Mechanical engineering | Safety engineering » Siménfalvy-Ortutay - Biztonságtechnika

Datasheet

Year, pagecount:2004, 42 page(s)

Language:Hungarian

Downloads:351

Uploaded:January 14, 2007

Size:984 KB

Institution:
-

Comments:

Attachment:-

Download in PDF:Please log in!



Comments

No comments yet. You can be the first!

Content extract

%L]WRQViJWHFKQLND (O DGy .|YHWHOPpQHN U6LPpQIDOYL=ROWiQHJHWHPLGRFHQV U2UWXWD0LNOyVHJHWHPLGRFHQVWDQV]pNYH]HW ‡ $OitUiVJDNRUODWLMHJ IHOWpWHOHGE ]iUWKHOLGROJR]DWVLNHUHVPHJtUiVD 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  ‡ .RFNi]DWN|UQH]HWLNRFNi]DW 7pPiN ‡ 9HV]pOHVDQDJRN± HO Q|NpVNRFNi]DWRN  QDJLSDULEDOHVHWHN  YHV]pOHNpVD]RNKDWiVDL  PpUWpNHJVpJHNKDWiUpUWpNHN  EDOHVHWWtSXVRNpVKDWiVDLN ‡ 1RPiVWDUWyHGpQHNRV]WiOEDVRUROiVD 3(3UHVVXUH (TXLSPHQW LUHFWLYH ‡ 7~OQRPiVHOOHQLYpGHOHPSRU pVJi]UREEDQiVRN  W~OQRPiVWNLYiOWyRNRN  YpGHOPLHV]N|]|NPyGV]HUHN  SRUUREEDQiVYL]VJiODWDYpGHOPLHV]N|]|NPyGV]HUHN ‡ 1DJWDUWiORNpVFV YH]HWpNHNEL]WRQViJWHFKQLNiMD  WDUWiOW|OWpVUtWpVSUREOpPiMDW|OWHWYHV]pOHVVpJH IRODGpNJi]FVHSSIROyVJi]  FV YH]HWpNHNMHOOHP] PHJKLEiVRGiVDLYL]VJiODWLPyGV]HUHNP V]DNLIHOJHOHW ‡ 5HQGV]HUEL]WRQViJWHFKQLND 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND 

$NRFNi]DWiOWDOiQRVMHOOHP]pVH .RFNi]DW, $PLQGHQQDSLpOHWEHQJDNUDQHOKDQJ]y ILJHOPH]WHWpVÄ1HNRFNi]WDVV ´ FpOMDKRJPHJIRQWROiVUDNpV]WHVVHD YDODPLOHQFVHOHNYpVUHNpV]O WPHUWDFVHOHNYpVDILJHOPH]WHW V]HULQWYDODPLPyGRQNHGYH] WOHQKDWiVW HUHGPpQH]KHW8JDQFVDNHYLGHQFLiQDNV]iPtWKRJEL]RQRVPpUWpN NRFNi]DWRWMHOHQWN|]OHNHGpVLHV]N|]|Q XWD]QLKLV]HQV]LQWHQLQFVRODQQDSLODSDPHOEHQQHOHKHWQHROYDVQLYDODPLOHQN|]OHNHGpVLEDOHVHWU O $]pOHWEHQDYpOWYDJYDOyVNRFNi]DWRWILJHOHPEHYpYHG|QWKHWQNKRJDFVHOHNYpVN|YHWNH]WpEHQHOpUKHW HO Q PHJpULHDNRFNi]DWRW $0DJDUeUWHOPH] .p]LV]yWiU PHJIRJDOPD]iVDV]HULQWDNRFNi]DWYDODPHOFVHOHNYpVVHOMiUy YHV]pOYHV]WHVpJ OHKHW VpJH $GHILQtFLy DODSMiQDNRFNi]DWKiURPMHOOHP] MpWFpOV]HU NLHPHOQL  FVHOHNYpVKH]N|W|WW  DFVHOHNYpVN|YHWNH]PpQHQHPNtYiQDWRV  DQHJDWtYDQpUWpNHOWN|YHWNH]PpQEL]RQWDODQFVDNEHN|YHWNH]KHWGHQHPEL]WRVKRJEHN|YHWNH]LN

(OWHNLQWYHDV]HUHQFVHMiWpNRNKR]NDSFVROyGyYDOyV]tQ VpJV]iPtWiVRQDODSXOy NXWDWiVRNWyODNRFNi]DWWXGRPiQRV NXWDWiVDV]i]DGXQNEDQNH]G G|WWEHQ9LOOHWDN|YHWNH] PHJKDWiUR]iVWIRJDOPD]WDPHJÄ DNRFNi]DWHJQHP NtYiQDWRVHVHPpQ REMHNWLYiOW EL]RQWDODQViJD´ (JFVHOHNPpQKH]WDUWR]y N|YHWNH]PpQHNHWHOWpU V]HPSRQWRNV]HULQWOHKHWpUWpNHOQL$N|YHWNH]PpQ pUWpNHOpVpQpODQQDNYDOyV]tQ VpJpW OSR]LWtYLOOQHJDWtYpUWpNHOpVpW OIJJ HQDN|YHWNH] WiEOi]DWEDQV]HUHSO NLIHMH]pVHNHWDONDOPD]]iN (VHPpQYDOyV]tQ VpJH S  S 3R]LWtYN|YHWNH]PpQ 1HJDWtYN|YHWNH]PpQ HO Q KiWUiQ 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND HVpO NRFNi]DW  .RFNi]DW,, $NRFNi]DWPpU V]iPDNpQWHOWpU PHQQLVpJHNHWHUHGPpQH] PHJIRJDOPD]iVRNPHJKDWiUR]iVRNDGKDWyNPHJ D DYiUKDWy YHV]WHVpJD]D]DKiWUiQEHN|YHWNH]pVpQHNYDOyV]tQ VpJH E DKiWUiQQDOMiUy YHV]WHVpJQDJViJD F DKiWUiQYDOyV]tQ VpJpQHNpVDKiWUiQQDOMiUy YHV]WHVpJQHNDV]RU]DWD

$NRFNi]DWLpUWpNPHJKDWiUR]iVN|]YHWOHQOWDUWDOPD]]DDFV|NNHQWpVpKH]YH]HW EHDYDWNR]iVRNHJOHKHWVpJHV FVRSRUWRVtWiViW D DYHV]pONLNV]|E|OpVH DFVHOHNPpQOHKHWHWOHQVpJpWEL]WRVtWy IHOWpWHOUHQGV]HUNLDODNtWiVD  E DNiURVN|YHWNH]PpQPHJV]QWHWpVHLOOFV|NNHQWpVH F DEHN|YHWNH]pVLYDOyV]tQ VpJFV|NNHQWpVH $NRFNi]DWQDNPLQWPHQQLVpJQHNDPHJKDWiUR]iVDJDNUDQQHKp]VpJHNEHWN|]LNPLYHODNRQNUpWFVHOHNPpQKH] NDSFVROyGy YHV]pODKiWUiQEHN|YHWNH]pVpQHNYDOyV]tQ VpJHSRQWRVDQQHPKDWiUR]KDWy PHJ 1DSMDLQNEDQNO|Q|VHQDEL]WRQViJWHFKQLNiEDQV]NVpJV]HU pVHONHUOKHWHWOHQDNRFNi]DWILJHOHPEHYpWHOH$ NH]HOKHW NRFNi]DWPLQGHQNLEHQW|EEpNHYpVEp NRFNi]DWLGHJHQNHGpVWYiOWNLDPLQHNHJHQHVN|YHWNH]PpQHOHKHWD NRFNi]DWFV|NNHQWpVpUHLUiQXOy FVHOHNYpV $NRFNi]DWV]iPV]HU PHJKDWiUR]iViQiODILJHOHPEHYHWWYDOyV]tQ VpJKiURPFVRSRUWUDERQWKDWy  REMHNWtYYDOyV]tQ VpJ WXODMGRQNpSSHQHPSLULNXVEHFVOpVQDJV]iP~VWDWLV]WLNDLODJIHOGROJR]KDWy PHJILJHOpVLOO

NtVpUOHWDODSMiQKDWiUR]KDWy PHJ  V]LQWHWLNXVYDOyV]tQ VpJ PRGHOOH]pVVHOKDVRQOy UHQGV]HUUHPHJKDWiUR]RWWEHFVOpV$]DWRPUHDNWRURN EL]WRQViJWHFKQLNiMiUDYRQDWNR]yJDNUDQKLYDWNR]RWW 5DVPXVVHQ WDQXOPiQLVPRGHOOH]pVHQDODSXO  V]XEMHNWtYEHFVOpV QpKiQ HVHWOHJHJ PHJILJHOpVUHDONDOPD]RWWEHFVOpV 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  .RFNi]DW,,, 8JDQFVDNFVRSRUWRNUDERQWKDWy DN|YHWNH]PpQLV$P V]DNLDONDOPD]iVRNHVHWpQD]RQEDQH]iOWDOiEDQREMHNWtYQHN WHNLQWKHW  KLV]HQ D N|YHWNH]PpQ PHJILJHOKHW  PpUKHW pV pUWpNHOKHW  (VHWHQNpQW D N|YHWNH]PpQ LV EHFVOW PRGHOOHNHQYpJ]HWWNtVpUOHWHNiOWDOiQRVtWiVD $N|YHWNH]PpQiOWDOiEDQGHQHPPLQGHQHVHWEHQPpUKHW $P V]DNLJDNRUODWEDQYL]VJiOWNRFNi]DWRNQiOiOWDOiEDQ DSpQ]]HOW|UWpQ PpUpVUHW|UHNHGQHN$SpQ]]HOYDOy PpUpVNO|Q|VHQSUREOHPDWLNXVHJpV]VpJLN|UQH]HWLYHV]pOW LV MHOHQW NRFNi]DWRNQiO $] H WHUOHWHQ IROWDWRWW NXWDWyPXQND MHOHQOHJ QHP KR]RWW iOWDOiQRVDQ

HOIRJDGRWW HUHGPpQHNHW .|OWVpJKDV]RQWtSXV~ V]iPtWiVRN EHIHNWHWpVVHOEHUXKi]iVVDOHOpUKHW pOHWHJpV]VpJPHJyYiV HOWHUMHGWHN 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN, ‡ NEPLOOLyNpPLDLYHJOHWLVPHUW ‡ H]HNE ONEH]HUWHUPpNHWNpV]tWHQHNV]iOOtWDQDNKDV]QiOQDN ‡ $YHV]pOHVDQDJRNDWKDWiVPHFKDQL]PXVXNDODSMiQNpWNDWHJyULiED VRUROKDWMXN  6]HQQH] DQDJRNDPHOHNMHOOHP] HQNLVHEENRQFHQWUiFLyEDQGHKRVV]DEELG DODWWERFViWyGQDNNL(]HNHWD V]HQQH] DQDJRNDWPDDN|UQH]HWUHYHV]pOHVDQDJRNN|]pVRUROMiN 6]pQGLR[LGNpQGLR[LGKLGURJpQNORULG DK HU P YHNE OpVDODNyKi]DNI W EHUHQGH]pVHLE OIHOV]DEDGXOy IVWÏORPV]pQGLR[LGpVW|NpOHWOHQOHOpJHWW V]pQKLGURJpQHNDEHOV pJpV PRWRURNEyO  6]HQQH] DQDJRNDPHOHNVSRQWiQpVYiUDWODQPyGRQMXWQDNNLQDJNRQFHQWUiFLyEDQpVD]RQQDOLYHV]pOW MHOHQWHQHN

h]HPLEDOHVHWVRUiQNLNHUOWYHJLDQDJRN6]iOOtWiVNRUEHN|YHWNH]HWWEDOHVHWHVHWpQFVHSSIROyV Ji]RNV]LYiUJiVDYDJNL|POpVH9HJLDQDJRNYDJP DQDJRNpJpVHVRUiQNHOHWNH]HWWPpUJH] Ji]RN $P~OWQDJLSDULEDOHVHWHL  6(9(62 0LOiQyN|]HOpEHQ M~OLXV 1RUPiO]HP  UHDNFLy KHUELFLGHO iOOtWiV K  HWLOpQJOLNRO QDN OHGHV]WLOOiOiVDK  K WpVOYt]EHW|OWpVpYHO&UD UHDNFLyVWRSSHULV K 0XQNDLG YpJHIHOpyUDNRUGHV]WLOOiOiVWI W J ]NL]iUiVVDOPHJiOOtWRWWiN (O tUWK W Yt]QHPNHUOWEHW|OWpVUH.HYHU WOHiOOtWRWWiN 0pU V]DEiO]yYH]pUO HV]N|]|NHWOHNDSFVROWiNNRUYpJHWpUWDP V]DN NH]G G|WWDKpWYpJH$]XWROVyPpUWK PpUVpNOHW&YROW yNRUNLQ OWD KDVDGyWiUFVD pVDHURV]ROIHOK YiOWV]DEDGGiNP WHUOHWIHUW ] G|WWGLR[LQQDO I  0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN,,  %+23$/,QGLDGHFHPEHU

WRQQDNORURIRUPPDOV]HQQH]HWW0,& PHWLOL]RFLDQiW  IHOPHOHJHGHWWpVDIiNOiQNEWRQQDDQDJDOpJWpUEH NHUOW+ WpVFLUNXOiFLyYDONHYHUpVPHOOHWWK FVHUpO EHQ O~JROGDWWDO&RQEL]WRQViJLV]HOHSO~JRVPRVyEDN|WYH PHV VHJpGJi]RVIiNOD (VHPpQHN   WDUWiOSDUNNH]HO QRPiVQ|YHNHGpVWpV]OHO iWDGiVIHOGROJR]y]HPIHOp"  DNH]HO DWDUWiOSDUNEDQJHQJH0,&iUDPOiVWpU]pNHO RNDLVPHUHWOHQ   DYH]pUO WHUHPEHQURKDPRVQRPiVQ|YHNHGpVOiWV]LN KHOV]tQHQK VXJiU]iV KDVDGyWiUFVD iWV]DNDGEL]WRQViJLV]HOHS]HPHOOHI~YiVIiNODIHOp  6LNHUWHOHQK WpVLQGtWiV RNWWyO ]HPNpSWHOHQ VLNHUWHOHQIiNODEHJ~MWiV J~MWyNLV]HUHOW Yt]QRPiV KLiQiEDQQHPPHJDYt]IJJ|QDEV]RUEHUEHQQHPPHJIHOHO O~JNRQFHQWUiFLypVFLUNXOiFLyQLQFVUHVWDUWiOUD QHPNDSFVROWDNiW  V]RPV]pG]HPOHiOOtWiVD  Ji]ULDGy   EL]WRQViJLV]HOHS]iUiVD  HPEHUPHJKDOWI PDUDGyNiURVRGiVWV]HQYHGHWW

D]yWDUHHPHONHGHWWDKDOiORViOGR]DWRN V]iPDpVW|EEV]i]H]HUUHWHKHW D]HJpV]VpJNiURVRGiVWV]HQYHG NV]iPD 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN,,, 0LW|UWpQW" OLWHUYt]NHUOWDWDUWiOEDNORURIRUPVDYDVKLGUROt]LVH YDVNORULG0,&ERPOiV H[RWHUP UHDNFLy +LiQRVViJRN  IRNKHOHWWIRNDWDUWiOEDQ IRNRQDYt]QHPLQGtWRWWYROQDUHDNFLyW  h]HPNpSWHOHQK W UHQGV]HU  /~JRVHOQHOHW QHPP N|G|WW  )iNODQHPP N|G|WW  9t]IJJ|QWQHPOHKHWHWWOpWUHKR]QL  hUHVWDUWiOUDQHPYiOWRWWDNiW  9t]PHJIHOHO HOOHQ U]pVHVHWpQQHPNHUOKHWHWWYROQDDWDUWiOED 9HV]pOHV]HPHNHOKHOH]NHGpVH 0DJDURUV]iJRQD6(9(62,,,UiQHOYKDWiODDOi WDUWR]yIHOV NV]|EpUWpN pVDOVy NV]|EpUWpN YHV]pOHV]HPWDOiOKDWy 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN,9 9HV]pOHVDQDJRNpVD]RNHO IRUGXOiVD  9HV]pOHVDQDJRNN|]~WLV]iOOtWiVD

$]HOP~OWpYHNVWDWLV]WLNiMiWDODSXOYpYH± IRODPDWRVDQQ|YHNY PHQQLVpJ  N|]HOPLOOLyWRQQDYHV]pOHV DQDJRWV]iOOtWDQDNKD]iQN~WMDLQ(]DWHOMHVV]iOOtWRWWDQDJPHQQLVpJD0LQGHQpYEHQiWODJRVDQLOHQ V]iOOtWPiQWpUNO|QE|] V~ORVViJ~N|]~WLEDOHVHW$V]iOOtWiVLEDOHVHWHNHJLNOHJNULWLNXVDEEHOHPHD]KRJEiU YDQQDNPHJHO ] LQWp]NHGpVHNOHKHWHWOHQPHJKDWiUR]QLHO UHRODQIRQWRVSDUDPpWHUHNHWPLQWDEDOHVHWKHOHWHUOHWL NLWHUMHGpVHDNLERFViWRWWDQDJRNPHQQLVpJHpVIDMWiMD  9HV]pOHVWHYpNHQVpJHNiWWHNLQWpVH $QDJREEPHQQLVpJEHQKDV]QiOWDQDJRNDN|YHWNH] NPHWDQROHWLOpQR[LGSURSLOpQR[LGIRV]JpQHNpVWROXRO GLL]RFLDQiW$UREEDQiVYHV]pOHVDQDJRNFVRSRUWMDQHPFVDNDO V]HUHNHWpVUREEDQyV]HUHNHWIRJODOMDPDJiEDKDQHP D]DPPyQLXPQLWUiWP WUiJiWLVDPHOV]LQWpQNpSHVUREEDQiVUD $Ji]RNUDNO|Q|VILJHOHPPHONHOOOHQQLPLYHOD]RNQDJRQN|QQHQWHUMHGQHNpVH]pUWQDJWHUOHWHQRNR]KDWQDN NiURNDW$]DGRWWJi]YHV]pOHVVpJHQHPFVDNPpUJH]

KDWiViWyOW ] YDJUREEDQiVYHV]pOHVWXODMGRQViJDLWyOIJJ KDQHPDWWyOLVKRJD]LOOHW Ji]QHKH]HEEHYDJN|QQHEEHDOHYHJ QpO  3RWHQFLiOLVYHV]pOWMHOHQW OpWHVtWPpQHNWHYpNHQVpJHN ÈOWDOiQRVYHJLSDU$YHJLSDUL]HPEDOHVHWHVRUiQW ]NHOHWNH]KHWUREEDQiVM|KHWOpWUHHJpV]VpJUHN|UQH]HWUH NiURVDQDJRNMXWKDWQDNDOHYHJ EHYDJYt]IROiVRNEDH]iOWDOYHV]pOH]WHWYHDODNRVViJRWpVDN|UQH]HWHW$W]HN pVDUREEDQiVRNNiURVtWyKDWiVDLQDJYDOyV]tQ VpJJHOFVDNDYHV]pOHV]HPHNN|]YHWOHQN|UQH]HWpEHQRNR]QDNNiUW U|YLGLG QEHOO9HV]pOHVDQDJRNOHYHJ EHMXWiVD± D]DQDJIDMWiMiWyOPHQQLVpJpW OIL]LNDLPXWDWyLWyODWHUMHGpV PHWHRUROyJLDLGRPERU]DWLpVPiVIHOWpWHOHLW OIJJ HQ DEDOHVHWKHOV]tQpW OW|EEYDJV]pOV VpJHVHVHWEHQW|EEWt] NLORPpWHUWiYROViJEDQRNR]KDWYHV]pOW 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN9 0H] JD]GDViJ$PH] JD]GDViJEDQQDJPHQQLVpJEHQKDV]QiOQDN URYDUtUWyV]HUHNHW pV

Q|YpQYpG V]HUHNHW(]HQ DQDJRNpJpVHVRUiQPpUJH] Ji]RNNpS] GKHWQHNDPHOHNE OJi]IHOK NDODNXOKDWQDNNL 0 WUiJDJiUDN$P WUiJDNpV]OHWHNHWD]RUV]iJNO|QE|] UpV]HLQWiUROMiN$UDNWiUR]iVLPHQQLVpJHNYiOWR]yDN HQQHNHOOHQpUHMHOHQW VHN$]DPPyQLXPQLWUiWWDUWDOP~P WUiJiNDPHOHNEHQD]DPPyQLXPQLWUiWEyOV]iUPD]y QLWURJpQWDUWDORPW|EEPLQWW|PHJDPPyQLXPQLWUiWWDUWDOPXNPLDWWYHV]pOHVDQDJRNWHNLQWHWWHODUUDKRJ UREEDQiVHVHWpQDIHOV]DEDGXOy QLWUy]XV Ji]RNLJHQPpUJH] HN eOHOPLV]HULSDUK W Ki]DNVSRUWOpWHVtWPpQHN(]HNDOpWHVtWPpQHNDPPyQLiWKDV]QiOQDNH]pUWD]RNDWDV~ORV EDOHVHWHNSRWHQFLiOLVRNR]yLNpQWNHOONH]HOQLPHUWD]DPPyQLDWiUROyNpVUHQGV]HUHNPHJKLEiVRGiVDHVHWpQQDJ PHQQLVpJ DPPyQLDJi]NHUOKHWDOHYHJ EH 6]pQKLGURJpQHNILQRPtWyLpVWiUROyL(]HQDWHUOHWHQDWiUROyNNDSDFLWiVDQDJRQYiOWR]yDQDJPHQQLVpJHWWiUROy RODMILQRPtWyNWyONH]GYHDQpKiQH]HUOLWHUHVI|OGDODWWLWiUROyNLJ$ODNRVViJUDQp]YHDODSYHW HQD]MHOHQWYHV]pOWKD

DWiUROWQDJPHQQLVpJ DQDJRNPHJJXOODGQDN &VHSSIROyVV]pQKLGURJpQJi]RNNHUHVNHGHOPHpVWiUROiVD$FVHSSIROyVV]pQKLGURJpQJi]RNpVDI|OGJi]WiUROyL DONRWMiNDYHV]pOHVDQDJRNHJLNOHJQDJREEFVRSRUWMiW$I|OGDODWWLWiUROyWDUWiORN FVDNH]HNLJD]iQMHOHQW VHN  iOWDOiEDQFVHSSIROyVV]pQKLGURJpQJi]RNWiUROiViUDV]ROJiOQDN SURSiQEXWiQ $ODSYHW HQH]HNUHXJDQD] YRQDWNR]LNPLQWDJ~OpNRQIRODGpNRNUDD]]DODNO|QEVpJJHOKRJDIROpNRQJi]WiUROiViUDV]ROJiOy OpWHVtWPpQHNHWpUWEDOHVHWHNHVHWpQDYHV]pOH]WHWHWW|YH]HWiOWDOiEDQNLVHEE 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN9, 9HV]pOHNWtSXVDL 9(6=e/<(. 5REEDQiVKDWiVD 0pUJH]pVKDWiVD )XOODGiVKDWiVD 7 ]K KDWiVD 2[LGiFLy KDWiVD 9HJLDQDJRNKDWiVD )DJiVKDWiVD )HUW ]pVKDWiVD .g9(7(=0e1<( O|NpVKXOOiPpVV]pWUHSO W|UPHOpNHNYDODPLQWPDJDVK PpUVpNOHWYHV]pOH PpUJH] DQDJRNNHUOKHWQHNDV]HUYH]HWEHEHOpJ]pVVHOYDJDE U|Q NHUHV]WO

D]R[LJpQKLiQDDPHODIVWYDJDWHUMHG Ji]RNPLDWWMHOHQWNH]LN DK KDWiVVDOpVW ]]HO|VV]HIJJ YHV]pODPHOHWJ~OpNRQJi]RN IRODGpNRNYDJSRURNpJpVHRNR] SOIROpNRQJi]RODMV]pQSRU JXOODGiVWRNR]y DQDJRNNDONDSFVRODWRVYHV]pO R[LGiQV DQDJRN DPHOHN KDWiViUDD]pJpVpVDK V]LQWMHMHOHQW VHQHPHONHGKHW VDYDNNDOpVO~JRNNDOYDOy pULQWNH]pVPLDWWDE UDV]HPpVDQiONDKiUWD VpUOpVH PpOK W|WWIRODGpNRNQDJQRPiVDODWWLJi]RNV]DEDGEDMXWiVDRNR]KDW IDJiVW DV]HUYH]HWPHJIHUW ] GpVH 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN9,, $]|WOHJI EEYHV]pOH]WHW KDWiV )L]LNDLKDWiV$W]HNpVD]HOOHQ UL]HWOHQYHJLUHDNFLyN UREEDQiVRNKR]YH]HWKHWQHNDPHOHNO|NpVKXOOiPDLNiURVtWKDWMiND] pSOHWHNHW EHW|UWDEODNRNOHRPOyV]HUNH]HWHNVWE pVV]HPpOL VpUOpVHNHWLVRNR]KDWQDN GREKiUWDEHV]DNDGiV .O|Q|VHQV~ORV UREEDQiVHVHWpQDW|UPHOpNHNW|EEV]i]PpWHUHVWiYROViJUDLV V]pWUHSOKHWQHN

3RWHQFLiOLVKDWiVDD]HPEHULHJpV]VpJUHYDODPHQQLWtSXV~VpUOpV 7 ]K KDWiVIDJiV$YHV]pOHVDQDJRNNDONDSFVRODWRVEDOHVHWHN JDNUDQNDSFVROyGQDN|VV]HMHOHQW VW ]YHV]pOOHOQHPFVDNDEDOHVHW NRQNUpWKHOV]tQpQKDQHPPLYHOJ~OpNRQIRODGpNRNpV Ji]RNJ ]|NV]DEDGXOQDNNLDNiUDEDOHVHWKHOV]tQpW OQDJREE WiYROViJUDLV1DJW]HNHVHWpQDK KDWiVPLDWWDN|UQH] WHUOHWHQWDOiOKDWyWiUJDNJXOODGiVDLVEHN|YHWNH]KHW$ PpOK WpVKH]KDV]QiOWJi]RNYDJDIROpNRQJi]RNV]LYiUJiVDIDJiVWRNR]KDWDV]LYiUJiVN|]YHWOHQN|UQH]HWpEHQ 3RWHQFLiOLVKDWiVDD]HPEHULHJpV]VpJUHpJpVLVpUOpVHNIDJiVNLK OpV 6]HQQH]HWWOHYHJ  EHOpJ]pVH $EDOHVHWHNN|YHWNH]WpEHQNLV]DEDGXOyPpUJH] DQDJRNW|EENLORPpWHUHVWiYROViJUD HOMXWKDWQDND]DWPRV]IpUiEDQ$YHV]pO]yQDW|EEQpJ]HWNLORPpWHUUHNLWHUMHGKHWtJD]VRNNDOQDJREEPLQWDIL]LNDL DW ] YDJDK KDWiViOWDOpULQWHWWWHUOHW$NRQNUpWYHV]pODGGLJiOOIHQQDPtJDJi]IHOK iWKDODGDWHUOHWHQ iOWDOiEDQQpKiQyUiQiWWDUW

.O|QE|] V]DJRNJi]RNpU]pNHOpVHYDJDQiONDKiUWiN V]HPWRURN pJpVHYDJ OpJ]pVLSUREOpPiNOHKHWQHND]HOV MHOHLDQQDNKRJV]HQQH] DQDJNHUOWDOHYHJ EH1HPPLQGHQDQDJ pU]pNHOKHW D]HPEHULpU]pNV]HUYHNiOWDO 3RWHQFLiOLVKDWiVDD]HPEHULHJpV]VpJUHPpUJH]pVIHUW ]pV 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN9,,, 0pUJH]HWWpOHOPLV]HU6]HQQH]HWWWDODMEyOV]iUPD]yJP|OFV|NpV]|OGVpJHNNRPROHJpV]VpJLSUREOpPiNDW RNR]KDWQDN$ODSYHW IRQWRVViJ~KRJWDUWy]NRGMXQND]LOHQpOHOPLV]HUHNIRJDV]WiViWyO$]RWWKRQWDOiOKDWy FVRPDJRODWODQpOHOPLV]HUV]LQWpQV]HQQH]HWWOHKHWH]pUWD]WHOIRJDV]WDQLQHPV]DEDG$NRQ]HUYGRER]RNEDQpV]iUW YHJHNEHQWDUWRWWpOHOPLV]HUHNUHDV]HQQH]pVQLQFVKDWiVVDO 3RWHQFLiOLVKDWiVDD]HPEHULV]HUYH]HWUHPpUJH]pVpJpVLVpUOpVIHUW ]pV $N|UQH]HWV]HQQH]HWWVpJH(]DYHV]pOWDUWDOHJKRVV]DEELGHLJ$EDOHVHWHNVRUiQNLV]DEDGXOyYHV]pOHVDQDJRNDW

DYt]IROiVRNYDJDV]pOQDJWiYROViJRNUDHOV]iOOtWKDWMDpVH]HNRODQHPEHUHNUHNHUOKHWQHNDNLNQ OWWHUHSHQ WDUWy]NRGQDNHEEHQD]LG V]DNEDQ(]HNDV]HQQH] GpVHNEHMXWKDWQDNDV]HUYH]HWEHQ OWVHEHNHQNHUHV]WOGHDNiUD E U|QiWLVpVNiURVtWKDWMiND]HJpV]VpJHW$YHV]pODNNRULVIHQQiOODPLNRUDV]HQQH]HWWIHOK PiUWRYiEEYRQXOW 0LQGDGGLJDPtJDV]HQQH] DQDJRNDWQHPWiYROtWMiNHOpVQHPW|UWpQLNPHJDPHQWHVtWpVNO|Q|VILJHOPHWNHOO IRUGtWDQLDPD[LPiOLVWLV]WDViJUD 3RWHQFLiOLVKDWiVDD]HPEHULHJpV]VpJUHPpUJH]pVpJpVLVpUOpVIHUW ]pV eJpVLVpUOpVHN $]pJpVDE UpVDQiONDKiUWDVpUOpVHDPHOPDJDVK PpUVpNOHWKDWiViUDYDJVDYDNNDOO~JRNNDOYDOypULQWNH]pV N|YHWNH]WpEHQDODNXONL0tJDE UQHNYDQQpPLHOOHQiOOyNpSHVVpJHDPDUyDQDJRNNDOV]HPEHQDGGLJDV]HPD QiONDKiUWDpVDQ OWVHEHNNO|Q|VHQVpUOpNHQHN $YHJLDQDJWtSXViWyOpVNRQFHQWUiFLyMiWyOIJJ HQDE UWYDJ QiONDKiUWiWpUWVpUOpVD]HQKHLUULWiFLyWyO E UStU  DE

UpVQiONDKiUWDLOOHWYHD]H]HNDODWWOpY V]|YHWHNWHOMHVURQFVROiViLJWHUMHGKHWQHN$]pJpVLVpUOpVHNODVVDQ JyJXOQDNpVDOHJW|EEHVHWEHQFV~QDpVIiMGDOPDVVHEKHOHNHWKDJQDNPDJXNXWiQ 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN,; 0pUJH]pV 6]iPRVYHJLDQDJLJHQNLVPHQQLVpJEHQLVNpPLDLYiOWR]iVRNDWRNR]DV]HUYH]HWEHQDPHOHNV~ORVDQNiURVtWKDWMiN D]HJpV]VpJHWV WKDOiOWLVRNR]KDWQDN$PpUHJPpUJH] DQDJ ÄRODQQ|YpQLiOODWLiVYiQLYDJPHVWHUVpJHV HUHGHW YHJLDQDJDPLNpPLDLELRNpPLDLYDJIL]LNDLNpPLDLWXODMGRQViJDLPLDWWD]pO V]HUYH]HWEHQP N|GpVL ]DYDUWV~ORVHVHWEHQKDOiOWLGp]HO ´+DWiVPHFKDQL]PXVXNDODSMiQDPpUJHNDN|YHWNH] NpSSHQFVRSRUWRVtWKDWyN  ,UULWiOypVPDUyPpUJHN $]LOHQPpUJHNEHOpJ]pVHYDJOHQHOpVHDQiONDKiUWiNpVDOpJ] V]HUYHNV~ORVNiURVRGiViKR]YH]HW(]HQ DQDJRNN|]OW|EEDOpJ] UHQGV]HULUULWiFLyMiWRNR]]DPpJQDJRQDODFVRQNRQFHQWUiFLyHVHWpQLV N|K|JpV 

1pKiQJi]pVJ ]D]RQEDQ~JRNR]DEHOpJ]pVXWiQNiURVRGiVWKRJDQQDNPpUWpNHQHPD]RQQDOpV]OHOKHW  SO WG |GpPD 7LSLNXVLUULWiOypVPDUyPpUJHNQLWURJpQR[LGRN 12[ VyVDYJi] +&O DPPyQLD 1+ IRV]JpQ &2&O NOyU &O  +HPRWR[LQRN QHXURWR[LQRN FWRWR[LQRN KHSDWRWR[LQRN QHIURWR[LQRN (]HNHWDPpUJHNHWDYpUV]iOOtWMDDV]HUYH]HWEHQtJDQQDNPLQGHQV]HUYpEHHOMXWQDN(]HQFVRSRUWWLSLNXVPpUJHL V]pQPRQR[LG &2 KLGURJpQFLDQLG +&1 EHQ]RO 0pUWpNHJVpJHNKDWiUpUWpNHN 9HV]pOHVDQDJRNNDONDSFVRODWRVEDOHVHWVRUiQEHN|YHWNH] NiUPpUWpNpWPHJWXGMXNKDWiUR]QLpVPHJWHKHVVND V]NVpJHVLQWp]NHGpVHNHWDYHV]pOHNHOKiUtWiViKR]V]NVpJYDQ|VV]HKDVRQOtWyV]DEYiQRNUDpVKDWiUpUWpNHN PHJKDWiUR]iViUD )L]LNDLKDWiVRN 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  )L]LNDLKDWiVRN 9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN; +DWiVRN 7~OQRPiV PEDU $EODNW|UpVHEHFVDSyGiVDHU VV]pON|YHWNH]WpEHQ  (U VKDQJKDWiV  .|QQ

V]HUNH]HWHVpSOHWEHQRNR]RWWNiU  .iUpSOHWHNEHQ  REKiUWDEHV]DNDGiV 1DJREEWiUJDNPLQWSOYDV~WLNRFVLNIHOERUXOiVD 7G NiURVRGiVD + KDWiVRN + KDWiVRNRNR]WDVpUOpVHN /iQJRNpVK KDWiV pJpVHN )RUUyIRODGpNRN IRUUi]iV )ROpNRQYDJFVHSSIROyVJi]RNV]LYiUJiVD IDJiV    0pUJH] KDWiVRN gQPDJiEDQHJHWOHQDQDJVHPPpUJH] YDJQHPPpUJH] $]WKRJ HJDQDJKDWiVDLNiURVDNYDJQHPD]WD] DQDJPHQQLVpJHKDWiUR]]DPHJ$PpUJH] KDWiVRODQIDNWRURNPLQWDWHVWV~ODV]HPpOiOWDOiQRViOODSRWDD V]HPpODQDJKR]YDOyKR]]iV]RNRWWViJDYDODPLQWD]DQDJJDOYDOypULQWNH]pVWtSXVDpVWDUWDPDN|YHWNH]WpEHQ MHOHQW VHQYiOWR]KDW$]XQ0$. /HJQDJREE0HJHQJHGHWW0XQNDKHOLRQFHQWUiFLy pV75 7HFKQROyJLDL .LERFViWiVL+DWiUpUWpN pUWpNHNNHUOWHNEHYH]HWpVUHDPHOHNPHJKDWiUR]]iNDOHYHJ WV]HQQH] DQDJRNPD[LPiOLV PHJHQJHGKHW NRQFHQWUiFLyMiWHJDGRWWPXQNDKHOHQ 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO

Q|NNRFNi]DWRN;, 0$.pUWpN /HJQDJREE0HJHQJHGHWW0XQNDKHOLRQFHQWUiFLy Ä$0$.pUWpNHJDQDJJi]J ]YDJHJpEDQDJOHJPDJDVDEEPHJHQJHGKHW NRQFHQWUiFLyMDDPXQNDKHOL N|UQH]HWEHQDPHODMHOHQOHJLLVPHUHWHNV]HULQWQHPNiURVD]DONDOPD]RWWDNHJpV]VpJpUHpVQHPMHOHQWHOIRJDGKDWDWODQ NRFNi]DWRWPpJLVPpWHOWpVKRVV]DVNLWHWWVpJHVHWpQVHPDEEyONLLQGXOYDKRJHJiWODJRVPXQNDKpWyUiEyOpVDJ iWODJRVPXQNDQDSyUiEyOiOO´ 75.pUWpN 7HFKQROyJLDLLERFViWiVL+DWiUpUWpN $75.pUWpNEHYH]HWpVpQHNFpOMDKRJPHJYpGMHD]DONDOPD]RWWDNDWD]HJpV]VpJLNRFNi]DWRNNDOV]HPEHQDPHOHND UiNNHOW YDJDQQDNWDUWRWWDQDJRNNH]HOpVHVRUiQPHUOKHWQHNIHO $75.pUWpNGHILQtFLyMDDN|YHWNH] ÄDPHJHQJHGKHW OpJV]HQQH] GpVMRJV]DEiOEDQU|J]tWHWWPpUWpNHDPHOD OpJV]HQQH]pVWRNR]yWHFKQROyJLiWyOHOYiUKDWyOHJNLVHEEV]HQQH] DQDJNLERFViWiVWtUMDHO ´ +DOiORVGy]LV / $WXGRPiQRVLURGDORPEDQHJDQDJDNXWWR[LNXVNRFNi]DWiWD]/ pUWpNPXWDWMDHQQHNGHILQtFLyMDDN|YHWNH] 

Ä$]/HJDQDJD]RQGy]LVDDPHOHOSXV]WtWMDDYL]VJiOWHJHGHNWQDSDODWW´ 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN;,, .ULWLNXVPpUJH]pVLKDWiUpUWpN $NULWLNXVPpUJH]pVLKDWiUpUWpN PpUWpNHJVpJH SSP PpJQHPRNR]YLVV]DIRUGtWKDWDWODQNiURVRGiVWD]HPEHUL HJpV]VpJEHQKDDPpUJH] DQDJJDOYDOypULQWNH]pVHJDONDORPPDOW|UWpQLN$N|YHWNH] KDWiUpUWpNHNHWD1pPHW 9HJLSDUL6]|YHWVpJKDWiUR]WDPHJIHOWpWHOH]YHKRJDPpUJH] DQDJKDWiViQDND]HPEHULV]HUYH]HWSHUFLJYDQ NLWpYH $QDJ 0$. SSP .OyU  $PPyQLD %HQ]RO .pQGLR[LG )RV]JpQ  PJP  75. SSP .ULWLNXVPpUJH]pVLKDWiUpUWpN SSP        %DOHVHWHN $]ÄHPEHULKLEiN´D]LSDULEDOHVHWHNOHJJDNRULEERNDLPHOHND KLEiVWHUYH]pVUHYDJDQHPPHJIHOHO NH]HOpVUH YH]HWKHW NYLVV]DËJQHPHOOHQ UL]KHW YHJLUHDNFLyNPHQQHNYpJEHDPHOHNEHDYDWNR]iVQpONODKLEiV

WHUYH]pVQHNWXODMGRQtWKDWyDQYDJDIHOJHOHWKLiQDLOOHWYHHOMiUiVLKLEiNPLDWWV~ORVEDOHVHWHNHWLGp]QHNHO  0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN;,,, 0LW|UWpQKHWHJ]HPLEDOHVHWQpO" $YHV]pOHVDQDJRNIHOKDV]QiOiVDVRUiQNHOHWNH]HWWV~ORVEDOHVHWHNQpOHOV VRUEDQW ]UHUREEDQiVUDpVPpUJH]  DQDJRNNLNHUOpVpUHOHKHWV]iPtWDQL$EDOHVHWHN]|PpWDYHV]pOHVDQDJRN]iUWWpUE OYDOyNLNHUOpVHLGp]LHO  7LSLNXVHO LGp] RNRN  *~OpNRQDQDJRWWDUWDOPD]yWDUWiOUHSHGpVH,OHQPyGRQD]DQDJNLNHUOpVNHYHUHGLNDOHYHJ YHO$NHOHWNH]  J~OpNRQJi] pVJ ]IHOK PHJJXOODG  0pUJH] DQDJRWWDUWDOPD]yWDUWiOUHSHGpVH0pUJH] IHOK NHOHWNH]LNDPHOV]pWWHUODN|UQH] WHUOHWHQ $]HPEHULpOHWUHpVD]pSOHWHNUHNRFNi]DWRWMHOHQW DK VXJiU]iVpVW~OQRPiVWRYiEEiDUREEDQiV DPHOQHNN|YHWNH]WpEHQW|UPHOpNHNUHSOQHNV]pW (]HNDKDWiVRNFVDNDEDOHVHWHNSiUV]i]PpWHUHV

N|U]HWpEHQMHOHQWHQHNYHV]pOW.HGYH] WOHQLG MiUiVL YLV]RQRNHVHWpQD]RQEDQDJ ] YDJJi]IHOK  HOPpOHWLOHJPpJQpKiQNLORPpWHUHV N|U]HWEHQLVKDOiORVNRQFHQWUiFLyM~OHKHW $PiVRGODJRVKDWiVRNQDNLVIHQQiOODOHKHW VpJHSO UREEDQiVN|YHWNH]WpEHQDN|]HOEHQOpY PpUJH] DQDJJDOW|OW|WWWDUWiONLOXNDGKDW %DOHVHWHWRNR]yDQDJRNFVRSRUWMD *i]RN 2OGyV]HUHN 6]LOiUGDQDJRN (JHEHN RVPHJRV]OiV     0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN;,9 %DOHVHWWtSXVRNpVKDWiVDLN 5REEDQiVRN $UREEDQiVLJHQJRUVHQHUJLDiWDODNXOiVVDO JRUVpJpVVHO MiUyWHUPpV]HWHVYDJPHVWHUVpJHVIRODPDWPHOYpJEH PHKHWSOHJUREEDQyNpSHVHOHJHWDONRWypJKHW DQDJpVOHYHJ NHYHUpNpEHQLV1 OWWpUEHQEHN|YHWNH]HWW UREEDQiVQiOUHODWtYDODFVRQDQRPiVQ|YHNHGpVHOOHQEHQQDJWHUOHWHQMHOHQW V K WHUKHOpVUH OHKHWV]iPtWDQL =iUWWpUEHQYDJ]iUWWDUWiOEDQEHN|YHWNH] UREEDQiVHVHWpQQDJUREEDQiVLW~OQRPiVVDOLOOHWYHDUHSHV]

W|UPHOpNGDUDERNiOWDORNR]RWWQDJURPEROyKDWiVVDOOHKHWV]iPROQL *i]pVSRUUREEDQiVRN $Ji]UREEDQiVV~ORVN|YHWNH]PpQHNNHOMiUKDWKDQDJPHQQLVpJ pJKHW Ji]OHYHJ YHONHYHUHGLN6]pQIDOLV]W SRUUREEDQiVDNNRUOHKHWVpJHVKDYDODPHOpJKHW V]LOiUGDQDJLJHQDSUyUpV]HFVNpLPHJIHOHO NRQFHQWUiFLyEDQ NHYHUHGQHNDOHYHJ YHO3RUUREEDQiVJDNUDQPiVRGUREEDQiVNpQWN|YHWNH]LNEHDPLNRUD]HOV GOHJHVUREEDQiV NDYDUMDIHODSRUWDOHYHJ EH SOSRUFXNRUDWHMSRUYDJDOLV]WLVpJKHW HNpVRNR]yLOHKHWQHNUREEDQiVQDN  7DUWiOEDQOpY W~OQRPiV *~MWyHV]N|]KLiQiEDQK  YDJPHFKDQLNDLEHKDWiVLVRNR]KDWQRPiVQ|YHNHGpVW]iUWSDODFNRNEDQYDJ WDUWiORNEDQ$W~OQRPiVKDWiViUDDSDODFN WDUWiO IHOKDVDGKDWpVWDUWDOPDDN|UQH]HWEHNLMXWKDW 5REEDQiVYDJGHWRQiFLyKDWiVD $UREEDQiVRNDWO|NpVKXOOiPNtVpULDPHOV]HPpOLVpUOpVWYDODPLQWNiUWRNR]KDWD]pSOHWHNV]HUNH]HWpEHQpV DEODNRNW|UKHWQHNEHDEDOHVHWKHOV]tQpW

OV]iPtWRWWDNiUV]i]PpWHUHVN|U]HWEHQLV0iVRGODJRVNiURNDWRNR]KDWQDND V]pWUHSO W|UPHOpNHNLV$UREEDQiVIRODPDWDD]RNQDND]DQDJRNQDNPLQ VpJpW OpVPHQQLVpJpW OIJJDPHOHNUH DUREEDQiVNLWHUMHG$NLDODNXOyQRPiVNO|QEVpJQpKiQWL]HGEDUpVQpKiQPLOOLEDUN|]pHVLNpVJRUVDQFV|NNHQD Q|YHNY WiYROViJJDOHWRQiFLyHVHWpQQDJRQQDJDQRPiVNO|QEVpJpVH]iOWDOQDJNiUNHOHWNH]KHW 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN;9 7]HN 7 ]HVHWpQQDJYHV]pOH]WHWpVWRNR]DNHOHWNH] IVW$]DQDJRNiOWDOiEDQW|NpOHWOHQOpJQHNHN|]EHQPpUJH]  DQDJRNNHOHWNH]QHNDPHOHNHJWWDIVWWHOV]pWWHUMHGQHNDN|UQH] WHUOHWHQ$OHJW|EEDQDJ|QPDJiEDQQHP LQWHQ]tYHQPpUJH] 1DJREESUREOpPiWRNR]KDWDI|OGpVDQ|YpQ]HWPHJWLV]WtWiVDDEDOHVHWHWN|YHW HQDNiURV DQDJHPEHULV]HUYH]HWEH DJP|OFV|NIRJDV]WiVDYDJDYt]V]HQQH] GpVHHVHWpQ W|UWpQ IHOV]tYyGiViQDN PHJHO ]pVH )RUUiVEDQOpY IRODGpNJ

]UREEDQiVDWDUWiOEDQ %/(9(± %ORZLQJOLTXLGH[SDQGLQJYDSRXUH[SORVLRQV (]DUREEDQiVQDJNLWHUMHGpV KDWiVRNNDOpVNDWDV]WURIiOLVNiURNNDOMiUQDJV]iP~V]HPpOLVpUOpVWYDJKDOiOW RNR]KDW$JRUVDQWHUMHG OiQJQDNYDJW ]J|PEQHNSXV]WtWyKDWiVDYDQ(]DMHOHQVpJEHN|YHWNH]KHWHJIROpNRQ Ji]]DOW|OW|WWQDJQRPiV~WDUWiOKLUWHOHQYiUDWODQXOW|UWpQ IHOV]DNDGiVDVRUiQ 0pUJH] Ji]IHOK (JPpUJH] Ji]IHOK NLDODNXOiVDWHUMHGpVHiOWDOiEDQFVDNU|YLGWiYRQMHOHQWNRFNi]DWRWD]HVHPpQV~ORVViJDIJJ D]DQDJWtSXViWyO$WiUROiVPLOHQVpJHHJPiVLNNXOFVIRQWRVViJ~WpQH] DPHOW ODNLERFViWiVPpUWpNHIJJGHD V]LYiUJiVPHQQLVpJHDW~OQRPiVpVDK PpUVpNOHWLVV]HUHSHWMiWV]LN 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN;9, /HYHJ QpON|QQHEEJi]RNKLGURJpQDPPyQLDV]pQPRQR[LGHWLOpQ YHV]pODNHOHWNH]pVKHOpQ /HYHJ QpOQHKH]HEEJi]RNKLGURJpQNORULGSURSiQDFHWRQNOyU  IRV]JpQ  KpOLXP

DODFVRQDQIHNY  KHOHNYHV]pOH $WiUROiVWtSXViWyOIJJ HQD]DOiEELFVRSRUWRNNO|QE|]WHWKHW N PHJ  1RPiVDODWWLYDJROGRWWiOODSRWEDQWiUROWJi]RN (JW|PtWHWOHQVpJHQUHSHGpVHQiWNLMXWYDDJi]NLWHUMHGDPtJQRPiVDHOpULDOHYHJ QRPiViWPHJQ|YHOYH WpUIRJDWiWDIRODPDWN|]EHQ(QQHNN|YHWNH]PpQHNL]iUyODJDKHOLLG MiUiVLIHOWpWHOHNW OIJJ V]pOLUiQ SiUDWDUWDORPVWE 3pOGiNR[LJpQQLWURJpQKLGURJpQDFHWLOpQ  &VHSSIROyVtWRWWJi]RNK W|WWiOODSRWEDQ (]HNHWDJi]RNDWDIRUUiVSRQWMXNDOiK WYHWDUWiORNEDQWiUROMiNKDHEE ONLIROQDNDNNRU~QWyFVDNHOHWNH]LN DPHODN|UQH]HWLK PpUVpNOHWW OLVIJJ HQHOSiURORJ3pOGiNOHYHJ KpOLXPR[LJpQ  1RPiVDODWWFVHSSIROyVtWRWWJi]RN OHJJDNRULEEHVHW $PLNRUNLV]DEDGXODFVHSSIROyVtWRWWJi]HJUpV]HVSRQWiQPyGRQHOSiURORJ KLUWHOHQSiUROJiV PtJDJi]PiVLN UpV]HV]pWRV]OLNILQRPV]HPFVpNNpDODNXOYD DHURV]RO $PDUDGpN WyFViWIRUPiODWDODMRQDKROODVVDQSiURORJ$ VSRQWiQSiUROJiVQDJRQJRUVDQDPpUJH]

DQDJPDJDVNRQFHQWUiFLyMiKR]YH]HWKHW3pOGiNSURSiQEXWiQpV NOyUJi]  1RPiVDODWWFVHSSIROyVtWRWWDPPyQLD $]DPPyQLDDW|EELQRPiVDODWWFVHSSIROyVtWRWWJi]KR]KDVRQOyDQYLVHONHGLNGHDHURV]RORVFVHSSMHLNRUDL V]DNDV]EDQHOSiURORJQDNpVHJKLGHJJi]IHOK WIRUPiOQDNDPHOQHNV U VpJHQDJREEDOHYHJ pQpO$] DPPyQLDV]LYiUJiVRNNO|Q|VHQYHV]pOHVHNPLXWiQD]DQDJWRYiEELYLVHONHGpVpWQDJRQQHKp]HO UHMHOH]QL 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN;9,, 7HUMHGpVLPRGHOOHNNDWDV]WUyIDPHJHO ]pVpVIHONpV]OWVpJ $OHJJDNRULEEWHUMHGpVLPRGHOOHND]~Q*DXVVPRGHOOHQDODSXOQDN (QQHNHO QHKRJUHODWtYHNHYpVV]iPtWiVWLJpQHOXJDQDNNRU QDJRQOHHJV]HU VtWHWWPyGRQPRGHOOH]LDYDOyVN|UOPpQHNHW 9DQQDN~QÄQXPHULNXVWHUMHGpVLPRGHOOHN´DPHOHNMREEDQ PRGHOOH]LNDYDOyGLN|UOPpQHNHWGHH]HNHWVRNNDOERQROXOWDEE KDV]QiOQL(]HNQHNDWHUMHGpVLPRGHOOHNQHND]DODSMDLRODQ

iUDPOiVLSURJUDPRNDPHOHNWHFKQLNDLDONDOPD]iVRNRQDODSXOQDN (]HNQHNDPRGHOOHNQHNDKDV]QiODWiKR]V]NVpJYDQD WDODMYLV]RQRND]pSOHWHNDV]pOYLV]RQRN VHEHVVpJLUiQ pVWHUPLNXViUDPODWRN SRQWRVDGDWDLUD $NO|QE|] WtSXV~EDOHVHWHNpVD]RNKDWiVDLWEHIROiVROyWpQH] N  $NLV]DEDGXOWDQDJPHQQLVpJHpVMHOOHP] L V U VpJ  $V]LYiUJiVWtSXVDpVWDUWDPD NLMXWiVPDJDVViJDJRUVDViJD  $WHUOHWD]pSOHWHNWtSXVDpVD EHpStWHWWVpJL DUiQ GRPERU]DWLYLV]RQRNpSOHWV]HUNH]HWHN  +HOV]tQLEL]WRQViJLLQWp]NHGpVHN EL]WRQViJLUHQGV]HUV]DNHPEHUHN  ,G MiUiVLYLV]RQRNpYV]DNRN V]pOOpJQRPiVSiUDWDUWDORPDUDWiVLLG V]DN  $EDOHVHWKHOV]tQpW OPpUWWiYROViJ iOWDOiEDQNPVXJDU~N|U|QNtYOQLQFVDNXWYHV]pO 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  9HV]pOHVDQDJRNHO Q|NNRFNi]DWRN;9,,, $]LSDULEDOHVHWHNNHONDSFVRODWRVYpGHOPLWHUYHNFpOMD  DYHV]pOH]WHW KDWiVRNPLQLPiOLVUDW|UWpQ

FV|NNHQWpVHD]HPEHULN|UQH]HWLYDODPLQWD]DQDJLMDYDNYpGHOPH  DODNRVViJpVDN|UQH]HWV~ORVEDOHVHWHNKDWiVDLHOOHQLYpGHOPpKH]V]NVpJHVLQWp]NHGpVHNPHJYDOyVtWiVD DV~ORVEDOHVHWHNHWN|YHW HQDKHOUHiOOtWiVLIHODGDWRNYpJUHKDMWiVD 9HV]pOHOKiUtWiVL WHUY $ YHV]pOHOKiUtWiVL WHUYHNHWDKLYDWiVRVNDWDV]WUyIDYpGHOPLV]HUYHNNpV]tWLNDODNRVViJYpGHOPLIHODGDWRNUD$ YHV]pOHOKiUtWiVL WHUYHND]HOHPLFVDSiVLSDULV]HUHQFVpWOHQVpJYHV]pOKHO]HW YDJNDWDV]WUyIDEHN|YHWNH]pVHHVHWpQ YpJUHKDMWDQGySROJiULYpGHOPLIHODGDWRNDWWDUWDOPD]]iN %HOV YpGHOPLWHUY $EHOV YpGHOPLWHUYHONpV]tWpVHD]]HPHOWHW IHODGDWDpVD]]HPUHYRQDWNR]LN7DUWDOPD]]DDEL]WRQViJL GRNXPHQWiFLyNEDQV]HUHSO EHD]RQRVtWRWWYHV]pOHNHOKiUtWiViUDYRQDWNR]yLQWp]NHGpVHNHW  DV~ORVEDOHVHWHNHOOHQLYpGHNH]pVLWHYpNHQVpJOHtUiViW  DYHV]pOKHO]HWLLUiQ WiVLUHQGV]HUEHPXWDWiViW  DNOV YpGHOPLWHUYKH]NDSFVROyGyIHODGDWRNDW .OV YpGHOPLWHUY $NOV YpGHOPLWHUYD]]HPHWN|UOYHY

YHV]pOHVVpJL|YH]HWUHYRQDWNR]LNPHOHWD%02UV]iJRV .DWDV]WUyIDYpGHOPL) LJD]JDWyViJWHUOHWLV]HUYHNpV]tWD]LOOHWpNHVSROJiUPHVWHUUHOHJWWP N|GYHDPHOWDUWDOPD]]D  DODNRVViJYpGHOPLLQWp]NHGpVHNNRPSOH[UHQGV]HUpQHNOHtUiViW  DNOV YpGHOPLWHUYPHJYDOyVXOiViKR]V]NVpJHVDQDJLWHFKQLNDLpVSpQ]JLIRUUiVRNDW  D]RSHUDWtYEHDYDWNR]iVIHODGDWDLWH]HNYpJUHKDMWiViQDNLG UHQGMpW  DODNRVViJpVD]DQDJLMDYDNYpGHOPHpUGHNpEHQV]NVpJHVPDJDWDUWiVLV]DEiORNDW 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP, 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP,, 7~OQRPiVHOOHQLYpGHOHP  WHFKQROyJLDLIRODPDWRNQRPiVYiOWR]iV NH]HOpVLKLEDDONDWUpV]PHJKLEiVRGiVWHFKQROyJLDL]DYDU  OHJQDJREEYHV]pODPHJHQJHGHWWQpOQDJREEYDJNLVHEEQRPiVNLDODNXOiVD  FpODQRPiVYiOWR]iVPHJiOOtWiVDLOOOHKDWiUROiVD NLI~YDWiV EHV]LSSDQWiV 7HUYH]pVLLUiQHOYHN 

KRJD]DONDOPD]RWWYpGHOPLEHUHQGH]pV EL]WRQViJLV]HOHSWiUFVD DUHQGHOWHWpVpQHNPHJIHOHO HQP N|GM|Q IHONHOOWiUQLDYHV]pOHVW~OQRPiVLOOYiNXXPIHOOpSpVpQHN RNDL VWDELO]HPPHQHWEL]WRVtWRWWOHJHQ V]DEiOR]yYH]pUO EHUHQGH]pVHN LVPHUWHNOHJHQHNDOHI~YDQGyN|]HJIL]LNDLMHOOHP] L ILJHOPHWNHOOIRUGtWDQLDOHJPHJIHOHO EEEL]WRQViJLV]HUHOYpQNLYiODV]WiViUDDEHpStWpVLPyGRN PHJKDWiUR]iViUDDIHOOpS UHDNFLyHU NV]iPtWiViUD ILJHOPHWNHOOIRUGtWDQLDV]HUNH]HWLDQDJRNPHJYiODV]WiViUD KHOHVHQNHOOLOOHV]WHQLDYpGHOPLEHUHQGH]pVQLWyQRPiViWDYpGHWWEHUHQGH]pV]HPLpV HQJHGpOH]pVLQRPiViKR] EL]RQRVHVHWHNEHQIRJODONR]QLNHOODOHI~YDWyYH]HWpNHNIiNOiNJ MW WDUWiORN YLVV]DUREEDQiVJiWOyV]HUNH]HWHNPpUHWH]pVpYHO 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP,,, %L]WRQViJWHFKQLNDLDOUHQGV]HUHNNLMHO|OpVH  DQRPiVWDUWyHGpQHNQHP|QiOOyDQKDQHPUHQGV]HUWDONRWYDP N|GQHN  FpOV]HU

DEL]WRQViJWHFKQLNDLYL]VJiODWRNV]HPSRQWMiEyODOUHQGV]HUHNUHERQWDQL  DOUHQGV]HUHQpUWMNPLQGD]RQQRPiVWDUWyEHUHQGH]pVHN|VV]HVVpJpWDPHON|]|WWD]]HPLMHOOHP] NEHQ EHN|YHWNH] YiOWR]iVWRYDWHUMHGpVHQHPJiWROW $IHOERQWiVV]HPSRQWMDL |QPDJXNEDQYL]VJiOKDWyNOHJHQHN DWHFKQROyJLD|VV]HVOHKHWVpJHV ]HPYLWHOLHVHWpUHHONHOOYpJH]QL DNDSRWWDOUHQGV]HUHN|VV]HJHDWHOMHV UHQGV]HUWDGMD DOUHQGV]HUOHKHWSOQRPiVWDUWyEHUHQGH]pV W|EEQWEWHOMHVP YHOHWLDOUHQGV]HU NpWYDJW|EEP YHOHWLDOUHQGV]HUEHWDUWR]y NDSFVROyGyQWENpWYW|EEP YHOHWLDOUHQGV]HU 5HNWLILNiOyN|UNDSFVROiVLYi]ODWD 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP,9 7~OQRPiVQ|YHNHGpVWNLYiOWy]DYDURNIHOWiUiVD  OHJIRQWRVDEEIHODGDWD]DYDURNYHV]pOHOHP]pVVHOYDOyIHOWiUiVD  SpOGiN N|]HJHOYH]HWpVOH]iUiVD JRQGDWODQV]HOHSQLWiV QRPiVFV|NNHQW V]HUNH]HWPHJKLEiVRGiVD K FVHUpO FV|YHLQHNPHJKLEiVRGiVD W~O]RWWK HQHUJLDEHYLWHO EHOV

UREEDQiV HOpJWHOHQK HOYRQiV NOV W ] IRODGpNJi]UtWpV J ]NRQGHQ]iFLy 1RPiVQ|YHNHGpVLNDUDNWHULV]WLND  W~OQRPiVKDWiUROiVQpONOLDOUHQGV]HUQRPiViQDN YiOWR]iVDD]LG IJJYpQpEHQ  MHOOHP] LQRPiVQ|YHNHGpVMHOOHJHPD[LPiOLVpUWpNH QRPiVQ|YHNHGpVVHEHVVpJH 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP9 1RPiVKDWiUROyNHOKHOH]pVHEHpStWpVH  HO tUiVV]HULQWPLQGHQRODQQRPiVWDUWyEHUHQGH]pVUHLOODKR]]iNDSFVROyGyFV YH]HWpNUH QRPiVKDWiUROyWNHOOKHOH]QLDPHOEHQYHV]pOHVW~OQRPiVDODNXOKDWNL  HJEHUHQGH]pVE OiOOyUHQGV]HUEHQ SOOpJWDUWiO HJpUWHOP  |VV]HWHWWUHQGV]HUHNEHQDQRPiVKDWiUROyNHOKHOH]pVHYpGHQG UHQGV]HUUHJDNRUROWKDWiVDV]LPXOiFLyV PyGV]HUHNNHOYL]VJiOKDWy  EHpStWpVV]HPSRQWMDL ‡ HU VHQONWHW Ji]iUDPKR]FVLOODStWyHGpQYDJSHUHPXWiQNHOOEHpStWHQL ‡ Ji]YJ ]KDOPD]iOODSRW~N|]HJHNOHI~YiViUDWHUYH]HWWQRPiVKDWiUROyNDWDUHQGV]HUPLQGHQNRUL Ji]WHUpKH]NHOOFVDWODNR]WDWQL ‡

IRODGpNRNQiODPLQGHQNRULIRODGpNV]LQWDOiNHOOHOKHOH]QL ‡ MyOKR]]iIpUKHW pVPHJN|]HOtW KHOUHNHOOKHOH]QL NDUEDQWDUWiV 1RPiVKDWiUROyNWtSXViQDNNLYiODV]WiVD  NLYiODV]WiVV]HPSRQWMDL ‡ QRPiVQ|YHNHGpVNDUDNWHULV]WLNiMD ‡ OHI~YDQGyN|]HJWXODMGRQViJD ‡ V]NVpJHVOHI~YyWHOMHVtWPpQpVQLWyQRPiVQDJViJD ‡ JD]GDViJRVViJLV]HPSRQWRN 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP9, 1LWyQRPiVPHJKDWiUR]iVD  HJHGLEHpStWpVHVHWpQDYpGHQG UHQGV]HUHQJHGpOH]pVLQRPiViYDOD]RQRV EL]RQRVHVHWHNEHQOHKHWNLVHEELV   SiUKX]DPRVEHpStWpVNRUDQRPiVKDWiUROyNV]HUHSHOHKHWHOV GOHJHVpVPiVRGODJRV SOEL]WRQViJLV]HOHSHOV GOHJHV QDJREEYDOyV]tQ VpJJHOMHOHQWNH] ODVV~QRPiVQ|YHNHGpVUH  KDVDGyWiUFVD PiVRGODJRV QDJREEQLWyQRPiVDUpYpQNLVHJtW NpQWV]ROJiO SOW ]W|OWHWUREEDQiVFV OXNDGiVHVHWpQ LOOHV]WpVQRUPiOHVHWEHQRQNOV W ]YDJYiUDWODQK IRUUiVHVHWpQRQ 

QLWyQRPiVPHJiOODStWiViQiOJHOQLNHOODYLV]RQODJRVQLWyQRPiV SPD[SQ EHWDUWiViUD SOEL]WRQViJLV]HOHSUHKDVDGyWiUFViNUD   0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP9,, .|UQH]HWLiUWDOPDWFV|NNHQW OHI~YyUHQGV]HUHN DOHI~YiVYHV]pOHVVpJHV]HPSRQWMiEyOPHJNHOOYL]VJiOQLDN|]HJ P V]DNLMHOOHP] LW W ] pVUREEDQiVYHV]pOHVVpJpW HJpV]VpJiUWDOPiW  IRODGpNKDOPD]iOODSRW~N|]HJOHI~YiVD NLVHEEQRPiV~KHOUH J MW WDUWiOED V]HQQYt]FVDWRUQiED  J ] Ji] YDJNpWIi]LV~N|]HJOHI~YiVD ‡ KHOLOHI~YyFV|Y|Q ‡ NpPpQHQNHUHV]WO ‡ IiNOiQNHUHV]WO ‡ J MW WDUWiOED ‡ HOQHOHW EH 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP9,,,%L]WRQViJLV]HOHSHN $EL]WRQViJLV]HOHSDOHI~YyYDJEHV]tYyQ OiViW QLWQLpV]iUQLNpSHVW|EEV]|ULP N|GpVUHDONDOPDV V]HUNH]HW $EHiOOtWRWWQLWyQRPiVHOpUpVHNRU|QP N|G HQQLW PHJHQJHGHWWQRPiVYiOWR]iVVDODV]HOHSWiQpU

HOPR]GXOiVDUpYpQEL]RQRVW|PHJiUDP~N|]HJHW iWERFViWPDMG|QP N|G HQ]iU 2V]WiOR]iV  DV]HOHS]iUyHOHPpQHNWHUKHOpVLPyGMDV]HULQW PHFKDQLNXVWHUKHOpV SQHXPDWLNXVYDJKLGUDXOLNXVWHUKHOpV YHJHVWHUKHOpV  UXJyWHUKHOpVSQHXPDWLNXVKLGUDXOLNXVHOHNWURPiJQHVHV 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP,;%L]WRQViJLV]HOHSHN  DV]HOHSP N|GpVLPyGMDV]HULQW N|]YHWOHQP N|GpV N|]YHWHWWP N|GpV  DV]HOHS]iUyHOHPpQHNHOPR]GXOiVLPyGMDV]HULQW QRPiVYiOWR]iVVDODUiQRVDQP N|G  HOV VRUEDQIRODGpNRNOHI~YiViUD QRPiVYiOWR]iVVDOQHPDUiQRVDQ O|NpVV]HU HQ P N|G   V]HOHS]iUyHOHPpQHNHPHONHGpVHV]HULQW DUiQRVHPHONHGpV  DQLWiVXWiQPD[RV QRPiVQ|YHNHGpVHQEHOOHOpULDPD[HPHONHGpVW QRUPiOHPHONHGpV  PLQWD]DUiQRVGHQLQFVN|YHWHOPpQDQLWyNDUDNWHULV]WLNiUD WHOMHVHPHONHGpV  QLWiVWN|YHW HQQRPiVQ|YHNHGpVHQEHOO O|NpVV]HU HQQLW DO|NpVV]HU

QLWiVSLOODQDWiLJHOPR]GXOiVDQHPKDODGKDWMDPHJDWHOMHO|NHWiW  DV]HOHSKi]NLDODNtWiVDYDODPLQWD]HOOHQQRPiVUDYDOypU]pNHQVpJV]HULQW HOOHQQRPiVUDpU]pNHQ]iUWKi]~ HOOHQQRPiVUDQHPpU]pNHQ]iUWKi]~ QLWRWWKi]~ 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP;%L]WRQViJLV]HOHSHN 6]HUNH]HWLNLDODNtWiV  DV]HOHSHNEHpVNLOpS NDULPiLQDNPpUHWHpVQRPiVIRNR]DWDV]DEYiQRVtWRWW 1E[ 1N31 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP;,%L]WRQViJLV]HOHSHN 6]HUNH]HWLNLDODNtWiV  DV]HOHSHNEHpVNLOpS NDULPiLQDNPpUHWHpVQRPiVIRNR]DWDV]DEYiQRVtWRWW 1E[ 1N31 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP;,,%L]WRQViJLV]HOHSHN  -., 0/ 12 &3 5 4 6 !"# ) & (   =   =  =  7 < 79 :       =>   =  =  : ; ? + (  0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND !%

%# $ 9 87$ : 87$ <$ ;$ :$                         *             &            G F B J B D I H E D B C B A @ 9L]VJiODW  $EL]WRQViJLV]HOHSHNYL]VJiODWiKR]IHMOHV]WpVpKH]PLQ VtWpVpKH]YL]VJiODWLPyGV]HUHNV]NVpJHVHN  0 N|GpVYL]VJiODW ‡ PHJiOODStWKDWyDOHI~YiVN|]EHQLYLVHONHGpV SOUH]JpV ‡ HOEtUiOKDWyDP N|GpVMHOOHJH DUiQRVQRUPiOVWE ‡ PHJKDWiUR]KDWyNDP N|GpVLSDUDPpWHUHN PD[ HOPR]GXOiVKR]WDUWR]yQRPiVQ|YHNHGpV]iUiVL QRPiVPHJHQJHGKHW HOOHQQRPiV ‡ OHROYDVKDWyDPpUWpNDGyD WHOMHVtWPpQWpQH] MpWPHJKDWiUR]y OHI~YyQRPiVKR]WDUWR]y V]HOHSHPHONHGpV  )HOKDMWyHU YL]VJiODW ‡ DQLWiVL]iUiVLIRODPDWVRUiQIRQWRVWpQH] DV]HOHSWiQpUUDKDWyiWiUDPOiVEyOV]iUPD]y UHDNFLyHU  7~OQRPiVHOOHQLYpGHOHP;,,,%L]WRQViJLV]HOHSHN L M ` b c ÉUDPOiVLWHOMHVtWPpQPHJKDWiUR]iVD rpq s . k nlm o 0 ]˜7

0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND uwv w S  ˜ U · §S · ¸¸  ¨¨ ¸¸ ¹ S ¹ „]„ƒ ‡ † ª N «§ S ˜ ¨ N   «¨ S «¬ ˜ ˆ NO|QEHQ  ‡ S §  · ¨ S N  ¹̧ ~ KD ‚ ~ N N  € ˜ [ „ W~OKHYtWHWWYt]J ] S  ˜ U  |} x {yz ˜ † ˜ x §  · ¨ N  ¹̧ [ t WHOtWHWWYt]J ] e f g h D ˜ $ ˜S [  ˜ t  P . i Yt]J ]UH  . ˜ ˜D ˜ $ ˜ S P j Ji]UDJ ]UH º » » »¼ º » » ¼» ][ ^ a ` X YZ V V NO|QEHQ · §S · ¸¸  ¨¨ ¸¸ ¹ S ¹ ª N «§ S ˜ ¨ N   «¨ S ¬« S S ˜U b ˜ $ ˜ N ˜ N  W P TU c  P d Yt]HVHWpQ S §  · ¨ S N  ¹̧ KD P §  · ¨ N  ¹̧ SQR  P M N  P  ˜ K 0  ˜ $ ˜ ˜ S ˜ ]˜7 O OHYHJ HVHWpQ  ˜ D D L  7HOMHVtWPpQYL]VJiODW ‡ IRQWRVN|YHWHOPpQKRJDEL]WRQViJLV]HOHSHNiUDPOiVLWHOMHVtWPpQHLVPHUWpVHOHJHQG QDJViJ~ OHJHQ T 

7~OQRPiVHOOHQLYpGHOHP;,9%L]WRQViJLV]HOHSHN %HpStWpV ‡ HJHGLYDJSiUKX]DPRVDONDOPD]iV ‡ SiUKX]DPRV HJV]HOHSWHOMHVtWPpQHQHPHOHJHQG NO|QE|] WHOMHVtWPpQWLJpQO ]DYDURN OpSFV ]HWHVQLWiV ]HPLN|UOPpQHNPLDWWW|EENLVHEEV]HOHSPHJEt]KDWyEEPLQWHJQDJPpUHW p NDUEDQWDUWKDWyViJPLDWWWDUWDOpNV]HOHSV]NVpJHV OHI~YiVNRUIHOOpS UH]JpVHNUHDNFLyHU NMREEDQNLHJHQOtW GKHWQHN ‡ iOWDOiQRVLUiQHOYHN IJJ OHJHVEHpStWpV FVDWODNR]yFVRQN FV U|YLGOHJHQiWPpU MHPLQDNNRUDPLQW DV]HOHSEHOpS iWPpU MH EHOpS YH]HWpNDV]HOHSIHOpIRODPDWRVDQHPHONHGMHQQRPiVHVpVHPD[ V]NVpJHVHWpQJRQGRVNRGQLNHOODEHOpS YH]HWpNI WpVpU O QRPiVLQJDGR]iVRNQiOOHQJpVFVLOODStWyHGpQ JRQGRVNRGQLNHOODV]HOHSKi]pVOHI~YyYH]HWpNNRQGHQ]HOYH]HWpVpU O 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP;9+DVDGyWiUFViN +DVDGyWiUFViN  DKDVDGyWiUFVDDEHIRJyV]HUNH]HWHSHUHPpQW|PtWHWWHQU|J]tWHWWURQFVROyGyHOHP 

DQLWyQRPiVHOpUpVHNRUV]pWKDVDGV]pWW|ULNYDJHOV]DNDGtJDW~OQRPiVWRNR]yN|]HJHW DNHOHWNH] Q OiVRQNHUHV]WONpSHVOHI~YDWQLYDJYiNXXPHVHWpQDNOV N|]HJHWD]HGpQEH iUDPROWDWQL  P N|GpVXWiQDQ OiVV]DEDGRQPDUDGHJV]HUKDV]QiOKDWy  DONDOPD]iVDLQGRNROWDKRO JRUVDQRPiVHPHONHGpV DOHJNLVHEEPpUWpN V]LYiUJiVVHPHQJHGKHW PHJ D]]HPLN|UOPpQHNPLDWWOHUDNyGiVRNNLYiOiVRNOHIDJiVRNM|KHWQHNOpWUH  HO Q|VWXODMGRQViJDLN EL]WRQViJLV]HOHSHNQpOROFVyEENLVHEEWpUIRJDW~W|PHJ W|P|UHQ]iU PHJEt]KDWyDQJRUVDQNLVKROWLG YHOP N|GQHN PR]JyDONDWUpV]NQLQFVNDUEDQWDUWiVWQHPLJpQHOQHN OHI~YiVNRUQHPRNR]OHQJpVWFVDWWRJiVW QDJIHOOHWWHOUHQGNtYONLVpVQDJQLWyQRPiVVDOLVNpV]OKHWQHN DMiQODWRVDONDOPD]QLDKROP N|GpVNUHULWNiQYDQV]NVpJ EL]WRQViJLV]HOHSHOppStWYHDV]HOHSQLWyQRPiVDHOOHQ UL]KHW OHV]HUHOpVQpONO iWELOOHQ   KiWUiQRN FVHSSIROyVJi]WDUWiORNRQNLiUDPOiVNRUUREEDQiV

WLORVDONDOPD]QLRODQKHOHQDKRODEHMXWyR[LJpQpJpVWUREEDQiVWRNR] 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP;9,+DVDGyWiUFViN 6]HUNH]HWLNLDODNtWiV $ 7iUFViN $(O GRPERUtWRWWIpPWiUFViN  KDJRPiQRVWtSXV  EHNDUFROWWtSXV  |VV]HWHWWWtSXV WHKHUYLVHO UpV]W|PtW PHPEUiQWiPDV]WyUpV]   iWELOOHQ NpVHV  iWELOOHQ |QQ Oy  V]DNDGyWtSXV S!EDU $6tNJUDILWWiUFViN NRUUy]LyiOOyNLVK WiJXOiVQLQFVNLIiUDGiVQLQFVNpSOpNHQDODNYiOWR]iV  HJHQOHWHVYDVWDJViJ~ODS  SHUHPHV % 7iPDV]RN  IHODGDWDDWiUFViNPHJWiPDV]WiVDYiNXXPYDJHJpEHOOHQQRPiVHVHWpQ  OHKHWDWiUFViYDOHJWWQ OyYDJPHUHYW|EEV]|UKDV]QiOKDWy SHUIRUiOW & %HIRJyN  J U V  KROODQGLDQiV  FVDYDURV 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP;9,,+DVDGyWiUFViN 7DUWR]pNRN  QLWiVMHO]  K YpG HO WpW ( 6]HUNH]HWLDQDJRN  DOXPtQLXP   QLNNHO   LQFRQHO  

 JUDILW   WHIORQ   .LYiODV]WiV  PpUHWQLWyQRPiV]HPLQRPiVK PpUVpNOHWYiNXXPiOOyViJDONDOPDVViJ EL]WRQViJLV]HOHSSHOYDOyVRUEDV]HUHOpVUH 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP;9,,,+DVDGyWiUFViN 1LWyQRPiVWEHIROiVROyWpQH] N  NRUUy]Ly  ]HPLK PpUVpNOHW  ]HPLpVQLWyQRPiVYLV]RQD QLWyQRPiVFV|NNHQpOHWWDUWDPFV|NNHQ  ]HPLQRPiVMHOOHJH VWDWLNXVIiUDV]Wy QLWyQRPiVFV|NNHQ  EHIRJiVLPyG W~O]RWWPHJK~]iVQLWyQRPiVFV|NNHQ 0 pUHWH]pV  IRNR]DWRVQRPiVQ|YHNHGpVHVHWpQEL]WRQViJLV]HOHSV]HULQWD Ji]IRODGpN Œ Š ‹ Ž D ˜ ˜ F N   ˜ S S ] ˜0˜ 7 ‰ ˜ ‰   ˜  ˜ 9 ˜ S  $   W|OWHWUREEDQiVHVHWpQ  H[RWHUPUHDNFLy K WpVNLPDUDGiVNHYHU PHJiOOiVYH]pUOpVNLHVpV KLEiVDGDJROiV NOV K W ] NH]HO LKLED 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND  7~OQRPiVHOOHQLYpGHOHP;,;+DVDGyWiUFViN %HpStWpVLPyGRN 

QRUPiOEHpStWpV  SiUKX]DPRVEHpStWpV ]HPLWDUWDOpN YiOWyV]HOHSSHO  QDJHOOHQQRPiVHVHWpQ  EL]WRQViJLV]HOHSSHOVRUEDpStWHWWWiUFVD  EL]WRQViJLV]HOHSN|]|VJ MW YH]HWpNEHUtW DWiUFVDYpGLDNRUUy]LyWyOpVD]HOOHQQRPiVWyO  EL]WRQViJLV]HOHSSHOSiUKX]DPRVDQOpSFV ]|WW QLWyQRPiVV]HOHSOHUDJDGiVYDJW|OWHWUREEDQiV HVHWpQWiUFVDQLWIRNR]DWRVQRPiVQ|YHNHGpVHVHWpQ DV]HOHSQLW 0LVNROFL(JHWHP9HJLSDUL*pSHN7DQV]pNH %L]WRQViJWHFKQLND