Chapter Two – Minimum Initial Service Package (MISP)

*VU[LU[Z

05;96+<*;065

6)1,*;0=,:

796.9(4405.

9/SLHKHNLUJ`HUK9/VMÄJLY

7YL]LU[ZL_\HS]PVSLUJLHUKYLZWVUK[V[OLULLKZVMZ\Y]P]VYZ

9LK\JL[OL[YHUZTPZZPVUVM/0=

7YL]LU[L_JLZZTH[LYUHSHUKUL^IVYUTVYIPKP[`HUKTVY[HSP[`

:\WWSPLZ[VPTWSLTLU[[OL40:7

7SHU[VPU[LNYH[LJVTWYLOLUZP]L9/ZLY]PJLZPU[V

WYPTHY`OLHS[OJHYL

/<4(590./;:(5+3,.(3*65:0+,9(;065:

4650;6905.

-<9;/,99,(+05.

0U[YVK\J[PVU

;OPZJOHW[LYKLZJYPILZ[OL4PUPT\T0UP[PHS:LY]PJL7HJRHNL40:7[VHKKYLZZYLWYVK\J [P]LOLHS[O9/ULLKZVMWVW\SH[PVUZH[[OLVUZL[VMHULTLYNLUJ`;OL40:7KLÄULZ ^OPJO9/ZLY]PJLZHYLTVZ[PTWVY[HU[PUWYL]LU[PUNTVYIPKP[`HUKTVY[HSP[`WHY[PJ\SHYS` HTVUN^VTLUHUKNPYSZPUO\THUP[HYPHUZL[[PUNZ5LNSLJ[PUNYLWYVK\J[P]LOLHS[OPU O\THUP[HYPHUZL[[PUNZOHZZLYPV\ZJVUZLX\LUJLZ!TH[LYUHSHUKUL^IVYUKLH[OZ"ZL_\HS ]PVSLUJLHUKZ\IZLX\LU[JVTWSPJH[PVUZZ\JOHZ[YH\THZL_\HSS`[YHUZTP[[LKPUMLJ[PVUZ :;0Z\U^HU[LKWYLNUHUJPLZHUK\UZHMLHIVY[PVUZ"HUK[OLWVZZPISLZWYLHKVM/0=(SS HJ[P]P[PLZVM[OL40:7ULLK[VILPTWSLTLU[LKZPT\S[HULV\ZS`;OL40:7PZH:WOLYL Z[HUKHYK

;OL40:7^HZKL]LSVWLKIHZLKVU^LSSKVJ\TLU[LKL]PKLUJLVM9/ULLKZPUO\THUP [HYPHUZL[[PUNZHUK[OLYLMVYLJHUILPTWSLTLU[LK^P[OV\[HUPUP[PHSULLKZHZZLZZTLU[ /V^L]LYZVTLIHZPJKLTVNYHWOPJHUKOLHS[OPUMVYTH[PVUVM[OLHMMLJ[LKWVW\SH[PVU T\Z[ILJVSSLJ[LK[OYV\NO[OLOLHS[OJVVYKPUH[PVUTLJOHUPZTMVYVW[PT\TKLSP]LY`VM 40:7HJ[P]P[PLZ

0[PZPTWVY[HU[[VUV[L[OH[[OLJVTWVULU[ZVM[OL40:7MVYTHTPUPT\TYLX\PYLTLU[ 7SHUMVYHUKPTWSLTLU[JVTWYLOLUZP]L9/ZLY]PJLZHZV\[SPULKPU*OHW[LYZ[VPU [OPZ-PLSK4HU\HSHZZVVUHZ[OLZP[\H[PVUHSSV^Z,]LUPUJPYJ\TZ[HUJLZ^OLYLV[OLY JVTWVULU[ZVMYLWYVK\J[P]LOLHS[OHYLWYV]PKLKLUZ\YL[OH[[OL40:7VIQLJ[P]LZHYLHSZV PTWSLTLU[LKHZ[OL`HYLWYPVYP[`

4PUPT\T

0UP[PHS:LY]PJL

7HJRHNL

4PUPT\T0UP[PHS

:LY]PJL7HJRHNL

6IQLJ[P]LZVM[OL40:7

‹ ,5:<9,[OLOLHS[OZLJ[VYJS\Z[LYPKLU[PÄLZHUVYNHUPaH[PVU[VSLHKPTWSLTLU[H [PVUVM[OL40:7;OLSLHK9/VYNHUPaH[PVU!

UVTPUH[LZHU9/VMÄJLY[VWYV]PKL[LJOUPJHSHUKVWLYH[PVUHSZ\WWVY[[VHSS HNLUJPLZWYV]PKPUNOLHS[OZLY]PJLZ

OVZ[ZYLN\SHYZ[HRLOVSKLYTLL[PUNZ[VMHJPSP[H[LPTWSLTLU[H[PVUVM[OL40:7

YLWVY[ZIHJR[V[OLOLHS[OZLJ[VYJS\Z[LYTLL[PUNZVUHU`PZZ\LZYLSH[LK[V 40:7PTWSLTLU[H[PVU

ZOHYLZPUMVYTH[PVUHIV\[[OLH]HPSHIPSP[`VM9/YLZV\YJLZHUKZ\WWSPLZ ‹ 79,=,5;(5+4(5(.,[OLJVUZLX\LUJLZVMZL_\HS]PVSLUJL!

7\[PUWSHJLTLHZ\YLZ[VWYV[LJ[HMMLJ[LKWVW\SH[PVUZWHY[PJ\SHYS`^VTLUHUK NPYSZMYVTZL_\HS]PVSLUJL

4HRLJSPUPJHSJHYLH]HPSHISLMVYZ\Y]P]VYZVMYHWL

,UZ\YL[OLJVTT\UP[`PZH^HYLVM[OLH]HPSHISLJSPUPJHSZLY]PJLZ ‹ 9,+<*,/0=[YHUZTPZZPVU!

,UZ\YLZHMLISVVK[YHUZM\ZPVUWYHJ[PJL

-HJPSP[H[LHUKLUMVYJLYLZWLJ[MVYZ[HUKHYKWYLJH\[PVUZ

4HRLMYLLJVUKVTZH]HPSHISL

‹ 79,=,5;L_JLZZTH[LYUHSHUKUL^IVYUTVYIPKP[`HUKTVY[HSP[`!

,UZ\YLH]HPSHIPSP[`VMLTLYNLUJ`VIZ[L[YPJJHYL,T6*HUKUL^IVYUJHYL ZLY]PJLZPUJS\KPUN!

Z ([OLHS[OMHJPSP[PLZ!ZRPSSLKIPY[OH[[LUKHU[ZHUKZ\WWSPLZMVYUVYTHSIPY[OZ HUKTHUHNLTLU[VMVIZ[L[YPJHUKUL^IVYUJVTWSPJH[PVUZ

Z ([YLMLYYHSOVZWP[HSZ!ZRPSSLKTLKPJHSZ[HMMHUKZ\WWSPLZMVYTHUHNLTLU[VM VIZ[L[YPJHUKUL^IVYULTLYNLUJPLZ

,Z[HISPZOHYLMLYYHSZ`Z[LT[VMHJPSP[H[L[YHUZWVY[HUKJVTT\UPJH[PVUMYVT[OL JVTT\UP[`[V[OLOLHS[OJLU[YLHUKIL[^LLUOLHS[OJLU[YLHUKOVZWP[HS

7YV]PKLJSLHUKLSP]LY`RP[Z[V]PZPIS`WYLNUHU[^VTLUHUKIPY[OH[[LUKHU[Z[V

WYVTV[LJSLHUOVTLKLSP]LYPLZ^OLUHJJLZZ[VHOLHS[OMHJPSP[`PZUV[WVZZPISL ‹ 73(5MVYJVTWYLOLUZP]L9/ZLY]PJLZPU[LNYH[LKPU[VWYPTHY`OLHS[OJHYL7/*

HZ[OLZP[\H[PVUWLYTP[Z:\WWVY[[OLOLHS[OZLJ[VYJS\Z[LYWHY[ULYZ[V!

*VVYKPUH[LVYKLYPUN9/LX\PWTLU[HUKZ\WWSPLZIHZLKVULZ[PTH[LKHUK VIZLY]LKJVUZ\TW[PVU

*VSSLJ[L_PZ[PUNIHJRNYV\UKKH[H

0KLU[PM`Z\P[HISLZP[LZMVYM\[\YLZLY]PJLKLSP]LY`VMJVTWYLOLUZP]L9/ZLY]PJLZ

(ZZLZZZ[HMMJHWHJP[`[VWYV]PKLJVTWYLOLUZP]L9/ZLY]PJLZHUKWSHUMVY [YHPUPUNYL[YHPUPUNVMZ[HMM

6IQLJ[P]LZ

;OLVIQLJ[P]LVM[OPZJOHW[LYPZ[VWYV]PKLPUMVY TH[PVUHUKN\PKHUJLMVY9/VMÄJLYZWYVNYHTTL THUHNLYZHUKZLY]PJLWYV]PKLYZ^VYRPUNPU O\THUP[HYPHUZL[[PUNZVU!

‹ [OLYVSLHUKM\UJ[PVUZVM[OLSLHK9/ HNLUJ`HUK9/VMÄJLY"

‹ WYL]LU[PVUVMZL_\HS]PVSLUJLHUKJSPUPJHS THUHNLTLU[VM[OLJVUZLX\LUJLZVMYHWL" ‹ WYPVYP[`PU[LY]LU[PVUZMVYYLK\JPUN/0=

[YHUZTPZZPVU"

‹ WYPVYP[`PU[LY]LU[PVUZMVYYLK\JPUNTH[LYUHS HUKUL^IVYUTVYIPKP[`HUKTVY[HSP[`" ‹ WSHUUPUNMVYJVTWYLOLUZP]L9/ZLY]PJLZ

PU[LNYH[PVUPU[VWYPTHY`OLHS[OJHYLHZ[OL ZP[\H[PVUZ[HIPSPaLZ"

‹ [OLZ\WWSPLZULLKLK[VPTWSLTLU[[OL40:7

7YVNYHTTPUN

9/SLHKHNLUJ`HUK9/VMÄJLY

-YVT[OLILNPUUPUNVM[OLYLZWVUZLPULHJO O\THUP[HYPHUZL[[PUN[OLOLHS[OZLJ[VYVYOLHS[O JS\Z[LYT\Z[PKLU[PM`HSLHK9/VYNHUPaH[PVU ;OPZJHUILHUPU[LYUH[PVUHS5.6[OL4PUPZ[Y` VM/LHS[O46/VYH<5HNLUJ`;OLUVTPUH[LK VYNHUPaH[PVU^OPJOPZ[OLVULPKLU[PÄLKHZOH]PUN [OLTVZ[JHWHJP[`[VM\SÄS[OPZYVSLPTTLKPH[LS` KLKPJH[LZHM\SS[PTL9/VMÄJLYMVYHTPUPT\T WLYPVKVM[OYLLTVU[OZ[VWYV]PKLVWLYH[PVUHS HUK[LJOUPJHSZ\WWVY[[V[OLOLHS[OWHY[ULYZHUK [VLUZ\YL[OLWYPVYP[PaH[PVUVMYLWYVK\J[P]LOLHS[O HUKHJOPL]LNVVKJV]LYHNLVM40:7ZLY]PJLZ

;VLUZ\YL40:7PTWSLTLU[H[PVU[OLMVSSV^PUN T\Z[ILKVUL!

‹ ;OLOLHS[OZLJ[VYJS\Z[LYPKLU[PÄLZHSLHK 9/VYNHUPaH[PVU

‹ ;OLSLHK9/VYNHUPaH[PVUW\[ZPUWSHJLHU 9/VMÄJLYZLL)V_WMVY9/VMÄJLY [LYTZVMYLMLYLUJL^OVM\UJ[PVUZ^P[OPU[OL OLHS[OZLJ[VYJS\Z[LY;OL9/VMÄJLYZ\W

WVY[LKI`[OLSLHK9/VYNHUPaH[PVULUZ\YLZ [OH[!

HSSOLHS[OHNLUJPLZ^VYRPUNPULHJOVM[OL JYPZPZHYLHZHKKYLZZYLWYVK\J[P]LOLHS[O"

YLN\SHY9/Z[HRLOVSKLYTLL[PUNZHYLOLSK [VJVYYLJ[S`LZ[HISPZO[OL40:7"

PUMVYTH[PVUMYVT[OLZLTLL[PUNZPZZOHYLK HUKKPZJ\ZZLKPU[OLNLULYHSOLHS[OZLJ [VYJS\Z[LYJVVYKPUH[PVUTLL[PUNZ

6WLYH[PVUHSHUK[LJOUPJHSZ\WWVY[PZ WYV]PKLKMVYOLHS[OWHY[ULYZ[VPTWSLTLU[ [OL40:7PUHSSSVJH[PVUZHMMLJ[LKI`[OL LTLYNLUJ`;OPZPUJS\KLZ!

NP]PUNN\PKHUJLVUHUK[LJOUPJHSZ\WWVY[ MVY[OLJVVYKPUH[LKWYVJ\YLTLU[VM9/ Z\WWSPLZ"

PKLU[PM`PUNZRPSSLKZ[HMM[VPTWSLTLU[40:7 ZLY]PJLZ

7YL]LU[PVUVMHUKYLZWVUZL[V

ZL_\HS]PVSLUJL

0UVYKLY[VWYL]LU[ZL_\HS]PVSLUJLHUKYLZWVUK [V[OLULLKZVMZ\Y]P]VYZMYVT[OLVUZL[VMHU LTLYNLUJ`W\[PUWSHJL!

‹ TLJOHUPZTZ[VWYV[LJ[[OLHMMLJ[LKWVW\SH [PVUMYVTZL_\HS]PVSLUJL"

‹ JSPUPJHSZLY]PJLZ[VJHYLMVYZ\Y]P]VYZVMYHWL ‹ JVTT\UP[`H^HYLULZZVM[OLH]HPSHISLZLY

]PJLZMVYYHWLZ\Y]P]VYZ

7YL]LU[ZL_\HS]PVSLUJL

:L_\HS]PVSLUJLOHZILLUYLWVY[LKMYVTTVZ[ O\THUP[HYPHUZL[[PUNZPUJS\KPUN[OVZLJH\ZLKI` UH[\YHSKPZHZ[LYZ(SSHJ[VYZPUO\THUP[HYPHUZL[ [PUNZT\Z[ILH^HYLVM[OLYPZRVMZL_\HS]PVSLUJL HUKJVVYKPUH[LT\S[PZLJ[VYHSHJ[P]P[PLZ[VWYL]LU[ P[HUKWYV[LJ[[OLHMMLJ[LKWVW\SH[PVUPUWHY[PJ\ SHY^VTLUHUKNPYSZ;OL9/VMÄJLYT\Z[KPZJ\ZZ [OLPZZ\LVMZL_\HS]PVSLUJLPUOLHS[OJVVYKPUH [PVUTLL[PUNZ0UJVSSHIVYH[PVU^P[O[OLV]LYHSS OLHS[OZLJ[VYJS\Z[LYTLJOHUPZT[OL9/VMÄJLY HUK9/WYVNYHTTLZ[HMMT\Z[!

)V_!9/6MÄJLY;LYTZVM9LMLYLUJL

;OL9/VMÄJLYPZYLZWVUZPISLMVYZ\WWVY[PUNOLHS[OZLJ[VYJS\Z[LYWHY[ULYZ[VPTWSLTLU[[OL 40:7HUKWSHUMVYJVTWYLOLUZP]L9/ZLY]PJLKLSP]LY`;OL9/VMÄJLY»ZYVSLPZ[V!

‹ JVVYKPUH[LJVTT\UPJH[LHUKJVSSHIVYH[L^P[O[OLOLHS[OZLJ[VYVYOLHS[OJS\Z[LYJVVYKP UH[VYHUKHJ[P]LS`WHY[PJPWH[LPUOLHS[OJVVYKPUH[PVUTLL[PUNZWYV]PKPUNPUMVYTH[PVUHUK YHPZPUNZ[YH[LNPJHUK[LJOUPJHSPZZ\LZHUKJVUJLYUZ"

‹ Z\WWVY[[OLJVVYKPUH[LKWYVJ\YLTLU[VMYLMLYLUJLTH[LYPHSZHUKZ\WWSPLZ"

‹ OVZ[YLN\SHY9/Z[HRLOVSKLYTLL[PUNZH[YLSL]HU[UH[PVUHSZ\IUH[PVUHSYLNPVUHSSVJHS SL]LSZ[VWYVISLTZVS]LHUKZ[YH[LNPaL[OLPTWSLTLU[H[PVUVM[OL40:7HUK[VWYV]PKL 40:7YLZV\YJLTH[LYPHSZ"

‹ LUZ\YLYLN\SHYJVTT\UPJH[PVUHTVUNHSSSL]LSZHUKYLWVY[IHJRVURL`JVUJS\ZPVUZJOHS SLUNLZYLX\PYPUNYLZVS\[PVULNWVSPJ`VYV[OLYIHYYPLYZ[OH[YLZ[YPJ[[OLWVW\SH[PVU»ZHJ JLZZ[V9/ZLY]PJLZ[V[OLV]LYHSSOLHS[OJVVYKPUH[PVUTLJOHUPZT0KLU[PM`Z`ULYNPLZHUK NHWZHUKH]VPKK\WSPJH[PVUVMLMMVY[ZHUKWHYHSSLSZ[Y\J[\YLZ"

‹ WYV]PKL[LJOUPJHSHUKVWLYH[PVUHSN\PKHUJLVU40:7PTWSLTLU[H[PVUHUKH\KPLUJLZWL JPÄJVYPLU[H[PVUZLZZPVUZ^OLUHUK^OLYLMLHZPISLLNMVYZLY]PJLWYV]PKLYZJVTT\UP[` OLHS[O^VYRLYZWYVNYHTTLZ[HMMHUK[OLHMMLJ[LKWVW\SH[PVUPUJS\KPUNHKVSLZJLU[Z ‹ SPHPZL^P[OV[OLYZLJ[VYZWYV[LJ[PVU^H[LYHUKZHUP[H[PVUJVTT\UP[`ZLY]PJLZJHTWJV

VYKPUH[PVUL[JHKKYLZZPUN9/YLSH[LKJVUJLYUZ"

‹ Z\WWVY[OLHS[OWHY[ULYZ[VZLLR9/M\UKPUN[OYV\NOO\THUP[HYPHUWSHUUPUNWYVJLZZLZHUK HWWLHSZPUJVVYKPUH[PVU^P[O[OLOLHS[OZLJ[VYJS\Z[LY

;OL9/VMÄJLYT\Z[PKLU[PM`HUK\UKLYZ[HUKHUKWYV]PKLPUMVYTH[PVUHIV\[!

‹ [OLLSLTLU[ZVMUH[PVUHSHUKOVZ[JV\U[Y`WVSPJPLZYLN\SH[PVUZHUKJ\Z[VTHY`SH^Z[OH[!

Z\WWVY[9/ZLY]PJLZMVY[OLHMMLJ[LKWVW\SH[PVU

JYLH[LIHYYPLYZHUKYLZ[YPJ[HJJLZZ[V9/ZLY]PJLZ

‹ YLSL]HU[46/WYV[VJVSZMVYZ[HUKHYKPaLKJHYLLNWYV[VJVSZMVYJSPUPJHSTHUHNLTLU[VM YHWLZ\Y]P]VYZ"YLMLYYHSTLJOHUPZTZMVYVIZ[L[YPJLTLYNLUJPLZ"HUK^OLUWSHUUPUNMVY JVTWYLOLUZP]L9/ZLY]PJLZ:;0Z`UKYVTPJTHUHNLTLU[HUKMHTPS`WSHUUPUNWYV[VJVSZ

;OL9/VMÄJLY^VYRZ^P[OPU[OLJVU[L_[VMV]LYHSSOLHS[OZLJ[VYJS\Z[LYJVVYKPUH[PVUTLJOH UPZT[VVI[HPUHUK\ZLPUMVYTH[PVU!

‹ <ZL[OL40:7JOLJRSPZ[ZLLWHNL[VTVUP[VYZLY]PJLZ*VSSLJ[ZLY]PJLKLSP]LY`PUMVYTH [PVUHUHS`ZLÄUKPUNZHUKHJ[VUPKLU[PÄLKNHWZHUKV]LYSHWZ

KYLUOH]LHJJLZZ[VIHZPJOLHS[OZLY]PJLZ PUJS\KPUNZL_\HSHUK9/ZLY]PJLZ"

‹ KLZPNUHUKSVJH[LOLHS[OMHJPSP[PLZ[V LUOHUJLWO`ZPJHSZLJ\YP[`PUJVUZ\S[H[PVU ^P[O[OLWVW\SH[PVUPUWHY[PJ\SHY^VTLU HUKHKVSLZJLU[Z"

‹ JVUZ\S[^P[OZLY]PJLWYV]PKLYZHUKWH[PLU[Z HIV\[ZLJ\YP[`PU[OLOLHS[OMHJPSP[PLZ" ‹ SVJH[LZLWHYH[LTHSLHUKMLTHSLSH[YPULZ

HUK^HZOPUNHYLHZPU[OLOLHS[OMHJPSP[`PUH ZLJ\YLSVJH[PVU^P[OHKLX\H[LWH[OSPNO[PUN H[UPNO[HUKLUZ\YLKVVYZSVJRMYVT[OL PUZPKL"

‹ LUZ\YLHSSL[OUPJZ\INYV\WSHUN\HNLZHYL YLWYLZLU[LKHTVUNZLY]PJLWYV]PKLYZVY PU[LYWYL[LYZHYLH]HPSHISL"

‹ OPYLMLTHSLZLY]PJLWYV]PKLYZJVTT\UP[` OLHS[O^VYRLYZWYVNYHTTLZ[HMMHUKPU[LY WYL[LYZ"

‹ PUMVYTZLY]PJLWYV]PKLYZVM[OLPTWVY[HUJL VMTHPU[HPUPUNJVUÄKLU[PHSP[`HUKOH]L [OLTZPNUHUKHIPKLI`HJVKLVMJVUK\J[ HNHPUZ[ZL_\HSL_WSVP[H[PVUHUKHI\ZL:,(" ‹ LUZ\YL[OH[JVKLZVMJVUK\J[HUKYLWVY[PUN

TLJOHUPZTZVU:,(I`OLHS[OZ[HMMHYLPU WSHJLHZ^LSSHZYLSL]HU[W\UP[P]LTLHZ\YLZ [VLUMVYJL[OLT

9LZWVUK[V[OLULLKZVM

YHWLZ\Y]P]VYZ

0UVYKLY[VWYL]LU[HUKTHUHNLWVZZPISLOLHS[O JVUZLX\LUJLZYHWLZ\Y]P]VYZT\Z[OH]LHJJLZZ [VJSPUPJHSJHYLPUJS\KPUNZ\WWVY[P]LJV\UZLSSPUN HZZVVUHZWVZZPISLHM[LY[OLPUJPKLU[,UZ\YL OLHS[OJHYLZLY]PJLZJHUWYV]PKLZ\JOJHYLH[[OL VUZL[VMHO\THUP[HYPHUYLZWVUZL

:\Y]P]VYZTH`HSZVULLKWYV[LJ[PVUHUKWZ`JOV ZVJPHSHUKSLNHSZ\WWVY[(ZZVVUHZWVZZPISL Z\WWVY[HWYVJLZZ[VPKLU[PM`JSLHYKP]PZPVUVM YVSLZHUKYLZWVUZPIPSP[PLZHTVUNOLHS[OWHY[ULYZ HUKIL[^LLUHSSZLJ[VYJS\Z[LYWYVNYHTTLZ YLZWVUKPUN[VULLKZVMZ\Y]P]VYZOLHS[OWYV[LJ [PVUZLJ\YP[`HUKJVTT\UP[`ZLY]PJLZPUVYKLY [VLUZ\YLHJVVYKPUH[LKZ\Y]P]VYJLU[LYLKJVU ÄKLU[PHSYLMLYYHSTLJOHUPZTMVYZ\Y]P]VYZ;OL V\[JVTLKVJ\TLU[VM[OPZWYVJLZZPZZVTL[PTLZ

YLMLYYLK[VHZ.)=:[HUKHYK6WLYH[PUN7YVJL K\YLZ:67ZZLL*OHW[LY!.)=

*SPUPJHSZLY]PJLZMVYZ\Y]P]VYZ

VMYHWL

>OLUZL[[PUN\WJSPUPJHSTHUHNLTLU[ZLY]PJLZ MVYYHWLZ\Y]P]VYZ9/VMÄJLYZHUKWYVNYHTTL Z[HMMT\Z[!

‹ LZ[HISPZOHWYP]H[LJVUZ\S[H[PVUHYLH^P[OH SVJRHISLÄSPUNJHIPUL["

‹ W\[PUWSHJLJSLHYWYV[VJVSZHUKZ\MÄJPLU[ Z\WWSPLZHUKLX\PWTLU["

‹ OPYLTHSLHUKMLTHSLZLY]PJLWYV]PKLYZ Å\LU[PUSVJHSSHUN\HNLZVY^OLYL[OPZPZUV[ WVZZPISL[YHPULKTHSLHUKMLTHSLJOHWLY VULZHUK[YHUZSH[VYZ"

‹ PU]VS]L^VTLUHUKTHSLHUKMLTHSLHKVSLZ JLU[ZPUKLJPZPVUZVUHJJLZZPIPSP[`[VZLY]PJLZ HUKVUHUHWWYVWYPH[LUHTLMVY[OLZLY]PJL" ‹ LUZ\YLZLY]PJLZHUKHYLMLYYHSTLJOHUPZT[V

HOVZWP[HSPUJHZLVMSPML[OYLH[LUPUNJVTWSP JH[PVUZHYLH]HPSHISLOV\YZHKH`KH`Z H^LLR"

‹ VUJLZLY]PJLZHYLLZ[HISPZOLKPUMVYT[OL JVTT\UP[`^O`^OLYLHUK^OLUHZZVVU HZWVZZPISLHM[LYHYHWL[OLZLZLY]PJLZ ZOV\SKILHJJLZZLK<ZLJVTT\UPJH[PVU

)V_!.\PKPUN7YPUJPWSLZ>OLU

9LZWVUKPUN[V[OL5LLKZVM

:\Y]P]VYZVM9HWL

;OLMVSSV^PUNN\PKPUNWYPUJPWSLZZOV\SKIL YLZWLJ[LKH[HSS[PTLZI`HSSO\THUP[HYPHU HJ[VYZ^OVHYLYLZWVUKPUN[V[OLULLKZVM Z\Y]P]VYZ!

:HML[`

*VUÄKLU[PHSP[`

9LZWLJ[

JOHUULSZHWWYVWYPH[L[V[OLZL[[PUNLN [OYV\NOTPK^P]LZJVTT\UP[`OLHS[O^VYR LYZJVTT\UP[`SLHKLYZYHKPVTLZZHNLZVY PUMVYTH[PVUSLHÅL[ZPU^VTLU»Z[VPSL[Z" ‹ LUZ\YLZLY]PJLWYV]PKLYZHYLZRPSSLK>OLYL

ULLKLKVYNHUPaLPUMVYTH[PVUZLZZPVUZVY ZOVY[YLMYLZOLY[YHPUPUNVUJSPUPJHSJHYLMVY Z\Y]P]VYZVMYHWL*SPUPJHSTHUHNLTLU[VM Z\Y]P]VYZVMYHWLPUJS\KLZ[OLMVSSV^PUN JVTWVULU[Z!

Z\WWVY[P]LJVTT\UPJH[PVU

OPZ[VY`HUKL_HTPUH[PVU

MVYLUZPJL]PKLUJLJVSSLJ[PVUHZYLSL]HU[

JVTWHZZPVUH[LHUKJVUÄKLU[PHS[YLH[TLU[

PUJS\KPUN!

Z LTLYNLUJ`JVU[YHJLW[PVU Z [YLH[TLU[VM:;0Z

Z WVZ[L_WVZ\YLWYVWO`SH_PZ7,7[V

WYL]LU[/0=[YHUZTPZZPVU

Z JHYLVM^V\UKZHUKWYL]LU[PVUVM

[L[HU\Z

Z WYL]LU[PVUVMOLWH[P[PZ)

Z YLMLYYHSMVYM\Y[OLYZLY]PJLZLNOLHS[O

WZ`JOVSVNPJHSHUKZVJPHS

:\WWVY[P]LJVTT\UPJH[PVU

,UZ\YLZLY]PJLWYV]PKLYZHYLHISL[VL_[LUK JVTWHZZPVUH[LHUKJVUÄKLU[PHSZ\WWVY[[V [OLZ\Y]P]VY[OYV\NOJVTT\UPJH[PVU[OH[PZ HJJ\YH[LJSLHYUVUQ\KNLTLU[HSHUKPU]VS]LZ HJ[P]LSPZ[LUPUN

/PZ[VY`HUKL_HTPUH[PVU

(KL[HPSLKOPZ[VY`HUKH[OVYV\NOTLKPJHS L_HTPUH[PVUHYLJVUK\J[LKHM[LYLUZ\YPUN[OL Z\Y]P]VY\UKLYZ[HUKZHUKJVUZLU[Z[VLHJOZ[LW 7YLWYPU[LKOPZ[VY`HUKL_HTPUH[PVUMVYTZT\Z[ N\PKL[OLWYVJLZZHUKHSSÄUKPUNZT\Z[IL [OVYV\NOS`KVJ\TLU[LK

;OLWYPTHY`W\YWVZLVM[OLOPZ[VY`HUKL_HTP UH[PVUPZ[VKL[LYTPUL[OLJSPUPJHSJHYL[OH[PZ ULLKLK;HRPUN[OLOPZ[VY`HUKJVUK\J[PUN[OL L_HTPUH[PVUHYLKVULH[[OLZ\Y]P]VY»ZV^UWHJL :OLVYOLPZHZZ\YLK[OH[[OL`HYLPUJVU[YVSKV UV[OH]L[V[HSRHIV\[HU`[OPUN[OL`HYL\UJVT

MVY[HISL^P[OHUKJHUZ[VW[OLWYVJLZZH[HU` [PTL0[PZ[OLZ\Y]P]VY»ZYPNO[[VKLJPKL^OL[OLY VYUV[[VILL_HTPULK

-VYLUZPJL]PKLUJLJVSSLJ[PVU

‹ 3VJHSSLNHSYLX\PYLTLU[ZSHIVYH[VY`HUK Z[VYHNLMHJPSP[PLZKL[LYTPULPMHUK^OH[ MVYLUZPJL]PKLUJLZOV\SKILJVSSLJ[LK ‹ ,]PKLUJLPZJVSSLJ[LKK\YPUN[OLTLKPJHS

L_HTPUH[PVUPM[OLZ\Y]P]VYJVUZLU[Z[VP[ ‹ ([HTPUPT\THJHYLM\S^YP[[LUYLJVYK

ZOV\SKILRLW[VMHSSÄUKPUNZK\YPUN[OL TLKPJHSL_HTPUH[PVU[OH[JHUZ\WWVY[ [OLZ\Y]P]VY»ZZ[VY`PUJS\KPUN[OLZ[H[LVM OLYJSV[OLZ;OLTLKPJHSJOHY[PZWHY[VM [OLSLNHSYLJVYKHUKJHUILZ\ITP[[LKHZ L]PKLUJL^P[O[OLZ\Y]P]VY»ZJVUZLU[PM[OL JHZLNVLZ[VJV\Y[0[T\Z[ILRLW[JVUÄ KLU[PHSPUHZLJ\YLWSHJL

‹ 0MHTPJYVZJVWLPZH]HPSHISLH[YHPULK OLHS[OJHYLWYV]PKLYVYSHIVYH[VY`^VYRLY JHUL_HTPUL^L[TV\U[ZSPKLZMVY[OL WYLZLUJLVMZWLYT^OPJOWYV]LZWLUL[YH [PVU[VVRWSHJL-\Y[OLYL]PKLUJLZ\JOHZ JSV[OLZMVYLPNUTH[LYPHSZZLTLUVYISVVK MVY+5(VY\YPULMVY[V_PJVSVN`[LZ[PUNPZ VUS`JVSSLJ[LKPMSVJHSJHWHJP[`MVYWYVJLZZ PUNZ[VYHNLSHIVYH[VY`HUHS`ZPZL_PZ[ZHUK PM[OLL]PKLUJLJHUIL\ZLKPUJV\Y[

‹ >OLUYLX\LZ[LKI`[OLZ\Y]P]VY[OLZLY]PJL WYV]PKLYJHUWYLWHYLHTLKPJHSJLY[PÄJH[LVY HWVSPJLMVYT+LWLUKPUNVU[OLSH^HWWSP JHISLPU[OLZL[[PUN[OPZMVYTTH`IL\ZLK MVYSLNHSW\YWVZLZZ\JOHZYLKYLZZVYHZ` S\T;^VJVWPLZVM[OLKVJ\TLU[HYLTHKL 6ULJVW`PZRLW[SVJRLKH^H`H[[OLOLHS[O JLU[YLVYI`[OLWYVNYHTTLTHUHNLY;OL V[OLYJVW`PZWYV]PKLK[V[OLZ\Y]P]VYPMZOL ^HU[ZP[HM[LYJHYLM\SJV\UZLSSPUNVU[OLYPZR VMM\Y[OLY]PVSLUJLPM[OLKVJ\TLU[PZMV\UK PUOLYWVZZLZZPVU

*VTWHZZPVUH[LHUKJVUÄKLU[PHS[YLH[TLU[

;YLH[TLU[JHUILZ[HY[LK^P[OV\[L_HTPUH[PVUPM [OH[PZ[OLZ\Y]P]VY»ZJOVPJL;YLH[SPML[OYLH[LUPUN JVTWSPJH[PVUZÄYZ[HUKYLMLY[VOPNOLYSL]LS OLHS[OMHJPSP[PLZPMHWWYVWYPH[L

,TLYNLUJ`JVU[YHJLW[PVU

,TLYNLUJ`JVU[YHJLW[P]LWPSSZ,*7ZJHU WYL]LU[\U^HU[LKWYLNUHUJPLZPM\ZLK^P[OPU OV\YZ\W[VKH`ZVM[OLYHWL;OLYLHYL[^V ,*7YLNPTLUZ[OH[JHUIL\ZLKZLLIV_HIV]L

‹ ;YLH[TLU[^P[OLP[OLYYLNPTLUZOV\SKIL Z[HY[LKHZZVVUHZWVZZPISLHM[LY[OLYHWL ILJH\ZLLMÄJHJ`KLJSPULZ^P[O[PTL)V[O YLNPTLUZHYLLMMLJ[P]L^OLU\ZLK\W[V OV\YZHM[LY[OLYHWLHUKJVU[PU\L[VIL TVKLYH[LS`LMMLJ[P]LPMZ[HY[LK^P[OPU[V OV\YZ;OLLMMLJ[P]LULZZHM[LYSVUNLY KLSH`ZOHZUV[ILLUPU]LZ[PNH[LK

‹ ;OLYLHYLWYVK\J[Z[OH[HYLZWLJPHSS`WHJR HNLKMVYLTLYNLUJ`JVU[YHJLW[PVUI\[[OL` HYLUV[H]HPSHISLPUHSSJV\U[YPLZ0MWYLWHJR HNLK,*7ZHYLUV[H]HPSHISLPU`V\YZL[[PUN LTLYNLUJ`JVU[YHJLW[PVUJHUILWYV]PKLK \ZPUNYLN\SHYVYHSJVU[YHJLW[P]LWPSSZZLL ;HISLW

‹ *V\UZLS[OLZ\Y]P]VYHIV\[OV^[V[HRL[OL WPSSZ^OH[ZPKLLMMLJ[ZTH`VJJ\YHUK[OL LMMLJ[[OLWPSSZTH`OH]LVUOLYUL_[WLYPVK

,*7ZKVUV[WYL]LU[WYLNUHUJ`MYVTZL_\HS HJ[Z[OH[[HRLWSHJLHM[LY[OLPY\ZL7YV]PKL OLY^P[OJVUKVTZMVY\ZLPU[OLPTTLKPH[L M\[\YL

‹ 4HRLP[JSLHY[V[OLZ\Y]P]VY[OH[[OLYLPZH ZTHSSYPZR[OH[[OLWPSSZ^PSSUV[^VYR4LU Z[Y\H[PVUZOV\SKVJJ\YHYV\UK[OL[PTL ^OLUZOL^V\SKUVYTHSS`L_WLJ[P[0[TH` IL\W[VH^LLRLHYS`VYHML^KH`ZSH[L 0MZOLOHZUV[OHKHWLYPVK^P[OPUH^LLR HM[LYP[^HZL_WLJ[LKZOLZOV\SKYL[\YU[V OH]LHWYLNUHUJ`[LZ[HUKVY[VKPZJ\ZZ[OL VW[PVUZPUJHZLVMWYLNUHUJ`,_WSHPU[VOLY [OH[ZWV[[PUNVYZSPNO[ISLLKPUNPZJVTTVU ^P[O[OLSL]VUVYNLZ[YLSYLNPTLU;OPZZOV\SK UV[ILJVUM\ZLK^P[OHUVYTHSTLUZ[Y\H [PVU

‹ :PKLLMMLJ[Z!<W[VVM\ZLYZYLWVY[ UH\ZLH^P[O,*7;HRPUN[OLWPSSZ^P[OMVVK KLJYLHZLZUH\ZLH;OLSL]VUVYNLZ[YLSVUS` YLNPTLUOHZILLUZOV^U[VJH\ZLZPNUPÄ JHU[S`SLZZUH\ZLHHUK]VTP[PUN[OHU[OL JVTIPULKLZ[YVNLUWYVNLZ[VNLUYLNPTLU @\aWL0M]VTP[PUNVJJ\YZ^P[OPU[^VOV\YZ VM[HRPUNHKVZLYLWLH[[OLKVZL0UJHZLZ VMZL]LYL]VTP[PUN,*7ZJHUILHKTPUPZ [LYLK]HNPUHSS`

‹ 7YLJH\[PVUZ!,*7ZJHUZHMLS`IL\ZLKI` HU`^VTHUVYNPYSL]LU[OVZL^OVJHUUV[ \ZLOVYTVUHSTL[OVKZVUHJVU[PU\V\Z IHZPZHZ[OLKVZLVMOVYTVULZ\ZLKPZYLSH [P]LS`ZTHSSHUK[OLWPSSZHYL\ZLKMVYHZOVY[ [PTL,*7Z^PSSUV[ILLMMLJ[P]LPU[OLJHZL VMHULZ[HISPZOLKWYLNUHUJ`,*7ZTH`IL NP]LU^OLU[OLWYLNUHUJ`Z[H[\ZPZ\UJSLHY HUKWYLNUHUJ`[LZ[PUNPZUV[H]HPSHISLZPUJL [OLYLPZUVL]PKLUJL[VZ\NNLZ[[OH[[OLWPSSZ JHUOHYT[OL^VTHUVYHUL_PZ[PUNWYLN UHUJ`;OLYLHYLUVV[OLYTLKPJHSJVU[YHPU KPJH[PVUZ[V\ZLVM,*7Z

,TLYNLUJ`*VU[YHJLW[P]L

7PSS9LNPTLUZ

;OLSL]VUVYNLZ[YLSVUS`YLNPTLU!

TNVMSL]VUVYNLZ[YLSPUHZPUNSLKVZL [OPZPZ[OLYLJVTTLUKLKYLNPTLUP[PZTVYL LMMLJ[P]LHUKOHZML^LYZPKLLMMLJ[Z"VY

;HISL!,TLYNLUJ`*VU[YHJLW[PVU9LNPTLUZ

9LNPTLU 7PSSJVTWVZP[PVU

WLYKVZL

*VTTVUIYHUK UHTLZ

-PYZ[KVZL U\TILYVM [HISL[Z

:LJVUKKVZL OV\YZSH[LY U\TILYVM [HISL[Z

3L]VUVYNLZ[YLS VUS`

+

N 3L]VULSSL

5VY3L]V7SHU )7VZ[PUVY =PRLSH

+

N 4PJYVS\[

4PJYV]HS 5VYNLZ[VU

+

N 6]YL[[L

*VTIPULK ,,

+

NWS\Z

35.

+

N VY

,,

₊

NWS\Z 5.

₊

N

,\N`UVU -LY[PSHU5LVN` UVU5VYHS 5VYKPVS6]PKVU 6]YHS6]YHU ;L[YHN`UVU 7*7YL]LU ,.LU* 5LV7YPTV]SHY

,,

+

NWS\Z 35.

+

N

VY

,,

₊

NWS\Z 5.

₊

N

3V-LTLUHS 4PJYVN`UVU 5VYKL[L6]YHS 39PNL]PKVU

H,,$L[OPU`SLZ[YHKPVS"35.$SL]VUVYNLZ[YLS"5.$UVYNLZ[YLS

0UZLY[PVUVMHJVWWLYILHYPUN0<+PZHULMMLJ [P]LTL[OVKVMLTLYNLUJ`JVU[YHJLW[PVUPM[OL Z\Y]P]VYWYLZLU[Z^P[OPUÄ]LKH`ZHM[LY[OLYHWL HUKPM[OLYL^HZUVLHYSPLY\UWYV[LJ[LKZL_\HS HJ[PU[OPZTLUZ[Y\HSJ`JSL0[^PSSWYL]LU[TVYL [OHU VML_WLJ[LKZ\IZLX\LU[WYLNUHUJPLZ >OLU[OL[PTLVMV]\SH[PVUJHUILLZ[PTH[LK[OL YPZRVMV]\SH[PVUPZSV^\W[VKH`ZL]LUVM[OL TLUZ[Y\HSJ`JSLZOLJHUOH]LHJVWWLYILHYPUN 0<+PUZLY[LKIL`VUKÄ]LKH`ZHM[LY[OLYHWLHZ SVUNHZPUZLY[PVUKVLZUV[VJJ\YTVYL[OHUÄ]L KH`ZHM[LYV]\SH[PVU

6MMLYZ\Y]P]VYZJV\UZLSSPUNVU[OPZZLY]PJLZV [OL`JHUTHRLHUPUMVYTLKKLJPZPVU(ZRPSSLK WYV]PKLYZOV\SKJV\UZLS[OLZ\Y]P]VYHUKPUZLY[ [OL0<+

0MHU0<+PZPUZLY[LKTHRLZ\YL[VNP]LM\SS:;0 [YLH[TLU[HZYLJVTTLUKLKILSV^;OL0<+ TH`ILYLTV]LKH[[OL[PTLVM[OL^VTHU»Z UL_[TLUZ[Y\HSWLYPVKVYSLM[PUWSHJLMVYM\[\YL JVU[YHJLW[PVU

7YLZ\TW[P]L[YLH[TLU[MVYZL_\HSS`[YHUZTP[[LK PUMLJ[PVUZ:;0Z

‹ 6MMLYZ\Y]P]VYZVMYHWLHU[PIPV[PJZ[VWYL Z\TW[P]LS`[YLH[NVUVYYOVLHJOSHT`KPHS PUMLJ[PVUHUKZ`WOPSPZZLL;HISLZHUK0M V[OLY:;0ZHYLWYL]HSLU[PU[OLHYLHZ\JOHZ [YPJOVTVUPHZPZVYJOHUJYVPKNP]LWYLZ\TW [P]L[YLH[TLU[MVY[OLZLPUMLJ[PVUZHZ^LSS ‹ .P]L[OLZOVY[LZ[JV\YZLZH]HPSHISLPU[OL SVJHSWYV[VJVS^OPJOHYLLHZ`[V[HRL-VY PUZ[HUJLPM[OLZ\Y]P]VYWYLZLU[Z^P[OPU KH`ZVM[OLPUJPKLU[TNVMJLÄ_PTL WS\ZNVMHaP[OYVT`JPUVYHSS`^PSSILZ\MÄ JPLU[WYLZ\TW[P]L[YLH[TLU[MVYNVUVYYOVLH JOSHT`KPHSPUMLJ[PVUHUKPUJ\IH[PUNZ`WOPSPZ ‹ )LH^HYL[OH[^VTLU^OVHYLWYLNUHU[VY

^OVOH]LRUV^UHSSLYNPLZZOV\SKUV[[HRL JLY[HPUHU[PIPV[PJZHUKTVKPM`[OL[YLH[TLU[ HJJVYKPUNS`ZLL;HISL

‹ 7YLZ\TW[P]L:;0YLNPTLUZJHUZ[HY[VU[OL ZHTLKH`HZLTLYNLUJ`JVU[YHJLW[PVUHUK WVZ[L_WVZ\YLWYVWO`SH_PZMVY/0=7,7 ;VYLK\JLZPKLLMMLJ[ZZ\JOHZUH\ZLH

[OLKVZLZJHUILZWYLHKV\[HUK[HRLU ^P[OMVVK

;HISL!>/6YLJVTTLUKLK:;0;YLH[TLU[7YV[VJVSZMVY(K\S[Z

5V[L!;OLZLHYLL_HTWSLZVM[YLH[TLU[ZMVYZL_\HSS`[YHUZTP[[LKPUMLJ[PVUZ;OLYLTH`ILV[OLY[YLH[TLU[ VW[PVUZ(S^H`ZMVSSV^SVJHS[YLH[TLU[WYV[VJVSZMVYZL_\HSS`[YHUZTP[[LKPUMLJ[PVUZ

:;0 ;YLH[TLU[

.VUVYYOVLH JLÄ_PTL TNVYHSS`ZPUNSLKVZL VY

JLM[YPH_VUL TNPU[YHT\ZJ\SHYS`ZPUNSLKVZL

*OSHT`KPHS PUMLJ[PVU

HaP[OYVT`JPU NVYHSS`PUHZPUNSLKVZL

;OPZHU[PIPV[PJPZHSZVHJ[P]LHNHPUZ[PUJ\IH[PUNZ`WOPSPZ^P[OPUKH`ZVM L_WVZ\YL

VY

KV_`J`JSPUL TNVYHSS`[^PJLKHPS`MVYKH`Z JVU[YHPUKPJH[LKPUWYLNUHUJ`

*OSHT`KPHS PUMLJ[PVUPU WYLNUHU[^VTLU

HaP[OYVT`JPU NVYHSS`PUHZPUNSLKVZL

;OPZHU[PIPV[PJHSZVHJ[P]LHNHPUZ[PUJ\IH[PUNZ`WOPSPZ^P[OPUKH`ZVM L_WVZ\YL

VY

LY`[OYVT`JPU TNVYHSS`[PTLZKHPS`MVYKH`Z VY

HTV_PJPSSPU TNVYHSS`[PTLZKHPS`MVYKH`Z

:`WOPSPZ ILUaH[OPULILUa`SWLUPJPSSPU TPSSPVU0<PU[YHT\ZJ\SHYS`VUJLVUS` NP]LHZ[^VPUQLJ[PVUZPUZLWHYH[LZP[LZ

VY

HaP[OYVT`JPU NVYHSS`HZHZPUNSLKVZLMVY[YLH[TLU[VMWYPTHY` ZLJVUKHY`HUKLHYS`SH[LU[Z`WOPSPZVM#`LHYZK\YH[PVU

;OPZHU[PIPV[PJPZHSZVHJ[P]LHNHPUZ[JOSHT`KPHSPUMLJ[PVUZ

:`WOPSPZWH[PLU[ HSSLYNPJ[VWLUPJPSSPU

HaP[OYVT`JPU NVYHSS`HZHZPUNSLKVZLMVY[YLH[TLU[VMWYPTHY` ZLJVUKHY`HUKLHYS`SH[LU[Z`WOPSPZVM#`LHYZK\YH[PVU

VY

KV_`J`JSPUL TNVYHSS`[^PJLKHPS`MVYKH`Z JVU[YHPUKPJH[LKPUWYLNUHUJ`

)V[OHaP[OYVT`JPUHUKKV_`J`JSPULHYLHSZVHJ[P]LHNHPUZ[JOSHT`KPHS PUMLJ[PVUZ

:`WOPSPZPU WYLNUHU[ ^VTLUHSSLYNPJ [VWLUPJPSSPU

HaP[OYVT`JPU NVYHSS`HZHZPUNSLKVZLMVY[YLH[TLU[VMWYPTHY` ZLJVUKHY`HUKLHYS`SH[LU[Z`WOPSPZVM#`LHYZK\YH[PVU

VY

LY`[OYVT`JPU TNVYHSS`[PTLZKHPS`MVYKH`Z

:;0 ;YLH[TLU[

;YPJOVTVUHZ TL[YVUPKHaVSLNVYHSS`HZHZPUNSLKVZL VY

[PUPKHaVSL NVYHSS`HZHZPUNSLKVZL VY

TL[YVUPKHaVSLVYTNVYHSS`[PTLZKHPS`MVYKH`Z (]VPKTL[YVUPKHaVSLHUK[PUPKHaVSLPU[OLÄYZ[[YPTLZ[LYVMWYLNUHUJ`

5V[L!0M[OLZ\Y]P]VYWYLZLU[Z^P[OPUKH`ZVM[OLPUJPKLU[ILUaH[OPULILUa`SWLUPJPSSPUJHUILVTP[[LK PM[OL[YLH[TLU[YLNPTLUPUJS\KLZHaP[OYVT`JPUNHZHZPUNSLKVZL^OPJOPZLMMLJ[P]LHNHPUZ[PUJ\IH[PUN Z`WOPSPZHZ^LSSHZJOSHT`KPHSPUMLJ[PVU0M[OLZ\Y]P]VYWYLZLU[ZTVYL[OHUKH`ZHM[LY[OLPUJPKLU[HaP[OYV T`JPUNHZHZPUNSLKVZLPZZ\MÄJPLU[WYLZ\TW[P]L[YLH[TLU[MVYWYPTHY`ZLJVUKHY`HUKLHYS`SH[LU[Z`WOP SPZVM#`LHYZK\YH[PVUHUKHSZVJV]LYZJOSHT`KPHSPUMLJ[PVUZ

;HISL!>/6YLJVTTLUKLK:;0;YLH[TLU[7YV[VJVSZ

MVY*OPSKYLUHUK(KVSLZJLU[Z

5V[L!;OLZLHYLL_HTWSLZVM[YLH[TLU[ZMVYZL_\HSS`[YHUZTP[[LKPUMLJ[PVUZ;OLYLTH`ILV[OLY[YLH[TLU[ VW[PVUZ(S^H`ZMVSSV^SVJHS[YLH[TLU[WYV[VJVSZMVYZL_\HSS`[YHUZTP[[LKPUMLJ[PVUZHUK\ZLKY\NZHUK KVZHNLZ[OH[HYLHWWYVWYPH[LMVYJOPSKYLU

:;0 >LPNO[ VYHNL

;YLH[TLU[

.VUVYYOVLH #RN JLM[YPH_VUL TNPU[YHT\ZJ\SHYS`ZPUNSLKVZL VY

ZWLJ[PUVT`JPUTNRNVMIVK`^LPNO[PU[YHT\ZJ\SHYS`\W[V HTH_PT\TVMNZPUNSLKVZL

VYPM%TVU[OZ

JLÄ_PTL TNRNVMIVK`^LPNO[VYHSS`ZPUNSLKVZL %RN ;YLH[HJJVYKPUN[VHK\S[WYV[VJVS

*OSHT`KPHS PUMLJ[PVU

#RN HaP[OYVT`JPU TNRNVYHSS`ZPUNSLKVZL VY

LY`[OYVT`JPU TNRNVMIVK`^LPNO[KHPS`VYHSS`\W[VH TH_PT\TVMNKP]PKLKPU[VKVZLZMVYKH`Z

% `LHYZ

;YLH[HJJVYKPUN[VHK\S[WYV[VJVS

%RN I\[ # `LHYZ

LY`[OYVT`JPU TNVYHSS`[PTLZKHPS`MVYKH`Z VY

HaP[OYVT`JPU NVYHSS`ZPUNSLKVZL

:;0 >LPNO[VY HNL

;YLH[TLU[

:`WOPSPZWH[PLU[HSSLYNPJ[V WLUPJPSSPU

LY`[OYVT`JPU TNRNVMIVK`^LPNO[KHPS`VYHSS`\W[VH TH_PT\TVMNKP]PKLKPU[VKVZLZMVYKH`Z

;YPJOVTVUPHZPZ # `LHYZ

TL[YVUPKHaVSLTNRNVMIVK`^LPNO[VYHSS`[PTLZKHPS`MVY KH`Z

% `LHYZ

;YLH[HJJVYKPUN[VHK\S[WYV[VJVS

5V[L!0M[OLZ\Y]P]VYWYLZLU[Z^P[OPUKH`ZVM[OLPUJPKLU[ILUaH[OPULWLUPJPSSPUWYLZ\TW[P]L[YLH[TLU[ MVYZ`WOPSPZJHUILVTP[[LKPM[OL[YLH[TLU[YLNPTLUPUJS\KLZHaP[OYVT`JPU^OPJOPZLMMLJ[P]LHNHPUZ[ PUJ\IH[PUNZ`WOPSPZHZ^LSSHZJOSHT`KPHSPUMLJ[PVU

7,7[VWYL]LU[/0=[YHUZTPZZPVU

;OLSPRLSPOVVKVM/0=[YHUZTPZZPVUHM[LYHYHWL JHUILYLK\JLK[OYV\NO[OLWYVTW[HKTPUPZ [YH[PVUVM7,77,7T\Z[ILPUP[PH[LK^P[OPU OV\YZMVSSV^PUNL_WVZ\YLHUKJVU[PU\LKMVY KH`Z7,7ULLKZ[VILZ[HY[LKHZZVVUHZWVZ ZPISLHM[LYL_WVZ\YLHZZ[\KPLZZ\NNLZ[[OH[7,7 PZTVYLLMMLJ[P]L[OLZVVULYP[PZPUP[PH[LK>/6 YLJVTTLUKZHKH`JVTIPUH[PVU[OLYHW`^P[O [^VU\JSLVZPKLHUHSVN\LYL]LYZL[YHUZJYPW[HZL PUOPIP[VYZWYLMLYHIS`PUHÄ_LKKVZLJVTIPUH [PVU;OPZN\PKHUJLPZJ\YYLU[H[[OL[PTLVM W\ISPJH[PVU(Z[OPZPZHYHWPKS`L]VS]PUNÄLSKP[ TH`JOHUNL7SLHZLJOLJR^^^PH^NUL[MVY \WKH[LZ

-VYZ\Y]P]VYZVMZL_\HS]PVSLUJL!

‹ (ZZLZZ[OLYPZRVML_WVZ\YL[V/0=ILMVYL WYLZJYPIPUN7,7;HRL[OLOPZ[VY`VM[OL L]LU[PUJS\KPUN^OL[OLY[OLYL^LYLT\S[PWSL H[[HJRLYZ]HNPUHSVYHUHSWLUL[YH[PVUHUK [OL[`WLVMPUQ\YPLZZ\Z[HPULK

‹ 6MMLY]VS\U[HY`JV\UZLSSPUNHUK[LZ[PUNMVY /0=ZLL*OHW[LY!=*;PU[OLÄYZ[[^V ^LLRZHM[LY[OLPUJPKLU[/V^L]LYHU/0= [LZ[PZUV[THUKH[VY`ILMVYLWYLZJYPIPUN 7,7

‹ 6MMLY7,7[VHSSLSPNPISLZ\Y]P]VYZPUJS\K PUN[OVZL^OVKVUV[^HU[[V\UKLYNV/0= [LZ[PUN:[HY[[OLÄYZ[KVZLVM7,7HZZVVU HZWVZZPISL+VUV[KLSH`Z[HY[PUN7,7^OPSL ^HP[PUNMVYH=*;YLZ\S[

;HISL!9LJVTTLUKLK;^VKY\N*VTIPUH[PVU;OLYHWPLZ

MVY/0=7,7PU(K\S[Z

>LPNO[VYHNL ;YLH[TLU[ 7YLZJYPIL KH`ZZ\WWS`

(K\S[ *VTIPULK[HISL[JVU[HPUPUN

APKV]\KPULTNHUK3HT\]PKPUL TN

VY

APKV]\KPULA+=(A;TN[HISL[ WS\Z

3HT\]PKPUL;*TN[HISL[

[HISL[[^PJLKH`

VY

[HISL[[^PJLKH`

WS\Z

[HISL[[^PJLKH`

[HISL[Z

VY

[HISL[Z

WS\Z

[HISL[Z

;HISL!9LJVTTLUKLK;^VKY\N*VTIPUH[PVU;OLYHWPLZ

MVY/0=7,7PU*OPSKYLU

>LPNO[VYHNL ;YLH[TLU[ 7YLZJYPIL KH`ZZ\WWS`

#`LHYZVY RN

APKV]\KPULA+= (A;Z`Y\WTNTS

WS\Z

3HTP]\KPUL;* Z`Y\WTNTS

TS [^PJLHKH`

WS\Z

TS [^PJLHKH`

$TSPLIV[[SLZVMTS VYIV[[SLZVMTS

WS\Z

$TSPLIV[[SLZVMTS VYIV[[SLVMTS

¶ RN APKV]\KPULA+= (A;TNJHWZ\SL

WS\Z

3HTP]\KPUL;* TN[HISL[

JHWZ\SL [OYLL[PTLZHKH`

WS\Z

ñ[HISL[ [^PJLHKH`

JHWZ\SLZ

WS\Z

[HISL[Z

¶ RN APKV]\KPULA+= (A;TNJHWZ\SL

WS\Z

3HTP]\KPUL;* TN[HISL[

JHWZ\SL [OYLL[PTLZHKH`

WS\Z

[HISL[ [^PJLHKH`

JHWZ\SLZ

WS\Z

[HISL[Z

0TWVY[HU[[VRUV^!

‹ 7YLNUHUJ`PZUV[HJVU[YHPUKPJH[PVUMVY7,7 0UMVYT^VTLU^OVHYLSLZZ[OHU^LLRZ WYLNUHU[[OH[[OLWVZZPISLLMMLJ[ZVM[OL KY\NVU[OLML[\ZHYLUV[RUV^U

‹ *V\UZLS[OLZ\Y]P]VYVUJVTTVUZPKLLM MLJ[ZVM[OLKY\NZZ\JOHZ[PYLKULZZUH\ZLH HUKÅ\SPRLZ`TW[VTZ;OLZLZPKLLMMLJ[Z HYL[LTWVYHY`HUKJHUILYLSPL]LK^P[OVYKP UHY`HUHSNLZPJZZ\JOHZWHYHJL[HTVS ‹ :\Y]P]VYZTH`ILNP]LUHVUL^LLRZ\WWS`

VM7,7^P[O[OLYLTHPUPUN[OYLL^LLRZ» Z\WWS`NP]LU\WVUMVSSV^\W]PZP[Z ‹ 7YV]PKL[OLM\SSKH`KVZL[VZ\Y]P]VYZ

^OVJHUUV[YL[\YUMVYHU`YLHZVUVYPUZL[ [PUNZ^OLYL[OLYLPZSPRLS`[VILVUNVPUN KPZWSHJLTLU[

*HYLVM^V\UKZHUKWYL]LU[PVUVM[L[HU\Z

*SLHUHU`[LHYZJ\[ZHUKHIYHZPVUZHUKZ\[\YL JSLHU^V\UKZ^P[OPUOV\YZ+VUV[Z\[\YL KPY[`^V\UKZ*VUZPKLYNP]PUNHWWYVWYPH[L HU[PIPV[PJZHUKWHPUYLSPLMPM[OLYLHYLSHYNLKPY[` ^V\UKZ

.P]L[L[HU\ZWYVWO`SH_PZPM[OLYLHYLHU`IYLHRZ PUZRPUVYT\JVZHHUK[OLZ\Y]P]VYPZUV[]HJJP UH[LKHNHPUZ[[L[HU\ZVY[OL]HJJPUH[PVUZ[H[\ZPZ \UJLY[HPU(K]PZLZ\Y]P]VYZ[VJVTWSL[L[OL]HJ JPUH[PVUZJOLK\SLZLJVUKKVZLH[MV\Y^LLRZ [OPYKKVZLH[ZP_TVU[OZ[VVUL`LHY

9LMLYYHSMVYM\Y[OLYJYPZPZPU[LY]LU[PVU

>P[O[OLZ\Y]P]VY»ZJVUZLU[VY\WVUOLYVYOPZ YLX\LZ[VMMLYYLMLYYHS[V!

‹ HOVZWP[HSPUJHZLVMSPML[OYLH[LUPUNJVT WSPJH[PVUZVYJVTWSPJH[PVUZ[OH[JHUUV[IL KLHS[^P[OH[[OLOLHS[OJLU[YLSL]LS"

‹ WYV[LJ[PVUVYZVJPHSZLY]PJLZPM[OLZ\Y]P]VY KVLZUV[OH]LHZHMLWSHJL[VNV[V^OLU ZOLVYOLSLH]LZ[OLOLHS[OJLU[YL" ‹ ZHMLHIVY[PVUJHYL^OLYLP[PZSLNHS+L

[LYTPUL[OLSLNHSPUKPJH[PVUZMVYZHMLHIVY [PVUJHYL0UTHU`JV\U[YPLZ[OLSH^HSSV^Z [LYTPUH[PVUVMWYLNUHUJ`YLZ\S[PUNMYVT YHWL;LYTPUH[PVUVMWYLNUHUJ`TH`HSZVIL HSSV^LKPUYLSH[PVU[V[OLTLU[HSHUKWO`ZP JHSOLHS[OVM[OL^VTHU;YHPULKZLY]PJL WYV]PKLYZJHUWYV]PKLHIVY[PVUZPU[OLÄYZ[ [YPTLZ[LY!

)V_!;OYLLKY\N(9=7,7

(YLNPTLUJVTWYPZPUNH[OYLLKY\NYLNPTLUPZVUS`YLJVTTLUKLK^OLYL!

‹ ;OLZV\YJLWLYZVUPZ/0=WVZP[P]L[HRPUNHU[PYL[YV]PYHS[OLYHW`HUKPZRUV^U[VOH]LZPNUZ VMVYHWLYZVUHSOPZ[VY`VMHWYV]LUHU[PYL[YV]PYHS[OLYHW`YLZPZ[HUJL

VY

‹ ;OLIHJRNYV\UKWYL]HSLUJLVMHU[PYL[YV]PYHS[OLYHW`YLZPZ[HUJLPU[OLJVTT\UP[`L_JLLKZ ^OLYL[OPZPZRUV^U

9LJVTTLUKLK[OYLLKY\NJVTIPUH[PVU[OLYHWPLZ

APKV]\KPUL(A; 3HT\]PKPUL;* 3VWPUH]PY ^P[OH9P[VUH]PYIVVZ[

(KOLYLUJL[V[OL[YPWSLKY\NYLNPTLUTH`ILTVYLKPMÄJ\S[[OHU[V[OL[^VKY\NYLNPTLU )LJH\ZLVM[OLWV[LU[PHSS`KHUNLYV\ZZPKLLMMLJ[ZYLMLY[OLZ\Y]P]VY[VHJSPUPJPHUVYTLKPJHS KVJ[VY^P[OL_WLYPLUJLPU/0=[YLH[TLU[

[OYV\NOTHU\HS]HJ\\THZWPYH[PVU4=(

MVY\W[V^LLRZZPUJL[OLSHZ[TLUZ[Y\ HSWLYPVK347VY

^P[OTLKPJHSTL[OVKZMVY\W[VUPUL^LLRZ

ZPUJL347>/6YLJVTTLUKZHJVTIPUH [PVUVMTNTPMLWYPZ[VULVYHSS`MVS SV^LKI`›NTPZVWYVZ[VS]HNPUHSS` [VOV\YZSH[LY>OLYLTPMLWYPZ[VUL PZUV[H]HPSHISLL]PKLUJLZ\WWVY[Z\ZLVM TPZVWYVZ[VSHSVUL›N]HNPUHSS`YL WLH[LKL]LY`OV\YZ\W[V[OYLLKVZLZ HS[OV\NOP[PZSLZZLMMLJ[P]L[OHU^OLU\ZLK PUJVTIPUH[PVU^P[OTPMLWYPZ[VUL

Z7YV]PKLWHPUYLSPLM"LNPI\WYVMLU

TN[OYLL[PTLZHKH`VYHZ ULLKLK

Z(K]PZL^VTLU[VYL[\YUMVYVULVY

TVYLMVSSV^\W]PZP[ZHM[LYKH`Z *HZLZVMVUNVPUNWYLNUHUJ`ZOV\SKIL YLMLYYLKMVY4=("JHZLZVMPUJVTWSL[L HIVY[PVUHYLTHUHNLKLP[OLYL_WLJ [HU[S`^P[OHUHKKP[PVUHSKVZLVMTPZV WYVZ[VSVY^P[OHU4=(WYVJLK\YL

+PSH[H[PVUHUKJ\YL[[HNL+*^P[OTL[HS PUZ[Y\TLU[ZZOV\SKIL\ZLKVUS`^OLYL ]HJ\\TVYTLKPJHSTL[OVKZVMHIVY[PVU HYLUV[H]HPSHISL4=(PZX\PJRLYHUKHZ ZVJPH[LK^P[OSLZZISVVKSVZZ[OHU+* ;OLYLMVYLL]LY`LMMVY[ZOV\SKILTHKL[V YLWSHJL+*^P[O4=(

‹ 7Z`JOVZVJPHSZLY]PJLZ^OLYLH]HPSHISL 3PHPZL^P[O.)=HUKWYV[LJ[PVUMVJHSWVPU[Z [VPKLU[PM`WZ`JOVZVJPHSZLY]PJLZH]HPSHISLPU [OLO\THUP[HYPHUZL[[PUN;OPZTH`PUJS\KL PUP[PH[P]LZVMMLYLKI`[OLHMMLJ[LKWVW\SH[PVU ^VTLU»ZJLU[YLZHUKV[OLYZ\WWVY[NYV\WZ

:WLJPHSJVUZPKLYH[PVUZMVYJOPSKYLU

;OL9/VMÄJLYT\Z[\UKLYZ[HUKJV\U[Y`ZWLJPÄJ SH^Z^P[OYLNHYK[V[OLHNLVMJVUZLU["[OLWYV MLZZPVUHSMVYPUZ[HUJLHYLWYLZLU[H[P]LMYVT[OL WVSPJLJVTT\UP[`ZLY]PJLZVY[OLJV\Y[^OVJHU NP]LSLNHSJVUZLU[MVYJSPUPJHSJHYLPMHWHYLU[VY N\HYKPHUPZ[OLZ\ZWLJ[LKVMMLUKLY"HUKTHU KH[VY`YLWVY[PUNYLX\PYLTLU[ZHUKWYVJLK\YLZ ^OLUZLY]PJLWYV]PKLYZZ\ZWLJ[VYHYLPUMVYTLK

VMHJHZLVMJOPSKHI\ZL

+PNP[HS]HNPUHSVYHUHSVYZWLJ\S\TL_HTP UH[PVUZOV\SKUL]LYILJVUK\J[LKPU`V\UN JOPSKYLU

7YV[VJVSZZOV^PUNHWWYVWYPH[LKY\NKVZHNLZ T\Z[ILWVZ[LKVYLHZPS`H]HPSHISL[VZLY]PJL WYV]PKLYZ

:WLJPHSJVUZPKLYH[PVUZMVYTHSLZ\Y]P]VYZ

4HSLZ\Y]P]VYZHYLSLZZSPRLS`[VYLWVY[HU PUJPKLU[ILJH\ZLVMLTIHYYHZZTLU[ZOHTL JYPTPUHSPaH[PVUVMZHTLZL_YLSH[PVUZOPWZVY[OL SHJRVMYLJVNUP[PVUVM[OLL_[LU[VM[OLWYVISLT I`ZLY]PJLWYV]PKLYZHUKWYVNYHTTLTHUHNLYZ 4HSLZ\Y]P]VYZZ\MMLYWO`ZPJHSHUKWZ`JOVSVNPJHS [YH\THZPTPSHY[VMLTHSLZ\Y]P]VYZHUKZOV\SK OH]LHJJLZZ[VJVUÄKLU[PHSYLZWLJ[M\SHUKUVU KPZJYPTPUH[VY`ZLY]PJLZ[OH[WYV]PKLHSSYLSL]HU[ [YLH[TLU[Z

0UMVYT[OLJVTT\UP[`VM[OL

H]HPSHISLZLY]PJLZ

<ZLHWWYVWYPH[LJVTT\UPJH[PVUJOHUULSZLN SLHÅL[ZYHKPVTLZZHNLZPUMVYTH[PVUZLZZPVUZI` ;)(ZHUKOLHS[O^VYRLYZ[VPUMVYT[OLHMMLJ[LK WVW\SH[PVUVM[OLH]HPSHIPSP[`VMJVUÄKLU[PHSZLY ]PJLZHUK[OLPTWVY[HUJLVMZ\Y]P]VYZH[[LUKPUN [OLZLHZZVVUHZWVZZPISLHM[LYHUPUJPKLU[

9LK\JL[OL[YHUZTPZZPVUVM/0=

;VYLK\JL[OL[YHUZTPZZPVUVM/0=MYVT[OLVUZL[ VM[OLO\THUP[HYPHUYLZWVUZL[OL9/VMÄJLYT\Z[ ^VYR^P[O[OLOLHS[OZLJ[VYJS\Z[LYWHY[ULYZ[V!

‹ LZ[HISPZOZHMLHUKYH[PVUHSISVVK[YHUZM\ZPVU WYHJ[PJL"

‹ LUZ\YLHWWSPJH[PVUVMZ[HUKHYKWYLJH\[PVUZ" ‹ N\HYHU[LL[OLH]HPSHIPSP[`VMMYLLJVUKVTZ

PUJS\KPUN^VTLU^OV^LYLLUYVSSLKPU74;*; WYVNYHTTLZ

:HMLISVVK[YHUZM\ZPVU

;OLYH[PVUHSHUKZHML\ZLVMISVVKMVY[YHUZM\ ZPVUZPZLZZLU[PHS[VWYL]LU[[OL[YHUZTPZZPVUVM /0=HUKV[OLY[YHUZM\ZPVU[YHUZTPZZPISLPUMLJ [PVUZ;;0ZZ\JOHZOLWH[P[PZ)OLWH[P[PZ*HUK Z`WOPSPZ0M/0=JVU[HTPUH[LKISVVKPZ[YHUZM\ZLK [YHUZTPZZPVUVM/0=[V[OLYLJPWPLU[PZHSTVZ[ )SVVK[YHUZM\ZPVUZT\Z[UV[IL\UKLY [HRLUPM[OLMHJPSP[PLZZ\WWSPLZHUKHWWYVWYPH[LS` X\HSPÄLKZ[HMMKVUV[L_PZ[

9H[PVUHSISVVK[YHUZM\ZPVUPUJS\KLZ!

‹ [YHUZM\ZPUNISVVKVUS`PUSPML[OYLH[LUPUN JPYJ\TZ[HUJLZHUK^OLU[OLYLPZUVV[OLY HS[LYUH[P]L"

‹ \ZPUNTLKPJPULZ[VWYL]LU[VYYLK\JLHJ[P]L ISLLKPUNLNV_`[VJPU"

‹ \ZPUNISVVKZ\IZ[P[\[LZ[VYLWSHJLSVZ[]VS \TLZ\JOHZJY`Z[HSSVPKIHZLKZ\IZ[P[\[LZ 9PUNLY»ZSHJ[H[LUVYTHSZHSPULVYJVSSVPK IHZLKZ\IZ[P[\[LZOHLTHJJLSNLSVM\ZPU ^OLYL]LYWVZZPISL

:HMLISVVK[YHUZM\ZPVUPUJS\KLZ!

‹ JVSSLJ[PUNISVVKVUS`MYVT]VS\U[HY`\UWHPK ISVVKKVUVYZH[SV^YPZRVMHJX\PYPUN;;0Z HUKKL]LSVWPUNZ[YPUNLU[ISVVKKVUVYZLSLJ [PVUJYP[LYPH"

‹ ZJYLLUPUNHSSISVVKMVY[YHUZM\ZPVUMVYH[ SLHZ[/0=HUKOLWH[P[PZ)OLWH[P[PZ* HUKZ`WOPSPZ\ZPUN[OLTVZ[HWWYVWYPH[L HZZH`Z6UL/0=ZJYLLUPUN[LZ[PZUV[Z\M ÄJPLU[[VKL[LYTPUL/0=Z[H[\ZZLL*OHW [LY!/0=+VUV[YL]LHS[OLYLZ\S[ZVMH WVZP[P]LZJYLLUPUN[LZ[[VKVUVYZ^OLYL[OL` JHUUV[ILYLMLYYLK[V]VS\U[HY`JV\UZLS SPUNHUK[LZ[PUN=*;ZLY]PJLZ0U[OPZJHZL ZJYLLUISVVKMVY[YHUZM\ZPVUHUKKPZJHYKP[ PMP[JHUUV[IL\ZLK3PURISVVK[YHUZM\ZPVU ZLY]PJLZ^P[O=*;ZLY]PJLZHZZVVUHZ[OLZL HYLLZ[HISPZOLKHZWHY[VM[OLJVTWYLOLU ZP]LYLZWVUZLHUKYLMLYKVUVYZMVY=*;WYPVY

[VZJYLLUPUN[OLPYISVVK"

‹ JVUK\J[PUN()6NYV\WPUNHUK9OLZ\Z+ 9O+[`WPUNHUKPM[PTLWLYTP[ZJYVZZ TH[JOPUN"

‹ 653@[YHUZM\ZPUNISVVK[V^VTLUVMYL WYVK\J[P]LHNL^P[OHWWYVWYPH[L9O+[`WL ISVVK"

‹ LUZ\YPUNZHML[YHUZM\ZPVUWYHJ[PJLH[[OL ILKZPKLHUKZHMLKPZWVZHSVMISVVKIHNZ ULLKSLZHUKZ`YPUNLZ

0UVYKLY[VTHRLYH[PVUHSHUKZHMLISVVK[YHUZ M\ZPVUH]HPSHISL9/VMÄJLYZHUKWYVNYHTTL THUHNLYZT\Z[^VYR^P[O[OLOLHS[OJS\Z[LY ZLJ[VYWHY[ULYZ[VLUZ\YL[OH[!

‹ YLMLYYHSSL]LSOVZWP[HSZOH]LZ\MÄJPLU[Z\W WSPLZMVYZHMLHUKYH[PVUHSISVVK[YHUZM\ZPVU" ‹ Z[HMMRUV^OV^HUKOH]LHJJLZZ[VZ\WWSPLZ

[VYLK\JL[OLULLKMVYISVVK[YHUZM\ZPVU" ‹ ZHMLKVUVYZHYLYLJY\P[LK:HMLKVUVYZJHU

ILZLSLJ[LK[OYV\NOHKVUVYX\LZ[PVUUHPYL HUKI`NP]PUNJSLHYPUMVYTH[PVU[VWV[LU[PHS KVUVYZVUYLX\PYLTLU[ZMVYISVVKZHML[` 9LJY\P[]VS\U[HY`KVUVYZHUKKVUV[YLX\LZ[ Z[HMM[VKVUH[LISVVK"

‹ Z[HUKHYKVWLYH[PUNWYVJLK\YLZ:67ZMVY ISVVK[YHUZM\ZPVUHYLPUWSHJL:67ZHYL LZZLU[PHSJVTWVULU[ZVMHX\HSP[`Z`Z[LT PUHU`VYNHUPaH[PVUHUKHYL\ZLK[VLUZ\YL JVUZPZ[LUJ`PUWLYMVYTPUNHUHJ[P]P[`;OL \ZLVM:67ZPZTHUKH[VY`I`HSSZ[HMMTLT ILYZKLHSPUN^P[OISVVK[YHUZM\ZPVUZL]LY` [PTL[OL`WLYMVYTHUHJ[P]P[`2LLWJVW PLZVM:67ZPUHJLU[YHSSVJH[PVUHUKWVZ[ [OLTH[[OLWSHJL^OLYLLHJOWYVJLK\YL PZWLYMVYTLKZV[OL`HYLH]HPSHISLMVYLHZ` YLMLYLUJL"

‹ YLZWVUZPIPSP[`MVY[OLKLJPZPVU[V[YHUZM\ZL PZHZZPNULKHUKTLKPJHSZ[HMMHYLOLSKHJ JV\U[HISL"

‹ Z[HMMHYLPUMVYTLKVMWYV[VJVSZHUKMVSSV^ WYVJLK\YLZH[HSS[PTLZ[VLUZ\YLZHMLISVVK [YHUZM\ZPVUWYHJ[PJLH[[OLILKZPKL"

‹ ^HZ[LWYVK\J[ZZ\JOHZISVVKIHNZULL KSLZHUKZ`YPUNLZHYLZHMLS`KPZWVZLKVM" ‹ ZP[LZ^OLYLISVVKPZZJYLLULKHUK^OLYL

ZV\YJLZ;VTPUPTPaL[OLYPZRVMLYYVYZ H]VPKISVVK[YHUZM\ZPVUH[UPNO[HZT\JOHZ WVZZPISL

:[HUKHYKWYLJH\[PVUZ

:[HUKHYKWYLJH\[PVUZHYLPUMLJ[PVUJVU[YVS TLHZ\YLZ[OH[YLK\JL[OLYPZRVM[YHUZTPZZPVU VMISVVKIVYULWH[OVNLUZ[OYV\NOL_WVZ\YLVM ISVVKVYIVK`Å\PKZHTVUNWH[PLU[ZHUKOLHS[O JHYL^VYRLYZ<UKLY[OL¸Z[HUKHYKWYLJH\[PVUZ¹ WYPUJPWSLISVVKHUKIVK`Å\PKZMYVTHSSWLY ZVUZZOV\SKILJVUZPKLYLKHZPUMLJ[LK^P[O/0= YLNHYKSLZZVM[OLRUV^UVYZ\ZWLJ[LKZ[H[\ZVM [OLWLYZVU:[HUKHYKWYLJH\[PVUZWYL]LU[[OL ZWYLHKVMPUMLJ[PVUZZ\JOHZ/0=OLWH[P[PZ)HUK OLWH[P[PZ*HUKV[OLYWH[OVNLUZ^P[OPUOLHS[O JHYLZL[[PUNZ

0UO\THUP[HYPHUZL[[PUNZ[OLYLTH`ILHSHJR VMOLHS[OZLJ[VYZ\WWSPLZVYPUMYHZ[Y\J[\YLHUK HUPUJYLHZLK^VYRSVHK:[HMM^VYRPUNPU[OL OLHS[OZLJ[VYTH`YLZVY[[V[HRPUNZOVY[J\[ZPU WYVJLK\YLZ^OPJOLUKHUNLY[OLZHML[`VMIV[O WH[PLU[ZHUKZ[HMM;OLYLMVYLP[PZLZZLU[PHS[OH[ Z[HUKHYKWYLJH\[PVUZHYLYLZWLJ[LK9LN\SHYZ\ WLY]PZPVUJHUOLSW[VYLK\JL[OLYPZRVMVJJ\WH [PVUHSL_WVZ\YLPU[OL^VYRWSHJL

,TWOHZPaL[OLPTWVY[HUJLVMZ[HUKHYKWYLJH\ [PVUZK\YPUN[OLÄYZ[OLHS[OJVVYKPUH[PVUTLL[PUN

:[HUKHYKWYLJH\[PVUZHYL!

‹ -YLX\LU[OHUK^HZOPUN!>HZOOHUKZ^P[O ZVHWHUK^H[LYILMVYLHUKHM[LYHSSWH[PLU[ JVU[HJ[4HRLMHJPSP[PLZHUKZ\WWSPLZMVY OHUK^HZOPUNLHZPS`H]HPSHISLMVYHSSZLY]PJL WYV]PKLYZ

‹ >LHYPUNNSV]LZ!>LHYUVUZ[LYPSLZPUNSL \ZLNSV]LZMVYHSSWYVJLK\YLZ^OLYLJVU[HJ[ ^P[OISVVKVYV[OLYWV[LU[PHSS`PUMLJ[LKIVK` Å\PKZPZHU[PJPWH[LK!>HZOOHUKZILMVYL W\[[PUNVUHUKHM[LYYLTV]PUNNSV]LZ+PZ JHYKNSV]LZPTTLKPH[LS`HM[LY\ZL9LX\PYL Z[HMMOHUKSPUNTH[LYPHSZHUKZOHYWVIQLJ[Z [V^LHYOLH]`K\[`NSV]LZHUK[VJV]LYHU` J\[ZHUKHIYHZPVUZ^P[OH^H[LYWYVVMKYLZZ

PUN,UZ\YLZ\MÄJPLU[Z\WWSPLZHYLH]HPSHISL

5V[L!,UZ\YL[OLH]HPSHIPSP[`VMHUHK

LX\H[LHUKZ\Z[HPUHISLZ\WWS`VMNSV]LZ [VJHYY`V\[HSSHJ[P]P[PLZ5,=,9YL\ZLVY YLZ[LYPSPaLZPUNSL\ZLNSV]LZ"[OL`ILJVTL WVYV\Z

‹ >LHYPUNWYV[LJ[P]LJSV[OPUNZ\JOHZ ^H[LYWYVVMNV^UZVYHWYVUZ^OLYLISVVK VYV[OLYIVK`Å\PKZTPNO[ZWSHZO9LX\PYL Z[HMM[V^LHYTHZRZHUKL`LZOPLSKZ^OLYL [OLYLPZWVZZPISLL_WVZ\YL[VSHYNLHTV\U[Z VMISVVK

‹ :HMLOHUKSPUNVMZOHYWVIQLJ[Z!

4PUPTPaL[OLULLK[VOHUKSLULLKSLZHUK Z`YPUNLZ

<ZLHZ[LYPSLKPZWVZHISLZ`YPUNLHUK ULLKSLMVYLHJOPUQLJ[PVU

:L[\W[OL^VYRHYLH^OLYLPUQLJ[PVUZHYL NP]LU[VYLK\JL[OLYPZRVMPUQ\Y`

<ZLZPUNSLKVZL]PHSZYH[OLY[OHUT\S[P KVZL]PHSZ0MT\S[PKVZL]PHSZHYL\ZLK H]VPKSLH]PUNHULLKSLPU[OLZ[VWWLY 6UJLVWLULKZ[VYLT\S[PKVZL]PHSZPU YLMYPNLYH[VY

+VUV[YLJHWULLKSLZ

7VZP[PVUHUKPUMVYTWH[PLU[ZJVYYLJ[S`MVY PUQLJ[PVUZ

+PZWVZLULLKSLZHUKZOHYWZPUW\UJ[\YL HUKSPX\PKWYVVMZHML[`IV_LZ,UZ\YL W\UJ[\YLYLZPZ[HU[JVU[HPULYZMVYZOHYWZ KPZWVZHSHYLYLHKPS`H]HPSHISLJSVZLH[ OHUKHUKV\[VMYLHJOVMJOPSKYLU:OHYW VIQLJ[ZZOV\SKUL]LYIL[OYV^UPU[VVYKP UHY`^HZ[LIPUZVYIHNZ

‹ +PZWVZHSVM^HZ[LTH[LYPHSZ!)\YUHSS TLKPJHS^HZ[LPUHZLWHYH[LHYLHWYLMLY HIS`^P[OPU[OLOLHS[OMHJPSP[`NYV\UKZ)\Y` P[LTZ[OH[Z[PSSWVZLH[OYLH[Z\JOHZZOHYW VIQLJ[ZPUHJV]LYLKWP[H[SLHZ[TL[YLZ MYVTH^H[LYZV\YJL

‹ 0UZ[Y\TLU[WYVJLZZPUN!7YVJLZZ\ZLK PUZ[Y\TLU[ZPU[OLMVSSV^PUNVYKLY!

+LJVU[HTPUH[LPUZ[Y\TLU[Z[VRPSS]PY\ZLZ /0=HUKOLWH[P[PZ)HUKTHRLP[LTZZHMLY [VOHUKSL

KLIYPZ

:[LYPSPaLLSPTPUH[LZHSSWH[OVNLUZPUZ[Y\ TLU[Z[VTPUPTPaL[OLYPZRVMPUMLJ[PVUZ K\YPUNWYVJLK\YLZ:[LHTH\[VJSH]PUNPZ YLJVTTLUKLK/3+[OYV\NOIVPSPUNVY ZVHRPUNPUHJOSVYPULZVS\[PVUTH`UV[ LSPTPUH[LZWVYLZ

<ZLVYWYVWLYS`Z[VYLP[LTZPTTLKPH[LS` HM[LYZ[LYPSPaH[PVU

‹ /V\ZLRLLWPUN!*SLHU\WZWPSSZVMISVVKVY V[OLYIVK`Å\PKZWYVTW[S`HUKJHYLM\SS`

,Z[HISPZOHUKPTWSLTLU[^VYRWSHJLWVSPJPLZ MVYVJJ\WH[PVUHSL_WVZ\YL

+LZWP[LZ[HUKHYKWYLJH\[PVUZILPUNW\[PUWSHJL HUKHKOLYLK[VVJJ\WH[PVUHSL_WVZ\YL[V/0= TH`VJJ\Y,UZ\YL7,7PZH]HPSHISL^P[OPU[OL OLHS[OZLJ[VYHZWHY[VMHJVTWYLOLUZP]LZ[HUKHYK WYLJH\[PVUZWHJRHNLYLK\JPUNZ[HMML_WVZ\YL[V PUMLJ[PV\ZOHaHYKZH[^VYR7VZ[ÄYZ[HPKTLHZ\YLZ PUYLSL]HU[^VYRZWHJLZZLL)V_HUKPUMVYTHSS Z[HMMOV^[VHJJLZZ[YLH[TLU[MVYL_WVZ\YL>OLU THUHNPUNVJJ\WH[PVUHSL_WVZ\YL!

‹ 4HPU[HPUJVUÄKLU[PHSP[`H[HSS[PTLZ ‹ (ZZLZZ[OLYPZRVM/0=[YHUZTPZZPVUPU

JHZLVMVJJ\WH[PVUHSL_WVZ\YL![OL[`WL VML_WVZ\YLWLYJ\[HULV\ZPUQ\Y`T\JV\Z TLTIYHULZWSHZOL[J"[OL[`WLVMTH[LYPHS L_WVZLK[VISVVKV[OLYIVK`Å\PKZL[J" HUK[OLSPRLSPOVVKVM/0=PUMLJ[PVUVM[OL ZV\YJLWH[PLU[

‹ *V\UZLS[OLZV\YJLWH[PLU[YLNHYKPUN/0= [LZ[PUNHUKJVUK\J[HU/0=[LZ[PMJVUZLU[PZ VI[HPULK

‹ 7YV]PKLJV\UZLSSPUNMVY[OLL_WVZLK^VYRLY VU[OLPTWSPJH[PVUZVM[OLL_WVZ\YL[OL ULLKMVY7,7OV^[V[HRLP[HUK^OH[[VKV PUJHZLVMZPKLLMMLJ[Z

‹ ;HRLHTLKPJHSOPZ[VY`HUKJVUK\J[HU L_HTVM[OLL_WVZLK^VYRLYVUS`HM[LYPU MVYTLKJVUZLU[YLJVTTLUK/0=]VS\U[HY` JV\UZLSSPUNHUK[LZ[PUNHUKWYV]PKL7,7 ^OLUHWWYVWYPH[L7,7[YLH[TLU[WYV[V JVSZHYL[OLZHTLHZ[OVZLMVYZ\Y]P]VYZVM ZL_\HS]PVSLUJLZLL;HISL(U/0=[LZ[PZ UV[YLX\PYLKILMVYLWYLZJYPIPUN7,7

‹ ,K\JH[LVUYPZRYLK\J[PVU[OYV\NOYL]PL^VM ZLX\LUJLVML]LU[ZHUKHK]PZL[OLL_WVZLK ^VYRLY[V\ZLJVUKVTZ[VWYL]LU[ZLJ VUKHY`[YHUZTPZZPVUK\YPUN[OLUL_[[OYLL TVU[OZ

‹ 7YV]PKL/0=]VS\U[HY`JV\UZLSSPUNHUK[LZ[ PUNH[[OYLLHUKZP_TVU[OZHM[LY[OLL_WV Z\YL^OL[OLYVYUV[[OLL_WVZLK^VYRLY YLJLP]LK7,7

‹ *VTWSL[LHUPUJPKLU[YLWVY[

0UVYKLY[VLUZ\YLHWWSPJH[PVUVMZ[HUKHYK WYLJH\[PVUZ9/VMÄJLYZHUK9/WYVNYHTTL THUHNLYZT\Z[^VYR^P[O[OLOLHS[OJS\Z[LY ZLJ[VYWHY[ULYZHUK!

‹ LUZ\YLWYV[VJVSZMVYZ[HUKHYKWYLJH\[PVUZ HYLWVZ[LKPULHJOOLHS[OMHJPSP[`HUKZ\WLY ]PZVYZLUMVYJLHKOLYLUJL[V[OLZL"

‹ VYNHUPaLPUZLY]PJLVYPLU[H[PVUZLZZPVUZVU Z[HUKHYKWYLJH\[PVUZMVYOLHS[OJHYL^VYR LYZHUKH\_PSPHY`Z[HMM^OLYLULLKLK" ‹ LZ[HISPZOZ\WLY]PZVY`Z`Z[LTZZ\JOHZ

ZPTWSLJOLJRSPZ[Z[VLUZ\YLJVTWSPHUJL^P[O WYV[VJVSZ"

‹ LUZ\YLÄYZ[HPKTLHZ\YLZPUJHZLVMVJ J\WH[PVUHSL_WVZ\YLHYLWVZ[LKHUKZ[HMM HYLPUMVYTLKHUKRUV^^OLYL[VYLWVY[HUK VI[HPU7,7PMULLKLK"

)V_!-PYZ[(PK

6JJ\WH[PVUHS,_WVZ\YL!-PYZ[(PK

0UQ\Y`^P[OH\ZLKULLKSLVYZOHYWPUZ[Y\TLU[HUKIYVRLUZRPU

‹ +VUV[ZX\LLaLVYY\I

‹ >HZOPTTLKPH[LS`\ZPUNZVHWHUK^H[LYVYJOSVYOL_PKPULNS\JVUH[LZVS\[PVU

‹ +VUV[\ZLZ[YVUNZVS\[PVUZ)SLHJOVYPVKPULPYYP[H[L[OL^V\UK

:WSHZOVMISVVKVYIVK`Å\PKZVU\UIYVRLUZRPU

‹ >HZO[OLHYLHPTTLKPH[LS`+VUV[\ZLZ[YVUNKPZPUMLJ[HU[Z

:WSHZOVMISVVKVYIVK`Å\PKZPU[OLL`L

‹ 0YYPNH[L[OLL_WVZLKL`LPTTLKPH[LS`^P[O^H[LYVYUVYTHSZHSPUL

‹ ;PS[[OLOLHKIHJRHUKOH]LHJVSSLHN\LWV\Y^H[LYVYUVYTHSZHSPUL

‹ +VUV[\ZLZVHWVYKPZPUMLJ[HU[VU[OLL`L

:WSHZOVMISVVKVYIVK`Å\PKZPU[OLTV\[O

‹ :WP[[OLÅ\PKV\[PTTLKPH[LS`

‹ 9PUZLTV\[O[OVYV\NOS`^P[O^H[LYVYZHSPUL9LWLH[ZL]LYHS[PTLZ

‹ +VUV[\ZLZVHWVYKPZPUMLJ[HU[PU[OLTV\[O

9LWVY[[OLPUJPKLU[[VPUZLY[UHTLOLYLHUK[HRL7,7PMPUKPJH[LK

4HRLMYLLJVUKVTZH]HPSHISL

)V_!6YKLYPUN*VUKVTZ

‹ ,UZ\YL[OH[[OLWYVJ\YLTLU[VMÄJLYLZWVUZPISLMVYI\SRW\YJOHZLZMVYLTLYNLUJPLZHKKZH JLY[PÄJH[LPU[OLYLSL]HU[SHUN\HNL[VHSSZOPWTLU[ZKLJSHYPUN[OH[[OLJVUKVTZOH]LILLU X\HSP[`[LZ[LKVUHIH[JOI`IH[JOIHZPZI`HUPUKLWLUKLU[SHIVYH[VY`

‹ (NLUJPLZ^P[OSPTP[LKL_WLYPLUJLPUJVUKVTWYVJ\YLTLU[JHUWYVJ\YL[OLT[OYV\NO<5-7( <5-7(JHUYHWPKS`ZOPWI\SRX\HU[P[PLZVMNVVKX\HSP[`JVUKVTZ[V[OLÄLSKHZWHY[VM[OL 0U[LYHNLUJ`9/2P[ZZLLWHYHNYHWO

‹ 4HSLJVUKVTZHYLH]HPSHISLPU[OL0U[LYHNLUJ`9/2P[WHY[(-LTHSLJVUKVTZHYLPU[OL 0U[LYHNLUJ`9/2P[WHY[);OLZLRP[ZJVU[HPUZ\MÄJPLU[Z\WWSPLZ[VJV]LY[OLULLKZVMH WVW\SH[PVUVMWLVWSLMVY[OYLLTVU[OZZLLJHSJ\SH[PVUZILSV^3LHÅL[ZL_WSHPUPUNHW WYVWYPH[L\ZLVMTHSLHUKMLTHSLJVUKVTZHYLHSZVPUJS\KLK

*HSJ\SH[PVUZMVYJVUKVTZ\WWSPLZMVYWVW\SH[PVUV]LYTVU[OZ 4HSLJVUKVTZ

(ZZ\TL!

VMWVW\SH[PVUHYLZL_\HSS`HJ[P]LTHSLZ

;OLYLMVYL!

_WLYZVUZ$THSLZ

(ZZ\TL!

VM[OLZL^PSS\ZLJVUKVTZ

;OLYLMVYL!

_$\ZLYZ

(ZZ\TL!

,HJO\ZLYULLKZJVUKVTZWLYTVU[O

;OLYLMVYL!

__TVU[OZ$THSLJVUKVTZ

(ZZ\TL!

^HZ[HNLJVUKVTZ

;OLYLMVYL!

;6;(3$$VYNYVZZ

-LTHSLJVUKVTZ

(ZZ\TL!

VMWVW\SH[PVUHYLZL_\HSS`HJ[P]LMLTHSLZ

;OLYLMVYL!

_WLYZVUZ$MLTHSLZ

(ZZ\TL!

VM[OLZL^PSS\ZLMLTHSLJVUKVTZ

;OLYLMVYL!

_$\ZLYZ

(ZZ\TL!

,HJO\ZLYULLKZJVUKVTZWLYTVU[O

;OLYLMVYL!

__TVU[OZ$MLTHSLJVUKVTZ

(ZZ\TL!

^HZ[HNL MLTHSLJVUKVTZ

;OLYLMVYL!

7YV]PKLJVUKVTZVUYLX\LZ[HUKLUZ\YL[OH[ JVUKVTZHYLH]HPSHISLPUHSSOLH[OMHJPSP[PLZHUK PUHJJLZZPISLWYP]H[LHYLHZPU[OLJVTT\UP[` Z\JOHZPUSH[YPULZPUIHYZH[UVUMVVKKPZ[YPI\ [PVUWVPU[ZHUKPU`V\[OHUKJVTT\UP[`JLU[YLZ *VUZ\S[^P[OSVJHSZ[HMMHIV\[OV^JVUKVTZJHU ILTHKLH]HPSHISLPUHJ\S[\YHSS`ZLUZP[P]L^H` WHY[PJ\SHYS`MVYTVZ[H[YPZRNYV\WZZ\JOHZZL_ ^VYRLYZHUK[OLPYJSPLU[ZTLU^OVOH]LZL_^P[O TLUPUQLJ[PUNKY\N\ZLYZHUK`V\UNWLVWSL(K VSLZJLU[ZTH`ILOLSWM\SPUPKLU[PM`PUNSVJH[PVUZ ^OLYL[OLPYWLLYZJVUNYLNH[L,UZ\YLJVUKVTZ HYLHSZVH]HPSHISL[V[OLZ\YYV\UKPUNJVTT\UP[` HPKHNLUJ`Z[HMMZ[HMMPU\UPMVYTLKZLY]PJLZHPK KLSP]LY`[Y\JRKYP]LYZL[J

*VUKVT\W[HRLZOV\SKILTVUP[VYLKI`JVU K\J[PUNYLN\SHYJOLJRZHUKZ[VJR\WZ^OLYL ULLKLKVMKPZ[YPI\[PVUWVPU[Z

7YL]LU[L_JLZZTH[LYUHSHUK

UL^IVYUTVYIPKP[`HUKTVY[HSP[`

7YPVYP[`HJ[P]P[PLZ[VWYL]LU[L_JLZZTH[LYUHS HUKUL^IVYUTVYIPKP[`HUKTVY[HSP[`HYL!

‹ ,UZ\YLH]HPSHIPSP[`VMLTLYNLUJ`VIZ[L[YPJ JHYL,T6*HUKUL^IVYUJHYLZLY]PJLZ PUJS\KPUN!

([OLHS[OMHJPSP[PLZ!ZRPSSLKIPY[OH[[LUKHU[Z HUKZ\WWSPLZMVYUVYTHSIPY[OZHUKTHU HNLTLU[VMVIZ[L[YPJHUKUL^IVYUJVT WSPJH[PVUZ

([YLMLYYHSOVZWP[HSZ!ZRPSSLKTLKPJHSZ[HMM HUKZ\WWSPLZMVYTHUHNLTLU[VMVIZ[L[YPJ HUKUL^IVYULTLYNLUJPLZ

‹ ,Z[HISPZOHYLMLYYHSZ`Z[LT[VMHJPSP[H[L [YHUZWVY[HUKJVTT\UPJH[PVUMYVT[OL JVTT\UP[`[V[OLOLHS[OJLU[YLHUK IL[^LLUOLHS[OJLU[YLHUK[OLOVZWP[HS ‹ 7YV]PKLJSLHUKLSP]LY`RP[Z[V]PZPIS`

WYLNUHU[^VTLUHUKIPY[OH[[LUKHU[Z[V WYVTV[LJSLHUOVTLKLSP]LYPLZ^OLUHJJLZZ [VHOLHS[OMHJPSP[`PZUV[WVZZPISL

)V_ !

)HZPJHUK*VTWYLOLUZP]L,T6*

HUK5L^IVYU*HYL

‹ ,UZ\YLIHZPJ,T6*HUKUL^IVYUJHYL H[HSSOLHS[O

JLU[YLZ;OPZTLHUZ[OH[Z[HMMHYLZRPSSLK HUKOH]L[OLYLZV\YJLZ[VWYV]PKL!

WHYLU[HSHU[PIPV[PJZ

WHYLU[HS\[LYV[VUPJKY\NZV_`[VJPU

WHYLU[HSHU[PJVU]\SZHU[KY\NZ THNULZP\TZ\SMH[L

THU\HSYLTV]HSVMYL[HPULKWYVK\J[Z VMJVUJLW[PVU\ZPUNHWWYVWYPH[L [LJOUVSVN`

WLYMVYTTHU\HSYLTV]HSVMWSHJLU[H

HZZPZ[LK]HNPUHSKLSP]LY`]HJ\\TVY MVYJLWZKLSP]LY`

TH[LYUHSHUKUL^IVYUYLZ\ZJP[H[PVU ‹ ,UZ\YLJVTWYLOLUZP]L,T6*HUKUL^

IVYUJHYLH[OVZWP[HSZ;OPZTLHUZ[OH[ Z[HMMHYLZRPSSLKHUKOH]L[OLYLZV\YJLZ [VZ\WWVY[HSSVM[OLPU[LY]LU[PVUZHIV]L HZ^LSSHZ[V!

WLYMVYTZ\YNLY`\UKLYNLULYHSHUHLZ [OLZPHJHLZHYLHUKLSP]LY`SHWHYV[VT`

WYV]PKLYH[PVUHSHUKZHMLISVVK [YHUZM\ZPVU

:LL*OHW[LYMVYHKKP[PVUHSPUMVYTH[PVU

,UZ\YLH]HPSHIPSP[`VM,T6*HUK

UL^IVYUJHYLZLY]PJLZ

HUKJVTWYLOLUZP]L,T6*HUKUL^IVYUJHYLZLY ]PJLZHYLH]HPSHISLOV\YZWLYKH`ZL]LUKH`Z WLY^LLRZLL)V_

)HZPJ,T6*HUKUL^IVYUJHYL

>OPSLZRPSSLKH[[LUKHUJLH[HSSIPY[OZPUHOLHS[O MHJPSP[`PZPKLHSILJH\ZLP[JHUOLSWYLK\JLTH [LYUHSTVYIPKP[`HUKTVY[HSP[`HZZVJPH[LK^P[O WYLNUHUJ`HUKJOPSKIPY[OP[TH`UV[ILMLHZPISL H[[OLZ[HY[VMHO\THUP[HYPHUYLZWVUZL/V^L]LY H[HTPUPT\TLUZ\YL[OH[H[LHJOOLHS[OMHJPSP[` IHZPJ,T6*HUKUL^IVYUJHYLPU[LY]LU[PVUZHZ V\[SPULKPU)V_ HZ^LSSHZJHWHJP[`[VYLMLY[V [OLOVZWP[HSPMULLKLKHYLH]HPSHISLOV\YZWLY KH`ZL]LUKH`ZWLY^LLR

(TVUN[OLVM^VTLU^P[OSPML[OYLH[LUPUN VIZ[L[YPJJVTWSPJH[PVUZ[OLTVZ[JVTTVUWYVI SLTZHYLZL]LYLISLLKPUNPUMLJ[PVULJSHTWZPH HUKVIZ[Y\J[LKSHIV\Y

(WWYV_PTH[LS`[^V[OPYKZVMPUMHU[KLH[OZVJJ\Y ^P[OPU[OLÄYZ[KH`Z;OLTHQVYP[`VM[OLZL KLH[OZHYLWYL]LU[HISLI`PUP[PH[PUNLZZLU[PHSHJ [PVUZ[OH[JHUIL[HRLUI`OLHS[OJHYL^VYRLYZ TV[OLYZVYV[OLYJVTT\UP[`TLTILYZ(WWYV_P TH[LS`[VVMUL^IVYUZKVUV[IYLH[OL ZWVU[HULV\ZS`H[IPY[OHUKYLX\PYLZ[PT\SH[PVU (IV\[OHSMVM[OVZL^OVOH]LKPMÄJ\S[`PUP[PH[PUN IYLH[OPUNYLX\PYLYLZ\ZJP[H[PVU;OLTHQVYYLH ZVUZMVYMHPS\YL[VIYLH[OLPUJS\KLWYL[LYTIPY[O HUKHJ\[LPU[YHWHY[\TL]LU[ZYLZ\S[PUNPUZL]LYL HZWO`_PH

;VWYL]LU[HUKHKKYLZZ[OLZLJVTWSPJH[PVUZ!

‹ 7YV]PKLTPK^P]LZHUKV[OLYZRPSSLKIPY[O H[[LUKHU[ZPUOLHS[OJLU[YLZ^P[OTH[LYP HSZHUKKY\NZ[VJVUK\J[KLSP]LYPLZ[VKLHS ^P[OJVTWSPJH[PVUZHUK[VZ[HIPSPaL^VTLU WYPVY[V[YHUZWVY[[V[OLOVZWP[HSPMULLKLK ‹ ,UZ\YLZRPSSLKIPY[OH[[LUKHU[ZHYLJVT

WL[LU[[VWYV]PKLLTLYNLUJ`HUKYV\[PUL UL^IVYUJHYLPUJS\KPUN!

PUP[PH[PVUVMIYLH[OPUN"

YLZ\ZJP[H[PVU"

[OLYTHSWYV[LJ[PVUKLSH`LKIH[OPUN

KY`PUNZRPU[VZRPUJVU[HJ["

WYL]LU[PVUVMPUMLJ[PVUJSLHUSPULZZO` NPLUPJJVYKJ\[[PUNHUKJHYLL`LJHYL"

PTTLKPH[LHUKL_JS\ZP]LIYLHZ[MLLKPUN"

THUHNLTLU[VMUL^IVYUPSSULZZHUKJHYL MVYWYL[LYTSV^IPY[O^LPNO[IHIPLZ

:\WWSPLZ[VZ\WWVY[IHZPJ,T6*HUKUL^IVYU JHYLHYLPUJS\KLKPU[OL0U[LYHNLUJ`9/2P[ZZLL WHYHNYHWO5L^IVYUYLZ\ZJP[H[PVUZ\WWSPLZ HYLH]HPSHISLPU0U[LYHNLUJ`9/2P[>OLU VYKLYPUNZ\WWSPLZMYVTV[OLYZV\YJLZTHRLZ\YL [OLTPK^PMLY`WHJRHNLPUJS\KLZUL^IVYUYLZ\Z JP[H[PVUZ\WWSPLZ

*VTWYLOLUZP]L,T6*HUKUL^IVYUJHYL

>OLYLMLHZPISLZ\WWVY[OVZ[JV\U[Y`OVZWP[HSZ ^P[OZRPSSLKZ[HMMPUMYHZ[Y\J[\YLTLKPJHSJVT TVKP[PLZPUJS\KPUNTLKPJPULZHUKZ\YNPJHS LX\PWTLU[HZULLKLK[VWYV]PKLJVTWYLOLUZP]L ,T6*HUKUL^IVYUJHYLZLL)V_ 0M[OPZPZ UV[MLHZPISLILJH\ZLVM[OLOVZ[JV\U[Y`OVZWP [HS»ZSVJH[PVUVYPUHIPSP[`[VTLL[[OLPUJYLHZLK KLTHUK[OL9/VMÄJLYZOV\SK^VYR^P[O[OL OLHS[OZLJ[VYJS\Z[LYHUKHUHNLUJ`Z\JOHZ 0*9*VY0-9*[VYLZVS]L[OLWYVISLTZ\JOHZ LZ[HISPZOPUNHYLMLYYHSOVZWP[HSJSVZL[V[OLHM MLJ[LKWVW\SH[PVU

,Z[HISPZOHYLMLYYHSZ`Z[LT

[VTHUHNLVIZ[L[YPJHUKUL^IVYU

LTLYNLUJPLZ

OVZWP[HS^P[OJVTWYLOLUZP]L,T6*HUKUL^ IVYUJHYLZLY]PJLZ

‹ +L[LYTPULWVSPJPLZWYVJLK\YLZHUKWYHJ [PJLZ[VILMVSSV^LKPUOLHS[OJLU[YLZHUK OVZWP[HSZ[VLUZ\YLLMÄJPLU[YLMLYYHS

‹ +L[LYTPULKPZ[HUJLZMYVT[OLHMMLJ[LKJVT T\UP[`[VM\UJ[PVUPUNOLHS[OJLU[YLZHUK[V [OLOVZWP[HSHZ^LSSHZ[YHUZWVY[VW[PVUZMVY YLMLYYHS

‹ 7VZ[WYV[VJVSZPUL]LY`OLHS[OJLU[YLZWLJP M`PUN^OLU^OLYLHUKOV^[VYLMLYWH[PLU[Z ^P[OVIZ[L[YPJLTLYNLUJPLZ[V[OLUL_[SL]LS VMJHYL

‹ 0UMVYTJVTT\UP[PLZ^OLUHUK^OLYL[V ZLLRLTLYNLUJ`JHYLMVYJVTWSPJH[PVUZVM WYLNUHUJ`HUKJOPSKIPY[OHZZVVUHZWVZ ZPISL4LL[HUKPUMVYTJVTT\UP[`SLHKLYZ [YHKP[PVUHSIPY[OH[[LUKHU[ZHUKV[OLYZ[V KPZ[YPI\[LPSS\Z[YH[P]LIYVJO\YLZVY\UKLY[HRL V[OLYJYLH[P]LPUMVYTH[PVULK\JH[PVUHUK JVTT\UPJH[PVU0,*HWWYVHJOLZ

>P[OV\[HJJLZZ[VHKLX\H[L,T6*HUKUL^IVYU JHYL^VTLUHUKUL^IVYUZ^PSSKPL\UULJLZZHY PS`;OLYLMVYLP[PZL_[YLTLS`PTWVY[HU[[VH[[LTW[ [VULNV[PH[LHJJLZZ[V[OLYLMLYYHSOVZWP[HS >OLYLYLMLYYHSZLY]PJLZHYLPTWVZZPISL[V LZ[HISPZOP[PZWHY[PJ\SHYS`LZZLU[PHS[OH[X\HSPÄLK Z[HMMHYLH]HPSHISLH[HSS[PTLZH[OLHS[OJLU[YLZ [VWYV]PKLIHZPJ,T6*HUKUL^IVYUJHYLZLL WHYHNYHWO0U[OPZZP[\H[PVUP[PZOLSWM\S[V LZ[HISPZOHZ`Z[LTVMJVTT\UPJH[PVUZ\JOHZ

[OL\ZLVMYHKPVZVYJLSSWOVULZ[VJVTT\UPJH[L ^P[OTVYLX\HSPÄLKWLYZVUULSMVYTLKPJHSN\PK HUJLHUKZ\WWVY[

*SLHUKLSP]LY`RP[Z

0UHSSO\THUP[HYPHUZL[[PUNZ[OLYLHYL^VTLUHUK NPYSZ^OVHYLPU[OLSH[LYZ[HNLZVMWYLNUHUJ`HUK ^OV^PSS[OLYLMVYLKLSP]LYK\YPUN[OLLTLYNLUJ` ([[OLVUZL[VMHO\THUP[HYPHUYLZWVUZLIPY[OZ ^PSSVM[LU[HRLWSHJLV\[ZPKLVMHOLHS[OJLU[YL ^P[OV\[[OLHZZPZ[HUJLVMZRPSSLKIPY[OH[[LUKHU[Z 4HRLHJSLHUKLSP]LY`WHJRHNLH]HPSHISL[VHSS ]PZPIS`WYLNUHU[^VTLU[VWYVTV[LJSLHUOVTL KLSP]LYPLZ^OLUHJJLZZ[VHOLHS[OMHJPSP[`PZUV[ WVZZPISL+PZ[YPI\[PVUJHUILKVULH[YLNPZ[YH[PVU ZP[LZMVYPUZ[HUJL

0UJVTT\UP[PLZ^OLYL[YHKP[PVUHSIPY[OH[[LUKHU[Z ;)(ZHYLHZZPZ[PUNOVTLKLSP]LYPLZ[OL`JHU ILNP]LUJSLHUKLSP]LY`WHJRHNLZHUKHKKP[PVUHS IHZPJZ\WWSPLZ3PUR[OLZL;)(Z[VHOLHS[OJSPUPJ ^P[OZRPSSLKIPY[OH[[LUKHU[Z^OLYL[OL`JHUYLN PZ[LYHUKYLWSLUPZO[OLPYZ\WWSPLZ;OPZPZHÄYZ[ Z[LW[VPU[LNYH[PUN[OLTPU[OLJVTWYLOLUZP]L 9/WYVNYHTTL^OLYL[OL`TH`ILHISL[VWSH`H

)V_!,UJV\YHNL*OPSKIPY[O

PU/LHS[O*LU[YLZ

0[PZPTWVY[HU[[VLTWOHZPaL[OH[^OLYL OLHS[OJLU[YLZ^P[OZRPSSLKIPY[OH[[LUKHU[Z HUKZ\MÄJPLU[LX\PWTLU[HUKZ\WWSPLZHYL H]HPSHISLHSS^VTLUZOV\SKIL[VSK^OLYL [OLZLJSPUPJZHYLHUKZOV\SKILLUJV\YHNLK [VKLSP]LY[OLYL;OPZPUMVYTH[PVUJHUIL WYV]PKLK^OLU[OLJSLHUKLSP]LY`WHJRHNLZ HYLKPZ[YPI\[LKHZ^LSSHZ[OYV\NOJVTT\ UPJH[PVU^P[O[OLJVTT\UP[`

)V_!*SLHU+LSP]LY`7HJRHNL

;OLWHJRHNLZJVU[HPU]LY`IHZPJTH[LYPHSZ!

‹ VULZOLL[VMWSHZ[PJMVY[OL^VTHU[V KLSP]LYVU

‹ HIHYVMZVHW ‹ HWHPYVMNSV]LZ

‹ VULJSLHUYHaVYISHKLUL^HUK

^YHWWLKPUP[ZVYPNPUHSWHWLY[VJ\[[OL \TIPSPJHSJVYK

‹ [OYLLWPLJLZVMZ[YPUN[V[PL[OL\TIPSP JHSJVYK

‹ [^VWPLJLZVMJV[[VUJSV[OVUL[VKY` HUK[OLV[OLY[V^HYT[OLIHI`

YVSLHZHSPURIL[^LLUMHTPSPLZJVTT\UP[PLZHUK SVJHSH\[OVYP[PLZHUK[OL9/ZLY]PJLZZLL*OHW [LY!4H[LYUHSHUK5L^IVYU/LHS[O

*SLHUKLSP]LY`WHJRHNLZHUKZ\WWSPLZMVY[YHKP [PVUHSIPY[OH[[LUKHU[ZJHUILVYKLYLK[OYV\NO <5-7(0U[LYHNLUJ`9/2P[(HUK)ZLL WHYHNYHWO)LJH\ZL[OLZLTH[LYPHSZHYL VM[LULHZPS`VI[HPULKSVJHSS`HUKKVUV[L_WPYLP[ PZWVZZPISL[VHZZLTISL[OLZLWHJRHNLZVUZP[L HUKWYLZ[VJR[OLTHZHWYLWHYLKULZZTLHZ\YL PUZL[[PUNZ^OLYL[OL`KVUV[ULLK[VILPTTL KPH[LS`H]HPSHISL0[TH`ILWVZZPISL[VJVU[YHJ[ ^P[OHSVJHS5.6[VWYVK\JL[OLWHJRHNLZ ^OPJOJV\SKWYV]PKLHUPUJVTLNLULYH[PVU WYVQLJ[MVYSVJHS^VTLU

:\WWSPLZ[VPTWSLTLU[[OL40:7

;VPTWSLTLU[[OLZLY]PJLKLSP]LY`JVTWVULU[Z VM[OL40:7WYV]PKLJSPUPJHSJHYLMVYZ\Y]P]VYZVM YHWL"YLK\JL/0=[YHUZTPZZPVU"WYL]LU[L_JLZZ TH[LYUHSHUKUL^IVYUTVYIPKP[`HUKTVY[HSP[` [OL0U[LYHNLUJ`>VYRPUN.YV\WVU9LWYVK\J[P]L /LHS[OPU*YPZLZ0(>.KLZPNULKHZL[VMRP[Z JVU[HPUPUNKY\NZHUKZ\WWSPLZHPTLKH[MHJPSP [H[PUN[OLPTWSLTLU[H[PVUVM[OLZLWYPVYP[`9/ ZLY]PJLZ![OL0U[LYHNLUJ`9LWYVK\J[P]L/LHS[O 2P[Z9/2P[Z;OL9/2P[ZJVTWSLTLU[[OL0U[LY HNLUJ`,TLYNLUJ`/LHS[O2P[0,/2^OPJO PZHZ[HUKHYKPaLKLTLYNLUJ`OLHS[ORP[[OH[JVU [HPUZLZZLU[PHSKY\NZZ\WWSPLZHUKLX\PWTLU[MVY [OLWYV]PZPVUVMWYPTHY`OLHS[OJHYLZLY]PJLZ0U HO\THUP[HYPHUZL[[PUN[OL0,/2PZVM[LUYHWPKS` H]HPSHISL"OV^L]LYHS[OV\NOP[JVU[HPUZHTPK ^PMLY`RP[LTLYNLUJ`JVU[YHJLW[P]LWPSSZ,*7Z 7,7[YLH[TLU[[VWYL]LU[[YHUZTPZZPVUVM/0= HM[LYYHWLHUKZ\WWSPLZMVY[OLHKOLYLUJL[V Z[HUKHYKWYLJH\[PVUZ[OL0,/2KVLZUV[OH]LHSS Z\WWSPLZULLKLK[VPTWSLTLU[[OL40:7

;OL9/2P[ZHYLKLZPNULKMVY\ZLH[[OLVUZL[VM [OLO\THUP[HYPHUYLZWVUZLHUKJVU[HPUZ\MÄJPLU[ Z\WWSPLZMVYH[OYLLTVU[OWLYPVKMVYKPMMLYLU[ WVW\SH[PVUU\TILYZKLWLUKPUNVU[OLWVW\SH [PVUJV]LYHNLVM[OLOLHS[OJHYLZL[[PUNMVY^OPJO [OLRP[ZHYLKLZPNULK

;OL9/2P[ZHYLKP]PKLKPU[V[OYLLISVJRZ" LHJOISVJR[HYNL[ZHKPMMLYLU[OLHS[OZLY]PJL KLSP]LY`SL]LS!

‹ )SVJR!*VTT\UP[`HUKWYPTHY`OLHS[O JHYLSL]LS!WLYZVUZTVU[OZ ‹ )SVJR!7YPTHY`OLHS[OJHYLHUKYLMLYYHS

OVZWP[HSSL]LS!WLYZVUZTVU[OZ ‹ )SVJR!9LMLYYHSOVZWP[HSSL]LS!

WLYZVUZTVU[OZ

)SVJR

)SVJRJVU[HPUZZP_RP[Z;OLP[LTZPU[OLZLRP[Z HYLPU[LUKLKMVY\ZLI`ZLY]PJLWYV]PKLYZKLSP]LY PUN9/JHYLH[JVTT\UP[`HUKWYPTHY`OLHS[OJHYL SL]LS;OLRP[ZJVU[HPUTHPUS`TLKPJPULZHUKKPZ WVZHISLP[LTZ2P[ZHUKHYLZ\IKP]PKLKPU[V WHY[Z(HUK)^OPJOJHUILVYKLYLKZLWHYH[LS`

)SVJR

)SVJRPZJVTWVZLKVMÄ]LRP[ZJVU[HPUPUN KPZWVZHISLHUKYL\ZHISLTH[LYPHS;OLP[LTZPU [OLZLRP[ZHYLPU[LUKLKMVY\ZLI`[YHPULKOLHS[O JHYLWYV]PKLYZ^P[OHKKP[PVUHSTPK^PMLY`HUK ZLSLJ[LKVIZ[L[YPJHUKULVUH[HSZRPSSZH[[OL OLHS[OJLU[YLVYOVZWP[HSSL]LS

)SVJR

0UO\THUP[HYPHUZL[[PUNZWH[PLU[ZMYVT[OLHM MLJ[LKWVW\SH[PVUHYLYLMLYYLK[V[OLULHYLZ[ OVZWP[HS^OPJOTH`YLX\PYLZ\WWVY[PU[LYTZVM LX\PWTLU[HUKZ\WWSPLZ[VILHISL[VWYV]PKL [OLULJLZZHY`ZLY]PJLZMVY[OPZHKKP[PVUHSJHZL SVHK)SVJRPZJVTWVZLKVM[^VRP[ZJVU[HPU PUNKPZWVZHISLHUKYL\ZHISLZ\WWSPLZ[VWYV]PKL JVTWYLOLUZP]L,T6*HUKUL^IVYUJHYLH[[OL YLMLYYHSZ\YNPJHSVIZ[L[YPJZSL]LS0[PZLZ[PTH[LK [OH[HOVZWP[HSH[[OPZSL]LSJV]LYZHWVW\SH[PVUVM HWWYV_PTH[LS`WLYZVUZ2P[OHZ[^V WHY[Z(HUK)^OPJOHYL\Z\HSS`\ZLK[VNL[OLY I\[^OPJOJHUILVYKLYLKZLWHYH[LS`

Z\WWSPLZHUKZOV\SKPUJS\KL9/Z\WWSPLZPU[OLPY V]LYHSSTLKPJHSZ\WWS`WYVJ\YLTLU[6YKLY[OL 0U[LYHNLUJ`9/2P[Z[OYV\NO<5-7(VYPKLU[PM` V[OLYX\HSP[`Z\WWS`ZV\YJLZ[VLUZ\YLHSSULJ LZZHY`LX\PWTLU[HUKTH[LYPHSZHYLH]HPSHISL [VWYV]PKL[OLM\SSYHUNLVMWYPVYP[`9/ZLY]PJLZ *VVYKPUH[L[OLVYKLYPUNVMOLHS[OZ\WWSPLZ^P[OPU [OLOLHS[OZLJ[VYJS\Z[LY[VH]VPK^HZ[L

>OLUWSHUUPUN[VVYKLY9/2P[ZWYLWHYLHWSHU MVYPUJV\U[Y`KPZ[YPI\[PVUVM[OLRP[Z;OPZWSHU V\[SPULZOV^THU`VM^OPJORP[ZNV[V^OPJO WHY[ULYZPU^OPJONLVNYHWOPJHSZL[[PUN0[HSZV PUJS\KLZKL[HPSLKWSHUZMVYPUJV\U[Y`[YHUZWVY[ HUKZ[VYHNLPUJS\KPUNWYV]PZPVUZMVYP[LTZ[OH[ ULLK[VILRLW[JVVSJVSKJOHPU

)SVJR

2P[5V 2P[5HTL *VSV\Y*VKL

2P[ (KTPUPZ[YH[PVU 6YHUNL

2P[ *VUKVT

7HY[(!THSLJVUKVTZWS\Z7HY[)!MLTHSLJVUKVTZ

9LK

2P[ *SLHU+LSP]LY`0UKP]PK\HS

7HY[(!JSLHUKLSP]LY`WHJRHNLZWS\ZWHY[)!Z\WWSPLZMVY IPY[OH[[LUKHU[Z

+HYR)S\L

2P[ 7VZ[9HWL

7HY[(!,*7HUK:;0[YLH[TLU[WS\Z7HY[)!7,7

7PUR

2P[ 6YHSHUK0UQLJ[HISL*VU[YHJLW[PVU >OP[L

2P[ :;0[YLH[TLU[ ;\YX\VPZL

)SVJR

2P[5V 2P[UHTL *VSV\Y*VKL

2P[ 9LMLYYHSSL]LS7HY[(WS\Z) -S\VYLZJLU[NYLLU

2P[ )SVVK;YHUZM\ZPVU +HYRNYLLU

)SVJR

2P[5V 2P[UHTL *VSV\Y*VKL

2P[ +LSP]LY`RP[/LHS[O-HJPSP[` )YV^U

2P[ 0<+ )SHJR

2P[ 4HUHNLTLU[VM*VTWSPJH[PVUZVM4PZJHYYPHNLHUK(IVY[PVU @LSSV^ 2P[ :\[\YLVM;LHYZJLY]PJHSHUK]HNPUHSHUK=HNPUHS,_HTPUH[PVU 7\YWSL

2P[ =HJ\\T,_[YHJ[PVU+LSP]LY`4HU\HS .YH`

)LWYLWHYLK[VYLJLP]LNVVKZHZZVVUHZ[OL` HYYP]LH[[OLWVY[VMLU[Y`[V[OLJV\U[Y`HUK LUZ\YL[OH[HSSYLSL]HU[MVYTZMVYJ\Z[VTZJSLHY HUJLOH]LILLUWYLWHYLKHOLHKVM[PTLZV[OLYL HYLUV\UULJLZZHY`KLSH`Z^P[OPTWVY[PUN[OL RP[Z;OLSVNPZ[PJZJS\Z[LY^OLYLP[L_PZ[ZTH`IL HISL[VOLSWMHJPSP[H[L[OPZ

0UMVYTH[PVUVU[OLRP[ZVYHZZPZ[HUJL^P[OVY KLYPUNJHUILWYV]PKLKI`<5-7(ÄLSKVMÄJLZ HNLUJ`WHY[ULYZVY<5-7(7YVJ\YLTLU[:LY ]PJLZ)YHUJO7:)VY<5-7(/\THUP[HYPHU 9LZWVUZL)YHUJO/9)

7SHU[VPU[LNYH[LJVTWYLOLUZP]L

9/ZLY]PJLZPU[VWYPTHY`OLHS[OJHYL

:[HY[WSHUUPUNMVY[OLPU[LNYH[PVUVMJVTWYL OLUZP]L9/HJ[P]P[PLZPU[VWYPTHY`OLHS[OJHYLH[ [OLVUZL[VM[OLO\THUP[HYPHUYLZWVUZL-HPS\YL [VKVZVTH`\UULJLZZHYPS`KLSH`[OLWYV]P ZPVUVM[OLZLZLY]PJLZ^OPJOPUJYLHZLZ[OLYPZR VM\U^HU[LKWYLNUHUJPLZ[OL[YHUZTPZZPVUVM ZL_\HSS`[YHUZTP[[LKPUMLJ[PVUZJVTWSPJH[PVUZVM NLUKLYIHZLK]PVSLUJLHUKTH[LYUHSHUKUL^ IVYUTVYIPKP[`HUKTVY[HSP[`

0UP[PH[LJVTWYLOLUZP]L9/ZLY]PJLKLSP]LY`JVT WVULU[ZHZZVVUHZ[OLZ[HUKHYKZMVY[OL40:7 PUKPJH[VYZHYLYLHJOLKZLL*OHW[LY!(ZZLZZ TLU[4VUP[VYPUNHUK,]HS\H[PVU>OLUO\THUP [HYPHUHWWLHSZWYVJLZZLZHUKHNLUJPLZZ[HY[ SVUNLY[LYTWSHUUPUNMVYTVU[OZJVTWYL OLUZP]LZLY]PJLZT\Z[ILPU[LNYH[LKPU[VM\UKPUN HUKWSHUUPUNWYVJLZZLZZ\JOHZ[OL*VTTVU /\THUP[HYPHU(J[PVU7SHU*/(7*VUZVSPKH[LK (WWLHSZ7YVJLZZ*(7HUKHWWSPJH[PVUZ[V[OL

*LU[YHS,TLYNLUJ`9LZWVUZL-\UK*,9-0UVYKLY[VKLZPNUHJVTWYLOLUZP]L9/ZLY]PJL KLSP]LY`WYVNYHTPU[LNYH[LKPU[VWYPTHY`OLHS[O JHYL9/VMÄJLYZHUK9/WYVNYHTTLTHUHNLYZ T\Z[^VYR^P[OPU[OLOLHS[OZLJ[VYJS\Z[LY[V!

‹ VYKLY9/LX\PWTLU[HUKZ\WWSPLZ ‹ JVSSLJ[L_PZ[PUNIHJRNYV\UKKH[H

‹ PKLU[PM`Z\P[HISLZP[LZMVYM\[\YLJVTWYLOLU ZP]L9/ZLY]PJLKLSP]LY`

‹ HZZLZZZ[HMMJHWHJP[`[VWYV]PKLJVTWYL OLUZP]L9/ZLY]PJLZHUKWSHUMVY[YHPUPUN YL[YHPUPUN

;HISL!0U[LYHNLUJ`9/2P[7VPU[ZVM*VU[HJ[

(KKYLZZ <5-7(

/\THUP[HYPHU9LZWVUZL )YHUJO

,HZ[UK:[YLL[ 5L^@VYR5@ <:(

<5-7(

/\THUP[HYPHU9LZWVUZL )YHUJO

JOLTPUKLZ (UtTVULZ

*OH[LSHPUL .LUL]H:^P[aLY SHUK

<5-7(

7YVJ\YLTLU[:LY]PJLZ )YHUJO

4PK[LYTVSLU *VWLUOHNLU +LUTHYR

-H_

,THPS OYI'\UMWHVYN OYI'\UMWHVYN WYVJ\YLTLU['\UMWHKR

)V_!40:7HUK*VTWYLOLUZP]L9/:LY]PJLZ

9/*VTWVULU[ZUV[ PUVYKLYVMWYPVYP[` PTWVY[HUJL

7YPVYP[`9/:LY]PJLZ40:7 *VTWYLOLUZP]L9/:LY]PJLZ

-(403@73(5505. 7YV]PKLJVU[YHJLW[P]LZZ\JOHZ JVUKVTZWPSSZPUQLJ[HISLZHUK0<+: [VTLL[KLTHUK

:V\YJLHUKWYVJ\YLJVU[YHJLW[P]L Z\WWSPLZ

7YV]PKLZ[HMM[YHPUPUN

,Z[HISPZOJVTWYLOLUZP]LMHTPS`WSHUUPUN WYVNYHTTPUN

7YV]PKLJVTT\UP[`LK\JH[PVU

.,5+,9)(:,+ =063,5*,

*VVYKPUH[LTLJOHUPZTZ[VWYL]LU[ ZL_\HS]PVSLUJL^P[O[OLOLHS[OHUK V[OLYZLJ[VYZJS\Z[LYZ

7YV]PKLJSPUPJHSJHYLMVYZ\Y]P]VYZVM YHWL

,_WHUKTLKPJHSWZ`JOVSVNPJHSZVJPHS HUKSLNHSJHYLMVYZ\Y]P]VYZ

7YL]LU[HUKHKKYLZZV[OLYMVYTZVM.)= PUJS\KPUNKVTLZ[PJ]PVSLUJLMVYJLKLHYS` THYYPHNLMLTHSLNLUP[HST\[PSH[PVU 7YV]PKLJVTT\UP[`LK\JH[PVU

,UNHNLTLUHUKIV`ZPU.)= WYVNYHTTPUN

4(;,95(3(5+ 5,>)695*(9,

,UZ\YLH]HPSHIPSP[`VMLTLYNLUJ` VIZ[L[YPJHUKUL^IVYUJHYLZLY]PJLZ ,Z[HISPZOYLMLYYHSZ`Z[LTMVY VIZ[L[YPJLTLYNLUJPLZ

7YV]PKLJSLHUKLSP]LY`WHJRHNLZ[V ]PZPIS`WYLNUHU[^VTLUHUKIPY[O H[[LUKHU[Z

7YV]PKLHU[LUH[HSJHYL 7YV]PKLWVZ[UH[HSJHYL

;YHPUZRPSSLKH[[LUKHU[ZTPK^P]LZU\YZLZ KVJ[VYZPUWLYMVYTPUN,T6*HUKUL^ IVYUJHYL

0UJYLHZLHJJLZZ[VIHZPJHUKJVTWYLOLU ZP]L,T6*HUKUL^IVYUJHYL

:;0Z05*3<+05./0= 79,=,5;065(5+ ;9,(;4,5;

,UZ\YLZHMLISVVK[YHUZM\ZPVU WYHJ[PJL

-HJPSP[H[LHUKLUMVYJLYLZWLJ[MVY Z[HUKHYKWYLJH\[PVUZ

4HRLMYLLJVUKVTZH]HPSHISL

4HRLZ`UKYVTPJ[YLH[TLU[H]HPSHISL HZWHY[VMYV\[PULJSPUPJHSZLY]PJLZMVY WH[PLU[ZWYLZLU[PUNMVYJHYL

4HRL[YLH[TLU[H]HPSHISLMVY WH[PLU[ZHSYLHK`[HRPUN(9=Z PUJS\KPUNMVY74;*;HZZVVUHZ WVZZPISL

,Z[HISPZOJVTWYLOLUZP]L:;0WYL]LU [PVUHUK[YLH[TLU[ZLY]PJLZPUJS\KPUN:;0 Z\Y]LPSSHUJLZ`Z[LTZ

*VSSHIVYH[LPULZ[HISPZOPUNJVTWYLOLUZP]L /0=ZLY]PJLZHZHWWYVWYPH[L

7YV]PKLJHYLZ\WWVY[HUK[YLH[TLU[MVY WLVWSLSP]PUN^P[O/0=(0+:

9HPZLH^HYLULZZVMWYL]LU[PVUJHYLHUK [YLH[TLU[ZLY]PJLZMVY:;0ZPUJS\KPUN/0=

6YKLY9/LX\PWTLU[HUK

Z\WWSPLZ

6UJLTPUPTHSPUP[PHS9/ZLY]PJLZHYLLZ[HISPZOLK ^VYR^P[OOLHS[OH\[OVYP[PLZHUK[OYV\NO[OL OLHS[OZLJ[VYJS\Z[LY[VHUHS`ZL[OLZP[\H[PVU LZ[PTH[L[OL\ZLVMTLKPJPULZHUKKPZWVZHISL Z\WWSPLZHZZLZZ[OLULLKZVM[OLWVW\SH[PVUHUK YLVYKLYZ\WWSPLZHZULLKLK(]VPKJVU[PU\LK VYKLYPUNVM[OLWYLWHJRHNLK9/2P[Z6YKLYPUN 9/Z\WWSPLZIHZLKVUKLTHUK^PSSLUZ\YL[OL Z\Z[HPUHIPSP[`VM[OL9/WYVNYHTTLHUKH]VPK ZOVY[HNLVMZVTLZ\WWSPLZHUK^HZ[PUNVMV[OLYZ UV[\ZLKPU[OLZL[[PUN

7SHJLMVSSV^\WVYKLYZMVY9/Z\WWSPLZ[OYV\NO YLN\SHYTLKPJHSZ\WWS`SPULZPUJV\U[Y`(SZV JVUZPKLYWYVJ\YLTLU[JOHUULSZ\ZLKI`5.6Z VY[OYV\NO<5-7(7YVJ\YLTLU[:LY]PJLZ)YHUJO ZLLWHYHNYHWO

>OLUVYKLYPUNZ\WWSPLZMVYJVTWYLOLUZP]L9/ ZLY]PJLZ9/VMÄJLYZHUK9/WYVNYHTTLTHU HNLYZT\Z[JVVYKPUH[L9/JVTTVKP[`THU HNLTLU[^P[OOLHS[OH\[OVYP[PLZHUK[OLOLHS[O ZLJ[VYJS\Z[LYPUVYKLY[VLUZ\YL\UPU[LYY\W[LK HJJLZZ[V9/JVTTVKP[PLZHUKH]VPK^HZ[L

‹ /PYLZ[HMM[YHPULKPUZ\WWS`JOHPUTHUHNL TLU[

‹ ,Z[PTH[LTVU[OS`JVUZ\TW[PVUVM9/TLKP JPULZHUKKPZWVZHISLZ

‹ 0KLU[PM`TLKPJHSZ\WWS`JOHUULSZ0U]LZ[P NH[L[OLX\HSP[`VMSVJHSZ\WWS`JOHUULSZ0M [OPZPZPUHKLX\H[LVI[HPU9/JVTTVKP[PLZ [OYV\NOYLJVNUPaLKNSVIHSZ\WWSPLYZVY^P[O Z\WWVY[MYVT<5-7(<50*,-VY>/6 ;OLZLHNLUJPLZJHUMHJPSP[H[L[OLW\YJOHZL VMI\SRX\HU[P[PLZVMNVVKX\HSP[`9/Z\W WSPLZH[SV^JVZ[

‹ 7SHJL[PTLS`VYKLYZ[OYV\NOPKLU[PÄLKZ\W WS`SPULZIHZLKVU`V\YLZ[PTH[LZPUVYKLY[V H]VPKZ[VJRV\[Z

‹ 3VJH[L[OLZ\WWSPLZHZJSVZL[V[OLILULÄ JPHY`WVW\SH[PVUHZWVZZPISL

*VSSLJ[L_PZ[PUNIHJRNYV\UKKH[H

0UVYKLY[VTV]LIL`VUK40:7HUKZ[HY[WSHU UPUNMVYJVTWYLOLUZP]L9/ZLY]PJLKLSP]LY` 9/VMÄJLYZHUKWYVNYHTTLTHUHNLYZPUJSVZL JVSSHIVYH[PVU^P[O[OLWHY[ULYZPU[OLOLHS[O ZLJ[VYJS\Z[LYT\Z[JVSSLJ[L_PZ[PUNPUMVYTH[PVU VYLZ[PTH[LKH[H[OH[^PSSHZZPZ[PUKLZPNUPUNH JVTWYLOLUZP]L9/WYVNYHTTL

‹ 0KLU[PM`YLSL]HU[46/WVSPJPLZHUKWYV [VJVSZMVYZ[HUKHYKPaLKJHYLZ\JOHZ:;0 Z`UKYVTPJTHUHNLTLU[HUKMHTPS`WSHUUPUN WYV[VJVSZ

‹ *VSSLJ[VYLZ[PTH[LKLTVNYHWOPJHUK9/ PUMVYTH[PVUVM[OLHMMLJ[LKWVW\SH[PVUZ\JO HZ!

[OLU\TILYVM^VTLUVMYLWYVK\J[P]LHNL [V `LHYZVSK·LZ[PTH[LKH[ VM[OLWVW\SH[PVU"[OLU\TILYVMZL_\HSS` HJ[P]LTLU·LZ[PTH[LKH[VM[OL WVW\SH[PVU"[OLJY\KLIPY[OYH[L·LZ[P TH[LKH[VM[OLWVW\SH[PVU"

HNLHUKZL_ZWLJPÄJTVY[HSP[`KH[HMVY L_HTWSL[OLU\TILYVMKLH[OZPUHKVSLZ JLU[NPYSZ[OLUL^IVYUTVY[HSP[`YH[L[OL U\TILYVMKLH[OZK\YPUN[OLÄYZ[JVT WSL[LKKH`ZVMSPMLWLYSP]LIPY[OZPUH NP]LUWLYPVKL_PZ[PUNIHJRNYV\UKKH[HVU TH[LYUHSTVY[HSP[`"

:;0HUK/0=WYL]HSLUJLJVU[YHJLW[P]L WYL]HSLUJLHUKWYLMLYYLKTL[OVKZHUK 9/RUV^SLKNLH[[P[\KLZHUKILOH]PV\YVM [OLHMMLJ[LKWVW\SH[PVU

-VYTVYLPUMVYTH[PVUZLL*OHW[LY!(ZZLZZ TLU[4VUP[VYPUNHUK,]HS\H[PVU

0KLU[PM`Z\P[HISLZP[LZ

‹ MLHZPIPSP[`VMJVTT\UPJH[PVUZHUK[YHUZWVY[ MVYYLMLYYHSZ

‹ KPZ[HUJL[VV[OLYOLHS[OZLY]PJLZ ‹ WYV_PTP[`[VHMMLJ[LKWVW\SH[PVUHUK[OL

[HYNL[NYV\W

(ZZLZZZ[HMMJHWHJP[`HUKWSHU

MVY[YHPUPUN

:[HMMJHWHJP[`JHUILTLHZ\YLK[OYV\NOZ\WLY]P ZVY`HJ[P]P[PLZLNTVUP[VYPUNJOLJRSPZ[ZKPYLJ[ VIZLY]H[PVUJSPLU[L_P[PU[LY]PL^ZZLL*OHW[LY !-\UKHTLU[HS7YPUJPWSLZHUK*OHW[LY!(Z ZLZZTLU[4VUP[VYPUNHUK,]HS\H[PVUVY[OYV\NO MVYTHSL_HTPUH[PVUZVMRUV^SLKNLHUKZRPSSZ

>OLUWSHUUPUNMVY[YHPUPUNVYYL[YHPUPUNVMZ[HMM ^VYR^P[OUH[PVUHSH\[OVYP[PLZHUKHJHKLTPJHUK [YHPUPUNPUZ[P[\[LZHUK[HRLPU[VJVUZPKLYH[PVU L_PZ[PUNJ\YYPJ\SH>OLYLWVZZPISL\ZLUH[PVUHS [YHPULYZ7SHU[YHPUPUNZLZZPVUZJHYLM\SS`PUVYKLY UV[[VSLH]LOLHS[OMHJPSP[PLZ^P[OV\[PUZLY]PJL Z[HMM

/\THUYPNO[ZHUKSLNHS

JVUZPKLYH[PVUZ

;OL40:7HZHZ[HUKHYKMVYO\THUP[HYPHUHJ[VYZ PZZ\WWVY[LKI`[OLPU[LYUH[PVUHSSLNHSVISPNH[PVUZ VM:[H[LZ[VYLZWLJ[HUKLUZ\YLIHZPJO\THU YPNO[ZPUJS\KPUNYLWYVK\J[P]LYPNO[ZPUO\THUP [HYPHUZL[[PUNZ+\YPUN[PTLZVMJVUÅPJ[:[H[LZ HYLVISPNLK[VLUZ\YL[OLWYV]PZPVUVMO\THUP[HY PHUHZZPZ[HUJL[V[OLJP]PSPHUWVW\SH[PVU^OLYL MVVKTLKPJPULHUKV[OLYYLZV\YJLZHYLPUHK LX\H[L:[H[LZHSZVOH]LHK\[`UV[[VPU[LYMLYL ^P[O[OLWYV]PZPVUVMSPMLZH]PUNOLHS[OYLSH[LK HUKV[OLYO\THUP[HYPHUHZZPZ[HUJL/\THUP[HY PHUHZZPZ[HUJLHUKWYV[LJ[PVUVMPUKP]PK\HSYPNO[Z T\Z[ILWYV]PKLKHUKLUZ\YLKI`:[H[LZHUK V[OLYWHY[PLZ^P[OV\[KPZJYPTPUH[PVU

9LJVNUPaPUN[OH[JLY[HPUJH[LNVYPLZVMWLVWSL OH]LWHY[PJ\SHYULLKZPU[PTLZVMJVUÅPJ[HUK VYKPZWSHJLTLU[PU[LYUH[PVUHSSH^NYHU[ZZWLJPHS [YLH[TLU[HUKWYV[LJ[PVU[VJOPSKYLUHUK^VTLU LZWLJPHSS`L_WLJ[HU[TV[OLYZHUK^VTLU^P[O

ZTHSSJOPSKYLU:[H[LZHUKYLSPLM^VYRLYZHYL YLX\PYLK[VNP]LZWLJPHSH[[LU[PVU[V[OLOLHS[O ULLKZVM^VTLUPUJS\KPUNLUZ\YPUNHJJLZZ [VYLWYVK\J[P]LOLHS[OJHYLZLY]PJLZPUJS\KPUN WYL]LU[PVUVM/0=PUMLJ[PVUHUK[VMLTHSLZLY]PJL WYV]PKLYZ0UHKKP[PVUPU[LYUH[PVUHSYLM\NLLSH^ YLX\PYLZ[OH[:[H[LZ[YLH[YLM\NLLZSH^M\SS`YLZPK PUNPU[OLPY[LYYP[VY`[OLZHTLHZ[OLPYUH[PVUHSZ ^P[OYLZWLJ[[VZVJPHSZLJ\YP[`ZJOLTLZPUJS\K PUNTH[LYUP[`HUKZPJRULZZILULÄ[Z

0ULTLYNLUJPLZ:[H[LZOH]LJVSSLJ[P]LHUK PUKP]PK\HSK\[PLZ[VLUZ\YL[OLYPNO[[VOLHS[OI` JVVWLYH[PUN[VWYV]PKLO\THUP[HYPHUHZZPZ[HUJL PUJS\KPUNHJJLZZ[V9/JHYL0U[OLPYYLZWVUZL [VLTLYNLUJPLZ:[H[LZHYLPUZ[Y\J[LK[VNP]L WYPVYP[`PU¸WYV]PZPVUVMPU[LYUH[PVUHSTLKPJHS HPK¯ZHMLHUKWV[HISL^H[LYMVVKHUKTLKPJHS Z\WWSPLZ¯[V[OLTVZ[]\SULYHISLVYTHYNPUHSPaLK NYV\WZVM[OLWVW\SH[PVU¹

)V_!(K]VJHJ`

<ZL[OLZLWVPU[ZPU`V\YHK]VJHJ`^P[O <5HUKUH[PVUHSWVSPJ`THRLYZL[J^OLU [OL40:7PZKPZTPZZLKVYUV[WYPVYP[PaLKPU O\THUP[HYPHUYLZWVUZL

;OL40:7!

‹ PZH:WOLYLZ[HUKHYKHUKPZ[O\Z HUPU[LYUH[PVUHSS`YLJVNUPaLK\UP ]LYZHSTPUPT\TZ[HUKHYKVMKPZHZ[LY YLZWVUZL"

‹ PZHSPMLZH]PUNPU[LY]LU[PVUHUKH*,9-TPUPT\TSPMLZH]PUNJYP[LYPVULSPNPISL MVY*,9-M\UKPUN"

‹ PZPU[LNYH[LKPU[OLNSVIHSOLHS[O JS\Z[LYN\PKHUJL

4VUP[VYPUN

;OL9/VMÄJLYPTWSLTLU[Z[OL40:7JOLJRSPZ[[V TVUP[VYZLY]PJLWYV]PZPVUPULHJOO\THUP[HYPHU ZL[[PUN0UZVTLJHZLZ[OPZTH`ILKVULI`]LY IHSYLWVY[PUNMYVT9/THUHNLYZHUKVY[OYV\NO VIZLY]H[PVU]PZP[Z([[OLVUZL[VM[OLO\THUP[HY

PHUYLZWVUZL^LLRS`TVUP[VYPUNPZKVUL6UJL ZLY]PJLZHYLM\SS`LZ[HISPZOLKTVU[OS`TVUP[VYPUN PZZ\MÄJPLU[+PZJ\ZZNHWZHUKV]LYSHWZPUZLY ]PJLJV]LYHNL^P[OPU[OL9/Z[HRLOVSKLYTLL[ PUNZHUKH[OLHS[OZLJ[VYJS\Z[LYJVVYKPUH[PVU TLJOHUPZTZ[VÄUKHUKPTWSLTLU[ZVS\[PVUZ

:HTWSL40:7*OLJRSPZ[

.LVNYHWOPJ HYLH!

9LWVY[PUN[PTLWLYPVK!

FFFFFF[VFFFFFF

:[HY[KH[LVMOLHS[OYL ZWVUZL!FFFFFF

9LWVY[LK I`!

9/SLHKHNLUJ`HUK9/VMÄJLY

@,: 56

3LHK9/HNLUJ`PKLU[PÄLKHUK9/VMÄJLYM\UJ[PVUPUN^P[OPU[OL OLHS[OZLJ[VYJS\Z[LY!

3LHKHNLUJ`FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF

9/VMÄJLYFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF

F

F

9/Z[HRLOVSKLYTLL[PUNZLZ[HISPZOLKHUKTLL[PUNYLN\SHYS`!

‹5H[PVUHS 465;/3@

‹:\IUH[PVUHS+PZ[YPJ[ )0465;/3@

‹3VJHS >,,23@

F

F

F

F

F

F

+LTVNYHWOPJZ

;V[HSWVW\SH[PVU

BBBBBBBBB

5\TILYVM^VTLUVMYLWYVK\J[P]LHNLHNLZ[V LZ[PTH[LK

H[VMWVW\SH[PVU

BBBBBBBBB

5\TILYVMZL_\HSS`HJ[P]LTLULZ[PTH[LKH[VMWVW\SH[PVU

BBBBBBBBB

7YL]LU[ZL_\HS]PVSLUJLHUKYLZWVUK[V[OLULLKZVMZ\Y]P]VYZ

@,: 56 4\S[PZLJ[VYHSJVVYKPUH[LKTLJOHUPZTZ[VWYL]LU[ZL_\HS]PVSLUJL

HYLPUWSHJL

*VUÄKLU[PHSOLHS[OZLY]PJLZ[VTHUHNLZ\Y]P]VYZVMYHWL

‹ ,TLYNLUJ`JVU[YHJLW[PVU

‹ 7,7

‹ (U[PIPV[PJZ[VWYL]LU[HUK[YLH[:;0Z

‹ ;L[HU\Z[V_VPK;L[HU\ZPTT\UVNSVI\SPU

‹ /LW)]HJJPUL

‹ 9LMLYYHS[VOLHS[OWZ`JOVSVNPJHSZVJPHSZ\WWVY[ZLY]PJLZ

F

F

F

F

F

F

F

F

F

F

F

F

F

F

5\TILYVMPUJPKLU[ZVMZL_\HS]PVSLUJLYLWVY[LK[VOLHS[OZLY]PJLZ FFFFFFFFFF 0UMVYTH[PVUVUWVZ[YHWLJHYLHUKHJJLZZ[VZLY]PJLZKPZZLTP

UH[LK[VJVTT\UP[`

F

F

9LK\JL[OL[YHUZTPZZPVUVM/0=

:HMLHUKYH[PVUHSISVVK[YHUZM\ZPVUWYV[VJVSZPUWSHJL

F

F

<UP[ZVMISVVKZJYLLULKHSS\UP[ZVMISVVKKVUH[LK_

BBBBBBBBB

:\MÄJPLU[TH[LYPHSZHUKJOLJRSPZ[Z[VLUZ\YLZ[HUKHYKWYLJH\[PVUZ

PUWSHJL

F

F

*VUKVTZH]HPSHISLMYLLVMJOHYNL!

‹ /LHS[OMHJPSP[PLZ

‹ *VTT\UP[`SL]LS

F

F

F

F

(WWYV_PTH[LU\TILYVMJVUKVTZ[HRLU[OPZWLYPVK FFFFFFFFFF 5\TILYVMJVUKVTZYLWSLUPZOLKPUKPZ[YPI\[PVUZP[LZ[OPZWLYPVK

ZWLJPM`SVJH[PVUZ

FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF

FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF

FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF

FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF

H I

FFFFFFFFFF

FFFFFFFFFF

FFFFFFFFFF

7YL]LU[L_JLZZTH[LYUHSHUKUL^IVYUTVYIPKP[`HUKTVY[HSP[`

@,: 56

/LHS[OJLU[YL[VLUZ\YLIHZPJ,T6*HUKUL^IVYUJHYL ‹ VULX\HSPÄLKOLHS[O^VYRLYVUK\[`WLYV\[WH[PLU[JVUZ\S

[H[PVUZWLYKH`

‹ TPK^PMLZ\WWSPLZPUJS\KPUNUL^IVYUZ\WWSPLZH]HPSHISL

/VZWP[HS[VLUZ\YLJVTWYLOLUZP]L,T6*HUKUL^IVYUJHYL ‹ X\HSPÄLKZLY]PJLWYV]PKLYVUK\[`WLYPUWH[PLU[ILKZ

MVY[OLVIZ[L[YPJ^HYKZ

‹ [LHTVMKVJ[VYU\YZLTPK^PMLHUHLZ[OL[PZ[VUK\[`

‹ HKLX\H[LKY\NZHUKZ\WWSPLZ[VZ\WWVY[JVTWYLOLUZP]L ,T6*HUKUL^IVYUJHYL

F

F

F

F

F

F

F

F

F

F

9LMLYYHSZ`Z[LTMVYVIZ[L[YPJHUKUL^IVYULTLYNLUJPLZM\UJ[PVU PUNOV\YZWLYKH`KH`ZWLY^LLR

‹ TLHUZVMJVTT\UPJH[PVUYHKPVZTVIPSLWOVULZ

‹ [YHUZWVY[MYVTJVTT\UP[`[VOLHS[OJLU[YLH]HPSHISL

‹ [YHUZWVY[MYVTOLHS[OJLU[YL[VOVZWP[HSH]HPSHISL

F

F

F

F

F

F

-\UJ[PVUPUNJVSKJOHPUMVYV_`[VJPUISVVKZJYLLUPUN[LZ[ZPU

WSHJL

F

F

5\TILYVMJHLZHYLHUKLSP]LYPLZU\TILYVMIPY[OZ_

F

F

5\TILYVMJSLHUKLSP]LY`RP[ZKPZ[YPI\[LKLZ[PTH[LKU\TILYVM WYLNUHU[^VTLU_

FFFFFFFFF

7SHUUPUNMVY[YHUZP[PVU[VJVTWYLOLUZP]L9/ZLY]PJLZ(J[P]P[PLZ[OPZWLYPVK

:P[LZMVYM\[\YLKLSP]LY`VMJVTWYLOLUZP]L9/ZLY]PJLZLN-7:;0THUHNLTLU[ HKVSLZJLU[YLWYVK\J[P]LOLHS[O

:[HMM[YHPUPUNULLKZMVY-7WYV]PZPVU:;0THUHNLTLU[L[J[YHPUPUN[VVSZ MHJPSP[H[VYZ!

9/JVTTVKP[PLZJVUZ\TW[PVUTLKPJPULZHUKYLUL^HISL Z\WWSPLZTVUP[VYLK&

F

F

7YVJ\YLTLU[JOHUULSZPKLU[PÄLK!

-\Y[OLYYLHKPUN

,ZZLU[PHSYLHKPUN 40:7

4PUPT\T0UP[PHS:LY]PJL7HJRHNL40:7MVY9L WYVK\J[P]L/LHS[O!(+PZ[HUJL3LHYUPUN4VK\SL >VTLU»Z*VTTPZZPVUMVY9LM\NLL>VTLU HUK*OPSKYLU>VTLU»Z9LM\NLL*VTTPZZPVU O[[W!TPZWYOYJVYNJVU[LU[]PL^ SHUNLUNSPZO

40:7*OLH[:OLL[0U[LYUH[PVUHS7SHUULK7HYLU[ OVVK-LKLYH[PVU(\N\Z[O[[W!PH^NUL[ YLZV\YJLZ40:7JOLH[ZOLL[ WKM

0U[LY(NLUJ`9LWYVK\J[P]L/LHS[O2P[ZMVY*YPZPZ

:P[\H[PVUZ[O,KP[PVU<5-7(0(>. O[[W!^^^YOYJVYNYLZV\YJLZYOYRP[WKM

7YL]LU[PVUVMHUKYLZWVUZL[VZL_\HS]PVSLUJL

*SPUPJHS4HUHNLTLU[VM9HWL:\Y]P]VYZ!+L]LS VWPUN7YV[VJVSZMVY\ZL^P[O9LM\NLLZHUK0U[LY UHSS`+PZWSHJLK7LYZVUZYL]PZLKLKP[PVU>/6 <5/*9O[[W!^^^^OVPU[YLWYVK\J[P]L OLHS[OW\ISPJH[PVUZLTLYNLUJPLZ ? LUPUKL_O[TS

*SPUPJHS4HUHNLTLU[VM9HWL:\Y]P]VYZLSLHYU PUN[VVS>/6<5/*9<5-7( !O[[W! ^^^^OVPU[OHJ[LJON\PKHUJLWO[^VTLU ZOLHS[OLUPUKL_O[TS

.\PKLSPULZMVY.LUKLYIHZLK=PVSLUJL0U[LY]LU [PVUZPU/\THUP[HYPHU:L[[PUNZ-VJ\ZPUNVU

)HZPJJVU[YHJLW[P]LTL[OVKZH]HPSHISL[VTLL[KLTHUK

F

F

(9=H]HPSHISLMVYWH[PLU[ZVU(9;PUJS\KPUN74;*;

F

F

:;0[YLH[TLU[H]HPSHISLH[OLHS[OMHJPSP[PLZ

F

F

/`NPLULRP[ZOH]LILLUKPZ[YPI\[LK

F

F

-\Y[OLYJVTTLU[Z

,_WSHPUOV^[OPZPUMVYTH[PVU^HZVI[HPULKKPYLJ[VIZLY]H[PVUYLWVY[IHJRMYVTWHY[ULYUHTL L[JHUKWYV]PKLHU`V[OLYJVTTLU[Z

7YL]LU[PVUVMHUK9LZWVUZL[V:L_\HS=PVSLUJL PU,TLYNLUJPLZ0U[LYHNLUJ`:[HUKPUN*VT TP[[LLO[[W!^^^O\THUP[HYPHUPUMVVYN PHZJWHNLSVHKLYHZW_&WHNL$JVU[LU[Z\IZPKP [MFNLUKLYNI]

,TLYNLUJ`VIZ[L[YPJHUKUL^IVYUJHYL

-PLSKMYPLUKS`.\PKL[V0U[LNYH[L,TLYNLUJ`6I Z[L[YPJ*HYLPU/\THUP[HYPHU7YVNYHTZ>VTLU»Z *VTTPZZPVUMVY9LM\NLL>VTLUHUK*OPSKYLU >VTLU»Z9LM\NLL*VTTPZZPVUO[[W! ^^^YOYJVYNYLZV\YJLZLTVJ,T6*FMMNWKM

7YL]LU[PVUVM/0=[YHUZTPZZPVU

.\PKLSPULZMVYHKKYLZZPUN/0=PU/\THUP[HY PHU:L[[PUNZ0U[LYHNLUJ`:[HUKPUN*VTTP[[LL O[[W!^^^HPKZHUKLTLYNLUJPLZVYNJTZ KVJ\TLU[Z0(:*F/0=F.\PKLSPULZF F,UWKM

(KKP[PVUHSYLHKPUN

;YHPUPUNVU[OL4PUPT\T0UP[PHS:LY]PJL7HJR HNL40:7MVY:L_\HSHUK9LWYVK\J[P]L/LHS[O PU*YPZLZ!(*V\YZLMVY:9/*VVYKPUH[VYZ -HJPSP[H[VY»Z4HU\HS077-,:(69<5-7( <5:>O[[W!^^^PWWMLZLHVYVYN

59YKVUS`YLZ, (-()+ +):7905;-HJPSP[H[VYZ4HU\HS WHY[WKM

:L_\HSHUK.LUKLY)HZLK=PVSLUJL(NHPUZ[9LM \NLL9L[\YULLHUK0U[LYUHSS`+PZWSHJLK7LYZVUZ .\PKLSPULZMVY7YL]LU[PVUHUK9LZWVUZL<UP[LK 5H[PVUZ/PNO*VTTPZZPVULYMVY9LM\NLLZ O[[W!^^^\UOJYVYNM IJJO[TS

4VYLVULTLYNLUJ`VIZ[L[YPJJHYL!O[[W!^^^ ^OVPU[THRPUNFWYLNUHUJ`FZHMLYKVJ\TLU[Z THUHNPUNFJVTWSPJH[PVUZLUPUKL_O[TS

4VYLVUISVVK[YHUZM\ZPVUZHML[`!^^^^OVPU[ ISVVKZHML[`LU

4VYLVUZ[HUKHYKWYLJH\[PVUZ!^^^LUNLUKLY OLHS[OVYNPWPUKL_O[TS