJCP CXGTCIG VCTKHH QH ÏÔÂ RGTEGPV CF XCNQTGOÔÏÏÁ %WDC DGPGHKVVGF HTQO RTGHGTGPVKCNFWVKGU RTKQT VQ VJG UCPEVKQPUÒ DWV VJG FKHHGTGPEG DGVYGGP VJG EQNWOP Ï"IGPGTCN TCVGU CPFVJG RTGHGTGPVKCN TCVGU JCU DGGP OQUVN[ GNKOKPCVGF VJTQWIJ FWV[ TGFWEVKQPU QXGT VKOGÔ

ÏÌÂw%QPVKPWGFRGT CETGÔ 6JWUÒ IKXGP PQ KPETGCUG KP CETGCIG YKVJ VJG CRRNKECVKQP QH KPRWVUÒ %WDCP [KGNFU EQWNF CRRTQCEJ7Ô5Ô NGXGNU CPF RTQFWEVKQP EQWNF TKUG D[ UGXGTCN HQNFÔ %WDCP CETGCIG KU EQORCTCDNG VQ VJCV KP (NQTKFC HQTOQUV YKPVGT XGIGVCDNGU CPF JCU TQQO VQ KPETGCUGÔ (QT VQOCVQGUÒ %WDCP CETGCIG VQVCNGF CDQWV È‰ÒÌÌÌCETGU KP Ï‰‰ÂÒ CU EQORCTGFYKVJÍ‰ÒÌÌÌ CETGU KP (NQTKFCÔ %WDCP RGRRGT CETGCIGYCUCDQWV ÈÒÌÌÌCETGUVJCV [GCT CU EQORCTGF YKVJ CDQWV Ï‰ÒÌÌÌ CETGU KP (NQTKFCÔ 6QVCN %WDCP YKPVGT XGIGVCDNG RTQFWEVKQP YCUCDQWV ÏÔË OKNNKQP OGVTKE VQPU KP Ï‰‰‰Ô 6Q UWRRN[ ˘ÏÌÌOKNNKQP QH GZRQTVU QH YKPVGT XGIGVCDNGU VQ VJG 7PKVGF5VCVGU ıCDQWV ÏÌ RGTEGPV QH 7Ô5Ô KORQTVUÙÒ CUUWOKPIC WPKV XCNWG QHCDQWV ˘ËÌÌRGTOGVTKE VQPÒ %WDCYQWNFJCXG VQ KPETGCUG RTQFWEVKQP D[ CDQWV ÎÌÌÒÌÌÌ OGVTKE VQPUÒ QT CDQWV ÏÍ RGTEGPV QH VJG Ï‰‰‰ NGXGNÔ%CNEWNCVGF DCUGF QP UVCVKUVKEU QH VJG (NQTKFC #ITKEWNVWTCN 5VCVKUVKEU 5GTXKEG CPF VJG 1HKEKPC 0CEKQPCN FG'UVCFKUVºECUÒ #PWCTKQ 'UVCFºUVKEQ FG %WDC Ï‰‰ÂÒ ı*CXCPCÒ Ï‰‰‰ÙÔ

ÏÌ‰ %QOOKUUKQP UVCHH HKGNF KPVGTXKGYU YKVJ 7Ô5Ô YKPVGT XGIGVCDNG KPFWUVT[ TGRTGUGPVCVKXGU CPFCECFGOKEUÒ 5GRVÔ ÎË"Î‰Ò ÎÌÌÌÔ

ÏÏÌ 2TKPEKRCN FQOGUVKEOCTMGVU HQT YKPVGT XGIGVCDNGU RTQFWEGF KP 5QWVJ (NQTKFC CTG UECVVGTGF COQPIOCLQT OGVTQRQNKVCP CTGCU UWEJ CU 0GY ;QTMÒ %JKECIQÒ CPF .QU #PIGNGUÔ +PFWUVT[ TGRTGUGPVCVKXGÒVGNGRJQPG KPVGTXKGYÒ D[ VJG %QOOKUUKQP UVCHHÒ ,WPG Î‰Ò ÎÌÌÌÔ

ÏÏÏ 5GG PQVG ÏÌÎÔÏÏÎ ,QJP ,Ô 8CP5KEMNG CPF 9KNNKCO /GUUKPCÒ %WDCrU 8GIGVCDNG +PFWUVT[Ò +PVGTPCVKQPCN 9QTMKPI

2CRGT 5GTKGU +9‰Í"ÍÒ +PVGTPCVKQPCN #ITKEWNVWTCN 6TCFG CPF &GXGNQROGPV %GPVGTÒ (QQF CPF 4GUQWTEG'EQPQOKEU &GRCTVOGPVÒ 7PKXGTUKV[ QH (NQTKFCÒ )CKPGUXKNNGÒ (.Ò (GDÔ Ï‰‰ÍÒ RÔ ‰Ô

ÏÏÍ 5QOG (NQTKFC XGIGVCDNG ITQYGTU JCXG QRGTCVKQPU CNQPI VJG GPVKTG 7Ô5Ô GCUV EQCUVÒ YJKEJ GPCDNGUVJGO VQ UWRRN[ RTQFWEV VJTQWIJQWVOQUV QH VJG [GCTÔ 6JGUG ITQYGTU CTG NKMGN[ VQ DG NGUU CHHGEVGF D[ KORQTVUHTQO %WDC FWTKPI VJG YKPVGT OQPVJU VJCP ITQYGTU YJQ QRGTCVG UQNGN[ KP (NQTKFCÔ

ÏÏÈ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGYÒ D[ VJG %QOOKUUKQP UVCHHÒ ,WN[ ÎÈÒ ÎÌÌÌÔÏÏË 7Ô5Ô KORQTVU QH YKPVGT XGIGVCDNGU HTQO %CPCFC CPF VJG 0GVJGTNCPFU CTG RTQFWEGF KP

ITGGPJQWUGUÔÏÏÁ %CNEWNCVGF DCUGF QP QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÔ %CNEWNCVGF FWVKGU

FKXKFGF D[ %WUVQOU XCNWGÔ

Ë"ÎÁ

%QNWOP Î TCVGU RTQDCDN[ YQWNF PQV DG RTQJKDKVKXG VQ %WDCP YKPVGT XGIGVCDNGUÔÏÏÊ

2J[VQUCPKVCT[ OGCUWTGU CPF OCTMGVKPI QTFGT TGIWNCVKQPUÒ JQYGXGTÒ CTG NKMGN[ VQ JCXGC ITGCVGT GHHGEV CU CRRTQXCN VQ KORQTV XGIGVCDNGU HTQO %WDC EQWNF VCMG UGXGTCN[GCTUÔÏÏÂ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG %WDCP YKPVGT XGIGVCDNG OCTMGV JCXG DGGPUKIPKHKECPVÔ %WDC YCU C UKIPKHKECPV QXGTCNN UWRRNKGT QH YKPVGT XGIGVCDNGUÒ RCTVKEWNCTN[VQOCVQGU CPF EWEWODGTUÒ VQ VJG 7Ô5Ô OCTMGV RTKQT VQ VJG UCPEVKQPUÔÏÏ‰ 6JG TGNCVKXGN[JKIJ RGTKUJCDKNKV[ QH VJG RTQFWEVUÒ EQWRNGF YKVJ VJG NCEM QH TGHTKIGTCVGF FKUVTKDWVKQPECRCDKNKVKGU CV VJG VKOGÒ IGPGTCNN[ NKOKVGF VJG TGFKTGEVKQP QH %WDCP GZRQTVU QH YKPVGTXGIGVCDNGU VQ VJG TGNCVKXGN[ FKUVCPV UWEEGUUQT OCTMGVUÒ PCOGN[ VJG 5QXKGV 7PKQPÔ 5QOGGZRQTVU YGTG TGRQTVGF VQ %CPCFC CPF 'CUVGTP 'WTQRGCP OCTMGVUÔÏÎÌ #HVGT VJGFKUUQNWVKQP QH VJG 5QXKGV 7PKQP KP Ï‰Â‰Ò %WDCP YKPVGT XGIGVCDNG RTQFWEVKQP HGNNUWDUVCPVKCNN[Ò OCKPN[ QYKPI VQ VJG NCEM QH KORQTVGF KPRWVU ıHGTVKNK\GTUÒ RGUVKEKFGUÙ HTQOVJCV UQWTEGÔÏÎÏ

6JG UCPEVKQPU JCF NKVVNG KORCEV QP %WDCP KORQTVU QH YKPVGT XGIGVCDNGU HTQO VJG 7PKVGF5VCVGUÒ CU UWEJ KORQTVU YGTGOKPQT CV VJCV VKOGÔ*QYGXGTÒ VJG UCPEVKQPU CHHGEVGF%WDCPKORQTVU QH QVJGT XGIGVCDNGU CPF XGIGVCDNG RTQFWEVU HTQO VJG 7PKVGF 5VCVGUÒ UWEJ CURQVCVQGUÒ QPKQPUÒ ECTTQVUÒ CPF XCTKQWU RTQEGUUGF XGIGVCDNG RTQFWEVUÔÏÎÎ

6JG EWTTGPV KORCEV QP VJG %WDCP YKPVGT XGIGVCDNG UGEVQT KU OKPKOCNÒÏÎÍ CPF %WDCPRTQFWEVKQP YQWNF TGOCKP NQY GXGP KP VJG CDUGPEG QH UCPEVKQPUÔ +P CFFKVKQPÒ 7Ô5ÔRJ[VQUCPKVCT[ TGUVTKEVKQPU YQWNF KORQUG HWTVJGT NKOKVCVKQPU QH VTCFGÔ #U C TGUWNVÒ %WDCPGZRQTVU QH HTGUJ YKPVGT XGIGVCDNGU VQ VJG 7Ô5Ô OCTMGV RTQDCDN[ YQWNF VCMG UGXGTCN[GCTU VQ FGXGNQRÔ *QYGXGTÒ KP VJG NQPIGT VGTOÒ %WDC KU NKMGN[ VQ TGUWOG UWDUVCPVKCNGZRQTVU QH YKPVGT XGIGVCDNGU VQ VJG 7Ô5Ô OCTMGVÔ %WDC IGPGTCNN[ RQUUGUUGU CFXCPVCIGUKP ENKOCVGÒ UQKNUÒ EQUVUÒ CPF RTQZKOKV[ VQ VJG 7Ô5Ô OCTMGV CU EQORCTGF YKVJ EWTTGPV 7Ô5ÔCPF HQTGKIP UWRRNKGTU HQT OCP[ QH VJG XGIGVCDNGUÔ 6JG SWCNKV[ QH %WDCP RTQFWEVKQP KU

ÏÏÊ %QNWOP Î TCVGU HQT VJG HTGUJYKPVGT XGIGVCDNGU QH EQPEGTP TCPIGF DGVYGGP CDQWV Ë CPF ÁRGTEGPVCF XCNQTGO GSWKXCNGPV ı#8'Ù DCUGF QP VJG WPKV XCNWGU QH 7Ô5Ô KORQTVU KP Ï‰‰‰Ô 6JG EQNWOP Î #8' HQTVQOCVQGU KP Ï‰‰‰ YCU CDQWV Ê RGTEGPVÒ VJCV HQT RGRRGTU CDQWV Ë RGTEGPVÒ CPF VJCV HQT EWEWODGTU CDQWVÏÁ RGTEGPVÔ 6JG FKHHGTGPEG DGVYGGP VJG EQNWOP Ï CPF EQNWOP Î #8'U ıDCUGF QP Ï‰‰‰ VTCFGÙ HQT HTGUJYKPVGT XGIGVCDNGU TCPIGF DGVYGGP Ï CPF Á RGTEGPVCIG RQKPVUÔ

ÏÏÂ9KNNKCO /GUUKPCÒ 4KEJCTF 0Ô $TQYPÒ ,COGU 'Ô 4QUUÒ CPF ,QUj #NXCTG\Ò s%WDCP0QP"5WICTECPG#ITKEWNVWTCN 6TCFG 2CVVGTPU„ *KUVQTKECN 2GTURGEVKXGU CPF (WVWTG 2TQURGEVUÒt %WDC KP 6TCPUKVKQPv8QNWOG ÊÒı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÊÙÒ RÔ ÎÌÔ

ÏÏ‰ ,QJP ,Ô 8CP5KEMNG CPF 9KNNKCO /GUUKPCÒ %WDCrU 8GIGVCDNG +PFWUVT[Ò +PVGTPCVKQPCN 9QTMKPI2CRGT 5GTKGU +9‰Í"ÍÒ +PVGTPCVKQPCN #ITKEWNVWTCN 6TCFG CPF &GXGNQROGPV %GPVGTÒ (QQF CPF 4GUQWTEG'EQPQOKEU &GRCTVOGPVÒ 7PKXGTUKV[ QH (NQTKFCÒ )CKPGUXKNNGÒ (.Ò (GDÔ Ï‰‰ÍÒ RÔ ÏÔ

ÏÎÌ -CVJT[P *Ô 9[NKGÒ # 5WTXG[ QH #ITKEWNVWTG KP %WDCÒ 75&#Ò 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ ,WPGÏ‰Á‰Ò RÔ ÎÌÔ

ÏÎÏ 9KNNKCO /GUUKPCÒ 4KEJCTF 0Ô $TQYPÒ ,COGU 'Ô 4QUUÒ CPF ,QUj #NXCTG\Ò s%WDCP0QP"5WICTECPG#ITKEWNVWTCN 6TCFG 2CVVGTPU„ *KUVQTKECN 2GTURGEVKXGU CPF (WVWTG 2TQURGEVUÒt %WDC KP 6TCPUKVKQPv8QNWOG ÊÒı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÊÙÒ RÔ ÏÁÔ

ÏÎÎ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ 7PKVGF 5VCVGU 'ZRQTVU QH &QOGUVKE /GTEJCPFKUGÒ 4GRQTV 0QÔ(6ÈÏÌÒ /C[ Ï‰ÁÏÔ

ÏÎÍ 5GG VJG RTGXKQWU UGEVKQP HQT GUVKOCVGU QH VJG NGXGN QH VTCFG YKVJ VJG 7PKVGF 5VCVGUÔ

Ë"ÎÊ

NKMGN[ VQ KORTQXG YKVJ VJG CFQRVKQP QH VGEJPQNQI[ CPF VJG WUG QH XKVCN RTQFWEVKQP KPRWVUÔ6JG 7Ô5Ô KPFWUVT[Ò DQVJ NCTIG HKTOU CPF KPFKXKFWCN ITQYGTUÒ YQWNF RTQDCDN[ KPXGUV KP%WDCP RTQFWEVKQP HCEKNKVKGU KH EGTVCKP GEQPQOKE NKDGTCNK\CVKQPOGCUWTGU YGTG VCMGPÔÏÎÈ

6JG NGPIVJ QH VKOG DGHQTG UWEJ VTCFG YQWNF TGUWOG YQWNF FGRGPF QP KUUWGU UWEJ CURJ[VQUCPKVCT[ CRRTQXCNUÒ GZRTQRTKCVKQP ENCKOUÒ CPF HQTGKIP KPXGUVOGPV CPF RTQHKVTGRCVTKCVKQP TGUVTKEVKQPUÔ +PFWUVT[ UQWTEGU KPFKECVG VJCV UWEJ VTCFG RTQDCDN[ YQWNF VCMGÏÌ [GCTU VQ FGXGNQRÔÏÎË

%WDC YQWNF RTQDCDN[ DGEQOG C PGV KORQTVGT QH YKPVGT XGIGVCDNGU HTQO VJG 7PKVGF5VCVGU KP VJG UJQTV VGTOÒ OCKPN[ VQ UWRRN[ VJG ITQYKPI VQWTKUO UGEVQTÔ 7Ô5Ô RTQFWEGTU KP(NQTKFC CTG KP ENQUG RTQZKOKV[ VQ VJG %WDCP OCTMGVÒ VJG[ EWTTGPVN[ RQUUGUU C INQDCNTGRWVCVKQP HQT JKIJ RTQFWEV SWCNKV[Ò CPF EWNVWTCN VKGU DGVYGGP ITQYGTU KP 5QWVJ (NQTKFCCPF VJG %WDCP OCTMGV UVKNN GZKUVÔ %QORGVKVKQP HCEGF D[ 7Ô5Ô GZRQTVU KP VJG %WDCPOCTMGV YQWNF RTQDCDN[ EQOG HTQO %CPCFCÒ /GZKEQÒ CPF %JKNGÔ %WDCP VTCFGOGCUWTGU CTG PQV NKMGN[ VQ EQPUVTCKP KORQTVU KP VJG UJQTV VGTOÔ +P VJG NQPIGT VGTOÒ VJGNKMGNKJQQF QH UWUVCKPGF CPF GZRCPFKPI 7Ô5Ô GZRQTVU QH YKPVGT XGIGVCDNGU VQ %WDCÒRCTVKEWNCTN[ VQ UWRRN[ VJG FQOGUVKE OCTMGVÒ KU NGUU EGTVCKPÒ IKXGP VJG TGNCVKXG EQORGVKVKXGFKUCFXCPVCIG QH VJG 7Ô5Ô KPFWUVT[ EQORCTGF YKVJ VJCV QH %WDC KP VGTOU QH RTQFWEVKQPCPF OCTMGVKPI EQUVUÔ #P[ SWCNKV[ CFXCPVCIGU OCKPVCKPGF D[ 7Ô5Ô GZRQTVU RTQDCDN[YQWNF GTQFG QXGT VKOG CU VJG %WDCP KPFWUVT[ KORTQXGF KVU ITQYKPI CPF FKUVTKDWVKQPRTCEVKEGUÔ

6666TTTTQQQQRRRRKKKKEEEECCCCNNNN ((((TTTTWWWWKKKKVVVVÏÏÏÏÎÎÎÎÁÁÁÁ

7Ô5Ô RTQFWEVKQP QH VTQRKECN HTWKV VQVCNGF CRRTQZKOCVGN[ ˘ÈËÌ OKNNKQP KP Ï‰‰‰Ô 7Ô5ÔRTQFWEVKQP CPF KORQTVU JCXG DGGP KPETGCUKPI KP TGEGPV [GCTU KP TGURQPUG VQ TKUKPIFGOCPF HWGNGF OCKPN[ D[ EQPUWOGT JGCNVJ EQPEGTPUÔ +ORQTVU UWRRN[ VJG DWNM QHEQPUWORVKQPÒ YJKNG GZRQTVU CTG TGNCVKXGN[ OKPQTÔ 6JG 7PKVGF 5VCVGU KU C TGNCVKXGN[ OKPQTINQDCN RTQFWEGT DWV KU C OCLQT YQTNF KORQTVGT QH VTQRKECN HTWKVÔ 7Ô5Ô TCVGU QH FWV[ CTGTGNCVKXGN[ NQY QP KORQTVU QH VTQRKECN HTWKVÒ DWV RJ[VQUCPVKCT[ TGUVTKEVKQPU NKOKV VTCFG KPEGTVCKP KVGOUÔ

%WDCP RTQFWEVKQP QH VTQRKECN HTWKV TGCEJGF CRRTQZKOCVGN[ ‰ÍÂÒÌÌÌ OGVTKE VQPU KPÏ‰‰‰Ô #PPWCN RTQFWEVKQP JCU KPETGCUGF KTTGIWNCTN[ KP TGEGPV [GCTUÔ %WDC KU C TGNCVKXGN[OKPQT INQDCN RTQFWEGT CPF VTCFGTÔ %WDCP RTQFWEVKQP KU NKOKVGF D[ C UGXGTG NCEM QH XKVCNKPRWVUÒ UWEJ CU HGTVKNK\GTU CPF RGUVKEKFGUÒ CU VJG CDKNKV[ VQ RWTEJCUG UWEJ KORQTVU KUEQPUVTCKPGF D[ C NCEM QH HQTGKIP GZEJCPIGÔÏÎÊ

ÏÎÈ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYUÒ D[ VJG %QOOKUUKQP UVCHHÒ ,WPG Î‰Ò ÎÌÌÌ CPF#WIÔ ÊÒ ÎÌÌÌ‚ KPFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ 75+6% VGNGRJQPG UWTXG[Ò ,WPG ÎÊÒ ÎÌÌÌÔ

ÏÎË +DKFÔÏÎÁ +PENWFGU DCPCPCUÒ RKPGCRRNGUÒ RNCPVCKPUÒ CXQECFQUÒ OCPIQGUÒ IWCXCUÒ CPF RCRC[CUÔÏÎÊ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP VTQRKECN HTWKV UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò

VCDNGU )"ÎÌC VJTQWIJ )"ÎÌFÔ

Ë"ÎÂ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU*KUVQTKECNN[Ò UCPEVKQPU RTQDCDN[ JCF C RQUKVKXG DWV UOCNN KORCEV QP VJG 7Ô5Ô VTQRKECNHTWKV KPFWUVT[Ô 7Ô5Ô VTQRKECN HTWKV HKTOU QRGTCVGF KP %WDC RTKQT VQ VJG KORQUKVKQP QHUCPEVKQPUÒ CPF OCP[ KPFKXKFWCN HTWKV ITQYGTU GOKITCVGF HTQO %WDC CHVGT VJG %CUVTQIQXGTPOGPV CUUWOGF RQYGTÒ UGVVKPI WR PGY QRGTCVKQPU KP VJG 5QWVJ (NQTKFC TGIKQPÔ6JKU KPHNWZ KPVQ VJG 7PKVGF 5VCVGU QH JKIJN[ UMKNNGF ITQYGTU YCU C MG[ HCEVQT KPGUVCDNKUJKPI VJG 7Ô5Ô KPFWUVT[ KP VJG GCTN[ Ï‰ÁÌUÔÏÎÂ /GCPYJKNGÒ NCTIG HKTOU VJCVUQWTEGF RTQFWEVUÏÎ‰ HTQO %WDC RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPU HQWPF CNVGTPCVKXGUQWTEGU HQT UWRRNKGUÒ OCKPN[ KP QVJGT %CTKDDGCP CPF .CVKP #OGTKECP EQWPVTKGU ıUWEJ CU/GZKEQÒ &QOKPKECP 4GRWDNKEÒ CPF %QUVC 4KECÙ CPF KP #UKC ıUWEJ CU 2JKNKRRKPGUÒ/CNC[UKCÒ CPF 6CKYCPÙÔ 6JG 7Ô5Ô VTQRKECN HTWKV UGEVQT JKUVQTKECNN[ FKF PQV GZRQTV VQ VJG%WDCP OCTMGVÒ CPF %WDC YCU C OKPQT OCTMGV HQT 7Ô5Ô GZRQTVU QH QVJGT HTWKVUÒ UWEJ CUCRRNGUÒ RGCTUÒ CPF ITCRGUÔÏÍÌ

+P VJG CDUGPEG QH UCPEVKQPUÒ VJG KORCEV QP VJG 7Ô5Ô VTQRKECN HTWKV UGEVQT KU NKMGN[ VQ DGRQUKVKXG KP VJG UJQTV VGTO CPF PGICVKXG KP VJG NQPI VGTOÔ #NVJQWIJ VJG 7PKVGF 5VCVGUJKUVQTKECNN[ FKF PQV GZRQTV VTQRKECN HTWKVU VQ %WDCÒ VJG FGXGNQROGPV QH VJG 5QWVJ (NQTKFCVTQRKECN HTWKV KPFWUVT[ CPF VJG EWTTGPV ITQYVJ KP %WDCP FGOCPFÒ RCTVKEWNCTN[ YKVJTGURGEV VQ VJG VQWTKUV VTCFGÒ YKNN RTQDCDN[ TGUWNV KP PGV GZRQTVU D[ VJG 7PKVGF 5VCVGU KP VJGUJQTV VGTOÔÏÍÏ %WDC YQWNF RTQDCDN[ CNUQ TGUWOG KORQTVU QH PQPVTQRKECN HTWKVÒ UWEJ CUCRRNGUÒ RGCTUÒ ITCRGUÒ CPF ECPPGF HTWKVÔ

6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QH VTQRKECN HTWKV VQ %WDC YQWNF VQVCN˘ÍÁÒÌÌÌ VQ ˘ÊÎÒÌÌÌ CPPWCNN[ KP VJG UJQTV VGTO KP VJG CDUGPEG QH UCPEVKQPUÒ CNOQUV CNNVQ UWRRN[ %WDCrU VQWTKUO UGEVQTÔÏÍÎ .QPI"VGTO 7Ô5Ô GZRQTV ITQYVJ KU NKMGN[ VQ DGEQPUVTCKPGF RTKOCTKN[ D[ VJG 7Ô5Ô KPFWUVT[rU EQORGVKVKXG FKUCFXCPVCIG KP UWRRN[KPI VJG%WDCP FQOGUVKE OCTMGV YKVJ TGURGEV VQ JKIJGT NCDQT CPF VTCPURQTVCVKQP EQUVUÒ NKOKVGF7Ô5Ô RTQFWEVKQP ECRCEKV[Ò CPF %WDCrU NCEM QH HQTGKIP GZEJCPIGÔÏÍÍ

ÏÎÂ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGYÒ D[ VJG %QOOKUUKQP UVCHHÒ ,WPG Î‰Ò ÎÌÌÌÔ 6YQ NCTIG7Ô5Ô HTWKV HKTOU JCXG UWDUVCPVKCN GZRTQRTKCVKQP ENCKOU CICKPUV VJG %WDCP )QXGTPOGPVÒ CU FQ OCP[KPFKXKFWCN HTWKV ITQYGTUÔ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGYÒ D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÍÒÎÌÌÌ‚ /CVKCU (Ô 6TCXGUKQ"&KC\Ò s#NVGTPCVKXG 4GOGFKGU KP C 0GIQVKCVGF 5GVVNGOGPV QH VJG 7Ô5Ô 0CVKQPCNUr'ZRTQRTKCVKQP %NCKOU #ICKPUV %WDCÒt 7PKXGTUKV[ QH 2GPPU[NXCPKC ,QWTPCN QH +PVGTPCVKQPCN 'EQPQOKE .CYÒXQNÔ ÏÊÒ PQÔ ÎÒ Ï‰‰ÁÔ

ÏÎ‰ 2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ %WDC YCU VJG UQNG HQTGKIP UWRRNKGT QH HTGUJ CXQECFQU VQ VJG7Ô5Ô OCTMGVÒ YKVJ 7Ô5Ô KORQTVU VQVCNKPI ˘ÍË‰ÒÌÌÌ KP Ï‰ÁÌÔ %WDC YCU CNUQ VJG UGEQPF NGCFKPI HQTGKIPUWRRNKGT QH HTGUJOCPIQGU ı˘Ê‰ÒÌÌÌÙ CPF RKPGCRRNG RTQFWEVU ı˘ËOKNNKQPÒ KPENWFKPI RTQEGUUGFÙ VJCV [GCTÔ%WDC UWRRNKGF Î‰ RGTEGPV QH VJG ˘ÏËÔË OKNNKQP QH 7Ô5Ô RKPGCRRNG KORQTVU KP Ï‰ÁÌ CPF UWRRNKGF UKIPKHKECPVCOQWPVU QH VTQRKECN HTWKV RTGRCTCVKQPU VQ VJG 7Ô5Ô OCTMGVÔ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ 7PKVGF 5VCVGU+ORQTVU QH/GTEJCPFKUG HQT %QPUWORVKQPÒ 4GRQTV0QÔ (6ÏÏÌÒ/C[ Ï‰ÁÏ‚ 75&#Ò (#5Ò (QTGKIP #ITKEWNVWTCN6TCFG QH VJG 7PKVGF 5VCVGUÒ #WIÔ Ï‰ÁÏÔ

ÏÍÌ +PFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ 75+6% VGNGRJQPG UWTXG[Ò ,WPG ÎÊÒ ÎÌÌÌ‚ 75&#Ò (#5Ò(QTGKIP #ITKEWNVWTCN 6TCFGÒ XCTKQWU CPPWCN KUUWGUÔ

ÏÍÏ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYUÒ D[ VJG %QOOKUUKQP UVCHHÒ ,WPG Î‰ CPF #WIÔ ÊÒÎÌÌÌ‚ KPFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ 75+6% VGNGRJQPG UWTXG[Ò ,WPG ÎÊÒ ÎÌÌÌÔ

ÏÍÎ $CUGF QP (QQF CPF #ITKEWNVWTG 1TICPK\CVKQP CPF %GPVTCN +PVGNNKIGPEG #IGPE[ FCVC QP %WDCPKORQTVU FWTKPI Ï‰‰Ë"‰‰Ò CU TGRQTVGF D[ RCTVPGT EQWPVTKGUÔ

ÏÍÍ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYUÒ D[ VJG %QOOKUUKQP UVCHHÒ ,WPG Î‰Ò ÎÌÌÌ CPF#WIÔÊÒ ÎÌÌÌ‚ KPFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ 75+6% VGNGRJQPG UWTXG[Ò ,WPG ÎÊÒ ÎÌÌÌÔ

Ë"Î‰

7Ô5Ô HTWKV GZRQTVU VQ %WDC RTQDCDN[ YQWNF HCEG EQORGVKVKQP HTQO .CVKP CPF 5QWVJ#OGTKECP UWRRNKGTUÔ %JKNGÒ #TIGPVKPCÒ CPF /GZKEQ CTG COQPI VJG TGIKQPrU NGCFKPIRTQFWEGTU CPF GZRQTVGTU QH DQVJ VTQRKECN CPF PQPVTQRKECN HTWKVU CPF CTG EWTTGPVUWRRNKGTU VQ %WDCÔ *QYGXGTÒ EWTTGPV NGXGNU QH %WDCP KORQTVU CTG TGNCVKXGN[ OKPQTÒ CPFHQT UQOG KVGOU VJGTG OC[ DG C RTGHGTGPEG HQT 7Ô5Ô RTQFWEVUÔ %WDCP FWV[ TCVGU HQT HTWKVUCTG DQWPF WPFGT VJG961CV ÈÌ RGTEGPV CF XCNQTGOÒ CNVJQWIJ /(0 CRRNKGF TCVGU HQTOQUV HTWKVU TCPIG DGVYGGP Ë CPF ÏÌ RGTEGPV CF XCNQTGOÔ

6JG CDUGPEG QH UCPEVKQPU YQWNF RTQDCDN[ TGUWNV KP TGNCVKXGN[ OKPQT CPPWCN NGXGNU QH7Ô5Ô KORQTVU QH VTQRKECN HTWKV HTQO %WDC KP VJG UJQTV VGTOÔ 5WEJ KORQTVU EQWNF VQVCN˘‰ÌÒÌÌÌ VQ ˘ÏÂÌÒÌÌÌÒ TGRTGUGPVKPI NGUU VJCP QPG"VGPVJ QH Ï RGTEGPV QH VQVCN 7Ô5ÔKORQTVU QH VTQRKECN HTWKVÔÏÍÈ +P VJG NQPIGT VGTOÒ 7Ô5Ô KORQTVU QH VTQRKECN HTWKV HTQO %WDCCTG NKMGN[ VQ DG UKIPKHKECPVN[ JKIJGTÒ KP VJG VGPU QHOKNNKQPU QH FQNNCTUÒ KH %WDCOCPCIGU VQQXGTEQOG EQPUVTCKPVU TGICTFKPI NKOKVGF CEEGUU VQ KPRWVU ıHGTVKNK\GTÒ RGUVKEKFGUÙÒVGEJPQNQI[Ò CPF ECRKVCNÔ 5WEJ KORQTVU RTQDCDN[ YQWNF EQPUKUV OCKPN[ QH CXQECFQUÒOCPIQGUÒ CPF RCRC[CUÔ /QTGQXGTÒ VJG 7Ô5Ô KPFWUVT[ JCU CP KPVGTGUV KP KPXGUVKPI KP VJG%WDCP VTQRKECN HTWKV UGEVQTÒ CNVJQWIJ UWEJ KPXGUVOGPV YQWNF FGRGPF QP VJGNKDGTCNK\CVKQP QH VJG %WDCP GEQPQO[Ò RCTVKEWNCTN[ YKVJ TGURGEV VQ NCPF QYPGTUJKRÔÏÍË +PCFFKVKQP VQ GZRQTVKPI VQ VJG 7Ô5Ô OCTMGVÒ 7Ô5Ô HKTOU GUVCDNKUJKPI QRGTCVKQPU KP %WDCEQWNF CNUQ GZRQTV RTQFWEVU VQ QVJGT OCTMGVU UWEJ CU VJG '7 CPF ,CRCPÔÏÍÁ

1XGT VJG NQPIGT VGTOÒ 7Ô5Ô KORQTVU QH VTQRKECN HTWKV HTQO %WDC RTQDCDN[ YQWNF JCXG CPGICVKXG KORCEV QP RTQFWEGTU KP 5QWVJ (NQTKFCÔ 5WEJ KORQTVU YQWNF EQORGVG FKTGEVN[YKVJ RTQFWEVKQP HTQO VJKU NQECVKQP KP VGTOU QH V[RGU QH HTWKV CPF UGCUQPCNKV[Ô #NVJQWIJ5QWVJ (NQTKFC RTQFWEGTU CTG ENQUGT VQ OCLQT 7Ô5Ô OCTMGVUÒ VJKU RTQZKOKV[ CFXCPVCIG KUVGORGTGF D[ VJG TGNCVKXG FKUVCPEG QH VJGUG OCTMGVU HTQO DQVJ 5QWVJ (NQTKFC CPF%WDCÔÏÍÊ +ORQTVU CTG NKMGN[ VQ DGPGHKV VTQRKECN HTWKV RCEMGTU CPF DTQMGTUÒ YJQ EWTTGPVN[JCPFNG KORQTVGF RTQFWEV HTQO QVJGT UQWTEGUÔ %WDC YQWNF HCEG EQORGVKVKQP KP VJG 7Ô5ÔKORQTV OCTMGV OCKPN[ HTQO QVJGT .CVKP #OGTKECP UQWTEGUÒ RTKPEKRCNN[ /GZKEQÒ %QUVC4KECÒ *QPFWTCUÒ CPF &QOKPKECP 4GRWDNKEÔ 7Ô5Ô VCTKHHU IGPGTCNN[ CTG NQY QP HTGUJVTQRKECN HTWKVUÒ TCPIKPI HTQO HTGG VQ ‰ÔÊ RGTEGPV CF XCNQTGOÒ YKVJ CP CXGTCIG VCTKHH QHÌÔÈ RGTEGPV CF XCNQTGOÔÏÍÂ %WDC DGPGHKVVGF HTQO RTGHGTGPVKCN FWVKGU RTKQT VQ VJGUCPEVKQPUÒ DWV VJG FKHHGTGPEG DGVYGGP VJG EQNWOP Ï"IGPGTCN TCVGU CPF VJG RTGHGTGPVKCNTCVGU IGPGTCNN[ JCU DGGP GNKOKPCVGF VJTQWIJ FWV[ TGFWEVKQPU QXGT VKOGÔ +H EQNWOP ÎTCVGU YGTG CRRNKGFÒ FWVKGU CTG NKMGN[ VQ DG RTQJKDKVKXG VQ %WDCP GZRQTVU QH VTQRKECN HTWKVU

ÏÍÈ 6JG GUVKOCVG KU C UJQTV"VGTO GHHGEVÒ CUUWOKPI ËÌ VQ ÏÌÌ RGTEGPV QH %WDCP GZRQTVU QH VTQRKECN HTWKVYQWNF DG FGUVKPGF HQT VJG7Ô5Ô OCTMGV CPF VJCV VJG EQNWOP Ï"IGPGTCN TCVG QH FWV[ YQWNF DG CRRNKGFÔ $CUGFQP (QQF CPF #ITKEWNVWTG 1TICPK\CVKQP FCVC HQT %WDCP GZRQTVU FWTKPI Ï‰‰Ë"‰ÂÔ

ÏÍË 5GG PQVG ÏÍÏÔÏÍÁ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGYÒ D[ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÊÒ ÎÌÌÌÔÏÍÊ 2TKPEKRCN FQOGUVKE OCTMGVU HQT VJG VTQRKECN HTWKVU RTQFWEGF KP 5QWVJ (NQTKFC CTG UECVVGTGF COQPI

OCLQT OGVTQRQNKVCP CTGCU UWEJ CU 0GY ;QTMÒ %JKECIQÒ CPF .QU #PIGNGUÔ +PFWUVT[ TGRTGUGPVCVKXGÒVGNGRJQPG KPVGTXKGYÒ ,WPG Î‰Ò ÎÌÌÌÔ

ÏÍÂ %CNEWNCVGF DCUGF QP QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÔ %CNEWNCVGF FWVKGUFKXKFGF D[ %WUVQOU XCNWGÔ

Ë"ÍÌ

CPF VJWU RTQFWEGTU KP 5QWVJ (NQTKFC YQWNF PQV DG CHHGEVGFÔÏÍ‰ 2J[VQUCPKVCT[OGCUWTGUYQWNF RTQDCDN[ JCXG C ITGCVGT CHHGEVÒ CPF CRRTQXCN VQ KORQTV HTWKVU HTQO %WDC EQWNFVCMG UGXGTCN [GCTUÔÏÈÌ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC(TQO C JKUVQTKECN RGTURGEVKXGÒ UCPEVKQPU JCF C UKIPKHKECPV KORCEV QP %WDCrU VTQRKECNHTWKV KPFWUVT[Ô 6JG 7PKVGF 5VCVGU YCU C OCLQT EQPUWOGT QH VTQRKECN HTWKVU GZRQTVGF HTQO%WDC RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÔ 9KVJ VJG NQUU QH VJG 7Ô5Ô OCTMGVÒ %WDCPGZRQTVU YGTG TGFKTGEVGF OCKPN[ VQ VJG 5QXKGV 7PKQP CPF 'WTQRGÔÏÈÏ 6JG UCPEVKQPU JCFNKVVNG KORCEV QP %WDCP KORQTVU QH VTQRKECN HTWKVU HTQO VJG 7PKVGF 5VCVGU DGECWUG UWEJKORQTVU YGTG OKPQTÔ

#UOGPVKQPGF CDQXGÒ %WDC RTQDCDN[YQWNF TGUWOG UWDUVCPVKCN GZRQTVU QH VTQRKECN HTWKVVQ VJG 7Ô5Ô OCTMGV KP VJG NQPI VGTO KP VJG CDUGPEG QH UCPEVKQPUÔ (QT OCP[ QH VJG HTWKVUWPFGT TGXKGYÒ %WDC IGPGTCNN[ RQUUGUUGU CFXCPVCIGU KP ENKOCVGÒ UQKNUÒ NCPF CPF NCDQTEQUVUÒ CPF RTQZKOKV[ VQ VJG 7Ô5Ô OCTMGV EQORCTGF YKVJ EWTTGPV 7Ô5Ô CPF HQTGKIPUWRRNKGTUÔ 6JG 7Ô5Ô KPFWUVT[ TGRQTVGF VJCV KV RTQDCDN[YQWNF KPXGUV KP %WDCP RTQFWEVKQPHCEKNKVKGU KH EGTVCKP GEQPQOKE NKDGTCNK\CVKQP OGCUWTGU YGTG VCMGPÔÏÈÎ 6JG NGPIVJ QH VKOGTGSWKTGF HQT UWEJ VTCFG VQ TGUWOG YQWNF FGRGPF QP KUUWGU UWEJ CU RJ[VQUCPKVCT[CRRTQXCNUÒ GZRTQRTKCVKQP ENCKOUÒ CPF HQTGKIP KPXGUVOGPV CPF RTQHKV TGRCVTKCVKQPTGUVTKEVKQPUÔ +PFWUVT[ UQWTEGU KPFKECVG VJCV UWEJ VTCFG YQWNF VCMG CDQWV ÏÌ [GCTU VQFGXGNQRÔÏÈÍ

%WDC KU NKMGN[ VQ DGEQOG C PGV KORQTVGT QH VTQRKECN CPF QVJGT HTWKVU HTQO VJG 7PKVGF5VCVGU KP VJG UJQTV VGTOÒ OCKPN[ VQ UWRRN[ VJG ITQYKPI VQWTKUO UGEVQTÔ 6JG 7PKVGF 5VCVGUGPLQ[U RTQZKOKV[ VQ VJG OCTMGVÒ C TGRWVCVKQP HQT SWCNKV[Ò CPF EWNVWTCN VKGU DGVYGGPITQYGTU KP 5QWVJ (NQTKFC CPF VJG %WDCP OCTMGVÔ %QORGVKVQTU KP VJG %WDCP OCTMGVYQWNF KPENWFG .CVKP #OGTKECP CPF #UKCP UQWTEGU HQT VTQRKECN HTWKVU CPF VJG '7 CPF%JKNG HQT PQPVTQRKECN HTWKVUÔ %WDCP VTCFGOGCUWTGU CTG PQV NKMGN[ VQ EQPUVTCKP KORQTVU KPVJG UJQTV VGTOÔ *QYGXGTÒ VJG NCEM QH HQTGKIP GZEJCPIG KP %WDC RTQDCDN[ YQWNF DG CEQPUVTCKPVÔ

ÏÍ‰ %QNWOP Î TCVGU HQT VJG VTQRKECN HTWKV QH EQPEGTPÒ PQV KPENWFKPI DCPCPCU CPF RKPGCRRNGUÒ TCPIGFDGVYGGP ‰ CPF ÁÍ RGTEGPV CF XCNQTGO GSWKXCNGPV ı#8'Ù DCUGF QP VJG WPKV XCNWGU QH 7Ô5Ô KORQTVU KP Ï‰‰‰Ô6JG EQNWOP Î #8' HQT CXQECFQU KP Ï‰‰‰ YCU CRRTQZKOCVGN[ ÎË RGTEGPVÒ VJCV HQT RCRC[CU YCU ÍËRGTEGPVÒ CPF VJG TCPIG HQT IWCXCU CPFOCPIQGU YCU DGVYGGP ‰ CPF ÁÍ RGTEGPVÔ 6JG FKHHGTGPEG DGVYGGPVJG EQNWOP Ï"IGPGTCN CPF EQNWOP Î #8'U ıDCUGF QP Ï‰‰‰ VTCFGÙ HQT VTQRKECN HTWKV TCPIGF DGVYGGP ‰ CPFËÏ RGTEGPVCIG RQKPVUÔ

ÏÈÌ9KNNKCO/GUUKPCÒ 4KEJCTF 0Ô $TQYPÒ ,COGU 'Ô 4QUUÒ CPF ,QUj #NXCTG\Ò s%WDCP0QP"5WICTECPG#ITKEWNVWTCN 6TCFG 2CVVGTPU„ *KUVQTKECN 2GTURGEVKXGU CPF (WVWTG 2TQURGEVUÒt %WDC KP 6TCPUKVKQP"8QNWOG ÊÒı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÊÙÒ RÔ ÎÌÔ

ÏÈÏ +DKFÔÒ RÔ ÏÈ‚ -CVJT[P *Ô 9[NKGÒ # 5WTXG[ QH #ITKEWNVWTG KP %WDCÒ 75&#Ò 'EQPQOKE 4GUGCTEJ5GTXKEGÒ ,WPGÒ Ï‰Á‰Ò RÔ ÎÌÔ

ÏÈÎ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYUÒ D[ VJG %QOOKUUKQP UVCHHÒ ,WPG Î‰ CPF #WIÔ ÊÒÎÌÌÌ‚ KPFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ 75+6% VGNGRJQPG UWTXG[Ò ,WPG ÎÊÒ ÎÌÌÌÔ

ÏÈÍ +DKFÔ

Ë"ÍÏ

%%%%KKKKVVVVTTTTWWWWUUUU ((((TTTTWWWWKKKKVVVVÏÏÏÏÈÈÈÈÈÈÈÈ

6JG 7PKVGF 5VCVGU KU VJG NCTIGUV EKVTWU RTQFWEKPI EQWPVT[ KP VJG YQTNFÔ 2TQFWEVKQPTGCEJGF ˘ÎÔÁ DKNNKQP KP Ï‰‰‰Ò TGRTGUGPVKPI CNOQUV QPG"SWCTVGT QH YQTNF RTQFWEVKQPÔ4QWIJN[ ÈÌ RGTEGPV QH RTQFWEVKQP KU GZRQTVGFÒ YKVJ GZRQTVU CXGTCIKPI CDQWV ˘Ï DKNNKQPCPPWCNN[ FWTKPI Ï‰‰Ë"‰‰Ô 6JG OCLQT GZRQTV OCTMGVU HQT 7Ô5Ô EKVTWU CTG ,CRCPÒ%CPCFCÒ CPF VJG '7Ô 6JG 7PKVGF 5VCVGU CNUQ KORQTVU CDQWV QPG"SWCTVGT QH KVU EKVTWUEQPUWORVKQP‚ CPF KORQTVUÒ YJKEJ TGCEJGF ˘ËÍ‰ OKNNKQP KP Ï‰‰‰Ò JCXG ITQYP TCRKFN[QXGT VJG RCUV Ë [GCTUÔ &WTKPI VJKU RGTKQF KORQTVU ECOGOQUVN[ HTQO $TC\KNÒ /GZKEQÒ CPF5RCKPÔ /QUV QH VJG 7Ô5Ô EKVTWU ETQR ıNQECVGF OQUVN[ KP (NQTKFCÙ KU RTQEGUUGF KPVQ LWKEGUÒRTKOCTKN[ HTQ\GP EQPEGPVTCVGF QTCPIG LWKEGÒ DWV CNUQ ITCRGHTWKVÒ NGOQPÒ CPF NKOGLWKEGUÔ

%KVTWU ITQYKPI EQPFKVKQPU KP %WDC CTG OQUV UKOKNCT ENKOCVKECNN[ CPF IGQITCRJKECNN[ VQVJQUG KP (NQTKFC‚ %WDCrU ITQYKPI CPF JCTXGUVKPI UGCUQPUÒ JQYGXGTÒ DGIKP GCTNKGT KPVJG [GCTÒ CPF HTGG\KPI YGCVJGT KU PQV VJG TKUM VJCV KV KU KP (NQTKFCÔ 6JG %WDCP EKVTWUKPFWUVT[ KU JCORGTGF D[ NQY [KGNFUÒ UVTWEVWTCN TKIKFKV[ CPF KPGHHKEKGPEKGU ETGCVGF D[UVCVG EQPVTQNÒ CPF NCEM QH OCTMGV KPEGPVKXGU CPF ECRKVCN KPXGUVOGPVÔ %WDC KU VJG YQTNFrUVJKTF NGCFKPI ITCRGHTWKV RTQFWEKPI EQWPVT[Ò DGJKPF VJG 7PKVGF 5VCVGU CPF +UTCGNÔ%WDCP CPPWCN RTQFWEVKQP QH EKVTWU HTWKV KU GUVKOCVGF CV CDQWV ˘ÁÌ OKNNKQPÒ OWEJ QHYJKEJ KU GZRQTVGF VQ VJG '7Ô%WDCrU UJCTG QH YQTNF RTQFWEVKQP CPF GZRQTVU KU NGUU VJCP ÏRGTEGPVÔÏÈË %WDCP KORQTVU QH EKVTWU HTWKV CTG PGINKIKDNGÔÏÈÁ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU*KUVQTKECNN[Ò UCPEVKQPU DGPGHKVVGF VJG 7Ô5Ô EKVTWU KPFWUVT[Ô 2TKQT VQ VJG KORQUKVKQP QHUCPEVKQPUÒ VJG 7Ô5Ô KPFWUVT[ YCU PQV HCEGF YKVJ EQORGVKVKQP HTQO%WDCP EKVTWU DGECWUGVJG %WDCP EKVTWU GZRQTV KPFWUVT[ YCU PQV YGNN GUVCDNKUJGFÔ *QYGXGTÒ CU VJG %WDCPEKVTWU KPFWUVT[ ITGY CHVGT Ï‰ÁÌÒ UCPEVKQPU TGRQTVGFN[ DGPGHKVVGF VJG 7Ô5Ô EKVTWU KPFWUVT[ÒRCTVKEWNCTN[ KP (NQTKFCÒ D[ TGUVTKEVKPI EQORGVKVKQP HTQO %WDCP EKVTWUÒ OCKPN[ HTGUJITCRGHTWKVÒ QTCPIG LWKEGÒ ITCRGHTWKV LWKEGÒ CPF NKOGUÔÏÈÊ +P RCTVKEWNCTÒ %WDCPITCRGHTWKV EQWNF JCXG DGGP JKIJN[ EQORGVKVKXG YKVJ 7Ô5Ô"RTQFWEGF ITCRGHTWKV FWTKPIVJG RGTKQF UCPEVKQPU JCXG DGGP KP RNCEGÔÏÈÂ

ÏÈÈ %KVTWU KPENWFGU WPRTQEGUUGF QTCPIGUÒ ITCRGHTWKVUÒ NGOQPUÒ NKOGUÒ CPF VCPIGTKPGUÔÏÈË (GTPCPFQ 4GOKTG\ FG 'UVGPQ\Ò RTKPEKRCN QHHKEGTÒ %WDCP +PVGTGUVU 5GEVKQPÒ9CUJKPIVQPÒ &%Ò CPF

&GRWV[ /KPKUVGT QH (QTGKIP #HHCKTU QH VJG 4GRWDNKE QH %WDCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÏÎÒ ÎÌÌÌÒVTCPUETKRVÒ RÔ ËÊÔ

ÏÈÁ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP EKVTWU UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU)"ÎÏC VJTQWIJ )"ÎÏFÔ

ÏÈÊ %WDC KU PQV C RQVGPVKCNN[ KORQTVCPV UWRRNKGT QH HTGUJ QTCPIGU VQ VJG 7Ô5Ô OCTMGVÔ %CNKHQTPKCÒ YKVJKVU FTKGTÒ OQTG PQTVJGTN[ ENKOCVGÒ KU CDNG VQ UCVKUH[ OQUV QH VJG FQOGUVKE FGOCPF HQT HTGUJ QTCPIGU ıCPFNGOQPUÙ CPF KV YQWNF DG FKHHKEWNV HQT %WDCP QTCPIGU VQ EQORGVG YKVJ VJQUG HTQO %CNKHQTPKC DGECWUG QH VJGUGGF EQPVGPV CPF GZVGTPCN CRRGCTCPEGÔ 6JG %WDCP %KVTWU +PFWUVT[„ #P #UUGUUOGPV QH 2QVGPVKCN /CTMGV1RRQTVWPKVKGU CHVGT .KHVKPI QH 7Ô5Ô 'EQPQOKE 5CPEVKQPUÒ #TOCPFQ )QP\CNG\Ò 7PKXGTUKV[ QH *CXCPCÒ CPF6JQOCU 5RTGGP CPF 4QP /WTCTQÒ 7PKXGTUKV[ QH (NQTKFCÒ ÎÌÌÌÒ RÔ ÏÂÔ

ÏÈÂ +DKFÔÒ RÔ Ï‰Ô

Ë"ÍÎ

+P VJG CDUGPEG QH UCPEVKQPU VJG 7Ô5Ô EKVTWU KPFWUVT[ YQWNF RTQDCDN[ HCEG KORQTVEQORGVKVKQP HTQO %WDCÒ GURGEKCNN[ 7Ô5Ô ITQYGTU QH ITCRGHTWKVU CPF QTCPIGU CPF 7Ô5ÔEQORCPKGU RTQFWEKPI ITCRGHTWKV LWKEG CPF QTCPIG LWKEGÔÏÈ‰ +PFWUVT[ TGRTGUGPVCVKXGUJCXG PQVGF VJCV %WDC EQWNF GZRQTV GPQWIJ EKVTWU Á VQ Â YGGMU CJGCF QH VJG HKTUV 7Ô5ÔRTQFWEVKQP VQ FGRTGUU RTKEGU HQT VJG YJQNG 7Ô5Ô UGCUQPÔ (NQTKFC KU OQTG XWNPGTCDNG VQ%WDCP GZRQTVU VJCP GKVJGT 6GZCU QT %CNKHQTPKC DGECWUG QH IGQITCRJ[Ò CPF DGECWUG(NQTKFC JCU C NCTIGT OCTMGV UJCTG QH 7Ô5Ô RTQFWEVKQPÔ +P CFFKVKQP VQ JCXKPI CP GCTNKGTUGCUQPÒ%WDCP EKVTWU RTQFWEVKQP JCU CPCFXCPVCIGQXGT (NQTKFC KP VGTOU QH UQKN SWCNKV[ÒNQYGT NCDQT EQUVUÒ CDUGPEG QH HTGG\KPI YGCVJGTÒ CPF CEEGUU VQ RGUVKEKFGU TGUVTKEVGF KPVJG 7PKVGF 5VCVGUÒ CNVJQWIJ KV KU CV C FKUCFXCPVCIG KP VGTOU QH CRRGCTCPEG QH HTGUJEKVTWUÔÏËÌ

1PG UQWTEG GUVKOCVGF VJCV %WDC EQWNF RQVGPVKCNN[ RTQFWEG ÎÌ OKNNKQP ICNNQPU ıUKPINGUVTGPIVJ GSWKXCNGPVÙ QH HTQ\GP EQPEGPVTCVGF QTCPIG LWKEG CPF Â OKNNKQP ICNNQPU QHHTQ\GP EQPEGPVTCVGF ITCRGHTWKV LWKEGÒÏËÏ GSWKXCNGPV VQ CDQWV ÏÔË RGTEGPV CPF ËRGTEGPVÒTGURGEVKXGN[Ò QH TGEGPV 7Ô5Ô EQPUWORVKQPÔÏËÎ %WDC RTQFWEGF ÍÏÌÒÌÌÌ OGVTKE VQPU QHITCRGHTWKV KP VJG Ï‰‰‰"ÎÌÌÌ ETQR UGCUQPÒ VJG GSWKXCNGPV QH ÍÊ RGTEGPV QH 7Ô5Ô HTGUJITCRGHTWKV EQPUWORVKQPÔÏËÍ #EEQTFKPI VQ CP KPFWUVT[ UQWTEGÒ %WDC JCU VJG RQVGPVKCN VQUWRRN[ KOOGFKCVGN[ ÏË RGTEGPV QT OQTG QH VJG 7Ô5Ô HTGUJ ITCRGHTWKV OCTMGVÒ ÏË RGTEGPVQH VJG 7Ô5Ô ITCRGHTWKV LWKEG OCTMGVÒ Ê RGTEGPV QH VJG 7Ô5Ô HTGUJ QTCPIG OCTMGVÒ CPF ÍRGTEGPV QH VJG 7Ô5Ô QTCPIG LWKEG OCTMGVÔÏËÈ #EEQTFKPI VQ VJG #OGTKECP (CTO $WTGCW(GFGTCVKQPÒ RQVGPVKCNN[ %WDC EQWNF GZRQTV NCTIG SWCPVKVKGU QH NKOGU VQ VJG 7PKVGF 5VCVGUCPF EQWNF EJCNNGPIG /GZKEQ CU C RTKOCT[ UWRRNKGTÔÏËË # TGEGPV UVWF[ D[ VJG (NQTKFC&GRCTVOGPV QH %KVTWU CPCN[\GF VJG GHHGEV QP VJG RTKEG QH ITCRGHTWKV KP (NQTKFC KH CNN QH%WDCrU GZRQTVU QH HTGUJ ITCRGHTWKV YGPV KPVQ VJG7Ô5ÔOCTMGVÔÏËÁ 6JG TGUWNVU KPFKECVG VJCVVJG CFFKVKQPCN %WDCP HTWKV OKIJV FGETGCUG VJG RTKEG D[ ÍÈ EGPVU RGT ÈÎÔË"RQWPFECTVQPÒ HTQO ˘ÁÔÁÎ VQ ˘ÁÔÎÂ RGT ECTVQPÔ

7Ô5Ô UGEVQTU VJCV EQWNF RQVGPVKCNN[ DGPGHKV YQWNF DG ITCRGHTWKV OCTMGVGTU CPFFKUVTKDWVQTU YJQ YQWNF DG CDNG VQ RWTEJCUG HTWKV ÈË FC[U RTKQT VQ VJG (NQTKFC UGCUQPÒCPF EKVTWU LWKEG RTQEGUUQTU CPF DNGPFGTU YJQ YQWNF DGPGHKV HTQO CFFKVKQPCN LWKEGCXCKNCDKNKV[ CPF VJG RQVGPVKCN CFXCPVCIGU QH DNGPFKPI YKVJ %WDCP LWKEGÔ 7Ô5Ô

ÏÈ‰ $CUGF QP HKGNF KPVGTXKGY KP (NQTKFC D[ VJG %QOOKUUKQP UVCHHÒ YKVJ KPFWUVT[ CPF CECFGOKETGRTGUGPVCVKXGUÒ 5GRVÔ ÎË"Î‰Ò ÎÌÌÌÔ

ÏËÌ +DKFÔÏËÏ 6JG %WDCP %KVTWU +PFWUVT[„ #P #UUGUUOGPV QH 2QVGPVKCN /CTMGV 1RRQTVWPKVKGU CHVGT .KHVKPI QH 7Ô5Ô

'EQPQOKE 5CPEVKQPUÒ #TOCPFQ )QP\CNG\Ò 7PKXGTUKV[ QH *CXCPCÒ CPF 6JQOCU 5RTGGP CPF 4QP /WTCTQÒ7PKXGTUKV[ QH (NQTKFCÒ Ï‰‰ÂÒ RÔ ÎÈÔ

ÏËÎ (TWKV CPF 6TGG 0WVUÒ 5KVWCVKQP CPF 1WVNQQM ;GCTDQQMÒ 75&#Ò '45Ò (65"ÎÂÊÒ 1EVÔ Ï‰‰‰Ò RÔ ÂËÔÏËÍ 'UVKOCVGF D[ VJG %QOOKUUKQP UVCHH HTQO (#156#6 CPF (TWKV CPF 6TGG0WVU 5KVWCVKQP CPF1WVNQQM

;GCTDQQMÒ 1EVÔ Ï‰‰‰ÔÏËÈ /CVVJGY 6Ô /E)TCVJÒ QP DGJCNH QH (NQTKFC %KVTWU /WVWCNÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÏÎÒ

ÎÌÌÌÒ VTCPUETKRVÒ RÔ ËÍÌÔÏËË #OGTKECP (CTO $WTGCW (GFGTCVKQPÒ 2CTM 4KFIGÒ +.Ò NGVVGT VQ 75+6% EQPEGTPKPI +PXGUVKICVKQP 0QÔ

ÍÍÎ"ÈÏÍ EQPEGTPKPI 6JG 'EQPQOKE +ORCEV QH 7Ô5Ô 5CPEVKQPU YKVJ 4GURGEV VQ %WDCÒ 1EVÔ ÈÒ ÎÌÌÌÒ RÔ ÎÔÏËÁ s2QVGPVKCN +ORCEVU QH %WDCP %KVTWU QP (NQTKFCrU %KVTWU +PFWUVT[Òt (NQTKFC &GRCTVOGPV QH %KVTWUÒ

#WIÔ ÎÏÒ ÎÌÌÌÒ 9QTMKPI 2CRGT 5GTKGU ÎÌÌÌ"ÎÒ RÔ ËÒ RTGRCTGF D[ /CTM )Ô $TQYPÒ 5GPKQT 4GUGCTEJ'EQPQOKUVÔ

Ë"ÍÍ

EQPUWOGTU YQWNF DGPGHKV HTQO NQYGT RTKEGU CPF C NQPIGT UGCUQP YJGP VJG[ EQWNFRWTEJCUG HTGUJ EKVTWU HTWKVÒ RCTVKEWNCTN[ ITCRGHTWKVÔ

+V KU WPENGCT JQY SWKEMN[ %WDCP HTWKV EQWNF DG UJKRRGF VQ VJG 7PKVGF 5VCVGU KP VJGCDUGPEG QH UCPEVKQPUÒ DGECWUG QH VJG RQUUKDKNKV[ QH SWCTCPVKPG TGUVTKEVKQPU QP HTGUJ HTWKVDCUGF QP RGUVU QT FKUGCUGUÒ UWEJ CU HTWKV HN[ KPHGUVCVKQPÒ TQQV VTKUVG\CÒ CPF EKVTWU ECPMGTÔ6JG GZVGPV QH VJGUG RTQDNGOU KU WPMPQYP WPVKN 75&# KPURGEVQTU CTG CNNQYGF KPVQ %WDCVQ FQ CP GXCNWCVKQPÒ DWV KV EQWNF VCMG UQOG VKOG CHVGT VTCFG TGNCVKQPU CTG VJGTG"GUVCDNKUJGF DGHQTG %WDCP HTWKV DGEQOGU EGTVKHKGF HQT GZRQTV VQ VJG 7PKVGF 5VCVGUÔÏËÊ

1PG GUVKOCVG KU VJCV KV YQWNF VCMG DGVYGGP Í CPF Ë [GCTU CHVGT NKHVKPI QH VJG UCPEVKQPUDGHQTG %WDC EQWNF IGV RJ[VQUCPKVCT[ ENGCTCPEG VQ UJKR HTGUJ EKVTWU VQ VJG 7PKVGF5VCVGUÔÏËÂ 9KVJ TGURGEV VQ RTQEGUUGF EKVTWU RTQFWEVUÒ JKIJ 7Ô5Ô FWVKGU YQWNF KPJKDKVKORQTVUÔ 2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ %WDC TGEGKXGF RTGHGTGPVKCN TCVGU QPITCRGHTWKVUÒ NKOGUÒ QTCPIGUÒ RTGRCTGF QT RTGUGTXGF EKVTWUÒ ITCRGHTWKV RGGNÒ QTCPIGRCUVG CPF RWNRÒ DWV PQV QP EKVTWU LWKEGUÔ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC1PN[ CHVGT Ï‰ÁÌ YGTG NCTIG"UECNG EKVTWU ITQXGU RNCPVGF KP %WDCÔ 9KVJ VJG 5QXKGVHKPCPEKCN CUUKUVCPEG CPF OCTMGV HQT %WDCP EKVTWU RTQFWEVUÒ VJG %WDCP EKVTWU KPFWUVT[DGECOG QPG QH VJG OQUV KORQTVCPV UGEVQTU QH VJG %WDCP GEQPQO[Ô 7Ô5Ô UCPEVKQPUKORCEVGF VJG %WDCP EKVTWU KPFWUVT[ OQUV UGXGTGN[ CHVGT VJG EQNNCRUG QH VJG 5QXKGV 7PKQPYJGP DQVJ HKPCPEKCN UWRRQTV CPF C TGCF[OCTMGV HQT EKVTWU HTWKV FKUCRRGCTGFÔ 6JG TCRKFGZRCPUKQP QH EKVTWU ITQXGU JCF NGF VQ UKIPKHKECPV KORQTVU QH CITKEWNVWTCN KPRWVU ıUWEJ CUHGTVKNK\GTUÒ KPUGEVKEKFGUÒ HWGNÒ CPF OCEJKPGT[ÙÒ OQUV QH YJKEJ JCF DGGP RTQXKFGF D[ VJG5QXKGV 7PKQP QP XGT[ HCXQTCDNG VGTOUÒ YJKNG VJG HTGUJ HTWKV VJCV JCF DGGP ITQYP HQT VJG5QXKGV DNQE OCTMGV YCU QH KPUWHHKEKGPV SWCNKV[ VQ EQORGVG KP VJG YQTNF OCTMGVÔ

7Ô5Ô KORQTVU QH EKVTWU HTQO %WDC YQWNF VQVCN ˘‰ OKNNKQP VQ ˘ÎÍ OKNNKQP CPPWCNN[ KP VJGCDUGPEG QH UCPEVKQPUÒ DCUGF QP Ï‰‰Á"‰Â VTCFG FCVCÒ QT ÎÌ VQ ËÌ RGTEGPV QH %WDCrUGZRQTVUÔÏË‰ 6JKU GUVKOCVG CNUQ CUUWOGU KORQTVU HTQO%WDC HCEG EQNWOP Ï"IGPGTCN TCVGUQH FWV[Ô 6JG UJCTG YQWNF DG UOCNNGT KH %WDC TGEGKXGF EQNWOP Î TCVGU QH FWV[Ô *QYGXGTÒKV KU NKMGN[ VJCV UGXGTCN [GCTU YQWNF DG PGGFGF DGHQTG HTGUJ %WDCP EKVTWU YQWNF DGENGCTGF D[ 75&# CU OGGVKPI 7Ô5Ô RJ[VQUCPKVCT[ TGSWKTGOGPVUÔÏÁÌ

6JG OQUV NKMGN[ EKVTWU GZRQTVU VQ VJG 7Ô5Ô OCTMGV KP VJG CDUGPEG QH UCPEVKQPU YQWNF DGHTGUJ ITCRGHTWKVUÒ RCTVKEWNCTN[ DGVYGGPOKF"#WIWUV YJGP VJG ITCRGHTWKV UGCUQP DGIKPUKP %WDC CPF NCVG 5GRVGODGT YJGP VJG UGCUQP DGIKPU KP (NQTKFCÔ )TCRGHTWKV LWKEG CPFQTCPIG LWKEGÒ YJKEJ EQWNF DG DNGPFGF YKVJ (NQTKFC RTQFWEV QT RTQFWEV HTQO QVJGTEQWPVTKGUÒ YQWNF CNUQ DG NKMGN[ GZRQTVUÔ #DQWV ÂË RGTEGPV QH %WDCrU QTCPIGU CTG8CNGPEKCUÒ YJKEJ CTG KFGCN HQT LWKEG RTQEGUUKPIÔ %WDCP ITCRGHTWKV KU CNUQ UWKVCDNG HQT

ÏËÊ 5GG PQVG ÏËÏÔÏËÂ +DKFÔÏË‰ $CUGF QP VJG %QOOKUUKQP UVCHH EQPXGTUCVKQPU YKVJ KPFWUVT[ CPCN[UVUÔÏÁÌ 2QUVJGCTKPI UVCVGOGPV QH (NQTKFC %KVTWU /WVWCNÒ %QPEGTPKPI VJG 'EQPQOKE 'HHGEVU QH 6TCFG

5CPEVKQPU CICKPUV %WDC QP 7Ô5Ô %KVTWUÒ 1EVÔ ÈÒ ÎÌÌÌÒ RÔ ÍÔ

Ë"ÍÈ

RTQEGUUKPI KPVQ ITCRGHTWKV LWKEGÔ 6JTGG OQFGTP RTQEGUUKPI RNCPVU KP %WDC CTG ECRCDNGQH RTQFWEKPI CV SWCNKV[ NGXGNU UWHHKEKGPV HQT VJG 7Ô5Ô OCTMGVÔ +P CFFKVKQPÒ VTCPURQTVCVKQPFKUVCPEGU HTQO %WDC CTG UJQTVGT VJCP HTQO OCLQT UWRRNKGTU UWEJ CU $TC\KNÔ %WDC JCUCP KPEGPVKXG VQ UJKR VQ VJG 7PKVGF 5VCVGU TCVJGT VJCP VQ 'WTQRG DGECWUG QH NQYGTUJKRRKPI EQUVUwCDQWV ˘ÏÒÈÌÌ RGT ÎÎ"OGVTKE"VQP EQPVCKPGT VQ VJG 7PKVGF 5VCVGU XGTUWUCDQWV ˘ÈÒÁÌÌ VQ 'WTQRGÔÏÁÏ %WDC JCU UKIPKHKECPV KFNG NCPF VJCV EQWNF DG WUGF VQ GZVGPFEKVTWU RTQFWEVKQPÒ DQVJ KP EWTTGPV EKVTWU"RTQFWEKPI CTGCU CPF CNUQ KP QVJGT RCTVU QH%WDCÔÏÁÎ %WDC KU RTGUGPVN[ RTQEGUUKPI UQOG ÊË RGTEGPV QH KVU ITCRGHTWKV CPFEQORGVKPI YKVJ VJG 7PKVGF 5VCVGUÒ 5RCKPÒ CPF +UTCGN KP 'WTQRGÒ CPF UQOG QH VJGUGGZRQTVU EQWNF DG UJKHVGF VQ VJG 7Ô5Ô OCTMGVÔ /QUV 7Ô5Ô ITCRGHTWKV KU TGF YJKNG VJCV QH%WDC KU OQUVN[ YJKVGÔ 6JKU EQWNF DG C FKUCFXCPVCIG VQ %WDC KP VJG 7Ô5Ô OCTMGVÒ VJQWIJRQUUKDN[ CP CFXCPVCIG KP ,CRCP CPF 'WTQRGÔÏÁÍ

6JG CDUGPEG QH UCPEVKQPU OKIJV NGCF VQ 7Ô5Ô KPXGUVOGPV KP VJG %WDCP EKVTWU KPFWUVT[ÒTGUWNVKPI KP VJG KPVTQFWEVKQP QH KORTQXGF VGEJPQNQI[Ò OCPCIGOGPV GZRGTVKUGÒTGUGCTEJÒ CPF CXCKNCDKNKV[ QH DCUKE KPRWVUÔ 6JKU KPXGUVOGPV YQWNFOQTG NKMGN[ DG D[ NCTIG7Ô5Ô LWKEG RTQEGUUQTU VJCP D[ UOCNNGT EQORCPKGU QT ITQYGTUÒ RCTVKEWNCTN[ NCTIG$TC\KNKCP LWKEG RTQEGUUQTU YKVJ QRGTCVKQPU KP (NQTKFCÔÏÁÈ 5KPEG Ï‰‰ÎÒ C LQKPV XGPVWTGDGVYGGP CP +UTCGNK EQORCP[ CPF VJG %WDCP )QXGTPOGPV JCU DGGP RTQFWEKPI EKVTWUHTWKV CPF GZRQTVKPI KV CU HTGUJ CPF RTQEGUUGF RTQFWEVÔÏÁË

5555WWWWIIIICCCCTTTT

6JG7PKVGF 5VCVGU KU VJG HKHVJ NCTIGUV RTQFWEGT QH UWICT KP VJGYQTNF CPF VJG VJKTF NCTIGUVEQPUWOGTÒ DGJKPF VJG 'WTQRGCP 7PKQP CPF $TC\KNÔ 6JG 7PKVGF 5VCVGU EQPUWOGU OQTGUWICT VJCP KV RTQFWEGU CPF KU C PGV KORQTVGTÒ KORQTVKPI UNKIJVN[ QXGT ˘ÍÌÌ OKNNKQP QHUWICT KP Ï‰‰‰Ô 1XGT VJG RCUV Ë [GCTUÒ 7Ô5Ô UWICTECPG CPF UWICT DGGV RTQFWEGTU JCXGKPETGCUGF VJG CETGCIG RNCPVGF CPF JCXG UWDUGSWGPVN[ KPETGCUGF QXGTCNN RTQFWEVKQPNGXGNU CPF [KGNFUÔ 1H VJG VQVCN COQWPV QH TGHKPGF UWICT RTQFWEGF KP VJG 7PKVGF 5VCVGUÒÈÊ RGTEGPV KU FGTKXGF HTQO UWICTECPG CPF ËÍ RGTEGPV KU FGTKXGF HTQO UWICT DGGVUÔ 6JG7Ô5Ô UWICT KPFWUVT[ QRGTCVGU WPFGT C EQORNGZ U[UVGO QH IQXGTPOGPV RTQITCOUÒTGIWNCVKQPUÒ CPF VTCFG OGCUWTGUÔ

6JG UWICT KPFWUVT[ KU VJG NKHGNKPG QH VJG%WDCP GEQPQO[Ò UGTXKPI CU VJG NCTIGUV GORNQ[GTKP %WDCÒ CU VJG ITGCVGUV EQPVTKDWVQT VQ VJG EQWPVT[rU GZRQTV GCTPKPIUÒ CPFCU VJG UGEQPFNCTIGUV EQPVTKDWVQT VQ QXGTCNN HQTGKIP GZEJCPIG GCTPKPIUÒ DGJKPF VQWTKUOÔÏÁÁ %WDC

ÏÁÏ $CUGF QP HKGNF KPVGTXKGY KP (NQTKFC D[ VJG %QOOKUUKQP UVCHH YKVJ KPFWUVT[ CPF CECFGOKETGRTGUGPVCVKXGU 5GRVÔ ÎË"Î‰Ò ÎÌÌÌÔ

ÏÁÎ ,COKG 5WEJNKEMKÒ 2TQHGUUQTÒ 7PKXGTUKV[ QH /KCOKÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÏÎÒ ÎÌÌÌÒVTCPUETKRVÒ RÔ ÎÂÈÔ

ÏÁÍ 5GG PQVG ÏËÏÔÏÁÈ/CVVJGY 6Ô /E)TCVJÒ QP DGJCNH QH (NQTKFC %KVTWU /WVWCNÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ 5GRVÔ

ÏÎÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ËÈÌÔÏÁË %QOOKUUKQP UVCHH KPVGTXKGY YKVJ +UTCGNK EKVTWU EQORCP[ OCPCIGTÒ *CXCPCÒ ,WN[ ÎÌÒ ÎÌÌÌÔÏÁÁ 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF 2WDNKUJKPI

%QÔÒ ÎÌÌÌÙÒ RÔ ÈÌÔ

Ë"ÍË

FGXQVGU ÍÁ RGTEGPV QH KVU EWNVKXCVGF NCPF VQ UWICTECPG RTQFWEVKQPÔÏÁÊ +P Ï‰‰‰ÒCRRTQZKOCVGN[ ËÌÌÒÌÌÌ YQTMGTU YGTG GORNQ[GF D[ VJG UWICT KPFWUVT[ CPF UWICTGZRQTVU VQVCNGF ˘ÈÂË OKNNKQP FQNNCTUÒ TGRTGUGPVKPI CDQWV ÂÌ RGTEGPV QH KVU RTQFWEVKQPÔ9JKNG VJG KPFWUVT[ KU QPG QH %WDCrU OQUV KORQTVCPVÒ KV KU CNUQ QPG QH VJG OQUV KPGHHKEKGPVÒYKVJ ECPG [KGNFU UKIPKHKECPVN[ DGNQY VJQUG QH VJG 7PKVGF 5VCVGU ı%WDCP ECPG [KGNFU YGTGÏÈÔÁ OGVTKE VQPU RGT CETG KP Ï‰‰‰ EQORCTGF YKVJ ÎÏ OGVTKE VQPU RGT CETG KP VJG 7PKVGF5VCVGUÙÔ %WDCrU RTQFWEVKQP NGXGNU JCXG DGGP HCNNKPI KP TGEGPV [GCTU CPF KP Ï‰‰‰TGCEJGF VJG NQYGUV NGXGN TGEQTFGF KP C EGPVWT[Ò DQVVQOKPI QWV CV ÍÔÎOKNNKQPOGVTKE VQPUÒEQORCTGF YKVJ RTQFWEVKQP QH CNOQUV ÏÌ OKNNKQP OGVTKE VQPU KP VJG NCVG Ï‰ÂÌUÔ 1PN[ ÏÏÌQH VJG EQWPVT[rU ÏËÁ UWICT OKNNU YGTG KP QRGTCVKQP KP Ï‰‰‰‚ VJG[ QRGTCVGF CV CDQWV ÊÏRGTEGPV QH ECRCEKV[ÔÏÁÂ %WTTGPVN[ VJG UWICT KPFWUVT[ KP %WDC KU QRGTCVKPI YKVJ CIKPIGSWKROGPV CPF HKGNFU CPF NCEMU CEEGUU VQ PGEGUUCT[ KPRWVUÔÏÁ‰

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU2TKQT VQ VJG GEQPQOKE UCPEVKQPUÒ VJG 7PKVGF 5VCVGU CPF %WDCP UWICT OCTMGVU YGTGUVTQPIN[ NKPMGF XKC VTCFG CPF KPXGUVOGPVÔ 6JG 7PKVGF 5VCVGU TGNKGF JGCXKN[ WRQP KORQTVUQH TCY ECPG UWICT HTQO %WDCÒ CPF UKPEG VJG DGIKPPKPI QH VJG VYGPVKGVJ EGPVWT[Ò VJG7PKVGF 5VCVGU JCF HCUJKQPGF KVU UWICT VTCFG RQNKE[ VQ CUUKUV VJG %WDCP UWICT KPFWUVT[ÒQHHGTKPI RTGHGTGPVKCN VCTKHH TCVGU CPF NCTIG RQTVKQPU QH VJG CPPWCN KORQTV SWQVCCNNQECVKQP VQ VJG EQWPVT[Ô #U C TGUWNVÒ DGHQTG VJG KORQUKVKQP QH UCPEVKQPUÒ VJG 7Ô5Ô UWICTKORQTV OCTMGV YCU FQOKPCVGF D[ %WDCP UWICTÔ 1P CXGTCIGÒ ÍÁ RGTEGPV QH VJG VQVCN[GCTN[ 7Ô5Ô UWICT UWRRN[ YCU QH %WDCP QTKIKP KP VJG NCUV FGECFG VJCV VJG 7PKVGF 5VCVGUGPICIGF KP VTCFG YKVJ %WDCÔÏÊÌ

6JG7PKVGF 5VCVGU UWRRNKGF C UWDUVCPVKCN COQWPV QH VJG ECRKVCN TGSWKTGF VQ GUVCDNKUJ CPFGZRCPF VJG UWICT KPFWUVT[ KP %WDCÔÏÊÏ 7Ô5Ô EQORCPKGU CPF PCVKQPCNU UGTXGF CUKPXGUVQTU KP VJG %WDCP UWICT KPFWUVT[Ò QYPGF RTQRGTV[ ıHQT GZCORNGÒ OKNNUÒ TGHKPGTKGUÒNCPFÒ CPF UVQTCIG HCEKNKVKGUÙ KP VJG EQWPVT[Ò CPF KPXGUVGF KP VJG KPVGTPCN KPHTCUVTWEVWTG QH%WDC ıHQT GZCORNGÒ EQPUVTWEVGF TQCFU CPF TCKNYC[UÙ DGHQTG VJG )QXGTPOGPV DGICPPCVKQPCNK\KPI HQTGKIP RTQRGTVKGU KP Ï‰Ë‰Ô 1H VJG ÏÁÏ UWICT OKNNU TGRQTVGFN[GZRTQRTKCVGF D[ VJG %WDCP )QXGTPOGPV KP Ï‰Ë‰ CPF Ï‰ÁÌÒ 7Ô5Ô EQORCPKGU QT 7Ô5ÔEKVK\GPU QYPGF ÍË CV VJG VKOG QH EQPHKUECVKQPÔÏÊÎ 7Ô5Ô EQORCPKGU CPF KPFKXKFWCNUKPXQNXGF KP VJG %WDCP UWICT KPFWUVT[ TGRQTVGFN[ GZRGTKGPEGF GZVGPUKXG HKPCPEKCN NQUUGUKP %WDC KP Ï‰ÁÌÔÏÊÍ

ÏÁÊ +DKFÔÏÁÂ s6JKTF 'UVKOCVG QH VJG 9QTNF 5WICT $CNCPEGÒ Ï‰‰‰"ÎÌÌÌÒt (Ô1Ô .KEJVrU +PVGTPCVKQPCN 5WICT CPF

5YGGVGPGT 4GRQTVÒ XQNÔ ÏÍÎÒ PQÔ ÎÍÒ #WIÔ ÊÒ ÎÌÌÌÔÏÁ‰ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP UWICT UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU

)"ÎÎC VJTQWIJ )"ÎÎFÔÏÊÌ%QOOKVVGG QP#ITKEWNVWTGÒ ‰ÏUV %QPITGUUÒ ÎF 5GUUKQPÒ %QOOKVVGG 2TKPVÒ s6JG7PKVGF 5VCVGU 5WICT

2TQITCOÒt ı9CUJKPIVQPÒ &%„ 7Ô5Ô )QXGTPOGPV 2TKPVKPI 1HHKEGÒ &GEÔ Ï‰ÊÌÙÔÏÊÏ (CTTÒ 9JKVNQEM ˜ %QORCP[Ò /CPWCN QH 5WICT %QORCPKGUÒ ÍËVJ 'FÒ 0GY ;QTMÒ Ï‰ÁÌÔÏÊÎ 0KEQNCU ,Ô )WVKGTTG\Ò 5GETGVCT[ CPF )GPGTCN %QWPUGN VQ VJG 0CVKQPCN #UUQEKCVKQP QH 5WICT /KNN

1YPGTU QH %WDCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÈÍÁÔÏÊÍ #OQPI VJG 7Ô5Ô EQORCPKGU VJCV JCF VJGKT RTQRGTVKGU GZRTQRTKCVGF YGTG VJG 0QTVJ #OGTKECP

5WICT +PFWUVTKGUÒ 7PKVGF (TWKV 5WICT %QORCP[Ò 9GUV +PFKGU 5WICT %QTRQTCVKQPÒ (TCPEKUEQ 5WICT

Ë"ÍÁ

#HVGT TGXQMKPI %WDCrU UWICT SWQVC KP Ï‰ÁÌÒ VJG 7PKVGF 5VCVGU VWTPGF VQ QVJGTUWICT"RTQFWEKPI PCVKQPU VQ HWNHKNN KVU FGOCPF HQT UWICTÔ #U C TGUWNVÒ EWTTGPV KORQTVSWQVC"JQNFGTU TGEGKXGF KPETGCUGF CEEGUU VQ VJG 7Ô5Ô UWICT OCTMGV VJTQWIJ VJGTGCNNQECVKQP QH %WDCrU RQTVKQP QH VJG 7Ô5Ô KORQTV SWQVCÔ 4GCNNQECVKQP TGSWKTGF 7Ô5ÔTGHKPGTKGU VQ FGCN YKVJ UGXGTCN HQTGKIP UWRRNKGTU HTQO ITGCVGT FKUVCPEGUÔÏÊÈ #NVJQWIJVJG TGCNNQECVKQP VQ HQTGKIP EQWPVTKGU KPETGCUGF VTCPURQTVCVKQP EQUVU CPF FGNKXGT[ VKOGÒHQTGKIP UWRRNKGTU YGTG CDNG VQ OGGV VJG SWCPVKV[ TGSWKTGOGPVU QH 7Ô5Ô TCY UWICTTGHKPGTU TGNCVKXGN[ SWKEMN[Ò YKVJ NKVVNG QT PQ KORCEV QP UWICT CXCKNCDKNKV[ QT QP UWICTRTKEGU HQT KPFKXKFWCN 7Ô5Ô EQPUWOGTUÔÏÊË

#U C TGUWNV QH UCPEVKQPUÒ %WDCrU RQTVKQP QH VJG UWICT KORQTV SWQVCYCU RTQTCVGF COQPIDQVJ HQTGKIP EQWPVTKGU KP VJG HQTO QH KORQTV SWQVCU CPF FQOGUVKE ECPG CPF DGGVRTQFWEGTU KP VJG HQTO QH RTQFWEVKQP SWQVCUÔÏÊÁ #U C TGUWNV QH UCPEVKQPUÒ DQVJ 7Ô5Ô DGGVCPF ECPG RTQFWEVKQP SWQVC COQWPVU KPETGCUGFÒ CPF DGVYGGP Ï‰Ë‰ CPF Ï‰ÊÌÒ VJG 7Ô5ÔOCKPNCPF ECPG SWQVC KPETGCUGF D[ ÏÏÎ RGTEGPV CPF VJG 7Ô5Ô DGGV UWICT SWQVCKPETGCUGF D[ Â‰ RGTEGPVÔÏÊÊÒ ÏÊÂ

6JG ECRKVCN CPF GZRGTVKUG VJCV HNQYGF QWV QH %WDC CPF KPVQ VJG 7PKVGF 5VCVGU UGTXGF CUECVCN[UVU HQT VJG GZRCPUKQP QH VJG FQOGUVKE UWICTECPG KPFWUVT[Ô 6JG ITGCVGUV KORCEVYCU HGNV D[ VJG UWICTECPG KPFWUVT[ KP (NQTKFCÔ %WDCP UWICT RTQFWEGTUÒ VGEJPKEKCPUÒCPF OKNN QYPGTU GOKITCVGF VQ (NQTKFC CPF CNOQUV KOOGFKCVGN[ TGRTQFWEGF VJGUWICTECPG KPFWUVT[ VJG[ QPEG JCF KP %WDCÔ 9JGP GEQPQOKE UCPEVKQPU YGTG KORQUGFCPF VJG 7Ô5Ô )QXGTPOGPV TGNCZGF FQOGUVKE CETGCIG TGUVTKEVKQPUÒ VJG (NQTKFC KPFWUVT[GZRCPFGF TCRKFN[ÔÏÊ‰ #NVJQWIJ PQ GUVKOCVGU HQT VQVCN GORNQ[OGPV CTG CXCKNCDNGÒ VJGTCRKF GZRCPUKQP QH VJG KPFWUVT[ KP (NQTKFC RTQDCDN[ TGUWNVGF KP KPETGCUGF GORNQ[OGPVKP VJG KPFWUVT[Ô

ÏÊÍw%QPVKPWGF%QORCP[Ò /CPCVK 5WICT %QORCP[Ò 0GY 6WKPWEW 5WICT %QORCP[Ò +PEÔÒ CPF VJG #VNCPVKE 4GHKPKPI%QORCP[ QH %WDCÔ +P CIITGICVGÒ ENCKOU CICKPUV VJG %WDCP )QXGTPOGPV D[ QPN[ VJGUG UGXGPCHQTGOGPVKQPGF UWICT EQORCPKGU VQVCNGF PGCTN[ ˘ËÌÌ OKNNKQP ıXCNWGF KP Ï‰ÁÌ FQNNCTU CPF YKVJQWVCEEWOWNCVGF KPVGTGUVÙÒ YJKEJ GSWCNU CRRTQZKOCVGN[ ÎÂ RGTEGPV QH VJG VQVCN XCNWG QH VJG ËÒ‰ÏÏ EGTVKHKGFENCKOUÔ /CVKCU (Ô 6TCXGUKQ"&KC\Ò s#NVGTPCVKXG 4GOGFKGU KP C 0GIQVKCVGF 5GVVNGOGPV QH VJG 7Ô5Ô 0CVKQPCNUr'ZRTQRTKCVKQP %NCKOU #ICKPUV %WDCÒt 7PKXGTUKV[ QH 2GPPU[NXCPKC ,QWTPCN QH +PVGTPCVKQPCN 'EQPQOKE .CYÒXQNÔ ÏÊÒ PQÔ ÎÒ Ï‰‰ÁÔ

ÏÊÈ 4CY ECPG UWICTOCFG WR ‰‰Ô‰ RGTEGPV QH %WDCrU VQVCN UWICT GZRQTVU VQ VJG7PKVGF5VCVGU KP Ï‰Ë‰ÒCPF FQOGUVKE TCY ECPG UWICT TGHKPGTKGU TGNKGF JGCXKN[ WRQP VJG %WDCP UWRRN[Ô %WDCP RQTVU YGTGTGNCVKXGN[ RTQZKOCVG VQ 7Ô5Ô TGHKPGTKGUÒ YJKEJ RTQXKFGF HQT XGTVKECN KPVGITCVKQP DGVYGGP %WDCP TCY UWICTOKNNGTU CPF 7Ô5Ô TCY ECPG UWICT TGHKPGTUÔ

ÏÊË %QOOKVVGG QP#ITKEWNVWTGÒ ‰ÏUV %QPITGUUÒ ÎF 5GUUKQPÒ %QOOKVVGG 2TKPVÒ s6JG7PKVGF 5VCVGU 5WICT2TQITCOÒt ı9CUJKPIVQPÒ &%„ 7Ô5Ô )QXGTPOGPV 2TKPVKPI 1HHKEGÒ &GEÔ Ï‰ÊÌÙÔ

ÏÊÁ 2TQFWEVKQP SWQVCU YGTG KORNGOGPVGF VJTQWIJ CETGCIG NKOKVCVKQPU QP 7Ô5Ô ECPG CPF DGGVRTQFWEGTUÔ

ÏÊÊ 5GG PQVG ÏÊÎÔ (CTTÒ 9JKVNQEM ˜ %QORCP[Ò /CPWCN QH 5WICT %QORCPKGUÒ ÍËVJ 'FÒ 0GY ;QTMÒÏ‰ÁÌÔ

ÏÊÂ +PFWUVT[ TGRTGUGPVCVKXGU KP VJG TGHKPKPI UGEVQT ENCKO VJCV VJG ITGCVGUV KORCEV QP VJGYGNHCTG QH7Ô5ÔECPG TGHKPGTU YCU PQV ECWUGF D[ VJG TGCNNQECVKQP QH %WDCrU RQTVKQP QH VJG KORQTV SWQVC VQ HQTGKIPUWRRNKGTUÒ DWV TCVJGTÒ YCU ECWUGF D[ VJG TGCNNQECVKQP VQ 7Ô5Ô FQOGUVKE UWICT DGGV RTQFWEGTU 6JG[ CUUGTVVJCV VJG GODCTIQ GPCDNGF FQOGUVKE RTQFWEGTU VQ GZRCPF DGGV UWICT RTQFWEVKQPÒ CPF VJGTGD[ TGFWEG VJGTCYOCVGTKCN ıTCYECPG UWICTÙ CXCKNCDNG VQ VJG ECPG TGHKPKPI KPFWUVT[Ô 0KEQNCU -QOKPWUÒ 2TGUKFGPVÒ7PKVGF5VCVGU %CPG 4GHKPGTUr #UUQEKCVKQPÒ KPVGTXKGY YKVJ %QOOKUUKQP UVCHH ,WPG ÎÌÒ ÎÌÌÌÔ

ÏÊ‰ #ETGCIG KPETGCUGU YGTG QP VJG UECNG QH CNOQUV ÍËÌ RGTEGPV KP VJG HKTUV È [GCTUÔ 'KIJV PGY UWICTOKNNU YGTG DWKNVÒ CPF RTQFWEVKQP QH UWICT TQUG D[ ÎÁÎ RGTEGPV HTQO Ï‰ÁÌ VQ Ï‰ÁÈÔ 5GG PQVG ÏÊÎÔ

Ë"ÍÊ

6JG EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô UWICT KPFWUVT[ FGRGPFU QP VJG GZVGPV QH VJGKORQTV CEEGUU ITCPVGF VQ %WDCÔ #V VJKU RQKPVÒ VJG COQWPV QH CEEGUU VJCV OKIJV DGITCPVGF VQ %WDC D[ VJG 7PKVGF 5VCVGU KU WPMPQYPÔ 6JG 7PKVGF 5VCVGU GUVCDNKUJGF VJGTGCNNQECVKQP QH KVU SWQVC FWTKPI VJG 7TWIWC[ 4QWPF #ITGGOGPV QP #ITKEWNVWTG ı74##ÙYJGP VCTKHH TCVG SWQVCU ı643UÏÂÌÙ HQT UWICT YGTG UEJGFWNGFÔ %WTTGPVN[Ò VJG 7Ô5Ô UWICT643 KU CNNQECVGF VQ CRRTQZKOCVGN[ ÈÌ UWICT"RTQFWEKPI PCVKQPU DCUGF WRQP JKUVQTKECNKORQTVU FWTKPI VJG RGTKQF Ï‰ÊË "ÂÏÒ C RGTKQF KPYJKEJ%WDC FKF PQV GZRQTV VQ VJG7PKVGF5VCVGUÔ +P VQVCNÒ CEEGUU ITCPVGF WPFGT VJG 961 643 KU CRRTQZKOCVGN[ ÏÔÎË OKNNKQPOGVTKE VQPUÔÏÂÏ %WDC EQWNF DG KPENWFGF KP VJG EWTTGPV 7Ô5Ô UWICT OCTMGV WPFGT CPWODGT QH FKHHGTGPV UEGPCTKQUÒ DWV VJG COQWPV QH VJCV CEEGUU KU KPFGVGTOKPCVG DGECWUGQH VJG EQORNGZKV[ QH EWTTGPV 7Ô5Ô UWICT RQNKE[ CPF DGECWUG QH EWTTGPV GEQPQOKEEQPFKVKQPU VJCV GZKUV KP VJG OCTMGVÔ

+H %WDC YGTG KPENWFGF KP VJG EWTTGPV 643 TGIKOG KP VJG CDUGPEG QH UCPEVKQPUÒ %WDCrUCEEGUU KU PQV NKMGN[ VQ DG QP VJG UECNG VQ YJKEJ %WDC YCU CEEWUVQOGF DGHQTG VJGUCPEVKQPUÔÏÂÎ 6JKU KU DGECWUG UWICT RTKEGU KP VJG 7PKVGF 5VCVGU JCXG HCNNGP KP TGEGPV[GCTU TGUWNVKPI HTQO JKIJ NGXGNU QH FQOGUVKE RTQFWEVKQPÒ 643 KORQTVU WPFGT 0#(6#CPF 961Ò CPF CP KPETGCUG KP KORQTVU QH UWICT HTQO %CPCFC KP VJG HQTO QH UWICTU[TWRÔ #FFKVKQPCN UWICT EQOKPI KPVQ VJG 7Ô5Ô OCTMGV HTQO %WDC YQWNF GZCEGTDCVG VJGUWRRN[ EQPFKVKQPU DGKPI GZRGTKGPEGF D[ 7Ô5Ô RTQFWEGTUÔ

+H %WDC YGTG PQV KPENWFGF KP VJG EWTTGPV 643 TGIKOG KP VJG CDUGPEG QH UCPEVKQPUÒ%WDCP UWICT GZRQTVU VQ VJG 7PKVGF 5VCVGU YQWNF DG \GTQ CPF YQWNF VJGTGHQTG JCXG PQKORCEV QP VJG 7Ô5Ô UWICT KPFWUVT[Ô #U YKVJ UWICT HTQO CP[ QVJGT PQP"SWQVC"JQNFKPIEQWPVT[Ò %WDCP UWICT YQWNF DG FWVKCDNG CV VJG QXGT"SWQVC VCTKHH TCVG HQT TCY UWICT QHÎÈÎ RGTEGPV CF XCNQTGO GSWKXCNGPVÒÏÂÍ YJKEJ IKXGP EWTTGPV YQTNF OCTMGV RTKEGU KURTQJKDKVKXGÔÏÂÈ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG JKUVQTKECN KORCEV QH 7Ô5Ô UCPEVKQPU QP VJG %WDCP UWICT UGEVQT YCU JKIJN[UKIPKHKECPVÔ %WDC YCU VJG YQTNFrU NCTIGUV GZRQTVGT QH UWICTÒ CEEQWPVKPI HQT ÍÍ RGTEGPVQH VQVCN YQTNF UWICT GZRQTVU KP Ï‰Ë‰ÔÏÂË 5WICT GZRQTVU EQPVTKDWVGF VQ ÎË RGTEGPV QH

ÏÂÌ# VCTKHH"TCVG SWQVC KU CP KORQTV SWQVCYKVJ C NQYGT VCTKHH HQT sKP"SWQVCt KORQTVU CPF C JKIJGT VCTKHHHQT sQXGT"SWQVCt KORQTVUÔ 6JG KORQTV SWQVC OC[ DG CNNQECVGF QP C EQWPVT["D["EQWPVT[ DCUKUÔ %QWPVTKGUVJCV CTG PQV CNNQECVGF RQTVKQPU QH VJG KORQTV SWQVC JCXG VJG QRRQTVWPKV[ VQ KORQTV CV VJG JKIJGT QXGT"SWQVCTCVGÔ

ÏÂÏ #NUQÒ VJG 7PKVGF 5VCVGU ITCPVGF /GZKEQ KVU QYP 643 HQT UWICT WPFGT 0#(6#Ò YJKEJ RTQXKFGU VJGEQWPVT[YKVJ RTGHGTGPVKCN CEEGUU VQ VJG7Ô5Ô OCTMGV HQT CP COQWPV WR VQ ÎËÌÒÌÌÌ OGVTKE VQPU WPVKN ÎÌÌÂÒYJGP VJG 643U HQT/GZKEQYKNN DG GNKOKPCVGFCPFC EQOOQPOCTMGV HQT UWICTYKNN GZKUVDGVYGGPVJG 7PKVGF 5VCVGU CPF /GZKEQÔ

ÏÂÎ +P Ï‰Ë‰Ò ÊÎ RGTEGPV QH 7Ô5Ô UWICT KORQTVU YGTG QH %WDCP QTKIKPÔ +H %WDC YGTG ITCPVGF VJCV UCOGUJCTG QH Ï‰‰‰ 7Ô5Ô KORQTVU QH UWICT ıÏÔÁÈ OKNNKQP OGVTKE VQPUÙÒ VJG VQVCN COQWPV %WDC YQWNF UJKR VQ VJG7PKVGF 5VCVGU YQWNF DG ÏÔÏÂ OKNNKQP OGVTKE VQPUÒ YJKEJ KU RTQDCDN[ PQV HGCUKDNGÔ

ÏÂÍ 6JG URGEKHKE QXGT"SWQVC TCVG HQT TCY CPF TGHKPGF UWICT KU ÏËÔÍÁ EGPVU RGT RQWPFÔÏÂÈ #F XCNQTGO VCTKHH TCVG DCUGF QP Ï‰‰‰ CXGTCIG YQTNF RTKEG HQT TCY UWICTÔÏÂË 75&#Ò '45Ò s# *KUVQT[ QH 5WICT /CTMGVKPIÒt #ITKEWNVWTCN 'EQPQOKE 4GRQTV 0QÔ Ï‰ÊÒ (GDÔ Ï‰ÊÏÔ

Ë"ÍÂ

%WDCrU PCVKQPCN KPEQOG CPF OQTG VJCP ÂÌ RGTEGPV QH KVU VQVCN GZRQTV TGXGPWGÔÏÂÁ (TQOVJG GCTN[ Ï‰ÌÌU WPVKN VJG KORQUKVKQP QH UCPEVKQPUÒ %WDCrU RTKOCT[ GZRQTVOCTMGV YCU VJG7PKVGF 5VCVGUÒ CPF %WDC FGRGPFGF WRQP CEEGUU VQ VJG 7Ô5Ô OCTMGV HQT QXGT C JCNH QH KVUVQVCN CPPWCN GZRQTVUÔ +P VJG Ë [GCTU RTKQT VQ VJG 7Ô5Ô UWURGPUKQP QH KORQTVU QH %WDCPUWICT KP Ï‰ÁÌÒ ÊÎ RGTEGPV QH VJG VQVCN CPPWCN 7Ô5Ô KORQTV SWQVC HQT UWICT YCUCNNQECVGF VQ %WDCÒ CPF 7Ô5Ô UWICT KORQTVU HTQO %WDC CXGTCIGF CNOQUV Í OKNNKQPOGVTKE VQPU RGT [GCTÔ +P Ï‰Ë‰ %WDC YCU IKXGP VJG GSWKXCNGPV QH ˘ÏÏÈ OKNNKQP HTQO VJG7PKVGF 5VCVGU HQT KVU UWICT GZRQTVU KP VJG HQTO QH RTGHGTGPVKCN CEEGUUÔÏÂÊ %WDC CPF VJG7PKVGF 5VCVGU YGTG KPVGTFGRGPFGPV KP TGICTF VQ UWICTÒ YKVJ %WDC QHHGTKPI C EQUVGHHGEVKXGÒ UVGCF[Ò RTQZKOCVG UWRRN[ QH TCY UWICT VQ VJG 7PKVGF 5VCVGUÒ CPF VJG 7PKVGF5VCVGU QHHGTKPI C IWCTCPVGGF OCTMGV HQT C OCLQT RQTVKQP QH %WDCrU GZRQTVUÔ

(QNNQYKPI VJG KORQUKVKQP QH UCPEVKQPUÒ %WDCrU UWICT SWQVC YCU RGTOCPGPVN[TGCNNQECVGF VQ QVJGT UWICT"RTQFWEKPI PCVKQPU CPF VQ 7Ô5Ô ECPG CPF DGGV RTQFWEGTUÔÏÂÂ

+OOGFKCVGN[Ò %WDC YCU NGHV YKVJ VJG VCUM QH HKPFKPI CNVGTPCVG QWVNGVU HQT KVU RTKOCT[GZRQTV EQOOQFKV[Ô %WDC FKXGTVGF KVU UWICT GZRQTVU CYC[ HTQOOCTMGV GEQPQOKGU CPFVQYCTF EGPVTCNN[ RNCPPGF GEQPQOKGUvVJG 5QXKGV 7PKQPÒ 'CUVGTP 'WTQRGCP EQWPVTKGUÒCPF %JKPCÔÏÂ‰ 6JG 5QXKGV 7PKQP VQQM VJG OQUV RTQOKPGPV TQNG CPF TGRNCEGF VJG 7PKVGF5VCVGU CU %WDCrU OCLQT GZRQTV OCTMGV‚ D[ Ï‰ÊÌÒ VJG 5QXKGV 7PKQP CEEQWPVGF HQT ÈËRGTEGPV QH %WDCrU UWICT GZRQTVUÔ

(QT PGCTN[ VJTGG FGECFGUÒ Ï‰ÁÌ"Ï‰‰ÌÒ %WDCrU GEQPQO[YCU FGRGPFGPV WRQP KVU VTCFGVKGU YKVJ VJG 5QXKGV 7PKQPÒ RTKOCTKN[ QYKPI VQ VJG RTGOKWO KV TGEGKXGF HQT KVU UWICTÒÏ‰Ì

CPF FWTKPI VJQUGÍÌ [GCTUÒ %WDC TGEGKXGF QXGT ˘ÁËDKNNKQP KP 5QXKGV CUUKUVCPEG VJTQWIJUWICT VTCFGÔÏ‰Ï +V YCU TGRQTVGF VJCV KP Ï‰ÂÂ VJG 5QXKGV 7PKQP RCKF VJG GSWKXCNGPV QH

ÏÂÁ #PWCTKQ #\WECTGTQ FG %WDCÒ %GPUQ FG NC +PFWUVTKC #\WECTGTC FG %WDC [ /CPWCN 'UVCFKUVKEQ0CEKQPCN G +PVGTPCEKQPCNÒ 8QNWOGP ::+++Ò Ï‰Ë‰Ô

ÏÂÊ +P Ï‰Ë‰Ò VJG YQTNF RTKEG HQT TCY UWICT CXGTCIGF ÍÔÂÊ EGPVU RGT RQWPFÒ CPF %WDCP UWICTTGEGKXGF ÁÔÎÈ EGPVU RGT RQWPF KP VJG 7Ô5Ô OCTMGVÒ C RTGOKWO QH ÎÔÍÂ EGPVU RGT RQWPFÔ %WDC GZRQTVGFÈÔÊÂ DKNNKQP RQWPFU QH UWICT VQ VJG 7PKVGF 5VCVGU KP Ï‰Ë‰Ô

ÏÂÂ #UUQEKCVGF YKVJ VJG KORQUKVKQP QH UCPEVKQPUÒ VJG %WDCP UWICT KPFWUVT[ YCU PGICVKXGN[ KORCEVGFD[ VYQ HCEVQTU KP VJG NCVG Ï‰ËÌU CPF GCTN[ Ï‰ÁÌUÔ (KTUVÒ VJG GZRTQRTKCVKQP QH RTQRGTVKGU QYPGF D[ %WDCPÒ7Ô5ÔÒ CPF QVJGT HQTGKIP EQTRQTCVKQPU CPF VJG UWDUGSWGPV PCVKQPCNK\CVKQP QH %WDCrU UWICTOKNNUÒ TGHKPGTKGUÒCPF ECPG"RTQFWEKPI NCPFÔ +P VQVCNÒ VJG %WDCP )QXGTPOGPV TGRQTVGFN[ GZRTQRTKCVGF CNN ÏÁÏ UWICT OKNNUıTGRTGUGPVKPICRRTQZKOCVGN[ÁËÒÌÌÌ UWICTECPG ITQYGTUÙ CPF ÏÂ TGHKPGTKGU QRGTCVKPI KP %WDCÔ 6JKU NGF VQVJG GZQFWU QH RTQHGUUKQPCN ECPG EWVVGTUÒ UMKNNGF OGEJCPKEUÒ VGEJPQNQIKUVUÒ HCTOGTUÒ OKNNGTUÒ CPF TGHKPGTUÔ-PQYNGFIG CPF GZRGTVKUG YGTG VTCPUHGTTGF HTQO %WDC VQ PGKIJDQTKPI EQWPVTKGU UWEJ CU &QOKPKECP4GRWDNKE CPF VJG 7PKVGF 5VCVGUÔ 5GEQPFÒ WPFGT VJG PGYN[ HQTOGFÒ EGPVTCNN[ EQPVTQNNGF IQXGTPOGPVÒHQTGKIP KPXGUVOGPV YCU DCPPGFÒ UQ VJG KPFWUVT[ YCU NCEMKPI KP VJG KPXGUVOGPV ECRKVCN KV TGSWKTGF HQTCFGSWCVGN[ OCKPVCKPKPI OKNNUÒ TGHKPGTKGUÒ GNGEVTKECN RNCPVUÒ OCEJKPGT[Ò TQCFUÒ CPF TCKNYC[UÔ (QT HWTVJGTFGVCKNUÒ UGG 5KNXGUVTG 2KPCÒ 2TGUKFGPVÒ 5WICT %CPG)TQYGTU #UUQEKCVKQP QH %WDCÒ YTKVVGP UWDOKUUKQP VQ VJG%QOOKUUKQPÒ TGEGKXGF1EVÔ ÈÒ ÎÌÌÌ‚0KEQNCU ,Ô )WVKGTTG\Ò 5GETGVCT[ CPF)GPGTCN %QWPUGN VQ VJG0CVKQPCN#UUQEKCVKQP QH 5WICT /KNN 1YPGTU QH %WDCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒRÔ ÈÍÁÔ

ÏÂ‰ %Ô 5WCP 6CPÒ s%WDCv7554 5WICT 6TCFGÒt 9QTNF $CPMÒ %QOOQFKV[ 5VWFKGU CPF 2TQLGEVKQPU&KXKUKQP 9QTMKPI 2CRGTÒ 0QÔ Ï‰ÂÁ"ÎÒ ,WPG Ï‰ÂÁÔ

Ï‰Ì +P Ï‰ÁÈÒ %WDC CPF VJG 5QXKGV 7PKQP GPVGTGF KPVQ C DKNCVGTCN CITGGOGPV WPFGT YJKEJ VJG 5QXKGV7PKQP CITGGF VQ RWTEJCUG UWICT HTQO %WDC OCKPN[ D[ DCTVGT ıKÔGÔÒ UWICT HQT QKNÙ KP KPETGCUGF COQWPVUUVCTVKPI CV C RTKEG UNKIJVN[ CDQXG VJG YQTNF RTKEGÔ

Ï‰Ï #PVQPKQ )C[QUQÒ 5WICT 2TQFWEGTU QH %WDCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒVTCPUETKRVÒ RÔ ËÏÈÔ

Ë"Í‰

CDQWV ÈÎ EGPVU RGT RQWPF HQT UWICT YJGP VJG YQTNF RTKEG CXGTCIGF ÏÌ EGPVU RGTRQWPFÒ C RTGOKWO QH ÍÎ EGPVU RGT RQWPFÔÏ‰Î %WDC CNUQ OCKPVCKPGF VTCFG TGNCVKQPUYKVJ PQPUQEKCNKUV EQWPVTKGU UWEJ CU ,CRCP CPF %CPCFC HQT CEEGUU VQ EQPXGTVKDNGEWTTGPEKGU VQ CNNQY %WDC VQ RWTEJCUG ECRKVCN IQQFU VJCV YGTG PQV CXCKNCDNG KP VJG5QXKGV DNQEÔ

6JG KORCEV QH 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC YCU PQV VTWN[ HGNV WPVKN VJGEQNNCRUG QH VJG 5QXKGV 7PKQPÒ HQT YKVJQWV 5QXKGV UWDUKFKGU QT RTGHGTGPVKCN CEEGUU VQ VJG7Ô5Ô UWICT OCTMGVÒ %WDC YCU HQTEGF VQ EQORGVG CICKPUV QVJGT UWICT RTQFWEGTU HQTOCTMGV UJCTGÔ 6JG KORCEVU JCXG DGGP GZVTGOG„ CPPWCN RTQFWEVKQP QH UWICT JCUJQXGTGF CTQWPF È OKNNKQP OGVTKE VQPU UKPEG Ï‰‰ÍÒ TGCEJKPI C TGEQTF NQY QH ÍÔÎ OKNNKQPOGVTKE VQPU KP Ï‰‰‰‚ RTQFWEVKQP [KGNFU JCXG HCNNGPwÍÈ RGTEGPV UKPEG Ï‰Â‰wVQÏÈÔÁ OGVTKE VQPU RGT CETG KP Ï‰‰‰‚Ï‰Í NCPF KP RTQFWEVKQP JCU FGENKPGF HQT NCEM QHNCDQTGTU CPF PGEGUUCT[ KPRWVU‚ EQUV QH RTQFWEVKQP JCU KPETGCUGF VQ CRRTQZKOCVGN[˘ÎÌÌ RGT OGVTKE VQP YJGP VJG YQTNF RTKEG CXGTCIGF ˘ÏÈÈ RGT OGVTKE VQP KP Ï‰‰‰‚ VJGEQWPVT[rU YQTNF GZRQTV UJCTG HGNN VQ ‰ RGTEGPV CPF GZRQTV GCTPKPIU HGNN DGNQY ˘ËÌÌOKNNKQP KP Ï‰‰‰‚ ÎÂ RGTEGPV QH OKNNU JCXG DGGP KFNGF HQT NCEM QH OCKPVGPCPEG CPFPGEGUUCT[ GSWKROGPV‚ CPF ECRCEKV[ WVKNK\CVKQP KP VJG TGOCKPKPI OKNNU HGNN VQ ÊÏ RGTEGPVKP Ï‰‰‰ÔÏ‰È 2CTVN[ QYKPI VQ UCPEVKQPUÒ VJG %WDCP UWICT KPFWUVT[ UWHHGTU HTQO C NCEM QHECRKVCN KPXGUVOGPVÔ

6JG GHHGEVU QP VJG %WDCP UWICT KPFWUVT[ QH NKHVKPI 7Ô5Ô GEQPQOKE UCPEVKQPU FGRGPFWRQP VJG V[RG QH VTCFKPI CTTCPIGOGPV CITGGF WRQP DGVYGGP VJG VYQ EQWPVTKGUÔ #UOGPVKQPGF CDQXGÒ VJG GHHGEVU FGRGPF WRQP YJGVJGT %WDC YQWNF DG ITCPVGF SWQVCCEEGUU VQ VJG 7Ô5Ô UWICT OCTMGV CPF WRQP VJG SWCPVKV[ QH CEEGUU ITCPVGFÔ

(KPCNN[Ò VJG KPXGUVOGPV ENKOCVG KP %WDCYQWNF DG CP KORQTVCPV HCEVQT KP FGVGTOKPKPI VJGEWTTGPV KORCEV QH NKHVKPI UCPEVKQPU D[ VJG7PKVGF 5VCVGUÔ (QTGKIP KPXGUVOGPV KP VJG%WDCPUWICT KPFWUVT[ YQWNF RTQDCDN[ DG NKOKVGF WPVKN RTQRGTV[ TKIJVU YGTG ENGCTN[ FGHKPGFCPF GZRTQRTKCVKQP ENCKOU UGVVNGFÔÏ‰Ë 6JG %WDCP UWICT KPFWUVT[ JCU UWDUVCPVKCNRTQFWEVKQP ECRCEKV[Ò CPF UWRRNKGF YKVJ VJG CRRTQRTKCVG COQWPV QH ECRKVCNÒ VJG KPFWUVT[EQWNF DGEQOG JKIJN[ EQORGVKVKXG KP YQTNF OCTMGVUÔ (QTGKIP KPXGUVOGPVÒ CNQPI YKVJ

Ï‰Î 2GVGT $W\\CPGNNÒ s.CVKP #OGTKECrU $KI 6JTGG 5WICT 2TQFWEGTU KP 6TCPUKVKQP„ %WDCÒ /GZKEQÒ CPF$TC\KNÔt 75&#Ò '45Ò #ITKEWNVWTG +PHQTOCVKQP $WNNGVKP 0QÔ ÁËÁÒ Ï‰‰ÎÔ

Ï‰Í .C\CTQ 2GøC %CUVGNNCPQU CPF ,QUj #NXCTG\Ò 6JG %WDCP 5WICT #ITQKPFWUVT[ CPF VJG+PVGTPCVKQPCN 5YGGVGPGT /CTMGV KP VJG Ï‰‰ÌU„ +ORNKECVKQPU HQT VJG (WVWTGÔ +PVGTPCVKQPCN 9QTMKPI 2CRGT5GTKGUÒ +9 ÌÌ"ÏÒ +PVGTPCVKQPCN #ITKEWNVWTCN 6TCFG CPF &GXGNQROGPV %GPVGTÒ (QQF CPF 4GUQWTEG'EQPQOKEU &GRCTVOGPVÒ 7PKXGTUKV[ QH (NQTKFCÒ )CKPGUXKNNGÒ (.Ò ,CPÔ ÎÌÌÌÔ

Ï‰È s6JKTF 'UVKOCVG QH VJG 9QTNF 5WICT $CNCPEGÒ Ï‰‰‰"ÎÌÌÌÒt (Ô1Ô .KEJVrU +PVGTPCVKQPCN 5WICT CPF5YGGVGPGT 4GRQTVÒ XQNÔ ÏÍÎÒ PQÔ ÎÍÒ #WIÔ ÊÒ ÎÌÌÌÔ

Ï‰Ë 4GRQTVGFN[ ÏÁÏ OKNNU CPF ÏÂ TGHKPGTKGUÒ OCP[ QH 7Ô5Ô QYPGTUJKRÒ YGTG UGK\GF D[ VJG %WDCP)QXGTPOGPVÔ 1H VJG ÏÌ NCTIGUV ENCKOU OCFG D[ 7Ô5Ô EQTRQTCVKQPU KP Ï‰ÁÌ CICKPUV VJG %WDCP)QXGTPOGPVÒ ËÒ TCPIKPI HTQO˘Ë‰OKNNKQP VQ ˘‰ÊOKNNKQPÒYGTGOCFG D[ UWICT EQORCPKGUÔ1TICPK\CVKQPUEQORTKUGF QH 7Ô5Ô CPF %WDCP PCVKQPCNU CTG FGXQVGF VQ TGENCKOKPI VJGUG RTQRGTVKGUÔ /CVKCU (Ô6TCXGUKQ"&KC\Ò s#NVGTPCVKXG 4GOGFKGU KP C 0GIQVKCVGF 5GVVNGOGPV QH VJG 7Ô5Ô 0CVKQPCNUr 'ZRTQRTKCVKQP%NCKOU #ICKPUV %WDCÒt 7PKXGTUKV[ QH 2GPPU[NXCPKC ,QWTPCN QH +PVGTPCVKQPCN 'EQPQOKE .CYÒ XQNÔ ÏÊÒ PQÔ ÎÒÏ‰‰Á‚ 0KEQNCU ,Ô )WVKGTTG\Ò 5GETGVCT[ CPF )GPGTCN %QWPUGN VQ VJG 0CVKQPCN #UUQEKCVKQP QH 5WICT /KNN1YPGTU QH %WDCÒ YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ TGEGKXGF 5GRVÔ ÏÎÒ ÎÌÌÌ‚ CPF ,QUj 'Ô.QRG\"5KNXGTQÒ 2TGUKFGPVÒ 5WICT 2TQFWEGTU QH %WDCÒ +PEÔÒ YTKVVGP UWDOKUUKQP VQ VJG %QOOKUUKQPÒ TGEGKXGF5GRVÔ ÏÎÒ ÎÌÌÌÔ

Ë"ÈÌ

VTCFG YKVJ VJG 7PKVGF 5VCVGU KP HGTVKNK\GTÒ VGEJPQNQI[Ò HWGNÒ RGUVKEKFGUÒ JGTDKEKFGUÒ CPFOCEJKPGT[Ò YQWNF ITGCVN[ DGPGHKV VJG %WDCP KPFWUVT[Ô 6JG OQUV NKMGN[ GHHGEVU YQWNF DGKPETGCUGF RTQFWEVKQP NGXGNU QH TCY UWICT CPF QH JKIJGT XCNWG D["RTQFWEVU CPF UWICTFGTKXCVKXGUÒ JKIJGT ECRCEKV[ WVKNK\CVKQP NGXGNUÒ KPETGCUGF [KGNFUÒ CPF C TGFWEVKQP KPRTQFWEVKQP EQUVUÔ

&&&&KKKKUUUUVVVVKKKKNNNNNNNNGGGGFFFF 5555RRRRKKKKTTTTKKKKVVVVUUUUÏÏÏÏ‰‰‰‰ÁÁÁÁ

6JG 7PKVGF 5VCVGU KU VJG YQTNFrU NGCFKPI RTQFWEGTÒ EQPUWOGTÒ CPF KORQTVGT QH FKUVKNNGFURKTKVUÔ +P Ï‰‰‰Ò 7Ô5Ô RTQFWEVKQP COQWPVGF VQ ˘ÍÔÎ DKNNKQP CPF TGOCKPGF TGNCVKXGN[UVCDNG FWTKPI Ï‰‰Ë"‰‰Ô +ORQTVU OCFG WR CNOQUV ËÌ RGTEGPV QH 7Ô5Ô FQOGUVKEEQPUWORVKQP KP Ï‰‰‰Ô +ORQTVU TGCEJGF ˘ÎÔÈ DKNNKQP KP Ï‰‰‰Ò CNOQUV ËÌ RGTEGPV JKIJGTVJCP KP Ï‰‰ËÒ YKVJ OCLQT UWRRNKGTU DGKPI VJG '7 CPF %CPCFCÔ 7Ô5Ô GZRQTVUÒ YJKEJEQPUKUV QH OCKPN[ YJKUMG[Ò TGCEJGF ˘ÈÈÌ OKNNKQP KP Ï‰‰‰Ô 7Ô5Ô RTQFWEGTU CTG HWNN[KPVGITCVGF KPVQ VJG KPVGTPCVKQPCN FKUVKNNGF"URKTKVU KPFWUVT[Ò YJKEJ KU EJCTCEVGTK\GF D[NCTIGÒ OWNVKPCVKQPCN RTQFWEGTU CPF UWRRNKGTUÔ

%WDCP RTQFWEVKQP QH FKUVKNNGF URKTKVU KU GUVKOCVGF VQ TGRTGUGPV CDQWV ÎÌÌÒÌÌÌJGEVQNKVGTU QH RWTGCNEQJQN KP Ï‰‰‰Ò QHOCKPN[ TWOCPF CIWCTFKGPVGUÒ DQVJ FGTKXGF HTQOUWICTECPGÔ %WDCP GZRQTVUÒ EQPUKUVKPI RTKOCTKN[ QH TWOÒ COQWPVGF VQ ˘ÏÌÌ OKNNKQP KPÏ‰‰ÂÒ YKVJ 5RCKPÒ +VCN[Ò CPF )GTOCP[ VJG NGCFKPI OCTMGVU HQT VJGUG UJKROGPVUÔ&KUVKNNGF URKTKVU CTG CNUQ CP KORQTVCPV UQWTEG QH HQTGKIP GZEJCPIG HQT VJG %WDCPGEQPQO[Ò CEEQWPVKPI HQT CU OWEJ CU ÍÌ RGTEGPV QH NQECN JCTF"EWTTGPE[ UCNGUÔÏ‰Ê %WDCKORQTVU C UOCNN XQNWOG QH FKUVKNNGF URKTKVU RTKOCTKN[ HQT VQWTKUV GUVCDNKUJOGPVU CPFJCTF"EWTTGPE[ UVQTGUÔÏ‰Â

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU6JG JKUVQTKECN KORCEV QH UCPEVKQPU CPF NQUU QH VJG %WDCP OCTMGV QP VJG 7Ô5Ô FKUVKNNGFURKTKVU KPFWUVT[ YCU RTQDCDN[ PGINKIKDNGÔ %WDC YCU VJG UGEQPF NGCFKPI UWRRNKGT QHKORQTVGF TWO VQ VJG 7PKVGF 5VCVGU CHVGT ,COCKECÒ UJKRRKPI CDQWV ÁÌÒÌÌÌ RTQQHICNNQPUÒ XCNWGF CV ˘ÍÁÁÒÌÌÌ KP Ï‰Ë‰ÔÏ‰‰ *QYGXGTÒ KOOGFKCVGN[ HQNNQYKPI VJGKPVTQFWEVKQP QH UCPEVKQPUÒ UJKROGPVU QH TWO HTQO ,COCKEC CPF QVJGT UWRRNKGT EQWPVTKGUKPETGCUGF CPF QHHUGV VJG NQUU QH UJKROGPVU HTQO %WDCÔ #U C TGUWNVÒ VJG QXGTCNN NGXGN QHUJKROGPVU TGOCKPGF TGNCVKXGN[ UVCDNG HQNNQYKPI VJG KORQUKVKQP QH UCPEVKQPUÒ CPF VJG

Ï‰Á &KUVKNNGF URKTKVU KPENWFGU YJKVG URKTKVU ıUWEJ CU XQFMCÒ TWOÒ CPF IKPÙÒ DTQYP URKTKVU ıUWEJ CU YJKUMG[CPF DTCPF[ÙÒ CPF URGEKCNV[ URKTKVU ıUWEJ CU NKSWGWTU CPF OKZGF EQEMVCKNUÙÔ

Ï‰Ê ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ %WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒ ı9CUJKPIVQPÒ &%„%WDC0GYUÒ ÎÌÌÌÙÒ RÔ Í"ÈÍÔ

Ï‰Â (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP FKUVKNNGF URKTKVU UGEVQTU ECP DG HQWPF KP #RRGPFKZ )ÒVCDNGU )"ÎÍC VJTQWIJ )"ÎÍFÔ

Ï‰‰ 1HHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÔ

Ë"ÈÏ

KORCEV QP 7Ô5Ô EQPUWOGTU YCU RTQDCDN[ PGINKIKDNG KP VGTOU QH CXCKNCDKNKV[ QH UWRRN[CPF RTKEGUÔ %WDC TGRTGUGPVGF C XGT[ UOCNN UJCTG QH 7Ô5Ô GZRQTVU QH FKUVKNNGF URKTKVU RTKQTVQ VJG KORQUKVKQP QH UCPEVKQPUÔ 7Ô5Ô GZRQTVU VQ %WDC VQVCNGF CDQWV ÈÒÌÌÌ RTQQH ICNNQPUXCNWGF CV ˘ÎÈÒÌÌÌ KP Ï‰Ë‰Ò EQORCTGF YKVJ VQVCN 7Ô5Ô GZRQTVU QH QXGT ÏÔË OKNNKQP RTQQHICNNQPUÒ XCNWGF CV QXGT ˘È OKNNKQPÔ

1XGTCNNÒ VJG EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô FKUVKNNGF URKTKVU KPFWUVT[ KU UOCNNÔ*QYGXGTÒ KP VJG CDUGPEG QH UCPEVKQPUÒ 2GTPQF 4KECTFÒ C INQDCN RTQFWEGT CPF UWRRNKGTÒYJKEJ JCU C LQKPV XGPVWTG CITGGOGPV YKVJ VJG %WDCP UVCVG RTQFWEGT *CXCPC 4WO CPF.KSWQTU VQ OCTMGV VJG TWO DTCPF s*CXCPC %NWDÒtÎÌÌ YQWNF DG NKMGN[ VQ UKIPKHKECPVN[KPETGCUG GZRQTVU QH TWO VQ VJG 7PKVGF 5VCVGUÔ 5WEJ GZRQTVU YQWNF EQORGVG FKTGEVN[ YKVJ7Ô5Ô"RTQFWEGF TWOÒ KPENWFKPI VJG $CECTFK TWO DTCPF CPF QVJGT TWO RTQFWEGTU KP VJG7Ô5Ô EWUVQOU VGTTKVQT[ÔÎÌÏ

6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô TWO KORQTVU HTQO %WDC YQWNF VQVCN ˘ÏË OKNNKQP VQ˘ÎËOKNNKQP KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ WPFGTEQNWOP Ï"IGPGTCN FWV[ TCVGU QH ÏÍ EGPVU RGT RTQQH NKVGTÔÎÌÎ %QNWOPÎ FWV[ TCVGU QH ˘ÏÔÍÎRGT RTQQH NKVGT YQWNF PQV DG RTQJKDKVKXGÒ DWV %WDCP TWO YQWNF DG UKIPKHKECPVN[ OQTGGZRGPUKXG VJCP FQOGUVKECNN[ RTQFWEGF TWOÒ NKOKVKPI KORQTVU VQ JKIJ"SWCNKV[ CPFJKIJ"XCNWGF %WDCP TWOUÔ +P VJG NQPIGT VGTOÒ 7Ô5Ô RTQFWEGTU YQWNF RTQDCDN[ CVVGORVVQ KPXGUV KP %WDCÒ CU JCU C NGCFKPI 'WTQRGCP RTQFWEGTÒ VQ UGTXKEG VJG VQWTKUV UGEVQT CPFVQ VCMG CFXCPVCIG QH KPETGCUKPI YQTNF FGOCPF HQT %WDCrU PCVKQPCN FKUVKNNGF URKTKVÔ

%QORGVKVKQP DGVYGGP 7Ô5Ô CPF QVJGT KPVGTPCVKQPCN RTQFWEGTU HQT VJG %WDCP OCTMGVYQWNF CHHGEV VJG 7Ô5Ô FKUVKNNGF URKTKVU KPFWUVT[Ò CNVJQWIJ HQWT QH VJG HKXG NGCFKPI 7Ô5ÔFKUVKNNGF URKTKVU EQORCPKGU CTG UWDUKFKCTKGU QH OWNVKPCVKQPCN URKTKVU RTQFWEGTUÔ +P VJGUJQTV TWPÒ YJQNN[ QYPGF7Ô5Ô RTQFWEGTU YQWNF HCEG C OQTG FKHHKEWNV VCUM QH GPVGTKPI VJG%WDCP OCTMGV‚ JQYGXGTÒ KP VJG CDUGPEG QH UCPEVKQPU CP KPHNQY QH VQWTKUVU HTQO VJG7PKVGF 5VCVGU YQWNF RTQDCDN[ KPETGCUG FGOCPF HQT 7Ô5Ô URKTKVU VQ UGTXKEG VJKU UGEVQTÔ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG %WDCP FKUVKNNGF URKTKVU UGEVQT YCU UKIPKHKECPVÔ2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPU VJG 7PKVGF 5VCVGU YCU %WDCrU NGCFKPI GZRQTVOCTMGVCPF UCNGU VQ VJG 7PKVGF 5VCVGU RTQXKFGF CP KORQTVCPV UQWTEG QH GZVGTPCN TGXGPWGÔ +PCFFKVKQPÒ FGOCPF HQT TWO KP %WDCrU FQOGUVKE OCTMGV YCU FCORGPGF CU VJG HNQY QH7Ô5Ô VQWTKUVU CPF QVJGT HQTGKIP PCVKQPCNU UVQRRGFÔ (TQO VJG Ï‰ÁÌU VJTQWIJ OQUV QH VJGÏ‰ÂÌUÒ %WDCP RTQFWEVKQP CPF GZRQTVU QH TWO FGENKPGF OCTMGFN[Ò YKVJ GZRQTV

ÎÌÌ 6JG NGCFKPI TWO GZRQTV DTCPF RTQFWEGF KP %WDCÔÎÌÏ # VTCFGOCTM FKURWVG DGVYGGP VJG '7 QP DGJCNH QH (TCPEG CPF $CECTFK QXGT VJG VTCFGOCTM

s*CXCPC %NWDt JCU DGGP UWDLGEV VQ EQWTV CEVKQP KP VJG 7PKVGF 5VCVGU CPF FKURWVG UGVVNGOGPV CV VJG 961Ô,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ %WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒ ı9CUJKPIVQPÒ &%„ %WDC0GYUÒÎÌÌÌÙÒ RÔ Í"ÈÍÔ

ÎÌÎ #NVJQWIJ OQUV FKUVKNNGF URKTKVU GPVGT VJG 7PKVGF 5VCVGU HTGG QH FWV[Ò EGTVCKP ECVGIQTKGU QH TWO CTGUWDLGEV VQ VCTKHHUÔ

Ë"ÈÎ

UJKROGPVU FWTKPI VJG RGTKQF FGUVKPGF OCKPN[ HQT VJG 5QXKGV 7PKQPÔÎÌÍ9JKNG VJG %WDCPFQOGUVKE KPFWUVT[ FGENKPGFÒ $CECTFKÒ QPEG C OCLQT RTQFWEGT QH TWO KP %WDCÒ DGECOGQPG QH VJG YQTNFrU NGCFKPI FKUVKNNGF URKTKVU OCPWHCEVWTGTU CPF EWTTGPVN[ RTQFWEGU$CECTFK 4WOÒ VJG NGCFKPI FKUVKNNGF URKTKV DTCPF OCTMGVGF YQTNFYKFGÔ

+P VJG CDUGPEG QH UCPEVKQPUÒ VJG NCTIG CPF NWETCVKXG 7Ô5Ô OCTMGV HQT FKUVKNNGF URKTKVUYQWNF DG QRGP VQ GZRQTVU HTQO %WDCÔ 6JG %QOOKUUKQP GUVKOCVGU VJCV %WDCP TWOGZRQTVU VQ VJG 7PKVGF 5VCVGU EQWNF DG DGVYGGP ˘ÏË OKNNKQP CPF ˘ÎËOKNNKQPÒ DWV QXGT VJGNQPIGT VGTOÒ GZRQTVU EQWNF UKIPKHKECPVN[ GZEGGF VJKU COQWPVÔ +P RCTVKEWNCTÒ JCXKPICEEGUU VQ 2GTPQF 4KECTFrU YQTNFYKFG FKUVTKDWVKQP PGVYQTM CU YGNN CU VJG ECEJGV QH VJGs*CXCPC %NWDt NCDGN NKMGN[ YKNN OCMG %WDCP TWO KPETGCUKPIN[ EQORGVKVKXG YKVJ TWOHTQO 2WGTVQ 4KEQ KP VJG 7Ô5Ô OCTMGVÔ %WDCP TWO OC[ CNUQ EQPUVKVWVG CP KPETGCUKPIVJTGCV VQ $CECTFKrU FQOKPCPEG KP YQTNF OCTMGVUÔÎÌÈ

%%%%KKKKIIIICCCCTTTTUUUU

6JG 7PKVGF 5VCVGU KU VJG YQTNFrU NGCFKPI RTQFWEGT CPF EQPUWOGT QH EKICTU YKVJRTQFWEVKQP COQWPVKPI VQ ÈÔË DKNNKQP EKICTU KP Ï‰‰ÂÔ /QUV EKICTU EWTTGPVN[ RTQFWEGF KPVJG 7PKVGF 5VCVGU CTG OCEJKPG OCFGÒ YJKNG KORQTVUÒ YJKEJ CEEQWPV HQT CDQWV ÎÌRGTEGPV QH FQOGUVKE EQPUWORVKQPÒ CTG RTKOCTKN[ JKIJ XCNWG JCPF"TQNNGF EKICTUÔ 6JGOCLQT KORQTV UWRRNKGTU VQ VJG 7Ô5Ô OCTMGV CTG &QOKPKECP 4GRWDNKEÒ *QPFWTCUÒ CPF,COCKECÔ 7Ô5Ô EKICT KORQTVU GZRCPFGF FTCOCVKECNN[ FWTKPI VJG 7Ô5Ô EKICT DQQO QH VJGÏ‰‰ÌUÒ TGCEJKPI OQTG VJCP ˘ÈÌÌ OKNNKQP KP Ï‰‰Ê DGHQTG FGENKPKPI VQ ˘ÎÊÂ OKNNKQP KPÏ‰‰‰Ô 6JG 7Ô5Ô EKICT KPFWUVT[ KU JKIJN[ KPVGITCVGF KPVQ VJG INQDCN KPFWUVT[Ò YKVJ VYQ QHVJG VJTGG NCTIGUV 7Ô5Ô RTQFWEGTU QYPGF D[ 'WTQRGCP EQORCPKGUÔ

%WDC KU VJG UGEQPF"NGCFKPI YQTNF RTQFWEGT CPF GZRQTVGT QH RTGOKWO JCPF"TQNNGFEKICTU CHVGT &QOKPKECP 4GRWDNKEÔ %WDCP EKICT GZRQTVUÒ GUVKOCVGF CV ÏËÌ OKNNKQP EKICTUKP Ï‰‰‰Ò GZRCPFGF D[ ÏÊÍ RGTEGPV FWTKPI Ï‰‰Ë"‰‰Ò QYKPI VQ KPETGCUGF KPXGUVOGPV KPRTQFWEVKQP ECRCEKV[Ô %KICTU CTG VJG UGEQPF"NGCFKPI CITKEWNVWTCN GZRQTV D[ XCNWG CHVGTUWICT CPF CTG CP KORQTVCPV UQWTEG QH HQTGKIP GZEJCPIG HQT VJG %WDCP GEQPQO[Ô 6JGVTGOGPFQWU ITQYVJ KP RTQFWEVKQPÒ JQYGXGTÒ JCU ETGCVGF UJQTVCIGU KP UWKVCDN[ EWTGFEKICT NGCH CPF VTCKPGF JCPF"TQNNGTUÒ TCKUKPI EQPEGTP CDQWV SWCNKV[ EQPVTQN HQT VJGKPFWUVT[Ô 5VTQPI FGOCPF HQT RTGOKWO %WDCP EKICTU KP YQTNF OCTMGVU JCU ETGCVGFKPETGCUGF RTQFWEVKQP QH EQWPVGTHGKV RTGOKWO EKICTUÎÌË DQVJ KPUKFG CPF QWVUKFG%WDCÔÎÌÁ

ÎÌÍ +P CFFKVKQP VQ VJG KORCEV QH UCPEVKQPUÒ VJG KPFWUVT[ UWHHGTGF DGECWUG %WDCP EQORCPKGU VJCVRTQFWEGF TWO CPF NQYGT"XCNWG CIWCTFKGPVGU YGTG YJQNN["QYPGF D[ %WDCP PCVKQPCNU YJQ NGHV %WDC KPVJG NCVG Ï‰ËÌU CPF GCTN[ Ï‰ÁÌUÔ 6JKU ETGCVGF C XQKF QH OCTMGVKPI MPQYNGFIGÒ VGEJPKECN GZRGTVKUGÒ CPFECRKVCN HQT VJG KPFWUVT[Ô %QPUGSWGPVN[Ò VJG )QXGTPOGPV QH %WDC NCEMGF UWHHKEKGPV KPXGUVOGPV ECRKVCN VQOCKPVCKP CPF WRITCFG FKUVKNNGF URKTKVU RNCPVU CPF GSWKROGPVÒ UQ VJCV KPXGUVOGPV CPF QWVRWV FGETGCUGFCHVGT Ï‰Ë‰Ôs%WDCrU TWO CPF NKSWQT KPFWUVT[ UJQYKPI UWDUVCPVKCN KORTQXGOGPVÒt %WDC0GYUÒ &GEÔ Ï‰‰‰Ô

ÎÌÈ +DKFÔÎÌË ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ %WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒ ı9CUJKPIVQPÒ &%„

%WDC0GYUÒ ÎÌÌÌÙÒ RÔ Í"ÍÍÔÎÌÁ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP EKICT UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU

)"ÎÈC VJTQWIJ )"ÎÈFÔ

Ë"ÈÍ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU5CPEVKQPU YKVJ TGURGEV VQ %WDC JCF C UKIPKHKECPV KORCEV QP VJG 7Ô5Ô FQOGUVKE EKICTKPFWUVT[Ô 2TKQT VQ VJG KORQUKVKQP QH 7Ô5Ô UCPEVKQPUÒ %WDC YCU PGCTN[ VJG GZENWUKXGHQTGKIP UWRRNKGT QH VQDCEEQ WUGF D[ 7Ô5Ô EKICT OCMGTUÔÎÌÊ #EEQTFKPI VQ VJG %KICT#UUQEKCVKQP QH #OGTKEC +PEÔÒ DGVYGGP ÎË CPF ÍÌ RGTEGPV QH EKICT HKNNGT VQDCEEQU WUGFD[ 7Ô5Ô EKICT RTQFWEGTU YCU UWRRNKGF D[ %WDC KP VJG NCVG Ï‰ËÌUÒ CPF ‰Ë RGTEGPV QH VJGÏÊÌ OKNNKQP RTGOKWO JCPF"TQNNGF EKICTU ıEQPVCKPKPI ÏÌÌ RGTEGPV %WDCP VQDCEEQÙEQPUWOGF KP VJG 7PKVGF 5VCVGU YCU RTQFWEGF FQOGUVKECNN[ÔÎÌÂ +P CFFKVKQPÒ CU OWEJ CUQPG"VJKTF QH VJG VQDCEEQ KP RQRWNCTN[ RTKEGF 7Ô5Ô"OCPWHCEVWTGF EKICTU EQPVCKPGF%WDCP VQDCEEQÔÎÌ‰

)KXGP VJG7Ô5Ô EKICT KPFWUVT[rU FGRGPFGPEG QP%WDC CU C UQWTEG QH EKICT NGCH KPRWVU HQTFQOGUVKE EKICT RTQFWEVKQP CPF 7Ô5Ô EQPUWOGTUr RTGHGTGPEG HQT %WDCP EKICTUÒ VJGGEQPQOKE UCPEVKQPU HQTEGF 7Ô5Ô EKICT EQORCPKGU VQ FGXGNQR CNVGTPCVKXG UWRRN[UQWTEGUÒ OCP[ KP VJG %CTKDDGCP $CUKPÒ CPF PGY UWRRNKGU VJCV JCF EJCTCEVGTKUVKEUUKOKNCT VQ VJQUG QH VJG JKIJN[ RTK\GF %WDCP VQDCEEQUÔÎÏÌ 6JG TGUVTWEVWTKPI QH UWRRN[UQWTEGU TGSWKTGF NCTIG COQWPVU QH KPXGUVOGPV ECRKVCN CPF VKOG KP QTFGT VQ RTQXKFGUWHHKEKGPV SWCPVKVKGU QH CNVGTPCVKXG VQDCEEQ HQT VJG 7Ô5Ô EKICT KPFWUVT[Ô

+P VJG CDUGPEG QH UCPEVKQPUÒ 7Ô5Ô HKTOU YQWNF RTQDCDN[ VT[ VQ KPXGUV KP %WDC KP QTFGT VQUJKR %WDCP EKICTU VQ VJG 7PKVGF 5VCVGU CPF QVJGT NCTIG OCTMGVUÔÎÏÏ *QYGXGTÒ VJTGG QHVJG HQWT NGCFKPI 7Ô5Ô EKICT OCPWHCEVWTGTU CTG UWDUKFKCTKGU QH 'WTQRGCP EQORCPKGUÒVJGKT RCTGPV EQORCPKGU CTG PQV EWTTGPVN[ UWDLGEV VQ VJG 7Ô5Ô UCPEVKQPU RTQJKDKVKPIKPXGUVOGPV KP %WDCÔ (QT KPUVCPEGÒ #NVCFKUÒ VJG YQTNFrU NGCFKPI EKICT RTQFWEGTÒ YKVJ ÎËRGTEGPV QH VJG YQTNF OCTMGVÒ QYPU VJG NCTIGUV 7Ô5Ô RTQFWEGT ı%QPUQNKFCVGF %KICT%QTRQTCVKQPÙ CPF CNTGCF[ QRGTCVGU KP %WDCÔ 7PFGT C LQKPV XGPVWTG CITGGOGPVÒ #NVCFKURTQXKFGF ˘ËÌÌ OKNNKQP VQ VJG %WDCP UVCVG EKICT EQORCP[Ò %QTRQTCEK¿P *CDCPQUÒ 5Ô#Ôı*CDCPQUÙÒ HQT C ËÌ RGTEGPV UJCTG QH *CDCPQU CPF VJG UQNG KPVGTPCVKQPCNN[ OCTMGVKPITKIJVU HQT %WDCP EKICTUÔ +P VJG CDUGPEG QH UCPEVKQPUÒ #NVCFKU YQWNF JCXG GZENWUKXGTKIJVU VQ UJKR %WDCP EKICTU VQ VJG 7PKVGF 5VCVGUÔ 6JWUÒ QVJGT 7Ô5Ô EKICT RTQFWEGTU CPFKORQTVGTU YJQ QYP QT KORQTV HTQOOCPWHCEVWTKPI HCEKNKVKGU KP &QOKPKECP 4GRWDNKE CPFQVJGT RTGOKWO VQDCEEQ"RTQFWEKPI EQWPVTKGU YQWNF NKMGN[ HCEG KORQTV EQORGVKVKQP HTQO%WDCP EKICTU KP VJG 7Ô5Ô OCTMGVÔ

ÎÌÊ %WDC UJKRRGF CNOQUV ÏÍ OKNNKQP RQWPFU QH EKICT HKNNGT XCNWGF CV QXGT ˘ÏÊ OKNNKQP KP Ï‰Ë‰Ò YJKEJCEEQWPVGF HQT QXGT ‰Â RGTEGPV QH 7Ô5Ô KORQTVUÔ 5JKROGPVU QH EKICT"YTCRRGT VQDCEEQ VQVCNKPI ËÍÎÒÌÌÌRQWPFUÒ XCNWGF CV ˘ÎÔÏ OKNNKQPÒ TGRTGUGPVGF Â‰ RGTEGPV QH CNN 7Ô5Ô YTCRRGT"NGCH KORQTVUÔ #NN NGCH VQDCEEQKORQTVGF HTQO %WDCÒ KPENWFKPI UETCR VQDCEEQÒ COQWPVGF VQ CNOQUV ˘Î‰ OKNNKQP KP Ï‰Ë‰Ò YJKNG KORQTVU QH%WDCP EKICTU VQVCNGF QXGT ÎÈ OKNNKQP WPKVU XCNWGF CV QXGT ˘È OKNNKQPÔ 5VCVKUVKEU ECNEWNCVGF D[ VJG%QOOKUUKQP UVCHH WUKPI QHHKEKCN FCVC HTQO VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÔ

ÎÌÂ %KICT #UUQEKCVKQP QH #OGTKEC +PEÔÒ YTKVVGP UWDOKUUKQP VQ %QOOKUUKQPÒ 5GRVÔ ÍÌÒ Ï‰‰ÍÔÎÌ‰ %KICT #UUQEKCVKQP QH #OGTKEC +PEÔÒ HCEUKOKNG VTCPUOKUUKQP VQ %QOOKUUKQP UVCHHÒ #WIÔ ÈÒ ÎÌÌÌÔÎÏÌ %KICT #UUQEKCVKQP QH #OGTKEC +PEÔÒ NGVVGT VQ VJG *QPQTCDNG /KEJCGN -CPVQTÒ 7Ô5Ô 6TCFG

4GRTGUGPVCVKXGÒ 5GRVÔ ÏËÒ Ï‰‰ÈÔÎÏÏ 6GNGRJQPG UWTXG[ TGURQPUGU HTQO C PWODGT QH 7Ô5Ô EKICT EQORCPKGU KPFKECVGF VJCV YJKNG VJG[

YQWNF DG KPVGTGUVGF KP KPXGUVKPI KP %WDCÒ KPXGUVOGPV YQWNF VCMG RNCEG QPN[ KH VJGTG YCU C EJCPIG KP VJGEWTTGPV %WDCP )QXGTPOGPVÔ 6JGUG EQORCPKGU CNUQ GZRTGUUGF EQPEGTP CDQWV VJG KUUWG QH GZRTQRTKCVKQPÔ

Ë"ÈÈ

+PKVKCNN[Ò 7Ô5Ô EQPUWOGTU YQWNF DG NKMGN[ VQ UJKHV FGOCPF VQ %WDCP"RTQFWEGF EKICTUDGECWUG QH VJG TGRWVCVKQP HQT SWCNKV[ CPF HTQO RGPV"WR FGOCPFÒ CNVJQWIJ VJG KORCEVYQWNF OCKPN[ DG QP JKIJ"XCNWGÒ RTGOKWO JCPF"TQNNGF EKICTU RTQFWEGF KP VJG%CTKDDGCPÒ RCTVKEWNCTN[ KP &QOKPKECP 4GRWDNKEÔ *QYGXGTÒ VJG *CDCPQU"#NVCFKU LQKPVXGPVWTG EQORCP[ KU TGRQTVGFN[ KPXGUVKPI KP PGY HCEKNKVKGU VQ RTQFWEG OCEJKPG"OCFGEKICTU KP %WDC HQT GZRQTV OCTMGVUÔ 6JGUG TGNCVKXGN[ KPGZRGPUKXG EKICTU CTG VJG NCTIGUVUGIOGPV QH VJG ÏÈ DKNNKQP EKICT YQTNF OCTMGV CPF CTG VJG NCTIGUV UGIOGPV QH VJG 7Ô5ÔEKICT OCTMGVÔÎÏÎ

# RQVGPVKCN EQPUVTCKPV QP %WDCP EKICT GZRQTVU VQ VJG 7PKVGF 5VCVGU KU SWCNKV[ EQPVTQN KP%WDCPOCPWHCEVWTKPIÒ YJKEJ TGRQTVGFN[ JCU PQV MGRV RCEGYKVJ VJG TCRKF GZRCPUKQP QHRTQFWEVKQP FWTKPI VJG UGEQPF JCNH QH VJG Ï‰‰ÌUÔÎÏÍ +PFWUVT[ UQWTEGU TGRQTV YJKNG 7Ô5ÔEQPUWOGTU OC[ VT[ %WDCP EKICTUÒ VJG UJKHV KP FGOCPF KU PQV NKMGN[ VQ ECWUG C UGXGTGFGENKPG KP FGOCPF HQT PQP"%WDCP RTGOKWO EKICTUÒ GURGEKCNN[ KH %WDCPOCPWHCEVWTGTUKPETGCUG RTQFWEVKQP YKVJQWV OCKPVCKPKPI SWCNKV[ÔÎÏÈ

)KXGP VJG UJQTVCIG QH %WDCP EKICT VQDCEEQ CPF VJG EWTTGPV RTQFWEVKQP NGXGN QH ÏËÌOKNNKQP EKICTU RTKPEKRCNN[ UJKRRGF VQ 'WTQRGÒ VJG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5ÔKORQTVU QH %WDCP EKICTU YQWNF VQVCN ˘ÏË OKNNKQP VQ ˘ÍÌ OKNNKQP CPPWCNN[ QXGT VJG HKTUVUGXGTCN [GCTU KP VJG CDUGPEG QH UCPEVKQPUÒ TGRTGUGPVKPI CDQWV ÏË RGTEGPV VQ ÍÌ RGTEGPVQH VQVCN %WDCP EKICT GZRQTVU CPF C ÏÌ VQ ÎË RGTEGPV UJCTG QH 7Ô5Ô RTGOKWO EKICTKORQTVUÔÎÏË 6JKU GUVKOCVG CUUWOGU %WDC YQWNF HCEG VJG NQY EQNWOP Ï"IGPGTCN FWV[TCVGUÒ VJCV TCPIG HTQO ËÊ EGPVU RGT MKNQITCO VQ ˘ÏÔÂ‰ RGT MKNQITCO RNWU ÏÔÈ VQ ÈÔÊRGTEGPV CF XCNQTGOÔ +H %WDCP EKICTU YGTG UWDLGEV VQ EQNWOP Î TCVGU QH FWV[Ò ˘‰Ô‰Î RGTMKNQITCO RNWU ÎË RGTEGPVÒ VTCFG YQWNF UVKNN VCMG RNCEG DWV CV UKIPKHKECPVN[ NQYGT NGXGNUVJCP WPFGT IGPGTCN FWV[ TCVGUÔ 1XGT VJG NQPIGT VGTOÒ YKVJ KPETGCUGF KPXGUVOGPV KP NGCHITQYKPI CPF OCPWHCEVWTKPI ECRCEKV[Ò 7Ô5Ô KPFWUVT[ TGRTGUGPVCVKXGU DGNKGXG 7Ô5ÔKORQTVU QH %WDCP RTGOKWO JCPF"TQNNGF EKICTU EQWNF TKXCN KORQTVU HTQO &QOKPKECP4GRWDNKEÔÎÏÁ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC7Ô5Ô GEQPQOKE UCPEVKQPU JCF C NGUU FTCOCVKE KORCEV QP VJG %WDCP EKICT KPFWUVT[ VJCPQP VJG 7Ô5Ô KPFWUVT[Ô #V VJG RGCM QH %WDCP EKICT VQDCEEQ RTQFWEVKQP KP Ï‰ËÊÒ VJG7PKVGF 5VCVGU KORQTVGF CDQWV ÎÎ RGTEGPV QH %WDCP RTQFWEVKQPÔ %WDCP RTQFWEVKQPRGCMGF CV ÊÎÈ OKNNKQP EKICTU KP Ï‰ÁÂÒ Á [GCTU CHVGT UCPEVKQPU YGTG KPUVKVWVGFÒKPFKECVKPI VJCV VJG 7PKVGF 5VCVGU YCU PQV CP GUUGPVKCN OCTMGV HQT %WDCP EKICTGZRQTVUÔÎÏÊ %WDC HQWPF QVJGT OCTMGVUÒ RTKPEKRCNN[ KP 'WTQRGÒ VQ OCMG WR HQT VJG NQUU QHVJG 7Ô5Ô OCTMGVÔ

ÎÏÎ s#NVCFKUÒ *CDCPQU XGPVWTG UGGMU VQ DQQUV UCNGU KP UCIIKPI OCTMGVÒt %WDC0GYUÒ ,CPÔ ÎÌÌÌÔÎÏÍ %KICT #UUQEKCVKQP QH #OGTKEC +PEÔÒ HCEUKOKNG VTCPUOKUUKQP VQ VJG %QOOKUUKQP UVCHHÒ #WIÔ ÈÒ ÎÌÌÌÔÎÏÈ %QOOKUUKQP UVCHH EQPXGTUCVKQP YKVJ EKICT KPFWUVT[ TGRTGUGPVCVKXGÒ ,WN[ ÎÊÒ ÎÌÌÌÔÎÏË 'UVKOCVG DCUGF QP %QOOKUUKQP UVCHH FKUEWUUKQP YKVJ EKICT KPFWUVT[ TGRTGUGPVCVKXGUÔÎÏÁ %WDC FQGU PQV TGRTGUGPV C RQVGPVKCN OCTMGV HQT 7Ô5Ô GZRQTVU QH EKICTU‚ VJG QPN[ VTCFG HNQY VQ CTKUG

HTQO C TGUWORVKQP QH VTCFGYQWNF DG%WDCP GZRQTVU VQ VJG7PKVGF 5VCVGUÒ DGECWUG7Ô5Ô GZRQTVU QH EKICTU VQCNN EQWPVTKGU COQWPVGF VQ QPN[ ÏÏ‰ÒÌÌÌ WPKVU EQORCTGF VQ VJG PGCTN[ È DKNNKQP EKICTU RTQFWEGF KP Ï‰‰‰Ô

ÎÏÊ 5GG PQVG ÎÏÌÔ

Ë"ÈË

+P VJG CDUGPEG QH UCPEVKQPUÒ VJG %WDCP EKICT KPFWUVT[ YQWNF DGPGHKV UKIPKHKECPVN[ HTQOCEEGUU VQ VJG 7Ô5Ô OCTMGVÔ 6JG NKMGN[ KORCEV YQWNF DG CP KPETGCUG KP KPXGUVOGPV KP%WDCP RTQFWEVKQP QH DQVJ RTGOKWO JCPF"TQNNGF EKICTU CPF OCEJKPG"OCFGÒNQYGT"EQUV EKICTU VJCV EQWNF EQORGVG KP VJG JWIG 7Ô5Ô OCTMGVÔ *QYGXGTÒ %WDC OWUVCFFTGUU UGTKQWU RTQFWEVKQP EQPUVTCKPVUÒ PQVCDN[ NQY [KGNFU QH EKICT VQDCEEQÒ DGHQTGQWVRWV ECP DG UWDUVCPVKCNN[ KPETGCUGFÔÎÏÂ

)KXGP VJG UJQTVCIG QH EKICT VQDCEEQ KP VJG EQWPVT[Ò KV KU WPNKMGN[ VJCV %WDC YKNN GZRQTVVQDCEEQ VQ OCPWHCEVWTGTU KP VJG 7PKVGF 5VCVGUÒ CV NGCUV PQV KP VJG UJQTV VGTOÔ #FFKVKQPCNFGOCPF HTQO VJG 7PKVGF 5VCVGU EQWNF CNUQ GZCEGTDCVG VJG RTQDNGOU QH EQWPVGTHGKVEKICTUÒ RTQFWEGF KP %WDC CPF QVJGT %CTKDDGCP EQWPVTKGUÒ VJCV CTG VCTPKUJKPI VJGKOCIG QH VJG UWRGTKQT SWCNKV[ QH VJG %WDCP EKICTÔ

5555GGGGCCCCHHHHQQQQQQQQFFFF

7Ô5Ô UGCHQQF RTQFWEVKQP VQVCNGF CNOQUV ˘Ê DKNNKQP KP Ï‰‰‰Ò TGRTGUGPVKPI CDQWV ÁRGTEGPV QH YQTNF RTQFWEVKQPÔ #RRTQZKOCVGN[ C VJKTF QH Ï‰‰‰ RTQFWEVKQP YCU GZRQTVGFÒOCKPN[ VQ ,CRCPÒ %CPCFCÒ CPF -QTGCÔ +ORQTVCPV GZRQTV KVGOU KPENWFGF HTQ\GP 2CEKHKEUCNOQPÒ UWTKOK ıC UGCHQQF DNGPFÙÒ CPF TQG ıGIIUÙÔ

7Ô5Ô EQPUWORVKQP QH UGCHQQF TGCEJGF C TGEQTF QH CNOQUV ˘ÏÍ DKNNKQP KP Ï‰‰‰Ò WR D[ ÏÎRGTEGPV QXGT VJG Ï‰‰Ë"‰Â CXGTCIGÔ #NOQUV VYQ"VJKTFU QH VQVCN EQPUWORVKQP KU UWRRNKGFD[ KORQTVUÒ YJKEJ TGCEJGF C TGEQTF ˘ÂÔ‰ DKNNKQP KP Ï‰‰‰Ô 6JG RTKPEKRCN UWRRNKGTU QH 7Ô5ÔKORQTVU CTG %CPCFCÒ 6JCKNCPFÒ CPF 'EWCFQTÔ 6JG OCKP KORQTVGF RTQFWEVU KPENWFGHTQ\GP UJTKORÒ ECPPGF VWPCÒ CPF ITQWPF"HKUJ DNQEMU ıWUGF VQ OCMG DTGCFGF HKUJ UVKEMUCPF RQTVKQPUÙÔ

%WDCP RTQFWEVKQP QH HKUJ RTQFWEVU VQVCNGF ˘ÏÌÌ OKNNKQP KP Ï‰‰ÂÒ FQYP UJCTRN[ HTQOÏ‰‰Ë YJGP RTQFWEVKQP TGCEJGF ˘ÏÊË OKNNKQPÔ &WTKPI OQUV QH VJG Ï‰‰ÌUÒ UGCHQQF YCU%WDCrU VJKTF"NGCFKPI GZRQTV GCTPGTÒ DGJKPF UWICT CPF PKEMGN‚ CPF KP Ï‰‰Â UGCHQQFGZRQTVU COQWPVGF VQ ˘‰Â OKNNKQPÔ 5RCKP CEEQWPVGF HQT CNOQUV JCNH QH VQVCN GZRQTVU KPÏ‰‰ÊÒ YJKNG QVJGT KORQTVCPV OCTMGVU KPENWFGF ,CRCP CPF (TCPEGÔ %WDCrU KPFWUVT[Ò NKMGVJCV QH VJG 7PKVGF 5VCVGUÒ YCU CHHGEVGF D[ VGORQTCT[ FKUTWRVKQPU KP #UKCP HKPCPEKCNOCTMGVUÒ YJKEJ FGRTGUUGF VJG RTKEGU KV TGEGKXGF HQT KVU GZRQTVUÔ 5RKP[ NQDUVGTU OCMG WRVJG XCUV OCLQTKV[ QH %WDCP HKUJ GZRQTVUÔ #RRCTGPV EQPUWORVKQP QH UGCHQQF KP %WDCFGENKPGF HTQO ˘ÊÁ OKNNKQP KP Ï‰‰Ë VQ ˘ËÎ OKNNKQP KP Ï‰‰ÊÒ CDQWV C VJKTF QH YJKEJ YCUUWRRNKGF D[ KORQTVUÒ RTKOCTKN[ HTQ\GP UGCHQQFÔ # F[PCOKE UGIOGPV QH VJG %WDCPUGCHQQF OCTMGV KPXQNXGU UWRRN[KPI VJG VQWTKUO UGEVQT‚ CU VQWTKUV XKUKVU VQ %WDC JCXG

ÎÏÂ 6JG UJQTVCIG QH VQDCEEQ KU C UGTKQWU RTQDNGO HQT %WDCP RTQFWEGTUÔ (QT GZCORNGÒ EKICT VQDCEEQKU V[RKECNN[ CIGF HQT CV NGCUV Î [GCTU‚ JQYGXGTÒ VQ MGGR RCEG YKVJ UVTQPI FGOCPF DTQWIJV CDQWV D[ VJGETGCVKQP QH PGY RTQFWEVKQP HCEKNKVKGU CPF VJG TGEGPV KPVTQFWEVKQP QH CV NGCUV PKPG PGY DTCPFUÒ EKICTU CTGDGKPI RTQFWEGF YKVJ WPCIGFÒ KPHGTKQT NGCHÒ YJKEJ KU FKOKPKUJKPI EKICT SWCNKV[Ô +P CFFKVKQPÒ VJGTG KU CUJQTVCIG QH UWKVCDNG VQDCEEQ"ITQYKPI HCTONCPFÔ ,QUGRJ /Ô 2GTT[Ò .QWKU #Ô 9QQFUÒ 5VGRJGP .Ô 5JCRKTQÒCPF ,GHHTG[ 9Ô 5VGCICNNÒ s6JG %WDCP %KICT +PFWUVT[ #U 6JG 6TCPUKVKQP #RRTQCEJGUÒt %WDC KP6TCPUKVKQPv8QNWOG ÂÒ ı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÂÙÒ RRÔ ÈÏÈ"ÎÂÔ

Ë"ÈÁ

ITQYP KP TGEGPV [GCTUÒ UQ JCU VJG FQOGUVKE FGOCPF HQT URKP[ NQDUVGT CPF QVJGTUGCHQQFÔÎÏ‰

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU*KUVQTKECNN[Ò 7Ô5Ô RTQFWEVKQP CPF UCNGU QH UGCHQQFYGTG PQV OGCUWTCDN[ CHHGEVGF D[ VJGUCPEVKQPUÔ 6JG UCPEVKQPU FKF PQV CHHGEV 7Ô5Ô EQUVU QH RTQFWEVKQP PQT FKF VJG[ ECWUG CP[OGCUWTCDNG EJCPIG KP KPFWUVT[ GORNQ[OGPV DGECWUG RQVGPVKCN 7Ô5Ô GZRQTVU VQ CPFKORQTVU HTQO %WDC YGTG C UOCNN HTCEVKQP QH QXGTCNN KPFWUVT[ VTCFGÔ 2TKQT VQ VJGKORQUKVKQP QH 7Ô5Ô UCPEVKQPUÒ %WDCP CPF 7Ô5Ô HKUJKPI HNGGVU EQORGVGF QP VJG JKIJUGCUÎÎÌ YJGTG JCTXGUVGTU HKUJGF VJG UCOG UVQEMU‚ KPFWUVT[ UQWTEGU PQVG VJCV (NQTKFCXGUUGNU WUGF %WDCP RQTVU HQT TGRCKT QT TGUWRRN[ RWTRQUGUÔ *QYGXGTÒ NKVVNG VTCFG VQQMRNCEG KP UGCHQQF DGVYGGP %WDC CPF VJG 7PKVGF 5VCVGUÔ

+P VJG CDUGPEG QH UCPEVKQPUÒ %WDC YQWNF RTQDCDN[ UWRRN[ QPN[ C OKPQT UJCTG QH VQVCN7Ô5Ô UGCHQQF KORQTVUÒ DGECWUG CNVJQWIJ %WDC KU C OGFKWO"UK\G RCTV QH VJG %CTKDDGCPUGCHQQF UGEVQTÒ VJG %CTKDDGCP RNC[U C OKPQT TQNG KP 7Ô5Ô UGCHQQF VTCFGÔÎÎÏ 6JG%QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QH UGCHQQF VQ %WDC YQWNF VQVCN ˘ÏOKNNKQP VQ ˘ÎOKNNKQP CPPWCNN[ KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒTGRTGUGPVKPI Ë VQ ÏÌ RGTEGPV QH VQVCN %WDCP UGCHQQF KORQTVU ıCPF C OGTG ÌÔÌÍ RGTEGPVQH 7Ô5Ô RTQFWEVKQPÙÔ

9JKNG VJG GHHGEV QH NKHVKPI UCPEVKQPU QP VJG 7Ô5Ô UGCHQQF UGEVQT CU C YJQNG YQWNF DGOKPKOCNÒ EGTVCKP RTQFWEVU EQWNF DG UKIPKHKECPVN[ CHHGEVGFÔ +P RCTVKEWNCTÒ URKP[ NQDUVGTUQNF NKXGÒ HTGUJÒ HTQ\GPÒ QT EQQMGF KU C XCNWCDNG RTQFWEV QH VJG (NQTKFC UGCHQQFKPFWUVT[ÔÎÎÎ 6JG CDUGPEG QH UCPEVKQPU YQWNF ETGCVG EQORGVKVKQP HQT VJG (NQTKFC HKUJ

ÎÏ‰ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP UGCHQQF UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU)"ÎËC VJTQWIJ )"ÎËFÔ

ÎÎÌ %QORGVKVKQP QP VJG JKIJ UGCU ıKÔGÔÒ UGCU QWVUKFG CP[ PCVKQPCN LWTKUFKEVKQPUÙ EQPVKPWGF KP VJG Ï‰ÁÌUCPF KPVQ VJG OKF Ï‰ÊÌU WPVKN DQVJ PCVKQPU GZVGPFGF VJGKT HKUJGT[ EQPUGTXCVKQP \QPG ı(%<Ù VQ ÎÌÌ PCWVKECNOKNGU HTQO UJQTGÔ ı2TGXKQWUN[ VJG (%< GZVGPFGF QPN[ VQ VJG ÏÎ"OKNG VGTTKVQTKCN NKOKVÔÙ 6JG TGUWNVKPI QXGTNCRDGVYGGP VJG %WDCP CPF 7Ô5Ô OCTKVKOG DQWPFCTKGU YCU TGUQNXGF KP VJG WUWCN OCPPGT D[OGCUWTKPI C NKPGGSWKFKUVCPV HTQO GCEJ PCVKQPrU EQCUVNKPGÔ 6JG (%< GZVGPUKQPU D[ OCP[ EQWPVTKGU GHHGEVKXGN[ GNKOKPCVGFOQUV QH VJG JKIJ UGCU KP VJG)WNH CPF%CTKDDGCP TGIKQPUÔ 5KPEG VJCV VKOGÒ DKNCVGTCN KUUWGU TGNCVKPI VQ HKUJKPICEVKXKV[ JCXG HCNNGP WPFGT VJG CWVJQTKV[ QH VJG 7PKVGF 0CVKQPU %QPXGPVKQP QP VJG .CY QH VJG 5GCı70%.15ÙÔ 'CEJ PCVKQP OCPCIGU VJG HKUJ TGUQWTEGU YKVJKP KVU QYP OCTKVKOG DQWPFCT[ ıHQT VJG 7PKVGF5VCVGUÒ VJG DQWPFCT[ UWTTQWPFU 2WGTVQ 4KEQ CPF VJG 7Ô5Ô 8KTIKP +UNCPFU CU YGNN CU VJG 5VCVGUÙÔ (WTVJGTKPHQTOCVKQP QP VJG 70%.15 OC[ DG HQWPF QP VJG +PVGTPGV CV JVVR„ÓÓYYYÔWPÔQTIÓ&GRVUÓ NQUÓKPFGZÔJVOÔ

ÎÎÏ 7Ô5Ô UGCHQQF KORQTVU HTQO %CTKDDGCP EQWPVTKGU VQVCNGF CDQWV ÂÌÒÌÌÌ OGVTKE VQPUÒ XCNWGF CV˘ËÁÈ OKNNKQPÒ KP Ï‰‰Ê ıVJG NCVGUV [GCT HQT YJKEJ C EQORNGVG UGV QH 7Ô5Ô CPF (#1 FCVC CTG CXCKNCDNGÙÒ QTCDQWV Ê RGTEGPV D[ XCNWG QH CNN 7Ô5Ô UGCHQQF KORQTVU CPF Î RGTEGPV QH 7Ô5Ô UGCHQQF EQPUWORVKQPÔ 7Ô5ÔUGCHQQF GZRQTVU VQ %CTKDDGCP EQWPVTKGU VQVCNGF CDQWV ÂÒÌÌÌ OGVTKE VQPUÒ XCNWGF CV ˘ÎË OKNNKQPÒ KP Ï‰‰ÊÒQT CDQWV ÌÔ‰ RGTEGPV D[ XCNWG QH CNN 7Ô5Ô UGCHQQF GZRQTVU CPF ÌÔÈ RGTEGPV QH 7Ô5Ô UGCHQQF RTQFWEVKQPÔ +PÏ‰‰ÊÒ VJG 7PKVGF 5VCVGU CEEQWPVGF HQT CDQWV ÏÌ RGTEGPV QH VJG TGIKQPrU INQDCN GZRQTVU ıD[ XCNWGÙ CPF ÂRGTEGPV QH KVU KORQTVUÔ

ÎÎÎ +P Ï‰‰ÊÒ (#1 TGRQTVGF VJCV YQTNF RTQFWEVKQP QH URKP[ NQDUVGT ıEQPEGPVTCVGF KP VJG %CTKDDGCPTGIKQPÙ VQVCNGF Ï‰ÒÌÌÌOGVTKE VQPUÒ QH YJKEJ %WDC UWRRNKGF ËÒÍÌÌOGVTKE VQPU ıÍÌ RGTEGPVÙ CPF VJG7PKVGF5VCVGUÒ ÂÎÊ OGVTKE VQPU ıÈ RGTEGPVÙÔ ı(#1 UVCVKUVKEU QP 7Ô5Ô RTQFWEVKQP HCNN UWDUVCPVKCNN[ UJQTV QH

Ë"ÈÊ

KPFWUVT[Ò RCTVKEWNCTN[ D[ %WDCP UCNGU VQ 7Ô5Ô TGUVCWTCPVU CPF QVJGT KPUVKVWVKQPUÔ $QVJURKP[ NQDUVGT CPF UJTKOR CTG JCTXGUVGF D[ 7Ô5Ô HKUJGTOGP KP VJG )WNHÒ %CTKDDGCPÒ CPF5QWVJ #VNCPVKE CTGCUÒ DWV KP SWCPVKVKGU VJCV CTG NKOKVGF DQVJ D[ 7Ô5Ô HKUJGT[ TGIWNCVKQPUCPF PCVWTCN EQPUVTCKPVUÔÎÎÍ &QOGUVKE UWRRNKGU CTG VJGTGHQTG PQV JKIJN[ TGURQPUKXG VQRTKEG EJCPIGUÒ CPF [GCT"VQ"[GCT EJCPIGU KP RTQFWEVKQP CTG NCTIGN[ FGVGTOKPGF D[GPXKTQPOGPVCN KORCEVU QP CDWPFCPEGÔ +P TGEGPV [GCTUÒ ITQYKPI 7Ô5Ô FGOCPF HQT VJGUGUJGNNHKUJ JCU DGGP UWRRNKGF D[ KORQTVUÔÎÎÈ %WDCP GZRQTVU ıFKXGTVGFÒ CU PQVGFÒ HTQOQVJGT GZRQTV OCTMGVUÙ YQWNF RTQDCDN[ TGFWEG RTKEGU HQT VJGUG UGCHQQFU DWV PQVUKIPKHKECPVN[ TGFWEG VJG XQNWOG RTQFWEGF KP VJG 7PKVGF 5VCVGUÔ 6JG GZVGPV QH VJG RTKEGFGRTGUUKQP EQWNF DG UKIPKHKECPV DGECWUG QH VJG NCTIG UK\G QH VJG %WDCP URKP[ NQDUVGTRTQFWEVKQP EQORCTGF VQ KVU 7Ô5Ô TKXCNÔÎÎË

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC+P EQPVTCUV VQ VJG 7Ô5Ô UGEVQTÒ VJG UCPEVKQPU JCF C UKIPKHKECPV PGICVKXG KORCEV QP 7Ô5ÔFGOCPF HQT %WDCP UGCHQQF GZRQTVU CPFÒ CU C TGUWNVÒ QP %WDCP GZRQTV CPF FKUVTKDWVKQPEQUVUÔ +P RCTVKEWNCTÒ VJG NQUU QH VJG 7Ô5Ô OCTMGV HQTEGF %WDC VQ GUVCDNKUJ OCTMGVU HCTVJGTCYC[Ò KPENWFKPI 5RCKPÒ (TCPEGÒ CPF ,CRCPÔ 6JGUG OCTMGVU CTG PQY YGNN GUVCDNKUJGFDWV TGRQTVGFN[ TGSWKTGF UGXGTCN [GCTU VQ FGXGNQRÔ 6JG CFFGF VTCPURQTVCVKQP EQUV VQVJGUG OCTMGVUÒ QH EQWTUGÒ EQPVKPWGUÔ

2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ VQWTKUO ıRTKOCTKN[ XKUKVQTU HTQO VJG7PKVGF 5VCVGUÙ KP%WDC URWTTGFOWEJ QH VJG FGOCPF HQT UGCHQQF HTQO VJG %WDCP UGCHQQF KPFWUVT[‚ GXGPVQFC[Ò %WDCP FGOCPF HQT UQOG RTQFWEVUÒ UWEJ CU URKP[ NQDUVGTÒ TGOCKPU FKTGEVN[ VKGFVQ VJG NGXGN QH VQWTKUOCEVKXKV[Ô 6JWUÒ VJG NQUU QH 7Ô5Ô VQWTKUVU TGUWNVKPI HTQO VJG KORQUKVKQPQH 7Ô5Ô UCPEVKQPU JCU JCF C UKIPKHKECPV CFXGTUG KORCEV QP EGTVCKP UGEVQTU QH VJG %WDCPUGCHQQF KPFWUVT[ÔÎÎÁ

6JG EWTTGPV KORCEV QH UCPEVKQPU QP VJG %WDCP UGCHQQF KPFWUVT[ KU UKIPKHKECPVÔ #EEGUU VQVJG 7Ô5Ô OCTMGV YQWNF RTQXKFG C UKIPKHKECPV KPXGUVOGPV KPEGPVKXG VQ GPEQWTCIG ITQYVJQH VJG %WDCP HKUJKPI KPFWUVT[ VQ CEJKGXG GEQPQOKGU QH UECNG VJCV YQWNF TGFWEG EQUVUCPF OCMG VJG KPFWUVT[ OQTG EQORGVKVKXG‚ UWEJ KPXGUVOGPV RTQDCDN[ YQWNF TGFWEG PGVGORNQ[OGPVÒ CU NCTIG"UECNG HKUJKPI KU OQTG ECRKVCN"KPVGPUKXG VJCP CTVKUCPCN HKUJKPIÔ,CRCPÒ YJKEJ KP TGEGPV [GCTU JCU KPXGUVGF OWEJ OQTG JGCXKN[ VJCP VJG 7PKVGF 5VCVGU KP

ÎÎÎw%QPVKPWGF7Ô5Ô )QXGTPOGPV UVCVKUVKEUÔÙ +P Ï‰‰ÊÒ CEEQTFKPI VQ FCVC UWRRNKGF D[ VJG 0CVKQPCN/CTKPG (KUJGTKGU 5GTXKEGQH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ 7Ô5Ô JCTXGUVGTU ıNQECVGF CNOQUV GPVKTGN[ KP (NQTKFCÙ NCPFGF ÍÒÎÎÈOGVTKE VQPU QH URKP[ NQDUVGTÒ CV CP GZ"XGUUGNÒ QT FQEMUKFGÒ XCNWG QH ˘Î‰ÔÏ OKNNKQPÔ 5RKP[ NQDUVGT KU CUKIPKHKECPV GZRQTV KVGOÒ DWV KPFWUVT[ UQWTEGU TGRQTV VJCV KV KU OQTG XCNWCDNG KP VJG %WDCP VQWTKUV UGEVQT‚VQWTKUVU CEEQWPV HQT OQUV QH VJG FQOGUVKE NQDUVGT OCTMGV KP %WDC CPF QVJGT %CTKDDGCP PCVKQPUÔ 9JGPÒ CUKP %WDC TGEGPVN[Ò URKP[ NQDUVGT UWRRNKGU FYKPFNGÒ VJG[ OWUV DG KORQTVGF VQ UCVKUH[ VQWTKUV FGOCPFÔ

ÎÎÍ )WNH QH /GZKEQ (KUJGT[ /CPCIGOGPV %QWPEKNÒ EQOOWPKECVKQP YKVJ %QOOKUUKQP UVCHHÒ #WIÔ ÏÁÒÎÌÌÌÔ

ÎÎÈ 0CVKQPCN /CTKPG (KUJGTKGU 5GTXKEGÒ (KUJGTKGU QH VJG 7PKVGF 5VCVGUÒ %WTTGPV (KUJGTKGU 5VCVKUVKEU5GTKGU 0QÔ ‰ÂÌÌÒ 0CVKQPCN 1EGCPKE CPF #VOQURJGTKE #FOKPKUVTCVKQPÒ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGıCPPWCN‚ XCTKQWU KUUWGUÙÔ

ÎÎË #EEQTFKPI VQ VJG (#1Ò %WDCP RTQFWEVKQP QH URKP[ ıTQEMÙ NQDUVGT ı*65 KVGO ÌÈÌÁÔÏÏÙ CXGTCIGFËÒ‰‰Ì OGVTKE VQPU CPPWCNN[ FWTKPI Ï‰‰Ë"‰ÂÔ &WTKPI VJG UCOG RGTKQFÒ VJG %QOOGTEG &GRCTVOGPVTGRQTVGF VJCV 7Ô5Ô RTQFWEVKQP CXGTCIGF ÍÒÍÍÌ OGVTKE VQPU CPPWCNN[Ô (#1 FCVC FQ PQV UGRCTCVGN[ TGRQTV%WDCP GZRQTVU QH URKP[ NQDUVGTÔ

ÎÎÁ 5GG EJCRVGT È HQT HWTVJGT FKUEWUUKQP QH VQWTKUOÔ

Ë"ÈÂ

VJG .CVKP #OGTKECP UGCHQQF KPFWUVT[Ò KU C RQUUKDNG UQWTEG QH KPXGUVOGPV ECRKVCNÔ +PCFFKVKQPÒ /GZKEQ CPF %CPCFC JCXG DGIWP KPXGUVKPI KP %WDCP CSWKEWNVWTG‚ +VCN[ CPF5RCKP CNUQ JCXG OCFG TGEGPV KPXGUVOGPVU KP HKUJ RTQEGUUKPI KP %WDCÔÎÎÊ # NCTIGTGZRQTV OCTMGV YQWNF CFF HWTVJGT KPEGPVKXGU VQ UWEJ KPXGUVOGPVÔ #U 7Ô5Ô HKUJ KPFWUVT[KPXGUVOGPV KP QVJGT %CTKDDGCP PCVKQPU EWTTGPVN[ KU NKOKVGFÒ KV UGGOU WPNKMGN[ VJCV VJG7PKVGF 5VCVGU YQWNF DG C UKIPKHKECPV UQWTEG QH UWEJ HQTGKIP KPXGUVOGPVÔ

+P VJG ECUG QH VWPCÒ %WDCP GZRQTVGTU JCXG VYQ RQVGPVKCN OCTMGV EJCPPGNUÒ VJG TGVCKNVTCFG HQT HTGUJ VWPC ıFKUVTKDWVGF D[ TGUVCWTCPVU CPF HKUJOQPIGTUÙ CPF VJG ECPPGT[UGEVQT HQT HTQ\GP VWPCÔ %WTTGPVN[ VJG UOCNN PWODGT QH VWPC ECPPGTKGU KP 2WGTVQ 4KEQQDVCKP VJG OCLQTKV[ QH VJGKT TCY VWPC PGGFU HTQO KORQTVUÔ 5WEJ KORQTVU HTQO %WDCYQWNF NKMGN[ FKURNCEG KORQTVU HTQO QVJGT UQWTEGUÒ PQV 7Ô5Ô"JCTXGUVGF VWPCÔ %WDCPECPPGF VWPC RTQFWEVKQPÒ YJKEJ EQNNCRUGF CHVGT VJG HCNN QH VJG 5QXKGV DNQEÒ EQWNFEQPEGKXCDN[ EQORGVG YKVJ 7Ô5Ô ECPPGF VWPC RTQFWEVKQP KP VJG HWVWTGÔ *QYGXGTÒ VJGKORCEV YQWNF DG OKPKOCN HQT UGXGTCN TGCUQPUÒ KPENWFKPI VJG UKIPKHKECPV DTCPFTGRWVCVKQP CPF NQ[CNV[ GPLQ[GF D[ 7Ô5Ô ECPPGTU KP VJG 7Ô5Ô OCTMGVÒ YJKEJ OCMG KVFKHHKEWNV HQT CP[ PGY DTCPFU VQ UWEEGGFÔÎÎÂ

2TQFWEVKQP QH EGTVCKP UGCHQQFU KP %WDC HCEGU EQPUVTCKPVU KP VJG CXCKNCDNG PCVWTCNTGUQWTEG UWRRN[Ô 5RKP[ NQDUVGTÒ HQT GZCORNGÒ KU DGKPI JCTXGUVGF CV QT PGCT OCZKOWOECRCEKV[ÒÎÎ‰ CNVJQWIJ VJG %WDCP )QXGTPOGPV JCU GHHGEVKXG HKUJGT[ OCPCIGOGPV VQQNUD[ YJKEJ JCTXGUVKPI KU TGUVTKEVGF KP HKUJGTKGU VJCV CTG FGRNGVGFÔÎÍÌ %WDCP HKUJGTKGUOCPCIGOGPV CPF UGCHQQF OCTMGVKPI CTG CNUQ DGEQOKPI OQTG FGEGPVTCNK\GFÒ YJKEJOC[ GPCDNG C OQTG GHHKEKGPV OCTMGVKPI QH JKIJ"XCNWG UGCHQQFU UWEJ CU URKP[ NQDUVGTÒUJTKORÒ CPF HTGUJ VWPCwCNN QH YJKEJ JCXG C TGCF[ OCTMGV KP VJG 7PKVGF 5VCVGUÔÎÍÏ

#EEGUU VQ VJG 7Ô5Ô OCTMGV YQWNF TCKUG TGXGPWGU VQ VJG %WDCP KPFWUVT[ D[ TCKUKPI RTKEGUÒPQV D[ GPCDNKPI CP KPETGCUG KP VJG XQNWOG UQNFÒ CNVJQWIJ VTCFG OC[ DG FKXGTVGF HTQOQWVRWV EWTTGPVN[ OCTMGVGF KP ,CRCP CPF 'WTQRG VQ GPCDNG CP KPETGCUG KP GZRQTVU VQ VJG7PKVGF 5VCVGUÔ 7Ô5Ô KORQTVU HTQO %WDC EQWNF COQWPV VQ ˘Ë OKNNKQP VQ ˘ÏÏ OKNNKQPCPPWCNN[ÒÎÍÎ TGRTGUGPVKPI Ë VQ ÏÌ RGTEGPV QH %WDCrU UGCHQQF GZRQTVUÒ DWV QPN[ ÌÔÍ VQÌÔË RGTEGPV QH VQVCN 7Ô5Ô UGCHQQF KORQTVUÔ

ÎÎÊ 7Ô5Ô"%WDCP 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ s%QORCPKGU HTQO 5RCKP CPF +VCN[ VQ 4GPQXCVG(KUJ 2TQEGUUKPI (CEKNKVKGU KP %WDCÒt 'EQPQOKE '[G QP %WDCÒ ,CPÔ ÎÎ"ÎÂÒ ÎÌÌÌÒ RÔ ÍÔ

ÎÎÂ 75+6%Ò %QORGVKVKXG %QPFKVKQPU KP VJG 7Ô5Ô 6WPC +PFWUVT[Ò 4GRQTV VQ VJG 2TGUKFGPV QP +PXGUVKICVKQP0QÔ ÍÍÎ"ÎÎÈÒ 75+6% 2WDNKECVKQP Ï‰ÏÎ ı1EVÔ Ï‰ÂÁÙÔ

ÎÎ‰ %QOOKUUKQP UVCHH EQOOWPKECVKQP YKVJ %CTKDDGCP (KUJGT[/CPCIGOGPV %QWPEKN ı75&1%ÙÒ #WIÔÏÁÒ ÎÌÌÌÔ

ÎÍÌ %QOOKUUKQP UVCHH EQOOWPKECVKQP YKVJ 0CVKQPCN /CTKPG (KUJGTKGU 5GTXKEG ı75&1%ÙÒ #WIÔ ÏÁÒÎÌÌÌÔ

ÎÍÏ %JWEM #FCOUÒ s#P 1XGTXKGY QH VJG %WDCP %QOOGTEKCN (KUJKPI +PFWUVT[ CPF +ORNKECVKQPU VQ VJG(NQTKFC 5GCHQQF +PFWUVT[ QH 4GPGYGF 6TCFGÒt +PVGTPCVKQPCN 9QTMKPI 2CRGT 0QÔ +9‰Â"ÍÒ (QQF CPF4GUQWTEG 'EQPQOKEU &GRCTVOGPVÒ 7PKXGTUKV[ QH (NQTKFCÒ /C[ Ï‰‰ÂÒ RRÔ Á"ÂÔ

ÎÍÎ 6JGUG GUVKOCVGUÒ DCUGF QP VJG RGTEGPVCIGU QH %WDCP CPF %CTKDDGCP RTQFWEVKQP CPF VTCFGFKUEWUUGF GCTNKGTÒ CTG WRRGT"DQWPF HKIWTGUÒ GZENWFKPI VJG RTQDCDNG GHHGEVU QH VTCFG FKXGTUKQPÔ

Ë"È‰

%WDCP UGCHQQF GZRQTVU VQ VJG 7Ô5Ô OCTMGV YQWNF DG UWDLGEV VQ KORQTV VCTKHHU CPFÒ KHEKTEWOUVCPEGU YCTTCPVÒ CNUQ VQ TGIWNCVKQPU TGNCVKPI VQ VJG /CTKPG /COOCN 2TQVGEVKQP#EV CPF VJG 'PFCPIGTGF 5RGEKGU #EVÔÎÍÍ 7Ô5Ô KORQTVU QH URKP[ NQDUVGT HTQO %WDCYQWNF DG UWDLGEV VQ C FWV[ TCVG QH s(TGGt ıYJGVJGT WPFGT EQNWOP Ï"IGPGTCN QT EQNWOP ÎTCVGU QH FWV[ÙÔ

ÎÍÍ 6JG /CTKPG /COOCN 2TQVGEVKQP #EV CPF VJG 'PFCPIGTGF 5RGEKGU #EV GCEJ RTQXKFG HQT KORQTVTGUVTCKPVU ıSWQVCU QT GODCTIQGUÙ YJGP C HQTGKIP PCVKQPrU HKUJKPI KPFWUVT[ CEVU KP YC[U VJCV JCTO QT MKNNOCTKPG OCOOCNU CPF GPFCPIGTGF URGEKGUÔ +P VJG )WNH CPF %CTKDDGCP TGIKQPUÒ VJG RTKPEKRCN CRRNKECVKQPQH VJGUG RTQXKUKQPU KP TGEGPV [GCTU JCU DGGP C PWODGT QH GODCTIQGU QP UJTKOR KORQTVU HTQO PCVKQPUYJQUG JCTXGUVGTU KPUWHHKEKGPVN[ RTQVGEV UGC VWTVNGUÔ

Á"Ï

%%%%****####22226666''''4444 ÁÁÁÁ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ++++OOOORRRRCCCCEEEEVVVV QQQQPPPP ++++PPPPVVVVGGGGTTTTOOOOGGGGFFFFKKKKCCCCVVVVGGGG CCCCPPPPFFFF////CCCCPPPPWWWWHHHHCCCCEEEEVVVVWWWWTTTTGGGGFFFF ))))QQQQQQQQFFFFUUUU


6JKU EJCRVGT CPCN[\GU VJG JKUVQTKECN CPF EWTTGPV KORCEV QH7Ô5Ô UCPEVKQPUYKVJ TGURGEV VQ%WDC QP 7Ô5Ô"%WDCP DKNCVGTCN VTCFG CPF KPXGUVOGPV KP KPVGTOGFKCVG CPF OCPW"HCEVWTGF IQQFUÔ /CPWHCEVWTGF IQQFU EQPVTKDWVG UKIPKHKECPVN[ VQ VJG 7Ô5Ô GEQPQO[ KPVGTOU QH RTQFWEVKQPÒ GZRQTVUÒ CPF GORNQ[OGPVÔÏ +P Ï‰‰ÊÒ VJG XCNWG QH 7Ô5Ô RTQFWEVKQPQH OCPWHCEVWTGF IQQFU TGCEJGF ˘ÏÔÈ VTKNNKQP CPF CEEQWPVGF HQT CDQWV ÏÊ RGTEGPV QH7Ô5Ô )&2Ô 'ORNQ[OGPV KP VJG KPVGTOGFKCVG CPF OCPWHCEVWTGF IQQFU UGEVQTU YCUTQWIJN[ Ï‰ OKNNKQP LQDU KP Ï‰‰ÊÒ TGRTGUGPVKPI ÏË RGTEGPV QH VJG PCVKQPrU NCDQT HQTEG ıCUOGCUWTGF D[ GORNQ[GGU QP PQPCITKEWNVWTCN RC[TQNNÙÔ +PVGTPCVKQPCN VTCFG KP VJGUGUGEVQTU KU CNUQ EQPUKFGTCDNGÒ YKVJ GZRQTVU QH ˘ÁÎÏ DKNNKQP KP Ï‰‰Â CPF KORQTVU QH ˘ÂÂÌDKNNKQPÔ 1YKPI VQ VJG KORQTVCPEG QH VTCFG HQT OCP[ 7Ô5Ô KPFWUVTKGUÒ UGXGTCN OCLQT 7Ô5ÔEQTRQTCVKQPU JCXG XQKEGF EQPEGTP QXGT 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDCÒCPF VJG 7Ô5Ô %JCODGT QH %QOOGTEG JCU DGGP GURGEKCNN[ XQECN KP ECNNKPI HQT C EJCPIGVQ VJKU RQNKE[ÔÎ

6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP UGXGTCN KPVGTOGFKCVG CPF OCPWHCEVWTGF IQQFUKPFWUVTKGU KU FKUEWUUGF OCKPN[ KP VGTOU QH HQTIQPG KPXGUVOGPV CPF VTCFG DGVYGGP VJGVYQ EQWPVTKGU UKPEG VJG VKOG UCPEVKQPU YGTG KORQUGFÒ YJKNG VJG EWTTGPV KORCEV KUCPCN[\GF KP VGTOU QH RQVGPVKCN VTCFKPI CPF KPXGUVOGPV DGVYGGP VJG VYQ EQWPVTKGU KP VJGCDUGPEG QH UCPEVKQPUÔ #U VJTQWIJQWV VJKU TGRQTVÒ VJG CPCN[UKU CUUWOGU PQ QVJGT RQNKE[EJCPIGU CTG OCFG ıUWEJ CU GEQPQOKE TGHQTO KP %WDCÒ EJCPIG KP %WDCrU RQNKVKECNNGCFGTUJKRÒ NQQUGPKPI QH )QXGTPOGPV EQPVTQNU QXGT VTCFG CPF KPXGUVOGPVÒ CPF DGVVGTCEEGUU VQ KPVGTPCVKQPCN ETGFKV CPF HKPCPEKCN OCTMGVUÙ QVJGT VJCP VJG NKHVKPI QH UCPEVKQPUÔ

)KXGP VJCV VJGTG JCU DGGP XKTVWCNN[ PQ 7Ô5Ô"%WDCP VTCFG UKPEG VJG GCTN[ Ï‰ÁÌUÒ VJGCPCN[UKU QH VJG EWTTGPV KORCEV QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC TGNKGF QPGUVKOCVKPI YJCV 7Ô5Ô"%WDCP DKNCVGTCN VTCFG CPF KPXGUVOGPV HNQYU OKIJV JCXG DGGPFWTKPI C TGEGPV VKOG RGTKQF KP VJG CDUGPEG QH UCPEVKQPUÔ +PFWUVTKGU YGTG UGNGEVGF HQT VJKUEJCRVGT DCUGF QP OCP[ ETKVGTKCÔ )GPGTCNN[Ò KPFWUVTKGU YGTG UGNGEVGF KH„

1 VTCFG DGVYGGP VJG VYQ EQWPVTKGU RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ GURGEKCNN[KP VJG NCVG Ï‰ËÌUÒ YCU UKIPKHKECPV‚

Ï +PHQTOCVKQP QP VJG TQNG QH VJG OCPWHCEVWTKPI UGEVQT KP VJG 7Ô5Ô GEQPQO[ KU VCMGP HTQO 'EQPQOKE4GRQTV QH VJG 2TGUKFGPVÒ VTCPUOKVVGF VQ %QPITGUU (GDÔ Ï‰‰‰Ò 7Ô5Ô )QXGTPOGPV 2TKPVKPI 1HHKEGÔ

Î 6QO &QPQJWGÒ 2TGUKFGPV CPF %'1Ò 7Ô5Ô %JCODGT QH %QOOGTEGÒ CV EQPHGTGPEGÒ s6JG &QOGUVKE+ORCEV QH 7Ô5Ô 7PKNCVGTCN (QQF CPF /GFKECN 5CPEVKQPU„ %CUG 5VWF[ QH %WDCÒt 9QTNF 2QNKE[ +PUVKVWVGÒ ,WPGÏËÒ ÎÌÌÌÔ

Á"Î

1 VJG 7PKVGF 5VCVGU KU KPVGTPCVKQPCNN[ EQORGVKVKXG CPF C UKIPKHKECPV GZRQTVKPIEQWPVT[ VQ YQTNF OCTMGVUÒ GURGEKCNN[ VJG %CTKDDGCP‚

1 %WDC KU C UKIPKHKECPV KORQTVGT HTQO YQTNF OCTMGVUÒ GURGEKCNN[ %CPCFC CPF'WTQRG‚ CPF


7UKPI VJGUG ETKVGTKCÒ KPFWUVTKGU KPENWFGF CTG HGTVKNK\GTU CPF RGUVKEKFGUÒ RJCTOC"EGWVKECNUÒ UGXGTCN V[RGU QH OCEJKPGT[Ò GNGEVTQPKEU IQQFUÒ OGFKECN GSWKROGPVÒ UVGGNÒVKTGUÒ CPF RNCUVKEUÔ +PFWUVTKGU YGTG CNUQ KPENWFGF KH %WDC KU KPVGTPCVKQPCNN[ EQORGVKVKXGCPF KU C UKIPKHKECPV GZRQTVKPI EQWPVT[ VQ YQTNF OCTMGVUÒ GURGEKCNN[ VQ %CPCFC CPF'WTQRGÔ 6JGUG KPFWUVTKGU KPENWFG PKEMGN CPF EQDCNVÒ EGOGPVÒ CPF VGZVKNGU CPF CRRCTGNÔ

'CEJ KPFWUVT[ CPCN[UKU GUVKOCVGU 7Ô5Ô"%WDCP DKNCVGTCN VTCFG KP VJG CDUGPEG QHUCPEVKQPUÒ DCUGF QP %WDCrU CXGTCIG CPPWCN VTCFG FWTKPI Ï‰‰Á"‰ÂÒ CUUWOKPI PQGEQPQOKE RQNKE[ CPF RQNKVKECN EJCPIGU KP %WDCÔ +P C HGY ECUGUÒ QVJGT GUVKOCVGU QH7Ô5Ô"%WDCP VTCFG DCUGF QP CP CTTC[ QH CUUWORVKQPU CDQWV GEQPQOKE ITQYVJÒ CPFHWVWTG OCPCIGOGPV QH VJG %WDCP GEQPQO[Ò YGTG TGRQTVGF VQ VJG %QOOKUUKQP D[KPFWUVT[ UQWTEGUÒ CPF CTG CNUQ PQVGFÔ

#U KPFKECVGF KP EJCRVGT ÏÒ VJG DCEMITQWPF KPHQTOCVKQP CPF CPCN[UKU RTGUGPVGF KP VJKUEJCRVGTÒ CU YGNN CU GUVKOCVGU QH7Ô5Ô"%WDC VTCFG KP VJGCDUGPEG QH UCPEVKQPUÒ CTG DCUGFQP UGXGTCN UQWTEGUÒ KPENWFKPI CECFGOKE TGRQTVU CPF KPFWUVT[ RWDNKECVKQPUÒ IQXGTPOGPVVTCFG UVCVKUVKEUÒ KPVGTXKGYU YKVJ KPFWUVT[ TGRTGUGPVCVKXGUÒ VJG TGUWNVU QH VJG %QOOKUUKQPVGNGRJQPG UWTXG[ QH 7Ô5Ô EQORCPKGU CPF VTCFG CUUQEKCVKQPUÒ JGCTKPI VGUVKOQP[ CPFYTKVVGP UWDOKUUKQPUÒ %QOOKUUKQP VTCXGN YKVJKP VJG 7PKVGF 5VCVGU CPF %WDCÒ CPF ITCXKV[OQFGN GUVKOCVGUÔÍ

((((GGGGTTTTVVVVKKKKNNNNKKKK\\\\GGGGTTTT CCCCPPPPFFFF 2222GGGGUUUUVVVVKKKKEEEEKKKKFFFFGGGG 2222TTTTQQQQFFFFWWWWEEEEVVVVUUUUÈ

+P Ï‰‰‰Ò VJG XCNWG QH 7Ô5Ô HGTVKNK\GT RTQFWEVKQP TGCEJGF ˘ÏÌ DKNNKQPÒ OCMKPI VJG 7PKVGF5VCVGU VJG YQTNFrU NCTIGUV RTQFWEGT QH HKPKUJGF HGTVKNK\GTUÒË RJQURJCVG TQEM OKPGTCNÒCPF UWNHWTÔ #NOQUV C VJKTF QH 7Ô5Ô RTQFWEVKQP KU GZRQTVGFÒ OCKPN[ VQ %JKPCÒ +PFKCÒ CPF#WUVTCNKCÒ CPF VJG 7PKVGF 5VCVGU KU VJG YQTNFrU NCTIGUV GZRQTVGT QH HKPKUJGF RJQURJCVGHGTVKNK\GTUÔ 6JG7PKVGF 5VCVGU KU CNUQ VJGYQTNFrU NCTIGUV KORQTVGT QH CPJ[FTQWU COOQPKCCPF RQVCUJÒ OQUV QH YJKEJ EQOGU HTQO 4WUUKCÒ 6TKPKFCF CPF 6QDCIQÒ CPF %CPCFCÔ%WDC KU C OKPQT RNC[GT KP VJG YQTNF HGTVKNK\GT OCTMGV KP VGTOU QH RTQFWEVKQPÒEQPUWORVKQPÒ CPF VTCFGÔ #NOQUV CNN %WDCP HGTVKNK\GT EQPUWORVKQP KU KORQTVGF CPFEQPUKUVU OCKPN[ QH HKPKUJGF HGTVKNK\GTUÒ UWNHWTÒ CPF COOQPKC HTQO 4WUUKCÒ 6WPKUKCÒ CPF%CPCFCÔ

Í 6JG ITCXKV[ OQFGN KU FKUEWUUGF KP #RRGPFKZ (ÔÈ (GTVKNK\GT TGHGTU VQ PKVTQIGPQWU HGTVKNK\GTUÒ RJQURJCVG HGTVKNK\GTÒ CPF RQVCUUKWO ıRQVCUJÙ HGTVKNK\GTUÔ

2GUVKEKFG RTQFWEVU KPENWFG PQV QPN[ VJG TGNCVKXGN[ PGYÒ UQRJKUVKECVGF U[PVJGVKE QTICPKE RTQFWEVUÒ DWV CNUQQNFGT RTQFWEVUÒ UWEJ CU GNGOGPVCN UWNHWT CPF RGVTQNGWOÔ

Ë (KPKUJGF HGTVKNK\GTU CTG OCPWHCEVWTGF HGTVKNK\GT RTQFWEVU TGCF[ HQT WUG QP ETQRU YKVJQWV HWTVJGTRTQEGUUKPIÔ

Á"Í

7Ô5Ô RTQFWEVKQP QH RGUVKEKFG RTQFWEVU TGCEJGF OQTG VJCP ˘Ë DKNNKQP KP Ï‰‰‰Ò OCMKPIVJG 7PKVGF 5VCVGU QPG QH VJG NCTIGUV RTQFWEKPI EQWPVTKGU KP VJG YQTNFÔ 6JG 7Ô5Ô KPFWUVT[KU EQORQUGF RTKOCTKN[ QH NCTIGÒ OWNVKPCVKQPCNÒ OWNVKRTQFWEV EJGOKECN EQORCPKGUÒ CPFKU COQPI VJG YQTNF NGCFGTU KP TGUGCTEJ CPF FGXGNQROGPVÔ +P Ï‰‰‰Ò VYQ"VJKTFU QH 7Ô5ÔRTQFWEVKQP QH RGUVKEKFGU YCU GZRQTVGFÒ YKVJ OCLQT OCTMGVU KPENWFKPI %CPCFCÒ $TC\KNÒCPF (TCPEGÔ 6JG 7PKVGF 5VCVGU CNUQ KORQTVU CDQWV ˘Ï DKNNKQP QH RGUVKEKFGU CPPWCNN[Ô%WDC KU C PGV KORQTVGT QH RGUVKEKFGUÒ KORQTVKPI RTQFWEV OCKPN[ HTQO VJG 'WTQRGCP7PKQP ı'7Ù CPF %QNQODKCÒ YJKNG CNUQ GZRQTVKPI UOCNN SWCPVKVKGU VQ $TC\KNÒ $QNKXKCÒ CPF0KECTCIWCÔÁ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU6JG JKUVQTKECN KORCEV QH UCPEVKQPU YCU UOCNN DGECWUGÒ CNVJQWIJ %WDC YCU C UOCNN DWVKORQTVCPV QWVNGV HQT 7Ô5Ô HGTVKNK\GTU CPF RGUVKEKFG RTQFWEVU CV VJG VKOG UCPEVKQPU YGTGKORQUGFÒÊ 7Ô5Ô GZRQTVGTU YGTG CDNG VQ HKPF CNVGTPCVKXG OCTMGVU HQT VJGKT RTQFWEVUTGNCVKXGN[ SWKEMN[Ô +PFWUVT[ UQWTEGU KPFKECVG VJCV VJG COQWPV QH 7Ô5Ô KPXGUVOGPV KP VJG%WDCP HGTVKNK\GT CPF RGUVKEKFG UGEVQTU RTKQT VQ UCPEVKQPU YCU OKPKOCN DGECWUG QH VJGUOCNN UK\G QH VJG %WDCP KPFWUVT[ FWTKPI VJCV RGTKQFÔÂ 6JG 7PKVGF 5VCVGU FKF PQV KORQTVHGTVKNK\GT QT RGUVKEKFGU HTQO%WDC RTKQT VQ UCPEVKQPUÒ PQT YCU KV NKMGN[ VQ JCXG FWTKPI VJGRGTKQF KP YJKEJ VJG UCPEVKQPU YGTG KP RNCEGÔ‰

6JG EWTTGPV KORCEV QH UCPEVKQPU QP VJG7Ô5Ô HGTVKNK\GT CPF RGUVKEKFG KPFWUVTKGU KU UOCNN DWVOGCUWTCDNGÔ 7Ô5Ô HGTVKNK\GTU EQWNF RQVGPVKCNN[ DG GZRQTVGF VQ %WDCÒ KPENWFKPIRJQURJCVGUÒ RQVCUUKWO ıRQVCUJÙÒ PKVTQIGPQWU HGTVKNK\GTÒÏÌ CPF UWNHWTÔÏÏ 6JG ENQUGRTQZKOKV[ QH C NCTIG RJQURJCVG KPFWUVT[ KP (NQTKFC CPF C NCTIG PKVTQIGP HGTVKNK\GTKPFWUVT[ PGCT VJG 7Ô5Ô )WNH YQWNF OCMG VJG 7PKVGF 5VCVGU C PCVWTCN UWRRNKGT VQ %WDCÔ2QVCUJ UJKROGPVU HTQO 0GY /GZKEQ CPF 7VCJ CTG RQUUKDNGÒ GURGEKCNN[ RQVCUUKWOUWNHCVGÔÏÎ *QYGXGTÒ %WDCrU EWTTGPV VTCFG RCTVPGTU OC[ JCXG CP CFXCPVCIG CV EWTTGPVNQY"NGXGN VTCFG XQNWOGU DGECWUG QH GZKUVKPI VTCFG CITGGOGPVUÔ +PXGUVOGPV KP %WDC HQT

Á (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP HGTVKNK\GT CPF RGUVKEKFG UGEVQTU ECP DG HQWPF KP#RRGPFKZ )Ò VCDNGU )"ÎÁ CPF )"ÎÊÔ

Ê (QT GZCORNGÒ 7Ô5Ô HGTVKNK\GT UJKROGPVU VQ %WDC KP Ï‰Ë‰ COQWPVGF VQ ˘ËÔË OKNNKQPÒ TGRTGUGPVKPICDQWV ÊRGTEGPV QH VQVCN 7Ô5Ô HGTVKNK\GT GZRQTVU QH ˘ÂÌOKNNKQPÔ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH VJG%GPUWUÒ 7Ô5Ô 'ZRQTVU QH &QOGUVKE CPF (QTGKIP /GTEJCPFKUGÒ %QOOQFKV[ D[ %QWPVT[ QH &GUVKPCVKQPÒ4GRQTV (6ÈÏÌÒ Ï‰Ë‰Ò RRÔ ÎÍË"ÎÍÁÔ

Â +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY YKVJ %QOOKUUKQP UVCHHÒ 1EVÔ ÎÌÌÌÔ‰ +DKFÔÏÌ%WTTGPVN[ VJGOQUV KORQTVCPV %WDCPPKVTQIGPQWU HGTVKNK\GT KORQTV KU EWTTGPVN[ WTGC HTQO 4WUUKC CPF

COOQPKCÒ C HGTVKNK\GT KPVGTOGFKCVGÒ KORQTVGF HTQO 6TKPKFCF CPF 6QDCIQÔ 0CVWTCN ICU KU VJG OCLQTHGGFUVQEM UQWTEG HQT VJGUG RTQFWEVUÔ 6JG 7PKVGF 5VCVGU KU EWTTGPVN[ PQV GEQPQOKECNN[ EQORGVKVKXG YKVJ VJGUGEQWPVTKGUÒ QVJGT .CVKP #OGTKECP EQWPVTKGUÒ CPF /KFFNG 'CUVGTP RTQFWEGTUÔ $["RTQFWEV COOQPKWO UWNHCVGTGUWNVKPI RTKPEKRCNN[ HTQO ECRTQNCEVCO OCPWHCEVWTGÒ JQYGXGTÒ OC[ DG EQORGVKVKXGÔ #OOQPKWORJQURJCVGU CPF VTKRNG UWRGTRJQURJCVGÒ JKIJ"CPCN[UKU UQNKF RJQURJCVG HGTVKNK\GTU RTQFWEGF KP (NQTKFCÒCRRGCT VQ JCXG RTQOKUKPI RQVGPVKCN HQT GZRQTV VQ %WDCÔ +DKFÔ

ÏÏ +ORQTVGF UWNHWT KU EWTTGPVN[ DGNKGXGF VQ DG EQPUWOGF RTKOCTKN[ KP VJG PKEMGN CPF QVJGT OKPKPIUGEVQTU CU UWNHWTKE CEKFÔ %CPCFC CPF (TCPEG CTG MPQYP VQ JCXG UJKRRGF GNGOGPVCN UWNHWT VQ %WDCÔ +DKFÔ

ÏÎ %CPCFC CPF VJG 5QXKGV 7PKQP EQWPVTKGUÒ CPF VQ C NGUUGT GZVGPV )GTOCP[Ò EWTTGPVN[ UWRRN[ VJG%WDCP RQVCUUKWO ıRQVCUJÙ OCTMGVÔ

Á"È

UJKROGPVU QH HGTVKNK\GTU VQ VJG 7PKVGF 5VCVGU KU WPNKMGN[ IKXGP %WDCrU NCEM QH KPFKIGPQWUTCY OCVGTKCNU HQT HGTVKNK\GT RTQFWEVKQPÔ

&WTKPI Ï‰‰Á"‰ÂÒ %WDCrU INQDCN KORQTVU QH HKPKUJGF HGTVKNK\GTU ıPKVTQIGPÒ RJQURJCVGÒCPF RQVCUUKWOÙ CXGTCIGF ˘ÊË OKNNKQPÒ CEEQTFKPI VQ %WDCP FCVCÔ 6JG %QOOKUUKQPGUVKOCVGU VJCV VJG 7Ô5Ô HGTVKNK\GT KPFWUVT[ OKIJV GZRGEV VQ UWRRN[ DGVYGGP ˘ÂOKNNKQP CPF˘ÏË OKNNKQP KP GZRQTVUÒ QT ÏÌ VQ ÏË RGTEGPV QH %WDCrU VQVCN KORQTVU KP VJG CDUGPEG QHUCPEVKQPUÔ +PFWUVT[ UQWTEGU GZRGEV VJG FGOCPF HQT 7Ô5Ô HGTVKNK\GTU VQ DG UWDUVCPVKCNN[JKIJGT VJCP VJKU NGXGN KP VJG NQPIGT VGTOÔÏÍ

+H KP VJG CDUGPEG QH UCPEVKQPU %WDCP CITKEWNVWTCN RTQFWEVKQP KPETGCUGUÒ VJG FGOCPF HQTRGUVKEKFG RTQFWEVUÒ KPENWFKPI KORQTVU HTQO 7Ô5Ô EQORCPKGUÒ KU NKMGN[ VQ KPETGCUGÔ $CUGFQP C EQORCTKUQP YKVJ QVJGT %CTKDDGCP EQWPVTKGU HQT Ï‰‰ÊÒ %WDCP RGUVKEKFG WUG KUGUVKOCVGF CV CDQWV ˘Ë RGT CETG KP VJG CDUGPEG QH UCPEVKQPU‚ÏÈ CPF 7Ô5Ô OWNVKPCVKQPCNEQORCPKGU EQWNF CEEQWPV HQT ÍÌ VQ ÈÌ RGTEGPV QH %WDCrU KORQTVUÔÏË +P VJG CDUGPEG QHUCPEVKQPUÒ 7Ô5Ô GZRQTVU QH RGUVKEKFG RTQFWEVU YQWNF DG UOCNNÒ CV OQUV ˘È OKNNKQP KP VJGUJQTV VGTOÒ CNVJQWIJ KV KU FKHHKEWNV VQ FGVGTOKPG VJG PCVKQPCN QTKIKP QH CIITGICVGRGUVKEKFG GZRQTVU DGECWUG QH VJG PWODGT QH TGEGPV URKP"QHHU CPF OGTIGTU KP VJGKPFWUVT[ÔÏÁ )KXGP KVU NKOKVGF HQTGKIP GZEJCPIGÒ %WDC OKIJV EQPVKPWG VQ RWTEJCUGRGUVKEKFGU HTQO EQWPVTKGU YKVJ YJKEJ KV ECP DCTVGT TCVJGT VJCP HTQO VJG 7PKVGF 5VCVGUÔ%WDC KU CNUQ NKMGN[ VQ KORQTV RGUVKEKFG RTQFWEVU HTQO EQORCPKGU VJCV CNTGCF[ JCXG VJGKTRTQFWEVU TGIKUVGTGF‚ CPF KV OKIJV TGSWKTG UQOG VKOG HQT 7Ô5Ô EQORCPKGU VQ TGIKUVGT VJGKTRTQFWEVUÔÏÊ +V KU WPNKMGN[ VJCV %WDC YQWNF FGXGNQR C NCTIG RGUVKEKFG RTQFWEVU KPFWUVT[VJCV YQWNF GZRQTV VQ QT KPXGUV KP VJG 7PKVGF 5VCVGU KP VJG CDUGPEG QH UCPEVKQPUÔ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG %WDCP HGTVKNK\GT KPFWUVT[ YCU PQV UKIPKHKECPVN[ KORCEVGF D[ UCPEVKQPU FWTKPIÏ‰ÁÌ"Ï‰Â‰ DGECWUG VJG 5QXKGV 7PKQP DGECOG %WDCrU NQY"EQUV UWRRNKGTÔ &WTKPI VJCVRGTKQFÒ %WDCP KORQTVU CPF EQPUWORVKQP QH HGTVKNK\GT PWVTKGPVU ITGY TCRKFN[wD[ Ï‰Â‰%WDCP HGTVKNK\GT EQPUWORVKQP YCU HKXG VKOGU VJG Ï‰ÁÏ NGXGNÔ +P Ï‰Â‰Ò %WDC KORQTVGFHGTVKNK\GTU XCNWGF CV ˘ÏËÈ OKNNKQPÒ TGRTGUGPVKPI CDQWV ÂÌ RGTEGPV QH VQVCN HGTVKNK\GTPWVTKGPV EQPUWORVKQPÔÏÂ *QYGXGTÒ YKVJ VJG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEG KP VJGGCTN[ Ï‰‰ÌUÒ %WDCP KORQTVU QH HKPKUJGF HGTVKNK\GT RTQFWEVU JCF FGENKPGF VQ ˘ÎÈ OKNNKQP

ÏÍ 5GG PQVG ÂÔÏÈ %QPXGTUCVKQP YKVJ QHHKEKCNU KP 1HHKEG QH 2GUVKEKFGU 2TQITCOUÒ 7Ô5Ô 'PXKTQPOGPVCN 2TQVGEVKQP

#IGPE[ÔÏË +DKFÔÏÁ (QT GZCORNGÒ VJG7Ô5Ô EQORCP[#OGTKECP %[CPCOKF UQNF KVU RGUVKEKFG RTQFWEVU FKXKUKQP VQCPQVJGT

7Ô5Ô EQORCP[Ò #OGTKECP *QOG 2TQFWEVU ı#*2ÙÒ KP VJG OKF"Ï‰‰ÌUÔ #*2 VJGP UQNF VJG FKXKUKQP VQ VJG)GTOCP EQORCP[ $#5( KP Ï‰‰‰Ô +P CFFKVKQPÒ OCP[ QH VJG NCTIGT EQORCPKGU TGIKUVGT CPF UGNNÒ WPFGT VJGKTQYP PCOGÒ IGPGTKE RTQFWEVU OCPWHCEVWTGF KP NQY"EQUV VJKTF EQWPVTKGUÔ

ÏÊ 2JQPG EQPXGTUCVKQPU YKVJ XCTKQWU OCTMGV TGUGCTEJ EQORCPKGU D[ %QOOKUUKQP UVCHHÒ 1EVÔ Ï"ÏËÒÎÌÌÌÔ

ÏÂ (QQF CPF #ITKEWNVWTCN 1TICPK\CVKQP UVCVKUVKEU‚ GZENWFGU KORQTVU QH COOQPKC CPF UWNHWTKPVGTOGFKCVGU RQVGPVKCNN[ WUGF HQT HGTVKNK\GT RTQFWEVKQPÒ YJKEJ EQWNF JCXG COQWPVGF VQ CPQVJGT ˘ÏËOKNNKQP VQ ˘ÎË OKNNKQPÔ

Á"Ë

KP Ï‰‰ÂÔÏ‰ .GCFKPI UWRRNKGTU KP Ï‰‰Â YGTG 4WUUKCÒ %CPCFCÒ 6WPKUKCÒ $WNICTKCÒ CPF)GTOCP[ÔÎÌ +P VJG CDUGPEG QH UCPEVKQPUÒ %WDC RTQDCDN[ YQWNF JCXG KORQTVGF UQOGHGTVKNK\GT HTQO VJG 7PKVGF 5VCVGU CV NQYGT EQUV VJCP QVJGT UWRRN[KPI EQWPVTKGUÔ

$GECWUG VJGTG YCU PQ RGUVKEKFG RTQFWEVU KPFWUVT[ KP %WDC RTKQT VQ VJG KORQUKVKQP QHUCPEVKQPUÒ VJGTG YCU PQ JKUVQTKECN GHHGEV QH UCPEVKQPU QP RTQFWEVKQPÒ UCNGUÒ EQUVUÒ QTGORNQ[OGPV VQ VJG KPFWUVT[Ô %WDC RTQDCDN[ YQWNF JCXG KORQTVGF UQOG RGUVKEKFGRTQFWEVU HTQO 7Ô5Ô UWRRNKGTU KP VJG CDUGPEG QH UCPEVKQPUÔ +P CFFKVKQPÒ %WDC JCUFGXGNQRGF UQOG CITKEWNVWTCN DKQVGEJPQNQI[ RTQFWEVU VJCV OKIJV JCXG DGGP OQTGTGCFKN[ CXCKNCDNG HTQO VJG 7PKVGF 5VCVGU JCF VJGTG DGGP PQ UCPEVKQPUÔ

6JG EWTTGPV KORCEV QP %WDCrU HGTVKNK\GT CPF RGUVKEKFG KPFWUVTKGU KU UOCNN DWVOGCUWTCDNGÔ #U C PGV KORQTVKPI EQWPVT[ QH DQVJ HGTVKNK\GTU CPF RGUVKEKFGUÒ CEEGUU VQ VJG7Ô5Ô OCTMGV KP VJG CDUGPEG QH UCPEVKQPU YQWNF RTQXKFG UQOG DGPGHKVUÒ KP RCTVKEWNCT VJGCDKNKV[ VQ KORQTV UQOG RTQFWEVU CV NQYGT EQUV VJCP HTQO QVJGT RCTVU QH VJG YQTNFÔ

2222JJJJCCCCTTTTOOOOCCCCEEEEGGGGWWWWVVVVKKKKEEEECCCCNNNN 2222TTTTQQQQFFFFWWWWEEEEVVVVUUUU

6JG 7PKVGF 5VCVGU KU QPG QH VJG YQTNFrU NCTIGUV RTQFWEKPI CPF EQPUWOKPI EQWPVTKGU QHRJCTOCEGWVKECN RTQFWEVUÔ +P Ï‰‰‰Ò 7Ô5Ô RTQFWEVKQP TGCEJGF ˘ÂÎ DKNNKQPÒ WR D[ OQTGVJCP C VJKTF HTQO VJG ˘ÁÌDKNNKQP KP Ï‰‰ËÔ 7Ô5Ô GZRQTVU QH RJCTOCEGWVKECN RTQFWEVU JCXGCNUQ TKUGP UKIPKHKECPVN[ FWTKPI VJG RCUV Ë [GCTUÒ KPETGCUKPI HTQO ˘Â DKNNKQP KP Ï‰‰Ë VQ˘ÏÈ DKNNKQP KP Ï‰‰‰ÒYKVJ OCLQTOCTMGVU DGKPI ,CRCPÒ %CPCFCÒ CPF 'WTQRGÔ 6JG7PKVGF5VCVGU JCU DGGP UVGCFKN[ KPETGCUKPI VJG RGTEGPV QH KVU KORQTVU QH RJCTOCEGWVKECNRTQFWEVUÒ YJKEJ TGCEJGF ÎÁ RGTEGPV QH FQOGUVKE EQPUWORVKQP KP Ï‰‰‰ EQORCTGF VQ ÏÈRGTEGPV KP Ï‰‰ËÔ 6JG OCLQTKV[ QH KORQTVU CTG UQWTEGF HTQO 'WTQRGÔ 6JG 7Ô5ÔRJCTOCEGWVKECN KPFWUVT[ KU EQORQUGF QH VYQ UGEVQTUwVJG RCVGPVGF RTQFWEVU UGEVQTıEJCTCEVGTK\GF D[ NCTIG TGUGCTEJ CPF FGXGNQROGPV EQUVUÙ CPF VJG IGPGTKE RTQFWEVUUGEVQT ıEJCTCEVGTK\GF D[ KPVGPUG RTKEG EQORGVKVKQP KP NQECN OCTMGVUÙÔ

%WDC JCU GUVCDNKUJGF C DKQVGEJPQNQI[ CPF RJCTOCEGWVKECN KPFWUVT[ÎÏ WUKPIKPFKIGPQWU VGEJPQNQI[ CPF VJTQWIJ CUUQEKCVKQP YKVJ HQTGKIP EQORCPKGUÒÎÎ YJKEJ JCUFGXGNQRGF C PWODGT QH QTKIKPCN XCEEKPGU CPF TGRQTVGFN[ JCU RTQFWEVU TGIKUVGTGFVJTQWIJQWV VJG YQTNFÔÎÍ %WDC CNUQ OCPWHCEVWTGU IGPGTKE RJCTOCEGWVKECN RTQFWEVUÔ +PTGEGPV [GCTUÒ VJG KPFWUVT[ JCU RTQFWEGF CPPWCNN[ CDQWV ˘ËÌ OKNNKQPYQTVJ QH RTQFWEVUÒ

Ï‰ 1HKEKPC 0CEKQPCN FG 'UVCFKUVºECUÒ #PWCTKQ 'UVCFºUVKEQ FG %WDC Ï‰‰ÂÒ 'FKEK¿P Ï‰‰‰Ò *CXCPCÒ RRÔÏÍË"ÏÍÁÔ 2TQFWEV VQPPCIG TGHNGEVU VJG ITQUU YGKIJV QH VJG HGTVKNK\GT CU QRRQUGF VQ PWVTKGPV VQPPCIGÔ

ÎÌ +PVGTPCVKQPCN (GTVKNK\GT +PFWUVT[ #UUQEKCVKQP ı+(#Ù UVCVKUVKEUÒ 2CTKUÒ (TCPEGÔÎÏ 6JG RJCTOCEGWVKECN CPF DKQVGEJPQNQI[ KPFWUVTKGU ECP DG EQPUKFGTGF CU VYQ UGRCTCVG KPFWUVTKGUÒ

YKVJ DKQVGEJPQNQI[ DGKPI RCTV QHÒ COQPI QVJGT KPFWUVTKGUÒ VJG RJCTOCEGWVKECN KPFWUVT[Ô %WDCP VTCFG FCVCRTGENWFG UGRCTCVKPI RJCTOCEGWVKECN CPF DKQVGEJPQNQI[ RTQFWEVUÔ *QYGXGTÒ %WDCP KORQTV FCVCRTKOCTKN[ EQXGT DCUKE RJCTOCEGWVKECN RTQFWEVUÒ YJKNG GZRQTVU CTG OQUVN[ DKQVGEJPQNQI[ RJCTOCEGWVKECNRTQFWEVUÔ

ÎÎ 'EQPQOKE %QOOKUUKQP HQT .CVKP #OGTKEC CPF VJG %CTKDDGCP ı'%.#%ÙÒ .C 'EQPQOºC %WDCPC„4GHQTOCU GUVTWEVWTCNGU [ FGUGORGøQ GP NQU PQXGPVGÒ ı/GZKEQ %KV[„ 7PKVGF 0CVKQPUÒ Ï‰‰ÊÙÒ RÔ ÍÎÎÔ

ÎÍ # RTQOQVKQPCN DTQEJWTG HTQO VJG %WDCP %GPVGT HQT )GPGVKE 'PIKPGGTKPI CPF $KQVGEJPQNQI[TGRQTVGF VJCV KP Ï‰‰Á VJG EQORCP[ JCF ÏÎÂ TGIKUVTCVKQPU KP ÍÈ EQWPVTKGUÔ

Á"Á

QH YJKEJ ˘ÍË OKNNKQP YCU GZRQTVGFÒ OCKPN[ VQ 5QWVJ #OGTKECP OCTMGVUÔ +P Ï‰‰ÂÒRJCTOCEGWVKECN CPF JGCNVJ UGTXKEGU EQPUVKVWVGF VJG HKHVJ NCTIGUV GZRQTV KPFWUVT[ KP VJGGEQPQO[ÔÎÈ +ORQTVU JCXG TGOCKPGF TGNCVKXGN[ UVCDNG CV ˘ÍÌ OKNNKQP CPPWCNN[ UKPEGÏ‰‰ËÔ 6JG NGCFKPI GZRQTVGTU QH RJCTOCEGWVKECN RTQFWEVU VQ %WDC KP Ï‰‰Â YGTG %JKPCÒ%CPCFCÒ +VCN[Ò &GPOCTMÒÎË CPF UGXGTCN .CVKP #OGTKECP EQWPVTKGUÔ 7Ô5Ô UCPEVKQPURGTOKV FQPCVKQPU CPF EGTVCKP CWVJQTK\GF UCNGU QH OGFKEKPGU CPF OGFKECN GSWKROGPV VQ%WDC‚ UWEJ FQPCVKQPU VQVCNGF ˘ÎË OKNNKQP KP Ï‰‰‰ÔÎÁ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU6JG JKUVQTKECN KORCEV QH 7Ô5Ô UCPEVKQPU QP 7Ô5Ô RTQFWEVKQPÒ GZRQTVUÒ CPF GORNQ[OGPVJCU DGGP OKPKOCNÔ %WDC TGRTGUGPVGF NGUU VJCP Ï RGTEGPV QH VQVCN 7Ô5Ô GZRQTVUÒ CPFYQTNFYKFG ITQYVJ KP FGOCPF HQT RJCTOCEGWVKECNU HCT GZEGGFGF CP[ NQUV 7Ô5Ô GZRQTVQRRQTVWPKVKGU KP %WDC TGUWNVKPI HTQO UCPEVKQPUÔ 6JG 7PKVGF 5VCVGU FKF PQV KORQTVRJCTOCEGWVKECN RTQFWEVU HTQO %WDC RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ PQT YCU KVNKMGN[ VQ JCXG KORQTVGF CP[ RTQFWEVU JCF UCPEVKQPU PQV DGGP KORQUGFÔ 6JG OCLQTRJCTOCEGWVKECN CPF DKQVGEJPQNQI[ OCTMGVU ıKPENWFKPI VJG 7PKVGF 5VCVGUÙ JCXGUKIPKHKECPV TGSWKTGOGPVU HQT GPVT[Ò KPENWFKPI EQUVN[ TGIKUVTCVKQP RTQEGFWTGUÒ UVTKEVRTQFWEVKQP TGSWKTGOGPVUÒ CPF NCTIG OCTMGVKPI TGSWKTGOGPVUÒ YJKEJÒ HQT VJG OQUV RCTVÒQPN[ NCTIG RJCTOCEGWVKECN RTQFWEGTU JCXG DGGP CDNG VQ UWTOQWPVÔ

6JG %QOOKUUKQP GUVKOCVGU VJCV VJG EWTTGPV KORCEV QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ%WDC QP VJG 7Ô5Ô RJCTOCEGWVKECN KPFWUVT[ RTQDCDN[ KU XGT[ UOCNNÒ YKVJ GUVKOCVGF 7Ô5ÔGZRQTVU VQ %WDC QH RJCTOCEGWVKECN RTQFWEVU TCPIKPI HTQO \GTQ VQ ˘Ï OKNNKQP CPPWCNN[KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÔ 6JKU GUVKOCVGTGHNGEVU VJG UOCNN UK\G QH VJG %WDCP OCTMGV CPF KVU NQY RGT ECRKVC KPEQOGÒ GZVGPUKXGNKEGPUKPI TGUVTKEVKQPUÒ QPGTQWU JGCNVJ CPF UCHGV[ TGIWNCVKQPUÒ VJG NCEM QH RCVGPVRTQVGEVKQPÒ CPF %WDCrU HQTGKIP GZEJCPIG UJQTVCIGÔÎÊ

+P VJG NQPIGT TWPÒ 7Ô5Ô GZRQTVU VQ %WDCÒ KP VJGCDUGPEG QH UCPEVKQPU YKNN FGRGPFÒ KP RCTVÒQP HWVWTG FGOCPFÔ # %WDCP QHHKEKCN TGEGPVN[ PQVGF VJCV %WDCrU KORQTVU QHRJCTOCEGWVKECN RTQFWEVU KP VJG NCVG Ï‰ÂÌU YQWNF DG C IQQF KPFKECVQT QH RQVGPVKCN

ÎÈ %GPVTCN +PVGNNKIGPEG #IGPE[Ò %WDC„ *CPFDQQM QH 6TCFG 5VCVKUVKEUÒ Ï‰‰‰Ò CVJVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓRTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF (GDÔ ÏÂÒ ÎÌÌÌÔ

ÎË +DKFÔÎÁ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP RJCTOCEGWVKECN RTQFWEVU UGEVQTU ECP DG HQWPF KP

#RRGPFKZ )Ò VCDNGU )"ÎÂC VJTQWIJ )"ÎÂFÔÎÊ /CTMGVKPI RJCTOCEGWVKECN RTQFWEVU TGSWKTGU C UKIPKHKECPV HKPCPEKCN EQOOKVOGPVÒ KPENWFKPI

VTCKPKPI EQORCP[ TGRTGUGPVCVKXGUÒ GFWECVKPI VJG OGFKECN GUVCDNKUJOGPV CDQWV VJG RTQFWEVUÒ YTKVKPIKPUVTWEVKQPU KP VJG PCVKXG NCPIWCIGÒ CPF CEEQOOQFCVKPI NQECN JGCNVJ CPF TGIKUVTCVKQP TGIWNCVKQPUÔ #NCTIG EQORCP[YQWNF RTQDCDN[ DGIKP VQ GPVGT VJG %WDCPOCTMGV D[OCMKPI RTQFWEVU CXCKNCDNG VJTQWIJCFKUVTKDWVQTÒ CPF VJGP UNQYN[ GZRCPF KVU RTGUGPEG CU VJG GEQPQO[ DGECOG OQTG UVCDNG CPF UCHGÔ +PFWUVT[TGRTGUGPVCVKXGÒ KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ 1EVÔ ÏÌÒ ÎÌÌÌÔ #NUQÒ 2CWNC 5VGTPÒ s6JG +ORCEV QP VJG 7Ô5Ô'EQPQO[ QH .KHVKPI VJG (QQF CPF /GFKECN 'ODCTIQ QP %WDCÒt 6JG 5VGTP )TQWRÒ RTGUGPVGF CV VJG9QTNF2QNKE[ +PUVKVWVG %QPHGTGPEG QP 6JG &QOGUVKE 'EQPQOKE +ORCEV QH 7Ô5Ô 7PKNCVGTCN (QQF CPF /GFKECN5CPEVKQPU„ %CUG 5VWF[ %WDCÒ ,WPG ÏËÒ ÎÌÌÌÒ RÔ ÏÎÔ

Á"Ê

KORQTVU KP VJG CDUGPEG QH UCPEVKQPU ıKORQTVU YGTG ˘ÏÌÌ OKNNKQP KP Ï‰Â‰ÙÔÎÂ #PQVJGTTGRQTV GUVKOCVGU VJCV VJG 7PKVGF 5VCVGU EQWNF GZRQTV ˘ÁÌÌ OKNNKQP KP RJCTOCEGWVKECNCPF OGFKECN RTQFWEVU VQ %WDC ıC ÁÌ RGTEGPV UJCTG QH C ˘Ï DKNNKQP OCTMGVÙÒ CUUWOKPIOCTMGV NKDGTCNK\CVKQP KP %WDC CPF WPTGUVTKEVGF VTCFGÔÎ‰

5QOG 7Ô5Ô EQORCPKGU VJCV CNTGCF[ UGNN KP %CTKDDGCP CPF .CVKP #OGTKECP EQWPVTKGUTGRQTV VJCV VJG[ CTG NKMGN[ VQ GZRQTV VQ %WDC GXGP VJQWIJ KV YQWNF CEEQWPV HQT CPGINKIKDNG UJCTG QH VJGKT VQVCN UCNGUÔÍÌ 7Ô5Ô GZRQTVU YQWNF CNUQ DGPGHKV HTQO FGOCPF HQT7Ô5Ô"OCFG RJCTOCEGWVKECNU D[ %WDCP FQEVQTU CPF QVJGT JGCNVJ ECTG RTQHGUUKQPCNUYJQ JCXG TGRQTVGF VJCV VJG[ CTG HCOKNKCT YKVJ 7Ô5Ô RJCTOCEGWVKECN RTQFWEVU QDVCKPGFVJTQWIJ FQPCVGF 7Ô5Ô UQWTEGUÔÍÏ *QYGXGTÒ CP KPFWUVT[ TGRTGUGPVCVKXG PQVGF VJCV CVNGCUV VJTGG 'WTQRGCP OWNVKPCVKQPCN RJCTOCEGWVKECN EQORCPKGU EWTTGPVN[ JCXG QHHKEGUKP %WDCÒ YJKEJ IKXGU VJGO C EQORGVKVKXG CFXCPVCIGÔ +P VJG CDUGPEG QH UCPEVKQPUÒ VJGRCVGPVGF RTQFWEVU UGEVQT QH VJG 7Ô5Ô KPFWUVT[ YQWNF DG NKMGN[ VQ GZRQTV VQ %WDC‚ VJGIGPGTKE UGEVQTÒ JQYGXGTÒ YQWNF GZRGTKGPEG OQTG FKHHKEWNV[ GZRQTVKPI KVU RTQFWEVUDGECWUG QH EQORGVKVKQP HTQO NQECN RTQFWEGTU CPF KORQTVU HTQO QVJGT NQY"EQUV IGPGTKERTQFWEGTUÔÍÎ

6JG CDUGPEG QH UCPEVKQPU OKIJV GPEQWTCIG 7Ô5Ô KPXGUVOGPV KP %WDCrU RJCTOCEGWVKECNCPF DKQVGEJPQNQI[ UGEVQTUÔ 7Ô5Ô KPXGUVQTU YQWNF DGPGHKV HTQO %WDCrU YGNN"GFWECVGFJGCNVJECTG YQTM HQTEG VJCV TGEGKXGU YKVJ TGNCVKXGN[ NQY YCIGUÔÍÍ #EEQTFKPI VQ KPFWUVT[UQWTEGUÒ VJG GZVGPV QH 7Ô5Ô KPXGUVOGPV KP %WDC YQWNF FGRGPF QP %WDCrU TGIWNCVQT[GPXKTQPOGPVÔ +H 7Ô5Ô KPXGUVOGPV QEEWTTGFÒ 7Ô5Ô VTCFGÒ RTKOCTKN[ KPVTCEQORCP[ VTCFGÒYQWNF KPETGCUG CU 7Ô5Ô HKTOU GZRQTV KPVGTOGFKCVG CPF CEVKXG RJCTOCEGWVKECNKPITGFKGPVU HQT OCPWHCEVWTKPIÒ HQTOWNCVKPIÒ CPF RCEMCIKPIÔ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC5CPEVKQPU KPKVKCNN[ JCTOGF VJG %WDCP KPFWUVT[rU RTQFWEVKQPÒ UCNGUÒ EQUVUÒ CPFGORNQ[OGPV DGECWUG VJG 7PKVGF 5VCVGU YCU C UKIPKHKECPV UWRRNKGT QH RJCTOCEGWVKECNOCVGTKCNU KP VJG NCVG Ï‰ËÌUÔÍÈ (QT KPUVCPEGÒ KP Ï‰Ë‰Ò ÈÌÒÌÌÌ OGFKECN RTQFWEVU YGTGTGRQTVGFN[ TGIKUVGTGF KP %WDC ıUWEJ CU OGFKEKPGUÒ TGCIGPVUÒ KPUVTWOGPVUÒ CPFCEEGUUQTKGUÙÒ ÂÌ RGTEGPV QH YJKEJ YCU UWRRNKGF HTQO HQTGKIP HKTOUÒ CPF OQUV QH VJGUGYGTG 7Ô5Ô DCUGFÔÍË 2TKQT VQ VJG UCPEVKQPUÒ VJG %WDCP RJCTOCEGWVKECNU UGEVQT FKF PQVGZRQTV VQÒ QT KPXGUV KPÒ VJG 7PKVGF 5VCVGUÔ

ÎÂ ,QUG .WKU 4QFTKIWG\ )CTEKCÒ 8KEG 2TGUKFGPV QH VJG %QWPEKN QH /KPKUVGTU CPF /KPKUVGT QH 'EQPQO[CPF 2NCPPKPIÒ s6JG 6TCPUHQTOCVKQP QH VJG %WDCP 'EQPQO[„ #P 'EQPQOKE1WVNQQMÒt/CTÔ È"ÁÒ Ï‰‰ÂÒ RÔ ‰Ô

Î‰ 2CWNC 5VGTPÒ UGG PQVG ÎÊÒ RRÔ ÏÈ"ÏËÔÍÌ +PFWUVT[ TGRTGUGPVCVKXGÒ KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ ,WN[ ÍÌÒ ÎÌÌÌÔÍÏ 'UVKOCVG KU HQT HWVWTG %WDCP KORQTV FGOCPF HQT OGFKECN RTQFWEVU KPENWFKPI RJCTOCEGWVKECN

RTQFWEVUÒ DCUGF QP CPPWCN %WDCP OGFKECN GZRGPFKVWTGU QH ˘ÏÌÌ RGT ECRKVCÔ 6JG CWVJQT PQVGU VJCV VJG7PKVGF 5VCVGU JCU C ÁÌ RGTEGPV UJCTG QH VJG %CTKDDGCP OGFKECN RTQFWEVU OCTMGV CPFÒ KP VKOGÒ 7Ô5ÔRTQFWEGTU EQWNF ECRVWTG C UKOKNCT UJCTG QH VJGUG OCTMGVU KP %WDCÔ 2CWNC 5VGTPÒ UGG PQVG ÎÊÒ RRÔ ÏÎ"ÏÈÔ

ÍÎ +PFWUVT[ TGRTGUGPVCVKXGÒ KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ ,WN[ ÍÌÒ ÎÌÌÌÔÍÍ +ORCEV QH VJG 7Ô5Ô 'ODCTIQ QP *GCNVJ CPF 0WVTKVKQP KP %WDC ı9CUJKPIVQPÒ &%„ #OGTKECP

#UUQEKCVKQP QH 9QTNF *GCNVJ„ 9CUJKPIVQPÒ &%Ò Ï‰‰ÊÙÒ RRÔ ÈË"ÊÍÔÍÈ 6JG #OGTKECP #UUQEKCVKQP HQT 9QTNF *GCNVJÒ s6JG +ORCEV QH VJG 7Ô5Ô 'ODCTIQ QP *GCNVJ CPF

0WVTKVKQP KP %WDCÒt Ï‰‰ÁÒ RÔ ÈËÔÍË 5GG PQVG ÍÍÒ RRÔ Í"ÏÌÔ

Á"Â

6JG JKUVQTKECN KORCEV QH VJG 7Ô5Ô UCPEVKQPU YCU VQ EJCPIG VJG UQWTEGU QH %WDCPRJCTOCEGWVKECN KORQTVU HTQO VJG 7PKVGF 5VCVGU KPKVKCNN[ VQ RTKOCTKN[ 5QXKGV DNQEEQWPVTKGUÒ VJGP VQ 'WTQRG CPF #UKCÒ CPFÒ OQTG TGEGPVN[Ò VQ 5QWVJ #OGTKECP EQWPVTKGUÔ#NUQ KP TGURQPUG VQ UCPEVKQPUÒ %WDC OCFG C RTKQTKV[ QH FGXGNQRKPI C PCVKQPCN JGCNVJU[UVGO CPF CP KPVGTPCN KPHTCUVTWEVWTG VQ FGNKXGT VJG JGCNVJ ECTG UGTXKEGUÔ 6JWUÒCEEQTFKPI VQ UQOG CPCN[UVUÒ VJG NQPI"VGTO KORCEV QH VJG 7Ô5Ô UCPEVKQPU YCU VQ GZRGFKVG%WDCrU FGXGNQROGPV QH CP CFXCPEGFÒ PCVKQPCN JGCNVJ ECTG U[UVGO QHHGTKPI GZVGPUKXGOGFKECN GFWECVKQPÒ WPKXGTUCNÒ HTGG JGCNVJ UGTXKEGU YKVJ JQURKVCNK\CVKQPÒ CPF C FQOGUVKEDKQVGEJPQNQI[ CPF RJCTOCEGWVKECN KPFWUVT[ÔÍÁ

$GIKPPKPI KP VJG Ï‰ÂÌUÒ %WDC UVCTVGF FGXGNQRKPI C DKQVGEJPQNQI[ KPFWUVT[Ô #EEQTFKPIVQ IQXGTPOGPV UVCVKUVKEUÒ EWTTGPVN[ CDQWV ËÌ NCDQTCVQTKGU ıKPENWFKPI VJG %GPVGT HQT$KQNQIKECN 4GUGCTEJ CPF VJG (KPNC[ +PUVKVWVGÍÊÙ GORNQ[ QXGT ËÒÌÌÌ UEKGPVKUVUÔÍÂ 6JGUGNCDQTCVQTKGU OCPWHCEVWTG QXGT ÏËÌ FKHHGTGPV OGFKECNÒ RJCTOCEGWVKECNÒ CPFDKQVGEJPQNQI[RTQFWEVUÒÍ‰ KPENWFKPI XCEEKPGU HQT*GRCVKVKU $ CPFOGPKPIKVKUÔ/GFKEWDCQXGTUGGU VJG GZRQTV CPF KORQTV QH %WDCP OGFKECN RTQFWEVUÒ CPF KP Ï‰‰Ï VJG)QXGTPOGPV GUVCDNKUJGF *GDGT $KQVGEJ 5Ô#Ô VQ JCPFNG KPVGTPCVKQPCN OCTMGVKPI QHRJCTOCEGWVKECN CPF DKQVGEJPQNQI[ RTQFWEVUÔÈÌ

6JG EWTTGPV KORCEV QH UCPEVKQPU QP VJG %WDCP RJCTOCEGWVKECN KPFWUVT[ KU OKZGFÔ +PIGPGTCNÒ %WDCP FGOCPF HQT 7Ô5Ô RTQFWEVU YQWNF RTQDCDN[ KPETGCUG KP VJG CDUGPEG QHUCPEVKQPUÔ /CP[ KPFWUVT[ TGRTGUGPVCVKXGU GUVKOCVG NKVVNG KORCEV QP VJG %WDCPRJCTOCEGWVKECN KPFWUVT[Ò DGECWUG VJG KPFWUVT[ FQGU PQV OCMG VJG UCOG RTQFWEVU OCFGD[ VJG 7Ô5Ô OWNVKPCVKQPCNUÔ +P CFFKVKQPÒ %WDC OKIJV KORQTV EGTVCKP 7Ô5Ô RJCTOCEGWVKECNKPITGFKGPVU VQ OCMG IGPGTKE FTWIUÔ *QYGXGTÒ 7Ô5Ô RCVGPVGF FTWIU YQWNF DG HQTEGF VQEQORGVG YKVJ %WDCP IGPGTKE FTWIU CU YGNN CU RTQFWEVU QH 'WTQRGCPÒ 5QWVJ #OGTKECPÒCPF #UKCP UWRRNKGTUÔ

%WDC EQWNF DGPGHKV KH 7Ô5Ô CPF %WDCP DKQVGEJPQNQI[ EQORCPKGU FGXGNQR LQKPVXGPVWTGUÔ 6JKU EQWNF GXGPVWCNN[ KPETGCUG %WDCP RJCTOCEGWVKECN CPF DKQVGEJPQNQIKECNGZRQTVU VQ OCP[ VJKTF"RCTV[ EQWPVTKGUÔ 5QOG 7Ô5Ô RJCTOCEGWVKECN HKTOU OKIJV GUVCDNKUJNQY"EQUV OCPWHCEVWTKPI QRGTCVKQPU KP %WDCÒ UKOKNCT VQ QRGTCVKQPU GUVCDNKUJGF KP QVJGT%CTKDDGCP CPF 5QWVJ #OGTKECP EQWPVTKGUÔ +H RTQFWEVKQP QRGTCVKQPU YGTG GUVCDNKUJGFÒ7Ô5Ô"%WDCP VTCFG KP RJCTOCEGWVKECNU YQWNF KPETGCUGÒ EQPUKUVKPI NCTIGN[ QH VJGKPVTCEQORCP[ UJKROGPVU QH KPVGTOGFKCVGU CPF CEVKXG KPITGFKGPVUÔ +H OCPWHCEVWTKPIHCEKNKVKGU HQT IGPGTKE RTQFWEVU YGTG GUVCDNKUJGFÒ VJG RTQFWEVU YQWNF RTQDCDN[ DGUJKRRGF VQ QVJGT EQWPVTKGU KP VJG %CTKDDGCPÔ

ÍÁ s1PG VJKPI %WDC FQGU TKIJVÒt 6JG 'EQPQOKUVÒ 5GRVÔ ÊÒ Ï‰‰ÁÒ RÔ ÈÎÔÍÊ 6JG (KPNC[ +PUVKVWVG TGRQTVGFN[ JCU ÎÍÌ GORNQ[GGUÒ ÎÍÒÌÌÌ USWCTG OGVGTU QH XCEEKPG RTQFWEVKQP

ECRCEKV[Ò CPF VJG CDKNKV[ VQ RTQFWEG ÏÌÌ OKNNKQP FQUGU RGT [GCTÔÍÂ 5VCPNG[ 5CV\Ò s$KQVGEJPQNQI[ KP %WDC„ )QXGTPOGPV 2TQOQVGU ,QKPV 8GPVWTGU CPF

%QNNCDQTCVKQPUÒt )GPGVKE 'PIKPGGTKPI 0GYUÒ XQNÔ ÎÌÒ PQÔ ÏÎÒ ,WPG ÏËÒ ÎÌÌÌÒ RÔ ÍÈÔÍ‰ %QPEGREKQP %CORC *GWTIQÒ 2TGUKFGPV CPF &KTGEVQT )GPGTCNÒ (KPNC[ +PUVKVWVGÒ KPVGTXKGY D[

%QOOKUUKQP UVCHHÒ *CXCPCÒ ,WN[ ÏÁÒ ÎÌÌÌÔÈÌ 5GG PQVG ÍÂÒ RÔ ÍËÔ

Á"‰

6666GGGGZZZZVVVVKKKKNNNNGGGGUUUU CCCCPPPPFFFF ####RRRRRRRRCCCCTTTTGGGGNNNN ++++PPPPFFFFWWWWUUUUVVVVTTTTKKKKGGGGUUUU

6JG 7PKVGF 5VCVGU KU QPG QH VJG NCTIGUVÒ OQUV"GHHKEKGPV VGZVKNG RTQFWEKPI EQWPVTKGU KP VJGYQTNFÔ +P CFFKVKQPÒ KVU VGZVKNG KORQTVU TGCEJGFCNOQUV ˘ÏÈDKNNKQP KP Ï‰‰‰Ò EQORCTGFYKVJ˘ÏÌ DKNNKQP KP Ï‰‰ËÒYKVJ OCLQT UWRRN[KPI EQWPVTKGU DGKPI %CPCFCÒ%JKPCÒ CPF/GZKEQÔ6JG 7PKVGF 5VCVGU KU CNUQ C OCLQT VGZVKNG GZRQTVKPI EQWPVT[Ò YKVJ GZRQTVU GZEGGFKPI ˘ÏÌDKNNKQP CPPWCNN[ FWTKPI Ï‰‰Ê"‰‰Ô 6JG OCLQTKV[ QH 7Ô5Ô GZRQTVU IQ VQ /GZKEQ CPF%CTKDDGCP $CUKP EQWPVTKGU HQT CRRCTGN CUUGODN[ CPF TGVWTP VQ VJG 7PKVGF 5VCVGUÔ 6JG7PKVGF 5VCVGU KU VJG YQTNFrU NGCFKPI KORQTVGT QH CRRCTGNÔ 7Ô5Ô KORQTVU QH CRRCTGN TQUGHTQO ˘ÈÌ DKNNKQP VQ ˘ËÊ DKNNKQP FWTKPI Ï‰‰Ë"‰‰ ıYKVJ Ï‰‰‰ KORQTVU TGRTGUGPVKPI OQTGVJCP JCNH QH 7Ô5Ô FQOGUVKE EQPUWORVKQPÙÔ # UKIPKHKECPV UJCTG QH VJGUG KORQTVU ECOGHTQO /GZKEQ CPF %CTKDDGCP $CUKP EQWPVTKGU YJGTG 7Ô5Ô CRRCTGN HKTOU JCXGGUVCDNKUJGF RTQFWEVKQP"UJCTKPI CTTCPIGOGPVU VQ CUUGODNG ICTOGPVU YKVJ NQYGT"EQUVNCDQTÔ

+P Ï‰‰ÂÒ %WDCP KORQTVU QH VGZVKNGU CPF CRRCTGN HTQO CNN UQWTEGU VQVCNGF ˘ÎÂ OKNNKQPCPF ˘ÎÊ OKNNKQPÒ TGURGEVKXGN[ÔÈÏ %JKPC UWRRNKGF CDQWV C VJKTF QH %WDCrU CRRCTGNKORQTVU KP Ï‰‰ÂÒ YKVJ /GZKEQÒ 5RCKPÒ CPF +VCN[ QVJGT OCLQT UWRRN[KPI EQWPVTKGUÔ 6GZVKNGRTQFWEVKQP FGENKPGF D[ ÂÈ RGTEGPV DGVYGGP Ï‰Â‰ CPF Ï‰‰È CU C TGUWNV QH VJG NQUU QH5QXKGV GEQPQOKE CUUKUVCPEGÔÈÎ %WDCrU NCEM QH JCTF EWTTGPE[ VQ HKPCPEG KORQTVUEQPVTKDWVGU VQ HNWEVWCVKQPU KP RTQFWEVKQP NGXGNUÔ 6JG GZRGTKGPEG QH UQOG HQTGKIPUWRRNKGTU KU VJCV %WDCrU IQXGTPOGPV EQPVTQNU CPF YGCM GEQPQO[ RTGXGPV KV HTQOEWTTGPVN[ DGKPI RTQOKUKPI CU GKVJGT C DW[GT QT UGNNGT QH VGZVKNGU CPF CRRCTGNÔÈÍ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU*KUVQTKECNN[Ò 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC JCF NKVVNG QT PQ CFXGTUGGHHGEV QP VJG 7Ô5Ô VGZVKNG CPF CRRCTGN KPFWUVTKGUÒ DGECWUG RTKQT VQ VJG KORQUKVKQP QHUCPEVKQPUÒ %WDC RTQDCDN[ CEEQWPVGF HQT NGUU VJCP Ï RGTEGPV QH VQVCN 7Ô5Ô KORQTVU CPFGZRQTVU QH VGZVKNGU CPF CRRCTGNÔÈÈ #NVJQWIJ PQ VTCFG FCVC CTG CXCKNCDNGÒ CTGRTGUGPVCVKXG QH VJG #OGTKECP ;CTP 5RKPPGTU #UUQEKCVKQP UVCVGF VJCVÒ DGHQTGUCPEVKQPU YGTG KORQUGFÒ %WDC JCF DGGP C UOCNN OCTMGV HQT 7Ô5Ô GZRQTVU QH EQVVQP[CTPÔ 6JG UCPEVKQPU CFXGTUGN[ CHHGEVGF VJG HGY 7Ô5Ô RTQFWEGTU GZRQTVKPI HKDGTUÒ [CTPUÒCPF HCDTKEU VQ %WDCÔ #7Ô5Ô EQORCP[RTQFWEKPI HCDTKEU TGRQTVGF VJCVÒ CU C TGUWNV QH VJGUCPEVKQPUÒ KV NQUV OQPG[ HTQO OGTEJCPFKUG VJCV YCU RTGRCTGF CICKPUV QTFGTU HTQO%WDC VJCV EQWNF PQV DG UJKRRGFÔ 6JKU EQORCP[ UVCVGF VJCV KV VQQM UGXGTCN [GCTU VQ HWNN[

ÈÏ $CUGF QP 7Ô0Ô VTCFG UVCVKUVKEUÔ 7Ô0Ô VTCFG FCVC HQT Ï‰‰‰ CTG PQV [GV EQORNGVGÔÈÎ 'EQPQOKE %QOOKUUKQP HQT .CVKP #OGTKEC CPF VJG %CTKDDGCP ı'%.#%ÙÒ .C 'EQPQOºC %WDCPC„

4GHQTOCU GUVTWEVWTCNGU [ FGUGORGøQ GP NQU PQXGPVGÒ ı/GZKEQ %KV[„ 7PKVGF 0CVKQPUÒ Ï‰‰ÊÙÒ RÔ ÍÎÎÔÈÍ %CPCFKCP EQORCP[ QHHKEKCNÒ VGNGRJQPG KPVGTXKGY YKVJ %QOOKUUKQP UVCHHÒ #WIÔ ÊÒ ÎÌÌÌÔ (WTVJGT

DCEMITQWPF QP VJG7Ô5Ô CPF%WDCP VGZVKNG CPF CRRCTGN UGEVQTU ECP DG HQWPF KP #RRGPFKZ)Ò VCDNGU)"Î‰CPF )"ÍÌÔ

ÈÈ +PFWUVT[ TGRTGUGPVCVKXGU KPVGTXKGYGF D[ %QOOKUUKQP UVCHH TGRQTVGF VJCV PQ FCVC CTG CXCKNCDNG QP7Ô5Ô VGZVKNGU CPF CRRCTGN VTCFG YKVJ %WDC DGHQTG UCPEVKQPU YGTG KORQUGFÔ 6JG[ TGRQTVGFÒ JQYGXGTÒ VJCVVJG VQVCN XQNWOG YCU OKPKOCNÔ

Á"ÏÌ

FGXGNQR CNVGTPCVKXG GZRQTV OCTMGVUÔÈË 7Ô5Ô EQORCPKGU VJCV JCF DGGP GZRQTVKPI [CTP VQ%WDC OC[ JCXG JCF UQOG FKHHKEWNV[ KP HKPFKPI CNVGTPCVKXG GZRQTV OCTMGVU DGECWUG QHVJG JKIJ VCTKHH TCVGU KP VJG QVJGT RQVGPVKCN OCTMGVUÒ RCTVKEWNCTN[ KP VJG /KFFNG 'CUV CPF5QWVJ #UKCÔÈÁ

6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QH VGZVKNGU VQ %WDC KP VJG CDUGPEG QHUCPEVKQPU YQWNF VQVCN ˘Á OKNNKQP VQ ˘‰ OKNNKQPÒ TGRTGUGPVKPI NGUU VJCP Ï RGTEGPV QH VQVCN7Ô5Ô VGZVKNG GZRQTVUÔ *QYGXGTÒ QPG 7Ô5Ô VGZVKNG KPFWUVT[ UQWTEG GUVKOCVGF VJCV YKVJ COQTG QRGP %WDCP GEQPQO[ CPF KH %WDC YGTG ITCPVGF CEEGUU VQ VJG 7Ô5Ô OCTMGVEQORCTCDNG VQ CEEGUU ITCPVGF VQ SWCNKH[KPI %CTKDDGCP $CUKP EQWPVTKGU ıUQ"ECNNGF0#(6# RCTKV[ÙÒÈÊ 7Ô5Ô GZRQTVU QH VGZVKNGU VQ %WDC EQWNF GXGPVWCNN[ TGCEJ C OKPKOWO QH˘ÏÌÌ OKNNKQP RGT [GCT CPF YQWNF GPCDNG 7Ô5Ô VGZVKNG RTQFWEGTU VQ OCKPVCKP GZKUVKPIGORNQ[OGPV NGXGNUÔÈÂ

7Ô5Ô GZRQTVU QH CRRCTGN HQT EQPUWORVKQP KP %WDC YQWNF RTQDCDN[ DG UOCNN DGECWUG QH%WDCrU NKOKVGF RWTEJCUKPI RQYGT CPF UOCNN OCTMGVÔ #NVJQWIJ 7Ô5Ô CRRCTGN DTCPFUEQPXG[ SWCNKV[ CPF CRRGCN VQ %WDCPUÒ TGRQTVGFN[ HGY %WDCPU ECP CHHQTF 7Ô5Ô"OCFGCRRCTGN DGECWUG QH TGNCVKXGN[ NQY KPEQOGUÔÈ‰

2QVGPVKCN 7Ô5Ô GZRQTVU VQ %WDC KP VJG CDUGPEG QH UCPEVKQPU KPENWFG [CTP CPF HCDTKEDGECWUG VJG %WDCP VGZVKNG KPFWUVT[ NCEMU OCP[ QH VJG TCY CPF KPVGTOGFKCVG OCVGTKCNUPGEGUUCT[ HQT RTQFWEKPI VGZVKNGU CPF CRRCTGNÔ 5QOG 7Ô5Ô KPFWUVT[ UQWTEGU DGNKGXG VJCVKP VJG CDUGPEG QH UCPEVKQPUÒ 7Ô5Ô [CTPU CPF HCDTKEU YQWNF FKURNCEG EWTTGPV UWRRNKGTUDGECWUG QH NQYGT VTCPURQTVCVKQP EQUVU CPF HCUVGT FGNKXGT[ HTQO VJG 7PKVGF 5VCVGUÔËÌ

#NVJQWIJ %WDC EWTTGPVN[ RTQFWEGU UQOG [CTP CPF HCDTKEÒ OQUV KU KORQTVGF HTQO%JKPCÒ VJG '7ÒËÏ CPF %CPCFCÔËÎ

7Ô5Ô KPFWUVT[ UQWTEGU TGRQTV VJCV 7Ô5Ô GZRQTVU KP VJG CDUGPEG QH UCPEVKQPU OC[ DGJCORGTGF D[ UGXGTCN HCEVQTUÒ KPENWFKPI VJG KPCFGSWCVG KPHTCUVTWEVWTG KP %WDCÒKPUWHHKEKGPV KPHQTOCVKQP VGEJPQNQI[ ıKPETGCUKPIN[ KORQTVCPV HQT TCRKF EQOOWPKECVKQPUVJTQWIJQWV VJG UWRRN[ EJCKPÙÒ NCEM QH KPHQTOCVKQP CDQWV VJG ECRCEKV[Ò ECRCDKNKV[Ò CPFEQPFKVKQPU QH VJG %WDCP VGZVKNG CPF CRRCTGN KPFWUVTKGUÒ CPF VJG TKUMU QH JCXKPIQRGTCVKQPU KP %WDCÔËÍ

ÈË +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY YKVJ %QOOKUUKQP UVCHHÒ ,WN[ ÊÒ ÎÌÌÌÔÈÁ +DKFÔÒ #WIÔ ÎÒ ÎÌÌÌÔÈÊ 7PFGT 0#(6#"RCTKV[ RTGHGTGPEGUÒ SWCNKH[KPI %CTKDDGCP $CUKP EQWPVTKGU CTG IKXGP VCTKHH

VTGCVOGPV HQT CRRCTGN VJCV KU GUUGPVKCNN[ GSWKXCNGPV VQ VJG VTCFG RTGHGTGPEGU DGKPI ITCPVGF VQ UKOKNCTIQQFU HTQO /GZKEQ WPFGT VJG 0#(6#Ô 7Ô5Ô KORQTVU QH OQUV CRRCTGN HTQO SWCNKH[KPI %CTKDDGCP $CUKPEQWPVTKGU YGTG GNKIKDNG VQ GPVGT HTGG QH FWV[ DGIKPPKPI QP 1EVÔ ÏÒ ÎÌÌÌÔ

ÈÂ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG UWTXG[Ò #WIÔ ÊÒ ÎÌÌÌÔÈ‰ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY YKVJ %QOOKUUKQP UVCHHÒ ,WN[ ÊÒ ÎÌÌÌ‚ CPF %GPVTCN

+PVGNNKIGPEG #IGPE[Ò s%WDCÒt 6JG 9QTNF (CEVDQQM Ï‰‰‰Ò CV JVVR„ÓÓYYYÔEKCÔIQXÓEKCÓRWDNKECVKQPUÓHCEVDQQMÓEWÔJVONÒ TGVTKGXGF ,WPG ÏÁÒ ÎÌÌÌÔ

ËÌ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY YKVJ %QOOKUUKQP UVCHHÒ #WIÔ ÎÒ ÎÌÌÌÔËÏ (QT GZCORNGÒ CP +VCNKCP HKTOÒ 6TKEQV 5V[NG 50% QH/KNCPÒ +VCN[Ò TGEGPVN[ CPPQWPEGF RNCPU VQ GZRQTV

HCDTKE VQ %WDC HQT WUG KP VJG RTQFWEVKQP QH YQOGPrU CRRCTGN CPF VQ KPETGCUG RTQFWEVKQP NGXGNU VQ ËÒÌÌÌWPKVU QH YQOGPrU CRRCTGN RGT FC[Ô 5GG s+VCN[ VQ *GNR YKVJ #RRCTGN 2TQFWEVKQPÒt %CTKDDGCP 7RFCVGÒ +PEÔÒ5GRVÔ ÏÒ ÎÌÌÌÔ

ËÎ 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF 2WDNKUJKPI%QÔÒ ÎÌÌÌÙÒ RÔ ÈË‚ CPF ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ %WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒı9CUJKPIVQPÒ &%„ %WDC0GYUÒ ÎÌÌÌÙÒ RÔ È"ÏÌÔ

ËÍ 5GG PQVG ËÌÒ #WIÔ ÍÒ ÎÌÌÌÔ

Á"ÏÏ

9JKNG VJG CDUGPEG QH UCPEVKQPU YQWNF RTQXKFG 7Ô5Ô VGZVKNG CPF CRRCTGN GZRQTVGTUCEEGUU VQ VJG %WDCP OCTMGVÒ KV YQWNF CNUQ QRGP VJG 7Ô5Ô OCTMGV VQ KORQTVU HTQO%WDCÔËÈ 7Ô5Ô VGZVKNG RTQFWEGTU JCXG OKZGF XKGYU QP VJG RQVGPVKCN KORCEV QH KORQTVU QHCRRCTGN HTQO %WDC KP VJG CDUGPEG QH UCPEVKQPUÔ 5QOG KPFWUVT[ TGRTGUGPVCVKXGU TGRQTVVJCV %WDC KU CV C EQORGVKVKXG FKUCFXCPVCIG DGECWUG KORQTVU QH CRRCTGN HTQO %WDCGPVGTKPI WPFGT EQNWOP Ï"IGPGTCN TCVGU QH FWV[ ıCDQWV ÏÊ RGTEGPV CF XCNQTGOÙ YQWNFOCMG VJGO TGNCVKXGN[ OQTG GZRGPUKXGÔ 6JG %QOOKUUKQP GUVKOCVGU VJCV VJG 7PKVGF 5VCVGUYQWNF DG NKMGN[ VQ KORQTV PQ OQTG VJCP ˘ËÌÌÒÌÌÌ VQ ˘Ï OKNNKQP CPPWCNN[Ò DCUGF QPCXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ TGRTGUGPVKPI C UOCNN HTCEVKQP QH VQVCN 7Ô5Ô VGZVKNG CPFCRRCTGN KORQTVUÔ +H %WDCP CRRCTGN YGTG VQ GPVGT CV EQNWOP Î TCVGU QH FWV[Ò YJKEJ CTGCU JKIJ CU ‰Ì RGTEGPV CF XCNQTGO QP PWOGTQWU RTQFWEVUÒ KPFWUVT[ UQWTEGU TGRQTV VJCVUWEJ KORQTVU HTQO %WDC YQWNF DG PGINKIKDNG QT PQPGZKUVGPVÔ 9JKEJGXGT FWV[ TCVG KUCRRNKGFÒ KPFWUVT[ UQWTEGU PQVG VJCV KV KU WPNKMGN[ VJCV 7Ô5Ô KORQTVU QH CRRCTGN HTQO%WDCYQWNF JCXG CP[ OGCUWTCDNG GHHGEV QP 7Ô5Ô RTQFWEVKQP DGECWUG QH VJG NCTIG XQNWOG QHVTCFG CNTGCF[ EQOKPI HTQO /GZKEQÒ VJG %CTKDDGCPÒ ÊCPF %GPVTCN #OGTKECÔËË

*QYGXGTÒ QVJGT KPFWUVT[ UQWTEGU UVCVGF VJCV DCUGF QP %WDCrU NQY YCIGUÒ UWDUKFKGU QPVGZVKNG CPF CRRCTGN RTQFWEVKQPÒ CPF 7Ô5Ô VTCFG YKVJ QVJGT %CTTKDGCP EQWPVTKGUÒ 7Ô5ÔCPPWCN KORQTVU QH %WDCP CRRCTGN EQWNF GXGPVWCNN[ TGCEJ ˘ÎËÌ OKNNKQPÔ 6JG UQWTEGUPQVG VJCV KORQTVU QH VJKU OCIPKVWFG YQWNF JCXG CP CFXGTUG GHHGEV QP VJG 7Ô5Ô CRRCTGNKPFWUVT[ÔËÁ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG JKUVQTKECN KORCEV QH 7Ô5Ô UCPEVKQPU QP VJG %WDCP VGZVKNG CPF CRRCTGN KPFWUVTKGU JCUDGGP UKIPKHKECPVÔ 2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ %WDC JCF FGXGNQRGF UVTQPIVGZVKNG CPF CRRCTGN KPFWUVTKGUÒ YJKEJ TGEGKXGF UWDUVCPVKCN UWRRQTV HTQO VJG %WDCP)QXGTPOGPVÔ #EEQTFKPI VQ C 7Ô5Ô KPFWUVT[ UQWTEGÒ UCPEVKQPU JCORGTGF VJG QRGTCVKQPUQH VJG %WDCP VGZVKNG CPF CRRCTGN KPFWUVTKGU D[ GNKOKPCVKPI C MG[ UQWTEG QH TCY CPFKPVGTOGFKCVG OCVGTKCNU CPF OCEJKPGT[ HQT RTQFWEVKQPÔ +P CFFKVKQPÒ OCP[ QH VJGQRGTCVQTU CPF QYPGTU QH %WDCP MPKVVKPI HKTOU TGRQTVGFN[ OQXGF VQ /KCOK UQQP CHVGT7Ô5Ô UCPEVKQPU YGTG KORQUGFÔËÊ %QPUGSWGPVN[Ò %WDCrU VGZVKNG CPF CRRCTGN RTQFWEVKQPTGRQTVGFN[ FGENKPGF UJCTRN[Ô *QYGXGTÒ YKVJKP C HGY [GCTU CHVGT VJG UCPEVKQPU YGTGKORQUGFÒ VJG 5QXKGV 7PKQP CPF 'CUVGTP 'WTQRGCP EQWPVTKGU DGICP VQ UJKR [CTPUÒHCDTKEUÒ CPF OCEJKPGT[ VQ %WDCÔËÂ &WTKPI VJG Ï‰ÂÌUÒ WPFGT DCTVGT CTTCPIGOGPVUÒ5QXKGV DNQE EQWPVTKGU UWRRNKGF CP GUVKOCVGF ÂÌ RGTEGPV QH VJG [CTPU CPF HCDTKEU WUGF KPVJG %WDCP VGZVKNG CPF CRRCTGN KPFWUVT[‚Ë‰ VJG %WDCP VGZVKNG CPF CRRCTGN KPFWUVT[VJTKXGF FWTKPI VJKU RGTKQFÔÁÌ #EEQTFKPI VQ QPG QDUGTXGTÒ VJG NQUU QH 5QXKGV GEQPQOKE

ËÈ 7Ô5Ô KORQTVU QH VGZVKNG CPF CRRCTGN HTQO %WDC YQWNF DG UWDLGEV VQ SWCPVKVCVKXG TGUVTKEVKQPU WPFGTVJG /WNVKHKDGT #ITGGOGPV ı/(#ÙÒ CPF VJG GZRKTCVKQP QH VJG /(# KP ÎÌÌË YQWNF RTQDCDN[ TGUWNV KPKPETGCUGF EQORGVKVKQP DGVYGGP %WDC CPF #UKCP EQWPVTKGU ıKP RCTVKEWNCTÒ %JKPCÙ KP VJG 7Ô5Ô OCTMGVÔ

ËË 5GG PQVG ËÌÒ #WIÔ ÍÒ ÎÌÌÌÔËÁ +DKFÔÒ #WIÔ ÊÒ ÎÌÌÌÔËÊ +DKFÔÒ #WIÔ ÍÒ ÎÌÌÌÔËÂ ,CKOG 5WEJNKEMKÒ s%WDC 6TCPUKVKQP 2TQLGEV„ %WDCP +PFWUVT[ 4GXKGYÒt 7Ô5Ô"%WDC $WUKPGUU %QWPEKNÒ

Ï‰‰ÂÒ RÔ ÁÁÔË‰ ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ %WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒ ı9CUJKPIVQPÒ &%„

%WDC0GYUÒ ÎÌÌÌÙÒ RÔ È"‰ÔÁÌ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY YKVJ %QOOKUUKQP UVCHHÒ 0QXÔ ÊÒ ÎÌÌÌÔ

Á"ÏÎ

CUUKUVCPEG CHVGT Ï‰‰Ì ECWUGF %WDCP VGZVKNG RTQFWEVKQP VQ FGENKPG UWDUVCPVKCNN[ÒÁÏ CPFQWVRWV JCU TGOCKPGF HCT DGNQY ECRCEKV[ÔÁÎ

6JG EWTTGPV KORCEV QH 7Ô5Ô UCPEVKQPU QP VJG %WDCP VGZVKNG CPF CRRCTGN KPFWUVT[ KUUKIPKHKECPVÔ #U OGPVKQPGF CDQXGÒ VJG %QOOKUUKQP GUVKOCVGU VJCV %WDCP GZRQTVU QHVGZVKNGU CPFCRRCTGN VQ VJG7PKVGF 5VCVGU KP VJGCDUGPEG QH UCPEVKQPU EQWNF DG˘ËÌÌÒÌÌÌVQ ˘Ï OKNNKQP CPPWCNN[Ò TGRTGUGPVKPI CDQWV ÏÌ VQ ÏË RGTEGPV QH %WDCrU VQVCN GZRQTVU VQVJG YQTNFÔ /GCPYJKNGÒ %WDC EQWNF KORQTV ˘Á OKNNKQP VQ ˘‰ OKNNKQP QH VGZVKNG CPFCRRCTGN RTQFWEVU HTQO VJG 7PKVGF 5VCVGU CPPWCNN[Ò TGRTGUGPVKPI ÏÌ VQ ÏË RGTEGPV QHVQVCN %WDCP VGZVKNG CPF CRRCTGN KORQTVU DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÔ

4GEGPV FGXGNQROGPVU KP VJG %WDCP VGZVKNG CPF CRRCTGN KPFWUVTKGU RQKPV VQ UKIPKHKECPVITQYVJ RQVGPVKCNÒ YJKEJ YQWNF QPN[ DG HWTVJGT GPJCPEGF KP VJG CDUGPEG QH UCPEVKQPUÒGURGEKCNN[ KH 7Ô5Ô CRRCTGN HKTOU YGTG VQ RTQXKFG PGY KPXGUVOGPVÒ KPENWFKPI VJGGUVCDNKUJOGPV QH RTQFWEVKQP"UJCTKPI QRGTCVKQPU UKOKNCT VQ QPGU KP VJG %CTKDDGCP $CUKPEQWPVTKGU CPF KP /GZKEQÔ (QT GZCORNGÒ TGEGPV FGXGNQROGPVU KP %WDCrU FGPKO KPFWUVT[YQWNF DG NKMGN[ VQ CVVTCEV VJG KPVGTGUV QH 7Ô5Ô CRRCTGN RTQFWEGTU UGGMKPI VQ GUVCDNKUJCFFKVKQPCN HQTGKIP CUUGODN[ QRGTCVKQPUÔÁÍ #EEQTFKPI VQ C 7Ô5Ô VTCFG EQPUWNVCPVÒ VJGNQPI"VGTO VTCFG RQVGPVKCN YKVJ %WDC ECP DG GZRGEVGF VQ TGHNGEV VJG URGGF CPF FGITGGQH RQNKVKECN CPF GEQPQOKE TGHQTO KP VJCV EQWPVT[ÔÁÈ 9KVJQWV UWHHKEKGPV ECRKVCNIGPGTCVGF D[ GEQPQOKE GZRCPUKQPÒ UQOG 7Ô5Ô VGZVKNG KPFWUVT[ UQWTEGU DGNKGXG %WDCYQWNF PQV DG CDNG VQ CHHQTF VQ KORQTV 7Ô5Ô"OCFG VGZVKNGU HQT FQOGUVKE EQPUWORVKQPÔÁË

5555VVVVGGGGGGGGNNNN

+P Ï‰‰‰Ò 7Ô5Ô UVGGN EQPUWORVKQP COQWPVGF VQ ˘ÊÏ DKNNKQPÒ QH YJKEJ CNOQUV ÏÂ RGTEGPV ıQT˘ÏÍ DKNNKQPÙ YCU KORQTVGFÔ 6JG 7PKVGF 5VCVGU KU VJG YQTNFrU NCTIGUV KORQTVGT QH UVGGNÒOQUV QH YJKEJ KU UWRRNKGF D[ %CPCFCÒ ,CRCPÒ/GZKEQÒ CPF 'WTQRGÔ 6JG7PKVGF 5VCVGU KUCNUQ VJG YQTNFrU UGEQPF NCTIGUV UVGGN RTQFWEKPI EQWPVT[ ıDGJKPF %JKPCÙÒ CNVJQWIJ KVUKORQTVCPEG KP YQTNF OCTMGVU JCU UNQYN[ FGENKPGF QXGT VKOG QYKPI VQ TCRKF GZRCPUKQPKP QVJGT RCTVU QH VJG YQTNFÔ 6JG 7PKVGF 5VCVGU GZRQTVU UWDUVCPVKCN COQWPVU QH UVGGNıOCKPN[ UVGGN OKNN RTQFWEVU CPF URGEKCNK\GF UVGGN RTQFWEVUÙ‚ÁÁ GZRQTVU TCPIGF DGVYGGP˘È CPF ˘Ë DKNNKQP CPPWCNN[ FWTKPI Ï‰‰Ë"‰‰Ò RTKOCTKN[ VQ %CPCFC CPF /GZKEQÔ

ÁÏ 5GG PQVG ËÂÔÁÎ (QT GZCORNGÒ VJG %GNKC 5CPEJG\/CPFWNG[ HCEVQT[ KP 5CPVKCIQ FG %WDC YCU C NCTIG VGZVKNG RNCPV

VJCV QRGPGF KP Ï‰ÂÍ YKVJ C ECRCEKV[ VQ RTQFWEG ÂÌ OKNNKQP USWCTG OGVGTU QH HCDTKE CPPWCNN[ CPF CYQTMHQTEG QH ÊÒÊÁÏ GORNQ[GGUÔ +P Ï‰‰ÍÒ VJG HCEVQT[ QWVRWV YCU QPN[ ÍÔÎ OKNNKQP USWCTG OGVGTU CPF VJGYQTMHQTEG YCU QPN[ ËÒ‰ÁÈ GORNQ[GGUÔ 5GG PQVG Ë‰Ò RÔ È"ÂÔ

ÁÍ +P ,WPG ÎÌÌÌÒ VJG UVCVG"QRGTCVGF .CU /CTKPCU 6GZVKNG (CEVQT[ KP 5CPVKCIQ FG %WDC CPPQWPEGFRNCPU VQ RTQFWEG Ï OKNNKQP KVGOU QH OCKPN[ FGPKO ENQVJKPI HQT UCNG KP FQNNCT TGVCKN UVQTGU ıUVQTGU YJGTG CNNIQQFU CTGOCTMGF WR D[ VJG %WDCP)QXGTPOGPV CPFOWUV DG RCKF HQT KP FQNNCTUÙ CPF HQT GZRQTVÔ s5GYKPI/CEJKPGU HTQO /GZKEQÒt %CTKDDGCP 7RFCVGÒ ,WPG ÎÌÌÌÒ CV JVVR„ÓÓYGDÈÔKPHQVTCEÔICNGITQWRÔ"EQOÓKVYÒTGVTKGXGF ,WN[ ÎÈÒ ÎÌÌÌ‚ # )QXGTPOGPV OCPWHCEVWTGT QH FGPKO RCPVUÒ 'ORTGUC FG %QPHGEEKQPGU (GPGZÒJCU UVCVGF KV YCU GUVCDNKUJKPI VJTGG PGY HCEVQTKGU VJKU [GCTÒ YJKEJ YQWNF DQQUV KVU RTQFWEVKQP D[ ÍÌÌRGTEGPV VQ ÏÌÒÌÌÌ RCKTU QH RCPVU FCKN[Ôs&GPKO 2TQFWEVKQP VQ 6TKRNGÒt %CTKDDGCP 7RFCVGÒ #RTÔ ÎÌÌÌÒ CVJVVR„ÓÓYGDÈÔKPHQVTCEÔICNGITQWRÔ"EQOÓKVYÒ TGVTKGXGF ,WN[ ÎÈÒ ÎÌÌÌÔ

ÁÈ 2CWNC 5VGTPÒ s6JG +ORCEV QP VJG 7Ô5Ô 'EQPQO[ QH .KHVKPI VJG (QQF CPF /GFKECN 'ODCTIQ QP%WDCÒt 6JG 5VGTP )TQWRÒ RTGUGPVGF CV VJG 9QTNF 2QNKE[ +PUVKVWVG %QPHGTGPEG QP 6JG &QOGUVKE 'EQPQOKE+ORCEV QH 7Ô5Ô 7PKNCVGTCN HQQF CPF /GFKECN 5CPEVKQPU„ %CUG 5VWF[ %WDCÒ ,WPG ÏËÒ ÎÌÌÌÒ RÔ ÍÔ

ÁË +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG UWTXG[ D[ %QOOKUUKQP UVCHHÒ #WIÔ ÊÒ ÎÌÌÌÔÁÁ 5VGGN OKNN RTQFWEVU CTG RTQFWEGF D[ TQNNKPI KP UVGGN OKNNUÒ CPF KPENWFG UGOKHKPKUJGF RTQFWEVUÔ

Á"ÏÍ

+P EQPVTCUVÒ %WDC KU C OKPQT RCTVKEKRCPV KP VJG YQTNF UVGGN KPFWUVT[Ô +VU UVGGN RTQFWEVKQPÒXCNWGF CV ˘ÊÊ OKNNKQP KP Ï‰‰‰Ò TGRTGUGPVGF QPN[ CDQWV ÌÔÌË RGTEGPV QH YQTNF UVGGNRTQFWEVKQPÔ %WDC RTQFWEGU C PCTTQY TCPIG QH EQOOQFKV["ITCFG EQPETGVG TGKPHQTEKPIDCT ısTGDCTtÙ CPF QVJGT UOCNN DCT RTQFWEVUÒ CPF GZRQTVU ÁÌ VQ ÂÌ RGTEGPV QH KVURTQFWEVKQPÒ OQUVN[ VQ VJG %CTKDDGCP CPF .CVKP #OGTKECÔÁÊ $GECWUG KV RTQFWEGU CNKOKVGF TCPIG QH UVGGN RTQFWEVUÒ %WDC KORQTVU OQUV QH KVU UVGGN TGSWKTGOGPVUÒ RTKOCTKN[HTQO 5RCKP CPF 4WUUKCÔÁÂ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ %WDC YCU C UKIPKHKECPV RWTEJCUGT QH 7Ô5Ô UVGGNRTQFWEVUÔ 'ZRQTVU VQ %WDC CXGTCIGF CDQWV ÏÌÌÒÌÌÌ UJQTV VQPU RGT [GCTÒ CEEQWPVKPIHQT CDQWV Î VQ Í RGTEGPV QH 7Ô5Ô GZRQTVU QH UVGGN RTQFWEVUÔÁ‰ 6JG NQUU QH VJG %WDCPOCTMGV JCF NKVVNG KORCEV QP VJG 7Ô5Ô UVGGN KPFWUVT[Ò JQYGXGTÒ DGECWUG KV TGRTGUGPVGFQPN[ ÌÔÏ RGTEGPV QH FQOGUVKE RTQFWEVKQP QH UVGGNÒ CPF VJG 7Ô5Ô KPFWUVT[ YCU CDNG VQ HKPFCNVGTPCVKXG OCTMGVUÔÊÌ 6JG OQUV UKIPKHKECPV UVGGN RTQFWEV GZRQTVGF VQ %WDC YCUVKPRNCVGÒ WUGF VQ RTQFWEG EQPVCKPGTU HQT ECPPKPI QH HTWKVU CPF XGIGVCDNGUÔ 2TKQT VQ VJGKORQUKVKQP QH UCPEVKQPUÒ VKPRNCVG GZRQTVU VQ %WDC CXGTCIGF CDQWV ÍÌÒÌÌÌ UJQTV VQPURGT [GCTÒ CDQWV ÌÔÁ RGTEGPV QH 7Ô5Ô RTQFWEVKQP QH VJCV RTQFWEVÔÊÏ

6JG KOOGFKCVG KORCEV QH VJG CDUGPEG QH UCPEVKQPU QP VJG 7Ô5Ô UVGGN KPFWUVT[ KU GZRGEVGFVQ DG UOCNN YKVJ 7Ô5Ô UVGGN GZRQTVU VQ %WDC GUVKOCVGF CV NGUU VJCP ˘Ï OKNNKQP CPPWCNN[ıQPN[ C VKP[ HTCEVKQP QH VQVCN 7Ô5Ô UVGGN GZRQTVUÙÔ %WDC KU C UOCNN OCTMGV NKMGN[ VQ JCXGNKOKVGF RQVGPVKCN HQT VJG 7Ô5Ô UVGGN KPFWUVT[Ô %WDCP KORQTVU QH UVGGN RTQFWEVU HTQO CNNEQWPVTKGU HTQO Ï‰‰È VJTQWIJ Ï‰‰Â CTG TGRQTVGF VQ DG CDQWV ÏÌÌÒÌÌÌ UJQTV VQPU RGT[GCTÒÊÎ CDQWV VJG NGXGN QH 7Ô5Ô GZRQTVU VQ %WDC FWTKPI VJG NCVG Ï‰ËÌUÔ /GCPYJKNGÒYQTNF EQORGVKVKQP KP UVGGN JCU DGEQOG OQTG KPVGPUGÒ YKVJ YQTNF"ENCUU UVGGN RTQFWEVUCXCKNCDNG HTQOOCP[ EQWPVTKGUÔ 6JG 7PKVGF 5VCVGU KU C OCLQT KORQTVGT QH VJG UCOG UVGGNRTQFWEVU VJCV %WDC KU KORQTVKPIÒ PCOGN[ JQV" CPF EQNF"TQNNGF UJGGVÒ EQTTQUKQP"TGUKUVCPVUJGGVÒ UGCONGUU CPF YGNFGF RKRGÒ DCT CPF UVTWEVWTCN RTQFWEVUÔ %WDCrU KORQTVU QHVKPRNCVG CTG EWTTGPVN[ QPN[ CDQWV ËÒÌÌÌ VQPU RGT [GCTÒ HCT NGUU VJCPDGHQTG VJG UCPEVKQPU

ÁÊ &WTKPI Ï‰‰‰Ò KORQTVU QH TGDCT HTQO %WDC ıCU YGNN CU 6WTMG[ CPF -QTGCÙ YGTG VJG UWDLGEV QH CPCPVKFWORKPI KPXGUVKICVKQP KP %CPCFCÔ 6JG KORQTVU HTQO %WDC YGTG TGNCVKXGN[ UOCNNÒ QPN[ CDQWV ÈÒÌÌÌOGVTKE VQPU KP ÁOQPVJUÒ TGRTGUGPVKPI NGUU VJCP È RGTEGPV QH %CPCFKCP KORQTVU QH TGDCT FWTKPI VJG RGTKQFQH KPXGUVKICVKQPÔ *QYGXGTÒ VJG[ TGRTGUGPVGF CP KPETGCUG QXGT GCTNKGT [GCTUÔ +PLWT[ VQ VJG %CPCFKCP TGDCTOCPWHCEVWTKPI KPFWUVT[ YCU HQWPFÒ CPF CPVKFWORKPI FWVKGU YGTG CUUGUUGFÒ GHHGEVKXG 5GRVGODGT ÏÈÒÏ‰‰‰Ò QP KORQTVU QH TGDCT HTQO CNN VJTGG EQWPVTKGUÔ

ÁÂ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP UVGGN UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU)"ÍÏC VJTQWIJ )"ÍÏFÔ

Á‰ 1HHKEKCN VTCFG FCVC QH VJG 7PKVGF 5VCVGUÒ CU UWOOCTK\GF D[ #OGTKECP +TQP CPF 5VGGN +PUVKVWVGÒ#PPWCN 5VCVKUVKECN 4GRQTVÒ Ï‰ËÁ VJTQWIJ Ï‰ÁÌÔ

ÊÌ +DKFÔÊÏ +DKFÔÊÎ +PUVKVWVQ .CVKPQCOGTKECPQ FGN (KGTTQ [ GN #EGTQÒ 5VCVKUVKECN ;GCTDQQM QH 5VGGNOCMKPI CPF +TQP1TG

/KPKPI KP .CVKP #OGTKECÒ Ï‰‰‰ CPF Ï‰‰Â GFKVKQPUÔ

Á"ÏÈ

YGTG KORQUGFÔ %WDC JCU QPIQKPI VTCFKPI TGNCVKQPUJKRU YKVJ QVJGT PCVKQPUÒ RTKOCTKN[5RCKP CPF 4WUUKCÒ CPF KV KU WPNKMGN[ VJCV VJG 7PKVGF 5VCVGU YQWNF ECRVWTG C UKIPKHKECPVUJCTG QH VJG %WDCP OCTMGV KP VJG CDUGPEG QH UCPEVKQPUÔ

*QYGXGTÒ VJGTG EQWNF DG OCTMGV RQVGPVKCN HQT GZRQTVU QH 7Ô5Ô HGTTQWU UETCRÊÍ VQ %WDCKP VJG CDUGPEG QH UCPEVKQPUÔ 6JG 7PKVGF 5VCVGU KU VJG NCTIGUV UETCR"GZRQTVKPI PCVKQP KPVJGYQTNFÔ %WDC KU UJQTV QH UETCR CPFYQWNF PGGF VQ KORQTV UETCR KP QTFGT VQ GZRCPF KVURTQFWEVKQP CPF GZRQTVU QH UVGGNÔ *QYGXGTÒ VJG UCNG QH UETCR VQ %WDC KU PQV NKMGN[ VQTGRTGUGPV CFFKVKQPCN QXGTCNN UCNGU HQT VJG 7PKVGF 5VCVGU‚ %WDC YKNN EQORGVG YKVJ QVJGTKORQTVKPI PCVKQPU HQT KVU UETCR PGGFUÒ CU KV FQGU PQYÔ 5CXKPIU KP VTCPURQTVCVKQP EQUVUEQWNF IKXG 7Ô5Ô UETCR UJKRRGTU CP CFXCPVCIG QXGT QVJGT YQTNF UQWTEGUÔ 'ZRQTVU QHHGTTQWU UETCR VQ %WDC OKIJV VQVCN ˘ÏÌ OKNNKQP VQ ˘ÏÎ OKNNKQP CPPWCNN[Ô

%WDCP UVGGN RTQFWEVU CTG NKMGN[ VQ DG KORQTVGF D[ VJG 7PKVGF 5VCVGU KP VJG CDUGPEG QHUCPEVKQPUÒ DWV UWEJ KORQTVU CTG GZRGEVGF VQ JCXG C OKPKOCN GHHGEV QP VJG 7Ô5Ô UVGGNKPFWUVT[Ô %WDC YQWNF HKPF VJG 7PKVGF 5VCVGU CP CVVTCEVKXG OCTMGVÒ DWV KVU NKOKVGFECRCEKV[ CPF RTQFWEV TCPIG YQWNF TGUVTKEV VJG COQWPV QH GZRQTVU VQ VJG 7PKVGF 5VCVGUÔ6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô KORQTVU QH %WDCP UVGGN RTQFWEVU YQWNF VQVCN CDQWV˘ÏÏ OKNNKQP CPPWCNN[Ò TGRTGUGPVKPI NGUU VJCP QPG VGPVJ QH Ï RGTEGPV QH VQVCN 7Ô5Ô UVGGNKORQTVUÔÊÈ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC7Ô5Ô UCPEVKQPU JCF PQ JKUVQTKECN GHHGEV QP VJG %WDCP UVGGN KPFWUVT[Ô %WDC HQWPF PGYUQWTEGU QH UVGGN TGNCVKXGN[ SWKEMN[Ò CPF KP TGEGPV [GCTU 5RCKPÒ /GZKEQÒ 4WUUKCÒ QVJGT'CUVGTP 'WTQRGCP PCVKQPUÒ CPF 5QWVJ #OGTKECP PCVKQPU JCXG UWRRNKGF UVGGN VQ %WDCÔ5VGGN KU TGCFKN[ CXCKNCDNG KP YQTNF VTCFGÒ CPF VJG CDUGPEG QH VJG 7PKVGF 5VCVGU CU CUQWTEG QH UVGGN JCU PQV JCF C UKIPKHKECPV KORCEV QP %WDCrU CDKNKV[ VQ UCVKUH[ KVU UVGGNPGGFUÔ %WDC YCU PQV CP GZRQTVGT QH UVGGN VQ VJG 7PKVGF 5VCVGU RTKQT VQ VJG KORQUKVKQP QHUCPEVKQPUÔ

6JG EWTTGPV KORCEV QH NKHVKPI QH VJG UCPEVKQPU EQWNF JCXG C UKIPKHKECPV GHHGEV QP VJG%WDCP UVGGN KPFWUVT[Ô 6JG %QOOKUUKQP GUVKOCVGU VJCV %WDCP UVGGN GZRQTVU VQ VJG 7PKVGF5VCVGU EQWNF TGCEJ ˘ÏÏ OKNNKQP CPPWCNN[ KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QP CXGTCIGÏ‰‰Á"‰Â VTCFG FCVCÒ TGRTGUGPVKPI CU OWEJ CU ÎË RGTEGPV QH VQVCN %WDCP UVGGN GZRQTVUÔ/GCPYJKNGÒ VJG CDUGPEG QH UCPEVKQPU YQWNF JCXG C PGINKIKDNG KORCEV QP %WDC CU CPKORQTVGT QH UVGGNÔ +ORQTVU QH UVGGN HTQO VJG 7PKVGF 5VCVGU CTG GZRGEVGF VQ DG NGUU VJCP ˘ÏOKNNKQP RGT [GCTÔ

#EKPQZÒ YKVJ VYQ UVGGN"RTQFWEKPI NQECVKQPUÒ KU VJG UQNG RTQFWEGT QH UVGGN KP %WDCÔ 6JGUGVYQ RNCPVU JCXG DGGPOQFGTPK\GF QXGT VJG RCUV FGECFGYKVJ 'WTQRGCP VGEJPQNQI[Ò DWVVJG OKNNU JCXG PQV TGCEJGF VJGKT HWNN RQVGPVKCN QYKPI VQ C XCTKGV[ QH HCEVQTUÒ KPENWFKPIKPCFGSWCVG CEEGUU VQ TCY OCVGTKCNU ıRTKOCTKN[ UETCRÙÒ UJQTVCIG QH GNGEVTKE RQYGTÒ CPF

ÊÍ (GTTQWU UETCR YQWNF DG OGNVGF FQYP KP %WDC VQ OCMG HKPKUJGF UVGGN RTQFWEVUÔÊÈ 6JKU GUVKOCVG YCU DCUGF QP VJG EWTTGPV WPWUGF ECRCEKV[ KP GZKUVKPI UVGGN RNCPVU KP %WDCÔ

Á"ÏË

NCEM QH OCTMGVUÔ 1P 0QXGODGT ÎÒ ÎÌÌÌÒ C )GTOCP OCPWHCEVWTKPI EQORCP[CPPQWPEGF VJCV KV JCF DGGPCYCTFGF C EQPVTCEV HQT FGNKXGT[ QH C PGYJQV"TQNNKPIOKNN CVVJG #EKPQZ RNCPV PGCT*CXCPCÔÊË 6JKU RNCPV KU GZRGEVGF VQ GPCDNG #EKPQZ VQ GZRCPF VJGTCPIG CPF SWCNKV[ QH KVU UVGGN RTQFWEVUÒ DWV YKNN PQV KPETGCUG VJG VQVCN COQWPV QH UVGGNCXCKNCDNGÔ .KHVKPI QH VJG UCPEVKQPU CPF ITCPVKPI QH EQNWOP Ï"IGPGTCN FWV[ VTGCVOGPVEQWNF CNNQY VJKU EQORCP[ VQ KPETGCUG KVU RTQFWEVKQP CPF UCNGU HTQO KVU GZKUVKPI HCEKNKVKGUD[ RGTJCRU ÎÌ RGTEGPVÒ KPETGCUKPI KVU GZRQTVU D[ ˘ÎË OKNNKQPÔ *QYGXGTÒ GZRCPUKQP QHVJG UVGGN KPFWUVT[ KP %WDC KU PQV EQPUKFGTGF NKMGN[ DGECWUG QH VJG NCEM QH TCY OCVGTKCNUCPF GPGTI[Ô 6JG EQNWOP Ï"IGPGTCN TCVG QH FWV[ HQT UVGGN RTQFWEVU ıTGDCTÙ KU Î RGTEGPVCF XCNQTGOÒ GHHGEVKXG ,CPÔ ÏÒ ÎÌÌÌ‚ VJG FWV[ TCVG KU DGKPI TGFWEGF CPPWCNN[ VQ \GTQ D[,CPWCT[ ÏÒ ÎÌÌÈÔ +H %WDCP UVGGN YGTG VQ GPVGT VJG 7PKVGF 5VCVGU CV VJG EQNWOP Î TCVG QHFWV[Ò ÎÌ RGTEGPV CF XCNQTGOÒ %WDCP UVGGN GZRQTVU YQWNF PQV DG EQORGVKVKXGN[ RTKEGF KPVJG 7Ô5Ô OCTMGVÔÊÁ

0000KKKKEEEEMMMMGGGGNNNN CCCCPPPPFFFF %%%%QQQQDDDDCCCCNNNNVVVV

6JG 7PKVGF 5VCVGU RTQFWEGU XKTVWCNN[ PQ RTKOCT[ PKEMGN QT EQDCNV RTQFWEVU CPF TGNKGUGPVKTGN[ QP KORQTVU HQT KVU EQPUWORVKQP QH DQVJ RTQFWEVUÔÊÊ 6JG 7PKVGF 5VCVGU FQGU PQVJCXG HCEKNKVKGU VQ RTQEGUU GKVJGT PKEMGN" QT EQDCNV"EQPVCKPKPI TCY OCVGTKCNÔ 6JG 7PKVGF5VCVGUÒ YJKEJ CEEQWPVGF HQT ÏÈ RGTEGPV QH CNN PKEMGN EQPUWOGFÊÂ YQTNFYKFG KP Ï‰‰‰ÒKORQTVGF CDQWV ÈÌ RGTEGPV QH KVU RTKOCT[ WPYTQWIJV PKEMGN HTQO %CPCFCÒ ÎÌ RGTEGPVHTQO 0QTYC[ÒÊ‰ ÏÍ RGTEGPV HTQO #WUVTCNKCÒ CPF ÏÏ RGTEGPV HTQO 4WUUKCÔ 6JG 7PKVGF5VCVGUÒ YJKEJ CEEQWPVGF HQT Ï‰ RGTEGPV QH EQDCNV EQPUWOGF YQTNFYKFG KP Ï‰‰‰ÒKORQTVGF ÎÎ RGTEGPV QH KVU EQDCNV KORQTVU HTQO 0QTYC[‚ (KPNCPFÂÌ ıÏÁ RGTEGPVÙÒ<CODKC ıÏÍ RGTEGPVÙÒ CPF%CPCFC ıÏÏ RGTEGPVÙ YGTG QVJGT NCTIG UWRRNKGTU VQ VJG7PKVGF5VCVGUÔ /QUV RTKOCT[ EQDCNV YQTNFYKFG KU EQPUWOGF KP UWRGTCNNQ[ CRRNKECVKQPU CPFÒKPETGCUKPIN[Ò KP VJG EJGOKECN KPFWUVT[ ıKP ECVCN[UVUÒ KP TGEJCTIGCDNG EQORWVGT CPFOQDKNG VGNGRJQPG DCVVGTKGUÒ CPF KP RKIOGPVU CPF RCKPV FTKGTUÙÔ

%WDC KU QPG QH VJGOCLQT PKEMGN CPF EQDCNV TGIKQPU KP VJG YQTNF ıYKVJ ÏÁ RGTEGPV CPF Ï‰RGTEGPV QH YQTNF PKEMGN CPF EQDCNV TGUGTXGUÒ TGURGEVKXGN[ÙÔ 6JG PKEMGN CPF EQDCNV UGEVQTJCU C ETWEKCN TQNG KP VJG %WDCP GEQPQO[ KP VGTOU QH KVU HQTGKIP GZEJCPIG GCTPKPIU‚ KPÏ‰‰ÊÒ UGEVQT GZRQTVU TGCEJGF ˘ÈÁÌ OKNNKQPÒ TGRTGUGPVKPI CDQWV QPG"HQWTVJ QH %WDCrU

ÊË s)GTOCP EQORCP[ VQ UWRRN[ PGY JQV"TQNNKPI OKNN VQ %WDCÒt #OGTKECP /GVCN /CTMGVÒ 0QXÔ ÎÒÎÌÌÌÒ RÔ ÍÔ

ÊÁ +ORQTVU HTQO%CTKDDGCP ıQVJGT VJCP %WDCÙÒ%GPVTCN #OGTKECPÒCPF#PFGCPPCVKQPU CTGFWV["HTGGWPFGT VJG %CTKDDGCP $CUKP 'EQPQOKE 4GEQXGT[ #EV QT VJG #PFGCP 6TCFG 2TGHGTGPEG #EVÔ 6JG EQNWOP ÎFWV[ KU ÎÌ RGTEGPV CF XCNQTGOÔ

ÊÊ 6JG 7PKVGF 5VCVGU KU C NCTIG RTQFWEGT QH UGEQPFCT[ ıTGE[ENGFÙ PKEMGNÔÊÂ +P Ï‰‰‰Ò UVCKPNGUU UVGGN CEEQWPVGF HQT PGCTN[ ÈÌ RGTEGPV QH RTKOCT[ PKEMGN FGOCPF KP VJG 7PKVGF

5VCVGUÒ HQNNQYGF D[ UWRGTCNNQ[U YKVJ ÏË RGTEGPVÒ GNGEVTQRNCVKPI YKVJ ÏÍ RGTEGPVÒ CPF PKEMGN CPF PKEMGNCNNQ[U YKVJ ÏÎ RGTEGPVÔ

Ê‰ 0QTYGIKCP GZRQTVU VQ VJG 7PKVGF 5VCVGU CTG CEEQWPVGF HQT D[ (CNEQPDTKFIG .VFÔ ı%CPCFC CPF0QTYC[ÙÒ YJKEJ TGHKPGU CPF GZRQTVU RTKOCT[ PKEMGN HTQO KVU HCEKNKV[ KP -TKUVKCPUCPFÒ 0QTYC[Ô

ÂÌ +ORQTVU HTQO (KPNCPF CTG NCTIGN[ EQORQUGF QH KORQTVU QH EQDCNV QZKFGU CPF RQYFGTU D[ 1/)TQWRÒ C 7Ô5Ô EJGOKECNU RTQFWEGTÒ HTQO ECRVKXG RTQFWEVKQP KP (KPNCPFÔ

Á"ÏÁ

OGTEJCPFKUG GZRQTVU ıUGEQPF KP KORQTVCPEGDGJKPF UWICTÙÔ0KEMGN KU RTQFWEGF KP%WDCD[ VYQ GPVKVKGU CV VJTGG RTQFWEVKQP UKVGUÒ QPG QH YJKEJ CNUQ RTQFWEGU EQDCNVÔ 6JG %WDCP)QXGTPOGPV RTQFWEGU PKEMGN QZKFG CPF UKPVGTÂÏ HTQO VYQ QRGTCVKQPU KP VJG CTGC QH2WPVC CPF 0KECTQ KP *QNIWKP 2TQXKPEGÒ PGCTN[ ÂÌ RGTEGPV KU GZRQTVGF VQ 'WTQRG CPF#UKCÔ 5JGTTKVV +PVGTPCVKQPCN %QTRQTCVKQP ı%CPCFCÙÒ YJKEJ JCU C ËÌ"ËÌXGTVKECNN["KPVGITCVGF LQKPV XGPVWTG CITGGOGPV YKVJ VJG %WDCP )QXGTPOGPVrU )GPGTCN0KEMGN %QORCP[Ò QRGTCVGU OKPKPI CPF RTQEGUUKPI QRGTCVKQPU KP /QC $C[ÒÂÎ YJGTG KVRTQFWEGU COKZGF PKEMGN"EQDCNV UWNHKFGÔÂÍ 5JGTTKVV TGNKGU CNOQUV GZENWUKXGN[ QP KVU %WDCPQRGTCVKQPU HQT KVU UWRRNKGU QH PKEMGN CPF EQDCNV TCY OCVGTKCNÒ CPF KP Ï‰‰‰ RTQFWEGFCDQWV ÍÏÒÌÌÌ OGVTKE VQPU QH PKEMGN"EQDCNV EQPEGPVTCVG KP %WDCÔ 6JG PKEMGN"EQDCNVEQPEGPVTCVG KU UJKRRGF XKC *CNKHCZÒ 0QXC 5EQVKCÒ HQT TGHKPKPI CV (QTV 5CUMCVEJGYCPÒ#NDGTVCÔ 8KTVWCNN[ CNN QH 5JGTTKVVrU RTQFWEVKQP QH WPYTQWIJV PKEMGN CPF EQDCNV KUGZRQTVGF VQ #UKCP OCTMGVUÒ RTKPEKRCNN[ ,CRCPÒ HQT UVCKPNGUU UVGGN CPF PKEMGN CNNQ[RTQFWEVKQPÔÂÈ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU'XGP KP VJG CDUGPEG QH UCPEVKQPUÒ VJG 7PKVGF 5VCVGU YQWNF PQV JCXG RWTEJCUGF %WDCPPKEMGN" CPF EQDCNV"EQPVCKPKPI TCYOCVGTKCNU DGECWUG VJG 7PKVGF 5VCVGU JCU PQ PKEMGN QTEQDCNV RTQEGUUKPI HCEKNKVKGUÔ 6JG OCKP JKUVQTKECN KORCEV JCF DGGP HQT 7Ô5Ô EQPUWOGTU VQRC[ C UNKIJVN[ JKIJGT RTKEG HQT PKEMGN DGECWUG UCPEVKQPU RTGXGPV 7Ô5Ô EQPUWOGTU HTQORWTEJCUKPI RTQEGUUGF %CPCFKCP RTQFWEVU EQPVCKPKPI %WDCP"QTKIKP PKEMGNÔ +PUVGCFÒ7Ô5Ô EQPUWOGTU OWUV RWTEJCUG PKEMGN HTQO PCVKQPU UWEJ CU 0QTYC[Ò #WUVTCNKCÒ CPF4WUUKCÒ YJKEJ CTG IGQITCRJKECNN[ TGOQVG CPF VJWU KPXQNXG JKIJGT VTCPURQTVCVKQP EQUVUÔ$GECWUGOWEJ QH 'WTQRGCP RTQFWEVKQP QH PKEMGN"EQPVCKPKPI RTQFWEVU KU FGUVKPGF HQT VJG7Ô5Ô OCTMGVÒ VJGUG OCPWHCEVWTGTU JCXG DGGP TGNWEVCPV VQ WUG PKEMGN HTQO %WDC KP VJGKTOCPWHCEVWTKPI QRGTCVKQPUÒ RCTVKEWNCTN[ KP RTQFWEVU VJCV JCXG FGHGPUG"TGNCVGFCRRNKECVKQPUÔ

5KOKNCTN[Ò VJG OCKP JKUVQTKECN KORCEV QH UCPEVKQPU KU HQT 7Ô5Ô EQPUWOGTU VQ RC[OQFGTCVGN[ JKIJGT RTKEGU HQT EQDCNV DGECWUG %CPCFKCP RTKOCT[ EQDCNV EQPVCKPU%WDCP"QTKIKP TCY OCVGTKCNÔ +PUVGCFÒ 7Ô5Ô EQPUWOGTU OWUV RWTEJCUG EQDCNV HTQOPCVKQPU UWEJ CU 0QTYC[Ò (KPNCPFÒ <CODKCÒ CPF %QPIQÒ YJKEJ CTG IGQITCRJKECNN[OQTG TGOQVGÒ CPF KP VJG ECUG QH <CODKC CPF %QPIQ OQTG RQNKVKECNN[ WPUVCDNGÔ +PCFFKVKQPÒ UKPEG VJG EQDCNV OCPWHCEVWTGF HTQO %WDCP EQPEGPVTCVG KU QH GZEGRVKQPCNN[JKIJ SWCNKV[ CPF C NKOKVGF PWODGT QH RTQFWEGTU YQTNFYKFG CTG SWCNKHKGF VQ RTQFWEGUWEJ OCVGTKCNÒ NCEM QH 7Ô5Ô CEEGUU VQ %CPCFKCP"RTQEGUUGF %WDCP"QTKIKP OCVGTKCN

ÂÏ 0KEMGN QZKFG CPF UKPVGT CTG EQPUKFGTGF KPVGTOGFKCVG HQTOU VJCV ECP DG WUGF FKTGEVN[ KP UVCKPNGUUUVGGN RTQFWEVKQP DWVOWUV DG HWTVJGT TGHKPGF KPVQ CRWTGT HQTO VQ DGWUGF KP PKEMGN CNNQ[U CPF KP UWRGTCNNQ[UÔ

ÂÎ $QVJ VJG /QC $C[ CPF 0KECTQ OKPKPI RTQRGTVKGU YGTG GZRTQRTKCVGF HTQO 7Ô5Ô QYPGTU KP Ï‰ÁÌÔ5JGTTKVV YCU VJG HKTUV HQTGKIP EQORCP[ KPXGUVKPI KP %WDC VQ DG RGPCNK\GF WPFGT VJG %.&5#Ô *QYGXGTÒ VJG%.&5# CRRGCTU PQV VQ JCXG CHHGEVGF 5JGTTKVVrU CDKNKV[ VQ TCKUG KPXGUVOGPV HWPFUÔ 6JG %.&5# KU FKUEWUUGF KPEJCRVGT ÎÔ

ÂÍ /KZGF UWNHKFGU CTG C EQPEGPVTCVGF HQTO QH PKEMGN CPF EQDCNV VJCV ECPPQV DG WUGF EQOOGTEKCNN[WPVKN HWTVJGT TGHKPGFÔ

ÂÈ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP PKEMGN CPF EQDCNV UGEVQTU ECP DG HQWPF KP #RRGPFKZ)Ò VCDNGU )"ÍÎC VJTQWIJ )"ÍÎGÔ

Á"ÏÊ

EQWNF EQPVTKDWVG VQ JKIJGT RTKEGU HQT EGTVCKP EJGOKECN CPF UWRGTCNNQ[ RTQFWEGTU YJQTGSWKTG RTGOKWO OCVGTKCNÔ

+P VJG CDUGPEG QH UCPEVKQPUÒ VJGTG KU NKMGN[ VQ DG C RCTVKCN TGQTKGPVCVKQP QH INQDCN UWRRN[EJCPPGNU QH PKEMGN CPF C UNKIJV TGFWEVKQP KP VJG RTKEG RCKF D[ 7Ô5Ô EQPUWOGTUÔ 6JG7PKVGF 5VCVGU YQWNF JCXG ITGCVGT CEEGUU VQ %CPCFKCP"RTQEGUUGF PKEMGNÒ URGEKHKECNN[ VQ5JGTTKVVrU RTQEGUUGF PKEMGN QH %WDCP"QTKIKP TCY OCVGTKCNÔ +P VJG NCTIG 7Ô5Ô OCTMGVÒ5JGTTKVV YQWNF JCXG C EQORGVKVKXG CFXCPVCIG QXGT 0QTYGIKCPÒ 4WUUKCPÒ CPF#WUVTCNKCP EQORGVKVQTU KP UVCKPNGUU UVGGN CPF PKEMGN CNNQ[ GPF WUGU DGECWUG QH KVUIGQITCRJKECN RTQZKOKV[ VQ VJG 7PKVGF 5VCVGUÔ #U C TGUWNVÒ 5JGTTKVV PKEMGN YQWNF VGPF VQUWRRNGOGPV GZKUVKPI %CPCFKCP CPF QVJGT UWRRN[ UQWTEGU HQT 7Ô5Ô PKEMGN EQPUWOGTU KPOQUV GPF"WUG OCTMGVUÔÂË 2TGUGPVN[Ò VJG VQVCN COQWPV QH TGHKPGF PKEMGN RTQEGUUGF HTQO%WDCP TCY OCVGTKCNÒ WPFGT Î‰ÒÌÌÌ OGVTKE VQPUÒ KU VQQ UOCNN ıQT NGUU VJCP Í RGTEGPV QHVQVCN YQTNF RTQFWEVKQP CPF ÎÎ RGTEGPV QH CNN %CPCFKCP RTQFWEVKQPÙ VQ FKURNCEG%CPCFKCP HKTOU CU VJG RTKOCT[ UWRRNKGTU QH PKEMGN VQ VJG 7PKVGF 5VCVGUÔ $GECWUGPKEMGN"EQPUWOKPI EQWPVTKGU V[RKECNN[ RTGHGT VQ FKXGTUKH[ UWRRNKGTU CU C JGFIG CICKPUVUWRRN[ FKUTWRVKQPUÒ VJG GOGTIGPEG QH 5JGTTKVV CU CP CFFKVKQPCN UWRRN[ UQWTEG YQWNF DGYGNEQOGF D[ 7Ô5Ô DW[GTUÔÂÁ

+P VJG ECUG QH EQDCNVÒ VJG EQPUGPUWU QH KPFWUVT[ QRKPKQP KU VJCV VJG CXCKNCDKNKV[ QH 5JGTTKVVKP VJG 7Ô5Ô OCTMGV YQWNF RTQXKFG 7Ô5Ô EQPUWOKPI KPFWUVTKGU YKVJ CPQVJGT EQORGVKVKXGUWRRNKGTÒ NGCFKPI VQ UQOGYJCV NQYGT RTKEGU RCKF D[ 7Ô5Ô EQPUWOGTUÔ 5QWTEKPI EQDCNVHTQO 5JGTTKVV YQWNF NKMGN[ QEEWT CV VJG GZRGPUG QH UWRRNKGTU KP <CODKCÒ %QPIQÒ CPF4WUUKCÒ RCTVKEWNCTN[ KP NKIJV QH VJG RQNKVKECN KPUVCDKNKV[ CPF RTQFWEVKQPÓUWRRN[ RTQDNGOUVJCV EWTTGPVN[ RNCIWG EQDCNV RTQFWEVKQP KP VJQUG PCVKQPUÒ VJG ENQUG RTQZKOKV[ QH5JGTTKVVrU TGHKPGT[ VQ VJG 7Ô5Ô OCTMGVÒ CPF VJG JKIJ SWCNKV[ QH 5JGTTKVV EQDCNVÔÂÊ 6JG JKIJSWCNKV[ QH 5JGTTKVV EQDCNV RQYFGT CPF DTKSWGVVG ıCEJKGXKPI RWTKV[ NGXGNU CDQXG‰‰ÔÂ RGTEGPV EQDCNVÙ YQWNF CNUQ EQORGVG YKVJ VJG JKIJ"ITCFGÒ RTGOKWO"RTKEGF EQDCNVQHHGTGF D[ +0%1Ò (CNEQPDTKFIGÒ CPF 9/% .VFÔ ı#WUVTCNKCÙ VJCV CTG WUGF KP EGTVCKPEJGOKECN CPF UWRGTCNNQ[ CRRNKECVKQPU VJCV TGSWKTG JKIJ"RWTKV[ EQDCNVÔÂÂ

ÂË (QT VJG CGTQURCEG UWRGTCNNQ[U OCTMGVÒ EWTTGPVN[ QPN[ VJTGG UWRRNKGTUv+0%1 ı%CPCFCÙÒ(CNEQPDTKFIG ı%CPCFC CPF 0QTYC[ÙÒ CPF 'TCOGV ı(TCPEGÙvRTQFWEG PKEMGN QH UWHHKEKGPV RWTKV[ı‰‰ÔÂ RGTEGPV PKEMGN EQPVGPVÙ VQ SWCNKH[ CU UWRRNKGTUÔ 5JGTTKVV PKEMGN KU PQV RTGUGPVN[ EQPUKFGTGF QH UWHHKEKGPVRWTKV[ VQ SWCNKH[ HQT WUG KP UWRGTCNNQ[U CPF YQWNF PQV DG CDNG VQ EQORGVG KP VJKU 7Ô5Ô OCTMGVÔ &CP9QNHGÒ5RGEKCN #NNQ[UÒ VGNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ ,WN[ ÁÒ ÎÌÌÌÔ

ÂÁ +P VJG CDUGPEG QH UCPEVKQPU 7Ô5Ô PKEMGN KORQTVU UWRRNKGF D[ 5JGTTKVVrU TGHKPGT[ KP %CPCFC YQWNFRTQDCDN[ KPETGCUG DGVYGGP ÏÌÒÌÌÌ CPF ÏÍÒ ÌÌÌ OGVTKE VQPU CPPWCNN[Ò TGRTGUGPVKPI ÍË VQ ÈË RGTEGPV QH5JGTTKVVrU CPPWCN PKEMGN RTQFWEVKQPÔ $CUGF QP C RTKEG QH ˘ËÒËÌÌ RGT OGVTKE VQPÒ VJKU YQWNF COQWPV VQ ˘ËËOKNNKQP VQ ˘ÊÎ OKNNKQPÔ 6JKU GUVKOCVG KU DCUGF QP VJG RTGUGPV UJCTG QH %CPCFKCP PKEMGN RTQFWEVKQP VJCV KUFKTGEVGF VQ VJG 7PKVGF 5VCVGU CPF QP VJG EQORGVKVKXG PCVWTG QH 5JGTTKVVrU RTQFWEV CPF KVU IGQITCRJKECNCFXCPVCIG QXGT 0QTYGIKCPÒ 4WUUKCPÒ CPF #WUVTCNKCP PKEMGN RTQFWEGTUÔ

ÂÊ +P VJG CDUGPEG QH UCPEVKQPU 7Ô5Ô EQDCNV KORQTVU UWRRNKGF D[ 5JGTTKVVrU TGHKPGT[ KP %CPCFCRTQDCDN[YQWNF KPETGCUG DGVYGGP ÏÒÌÌÌ CPF ÏÒÍÌÌ OGVTKE VQPUÒ TGRTGUGPVKPI ÈÌ VQ ËÌ RGTEGPV QH 5JGTTKVVrU CPPWCNEQDCNV RTQFWEVKQPÔ 6JKU GUVKOCVG KU DCUGF QP VJG RTGUGPV UJCTG QH %CPCFKCP EQDCNV RTQFWEVKQP VJCV KUFKTGEVGF VQ VJG 7PKVGF 5VCVGU CPF QP VJG EQORGVKVKXG PCVWTG QH 5JGTTKVVrU RTQFWEV CPF KVU IGQITCRJKECNCFXCPVCIG QXGT 4WUUKCP CPF #HTKECP EQDCNV RTQFWEGTUÔ

ÂÂ %QDCNV HTQO 4WUUKC CPF #HTKEC KU IGPGTCNN[ EQPUKFGTGF D[ KPFWUVT[ UQWTEGU CU KPHGTKQT VQ VJGRTQFWEV QHHGTGF D[ +0%1Ò (CNEQPDTKFIGÒ9/%Ò CPF 5JGTTKVVÒ DGECWUG RWTKV[ NGXGNU QH OCVGTKCN CTG QHVGPDGNQY ‰‰ÔÂ RGTEGPV EQDCNVÒ TGSWKTKPI CFFKVKQPCN RTQEGUUKPI DGHQTG KV EQWNF DG CEEGRVCDNG KP JKIJGT"GPFCRRNKECVKQPUÔ/KEJCGN *CYMKPUÒ 2TGUKFGPVÒ 6JG %QDCNV +PUVKVWVGÒ VGNGRJQPG KPVGTXKGYYKVJ %QOOKUUKQP UVCHHÒ,WPG ÎÂÒ ÎÌÌÌÔ

Á"ÏÂ

+P VJG CDUGPEG QH UCPEVKQPUÒ UJKHVU KP 7Ô5Ô VTCFG YKVJ %CPCFC OQUV NKMGN[ YQWNF JCXGOKPKOCN GHHGEVU QP VJG YQTNF RTKEGU QH PKEMGN CPF EQDCNV DGECWUG %WDCP"DCUGFRTQFWEVKQP KU CNTGCF[ CXCKNCDNG KP VJG YQTNF OCTMGVÔ (WTVJGTÒ %WDCP UWRRNKGU CTGRTQDCDN[ VQQ UOCNN VQ JCXG C UKIPKHKECPV KORCEV QP RTKEGUÔ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP EWTTGPV RTQFWEVKQPÒ UCNGUÒ CPF GORNQ[OGPV KP%WDC JCU DGGP NKOKVGFÔ 2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ %WDC GZRQTVGF DQVJ PKEMGNEQPEGPVTCVG CPF PKEMGN QZKFG VQ VJG 7PKVGF 5VCVGUÔÂ‰ %WDCP GZRQTVU QH PKEMGN QZKFG VQVJG 7PKVGF 5VCVGU FGENKPGF HTQOCDQWV ÏÂÒÌÌÌOGVTKE VQPU QH EQPVCKPGF PKEMGN KP Ï‰ËÂ VQPQVJKPI CHVGT Ï‰ÁÌÔ *QYGXGTÒ CHVGT UCPEVKQPU YGTG KORQUGFÒ %WDC SWKEMN[ HQWPFCNVGTPCVKXG OCTMGVU CPF UQWTEGU QH HQTGKIP KPXGUVOGPV KP 5QXKGV DNQE EQWPVTKGUÔ 7PVKNÏ‰Â‰Ò VJG 5QXKGV DNQE RTQXKFGF C IWCTCPVGGF OCTMGV CPF RCKF CDQXG"OCTMGV RTKEGUHQT %WDCP PKEMGNÔ 9KVJ VJG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEG KP VJG Ï‰‰ÌUÒ‰Ì %WDCPPKEMGN GZRQTVU YGTG NCTIGN[ UGPV VQ %CPCFCÒ 9GUVGTP 'WTQRGÒ CPF %JKPCÔ

6JG EWTTGPV KORCEV QH UCPEVKQPU KU VQ FKUEQWTCIG HQTGKIP KPXGUVOGPV KP %WDC D[ TCKUKPIVJG EQUV QH RTQFWEKPI PKEMGN CPF EQDCNV KP %WDCÔ #EEQTFKPI VQ KPFWUVT[ UQWTEGUÒ 7Ô5ÔUCPEVKQPU JKPFGT HQTGKIP KPXGUVOGPV KP VJG %WDCP PKEMGN CPF EQDCNV KPFWUVTKGU KP VYQYC[UÔ (KTUVÒ VJG[ RTQJKDKV UCNGU VQ VJG 7PKVGF 5VCVGUÒ C NCTIGÒ IGQITCRJKECNN[ CEEGUUKDNGOCTMGVÒ HQTEKPI RQVGPVKCN RTQFWEGTU VQ VTCPURQTV RTQFWEVU QXGT NQPIGT FKUVCPEGU VQOQTG TGOQVG OCTMGVUÔ 5GEQPFÒ UCPEVKQPU EQPVTKDWVG VQ TCKUKPI VJG EQUV QH PKEMGN CPFEQDCNV KPFWUVT[ FGXGNQROGPV D[ HQTEKPI RQVGPVKCN KPXGUVQTU KP %WDC VQ RC[ JKIJGTKPVGTGUV TCVGU VQ GPEQWTCIG NGPFGTU VQ HKPCPEG UWEJ RTQLGEVUÔ 6JG EQUV QH ECRKVCNGSWKROGPV CPF RTQLGEV HKPCPEKPI KP %WDC KU UCKF VQ DG JKIJGT VJCP KV YQWNF DG HQTEQORCTCDNG KPXGUVOGPVU GNUGYJGTGÔ‰Ï $GECWUGOKPKPI RTQLGEVU EQORGVG QP VJG DCUKU QHTCVG QH TGVWTP QP ECRKVCN KPXGUVOGPVÒ VJG JKIJGT EQUVU HQT %WDCP XGPVWTGU GHHGEVKXGN[GZENWFG RQVGPVKCNN[ RTQOKUKPI RTQLGEVU HTQO EQPUKFGTCVKQPÔ‰Î

#EEQTFKPI VQ KPFWUVT[ UQWTEGUÒ UWRRNKGTU QH %WDCP"UQWTEGF PKEMGN CPF EQDCNV YQWNF DGCDNG VQ UGNN VJGKT RTQFWEVU KP VJG NCTIGÒ UVCDNG 7Ô5Ô OCTMGV KP VJG CDUGPEG QH UCPEVKQPUÒCXQKFKPI VJG PGGF VQ CDUQTD RTKEG FKUEQWPVU HQT VJGKT RTQFWEVU KP EGTVCKP OCTMGVUÔ 5WEJC FGXGNQROGPV YQWNF CNUQ GPEQWTCIG HKPCPEKPI QH OKPKPI RTQLGEVU KP %WDCÒ VJWU

Â‰ 0KEMGN QZKFG YCU RTKPEKRCNN[ EQPUWOGF FKTGEVN[ D[ VJG UVCKPNGUU UVGGN KPFWUVT[ YJKNG VJGEQPEGPVTCVGYCU TGHKPGF KP C HCEKNKV[ KP 2QTV0KEMGNÒ .#Ò CPF VJG HKPKUJGF KPIQV RTQFWEV YCU WUGF KP UVCKPNGUUUVGGN CPF FGHGPUG"TGNCVGF CRRNKECVKQPUÔ

‰Ì 'EQPQOKE %QOOKUUKQP HQT .CVKP #OGTKEC CPF VJG %CTKDDGCP ı'%.#%ÙÒ .C 'EQPQOºC %WDCPC„4GHQTOCU GUVTWEVWTCNGU [ FGUGORGøQ GP NQU PQXGPVCÒ ı/GZKEQ %KV[„ 7PKVGF 0CVKQPUÒ Ï‰‰ÊÙÒ RÔ ÍÏÌÔ

‰Ï #EEQTFKPI VQ QPG GUVKOCVGÒ QRGTCVKPI CPF ECRKVCN EQUVU CTG UQOG ÎÌ VQ ÍÌ RGTEGPV JKIJGT HQTOKPKPI RTQLGEVU KP %WDC VJCP HQT EQORCTCDNG RTQLGEVU GNUGYJGTGÔ +PFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ75+6% UWTXG[Ò ,WN[ ÏÏÒ ÎÌÌÌÔ

‰Î # PWODGT QH INQDCN PKEMGN CPF EQDCNV RTQLGEVU RTGUGPVN[ DGKPI GXCNWCVGF D[ KPVGTPCVKQPCN OKPKPIEQORCPKGU CPF KPXGUVQTU YQWNF EQORGVGYKVJ %WDCP RTQLGEVU HQT KPXGUVOGPV FQNNCTUÔ (QT GZCORNGÒ +0%1Ò'TCOGVÒ CPF (CNEQPDTKFIG CTG KPXQNXGF KP OCLQT FGXGNQROGPV RTQLGEVU KP 0GY %CNGFQPKC VJCV EQWNF CFFCP CFFKVKQPCN ËÌÒÌÌÌ VQ ÁÌÒÌÌÌOGVTKE VQPU QH PKEMGN RGT [GCT VQYQTNF UWRRNKGUÔ s0KEMGN KP VTCPUKVKQPÒt 6JG/KPKPI ,QWTPCNÒ &GEÔ ÏÊÒ Ï‰‰‰Ò RÔ ÈÊËÔ

Á"Ï‰

UGTXKPI VQ GNKOKPCVG VJG EWTTGPV EQUV RTGOKWO CUUQEKCVGF YKVJ %WDCP OKPKPI RTQLGEVUCPF RQVGPVKCNN[ KPETGCUG %WDCrU RTQFWEVKQPÒ UCNGUÒ CPF GORNQ[OGPV KP VJKU UGEVQTÔ(WVWTG KPXGUVOGPV KP %WDC KU NKMGN[ VQ DG CEEGNGTCVGF KP VJG CDUGPEG QH UCPEVKQPUDGECWUG QH VJG RTQURGEVKXG NQYGTKPI QH QRGTCVKPI CPF ECRKVCN EQUVU HQT %WDCP OKPKPIRTQLGEVU VJCV YQWNF TGUWNV HTQO CEEGUU VQ VJG 7Ô5Ô OCTMGVÔ

#V VJG UCOG VKOGÒ GPFKPI 7Ô5Ô UCPEVKQPU YQWNF DG QPN[ QPG HCEVQT KP GPEQWTCIKPIHQTGKIP KPXGUVOGPV YKVJKP VJG PKEMGN CPF EQDCNV UGEVQTU KP %WDCÔ #EVKQPU YQWNF CNUQJCXG VQ DG VCMGP VQ TGUQNXG VJG NGICN KUUWGU CPF QYPGTUJKR ENCKOU QP HQTOGT 7Ô5ÔRTQRGTV[ KP %WDC CTKUKPI HTQO VJG *GNOU"$WTVQP #EVÔ‰Í #NUQÒ CEEQTFKPI VQ UQWTEGU CV30+ +PVGTPCVKQPCNÒ‰È YJKNG CDUGPEG QH UCPEVKQPU YQWNF KPETGCUG VJG GEQPQOKE XKCDKNKV[QH VJG 5CP (GNKRG RTQLGEV VJCV KV KU EWTTGPVN[ GXCNWCVKPI KP %WDCÒ‰Ë VJG KPXGUVOGPVFGEKUKQP CNUQ FGRGPFU QP C PWODGT QH QVJGT GEQPQOKE HCEVQTUÒ UWEJ CU VJG CPVKEKRCVGFHWVWTG FGOCPFÒ VJG RTKEG QH PKEMGN CPF EQDCNVÒ VJG EQORCTCVKXG EQUVU QH FGXGNQRKPIEQORGVKPI TGUGTXGU QH VJGUG OGVCNU GNUGYJGTGÔ

////CCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[‰‰‰‰ÁÁÁÁ CCCCPPPPFFFF 6666TTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP ''''SSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV

6JG NCTIGÒ FKXGTUG 7Ô5Ô OCEJKPGT[ UGEVQT KU QRGP VQ HQTGKIP EQORGVKVKQP CPF JCU HGYVTCFG DCTTKGTUÔ +P Ï‰‰‰Ò 7Ô5Ô OCEJKPGT[ RTQFWEVKQP TGCEJGF ˘ÍËÍ DKNNKQPÒ YKVJ UGEVQTGORNQ[OGPV PGCTN[ Î OKNNKQP YQTMGTUÔ +P VJG UCOG [GCTÒ 7Ô5Ô OCEJKPGT[ KORQTVUCOQWPVGF VQ ˘ÂÂ DKNNKQP ıTQWIJN[ QPG"SWCTVGT QH FQOGUVKE EQPUWORVKQPÙÒ YJKNG GZRQTVUYGTG ˘ÊÏ DKNNKQP ıÎÌ RGTEGPV QH FQOGUVKE RTQFWEVKQPÙÔ 6JG 7Ô5Ô VTCPURQTVCVKQPGSWKROGPV KPFWUVT[ KU CNUQ NCTIGÒ YKVJ UVTGPIVJU KP VJG RTQFWEVKQP QH OQVQT XGJKENGUÒCKTETCHVÒ TCKNTQCF GSWKROGPV RTQFWEVKQPÒ CPF DQCVUÔ 7Ô5Ô RTQFWEVKQP TGCEJGF ˘È‰ÌDKNNKQP KP Ï‰‰‰Ò YKVJ KORQTVU QH ˘ÏÁÊ DKNNKQP CPF GZRQTVU QH ˘ÏÌÁ DKNNKQPÔ /CLQT 7Ô5ÔVTCFKPI RCTVPGTU KP OCEJKPGT[ CPF VTCPURQTVCVKQP GSWKROGPVÒ YKVJ TGURGEV VQ DQVJKORQTVU CPF GZRQTVUÒ CTG ,CRCPÒ /GZKEQÒ %CPCFCÒ CPF VJG '7Ô

6JG %WDCP OCEJKPGT[ UGEVQT RTKPEKRCNN[ RTQFWEGU UWICT ECPG JCTXGUVKPI OCEJKPGUCPF JQWUGJQNF CRRNKCPEGUÔ 5WICT ECPGJCTXGUVKPIOCEJKPGU CTGOCPWHCEVWTGFOQUVN[HQT FQOGUVKE EQPUWORVKQPÒ CNVJQWIJ PGYGT OQFGNU CTG TGRQTVGFN[ VGEJPQNQIKECNN[EQORCTCDNG YKVJ VJQUG QH QVJGT OCLQT RTQFWEKPI EQWPVTKGUÒ UWEJ CU #WUVTCNKC CPF VJG7PKVGF 5VCVGUÔ %WDC CNUQ RTQFWEGU URGEKCNK\GF HQTMNKHV XGJKENGU HQT JCPFNKPI EWV UWICTECPGÔ 6JGUG XGJKENGU CNUQ CTG OQUVN[ WUGF KP VJG FQOGUVKE UWICT KPFWUVT[Ò CNVJQWIJ

‰Í +PFWUVT[ TGRTGUGPVCVKXGÒ TGURQPUG VQ %QOOKUUKQP UWTXG[Ò ,WN[ ÏÏÒ ÎÌÌÌÔ 6JG *GNOU"$WTVQP #EV KUFKUEWUUGF KP EJCRVGT ÎÔ

‰È 30+ +PVGTPCVKQPCN ı#WUVTCNKCÙ KU KPXQNXGF KP C LQKPV XGPVWTG CITGGOGPV YKVJ )GQOKPGTC 5Ô#ÔÒ VJGOKPKPI KPXGUVOGPV EQORCP[ QH VJG %WDCP)QXGTPOGPVÒ VQ GZRNQTG CPF CUUGUU VJG 5CP (GNKRG PKEMGN UKVG KP%COCIWG[ 2TQXKPEGÔ 30+ JCU C ÊË RGTEGPV UJCTG KP VJG XGPVWTG CPF KU VJG RTQLGEV QRGTCVQT HQTGZRNQTCVKQP CPF HGCUKDKNKV[ YQTMÔ

‰Ë 5GG PQVG ‰ÍÔ‰Á /CEJKPGT[ CU FGHKPGF JGTG GZENWFGU RQYGT IGPGTCVKQP OCEJKPGT[ CPF GSWKROGPVÒ EQORWVGTU

CPF QHHKEG OCEJKPGU ıEQXGTGF KP QVJGT UGEVKQPU QH VJKU EJCRVGTÙÒ CPF PQPRQYGTGF JCPF VQQNU CPF QVJGTVQQNUÔ

Á"ÎÌ

UQOG CTG GZRQTVGFÒ OCKPN[ VQ )WCVGOCNCÒ ,COCKECÒ CPF /GZKEQÔ # UOCNN PWODGT QH%WDCP HKTOU URGEKCNK\G KP VJG RTQFWEVKQP QTCUUGODN[ QH JQWUGJQNF CRRNKCPEGU VJTQWIJNKEGPUKPI QT CU LQKPV XGPVWTG CITGGOGPVU YKVJ HQTGKIP HKTOUÔ‰Ê

%WDC KORQTVU PGCTN[ CNN QH KVU VTCPURQTVCVKQP GSWKROGPVÒ YJKEJ COQWPVGF VQ ˘ÏÈÌOKNNKQP KP Ï‰‰ÂÒYKVJ TQCF XGJKENGU‰Â CEEQWPVKPI HQT ˘ÏÎ‰OKNNKQP QH VJCV VQVCNÔ‰‰9KVJKPVJG ECVGIQT[ QH TQCF XGJKENGUÒ RCUUGPIGT ECTU CEEQWPVGF HQT ˘ÎÎ OKNNKQPÒ VTWEMU CPFDWUGU CEEQWPVGF HQT ˘ÍË OKNNKQPÒ CPF TGOQXCDNG RCTVU HQT TQCF XGJKENGU CPF CWVQGNGEVTKECN GSWKROGPV CEEQWPVGF HQT ˘ÁÎ OKNNKQPÔ 5RCKPÒ $TC\KNÒ CPF %CPCFC YGTG VJGNGCFKPI UWRRNKGTU QH VJGUG RTQFWEVUÔ %WDC CNUQ RWTEJCUGF GPIKPGU CU KPRWV HQT VJGUWICT ECPG JCTXGUVKPI OCEJKPGU KV RTQFWEGU CPF HQT KVU DWU CUUGODN[ QRGTCVKQPUÔ 6JGQPG KPFKIGPQWU OQVQT XGJKENG OCPWHCEVWTGTÒ 6CKPQÒ TGRQTVGFN[ OCPWHCEVWTGU DWUGU KP)WCPCLC[Ò %WDCÒ CPF JCU CP CPPWCN ECRCEKV[ QH ÏÒÌÌÌ XGJKENGUÔÏÌÌ %WDC CNUQRTQFWEGU HKDGTINCUU HKUJKPI XGUUGNUÔÏÌÏ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU////CCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[6JG JKUVQTKECN KORCEV QH VJG UCPEVKQPU QP VJG 7Ô5Ô OCEJKPGT[ UGEVQT JCU DGGP OKPKOCNÔ2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ %WDC YCU C UOCNN OCTMGV HQT 7Ô5Ô OCEJKPGT[RTQFWEVUÒ CPF 7Ô5Ô GZRQTVU VQ %WDC YGTG EQPEGPVTCVGF KP EGTVCKP KPFWUVTKGUÔÏÌÎ 6JWUTGNCVKXGN[ HGY GZRQTVGTU YGTG CHHGEVGF D[ VJG KORQUKVKQP QH UCPEVKQPUÒ CPF VJQUGGZRQTVGTU VJCV FKF UWRRN[ %WDC YGTG GCUKN[ CDNG VQ HKPF CNVGTPCVKXG OCTMGVU HQT VJGKT

‰Ê 6JG NCTIGUV %WDCP JQWUGJQNF CRRNKCPEG OCPWHCEVWTGTÒ +PFWUVTKC 0CEKQPCN 2TQFWEVQTC FG7VGPUKNQU &QOGUVKEQU ı+0&72ÙÒ GPVGTGF KPVQ C PWODGT QH LQKPV XGPVWTG CITGGOGPVU YKVJ #UKCP EQORCPKGUUWEJ CU 5COUWPIÒ 5CP[QÒ CPF &CGYQQ VQ KPVTQFWEG UGXGTCN NKPGU QH JQWUGJQNF RTQFWEVU CPF VQ WRTCFG KVURTQFWEVKQP NKPGUÔ ,CKOG 5WEJNKEMKÒ +PHQ"%WDCÒ +PEÔÒ 7Ô5Ô"%WDC $WUKPGUU %QWPEKNÒ %WDC 6TCPUKVKQP 2TQLGEV„%WDCP +PFWUVT[ 4GXKGYÒ Ï‰‰ÂÔ

‰Â #U ENCUUKHKGF KP 5+6% ÊÂ„ YJKEJ KPENWFGU RCUUGPIGT ECTUÒ DWUGUÒ CPF VTWEMUÒ CU YGNN CU IQNH ECTVUÒQHH"JKIJYC[ FWOR VTWEMUÒ OQDKNG ETCPGUÒ OQDKNG FTKNNKPI FGTTKEMUÒ OQDKNG EQPETGVG OKZGTUÒ HKTG HKIJVKPIXGJKENGUÒ OQVQTE[ENGUÒ DKE[ENGUÒ YJGGNEJCKTUÒ VTCKNGTUÒ EQPVCKPGTUÒ CPF RCTVU QH VJG CHQTGOGPVKQPGFÔ

‰‰ 1VJGT V[RGU QH VTCPURQTVCVKQP GSWKROGPV KORQTVGF D[ %WDC KP PGINKIKDNG COQWPVU KPENWFG VTCKPUÒPQP"YCT UJKRUÒ CKTETCHV CPF RCTVUÒ CPF VTCKNGTU CPF DKE[ENGUÔ

ÏÌÌ 9QTNF #WVQOQVKXG +PFWUVT[ 6TGPFU Ï‰‰‰ ;GCTDQQM ı'NHQTFÒ 7-„ 9QTNF #WVQOQVKXG +PFWUVT[6TGPFUÒ Ï‰‰‰ÙÒ RÔ ÏÌÌÔ

ÏÌÏ (WTVJGT DCEMITQWPFQP VJG7Ô5Ô CPF%WDCPOCEJKPGT[CPF VTCPURQTVCVKQP GSWKROGPV UGEVQTU ECPDG HQWPF KP #RRGPFKZ )Ò VCDNGU )"ÍÍ CPF )"ÍÈÔ

ÏÌÎ +P Ï‰ËÂÒ7Ô5Ô GZRQTVU QHOCEJKPGT[ VQ%WDC VQVCNGF˘‰ÌOKNNKQP ıQT ÏÁRGTEGPV QH VQVCN 7Ô5Ô GZRQTVUVQ VJCV EQWPVT[ÙÒ KPENWFKPI EQPUVTWEVKQP CPF OKPKPI OCEJKPGT[ ı˘‰ OKNNKQPÙÒ CITKEWNVWTCN CPF JQTVKEWNVWTCNOCEJKPGT[ ı˘Â OKNNKQPÙÒ JQWUGJQNF CRRNKCPEGU ı˘Ê OKNNKQPÙÒ XCNXGU CPF RWORU ı˘Á OKNNKQPÙÒCKT"EQPFKVKQPKPI CPF TGHTKIGTCVKQPOCEJKPGT[ ı˘ÁOKNNKQPÙÒ HQQF RTQEGUUKPI OCEJKPGT[ KPENWFKPIOKNNU ı˘ÈOKNNKQPÙÒ RWNR CPF RCRGT OCEJKPGT[ ı˘Í OKNNKQPÙÒ GPIKPGU ı˘Í OKNNKQPÙÒ CPF QVJGT OCEJKPGT[ ı˘ÈÏOKNNKQPÙÔ%QORKNGF D[ VJG %QOOKUUKQP HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô $WTGCW QH VJG %GPUWUÒ 7PKVGF 5VCVGU 'ZRQTVUQH &QOGUVKE CPF (QTGKIP /GTEJCPFKUGÒ %QWPVT[ QH &GUVKPCVKQP D[ 5WDITQWRÒ (6 ÈÎÌÒ Ï‰ËÂÒ CPF 7PKVGF5VCVGU 'ZRQTVU QH &QOGUVKE CPF (QTGKIP /GTEJCPFKUGÒ %QOOQFKV[ D[ %QWPVT[ QH &GUVKPCVKQPÒ 2CTV ++ÒÏ‰ËÂÒ (6 ÈÏÌÔ

Á"ÎÏ

RTQFWEVUÔ (WTVJGTÒ VJG 7Ô5Ô OCEJKPGT[ UGEVQT FKF PQV HCEG CP[ OGCPKPIHWN KORQTVEQORGVKVKQP HTQO %WDC RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÔÏÌÍ

#NVJQWIJ FGOCPF HQT 7Ô5Ô OCEJKPGT[ KP %WDC KU NKMGN[ VQ KPETGCUG KP VJG CDUGPEG QHUCPEVKQPUÒ VJG %WDCP OCTMGV YQWNF TGOCKP UOCNN CPF VJGTGHQTG YQWNF JCXG OKPKOCNGHHGEV QP RTQFWEVKQP CPF GORNQ[OGPV KP VJG 7Ô5Ô OCEJKPGT[ UGEVQTÔ #NUQÒ 7Ô5ÔOCEJKPGT[ RTQFWEGTU YQWNF DG WPNKMGN[ VQ KPXGUV KP RTQFWEVKQP KP %WDC DGECWUGEWTTGPV GEQPQOKE RQNKEKGUÒ VJG UOCNN UK\G QH VJG %WDCP OCTMGVÒ CPF C NCEM QH NQECNUWRRNKGTU CPF UMKNNGF GPIKPGGTKPI NCDQT YQWNF VGPF VQ OCMG NQECN RTQFWEVKQPWPGEQPQOKECNÔ

6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QH OCEJKPGT[ VQ %WDC KP VJG CDUGPEG QHUCPEVKQPU YQWNF VQVCN ˘ÏÎÌ OKNNKQP VQ ˘ÏËÈ OKNNKQP CPPWCNN[ KP VJG UJQTV VGTOÒ DCUGF QPCXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ TGRTGUGPVKPI C UOCNN UJCTG QH VQVCN 7Ô5Ô OCEJKPGT[GZRQTVUÔ %CVGTRKNNCTÒ +PEÔ GUVKOCVGU VJCVÒ KP VJG CDUGPEG QH UCPEVKQPUÒ VJGTG YQWNF DGNKOKVGF UJQTV VGTO 7Ô5Ô GZRQTV QRRQTVWPKVKGUÒ RTKOCTKN[ HQT CITKEWNVWTCN CPF OKPKPIOCEJKPGT[Ò CU YGNN CU FKGUGN GPIKPGU CPF GNGEVTKE IGPGTCVQT UGVUÔÏÌÈ

+P VJG NQPIGT VGTOÒ OQTG GZVGPUKXG HQTGKIP KPXGUVOGPV KP %WDC KU NKMGN[ VQ GPJCPEG 7Ô5ÔGZRQTV RQVGPVKCNÒ YKVJ TGUWNVKPI GZRQTVU QH EQPUVTWEVKQPÒ OKPKPIÒ CPF DWKNFKPI OCVGTKCNUOCEJKPGT[‚ CITKEWNVWTCN CPF JQTVKEWNVWTCN OCEJKPGT[‚ CKT"EQPFKVKQPKPI CPFTGHTKIGTCVKQP GSWKROGPV‚ JQWUGJQNF CRRNKCPEGU‚ RWORU CPF XCNXGU‚ CPF QKNHKGNF CPFRGVTQNGWOÓEJGOKECN RTQEGUUKPI OCEJKPGT[ÔÏÌË %CVGTRKNNCT GUVKOCVGU VJCV %WDCPFGOCPF HQT KVU RTQFWEVU KP VJG NQPIGT VGTO YQWNF DG ITGCVGT VJCP ˘ÏËÌ OKNNKQPÒ CPFYKVJKP C FGECFG YQWNF GZEGGF ˘ËÌÌ OKNNKQP CPPWCNN[ÔÏÌÁ

6666TTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP ''''SSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV6JG JKUVQTKECN KORCEV QH VJG UCPEVKQPU QP VJG 7Ô5Ô VTCPURQTVCVKQP GSWKROGPV UGEVQT JCUDGGP OKPKOCNÔ 2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ %WDC YCU PQV C OCLQT OCTMGV HQT7Ô5Ô VTCPURQTVCVKQP GSWKROGPVÏÌÊ CPF CNVGTPCVKXG OCTMGVU YGTG TGCFKN[ CXCKNCDNG VQ7Ô5Ô GZRQTVGTUÔ 6JG GZVGPV QH 7Ô5Ô CPF HQTGKIP KPXGUVOGPV KP %WDC KP VTCPURQTVCVKQPGSWKROGPV RTQFWEVKQP HCEKNKVKGU RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPU KU PQV MPQYPÔ*QYGXGTÒ KV KU WPNKMGN[ VJCV 7Ô5Ô VTCPURQTVCVKQP GSWKROGPV RTQFWEGTU JCF RTQFWEVKQP

ÏÌÍ +P Ï‰ËÂÒ 7Ô5Ô KORQTVU QH OCEJKPGT[ HTQO %WDC VQVCNGF CDQWV ˘ÏÊÌÒÌÌÌÔ %QORKNGF D[ VJG%QOOKUUKQP HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô $WTGCW QH VJG %GPUWUÒ 7PKVGF 5VCVGU +ORQTVU QH/GTEJCPFKUGHQT %QPUWORVKQPÒ %QWPVT[ QH 1TKIKP D[ 5WDITQWRÒ (6 ÏÎÌÒ Ï‰ËÂÔ

ÏÌÈ ,QG)TGGPÒ &KTGEVQT HQT .CVKP #OGTKECP 5CNGUÒ %CVGTRKNNCTÒ +PEÔÒ VGUVKOQP[ DGHQTG VJG75+6%Ò5GRVÔÏÍÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÍÊÌÔ

ÏÌË 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF 2WDNKUJKPI%QÔÒ ÎÌÌÌÙÒ RRÔ Í‰Ò ÈÌÒ ÁËÒ ÁÊÒ CPF ÏÈÂ"ÏÈ‰Ô

ÏÌÁ 5GG PQVG ÏÌÈÒ RRÔ ÍÊÏ CPF ÈÍÁÔÏÌÊ +P Ï‰ËÂÒ 7Ô5Ô GZRQTVU QH VTCPURQTVCVKQP GSWKROGPV VQ %WDC VQVCNGF ˘Í‰ OKNNKQPÒ QT Ê RGTEGPV QH

VQVCN 7Ô5Ô GZRQTVU VQ VJCV EQWPVT[Ò KPENWFKPIOQVQT XGJKENGU CPF RCTVU ı˘ÍÎOKNNKQPÙÒ TCKNTQCF GSWKROGPV ı˘ÍOKNNKQPÙÒ CKTETCHV CPF RCTVU ı˘Ï OKNNKQPÙÒ CPF YCVGTETCHV ı˘ÂÌÌÒÌÌÌÙÔ %QORKNGF D[ VJG %QOOKUUKQP HTQOQHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô $WTGCW QH VJG %GPUWUÒ UGG PQVG ÏÌÎÔ7PKVGF 5VCVGU 'ZRQTVU QH &QOGUVKE CPF(QTGKIP /GTEJCPFKUGÒ %QWPVT[ QH &GUVKPCVKQP D[ 5WDITQWRÒ (6 ÈÎÌÒ Ï‰ËÂÒ CPF 7PKVGF 5VCVGU 'ZRQTVU QH&QOGUVKE CPF (QTGKIP /GTEJCPFKUGÒ %QOOQFKV[ D[ %QWPVT[ QH &GUVKPCVKQPÒ 2CTV ++Ò Ï‰ËÂÒ (6 ÈÏÌÔ

Á"ÎÎ

HCEKNKVKGU ıCU QRRQUGF VQ TGRCKT HCEKNKVKGUÙ KP %WDC DGECWUG KV YCU C UOCNN OCTMGV YKVJQWVCFGSWCVG KPFWUVTKCN KPHTCUVTWEVWTGÔÏÌÂ 6JG7Ô5Ô VTCPURQTVCVKQP GSWKROGPV UGEVQT FKF PQVHCEG CP[ OGCUWTCDNG KORQTV EQORGVKVKQP HTQO %WDC RTKQT VQ VJG KORQUKVKQP QHUCPEVKQPUÔÏÌ‰

0GY QRRQTVWPKVKGU HQT 7Ô5Ô GZRQTVU QH OQVQT XGJKENGU CPF RCTVU VQ %WDC KP VJG CDUGPEGQH UCPEVKQPU CTG UGXGTGN[ NKOKVGF D[ VJG UOCNN UK\G QH VJG %WDCP OCTMGV CPF NQY RGTECRKVC KPEQOGUÔ 6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QH VTCPURQTVCVKQPGSWKROGPV VQ %WDC KP VJG UJQTV VGTO YQWNF VQVCN ˘ÈÍ OKNNKQP VQ ˘ËË OKNNKQPÒ DCUGF QPCXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ TGRTGUGPVKPI NGUU VJCP QPG VGPVJ QH Ï RGTEGPV QH VQVCN 7Ô5ÔGZRQTVU QH VTCPURQTVCVKQP GSWKROGPVÔ

%WTTGPVN[ CWVQOCMGTU (KCV ı+VCN[ÙÒ 2GWIGQV ı(TCPEGÙÒ /KVUWDKUJK ı,CRCPÙÒ *[WPFCKı-QTGCÙÒ CPF &CKJCVUW ı,CRCPÙ UGNN RCUUGPIGT ECTU KP VJG %WDCP OCTMGV VJTQWIJ%WDCP CPF HQTGKIP KPVGTOGFKCT[ EQORCPKGUÒ CPF 8QNXQ ı5YGFGPÙÏÏÌÒ 2GWIGQV CPF%KVTQGP ı(TCPEGÙÒ &CKONGT%JT[UNGT ı)GTOCP[ÙÒ CPF (KCV ı+VCN[Ù EQORGVG VQ RNCEG VJGKTGPIKPGU KP JGCX[ VTCPURQTVCVKQP XGJKENGU KP %WDC CPF VQ UGNN DWUGUÒ XCPUÒ CPF QVJGTXGJKENGU VQ VJG %WDCP VQWTKUO KPFWUVT[Ô 6JG CDUGPEG QH UCPEVKQPU YQWNF RTQXKFG 7Ô5ÔCWVQOCMGTU YKVJ UKOKNCT CEEGUU VQ VJG %WDCP OCTMGVÔ #NUQ RQUUKDKNKVKGU OC[ CTKUG HQT7Ô5Ô CWVQOCMGTU VQ GPVGT KPVQ LQKPV XGPVWTG CITGGOGPVU YKVJ VJG %WDCP )QXGTPOGPVUKOKNCT VQ VJG QPG YKVJ &CKONGT$GP\ÔÏÏÏ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC////CCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG %WDCPOCEJKPGT[ UGEVQT JCU DGGP UKIPKHKECPVÒGURGEKCNN[ KOOGFKCVGN[ HQNNQYKPI VJG KORQUKVKQP QH UCPEVKQPUÒ YJGP VJG %WDCPGEQPQO[YCU FGPKGF URCTG CPF TGRNCEGOGPV RCTVU HQT C YKFG TCPIG QH OCEJKPGT[ VJCVYCU RTGFQOKPCVGN[ QH 7Ô5Ô QTKIKPÔÏÏÎ &WTKPI VJG Ï‰ÁÌUÒ %WDC TGRNCEGF CPF CFFGF

ÏÌÂ 7Ô5Ô OQVQT XGJKENG RTQFWEGTU JCXG TGIKUVGTGF ENCKOU VQVCNKPI CV NGCUV ˘ÏÎÊ OKNNKQP HQT CUUGVUGZRTQRTKCVGF KP %WDCÔ 4GRQTVGFN[Ò (QTF /QVQT %QÔ JCU C ENCKO HQT ˘ÍÍ OKNNKQPÒ )GPGTCN /QVQTU HQT ˘ËÔ‰OKNNKQPÒ CPF VTWEMOCPWHCEVWTGT 0CXKUVCT HQT ˘ÂÂÔÍOKNNKQPÔ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒs%GTVKHKGF %NCKOUÒt CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÔENCKOUÔJVOÒ TGVTKGXGF ,WN[ ÏÈÒ ÎÌÌÌÔ

ÏÌ‰ 7Ô5Ô KORQTVU QH VTCPURQTVCVKQP GSWKROGPV ıXGJKENGU CPF RCTVUÙ VQVCNGF CDQWV ˘‰ÒÌÌÌ KP Ï‰ËÂ%QORKNGF D[ %QOOKUUKQP UVCHH HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô $WTGCW QH VJG %GPUWUÒ 7PKVGF 5VCVGU+ORQTVU QH /GTEJCPFKUG HQT %QPUWORVKQPÒ %QWPVT[ QH 1TKIKP D[ 5WDITQWRÒ (6 ÏÎÌÒ Ï‰ËÂÔ

ÏÏÌ +P0QXGODGT Ï‰‰ÂÒ 8QNXQ 2GPVC ıC FKXKUKQP QH 8QNXQÙ CPF VJG %WDCP)QXGTPOGPV GUVCDNKUJGF VJG7PGXQN 5Ô#Ô LQKPV XGPVWTG HQT VJGRWTRQUG QH TGVTQHKVVKPI CPF UGTXKEKPI JGCX[ VTCPURQTVCVKQP GSWKROGPVYKVJWUGF 8QNXQ GPIKPGUÒ CU YGNN CU RTQFWEKPI UQOG GPIKPG RCTVU KP %WDCÔ 6JG LQKPV XGPVWTG CNUQ RTQXKFGFUGTXKEKPI HQT 8QNXQ DWUGU CPF QVJGT XGJKENGUÔ %WDC KORQTVU DWU RCTVU CPF DWU OQVQTU HTQO 8QNXQÒ&CKONGT%JT[UNGT ı/GTEGFGUÙÒ CPF XCTKQWU $TC\KNKCP EQORCPKGUÔ 5KPEG Ï‰‰ËÒ VJG %WDCP )QXGTPOGPVQRGTCVGU 4GZÒ C DWUKPGUU XGPVWTG VJCV TGPVU 8QNXQ XGJKENGUÔ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒsÎÌÌÌ %QOOGTEKCN *KIJNKIJVUÒt CPF sÏ‰‰‰ %QOOGTEKCN *KIJNKIJVUÒt CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÒTGVTKGXGF 5GRVÔ ÎÊÒ ÎÌÌÌÔ

ÏÏÏ # Ï‰‰Á EQPVTCEV DGVYGGP C /KFFNG 'CUV"DCUGF UWDUKFKCT[ QH &CKONGT$GP\ CPF %WDCPIQXGTPOGPV"QRGTCVGF 7PGECOQVQ GUVCDNKUJGF /%8 %QOOGTEKCN 5Ô#Ô HQT VJG RWTRQUG QH UGNNKPIÒFKUVTKDWVKPIÒ CPF UGTXKEKPI /GTEGFGU $GP\ GPIKPGU CPF XGJKENGUÔ 7PFGT VJG CTTCPIGOGPVÒ VJG)QXGTPOGPV RTQXKFGF DWKNFKPIUÒ QHHKEG URCEGÒ YCTGJQWUGUÒ CPF RGTUQPPGNÒ YJKNG VJG HQTGKIP GPVKV[RTQXKFGF ECRKVCNÔ %QOOKUUKQP UVCHH KPVGTXKGY YKVJ C /GTEGFGU $GP\ FGCNGTÒ *CXCPCÒ ,WN[ Ï‰Ò ÎÌÌÌÔ

ÏÏÎ7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ s7PKVGF 5VCVGU %QOOGTEKCN 4GNCVKQPU YKVJ %WDC„# 5WTXG[Òt#WIÔÏ‰ÊËÒ KP CRRÔ 8+Ò 7Ô5Ô *QWUGÒ %QOOKVVGG QP +PVGTPCVKQPCN 4GNCVKQPUÒ 5WDEQOOKVVGGU QP +PVGTPCVKQPCN6TCFG CPF %QOOGTEG CPF +PVGTPCVKQPCN 4GNCVKQPUÒ 7Ô5Ô 6TCFG 'ODCTIQ QH %WDCÒ JGCTKPIU KP /C[Ò ,WPGÒCPF 5GRVGODGT Ï‰ÊË ı9CUJKPIVQPÒ &%„ )21Ò Ï‰ÊÁÙÒ RÔ ÁÌËÔ

Á"ÎÍ

PGY OCEJKPGT[ HTQO VJG 5QXKGV 7PKQP CPF 'CUVGTP 'WTQRGÒ CNVJQWIJ OWEJ QH KV YCUVGEJPQNQIKECNN[ KPHGTKQT VQ VJCV HTQO VJG 7PKVGF 5VCVGUÔÏÏÍ $[ Ï‰ÊËÒ JQYGXGTÒ VJGCFXGTUG GHHGEVU QH VJG UCPEVKQPU YGTG NGUUGPGF DGECWUG %WDC RWTEJCUGF OCEJKPGT[HTQO UQOG 9GUVGTP 'WTQRGCP EQWPVTKGU CPF ,CRCPÔÏÏÈ #HVGT Ï‰‰ÏÒ YKVJ VJG TGFWEVKQPKP 5QXKGV GEQPQOKE CUUKUVCPEG VQ %WDCÒ C UJQTVCIG QH TGRNCEGOGPV RCTVU NGF VQKPQRGTCDNG GSWKROGPV CPF KFNGF RTQFWEVKQP ECRCEKV[ KP OCP[ KPFWUVTKGU FGRGPFGPVWRQP OCEJKPGT[ÔÏÏË (WTVJGTÒ YKVJQWV CEEGUU VQ KORQTVU HTQO VJG 7PKVGF 5VCVGU CPFNCEMKPI UWHHKEKGPV HWPFUÒ %WDC YCU WPCDNG VQ RWTEJCUG PGY OCEJKPGT[ VQ TGRNCEGCPVKSWCVGF OCEJKPGT[ HTQO VJG 5QXKGV 7PKQP CPF 'CUVGTP 'WTQRGÔÏÏÁ #U C TGUWNVÒ %WDCTGRCKTGF CPF ECPPKDCNK\GF RCTVU HQT OWEJ QH KVU OCEJKPGT[Ò CPF QVJGTYKUG UCVKUHKGF KVUOCEJKPGT[ PGGFU HTQO PQP"7Ô5Ô UQWTEGUÔ

2TKPEKRCN %WDCP OCEJKPGT[ KPFWUVTKGU RTQFWEKPI UWICT ECPG JCTXGUVGTU CPFJQWUGJQNF CRRNKCPEGU EQWNF HCEG KORQTV EQORGVKVKQP HTQO VJG 7PKVGF 5VCVGU KP VJGCDUGPEG QH 7Ô5Ô UCPEVKQPUÔ %WTTGPVN[Ò %WDC FQGU PQV KORQTV UWICT ECPG JCTXGUVGTUÒ DWVFQGU KORQTV UQOG JQWUGJQNF CRRNKCPEGU HTQO VJG '7Ô

%WDCP RTQFWEGTU CTG WPNKMGN[ GKVJGT VQ GZRQTV VQÒ QT KPXGUV KPÒ VJG7PKVGF 5VCVGU DGECWUGQH VJGKT UOCNN UK\G CPF NCEM QH KPVGTPCVKQPCN EQORGVKVKXGPGUU ıHQT GZCORNGÒ UECNGÒECRKVCNÒ UWRRNKGT PGVYQTMUÒ UGTXKEG UWRRQTVÒ CPF DTCPF PCOG TGEQIPKVKQPÙ TGNCVKXG VQNCTIGÒ INQDCN 7Ô5Ô CPF QVJGT HQTGKIP RTQFWEGTU QH UWICT ECPG JCTXGUVGTU CPFJQWUGJQNF CRRNKCPEGUÔ

%WDCP KPFWUVTKGU VJCV OKIJV RQVGPVKCNN[ KORQTV OCEJKPGT[ HTQO VJG 7PKVGF 5VCVGU KP VJGCDUGPEG QH 7Ô5Ô UCPEVKQPU KPENWFG OCPWHCEVWTKPI CPF RTQEGUUKPIÒ CITKEWNVWTGÒEQPUVTWEVKQPÒ CPF VQWTKUV KPFWUVTKGUÔÏÏÊ 6JG VQWTKUO UGEVQT TGSWKTGU EQPUVTWEVKQPOCEJKPGT[Ò CKT"EQPFKVKQPKPI OCEJKPGT[Ò CPF HQQFUGTXKEG OCEJKPGT[Ô 2WDNKE YQTMUÒUWEJ CU RQTVUÒ TQCFUÒ CPF YCVGT CPF UGYCIG U[UVGOUÒ TGSWKTG EQPUVTWEVKQP OCEJKPGT[ÒETCPGUÒ RWORU CPF XCNXGUÒ CPF HKNVGTUÔ 6JGUG KPFWUVTKGU JCXG DGGP VJG HQEWU QH %WDCP)QXGTPOGPV RTQOQVKQP RQNKEKGU CPF JCXG TGEGKXGF UKIPKHKECPV HQTGKIP KPXGUVOGPV VJCVFTKXGU OCEJKPGT[ KORQTVUÔ +P VJG CDUGPEG QH UCPEVKQPUÒ KV KU NKMGN[ VJCV CP[ KPXGUVOGPV D[7Ô5Ô HKTOU YQWNF TGUWNV KP RWTEJCUGU QH OCEJKPGT[ HTQO VJGKT 7Ô5Ô OCEJKPGT[ UWRRNKGTUÔ7Ô5Ô GZRQTVU QH OCEJKPGT[ VQ %WDC YQWNF DG UWDLGEV VQ VCTKHHU TCPIKPI HTQO Í VQ ÎÌRGTEGPV CF XCNQTGOÔ /CP[ %WDCP VCTKHHU QP OCEJKPGT[ CTG KP VJG TCPIG QH ÏÌ VQ ÏËRGTEGPV CF XCNQTGOÔ 6JGTG CTG PQ MPQYP %WDCP PQPVCTKHH DCTTKGTU VQ KORQTVU QH 7Ô5ÔOCEJKPGT[ÔÏÏÂ 6JG %QOOKUUKQP GUVKOCVGU VJCV %WDCP KORQTVU QH OCEJKPGT[ HTQO VJG

ÏÏÍ 5VCVGOGPV QH 'TKE 0Ô $CMNCPQHHÒ 7PKXGTUKV[ QH #NCDCOCÒ 7Ô5Ô 6TCFG 'ODCTIQ QH %WDC JGCTKPIUÒUGG PQVG ÏÏÎÒ RÔ ËÏÁÔ

ÏÏÈ 5GG PQVG ÏÏÎÒ RRÔ ÁÌË CPF ÁÍ‰ÔÏÏË ,CKOG 5WEJNKEMKÒ +PHQ"%WDCÒ +PEÔÒ 7Ô5Ô"%WDC $WUKPGUU %QWPEKNÒ %WDC 6TCPUKVKQP 2TQLGEV„ %WDCP

+PFWUVT[ 4GXKGYÒ Ï‰‰ÂÔÏÏÁ %QOOKUUKQP UVCHH KPVGTXKGY YKVJ C OCPCIGT QH CP CITKEWNVWTCN EQQRGTCVKXGÒ *CXCPCÒ ,WN[ ÎÌÒ

ÎÌÌÌÔÏÏÊ +P Ï‰‰ÂÒ %WDCP KORQTVU QH OCEJKPGT[ COQWPVGF VQ CNOQUV ˘Í‰Ì OKNNKQPÒ KPENWFKPI OQVQT XGJKENG

GPIKPGU ı˘‰Ï OKNNKQPÙÒ GNGEVTKECN OCEJKPGT[ ı˘ÈÁ OKNNKQPÙÒ JGCX[ KPFWUVTKCN OCEJKPGT[ ı˘Í‰ OKNNKQPÙÒJGCVKPI CPF EQQNKPI OCEJKPGT[ ı˘ÍÂ OKNNKQPÙÒ RWORU CPF EGPVTKHWIGU ı˘ÍÂ OKNNKQPÙÒ EQPUVTWEVKQP CPFOKPKPI OCEJKPGT[ ı˘ÏÂ OKNNKQPÙÒ HQTMNKHV VTWEMU ı˘ÏË OKNNKQPÙÒ CITKEWNVWTCN OCEJKPGT[ ı˘ÏÎ OKNNKQPÙÒ CPFQVJGT OCEJKPGT[ ı˘‰Î OKNNKQPÙÔ

ÏÏÂ +PVGTPCVKQPCN %WUVQOU 6CTKHHU $WTGCWÒ 6JG +PVGTPCVKQPCN %WUVQOU ,QWTPCNÒ %WDCÒ ;GCTÏ‰‰Ê"Ï‰‰ÂÒ PQÔ ÏÈÂÒ ‰VJ GFÔ

Á"ÎÈ

7PKVGF 5VCVGU KP VJG CDUGPEG QH UCPEVKQPU YQWNF VQVCN ˘ÏÎÌ OKNNKQP VQ ˘ÏËÈ OKNNKQPCPPWCNN[Ò DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ TGRTGUGPVKPI ÍË VQ ÈË RGTEGPV QHVQVCN %WDCP OCEJKPGT[ KORQTVUÔ

6666TTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP ''''SSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ VJG 7PKVGF 5VCVGU YCU VJG RTGFQOKPCPV UWRRNKGT QHVTCPURQTVCVKQP GSWKROGPV VQ %WDCÔ #U YKVJ OCEJKPGT[Ò VJG GHHGEV QH VJG UCPEVKQPU YCUITGCVGUV FWTKPI VJG Ï‰ÁÌUÒ FWTKPI YJKEJ VKOG VJG %WDCP GEQPQO[ YCU FGPKGF URCTGCPF TGRNCEGOGPV RCTVU HQT 7Ô5Ô"QTKIKP VTCPURQTVCVKQP GSWKROGPVÔÏÏ‰ 6TCPURQTVCVKQPGSWKROGPV CESWKTGF HTQO VJG 5QXKGV 7PKQP CPF 'CUVGTP 'WTQRG YCU QH RQQTGT SWCNKV[EQORCTGF YKVJ RTQFWEVU CXCKNCDNG HTQO VJG 7PKVGF 5VCVGUÒÏÎÌ CNVJQWIJ KORQTVU QHVTCPURQTVCVKQP GSWKROGPV HTQO ,CRCP CPF 'WTQRG D[ VJG OKF Ï‰ÊÌUÒ YGCMGPGF VJGGHHGEV QH 7Ô5Ô UCPEVKQPUÔÏÎÏ %WDC CNUQ GPICIGF KP DWU CUUGODN[ QRGTCVKQPUÔÏÎÎ #HVGTÏ‰‰ÏÒ VJG TGFWEVKQP KP CUUKUVCPEG HTQO VJG 5QXKGV 7PKQP ECWUGF C UJQTVCIG QHTGRNCEGOGPV RCTVU KP %WDC VJCV TGUWNVGF KP KPQRGTCDNG GSWKROGPV CPF XGJKENG HNGGVURNCIWGF D[ KPCFGSWCVG OCKPVGPCPEGÔ

+P VJG CDUGPEG QH UCPEVKQPUÒ VJG %WDCP DWU CUUGODN[ CPF HKDGTINCUU HKUJKPI XGUUGNRTQFWEGTU CTG WPNKMGN[ VQ GKVJGT GZRQTV VQÒ QT KPXGUV KPÒ VJG7PKVGF 5VCVGU DGECWUG QH VJGKTUOCNN UK\G CPF NCEM QH KPVGTPCVKQPCN EQORGVKVKXGPGUUÔ *QYGXGTÒ VJG CDUGPEG QHUCPEVKQPU RTQDCDN[ YQWNF TGUWNV KP %WDCP KORQTVU QH VTCPURQTVCVKQP GSWKROGPV HTQOVJG 7PKVGF 5VCVGUÔ %WDCP VCTKHH TCVGU QP RCUUGPIGT ECTUÒ VTWEMUÒ CPF DWUGU TCPIG HTQOË VQ ÎË RGTEGPV CF XCNQTGOÒ CPF VCTKHHU QP OQVQT XGJKENG RCTVU TCPIG HTQO Ë VQ ÏÌRGTEGPV CF XCNQTGOÔÏÎÍ 6JG %QOOKUUKQP GUVKOCVGU VJCV %WDCP KORQTVU QHVTCPURQTVCVKQP GSWKROGPV HTQO VJG 7PKVGF 5VCVGU YQWNF VQVCN ˘ÈÍ OKNNKQP CPF ˘ËËOKNNKQP CPPWCNN[Ò DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ QT ÍË CPF ÈË RGTEGPV QH VQVCN%WDCP KORQTVU QH VJGUG RTQFWEVUÔ

2222QQQQYYYYGGGGTTTT ))))GGGGPPPPGGGGTTTTCCCCVVVVKKKKQQQQPPPP ////CCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[ CCCCPPPPFFFF ''''SSSSWWWWKKKKRRRROOOOGGGGPPPPVVVVÏÏÏÏÎÎÎÎÈÈÈÈ

6JG 7Ô5Ô RQYGT IGPGTCVKQPOCEJKPGT[ CPF GSWKROGPV UGEVQT KU EQPEGPVTCVGF KP C UOCNNPWODGT QH NCTIG EQORCPKGU VJCV CTG JKIJN[ EQORGVKVKXG KP KPVGTPCVKQPCN OCTMGVUÔ 7Ô5Ô

ÏÏ‰7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ s7PKVGF 5VCVGU %QOOGTEKCN 4GNCVKQPU YKVJ %WDC„# 5WTXG[Òt#WIÔÏ‰ÊËÒ KP CRRÔ 8+Ò 7Ô5Ô *QWUGÒ %QOOKVVGG QP +PVGTPCVKQPCN 4GNCVKQPUÒ 5WDEQOOKVVGGU QP +PVGTPCVKQPCN6TCFG CPF %QOOGTEG CPF +PVGTPCVKQPCN 4GNCVKQPUÒ 7Ô5Ô 6TCFG 'ODCTIQ QH %WDC JGCTKPIU KP /C[Ò ,WPGÒCPF 5GRVGODGT Ï‰ÊË ı9CUJKPIVQPÒ &%„ )21Ò Ï‰ÊÁÙÒ RÔ ÁÌËÔ

ÏÎÌ 5VCVGOGPV QH 'TKE 0Ô $CMNCPQHHÒ 7PKXGTUKV[ QH #NCDCOCÒ KP 7Ô5Ô 6TCFG 'ODCTIQ QH %WDCÒJGCTKPIUÒ UGG PQVG ÏÏ‰Ò RÔ ËÏÁÔ

ÏÎÏ 5GG PQVG ÏÏ‰Ò RRÔ ÁÌË CPF ÁÍ‰ÔÏÎÎ %WDC JCU EQPEGPVTCVGF RTKPEKRCNN[ QP DWU CPF TCKN VTCPURQTV OQFGUÒ YJKNG DKE[ENG WUG JCU DGGP

RTQOQVGF CU CP CNVGTPCVKXG OGCPU QH VTCPURQTVCVKQPÔÏÎÍ 5GG PQVG ÏÏÂÔÏÎÈ 2QYGT IGPGTCVKQP OCEJKPGT[ CPF GSWKROGPV CU FGHKPGF JGTG KPENWFGU PWENGCT TGCEVQTUÒ UVGCO

CPF ICU VWTDKPGUÒ UWRGTJGCVGF DQKNGTUÒ J[FTCWNKE VWTDKPGUÒ EGTVCKP VTCPUHQTOGTUÒ FKGUGN CPF QVJGTIGPGTCVQTUÒ EGTVCKP UYKVEJIGCTÒ CPF RQYGT FKUVTKDWVKQP ECDNGUÔ

Á"ÎË

RTQFWEVKQP KPETGCUGF UVGCFKN[ FWTKPI VJG Ï‰‰ÌUÒ TGCEJKPI ˘‰ DKNNKQP KP Ï‰‰‰Ô &WTKPIÏ‰‰Ë"‰‰Ò 7Ô5Ô GZRQTVU COQWPVGF VQ CDQWV ˘È DKNNKQP CPPWCNN[Ò YJKNG KORQTVU KPETGCUGFHTQOCDQWV ˘Ï DKNNKQP VQ ˘ÎÔÈ DKNNKQP QXGT VJG UCOG RGTKQFÔ /CLQT 7Ô5Ô VTCFKPI RCTVPGTUÒDQVJ YKVJ TGURGEV VQ GZRQTVU CPF KORQTVUÒ CTG %CPCFCÒ ,CRCPÒ CPF VJG '7Ô

8KTVWCNN[ CNN GSWKROGPV WUGF KP %WDCrU RQYGT IGPGTCVKQP KPFWUVT[ KU KORQTVGFÔ +P Ï‰‰ÂÒ%WDCP KORQTVU QH OCEJKPGT[ CPF GSWKROGPV TGCEJGF ˘ÏÏÂ OKNNKQPÒ UWRRNKGF OQUVN[ D[5RCKPÒ VJG 7PKVGF -KPIFQOÒ CPF (TCPEGÔ 6JG %WDCP )QXGTPOGPV JCU DGGP CEVKXGN[UGGMKPI VQ OQFGTPK\G KVU GNGEVTKEKV[ IGPGTCVKQP CPF FKUVTKDWVKQP U[UVGOU VJTQWIJ LQKPVXGPVWTG CITGGOGPVU YKVJ HQTGKIP RQYGT EQORCPKGUÔ 6JG %WDCP RQYGT U[UVGO KU CNOQUVGZENWUKXGN[ EQPVTQNNGF D[ VJG UVCVG"TWP RQYGT EQORCP[Ò 'ORTGUC 'NGEVTKEC %WDCPCÔÏÎË

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô RQYGT IGPGTCVKQP OCEJKPGT[ CPFGSWKROGPV UGEVQT JCU DGGP OKPKOCNÔ 2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ %WDC YCU PQVC UKIPKHKECPV GZRQTV OCTMGV HQT VJG 7PKVGF 5VCVGU DGECWUG RWTEJCUGU QH RQYGTIGPGTCVKQP CPF VTCPUOKUUKQP GSWKROGPV TGSWKTG UKIPKHKECPV ECRKVCN QWVNC[U CPF VJGEQWPVT[ JCF NKOKVGF CEEGUU VQ UWEJ ECRKVCNÔÏÎÁ #NUQÒ %WDCrU RTQFWEVKQP QH HQUUKN HWGNUPGGFGF VQ RQYGT UWEJ RNCPVU YCU PQV UWHHKEKGPVN[ FGXGNQRGF VQ GPUWTG CFGSWCVGUWRRNKGUÔ %QPUGSWGPVN[Ò %WDC YCU PQV JGCXKN[ GNGEVTKHKGF QWVUKFG QH VJG OCLQT EKVKGUÒPQVCDN[ *CXCPCÔ /QTGQXGTÒ VJG NQUU QH UCNGU VQ %WDC D[ 7Ô5Ô GSWKROGPV UWRRNKGTUÒUKIPKHKECPV CU VJG[ OC[ JCXG DGGP QXGT VJG EQWTUG QH VJG UCPEVKQPUÒ JCU DGGP NCTIGN[OCFG WR D[ KPETGCUGF UCNGU VQ GOGTIKPI OCTMGVU KP #UKC CPF .CVKP #OGTKECÔ 6JWUÒJKUVQTKECNN[ UCPEVKQPU JCF NKVVNG KORCEV QP RTQFWEVKQPÒ RTKEGUÒ CPF GORNQ[OGPV KP VJG7Ô5Ô RQYGT IGPGTCVKQP UGEVQTÔÏÎÊ

)KXGP VJG CIKPI QH GZKUVKPI RQYGT IGPGTCVKQP CPF VTCPUOKUUKQP CUUGVU CPF VJG)QXGTPOGPVrU FGUKTG VQ GZRCPF VQWTKUO CPF QVJGT FQOGUVKE KPFWUVTKGUÒ %WDCTGRTGUGPVU VJG NCTIGUV OCTMGV HQT VJKU GSWKROGPV KP VJG %CTKDDGCP CPF QPG QH VJGNCTIGUV RQVGPVKCN OCTMGVU KP .CVKP #OGTKECÔ *QYGXGTÒ 7Ô5Ô KPFWUVT[ UQWTEGU KPFKECVGF

ÏÎË 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF 2WDNKUJKPI%QÔÒ ÎÌÌÌÙÒ RÔ ÏÍÁÔ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP RQYGT IGPGTCVKQP OCEJKPGT[ CPFGSWKROGPV UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU )"ÍËC VJTQWIJ )"ÍËFÔ

ÏÎÁ +P Ï‰ËÂÒ 7Ô5Ô GZRQTVU QH RQYGT IGPGTCVKQP OCEJKPGT[ CPF GSWKROGPV VQ %WDC VQVCNGF˘ÂÔË OKNNKQPÒ QT ÏÔÁ RGTEGPV QH VQVCN 7Ô5Ô GZRQTVU VQ VJCV EQWPVT[Ô %QORKNGF D[ VJG %QOOKUUKQP HTQOQHHKEKCNUVCVKUVKEU QH VJG 7Ô5Ô $WTGCW QH VJG %GPUWUÒ 7PKVGF 5VCVGU 'ZRQTVU QH &QOGUVKE CPF (QTGKIP /GTEJCPFKUGÒ%QWPVT[ QH &GUVKPCVKQP D[ 5WDITQWRÒ (6 ÈÎÌÒ Ï‰ËÂÒ CPF 7PKVGF 5VCVGU 'ZRQTVU QH &QOGUVKE CPF (QTGKIP/GTEJCPFKUGÒ %QOOQFKV[ D[ %QWPVT[ QH &GUVKPCVKQPÒ 2CTV ++Ò Ï‰ËÂÒ (6 ÈÏÌÔ

ÏÎÊ 6QVCN HQTGKIP KPXGUVOGPV ıGZENWFKPI VJG XCNWG QH NCPFÙ KP %WDCrU GNGEVTKEKV[Ò ICUÒ CPF YCVGTKPFWUVTKGU COQWPVGF VQ ˘ÍÌÎ OKNNKQP KP Ï‰ËÊÔ 6JG 7Ô5Ô RQTVKQP QH VJGUG KPXGUVOGPVU YCU GUVKOCVGF VQTGRTGUGPV CV NGCUV QPG"VJKTF QH VJG VQVCNÔ #NVJQWIJ VJG VQVCN XCNWG QH 7Ô5Ô GNGEVTKECN IGPGTCVKPI CPFVTCPUOKUUKQP CUUGVU GZRTQRTKCVGF CHVGT VJG %CUVTQ IQXGTPOGPV CUUWOGF RQYGT KU WPMPQYPÒ CV NGCUV QPGNCTIG EGTVKHKGF ENCKO JCU DGGP HKNGF D[ 7Ô5Ô KPVGTGUVU YKVJ VJG 7Ô5Ô (QTGKIP %NCKOU 5GVVNGOGPV %QOOKUUKQPÔ6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF 2WDNKUJKPI %QÔÒÎÌÌÌÙÒ RÔ ÎÂ‚ s%GTVKHKGF %NCKOUÒt 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ CV JVVR„ÓÓEWDCVTCFGÔQTIÓENCKOUÔJVOÒ TGVTKGXGF ,WN[ ÏÈÒ ÎÌÌÌÔ

Á"ÎÁ

VJCVÒ KP VJG CDUGPEG QH UCPEVKQPUÒ UWRRNKGTU YQWNF UVKNN DG HCEGF YKVJ C PWODGT QHKORGFKOGPVU VQ GUVCDNKUJKPI PGY IGPGTCVKPI CPF VTCPUOKUUKQP HCEKNKVKGU KP %WDCÔ 6JWUÒCEEQTFKPI VQ KPFWUVT[ TGRTGUGPVCVKXGUÒ VJG EWTTGPV KORCEV QH UCPEVKQPU QP VJG 7Ô5ÔRQYGT IGPGTCVKQP OCEJKPGT[ CPF GSWKROGPV UGEVQT KU PGINKIKDNGÔ

$GECWUG CP WPKPVGTTWRVGF UWRRN[ QH HWGN KU ETKVKECN VQ VJG HKPCPEKCN XKCDKNKV[ QH RQYGTIGPGTCVKQP RTQLGEVUÒ VJG NCEM QH FGXGNQROGPV KP %WDCrU QKN CPF ICU HKGNFU KU C OCLQTEQPEGTP COQPI 7Ô5Ô KPFWUVT[ TGRTGUGPVCVKXGUÔ (QT VJKU TGCUQPÒ VJG OQUV TGEGPV CFFKVKQPQH IGPGTCVKPI ECRCEKV[ KP %WDC D[ C OCLQT %CPCFKCP KPXGUVQT JKPIGF QP VJGFGXGNQROGPV QH HCEKNKVKGU VQ GZVTCEV CPF RTQEGUU PCVWTCN ICU HTQO C PGYN[ FGXGNQRGFRGVTQNGWO HKGNF KP PQTVJGTP %WDCÔÏÎÂ 6JG %WDCP )QXGTPOGPVrU UVTKEV EQPVTQN QXGTHQTGKIP KPXGUVOGPVÒ GURGEKCNN[ RQYGT IGPGTCVKQP RTQLGEVUÒ KU CNUQ XKGYGF D[ KPFWUVT[UQWTEGU CU C UGTKQWU TGUVTKEVKQPÔÏÎ‰ 5WEJ EQPVTQN TGRQTVGFN[ KORGFGU VJG CDKNKV[ QHHQTGKIP KPXGUVQTU VQ GUVCDNKUJ C UQWPF NGICN HQQVKPI HQT RQVGPVKCN IGPGTCVKPI RTQLGEVU VQGPUWTG VJCV QRGTCVKPI CITGGOGPVU YKVJ VJG %WDCP UVCVG GNGEVTKECN WVKNKV[ YKNN PQV DGEJCPIGF VQ VJGKT FKUCFXCPVCIGÔ # PWODGT QH HQTGKIP KPXGUVQTU TGRQTVGFN[ JCXGGZRGTKGPEGF VJG RTQRGPUKV[ QH %WDCP IQXGTPOGPVCN GPVKVKGU VQ EJCPIG VJGWPFGTUVCPFKPIU QH C LQKPV XGPVWTG CITGGOGPV LWUV CU C RTQLGEV KU OQXKPI VQYCTFU CETKVKECN UVCIG QH FGXGNQROGPVÔÏÍÌ 6JKU CRRCTGPV NCEM QH EQPVTQN QXGT VJG FGXGNQROGPVCPF QRGTCVKQP QH C IGPGTCVKQP RTQLGEV EQWNF DG GZRGEVGF VQ CHHGEV VJG FGITGG QHRCTVKEKRCVKQP D[ 7Ô5Ô UWRRNKGTU QH GSWKROGPV KP VJG %WDCP OCTMGVÔ

7Ô5Ô KPFWUVT[ UQWTEGU CNUQ XQKEGF EQPEGTPU QXGT %WDCrU EWTTGPV NCEM QH TGIWNCVKQPUEQPVTQNNKPI VJG IGPGTCVKQP CPF UCNG QH GNGEVTKEKV[ KP VJG FQOGUVKE OCTMGVÔ 6JKU OCMGU KVFKHHKEWNV VQ CUEGTVCKP YJGVJGT PGY GNGEVTKEKV["IGPGTCVKPI RTQLGEVU D[7Ô5Ô HKTOU YQWNF DGRTQHKVCDNGÔ 6JG EWTTGPV EQPFKVKQP QH %WDCrU GNGEVTKECN VTCPUOKUUKQP CPF FKUVTKDWVKQPPGVYQTM KU CNUQ NKMGN[ VQ KORGFG VJG FGXGNQROGPV QH GPGTI[ RTQLGEVU D[ 7Ô5Ô HKTOUÒ CU ÎÌRGTEGPV QT OQTG QH CNN QH VJG RQYGT VTCPUOKVVGF QP VJG %WDCP GNGEVTKECN ITKF KU NQUV CU CTGUWNV QH KPGHHKEKGPV CPF FGHKEKGPV GSWKROGPVÔÏÍÏ 5KIPKHKECPV KORTQXGOGPVU KP VJGEQWPVT[rU GNGEVTKECN ITKF OC[ VJGTGHQTG DG PGEGUUCT[ VQ KORTQXG VJG FGNKXGT[ QH RQYGTHTQO VJG IGPGTCVQT VQ VJG EQPUWOGTÔ (KPCNN[Ò VJG %WDCP)QXGTPOGPV JGCXKN[ UWDUKFK\GUFQOGUVKE RQYGT WUGTU‚ QPN[ CDQWV QPG"SWCTVGT QH EWUVQOGTU JCXG VJG CDKNKV[ VQ RC[ HQTVJGKT GPGTI[ WUCIG KP JCTF EWTTGPE[ÔÏÍÎ 2TQLGEV QRGTCVQTU JKUVQTKECNN[ JCXG FGRGPFGFQP VJGUG TGXGPWGU VQ LWUVKH[ VJGKT HKPCPEKCN EQOOKVOGPVU VQ VJGUG RTQLGEVUÔ $CUGF WRQPXCTKQWU VTCFG UQWTEGUÒ KV KU WPNKMGN[ VJCV UKIPKHKECPV NGXGNU QH 7Ô5Ô KPXQNXGOGPV KP %WDCPRTQLGEVU YQWNF DG HQTVJEQOKPI WPNGUU CFGSWCVG CUUWTCPEGU HTQO VJG %WDCP)QXGTPOGPV YGTG OCFG VQ RTQXKFG HQT CP[ TGXGPWG UJQTVHCNNUÔ

ÏÎÂ 5JGTTKVV +PVGTPCVKQPCN %QTRQTCVKQPÒ #PPWCN +PHQTOCVKQP (QTOÒ /CTÔ ÏËÒ ÎÌÌÌÒRRÔ ÏÍ"ÏÁÔ %QOOKUUKQP UVCHH KPVGTXKGY YKVJ 5JGTTKVV QHHKEKCNUÒ 8CTCFGTQÒ ,WN[ ÎÏÒ ÎÌÌÌÔ

ÏÎ‰ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ 'EQPQOKE '[G QP %WDCÒ /C[ ÎÎ"ÎÂÒ ÎÌÌÌÒ RRÔ È"ÁÔÏÍÌ s0Q EKICT„ (QT ,KNVGF 'PIKPGGTU HTQO %CPCFCÒt 9CNN 5VTGGV ,QWTPCNÒ ,WPG ÎÂÒ Ï‰‰‰Ò

RÔ #ÏÔÏÍÏ 6GQ #Ô $CDWPÒ # $WUKPGUU )WKFG VQ %WDCÒ ı/KCOKÒ (.„ %WDC0GYUÔ 6JG /KCOK *GTCNF 2WDNKUJKPI

%QÔÒ ÎÌÌÌÙÒ RRÔ ÏÍÁ"ÍÊÔ 6JKU EQORCTGU YKVJ RQYGT NQUUGU ıKPENWFKPI UVQNGP RQYGTÙ QH CRRTQZKOCVGN[ ËRGTEGPV KP VJG 7PKVGF 5VCVGUÔ 'FKUQP 'NGEVTKE +PUVKVWVGÒ KPVGTXKGY YKVJ %QOOKUUKQP UVCHHÒ #WIÔ ÎÍÒ ÎÌÌÌÔ

ÏÍÎ s%WDCP GNGEVTKEKV[ KPFWUVT[ KORTQXGU CHVGT FGECFG QH FGEC[Òt .CVKP #OGTKECP 2QYGT 9CVEJÒ'PGTI[ #TIWUÒ ,WPG ÎÌÌÌÒ RÔ ÊÔ

Á"ÎÊ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC6JG JKUVQTKECN KORCEV QH 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC KU FKHHKEWNV VQCUEGTVCKPÒ DGECWUG UKPEG VJG GCTN[ Ï‰ÁÌUÒ VJG FGXGNQROGPV CPF OCKPVGPCPEG QHGNGEVTKEKV[ IGPGTCVKPI CPF VTCPUOKUUKQP CUUGVU KP %WDC JCU DGGP JGCXKN[ FGRGPFGPVWRQP GSWKROGPVÒ GZRGTVKUGÒ CPF HWGN CV DGNQY OCTMGV TCVGU CESWKTGF HTQO VJG 5QXKGV7PKQP CPF 'CUV 'WTQRGCP EQWPVTKGUÔ %WDCrU PGCTN[ EQORNGVG FGRGPFGPEG WRQP 5QXKGVHQUUKN HWGNU VQ RQYGT VJG RTGFQOKPCVGN[ QKN"HKTGF IGPGTCVKPI HCEKNKVKGU CESWKTGF HTQO VJG'CUVGTP DNQEÒ VJG EQWPVT[rU UJQTVCIG QH JCTF EWTTGPE[Ò VJG CXCKNCDKNKV[ QH 5QXKGVVGEJPKECN CPF HKPCPEKCN CUUKUVCPEGÒ CPF VJG 7Ô5Ô GEQPQOKE UCPEVKQPUÒ OCFG %WDCrU VKGUYKVJ VJG 5QXKGV 7PKQP VJG QPN[ XKCDNG QRVKQP HQT GNGEVTKH[KPI VJG EQWPVT[Ô #U C TGUWNVÒ VJGXCUVOCLQTKV[ ıÂÌ VQ ÂËRGTEGPVÙ QH%WDCrU KPUVCNNGF IGPGTCVKPI ECRCEKV[ KU EQORTKUGF QH5QXKGVÒ %\GEJQUNQXCMKCPÒ ,CRCPGUGÒ CPF (TGPEJ RNCPVU DWKNV UKPEG Ï‰ÁÌÔÏÍÍ 6JKUTGNCVKQPUJKR CEEGNGTCVGF VJG GNGEVTKHKECVKQP QH %WDC CV C UWDUVCPVKCNN[ HCUVGT RCEG VJCPYQWNF JCXG DGGP GZRGEVGF JCF VJG EQWPVT[ DGGP FGCNKPI KP CP QRGP OCTMGVÔ

+P TGURQPUG VQ VJG GPGTI[ ETKUKU QH VJG OKF Ï‰‰ÌU CPF NQUU QH 5QXKGV GEQPQOKECUUKUVCPEGÒ%WDC GPNKUVGF VJG CUUKUVCPEG QH PWOGTQWU HQTGKIP EQORCPKGU VQ FGXGNQR VJGKUNCPFrU J[FTQECTDQP TGUQWTEGUÔÏÍÈ

*QYGXGTÒ CU FKUEWUUGF CDQXGÒ KV KU WPNKMGN[ VJCV 7Ô5Ô HKTOU YQWNF JCXG RCTVKEKRCVGF KPHQTOKPI LQKPV XGPVWTGU KP %WDC KP VJG CDUGPEG QH UCPEVKQPU DGECWUG QH EQPUVTCKPVUKORQUGF D[ VJG %WDCP )QXGTPOGPVÔ

6JG CIKPI CPF KPGHHKEKGPE[ QH C OCLQT RQTVKQP QH VJG RQYGT IGPGTCVKQP HCEKNKVKGU KP%WDCÒ CU YGNN CU %WDCrU FGUKTG VQ UWRRN[ TGNKCDNG CPF GHHKEKGPVN[ IGPGTCVGF GNGEVTKECNGPGTI[ VQ KVU OKPKPIÒ UWICTÒ VTCPURQTVCVKQPÒ CPF VQWTKUO KPFWUVTKGUÒ KPFKECVG VJCVUKIPKHKECPV FGOCPF EWTTGPVN[ GZKUVU HQT IGPGTCVKPI CPF VTCPUOKUUKQP GSWKROGPVÔ 1PGGUVKOCVG JCU RNCEGF VJG EQUV HQT VJGUG KORTQXGOGPVU CV CRRTQZKOCVGN[ ˘È DKNNKQPÔÏÍË

#NVJQWIJ VJG CDUGPEG QH UCPEVKQPU EQWNF RTQXKFG CP KPEGPVKXG HQT 7Ô5Ô EQORCPKGU VQGZRNQTG DWUKPGUU QRRQTVWPKVKGU KP VJG %WDCP GPGTI[ UGEVQTÒ QVJGT OCLQT QDUVCENGU VQVTCFG CPF KPXGUVOGPV TGOCKPÔ #OQPI VJGUG QDUVCENGU CTG VJG %WDCP )QXGTPOGPVrUKPUKUVGPEG QP OCKPVCKPKPI PGCTN[ VQVCN EQPVTQN QXGT VJGUG RTQLGEVUÒ VJG PGGF HQT HWTVJGTFGXGNQROGPV QH %WDCrU J[FTQECTDQP TGUQWTEGUÒ CPF VJG PGGF HQT GUVCDNKUJKPI CTGIWNCVQT[ HTCOGYQTM OQTG EQPFWEKXG VQ CVVTCEVKPI GNGEVTKE RQYGT IGPGTCVQTU CPFUWRRNKGTU VQ %WDCÔ

''''NNNNGGGGEEEEVVVVTTTTQQQQPPPPKKKKEEEEUUUU ))))QQQQQQQQFFFFUUUUÏÏÏÏÍÍÍÍÁÁÁÁ

6JG 7Ô5Ô UJCTG QH VJG YQTNF RTQFWEVKQP QH GNGEVTQPKEU IQQFU KU CRRTQZKOCVGN[ ÈÌRGTEGPV CPF KU EQPEGPVTCVGF KP JKIJ VGEJPQNQI[ RTQFWEVU UWEJ CU EQORWVGTUÒ

ÏÍÍ 5GG PQVG ÏÍÏÒ RÔ ÏÍÈÔÏÍÈ 5GG EJCRVGT Í HQT FKUEWUUKQP QH %WDCrU VTCFG CPF HQTGKIP KPXGUVOGPV TGIKOGÔÏÍË 5GG PQVG ÏÍÏÒ RÔ ÏÍÂÔÏÍÁ 2TQFWEVU EQXGTGF KP VJKU UGEVQT KPENWFG RJQVQITCRJKE HKNO CPF RCRGT‚ V[RGYTKVGTU CPF YQTF

RTQEGUUKPI OCEJKPGU‚ ECNEWNCVKPI OCEJKPGUÒ CEEQWPVKPI OCEJKPGUÒ RQUVCIG"HTCPMKPIOCEJKPGUÒ

Á"ÎÂ

UGOKEQPFWEVQTUÒ PGVYQTMKPI GSWKROGPVÒ CPF HKDGT QRVKEUÔ 7Ô5Ô RTQFWEVKQP QHGNGEVTQPKEU IQQFU TGCEJGF ˘ËÌÂ DKNNKQP KP Ï‰‰‰Ò YJKNG KORQTVU ıOCKPN[ HTQO ,CRCPÒ/GZKEQÒ CPF %JKPCÙ COQWPVGF VQ ˘ÎÎÏ DKNNKQPÒ TGRTGUGPVKPI ÍÂ RGTEGPV QH FQOGUVKEEQPUWORVKQPÔ &WVKGU QP7Ô5Ô KORQTVU QH GNGEVTQPKEU IQQFU CTG IGPGTCNN[ HTGGÒ GZEGRV HQTUQOG EQPUWOGT IQQFUÔ 4QWIJN[ ÍÌ RGTEGPV QH 7Ô5Ô GNGEVTQPKEU IQQFU CTG GZRQTVGFÒYKVJ %CPCFCÒ /GZKEQÒ CPF ,CRCP VJG OCLQT OCTMGVUÔ /CLQT FQOGUVKE RTQFWEGTU CTGOWNVKPCVKQPCN EQORCPKGU VJCV QHVGP EQPVTCEV QWV NCDQT"KPVGPUKXG QT CUUGODN[QRGTCVKQPU YKVJ VJG TGUWNV VJCV OCP[ RTQFWEVU JCXG KPRWVU HTQOOQTG VJCP QPG EQWPVT[Ô

%WDCP RTQFWEVKQP QH GNGEVTQPKEU IQQFU COQWPVGF VQ ˘ÍË OKNNKQP KP Ï‰‰‰Ô 6JWU VJG%WDCP UJCTG QHYQTNF GNGEVTQPKEU IQQFU RTQFWEVKQP KUOKPKOCN CPF FGENKPKPI TGNCVKXG VQQVJGT EQWPVTKGUÔ 2TQFWEVKQP HCEKNKVKGU CTG CPVKSWCVGF CPF VJGTG KU C NCEM QH CEEGUU VQVGEJPQNQI[Ô %WDCrU GNGEVTQPKEU IQQFU KORQTVU TGCEJGF ˘ÎÎË OKNNKQP KP Ï‰‰‰ÒTGRTGUGPVKPI CNOQUV ‰Ì RGTEGPV QH VQVCN FQOGUVKE EQPUWORVKQPÔ/CLQT KORQTV UWRRN[KPIEQWPVTKGU KPENWFG +VCN[Ò %CPCFCÒ CPF 5RCKPÔÏÍÊ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU5CPEVKQPU JCF NKVVNG GHHGEV QP 7Ô5Ô RTQFWEVKQPÒ GZRQTVUÒ QT KPXGUVOGPV KP VJG GNGEVTQPKEUIQQFU UGEVQT DGECWUG NQUV UCNGU VQ %WDC YGTG CP KPUKIPKHKECPV UJCTG QH UGEVQT QWVRWVÔ2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ 7Ô5Ô EQORCPKGU RTQFWEKPI QHHKEG OCEJKPGUÒEQPUWOGT GNGEVTQPKEUÒ RJQVQITCRJKE GSWKROGPV CPF UWRRNKGUÒ CPF VGNGEQOOWPKECVKQPUGSWKROGPV UWRRNKGF VJG %WDCP OCTMGV VJTQWIJ GZRQTVU HTQO VJGKT 7Ô5Ô OCPWHCEVWTKPIHCEKNKVKGU DGECWUG VJGOCTMGV YCU PQV NCTIG GPQWIJ VQ YCTTCPV KPXGUVOGPV KP RTQFWEVKQPHCEKNKVKGUÔÏÍÂ 5KPEG PQ PQVCDNG %WDCP KPFWUVT[ RTQFWEGF VJGUG GNGEVTQPKEU IQQFUÒ 7Ô5ÔKORQTVU HTQO %WDC YGTG PGINKIKDNGÔ

+P VJG CDUGPEG QH UCPEVKQPU 7Ô5Ô GZRQTVU VQÒ CPF KPXGUVOGPV KPÒ VJG %WDCP GNGEVTQPKEUIQQFU UGEVQT CTG GZRGEVGF VQ DG OKPKOCNÔ #NVJQWIJ %WDCrU RTQZKOKV[Ò GFWECVGFYQTMHQTEGÒ RGPV"WR FGOCPFÒ CPF NCYU RTQOQVKPI KPXGUVOGPV YQWNF UGGO VQOCMG KV CPKFGCN FGUVKPCVKQP HQT 7Ô5Ô EQORCPKGU CPF IQQFUÒ OCP[ HCEVQTU EQWPVGT VJGUG

ÏÍÁw%QPVKPWGFVKEMGV"KUUWKPI OCEJKPGUÒ CPF ECUJ TGIKUVGTU‚ CWVQOCVKE FCVC RTQEGUUKPI OCEJKPGU CPF WPKVU VJGTGQH‚OKUEGNNCPGQWU QHHKEG OCEJKPGU‚ VGNGEQOOWPKECVKQPU CRRCTCVWU‚ EQPUWOGT CWFKQ CPF XKFGQ CRRCTCVWU‚TGEQTFGF CPF WPTGEQTFGF OGFKC‚ TCFKQ"HTGSWGPE[ VTCPUOKUUKQP CPF TGEGRVKQP CRRCTCVWU‚ GNGEVTKE UQWPFCPF XKUWCN UKIPCNKPI CRRCTCVWU‚ GNGEVTKECN ECRCEKVQTU CPF TGUKUVQTU‚ GNGEVTKECN UYKVEJ IGCT‚ GNGEVTQP VWDGU‚UGOKEQPFWEVQT FGXKEGU CPF GNGEVTQPKE KPVGITCVGF EKTEWKVU‚ OKUEGNNCPGQWU GNGEVTKECN OCEJKPGU CPFCRRCTCVWU‚ QRVKECN HKDGTU CPF QRVKECN GNGOGPVU‚ NGPUGUÒ RTKUOUÒ CPF OKTTQTU‚ URGEVCENGU CPF HTCOGU‚DKPQEWNCTU CPF VGNGUEQRGU‚ RJQVQITCRJKE ECOGTCU CPF CRRCTCVWU‚ RJQVQEQR[KPI CRRCTCVWU‚OKETQUEQRGU‚ GNGEVTQPKE KPUVTWOGPVU‚ YCVEJGU CPF ENQEMU‚ CPF RCTVU CPF CEEGUUQTKGU QH VJG HQTGIQKPIÔ

ÏÍÊ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP GNGEVTQPKEU IQQFU UGEVQTU ECP DG HQWPF KP #RRGPFKZ)Ò VCDNGU )"ÍÁC VJTQWIJ )"ÍÁFÔ

ÏÍÂ +P C HGY KPUVCPEGU 7Ô5Ô EQORCPKGU NQUV KPXGPVQTKGU QT RTQRGTV[ VJTQWIJ PCVKQPCNK\CVKQP D[ VJG%WDCP )QXGTPOGPV KP VJG Ï‰ÁÌUÒ DWV NQUUGU QH UKIPKHKECPV RTQFWEVKXG ECRCEKV[ YGTG PQV KFGPVKHKGFÔ #TGRTGUGPVCVKXG QH VJG TGEQTFKPI KPFWUVT[ UCKF VJCV VJG %WDCP )QXGTPOGPV JCF PCVKQPCNK\GF KVU TGEQTFKPIUVWFKQ CPF KPXGPVQTKGUÔ +PFWUVT[ TGRTGUGPVCVKXGÒ VGNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ XCTKQWU FCVGUÒ,WN[ ÎÌÌÌÔ

Á"Î‰

CFXCPVCIGUÔ 6JG UOCNN UK\G QH VJG OCTMGVÒ VJG NCEM QH CEEGUU VQ HKPCPEKPI CPF JCTFEWTTGPE[Ò CPF VJG RTGUGPEG QH NQYGT"EQUV EQORGVKVQTU CTG OCLQT NKOKVKPI HCEVQTUÔ 1VJGTHCEVQTU VJCV YQWNF EQPUVTCKP 7Ô5Ô GZRQTVU CPF KPXGUVOGPV KPENWFG TGNCVKXGN[ JKIJ NCDQTEQUVUÒ IQXGTPOGPV RCTVKEKRCVKQP KP DWUKPGUU QRGTCVKQPUÒ NCEM QH KPHTCUVTWEVWTGÒ CPFYGCM GPHQTEGOGPV QH KPVGNNGEVWCN RTQRGTV[ TKIJVUÔ

6TCFGCPF KPXGUVOGPV KP EQPUWOGT GNGEVTQPKEU IQQFUYQWNF DG GUUGPVKCNN[ WPCHHGEVGF KPVJG CDUGPEG QH UCPEVKQPUÔ )KXGP VJG UVCVG QH VJG %WDCP GEQPQO[Ò 7Ô5Ô RTQFWEGTU JCXGPQ RNCPU VQ KPXGUV KP RTQFWEVKQP QT CUUGODN[ HCEKNKVKGU KP VJG HQTGUGGCDNG HWVWTGÔÏÍ‰ 7Ô5ÔGZRQTVU QH EQPUWOGT GNGEVTQPKEU IQQFU CTG IGPGTCNN[ JKIJGT"GPF IQQFU CPF CTG PQVRTKEG EQORGVKVKXG KP NQY"KPEQOG EQWPVTKGUÒ UWEJ CU %WDCÔÏÈÌ /QUV %WDCP EQPUWOGTGNGEVTQPKEU IQQFU ıTCFKQUÒ VGNGXKUKQPUÒ ECNEWNCVQTUÒ CPF YCVEJGUÙ CTG CUUGODNGF KP%WDC HTQO RCTVU KORQTVGF HTQO #UKCÒ CPF QVJGT GNGEVTQPKEU IQQFUÒ UWEJ CURJQVQEQRKGTUÒ CTG KORQTVGFÒ OCKPN[ HTQO #UKCP RTQFWEGTUÔ .) 'NGEVTQPKEU QH -QTGCCPF 9GUVNCMG 'NGEVTQPKEU )TQWR QH %JKPC JCXG LQKPV XGPVWTGU KP %WDC RTQFWEKPIVGNGXKUKQPU HQT UCNG KP 7Ô5Ô FQNNCT TGVCKN UVQTGU CPF VQ JQVGNU CPF QVJGT VQWTKUV UGTXKEGDWUKPGUUGUÔÏÈÏ 2TQFWEVKQP KP VJGUG QRGTCVKQPU KU RTKPEKRCNN[ UOCNNGT UGVUvÎÌ KPEJUETGGPU QT UOCNNGTvVJCV CTG PQV OCPWHCEVWTGF KP VJG 7PKVGF 5VCVGUÔ ,CRCPrU %CUKQUWRRNKGU RCTVU HQT GNGEVTQPKEU IQQFU CUUGODN[ KP %WDC CPF 5JCTR CPF %CPQP RTQFWEVUCTG UQNF VJTQWIJ FKUVTKDWVGTUÔÏÈÎ 'XGP KH VJGTG YGTG CXCKNCDNG FKURQUCDNG KPEQOG KP%WDCÒ VJG 7PKVGF 5VCVGU YQWNF UGG PQ KPETGCUG KP GZRQTVU QH 8*5 XKFGQ VCRGU QTTGEQTFGTU DGECWUG %WDCP %WUVQOU 4GUQNWVKQP Í"ÎÌÌÌ RTQJKDKVU KORQTVU QHRTGTGEQTFGF CPF DNCPM 8*5 XKFGQ VCRGU HTQO VJG 7PKVGF 5VCVGUÔ +P CFFKVKQPÒ %WDCPEKVK\GPU CTG PQV CNNQYGF VQ RWTEJCUG 8*5 XKFGQ VCRG RNC[GTÓTGEQTFGTU QT UCVGNNKVGFKUJGU VJCV ECP TGEGKXG 7Ô5Ô VGNGXKUKQP DTQCFECUVUÔÏÈÍ

7Ô5Ô EQORCPKGU CTG COQPI VJG NCTIGUV RTQFWEGTU QH VGNGEQOOWPKECVKQPU PGVYQTMKPIGSWKROGPV KP VJG YQTNFÒ DWV KP VJG CDUGPEG QH UCPEVKQPU KV KU PQV NKMGN[ VJCV 7Ô5Ô RTQFWEVUYQWNF OCMG WR C UKIPKHKECPV RQTVKQP QH CPPQWPEGF GZRGPFKVWTGU QH 'ORTGUC FG6GNGEQOWPKECEKQPGU FG %WDC ı'6'%5#ÙÔ 6JGTG CTG OCP[ TGCUQPU HQT VJKUÔ (KTUVÒ VJG

ÏÍ‰ +PFWUVT[ TGRTGUGPVCVKXGUÒ TGURQPUGU VQ 75+6% UWTXG[Ò ,WN["#WIÔ ÎÌÌÌÔÏÈÌ (QT GZCORNGÒ 7Ô5Ô GZRQTVU QH VGNGXKUKQPU CTG CXGTCIG"XCNWGF CV OQTG VJCP ˘ÎÌÌ GCEJÒ DWV 7Ô5Ô

KORQTVU QH VGNGXKUKQPU HTQO%JKPC CXGTCIG NGUU VJCP ˘‰Ì‚7Ô5Ô GZRQTVU QH RQTVCDNG TCFKQU JCXG CPCXGTCIGXCNWG QH ˘ÊÌ DWV 7Ô5Ô KORQTVUÒ RTKOCTKN[ HTQO #UKC CXGTCIG NGUU VJCP ˘ÎÌ GCEJÔ 1HHKEKCN UVCVKUVKEU QH VJG7Ô5Ô &GRCTVOGPV QH %QOOGTEGÔ

ÏÈÏ 7Ô5Ô"%WDC 6TCFG CPF'EQPQOKE%QWPEKNÒ +PEÔÒ s.)'NGEVTQPKEU 5CNGU 'ZEGGF75˘ÏÏ/KNNKQP&WTKPI(KTUV *CNH QH Ï‰‰‰Òt 'EQPQOKE '[G QP %WDCÒ #WIÔ ‰"ÏËÒ Ï‰‰‰Ò CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓG[GQP\ÍÁÔJVONÒ TGVTKGXGF 5GRVÔ ÎÁÒ ÎÌÌÌ‚ s%JKPGUG"%WDCP LQKPV XGPVWTG UGGMU VQ ECRVWTG VGNGEQOUOCTMGVÒt %WDC0GYUÒ ,WPG ÎÌÌÌ‚ s0GY%WDCP 68 5GV .KPG VQ $GIKP 1RGTCVKPIÒt %WDCP 'EQPQOKE0GYUÒPQÔ ÎÒ 0QXÔ ËÒ Ï‰‰ÂÒ CV JVVR„ÓÓYYYÔEWDCDK\ÔEQOÒ TGVTKGXGF #WIÔ ÈÒ ÎÌÌÌ‚ %WDCP )QXGTPOGPVTGRTGUGPVCVKXGUÒ KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ 0GY ;QTMÒ ,WN[ ÊÒ ÎÌÌÌÔ

ÏÈÎ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ s.) 'NGEVTQPKEU 5CNGU 'ZEGGF 75 ˘ÏÏ /KNNKQP&WTKPI (KTUV *CNH QH Ï‰‰‰Òt 'EQPQOKE '[G QP %WDCÒ #WIÔ ‰"ÏËÒ Ï‰‰‰Ò CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓG[GQP\ÍÁÔJVONÒ TGVTKGXGF 5GRVÔ ÎÁÒ ÎÌÌÌÒ CPF s4GCNKVKGU QH /CTMGV%WDCÒt CVJVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓOCTMGVÔJVONÒ TGVTKGXGF 1EVÔ ËÒ ÎÌÌÌÔ

ÏÈÍ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ s8*5 8KFGQ 6CRGU HTQO VJG 7PKVGF 5VCVGU2TQJKDKVGFÒt ÎÌÌÌ %QOOGTEKCN *KIJNKIJVUÒ CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓÎÌÌÌJNKIJVUÔJVONÒ TGVTKGXGF5GRVÔ ÎÁÒ ÎÌÌÌ‚ .CTT[ 2TGUUÒ s6JG +PVGTPGV KP %WDCÒt EJÔ KP /15#+% )TQWRÒ 6JG )NQDCN &KHHWUKQP QH VJG+PVGTPGVÒ 2TQLGEV +Ò /CTÔ Ï‰‰ÂÒ CV JVVR„ÓÓUQOÔEUWFJÔGFWÓHCEÓNRTGUUÒ TGVTKGXGF 1EVÔ ÂÒ ÎÌÌÌÔ

Á"ÍÌ

CEVWCN KPXGUVOGPV KP GSWKROGPV OC[ DG NGUU VJCP CPPQWPEGF DGECWUG KV OC[ KPENWFGUWRRNKGT ETGFKVUÒ FQPCVGF GSWKROGPVÒ KPXGUVOGPV EQPVKPIGPV QP HWVWTG GXGPVUÒ CPFGZKUVKPI CUUGVU TCVJGT VJCP HTGUJ KPXGUVOGPVÔÏÈÈ 5GEQPFÒ '6'%5# CPF 56'6 PGGF VQGPUWTG VJG KPVGTQRGTCDKNKV[ QH VJGKT PGVYQTM CPF YKNN NKMGN[ OCMG PGY GSWKROGPVRWTEJCUGU HTQO RTGXKQWU UWRRNKGTUÒ UWEJ CU VJG TGEGPV RWTEJCUG QH PGVYQTM GSWKROGPVHTQO <[:GN QH 6CKYCPÔÏÈË 'SWKROGPV HTQO 'WTQRG CPF #UKC KU ETGCVKPI CP GODGFFGFDCUG QH PQP"7Ô5Ô VGNGEQOOWPKECVKQPU GSWKROGPV KP %WDC KPVQ YJKEJ UGTXKEG RTQXKFGTUCTG TGNWEVCPV VQ KPVTQFWEG PGY UWRRNKGTUÔÏÈÁ 6JKTFÒ VJG ITQYKPI TGNCVKQPUJKR DGVYGGP%JKPC CPF %WDC KU NKMGN[ VQ DGPGHKV %JKPGUG OCPWHCEVWTGTU QH VGNGEQOOWPKECVKQPUGSWKROGPVÔÏÈÊ

+P VJG OWEJ UOCNNGT EGNNWNCT VGNGEQOOWPKECVKQPU UGEVQTÒ 7Ô5Ô RTQFWEGTU CTG WPNKMGN[ VQHCTG DGVVGT VJCP 7Ô5Ô PGVYQTMKPI GSWKROGPV RTQFWEGTU DGECWUG QH VJG UOCNN OCTMGVCPF DGECWUG QH VJG GZKUVGPEG QH %WDCEGN ıC LQKPV XGPVWTG DGVYGGP '6'%5#Ò 5JGTTKVVÒCPF QVJGT HQTGKIP HKTOUÙÒ YJKEJ EWTTGPVN[ QRGTCVGU VJG EGNNWNCT VGNGRJQPG U[UVGO KP%WDCÔÏÈÂ %GNNWNCT UGTXKEGU CTG NKOKVGF OCKPN[ VQ IQXGTPOGPVÒ VQWTKUOÒ CPF HQTGKIPEWUVQOGTU CPF JCF QPN[ ËÒÌÌÌ UWDUETKDGTU KP Ï‰‰‰ÔÏÈ‰ # EQPUVTCKPV QP VJG UK\G QH VJGOCTMGV KU VJG %WDCP )QXGTPOGPV RTGHGTGPEG HQT YKTGNKPG VGNGEQOOWPKECVKQPU UGTXKEGQXGT EGNNWNCTÔÏËÌ +P CFFKVKQPÒ 'WTQRGCPU UWRRNKGTU HKNN VJG NCTIGUV RQTVKQP QH VJG EGNNWNCTOCTMGV KP %WDCÒ UQ VJG 'WTQRGCP UVCPFCTFÒ )5/Ò KU GZRGEVGF VQ RTGXCKN QXGT 7Ô5ÔUVCPFCTFUÔÏËÏ 6JG EJQKEG QH UVCPFCTF KU NKMGN[ VQ KPHNWGPEG VJG EJQKEG QH GSWKROGPVRTQXKFGTUÔ

5GXGTCN HCEVQTU NKOKV VJG NKMGNKJQQF QH 7Ô5Ô GNGEVTQPKEU IQQFU EQORCPKGU OCMKPIUKIPKHKECPV KPXGUVOGPVU KP %WDCÔ 6JG NCEM QH CP CFGSWCVG VGNGEQOOWPKECVKQPUKPHTCUVTWEVWTG CPF C TGNKCDNG UQWTEG QH GNGEVTKEKV[ OCMGU RTQFWEVKQP CPF FGNKXGT[ QH

ÏÈÈ .CTT[ 2TGUUÒ s%WDCP 6GNGEQOOWPKECVKQP +PHTCUVTWEVWTG CPF +PXGUVOGPVÒt%WDC KP 6TCPUKVKQPv8QNWOG ÁÒ ı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÁÙÒRÔ ÏËÎÔ

ÏÈË 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ s<[:GN QH 6CKYCP 5GNNU 6GNGEQOOWPK" ECVKQPU'SWKROGPV VQ %WDCÒt ÎÌÌÌ %QOOGTEKCN *KIJNKIJVUÒ CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓ ÎÌÌÌJNKIJVUÔJVONÒTGVTKGXGF 5GRVÔ ÎÁÒ ÎÌÌÌÔ

ÏÈÁ ,QG)TGGPÒ &KTGEVQT HQT .CVKP #OGTKECP 5CNGUÒ %CVGTRKNNCTÒ +PEÔÒ VGUVKOQP[ DGHQTG VJG75+6%Ò5GRVÔÏÍÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÈÌÁÔ

ÏÈÊ %JKPC JCU GUVCDNKUJGF C LQKPV XGPVWTG KP %WDC VQ RTQFWEG VGNGRJQPGU CPF VGNGEQOOWPKECVKQPUGSWKROGPVÒ RTQXKFGF ˘ÎÌÌ OKNNKQP KP UQHV ETGFKVU HQT VJG RWTEJCUG QH %JKPGUG VGNGEQOOWPKECVKQPUGSWKROGPVÒ EQPVTCEVGF YKVJ '6'%5# VQ UWRRN[ ˘ÍÌÌ OKNNKQP KP VGNGEQOOWPKECVKQPU GSWKROGPVÒ CPFFQPCVGF CPF KPUVCNNGF C FKIKVCN VGNGEQOOWPKECVKQPU U[UVGO KP %WDCÔ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE%QWPEKNÒ +PEÔÒ s(KPNKPG 6GEJPQNQIKGU QH %CPCFC 5KIPU #ITGGOGPV HQT 9KTGNGUU %CDNGÒt ÎÌÌÌ %QOOGTEKCN*KIJNKIJVUÒ CV JVVR„ÓÓYYYÔEWDCVTCFGÔ QTIÓÎÌÌÌJNKIJVUÔJVONÒ TGVTKGXGF 5GRVÔ ÎÁÒ ÎÌÌÌ‚ ,QJP 5Ô -CXWNKEJÒ2TGUKFGPVÒ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌ RRÔÏËË"Á‚ %WDCP )QXGTPOGPV TGRTGUGPVCVKXGUÒ KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ 0GY ;QTMÒ ,WN[ ÊÒ ÎÌÌÌÔ

ÏÈÂ 6JG VGNGEQOOWPKECVKQPU UGTXKEGU UGEVQT KU FKUEWUUGF KP EJCRVGT ÈÔÏÈ‰7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE%QWPEKNÒ +PEÔÒ s(KPNKPG 6GEJPQNQIKGU QH %CPCFC 5KIPU #ITGGOGPV

HQT 9KTGNGUU %CDNGÒt ÎÌÌÌ %QOOGTEKCN *KIJNKIJVUÒ CV JVVR„ÓÓYYYÔEWDCVTCFGÔ QTIÓÎÌÌÌJNKIJVUÔJVONÒTGVTKGXGF 5GRVÔ ÎÁÒ ÎÌÌÌ‚ 2JKNKR 2GVGTUÒ s)QKPI 2NCEGUv'OGTIKPI /CTMGVU 4QWPFWRÒt 9KTGNGUU 9GGM+PVGTPCVKQPCNÒ ,WPG ÎÎÒ Ï‰‰ÂÒ CV JVVR„ÓÓYYYÔYKTGNGUUYGGMÔ EQOÓKPVNÓGOIKQPIÔJVOÒ TGVTKGXGF 1EVÔ ËÒÎÌÌÌÔ

ÏËÌ %WDCP )QXGTPOGPV TGRTGUGPVCVKXGUÒ KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ 0GY ;QTMÒ ,WN[ ÊÒ ÎÌÌÌÔÏËÏ +DKFÔ

Á"ÍÏ

RTQFWEVUÒ GURGEKCNN[ UQHVYCTGÒ WPTGNKCDNGÔÏËÎ +PCFGSWCVG RTQVGEVKQP QH KPVGNNGEVWCNRTQRGTV[ TKIJVU KU C OCLQT QDUVCENG VQ KPXGUVOGPV KP %WDCÔ 6JGTG JCXG DGGP TGRQTVU QHRTQFWEVU DGKPI TGXGTUG GPIKPGGTGF CPF EQRKGF D[ %WDCP OCPWHCEVWTGTUÔÏËÍ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ VJG %WDCP GNGEVTQPKEU IQQFU UGEVQT YCUWPFGXGNQRGF CPF KP VJG GPUWKPI FGECFGU JCU NCIIGF VJG FGXGNQROGPV QH VJGGNGEVTQPKEU IQQFU UGEVQTU KP QVJGT EQWPVTKGU YKVJ EQORCTCDNG TGUQWTEGUÔ 6JG 7PKVGF5VCVGU YCU VJG RTKPEKRCN UWRRNKGT QH GNGEVTQPKEU IQQFU VQ %WDCÒ CPF CHVGT VJG UCPEVKQPUYGTG KORQUGFÒ %WDC YCU HQTEGF VQ HKPF PGY UQWTEGUÒ UWEJ CU 5QXKGV DNQE CPF'WTQRGCP EQWPVTKGUÒ #UKCÒ CPF .CVKP #OGTKECÔ #EEQTFKPI VQ %WDCP QHHKEKCNUÒ UCPEVKQPUJCXG KPETGCUGF HTGKIJV EJCTIGU DGECWUG KORQTVU OWUV DG VTCPURQTVGF QXGT ITGCVGTFKUVCPEGU CPF DGECWUG UJKRU UVQRRKPI KP %WDC CTG RTQJKDKVGF HTQO GPVGTKPI 7Ô5Ô RQTVUYKVJKP ÏÂÌ FC[UÔ +P CFFKVKQPÒ OQUV QH VJG GSWKROGPV KU DQWIJV KPFKTGEVN[ KP VJKTF"EQWPVT[OCTMGVU CPF UKPEG UWRRNKGTU MPQY %WDC JCU NKOKVGF UQWTEGUÒ VJGUG UWRRNKGTU ECPEJCTIG JKIJGT RTKEGUÔÏËÈ 5CPEVKQPU JCXG CNUQ KPHNWGPEGF VJG SWCNKV[ QH VJG GNGEVTQPKEUIQQFU VJCV GPVGT %WDCÔ $GECWUG QH UCPEVKQPUÒ %WDC JCU DGGP WPCDNG VQ RWTEJCUGGSWKROGPV EQORCVKDNG YKVJ 7Ô5Ô GSWKROGPV KPUVCNNGF RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPUCPF JCU NKOKVGF CEEGUU VQ VJG NCVGUV VGEJPQNQIKGUÔÏËË

+V KU PQV NKMGN[ VJCV VJG %WDCP GNGEVTQPKEU IQQFU UGEVQT YQWNF RQUG C VJTGCV VQ VJG 7Ô5ÔGNGEVTQPKEU IQQFU KPFWUVT[ QT VQ 7Ô5Ô UWRRNKGTU QH KORQTVGF IQQFU KP VJG CDUGPEG QHUCPEVKQPUÔ 'NGEVTQPKEU IQQFU GZRQTVU HTQO %WDC CTG OKPKOCN CPF CTG PQVVGEJPQNQIKECNN[ EQORGVKVKXG YKVJ 7Ô5Ô"OCPWHCEVWTGF GSWKROGPV QT YKVJ OQUV 7Ô5ÔKORQTVUÔ +P CFFKVKQPÒ DGECWUG QH VJG JKIJ EQUV QH NCDQT KP%WDC TGNCVKXG VQ VJG RTKEG QH VJGIQQFU OCPWHCEVWTGFÒ %WDCP"RTQFWEGF GNGEVTQPKEU IQQFU CTG PQV RTKEG EQORGVKVKXGYKVJ 7Ô5Ô KORQTVU HTQO #UKCÒ /GZKEQÒ CPF QVJGT %CTKDDGCP CPF %GPVTCN #OGTKECPEQWPVTKGUÔ (QT VJG TGCUQPU UVCVGF KP VJG RTGXKQWU UGEVKQPÒ 7Ô5Ô GZRQTVU VQ %WDC CTG PQVGZRGEVGF VQ DG UWDUVCPVKCNÒ GURGEKCNN[ KP VJG PGCT VGTOÔ 7Ô5Ô KPFWUVT[ UQWTEGU GUVKOCVGVJCV KV YQWNF VCMG 7Ô5Ô EQORCPKGU Á OQPVJU VQ Î [GCTU VQ GXCNWCVG VJG %WDCP OCTMGVÒWPFGTUVCPF KVU TGIWNCVKQPUÒ CPF FGXGNQR COCTMGVKPI UVTCVGI[ HQT UGNNKPI KP %WDCÔÏËÁ#UC TGUWNV QH VJGUG HCEVQTU CPF VJQUG FGUETKDGF KP VJG RTGXKQWU UGEVKQPUÒ GUVKOCVGU QH 7Ô5ÔGNGEVTQPKEU IQQFU KORQTV OCTMGV UJCTG KP %WDC CTG IGPGTCNN[ DGNQY ÏÌ RGTEGPVÒ QT NGUUVJCP ˘ÎÌ OKNNKQPÔ 6JG UOCNN UK\G QH VJG %WDCP OCTMGV YCU EKVGF D[ UGXGTCN 7Ô5Ô

ÏËÎ)QXGTPOGPV QH %CPCFCÒ&GRCTVOGPV QH (QTGKIP #HHCKTU CPF +PVGTPCVKQPCN 6TCFGÒ%WDC„#)WKFGHQT %CPCFKCP $WUKPGUUGUÒ ÎPF GFÔÒ ,WPG Ï‰‰‰Ò RÔ ÎÊÒ CV JVVR„ÓÓYYYÔFHCKV"OCGEKÔIEÔECÓIGQÓJVONAFQEWOGPVUÓEWDC"GÔJVOÒ TGVTKGXGF #RTÔ ÏÎÒ ÎÌÌÌ‚ 0GNUQP 2Ô 8CNFGU CPF /CTKQ #Ô 4KXGTCÒ s6JG2QNKVKECN 'EQPQO[QH VJG +PVGTPGV KP %WDCÒt%WDC KP 6TCPUKVKQPv8QNWOG‰Ò ı9CUJKPIVQP„#UUQEKCVKQP HQT VJG5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰‰ÙÒ RÔ ÏÈÂÔ

ÏËÍ )QXGTPOGPV QH %CPCFCÒ UGG PQVG ÏËÍÔÏËÈ %WDCP )QXGTPOGPV TGRTGUGPVCVKXGUÒ KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ 0GY ;QTMÒ ,WN[ ÊÒ ÎÌÌÌÔÏËË +DKFÔÏËÁ +PFWUVT[ TGRTGUGPVCVKXGUÒ TGURQPUGU VQ 75+6% UWTXG[Ò #WIÔ ÎÌÌÌÔ

Á"ÍÎ

EQORCPKGU CU KPUWHHKEKGPV VQ YCTTCPV KPXGUVOGPV KP RTQFWEVKQP ECRCEKV[ VQ UGTXG VJGFQOGUVKE OCTMGVÔÏËÊ

////GGGGFFFFKKKKEEEECCCCNNNN ))))QQQQQQQQFFFFUUUU

7Ô5Ô RTQFWEVKQP QH OGFKECN IQQFU COQWPVGF VQ ˘ÍÏÔË DKNNKQP KP Ï‰‰‰Ò ÈÌ RGTEGPV QHYJKEJ YCU GZRQTVGFÔ 6JG 7Ô5Ô OGFKECN IQQFU KPFWUVT[ JKUVQTKECNN[ JCU VTCFGF RTKOCTKN[YKVJ )GTOCP[Ò ,CRCPÒ CPF %CPCFCÔ *QYGXGTÒ 7Ô5Ô RTQFWEGTU QH EQOOQFKV[ OGFKECNIQQFU ıUWEJ CU VTCPUHWUKQP FGXKEGUÒ U[TKPIGUÒ CPF PGGFNGUÙ JCXG DGGP KPETGCUKPICUUGODN[ KP /GZKEQÒ &QOKPKECP 4GRWDNKEÒ CPF %QUVC 4KEC KP TGEGPV [GCTU VQ UCXG QPNCDQT EQUVUÔ 6JKU JCU NGF VQ KPETGCUGF 7Ô5Ô VTCFG YKVJ VJQUG EQWPVTKGU KP VJKU UGEVQTÔ

%WDCP RTQFWEVKQP QH OGFKECN IQQFU YCU CP GUVKOCVGF ˘Í OKNNKQP FQNNCTU KP Ï‰‰‰Ô+ORQTVU QH ˘ÎÌ OKNNKQP KP VJCV [GCTÒ EJKGHN[ HTQO )GTOCP[Ò 5RCKPÒ CPF ,CRCPÒ YGTGTGURQPUKDNG HQT OWEJ QH VJG %WDCP EQPUWORVKQP QH OGFKECN IQQFUÔ #NVJQWIJ VJG%WDCP UJCTG QH YQTNF RTQFWEVKQP KU UKIPKHKECPVN[ NGUU VJCP Ï RGTEGPVÒ %WDC JCUTGNCVKXGN[ YGNN"GFWECVGF JGCNVJ ECTG YQTMGTUÒ CPF UQOG QHHKEKCNU DGNKGXG VJCV %WDCEQWNF UGTXG CU C UKVG HQT NQY"EQUV CUUGODN[ QH EQOOQFKV[OGFKECN IQQFU HQT7Ô5Ô"DCUGFHKTOU KP VJG HWVWTGÒ UKOKNCT VQ UKVGU GUVCDNKUJGF TGEGPVN[ D[ 7Ô5Ô HKTOU KP QVJGT %CTKDDGCPPCVKQPUÔÏËÂ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU/CLQT 7Ô5Ô OGFKECN IQQFU RTQFWEGTU GZRQTVGF VQ %WDC RTKQT VQ VJG KORQUKVKQP QHUCPEVKQPUÒÏË‰ YQWNF JCXG EQPVKPWGF VQ GZRQTV VQ %WDC KH VJG UCPEVKQPU JCF PQV DGGPKORQUGFÔ #NVJQWIJ UWEJ GZRQTVU CEEQWPVGF HQT QXGT ÁÌ RGTEGPV QH %WDCP EQPUWORVKQPQH OGFKECN IQQFU RTKQT VQ UCPEVKQPUÒ VJG[ TGRTGUGPVGF NGUU VJCP Ï RGTEGPV QH VQVCN 7Ô5ÔGZRQTVUÔ (WTVJGTÒ CV XCTKQWU VKOGU VJTQWIJQWV VJG RGTKQF QH VJG 7Ô5Ô UCPEVKQPUÒ 7Ô5ÔGZRQTVU CPF FQPCVKQPU QH OGFKECN IQQFU YGTG CNNQYGFÒ CNVJQWIJ UWEJ GZRQTVU YGTGUWDLGEV VQ UVTKEV NKEGPUKPI TGSWKTGOGPVUÒ YJKEJ TGFWEGF VJGKT HNQYÔÏÁÌ 6JGTGHQTGÒ 7Ô5ÔUCPEVKQPU JCF NKVVNG GHHGEV QP QXGTCNN 7Ô5Ô OGFKECN IQQFU GZRQTVUÒ CPF FGOCPF ITQYVJHQT OGFKECN IQQFU KP 'WTQRGÒ #UKCÒ CPF .CVKP #OGTKEC OQTG VJCP OCFG WR HQT VJGFGENKPG KP 7Ô5Ô GZRQTVU VQ %WDCÔÏÁÏ 7Ô5Ô RTQFWEVKQP CPF GORNQ[OGPV YGTG CNUQ NKVVNGCHHGEVGF D[ VJG KORQUKVKQP QH UCPEVKQPUÔ

ÏËÊ +PFWUVT[ TGRTGUGPVCVKXGUÒ TGURQPUGU VQ 75+6% UWTXG[Ò ,WPG",WN[ ÎÌÌÌÔÏËÂ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP OGFKECN IQQFU UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò

VCDNGU )"ÍÊC VJTQWIJ )"ÍÊFÔÏË‰ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ %QOOKUUKQP UVCHHÒ ,WPG ÏË CPF ÎÂÒ ÎÌÌÌ‚ CPF

+ORCEV QH VJG 7Ô5Ô 'ODCTIQ QP *GCNVJ CPF 0WVTKVKQP KP %WDC ı9CUJKPIVQPÒ &%„ #OGTKECP #UUQEKCVKQP QH9QTNF *GCNVJ„ 9CUJKPIVQPÒ &%Ò Ï‰‰ÊÙÒ RRÔ ÈË"ÊÍÔ

ÏÁÌ +ORCEV QH VJG 7Ô5Ô 'ODCTIQ QP *GCNVJ CPF 0WVTKVKQP KP %WDCÒ RRÔ Í"ÏÌÒ UGG PQVG ÏÁÌ‚ CPF 2CWNC5VGTPÒ 6JG 5VGTP )TQWRÒ +PEÔÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÁÈÔ

ÏÁÏ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ %QOOKUUKQP UVCHHÒ ,WPG ÏË CPF ÎÂÒ ÎÌÌÌÔ

Á"ÍÍ

6JG7Ô5ÔOGFKECN IQQFU KPFWUVT[ FKF PQV HCEG KORQTV EQORGVKVKQP HTQO%WDC RTKQT VQ VJGKORQUKVKQP QH UCPEVKQPU PQT YQWNF KV JCXG GPEQWPVGTGF UWEJ EQORGVKVKQP KH UCPEVKQPUJCF PQV DGGP KORQUGFÔÏÁÎ 6JG 7Ô5Ô OGFKECN IQQFU KPFWUVT[ JCU JKIJ TGIWNCVQT[ÒECRKVCNÒ CPF VGEJPQNQI[DCTTKGTU VQ GPVT[ÒYJKEJ RTQFWEGTU KP CNN DWV VJGOQUV CFXCPEGFEQWPVTKGU ıUWEJ CU VJG '7 EQWPVTKGU CPF ,CRCPÙ JCXG DGGP WPCDNG VQ UWTOQWPVÔ 6JG QPN[YC[ %WDCP GZRQTVU OKIJV JCXG KPETGCUGF YQWNF JCXG DGGP KH 7Ô5Ô OCPWHCEVWTGTUGUVCDNKUJGF NQY"YCIG CUUGODN[ QRGTCVKQPU KP %WDCÒ UWEJ CU VJG[ JCXG KP &QOKPKECP4GRWDNKE HQT EGTVCKP EQOOQFKV[ JQURKVCN UWRRNKGUÔÏÁÍ

6JG 7Ô5Ô OGFKECN IQQFU UGEVQT YQWNF DG ECRCDNG QH GZRQTVKPI VQ %WDC KP VJG CDUGPEGQH 7Ô5Ô UCPEVKQPUÔ %WDCrU JGCNVJ ECTG KPHTCUVTWEVWTG IGPGTCNN[ KU XGT[ CPVKSWCVGF CPFTGSWKTGU C DTQCF TCPIG QH OGFKECN IQQFUÒ KPENWFKPI CFXCPEGF OGFKECN KOCIKPI CPFQVJGT GNGEVTQOGFKECN GSWKROGPVÒ OGFKECN KPUVTWOGPVUÒ CPF EQOOQFKV[ JQURKVCNUWRRNKGUÒ UWEJ CU PGGFNGUÒ U[TKPIGUÒ CPF ECVJGVGTUÔÏÁÈ +P CFFKVKQPÒ UGXGTCN TGNCVKXGN[CFXCPEGF IQXGTPOGPV"QYPGF OGFKECN EGPVGTU KP *CXCPC CPF QVJGT RCTVU QH %WDCVJCV UGTXG HQTGKIP RCVKGPVU ıKP YJCV KU MPQYP CU sJGCNVJ VQWTKUOtÙÒÏÁË YQWNF CNUQ DG CUQWTEG QH FGOCPF HQT 7Ô5Ô"OCFG OGFKECN GSWKROGPVÔ 9JGVJGT 7Ô5Ô RTQFWEGTU YQWNFGZRQTV VQ %WDC KP VJG CDUGPEG QH UCPEVKQPU YQWNF NCTIGN[ DG FGVGTOKPGF D[ %WDCrUCDKNKV[ VQ RC[ HQT UWEJ GZRQTVUÔ (KPCPEKPI YQWNF DG GURGEKCNN[ KORQTVCPV HQT RWTEJCUGUQH TGNCVKXGN[ GZRGPUKXG GSWKROGPVÒ UWEJ CU OCIPGVKE TGUQPCPEG CPF QVJGTJKIJ"VGEJPQNQI[ KOCIKPI GSWKROGPVÔÏÁÁ 6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QHOGFKECN IQQFU VQ %WDC KP VJG CDUGPEG QH UCPEVKQPU TCPIG YQWNF VQVCN ˘Á OKNNKQP VQ ˘ÂOKNNKQP CPPWCNN[Ò DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ C XGT[ UOCNN UJCTG QH VQVCN7Ô5Ô GZRQTVU QH OGFKECN IQQFUÔ

5QOG 7Ô5Ô EQORCPKGU VJCV CNTGCF[ GZRQTV VQ %CTKDDGCP CPF .CVKP #OGTKECP EQWPVTKGUTGRQTV VJCV VJG[ YQWNF RTQDCDN[ GZRQTV VQ %WDCÒ CNVJQWIJ VJCV EQWPVT[ YQWNF CEEQWPVHQT C PGINKIKDNG UJCTG QH VJGKT VQVCN GZRQTVUÔÏÁÊ #P QHHKEKCN QH C VTCFG CUUQEKCVKQPTGRTGUGPVKPI UOCNNGT 7Ô5Ô OGFKECN IQQFU RTQFWEGTU UVCVGF VJCV GXGP HKTOU YKVJ NKVVNGGZRQTV GZRGTKGPEG HKPF KPVTKIWKPI VJG RQUUKDKNKV[ QH GZRCPFGF VTCFG YKVJ %WDCÔÏÁÂ 1PGVTCFG EQPUWNVCPV KPFKECVGF VJCV 7Ô5Ô OGFKECN RTQFWEV GZRQTVU VQ %WDC GXGPVWCNN[ EQWNFECRVWTG C UKIPKHKECPV UJCTG QH %WDCrU KORQTV OCTMGVÔÏÁ‰ 5JG UVCVGF VJCV VJGTG KU

ÏÁÎ +DKFÔÒ ,WPG ÏËÒ ÎÌÌÌÔÏÁÍ +DKFÔÒ ,WPG ÏË CPF ÎÂÒ ÎÌÌÌÔÏÁÈ # UVWF[ D[ VJG #OGTKECP #UUQEKCVKQP HQT 9QTNF *GCNVJ KPFKECVGF VJCV OGFKECN UGTXKEGU CPF

UWRRNKGU CXCKNCDNG KP %WDC CTG XGT[ NKOKVGFÔ +ORCEV QH VJG 7Ô5Ô 'ODCTIQ QP *GCNVJ CPF0WVTKVKQP KP %WDCı9CUJKPIVQPÒ &%„ #OGTKECP #UUQEKCVKQP QH 9QTNF *GCNVJ„ 9CUJKPIVQPÒ &%Ò Ï‰‰ÊÙÒ RRÔ ÈË"ÊÍÔ

ÏÁË .C\CTQ #NXCTG\Ò %QOOKVVGG %JCKTOCPÒ 7PKVGF %WDCP 1TICPK\CVKQPÒ VGUVKOQP[ DGHQTG%QOOKUUKQPÒ 5GRVÔ Ï‰Ò ÎÌÌÌ‚ s1PG 6JKPI %WDC &QGU 4KIJVÒt 'EQPQOKUVÒ 5GRVÔ ÊÒ Ï‰‰ÁÒ RÔ ÈÎ‚ CPF s%WDC„0QV *GTGÒt 'EQPQOKUVÒ /C[ ÂÒ Ï‰‰‰Ò RRÔ ÎÂ"Î‰Ô

ÏÁÁ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ %QOOKUUKQP UVCHHÒ ,WPG Î‰ CPF ,WN[ ÏÏÒ ÎÌÌÌÔÏÁÊ +DKFÔÒ ,WPG ÏËÒ ÎÌÌÌÔÏÁÂ 9Ô $TCFHQTF )CT[Ò /GODGTÒ $QCTF QH &KTGEVQTUÒ /GFKECN &GXKEG /CPWHCEVWTGTU #UUQEKCVKQPÒ

VGUVKOQP[ DGHQTG VJG 5WDEQOOKVVGG QP 6TCFGÒ %QOOKVVGG QP9C[U CPF/GCPUÒ JGCTKPI QP 7Ô5Ô 'EQPQOKECPF 6TCFG 2QNKE[ 6QYCTF %WDCÒ/C[ ÊÒ Ï‰‰ÂÒ ÏÌËVJ %QPIÔÒ ÎPF UGUUÔÒ Ï‰‰ÂÒ UGTKCN ÏÌË"ÊÍ ı9CUJKPIVQPÒ&%„ )21Ò Ï‰‰‰ÙÒ RÔ ÏÏÂÔ

ÏÁ‰ 2CWNC 5VGTPÒ s6JG +ORCEV QP VJG 7Ô5Ô 'EQPQO[ QH .KHVKPI VJG (QQF CPF /GFKECN 'ODCTIQ QP%WDCÒt 6JG 5VGTP )TQWRÒ RTGUGPVGF CV VJG 9QTNF 2QNKE[ +PUVKVWVG %QPHGTGPEG QP VJG &QOGUVKE 'EQPQOKE+ORCEV QH 7Ô5Ô 7PKNCVGTCN HQQF CPF /GFKECN 5CPEVKQPU„ %CUG 5VWF[ %WDCÒ ,WPG ÏËÒ ÎÌÌÌÒ RÔ ÏÎ"ÏÈÔ

Á"ÍÈ

RQVGPVKCN VQ KPETGCUG OGFKECN UCNGU VQ %WDCÒ EQPUKFGTKPI VJCV VJG %WDCP KORQTV OCTMGVJCU GZRGTKGPEGF UVGCF[ ITQYVJ UKPEG VJG FGXCUVCVKPI Ï‰Â‰"‰Í RGTKQFÔÏÊÌ 6YQ 7Ô5ÔEQORCPKGU KPFKECVGF VJCVÒ KH %WDCP )QXGTPOGPV JGCNVJ ECTG GZRGPFKVWTGU KPETGCUGFCPF HWPFKPI DGECOG CXCKNCDNGÒ KV YQWNF VCMG HTQO ÏÎ VQ ÎÈ OQPVJU DGHQTG VJGKT HKTOUEQWNF RTQHKV HTQO GZRQTVU VQ %WDCÔÏÊÏ 6JG IGPGTCN OCPCIGT QH /'&+%7$#Ò VJG %WDCPOGFKECN RTQFWEV KORQTV CIGPE[Ò GUVKOCVGF VJCV %WDCrU KORQTVU QH 7Ô5Ô OGFKECN IQQFUEQWNF COQWPV VQ ˘ËÌ OKNNKQP VQ ˘ÁÌ OKNNKQP KH UCPEVKQPU YGTG GNKOKPCVGFÒ CPF VJCVCOQWPV EQWNF TGCEJ ˘ÏËÌ OKNNKQP WPFGT EQPFKVKQPU QH TGNCVKXG GEQPQOKE TGEQXGT[ KP%WDCÒ CNVJQWIJ VJQUG HKIWTGU KPENWFGF RJCTOCEGWVKECNU CU YGNN CU QVJGT OGFKECNIQQFUÔÏÊÎ 6JG RTGUKFGPV QH /'&+%7$# UVCVGF CV C ,CPWCT[ ÎÌÌÌ 7Ô5Ô JGCNVJ ECTGGZJKDKVKQP KP *CXCPC VJCV VJG XCNWG QH VJG %WDCP OCTMGV HQT GZJKDKVGF 7Ô5Ô RTQFWEVUYQWNF DG ˘ÎË OKNNKQPÔ #PQVJGT GZRGTV UVCVGF VJCV KP VJG NQPIGT VGTOÒ VJG 7PKVGF 5VCVGUEQWNF GZRQTV OQTG VJCP ˘ÁÌÌ OKNNKQP KP C HWNN[ WPTGUVTKEVGF %WDCP VTCFGGPXKTQPOGPVÔÏÊÍ 1VJGT EQORCPKGU FKURWVG VJQUG HKIWTGU CPF KPFKECVG VJCV DGECWUG%WDCrU RQVGPVKCN OCTMGV KU UQ UOCNN CPF EWTTGPV GZRGPFKVWTGU QP JGCNVJ ECTG UQ NQYÒÏÊÈ

KV YQWNF PQV DG RTQHKVCDNG HQT VJGO VQ GZRQTV VQ VJCV EQWPVT[ HQT CV NGCUV C FGECFGÔÏÊË

1H VJG EQWPVTKGU VJCV EWTTGPVN[ GZRQTV OGFKECN IQQFU VQ %WDCÒ QPN[ )GTOCP[ CPF,CRCP YQWNF DG NKMGN[ VQ RTQXKFG UKIPKHKECPV EQORGVKVKQP VQ 7Ô5Ô UWRRNKGTU HQT OQUVIQQFUÒ KPENWFKPI CFXCPEGF OGFKECN KOCIKPI GSWKROGPVÒ QVJGT GNGEVTQOGFKECN IQQFUÒCPF EQOOQFKV[ JQURKVCN UWRRNKGUÔ 7Ô5Ô GZRQTVU YQWNF DGPGHKV HTQO FGOCPF HQT7Ô5Ô"OCFG OGFKECN IQQFU D[ %WDCP FQEVQTU CPF QVJGT JGCNVJ ECTG RTQHGUUKQPCNU YJQJCXG TGRQTVGF VJG[ NKMG VQ YQTM YKVJ 7Ô5Ô OGFKECN RTQFWEVU DGECWUG VJG[ VTWUV VJGETGFKDKNKV[ QH VJG 7Ô5Ô (QQF CPF &TWI #FOKPKUVTCVKQP ı(&#Ù CPF VJG OCPWHCEVWTKPIUVCPFCTFU QH 7Ô5Ô RTQFWEGTUÔÏÊÁ 6JG[ JCXG CNUQ DGEQOG CEEWUVQOGF VQ 7Ô5Ô OGFKECNGSWKROGPV QDVCKPGF VJTQWIJ FQPCVGF 7Ô5Ô OGFKECN RTQFWEVUÏÊÊ UJKRRGF VQ %WDC D[VJG %WDCP /GFKECN 2TQLGEVÒ VJG %CVJQNKE 4GNKGH (WPFÒ CPF QVJGT UOCNNGT EJCTKV[RTQLGEVUÔÏÊÂ 6TCFG DCTTKGTU VJCV EQWNF KORGFG 7Ô5Ô GZRQTVU VQ %WDC CTG QPGTQWUNKEGPUKPI TGUVTKEVKQPU CPF JGCNVJ CPF UCHGV[ TGIWNCVKQPU QH VJG %WDCP JGCNVJ OKPKUVT[Ò/KPKUVGTKQ FG 5CNWF 2WDNKECÒ CPF NCEM QH HWPFKPI HQT KORQTVGF OGFKECN IQQFUÔ

ÏÊÌ 2CWNC 5VGTPÒ 6JG 5VGTP )TQWRÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÏÍÂÔÏÊÏ 7Ô5Ô EQORCP[ QHHKEKCNUÒ VGNGRJQPG KPVGTXKGYU D[ %QOOKUUKQP UVCHHÒ ,WPG Î‰ CPF ,WN[ ÏÏÒ ÎÌÌÌÔÏÊÎ +ORCEV QH VJG 7Ô5Ô 'ODCTIQ QP *GCNVJ CPF 0WVTKVKQP KP %WDC ı9CUJKPIVQPÒ &%„ #OGTKECP

#UUQEKCVKQP QH 9QTNF *GCNVJ„ 9CUJKPIVQPÒ &%Ò Ï‰‰ÊÙÒ RRÔ ÈÁ"ÈÊ‚ CPF 2CWNC 5VGTPÒ s6JG +ORCEV QP VJG7Ô5Ô 'EQPQO[ QH .KHVKPI VJG (QQF CPF /GFKECN 'ODCTIQ QP %WDCÒt 6JG 5VGTP )TQWRÒ RTGUGPVGF CV VJG9QTNF 2QNKE[ +PUVKVWVG %QPHGTGPEG QP 6JG &QOGUVKE 'EQPQOKE +ORCEV QH 7Ô5Ô 7PKNCVGTCN HQQF CPF/GFKECN5CPEVKQPU„ %CUG 5VWF[ %WDCÒ ,WPG ÏËÒ ÎÌÌÌÒ RÔ ÏÎ"ÏÍÔ

ÏÊÍ7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE%QWPEKNÒ +PEÔÒ s7Ô5Ô *GCNVJECTG 'ZJKDKVKQP &GENCTGF 6TGOGPFQWU5WEEGUU D[ /'&+%7$#Òt ÎÌÌÌ %QOOGTEKCN *KIJNKIJVUÒ ,CPÔ ÎÌÌÌÒ CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÒTGVTKGXGF ,WN[ ËÒ ÎÌÌÌÒ RRÔ Ï"ÏÎ‚ CPF 2CWNC 5VGTPÒ UGG PQVG ÏÊÏÒ RÔ ÏÍÂÔ

ÏÊÈ s%WDC„ 0QV *GTGÒt 'EQPQOKUVÒ /C[ ÂÒ Ï‰‰‰Ò RRÔ ÎÂ"Î‰ÔÏÊË +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ %QOOKUUKQP UVCHHÒ ,WPG ÏË CPF ÎÌÒ ÎÌÌÌÔÏÊÁ +ORCEV QH VJG 7Ô5Ô 'ODCTIQ QP *GCNVJ CPF 0WVTKVKQP KP %WDC ı9CUJKPIVQPÒ &%„ #OGTKECP

#UUQEKCVKQP QH 9QTNF *GCNVJ„ 9CUJKPIVQPÒ &%Ò Ï‰‰ÊÙÒ RRÔ ÈË"ÊÍÔÏÊÊ 4C[OQPF %Ô 1HHGPJGKUGTÒ 2TGUKFGPVÒ 1ZHCO #OGTKECÒ VGUVKOQP[ DGHQTG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ

VTCPUETKRVÒ RÔ ÍÈÌÔÏÊÂ 2CWNC 5VGTPÒ s6JG +ORCEV QP VJG 7Ô5Ô 'EQPQO[ QH .KHVKPI VJG (QQF CPF /GFKECN 'ODCTIQ QP

%WDCÒt 6JG 5VGTP )TQWRÒ RTGUGPVGF CV VJG 9QTNF 2QNKE[ +PUVKVWVG %QPHGTGPEG QP 6JG &QOGUVKE 'EQPQOKE+ORCEV QH 7Ô5Ô 7PKNCVGTCN HQQF CPF /GFKECN 5CPEVKQPU„ %CUG 5VWF[ %WDCÒ ,WPG ÏËÒ ÎÌÌÌÒ RÔ ÏÎ"ÏÈÔ

Á"ÍË

5QOG 7Ô5Ô OCPWHCEVWTGTU QH EQOOQFKV[ OGFKECN UWRRNKGU KPFKECVG VJG[ OKIJV EQPUKFGTKPXGUVKPI KP NQY"YCIG CUUGODN[ HCEKNKVKGU KP %WDC CU VJG[ JCXG KP TGEGPV [GCTU KP/GZKEQÒ &QOKPKECP 4GRWDNKEÒ CPF %QUVC 4KECÔÏÊ‰ %WDC JCU YGNN"GFWECVGF JGCNVJ ECTGYQTMGTUÏÂÌ YJQUG YCIGU CTG TGNCVKXGN[ NQY EQORCTGF YKVJ VJQUG QH 7Ô5Ô YQTMGTU CPFYJQ YQWNF DG NKMGN[ VQ DG RTQFWEVKXG YQTMGTU KP UWEJ CUUGODN[ QRGTCVKQPUÔ 9JGVJGT7Ô5Ô EQORCPKGU YQWNF KPXGUV KP CUUGODN[ QRGTCVKQPU YQWNF FGRGPF QP JQY TCRKFN[%WDCrU GEQPQOKEÒ VTCPURQTVCVKQPÒ CPF JGCNVJ ECTG KPHTCUVTWEVWTGU FGXGNQR CPFYJGVJGT VJG %WDCP )QXGTPOGPV GPEQWTCIGU UWEJ KPXGUVOGPVÔÏÂÏ

+H UWEJ 7Ô5Ô KPXGUVOGPV QEEWTTGFÒ 7Ô5Ô VTCFGÒ RTKOCTKN[ KPVTCEQORCP[ VTCFGÒ YKVJ %WDCYQWNF TKUG CU 7Ô5Ô HKTOU GZRQTVGF EQORQPGPVU CPF UWDCUUGODNKGU QH OGFKECN IQQFU VQVJCV EQWPVT[ HQT HKPCN CUUGODN[ CPF RTQEGUUKPIÔÏÂÎ *QYGXGTÒ VJG COQWPV QH XCNWGCFFGF D[ %WDCP YQTMGTU VQ 7Ô5Ô"OCFG OGFKECN IQQFU EQORQPGPVU RTQDCDN[ YQWNFCEEQWPV HQT C XGT[ UOCNN RGTEGPVCIG QH VJG VQVCN XCNWG QH VJG HKPKUJGF RTQFWEVUÔ 2QUUKDN[HQTGKIP EQORGVKVQTU UWEJ CU VJG '7 QT ,CRCP YQWNF KPXGUV KP UKOKNCT CUUGODN[QRGTCVKQPU KP %WDC VQ GZRQTV VQ VJG 7PKVGF 5VCVGUÒ CNVJQWIJ VJG[ JCXG PQV FQPG UQ VQ CNCTIG GZVGPV KP /GZKEQÒ &QOKPKECP 4GRWDNKEÒ QT %QUVC 4KECÔ +P CP[ ECUGÒ VJG 7Ô5ÔKPFWUVT[ YQWNF DG JKIJN[ WPNKMGN[ VQ HCEG KORQTV EQORGVKVKQP HTQO %WDCP OGFKECNIQQFU RTQFWEGTUÔ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC$GECWUG %WDC NCEMGF C UKIPKHKECPV OGFKECN IQQFU KPFWUVT[Ò VJGTG YGTG PQ %WDCPGZRQTVU VQÒ QT KPXGUVOGPV KPÒ VJG 7PKVGF 5VCVGU RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÔ +V KUWPNKMGN[ VJCV VJGTGYQWNF JCXG DGGP UKIPKHKECPV %WDCP GZRQTVU VQ VJG7PKVGF 5VCVGU KH VJGUCPEVKQPU FKF PQV GZKUV UKPEG KV KU WPNKMGN[ VJCV C UKIPKHKECPV OGFKECN IQQFU KPFWUVT[YQWNFJCXG GOGTIGF FWTKPI VJG RGTKQF KP SWGUVKQPÔ 6JG QPN[ YC[ %WDCP GZRQTVU OKIJV JCXGKPETGCUGF KU KH 7Ô5Ô OGFKECN IQQFU HKTOU JCF KPXGUVGF KP NQY"EQUV CUUGODN[ QHEQOOQFKV[ OGFKECN IQQFU KP %WDC UKOKNCT VQ VJQUG KP &QOKPKECP 4GRWDNKE CPF %QUVC4KECÔ 6JWU VJG UCPEVKQPU JCF NKVVNG KORCEV QP VJG %WDCP KPFWUVT[rU RTQFWEVKQPÒ UCNGUÒEQUVUÒ QT GORNQ[OGPVÔ 6JG RTKOCT[ KORCEV QH VJG 7Ô5Ô UCPEVKQPU YCU VQ FKXGTV VJGUQWTEGU QH OGFKECN IQQFU KORQTVUÒ YJKEJ CEEQWPV HQT QXGT ‰Ì RGTEGPV QH %WDCPEQPUWORVKQP QH OGFKECN IQQFUÒ HTQO VJG 7PKVGF 5VCVGU VQ 'WTQRGCPÒ #UKCPÒ CPF 5QXKGVDNQE EQWPVTKGUÔ

2TKQT VQ KORQUKVKQP QH VJG UCPEVKQPUÒ KORQTV EQORGVKVKQP HTQO VJG 7PKVGF 5VCVGU CPF'WTQRG CPF NCEM QH VGEJPQNQIKECN ECRCDKNKVKGU KP %WDC RTGXGPVGF VJG FGXGNQROGPV QH CUKIPKHKECPV %WDCP KPFWUVT[Ô 5QOG %WDCP RTQFWEVKQP QH NQY"GPF EQOOQFKV[ OGFKECNIQQFU OKIJV JCXG KPETGCUGF PGINKIKDN[ FWG VQ VJG YKVJFTCYCN QH 7Ô5Ô EQORGVKVKQPÒTGUWNVKPI KP C UOCNN KPETGCUG KP%WDCP UCNGU CPF GORNQ[OGPV KP VJG UGEVQTÔ (QT KPUVCPEGÒQPG TGRQTV KPFKECVGU VJCV C %WDCP IQXGTPOGPV"QRGTCVGF EQORCP[ CUUGODNGF PWENGCT

ÏÊ‰ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ %QOOKUUKQP UVCHHÒ ,WPG ÏË CPF ÎÂÒ ÎÌÌÌÔÏÂÌ 5GG PQVG ÏÊÂÔÏÂÏ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ %QOOKUUKQP UVCHHÒ ,WPG ÏË CPF ÎÂÒ ÎÌÌÌÔÏÂÎ +DKFÔÒ ,WPG ÏËÒ ÎÌÌÌÔ

Á"ÍÁ

Z"TC[ CPF EQORWVGT CUUKUVGF VQOQITCRJ[ ı%#6Ù UECPPGTU YKVJ VJG OCLQTKV[ QH VJG RCTVURWTEJCUGF HTQO )GTOCP EQORCPKGUÔÏÂÍ

/CP[ KPFWUVT[ TGRTGUGPVCVKXGU DGNKGXG VJG CDUGPEG QH UCPEVKQPU YKNN JCXG NKVVNG KORCEVQP VJG %WDCP OGFKECN IQQFU KPFWUVT[ÔÏÂÈ #P[ KPETGCUG KP KORQTVU HTQO VJG 7PKVGF5VCVGU YQWNF RTQDCDN[ FKURNCEG 'WTQRGCP CPF #UKCP UWRRNKGTU TCVJGT VJCP %WDCPRTQFWEGTU UKPEG HQTGKIP UWRRNKGTU CEEQWPV HQT PGCTN[ ‰Ì RGTEGPV QH %WDCPEQPUWORVKQPÔ

*QYGXGTÒ C HGY7Ô5ÔOCPWHCEVWTGTU QH JKIJ"XQNWOG EQOOQFKV[OGFKECN RTQFWEVU JCXGKPFKECVGF VJCV VJG[ OKIJV EQPUKFGT GUVCDNKUJKPI NQY"EQUV CUUGODN[ QRGTCVKQPU KP %WDCUKOKNCT VQ VJQUG VJG[ JCXG KP QVJGT %CTKDDGCP EQWPVTKGUÔÏÂË +H CUUGODN[ QRGTCVKQPU CTGGUVCDNKUJGFÒ DQVJ %WDCP KORQTVU HTQOÒ CPF GZRQTVU VQÒ VJG 7PKVGF 5VCVGU YQWNFKPETGCUGÒ EQPUKUVKPI NCTIGN[ QH VJG KPVTCEQORCP[ UJKROGPVU QH VJG 7Ô5Ô HKTOU KPXGUVKPI KP%WDCÔÏÂÁ

%%%%GGGGOOOOGGGGPPPPVVVVÏÏÏÏÂÂÂÂÊÊÊÊ

6JG 7PKVGF 5VCVGU KU VJG YQTNFrU UGEQPF NCTIGUV RTQFWEGT QH EGOGPV ıDGJKPF %JKPCÙÒCEEQWPVKPI HQT CDQWV Ë RGTEGPV QH INQDCN RTQFWEVKQP KP Ï‰‰‰Ò CPF KU COQPI VJGYQTNFrUNCTIGT EQPUWOKPI EQWPVTKGUÔ %GOGPV RTQFWEVKQP KP VJG 7PKVGF 5VCVGU TGCEJGF ÂÎOKNNKQP VQPU KP Ï‰‰‰Ò YJKNG KORQTVU ıCEEQWPVKPI HQT CNOQUV ÎË RGTEGPV QH EQPUWORVKQPÙCOQWPVGF VQ ÎÈ OKNNKQP VQPUÔ %CPCFCÒ %JKPCÒ CPF 6JCKNCPF YGTG VJG RTKPEKRCN 7Ô5ÔUQWTEGU QH KORQTVGF EGOGPVÔ +ORQTV VTCPURQTVCVKQP EQUVU ıGZENWFKPI 7Ô5Ô KPNCPF EQUVUÙCXGTCIGF CDQWV QPG"SWCTVGT QH VJG VQVCN RTQFWEV EQUV FWTKPI Ï‰‰Ë"‰‰ÒÏÂÂ CPF KPNCPFVTCPURQTVCVKQP EQUVU CEEQWPV HQT CP GUVKOCVGF ÏÌ VQ ÎÌ RGTEGPV QH VJG FGNKXGT[ RTKEGÔÏÂ‰

#U C TGUWNVÒ EGOGPV KU EJCTCEVGTK\GF CU JCXKPI TGIKQPCN OCTMGVUÒ IGPGTCNN[ NKOKVGF VQ CÎÌÌ"OKNG TCFKWU QH KORQTV VGTOKPCNU CPF FQOGUVKE RTQFWEVKQP HCEKNKVKGUÔ 6JG 7PKVGF5VCVGU KU PQV C OCLQT UWRRNKGT QH EGOGPV VQ QVJGT EQWPVTKGU‚ CPF KP TGEGPV [GCTUÒ 7Ô5ÔGZRQTVU JCXG CEEQWPVGF HQT NGUU VJCP Ï RGTEGPV QH 7Ô5Ô RTQFWEVKQPÔ %GOGPV KU CNUQEJCTCEVGTK\GF CU C E[ENKECN KPFWUVT[ YKVJ FGOCPF FTKXGP D[ VJG NGXGN QH EQPUVTWEVKQPCEVKXKV[ YKVJKP VJG TGIKQPCN OCTMGVUÔ %WDC RTQFWEGF CPF KORQTVGF EGOGPV FWTKPI

ÏÂÍ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ s%#6 5ECP /CEJKPG #UUGODNGF KP %WDC $GIKPU1RGTCVKQPÒt 'EQPQOKE '[G QP %WDCÒ (GDÔ ÎÍ"/CTÔ ÏÒ Ï‰‰ÂÒ CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÒ TGVTKGXGF,WN[ ÏÎÒ ÎÌÌÌÒ RÔ ÊÔ

ÏÂÈ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU D[ %QOOKUUKQP UVCHHÒ ,WPG ÏË CPF ÎÂÒ ÎÌÌÌÔÏÂË +DKFÔÏÂÁ +DKFÔÏÂÊ %GOGPV KU C HWPIKDNG EQOOQFKV[Ò YKVJ FQOGUVKECNN[ RTQFWEGF CPF KORQTVGF RTQFWEVU IGPGTCNN[

KPVGTEJCPIGCDNGÔ +V KU CP KPFWUVTKCN DKPFKPI CIGPV WUGF RTGFQOKPCPVN[ KP VJG RTQFWEVKQP QH EQPETGVGÒYJKEJKP VWTP KU EQPUWOGF CNOQUV YJQNN[ D[ VJG EQPUVTWEVKQP KPFWUVT[Ô %JKGH GPF WUGTU CTG JKIJYC[ EQPUVTWEVKQPCPF DWKNFKPI EQPUVTWEVKQP WUKPI TGCF["OKZ EQPETGVGÒ EQPETGVG DNQEMUÒ CPF RTGECUV EQPETGVG WPKVUÔ

ÏÂÂ +ORQTV VTCPURQTVCVKQP GUVKOCVGU YGTG FGTKXGF HTQO QHHKEKCN KORQTV FCVC HQT *65ÎËÎÍÔÏÌ"ÎËÎÍÔÎ‰ CPF TGRTGUGPV VJG VTCPURQTVCVKQP CPF QVJGT EJCTIGU QP KORQTVU XCNWGF QP C EÔKÔHÔ DCUKUEQORCTGF YKVJ EWUVQOU XCNWGÔ

ÏÂ‰ 75+6%Ò )TC[ 2QTVNCPF %GOGPV CPF %GOGPV %NKPMGT HTQO ,CRCPÒ /GZKEQÒ CPF 8GPG\WGNCÒKPXGUVKICVKQPU 0QUÔ ÍÌÍ"6#"ÎÏ ı4GXKGYÙ CPF ÊÍÏ"6#"ÈËÏÒ ÈÁÏÒ CPF ËÏ‰ ı4GXKGYÙÒ 75+6% HQTVJEQOKPIÔ

Á"ÍÊ

Ï‰ËÌ"Ë‰Ï‰Ì YJGP RTQFWEVKQP RGCMGF CV CNOQUV È OKNNKQP OGVTKE VQPU RGT [GCTÔÏ‰Ï

#NVJQWIJ VQFC[ %WDC JCU C RTQFWEVKQP ECRCEKV[ QH CDQWV Ë OKNNKQP OGVTKE VQPU RGT[GCTÒÏ‰Î KV RTQFWEGF QPN[ CDQWV ÏÔÂOKNNKQPOGVTKE VQPU KP Ï‰‰‰ ıCEEQWPVKPI HQT NGUU VJCPÌÔÏ RGTEGPV QH INQDCN RTQFWEVKQP CPF CDQWV Î RGTEGPV QH 7Ô5Ô RTQFWEVKQPÙÔ #NOQUV JCNHQH %WDCP EGOGPV RTQFWEVKQP YCU GZRQTVGF KP Ï‰‰‰Ò YKVJ &QOKPKECP 4GRWDNKEÒ *CKVKÒCPF $TC\KN VJG OCLQT GZRQTV OCTMGVUÔ %GOGPV KP %WDC KU RTQFWEGF CV UKZIQXGTPOGPV"QYPGF RNCPVU HCKTN[ GXGPN[ FKUVTKDWVGF VJTQWIJQWV VJG KUNCPF YKVJ TGCF[CEEGUU VQ CP CDWPFCPV UWRRN[ QH KPRWV OCVGTKCNUÒ GPGTI[ UQWTEGUÒ CPF VTCPURQTVCVKQPHCEKNKVKGUÔÏ‰Í

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU1XGTCNNÒ VJG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô EGOGPV KPFWUVT[ JCU DGGP UOCNNÔ5CPEVKQPU FGPKGF 7Ô5Ô EGOGPV KORQTVGTU CEEGUU VQ %WDCP UWRRNKGUÒ TGUWNVKPI KPRWTEJCUGU HTQO OQTG FKUVCPV UQWTEGU CV UQOGYJCV JKIJGT RTKEGU DGECWUG QH ITGCVGTVTCPURQTVCVKQP EQUVUÔ 7Ô5Ô TGIKQPCN OCTMGVU OQUV CHHGEVGF D[ UCPEVKQPU JCXG DGGP VJGUQWVJGTP EQCUVCN TGIKQPÏ‰È CPF VJG TGIKQP GZVGPFKPI CNQPI VJG GCUVGTP EQCUVÔÏ‰Ë 6JGUGTGIKQPU CTG OCKPN[ UGTXGF D[ )TGGEGÒ -QTGCÒ 6JCKNCPFÒ 0QTYC[Ò 5RCKPÒ 6WTMG[Ò CPF8GPG\WGNCÒ YJKEJ KPXQNXG JKIJGT VTCPURQTVCVKQP EQUVU VJCP KH EGOGPV YGTG CXCKNCDNGHTQO %WDCÔ 5CPEVKQPU YKVJ TGURGEV VQ %WDC JCXG PQV ITGCVN[ CHHGEVGF 7Ô5Ô GZRQTV UCNGUQT 7Ô5Ô RTQFWEVKQP DGECWUG VJG %WDCP OCTMGV HQT EGOGPV KU UOCNNÔÏ‰Á

+P VJG CDUGPEG QH UCPEVKQPUÒ VJG %WDCP EGOGPV KPFWUVT[ YQWNF JCXG C EQORGVKVKXGCFXCPVCIG QXGT VJG OQTG FKUVCPV KORQTV UQWTEGU QYKPI VQ VTCPURQTVCVKQP EQUV UCXKPIUÒCPF EQWNF FKURNCEG 7Ô5Ô KORQTVU HTQO #UKC CPF 'WTQRGÔ +ORQTVU HTQO %WDC OKIJV CNUQFKURNCEG UQOG JKIJGT"EQUV FQOGUVKE EGOGPV RTQFWEVKQP YKVJKP VJG TGIKQPCN OCTMGVUÒDWV YQWNF NCTIGN[ DG CPVKEKRCVGF VQ UWRRNGOGPV 7Ô5Ô EGOGPV RTQFWEVKQP FWTKPI RGTKQFUQH UVTQPI FGOCPFÔ 6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô EGOGPV KORQTVU HTQO %WDCYQWNF VQVCN ˘Ï‰ OKNNKQP VQ ˘ÎÈ OKNNKQP CPPWCNN[ KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QPCXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ TGRTGUGPVKPI C HCKTN[ UOCNN UJCTG QH VQVCN 7Ô5Ô EGOGPVKORQTVUÔ

Ï‰Ì 'ZRQTV FCVC CTG PQV CXCKNCDNG HQT VJKU VKOG HTCOGÔÏ‰Ï 6GQ #Ô $CDWPÒ s%WDCrU %GOGPV +PFWUVT[Òt %WDC KP 6TCPUKVKQPv8QNWOG ÊÒ ı9CUJKPIVQP„

#UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÊÙÒ RÔ ÍÂÏÔÏ‰Î s0GY KPXGUVOGPVU OC[ NGCF VQ KPETGCUG KP EGOGPV RTQFWEVKQPÒt %WDC0GYUÒ ,WNÔ ÎÌÌÌÔÏ‰Í (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP EGOGPV UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU

)"ÍÂC VJTQWIJ )"ÍÂFÔÏ‰È 5QWVJGTP EQCUVCN TGIKQP EQXGTU (NQTKFCÒ #NCDCOCÒ /KUUKUUKRRKÒ .QWKUKCPCÒ CPF 6GZCUÔÏ‰Ë #NN #VNCPVKE EQCUV UVCVGU GZEGRV (NQTKFCÒ YJKEJ KU KPENWFGF KP VJG 5QWVJGTP EQCUVCN TGIKQPÔÏ‰Á 6JGTG CTG PQ MPQYP QEEWTTGPEGU QH NQUV QT GZRTQRTKCVGF 7Ô5Ô EGOGPV KPXGUVOGPVU KP %WDC

HQNNQYKPI VJG KORQUKVKQP QH UCPEVKQPUÔ *QYGXGTÒ RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ 7Ô5Ô"DCUGF .QPG 5VCT+PFWUVTKGUÒ +PEÔ NQUV C EGOGPV RNCPV CPF C FKUVTKDWVKQP HCEKNKV[ CV /CTKGN VJTQWIJ GZRTQRTKCVKQPÔ .QPG 5VCTrUKPXGUVOGPVU YGTG GZRTQRTKCVGFYKVJQWV EQORGPUCVKQP KP Ï‰ÁÌÔ .QPG 5VCT +PFWUVTKGU JCU C ENCKO TGIKUVGTGFYKVJ VJG 7Ô5Ô (QTGKIP %NCKOU 5GVVNGOGPV %QOOKUUKQP KP VJG COQWPV QH ˘ÎÈÔ‰ OKNNKQP HQT VJG /CTKGNRTQRGTV[Ô 5GG s.QPG 5VCT +PFWUVTKGU 4GEGKXGU 1(#% .KEGPUG VQ 8KUKV #UUGV %NCKO KP %WDCÒt Ï‰‰‰%QOOGTEKCN *KIJNKIJVUÒ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ CVJVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓ‰‰JNKIJVUÔJVONÒ TGVTKGXGF 1EVÔ ÏÏÒ ÎÌÌÌÔ

Á"ÍÂ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC#V VJG VKOG UCPEVKQPU YGTG KORQUGFÒ %WDCP EGOGPV GZRQTVU VQ VJG 7PKVGF 5VCVGU YGTGPGINKIKDNG‚ CU VJG %WDCP EGOGPV KPFWUVT[ ITGY CU C TGUWNV QH 5QXKGV GEQPQOKECUUKUVCPEGÒ CNVGTPCVKXG OCTMGVU YGTG CXCKNCDNG VQ %WDCP GZRQTVGTU ıKP RCTVKEWNCTÒ .CVKP#OGTKEC CPF %CTKDDGCPÙÔ 6JWU VJG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG %WDCP EGOGPVKPFWUVT[ YCU UOCNNÔ

+P CP GHHQTV VQ OQFGTCVG VJG KORCEVU QH NQUKPI 5QXKGV GEQPQOKE CUUKUVCPEG ıYJKEJ JCFRTQXKFGF JKIJN[ UWDUKFK\GF GPGTI[ UWRRNKGU VQ VJG %WDCP EGOGPV KPFWUVT[ÙÏ‰Ê CPF 7Ô5ÔGEQPQOKE UCPEVKQPUÒ VJG %WDCP )QXGTPOGPV KP Ï‰‰Í CWVJQTK\GF 7PKQP FG 'ORTGUCUFG %GOGPVQ ı7'%ÙÒ VJG IQXGTPOGPV CFOKPKUVTCVQT QH %WDCrU EGOGPV RNCPVUÒ CPF%'/': QH/GZKEQ VQ GUVCDNKUJ C PGY sOKZGF EQORCP[t YKVJ DQVJ RCTVKGU JCXKPI GSWCNUJCTGUÔ 6JG CITGGOGPV ICXG %'/': GZENWUKXG TKIJV VQ GZRQTV EGOGPV HTQOCNN UKZ RNCPVUKP %WDCÔ *QYGXGTÒ HQNNQYKPI VJG KORQUKVKQP QH VJG *GNOU"$WTVQP #EV KP Ï‰‰ÁÒÏ‰Â VJG/GZKECPU YKVJFTGY HTQO VJG CITGGOGPVÔ

*QYGXGTÒ FGURKVG VJG NQUU QH /GZKECP KPXQNXGOGPVÒ %WDCrU EGOGPV KPFWUVT[ JCUITCFWCNN[ KPETGCUGF RTQFWEVKQP QYKPI RTKOCTKN[ VQ KPETGCUGF FQOGUVKE PCVWTCN ICUıCPQVJGT GPGTI[ UQWTEG HQT EGOGPV RTQFWEVKQPÙ CPF ETWFG QKN UWRRNKGUÒÏ‰‰ JGKIJVGPGFNQECN EQPUVTWEVKQP CEVKXKV[ÒÎÌÌ CPF ITQYKPI FGOCPF KP PGKIJDQTKPI GZRQTV OCTMGVUÔ&WTKPI Ï‰‰Î"‰ÊÒ EGOGPV GZRQTVU KPETGCUGF HTQO CDQWV ÏÁËÒÌÌÌ OGVTKE VQPU ı˘ÊOKNNKQPÙ VQ ‰ÎÎÒÌÌÌ OGVTKE VQPU ı˘ÍÎ OKNNKQPÙÒÎÌÏ CHVGT YJKEJ VJG[ FTQRRGF VQ CPGUVKOCVGF ÂÁÈÒÌÌÌ OGVTKE VQPU KP Ï‰‰‰Ô &WTKPI Ï‰‰Ê"‰‰Ò %WDCrU RTKPEKRCN EGOGPVGZRQTV OCTMGVU KPENWFGF $TC\KNÒ VJG &QOKPKECP 4GRWDNKEÒ *CKVKÒ *QPFWTCUÒ ,COCKECÒ0KECTCIWCÒ CPF QVJGT %CTKDDGCP KUNCPFUÒ CPF %WDCP QHHKEKCNU JCXG KPFKECVGF VJCV%WDC YQWNF DGIKP GZRQTVKPI VQ VJG 7PKVGF 5VCVGU KP VJG CDUGPEG QH UCPEVKQPUÔÎÌÎ

6JG %QOOKUUKQP GUVKOCVGU VJCV %WDCP EGOGPV GZRQTVU VQ VJG 7PKVGF 5VCVGU KP VJGCDUGPEG QH UCPEVKQPU YQWNF VQVCN ˘Ï‰ OKNNKQP CPF ˘ÎÈ OKNNKQP CPPWCNN[Ò DCUGF QPCXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ TGRTGUGPVKPI ÊË VQ ‰Ë RGTEGPV QH VQVCN %WDCP EGOGPVGZRQTVUÒ CUUWOKPI EQNWOP Ï"IGPGTCN TCVGU QH FWV[Ô +H EQNWOP"Î TCVGU CRRN[Ò %WDC KU UVKNNNKMGN[ VQ GZRQTV VQ VJG 7Ô5Ô OCTMGVÒ DWV CV C UNKIJVN[ TGFWEGF NGXGNUÔÎÌÍ +V KU CPVKEKRCVGF

Ï‰Ê s0GY KPXGUVOGPVU OC[ NGCF VQ KPETGCUG KP EGOGPV RTQFWEVKQPÒt %WDC0GYUÒ ,WNÔ ÎÌÌÌÔÏ‰Â 6GQ #Ô $CDWPÒ s%WDCrU %GOGPV +PFWUVT[Òt %WDC KP 6TCPUKVKQPv8QNWOG ÊÒ ı9CUJKPIVQPÒ &%„

#UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÊÙÒ RRÔ ÍÊÈ"ÍÊËÔÏ‰‰ $GECWUG QH KVU JKIJ UWNHWT EQPVGPV %WDCrU FQOGUVKE QKN UWRRN[ KU UWKVCDNG QPN[ VQ IGPGTCVG RQYGT

CPF RTQFWEG EGOGPVÔ 6JG EGOGPV RTQFWEVKQP GSWKROGPV TGSWKTGU CFLWUVOGPVU KP QTFGT VQ DWTP VJG JKIJGTUWNHWT ITCFGÔ 5GG s$$% /QPKVQTKPI +PVGTPCVKQPCN 4GRQTVUÒt 5GRÔ Î‰Ò ÎÌÌÌÒ CVJVVR„ÓÓYYYÔFKCNQIYGDÔEQOÓEIKÓFYENKGPV"FÔÔÔÊÌ‰ÒÎÌ"ÏÏÂÁ‰ÈÊÎÒÎÌ"ÏÏÂÁÁÌËÍÒÎÌ"ÏÏÂËÊÂÈÁÒTGVTKGXGF 1EVÔ ÍÒ ÎÌÌÌÔ

ÎÌÌ #NVJQWIJ KPETGCUKPIÒ EQPUVTWEVKQP CEVKXKV[ KU EQPUVTCKPGF D[ VJG NCEM QH DWKNFKPI OCVGTKCNUÒ JKIJEQUV QH KORQTVGF OCVGTKCNUÒ CPF VJGHV QH UWRRNKGUÒ KPENWFKPI EGOGPVÔ 5GG s4GUVQTCVKQP QH 1NF *CXCPCRTQITGUUGU DWV EJCNNGPIGU TGOCKPÒt %WDC0GYUÒ &GEÔ Ï‰‰‰Ô

ÎÌÏ 5GG PQVG Ï‰‰ÔÎÌÎ %QOOKUUKQP UVCHH KPVGTXKGY YKVJ 4C»N FG NC 0WG\Ò /KPKUVGT QH (QTGKIP 6TCFGÒ *CXCPCÒ ,WN[ ÏÊÒ

ÎÌÌÌÔÎÌÍ 7PFGT EQNWOP Ï"IGPGTCN TCVG QH FWV[Ò KORQTVU GPVGT FWV[ HTGG‚ WPFGT EQNWOP ÎÒ VCTKHH TCVGU TCPIG

HTQO ˘ÏÔÍÎ RGT VQPÒ KPENWFKPIYGKIJV QH EQPVCKPGTÒ VQ ˘ÏÔÊÁ RGT VQP HQT VJG OQTG URGEKCNK\GF YJKVG EGOGPVÒYKVJ CP GUVKOCVGF CF XCNQTGO XCNWG QH Î VQ Í RGTEGPVÔ

Á"Í‰

VJCV QRGPKPI VJG 7Ô5Ô OCTMGV VQ %WDCP EGOGPV YQWNF CNUQ IGPGTCVG QRRQTVWPKVKGU HQT7Ô5Ô KPXGUVOGPV KP %WDC VJCV YQWNF KORTQXG EGOGPV RTQFWEVKQP GHHKEKGPE[ÔÎÌÈ (QTGZCORNGÒ VJG 2WGTVQ 4KECP %GOGPV %QORCP[ QRGTCVGF C EGOGPV RNCPV KP %WDC FWTKPIVJG Ï‰ËÌU CPF JCU TGRQTVGFN[ UVCVGF VJCV KV KPVGPFU VQ TGVWTP VQ VJG %WDCP OCTMGV YJGPRGTOKVVGF D[ VJG 7PKVGF 5VCVGUÔÎÌË

2222NNNNCCCCUUUUVVVVKKKKEEEEUUUU

6JG 7PKVGF 5VCVGU KU QPG VJG NCTIGUV RNCUVKEU RTQFWEKPI CPF EQPUWOKPI EQWPVTKGU KP VJGYQTNFÔ +P Ï‰‰‰Ò 7Ô5Ô RNCUVKEU RTQFWEVKQP TGCEJGF ˘ÂÍ DKNNKQPÒ QH YJKEJ CDQWV ÎÌRGTEGPV ı˘ÏÊ DKNNKQPÙ GZRQTVGFÒ YKVJ OCLQT OCTMGVU KPENWFKPI %CPCFCÒ ,CRCPÒ CPF VJG'7Ô +P EQPVTCUVÒ VJG %WDCP RNCUVKEU KPFWUVT[ FQGU PQV EQORGVG KP YQTNF OCTMGVU CPFRTQFWEVKQP COQWPVGF VQ QPN[ ˘ÈOKNNKQP KP Ï‰‰‰Ô0GCTN[ CNN RNCUVKEU RTQFWEVKQP KP%WDCKU EQPUWOGF KPVGTPCNN[Ô +PFWUVT[ ITQYVJ KP %WDC KU NKOKVGF D[ C UGXGTG UJQTVCIG QHEJGOKECN HGGFUVQEMU TGSWKTGF HQT RNCUVKEU RTQFWEVKQPÔÎÌÁ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU$GECWUG QH VJG UOCNN UK\G QH VJG %WDCP OCTMGV EQWRNGF YKVJ VJG CXCKNCDKNKV[ VQ 7Ô5ÔRNCUVKEU GZRQTVGTU QH CNVGTPCVKXG OCTMGVUÒ VJG JKUVQTKECN KORCEV QH UCPEVKQPU QP VJG 7Ô5ÔRNCUVKEU UGEVQT JCU DGGPOKPKOCNÔ #EEQTFKPI VQ KPFWUVT[ UQWTEGUÒ IGPGTCNN[ 7Ô5Ô RNCUVKEUOCPWHCEVWTGTU JCXG NKVVNG KPVGTGUV KP VTCFKPIYKVJÒ QT KPXGUVKPI KPÒ %WDC KP VJG CDUGPEG QH7Ô5Ô UCPEVKQPUÔÎÌÊ *QYGXGTÒ VJG FGOCPF HQT RNCUVKEU RTQFWEVU EQWNF KPETGCUG TCRKFN[FGRGPFKPI WRQP ITQYVJ KP QVJGT UGEVQTUÒ UWEJ CU JQVGN EQPUVTWEVKQP CPF VQWTKUOÔ %WDCCNUQ WUGU RNCUVKE DCIU KP KVU OKNM RCEMCIKPI CPF FGNKXGT[ RTQITCOÒÎÌÂ CPF VJGTG CTGUGXGTG UJQTVCIGU QH UQOG RNCUVKEU CTVKENGUÒ PQVCDN[ RNCUVKE EWRUÔÎÌ‰ 6JWUÒ VJG%QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QH RNCUVKEU VQ %WDC KP VJG CDUGPEG QH UCPEVKQPUYQWNF VQVCN CDQWV ˘È OKNNKQP CPPWCNN[Ò DCUGF QP CXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒTGRTGUGPVKPI CDQWV ÏÌ RGTEGPV QH %WDCrU VQVCN KORQTVU QH RNCUVKEUÒ DWV NGUU VJCV ÌÔÏRGTEGPV QH VQVCN 7Ô5Ô GZRQTVU QH RNCUVKEUÔ +PFWUVT[ UQWTEGU KPFKECVG VJCV VJKU UJCTG EQWNFTKUG VQ CU OWEJ CU ËÌ RGTEGPV YKVJKP Ë VQ ÏÌ [GCTUÔ

ÎÌÈ 5GG PQVG ÎÌÌÒ RÔ ÍÂÌÔÎÌË s2WGTVQ 4KECP %GOGPV %QORCP[ .QQMU VQ 4GVWTP VQ %WDCÒt Ï‰‰‰ %QOOGTEKCN *KIJNKIJVUÒ

7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ CV JVVR„ÓÓYYYÔEWDCVTCFGÔQTIÓ ‰‰JNKIJVUÔJVONÒ TGVTKGXGF1EVÔ ÏÏÒ ÎÌÌÌÔ

ÎÌÁ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP RNCUVKEU UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU)"Í‰C VJTQWIJ )"Í‰FÔ

ÎÌÊ 5QEKGV[ QH VJG 2NCUVKEU +PFWUVT[Ò 9CUJKPIVQPÒ &%Ò VGNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ 1EVÔÁÒ ÎÌÌÌÔ

ÎÌÂ 6CPKC 3WKPVGTQÒ s)QXGTPOGPV UC[U HTGUJ OKNM DGVVGT KP RNCUVKE DCIUÒt %WDC (TGG 2TGUUÒ /C[ ÎÂÒÏ‰‰‰Ò CV YYYÔEWDCHTGGRTGUUÔQTIÓCTVÓEWDCR‰‰ÌËÎÂEÔJVONÒ 5GRVÔ ÎÊÒ ÎÌÌÌÔ

ÎÌ‰ *GEVQT 6TWLKNNQ 2KUÒ s*GRCVKVKU 1WVDTGCM KP %CTTKDGCPÒ %WDCÒ NKPMGF VQ YCVGTÒt %WDC (TGG 2TGUUÒ&GEGODGT ÎÍÒ Ï‰‰ÂÒ CV YYYÔEWDCHTGGRTGUUÔQTIÓCTVÓEWDCR‰ÂÏÎÎÍHÔJVONÒ 5GRVÔ ÎÊÒ ÎÌÌÌÔ

Á"ÈÌ

+PFWUVT[ UQWTEGU CNUQ KPFKECVGF VJCV %WDC YQWNF GZRQTV NKVVNG VQ VJG 7PKVGF 5VCVGU KP VJGCDUGPEG QH UCPEVKQPUÒ DGECWUG RNCUVKEU RTQFWEVKQP KP %WDC KU CUUWOGF VQ DGFGRGPFGPVWRQP EJGOKECN HGGFUVQEMU FGTKXGF HTQO RGVTQNGWO KORQTVGF VJTQWIJ DCTVGTGZEJCPIGUÔÎÏÌ $GECWUG RGVTQNGWO CPF HWGN CTG EQPUKFGTGF ETKVKECN VQ VJG QRGTCVKQP QHHCTO OCEJKPGT[ CPF %WDCrU CITKEWNVWTCN FGXGNQROGPV RTQITCOUÒ OQUV RGVTQNGWO KUTGHKPGF HQT HWGN CPF NWDTKECVKPI QKN TCVJGT VJCP EJGOKECN HGGFUVQEMUÔ

6666KKKKTTTTGGGGUUUU

+P Ï‰‰ÂÒ VJG XCNWG QH 7Ô5Ô VKTG RTQFWEVKQP TGCEJGF ˘ÏÈ DKNNKQPÒ YJKNG EQPUWORVKQP YCUJKIJGTÒ ˘ÏËÔË DKNNKQPÒ OCMKPI VJG 7PKVGF 5VCVGU VJG NCTIGUV VKTG RTQFWEKPI CPFEQPUWOKPI EQWPVT[ KP VJG YQTNFÔ 7Ô5Ô VKTG KORQTVUÒ TGCEJKPI ˘ÈÔÈ DKNNKQP KP Ï‰‰ÂÒ CTGOCKPN[ UWRRNKGF D[ %CPCFC CPF ,CRCPÒ YJKNG GZRQTVU KP VJG UCOG [GCT COQWPVGF VQ˘ÎÔÂ DKNNKQPÒ YKVJ %CPCFC CPF /GZKEQ VJG OCLQT OCTMGVUÔ 6JG 7Ô5Ô VKTG KPFWUVT[ KUFQOKPCVGF D[ JKIJN[ EQORGVKVKXG OWNVKPCVKQPCN HKTOU UWEJ CU )QQF[GCTÒ /KEJGNKPÒ CPF$TKFIGUVQPGÓ(KTGUVQPGÔ 6QIGVJGTÒ VJGUG EQORCPKGU TGRQTVGFN[ EQOOCPF CDQWV ÁÌRGTEGPV QH VJG ˘ÁÌ DKNNKQP VQ ˘ÊÌ DKNNKQP INQDCN VKTGOCTMGVÔÎÏÏ +P EQORCTKUQPÒ VJGTG KU PQUKIPKHKECPV FQOGUVKE VKTG KPFWUVT[ KP %WDCÒ CNVJQWIJ VJGTG CTG TGRQTVGFN[ UQOG UOCNN%WDCP VKTG RNCPVU CTG QRGTCVKPI KP VJG *CXCPC XKEKPKV[ÔÎÏÎ %WDC KU C PGV KORQTVGT QHVKTGUÒ UWRRNKGF OCKPN[ HTQO %JKPC CPF EQWPVTKGU QH VJG HQTOGT 5QXKGV 7PKQPÔÎÏÍ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU2TKQT VQ VJG KORQUKVKQP QH UCPEVKQPUÒ VJG 7PKVGF 5VCVGU GZRQTVGF C UOCNN COQWPV QH VKTGUVQ %WDCÔ (QT KPUVCPEGÒ 7Ô5Ô VKTG GZRQTVU VQ %WDC KP Ï‰Ë‰ COQWPVGF VQ CDQWV˘ÎÔÊ OKNNKQP ıCDQWV Ë RGTEGPV QH VQVCN 7Ô5Ô VKTG GZRQTVUÙÒ EQPUKUVKPI QH VTWEM CPF DWU VKTGUXCNWGF ı˘ÏÔÍ OKNNKQPÙÒ RCUUGPIGT ECT VKTGU ı˘ÌÔÁ OKNNKQPÙÒ HCTO VTCEVQT CPF HCTOKORNGOGPV VKTGU ı˘ÌÔÈ OKNNKQPÙÒ CPF CKTETCHV VKTGU ı˘ÌÔÈ OKNNKQPÙÔÎÏÈ *QYGXGTÒ YKVJ VJGNQUU QH VJG %WDCP OCTMGVÒ 7Ô5Ô VKTG OCPWHCEVWTGU YGTG CDNG VQ HKPF CNVGTPCVKXG OCTMGVUHQT VJGKT RTQFWEVUÒ RCTVKEWNCTN[ KP VJG HCUV"ITQYKPI GEQPQOKGU QH .CVKP #OGTKEC CPF#UKCÔ 6JWU VJG KORCEV QH UCPEVKQPU QP VJG 7Ô5Ô FQOGUVKE VKTG KPFWUVT[ YCU UOCNNÔ

+P VJG CDUGPEG QH UCPEVKQPUÒ VJG 7Ô5Ô VKTG UGEVQT EQWNF RQVGPVKCNN[ TGUWOG GZRQTVKPI VQ%WDC VTWEM CPF DWU VKTGUÒ RCUUGPIGT ECT VKTGUÒ CITKEWNVWTCN VTCEVQT CPF KORNGOGPV VKTGUÒ

ÎÏÌ ,QUs #NQPUQ CPF 4CNRJ )CNNKCKPQÒ s4WUUKCP 1KN"HQT"UWICT DCTVGT FGCNU Ï‰Â‰"‰‰Òt %WDC KP6TCPUKVKQPv8QNWOG ‰Ò ı9CUJKPIVQP„ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰‰ÙÔ RÔ ÍÍË"ÈÏÔ

ÎÏÏ 6GNGRJQPG KPVGTXKGYU D[ %QOOKUUKQP UVCHH YKVJ RTKXCVG 7Ô5Ô KPFWUVT[ UQWTEGU CPF VTCFG ITQWRUÒ1EVQDGT ÎÌÌÌÔ

ÎÏÎ $QD 7NTKEJÒ /QFGTP 6KTG &GCNGTÒ VGNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ 1EVÔ ÏÍÒ ÎÌÌÌÔÎÏÍ (WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP VKTGU UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU

)"ÈÌC VJTQWIJ )"ÈÌFÔÎÏÈ 7Ô5Ô &GRVÔ QH %QOOGTEGÒ $WTGCW QH VJG %GPUWUÒ 7PKVGF 5VCVGU 'ZRQTVU QH &QOGUVKE CPF (QTGKIP

/GTEJCPFKUGÒ %QOOQFKV[ D[ %QWPVT[ QH &GUVKPCVKQPÒ 4GRQTV 0QÔ (6 ÈÏÌÒÒ ECNGPFCT [GCT Ï‰Ë‰Ò 2CTV +Ò RRÔÁÌ"ÁÏÔ

Á"ÈÏ

CPF CKTETCHV VKTGUÒ CU YGNN CU WUGF CPF TGVTGCFGF VKTGUÔÎÏË 7Ô5Ô VKTG GZRQTVU CTG JKIJN[EQORGVKVKXG KP YQTNF OCTMGVU CPF YQWNF DGPGHKV HTQO NQY VTCPURQTVCVKQP EQUVU VQ %WDCÒCNVJQWIJ VJG[ YQWNF HCEG EQORGVKVKQP HTQO EQWPVTKGU EWTTGPVN[ VTCFKPI YKVJ %WDCÒKPENWFKPI %JKPCÒ EQWPVTKGU QH VJG HQTOGT 5QXKGV 7PKQPÒ CPF %CPCFCÔ 6JGUG EQWPVTKGUJCXG GZKUVKPI VTCFG RCEVUÒ VTCFKVKQPCN VTCFG TGNCVKQPUJKRUÒ CPF CKF RCEMCIGU YJKEJ KPVJG PGCT VGTO OC[ CFXGTUGN[ CHHGEV VTCFG YKVJ VJG 7PKVGF 5VCVGUÔ 6JG NCTIG"UECNGOWNVKPCVKQPCN UVTWEVWTG QH VJG 7Ô5Ô VKTG KPFWUVT[ OCMGU KV JKIJN[ HNGZKDNG CPF EQUVEQORGVKVKXG KP INQDCN OCTMGVUÔ 6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô VKTG GZRQTVU VQ %WDCKP VJG CDUGPEG QH UCPEVKQPU YQWNF VQVCN ˘ÎÏ OKNNKQP VQ ˘ÎË OKNNKQP CPPWCNN[Ò DCUGF QPCXGTCIG Ï‰‰Á"‰Â VTCFG FCVCÒ TGRTGUGPVKPI CDQWV Ï RGTEGPV QH VQVCN 7Ô5Ô VKTG GZRQTVUÔ +PVJG NQPIGT VGTO KP VJG CDUGPEG QH UCPEVKQPUÒ KPFWUVT[ UQWTEGU TGRQTV VJCV 7Ô5ÔEQORCPKGU OKIJV UGGM VQ GPVGT KPVQ LQKPV XGPVWTG CTTCPIGOGPVU VQ GUVCDNKUJ %WDCP VKTGRNCPVUÔÎÏÁ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP %%%%WWWWDDDDCCCC#NVJQWIJ VJG 7PKVGF 5VCVGU YCU VJG OCLQT UWRRNKGT QH %WDCP VKTG KORQTVU RTKQT VQ VJGKORQUKVKQP QH UCPEVKQPUÒ %WDCYCU CDNG VQ HKPF QVJGT UWRRNKGTUÔ +P Ï‰‰ËÒ %WDC KORQTVGF˘ÈÎ OKNNKQP QH VKTGU HTQO %JKPCÒ EQWPVTKGU QH VJG HQTOGT 5QXKGV 7PKQPÒ %CPCFCÒ CPFQVJGT EQWPVTKGUÔ 1XGT VJG NQPI VGTOÒ UCPEVKQPU FQ PQV CRRGCT VQ JCXG UKIPKHKECPVN[CHHGEVGF VJG %WDCP KPFWUVT[Ô %WDCP VKTG KORQTVU FGENKPGF OCTMGFN[ FWTKPI Ï‰‰Ë"‰ÂHQNNQYKPI VJG YKVJFTCYCN QH 5QXKGV GEQPQOKE CUUKUVCPEGÔ *QYGXGTÒ %WDC EWTTGPVN[ KUCDNG VQ UQWTEG VKTGU HTQO%CPCFCÒ CNVJQWIJÒ CEEQTFKPI VQ KPFWUVT[ TGRQTVUÒ CV C JKIJGTEQUV VJCP KH KORQTVU EQWNF DG OCFG HTQO VJG 7PKVGF 5VCVGUÔ &WTKPI Ï‰‰Á"‰ÂÒ CXGTCIG%WDCP VKTG KORQTVU COQWPVGF VQ CDQWV ˘ÍÍ OKNNKQP CPPWCNN[Ô +P VJG CDUGPEG QHUCPEVKQPUÒ VJG 7Ô5Ô KPFWUVT[ OKIJV GZRGEV VQ ICKP ÁË VQ ÊË RGTEGPV QH VJKU VQVCNÒÎÏÊ

TGRTGUGPVKPI ˘ÎÏ OKNNKQP VQ ˘ÎË OKNNKQPÔ

5555RRRRQQQQTTTTVVVVKKKKPPPPIIII ))))QQQQQQQQFFFFUUUU

6JG 7PKVGF 5VCVGU EQPUWOGF CNOQUV ˘ÏÏ DKNNKQP QH URQTVKPI IQQFU KP Ï‰‰‰ÒOCMKPI KV VJGNCTIGUV OCTMGV KP VJG YQTNFÔ #NOQUV QPG"VJKTF QH 7Ô5Ô EQPUWORVKQP KU KORQTVGFÒ YKVJ%JKPCÒ 6CKYCPÒ CPF %CPCFC VJG OCLQT UWRRN[KPI EQWPVTKGUÔ 7Ô5Ô GZRQTVU QH URQTVKPIIQQFU TGCEJGF ˘ÏÔÁ DKNNKQP KP Ï‰‰‰Ò EQPUKUVKPIOQUVN[ QH JKIJ"GPF VGEJPQNQI[ RTQFWEVUHQT OCTMGVU KP ,CRCPÒ %CPCFCÒ CPF 'WTQRGÔ

6JG %WDCP URQTVKPI IQQFU KPFWUVT[ GORNQ[U ÏÒÏÌÌ YQTMGTU CPF JCF UJKROGPVU XCNWGFCV CNOQUV ˘Á OKNNKQP KP Ï‰‰‰Ô #NVJQWIJ UJKROGPVU D[ %WDCP RTQFWEGTU QH URQTVKPI

ÎÏË 6GNGRJQPG KPVGTXKGYU D[ %QOOKUUKQP UVCHH YKVJ RTKXCVG 7Ô5Ô KPFWUVT[ UQWTEGU CPF VTCFG ITQWRUÒ1EVQDGT ÎÌÌÌÔ

ÎÏÁ +DKFÔÎÏÊ %QOOKUUKQP UVCHH VGNGRJQPG KPVGTXKGYU YKVJ 7Ô5Ô KPFWUVT[ UQWTEGU CPF VTCFG ITQWRUÒ 1EVÔ ÎÌÌÌÔ

Á"ÈÎ

IQQFU CTG GZRGEVGF VQ FQWDNG DGVYGGP Ï‰‰Â CPF [GCT"GPF ÎÌÌÌ ıHTQO˘ÍÔÎ OKNNKQP VQ˘ÁÔË OKNNKQPÙÒ KPFWUVT[ QHHKEKCNU GZRGEV ITQYVJ KP VJG OCTMGV VQ UVCDKNK\G KP ÎÌÌÏÔÎÏÂ

%WDCP"RTQFWEGF DCUGDCNN CPF DQZKPI GSWKROGPVÒ OCPWHCEVWTGF WPFGT VJG $CVQUVTCFGOCTMÒ KU TGRQTVGFN[ GZRQTVGF VQ OQTG VJCP ÎÌ EQWPVTKGU VJTQWIJQWV .CVKP#OGTKECPÔÎÏ‰ 4GXGPWGU HTQO VJGUG GZRQTV UCNGU COQWPVGF VQ QPN[ ˘ÈËÒÌÌÌ KP Ï‰‰‰Ò CU%WDCP URQTVKPI IQQFU JCF FKHHKEWNV[ EQORGVKPI KP INQDCN OCTMGVU YKVJ 7Ô5Ô CPF'WTQRGCP DTCPFUÔÎÎÌ

****KKKKUUUUVVVVQQQQTTTTKKKKEEEECCCCNNNN CCCCPPPPFFFF %%%%WWWWTTTTTTTTGGGGPPPPVVVV ++++OOOORRRRCCCCEEEEVVVV QQQQHHHH 5555CCCCPPPPEEEEVVVVKKKKQQQQPPPPUUUU QQQQPPPP VVVVJJJJGGGG 7777PPPPKKKKVVVVGGGGFFFF5555VVVVCCCCVVVVGGGGUUUU$GECWUG OQUV URQTVKPI IQQFU YGTG KORQTVGF HTQO VJG 7PKVGF 5VCVGU CV VJG VKOGUCPEVKQPU YGTG KORQUGFÒ %WDC YCU HQTEGF VQ HKPF CNVGTPCVKXG UWRRNKGTU CPF VQ FGXGNQRFQOGUVKE RTQFWEVKQPÔ +P NKGW QH KORQTVU HTQO VJG 7PKVGF 5VCVGUÒ VJG %WDCP )QXGTPOGPVGUVCDNKUJGF C EQORCP[ VQ OCPWHCEVWTG DCUGDCNN DCVU CPF DCUGDCNNU KP Ï‰ÁËÔ9KVJQWVCEEGUU VQ KORQTVU HTQO VJG 7PKVGF 5VCVGUÒ KPFWUVT[ UQWTEGU KPFKECVG VJCV %WDC KORQTVUDCUGDCNN GSWKROGPV HTQO .CVKP #OGTKECP CPF #UKCP EQWPVTKGU ıGURGEKCNN[ %JKPCÙÔÎÎÏ

5CPEVKQPU CNUQ FGPKGF 7Ô5Ô RTQFWEGTU CEEGUU VQ VJG %WDCP OCTMGV HQT EGTVCKP V[RGU QHJKIJ"GPF URQTVKPI IQQFU WUGF OCKPN[ KP VJG VQWTKUO UGEVQTÔ 7Ô5Ô RTQFWEGTU CTG JKIJN[EQORGVKVKXG KP UWEJ RTQFWEVUÒ YJKEJ CTG PQY KORQTVGF HTQO 'WTQRGÒ UWEJ CU YCVGT UMKUHTQO +VCN[ CPF GZGTEKUG GSWKROGPV ıKPENWFKPI VTGCFOKNNU CPF UVCVKQPCT[ DKE[ENGUÙ HTQO5RCKPÔ

&GURKVG UCPEVKQPUÒ KPFWUVT[ UQWTEGU PQVG VJCV CV NGCUV QPG 7Ô5Ô OCPWHCEVWTGT JCUUWRRNKGF JKIJ"GPF DCUGDCNN GSWKROGPV HTGG QH EJCTIG VQ %WDCP VGCOU RCTVKEKRCVKPI KPKPVGTPCVKQPCN EQORGVKVKQPU JGNF QWVUKFG QH %WDCÔÎÎÎ 1VJGT KPFWUVT[ TGRTGUGPVCVKXGUPQVG VJCV UQOG 7Ô5Ô"DTCPF URQTVU GSWKROGPV GPVGTU %WDC VJTQWIJ VJKTF EQWPVT[UQWTEGUÔÎÎÍ #NUQÒ KP Ï‰‰ÂÒ VJG $WTGCW QH 'ZRQTV #FOKPKUVTCVKQP QH VJG 7Ô5Ô &GRCTVOGPVQH%QOOGTEG KUUWGF C NKEGPUG RGTOKVVKPI VJG GZRQTV QH ˘ÎËÌÒÌÌÌQH sXCTKQWU DCUGDCNNUÒDCVUÒ INQXGUÒ DCUGUÒ RKVEJKPI OCEJKPGUÒ WPKHQTOUÒ CPF EQCEJKPI GSWKROGPVt VQ%WDCÔÎÎÈ

+P VJG CDUGPEG QH UCPEVKQPUÒ KPFWUVT[ TGRTGUGPVCVKXGU GZRGEV 7Ô5Ô RTQFWEGTU QH EGTVCKPURQTVKPI IQQFU VQ GZRGTKGPEG CP KOOGFKCVG DQQUV KP GZRQTVUÒ CNDGKV CV C TGNCVKXGN[ UOCNN

ÎÏÂ s5RQTVKPI IQQFU UGEVQT UGGU ITQYVJ DWV NKVVNG TGXGPWG HTQO GZRQTVUÒt %WDC0GYUÒ #RTÔ ÎÌÌÌÔÎÏ‰ +DKFÔÎÎÌ s5RQTVKPI IQQFU UGEVQT UGGU ITQYVJ DWV NKVVNG TGXGPWG HTQO GZRQTVUÒt %WDC0GYUÒ #RTÔ ÎÌÌÌ‚

(WTVJGT DCEMITQWPF QP VJG 7Ô5Ô CPF %WDCP URQTVKPI IQQFU UGEVQTU ECP DG HQWPF KP #RRGPFKZ )Ò VCDNGU)"ÈÏC VJTQWIJ )"ÈÏFÔ

ÎÎÏ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ #WIÔ ÎÌÌÌÔÎÎÎ +DKFÔÎÎÍ +DKFÔÎÎÈ 7Ô5Ô"%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔÒ sÏ‰‰Â %QOOGTEKCN *KIJNKIJVUÔt 6JKU NKEGPUG YCU

XCNKF HTQO 0QXÔ ÎÏÒ Ï‰‰Â VQ 0QXÔ ÍÌÒ ÎÌÌÌ CPF HQNNQYU EQPFKVKQPU KUUWGF KP EQPLWPEVKQP YKVJ VJG 7Ô5Ô&GRCTVOGPV QH 5VCVGrU 5WRRQTV (QT 6JG %WDCP 2GQRNG 2TQITCOÔ

Á"ÈÍ

NGXGNÔÎÎË 6JG[ HWTVJGT KPFKECVG VJCV 7Ô5Ô EQORCPKGU YQWNF DG WPNKMGN[ VQ GUVCDNKUJRTQFWEVKQP HCEKNKVKGU KP %WDCÒ CPF CPCN[UVU FQ PQV UGG VJG 7PKVGF 5VCVGU CU C UKIPKHKECPVOCTMGV HQT %WDCP GZRQTVU QH URQTVKPI IQQFU KP VJG CDUGPEG QH UCPEVKQPUÔ

#EEQTFKPI VQ KPFWUVT[ UQWTEGUÒ VJG CDUGPEG QH UCPEVKQPU YQWNF NGCF VQ 7Ô5Ô GZRQTVU QHJKIJ"GPF RTGOKWO SWCNKV[ URQTVKPI IQQFU VQ VQR"NGXGN %WDCP CVJNGVKE VGCOUÔ 5RQTVKPIIQQFU YKVJ VJG ITGCVGUV RQVGPVKCN HQT GZRQTV VQ VJG %WDCP OCTMGV CTG CNWOKPWODCUGDCNN DCVUÒ DCUGDCNNUÒ RKVEJKPI OCEJKPGUÒ DCUGUÒ CPF RTQVGEVKXG IGCTÔÎÎÁ

#EEQTFKPI VQ KPFWUVT[ UQWTEGUÒ KP VJG CDUGPEG QH UCPEVKQPU %WDCP EKVK\GPU YQWNF NKMG VQDW[ 7Ô5Ô DCUGDCNN GSWKROGPVÒ DWV VJGUG UQWTEGU FQWDV YJGVJGT VJG[ JCXG VJG CDKNKV[ VQRWTEJCUG UWEJ JKIJ SWCNKV[ KVGOUÔÎÎÊ

+P CFFKVKQP VQ DCUGDCNN GSWKROGPVÒ KPFWUVT[ UQWTEGU CPF HQTGKIP VTCFG FCVC KPFKECVGVJCV VJGTG KU C OCTMGV KP %WDC HQT JKIJ"GPF CTEJGT[ GSWKROGPVÒ YCVGT UMKKPIGSWKROGPVÒ GZGTEKUG GSWKROGPVÒ CPF IQNH GSWKROGPVÒ VJG FGOCPF HQT YJKEJ KU ENQUGN[NKPMGF VQ VJG VQWTKUO UGEVQTÔÎÎÂ /WEJ QH 7Ô5Ô OCFG JKIJ"GPF CTEJGT[ GSWKROGPV KU KPFGOCPF HQT %WDCP VGCOU RCTVKEKRCVKPI KP KPVGTPCVKQPCN EQORGVKVKQPÔ +PXGUVOGPVU KPIQNH EQWTUGU CUUQEKCVGF YKVJ %WDCrU VQWTKUO KPFWUVT[ CTG NKMGN[ VQ KPETGCUG FGOCPF HQTIQNH GSWKROGPV KP %WDCÒ ETGCVKPI C RQVGPVKCN QRRQTVWPKV[ HQT JKIJN[ EQORGVKVKXG 7Ô5ÔRTQFWEGTU QH IQNH ENWDU CPF DCNNUÔ

6JG %QOOKUUKQP GUVKOCVGU VJCV 7Ô5Ô GZRQTVU QH URQTVKPI IQQFU VQ %WDC KP VJG CDUGPEGQH UCPEVKQPU YQWNF VQVCN ˘Ï OKNNKQP VQ ˘Î OKNNKQP CPPWCNN[Ò DCUGF QP CXGTCIG Ï‰‰Á"‰ÂVTCFG FCVCÔÎÎ‰ +ORQTVU HTQO%WDCÒ JQYGXGTÒ YQWNF DG PGINKIKDNG WPNGUU VJGTG YGTG CPKPHWUKQP QH HQTGKIP KPXGUVOGPV VQ OCPWHCEVWTG IQQFU PQV EWTTGPVN[ RTQFWEGF KP %WDCÔ

ÎÎË +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHHÒ #WIÔ ÎÌÌÌÔÎÎÁ +DKFÔÎÎÊ +DKFÔÎÎÂ %JCTNGU 5WFFCD[Ò s%WDCrU 6QWTKUO +PFWUVT[Òt%WDC KP 6TCPUKVKQPv8QNWOG ÊÒ ı9CUJKPIVQPÒ &%„

#UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÊÙÒ RÔ ÏÎÍÔÎÎ‰ 6JKU GUVKOCVG KU DCUGF QP CPPWCN 7Ô5Ô GZRQTVU QH URQTVKPI IQQFU VQ&QOKPKECP 4GRWDNKEÒ CFLWUVGF

HQT RQRWNCVKQP CPF KPEQOG FKHHGTGPEGU DGVYGGP &QOKPKECP 4GRWDNKE CPF %WDCÔ

####22222222''''0000&&&&++++:::: ####4444GGGGSSSSWWWWGGGGUUUUVVVV ....GGGGVVVVVVVVGGGGTTTT

####22222222''''0000&&&&++++:::: $$$$((((GGGGFFFFGGGGTTTTCCCCNNNN 4444GGGGIIIIKKKKUUUUVVVVGGGGTTTT 0000QQQQVVVVKKKKEEEEGGGG

####22222222''''0000&&&&++++:::: %%%%....KKKKUUUUVVVV QQQQHHHH ****GGGGCCCCTTTTKKKKPPPPIIII 2222CCCCTTTTVVVVKKKKEEEEKKKKRRRRCCCCPPPPVVVVUUUU

%7Í

....KKKKUUUUVVVV QQQQHHHH ****GGGGCCCCTTTTKKKKPPPPIIII 2222CCCCTTTTVVVVKKKKEEEEKKKKRRRRCCCCPPPPVVVVUUUU

6JG *QPQTCDNG /CZ $CWEWUÒ 7Ô5Ô 5GPCVQTÒ 5VCVG QH /QPVCPC

6JG *QPQTCDNG %JCTNGU $Ô 4CPIGNÒ 7Ô5Ô %QPITGUUOCPÒ ÏËVJ &KUVTKEVÒ 5VCVG QH 0GY ;QTM

6JG *QPQTCDNG +NGCPC 4QU7.GJVKPGPÒ 7Ô5Ô %QPITGUUYQOCPÒ ÏÂVJ &KUVTKEVÒ 5VCVG QH(NQTKFC

6JG *QPQTCDNG .KPEQNP &KC\7$CNCTVÒ 7Ô5Ô %QPITGUUOCPÒ ÎÏUV &KUVTKEVÒ 5VCVG QH (NQTKFC

6JG *QPQTCDNG -GPPGVJ /E%NKPVQEMÒ 5GPCVQTÒ 2WGTVQ 4KEQ

(GTPCPFQ 4GOKTG\ FG 'UVGPQ\Ò 2TKPEKRCN 1HHKEGTÒ %WDCP +PVGTGUVU 5GEVKQPÒ9CUJKPIVQPÒ &% CPF &GRWV[ /KPKUVGT QH (QTGKIP #HHCKTU QH VJG 4GRWDNKE QH %WDC

9KNNKCO 4Ô *CYMKPUÒ 8KUKVKPI (GNNQYÒ 7Ô5Ô $WUKPGUU CPF +PFWUVT[ %QWPEKN

9C[PG 5Ô 5OKVJÒ 5GPKQT (GNNQYÒ %GPVGT HQT +PVGTPCVKQPCN 2QNKE[

(TCPM ,Ô )CHHPG[Ò 2TGUKFGPV CPF %'1Ò 6JG %GPVGT HQT 5GEWTKV[ 2QNKE[

$TKCP .CVGNNÒ 2TQHGUUQTÒ )GQTIGVQYP 7PKXGTUKV[Ò 5EJQQN QH (QTGKIP 5GTXKEG

4KEJCTF $GNNÒ 2TGUKFGPV CPF %'1Ò 75# 4KEG (GFGTCVKQP

2CWNC 5VGTPÒ 2TGUKFGPVÒ 6JG 5VGTP )TQWRÒ +PEÔ

2JKNKR 2GVGTUÒ 8KEG 2TGUKFGPVÒ .GZKPIVQP +PUVKVWVG

,QJP 5Ô -CXWNKEJÒ 2TGUKFGPVÒ 7Ô5Ô7%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔ

6JQOCU 'Ô %QZÒ &KTGEVQTÒ 7Ô5Ô7%WDC $WUKPGUU %QWPEKN

1VVQ ,Ô 4GKEJÒ 2TGUKFGPVÒ 4/# +PVGTPCVKQPCNÒ +PEÔ

-KTM 4GCICP /GPGPFG\Ò )GPGTCN %QWPUGNÒ ,QTIG /CU %CPQUC (TGGFQO (QWPFCVKQP

&GPPKU -Ô *C[GUÒ 'ZGEWVKXG 8KEG 2TGUKFGPVÒ 6JG %WDCP #OGTKECP 0CVKQPCN (QWPFCVKQP

.C\CTQ #NXCTG\Ò %QOOKVVGG %JCKTOCPÒ 7PKVGF %WDCP 1TICPK\CVKQPU

,CKOG 5WEJNKEMKÒ &KTGEVQTÒ +PUVKVWVG HQT %WDCP CPF %WDCP7#OGTKECP 5VWFKGUÒ 5EJQQN QH+PVGTPCVKQPCN 5VWFKGUÒ 7PKXGTUKV[ QH /KCOK

#PVJQP[ (Ô -KTMRCVTKEMÒ #UUKUVCPV 2TQHGUUQTÒ &GRCTVOGPV QH #PGUVJGUKQNQI[Ò 7PKXGTUKV[QH 5QWVJ (NQTKFC

6QO &GXKPGÒ .GICN &KTGEVQTÒ )QXGTPOGPV #EEQWPVCDKNKV[ 2TQLGEVÒ 7PKXGTUKV[ QH 5QWVJ(NQTKFC

%7È

0GNUQP &GPNKPIGTÒ 8KEG 2TGUKFGPVÒ 7Ô5Ô 9JGCV #UUQEKCVGUÒ 9JGCV 'ZRQTV 6TCFG'FWECVKQP %QOOKVVGG

4C[OQPF %Ô 1HHGPJGKUGTÒ 2TGUKFGPVÒ 1ZHCO #OGTKEC

.KUUC 9GKPOCPPÒ %QOOWPKECVKQPU &KTGEVQTÒ #OGTKECPU HQT *WOCPKVCTKCP 6TCFG YKVJ%WDC

9KNNKCO /Ô 2CRCTKCPÒ .CY 1HHKEG QH 9KNNKCO /Ô 2CRCTKCPÒ HQTOGT OC[QT QH2CUCFGPCÒ %CNKHQTPKC

-KTD[ ,QPGUÒ 2TGUKFGPVÒ #NCOCT #UUQEKCVGU

,QG )TGGPÒ &KTGEVQT HQT .CVKP #OGTKECP 5CNGUÒ %CVGTRKNNCTÒ +PEÔ

(TCPM &Ô -KVVTGFIGÒ 2TGUKFGPVÒ 0CVKQPCN (QTGKIP 6TCFG %QWPEKNÒ CPF 8KEG %JCKTOCPÒ75#Û'PICIG

0KEQNgU ,Ô )WVK]TTG\Ò 5GETGVCT[ CPF )GPGTCN %QWPUGNÒ 0CVKQPCN #UUQEKCVKQP QH 5WICT/KNN 1YPGTU QH %WDC

#PVQPKQ )C[QUQÒ 'EQPQOKE #FXKUQTÒ 'EQPQOKE #FXKUQT[ 5GTXKEGU CPF 5WICT2TQFWEGTU QH %WDCÒ +PEÔ

%QPUVCPVKPG %Ô /GPIGUÒ 5GPKQT (GNNQYÒ *WFUQP +PUVKVWVG

+IPCEKQ 'Ô 5gPEJG\Ò UJCTGJQNFGTÒ 8GTPGTÒ .KKRHGTVÒ $GTPJCTFÒ /E2JGTUQP CPF *CPFÒ%JCTVGTGF

9KNNKCO #Ô /GUUKPCÒ 'ZGEWVKXG %QQTFKPCVQTÒ +PVGTPCVKQPCN #ITKEWNVWTCN 6TCFG CPF&GXGNQROGPV %GPVGTÒ 7PKXGTUKV[ QH (NQTKFC

/CVVJGY 6Ô /E)TCVJÒ %QWPUGNÒ $CTPGUÒ 4KEJCTFUQP ˜ %QNDWTPÒ QP DGJCNH QH (NQTKFC%KVTWU /WVWCN

####22222222''''0000&&&&++++:::: &&&&5555WWWWOOOOOOOOCCCCTTTT[[[[ QQQQHHHH ****GGGGCCCCTTTTKKKKPPPPIIII 6666GGGGUUUUVVVVKKKKOOOOQQQQPPPP[[[[ CCCCPPPPFFFF 9999TTTTKKKKVVVVVVVVGGGGPPPP5555WWWWDDDDOOOOKKKKUUUUUUUUKKKKQQQQPPPPUUUU

&;Í

5555WWWWOOOOOOOOCCCCTTTT[[[[ QQQQHHHH ****GGGGCCCCTTTTKKKKPPPPIIII 6666GGGGUUUUVVVVKKKKOOOOQQQQPPPP[[[[ CCCCPPPPFFFF 9999TTTTKKKKVVVVVVVVGGGGPPPP5555WWWWDDDDOOOOKKKKUUUUUUUUKKKKQQQQPPPPUUUU

6666TTTTCCCCPPPPUUUUEEEETTTTKKKKRRRRVVVV QQQQHHHH ****GGGGCCCCTTTTKKKKPPPPIIII 6666GGGGUUUUVVVVKKKKOOOOQQQQPPPP[[[[

6JG HQNNQYKPI CTG VTCPUETKRVU QH VGUVKOQP[ RTQXKFGF FWTKPI VJG %QOOKUUKQPrU RWDNKEJGCTKPI HQT VJKU KPXGUVKICVKQPÒ JGNF KP9CUJKPIVQPÒ &%QP 5GRVGODGT Ï‰;ÎÌÒ ÎÌÌÌÔ 6JG(GFGTCN 4GIKUVGT PQVKEG QH VJCV JGCTKPI KU KP #RRGPFKZ $Ô

6666JJJJGGGG ****QQQQPPPPQQQQTTTTCCCCDDDDNNNNGGGG ////CCCCZZZZ $$$$CCCCWWWWEEEEWWWWUUUUÒÒÒÒ 7777ÔÔÔÔ5555ÔÔÔÔ 5555GGGGPPPPCCCCVVVVQQQQTTTTÒÒÒÒ 5555VVVVCCCCVVVVGGGG QQQQHHHH////QQQQPPPPVVVVCCCCPPPPCCCC5'0#614 $#7%75„ + YGNEQOG XGT[ OWEJ VJGUG JGCTKPIU CU [QW UVWF[ VJG GEQPQOKEKORCEV QH VJG 7Ô5Ô GODCTIQ QP %WDCÔ + VJKPM KVrU XGT[ KORQTVCPVÔ + CO XGT[ RNGCUGF VJCVVJG %QOOKUUKQP KU VCMKPI WR VJKU UWDLGEV DGECWUG KV KU TGNGXCPV VQ QWT RQNKEKGU CPF QWTEQWPVT[Ô

.GV OG UVCTV YKVJ O[ EQPENWUKQPÔ (KTUVÒ VJG GODCTIQ KU C ETGCVWTG QH VJG %QNF 9CTÔ 6JG%QNF 9CT KU QXGTÔ 9G YQPÔ 6JG GODCTIQ JCTOU QTFKPCT[ %WDCPUÔ 6JG GODCTIQJCTOU #OGTKECP DWUKPGUUÒ HCTOGTU CPF YQTMGTUÔ 6JG GODCTIQ JCTOU #OGTKECrUKPVGTGUV KP RTQOQVKPI C UOQQVJ VTCPUKVKQP VQYCTF FGOQETCE[ KP C OCTMGV GEQPQO[ KP%WDC CHVGT %CUVTQÔ

/TÔ %JCKTOCPÒ KP ,WN[Ò + NGF C 5GPCVG FGNGICVKQP VQ *CXCPCÔ +V YCU C DTKGH VTKRÒ CDQWVÈÂ JQWTUÒ DWV + JCF VJG QRRQTVWPKV[ VQ OGGV YKVJ C YKFG TCPIG QH RGQRNG CPF CUUGUU VJGUKVWCVKQP HKTUVJCPFÔ + OGV YKVJ (KFGN %CUVTQ KP C OCTCVJQP ÏÌ;JQWT UGUUKQPÔ + OKIJV UC[ KVUVCTVGF CV HQWT KP VJG CHVGTPQQPÒ GPFGF WR CV CDQWV VYQ KP VJG OQTPKPIÔ

+ URGPV VJTGG JQWTU YKVJ C ITQWR QH JGTQKE FKUUKFGPVU YJQ URGPV [GCTU KP RTKUQPÒ [GV JCXGEJQUGP VQ TGOCKP KP %WDC CPF EQPVKPWG VJGKT FKUUGPVÔ + OGV YKVJ C PWODGT QH HQTGKIPCODCUUCFQTUÒ UGXGTCN ECDKPGVOKPKUVGTU CPF VJG JGCF QH VJG NCTIGUV KPFGRGPFGPV0)1KP %WDCÔ

+ NGHV %WDC OQTG EQPXKPEGF VJCP GXGT VJCV KV KU VKOG VQ GPF QWT HQUUKNK\GF %WDCP RQNKE[Ô6JCV KU YJ[ + JCXG KPVTQFWEGF NGIKUNCVKQP VQ GPF VJG GODCTIQ CPF DGIKP VJG RTQEGUU QHPQTOCNK\CVKQP QH QWT TGNCVKQPU YKVJ %WDCÔ /[ DKNNU CTG KFGPVKECN VQ VJQUG QH%QPITGUUOCP %JCTNGU 4CPIGNÒ YJQ [QW YKNN CNUQ JGCT HTQO VJKU OQTPKPIÔ

.CVGT VQFC[ VJG 5GPCVG YKNN RCUU NGIKUNCVKQP VQ ITCPV %JKPC RGTOCPGPV PQTOCN VTCFGTGNCVKQP UVCVWUÔ + JCXG DGGP YQTMKPI JCTF VQYCTFU VJKU IQCN HQT ÏÌ [GCTUÔ + CO ITCVKHKGFVJCV VJKU KU RCTV QH QWT %JKPC RQNKE[Ò CPF YKNN PQY DGEQOG CP JKUVQTKECN HQQVPQVGÔ

&;È

9G UJQWNF CEV KP VJG UCOG TGURQPUKDNG YC[ YKVJ QWT %WDCP RQNKE[Ô .GV OG GNCDQTCVGÔ6JG VTCFG GODCTIQ QH %WDC KU C WPKNCVGTCN UCPEVKQPU RQNKE[Ô 0Q QVJGT EQWPVT[ UWRRQTVUKVÒ PQV GXGP QWT ENQUGU CNNKGUÔ + JCXG NQPI QRRQUGF CNN WPKNCVGTCN GEQPQOKE UCPEVKQPUWPNGUU QWT PCVKQPCN UGEWTKV[ KU CV UVCMGÔ

(QTV[ [GCTU CIQ %WDC VJTGCVGPGF QWT PCVKQPCN UGEWTKV[Ô 6JQUG FC[U CTG QXGTÔ 6JG5QXKGV PWENGCT OKUUKNGU CTG IQPGÔ %WDCP OKNKVCT[ CPF IWGTKNNC HQTEGU CTG PQ NQPIGTRTGUGPV KP %GPVTCN #OGTKECÒ 5QWVJ #OGTKEC QT #HTKECÔ 6JG &GRCTVOGPV QH &GHGPUG JCUEQPENWFGF VJCV %WDC TGRTGUGPVU PQ UGEWTKV[ VJTGCV VQ VJG 7PKVGF 5VCVGUÒ PQPGÔ

7PKNCVGTCN UCPEVKQPU FQPrV YQTMÔ 6JG[ FQPrV EJCPIG VJG DGJCXKQT QH VJG VCTIGVGFEQWPVT[Ô 9JGP YG UVQR QWT HCTOGTU CPF QWT DWUKPGUUGU HTQO GZRQTVKPIÒ VJG[ CTG VJGQPGU YJQ CTG JWTVÒ CPF QWT ,CRCPGUGÒ 'WTQRGCPÒ CPF %CPCFKCP EQORGVKVQTU JCRRKN[TWUJ KP VQ HKNN VJG ICRÔ 7PKNCVGTCN UCPEVKQPU ETKRRNG QWT HQTGKIP RQNKE[Ô 6JG[ CTG CPKPGHHGEVKXG VQQNÔ

6JG KTQP[Ò VJG VTCIGF[ KU VJCV VJG 7Ô5Ô GODCTIQ CEVWCNN[ JGNRU %CUVTQÔ *KU GEQPQO[ KU KPUJCODNGUÔ 6JG RGQRNGUr TKIJVU CTG TGRTGUUGFÔ 6JGUG CTG VJG FKTGEV TGUWNVU QH %CUVTQrUWVVGTN[ OKUIWKFGF GEQPQOKEÒ RQNKVKECN CPF UQEKCN RQNKEKGUÔ ;GV (KFGN %CUVTQ KU CDNG VQ WUGVJG GODCTIQ CU VJG UECRGIQCV HQT %WDCrU OKUGT[Ô +V UQWPFU CDUWTFÒ DWV %CUVTQ CEVWCNN[DNCOGU VJG 7Ô5Ô GODCTIQ HQT JKU HCKNGF GEQPQOKE RQNKEKGUÔ 9KVJQWV VJG GODCTIQÒ JGYQWNF JCXG PQ QPG VQ DNCOG DWV JKOUGNHÔ

9G UJQWNF NKHV VJG GODCTIQÔ 9G UJQWNF FQ KV YKVJQWV RTGEQPFKVKQPUÒ CPF YKVJQWVFGOCPFKPI CP SWKF RTQ SWQ HTQO %WDCÔ 9G UJQWNF GPICIG VJGO GEQPQOKECNN[Ò DWVYG UJQWNF CNUQ FQ UQ YKVJQWV KNNWUKQPUÔ

1PEG YG NKHV VJG GODCTIQÒ %WDC YKNN PQV DGEQOG C OCLQT RWTEJCUGT QH QWT HCTOIQQFUQT OCPWHCEVWTGF RTQFWEVU QXGTPKIJVÒ CPF KV EGTVCKPN[ YQPrV DGEQOG C FGOQETCE[Ô9GPGGF VQ DG TGCNKUVKEÔ 9KVJ %WDCrU HCKNGF GEQPQO[ CPF NQY KPEQOGÒ GPFKPI VJGGODCTIQ YQPrV NGCF VQ C JWIG UWTIG QH #OGTKECP RTQFWEVU KPVQ %WDCÔ $WV VJGTG YKNN DGVJKPIU VQ UGNN„ HQQFÒ OGFKEKPGÒ UQOG OCPWHCEVWTGTUÒ VGNGEQOOWPKECVKQP UGTXKEGUÔ

6QFC[Ò %WDC KORQTVU EQOG RTKOCTKN[ HTQO 'WTQRGÒ HTQO#UKCÔ9KVJ VJG GODCTIQ NKHVGFÒ7Ô5Ô RTQFWEVU YKNN TGRNCEG UQOG QH VJQUG UCNGUÔ 7Ô5Ô GZRQTVGTU YKNN JCXG VJG CFXCPVCIGQH NQYGT VTCPURQTVCVKQP EQUVU CPF GCUKGT NQIKUVKEUÔ +V YKNN DG C UVCTVÔ

+P CFFKVKQPÒ GPFKPI VJG GODCTIQ YKNN KPETGCUG VJG GZRQUWTG QH VJG #OGTKECP RGQRNG VQVJG 7PKVGF 5VCVGUÔ +V YKNN TGUWNV KP OQTG VTCXGN D[ VQWTKUVUÒ DWUKPGUU RGQRNGÒ UVWFGPVUÒCTVKUVUÒ UEJQNCTUÔ +V YKNN DTKPI WU KPVQ ENQUGT EQPVCEV YKVJ VJQUG YJQ YKNN DG C RCTV QH VJGNGCFGTUJKR KP RQUV;%CUVTQ %WDCÔ +V YKNN URWT OQTG KPXGUVOGPV KP %WDCrU VQWTKUVKPHTCUVTWEVWTGÒ JGNR KVÒ GXGP KH QPN[ C NKVVNGÒ VJG FGXGNQROGPV QH VJG RTKXCVG UGEVQTÔ

.GV OG EQOOGPV CDQWV VJG GHHGEV QH VJG GODCTIQ QP VJG RGQRNGÔ %WDCPU CTG UWHHGTKPIÒPQ FQWDV CDQWV KVÔ + YCU UVTWEM D[ VJG FGITGG QH RQXGTV[ CPF TGRTGUUKQP KP %WDCÔ 9GJCXG VJG QRRQTVWPKV[ VQ JGNR COGNKQTCVG UQOG QH VJKU UWHHGTKPI CPF VQ FQ UQ TKIJV PQYÔ9G EQWNF KOOGFKCVGN[ TGOQXG QWT TGUVTKEVKXG RQNKE[ QP TGOKVVCPEGUÔ/QPG[ YQWNF HNQYHTQO #OGTKECPU FKTGEVN[ KPVQ VJG JCPFU QH %WDCP EKVK\GPU YJQ PGGF FQNNCTU VQ UWTXKXGÔ

&;Ë

+V ECP KOOGFKCVGN[ TGOQXG QWT TGUVTKEVGF RQNKE[ QP VTCXGNÔ %WDCP #OGTKECPU EQWNF XKUKVVJGKT TGNCVKXGU YKVJQWV EQPUVTCKPVUÔ 6JG[ EQWNF UGG CIKPI RCTGPVU CPF ITCPFRCTGPVUÔ +VEQWNF TGUVQTG VJG TKIJV QH #OGTKECPU VQ VTCXGN CP[YJGTGÔ

+V EQWNF KOOGFKCVGN[ CNNQY HQT HWNN CPF WPHGVVGTGF FKTGEV EQOOWPKECVKQPU YKVJ %WDCÒKPENWFKPI RGTOKUUKQP VQ #OGTKECP EQORCPKGU VQ DWKNF VGNGEQOOWPKECVKQPUKPHTCUVTWEVWTG DQVJ YKVJKP VJG KUNCPF CPF DGVYGGP %WDC CPF VJG 7PKVGF 5VCVGUÔ

6JG YQTNF JCU EJCPIGF UKPEG VJG 7PKVGF 5VCVGU KPKVKCVGF VJKU GODCTIQ ÈÌ [GCTU CIQÔ +PVJQUG FC[UÒ %CUVTQ YCU C ENGCT FCPIGTÔ 6QFC[ KU PQV C RTGUGPV FCPIGTÔ 1WT RQNKE[ JCUVQ EJCPIGÔ

$WV + CO PQV UWIIGUVKPI VJCV YG GODTCEG (KFGN %CUVTQÒ HCT HTQO KVÒ DWV YG ECPPQV YCKVWPVKN JG KU EQORNGVGN[ IQPG HTQO VJG UEGPG DGHQTG YG UVCTV VQ FGXGNQR PQTOCN TGNCVKQPUYKVJ NGCFGTU CPF RGQRNG KP %WDCÔ +H YG YCKVÒ VJG VTCPUKVKQP YKNN DG OWEJ JCTFGT QP VJG%WDCP RGQRNGÔ 'XGPVU KP %WDC EQWNF GCUKN[ GUECNCVG QWV QH EQPVTQN CPF DGEQOG C TGCNFCPIGT VJGP VQ VJG 7PKVGF 5VCVGUÔ

6JGITGCV KTQP[ KU VJCV COCLQTKV[ QHOGODGTU QH%QPITGUU UWRRQTV CV NGCUV KPKVKCN UVGRU VQGPF VJG GODCTIQÔ 6JG UWRRQTV NKDGTCNK\KPI VJG UCNG QH HQQF CPF OGFKEKPG CPF NQQUGPVTCXGN TGUVTKEVKQPU QP #OGTKECP EKVK\GPUÔ

.CUV [GCT NGIKUNCVKQP VQ GPF WPKNCVGTCN UCPEVKQPU QP HQQF CPF OGFKEKPG GZRQTVU RCUUGFVJG 5GPCVG D[C XQVG QH ÊÌ VQ ÎÂÔ +V RCUUGFÒ NCTIGOCTIKPÔ 5KOKNCT XQVGU KP VJG *QWUGCPFVJG 5GPCVG VJKU [GCT YGTG QXGTYJGNOKPIÔ ;GV C XGT[ UOCNN ITQWR KP VJG NGCFGTUJKR KPDQVJ JQWUGU KU RTGXGPVKPI VJGYKNN QH VJG XCUV OCLQTKV[ QH %QPITGUU VQ EJCPIG VJG DCUKU QHQWT GEQPQOKE TGNCVKQPUJKR YKVJ %WDCÔ 9JCV C VTCXGUV[ KP FGOQETCE[Ô

.GV OG EQPENWFGYKVJ C HGY GZCORNG QH CDUWTFKVKGU VJCV HNQY HTQOQWT RQNKE[ QH VT[KPI VQKUQNCVG %WDCÔ 6JG 0CVKQPCN $NCEM %CWEWU JGNF KVU CPPWCN OGGVKPI KP 9CUJKPIVQP NCUVYGGMÔ 6JG[ KPXKVGF 4KECTFQ #NCTEQPÒ VJG RTGUKFGPV QH VJG %WDCP 0CVKQPCN #UUGODN[ VQXKUKV9CUJKPIVQP VQOGGV YKVJ VJG ECWEWUÔ + OGV YKVJ #NCTEQP KP *CXCPC CPF RNCPPGF VQHQNNQY WR FWTKPI JKU XKUKV VQ9CUJKPIVQPÔ *GYCU CNUQ IQKPI VQ URGCM CDQWV 7Ô5Ô;%WDCPTGNCVKQPU CV UGXGTCN VJKPM VCPMU C TQWPF VQYPÔ

+PETGFKDN[ JG YCU FGPKGF RGTOKUUKQP D[ QWT IQXGTPOGPV VQ VTCXGN HTQO 0GY ;QTM VQ9CUJKPIVQPÔ 6JG NCUV + NQQMGF YG YGTG C EQWPVT[ VJCV GPEQWTCIGF QRGP FKCNQIWG CPFFKUEWUUKQPÔ 5QWVJ -QTGCP 2TGUKFGPV -KO &CG ,WPI OGGVKPIU 0QTVJ -QTGCP NGCFGT -KO,QPI +NÒ CPF YG UWRRQTV VJCVÔ ;GV YG RTQJKDKV C %WDCP NGCFGT HTQO XKUKVKPI9CUJKPIVQPVQ OGGV YKVJ OGODGTU QH %QPITGUUÒ UEJQNCTU CPF VJQUG KPVGTGUVGF KP RWDNKE RQNKE[Ô

9JCV PCVKQPCN KPVGTGUV YCU UGTXGF D[ RTGXGPVKPI #NCTEQP HTQO OGGVKPI YKVJ OG CPFO[ HGNNQY OGODGTU QH %QPITGUU" 6JCV KU CP CDUWTF GZCORNGÒ PWODGT QPGÔ

0WODGT VYQÒ 68 /CTVº KU VGNGXKUKQP UVCVKQP QYPGF CPF QRGTCVGF D[ VJG 7Ô5Ô)QXGTPOGPVÔ 6JG ETGCVKQP QH 68 /CTVº CPF KVU UKUVGT UVCVKQP 4CFKQ /CTVº YCU C IQQFKFGC EQPEGRVWCNN[Ô 6JG 7Ô5Ô )QXGTPOGPV YQWNF DGCO KPVQ %WDC WPEGPUQTGF PGYUCDQWV VJG YQTNFÒ WPEGPUQTGF PGYU CDQWV YJCV YCU TGCNN[ IQKPI QP KPUKFG VJG EQWPVT[Ô6JG %WDCP RGQRNG FGRTKXGF QH VJGKT HTGGFQOU YQWNF JCXG C UQWTEG QH QDLGEVKXG PGYUÔ

&;Á

5KPEG Ï‰Â‰Ò VJG HGFGTCN IQXGTPOGPV JCU URGPV ˘ÏÍÌ OKNNKQP QP 68/CTVºÔ 6JG RNCP KU VQURGPF ˘‰ÔËOKNNKQP PGZV [GCTÔ 6JGTG KU QPGRTQDNGOÔ 0Q QPG KP %WDCYCVEJGU 68/CTVºÔ#EEQTFKPI VQ TGUGCTEJ EQOOKUUKQPGF D[ VJG $TQCFECUVKPI $QCTF QH )QXGTPQTUÒ VJGCIGPE[ VJCV TWPU 68 /CTVºÒ PKPG QWV QH ÏÌ %WDCPU FQPrV GXGP MPQY KV GZKUVUÔ

1H VJG ÏÒÌÌÌ CFWNVU CUMGF YJGVJGT VJG[ JCF YCVEJGF 68/CTVº KP VJG RCUV YGGMÒ PQV CUKPING QPG TGURQPFGF [GUÒ PQV C UKPING QPGQWV QH VJCV ÏÒÌÌÌÔ1WV QH VJCV ÏÒÌÌÌÒ QPG JCFYCVEJGF 68 /CTVº KP VJG NCUV [GCTÔ

0QYÒ VJGTG KU C IQQF GZRNCPCVKQP HQT VJKUÒ YJ[ PQ QPG YCVEJGUÔ

(KTUVÒ 68 /CTVº DTQCFECUVU QPN[ HTQO Í„ÍÌ KP VJG OQTPKPI WPVKN GKIJV CÔOÔÒ Í„ÍÌ KP VJGOQTPKPI WPVKN GKIJV CÔOÔ /QUV %WDCPU QDXKQWUN[ CTG CUNGGR FWTKPI VJG RTQITCOOKPIÔ

5GEQPFÒ VJGTG KU PQVJKPI VQ UGGÔ 6JG %WDCP IQXGTPOGPV JCU GHHGEVKXGN[ LCOOGF 68/CTVº UKPEG KVU KPEGRVKQPÔ 9G URGPV VGPU QH OKNNKQPU QH FQNNCTU C [GCT QP DTQCFECUV VJCVPQDQF[ YCVEJGUÔ ;GV YG UGGO WPCDNG VQ MPQEM VJKU GZRGPFKVWTG QWV QH VJGCRRTQRTKCVKQPU DKNNÔ

+ JQRG VQ UGG VJG FC[ YJGP #OGTKECP RQNKE[ VQYCTF %WDC KU PQ NQPIGT EQPVTQNNGF D[ CUOCNN EJQTFCNN[ QH NGCFGTU KP VJG %QPITGUU CNQPI YKVJ C HGY RTKXCVG ITQWRUÒ CPFKPUVGCF QWT RQNKE[ YKNN UGTXG VJG PCVKQPCN KPVGTGUVÔ

+ JQRG VJGUG JGCTKPIU YKNN DTKPI TCVKQPCNKV[ KPVQ QWT RQNKE[;OCMKPI RTQEGUUÔ 6JCPM [QWXGT[ OWEJÔÏ

6666JJJJGGGG ****QQQQPPPPQQQQTTTTCCCCDDDDNNNNGGGG %%%%JJJJCCCCTTTTNNNNGGGGUUUU $$$$ÔÔÔÔ 4444CCCCPPPPIIIIGGGGNNNNÒÒÒÒ 7777ÔÔÔÔ5555ÔÔÔÔ %%%%QQQQPPPPIIIITTTTGGGGUUUUUUUUOOOOCCCCPPPPÒÒÒÒÏÏÏÏËËËËVVVVJJJJ &&&&KKKKUUUUVVVVTTTTKKKKEEEEVVVVÒÒÒÒ 5555VVVVCCCCVVVVGGGG QQQQHHHH 0000GGGGYYYY ;;;;QQQQTTTTMMMM%10)4'55/#0 4#0)'.„ 6JCPM [QWÒ/TÔ %JCKTOCPÒ CPF KVrU CP JQPQT VQ DG JGTG VQVGUVKH[ KP HTQPV QH [QWT %QOOKUUKQPÔ + ECPrV DGIKP VQ VJCPM [QW HQT CEEGRVKPI VJG TGSWGUVQH VJG 9C[U CPF /GCPU %QOOKVVGGÔ

+ YCPV VQ UC[ VJCV + JCXG PQV FKUEWUUGF KP CP[ YC[ VJG 5GPCVQTrU VTKR VQ %WDC CPF + COLWUV UQ RNGCUGF VJCV YG CITGG QP VJG KUUWGU CU KV TGNCVGU VQ KORTQXKPI QWT TGNCVKQPUJKRYKVJ %WDCÒ CPF YG YKNN DG YQTMKPI ENQUGN[ VQIGVJGT CU JG UQQP YKNN DG VJG UGPKQT&GOQETCV CPFÓQT EJCKTOCP QH VJG 5GPCVG (KPCPEG %QOOKVVGGÒ CPF + HKPF O[UGNH KP VJGUCOG RQNKVKECN RQUVWTG CU KV TGNCVGU VQ VJG 9C[U CPF /GCPU %QOOKVVGGÔ

+P CP[ GXGPVÒ YG YKNN DG YQTMKPI ENQUG VQIGVJGT CPF + CO JQPQTGF VQ DG UJCTKPI VJKUYKVPGUU VCDNG YKVJ VYQ FKUVKPIWKUJGF OGODGTU QH VJG %QPITGUU HTQO (NQTKFCÒ%QPITGUUYQOCP 4QU;.GJVKPGP CU YGNN CU %QPITGUUOCP &KC\;$CNCTVÒ CPF TGEQIPK\KPIVJG COQWPV QH GOQVKQP CPF EGTVCKPN[ GVJKE RTKFG VJCV DTKPIU VJGO VQ VJKU VCDNG KP UGCTEJHQT FGOQETCE[ KP VJGKT DGNQXGF %WDCÔ

Ï 5GPCVQT /CZ $CWEWU ı&;/QPVCPCÙÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ 5GRVÔ Ï‰Ò ÎÌÌÌÒı9CUJKPIVQPÒ &%„ *GTKVCIG 4GRQTVKPI %QTRQTCVKQPÒ ÎÌÌÌÙÒ RRÔ ÏÌ;ÏÊÔ

&;Ê

#PF UQOGJQY VQ UJCTG YKVJ VJKU %QOOKUUKQP CPF VJGO CPF QVJGTU VJCV VJKU UGCTEJ HQTFGOQETCE[ VJTQWIJQWV VJGYQTNF KU C JKIJ RTKQTKV[ HQT 5GPCVQT $CWEWU CPF +Ò CPF VJCV KUUQ YJGVJGT YG CTG VCNMKPI CDQWV VJG HQTOGT 5QXKGV 7PKQPÒ VJG DKNNKQPU QH RGQRNG KP%JKPCÒ VJQUG VJCV HKPF VJGOUGNXGU GPIWNHGF YKVJ %QOOWPKUV IQXGTPOGPVU KP 0QTVJ8KGVPCO CPF 0QTVJ -QTGCÒ CPF YG JCXG VQ HKPF C YC[ VJCV FGOQETCE[ ECP RTGXCKNÔ

+ VJKPM KVrU VJG CEEGRVGF RQUVWTG QH VJG 7PKVGF 5VCVGU QH #OGTKEC VJCV WPKNCVGTCNGODCTIQGU FQPrV YQTMÔ 5QOG UC[Ò YGNNÒ [QW UWRRQTVGF KV KP 5QWVJ #HTKECÒ DWV + VJKPM KVrUENGCT VJCV VJKU YCU CP KPVGTPCVKQPCN GHHQTV CPF PQV LWUV VJG 7PKVGF 5VCVGU QH #OGTKECÔ

$WV GXGP OQTG KORQTVCPVN[ KVrU DGGP QWT ITGCV RTKFG CU #OGTKECPU PQV VQ WUG HQQF CPFOGFKEKPG CU C RQNKVKECN YGCRQP KP QTFGT VQ KPHNWGPEG HQTGKIP IQXGTPOGPVUÒ CPF QPGJCUVQ VCMG RTKFG KP VJCVÔ9G CTG C RQYGTHWN PCVKQP PQV QPN[ GEQPQOKECNN[ DWV OQTCNN[Ô #PFKV FKHHKEWNV HQT CP[QPG VQ DGNKGXG VJCV VJG IQXGTPOGPV QH %WDC TGRTGUGPVU C VJTGCV VQ VJGPCVKQPCN UGEWTKV[ QH VJG 7PKVGF 5VCVGU QH #OGTKECÔ

9JCV KU YQPFGTHWN VQ UGGÒ JQYGXGTÒ KU VJCV VJG NQXG VJCV VJG #OGTKECP RGQRNG JCXG HQTVJG %WDCP RGQRNG GZKUV VJG UCOGYC[ PQVYKVJUVCPFKPI VJG VGTTKDNG TGNCVKQPUJKR VJCV QWTIQXGTPOGPV JCU YKVJ VJG %WDCP IQXGTPOGPV KU VJG NQXG CPF CHHGEVKQP VJCV VJG %WDCPRGQRNG JCXG HQT VJG #OGTKECPUÔ

9G UJQWNF DG UWEJ IQQF HTKGPFUÒ CPF YG UJQWNF OCMG EGTVCKP VJCV YG PGXGT YCKXGT KPQWT DCVVNG VQ DTKPI FGOQETCE[ VQ VJG RGQRNG QP VJKU KUNCPFÔ 5Q VJG SWGUVKQP DGHQTG WU KPVJG %QPITGUUÒ CPF VJG TGCUQP YG CUMGF HQT [QWT JGNRÒ KU YJCV KU VJG DGUV YC[ VQ FQ KVÔ

#PF CU EQPVTQXGTUKCN CU VJG XQVG YCU VQ PQTOCNK\G VTCFG YKVJ %JKPCÒ + DGECOGEQPXKPEGF VJCV QPEG VJG %JKPGUG RGQRNG JCF CP QRRQTVWPKV[ VQ UGG JQY NKHG YCU KP#OGTKECÒ JQY QRGP OCTMGVU YQTMGFÒ JQY RGQRNG EQWNF IQ HTQO RQXGTV[ VQ UWEEGUUHWNGEQPQOKE CPF RQNKVKECN RQUKVKQPUÒ JQY YG EQWNF UJCVVGT IGPGTCVKQPU QH RQXGTV[Ò CPFPQY KP #OGTKEC CP[QPG EQWNF JQRG CPF FTGCO CPF RQUUKDN[ UJCTG KP VJG RTQURGTKV[ QHVJKU PCVKQPÒ VJCV VJKU KU VJG YC[ VQ UJCVVGT VJG O[VJU QH %QOOWPKUOÔ

9G JCF CP GZCORNG VQFC[ CU + ECOG JGTG NGCXKPI VJG HNQQT QH VJG *QWUG YJGTG C MKFVJCV YCU TCKUGF KP*GNNrU -KVEJGPÒYGPV VQ RWDNKE UEJQQNUÒYGPV VQ $GPLCOKP (TCPMNKP*KIJ5EJQQN KP O[ FKUVTKEV KP 'CUV *CTNGOÒ CPF PQY TGVKTGU CU VJG UGPKQT UGPCVQT HTQO 0GY;QTM„ YCTHCTGÒ UGPCVQT HQT ÏÂ [GCTÒ CRRQKPVGF D[ HQWT RTGUKFGPVU VQ VJGKT ECDKPGVÒCODCUUCFQTÔ +VrU VTWN[ C ECUG QH sQPN[ KP #OGTKECÔt

9J[Ò CU 5GPCVQT $CWEWU UCKFÒ YQWNF YG PQV YCPV %WDCPU VQ WPFGTUVCPFYJCV [QW ECPFQ KP #OGTKEC" 9J[ UJQWNFPrV YG UGPV QWT MKFU VJGTG VQ NGCTP CPF VQ VGCEJ" 9J[UJQWNFPrV YG QRGP QWT FQQTU VQ %WDCP VTCXGNGTU CPF HCOKNKGU QH %WDCPU CPF VQ %WDCPRQNKVKEKCPU" #TG YG CHTCKF VJCV VJG[ CTG IQKPI VQ RGTUWCFG #OGTKECP VQ DGEQOG%QOOWPKUVU"

+U VJKU VJG RQNKVKECN HKIWTG VJCV YCU FGPKGF CP QRRQTVWPKV[ VQ DG VJG IWGUV QH VJG%QPITGUUKQPCN $NCEM %CWEWUÒ CTG VJG[ CHTCKF VJCV VJG ÍÂ OGODGTU QH VJG%QPITGUUKQPCN $NCEM %CWEWU CTG IQKPI VQ VJTQY CYC[ VJGKT RCUURQTVU CPF FGP[ VJGKTEKVK\GPUJKR CPF HNGG VQ %WDC"

&;Â

9J[ FQ YG FQ VJGUG UVWRKF OGCP;URKTKVGF VJKPIU" +rNN VGNN [QW YJ[Ô +rNN VGNN [QW GZCEVN[YJ[YGFQ KVÔ 9GFQPrV YCPV VQ GODCTTCUU QWT &GOQETCVKE RTGUKFGPVÔ9GFQPrV YCPV VQGODCTTCUU QWT RTGUKFGPV YJQ KU TWPPKPI HQT RTGUKFGPVÔ 9G FQPrV YCPV VQ JCXG CP 'NKCP)QP\CNG\ ECUG YJGTG YG CTG IQKPI VQ FGDCVG YJGVJGT C EJKNF DGNQPIU YKVJ QPG QH JKUUWTXKXKPI RCTGPVUÔ +VrU CNN RQNKVKEUÔ +VrU VJG GNGEVQTCN EQNNGIG QH (NQTKFCÒ PQVJKPI GNUG CPFPQVJKPI OQTGÔ

/QUV QH VJG RGQRNG QH VJG 7PKVGF 5VCVGU FQPrV JCXG CP[ KFGC YJGTG %WDC KUÔ 6JG[ FQPrVMPQYYJGVJGTYGJCXGOKUUKNGU VJGTG QT PQVÔ 6JG[ FQPrV MPQY JQYOCP[ RTGUKFGPV (KFGN%CUVTQ JCU QWVNKXGFÒ CPF VJG[ JCXG PQ KFGC QH VJG UWHHGTKPI VJCV YG JCXG RNCEGF QP VJG%WDCP RGQRNG D[ FGP[KPI HQQF VQ DG CDNG VQ IQ VJGTGÒ FGP[KPI OGFKEKPG CPF CPQRRQTVWPKV[ VQ IGV VJGTGÔ +V KU CP WP;#OGTKECP VJKPI YG CTG FQKPI JGTG KP %WDCÔ

$WV HQT FKHHGTGPV TGCUQP VJCP GOQVKQPÒ HQT FKHHGTGPV TGCUQPU VJCP PCVKQPCN UGEWTKV[Ô (QTFKHHGTGPV TGCUQPU VJCP RQNKVKEUÒ VJG GODCTIQ KU IQKPI VQ DG DTQMGP CPF KVrU DGECWUG QWTHCTOGTU CTG NQQMKPI HQT PGY OCTMGVUÔ

#PF UQ YG FQPrV HKPF VJG NGCFGTUJKR KP TGOQXKPI VJG GODCTIQ EQOKPI HTQO VJGVTCFKVKQPCN FGOQETCVKE UKFG QH VJG CKUNGÔ +VrU EQOKPI HTQO VJG RCTV[ QH O[ EQNNGCIWGU CVVJKU VCDNGÔ 6JG[ CTG VJG QPGU VJCV CTG UC[KPI PQY KU VJG VKOG VQ IGV QP YKVJ HTGG VTCFGÒ VQUGNN PQV LWUV QWT IQCNU RQNKVKECNN[Ò DWV VQ UGNN QWT IQQFU GEQPQOKECNN[Ô

#PF UQ YG CTG IQKPI VQ JCXG VQ FQ UQOGVJKPI DGECWUG KVrU VJG TKIJV VJKPIÒ VQ CNNC[ VJGHGCTU QH QWT HTKGPFU KP (NQTKFC CPF QWT HTKGPFU KP VJG%QPITGUU VJCV YG CTG PQV FQKPI VJKUVQ KPHNWGPEG CPF VQ UWRRQTV (KFGN %CUVTQ CU RTGUKFGPV QH %WDCÔ $WV YG CTG PQV IQKPI VQVTGCV (KFGN %CUVTQ CP[ FKHHGTGPV VJCP YG FQ CP[ QVJGT %QOOWPKUV NGCFGTÔ 9G CTG PQVIQKPI VQ ECWUG VJG %WDCP RGQRNG VQ UWHHGT DGECWUG YG FKUNKMG (KFGN %CUVTQÔ 9G FCTGFPQV FQ KV KP VJG 5QXKGV 7PKQPÔ 9G FQPrV FQ KV KP 0QTVJ 8KGVPCOÔ 9G FQPrV FQ KV KP 0QTVJ-QTGCÔ #PFYGrTG QPN[ FQKPI KV HQT FQOGUVKE RQNKVKECN RQNKEKGUÒ FQOGUVKE RQNKVKECN RQNKEKGUQH VJG 7PKVGF 5VCVGU QH #OGTKECÔ

+VrU PQV HCKT VQ VJG MKFU VJCV CTG DGKPI DQTP KP %WDC VJCV VJG[ PQV JCXG CEEGUU VQ VJG DCUKEHQQFU VJCV CTG PGEGUUCT[ HQT VJGO VQ UWTXKXG CU JGCNVJ[ RGQRNGÔ #PF FQPrV UC[ YG CTGFQKPI VJKU KP QTFGT VQ IGV TKF QH (KFGN %CUVTQÔ

;QW JCXG PGXGT UGGP VJG UQNFKGTU QH (KFGN %CUVTQ UWHHGTKPI QH OCNPWVTKVKQPÔ 6JG[ IGVVJGKTUÔ 9JQ KU PQV IGVVKPI VJGKTU CTG VJQUG MKFUÔ 6JG CITKEWNVWTG RTQFWEVKQP JCU DGGPFGENKPGF D[ ËÌ RGTEGPV DGECWUG QH VJG KPCDKNKV[ VQ IGV VJG HGTVKNK\GTU VJCVrU PGEGUUCT[ VQRTQFWEG VJGKT QYP HQQFÔ

%QOOKUUKQPGTUÒ +rO VGNNKPI [QW VJKU KU CP WP;#OGTKECP VJKPI VJCV YG CTG FQKPIÔ +VrU CPWPFGOQETCVKE VJKPI VJCV YG CTG FQKPIÔ +V HNKGU KP VJG HCEG QH VJG HTGGOCTMGV VTCFKVKQP VJCV#OGTKEC GPLQ[UÔ 9G CTG PQV FQKPI VJKU HQT QWT HQTGKIP RQNKE[ DGECWUG KV FQGU PQVRTQVGEV #OGTKECÔ 9G CTG PQV FQKPI VJKU HQT QWT VTCFG RQNKE[ DGECWUG YG CTG NQUKPIDKNNKQPU QH FQNNCTU KP VTCFGÔ9G CTG FQKPI VJKU DGECWUG YG CTG EQPEGTPGF CU VQ JQYYGYKNN DG XKGYGF CU &GOQETCVU CPF 4GRWDNKECPUÔ

+ VTWN[ DGNKGXG KH VJG %WDCP )QXGTPOGPV JCF PQV UJQV FQYP VJQUG FGHGPUGNGUU RNCPGUVJCV HNGY QXGT KNNGICNN[ VJG KUNCPF QH %WDCÒ VJCV YG YQWNF JCXG JCF PQTOCNK\CVKQP

&;‰

VQFC[Ô $WV DGECWUG QH VJKU DTWVCN CEV CPF DGECWUG VJG[ FKF PQV JCXG VQ WUG HQTEG VQ FQVJKUÒ VJG *GNOU;$WTVQP #EV YCU GPCEVGFÒ CPF VJG FKUETGVKQP VJCV VJG RTGUKFGPV JCF VQTGOQXG VJG GODCTIQ VJGP DGECOG C NGIKUNCVKXG KUUWGÔ

$WV VJG YC[ VJKPIU CTG EJCPIKPIÒ + CO EQPXKPEGFÒ VJCV QPEG VJKU %QOOKUUKQP RTQFWEGUKVU TGRQTVÒ VJGTG YKNN PQV DG UEKPVKNNC QH GXKFGPEGÒ VJGTG YKNN PQV DG C VJTGCF QH TGCUQP VQUWRRQTV VQ UWRRQTV YJ[ QWT EQWPVT[ KU GPICIGF KP VJKU OGCP;URKTKVGFÒ JC\CTF VQ VJGJGCNVJ QH VJG RGQRNG QH %WDCÔ

5Q + VJCPM [QW HQT VCMKPI VKOG VQ DTKPI VQIGVJGT VJKU TGRQTVÒ CPF + JQRG VJCV YG YKNN PQVRQNCTK\G QWT RGQRNG KP VJG *QWUG CPF KP VJG 5GPCVGÒ DWV QPEG #OGTKEC ECP OQXGHQTYCTFÒ CPF CU YG KPVGPF VQ DTKPI RGCEG VJTQWIJQWV VJG YQTNF VJCV RTQURGTKV[ DG CRCTV QH VJCVÒ CPF EGTVCKPN[ YG JQRG VJCV YG ECP JCXG VJG %WDCP IQXGTPOGPV KPENWFGFKP VJG %CTKDDGCP $CUKP +PKVKCVKXG C RCTV QH QWT HTGG VTCFG RQNKE[ KP VJG TGIKQP CPFCTQWPF VJG YQTNFÔÎ

6666JJJJGGGG ****QQQQPPPPQQQQTTTTCCCCDDDDNNNNGGGG ++++NNNNGGGGCCCCPPPPCCCC 4444QQQQUUUU;;;;....GGGGJJJJVVVVKKKKPPPPGGGGPPPPÒÒÒÒ 7777ÔÔÔÔ5555ÔÔÔÔ%%%%QQQQPPPPIIIITTTTGGGGUUUUUUUUYYYYQQQQOOOOCCCCPPPPÒÒÒÒ ÏÏÏÏÂÂÂÂVVVVJJJJ &&&&KKKKUUUUVVVVTTTTKKKKEEEEVVVVÒÒÒÒ 5555VVVVCCCCVVVVGGGG QQQQHHHH ((((NNNNQQQQTTTTKKKKFFFFCCCC%10)4'5591/#0 415;.'*6+0'0„ 6JCPM [QW UQ OWEJÔ 6JCPM [QWÒ /TÔ%JCKTOCP CPF OGODGTU QH VJG %QOOKUUKQPÔ

$GHQTG + DGIKP O[ VGUVKOQP[Ò + YQWNF NKMG VQ TGKVGTCVG O[ EQPEGTP TGICTFKPI VJGRCTVKEKRCVKQP QH %WDCP IQXGTPOGPV QHHKEKCNU DGHQTG VJKU RCPGNÔ 1HHKEKCNU QH VJKU TGIKOGEWUVQOCTKN[ OCPKRWNCVG VJG HCEVU CPF JKUVQT[ JCU UJQYP VJG[ U[UVGOCVKECNN[ XKQNCVG VJGTWNG QH NCY D[ CEVKPI CICKPUV VJG KPVGTPCVKQPCN NGICN UVCPFCTFUÔ

#PF HWTVJGTÒ CU HQTGKIP PCVKQPCNU YKVJ FKRNQOCVKE KOOWPKV[Ò VJG[ CTG PQV DQWPF D[7Ô5ÔNCYU CPF CTG PQV EQORGNNGF VQ VGNN VJG VTWVJÔ 6JGTGHQTGÒ FGRGPFKPI KP CP[ YC[ QP VJGKTUVCVGOGPVU CU RCTV QH VJKU KPXGUVKICVKQPÒ + DGNKGXGÒ KU CP GZGTEKUG KP HWVKNKV[Ô

9JCV KU OQUV FKUEQPEGTVKPI CDQWV VJKU UKVWCVKQP KU VJG KPCDKNKV[ QH %WDCP RQNKVKECNRTKUQPGTUÒ VJG QRRQUKVKQP NGCFGTÒ FKUUKFGPVUÒ FGHGEVQTU VQ VGUVKH[ DGHQTG VJG %QOOKUUKQPÔ5QOG YQWNF CUM YJCV VJGKT EQPVTKDWVKQPU VQ VJKU KPSWKT[ YQWNF DG‚ VJCV KUÒ JQY EQWNFVJG[ RTQXKFG CP[ KPUKIJV CU VQ JQY 7Ô5Ô UCPEVKQPU CICKPUV C %QOOWPKUV FKEVCVQTUJKRCHHGEVU VJG 7Ô5Ô GEQPQO[Ô

$WV + VJKPM VJG TGURQPUG KU ENGCTÔ 6JQUG YJQ VQFC[ NCPIWKUJ KP USWCNKF LCKN EGNNU FGXQKF QHJWOCP EQPVCEVÒ FGRTKXGF QH CP[ NKIJVÒ FGPKGF OGFKECN CVVGPVKQPÒ VQTVWTGF CPF DGCVGPHQT VJGKT RQNKVKECN CPF KFGQNQIKECN DGNKGHÒ VJQUG YKNN DG %WDCrU HWVWTG NGCFGTUÔ

6QFC[rU RQNKVKECN RTKUQPU CPF FKUUKFGPVU YKNN DG VJG RTGUKFGPVUÒ VJG UGPCVQTUÒ VJGTGRTGUGPVCVKXGUÒ VJG OKPKUVGTUÒ VJG OC[QTU QH C HTGG CP FGOQETCVKE RQUV;%CUVTQ %WDCÔ

Î %QPITGUUOCP %JCTNGU 4CPIGN ı&;0GY ;QTMÙÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ 5GRVÔ Ï‰Ò ÎÌÌÌÒı9CUJKPIVQPÒ &%„ *GTKVCIG 4GRQTVKPI %QTRQTCVKQPÒ ÎÌÌÌÙÒ RRÔ ÏÂ;ÎËÔ

&;ÏÌ

6JG[YKNN DG VJG QPGU YJQYKNN DG FGVGTOKPKPIYJKEJ EQORCPKGU CPFYJCV EQWPVTKGU YKNNJCXG OQUV HCXQTGF PCVKQP UVCVWU CPF %WDCrU HWVWTG HTGG OCTMGV GEQPQO[Ô #PF CU VJG[EQPFWEV VJGUG GXCNWCVKQPUÒ VJG[ YKNN DG VJKPMKPI CDQWV YJQ UVQQF HKTON[ YKVJ VJG %WDCPRGQRNG CICKPUV VJGKT QRRTGUUQTÒ YJQ FGHGPFGF FGOQETCE[Ò HTGGFQO CPF NKDGTV[ QXGTRTQHKV OCTIKPUÔ

9JQ YKNN DGPGHKV OQUV KP C FGOQETCVKEÒ HTGG OCTMGV %WDC" 6JG CPUYGTÒ KH YG OCKPVCKPUCPEVKQPU CICKPUV VJG TGIKOGÒ YKNN DG VJG 7PKVGF 5VCVGUÔ (QT VJG EQWTCIG QH QWTEQPXKEVKQPUÒ #OGTKECP EQORCPKGUÒ + DGNKGXGÒ YKNN DG FWN[ TGYCTFGFÔ + VJKPM VJGTG YKNN DGPQ TGUGPVOGPV QT CPIGT VQYCTF VJG7Ô5Ô CU VJGTGYKNN DGYKVJ VJQUGYJQ VQVCNN[ CPF VTWN[VTCFG VQFC[ YKVJ VJG V[TCPVÔ 6JGTG YKNN DG QPN[ ITCVKVWFG CPF C FGUKTG VQ TGDWKNF VJGTGNCVKQPUJKR GPLQ[GF DGVYGGP %WDC CPF VJG 7Ô5Ô DGHQTG %WDC HGNN VQ %QOOWPKUOÔ

#PF CU C TGUWNVÒ UCPEVKQPU QP %WDCrU VQVCNKVCTKCP TGIKOG RTQOQVGU 7Ô5Ô EQOOGTEKCNKPVGTGUVU YKVJ VJG %WDCP RGQRNG CPF KV YKNN IKXG #OGTKECP EQORCPKGU C EQORGVKVKXGGFIG HQT HWVWTG KPXGUVOGPV CPF VTCFG YKVJ C FGOQETCVKE %WDCÔ

*QYGXGTÒ KV KU ETKVKECN HQT VJG +6% CPF CNN 7Ô5Ô IQXGTPOGPV GPVKVKGU VQ TGOGODGT VJGTGCUQPU YJ[ YG JCXG UCPEVKQPU CICKPUV %WDCrU FKEVCVQTUJKRÔ 5CPEVKQPU CTG C HQTGKIPRQNKE[ VQQN YJKEJ GORQYGT VJG 7PKVGF 5VCVGU CPF GPCDNG WU VQ CEV YKVJQWV TGUQTVKPI VQOKNKVCT[ KPVGTXGPVKQPÔ

6JG FGHKPKVKQP QH 7Ô5Ô;%WDC UCPEVKQPU CU CP KPUVTWOGPV QH PCVKQPCN UGEWTKV[ YCUTGGPHQTEGF D[ VJG 9QTNF 6TCFG 1TICPK\CVKQP FKURWVG UGVVNGOGPV DQF[ KP VJG ECUG QHVJG .KDGTVCF #EV QT VJG *GNOU;$WTVQP NCY CU KV KU EQOOQPN[ TGHGTTGF VQÔ

#PF + TGITGV VJCV O[ JQPQTCDNG EQNNGCIWGÒ %QPITGUUOCP %JCTNKG 4CPIGNÒ YKVJ YJQOYG GPLQ[ C XGT[ RQUKVKXG YQTMKPI TGNCVKQPUJKRÒ KU PQV JGTGÔ + YCPVGF VQ ENCTKH[ UQOGVJKPIVJCV JG JCF OKUVCMGPN[ UCKF TGICTFKPI VJG KORWNUG DGJKPF VJG UKIPKPI QH VJG*GNOU;$WTVQP NCYYJGP JG TGHGTTGF VQ VJG $TQVJGTU VQ VJG 4GUEWG RNCPGU HN[KPI KNNGICNN[Ô

+P HCEVÒ PQV LWUV VJG 7Ô5Ô DWV GXGT[ KPVGTPCVKQPCN DQF[ VJCV JCU NQQMGF CV VJKU JQTTKF ETKOGJCU UVCVGF VJCV VJG[YGTG KP KPVGTPCVKQPCN CKT URCEGÔ 6JG[YGTG PQV HN[KPI KNNGICNN[Ô #PF +YQWNF JQRG VJCV JG YQWNF EQTTGEV VJCV KP VJG HWVWTGÔ #PF DGECWUG QH VJGO DGKPI KPKPVGTPCVKQPCN CKT URCEGÒ VJG[ YGTG ECUVKICVGF D[ OCP[ KPVGTPCVKQPCN DQFKGU HQT VJGKTJGKPQWU CEVU VJCV TGUWNVGF KP VJG FGCVJU QH VJTGG 7Ô5Ô EKVK\GPU CPF QPG 7Ô5Ô TGUKFGPVÔ

5QOGVKOGU VJG 7Ô5Ô OWUV CEV CNQPG CPF CUUWOG QWT TQNG CU C INQDCN NGCFGTÔ 5QOGVKOGUYG JCXG VJG UWRRQTV QH QWT CNNKGUÔ 1PG VJKPI VJCVrU EGTVCKP KP VJG ECUG QH %WDCÒ VJG 7Ô5ÔEQWNF PQV CPF ECPPQV UKV KFN[ D[ YJKNG KVU PCVKQPCN UGEWTKV[ KU VJTGCVGPGFÒ CPF YJKNG VJG%WDCP RGQRNG EQPVKPWG VQ DG GPUNCXGF CPF UWDLWICVGFÔ

+TQPKECNN[Ò CNN VJQUG YJQ TGUQTV VQ VJG OWNVKNCVGTCN CTIWOGPV CU CP GZEWUG VQ NKHV VJGUCPEVKQPU QP VJG %CUVTQ TGIKOG UGGO VQ KIPQTG VJG FGXGNQROGPVU QH VJG NCUV HGYFGECFGU YJGTG OWNVKNCVGTCN UCPEVKQPU YGTG OGTGN[ WUGF CU C HKTUV UVGR VQ OKNKVCT[KPXQNXGOGPVÔ 5WEJ YCU VJG ECUG KP VJG 2GTUKCP )WNH 9CTÒ KP *CKVKÒ KP $QUPKC CPF KP-QUQXQÔ

&;ÏÏ

+V KU KPVGNNGEVWCNN[ QHHGPUKXG HQT CP[QPG VQ CTIWG VJCV OWNVKNCVGTCN UCPEVKQPU QP VJGKT QYPCTG CP[OQTG GHHGEVKXG VJCP WPKNCVGTCN QPGUÔ

6Q TGKVGTCVGÒ CP[ UVWF[ QP %WDC UCPEVKQPU YQWNF PQV DG EQORNGVG KH KV FKF PQV CFFTGUUVJG RWTRQUG QH VJG UCPEVKQPU VQ FGVGTOKPG KH VJG PGGF HQT VJQUG QWVYGKIJ CP[ RQVGPVKCNGEQPQOKE EQUV KH VJG UCHGV[ QH VJG #OGTKECP RGQRNG KU VJG JKIJGT RTKQTKV[ VJCP VJGRQUUKDNG ITQYVJ QH C RCTVKEWNCT UGEVQT QH QWT GEQPQO[Ô

9J[FQYGOCKPVCKP UCPEVKQPU QP %WDCrU %QOOWPKUV TGIKOGÒ FTWI VTCHHKEMKPIÒ UWRRQTVHQT VGTTQTKUVU CPF KPUWTIGPVUÒ GURKQPCIG CICKPUV VJG 7PKVGF 5VCVGUÒ JCTDQTKPI QHHWIKVKXGU HTQO 7Ô5Ô LWUVKEGÒ JWOCP TKIJVU CDWUGU CPF OWTFGT QH #OGTKECP EKVK\GPU"

5KPEG VJG GPF QH VJG %QNF 9CT VJGTG JCXG DGGP PWOGTQWU KPXGUVKICVKQPU KP ECUGUFQEWOGPVKPI VJG %WDCP FKEVCVQTUJKRrU KPXQNXGOGPV KP EQQTFKPCVKQP QH VJG FTWI VTCFGKPVQ VJG 7Ô5Ô +P #RTKN Ï‰‰ÍÒ KV YCU TGRQTVGF VJCV VJG 7Ô5Ô CVVQTPG[ HQT VJG 5QWVJGTP&KUVTKEV QH (NQTKFC JCF FTCHVGF CP KPFKEVOGPV EJCTIKPI VJG TGIKOG CU C TCEMGVGGTKPIGPVGTRTKUGÒ CPF %WDCP &GHGPUG /KPKUVGT 4CQWN %CUVTQÒ CU VJG EJKGH QH C ÏÌ;[GCTEQPURKTCE[ VQ UGPF VQPU QH %QNWODKCP ECTVGN EQECKPG VJTQWIJ %WDC KPVQ VJG 7Ô5Ô

+P VJG HCNN QH r‰ÁÒ VJG RTQUGEWVKQP QH ,QTIG %CDTGXCÒ EQPXKEVGF VTCPURQTVKPI CNOQUVÁÒÌÌÌ RQWPFU QH EQECKPG KPVQ VJG 7Ô5Ô TGXGCNGF URGEKHKE KPHQTOCVKQP EQPHKTOKPIEQQRGTCVKQP DGVYGGP %CUVTQ QHHKEKCNU CPF VJG %QNWODKCP ECTVGNUÔ

+P (GDTWCT[ r‰‰Ò %WDCP FGHGEVQT CPF HQTOGT UR[Ò /CLQT ,WCP #PVQPKQ 4QFTKIWG\/GPKGTÒ VGUVKHKGF KP 2CTKU VJCV VJG %CUVTQ TGIKOG YCU KPXQNXGF KPOQPG[ NCWPFGTKPI CPFFTWI VTCHHKEMKPIÔ (WTVJGT /GPKGT VGUVKHKGF VJCV VJG TGIKOG JCF UWRRQTVGF VJG VGTTQTKUVCEVU QH %CTNQU sVJG ,CEMCNÔt

+P ,CPWCT[ r ‰‰Ò C EQORNCKPV HKNGF KP (TCPEG D[ NCY[GT 5GTIG .GYKUEJ KPENWFGF GXKFGPEGVJCV %WDC JCF DGEQOG C OCLQT EQPFWKV HQT FTWIU KPVQ VJG 7PKVGF 5VCVGUÔ

6JG %WDCP FKEVCVQTUJKRrU GURKQPCIG CEVKXKVKGU CICKPUV VJG 7Ô5Ô VCMG QP PWOGTQWUOCPKHGUVCVKQPU CPF JCXG OWNVKRNG VCTIGVUÔ +P 5GRVGODGT r‰ÂÒ VJG ($+ CTTGUVGF UGXGTCN%WDCP URKGU YJQ YGTG YQTMKPI VQ RGPGVTCVG 7Ô5Ô OKNKVCT[ KPUVCNNCVKQPU KP (NQTKFCÒKPENWFKPI 5QWVJ%QOOÔ /CE&KNN #KT (QTEG $CUG CPF $QEC %JKECÔ

'CTNKGT VJKU [GCT CPQVJGT QRGTCVKXG HQT %WDCrU KPVGNNKIGPEG UGTXKEGÒ YJQ YCU CJKIJ;TCPMKPI +05 QHHKEKCN KP UQWVJ (NQTKFCÒ YCU CTTGUVGF HQT UR[KPI HQT VJG %CUVTQTGIKOG CPF YCU EQPXKEVGF QH„ ıÏÙ TGXKGYKPI ENCUUKHKGF KPHQTOCVKQP CPF GPFCPIGTKPI7Ô5Ô PCVKQPCN UGEWTKV[‚ ıÎÙ WUKPI ENCUUKHKGF KPHQTOCVKQP HQT RGTUQPCN ICKP‚ ıÍÙ N[KPI VQ ($+CIGPVU CDQWV EQPVCEVU YKVJ %WDCP CIGPVU‚ CPF ıÈÙ HCNUKH[KPI KPHQTOCVKQP QP QHHKEKCNUGEWTKV[ FQEWOGPVU TGICTFKPI JKU HQTGKIP DWUKPGUU FGCNKPIUÔ

(WTVJGTÒ VJG FKEVCVQTUJKR JCU LQKPGF YKVJ VJG 4WUUKCP (GFGTCVKQP CPF VJG %JKPGUGIQXGTPOGPV VQ QDVCKP 7Ô5Ô OKNKVCT[Ò RQNKVKECNÒ GEQPQOKE CPF EQOOGTEKCN UGETGVUVJTQWIJ KPVGNNKIGPEG HCEKNKVKGU CV .QWTFGU CPF $GLWECNÔ 6JG %JKPGUG OKNKVCT[ KU YQTMKPIYKVJ VJG %WDCP FKEVCVQTUJKR VQ DWKNF CP QRGTCVG C PGY UR[ HCEKNKV[ PGCT 2KPCT FGN 4KQÔ

&;ÏÎ

5WRRQTV HQT KPVGTPCVKQPCN VGTTQTKUVU CPF IWGTKNNC OQXGOGPVU YJQ UGGM VQ QXGTVJTQYFGOQETCVKECNN[ GNGEVGF IQXGTPOGPVU KP VJG JGOKURJGTG JCU DGGP C NQPIUVCPFKPIEQOOKVOGPV HQT VJG %CUVTQ TGIKOGÔ +VU HKPCPEKCN CPF OKNKVCT[ UWRRQTV HQT VJG5CPFKPCUVCU KP 0KECTCIWC CPF VJG (/.0 KP 'N 5CNXCFQT CTG NGIGPFCT[Ô

*QYGXGTÒ VJGUG RCNG D[ EQORCTKUQP VQ VJG %WDCP FKEVCVQTUJKRrU ETGCVKQP CPFKORNGOGPVCVKQP QH VJG FTWIU HQT OQPG[ HQT CTOU QRGTCVKQP YJKEJ NGF VQ VJG ITQYVJ QHVJG (#4% IWGTTKNNCU KP %QNWODKCÔ 6JGUG KPUWTIGPVU CTG QHVGP VTCKPGF KP %WDC D[%WDCPQHHKEKCNUÔ

6JG 5VCVG &GRCTVOGPVrU TGRQTV QP INQDCN RCVVGTPU QH VGTTQTKUO HWTVJGT FQEWOGPVU VJGTGIKOGrU ENQUG VKG VQ VGTTQTKUV TGIKOGU CPF +UNCOKE GZVTGOKUV ITQWRU KPXQNXGF QP VGTTQTKUVCVVCEMU YJKEJ JCXG MKNNGF QT KPLWTGF #OGTKECP EKVK\GPUÔ /CP[ QH VJGUG ITQWRU JCXGDTCPEJ QHHKEGU KP %WDCÔ 6JG TGIKOG YCU KPXQNXGF KP VJG OKF Ï‰ÁÌU KP VJG VQTVWTG QH#OGTKECP 219U KP 8KGVPCO CV C EQPEGPVTCVKQP ECNNGF ECNN s6JG <QQÒt CPF KU FKTGEVN[TGURQPUKDNG HQT VJG OWTFGT QH 7Ô5Ô EKVK\GPU QP (GDTWCT[ ÎÈÒ Ï‰‰ÁÔ

6JKU KU VJG UCOG TGIKOG YJQ IKXGU TGHWIG VQ ENQUG VQ ÂÌ RQNKEG MKNNGTUÒ OWTFGTGTUÒMKFPCRRGTUÒ CTOGF TQDDGTUÒ JKLCEMGTUÒ CPF QVJGT ETKOKPCNU YJQ JCXG DGGP UGPVGPEGFD[ 7Ô5Ô EQWTVU DWV CTG NKXKPI KP NWZWT[ KP %WDC YKVJ VJG HWNN RTQVGEVKQP QH VJG %CUVTQTGIKOGÔ

%WDCrU FKEVCVQTUJKR JCU EQPFGOPGF D[ VJG 7PKVGF 0CVKQPU *WOCP 4KIJVU %QOOKUUKQPCPF VJG +PVGT;#OGTKECP %QOOKUUKQP QP *WOCP 4KIJVU HQT KVU ITQUU FKUTGICTF HQTJWOCP NKHG CPF VJG HWPFCOGPVCN TKIJVU QH VJG %WDCP RGQRNGÔ

+V JCU DGGP NCDGNGF D[ VJG 1TICPK\CVKQP QH #OGTKECP 5VCVGU 5RGEKCN 4CRRQTVGWT HQTHTGGFQO QH GZRTGUUKQP CU QPG QH VJG YQTUV XKQNCVQTU QH HTGGFQO QH GZRTGUUKQP KP VJGJGOKURJGTGÔ

+U VJKU VJG V[RG QH TGIKOG YG YKUJ VQ TGYCTF D[ TGOQXKPI 7Ô5Ô UCPEVKQPU" +U VJG 7Ô5Ô)QXGTPOGPV VQ VQNGTCVG CPF CEEGRV VJKU DGJCXKQTYKVJQWV VCMKPI CP[ CEVKQP VQ EWTVCKN QTEJCPIG KV" #TG YG VQ CNNQY VJKU TGIKOG VQ CEV YKVJ KORWPKV[" #DUQNWVGN[ PQVÔ

#NVJQWIJ C HQTGKIP RQNKE[ VQQNÒ 7Ô5Ô;%WDC UCPEVKQPU CNUQ RTQOQVG 7Ô5Ô GEQPQOKEUGEWTKV[ CPF UGTXG VQ RTQVGEV #OGTKECP DWUKPGUU KPVGTGUV CPF VJG PCVKQPrU GEQPQO[HTQO VJG KNNGICNÒ EQTTWRVÒ EQOOCPF EQPVTQNNGFÒ HCKNGF GEQPQOKE RTCEVKEGU QH %WDCrU%QOOWPKUV TGIKOGÔ

+P KVU Ï‰‰Ë TGRQTV QP HQTGKIP RQNKE[ GZRQTV EQPVTQNUÒ VJG $WTGCW QH 'ZRQTV#FOKPKUVTCVKQP QH VJG &GRCTVOGPV QH %QOOGTEG UVCVGF VJCV GXGP KH KVU RTGUGPVKORQXGTKUJGF UVCVGF %WDC EQWNF KORGTKN 7Ô5Ô LQDU KH VTCFG TGUVTKEVKQPU CTG NKHVGFÔ

# (GDTWCT[ r‰‰ UVWF[ D[ VJG 9CUJKPIVQP 'EQPQOKEU )TQWR NGF D[ C HQTOGT 7Ô5ÔWPFGTUGETGVCT[ QH EQOOGTEG TGGPHQTEGF VJKU RQKPVÔ 6JG NKHVKPI QH 7Ô5Ô GODCTIQ CPFUWDUGSWGPV TGUWORVKQP QH GEQPQOKE TGNCVKQPU YKVJ %CUVTQ YQWNF OCMG %WDC CPKORQTVGT QH 7Ô5Ô LQDUÔ 6JKU UVWF[ HWTVJGT UVCVGU VJCV VJG OCKP DGPGHKEKCT[ QH UWEJ GZRQTVCEVKXKVKGU YQWNF DG VJG %CUVTQ TGIKOG CU KVU EQPUVKVWVKQP FQGU PQV CNNQY HQT RTQRGTV[TKIJVUÒ CPF HQTGKIP KPXGUVOGPV TGSWKTGU LQKPV XGPVWTG YKVJ UVCVG;QYPGF EQORCPKGUÔ

&;ÏÍ

7Ô5Ô KPFWUVTKGU FQ PQV JCXG VQ EQPVGPF YKVJ VJG UCOG UKVWCVKQP HCEGF D[ %CPCFCrU UVGGNKPFWUVT[ NCUV [GCTÔ 4GXGPWG %CPCFC TGRQTVGF NCUV [GCT VJCV UVGGNOCMGTU KP %WDC YGTGFWORKPI UVGGN CV RTKEGU DGVYGGP UGXGP RGTEGPV VQ ÍÏ RGTEGPV DGNQY PQTOCN XCNWGUÔ#HVGT VJG UGTKGU QH EJCNNGPIGU VJG #OGTKECPrU UVGGN KPFWUVT[ JCU JCF KP VJG NCUV VYQ[GCTUÒ CP KUUWG YJKEJ + MPQY VJKU %QOOKUUKQP KU KPVKOCVGN[ CYCTG QHÒ KU VJG %CUVTQTGIKOG VJG V[RG QH IQXGTPOGPV YKVJ YJQO VJG 7Ô5Ô YCPVU VQ VTCFG"

6Q ICKP KPUKIJV KPVQ VJG RQUKVKXG GHHGEVU VJCV UCPEVKQPU JCXG QP 7Ô5Ô GEQPQO[ CPF VJGFKUCUVTQWU #OGTKECP GEQPQOKE KPVGTGUVU CTG CXGTVKPIÒ QPG PGGF VQ QPN[ NKUVGP VQ VJGCEEQWPVU QH KPXGUVQTU YJQ JCXG UWHHGTGF VJG EQPUGSWGPEGU QH VTCFKPI YKVJ VJG TGIKOGÔ6JGKT KPXGUVQTU UWEJ CU #TPQNF )WGVVNGTÒ C )GTOCP %CPCFKCPÒ YJQ ENCKOU VJCV %WDCUVQNG ˘Ï OKNNKQP YQTVJ QH OCEJKPGT[ VJCV JG UJKRRGF VQ *CXCPCÔ )WGVVNGTÒ YJQUG0GQ;(QTO EQORCP[ YGPV KPVQ %WDC KP r‰Á YCU SWQVGF KP UGXGTCN PGYURCRGTUCHHKTOKPIÒ s+ JCXG UGXGP EQPVTCEVU YKVJ VJG %WDCP GPVGTRTKUGUÒ CPF UWFFGPN[ UQOGQPGECOG CNQPI CPF UCKF VJCV VJQUG CIGPEKGU YGTG PQV CWVJQTK\GF VQ FQ DWUKPGUU YKVJHQTGKIPGTUÔt %WDCP CWVJQTKVKGU DNQEMGF JKO HTQO GPVGTKPI VJG YCTGJQWUG CPF UGK\GFJKU XGJKENGÔ

4GHGTGPEGU JCXG DGGP OCFG KP VJG 7Ô5Ô CPF %CPCFKCP PGYURCRGT TGRQTVU VQ ECUGUUWEJ CU VJG QPG QH CP KPUWTCPEG EQORCP[ GZGEWVKXG YJQ ITWODNGF VJCV *CXCPC YCUHQTEKPI JKU HKTO VQ EJCPPGN CNN RC[OGPVU VQ ENKGPVU KP %WDC VJTQWIJ IQXGTPOGPVCIGPEKGUÔ

6JGTG KU CNUQ VJG ECUG QH CP GZGEWVKXG YJQ ENCKOU VQ JCXG UQOG KORQTVGF UWRRNKGU VQHQTGKIP;TWP JQVGNU KP %WDC HQT [GCTUÒ DWV UWFFGPN[ C %WDCP QHHKEKCN QTFGTGF JKO VQ UVQRKP ,CPWCT[ QH r‰‰Ò DGECWUG QPN[ VJG IQXGTPOGPV EQWNF GPICIG KP FQOGUVKE VTCFGÔ9JGP VJG DWUKPGUUOCP RTQVGUVGFÒ JGYCU DTKGHN[ VJTQYP KP LCKNÒ JKU ECTYCU EQPHKUECVGFCPF JG YCU JCTCUUGF CV VJG *CXCPC CKTRQTV CU JG RTGRCTGF VQ TGVWTP VQ %CPCFCÔ

7Ô5Ô CPCN[UVU YJQ OQPKVQT HQTGKIP KPXGUVOGPV KP %WDC JCXG DGGP SWQVG UC[KPI VJCV%CPCFKCPU CTG PQV VJG QPN[ XKEVKOUÔ 6JGTG CTG /GZKECPU EQORNCKPKPIÒ %CTKDDGCPUEQORNCKPKPIÒ (TGPEJÒ +VCNKCPUÒ RGQRNG CNN QXGT VJG YQTNFÔ

$WV UCPEVKQPU CNUQ JGNR VQ RTQVGEV VJG 7Ô5Ô VCZRC[GT CPF VJG 7Ô5Ô 6TGCUWT[ HTQO VJGNQUUGU CPF VJG EQUV QH HCKNGF KPXGUVOGPVÒ QH NCEM QH RC[OGPVUÒ FGHCWNVGF NQCPUÒ CPF VJGUGCNN EQWNF TGUWNV HTQO VTCFKPI YKVJ %WDCrU VQVCNKVCTKCP TGIKOGÔ +P r‰‰Ò (TGPEJ KPFWUVT[TGRQTVUÒ /QQF[rU +PXGUVQT 5GTXKEGU CPF +PXGUVQTUr $WUKPGUU &CKN[Ò CNN NKUVGF %WDCrUGEQPQOKE UKVWCVKQP CU RQQTÒ CPF ICXG VJG %CUVTQ TGIKOG VJG NQYGUV QH TCVKPIUÔ

#NUQ KP r‰‰Ò VJG TGIKOGrU UJQTV;VGTO FGDV VQVCNGF QXGT ˘Î DKNNKQPÔ +V QYGF VJG 2CTKU %NWDQXGT ÏÌ DKNNKQPÒ 5RCKP QXGT QPG DKNNKQPÒ ,CRCP CDQWV VYQ DKNNKQPÒ 4WUUKC QXGT ÏÂ DKNNKQPÔ +Pr‰‰Ò $TKVCKPrU GZRQTV ETGFKVU IWCTCPVGG FGRCTVOGPV NKUVGF VJG TGIKOGrU FGDV CU Ï‰ÂOKNNKQPÔ

(WTVJGTÒ OQUV QH VJG IQXGTPOGPVU VJG 7Ô5Ô JCU UCPEVKQPU CICKPUV CTG PQV HTQO EQWPVTKGUVJCV CTG OCLQT 7Ô5Ô EQORGVKVQTUÒ DWV %WDC KU FKHHGTGPVÔ #EEQTFKPI VQ VJG +6%rU #WIWUVr‰Â TGRQTVÒ %WDC JCU VJG RQVGPVKCN VQ RTQFWEG UKIPKHKECPV SWCPVKVKGU QH NQY;EQUV

&;ÏÈ

XGIGVCDNGUÒ HTWKVU CPF UWICTU CPF UQOG VQDCEEQ RTQFWEVUÔ 6JWUÒ HQT VJG OQUV RCTVÒUCPEVKQPU RTQJKDKVKPI VTCFG YKVJ %WDC JCXG JCF C DGPGHKEKCN GHHGEV QP 7Ô5Ô CITKEWNVWTCNKPFWUVTKGUÔ

6JKU UVCVGOGPV RQKPVU VQ QPG QH VJG TGCUQPU YJ[ UJQTV;VGTO EQUVU QH UCPEVKQPU CTG VQQJKIJ CPF GZCIIGTCVGFÔ 6JCV KUÒ VJG OQFGNU WUGF KIPQTG QHHUGVVKPI EJCPIGU YJKEJDGPGHKV QVJGT 7Ô5Ô KPFWUVTKGUÔ

0GXGTVJGNGUUÒ GXGP YJGP VJQUG OQFGNU CTG WUGFÒ UCPEVKQPU QP HQTGKIP EQOOGTEG JCXGJCF QPN[ C UOCNN EQODKPGF KORCEV QP VJG PCVKQPCN GEQPQO[ CU EQPENWFGF D[ VJG%QPITGUUKQPCN $WFIGV 1HHKEG KP KVU UVWF[ RWDNKUJGF KP /CTEJ r‰‰Ô

'XGP VJG 0QTVJ #OGTKECP 'ZRQTV )TCKP #UUQEKCVKQP UVCVGF KP KVU #RTKN ÎÎÒ Ï‰‰ÂÒVGUVKOQP[ DGHQTG VJG +6% VJCV VJG NKHVKPI QH 7Ô5Ô WPKNCVGTCN GEQPQOKE UCPEVKQPU YQWNF PQVCHHGEV 7Ô5Ô ITCKP GZRQTVU VQ CP[ ITGCV GZVGPVÔ

$QVJ QH VJGUG TGHGTGPEGU KPENWFG CNN UCPEVKQP EQWPVTKGUÔ 9JGP VJKU KU DTQMGP FQYP VQQPN[ QPG EQWPVT[Ò %WDCÒ VJG GEQPQOKE EQUV QH PQV VTCFKPI YKVJ VJG %CUVTQ TGIKOG CTGCNOQUV PQPGZKUVGPVÔ

+P VJG GPF VJG EJQKEG KU ENGCTÔ 7Ô5Ô UCPEVKQPU QP %WDCrU %QOOWPKUV TGIKOG OWUV DGOCKPVCKPGF HQT PCVKQPCN UGEWTKV[Ò HQTGKIP RQNKE[ CPF GEQPQOKE TGCUQPUÔ 6JG DGPGHKVUHCT QWVYGKIJ VJG OCTIKPCN EQUVÔ 6JKU KU C TGCNKV[ WPFGTUVQQF YGNN D[ TGCN GUVCVG IWTW&QPCNF 6TWOR YJQ KP C ,WPG ÎËÒ Ï‰‰‰Ò 1R;'F CTVKENG RWDNKUJGF KP VJG QRKPKQP UGEVKQPQH VJG /KCOK *GTCNF UVCVGFÒ s/[ KPXGUVOGPV KP %WDC YQWNF FKTGEVN[ UWDUKFK\G VJGQRRTGUUKQP QH VJG %WDCP RGQRNGÔ + YQWNF TCVJGT VCMG C HKPCPEKCN JKV VJCP DGEQOG CHKPCPEKCN DCEMGT QH QPG QH VJG YQTNFrU OQUV DTWVCN FKEVCVQTUÒ C OCP YJQ YCU QPEGYKNNKPI VQ CKF KP VJG FGUVTWEVKQP QH O[ EQWPVT[Ôt

+ VJCPM VJG %JCKTOCP CPF VJG OGODGTU QH VJG %QOOKUUKQP HQT VJKU QRRQTVWPKV[ÔÍ

6666JJJJGGGG ****QQQQPPPPQQQQTTTTCCCCDDDDNNNNGGGG ....KKKKPPPPEEEEQQQQNNNNPPPP &&&&KKKKCCCC\\\\;;;;$$$$CCCCNNNNCCCCTTTTVVVVÒÒÒÒ 7777ÔÔÔÔ5555ÔÔÔÔ %%%%QQQQPPPPIIIITTTTGGGGUUUUUUUUOOOOCCCCPPPPÒÒÒÒÎÎÎÎÏÏÏÏUUUUVVVV &&&&KKKKUUUUVVVVTTTTKKKKEEEEVVVVÒÒÒÒ 5555VVVVCCCCVVVVGGGG QQQQHHHH ((((NNNNQQQQTTTTKKKKFFFFCCCC%10)4'55/#0&+#<;$#.#46„ $GHQTG + RTQXKFG O[ DTKGH VGUVKOQP[Ò NGV OG UJCTG O[FKUVKPIWKUJGF EQNNGCIWGrU XKGY VJCV KV KU OQUV WPHQTVWPCVG VJCV [QW YKNN DG RTGUKFKPI CHQTWO VQ CP QHHKEKCN QH VJG %WDCP FKEVCVQTUJKRÒ C TGIKOG VJCV HQT OQTG VJCP ÈÌ [GCTUJCU DTWVCNN[ UWRRTGUUGF VJG HTGGFQO QH VJG %WDCP RGQRNGÔ # 5VCNKPKUV FKEVCVQTUJKRÒYJKEJ TGHWUGU VQ FGOQETCVK\G UJQWNF PQV DG IKXGP CP QRRQTVWPKV[Ò KP O[ XKGYÒ VQEQOOGPV DGHQTG VJG 7PKVGF 5VCVGU +PVGTPCVKQPCN 6TCFG %QOOKUUKQP CU VJQWIJ KV YGTG CTGRTGUGPVCVKXG GNGEVGF IQXGTPOGPVÔ

+ VJKPM KV KU XGT[ WPHQTVWPCVG DGECWUGÒ KP CFFKVKQP VQ VJG TGCUQPU UVCVGF RTGXKQWUN[Ò QWTIQXGTPOGPVÒ QWT IQXGTPOGPV JCU U[UVGOCVKECNN[ FGPKGF VJG QRRQTVWPKV[ VQ URGCM

Í %QPITGUUYQOCP +NGCPC 4QU;.GJVKPGP ı4;(NQTKFCÙÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ 5GRVÔ Ï‰ÒÎÌÌÌÒ ı9CUJKPIVQPÒ &%„ *GTKVCIG 4GRQTVKPI %QTRQTCVKQPÒ ÎÌÌÌÙÒ RRÔ ÎÁ;ÍÊÔ

&;ÏË

QRGPN[ VQ VJG %WDCP RGQRNGÒ CPF KU IKXGP PQ UWEJ QRRQTVWPKV[ CU YG CTG IGPGTQWUN[GZVGPFKPI VQ VJG %WDCP FKEVCVQTUJKRÔ

/QTGQXGTÒ VJG %WDCP RGQRNG CTG PQV HTGG VQ QRGPN[ GZRTGUU VJGKT XKGYUÔ 6JKU KPENWFGU%WDCPU KPVGTXKGYGF D[ [QWT UVCHH KP %WDCÔ 6JG[ CTG WPFGT GZVTCQTFKPCT[ RTGUUWTG D[CP GXGT;XKIKNCPV VQVCNKVCTKCP FKEVCVQTUJKRÔ

#PF HKPCNN[Ò VJG OGODGT QH VJG OGODGTU QH VJG %WDCP KPVGTGUV UGEVKQPÒ KPENWFKPI VJGTGRTGUGPVCVKXG VQ YJQO[QW JCXG GZVGPFGF VJKU HQTWOÒ CTGCEVKXG %WDCP/KPKUVT[ QH VJG+PVGTKQT QT%WDCP KPVGNNKIGPEG QHHKEGTUÔ 6JCV KU VJG PCVWTG QH VJG FKRNQOCVKE sEQTRUt QH VJG%CUVTQ FKEVCVQTUJKRÔ

6JG 7PKVGF 5VCVGU UCPEVKQPUÒ /TÔ %JCKTOCP CPF %QOOKUUKQPGTUÒ CICKPUV VJG %CUVTQFKEVCVQTUJKR CTG VJG NCY QH VJG NCPFÔ #PF UKPEG VJG EQFKHKECVKQP QH VJQUG UCPEVKQPU KPÏ‰‰ÁÒ VJG[ ECPPQV DG NKHVGF QT CNVGTGF WPVKN VJG RTGUKFGPV EGTVKHKGU VJCV C FGOQETCVKECNN[GNGEVGF IQXGTPOGPV KU KP RQYGT KP %WDC‚ VJCV CNN RQNKVKECN CEVKXKV[ JCU DGGP NGICNK\GF‚CPF VJCV CNN RQNKVKECN RTKUQPGTU JCXG DGGP TGNGCUGFÔ

+ YQWNF CNUQ PQVG VJCV 7Ô5Ô NCY RGTOKVU CPF HCEKNKVCVGU FQPCVKQPU QH HQQFÒ OGFKEKPGÒOGFKECN UWRRNKGU CPF GSWKROGPVÒ ENQVJKPIÒ DWKNFKPI UWRRNKGU CPF QVJGT JWOCPKVCTKCPCUUKUVCPEG VQ %WDCÔ #EEQTFKPI VQ VJG &GRCTVOGPV QH %QOOGTEGÒ PGCTN[ ˘Í DKNNKQP KPJWOCPKVCTKCPCUUKUVCPEGYGPV VQ %WDC HTQO VJG7PKVGF 5VCVGU DGVYGGP Ï‰‰Î CPF Ï‰‰ÊÔ+P Ï‰‰ÊÒ VJG &GRCTVOGPV QH 5VCVG TGRQTV HQWPF VJCV VJG 7PKVGF 5VCVGU KU %WDCrU OQUVIGPGTQWU JWOCPKVCTKCP FQPQTÔ

7Ô5Ô NCY CNUQ RGTOKVU VJG UCNG QH OGFKEKPG CPF OGFKECN UWRRNKGU VQ %WDCÒ CPF UQOG7Ô5Ô EQORCPKGU JCXG VCMGP CFXCPVCIG QH VJCV QRRQTVWPKV[Ô

0QYÒ + DGNKGXG VJCV OWEJ JCU DGGP OKUTGRTGUGPVGF CDQWV VJG IQCNU QH 7Ô5Ô UCPEVKQPUCICKPUV VJG %CUVTQ FKEVCVQTUJKRÔ 6JG IQCNÒ KP HCEVÒ KU XGT[ UKORNG„ VJG NKDGTCVKQP QH CNNRQNKVKECN RTKUQPGTUÒ HTGG URGGEJ CPF HTGG GNGEVKQPUÔ 6JQUG YJQ FQ PQV UGGÒ KP O[ XKGYÒVJG KORQTVCPEG QH EQPFKVKQPKPI FGOQETCE[ VQ VJG GPF QH UCPEVKQPU KP %WDC FQ PQVWPFGTUVCPF YJCV KV OGCPVÒ HQT GZCORNGÒ HQT VJG FGOQETCVKE VTCPUKVKQPU KP 5RCKP CPF2QTVWICNÒ HQT 'WTQRG VQ EQPFKVKQP FGOQETCE[ HQT VJQUG EQWPVTKGUr GPVT[ KPVQ VJG'WTQRGCP 7PKQPÔ

9GOCKPVCKP UCPEVKQPU CPF FGP[ VJG7Ô5Ô OCTMGV VQ VJG FKEVCVQTUJKR KP %WDC DGECWUG KVKU KP VJG PCVKQPCN KPVGTGUV QH VJG 7PKVGF 5VCVGU VQ JCXG C FGOQETCVKE VTCPUKVKQP KP %WDCÒCPF DGECWUG YG DGNKGXG VJCV GZVGTPCN RTGUUWTG KU ETKVKECN VQ VJCV VTCPUKVKQPÒ LWUV CU KV YCUKP 5QWVJ #HTKECÒ QT *CKVKÒ QT 5RCKP CPF 2QTVWICNÔ 6JG 7Ô5Ô GODCTIQ OC[ DG WPKNCVGTCNÒDWV VJG KORQTVCPEG QH VJG 7Ô5Ô GEQPQO[ VQ C EQWPVT[ QH ÏÏ OKNNKQP RGQRNG ‰Ì OKNGU HTQOVJG 7PKVGF 5VCVGU ECPPQV DG QXGTGORJCUK\GFÔ

*QYGXGT VJG VTCPUKVKQP QEEWTU KP %WDCÒ YJGVJGT D[ VJG FGCVJ QH VJG FKEVCVQT QT VJTQWIJC EQWRÒ KV KU ETKVKECN VJCV UCPEVKQPU TGOCKP KP RNCEG CU VJG[ YKNN WPFGT 7Ô5Ô NCY WPVKNEGTVCKP HWPFCOGPVCN FGXGNQROGPVU VCMG RNCEG CPF UCPEVKQPU EQPUVKVWVG ETKVKECNNGXGTCIG HQT VJG %WDCP RGQRNG VQ CEJKGXG C FGOQETCVKE VTCPUKVKQPÔ

&;ÏÁ

+V KU VJG DGNKGH QH 7Ô5Ô RQNKE[ VJCV KV KU UKORN[ CU KOOQTCN CU KV KU WPCEEGRVCDNG VQ UVCPF D[CPF UKORN[ CNNQY QPG QH QWT ENQUGUV PGKIJDQTU VQ NCPIWKUJ WPFGT C DTWVCN FKEVCVQTUJKRTWP D[ C RU[EJQRCVJ CPF EQPFWEV DWUKPGUU CU WUWCNÔ9JGVJGT YG CTG CNQPG QT PQVÒ VJG7PKVGF 5VCVGUÒ KP QWT XKGYÒOWUV UVCPF D[ VJG RGQRNG QH %WDCÔ +V KU TKIJV HQT %WDCCPF KV KUTKIJV HQT VJG 7PKVGF 5VCVGUÔ

0QYÒ GZRGTKGPEG UJQYU WU C PWODGT QH KORQTVCPV VJKPIUÔ 6JQUG KPXGUVQTU YJQ KIPQTGVJG IQCNU QH 7Ô5Ô RQNKE[Ò YJQ FGEKFG C HTGG %WDC KU PQV KP VJGKT KPVGTGUV CPF EJQQUG VQKPXGUV KP %WDC DGHQTG KV KU C FGOQETCE[ HCEG ITCXG TKUMUÔ

#U VJG +6% EQORNGVGU KVU UVWF[Ò + DGNKGXG KV UJQWNF MGGR KP OKPF VJG KUUWGU TCKUGFÒ HQTGZCORNGÒ D[ C 5RCPKUJ KPXGUVQTÒ /TÔ ,QUG (GTPCPFG\ )QP\CNG\Ò YJQ TGEGPVN[ TCP CDWUKPGUU KP %CUVTQrU %WDC HQT UGXGTCN [GCTUÔ 3WQVKPI VJG %WDCP RCVTKQV /CTVºÒ(GTPCPFG\ )QP\CNG\ PQVGFÒ s+ MPQY VJG OQPUVGT DGECWUG + JCXG NKXGF KP VTCKNUÔt

9JGP /TÔ (GTPCPFG\ )QP\CNG\ DGICP VQ OCMG RTQHKVU KP JKU VQWTKUV UGEVQT DWUKPGUUÒ KVYCU UVQNGP HTQO JKO D[ UGPKQT %WDCP QHHKEKCNU YJQ DTCPFGF JKO CU tCP GPGO[ QH VJGUVCVGÒt CPF FGRQTVGF JKOÔ 0QV WPNKMG VJQUG VJQWUCPFU QH #OGTKECP KPXGUVQTU YJQ NQUV˘Á DKNNKQP KP RTQRGTVKGUÒ HGGU D[ VJG %CUVTQ FKEVCVQTUJKR HQWT FGECFGU CIQÒ /TÔ(GTPCPFG\ )QP\CNG\ LWUV C HGY [GCTU CIQ YCU IKXGP PQ EQORGPUCVKQP CPF PQQRRQTVWPKV[ VQ CTIWG JKU ECUG KP EQWTVÒ KP CP[ EQWTVÔ *G NQUV GXGT[VJKPIÔ *G UWDUGSWGPVN[UWIIGUVGF UGXGTCN TGCUQPU YJ[ KPXGUVQTU UJQWNF PQV FQ DWUKPGUU YKVJ VJG %CUVTQFKEVCVQTUJKRÔ

(KTUVÒ VJGTG KU PQ TWNG QH NCY KP %WDCÔ 6JG %CUVTQ FKEVCVQTUJKR QHHGTU PQ LWFKEKCNIWCTCPVGGUÔ %WDCrU GEQPQO[ KU QYPGF CPF EQPVTQNNGF D[ %CUVTQÔ 6JGTG KU PQ EQPVTCEVUCPEVKV[Ò PQ KPFGRGPFGPV EQWTVUÒ PQYJGTG VQ VWTP YKVJ C DWUKPGUU FKURWVGÔ +P %WDCÒVJGTG CTG QPN[ UJKHVKPI OQQFU CPF YJKOU QH C FGOGPVGF FKEVCVQTÔ

+P HCEVÒ VJGTG KU PQ RTKXCVG RTQRGTV[ CPF PQ KPFGRGPFGPV DWUKPGUU EQOOWPKV[ KP %WDCÔ#NN VTCPUCEVKQPU CTG LQKPV XGPVWTGUYKVJ VJG%CUVTQ FKEVCVQTUJKRÔ #NN HQTGKIP KPXGUVQTU CTGHQTEGF VQ YQTM FGCNU VJTQWIJ VJG +PVGTKQT /KPKUVT[ CPF FGCN YKVJ OKNKVCT[ QHHKEGTU CPF%WDCP %QOOWPKUV QHHKEKCNU TCVJGT VJCP NGIKVKOCVG DWUKPGUUOGPÔ

6JTGGÒ VJGTG KU PQ YC[ VQ CXQKF DGEQOKPI EQORNKEKV YKVJ VJG FKEVCVQTUJKRÔ #NN FGCNU CTGFQPG CU LQKPV XGPVWTGU YKVJ VJG FKEVCVQTUJKRÔ #NN HQTGKIP KPXGUVQTU CTG UWDLGEV VQ UVTKEVEQPVTQN CPF UWTXGKNNCPEG D[ 5VCVG 5GEWTKV[Ô #V UQOG RQKPV CNN KPXGUVQTU CPF DWUKPGUUOGPOWUV DGEQOG EQNNCDQTCVQTU GKVJGT D[ FKTGEVN[ EQQRGTCVKPI YKVJ VJG TGIKOG QT D[HKPCPEKCNN[ UWRRQTVKPI KV VJTQWIJ RTQHKV UJCTKPI QT DTKDGUÔ

(QT KPUVCPEGÒ KP QTFGT VQ OCKPVCKP JKU KPXGUVOGPV (GTPCPFG\ )QP\CNG\ YCU EQORGNNGFVQ RC[ DTKDGU‚ UR[ QP HGNNQY KPXGUVQTUÒ CPF HQTGKIP DWUKPGUUOGP‚ CEV CU CP KPHQTOCPV‚CPF JKTG VJG EQPVGORQTCT[ GSWKXCNGPV QH UNCXG NCDQTÔ

(QWTÒ HQTGKIP KPXGUVQTU CTG RTQJKDKVGF HTQO FKTGEV JKTKPIÔ +PXGUVQTU OWUV JKTG VJTQWIJ CUNCXG NCDQT U[UVGO UGV WR D[ VJG +PVGTKQT /KPKUVT[Ô (QTGKIP KPXGUVQTU RC[ C RTKEG KP 7Ô5ÔFQNNCTU HQT GCEJ YQTMGT YJQ KUÒ KP VWTPÒ RCKF C YCIG KP YQTVJNGUU %WDCP RGUQU D[ VJGTGIKOGÔ

&;ÏÊ

(QT KPUVCPEGÒ (GTPCPFG\ )QP\CNG\ RCKF ˘ÍÍÌ RGT YQTMGT RGT OQPVJÒ CPF VJG +PVGTKQT/KPKUVT[ RCKF VJG YQTMGTU NQCPGF VQ JKO ÎÌÌ RGUQU‚ NGUU VJCP ˘Ë C OQPVJÔ

%CUVTQ VCMGU VJG FTCOCVKE OCTIKP KP RTQHKV CPF VJGP +PVGTKQT /KPKUVT[ IWCTCPVGGU VJCVVJG YQTMGT YKNN PQV UVTKMGÒ EQORNCKP QT CVVGORV VQ EQNNGEVKXGN[ DCTICKP YKVJOCPCIGOGPVÔ +H VJGTG KU C RTQDNGOÒ VJG YQTMGT KU UKORN[ TGOQXGF CPF TGRNCEGF D[ VJG+PVGTKQT /KPKUVT[Ô

(KXGÒ QDXKQWUN[Ò %WDCP YQTMGTU CTG FGGRN[ TGUGPVHWN QH VJKU UNCXG NCDQT U[UVGO CPF UGGHQTGKIP KPXGUVQTU CU EQNNCDQTCVQTU KP VJGKT QRRTGUUKQPÔ

+P EQPENWUKQPÒ VJG %CUVTQ FKEVCVQTUJKR FQGU PQV RTGUGPV CP KPVGNNKIGPV PQT GVJKECNKPXGUVOGPV GPXKTQPOGPVÔ *QYGXGTÒ UJQWNF CP KPXGUVQT VCMG VJG TKUM KP JQRGU QHUJQTV;VGTO RTQHKVÒ JG FQGU UQ YKVJ VJG RQVGPVKCN QH ITGCV NQUVÒ VJG ITGCVGUV KPGXKVCDNG NQUUVQ C 7Ô5Ô KPXGUVQT KU VJG IQQFYKNN QH VJG %WDCP RGQRNG YJQ NQQM VQ VJG 7PKVGF 5VCVGU HQTUQNKFCTKV[Ô

9JGP VJG %CUVTQ FKEVCVQTUJKR EQOGU VQ KVU KPGXKVCDNG GPFÒ CPF KV UQQP YKNNÒ KV KU QDXKQWUVJCV VJG %WDCP RGQRNG YKNN UGGM VQ OCMG CP GZCORNG QH VJQUG HQTGKIP KPXGUVQTU YJQEQNNCDQTCVGF YKVJ VJG %CUVTQ FKEVCVQTUJKRÔ 6JG LQKPV XGPVWTGU YKVJ VJG %CUVTQFKEVCVQTUJKR CPF VJQUG FGCNU YKVJ VJG +PVGTKQT /KPKUVT[ YKNN CV C OKPKOWO CNN DGVGTOKPCVGFÔ .GICNÒ RGPCN CPF QVJGT EQPUGSWGPEGU OC[ GPUWGÔ

9J[ UJQWNF VJG 7PKVGF 5VCVGU UGGM VQ DG C RCTV QH VJKU" +V KU DGVVGT HQT WU VQ UVC[ ENGCT QHEQNNCDQTCVKQP CPF UKFG KPUVGCF YKVJ VJG %WDCP RGQRNGÔ

0QYÒ CEEQTFKPI VQ VJG 9CNN 5VTGGV ,QWTPCNÓ *GTKVCIG (QWPFCVKQP +PFGZ QH 'EQPQOKE(TGGFQOÒ %WDC JCU VJG YQTNFrU NGCUV GEQPQOKE HTGGFQO QH ÏËÈ PCVKQPU GZCOKPGF KP KVUUVWF[Ô +VU GEQPQO[ KU sTGRTGUUGFÒ EGPVTCNK\GFÒ IQXGTPOGPV RNCPPGFÒ CPF TKRG YKVJITCRJ CPF EQTTWRVKQPÔt

s(QTGKIP GEQPQOKE KPXGUVOGPV KU JKIJN[ EQPVTQNNGF CPF WPRTQVGEVGF D[ CP KPFGRGPFGPVNGICN HTCOGYQTMÔ 6JG GEQPQO[ KU QYPGF CPF TWP D[ %CUVTQÔ #NN HQTGKIP KPXGUVOGPVÒtCPF + CO EQPVKPWKPI VQ TGCF HTQO RCTVU QH VJG 9CNN 5VTGGV ,QWTPCNÓ*GTKVCIG(QWPFCVKQP +PFGZ QH 'EQPQOKE (TGGFQOÒ s6JG GEQPQO[ KU QYPGF D[%CUVTQÔ #N HQTGKIPKPXGUVOGPVU HQTEGF VJTQWIJ LQKPV XGPVWTG CTTCPIGOGPVU YKVJ VJG FKEVCVQTUJKR CPFRTKXCVG RTQRGTV[ KU QWVNCYGFÔ +P KVU EWTTGPV HQTO CPF YKVJQWV TGHQTOÒ VJKU KU EGTVCKPN[ PQVCP GEQPQO[ VJCV OGTKVU KPXGUVOGPVÔt

0QYÒ/TÔ %JCKTOCP CPF %QOOKUUKQPGTUÒ VJG JKUVQTKECN TGEQTF KU CNUQ ENGCTÔ 2TKQT VQ VJG%CUVTQ VCMGQXGT KP %WDCÒ VJCV EQWPVT[ JCF COQPI VJG OQUV FGXGNQRGF GEQPQOKGU KP.CVKP #OGTKECÔ 6JGTG KU PQ VGNNKPI YJGTG %WDC OKIJV JCXG DGGP VQFC[ DWV HQT %CUVTQrUFGUVTWEVKQP QH VJG GEQPQO[Ô +V KU PQV 7Ô5Ô UCPEVKQPU VJCV JCXG ECWUGF %WDCrU GEQPQOKEHCKNWTGÒ DWV %CUVTQrU QYP KPUCPKV[Ô 6JG GODCTIQ CU C ECWUG QH %WDCrU GEQPQOKEFGUVTWEVKQP KU C RGTUKUVGPV O[VJ RTQOQVGF D[ VJG %CUVTQ FKEVCVQTUJKR CPF KVU CNNKGUÔ

9JCV KU VTWG KU VJCV FGURKVG %WDCrU CDKNKV[ VQ VTCFG YKVJ GXGT[ PCVKQP KP VJG YQTNF GZEGRVVJG 7PKVGF 5VCVGUÒ %CUVTQ JCU TWKPGF %WDCrU QPEG CFXCPEGF GEQPQO[Ô

&;ÏÂ

#EEQTFKPI VQ C Ï‰‰Â TGRQTV D[ VJG &GRCTVOGPV QH 5VCVGÒ <GPKVJ CPF 'ENKRUGÒ #%QORCTCVKXG .QQMCV 5QEKQ;'EQPQOKE%QPFKVKQPU KP 2TG;%CUVTQ CPF 2TGUGPV &C[%WDCÒ%WDC YCU RGTJCRU .CVKP #OGTKECrU OQUV CFXCPEGF GEQPQO[ KP Ï‰ËÂÒ CPF D[ UQOGUQEKCN CPF GEQPQOKE OGCUWTGUÒ KV TCPMGF RCTCNNGN VQ VJG FGXGNQRGF YQTNFÔ

(QT GZCORNGÒ %WDCrU KPHCPV OQTVCNKV[ TCVG KP Ï‰ËÊ YCU VJG NQYGUV KP .CVKP #OGTKEC CPFNQYGT VJCP HQWT QH VQFC[rU );Ê PCVKQPUÔ

7PFGTCP[CPCN[UKUÒ DG KV GEQPQOKEÒ OQTCN QT DWUKPGUU TKUM;TGNCVGFÒ KV YQWNF EQPUVKVWVG CITCXG GTTQT VQ NKHV 7Ô5Ô UCPEVKQPU QP VJG FKEVCVQTUJKR WPKNCVGTCNN[ DGHQTG C FGOQETCVKEVTCPUKVKQP KP %WDC KU WPFGTYC[Ô

#PFCV VJKU RQKPVÒ/TÔ %JCKTOCPÒ + JCXG PQ HWTVJGT EQOOGPVUÔ + CNUQ YQWNF WTIG [QWCPFVJG %QOOKUUKQP VQ IQ VQ %WDCÒ DWV VQ KPUKUV QP OGGVKPI YKVJ RQNKVKECN RTKUQPGTUÒ VJGKTHCOKNKGUÔ 1XGT ËÌÌÒÌÌÌ OGP CPF YQOGP JCXG RCUUGF VJTQWIJ %CUVTQrU RQNKVKECNRTKUQPUÔ

+ YQWNF CUM VJCV [QW KPUKUV QP OGGVKPI YKVJ VJG HCOKNKGU QH VJG VGPU QH VJQWUCPFU QH VJGXKEVKOU QH VJG RQNKVKECN TGRTGUUKQPÒ QH VJG HKTKPI USWCFUÒ QH VJQUG FTQYPGF D[QTFGT QH VJGFKEVCVQTÒ NKMG VJG QXGT ÈÌ TGHWIGGUÒ KPENWFKPI OQTG VJCP ÎÌ EJKNFTGP YJQ YGTGFTQYPGF D[ QTFGT QH VJG FKEVCVQT QP ,WN[ ÏÍÒ Ï‰‰ÈÔ

+ YQWNF CUM VJCV KH [QW IQ VQ %WDC [QW UGGM VQ UGG VJG TGCN %WDCÔÈ

5555WWWWOOOOOOOOCCCCTTTT[[[[ QQQQHHHH ****GGGGCCCCTTTTKKKKPPPPIIII 6666GGGGUUUUVVVVKKKKOOOOQQQQPPPP[[[[ CCCCPPPPFFFF 9999TTTTKKKKVVVVVVVVGGGGPPPP 5555WWWWDDDDOOOOKKKKUUUUUUUUKKKKQQQQPPPPUUUU

6JG HQNNQYKPI UGEVKQP UWOOCTK\GU VGUVKOQP[ TGICTFKPI VJG GEQPQOKE GHHGEVU QH 7Ô5ÔUCPEVKQPU YKVJ TGURGEV VQ %WDC RTQXKFGF CV VJG %QOOKUUKQPrU RWDNKE JGCTKPI HQT VJKUKPXGUVKICVKQPÔ 5WOOCTKGU QHYTKVVGP UWDOKUUKQPU VQ VJG%QOOKUUKQP HQT VJKU KPXGUVKICVKQPCTG RTQXKFGF HQT KPFKXKFWCNU CPF QTICPK\CVKQPU VJCV FKF PQV VGUVKH[ CV VJG RWDNKEJGCTKPIÔ

6666JJJJGGGG ****QQQQPPPPQQQQTTTTCCCCDDDDNNNNGGGG ----GGGGPPPPPPPPGGGGVVVVJJJJ ////EEEE%%%%NNNNKKKKPPPPVVVVQQQQEEEEMMMMÒÒÒÒ 5555GGGGPPPPCCCCVVVVQQQQTTTTÒÒÒÒ 2222WWWWGGGGTTTTVVVVQQQQ 4444KKKKEEEEQQQQ5GPCVQT /E%NKPVQEM VGUVKHKGF CDQWV VJG NKMGN[ GEQPQOKE KORCEV QP 2WGTVQ 4KEQ KH 7Ô5ÔUCPEVKQPU YKVJ TGURGEV VQ %WDC YGTG TGOQXGFÔ *G UVCVGF VJCV QPIQKPI GEQPQOKEKORTQXGOGPVU KP 2WGTVQ 4KEQwKPENWFKPI GHHQTVU VQ TGFWEG WPGORNQ[OGPVÒ UVTGCONKPGVJG YC[ QH FQKPI DWUKPGUUÒ TGFWEG RWDNKE UGEVQT GORNQ[OGPVÒ CPF UVTGPIVJGP VJGVQWTKUO UGEVQT D[ GZRCPFKPI JQVGN TQQO KPXGPVQT[wEQWNF sDG CHHGEVGF KH QWT PCVKQPCNRQNKE[ QP %WDC KU OQFKHKGF KP C JCRJC\CTF OCPPGTÔtË 5GPCVQT /E%NKPVQEM CNUQ

È %QPITGUUOCP .KPEQNP &KC\;$CNCTV ı4;(NQTKFCÙÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ 5GRVÔ Ï‰Ò ÎÌÌÌÒı9CUJKPIVQPÒ &%„ *GTKVCIG 4GRQTVKPI %QTRQTCVKQPÒ ÎÌÌÌÙÒ RRÔ ÍÂ;ÈÁÔ

Ë 5GPCVQT -GPPGVJ /E%NKPVQEMÒ 2WGTVQ 4KEQÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ 5GRVÔ Ï‰Ò ÎÌÌÌÒVTCPUETKRVÒ RÔ ÈÊÔ

&;Ï‰

TGRQTVGF VJCV OCP[ 2WGTVQ 4KECP DWUKPGUUGU CNTGCF[ VCMG %WDC KPVQ CEEQWPV KP VJGKTUVTCVGIKE RNCPPKPIÒ DWV JG PQVGF VJCV sCNN QH QWT UVTCVGIKE RNCPPKPIÒ JQYGXGTÒ YKNN JCXGNKVVNG GHHGEV KH QWT PCVKQPCN IQXGTPOGPV FGUKIPU HWVWTG RQNKE[ QP %WDCYKVJQWV VCMKPI KPVQCEEQWPV QWT KPVGTGUV CU RCTV QH [QWT UVWFKGUÔtÁ

((((GGGGTTTTPPPPCCCCPPPPFFFFQQQQ 4444GGGGOOOOKKKKTTTTGGGG\\\\ FFFFGGGG ''''UUUUVVVVGGGGPPPPQQQQ\\\\ÒÒÒÒ 2222TTTTKKKKPPPPEEEEKKKKRRRRCCCCNNNN 1111HHHHHHHHKKKKEEEEGGGGTTTTÒÒÒÒ %%%%WWWWDDDDCCCCPPPP++++PPPPVVVVGGGGTTTTGGGGUUUUVVVVUUUU 5555GGGGEEEEVVVVKKKKQQQQPPPPÒÒÒÒ 9999CCCCUUUUJJJJKKKKPPPPIIIIVVVVQQQQPPPPÒÒÒÒ &&&&%%%% CCCCPPPPFFFF &&&&GGGGRRRRWWWWVVVV[[[[ ////KKKKPPPPKKKKUUUUVVVVGGGGTTTTQQQQHHHH ((((QQQQTTTTGGGGKKKKIIIIPPPP ####HHHHHHHHCCCCKKKKTTTTUUUU QQQQHHHH VVVVJJJJGGGG 4444GGGGRRRRWWWWDDDDNNNNKKKKEEEE QQQQHHHH %%%%WWWWDDDDCCCC/TÔ 4GOKTG\ FG 'UVGPQ\ VGUVKHKGF QP DGJCNH QH VJG )QXGTPOGPV QH %WDC CDQWV VJGCFXGTUG GEQPQOKE KORCEV QH 7Ô5Ô GEQPQOKE UCPEVKQPU QP %WDCÔ *G UVCVGF VJCV FGURKVG7Ô5Ô UCPEVKQPUÒ %WDC KORNGOGPVGF OCLQT UQEKQGEQPQOKE RTQITCOU FWTKPI VJG Ï‰ÁÌUCPF Ï‰ÊÌUÒ KPENWFKPI VJG GTCFKECVKQP QH KNNKVGTCE[ CPF UKIPKHKECPV CFXCPEGU KP JGCNVJECTGÔ *QYGXGTÒ CHVGT VJG NQUU QH 5QXKGV DNQE GEQPQOKE CUUKUVCPEG KP Ï‰‰ÌUÒ 7Ô5ÔUCPEVKQPU KORNGOGPVGF D[ VJG %WDCP &GOQETCE[ #EV CPF VJG *GNOU;$WTVQP #EVCFXGTUGN[ CHHGEVGF %WDCrU GEQPQO[Ò RCTVKEWNCTN[ %WDCrU CEEGUU VQ EGTVCKP OGFKEKPGUCPF OGFKECN UWRRNKGU CXCKNCDNG QPN[ KP VJG 7PKVGF 5VCVGU QT HTQO UWDUKFKCTKGU QH 7Ô5ÔEQORCPKGUÔ /TÔ 4GOKTG\ FG 'UVGPQ\ CNUQ TGRQTVGF VJCV %WDC KPETGCUKPIN[ KU VJG UWDLGEVQH KPVGTGUV D[ HQTGKIP KPXGUVQTUÒ CPF VJCV 7Ô5Ô UCPEVKQPU GZENWFG 7Ô5Ô DWUKPGUUGU HTQO%WDCrU ITQYKPI OCTMGVÔ

9999KKKKNNNNNNNNKKKKCCCCOOOO 4444ÔÔÔÔ ****CCCCYYYYMMMMKKKKPPPPUUUUÒÒÒÒ 8888KKKKUUUUKKKKVVVVKKKKPPPPIIII ((((GGGGNNNNNNNNQQQQYYYYÒÒÒÒ 7777ÔÔÔÔ5555ÔÔÔÔ $$$$WWWWUUUUKKKKPPPPGGGGUUUUUUUU CCCCPPPPFFFF++++PPPPFFFFWWWWUUUUVVVVTTTT[[[[ %%%%QQQQWWWWPPPPEEEEKKKKNNNN9KNNKCO 4Ô *CYMKPU VGUVKHKGF VJCV %WDC YQWNF JCXG VQ KPETGCUG KVU GZRQTVU VQ GCTP VJGHQTGKIP GZEJCPIG KV YQWNF PGGF VQ KORQTV UKIPKHKECPV COQWPVU QH 7Ô5Ô IQQFU CPFUGTXKEGUÔ *G GZRTGUUGF VJG EQPEGTP VJCV sCNOQUV CNN QH %WDCP KPFWUVT[ KU PCVKQPCNK\GFÒUVCVG;TWPÔ 5GXGPV[;UKZ RGTEGPV QH VJG NCDQT HQTEGYQTMU HQT VJG IQXGTPOGPV Ô Ô Ô Ô 6JKU YKNNDG DCF HQT UQOG #OGTKECP RTQFWEGTU Ô Ô Ô YJQ CTG CNTGCF[ JCXKPI VQ EQORGVG YKVJHQTGKIP KORQTVU HTQO QVJGT NQY YCIG CTGCUÒ CU %WDC YKNN DGÔtÊ

9999CCCC[[[[PPPPGGGG 5555ÔÔÔÔ 5555OOOOKKKKVVVVJJJJÒÒÒÒ 5555GGGGPPPPKKKKQQQQTTTT ((((GGGGNNNNNNNNQQQQYYYYÒÒÒÒ %%%%GGGGPPPPVVVVGGGGTTTT HHHHQQQQTTTT ++++PPPPVVVVGGGGTTTTPPPPCCCCVVVVKKKKQQQQPPPPCCCCNNNN2222QQQQNNNNKKKKEEEE[[[[9C[PG 5Ô 5OKVJ UVCVGF VJCV 7Ô5Ô GEQPQOKE UCPEVKQPU JCF sXKTVWCNN[ PQ KORCEVYJCVGXGTt QP %WDC FWTKPI VJG VKOG YJGP %WDC YCU TGEGKXKPI 5QXKGV GEQPQOKECUUKUVCPEGÔ s+V YCUPrV WPVKN VJG DTGCMWR QH VJG UQEKCNKUV DNQEM CPF %WDCrU NQUU QH KVU

Á +DKFÔÒ RRÔ ÈÂ;È‰ÔÊ 9KNNKCO 4Ô *CYMKPUÒ XKUKVKPI HGNNQYÒ 7Ô5Ô $WUKPGUU CPF +PFWUVT[ %QWPEKNÒ VGUVKOQP[ DGHQTG VJG

%QOOKUUKQPÒ 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ‰‰Ô

&;ÎÌ

RTGHGTGPVKCN VTCFKPI TGNCVKQPUJKR VJCV KVU GEQPQO[ YGPV KPVQ C VCKNURKPÔtÂ *G HWTVJGTVGUVKHKGFÒ

0Q WPKNCVGTCN GODCTIQ KP JKUVQT[ Ô Ô Ô JCU GXGT JCF OWEJ GHHGEVÒ CPF VJKU QPG KUPQ GZEGRVKQPÔ +V FQGU EQORNKECVG VJG GEQPQOKE UKVWCVKQP HQT %WDCÔ +V FQGU JCXGUQOG KORCEVÔ +V OCMGU KV FKHHKEWNV HQT %WDC VQ QDVCKP EGTVCKP OGFKEKPGUÔ +VEQORNKECVGU UJKRRKPIÔ +P UQOG ECUGUÒ KV TCKUGU EQUV D[ HQTEKPI %WDC VQ KORQTVHTQO ITGCVGT FKUVCPEGU CPF EQORNKECVGU CEEGUU VQ ETGFKVU CPF UQ HQTVJÔ +V OKIJVDGUV DG FGUETKDGF CU CP KPEQPXGPKGPEGÔ $WV KV KU PQV CP KPEQPXGPKGPEG YKVJQWVDGPGHKVUÔ (QT QPG VJKPIÒ KV RTQXKFGU %CUVTQ YKVJ C TGCF[ GZEWUG HQT GEQPQOKEHCKNKPIUÔ‰

((((TTTTCCCCPPPPMMMM ,,,,ÔÔÔÔ ))))CCCCHHHHHHHHPPPPGGGG[[[[ÒÒÒÒ ,,,,TTTTÔÔÔÔÒÒÒÒ 2222TTTTGGGGUUUUKKKKFFFFGGGGPPPPVVVV CCCCPPPPFFFF %%%%''''1111ÒÒÒÒ 6666JJJJGGGG %%%%GGGGPPPPVVVVGGGGTTTT HHHHQQQQTTTT5555GGGGEEEEWWWWTTTTKKKKVVVV[[[[ 2222QQQQNNNNKKKKEEEE[[[[(TCPM ,Ô )CHHPG[ VGUVKHKGF VJCV KH 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC YGTGTGOQXGFÒ 7Ô5Ô VCZRC[GTU YQWNF DG TGSWKTGF VQ WPFGTYTKVG VTCFG ETGFKVU CPF GZRQTVIWCTCPVGGU VJCV %WDC YQWNF PGGF KP QTFGT VQ RWTEJCUG 7Ô5Ô IQQFU CPF UGTXKEGUÔ

=6?JG KPVGPUKXG KPVGTGUV VJCV YGrTG JGCTKPI HTQO UQ OCP[ VQ IGV VJG GODCTIQNKHVGFÒ VQ GPCDNG #OGTKECP EQORCPKGU VQ IQ VQ %WDC CPF VQ UGNN VJGKT RTQFWEVUKU TGCNN[ C UVCNMKPI JQTUG HQT CP WPUCKF CIGPFCÒ YJKEJ KU VQ IGV VJG VCZRC[GT KPVJKU EQWPVT[ VQ RC[ UWDUKFK\GF ETGFKVU CPF IWCTCPVGGU VQ OCMG VJCVVTCPUCEVKQPU QT VJQUG VTCPUCEVKQPU RQUUKDNGÔÏÌ

/TÔ )CHHPG[rU VGUVKOQP[ CNUQ GZRTGUUGF EQPEGTPU CDQWV VJG FGITGG QH EQOOKVOGPV VJG%WDCP )QXGTPOGPV JCU VQ GEQPQOKE TGHQTOUÔÏÏ

$$$$TTTTKKKKCCCCPPPP ....CCCCVVVVGGGGNNNNNNNNÒÒÒÒ 2222TTTTQQQQHHHHGGGGUUUUUUUUQQQQTTTTÒÒÒÒ ))))GGGGQQQQTTTTIIIIGGGGVVVVQQQQYYYYPPPP 7777PPPPKKKKXXXXGGGGTTTTUUUUKKKKVVVV[[[[ÒÒÒÒ 5555EEEEJJJJQQQQQQQQNNNN QQQQHHHH((((QQQQTTTTGGGGKKKKIIIIPPPP 5555GGGGTTTTXXXXKKKKEEEEGGGG$TKCP .CVGNN VGUVKHKGF VJCV RGQRNG;VQ;RGQRNG EQPVCEVU DGVYGGP 7Ô5Ô CPF %WDCP EKVK\GPUJCXG KPETGCUGF CPF VJCV VJG PWODGT QH WPNKEGPEGF 7Ô5Ô XKUKVQTU VQ %WDC JCU KPETGCUGFÒFGURKVG 7Ô5Ô GEQPQOKE UCPEVKQPUÔ *G TGRQTVGF VJCVÒ CEEQTFKPI VQ %WDCP )QXGTPOGPVFCVCÒ CDQWV ÏÁÌÒÌÌÌ 7Ô5Ô EKVK\GPU XKUKVGF %WDC FWTKPI Ï‰‰‰wC PWODGT UKIPKHKECPVN[JKIJGT VJCP VJG ÂÎÒÌÌÌ 7Ô5Ô XKUKVQTU QHHKEKCNN[ CWVJQTK\GF D[ VJG 7Ô5Ô )QXGTPOGPV VQVTCXGN VQ %WDCÔ *G CNUQ PQVGF VJCV DGVYGGP QPG;HKHVJ CPF QPG;VJKTF QH VJG %WDCPRQRWNCVKQP TGEGKXGU TGOKVVCPEGU HTQO HCOKN[ OGODGTU CDTQCFÔÏÎ

Â9C[PG 5Ô 5OKVJÒ UGPKQT HGNNQYÒ %GPVGT HQT +PVGTPCVKQPCN 2QNKE[Ò VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÊÏ;ÊÎÔ

‰ +DKFÔÒ RRÔ ÊÍ;ÊÈÔÏÌ (TCPM ,Ô )CHHPG[Ò RTGUKFGPV CPF %'1Ò 6JG %GPVGT HQT 5GEWTKV[ 2QNKE[Ò VGUVKOQP[ DGHQTG VJG

%QOOKUUKQPÒ 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÂÏÔÏÏ +DKFÔÒ RÔ ÏÎÎÔÏÎ $TKCP .CVGNNÒ RTQHGUUQTÒ )GQTIGVQYP 7PKXGTUKV[Ò 5EJQQN QH (QTGKIP 5GTXKEGÒ VGUVKOQP[ DGHQTG VJG

%QOOKUUKQPÒ 5GRVÒ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÂÈ;ÂËÔ

&;ÎÏ

4444KKKKEEEEJJJJCCCCTTTTFFFF $$$$GGGGNNNNNNNNÒÒÒÒ 2222TTTTGGGGUUUUKKKKFFFFGGGGPPPPVVVV CCCCPPPPFFFF %%%%''''1111ÒÒÒÒ 77775555#### 4444KKKKEEEEGGGG ((((GGGGFFFFGGGGTTTTCCCCVVVVKKKKQQQQPPPP4KEJCTF $GNN TGRQTVGF VJCVÒ RTKQT VQ VJG KORQUKVKQP QH 7Ô5Ô GEQPQOKE UCPEVKQPUÒ %WDCYCU VJG NCTIGUV GZRQTV OCTMGV HQT 7Ô5Ô TKEG CPF CEEQWPVGF HQT PGCTN[ QPG;JCNH QH CNN7Ô5Ô TKEG GZRQTVU QH JKIJ SWCNKV[ NQPI ITCKP TKEG HTQO VJG UQWVJGTP 7PKVGF 5VCVGUÔ$GECWUG QH VJG UCPEVKQPUÒ CPF VQ QHHUGV FGENKPKPI FQOGUVKE RTQFWEVKQPÒ %WDC RWTEJCUGUNQYGT SWCNKV[ TKEG HTQO 'CUV #UKCÔ /TÔ $GNN CNUQ UVCVGF VJG 7PKVGF 5VCVGU CNNQYU VJGRTQXKUKQP QH TKEG VQ %WDC HQT JWOCPKVCTKCP RWTRQUGUÔ /TÔ $GNN TGRQTVGF VJCV KH %WDCPTKEG EQPUWORVKQP CVVCKPGF KVU HWNN RQVGPVKCN CPF sKH VJG UCPEVKQPU YGTG TGOQXGFÒ CNN QH Ô Ô Ô=%WDCrU TKEG FGOCPF? YQWNF EQOG VQ VJG 7PKVGF 5VCVGU DGECWUG QH SWCNKV[ CPF HTGKIJVCFXCPVCIGUÒt GSWKXCNGPV VQ CDQWV ÎÌ RGTEGPV QH EWTTGPV CPPWCN 7Ô5Ô GZRQTVU XCNWGFDGVYGGP ˘ÏÍÌ OKNNKQP VQ ˘ÏÊË OKNNKQPÔÏÍ

2222CCCCWWWWNNNNCCCC 5555VVVVGGGGTTTTPPPPÒÒÒÒ 2222TTTTGGGGUUUUKKKKFFFFGGGGPPPPVVVVÒÒÒÒ 6666JJJJGGGG 5555VVVVGGGGTTTTPPPP ))))TTTTQQQQWWWWRRRRÒÒÒÒ ++++PPPPEEEEÔÔÔÔ2CWNC 5VGTP VGUVKHKGF QP RQVGPVKCN 7Ô5Ô HQQF CPF OGFKECN UCNGU VQ %WDCÔ #EEQTFKPI VQ/UÔ 5VGTPÒ s=V?JGTG KU RQVGPVKCN VQ KPETGCUG UCNGU KP VJG %WDCP HQQF CPF OGFKECNRTQFWEVU OCTMGVÒt CPF VJCV VJG KORCEV QH VJQUG UCNGU QP VJG 7Ô5Ô GEQPQO[ YQWNF DGUOCNNÒ DWV DGPGHKEKCNÔÏÈ 1VJGT MG[ HKPFKPIU RTQXKFGF D[ /UÔ 5VGTP YGTG„

1 CIITGICVG 7Ô5Ô HQQF CPF OGFKECN GZRQTVU VQ %WDC EQWNF COQWPV VQ ˘ÈÈÈOKNNKQPÒ CPF CRRTQZKOCVGN[ ÁÒÌÌÌ CUUQEKCVGF 7Ô5Ô LQDU KH GEQPQOKE TGNCVKQPUYGTG RCTVKCNN[ NKDGTCNK\GFÒ CPF CU OWEJ CU ˘ÏÔÁ OKNNKQP YKVJ ÎÌÒÌÌÌCUUQEKCVGF LQDU KP C UEGPCTKQ QH WPTGUVTKEVGF VTCFG‚

1 7Ô5Ô UCNGU QHOGFKECN IQQFU EQWNF TKUG VQ ˘ÎÌOKNNKQP KP Ë [GCTUÒ CPFOQTG VJCP˘ÁÌÌ OKNNKQP KP VJG NQPIGT VGTO WPFGT HWNN[ WPTGUVTKEVGF VTCFG UEGPCTKQ‚ CPF

1 KPETGCUGF CITKEWNVWTCN GZRQTVU VQ %WDC YQWNF UKIPKHKECPVN[ KPETGCUG VJG ECTIQVQPPCIG RCUUKPI VJTQWIJ 7Ô5Ô RQTVU KP #NCDCOCÒ .QWKUKCPCÒ /KUUKUUKRRKÒ CPF6GZCUÔ

/UÔ 5VGTP CNUQ TGRQTVGF VJCV 7Ô5Ô VTCFGYKVJ %WDCYQWNF DG NKOKVGF KH 7Ô5Ô GZRQTV ETGFKVUCPF HKPCPEKPIYGTG PQV OCFG CXCKNCDNGÒ QT KH %WDCP CWVJQTKVKGU FKF PQV CEEGNGTCVG CPFHQNNQY VJTQWIJ YKVJ GEQPQOKE TGHQTOU CPF NKDGTCNK\CVKQP QH VJG %WDCP GEQPQO[Ô

2222JJJJKKKKNNNNKKKKRRRR 2222GGGGVVVVGGGGTTTTUUUUÒÒÒÒ 8888KKKKEEEEGGGG 2222TTTTGGGGUUUUKKKKFFFFGGGGPPPPVVVVÒÒÒÒ ....GGGGZZZZKKKKPPPPIIIIVVVVQQQQPPPP ++++PPPPUUUUVVVVKKKKVVVVWWWWVVVVGGGG2JKNKR 2GVGTU VGUVKHKGF VJCV TGOQXKPI 7Ô5Ô GEQPQOKE UCPEVKQPU CPF TGUWOKPI VTCFG YKVJ%WDC sYQWNF DG PGKVJGT C RCPCEGC HQT %WDCÒ PQT C DQPCP\C HQT 7Ô5Ô DWUKPGUUGUÔtÏË

ÏÍ 4KEJCTF $GNNÒ RTGUKFGPV CPF %'1Ò 75# 4KEG (GFGTCVKQPÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ 5GRVÔÏ‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ‰ËÔ

ÏÈ 2CWNC 5VGTPÒ RTGUKFGPVÒ 6JG 5VGTP )TQWRÒ +PEÔÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ 5GRVÔ Ï‰Ò ÎÌÌÌÒVTCPUETKRVÒ RRÔ ÏÍÊ;ÏÍÂÔ

ÏË 2JKNKR 2GVGTUÒ XKEG RTGUKFGPVÒ .GZKPIVQP +PUVKVWVGÒ VGUVKOQP[ DGHQTG VJG %QOOKUUKQPÒ 5GRVÔ Ï‰Ò ÎÌÌÌÒVTCPUETKRVÒ RÔ ÏÈÍÔ

&;ÎÎ

6JG EWTTGPV EQPFKVKQPU QH VJG %WDCP GEQPQO[ CPF VJG UOCNN UK\G QH VJG %WDCP OCTMGVYQWNF KP IGPGTCN RTQXKFG QPN[ NKOKVGF QRRQTVWPKVKGU HQT 7Ô5Ô DWUKPGUUGUÔ /QTGQXGTÒ /TÔ2GVGTU UVCVGF VJCV 7Ô5Ô UWRRNKGTU YQWNF HCEG FKHHKEWNVKGU OGGVKPI UWDUKFKGU RTQXKFGF D[%WDCrU EWTTGPV VTCFKPI RCTVPGTUÒ CPF YQWNF HCEG UVKHH EQORGVKVKQP HTQO HQTGKIPEQORCPKGU VJCV CNTGCF[ JCXG UVCMGF QWV OCTMGV RQUKVKQPU KP %WDC QT VJCV CTG CDNG VQWPFGTEWV 7Ô5Ô RTKEGU YKVJ UWDUKFK\GF RTQFWEVUÔ /TÔ 2GVGTU TGRQTVGF QP VJG TGEGPVGEQPQOKE TGHQTOU WPFGTVCMGP D[ VJG %WDCP )QXGTPOGPVÒ CPF QP VJG EWTTGPV CPFNKMGN[ HWVWTG TQNG QH HQTGKIP KPXGUVOGPV KP %WDCÔ

,,,,QQQQJJJJPPPP 5555ÔÔÔÔ ----CCCCXXXXWWWWNNNNKKKKEEEEJJJJÒÒÒÒ 2222TTTTGGGGUUUUKKKKFFFFGGGGPPPPVVVVÒÒÒÒ 7777ÔÔÔÔ5555ÔÔÔÔ;;;;%%%%WWWWDDDDCCCC 6666TTTTCCCCFFFFGGGG CCCCPPPPFFFF''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE %%%%QQQQWWWWPPPPEEEEKKKKNNNNÒÒÒÒ ++++PPPPEEEEÔÔÔÔ,QJP 5Ô -CXWNKEJ VGUVKHKGF VJCV 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC JCXG JCFCFXGTUG KORCEVU QP DQVJ VJG GEQPQO[ QH VJG 7PKVGF 5VCVGU CPF VJG GEQPQO[ QH %WDCÔ/TÔ -CXWNKEJ TGRQTVGF VJCV VJG Ï‰‰Î%WDCP&GOQETCE[ #EV JCNVGF HQTGKIP UWDUKFKCTKGUQH 7Ô5Ô;DCUGF EQORCPKGU HTQO GPICIKPI KP VTCFG YKVJ %WDCwVTCFG VJCV YCUEWOWNCVKXGN[ XCNWGF CV ˘ÈÔÁ DKNNKQP DGVYGGP Ï‰ÂÌ CPF Ï‰‰ÎÔ /TÔ -CXWNKEJ UVCVGF VJCV%WDC RTQDCDN[ YQWNF PQV CDCPFQP KVU GZKUVKPI EQOOGTEKCN TGNCVKQPUJKRU YKVJ EWTTGPVUWRRNKGTU UWEJ CU %JKPCÒ (TCPEGÒ CPF %CPCFC KP VJG CDUGPEG QH 7Ô5Ô GEQPQOKEUCPEVKQPUÒ CNVJQWIJ JG TGRQTVGF VJCV %WDC RTQDCDN[ YQWNF UGGM VQ RWTEJCUG URGEKHKEDWNM HQQF EQOOQFKVKGU HTQO VJG 7PKVGF 5VCVGU KPENWFKPI UQ[Ò TKEGÒ RQYFGTGF OKNMÒ CPFYJGCVÔ

6666JJJJQQQQOOOOCCCCUUUU ''''ÔÔÔÔ %%%%QQQQZZZZÒÒÒÒ &&&&KKKKTTTTGGGGEEEEVVVVQQQQTTTTÒÒÒÒ 7777ÔÔÔÔ5555ÔÔÔÔ;;;;%%%%WWWWDDDDCCCC $$$$WWWWUUUUKKKKPPPPGGGGUUUUUUUU %%%%QQQQWWWWPPPPEEEEKKKKNNNN6JQOCU 'Ô %QZ VGUVKHKGF VJCV %WDC QHHGTU NKOKVGF RTQURGEVU HQT HQTGKIP KPXGUVQTU CPFNKOKVGF RQVGPVKCN HQT HWVWTG VTCFG DGECWUG QH GEQPQOKE RQNKEKGU QH VJG %WDCP)QXGTPOGPVÔ s#U NQPI CU VJG %WDCP )QXGTPOGPV CFJGTGU VQ KVU FQOGUVKE GEQPQOKEKORNQUKQP RQNKE[Ò PQ 7Ô5Ô VTCFG RQNKE[Ò QRGPGF QT ENQUGF VQYCTF %WDCÒ YKNN JCXG CP[UKIPKHKECPV RTQURGEV HQT KPETGCUKPI EQOOGTEKCN QRRQTVWPKV[ QT GEQPQOKE FGXGNQROGPVQP VJG KUNCPFÔtÏÁ 5RGEKHKE RTQDNGO JG EKVGF KPENWFGF %WDCrU NCEM QH JCTF EWTTGPE[ VQDW[ KORQTVUÒ %WDCrU JKIJ EQOOGTEKCN TKUM CU CRRTCKUGF D[ ETGFKV TCVKPI UGTXKEGUÒ CPF%WDCrU NKOKVGF EQPUWOGT OCTMGVÔ/TÔ %QZ UVCVGF VJCV %WDC TCPMU DGJKPF DQVJ 8KGVPCOCPF %JKPC KP VGTOU QH KORNGOGPVKPI UKIPKHKECPV GEQPQOKE TGHQTOUÔÏÊ

1111VVVVVVVVQQQQ ,,,,ÔÔÔÔ 4444GGGGKKKKEEEEJJJJÒÒÒÒ 2222TTTTGGGGUUUUKKKKFFFFGGGGPPPPVVVVÒÒÒÒ 4444////#### ++++PPPPVVVVGGGGTTTTPPPPCCCCVVVVKKKKQQQQPPPPCCCCNNNNÒÒÒÒ ++++PPPPEEEEÔÔÔÔ1VVQ ,Ô 4GKEJ VGUVKHKGF VJCV %WDC JCU sGPQTOQWU GEQPQOKE RQVGPVKCN CPF TGRTGUGPVU CITGCV OCTMGV HQT 7Ô5Ô RTQFWEVUÒt DWV VJKU RQVGPVKCN YKNN PQV DG TGCEJGF WPVKN %WDC

ÏÁ 6JQOCU 'Ô %QZÒ FKTGEVQTÒ 7Ô5Ô;%WDC $WUKPGUU %QWPEKNÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒVTCPUETKRVÒ RÔ ÏÁÎÔ

ÏÊ +DKFÔÒ RÔ ÏÂÊÔ

&;ÎÍ

WPFGTVCMGU HWTVJGT TGHQTOUÔÏÂ *G HWTVJGT UVCVGF VJCV %WDCP FQOGUVKE GEQPQOKERQNKEKGUÒ TCVJGT VJCP 7Ô5Ô GEQPQOKE UCPEVKQPUÒ CTG VJG ECWUG QH %WDCrU QPIQKPIGEQPQOKE RTQDNGOUÔ /TÔ 4GKEJ TGRQTVGF VJCV %WDC EWTTGPVN[ KU CDNG VQ RWTEJCUGXKTVWCNN[ CP[VJKPI KV PGGFUÒ KPENWFKPI 7Ô5Ô RCVGPVGF OGFKEKPGUÒ HTQO QVJGT EQWPVTKGU sCVC HTCEVKQP QH Ô Ô Ô VJG EQUV KP VJG 7PKVGF 5VCVGUÔtÏ‰ /TÔ 4GKEJ HWTVJGT UVCVGF VJCV VJG Ï‰‰Î%WDCP &GOQETCE[ #EV CPF VJG Ï‰‰Á %WDCP .KDGTV[ CPF &GOQETCVKE 5QNKFCTKV[ #EVÒ D[VKIJVGPKPI VJG 7Ô5Ô GEQPQOKE UCPEVKQPUÒ KPETGCUGF GEQPQOKE RTGUUWTG QP VJG %WDCP)QXGTPOGPV DGECWUG %WDC PQ NQPIGT TGEGKXGF 5QXKGV DNQE GEQPQOKE CUUKUVCPEGÔ

----KKKKTTTTMMMM 4444GGGGCCCCIIIICCCCPPPP ////GGGGPPPPGGGGPPPPFFFFGGGG\\\\ÒÒÒÒ ))))GGGGPPPPGGGGTTTTCCCCNNNN %%%%QQQQWWWWPPPPUUUUGGGGNNNNÒÒÒÒ ,,,,QQQQTTTTIIIIGGGG ////CCCCUUUU%%%%CCCCPPPPQQQQUUUUCCCC ((((TTTTGGGGGGGGFFFFQQQQOOOO ((((QQQQWWWWPPPPFFFFCCCCVVVVKKKKQQQQPPPP-KTM 4GCICP /GPGPFG\ VGUVKHKGF VJCV 7Ô5Ô GEQPQOKE UCPEVKQPU JCXG FKUEQWTCIGFHQTGKIP KPXGUVOGPV KP %WDCÔ *G HWTVJGT UVCVGF VJCV sVJG DKIIGUV QDUVCENGU KP %WDC VQKPETGCUG HQTGKIP KPXGUVOGPV KU VJG %WDCP UVCVG KVUGNHÒt CPF VJCV UQOG HQTGKIP KPXGUVQTUCTG GZKVKPI VJG %WDCP OCTMGV DGECWUG QH RTQDNGOU FGCNKPI YKVJ VJG %WDCP)QXGTPOGPVÔÎÌ

&&&&GGGGPPPPPPPPKKKKUUUU ----ÔÔÔÔ ****CCCC[[[[GGGGUUUUÒÒÒÒ ''''ZZZZGGGGEEEEWWWWVVVVKKKKXXXXGGGG 8888KKKKEEEEGGGG 2222TTTTGGGGUUUUKKKKFFFFGGGGPPPPVVVVÒÒÒÒ 6666JJJJGGGG %%%%WWWWDDDDCCCCPPPP####OOOOGGGGTTTTKKKKEEEECCCCPPPP 0000CCCCVVVVKKKKQQQQPPPPCCCCNNNN ((((QQQQWWWWPPPPFFFFCCCCVVVVKKKKQQQQPPPP&GPPKU -Ô *C[GU VGUVKHKGF VJCV %WDCrU FQOGUVKE GEQPQOKE RTQDNGOU CTG VJG TGUWNV QH%WDCP )QXGTPOGPV RQNKEKGU TCVJGT VJCP 7Ô5Ô GEQPQOKE UCPEVKQPUÔ /TÔ *C[GU UVCVGFVJCV %WDC YCU C PGV GZRQTVGT QH HQQF DGHQTG VJG EWTTGPV %WDCP )QXGTPOGPV CUUWOGFRQYGTÒ DWV VJCP PQY %WDCP HCTOGTU JCXG PQ KPEGPVKXGU VQ ITQY HQQF KP GZEGUU QH VJGKTRTQFWEVKQP SWQVCUÔ *G CNUQ UVCVGF VJCV VJG NKOKVGF GEQPQOKE TGHQTOU KORNGOGPVGF D[VJG %WDCP )QXGTPOGPV UVGO HTQO VJG NQUU QH 5QXKGV GEQPQOKE CUUKUVCPEGÒ TCVJGT VJCPHTQO C IGPWKPG FGUKTG HQT GEQPQOKE TGHQTOÔÎÏ

....CCCC\\\\CCCCTTTTQQQQ ####NNNNXXXXCCCCTTTTGGGG\\\\ÒÒÒÒ %%%%QQQQOOOOOOOOKKKKVVVVVVVVGGGGGGGG %%%%JJJJCCCCKKKKTTTTOOOOCCCCPPPPÒÒÒÒ 7777PPPPKKKKVVVVGGGGFFFF %%%%WWWWDDDDCCCCPPPP1111TTTTIIIICCCCPPPPKKKK\\\\CCCCVVVVKKKKQQQQPPPPUUUU.C\CTQ #NXCTG\ VGUVKHKGF VJCV %WDC KU CDNG VQ RWTEJCUG HTQO QVJGT EQWPVTKGU CP[ QH VJGIQQFU CPF UGTXKEGU KV PGGFUÒ FGURKVG VJG 7Ô5Ô GEQPQOKE UCPEVKQPU Ô *QYGXGTÒ %WDCNCEMU UWHHKEKGPV GEQPQOKE TGUQWTEGU VQ OCMG UWEJ RWTEJCUGU CU sVJG TGUWNV QH ÈÌ [GCTU

ÏÂ 1VVQ ,Ô 4GKEJÒ RTGUKFGPVÒ 4/# +PVGTPCVKQPCNÒ +PEÔÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒVTCPUETKRVÒ RÔ ÏÁ‰Ô

Ï‰ +DKFÔÒ RÔ ÏÊÌÔÎÌ -KTM 4GCICP /GPGPFG\Ò IGPGTCN EQWPUGNÒ ,QTIG /CU %CPQUC (TGGFQO (QWPFCVKQPÒ VGUVKOQP[

DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÍÏÔÎÏ &GPPKU -Ô *C[GUÒ GZGEWVKXG XKEG RTGUKFGPVÒ 6JG %WDCP;#OGTKECP 0CVKQPCN (QWPFCVKQPÒ VGUVKOQP[

DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÍÂÔ

&;ÎÈ

QH OKUOCPCIGOGPV D[ %CUVTQrU IQXGTPOGPVÔtÎÎ /TÔ #NXCTG\ UVCVGF VJCV s=NKHVKPI VJGGODCTIQ YKNN PQV KORTQXG NKXKPI UVCPFCTFU HQT OQUV %WDCPUÔ 2TQFWEVKXKV[ TGOCKPU NQYCPF VJGTG CTG PQ KPEGPVKXGU HQT ITQYVJ QT GHHKEKGPE[ÔtÎÍ

,,,,CCCCKKKKOOOOGGGG 5555WWWWEEEEJJJJNNNNKKKKEEEEMMMMKKKKÒÒÒÒ &&&&KKKKTTTTGGGGEEEEVVVVQQQQTTTTÒÒÒÒ ++++PPPPUUUUVVVVKKKKVVVVWWWWVVVVGGGG HHHHQQQQTTTT %%%%WWWWDDDDCCCCPPPP CCCCPPPPFFFF%%%%WWWWDDDDCCCCPPPP;;;;####OOOOGGGGTTTTKKKKEEEECCCCPPPP 5555VVVVWWWWFFFFKKKKGGGGUUUUÒÒÒÒ 5555EEEEJJJJQQQQQQQQNNNN QQQQHHHH ++++PPPPVVVVGGGGTTTTPPPPCCCCVVVVKKKKQQQQPPPPCCCCNNNN5555VVVVWWWWFFFFKKKKGGGGUUUUÒÒÒÒ 7777PPPPKKKKXXXXGGGGTTTTUUUUKKKKVVVV[[[[ QQQQHHHH ////KKKKCCCCOOOOKKKK,COKG 5WEJNKEMK VGUVKHKGF VJCVÒ FGURKVG VJG GEQPQOKE TGHQTOU VJCV YGTG KPVTQFWEGF KP%WDC KP VJG GCTN[ Ï‰‰ÌUÒ sOCP[ QH VJG TGHQTOU Ô Ô Ô JCXG DGGP UNQYGF FQYP CPF UQOGQH VJGO JCXG DGGP TGXGTUGFÒt CPF VJCV s%WDC KU PQV OQXKPI KPVQ C OCTMGV GEQPQO[ Ô Ô Ô=CPF? PQV EJCPIKPI KPVQ C ECRKVCNKUV UQEKGV[ÔtÎÈ

/TÔ 5WEJNKEMK GZRTGUUGF VJG EQPEGTP VJCV GCTPKPIU HTQO KPETGCUGF VTCFG CPF VQWTKUOYQWNF DG WUG VQ HWTVJGT EQPUQNKFCVG RQYGT D[ VJG %WDCP NGCFGTUJKRÒ TCVJGT VJCP VQRTQOQVG %WDCP GEQPQOKE FGXGNQROGPVÔ *G CNUQ UVCVGF VJCV 7Ô5Ô KORQTVU QH EGTVCKP%WDCP RTQFWEVUÒ UWEJ CU EKVTWUÒ TWOÒ VQDCEEQ RTQFWEVUÒ OKIJV KPLWTG 7Ô5Ô FQOGUVKERTQFWEVKQP CPF VJCV 7Ô5Ô KORQTVU QH %WDCP UWICT OKIJV CFXGTUGN[ KORCEV UWICTRTQFWEVKQP KP QVJGT %CTKDDGCP QT %GPVTCN #OGTKECP EQWPVTKGUÔ

####PPPPVVVVJJJJQQQQPPPP[[[[ ((((ÔÔÔÔ ----KKKKTTTTMMMMRRRRCCCCVVVVTTTTKKKKEEEEMMMMÒÒÒÒ ####UUUUUUUUKKKKUUUUVVVVCCCCPPPPVVVV 2222TTTTQQQQHHHHGGGGUUUUUUUUQQQQTTTTÒÒÒÒ &&&&GGGGRRRRCCCCTTTTVVVVOOOOGGGGPPPPVVVVQQQQHHHH ####PPPPGGGGUUUUVVVVJJJJGGGGUUUUKKKKQQQQNNNNQQQQIIII[[[[ÒÒÒÒ 7777PPPPKKKKXXXXGGGGTTTTUUUUKKKKVVVV[[[[ QQQQHHHH 5555QQQQWWWWVVVVJJJJ ((((NNNNQQQQTTTTKKKKFFFFCCCC#PVJQP[ (Ô -KTMRCVTKEM VGUVKHKGF VJCV 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDCKORGFG %WDCrU CEEGUU VQ HQQF CPF OGFKEKPGÔ *G UVCVGF VJCVÒ sËÌ RGTEGPV QH VJG OQUVKORQTVCPVÒ KPFKURGPUCDNG FTWIU KP VJG YQTNF CTG UWDLGEV VQ 7Ô5Ô LWTKUFKEVKQP CPFVJGTGHQTG UWDLGEV VQ VJG QPGTQWU TGSWKTGOGPVU QH VJG GODCTIQÔtÎË

0000GGGGNNNNUUUUQQQQPPPP &&&&GGGGPPPPNNNNKKKKPPPPIIIIGGGGTTTTÒÒÒÒ 8888KKKKEEEEGGGG 2222TTTTGGGGUUUUKKKKFFFFGGGGPPPPVVVVÒÒÒÒ 7777ÔÔÔÔ5555ÔÔÔÔ 9999JJJJGGGGCCCCVVVV####UUUUUUUUQQQQEEEEKKKKCCCCVVVVGGGGUUUUÒÒÒÒ 9999JJJJGGGGCCCCVVVV ''''ZZZZRRRRQQQQTTTTVVVV 6666TTTTCCCCFFFFGGGG ''''FFFFWWWWEEEECCCCVVVVKKKKQQQQPPPP %%%%QQQQOOOOOOOOKKKKVVVVVVVVGGGGGGGG0GNUQP&GPNKPIGT VGUVKHKGF VJCV VJGTG JCXGDGGP PQ UCNGU QH7Ô5Ô YJGCV VQ %WDCDGECWUG7Ô5Ô UCPEVKQPU DCT UCNGU VQ %WDCP IQXGTPOGPV;QYPGF YJGCV OKNNU CPF RTQJKDKV UJKRUNCPFKPI IQQFU KP %WDC HTQO GPVGTKPI 7Ô5Ô RQTVU HQT Á OQPVJU CHVGT NGCXKPI %WDCÔ *GTGRQTVGF VJCV %WDC RWTEJCUGU OQUV QH KVU YJGCV HTQO #TIGPVKPCÒ %CPCFCÒ CPF'WTQRGCP 7PKQP ı'7Ù OGODGT EQWPVTKGUÔ /TÔ &GPNKPIGT UVCVGF VJCVÒ QXGT VKOGÒ %WDC

ÎÎ.C\CTQ#NXCTG\Ò EQOOKVVGG EJCKTOCPÒ7PKVGF %WDCP1TICPK\CVKQPUÒ VGUVKOQP[ DGHQTG VJG75+6%Ò5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÈËÔ

ÎÍ +DKFÔÒ RÔ ÎÈÂÔÎÈ ,CKOG 5WEJNKEMKÒ FKTGEVQTÒ +PUVKVWVG HQT %WDCP CPF %WDCP;#OGTKECP 5VWFKGUÒ 5EJQQN QH

+PVGTPCVKQPCN 5VWFKGUÒ 7PKXGTUKV[ QH/KCOKÒ VGUVKOQP[ DGHQTG VJG75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎËÍÔÎË #PVJQP[ (Ô -KTMRCVTKEMÒ CUUKUVCPV RTQHGUUQTÒ &GRCTVOGPV QH #PGUVJGUKQNQI[Ò 7PKXGTUKV[ QH 5QWVJ

(NQTKFCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÎÁÈÔ

&;ÎË

RTQDCDN[ YQWNF RWTEJCUG 7Ô5Ô YJGCV KP NCTIG XQNWOGU KP VJG CDUGPEG QH UCPEVKQPUDGECWUG 7Ô5Ô QEGCP HTGKIJV TCVGU CTG CDQWV QPG;JCNH VJG TCVGU QH EQORGVKVKXG YJGCVHTQO VJG '7Ò IKXKPI 7Ô5Ô YJGCV CP CFXCPVCIG QH ˘Â;ÏÌ RGT VQPÔÎÁ *G GUVKOCVGF VJCV VJG%WDCP YJGCV OCTMGV YQWNF ITQY QXGT VJG NQPI;VGTO VQ C NGXGN ENQUG VQ VJCV QH8GPG\WGNCÒ C EQWPVT[ QH EQORCTCDNG UK\G‚ 8GPG\WGNC EWTTGPVN[ KORQTVU Ï OKNNKQP VQPUQH YJGCV CPPWCNN[Ô/TÔ &GPNKPIGT UVCVGF VJCV ETGFKV CXCKNCDKNKV[ KU CP KORQTVCPV HCEVQT KPUCNGU QH 7Ô5Ô YJGCV VQ OQUV OCTMGVUÒ CPF VJCV %WDC KU PQV ETGFKV YQTVJ[ CV VJKU VKOGÔ $WVÒJG PQVGFÒ VJKTF RCTV[ ıPQP;7Ô5ÔÙ HKPCPEKPI KU CXCKNCDNG HQT 7Ô5Ô YJGCV GZRQTVUÒ CPFVJGTG CTG UKIPU VJCV UWEJ ETGFKV EQWNF DG QDVCKPGFÔ

4444CCCC[[[[OOOOQQQQPPPPFFFF %%%%ÔÔÔÔ 1111HHHHHHHHGGGGPPPPJJJJGGGGKKKKUUUUGGGGTTTTÒÒÒÒ 2222TTTTGGGGUUUUKKKKFFFFGGGGPPPPVVVVÒÒÒÒ 1111ZZZZHHHHCCCCOOOO ####OOOOGGGGTTTTKKKKEEEECCCC1ZHCO KU C PQP;IQXGTPOGPVCN JWOCPKVCTKCP CPF FGXGNQROGPV QTICPK\CVKQP VJCVTGRQTVU VQ DG VJG NCTIGUV 7Ô5Ô RTQXKFGT QH HWPFKPI HQT FGXGNQROGPV RTQLGEVU KP %WDCÔ4C[OQPF %Ô 1HHGPJGKUGT VGUVKHKGF VJCV 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDCJCXG CFXGTUGN[ CHHGEVGF VJG CXCKNCDKNKV[ QH HQQF CPFÒ EQPUGSWGPVN[Ò VJG IGPGTCN UVCVG QHPWVTKVKQP KP %WDCÔ *G UVCVGF VJCV TGEGPV KORTQXGOGPVU KP VJG %WDCP GEQPQO[ OCMG%WDC C RQVGPVKCN EWUVQOGT HQT 7Ô5Ô GZRQTVUÔÎÊ

....KKKKUUUUUUUUCCCC 9999GGGGKKKKPPPPOOOOCCCCPPPPPPPPÒÒÒÒ %%%%QQQQOOOOOOOOWWWWPPPPKKKKEEEECCCCVVVVKKKKQQQQPPPPUUUU &&&&KKKKTTTTGGGGEEEEVVVVQQQQTTTTÒÒÒÒ ####OOOOGGGGTTTTKKKKEEEECCCCPPPPUUUUHHHHQQQQTTTT ****WWWWOOOOCCCCPPPPKKKKVVVVCCCCTTTTKKKKCCCCPPPP 6666TTTTCCCCFFFFGGGG YYYYKKKKVVVVJJJJ %%%%WWWWDDDDCCCC#OGTKECPU HQT *WOCPKVCTKCP 6TCFG YKVJ %WDC KU C PCVKQPCN EQCNKVKQP VJCV CFXQECVGUGCUKPI 7Ô5Ô WPKNCVGTCN UCPEVKQPU YKVJ TGURGEV VQ %WDCÔ .KUUC 9GKPOCPP VGUVKHKGF VJCVTGOQXKPI VJG UCPEVKQPU YQWNF DG DGPGHKEKCN HQT 7Ô5Ô HCTOGTU CPF CITKEWNVWTCN KPVGTGUVUÒRCTVKEWNCTN[ KP NKIJV QH FGENKPKPI 7Ô5Ô FQOGUVKE CITKEWNVWTCN UWDUKFKGUÔ /UÔ 9GKPOCPPCNUQ TGRQTVGF VJCV 7Ô5Ô RQTVUÒ UWEJ CU VJQUG QH /QDKNGÒ #NCDCOCÒ .CMG %JCTNGUÒ.QWKUKCPCÒ CU YGNN CU RQTVU KP (NQTKFC CPF 6GZCU YQWNF DGPGHKV HTQO KPETGCUGFEQOOGTEG YKVJ %WDCÔ /UÔ9GKPOCPP CNUQ GZRTGUUGF EQPEGTPU CDQWV VJG EQUVU VQ 7Ô5ÔVCZRC[GTU QH GPHQTEKPI VJG GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDCÔÎÂ

9999KKKKNNNNNNNNKKKKCCCCOOOO ////ÔÔÔÔ 2222CCCCRRRRCCCCTTTTKKKKCCCCPPPPÒÒÒÒ ((((QQQQTTTTOOOOGGGGTTTT ////CCCC[[[[QQQQTTTT QQQQHHHH 2222CCCCUUUUCCCCFFFFGGGGPPPPCCCCÒÒÒÒ%%%%CCCCNNNNKKKKHHHHQQQQTTTTPPPPKKKKCCCCÒÒÒÒ ....CCCCYYYY 1111HHHHHHHHKKKKEEEEGGGG QQQQHHHH 9999KKKKNNNNNNNNKKKKCCCCOOOO ////ÔÔÔÔ 2222CCCCRRRRCCCCTTTTKKKKCCCCPPPP9KNNKCO /Ô 2CRCTKCP VGUVKHKGF QP VJG GEQPQOKE CPF UQEKCN EQUVU VQ %WDC QH 7Ô5ÔGEQPQOKE UCPEVKQPUÔ

ÎÁ 0GNUQP &GPNKPIGTÒ XKEG;RTGUKFGPVÒ 7Ô5Ô 9JGCV #UUQEKCVGUÓ9JGCV 'ZRQTV 6TCFG 'FWECVKQP%QOOKVVGGÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÔ RÔ ÍÎÎÔ

ÎÊ 4C[OQPF %Ô 1HHGPJGKUGTÒ RTGUKFGPVÒ 1ZHCO #OGTKECÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰ÒÎÌÌÌÒ VTCPUETKRVÒ RRÔ Î‰Â;ÍÌÊÔ

ÎÂ .KUUC 9GKPOCPPÒ EQOOWPKECVKQPU FKTGEVQTÒ #OGTKECPU HQT *WOCPKVCTKCP 6TCFG YKVJ %WDCÒVGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ Ï‰Ò ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÍÌÊ;ÍÏÎÔ

&;ÎÁ

----KKKKTTTTDDDD[[[[ ,,,,QQQQPPPPGGGGUUUUÒÒÒÒ 2222TTTTGGGGUUUUKKKKFFFFGGGGPPPPVVVVÒÒÒÒ ####NNNNCCCCOOOOCCCCTTTT ####UUUUUUUUQQQQEEEEKKKKCCCCVVVVGGGGUUUU-KTD[ ,QPGU VGUVKHKGF VJCV %WDC JCU GZRGTKGPEGF PWOGTQWU CPF RTQHQWPF EJCPIGU QXGTVJG RCUV ÈÌ [GCTU YJKEJ JCXG UKIPKHKECPV KORNKECVKQPU HQT 7Ô5Ô EQORCPKGU UGGMKPI VQ FQDWUKPGUU VJGTGÔ #EEQTFKPI VQ /TÔ ,QPGUÒ %WDCrU GEQPQO[ PQY sKU C OKZ ECRKVCNKUOYKVJUQEKCNKUOÒ CPF PQV LWUV C NKVVNG FQUG QH ECRKVCNKUOÔtÎ‰ #U GZCORNGUÒ /TÔ ,QPGU TGRQTVGFVJCV VJG 7Ô5Ô FQNNCT KU WUGF CU GXGT[FC[ EWTTGPE[ KP %WDCÒ UWDUKFKGU VQ OQUV HQTOGT%WDCP IQXGTPOGPV;QYPGF GPVGTRTKUGU JCXG DGGP JCNVGFÒ CPF HQTGKIP KPXGUVOGPV KP%WDC KU WDKSWKVQWUÔ

,,,,QQQQGGGG ))))TTTTGGGGGGGGPPPPÒÒÒÒ &&&&KKKKTTTTGGGGEEEEVVVVQQQQTTTT HHHHQQQQTTTT ....CCCCVVVVKKKKPPPP ####OOOOGGGGTTTTKKKKEEEECCCCPPPP 5555CCCCNNNNGGGGUUUUÒÒÒÒ%%%%CCCCVVVVGGGGTTTTRRRRKKKKNNNNNNNNCCCCTTTT ++++PPPPEEEEÔÔÔÔ,QG )TGGP VGUVKHKGF VJCVÒ DGHQTG VJG %CUVTQ TGIKOGÒ %CVGTRKNNCT YCU CP KPFGRGPFGPVFGCNGT KP %WDC VJCV UQNF EQPUVTWEVKQPÒ CITKEWNVWTCNÒ CPF OKPKPI GSWKROGPVÒ CPF VJG%WDCP OCTMGV YCU UKOKNCT VQ VJCV QH 2WGTVQ 4KEQÔ #HVGT 7Ô5Ô UCPEVKQPU YGTG KORQUGFÒ%CVGTRKNNCT RTQFWEVU KP %WDC YGTG TGRNCEGF HKTUV YKVJ 4WUUKCP GSWKROGPVÒ NCVGT YKVJ'WTQRGCP CPF ,CRCPGUG GSWKROGPVÔ /TÔ )TGGP TGRQTVGF VJCV RQVGPVKCN %WDCPFGOCPF HQT %CVGTRKNNCT RTQFWEVU EQWNF DG UKIPKHKECPVÔ *QYGXGTÒ JG UVCVGF VJCV GZRQTVQRRQTVWPKVKGU KP VJG CDUGPEG QH UCPEVKQPU YQWNF DG NKOKVGF KP VJG UJQTV VGTOÒ DGECWUGOGCPKPIHWN DWUKPGUU RTQDCDN[ YQWNF PQV QEEWT WPVKN HWPFCOGPVCN GEQPQOKE CPFRQNKVKECN TGHQTOU VCMG RNCEG KP %WDCÔÍÌ

((((TTTTCCCCPPPPMMMM &&&&ÔÔÔÔ ----KKKKVVVVVVVVTTTTGGGGFFFFIIIIGGGGÒÒÒÒ 2222TTTTGGGGUUUUKKKKFFFFGGGGPPPPVVVVÒÒÒÒ 0000CCCCVVVVKKKKQQQQPPPPCCCCNNNN ((((QQQQTTTTGGGGKKKKIIIIPPPP 6666TTTTCCCCFFFFGGGG%%%%QQQQWWWWPPPPEEEEKKKKNNNN CCCCPPPPFFFF 8888KKKKEEEEGGGG %%%%JJJJCCCCKKKKTTTTOOOOCCCCPPPPÒÒÒÒ 77775555####ÛÛÛÛ''''PPPPIIIICCCCIIIIGGGG/TÔ -KVVTGFIG GZRTGUUGF EQPEGTP QXGT VJG RTQNKHGTCVKQP QH 7Ô5Ô WPKNCVGTCN UCPEVKQPUFWTKPI VJG Ï‰‰ÌUÒ DQVJ CV VJG HGFGTCN CPF NQECN NGXGNÔ #EEQTFKPI VQ /TÔ -KVVTGFIGÒUCPEVKQPU RTGXGPV 7Ô5Ô HKTOU HTQO VCMKPI CFXCPVCIG QH OCTMGVU VJCV EQWNF DG GCUKN[UGTXKEGF D[ VJG 7PKVGF 5VCVGUÒ VJWU TGFWEKPI GZRQTVU CPF LQDU KP VJG 7PKVGF 5VCVGUÔ/QTGQXGTÒ VJG WUG QT VJTGCV QH WUG QH GEQPQOKE UCPEVKQPU FKOKPKUJGU VJG CDKNKV[ QH VJG7PKVGF 5VCVGU VQ DG C TGNKCDNG INQDCN UWRRNKGT QH IQQFU CPF UGTXKEGUÔ 5CPEVKQPU CNUQEQORNKECVG TGNCVKQPU YKVJ QVJGT VTCFKPI RCTVPGTUÒ GURGEKCNN[ KH VJG UCPEVKQPU CTG PQVOWNVKNCVGTCN KP PCVWTGÔÍÏ

Î‰ -KTD[ ,QPGUÒ RTGUKFGPVÒ #NCOCT #UUQEKCVGUÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒVTCPUETKRVÒ RÔ ÍÁÎÔ

ÍÌ ,QG )TGGPÒ FKTGEVQT HQT .CVKP #OGTKECP 5CNGUÒ %CVGTRKNNCT +PEÔÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÍÁÂ;ÍÊÎÔ

ÍÏ (TCPM &Ô -KVVTGFIGÒ RTGUKFGPVÒ 0CVKQPCN (QTGKIP 6TCFG%QWPEKNÒ CPF XKEG EJCKTOCPÒ75#Û'PICIGÒVGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÍÊÎ;ÍÊ‰Ô

&;ÎÊ

0000KKKKEEEEQQQQNNNNggggUUUU ,,,,ÔÔÔÔ ))))WWWWVVVVKKKKrrrrTTTTTTTTGGGG\\\\ÒÒÒÒ 5555GGGGEEEETTTTGGGGVVVVCCCCTTTT[[[[ CCCCPPPPFFFF ))))GGGGPPPPGGGGTTTTCCCCNNNN %%%%QQQQWWWWPPPPUUUUGGGGNNNNÒÒÒÒ0000CCCCVVVVKKKKQQQQPPPPCCCCNNNN ####UUUUUUUUQQQQEEEEKKKKCCCCVVVVKKKKQQQQPPPP QQQQHHHH 5555WWWWIIIICCCCTTTT ////KKKKNNNNNNNN 1111YYYYPPPPGGGGTTTTUUUU QQQQHHHH %%%%WWWWDDDDCCCC0KEQNgU ,Ô )WVKrTTG\ VGUVKHKGF VJCV VJG 0CVKQPCN #UUQEKCVKQP QH 5WICT /KNN 1YPGTU QH%WDC TGRTGUGPVU VJG QYPGTU QH ÏÁÏ UWICT OKNNU VJCV YGTG GZRTQRTKCVGF D[ VJG %WDCP)QXGTPOGPV KP Ï‰Ë‰ CPF Ï‰ÁÌÔ /TÔ )WVKrTTG\rU UVCVGF VJCV VJG QTICPK\CVKQP JGTGRTGUGPVU KU QRRQUGF VQ CP[ TGNCZCVKQP QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV %WDC DGECWUGVJG %WDCP )QXGTPOGPV JCU PQV RTQXKFGF EQORGPUCVKQP HQT GZRTQRTKCVGF 7Ô5ÔRTQRGTV[ÔÍÎ

####PPPPVVVVQQQQPPPPKKKKQQQQ ))))CCCC[[[[QQQQUUUUQQQQÒÒÒÒ ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ####FFFFXXXXKKKKUUUUQQQQTTTTÒÒÒÒ ''''EEEEQQQQPPPPQQQQOOOOKKKKEEEE ####FFFFXXXXKKKKUUUUQQQQTTTT[[[[5555GGGGTTTTXXXXKKKKEEEEGGGGUUUU CCCCPPPPFFFF 5555WWWWIIIICCCCTTTT 2222TTTTQQQQFFFFWWWWEEEEGGGGTTTTUUUU QQQQHHHH %%%%WWWWDDDDCCCC#PVQPKQ )C[QUQ VGUVKHKGF QP VJG IGPGTCN QDLGEVKXGU QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ%WDCÔ *G TGRQTVGF VJCV 7Ô5Ô DWUKPGUUGU YQWNF GPEQWPVGT EGTVCKP FKHHKEWNVKGU KP FQKPIDWUKPGUU KP %WDC KH UCPEVKQPU YGTG NKHVGFÒ KPENWFKPI %WDCrU UVTKEV TGIWNCVKQPU YKVJTGURGEV VQ GORNQ[OGPVÔ /TÔ )C[QUQ CNUQ UVCVGF VJCVÒ YKVJQWV EJCPIGU KP VJG %WDCPGEQPQOKE CPF RQNKVKECN U[UVGOUÒ CP QRGP VTCFG TGNCVKQPUJKR YKVJ %WDC RTQDCDN[YQWNFPQV NGCF VQ UKIPKHKECPV DKNCVGTCN VTCFGÔÍÍ

++++IIIIPPPPCCCCEEEEKKKKQQQQ ''''ÔÔÔÔ 5555ggggPPPPEEEEJJJJGGGG\\\\ÒÒÒÒ 5555JJJJCCCCTTTTGGGGJJJJQQQQNNNNFFFFGGGGTTTTÒÒÒÒ 8888GGGGTTTTPPPPGGGGTTTTÒÒÒÒ ....KKKKKKKKRRRRHHHHGGGGTTTTVVVVÒÒÒÒ$$$$GGGGTTTTPPPPJJJJCCCCTTTTFFFFÒÒÒÒ ////EEEE2222JJJJGGGGTTTTUUUUQQQQPPPP CCCCPPPPFFFF ****CCCCPPPPFFFFÒÒÒÒ %%%%JJJJCCCCTTTTVVVVGGGGTTTTGGGGFFFF+IPCEKQ 'Ô 5gPEJG\ VGUVKHKGF VJCV 7Ô5Ô GEQPQOKE UCPEVKQPU GHHGEVKXGN[ JCXG DGGP KP RNCEGQPN[ UKPEG VJG DGIKPPKPI QH Ï‰‰ÍÒ DGECWUG %WDC TGEGKXGF 5QXKGV GEQPQOKE CUUKUVCPEGRTKQT VQ VJCV VKOGÔ *G CNUQ TGRQTVGF VJCV 7Ô5Ô UCPEVKQPU JCXG EQPVTKDWVGF VQ VJGsFQNNCTK\CVKQPt ıVJG WUG QH 7Ô5Ô EWTTGPE[Ù QH VJG %WDCP GEQPQO[ CPF JCXG HCEKNKVCVGFVJG QRGPKPI QH %WDC VQ HQTGKIP KPXGUVOGPV HTQO EQWPVTKGU QVJGT VJCP VJG 7PKVGF 5VCVGUÔ/TÔ 5gPEJG\ CNUQ TGRQTVGF VJCV %WDCP RTQFWEVU EQWNF JCXGCP WPHCKT CFXCPVCIG KP VJG7Ô5Ô OCTMGV KP VJG CDUGPEG QH UCPEVKQPU DGECWUG QH TGRQTVGF WPHCKT NCDQT RTCEVKEGUCNNQYGF WPFGT %WDCrU HQTGKIP KPXGUVOGPV TGIKOGÔÍÈ

%%%%QQQQPPPPUUUUVVVVCCCCPPPPVVVVKKKKPPPPGGGG %%%%ÔÔÔÔ ////GGGGPPPPIIIIGGGGUUUUÒÒÒÒ 5555GGGGPPPPKKKKQQQQTTTT ((((GGGGNNNNNNNNQQQQYYYYÒÒÒÒ ****WWWWFFFFUUUUQQQQPPPP ++++PPPPUUUUVVVVKKKKVVVVWWWWVVVVGGGG/TÔ/GPIGU VGUVKHKGF VJCV GPFKPI 7Ô5Ô UCPEVKQPU YQWNF RTQXKFG VJG %WDCP)QXGTPOGPVYKVJ JCTF EWTTGPE[ TGUQWTEGU VJCV %WDCYQWNF DG WUGF HQT RQNKVKECN IQCNU TCVJGT VJCP VQRTQOQVG GEQPQOKE FGXGNQROGPVÔÍË

ÍÎ0KEQNgU ,Ô )WVKrTTG\Ò UGETGVCT[ CPF IGPGTCN EQWPUGNÒ 0CVKQPCN #UUQEKCVKQP QH 5WICT /KNN 1YPGTUQH %WDCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ÍÂÌÔ

ÍÍ #PVQPKQ )C[QUQÒ GEQPQOKE CFXKUQTÒ 'EQPQOKE #FXKUQT[ 5GTXKEGU CPF 5WICT 2TQFWEGTU QH %WDCÒVGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÈËÍ;ÈË‰Ô

ÍÈ +IPCEKQ 'Ô 5gPEJG\Ò UJCTGJQNFGTÒ 8GTPGTÒ .KKRHGTVÒ $GTPJCTFÒ /E2JGTUQP CPF *CPFÒ %JCTVGTGFÒVGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ÈË‰;ÈÁÁÔ

ÍË %QPUVCPVKPG %Ô /GPIGUÒ UGPKQT HGNNQYÒ *WFUQP +PUVKVWVGÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒÎÌÌÌÒ VTCPUETKRVÒ RÔ ÈÊÈÔ

&;ÎÂ

9999KKKKNNNNNNNNKKKKCCCCOOOO ####ÔÔÔÔ ////GGGGUUUUUUUUKKKKPPPPCCCCÒÒÒÒ ''''ZZZZGGGGEEEEWWWWVVVVKKKKXXXXGGGG %%%%QQQQQQQQTTTTFFFFKKKKPPPPCCCCVVVVQQQQTTTTÒÒÒÒ 7777PPPPKKKKXXXXGGGGTTTTUUUUKKKKVVVV[[[[ QQQQHHHH((((NNNNQQQQTTTTKKKKFFFFCCCC9KNNKCO #Ô /GUUKPC VGUVKHKGF VJCV TGRQTVGF VJCV TGUGCTEJ CV VJG 7PKXGTUKV[ QH (NQTKFCKPFKECVGU VJCV %WDC KU C RQVGPVKCN OCTMGV HQT ˘ÊÌÌ OKNNKQP VQ ˘Ï DKNNKQP KP CPPWCN 7Ô5ÔGZRQTVU QH CITKEWNVWTCN RTQFWEVUÔ 6JKU NGXGN EQWNF DG CEJKGXGF HTQO Ë VQ Ê [GCTU CHVGTUCPEVKQPU CTG TGOQXGFÔ /TÔ /GUUKPC CNUQ VGUVKHKGF VJCV C OCLQT KUUWG VQ DG TGUQNXGF KU7Ô5Ô OCTMGV CEEGUU HQT %WDCP UWICT GZRQTVUÔ +P CFFKVKQPÒ JG TGRQTVGF VJCV %WDCYQWNFNKMG VQ TGXKVCNK\G KVU UWICT KPFWUVT[ CPF FKXGTUKH[ KVU CITKEWNVWTCN UGEVQT CYC[ HTQO UWICTÒDWV VJCV %WDC YQWNF PGGF CEEGUU VQ 7Ô5Ô HKPCPEKPI CPF KPXGUVOGPV VQ FQ UQÔÍÁ

////CCCCVVVVVVVVJJJJGGGGYYYY 6666ÔÔÔÔ ////EEEE))))TTTTCCCCVVVVJJJJÒÒÒÒ %%%%QQQQWWWWPPPPEEEEKKKKNNNNÒÒÒÒ $$$$CCCCTTTTPPPPGGGGUUUUÒÒÒÒ 4444KKKKEEEEJJJJCCCCTTTTFFFFUUUUQQQQPPPP ˜̃̃̃%%%%QQQQNNNNDDDDWWWWTTTTPPPPÒÒÒÒ QQQQPPPP DDDDGGGGJJJJCCCCNNNNHHHH QQQQHHHH ((((NNNNQQQQTTTTKKKKFFFFCCCC %%%%KKKKVVVVTTTTWWWWUUUU ////WWWWVVVVWWWWCCCCNNNN/CVVJGY 6Ô /E)TCVJ VGUVKHKGF VJCVÒ KP VJG CDUGPEG QH UCPEVKQPU CPF CUUWOKPI VJGCRRNKECVKQP QH EQNWOP Ï IGPGTCN TCVGU QH FWV[ EQWRNGF YKVJ PQ UKIPKHKECPV RJ[VQUCPKVCT[TGUVTKEVKQPUÒ %WDC EQWNF KOOGFKCVGN[ UWRRN[ ÏË RGTEGPV QT OQTG QH VJG 7Ô5Ô HTGUJITCRGHTWKV CPF ITCRGHTWKV LWKEG FGOCPF‚ WR VQ Ê RGTEGPV QH HTGUJ QTCPIGUÒ CPF CV NGCUVÍ RGTEGPV QH 7Ô5Ô QTCPIG LWKEG FGOCPFÔÍÊ /TÔ /E)TCVJ TGRQTVGF VJCV (NQTKFCITCRGHTWKV ITQYGTU CTG RCTVKEWNCTN[ EQPEGTPGF VJCV %WDCP ITCRGHTWKV YQWNF GPVGT VJG7Ô5Ô OCTMGV WR VQ Î OQPVJU KP CFXCPEG QH VJG (NQTKFC UGCUQPÔ $GECWUG VCTKHH TCVGU QPHTGUJ ITCRGHTWKV CTG NQYGT KP 5GRVGODGT CPF 1EVQDGT VJCP KP VJG TGUV QH VJG [GCTÒ /TÔ/E)TCVJ UVCVGF VJCV %WDCP ITCRGHTWKV YKVJ UWEJ GCTN[ CEEGUU YQWNF FTKXG FQYP 7Ô5ÔITCRGHTWKV RTKEGUÔ #EEQTFKPI VQ /TÔ /E)TCVJÒ VJG 7PKXGTUKV[ QH (NQTKFC GUVKOCVGF VJCVVJG (NQTKFC ITCRGHTWKV KPFWUVT[ YQWNF NQUG CDQWV ˘ÈÌ OKNNKQP KP TGXGPWGÒ CPF CDQWVÎÒÌÌÌ KPFWUVT[ LQDU QWV QH CRRTQZKOCVGN[ ÏÎÒÌÌÌ LQDUÔ %WDCrU CFXCPVCIGU QXGT(NQTKFC TGRQTVGFN[ KPENWFG NQYGT NCDQT EQUVUÒ JKIJGT HQTGKIP KPXGUVOGPVÒ CPF NQYGTVTCPURQTVCVKQP EQUVU VQ VJG 7PKVGF 5VCVGU TGNCVKXG VQ HQTGKIP UWRRNKGTUÔÍÂ

+P KVU RQUV;JGCTKPI UVCVGOGPVÒ VJG (NQTKFC %KVTWU /WVWCN ı(%/ÙÍ‰ YTQVG VJCV QRGPKPI QHVJG 7Ô5Ô OCTMGV VQ DQVJ HTGUJ CPF RTQEGUUGF EKVTWU HTQO%WDC YQWNF JCXG C UKIPKHKECPVPGICVKXG KORCEV QP VJG 7Ô5Ô EKVTWU KPFWUVT[ QXGTCNNÒ CPF EQWNF FGXCUVCVG VJG ITCRGHTWKVKPFWUVT[Ô (%/ YTQVG VJCV KV YQWNF QRRQUG DQVJ VJG TGOQXCN QH %WDC HTQO VJG NKUV QHEQWPVTKGU VJCV TGEGKXG 7Ô5Ô EQNWOP Î VCTKHH TCVGUÒ CPF VJG KPENWUKQP QH EKVTWU RTQFWEVUHTQO %WDC QP VJG NKUV QH CTVKENGU GNKIKDNG VQ TGEGKXG RTGHGTGPVKCN VTGCVOGPV WPFGT VJG%CTKDDGCP $CUKP 'EQPQOKE 4GEQXGT[ #EV ı%$'4#ÙÔ (%/ UVCVGF VJCV $TC\KNKCP;QYPGFEKVTWU RTQEGUUQTU OC[ DG KPVGTGUVGF KP KPXGUVKPI KP %WDCP QTCPIG CPF ITCRGHTWKVITQXGUÒ CPF LWKEG GZVTCEVKQPCPF DNGPFKPI RNCPVU HQT CEEGUU VQ VJG 7Ô5ÔOCTMGVÒ DWV (%/KU PQV CYCTG QH CP[ 7Ô5Ô;QYPGF EQORCPKGU KPVGTGUVGF KP KPXGUVKPI KP VJG %WDCP EKVTWU

ÍÁ 9KNNKCO #Ô /GUUKPCÒ GZGEWVKXG EQQTFKPCVQTÒ 7PKXGTUKV[ QH (NQTKFCÒ VGUVKOQP[ DGHQTG VJG 75+6%Ò5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RRÔ ËÏ‰;ËÎÁÔ

ÍÊ/CVVJGY 6Ô /E)TCVJÒ EQWPEKNÒ $CTPGUÒ 4KEJCTFUQP ˜ %QNDWTPÒ QP DGJCNH QH (NQTKFC %KVTWU /WVWCNÒVGUVKOQP[ DGHQTG VJG 75+6%Ò 5GRVÔ ÎÌÒ ÎÌÌÌÒ VTCPUETKRVÒ RÔ ËÎ‰Ô

ÍÂ +DKFÔÒ RRÔ ËÍÏ;ËÍÎÔÍ‰/CVVJGY 6Ô /E)TCVJÒ EQWPUGNÒ $CTPGUÒ 4KEJCTFUQP ˜ %QNDWTPÒ QP DGJCNH QH (NQTKFC %KVTWU/WVWCNÒ

RQUV;JGCTKPI UWDOKUUKQP TGEGKXGF 1EVÔ ÈÒ ÎÌÌÌÔ

&;Î‰

KPFWUVT[Ô #EEQTFKPI VQ (%/Ò 7Ô5Ô KORQTVU QH %WDCP DWNM EQPEGPVTCVGF EKVTWU LWKEGYQWNF FGRTGUU DWNM EQOOQFKV[ RTKEGU DWV PQV PGEGUUCTKN[ TGUWNV KP NQYGT RTKEGU VQEQPUWOGTUÒ DGECWUG NQYGT DWNM RTKEGU YQWNF DGPGHKV RTQEGUUQTU KP VJG HQTO QH JKIJGTRTQHKVÔ (%/YTQVG VJCV UWEJ EKVTWU LWKEG UWEJ EKVTWU LWKEG YQWNF DG NGUU EQORGVKVKXG KP VJG7PKVGF 5VCVGU YKVJ EQNWOP Î VCTKHH TCVGUÒ DWV KORQTVU YQWNF UVKNN DG RQUUKDNGÔ

6666KKKKOOOOQQQQVVVVJJJJ[[[[ ,,,,ÔÔÔÔ ))))CCCCNNNNXXXXKKKKPPPPÒÒÒÒ 7777ÔÔÔÔ5555ÔÔÔÔ &&&&GGGGRRRRCCCCTTTTVVVVOOOOGGGGPPPPVVVV QQQQHHHH ####IIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTGGGGÒÒÒÒ((((QQQQTTTTGGGGKKKKIIIIPPPP ####IIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTCCCCNNNN 5555GGGGTTTTXXXXKKKKEEEEGGGG6KOQVJ[ ,Ô)CNXKPYTQVG VJCV 7Ô5Ô CITKEWNVWTCN GZRQTVU VQ %WDC EQWNF TGCEJ ˘ÍÌÌOKNNKQPCPPWCNN[ YKVJKP C [GCT QT VYQ QH NKHVKPI VJG UCPEVKQPUÒ FGRGPFKPI QP VJG CXCKNCDKNKV[ QH7Ô5Ô GZRQTV ETGFKV IWCTCPVGGUÔ /TÔ )CNXKP TGRQTVGF VJCV KORQTVU HTQO %WDC EQWNFTGCEJ ˘Ï DKNNKQP CPPWCNN[ YKVJKP Ë [GCTU KH GEQPQOKE TGNCVKQPU YGTG PQTOCNK\GF CPF7Ô5Ô KPXGUVOGPV KP VJG %WDCP GEQPQO[ RGTOKVVGFÔ /TÔ )CNXKP UVCVGF VJCV YJGCVÒ HGGFITCKPUÒ TKEGÒ DGCPUÒ XGIGVCDNG QKNUÒ CPF OGCV CPF FCKT[ RTQFWEVU QHHGT VJG ITGCVGUVRQVGPVKCN HQT 7Ô5Ô GZRQTVU VQ %WDCÔ 9KVJQWV VJG CXCKNCDKNKV[ QH 7Ô5Ô GZRQTV CUUKUVCPEGRTQITCOUÒ /TÔ )CNXKP GUVKOCVGF VJCV VJG %WDCP OCTMGV HQT 7Ô5Ô CITKEWNVWTCN GZRQTVUYQWNF DG QPN[ ˘ÎËOKNNKQP VQ ˘ËÌOKNNKQP CPPWCNN[Ô /TÔ )CNXKP TGRQTVGF VJCV VJG 7PKVGF5VCVGU YQWNF JQNF CFXCPVCIGU QXGT KVU HQTGKIP EQORGVKVQTU KP VJG %WDCP OCTMGV YKVJTGURGEV VQ OCTMGV RTQZKOKV[Ò SWCNKV[Ò CPF EQORGVKVKXGPGUUÔÈÌ

....CCCCYYYYTTTTGGGGPPPPEEEEGGGG ****ÔÔÔÔ 6666JJJJGGGGTTTTKKKKQQQQVVVVÒÒÒÒ ....CCCCYYYYTTTTGGGGPPPPEEEEGGGG 6666JJJJGGGGTTTTKKKKQQQQVVVV ˜̃̃̃####UUUUUUUUQQQQEEEEKKKKCCCCVVVVGGGGUUUU/TÔ 6JGTKQV TGRQTVGF KP JKU UWDOKUUKQP VJCV VJG GEQPQOKE EQUVU VQ VJG 7Ô5Ô GEQPQO[ QH7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ %WDC KPENWFG sVJG NQUU QH ˘Ï DKNNKQP CPPWCN GZRQTV OCTMGVHQT 7Ô5Ô CITKEWNVWTGÒ EQPUWOGT CPF ECRKVCN IQQFUÒt CPF VJCV VJG GEQPQOKE EQUVU VQ VJG%WDCP GEQPQO[ KPENWFG sVJG KPCDKNKV[ VQ VTCFG YKVJ KVrU PCVWTCN CPF PGCTD[ VTCFGRCTVPGT Ô Ô Ô FWG VQ GZVTCQTFKPCT[ EQUV QH VTCPURQTVKPI CPF OCKPVCKPKPI GZEGUUKXGKPXGPVQTKGU QH CNN GUUGPVKCN IQQFU Ò GURGEKCNN[ HQQFÔtÈÏ

####OOOOGGGGTTTTKKKKEEEECCCCPPPP ((((CCCCTTTTOOOO $$$$WWWWTTTTGGGGCCCCWWWW ((((GGGGFFFFGGGGTTTTCCCCVVVVKKKKQQQQPPPP6JG #OGTKECP (CTO $WTGCW (GFGTCVKQP ı#($(Ù YTQVG VJCV %WDC TGRTGUGPVU C RQVGPVKCNCITKEWNVWTCN KORQTV OCTMGV QH ˘ÊÌÌ OKNNKQP CPPWCNN[Ò RCTVKEWNCTN[ HQT OGCV CPF FCKT[RTQFWEVUÒ EGTGCNUÒ HTWKVU CPF XGIGVCDNGUÒ CPKOCN HGGFÒ UQ[DGCP RTQFWEVUÒ CPF HKUJRTQFWEVUÒ CU YGNN CU CITKEWNVWTCN KPRWVUÒ UWEJ CU HGTVKNK\GTUÒ RGUVKEKFGUÒ CPF HCTOOCEJKPGT[Ô #($( UVCVGF VJCV VJG 7PKVGF 5VCVGU YQWNF EQORGVG HQT C UKIPKHKECPV UJCTG QH

ÈÌ 6KOQVJ[ ,Ô )CNXKPÒ #FOKPKUVTCVQTÒ (QTGKIP #ITKEWNVWTCN 5GTXKEGÒ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒYTKVVGP UWDOKUUKQP TGEGKXGF 5GRVÔ ÎÂÒ ÎÌÌÌÔ

ÈÏ .CYTGPEG *Ô 6JGTKQVÒ .CYTGPEG 6JGTKQV ˜ #UUQEKCVGUÒ YTKVVGP UWDOKUUKQP TGEGKXGF 1EVÔ ÍÒ ÎÌÌÌÔ

&;ÍÌ

VJKU OCTMGV KP VJG CDUGPEG QH UCPEVKQPU‚ JQYGXGTÒ VJG 7PKVGF 5VCVGU YQWNF HCEGEQORGVKVKQP HTQO %WDCP KORQTVU KP EKVTWUÒ XGIGVCDNGUÒ HKUJÒ CPF UWICTÔÈÎ

5555WWWWIIIICCCCTTTT %%%%CCCCPPPPGGGG ))))TTTTQQQQYYYYGGGGTTTTUUUU ####UUUUUUUUQQQQEEEEKKKKCCCCVVVVKKKKQQQQPPPP QQQQHHHH %%%%WWWWDDDDCCCCÒÒÒÒ ####UUUUQQQQEEEEKKKKCCCCEEEEKKKK¡¡¡¡PPPPFFFFGGGG %%%%QQQQNNNNQQQQPPPPGGGGUUUU FFFFGGGG %%%%WWWWDDDDCCCCÒÒÒÒ ++++PPPPEEEEÔÔÔÔ6JG 5WICT %CPG )TQYGTU #UUQEKCVKQP QH %WDCÒ C PQP RTQHKVÒ PQPIQXGTPOGPVCNEQTRQTCVKQP TGRTGUGPVKPI ÁËÒÌÌÌ UWICTECPG ITQYGTU CPF ÏÁÏ NQECN EJCRVGTU KP%WDCÒRTQXKFGF DCEMITQWPF FCVC CPF KPHQTOCVKQP HTQO Ï‰Ë‰ VQ VJG RTGUGPV QP VJG %WDCPUWICT KPFWUVT[ CPF QP VJG %WDCP UWICT SWQVCÔ 6JG YTKVVGP UWDOKUUKQP FGUETKDGF VJGKORCEV QH %WDCP RQNKEKGU CPF VJG KORCEV QH 7Ô5Ô GEQPQOKE UCPEVKQPU QP VJG %WDCPRQRWNCVKQPÔÈÍ

((((NNNNQQQQTTTTKKKKFFFFCCCC ((((TTTTWWWWKKKKVVVV ˜̃̃̃ 8888GGGGIIIIGGGGVVVVCCCCDDDDNNNNGGGG ####UUUUUUUUQQQQEEEEKKKKCCCCVVVVKKKKQQQQPPPP6JG (NQTKFC (TWKV CPF 8GIGVCDNG #UUQEKCVKQP ı((8#Ù YTQVG VJCV %WDC RTGUGPVU CUKIPKHKECPV RQVGPVKCN VJTGCV VQ (NQTKFC CITKEWNVWTCN KPFWUVTKGUÒ RCTVKEWNCTN[ YKPVGTXGIGVCDNGUÒ EKVTWUÒ UWICTÒ CPF VTQRKECN HTWKVÔ ((8# UVCVGF VJCV %WDC JCU C EQORGVKVKXGCFXCPVCIG YKVJ TGURGEV VQ NCDQT EQUVU CPF GPXKTQPOGPVCN TGIWNCVKQPUÔ ((8# PQVGF VJCVVJG (NQTKFC KPFWUVT[ JCU EQPEGTPU CDQWV VJG KPVTQFWEVKQP QH RGUVU CPF FKUGCUGU HTQO%WDCP CITKEWNVWTCN RTQFWEVUÒ CPF DGNKGXGU VJCV RJ[VQUCPKVCT[ UWTXG[ CPF TKUMCUUGUUOGPV QH %WDC UJQWNF DG EQPFWEVGF DGHQTG VTCFG KU CNNQYGFÔ 6JG ((8# CNUQGZRTGUUGF EQPEGTP CDQWV VJG CFXGTUG GHHGEV QP VJG (NQTKFC GEQPQO[ QH VTCFG YKVJ%WDC QP 7Ô5Ô HCTOGTU CPF TCPEJGTU YJQ JCXG OCFG UKIPKHKECPV ECRKVCN KPXGUVOGPVUÒUWEJ CU RCEMKPIÒ RTQEGUUKPIÒ UVQTCIGÒ CPF FKUVTKDWVKQP HCEKNKVKGUÔÈÈ

++++PPPPFFFFKKKKCCCCPPPP 4444KKKKXXXXGGGGTTTT %%%%KKKKVVVVTTTTWWWWUUUU ....GGGGCCCCIIIIWWWWGGGG6JG +PFKCP 4KXGT %KVTWU .GCIWG ı+4%.ÙÒ C EKVTWU VTCFG CUUQEKCVKQP TGRTGUGPVKPI ÏÒÁÌÌEKVTWU ITQYGTU CNQPI VJG GCUV EQCUV QH (NQTKFCÒ YTQVG VJCV KV KU UVTQPIN[ QRRQUGF VQ CP[EJCPIGU KP EWTTGPV NCY VJCV YQWNF CWVJQTK\G KORQTVU QH HTGUJ QT RTQEGUUGF %WDCP EKVTWURTQFWEVU KPVQ VJG 7PKVGF 5VCVGUÔ +4%. PQVGF VJCV %WDCrU KPFWUVT[ KU JKIJN[ UWDUKFK\GFÒVTCPURQTVCVKQP EQUVU VQ VJG 7PKVGF 5VCVGU YQWNF DG NQYÒ %WDCP NCDQT EQUVU CTG NQYÒ CPF%WDC JCU PQ GPXKTQPOGPVCN UVCPFCTFUÔ 6JWUÒ %WDCP ITCRGHTWKV YQWNF CFXGTUGN[ CHHGEV7Ô5Ô RTQFWEVKQP DGECWUG %WDCP RTQFWEV EQWNF DG UJKRRGF DGHQTG VJG UVCTV QH VJG(NQTKFC UGCUQPÔ +4%. UVCVGF VJCV VJG (NQTKFC &GRCTVOGPV QH %KVTWU GUVKOCVGF VJCV GCEJ

ÈÎ4KEJCTF9Ô0GYRJGTÒ GZGEWVKXG FKTGEVQTÒ9CUJKPIVQP QHHKEGÒ #OGTKECP (CTO $WTGCW (GFGTCVKQPÒYTKVVGP UWDOKUUKQP TGEGKXGF 1EVÔ ÈÒ ÎÌÌÌÔ

ÈÍ 5KNXGUVTG 2KøCÒ RTGUKFGPVÒ 5WICT %CPG)TQYGTU #UUQEKCVKQP QH %WDCÒ +PEÔ ı#UQEKCEK¡P FG %QNQPGUFG %WDCÙÒ YTKVVGP UWDOKUUKQP TGEGKXGF 1EVÔ ÈÒ ÎÌÌÌÔ

ÈÈ &QWINCU %Ô $QWTPKSWGÒ GZGEWVKXG XKEG RTGUKFGPVÒ +PFKCP 4KXGT %KVTWU .GCIWGÒ YTKVVGP UWDOKUUKQPTGEGKXGF 1EVÔ ÈÒ ÎÌÌÌÔ

&;ÍÏ

OKNNKQP ECTVQPU QH HTGUJ ITCRGHTWKV %WDC OKIJV GZRQTV VQ VJG 7PKVGF 5VCVGU YQWNFFGRTGUU VJG RTKEG QH (NQTKFC HTGUJ ITCRGHTWKV D[ ÏÊ EGPVU RGT ECTVQPÔ 6JG UWDOKUUKQPTGRQTVGF VJCV VJG 7Ô5Ô ITCRGHTWKV OCTMGV KU CNTGCF[ UQ EQORGVKVKXG VJCV VJG Ë;[GCTCXGTCIG PGV TGVWTP VQ +4%. ITQYGTU KU C PGICVKXG ˘ÍÔÏÎ RGT CETGÒ UQ C HWTVJGT FGENKPG KPRTKEGU HTQO %WDCP EKVTWU YQWNF NGCF VQ NCTIGT NQUUGU HQT ITQYGTUÔÈË

((((NNNNQQQQTTTTKKKKFFFFCCCC 6666QQQQOOOOCCCCVVVVQQQQ ''''ZZZZEEEEJJJJCCCCPPPPIIIIGGGG6JG (NQTKFC 6QOCVQ %QOOKVVGG ı(6%Ù YTQVG VJCV KORQTVU QH %WDCP XGIGVCDNGUÒRCTVKEWNCTN[ VQOCVQGUÒYQWNF EQORGVG FKTGEVN[ YKVJwCPF JCTOw(NQTKFC ITQYGTUÔ (6%UVCVGF VJCV VJG 0QTVJ #OGTKECP (TGG 6TCFG #ITGGOGPV RTQXKFGF CP GZCORNG QH VJGJCTO FQPG VQ VJG (NQTKFC XGIGVCDNG KPFWUVT[ D[ KPETGCUGF KORQTVUÒ CU YGNN CU VJGKORQTVCPEG QH KORQTV UCHGIWCTF OGCUWTGUÔ #EEQTFKPI VQ (6%Ò KORQTV UCHGIWCTFOGCUWTGU UJQWNF EQPUKFGT RGTKUJCDKNKV[ CPF UGCUQPCNKV[ QH KORQTVUÔ (6% UVCVGF VJCV VJG(NQTKFC XGIGVCDNG KPFWUVT[ ECPPQV EQORGVG YKVJ UWDUKFK\GF KORQTVU HTQO %WDCÒ CPFGZRTGUUGF EQPEGTP TGICTFKPI VJG RQVGPVKCN KPVTQFWEVKQP KPVQ (NQTKFC QH JCTOHWN RGUVUCPF FKUGCUGUÔÈÁ

####OOOOGGGGTTTTKKKKEEEECCCCPPPP 5555QQQQEEEEKKKKGGGGVVVV[[[[ QQQQHHHH 6666TTTTCCCCXXXXGGGGNNNN ####IIIIGGGGPPPPVVVVUUUUÒÒÒÒ ++++PPPPEEEEÔÔÔÔ6JG #OGTKECP 5QEKGV[ QH 6TCXGN #IGPVUÒ +PEÔ ı#56#ÙÒ YTQVG VJCV 7Ô5Ô TGUVTKEVKQPU QPVTCXGN VQ %WDC D[ 7Ô5Ô EKVK\GPU KPLWTG VJG VTCXGN KPFWUVTKGU QH DQVJ VJG 7PKVGF 5VCVGU CPF%WDCÔ/QTGQXGTÒ #56# UVCVGF VJCV VTCXGN TGUVTKEVKQPU ECWUG KPECNEWNCDNG GEQPQOKE NQUUHTQO OKUUGF DWUKPGUU QRRQTVWPKVKGU CPF KPVTWFG WRQP VJG KPJGTGPV 7Ô5Ô %QPUVKVWVKQPCNTKIJV VQ VTCXGNÔ #56# UVCVGF VJCV VJG 7Ô5Ô VTCXGN CIGPV KPFWUVT[ UJQWNF PQV DG FGPKGF VJGQRRQTVWPKV[ VQ UGNN VTCXGN CPF CEEQOOQFCVKQP CTTCPIGOGPVU HQT C HWNN CPF WPTGUVTKEVGFCTTC[ QH FGUVKPCVKQPUÒ KPENWFKPI VQ CDQWV Ï OKNNKQP 7Ô5Ô VQWTKUVU YJQ YQWNF XKUKV %WDC KPVJG HKTUV [GCT VTCXGN TGUVTKEVKQPU CTG NKHVGFÒ TKUKPI VQ Ë OKNNKQP 7Ô5Ô VQWTKUVU XKUKVKPI %WDCCPPWCNN[ YKVJKP Ë [GCTUÔÈÊ

####WWWWUUUUVVVVKKKKPPPPÒÒÒÒ 0000KKKKEEEEJJJJQQQQNNNNUUUU ˜̃̃̃ %%%%QQQQÔÔÔÔÓÓÓÓ2222GGGGTTTTPPPPQQQQFFFF 4444KKKKEEEECCCCTTTTFFFFÒÒÒÒ 5555ÔÔÔÔ####ÔÔÔÔ#WUVKPÒ 0KEJQNU ˜ %QORCP[ ı#0%Ù KU C YJQNN[;QYPGF 7Ô5Ô UWDUKFKCT[ QH 2GTPQF4KECTFÒ 5Ô#Ô ı(TCPEGÙÔ #0% KU VJG FKUVKNNGT QH s9KNF 6WTMG[t DQWTDQP CPF KU VJG 7Ô5ÔOCTMGVGT QH PWOGTQWU DTCPFU QYPGF D[ 2GTPQF 4KECTFÔ 2GTPQF 4KECTF JCU C LQKPVXGPVWTG KPXGUVOGPVÒ *CXCPC %NWD *QNFKPIU ı*%*ÙÒ YKVJ C %WDCP IQXGTPOGPV;QYPGF

ÈË /KEJCGN ,Ô 5VWCTVÒ RTGUKFGPVÒ (NQTKFC (TWKV ˜ 8GIGVCDNG #UUQEKCVKQPÒ YTKVVGP UWDOKUUKQP TGEGKXGF1EVÔ ÈÒ ÎÌÌÌÔ

ÈÁ 4GIKPCNF .Ô $TQYPÒ GZGEWVKXG XKEG RTGUKFGPVÒ (NQTKFC 6QOCVQ 'ZEJCPIGÒ YTKVVGP UWDOKUUKQPTGEGKXGF 1EVÔ ÍÒ ÎÌÌÌÔ

ÈÊ $WTVQP ,Ô 4WDKPÒ IGPGTCN EQWPUGNÒ #OGTKECP 5QEKGV[ QH 6TCXGN #IGPVUÒ +PEÔÒ YTKVVGP UWDOKUUKQPTGEGKXGF 1EVÔ ÍÒ ÎÌÌÌÔ

&;ÍÎ

GPVKV[ VQ FKUVTKDWVG %WDCP TWO KPVGTPCVKQPCNN[ WPFGT VJG s*CXCPC %NWDt NCDGNÔ #0%YTQVG VJCV 5GEVKQP ÎÏÏ QH VJG 7Ô5Ô 1OPKDWU #RRTQRTKCVKQPU #EVÈÂ XKQNCVGU VJG )GPGTCN+PVGT;#OGTKECP %QPXGPVKQP HQT 6TCFG /CTM CPF %QOOGTEKCN 2TQVGEVKQP CPF VJG961#ITGGOGPV QP 6TCFG; 4GNCVGF #URGEVU QH +PVGNNGEVWCN 2TQRGTV[ 4KIJVUÒ CPF VJCV 5GEVKQPÎÏÏ OC[ GPFCPIGT 7Ô5Ô VTCFGOCTMU CPF VTCFG PCOGU YQTNF YKFGÔ #0% YTQVG VJCV KVCPVKEKRCVGF GZRQTVKPI YJKUMG[ VQ %WDCÒ CPF VJCV KV GUVKOCVGU UCNGU QH *CXCPC %NWD TWOKP VJG7PKVGF 5VCVGU VQ GZEGGF ÏOKNNKQP ECUGU CPPWCNN[ KP VJG CDUGPEG QH UCPEVKQPUÔ#0%UVCVGF KV CNUQOKIJV KORQTV %WDCP TWO KP DWNM CPF DQVVNG KP VJG 7PKVGF 5VCVGUÒ KPETGCUKPIDQVJ 7Ô5Ô UCNGU CPF 7Ô5Ô GORNQ[OGPVÔÈ‰

ÈÂ 5GG VJG FKUEWUUKQP QH 5GEVKQP ÎÏÏ QH VJG 1OPKDWU #RRTQRTKCVKQPU #EV KP EJCRVGT ÎÒ CPF VJGFKUEWUUKQP QH FKUVKNNGF URKTKVU KP EJCRVGT ËÒ HQT HWTVJGT KPHQTOCVKQPÔ

È‰/CTM <Ô1TTÒ 8KEG 2TGUKFGPVÒ0QTVJ #OGTKECP#HHCKTUÒ #WUVKPÒ0KEJQNU ˜%QÔÓ2GTPQF 4KECTFÒ 5Ô#ÔÒYTKVVGP UWDOKUUKQP TGEGKXGF 1EVÔ ËÒ ÎÌÌÌÔ

####22222222''''0000&&&&++++:::: ''''6666GGGGNNNNGGGGRRRRJJJJQQQQPPPPGGGG 5555WWWWTTTTXXXXGGGG[[[[

'4Í

6666GGGGNNNNGGGGRRRRJJJJQQQQPPPPGGGG 5555WWWWTTTTXXXXGGGG[[[[

1111XXXXGGGGTTTTXXXXKKKKGGGGYYYY

#U RCTV QH VJG KPXGUVKICVKQPÒ VJG VTCFG CPCN[UVU VJG %QOOKUUKQP EQPFWEVGF CP KPHQTOCNVGNGRJQPG UWTXG[ QH 7Ô5Ô DWUKPGUUÒ VTCFG CUUQEKCVKQPU CPF QVJGT TGNGXCPV GPVKVKGU KPQTFGT VQ CUUGUU VJG JKUVQTKECN GHHGEVU QH 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ %WDC QP7Ô5Ô KPFWUVTKGUÒ CPF VQ GUVKOCVG VJG GHHGEVU QH TG4GUVCDNKUJKPI GEQPQOKE TGNCVKQPU YKVJ%WDCÔ 6JG VGNGRJQPG UWTXG[ YQTMUJGGV WUGF D[ CPCN[UVU ECP DG HQWPF CV VJG GPF QH VJKU#RRGPFKZÔ 6JKU UWTXG[ YCU CRRTQXGF D[ VJG 7Ô5Ô 1HHKEG QH /CPCIGOGPV CPF $WFIGV‚CRRTQXCN YCU ITCPVGF QP ,WPG ÊÒ ÎÌÌÌÒ CPF GZRKTGF QP 0QXGODGT ÍÌÒ ÎÌÌÌıCRRTQXCN PWODGT ÍÏÏÊ4ÌÏ‰ËÙÔ

/QTG VJCP ÎÌ CPCN[UVU KP VJG %QOOKUUKQPrU 1HHKEG QH +PFWUVTKGU EQPFWEVGF VJG UWTXG[Ô6[RKECNN[Ò CPCN[UVU OCFG CP KPKVKCN EQPVCEV YKVJ HKTOU CPF CUUQEKCVKQPU VQ GZRNCKP VJGUVWF[ CPF RWTRQUG QH VJG UWTXG[Ô # UWTXG[ YCU VTCPUOKVVGF VQ VJQUG HKTOU CPFCUUQEKCVKQPU GZRTGUUKPI CP KPVGTGUV KP RCTVKEKRCVKQPÒ IKXKPI VJGO VKOG VQ EQORKNG VJGKTTGURQPUGUÔ 4GURQPUGU VQ VJG UWTXG[ YGTG TGVWTPGF VQ VJG %QOOKUUKQP D[ OCKN QT HCZ QTRTQXKFGF KP HQNNQY4WR VGNGRJQPG EQPXGTUCVKQPU YKVJ 75+6% UVCHHÔ 5GXGTCN QH VJGQTICPK\CVKQPU EQPVCEVGF EJQUG PQV VQ TGURQPF URGEKHKECNN[ VQ VJG UWTXG[Ò DWVPGXGTVJGNGUU RTQXKFGF WUGHWN DCEMITQWPF KPHQTOCVKQP CPF RTQXKFGF XKGYU QP VJGKUUWGU EQXGTGF KP VJG UWTXG[Ô # UWOOCT[ QH VJG TGURQPUGU KP UJQYP KP VJG VCDWNCVKQPDGNQY„

5GEVQT 0000WWWWOOOODDDDGGGGTTTT EEEEQQQQPPPPVVVVCCCCEEEEVVVVGGGGFFFF 0000WWWWOOOODDDDGGGGTTTT UUUUGGGGPPPPVVVV UUUUWWWWTTTTXXXXGGGG[[[[ 0000WWWWOOOODDDDGGGGTTTT EEEEQQQQOOOORRRRNNNNGGGGVVVVGGGGFFFF UUUUWWWWTTTTXXXXGGGG[[[[

5GTXKEGU Ô Ô Ô ËË ÈÍ ÎÎ

#ITKEWNVWTG ÂÊ ÂÈ ÍË

1VJGT ÏÌÂ ÂÈ Î‰

6QVCN ÎËÌ ÎÏÏ ÂÁ

#U UJQYP KP VJG VCDWNCVKQPÒ C VQVCN QH ÎËÌ EQORCPKGU CPF VTCFG QTICPK\CVKQPU YGTGEQPVCEVGFÒ QH YJKEJ OQTG VJCP ÎÌÌ YGTG UGPV UWTXG[UÔ 6JG ÂÁ EQORNGVGF UWTXG[UTGRTGUGPVGF C TGURQPUG TCVG QH QXGT ÈÌ RGTEGPVwC TGURQPUG TCVG VJCV EQORCTGUHCXQTCDN[ YKVJ RTGXKQWU 75+6% KPFWUVT[ UWTXG[UÔ 6JG EQORNGVGF UWTXG[U YGTG HCKTN[GXGPN[ FKUVTKDWVGF DGVYGGP UGTXKEGUÒ CITKEWNVWTGÒ CPF QVJGT UGEVQTUÔ 6JG UWTXG[RTQXKFGF UGXGTCN KPUKIJVU KPVQ JQY 7Ô5Ô KPFWUVTKGU XKGY UCPEVKQPU YKVJ TGURGEV VQ %WDCÒCPF KPFKECVGF YJKEJ KPFWUVTKGU UGG RQVGPVKCN DWUKPGUU QRRQTVWPKVKGU KP VJG CDUGPEG QHUCPEVKQPUÔ )GPGTCN QDUGTXCVKQPU VJCV ECP DGOCFG DCUGF QP VJG UWTXG[ TGURQPUGU CTG„

1 6JG JKUVQTKECN KORCEV QH UCPEVKQPU QP 7Ô5Ô VTCFG CPF KPXGUVOGPV KP %WDC XCTKGUUQOGYJCV D[ RTQFWEV UGEVQTÔ 1XGTCNNÒ VJG GHHGEVU JCXG DGGP UOCNN CPF UJQTVVGTO KP FWTCVKQPÔ

'4È

1 (QNNQYKPI VJG KORQUKVKQP QH UCPEVKQPUÒ 7Ô5Ô HKTOU CFLWUVGF TGNCVKXGN[ SWKEMN[ D[HKPFKPI CNVGTPCVG GZRQTV CPF KPXGUVOGPV OCTMGVUÔ 7Ô5Ô ENCKOU HQTEQORGPUCVKQP HQT GZRTQRTKCVGF RTQRGTV[ TGOCKP CP KORQTVCPV KPXGUVOGPVKUUWGÒ RCTVKEWNCTN[ KP VJG UWICT CPF EKVTWU KPFWUVTKGUÔ

1 9JKNG UQOG KPFWUVTKGU UGG QRRQTVWPKVKGU KP %WDCÒ 7Ô5Ô HKTOU HQT VJG OQUV RCTVUGG %WDC CU C XGT[ UOCNN OCTMGV YKVJ NKOKVGF ITQYVJ RQVGPVKCN GXGP KP VJGCDUGPEG QH UCPEVKQPUÔ

1 7Ô5Ô KPFWUVTKGU XKGY VJG VTCFG CPF KPXGUVOGPV GPXKTQPOGPV KP %WDC YKVJ ITGCVWPEGTVCKPV[Ô 1H OQUV EQPEGTP CTG VJG TKUMU CUUQEKCVGF YKVJ VJG RQNKVKECN ENKOCVGCPF GEQPQOKE EQPFKVKQPU KP %WDCÔ )QXGTPOGPV DWTGCWETCE[ CPF NCEM QHVTCPURCTGPE[ KP NGICN U[UVGO CPF KPXGUVOGPV RQNKEKGU RTQDCDN[ YQWNF FGVGTUQOG RQVGPVKCN 7Ô5Ô KPXGUVQTU KP VJG CDUGPEG QH UCPEVKQPUÔ

1 /QUV TGURQPFGPVU DGNKGXGF VJG TGUWORVKQP QH JKUVQTKECN VTCFKPI CPF KPXGUVOGPVRCVVGTPU YKVJ %WDC YQWNF DG C NQPI4VGTO RTQEGUUÒ VCMKPI Ë VQ ÏÌ [GCTUÔ

1 9KVJ 7Ô5Ô UCPEVKQPU KP HQTEG HQT PGCTN[ ÈÌ [GCTUÒ UGXGTCN HKTOU KPFKECVGF VJCV%WDC KU TCTGN[ EQPUKFGTGF CU C RQVGPVKCN GZRQTV OCTMGVÔ 0QPGVJGNGUUÒ OQUVGPVKVKGU UWTXG[GF TGRQTVGF VJCV UCPEVKQPU UJQWNF DG TGOQXGFÔ

....KKKKUUUUVVVV QQQQHHHH %%%%QQQQOOOORRRRCCCCPPPPKKKKGGGGUUUUÒÒÒÒ ####UUUUUUUUQQQQEEEEKKKKCCCCVVVVKKKKQQQQPPPPUUUUÒÒÒÒ CCCCPPPPFFFF 1111VVVVJJJJGGGGTTTT ''''PPPPVVVVKKKKVVVVKKKKGGGGUUUU %%%%QQQQPPPPVVVVCCCCEEEEVVVVGGGGFFFF

5555GGGGTTTTXXXXKKKKEEEEGGGGUUUU

####KKKKTTTT 6666TTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP CCCCPPPPFFFF ////CCCCTTTTKKKKVVVVKKKKOOOOGGGG#OGTKECP #UUQEKCVKQP QH 2QTV #WVJQTKVKGU#OGTKECP #KTNKPGU%CTPKXCN%QPVKPGPVCN #KTNKPGU%TQYNG[ 5JKRRKPI%TWKUG .KPG +PVGTPCVKQPCN #UUQEKCVKQP&GNVC #KT .KPGU&CNNCU4(QTV 9QTVJ #KTRQTV&*.)WNHUVTGCO #KTNKPGU+%%1 ıVTCFG CUUQEKCVKQP HQT VJG ETWKUG NKPG KPFWUVT[Ù.QU #PIGNGU +PVGTPCVKQPCN #KTRQTV/KCOK +PVGTPCVKQPCN #KTRQTV2QTV #WVJQTKV[ QH ,CEMUQPXKNNGÒ (NQTKFC2QTV #WVJQTKV[ QH 0GY 1TNGCPU5CPEJG\ %QPUWNVKPI ıEQPUWNVCPV VQ (NQTKFC 2QTVU %QWPEKNÙ5GCNCPFÓ%5:

'4Ë

5GCDQCTF /CTKPG6JG +PVGTPCVKQPCN #KT %CTIQ #UUQEKCVKQP6TQRKECN 5JKRRKPI7PKVGF #KTNKPGU7Ô5Ô &GRCTVOGPV QH 6TCPURQTVCVKQP7Ô5Ô &GRCTVOGPV QH VJG 6TGCUWT[

$$$$CCCCPPPPMMMMKKKKPPPPIIII#OGTKECP 'ZRTGUU$CPMGTU #UUQEKCVKQP HQT (QTGKIP 6TCFG$CPM QH #OGTKEC%JCUG /CPJCVVCP%KVKITQWR%QOGTKEC(KTUV 7PKQP $CPM+PXGUVOGPV %QORCP[ +PUVKVWVG5VCVG 5VTGGV $CPM

++++PPPPUUUUWWWWTTTTCCCCPPPPEEEEGGGG#OGTKECP %QWPEKN QH .KHG +PUWTCPEG#OGTKECP +PUWTCPEG #UUQEKCVKQP#OGTKECP +PVGTPCVKQPCN )TQWR%JWDD +PUWTCPEG %QTRQTCVKQP%QWPEKN QH +PUWTCPEG #IGPVU CPF $TQMGTU+PUVKVWVG HQT +PVGTPCVKQPCN +PUWTCPEG &GXGNQROGPV+PVGTPCVKQPCN +PUWTCPEG %QWPEKN,QTFCP $WTMGÒ ..22CP4#OGTKECP .KHG +PUWTCPEG %QORCP[2TKPEKRCN (KPCPEKCN )TQWR4GKPUWTCPEG #UUQEKCVKQP QH #OGTKEC4KEG (QYNGTÒ ..2

6666GGGGNNNNGGGGEEEEQQQQOOOOOOOOWWWWPPPPKKKKEEEECCCCVVVVKKKKQQQQPPPPUUUU#6˜6$GNN #VNCPVKE ı8GTK\QPÙ/%+ 9QTNFEQO$GNN 5QWVJ5$% %QOOWPKECVKQPU

6666QQQQWWWWTTTTKKKKUUUUOOOO#OGTKECP *QVGN CPF /QVGN #UUQEKCVKQP6TCXGN +PFWUVT[ #UUQEKCVKQP QH #OGTKEC#OGTKECP UQEKGV[ QH 6TCXGN #IGPVU)TGCVGT /KCOK %QPXGPVKQP CPF 8KUKVQTU $WTGCW

'4Á

/CTTKQVV +PVGTPCVKQPCN7Ô5Ô 6QWT 1RGTCVQTU #UUQEKCVKQP

####IIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTGGGG

....KKKKXXXXGGGGUUUUVVVVQQQQEEEEMMMM0CVKQPCN %CVVNGOGPrU $GGH #UUQEKCVKQP0CVKQPCN 2QTM 2TQFWEGTU %QWPEKN75# 2QWNVT[ CPF 'II 'ZRQTV %QWPEKN

((((KKKKUUUUJJJJ CCCCPPPPFFFF ((((KKKKUUUUJJJJ 2222TTTTQQQQFFFFWWWWEEEEVVVVUUUU0CVKQPCN (KUJGTKGU +PUVKVWVG7PKVGF 5VCVGU 6WPC (QWPFCVKQP

))))TTTTCCCCKKKKPPPPUUUU%CTIKNNÒ +PEÔ-CPUCU 9JGCV %QOOKUUKQP0CVKQPCN %QTP )TQYGTU #UUQEKCVKQP0CVKQPCN 4GPFGTGTU #UUQEKCVKQP0QTVJ #OGTKECP 'ZRQTV )TCKP #UUQEKCVKQP7Ô5Ô )TCKPU %QWPEKN7Ô5Ô 4KEG 2TQFWEGTU #UUQEKCVKQP7Ô5Ô 9JGCV #UUQEKCVGU7Ô5Ô 9JGCV 'ZRQTV 'FWECVKQP %QOOKVVGG75# 4KEG (GFGTCVKQP

####PPPPKKKKOOOOCCCCNNNN ((((GGGGGGGGFFFF#NDKQP .CDQTCVQTKGUÒ +PEÔ#OGTKECP (GGF +PFWUVT[ #UUQEKCVKQP%JTÔ *CPUGPÒ +PEÔ&CTNKPI +PVGTPCVKQPCNÒ +PEÔ&KCOQPF 8 /KNNU&W%QC .Ô2Ô(WTUV4/E0GUU %QÔ*GVGTQEJGOKECN %QTRÔ/CVGTKCN 5VQTCIG 5[UVGOUÒ +PEÔ/GTTKEM #PKOCN 0WVTKVKQPÒ +PEÔ0CVKQPCN $[42TQFWEVUÒ +PEÔ0QTVJ #OGTKECP /KNNGTU #UUQEKCVKQP1NF $TKFIG %JGOKECNUÒ +PEÔ2GPPHKGNF %QTRQTCVKQP4COIGPÒ +PEÔ

'4Ê

4QEMKPIJCO /KNN5WRTGOG (GGF /KNNUÒ +PEÔ

((((CCCCVVVVUUUU CCCCPPPPFFFF 1111KKKKNNNNUUUU#OGTKECP 5Q[DGCP #UUQEKCVKQP#TEJGT &CPKGNU /KFNCPF %QORCP[0CVKQPCN %QVVQPUGGF 2TQFWEVU #UUQEKCVKQP0CVKQPCN 1KNUGGF 2TQEGUUQTU #UUQEKCVKQP

9999KKKKPPPPVVVVGGGGTTTT 8888GGGGIIIIGGGGVVVVCCCCDDDDNNNNGGGGUUUU$TQQMU 6TQRKECNU&QNG (QQF %QÔ(NQTKFC (TGUJ (TWKV CPF 8GIGVCDNG #UUQEKCVKQP(NQTKFC 6QOCVQ %QOOKVVGG

6666TTTTQQQQRRRRKKKKEEEECCCCNNNN ((((TTTTWWWWKKKKVVVV$TQQMU 6TQRKECNU%CNCXQ )TQYGTU QH %CNKHQTPKC%JKSWKVC $TCPFU +PVGTPCVKQPCN&GN /QPVG (TGUJ 2TQFWEG %QÔ&QNG (QQFUÒ +PEÔ0QTVJYGUV *QTVKEWNVWTCN %QWPEKN6TQRKECN (TWKV )TQYGTU QH (NQTKFC7Ô5Ô #RRNG #UUQEKCVKQP

%%%%KKKKVVVVTTTTWWWWUUUU#TIGPVKPG %KVTWU 2TQFWEGTU$CTPGUÒ 4KEJCTFUQP ˜ %QNDWTP&0'(NQTKFC %KVTWU /WVWCN(NQTKFC &GRCTVOGPV QH #ITKEWNVWTG(NQTKFC &GRCTVOGPV QH %KVTWU+PFKCP 4KXGT %KVTWU .GCIWG5GCNF 5YGGV

5555WWWWIIIICCCCTTTT#OGTKECP %T[UVCN#OGTKECP 5WICT #NNKCPEG#OGTKECP 5WICTDGGV )TQYGTU #UUQEKCVKQP(NQTKFC %T[UVCNU %QTRQTCVKQP(NQTKFC 5WICT %CPG .GCIWG0CVKQPCN #UUQEKCVKQP QH 5WICT /KNN 1YPGTU QH %WDC7PKVGF 5VCVGU %CPG 4GHKPGTUr .GCIWG

'4Â

7PKVGF 5VCVGU 5WICTDGGV #UUQEKCVKQP7PKXGTUKV[ QH (NQTKFCÒ +PUVKVWVG QH (QQF CPF #ITKEWNVWTG 5EKGPEGU

&&&&KKKKUUUUVVVVKKKKNNNNNNNNGGGGFFFF 5555RRRRKKKKTTTTKKKKVVVVUUUU$CECTFK ˜ %QORCP[ .KOKVGF&KUVKNNGF 5RKTKVU %QWPEKN QH VJG 7PKVGF 5VCVGU2GTPQF 4KECTF

%%%%KKKKIIIICCCCTTTTUUUU%CTKDG +ORQTVU%KICT #UUQEKCVKQP QH #OGTKEC%QPUQNKFCVGF %KICT %QTRQTCVKQP,Ô%Ô 0GYOCP %KICT %QÔ2GFTQP %KICTU5YGFGKUJ /CVEJ 0QTVJ #OGTKEC5YKUJGT +PVGTPCVKQPCN

%%%%QQQQVVVVVVVVQQQQPPPP%QVVQP %QWPEKN +PVGTPCVKQPCN+TXKPI 8KIFQT

))))GGGGPPPPGGGGTTTTCCCCNNNN ####IIIITTTTKKKKEEEEWWWWNNNNVVVVWWWWTTTTGGGG#OGTKECP $CMGTU #UUQEKCVKQP#OGTKECP (CTO $WTGCW (GFGTCVKQP#TMCPUCU (CTO $WTGCW%CNKHQTPKC (CTO $WTGCW)TQEGT[ /CPWHCEVWTGTU QH #OGTKEC+NNKPQKU (CTO $WTGCW+PFGRGPFGPV $CMGTU #UUQEKCVKQP+QYC (CTO $WTGCW (GFGTCVKQP/KPPGUQVC (CTO $WTGCW0QTVJ &CMQVC (CTO $WTGCW

1111VVVVJJJJGGGGTTTT 5555GGGGEEEEVVVVQQQQTTTTUUUU

2222JJJJCCCCTTTTOOOOCCCCEEEEGGGGWWWWVVVVKKKKEEEECCCCNNNNUUUU#OGTKECP *QOG 2TQFWEVU ı9[GVJ .CDQTCVQTKGUÙ#XGPVKU)GPGTKE 2JCTOCEGWVKECN +PFWUVTKGU #UUQEKCVKQP0CVKQPCN #UUQEKCVKQP QH 2JCTOCEGWVKECN /CPWHCEVWTGTU0QXCTVKU

'4‰

2JCTOC6'8# 2JCTOCEGWVKECN +PFWUVTKGU #UUQEKCVKQP9KNMKGÒ (CTT

6666GGGGZZZZVVVVKKKKNNNNGGGGUUUU CCCCPPPPFFFF ####RRRRRRRRCCCCTTTTGGGGNNNN#OGTKECP #RRCTGN /CPWHCEVWTGTU #UUQEKCVKQP#OGTKECP %JCODGT QH %QOOGTEGÒ %WDC#OGTKECP (KDGT /CPWHCEVWTGTU #UUQEKCVKQPÒ +PEÔ#OGTKECP 6GZVKNG /CPWHCEVWTGTU +PUVKVWVG#OGTKECP ;CTP 5RKPPGTU #UUQEKCVKQP$WTNKPIVQP +PFWUVTKGUÒ +PEÔ%CPCFKCP #RRCTGN (GFGTCVKQP%CPCFKCP %JCODGT QH %QOOGTEGÒ /GZKEQ %KV[%CPCFKCP 6GZVKNGU +PUVKVWVG%CPC/GZRQTVÒ 5Ô#Ô FG %Ô8Ô%NQVJKPI /CPWHCEVWTGTU #UUQEKCVKQP QH #OGTKEC%QPUQNVGZ%TQYP %TCHVUÒ +PEÔ)WKNHQTF /KNNU %QTRQTCVKQP+&5 %QPUWNVKPI,QEMG[ +PVGTPCVKQPCN.GXK 5VTCWUU0CVKQPCN -PKVYGCT CPF 5RQTVUYGCT #UUQEKCVKQP0[ICTF +PVGTPCVKQPCN5CTC .GG %QTRQTCVKQP5/#467Ô5Ô4%WDC 6TCFG CPF 'EQPQOKE %QWPEKNÒ +PEÔ9CTPCEQ

0000KKKKEEEEMMMMGGGGNNNN CCCCPPPPFFFF %%%%QQQQDDDDCCCCNNNNVVVV#NNGIJGP[ .WFNWO%CTRGPVGT 6GEJPQNQI[ %QTRÔ%47 +PVGTPCVKQPCN'FYCTF ,Ô $NQV #UUQEKCVGU'NGEVTCNNQ[Ò +PEÔ'4#/'6(CNEQPDTKFIG +PVGTPCVKQPCN(GTIWUQP /GVCN)NGPEQTG +PVGTPCVKQPCN*GEMGVJQTP /CPWHCEVWTKPI %QÔ+0%1.CVTQDG 5VGGN/CVGTKCNU 4GUQWTEG )TQWR2JQGPKZ +PVGTPCVKQPCN 4GUQWTEGU30+ +PVGTPCVKQPCN5RGEKCNV[ /GVCNUÒ +PEÔ

'4ÏÌ

6JG %QDCNV +PUVKVWVG6KOMGP %QÔ7Ô5Ô )GQNQIKECN 5WTXG[9/% +PVGTPCVKQPCN

////CCCCEEEEJJJJKKKKPPPPGGGGUUUU CCCCPPPPFFFF ''''SSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV#KT4%QPFKVKQPKPI ˜ 4GHTKIGTCVKQP +PUVKVWVG#UUQEKCVKQP QH *QOG #RRNKCPEG /CPWHCEVWTGTU'SWKROGPV /CPWHCEVWTGTU +PUVKVWVG)GPGTCN 'NGEVTKE0CVKQPCN 'NGEVTKECN /CPWHCEVWTGTU #UUQEKCVKQP

''''NNNNGGGGEEEEVVVVTTTTQQQQPPPPKKKKEEEE ))))QQQQQQQQFFFFUUUU#FQDG#RRNG$/) 'PVGTVCKPOGPV%QORCS %QORWVGT'CUVOGP -QFCM'NGEVTQPKE +PFWUVTKGU #NNKCPEG*CTTKU %QTRÔ*QPG[YGNN +PEÔ+PVWKV.WEGPV 6GEJPQNQIKGU/CZYGNN/KETQUQHV/QVQTQNC0QMKC0QTVGN 0GVYQTMU0QXGNN1TCENG2CPCUQPKE %QÔ2JKNKRU 'NGEVTQPKEU4QEMYGNN +PVGTPCVKQPCN5QP[ %QTRÔ6JQOUQP %QPUWOGT 'NGEVTQPKEU7Ô5Ô %JCODGT QH %QOOGTEG:GTQZ

////GGGGFFFFKKKKEEEECCCCNNNN ))))QQQQQQQQFFFFUUUU$CZVGT *GCNVJECTG)' /GFKECN 5[UVGOU*GCNVJ +PFWUVT[ /CPWHCEVWTGTU #UUQEKCVKQP/CTEQPK /GFKECN 5[UVGOU/GFKECN &GXKEG /CPWHCEVWTGTU #UUQEKCVKQP/GFVTQPKE

'4ÏÏ

0CVKQPCN 'NGEVTKECN /CPWHCEVWTGTU #UUQEKCVKQP6[EQ +PVGTPCVKQPCN9GNEJ #NN[PÒ +PEÔ

6666TTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP$QGKPI&CKONGT %JT[UNGT(QTF)GPGTCN 'NGEVTKE)GPGTCN /QVQTU/QVQT CPF 'SWKROGPV /CPWHCEVWTGTU #UUQEKCVKQP2TCVV CPF 9JKVPG[

5555RRRRQQQQTTTTVVVVKKKKPPPPIIII ))))QQQQQQQQFFFFUUUU#OGTKECP /QFGTP /GVCNU %QTRÔ&KCOQPF 5RQTVU'CUVQP 5RQTVU*KNNGTKEJ ˜ $TCFUD[ ı.QWKUXKNNG 5NWIIGTÙ/K\WPQ 5RQTVU0CVKQPCN )QNH (QWPFCVKQP0KMG4CYNKPIU5RCNFKPI 5RQTVKPI )QQFU5RQTVKPI )QQFU /CPWHCEVWTGTU #UUQEKCVKQP9KNUQP 5RQTVKPI )QQFU9QTVJ 5RQTVU

'4ÏÎ

6666GGGGNNNNGGGGRRRRJJJJQQQQPPPPGGGG 5555WWWWTTTTXXXXGGGG[[[[ 9999QQQQTTTTMMMMUUUUJJJJGGGGGGGGVVVV

#PCN[UV EQPFWEVKPI VJKU KPVGTXKGY„ &KXKUKQP„

&CVG„

%QORCP[Ó#UUQEKCVKQP PCOG„

*GCFSWCTVGTU NQECVKQP„

/CKP RTQFWEVUÓUGTXKEGU„

%QPVCEV PCOG CPF VKVNG„

%QPVCEV VGNGRJQPG„ (CZ„ '4OCKN„

++++PPPPVVVVTTTTQQQQFFFFWWWWEEEEVVVVKKKKQQQQPPPP6JG 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP JCU DGGP TGSWGUVGF D[ VJG %QOOKVVGG QP9C[U CPF /GCPUÒ 7Ô5Ô *QWUG QH 4GRTGUGPVCVKXGUÒ VQ EQPFWEV C HCEV4HKPFKPIKPXGUVKICVKQP VQ RTQXKFG CP QXGTXKGY CPF CPCN[UKU QH VJG GEQPQOKE KORCEV QH 7Ô5ÔUCPEVKQPU YKVJ TGURGEV VQ %WDCÔ 6JG %QOOKUUKQPrU TGRQTV KU VQ DG UWDOKVVGF D[ (GDTWCT[ÏËÒ ÎÌÌÏÔ 6JG RWTRQUG QH VJKU VGNGRJQPG UWTXG[ KU VQ QDVCKP XKGYU QH7Ô5Ô EQORCPKGU CPFQTICPK\CVKQPU VJCV CTG CHHGEVGF D[ QT MPQYNGFIGCDNG QH 7Ô5Ô UCPEVKQPU YKVJ TGURGEV VQ%WDCÔ

6JKU VGNGRJQPG UWTXG[ UJQWNF VCMG PQ OQTG VJCP QPG4JCNH JQWT QH [QWT VKOGÔ +H [QWFGUKTG VJG %QOOKUUKQP VQ VTGCV CU EQPHKFGPVKCN CP[ EQOOGTEKCN QT HKPCPEKCN KPHQTOCVKQPUVCVGF FWTKPI VJKU UWTXG[Ò RNGCUG ENGCTN[ UVCVG VJCV [QW YKUJ TGURQPUGU VQ DG VTGCVGF CUs%QPHKFGPVKCN $WUKPGUU +PHQTOCVKQPÔt +H [QWYQWNF NKMG VQ UWDOKV HWTVJGT KPHQTOCVKQP CV CNCVGT FCVGÒ UWEJ UWDOKUUKQPU UJQWNF DG TGEGKXGF D[PQ NCVGT VJCP 5GRVGODGTÁÒ ÎÌÌÌÒ VQDG CUUWTGF QH EQPUKFGTCVKQP D[ VJG %QOOKUUKQPÔ #NN UWDOKUUKQPU UJQWNF DG CFFTGUUGFVQ ,QPCVJCP 4Ô %QNGOCPÒ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ ËÌÌ ' 5VTGGV 59Ò9CUJKPIVQPÒ &Ô%Ô ÎÌÈÍÁÒ QT D[ HCZ VQ„ ÎÌÎ4ÎÌË4ÎÍÂÈÔ

+P CEEQTFCPEG YKVJ VJG 2CRGTYQTM 4GFWEVKQP #EV QH Ï‰‰ËÒ VJG %QOOKUUKQP JCUQDVCKPGF CRRTQXCN HQT VJKU UWTXG[ HTQO VJG 1HHKEG QH /CPCIGOGPV CPF $WFIGV ı1/$ÙÔ1/$ CRRTQXCN YCU ITCPVGF QP ,WPG ÊÒ ÎÌÌÌÒ CPF GZRKTGF QP 0QXGODGT ÍÌÒ ÎÌÌÌÔ#RRTQXCN PWODGT „ ÍÏÏÊ4ÌÏ‰ËÔ

'4ÏÍ

3333WWWWGGGGUUUUVVVVKKKKQQQQPPPPUUUU ÏÏÏÏ4444ÊÊÊÊ&KTGEVGF VQYCTF HKTOUÓKPFWUVTKGU VJCV GZRQTVGF VQ QT JCF KPXGUVOGPVU KP %WDC RTKQT VQKORQUKVKQP QH UCPEVKQPUÒ CPFÓQT HKTOUÓKPFWUVTKGU VJCV EQWNF RQVGPVKCNN[ GZRQTV VQ CPFKPXGUV KP %WDC KH VTCFG TGNCVKQPU YGTG TG4GUVCDNKUJGF

ÏÔ &KF [QWT EQORCP[ÓKPFWUVT[ GZRQTV VQ QT JCXG KPXGUVOGPVU KP %WDC RTKQT VQ VJG KORQUKVKQP QHUCPEVKQPU KP Ï‰ÁÌ" +H [GUÒ CUM ıCÙ 4 ıHÙÒ KH PQ UMKR VQ SWGUVKQP ÎÔ

ıCÙ 9JCV YGTG VJG PCVWTG CPF GZVGPV QH [QWT KPXGUVOGPVU KP %WDC"

ıDÙ *QY KORQTVCPV YCU %WDCP VTCFG VQ QXGTCNN UCNGU D[ [QWT EQORCP[ÓKPFWUVT["

ıEÙ 9JKEJ EQWPVTKGU FQ [QW VJKPM TGRNCEGF [QW CU VJG UWRRNKGTıUÙ KP VJG %WDCP OCTMGV"

ıFÙ *QY FKF VJG KORQUKVKQP QH UCPEVKQPU KORCEV [QW KP VGTOU QH NQUU QH RTQFWEVKQPÒ UCNGUÒGORNQ[OGPVÒ HQNNQY WR UCNGU VQ [QWT EQORCP[ÓKPFWUVT["

ıGÙ &KF [QW HKPF CNVGTPCVKXG OCTMGVU HQT [QWT IQQFU ıCPFÓQT UGTXKEGUÙ" 9GTG VJGUG OCT4MGVU KP VJG

%CTKDDGCP TGIKQPÒ 5QWVJ #OGTKECÒ QT GNUGYJGTG"

ıHÙ *QY SWKEMN[ YGTG [QW CDNG VQ HKPF VJGUG CNVGTPCVKXG OCTMGVU"

ÎÔ +H VTCFG TGNCVKQPU YGTG TG4GUVCDNKUJGFÒ YQWNF [QW VT[ VQ GZRQTV VQ QT KPXGUV KP %WDC" 2NGCUGRTQXKFG CP GZRNCPCVKQP HQT [QWT CPUYGTÔ

ÍÔ 9JCV HCEVQTU ıUWEJ CU EQUVUÒ RTKEGÒ SWCNKV[Ò UGTXKEGÙ RTKPEKRCNN[ KPHNWGPEG VJG EQORGVKVKXGPGUUQH [QWT KPFWUVT[ KP YQTNF OCTMGVU" %QORCTG CPF EQPVTCUV VJGUG HCEVQTU YKVJ VJQUG KPHNWGPEKPIVJG EQORGVKVKXGPGUU QH VJG %WDCP KPFWUVT[Ô

ÈÔ #TG [QW CYCTG QH CP[ %WDCP PQPVCTKHH VTCFG CPF KPXGUVOGPV DCTTKGTU ıUWEJ CU EQPUWOGTRTGHGTGPEGUÒ UCPKVCT[ CPF RJ[VQUCPKVCT[ TGIWNCVKQPUÒ NCDGNKPI TGSWKTGOGPVUÙ VJCV 7Ô5Ô GZRQTVUCPF KPXGUVOGPVU YQWNF HCEG KH VTCFG TGNCVKQPU YGTG TG4GUVCDNKUJGF" +H [GUÒ YJKEJ CTG OQUVUKIPKHKECPV"

ËÔ +H VTCFG TGNCVKQPU YGTG TG4GUVCDNKUJGFÒ YJCV YQWNF DG [QWT GUVKOCVG ıGKVJGT SWCPVKVCVKXG QTSWCNKVCVKXGÙ QH CPPWCN 7Ô5Ô GZRQTVU QH [QWT RTQFWEV ÓUGTXKEG VQ %WDC" 9JQ YQWNF DG [QWTOCLQT EQORGVKVQTU KP VJG %WDCP OCTMGV" 9JCV YQWNF DG [QWT GUVKOCVG ıGKVJGT SWCPVKVCVKXG QTSWCNKVCVKXGÙ QH 7Ô5Ô KPXGUVOGPVU KP %WDC YKVJ TGURGEV VQ [QWT RTQFWEV ÓUGTXKEG"

ÁÔ +H VTCFG TGNCVKQPU YGTG TG4GUVCDNKUJGFÒ YJCV YQWNF DG VJG KORCEV ıGKVJGT SWCPVKVCVKXG QT SWCNK4VCVKXGÙ QH 7Ô5Ô GZRQTVU VQ CPF KPXGUVOGPVU KP %WDC QP 7Ô5Ô RTQFWEGTU ıQT UGTXKEG GUVCDNKUJ4OGPVUÙÒ EQPUWOGTUÒ RTKEGUÒ GORNQ[OGPVÒ CPF KPXGUVOGPV KP [QWT KPFWUVT["

ÊÔ *QY NQPI FQ [QW VJKPM KV YQWNF VCMG HQT VJG KORCEVU [QW FGUETKDG VQ VCMG RNCEG"

'4ÏÈ

3333WWWWGGGGUUUUVVVVKKKKQQQQPPPPUUUU ÂÂÂÂ4444ÏÏÏÏÈÈÈÈ&KTGEVGF VQYCTF HKTOUÓKPFWUVTKGU VJCV HCEGF KORQTV EQORGVKVKQP HTQO %WDC RTKQT VQKORQUKVKQP QH UCPEVKQPUÒ CPFÓQT HKTOUÓKPFWUVTKGU VJCV EQWNF RQVGPVKCNN[ HCEG KORQTVEQORGVKVKQP HTQO %WDC KH VTCFG TGNCVKQPU YGTG TG4GUVCDNKUJGFÒ CPFÓQT HKTOU VJCV OKIJVRQVGPVKCNN[ KORQTV HTQO %WDC KH VTCFG TGNCVKQPU YGTG TG4GUVCDNKUJGF

ÂÔ &KF [QWT EQORCP[ÓKPFWUVT[ KORQTV HTQO %WDC RTKQT VQ VJG KORQUKVKQP QH UCPEVKQPU KP Ï‰ÁÌ"+H [GU CUM ıCÙ 4 ıEÙÒ KH PQ UMKR VQ SWGUVKQP ‰Ô

ıCÙ *QY KORQTVCPV YCU %WDCP VTCFG HQT [QWT EQORCP[ÓKPFWUVT["

ıDÙ #HVGT UCPEVKQPU YGTG KORQUGFÒ YJKEJ EQWPVTKGU TGRNCEGF %WDC CU UWRRNKGTU VQ VJG 7Ô5ÔOCTMGV"

ıEÙ 9JCV YCU VJG KORCEV QH VJG KORQUKVKQP QH UCPEVKQPU QP %WDC KP VGTOU RTQFWEVKQPÒ UCNGUÒCPF GORNQ[OGPV KP [QWT EQORCP[ÓKPFWUVT["

‰Ô +H VTCFG TGNCVKQPU YGTG TG4GUVCDNKUJGFÒ YQWNF %WDCP KORQTVU DG EQORGVKVKXG KP [QWT KPFWUVT[YKVJ EQNWOP Î TCVGU QH FWV[" +H PQVÒ YQWNF VJG[ DG EQORGVKVKXG YKVJ EQNWOP Ï IGPGTCN TCVGU QHFWV["

ÏÌÔ 9JCV HCEVQTU ıUWEJ CU EQUVUÒ RTKEGÒ SWCNKV[Ò UGTXKEGÙ RTKPEKRCNN[ KPHNWGPEG %WDCP KPVGTPCVKQPCNEQORGVKVKXGPGUU KP [QWT KPFWUVT[" %QORCTG CPF EQPVTCUV VJGUG HCEVQTU YKVJ VJG 7Ô5Ô KPFWUVT[Ô

ÏÏÔ +P [QWT QRKPKQPÒ YJCV CTG VJG OCLQT 7Ô5Ô PQPVCTKHH VTCFG DCTTKGTU ıUWEJ CU EQPUWOGT RTGHGT4GPEGUÒ 525 TGIWNCVKQPUÒ NCDGNKPI TGSWKTGOGPVUÙ VJCV 7Ô5Ô KORQTVU HTQO %WDC YQWNF HCEG KHVTCFG TGNCVKQPU YGTG TG4GUVCDNKUJGF"

ÏÎÔ +H VTCFG TGNCVKQPU YGTG TG4GUVCDNKUJGFÒ YJCV YQWNF DG [QWT GUVKOCVG ıGKVJGT SWCPVKVCVKXG QTSWCNKVCVKXGÙ QH CPPWCN 7Ô5Ô KORQTVU HTQO %WDC" 9JQ YQWNF DG %WDCrU OCLQT EQORGVKVQTU KPVJG 7Ô5Ô OCTMGV"

ÏÍÔ +H VTCFG TGNCVKQPU YGTG TG4GUVCDNKUJGFÒ YJCV YQWNF DG VJG KORCEV ıGKVJGT SWCPVKVCVKXG QT SWCNK4VCVKXGÙ QH 7Ô5Ô KORQTVU HTQO %WDC QP 7Ô5Ô RTQFWEGTU ıQT UGTXKEG GUVCDNKUJOGPVUÙÒ EQPUWOGTUÒRTKEGUÒ GORNQ[OGPVÒ CPF KPXGUVOGPV KP [QWT KPFWUVT["

ÏÈÔ *QY NQPI FQ [QW VJKPM KV YQWNF VCMG HQT VJG KORCEVU [QW FGUETKDG VQ VCMG RNCEG"

3333WWWWGGGGUUUUVVVVKKKKQQQQPPPPUUUU ÏÏÏÏËËËË4444ÏÏÏÏ‰‰‰‰&KTGEVGF VQYCTF CNN HKTOUÓKPFWUVTKGU

ÏËÔ %CP [QW RTQXKFG WU YKVJ CP[ KPHQTOCVKQP QP VJG %WDCP KPFWUVT[Ò UWEJ CU QP RTQFWEVKQPÒPWODGT QH GUVCDNKUJOGPVUÒ GORNQ[OGPVÒ CPF QTICPK\CVKQP CPF QYPGTUJKR EJCTCEVGTKUVKEU"

ÏÁÔ %CP [QW RTQXKFG WU YKVJ CP[ KPHQTOCVKQP QP %WDCP FGOCPF CPF OCTMGV EJCTCEVGTKUVKEU KP[QWT KPFWUVT[Ò UWEJ CU OCTMGV UEQRG CPF UK\GÒ RGT ECRKVC KPEQOGUÒ EQPUWOGT RTGHGTGPEGU"

ÏÊÔ #TG [QW CYCTG QH CP[ KPFWUVT[Ò UGEVQTÒ QT RTQFWEV URGEKHKE UVWFKGU YKVJ TGURGEV VQ %WDC"

ÏÂÔ 9QWNF [QWT EQORCP[ÓCUUQEKCVKQP YKUJ VQ UWDOKV QTCN QT YTKVVGP VGUVKOQP[ VQ VJG 75+6% HQTVJKU UVWF[ ıJGCTKPI QP 5GRVGODGT Ï‰4ÎÌÒ ÎÌÌÌÙÔ +H [GUÒ YJQO UJQWNF VJG 75+6% EQPVCEV"

Ï‰Ô #P[ QVJGT EQOOGPVU"

####22222222''''0000&&&&++++:::: ((((6666JJJJGGGG 77775555++++6666%%%% ))))TTTTCCCCXXXXKKKKVVVV[[[[ ////QQQQFFFFGGGGNNNN

(:Í

))))TTTTCCCCXXXXKKKKVVVV[[[[ ////QQQQFFFFGGGGNNNNKKKKPPPPIIII

6Q CUUGUU VJG EWTTGPV KORCEV QH 7Ô5Ô UCPEVKQPU QP VJG 7Ô5Ô CPF VJG %WDCP GEQPQOKGUÒVJG%QOOKUUKQPCPCN[\GF VJG GEQPQOKE KORCEV QH YJCV GUVKOCVGF 7Ô5Ô:%WDCPDKNCVGTCNVTCFG CPF KPXGUVOGPV HNQYU OKIJV JCXG DGGP KP VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUÔ 6JKUTGRQTV WUGF C EQODKPCVKQP QH OGVJQFQNQIKGU VQ GUVKOCVG YJCV UJCTG QH %WDCrU VTCFGYKVJ VJG YQTNF FWTKPI C TGEGPV RGTKQF OKIJV JCXG DGGP YKVJ VJG 7PKVGF 5VCVGU KP VJGCDUGPEG QH UCPEVKQPUÔ 1PG EQORQPGPV QH VJQUG OGVJQFQNQIKGU YCU C XCTKCPV QH CUVCVKUVKECN VQQN MPQYP CU C ITCXKV[ OQFGNÔ

6JKU CRRGPFKZ GZRNCKPU VJG %QOOKUUKQPrU ITCXKV[ OQFGNÒ CU YGNN CU UQOG FKHHGTGPEGUDGVYGGP VJG CRRTQCEJ VQ ITCXKV[OQFGNKPI WUGF KP VJKU TGRQTV CPF QVJGTOQFGNU WUGF VQCPCN[\G VTCFG KP VJG CECFGOKE NKVGTCVWTGÔ 6JG GSWCVKQPU WUGF VQ GUVKOCVG CIITGICVGGZRQTV CPF KORQTV OCTMGV UJCTGU HQT VJKU TGRQTV CNUQ CTG RTGUGPVGFÔ

)TCXKV[ OQFGNU JCXG DGGP YKFGN[ WUGF KP VJG GORKTKECN CPCN[UKU QH KPVGTPCVKQPCN VTCFGHQT PGCTN[ ÈÌ [GCTUÔÏ +V KU PQY IGPGTCNN[ CEEGRVGF VJCV C TGITGUUKQP GSWCVKQP VJCVOQFGNU DKNCVGTCN VTCFG HNQYU CU C HWPEVKQP QH VJG GZRQTVGTrU ITQUU FQOGUVKE RTQFWEVı)&2Ò C OGCUWTG QH VJG UK\G QH VJG GEQPQO[ÙÒ KORQTVGTrU )&2Ò CPF VJG GEQPQOKEFKUVCPEG DGVYGGP VJG VYQ VTCFKPI RCTVPGTUÎ YKNN WUWCNN[ GZRNCKP C JKIJ FGITGG QHXCTKCVKQP KP VJG FCVCwVTCFG HNQYU IGPGTCNN[ CTG RQUKVKXGN[ EQTTGNCVGF YKVJ VJG UK\G QHVJG VYQ RCTVPGTUr GEQPQOKGUÒ CPF PGICVKXGN[ EQTTGNCVGF YKVJ GEQPQOKE FKUVCPEGÔ

)TCXKV[ OQFGNU CTG UQ PCOGF DGECWUG QH CP CPCNQI[ KP VJG 0GYVQPKCP VJGQT[ QHITCXKVCVKQPwGEQPQOKE UK\G EQTTGURQPFU VQ RJ[UKECN OCUUÒ CPF GEQPQOKE FKUVCPEG VQRJ[UKECN FKUVCPEGÔ +PETGCUGF CEEGRVCPEG QH ITCXKV[ OQFGNU KU FWG KP RCTV VQFGOQPUVTCVKQPU VJCV VJGUG OQFGNU CTG EQPUKUVGPV YKVJ CNN QH VJG RTKOCT[ VJGQTKGU QHKPVGTPCVKQPCN VTCFGÔÍ

# YKFG XCTKGV[ QH VTCFG RQNKEKGU JCU DGGP CPCN[\GF WUKPI ITCXKV[ OQFGNUÔ 6TCFGRQNKEKGUÒ KPENWFKPI OGODGTUJKR KP TGIKQPCN VTCFG CTTCPIGOGPVUÈ CPF PQP:VCTKHH

Ï # WUGHWN TGXKGY QH ITCXKV[ OQFGNUÒ FKUEWUUKPI TGRTGUGPVCVKXG CRRNKECVKQPU CPF KUUWGU QHURGEKHKECVKQPÒ KU HQWPF KP ,GHHTG[ #Ô (TCPMGNÒ 4GIKQPCN 6TCFKPI $NQEU KP VJG 9QTNF 'EQPQOKE 5[UVGOı9CUJKPIVQPÒ &%„ +PUVKVWVG HQT +PVGTPCVKQPCN 'EQPQOKEUÒ Ï‰‰ÊÙÒ EJCRVGTU È VJTQWIJ ÁÔ

Î 'EQPQOKE FKUVCPEG TGHGTU VQ VJG UJQTVGUV FKUVCPEG DGVYGGP VJG ECRKVCNU QT QVJGT OCLQT EKVKGU QH VJGVYQ EQWPVTKGUÔ

Í (QT GZCORNGÒ VJG PGQENCUUKECN QT *GEMUEJGT:1JNKP VJGQT[ ı#NCP /Ô &GCTFQTHHÒ s&GVGTOKPCPVU QH$KNCVGTCN 6TCFG„ &QGU )TCXKV[ 9QTM KP C 0GQENCUUKECN 9QTNF"t 0$'4 9QTMKPI 2CRGT ËÍÊÊ ı&GEGODGTÏ‰‰ËÙÒ CPF VJG UQ:ECNNGF sPGY KPVGTPCVKQPCN VTCFG VJGQT[t DCUGF QP KPETGCUKPI TGVWTPU VQ UECNG CPFRTQFWEV FKHHGTGPVKCVKQP ı'NJCPCP *GNROCP CPF 2CWN -TWIOCPÒ /CTMGV 5VTWEVWTG CPF (QTGKIP 6TCFGı%CODTKFIGÒ /#„ /+6 2TGUUÒ Ï‰ÂËÙÔÙ 5GG CNUQ 5KOQP 'XGPGVV CPF 9QNHICPI -GNNGTÒ s1P 6JGQTKGU'ZRNCKPKPI VJG5WEEGUU QH VJG)TCXKV[ 'SWCVKQPÒt 0$'49QTMKPI 2CRGTÁËÎ‰ ı#RTKN Ï‰‰ÂÙÔ )TCXKV[OQFGNUJCXG CFFTGUUGF GCTNKGT EQPEGTPU VJCV VJG[ NCEMGF CP CRRTQRTKCVG VJGQTGVKECN HQWPFCVKQPÔ (QT GZCORNGÒUGG#NCP 8Ô &GCTFQTHHÒ s6GUVKPI 6TCFG 6JGQTKGUÒt %JCRVGT ÏÌ KP 4QPCNF9Ô ,QPGU CPF 2GVGT $Ô -GPGPÒ GFUÔÒ*CPFDQQM QH +PVGTPCVKQPCN 'EQPQOKEU 8QNÔ Ï ı#OUVGTFCO„ 0QTVJ:*QNNCPFÒ Ï‰ÂÈÙÒ RRÔ ËÌÍ:ËÌÈÔ

È 0QTOCP #KVMGPÒ s6JG 'HHGEV QH VJG ''% CPF '(6# QP 'WTQRGCP 6TCFG„ # 6GORQTCN %TQUU:5GEVKQP#PCN[UKUÒt #OGTKECP 'EQPQOKE 4GXKGY ıÏ‰ÊÍÙ XQNÔ ÁÍ PQÔ ËÒ RRÔ ÂÂÏ:Â‰ÎÒ TGRTGUGPVU CP GCTN[ CVVGORV VQGXCNWCVG VJG GHHGEVU QH C TGIKQPCN VTCFG CITGGOGPV VJTQWIJ VTCFGOQFGNKPIÔ (QT VJG GXCNWCVKQP QHOWNVKRNGVTCFG CITGGOGPVU UKOWNVCPGQWUN[ WUKPI INQDCN FCVC UGVUÒ UGG ,GHHTG[ #Ô (TCPMGNÒ 4GIKQPCN 6TCFKPI $NQEU KPVJG 9QTNF 'EQPQOKE 5[UVGO ı9CUJKPIVQPÒ &%„ +PUVKVWVG HQT +PVGTPCVKQPCN 'EQPQOKEU Ï‰‰ÊÙÒ EJCRVGTU ÊVJTQWIJ ‰Ò CPF &CNG $QKUUQ CPF /KEJCGN (GTTCPVKPQÒ s'EQPQOKE &KUVCPEGÒ %WNVWTCN &KUVCPEGÒ CPF1RGPPGUU KP +PVGTPCVKQPCN 6TCFG„ 'ORKTKECN 2W\\NGUÒt ,QWTPCN QH 'EQPQOKE +PVGITCVKQPÒ &GEGODGTPÏ‰‰ÊÒXQNÔ ÏÎ 0QÔÒ RRÔ ÈËÁ:ÈÂÈÔ

(:È

DCTTKGTUËÒ ECP DG EQPUKFGTGF CU CFFKVKQPCN XCTKCDNGU YJKEJ KPETGCUG QT FGETGCUG VJGGEQPQOKE FKUVCPEG DGVYGGP EQWPVTKGUÔ 6JWUÒ CP[ UWEJ RQNKE[YJQUG RTGUGPEGÒ CDUGPEGÒQT KPVGPUKV[ ECP DG OGCUWTGF QXGT C UGV QH EQWPVTKGU RQVGPVKCNN[ ECP DG CPCN[\GF WUKPIC ITCXKV[ OQFGNÔ

+P C RTKQT UVWF[ CPCN[\KPI 7Ô5Ô GEQPQOKE UCPEVKQPUÒÁ VJG %QOOKUUKQP KFGPVKHKGF ITCXKV[OQFGNUÒ RCTVKCN:GSWKNKDTKWO OQFGNUÒ IGPGTCN GSWKNKDTKWO OQFGNUÒ CPF KPFWUVT[ UWTXG[UCOQPI VJG VQQNU YJKEJ RQVGPVKCNN[ EQWNF DG WUGF VQ CPCN[\G VJG GEQPQOKE KORCEV QH7Ô5Ô WPKNCVGTCN GEQPQOKE UCPEVKQPUÔ $GECWUG 7Ô5Ô GEQPQOKE UCPEVKQPU YKVJ TGURGEV VQ%WDC GHHGEVKXGN[ JCXG TGFWEGF TGEGPV JKUVQTKECN VTCFG DGVYGGP VJG 7PKVGF 5VCVGU CPF%WDC VQ \GTQÒ VJG WUG QH RCTVKCN:GSWKNKDTKWO CPF IGPGTCN GSWKNKDTKWO OQFGNU KUKPHGCUKDNGÔÊ 6JGTG GZKUVU KP VJG NKVGTCVWTG CV NGCUV QPG QVJGT CVVGORV VQ WUG C ITCXKV[OQFGN VQ CUUGUU VJG GHHGEVU QH GEQPQOKE UCPEVKQPUÔÂ 6JG VTCPUKVKQP HTQOEGPVTCNN[:RNCPPGF VTCFKPI WPFGT %QOOWPKUO VQ OQTG OCTMGV:DCUGF VTCFG TGNCVKQPU KP'CUVGTP 'WTQRG CPF VJG 5QXKGV 7PKQP JCU CNUQ DGGP CPCN[\GF WUKPI ITCXKV[OQFGNKPIÔ‰

))))GGGGPPPPGGGGTTTTCCCCNNNN ////GGGGVVVVJJJJQQQQFFFFQQQQNNNNQQQQIIIIKKKKEEEECCCCNNNN %%%%QQQQPPPPUUUUKKKKFFFFGGGGTTTTCCCCVVVVKKKKQQQQPPPPUUUU

(QT OGTEJCPFKUG VTCFGÒ GSWCVKQPU YGTG GUVKOCVGF VQ GZRNCKP VJG UJCTG QH XCTKQWUEQWPVTKGUr GZRQTVU QT KORQTVU VJCV YGTG GZRQTVGF VQ QT KORQTVGF HTQO VJG 7PKVGF 5VCVGUÒCU C HWPEVKQP QH XCTKQWU CVVTKDWVGU QH VJQUG EQWPVTKGUÔ 6JGUG GSWCVKQPU CNUQ YGTG WUGF VQGUVKOCVG VJG EQTTGURQPFKPI RTQDCDNG UJCTG QH %WDCrU GZRQTVU VQ QT KORQTVU HTQO VJG7PKVGF 5VCVGU KP VJG CDUGPEG QH UCPEVKQPUÒ DCUGF QP %WDCrU GEQPQOKE CVVTKDWVGUÔ 6JGGSWCVKQPU YGTG HKVVGF DQVJ HQT CIITGICVG VTCFG CPF HQT VTCFG KP VJG UGNGEVGFEQOOQFKVKGU CPF UGEVQTU FGUETKDGF KP EJCRVGTU È VJTQWIJ ÁÔ

Ë (QT OGVJQFU CRRN[KPI ITCXKV[ OQFGNU VQ VGEJPKECN DCTTKGTU VQ VTCFGÒ UGG -GKVJ 'Ô /CUMWUÒ ,QJP 5Ô9KNUQP CPF 6UWPGJKTQ 1VUWMK ıHQTVJEQOKPIÙÒ s#P 'ORKTKECN (TCOGYQTM HQT #PCN[\KPI 6GEJPKECN4GIWNCVKQPU CPF 6TCFGÒt KP -Ô'Ô /CUMWU CPF ,Ô'Ô 9KNUQPÒ GFUÔÒ 3WCPVKH[KPI 6TCFG 'HHGEV QH 6GEJPKECN$CTTKGTU„ %CP +V $G &QPG" ı#PP #TDQT„ 7PKXGTUKV[ QH /KEJKICP 2TGUUÙ‚ HQT CP CRRNKECVKQPÒ UGG 6UWPGJKTQ1VUWMKÒ ,QJP 5Ô9KNUQP CPF/KTXCV 5GYCFGJÒ s5CXKPI 6YQ KP C $KNNKQP„ #%CUG 5VWF[ VQ3WCPVKH[ VJG 6TCFG'HHGEV QH 'WTQRGCP (QQF 5CHGV[ 5VCPFCTFU QP #HTKECP 'ZRQTVUÒt ı9CUJKPIVQPÒ &Ô%Ô„ 9QTNF $CPMÒ ÎÌÌÌÙ‚HQT CP CRRNKECVKQP VQ IQXGTPOGPV RTQEWTGOGPVÒ UGG 5KOQP 'XGPGVVÒ s.KDGTCNK\KPI )QXGTPOGPV2TQEWTGOGPV KP #2'% 0CVKQPUÒt KP 75+6%Ò 6JG 'EQPQOKE +ORNKECVKQPU QH .KDGTCNK\KPI #2'% 6CTKHH CPF0QP:6CTKHH $CTTKGTU VQ 6TCFGÒ RWDNKECVKQP 0QÔ ÍÏÌÏÒ #RTKN Ï‰‰ÂÒ RRÔ Ê:Ï VQ Ê:ÏÁÔ

Á 75+6%Ò1XGTXKGY CPF #PCN[UKU QH %WTTGPV 7Ô5Ô 'EQPQOKE 5CPEVKQPUÒ RWDNKECVKQP 0QÔ ÍÏÎÈÒ #WIWUVÏ‰‰ÂÔ

Ê 5WEJOQFGNU CTG ECRCDNG QH GUVKOCVKPI EJCPIGU KP RQUKVKXGN[:XCNWGF VTCFG HNQYUÒ DWV PQV UJKHVU HTQOC \GTQ:VTCFG VQ C RQUKVKXG:VTCFG UKVWCVKQPÔ

Â )CT[ %N[FG *WHDCWGTÒ -KODGTN[ #PP 'NNKQVVÒ 6GUU %[TWUÒ CPF 'NK\CDGVJ 9KPUVQPÒ s7Ô5Ô 'EQPQOKE5CPEVKQPU„ 6JGKT +ORCEV QP 6TCFGÒ ,QDUÒ CPF 9CIGUÒt +PUVKVWVG HQT +PVGTPCVKQPCN 'EQPQOKEU 9QTMKPI2CRGTÒ Ï‰‰ÊÒ CV JVVR„ÓÓYYYÔKKGÔEQOÓECVCNQIÓ92ÓÏ‰‰ÊÓ5#0%6+10ÓUCPEVPYRÔJVOÒ TGVTKGXGF &GEÔÎÎÒ ÎÌÌÌÔ

‰ # RCTVKCN NKUV QH VJGUG KPENWFGU 1NGI *CYT[N[UJ[P CPF .CPV 2TKVEJGVVÒ s'WTQRGCP 6TCFG 2CVVGTPU#HVGT VJG 6TCPUKVKQPÒt 2QNKE[Ò 4GUGCTEJÒ CPF 'ZVGTPCN #HHCKTU 9QTMKPI 2CRGT 5GTKGUÒ Ï‰‰ÏÒ 0QÔ ÊÈ‚ <JGP-WP 9CPI CPF .Ô #NCP 9KPVGTUÒ s6JG 6TCFKPI 2QVGPVKCN QH 'CUVGTP 'WTQRGÒt %GPVGT HQT 'EQPQOKE 2QNKE[4GUGCTEJ ı%'24Ù &KUEWUUKQP 2CRGT 0QÔ ÁÏÌÒ Ï‰‰Ï‚ %CTN *COKNVQP CPF .Ô #NCP 9KPVGTUÒ s1RGPKPI 7R+PVGTPCVKQPCN 6TCFG KP 'CUVGTP 'WTQRGÒt 'EQPQOKE 2QNKE[ XQNÔ ÏÈÒ #RTKN Ï‰‰ÎÒ RRÔ ÏÍ‰:ÏÈÏ‚ .Ô #NCP9KPVGTUCPF <JGP -WP 9CPIÒ 'CUVGTP 'WTQRGrU +PVGTPCVKQPCN 6TCFG ı/CPEJGUVGT„ /CPEJGUVGT 7PKXGTUKV[ 2TGUUÒÏ‰‰ÈÙ‚ 4KEJCTF $CNFYKPÒ 6QYCTFU CP +PVGITCVGF 'WTQRG ı.QPFQP„ %'24 Ï‰‰ÈÙÒ CPF 2CWN $TGPVQPÒs'ZVGTPCN .KDGTCNKUCVKQP CPF 4WUUKCP 6TCFGt ı$KTOKPIJCO„ %'24Ò Ï‰‰ËÙÔ

(:Ë

6JG %QOOKUUKQPrU GUVKOCVG QH YJCV %WDCrU TGEGPV VTCFG YKVJ VJG 7PKVGF 5VCVGU OKIJVJCXG DGGP KP VJG CDUGPEG QH UCPEVKQPU KU PQV C RWTG GEQPQOGVTKE GUVKOCVGÒ DWV QPG VJCVTGHNGEVU C U[PVJGUKU QH UGXGTCN UQWTEGU QH KPHQTOCVKQPÒ KPENWFKPI VJG RWDNKE JGCTKPIÒYTKVVGP UWDOKUUKQPU KP TGURQPUG VQ VJG (GFGTCN 4GIKUVGT PQVKEGÒ UVCHH VTCXGNÒ C VGNGRJQPGUWTXG[ QH 7Ô5Ô KPFWUVT[ RCTVKEKRCPVUÒ CXCKNCDNG RWDNKUJGF NKVGTCVWTGÒ CPF VJG ITCXKV[OQFGN GUVKOCVGUÔ 6JG CIITGICVG ITCXKV[ OQFGN GUVKOCVGU HQT OGTEJCPFKUG GZRQTVU CPFKORQTVU CTG TGRQTVGF DGNQYÒ HQT KNNWUVTCVKXG RWTRQUGUÔ 6JG ITCXKV[ OQFGN GUVKOCVGU HQTKPFKXKFWCN EQOOQFKVKGU CPF UGEVQTU CTG PQV TGRQTVGF DGECWUGÒ CU UVCVGF CDQXGÒ VJG[YGTG EQODKPGF YKVJ GUVKOCVGU RTQXKFGF D[ QVJGT UQWTEGU VQ RTQFWEG VJG %QOOKUUKQPrUHKPCN GUVKOCVGUÔ

6JG %QOOKUUKQPrU GUVKOCVGU CTG DGUV WPFGTUVQQF CU CP GUVKOCVG QH YJCV CXGTCIGCPPWCN 7Ô5Ô:%WDCP VTCFG HNQYU FWTKPI Ï‰‰Á:‰Â YQWNF JCXG DGGP KP VJG CDUGPEG QHUCPEVKQPUÒ YKVJ GPQWIJ KPVGTXGPKPI VKOG HQT OCTMGV RCTVKEKRCPVU VQ JCXG CFCRVGF VQ VJGCDUGPEG QH UCPEVKQPUÔ +P VJKU UGPUG VJG[ ECP DG EQPUKFGTGF sNQPI:TWPt GUVKOCVGUÒDGPEJOCTMGF CICKPUV C TGEGPV JKUVQTKECN DCUG RGTKQFÒ CPF CTG VJWU CPCNQIQWU VQGUVKOCVGU RTQXKFGF KP QVJGT %QOOKUUKQP UVWFKGU YJKEJ CRRN[ XCTKQWU OQFGNKPIVGEJPKSWGU VQ JKUVQTKECN DCUG FCVCÔ #U FKUEWUUGF KP EJCRVGT ÏÒ VJG GUVKOCVGU JQNFEQPUVCPV CNN HCEVQTU QVJGT VJCP VJG TGOQXCN QH 7Ô5Ô GEQPQOKE UCPEVKQPU‚ VJWUÒ PQEJCPIGU CTG CUUWOGF KP VJG EWTTGPV %WDCP )QXGTPOGPV CPF KVU GEQPQOKE RQNKEKGUÔ

6JG %QOOKUUKQPrU GUVKOCVGU QH RQVGPVKCN 7Ô5Ô:%WDCP VTCFG KP VJG CDUGPEG QH UCPEVKQPUCTG DCUGFÒ KP RCTVÒ QP VJG CUUWORVKQP VJCV VJG XCNWG QH %WDCrU VTCFG YKVJ VJG YQTNFYQWNF DG VJG UCOG YKVJ QT YKVJQWV 7Ô5Ô UCPEVKQPUÔ 6JWUÒ CP[ 7Ô5Ô:%WDCP VTCFG YQWNFVCMG VJG HQTO QH VTCFG FKXGTUKQP HTQO %WDCrU VTCFG YKVJ VJKTF EQWPVTKGUwC XCNKFCUUWORVKQP KP VJG ECUG QH %WDC HQT VJG RWTRQUGU QH VJKU TGRQTVÔ 6JG GUVKOCVGU CNUQCUUWOG VJCV %WDC KU WPNKMGN[ VQ DG CDNG VQ KPETGCUG CIITGICVG GZRQTVU UKIPKHKECPVN[ KPVJG PGCT VGTOÔ &GURKVG KVU TGEGPV GEQPQOKE TGHQTOU CPF KORTQXGF GEQPQOKERGTHQTOCPEG FWTKPI Ï‰‰‰ÒÏÌ %WDCrU EGPVTCNN[:RNCPPGF GEQPQO[ KU PQV YGNN UWKVGF VQTGURQPF VQ PGY OCTMGV QRRQTVWPKVKGU CPF TGOCKPKPI TGUVTKEVKQPU EQPVKPWG VQ KORGFGHQTGKIP FKTGEV KPXGUVOGPVÔ +V KU RTQDCDNG VJCV %WDCrU HQTGKIP GZEJCPIG UJQTVCIG YKNNEQPVKPWG VQ NKOKV KVU CDKNKV[ VQ KORQTVÔ

0QPGVJGNGUUÒ VJGTG CTG UQOG TGCUQPU VQ DGNKGXG VJCV VJG CDUGPEG QH 7Ô5Ô UCPEVKQPUOKIJV ECWUG %WDCrU CIITGICVG VTCFG YKVJ VJG YQTNF VQ GZRCPF OQFGUVN[Ô %WDCRTQDCDN[ YQWNF GCTP UQOG CFFKVKQPCN HQTGKIP GZEJCPIG VJTQWIJ UWEJ CEVKXKVKGU CUVQWTKUOÒ RC[OGPVU HQT VGNGRJQPG EQPPGEVKQP UGTXKEGUÒ CPF HQTGKIP FKTGEV KPXGUVOGPV KPVJGCDUGPEG QH7Ô5Ô GEQPQOKE UCPEVKQPUÔ# RQTVKQP QH UWEJ CFFKVKQPCN HQTGKIP GZEJCPIGRTQDCDN[ YQWNF DG URGPV QP KORQTVUÔ 6JG %QOOKUUKQP GUVKOCVGF VJG HQTGKIP GZEJCPIGGCTPKPIU %WDC OKIJV TGEGKXG HTQO UWEJ CEVKXKVKGUÒ CPF VJG GZVGPV VQ YJKEJ %WDC OKIJVVJGTGD[ CHHQTF VQ RWTEJCUG CFFKVKQPCN HQTGKIP RTQFWEVUÔ 1VJGT GHHKEKGPEKGU RQVGPVKCNN[CEETWKPI VQ VJG %WDCP GEQPQO[ CU C TGUWNV QH VJG TGOQXCN QH 7Ô5Ô UCPEVKQPU KPENWFG

ÏÌ (QT CP CPCN[UKU QH %WDCP GEQPQOKE RGTHQTOCPEG FWTKPI Ï‰‰‰Ò UGG 7PKVGF 0CVKQPU 'EQPQOKE%QOOKUUKQP HQT .CVKP #OGTKEC CPF VJG %CTKDDGCP ı'%.#%ÙÒ %WDC„ 'XQNWEK¿P 'EQP¿OKEC FWTCPVG Ï‰‰‰Ò.%Ó/':Ó.ÔÈÈÏÒ ,WN[ ÎÁÒ ÎÌÌÌÔ

(:Á

NQYGT UJKRRKPI EQUVUÒ KPETGCUGF EQORGVKVKQP COQPI %WDCrU UWRRNKGTUÒ KORTQXGF CEEGUUVQ KPVGTPCVKQPCN ETGFKVÒ CPF CXCKNCDKNKV[ QH WPKSWG QT JKIJGT:SWCNKV[ RTQFWEVU HTQO VJG7PKVGF 5VCVGUÔ 9JKNG TGCNK\CVKQP QH VJGUG GHHKEKGPEKGU OKIJV CNUQ KPETGCUG VJG VQVCNXQNWOG QH RQVGPVKCN 7Ô5Ô:%WDCP VTCFGÒ UWEJ HCEVQTU EQWNF PQV DG SWCPVKHKGF HQT WUG KPVJG %QOOKUUKQPrU ITCXKV[ OQFGN DGECWUG QH FCVC NKOKVCVKQPUÔ

'UVKOCVGU QH CIITGICVG RQVGPVKCN 7Ô5Ô VTCFG YKVJ %WDC KP VJG CDUGPEG QH UCPEVKQPUÒOCFG YKVJ VJG ITCXKV[ OQFGN CNQPGÒ DTQCFN[ EQTTQDQTCVG VJG %QOOKUUKQPrU GUVKOCVGUKPEQTRQTCVKPI GZRGTV QRKPKQPÔ $QVJ UGVU QH GUVKOCVGU KPFKECVG VJCV VJG UJCTG QH %WDCPVTCFG YJKEJ YQWNF JCXG VCMGP RNCEG YKVJ VJG 7PKVGF 5VCVGU KP VJG NCVG Ï‰‰ÌUÒ KP VJGCDUGPEG QH UCPEVKQPUÒ RTQDCDN[ YQWNF DG UKIPKHKECPVN[ NQYGT VJCP VJCV RTGXCKNKPI KP VJGNCVG Ï‰ËÌU RTKQT VQ UCPEVKQPUÔ 6JG CIITGICVG OQFGN GUVKOCVG KU EQORCTGF YKVJ VJG%QOOKUUKQPrU GUVKOCVG CV VJG GPF QH VJKU CRRGPFKZÔ

''''EEEEQQQQPPPPQQQQOOOOGGGGVVVVTTTTKKKKEEEE 2222TTTTQQQQEEEEGGGGFFFFWWWWTTTTGGGGUUUU

6JG%QOOKUUKQP WUGF VJG ITCXKV[OQFGN VQ FGXGNQR VYQ V[RGU QH GUVKOCVGU HQT VJKU UVWF[Ô(KTUVÒ GUVKOCVGU YGTG OCFG QH RQVGPVKCN HQTGKIP:GZEJCPIG HNQYU HTQO VJG 7PKVGF 5VCVGUCPF %WDCÒ UWEJ CU VTCXGN:TGNCVGF RC[OGPVUÒ HQTGKIP FKTGEV KPXGUVOGPVÒ CPF RC[OGPVUHQT VGNGRJQPG UGTXKEG EQPPGEVKQPUÔ 5GEQPFÒ GUVKOCVGU YGTG OCFG QH RQVGPVKCNOGTEJCPFKUG VTCFG HNQYU DGVYGGP VJG 7PKVGF 5VCVGU CPF %WDC KP VJG CDUGPEG QHUCPEVKQPUÔ#NN GUVKOCVGUYGTGOCFG HQT C DCUG [GCT QH Ï‰‰ÊÒ WPNGUU QVJGTYKUG URGEKHKGFÔ

(QT GCEJ RQVGPVKCN HQTGKIP GZEJCPIG HNQYÒ CP GSWCVKQPYCU GUVKOCVGF QXGT C UCORNG QHEQWPVTKGU PQV KPENWFKPI VJG 7PKVGF 5VCVGUÒ QH VJG HQTO„ÏÏ

ıÏÙ NPı;Ù CÌ Ú CÏÛNPı)&2Ù Ú CÎÛNPı)&2Ó212Ù Ú CÍÛ'0).+5* Ú CÈÛ%1// ÚCËÛNPı&+56#0%'Ù Ú CÁÛ(4'' Ú CÊÛ0#(6# Ú CÂ ÛNPı(14$140Ù Ú F

+P GSWCVKQP ıÏÙÒ ; KU C OGCUWTG QH HQTGKIP GZEJCPIG HNQYUÒ UWEJ CU VTCXGN CPF VQWTKUORC[OGPVUÒ HQTGKIP FKTGEV KPXGUVOGPVÒ QT VGNGEQOOWPKECVKQPU UGTXKEG RC[OGPVUÔÏÎ )&2

ÏÏ 6JG FQWDNG:NQICTKVJOKE URGEKHKECVKQP KU VJG OQUV HTGSWGPVN[ GPEQWPVGTGF KP YQTM QP VJG ITCXKV[OQFGNÔ +V CNNQYU VJG EQGHHKEKGPVU QH NQIIGF XCTKCDNGU QP VJG TKIJV:JCPF UKFG VQ DG KPVGTRTGVGF CU GNCUVKEKVKGUÔ6JG EQGHHKEKGPVU QH FWOO[ XCTKCDNGU ECP DG KPVGTRTGVGF CU UJKHVKPI ; WR QT FQYP D[ C EQPUVCPV QHRTQRQTVKQPCNKV[ GSWCN VQ VJG CPVKNQICTKVJO QH VJG EQGHHKEKGPVÔ

ÏÎ &CVC QP 7Ô5Ô RC[OGPVU HQT VTCXGN RC[OGPVUÒ D[ EQWPVT[Ò CTG VCMGP HTQO 7Ô5Ô &GRCTVOGPV QH%QOOGTEGÒ 5WTXG[ QH %WTTGPV $WUKPGUUÒ 1EVQDGT Ï‰‰‰Ò VCDNG ÍÔÍÒ RÔ ÊÌÔ #P CNVGTPCVG GUVKOCVG YCURGTHQTOGF DCUGF QP FCVC QP 7Ô5Ô VQWTKUO CTTKXCNUÒ D[ FGUVKPCVKQPÒ CNUQ VCMGP HTQO %QOOGTEGFGRCTVOGPV UQWTEGUÔ &CVC QP VQVCN CUUGVU QH 7Ô5Ô PQP:DCPM CHHKNKCVGU CDTQCFÒ D[ EQWPVT[Ò CTG HTQO 7Ô5Ô&GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE #PCN[UKU ı$'#ÙÒ7Ô5Ô &KTGEV +PXGUVOGPV #DTQCF„1RGTCVKQPU QH 7Ô5Ô 2CTGPV %QORCPKGU CPF VJGKT (QTGKIP #HHKNKCVGUÒ 2TGNKOKPCT[ Ï‰‰Ê 'UVKOCVGUÒ VCDNG++Ô#ÔÏÔ &CVC QP KPVGTPCVKQPCN VGNGRJQPG VTCHHKE EQOG HTQO (GFGTCN %QOOWPKECVKQPU %QOOKUUKQP ı(%%ÙÒÏ‰‰Ê 5GEVKQP ÈÍÔÁÏ +PVGTPCVKQPCN 6TCHHKE 4GRQTVÒ VCDNG #ÔÏÔ

+P VJG ECUG QH HQTGKIP FKTGEV KPXGUVOGPVÒ CP GUVKOCVG YCU OCFG QH GSWCVKQP ıÏÙ WUKPI VQVCN CUUGVU QH7Ô5Ô PQP:DCPM CHHKNKCVGU CDTQCF CU VJG FGRGPFGPV XCTKCDNGÔ 6JKU GUVKOCVG YCU EQPXGTVGF VQ CP GUVKOCVG QHFKTGEV KPXGUVOGPV ECRKVCN KPHNQYU HTQO VJG 7PKVGF 5VCVGU DCUGF QP VJG JKUVQTKECN CXGTCIG TCVKQ QH FKTGEVKPXGUVOGPV ECRKVCN KPHNQYU HQT 7Ô5Ô CHHKNKCVGU KP .CVKP #OGTKEC FWTKPI Ï‰‰È:‰ÂÒ FGTKXGF HTQO $'# FCVC

(:Ê

CPF )&2Ó212 KPFKECVG Ï‰‰Ê CIITGICVG )&2 CPF RGT ECRKVC )&2Ò TGURGEVKXGN[Ò CUTGRQTVGF D[ VJG 9QTNF $CPMÔ '0).+5* KU C FWOO[ XCTKCDNG GSWCNKPI Ï HQT EQWPVTKGUYKVJ CP 'PINKUJ:URGCMKPI JKUVQT[ ıKPENWFKPI EQNQPKCN KPXQNXGOGPVÙÒ CPF Ì QVJGTYKUGÔÏÍ

%1// KU C FWOO[ XCTKCDNG GSWCNKPI Ï HQT EWTTGPV CPF HQTOGT %QOOWPKUV EQWPVTKGUÒCPF Ì QVJGTYKUGÔ &+56#0%' KU VJG ITGCV:EKTENG:TQWVG FKUVCPEG HTQO VJG NCTIGUV EKV[ KPGCEJ EQWPVT[ VQ 0GY ;QTM %KV[ÔÏÈ (4'' KU VJG EQWPVT[rU GEQPQOKE HTGGFQO UEQTG HQTÏ‰‰ÊÔÏË 6JKU KU CP KPFGZ YJKEJ TCPIGU HTQO Ï HQT sOQUV HTGGt VQ Ë HQT sNGCUV HTGGÔt0#(6# KU C FWOO[ XCTKCDNG GSWCNKPI Ï HQT %CPCFC CPF /GZKEQÒ CPF Ì HQT CNN QVJGTEQWPVTKGU‚ KV ECRVWTGU UKOWNVCPGQWUN[ VJG GHHGEV QH C UJCTGF DQTFGT YKVJ VJG 7PKVGF5VCVGU CPF VJG GHHGEVU QH VJG 0QTVJ #OGTKECP (TGG 6TCFG #ITGGOGPV ı0#(6#ÙÔ(14$140 KU VJG EQWPV QH HQTGKIP:DQTP RGTUQPU KP VJG 7PKVGF 5VCVGU HTQO GCEJ EQWPVT[ÒCEEQTFKPI VQ VJG Ï‰‰Ì 7Ô5Ô %GPUWUÔ

6JG IGPGTCN UVTCVGI[ HQT GUVKOCVKPI VJG XCNWGU HQT ; KP VJG CDUGPEG QH UCPEVKQPU KU VQ TWPVJG TGITGUUKQPÒ QDVCKP GUVKOCVGU QH VJG CrUÒ CPF IGPGTCVG CP GUVKOCVG QH NPı;Ù WUKPI VJGXCNWGU QH VJG TKIJV:JCPF:UKFG XCTKCDNGU YJKEJ FGUETKDG %WDCÔÏÁ 6JKU GUVKOCVG KUCFLWUVGF HQT NQICTKVJOKE VTCPUHQTOCVKQP DKCUÔÏÊ

'UVKOCVGU HQTOGTEJCPFKUG VTCFG HNQYU YGTG ECNEWNCVGF HQT GZRQTVU CPF KORQTVU QPDQVJCIITGICVG CPF QPG:FKIKV 5+6% NGXGN FCVCÒ CU YGNN CU HQT VJG KPFKXKFWCN EQOOQFKVKGUCPCN[\GF KP VJKU TGRQTVÔ #NN VTCFG FCVC CTG HTQO Ï‰‰ÊÒ CPF VCMGP HTQO VJG9QTNF 6TCFG

ÏÎw%QPVKPWGFıËÔÏ RGTEGPVÙÔ +P VJG ECUG QH VGNGEQOOWPKECVKQPU UGTXKEG RC[OGPVUÒ GSWCVKQP ıÏÙ YCU GUVKOCVGF VYKEGÒ QPEGWUKPI VQVCN OKPWVGU QH VTCHHKE DKNNGF KP VJG7PKVGF 5VCVGU VQ XCTKQWU EQWPVTKGUÒ CPF QPEG WUKPI VQVCN OKPWVGU QHVTCHHKE DKNNGF KP HQTGKIP EQWPVTKGUÒ CPF QTKIKPCVKPI QT VGTOKPCVKPI KP VJG7PKVGF 5VCVGUÔ 'UVKOCVGU QH EJCPIGUKP RC[OGPVU VQ %WDCP ECTTKGTU ıTGEGKRVU HTQO %WDCP ECTTKGTUÙ YGTG IGPGTCVGF D[ EQORCTKPI VJGGUVKOCVGF VQ VJG CEVWCN PWODGT QHOKPWVGU DKNNGF KP VJG7PKVGF 5VCVGU ı%WDCÙÒ CPFOWNVKRN[KPI VJGFKHHGTGPEGD[ VJG UGVVNGOGPV TCVG QH ÁÌ EGPVU RGT OKPWVG CU TGRQTVGF D[ VJG (%%Ô 6JG UGVVNGOGPV TCVG YCU WUGF CU CPCFFKVKQPCN TGITGUUQT KP VJG GSWCVKQPU HQT VGNGRJQPG UGTXKEG RC[OGPVUÒ DWV RTQXGF VQ DG KPUKIPKHKECPV QT QHVJG YTQPI UKIP ıKÔGÔ JKIJGT UGVVNGOGPV TCVGU YGTG PQV CUUQEKCVGF YKVJ HGYGT OKPWVGU QH VTCHHKE DKNNGFÙÔ

ÏÍ /QTG RTGEKUGN[Ò '0).+5* KU FGHKPGF CU VJG OGODGTU QH VJG $TKVKUJ %QOOQPYGCNVJ CPF VJGKTRQUUGUUKQPUÒ RNWU .KDGTKCÒ 2CPCOC CPF VJG 2JKNKRRKPGU DGECWUG QH VJGKT JKUVQTKECN KPXQNXGOGPV YKVJ VJG7PKVGF 5VCVGUÔ

ÏÈ 6JKU KU VCMGP HTQO )Ô (KV\RCVTKEM CPF /Ô /QFNKPÒ &KTGEV .KPG &KUVCPEGU„ +PVGTPCVKQPCN 'FKVKQPı/GVWEJGPÒ 0,„ 5ECTGETQY 2TGUUÒ Ï‰ÂÁÙÔ

ÏË 5GG -KO 4Ô *QNOGUÒ $T[CP 6Ô ,QJPUQPÒ CPF /GNCPKG -KTMRCVTKEMÒ +PFGZ QH 'EQPQOKE (TGGFQOı9CUJKPIVQPÒ &Ô%Ô CPF 0GY ;QTM„ 6JG *GTKVCIG (QWPFCVKQP CPF VJG 9CNN 5VTGGV ,QWTPCNÒ Ï‰‰ÊÙÔ

ÏÁ 6JG XCNWGU HQT %WDC CTG CU HQNNQYUÒ VCMGP HTQO VJG UCOG UQWTEGU CU HQT VJG TGITGUUKQP GZEGRV CUKPFKECVGF„

)&2 KP Ï‰‰Ê ˘Ï‰ÔÊÁÊ DKNNKQP ı'EQPQOKUV +PVGNNKIGPEG 7PKVÙ)&2Ó212 ˘ÏÒÊÂ‰ ıECNEWNCVGF DCUGF QP 'EQPQOKUV +PVGNNKIGPEG 7PKVÙ'0).+5* Ì%1// Ï&+56#0%' ‰Ï‰ MOÔ 6JKU KU VJG VTCFG:YGKIJVGF CXGTCIG QH VJG FKUVCPEG HTQO *CXCPC VQ VJG VQR ÏÌ

RQTVU TGEGKXKPI KORQTVU WPFGT VJG %CTKDDGCP $CUKP 'EQPQOKE 4GEQXGT[ #EV ı%$'4#Ù RTQITCO KP Ï‰‰‰Ô (QTIGQITCRJKE TGCUQPUÒ VJG RQTVU WUGF D[ 7Ô5Ô:%WDCP VTCFG RTQDCDN[ YQWNF DG UKOKNCT VQ VJQUG EWTTGPVN[WUGF D[ %$'4# VTCFGÔ

(4'' ÈÔÂË ıÏ KU OQUV:HTGGÒ Ë KU NGCUV:HTGGÙÔ0#(6# Ì(14$140 ÊÍÁÒ‰ÊÏ ıVJKTF CHVGT /GZKEQ CPF %CPCFCÙÏÊ 5GG9KNNKCO #Ô &QPPGNN[Ò s%QTTGEVKPI HQT .QICTKVJOKE 6TCPUHQTOCVKQP $KCU KP 2TGFKEVKQPUÒt 75+6%

1HHKEG QH 'EQPQOKEU 4GUGCTEJ 0QVGUÒ &GEGODGT Ï‰‰ÁÒ 0QÔ ‰Á:ÏÏ:%ÒÔ

(:Â

#PCN[\GT FCVCDCUG RTQFWEGF D[ 5VCVKUVKEU %CPCFCÔÏÂ +P VJG ECUG QH OGTEJCPFKUGVTCFGÒ VJG UVTCVGI[ YCU PQV VQ GUVKOCVG NGXGNU QH VTCFG CU KP GSWCVKQP ıÏÙÒ DWV UJCTGU QH%WDCP GZRQTVU ıKORQTVUÙ YJKEJ OKIJV DG UJKRRGF VQ ıUQWTEGF HTQOÙ VJG 7PKVGF 5VCVGU KPVJG CDUGPEG QH UCPEVKQPUÔ 6JCV KUÒ VJG UVTCVGI[ YCU VQ QDVCKP GUVKOCVGU QH RÏ‰ KP VJGGSWCVKQP„

ıÎÙ 7Ô5Ô GZRQTVU VQ ıKORQTVU HTQOÙ %WDC RÛ%WDCrU KORQTVU HTQO ıGZRQTVU VQÙ VJGYQTNFÔ

6JKU UVTCVGI[ YCU CFQRVGF DGECWUG GUVKOCVGU QH NPı;Ù IGPGTCVGF HTQO GSWCVKQP ıÏÙEQWNF RQVGPVKCNN[ GZEGGF %WDCrU GPVKTG GZRQTV UWRRN[ QT KORQTV FGOCPFÒ YJKNGGUVKOCVGU DCUGF QP GSWCVKQP ıÎÙ CTG EQPUVTCKPGF VQ GSWCN PQ OQTG VJCP C UJCTG QH%WDCrU JKUVQTKECN VTCFGÔ 6JG JKUVQTKECN XCNWGU HQT VJG TKIJV:JCPF UKFG QH GSWCVKQP ıÎÙYGTG QDVCKPGF RTKOCTKN[ HTQO %WDCP PCVKQPCN FCVC UQWTEGUÒÎÌ CPF CXGTCIGF QXGTÏ‰‰Á:‰Â VQ UOQQVJ XQNCVKNKV[ KP VJG FCVCÔÎÏ 'UVKOCVGU QH R CTG QDVCKPGF D[ OGCUWTKPIVJG XCNWGU QH R ECNEWNCVGF DCUGF QP CEVWCN 7Ô5Ô VTCFG YKVJ VJKTF:EQWPVT[ VTCFKPIRCTVPGTU ıKÔGÔ VJG UJCTG QH EQWPVT[ KrU KORQTVU YJKEJ EQPUKUV QH 7Ô5Ô GZRQTVUÒ QT VJG UJCTGQH EQWPVT[ KrU GZRQTVU YJKEJ EQPUKUV QH 7Ô5Ô KORQTVUÙÔ 'SWCVKQPU QH VJG HQNNQYKPI HQTOCTGVJGP HKVVGF VQ VJGUG XCNWGU„

ıÍÙ 4$ HR*

H :cC

:cC

KP YJKEJ :cC KU CPCNQIQWU VQ VJG NGHV:JCPF UKFG QH ıÏÙÒ YKVJ VJG :rU GPVGTGF KP NGXGNU CPFQOKVVKPI VJG VGTO HQT (14$140ÔÎÎ 6JG NQIKUVKE HWPEVKQPCN HQTO KP ıÍÙ VCMGU KPVQ CEEQWPV

ÏÂ 6JKU FCVCDCUG KU DCUGF QP VJG 7PKVGF 0CVKQPUr %1/64#&' FCVCDCUGÒ CFLWUVGF WUKPI CPCNIQTKVJO HQTEKPI GZRQTVU HTQO EQWPVT[ K VQ EQWPVT[ L VQ GSWCN KORQTVU QH EQWPVT[ L HTQO EQWPVT[ KÔ 6JKURTQRGTV[ KU GUUGPVKCN HQT VJG CPCN[UKU FGUETKDGF JGTGÔ +V FQGU PQV PGEGUUCTKN[ JQNF KP VJG %1/64#&' FCVCUKPEG VJG UCOG VTCFG HNQY KU TGRQTVGF VYKEGÒ D[ VJG GZRQTVGT CPF D[ VJG KORQTVGTÔ

Ï‰ 6JG RTGUGPV GEQPQOGVTKE CRRTQCEJ UJQWNF PQV DG EQPHWUGF YKVJ CP CNVGTPCVKXGÒ CNUQ HQWPF KP VJGNKVGTCVWTGÒ YJKEJ UGGMU VQ GZRNCKP RÒ FGHKPGF GKVJGT CU VJG UJCTG QH VTCFG HTQO EQWPVT[ K KP EQWPVT[ LrU VQVCNVTCFG QT VJG UJCTG QH KORQTVU KP EQWPVT[ LrU EQPUWORVKQPÒ CU C HWPEVKQP QH XCTKCDNGU UWEJ CU TGNCVKXG RTKEGUQT GZEJCPIG TCVGUÒ DCUGF QP RTKPEKRNGU FGTKXKPI HTQO EQPUWORVKQP VJGQT[Ô 5GG ,Ô&CXKF 4KEJCTFUQPÒs%QPUVCPV:/CTMGV:5JCTGU #PCN[UKU QH 'ZRQTV )TQYVJÒt ,QWTPCN QH +PVGTPCVKQPCN 'EQPQOKEUÒ Ï‰ÊÏÒ XQNÔ ÏÒ0QÔ ÎÒ RRÔ ÎÎÊ:ÎÍ‰‚ 'TKE 8Ô %NKHVQPÒ s4GCN 'ZEJCPIG 4CVGUÒ +ORQTV 2GPGVTCVKQP CPF 2TQVGEVKQPKUO KP+PFWUVTKCN %QWPVTKGUÒt +/( 5VCHH 2CRGTUÒ Ï‰ÂÁÒ XQNÔ ÍÍ PQÔ ÍÒ RRÔ ËÏÍ:ÍÁ‚ %JTKUVKPG %JOWTCÒ s6JG 'HHGEV QH'ZEJCPIG 4CVG 8CTKCVKQP QP 7Ô5Ô 6GZVKNG CPF #RRCTGN +ORQTVUÒt (GFGTCN 4GUGTXG $CPM QH 4KEJOQPF'EQPQOKE 4GXKGYÒ Ï‰ÂÊÒ XQNÔ ÊÍÒ0QÔ ÍÒ RRÔ ÏÊ:ÎÍ‚ CPF%CVJ[ .Ô ,CDCTCÒ s'HHGEVU QH #ITKEWNVWTCN 2TQVGEVKQPQP (QQF /CPWHCEVWTKPI„ 6JG 7Ô5Ô 5WICT 2TQITCOÒt 'WTQRGCP 4GXKGY QH #ITKEWNVWTCN 'EQPQOKEUÒ Ï‰Â‰ÒXQNÔ ÏÁÒ RRÔ ÍÊË:ÍÂ‰Ô

ÎÌ #PWCTKQ 'UVCFºUVKEQ FG %WDC Ï‰‰Â ı*CXCPC„ 1HKEKPC 0CEKQPCN FG 'UVCFºUVKECUÒ Ï‰‰‰ÙÒ RRÔÏÎÊ:ÏÈÁÔ #NVGTPCVG UQWTEGU QH %WDCP VTCFG FCVC CV VJG EQOOQFKV[ NGXGN CTG IGPGTCNN[ DCUGF QP TGRQTVKPIVQ %1/64#&' D[ RCTVPGT EQWPVTKGU CPF U[UVGOCVKECNN[ IKXG NQYGT XCNWGU VJCP VJQUG KP QHHKEKCN UVCVKUVKEUÒRQUUKDN[ FWG VQ VJG HCEV VJCV %WDC KU C UOCNN VTCFKPI RCTVPGT HQT OCP[ EQWPVTKGUÔ 6JWUÒ KV YCU FGEKFGF VQ WUG%WDCP PCVKQPCN FCVCÔ 6JGUG FCVC CTG TGRQTVGF KP EQPXGTVKDNG %WDCP RGUQUÒ YJKEJ JCXG VJG QHHKEKCN %WDCPGZEJCPIG TCVG QH Ï RGUQ Ï FQNNCTÔ

ÎÏ +P C HGY ECUGUÒ DCUG FCVC HQT %WDCrU VTCFG KP UQOG RTQFWEVU YGTG QDVCKPGF HTQO KPFGRGPFGPVUQWTEGU YJGP VJGUG CRRGCTGF VQ DG OQTG ETGFKDNGÔ

ÎÎ 9JKNG VJG GUVKOCVGU QH VJG CrU QDVCKPGF HTQO VJKU GSWCVKQP CTG EQPUKUVGPVÒ KP RTKPEKRNG OQTGGHHKEKGPV GUVKOCVGU ECP DG QDVCKPGF D[ GUVKOCVKPI ıÍÙ LQKPVN[ D[ UGGOKPIN[:WPTGNCVGF TGITGUUKQP ı574Ù YKVJGSWCVKQPU HQT YJKEJ VJG FGRGPFGPV XCTKCDNG R TGRTGUGPVU VJG OCTMGV UJCTGU HQT OCLQT RCTVKEKRCPVU KP VJGOCTMGV QVJGT VJCP VJG 7PKVGF 5VCVGUÒ UWEJ VJCV 5 R TGRTGUGPVU OQUV QH VJG CEVKXKV[ KP VJG OCTMGVÔ

(:‰

VJG HCEV VJCV VJG XCNWGU QH R CTG DQWPFGF QP =ÌÒÏ?Ô &KHHGTGPV GUVKOCVGU QH ıÍÙ YGTGIGPGTCVGF HQT GZRQTVUÒ HQT KORQTVUÒ CPF HQT GCEJ FKUCIITGICVGF EQOOQFKV[Ô 'UVKOCVGUHQT VJG RQVGPVKCN VTCFG UJCTGU QH VJG 7PKVGF 5VCVGU KP %WDCP VTCFG YGTG IGPGTCVGF D[CRRN[KPI VJG GUVKOCVGF RCTCOGVGTU QH ıÍÙ VQ VJG XCNWGU QH : FGUETKDKPI %WDCÒ CUFGUETKDGF RTGXKQWUN[Ò VQ RTQXKFG GUVKOCVGU QH RÔ 6JGUGÒ KP VWTPÒ YGTG WUGF VQ IGPGTCVGGUVKOCVGU QH RQVGPVKCN 7Ô5Ô:%WDCP VTCFG WUKPI ıÎÙÔ

'UVKOCVGU YGTG OCFG QH CP CNVGTPCVG URGEKHKECVKQP KP YJKEJ VJG UCORNG QH RrU EQPUKUVGFQH QDUGTXCVKQPU QP VJG UJCTGU QH %WDCrU CEVWCN VTCFG YKVJ FKHHGTGPV EQWPVTKGUÒ TCVJGTVJCP QP QDUGTXCVKQPU QH 7Ô5Ô VTCFGÔ 7UKPI VJKU OGVJQFÒ GUVKOCVGU QH RQVGPVKCN7Ô5Ô:%WDCP VTCFG YQWNF JCXG WUGF XCNWGU HQT VJG :rU FGUETKDKPI VJG 7PKVGF 5VCVGUÒTCVJGT VJCP %WDCÔ 6JG RTQDNGO YKVJ VJKU RTQEGFWTG KU VJCV VJG 7PKVGF 5VCVGU KU XGT[FKHHGTGPV HTQOCP[ QH %WDCrU VTCFKPI RCTVPGTU DGECWUG QH VJG NCTIG7Ô5Ô GEQPQOKE UK\GÒJKIJ KPEQOGÒ GVEÔ‚ VJWUÒ VJG RTQEGFWTG VGPFGF VQ RTQFWEG GUVKOCVGU QH R WPTGCNKUVKECNN[ENQUG VQ Ì QT ÏÔ 5KPEG VJGTG CTG OQTG EQWPVTKGU YKVJ CVVTKDWVGU UKOKNCT VQ %WDCrU KP CUCORNG QH 7Ô5Ô VTCFKPI RCTVPGTU VJCP EQWPVTKGU YKVJ CVVTKDWVGU UKOKNCT VQ VJG 7PKVGF5VCVGU KP C UCORNG QH %WDCrU VTCFKPI RCTVPGTUÒ VJG RTQEGFWTG CEVWCNN[ HQNNQYGF YCUFGGOGF VQ RTQFWEG OQTG TGCUQPCDNG TGUWNVUÔ

6JG GUVKOCVGU QDVCKPGF CV DQVJ VJGCIITGICVG CPF EQOOQFKV[:URGEKHKE NGXGNU EQPHKTOGFVJG KORQTVCPEG QH EGTVCKP XCTKCDNGU OQTG UVTQPIN[ VJCP QVJGTUÔ $QVJ KP CIITGICVGÒ CPFHQT OQUV EQOOQFKVKGUÒ VJG UJCTG QH VTCFG EQPUKUVKPI QH 7Ô5Ô GZRQTVU QT KORQTVU KU JKIJGTHQT EQWPVTKGU ENQUG D[Ò HQT RQQTGT EQWPVTKGUÒ CPF HQT VJG0#(6# RCTVPGTUÒ CPF NQYGT HQTJKUVQTKECNN[ EQOOWPKUV EQWPVTKGUÔ 6JG GHHGEV HQT RQQTGT EQWPVTKGU OC[ DG FWG VQ VJGFKHHKEWNV[ UWEJ EQWPVTKGU JCXG KP GUVCDNKUJKPI VTCFG PGVYQTMUÔ 6JG FKUVCPEG CPF KPEQOGGHHGEVU VGPF VQ NGCF VQ JKIJGT RTGFKEVKQPU QH 7Ô5Ô:%WDC VTCFG KP VJG CDUGPEG QHUCPEVKQPUÒ YJKNG VJG GHHGEVU QH 0#(6# CPF JKUVQTKECN EQOOWPKUO VGPF VQ NGCF VQ NQYGTRTGFKEVKQPUÔ 6JG GHHGEVU QH CP 'PINKUJ:URGCMKPI JGTKVCIG CPF QH GEQPQOKE HTGGFQOUJQYGF ITGCVGT XCTKCVKQP HTQO EQOOQFKV[ VQ EQOOQFKV[Ò VJQWIJ GEQPQOKECNN[ WPHTGGEQWPVTKGU VGPFGF VQ JCXG UOCNNGT 7Ô5Ô VTCFG UJCTGU KP VJG CIITGICVGÔ

5KOKNCT GHHGEVU YGTG QDUGTXGF KP VJG GSWCVKQPU HQT HQTGKIP GZEJCPIG HNQYU‚ KP CFFKVKQPÒUWEJ HNQYU VGPFGF VQ DG JKIJGT VQ QT HTQO EQWPVTKGU YKVJ NCTIG GEQPQOKGU ıJKIJ )&2ÙCPF C JKIJ HQTGKIP:DQTP RQRWNCVKQP KP VJG 7PKVGF 5VCVGUÒ CPF 'PINKUJ:URGCMKPIEQWPVTKGUÔ 1P VJG YJQNGÒ HQT VJG HQTGKIP GZEJCPIG HNQYU VJG PGICVKXG GHHGEVU QH DGKPI CJKUVQTKECNN[ EQOOWPKUV EQWPVT[ YGTG UVTQPIGTÒ CPF VJG RQUKVKXG GHHGEV QH 0#(6#YGCMGTÒ VJCP HQT OGTEJCPFKUG VTCFG HNQYUÔ 6JG GHHGEVU QH )&2 CPF 'PINKUJ:URGCMKPIVGPFGF VQ FGETGCUGÒ CPF VJG GHHGEV QH HQTGKIP:DQTP RQRWNCVKQP VQ KPETGCUGÒ GUVKOCVGU QHRQVGPVKCN HNQYU QH HQTGKIP GZEJCPIG HTQO VJG 7PKVGF 5VCVGU VQ %WDCÔ

''''UUUUVVVVKKKKOOOOCCCCVVVVGGGGUUUU HHHHQQQQTTTT ####IIIIIIIITTTTGGGGIIIICCCCVVVVGGGG ////GGGGTTTTEEEEJJJJCCCCPPPPFFFFKKKKUUUUGGGG 6666TTTTCCCCFFFFGGGG

6JG GUVKOCVGU QH VJG OCTMGV:UJCTG ITCXKV[ OQFGN HQT 7Ô5Ô GZRQTV OCTMGV UJCTGU CPF7Ô5Ô KORQTV OCTMGV UJCTGU CTG RTGUGPVGF KP VCDNG (:Ï DGNQYÔ

6 666C CCCD DDDN NNNG GGG( (((' '''Ï ÏÏÏ

# ###I IIII III

T TTTG GGGI IIIC CCC

V VVVG GGGI IIIT TTTC CCCX XXXK KKKV VVV[ [[[

O OOOQ QQQF FFF

G GGGN NNNT TTTG GGGI IIIT TTTG GGGU UUUU UUUK KKKQ QQQ

P PPPU UUU& &&&G GGGR RRRG GGGP PPPF FFFG GGGP PPPV VVV

X XXXC CCCT TTTK KKKC CCCD DDD

N NNNG GGGU UUU

+ +++P PPPV VVVG GGGT TTTE EEEG GGGR RRRV VVV

) )))& &&&2 222

2 222G GGGT TTTE EEEC CCCR RRRK KKKV VVVC CCC

K KKKP PPPE EEEQ QQQO OOOG GGG

' '''P PPPI IIIN NNNK KKKU UUUJ JJJ' '''

U UUUR RRRG GGGC CCCM MMMK KKKP PPPI III

* ***K KKKU UUUV VVVQ QQQT TTTK KKKE EEEC CCCN NNNN NNN[ [[[

E EEEQ QQQO OOOO OOOW WWWP PPPK KKKU UUUV VVV

& &&&K KKKU UUUV VVVC CCCP PPPE EEEG GGGH HHHT TTTQ QQQO OOO

V VVVJ JJJG GGG

7 777P PPPK KKKV VVVG GGGF FFF5 555V VVVC CCCV VVVG GGGU UUU

' '''E EEEQ QQQP PPPQ QQQO OOO

K KKKE EEEH HHHT TTTG GGGG GGGF FFFQ QQQ

O OOOÏ ÏÏÏ

0 000# ###( (((6 666# ###

0 0004 444Î ÎÎÎ

/CTMGVUJC

TGQH

7Ô5ÔGZRQTVU

ÔÔÔÔ

ÏÔÁÌ

ıÏ‰Í

ÌÔÁ‰

ÙÛÛÛ

ÈÔ‰È

G'ÏÍ

ıÏÔÁÎÙÛ

'ÊÔÏÈG

'ÌË

ı'ÍÔÊÂÙÛÛÛ

'ÏÁÔË

ı'ÌÔÂÁÙ

'ÏÔÁÂ

ı'ÏÔËÂÙÛ

'ÍÔÎÎG'ÌÈ

ı'ÊÔÂËÙÛÛÛ

'ÌÔÎÎ‰

ı'ÎÔ‰ÁÙÛÛÛ

ÏÔËÊ

ıÎÔÊÎÙÛÛÛ

‰ÍÌÔÂÎ

/CTMGVUJC

TGQH

7Ô5ÔKORQ

TVUÔÔÔÔ

ÏÔÌÎ

ıÎÎÎ

ÈÁÔËÏÙÛÛÛ

ÏÔÈÎ

G'ÏÎ

ıÎÔÏÌÙÛÛ

'ÏÔÎÂG'ÌÈ

ı'ÏÔ‰ÈÙÛÛ

'ÌÔÁÁÊ

ı'ÏÔÎËÙ

'ÏÔÌÂ

ı'ÌÔ‰ÎÙ

'ÈÔÎÌGÌÈ

ı'ÈÔÎÈÙÛÛÛ

ÌÔÎÏË

ıÏÔÎÈÙ

ÏÔÌË

ıÌÔÊËÙ

ÏÌ‰

ÌÔËÏ

Ï#PGIC

VKXGUKI

POGCPU

VJCV

VTCFG

KUITGCVGTHQTEQWPVTKGU

YKVJ

OQTGGEQPQO

KEHTGGFQ

OÔ

0QVGU„

6'UVC

VKUVKEUKPRC

TGPVJGUGUÔ

ÛKUUKI

PKHKECP

VVQÌÔÏÌ

ıQPG'VC

KNGFVGUVÙÔ

ÛÛKUUKI

PKHKECP

VVQÌÔÌË

ıQPG'VC

KNGFVGUVÙÔ

ÛÛÛKUUKI

PKHKECP

VVQÌÔÌÏ

ıQPG'VC

KNGFVGUVÙÔ

(:ÏÏ

+PUGTVKPI VJG XCNWGU FGUETKDKPI %WDC HTQO VJG CDQXG HQQVPQVG KPVQ VJG CIITGICVGGSWCVKQP HQT 7Ô5Ô GZRQTV OCTMGV UJCTGU IKXGU CP GUVKOCVGF OCTMGV UJCTG QH 7Ô5ÔGZRQTVU VQ %WDC COQWPVKPI VQ ÏÁÔÂ RGTEGPV QH %WDCrU VQVCN KORQTVUÔ 6JKU EQORCTGU VQVJG %QOOKUUKQPrU U[PVJGUKU GUVKOCVG QH ÏÂ VQ ÎÊ RGTEGPV QH %WDCrU VQVCN KORQTVUÔ 6JGEQTTGURQPFKPI GUVKOCVGF OCTMGV UJCTG QH 7Ô5Ô KORQTVU HTQO %WDC HTQO C ITCXKV[GSWCVKQP CNQPG KU ÎÎÔÊ RGTEGPV QH %WDCrU VQVCN GZRQTVUÔÎÍ 6JG %QOOKUUKQPrU GUVKOCVGCOQWPVU VQ ‰ VQ ÏÊ RGTEGPV QH %WDCrU PQP:UWICT GZRQTVUÒ QT Ë VQ ‰ RGTEGPV QH %WDCrUVQVCN GZRQTVUÔ

$QVJ VJG %QOOKUUKQPrU GUVKOCVG CPF VJG GUVKOCVG OCFG UQNGN[ YKVJ CP CIITGICVGFITCXKV[ OQFGN CITGG KP HKPFKPI VJCV VJG NKMGN[ 7Ô5Ô UJCTG QH %WDCP VTCFG KP VJG CDUGPEGQH UCPEVKQPU YQWNF DG UKIPKHKECPVN[ NQYGT VJCP VJG EQTTGURQPFKPI UJCTG YCU KP VJG NCVGÏ‰ËÌUÔ 6JG KPEQTRQTCVKQP QH GZRGTV QRKPKQP QP UGNGEVGF EQOOQFKVKGU CPF UGEVQTU KPVQVJG GUVKOCVG VGPFU VQ TCKUG VJG %QOOKUUKQPrU GUVKOCVG QH 7Ô5Ô GZRQTVU VQ %WDCÒ CPF VQNQYGT VJG GUVKOCVG QH %WDCP GZRQTVU VQ VJG 7PKVGF 5VCVGUÒ TGNCVKXG VQ CP GUVKOCVG OCFGUQNGN[ D[ GEQPQOGVTKE OGCPUÔ

ÎÍ 6JG TCPIGU WUGF KP VJG %QOOKUUKQPrU GUVKOCVG QH TGUKFWCN VTCFG COQWPV VQ RNWU QT OKPWU Ë RGTEGPVQH VJG GUVKOCVGF UJCTGU HTQO VJG CIITGICVG ITCXKV[ OQFGNÔ 6JKU RTQXKFGU C TCPIG EQORCTCDNG YKVJ VJCV QHVJG EQOOQFKV[:D[:EQOOQFKV[ GUVKOCVGUÔ

####22222222''''0000&&&&++++:::: ))))5555GGGGEEEEVVVVQQQQTTTTCCCCNNNN 5555VVVVCCCCVVVVKKKKUUUUVVVVKKKKEEEEUUUU

)3Í

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏCCCC####KKKKTTTT VVVVTTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰

+PFWUVT[ TGXGPWGU ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÂ ÊÏ Ê‰ ÂÂ ı ÏÙ

2CUUGPIGTU VTCPURQTVGF QP 7Ô5Ô CKTNKPGUıOKNNKQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÈÂ ËÂÏ Ë‰‰ ÁÏÍ ÎÁÍË

+PVGTPCVKQPCN RCUUGPIGT VTCHHKE ECTTKGF D[ 7Ô5ÔCKTNKPGU ıDKNNKQPU QH RCUUGPIGT MKNQOGVGTUÙ Ô Ô ÎÈÌ ÎËÁ ÎÁÂ ÎÊÍ ÎÎÂÂ

+PVGTPCVKQPCN HTGKIJV VTCHHKE ECTTKGF D[ 7Ô5ÔCKTNKPGU ıDKNNKQPU QH VQP MKNQOGVGTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÏÏ ÏÎ ÏË ÏÁ ÎÏÊ

&QOGUVKE RCUUGPIGT VTCHHKE ECTTKGF D[ 7Ô5ÔCKTNKPGU ıDKNNKQPU QH RCUUGPIGT MKNQOGVGTUÙ Ô Ô ÁÏÂ ÁÁÈ Á‰Ê ÊÏÎ ÎÊËÊ

&QOGUVKE HTGKIJV VTCHHKE ECTTKGF D[ 7Ô5Ô CKTNKPGUıDKNNKQPU QH VQP MKNQOGVGTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ ‰ ÏÌ ÏÌ ÎÏÌ

4CVKQ QH VQVCN VTCHHKE ıRCUUGPIGTUÒ HTGKIJVÒ CPFOCKNÙ ECTTKGF D[ 7Ô5Ô CKTNKPGU VQ VQVCN YQTNFVTCHHKE ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÈ ÍÈ ÍÈ ÍÈ ÎÍÈ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰‰Ë ÏÒÌÈÍ ÏÒÌÁÍ ÏÒÏÏÂ ı ÏÙ

0WODGT QH CKTNKPGU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏÌ ÍÏÌ ÍÏÌ ÍÏÌ ÍÏÌÏ 0QV CXCKNCDNGÔÎ Ï‰‰‰ HKIWTGU CTG GUVKOCVGFÔÍ &GPQVGU PWODGT QH OCLQT 7Ô5Ô RCUUGPIGT ECTTKGTUÔ

5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏDDDD####KKKKTTTT VVVVTTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U ÍÈ RGTEGPV QH YQTNF VQVCN VTCHHKE‚ ÍÂ RGTEGPV QH YQTNF RCUUGPIGT VTCHHKE‚ ÎË RGTEGPV QH

YQTNF HTGKIJV VTCHHKE ıDCUGF QP CXGTCIG Ï‰‰Ë3‰‰ÙÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô KPFWUVT[ JKIJN[ EQORGVKVKXG KPVGTPCVKQPCNN[Ò CU C TGUWNV QH GZVGPUKXG TQWVG PGVYQTMUÒ

SWCNKV[ QH UGTXKEGÒ UCHGV[ TGEQTFUÒ CPF HTGSWGPV HN[GT RTQITCOUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 7Ô5Ô NCY TGUVTKEVU HQTGKIP KPXGUVOGPV KP 7Ô5Ô CKTNKPGU VQ ÎË RGTEGPV XQVKPI UVQEM CPF È‰

RGTEGPV PQPXQVKPI UVQEMÔU 7Ô5Ô ECDQVCIG TGUVTKEVKQPU RTQJKDKV HQTGKIP3QYPGF CKTNKPGU HTQO UGTXKPI VJG FQOGUVKE

OCTMGVÔ ı%CDQVCIG KU VJG VTCPURQTV QH RCUUGPIGTU DGVYGGP VYQ RQKPVU KP VJG UCOGEQWPVT[ÙÔ

6TCFG OGCUWTGU„U 7Ô5Ô UCPEVKQPU RGTOKV 7Ô5Ô CKTNKPGU VQ QRGTCVG QPN[ EJCTVGT HNKIJVU VQ %WDC NKEGPUGF D[

1(#%ÔU 6JG 7PKVGF 5VCVGU OCKPVCKPU C DKNCVGTCN CKT UGTXKEG CITGGOGPV YKVJ %WDC ıGUVCDNKUJGF KP

Ï‰ËÍÙÔU 7Ô5Ô EJCTVGT HNKIJV QRGTCVQTU VQ %WDC EWTTGPVN[ RTQXKFG UGTXKEG WPFGT sGZVTC3DKNCVGTCNt

CWVJQTKV[ ıKÔGÔÒ CWVJQTKV[ ITCPVGF WPFGT OWVWCN CITGGOGPV QH VJG 7Ô5Ô CPF %WDCPIQXGTPOGPVU VJCV NKGU QWVUKFG VJG UEQRG QH VJG 7Ô5Ô3%WDC DKNCVGTCN CKT UGTXKEG CITGGOGPVÙÔ

5RGEKCN KPFWUVT[ EJCTCEVGTKUVKEU„U 6TGPF VQYCTF INQDCN CKT ECTTKGT CNNKCPEGUÒ CNNQYKPI CKTNKPGU VQ KPETGCUG TQWVG PGVYQTMU

CPF RCUUGPIGT HNQYÔU 0CUEGPV OQXGOGPV VQYCTF OGTIGTU CPF CESWKUKVKQPU COQPI 7Ô5Ô CKTNKPGUÔ


)3È

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏEEEE####KKKKTTTT VVVVTTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰ÏÏÏÏ

2CUUGPIGTU VTCPURQTVGF QP %WDCP CKTNKPGUıOKNNKQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÔÌ ÏÔÎ ÏÔË ÏÔË ÏÔÊ

+PVGTPCVKQPCN RCUUGPIGT VTCHHKE ECTTKGF D[%WDCP CKTNKPGU ıOKNNKQPU QH RCUUGPIGTMKNQOGVGTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÊÌÎ ÎÒÍÈÌ ÍÒÎÎÂ ÈÒÈÊÌ ÍÒÁÈÍ

+PVGTPCVKQPCN HTGKIJV VTCHHKE ECTTKGF D[ %WDCPCKTNKPGU ıOKNNKQPU QH VQP MKNQOGVGTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÍÎ ÈÍ ËË ÊÎ ÁÎ

&QOGUVKE RCUUGPIGT VTCHHKE ECTTKGF D[ %WDCPCKTNKPGU ıOKNNKQPU QH RCUUGPIGT MKNQOGVGTUÙ Ô Ô Ô ÍÌÍ ÍÌ‰ ÍÏË ÍÎÏ ÎÈÂ

&QOGUVKE HTGKIJV VTCHHKE ECTTKGF D[ %WDCPCKTNKPGUıOKNNKQPU QH VQP MKNQOGVGTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï Ï Ï Ï Ï

0WODGT QH CKTNKPGU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÏ ÎÏ ÎÏ ÎÏ ÎÏÏ Ï‰‰‰ HKIWTGU CTG GUVKOCVGFÔÎ &GPQVGU PWODGT QH OCLQT %WDCP RCUUGPIGT ECTTKGTUÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏFFFF####KKKKTTTT VVVVTTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U .GUU VJCP Ï RGTEGPV QH YQTNF RCUUGPIGT CPF HTGKIJV VTCHHKE ıDCUGF QP CXGTCIG Ï‰‰Ë3‰‰ÙÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„

U #NN %WDCP CKTNKPGU CTG UVCVG3QYPGFÔU +PVGTEWDC KU C PGY LQKPV XGPVWTG CKTNKPG HQTOGF D[ C EQPUQTVKWO QH %GPVTCN #OGTKECP

CKTNKPGU CPF VJG %WDCP )QXGTPOGPVÔ5RGEKCN KPFWUVT[ EJCTCEVGTKUVKEU„

U /CP[ QH VJG CKTETCHV KP %WDCrU HNGGV CTG CIKPI CPF PGGF TGRCKT QT TGRNCEGOGPVÔU # UJQTVCIG QH HQTGKIP GZEJCPIG KP %WDC JCU TGRQTVGFN[ RTGXGPVGF %WDCP CKTNKPGU HTQO

RWTEJCUKPI HWGN CPF URCTG RCTVU HQT VJGKT CKTETCHVÔU 6JG %WDCP )QXGTPOGPV JCU DGIWP VQ TGPQXCVG UQOG QH VJG EQWPVT[rU UGXGP CKTRQTVU VJCV

JCPFNG KPVGTPCVKQPCN HNKIJVUÒ KPENWFKPI ,QUG /CTVº +PVGTPCVKQPCN #KTRQTV KP *CXCPCÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

)3Ë

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎCCCC////CCCCTTTTKKKKVVVVKKKKOOOOGGGG VVVVTTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰

(TGKIJV CPF RCUUGPIGTU VTCPURQTVGF D[7Ô5Ô3HNCI XGUUGNUÏ

ıVJQWUCPFU QH ITQUU YGKIJV VQPUÙ Ô Ô Ô Ô Ô Ô Ô ÏÌÒÁÌÌ ÎÎÒÊÈÎ ‰ÒÁËÁ ‰ÒËÈÈ ‰ÒËÊÌ

7Ô5Ô KORQTVUÍ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏÒËÏÈ ÏÏÒÎËÂ ÏÏÒ‰ÌÈ ÏÍÒÁËÈ ı ÈÙ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÂËÌ ÏÒÁË‰ ÏÒÁÍÎ ÎÒÌÊÎ ı ÈÙ

)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÎÊÎ ÏÒÍÁË ÏÒÎËÍ ÏÒÌÌÎ ı ÈÙ

-QTGC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌËË ‰ËÂ ÏÒÌË‰ ‰ÌË ı ÈÙ

7Ô5Ô GZRQTVUÍ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÍÒËÊÁ ÏÎÒËÌÎ ÏÎÒÎÍÈ ÏÌÒÂ‰Ï ı ÈÙ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒ‰ÁÌ ÏÒÁ‰Ê ÏÒËÂÍ ÏÒÈÌÏ ı ÈÙ

)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌÁÏ ÏÒÍÍÌ ÏÒÏÊÊ ÊÏÈ ı ÈÙ

-QTGC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ÈÏ ÂÁ‰ ÏÒÌÈÌ ÊÏÌ ı ÈÙ

+PFWUVT[ TGXGPWGU ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏÔÁ ÏÎÔÎ ÏÍÔÍ ÏÍÔ‰ ı ÈÙ

(QTGKIP FKTGEV KPXGUVOGPV KP VJG 7Ô5ÔOCTKVKOG VTCPURQTV KPFWUVT[

ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÌÁ ÍÏÏ ÎÍÈ ÏÌÎ ı ÈÙ

7Ô5Ô FKTGEV KPXGUVOGPV KP OCTKVKOG VTCPURQTVKPFWUVTKGU QH HQTGKIP EQWPVTKGUıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÈÈË ÏÒÁÌÈ ÎÒÏÁË ÎÒËË‰ ı ÈÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁÊ ÏÁÁ ÏÊÏ ÏÊÍ ı ÈÙ

0WODGT QH 7Ô5Ô3HNCI XGUUGNUÏ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏ‰ ÎÎÂ‰ ÎÂË ÎÂÏ ÎÊÊÏ +PENWFGU FCVC HQT UGNH3RTQRGNNGF QEGCPIQKPI XGUUGNU QH ÏÒÌÌÌ VQPU CPF CDQXG VJCV CTG

RTKXCVGN[ QYPGFÔÎ &CVC TGRQTVGF KU CU QH ,WN[ ÏÒ Ï‰‰ÊÔÍ +PENWFGU RCUUGPIGT VTCPURQTVCVKQPÒ HTGKIJV VTCPURQTVCVKQPÒ CPF RQTV UGTXKEGUÔÈ 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎDDDD////CCCCTTTTKKKKVVVVKKKKOOOOGGGG VVVVTTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U +P Ï‰‰‰Ò VJG 7Ô5Ô3HNCIIGF OGTEJCPV HNGGV TCPMGF ÏÏVJ KP VJG YQTNFÔÏ

U &WTKPI Ï‰‰Í3‰ÊÒ 7Ô5Ô YCVGTDQTPG GZRQTVU CPF KORQTVU CEEQWPVGF HQT ÎÏ RGTEGPV QHINQDCN YCVGTDQTPG VTCFGÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô KPFWUVT[ JKIJN[ EQORGVKVKXG KPVGTPCVKQPCNN[ DCUGF QP EQUVU ıGURGEKCNN[ NCDQT EQUVUÙÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 7PFGT 7Ô5Ô NCY ıVJG ,QPGU #EVÙÒ 7Ô5Ô EKVK\GPU OWUV QYP CV NGCUV ÊË RGTEGPV QH XGUUGNU

VTCPURQTVKPI QEGCPDQTPG ECTIQ DGVYGGP 7Ô5Ô RQTVUÔ ,QPGU #EV XGUUGNU OWUV DG DWKNV KP VJG7Ô5Ô CPF QRGTCVGF D[ 7Ô5Ô EKVK\GPUÔ

5RGEKCN KPFWUVT[ EJCTCEVGTKUVKEU„U 6TGPF VQYCTF INQDCN XGUUGN UJCTKPI CITGGOGPVU ıCNNKCPEGUÙ CPF TGIKUVGTKPI 7Ô5Ô XGUUGNU KP

QVJGT EQWPVTKGUÔÏ 4CPMKPI KU DCUGF QP QEGCPIQKPI UJKRU QH ÏÒÌÌÌ VQPU CPF CDQXG VJCV CTG RTKXCVGN[3QYPGFÒ

CPF KU FGVGTOKPGF D[ VJG PWODGT QH FGCFYGKIJV VQPU ıFYVÙ ECTTKGF D[ VJGUG XGUUGNUÔ


)3Á

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎEEEE////CCCCTTTTKKKKVVVVKKKKOOOOGGGG VVVVTTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰(TGKIJV VTCPURQTVGF D[ %WDCP3HNCI XGUUGNUÏ

ıVJQWUCPFU QH ITQUU YGKIJV VQPUÙ Ô Ô Ô Ô Ô Ô Ô ÎÈÍ ÏÏÍ ÎÏÏÂ ÏÏÏ ÁÁ%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÏÏÌ ÍÒÎÊÍ ÈÒÌÁÏ ÍÈÒ‰ÏÂ ÍËÒÎÈÏ%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÏÒËÏÍ ÏÒÈÍÊ ÏÒÁËÂ ÍÏÒÁÁÂ ÍÏÒÁ‰‰0WODGT QH %WDCP3HNCI XGUUGNUÏ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈË ÎÎÏ ÎÍ ÎÎ ÏÊ

Ï +PENWFGU FCVC HQT UGNH3RTQRGNNGF QEGCPIQKPI XGUUGNU QH ÏÒÌÌÌ VQPU CPF CDQXGÔÎ &CVC TGRQTVGF CU QH ,WN[ ÏÒ Ï‰‰ÊÔÍ 'UVKOCVGF FCVCÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎFFFF////CCCCTTTTKKKKVVVVKKKKOOOOGGGG VVVVTTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U +P Ï‰‰‰Ò VJG %WDCP3HNCIIGF HNGGV TCPMGF ‰ËVJ KP VJG YQTNFÔÏ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 6JG %WDCP HNGGV KU OCPCIGF D[ VYQ GPVKVKGU„ 0CXGICEK¡P /CODKUCÒ YJKEJ JCPFNGU

KPVGTPCVKQPCN UJKRRKPIÒ CPF 0CXGICEK¡P %CTKDGÒ YJKEJ QXGTUGGU FQOGUVKE CPF%CTKDDGCP UJKRRKPIÔ

U +P VJG OKF Ï‰‰ÌUÒ VJG )QXGTPOGPV DGICP C RTQITCO VQ WRITCFG RQTV HCEKNKVKGUÒ HWGNVGTOKPCNUÒ CITKEWNVWTCN RTQFWEVU JCPFNKPI HCEKNKVKGUÒ CPF EQPVCKPGT RQTVUÔ

U 6JG )QXGTPOGPV CNUQ KPETGCUGF URGPFKPI QP VJG OGTEJCPV OCTKPG CPF KPXGUVGF KP PGYUJKRUÔ

6TCFG OGCUWTGU„U 7PFGT VJG 961 )GPGTCN #ITGGOGPV QP 6TCFG CPF 5GTXKEGU ı)#65ÙÒ %WDC RTQJKDKVU

HQTGKIP EQORCPKGU HTQO QRGTCVKPI ECTIQ3ECTT[KPI XGUUGNU WPFGT VJG %WDCP HNCIÔ5RGEKCN KPFWUVT[ EJCTCEVGTKUVKEU„

U %WDC JCU ÏÌ OCLQT UGC RQTVU YJKEJ ECP CEEQOOQFCVG NCTIG XGUUGNU WUGF HQTKPVGTPCVKQPCN VTCFGÔ

U %WDCrU OGTEJCPV OCTKPG VTCPURQTVU ECTIQ DGVYGGP %WDC CPF PQTVJGTP 'WTQRGÒ VJG$CNVKEÒ VJG /GFKVGTTCPGCPÒ ,CRCPÒ .CVKP #OGTKECÒ CPF QVJGT RCTVU QH VJG %CTKDDGCPÔ

Ï 4CPMKPI KU DCUGF QP QEGCPIQKPI UJKRU QH ÏÒÌÌÌ VQPU CPF CDQXG VJCV CTG RTKXCVGN[ QYPGFÒCPF KU FGVGTOKPGF D[ VJG PWODGT QH FGCFYGKIJV VQPU ıFYVÙ ECTTKGF D[ VJGUG XGUUGNUÔ


)3Ê

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍCCCC$$$$CCCCPPPPMMMMKKKKPPPPIIII UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰6QVCN CUUGVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÒÍÍÂ ËÒÁÌÊ ÁÒÌÈÏ ÁÒËÍÏ ÁÒÂÂÈ6QVCN FGRQUKVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÊÊÌ ÍÒ‰ÎË ÈÒÏÎÁ ÈÒÍÂÁ ÈÒËÍÂ(QTGKIP NGPFKPI D[ 7Ô5Ô DCPMKPI KPFWUVT[

ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎËÈ ÍÏÈ ÍÍÈ ÍÁÊıÏÙ

)TQUU RTQFWEV QH 7Ô5Ô DCPMKPI KPFWUVT[ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÎÊ ÎÈÏ ÎÊÏ Î‰Ì

ıÏÙ

7Ô5Ô ETQUU3DQTFGT KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô ÎÒÈÊÎ ÎÒ‰ÌÊ ÍÒÍÈÊ ÍÒËÁÏ ÍÒËÊÈ7Ô5Ô ETQUU3DQTFGT GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô ÊÒÌÎ‰ ÂÒÎÎ‰ ÏÌÒÎÈÍ ÏÏÒÎÊÍ ÏÍÒ‰ÎË7Ô5Ô CHHKNKCVG RC[OGPVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô ÊÒÌ‰Á ÏÌÒÊÍÁ ÏÍÒ‰ÌÊ ıÏÙ ıÏÙ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÁÁÏ ÍÒÊÈÈ ÈÒËÊÎ ıÏÙ ıÏÙ7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÂÂÊ ÎÒÎÎÈ ÎÒÁÈÌ ıÏÙ ıÏÙ5YKV\GTNCPF ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÏ‰‰ ÏÒÊ‰Í ÎÒÎÌÎ ıÏÙ ıÏÙ

7Ô5Ô CHHKNKCVG UCNGU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÏÙ ıÏÙ,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÏËÍ ÎÒÁÈÏ ÎÒÈÍÂ ıÏÙ ıÏÙ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÎ‰Ê ÎÒÊÁÂ ÎÒÂÏÌ ıÏÙ ıÏÙ7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÊÒÌÊÍ ıÎÙ ıÎÙ ıÏÙ ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒ‰ÍË ÏÒ‰ÎÌ ÏÒ‰ÎÈ ÏÒ‰Î‰ ıÏÙ0WODGT QH FGRQUKVQT[ KPUVKVWVKQPU

ıEQOOGTEKCN DCPMU CPF UCXKPIU KPUVKVWVKQPUÙ ÏÏÒ‰ÊÌ ÏÏÒÈËÎ ÏÌÒ‰ÎÎ ÏÌÒÈÁÍ ÏÌÒÎÎÏÏ 0QV CXCKNCDNGÔÎ &CVC UWRRTGUUGF D[ VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEG VQ CXQKF FKUENQUWTG QH KPFKXKFWCN

EQORCP[ FCVCÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍDDDD$$$$CCCCPPPPMMMMKKKKPPPPIIII UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U +P Ï‰‰ÂÒ 7Ô5Ô DCPMU EQORTKUGF ÎÌ RGTEGPV QH VJG YQTNFrU ÏÌÌ NCTIGUV DCPMUÒ KPENWFKPI VJGVYQ NCTIGUVÒ $CPM QH #OGTKEC CPF %KVKITQWRÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô KPFWUVT[ KU JKIJN[ EQORGVKVKXG KPVGTPCVKQPCNN[ DCUGF QP RTKEGÒ SWCNKV[Ò CPF UGTXKEGÔ

4GIWNCVKQP„U $CPMU KP VJG 7PKVGF 5VCVGU OC[ EJQQUG VQ DG TGIWNCVGF D[ VJG KPFKXKFWCN UVCVGU QT D[

HGFGTCN3NGXGN TGIWNCVQTUÔ #V VJG HGFGTCN NGXGNÒ VJGTG CTG UGRCTCVG TGIWNCVQT[ CIGPEKGU HQTEQOOGTEKCN DCPMUÒ UCXKPIU CPF NQCP KPUVKVWVKQPUÒ VJTKHVUÒ CPF ETGFKV WPKQPUÔ

7Ô5Ô VTCFG DCTTKGTU„U (GFGTCN CPF UVCVG NCYU FQ PQV RGTOKV C ETGFKV WPKQPÒ UCXKPIU DCPMÒ JQOG NQCP QT VJTKHV

DWUKPGUU KP VJG 7PKVGF 5VCVGU VQ DG RTQXKFGF VJTQWIJ DTCPEJGU QH EQTRQTCVKQPU QTICPK\GFWPFGT C HQTGKIP EQWPVT[rU NCYÔ

U (QTGKIP DCPMU CTG TGSWKTGF VQ TGIKUVGT WPFGT VJG +PXGUVOGPV #FXKUGTU #EV QH Ï‰ÈÌ VQGPICIG KP UGEWTKVKGU CFXKUQT[ CPF KPXGUVOGPV OCPCIGOGPV UGTXKEGU KP VJG 7PKVGF 5VCVGUÔ6JG TGIKUVTCVKQP TGSWKTGOGPV EQXGTU TGEQTF OCKPVGPCPEGÒ KPURGEVKQPUÒ UWDOKUUKQP QHTGRQTVU CPF HGGUÔ

U #NN FKTGEVQTU QH C PCVKQPCN DCPM OWUV DG EKVK\GPU WPNGUU C PCVKQPCN DCPM KU CP CHHKNKCVG QTUWDUKFKCT[ QH C HQTGKIP DCPMÒ KP YJKEJ ECUG QPN[ C OCLQTKV[ QH VJG DQCTF PGGF DGEKVK\GPUÔ


)3Â

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍEEEE$$$$CCCCPPPPMMMMKKKKPPPPIIII UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ)&2 QH %WDCrU HKPCPEG UGEVQT ıHKPCPEGÒ TGCN

GUVCVGÒ CPF DWUKPGUU UGTXKEGUÙıOKNNKQP RGUQUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÈÊ ÈÂÂ È‰Â ËÈÊ ıÏÙ

)&2 QH HKPCPEG UGEVQT CU RGTEGPV QH VQVCN )&2ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÔÏ ÎÔÏ ÎÔÎ ÎÔÍ ıÏÙ

6QVCN CUUGVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ6QVCN FGRQUKVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ0WODGT QH FGRQUKVQT[ KPUVKVWVKQPU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏË ÏË ÎÌ ÎÌ ÎË

%WDCP Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Í Í Â Â Â(QTGKIP DCPMUr TGRTGUGPVCVKXG QHHKEGU Ô Ô Ô Ô Ô ÏÎ ÏÎ ÏÎ ÏÎ ÏÊÏ 0QV CXCKNCDNGÒ DWV %WDCP VTCFG KP DCPMKPI UGTXKEGU KU PGINKIKDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍFFFF$$$$CCCCPPPPMMMMKKKKPPPPIIII UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDC KU PQV CP CEVKXG RCTVKEKRCPV KP INQDCN DCPMKPI OCTMGVUÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„

U 6JG DCPMKPI KPFWUVT[ KU QYPGF CPF QRGTCVGF D[ VJG %WDCP )QXGTPOGPVÔU 6JG UVCVG3QYPGF DCPMU RTQXKFG CNN CXCKNCDNG HKPCPEKCN UGTXKEGU VQ %WDCP DWUKPGUUGU CPF

KPFKXKFWCNUÔU 6JGTG CTG CRRTQZKOCVGN[ ÏÊ TGRTGUGPVCVKXG QHHKEGU QH HQTGKIP DCPMUÒ YJKEJ RTQXKFG

UGTXKEGU VQ HQTGKIP EQTRQTCVKQPU CPF KPFKXKFWCNU KP %WDCÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

)3‰

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈCCCC++++PPPPUUUUWWWWTTTTCCCCPPPPEEEEGGGG UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTGOKWOU ıRTQRGTV[ÓECUWCNV[Ù

ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔÎÁÌ ÎÁ‰ ÎÊÁ ÎÂÏ ÎÂÊ

7Ô5Ô RTGOKWOU ıNKHGÙ ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÎÁÏ ÎÂË ÍÏÍ ÍËË È‰Í6QVCN 7Ô5Ô FKTGEV KPUWTCPEG RTGOKWOUÏ Ô Ô Ô Ô Ô Ô Ô ËÎÌ ËËÈ ËÂ‰ ÁÍÊ ÊÂÌ)TQUU RTQFWEV QH 7Ô5Ô KPUWTCPEG KPFWUVT[ Ô Ô Ô Ô ÏÁÊ ÏÊÎ Ï‰Í Ï‰Ê ıÎÙ%TQUU3DQTFGT RTGOKWO RC[OGPVU ıKORQTVUÙ

ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏËÒÎÂÈ ÏÈÒËÎÎ ÏËÒÎÍÍ ÏÂÒËÂÏ ÎÏÒÎÈÎ%TQUU3DQTFGT RTGOKWO TGEGKRVU ıGZRQTVUÙ

ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÒÈ‰Ï ËÒ‰Î‰ ÁÒÏÍÍ ÁÒ‰ÂË ÂÒÎË‰7Ô5Ô CHHKNKCVG RC[OGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÏÒËÁÎ ËÁÒÂÎÌ ËÂÒ‰ËÂ ıÎÙ ıÎÙ

7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÏÎÒÈÏÍ ÏÍÒ‰ËÊ ÏËÒÏÌ‰ ıÎÙ ıÎÙ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏÒËÂ‰ ÏÏÒÂ‰È ‰ÒÊÁÏ ıÎÙ ıÎÙ5YKV\GTNCPF ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÒÊÈË ÂÒÎÁÁ ‰ÒÊÈ‰ ıÎÙ ıÎÙ

7Ô5Ô CHHKNKCVG UCNGU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÂÒÁÍÌ ÈÏÒÌÌÌ ÈÊÒÎÈÌ ıÎÙ ıÎÙ,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ÒÈÎÌ ÂÒÁ‰Â ÂÒ‰ÂÈ ıÎÙ ıÎÙ.CVKP #OGTKEC ıOQUVN[ $GTOWFCÙıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÍÒËËÎ ÈÒÌÊË ÂÒËÊÍıÎÙ ıÎÙ

7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÊÒÊÈÎ ÂÒÌËÌ ÂÒÈÊÂ ıÎÙ ıÎÙ'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÏÈÂ ÎÒÏËÁ ÎÒÏÂÊ ÎÒÎÈÎ ıÎÙ0WODGT QH KPUWTCPEG EQORCPKGU ıVQVCNÙ Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ Í ÂÒÏÎÍ ıÎÙ

Ï &QGU PQV KPENWFG TGKPUWTCPEGÔÎ 0QV CXCKNCDNGÔÍ 6QVCN EQPUKUVU QH ÏÒÂÎÁ KP NKHGÓJGCNVJÒ ÍÒÍÏ‰ KP RTQRGTV[ÓECUWCNV[Ò CPF ÎÒ‰ÊÂ KP QVJGT NKPGU QH

KPUWTCPEG DWUKPGUUÔ

0QVGÔw7Ô5Ô &GRCTVOGPV QH %QOOGTEG FCVC KPENWFG UGTXKEGU RTQXKFGF D[ KPUWTCPEG ECTTKGTU CPFKPUWTCPEG CIGPVUÒ DTQMGTUÒ CPF QVJGT UGTXKEG RTQXKFGTUÔ 0CVKQPCN #UUQEKCVKQP QH +PUWTCPEG%QOOKUUKQPGTU FCVC KPENWFGU UGTXKEGU RTQXKFGF D[ KPUWTCPEG ECTTKGTUÔ


6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈDDDD++++PPPPUUUUWWWWTTTTCCCCPPPPEEEEGGGG UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U +P Ï‰‰ÂÒ 7Ô5Ô KPUWTCPEG EQORCPKGU CEEQWPVGF HQT ÍÈ RGTEGPV QH YQNF KPUWTCPEGRTGOKWOUÔ

U 6JG 7Ô5Ô CEEQWPVU HQT ÈÍ RGTEGPV QH YQTNF PQP3NKHG RTGOKWOU CPF ÎÂ RGTEGPV QH NKHGKPUWTCPEG RTGOKWOUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô KPVGTPCVKQPCN EQORGVKVKXGPGUU DCUGF QP EQUVUÒ RTKEGÒ CPF UGTXKEGÔ

4GIWNCVKQP„U 'CEJ UVCVG JCU KVU QYP KPUWTCPEG EQOOKUUKQPGTÒ KPUWTCPEG NCYUÒ CPF NKEGPUKPI CPF

RTQFWEV CRRTQXCN RTQEGUUÔ

7Ô5Ô VTCFG DCTTKGTU„U (QT KPUWTCPEG QH OCTKVKOG XGUUGNU DWKNV WPFGT HGFGTCNN[ IWCTCPVGGF OQTVICIG HWPFU CPF

KPUWTGF D[ C HQTGKIP EQORCP[Ò VJG KPUWTGF OWUV UJQY VJCV TKUM YCU QHHGTGF KP VJG 7Ô5ÔOCTMGV DGHQTG EQPVTCEVKPI C HQTGKIP KPUWTGTÔ

U (QTGKIP KPUWTCPEG EQORCPKGU VJCV URGEKCNK\G KP VJG UWTRNWU NKPGU OCTMGV ıNCTIG KPFWUVTKCNÒVTCPURQTVÒ QT JCTF3VQ3RNCEG TKUMUÙ OWUV DG sYJKVG3NKUVGFt D[ VJG 0CVKQPCN #UUQEKCVKQP QH+PUWTCPEG %QOOKUUKQPGTU ı0#+%Ù KP QTFGT VQ QRGTCVG QP C ETQUU3DQTFGT DCUKUÔ


)3ÏÌ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈEEEE++++PPPPUUUUWWWWTTTTCCCCPPPPEEEEGGGG UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP FKTGEV KPUWTCPEG RTGOKWOUÏ

ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙÏÁË

ıÎÙ%WDCP KPUWTCPEG RTGOKWOU CU RGTEGPV QH

)&2 Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙÌÔÂÏ

ıÎÙ%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ)&2 QH %WDCrU HKPCPEG UGEVQT ıHKPCPEGÒ

TGCN GUVCVGÒ CPF DWUKPGUU UGTXKEGUÙıOKNNKQP RGUQUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÈÊ ÈÂÂ È‰Â ËÈÊ ıÎÙ

)&2 QH HKPCPEG UGEVQT CU RGTEGPV QH VQVCN%WDCP )&2 ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÔÏ ÎÔÏ ÎÔÎ ÎÔÍ ıÎÙ

0WODGT QH KPUWTCPEG EQORCPKGUÍ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Í Í Í ÍÏ .KHG CPF RTQRGTV[ÓECUWCNV[ KPUWTCPEGÔ &QGU PQV KPENWFG TGKPUWTCPEGÔÎ 0QV CXCKNCDNGÒ DWV %WDCP KPUWTCPEG VTCFG KU PGINKIKDNGÔÍ 6JGUG CTG CNN UVCVG3QYPGFÔ # Ï‰‰Ê NCY RGTOKVU RTKXCVG KPUWTCPEG HKTOUÒ DWV VJGTG KU PQ

KPHQTOCVKQP CXCKNCDNG CU VQ JQY OCP[ HKTOU JCXG GPVGTGF VJG OCTMGV 3 UGG 6CDNG )3ÈF DGNQYÙÔ


6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈFFFF++++PPPPUUUUWWWWTTTTCCCCPPPPEEEEGGGG UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDC KU PQV CP CEVKXG RCTVKEKRCPV KP YQTNF KPUWTCPEG OCTMGVUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 6JG VJTGG RTKOCT[ %WDCP KPUWTCPEG EQORCPKGU CTG IQXGTPOGPV3QYPGFÔU +P Ï‰‰ÊÒ %WDC RCUUGF C NCY RGTOKVVKPI VJG GUVCDNKUJOGPV QH RTKXCVG KPUWTCPEG

EQORCPKGUÒ DWV VJGTG KU XGT[ NKVVNG KPHQTOCVKQP CXCKNCDNG CU VQ JQY OCP[ JCXG DGEQOGGUVCDNKUJGFÔ

U #V NGCUV QPG $TKVKUJ EQORCP[ JCU HQTOGF C LQKPV XGPVWTG YKVJ QPG QH VJG %WDCPUVCVG3QYPGF KPUWTCPEG HKTOU VQ RTQXKFG KPUWTCPEG HQT HQTGKIPGTU CPF HQTGKIP EQORCPKGUKP %WDCÔ

6TCFG OGCUWTGU„U /QUV HQTOU QH KPUWTCPEG CTG QPN[ CXCKNCDNG HTQO VJG IQXGTPOGPV3QYPGF KPUWTCPEG

EQORCPKGUÔU (QTGKIP KPUWTGTU CTG NGICNN[ RGTOKVVGF VQ RTQXKFG KPUWTCPEG VQ HQTGKIP EQORCPKGU CPF

HQTGKIP KPFKXKFWCNU KP %WDCÒ CNVJQWIJ VJGTG KU PQ FCVC QP JQY OCP[ CTG GPICIKPI KP VJKUDWUKPGUUÔ


)3ÏÏ

6666CCCCDDDDNNNNGGGG ))))3333ËËËËCCCC%%%%QQQQPPPPUUUUVVVVTTTTWWWWEEEEVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰)TQUU RTQFWEV QH 7Ô5Ô EQPUVTWEVKQP KPFWUVT[

ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÔÎ‰Ì ÍÏÁ ÍÈÍ ÍÊÍ

ıÏÙ7Ô5Ô ETQUU3DQTFGT KORQTVU ıOKNNKQP FQNNCTUÙÎ Ô Ô Ô ÍÈË ÈÁË ÈÁÏ Á‰‰ ıÏÙ

7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙÎ Ô Ô Ô Ô Ô Ô Ô Ô ÎË ÎÈ ÏÎ‰ ÈË ıÏÙ0GVJGTNCPFU ıOKNNKQP FQNNCTUÙÎ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ Ï‰ Ê ËÂ ıÏÙ,CRCP ıOKNNKQP FQNNCTUÙÎ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ë Í ËÊ ÈÎ ıÏÙ

5CNGU VQ 7Ô5Ô RGTUQPU D[ 7Ô5Ô CHHKNKCVGU QHHQTGKIP RCTGPV HKTOU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô ÂÂ‰ ‰ÁÏ ÍÎÒÎÂÍ ıÏÙ ıÏÙ

7Ô5Ô ETQUU3DQTFGT GZRQTVU ıOKNNKQP FQNNCTUÙÎ Ô Ô Ô ÎÒËËÌ ÍÒËËÍ ÍÒÈ‰Â ÈÒÌËÍ ıÏÙ+PFQPGUKC ıOKNNKQP FQNNCTUÙÎ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÍÈ ÎÈÂ ÁÌÎ ÁÎÊ ıÏÙ7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙÎ Ô Ô Ô Ô Ô Ô Ô Ô ‰È ËÂ ÎÂÁ ÍËË ıÏÙ%JKPC ıOKNNKQP FQNNCTUÙÎ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÁÎ ÏÁË ÏÊÌ ÎÌË ıÏÙ

5CNGU VQ HQTGKIP RGTUQPU D[ HQTGKIP CHHKNKCVGU QH7Ô5Ô RCTGPV HKTOU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÎÊÏ ÊÏÁ ÎÁ‰ ıÏÙ ıÏÙ

(WNN3VKOG GORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÒÏÂÌ ËÒÈÈÈ ËÒÊËÎ ÁÒÌÊÈ ıÏÙÏ 0QV CXCKNCDNGÔÎ 4GEGKRVU HQT GPIKPGGTKPIÒ CTEJKVGEVWTCNÒ EQPUVTWEVKQPÒ CPF OKPKPI UGTXKEGUÔÍ /GVJQF QH ECNEWNCVKQP EJCPIGF HTQO 5+% VQ 0#+%5Ò VJWU EQORCTKUQP YKVJ GCTNKGT [GCTU KU PQV

XCNKFÔ


6666CCCCDDDDNNNNGGGG ))))3333ËËËËDDDD%%%%QQQQPPPPUUUUVVVVTTTTWWWWEEEEVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U 6JG 7PKVGF 5VCVGU KU VJG NCTIGUV RTQFWEGT CPF EQPUWOGT QH EQPUVTWEVKQP UGTXKEGUÔU 7Ô5Ô GZRQTVU QH EQPUVTWEVKQP UGTXKEGU CTG UQNF RTKOCTKN[ ETQUU3DQTFGTÒ YJKNG 7Ô5Ô KORQTVU

CTG RTKOCTKN[ UCNGU D[ 7Ô5Ô CHHKNKCVGU QH HQTGKIP HKTOUÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U 7Ô5Ô EQPUVTWEVKQP KPFWUVT[ KU JKIJN[ EQORGVKVKXG QP YQTNF OCTMGVUÒ QYKPI VQ EQORCP[ UK\GÒVGEJPKECN CDKNKV[Ò RTQLGEV OCPCIGOGPV CDKNKV[Ò CPF CDKNKV[ VQ DTKPI QT RCEMCIG RTQLGEVHKPCPEKPIÔ


)3ÏÎ

6666CCCCDDDDNNNNGGGG ))))3333ËËËËEEEE%%%%QQQQPPPPUUUUVVVVTTTTWWWWEEEEVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰)TQUU RTQFWEV KP %WDCP EQPUVTWEVKQP KPFWUVT[

ıOKNNQP RGUQUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Â‰Ï ÏÒÏÊÁ ÏÒÎÏÊ ÏÒÎÂÎ ıÏÙ%WDCP ETQUU3DQTFGT KORQTVU ıOKNNKQP FQNNCTUÙ Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ%WDCP ETQUU3DQTFGT GZRQTVU ıOKNNKQP FQNNCTUÙ Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÎÏ ÎÎÎ ÎÍÂ ÎÎË ıÏÙ

Ï 0QV CXCKNCDNGÔ

0QVGÔw7UKPI VJG Ï‰‰Â '+7 GZEJCPIG TCVG QH ÎÎÔÍ RGUQU RGT FQNNCTÒ VJG EQPVTKDWVKQP QH EQPUVTWEVKQPVQ )&2 KP Ï‰‰Â YCU CRRTQZKOCVGN[ ˘ËÊÔË OKNNKQPÔ


6666CCCCDDDDNNNNGGGG ))))3333ËËËËFFFF%%%%QQQQPPPPUUUUVVVVTTTTWWWWEEEEVVVVKKKKQQQQPPPP UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDC JCU C XGT[ UOCNN KPFWUVT[‚ Ï‰‰Â XCNWG YCU NGUU VJCP ˘ÏÌÌ OKNNKQPÔU %WDC JCU PQ TGRQTVGF GZRQTVU‚ %WDCP KORQTVU NCTIG UECNG CPF UQRJKUVKECVGF EQPUVTWEVKQP

UGTXKEGUÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U %WDC KU PQV EQORGVKVKXG KPVGTPCVKQPCNN[Ò QYKPI VQ UJQTVCIGU QH EQPUVTWEVKQP OCVGTKCNU CPFGSWKROGPVÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 6JG /KPKUVT[ QH %QPUVTWEVKQP TGIWNCVGU EQPUVTWEVKQP RTQLGEVU KP %WDCÔU %WDCP IQXGTPOGPV VCTIGVU UGEVQTU HQT GZRGPFKVWTGU QH EQPUVTWEVKQP HWPFUÔ +P TGEGPV

[GCTUÒ VJG VTCXGN CPF VQWTKUO UGTXKEGU UGEVQT CPF TGNCVGF KPHTCUVTWEVWTG HCEKNKVKGU JCXGTGEGKXGF RTKQTKV[Ô

5RGEKCN KPFWUVT[ EJCTCEVGTKUVKEU„U ,QKPV XGPVWTGU JCXG DGGP VJG OGEJCPKUO HQT HQTGKIP HKTOU RCTVKEKRCVKPI KP VJG %WDCP

OCTMGVÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

)3ÏÍ

6666CCCCDDDDNNNNGGGG ))))3333ÁÁÁÁCCCC6666GGGGNNNNGGGGEEEEQQQQOOOOOOOOWWWWPPPPKKKKEEEECCCCVVVVKKKKQQQQPPPPUUUU UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰

7Ô5Ô TGXGPWG ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï‰Ì ÎÏÎ ÎÍÏ ÎÈÁ ÏÎÊÌ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÒÍÌË ÂÒÎ‰Ì ÂÒÍËÏ ÂÒÏÎË ıÎÙ

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌÁÊ ÏÒÏÁÎ ÏÒÏÌÈ ÏÒÌÂÎ ıÎÙ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÂÏ ÍËÁ ÍÍÍ ÍÍÍ ıÎÙ

%JKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÊÁ ÍËÌ ÍÎË ÍÎË ıÎÙ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÎÎÂ ÍÒÍÌÏ ÍÒ‰È‰ ÍÒÁÂ‰ ıÎÙ

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÌÁ ÍËÌ ÈËÎ ÈÈÏ ıÎÙ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î‰‰ Î‰È ÍËÍ Î‰Í ıÎÙ

7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô ÎËÏ ÎÂÊ ÍÌÌ ÎÁÎ ıÎÙ

/CKP VGNGRJQPG NKPGU ıOKNNKQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏËÂ ÏÁË ÏÊÈ ÏÂÌ ıÎÙ

/CKP VGNGRJQPG NKPGU RGTÏÌÌ KPJCDKVCPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÁÏ ÁÈ ıÎÙ ÁÁ ıÎÙ

9KTGNGUU UWDUETKDGTU ıOKNNKQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏ ÈÏ ËË Á‰ ÂÁ

6GNGEQOOWPKECVKQP KPXGUVOGPVıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÍÒËÊÌ ÎÍÒËÊÌ ıÎÙ ÎÈÒÎÏÂ ıÎÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÏ‰Ê ÏÒÎÎ‰ ÏÒÎ‰Í ÏÒÍÈÏ ıÎÙÏ 'UVKOCVGFÔÎ 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÁÁÁÁDDDD6666GGGGNNNNGGGGEEEEQQQQOOOOOOOOWWWWPPPPKKKKEEEECCCCVVVVKKKKQQQQPPPPUUUU UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

: 7Ô5Ô VGNGEQOOWPKECVKQP ECTTKGTU CTG YQTNF NGCFGTU KP VGTOU QH TGXGPWG ıCEEQWPVKPI HQTÍÈ RGTEGPV QH YQTNF TGXGPWG KP Ï‰‰ÂÙÔ

: 7Ô5Ô EQORCPKGU CTG YQTNF NGCFGTU KP VJG FGXGNQROGPV CPF OCTMGVKPI QHVGNGEQOOWPKECVKQP UGTXKEGUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„: 7Ô5Ô VGNGEQOOWPKECVKQP RTQXKFGTU JCXG EQPUKFGTCDNG GZRGTKGPEG KPXGUVKPI CPF QRGTCVKPI

KP HQTGKIP OCTMGVUÔ: 7Ô5Ô VGNGEQOOWPKECVKQPU RTQXKFGTU TGOCKP EQORGVKVKXG KP HQTGKIP OCTMGVU D[ WUKPI PGY

VGEJPQNQI[ VQ JGNR NQYGT EQUVU CPF KORTQXG UGTXKEG SWCNKV[: #NVJQWIJ VJG WPKVGF 5VCVGU TGIKUVGTU C PGV FGHKEKV KP VGNGEQOOWPKECVKQP UGTXKEG VTCFGÒ VJKU

KU OQUVN[ TGUWNV QH KPUWHHKEKGPV HQTGKIP OCTMGV EQPFKVKQPU CPF CTVKHKEKCNN[ JKIJ CEEQWPVKPITCVGUÒ TCVJGT VJCP VJG EQORGVKVKXGPGUU QH 7Ô5Ô HKTOUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„: +P VJG NCUV Î [GCTUÒ CEEQWPVKPI TCVG TGHQTO KP VJG 7PKVGF 5VCVGU JCU TGUWNVGF KP CP

(%%3OCPFCVGF RQNKE[ VJCV YKNN TGUWNV KP C TGFWEVKQP KP VJG TCVGU 7Ô5Ô ECTTKGTU RC[ HQTGKIPECTTKGTU HQT EQORNGVKPI CP KPVGTPCVKQPCN ECNNÔ #U C TGUWNV QH VJKU TGSWKTGOGPVÒ 7Ô5Ô GZRQTVUCPF KORQTVU YKNN NKMGN[ FGENKPGÒ DWV ECNN XQNWOG UJQWNF KPETGCUGÔ

6TCFG OGCUWTGU„: #EEQTFKPI VQ VJGKT 961 )#65 5EJGFWNG QH %QOOKVOGPVUÒ HQTGKIP IQXGTPOGPVUÒ PQP37Ô5Ô

EKVK\GPUÒ EQTRQTCVKQPU PQV QTICPK\GF WPFGT VJG NCYU QH VJG 7PKVGF 5VCVGUÒ CPF 7Ô5ÔEQTRQTCVKQPU YKVJ ÎÌ RGTEGPV QT OQTG HQTGKIP QYPGTUJKRÒ OC[ PQV FKTGEVN[ QYP CEQOOQP ECTTKGT TCFKQ NKEGPUGÔ

: +P KVU )#65 EQOOKVOGPV VJG 7PKVGF 5VCVGU RTQXKFGF %1/5#6 %QTRQTCVKQP YKVJ GZENWUKXGTKIJVU VQ VJG +PVGTPCVKQPCN 6GNGEQOOWPKECVKQPU 5CVGNNKVG 1TICPK\CVKQP ı+PVGNUCVÙ CPF+PVGTPCVKQPCN /QDKNG 5CVGNNKVG 1TICPK\CVKQP ı+POCTUCVÙÔ


)3ÏÈ

6666CCCCDDDDNNNNGGGG ))))3333ÁÁÁÁEEEE6666GGGGNNNNGGGGEEEEQQQQOOOOOOOOWWWWPPPPKKKKEEEECCCCVVVVKKKKQQQQPPPPUUUU UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP TGXGPWG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÌË ÈÍÈ ıÏÙ ËÎË ıÏÙ%WDCP UGVVNGOGPV RC[OGPVU VQ 75

ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ Ï ıÏÙ%WDCP UGVVNGOGPV TGEGKRVU HTQO 75

ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÏ ÁÈ ÊÍ ÂÁ ıÏÙ/CKP VGNGRJQPG NKPGU ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍËÍ ÍËÁ ıÏÙ ÍÂÂ ıÏÙ

/CKP VGNGRJQPG NKPGU RGT ÏÌÌ KPJCDKVCPVU Ô ÍÔÎ ÍÔÎ ıÏÙ ÍÔË ıÏÙ9KTGNGUU UWDUETKDGTU ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ÍÒÏËÌ ÍÒËËÌ

6GNGEQOOWPKECVKQP KPXGUVOGPVıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÂ ÍÍ ıÏÙ ÊÈ ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏË ÏÁ ıÏÙ ÏÊ ıÏÙÏ 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÁÁÁÁFFFF6666GGGGNNNNGGGGEEEEQQQQOOOOOOOOWWWWPPPPKKKKEEEECCCCVVVVKKKKQQQQPPPPUUUU UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U 6JG %WDCP VGNGEQOOWPKECVKQP KPFWUVT[ IGPGTCVGF TGXGPWG QH ˘ËÎË OKNNKQP KP Ï‰‰ÂÒCEEQWPVKPI HQT C TGNCVKXGN[ UOCNN RQTVKQP QH YQTNF VGNGEQOOWPKECVKQP TGXGPWGÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U +P Ï‰‰ÈÒ VJG %WDCP )QXGTPOGPV RCTVKCNN[ RTKXCVK\GF OQPQRQN[ VGNGRJQPG RTQXKFGT

'VGUECÔU +VCN[rU 56'6 +PVGTPCVKQPCN PQY QYPU Î‰ RGTEGPV QH 'VGUECÒ CPF VJG %WDCP )QXGTPOGPVÒ

VJTQWIJ VJG /KPKUVT[ QH %QOOWPKECVKQPUÒ QYPU VJG TGOCKPKPI ÊÏ RGTEGPV QH VJG EQORCP[ÔU 'VGUEC OCKPVCKPU C ÏÎ3[GCT GZENWUKXG EQPEGUUKQP VQ RTQXKFG VGNGEQOOWPKECVKQP UGTXKEGU KP

%WDCÔU +P Ï‰‰ÎÒ VJG %WDCP IQXGTPOGPV RGTOKVVGF C LQKPV XGPVWTG DGVYGGP 6GNGEQOWPKECEKQPGU

FG /GZKEQ ı6+/5#Ù CPF %WDCEGNÒ C PGY %WDCP EQORCP[ XGUVGF VQ DWKNF CPF QRGTCVG CEGNNWNCT PGVYQTM KP %WDCÔ


)3ÏË

6666CCCCDDDDNNNNGGGG ))))3333ÊÊÊÊCCCC6666TTTTCCCCXXXXGGGGNNNN CCCCPPPPFFFF VVVVQQQQWWWWTTTTKKKKUUUUOOOO UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰)TQQU RTQFWEV QH 7Ô5Ô VTCXGN CPF VQWTKUO KPFWUVT[

ıDKNNKQP FQNNCTUÙÏ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏÂ ÍÍÌ ÍÈÈ ÍÁÎıÎÙ

7Ô5Ô ITQUU FQOGUVKE RTQFWEV„ .QFIKPIıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÎ ÁÁ ÊÏ ÊÁ ıÎÙ

(WNN3VKOG GSWKXCNGPV GORNQ[OGPV„ .QFIKPIıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÏÒËÎÎ ÏÒËÁÏ ÏÒÁÌÍ ÏÒÁÈ‰ ıÎÙ

7Ô5Ô TQQO UWRRN[„ .QFIKPI ıOKNNKQPÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÎÎÏ ÏÒÎËÌ ÏÒÎ‰Ë ÏÒÍÈ‰ ÏÒÈÌË7Ô5Ô TQQO FGOCPF„ .QFIKPI ıOKNNKQPÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ê‰Ë ÂÏÎ ÂÍË ÂÁÏ ÂÂ‰4GXGPWG RGT CXCKNCDNG TQQO ıFQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÍ ÈÁ ÈÂ ËÌ ËÏ7Ô5Ô TGUKFGPVUr XKUKVU CDTQCF ıOKNNKQPÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÏ ËÎ ËÍ ËÁ ıÎÙ8KUKVU VQ VJG 7PKVGF 5VCVGU HTQO CDTQCF

ıOKNNKQPÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÍ ÈÁ ÈÂ ÈÁ ÈÂ7Ô5Ô ETQUU3DQTFGT KORQTVU ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô ÈË ÈÂ ËÎ ËÁ Ë‰

%CPCFC ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È Ë Ë Á Á/GZKEQ ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ë Á Á Á Á7PKVGF -KPIFQO ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È È Ë Ë Ë

7Ô5Ô ETQUU3DQTFGT GZRQTVU ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô ÁÍ ÊÌ ÊÍ ÊÏ ÊË,CRCP ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎ ÏÎ ÏÏ ‰ ÏÌ7PKVGF -KPIFQO ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ê Á Ê Â Â%CPCFC ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Á Ê Ê Á ÊÏ +PENWFGU NQFIKPIÒ GCVKPI CPF FTKPMKPI RNCEGUÒ VTCXGN CIGPEKGUÒ CPF VQWT QRGTCVQTUÔÎ 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÊÊÊÊDDDD6666TTTTCCCCXXXXGGGGNNNN CCCCPPPPFFFF VVVVQQQQWWWWTTTTKKKKUUUUOOOO UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U +P Ï‰‰‰Ò VJG 7PKVGF 5VCVGU TGEQTFGF VJG JKIJGUV RTQRQTVKQP HQT CP[ EQWPVT[ VJCV TGRQTVGFVTCXGN TGEGKRVU ıETQUU3DQTFGT GZRQTVUÙ HTQO PQP3TGUKFGPV XKUKVQTUÒ CV ÏÁÔË RGTEGPVÔ

U 6JG 7Ô5Ô YCU C NGCFKPI OCTMGV KP VGTOU QH XKUKVU D[ PQP3TGUKFGPVU KP Ï‰‰‰Ò YKVJÊÔÍ RGTEGPV QH VJG VQVCN TGRQTVGFÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô EWTTGPE[ UVCDKNKV[ CPF HCXQTCDNG GZEJCPIG TCVGUÒ CPF QRGTCVKPI GHHKEKGPEKGU JCXG

KORTQXGF TGEGPVN[ÔU %QPUKUVGPV SWCNKV[ QH VTCXGN RTQFWEV EQOOGPUWTCVG YKVJ GCEJ UGIOGPVrU RTKEG NGXGNÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 8KUC YCKXGT RTQITCOUÒ GZRGFKVGF XKUC RTQEGUUKPI VJTQWIJ +052#55Ô

6TCFG OGCUWTGU„U #EEQTFKPI VQ VJG 7PKVGF 5VCVGUr 961 )#65 5EJGFWNG QH %QOOKVOGPVUÒ QHHKEKCN VQWTKUO

QHHKEGU YKVJ FKRNQOCVKE QT QHHKEKCN UVCVWU CTG PQV RGTOKVVGF VQ QRGTCVG QP C EQOOGTEKCNDCUKU KP VJG 7PKVGF 5VCVGU QT VQ CEV CU CIGPVU QT RTKPEKRCNU KP EQOOGTEKCN VTCPUCEVKQPUÒYKVJ TGICTF VQ VTCXGN CIGPV CPF VQWT QRGTCVQT UGTXKEGUÔ

U 6JG PWODGT QH EQPEGUUKQPU CXCKNCDNG HQT EQOOGTEKCN QRGTCVKQPU QH VQWT IWKFG UGTXKEGU KPHGFGTCNÒ UVCVGÒ CPF NQECN HCEKNKVKGU KU NKOKVGFÒ YJGP UGTXKEGU CTG VQ DG RTQXKFGF VJTQWIJ CEQOOGTEKCN RTGUGPEGÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKE„U %QPVKPWCVKQP QH NQPI3VGTO VTGPF QH NQFIKPI RTQRGTVKGU CHHKNKCVKPI YKVJ GUVCDNKUJGF

EQORCPKGU VJCV OCTMGV VJTQWIJ YGNN3MPQYP EJCKPUÒ RTQXKFKPI UJCTGF OCTMGVKPI CPFTGUGTXCVKQP UGTXKEGU CPF ITGCVGT CEEGUU VQ HKPCPEKPIÔ

U /CTMGVKPI CHHKNKCVKQPU KP VJG VTCXGN KPFWUVT[ JCXG KPETGCUGFÒ UWEJ CU VJQUG VJTQWIJ YJKEJEQPUWOGTU GCTP CKTNKPG HTGSWGPV HN[GT OKNGU D[ UVC[KPI CV RCTVKEWNCT JQVGNUÔ


)3ÏÁ

6666CCCCDDDDNNNNGGGG ))))3333ÊÊÊÊEEEE6666TTTTCCCCXXXXGGGGNNNN CCCCPPPPFFFF VVVVQQQQWWWWTTTTKKKKUUUUOOOO UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰6QWTKUO TGXGPWGU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÏÏÌ ÏÒÍÍÍ ÏÒËÏË ÏÒÊË‰ ÏÒ‰ÌÏ&CKN[ GZRGPFKVWTG RGT XKUKVQT ıFQNNCTUÙ Ô Ô Ô Ô Ô Ô ÏÁ‰ ÏÂÎ ÏÏÊ ÏÏÍ ÏÏË8KUKVQTU VQ %WDC ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÈÁ ÏÌÌÈ ÏÒÏÊÌ ÏÒÈÏÁ ÏÒÁÌÍ

(TQO %CPCFC Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÈÈ ÏÁÍ ÏÊÌ ÎÏÁ ıÏÙ(TQO +VCN[ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏË Ï‰Î ÎÌÌ ÏÂÊ ıÏÙ(TQO )GTOCP[ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÊ ÂÌ ÂÊ ÏÈ‰ ıÏÙ(TQO 5RCKP Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰Ì ÏÏÂ ÏÏÊ ÏÈÌ ıÏÙ

4QQO UWRRN[ ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÈ ÎÊ ÎÊ Î‰ ÍÍ1EEWRCPE[ TCVG ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÍ ËÁ ËÈ ÁÈ ÁÊ

Ï 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÊÊÊÊFFFF6666TTTTCCCCXXXXGGGGNNNN CCCCPPPPFFFF VVVVQQQQWWWWTTTTKKKKUUUUOOOO UUUUGGGGTTTTXXXXKKKKEEEEGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U 7PFGTFGXGNQRGF KPFWUVT[ TGNCVKXG VQ %CTKDDGCP CPF QVJGT .CVKP #OGTKECP VQWTKUOOCTMGVUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U 2TQZKOKV[ VQ 7PKVGF 5VCVGUÔU *KIJ QRGTCVKPI EQUVU TGNCVKXG VQ KPEQOG IGPGTCVGFÒ CU VQWTKUO KPRWVU CTG EJKGHN[ KORQTVGF

CPF OCPCIGOGPV QH UWRRNKGUÒ GSWKROGPVÒ CPF RGTUQPPGN CTG YGCMÔU 2TQHGUUKQPCNKUO QH VQWTKUO OCPCIGOGPV CPF QRGTCVKQPU RGTUQPPGN KU NQYÒ CU VQWTKUO

GFWECVKQP CPF VTCKPKPI CTG PGY CPF KPUWHHKEKGPVÔ 2QNKVKECN EQPUKFGTCVKQPU KPHNWGPEGUVCHHKPI FGEKUKQPU KP IQXGTPOGPV3TWP QRGTCVKQPUÔ 0GXGTVJGNGUUÒ OKZGF3ECRKVCNEQTRQTCVKQPU YKVJ HQTGKIP CFOKPKUVTCVKQP JCXG KPETGCUGF RTQFWEVKXKV[Ô

U 8CTKCDKNKV[ QH VQWTKUO RTQFWEVUr SWCNKV[ KU JKIJ YKVJKP JQVGN COGPKV[ TCVKPI ECVGIQTKGUÔ .QYUWRRN[ QH JKIJ SWCNKV[ VQWTKUO COGPKVKGU CPF HCEKNKVKGUÔ

U %QPUVTWEVKQP KPFWUVT[ WPCDNG VQ OGGV /KPKUVT[ QH 6QWTKUOrU GZRCPUKQP CPF TGPQXCVKQPIQCNU HQT VJG UGEVQTÔ

/CTMGVKPI„U %WDCP VTCXGN CIGPEKGUÒ VQWTKUO DWTGCWUÒ CPF FGUKIPCVGF DTQCFECUVKPI EJCPPGNU JCXG

DGGP GUVCDNKUJGF VQ CUUKUV KPVGTPCVKQPCN XKUKVQTU KP PWOGTQWU TGIKQPU KP %WDCÔU %WDCrU /KPKUVT[ QH 6QWTKUO GUVCDNKUJGF TGRTGUGPVCVKXG QHHKEGU KP PWOGTQWU EQWPVTKGUÒ OQUV

PQVCDN[ KP $TC\KNÒ %CPCFCÒ VJG &QOKPKECP 4GRWDNKEÒ CPF /GZKEQÒ CPF CV NGCUV UKZEQWPVTKGU KP 9GUVGTP 'WTQRGÔ 0GXGTVJGNGUUÒ %WDCrU KPVGTPCVKQPCN OCTMGVKPI DWFIGV KUEQPUKFGTGF NQY CPF FKTGEVGF VQ VJG TGNCVKXGN[ NQY3RTKEGF RCEMCIG VQWT UGIOGPV QHXKUKVQTUÔ

U %QORCTCVKXGN[ NQY KPEKFGPEG QH TGXKUKVKPI %WDCÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„

U /KPKUVT[ QH 6QWTKUO JCU UVTWEVWTGF VQWTKUO NCTIGN[ KP JQNFKPI EQTRQTCVKQPU YKVJ JQVGN CPFUGTXKEG EJCKPU QRGTCVKPI CU )QXGTPOGPV3QYPGF CPF OKZGF3ECRKVCN RCTVPGTUJKRU YKVJHQTGKIP KPXGUVQTUÔ

U 4GUVTKEVKQPU QP VJG UQWTEGU QH RTQEWTGOGPV QH HQQF CPF V[RGU QH HQQF UQNF CV XCTKQWUHQQF3UGTXKPI GUVCDNKUJOGPVUÔ


)3ÏÊ

6666CCCCDDDDNNNNGGGG ))))3333ÂÂÂÂCCCC$$$$GGGGGGGGHHHH„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰

5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰

7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÏÒÂÊÂ ÈÌÒÊÁÂ ÈÌÒÍÎË Í‰ÒÁËÌ ÈËÒÈÁÎ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÈÍË ÏÒÍÍÊ ÏÒÁÌÊ ÏÒÂÍ‰ ÎÒÏÍÎ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍËÂ ÈÁÏ ÁÏÏ ÊÍÁ ‰ÍÊ

#WUVTCNKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÂÁ ÎÂÎ ÍËÈ ÈÁÂ ËÌÁ

0GY <GCNCPF ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÁÌ ÎÊÎ ÍÍÌ ÍÎ‰ ÍÍÁ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÁÈÊ ÎÒÈÎ‰ ÎÒÈ‰Ê ÎÒÍÎÁ ÎÒÁÁÁ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÁ‰‰ ÏÒËÌË ÏÒÍÂÊ ÏÒÍÌÎ ÏÒÍÊÎ

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÁ ÏÁÍ ÍÌÌ Í‰Â ÈËÈ

-QTGC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÎÏ ÎÈÈ Î‰Î ÏÈÎ ÍÍÏ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ÈÌÒÁÁÁ Í‰ÒÁÊÁ Í‰ÒÈÍË Í‰ÒÏÁÍ ÈÈÒ‰ÎÂ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Á Á Á Á Á

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È Í È Ë Ë

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÎ ÂÈ ÂÊ Ï‰Ì Ï‰Ì

0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ÂÍÁ ÂÏÎ ÂÎÎ Ê‰Ë ÊË‰Ï 'UVKOCVGF D[ VJG %QOOKUUKQPÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÌÎÌÏÔÏÌ 3 ÌÎÌÎÔÍÌ‚ ÌÎÏÌÔÎÌ‚ ÏÁÌÎÔËÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÂÂÂÂDDDD$$$$GGGGGGGGHHHH„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 5JCTG QH YQTNF RTQFWEVKQP ıÎË¯Ò UVCDNGÙÒ EQPUWORVKQP ıÎÁ¯Ò UVCDNGÙÒ GZRQTVU ıÏ‰¯Ò

TKUKPIÙÒ KORQTVU ıÎ‰¯ TKUKPIÙÔU 7Ô5Ô KU YQTNFrU NGCFKPI RTQFWEGTÒ EQPUWOGTÒ CPF KORQTVGT QH DGGHÒ CPF ÍTF NGCFKPI

GZRQTVGTÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U .CTIG UWRRNKGU QH NQY3EQUV ITCKP‚ GHHKEKGPV ECVVNG TCKUKPI CPF RTQEGUUKPI UGEVQTUÔU #FXCPEGF VGEJPQNQI[ KPENWFKPI EQY DTGGFKPI CPF IGPGVKEUÒ CPKOCN HGGFKPI CPF

JWUDCPFT[Ò OCTMGVKPI CPF FKUVTKDWVKQP OGVJQFUÔU 2TQZKOKV[ VQ KORQTVCPV #UKCP OCTMGVU ı,CRCP CPF -QTGCÙ KP TGNCVKQP VQ OCLQT EQORGVKVQTU

ıGÔIÔÒ '7Ò #TIGPVKPCÒ CPF $TC\KNÙÔU 0#(6# KPETGCUGF 7Ô5Ô VTCFG YKVJ %CPCFC CPF /GZKEQ CV GZRGPUG QH #WUVTCNKCÒ 0GY

<GCNCPFÒ CPF VJG '7Ô

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 75&# GZRQTV RTQOQVKQP RTQITCOUÔU 2WTEJCUGU WPFGT UGXGTCN RTQITCOU ıGÔIÔÒ UEJQQN NWPEJ RTQITCOÙ CPF RWTEJCUGU HQT 7Ô5Ô

OKNKVCT[Ô

6TCFG OGCUWTGU„U $GGH KORQTVU UWDLGEV VQ VCTKHH3TCVG SWQVCU YKVJ TGNCVKXGN[ NQY VCTKHH QP KP3SWQVC KORQTVU CPF

JKIJ VCTKHHU HQT QXGT3SWQVC KORQTVUÔU 'ZVGPUKXG UCPKVCT[ CPF RJ[VQUCPKVCT[ OGCUWTGU QP KORQTVGF NKXG CPKOCNU CPF DGGHÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 7Ô5Ô RTQFWEGU CPF GZRQTVU JKIJ3SWCNKV[Ò ITCKP3HGF DGGHÒ CPF KORQTVU OQUVN[ NQYGT3SWCNKV[

ITCUU3HGF DGGH HQT OCPWHCEVWTKPI KPVQ DGGH RTQFWEVUÒ UWEJ CU JCODWTIGTUÔU /WUV EQORGVG YKVJ GZRQTVU HTQO VJG '7 VJCV TGEGKXG IQXGTPOGPV CUUKUVCPEGÔ


)3ÏÂ

6666CCCCDDDDNNNNGGGG ))))3333ÂÂÂÂEEEE$$$$GGGGGGGGHHHH„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÁÈÔÈ ÁÂÔÈ ÁÊÔÁ ÊËÔÌ ıÏÙ%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÌÔÏ ÌÔÏ ÌÔÏ ÌÔÏ ıÏÙ%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÏÙ#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÈÔË ÁÂÔË ÁÊÔÂ ÊËÔÏ ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÏÙ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

Ï 0QV CXCKNCDNGÔÎ 0GINKIKDNG QT PKNÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÌÎÌÏÔÏÌ 3 ÌÎÌÎÔÍÌ‚ ÌÎÏÌÔÎÌ‚ CPF ÏÁÌÎÔËÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÂÂÂÂFFFF$$$$GGGGGGGGHHHH„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDC CEEQWPVU HQT NGUU VJCP Ï RGTEGPV QH YQTNF DGGH RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFGÔU #U YQTNF DGGH OCTMGV ITQYU %WDC KU DGEQOKPI GXGP NGUU KORQTVCPVÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U %WDC NCEMU UWHHKEKGPV ITCKP RTQFWEVKQP QT ITCUUNCPF VQ DG KPVGTPCVKQPCNN[ EQORGVKVKXG KP

VJG RTQFWEVKQP QH DGGHÔU /QUV ECVVNG CTG TCKUGF CPF OQUV DGGH RTQFWEGF QP KPGHHKEKGPV UVCVG EQPVTQNNGF QRGTCVKQPUÔ

6TCFG OGCUWTGU„U $GGH KORQTVU CTG CFOKPKUVGTGF D[ VJG IQXGTPOGPVÔU 5CPKVCT[ OGCUWTGU CTG CRRNKGF VQ KORQTVGF DGGHÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U $GGH FKUVTKDWVKQP KU IGPGTCNN[ VJTQWIJ IQXGTPOGPV TCVKQPKPIÔU /QUV %WDCP DGGH KORQTVU UGTXG VJG JQVGN CPF VQWTKUV KPFWUVT[Ô


)3Ï‰

6666CCCCDDDDNNNNGGGG ))))3333‰‰‰‰CCCC2222QQQQTTTTMMMM„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÊÒÁÍË ÎÌÒÌÁÏ ÎÏÒÎÁÈ ÏÂÒÈ‰Â Ï‰ÒÏÏË7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Á‰È ÊÍÊ ÊË‰ Á‰Ì ÊÁÏ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÎ‰ ÈÂÁ ÈÂÌ ÈÏÈ È‰‰&GPOCTM ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÂÈ ÏÁÂ ÏÊË ÏÁ‰ ÏÁÌ2QNCPF ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÂ ÏÁ ÎÏ ÎÈ ÎÂ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÈÈ ÏÒÌÏÍ ÏÒÌÍÊ ÏÒÌÎÌ ÏÒÌÏÊ,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ë‰È ÊËÌ ÁÂÌ Ë‰Á ÁÍ‰/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÂ ÈÁ ÁÂ ‰‰ ÏÏÌ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÍ ÊÏ ÏÌÎ ‰Ì ÂÊ

#RRCTGPV 7Ô5Ô EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÊÒÈÂË Ï‰ÒÊÂË ÎÌÒ‰ÂÁ ÏÂÒÏÁÂ ÏÂÒÂË‰

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ë Ë Ë Á Ë4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È È È È È

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÎ ÁÍ ÁÏ ÏÊÈ ÏÊÁ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ÂÌÎ ÊÊÌ ÊÊÌ ÊËÊ ÊÎÂ

Ï 'UVKOCVGF D[ VJG %QOOKUUKQPÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÌÎÌÍÔÏÏ 3 ÌÎÌÍÔÎ‰‚ ÌÎÏÌÔÏÏ 3 ÌÎÏÌÔÏ‰‚ CPF ÏÁÌÎÔÈÏ 3 ÏÁÌÎÔÈ‰Ô


6666CCCCDDDDNNNNGGGG ))))3333‰‰‰‰DDDD2222QQQQTTTTMMMM„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U 5JCTG QH YQTNF RTQFWEVKQP ıÏÏ¯Ò UVCDNGÙÒ EQPUWORVKQP ıÏÏ¯Ò UVCDNGÙÒ GZRQTVU ıÏÊ¯ÒWPUVCDNGÙÒ KORQTVU ıÏË¯ UVCDNGÙÔ

U 7Ô5Ô KU YQTNFrU NGCFKPI RTQFWEGT CPF EQPUWOGT QH RQTMÒ ÍTF NGCFKPI GZRQTVKPI EQWPVT[ÒCPF ÎPF NGCFKPI KORQTVKPI EQWPVT[Ô

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U .CTIG UWRRNKGU QH NQY3EQUV ITCKPÒ VJG NCTIGUV EQUV KPRWV‚ GHHKEKGPV UYKPG TCKUKPI CPF RQTM

RTQEGUUKPI UGEVQTUÔU #FXCPEGF VGEJPQNQI[ KPENWFKPI JQI DTGGFKPI CPF IGPGVKEUÒ CPKOCN HGGFKPI CPF

JWUDCPFT[Ò OCTMGVKPI CPF FKUVTKDWVKQP OGVJQFUÔU 2TQZKOKV[ VQ KORQTVCPV #UKCP OCTMGVU ıGÔIÔÒ ,CRCPÒ -QTGCÒ CPF *QPI -QPIÙ KP TGNCVKQP VQ

OCLQT EQORGVKVQTU ıGÔIÔÒ '7 CPF $TC\KNÙÔU 6TGPF VQ EQPUQNKFCVKQP CPF EQQTFKPCVKQP VJTQWIJQWV RTQFWEVKQPÒ RTQEGUUKPIÒ CPF

FKUVTKDWVKQPÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„

U 75&# GZRQTV RTQOQVKQP RTQITCOUÔU 2WTEJCUGU WPFGT UGXGTCN RTQITCOU ıGÔIÔÒ UEJQQN NWPEJ RTQITCOÙ CPF RWTEJCUGU HQT 7Ô5Ô

OKNKVCT[Ô6TCFG OGCUWTGU„

U 4GNCVKXGN[ NQY VCTKHHUÔU 'ZVGPUKXG UCPKVCT[ CPF RJ[VQUCPKVCT[ OGCUWTGU QP KORQTVGF NKXG JQIU CPF RQTMÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 6TCFG TGUVTKEVGF D[ TGNKIKQWU FKGVCT[ NCYUÔU /WUV EQORGVG YKVJ GZRQTVU HTQO VJG '7 VJCV TGEGKXG IQXGTPOGPV CUUKUVCPEGÔU 6TGPF VQ HWTVJGT RTQEGUUGF RTQFWEVU CV TGVCKN NGXGNÔ


)3ÎÌ

6666CCCCDDDDNNNNGGGG ))))3333‰‰‰‰EEEE2222QQQQTTTTMMMM„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÊÏÔÁ ÊÈÔÈ ÊÍÔÈ ÊÍÔÈ ıÏÙ%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÔË ËÔÊ ÁÔÌ ‰ÔÂ ıÏÙ%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÏÙ#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊËÔÏ ÂÌÔÏ Ê‰ÔÈ ÂÍÔÎ ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÏÙ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ë Ê Â ÏÎ ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

Ï 0QV CXCKNCDNGÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÌÎÌÍÔÏÏ 3 ÌÎÌÍÔÎ‰‚ ÌÎÏÌÔÏ‰‚ CPF ÏÁÌÎÔÈÏ 3 ÏÁÌÎÔÈ‰Ô


6666CCCCDDDDNNNNGGGG ))))3333‰‰‰‰FFFF2222QQQQTTTTMMMM„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDC CEEQWPVU HQT NGUU VJCP Ï RGTEGPV QH YQTNF RQTM RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFGÔU %WDC KU DGEQOKPI GXGP NGUU KORQTVCPV KP VJG YQTNF OCTMGV HQT RQTMÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U %WDC NCEMU UWHHKEKGPV ITCKP RTQFWEVKQP VQ DG EQORGVKVKXG KP VJG RTQFWEVKQP QH RQTMÔU %WDC KU FGRGPFGPV QP KORQTVGF HGGFÒ CNVJQWIJ UQOG OQNCUUGU ıC D[3RTQFWEV QH UWICT

RTQFWEVKQPÙ CPF HQQF YCUVG KU HGF VQ UYKPGÔU 2QTM KU RTQFWEGF QP KPGHHKEKGPV UVCVG RTQEGUUKPI RNCPVU HTQO UYKPG TCKUGF QP UVCVG HCTOU

CPF EQQRGTCVKXGUÔ6TCFG OGCUWTGU„

U 2QTM KORQTVU CTG CFOKPKUVGTGF D[ VJG IQXGTPOGPVÔU 5CPKVCT[ OGCUWTGU CTG CRRNKGF VQ KORQTVGF RQTMÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U *KUVQTKECNN[Ò %WDC JCU DGGP C OCLQT RQTM KORQTVKPI EQWPVT[ÔU 2QTM JCU VTCFKVKQPCNN[ DGGP C RTGHGTTGF OGCV HQT %WDCPUÔU 2QTM FKUVTKDWVKQP KU IGPGTCNN[ VJTQWIJ IQXGTPOGPV TCVKQPKPIÔU /QUV %WDCP RQTM KORQTVU UGTXG VJG JQVGN CPF VQWTKUV KPFWUVT[Ô


)3ÎÏ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÌÌÌÌCCCC2222QQQQWWWWNNNNVVVVTTTT[[[[„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÈÒË‰Î ÏÊÒÌÂÊ ÏÊÒÏÏË ÏÊÒÂ‰‰ ÏÂÒÌÍÎ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÍ ÏÁ ÎÏ ÎÁ Í‰

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌ ÏÍ ÏÊ ÎÏ ÍÍ(TCPEG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Ï Ï Î È+UTCGN ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï Ï Î Î Î

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÌÎÁ ÎÒÈÂÍ ÎÒÍ‰Á ÎÒÏÈÌ ÏÒÊÁÁ*QPI -QPI ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÌÍ ÈÏ‰ ÈÍÌ ÍÁÏ Í‰Ê%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁ‰ ÏÁ‰ ÎÌÎ ÎÍÌ ÎÏÁ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁÈ ÎÌÂ ÎÎÁ ÎÍÌ Ï‰‰

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ÏÎÒËÊ‰ ÏÈÒÁÎÌ ÏÈÒÊÈÌ ÏËÒÊÂË ÏÁÒÍÌË4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÏÈ ÏË ÏÈ ÏÎ ÏÌ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÍË ÎÍÂ ÎÍ‰ ÎÎËÌ ÎÎËÎ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ÈËÌ ÈË‰ ÈÈË ÎÈËÌ ÎÈËÌ

Ï .GUU VJCP ÌÔË RGTEGPVÔÎ 'UVKOCVGF D[ VJG %QOOKUUKQPÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÌÎÌÊÔÏÌ 3 ÌÎÌÊÔËÌ‚ CPF ÏÁÌÎÔÎÌ 3 ÏÁÌÎÔÍ‰Ô


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÌÌÌÌDDDD2222QQQQWWWWNNNNVVVVTTTT[[[[„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U 5JCTG QH YQTNF RTQFWEVKQP ıÎ‰¯Ò UVCDNGÙÒ EQPUWORVKQP ıÎÈ¯Ò UVCDNGÙÒ GZRQTVU ıÈÎ¯ÒHCNNKPIÙÒ KORQTVU ıNGUU VJCP ÌÔË ¯ UVCDNGÙÔ

U 7Ô5Ô KU YQTNFrU NGCFKPI RTQFWEGTÒ EQPUWOGTÒ CPF GZRQTVGT QH RQWNVT[Ô(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U .CTIG UWRRNKGU QH NQY3EQUV ITCKPÒ VJG NCTIGUV EQUV KPRWV‚ GHHKEKGPV RQWNVT[ TCKUKPI CPFRTQEGUUKPI UGEVQTUÔ

U #FXCPEGF VGEJPQNQI[ KPENWFKPI RQWNVT[ DTGGFKPI CPF IGPGVKEUÒ CPKOCN HGGFKPI CPFJWUDCPFT[Ò OCTMGVKPI CPF FKUVTKDWVKQP OGVJQFUÔ

U 2TQZKOKV[ VQ #UKCP ıGÔIÔÒ ,CRCPÒ -QTGCÒ CPF *QPI -QPIÙÒ %CPCFCÒ CPF /GZKEQ QXGTKPVGTPCVKQPCN EQORGVKVQTU ıGÔIÔÒ '7 CPF $TC\KNÙÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 75&# GZRQTV RTQOQVKQP RTQITCOUÔU 2WTEJCUGU WPFGT UGXGTCN RTQITCOU ıGÔIÔÒ UEJQQN NWPEJ RTQITCOÙ CPF RWTEJCUGU HQT 7Ô5Ô

OKNKVCT[Ô6TCFG OGCUWTGU„

U 4GNCVKXGN[ NQY VCTKHHUÔU 'ZVGPUKXG UCPKVCT[ CPF RJ[VQUCPKVCT[ OGCUWTGU QP KORQTVGF RQWNVT[Ô

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U .QPI VGTO VTGPF VQYCTF EQPUQNKFCVKQP CPF XGTVKECN EQQTFKPCVKQPÔU 2QWNVT[ OCTMGVU KPENWFGU DQVJ TGNCVKXGN[ JKIJ3XCNWGF HWTVJGT RTQEGUUGF RTQFWEVUÒ UWEJ CU

EQQMGF CPF TGCF[3VQ3EQQM RTQFWEVUÒ CU YGNN CU TGNCVKXGN[ NQY3XCNWGF RTQFWEVUÒ UWEJ CUYJQNG EJKEMGP CPF VWTMG[ YKPIUÔ

U .CTIG UJCTG QH OCTMGV EQPUKUVU QH DTCPFGF RTQFWEVUÔU /WUV EQORGVG YKVJ GZRQTVU HTQO VJG '7 VJCV TGEGKXG IQXGTPOGPV CUUKUVCPEGÔ


)3ÎÎ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÌÌÌÌEEEE2222QQQQWWWWNNNNVVVVTTTT[[[[„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô ÁÊ ÁÎ ÁÈ ÁÈ ıÏÙ%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÎÎ ÎÏ Ï‰ ÍÎ ıÏÙ%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÏÙ#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Â‰ ÂÍ ÂÍ ‰Á ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ì Ì Ì Ì ıÏÙ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎË ÎË ÎÍ ÍÍ ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

Ï 0QV CXCKNCDNGÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÌÎÌÊÔÏÌ 3 ÌÎÌÊÔËÌ‚ CPF ÏÁÌÎÔÍ‰Ô


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÌÌÌÌFFFF2222QQQQWWWWNNNNVVVVTTTT[[[[„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDC CEEQWPVU HQT NGUU VJCP Ï RGTEGPV QH YQTNF RQWNVT[ RTQFWEVKQPÒ EQPUWORVKQPÒ CPFVTCFGÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U %WDC NCEMU UWHHKEKGPV ITCKP RTQFWEVKQP VQ DG EQORGVKVKXG KP VJG RTQFWEVKQP QH RQWNVT[ÔU /QUV RQWNVT[ CTG TCKUGF QP UVCVG HCTOU CPF CTG RTQEGUUGF KP IQXGTPOGPV HCEKNKVKGUÔ

6TCFG OGCUWTGU„U 2QWNVT[ KORQTVU CTG CFOKPKUVGTGF D[ VJG IQXGTPOGPVÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U /QUV %WDCP RQWNVT[ KORQTVU UGTXG VJG JQVGN CPF VQWTKUV KPFWUVT[ÔU 2QWNVT[ FKUVTKDWVKQP KU IGPGTCNN[ VJTQWIJ IQXGTPOGPV TCVKQPKPIÔ


)3ÎÍ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÏÏÏÏCCCC&&&&CCCCKKKKTTTT[[[[ RRRRTTTTQQQQFFFFWWWWEEEEVVVVUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ËËÒÂÌÌ ËÂÒÏÌÌ ÁÌÒËÌÌ ÁÎÒÌÌÌ ÁÍÒÌÌÌ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌËÎ ÏÒÏ‰Â ÏÒÏÈÈ ÏÒÍÁÊ ÏÒÈÌÂ

'7 ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÎÈ ÊÏÈ ÁÎ‰ ÁÁÏ ÊÎÏ0GY <GCNCPF ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ï‰Í ÎËÍ ÎÊÁ ÍÂË ÍÍÏ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÎ ÍÎ ÍÂ ÁÎ ÂÊ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÍÁ ËÌÁ ÁÎË ÁÌÁ ÁÌË/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏÈ ‰Ê ÏËÍ ÏÁÍ ÏË‰,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÍ ÂË ÂÍ ÂÊ ‰Ì%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈË ËÂ ËÊ ËÊ ÊÌ

#RRCTGPV 7Ô5Ô EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÁÒÎÏÁ ËÂÒÊ‰Î ÁÏÒÌÏ‰ ÁÎÒÊÁÏ ÁÍÒÂÌÍ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ï Ï Ï Ï Ï4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Î Î Î Î

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÁÎ ÁËÌ ÁÈÌ ÁÍÌ ÁÎÌ0WODGT QH GUVCDNKUJOGPVU ıVJQWUCPFUÙ Ô Ô Ô Ô ÏÈÍ ÏÍË ÏÍÌ ÏÈÌ ÏÍÌ0QVGÔw&CKT[ RTQFWEVU KPENWFGU CNN FCKT[ RTQFWEVU KP *65 EJCRVGT ÈÒ KEG ETGCO ı*65 EJCRVGT ÎÏÙÒCPF ECUGKPÒ ECUGKPCVGUÒ CPF OKNM RTQVGKPU ı*65 EJCRVGT ÍËÙÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÏÏÏÏDDDD&&&&CCCCKKKKTTTT[[[[ RRRRTTTTQQQQFFFFWWWWEEEEVVVVUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 5JCTG QH YQTNF RTQFWEVKQP ıÏÍ¯Ò UVCDNGÙÒ EQPUWORVKQP ıÏÍ¯Ò UVCDNGÙÒ GZRQTVU ıÎ¯Ò TKUKPIÙÒ

KORQTVU ıË¯ UVCDNGÙÔU 6JG 7PKVGF 5VCVGU KU YQTNFrU NGCFKPI RTQFWEGT CPF EQPUWOGT QH FCKT[ RTQFWEVUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U #XCKNCDKNKV[ QH NQY3EQUV HGGF CPF ITCUUNCPFÔU #FXCPEGF VGEJPQNQI[ KPENWFKPI EQY DTGGFKPI CPF IGPGVKEUÒ CPKOCN HGGFKPI CPF

JWUDCPFT[Ò OCTMGVKPI CPF FKUVTKDWVKQP OGVJQFUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 'ZVGPUKXG IQXGTPOGPV KPVGTXGPVKQP KP RTKEKPI CPF OCTMGVKPI QH CNN FCKT[ RTQFWEVUÔU 'ZRQTV CUUKUVCPEG VJTQWIJ VJG 75&# &CKT[ 'ZRQTV +PEGPVKXG 2TQITCOÔU 2WTEJCUGU WPFGT UGXGTCN RTQITCOU ıGÔIÔÒ UEJQQN NWPEJ RTQITCOÙ CPF RWTEJCUGU HQT 7Ô5Ô

OKNKVCT[Ô

6TCFG OGCUWTGU„U +ORQTVU UWDLGEV VQ 643U YKVJ JKIJ VCTKHHU HQT QXGT3SWQVC SWCPVKVKGUÔU 'ZVGPUKXG UCPKVCT[ CPF RJ[VQUCPKVCT[ OGCUWTGU QP KORQTVGF FCKT[ RTQFWEVUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U *KIJN[ EQORNGZ U[UVGO QH RTQFWEVKQPÒ OCTMGVKPIÒ CPF FKUVTKDWVKQPÔU 2GTKUJCDKNKV[ QH VJG RTQFWEVU TGSWKTGU TGHTKIGTCVKQP CPF GHHKEKGPV VTCPURQTVCVKQP PGVYQTMUÔ


)3ÎÈ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÏÏÏÏEEEE&&&&CCCCKKKKTTTT[[[[ RRRRTTTTQQQQFFFFWWWWEEEEVVVVUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


%WDCP OKNM RTQFWEVKQP ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô ÁÏÏ ÁÈÌ ÁËÏ ÁËË ÁÏÌ

%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈË ÍÌ ÍÏ ÎÈ ıÏÙ

%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁËÁ ÁÊÌ ÁÂÎ ÁÊ‰ ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÏÙ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ê È Ë È ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙÏ 0QV CXCKNCDNGÔ

0QVGÔw&CKT[ RTQFWEVU KPENWFGU CNN FCKT[ RTQFWEVU KP *65 EJCRVGT ÈÒ KEG ETGCO ı*65 EJCRVGT ÎÏÙÒCPF ECUGKPÒ ECUGKPCVGUÒ CPF OKNM RTQVGKPU ı*65 EJCRVGT ÍËÙÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÏÏÏÏFFFF&&&&CCCCKKKKTTTT[[[[ RRRRTTTTQQQQFFFFWWWWEEEEVVVVUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDC JCU CEEQWPVGF HQT NGUU VJCP Ï RGTEGPV QH YQTNF FCKT[ RTQFWEVKQPÒ EQPUWORVKQPÒ CPF

VTCFGÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U %WDC NCEMU ITC\KPI NCPF CPF UWHHKEKGPV ITCKP RTQFWEVKQP VQ DG KPVGTPCVKQPCN EQORGVKVKXG

KP VJG RTQFWEVKQP QH FCKT[ RTQFWEVUÔU /QUV OKNM CPF FCKT[ RTQFWEVU RTQFWEGF QP KPGHHKEKGPV UVCVG EQPVTQNNGF HCTOUÔU +PCFGSWCVG TGHTKIGTCVKQP HCEKNKVKGUÔ

6TCFG OGCUWTGU„U &CKT[ KORQTVU CTG CFOKPKUVGTGF D[ VJG IQXGTPOGPVÔU 5VTKEV UCPKVCT[ TGUVTKEVKQPU QP FCKT[ KORQTVUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 5CNGU QH FCKT[ RTQFWEVU KU IGPGTCNN[ VJTQWIJ IQXGTPOGPV TCVKQPKPIÔU &CKT[ KORQTVU KPENWFG OKNM RQYFGTUÒ OCKPN[ HTQO 0GY <GCNCPF WPFGT DCTVGT

CTTCPIGOGPVUÒ CPF JKIJ3XCNWGF FCKT[ RTQFWEVUÒ UWEJ CU OKNM CPF EJGGUGÒ HTQO %CPCFCCPF VJG '7Ô

U /QUV JKIJ3XCNWGF FCKT[ RTQFWEVU CTG KORQTVGF HQT VJG VQWTKUV KPFWUVT[ÔU 5JCTR FGENKPG KP EQY PWODGTU CPF RTQFWEVKQP UKPEG Ï‰Â‰Ô


)3ÎË

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÎÎÎÎCCCC9999JJJJGGGGCCCCVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÒ HCTO XCNWGÙ Ô ÂÒÌÌÊ ‰ÒÊÂÊ ‰ÒÊÂÎ ÂÒÍÂÊ ÁÒÊÂÏ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÍÁ ÎÈÎ ÍËÁ ÎÂÏ ÎÊÎ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÍÈ ÎÈÎ ÍËÁ ÎÊ‰ ÎÊÎ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÒÈÈÏ ÁÒÎÁË ÈÒÌ‰Ë ÍÒÁ‰Ê ÍÒËËÈ

'I[RV ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÁÌ ÊÊË ËÌÎ ËÏÈ ÈÊ‰

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÏÏ ÁÍÊ ËËÈ ÈÊÎ ÈËÍ

2JKNNKRRKPGU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î‰‰ ÍÎË ÍÌÂ ÎÎÍ ÎÍË

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ÎÒÂÌÎ ÍÒÊÁÈ ÁÒÌÈÍ ÈÒ‰ÊÏ ÍÒÈ‰‰

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÁÂ ÁÈ ÈÎ ÈÈ ËÎ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Â Á Á Á Â

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

0WODGT QH HCTOU ıVJQWUCPFUÙÎ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍËË ÍÍ‰ ÍÎÎ Î‰Â ÎÂÎÏ 0QV CXCKNCDNGÔÎ 0WODGT QH HCTOU YKVJ CPPWCN UCNGU QH ˘ÏÌÒÌÌÌ QT OQTGÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÏÌÌÏÔÏÌ 3 ÏÌÌÏÔ‰ÌÒ CPF ÏÏÌÏÔÌÌÔ 2TQFWEVKQP KU QP C ETQR [GCTDCUKU GPFKPI KP VJG [GCT UJQYPÔ %QPUWORVKQP FQGU PQV KPENWFG KPXGPVQT[ EJCPIGUÔ &CVC UJQYPEQPVCKP QPN[ YJGCVÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÎÎÎÎDDDD9999JJJJGGGGCCCCVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 5JCTG QH YQTNF RTQFWEVKQP ıÎ‰¯Ò UVCDNGÙÒ EQPUWORVKQP ıÎÈ¯Ò UVCDNGÙÒ GZRQTVU ıÎÂ¯Ò

HCNNKPIÙÒ KORQTVU ıNGUU VJCP ÌÔË¯Ò UVCDNGÙÔU 7Ô5Ô KU YQTNFrU NGCFKPI RTQFWEGTÒ EQPUWOGTÒ CPF GZRQTVGT QH YJGCVÔU 7Ô5Ô KU C OKPQT YJGCV HNQWT GZRQTVGTÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô YJGCV KU JKIJN[ EQORGVKVKXG KPVGTPCVKQPCNN[ DCUGF QP RTKEG CPF SWCNKV[ÔU *KIJN[ GHHKEKGPV U[UVGO QH ITCKP VTCPURQTVCVKQP CPF JCPFNKPIÔU )WNH RQTVU JCXG NQYGT UJKRRKPI EQUVU VQ %CTKDDGCP OCTMGVU VJCP OCLQT EQORGVKVQTU ıGÔIÔÒ

#TIGPVKPCÒ %CPCFCÒ '7ÙÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 75&# ETGFKV IWCTCPVGG RTQITCO CKFU EQPUKFGTCDN[ 7Ô5Ô UCNGU CDTQCFÔU 9JGCV KPFWUVT[ TGRTGUGPVCVKXG QTICPK\CVKQPU WUG IQXGTPOGPV HWPFGF OCTMGV RTQOQVKQP

VQ TCKUG HQTGKIP FGOCPF HQT 7Ô5Ô YJGCVÔ

6TCFG OGCUWTGU„U 7Ô5Ô VCTKHHU CTG IGPGTCNN[ NQYÔU 6JGTG CTG HGY RJ[VQUCPKVCT[ DCTTKGTU CHHGEVKPI VTCFG CU C TGUWNV QH C YGNN GUVCDNKUJGF

ITCFKPI U[UVGOÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 9JGCV ECP DG VTCFGF GKVJGT CU HNQWT QT WPOKNNGF YJGCVÔU /CP[ KORQTVGTU RTGHGT VQ KORQTV YJGCV TCVJGT VJCP HNQWTÒ CNNQYKPI VJGO VQ WUG FQOGUVKE

OKNNU VQ RTQFWEG HNQWTÔU 7Ô5Ô YJGCV OWUV EQORGVG YKVJ '7 YJGCV TGEGKXKPI GZRQTV UWDUKFKGU CPF QHHKEKCN HKPCPEKPIÒ

CPF YKVJ %CPCFKCP YJGCV UQNF D[ C UKPING UGNNGTÒ VJG %CPCFKCP 9JGCV $QCTFÔ


)3ÎÁ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÎÎÎÎEEEE9999JJJJGGGGCCCCVVVVÏÏÏÏ„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰

5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËËÓÓÓÓ‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁÓÓÓÓ‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊÓÓÓÓ‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂÓÓÓÓ‰‰‰‰‰‰‰‰ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰ÓÓÓÓÌÌÌÌÌÌÌÌ

%WDCP RTQFWEVKQP ıYJGCV QPN[Ù Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì

%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô ÊÊÁ ‰ËÈ ‰ÈÁ ‰ËÏ ıÎÙ

'7 ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÏË ÊÏÈ ÂÏÌ ÂÊÁ ıÎÙ

#TIGPVKPC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ì Ï‰Ê ‰ Ì ıÎÙ

%CPCFC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô ÁÁ ÍÊ ÏÏÌ Ë‰ ıÎÙ

%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ì Ì Ì Ì Ì

#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÊÁ ‰ËÈ ‰ÈÁ ‰ËÏ ıÎÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÎÙ

4CVKQ QH KORQTVU VQ CRRCTGPVEQPUWORVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÌ ÏÌÌ ÏÌÌ ÏÌÌ ÏÌÌ

'ORNQ[OGPV ıOKNNKPI GORNQ[GGUÙ Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ

0WODGT QH GUVCDNKUJOGPVUıYJGCV OKNNUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Â Â ıÎÙ ıÎÙ Ë

Ï +PENWFG YJGCV CPF YJGCV HNQWT ıYJGCV GSWKXCNGPV DCUKUÙÔÎ 0QV CXCKNCDNGÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÎÎÎÎFFFF9999JJJJGGGGCCCCVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDC FQGU PQV RTQFWEG QT GZRQTV YJGCVÔU %WDCrU UJCTG QH YQTNF KORQTVU KU PGINKIKDNGÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U #U C DCUKE HQQFUVWHHÒ %WDCPU TGEGKXG C TCVKQP QH UWDUKFK\GF DTGCFÔ

6TCFG OGCUWTGU„U 6JGTG CTG HGY QT PQ MPQYP YJGCV VTCFG DCTTKGTUÔU /QUV %WDCP YJGCV KORQTVU EQOKPI HTQO VJG '7 ı(TCPEGÙ HKPCPEGF D[ ETGFKV HTQO

%1(#%'ÔU (TCPEG RTQXKFGU C DCTVGT RTQITCO QH YJGCV HQT UWICTÒ XCNWGF CV ˘ÏÂÌ OKNNKQP KP ÎÌÌÌÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U # FKOKPKUJKPI RQTVKQP QH %WDCP YJGCV KORQTVU QEEWT KP VJG HQTO QH YJGCV HNQWT TCVJGT

VJCP YJGCVÔ


)3ÎÊ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÍÍÍÍCCCC4444KKKKEEEEGGGG„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒ‰ÈÌ ÎÒÌËÌ ÎÒÏÁÌ ÎÒÎÊÌ ÎÒÍÂÌ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎÏ ÏËÁ ÎÌÏ ÏÂÂ ÏÂÊ

6JCKNCPF ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰Ì ÏÌ‰ ÏÈÁ ÏÎÁ ÏÏÊ

+PFKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÌ Î‰ ÍÌ ÈÌ ÈÏ

2CMKUVCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ë È È Â Ê

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰‰Á ÏÒÌÎ‰ ‰ÍÎ ÏÒÎÌÂ ‰ÈÈ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏ ‰Â ÏÏÈ ÏÏÁ ÏÈÈ

'7 ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰Â ÏÍ‰ ÏÎÎ ÏÈÍ ÏÎÍ

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÈ ‰Ë ‰Í ‰Ï ÂÂ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ÏÒÌÁË ÏÒÏÊÊ ÏÒÈÎ‰ ÏÒÎËÌ ÏÒÁÎÍ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ËÏ ËÌ ÈÍ ËÍ ÈÌ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏ ÏÍ ÏÈ ÏË ÏÎ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È È È È È

0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÎ ÁË ÁÂ ÊÌ ÊÌ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÏÌÌÁÔÌÌÔ 2TQFWEVKQP CPF KPFWUVT[ FCVC TGHGT VQ VJG TKEG OKNNKPIKPFWUVT[ ı0#+%5 0QÔ ÍÏÏÎÔÏÎÙÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÍÍÍÍDDDD4444KKKKEEEEGGGG„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 5JCTG QH YQTNF RTQFWEVKQP ıÎ¯Ò UVCDNGÙÒ EQPUWORVKQP ıÏ¯Ò TKUKPIÙÒ GZRQTVU ıÏÏ¯Ò UVCDNGÙÒ

CPF KORQTVU ıÏ¯Ò TKUKPIÙU 6JG 7PKVGF 5VCVGU KU VJG YQTNFrU HQWTVJ NGCFKPI TKEG GZRQTVGT ıDGJKPF 6JCKNCPFÒ 8KGVPCOÒ

CPF %JKPCÙÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U 7Ô5Ô TKEG VGPFU VQ DG JKIJGT RTKEGF VJCP KPVGTPCVKQPCN EQORGVKVQTUÔU 7Ô5Ô EQORGVKVKXGPGUU DCUGF QP PQPRTKEG HCEVQTUÒ UWEJ CU SWCNKV[Ò RTGHGTGPEGÒ CPF

FGNKXGT[ HCEVQTUÔU 7Ô5Ô TKEG OKNNKPI KPFWUVT[ KU EGPVGTGF OQUVN[ CNQPI VJG 7Ô5Ô )WNH RQTVUÔU *KIJN[ GHHKEKGPV U[UVGO QH TKEG JCPFNKPI CPF VTCPURQTVCVKQP ıKPENWFKPI RQTV HCEKNKVKGUÙÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 75&# ETGFKV IWCTCPVGG RTQITCO CKFU EQPUKFGTCDN[ 7Ô5Ô UCNGU CDTQCFÔU 7Ô5Ô TKEG KPFWUVT[ TGRTGUGPVCVKXG QTICPK\CVKQPU WUG IQXGTPOGPV HWPFGF OCTMGV RTQOQVKQP

VQ TCKUG HQTGKIP FGOCPF HQT 7Ô5Ô TKEGÔU 75&# FQOGUVKE NQCP UWRRQTV RTQITCO KU VKGF VQ YQTNF GZRQTV RTKEGU VQ GPEQWTCIG 7Ô5Ô

TKEG ITQYGTU VQ GZRQTVÔ6TCFG OGCUWTGU„

U 7Ô5Ô VCTKHHU CTG IGPGTCNN[ NQYÔU 6JGTG CTG HGY RJ[VQUCPKVCT[ DCTTKGTU CHHGEVKPI VTCFG CU C TGUWNV QH C YGNN3GUVCDNKUJGF

ITCFKPI U[UVGOÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U #NVJQWIJ OQUV TKEG VTCFGF KPVGTPCVKQPCNN[ KU OKNNGF TKEGÒ UQOG TQWIJ TKEG GZRQTVU QEEWT

VJCV TGSWKTG HWTVJGT OKNNKPI KP CP KORQTVKPI EQWPVT[ÔU /QUV 7Ô5Ô TKEG KORQTVU EQPUKUV QH URGEKCNV[ TKEG HTQO 6JCKNCPFÒ 2CMKUVCPÒ CPF +PFKCÔ


)3ÎÂ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÍÍÍÍEEEE4444KKKKEEEEGGGG„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰

5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËËÓÓÓÓ‰‰‰‰ ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁÓÓÓÓ‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊÓÓÓÓ‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂÓÓÓÓ‰‰‰‰‰‰‰‰ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰ÓÓÓÓÌÌÌÌÌÌÌÌ

%WDCP RTQFWEVKQP ıÏÒÌÌÌ OGVTKEVQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏËÂ ÎÁÎ Î‰Ê Î‰Â Î‰Â

%WDCP KORQTVU ıÏÒÌÌÌ OGVTKEVQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏÂ ÍÂ‰ ÎÁÊ ÍÍÁ ıÏÙ

6JCKNCPF ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô ÏÌÊ ÏÈÍ Ì ÏÁÎ ıÏÙ

%JKPC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ì Ì ÂË ÏÈË ıÏÙ

8KGV 0CO ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô ÎÌÌ ÎÍÎ ÏÂÌ ÎÈ ıÏÙ

%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ì Ì Ì Ì ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÊÁ ÁËÏ ËÁÈ ÁÍÈ ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

4CVKQ QH KORQTVU VQ CRRCTGPVEQPUWORVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô ÁÊ ÁÌ ÈÊ ËÍ ıÏÙ

*CTXGUVGF CETGCIG ıÏÒÌÌÌJGEVCTGUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÊ ÏËÌ ÏÈÁ ÏÈË ÏÈËÏ 0QV CXCKNCDNGÔ

0QVGÔw2TQFWEVKQP CPF VTCFG CTG QP C OKNNGF TKEG GSWKXCNGPV DCUKU WUKPI C EQPXGTUKQP HCEVQT QH ÊÏRGTEGPV HTQO TQWIJ TKEG DCUKUÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÍÍÍÍFFFF4444KKKKEEEEGGGG„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCrU UJCTG QH YQTNF EQPUWORVKQPÒ RTQFWEVKQPÒ CPF KORQTVU CTG PGINKIKDNGÔ %WDC

GZRQTVU PQ TKEGÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U #U C DCUKE HQQFUVWHHÒ GCEJ %WDCP KU IWCTCPVGGF C OQPVJN[ TCVKQP QH TKEGÔU 'XGP RTKQT VQ VJG 7Ô5Ô UCPEVKQPUÒ %WDC JCU NQPI RWTUWGF C RQNKE[ VQ RTQOQVG FQOGUVKE

RTQFWEVKQP QH TKEGÔ

6TCFG OGCUWTGU„U 6JGTG CTG HGY QT PQ MPQYP TKEG VTCFG DCTTKGTUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U #NVJQWIJ TKEG KU TCVKQPGF KP %WDC CPF UQNF KP UVCVG UVQTGUÒ KV KU CNUQ VTCFGF KP VJG HTGG

OCTMGVUÔU 9KVJ TKEG C UVCRNG KP VJG %WDCP FKGVÒ %WDC KU C OCLQT TKEG EQPUWOGTÒ YKVJ C RGT ECRKVC

EQPUWORVKQP NGXGN CV CDQWV HQWT VKOGU VJG 7Ô5Ô NGXGNÔU # NCTIG RQTVKQP QH %WDCP TKEG KORQTVU HTQO %JKPC QT 8KGVPCO CTG WPFGT DCTVGT QT

KP3MKPF CTTCPIGOGPVUÔU /QUV TKEG KU ITQYP WPFGT KTTKICVKQP KP %WDCÒ CPF KP VJG NCVG Ï‰ÂÌUÒ VJG KTTKICVKQP HCEKNKVKGU

YGTG KORTQXGFÔ


)3Î‰

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÈÈÈÈCCCC((((GGGGGGGGFFFFIIIITTTTCCCCKKKKPPPPÏÏÏÏ„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÈÒÂÌÌ ÎÁÒÊÌÌ ÎÂÒÍÌÌ ÎËÒÈÌÌ ÎÌÒÈÌÌ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÁË ÈËÂ ËÌÌ ÈÎÈ Í‰‰

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÎÏ Í‰Ê ÍÂÍ ÎËÌ ÎÎ‰

%JKNG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÊ ÍÏ ÍÁ ËË Ë‰

'7 ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÏ ÏÍ ËÎ ÁÁ ËÈ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÒÈÎÂ ‰ÒÁÍÍ ÁÒÎÊÊ ËÒÎÂÂ ËÒÂÌË

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÏ‰È ÎÒÊÊÁ ÎÒÎÎÈ ÏÒÁÁÈ ÏÒË‰‰

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÂÎ ÏÒÈÏÁ ÁÍÎ ‰‰Ê ‰ÁÊ

-QTGC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÏÏÁ ÏÒÎÂÌ ÈËÎ ÈÁÂ ËÊË

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQPFQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁÒÊÍÊ ÏÊÒËÎË ÎÎÒËÎÍ ÎÌÒËÍÁ ÏÈÒ‰‰È

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÍÈ ÍÁ ÎÎ ÎÏ ÎÂ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Í Î Î Í

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ

0WODGT QH HCTOU ıVJQWUCPFUÙÍ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍËË ÍÍ‰ ÍÎÎ Î‰Â ÎÂÎÏ (GGFITCKP KPENWFGU EQTPÒ UQTIJWOÒ DCTNG[Ò QCVUÒ T[GÒ CPF QVJGT OKUEGNNCPGQWU ITCKPUÔÎ 0QV CXCKNCDNGÔÍ 0WODGT QH HCTOU YKVJ CPPWCN UCNGU QH ˘ÏÌÒÌÌÌ QT OQTGÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÏÌÌÎÔÌÌÒ ÏÌÌËÔ‰ÌÒ CPF ÏÌÌÊÔÌÌ 3 ÏÌÌÂÔ‰ÌÔ 6JG XCNWG QHRTQFWEVKQP KU GUVKOCVGF CV VJG HCTO XCNWGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÈÈÈÈDDDD((((GGGGGGGGFFFFIIIITTTTCCCCKKKKPPPP„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U 5JCTG QH YQTNF RTQFWEVKQP ıÍÌ¯Ò UVCDNGÙÒ EQPUWORVKQP ıÎÈ¯Ò UVCDNGÙÒ GZRQTVU ıËÈ3ÁÊ¯ÒTKUKPIÙÒ KORQTVU ıÍ¯ÙÔ

U 6JG 7PKVGF 5VCVGU KU VJG YQTNFrU NCTIGUV GZRQTVGT QH EQTP CPF HGGF ITCKPÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 6JG 7PKVGF 5VCVGU KU JKIJN[ KPVGTPCVKQPCNN[ EQORGVKVKXGÒ DCUGF QP RTKEG CPF SWCNKV[ HCEVQTUÔU 6TCPURQTVCVKQP EQUVU CPF JCPFNKPI EJCTIGU CTG CNUQ CP KORQTVCPV HCEVQTU KPHNWGPEKPI 7Ô5Ô

EQORGVKVKXGPGUUÔU /QUV 7Ô5Ô EQTP GZRQTVU VTCPUKV VJTQWIJ 7Ô5Ô )WNH RQTVUÒ CPF VJGTGHQTG JCXG NQYGT EQUVU QH

UJKRRKPI VQ %CTKDDGCP OCTMGVU VJCP OCLQT EQORGVKVQTU ıGÔIÔÒ '7Ò #TIGPVKPCÒ %CPCFCÒ#WUVTCNKCÙÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 75&# ETGFKV IWCTCPVGG RTQITCO CUUKUV 7Ô5Ô UCNGU CDTQCFÔU 7Ô5Ô HGGFITCKP ITQWRU CNUQ WUG IQXGTPOGPV HWPFGF OCTMGV RTQOQVKQP VQ TCKUG HQTGKIP

FGOCPF HQT 7Ô5Ô HGGFITCKPU VQ RTQOQVG HQTGKIP CPKOCN HGGF WUGÔ

6TCFG OGCUWTGU„U 7Ô5Ô VCTKHHU CTG IGPGTCNN[ NQYÔU (GY RJ[VQUCPKVCT[ DCTTKGTU CHHGEVKPI VTCFG CU C TGUWNV QH C YGNN GUVCDNKUJGF ITCFKPI

U[UVGOÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U %QTP CPF HGGFITCKP CTG KPVGITCVGF KPVQ C FQOGUVKE HGGF QRGTCVKQPUÒ UWEJ CU C RQWNVT[ QT

JQI QRGTCVKQPUÒ VJCV CNUQ TGSWKTG UK\CDNG COQWPVU QH QKNUGGF OGCN HQT C DCNCPEGF HGGFTCVKQPÔ


)3ÍÌ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÈÈÈÈEEEE((((GGGGGGGGFFFFIIIITTTTCCCCKKKKPPPP„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


%WDCP RTQFWEVKQP ıÏÒÌÌÌ OGVTKEVQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÎ ÏÌË ÏÎÊ ÏÍÏ ÏÍÏ

%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô ÎÊË ÎÍÌ ÍÂ ÁË ıÏÙ

#TIGPVKPC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô ÏÁÍ Ï‰Ë ÍÂ ÎÂ ıÏÙ

%CPCFC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô ÏÏÎ ÍË Ì ÍÊ ıÏÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ì Ì Ì Ì Ì

#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍËÊ ÍÍË ÏÁË Ï‰Á ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì

4CVKQ QH KORQTVU VQ CRRCTGPVEQPUWORVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô ÊÊ Á‰ ÎÍ ÍÍ ıÏÙ

*CTXGUVGF CETGCIG ıÏÒÌÌÌ JGEVCTGUÙ ÊÂ ‰Ì ÏÌÌ ÏÌÏ ÏÌÏÏ 0QV CXCKNCDNGÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÈÈÈÈFFFF((((GGGGGGGGFFFFIIIITTTTCCCCKKKKPPPP„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCrU UJCTG QH YQTNF HGGFITCKP RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFG KU PGINKIKDNGÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U (GGF OKNNU CTG UVCVG QYPGF KP %WDCÒ CU CTG VJG NCTIG RQWNVT[ CPF JQI QRGTCVKQPUÔ

6TCFG OGCUWTGU„U 6JGTG CTG HGY QT PQ MPQYP EQTP CPF HGGFITCKP VTCFG DCTTKGTUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U %WDC JCU CP GZVGPUKXG ITCKP3HGF NKXGUVQEM UGEVQTÒ OCKPN[ JQIU CPF RQWNVT[Ò VJCV EQPUWOG

UK\CDNG COQWPVU QH EQTP CPF HGGFITCKPÔU %QTP KU VJG RTKPEKRCN HGGFITCKP ITQYP CPF KORQTVGF KPVQ %WDCÔ


)3ÍÏ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏËËËËCCCC####PPPPKKKKOOOOCCCCNNNN HHHHGGGGGGGGFFFF„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÌÒ‰ÂÌ ÍËÒÏÂÏ ÍÁÒÂ‰‰ ÍÊÒÈÂÁ ÍÊÒ‰ÁÌ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÏÌ ÁÂ‰ ÊÏÊ ÁÁÏ ÁÌÈ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÁÏ ËÌÊ ËÎÊ ÈÂÂ ÈÍÌ

)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÌ ÈÎ ÍÁ ÍÈ ÍÂ

6JCKNCPF ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï‰ ÎÎ ÎÍ ÎÁ ÎÌ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÂÏË ÈÒÍÊÌ ÈÒÂÍÏ ÈÒÍÌÊ ÍÒÁÎÏ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÈ‰ ÁÈÍ ÊÌÁ ÁÎÈ ÁÏÊ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÌÁ ËËÏ Ë‰Â ËÊÁ ËÍÌ

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÏÏ ÎÍÂ ÎÏÏ ÎËÍ ÎÁÊ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ÎÊÒÁÊË ÍÏÒËÌÌ ÍÎÒÊÂË ÍÍÒÂÈÌ ÍÈÒ‰ÈÍ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÏÎ ÏÎ ÏÍ ÏÏ ÏÌ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Î Î Î Î

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÁ ËÈ ËÍ ËÍ ËÍ

0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÂÊË ÏÒÂËÌ ÏÒÂÎË ÏÒÂÌÌ ÏÒÂÌÌ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÏÎÌÂÒ ÏÎÏÍÒ ÏÎÏÈÒ CPF ÎÍÌÏ 3 ÎÍÌ‰Ô


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏËËËËDDDD####PPPPKKKKOOOOCCCCNNNN HHHHGGGGGGGGFFFF„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 5JCTG QH YQTNF RTQFWEVKQP ıÎÈ¯Ò UVCDNGÙÒ GZRQTVU ıÎÎ¯Ò HCNNKPIÙÒ CPF KORQTVU ıÍ¯Ò

HCNNKPIÙÔU 6JG 7PKVGF 5VCVGU KU VJG YQTNFrU NCTIGUV RTQFWEGT QH CPKOCN HGGF KPITGFKGPVU CPF HKPKUJGF

HGGF RTQFWEVUÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U 6JG 7PKVGF 5VCVGU KU JKIJN[ GHHKEKGPV KPVGTPCVKQPCNN[ CU C TGUWNV QH NQY EQUVU QH RTQFWEVKQPÒHCXQTCDNG ENKOCVGÒ CPF UKIPKHKECPV KPXGUVOGPV KP OKNNU CPF RTQEGUUKPI RNCPVUÔ

U 7Ô5Ô RTQFWEVU DGPGHKV HTQO GHHKEKGPV KPHTCUVTWEVWTG ıGURGEKCNN[ VTCPURQTVCVKQPÙÒ CPF JKIJSWCNKV[ RTQFWEVUÔ

U 6TGPF VQYCTF EQPUQNKFCVKQP KP KPFWUVT[ CPF VQYCTF KPVGITCVGF HGGF3NKXGUVQEM QRGTCVKQPUÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„

U /CTMGV RTQOQVKQP HWPFU HQT EGTVCKP KPITGFKGPVU CPF RTQFWEVUÔU 5VTKEV IQXGTPOGPV TGIWNCVKQPU QP OGFKECVGF HGGFUÔU $CP QP HGGFKPI TWOKPCPV3DCUGF OGCV CPF DQPG OGCN VQ TWOKPCPVUÔ

6TCFG OGCUWTGU„U .QY VCTKHHU ıIGPGTCNN[ WPFGT Ë RGTEGPVÙÔU %WTTGPV DCP QP OGCV CPF DQPG OGCN QTKIKPCVGF HTQO $5'3CHHGEVGF EQWPVTKGU ıGÔIÔÒ '7Ò

1OCPÒ 5YKV\GTNCPFÙÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U /CKP HQEWU QH VJG CPKOCN HGGF KPFWUVT[ KU QP TGIKQPCN 7Ô5Ô OCTMGVUÔU /QUV KPVGTPCVKQPCN VTCFG KU KP KPITGFKGPVU ıUQ[DGCP OGCNÒ EQTP INWVGPÙ TCVJGT VJCP OKZGF

HGGFU CPF EQORNGVG HGGFUÔU /QUV OCTMGVKPI TGIKQPCNN[3QTKGPVGF KP OKZGF HGGFU‚ OQUV RTQEWTGOGPV QH KPITGFKGPVU CNUQ

TGIKQPCNÔU 2TKEG CPF CXCKNCDKNKV[ OCKP FTKXGTU KP RTQEWTGOGPV QH KPITGFKGPVU HQT OKZGF CPF EQORNGVG

HGGFUÔ


)3ÍÎ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏËËËËEEEE####PPPPKKKKOOOOCCCCNNNN HHHHGGGGGGGGFFFF„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


%WDCP RTQFWEVKQPÏ ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô ÊÎÏ ÊÏÊ ÁÂÈ Ë‰Ê ıÎÙ

%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÊÍ ÎÊÊ ÎÍÁ ÎÊÍ ıÎÙ

#TIGPVKPC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÏÊ ÎÁÏ ÎÏÊ ÎÁ‰ ıÎÙ

%JKNG ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏ ‰ ÏÌ Í ıÎÙ

%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì

#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

‰‰È ‰‰È ‰ÎÌ ÂÊÌ ıÎÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÎÙ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÊ ÎÂ ÎÁ ÍÏ ıÎÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ

0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÌ ÎÌ ÎÌ ÎÌ ÎÌÏ 2TQFWEVKQP HKIWTGU KPENWFG HKUJ OGCN CPF OKZGF CPKOCN HGGFU QPN[Ô 2TQFWEVKQP FCVC QP

OQNCUUGU HQT HGGF WUGÒ HQTCIGÒ CPF GFKDNG ICTDCIG EQPUWOGF D[ OWEJ QH VJG NKXGUVQEM KP %WDC KUWPTGRQTVGFÔ (GGF KPITGFKGPVU WUGF KP OKZGF HGGFUÒ UWEJ CU EQTPÒ XGIGVCDNG OGCNÒ CPF QVJGTD[RTQFWEVUÒ CTG CNN KORQTVGFÔ

Î 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏËËËËFFFF####PPPPKKKKOOOOCCCCNNNN HHHHGGGGGGGGFFFF„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCrU UJCTG QH YQTNF CPKOCN HGGF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF KORQTVU KU NGUU VJCP ÌÔË

RGTEGPVÔ %WDC GZRQTVU PQ CPKOCN HGGFÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U #NN OCTMGVKPI CPF FKUVTKDWVKQP EQPVTQNNGF D[ VJG UVCVGÔU (GGF OKNNU UVCVG3QYPGF CPF KP RTQEGUU QH DGKPI EQPUQNKFCVGF KP QTFGT VQ KPETGCUG

RTQFWEVKQP QH NKXGUVQEMÔ

6TCFG OGCUWTGU„U 7TWIWC[ 4QWPF DQWPF VCTKHHU HQT HGGF RTQFWEVU CTG UGV CV ÈÌ RGTEGPVÔU #RRNKGF VCTKHH TCVGU WPMPQYPÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U /WEJ QH VJG CPKOCN HGGF RTQFWEVU OCPWHCEVWTGF KP %WDC KU WUGF HQT OGCV RTQFWEVKQP HQT

VQWTKUV KPFWUVT[ÔU /QUV NKXGUVQEM HGF HQTCIGÒ GFKDNG ICTDCIGÒ CPF D[RTQFWEVU QH UWICTÔ


)3ÍÍ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÁÁÁÁCCCC((((CCCCVVVVUUUU CCCCPPPPFFFF QQQQKKKKNNNNUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÒÊÂÌ ÂÒÎÎÌ ÂÒÁÁÌ ÏÌÒÌÈÌ ÊÒ‰ÌÌ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÎÁÍ ÏÒÈÊ‰ ÏÒËÏÈ ÏÒÈÊÎ ÏÒÍÈÁ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÍÎ Í‰Â ÍÊÁ ÈÏ‰ ÍÊË

'7 ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÍÁ ÈÈÂ ÈÎÌ ÍËÍ ÍÈÌ

/CNC[UKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÂ ÏÏË ÏÍÌ ÏÍÂ ÏÊÂ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒËÌÊ ÏÒÂÌË ÎÒÏËÏ ÎÒÊÍÂ ÏÒ‰ÏÊ

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍËÍ ÍÏÁ ÍÁÂ ÈËÍ ÍËÍ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎÏ ÏÊÎ ÎÏÏ ÏÂË ÏÂÏ

-QTGC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌË Ë‰ Á‰ ÂÎ ÏÎÊ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ÁÒËÍÁ ÊÒÂ‰È ÂÒÌÎÍ ÂÒÊÊÈ ÊÒÍÎ‰

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÍÎ ÎÎ ÎË ÎÊ ÎÈ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï‰ Ï‰ Ï‰ ÏÊ ÏÂ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÊ ÎÊ ÎÁ ÎÁ ÎÁ

0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ËÎÊ ËÎÍ ËÏ‰ ËÏË ËÏÌ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÏËÌÏÔÌÌ 3 ÏËÏÊÔ‰ÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÁÁÁÁDDDD((((CCCCVVVVUUUU CCCCPPPPFFFF QQQQKKKKNNNNUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 5JCTG QH YQTNF RTQFWEVKQP ıÏÈ¯Ò UVCDNGÙÒ EQPUWORVKQP ıÏÍ¯Ò TKUKPIÙÒ GZRQTVU ı‰¯Ò HCNNKPIÙÒ

CPF KORQTVU ıË¯Ò UVCDNGÙU 6JG 7PKVGF 5VCVGU KU VJG YQTNFrU HQWTVJ NGCFKPI HCVU CPF QKNU GZRQTVGT ıOQUVN[ UQ[DGCP QKN

CPF DGGH VCNNQYÙÒ DGJKPF /CNC[UKCÒ #TIGPVKPCÒ CPF +PFQPGUKCÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U 6JG 7PKVGF 5VCVGU KU KPVGTPCVKQPCNN[ EQORGVKVKXG DCUGF QP RTKEG CPF SWCNKV[ HCEVQTUÔU .QY VTCPURQTVCVKQP EQUVU CPF JCPFNKPI EJCTIGU CTG KORQTVCPV HCEVQTU CHHGEVKPI 7Ô5Ô

EQORGVKVKXGPGUUÔU #TIGPVKPG UQ[DGCP QKN GZRQTVU JCXG CIITGUUKXGN[ EQPVKPWGF VQ WPFGTEWV 7Ô5Ô UQ[DGCP QKN

KP RTKEGÒ DWV 7Ô5Ô )WNH RQTVU JCXG NQYGT EQUVU QH UJKRRKPI VQ VJG %CTKDDGCP VJCP OQUV QHVJGUG GZRQTVGTUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 6JGTG CTG HGY RJ[VQUCPKVCT[ DCTTKGTU CHHGEVKPI VTCFG KP OQUV HCVU CPF QKNUÒ CU 7Ô5Ô ITCFGU

CTG IGPGTCNN[ YGNN MPQYP CPF CEEGRVGF KP YQTNF VTCFGÔU 75&# ETGFKV IWCTCPVGG RTQITCO CUUKUVU EQPUKFGTCDN[ 7Ô5Ô UCNGU CDTQCFÔU 7Ô5Ô HCVU CPF QKNU KPFWUVT[ TGRTGUGPVCVKXG QTICPK\CVKQPU WUG OCTMGV RTQOQVKQP GHHQTVU VQ

TCKUG HQTGKIP FGOCPF HQT 7Ô5Ô HCVU CPF QKNUÔ6TCFG OGCUWTGU„

U 7Ô5Ô VCTKHHU CTG IGPGTCNN[ NQYÔ


)3ÍÈ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÁÁÁÁEEEE((((CCCCVVVVUUUU CCCCPPPPFFFF QQQQKKKKNNNNUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


%WDCP RTQFWEVKQP ıÏÒÌÌÌ OGVTKEVQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏÌÌ ÏÏÌÌ ÏÏÌÌ ÏÏÌÌ ÏÏÌÌ

%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô ÏÌÍ ÏÏÍ ÏÎÊ ÏÎÁ ıÎÙ

#TIGPVKPC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô ÍÏÈ ÍÎ‰ ÎÊ ÍÌ ıÎÙ

$TC\KN ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô ÍÏÌ ÍÌ È Î ıÎÙ

%JKPC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô ÍËÏ ÍÈÁ Ì Ì ıÎÙ

%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ì Ì Ì Ì ıÎÙ

#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÌÍ ÎÏÍ ÎÎÊ ÎÎÁ ıÎÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÎÙ

4CVKQ QH KORQTVU VQ CRRCTGPVEQPUWORVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô

ËÏ ËÍ ËÁ ËÁ ıÎÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ

0WODGT QH GUVCDNKUJOGPVUıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ

Ï 'UVKOCVGF‚ RTQFWEVKQP QH NCTF CPF VCNNQYÔÎ 0QV CXCKNCDNGÔÍ %CNGPFCT [GCT KORQTVUÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÁÁÁÁFFFF((((CCCCVVVVUUUU CCCCPPPPFFFF QQQQKKKKNNNNUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCrU UJCTG QH YQTNF CPKOCN HGGF RTQFWEVKQPÒ EQPUWORVKQP CPF KORQTVU KU NGUU VJCP ÌÔË

RGTEGPVÔ %WDC GZRQTVU PQ HCVU CPF QKNUÔ

)QXGTPOGPV RTQITCOU CPF TGIWNCVKQPU„U 6JG QHHKEKCN %WDCP VTCFG CIGPE[Ò #NKORQTVÒ KORQTVU CNN XGIGVCDNG QKNÒ GKVJGT UQ[DGCP QT

UWPHNQYGTUGGF QKNÒ FGRGPFKPI QP RTKEGUÔU 5QOG EQQMKPI QKN KU UQNF KP VJG HTGG OCTMGVU CU YGNN CU TCVKQPGFÔ

6TCFG OGCUWTGU„U 6JGTG CTG HGY QT PQ MPQYP HCVU CPF QKNU VTCFG DCTTKGTUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U %QQMKPI QKN CPF NCTF CTG VJG OCKP HQTOU QH %WDCP EQPUWORVKQP QH HCVU CPF QKNUÔ


)3ÍË

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÊÊÊÊCCCC&&&&TTTT[[[[ DDDDGGGGCCCCPPPPUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÍÈ ÁËÎ ËÊÁ ËÁÊ ËÂÂ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÂ ÁÍ ÊÏ ÁÈ ÂÍ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÁ ÎÊ ÍÎ ÎÊ Î‰

+PFKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È Ë Ë Ê ÎÎ

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌ ÏÌ ÏÏ Â ‰

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÌÁ ÍÌ‰ ÍÌË ÍÂË ÍÎË

'73ÏË ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÁ ‰Ê ÏÌÎ ‰Â ‰Á

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÈ ÂÌ ÈË ÏÎÏ ËÈ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁ ÏÊ ÏÂ ÎÎ ÈÁ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ÍÂÁ ÈÌÁ ÍÈÎ ÎÈÁ ÍÈÁ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÈÂ ÈÊ ËÍ ÁÂ ËË

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏË ÏÁ ÎÏ ÎÁ ÎÈ

0WODGT QH HCTOU ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎ ÏÏ ÏÏ ÏÏ ÏÏ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÌÊÏÍÔÌÌÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÊÊÊÊDDDD&&&&TTTT[[[[ DDDDGGGGCCCCPPPPUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 5JCTG QH YQTNF RTQFWEVKQP ıÍ¯Ò UVCDNGÙÒ EQPUWORVKQP ıÎ¯Ò TKUKPIÙÒ GZRQTVU ı‰¯Ò UVCDNGÙÒ

CPF KORQTVU ıÏ¯Ò TKUKPIÙU 6JG 7PKVGF 5VCVGU KU VJG YQTNFrU HQWTVJ NGCFKPI FT[ DGCP GZRQTVGT ıDGJKPF %CPCFCÒ

%JKPCÒ CPF #WUVTCNKCÙÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô DGCPU CPF NGPVKNU VGPF VQ DG JKIJGT RTKEGF VJCP KPVGTPCVKQPCN EQORGVKVQTUÔU 7Ô5Ô EQORGVKVKXGPGUU DCUGF QP PQP3RTKEG HCEVQTUÒ UWEJ CU SWCNKV[Ò RTGHGTGPEGÒ CPF

FGNKXGT[ HCEVQTUU 7Ô5Ô ITQYGTU CTG OQUVN[ CNQPI VJG 0QTVJGTP 6KGT 5VCVGU PGCT %CPCFCÒ VJG NGCFKPI 7Ô5Ô

EQORGVKVQTÒ QHHGTKPI NKVVNG VTCPURQTVCVKQP CFXCPVCIG QXGT UCNGU VQ %WDCÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 6JGTG CTG HGY RJ[VQUCPKVCT[ DCTTKGTU CHHGEVKPI VTCFG KP GFKDNG DGCPUÒ RGCUÒ CPF NGPVKNUÔU 7Ô5Ô ITCFGU CTG IGPGTCNN[ YGNN MPQYP CPF CEEGRVGF KP YQTNF VTCFGÔ


)3ÍÁ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÊÊÊÊEEEE&&&&TTTT[[[[ DDDDGGGGCCCCPPPPUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


%WDCP RTQFWEVKQP ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô ÏÏ ÏÈ ÏÁ ÏÂ ÏÂ

%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰Â ÏËÁ ÏÂ‰ ÏÍÏ ıÏÙ%CPCFC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÁ ÂÎ ÂÂ ÏÎ‰ ıÏÙ%JKPC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÌ ‰Í ‰‰ Ì ıÏÙ

#TIGPVKPC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Í Ì Ì Ï ıÏÙ

%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏÏ ÏÊÌ ÎÌË ÏÈ‰ ıÏÙ

4CVKQ QH GZRQTVU VQ UJKROGPVU ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÏÙ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰Ì ‰Î ‰Î ÂË ıÏÙ

*CTXGUVGF CETGCIG ıÏÒÌÌÌ JGEVCTGUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÈÈ ÈÊ ËÌ ÈË ÈË

;KGNF ıOGVTKE VQPU RGT JGEVCTGÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÔÁ ÍÔÌ ÍÔÏ ÈÔÌ ÈÔÌÏ 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÊÊÊÊFFFF&&&&TTTT[[[[ DDDDGGGGCCCCPPPPUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCrU UJCTG QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFG KU PGINKIKDNGÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U #U C DCUKE HQQFUVWHHÒ GCEJ %WDCP KU IWCTCPVGGF C OQPVJN[ TCVKQP QH FT[ DGCPUÔ

6TCFG OGCUWTGU„U 6JGTG CTG NKVVNG QT PQ MPQYP FT[ DGCP VTCFG DCTTKGTUÔU %JKPC UWRRNKGF ÁÌ RGTEGPV QH %WDCP FT[ DGCP KORQTVU KP Ï‰‰Ë3‰ÊÒ CPF VJGUG OC[ DG

DCTVGT QT EQWPVGTVTCFG UJKROGPVUÔ


)3ÍÊ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÂÂÂÂCCCC%%%%QQQQVVVVVVVVQQQQPPPP„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÒËÊË ÁÒËÎÈ ËÒ‰ÊÁ ÈÒÏÎÌ ÍÒÂÍÁ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌ ÎÂÍ Í ÏÈ ÏÍÁ

)TGGEG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Î Ì Í ÁË

%JKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ÎÈ

5[TKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ÏÁ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÁÂÏ ÎÒÊÏË ÎÒÁÂÎ ÎÒËÈË ‰ÁÂ

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï‰Ì ÎËÊ ÍËÈ ÁÏÁ ÎÂË

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÌ‰ ÍÏÂ ÎÈÊ ÎËÎ ‰Á

+PFQPGUKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÊÊ ÎÂÌ ÎÏÏ ÏËÏ ÂÏ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ÎÒ‰ÌÈ ÈÒÌ‰Î ÍÒÎ‰Ê ÏÒËÂÂ ÍÒÌÌÈ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ËÁ ÈÎ ÈË ÁÎ ÎË

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ê Ì Ï Ë

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ÏÊÍ ÏÊÌ ÏÁÁ

0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ÍÎÂ ÍÎÏ ÍÏË ÍÌÂ ÍÌÏÏ 0QV CXCKNCDNGÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 JGCFKPI ËÎÌÏÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÂÂÂÂDDDD%%%%QQQQVVVVVVVVQQQQPPPP„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 7Ô5Ô UJCTG QH YQTNF RTQFWEVKQP KU ÏÁ¯ ıUGEQPF QPN[ VQ %JKPCÙÒ ÏÎ¯ QH YQTNF EQPUWORVKQPÒ

ÏÂ¯ QH GZRQTVUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 6JG 7PKVGF 5VCVGU KU C JKIJ3EQUV RTQFWEGT EQORCTGF YKVJ %JKPCÒ +PFKCÒ 2CMKUVCPÒ CPF

7\DGMKUVCPÔU *KIJ 7Ô5Ô RTQFWEVKQP EQUVU QHHUGV D[ JKIJGT RTQFWEVKXKV[ÔU 7Ô5Ô EQVVQP HCTOU CTG EQPUQNKFCVKPI QXGT VKOG VQ CEJKGXG ITGCVGT GHHKEKGPEKGU VJTQWIJ

GEQPQOKGU QH UECNGÔ

)QXGTPOGPV RTQITCOU„U 7Ô5Ô IQXGTPOGPV RTQXKFGU RC[OGPVU VQ FQOGUVKE OKNNU CPF GZRQTVGTU VQ MGGR

JKIJGT3RTKEGF 7Ô5Ô EQVVQP EQORGVKVKXG KP FQOGUVKE CPF YQTNF OCTMGVUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U (QWT HCTOGT3QYPGF EQQRGTCVKXGU OCTMGV CRRTQZKOCVGN[ QPG3VJKTF QH 7Ô5Ô RTQFWEVKQPÔU +PFGRGPFGPV OGTEJCPVU CPF UJKRRGTU RWTEJCUG CPF TGUGNN OWEJ QH VJG TGUVÔ


)3ÍÂ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÂÂÂÂEEEE%%%%QQQQVVVVVVVVQQQQPPPP„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÎÙ

%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ê ÏÈ ‰ ÏÍ ıÎÙ

5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ï Â ıÎÙ

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ê ÏÈ Â Ë ıÎÙ

(QTOGT 5QXKGV 7PKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô ıÍÙ ıÍÙ ıÍÙ ıÍÙ ıÎÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÎÙ

#RRCTGPV %WDCP EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ê ÏÈ ‰ ÏÍ ıÎÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÎÙ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰Ì ‰Ì ‰Ì ‰Á ıÎÙ


0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙÏ .GUU VJCP ˘ÌÔË OKNNKQPÔÎ 0QV CXCKNCDNGÔÍ +PENWFGU 7\DGMKUVCPÔ +%#% TGRQTVGF VTCFG KP SWCPVKVKGU QPN[Ò PQV XCNWGÔ 'UVKOCVGU UJQY VJCV

EQWPVTKGU QH VJG HQTOGT 5QXKGV 7PKQP GZRQTVGF CRRTQZKOCVGN[ ÎÒÌÌÌ OGVTKE VQPU GCEJ [GCT HTQOÏ‰‰Ë VQ Ï‰‰‰Ô #V ˘ÌÔÁÌ RGT RQWPFÒ VJG XCNWG GSWCNU PGCTN[ ˘Í OKNNKQPÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÂÂÂÂFFFF%%%%QQQQVVVVVVVVQQQQPPPP„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDC JCU PGINKIKDNG EQVVQP RTQFWEVKQPÔU %WDCP KORQTVU JCXG FGENKPGF UKIPKHKECPVN[ UKPEG VJG EQNNCRUG CPF DTGCMWR QH VJG 5QXKGV

7PKQPÔ

6TCFG OGCUWTGU„U 6CTKHH CRRNKGF VQ KORQTVGF EQVVQP CTG IGPGTCNN[ NQY ıNGUU VJCP ÏÌ¯ÙÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 0CVWTCN UWRRNKGTU QH EQVVQP VQ %WDC CTG VJG 7PKVGF 5VCVGU CPF /GZKEQÒ CNVJQWIJ /GZKEQ

KU VJG UGEQPF3NCTIGUV KORQTVGT KP VJG YQTNFÒ YKVJ OQUV QH VJG CFFKVKQPCN UWRRN[ EQOKPIHTQO VJG 7PKVGF 5VCVGUÔ


)3Í‰

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏ‰‰‰‰CCCC9999KKKKPPPPVVVVGGGGTTTT XXXXGGGGIIIIGGGGVVVVCCCCDDDDNNNNGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÁÎ ÊÎÌ ÊÊ‰ ÂÊÎ ÂÎÂ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÊÎ Â‰È ÂÁÁ ÏÒÌÁÌ ‰Ë‰

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÏÁ Ê‰Á ÊÍ‰ ÂÂÁ ÊÁÁ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏË ÍÌ ÈÈ ÊÌ ‰Ï

0GVJGTNCPFU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏ È‰ ËÊ ÁÂ ÁÈ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÍ ËÎ ËË Ë‰ ËÂ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÂ ËÏ ËÈ ËÂ ËÊ

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È Ì Ì Ì Ì

7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô ÏÒÍËÎ ÏÒËÁÏ ÏÒË‰Ì ÏÒÂÊÍ ÏÒÊÎÂ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ÏÏ Ê Ê Ê Ê

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÌ ËÊ ËÈ ËÊ ËË

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

0WODGT QH HCTOU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ÏÒÏË‰ ıÏÙ ıÏÙÏ 0QV CXCKNCDNGÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÌÊÌÎÔÌÌÒ ÌÊÌÊÔÌÌÒ ÌÊÌ‰ÔÍÌÒ ÌÊÌ‰ÔÁÌÔÈÌÒ CPF ÌÊÌ‰Ô‰ÌÔÎÌÔ2TQFWEVKQP FCVC HQT (NQTKFC QPN[Ô 6TCFG FCVC HQT VJG RGTKQF 0QXÔ3,WPGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏ‰‰‰‰DDDD9999KKKKPPPPVVVVGGGGTTTT XXXXGGGGIIIIGGGGVVVVCCCCDDDDNNNNGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U 7Ô5Ô KU C OCLQT RTQFWEGTÒ KORQTVGTÒ CPF EQPUWOGT QH YKPVGT XGIGVCDNGUÔ ı5JCTGU PQVCXCKNCDNG QYKPI VQ UGCUQPCN PCVWTG QH OCTMGVÔÙ

U 7Ô5Ô INQDCN OCTMGV RQUKVKQP KU IGPGTCNN[ KPETGCUKPI CU C RTQFWEGTÒ KORQTVGTÒ CPFEQPUWOGTÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 6JG 7PKVGF 5VCVGU KU JKIJN[ GHHKEKGPV QYKPI VQ ENKOCVGÒ NCPF ıCXCKNCDKNKV[ CPF SWCNKV[ÙÒ

YCVGTÒ NCDQT ıCXCKNCDKNKV[ CPF EQUVÙÒ KPHTCUVTWEVWTG ıGNGEVTKEKV[Ò VTCPURQTVCVKQPÒTGHTKIGTCVKQPÙÒ CPF RTQZKOKV[ VQ OCTMGVUÔ

U 6TGPF VQYCTF EQPUQNKFCVKQP VJTQWIJQWV VJG UWRRN[ CPF FKUVTKDWVKQP EJCKPÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„

U /CTMGVKPI QTFGTU CPF OCTMGV RTQOQVKQP RTQITCOUÔU 4GUGCTEJ CPF CITKEWNVWTCN GZVGPUKQP RTQITCOUÔ

6TCFG OGCUWTGU„U 4GNCVKXGN[ NQY VCTKHHU‚ UGCUQPCN VCTKHHUÒ DWV GZVGPUKXG RJ[VQUCPKVCT[ TGUVTKEVKQPUÔU /KPKOWO RTKEG QP KORQTVU QH VQOCVQGU HTQO /GZKEQÔU 5WURGPFGF RTGHGTGPVKCN VCTKHHU HQT KORQTVU QH UQOG KVGOU HTQO %WDCÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U &QOGUVKE KPFWUVT[ EQPEGPVTCVGF KP 5QWVJ (NQTKFCÒ YKVJ C YKFG XCTKCVKQP KP UECNG CPF

UEQRG QH FQOGUVKE RTQFWEGTUÔU &QOGUVKE KPFWUVT[ EJCTCEVGTK\GF D[ C JKIJ FGITGG QH UGCUQPCNKV[ CPF RGTKUJCDNG

RTQFWEVUÔU /QXGOGPV VQ HWNN3RTQFWEV NKPGÒ [GCT3TQWPF UWRRN[ CPF FKUVTKDWVKQP HTQO C XCTKGV[ QH

FQOGUVKE CPF HQTGKIP RTQFWEV UQWTEGU EJCPPGNGF VJTQWIJ C FGENKPKPI PWODGT QHYJQNGUCNG CPF TGVCKN FKUVTKDWVQTUÔ


)3ÈÌ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏ‰‰‰‰EEEE9999KKKKPPPPVVVVGGGGTTTT XXXXGGGGIIIIGGGGVVVVCCCCDDDDNNNNGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô ËÏÂ ÁÍÊ ÁÌÏ ÂÈÁ ÏÒËÌÎ%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

%CPCFC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ/GZKEQ ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ%JKNG ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ'7 ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ%CPCFC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ4WUUKC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÏÂ ÁÍÊ ÁÌÏ ÂÈÁ ÏÒËÌÎ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÍÙ ıÍÙ ıÍÙ ıÍÙ ıÍÙ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÍÙ ıÍÙ ıÍÙ ıÍÙ ıÍÙ

Ï .GUU VJCP ËÌÌ OGVTKE VQPUÔÎ .GUU VJCP ÌÔË RGTEGPVÔÍ 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏ‰‰‰‰FFFF9999KKKKPPPPVVVVGGGGTTTT XXXXGGGGIIIIGGGGVVVVCCCCDDDDNNNNGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDC KU C OKPQT INQDCN OCTMGV HQT CPF VTCFGT QH YKPVGT XGIGVCDNGUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U .CEM QH KPRWVU ıHGTVKNK\GTÒ RGUVKEKFGUÙ CPF KPHTCUVTWEVWTG ıVTCPURQTVCVKQPÒ EQNF UVQTCIGÙ CPF

NQY RTQFWEVKQP [KGNFUÔU %NQUG VQ 7Ô5Ô OCTMGV‚ NQY NCDQT CPF NCPF EQUVUÔ

/CTMGVKPI ˜ FKUVTKDWVKQP„U 5VCVG OCTMGVKPI SWQVCU‚ RTKXCVG CITKEWNVWTCN OCTMGVUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 5VCVG EQPVTQN QH KPRWVUÒ OCTMGVKPIÒ CPF RTKEGUÔU 5VCVG QYPGTUJKR QH OQUV NCPFÔU 4GUVTKEVKXG IQXGTPOGPV GEQPQOKE RQNKEKGUÔ

6TCFG OGCUWTGU„U 4GNCVKXGN[ JKIJ VCTKHHU ı961 DQWPF ÈÌ¯ CF XCNQTGO‚ CRRNKGF TCVG QH ÏÌ3ÎÌ¯ CF

XCNQTGOÙÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U %WDC UJCTGU UKOKNCT ENKOCVG CPF ITQYKPI CPF OCTMGVKPI UGCUQP YKVJ (NQTKFC CPF

/GZKEQÔU %QPUWORVKQP D[ VQWTKUV VTCFGÔ


)3ÈÏ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÌÌÌÌCCCC6666TTTTQQQQRRRRKKKKEEEECCCCNNNN HHHHTTTTWWWWKKKKVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰

++++PPPPFFFFWWWWUUUUVVVVTTTT[[[[ FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰

7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Í‰Ï ÈÌÁ ÈÍÎ ÈÍÏ ÈËÌ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÍÍÊ ÏÒÍ‰Ï ÏÒÈÁÁ ÏÒÈ‰Ë ÏÒËÊÈ

%QUVC 4KEC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÍ‰ ÍËÏ ÍÊÏ ÍÊÁ ÈÁÂ

'EWCFQT ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÁÂ ÎËÁ Î‰Ï ÍÎË ÍÎÂ

%QNQODKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁÌ ÏÈÏ ÏÊÁ ÏÊÎ ÎÎÈ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÁ Ê‰ ÊÌ ÁÌ ÁÈ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÂ ÏË ÏÁ ÏÁ ÏÊ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÎ ÎÈ ÎÌ ÏË ÏË

$GNIKWO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ê ÏÈ ÏÂ ÏÍ ÏÏ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ÏÒÁËÎ ÏÒÊÏÂ ÏÒÂÎÂ ÏÒÂÁÁ ÏÒ‰ÁÌ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ï‰ Ï‰ ÏÁ ÏÈ ÏÈ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÏ ÂÏ ÂÌ Ê‰ ÂÌ


0WODGT QH GUVCDNKUJOGPVU ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô ‰ ‰ ‰ ‰ ‰Ï 0QV CXCKNCDNGÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÌÂÌÍÔÌÌÒ ÌÂÌÈÔÍÌÒ ÌÂÌÈÔÈÌÒ ÌÂÌÈÔËÌÒ CPF ÌÂÌÊÔÎÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÌÌÌÌDDDD6666TTTTQQQQRRRRKKKKEEEECCCCNNNN HHHHTTTTWWWWKKKKVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 7Ô5Ô UJCTG QH YQTNF„ RTQFWEVKQP ıÌÔÍ¯Ò HCNNKPIÙÒ EQPUWORVKQP ıË¯Ò UVGCF[ÙÒ GZRQTVU ıÈ¯Ò

TKUKPIÙÒ KORQTVU ıÍÌ¯Ò TKUKPIÙÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 6JG 7PKVGF 5VCVGU KU KPVGTPCVKQPCNN[ EQORGVKVKXG KU UQOG VTQRKECN HTWKV RTQFWEVU QYKPI VQ

HCXQTCDNG ENKOCVGÒ NCPF ıCXCKNCDKNKV[ CPF SWCNKV[ÙÒ YCVGTÒ NCDQT ıCXCKNCDKNKV[ CPF EQUVÙÒKPHTCUVTWEVWTG ıGNGEVTKEKV[Ò VTCPURQTVCVKQPÒ TGHTKIGTCVKQPÙÒ CPF RTQZKOKV[ VQ OCTMGVUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U /CTMGVKPI QTFGTU CPF OCTMGV RTQOQVKQP RTQITCOUÔU 4GUGCTEJ CPF CITKEWNVWTCN GZVGPUKQP RTQITCOUÔ

6TCFG OGCUWTGU„U 4GNCVKXGN[ NQY VCTKHHUÒ DWV GZVGPUKXG RJ[VQUCPKVCT[ TGUVTKEVKQPUÔU 5WURGPFGF RTGHGTGPVKCN VCTKHHU HQT KORQTVU QH UQOG KVGOU HTQO %WDCÔ

5RGEKCN KPFWUVT[ EJCTCEVGTKUVKEU„U 6TCFG CPF FKUVTKDWVKQP FQOKPCVGF D[ C UOCNN PWODGT QH NCTIGÒ OWNVKPCVKQPCN HKTOUÔU &QOGUVKE KPFWUVT[ EJCTCEVGTK\GF D[ C JKIJ FGITGG QH UGCUQPCNKV[ CPF RGTKUJCDNG

RTQFWEVUÔU 6TGPF VQYCTF EQPUQNKFCVKQP VJTQWIJQWV VJG UWRRN[ CPF FKUVTKDWVKQP EJCKPÔU /QXGOGPV VQ HWNN3RTQFWEV NKPGÒ [GCT3TQWPF UWRRN[ CPF FKUVTKDWVKQP HTQO C XCTKGV[ QH

FQOGUVKE CPF HQTGKIP RTQFWEV UQWTEGU EJCPPGNGF VJTQWIJ C FGENKPKPI PWODGT QHYJQNGUCNG CPF TGVCKN FKUVTKDWVQTUÔ


)3ÈÎ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÌÌÌÌEEEE6666TTTTQQQQRRRRKKKKEEEECCCCNNNN HHHHTTTTWWWWKKKKVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô ËÁÁ ÊÌÏ ËÈË ÊÏÁ ‰ÍÂ%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ÌÔÎ ÌÔÏ ıÏÙ ÌÔÏ

'7 ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ%JKNG ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ6JCKNCPF ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ

%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏ ÏÏ ÏÏ ÏÏ ÏÏ'7 ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ5CWFK #TCDKC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ4WUUKC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ

#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËËË Á‰Ì ËÍÈ ÊÌË ‰ÎÊ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÎÔÌ ÏÔÁ ÎÔÏ ÏÔÁ ÏÔÎ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÍÙ ıÍÙ ıÍÙ ıÍÙ ıÎÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ

Ï .GUU VJCP ÏÌÌ OGVTKE VQPUÎ 0QV CXCKNCDNGÔÍ .GUU VJCP ÌÔË RGTEGPVÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÌÌÌÌFFFF6666TTTTQQQQRRRRKKKKEEEECCCCNNNN HHHHTTTTWWWWKKKKVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDC KU C OKPQT INQDCN OCTMGV HQT CPF VTCFGT QH VTQRKECN HTWKVUÔ 2QVGPVKCN VQ DG C OCLQT

UWRRNKGT VQ VJG 7Ô5Ô OCTMGVÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U .CEM QH KPRWVU ıHGTVKNK\GTÒ RGUVKEKFGUÙ CPF KPHTCUVTWEVWTG ıVTCPURQTVCVKQPÒ EQNF UVQTCIGÙ CPF

NQY RTQFWEVKQP [KGNFUÔU %NQUG VQ 7Ô5Ô OCTMGV‚ NQY NCDQT CPF NCPF EQUVUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 5VCVG EQPVTQN QH KPRWVUÒ OCTMGVKPIÒ CPF RTKEGUÔU 5VCVG QYPGTUJKR QH OQUV NCPFÔ

6TCFG OGCUWTGU„U 4GNCVKXGN[ JKIJ VCTKHHU ı961 DQWPF ÈÌ¯ CF XCNQTGO‚ CRRNKGF TCVG QH ÏÌ3ÎÌ¯ CF

XCNQTGOÙÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U %WDC UJCTGU UKOKNCT ENKOCVG CPF ITQYKPI CPF OCTMGVKPI UGCUQP YKVJ (NQTKFC CPF

/GZKEQÔU %QPUWORVKQP D[ VQWTKUV VTCFGÔ


)3ÈÍ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÏÏÏÏCCCC%%%%KKKKVVVVTTTTWWWWUUUU HHHHTTTTWWWWKKKKVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÍÁÎ ÎÒËÏË ÎÒËÂÍ ÎÒÁÌÌ ÎÒËÁË

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÈË ÍÊÊ ÍÎÊ Í‰Ë ËÍ‰

$TC\KN ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÍ ÏÂË ÏÌÁ ÏÍË ÏÂ‰

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÏ ‰Ê Â‰ ÏÏÍ ÏÈÌ

5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁ ÎÊ ÈÊ ËÌ ÏÏÈ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌÊÏ ÏÒÌÍÊ ÏÒÌ‰Ë ÏÒÌÏ‰ ÂÂÊ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Í‰È ÍÁÁ ÍÍÏ ÎÁÊ ÎÊÌ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÂÈ ÎÂÂ Î‰‰ ÍÌÂ ÎËÁ

$GNIKWO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÈ ÎË ÍÁ ÁÍ ÊÁ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ÏÒËÍÁ ÏÒÂËË ÏÒÂÏË ÏÒ‰ÊÁ ÎÒÎÏÊ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÈË ÈÏ ÈÎ Í‰ ÍË

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁ ÎÌ ÏÂ ÎÌ ÎÈ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰È ‰Í ‰Í ‰Î ‰Î

0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ÏÊ‰ ÏÊÊ ÏÊÁ ÏÊÁ ÏÊË

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÌÂÌË CPF *65 ÎÌÌ‰ÔÏÏ 3 ÎÌÌ‰ÔÍÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÏÏÏÏDDDD%%%%KKKKVVVVTTTTWWWWUUUU HHHHTTTTWWWWKKKKVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 7Ô5Ô UJCTG QH YQTNF„ RTQFWEVKQP ıÎÎ¯Ò TKUKPIÙ‚ EQPUWORVKQP ıË¯Ò TKUKPIÙ‚ GZRQTVU ıÏÎ¯Ò

TKUKPIÙ‚ KORQTVU ıÈ¯Ò HCNNKPIÙÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 6JG 7PKVGF 5VCVGU KU EQORGVKVKXG KPVGTPCVKQPCNN[ QYKPI VQ ECRKVCN CXCKNCDKNKV[Ò CITKEWNVWTCN

TGUGCTEJ CPF FGXGNQROGPVÒ HCXQTCDNG ENKOCVG CPF NCPFÒ KTTKICVKQPÒ KPHTCUVTWEVWTG ıUWEJCU TQCFUÒ GNGEVTKEKV[Ò UJKRRKPI RQTVUÒ EQNF UVQTCIGÒ CPF NCDQT CXCKNCDKNKV[ÙÔ

U 2TQZKOKV[ VQ OCTMGVUÒ RCTVKEWNCTN[ HQT HTGUJ HTWKVÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U /CTMGVKPI QTFGTU CPF OCTMGV RTQOQVKQP RTQITCOUÔU 4GUGCTEJ CPF CITKEWNVWTCN GZVGPUKQP RTQITCOUÔ

6TCFG OGCUWTGU„U 4GNCVKXGN[ NQY VCTKHHU QP HTGUJ RTQFWEGÒ JKIJ VCTKHHU QP EKVTWU LWKEGUÔU 2J[VQUCPKVCT[ TGUVTKEVKQPU QP HTGUJ EKVTWU HTQO XCTKQWU EQWPVTKGUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 6JG UGEVQT KU IGQITCRJKECNN[ NKOKVGF VQ C HGY UVCVGUÒ KPENWFKPI (NQTKFCÒ %CNKHQTPKCÒ

#TK\QPCÒ CPF 6GZCUÔU 6JGTG CTG C NCTIG PWODGT QH EKVTWU ITQYGTUÒ DWV C UOCNN PWODGT QH RTQEGUUQTUÔU &QOGUVKE EKVTWU KU UGCUQPCNÒ CNVJQWIJ VJG UGCUQP ECP DG GZVGPFGF D[ VJG WUG QH GCTN[ VQ

NCVG UGCUQP XCTKGVKGUÔU 6TGPF VQYCTF EQPUQNKFCVKQP CV ITQYKPI CPF RTQEGUUKPI NGXGNU CU YGNN CU UWRRN[ CPF

FKUVTKDWVKQP EJCKPÔU ;GCT3TQWPF UWRRN[ CPF FKUVTKDWVKQP HTQO C XCTKGV[ QH FQOGUVKE CPF HQTGKIP RTQFWEV

UQWTEGUÔ


)3ÈÈ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÏÏÏÏEEEE%%%%KKKKVVVVTTTTWWWWUUUU HHHHTTTTWWWWKKKKVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÌ ÁÌ ÁÌ ÁÌ ÁÌ

%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍË ÈÌ ÈÊ ËÌ ËË

0GVJGTNCPFU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÍ ÎË ÎÁ ÎÁ ıÏÙ

)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ê Â ÏÌ Á ıÏÙ

(TCPEG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Í Ë Â Â ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQP ıOKNNKQP FQNNCTUÙ ÎË ÎÌ ÏÍ ÏÌ È

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ËÂ ÁÊ ÊÂ ÂÍ ‰Î

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÈ ÈÈ ÈÈ ÈÈ ÈÈ

0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ÏÎ ÏÎ ÏÎ ÏÎ ÏÎÏ 0QV CXCKNCDNGÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÏÏÏÏFFFF%%%%KKKKVVVVTTTTWWWWUUUU HHHHTTTTWWWWKKKKVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDC UJCTG QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ GZRQTVU CPF KORQTVU KU PGINKIKDNGÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U (CXQTCDNG ENKOCVG CPF NCPF CXCKNCDNG VQ RNCPV EKVTWU VTGGUÒ CPF CDUGPEG QH HTGG\KPI

YGCVJGTÔU .QY RTQFWEVKQP EQUVUÒ NQY NCDQT YCIGU CPF CDWPFCPV NCDQT HQTEGÔU 2QQT KPHTCUVTWEVWTG ıTQCFUÒ RQTVUÒ GNGEVTKEKV[Ò YCVGTÒ CPF UVQTCIG CPF JCPFNKPI HCEKNKVKGUÙ

CPF UJQTVCIGU QH HWGNÒ RGUVKEKFGUÒ HGTVKNK\GTUÒ CPF OCPCIGOGPV GZRGTKGPEGÔU .CEM QH +PXGUVOGPV ECRKVCN VQ FGXGNQR JKIJ3SWCNKV[ HTWKV CPF RTQEGUUKPI HCEKNKVKGUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U +PFWUVT[ KU EGPVTCNN[ FKTGEVGF D[ %WDCHTWKVÒ C %WDCP IQXGTPOGPV OQPQRQN[ YJKEJ

QXGTUGGU CNN CURGEVU QH RTQFWEVKQPÒ OCTMGVKPIÒ CPF GZRQTVUÔU #NN NCPF KU QYPGF D[ VJG 0CVKQPCN %KVTWU %QTRQTCVKQPÒ VJG %WDCP IQXGTPOGPV OQPQRQN[ÔU /QUV EKVTWU KU ITQYP QP UVCVG HCTOU CPF RTQFWEVKQP EQQRGTCVKXGUÔ

6TCFG OGCUWTGU„U %WDCrU CRRNKGF /(0 VCTKHH QP HTGUJ EKVTWU KU ÏÌ RGTEGPVÒ CPF QP RTQEGUUGF ÏË RGTEGPVÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U %WDC KU UKOKNCT VQ (NQTKFC KP KVU ENKOCVG CPF HTWKV RTQFWEGFÒ CNVJQWIJ VJG UGCUQP DGIKPU

GCTNKGTÔU %WDCP EKVTWU ITQYKPI KU JKIJN[ EQPEGPVTCVGF YKVJ CDQWV ÁÌ RGTEGPV EQOKPI HTQO Ï

RNCPVCVKQPÔ 6JGTG CTG GZVTGOGN[ NCTIG3UECNG ITQXG QRGTCVKQPU KPENWFKPI VJG YQTNFrUNCTIGUV EKVTWU ITQXGÔ

U ,QKPV XGPVWTGU YKVJ HQTGKIP EQORCPKGU JCXG JGNRGF KORTQXG %WDCP HTWKV SWCNKV[ CPFOCTMGVKPI RQVGPVKCN KP YQTNF EKVTWU OCTMGVUÔ


)3ÈË

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÎÎÎÎCCCC5555WWWWIIIICCCCTTTT„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙÏ Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÁÌÂ ÍÒÍÏÊ ÍÒÏÊÌ ÍÒËÈÍ ÍÒÁ‰Á7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙÎ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÁÏ ÊÊÈ ÊÎÂ ËÎ‰ ÍÌÁ

&QOKPKECP 4GRWDNKE ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ê‰ ÏÌÌ ÏÌÎ ÊÏ ÍË$TC\KN ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÂ ‰‰ ÂË Ë‰ Î‰2JKNKRRKPGU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È‰ ÊÌ ÊÌ ËÎ ÎË

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙÍ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÂÊ ÏÎÁ ÁÏ ÈÈ ÈË#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙÏ ÈÒÊÏÊ ËÒËÏÏ ËÒÈÂË ËÒÌÍÁ ËÒÈÌÂ4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ê Ë Í Î Í4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÌ Î‰ ÎÂ ÎÎ ÏÂ

.CPF KP ECPG RTQFWEVKQP ıVJQWUCPF CETGUÙ Ô Ô ‰ÁÎ ‰ËÈ ‰ÌÊ ‰ÍÎ ‰ËÎ%CPG RTQFWEVKQP [KGNF ıVQPU RGT CETGÙ Ô Ô Ô Ô Ô Ô ÍÎÔË ÍÎÔË ÍÎÔÊ ÍÈÔ‰ ÍÁ.CPF KP DGGV RTQFWEVKQP ıVJQWUCPF CETGUÙ Ô Ô Ô ÏÒÈÈË ÏÒÍÁÂ ÏÒÈË‰ ÏÒÈ‰Â ÏÒËÁÍ$GGV RTQFWEVKQP [KGNF ıVQPU RGT CETGÙ Ô Ô Ô Ô Ô Ô Ô ÎÌ ÎÌ ÎÏ ÎÎ ÎÎ0WODGT QH GUVCDNKUJOGPVUÈ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÁ Ê‰ Ê‰ ÊÁ ÊË

Ï 8CNWGF CV FQOGUVKE RTKEG HQT TCY UWICTÔÎ 8CNWGF CV VJG YQTNF RTKEG HQT TCY UWICT RNWU KP3SWQVC VCTKHH RNWU VTCPURQTVCVKQP EQUVUÔÍ 8CNWGF CV YQTNF RTKEG HQT TCY UWICTÔÈ s'UVCDNKUJOGPVUt TGHGTU QPN[ VQ OKNNUÒ TGHKPGTKGUÒ CPF DGGV RTQEGUUKPI RNCPVUÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÏÊÌÏÔÏÏ 3 ÏÊÌÏÔ‰‰Ô


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÎÎÎÎDDDD5555WWWWIIIICCCCTTTT„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 5JCTG QH YQTNF RTQFWEVKQP ıÁ¯Ò TKUKPIÙ‚ EQPUWORVKQP ıÊ¯Ò TKUKPIÙ‚ GZRQTVU ıÌ¯Ò UVCDNGÙ‚

KORQTVU ıË¯Ò HCNNKPIÙÔU 6JG 7PKVGF 5VCVGU KU C PGV KORQTVGT QH UWICT CPF YCU VJG YQTNFrU HQWTVJ NCTIGUV KORQTVGT

KP Ï‰‰‰Ô(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U 7Ô5Ô EQORGVKVKXGPGUU KORCEVGF D[ ENKOCVGÒ NCPF EQUV CPF CXCKNCDKNKV[Ò YCVGT EQUV CPFCXCKNCDKNKV[Ò ECPG CPF DGGV SWCNKV[Ò OGEJCPK\CVKQPÒ CPF NCDQT CPF GPXKTQPOGPVCNUVCPFCTFUÔ

U +PVGTPCN KPHTCUVTWEVWTG ıOKNNUÒ TGHKPGTKGUÒ RTQEGUUKPI RNCPVUÒ KTTKICVKQP U[UVGOUÒVTCPURQTVCVKQPÒ UVQTCIG HCEKNKVKGUÙÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U .QCP TCVG RTQITCO‚ OCTMGVKPI CUUGUUOGPVU‚ KPHQTOCVKQP TGRQTVKPIÔU 4GHKPGF UWICT CPF UWICT3EQPVCKPKPI RTQFWEV TG3GZRQTV RTQITCOÔ

6TCFG OGCUWTGU„U 643 UEJGFWNGF WPFGT 961 CPF 0#(6#‚ UWICT TG3GZRQTV RTQITCO‚ RQN[J[FTKE CNEQJQN

RTQITCOÔU .QY KP3SWQVC VCTKHH TCVGU ıÁ¯ CF XCNQTGOÙ‚ RTQJKDKVKXG QXGT3SWQVC VCTKHH TCVGU ıÎÈÎ¯ CF

XCNQTGOÙ‚ URGEKCN XCNWG3DCUGF UCHGIWCTF VCTKHHUÔ5RGEKCN UGEVQT EJCTCEVGTKUVKEU„

U ÏÌÌ RGTEGPV OGEJCPK\GF JCTXGUVKPI‚ JKIJ [KGNFU‚ NQY EQUV QH RTQFWEVKQP‚ UWICT ECPGUJCTG QH VQVCN 7Ô5Ô RTQFWEVKQPÒ ÈÊ¯ CPF UWICT DGGV UJCTG ËÍ¯ KP Ï‰‰‰Ô

U 4GHKPGF UWICT KU OCTMGVGF FQOGUVKECNN[ VQ KPFWUVTKCN WUGTUÒ YJQNGUCNGTUÒ JQVGNUÒTGUVCWTCPVUÒ ITQEGT[ UVQTGUÔ

U 4GHKPGF UWICT KU PQV OCTMGVGF KPVGTPCVKQPCNN[Ò GZEGRV VJTQWIJ VJG TG3GZRQTV RTQITCOÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

)3ÈÁ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÎÎÎÎEEEE5555WWWWIIIICCCCTTTT„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙÏ Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌÈË ÏÒÎÍÏ ÏÒÏÏÏ ÊÂÎ Ë‰‰

%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙÏ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÈÈ ÏÒÌÈÍ ‰ÎË ÁÏÎ ÈÂË

4WUUKC ıOKNNKQP FQNNCTUÙÏ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ È‰‰ ÍÊÂ ÍÊÁ ÍÍÍ

%JKPC ıOKNNKQP FQNNCTUÙÏ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ÏÏÂ ‰‰ ÊÂ ÈË

,CRCP ıOKNNKQP FQNNCTUÙÏ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ÍÎ ÁÎ Ì ÎÌ

#RRCTGPV %WDCP EQPUWORVKQPıOKNNKQP FQNNCTUÙÏ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÊÌ ÏÁË ÎÌÌ ÏÊÂ ÏÌÊ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÂÏ ÂË ÂÍ ÊÂ ÂÏ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÌÌ ËÌÌ ËÌÌ ËÌÌ ËÌÌ

0WODGT QH GUVCDNKUJOGPVUÍ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÊÎ ÏÊÎ ÏÊÎ ÏÊÎ ÏÊÎ

.CPF KP ECPG RTQFWEVKQP ıVJQWUCPF CETGUÙÈ Ô Ô ÎÒ‰ÌÂ ÍÒÏÈÂ ÍÒÎÂÎ ÎÒÊÏÂ ÎÒÍÁÎ

%CPG RTQFWEVKQP [KGNF ıOGVTKE VQPUÓCETGÙ Ô Ô Ô Ô ÏÏÔÍ ÏÍÔÈ ÏÎÔ‰ ÏÎÔÏ ÏÈÔÁÏ 8CNWGF CV YQTNF RTKEG HQT TCY UWICTÔÎ 0QV CXCKNCDNGÔ

Í 4GHGTU VQ ÏËÁ OKNNU CPF ÏÁ TGHKPGTKGUÔ +P Ï‰‰‰Ò CRRTQZKOCVGN[ ÏÏÌ QH VJG ÏËÁ OKNNU YGTG KPQRGTCVKQPÔ

È %CNEWNCVGF HTQO KPFWUVT[ UQWTEGUÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÎÎÎÎFFFF5555WWWWIIIICCCCTTTT„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCP UJCTG QH YQTNF„ RTQFWEVKQP ıÍ¯Ò WPUVCDNGÙ‚ EQPUWORVKQP ıÏ¯Ò UVGCF[Ù‚ GZRQTVU ı‰¯Ò

UVGCF[ÙÔU %WDC JCU HCNNGP HTQO HKTUV KP YQTNF RTQFWEVKQP CPF YQTNF GZRQTVU KP Ï‰Ë‰ VQ VGPVJ KP

RTQFWEVKQP CPF HKHVJ KP GZRQTVU KP Ï‰‰‰Ô %WDC JCU NQUV ÎÈ RGTEGPV QH KVU YQTNF GZRQTVOCTMGV UJCTG UKPEG Ï‰Ë‰Ô

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U +PVGTPCVKQPCN EQORGVKVKXGPGUU YGCMGPGF D[ QDUQNGVG OKNNU CPF TGHKPGTKGU‚ RQQTN[

OCKPVCKPGF GSWKROGPV‚ NCDQT UJQTVCIGU‚ UJQTVCIG QH HGTVKNK\GTÒ RGUVKEKFGUÒ CPF JGTDKEKFGU‚CPF KPUWHHKEKGPV HKGNF KTTKICVKQPÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U /KPKUVT[ QH 5WICT EQPVTQNU RTQFWEVKQP CPF RTQEGUUKPI QH UWICTECPG HQT UVCVG HCTOU CPF

EQQRGTCVKXGUÔU )QXGTPOGPV FGVGTOKPGF RTKEGU HQT UWICTÔU #NN UWICT KU OCTMGVGF VQ VJG UVCVG‚ EQPUWOGT TCVKQPKPI‚ RTKXCVG UWICT UCNGU RTQJKDKVGFÔU 5VCVG VTCFKPI GPVGTRTKUGÒ %7$#<7%#4Ò EQPVTQNU CNN HQTGKIP UCNGU QH UWICTÔ

6TCFG OGCUWTGU„U 4GNCVKXGN[ NQY VCTKHHUvÈÌ¯ DQWPF YKVJ 961Ò ÏË¯ CRRNKGF QP TCY CPF TGHKPGF UWICTÔU /WEJ UWICT VTCFG KPXQNXGU DCTVGT CTTCPIGOGPVU ıGÔIÔÒ QKN YKVJ 4WUUKCÒ TKEG YKVJ %JKPC

CPF 8KGVPCOÙÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U +PETGCUG KP RNCPVU RTQFWEKPI FGTKXCVKXGU HTQO UWICTÒ KPENWFKPI CNEQJQNÒ [GCUVÒ DCICUUGÒ

CPKOCN HGGFÒ FGZVTQUGÒ RWNR CPF RCRGTÔU %7$#<7%#4 EWTTGPVN[ TGHWUGU KORQTVCVKQP QH HQTGKIP UWICTÔ


)3ÈÊ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÍÍÍÍCCCC&&&&KKKKUUUUVVVVKKKKNNNNNNNNGGGGFFFF UUUURRRRKKKKTTTTKKKKVVVVUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÂÎÊ ÍÒÁÊÍ ÍÒ‰ÌË ÍÒ‰ÂÍ ÈÒÌÁÍ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÁÎ‰ ÏÒÂÈÍ ÏÒ‰ÁÂ ÎÒÌÂÁ ÎÒÍÂÍ

7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÈÊÊ ËÏÈ ËÍÌ ËÁÌ ÁÌË

(TCPEG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏÍ ÍÁÂ ÈÌÏ ÈÁÌ ËÎÎ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÌÊ ÍÈÏ ÍÈÈ ÍÍÎ ÍÊÂ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Í‰Ì Í‰Î Í‰Ì Í‰Ë ÈÈÌ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰È ÊË ÊÎ ÂÈ ÊÊ

)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È‰ ËÈ ËÊ ËÌ ÊÌ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î‰ ÍÈ ÈÍ ÈÌ ÍÂ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ËÒÌÁÁ ËÒÏÎÈ ËÒÈÂÍ ËÒÁÊÈ ÁÒÌÌÁ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÏÌ ÏÏ ÏÌ ÏÌ ÏÏ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÎ ÍÁ ÍÁ ÍÊ ÈÌ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ê Á Á Á Á

0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÁ ÁÍ ÁÌ ËÊ ËÊ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÎÎÌÂÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÍÍÍÍDDDD&&&&KKKKUUUUVVVVKKKKNNNNNNNNGGGGFFFF UUUURRRRKKKKTTTTKKKKVVVVUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 6JG 7PKVGF 5VCVGU TCPMU COQPI VJG YQTNFrU NGCFKPI RTQFWEGTU CPF EQPUWOGTU QH FKUVKNNGF

URKTKVU CPF KU VJG YQTNFrU NGCFKPI KORQTVGT QH FKUVKNNGF URKTKVUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô EQORGVKVKXGPGUU DCUGF QP UVTQPIN[ DTCPFGFÒ KPVGTPCVKQPCNN[3MPQYP RTQFWEVUÔU 7Ô5Ô KPFWUVT[ ENQUGN[ KPVGITCVGF KPVQ INQDCN URKTKVU KPFWUVT[Ò FQOKPCVGF D[ C HGY NCTIG

OWNVKPCVKQPCN EQORCPKGUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 6JG FKUVKNNGF URKTKV KPFWUVT[ KU JKIJN[ TGIWNCVGF CV VJG (GFGTCNÒ 5VCVG CPF NQECN NGXGNU QP

OQUV CURGEVU QH VJG KPFWUVT[ KPENWFKPI RTQFWEVKQPÒ UCNGUÒ CPF FKUVTKDWVKQP QH RTQFWEVUÔ

6TCFG OGCUWTGU„U 0Q VCTKHHU QP OQUV FKUVKNNGF URKTKVU GZEGRV HQT EGTVCKP ECVGIQTKGU QH TWOÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 7Ô5Ô RTQFWEGTU CTG HKTON[ KPVGITCVGF KPVQ VJG OWNVKPCVKQPCN FKUVKNNGF URKTKVU KPFWUVT[ YJKEJ

KU FQOKPCVGF D[ NCTIG VTCPUPCVKQPCN EQORCPKGUÔ


)3ÈÂ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÍÍÍÍEEEE&&&&KKKKUUUUVVVVKKKKNNNNNNNNGGGGFFFF UUUURRRRKKKKTTTTKKKKVVVVUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


%WDCP RTQFWEVKQPıVJQWUCPF JGEVQNKVGTU RWTG CNEQJQNÙ Ô Ô Ô Ô Ô Ô Ô ÎÌÁ ÎÌÁ ÎÌÁ ÎÌÁ ÎÌÁ

%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ÏÌÌ ıÏÙ

5RCKP ıVJQWUCPF ECUGUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ÎÎÌ ıÏÙ

+VCN[ ıVJQWUCPF ECUGUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ÏËÌ ıÏÙ

)GTOCP[ ıVJQWUCPF ECUGUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ÁÌ ıÏÙ

2GT %CRKVC %WDCP EQPUWORVKQPıNKVGTU RWTG CNEQJQNÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÔË ÎÔÊ ÎÔÊ ÎÔÍ ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ËÌ ıÏÙ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ


0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙÏ 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÍÍÍÍFFFF&&&&KKKKUUUUVVVVKKKKNNNNNNNNGGGGFFFF UUUURRRRKKKKTTTTKKKKVVVVUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDC TCPMU CU VJG YQTNFrU ÎÎ NCTIGUV RTQFWEGT QH FKUVKNNGF URKTKVUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U %WDCP GZRQTVU CTG KPETGCUKPI VQ OCLQT 'WTQRGCP GZRQTV OCTMGVUÒ EJCNNGPIKPI FQOKPCPV

2WGTVQ 4KECP YQTNF RTQFWEGT CPF GZRQTVGTÒ $CECTFKÔU .QY EQUV KPRWVUÒ GURGEKCNN[ UWICT CPF NCDQTÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 2TQFWEVKQP QH TWO KU EQPVTQNNGF D[ VJG 5VCVG3QYPGF GPVKV[ *CXCPC 4WO CPF .KSWQTUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 4WO CPF CIWCTFKGPVGÒ DQVJ FKUVKNNGF HTQO UWICT ECPGÒ CTG VJG RTKPEKRCN URKTKVU RTQFWEGF

D[ %WDCÔU %WDCP TWO JCU YQTNFYKFG GZRQUWTG CPF OCTMGVKPI CEEGUU VJTQWIJ INQDCN

RTQFWEGTÓUWRRNKGT 2GTPQF 4KECTFÒ VJG UQNG KPVGTPCVKQPCN FKUVTKDWVQT QH %WDCP TWOÔU &QOGUVKE UCNGU QH TWO CPF CIWCTFKGPVG VQ VQWTKUVU CPF KP FQNNCT UVQTGU CTG TKUKPI TCRKFN[Ô


G-49

TTaabbllee GG--2244aaCCiiggaarrss:: UU..SS.. sseeccttoorr pprrooffiillee,, 11999955--9999SSeeccttoorr ddaattaa 11999955 11999966 11999977 11999988 11999999U.S. production (million units) . . . . . . . . . . . . . 13,469 4,033 3,800 4,461 23,892U.S. imports (million dollars) . . . . . . . . . . . . . 93 187 401 358 278Dominican Republic (million dollars) . . . . . 53 106 231 230 180Honduras(million dollars) . . . . . . . . . . . . . 21 41 75 54 48Jamaica (million dollars) . . . . . . . . . . . . . . 8 9 12 32 11

U.S. exports (million dollars) . . . . . . . . . . . . . 7 11 16 20 19Canada (million dollars) . . . . . . . . . . . . . . (3) 1 2 3 3Turkey (million dollars) . . . . . . . . . . . . . . . 1 (3) 1 1 2Honduras(million dollars) . . . . . . . . . . . . . 0 (3) (3) 1 1

Apparent U.S. consumption (million dollars) . . 11,133 1,393 1,532 1,684 21,434Ratio of exports to production (percent) . . . . . 10.7 0.9 1.4 1.5 21.6Ratio of imports to apparent consumption(percent) . . . . . . . . . . . . . . . . . . . . . . . . . . 18.2 13.4 26.2 21.3 219.4

Employment (thousands) . . . . . . . . . . . . . . . . . 2.6 2.9 3.8 3.8 3.8Number of establishments (hundreds) . . . . . . . 38 38 38 38 38

1Fiscal year Oct. 1, 1994 - Sept. 31, 1995.2 Jan. 1- Sept. 31, 1999.3 Under $500,000.

Note.—Sector covered under HTS2402.10.Source: Information sources for this table are given at the end of thisappendix.

TTaabbllee GG--2244bbCCiiggaarrss:: UU..SS.. sseeccttoorr cchhaarraacctteerriissttiiccssU.S. position in world market:

÷ U.S. share of world production (over 30%stable), consumption (40%stable).÷ TheUnited States is theworld’s largest producer, consumer, and importer of cigars.

Factorsaffecting international competitiveness:÷ Over 98%of U.S. production isconsumed in the domesticmarket.

Government programs& regulations:÷ Federal and local taxesare increasing on cigars to match rateson cigarettes, labeling

requirementsare also required.Trademeasures:

÷ Relatively low tariffs.÷ Highest tariffsare levied on small cigars, a major segment of U.S. production.

Special sector characteristics:÷ Nearly all domestic production of cigarsaremachine-made, while importscomprise

mainly premiumhand-rolled cigars.÷ Strong trend of consolidation of U.S. producerswith two out of the top threeU.S.

manufacturersowned by Europeanmultinational producers.÷ Most domestic production of cigarsare consumed in theUnited States.

Source: Information sources for this table are given at the end of thisappendix.

)3ËÌ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÈÈÈÈEEEE6666QQQQDDDDCCCCEEEEEEEEQQQQ ııııEEEEKKKKIIIICCCCTTTTUUUUÙÙÙÙ„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP VQDCEEQ RTQFWEVKQP ıOKNNKQP RQWPFUÙ Ô Ô Ë‰ Ë‰ Ë‰ Ë‰ Ë‰%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ%WDCP EKICT GZRQTVU ıOKNNKQP WPKVUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ËË ÊÌ ÏÌÌ ÏÎÁ ÏËÌ

5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏ ÎÊ ÍÍ Í‰ ıÏÙ(TCPEG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Â ÏÌ ÏÎ ÏË ıÏÙ7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô È Ë ÏÏ ÏÌ ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQP ıOKNNKQP FQNNCTUÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ‰Ì ‰Ì ‰Ì ‰Ì ‰Ì4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÌ ÏÌÌ ÏÌÌ ÏÌÌ ÏÌÌ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

Ï 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÈÈÈÈFFFF6666QQQQDDDDCCCCEEEEEEEEQQQQ ııııEEEEKKKKIIIICCCCTTTTUUUUÙÙÙÙ„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCP VQDCEEQ RTQFWEVKQP KU C UOCNN HTCEVKQP QH YQTNF RTQFWEVKQPÒ DWV %WDC KU VJG

UGEQPF NCTIGUV RTQFWEGT QH RTGOKWO JCPF3TQNNGF EKICTU ıCHVGT VJG &QOKPKECP 4GRWDNKEÙÔU 5VTQPI FGOCPF HQT %WDCP EKICTU KP 'WTQRG CPF QVJGT YQTNF OCTMGVU CPF UM[TQEMGVKPI

RTKEGU JCXG HQUVGTGF KPETGCUGF KPXGUVOGPV CPF VTKRNG3FKIKV ITQYVJ TCVGU QH RTQFWEVKQPFWTKPI Ï‰‰Ë3Ï‰‰‰Ô

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 6GORGTCVG ENKOCVG CPF KFGCN UQKNÔU 4GICTFGF CU VJG JKIJGUV SWCNKV[ EKICTU RTQFWEGF KP VJG YQTNFÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U *CDCPQU RTQFWEGU OQUV QH VJG OCLQT EKICT DTCPFU OCPWHCEVWTGF KP %WDCÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U #U OWEJ CU ÂÊ¯ QH %WDCrU VQDCEEQ ETQR KU ITQYP QP UOCNN HCTOUÔU 6JG (TGPEJÓ5RCPKUJ 6QDCEEQ EQPINQOGTCVG #NVCFKU QYPU ËÌ¯ QH VJG %WDCP UVCVG

OQPQRQN[ *CDCPQU 5Ô#ÔU 6JG JKIJ FGOCPF CPF OCTMGV RTGHGTGPEG HQT %WDCP EKICTU KP OCLQT OCTMGVU JCU NGF VQ C

RTQFWEVKQP QH EQWPVGTHGKV RTQFWEVU OCPWHCEVWTGF KPUKFG CPF QWVUKFG %WDC VJCV CTG OCLQTEQPEGTP HQT VJG %WDCP )QXGTPOGPVÔ


)3ËÏ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎËËËËCCCC5555GGGGCCCCHHHHQQQQQQQQFFFF„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÒ‰ÈË ÁÒÁÎÌ ÊÒËÎÏ ÁÒÊÊÍ ÁÒÊÍÌ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÒÁÂÎ ÁÒË‰Â ÊÒÁÏÁ ÂÒÌÏË ÂÒÂËÌ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÏÏÂ ÏÒÏÈ‰ ÏÒÍÌÎ ÏÒÈÌÎ ÏÒÊÌ‰6JCKNCPF ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÎÏÊ ÏÒÏÌÎ ÏÒÏËÁ ÏÒÍÂÏ ÏÒËÈÁ'EWCFQT ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËËÊ È‰‰ ÊÏË Á‰Ê ËÈ‰

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÏÍÊ ÎÒÂ‰Î ÎÒËÂ‰ ÎÒÏÈË ÎÒÊÎÌ,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒ‰ÌÂ ÏÒÁÏÌ ÏÒÎ‰Ì ‰ÌÈ ÏÒÏÁÈ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÍÂ ÈÈÊ ÈÎÁ ÈÍË ËÁÁ-QTGC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎÍ ÏÈÈ ÏÎÈ ‰Í ÏÊÁ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ÏÌÒÈ‰Ì ÏÌÒÍÎÁ ÏÎÒËÈÂ ÏÎÒÁÈÍ ÏÎÒÂÁÌ4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÈË ÈÈ ÍÈ ÍÎ ÈÌ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÁÈ ÁÈ ÁÏ ÁÍ Á‰

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÈÔÂ ÂËÔÏ ÂÍÔÎ ÎÂÌ ıÏÙ0WODGT QH GUVCDNKUJOGPVU ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô ÏÌÔÏ ÂÔË ÂÔÌ ÎÊÔË ıÏÙ

Ï 0QV CXCKNCDNGÔÎ 'UVKOCVGF D[ VJG %QOOKUUKQPÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÌÍ CPF ÏÁÌÈ 3 ÏÁÌËÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎËËËËDDDD5555GGGGCCCCHHHHQQQQQQQQFFFF„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 7Ô5Ô UJCTG QH YQTNF RTQFWEVKQP CPF EQPUWORVKQP ıÁ¯Ò UVCDNGÙ‚ GZRQTVU ıÁ¯Ò HCNNKPIÙ‚

KORQTVU ıÏÎ¯Ò HCNNKPIÙÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 5KIPKHKECPV TGUQWTEG CDWPFCPEG CFXCPVCIGÔU /QFGTP VGEJPQNQI[ KP JCTXGUVKPI CPF RTQEGUUKPI‚ UMKNNGF NCDQT‚ OCKP OCTMGV KU FQOGUVKEÔU 'ZEGNNGPV KPHTCUVTWEVWTG ıUVQTCIGÒ VTCPURQTVÒ FKUVTKDWVKQPÙ GCUGU OCTMGVKPI QH JKIJ3XCNWGÒ

HTGUJ RTQFWEVU‚ JKIJ SWCNKV[ UVCPFCTFU DQQUV EQPUWOGT EQPHKFGPEG CPF FGOCPFÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U (KUJKPI TGIWNCVGF D[ VTKR NKOKVUÒ QVJGT TGUVTKEVKQPUÔU 'ZRCPFKPI HQTGKIP OCTMGV RTQOQVKQPU D[ 7Ô5Ô &GRCTVOGPVU QH %QOOGTEG CPF

#ITKEWNVWTGÔU 0Q RTKEG EQPVTQNU QT OCPFCVQT[ RTQFWEV KPURGEVKQP RTQITCOUÔ

6TCFG OGCUWTGU„U (KUJGTKGU EQXGTGF WPFGT sKPFWUVTKCNt RTQXKUKQPU QH OWNVKNCVGTCN VTCFG CITGGOGPVUÔU .QY VCTKHH RTQVGEVKQP GZEGRV HQT ECPPGF VWPC‚ UVTKPIGPV HQQF UCHGV[ TGIWNCVKQPUÔ


)3ËÎ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎËËËËEEEE5555GGGGCCCCHHHHQQQQQQQQFFFF„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰


%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÊË ÏÁÎ ÏÍÍ ÏÌÌ ıÏÙ

%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÊ ÎÎ ÏÊ ÎÈ ıÏÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎÊ ÏÍÌ ‰Â ‰Â ıÏÙ

5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÊ ÈÈ ÈÏ ıÏÙ ıÏÙ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÂ ÍÊ ÎÊ ıÏÙ ıÏÙ

(TCPEG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÍ ÏÊ ÏË ıÏÙ ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQP ıOKNNKQP FQNNCTUÙ ÊÁ ËÍ ËÎ ÎÁ ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÊÎ ÂÏ ÊÍ ‰Â ıÏÙ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÁ ÈÏ ÍÎ ‰Î ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÈ ÍÈ ÍÈ ÍÈ ÍÈ

0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ÎÏ ÎÏ ÎÏ ÎÏ Î‰Ï 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎËËËËFFFF5555GGGGCCCCHHHHQQQQQQQQFFFF„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCP UJCTG QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFG PGINKIKDNGÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U (CXQTCDNG TGUQWTEG CDWPFCPEG CPF IQQF OCPCIGOGPV RTCEVKEGUÔU .CEM QH GEQPQOKGU QH UECNG CPF OQFGTPK\CVKQP QH JCTXGUVKPI CPF RTQEGUUKPI VGEJPQNQI[ÔU 9GCM KPHTCUVTWEVWTG KPJKDKVU YKFG EQPUWORVKQP QH HTGUJ UGCHQQF ıYJKEJ KU OQTG XCNWCDNG

VJCP EWTGF QT ECPPGFÙÔU 2TQEGUUKPI HCEKNKVKGU CTG QNF DWV UWDLGEV VQ TGEGPV KORTQXGOGPVU KP JGCNVJ CPF UCHGV[

TGIWNCVKQPÒ YJKEJ TCKUGU RTQFWEV SWCNKV[Ô

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U %WDC OCKPVCKPU UVTKEV EQPVTQN QXGT HKUJKPI XGUUGNUÒ HQT UGEWTKV[ ıGOKITCVKQPÙ TGCUQPUÒ CU

YGNN CU VQ GHHGEVKXGN[ OCPCIG KVU OCTKPG CPF HTGUJYCVGT TGUQWTEGUÔU #EVKXG GPEQWTCIGOGPV QH LQKPV XGPVWTGUÒ GZRQTV RTQOQVKQPÔ

6TCFG OGCUWTGU„U 4GNCVKXGN[ NQY VCTKHHUÔU 5VTKEV JGCNVJ ˜ UCHGV[3TGNCVGF UVCPFCTFU CRRNKGF VQ KORQTVGF UGCHQQFÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 5JCTR KPEQOG FKURCTKV[ DGVYGGP NCTIG3UECNG JCTXGUVKPIÓRTQEGUUKPI CPF NQECNÒ CTVKUCP

HKUJKPIÔU 1HHUJQTG JCTXGUVGTU TGFWEG HKUJ CXCKNCDKNKV[ HQT KPUJQTG HKUJGTOGPÒ CPF GPLQ[ ITGCV

GEQPQOKGU QH UECNGÔU (TGUJYCVGT HKUJGTKGU ıGÔIÔÒ UKNXGT ECTRÙ CTG DGEQOKPI XGT[ KORQTVCPV UWRRNKGU HQT FQOGUVKE

EQPUWORVKQPÔ


)3ËÍ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÁÁÁÁCCCC((((GGGGTTTTVVVVKKKKNNNNKKKK\\\\GGGGTTTTUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ÒÈÂÌ ‰ÒÁÊÌ ‰ÒÂÁË ‰Ò‰ÌÌ ÏÌÒÌÌÌ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒËÊÏ ÏÒËÏ‰ ÏÒÈÎÍ ÏÒË‰Â ıÏÙ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌÏÏ ‰‰Ë ÏÒÏÍÂ ÏÒÎÎÏ ıÏÙ(QTOGT 5QXKGV 7PKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô ÂË ÏËË ÈÂ ÊÏ ıÏÙ3CVCT ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ê ÏÎ ËÌ ıÏÙ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒËÌÏ ÍÒÍÈ‰ ÍÒÍÌÍ ÍÒËÏË ıÏÙ%JKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÍÏÁ ÏÒÌÊÏ ÏÒÏÎÈ ÏÒÏÎË ıÏÙ+PFKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÁÁ ‰Í ÎÊÊ ÍÎÎ ıÏÙ#WUVTCNKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÏÁ ÎÂÈ ÎËÎ ÎÁ‰ ıÏÙ

#RRCTGPV 7Ô5Ô EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÒËËÌ ÊÒÂÈÌ ÊÒ‰ÂË ÊÒ‰ÂÍ ÏÌÒÌÌÌ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ÍÊ ÍË ÍÍ ÍË ıÏÙ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÏ Ï‰ ÏÂ ÎÌ ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÊ ÍÊ ÍÊ ÍÊ ÍÊ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô ÍËÌ ÍËÌ ÍËÌ ÍËÌ ÍËÌ

Ï 0QV CXCKNCDNGÔ

0QVGÔw5GEVQT EQXGTGF WPFGT 5+6% ËÁÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÁÁÁÁDDDD((((GGGGTTTTVVVVKKKKNNNNKKKK\\\\GGGGTTTTUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 6JG 7Ô5Ô KPFWUVT[ KU VJG NCTIGUV INQDCN RTQFWEGT CPF EQPUWOGT QH HGTVKNK\GTUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô KPVGTPCVKQPCN EQORGVKVKXGPGUU DCUGF QP UVTQPI OCTMGVKPI ECRCDKNKV[ HQT RJQURJCVG

HGTVKNK\GTUÒ UVTQPI TGUGCTEJ CPF FGXGNQROGPVÒ CPF SWCNKV[ EQPVTQN ECRCDKNKV[ÔU 'ZVGPUKXG PCVKQPCN CPF KPVGTPCVKQPCN OCTMGVKPI ECRCDKNKV[ WUKPI EQORCP[ TGRTGUGPVCVKXGUÒ

FKUVTKDWVKQP QWVNGVUÒ CPF VTCFG CUUQEKCVKQPUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 'PXKTQPOGPVCN TGIWNCVKQPU CTG DGEQOKPI KPETGCUKPIN[ KORQTVCPVÔ

6TCFG OGCUWTGU„U 7Ô5Ô HGTVKNK\GT KORQTVU GPVGT CV C FWV[ TCVG QH (TGGÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 7Ô5Ô HKTOU CTG DGEQOKPI OQTG KORQTVCPV KP TGUGCTEJ CPF FGXGNQROGPVÒ YJKNG

RTQITGUUKXGN[ RTQFWEKPI QXGTUGCUÔU 4GSWKTGU NCTIG HKPCPEKCN QWVNC[U HQT TGUGCTEJ CPF FGXGNQROGPVÒ RTQFWEVKQPÒ CPF

OCTMGVKPIÔ


)3ËÈ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÁÁÁÁEEEE((((GGGGTTTTVVVVKKKKNNNNKKKK\\\\GGGGTTTTUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÊ ÈË È‰ ÎÈ ıÏÙ

(QTOGT 5QXKGV 7PKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ì Í Í ÏÌ ıÏÙ6WPKUKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÂ ÏÍ Â Á ıÏÙ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÊ ÏÏ Á Î ıÏÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ıÏÙ#RRCTGPV %WDCP EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÊ ÈË È‰ ÎÈ ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ


Ï 0QV CXCKNCDNGÔ

0QVGÔw5GEVQT EQXGTGF WPFGT 5+6% ËÁÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÁÁÁÁFFFF((((GGGGTTTTVVVVKKKKNNNNKKKK\\\\GGGGTTTTUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDCP UJCTGU QH YQTNF RTQFWEVKQP CPF EQPUWORVKQP CTG PGINKIKDNGÔ +ORQTVU CTGFGENKPKPIÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U %WDC KU PQV KPVGTPCVKQPCNN[ EQORGVKVKXGPGUU KP VJG RTQFWEVKQP QH HGTVKNK\GTUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 6JG %WDCP HGTVKNK\GT KPFWUVT[ KU QYPGF CPF QRGTCVGF D[ VJG UVCVGÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 6JG %WDCP HGTVKNK\GT KPFWUVT[ KU EWTTGPVN[ DCUGF QP KORQTVGF HKPKUJGF HGTVKNK\GTU CPF

KPVGTOGFKCVG HGTVKNK\GT OCVGTKCNUÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

)3ËË

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÊÊÊÊCCCC2222GGGGUUUUVVVVKKKKEEEEKKKKFFFFGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÒËÂÌ ÈÒ‰ÌÌ ËÒÌÌÌ ËÒÌÍÌ ËÒÏÎÌ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌÎÂ ÏÒÏË‰ ÏÒÏ‰È ÏÒÎÂÂ ÏÒÏÊ‰

)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁÎ ÎÌ‰ ÏÊÎ ÎÂË ÎÌÍ7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô ÏÏÍ ÏÏÈ ÏÍÎ ÏËÌ Ï‰Ë(TCPEG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÌ ÏÍÍ Ï‰Ï ÏËÎ ÏÌ‰

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÈÍÁ ÍÒÏÍÈ ÍÒËÎÈ ÍÒËËÌ ÍÒÍÊÌ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÍÎ ËÎÏ ÁÎÌ ÁÂÍ ÁÍÌ$TC\KN ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÎÂ ÎÊÂ ÍÊË ÈÌÁ ÍËÈ(TCPEG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ê‰ ÎÌÎ ÎÏ‰ ÎÁÈ ÎÊÂ

#RRCTGPV 7Ô5Ô EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÏÊÎ ÎÒ‰ÎË ÎÒÁÊÌ ÎÒÊÁÂ ÎÒ‰Î‰

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ËÍ ÁÈ ÊÌ ÊÏ ÁÁ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÎ ÈÌ ÈË ÈÁ ÈÌ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÌ ÎÌ ÎÌ ÎÌ ÎÌ0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ë‰ Ë‰ Ë‰ Ë‰ Ë‰0QVGÔw5GEVQT EQXGTGF D[ *65 ÏÍÌÎÔÏÏÔÌÌ CPF UGNGEVGF *65 KVGOU KP EJCRVGT Î‰ CPF EJCRVGT ÍÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÊÊÊÊDDDD2222GGGGUUUUVVVVKKKKEEEEKKKKFFFFGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U 6JG 7PKVGF 5VCVGU JCU NCTIG UJCTG QH YQTNF RGUVKEKFG RTQFWEVKQPÒ EQPUWORVKQPÒ CPFVTCFGÔ

U 7Ô5Ô HKTOU CTG DGEQOKPI OQTG KORQTVCPV KP TGUGCTEJ CPF FGXGNQROGPVÒ YJKNG RTQFWEKPIOQTG QXGTUGCUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô KPVGTPCVKQPCN EQORGVKVKXGPGUU KP VJG RTQFWEVKQP QH RGUVKEKFGU KU DCUGF QP CFXCPEGF

RTQFWEVKQP VGEJPQNQI[ CPF QXGTUGGU RTQFWEVKQP UKVGU NQYGT EQUVUÒ UVTQPI OCTMGVKPIECRCDKNKV[Ò UVTQPI TGUGCTEJ CPF FGXGNQROGPVÒ CPF SWCNKV[ EQPVTQN ECRCDKNKV[Ô

U 'ZVGPUKXG PCVKQPCN CPF KPVGTPCVKQPCN OCTMGVKPI ECRCDKNKV[ WUKPI EQORCP[ TGRTGUGPVCVKXGUÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„

U 5CNGU QH RTQFWEV QP VJG 7Ô5Ô OCTMGV TGSWKTGU '2# CRRTQXCNÔU 'PXKTQPOGPVCN TGIWNCVKQPU DGEQOKPI KORQTVCPVÔ

6TCFG OGCUWTGU„U +PVTQFWEKPI \GTQ HQT \GTQ VTCFG TGFWEVKQPU QP OCP[ HKPKUJGF RTQFWEVU CPF EJGOKECN

KPVGTOGFKCVGUÔU '2# TGIWNCVKQPU EQPUKFGTGF D[ UQOG CU C VTCFG DCTTKGTÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 2GUVKEKFG KPFWUVT[ KU EJCTCEVGTK\GF D[ C UOCNN PWODGT QH NCTIG OWNVKPCVKQPCN HKTOUÔU .CTIG HKPCPEKCN QWVNC[U TGSWKTGF KP VJG KPFWUVT[ HQT TGUGCTEJ CPF FGXGNQROGPVÒ

RTQFWEVKQPÒ CPF OCTMGVKPIÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

)3ËÁ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÊÊÊÊEEEE2222GGGGUUUUVVVVKKKKEEEEKKKKFFFFGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÍ ÈÂ ÈÁ ÍÌ ıÏÙ'WTQRG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÈ ÏÈ ÏÎ ÎÌ ıÏÙ%QNWODKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Í Â Ê Â ıÏÙ5QWVJ #HTKEC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÈ ÏÁ ÏÁ Ì ıÏÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ Ï Î Ï ıÏÙ$TC\KN ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ Ï Ï ıÏÙ0KECTCIWC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ Ï ıÎÙ ıÎÙ ıÏÙ$QNKXKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÍ ÈÊ ÈÈ Î‰ ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÌ ÏÌÎ ÏÌÈ ÏÌÍ ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

Ï 0QV CXCKNCDNGÔÎ .GUU VJCP ˘ËÌÌÒÌÌÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÊÊÊÊFFFF2222GGGGUUUUVVVVKKKKEEEEKKKKFFFFGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCP UJCTGU QH YQTNF RTQFWEVKQP CPF EQPUWORVKQP CTG PGINKIKDNGÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 6JG %WDCP RGUVKEKFG KPFWUVT[ KU PQV KPVGTPCVKQPCNN[ EQORGVKVKXGÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 5VCVG EQPVTQN QH UCNGU CPF OCTMGVKPI QH RGUVKEKFGUÔ


)3ËÊ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÂÂÂÂCCCC2222JJJJCCCCTTTTOOOOCCCCEEEEGGGGWWWWVVVVKKKKEEEECCCCNNNN RRRRTTTTQQQQFFFFWWWWEEEEVVVVUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰

7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÌÒÍÌÌ ÁÍÒÌÌÌ ÁÊÒÈÌÌ ÊÈÒÏÈÌ ÂÏÒËÊÁ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÒÁÊÊ ÏÏÒÏ‰Ë ÏÈÒÏ‰Í ÏÊÒ‰ËÎ ÎÍÒÊÂÏ

+TGNCPF ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÍÍ ÏÒÍÊÍ ÏÒÂÂË ÍÒÎÎÎ ËÒÏÂÍ

7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÁËÊ ÎÒÏÍÈ ÎÒËÏË ÎÒ‰ÁÍ ÍÒ‰ÁÈ

)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÎÌÂ ÏÒÍÁÁ ÎÒÍÍÈ ÍÒËÌÊ ÍÒÂÏÌ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÒÌ‰Î ÂÒËÈÂ ÏÌÒÍÈË ÏÏÒ‰ËÁ ÏÍÒÁÂÏ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÁÎ ÁÂÍ ÊËÁ ÁÍË ÁÂÏ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÂÊ ÈÁ‰ ËÁÌ ÁÂË ÁÈ‰

0GVJGTNCPFU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÈÂ ÏÂ‰ ÈÏÊ ÁÍÊ ÁÏÁ

#RRCTGPV 7Ô5Ô EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÌÒÂÂË ÁËÒÁÈÊ ÊÏÒÎÈÂ ÂÌÒÏÍÁ ‰ÏÒÁÊÁ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÏÍÔÈ ÏÍÔÁ ÏËÔÍ ÏÁÔÏ ÏÁÔ‰

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÈÔÍ ÏÊÔÏ Ï‰Ô‰ ÎÎÔÈ ÎËÔ‰

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÊÈ ÎÌÍ ÎÌË ÎÌÂ ÎÌÂ

0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô Ê Ê Ê Ê Ê

0QVGÔw5GEVQT EQXGTGF D[ *65 ÏÍÌÎÔÏÏÔÌÌ CPF UGNGEVGF *65 KVGOU KP EJCRVGT Î‰ CPF EJCRVGT ÍÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÂÂÂÂDDDD2222JJJJCCCCTTTTOOOOCCCCEEEEGGGGWWWWVVVVKKKKEEEECCCCNNNN RRRRTTTTQQQQFFFFWWWWEEEEVVVVUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U 6JG 7PKVGF 5VCVGU JCU C NCTIG UJCTG QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFGÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U 7Ô5Ô KPVGTPCVKQPCN EQORGVKVKXGPGUU KP VJG RTQFWEVKQP QH RJCTOCEGWVKECN RTQFWEVU KU DCUGFQP CFXCPEGF RTQFWEVKQP VGEJPQNQI[ CPF QXGTUGGU RTQFWEVKQP UKVGU NQYGT EQUVUÒ UVTQPIOCTMGVKPIÒ TGUGCTEJÒ FGXGNQROGPVÒ CPF SWCNKV[ EQPVTQN ECRCDKNKV[Ô

U 'ZVGPUKXG PCVKQPCN CPF KPVGTPCVKQPCN OCTMGVKPI ECRCDKNKV[ WUKPI EQORCP[ TGRTGUGPVCVKXGUÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„

U 5CNGU KP VJG 7Ô5Ô OCTMGV TGSWKTGU (&# CRRTQXCNÔU /GFKECTG CPF OGFKECKF TGIWNCVKQPU DGEQOKPI KORQTVCPVÔ

6TCFG OGCUWTGU„U .QY 7Ô5Ô VCTKHHU QP OCP[ KORQTVGF RJCTOCEGWVKECN RTQFWEVUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 6JG YQTNF RJCTOCEGWVKECN KPFWUVT[ KU C OWNVKPCVKQPCN KPFWUVT[Ò YKVJ C UOCNN PWODGT QH

NCTIG RTQFWEKPI HKTOUÔU 7Ô5Ô KU DGEQOKPI OQTG KORQTVCPV KP TGUGCTEJ CPF FGXGNQROGPVÒ YJKNG RTQFWEVKQP KU

UJKHVKPI CYC[ HTQO VJG 7PKVGF 5VCVGUÔU 2JCTOCEGWVKECN RTQFWEVU TGSWKTG NCTIG HKPCPEKCN QWVNC[U HQT TGUGCTEJ CPF FGXGNQROGPVÒ

RTQFWEVKQPÒ CPF OCTMGVKPIÔU 6YQ UGRCTCVG UGEVQTUÒ RCVGPVGF RTQFWEVU CPF IGPGTKE RTQFWEVUÔ


)3ËÂ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÂÂÂÂEEEE2222JJJJCCCCTTTTOOOOCCCCEEEEGGGGWWWWVVVVKKKKEEEECCCCNNNN RRRRTTTTQQQQFFFFWWWWEEEEVVVVUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÌ ËÌ ËÌ ËÌ ËÌ%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏ ÎÊ ÎÍ Î‰ ÍÌ

%JKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÌ ÏÏ ÏÍ ÏÍ ÏÈ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ Á Â ıÏÙ ıÏÙ+VCN[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ Á Á ıÏÙ ıÏÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÎ Í‰ ÍÊ ÍÍ ÍË%QNQODKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÈ ÏÎ ÏÏ Ê Ê#TIGPVKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È Ê Î Ë Ë$TC\KN ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÍ ÎÌ ÏÈ Ê Â

#RRCTGPV %WDCP EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È‰ ÍÂ ÍÁ ÈÁ ÈË

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÁÈ ÊÂ ÊÈ ÁÁ ÊÌ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÍ ÊÏ ÁÈ ÁÍ ÁÊ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ë Ë Ë Ë Ë0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô Î Î Î Î Î

Ï .GUU VJCP ˘ËÌÌÒÌÌÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÂÂÂÂFFFF2222JJJJCCCCTTTTOOOOCCCCEEEEGGGGWWWWVVVVKKKKEEEECCCCNNNN RRRRTTTTQQQQFFFFWWWWEEEEVVVVUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDCP UJCTGU QH YQTNF RTQFWEVKQP CPF EQPUWORVKQP CTG PGINKIKDNGÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U 2TQZKOKV[ VQ OCLQT OCTMGVU ıKP VGTOU QH EQUV TGFWEVKQPÙ KU PQV ETWEKCNÒ TGNCVKXG VQRTQFWEVKQPÒ FGXGNQROGPVÒ CPF OCTMGVKPI EQUVU HQT CP[ EQWPVT[Ô

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U %WDC JCU C PCVKQPCN JGCNVJ RTQITCO VJCV EQPVTQNU CNN CURGEVU QH JGCNVJ ECTGÒ KPENWFKPI

RJCTOCEGWVKECN RTKEKPIÒ FGXGNQROGPV CPF FKUVTKDWVKQPÔU +PVGTPCVKQPCN OCTMGVKPI KU EQPFWEVGF D[ C IQXGTPOGPV CIGPE[Ô

6TCFG OGCUWTGU„U %WDC TGRQTVGFN[ JCU UVTKEV TGIWNCVKQPU HQT KORQTVGF RTQFWEVUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U %WDCP DKQVGEJPQNQI[ KPFWUVT[ KU YGNN FGXGNQRGFÔ


)3Ë‰

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎ‰‰‰‰CCCC6666GGGGZZZZVVVVKKKKNNNNGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÒÈÌ‰ ÏÌÒËÂÈ ÏÎÒÍÌÎ ÏÍÒÎÏË ÏÍÒÂÈË

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÏÏ‰ ÏÒÍÍÎ ÏÒËÌÏ ÏÒÁÈÌ ÏÒÊÁÊ%JKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÏÈÈ ÏÒÌÍÊ ÏÒÍÁÎ ÏÒÈÎÊ ÏÒËÂÌ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÎÊ ‰ËÎ ÏÒÏÂÂ ÏÒÎËÊ ÏÒÍÂÍ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÒËËÏ ‰ÒÏÁË ÏÌÒÎÏË ÏÌÒÌÏ‰ ÏÌÒÏÊÌ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌÏÎ ÏÒÍÎÌ ÏÒÁÌÊ ÎÒÌËÏ ÎÒ‰ÁË%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÏÁ‰ ÎÒÍËÁ ÎÒÊÌÂ ÎÒÂÏÌ ÎÒÊËÁ7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÍÊÎ ÈÎÁ ÈÂÌ ÈÌÍ ÍÈÊ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÁÈ ÁÎÁ ÁÏÁ ËËÈ ËÁÎ0WODGT QH GUVCDNKUJOGPVU ıPWODGTÙ Ô Ô Ô Ô Ô Ô Ô Ô ÏËÒËÌÌ ÏËÒËÌÌ ÏÁÒÍÌÌ ÏÁÒÌÌÌ ÏÁÒÌÌÌ

Ï 0QV CXCKNCDNGÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ËÌÌÎÔÌÌÌÌ VJTQWIJ ÁÌÌÎÔ‰‰‰Ì‚ ÁÍÌÏÔÏÌÌÌ VJTQWIJ ÁÍÏÌÔ‰ÌÎÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎ‰‰‰‰DDDD6666GGGGZZZZVVVVKKKKNNNNGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 7Ô5Ô JCU Â¯ UJCTG QH YQTNF KORQTVUÒ Ê¯ QH GZRQTVUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U .CTIG3UECNG KPXGUVOGPV KP VGEJPQNQI[ JCU EQPVTKDWVGF VQ VJG KPFWUVT[rU JKIJ RTQFWEVKXKV[ KP

RTQFWEKPI JKIJ3XQNWOG EQOOQFKV[ IQQFU CPF KP RTKPVKPIÒ F[GKPIÒ CPF HKPKUJKPIQRGTCVKQPUÔ

U 5JTKPMKPI NCDQT CXCKNCDKNKV[ CPF TKUKPI RTQFWEVKQP EQUVUÔU 9GNN3FGXGNQRGF KPHTCUVTWEVWTG ıGNGEVTKEKV[Ò YCVGT CXCKNCDKNKV[ÙÔU 4KUKPI KPXGUVOGPV KP KPHQTOCVKQP VGEJPQNQI[ JCU KORTQXGF OCPWHCEVWTKPI HNGZKDKNKV[Ô

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 'PXKTQPOGPVCN CPF YQTMRNCEG TGIWNCVKQPUÔ

6TCFG OGCUWTGU„U 6CTKHHU CPF SWQVCU VQ DG RJCUGF QWV D[ ÎÌÌËÔU 2TGHGTGPVKCN VTCFG RTQITCOU YKVJ /GZKEQ CPF %CTKDDGCP $CUKP EQWPVTKGUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 6JG OCLQTKV[ QH GZRQTVU IQ VQ /GZKEQ CPF %CTKDDGCP $CUKP EQWPVTKGU HQT CRRCTGN

CUUGODN[ÔU 5QOG VGZVKNG RTQFWEGTU CTG GUVCDNKUJKPI HQTGKIP OCPWHCEVWTKPI QRGTCVKQPU ıHKDGTÒ [CTPÒ

CPF HCDTKE RTQFWEVKQPÙ VQ UGTXKEG CRRCTGN EWUVQOGTU KP /GZKEQ CPF VJG %CTKDDGCPÔU +PFWUVT[ TGUVTWEVWTKPI CPF EQPUQNKFCVKQPÔU +PETGCUKPI PWODGT QH UVTCVGIKE CNNKCPEGU YKVJ CRRCTGN DGVYGGP TGVCKNGTU CPF

OCPWHCEVWTGTUÔ


)3ÁÌ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎ‰‰‰‰EEEE6666GGGGZZZZVVVVKKKKNNNNGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÍ ÈÎ ÈÁ ÎÂ ÏÁ

%JKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ Ë ‰ Â ÏÈ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÊ ÏÊ ÏÊ Ì ıÏÙ5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎ ÏÌ ‰ ‰ ıÏÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï Î Î Î Ï%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ Ï Ï+VCN[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ Ï ıÏÙ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï Ï ıÎÙ ıÎÙ ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎË ÎË ÎË ÎË ÎË

Ï 0QV CXCKNCDNGÔÎ .GUU VJCP ˘ËÌÌÒÌÌÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎ‰‰‰‰FFFF6666GGGGZZZZVVVVKKKKNNNNGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDCrU UJCTG QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFG KU NGUU VJCP Ï¯Ô(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U %WDC EQORGVKVKXGPGUU DCUGF QP TGNCVKXGN[ NQY YCIGU CPF CP GFWECVGF YQTMHQTEGÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„

U 5WDUKFKGU HQT VGZVKNGU CPF CRRCTGN RTQFWEVKQPÔU #TDKVTCT[ IQXGTPOGPV KPVGTXGPVKQPÓFGEKUKQP OCMKPIÔ

6TCFG OGCUWTGU„U 6CTKHHU QP KORQTVGF VGZVKNGU CTG IGPGTCNN[ JKIJÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U /QTG VGZVKNG RTQFWEVKQP ECRCDKNKV[ VJCP PGKIJDQTKPI %CTKDDGCP EQWPVTKGUÒ DWV OWEJ QH

VJG OCEJKPGT[ KU QWVFCVGF QT RQQTN[ OCKPVCKPGF CPF ECRCEKV[ KU ITGCVN[ WPFGTWVKNK\GFÔU .CEM QH JCTF EWTTGPE[ CPF UWHHKEKGPV HKPCPEKPI JCORGT RTQFWEVKQP SWCNKV[Ò GHHKEKGPE[Ò

CPF EQUV3GHHGEVKXGPGUUÔU *KIJN[ FGRGPFGPV QP KORQTVGF TCY OCVGTKCNU HQT RTQFWEVKQPÔ


)3ÁÏ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÌÌÌÌCCCC####RRRRRRRRCCCCTTTTGGGGNNNN„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËËÒÍÌÌ ËÈÒÁÁÌ ËÈÒ‰‰Ì ËÂÒÌÌÌ ËÂÒÈÌÌ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Í‰ÒÁÁË ÈÏÒÁÂÈ ÈÂÒÈ‰Î ËÍÒÂÊÈ ËÁÒËÁË

/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÂÊÁ ÍÒÂËÌ ËÒÍËÌ ÁÒÂÏÎ ÊÒÂÈÁ%JKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÒÂ‰Ë ÁÒÍÈÌ ÊÒÈËÌ ÊÒÏÂÌ ÊÒÍ‰‰*QPI -QPI ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÒÍÈÎ ÍÒ‰‰Â ÈÒÌÎÂ ÈÒÈ‰È ÈÒÍÈÍ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÒÁË‰ ÊÒËÎÏ ÂÒÁÊ‰ ÂÒÂÌÏ ÂÒÎÊÈ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÍÊÂ ÏÒÊÌ‰ ÎÒÎÍÍ ÎÒÁÈÂ ÎÒËËË&QOKPKECP 4GRWDNKE ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô ÂÌÌ ÂÁÊ ÏÒÌ‰Ì ÏÒÏÌÍ ÏÒÌÈÁ*QPFWTCU ıOKNNKQP FQNNCTUÙÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÌË ÁÍÍ ÂÌÊ ÏÒÌÌÈ ÏÒÌÍ‰

#RRCTGPV 7Ô5Ô EQPUWORVKQPÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÂÒÍÌÁ ÂÂÒÂÎÍ ‰ÈÒÂÌÍ ÏÌÍÒÌÊÍ ÏÌÁÒÁ‰Ï4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÏÎ ÏÈ ÏÁ ÏË ÏÈ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈË ÈÊ ËÏ ËÎ ËÍ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ÍÁ ÂÁÂ ÂÎÈ ÊÁÍ ÁÂË0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÂÒÌÊÊ ÏÊÒÂÌÌ ÏÊÒÁÌÌ ÏÊÒËÌÌ ÏÊÒÈÌÌ0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÁÏÌÏÔÏÌÌÌ VJTQWIJ ÁÎÏÊÔ‰Ì‰Ì


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÌÌÌÌDDDD####RRRRRRRRCCCCTTTTGGGGNNNN„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 6JG 7PKVGF 5VCVGU KU VJG YQTNFrU NGCFKPI KPFKXKFWCN EQWPVT[ KORQTVGT QH CRRCTGN ıÎÌ¯Ò

TKUKPIÙ CPF VJG YQTNFrU ÏÏVJ NCTIGUV GZRQTVGT QH CRRCTGN ıÍ¯Ò HCNNKPIÙÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô EQORGVKVKXGPGUU DCUGF QP SWCNKV[ ıHCDTKE FWTCDKNKV[Ò JCPFÒ FGUKIPÙÒ RTKEKPIÒ UV[NKPIÒ

CPF FGUKIPÒ CPF KPXGUVOGPV KP KPHQTOCVKQP VGEJPQNQI[ÔU )TQYKPI KORQTVCPEG QH SWKEM TGURQPUG OCPWHCEVWTKPI CPF URGGF VQ OCTMGV CPF QH

EWUVQOGT UGTXKEGÔU 5VTQPI CRRGCN QH 7Ô5Ô IQQFU CPF DTCPF PCOGUÔ

6TCFG OGCUWTGU„U 4GNCVKXGN[ JKIJ VCTKHHU CPF SWQVCU ıVQ DG GNKOKPCVGF D[ ÎÌÌË WPFGT VJG 961 #ITGGOGPV

QP 6GZVKNGU CPF %NQVJKPIÙÔU 2TGHGTGPVKCN VTCFG RTQITCOU„ 0#(6# CPF VJG %CTKDDGCP $CUKP 6TCFG 2CTVPGTUJKR #EVÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 7Ô 5Ô RTQFWEGTU QH CRRCTGN KPETGCUKPI CUUGODN[ KP /GZKEQ CPF VJG %CTKDDGCP CPF

%GPVTCN #OGTKECP EQWPVTKGUÔU 2CUUCIG QH VJG %CTKDDGCP $CUKP 6TCFG 2CTVPGTUJKR #EV UGGP CU KORQTVCPV VQ 7Ô5Ô

KPFWUVT[ÔU +PFWUVT[ TGUVTWEVWTKPI3ITQYKPI KPFWUVT[ EQPUQNKFCVKQPÔU 5VTGPIVJGPKPI QH VKGU CPF ITQYVJ QH UVTCVGIKE CNNKCPEGU YKVJ OCLQT TGVCKNGTUÔ


)3ÁÎ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÌÌÌÌEEEE####RRRRRRRRCCCCTTTTGGGGNNNN„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰

%WDCP RTQFWEVKQPÏ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏË ÏÂ Ï‰ ÎÊ ÏÏ

%JKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Î Í ‰ ‰

5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Í È Ë Á ıÎÙ

+VCN[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È È Í È ıÎÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Î Ï Í Ï

5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï Ï Ï Î ıÎÙ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï Ï ÔË Ï Ï

#RRCTGPV %WDCP EQPUWORVKQP ıOKNNKQP FQNNCTUÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ


0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï‰Ì Ï‰Ì Ï‰Ì Ï‰Ì Ï‰ÌÏ +V KU XGT[ FKHHKEWNV VQ GUVKOCVG CRRCTGN RTQFWEVKQP KP %WDCÔ %WDC GZRGTVU TGRQTV VJCV KPFWUVT[

FCVC EQNNGEVKQP KU KPEQPUKUVGPV CPF WPTGNKCDNGÔ 0Q OGCPKPIHWN GUVKOCVGU QH VJG FQNNCT XCNWG QHCRRCTGN RTQFWEVKQP EQWNF DG OCFGÔ

Î 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÌÌÌÌFFFF####RRRRRRRRCCCCTTTTGGGGNNNN„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U 5OCNN RTQFWEGT YKVJ ITGCVN[ WPFGTWVKNK\GF ECRCEKV[Ô(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U %WDCP EQORGVKVKXGPGUU KU DCUGF QP NCDQT EQUVU CPF EQPUKUVGPV SWCNKV[Ô)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„

U )QXGTPOGPV UWDUKFKGU QP CRRCTGN CPF VGZVKNG RTQFWEVKQPÔU +PFWUVT[ TGUVTWEVWTKPI VQ DTGCM WR NCTIGT GPVGTRTKUGU KPVQ UOCNNGT WPKVU VQ HQEWU QP JKIJ

RTQHKV QRGTCVKQPUÔ6TCFG OGCUWTGU„

U *KIJ VCTKHHUÔ5RGEKCN UGEVQT EJCTCEVGTKUVKEU„

U 5KIPKHKECPV URKPPKPI CPF YGCXKPI ECRCEKV[ VJCV KU NCTIGT VJCP KVU %CTKDDGCP PGKIJDQTUÔU %WDC JCU RQVGPVKCN VQ GZRCPF RTQFWEVKQP UWDUVCPVKCNN[ KP VJG HWVWTGÔ


)3ÁÍ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÏÏÏÏCCCC5555VVVVGGGGGGGGNNNN„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÁÒÍÌÌ ÁÁÒÍÌÌ ÁÂÒÊÌÌ ÁËÒ‰ÌÌ ÁÎÒÁÌÌ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏÒÊÂÁ ÏÎÒÊËÁ ÏÍÒÁÌÎ ÏÁÒÈÍÈ ÏÎÒÊÈ‰

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÈËÌ ÎÒËÈÍ ÎÒÈÂÂ ÎÒËÏÎ ÎÒÍÊË,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒËÈÌ ÏÒÈÏÂ ÏÒÁÌË ÎÒ‰ÏÈ ÏÒÈÁÏ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÁË ÏÒÌÎ‰ ÏÒÎÌÁ ÏÒÏÈÍ ÏÒÌ‰‰)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ÌÏ ÏÒÏÊË ÏÒÏËÂ ÏÒÌÎ‰ ÂÁÈ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÒÁÁË ÈÒÌÊÁ ÈÒÂÈÍ ÈÒÁÍÁ ÈÒÎ‰Ï%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÁ‰È ÏÒÁ‰Ê ÎÒÍÂÁ ÎÒÎÎÁ ÎÒÎËÈ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÈÊ ÂÍÍ ‰ÁÊ ÏÒÌÏ‰ ÏÒÌÏ‰7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô ÂË ‰Ê ÏÏÌ ÏÌÎ ÂÌ-QTGC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÈ‰ ‰Â ËÏ ÍÈ ÍÎ

#RRCTGPV 7Ô5Ô EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÍÒÈÎÏ ÊÈÒ‰ÂÌ ÊÊÒÈË‰ ÊÊÒÊÌÌ ÊÏÒÌËÂ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ÊÔÏ ÁÔÎ ÊÔÏ ÊÔÌ ÁÔ‰4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁÔÏ ÏÊÔÌ ÏÊÔÁ ÎÏÔÎ ÏÊÔ‰

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÏË ÎÏÌ ÎÌË ÎÌË Ï‰Ë0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô ‰ ‰ ‰ ‰ ‰0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÊÎÌÁÔÏÌ VJTQWIJ ÊÍÌÁÔ‰ÌÒ GZENWFKPI ÊÍÌÏÔÎÌ CPF ÊÍÌÍÔÌÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÏÏÏÏDDDD5555VVVVGGGGGGGGNNNN„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U 6JG 7PKVGF 5VCVGU KU VJG NCTIGUV UVGGN KORQTVKPI CPF EQPUWOKPI EQWPVT[ KP VJG YQTNF ıÏÊ¯QH YQTNF EQPUWORVKQPÙÒ CPF VJG UGEQPF NCTIGUV ıCHVGT %JKPCÙ UVGGN RTQFWEKPI EQWPVT[ıÏÎ¯ QH YQTNF UVGGN RTQFWEVKQPÔ

U 9JKNG UVGGN RTQFWEVKQP CPF EQPUWORVKQP KP VJG 7PKVGF 5VCVGU JCXG DGGP KPETGCUKPIÒ VJG7Ô5Ô RQUKVKQP KP VJG YQTNF JCU DGGP UNQYN[ FGENKPKPI FWG VQ OQTG TCRKF ITQYVJ KP QVJGTRCTVU QH VJG YQTNFÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô KPFWUVT[ DGPGHKVU HTQO RTQZKOKV[ VQ KVU FQOGUVKE OCTMGVU CPF VJQUG QH KVU 0#(6#

RCTVPGTUÒ CU YGNN CU KVU UQWTEGU QH OCLQT TCY OCVGTKCNUÔU 2TQFWEVU CTG OCTMGVGF VJTQWIJ FKTGEV UCNGU CPF VJTQWIJ YGNN GUVCDNKUJGF PGVYQTMU QH

UVGGN FKUVTKDWVQTUÔU 7Ô5Ô UVGGN KPFWUVT[ JCU JKIJGT NCDQT EQUVU TGNCVKXG VQ OQUV OCLQT UVGGN GZRQTVKPI PCVKQPUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 5VTKEV GPXKTQPOGPVCN EQPVTQN OGCUWTGU CTG XKIQTQWUN[ GPHQTEGFÔ

6TCFG OGCUWTGU„U #PVK3FWORKPI CPF %8& FWVKGU CRRN[ VQ EGTVCKP RTQFWEVU HTQO UQOG EQWPVTKGUÔU &WVKGU CTG DGKPI RJCUGF QWV CPF YKNN DG GNKOKPCVGF ÎÌÌÈ ıGZEGRV HQT EQNWOP Î FWVKGUÙÔ


)3ÁÈ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÏÏÏÏEEEE5555VVVVGGGGGGGGNNNN„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ËÍ Ë‰ ÂÊ ÊÎ ÊÊ%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰Ì ÏÍÂ ÏÌÂ ÏÏÊ ıÏÙ

5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÊ ÁÂ ÍÍ ÍÏ ıÏÙ4WUUKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ Ë Â ‰ ıÏÙ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ ÏË Â Ì ıÏÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÌ ÍÍ ËÎ ÈÁ ıÏÙ%QNQODKC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Í Ë ÏÍ Â Ï'EWCFQT ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Â Á Ì Ï ıÏÙ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Í Á Ì ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏÍ ÏÁÈ ÏÈÍ ÏÈÍ ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ËÊ ËÁ ÁÌ ÁÈ ıÏÙ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÌ ÂÈ ÊÁ ÂÎ ıÏÙ

'ORNQ[OGPV Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÌÌ ËÌÌ ËÌÌ ËÌÌ ËÌÌ0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌ ÏÌ ÏÌ ÏÌ ÏÌ

Ï 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÏÏÏÏFFFF5555VVVVGGGGGGGGNNNN„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDCrU UJCTG QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFG KU PGINKIKDNGÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U %WDC JCU NKOKVGF FQOGUVKE TCY OCVGTKCN UWRRN[ CPF RQYGT UWRRN[ RTQDNGOUÔU #NVJQWIJ GSWKROGPV KU HCKTN[ OQFGTPÒ %WDC NCEMU VJG VGEJPKECN ECRCDKNKV[ VQ RTQFWEG JKIJ

SWCNKV[ UVGGN RTQFWEVUÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„

U %WDCP UVGGN KPFWUVT[ KU UVCVG3QYPGF CPF EQPVTQNNGFÔ6TCFG OGCUWTGU„

U %WDCP FWVKGU TCPIG HTQO Î VQ ÏÌ RGTEGPV CF XCNQTGO QP UVGGN RTQFWEVUÔ5RGEKCN UGEVQT EJCTCEVGTKUVKEU„

U %WDC RTQFWEGU C PCTTQY TCPIG QH EQOOQFKV[3ITCFG UVGGN DCT RTQFWEVUÔU %WDCrU GZRQTVU IQ VQ PGCTD[ %CTKDDGCP CPF .CVKP #OGTKECP EQWPVTKGUÔ


)3ÁË

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÎÎÎÎCCCC2222TTTTKKKKOOOOCCCCTTTT[[[[ PPPPKKKKEEEEMMMMGGGGNNNN„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì7Ô5Ô KORQTVU ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎÌÒÁ‰Á ÏÏËÒÍÂÂ ÏÎÏÒÊÌÌ ÏÎÎÒÌÏÍ ÏÏÏÒËÌÁ%CPCFC ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÍÒËÂÎ ÈÊÒÊÍÊ ÈÊÒÌÈÁ ËÎÒÈ‰Î ÈËÒË‰Ì0QTYC[ ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï‰ÒÏÌÌ ÎÈÒÎÎ‰ ÎÍÒ‰ÊÁ ÎÏÒÌÌÍ ÎÎÒËÊÊ#WUVTCNKC ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎÒÊÏÎ ÏÈÒËÎË ÏÈÒÌË‰ ÏËÒÌÌÏ ÏÈÒÍËË4WUUKC ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏÒ‰ÊË ÏÊÒÏÂË ÎËÒËÏÈ ÎÎÒÏËÈ ÏÎÒÁÈË

7Ô5Ô GZRQTVU ıOGVTKE VQPUÙÏ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÒÏÏÁ ÁÒÁÊÊ ÁÒÏÈÈ ÊÒÍÊÁ ÏÌÒÈ‰Ì(TCPEG ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÊÎÂ ÏÒÈÎÎ ÏÒ‰ÍÊ ÍÒÍÏÁ ÊÒÈÊÏ%CPCFC ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÈÌÂ ÎÒËÁÂ ÏÒÁËË ÈÁÈ ÊÎË0GVJGTNCPFU ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌ‰ ÏÊÏ ÏÎÊ Â‰Î ÊÍ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOGVTKE VQPUÙ Ô Ô Ô ÏÏÈÒËÂÌ ÏÌÂÒÊÏÏ ÏÏËÒËËÁ ÏÏÈÒÁÍÊ ÏÌÏÒÌÏÁ4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÏÌË ÏÌÁ ÏÌË ÏÌÁ ÏÏÌ

'ORNQ[OGPV Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì

Ï $GNKGXGF VQ DG TGGZRQTVUÔÎ 0QV CRRNKECDNGÔ

0QVGÔw5GEVQT EQXGTGF KP *65 %JCRVGT ÊËÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÎÎÎÎDDDD2222TTTTKKKKOOOOCCCCTTTT[[[[ EEEEQQQQDDDDCCCCNNNNVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì7Ô5Ô KORQTVU ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÒÊÎÂ ËÒÊÊË ÁÒÊÈË ÁÒËÍÌ ÁÒÂÊÈ0QTYC[ ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒËÏÏ ÏÒÊÌÌ ÏÒ‰ÏË ÏÒÂ‰Ì ÏÒËÎÊ(KPNCPF ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÂÏ ËË‰ ÁÁÈ ËÏÂ ÏÒÏÍÏ<CODKC ıOGVTKE VQPUÙÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÊÈ ÏÒÏÎË ÏÒÏÌÏ ÏÒÌÎÎ ÂÊÊ%CPCFC ıOGVTKE VQPUÙÔ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌÌÂ ‰ÍÌ ‰ÎÈ ÏÒÌÈÎ ÊÂÌ

7Ô5Ô GZRQTVU ıOGVTKE VQPUÙÏ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÏÈÎ ÏÒÈÊÎ ÏÒÌËÈ ÏÒÏÌÌ ÏÒÏÎÁ$GNIKWO ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÈÂ ÏÂ‰ ÎÌÏ ÎÂ‰ ËÈÎ%CPCFC ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÂÌ ÍÍÈ ÍÏÈ ÎÎ‰ ÏÍË7PKVGF -KPIFQO ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏÌ ÏÏ‰ ÏÏÎ ÎÂ ÏÏÁ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOGVTKE VQPUÙ Ô Ô Ô ÈÒËÂÁ ÈÒÍÌÍ ËÒÁ‰Ï ËÒÈÍÌ ËÒÊÈÂ4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÏÎË ÏÍÈ ÏÏ‰ ÏÎÌ ÏÎÌ

Ï $GNKGXGF VQ DG TGGZRQTVUÔÎ 0QV CRRNKECDNGÔ

0QVGÔw5GEVQT EQXGTGF KP *65 %JCRVGT ÂÏÔ


)3ÁÁ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÎÎÎÎEEEE2222TTTTKKKKOOOOCCCCTTTT[[[[ PPPPKKKKEEEEMMMMGGGGNNNN CCCCPPPPFFFF EEEEQQQQDDDDCCCCNNNNVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 6JG 7PKVGF 5VCVGU FQGU PQV RTQFWEG RTKOCT[ PKEMGN CPF EQDCNVÔU 7Ô5Ô UJCTG QH YQTNF PKEMGN CPF EQDCNV KORQTVU KU ÏÈ CPF Ï‰ RGTEGPVÒ TGURGEVKXGN[Ô

6TCFG OGCUWTGU„U $GECWUG %WDCP PKEMGN CPF EQDCNV OCVGTKCN CTG TGHKPGF KP CPF GZRQTVGF HTQO %CPCFC

VJGTG CTG PQ 7Ô5Ô VCTKHHU CPF PQP3VCTKHH VTCFG DCTTKGTU VJCV YQWNF CRRN[Ô


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÎÎÎÎFFFF0000KKKKEEEEMMMMGGGGNNNN3333EEEEQQQQDDDDCCCCNNNNVVVV QQQQZZZZKKKKFFFFGGGGÒÒÒÒ UUUUKKKKPPPPVVVVGGGGTTTTÒÒÒÒ CCCCPPPPFFFF UUUUWWWWNNNNHHHHKKKKFFFFGGGG„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰ ııııKKKKPPPP PPPPGGGGVVVV SSSSWWWWCCCCPPPPVVVVKKKKVVVV[[[[ QQQQHHHHOOOOGGGGVVVVCCCCNNNN EEEEQQQQPPPPVVVVGGGGPPPPVVVVÙÙÙÙ5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQPÏ ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÌÒÂÈË ËÏÒÎÂ‰ Ë‰ÒÈÈ‰ ÁËÒÍÌÌ ÁÁÒÌÌÌ%WDCP KORQTVU ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì Ì%WDCP GZRQTVUÏ ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÊÒ‰ËË ËËÒÏËÊ Ë‰ÒÈÁÌ ÁÂÒÍÏÍ ÁÊÒÏÂÏ0QTVJ #OGTKEC ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï‰ÒÁÊÁ ÎËÒÏÊÈ ÎÊÒÌÊÂ Î‰ÒÌÁÊ Î‰ÒÈÁÂ'WTQRG ıOGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁÒ‰ÁÌ ÎÊÒÊÈÂ ÎËÒÁÏÏ ÍÏÒËÎ‰ ÍÌÒÁÎÌ#UKC ıPGV OGVTKE VQPU QH OGVCNÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÍÏ‰ ÎÒÎÍË ÁÒÊÊÏ ÊÒÊÏÊ ÊÒÌ‰Í

#RRCTGPV %WDCP EQPUWORVKQP ıOGVTKE VQPUÙ Ô Ì Ì Ì Ì Ì4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ÏÌÌ ÏÌÌ ÏÌÌ ÏÌÌ ÏÌÌ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÍÙ ıÍÙ ıÍÙ ıÍÙ ıÍÙ0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Í Í Í Í Í

Ï $GECWUG RTQFWEVKQP CPF GZRQTV FCVC CTG VCMGP HTQO FKHHGTGPV UQWTEGUÒ VQVCN GZRQTVU FQ PQVUWO GZCEVN[ VQ VQVCN RTQFWEVKQPÔ

Î 0QV CRRNKECDNGÔÍ 0QV CXCKNCDNGÔ


)3ÁÊ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÎÎÎÎGGGG0000KKKKEEEEMMMMGGGGNNNN CCCCPPPPFFFF EEEEQQQQDDDDCCCCNNNNVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDC JCU NCTIG TGUGTXGU QH JKIJ3ITCFG PKEMGN CPF EQDCNV HQT RQVGPVKCN FGXGNQROGPVÔU %WDCrU NCTIG TGUGTXGU QH DQVJ OGVCNU CTG NKMGN[ VQ DGEQOG OQTG KORQTVCPV KP DQVJ YQTNF

OCTMGVUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U %WDCP KPVGTPCVKQPCN EQORGVKVKXGPGUU DCUGF QP RNGPVKHWN PKEMGN CPF EQDCNV TGUGTXGUÒ CPF

NQY FKTGEV QRGTCVKPI EQUVU UWEJ CU NCDQTÒ GZVTCEVKQPÒ CPF VTCPURQTVCVKQP EQUVUÔU %WDCP PKEMGN CPF EQDCNV QTG ITCFGU CTG EQPUKFGTGF VQ DG JKIJ CPF FGRQUKVU CTG

CEEGUUKDNG VQ VTCPURQTVCVKQP CPF RQTV HCEKNKVKGUÔU 5MKNN NGXGN QH NQECN NCDQT HQTEG KU JKIJ FWG VQ NQPI3VKOG KPXQNXGOGPV D[ %WDC KP OKPKPIÔU .CDQT EQUVU KP %WDC CTG NQYGT VJCP EQUV QH NCDQT KP QVJGT OCLQT RTQFWEKPI EQWPVTKGU

ıUWEJ CU 0GY %CNGFQPKC CPF 9GUVGTP #WUVTCNKCÙÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U %WDCrU JGCNVJÒ UCHGV[Ò CPF GPXKTQPOGPVCN TGIWNCVKQPU CTG YGCM D[ KPVGTPCVKQPCN

UVCPFCTFUÔU 5JGTTKVV TGRQTVGFN[ GPLQ[U ITGCVGT HTGGFQO TGICTFKPI FKUVTKDWVKQP CPF TGRCVTKCVKQP QH

RTQHKVU QH VJG GPVGTRTKUGÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 0KEMGN CPF EQDCNV RTQFWEGF HTQO %WDCP TGUGTXGU KU QH C JKIJ SWCNKV[ VJCV KU CEEGRVCDNG

HQT WUG KP OQUV GPF3WUG OCTMGVUÔU 5JGTTKVVrU OKPKPI QRGTCVKQP KP %WDC WUGU C JKIJ3RTGUUWTG CEKF3NGCEJ ı2#.Ù YJKEJ KU

TGRQTVGF VQ CEJKGXG JKIJGT OGVCN TGEQXGTKGU CPF VQ DG NGUU ECRKVCN3 CPF GPGTI[3KPVGPUKXGVJCP QVJGT TGEQXGT[ RTQEGUUGUÔ


)3ÁÂ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÍÍÍÍCCCC////CCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÎÂÍÒË‰Ë ÍÌÂÒÁÎ‰ ÍÎÈÒÈÁÌ ÍÍÊÒÈÍÂ ÍËÎÒ‰ÁÏ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÈÒÈÂÁ ÊÏÒÍÁ‰ ÊÂÒÌÂÂ ÂÈÒÌÌÍ ÂÊÒÂËÏ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏËÒÏÍË ÏËÒÌËÏ ÏÁÒÏÏÌ ÏÁÒÌÌÌ ÏËÒÈÁÊ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÒÈÈ‰ ÊÒÎÂË ‰ÒÏÊÁ ‰ÒÂÍÈ ÏÏÒÎÎÂ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÒ‰‰Ï ÂÒÂÌË ‰ÒÈÌÁ ÏÌÒÏÏÁ ÏÌÒÁÌË

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÎÒÈÌÂ ÁÂÒÏÌÁ ÊÊÒÊ‰Â ÊÈÒÏ‰Â ÊÏÒÌÁÏ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÍÒÊÌÌ ÏÈÒÎÎÍ ÏÊÒÏÍ‰ ÏÊÒÍÊÁ ÏÊÒÎÊÎ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÒ‰ÈÍ ËÒÊÌÁ ÊÒËÂÍ ÂÒÁÈÎ ‰ÒÈÈÊ,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒËÏÎ ÈÒÌÁÁ ÍÒ‰Ê‰ ÍÒÎÁÍ ÍÒÈÎÈ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQPFQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÎÂËÒÁÊÍ ÍÏÏÒÂ‰Î ÍÎËÒÍËÌ ÍÈÊÒÎÈÍ ÍÁ‰ÒÊËÌ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô ÎÎ ÎÎ ÎÈ ÎÎ ÎÌ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÍ ÎÍ ÎÈ ÎÈ ÎÈ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÌÁÊ ÎÒÏÏË ÎÒÏÁÂ ÎÒÎÌÁ ÎÒÏÈÌ0WODGT QH GUVCDNKUJOGPVU ıVJQWUCPFUÙ Ô Ô Ô ËÒÈÌÌ ËÒÈÌÌ ËÒÈÌÌ ËÒÈÌÌ ËÒÈÌÌ0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÊÍÎÏÒ ÂÈÌÎıRVÔÙÒ ÂÈÌÍ3ÂÈÌÈÒ ÂÈÏÍ3ÂÈÁÂÒ ÂÈÊÈ3ÂÈÂËÒÂËÌÏ3ÂËÌÈıRVÔÙÒ ÂËÌÂ3ÂËÌ‰Ò ÂËÏÈ3ÂËÏÁÒ ÂËÈÍÒ ÂÊÌÏıRVÔÙÒ ÂÊÌÁıRVÔÙÒ ÂÊÌÊıRVÔÙÒ ÂÊÌÂıRVÔÙÒ CPFÂÊÏÁıRVÔÙÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÍÍÍÍDDDD////CCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 7Ô5Ô UJCTG QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ GZRQTVUÒ KORQTVU CTG UKIPKHKECPVÔU 6JG 7PKVGF 5VCVGU KU DGEQOKPI NGUU KORQTVCPV KP YQTNF OCTMGVU CU OCEJKPGT[ RTQFWEVKQP

DGEQOGU INQDCNK\GFÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô EQUVU QH RTQFWEVKQP KPRWVUÒ UWEJ CU GPIKPGGTKPI CPF CUUGODN[ NCDQTÒ OC[ DG JKIJGT

VJCP VJQUG QH HQTGKIP EQORGVKVQTUÔU (QTGKIP VCTKHH CPF PQPVCTKHH DCTTKGTU KORGFG OCTMGV CEEGUU HQT 7Ô5Ô GZRQTVGTUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U +ORQTVU QH UGNGEVGF RTQFWEVU OWUV EQORN[ YKVJ JGCNVJ CPF UCHGV[ TGIWNCVKQPUÔ

6TCFG OGCUWTGU„U .QY VCTKHHU QP KORQTVGF OCEJKPGT[Ô

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U /CEJKPGT[ RTQFWEVKQP TGSWKTGU NCTIG ECRKVCN KPXGUVOGPVUÒ NQPI VKOG JQTK\QPU HQT

RTQHKVCDKNKV[Ò UMKNNGF GPIKPGGTKPI NCDQTÒ CPF RTQZKOKV[ VQ KPRWVU CPF EWUVQOGTUÔU /CUU RTQFWEGF RTQFWEVU UQNF D[ RTQFWEGTU‚ URGEKCNK\GF OCEJKPGT[ UQNF VQ FKUVTKDWVQTU QT

FKTGEV VQ GPF3WUGTÔ


)3Á‰

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÍÍÍÍEEEE////CCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÏË ÍÌÈ ÍÍÍ ÍÂ‰ ıÏÙ

5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂË ÏÌÊ ÏÍÌ ÏÍÌ ıÏÙ+VCN[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï‰ ÍÂ ÍÂ ËÎ ıÏÙ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì ÎÏ ÈË ıÏÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ Ï ıÏÙ#RRCTGPV %WDCP EQPUWORVKQP ıOKNNKQP FQNNCTUÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

Ï 0QV CXCKNCDNGÔÎ 0QV CRRNKECDNGÔ

5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÍÍÍÍFFFF////CCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCP UJCTG QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFG KU PGINKIKDNGÔU %WDC JCU DGEQOG UNKIJVN[ OQTG KORQTVCPV CU C OCEJKPGT[ EQPUWOKPI EQWPVT[Ò KP RCTV

DGECWUG QH KPETGCUGF HQTGKIP KPXGUVOGPVÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U %WDC KU PQV KPVGTPCVKQPCNN[ EQORGVKVKXG KP OCEJKPGT[ RTQFWEVKQP QYKPI VQ C NCEM QH

GPIKPGGTKPI GZRGTVKUGÒ NKOKVGF FQOGUVKE CPF GZRQTV OCTMGVU VQ UWUVCKP EWTTGPV ECRKVCNKPXGUVOGPVU HQT RTQFWEKPI OCEJKPGT[Ò CPF NCEM QH KPHTCUVTWEVWTG PGEGUUCT[ VQ RTQXKFGEWUVQOGT UWRRQTV QT HKPCPEKPIÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 2QNKEKGU GZKUV VQ RTQOQVG EGTVCKP UGEVQTUÓKPFWUVTKGU QH VJG GEQPQO[ VJCV YKNN TGSWKTG

HQTGKIP KPXGUVOGPV CPFÓQT KORQTVGF OCEJKPGT[ÔU %WUVQOGTU CTG IGPGTCNN[ GPVGTRTKUGU QYPGF CPF QRGTCVGF D[ VJG %WDCP )QXGTPOGPV QT

LQKPV XGPVWTGU YKVJ HQTGKIP KPXGUVQTU HQT URGEKHKE RTQLGEVUÔ

6TCFG OGCUWTGU„U %WDCP VCTKHHU QP OCEJKPGT[ TCPIG HTQO Í3ÎÌ RGTEGPV CF XCNQTGOÒ YKVJ OCP[ VCTKHHU KP

VJG ÏÌ3ÏË RGTEGPV TCPIGÔ .QYGT VCTKHHU CRRN[ VQ OCEJKPGT[ HQT RTQOQVGF KPFWUVTKGUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U /CEJKPGT[ OCPWHCEVWTKPI KU EQPEGPVTCVGF KP UWICT ECPG EQODKPG JCTXGUVGTU CPF

GPGTI[3GHHKEKGPV JQWUGJQNF CRRNKCPEGUÒ UWEJ CU TGHTKIGTCVQTU CPF ICU UVQXGUÔ


)3ÊÌ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÈÈÈÈCCCC6666TTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP GGGGSSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰

7Ô5Ô RTQFWEVKQP ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÊÎ ÍÊÏ ÈÌÂ ÈÈÈ È‰Ì

7Ô5Ô KORQTVU ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏÈ ÏÏÂ ÏÎÊ ÏÈÌ ÏÁÊ

%CPCFC ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÍ ÈË ÈÂ ËÏ ÁÎ

,CRCP ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍË ÍÍ ÍÈ ÍÁ ÈÌ

/GZKEQ ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏ ÏË ÏÁ ÏÊ ÎÏ

7Ô5Ô GZRQTVU ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÁ ÂË ‰‰ ÏÌ‰ ÏÌÁ

%CPCFC ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÊ ÎÂ ÍÎ ÍÎ ÍË

/GZKEQ ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô È Ë Â Â Â

7PKVGF -KPIFQO ıDKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Î Í Á Ê Ê

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıDKNNKQP FQNNCTUÙ Ô Ô ÈÌ‰ ÈÌÈ ÈÍÊ ÈÊË ËËÏ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÎÌ ÎÍ ÎÈ ÎË ÎÎ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÎÂ Î‰ Î‰ Î‰ ÍÌ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÊ‰Ì ÏÒÊÂË ÏÔÂÈË ÏÒÂ‰Î ÏÒÂÂÈ

0WODGT QH GUVCDNKUJOGPVU ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô ÍÒÌÌÌ ÍÒÌÌÌ ÍÒÌÌÌ ÍÒÌÌÌ ÍÒÌÌÌ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 EJCRVGTU ÂÁ VJTQWIJ Â‰Ô


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÈÈÈÈDDDD6666TTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP GGGGSSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 6JG 7Ô5Ô UJCTGU QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ GZRQTVUÒ CPF KORQTVU CTG UKIPKHKECPVÔU 6JG 7PKVGF 5VCVGU JCU DGEQOG OQTG KORQTVCPV KP YQTNF OCTMGVU KP TGEGPV [GCTUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô KPVGTPCVKQPCN EQORGVKVKXGPGUU KU DCUGF QP NQY RTQFWEVKQP EQUVUÒ CPF JKIJ NGXGNU QH

SWCNKV[ CPF EGTVKHKECVKQP TGSWKTGF D[ OQVQT XGJKENG CPF CKTETCHV GSWKROGPVOCPWHCEVWTGTUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U /CPWHCEVWTGTU OWUV OGGV UKIPKHKECPV JGCNVJ CPF UCHGV[ TGIWNCVKQPU GUVCDNKUJGF D[ (GFGTCN

CPF 5VCVG )QXGTPOGPVUÔ

6TCFG OGCUWTGU„U 7Ô5Ô VCTKHHU QP KORQTVGF VTCPURQTVCVKQP GSWKROGPV TCPIG HTQO (TGG VQ ÎË RGTEGPV CF

XCNQTGOÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 6TCPURQTVCVKQP GSWKROGPV JCU C UKIPKHKECPV TQNG KP VJG 7Ô5Ô OCPWHCEVWTKPI UGEVQTÔ


)3ÊÏ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÈÈÈÈEEEE6666TTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP GGGGSSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÁ ‰Ë ÏÍÏ ÏÈÎ ÏÈÌ

5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÈ ÎÏ Í‰ ÎÂ ÍÌ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ ÏÍ ÏÎ ÍË ÎÍ$TC\KN ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï Ï ‰ ÏÊ ÎÎ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ#RRCTGPV %WDCP EQPUWORVKQP ıOKNNKQPFQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ


Ï 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÈÈÈÈFFFF6666TTTTCCCCPPPPUUUURRRRQQQQTTTTVVVVCCCCVVVVKKKKQQQQPPPP GGGGSSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCP UJCTGU QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFG CTG PGINKIKDNGÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U %WDC KP PQV KPVGTPCVKQPCNN[ EQORGVKVKXG KP VJG RTQFWEVKQP QH VTCPURQTVCVKQP GSWKROGPVÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 2QNKEKGU GZKUV VQ RTQOQVG VJG KORQTVCVKQP QH VTCPURQTVCVKQP GSWKROGPV CPF CUUGODN[ QH

VTCPURQTVCVKQP GSWKROGPV RCTVU ıYKVJ GORJCUKU QP VTCPURQTVCVKQP GSWKROGPV HQT VTCKPVTCPURQTVÒ RWDNKE VTCPURQTVCVKQPÒ CPF CWVQOQDKNGU CPF DWUGU VQ UWRRQTV VQWTKUOÙÔ

U %WUVQOGTU CTG IGPGTCNN[ GPVGTRTKUGU QYPGF CPF QRGTCVGF D[ VJG %WDCP )QXGTPOGPV QTLQKPV XGPVWTGU YKVJ HQTGKIP KPXGUVQTU HQT VQWTKUV RTQLGEVUÔ

6TCFG OGCUWTGU„U %WDCP VCTKHHU QP VTCPURQTVCVKQP GSWKROGPV TCPIG HTQO Ë VQ ÎË RGTEGPV CF XCNQTGOÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U %WDC KU DGEQOKPI UNKIJVN[ OQTG KORQTVCPV CU C VTCPURQTVCVKQP GSWKROGPV EQPUWOKPI

EQWPVT[ CU %WDC UGGMU PGY VTCPURQTVCVKQP GSWKROGPV VQ TGRNCEG KVU CIKPI RWDNKEVTCPURQTVCVKQP GSWKROGPV CPF CNUQ VQ UWRRQTV KVU ITQYKPI VQWTKUV KPFWUVT[Ô

U %WDCP FQOGUVKE RTQFWEVKQP NKOKVGF VQ CUUGODN[ QH DWUGUÒ OQVQT XGJKENG CPF CKTETCHVTGRCKT QRGTCVKQPUÒ CPF RTQFWEVKQP QH HKUJKPI XGUUGNUÔ

U %WDCrU DWU CUUGODN[ QRGTCVKQPU CTG VQ UWRRQTV FQOGUVKE GORNQ[OGPVÒ CPF TGN[ QPHQTGKIP FGUKIPU CPF WUG KORQTVGF OCPWHCEVWTGF EQORQPGPVUÔ


)3ÊÎ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍËËËËCCCC2222QQQQYYYYGGGGTTTT IIIIGGGGPPPPGGGGTTTTCCCCVVVVKKKKQQQQPPPP OOOOCCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[ CCCCPPPPFFFF GGGGSSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰

7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÒÂ‰Á ÂÒÌÊÌ ÂÒÍËÊ ÂÒÊÁÈ ‰ÒÌÌÌ

7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌÌ‰ ÏÒÌÏÊ ÏÒÌÍË ÏÒÈÌÁ ÎÒÈÏÌ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÏÍ ÎÈÏ ÎÁÌ ÍÍ‰ ÍÂÂ

)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÂÌ ÏÎÎ ÏÏÌ ÎÌÎ ÍÁÈ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰Í ÂË ÂÈ ÏÌÂ ÍÎÁ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÂËÁ ÍÒÂÏÏ ÈÒ‰Ì‰ ÈÒÏÊÁ ÈÒÌÁÌ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÊÌ ÎÊÍ ÍÈÏ ÈÈÌ È‰Î

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÁ‰ ÍÁÍ ÈÊÍ ÍË‰ ÈÈÁ

7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÏÁÌ ÏÏÎ ÏÊÏ ÍÌÊ ÎÊÍ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô Ô ËÒÌÈ‰ ËÒÎÊÁ ÈÒÈÂÈ ËÒ‰‰È ÊÒÍËÌ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô È‰ ÈÊ Ë‰ ÈÂ ÈË

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÌ Ï‰ ÎÍ ÎÍ ÍÍ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÈ ÍË ÍÁ ÍÂ Í‰

0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ËÌ ËÌ ËÌ ËÌ ËÌ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÂÈÌÏıRVÔÙÒ ÂÈÌÁıRVÔÙÒ ÂÈÏÌÒ ÂÈÏÏıRVÔÙÒ ÂËÌÏıRVÔÙÒ ÂËÌÎıRVÔÙÒÂËÌÈıRVÔÙÒ ÂËÍËıRVÔÙÒ ÂËÍÊıRVÔÙÒ ÂËÈÈıRVÔÙÒ CPF ÂËÈÁıRVÔÙÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍËËËËDDDD2222QQQQYYYYGGGGTTTT IIIIGGGGPPPPGGGGTTTTCCCCVVVVKKKKQQQQPPPP OOOOCCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[ CCCCPPPPFFFF GGGGSSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 7Ô5Ô UJCTGU QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFG CTG UKIPKHKECPVÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô GSWKROGPV UWRRNKGTU CTG JKIJN[ EQORGVKVKXG YQTNFYKFG CPF JCXG GUVCDNKUJGF

PWOGTQWU QHHUJQTG UWDUKFKCTKGU VQ KPETGCUG VJGKT GHHGEVKXGPGUU KP HQTGKIP OCTMGVUÔU 5MKNNGF NCDQT EQUVU CTG TGNCVKXGN[ JKIJGT HQT VJG 7PKVGF 5VCVGU VJCP MG[ INQDCN EQORGVKVQTUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 6JG 7Ô5Ô )QXGTPOGPV UWRRQTVU TGUGCTEJ CPF FGXGNQROGPV RTQITCOU CKOGF CV KPETGCUKPI

VJG GPGTI[ GHHKEKGPE[ QH RQYGT IGPGTCVKQP OCEJKPGT[ CPF GSWKROGPVÔ

6TCFG OGCUWTGU„U 7Ô5Ô VCTKHHU QP KORQTVGF RQYGT IGPGTCVKQP OCEJKPGT[ CTG IGPGTCNN[ NQY ıCXGTCIKPI

DGNQY Í¯ KP Ï‰‰‰ÙÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 6JGTG CTG QPN[ C UOCNN PWODGT QH INQDCN UWRRNKGTU EQORGVKPI KP OCTMGVU HQT RQYGT

IGPGTCVKQP GSWKROGPVÔU /CEJKPGT[ CPF GSWKROGPV KU V[RKECNN[ UQNF VQ WVKNKVKGUÒ OGTEJCPV RQYGT EQORCPKGUÒ QT VQ

NCTIG EQORCPKGU VJCV YCPV VQ EQ3IGPGTCVG GNGEVTKE RQYGT CU C UGEQPFCT[ QRGTCVKQPÔ


)3ÊÍ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍËËËËEEEE2222QQQQYYYYGGGGTTTT IIIIGGGGPPPPGGGGTTTTCCCCVVVVKKKKQQQQPPPP OOOOCCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[ CCCCPPPPFFFF GGGGSSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÎ ËÁ ÁÏ ÏÏÂ ıÎÙ

5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÏ ÎÍ ÎÏ ÎÊ ıÎÙ7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ï Ï Ï ÎÁ ıÎÙ(TCPEG ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ë È Á ÏÁ ıÎÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ#RRCTGPV %WDCP EQPUWORVKQP ıOKNNKQPFQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÎ ËÁ ÁÏ ÏÏÂ ıÎÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÌ ÏÌÌ ÏÌÌ ÏÌÌ ÏÌÌ


Ï 0GINKIKDNGÔÎ 0QV CXCKNCDNGÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍËËËËFFFF2222QQQQYYYYGGGGTTTT IIIIGGGGPPPPGGGGTTTTCCCCVVVVKKKKQQQQPPPP OOOOCCCCEEEEJJJJKKKKPPPPGGGGTTTT[[[[ CCCCPPPPFFFF GGGGSSSSWWWWKKKKRRRROOOOGGGGPPPPVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCrU RTQFWEVKQP CPF GZRQTVU QH RQYGT IGPGTCVKQP OCEJKPGT[ CTG PGINKIKDNGÔU %WDC KU C OKPQT KORQTVGT CPF EQPUWOGT KP VJG YQTNF OCTMGVÔU %WDC KU DGEQOKPI C OQTG KORQTVCPV EQPUWOKPI PCVKQP CU FQOGUVKE FGOCPF HQT GNGEVTKEKV[

KPETGCUGUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 6JG %WDCP )QXGTPOGPV JCU DGGP UGGMKPI OQFGTPK\CVKQP QH KVU GNGEVTKEKV[ IGPGTCVKQP CPF

FKUVTKDWVKQP U[UVGOUÒ CPF HQTGKIP KPXGUVOGPV KU DGKPI GPEQWTCIGF D[ VJG %WDCP)QXGTPOGPVÔ

6TCFG OGCUWTGU„U %WDCP VCTKHHU TCPIG HTQO (TGG HQT PWENGCT TGCEVQTU VQ ÍÌ RGTEGPV CF XCNQTGO HQT RQYGT

VTCPUOKUUKQP ECDNGÔU /QUV RTQFWEVU UWDLGEV VQ FWVKGU QH ÏÌ RGTEGPV CF XCNQTGOÒ UVGCO CPF ICU VWTDKPGU UWDLGEV

VQ Ë RGTEGPV FWVKGUÔ


)3ÊÈ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÁÁÁÁCCCC''''NNNNGGGGEEEEVVVVTTTTQQQQPPPPKKKKEEEEUUUU IIIIQQQQQQQQFFFFUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰UUUU5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÍËÏÒÏÏÍ ÈÌËÒÂÏÏ ÈÍËÒÍÁÏ ÈÁÂÒËÂÏ ËÌÊÒÊÈÊ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÊÌÒÁÏÍ ÏÊÈÒÏÍÂ ÏÂÂÒÈÁË Ï‰ÍÒ‰‰Ì ÎÎÌÒËÍÊ

,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÂÒÌÂÁ ÈÎÒ‰‰Â ÈÍÒÂÊÏ Í‰ÒÁÁÈ ÈÎÒÂÎ‰/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÍÒÈÊÂ ÏËÒÂÍÍ ÏÂÒ‰ÎÌ ÎÎÒÍÊÏ ÎÊÒÂÎÍ%JKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ÒËÎÁ ÏÌÒ‰ÈÌ ÏÍÒÊ‰Í ÏÁÒ‰ÂÍ ÎÌÒËÈÊ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏÁÒÂÏÂ ÏÎÈÒÁÌÌ ÏÈÍÒÍ‰Ì ÏÍÂÒ‰ËÎ ÏÈ‰ÒÊÂË%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÁÒ‰ÈÏ ÏÂÒÌÏ‰ Ï‰ÒÊË‰ Ï‰ÒÊÈË ÎÌÒ‰ÏÎ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ÒÁÍÎ ÏÎÒÍÏÎ ÏËÒ‰ÌÎ ÏÁÒÈÁÂ Ï‰ÒÌÈ‰,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎÒÈÏÈ ÏÈÒÈËÏ ÏÈÒÂÁÌ ÏÎÒÂÍÂ ÏÎÒÂÊÏ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQPFQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÌÈÒ‰ÌÂ ÈËËÒÍÈ‰ ÈÂÌÒÈÍÁ ËÎÍÒÁÏ‰ ËÊÂÒÈ‰‰

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô ÍÍ ÍÏ ÍÍ ÍÌ Î‰4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÎ ÍÂ Í‰ ÍÊ ÍÂ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÊÊÈ ÏÒÂÍ‰ ÏÒÂ‰‰ ÏÒ‰ÁÁ ÎÒÌÏË0WODGT QH GUVCDNKUJOGPVU ıVJQWUCPFUÙ Ô Ô Ô ÎÒÈÌ‰ ÎÒÈÈÍ ÎÒÈËÍ ÎÒÈ‰Ì ÎÒËÎÂ0QVGÔw5GEVQT EQXGTGF WPFGT *65 EJÔ ÍÊÒ ÂÈÁ‰3ÂÈÊÍÒ ÂËÏÊ3ÂËÈÈÒ ‰ÌÌÏ3‰ÌÏÊÒ ‰ÌÎÍ3‰ÌÍÍÒ CPFEJÔ ‰ÏÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÁÁÁÁDDDD''''NNNNGGGGEEEEVVVVTTTTQQQQPPPPKKKKEEEEUUUU IIIIQQQQQQQQFFFFUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 7Ô5Ô UJCTG QH YQTNF RTQFWEVKQP KU CRRTQZKOCVGN[ ÈÌ RGTEGPV CPF KU EQPEGPVTCVGF KP JKIJ

VGEJPQNQI[ RTQFWEVUÒ UWEJ CU EQORWVGTUÒ UGOKEQPFWEVQTUÒ PGVYQTMKPI GSWKROGPVÒ CPFHKDGT QRVKEUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô KPVGTPCVKQPCN EQORGVKVKXGPGUU KP GNGEVTQPKEU IQQFU KU DCUGF QP VGEJPQNQIKECN

UQRJKUVKECVKQP QH RTQFWEVUÒ TGRWVCVKQP HQT SWCNKV[ CPF TGNKCDKNKV[Ò CPF CHVGT UCNG UGTXKEGCPF UWRRQTVÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U )QXGTPOGPV EGTVKHKECVKQP QH CNN GSWKROGPV EQPPGEVGF VQ VJG RWDNKE VGNGEQOOWPKECVKQPU

PGVYQTMÔU *KIJ FGITGG QH KPVGNNGEVWCN RTQRGTV[ TKIJVU RTQVGEVKQPÔ

6TCFG OGCUWTGU„U 7Ô5Ô VCTKHHU QP GNGEVTQPKEU IQQFU CTG IGPGTCNN[ (TGG GZEGRV HQT UQOG EQPUWOGT GNGEVTQPKEU

ıEQNWOP Î FWVKGU TCPIG DGVYGGP ÎË CPF ÈÌ RGTEGPV CF XCNQTGOÙÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U &QOGUVKE UGEVQT EQORTKUGU C YKFG UGNGEVKQP QH RTQFWEVUÒ RTQFWEGTUÒ CPF NQECVKQPUÔU /QUV RTQFWEVU JCXG KPRWVU HTQO OQTG VJCP QPG EQWPVT[ÔU /WNVKPCVKQPCN EQORCPKGU VJCV QHVGP EQPVTCEV QWV NCDQT3KPVGPUKXG QT CUUGODN[ QRGTCVKQPUÔU 5RGGF QH FGNKXGT[ VQ EWUVQOGT KU GUUGPVKCNÔ


)3ÊË

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÁÁÁÁEEEE''''NNNNGGGGEEEEVVVVTTTTQQQQPPPPKKKKEEEEUUUU IIIIQQQQQQQQFFFFUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÌ ÎË ÍÌ ÍÎ ÍË%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÊ ÏÍÌ ÏÊÈ ÎÌÎ ÎÎË

+VCN[ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Â Á ÏÈ ÎË ÍË%CPCFC Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÍ Í‰ ÎÈ ÍÂ ÍÂ5RCKP Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÂ ÍÊ ÈÁ ÍÌ ÍÈ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ Î Ï Á#RRCTGPV %WDCP EQPUWORVKQP ıOKNNKQP FQNNCTUÙ ÏÎÊ ÏËË ÎÌÎ ÎÍÍ ÎËÈ4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ıÎÙ ıÎÙ Ï ıÍÙ Í4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÈ ÂÈ ÂÁ ÂÊ Â‰

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎËÌ ÍÌÌ ÍËÌ ÍÊË ÈÌÌ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô Ï Ï Î Î Î

Ï .GUU VJCP ˘ËÌÌÒÌÌÌÔÎ 0QV CRRNKECDNGÔÍ .GUU VJCP ÌÔË RGTEGPVÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÁÁÁÁFFFF''''NNNNGGGGEEEEVVVVTTTTQQQQPPPPKKKKEEEEUUUU IIIIQQQQQQQQFFFFUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU


(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U %WDC KU PQV KPVGTPCVKQPCNN[ EQORGVKVKXG KP VJG RTQFWEVKQP QH GNGEVTQPKEU IQQFUÒ QYKPI VQ

CPVKSWCVGF RTQFWEVKQP HCEKNKVKGU CPF VJG NCEM QH CEEGUU VQ VGEJPQNQI[ÔU 6GNGEQOOWPKECVKQPU CPF VTCPURQTVCVKQP KPHTCUVTWEVWTG KU KPCFGSWCVGÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 6JG )QXGTPOGPV UVKNN JQNFU C OCLQTKV[ UVCMG KP VGNGEQOOWPKECVKQPU UGTXKEGU RTQXKFGTUÔ

6TCFG OGCUWTGU„U 6CTKHHU TCPIG HTQO Ë RGTEGPV VQ ÈÌ RGTEGPV CF XCNQTGOÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U %WDCP RTQFWEVKQP KU OCKPN[ HQT VJG FQOGUVKE OCTMGV‚ GZRQTVU CTG NQY VGEJPQNQI[

RTQFWEVU UWEJ CU ECDNGUÔU 6JG OCKP CEVKXKVKGU KP VJG UGEVQT CTG CUUGODN[ QH VGNGXKUKQP TGEGKXGTUÒ ECNEWNCVQTUÒ CPF

RGTUQPCN EQORWVGTU CPF VJG OCPWHCEVWTG QH NQY VGEJPQNQI[ EQORQPGPVUÔU 'FWECVKQP QH UQHVYCTG RTQITCOOGTU KU C RTKQTKV[ DWV EQORWVGT KPHTCUVTWEVWTG KU NKOKVGFÔU 2TQVGEVKQP HQT KPVGNNGEVWCN RTQRGTV[ TKIJVU KU KPCFGSWCVGÔ


)3ÊÁ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÊÊÊÊCCCC////GGGGFFFFKKKKEEEECCCCNNNN IIIIQQQQQQQQFFFFUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÊÒÌÌÌ ÎÂÒ‰ÌÌ ÍÌÒÎÌÌ ÍÌÒÂÌÌ ÍÏÒËÌÌ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÒ‰ËÏ ËÒÍÁÂ ËÒÂ‰Ë ÁÒ‰ÍÈ ÊÒ‰ÍÎ

)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌÁÎ ÏÒÌÍÂ ÏÒÌÏÈ ÏÒÏÂÎ ÏÒÍÁË,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ËÊ ‰ÁÁ ÏÒÌËÎÏ ÏÒÏÈË ÏÒÏÂ‰/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÈÏ ÁÁ‰ ÊÂÈ ÂËÏ ‰ÊÌ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÒ‰ÁÁ ÏÌÒÎÏÊ ÏÏÒÎÎÁ ÏÏÒËÂÎ ÏÎÒÈËË,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒË‰Î ÏÒ‰ÈÂ ÏÒ‰ÊË ÏÒ‰ÏÈ ÎÒÌËÌ)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÌÌÈ ÏÒÏÁÁ ÏÒÏÎÁ ÏÒÏÏÏ ÏÒÎËÂ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÎÌ ÂÈÁ ‰ÏÌ ÏÒÌÍ‰ ÏÒÏÈË

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıOKNNKQP FQNNCTUÙ Ô ÎÎÒ‰ÂË ÎÈÒÌËÏ ÎÈÒÂÁ‰ ÎÁÒÏËÎ ÎÁÒ‰ÊÊ4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ÍÍ ÍË ÍÊ ÍÂ ÈÌ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÎÎ ÎÎ ÎÈ ÎÊ Î‰

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÂÌ ÏÂÏ ÏÂÎ ÏÂÎ ÏÂÍ0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÍÎË ÎÒÍÎË ÎÒÍÎË ÎÒÍÍÂ ÎÒÍÈÌ0QVGÔw5GEVQT EQXGTGF WPFGT *65 ‰ÌÏÂÔÌÌ VJTQWIJ ‰ÌÎÎÔÌÌÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÊÊÊÊDDDD////GGGGFFFFKKKKEEEECCCCNNNN IIIIQQQQQQQQFFFFUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 7Ô5Ô UJCTG QH YQTNF RTQFWEVKQP KU ÈÌ¯Ô

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 6JG 7PKVGF 5VCVGU KU KPVGTPCVKQPCNN[ EQORGVKVKXG KP VJG RTQFWEVKQP QH EGTVCKP V[RGU QH

OGFKECN IQQFU DCUGF QP RTKEG ıNCDQT EQUVUÒ RTQFWEVKQP EQUVUÒ OCVGTKCN EQUVUÙÒ SWCNKV[ıVGEJPQNQI[Ò OCPWHCEVWTKPI ECRCDKNKVKGUÒ UMKNNGF YQTMHQTEGÙÒ CPF TGRWVCVKQP ıDTCPF PCOGÒNGPIVJ QH VKOG KP DWUKPGUUÙÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U (QQF CPF &TWI #FOKPKUVTCVKQP JGCNVJ ˜ UCHGV[ TGIWNCVKQPUÔU /GFKECTGÒ /GFKECKF GZRGPFKVWTGU CPF TGKODWTUGOGPV RQNKEKGUÔ

6TCFG OGCUWTGU„U (&# JGCNVJ ˜ UCHGV[ TGIWNCVKQPU UQOGVKOGU EKVGF D[ HQTGKIP HKTOUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 7Ô5Ô OGFKECN IQQFU KPFWUVT[ EQPUKFGTGF VQ DG OQUV CFXCPEGF KP YQTNFÔU 7Ô5Ô OGFKECN IQQFU OCTMGV OCVWTKPI‚ 7Ô5Ô KPFWUVT[ OQTG FGRGPFGPV QP GZRQTVUÔU 6TGPF VQYCTF EQPUQNKFCVKQPÒ NCTIGT CPF NQPIGT3VGTO EQPVTCEVU YKVJ NCTIG ITQWR

RWTEJCUKPI QTICPK\CVKQPUÔU 7Ô5Ô RTQFWEGTU QH EQOOQFKV[ OGFKECN IQQFU KPETGCUKPI CUUGODN[ KP /GZKEQÒ &QOKPKECP

4GRWDNKEÒ CPF %QUVC 4KECÔ


)3ÊÊ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÊÊÊÊEEEE////GGGGFFFFKKKKEEEECCCCNNNN IIIIQQQQQQQQFFFFUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Î Î Î Í Í%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Â ‰ ÏÎ ÏË ÎÌ

)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Î Í Ë Á5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Ï È Í Í,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï Ï Î Î Î

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÌÔÏ ÌÔÏ ÌÔÏ ÌÔÏ ÌÔÏ#RRCTGPV %WDCP EQPUWORVKQP ıOKNNKQPFQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌ ÏÏ ÏÈ ÏÂ ÎÎ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ë Ë Ë Í Í4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÏ ÂÍ ÂÁ ÂÈ ÂÊ

'ORNQ[OGPV Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÌÌ ÈÌÌ ÈÌÌ ÈËÌ ËÌÌ0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÌ ÎÌ ÎÌ ÎÎ ÎÎ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÊÊÊÊFFFF////GGGGFFFFKKKKEEEECCCCNNNN IIIIQQQQQQQQFFFFUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU


(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U %WDC JCU NQY NCDQT EQUVUÒ UMKNNGF YQTMHQTEGÒ JGCNVJ ECTG KPHTCUVTWEVWTGÔU %WDC JCU CP KPCFGSWCVG OCTMGVKPI CPF FKUVTKDWVKQP U[UVGO HQT OGFKECN IQQFUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„U 'ZVGPUKXG /KPKUVT[ QH *GCNVJ RQNKEKGUÒ KPENWFKPI JGCNVJ KPUWTCPEGÒ JGCNVJ CPF UCHGV[

TGIWNCVKQPUÒ CPF RTKEKPI RQNKEKGUÔ

6TCFG OGCUWTGU„U +ORQTVU QH OGFKECN IQQFU HCEG NKEGPUKPI TGSWKTGOGPVU CPF TGNCVKXGN[ JKIJ VCTKHHUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 4GNCVKXGN[ YGNN3GFWECVGF RJ[UKEKCPU CPF QVJGT JGCNVJ ECTG YQTMGTUÔU *GCNVJ U[UVGO TGNCVKXGN[ CFXCPEGF D[ FGXGNQRKPI EQWPVT[ UVCPFCTFUÒ DWV JCU YQTUGPGF

UKPEG NQUU QH 5QXKGV CUUKUVCPEGÔ


)3ÊÂ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÂÂÂÂCCCC%%%%GGGGOOOOGGGGPPPPVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÊÍÒËÌÌ ÊËÒÌÌÌ ÊÊÒÌÌÌ ÂÎÒÌÌÌ ÂÏÒËÌÌ7Ô5Ô KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÒ‰ÈÍ ÏÏÒËËÊ ÏÈÒËÏ‰ Ï‰ÒÂÍÁ ÎÈÒÈ‰Ê

%CPCFC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒËÌÂ ÈÒÌÂÂ ÈÒÍÌÏ ÈÒÎÎÊ ÈÒÎÁÊ%JKPC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÍÊ Í‰Í ÁÌÁ ÍÒÍÌÊ ÍÒÁÂÍ6JCKNCPF ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì ÎËÍ ÍÒÏÁ‰

7Ô5Ô GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÌÌ ÊÌ‰ ÁÂË ÁÍË ËÊÎ%CPCFC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈË‰ ËÁÁ ËÁË ËÌË ÈÁÌ/GZKEQ ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ê ÏÏ Î‰ ÍÌ ÎÂ)GTOCP[ ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÍ ÎÎ ÎÍ ÏÏ ÏÌ

#RRCTGPV 7Ô5Ô EQPUWORVKQP ıÏÒÌÌÌ OGVTKEVQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÍÒÂÈÍ ÂËÒÂÈÂ ‰ÌÒÂÍÈ ÏÌÏÒÎÌÏ ÏÌËÒÈÎË

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ï Ï Ï Ï Ï4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô

ÏÍ ÏÍ ÏÁ ÎÌ ÎÍ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÂ ÏÂ ÏÂ ÏÂ ÏÂ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô ÏÏÂ ÏÏÂ ÏÏÂ ÏÏÁ ÏÏË0QVGÔw5GEVQT EQXGTGF WPFGT *65 ÎËÎÍÔÏÌ VJTQWIJ ÎËÎÍÔÎ‰Ô


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÂÂÂÂDDDD%%%%GGGGOOOOGGGGPPPPVVVV„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„U 6JG 7PKVGF 5VCVGU KU VJG YQTNFrU UGEQPF NCTIGUV RTQFWEKPI EQWPVT[ ıË RGTEGPV QH INQDCN

RTQFWEVKQPÙÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô KPVGTPCVKQPCN EQORGVKVKXGPGUU FGVGTOKPGF D[ RTQFWEVKQP GHHKEKGPE[ ıRTKOCTKN[ KP VGTOU

QH GPGTI[ CPF RQYGT WUCIGÙÒ CXCKNCDKNKV[ QH TCY KPRWV OCVGTKCNUÒ TGNKCDKNKV[ QH UWRRN[UQWTEGÒ UGTXKEGÒ CPF RTQZKOKV[ QH OCLQT OCTMGVUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U .KOKVGF )QXGTPOGPV KPVGTXGPVKQP KP VJG 7Ô5Ô EGOGPV KPFWUVT[Ô

6TCFG OGCUWTGU„U 064 VCTKHH QP KORQTVGF EGOGPV KU CV C TCVG QH (TGGÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U *KIJ VTCPURQTVCVKQP EQUVU TGNCVKXG VQ VJG NQY XCNWG3VQ3YGKIJV TCVKQ QH EGOGPV IGPGTCNN[

NKOKV FKUVTKDWVKQP VQ TGIKQPCN OCTMGVU YKVJKP C ÎÌÌ OKNG TCFKWU QH KORQTV VGTOKPCNU CPFRTQFWEVKQP HCEKNKVKGUÔ

U 1XGT VJTGG3SWCTVGTU QH EGOGPV KU FKUVTKDWVGF VQ TGCF[3OKZGF EQPETGVG CPF EQPETGVGRTQFWEV OCPWHCEVWTGTUÒ OCP[ QH YJKEJ CTG QYPGF D[ QT TGNCVGF VQ 7Ô5Ô RTQFWEGTU CPFKORQTVGTU QH EGOGPVÔ


)3Ê‰

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÂÂÂÂEEEE%%%%GGGGOOOOGGGGPPPPVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô ÏÒÈÊÌ ÏÒÈËÍ ÏÒÊÏÍ ÏÒÊÎÌ ÏÒÂÌÏ%WDCP KORQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ÏÎÍ

8GPG\WGNC ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÎÙ ıÎÙ ıÏÙ%JKNG ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÎÙ ıÎÙ ıÏÙ/GZKEQ ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ Ë‰‰ ıÏÙ ıÏÙ

%WDCP GZRQTVU ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÁÂÏ ÊÎÍ ‰ÎÎ ÊÁÍ ÂÁÈ&QOKPKECP 4GRWDNKE ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô ıÏÙ ıÏÙ ÈÍÌ ÈÏÎ ıÏÙ*CKVK ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ÈÌÏ Î‰Î ıÏÙ$TC\KN ıÏÒÌÌÌ OGVTKE VQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ Í‰ ÎÏ ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQP ıÏÒÌÌÌ OGVTKEVQPUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ÏÒÌÁÌ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ÈÂ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ÏÎ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Á Á Á Á Á

Ï 0QV CXCKNCDNGÔÎ .GUU VJCP ËÌÌ OGVTKE VQPUÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÂÂÂÂFFFF%%%%GGGGOOOOGGGGPPPPVVVV„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU

%WDCP RQUKVKQP KP YQTNF OCTMGV„U %WDCrU UJCTG QH YQTNF RTQFWEVKQP KU PGINKIKDNG ıCDQWV ÌÔÏ RGTEGPVÙÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U #DWPFCPV UWRRN[ QH TCY OCVGTKCNU HQT VJG RTQFWEVKQP QH EGOGPVÔU 6TCPURQTVCVKQP EQUV CFXCPVCIG VQ VJG 7Ô5Ô OCTMGV DGECWUG QH KVU IGQITCRJKE RTQZKOKV[ÔU 2NCPVU CTG UVTCVGIKECNN[ NQECVGF PGCT RQTVU CU YGNN CU TCKN NKPGU VJCV EQPPGEV VJG KUNCPFrU

KPFWUVTKCN EGPVGTU VJCV HCEKNKVCVG VTCPURQTVCVKQP VQ DQVJ FQOGUVKE CPF KPVGTPCVKQPCN OCTMGVUÔU $WV HWTVJGT KPETGCUGU KP RTQFWEVKQP EQPUVTCKPGF D[ QRGTCVKPI KPGHHKEKGPEKGU CPF NCEM QH

HKPCPEKPI VQ TGRNCEG YQTP CPF QWVFCVGF GSWKROGPVÔ


)3ÂÌ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍ‰‰‰‰CCCC2222NNNNCCCCUUUUVVVVKKKKEEEEUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊËÒÌÌÌ ÊÁÒÌÌÌ Ê‰ÒÌÌÌ ÂÏÒÌÌÌ ÂÍÒÌÌÌ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÒÏÎ‰ ÊÒÈÎ‰ ÂÒÎÌÌ ÂÒËÌ‰ ‰ÒÎÎÂ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÊÍÊ ÎÒÂÈÈ ÍÒÍÊÍ ÍÒÍÂÌ ÍÒÊËÊ,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÏËÈ ÏÒÏÎÈ ÏÒÏÊÊ ÏÒÎÎÍ ÏÒÎËÎ)GTOCP[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÎÏ ÊËÊ ÊÊÊ ÊÊÏ ÂÁÍ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÈÒ‰ËÌ ÏËÒÈÁÊ ÏÊÒÍÏÏ ÏÁÒÁÏÁ ÏÁÒÂÈÁ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÍÁÂ ÍÒÊÁÁ ÈÒÎÏÊ ÈÒÎÊÂ ÈÒÁÁÁ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÁÈÏ ÎÒÌÏ‰ ÎÒÁÍ‰ ÎÒ‰Ë‰ ÍÒÌÎÈ$GNIKWO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÎÏ ÂÏÌ Â‰‰ ÂÊÎ ÂÏÍ

#RRCTGPV 7Ô5Ô EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÊÒÏÊ‰ ÁÊÒ‰ÁÎ Á‰ÒÂÂ‰ ÊÎÒÂ‰Í ÊËÒÍÂÎ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÎÌ ÎÌ ÎÎ ÎÏ ÎÌ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÏ ÏÏ ÏÎ ÏÎ ÏÎ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÍÏ ÏÍÏ ÏÍÏ ÏÍÌ ÏÍÌ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ï‰ Ï‰ Ï‰ Ï‰ Ï‰0QVGÔw5GEVQTU EQXGTGF WPFGT 5+6% EQFGU ËÊ CPF ËÂÔ


6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍ‰‰‰‰DDDD2222NNNNCCCCUUUUVVVVKKKKEEEEUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U 7Ô5Ô RNCUVKEU KPFWUVT[ JCU C NCTIG UJCTG QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFGÔU 7Ô5Ô DGEQOKPI OQTG KORQTVCPV KP YQTNF OCTMGVU KP UGNGEVGF CTGCU QH VJG KPFWUVT[Ô

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 7Ô5Ô KPFWUVT[ KU JKIJN[ EQORGVKVKXG KPVGTPCVKQPCNN[ QYKPI VQ CFXCPEGF RTQFWEVKQP

VGEJPQNQI[ YJKEJ NQYGTU EQUVUÔU 5VTQPI OCTMGVKPI ECRCDKNKVKGUÔU 3WCNKV[ QH RTQFWEV KU JKIJN[ FGUKTGF KP URGEKCNK\GF CPF ETKVKECN CRRNKECVKQPUÔ

6TCFG OGCUWTGU„U 0GCTN[ CNN FWV[ TCVGU KPEQTRQTCVG UVCIGF TGFWEVKQPU VQ (TGG YKVJKP Ë [GCTUÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U %CRKVCN3KPVGPUKXG KPFWUVT[Ò YKVJ JKIJN[ CWVQOCVGF RTQFWEVKQP HCEKNKVKGU IGCTGF VQYCTF NQY

EQUV CPF JKIJ XQNWOG QWVRWVÔU 'ZVGPUKXG PCVKQPCN CPF KPVGTPCVKQPCN OCTMGVKPI ECRCDKNKV[ WUKPI EQORCP[ TGRTGUGPVCVKXGUÔU %QORCPKGU QHVGP NQECVG RTQFWEVKQP HCEKNKVKGU PGCT YJGTG RTQFWEV YKNN DG HWTVJGT WVKNK\GF

QT HKPKUJGFÔ5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

)3ÂÏ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍ‰‰‰‰EEEE2222NNNNCCCCUUUUVVVVKKKKEEEEUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıÏÒÌÌÌ FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÒÌÌÌ ÈÒÌÌÌ ÈÒÌÌÌ ÈÒÌÌÌ ÈÒÌÌÌ%WDCP KORQTVU ıÏÒÌÌÌ FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÁÒÏÁÊ ÎÊÒÎÂÊ ÍÈÒÂÊÎ ÎÎÒÍ‰Î ÊÒÂÏÈ

%CPCFC ıÏÒÌÌÌ FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÎÊË ÏÒÈÊÌ ÎÒÏÈÌ ÎÒËÂÎ ÏÒ‰Î‰(TCPEG ıÏÒÌÌÌ FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÍÂ ËÈÎ Ë‰Â ‰ÊÎ ÏÒÂÊÈ)GTOCP[ ıÏÒÌÌÌ FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÏ‰‰ ÏÒËËÍ ÎÒÎÊÁ ÏÒÂ‰‰ ÏÒÈÏÁ

%WDCP GZRQTVU ıÏÒÌÌÌ FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÍÊ ÈÎ ÏÍÂ ÏÏÌ ÏÁ2GTW ıÏÒÌÌÌ FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì Ì ÏÏ%JKPC ıÏÒÌÌÌ FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Ì Ì Ì Ë5YKV\GTNCPF ıÏÒÌÌÌ FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ì Ì Ì ÈÌ Ì

#RRCTGPV %WDCP EQPUWORVKQPıÏÒÌÌÌ FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î‰ÒÂÍÌ ÍÏÒÎÈË ÍÂÒÊÍÈ ÎÁÒÎÂÎ ÏÏÒÊ‰Â

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Â Ï Í Í Ì4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÂ ÂÊ ‰Ì ÂË ÁÁ

'ORNQ[OGPV Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ0WODGT QH GUVCDNKUJOGPVU Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Î Î Î Î5QWTEG„ +PHQTOCVKQP UQWTEGU HQT VJKU VCDNG CTG IKXGP CV VJG GPF QH VJKU CRRGPFKZÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍ‰‰‰‰FFFF2222NNNNCCCCUUUUVVVVKKKKEEEEUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDCP UJCTG QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFG KU PGINKIKDNGÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U %WDC KU PQV KPVGTPCVKQPCNN[ EQORGVKVKXG KP RNCUVKEU RTQFWEVKQPÔU %WDC NCEMU UWHHKEKGPV RGVTQNGWO HQT EJGOKECN HGGFUVQEMU TGSWKTGF HQT VJG RTQFWEVKQP QH

RNCUVKEUÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„

U 2TQFWEVKQPÒ OCTMGVKPI CPF FKUVTKDWVKQP QH RNCUVKEU CTG EQPVTQNNGF D[ VJG %WDCPIQXGTPOGPVÔ

6TCFG OGCUWTGU„U %WDC TGRQTVGFN[ JCU UVTKEV TGIWNCVKQPU HQT KORQTVGF RTQFWEVUÒ KPENWFKPI VCTKHHUÔ

Ï 0QV CXCKNCDNGÔ


)3ÂÎ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÌÌÌÌCCCC6666KKKKTTTTGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÎÒÊËÌ ÏÍÒÎÌÌ ÏÍÒÁÌÌ ÏÈÒÌÌÌ ÏÈÒÈÌÌ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÒÍÎÍ ÍÒÎ‰Î ÍÒÁËË ÈÒÍÁÍ ıÏÙ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ÂÍ ÏÒÌÊÍ ÏÒÎÏÌ ÏÒÎÍÍ ıÏÙ,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÍÎ ÂÌÎ ÂÍÍ ÏÒÌÏÊ ıÏÙ-QTGCÒ 4GRWDNKE ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÎÈÈ ÎÎÂ ÎÎÁ ÍÏÎ ıÏÙ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒÌÍÁ ÎÒÏÁÍ ÎÒÁÈÍ ÎÒÊ‰È ıÏÙ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÊÂÊ ÊÊÍ Â‰Ì ‰ËÎ ıÏÙ/GZKEQ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎËÈ ÍÁÈ Ë‰È ÊÂÏ ıÏÙ,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÁÈ ÎÁÈ ÎÊÁ ÎÎÁ ıÏÙ

#RRCTGPV 7Ô5Ô EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÈÒÌÍÊ ÏÈÒÍÎ‰ ÏÈÒÁÏÎ ÏËÒËÁ‰ ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÏÁ ÏÁ Ï‰ ÎÌ ıÏÙ4CVKQ QH KORQTVU VQ CRRCTGPVEQPUWORVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÈ ÎÍ ÎË ÎÂ ÏÌÌ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÊ ÁÊ ÁÊ ÁÊ ÁÊ0WODGT QH GUVCDNKUJOGPVU ıVJQWUCPFUÙ Ô Ô Ô Ô Ô ÏÈÈ ÏÈÈ ÏÈÈ ÏÈÈ ÏÈÈ

Ï 0QV CXCKNCDNGÔ

0QVGÔw5GEVQT EQXGTGF WPFGT 5+6% ÁÎËÔ


6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÌÌÌÌDDDD6666KKKKTTTTGGGGUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U 7Ô5Ô VKTG KPFWUVT[ JCU C NCTIG UJCTG QH YQTNF RTQFWEVKQPÒ EQPUWORVKQPÒ CPF VTCFGÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U 7Ô5Ô VKTG KPFWUVT[ KU EQORGVKVKXG KPVGTPCVKQPCNN[Ò DCUGF QP CFXCPEGF RTQFWEVKQPVGEJPQNQI[ CPF QXGTUGCU RTQFWEVKQP UKVGU YKVJ EQUVUÒ UVTQPI OCTMGVKPI ECRCDKNKV[Ò UVTQPITGUGCTEJ CPF FGXGNQROGPVÒ CPF SWCNKV[ EQPVTQN ECRCDKNKV[Ô

U 'ZVGPUKXG PCVKQPCN CPF KPVGTPCVKQPCN OCTMGVKPI ECRCDKNKV[ WUKPI EQORCP[ TGRTGUGPVCVKXGUÒTGVCKN CPF QVJGT HTCPEJKUG QWVNGVUÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 'PXKTQPOGPVCN TGIWNCVKQPU DGEQOKPI KORQTVCPVÔ

5RGEKCN UGEVQT EJCTCEVGTKUVKEU„U 6TGPF VQYCTF CWVQOCVGF RTQFWEVKQP KU TGFWEKPI RTQFWEVKQP EQUVUÔ


)3ÂÍ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÌÌÌÌEEEE6666KKKKTTTTGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰

%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÎ ÍÂ ÍË ÎË ıÏÙ

%JKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÂ È ‰ Ê ıÏÙ

(QTOGT 5QXKGV 7PKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ì Ë Ê Ë ıÏÙ

%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Î Í Ï Î ıÏÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÏÙ

7TWIWC[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÏÙ

0KECTCIWC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ Ê ıÏÙ

#RRCTGPV %WDCP EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÈÎ ÍÂ ÍË ÎË ıÏÙ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÌÌ ÏÌÌ ÏÌÌ ÏÌÌ ıÏÙ


0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙÏ 0QV CXCKNCDNGÔÎ .GUU VJCP ˘ËÌÌÒÌÌÌ

0QVGÔw5GEVQT EQXGTGF WPFGT 5+6% ÁÎËÔ


6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÌÌÌÌFFFF6666KKKKTTTTGGGGUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDCP UJCTG QH YQTNF RTQFWEVKQP KU PGINKIKDNGÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U %WDC KU PQV KPVGTPCVKQPCNN[ EQORGVKVKXG KP VJG RTQFWEVKQP QH VKTGUÔ)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQP„

U 5CNGU CPF OCTMGVKPI KU EQPFWEVGF D[ C IQXGTPOGPV CIGPE[Ô6TCFG OGCUWTGU„

U )GPGTCNN[ NQY VCTKHHU QP KORQTVGF VKTGUÔ5RGEKCN UGEVQT EJCTCEVGTKUVKEU„

U %WDCP OCTMGV HQT VKTGU KPENWFGU VTWEMÒ RCUUGPIGT ECTÒ HCTO GSWKROGPVÒ CPF CKTRNCPGVKTGUÔ


)3ÂÈ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÏÏÏÏCCCC5555RRRRQQQQTTTTVVVVKKKKPPPPIIII IIIIQQQQQQQQFFFFUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰7Ô5Ô RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÂÒÎÎË ÂÒÁ‰Â ‰ÒÏÁÏ ‰ÒÍÌÌ Ï‰ÒÎÁÌ7Ô5Ô KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÒ‰ËÁ ÍÒÌÁÂ ÍÒÌÊÌ ÍÒÌÈÏ ÍÒÌÎÊ

%JKPC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ê‰Ì ÂËÊ ÏÒÌÏÁ ÏÒÌ‰È ÏÒÎÍÍ6CKYCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÁÂË ÊÎ‰ ËÁÎ ÈÁÈ ÍÊÁ%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÎÁÈ ÎÊÍ ÎÂÈ ÍÏ‰ ÍÁÎ

7Ô5Ô GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÏÒÊÍÏ ÏÒ‰ÌÌ ÏÒ‰ÍÈ ÏÒÁÂÂ ÏÒÁÎÏ,CRCP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËËÍ ËËË ÈÍÏ ÍÈË ÍÈ‰%CPCFC ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÌÍ Î‰Ï ÍÈÌ ÍÈÈ ÍÎË7PKVGF -KPIFQO ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ÏÈÏ ÏÁÂ ÏÂË ÎÏ‰ ÎÍÁ

#RRCTGPV 7Ô5Ô EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ‰ÒÈËÌ ‰ÒÂÁÁ ÏÌÒÎ‰Â ÏÌÒÁËÍ ÏÏÌÒÁÁÊ

4CVKQ QH GZRQTVU VQ RTQFWEVKQP ıRGTEGPVÙ Ô Ô Ô Ô Ô ÎÏ ÎÎ ÎÏ ÏÂ ÏÏÊ4CVKQ QH KORQTVU VQ CRRCTGPV EQPUWORVKQPıRGTEGPVÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÍÏ ÍÏ ÍÌ ÎÂ ÏÎÂ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ËÂ ÁÌ ÁÎ ÁÎ ÏÁÎ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô Ô ÎÒÏÍË ÎÒÏÍÂ ÎÒÏÈÎ ÎÒÏÈÈ ÏÎÒÏÈÌ

Ï 'UVKOCVGF D[ VJG %QOOKUUKQPÔ

0QVGÔw5GEVQT EQXGTGF WPFGT *65 ‰ËÌÁ VJTQWIJ *65 ‰ËÌÊÔ


6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÏÏÏÏDDDD5555RRRRQQQQTTTTVVVVKKKKPPPPIIII IIIIQQQQQQQQFFFFUUUU„„„„ 7777ÔÔÔÔ5555ÔÔÔÔ UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU7Ô5Ô RQUKVKQP KP YQTNF OCTMGV„

U 6JG 7PKVGF 5VCVGU KU VJG YQTNFrU NCTIGUV OCTMGV HQT URQTVKPI IQQFUÔU 6JG 7Ô5Ô KPFWUVT[ KU C NGCFKPI YQTNF UWRRNKGT HQT QPN[ JKIJ3GPFÒ JKIJ VGEJPQNQI[

RTQFWEVUÒ UWEJ CU EGTVCKP IQNH ENWDUÒ GZGTEKUG GSWKROGPVÒ VTCEM CPF HKGNF GSWKROGPVÒ CPFYCVGT UMKUÔ

(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„U 6JG 7Ô5Ô URQTVKPI IQQFU KPFWUVT[ KU OCVWTGÒ YKVJ ECRKVCN3KPVGPUKXG RTQFWEVU ıUWEJ CU IQNH

CPF VGPPKU DCNNUÒ IQNH ENWDU UJCHVUÒ CPF DCUGDCNN DCVUÙ CPF RTQFWEVU YKVJ C JKIJ TCVKQ QHYGKIJV VQ XCNWG ıUWEJ CU DCUMGVDCNN DCEMDQCTFUÒ HQQVDCNN DNQEMKPI UNGFUÒ UCKNDQCTFUÒ CPFGSWKROGPV HQT I[OPCUVKEU CPF VTCEM CPF HKGNFÙÔ

)QXGTPOGPV RTQITCOU ˜ TGIWNCVKQPU„U 7Ô5Ô RTQFWEGTU CPF HQTGKIP UWRRNKGTU VQ VJG 7Ô5Ô OCTMGV CTG CHHGEVGF D[ UCHGV[ UVCPFCTFU

UGV D[ VJG %QPUWOGT 2TQFWEV 5CHGV[ %QOOKUUKQP CPF D[ RTQFWEV URGEKHKECVKQPU UGV D[XCTKQWU FQOGUVKE CPF KPVGTPCVKQPCN DQFKGU VJCV IQXGTP EQORGVKVKXG URQTVUÔ

6TCFG OGCUWTGU„U 7Ô5Ô VCTKHHU QP UGXGTCN V[RGU QH URQTVKPI IQQFU YGTG TGFWEGF VQ s(TGGt WPFGT VJG

7TWIWC[ 4QWPF QH )#66Ô


)3ÂË

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÏÏÏÏEEEE5555RRRRQQQQTTTTVVVVKKKKPPPPIIII IIIIQQQQQQQQFFFFUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT RRRRTTTTQQQQHHHHKKKKNNNNGGGGÒÒÒÒ ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË3333‰‰‰‰‰‰‰‰5555GGGGEEEEVVVVQQQQTTTT FFFFCCCCVVVVCCCC ÏÏÏÏ‰‰‰‰‰‰‰‰ËËËË ÏÏÏÏ‰‰‰‰‰‰‰‰ÁÁÁÁ ÏÏÏÏ‰‰‰‰‰‰‰‰ÊÊÊÊ ÏÏÏÏ‰‰‰‰‰‰‰‰ÂÂÂÂ ÏÏÏÏ‰‰‰‰‰‰‰‰‰‰‰‰%WDCP RTQFWEVKQP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ÍÔÎ ËÔ‰%WDCP KORQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÎÙ

+VCN[ ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÌÔÎ ÌÔÁ ÌÔÁ ÌÔË ıÏÙ5RCKP ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ÌÔÏ ÌÔÎ ÌÔÎ ÌÔË ıÏÙ6CKYCP ıOKNNKQP FQNNCTUÙÍ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ï Î Ì Ï ıÏÙ

%WDCP GZRQTVU ıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÎÙ ıÎÙ ıÎÙ ıÎÙ ıÈÙ#RRCTGPV %WDCP EQPUWORVKQPıOKNNKQP FQNNCTUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

'ORNQ[OGPV ıVJQWUCPFUÙ Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ÏÔÏ0WODGT QH GUVCDNKUJOGPVU ıJWPFTGFUÙ Ô Ô Ô Ô Ô Ô ıÏÙ ıÏÙ ıÏÙ ıÏÙ ıÏÙ

Ï 0QV CXCKNCDNGÔÎ 0QV CXCKNCDNGÒ DWV DGNKGXGF VQ PQV GZEGGF ˘Ë OKNNKQPÔÍ %WDCrU KORQTVU HTQO 6CKYCP KPENWFG ICOGU CPF VQ[UÒ CU YGNN CU URQTVKPI IQQFUÔÈ %WDCrU GZRQTVU COQWPVGF VQ ˘ÈËÒÌÌÌ KP Ï‰‰‰Ô


6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÏÏÏÏFFFF5555RRRRQQQQTTTTVVVVKKKKPPPPIIII IIIIQQQQQQQQFFFFUUUU„„„„ %%%%WWWWDDDDCCCCPPPP UUUUGGGGEEEEVVVVQQQQTTTT EEEEJJJJCCCCTTTTCCCCEEEEVVVVGGGGTTTTKKKKUUUUVVVVKKKKEEEEUUUU%WDCP RQUKVKQP KP YQTNF OCTMGV„

U %WDC KU C PGINKIKDNG UWRRNKGT QH URQTVKPI IQQFU VQ YQTNF OCTMGVUÔ(CEVQTU CHHGEVKPI KPVGTPCVKQPCN EQORGVKVKXGPGUU„

U %WDC KU PQV C EQORGVKVKXG RTQFWEGT QH OQUV V[RGU QH URQTVKPI IQQFUÔU %WDC JCU JKIJ EQUVU HQT KPRWVU UWEJ CU GPGTI[Ò ECRKVCNÒ CPF KORQTVGF OCVGTKCNU CPF

OCEJKPGT[Ô6TCFG OGCUWTGU„

U ÏË¯ VCTKHHU QP OQUV URQTVKPI IQQFU KVGOUÔ5RGEKCN UGEVQT EJCTCEVGTKUVKEU„

U %WDC JCU VYQ ECVGIQTKGU QH FKUVTKDWVKQP‚ UVCVG CPF VQWTKUOÔU 6JG UVCVG RTQXKFGU GSWKROGPV VQ CVJNGVKE VGCOU CPF ENWDUÔ 6JG VQWTKUO KPFWUVT[ ıJQVGNU CPF

TGUQTVUÙ UGTXGU CU C RTKOCT[ KORQTVGT QH URQTVKPI IQQFU HQT KVGOU UWEJ CU YCVGT UMKU ıHTQO+VCN[Ù CPF GZGTEKUG GSWKROGPV ıHTQO 5RCKPÙÔ


)3ÂÁ

6666CCCCDDDDNNNNGGGG 5555QQQQWWWWTTTTEEEEGGGGUUUU

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏCCCCÔÔÔÔ #KT 6TCPURQTV #UUQEKCVKQPÒ s6TCHHKE 5WOOCT[ Ï‰ÁÌ3Ï‰‰‰„ 7Ô5Ô5EJGFWNGF #KTNKPGUÒt CV JVVR„ÓÓYYYÔCKT3VTCPURQTVÔQTIÒ TGVTKGXGF 0QXÔ ÁÒ ÎÌÌÌ‚ #KT6TCPURQTV #UUQEKCVKQPÒ # 0GY %GPVWT[„ # 0GY 8KUKQPÒ #PPWCN 4GRQTVÒ ı(KUECN ;GCTÏ‰‰‰Ù‚ +PVGTPCVKQPCN %KXKN #XKCVKQP 1TICPK\CVKQPÒ #PPWCN 4GRQTV QH VJG%QWPEKN3Ï‰‰‰‚ CPF 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE #PCN[UKUÒ5WTXG[ QH %WTTGPV $WUKPGUUÒ 5GRVÔ Ï‰‰‰Ò RRÔ ËÁ CPF ÂË‚ 1EVÔ Ï‰‰‰Ò RÔ &3ÍÍ CPFRRÔ ÁÂ3ÊÏ‚ #RTÔ ÎÌÌÌÒ RÔ ÂÍ‚ CPF ,WPG ÎÌÌÌÒ RÔ ÈÏÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏDDDDÔÔÔÔ +PVGTPCVKQPCN %KXKN #XKCVKQP 1TICPK\CVKQPÒ #PPWCN 4GRQTV QH VJG%QWPEKN3Ï‰‰‰‚ 5VCPFCTF ˜ 2QQTrUÒ +PFWUVT[ 5WTXG[U„ #KTNKPGUÒ /C[ ÏÈÒ Ï‰‰Â‚ CPF1HHKEKCNU QH VJG 7Ô5Ô )QXGTPOGPVÒ KPVGTXKGYU D[ VJG %QOOKUUKQPÒ #WIÔ Ï CPF ÈÒÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏEEEEÔÔÔÔ +PVGTPCVKQPCN %KXKN #XKCVKQP 1TICPK\CVKQP #PPWCN 4GRQTV QH VJG%QWPEKN3Ï‰‰‰‚ 1HKEKPC 0CEKQPCN FG 'UVCFºUVKECUÒ #PWCTKQ 'UVCFºUVKEQ FG %WDC Ï‰‰ÂÒ'FKEK¡P Ï‰‰‰Ò *CXCPCÒ RÔ ÎÏÁ‚ CPF 6GQ #Ô $CDWPÒ s# $WUKPGUU )WKFG VQ %WDCÒt%WDC0GYUÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏFFFFÔÔÔÔ +PVGTPCVKQPCN %KXKN #XKCVKQP 1TICPK\CVKQPÒ #PPWCN 4GRQTV QH VJG%QWPEKN3Ï‰‰‰‚ 7Ô5Ô3%WDC $WUKPGUU %QWPEKNÒ &TÔ ,CKOG 5WEJNKEMKÒ s%WDC 6TCPUKVKQP2TQLGEVÒt %WDC +PFWUVT[ 4GXKGYÒ ı/KCOKÒ (NQTKFC„ +PHQ3%WDCÒ +PEÔÙÒ Ï‰‰Â‚ CPF1HHKEKCN QH VJG 7Ô5Ô )QXGTPOGPVÒ KPVGTXKGY D[ VJG %QOOKUUKQPÒ #WIÔ ÏÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎCCCCÔÔÔÔ 7Ô5Ô &GRCTVOGPV QH 6TCPURQTVCVKQPÒ /CTKVKOG #FOKPKUVTCVKQPÒs/GTEJCPV (NGGVU QH VJG 9QTNFÒt ,CPÔ ÏÒ Ï‰‰ÁÒ ,WN[ ÏÒ Ï‰‰ÊÒ ,CPÔ ÏÒ Ï‰‰ÂÒ ,CPÔ ÏÒÏ‰‰‰ CPF ,CPÔ ÏÒ ÎÌÌÌÙ‚ CPF 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE#PCN[UKUÒ 5WTXG[ QH %WTTGPV $WUKPGUUÒ 5GRVÔ Ï‰‰‰Ò RRÔ ËÁ CPF ÂËÒ 1EVÔ Ï‰‰‰Ò RÔ&3ÍÍ CPF RRÔ ÁÂ3ÊÏÒ #RTÔ ÎÌÌÌÒ RÔ ÂÍÒ CPF ,WPG ÎÌÌÌÒ RÔ ÈÏÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎDDDDÔÔÔÔ 7Ô5Ô &GRCTVOGPV QH 6TCPURQTVCVKQPÒ $WTGCW QH 6TCPURQTVCVKQP 5VCVKUVKEUÒ/CTKVKOG #FOKPKUVTCVKQPÒ 7Ô5Ô %QCUV )WCTFÒ /CTKVKOG 6TCFG ˜ 6TCPURQTVCVKQP ˘‰‰Òı9CUJKPIVQPÒ &%„ Ï‰‰‰ÙÒ RRÔ Ë3ÏÏ‚ 9QTNF 6TCFG 1TICPK\CVKQPÒ %QWPEKN HQT 6TCFGKP 5GTXKEGUÒ s/CTKVKOG 5GTXKEGU„ $CEMITQWPF 0QVG D[ VJG 5GETGVCTKCVÒt 5Ó%Ó9ÓÁÎÒ0QXÔ ÏÁÒ Ï‰‰Â‚ -GPPGVJ 4Ô &G,CTPGVVGÒ s/CTKVKOG 6TCPURQTV +UUWGU CPF ÏÌËVJ%QPITGUUÒt %QPITGUUKQPCN 4GUGCTEJ 5GTXKEG 4GRQTV HQT %QPITGUUÒ 5GRVÔ ÏÊÒ Ï‰‰Ê‚CPF 1HHKEKCN QH VJG 7Ô5Ô )QXGTPOGPVÒ VGNGRJQPG KPVGTXKGY D[ VJG %QOOKUUKQPÒ ,WN[ÎÊÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎEEEEÔÔÔÔ 7Ô5Ô &GRCTVOGPV QH 6TCPURQTVCVKQPÒ /CTKVKOG #FOKPKUVTCVKQPÒs/GTEJCPV (NGGVU QH VJG 9QTNFÒt ,CPÔ ÏÒ Ï‰‰Á‚ ,WN[ ÏÒ Ï‰‰Ê‚ ,CPÔ ÏÒ Ï‰‰Â‚ CPF ,CPÔÏÒ ÎÌÌÌ‚ CPF s%WDC +ORQTV VQ VJG 9QTNFt CPF s%WDC 'ZRQTV VQ VJG 9QTNFÒt &4+9QTNF 5GC 6TCFG 5GTXKEGÒ (KTUV 3WCTVGT Ï‰‰‰ (QTGECUVÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎFFFFÔÔÔÔ 7Ô5Ô &GRCTVOGPV QH 6TCPURQTVCVKQPÒ /CTKVKOG #FOKPKUVTCVKQPÒs/GTEJCPV (NGGVU QH VJG 9QTNFÒt ,CPÔ ÏÒ ÎÌÌÌ‚ s2QTV 5[UVGO CPF /GTEJCPV/CTKPGÒt %WDC0GYUÒ 5GRVÔ ÎÌÌÌ‚ CPF 9QTNF 6TCFG 1TICPK\CVKQP ı961ÙÒ)GPGTCN #ITGGOGPV QP 6TCFG KP 5GTXKEGUÒ 4GRWDNKE QH %WDC„ 5EJGFWNG QH 5RGEKHKE%QOOKVOGPVUÒ )#65Ó5%ÓÎÈÒ #RTÔ ÏËÒ Ï‰‰ÈÒ RÔ ÎÌÔ

)3ÂÊ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍCCCCÔÔÔÔ (&+% 3WCTVGTN[ $CPMKPI 2TQHKNGÒ ÏUV 3WCTVGT ÎÌÌÌÒ VCDNG Ï3%Ò RÔ ÏÁ‚7Ô5Ô &GRCTVOGPV QH %QOOGTEG Ò $WTGCW QH 'EQPQOKE #PCN[UKUÒ 5WTXG[ QH %WTTGPV$WUKPGUUÒ 1EVÔ Ï‰‰‰ CPF ,WN[ ÎÌÌÌ‚ CPF $QCTF QH )QXGTPQTU QH VJG (GFGTCN4GUGTXG 5[UVGOÒ ((+'%Ò HQWPF KP 7Ô5Ô 5VCVKUVKECN #DUVTCEVÒ XCTKQWU [GCTUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍDDDDÔÔÔÔ s6JG 9QTNFrU ÏÌÌ .CTIGUV $CPMUÒt +PUVKVWVKQPCN +PXGUVQTÒ #WIÔ Ï‰‰‰Ò RÔÏÏÍ3ÏÊ‚ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP UVCHH KPVGTXKGY YKVJ KPFWUVT[TGRTGUGPVCVKXG‚ CPF 75#Ò 5EJGFWNG QH 5RGEKHKE %QOOKVOGPVUÒ 5WRRNGOGPV ÍÒ)#65Ó5%Ó‰ÌÓ5WRRNÔÍÒ (GDÔ ÎÁÒ Ï‰‰ÂÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍEEEEÔÔÔÔ 1HKEKPC 0CEKQPCN FG 'UVCFºUVKECUÒ #PWCTKQ 'UVCFºUVKEQ FG %WDC Ï‰‰ÂÒı*CXCPCÒ Ï‰‰‰ÙÒ 7Ô5Ô3%WDC $WUKPGUU %QWPEKNÒ s6TCPUKVKQP 2TQLGEV 4GRQTV QP %WDCrU(KPCPEKCN 5GEVQTÒt (GDÔ ÎÎÒ Ï‰‰‰Ò RRÔ Í3Á‚ CPF ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ,TÔÒ s%WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒt %WDC0GYUÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍFFFFÔÔÔÔ 'EQPQOKUV +PVGNNKIGPEG 7PKVÒ %QWPVT[ 2TQHKNG Ï‰‰‰3ÎÌÌÌ‚ CPF ,CUQP .Ô(GGT CPF 6GQ #Ô $CDWPÒ ,TÔÒ s%WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒt %WDC0GYUÒÎÌÌÌÒ RRÔ Î3ÏÌ 3 Î3ÏÎÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈCCCCÔÔÔÔ &GRCTVOGPV QH %QOOGTEG Ò $WTGCW QH 'EQPQOKE #PCN[UKUÒ 5WTXG[ QH%WTTGPV $WUKPGUUÒ 1EVÔ Ï‰‰‰‚ #Ô/Ô $GUV %QORCP[Ò +PEÔÒ $GUV 4GXKGYÒ ,WN[ ÎÌÌÌÒ RRÔËÍ CPF ÂÊ‚ CPF 0#+%Ò sÏ‰‰Â +PUWTCPEG &GRVÔ 4GUQWTEGU 4GRQTVÒt VCDNGU ÏÊ CPF ÏÂÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈDDDDÔÔÔÔ 5YKUU 4GÒ 9QTNF +PUWTCPEG KP Ï‰‰ÂÒ 5KIOC 0QÔ ÊÓÏ‰‰‰‚ CPF )GPGTCN#ITGGOGPV QP 6TCFG KP 5GTXKEGUÒ 7PKVGF 5VCVGU QH #OGTKECÒ 5EJGFWNG QH 5RGEKHKE%QOOKVOGPVUÒ 5WRRNGOGPV ÍÒ )#65Ó5%Ó‰ÌÓ5WRRNÔÍÒ (GDÔ ÎÁÒ Ï‰‰ÂÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈEEEEÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP UVCHH KPVGTXKGY YKVJ KPFWUVT[TGRTGUGPVCVKXGÒ‚ 1HKEKPC 0CEKQPCN FG 'UVCFºUVKECUÒ #PWCTKQ 'UVCFºUVKEQ FG %WDCÏ‰‰ÂÒ 'FKEK¡P Ï‰‰‰Ò *CXCPC‚ CPF )QXGTPOGPV QH %CPCFCÒ &GRCTVOGPV QH (QTGKIP#HHCKTU CPF +PVGTPCVKQPCN 6TCFGÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒ ÎPF GFÔÒ,WPG Ï‰‰‰Ò RÔ ÎÊÒ CV JVVR„ÓÓYYYÔFHCKV3OCGEKÔIEÔECÓIGQÓJVONA&GRCTVOGPV QH%QOOGTEG WOGPVUÓEWDC3GÔJVOÒ TGVTKGXGF #WIÔ ÏÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈFFFFÔÔÔÔ +PFWUVT[ TGRTGUGPVCVKXG‚ )QXGTPOGPV QH %CPCFCÒ &GRCTVOGPV QH(QTGKIP #HHCKTU CPF +PVGTPCVKQPCN 6TCFGÒ %WDC„ # )WKFG HQT %CPCFKCP $WUKPGUUGUÒÎPF GFÔÒ ,WPG Ï‰‰‰Ò RÔ ÎÊÒ CV JVVR„ÓÓYYYÔFHCKV3OCGEKÔIEÔECÓIGQÓJVONA&GRCTVOGPVQH %QOOGTEG WOGPVUÓEWDC3GÔJVOÒ TGVTKGXGF #WIÔ ÎÒ ÎÌÌÌ‚ CPF s7-3%WDC+PUWTCPEG 8GPVWTGÒt %WDC0GYUÒ 1EVÔ Ï‰‰Â‚ CPF +PUWTCPEG 5GTXKEGU 0GVYQTMÒ CVYYYÔKUP3KPEÔEQOÓEQWPVTKGUÒ TGVTKGXGF #WIÔ ÏÌÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ËËËËCCCCÔÔÔÔ &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE #PCN[UKUÒ 5WTXG[ QH%WTTGPV $WUKPGUUÒ XCTKQWU KUUWGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ËËËËDDDDÔÔÔÔ %QORKNGF D[ VJG %QOOKUUKQP HTQO KPFWUVT[ VGNGRJQPG KPVGTXKGYUÔ

6666CCCCDDDDNNNNGGGG ))))3333ËËËËEEEEÔÔÔÔ 7PKVGF 0CVKQPUÒ %WDC„ 'XQNWEKQP 'EQPQOKEC &WTCPVG Ï‰‰‰Ô

6666CCCCDDDDNNNNGGGG ))))3333ËËËËFFFFÔÔÔÔ %QORKNGF D[ VJG %QOOKUUKQP HTQO VGNGRJQPG KPVGTXKGYUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÁÁÁÁCCCCÔÔÔÔ &GRCTVOGPV QH %QOOGTEG Ò $WTGCW QH 'EQPQOKE #PCN[UKUÒ 5WTXG[ QH%WTTGPV $WUKPGUU‚ +PVGTPCVKQPCN 6GNGEQOOWPKECVKQP 7PKQPÒ 9QTNF

)3ÂÂ

6GNGEQOOWPKECVKQP &GXGNQROGPV 4GRQTV‚ 1TICPK\CVKQP QH 'EQPQOKE %QQRGTCVKQPCPF &GXGNQROGPVÒ %QOOWPKECVKQPU 1WVNQQMÒ Ï‰‰‰‚ (GFGTCN %QOOWPKECVKQPU%QOOKUUKQPÒ 6TGPFU KP 6GNGRJQPG 5GTXKEGÒ /CTÔ ÎÌÌÌ‚ CPF &QPCNFUQPÒ .WHMKP ˜,CPTGVVGÒ 6JG )NQDCN 9KTGNGUU %QOOWPKECVKQPU +PFWUVT[Ò 9KPVGT Ï‰‰‰3ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÁÁÁÁDDDDÔÔÔÔ -T[UVGP $Ô ,GPEKÒ s6GNGEQOOWPKECVKQPU 5GTXKEGUÒt 7Ô5Ô +PFWUVT[ CPF6TCFG 1WVNQQMÒ Ï‰‰‰ ı/E)TCY3*KNN Ï‰‰‰ÙÒ RÔ ÍÌ3Î‚ +PFWUVT[ TGRTGUGPVCVKXGÒVGNGRJQPG KPVGTXKGY YKVJ %QOOKUUKQP UVCHHÒ #WIÔ ‰Ò ÎÌÌÌ‚ CPF )GPGTCN #ITGGOGPVQP 6TCFG KP 5GTXKEGUÒ 7PKVGF 5VCVGU„ 5EJGFWNG QH 5RGEKHKE %QOOKVOGPVUı)#65Ó5%Ó‰ÌÓ5WRRNÔÎÙÒ #RTÔ ÏÏÒ Ï‰‰ÊÔ

6666CCCCDDDDNNNNGGGG ))))3333ÁÁÁÁEEEEÔÔÔÔ +PVGTPCVKQPCN 6GNGEQOOWPKECVKQP 7PKQPÒ 9QTNF 6GNGEQOOWPKECVKQP&GXGNQROGPV 4GRQTVU‚ Ï‰‰ÁÓ‰ÊÒ Ï‰‰ÂÒ CPF Ï‰‰‰‚ 1HKEKPC 0CEKQPCN FG'UVCFºUVKECUÒ #PWCTKQ 'UVCFºUVKEQ FG %WDC Ï‰‰ÂÒ ı*CXCPCÒ Ï‰‰‰Ù CPF &QPCNFUQPÒ.WHMKP ˜ ,GPTGVVGÒ 6JG )NQDCN 9KTGNGUU %QOOWPKECVKQPU +PFWUVT[Ò 9KPVGTÏ‰‰‰3ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÁÁÁÁFFFFÔÔÔÔ +PVGTPCVKQPCN 6GNGEQOOWPKECVKQP 7PKQPÒ 9QTNF 6GNGEQOOWPKECVKQP&GXGNQROGPV 4GRQTVU‚ .CTT[ 2TGUUÒ %WDCP 6GNGEQOOWPKECVKQPUÒ %QORWVGT0GVYQTMKPIÒ CPF 7Ô5Ô 2QNKE[ +ORNKECVKQPU ı4#0& %QTRQTCVKQPÒ Ï‰‰ÁÙÒ 4GRQTV 0QÔ&473ÏÎÎÌ3Ï315&Ò ,WN[ Ï‰‰ÁÒ RÔ ÏÍÔ

6666CCCCDDDDNNNNGGGG ))))3333ÊÊÊÊCCCCÔÔÔÔ &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE #PCN[UKUÒ #PPWCN5WTXG[ QH 5GTXKEG +PFWUVTKGU‚ &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE#PCN[UKUÒ 5WTXG[ QH %WTTGPV $WUKPGUUÒ XCTKQWU KUUWGU‚ 6TCXGN +PFWUVT[ #UUQEKCVKQP‚CPF &GRCTVOGPV QH %QOOGTEGÒ +PVGTPCVKQPCN 6TCFG #FOKPKUVTCVKQPÔ

6666CCCCDDDDNNNNGGGG ))))3333ÊÊÊÊDDDDÔÔÔÔ &GRCTVOGPV QH %QOOGTEGÒ $WTGCW QH 'EQPQOKE #PCN[UKUÒ 5WTXG[ QH%WTTGPV $WUKPGUUÒ ,WN[ ÎÌÌÌ‚ 9QTNF 6QWTKUO 1TICPK\CVKQP‚ &GRCTVOGPV QH%QOOGTEG Ò +PVGTPCVKQPCN 6TCFG #FOKPKUVTCVKQPÒ 6QWTKUO +PFWUVTKGU‚&4+Ó/E)TCY3*KNNÒ 5VCPFCTF ˜ 2QQTrUÒ 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ 7Ô5Ô+PFWUVT[ CPF 6TCFG 1WVNQQM ÎÌÌÌ ı0GY ;QTM„ /E)TCY3*KNNÒ ÎÌÌÌÙ‚ 7Ô5Ô+OOKITCVKQP CPF 0CVWTCNK\CVKQP 5GTXKEG‚ 5VCPFCTF ˜ 2QQTrUÒ +PFWUVT[ 5WTXG[U„.QFIKPI CPF )COKPIÒ (GDÔ ÏÌÒ ÎÌÌÌ‚ CPF )GPGTCN #ITGGOGPV QP 6TCFG KP5GTXKEGUÒ 6JG 7PKVGF 5VCVGU QH #OGTKEC„ 5EJGFWNG QH 5RGEKHKE %QOOKVOGPVUÒ)#65Ó5%Ó‰ÌÒ #RTÔ Ï‰‰ÈÔ

6666CCCCDDDDNNNNGGGG ))))3333ÊÊÊÊEEEEÔÔÔÔ 1HKEKPC 0CEKQPCN FG 'UVCFKUVKECUÒ 'UVCFKUVKECU 5GNGEEKQPCFGU Ï‰‰‰Ò/CTÔ ÎÌÌÌÒ CPF 1HKEKPC 0CEKQPCN FG 'UVCFºUVKECUÒ #PWCTKQ 'UVCFºUVKEQ FG %WDCÏ‰‰ÂÒ ı*CXCPCÒ Ï‰‰‰ÙÔ

6666CCCCDDDDNNNNGGGG ))))3333ÊÊÊÊFFFFÔÔÔÔ 4QUCNKG 5EJYCTV\Ò 2NGCUWTG +UNCPF„ 6QWTKUO CPF 6GORVCVKQP KP %WDCı.KPEQNPÒ 0$Ò CPF .QPFQP„ 7PKXGTUKV[ QH 0GDTCUMC 2TGUUÒ Ï‰‰ÊÙ‚ ,CUQP .Ô (GGT CPF6GQ #Ô $CDWPÒ ,TÔÒ s%WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒt %WDC0GYUÒ ÎÌÌÌ‚ s#(KXG3;GCT 'EQPQOKE 2TQLGEVKQP QH VJG 6QWTKUO +PFWUVT[ KP C (TGG CPF &GOQETCVKE%WDCÒt EQPHGTGPEG RCRGTÒ #UUQEKCVKQP HQT 6JG 5VWF[ QH VJG %WDCP 'EQPQO[Ò #WIÔÎÌÌÌ‚ CPF 0KEJQNCU %TGURCÒ s$CEM VQ VJG (WVWTG„ %WDCP 6QWTKUO KP VJG ;GCTÎÌÌÊÒt EQPHGTGPEG RCRGTÒ #UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò #WIÔÏ‰‰ÂÔ

6666CCCCDDDDNNNNGGGG ))))3333ÂÂÂÂCCCCÔÔÔÔ 1HHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEG‚ 7Ô5Ô&GRCTVOGPV QH .CDQTÒ GZEGRV YJGTG PQVGF‚ CPF 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ.KXGUVQEM 5NCWIJVGTÒ #PPWCN 5WOOCT[Ò XCTKQWU KUUWGUÔ

)3Â‰

6666CCCCDDDDNNNNGGGG ))))3333ÂÂÂÂDDDDÔÔÔÔ %QORKNGF D[ VJG %QOOKUUKQP DCUGF QP XCTKQWU KPFWUVT[ UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÂÂÂÂEEEEÔÔÔÔ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ 2TQFWEVKQP CPF6TCFG FCVCDCUGUÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒTGVTKGXGF ,WN[ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÂÂÂÂFFFFÔÔÔÔ ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ s%WDC0GYUr $WUKPGUU )WKFG VQ%WDCÒt %WDC0GYUÒ ÎÌÌÌÒ RÔ Í3ÏÂÔ

6666CCCCDDDDNNNNGGGG ))))3333‰‰‰‰CCCCÔÔÔÔ 1HHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEG‚ 7Ô5Ô&GRCTVOGPV QH .CDQTÒ GZEGRV YJGTG PQVGF‚ CPF 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ.KXGUVQEM 5NCWIJVGTÒ #PPWCN 5WOOCT[Ò XCTKQWU KUUWGUÔ

6666CCCCDDDDNNNNGGGG ))))3333‰‰‰‰DDDDÔÔÔÔ %QORKNGF D[ VJG %QOOKUUKQP DCUGF QP XCTKQWU KPFWUVT[ UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333‰‰‰‰EEEEÔÔÔÔ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQP ı(#1ÙÒ 2TQFWEVKQPCPF 6TCFG FCVCDCUGUÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒTGVTKGXGF ,WN[ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333‰‰‰‰FFFFÔÔÔÔ ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ s%WDC0GYUr $WUKPGUU )WKFG VQ%WDCÒt %WDC0GYUÒ ÎÌÌÌÒ RÔ Í3Ï‰Ô

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÌÌÌÌCCCCÔÔÔÔ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ 0CVKQPCN #ITKEWNVWTCN 5VCVKUVKECN5GTXKEGÒ 2QWNVT[ 3 2TQFWEVKQP CPF 8CNWG Ï‰‰‰ 5WOOCT[‚ QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô&GRCTVOGPV QH %QOOGTEG‚ QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH .CDQT GZEGRVYJGTG PQVGF‚ CPF 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ (QQF 5CHGV[ +PURGEVKQP 5GTXKEGÒ/GCV CPF 2QWNVT[ +PURGEVKQPÒ TGRQTV QH VJG 5GETGVCT[ QH #ITKEWNVWTG VQ VJG 7Ô5Ô%QPITGUUÒ XCTKQWU KUUWGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÌÌÌÌDDDDÔÔÔÔ %QORKNGF D[ VJG %QOOKUUKQP UVCHH DCUGF QP XCTKQWU KPFWUVT[ UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÌÌÌÌEEEEÔÔÔÔ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ 2TQFWEVKQP CPF6TCFG FCVCDCUGUÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒTGVTKGXGF ,WN[ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÌÌÌÌFFFFÔÔÔÔ ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ s%WDC0GYUr $WUKPGUU )WKFG VQ%WDCÒt %WDC0GYUÒ ÎÌÌÌÒ RÔ Í3ÎÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÏÏÏÏCCCCÔÔÔÔ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ &CKT[Ò .KXGUVQEMÒ CPF 2QWNVT[„ 7Ô5Ô6TCFG CPF 2TQURGEVUÒ XCTKQWU KUUWGUÒ CPF 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ &CKT[„9QTNF /CTMGVU CPF 6TCFGÒ XCTKQWU KUUWGU‚ CPF 7Ô5Ô +PVGTPCVKQPCN 6TCFG%QOOKUUKQPÒ 5JKHV KP 7Ô5Ô /GTEJCPFKUG 6TCFG KP Ï‰‰‰Ò +PXGUVKICVKQP 0QÔ ÍÍÎ3ÍÈËÒ2WDNKECVKQP ÍÍËÍÒ 5GRVGODGTÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÏÏÏÏDDDDÔÔÔÔ (#1 2TQFWEVKQP CPF 6TCFG FCVCDCUGUÒ CV JVVR„ÓÓYYYÔHCQÔQTIÒTGVTKGXGF #WI ÎÈÒ ÎÌÌÌ‚ CPF 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ +PFWUVT[ CPF6TCFG 5WOOCT[Ò &CKT[ 2TQFWEVKQPÒ 2WDNKECVKQP 0QÔ ÍÌÂÌÒ ,CPÔ Ï‰‰ÂÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÏÏÏÏEEEEÔÔÔÔ (#1 2TQFWEVKQP CPF 6TCFG FCVCDCUGUÒ CVJVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒ TGVTKGXGF ,WN[ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÏÏÏÏFFFFÔÔÔÔ ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ ,TÔÒ s%WDC0GYUr $WUKPGUU )WKFG VQ%WDCÒt %WDC0GYUÒ ÎÌÌÌÒ RÔ Í3ÎÌÔ

)3‰Ì

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÎÎÎÎCCCCÔÔÔÔ %QORKNGF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGCPF &GRCTVOGPV QH %QOOGTEGÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÎÎÎÎDDDDÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ +PFWUVT[ ˜ 6TCFG 5WOOCT[„)TCKP ı%GTGCNUÙÒ HCNN ÎÌÌÌ‚ CPF /GNKUC %QTFQPKGT #NGZCPFGTÒ s%WDC„ 'EQPQOKEÒ#ITKEWNVWTCN 2QNKE[ %JCPIG +ORNGOGPVGF CHVGT &KUKPVGITCVKQP QH 5QXKGV 7PKQPÒt9QTNF )TCKPÒ #RTÔ ÎÌÌÌÒ RRÔ ÏÂ3ÎÎÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÎÎÎÎEEEEÔÔÔÔ )TCKP ˜ (GGF &KXKUKQPÒ (QTGKIP #ITKEWNVWTCN 5GTXKEGÒ 7Ô5Ô &GRCTVOGPVQH #ITKEWNVWTG‚ /GNKUUC %QTFQPKGT #NGZCPFTKCÒ s%WDC„ 'EQPQOKEÒ #ITKEWNVWTCN2QNKE[Ô Ô ÔÒt 9QTNF )TCKPÒ #RTÔ ÎÌÌÌÒ RÔ ÎÎÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÎÎÎÎFFFFÔÔÔÔ ,QUG #NXCTG\ CPF 9KNNKCO # /GUUKPCÒ 2QVGPVKCN %WDCP +ORQTVU QH5GNGEVGF (NQTKFC (KGNF %TQRU„ %GTGCNUÒ %QVVQP CPF 2QVCVQGUÒ +PVGTPCVKQPCN 9QTMKPI2CRGT 5GTKGU 0QÔ ‰Î3ÍÈÒ (QQF CPF 4GUQWTEG 'EQPQOKE &GRVÔÒ 7PKXÔ QH (NQTKFCÒ&GEÔ Ï‰‰ÎÒ RÔ ‰‚ )TCKPU &KXKUKQPÒ (QTGKIP #ITKEWNVWTCN 5GTXKEGÒ 7Ô5Ô &GRCTVOGPV QH#ITKEWNVWTG‚ (#1 /GNKUC %QTFQPKGT #NGZCPFGTÒ s%WDC„ 'EQPQOKEÒ #ITKEWNVWTCN2QNKE[ %JCPIG +ORNGOGPVGF CHVGT &KUKPVGITCVKQP QH 5QXKGV 7PKQPÒt 9QTNF )TCKPÒ#RTÔ ÎÌÌÌÔÒ RRÔ ÏÂ3ÎÎ‚ %CTOGP &KCPC &GGTGÒ 5QEKCNKUO QP 1PG +UNCPF„ %WDCrU0CVKQPCN (QQF 2TQITCO CPF +VU 2TQURGEVU HQT (QQF 5GEWTKV[Òt 9QTMKPI 2CRGT 0QÔÏÎÈÒ +PUVKVWVG QH 5QEKCN 5VWFKGUÒ VJG *CIWGÒ VJG 0GVJGTNCPFUÒ ,WPG Ï‰‰Î‚ 4GHQTOKPI%WDCP #ITKEWNVWTGÒ 9QTMKPI 2CRGT Ï‰‰Ê3ÏÒ &GRVÔ QH 'EQPQOKEUÒ 7PKXÔ QH /CUUÔÒÏ‰‰ÊÒ VCDNG Î‚ CPF -CTGP &G;QWPIÒ s%WDC %NKODÒ 'EQPQOKE .CFFGTÒt 6JG9CUJKPIVQP 2QUVÒ ,WN[ ÎÈÒ ÎÌÌÌÒ RÔ #3ÎÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÍÍÍÍCCCCÔÔÔÔ %QORKNGF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEG‚CPF 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ +PFWUVT[ ˜ 6TCFG 5WOOCT[„ )TCKPı%GTGCNUÙ 5GRVÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÍÍÍÍDDDDÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ +PFWUVT[ ˜ 6TCFG 5WOOCT[„)TCKP ı%GTGCNUÙÒ HCNN ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÍÍÍÍEEEEÔÔÔÔ (#1Ò 2TQFWEVKQP CPF 6TCFG FCVCDCUGUÒ CVJVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒ TGVTKGXGF ,WN[ ÎÌÌÌ‚ CPF7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTG ıKORQTV FCVCÙÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÍÍÍÍFFFFÔÔÔÔ ,QUG #NXCTG\ CPF 9KNNKCO #Ô /GUUKPCÒ %WDCrU 4KEG +PFWUVT[„ 2QVGPVKCN+ORQTVU HTQO (NQTKFCÒ +PVGTPCVKQPCN 9QTMKPI 2CRGT 5GTKGU 0QÔ ‰Î3ÎÊÒ (QQF CPF4GUQWTEG 'EQPQOKEU &GRVÔÒ 7PKXGTUKV[ QH (NQTKFCÒ 4GXKUGF ÎÓ‰ÍÒ RÔ ÏÍ‚ )TCKPU&KXKUKQPÒ (QTGKIP #ITKEWNVWTCN 5GTXKEGÒ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTG‚ 7PKVGF0CVKQPU (QQF CPF #ITKEWNVWTG 1TICPK\CVKQP‚ %CTOGP &KCPC &GGTGÒ 4GHQTOKPI%WDCP #ITKEWNVWTGÒ 9QTMKPI 2CRGT Ï‰‰Ê3ÏÒ &GRVÔ QH 'EQPQOKEUÒ 7PKXÔ QH/CUUCEJWUGVVUÒ Ï‰‰ÊÒ VCDNG Î‚ %CTOGP &KCPC &GGTGÒ 5QEKCNKUO QP 1PG +UNCPF„%WDCrU 0CVKQPCN (QQF 2TQITCO CPF +VU 2TQURGEVU HQT (QQF 5GEWTKV[Òt 9QTMKPI2CRGT 0QÔ ÏÎÈÒ +PUVKVWVG QH 5QEKCN 5VWFKGUÒ VJG *CIWGÒ VJG 0GVJGTNCPFUÒ ,WPG Ï‰‰Î‚9KNNKCO -QUVÒ 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ s%WDCrU#ITKEWNVWTG„ %QNNCRUG CPF 'EQPQOKE 4GHQTOÒt #ITKEWNVWTCN 1WVNQQMÒ 1EVÔ Ï‰‰ÂÒRRÔ ÎÁ‚ ÍÌ‚ CPF -CTGP &G;QWPI s%WDC %NKODU 'EQPQOKE .CFFGTÒt 6JG9CUJKPIVQP 2QUVÒ ,WN[ ÎÈÒ ÎÌÌÌÒ RÔ #3ÎÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÈÈÈÈCCCCÔÔÔÔ %QORKNGF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGCPF %QOOGTEG‚ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ Ï‰‰Ê %GPUWU QH #ITKEWNVWTGÔ

)3‰Ï

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÈÈÈÈDDDDÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ +PFWUVT[ ˜ 6TCFG 5WOOCT[„)TCKP ı%GTGCNUÙÒ HCNN ÎÌÌÌ‚ CPF /GNKUC %QTFQPKGT #NGZCPFGTÒ s%WDC„ 'EQPQOKEÒ#ITKEWNVWTCN 2QNKE[ %JCPIG +ORNGOGPVGF CHVGT &KUKPVGITCVKQP QH 5QXKGV 7PKQPÒt9QTNF )TCKPÒ #RTÔ ÎÌÌÌÒ RRÔ ÏÂ3ÎÎÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÈÈÈÈEEEEÔÔÔÔ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ 2TQFWEVKQP CPF6TCFG FCVCDCUGUÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒTGVTKGXGF ,WN[ ÎÌÌÌ‚ CPF 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTG ıKORQTV FCVCÙÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÈÈÈÈFFFFÔÔÔÔ %JCTNGU *QWUGÒ s#IKPI (GGF 2NCPV /KZGU +ORQTVU HQT %WDCP *QI5GEVQTÒt (GGFUVWHHUÒ /C[ ÏËÒ Ï‰‰ËÒ RÔ Í‚ QHHKEKCN FCVC QH VJG )TCKPU &KXKUKQPÒ(QTGKIP #ITKEWNVWTCN 5GTXKEGÒ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTG‚ 7PKVGF 0CVKQPU (QQFCPF #ITKEWNVWTG 1TICPK\CVKQP‚ &KCPC &GGTGÒ 4GHQTOKPI %WDCP #ITKEWNVWTGÒ9QTMKPI 2CRGT Ï‰‰Ê3ÏÒ &GRVÔ QH 'EQPQOKEUÒ 7PKXÔ QH /CUUCEJWUGVVUÒ Ï‰‰ÊÒ VCDNG Î‚5QEKCNKUO QP 1PG +UNCPF„ %WDCrU 0CVKQPCN (QQF 2TQITCO CPF +VU 2TQURGEVU HQT(QQF 5GEWTKV[Òt 9QTMKPI 2CRGT 0QÔ ÏÎÈÒ +PUVKVWVG QH 5QEKCN 5VWFKGUÒ VJG *CIWGÒ VJG0GVJGTNCPFUÒ ,WPG Ï‰‰Î‚ 9KNNKCO -QUVÒ 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ 7Ô5Ô&GRCTVOGPV QH #ITKEWNVWTGÒ s%WDCrU #ITKEWNVWTG„ %QNNCRUG CPF 'EQPQOKE 4GHQTOÒt#ITKEWNVWTCN 1WVNQQMÒ 1EVÔ Ï‰‰ÂÒ RRÔ ÎÁ3ÍÌ‚ /GNKUUC %QTFQPKGT #NGZCPFGTÒ s%WDC„'EQPQOKEÒ #ITKEWNVWTCN 2QNKE[ %JCPIG +ORNGOGPVGF CHVGT &KUKPVGITCVKQP QH 5QXKGV7PKQPÒs 9QTNF )TCKPÒ #RTÔ ÎÌÌÌÒ RRÔÏÂ3ÎÎ‚ CPF -CTGP &G;QWPIÒ s%WDC %NKODU'EQPQOKE .CFFGTÒt 6JG 9CUJKPIVQP 2QUVÒ ,WN[ ÎÈÒ ÎÌÌÌÒ RÔ #3ÎÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏËËËËCCCCÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ 5JKHVU KP /GTEJCPFKUG 6TCFG KPÏ‰‰‰Ò #WIÔ ÎÌÌÌ‚ 7Ô5Ô &GRCTVOGPV QH %QOOGTEG‚ CPF 7Ô5Ô +PVGTPCVKQPCN 6TCFG%QOOKUUKQPÒ +PFWUVT[ ˜ 6TCFG 5WOOCT[„ #PKOCN (GGFUÒ 7Ô5Ô +PVGTPCVKQPCN 6TCFG%QOOKUUKQP 2WDNKECVKQP ÍÎÊËÒ ,CPÔ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏËËËËDDDDÔÔÔÔ %NC[VQP )KNNÒ s'PVGTKPI VJG PGY OKNNGPPKWO„ )TQYVJ TGEQXGTKPIÒUNQYN[Ô $WV INQDCN KPFWUVT[ HCEGU FCWPVKPI CTTC[ QH EJCNNGPIGUÒt (GGF +PVGTPCVKQPCNÒ,CPÔ ÎÌÌÌÒ RÔ È‚ CPF 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ +PFWUVT[ ˜ 6TCFG5WOOCT[„ #PKOCN (GGFUÒ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP 2WDNKECVKQP ÍÎÊËÒ,CPÔ ÎÌÌÌ‚ CPF VJG %QOOKUUKQP CPCN[UKUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏËËËËEEEEÔÔÔÔ 1HKEKPC 0CEKQPCN FG 'UVCFºUVKECUÒ #PWCTKQ 'UVCFºUVKEQ FG %WDC Ï‰‰ÂÒ'FKEK¡P Ï‰‰‰Ò *CXCPC‚ 1KN 9QTNF ıXCTKQWU OQPVJUÙ‚ (#1ÒÒ 2TQFWEVKQP CPF 6TCFGFCVCDCUGUÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒ TGVTKGXGF,WN[ ÎÌÌÌ‚ CPF s)QXGTPOGPV CRRTQXGU RNCP VQ TGUVTWEVWTG CPKOCN HGGF KPFWUVT[Òt%WDC0GYUÒ 5GRVÔ Ï‰‰‰Ô

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏËËËËFFFFÔÔÔÔ (QTGKIP #ITKEWNVWTCN 5GTXKEG )NQDCN #ITKEWNVWTCN 6TCFG 5[UVGO WUKPIFCVC HTQO VJG 7PKVGF 0CVKQPU‚ 961Ò 6JG 4GUWNVU QH VJG 7TWIWC[ 4QWPFÒ Ï‰‰Áı%&41/Ù‚ s)QXGTPOGPV CRRTQXGU RNCP VQ TGUVTWEVWTG CPKOCN HGGF KPFWUVT[Òt %WDC0GYUÒ 5GRVÔ Ï‰‰‰‚ %JCTNGU *QWUGÒ s#IKPI HGGF RNCPV OKZGU KORQTVU HQT %WDCP JQIUGEVQTÒt (GGFUVWHHUÒ /C[ ÏËÒ Ï‰‰ËÒ RÔ Í‚ CPF VJG %QOOKUUKQP CPCN[UKUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÁÁÁÁCCCCÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ 5JKHVU KP /GTEJCPFKUG 6TCFG KPÏ‰‰‰Ò #WIÔ ÎÌÌÌ‚ CPF 7Ô5Ô &GRCTVOGPV QH %QOOGTEG Ò Ï‰‰Ê %GPUWU QH/CPWHCEVWTGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÁÁÁÁDDDDÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ +PFWUVT[ ˜ 6TCFG 5WOOCT[„#PKOCN CPF 8GIGVCDNG (CVU CPF 1KNUÒ /C[ Ï‰‰Í‚ CPF 7Ô5Ô &GRCTVOGPV QH

)3‰Î

#ITKEWNVWTGÒ 1KNUGGFU„ 9QTNF /CTMGVU CPF 6TCFGÒ XCTKQWU OQPVJU‚ CPF 1KN 9QTNFÒXCTKQWU OQPVJUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÁÁÁÁEEEEÔÔÔÔ 1KN 9QTNF‚ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ2TQFWEVKQP CPF 6TCFG FCVCDCUGUÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒ TGVTKGXGF ,WN[ ÎÌÌÌ‚ CPF &GGTGÒ %Ô&ÔÒ 5QEKCNKUO QT 1PG +UNCPFÒ9QTMKPI 2CRGT 0QÔ ÏÎÈÒ ,WPG Ï‰‰ÎÒ +PUVKVWVG QH 5QEKCN 5VWFKGUÒ 0GVJGTNCPFUÒVCDNG ÎÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÁÁÁÁFFFFÔÔÔÔ &CVC CTG EQORKNGF HTQO 1KN 9QTNFÒ XCTKQWU GFKVKQP‚ 7PKVGF 0CVKQPUÒ(QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ 2TQFWEVKQP CPF 6TCFG FCVCDCUGUÒ CVJVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒ TGVTKGXGF ,WN[ ÎÌÌÌ‚ CPF&GGTGÒ %Ô&ÔÒ s5QEKCNKUO QP 1PG +UNCPF„ %WDCrU 0CVKQPCN (QQF 2TQITCO CPF +VU2TQURGEVU HQT (QQF 5GEWTKV[Òt 9QTMKPI 2CRGT 0QÔ ÏÎÈÒ +PUVKVWVG QH 5QEKCN 5VWFKGUÒVJG *CIWGÒ VJG 0GVJGTNCPFUÒ ,WPG Ï‰‰ÎÒ VCDNG ÎÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÊÊÊÊCCCCÔÔÔÔ %QORKNGF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEG‚CPF 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ 8GIGVCDNGU CPF5RGEKCNVKGU 5KVWCVKQP CPF 1WVNQQMÒ ,WN[ ÎÌÌÌÒ VCDNGU ÏÏÈ3ÏÏ‰Ô

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÊÊÊÊDDDDÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ +PFWUVT[ CPF 6TCFG 5WOOCT[Ò2TQEGUUGF 8GIGVCDNGUÒ 0QXÔ Ï‰‰Ë‚ CPF &T[ 2GCU CPF .GPVKNUÒ 7Ô5Ô +PVGTPCVKQPCN6TCFG %QOOKUUKQP 2WDNKECVKQP ÎÁÎÊÒ #RTÔ Ï‰‰ÍÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÊÊÊÊEEEEÔÔÔÔ (#1Ò 2TQFWEVKQP CPF 6TCFG FCVCDCUGUÒ CVJVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒ TGVTKGXGF ,WN[ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÊÊÊÊFFFFÔÔÔÔ (#1Ò 2TQFWEVKQP CPF 6TCFG FCVCDCUGUÒ CVJVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒ TGVTKGXGF ,WN[ ÎÌÌÌ‚%CTOGP &KCPC &GGTGÒ 5QEKCNKUO QP 1PG +UNCPF„ %WDCrU 0CVKQPCN (QQF 2TQITCOCPF +VU 2TQURGEVU HQT (QQF 5GEWTKV[Òt 9QTMKPI 2CRGT 0QÔ ÏÎÈÒ +PUVKVWVG QH 5QEKCN5VWFKGUÒ VJG *CIWGÒ VJG 0GVJGTNCPFUÒ ,WPG Ï‰‰Î‚ -CTGP &G;QWPI s%WDC %NKODU'EQPQOKE .CFFGTÒt 6JG 9CUJKPIVQP 2QUVÒ ,WN[ ÎÈÒ ÎÌÌÌÒ RÔ #3ÎÌ‚ CPF .CWTGPEG6JGTKQVÒ %WDC (CEGU VJG 'EQPQOKE 4GCNKVKGU QH VJG Ï‰ÂÌUÒ # 5VWF[ 2TGRCTGF HQT VJG,QKPV 'EQPQOKE %QOOKVVGGÒ %QPITGUU QH VJG 7PKVGF 5VCVGUÒ /CTÔ ÎÎÒ Ï‰ÂÎÒ VCDNG ÍÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÂÂÂÂCCCCÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ 5JKHVU KP /GTEJCPFKUG 6TCFG KPÏ‰‰‰Ò #WIÔ ÎÌÌÌ‚ CPF QHHKEKCN UVCVKUVKEU QH VJG &GRCTVOGPV QH %QOOGTEG CPF 7Ô5Ô&GRCTVOGPV QH #ITKEWNVWTGÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÂÂÂÂDDDDÔÔÔÔ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTG‚ &GRCTVOGPV QH %QOOGTEG‚*CTOQPK\GF 6CTKHH 5EJGFWNG ı*65Ù QH VJG 7PKVGF 5VCVGU‚ CPF +PVGTPCVKQPCN %QVVQP#FXKUQT[ %QOOKVVGGÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÂÂÂÂEEEEÔÔÔÔ (#1Ò 2TQFWEVKQP CPF 6TCFG FCVCDCUGUÒ CVJVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒ TGVTKGXGF ,WN[ ÎÌÌÌ‚ CPF+PVGTPCVKQPCN %QVVQP #FXKUQT[ %QOOKVVGG‚ CPF 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏÂÂÂÂFFFFÔÔÔÔ %GPVTCN +PVGNNKIGPEG #IGPE[Ò %WDC„ *CPFDQQM QH 6TCFG 5VCVKUVKEUÒÏ‰‰‰Ò CV JVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓRTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF#WIÔ ÎÌÌÌ‚ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQP‚ CPF +PVGTPCVKQPCN %QVVQP #FXKUQT[%QOOKVVGGÔ

)3‰Í

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏ‰‰‰‰CCCCÔÔÔÔ (NQTKFC #ITKEWNVWTCN 5VCVKUVKECN 5GTXKEG‚ 7Ô5Ô &GRCTVOGPV QH%QOOGTEG‚ CPF 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ 0CVKQPCN #ITKEWNVWTCN 5VCVKUVKECN5GTXKEGÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏ‰‰‰‰DDDDÔÔÔÔ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ 0CVKQPCN #ITKEWNVWTCN 5VCVKUVKECN5GTXKEG‚ CPF 7Ô5Ô &GRCTVOGPV QH %QOOGTEG Ô

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏ‰‰‰‰EEEEÔ 1HKEKPC 0CEKQPCN FG 'UVCFºUVKECUÒ #PWCTKQ 'UVCFºUVKEQ FG %WDC Ï‰‰ÂÒ'FKEK¡P Ï‰‰‰Ò *CXCPC‚ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ2TQFWEVKQP CPF 6TCFG FCVCDCUGUÒ CV YYYÔHCQÔQTI‚ CPF %GPVTCN +PVGNNKIGPEG#IGPE[Ò %WDC„ *CPFDQQM QH 6TCFG 5VCVKUVKEUÒ Ï‰‰‰Ò CVJVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓ RTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF #WIÔÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÏÏÏÏ‰‰‰‰FFFFÔÔÔÔ ,Ô,Ô 8CP5KEMNGÒ CPF 9Ô /GUUKPCÒ %WDCrU 8GIGVCDNG +PFWUVT[Ò+PVGTPCVKQPCN #ITKEWNVWTCN 6TCFG CPF &GXGNQROGPV %GPVGTÒ (QQF CPF 4GUQWTEG'EQPQOKEU &GRCTVOGPVÒ 7PKXGTUKV[ QH (NQTKFCÒ +PVGTPCVKQPCN 9QTMKPI 2CRGT 5GTKGU+9‰Í3ÍÒ (GDÔ Ï‰‰Í‚ CPF %QOOKUUKQP UVCHH VGNGRJQPG KPVGTXKGYU YKVJ OGODGTU QHVJG (NQTKFC VTQRKECN HTWKV KPFWUVT[Ô

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÌÌÌÌCCCCÔÔÔÔ 2TQFWEVKQP FCVC HTQO 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ 0CVKQPCN#ITKEWNVWTCN 5VCVKUVKECN 5GTXKEG‚ 7Ô5Ô &GRCTVOGPV QH %QOOGTEG‚ %QOOKUUKQP UVCHHGUVKOCVGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÌÌÌÌDDDDÔÔÔÔ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ 2TQFWEVKQP CPF6TCFG FCVCDCUGUÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒTGVTKGXGF ,WN[ ÎÌÌÌ‚ CPF %QOOKUUKQP CPCN[UKUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÌÌÌÌEEEEÔÔÔÔ 1HKEKPC 0CEKQPCN FG 'UVCFºUVKECUÒ #PWCTKQ 'UVCFºUVKEQ FG %WDC Ï‰‰ÂÒ'FKEK¡P Ï‰‰‰Ò *CXCPC‚ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ2TQFWEVKQP CPF 6TCFG FCVCDCUGUÒ CV YYYÔHCQÔQTI‚ CPF %GPVTCN +PVGNNKIGPEG#IGPE[Ò %WDC„ *CPFDQQM QH 6TCFG 5VCVKUVKEUÒ Ï‰‰‰Ò CV JVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓRTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF #WIÔ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÌÌÌÌFFFFÔÔÔÔ #PPG 'Ô /QUGNG[Ò #TOCPFQ 0QXC )QP\gNG\Ò /CTKC #PVQPKC(GTPCPFG\ /C[QÒ ,QJP 8CP5KEMNGÒ %CTNQU 'Ô ,CWTGIWKÒ CPF &QWINCU 'Ô 5OKVJÒ 6JG8GIGVCDNG CPF 6TQRKECN (TWKV +PFWUVTKGU KP %WDC CPF (NQTKFCÒ +PVGTPCVKQPCN#ITKEWNVWTCN 6TCFG CPF &GXGNQROGPV %GPVGTÒ (QQF CPF 4GUQWTEG 'EQPQOKEU&GRCTVOGPVÒ 7PKXGTUKV[ QH (NQTKFCÒ +PVGTPCVKQPCN 9QTMKPI 2CRGT 5GTKGU +9‰Á3ÊÒ#RTÔ Ï‰‰Á‚ CPF VGNGRJQPG KPVGTXKGYU YKVJ OGODGTU QH VJG (NQTKFC VTQRKECN HTWKVKPFWUVT[Ô

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÏÏÏÏCCCCÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ 5JKHVU KP /GTEJCPFKUG 6TCFG KPÏ‰‰‰Ò #WIÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÏÏÏÏDDDDÔÔÔÔ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ (QTGKIP #ITKEWNVWTCN 5GTXKEGÒ s9QTNF*QTVKEWNVWTCN 6TCFG CPF 7Ô5Ô 'ZRQTV 1RRQTVWPKVKGU‚ CPF %QOOKUUKQP CPCN[UKUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÏÏÏÏEEEEÔÔÔÔ 1HHKEKCN (QQF CPF #ITKEWNVWTG 1TICPK\CVKQP UVCVKUVKEU‚ %GPVTCN+PVGNNKIGPEG #IGPE[Ò %WDC„ *CPFDQQM QH 6TCFG 5VCVKUVKEUÒ Ï‰‰‰Ò CVJVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓRTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF #WIÔ

)3‰È

ÎÌÌÌ‚ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÓ(#5Ò s9QTNF *QTVKEWNVWTCN 6TCFG CPF 7Ô5Ô'ZRQTV 1RRQTVWPKVKGUÒt #WIÔ ÎÌÌÌ‚ 7PKXGTUKV[ QH (NQTKFCÒ s6JG %WDCP %KVTWU+PFWUVT[„ CP #UUGUUOGPV QH 2QVGPVKCN /CTMGV 1RRQTVWPKVKGU CHVGT .KHVKPI QH 7Ô5Ô'EQPQOKE 5CPEVKQPUÒt .C 'EQPQOºC %WDCPCÒ %'2#.Ô

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÏÏÏÏFFFFÔÔÔÔ 6JG %WDCP %KVTWU +PFWUVT[„ #P #UUGUUOGPV QH 2QVGPVKCN /CTMGV1RRQTVWPKVKGU CHVGT .KHVKPI QH 7Ô5Ô 'EQPQOKE 5CPEVKQPUÒ CPF ,CUQP .Ô (GGT CPF 6GQ#Ô $CDWPÒ s%WDC0GYUr $WUKPGUU )WKFG VQ %WDCÒt %WDC0GYUÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÎÎÎÎCCCCÔ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ 5WICTCPF 5YGGVGPGT 5KVWCVKQP CPF 1WVNQQM 4GRQTVÒ XCTKQWU KUUWGU‚ 4CY 5WICT 5RGEKCNKUVÒ6CVG ˜ .[NGÒ 0QTVJ #OGTKEC‚ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ 0CVKQPCN #ITKEWNVWTCN5VCVKUVKECN 5GTXKEGÒ %TQR 2TQFWEVKQP #PPWCN 5WOOCT[Ò XCTKQWU KUUWGU‚ CPF (Ô1Ô.KEJVÒ 9QTNF 5WICT CPF 5YGGVGPGT ;GCTDQQMÒ XCTKQWU KUUWGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÎÎÎÎDDDDÔÔÔÔ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ 5WICTCPF 5YGGVGPGT 5KVWCVKQP CPF 1WVNQQM 4GRQTVÒ XCTKQWU KUUWGU‚ 7Ô5Ô &GRCTVOGPV QH#ITKEWNVWTGÒ (5#Ò 5YGGVGPGT /CTMGV &CVCÒ XCTKQWU KUUWGU‚ CPF *CTOQPK\GF 6CTKHH5EJGFWNG QH VJG 7PKVGF 5VCVGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÎÎÎÎEEEEÔÔÔÔ (Ô1Ô .KEJVrU +PVGTPCVKQPCN 5WICT CPF 5YGGVGPGT 4GRQTV‚ CPF 7Ô5Ô&GRCTVOGPV QH #ITKEWNVWTGÒ 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ 5WICT CPF 5YGGVGPGT5KVWCVKQP CPF 1WVNQQM 4GRQTVÒ XCTKQWU KUUWGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÎÎÎÎFFFFÔÔÔÔ 7Ô5Ô &GRCTVOGPV QH #ITKEWNVWTGÒ 'EQPQOKE 4GUGCTEJ 5GTXKEGÒ 5WICTCPF 5YGGVGPGT 5KVWCVKQP CPF 1WVNQQM 4GRQTVÒ XCTKQWU KUUWGU‚ #NXCTG\‚ 5WEJNKEMKÒ ,ÔÒ753%WDC $WUKPGUU %QWPEKNÒ %WDC KP 6TCPUKVKQP 2TQLGEVÒ %WDCP +PFWUVT[ 4GXKGYÒÏ‰‰Â‚ CPF 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP UVCHH KPVGTXKGY YKVJ %WDCP UWICTQHHKEKCNÒ *CXCPCÒ %WDCÒ ,WN[ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÍÍÍÍCCCCÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ 5JKHVU KP /GTEJCPFKUG 6TCFG KPÏ‰‰‰Ô

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÍÍÍÍDDDDÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ +PFWUVT[ ˜ 6TCFG 5WOOCT[Ò&KUVKNNGF 5RKTKVUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÍÍÍÍEEEEÔÔÔÔ %WDC0GYU‚ 9QTNF &TKPM 6TGPFUÒ 06% RWDNKUJKPIÒ Ï‰‰‰Ô

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÍÍÍÍFFFFÔÔÔÔ %WDC0GYUÒ XCTKQWU KUUWGUÔ 9QTNF &TKPM 6TGPFÒ 06% 2WDNKECVKQPUÒÏ‰‰‰Ô

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÈÈÈÈCCCCÔÔÔÔ $WTGCW QH #NEQJQN 6QDCEEQ CPF (KTGCTOU‚ &GRCTVOGPV QH %QOOGTEGÒ$WTGCW QH %GPUWUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÈÈÈÈDDDDÔÔÔÔ $WTGCW QH #NEQJQN 6QDCEEQ CPF (KTGCTOU‚ &GRCTVOGPV QH %QOOGTEGÒ$WTGCW QH %GPUWUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÈÈÈÈEEEEÔÔÔÔ 6QDCEEQ /GTEJCPV #UUQEKCVKQP‚ %KICT #UUQEKCVKQP QH #OGTKECÒ %KICT+PUKFGT‚ %WDC 0GYUÒ (QTGKIP #ITKEWNVWTCN 5GTXKEGÒ 7PKVGF 0CVKQPU &CVCDCUGÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÈÈÈÈFFFFÔ s6QDCEEQ„ 'EQPQOKE 2TQLGEVKQP (QT # /CTMGV 'EQPQO[ CPF&GOQETCVKE %WDCÒt %WDC0GYU‚ /CTKQ ,Ô (GTPCPFG\ CPF (TGFGTKEQ 4Ô 2QG[ HQT VJG75 %WDC $WUKPGUU %QWPEKN‚ CPF #)4+&'%Ò +PEÔ &GEÔ Ï‰‰‰Ô

)3‰Ë

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎËËËËCCCCÔÔÔÔ 1HHKEKCN UVCVKUVKEU QH VJG $WTGCW QH VJG %GPUWU‚ 0CVKQPCN /CTKPG(KUJGTKGU 5GTXKEGÒ CPF 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎËËËËDDDDÔÔÔÔ 0CVKQPCN /CTKPG (KUJGTKGU 5GTXKEGÒ 7Ô5Ô &GRCTVOGPV QH %QOOGTEG‚7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ 2TQFWEVKQP CPF 6TCFGFCVCDCUGUÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒ TGVTKGXGF,WN[ ÎÌÌÌ‚ CPF 7Ô5Ô KPFWUVT[ EQPVCEVUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎËËËËEEEEÔÔÔÔ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ 2TQFWEVKQP CPF6TCFG FCVCDCUGUÒ CV YYYÔHCQÔQTI‚ %JWEM #FCOUÒ s#P 1XGTXKGY QH VJG %WDCP%QOOGTEKCN (KUJKPI +PFWUVT[Òt +PVGTPCVKQPCN 9QTMKPI 2CRGT 0QÔ +9‰Â3ÍÒ 7PKXGTUKV[QH (NQTKFCÒ /C[ Ï‰‰Â‚ CPF ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ ,TÔÒ s%WDC0GYUr$WUKPGUU )WKFG VQ %WDCÒt %WDC0GYUÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎËËËËFFFFÔÔÔÔ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ 2TQFWEVKQP CPF6TCFG FCVCDCUGUÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒTGVTKGXGF ,WN[ ÎÌÌÌ‚ CPF XCTKQWU KPFWUVT[ UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÁÁÁÁCCCCÔÔÔÔ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ 2TQFWEVKQP CPF6TCFG FCVCDCUGUÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒTGVTKGXGF ,WN[ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÁÁÁÁDDDDÔÔÔÔ 8CTKQWU HGTVKNK\GT KPFWUVT[ CPF VTCFG RWDNKECVKQPUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÁÁÁÁEEEEÔÔÔÔ 7PKVGF 0CVKQPUÒ (QQF CPF #ITKEWNVWTG 1TICPK\CVKQPÒ 2TQFWEVKQP CPF6TCFG FCVCDCUGUÒ CV JVVR„ÓÓCRRUÔHCQÔQTIÓRCIGÓEQNNGEVKQPU"UWDUGV CITKEWNVWTGÒTGVTKGXGF ,WN[ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÁÁÁÁFFFFÔ 7Ô5Ô &GRCTVOGPV QH %QOOGTEG‚ 7Ô5Ô +PVGTPCVKQPCN 6TCFG%QOOKUUKQP‚ 8CTKQWU HGTVKNK\GT KPFWUVT[ CPF VTCFG RWDNKECVKQPUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÊÊÊÊCCCCÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ 5JKHVU KP OGTEJCPFKUG VTCFG KPÏ‰‰‰Ò #WIWUVÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÊÊÊÊDDDDÔ +PFWUVT[ UQWTEGUÒ QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEGÒ CPF %QOOKUUKQP GUVKOCVGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÊÊÊÊEEEEÔÔÔÔ %QOOKUUKQP GUVKOCVGU DCUGF QP %+# *CPFDQQM QH 6TCFG 5VCVKUVKEUÒÏ‰‰‰Ò ,CPÒ Ï‰‰‰ CV YYYÔEKCÔIQX‚ CPF sÎÌÌÌ %QOOGTEKCN *KIJNKIJVUÒt 7Ô5Ô 6TCFGCPF %QWPEKNÒ +PEÔÒ ÎÌÌÌ CV YYYÔEWDCVTCFGÔQTIÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÊÊÊÊFFFFÔÔÔÔ %QORKNGF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEGÒ VJG 7PKVGF 5VCVGU 6TCFG %QOOKUUKQPÒ CPF XCTKQWU VTCFG LQWTPCNUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÂÂÂÂCCCCÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ 5JKHVU KP /GTEJCPFKUG 6TCFG KPÏ‰‰‰Ò #WIWUVÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÂÂÂÂDDDDÔÔÔÔ +PFWUVT[ UQWTEGUÒ 1HHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEGÒ CPF 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP UVCHH GUVKOCVGÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÂÂÂÂEEEEÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP GUVKOCVGU DCUGF QP %GPVTCN+PVGNNKIGPEG #IGPE[Ò %WDC„ *CPFDQQM QH 6TCFG 5VCVKUVKEUÒ Ï‰‰‰Ò CV

)3‰Á

JVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓRTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF #WIÔÎÌÌÌ‚ sÎÌÌÌ %QOOGTEKCN *KIJNKIJVUÒt 7Ô5Ô 6TCFG CPF %QWPEKNÒ +PEÔÒ ÎÌÌÌÒ CVYYYÔEWDCVTCFGÔQTIÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎÂÂÂÂFFFFÔÔÔÔ %QORKNGF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEGÒ VJG 7PKVGF 5VCVGU 6TCFG %QOOKUUKQP‚ CPF XCTKQWU VTCFG ,QWTPCNUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎ‰‰‰‰CCCCÔÔÔÔ %QORKNGF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEG‚ CPF 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP UVCHH GUVKOCVGU DCUGF QPXCTKQWU IQXGTPOGPV CPF KPFWUVT[ UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎ‰‰‰‰DDDDÔÔÔÔ 1HHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEG CPF 75+6%GUVKOCVGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎ‰‰‰‰EEEEÔÔÔÔ 7PKVGF 0CVKQPU VTCFG FCVCÒ 6GQ #Ô $CDWPÒ ,TÔÒ s# $WUKPGUU )WKFG VQ%WDCÒt %WDC0GYUÒ ÎÌÌÌ‚ CPF KPFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU YKVJVJG %QOOKUUKQP UVCHHÒ ,WN[ ÎÁÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÎÎÎÎ‰‰‰‰FFFFÔÔÔÔ 6GQ #Ô $CDWPÒ s# $WUKPGUU )WKFG VQ %WDCÒt %WDC0GYUÒ ÎÌÌÌ‚ CPFKPFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU YKVJ VJG %QOOKUUKQP UVCHHÒ ,WN[ ÎÁÒÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÌÌÌÌCCCCÔÔÔÔ %QORKNGF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEG‚ CPF 75+6% GUVKOCVGU DCUGF QP XCTKQWU IQXGTPOGPV CPF KPFWUVT[UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÌÌÌÌDDDDÔÔÔÔ 1HHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEG CPF 75+6%GUVKOCVGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÌÌÌÌEEEEÔÔÔÔ 7PKVGF 0CVKQPU 6TCFG FCVC‚ &TÔ ,CKOG 5WEJNKEMKÒ s%WDC 6TCPUKVKQP2TQLGEV„ %WDCP +PFWUVT[ 4GXKGYÒt 7Ô5Ô3%WDC $WUKPGUU %QWPEKNÒ Ï‰‰ÂÒ RÔ ÁÊ‚ CPF 6GQ#Ô $CDWPÒ ,TÔÒ s# $WUKPGUU )WKFG VQ %WDCÒt %WDC0GYUÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÌÌÌÌFFFFÔÔÔÔ +PFWUVT[ TGRTGUGPVCVKXGUÒ VGNGRJQPG KPVGTXKGYU YKVJ VJG %QOOKUUKQPUVCHHÒ ,WN[ ÎÁÒ #WIÔ ÏËÒ ÎÌÌÌ‚ CPF &TÔ ,CKOG 5WEJNKEMKÒ s%WDC 6TCPUKVKQP 2TQLGEV„%WDCP +PFWUVT[ 4GXKGYÒt 7Ô5Ô3%WDC $WUKPGUU %QWPEKNÒ Ï‰‰ÂÒ RÔ ÁÁ3ÁÊÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÏÏÏÏCCCCÔÔÔÔ 75+6%Ò 5JKHVU KP OGTEJCPFKUG VTCFG KP Ï‰‰‰Ò #WIWUVÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÏÏÏÏDDDDÔ %QORKNGF D[ VJG %QOOKUUKQP DCUGF QP XCTKQWU KPFWUVT[ UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÏÏÏÏEEEEÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP GUVKOCVGU‚ 'EQPQOKE4GRQTV3Ï‰‰‰Ò $CPEQ %GPVTCN FG %WDC‚ (#5r )NQDCN #ITKEWNVWTCN 6TCFG 5[UVGO WUKPIFCVC HTQO VJG 7PKVGF 0CVKQPU 5VCVKUVKECN 1HHKEGÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÏÏÏÏFFFFÔÔÔÔ %QORKNGF D[ VJG %QOOKUUKQP DCUGF QP XCTKQWU KPFWUVT[ UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÎÎÎÎCCCCÔÔÔÔ %QORKNGF HTQO FCVC UWRRNKGF D[ 7Ô5Ô )GQNQIKECN 5WTXG[ CPF 7Ô5Ô$WTGCW QH %WUVQOUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÎÎÎÎDDDDÔÔÔÔ %QORKNGF HTQO FCVC UWRRNKGF D[ 7Ô5Ô )GQNQIKECN 5WTXG[ CPF 7Ô5Ô$WTGCW QH %WUVQOUÔ

)3‰Ê

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÎÎÎÎEEEEÔÔÔÔ 6GNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHH YKVJ KPFWUVT[ QHHKEKCNUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÎÎÎÎFFFFÔÔÔÔ 7Ô5Ô )GQNQIKECN 5WTXG[Ô

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÎÎÎÎGGGGÔÔÔÔ 6GNGRJQPG KPVGTXKGY D[ %QOOKUUKQP UVCHH YKVJ KPFWUVT[TGRTGUGPVCVKXGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÍÍÍÍCCCCÔÔÔÔ %QORKNGF D[ VJG 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP HTQO QHHKEKCNUVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ 7Ô5Ô $WTGCW QH .CDQT 5VCVKUVKEUÒ CPF7Ô5Ô $WTGCW QH VJG %GPUWUÒ #PPWCN 5WTXG[ QH /CPWHCEVWTGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÍÍÍÍDDDDÔÔÔÔ %QORKNGF D[ VJG %QOOKUUKQP HTQO XCTKQWU UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÍÍÍÍEEEEÔÔÔÔ %GPVTCN +PVGNNKIGPEG #IGPE[Ò %WDC„ *CPFDQQM QH 6TCFG 5VCVKUVKEUÒÏ‰‰‰Ò CV JVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓRTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF#WIÔ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÍÍÍÍFFFFÔÔÔÔ 6GQ #Ô $CDWPÒ s# $WUKPGUU )WKFG VQ %WDCÒt %WDC0GYUÒ ÎÌÌÌ‚ CPF753%WDC $WUKPGUU %QWPEKNÒ %WDC 6TCPUKVKQP 2TQLGEVÒ %WDCP +PFWUVT[ 4GXKGYÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÈÈÈÈCCCCÔÔÔÔ %QORKNGF HTQO $WTGCW QH VJG %GPUWUÒ %GPUWU QH /CPWHCEVWTGUÒ CPFFCVC HTQO VJG $WTGCW QH .CDQT 5VCVKUVKEU +PVGTPGV UKVG HQT 5+% ÍÊÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÈÈÈÈDDDDÔ %QORKNGF D[ VJG %QOOKUUKQP UVCHH HTQO XCTKQWU UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÈÈÈÈEEEEÔÔÔÔ %GPVTCN +PVGNNKIGPEG #IGPE[Ò %WDC„ *CPFDQQM QH 6TCFG 5VCVKUVKEUÒÏ‰‰‰Ò CV JVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓRTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF#WIÔ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÈÈÈÈFFFFÔÔÔÔ 6GQ #Ô $CDWPÒ s# $WUKPGUU )WKFG VQ %WDCÒt %WDC0GYUÒ ÎÌÌÌ‚ CPF753%WDC $WUKPGUU %QWPEKNÒ %WDC 6TCPUKVKQP 2TQLGEVÒ %WDCP +PFWUVT[ 4GXKGYÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍËËËËCCCCÔÔÔÔ%QORKNGF D[ VJG %QOOKUUKQP HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô&GRCTVOGPV QH %QOOGTEGÒ 7Ô5Ô $WTGCW QH .CDQT 5VCVKUVKEUÒ CPF 7Ô5Ô $WTGCW QH VJG%GPUWUÒ #PPWCN 5WTXG[ QH /CPWHCEVWTGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍËËËËDDDDÔÔÔÔ%QORKNGF D[ VJG %QOOKUUKQP HTQO XCTKQWU UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍËËËËEEEEÔÔÔÔ %GPVTCN +PVGNNKIGPEG #IGPE[Ò %WDC„ *CPFDQQM QH 6TCFG 5VCVKUVKEUÒÏ‰‰‰Ò CV JVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓRTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF#WIÔ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍËËËËFFFFÔÔÔÔ ,CUQP .Ô (GGT CPF 6GQ #Ô $CDWPÒ s%WDC0GYUr $WUKPGUU )WKFG VQ%WDCÒt %WDC0GYUÒ ÎÌÌÌ‚ CPF 753%WDC $WUKPGUU %QWPEKNÒ %WDC 6TCPUKVKQP 2TQLGEVÒ%WDCP +PFWUVT[ 4GXKGYÒ RWDNKE EQORCP[ &GRCTVOGPV QH %QOOGTEG FQEWOGPVU CPFRTGUU TGRQTVUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÁÁÁÁCCCCÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ 5JKHVU KP OGTEJCPFKUG VTCFG KPÏ‰‰‰Ò #WIÔ ÎÌÌÌ CPF QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÁÁÁÁDDDDÔÔÔÔ 1HHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEGÒ CPF 7Ô5Ô+PVGTPCVKQPCN 6TCFG %QOOKUUKQP GUVKOCVGUÔ

)3‰Â

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÁÁÁÁEEEEÔÔÔÔ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP GUVKOCVGU DCUGF QP %GPVTCN+PVGNNKIGPEG #IGPE[Ò %WDC„ *CPFDQQM QH 6TCFG 5VCVKUVKEUÒ Ï‰‰‰Ò CVJVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓRTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF ,WN[ ÎÌÒÎÌÌÌ‚ CPF 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP UVCHH KPVGTXKGYU YKVJ %WDCPQHHKEKCNUÒ 0GY ;QTMÒ 0GY ;QTMÒ ,WN[ Ê CPF 9QTNF (CEVDQQM %WDCÒ CVJVVR„ÓÓYYYÔVTCFGRQTVÔQTIÒ TGVTKGXGF #WIÔ ÈÒ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÁÁÁÁFFFFÔÔÔÔ %WDCP QHHKEKCNUÒ KPVGTXKGY D[ 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPUVCHHÒ 0GY ;QTMÒ 0;‚ CPF s%WDC„ 9QTNF (CEVDQQMtÒ CV JVVR„ÓÓYYYÔVTCFGRQTVÔQTI‚CPF s%WDC (TGG <QPGUtÒ CV JVVR„ÓÓYYYÔEWDCDK\ÔEQOÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÊÊÊÊCCCCÔÔÔÔ %QORKNGF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEGÒ CPF 7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQP GUVKOCVGU DCUGF QP XCTKQWUIQXGTPOGPV CPF KPFWUVT[ UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÊÊÊÊDDDDÔÔÔÔ 1HHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH %QOOGTEG CPF 7Ô5Ô+PVGTPCVKQPCN 6TCFG %QOOKUUKQP UVCHH GUVKOCVGUÔ

6CDNG )3ÍÊEÔ %QOOKUUKQP GUVKOCVGU DCUGF QP %GPVTCN +PVGNNKIGPEG #IGPE[Ò %WDC„*CPFDQQM QH 6TCFG 5VCVKUVKEUÒ Ï‰‰‰Ò CV JVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓRTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF #WIÔ ÎÌÌÌ‚ CPF sÎÌÌÌ %QOOGTEKCN *KIJNKIJVUÒt7Ô5Ô 6TCFG CPF %QWPEKNÒ +PEÔÒ ÎÌÌÌ CV YYYÔEWDCVTCFGÔQTIÒ TGVTKGXGF ,WN[ ËÒ ÎÌÌÌÒRRÔ Ï3ÏÎ‚ CPF 2CWNC 5VGTPÒ +ORCEV QP VJG 7Ô5Ô 'EQPQO[ QH .KHVKPI VJG (QQF CPF/GFKECN 'ODCTIQ QP %WDC ı5VGTP )TQWRÒ +PEÔ„ 9CUJKPIVQPÒ &%Ò ,WPG ÏËÒ ÎÌÌÌÙÒRRÔ ÍÒÈÒÏÎÒ CPF ÏÍÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÊÊÊÊFFFFÔÔÔÔ +ORCEV QH VJG 7Ô5Ô 'ODCTIQ QP *GCNVJ CPF 0WVTKVKQP KP %WDCı#OGTKECP #UUQEKCVKQP QH 9QTNF *GCNVJ„ 9CUJÔ &Ô%ÔÒ Ï‰‰ÊÙÒ RRÔ ÈË3ÊÍ‚ 7Ô5Ô 5VCVG&GRVÔÒ $WTGCW QH +PVGT3#OGTKECP #HHCKTUÒ (CEV 5JGGV„ 7Ô5Ô 'ODCTIQ CPF *GCNVJECTGKP %WDC„ /[VJ 8GTUWU 4GCNKV[Ò #WIÔ ËÒ Ï‰‰ÊÒ RRÔ Ï3ËÒ CV JVVR„ÓÓYYYÔUVCVGÔIQXÒTGVTKGXGF ,WN[ ËÒ ÎÌÌÌ‚ CPF +ORCEV QP VJG 7Ô5Ô 'EQPQO[ QH .KHVKPI VJG (QQF CPF/GFKECN 'ODCTIQ QP %WDC ı5VGTP )TQWRÒ +PEÔ„ 9CUJÔ &Ô%ÔÒ ,WPG ÏËÒ ÎÌÌÌÙÒRRÔ ÏÎ3ÏÈÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÂÂÂÂCCCCÔÔÔÔ %QORKNGF HTQO FCVC UWRRNKGF D[ 7Ô5Ô )GQNQIKECN 5WTXG[‚ CPF 7Ô5Ô$WTGCW QH %WUVQOUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÂÂÂÂDDDDÔÔÔÔ7Ô5Ô +PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ )TC[ 2QTVNCPF %GOGPV CPF%GOGPV %NKPMGT HTQO ,CRCPÒ /GZKEQÒ CPF 8GPG\WGNCÒ KPXGUVKICVKQP 0QUÔ ÍÌÍ36#3ÎÏı4GXKGYÙ CPF ÊÍÏ36#3ÈËÏÒ ÈÁÏÒ CPF ËÏ‰ ı4GXKGYÙÒ 7Ô5Ô +PVGTPCVKQPCN 6TCFG%QOOKUUKQP RWDNKECVKQP 0QÔ ÍÍÁÏÒ 1EVÔ ÎÌÌÌÒ CPF HTQO 7Ô5Ô &GRCTVOGPV QH%QOOGTEGÒ +PVGTPCVKQPCN 6TCFG #FOKPKUVTCVKQPÒ # %QORGVKVKXG #UUGUUOGPV QH VJG7Ô5Ô %GOGPV +PFWUVT[Ò ı9CUJKPIVQP„ )21Ò Ï‰ÂÊÙÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÂÂÂÂEEEEÔÔÔÔ 7Ô5Ô )GQNQIKECN 5WTXG[‚ 4GXKUVC %GOGPVQ [ *QTOKIQPÒ 0QÔ ÂÌÊÒ (GDÒÎÌÌÌ‚ CPF %QOOKUUKQP GUVKOCVGU ECNEWNCVGF HTQO FCVC UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍÂÂÂÂFFFFÔÔÔÔ 6GQ #Ô $CDWPÒ s%WDCrU %GOGPV +PFWUVT[Òt %WDC KP 6TCPUKVKQPÒ XQNÔ ÊÒ#UUQEKCVKQP HQT VJG 5VWF[ QH VJG %WDCP 'EQPQO[Ò Ï‰‰ÊÒ #WIÔ Ê3‰Ò Ï‰‰ÊÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍ‰‰‰‰CCCCÔÔÔÔ %QORKNGF HTQO %QOOKUUKQP GUVKOCVGU CPF QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô&GRCTVOGPV QH %QOOGTEGÔ

)3‰‰

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍ‰‰‰‰DDDDÔÔÔÔ +PFWUVT[ UQWTEGUÒ QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEGÒ CPF VJG %QOOKUUKQP GUVKOCVGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍ‰‰‰‰EEEEÔÔÔÔ +PFWUVT[ UQWTEGUÒ QHHKEKCN UVCVKUVKEU QH VJG 7PKVGF 0CVKQPUÒ CPF VJG%QOOKUUKQP GUVKOCVGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÍÍÍÍ‰‰‰‰FFFFÔÔÔÔ +PFWUVT[ UQWTEGUÒ QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEGÒ CPF VJG %QOOKUUKQP GUVKOCVGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÌÌÌÌCCCCÔÔÔÔ +PFWUVT[ UQWTEGUÒ QHHKEKCN UVCVKUVKEU QH VJG 7PKVGF 0CVKQPUÒ CPF VJG%QOOKUUKQP GUVKOCVGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÌÌÌÌDDDDÔÔÔÔ +PFWUVT[ UQWTEGUÒ QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEGÒ CPF VJG %QOOKUUKQP GUVKOCVGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÌÌÌÌEEEEÔÔÔÔ +PFWUVT[ UQWTEGUÒ QHHKEKCN UVCVKUVKEU QH VJG 7PKVGF 0CVKQPUÒ CPF VJG%QOOKUUKQP GUVKOCVGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÌÌÌÌFFFFÔÔÔÔ %QORKNGF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô &GRCTVOGPV QH%QOOGTEG‚ VJG 7PKVGF 5VCVGU 6TCFG %QOOKUUKQP‚ CPF XCTKQWU VTCFG LQWTPCNUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÏÏÏÏCCCCÔÔÔÔ %QORKNGF HTQO 5JKHVU KP /GTEJCPFKUG 6TCFG KP Ï‰‰‰Ò 7Ô5Ô+PVGTPCVKQPCN 6TCFG %QOOKUUKQPÒ #WIÔ ÎÌÌÌ‚ CPF HTQO QHHKEKCN UVCVKUVKEU QH VJG 7Ô5Ô&GRCTVOGPV QH %QOOGTEGÒ GZEGRV CU PQVGFÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÏÏÏÏDDDDÔÔÔÔ %QORKNGF D[ VJG %QOOKUUKQP HTQO XCTKQWU KPFWUVT[ UQWTEGUÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÏÏÏÏEEEEÔÔÔÔ +ORQTV FCVC YGTG EQORNKGF HTQO QHHKEKCN UVCVKUVKEU QH '74156#6%&341/Ò s+PVTC CPF 'ZVTC '7 6TCFGÒt Ï‰‰‰Ò .WZGODWTI CPF %GPVTCN +PVGNNKIGPEG#IGPE[Ò %WDC„ *CPFDQQM QH 6TCFG 5VCVKUVKEUÒ Ï‰‰‰Ò CVJVVR„ÓÓYYYÔQFEKÔIQXÓEKCÓFKÓRTQFWEVUÓEWDCAJDM‰‰ÓKPFGZÔJVONÒ TGVTKGXGF #WIÔÎÌÌÌ‚ CPF s5RQTVKPI IQQFU UGEVQT UGGU ITQYVJ DWV NKVVNG TGXGPWG HQT GZRQTVUÒt%WDC0GYUÒ #RTÔ ÎÌÌÌÔ

6666CCCCDDDDNNNNGGGG ))))3333ÈÈÈÈÏÏÏÏFFFFÔÔÔÔ %QORKNGF D[ VJG %QOOKUUKQP HTQO XCTKQWU KPFWUVT[ UQWTEGUÔ

ITC: The Economic Impact of US Sanctions with Respect to Cuba

Documents

Transcript of ITC: The Economic Impact of US Sanctions with Respect to Cuba