5XQFRJNFOTBM 9OVFSTJHBTJPOS PO ?FJSNJD=FRGPRNBODF PG 7RBVJTY <PBE 4FSJHOFE

BOE 3PRRPSJPO 1GGFDTFE 2FBN 3PMUNO?UC%BSSFNCMBHFS

1& ;BODIBOB 4FVJ$ ?BQTBRSIJ ?BSNBM BOE ;& >BNBOKBOFYUMU

1CSTRBDT C_cd _V dXU bUY^V_bSUT S_^SbUdU cdbeSdebUc gUbU TUcYW^UT _^\i V_b WbQfYdi

\_QTc& UfU^ Y^ dXU bUWY_^c `b_^U d_ XYWX cUYc]YSYdi( IX_eWX dXUcU cdbeSdebUc `UbV_b]

gU\\ e^TUb WbQfYdi \_QT SQcUc& dXUYb `UbV_b]Q^SU e^TUb cUYc]YS UfU^d Yc cdY\\ Q WbUi

QbUQ( ?^ G8 cdbeSdebUc& RUQ]'S_\e]^ Z_Y^dc QbU SbeSYQ\ ]U]RUbc& d_ TYccY`QdU dXU

cUYc]YS U^UbWi Y]`QbdUT d_ dXU cdbeSdebU( ?d Yc UfYTU^SUT dXQd ]_cd _V dXU bUY^V_bSUT

S_^SbUdU cdbeSdebUc QbU cUfUbU\i QVVUSdUT Ri dXU S_bb_cY_^ Q^T dXU `UbV_b]Q^SU _V

dX_cU cdbeSdebUc e^TUb cUYc]YS UfU^dc ^UUTc c`USYQ\ QddU^dY_^( ?^ fYUg _V dXYc&

Y^fUcdYWQdY_^c QbU SQbbYUT _ed d_ UfQ\eQdU dXU `UbV_b]Q^SU _V dXU WbQfYdi \_QT

TUcYW^UT #=B9$ e^S_bb_TUT Q^T S_bb_cY_^ QVVUSdUT RUQ]'S_\e]^ ceR'QccU]R\QWUc

e^TUb bUfUbcU SiS\YS \_QTY^W( IXU cdeTi ^_d _^\i RbY^Wc _ed dXU UhdbU]U fe\^UbQ'

RY\Ydi _V =B9 cdbeSdebUc e^TUb cUYc]YS UfU^dc& Red Q\c_ `_Y^dc _ed dXU VebdXUb

TUdbY]U^dQ\ cYdeQdY_^ TeU d_ S_bb_cY_^ Y^ dXU G8 cdbeSdebUc( IXU !^TY^Wc _V dXU

`bUcU^d cdeTi gY\\ RU XU\`Ve\ d_ V_b]e\QdU dXU QTUaeQdU cdbU^WdXU^Y^W ]UQcebUc V_b

Y]`b_fUT cUYc]YS `UbV_b]Q^SU _V dXU TU!SYU^d' Q^T TUWbQTUT' cdbeSdebUc d_ Qf_YT

SQdQcdb_`XYS VQY\ebUc e^TUb cUYc]YS UfU^dc(

;FYWPRES 7UQ] S_\e]^ ! 8_bb_cY_^ UVVUSd ! =bQfYdi \_QT TUcYW^

( 9OTRPEUDTJPO

IXU SQdQcdb_`XYS S_\\Q`cU _V dXU UhYcdY^W cdbeSdebUc Uh`UbYU^SUT TebY^W `Qcd UQbdX'

aeQ[Uc ^USUccYdQdUc dXU cdeTi _V dXU `UbV_b]Q^SU _V ceSX _\T cdbeSdebUc e^TUb dXU

cUYc]YS QSdYfYdi( C_bU_fUb& ]_cd _V dXU _\T bUY^V_bSUT S_^SbUdU #G8$ cdbeSdebUc

#ReY\d Y^ `bU +30*c$ QbU WbQfYdi \_QT TUcYW^UT Q^T dXUbURi UhXYRYd UhdbU]U\i `__b

6( AQ^SXQ^Q 9UfY #"$ ! H( HQc]Q\ ! A( GQ]Q^ZQ^Uie\e

6SQTU]i _V HSYU^dY!S Q^T ?^^_fQdYfU GUcUQbSX& 8XU^^QY& ?^TYQ

U']QY\4 [Q^SXQ^Q5cUbS(bUc(Y^

6( AQ^SXQ^Q 9UfY ! H( HQc]Q\ ! A( GQ]Q^ZQ^Uie\e

8H?G'HdbeSdebQ\ ;^WY^UUbY^W GUcUQbSX 8U^dbU& 0**++- 8XU^^QY& ?^TYQ

# H`bY^WUb ?^TYQ ,*+/

K( CQdcQWQb #UT($& "'1%,&(. *, $/-0&/0-%+ #,)*,((-*,)&

9E? +*(+**1)312'2+'-,,',+3-'1P1+

3*3

cUYc]YS `UbV_b]Q^SU( ?^ G8 cdbeSdebUc& RUQ]'S_\e]^ Z_Y^dc QbU dXU SbeSYQ\

]U]RUbc& gXYSX QbU bUc`_^cYR\U d_ TYccY`QdU dXU cUYc]YS U^UbWi Y]`QbdUT d_ dXU

cdbeSdebU( >U^SU& Q^ Y^fUcdYWQdY_^ _V Z_Y^d RUXQfY_eb e^TUb cUYc]YS di`U \_QTY^W

`b_fYTUc dXU Y^cYWXd _^ dXU cUYc]YS `UbV_b]Q^SU Q^T dXUbURi U^QR\Y^W d_ TUfU\_`

ceYdQR\U& QTUaeQdU Q^T VUQcYR\U e`WbQTQdY_^ cSXU]Uc d_ Y]`b_fU Ydc cUYc]YS `Ub'

V_b]Q^SU( De]Ub_ec Q^Q\idYSQ\ Q^T Uh`UbY]U^dQ\ Y^fUcdYWQdY_^c gUbU bU`_bdUT d_

e^TUbcdQ^T dXU cUYc]YS RUXQfY_b _V UhYcdY^W cdbeSdebUc Q^T d_ RbY^W _ed dXU `_ccYR\U

cS_`Uc V_b Y]`b_fU]U^dc Y^ TUcYW^ Q^T TUdQY\Y^W V_b dXU cdbeSdebUc Y^ cUYc]YS `b_^U

j_^Uc( 6iSQbTY Ud Q\( N-O cdeTYUT dXU `UbV_b]Q^SU _V =bQfYdi \_QT 9UcYW^UT #=B9$

ceR QccU]R\QWUc #QSS_bTY^W d_ 68? -+2"-23& +323$ e^TUb cUYc]YS \_QTY^W Q^T Q\c_

QddU]`dUT d_ Q^Q\idYSQ\\i ]_TU\ dXU cUYc]YS RUXQfY_b d_ YTU^dYVi dXU `QbQ]UdUbc

gXYSX `\Qi dXU [Ui b_\U e^TUb cUYc]YS \_QTY^W( 7bQSSY Ud Q\( N.O S_^TeSdUT Q cUbYUc _V

dUcdc d_ UfQ\eQdU dXU cUYc]YS bUcYcdQ^SU _V =B9 cdbeSdebQ\ VbQ]Uc #QSS_bTY^W d_ 68?

-+2"-23& +323$ Q^T V_e^T dXQd dXU =B9 cdbeSdebUc ]QY^\i ceVVUbUT Vb_] cdb_^W

RUQ]'gUQ[ S_\e]^ RUXQfY_b gYdX `__b bUY^V_bSU]U^d TUdQY\Y^W( ;\'6ddQb Ud Q\( N2O

cdeTYUT dXU RUXQfY_b _V =B9 ReY\TY^Wc #QSS_bTY^W d_ 68? -+2"-23& +323$ e^TUb

cUYc]YS \_QTY^W Q^T _RcUbfUT dXQd =B9 G8 ReY\TY^Wc gYdX_ed gQ\\c g_e\T Uh`U'

bYU^SU fUbi \QbWU TUV_b]QdY_^c Qcc_SYQdUT gYdX S_^cYTUbQR\U cdYVV^Ucc TUWbQTQdY_^

TebY^W Q ]_TUbQdU UQbdXaeQ[U(

6 WbQfYdi \_QT S_\\Q`cU ]USXQ^Yc] _V G8 VbQ]Uc gQc Y^fUcdYWQdUT Ri ;\g__T

Q^T C_UX\U N3O ecY^W cXQ[U dQR\U dUcd d_ _RcUbfU dXU `b_SUcc _V VQY\ebU TeU d_

Ti^Q]YS cXUQb Q^T QhYQ\ \_QT( IXU G8 VbQ]U gQc SXQbQSdUbYjUT Ri \_g TeSdY\U

S_\e]^c gYdX Q `bUT_]Y^Q^d cXUQb VQY\ebU ]_TU& gXYSX Yc V_e^T d_ QSSU\UbQdU dXU

\QdUbQ\ cdbU^WdX TUWbQTQdY_^ `b_SUcc( ?d gQc S_^S\eTUT dXQd QhYQ\ cdbUcc _^ dXU S_\'

e]^ Y^#eU^SUc dXU RUXQfY_b _V dXU S_\e]^ TebY^W cXQ[Y^W& `QbdYSe\Qb\i QVdUb cXUQb

VQY\ebU( 9XQ[Q\ Ud Q\( N0O SQbbYUT _ed Q^ Uh`UbY]U^dQ\ cdeTi _^ Ti^Q]YS bUc`_^cU _V

=B9 G8 S_^^USdY_^c #QSS_bTY^W d_ 7bYdYcX HdQ^TQbT 7H 2++*"+32/$( ?d gQc

_RcUbfUT dXQd& dXU S_^^USdY_^ j_^Uc QbU ]_cd Y]`_bdQ^d `Qbdc Y^ TYccY`QdY^W U^UbWi

TebY^W UQbdXaeQ[U& ]_cd _V dXU =B9 S_^^USdY_^c QbU gUQ[Ub dXQ^ dXU QTZ_Y^Y^W

cdbeSdebU Q^T VQY\UT Y^ cXUQb( GQ]Q^ZQ^Uie\e Ud Q\( N+,O UfQ\eQdUT dXU cUYc]YS

`UbV_b]Q^SU _V UhdUbY_b RUQ]'S_\e]^ ceR'QccU]R\QWUc Ri S_^cYTUbY^W TYVVUbU^d

cdQWUc _V ;eb_S_TU #;8$ Q^T ?^TYQ^ HdQ^TQbT #?H$( ?d Yc V_e^T dXQd dXU WbQfYdi \_QT

TUcYW^UT #=B9$ cdbeSdebU Yc fe\^UbQR\U d_ UfU^ ]UTYe] Y^dU^cYdi UQbdXaeQ[U(

8_bb_cY_^ _V bUY^V_bSU]U^d Y^ S_^SbUdU Yc Q cUbY_ec `b_R\U]( 8_bb_cY_^ SQecUc

dXbUU ]QZ_b UVVUSdc Y^ dXU G8 cdbeSdebU #Y$ ?^TeSUc dXU Uh`Q^cYfU V_bSU Y^ dXU

cebb_e^TY^W S_^SbUdU #YY$ GUTeSUc dXU ]USXQ^YSQ\ `b_`UbdYUc _V dXU cdUU\ bUY^'

V_bSU]U^d #YYY$ 9U`\UdUc dXU R_^T RUdgUU^ cdUU\ Q^T cebb_e^TY^W S_^SbUdU( IXU

UVVUSd _V S_bb_cY_^ _^ ]USXQ^YSQ\ `b_`UbdYUc _V cdUU\ gQc cdeTYUT Ri CQc\UXeTTY^

Ud Q\( N+*O& 6\]ecQ\\Q] N+O& FQ\cc_^ Q^T CYbjQ N++O& 9e Ud Q\( N1O& HXY^ Ud Q\( N+-O&

8QYb^c Ud Q\( N/O& 6`_cd_\_`_e\_c Q^T FQ`QTQ[Yc N,O Q^T V_e^T dXQd Yd bUTeSUc dXU

TeSdY\Ydi Q^T U^UbWi QRc_b`dY_^ SQ`QSYdi _V cdUU\ cYW^Y!SQ^d\i( ?^ `bUcU^d cdeTi&

Y^fUcdYWQdY_^c QbU SQbbYUT _ed d_ UfQ\eQdU dXU `UbV_b]Q^SU _V dXU WbQfYdi \_QT

TUcYW^UT #=B9$ e^S_bb_TUT Q^T S_bb_TUT RUQ]'S_\e]^ ceR'QccU]R\QWUc e^TUb

bUfUbcUT SiS\U \_QTY^W(

3+* 6( AQ^SXQ^Q 9UfY Ud Q\(

) 4FTBJMS PG 7RBVJTY <PBE 4FSJHOFE "7<4# ?QFDJNFO ?=(

6 di`YSQ\ dXbUU cd_bYUT G8 <bQ]UT ReY\TY^W gYdX 0 c`Q^ Q^T -(/ ] UQSX #__b XUYWXd Yc

dQ[U^ e` V_b dXU cdeTi( IXU ReY\TY^W Yc Q^Q\icUT V_b S_]RY^QdY_^ _V TUQT \_QT& \YfU

\_QT Q^T TUcYW^UT V_b dXU cQ]U( IXU Sb_cc cUSdY_^ TY]U^cY_^ _V -** ]] $ .** ]]

Q^T -** ]] $ -** ]] QbU QbbYfUT Vb_] dXU TUcYW^ V_b RUQ] Q^T S_\e]^& bUc`US'

dYfU\i( IXU RUQ]c Q^T S_\e]^c QbU TUcYW^UT V_b SbYdYSQ\ cXUQb V_bSU Q^T RU^TY^W

]_]U^d( IXU bUY^V_bSU]U^d TUdQY\c QbbYfUT V_b HF+ c`USY]U^c QbU WYfU^ Y^ <YW( +( IXU

\U^WdX _V dXU RUQ] Yc QT_`dUT Qc +(1 ]( IXU \U^WdXc _V dXU d_` Q^T R_dd_] cUW]U^dc _V

S_\e]^ QbU QbbYfUT RQcUT _^ `b_`_bdY_^ _V ]_]U^dc Qd dXU Z_Y^d Q^T QbU V_e^T d_ RU

*(3/* Q^T ,(./* ] bUc`USdYfU\i GQ]Q^ZQ^Uie\e Ud Q\( N+,O( 6 ]Yh `b_`_bdY_^ _V +

#SU]U^d$4 ,(,/ #!^U QWWbUWQdU$4 ,(-/ #S_QbcU QWWbUWQdU' 0* " +* ]] cYjU& .* "

,* ]] cYjU$4 *(/ #g)S$4 *(. " #ce`Ub `\QcdYSYjUb$ gQc QT_`dUT V_b dXU `bUcU^d cdeTi(

IXU bUY^V_bSU]U^d cdUU\ _V WbQTU <U/**9 Yc ecUT( IXU SXQbQSdUbYcdYS S_]`bUccYfU

cdbU^WdX _V S_^SbUdU SeRUc Yc V_e^T d_ RU -0(+1 D)]],( IXU dUcd c`USY]U^ gQc

Y^cdbe]U^dUT Ri QV!hY^W U\USdbYSQ\ bUcYcdQ^SU cdbQY^ WQWUc _^ RUQ] Q^T S_\e]^

bUY^V_bSU]U^dc #]QY^ RQbc& dYUc& cdYbbe`c$ d_ ]UQcebU dXU cdbQY^( BY^UQb fQbYQR\U TYV'

VUbU^dYQ\ dbQ^cV_b]Ub #BK9Ic$ gUbU `_cYdY_^UT Qd SbYdYSQ\ \_SQdY_^c _V RUQ] Q^T

S_\e]^ `_bdY_^c _V dXU ceR'QccU]R\QWU d_ ]UQcebU TUV_b]QdY_^c Q^T TYcd_bdY_^c(

* 4FTBJMS PG TIF 3PRRPSJPO 4BNBHFE ?QFDJNFO ?=(%3>

IXU `bUcU^d cdeTi cY]e\QdUc dXU SX\_bYTU Y^TeSUT S_bb_cY_^ _^ S_^SbUdU cdbeSdebUc dXQd

QbU ceRZUSdUT d_ ]QbY^U Uh`_cebU( H`USY]U^ HF+'8G Yc ceRZUSdUT d_ QSSU\UbQdUT

6JH& ( GUY^V_bSU]U^d TUdQY\c

_V dXU WbQfYdi \_QT TUcYW^UT

c`USY]U^

;h`UbY]U^dQ\ ?^fUcdYWQdY_^c _^ HUYc]YS FUbV_b]Q^SU " 3++

S_bb_cY_^ Ri Y^TeSY^W Y]`bUccUT SebbU^d( ?^ dXU `bUcU^d cdeTi& RUQ] bUY^V_bSU]U^dc&

cdYbbe`c Q^T `_bdY_^ _V Z_Y^d QTZ_Y^Y^W dXU RUQ] QbU S_bb_TUT( IXYc Yc T_^U c_ Ri

Uh`_cY^W dXU U\USdb_\idU Y^ dXU bUWY_^ _V Y^dUbUcd( IXU ]QY^ bUY^V_bSU]U^d #R_dX d_`

Q^T R_dd_]$ QbU S_^^USdUT d_ dXU `_cYdYfU dUb]Y^Q\ _V dXU 98 `QS[ dXUbU Ri QSdY^W Qc

Q^_TU( IXU cdQY^\Ucc `\QdUc QbU ecUT Qc SQdX_TU Q^T QbU S_^^USdUT d_ dXU ^UWQdYfU

dUb]Y^Q\ _V dXU 98 `QS[( IXU RUQ] Q^T QTZ_Y^Y^W Z_Y^d bUWY_^ QbU Y]]UbcUT Y^

c_\edY_^ _V -(/ " DQ8\( 6 S_^cdQ^d d_dQ\ Y]`bUccUT SebbU^d _V / 6 Yc Q``\YUT d_ dXU

bUY^V_bSU]U^d Q^T Q f_\dQWU _V ++(0 K bUS_bTUT _^ dXU 98 FQS[( IXU c`USY]U^ Yc

ceRZUSdUT d_ QR_fU S_^TYdY_^ V_b dXU `UbY_T _V 1 TQic e^dY\ fYcYR\U SbQS[c Q``UQbUT _^

dXU cebVQSU _V dXU S_^SbUdU(

+ 5XQFRJNFOTBM ?FT AQ

IXU dUcd cUd'e` gQc QbbQ^WUT c_ dXQd dXU RUQ]'S_\e]^ Z_Y^d SQ^ RU dUcdUT X_bYj_^dQ\\i(

IXU cSXU]QdYS TYQWbQ] _V dUcd cUd'e` Q^T `_cYdY_^Y^W _V dUcd c`USY]U^ Yc cX_g^ Y^ dXU

<YW( ,Q( 6^ QhYQ\ \_QT _V -** [D Yc Q``\YUT d_ dXU S_\e]^ Ri XiTbQe\YS ZQS[ Qd _^U U^T

_V dXU S_\e]^ QWQY^cd dXU bUQSdY_^ R\_S[ Qd dXU _dXUb U^T( IXU \UfU\ _V QhYQ\ \_QT Y^

S_\e]^ gQc QbbYfUT Ri Q^Q\icYc _V dXU W\_RQ\ cicdU] _V dXU dXbUU cd_bUi V_eb RQi

ReY\TY^W( IXU QhYQ\ \_QT gQc [U`d S_^cdQ^d TebY^W dXU dUcd( IXU \QdUbQ\ \_QT gQc

Q``\YUT _^ dXU RUQ] dY` Y^ TYc`\QSU]U^d S_^db_\ ]_TU ecY^W /* d_^ QSdeQd_b&

QSS_bTY^W d_ dXU \_QT XYcd_bi cX_g^ Y^ <YW( ,R( GUfUbcU SiS\YS \_QT Yc Q``\YUT Y^ dUb]c

_V TbYVd bQdY_ #"$ _V dXU S_]`_^U^d gXUbU dXU TbYVd Yc SQ\Se\QdUT Qc ;a( #+$(

9bYVd bQdY_ "$ # " "+" +R$ # $+#

6JH& ) B IUcd cUd e`& C TbYVd bQdY_ fUbcec dY]U

3+, 6( AQ^SXQ^Q 9UfY Ud Q\(

gXUbU& "+ Q^T +R QbU dXU Q``\YUT TYc`\QSU]U^d Qd dXU RUQ] dY` Q^T dXU \U^WdX _V dXU

RUQ] Vb_] S_\e]^ VQSU d_ dXU Q``\YSQdY_^ `_Y^d _V dXU TYc`\QSU]U^d bUc`USdYfU\i(

IXU \QdUbQ\ TYc`\QSU]U^d Y^SbU]U^dc XQfU RUU^ Q``\YUT Y^ Q aeQcY'cdQdYS bUfUbcU

SiS\YS ]Q^^Ub( IXbUU S_]`\UdU SiS\Uc QbU Q``\YUT V_b UQSX TbYVd Y^SbU]U^d(

, 5XQFRJNFOTBM 9OVFSTJHBTJPO PO AODPRRPEEFE "?=(#

BOE 3PRRPSJPO 1GGFDTFE "?=(%3># ?QFDJNFOS

IXU c`USY]U^ HF+ Q^T HF'8G QbU Uh`UbY]U^dQ\\i Y^fUcdYWQdUT e^TUb bUfUbcU SiS\YS

\_QTY^W( IXU TbYVd bQdY_c QbU Q``\YUT Qc TYc`\QSU]U^d Qd dXU dY` _V dXU RUQ] Y^ dXU

TYc`\QSU]U^d S_^db_\ ]_TU( HY^SU dXU c`USY]U^c QbU TUcYW^UT _^\i V_b WbQfYdi

\_QTY^W& dXU RUQ] R_dd_] T_Uc ^_d S_^dQY^ ceV!SYU^d R_dd_] bUY^V_bSU]U^d d_ bUcYcd

dXU SiS\YS \_QTY^W( >U^SU& #UhebU SbQS[ TUfU\_`UT Vb_] dXU RUQ] R_dd_] Y^ HF+

TebY^W e`gQbT \_QTY^W Qc cX_g^ Y^ dXU <YW( -Q( LYdX dXU VebdXUb Y^SbUQcU Y^ \_QTY^W&

TYQW_^Q\ SbQS[c TUfU\_`UT Y^ dXU Z_Y^d bUWY_^( J`_^ VebdXUb \_QTY^W& dXU SbQS[ Qd

RUQ]'S_\e]^ Ze^SdY_^ Yc gYTU^UT Q^T gUTWY^W _V S_^SbUdU _SSebbUT Y^ dXU Z_Y^d

bUWY_^( 6 `b_]Y^U^d SbQS[ Q\_^W dXU Z_Y^d \Y^U Yc _RcUbfUT Qd dXU VQY\ebU cdQWU

#<YW( -Q$( ?^ c`USY]U^ HF+'8G #UhebU SbQS[c& cY]Y\Qb d_ HF+& QbU V_e^T d_ RU

6JH& * B 8bQS[ `QddUb^ _RcUbfUT Y^ H`USY]U^"HF+( C 8bQS[ `QddUb^ _RcUbfUT Y^ H`USY]U^"HF+'8G

;h`UbY]U^dQ\ ?^fUcdYWQdY_^c _^ HUYc]YS FUbV_b]Q^SU " 3+-

TUfU\_`UT Qd dXU Y^YdYQ\ cdQWU _V \_QTY^W #<YW( -R$( LYdX dXU VebdXUb \_QTY^W& TYQW_^Q\

SbQS[c TUfU\_`UT Y^ dXU Z_Y^d bUWY_^ Q^T `b_`QWQdUT Q\_^W dXU d_` Q^T R_dd_]

`_bdY_^ _V dXU S_\e]^( IXU SbQS[c V_b]UT QbU gYTUb dXQ^ dXQd V_b]UT Y^ dXU HF+( 6d

!^Q\ cdQWU _V \_QTY^W& Y^dUWbYdi _V S_^SbUdU gQc S_]`\UdU\i \_cd( 8_fUb S_^SbUdU

Vb_] dXU Y^^Ub VQSUc _V dXU S_\e]^ QTZQSU^d d_ dXU Z_Y^d `UU\UT _VV( IXU Uh`Q^cYfU

V_bSUc UhUbdUT Ri dXU S_bb_cY_^ `b_TeSdc TQ]QWUT dXU cebb_e^TY^W S_^SbUdU& gXYSX

bUce\dUT Y^ UhSUccYfU `UU\Y^W _V S_fUb S_^SbUdU(

- <FVFM PG 3PRRPSJPO JO ?=(%3>

IXU \UfU\ _V S_bb_cY_^ Yc UcdY]QdUT Ri WbQfY]UdbYS gUYWXd \_cc ]UQcebU]U^d( 6VdUb

S_]`\UdY_^ _V dUcdc _^ S_bb_cY_^ QVVUSdUT RUQ]'S_\e]^ ceR QccU]R\QWU HF+'8G&

dXU bUY^V_bSU]U^dc _V dXU c`USY]U^ gUbU Uh`_cUT( ?d Yc V_e^T dXQd S_bb_cY_^ _^ d_`

Q^T R_dd_] RUQ] bUY^V_bSU]U^d QbU V_e^T d_ RU ,(+ Q^T /(-1 " bUc`USdYfU\i(

. <PBE%4JSQMBDFNFOT 8YSTFRFSJS

IXU \_QT TYc`\QSU]U^d XicdUbUcYc _RdQY^UT Vb_] dXU Uh`UbY]U^dc QbU `bUcU^dUT Y^

<YW( .( ?d S_e\T RU _RcUbfUT dXQd R_dX HF+ Q^T HF+'8G UhXYRYd `__b `UbV_b]Q^SU Y^

bUfUbcU SiS\YS \_QTY^W( 9eU d_ Y^QTUaeQdU bUY^V_bSU]U^d Y^ WbQfYdi \_QT TUcYW^UT

c`USY]U^ HF+ Q^T VebdXUb TQ]QWU TeU d_ S_bb_cY_^ Y^ HF+'8G& dXU `UbV_b]Q^SU _V

R_dX c`USY]U^c QbU fUbi `__b gXYSX Yc S\UQb\i bU#USdUT dXb_eWX dXU \_QT'TYc'

`\QSU]U^d XicdUbUcYc( IXU \_QT TYc`\QSU]U^d U^fU\_`U _V dXU HF+Q^T HF'8G YcQc

cX_g^ Y^ dXU <YW( /( IXU ]QhY]e] \_QT SQbbYUT Ri HF+'8G Y^ dXU `_cYdYfU

TYc`\QSU]U^d SiS\U Yc TUSbUQcUT Ri ,+ " S_]`QbUT d_ dXQd _V e^S_bb_TUT c`USY]U^

HF+( 8_bb_cY_^ _V Q``b_hY]QdU\i , " Y^ dXU d_` bUY^V_bSU]U^d TYT ^_d `b_TeSU

cYW^Y!SQ^d bUTeSdY_^ Y^ dXU \_QT SQbbiY^W SQ`QSYdi _V dXU ]U]RUb(

/ 5OFRHY 4JSSJQBTJPO 3BQBDJTY

IXU U^UbWi TYccY`QdY_^ SQ`QSYdi Yc dXU [Ui `UbV_b]Q^SU `QbQ]UdUb Qc ]_cd _V dXU

U^UbWi Y]`QbdUT d_ cicdU] TebY^W UQbdXaeQ[U Yc TYccY`QdUT Ri dXU Z_Y^d( IXU

Se]e\QdYfU U^UbWi TYccY`QdY_^ SQ`QSYdi _V c`USY]U^c #HF+ Q^T HF+'8G$ Q^T U^UbWi

TYccY`QdUT Y^ UQSX SiS\U QbU cX_g^ Y^ <YW( 0Q& R bUc`USdYfU\i( IXU Se]e\QdYfU U^UbWi

TYccY`QdY_^ SQ`QSYdi _V dXU c`USY]U^c bU]QY^ Q\]_cd cQ]U dY\\ dXU TbYVd bQdY_ _V

+(.1 " Y(U( dY\\ dXU Q``UQbQ^SU _V cXUQb SbQS[c Qd dXU Z_Y^d( 6VdUb dXU TbYVd \UfU\ _V

+(.1 "& dXUbU Yc Tb_` Y^ dXU U^UbWi TYccY`QdY_^ Ri HF+'8G Qc cX_g^ Y^ <YW( 0Q( 6d

dXU TbYVd bQdY_ _V ,(3. "& dXU Se]e\QdYfU U^UbWi TYccY`QdY_^ SQ`QSYdi _V dXU HF+'8G

TUSbUQcUT Ri -. " S_]`QbUT d_ dXQd _V c`USY]U^ HF+( ?d Yc V_e^T dXQd R_dX c`US'

Y]U^c TYccY`QdU ]_bU U^UbWi Y^ dXUYb !bcd SiS\U Red Yd TU`\UdUc Y^ ceRcUaeU^d dg_

SiS\Uc V_b Q\\ TbYVd bQdY_c Qc cX_g^ Y^ <YW( 0R( IXU U^UbWi TYccY`QdUT Ri dXU !bcd

3+. 6( AQ^SXQ^Q 9UfY Ud Q\(

SiS\U _V HF+'8G Yc ]eSX \_gUb dXQ^ dXQd _V dXU HF+( 6d dXU TbYVd bQdY_ _V ,(3. "& dXU

U^UbWi TYccY`QdUT Ri dXU !bcd SiS\U _V HF+'8G Yc -/ " \_gUb dXQ^ dXQd _V HF+(

6JH& + B_QT'TYc`\QSU]U^d XicdUbUcYc e^TUb bUfUbcU SiS\YS \_QTY^W( B B_QT'TYc`\QSU]U^d XicdUbUcYc

V_b SiS\U +( C B_QT'TYc`\QSU]U^d XicdUbUcYc V_b SiS\U ,( D B_QT'TYc`\QSU]U^d XicdUbUcYc V_b SiS\U -(

E B_QT'TYc`\QSU]U^d XicdUbUcYc V_b SiS\U .

;h`UbY]U^dQ\ ?^fUcdYWQdY_^c _^ HUYc]YS FUbV_b]Q^SU " 3+/

0 ?TJGGOFSS 4FHRBEBTJPO

IXU cdYVV^Ucc TUWbQTQdY_^ _RcUbfUT TebY^W dXU Uh`UbY]U^d Yc Qc cX_g^ Y^ <YW( 1( 6d

dXU TbYVd bQdY_ _V %*(1. "& dXU cdYVV^Ucc TUWbQTQdY_^ bU]QY^c Q\]_cd cQ]U V_b R_dX

c`USY]U^c Red QVdUb dXU TbYVd bQdY_ _V %*(1. "& HF+'8G e^TUbW_Uc XYWXUb cdYVV^Ucc

TUWbQTQdY_^ S_]`QbUT d_ HF+ TebY^W dXU `_cYdYfU TYc`\QSU]U^d SiS\U( ?^ dXU

^UWQdYfU TbYVd SiS\Uc& gYdX Y^SbUQcU Y^ dXU TbYVd& cdYVV^Ucc TUWbQTQdY_^ _V dXU S_bb_TUT

6JH& + #S_^dY^eUT$

3+0 6( AQ^SXQ^Q 9UfY Ud Q\(

c`USY]U^ Yc \_gUb dXQ^ HF+( 6d dXU TbYVd bQdY_ _V %,(3. "& dXU cdYVV^Ucc TUWbQTQdY_^

_V dXU !bcd SiS\U _V HF+'8G Yc 0 " XYWXUb dXQ^ HF+( 6d dXU TbYVd bQdY_ _V !,(3. "&

dXU cdYVV^Ucc TUWbQTQdY_^ _V c`USY]U^ HF+'8G Yc - " \_gUb dXQ^ HF+( IXU cdYVV^Ucc

'"

&"

%"

$"

"

$"

%"

&"

'"

&" %" $" " $" %" &"

%0')

!",

&#

$+21-'(*.*/3!"..#

+)#

+)# (*

6JH& , B_QT'TYc`\QSU]U^d

U^fU\_`U _V c`USY]U^c

6JH& - B 8e]e\QdYfU U^UbWi

TYccY`QdY_^ SQ`QSYdi _V dXU

c`USY]U^c( C ;^UbWi

TYccY`QdY_^ SQ`QSYdi _V UQSX

SiS\U _V c`USY]U^c

;h`UbY]U^dQ\ ?^fUcdYWQdY_^c _^ HUYc]YS FUbV_b]Q^SU " 3+1

TUWbQTQdY_^ Yc \QbWU Y^ `_cYdYfU TbYVd SiS\U( IXU cdYVV^Ucc TUWbQTQdY_^ _RcUbfUT Y^

R_dX dXU c`USY]U^c Yc WYfU^ Y^ IQR\U +(

(' ?TRFOHTI 4FHRBEBTJPO

IXU cdbU^WdX TUWbQTQdY_^ _V c`USY]U^c HF+ Q^T HF+'8G _RdQY^UT V_b UQSX SiS\U Yc

`bUcU^dUT Y^ <YW( 2( ?d Yc V_e^T dXQd dXU cdbU^WdX TUWbQTQdY_^ _V c`USY]U^ HF+'8G Yc

c\YWXd\i XYWXUb dXQ^ dXQd _V c`USY]U^ HF+ Qc cX_g^ Y^ <YW( 2( IXU cdbU^WdX

TUWbQTQdY_^ `UbSU^dQWU Yc XYWXUb TebY^W `_cYdYfU TbYVd SiS\Uc S_]`QbUT d_ dXQd _V

^UWQdYfU TbYVd SiS\Uc( IXU cdbU^WdX TUWbQTQdY_^ Y^SbUQcUc gYdX dXU Y^SbUQcU Y^ TbYVd

6JH& . HdYVV^Ucc TUWbQTQdY_^

_V dXU c`USY]U^c

@BCMF ( HdYVV^Ucc TUWbQTQdY_^ #"$

9bYVd bQdY_ 8iS\U HdYVV^Ucc TUWbQTQdY_^

#"$ V_b HF+

HdYVV^Ucc TUWbQTQdY_^

#"$ V_b HF+'8G

%9bYVd SiS\U !9bYVd SiS\U %9bYVd SiS\U !9bYVd SiS\U

*(1- + *(* *(* *(* *(*

, -(- *(3 .(/ /(/

- /(/ ,(2 0(3 0(1

+(.1 + .*(2 -,(3 ./(2 ,+(0

, .0(* -0(, /*(1 ,1(+

- .2(0 -2(* //(. -*(+

,(, + 00(- /0(3 12(1 .1(.

, 1.(3 0+(. 2/(- /2(-

- 13(3 0/(3 22(* 0.(-

,(3. + 20(3 1.(, 3+(2 1+(2

, 23(, 13(+ 3-(- 2*(/

- 23(3 2+(1 3.(, 2-(.

3+2 6( AQ^SXQ^Q 9UfY Ud Q\(

#R_dX `_cYdYfU Q^T ^UWQdYfU TbYVd$( 6d TbYVd bQdY_ _V %,(,& dXU cdbU^WdX TUWbQTQdY_^

RUdgUU^ !bcd Q^T dXYbT SiS\Uc _V HF+ Q^T HF+'8G QbU .* Q^T .3 " bUc`USdYfU\i( 6d

TbYVd bQdY_ _V !,(,& dXU cdbU^WdX TUWbQTQdY_^ RUdgUU^ !bcd Q^T dXYbT SiS\Uc _V HF+

Q^T HF+'8G QbU ,+ Q^T -, " bUc`USdYfU\i(

(( 3PODMUEJOH >FNBRLS

IXU `bY]Qbi V_Sec _V dXU `Q`Ub Yc d_ QccUcc dXU cUYc]YS `UbV_b]Q^SU _V =B9

c`USY]U^ Q^T d_ UfQ\eQdU dXU TUWbUU _V TUWbQTQdY_^ Y^ dXU `UbV_b]Q^SU gXU^ ceSX

c`USY]U^ Yc QVVUSdUT Ri S_bb_cY_^( ?^ dXU `bUcU^d cdeTi& dXU S_bb_cY_^ _V dXU bUY^'

V_bSU]U^d Yc QSSU\UbQdUT Ri Y^TeSY^W Y]`bUccUT SebbU^d d_ dXU bUY^V_bSU]U^d( 7_dX

e^S_bTUT #HF+$ Q^T S_bb_cY_^ QVVUSdUT #HF+'8G$ WbQfYdi \_QT TUcYW^UT RUQ]

S_\e]^ ceR'QccU]R\QWUc QbU dUcdUT e^TUb bUfUbcU SiS\YS \_QTY^W( ?]`_bdQ^d

`QbQ]UdUbc ceSX Qc \_QT'TYc`\QSU]U^d XicdUbUcYc& U^UbWi TYccY`QdY_^ Q^T cdbU^WdX

Q^T cdYVV^Ucc TUWbQTQdY_^ QbU _RdQY^UT V_b R_dX dXU c`USY]U^c( ?d Yc ^_dUT dXQd

dXU ]QhY]e] \_QT SQbbYUT Ri HF+'8G Y^ dXU `_cYdYfU SiS\U TUSbUQcUT Ri ,+ "

S_]`QbUT d_ dXQd _V HF'+( 6d dXU TbYVd bQdY_ _V ,(3. " dXU Se]e\QdYfU U^UbWi

TYccY`QdY_^ SQ`QSYdi _V dXU HF+'8G Yc V_e^T d_ RU -. " \Ucc dXQ^ dXQd _V HF+( IXU

cdeTi `b_fYTUc dXU Y^cYWXd Y^d_ dXU cUYc]YS `UbV_b]Q^SU _V TU!SYU^d Q^T TUdUbY_bQdUT

RUQ]'S_\e]^ ceR'QccU]R\QWUc( IXU !^TY^Wc _V dXU `bUcU^d cdeTi g_e\T XU\` d_

V_b]e\QdU dXU QTUaeQdU cdbU^WdXU^Y^W ]UQcebUc V_b Y]`b_fUT cUYc]YS `UbV_b]Q^SU

_V dXU TU!SYU^d' Q^T TUWbQTUT' RUQ] S_\e]^ ceR'QccU]R\QWUc(

1DLOPWMFEHNFOTS IXYc `Q`Ub Yc RUY^W `eR\YcXUT gYdX dXU [Y^T `Ub]YccY_^ _V 9YbUSd_b& 8H?G'

H;G8& 8XU^^QY( IXU S_^cdQ^d ce``_bd Q^T U^S_ebQWU]U^d WYfU^ Ri dXU 9YbUSd_b& 8H?G'H;G8 Yc

WbQdUVe\\i QS[^_g\UTWUT(

6JH& / HdbU^WdX TUWbQTQdY_^

_V dXU c`USY]U^c

;h`UbY]U^dQ\ ?^fUcdYWQdY_^c _^ HUYc]YS FUbV_b]Q^SU " 3+3

>FGFRFODFS

+( 6\]ecQ\\Q] 66 #,**+$ ;VVUSd _V TUWbUU _V S_bb_cY_^ _^ dXU `b_`UbdYUc _V bUY^V_bSY^W cdUU\

RQbc( 8_^cdb 7eY\T CQdUb +/4-0+"-02

,( 6`_cd_\_`_e\_c 86& FQ`QTQ[Yc K= #,**2$ 8_^cUaeU^SUc _V cdUU\ S_bb_cY_^ _^ dXU TeSdY\Ydi

`b_`UbdYUc _V bUY^V_bSU]U^d RQb( 8_^cdb 7eY\T CQdUb ,,4,-+0",-,.

-( 6iSQbTY B;& CQ^TUb @7& GUY^X_b^ 6C #+33.$ HUYc]YS bUcYcdQ^SU _V bUY^V_bSUT S_^SbUdU VbQ]U

cdbeSdebUc TUcYW^UT _^\i V_b WbQfYdi \_QTc4 Uh`UbY]U^dQ\ `UbV_b]Q^SU _V ceR QccU]R\QWUc( 68?

HdbeSd @ 3+#/$4//,"/0-

.( 7bQSSY @C& GUY^X_b^ 6C& CQ^TUb @7 #+33/$ HUYc]YS bUcYcdQ^SU _V bUY^V_bSUT S_^SbUdU VbQ]U

cdbeSdebUc TUcYW^UT V_b WbQfYdi \_QTc4 `UbV_b]Q^SU _V cdbeSdebQ\ cicdU]( 68? HdbeSd @ 3,

#/$4/31"0*3

/( 8QYb^c @& F\YjjQbY =6& 9e M& BQg 9L& <bQ^j_^Y 8 #,**/$ CUSXQ^YSQ\ `b_`UbdYUc _V S_bb_cY_^

bUY^V_bSU]U^d( 68? CQdUb @ +*,#.$4,/0",0.

0( 9XQ[Q\ GF& FQ^ I'8& ?bQgQ^ F& IcQY A'8& BY^ A'8& 8XU^ 8'> #,**/$ ;h`UbY]U^dQ\ cdeTi _^

dXU Ti^Q]YS bUc`_^cU _V WbQfYdi'TUcYW^UT bUY^V_bSUT S_^SbUdU S_^^USdY_^c( ;^W HdbeSd ,1

#+$41/"21

1( 9e M=& 8\Qb[ B6& 8XQ^ 6>8 #,**/$ GUcYTeQ\ SQ`QSYdi _V S_bb_TUT bUY^V_bSY^W RQbc( CQW

8_^Sb GUc /1#-$4+-/"+.1

2( ;\'6ddQb 6=& LXYdU GD& =UbWU\i F #+331$ 7UXQfY_eb _V WbQfYdi \_QT TUcYW^UT bUY^V_bSUT

S_^SbUdU ReY\TY^Wc ceRZUSdUT d_ UQbdXaeQ[Uc( 68? HdbeSd @ 3.#,$4+--"+./

3( ;\g__T A@& C_UX\U @F #,**,$ HXQ[U dQR\U dUcdc _^ dXU WbQfYdi \_QT S_\\Q`cU _V bUY^V_bSUT

S_^SbUdU VbQ]Uc( ?^4 HUfU^dX JH ^QdY_^Q\ S_^VUbU^SU _^ UQbdXaeQ[U U^WY^UUbY^W& ;QbdXaeQ[U

;^WY^UUbY^W GUcUQbSX ?^cdYdedU& 7_cd_^& C6& @e\i ,**,

+*( CQc\UXeTTY^ C& 6\\Q] ?C& 6\'He\QY]Q^Y =@& 6\'CQ^Q 6?& 6RTeYZQegQT HD #+33*$ ;VVUSd _V

becdY^W _V bUY^V_bSY^W cdUU\ _^ Ydc ]USXQ^YSQ\ `b_`UbdYUc Q^T R_^T gYdX S_^SbUdU( 68? CQdUb @

214.30"/*,

++( FQ\cc_^ G& CYbjQ CH #,**,$ CUSXQ^YSQ\ bUc`_^cU _V S_bb_TUT cdUU\ bUY^V_bSU]U^d _V

QRQ^T_^UT S_^SbUdU RbYTWU( 68? HdbeSd @ 334+/1"+0,

+,( GQ]Q^ZQ^Uie\e A& D_f%[ 7& HQc]Q\ H& G_UX] 8& BQ[cX]Q^Q^ D& ?iUb DG #,*++$ HUYc]YS

`UbV_b]Q^SU UfQ\eQdY_^ _V UhdUbY_b RUQ] S_\e]^ ceR'QccU]R\QWUc TUcYW^UT QSS_bTY^W d_

TYVVUbU^d S_TQ\ bUS_]]U^TQdY_^c( HdbeSd ?^VbQcdbeSd ;^W -14+"+1

+-( HXY^ H& AQ^W ?& BUU H& BUU >& Aie^W @ #,**1$ <;C Q^Q\icYc _^ dXU cdbU^WdX _V G8 ]U]RUbc

TUdUbY_bQdUT Ri \_SQ\ `Qbd S_bb_cY_^ _V dU^cY_^ ]QY^ bURQb( ?^4 Fb_SUUTY^W _V dXU Y^dUb^QdY_^Q\

S_^VUbU^SU _^ cecdQY^QR\U ReY\TY^Wc& HU_e\& A_bUQ&& `` ++0+"++00

3,* 6( AQ^SXQ^Q 9UfY Ud Q\(