Építészet | Felsőoktatás » Vásárhelyiné Dr. Szabó Anna - Mérnöki modellezés

Alapadatok

Év, oldalszám:2001, 80 oldal

Nyelv:magyar

Letöltések száma:122

Feltöltve:2008. december 13.

Méret:356 KB

Intézmény:
-

Megjegyzés:

Csatolmány:-

Letöltés PDF-ben:Kérlek jelentkezz be!



Értékelések

Nincs még értékelés. Legyél Te az első!

Tartalmi kivonat

%8$3(67,0 6=$.,e6*$=$6È7820È1<,(<(7(0 e3Ë7 0e51g.,$5 9iViUKHOLQpGU6]DEy$QQD 0e51g.,02(//(=e6 Ä9iUMXNDYiUDWODQW´ 0 HJHWHPLNLDGy .pV]OWD0 V]DNLLQIRUPDWLND %0((2)7 WiUJKR] -HJ]HWD]RQRVtWy« /HNWRUiOWD6] WV0LNOyVDPDWHPDWLNDWXGRPiQRNNDQGLGiWXVD $%XGDSHVWL0 V]DNLpV*D]GDViJWXGRPiQL(JHWHPeStW PpUQ|NL.DUPHJUHQGHOpVH DODSMiQNLDGMDD0 HJHWHPLNLDGy 0e51g.,02(//(=e6 7$57$/20  %(9(=(7e6   )(/$$70(*)2$/0$=È6$   $IHODGDWIHOiOOtWiViQDNPRGHOOV]LQWMHL   .O|QE|] PRGHOOHNHJPiVKR]YDOyNDSFVRODWD  0HJILJHOpVHN

  2EMHNWXPNDSFVRODW  2EMHNWXPRNRV]WiORN  .DSFVRODWRN  0 YHOHW   2EMHNWXPRNMHO|OpVLPyGMDLGLDJUDPMDL   gVV]HIRJODOYD   0RGHOO  

2EMHNWXPPRGHOO  )XQNFLRQiOLVPRGHOO   LQDPLNXVPRGHOO   gVV]HIRJODOiV  eStW PpUQ|NLIHODGDWRNRV]WiOR]iVDpVPRGHOODONRWiVDL   )L]LNDLPRGHOO  0DWHPDWLNDLPRGHOO   3URJUDPV]HUYH]pV  $SURJUDPV]HUYH]pVDODSYHW

WtSXVDL  6]iPtWiVWHFKQLNDLPRGHOO  0(67(56e*(6,17(//,(1&,$   $PHVWHUVpJHVLQWHOOLJHQFLDIRJDOPD  $PHVWHUVpJHVLQWHOOLJHQFLDDODSIRJDOPDL   $WXGiVUHSUH]HQWiFLypVIHOGROJR]iVD   ,52$/20   0,17$)(/$$7   0HJILJHOpVHN  

2EMHNWXPRN  2V]WiORN  .DSFVRODWRN  2EMHNWXPRN  2EMHNWXPPRGHOO  )XQNFLRQiOLVPRGHOO   LQDPLNXVPRGHOO   )L]LNDLPRGHOO  0e51g.,02(//(=e6 

$UHQGV]HUPRGHOOREMHNWXPDLEyOV]iUPD]WDWRWWIL]LNDLPRGHOOREMHNWXPRN   )L]LNDLPRGHOO  $IL]LNDLPRGHOOREMHNWXPDLEyOV]iUPD]WDWRWWPDWHPDWLNDLPRGHOO REMHNWXPRN   0DWHPDWLNDLPRGHOO   ,HOMiUiVOHKDMOiVIJJYpQpVDWiPDV]RNUDKDWyHU NPHJKDWiUR]iVD   ,,HOMiUiVD]LOOHWYHDREMHNWXPYiODV]iQDNPHJKDWiUR]iVD   6]iPtWiVWHFKQLNDLPRGHOO  2EMHNWXPPRGHOO  )XQNFLRQiOLVPRGHOO

  LQDPLNXVPRGHOO   0,17$)(/$$7 )(/(6/(*(60(),<(/e6   0HJILJHOpVHN   2EMHNWXPRNMHOOHP] L  .DSFVRODWRN  )L]LNDLPRGHOO  2EMHNWXPRN  2EMHNWXPRNMHOOHP] L

 2EMHNWXPRNUDWHWWIHOWpWHOHN  .DSFVRODWRN  .LMHOHQWpV  .|YHWNH]WHWpV   0,17$)(/$$7 +,È1<260(*),<(/e6   0HJILJHOpVHN   2EMHNWXPRN  2EMHNWXPRNMHOOHP] L 

.DSFVRODWRN  .DSFVRODWRNMHOOHP] L  .LMHOHQWpV  .|YHWNH]WHWpV   0e51g.,02(//(=e6 %(9(=(7e6 $] pStW PpUQ|NL PXQND I  FpOMD KRJ pSOHWHNHW XWDNDW YDVXWDW KLGDW JiWDNDW VWE KR]]RQOpWUH (J OpWHVtWPpQ PHJpStWpVH D PpUQ|NL JDNRUODWEDQ iOWDOiEDQ  Ii]LVEyO iOO D EHUXKi]iVEyO D WHUYH]pVE O pV D NLYLWHOH]pVE O (]HN D Ii]LVRN WHUPpV]HWHVHQ N|OFV|QKDWiVEDQ YDQQDN HJPiVVDO V W D] pStWpV W|UWpQHWH IRODPiQ QHP LV PLQGLJ YiOWDNV]pWHJPiVWyO 3pOGiXO .yV iURO PHJEt]iVW NDSRWW KRJ D] iOODWNHUWEHQ W|EEHN N|]|WW  KR]]RQ OpWUH DGRWW

|VV]HJE O HJ PDMRPKi]DW (JHGO  YROW D EHUXKi]yDNLD]DGRWW|VV]HJDQDJPXQNDEpUVWEN|OWVpJHLWIHORV]WRWWD DWHUYH] DNLPHJiOPRGWDpVUDM]RNNDOGRNXPHQWiOWDDPDMRPKi]DWpV D NLYLWHOH]  DNL D] DGRWW WHUYHN DODSMiQ D] DGRWW |VV]HJE O OpWUHKR]WD D PDLVOiWKDWypSOHWHW $] LG N IRODPiQ D IHQWL  Ii]LV I OHJ D QDJ EHUXKi]iVRNQiO V]pWYiOW D NLVHEE QDJViJUHQG pStWNH]pVHNQpOVRNV]RUPDVHPNO|QtWKHW HOpOHVHQ $] LQIRUPDWLND PLQGKiURP WHUOHWHQ D PpUQ|N VHJtWVpJpUH OHKHW My VHJpGHV]N|]QHN EL]RQXO 6HJtWVpJHW Q~MW HJUpV]W HJ N|YHWNH]HWHV JRQGRONRGiVPyG HOVDMiWtWiViYDO PiVUpV]W D PiU HONpV]OW SURJUDPRN pV SURJUDPUHQGV]HUHN KDV]QiODWD OpQHJHVHQ PHJN|QQ WKHWL D PXQNiW 1pKD VSHFLiOLV IHODGDWRN HVHWpQ D PpUQ|NQHN D VDMiW HOYiUiVDLW WHOMHVtW  SURJUDPUpV]HNHW LV PHJ NHOO tUQLD H]HNHW VRN HVHWEHQ HJ DGRWW UHQGV]HUKH]NDSFVROQLDNHOO 3pOGiXO D EHUXKi]iV Ii]LViEDQ G|QWHQL NHOO DUUyO KRJ

D] DODSYHW LJpQHNHW PLOHQ iOWDOiQRV PHJROGiVL PyGV]HUUHO HOpJtWVN NL 0LQGHQ OpWHVtWPpQW LJHQ VRNIpOH P V]DNL PHJROGiVVDO VRNIpOH LJpQV]LQWHQ OHKHWPHJYDOyVtWDQL(EEHQDEHUXKi]yQDNVHJtWVpJpUHOHKHWQHNDG|QWpV HO NpV]tW G|QWpVLUiQ WyUHQGV]HUHN$WHUYH]pVIRODPiQDPpUQ|NVRN V]iPtWiVW NHOO YpJH]]HQ SpOGiXO VWDWLNDL pSOHWIL]LNDL Yt]KiOy]DWL VWE V]iPtWiVRNDW (]HNHW D V]iPtWiVRNDW NO|QE|]  SURJUDPUHQGV]HUHN VHJtWLN GH D PpUQ|NQHN yYDWRVQDN NHOO OHQQLH pV WXGQLD NHOO D]W KRJ PHOLN PyGV]HU PHOLN V]iPtWiV PLOHQ IHOWpWHOHN PHOOHWW PLOHQ HOKDQDJROiVRNNDO DG PHJIHOHO  HUHGPpQW $ NLYLWHOH]pV Ii]LViEDQ D PXQNDLG EHOLEHRV]WiViUDSURJUDPUHQGV]HUHNKDV]QiOKDWyNSpOGiXODUUD KRJ PLNRU KiQ PXQNiVUD YDQ V]NVpJ pV PLOHQ V]DNPiNEyO PHOLN PXQNDJpSPLOHQLG SRQWUDpUNH]]HQVWE 0LQGH]HN LQGRNROMiN KRJ D PpUQ|NL PXQND PD PiU QHP OHKHW IJJHWOHQ D]

LQIRUPDWLNiWyO(J~MUHQGV]HUOpWUHKR]iVDHVHWpQDPpUQ|NPHJNHOOWXGMDIRJDOPD]QLD IHODGDWRW pV IHO NHOO WXGMD iOOtWDQL D PHJIHOHO  PRGHOOHNHW ROPyGRQ KRJ D]W D V]iPtWiVWHFKQLNDL UHQGV]HUV]HUYH]  PHJpUWVH $ UHQGV]HU NLDODNtWiVD iOWDOiEDQ DNNRU  0e51g.,02(//(=e6 VLNHUHVKDDNDSFVRODWDPpUQ|NpVDUHQGV]HUV]HUYH] N|]|WWIRODPDWRV$]HONpV]OW SURJUDP HUHGPpQHLW D PpUQ|NQHN HOOHQ UL]QL NHOO PHJ NHOO KRJ WHJH PyGRVtWy MDYDVODWDLW PDMG ~MUD HOOHQ U]pV N|YHWNH]LN VWE (EE O OiWKDWy KRJ D PpUQ|N pV D V]iPtWiVWHFKQLNXV PXQNiMD HU VHQ |VV]HIRQyGRWW 6DMQRV D NpW V]DNPD QHOYH]HWH QDJPpUWpNEHQHOWpUHJPiVWyODPLD]HJWWP N|GpVWOpQHJHVHQPHJQHKH]tWL $P V]DNLLQIRUPDWLNDWiUJFpOMDLH]pUWDN|YHWNH] N  $PpUQ|NSUREOpPiMiWpVNtYiQViJDLWNpSHVOHJHQRODQIRUPiEDQHOPRQGDQLKRJ D]LQIRUPDWLNXVYDJDV]iPtWiVWHFKQLNXVPHJpUWVHpVDNDSRWWYiODV]RNDWKHOHVHQ WXGMDpUWHOPH]QL  7XGMRQ  NHOO  NULWLNiYDO 

PHJOpY  UHQGV]HUHNHW KDV]QiOQL PHJOpY  UHQGV]HUHN N|]|WWYiODV]WDQL  6]NVpJHVHWpQDPHJOpY UHQGV]HUHNKH]WXGMRQSURJUDPV]LQWHQLVNDSFVROyGQL $]HJHVIRJDOPDNDWHOV HO IRUGXOiVXNNRUYDVWDJEHW YHOV]HGMN0LQGHQIRJDORPUDD MREEPHJpUWpVHO VHJtWpVpUHDSUySpOGiNDWPXWDWXQNEHG OWEHW YHOV]HGYH $] HOPpOHWL UpV] YpJpQ HJ PLQWDIHODGDWRW YLV]QN YpJLJ KRJ LOOXV]WUiOMXN D] HJHV OpSpVHN HJPiVUD pSOpVpW $ PLQWDIHODGDW QDJRQ HJV]HU  D JDNRUODWEDQ QLOYiQYDOyDQ HQQpO OpQHJHVHQ |VV]HWHWWHEE IHODGDWRN IRUGXOQDN HO  GH D] HJHV OpSpVHNtJMREEDQN|YHWKHW N $ ,, IHMH]HWEHQ D IHODGDWRN PHJIRJDOPD]iViYDO NO|QE|]  PRGHOOHN IHOiOOtWiVL OHKHW VpJHLYHO IRJODONR]XQN $ ,,, IHMH]HW D QDSMDLQNEDQ HJUH IRQWRVDEEi YiOy QHP QXPHULNXVIHODGDWNH]HOpVU OV]yO  0e51g.,02(//(=e6 )(/$$70(*)2$/0$=È6$ (EEHQ D IHMH]HWEHQ QDJYRQDODNEDQ YpJLJNtVpUMN D]W D IRODPDWRW DPHOHW HJ ~M

UHQGV]HUV]HUYH]pVHNRUPHJYDOyVtWiVDNRUpV]HPHOWHWpVHNRUYpJLJNHOOMiUQL $  SRQWEDQ iWWHNLQWMN D NO|QE|]  PRGHOOHN HJPiVKR] YDOy NDSFVRODWiW PDMG D SRQWWyONH]GYHH]HNHWUpV]OHWH]]N$SRQWDPHJILJHOpVHNUHQGV]HUpWPXWDWMD EH D  SRQW WDUWDOPD]]D D] DONRWyHOHPHN REMHNWXPRN pV NDSFVRODWRN IRJDOPiW MHO|OpVLPyGMDLWpVGLDJUDPMDLW$UHQGV]HUPRGHOONO|QE|] IHODGDWDLWHOOiWyPRGHOOHND  SRQWEDQ WDOiOKDWyN $  SRQW WDUWDOPD]]D D] pStW PpUQ|NL JDNRUODWKR] HOHQJHGKHWHWOHQ V]DNWiUJL D  SRQW D PDWHPDWLNDL PRGHOOHN IHOiOOtWiViQDN PyGMiW YpJO D  SRQW D V]iPtWiVWHFKQLNDL PRGHOO PHJDONRWiViW (] XWyEELQiO D] DODSYHW V]iPtWiVWHFKQLNDLDODSIRJDOPDNDWLVPHUWQHNWpWHOH]]NIHO  $IHODGDWIHOiOOtWiViQDNPRGHOOV]LQWMHL .O|QE|] PRGHOOHNHJPiVKR]YDOyNDSFVRODWD $ PpUQ|NL OpWHVtWPpQHN N|]YHWOHQ NDSFVRODWEDQ YDQQDN D N|UQH]HWWHO $] pStW PpUQ|N ILJHOL D N|UO|WWH OpY 

YLOiJRW NpSHW DONRW UyOD pV SUyEiOMD YDODPLOHQ PyGRQUHQGV]HUH]QLDOiWRWWDNDWDPHJILJHOpVHLW $] pStW PpUQ|NL PXQND LJHQ V]HUWHiJD]y VRNIpOH P V]DNL WHUOHWHW IRJODO PDJiED 6]NVpJHV D P V]DNL DGDWV]ROJiOWDWiVKR] NtVpUOHWHN PHJILJHOpVH SpOGiXO HJ Ki] DODSR]iViKR] V]NVpJHV LVPHUQL D WDODM JHRWHFKQLNDL MHOOHP] LW D WDODMYt] V]LQWMpW DJUHVV]LYLWiViW NRKp]LyV WpQH]  pUWpNpW VWE (]HNHW D MHOOHP] NHW PHJ NHOO ILJHOQL pUWpNHLNHW NtVpUOHWHN PpUpVHN VWE XWMiQ PHJKDWiUR]QL  $] pStW PpUQ|NL PXQND I FpOMDOpWHVtWPpQpStWpVHHJDGRWWKHOUH(EEHQD]HVHWEHQLVDOpWHVtWPpQKHOpWPHJ NHOO YL]VJiOQL PHJILJHOpVHNHW NHOO WHQQL  $ WHUYH]  PXQNiQiO D PpUQ|NQHN HO NHOO NpS]HOQLHDWHUYH]HQG OpWHVtWPpQWHKKH]ÄEHOV PHJILJHOpVUH´YDQV]NVpJH $PHJILJHOpVHNN|]|WWYDODKRJUHQGHWNHOOWHQQLDJRQGRODWDLQNDWUHQGV]HUH]QLNHOO (QQHNHJLNPyGMDHJUHQGV]HUIHOpStWpVH (J UHQGV]HU IHOpStWpVH PRGHOOHN NLDODNtWiViYDO

W|UWpQLN $ PRGHOO D YDOyV YLOiJUyO DONRWRWW NpS HOKDQDJROiVRNNDO W|UWpQ  HJV]HU VtWpVH $ PRGHOO SRQWRVDEE GHILQtFLyMiYDOpVNLDODNtWiViYDODSRQWRNEDQIRJODONR]XQN (OV  OpSpVNpQW HJ NRQFHSWXiOLV IRJDOPL  PRGHOOW IRJDOPD]XQN PHJ PHOEHQ PHJDGMXN D UHQGV]HU FpOMiW I  DONRWy HOHPHLW H]HN I  MHOOHJ]HWHVVpJHLW pV PHJYL]VJiOMXN KRJ H]HN PLOHQ NDSFVRODWEDQ YDQQDN HJPiVVDO $ NRQFHSWXiOLV PRGHOO OHtUiVD WHUPpV]HWHV QHOYHQ SO PDJDUXO  W|UWpQLN ,WW DGMXN PHJ D IHODGDW PHJIRJDOPD]iViW  0e51g.,02(//(=e6 $IHODGDWPHJROGiViKR]V]NVpJHVKRJDIHODGDWWpPDN|UpEHWDUWR]yDONRWyHOHPHNU O SRQWRV IRJDOPDNDW DODNtWVXQN NL $ IHODGDW PHJIRJDOPD]iViW H]pUW OH NHOO ERQWDQL D IHODGDWPHJROGiVDiOWDOiEDQW|EEOpSpVEHQW|UWpQLN $] pStW PpUQ|NL IHODGDWRNKR] WDUWR]y UHQGV]HUW DONRWy PRGHOOHN HJPiVVDO YDOy NDSFVRODWiWPXWDWMDDN|YHWNH] iEUD $ NRQFHSWXiOLV PRGHOO QHP WDUWDOPD] PLQGHQ UpV]OHWHW D UHQGV]HU

IHOpStWpVpKH] $ UHQGV]HUPRGHOOEHQ HO V]|U |VV]HJ MWMN D UHQGV]HU PLQGHQ ² D PHJILJHOpVHNHQ DODSXOy ² DONRWyHOHPpW H]HN WXODMGRQViJDLW pV |VV]HIJJpVHLW )HOtUMXN D UHQGV]HU DONRWyHOHPHLQHN VWDWLNXV UHQGV]HUpW P N|GpVL PyGMiW pV HJHV YiOWR]iVRNUD W|UWpQ YiODV]iW $ UHQGV]HUPRGHOO OHtUiVD PiU HJ IRUPiOLV QHOYHQ HJ YiODV]WRWW MHO|OpVUHQGV]HUEHQW|UWpQLN $]tJNLDODNtWRWWUHQGV]HUPRGHOOiOWDOiEDQHJV]DNWHUOHWHWMHO|ONL(NNRUDNLDODNtWRWW UHQGV]HUQNHW PHJSUyEiOMXN |VV]HYHWQL D V]DNWHUOHWHQ PiU LVPHUW pV NLGROJR]RWW PRGHOOHNNHO V]DNWiUJLPRGHOO  ÈOWDOiEDQ D V]DNWHUOHW PRGHOOMHL HJ~WWDO LUiQW LV PXWDWQDN D IHODGDW PDWHPDWLNDL PHJROGiVLPyGMDLUD(]WDOpSpVWWDUWDOPD]]DHJPDWHPDWLNDLPRGHOOIHOiOOtWiVD $PDWHPDWLNDLPRGHOOEHQPHJDGRWWSUREOpPDPHJROGiViWNp]LYDJV]iPtWyJpSHV~WRQ DGKDWMXNPHJ$WRYiEELDNEDQFVDNDV]iPtWyJpSHVIHODGDWPHJROGiVRNNDOIRJODONR]XQN $IHODGDWV]iPtWyJpSSHOW|UWpQ

PHJROGiViKR]V]NVpJYDQDPRGHOOH]pVIROWDWiViUDD IHODGDWKR] WDUWR]y UHQGV]HU pV D] DGRWW V]iPtWyJpS OHKHW VpJHLW ILJHOHPEH YpYH HJ V]iPtWiVWHFKQLNDLPRGHOOIHOiOOtWiViUD $]iEUiQEHMHO|OWQLODNPXWDWMiNKRJHJUHQGV]HUWHOMHVIHOpStWpVHNRU²DIHODGDWWyO IJJ HQ²HJHVPRGHOOHNHONpV]tWpVpUHOHKHWKRJQLQFVV]NVpJ  0e51g.,02(//(=e6 3pOGiXOHJYiOODODWPXQNDHU QLOYiQWDUWiVLUHQGV]HUpQHNHONpV]tWpVpKH] QHP EL]WRV KRJ V]NVpJ YDQ V]DNWiUJL YDJ PDWHPDWLNDL PRGHOOUH (J PDWHPDWLNDL IHODGDWRNDW HOOiWy UHQGV]HU SpOGiXO HJ IHOWpWHOHV V]pOV pUWpNHW PHJKDWiUR]y SURJUDPUHQGV]HU  HONpV]tWpVpKH] QLQFV V]NVpJV]DNWiUJLPRGHOOUH $ UHQGV]HU YpJOHJHV NLDODNtWiVD iOWDOiEDQ HJ LWHUiFLyV IRODPDW 6RNV]RU FVDN D V]iPtWiVWHFKQLNDLPRGHOOIHOiOOtWiVDNRUM|YQNUiKRJPpJHJPHJILJHOpVUH YDJD] HEE OV]iUPD]yDGDWUD V]NVpJQNYDQ(NNRUDYiOWR]WDWiVWDWHOMHVIRODPDWRQYpJLJ NHOOYLQQL

(EEHQDIHMH]HWEHQDIHODGDWNLGROJR]iViQDND]iEUiQMHO]HWWIRODPDWiYDOIRJODONR]XQN (J JDNRUOy PpUQ|NQHN iOWDOiEDQ QHP IHODGDWD D IHQW iEUi]ROW IRODPDW WHOMHV YpJLJ YLWHOH.O|QE|] V]DNHPEHUHNHJWWP N|GpVHV]NVpJHVDKKR]KRJDJDNRUODWEDQ V U Q HO IRUGXOy IHODGDWRNUD YDJ IHODGDWUpV]HNUH D PRGHOOH]pV WHOMHV IRODPDWiW NLGROJR]]iN ËJ D UHQGV]HUPRGHOO IHOpStWpVH D UHQGV]HUV]HUYH] N IHODGDWD D V]DNWiUJL PRGHOOHN DODSMiW NpSH]  V]DNWXGRPiQRN PRGHOOMHLW IL]LNXVRN NpPLNXVRN N|]JD]GiV]RN VWE GROJR]]iN NL $ PDWHPDWLNDL PRGHOO MyUpV]EHQ D] DONDOPD]RWW PDWHPDWLNXVRN pV QXPHULNXV PDWHPDWLNiYDO IRJODONR]yN PXQNiLQ DODSV]LN $ V]iPtWiVWHFKQLNDL PRGHOO NLDODNtWiViEDQ V]iPtWiVWHFKQLNDL UHQGV]HUV]HUYH] N pV SURJUDPWHUYH] N P N|GQHN N|]UHDNyGROiVWiOWDOiEDQDSURJUDPR]yNYpJ]LN $]pStW PpUQ|NDIHQWLIRODPDWEDQW|EESRQWRQYHV]UpV]WKLV]pStW PpUQ|NLWXGiViYDO IRJODOMD HJVpJEH D IHQWL IRODPDWRW 6RN HVHWEHQ JRQGRW

RNR] KRJ D] HJHV WHUOHWHNHQ MiUWDV V]DNHPEHUHN HJPiVWyO UHQGNtYO HOWpU  V]DNPDL QHOYH]HWHW KDV]QiOQDNPiVHVHWEHQEiUPLQGHQNLHJQHOYHQEHV]pOPpJVHPpUWLNPHJHJPiVW pVDIHODGDWRWPHJIRJDOPD]yPpUQ|N|W(QQHNDSUREOpPiQDNDOHN]GpVpKH]LVV]HUHWQH H]DWiUJVHJtWVpJHWQ~MWDQLD]DODSYHW IRJDOPDNpV|VV]HIJJpVHNLVPHUWHWpVpYHO $] pStW PpUQ|NL JDNRUODWEDQ iOWDOiEDQ HJ UHQGV]HUUHO NDSFVRODWEDQ  IpOH NpUGpVW OHKHWIHOWHQQL  ,VPHUMNDUHQGV]HUWDQQDNP N|GpVpWLVPHUMNKRJDUHQGV]HUWPLOHQKDWiVRN pULN pV NHUHVVN D]W KRJ D UHQGV]HU KRJDQ YiODV]RO D] DGRWW KDWiVRNUD (]W D IHODGDWWtSXVWQHYH]LNDQDOt]LVQHNYDJHOOHQ U] V]iPtWiVQDN  ,VPHUMNDUHQGV]HUWpU KDWiVRNDWpVDUHQGV]HUYiODV]iWNHUHVVNDUHQGV]HUHJHV MHOOHP] LW(EEHDFVRSRUWEDWDUWR]QDNDWHUYH]pVLIHODGDWRN  ,VPHUMN D UHQGV]HUW DQQDN P N|GpVpW LVPHUMN D UHQGV]HU YiODV]iW pV NHUHVVN

KRJPLOHQKDWiVRNpUKHWWpNDUHQGV]HUW(]HNDV]DEiOR]iVIHODGDWN|UpEHWDUWR]y SUREOpPiN $IpOHIHODGDWKR]WDUWR]yNO|QE|] PRGHOOHNIHOpStWpVHVRNHVHWEHQQHPNO|QE|]LN HJPiVWyO H]pUW H]HNHW HJWW WiUJDOMXN FVDN D]RNRQ D SRQWRNRQ PXWDWXQN Ui D] HOWpUpVHNUHDKROH]HNPHJMHOHQQHN  0e51g.,02(//(=e6 6RNIpOHNpSSOHKHWDPHJILJHOpVHNHWpVD]H]HNE O NLDODNXOW HONpS]HOpVHNHW UHQGV]HUEH IRJODOQL GH PRVW FVDN D] XWyEEL pYHNEHQ JRUVDQ WHUMHG  PyGV]HUW D] REMHNWXP RULHQWiOWUHQGV]HUDODSIRJDOPDLWpVHV]N|]HLWLVPHUWHWMN  0HJILJHOpVHN $] pV]OHOpVHN DODSMiQ HJ PHJILJHOpVL UHQGV]HUW pStWKHWQN IHO DPHOQHN DODSMiQ D IHODGDWDLQNDW PHJROGKDWMXN $ PHJILJHOpVHNNHO V]HPEHQ WiPDV]WRWW N|YHWHOPpQ D] KRJ D PHJILJHOpVHN WHOMHV UHQGV]HUW NHOO KRJ DONRVVDQDN 7HOMHV PHJILJHOpVL UHQGV]HUU OEHV]pOQNDNNRUKD  1HPV]HUHSHOQHNHJPiVQDNHOOHQWPRQGyPHJILJHOpVHN  0LQGHQPHJILJHOpVFVDNHJV]HUV]HUHSHO 

0LQGHQPHJILJHOpVQHNV]HUHSHNHOOKRJOHJHQDWRYiEELPRGHOODONRWiVRNQiO  $N|YHWNH]WHWpVHNOHYRQiViKR]PiUQHPOHKHWV]NVpJ~MDEEPHJILJHOpVHNUH $ PHJILJHOpVHN D PpUQ|NL JDNRUODWEDQ iOWDOiEDQ D NO|QE|]  V]DNpUW L YpOHPpQHNQHNV]DNpUW LDGDWV]ROJiOWDWiVRNQDNIHOHOPHJ 6RNV]RU D IHQWL N|YHWHOPpQHNHW QHP OHKHW HJ OpSpVEHQ NLHOpJtWHQL ÈOWDOiEDQ HJ IHODGDWKR]IHOYHV]QNHJPHJILJHOpVUHQGV]HUWPDMGDPRGHOODONRWiVQiOOHKHWKRJ UiM|YQNDUUDKRJDIHQWLNULWpULXPRNN|]OYDODPHOLNHWPHJVpUWMNYDJHJHVHNHW QHP WHOMHVtWQN HVHWOHJ QHP WHWWQN HOpJ PHJILJHOpVW (NNRU PyGRVtWDQL NHOO D PHJILJHOpVUHQGV]HUWDPHODYpJpQiOWDOiEDQFVDNHJLWHUiFLyYpJHUHGPpQHNpQWM|Q OpWUH  2EMHNWXPNDSFVRODW 6]pWNHOOYiODV]WDQLDPHJILJHOpVHNWiUJDLW²H]HNHWKtYMXNREMHNWXPRNQDN²HONHOO G|QWHQL KRJ H]HNQHN PLOHQ WXODMGRQViJDL YDQQDN D WXODMGRQViJRN N|]O PHOHN

OpQHJHVHNpVPHOHNHOKDQDJROKDWyDN$]REMHNWXPIRJDOPiYDOpVWXODMGRQViJDLYDOD IHMH]HWEHQIRJODONR]XQN 0HJNHOOKDWiUR]QLKRJD]HJHVREMHNWXPRNPLOHQNDSFVRODWEDQYDQQDNHJPiVVDO H]HNQHN D NDSFVRODWRNQDN PLOHQ MHOOHP]  WXODMGRQViJDLN YDQQDN $] DODSYHW LVPHUHWHNHWDNDSFVRODWRNUyODIHMH]HWWDUWDOPD]]D$]REMHNWXPRNNDSFVRODWDLNRQ NHUHV]WOP YHOHWHNHWYpJH]KHWQHNHJPiVRQDIHMH]HWEHQDP YHOHWHNIRJDOPiW LVPHUWHWMN (J UHQGV]HU OHtUiViKR] NO|QE|]  IRUPDOL]PXVRNDW YH]HWWHN EH D] LWW KDV]QiOW REMHNWXPRNUD YRQDWNR]y MHO|OpVHNHW pV GLDJUDPRNDW D  IHMH]HW WDUWDOPD]]D  0e51g.,02(//(=e6 2EMHNWXPRNRV]WiORN 2EMHNWXPRNWXODMGRQViJRN $] REMHNWXPRN D WiUJDN V]HPpOHN IRJDOPDN HJHGL HO IRUGXOiVDL 0LQGHQ REMHNWXPQDNYDQQHYH0LQGHQREMHNWXPHJHGL 3pOGiXO REMHNWXP OHKHW HJ GRNXPHQWiFLyEDQ OHtUW V]DNDV] D VDNNMiWpN ILJXUiLDWDQiUDGLiND]LQIRUPDWLNDWiUJVWE $] HJHV

REMHNWXPRNDW WXODMGRQViJDLN DODSMiQ OHKHW PHJNO|QE|]WHWQL HJPiVWyO $ WXODMGRQViJRNDWDWWULE~WXPRNQDNQHYH]LN 3pOGiXO D V]DNDV] HOV  VRUD EHOMHEE NH]G GLN PLQW D W|EEL VRU D VDNNMiWpNILJXUiLYLOiJRVDNYDJV|WpWHNDWDQiUIHOV IRN~YpJ]HWWVpJ D P V]DNLLQIRUPDWLNDWiUJNUHGLWSRQWRWpUVWE (J SURJUDPUHQGV]HU LV WHNLQWKHW  REMHNWXPQDN 3pOGiXO D :,1:25 UHQGV]HUEHQ D GRNXPHQWXPRN WXODMGRQViJDLW D VWtOXV VDEORQEDQ DGMXN PHJDVWtOXVVDEORQREMHNWXP (J REMHNWXPQDN LJHQ VRN WXODMGRQViJD OHKHW (]HN N|]|WW OHKHWQHN YDODPLOHQ V]HPSRQWEyO OpQHJHVHN pV NHYpVEp IRQWRVDN $ JDNRUODWEDQ QHP OHKHW PLQGHQ WXODMGRQViJRW ILJHOHPEH YHQQL H]pUW D NHYpVEp OpQHJHVQHN tWpOW WXODMGRQViJRNDW HOKDQDJROMXN 8JDQD] D WXODMGRQViJ D] HJLN V]HPSRQWEyO OpQHJHV OHKHW PtJ HJ PiVLNV]HPSRQWEyOHOKDQDJROKDWy 3pOGiXO HJ VDNNILJXUiQDN D] DQDJMHOOHP] L QHP EHIROiVROMiN D

MiWV]PiWH]DWXODMGRQViJDVDNNMiWpNV]HPSRQWMiEyOHOKDQDJROKDWy+D YDODNL VDNNILJXUiW JiUW DNNRU V]iPiUD H] D WXODMGRQViJ OpQHJHV QHP HOKDQDJROKDWy $ :,1:25 HVHWpQ D VWtOXV EHiOOtWiVDNRU OpQHJWHOHQ WXODMGRQViJSpOGiXOKRJHJHVV]DYDNDWNLHPHOpVODOiK~]XQN $] REMHNWXP H]HQ WXODMGRQViJDL D] REMHNWXPRQ NtYOL V]HPOpO  V]iPiUD OiWKDWyN $] REMHNWXPQDNOHKHWQHNRODQEHOV DONRWyUpV]HLWXODMGRQViJDLDPHOHND]REMHNWXPRQ EHOOLIRODPDWRNDWEHIROiVROMiNGHDNOV V]HPOpO HO OUHMWYHYDQQDN 3pOGiXOHJIHNHWHEiVWDOHJHQHJREMHNWXP.pV]tWpVHNRUHJV]HJHW pStWHWWHNEHOHKRJQHW|UM|QHOW~ON|QQHQ$IHNHWHEiVWDEHOV DONRWy UpV]H D V]HJ NOV  V]HPOpO  QHP OiWMD $ :,1:25 DXWRPDWLNXVDQ PHQWL DGRWW LG N|]|QNpQW D] HONpV]OW DQDJRW H]HN D IiMORN QRUPiO KDV]QiODWHVHWpQDIHOKDV]QiOyV]iPiUDUHMWYHPDUDGQDN $UHQGV]HUHJVpJHOHJNLVHEEDONRWyHOHPHD]REMHNWXP 2V]WiORN (J UHQGV]HUiOWDOiEDQQDJRQVRN REMHNWXPRW

WDUWDOPD] $ UHQGV]HU iWWHNLQWKHW VpJpW pVNH]HOKHW VpJpWHO VHJtWLKDD]REMHNWXPRNDWFVRSRUWRVtWMXNRV]WiORNEDVRUROMXN $] REMHNWXPRN iOWDOiEDQ RV]WiORNED VRUROKDWyN $]RN D] REMHNWXPRN WDUWR]QDN HJ RV]WiOEDDPHOHNQHNHJHVOpQHJHVMHOOHP] LHJHVOpQHJHVWXODMGRQViJDLD]RQRVDN $] REMHNWXPRN RV]WiOED VRUROiVD DEV]WUDNFLy HUHGPpQH (J REMHNWXP iOWDOiEDQ  0e51g.,02(//(=e6 OHJDOiEEHJRV]WiOEDWDUWR]LNGHH]QHPN|WHOH] $]RV]WiOQDNYDQQHYHpVH]DQpY D]WLVPHJKDWiUR]]DKRJPHOREMHNWXPRNWDUWR]KDWQDND]DGRWWRV]WiOED 3pOGiXODERJDUDNRV]WiOiEDWDUWR]yREMHNWXPRNOHJHQHNDFVHUHERJiU Uy]VDERJiU K VFLQFpU VWE /pQHJHV WXODMGRQViJXN D] KRJ NLWLQ SiQFpOMXNYDQ$FVHUHERJiUUy]VDERJiUK VFLQFpUVWEERJDUDN (JREMHNWXPWDUWR]KDWHJV]HUUHW|EERV]WiOEDLV 3pOGiXO WDUWR]]DQDN D V]pNOiEDN HJ RV]WiOED pV OHJHQ HJ DV]WDORV IDiUX RV]WiO pV HJ IpPiUX RV]WiO LV 0RVW FVDN H]HNHW D] RV]WiORNDW WHNLQWMN $ ID

V]pNOiE EHOHWDUWR]LN PLQG D V]pNOiEDN PLQG D IDiUX RV]WiOEDPtJHJIpPV]pNOiEEHOHWDUWR]LNDV]pNOiEDNRV]WiOiEDpVD IpPiUX RV]WiOED GH HJ ID DV]WDOODS FVDN D] DV]WDORV IDiUX RV]WiOED WDUWR]LNKDFVDNDIHQWLRV]WiOWWHNLQWMN $] HJRV]WiOEDWDUWR]yREMHNWXPRNQDNNpWIpOH WXODMGRQViJiW NO|QE|]WHWMN PHJ D] RV]WiOUD MHOOHP]  |U|NO|WW WXODMGRQViJRNDW pV D] HJHGL WXODMGRQViJRNDW $] RV]WiORQEHOOD]REMHNWXPRNDWD]HJHGLWXODMGRQViJRNNO|QE|]WHWLNPHJHJPiVWyO 3pOGiXO WHNLQWVQN RV]WiOQDN HJ OHtUW V]|YHJEHQ HJ V]DNDV]W $ V]DNDV] PRQGDWRNDW WDUWDOPD] WHNLQWVN D PRQGDWRNDW REMHNWXPRNQDN $]HJEHNH]GpVKH]WDUWR]yPRQGDWRNWDUWDOPDHJJRQGRODWLN|UK|]NHOO WDUWR]]RQ ² H] D] |U|NO|WW WXODMGRQViJXN ² GH PLQGHQ PRQGDW PiVW NHOOMHOHQWVHQ²H]D]HJHGLWXODMGRQViJXN9DJLVD]HJHVPRQGDWRN |U|NO|WWWXODMGRQViJDDV]DNDV]EDQOpY PRQGDQLYDOyN|]|VYROWDHJHGL WXODMGRQViJD D] D WDUWDORP DPLYHO KR]]iMiUXO

H]HQ PRQGDQLYDOy NLIHMWpVpKH] $ VDNNMiWpN ILJXUiL OHKHWQHN YLOiJRVDN YDJ V|WpWHN $ YLOiJRV ILJXUiN HJRV]WiOWDONRWQDN$YLOiJRVVDNNILJXUiNRV]WiOiEDD]HJHVILJXUiN PLQW REMHNWXPRN WDUWR]QDN gU|NO|WW WXODMGRQViJXN D ILJXUiN V]tQH YLOiJRV HJHGL WXODMGRQViJXN D] DODNMXN HEE O WXGMXN KRJ NLUiOUyO EiVWiUyOVWEYDQHV]y 6RN HVHWEHQ D] RV]WiO DORV]WiORNUD ERQWKDWy D] DORV]WiO LV WDUWDOPD]KDW QiOiQiO DODFVRQDEEUHQG DODORV]WiORNDWpVtJWRYiEE 3pOGiXO D IHOV IRN~ RNWDWiVL LQWp]PpQHNKH] RV]WiOiED WDUWR]]RQ D] HJHWHPHN DORV]WiOD pV D I LVNROiN DORV]WiOD gU|NO|WW WXODMGRQViJXN KRJ IHOV IRN~ RNWDWiV IROLN EHQQN $] HJHWHPHN DORV]WiOiED WDUWR]]DQDN D P V]DNL HJHWHPL LQWp]PpQHN DODORV]WiOD D N|]JD]GDViJL HJHWHPL LQWp]PpQHN DODORV]WiOD VWE $ P V]DNL HJHWHPL LQWp]PpQHN DODORV]WiOiED WDUWR]QDN D %XGDSHVWL 0 V]DNL (JHWHPD0LVNROFL(JHWHPD9HV]SUpPL(JHWHPVWEREMHNWXPRN (J RV]WiO OHtUiVD D

KR]]i WDUWR]y HJHGL REMHNWXPRN VRNV]RU LJHQ QDJ V]iPRVViJ~ KDOPD]iQDN PHJDGiViYDO OHKHWVpJHV GH D JDNRUODWEDQ H]W D KDOPD]W FVRQNtWMXN HOKDQDJROiVRNDW WHV]QN ÈOWDOiEDQ D] REMHNWXPRNDW YDODPHO WXODMGRQViJXN DODSMiQ KDQDJROMXNHO  0e51g.,02(//(=e6 3pOGiXO HJ NHUpNSiUV]HUHO K|] MDYtWiVUD EHKR]RWW NHUpNSiU RV]WiORN V]iPDQDJRQVRNOHKHWGHPLYHOQHPMDYtWMDDYHUVHQNHUpNSiURNDWH] XWyEELRV]WiOWDV]HUHO V]HPSRQWMiEyOHOKDQDJROMXN $] REMHNWXPRN RV]WiORNED VRUROiVD DEV]WUDNFLy HUHGPpQH 7HUPpV]HWHVHQ D NO|QE|] REMHNWXPRNRV]WiORNEDVRUROiVDVRNIpOHNpSSW|UWpQKHWDWWyOIJJ HQKRJ PLOHQWXODMGRQViJRNDWWHNLQWQNOpQHJHVQHN $]REMHNWXPMHOOHP] L =iUWViJ (J REMHNWXPKR] KR]]iWDUWR]QDN D WXODMGRQViJDL DWWULE~WXPDL  (J REMHNWXPRW D WXODMGRQViJDLYDO HJWW NHOO NH]HOQL &VDN D] REMHNWXPRQ NHUHV]WO OHKHW D] REMHNWXP WXODMGRQViJDLUD KDWQL 6HP D] REMHNWXP EHOVHMpEHQ OpY  DONRWy UpV]HN VHP D]RN

WXODMGRQViJDLQHPKR]]iIpUKHW HND]REMHNWXPRQNtYOLHNV]iPiUD$PRGHOOH] G|QWL HO KRJ PHO WXODMGRQViJRN OHV]QHN NOV N D] REMHNWXPRW KDV]QiOy V]iPiUD KR]]iIpUKHW N pV PHOHN OHV]QHN D] REMHNWXP EHOV  WXODMGRQViJDL DPHOHN NtYOU O QHPpUKHW NHO 3pOGiXOD]HOHNWURPRVPRWRUKR]KR]]iWDUWR]LNDQpYOHJHVWHOMHVtWPpQHD KDV]QiODWiKR] V]NVpJHV iUDPHU VVpJ IHV]OWVpJ pUWpNH VWE (]HN D WXODMGRQViJRN SO D PRWRU QpYOHJHV WHOMHVtWPpQH  FVDN D PRWRU PLQW REMHNWXPPHJYiOWR]WDWiViYDOpUKHW NHOYiOWR]WDWKDWyNPHJ$PRWRUEDQ YDQ JROyVFVDSiJ DQQDN LV YDQQDN WXODMGRQViJDL GH H] D PRWRU REMHNWXPEDQEHQQHYDQDPRWRUKDV]QiODWDNRUQHPKR]]iIpUKHW  gU|NOpV (JREMHNWXPWXODMGRQViJDLN|]|WWYDQQDNRODQWXODMGRQViJRNDPHOHND]RV]WiOiQDN pVDIHOHWWHOpY RV]WiORNQDNDOpQHJHVWXODMGRQViJDL$]REMHNWXPH]HNHW|U|NOL 3pOGiXO D PRWRURN RV]WiOiQDN OpQHJHV WXODMGRQViJD KRJ YDODPLOHQ HQHUJLiW PHFKDQLNDL PXQNDYpJ]  NpSHVVpJUH

DODNtWDQDN iW $] HOHNWURPRVPRWRURN|U|NOLNH]WDWXODMGRQViJRW(JHGLWXODMGRQViJXND] HOHNWURPRVHQHUJLDIHOKDV]QiOiVD .DSFVRODWRN $ UHQGV]HU HJHV REMHNWXPDL RV]WiODL NO|QE|]  PyGRNRQ NDSFVROyGKDWQDN HJPiVKR]$NDSFVRODWRNI ]LND]REMHNWXPRNDWRV]WiORNDWUHQGV]HUUp .DSFVRODWRNNDO DGMXN PHJ D] HJHV REMHNWXPRN HJPiVKR] YDOy YLV]RQiW D] HJHV RV]WiORNHJPiVKR]YDOyYLV]RQiWYDODPLQWD]REMHNWXPpVD]RV]WiO|VV]HIJJpVpW $NDSFVRODWRNQDNI WtSXViWNO|QE|]WHWMNPHJ  KR]]iUHQGHOpV  WDUWDOPD]iV UpV]HYDODPLQHN   KR]]iWDUWR]iV RV]WiOEDWDUWR]iV   0e51g.,02(//(=e6 $KR]]iUHQGHOpVNDSFVRODWWtSXVREMHNWXPRNHJPiVKR]YDOyYLV]RQiWDGMDPHJ $ KR]]iUHQGHOpVHV NDSFVRODW OHKHW    Q  QP  pV QQ  NDSFVRODW $]  NDSFVRODW HVHWpQ NpW REMHNWXP NDSFVRODWiUyO YDQ V]y Q  HVHWpQ HJ REMHNWXPQDN PHJDGRWW V]iP~ Q GDUDE  REMHNWXPPDO YDQ NDSFVRODWD pV D] QP  NDSFVRODW HVHWpQ

PLQGD]QREMHNWXPQDNPLQGD]PREMHNWXPKR]YDQNDSFVRODWD 5LWNiQIRUGXOHO D] #Q NDSFVRODWDKROQREMHNWXPNDSFVROyGLNHJPiVKR]D]|VV]HV OHKHWVpJHVPyGRQ $KR]]iUHQGHOpVNDSFVRODWWtSXVOHKHWV]LPPHWULNXVYDJDV]LPPHWULNXVNDSFVRODW$ V]LPPHWULNXVNDSFVRODWQiODNDSFVRODWNpWLUiQ~PtJDV]LPPHWULNXVHVHWEHQDNDSFVRODW FVDNHJLUiQ~ $]REMHNWXPRNN|]|WWLNDSFVRODW OLQN SpOGiXO  V]LPPHWULNXVNDSFVRODWDIpUMpVDIHOHVpJHJKi]DVSiU  DV]LPPHWULNXVNDSFVRODWHJW~NOHJWRMiVRQ DWRMiVQHPOKHW DW~NRQ  Q  V]LPPHWULNXV NDSFVRODW HJ DQD V]HUHWL D  JHUHNpW D  JHUHN V]HUHWLD]DQiW   Q DV]LPPHWULNXVNDSFVRODWHJDQDILiQDND]DQMD   QP  DV]LPPHWULNXV NDSFVRODW D] DSiQDN pV D] DQiQDN  JHUHNH YDQ   #Q V]LPPHWULNXVNDSFVRODWDJHUHNWHVWYpU #    V]LPPHWULNXV NDSFVRODW $ :,1:25 pV D YiJyODS N|]|WWL NDSFVRODWD]DGDWFVHUH $NDSFVRODWRWNLIHMH] V]yWDOiK~]iVVDOMHO|OWN $] RV]WiORN N|]|WW

KDVRQOy PyGRQ pUWHOPH]KHWQN NDSFVRODWRNDW $] REMHNWXPRN N|]|WWLNDSFVRODWRNDWDEV]WUDKiOMXNRV]WiORNN|]|WWLNDSFVRODWWi$]RV]WiORNN|]|WWL NDSFVRODWUyO DVVRFLDWLRQ UHODWLRQ  DNNRU EHV]pOKHWQN DPLNRU D NO|QE|] RV]WiORNEDWDUWR]yREMHNWXPRNN|]|WWIHQQiOOKDWXJDQD]DNDSFVRODW $]RV]WiORNN|]|WWLNDSFVRODWSpOGiXO   V]LPPHWULNXV NDSFVRODW D IpUILDN pV D Q N |VV]HKi]DVRGKDWQDN  DV]LPPHWULNXVNDSFVRODWDPDGDUDNNRWODQDNDPDGiUWRMiVRNRQ $NDSFVRODWRNDWiOWDOiEDQJUiIRNNDOOHKHWV]HPOpOHWHVVpWHQQL$JUiIFVRPySRQWRNEyO pVH]HNHW|VV]HN|W YRQDODNEyOD]pOHNE OiOO $]LOHQFVRPySRQWRNEyOpVYRQDODNEyO iOOy DODN]DWRN iOWDOiQRV WXODMGRQViJDLYDO D JUiIHOPpOHW IRJODONR]LN  $ V]LPPHWULNXV NDSFVRODWRWNpWLUiQ~D]DV]LPPHWULNXVNDSFVRODWRWHJLUiQ~Q OODOMHO|OMN  0e51g.,02(//(=e6 iEUD+R]]iUHQGHOpVHVNDSFVRODWRNIDMWiLJUiIRNNDOiEUi]ROYD $ NDSFVRODWRN V]iPD LJHQ QDJ OHKHW H]pUW D JDNRUODWL KDV]QiODW VRUiQ D

V]iPXNDW FV|NNHQWMNHJHVNDSFVRODWRNDWHOKDQDJROXQN 3pOGiXOXJDQDEEDD]LVNROiEDMiUWHVWYpU Q NDSFVRODW.DUiFVRQUD PHJDMiQGpNR]]iN HJPiVW  QQ  NDSFVRODW $] DMiQGpNR]iV V]HPSRQWMiEyOHOKDQDJROKDWyD]KRJHJLVNROiEDMiUQDN  $ WDUWDOPD]iV NDSFVRODWWtSXV N|]|V WXODMGRQViJ QpONOL YDODKRYi WDUWR]iVW MHOHQW D]WPXWDWMDPHJKRJHJREMHNWXPQDNPLOHQUpV]HLYDQQDN 3pOGiXO WHNLQWVQN REMHNWXPQDN HJ DXWyW (QQHN UpV]H D] LQGH[OiPSD GH D] DXWy WXODMGRQViJDL WHOMHVtWPpQ PD[LPiOLV VHEHVVpJ DXWRPDWD DEODNPR]JDWiVVWE QHP|U|NO GQHND]LQGH[OiPSDWXODMGRQViJDLN|]p $KR]]iWDUWR]iVNDSFVRODWWtSXVN|]|VWXODMGRQViJDODSMiQYDOyYDODKRYDWDUWR]iVW MHOHQW.|]|VWXODMGRQViJDODSMiQVRUROWXND]REMHNWXPRNDWRV]WiORNEDH]D]WMHOHQWL KRJDN|]|VWXODMGRQViJJDOUHQGHONH] REMHNWXPRNKR]]iWDUWR]iVNDSFVRODWEDQYDQQDN D] RV]WiOXNNDO 7HKiW D] REMHNWXPRN RV]WiOED VRUROiVD D KR]]iWDUWR]iV NDSFVRODWRNKR] VRUROKDWy +D D] REMHNWXP

HJ RV]WiOED WDUWR]LN DNNRU D] RV]WiO WXODMGRQViJD|U|NO GLNUipVDW|EELD]RV]WiOEDQOpY REMHNWXPUD +LHUDUFKLNXV NDSFVRODWUHQGV]HU DODNtWKDWy NL D] Q  WtSXV~ KR]]iUHQGHOW NDSFVRODW HJPiVXWiQW|EEV]|ULDONDOPD]iViYDO(]LJHQIRQWRVVRNDWKDV]QiOWNDSFVRODWUHQGV]HU +LHUDUFKLNXVNDSFVRODWRNNDODGMXNPHJD]WKRJHJRV]WiOKR]PLOHQDORV]WiOYDJ DORV]WiORNWDUWR]QDNLOOHWYHHJDORV]WiOPHOLNRV]WiOEyOV]iUPD]LN 3pOGiXO D Q OiV]iUyN RV]WiOiED WDUWR]LN D] DMWyN RV]WiOD DEODNRN RV]WiODNDSXNRV]WiODVWE$NDSXNQ OiV]iUyN $ KLHUDUFKLNXV NDSFVRODWUHQGV]HUQHN V]LQWMHL YDQQDN $] HJHV V]LQWHNHQ YDQQDN D] RV]WiORNDORV]WiORNpVDODORV]WiORNpVtJWRYiEE 3pOGiXODNiUWiNRV]WiOiEDWDUWR]LNDIUDQFLDNiUWDDORV]WiO$IUDQFLD NiUWDDORV]WiOEDWDUWR]LNDSLURVpVDIHNHWHV]tQ ODSRNDODORV]WiOD$ SLURVV]tQ ODSRNDODORV]WiOiEDWDUWR]LNDNiUypVDN|UDODODORV]WiOD IHNHWHV]tQ ODSRNDODORV]WiOiEDDWUHIIpVDSLNNDODODORV]WiO 

0e51g.,02(//(=e6 V]LQW RV]WiO V]LQW DORV]WiO V]LQW DODORV]WiO iEUD+LHUDUFKLNXVNDSFVRODWUHQGV]HU 0LQGKiURP NDSFVRODWWtSXV OHKHW N|WHOH]  YDJ QHP N|WHOH]  NDSFVRODW $ N|WHOH] NDSFVRODWPLQGHQHVHWEHQIHQQiOODQHPN|WHOH] IHQQiOOKDW 3pOGiXOD]DQMDQHYHPLQGHQNLQpOWXGRWWPtJD]DSMDQHYHQHPEL]WRV KRJLVPHUW $ KR]]iUHQGHOpV pV D WDUWDOPD]iV NDSFVRODW WtSXVRN D]RQRV V]LQWHQ pUWHOPH]HWW NDSFVRODWRNPtJDKR]]iWDUWR]iVDNO|QE|] V]LQWHNN|]|WWLNDSFVRODWRNDWPXWDWMiN $ NDSFVRODWQDN OHKHWQHN D IHQWL MHOOHP] N|Q W~OPHQ HQ LV WXODMGRQViJDL (]HNNHO D WXODMGRQViJRNNDO DGMXN PHJ D NDSFVRODW PLQ VpJpW (]HN D WXODMGRQViJRN OHKHWQHN OpQHJHVHN YDJ HOKDQDJROKDWyN $ NDSFVRODWRN WXODMGRQViJDLW FpOV]HU REMHNWXPRQNpQWYDJRV]WiORQNpQWPHJIRJDOPD]QL 3pOGiXO WHNLQWVQN NpW pULQWNH]  WHVWHW NpW REMHNWXPQDN $ NpW WHVW PLQGLJpULQWNH]LNH]DNDSFVRODWXNN|WHOH] NDSFVRODW $ NDSFVRODW WXODMGRQViJDL  D]

LUiQD  V~UOyGyH YDJ VHP $] pULQWNH]pVQpO OpQHJHVKRJD]pULQWNH] IHOOHWHNQpOPLOHQLUiQ~ IJJ OHJHVYDJ Yt]V]LQWHVVWE NDSFVRODWM|WWOpWUHH]DNDSFVRODWOpQHJHVWXODMGRQViJD (JHV HVHWHNEHQ D] pULQWNH]  IHOOHWHN N|]|WWL V~UOyGiVWyO HOWHNLQWQN HNNRUDV~UOyGiVDNDSFVRODWHOKDQDJROKDWyWXODMGRQViJD 0 YHOHW (J REMHNWXP NDSFVRODWDLQ NHUHV]WO KDW HJ PiVLN REMHNWXPUD ~J KRJ D] HJLN REMHNWXPP YHOHWHWYpJH]DPiVLNRQYDJKDWUiHJPiVLNREMHNWXPP YHOHWH9DJLV NpW REMHNWXP N|]|WW FVDN DNNRU OpWH]KHW P YHOHW KD YDQ N|]|WWN NDSFVRODW H P YHOHWHNHWHJREMHNWXP|QPDJiQLVYpJH]KHW SOHJWXODMGRQViJPHJKDWiUR]iVDD] REMHNWXPW|EELWXODMGRQViJiEyO $P YHOHWPHJYiOWR]WDWKDWMDD]REMHNWXPWXODMGRQViJiW 3pOGiXO   DV]LPPHWULNXV NDSFVRODW HJ W~N O HJ WRMiVRQ H]HQ D NDSFVRODWRQNHUHV]WODW~NPHOHJtWLDWRMiVW 2V]WiORNN|]|WWLVOHKHWNDSFVRODWH]pUWRV]WiORNN|]|WWLVpUWHOPH]KHWQNP YHOHWHW $]

RV]WiORN N|]|WWL NDSFVRODWRNRQ KDWy P YHOHWHNQHN QHYH]]N D] |VV]HV D] RV]WiORNKR]WDUWR]yREMHNWXPRNN|]|WWLP YHOHWHW  0e51g.,02(//(=e6 3pOGiXO WHNLQWVN D WDQiURNDW WDUWDOPD]y RV]WiOW PHOQHN REMHNWXPDL D WDQiURNpVDGLiNViJRWWDUWDOPD]yRV]WiOWPHOQHNREMHNWXPDLDGLiNRN $WDQiUYL]VJi]WDWMDDGLiNRWHNpWREMHNWXPN|]|WWLDV]LPPHWULNXV QHP N|WHOH]  NDSFVRODW YDQ D P YHOHW D YL]VJi]WDWiV 0LQGHQ WDQiU YL]VJi]WDWKDWPLQGHQGLiNRWDNDSFVRODWDNpWRV]WiOPLQGHQREMHNWXPD N|]|WW OpWUHM|KHW ËJ H] D NDSFVRODW D] RV]WiORN N|]|WW LV IHQQiOO  D] RV]WiORNN|]|WWLP YHOHWDWDQiUViJYL]VJi]WDWMDDGLiNViJRW $P YHOHWUHMHOOHP] DW|EEDODN~ViJ SROPRUSKLVP XJDQD]DP YHOHW RSHUDWLRQ PiVW pV PiVW MHOHQWKHW NO|QE|]  REMHNWXPRN N|]|WW XJDQD] D] REMHNWXP W|EEIpOHNpSSLVKDV]QiOKDWy 3pOGiXOHJHOHNWURPRVPRWRUEHV]HUHOKHW HJPRVyYDJHJPRVRJDWy JpSEH $ PR]JDWiV P YHOHW PiVW MHOHQW D VDNNWiEOiQ pV PiVW D

V]|YHJiWKHOH]pVNRUHJV]|YHJV]HUNHV]W EHQ $:,1:25HVHWpEHQSpOGiXODEHLOOHV]WpV P YHOHW OHKHW UDM] NpSOHW V]|YHJUpV](;&(/WiEOi]DWVWE $ P YHOHW QHPFVDN D] REMHNWXP WXODMGRQViJiW YiOWR]WDWKDWMD PHJ KDQHP HJHV NDSFVRODWDLWLV 3pOGDD]RV]WiOREMHNWXPWXODMGRQViJP YHOHWHJWWHVpUH 6RNV]|JREMHNWXPRNQDN WHNLQWMN iOWDOiQRVQpJV]|J (JHGLWXODMGRQViJRN KiURPV]|J V]|JHNV]iPD ROGDOYDVWDJViJ V]LQH]HWWVpJVWE WpJODODS 0 YHOHWHN UDM]ROiV UDGtUR]iV PR]JDWiVVWE iEUD6RNV]|JRV]WiO UDM]LpUWHOHPEHQ  gU|NO G WXODMGRQViJHJHQHVHN]iUWWDUWRPiQWKDWiUROQDN $ P YHOHWHNHW VSHFLILNiOQL UpV]OHWHVHQ OHtUQL  NHOO PHJ NHOO DGQL KRJ D P YHOHW PHOLNREMHNWXPRQKDWpVPLOHV]DP YHOHWHUHGPpQH 3pOGiXOKDDIHQWLKiURPV]|JHWNLUDGtUR]]XNDNNRUD]QHPOiWV]LN 0yGV]HU PHWKRG  D P YHOHW YpJUHKDMWiVL PyGMD 8JDQD]W D P YHOHWHW PiVNpSS KDMWKDWMXN YpJUH NO|QE|]  RV]WiORN LOOHWYH NO|QE|]  RV]WiORNED WDUWR]y

REMHNWXPRNHVHWpQ 3pOGiXOD]HJLNWDQiUtUiVEDQDPiVLNV]yEDQYL]VJi]WDWMDDGLiNRW  0e51g.,02(//(=e6 2EMHNWXPRNMHO|OpVLPyGMDLGLDJUDPMDL $] HO ]  HJV]HU  SpOGiEyO LV OiWKDWy KRJ FVDN V]|YHJHV PHJDGiVVDO D IHODGDW LQWHUSUHWiOiVD PDJDUi]DWD  iWWHNLQWKHWHWOHQ OHV]  PpJ HJ NLV IHODGDW HVHWpQ LV  D KR]]i WDUWR]y REMHNWXPRNNDO H]HN WXODMGRQViJDLYDO NDSFVRODWDLYDO pV D NDSFVRODWRN WXODMGRQViJDLYDO (]pUW NO|QE|]  MHO|OpVUHQGV]HUHNHW KDV]QiOQDN pV GLDJUDPRNNDO iEUi]ROYD WHV]LN iWWHNLQWKHW EEp D] HGGLJ LVPHUWHWHWW IRJDOPDNDW $ PRVW EHYH]HWpVUH NHUO  MHO|OpVUHQGV]HU QHP D] HJHWOHQ D] LURGDORPEDQ QLQFV iOWDOiQRVDQ HOIRJDGRWW V]DEYiQRVtWRWW MHO|OpV UHQGV]HU GH D] HJHV MHO|OpVPyGRN QHP WpUQHN HO W~OViJRVDQ HJPiVWyO tJ HJLNQHN D] LVPHUHWH VHJtWL PiV MHO|OpVVHO NpV]tWHWW PXQNiN PHJpUWpVpW LV $UHQGV]HUV]HUYH]pVpQHNVDUNDODWRVNpUGpVHD]KRJPLWWHNLQWQNREMHNWXPRNQDNpV H]HN

N|]|WW PLOHQ NDSFVRODWRNDW YHV]QN ILJHOHPEH $] REMHNWXPRN N|]|WWL HOLJD]RGiVWVHJtWLD]|VV]HIJJpVHNIHOUDM]ROiVD $]REMHNWXPMHO|OpVLPyGMDL $]REMHNWXPQDNNpWIpOHMHO|OpVpWV]RNWiNKDV]QiOQLDV]HULQWKRJD]REMHNWXPPDOPLQW D UHQGV]HU ]iUW HJVpJpYHO DNDUXQNH IRJODONR]QL pV HQQHN NDSFVRODWDLW NDSFVROiVL OHKHW VpJHLW MHOHQtWMN PHJ NOV  MHO|OpV  YDJ D] REMHNWXP WDUWDOPiQDN D PHJYLOiJtWiVDHDFpO EHOV MHO|OpV  NOV MHO|OpV EHOV MHO|OpV iEUD2EMHNWXPMHO|OpVLPyGMDL $]REMHNWXPRNGLDJUDPMDL $] REMHNWXPRN pV NDSFVRODWDLN N|]|WWL HOLJD]RGiVW VHJtWL D] |VV]HIJJpVGLDJUDP D] |U|NO GpVGLDJUDPpVD]REMHNWXPRNN|]|WWLNDSFVRODWRNKiOyMD $]REMHNWXPRN|VV]HIJJpVGLDJUDPMD $] |VV]HIJJpVGLDJUDP D] REMHNWXP NOV  MHO|OpVpW KDV]QiOYD PHJDGMD KRJ PHO REMHNWXPRN YDQQDN HJPiVVDO NDSFVRODWEDQ PLOHQ RV]WiOED WDUWR]QDN pV IHOVRUROiVV]HU HQ WDUWDOPD]]D D] HJHV REMHNWXPRN EHOV  MHO|OpVpW

$] REMHNWXP |VV]HIJJpV GLDJUDP D] RV]WiOED VRUROiV DEV]WUDNFLyMiW iEUi]ROMD $] RV]WiO MHO|OpVH KDVRQOy D] REMHNWXP MHO|OpVpKH] 7DUWDOPD]]D D] RV]WiO QHYpW pV D] RV]WiOUD YRQDWNR]yNDSFVRODWRNMHOHLW  0e51g.,02(//(=e6 %REMHNWXP |U|NO G WXODMGRQViJ HJHGLWXODMGRQViJ P YHOHWHN &REMHNWXP |U|NO G WXODMGRQViJ HJHGLWXODMGRQViJ P YHOHWHN iEUD2EMHNWXP|VV]HIJJpVGLDJUDPiOWDOiQRVDODNMDpVD]REMHNWXPRNIHOVRUROiVD EHOV MHO|OpVVHO 7HKiW D] |VV]HIJJpVGLDJUDPEDQ DGMXN PHJ D]RNDW D] REMHNWXPRNDW DPHOHNE O D UHQGV]HUWIHODNDUMXNpStWHQL $] pStW PpUQ|NL JDNRUODWEDQ H] D GLDJUDP D WHUPpNWHUYH]pVQpO D NO|QE|]  pStWpVL DQDJRN HJHV IDMWiL N|]|WWL NDSFVRODWRNDW MHOHQWKHWL 3pOGiXO EHWRQED NHOO WHQQL DGDOpN DQDJRW KRPRNRW NDYLFVRW ]~]RWW N|YHWVWE$EHWRQFHPHQWHONpV]tWpVpKH]V]NVpJHV(]OHKHWDV DVDVVWE6]NVpJYDQPpJYt]UH  ÈOOtWVXQN|VV]HHJV]pNHW(KKH]V]pNOiEDNUDO

NpUHpVKiWWiPOiUDYDQ V]NVpJQN $ OiEDNDW pV D KiWWiPOiW D] O NpKH] HU VtWYH iOO |VV]H D V]pN .O|QE|]  V]pNHN OiEDL DONRWMiN D V]pNOiEDN RV]WiOiW (EEHQ OpY REMHNWXPRN$MHO %MHO pV&MHO V]pNOiE 7HJNIHOKRJD]O NpNRV]WiOiEDNpWREMHNWXPWDUWR]LN;MHO pV <MHO O NH $KiWWiPOiNRV]WiOiEDWDUWR]]RQD+pV.MHO WiPOD $]|VV]HIJJpVGLDJUDPRN 6]pNOiEDN $ hO}NpN % +iWWiPOiN & ; < + . N N N N N N N N N N  DKRO D V]iP D NDSFVRODW MHOOHP] MpW N SHGLJ D NDSFVRODWRW MHOHQWL D NDSFVRODWMHOOHJpW V]HJHOWYDUUWFVDSROWFVDYDUR]RWW LVMHOH]QLNHOO NV]LPPHWULNXVN|WHOH] NDSFVRODWV]HJHOW NV]LPPHWULNXVN|WHOH] NDSFVRODWYDUUW  0e51g.,02(//(=e6 NV]LPPHWULNXVN|WHOH] NDSFVRODWFVDSROW NV]LPPHWULNXVN|WHOH] NDSFVRODWFVDYDUR]RWW $]REMHNWXPRN|U|NO GpVGLDJUDPMD $] |U|NO GpVGLDJUDP D WXODMGRQViJRN VWUXNWXUiOLV

OHtUiViW WDUWDOPD]]D D] |VV]HIJJpV GLDJUDPPDO HOOHQWpWEHQ D] RV]WiORN WXODMGRQViJDLQDN DORV]WiORNUD REMHNWXPRNUDYDOyWRYiEEDGiViWPXWDWMD = |U|NO}G}WXODMGRQViJ : ; < iEUD2EMHNWXP|U|NO GpVGLDJUDPiOWDOiQRVDODNMD $]|U|NO GpVGLDJUDPEDQPHJWHUYH]]ND]REMHNWXPRNUHQGV]HUpW (]]HO D GLDJUDPPDO D PpUQ|NL JDNRUODWEDQ SpOGiXO HJ WHUPpN DQDJ MHOOHP] LW DGKDWMXN PHJ SO D EHWRQ DGDOpNDQDJDLQDN |U|NO G WXODMGRQViJD KRJ GDUDERVDN D] HJHGL WXODMGRQViJRN D] HJHV DGDOpNDQDJRN V]HPHORV]OiVD $ FHPHQW |U|NO G  WXODMGRQViJD KRJ N|W DQDJD]HJHGLWXODMGRQViJRNDWDNO|QE|] PLQ VpJHNMHOHQWLN$ Yt]REMHNWXPPDUDGWtJQLQFV|U|NO G WXODMGRQViJD  $V]pNREMHNWXPDLUDYRQDWNR]y|U|NO GpVGLDJUDPRN $V]pNOiEDN|U|NO G WXODMGRQViJDWDOiEKRVV]DOpQHJHVHQQDJREE PLQWDNHUHV]WPHWV]HWPpUHWHL $] O NpN |U|NO G  WXODMGRQViJD W D] O NH YDVWDJViJD OpQHJHVHQ NLVHEE PLQW V]pOHVVpJL pV PDJDVViJL PpUHWH FVDN D]

HJLN ODSIHOOHW NLGROJR]RWW $ WiPOiN |U|NO G  WXODMGRQViJD W D WiPOD YDVWDJViJD OpQHJHVHQ NLVHEE PLQW V]pOHVVpJL pV PDJDVViJL PpUHWH PLQGNpW ODSIHOOHW NLGROJR]RWW 0HJMHJ]pV +D QHP WHNLQWHWWN YROQD D ODSIHOOHW NLGROJR]RWWViJiW OpQHJHV WXODMGRQViJQDN DNNRU D] O NpN pV D WiPOiN HJ RV]WiOED VRUROKDWyNOHWWHNYROQD  0e51g.,02(//(=e6 V]pNOiEDN W $ H % H & H O}NpN WiPOiN W W ; I < I + J . J iEUD6]pNREMHNWXP|U|NO GpVGLDJUDPMD HJHGLWXODMGRQViJRN HHJHQHVV]pNOiE INHPpQO NH JNHPpQWiPOD HIDUDJRWWV]pNOiE IYiV]RQO NH JKDMOtWKDWyWiPOD H;DODN~V]pNOiE $]|VV]HIJJpVGLDJUDPpVD]|U|NOpVGLDJUDPQDJRQKDVRQOyQDNW QLN$NO|QEVpJ N|]|WWN D GLDJUDPRN FpOMDLEDQ YDQ 0tJ D] |VV]HIJJpVGLDJUDP D] RV]WiORN pV REMHNWXPRN HJPiVKR] YDOy NDSFVRODWiW PXWDWMD FpOMD D] DEV]WUDNFLy PHQHWpQHN

PHJMHOHQtWpVHDGGLJD]|U|NOpVGLDJUDPDWXODMGRQViJRNN|]|WWL|VV]HIJJpVWDGMDPHJ D N|]|V WXODMGRQViJRN KDWiViW tUMD OH D KLHUDUFKLiEDQ DOiEE OpY NUH $] |VV]HIJJpV GLDJUDPpVD]|U|NOpVGLDJUDPWHKiWHOOHQNH] LUiQEyON|]HOtWLPHJXJDQD]W(]D WpQOHKHW VpJHWDGD]HOOHQ U]pVUHDKLEiNV]iPiQDNFV|NNHQWpVpUH $]|U|NO GpVDKR]]iWDUWR]iVNDSFVRODWRNPHQWpQKDW $]REMHNWXPRNKiOyGLDJUDPMD $] REMHNWXPRN N|]|WWL NDSFVRODWRN UHQGV]HUpW D KiOyGLDJUDP WDUWDOPD]]D $ KiOy GLDJUDPEDQDGMXNPHJDNDSFVRODWRNDNWLYL]iOyGiViQDNDVRUUHQGMpW 3pOGiXO D PpUQ|NL JDNRUODWEDQ D KiOyGLDJUDP PHJIHOHOWHWKHW  HJ WHUPpN WHUYH]pVpQHN SO D EHWRQ NHYHUpV HVHWpQ LWW DGMXN PHJ KRJ PLOHQ DGDOpNDQDJRNDW pV PHQQLW NHOO |VV]HNHYHUQL PHQQL pV PLOHQ FHPHQWWHOpVPHQQLYt]]HO   0e51g.,02(//(=e6 iEUD2EMHNWXPKiOyGLDJUDPiOWDOiQRVDODNMD $V]pNREMHNWXPDLUDYRQDWNR]yKiOyGLDJUDPRN (J HJHQHV OiE~ NHPpQ O NpM  pV NHPpQ

KiWWiPOiM~  OiE~ V]pN KiOyGLDJUDPMD HJ V]pNQHN  OiED YDQ tJ D] $ REMHNWXP V]HU V]HUHSHO  iEUD(JHJHQHVOiE~NHPpQO NpM pVNHPpQKiWWiPOiM~OiE~V]pNKiOy GLDJUDPMD iEUD(JIDUDJRWWOiE~NHPpQO NpM NHPpQKiWWiPOiM~OiE~V]pNKiOy GLDJUDPMD  0e51g.,02(//(=e6 (J ; OiE~ YiV]RQ O NpM  pV YiV]RQ KiWWiPOiM~ V]pN NHPSLQJ V]pN KiOyGLDJUDPMD DNHPSLQJV]pNQHN;DODN~OiEDYDQ  iEUD(J;OiE~YiV]RQO NpM pVYiV]RQKiWWiPOiM~V]pN NHPSLQJV]pN KiOy GLDJUDPMD DNHPSLQJV]pNQHN;DODN~OiEDYDQ gVV]HIRJODOYD $] REMHNWXPWiUJDN V]HPpOHN IRJDOPDN HJHGL HO IRUGXOiVD 9DQQDN WXODMGRQViJDL |U|NO G  pV HJHGL WXODMGRQViJRN  $] REMHNWXPRNNDO P YHOHWHNHW YpJ]QN $] REMHNWXPRNiOWDOiEDQRV]WiOEDVRUROKDWyN$]REMHNWXPRNpVD]RV]WiORNNDSFVRODWRN VHJtWVpJpYHOUHQGV]HUH]KHW N  0RGHOO $ PHJILJHOpVHN DODSMiQ PHJiOODStWMXN KRJ D] HOKDQDJROiVRN XWiQ PLOHQ

REMHNWXPRNNDOD]RNPHORV]WiODLYDOPLOHQWXODMGRQViJDLYDOPLOHQNDSFVRODWRNNDO pV D NDSFVRODWRNRQ KDWy PLOHQ P YHOHWHNNHO tUMXN OH D PHJILJHOW MHOHQVpJHW (]W QHYH]LNPRGHOOQHN9DJLVDPRGHOODPHJILJHOWUHQGV]HUWOHV] NtWL $ PRGHOO IHOiOOtWiViQDN pV KDV]QiODWiQDN D] D FpOMD KRJ HJ YDOyViJRV UHQGV]HU P N|GpVpWN|]HOtWpVHNNHOOHWXGMXNtUQL 7HUPpV]HWHVHQ D] HOKDQDJROiVRN PLDWW QHP OHKHW SRQWRVDQ HO UH MHOH]QL D YDOyViJRV UHQGV]HU YLVHONHGpVpW (]pUW D IHOiOOtWRWW PRGHOOW PLQGLJ HOOHQ UL]QL NHOO D PRGHOO DODSMiQHO UHMHO]HWWYLVHONHGpVW|VV]HNHOOYHWQLDYDOyViJRVUHQGV]HUYLVHONHGpVpYHO(]W iOWDOiEDQ NRUiEEL WDSDV]WDODWRN pVYDJ NtVpUOHWHN DODSMiQ OHKHW PHJWHQQL (] D YLVV]DFVDWROiVD]pUWIRQWRVKRJPHJJ ] GMQN DUUyO YDMRQ D] HOKDQDJROiVRN VRUiQ OpQHJWHOHQQHNJRQGROWREMHNWXPRNH]HNWXODMGRQViJDLYDJDNDSFVRODWRNN|]|WWQHP YROWHOpQHJHV .O|QE|]  PRGHOOHNU O EHV]pOKHWQN DV]HULQW KRJ D PRGHOO PLOHQ

V]DNWHUOHWUH YRQDWNR]LN pV DV]HULQW KRJ D] DGRWW WHUOHWHQ D UHQGV]HU YLVHONHGpVpQHN PLOHQ MHOOHP] LWDNDUMXNNLHPHOQLËJDUHQGV]HUWOHtUyPRGHOO²DUHQGV]HUPRGHOO²W|EE iOWDOiEDQ KiURP NRPSRQHQV PRGHOOE O WHY GLN |VV]H D] REMHNWXP PRGHOOE O D IXQNFLRQiOLVPRGHOOE OpVDGLQDPLNXVPRGHOOE O  0e51g.,02(//(=e6 2EMHNWXPPRGHOO 2EMHNWXP PRGHOOEHQ tUMXN OH HJ UHQGV]HUEHQ OpY  REMHNWXPRN pV RV]WiORN VWDWLNXV UHQGV]HUpWpVNDSFVRODWDLW|U|NO G WXODMGRQViJRNUHQGV]HUpW $]REMHNWXPPRGHOOWDUWDOPD]]DD]REMHNWXPGLDJUDPRNDW $ PLQWDIHODGDWEyO LV OiWKDWy KRJ D VRN GLDJUDP N|]|WW QHKp] HOLJD]RGQL HJHV GLDJUDPRNQHPPRQGDQDNVRN~MDWH]pUWV]NVpJHVHJH]HNHW|VV]HIRJyUHQGV]HU$] REMHNWXP PRGHOO D] REMHNWXP GLDJUDPRNQiO |VV]HYRQWDEE PyGRQ PXWDWMD PHJ D] |VV]HIJJpVHNHW HOV VRUEDQ D] RV]WiORN UHQGV]HUpW pV D] RV]WiORN N|]|WWL NDSFVRODWRNDWYLOiJtWMDPHJ $] REMHNWXP PRGHOO HJ JUiI DPHOQHN

FVRPySRQWMDLQ YDQQDN D] RV]WiORN pOHL D] RV]WiORNN|]|WWLNDSFVRODWRNDWMHOHQWLN $ UHQGV]HU IHOpStWpVpQpO D] REMHNWXP PRGHOOEH D] RV]WiORNRQ IHOO D NXOFV V]HUHSHW MiWV]yYDJRV]WiOEDQHPWDUWR]yREMHNWXPRNpVH]HNQHNNDSFVRODWDLLVEHNHUOKHWQHN D JUiI FVRPySRQWMDLED LOOHWYH pOHLKH] $] iWWHNLQWKHW VpJHW D]RQEDQ VHJtWL KD HOV VRUEDQ D] RV]WiORNUD YRQDWNR]y |VV]HIJJpVHN V]HUHSHOQHN D] REMHNWXP PRGHOOEHQ -HO|OpV RV]WiOMHOH NDSFVRODWMHOH iEUD0LQWDD]REMHNWXPPRGHOOMHO|OpVPyGMiUD )XQNFLRQiOLVPRGHOO $ UHQGV]HU REMHNWXPDL pV RV]WiODL D NDSFVRODWRN UpYpQ P YHOHWHNHW YpJH]QHN HJ IHODGDWRW KDMWDQDN YpJUH $ IXQNFLRQiOLV PRGHOOHO HQQHN D IHODGDWYpJUHKDMWiVQDN D IRODPDWiW DGMXN PHJ $ IHODGDWYpJUHKDMWiV ORJLNDL HJVpJH D] HOMiUiV SURFHVV  $ IHODGDWYpJUHKDMWiV VRUiQ D] HOMiUiVRN N|]|WW LQIRUPiFLy pVYDJ DQDJ pVYDJ HQHUJLD

DGyGLNiWiUDPOLN$IHODGDWYpJUHKDMWiVVRUiQD]LQIRUPiFLyWW|EEV]|UWiUROQL NHOO 3pOGiXO HJ GLiN tUiVEHOL pV V]yEHOL YL]VJiW WHV] LQIRUPDWLNiEyO $] tUiVEHOL YL]VJiMiQDN DQDJD pV SRQWV]iPD LQIRUPiFLy  EHNHUO D  0e51g.,02(//(=e6 V]yEHOLUH$YL]VJi]WDWiV HOMiUiV  HUHGPpQpW EHtUMiN D YL]VJDODSUD pV D OHFNHN|QYEH WiUROiV  $ IXQNFLRQiOLV PRGHOO HJ RODQ JUiI DPHOQHN FVRPySRQWMDL D] HOMiUiVRNDW pVYDJ WiUROiVRNDWMHOHQWLNpOHLD]LQIRUPiFLypVYDJDQDJiUDPOiViQDNLUiQDLWWDUWDOPD]]iN -HO|OpV (] D IRUPDOL]PXV DGDWIRODP iEUD  FVDN HJ D VRN NO|QE|]  UHSUH]HQWiFLyV IRUPD N|]O 0LQWDDIXQNFLRQiOLVPRGHOOMHO|OpVPyGMiUD 9,*<È=$7REMHNWXPEDQYpJ] GLNpVD] REMHNWXPPRGHOOHO|VV]KDQJEDQNHOOKRJOHJHQ  iEUD0LQWDDIXQNFLRQiOLVPRGHOOMHO|OpVPyGMiUD LQDPLNXVPRGHOO $GLQDPLNXVPRGHOO iOODSRWiWPHQHWiEUD DUHQGV]HUWD]LG EHOLYiOWR]iVV]HPSRQWMiEyO tUMDOH $GRWWLG

SRQWEDQDUHQGV]HUREMHNWXPDLRV]WiODLpVMHOOHP] LNDSFVRODWDLpVMHOOHP] L HJ KHO]HWHW HJ iOODSRWRW tUQDN OH +D D] REMHNWXPRN H]HN MHOOHP] L NDSFVRODWRN H]HN MHOOHP] L N|]O P YHOHWHN KDWiViUD HJ YDJ W|EE PHJYiOWR]LN DNNRU HJ HVHPpQ N|YHWNH]HWW EH D UHQGV]HU iOODSRWD PHJYiOWR]LN $ PHJYiOWR]RWW iOODSRW~ UHQGV]HU PiVNpSS IRJ YLVHONHGQL ,VPHUQL NHOO D]W D IHOWpWHO UHQGV]HUW DPHOQHN WHOMHVOpVH HVHWpQ D] HVHPpQ EHN|YHWNH]LN pV LVPHUQL NHOO D] HVHPpQ EHN|YHWNH]pVpQHNKDWiViW 3pOGiXOHJWDUWyUXJDOPDViOODSRWEDQYDQ pS 2ODQQDJWHUKHWWHV]QN Ui HVHPpQ  KRJ D WDUWy PHJUHSHG $ EHUHSHGW WDUWy ~MDEE WHKHUUH PiVNpSSIRJYLVHONHGQL PHJYiOWR]RWWiOODSRW   0e51g.,02(//(=e6 $ GLQDPLNXV PRGHOO HJ RODQ JUiI DPHOQHN FVRPySRQWMDLQ D] HJHV iOODSRWRN YDQQDN pOHLQ SHGLJ D] HJHV iOODSRWRN N|]|WWL iWPHQHWHN DPHOHNHW HVHPpQHN RNR]QDN -HO|OpV UHQGV]HUiOODSRW HVHPpQ IHOWpWHOUHQGV]HU KDWiV

iOODSRW IHOWpWHO IHOW KDWiV KDWiV iOODSRW iEUD0LQWDDGLQDPLNXVPRGHOOMHO|OpVPyGMiUD gVV]HIRJODOiV $ KiURPIpOH PRGHOO NO|QE|]  IHODGDWRNDW OiW HO D] REMHNWXP PRGHOO D UHQGV]HU VWDWLNXViOODSRWiWDIXQNFLRQiOLVPRGHOOUHQGV]HUHJDGRWWiOODSRWEDQYDOyP N|GpVpWD GLQDPLNXVPRGHOODUHQGV]HUiOODSRWYiOWR]iVDLWDGMDPHJ$]REMHNWXPDIXQNFLRQiOLV pV D GLQDPLNXV PRGHOO HJWWHVH DGMD HJ UHQGV]HU WHOMHV PRGHOOMpW D UHGV]HUPRGHOOW $ UHQGV]HUPRGHOO iOWDOiEDQ HJ V]DNWHUOHWHW MHO|O NL DPHOHW D UHQGV]HUPRGHOOE O OHYRQKDWyN|YHWNH]WHWpVEHQMHO|OQNPHJ  eStW PpUQ|NLIHODGDWRNRV]WiOR]iVDpVPRGHOODONRWiVDL $]pStW PpUQ|NLJDNRUODWEDQHO IRUGXOyIHODGDWRNDWI FVRSRUWEDOHKHWVRUROQL  P V]DNL IHODGDWRN SO PHFKDQLNDL GLQDPLNDL KLGUROyJLDL V]iPtWiVRN VWE  pStWpV]HWLNLDODNtWiVRNUpWHJHOUHQGH]pVHNVWE   JD]GDViJLIHODGDWRN SONLYLWHOH]pVV]HUYH]pVYiOODONR]iVRNQLOYiQWDUWiVDLYH]HW N G|QWpVHLWHO

NpV]tW V]iPtWiVRNVWE   N|UQH]HWLKDWiVRNILJHOHPEHYpWHOH 7HUPpV]HWHVHQ D IHQWL IHODGDWRN QHP YiOQDN HO pOHVHQ HJPiVWyO HJPiVUD LV KDWiVVDO YDQQDN 3pOGiXOHJFVDOiGLKi]pStWpVHNRUHONHOOYpJH]QLDVWDWLNDLV]iPtWiVRNDW DKi] I WpVpUH YRQDWNR]y V]iPtWiVRNDW VWE 8JDQDNNRU HJiOWDOiQ QHP N|]|PE|VD]pStW QHNKRJD Ki] PHQQLEH IRJ NHUOQL $ V]iPtWiVRN  0e51g.,02(//(=e6 EHIROiVROMiN D] pStWpVKH] V]NVpJHV DQDJ HQHUJLD VWE N|OWVpJHNHW D UHQGHONH]pVUH iOOy SpQ] SHGLJ PHJKDWiUR]]D KRJ PLOHQ GUiJD DQDJRNDW KDV]QiOKDW IHO D] pStW  1HP HOKDQDJROKDWy D Ki] WiMROiVD EHQDSR]RWWViJD VHP GH PHJ NHOO YL]VJiOQL KRJ SpOGiXO D] DODSR]iV PLDWWDWDODMYt]V]LQWYLV]RQRNKRJIRJQDNDODNXOQL $P V]DNLIHODGDWRNPHJROGiViQiODPRGHOODONRWiVWWRYiEENHOOIROWDWQL$NLDODNtWRWW REMHNWXP IXQNFLRQiOLV pV GLQDPLNXV PRGHOO HJWWHVH D UHQGV]HUPRGHOO P V]DNL

IHODGDWRNHVHWpQiOWDOiEDQDIL]LNDDNpPLDN|]JD]GDViJWDQVWEHJHVWHUOHWHLUHPXWDW (]WDWpQWDUHQGV]HUPRGHOOE OOHYRQKDWyN|YHWNH]WHWpVEHQPRQGWXNNL6]NVpJYDQD UHQGV]HUPRGHOO IRJDOPDLQDN RV]WiODLQDN REMHNWXPDLQDN WXODMGRQViJDLQDN NDSFVRODWDLQDNVWE D]DGRWWV]DNWHUOHWQHNPHJIHOHO IRJDOPDLYDOYDOy|VV]HYHWpVpUH $JDNRUODWEDQH]D]|VV]HYHWpVVRNV]RUQHPWXGDWRV$]HJHVV]DNWiUJDNPRGHOOMHL RODQ PpOHQ EHLYyGWDN D PpUQ|N WXGDWiED KRJ HJ OpWHVtWPpQW OiWYD YDJ HONpS]HOYH D]RQQDO D IL]LNDL  NpPLDL  N|]JD]GDViJL PRGHOOUH DVV]RFLiO (] D JRQGRONRGiVPyG D]W D YHV]pOW UHMWL PDJiEDQ KRJ QHP WXGDWRVXO D PpUQ|NEHQ D] KRJPLOHQWXODMGRQViJRNHOKDQDJROiViYDOMXWRWWD]DGRWWPRGHOOKH]pVN|QQHQURVV] PRGHOOWYiODV]WKDW 3pOGiXOYDODNLUiQp]D6]DEDGViJKtGUDpVD]RQQDODJHUEHUWDUWyMXWHV]pEH KHOHV PRGHOOYiODV]WiV  +D D KtGUD UiQp]YH D NpWWiPDV]~ UiFVRV WDUWy PRGHOOMXWHV]pEH²DPLUiQp]pVUHMyQDNW Q

PRGHOO²DNNRUWpYHGHWW (QQHNDWpYHGpVQHNV]DNPDLODJV~ORVN|YHWNH]PpQHLOHKHWQHN $] pStW PpUQ|NL JDNRUODWEDQ HO IRUGXOy IHODGDWRN MHOHQW V UpV]H D IL]LND WHUOHWpUH YRQDWNR]LNH]pUWSpOGDNpQWDWRYiEELDNEDQFVDNH]]HOD]HVHWWHOIRJODONR]XQN  )L]LNDLPRGHOO $ NLDODNtWRWW REMHNWXPRNDW PHJIHOHOWHWMN D] DGRWW V]DNWHUOHW REMHNWXPDLQDN $] REMHNWXPRN WXODMGRQViJDLW LV |VV]HYHWMN D] DGRWW V]DNWHUOHWHQ LVPHUW REMHNWXPRN WXODMGRQViJDLYDO 3pOGiXO HJ KtGRQ iWPHJ HJ DXWy REMHNWXP  $] DXWyQDN YDQ V~OD WXODMGRQViJ  $ PHFKDQLNiEDQ D V~ORV DXWyQDN PHJIHOHO  REMHNWXP D KtGUDKDWyNRQFHQWUiOWHU $]HU OHV]DIL]LNDLPRGHOOREMHNWXPDHQQHN WXODMGRQViJDLD]HU LUiQDpVQDJViJD $] REMHNWXPRN pV WXODMGRQViJDLN PHJIHOHOWHWpVHNRU iOWDOiEDQ ~MDEE HOKDQDJROiVRNDW WHV]QN DPLW D V]DNWHUOHW NtYiQ PHJ $] HJHV REMHNWXPRN WXODMGRQViJDLQDN H]HQ D V]LQWHQW|UWpQ

~MDEEHOKDQDJROiViWDV]DNWHUOHWHNHQiOWDOiEDQIHOWpWHOH]pVQHNQHYH]LN 9LJi]QL NHOO DUUD QHKRJ D V]DNWHUOHWKH] YDOy DONDOPD]NRGiV VRUiQ OpQHJHV WXODMGRQViJRNDWKDQDJROMXQNHOPHUWHNNRUDPRGHOOWHOMHVHQKDPLVNpSHWDGKDW 3pOGiXO D KtG |QW|WW YDVEyO pSOW /HJHQ D] REMHNWXP D YDV WXODMGRQViJD KRJ |QW|WW $] |QW|WWYDV V]pQ]iUYiQRNDW WDUWDOPD]  $ WRYiEELDNEDQ D V]LOiUGViJWDQEDQ NLGROJR]RWW PRGHOOHNNHO V]HUHWQpQN GROJR]QLtJIHOWHVV]NKRJDKtG|QW|WWYDVDQDJDKRPRJpQL]RWUyS (OKDQDJROMXNDV]pQ]iUYiQRNKDWiViW  0e51g.,02(//(=e6 7HNLQWVQN HJ YDVEHWRQ KLGDW +D D WRYiEELDNEDQ D]pUW KRJ D V]LOiUGViJWDQEDQ NLGROJR]RWW PRGHOOHNNHO GROJR]KDVVXQN IHOWHVV]N KRJDKtGYDVEHWRQDQDJDKRPRJpQpVL]RWUySKLEiWN|YHWQNHO $ NLDODNtWRWW RV]WiORN pV NDSFVRODWRN iOWDOiEDQ PHJIHOHOWHWKHW N D V]DNWHUOHW LURGDOPiEyOLVPHUWRV]WiORNQDNpVNDSFVRODWRNQDN 6RN HVHWEHQ D] HJHV V]DNWHUOHWHNHQ QpKiQ REMHNWXP

pV D N|]|WWN OpY  iOODQGyDQ YHON HJWW V]HUHSO  NDSFVRODWRN PiU |VV]HIRUUWDN tJ H]HN PiU N|]|V QpYHQ ~M REMHNWXPQpYHQV]HUHSHOQHNDIL]LNDLPRGHOOEHQ 3pOGiXO D NpWWiPDV]~ WDUWy HJ JHUHQGiEyO pV NpW PHJWiPDV]WiVEyO iOO (JHJ PHJWiPDV]WiVVDO NDSFVROyGLN NpW PiVLN REMHNWXPKR] $ NDSFVRODWRN WXODMGRQViJD D] KRJ D] HJLN J|UJ V D PiVLN FVXNOyV $ NpWWiPDV]~ WDUWy IRJDOPiED EHOHpUWMN PLQG D JHUHQGiW PLQG D NDSFVRODWDLW H]HN WXODMGRQViJDLYDO HJWW H] OHV] D IL]LNDL PRGHOO REMHNWXPD $ VRNV]RU HO IRUGXOy UHQGV]HUPRGHOOHNQHN D V]DNWHUOHW ~MDEE HOQHYH]pVW DG $ OHJJDNRULEE HVHWEHQ D NLDODNtWRWW UHQGV]HUPRGHOOW PHJIHOHOWHWMN D V]DNWHUOHW PiU NLGRJR]RWWPRGHOOMpQHN 3pOGiXOHJYi]DVpSOHWIL]LNDLPRGHOOMHNHUHWV]HUNH]HW gVV]HIRJODOYD D UHQGV]HUPRGHOO NLMHO|OL D V]DNWHUOHWHW $ V]DNWHUOHWQHN NLGROJR]RWW PRGHOOMHL YDQQDN $ IHODGDW OHJW|EE HVHWEHQ D UHQGV]HUPRGHOO PHJIHOHOWHWpVH

D V]DNWHUOHW PiU HONpV]OW PRGHOOMpQHN (] D PHJIHOHOWHWpV ~MDEE WXODMGRQViJRN HOKDQDJROiViWLJpQOLDPLWIHOWpWHOH]pVQHNQHYH]QN $PHQQLEHQ RV]WiORN REMHNWXPRN H]HN WXODMGRQViJDL NDSFVRODWDL VWE QHP IHOHOWHWKHW N PHJ D] ~MDEE HOKDQDJROiVRN pV |VV]HYRQiVRN XWiQ VHP D V]DNWHUOHW IRJDOPDLQDNDNNRU YDJURVV]N|YHWNH]WHWpVWYRQWXQNOHpVPiVV]DNWHUOHWWHONHOOHWWYROQDD PHJIHOHOWHWpVWHONpV]tWHQL YDJYLVV]DNHOOWpUQLDPHJILJHOpVHNKH]pV~MUDNHOONH]GHQLDPRGHOODONRWiVRNDW +D QHP VLNHUOW WDOiOQL D V]DNWHUOHWHQ PiU NLGROJR]RWW PRGHOOW DNNRU D V]DNWHUOHW IRJDOPDLYDOIHOtUMXND]REMHNWXPIXQNFLRQiOLVpVGLQDPLNXVPRGHOOW(]HNHJWWHVH DGMDDIHODGDWIL]LNDLPRGHOOMpW $ IL]LNDL PRGHOO DODSMiQ N|YHWNH]WHWpVW YRQXQN OH DPHOOHO HOG|QWMN KRJ PLOHQ IL]LNDL NpPLDL VWE HOPpOHWHN DONDOPD]KDWyN 9pJO G|QWQN KRJ D WRYiEELDNEDQ PHOHOPpOHWDODSMiQIRJXQNGROJR]QL (OV  OiWiVUD LJHQ HOWpU 

IHODGDWRN YH]HWKHWQHN XJDQDUUD D IL]LNDL PRGHOOUH LOOHWYH D] HOKDQDJROiVRN NO|QE|] VpJH PLDWW XJDQDKKR] D IHODGDWKR] HJpV]HQ PiV IL]LNDL PRGHOOHNNDSFVROKDWyN 3pOGiXO D UXJDOPDV DOiWiPDV]WiV~ JHUHQGD IL]LNDL PRGHOOMpKH] YH]HWKHW HJ SRQWRQKtG UHQGV]HUPRGHOOMH pV HJ Ki] ViYDODSMiQDN UHQGV]HUPRGHOOMH  0e51g.,02(//(=e6 (J Ki] ViYDODSMiQDN UHQGV]HUPRGHOOMpKH] HJHV HVHWHNEHQ D UXJDOPDV DOiWiPDV]WiV~ WDUWy PiV HVHWEHQ D W|EEWiPDV]~ WDUWy VWE IL]LNDL PRGHOOMpWUHQGHOKHWMN $IL]LNDLPRGHOONLDODNtWiVDNRUPiU~MDEEPHJILJHOpVHNHWQHPOHKHWIHOKDV]QiOQLpVD IL]LNDL PRGHOODONRWiVW EH]iUyDQ PLQGHQ PHJILJHOpVW ILJHOHPEH NHOO YHQQL $PHQQLEHQ PpJLV ~M PHJILJHOpVHNUH OHQQH V]NVpJ DNNRU YLVV]D NHOO OpSQL D UHQGV]HUPRGHOONLDODNtWiViKR] 0LYHO D IL]LNDL PRGHOO NLDODNtWiViW D V]DNWHUOHW HU VHQ PHJKDWiUR]]D D V]DNWHUOHW LVPHUHWH QpONO WRYiEEL iOWDOiQRV ~WPXWDWiVW QHP WXGXQN DGQL D IHQW OHtUW

JRQGRODWPHQHWHWD]HJHVV]DNWHUOHWHNQHNPHJIHOHO HQNHOOYpJLJYLQQL 0DWHPDWLNDLPRGHOO $ YiODV]WRWW V]DNWiUJL HOPpOHW iOWDOiEDQ D PDWHPDWLND V]DNWiUJUD YRQDWNR]y HUHGPpQHLUHPXWDW 6]NVpJ YDQ D V]DNWiUJLPRGHOO IRJDOPDLQDN RV]WiODLQDN REMHNWXPDLQDN WXODMGRQViJDLQDN NDSFVRODWDLQDN VWE  D] DGRWW PDWHPDWLNDL WHUOHWQHN PHJIHOHO IRJDOPDLYDOYDOy|VV]HYHWpVpUH $ JDNRUODWEDQ H] D] HJH]WHWpV VRNV]RU QHP WXGDWRV D] HJHV V]DNWiUJL PRGHOOHN JDNUDQPiU|VV]HIRUUWDNDPDWHPDWLNDLHV]N|]|NNHOIHOiOOtWRWWPHJROGyPyGV]HUHNNHO  $ PDWHPDWLNDL PRGHOO YiODV]WiVD YDJ IHOiOOtWiVD ~MDEE IHOWpWHOH]pVHNHW LJpQHO (] D JRQGRONRGiVPyGD]WDYHV]pOWUHMWLPDJiEDQKRJQHPWXGDWRVXODIHOKDV]QiOyEDQD] KRJ PLOHQ WXODMGRQViJRN HOKDQDJROiViYDO MXWRWW D] DGRWW PDWHPDWLNDL PRGHOOKH] pV N|QQHQURVV]PHJROGiVWYiODV]WKDW 3pOGiXO HJ |QV~OODO WHUKHOW N|WpO HJHQV~OL DODNMiW DNDUMXN PHJKDWiUR]QL +D D] tYKRVV] |VV]HIJJpVpEHQ D]

HJHQV~OL DODN HOV GHULYiOWMiW HOKDQDJROMXN DNNRU D UXJDOPDV YRQDO GLIIHUHQFLiOHJHQOHWpW NHOOPHJROGDQXQN(]N|QQ GHD]HUHGPpQWHOMHVHQKDPLVOHV]PHUW D]]DO D PDWHPDWLNDL IHOWpWHOH]pVVHO KRJ D] HOV  GHULYiOWDW D] tYKRVV] |VV]HIJJpVpEHQ QXOOiQDN WHNLQWHWWN D N|WpO PHJQ~OiViEyO V]iUPD]y KDWiVWKDQDJROWXNHOH]SHGLJHEEHQD]HVHWEHQQHPPHJHQJHGHWW 6RNV]RU ² D PDWHPDWLNDL PRGHOO PHJDONRWiVDNRU ² IL]LNDL pUWHOHPPHO QHP EtUy IHOWpWHOH]pVHNHWWHV]QNDPHJROGKDWyViJpUGHNpEHQ 3pOGiXO HJ V]HUNH]HW DODNMiW VRN HVHWEHQ QHP WXGMXN HJ]DNW PyGRQ PDWHPDWLNDLODJ IJJYpQNpQW PHJDGQL YDJ D WpQOHJHV DODNRW PHJKDWiUR]yIJJYpQIHOtUiVDpVKDV]QiODWD VRN HVHWEHQ LJHQ ERQROXOW OHQQH H]pUW HJ N|]HOtW  IJJYpQUHQGV]HUW SpOGiXO HJ /DJUDQJH SROLQRPUHQGV]HUWKDV]QiOXQN /HJJDNRULEE IHOWpWHOH]pV D WDUWRPiQRN UpV]HNUH YDJLV NLVHEE WDUWRPiQRNUD HOHPHNUH  ERQWiVD D IHODGDW GLV]NUHWL]iOiVD $ IHODGDW PHJROGiViW

N|]HOtWMN D NLDODNtWRWW HOHPHNHQ PDMG D] HOHPHN |VV]HNDSFVROiViYDO D] DGRWW IHODGDW N|]HOtW PHJROGiViWKDWiUR]]XNPHJ  0e51g.,02(//(=e6 3pOGiXO HJ NpWWiPDV]~ WDUWy JHUHQGiMiW IHORV]WMXN NLVHEE UpV]HNUH HOHPHNUHH]HNHWPHUHYWHVWHNQHNNpS]HOMNpVUXJyNNDO|VV]HNDSFVROMXN DKRO D UXJyiOODQGyNDW D JHUHQGD PHUHYVpJpE O KDWiUR]]XN PHJ $ NpWWiPDV]~WDUWyDGRWWWHKHUUHW|UWpQ OHKDMOiViWPHUHYWHVWHNE OUXJyNNDO |VV]HNDSFVROWV]HUNH]HWOHKDMOiViYDON|]HOtWMN (]HNDWpQHNLQGRNROMiNKRJPRGHOOMHLQNHWWRYiEENHOOIHMOHV]WHQLpVD PDWHPDWLND WiUJN|UpE O LVPHUW RV]WiORN REMHNWXPRN WXODMGRQViJRN NDSFVRODWRN VWE IRJDOPDLYDO NHOO |VV]HYHWQL D] iOWDOXQN NLDODNtWRWW V]DNWiUJLPRGHOOIRJDOPDLW $ PDWHPDWLNDL PRGHOO DONRWiV YpJHUHGPpQH iOWDOiEDQ D PDWHPDWLNiEDQ PHJV]RNRWW IRUPDOL]PXVVDOW|UWpQLN 9DQQDN RODQ HVHWHN DPLNRU D IL]LNDL REMHNWXP WXODMGRQViJiQDN QHP WXGXQN PHJIHOHOWHWQL PDWHPDWLNDL REMHNWXP WXODMGRQViJRW

PHUW H]HNHW D WXODMGRQViJRNDW D PDWHPDWLNDLPRGHOOEHpStWYHWDUWDOPD]]DDPDWHPDWLNDLPRGHOOYiODV]WiVDEL]WRVtWMDD IL]LNDL REMHNWXP NpUGpVHV WXODMGRQViJiW $]RN D WXODMGRQViJRN PDUDGQDN PHJ D PDWHPDWLNDLPRGHOOEHQDPHOHNHWDPRGHOOYiODV]WiVVDOQHPN|W|WWQNPHJ $PLQWDSpOGiEDQHUUHDOpSpVUHW|EEKHOHQIHOKtYMXNDILJHOPHW )RQWRVPHJMHJH]QLKRJDNDSFVRODWRNV]LPPHWULNXVYDJDV]LPPHWULNXVWXODMGRQViJD D PDWHPDWLNDL PRGHOOQpO UHOiFLyYi YiOLN iOWDOiEDQ D V]LPPHWULNXV NDSFVRODWQDN HJHQO VpJD]DV]LPPHWULNXVQDNHJHQO WOHQVpJ SOHO MHONRUOiW IHOHOWHWKHW PHJ $ PDWHPDWLNDL PRGHOO IHOiOOtWiVD VRUiQ G|QWHQL NHOO KRJ D IHODGDWRW QXPHULNXV YDJ QHPQXPHULNXVPyGV]HUUHONtYiQMXNHPHJROGDQL $ QXPHULNXV P V]DNL V]iPtWiVRNEDQ D OHJW|EE HVHWEHQ H] D] HOPpOHW OLQHiULV YDJ QHPOLQHiULV HJHQOHW UHQGV]HU  PHJROGiViUD GLIIHUHQFLiOHJHQOHW UHQGV]HU PHJROGiViUD IHOWpWHO QpONOL YDJ IHOWpWHOHV V]pOV pUWpN NHUHVpVUH VWE YH]HW $

OHJJDNUDEEDQKDV]QiOWHOMiUiVRNHJHVOpSpVHLYHODP~OWIpOpYEHQIRJODONR]WDN $QHPQXPHULNXVP V]DNLV]iPtWiVRNNO|QE|] NHUHVpVLHOMiUiVRNRQDODSXOQDN(]HQ HOMiUiVRNDODSJRQGRODWDD,,,IHMH]HWEHQWDOiOKDWy 3pOGiXO D V]DNpUW L UHQGV]HUHN G|QWpVLUiQ WiVL UHQGV]HUHN DODSMD LV iOWDOiEDQ YDODPLOHQ PHJDGRWW VWUXNW~UD QHPQXPHULNXV V]DEiORN V]HULQWLEHMiUiVD gVV]HIRJODOYD D V]DNWiUJL PRGHOO NLMHO|OL D PDWHPDWLND HJ YDJ W|EE WHUOHWpW DPHOHN N|]O YiODV]WDQL NHOO $ PDWHPDWLNiEDQ NLGROJR]RWW PRGHOOHN iOOQDN UHQGHONH]pVUH $ IHODGDW OHJW|EE HVHWEHQ D V]DNWiUJL PRGHOO PHJIHOHOWHWpVH D PDWHPDWLND YDODPHOLN PiU HONpV]OW PRGHOOMpQHN (] D PHJIHOHOWHWpV iOWDOiEDQ ~MDEE WXODMGRQViJRNHOKDQDJROiViWLJpQOLDPLWIHOWpWHOH]pVQHNQHYH]QN $PHQQLEHQ RV]WiORN REMHNWXPRN H]HN WXODMGRQViJDL NDSFVRODWDL VWE QHP IHOHOWHWKHW N PHJ D] ~MDEE HOKDQDJROiVRN pV |VV]HYRQiVRN XWiQ VHP D PDWHPDWLND IRJDOPDLQDNDNNRU 

0e51g.,02(//(=e6 YDJURVV]N|YHWNH]WHWpVWYRQWXQNOHpVDPDWHPDWLNDPiVLNWHUOHWpYHONHOOHWWYROQD DPHJIHOHOWHWpVWHOYpJH]QL YDJYLVV]DNHOOWpUQLDEHYH]HW EHQLVPHUWHWHWWiEUDV]HULQW ÂDPHJILJHOpVHNKH]pVD]HOHMpU ONH]GYH~MUDIHONHOOiOOtWDQLDPRGHOOHNHW ÂPiVHVHWHNEHQHOHJHQG DV]DNWiUJLPRGHOOHNHW~MUDiWGROJR]QL +D QHP VLNHUOW WDOiOQL D PDWHPDWLND WHUOHWpQ PiU NLGROJR]RWW PRGHOOW DNNRU D PDWHPDWLND IRJDOPDLYDO IHOtUMXN D] REMHNWXP  IXQNFLRQiOLV  pV GLQDPLNXV PRGHOOW (]HNHJWWHVHDGMDDIHODGDWPDWHPDWLNDLPRGHOOMpW(JPDWHPDWLNDLPRGHOOIHOiOOtWiVD D]RQEDQ PiU NO|Q PDWHPDWLNDL WXGiVW LV LJpQHO H]HNEHQ D] HVHWHNEHQ D PpUQ|N iOWDOiEDQHJWWNHOOGROJR]]RQHJPDWHPDWLNXVVDO $PDWHPDWLNDLPRGHOODODSMiQN|YHWNH]WHWpVWYRQXQNOHDPHOiOWDOiEDQYDJDIHODGDW PDWHPDWLNDL PHJROGiViW WDUWDOPD]]D YDJ HJ YDJ W|EE QXPHULNXV YDJ QHP QXPHULNXV  HOMiUiVW MHO|O NL 8WyEEL HVHWEHQ HOG|QWMN KRJ PHOLN

HOMiUiVW IRJMXN DONDOPD]QL $ PDWHPDWLNDL PRGHOO IHOiOOtWiVD XWiQ D] HOMiUiV PHJYiODV]WiViQiO YiOLN V]pW D EHYH]HW EHQMHO]HWWIHODGDWWtSXVD]HOOHQ U]pVDWHUYH]pVYDJDV]DEiOR]iVIHODGDWD ,WW NHOO PHJDGQL KRJ PLW LVPHUQN pV PLW NHUHVQN PHUW HQQHN IJJYpQpEHQ NO|QE|]  PHJROGiVL PyGV]HUHNUH OHKHW V]NVpJ $] REMHNWXPRN LVPHUW WXODMGRQViJ pUWpNHLDGMiNDIHODGDWRNDGDWDLWD]LVPHUHWOHQWXODMGRQViJRNDIHODGDWLVPHUHWOHQHLW (OV  OiWiVUD LJHQ HOWpU  V]DNWiUJL PRGHOOHN YH]HWKHWQHN XJDQDUUD D PDWHPDWLNDL PRGHOOUH LOOHWYH D] HOKDQDJROiVRN NO|QE|] VpJH PLDWW XJDQDKKR] D V]DNWiUJL PRGHOOKH]HJpV]HQPiVPDWHPDWLNDLPRGHOOHNNDSFVROKDWyN 3pOGiXO HJ LYyYt] KiOy]DW QRPiVpUWpNHLQHN PHJKDWiUR]iVD HJ HOHNWURPRV KiOy]DW IHV]OWVpJHLQHN PHJKDWiUR]iVD HJ NHUHWV]HUNH]HW HOPR]GXOiVDLQDN V]iPtWiVD iOWDOiEDQ OLQHiULV HJHQOHWUHQGV]HU PHJROGiViYDOW|UWpQLN 8JDQH]HN D IHODGDWRN PHJROGiVD W|UWpQKHW OLQHiULV

HJHQOHWUHQGV]HU PHJROGiViYDOYDJNYDGUDWLNXVPDWHPDWLNDLSURJUDPR]iVVDOVWE $PDWHPDWLNDLPRGHOONLDODNtWiVDNRUFVDNDPRGHOOHNKLHUDUFKLiMiEDQHJJHOPDJDVDEE V]LQWHQ NLGROJR]RWW PRGHOO HUHGPpQHL KDV]QiOKDWyN IHO $PHQQLEHQ H] QHP OHQQH HOHJHQG DNNRUYLVV]DNHOOOpSQLDV]DNWiUJLPRGHOONLDODNtWiViKR]+DDIHODGDWQHP NtYiQWD PHJ V]DNWiUJL PRGHOO IHOiOOtWiViW DNNRU D UHQGV]HUPRGHOO HUHGPpQHLUH WiPDV]NRGLNDPDWHPDWLNDLPRGHOO ,WWYiOLNV]pWKRJDEHYH]HW EHQHPOtWHWWIHODGDWWtSXVN|]OPHOLNHWNHOOPHJROGDQL D]D]DIHOiOOtWRWWPRGHOOEHQPLWWHNLQWQNLVPHUHWOHQQHN  0e51g.,02(//(=e6  3URJUDPV]HUYH]pV $SURJUDPV]HUYH]pVDODSYHW WtSXVDL $]HONpV]OWDOSURJUDPRNDWREMHNWXPRNDWDV]NVpJHVDGDWEHYLWHOHNHWNLtUDWiVRNDWD] DGDWRN WiUROiViW |VV]KDQJED NHOO KR]QL ROPyGRQ KRJ D SURJUDP D] DGRWW IHODGDWRW KDMWVD YpJUH $ SURJUDP D WHV]WHOpV pV PHJEt]KDWy MDYtWiV pUGHNpEHQ iWWHNLQWKHW ÄN|QQHQROYDVKDWy´NHOOOHJHQ

$ SURJUDP V]HUYH]pVpW iOWDOiEDQ  DODSYHW  HOJRQGROiV DODSMiQ V]RNWiN PHJROGDQL D] DGDWNH]HOpV DGDWEi]LVNH]HOpV V]HUYH]pVpYHO D PRGXOiULV SURJUDPV]HUYH]pVVHO pV D] REMHNWXPRULHQWiOWSURJUDPV]HUYH]pVVHO $GDWNH]HOpVDGDWEi]LVV]HUYH]pV (OV VRUEDQ QDJ DGDWPHQQLVpJHNHW NH]HO  SURJUDPRN HVHWpQ KDV]QiOMXN $ SURJUDP V]HUYH]pVpW D] DGDWV]HUYH]pV G|QWL HO .O|Q DGDWEi]LVNH]HO  QHOYHNHW GROJR]WDN NL SO&OLSSHU G%DVH PD I OHJ 64/ VWE  $] HJHV DGDWV]HUNH]HWHN NH]HOpVH E YtWpV W|UOpVVWE XWDVtWiVV]LQWHQYDOyVXOPHJ $] DGDWEi]LVRN HVHWpQ W|EE NOV  WiUROyQ HOKHOH]HWW DGDWV]HUNH]HWHNHW HJV]HUUH W|EE SURJUDPLVKDV]QiOKDWNO|QE|] OHNpUGH]pVLV]HPSRQWRNV]HULQW$]DGDWEi]LVRNEDQD] DGDWRNDGDWFVRSRUWRNN|]|WWORJLNDLNDSFVRODWRNYDQQDN 0RGXOiULVSURJUDPV]HUYH]pV $ PRGXOiULV SURJUDPV]HUYH]pVW HOV VRUEDQ DUiQODJ NHYpV DGDWRW GH NRPSOLNiOW DOJRULWPXVWLJpQO

IHODGDWRNHVHWpQKDV]QiOXQN$]DGDWRNDGDWV]HUNH]HWHNV]HUYH]pVH pV D] DOSURJUDPRN V]HUYH]pVH HJPiVVDO FVDN OD]D NDSFVRODWEDQ YDQQDN 9DQQDN NLPRQGRWWDQ LQSXW RXWSXW IXQNFLyW HOOiWy DOSURJUDPRN GH PLQGHJLN DOSURJUDPQiO NO|QNHOOJRQGRVNRGQLDUUyOKRJDPHJIHOHO DGDWRNNDOP N|GM|Q $] HJHV DOSURJUDPRN D] HGGLJLHN V]HULQWL PyGRQ LQSXW RXWSXW P YHOHWHNNHO EHROYDVKDWQDNpVNLtUKDWQDNDGDWRNDWDGDWV]HUNH]HWHNHWNOV iOORPiQRNED $]HJHVDOSURJUDPRNDGDWiUDPOiVDW|UWpQKHW SDUDPpWHUOLVWiQ VWDFNWHUOHW  JOREiOLVGHNODUiFLyNNDO N|]|VDGDWWHUOHW  LQSXWRXWSXWP YHOHWHNNHO $OSURJUDPRNHJPiVKR]YDOyNDSFVRODWD $]DOSURJUDPRNKtYiVDW|UWpQKHWV]HNYHQFLiOLVDQYDJHJPiVEDiJD]YD $] DOSURJUDPRN HJPiVKR] YDOy NDSFVRODWiW D KtYiVRNNDO WHUHPWMN PHJ $] DOSURJUDPRNKtYiVLXWDVtWiVRNYDJXWDVtWiVRNEDQV]HUHSHOQHN(]pUWD]DOSURJUDPRNDW WDUWDOPD]y SURJUDP P N|GpVpQHN DOJRULWPXVD PHJIHOHOWHWKHW  D] DOJRULWPXVRNQiO

WDQXOWDNQDN8JDQD]D]DOSURJUDPW|EEV]|ULVKtYKDWy  0e51g.,02(//(=e6 $]DOJRULWPXVRNKR]KDVRQOyDQD]DOSURJUDPRNLVHJPiVEDiJD]KDWyND]D]HJPiVW LVKtYKDWMiN (JDOSURJUDP|QPDJiWLVKtYKDWMD(]WQHYH]LNUHNXU]LyQDN $OSURJUDPRNIXQNFLyV]HULQWLRV]WiOR]iVD $OHJJDNUDEEDQDN|YHWNH] PHJRV]WiVWV]RNWiNDONDOPD]QLD]DOSURJUDPRNIXQNFLyL N|]|WW 9H]pUO  DO SURJUDPWDUWDOPD]]DDJOREiOLVGHNODUiFLyNDWpVV]HUYH]LDW|EEL DOSURJUDPKtYiVDLW $YpJUHKDMWy DO SURJUDPEDQWDOiOKDWyNDUpV]IHODGDWYpJUHKDMWiViKR]V]NVpJHV DOJRULWPXVRNPHJYDOyVtWiVD  0e51g.,02(//(=e6 ,QSXWRXWSXWDOSURJUDPRNDNOV WiUROyNNDOW|UWpQ DGDWPR]JDWiVLIHODGDWRNDWOiWMiN HO 2EMHNWXPRULHQWiOWSURJUDPV]HUYH]pV $] REMHNWXPRULHQWiOW SURJUDPV]HUYH]pV D PRGXOiULV SURJUDPV]HUYH]pV WRYiEEIHMOHV]WpVHNpQW IHMO G|WW NL .O|QE|]  UpV]IHODGDWRNDW HOOiWy DOSURJUDPRN HJ IHODGDWRQ EHOO VRNV]RU XJDQD]RNDW D] DGDWRNDW pV DGDWV]HUNH]HWHNHW KDV]QiOMiN 6RN KLED

IRUUiVD OHKHW KD XJDQD]RNDW D] DGDWRNKR] W|EEV]|U NO|QE|]  DOSURJUDPRN NO|QE|]  PyGRQ pULN HO (]W HONHUOHQG  DODNXOW NL D] REMHNWXP PLQW SURJUDPR]iVL HJVpJ (QQHN IXQNFLyL pV WXODMGRQViJDL PHJHJH]QHN D V]HUYH]pVQpO OHtUW REMHNWXP WXODMGRQViJDLYDO ]iUWViJ|U|NO GpVW|EEDODN~ViJ  $] REMHNWXPRN PHJDGiVD LV ² D] HOMiUiVRNKR] pV D IJJYpQHNKH] KDVRQOyDQ ² WDUWDOPD]HJNXOFVV]yWpVHJHJHGLREMHNWXPQHYHW$]REMHNWXPOHtUyUpV]HNLE YO DPH] OLVWiYDOpVDPHWyGXVOLVWiYDO $ OHtUy UpV] PH] OLVWiMiEDQ D] REMHNWXPEDQ IHOKDV]QiOW DGDWV]HUNH]HWHNHW pV DGDWPH] NHWNHOODOHtUiVXNNDOHJWWIHOVRUROQL $ OHtUy UpV] PHWyGXVOLVWiMiEDQ D] REMHNWXPEDQ IHOKDV]QiOW HOMiUiVRN pV IJJYpQHN IHMHLWVRUROMXNIHO .pWIpOHPH] pVPHWyGXVOLVWiWWDUWDOPD]KDWHJREMHNWXPHJSXEOLNXV SXEOLF pVHJ VDMiW SULYDWH PH] pVPHWyGXVOLVWiW $VDMiW SULYDWH PH] pVDPHWyGXVOLVWiYDOPHJKDWiUR]WXND]REMHNWXPEHOV WDUWDOPiW

DGDWDLYDOpVDOJRULWPXVDLQDNPHJYDOyVtWiVDLYDOHJWW DPLWD]REMHNWXPPRGHOOHNQpO D] REMHNWXP EHOV  MHO|OpVH PXWDWRWW (] D IDMWD IHOpStWpV EL]WRVtWMD D] REMHNWXP ]iUWViJiW $ SXEOLNXV PH] OLVWiYDO pV D PHWyGXVOLVWiYDO EL]WRVtWMXN D] REMHNWXP NDSFVRODWiW D NOYLOiJJDO 8JDQ~J DKRJ D] DOSURJUDPRN KtYKDWMiN HJPiVW D] REMHNWXPRN LV HJPiVED iJD]KDWyN $ SXEOLNXV OLVWiN D OHJIHOV  V]LQWW O YpJLJ pUYpQHVHN D SULYiW OLVWiNDW D] REMHNWXPRNKLHUDUFKLiMiEDQDOiMXNWDUWR]yREMHNWXPRNLVPHULN $ SXEOLNXV OLVWiN Q~MWDQDN OHKHW VpJHW D WXODMGRQViJRN |U|NOpVpUH $] REMHNWXPRNDW RV]WiORNED VRUROWXN KD D] RV]WiOW PLQW VREMHNWXPRW IRJMXN IHO pV D PH]  pV PHWyGXVOLVWiNRQPHJDGMXND]RV]WiOMHOOHP] LWDNNRUD]RV]WiOEDWDUWR]yREMHNWXPRN H]HNHWPLQGLVPHULNKDV]QiOKDWMiND]D]|U|NOLN$]REMHNWXPRNHJHGLWXODMGRQViJDLW D SULYiW OLVWiN WDUWDOPD]]iN $] RV]WiORN N|]|WW ID VWUXNW~UiW pStWHWWQN IHO H]W D

VWUXNW~UiWWNU|]LNDNO|QE|] V]LQW PH] pVPHWyGXVOLVWiN $]REMHNWXPDNWLYL]iOiVDNXOFVV]yYDOD]REMHNWXPQHYpYHOpVHJDSXEOLNXVOLVWiEDQ V]HUHSO  DOSURJUDP KtYiVVDO W|UWpQLN $] DOSURJUDP KtYiVD IRJMD OHYiODV]WDQL D] REMHNWXP PHWyGXVOLVWiEDQ V]HUHSO  DOSURJUDPMDL N|]O D]RNDW DPHOHN D] DGRWW IHOKDV]QiOiVKR] V]NVpJHVHN $] DOSURJUDP SDUDPpWHUOLVWiMiQ NHUHV]WO NHUOQHN D]  0e51g.,02(//(=e6 REMHNWXPED D] DGRWW IHOKDV]QiOiVKR] V]NVpJHV DNWXiOLV pUWpNHN D] REMHNWXP EHOV DGDWLJpQpWDPH] OLVWiNUyOHOpJtWLNL 8JDQD]W D] REMHNWXPRW NO|QE|]  D SXEOLNXV OLVWiEDQ V]HUHSO  DOSURJUDP KtYiViYDO OHKHW DNWLYL]iOQL tJ XJDQD] D] REMHNWXP W|EEIpOHNpSS LV IHOKDV]QiOKDWy W|EEDODN~ViJ  (JPHJtUWREMHNWXPPiVSURJUDPEDLViWYLKHW FVDNDQQDNDN|UQH]HWQHNDSXEOLNXV PH] OLVWiMiWNHOOPHJIHOHO NpSSiWIRUPiOQL$SULYiWOLVWiNYiOWR]DWODQRNPDUDGQDN

$]REMHNWXPRULHQWiOWSURJUDPR]iVQiOD]DGDWRNpVD]DOJRULWPXVRNPHJYDOyVtWiVDHJ HJVpJHQ EHOO V]HUHSHO V]HUYH]pVN VRNNDO HU VHEEHQ N|W GLN HJPiVKR] NO|QE|] SULYiWPH] pVPHWyGXVOLVWiNRQNHUHV]WOPLQWDPRGXOiULVSURJUDPR]iVHVHWpQ $] REMHNWXPRN HJPiVKR] YDOy NDSFVRODWiW D SXEOLNXV OLVWiQ V]HUHSO  DOSURJUDPRN N|]O D PHJIHOHO W NLYiODV]WYD D] REMHNWXPRN IHMpEHQ V]HUHSHOWHWYH KtYiVRNNDO WHUHPWMN PHJ $] REMHNWXPRN KtYiViQDN VRUUHQGMH pV NLDODNtWiVD PHJIHOHO D] DOSURJUDPRNQiOWDQXOWDNQDN $ V]iPtWyJpSHV JUDILND MHOOHJ]HWHV SpOGD D] REMHNWXPRULHQWiOW SURJUDPR]iVUD (QQHN HJLN RND D] KRJ D V]iPtWyJpSHV JUDILND LJHQ NpQHOPHV OHKHW VpJHW Q~MW D V]iPtWiVWHFKQLNDL PRGHOOHN YLVHONHGpVpQHN PHJILJHOpVpKH] $ NpSL PHJMHOHQtWpV N|QQHEEHQ iWOiWKDWy pV pUWHOPH]KHW  PLQW SpOGiXO HJ WiEOi]DWRV IRUPD 0iVUpV]W D] LQWHUDNWtYJUDILNiWIHOKDV]QiOKDWMXNSpOGiXODV]DNWiUJLPRGHOOHNNLDODNtWiViEDQLVDKRO D

IHOKDV]QiOy D V]DNWiUJL PRGHOOW JUDILNDL ~WRQ YiOWR]WDWKDWMD H]  D PDWHPDWLNDL PRGHOOEHQPpUHWYiOWR]iVWRNR]KDW$YiOWR]iVHUHGPpQpWPHJQp]KHWLpVtJWRYiEE$ JUDILNDLVHJpGHV]N|]|NDWHUYH]pVLIRODPDWMHOHQW VUpV]pWWHV]LNL 3pOGiXO HJ I|GpP iWW|UpVpW DNDUMXN PHJWHUYH]QL $ I|GpP V]iPtWiVD YpJHVHOHPHV PyGV]HUUHO W|UWpQLN +D D] iWW|UpVW PiV KHOUH DNDUMXN iWWHQQLDNNRUPHJYiOWR]LNDYpJHVHOHPHVPyGV]HUHJHQOHWUHQGV]HUpQHN HJWWKDWyPiWUL[DHVHWOHJPpUHWHLV (J UDM] PHJV]HUYH]pVpKH] XJDQ~J IHO NHOO iOOtWDQL D JUDILNDLV]iPtWiVWHFKQLNDL PRGHOOWPLQWHJSURJUDPV]HUYH]pVHNRU $] REMHNWXP IRJDOPiW HEEHQ D] HVHWEHQ D UDM]L HQWLWiVRN YHV]LN iW $] REMHNWXPRN WXODMGRQViJDLPHJIHOHOWHWKHW ND]HQWLWiVRNSDUDPpWHUHLQHND]REMHNWXPRNNDSFVRODWDLW D]HQWLWiVRNLOOHV]WKHW VpJHMHOHQWL $]REMHNWXPPRGHOOKiURPREMHNWXPGLDJUDPRWWDUWDOPD]D]|VV]HIJJpV|U|NO GpV pVKiOyGLDJUDPPRNDW

$]REMHNWXP|VV]HIJJpVGLDJUDPD]REMHNWXPRNRV]WiOEDVRUROiViWPXWDWMD5DM]ROy SURJUDPHVHWpQDMHOHQWpVQHPYiOWR]LN 3pOGiXO WHNLQWVN D N|U|N RV]WiOiW (EEH D] RV]WiOED WDUWR]QDN D N|]pSSRQWWDO pV VXJiUUDO YDJ NpW pULQW MpYHO pV VXJDUiYDO VWE PHJDGKDWyN|U|N $] REMHNWXP|U|NO GpVGLDJUDP D] HJ RV]WiOED WDUWR]y REMHNWXPRN |U|NO G WXODMGRQViJDLWDGMDPHJ5DM]ROySURJUDPHVHWpQDMHOHQWpVQHPYiOWR]LN  0e51g.,02(//(=e6 3pOGiXODN|U|NRV]WiOiEDFVDNRODQVtNLGRPRNWDUWR]QDNDPHOHNQHN PLQGHQSRQWMDDN|]pSSRQWWyOHJHQO WiYROViJUDYDQ $] REMHNWXP KiOyGLDJUDP D] REMHNWXPRN HJPiVKR] YDOy NDSFVROiViW DGMD PHJ 5DM]ROy SURJUDP HVHWpQ HQQHN D GLDJUDPQDN NLHPHOW MHOHQW VpJH YDQ LWW DGMXN PHJ KRJPHOLNHQWLWiVPHOLNKH]NDSFVROyGLN $EORNNROiVVDO~MREMHNWXPRNDWKR]XQNOpWUHKLV]HQDUDM]ROiVWRYiEELIRODPDWiEDQD EORNNRNDWHJVpJNpQWKDV]QiOMXN 6]iPtWiVWHFKQLNDLPRGHOO

$YiODV]WRWWPDWHPDWLNDLHOPpOHWpVQXPHULNXVYDJQHPQXPHULNXVPyGV]HUiOWDOiEDQ DV]iPtWiVWHFKQLNDHJWHUOHWpWMHO|OLNL $] HOV  OpSpV D PDWHPDWLNDLPRGHOO IRJDOPDLQDN RV]WiODLQDN REMHNWXPDLQDN WXODMGRQViJDLQDN NDSFVRODWDLQDN VWE  D] DGRWW V]iPtWiVWHFKQLNDL WHUOHW IRJDOPDLQDN |VV]HYHWpVpUH $ V]iPtWiVWHFKQLNDL PRGHOO NLDODNtWiViW PiU OpQHJHVHQ EHIROiVROMD D UHQGHONH]pVUH iOOyKDUGZDUHpVVRIWZDUHN|UQH]HW$PLQWDSpOGiEDQHUUHLVUiPXWDWXQN  $ V]iPtWiVWHFKQLNDL REMHNWXP PRGHOO WDUWDOPD]]D D] REMHNWXPRN |VV]HIJJpV |U|NO GpV pV KiOyGLDJUDPMDLW $] REMHNWXPRN WXODMGRQViJDL D] DGDWRNEDQ MHOHQQHN PHJ $] REMHNWXP PRGHOO DODSMiEDQ YpYH D] DGDWRN pV DGDWVWUXNW~UiN PHJDGiViW WDUWDOPD]]D(QQHNPyGMDNO|QE|]LNDV]HULQWKRJDGDWEi]LVNH]HOpVVHOPRGXOiULV YDJREMHNWXPRULHQWiOWSURJUDPR]iVLHOYDODSMiQDNDUMXNHDUHQGV]HUWIHOpStWHQL Â$GDWEi]LVNH]HOpVHVHWpQD]REMHNWXPPRGHOOIHOpStWpVHLJHQIRQWRVG|QW D

WRYiEELDNV]HPSRQWMiEyO,WWDGMXNPHJD]HJHVIiMORNIHOpStWpVpW|VV]HIJJpVHLW D]HJHVIiMORNN|]|WWLNDSFVRODWRNDW$]HJHVIiMORNIHOpStWpVHVRNV]RUD] RV]WiORNV]HULQWLIHOpStWpVWWDUWDOPD]]DDPLD]|U|NO GpVGLDJUDPPQDNIHOHOQHN PHJ$]DGDWEi]LVW|EEIpOHNpSSW|EEIHOKDV]QiOyLJpQHLV]HULQWOHNpUGH]KHW  H]HNHWDOHKHW VpJHNHWWDUWDOPD]]DDKiOyGLDJUDP Â0RGXOiULVSURJUDPR]iVLHOYHVHWpQD]REMHNWXP|VV]HIJJpVGLDJUDP PHJIHOHOWHWKHW D]DGDWV]HUNH]HWHNNLDODNtWiViQDNgU|NOpVU OKiOyGLDJUDPUyO HEEHQD]HVHWEHQQHPEHV]pOKHWQNDKiOyGLDJUDPV]HUHSHiWFV~V]LNDIXQNFLRQiOLV GLDJUDPED Â$]REMHNWXPRULHQWiOWSURJUDPR]iVLPyGV]HUHVHWpQD]REMHNWXPRNNOV WXODMGRQViJDLQDN|VV]HIJJpVHLWtUMXNOHD]REMHNWXP|VV]HIJJpVGLDJUDPEDQ$] REMHNWXPRNSULYiWPH] OLVWiMiQPHJDGRWWEHOV WXODMGRQViJDLQDNNDSFVRODWDLW WDUWDOPD]]DDKiOyGLDJUDPP$SXEOLNXVPH] OLVWiQV]HUHSO DGDWRNpV DGDWV]HUNH]HWHN D]REMHNWXPNOV WXODMGRQViJDL |VV]HIJJpVHLWiEUi]ROMXND]

|U|NOpVGLDJUDPEDQ  $ V]iPtWiVWHFKQLNDL IXQNFLRQiOLV PRGHOO PHJDGMD VWUXNWRJUDPEDQ EORNNGLDJUDPEDQ YDJ PiV MHO|OpVL UHQGV]HUEHQ D PHJROGDQGy IHODGDW PHJROGiVL  0e51g.,02(//(=e6 DOJRULWPXViW$IXQNFLRQiOLVPRGHOOD]HOMiUiVRN|VV]HIJJpVHLWWDUWDOPD]]DDPHO D]REMHNWXPRNWXODMGRQViJDLWPHJYiOWR]WDWKDWMD Â$GDWEi]LVNH]HOpVHVHWpQD]IXQNFLRQiOLVPRGHOOIHOpStWpVHQHPMiWV]LNG|QW V]HUHSHWiOWDOiEDQiWFV~V]LNDKiOyGLDJUDPED Â0RGXOiULVSURJUDPR]iVHVHWpQDIXQNFLRQiOLVGLDJUDPD]HJHVDOSURJUDPRNpV SURJUDPRNVWUXNWRJUDPMDLWWDUWDOPD]]DWRYiEEiD]DOJRULWPXVRNNDSFVRODWDLWD] DGDWRNNDODGDWV]HUNH]HWHNNHO Â$V]iPtWiVWHFKQLNDLIXQNFLRQiOLVPRGHOOREMHNWXPRULHQWiOWSURJUDPR]iVHVHWpQ WDUWDOPD]]DD]REMHNWXPRNEDQOpY DOSURJUDPRNpVSURJUDPRNVWUXNWRJUDPMDLWpVD SXEOLNXVpVSULYiWPHWyGXVOLVWiNN|]|WWLNDSFVRODWRNDW5DM]ROySURJUDPHVHWpQD IXQNFLRQiOLVPRGHOOD]HQWLWiVRNNDOYDOyHOMiUiVRNHJPiVUDpSOpVpWIRJODOMD

PDJiEDQDKROD]HOMiUiVSpOGiXOQDJ WiVNLFVLQ WpVIRUJDWiVHOWROiVWNU|]pV VWE  $GLQDPLNXVPRGHOODUHQGV]HUP N|GpVpWYH]pUOLPLQGD]DGDWEi]LVNH]HOpVPLQG DPRGXOiULVPLQGD]REMHNWXPRULHQWiOWSURJUDPR]iVHVHWpQ$GLQDPLNXVPRGHOO HJ HVHPpQ EHN|YHWNH]WpEHQ W|UWpQ  iOODSRWYiOWR]iVRN OHtUiViUD V]ROJiO +D D UHQGV]HUEHQ RODQ YiOWR]iV iOO EH DPL PHJYiOWR]WDWMD D UHQGV]HU DODSYHW P N|GWHWpVpW DNNRU D GLQDPLNXV PRGHOO DODSMiQ W|UWpQLN PHJ D YiOWR]iV 3pOGiXO PiVREMHNWXPRNDOSURJUDPRNVWEDNWLYL]iOyGQDNDUpJLHNW|UO GQHNDV]iPtWyJpS PHPyULiMiEyO 5DM]ROy SURJUDPRN HVHWpQ H] D PRGHOO PHJIHOHOWHWKHW  D UpWHJWHFKQLNDUHQGV]HUEHIRJODOiViQDN  0e51g.,02(//(=e6 0(67(56e*(6,17(//,(1&,$ $SRQWEDQDPHVWHUVpJHVLQWHOOLJHQFLDIRJiOPiWWLV]Wi]]XNNLKDQJV~OR]YDKRJD V]iPtWyJpS QHP LQWHOOLJHQV FVDN D] HPEHU iOWDO EHWiSOiOW WXGiVVDO UHQGHONH]LN pV N|YHWNH]WHWpVHNHW LV FVDN D] HPEHU iOWDO

PHJIRJDOPD]RWW PyGRQ WXG YpJH]QL &VDN D OHJDODSYHW EE IRJDOPDNNDO LVPHUNHGQN PHJ D  SRQWEDQ 9pJO D  SRQWEDQ D V]iPtWyJpSEH WiSOiOW WXGiV IHOGROJR]iVL PyGMiW N|UYRQDOD]]XN (] D IHMH]HW QHP WDUWDOPD] HOHJHQG  LVPHUHWHW HJ LQWHOOLJHQV UHQGV]HU HONpV]tWpVpKH] FpOMD FVXSiQ D] DODSYHW  NpUGpVHN WLV]Wi]iVD $NLW H] D WpPDWHUOHW NRPRODEEDQ pUGHNHO YHJH IHO D ,QWHOOLJHQV UHQGV]HUHN FtP  IDNXOWDWtY WiUJDW $NL V]iPtWyJpSSHO W|UWpQ  PpUQ|NL WHUYH]pVLIHODGDWRNHOPpOHWLQXPHULNXVpVJDNRUODWLPHJN|]HOtWpVHLUiQWpUGHNO GLND] YHJHIHOD]2SHUiFLyNXWDWiVFtP IDNXOWDWtYWiUJDW  $PHVWHUVpJHVLQWHOOLJHQFLDIRJDOPD ,QWHOOLJHQVQHNPRQGXQNHJHPEHUWKDLJpQHVV]HOOHPLpOHWHWpOV]HOOHPLpUGHNO GpV  $]LQWHOOLJHQFLDPDJDVV]LQW WXGiVWP YHOWVpJHWNpS]HWWVpJHWLVPDJiEDQIRJODOGHD] HO ] PHJKDWiUR]iVV]HULQWHQQpOW|EEHWMHOHQW $ PLNURHOHNWURQLNDL HV]N|]|N YDODPLQW D QDJ WHOMHVtWPpQ  V]iPtWyJpSHN

HOWHUMHGpVpYHO NLDODNXOW D] LQIRUPDWLNiQDN HJ UpV]WHUOHWH D PHVWHUVpJHV LQWHOOLJHQFLD $UWLILFLDO ,QWHOOLJHQFH  DPHO DQQL WXGiVW N|YHWNH]WHWpVL NpSHVVpJHW VWE WDUWDOPD] DPHQQLWD]HPEHUDVDMiWWXGiViEyOOHWXGtUQL1DSMDLQNEDQDPHVWHUVpJHVLQWHOOLJHQFLD DONDOPD]iVDLQDNV]iPDURKDPRVDQQ|YHNV]LN $]LQWHOOLJHQFLD|VV]HWHY LWSpOGiXODN|YHWNH] NpSSFVRSRUWRVtWKDWMXN 7$18/È6 e57e.(/e6 .g9(7(=7(7e6 g17e6 )(/,60(5e6 $78È6$/.$/0$=È6$ $/.$/0$=2È6 .20081,È&,Ï  0e51g.,02(//(=e6 $ WHUPpV]HWHV pV PHVWHUVpJHV LQWHOOLJHQFLD N|]|WW D] D NO|QEVpJ KRJ PtJ D WHUPpV]HWHV LQWHOOLJHQFLD KRUGR]yMD D] HPEHU D PHVWHUVpJHV LQWHOOLJHQFLD D] HPEHU WHUPpV]HWHV LQWHOOLJHQFLiMiQDN HJ UpV]H PHOHW D] HPEHU YLV] V]iPtWyJpSUH YDJLV D PHVWHUVpJHV LQWHOOLJHQFLD DQQLW WXG DPHQQLW D] HPEHU D VDMiW WXGiViEyO D V]iPtWyJpSUHOHNpSH]HWW $ PHVWHUVpJHV LQWHOOLJHQFLD D]RNNDO D PyGV]HUHNNHO pV HOYHNNHO IRJODONR]LN DPHOHN

iOWDO D V]iPtWyJpSSHO WiPRJDWRWW UHQGV]HUHN EL]RQRV LQWHOOLJHQFLiUD MHOOHP] NpSHVVpJHNNHO UXKi]KDWyN IHO SO NpS pV DODNIHOLVPHUpV WHUPpV]HWHV EHV]pG IHOLVPHUpVHWDQXOiVG|QWpVtWpOHWDONRWiV$PHVWHUVpJHVLQWHOOLJHQFLDFpOMDKRJH]HNHW D NpSHVVpJHNHW DPHOHN HGGLJ FVDN HPEHUUH YROWDN MHOOHP] HN P V]DNL WHUPpV]HWWXGRPiQRV WiUVDGDOPL JD]GDViJL QHOYpV]HWL VWE UHQGV]HUHNUH LV iWUXKi]KDWyYi WHJH pV H]iOWDO D] HPEHUL EHDYDWNR]iV G|QWpV PDJDVDEE V]LQWUH NHUOM|Q $ PHVWHUVpJHV LQWHOOLJHQFLD WHUPpV]HWWXGRPiQRV pV P V]DNL NpUGpVHNHQ NtYO ILOR]yILDL pV HWLNDLPRUiOLV NpUGpVHNNHO LV V]RURVDQ |VV]HIJJ SpOGiXO D URERW pV WiUVDGDORP  3UREOpPDWtSXVRNpVDONDOPD]iVRN 3UREOpPDWtSXV $IHODGDWU|YLGMHO]pVHpVDONDOPD]iVLWHUOHWHL 7iUJIHOLVPHUpV &RPSXWHUYLVLRQ  5DM]NpSpVPLQWDIHOLVPHUpV SODODNIHOLVPHUpV pVpUWHOPH]pV 7HUPpV]HWHVQHOYHNHOHP]pVH $] HPEHUL EHV]pG IHOLVPHUpVH pV pUWHOPH]pVH V]yYDO

YH]pUHOW HPEHUJpS NDSFVRODW DXWRPDWLNXVIRUGtWiV 6]DNpUW LUHQGV]HUHN ,VPHUHWRULHQWiOW UHQGV]HUHN DPHOHN HJ V] N VSHFLiOLV WHUOHWHQ NpSHVHN D IHOKDV]QiOyW WDQiFVRNNDOHOOiWQL .HUHVpVLVWUDWpJLiNRSHUiFLyNXWDWiV .HUHV  pV MiWpN VWUDWpJLiN WHUYH]pVH pV NLYLWHOH]pVH SO PpUQ|NL OpWHVtWPpQHN WHUYH]pVHV]iPtWyJpSHVVDNN |QWpVLUiQ WyUHQGV]HUHN $ V]DNpUW L UHQGV]HUHN pV D] RSHUiFLyNXWDWiV HV]N|]HLQHN |VV]HNDSFVROiViYDO YiOODODWL pV HJpEG|QWpVHNHO NpV]tWpVH 9L]XiOLV pV NLQHV]WLNXV UHQGV]HUHN 9L]XiOLVDQ YH]pUHOW pV PDQLSXOiWRURNNDO HOOiWRWW 6]HPpVNp] V]HUNH]HWHNLQWHOOLJHQVURERWRN .|YHWNH]WHW UHQGV]HUHN 2ODQ PHVWHUVpJHV LQWHOOLJHQFLD UHQGV]HUHN DPHOHN WiPRJDWMiN YDJ |QiOOyDQ YpJUHKDMWMiN D N|YHWNH]WHWpVHNHW SO EL]RQ WiVRN DXWRPDWL]iOiVD 7DQXOyUHQGV]HUHN 7DQXOy V]DEiO]y UHQGV]HUHN VDMiW PDJXNDW  0e51g.,02(//(=e6 NyGROyUHQGV]HUHN .LDODNXOW HJ HV]N|]WiU PHOQHN VHJtWVpJpYHO D PHVWHUVpJHV

LQWHOOLJHQFLD WpPDN|UpEH WDUWR]y SUREOpPiNDW N|QQHEEHQ OHKHW NH]HOQL tJ SO D VSHFLiOLV WXGiViEUi]ROiVL PyGRN PyGV]HUWDQRN HV]N|]|N VWE $ PHVWHUVpJHV LQWHOOLJHQFLD UHQGV]HUHLW NO|QE|]  VSHFLiOLVDQ H]HNUH D IHODGDWRNUD NLGROJR]RWW SURJUDPQHOYHNHQ V]RNWiN PHJYDOyVtWDQL 6SHFLiOLV NO|QOHJHV QHOYHN ORJLNDLSURJUDPQHOY SO352/2* IXQNFLRQiOLVSURJUDPQHOY SO/,63  $PHVWHUVpJHVLQWHOOLJHQFLDDODSIRJDOPDL $ PHVWHUVpJHV LQWHOOLJHQFLiQDN W|EEIpOH iJD YDQ DPLW PiU D] DONDOPD]iVL WHUOHWHNQpO pU]pNHOWHWWQN $ IHOKDV]QiOyQDN RODQ VHJtWVpJHW Q~MW KRJ QHPFVDN NLV]iPtW EL]RQRVIHODGDWRNDWGHLQWHOOLJHQVQHNJRQGROWYiODV]RNDWLVDGHVHWOHJD]iOWDODKR]RWW G|QWpVWYpJUHLVKDMWMD 3pOGiXO KHJROGDOED pStWQN HJ Ki]DW 0HJFV~V]LNH" KD LJHQ PLOHQ DODSR]iVLPyGRWDMiQO" $IHODGDWKR]WDUWR]yV]DNWHUOHWWXGiViWGHNODUDWtYPyGRQtUMXNOH$]DOJRULWPXVH]WD WXGiVWiOWDOiQRVPyGRQDWXGiVPLOHQVpJpW

OIJJHWOHQONH]HOL (]HNHWDSURJUDPRNDW QHYH]LN VKHOOQHN  ËJ KD YiOWR]LN D WXGiV D] DOJRULWPXV PDUDG N|QQHQ OHKHW NO|QE|]  IHODGDWRNDW XJDQD]]DO D VKHOOHO NH]HOQL +D D KDJRPiQRV PyGRQ V]HUYH]QpQNPHJDIHODGDWPHJROGiViWDNNRUPLQGHQHVHWEHQ~MSURJUDPRWNHOOHQHtUQL (]HNDWXGiVDODS~UHQGV]HUHN $ PHVWHUVpJHV LQWHOOLJHQFLiYDO NDSFVRODWEDQ IRQWRV V]HUHSHW MiWV]LN D WXGiV IRJDOPD DPHOHQ D V]iPtWyJpSEHQ WiUROW LQIRUPiFLyN HJVpJpW pUWMN ,OHQHN D] iOOtWiVRN V]DEiORNPHWDV]DEiORN DV]DEiORNKDV]QiODWiQDNV]DEiODL  $WXGiVQDNIRQWRVNRPSRQHQVHYDQ  $GHNODUDWtYpVSURFHGXUiOLVWXGiVWiUJDNUyOKHO]HWHNU OpVMHOHQVpJHNU OYDOy WpQHNHW pV DGDWRNDW D]RN NDSFVRODWDLW V]DEiODLW WDUWDOPD]]D $ PHVWHUVpJHV LQWHOOLJHQFLD V]yKDV]QiODWiEDQ D IUDPH PHJIHOHO D] REMHNWXPRULHQWiOW V]HUYH]pV REMHNWXP PRGHOOMpQHN DPHO HJ VWDWLNXV OHtUiVW WDUWDOPD]RWW D UHQGV]HUU O $

V]DEiORNILJHOHPEHYpWHOpYHODUHQGV]HUIXQNFLRQiOLVPRGHOOMpWiOOtWMXNIHO  $ PHWDWXGiV $ WXGiV KDV]QiODWiKR] V]NVpJHV LVPHUHWHNHW WDUWDOPD]]D $ IHODGDWPHJROGiV IRODPDWiQDN WXGiViW WDUWDOPD]]D $ PHWDWXGiV PHJDGMD D V]DEiORNKDV]QiODWiQDNPyGMiWDQDOyJD]REMHNWXPRULHQWiOWV]HUYH]pVGLQDPLNXV PRGHOOMpYHO $ WXGiVEyO OHYRQKDWy N|YHWNH]WHWpVHNNHO PHJKDWiUR]yGLN D NHUHVpVL WpU 9DJ PDWHPDWLNDL IRUPiEDQ SO RSHUiFLyNXWDWiV G|QWpVHO NpV]tWpV VWE  YDJ V]DYDNNDO OHtUWV]DEiORNNDO SOV]DNpUW LUHQGV]HUHNWDQXOypVWDQtWyUHQGV]HUHNVWE KDWiUR]]iN PHJ D] LVPHUHWOHQHN iOWDO NLIHV]tWHWW WpU HJ UpV]pW DPHO D OHKHWVpJHV PHJROGiVRNDW  0e51g.,02(//(=e6 WDUWDOPD]]D$WRYiEELDNEDQDPHJROGiVWDOHKHWVpJHVPHJROGiVRNN|]OYiODV]WMXN NL YDJ HJ DGRWW FpOQDN PHJIHOHO HQ JpSL ~WRQ YDJ D IHOKDV]QiOyUD Et]YD LQWHUDNWtY PyGRQ $ NHUHVpVL WpU VRNV]RU D] REMHNWXPRN PHJKDWiUR]RWW NRQVWUXNFLyMD VWUXNW~UiMD pV D

N|]|WWN OpY  ORJLNDL NDSFVRODW OHJJDNUDEEDQ ID VWUXNW~UiYDOW|UWpQLNDKRODIDFVRPySRQWMDLD]iOOtWiVRND]pOHNSHGLJD N|]|WWNOpY NDSFVRODWRNDWWNU|]LNYLVV]D $PHJYDOyVtWiVJDNUDQW|UWpQLNSpOGiXOD/,63SURJUDPQHOYHQ  $WXGiVUHSUH]HQWiFLypVIHOGROJR]iVD $  IHMH]HWEHQ D SURJUDPWHUYH]pVQHN  DODSYHW  WtSXViYDO LVPHUNHGWQN PHJ D] HOV GOHJHVHQ DGDWV]HPOHW  D] HOV GOHJHVHQ DOJRULWPXVV]HPOpOHW  pV REMHNWXP RULHQWiOW SURJUDPV]HUYH]pVVHO (] D WDJR]yGiV D PHVWHUVpJHV LQWHOOLJHQFLiUD pSO SURJUDPRNQiO LV PHJWDOiOKDWy 0LQGHQ PHVWHUVpJHV LQWHOOLJHQFLiQ DODSXOy UHQGV]HUQHN WDUWDOPD]QLDNHOODN|YHWNH] NHW  .|YHWNH]WHWpVHV UHQGV]HUHN ,QIHUHQFH  (OV VRUEDQ D ORJLNDL G|QWpVHNUH pSO UHQGV]HUHN DUiQODJ NHYpV DGDWRW KDV]QiOQDN GH |VV]HWHWW N|YHWNH]WHWpVHNUH PDWHPDWLNDL WpWHOEL]RQ WiVRNUD GROJR]WiN NL D]RNDW $ N|YHWNH]WHWpVHV UHQGV]HUHN ORJLNDL RULHQWiFLyM~ V]HUYH]pVVHO pSOQHN IHO $

N|YHWNH]WHWpVHV UHQGV]HUHN KDV]QiOMiNDN|YHWNH]WHW JpSHW  $ N|YHWNH]WHW  JpS D PHWDWXGiV DODSMiQ YpJUHKDMWMD D V]DEiORNDW N|YHWNH]WHWpVW YRQOHDUHQGV]HUGLQDPLNiMiWKDWiUR]]DPHJ3URJUDPR]RWWIRUPiEDQIHOKDV]QiOMD D] REMHNWXP PRGHOO pV D IXQNFLRQiOLV PRGHOO |VV]HIJJpVHLW pV D IHOKDV]QiOyYDO YDOy LQWHUDNWtY NDSFVRODWQDN PHJIHOHO HQ D PRGHOOHNHW YiOWR]WDWMD ÈOWDOiEDQ REMHNWXPRULHQWiOWV]HUYH]pVVHOROGMiNPHJH]HNHWDIHODGDWRNDW$N|YHWNH]WHW JpS DWXGiVEi]LVEyOPHUtWLD]DGDWRNDW  $ WXGiVRULHQWiOW UHQGV]HUHN RODQ SUREOpPiN PHJROGiViYDO IRJODONR]QDN DPHOHNQpO D WiUROW GHNODUDWtY pV SURFHGXOiULV WXGiV MiWVV]D D I V]HUHSHW $ WiUROW WXGiVHJ~JQHYH]HWWWXGiVEi]LVEDQiOOUHQGHONH]pVUH$WXGiVRULHQWiOWUHQGV]HUHN V]DEiORULHQWiFLyM~V]HUYH]pV HN $V]DEiORNpVOHNpUGH]pVNDODSYHW HVHWHLDN|YHWNH] N 6]DEiORULHQWiOW SURGXNFLyV IRUPiEDQPHJDGRWWV]DEiO 3pOGiXO ,) )HOWpWHO 7+(1 $NFLy (/6( $NFLy

IHOWpWHOHNHJPiVEDiJD]iViYDODODNtWKDWyNNL /RJLNDLIRUPD $ODSMDDPDWHPDWLNDLSUHGLNiWXPORJLND IHOWpWHOHNpVN|YHWNH]WHWpVHN  3pOGiXO $ ¤ $ à $ à $ à $Q  0e51g.,02(//(=e6 D]D] PLYHO  D] $ $ $Q NLMHOHQWpVHN LV LJD]DN H]pUW D] $ NLMHOHQWpVLVLJD] (QQHNUHDOL]iOiVDSpOGiXOD352/2*QHOYHQNpQHOPHV 6WUXNWXUiOWIRUPD 2EMHNWXPRN pV ORJLNDL NDSFVRODWDLN WiUROiVD ID VWUXNW~UiYDO W|UWpQLN $ ID VWUXNW~UD NH]HOpVH YDJ HO UH OiQFROiVVDO IRUZDUG FKDLQLQJ  YDJ KiWUD OiQFROiVVDO EDFNZDUG FKDLQLQJ W|UWpQLN$]HO UHOiQFROiVPHJIHOHOD] DGDWVWUXNW~UiNQiO WDQXOW J|NpUNH]G OHNpUGH]pVQHN LWHUiFLyYDO YDOyVtWMXN PHJ $ KiWUD OiQFROiV PHJIHOHO D] DGDWVWUXNW~UiNQiOWDQXOWJ|NpUYpJ] OHNpUGH]pVQHNPHJYDOyVtWiVLPyGMDDUHNXU]Ly .LLQGXOyiOODSRW iOOtWiVRNKDOPD]D $SUREOpPDPHJROGiViKR]V]NVpJHVV]DEiORNKDOPD]D (JDGRWWV]DEiONLYiODV]WiVD $NLLQGXOyiOODSRWPHJYiOWR]WDWiVDDV]DEiODONDOPD]iViYDO

$NWXiOLViOODSRWDV]DEiODONDOPD]iVDXWiQ QHP (OpUWOHDFpOiOODSRWRW" LJHQ &pOiOODSRW $]LVPHUHWHN WXGiV IHOGROJR]iVD $GRWW HJ SUREOpPiQDN D OHtUiVD D NLLQGXOy iOODSRWUD YRQDWNR]y iOOtWiVRN KDOPD]iYDO WRYiEEiD]RNNDODV]DEiORNNDODPHOHNEL]WRVtWMiNDFpOiOODSRWHOpUpVpW.HUHVVND]W D]XWDWDPHOHQNHUHV]WODV]DEiORNEHWDUWiViYDODNLLQGXOyiOODSRWEyODFpOiOODSRWED MXWXQN ,WWIRQWRVV]HUHSHWMiWV]LNDPHWDWXGiVD]D]DWXGiVpVV]DEiOKDV]QiODWiQDNV]DEiOD PiVQpYHQLUiQ WiVLYDJV]DEiOR]iVLWXGiV (JWXGiVIHOGROJR]yUHQGV]HUDN|YHWNH] NRPSRQHQVHNNHOUHQGHONH]LN 7iUROyNRPSRQHQV LVPHUHWLOOHWYHWXGiVEi]LVpVPXQNDWiUROy  )HOGROJR]yNRPSRQHQVH]HJN|YHWNH]WHW JpS .RPPXQLNiFLyVNRPSRQHQVDPHODN|UQH]HWWHOpVDEHOV UHQGV]HUNRPSRQHQVHN N|]|WWLLQIRUPiFLyFVHUpWEL]WRVtWMD  0e51g.,02(//(=e6 6]DEiO]yNRPSRQHQVDPHODUpV]HNN|]|WWLNRRUGLQiOWHJWWP N|GpVWEL]WRVtWMD

(JLVPHUHWIHOGROJR]yJpSIHOpStWpVHpVUpV]HLQHNNDSFVRODWD P N|GpVH 7XGiVEi]LV iOOtWiVRNV]DEiORN ÈOOtWiVRNpVV]DEiORN NLYiODV]WiVD DNWXiOLVWXGiV N|YHWNH]WHW}JpS IHODGDWPHJROGy iOOtWiVRN PXQNDWiUROy JHQHUiOWNHUHVpVLWpU DNWXDOL]iOWWXGiV .,,18/ÏÈ//$327 6]DEiOLQWHUSUHWiFLy 6]DEiODONDOPD]iVD )(/$$70(*2/È6$ $ WXGiVDODS~ UHQGV]HUHN PRGHOOH]pVH XJDQ~J HOYpJH]KHW  REMHNWXP RULHQWiOW HV]N|]|NNHOPLQWD]HOV UpV]EHQWiUJDOWDN 3pOGiXO tUMXN OH D JHUHNHN GLV]Qy QHY  NiUWDMiWpNiQDN V]DEiODLW D PHVWHUVpJHV LQWHOOLJHQFLDHV]N|]HLYHODV]RNiVRVQHOYHNV]LQWDNWLNiMiQDNKDV]QiODWDQpONO +D YDODNL QHP LVPHUQp HQQHN D MiWpNQDN D V]DEiODLW DNNRU H]HN D N|YHWNH] N D PRVWDQL OHFV|NNHQWHWW YiOWR]DWEDQ $ MiWpNKR] PDJDU NiUWiW KDV]QiOXQN  MiWpNRV MiWV]LN0LQGDNHWW ODSRWNDSDPDUDGpNEyONLK~]QDNHJHWH]OHV]D]DGXDW|EEL DWDORQ$]MiWpNRVDNH]pEHQOpY NiUWiNEyOKtYHJHW$MiWpNRVYDJHOWLYDJ

IHOYHV]L6]tQUHV]tQWNHOOWHQQLDQDJREEWLDNLVHEEHWD]DGXPLQGHQPiVV]tQWWD] DGXNN|]|WWD]pUWpNKDWiUR]]DPHJD]WpVW+DQHPWXGMDHOWQLDNNRUIHOYHV]LpV~MUD QHNL KtYQDN +D YDODNLQHN QpO NHYHVHEE NiUWiMD YDQ DNNRU D WDORQEyO YHV] KD HOIRJRWWDWDORQDNNRUNHYHVHEENiUWiYDOMiWV]LN$]QHUDNLQHNQHPPDUDGNiUWDD NH]pEHQ $ MiWpN OHtUiVD D] HJV]HU VpJ NHGYppUW VWUDWpJLiW QHP WDUWDOPD] tJ NHUHVpVL WpU QHP NpV]O3URJUDPV]HUYH]pVLNpUGpVKRJD]HJLNMiWpNRVDV]iPtWyJpSH $GHNODUDWtYpVSURFHGXUiOLVWXGiV WDUWDOPD]]DD]REMHNWXPpVDIXQNFLRQiOLVPRGHOOWWiUROiVDDWXGiVEi]LVEDQW|UWpQLN 2EMHNWXPPRGHOO 2EMHNWXPRNNiUWiNMiWpNRVRN  0e51g.,02(//(=e6 .iUWDSDNOL 2EMHNWXP|U|NO GpVGLDJUDP WXODMGRQViJRN |U|NO G  V]tQ HJHGL pUWpN SLURV |U|NOWXO 9,, 9,,, ,; ; W|N |U|NOWXO DOVy IHOV} NLU iV] 9,, 9,,, ,; ]|OG |U|NOWXO 9,, 9,,, ,; ; ; DOVy IHOV} NLU iV] PDNN |U|NOWXO 9,, 9,,, DOVy IHOV}

NLU iV] ,; ; DOVy IHOV} NLU iV] 0HJMHJ]pV0LQGHQNiUWDV]HUHSHODSDNOLEDQPLQGHJLNHJV]HU 2EMHNWXP|VV]HIJJpVGLDJUDPP 0LQGHQRV]WiOEDQ 9,,9,,,,;;DOVyIHOV NLUiOiV] ,I D]DGXSLURV WKHQ SLURV9,,! W|NiV]RU]|OGiV]RUPDNNiV] ,I D]DGXW|N WKHQ W|N9,,! SLURViV]RU]|OGiV]RUPDNNiV] ,I D]DGX]|OG WKHQ ]|OG9,,! W|NiV]RUSLURViV]RUPDNNiV] ,I D]DGXPDNN WKHQ PDNN9,,! W|NiV]RU]|OGiV]RUSLURViV] -iWpNRVRN WXODMGRQViJRN |U|NO G  MiWpNEDQUpV]WYHY HJHGL QpY 2EMHNWXP|U|NO GpVGLDJUDPP MiWpNRV $ % 2EMHNWXP|VV]HIJJpVGLDJUDPP QLQFV  0e51g.,02(//(=e6 2EMHNWXPKiOyGLDJUDPP SDNOL NiUWD $ MiWpNRVQiO % MiWpNRVQiO WDORQEDQ NLWHWWDGX NLW|WWODSRN 0HJMHJ]pV$NiUWiNVRUUHQGMHDSDNOLEDQYpOHWOHQV]HU HQUHQGH]HWW )XQNFLRQiOLVPRGHOO 7DUWDOPD]]DDV]DEiORNDW ,,I V]tQ$ V]tQ% DQG pUWpN$pUWpN% WKHQ W% HOVH >LI  V]tQ$ V]tQ% DQG pUWpN$!pUWpN% WKHQ IHOYHV]$ @ ,,,I V]tQ$ ¹ V]tQ%

DQG YDQDGX% WKHQ W% HOVH IHOYHV]% ,,,,I MiWpNRV$ODSMDLQDNV]iPD DQG YDQDSDNOLEDQODS WKHQ MiWpNRV$NLHJpV]tWL DODSMDLWUH ,9,I MiWpNRV%ODSMDLQDNV]iPD DQG YDQDSDNOLEDQODS WKHQ MiWpNRV%NLHJpV]tWL DODSMDLWUH 9,I HOIRJRWWDSDNOL WKHQ DNH]pEHQOpY ODSRNNDOMiWV]LN $N|YHWNH]WHW JpS LQDPLNXVPRGHOO 7DUWDOPD]]DDPHWDV]DEiORNDW ,,I W% WKHQ KtY% ,,,I W$ WKHQ KtY$ ,,,,I IHOYHV]$ WKHQ KtY% ,9,I IHOYHV]% WKHQ KtY$ .H]G iOODSRW MiWpNRV$DQGMiWpNRV% QpOODSYDQ $]DGXYpOHWOHQV]HU HQYDQPHJMHO|OYH 9pJiOODSRW , LI MiWpNRV$QiOYDQODS DQG MiWpNRV%QpOQLQFVODS WKHQ MiWpNRV%QHU ,, LI MiWpNRV%QpOYDQODS DQG MiWpNRV$QiOQLQFVODS WKHQ MiWpNRV$QHU ,,, LI MiWpNRV$QiOQLQFVODS DQG MiWpNRV%QpOQLQFVODS WKHQ G|QWHWOHQ  0e51g.,02(//(=e6 ,52$/20  %ODKD - 50 3UHPHUODQL : (GG ) / : 2EMHFW2ULHQWHG 0RGHOOLQJ

DQG HVLJQ3UHQWLFH+DOO,QWHUQDWLRQDO,QF  %RRFK * 2EMHFW2ULHQWHG HVLJQ 5HGZRRG &LW &DOLI %HQMDPLQ&XPPLQJV   2GHOO--$GYDQFHG2EMHFW2ULHQWHG$QDOVLV  HVLJQ 8VLQJ 80/ &DPEULJH 8QQHUVLW3UHVV  6]LUYDL.DUGRV / 2EMHNWXP RULHQWiOW SURJUDPR]iV & QHOYHQ %0( )RODPDWV]DEiOR]iVL7DQV]pN  0e51g.,02(//(=e6 0,17$)(/$$7  (J SDWDNRQ  KHOHQ DNDUQDN iWNHOQL D] HPEHUHN H]pUW GHV]NiNDW IHNWHWWHN NHUHV]WO +D D SDWDNRQ iWYHWHWW GHV]NiQ iWPHQ  ]ViNRW FLSHO  HPEHU DODWW D GHV]ND W~OViJRVDQ OHKDMROQD DNNRU D SDWDNED D GHV]ND DOi HJ QDJ N|YHW WHV]QHN DPL N|]pSHQ IHOWiPDV]WMD D GHV]NiW 9DMRQ PLNRU NHOO D N YHO D GHV]NiWDOiWiPDV]WDQL" DQDOt]LV  (J SDWDNRQ  KHOHQ DNDUQDN iWNHOQL D] HPEHUHN H]pUW GHV]NiNDW IHNWHWWHN NHUHV]WO+DDSDWDNRQiWYHWHWWGHV]NiQiWPHQ ]ViNRWFLSHO HPEHUDODWWDGHV]ND W~OViJRVDQ OHKDMROQD DNNRU HU

VHEE GHV]NiW IHNWHWQHN iW 9DMRQ PLOHQ HU V GHV]NiUDYDQV]NVpJKDWXGMXNDGHV]NDKRVV]iWpVD]ViNRWFLSHO HPEHUV~OiW" WHUYH]pV  (J SDWDNRQ  KHOHQ DNDUQDN iWNHOQL D] HPEHUHN H]pUW GHV]NiNDW IHNWHWWHN NHUHV]WO+DDSDWDNRQiWYHWHWWGHV]NiQiWPHQ ]ViNRWFLSHO HPEHUDODWWDGHV]ND W~OViJRVDQ OHKDMROQD DNNRU N|QQHEE ]ViNNDO PHKHW FVDN iW D] HPEHU 9DMRQ PHNNRUD]ViNRWFLSHOKHW" V]DEiOR]iV $ N|YHWNH] NEHQ HOV VRUEDQ D YDVWDJRQ V]HGHWW IHODGDWRQ PXWDWMXN EH D PRGHOO NpS]pVHNIRODPDWiW iEUD$ODSUDM]  0e51g.,02(//(=e6  0HJILJHOpVHN $PHJILJHOpVHNHW0PHOpVHJVRUV]iPPDOMHO|OMN 0 (PEHUQpONOPLQGHJLNGHV]NDHJHQHV 0  $ GHV]NiNQDN YDQ KRVV]XN V]pOHVVpJN pV PDJDVViJXN (]HN D PpUHWHN PLQGHQ HJHV GHV]ND HVHWpQ iOODQGyDN $ KRVV]DN OpQHJHVHQ QDJREEDN PLQW D V]pOHVVpJHNYDJDPDJDVViJRN$]HJHVGHV]NiNKRVV]XNEDQWpUQHNHOHJPiVWyO 0 $GHV]NiNDNiFV]iOIiEyONpV]OWHN

0 $GHV]NiND]HPEHUV~ODDODWWIJJ OHJHVHQKDMROQDNOH 0 $GHV]NiNNpWKHOHQQRPMiNDSDUWRW 0 0LQpOQDJREE]ViNRWFLSHOD]HPEHUDQQiOQDJREEDWKDMOLNOHDODWWDDGHV]ND 0  $PLNRU D] HPEHU D SDWDN IHOHWW N|]pSHQ  PHJ DNNRU V]RNRWW OHJQDJREEDW OHKDMROQLDGHV]ND 0  $ GHV]ND KRVV]iQDN |W|GpQpO QDJREE OHKDMOiV HVHWpQ N|YHW J|UGtWHQHN D GHV]NDN|]HSpQpODOiMD 0 $PLNRUD]HPEHUOpSDGHV]NDPR]RJ 0 $GHV]NDMREEYpJHYt]V]LQWHVLUiQEDQQHPWXGHOPR]GXOQLDEDOLJHQ 2EMHNWXPRN        ]ViNRWFLSHO HPEHU GHV]ND GHV]ND GHV]ND DSDWDNEDOSDUWMD DSDWDNMREESDUWMD N  2EMHNWXPRNWXODMGRQViJDL  REMHNWXP ÂDD]ViNRWFLSHO HPEHUQHNYDQV~OD 0   REMHNWXP  0e51g.,02(//(=e6 ÂDD]GHV]NDDNiFEyONpV]OW 0  ÂED]GHV]NDKRVV]D/  0   ÂFD]GHV]NDKRVV]D / OpQHJHVHQQDJREEPLQWDV]pOHVVpJHYDJD PDJDVViJD 0  

ÂGD]GHV]NDPD[LPiOLVOHKDMOiVD/  0   ÂHD]GHV]NDHJHQHVWHQJHO  0  ÂID]GHV]NiQDNYDQV~OD* 0  0   REMHNWXP  ÂDD]GHV]NDDNiFEyONpV]OW 0  ÂEDGHV]NDKRVV]D/  0   ÂFDGHV]NDKRVV]D / OpQHJHVHQQDJREEPLQWDV]pOHVVpJHYDJD PDJDVViJD 0   ÂGDGHV]NDPD[LPiOLVOHKDMOiVD/  0   ÂHDGHV]NDHJHQHVWHQJHO  0 ÂIDGHV]NiQDNYDQV~OD*  0  0   REMHNWXP  ÂDDGHV]NDDNiFEyONpV]OW 0  ÂEDGHV]NDKRVV]D/  0   ÂFDGHV]NDKRVV]D / OpQHJHVHQQDJREEPLQWDV]pOHVVpJHYDJD PDJDVViJDYDQPHUHYVpJH 0   ÂGDGHV]NDPD[LPiOLVOHKDMOiVD/  0   ÂHDGHV]NDHJHQHVWHQJHO  0 ÂIDGHV]NiQDNYDQV~OD*  0  0   REMHNWXP  ÂPDSDUWPHUHYWHVW ÂSEDOROGDORQYDQ  REMHNWXP ÂPDSDUWPHUHYWHVW ÂTMREEROGDORQYDQ 

REMHNWXP ÂPDN PHUHYWHVW  0e51g.,02(//(=e6 2V]WiORN  HV]NDRV]WiOREMHNWXPDL ÂOpQHJHVWXODMGRQViJRN DFHI ÂHJHGLWXODMGRQViJEG  3DUWRV]WiOREMHNWXPDL ÂOpQHJHVWXODMGRQViJP ÂHJHGLWXODMGRQViJSYDJT .DSFVRODWRN  ,]ViNRWFLSHO HPEHUQRPMDYDODPHOLNGHV]NiW DV]LPPHWULNXVN|WHOH] NDSFVRODW REM REM REM  REM  REM REM $NDSFVRODWWXODMGRQViJDIJJ OHJHVDYDJREMHNWXPN|]HSpQ YDQ D]ViNRWFLSHO HPEHUV~ODIJJ OHJHVHQQRPMDDGHV]NiW  ,,DGHV]NiNQRPMiNDSDUWRWDSDUWDOiWiPDV]WMDDGHV]NiW 0  V]LPPHWULNXVNDSFVRODW REM REM QN N REM REM REM QN  N REM QN REM  $NDSFVRODWWXODMGRQViJD N REM REM ÂIJJ OHJHVHQN|WHOH]  N  DGHV]NDNpWKHOHQIJJ OHJHVHQQRPMDDPHJWiPDV]WiVRQNHUHV]WOD SDUWRW ÂYt]V]LQWHVHQD]REMHNWXPPDODNDSFVRODWQHPN|WHOH]  QN 

DMREEROGDOLPHJWiPDV]WiVQHPWXGYt]V]LQWHVHQHOPR]GXOQLDEDO LJHQ 0   ,,,DGHV]NiNQRPKDWMiNDN|YHWDN DOiWiPDV]WKDWMDDGHV]NiW 0  V]LPPHWULNXVQHPN|WHOH] NDSFVRODW QN REM QN REM  REM QN REM $NDSFVRODWWXODMGRQViJD ÂIJJ OHJHV   REM REM 0e51g.,02(//(=e6 2EMHNWXPRN .OV MHO|OpV%HOV MHO|OpV REMHNWXP ,NDSFV .OV MHO|OpV%HOV MHO|OpV REMHNWXP HJHGLWXOV REMHNWXP ,NDSFV ,,NDSFV ,,,NDSFV REMHNWXP ,NDSFV ,,NDSFV ,,,NDSFV REMHNWXP ,,NDSFV REMHNWXP ,,,NDSFV REMHNWXP |U|NO}G}WXO DFHI HJHGLWXOEG REMHNWXP ,NDSFV ,,NDSFV ,,,NDSFV REMHNWXP |U|NO}G}WXO DFHI HJHGLWXOEG REMHNWXP |U|NO}G}WXO DFHI HJHGLWXOEG REMHNWXP |U|NO}G}WXO P HJHGLWXOS REMHNWXP ,,NDSFV REMHNWXP |U|NO}G}WXO P HJHGLWXOT REMHNWXP |U|NO}G}WXO P 2EMHNWXP|VV]HIJJpVGLDJUDP GHV]NDRV]WiO ,NDSFV

,,NDSFV ,,,NDSFV REMHNWXP ,NDSFV ,,NDSFV ,,,NDSFV REMHNWXP ,NDSFV ,,NDSFV ,,,NDSFV  REMHNWXP ,NDSFV ,,NDSFV ,,,NDSFV 0e51g.,02(//(=e6 SDUWRV]WiO ,,NDSFV REMHNWXP REMHNWXP ,,NDSFV ,,NDSFV 2EMHNWXP|U|NO GpVGLDJUDP GHV]NDRV]WiO |U|NO}G}WXO DFHI DFHI REMHNWXP / KRVV]~ViJ~ G REMHNWXP / KRVV]~ViJ~ G REMHNWXP / KRVV]~ViJ~ G SDUWRV]WiO |U|NO}G}WXO P P REMHNWXP REMHNWXP HJHGLWXOS HJHGLWXOT  0e51g.,02(//(=e6 2EMHNWXPKiOyGLDJUDPDREMHNWXPHVHWpQ REMHNWXP REMHNWXP REMHNWXP ,NDSFV ,,NDSFV ,,,NDSFV ,NDSFV ,,NDSFV REMHNWXP REMHNWXP ,,NDSFV ,,,NDSFV $pVREMHNWXPPDOWHOMHVHQKDVRQOyKiOyGLDJUDPRWNHOOIHOtUQL 2EMHNWXPPRGHOO REMHNWXP V ,NDSFV GHV]NDRV]W DFHI ,NDSFV,,NDSFV ,,,NDSFV N SDUWRV]W P ,,NDSFV REMHNWXP QN P ,,,NDSFV N

DKRODMHOHNPDJDUi]DWDDPLQWDIHODGDWNRUiEELUpV]OHWH]pVpQpOPHJWDOiOKDWy  0e51g.,02(//(=e6 )XQNFLRQiOLVPRGHOO REMV~OD QRPMDDGHV]NDRV]WW D]REMV~OiQDN D]REMV~OiQDNHJUpV]H ,HOM KDUPDGLNUpV]H QRPMDD]REMW ,,HOM D]REM V~OiQDNPiVLNUpV]H ,,HOM QRPMDDREMW QRPKDWMD DREMW REM ,,,HOM REM OHKDMOiV REM  ,HOMiUiVOHKDMOiVPHJKDWiUR]iVD ÂREMHNWXPV~OiQDNV]pWRV]WiVDD]pVHJHVHVHWHNEHQDREMHNWXPN|]|WW  ,,HOMiUiVD]LOOHWYHDREMHNWXPYiODV]iQDNPHJKDWiUR]iVD  ,,,HOMiUiVDREMHNWXPHVHWOHJHVYiODV]iQDNPHJKDWiUR]iVD LQDPLNXVPRGHOO iOODSRW GHV]NDDSDUWRNUD WiPDV]NRGLN X!/ iOODSRW GHV]NDDSDUWRNUD pVDN}UHWiPDV]NRGLN N|YHWWHV]QHNEH XGHV]NDOHKDMOiVD .|YHWNH]WHWpVDIHODGDWDPHFKDQLNDWiUJN|UpEHWDUWR]LN  0e51g.,02(//(=e6  )L]LNDLPRGHOO $ UHQGV]HUPRGHOO DODSMiQ IHOWHVV]N KRJ D NpWWiPDV]~ LOOHWYH D

KiURPWiPDV]~ WDUWy IL]LNDL PRGHOOMH OHV] D PHJIHOHO  $ N|YHWNH] NEHQ PHJIHOHOWHWMN D UHQGV]HUPRGHOO DONRWyHOHPHLWDNLYiODV]WRWWIL]LNDLPRGHOODONRWyHOHPHLYHO $UHQGV]HUPRGHOOREMHNWXPDLEyOV]iUPD]WDWRWWIL]LNDLPRGHOO REMHNWXPRN UHQGV]HUPRGHOO ]ViNRWFLSHO HPEHU GHV]ND GHV]ND GHV]ND DSDWDNEDOSDUWMD DSDWDNMREESDUWMD N  IL]LNDLPRGHOO Ü Ü Ü Ü Ü Ü Ü IL]HU IL]UXJDOPDVYRQDO IL]UXJDOPDVYRQDO IL]UXJDOPDVYRQDO IL]PHJWiPDV]WiV IL]PHJWiPDV]WiV IL]PHJWiPDV]WiV $UHQGV]HUPRGHOOREMHNWXPDLQDNpVDIL]LNDLPRGHOOREMHNWXPDLQDN WXODMGRQViJDL UHQGV]HUPRGHOO ]ViNRWFLSHO HPEHU IL]LNDLPRGHOO Ü IL]HU Ü Ü Ü IL]VD]HU QDJViJDV VD]ViNRWFLSHO D]HPEHUQHNDV~ODV KIJJ OHJHV V~O  /EHQYDQDNDSFVRODW IL]KD]HU LUiQDIJJ OHJHV IL]ZD]HU KHOH/ $]HU REMHNWXPWXODMGRQViJDL  QDJViJDV 

LUiQDIJJ OHJHV  KHOH/ )HOWpWHOH]pV D]HU NRQFHQWUiOW D]HU VWDWLNXVD]D] 0 W OHOWHNLQWQN  0e51g.,02(//(=e6 UHQGV]HUPRGHOO IL]LNDLPRGHOO D]GHV]ND Ü Ü Ü DUXJDOPDVYRQDO D DNiFEyONpV]OW E KRVV]D/  F KRVV]D / OpQHJHVHQQDJREE PLQWDV]pOHVVpJHYDJD PDJDVViJD Ü IL]FQLQFVV]pOHVVpJHQLQFV PDJDVViJD G PD[LPiOLVOHKDMOiVD/  Ü IL]GPD[LPiOLVOHKDMOiV/  H HJHQHVWHQJHO  IL]HHJHQHVWHQJHO  I YDQV~OD Ü Ü    IL]DYDQPHUHYVpJH IL]EYDQKRVV]DpVD]/   IL]IQLQFVV~OD $UXJDOPDVYRQDOREMHNWXPWXODMGRQViJDL  DUXJDOPDVYRQDOKRVV]D /   YDQPHUHYVpJH D   PD[LPiOLVOHKDMOiVD/  G  HJHQHVWHQJHO  H   )HOWpWHOH]pV FWXODMGRQViJRW|VV]HYRQMXNDDWXODMGRQViJJDO IWXODMGRQViJRNDWHOKDQDJROMXN DUXJDOPDVYRQDODQDJDKRPRJpQL]RWUyS J 

$pVREMHNWXPHVHWpQDPHJIHOHOWHWpVpVDIHOWpWHOH]pVXJDQtJW|UWpQLN.O|QEVpJ FVDNDUXJDOPDVYRQDOKRVV]iEDQYDQ / LOOHWYH/    UHQGV]HUPRGHOO DSDUW S EDOROGDOL P PHUHYWHVW IL]LNDLPRGHOO Ü Ü Ü PHJWiPDV]WiV IL]SEDOROGDOL IL]PPHUHY )HOWpWHOH]pVDEDOROGDOLPHJWiPDV]WiVPHUHY QHPUXJDOPDV  UHQGV]HUPRGHOO DSDUW S MREEROGDOL P PHUHYWHVW IL]LNDLPRGHOO Ü Ü Ü PHJWiPDV]WiV IL]SMREEROGDOL IL]PPHUHY )HOWpWHOH]pVDMREEROGDOLPHJWiPDV]WiVPHUHY QHPUXJDOPDV   0e51g.,02(//(=e6 UHQGV]HUPRGHOO DN P PHUHYWHVW IL]LNDLPRGHOO Ü Ü PHJWiPDV]WiV IL]PPHUHY )HOWpWHOH]pVPHJWiPDV]WiVPHUHY QHPUXJDOPDV  2V]WiORN UHQGV]HUPRGHOO HV]NDRV]WiO  REMHNWXPDL  OpQHJHVWXODFHI 3DUWRV]WiO  REMHNWXPDL  OpQHJHVWXODMGRQViJP IL]LNDLPRGHOO Ü Ü Ü Ü Ü Ü 5XJDOPDVYRQDORV]WiO  REMHNWXPDLIL]IL]IL]  OpQHJHVWXODHJ

0HJWiPDV]WiVRV]WiO  REMHNWXPDLIL]IL]  OpQHJHVWXODMGRQViJP .DSFVRODWRN UHQGV]HUPRGHOO IL]LNDLPRGHOO ,]ViNRWFLSHO HPEHUQRPMD YDODPHOLNGHV]NiW Ü ,IL]HU KDWDUXJDOPDVYRQDOUD DV]LPPHWULNXVN|WHOH]  Ü Ü DV]LPPHWULNXVN|WHOH] WXODMGRQViJIJJ OHJHV 0HJMHJ]pV $]  REMHNWXP PHJIHOHOWHWpVHNRU D IL]LNDL REMHNWXPKR] KR]]i NHOOHWW pUWHQL D NDSFVRODW IJJ OHJHV WXODMGRQViJiW pV KHOpW H]pUW H]W LWW PiU QHP NHOO PHJLVPpWHOQL ,IL]Ž IL]IL]Ž IL]IL] Ž IL] UHQGV]HUPRGHOO IL]LNDLPRGHOO ,,DGHV]NiNQRPMiNDSDUWRW DSDUWDOiWiPDV]WMDDGHV]NiW Ü ,,IL]DUXJDOPDVYRQDODWD PHJWiPDV]WiVRNPHJWiPDV]WMiN V]LPPHWULNXVNDSFVRODW Ü Ü Ü V]LPPHWULNXVNDSFVRODW IJJ OHJHVHQN|WHOH]  N  Yt]V]LQWHVHQD]REMPDOD NDSFVRODWQHPN|WHOH]  QN   IJJ OHJHVHQN|WHOH]  N Yt]V]LQWHVHQD]IL]REMPDOD NDSFVRODWQHPN|WHOH]  QN  0e51g.,02(//(=e6

 ‹  ‹ pV ‹ NDSFVRODWJ|UJ V )HOWpWHOH]pV  ‹  ‹ pV ‹ NDSFVRODWFVXNOyV PLQGHQNDSFVRODWQiODUXJDOPDVYRQDOpVDPHJWiPDV]WiVHJSRQWEDQ YDQ IL]REM QN IL]REM IL]REM N IL]REM QN  N IL]REM IL]REM IL]REM QN N IL]REM IL]REM UHQGV]HUPRGHOO IL]LNDLPRGHOO ,,,DGHV]NiNQRPKDWMiND N|YHWDN DOiWiPDV]WKDWMDD GHV]NiW Ü V]LPPHWULNXVQHPN|WHOH]  Ü Ü IJJ OHJHV )HOWpWHOH]pV ,,,IL]DUXJDOPDVYRQDOQDNOHKHW N|]EHQV PHJWiPDV]WiVD V]LPPHWULNXVQHPN|WHOH]  IJJ OHJHV  ‹  ‹ pV ‹ NDSFVRODWJ|UJ V DNDSFVRODWDJHUHQGDN|]HSpQ / M|KHWOpWUH DNDSFVRODWQiODUXJDOPDVYRQDOpVDPHJWiPDV]WiVHJSRQWEDQYDQ QN IL]REM QN IL]REM IL]REM QN IL]REM IL]REM  0 YHOHWHN $NDSFVRODWRNRQHU NDGyGQDNiW 2EMHNWXPPRGHOO 7DUWDOPD]]DD]REMHNWXPGLDJUDPRNDW  IL]REM 0e51g.,02(//(=e6

2EMHNWXP|VV]HIJJpVGLDJUDP UXJDOPDVYRQDO ,NDSFV ,,NDSFV ,,,NDSFV IL]REM IL]REM IL]REM ,NDSFV ,,NDSFV ,NDSFV ,,NDSFV ,NDSFV ,,NDSFV ,,,NDSFV ,,,NDSFV ,,,NDSFV PHJWiPDV]WiVRV]W ,,NDSFV IL]REM IL]REM ,,NDSFV ,,NDSFV 2EMHNWXP|U|NO GpVGLDJUDP UXJYRQDORV]W |U|NO}G}WXO DHJ DHJ IL]REM / KRVV]~ViJ~ GE IL]REM / KRVV]~ViJ~ GE  IL]REM / KRVV]~ViJ~ GE 0e51g.,02(//(=e6 PHJWiPDV]WiVRV]W |U|NO}G}WXO P P IL]REM HJHGLWXO IL]REM HJHGLWXO J|UJ}V FVXNOyV 2EMHNWXPKiOyGLDJUDPDIL]REMHNWXPHVHWpQ IL]REM IL]REM IL]REM ,NDSFV ,,NDSFV ,,,NDSFV ,NDSFV ,,NDSFV IL]REM IL]REM ,,NDSFV ,,,NDSFV $IL]pVIL]REMHNWXPPDOWHOMHVHQKDVRQOyKiOyGLDJUDPRWNHOOIHOtUQL $]REMHNWXPPRGHOORV]WiORNUDYRQDWNR]yDQ UXJYRQDORV]W DHJ ,NDSFV,,NDSFV ,,,NDSFV IL]REM VKZ ,NDSFV N PHJWiPDV]WiVRV]W P

,,NDSFV IL]REM QN P ,,,NDSFV N  0e51g.,02(//(=e6 )XQNFLRQiOLVPRGHOO HU} 3 ,HOM ,,HOM HU}$ HU}& ,,HOM ,,,HOM HU} % OHKDMOiV ,HOMiUiVOHKDMOiVpVDWiPDV]RNUDKDWyHU NPHJKDWiUR]iVD 6SHFLILNiFLy $]IL]KDWDIL]IL]IL]REMHNWXPRNUD $IL]IL]IL]REMHNWXPRNOHKDMROQDNpVHU NHOHWNH]LND] IL]IL]HVHWOHJDIL]QpO ,,HOMiUiVD]LOOHWYHDREMHNWXPYiODV]iQDNPHJKDWiUR]iVD ,,,HOMiUiVDREMHNWXPHVHWOHJHVYiODV]iQDNPHJKDWiUR]iVD LQDPLNXVPRGHOO iOODSRW PHJWiPDV]WiV X / !/ iOODSRW N|]pSV}WiPDV] PHJWiPDV]WiV DKROX / DN|]pSV SRQWOHKDMOiVD .|YHWNH]WHWpV $]  iOODSRWEDQ NpWWiPDV]~ WDUWyUyO YDQ V]y D]D] D WDUWy IL]LNDL PRGHOOMH HJHQHV WHQJHO  iOODQGy PHUHYVpJ  N|]pSHQ NRQFHQWUiOW HU YHO WHUKHOW NpWWiPDV]~ WDUWy DPHOQHNDPD[LPiOLVOHKDMOiVD/  0e51g.,02(//(=e6 )L]LNDLPRGHOO  $ NpWWiPDV]~ WDUWy

PRGHOOIHOYpWHOE O N|YHWNH]LN D PHJWiPDV]WiVRNQiO D QRPDWpN pUWpNH]pUXV $ iOODSRWEDQKiURPWiPDV]~WDUWyUyOYDQV]yD]D]DWDUWyIL]LNDLPRGHOOMHHJHQHV WHQJHO  iOODQGy PHUHYVpJ  N|]pSHQ DOiWiPDV]WRWW NRQFHQWUiOW HU YHO WHUKHOW KiURPWiPDV]~WDUWy $ KiURPWiPDV]~ WDUWy PRGHOOIHOYpWHOE O N|YHWNH]LN D V]pOV  PHJWiPDV]WiVRNQiO D QRPDWpNpUWpNH]pUXV )HOWpWHOH]pVDNpWWiPDV]~pVDDKiURPWiPDV]~WDUWyUD  DWDUWyHJHQV~OEDQYDQ  DWDUWyPpUHWHLKH]YLV]RQ WYDDOHKDMOiVPpUWpNHNLFVL  DNLVHOPR]GXOiVRNHOPpOHWHpUYpQHV  DV]XSHUSR]tFLyHOYHpUYpQHV 0  0HJMHJ]pVDIL]LNDLPRGHOONLDODNtWiViKR]PLQGHQPHJILJHOpVWILJHOHPEHYHWWQNpV W|EEPHJILJHOpVUHQHPYROWV]NVpJ )L]LNDL PRGHOO V]LQWHQ FVDN DQQL D NO|QEVpJ D] DQDOt]LV WHUYH]pVL pV V]DEiOR]iVL IHODGDWRN N|]|WW KRJ D WHUYH]pVL pV V]DEiOR]iVL IHODGDWRN HVHWpQ QHP M|Q OpWUH KiURPWiPDV]~WDUWy $ NpWWiPDV]~ LOOHWYH D KiURPWiPDV]~ WDUWyUD YRQDWNR]y IL]LNiEyO

LVPHUW HOPpOHW D WHUKHOpV KDWiViUD D WDUWyEDQ EHOV  HU N NHOHWNH]QHN D WiPDV]RNQiO UHDNFLyHU N pEUHGQHN  DWHKHUpVDUHDNFLyHU NHJHQV~OEDQYDQQDN  0e51g.,02(//(=e6 ÂNpWWiPDV]~WDUWyHVHWpQ 3 $%&   ÂKiURPWiPDV]~WDUWyHVHWpQ 3 $%&  DEHOV HU NHJHQV~OEDQYDQQDN   0RVW D V]DNWiUJL PRGHOO GLQDPLNXV PRGHOOMpQHN FVDN D]W D] iOODSRWiW GROJR]]XN NL DPHODNpWWiPDV]~WDUWyUDYRQDWNR]LN $IL]LNDLPRGHOOREMHNWXPDLEyOV]iUPD]WDWRWWPDWHPDWLNDL PRGHOOREMHNWXPRN IL]LNDLPRGHOO VSHFLILNiFLy PDWHPDWLNDLPRGHOO Ü Ü PDW UXJDOPDVYRQDO HOPR]GXOiVIJJY X [ Ü PDW UXJDOPDVYRQDO HOPR]GXOiVIJJY X [ Ü PDW Ü Ü PDW YHNWRU$ PDW YHNWRURN%& IL] HU IL] UXJDOPDVYRQDO HOPR]GXOiVIJJY X [ YHNWRU3 PDW  IL]  IL]  IL] PHJWiPDV]WiV UHDNFLyHU IL] PHJWiPDV]WiV UHDNFLyHU

$IL]LNDLPRGHOOREMHNWXPDLQDNpVDPDWHPDWLNDLPRGHOOREMHNWXPDLQDN WXODMGRQViJDL IL]LNDLPRGHOO PDWHPDWLNDLPRGHOO IL]HU Ü PDWYHNWRU3 IL]VHU QDJViJDV Ü PDWVQDJViJDV IL]KIJJ OHJHVLUiQD Ü PDWKLUiQDIJJ OHJHV IL]ZKHOH/ Ü PDWZKHOH/  0e51g.,02(//(=e6 IL]LNDLPRGHOO PDWHPDWLNDLPRGHOO IL]DUXJDOPDVYRQDO Ü PDWX [ IL]DYDQPHUHYVpJH Ü Ü PDWD(, IL]EYDQKRVV]D IL]FQLQFVVHV]pOHVVpJHVH PDJDVViJD  PDWE/  Ü PDWGX /   Ê /  IL]GPD[LPiOLVOHKDMOiV/  Ü     Ü Ü IL]HHJHQHVWHQJHO  IL]IQLQFVV~OD $KRO QLQFV D IL]LNDL REMHNWXP WXODMGRQViJiQDN D PDWHPDWLNDL REMHNWXP WXODMGRQViJ PHJIHOHOWHWYHD]RNDWDWXODMGRQViJRNDWDPDWHPDWLNDLPRGHOOEHpStWYHWDUWDOPD]]DD PDWHPDWLNDLPRGHOOYiODV]WiVDEL]WRVtWMDDIL]LNDLREMHNWXPNpUGpVHVWXODMGRQViJiW(]W D

NpUGpVHV KHOHQ YDVWDJ YRQDOODO MHO|OMN $]RN D WXODMGRQViJRN PDUDGQDN PHJ D PDWHPDWLNDLPRGHOOEHQDPHOHNHWDPRGHOOYiODV]WiVVDOQHPN|W|WWQNPHJ $pVREMHNWXPHVHWpQDPHJIHOHOWHWpVpVDIHOWpWHOH]pVXJDQtJW|UWpQLN.O|QEVpJ FVDNDUXJDOPDVYRQDOKRVV]iEDQYDQ / LOOHWYH/    IL]LNDLPRGHOO IL]PHJWiPDV]WiV IL]SEDOROGDOL IL]PPHUHY PDWHPDWLNDLPRGHOO Ü Ü Ü IL]LNDLPRGHOO IL]PHJWiPDV]WiV IL]SMREEROGDOL IL]PPHUHY PDWYHNWRU$ PDWSKHOH[  PDWHPDWLNDLPRGHOO Ü Ü Ü  PDWYHNWRURN%& PDWSKHOH[ / 0e51g.,02(//(=e6 $IL]LNDLPRGHOORV]WiODLQDNpVDPDWHPDWLNDLPRGHOORV]WiODLQDN PHJIHOHOWHWpVH IL]LNDLPRGHOO PDWHPDWLNDLPRGHOO 5XJDOPDVYRQDORV]WiO Ü  REMHNWXPDLIL]IL]IL] X[  PDWX [ PDWX [  PDWX [  D Ü     OpQHJHVWXODHJ Ü IL]LNDLPRGHOO 0HJWiPDV]WiV RV]WiO  REMHNWXPDL  OpQHJHV WXODMGRQViJ

PDWHPDWLNDLPRGHOO Ü IL]IL] Ü P Ü YHNWRURN  REMHNWXPDLPDW$PDW %&  0HJMHJ]pV D PHJWiPDV]WiV RV]WiO D PDWHPDWLNDL PRGHOOEHQ V]pWHVHWW D NpW REMHNWXPiUDPHUWRODQOpQHJHVWXODMGRQViJDDPHOHWDIL]LNDLPRGHOOQHHOpJtWHQHNL QHPPDUDGW $IL]LNDLPRGHOONDSFVRODWDLQDNpVDPDWHPDWLNDLPRGHOONDSFVRODWDLQDN PHJIHOHOWHWpVH IL]LNDLPRGHOO ,IL]HU KDWDUXJDOPDVYRQDOUD DV]LPPHWULNXVN|WHOH] PDWHPDWLNDLPRGHOO Ü Ü ,PDW3KDWX [ UH PDWHO MHOHQHPYiOWR]KDW ,PDWŽ PDWPDWŽ PDWPDWŽ PDW  0e51g.,02(//(=e6 IL]LNDLPRGHOO PDWHPDWLNDLPRGHOO ,,IL]DUXJDOPDVYRQDODWD PHJWiPDV]WiVRNPHJWiPDV]WMiN Ü ,,PDWSHUHPIHOWpWHOHN V]LPPHWULNXVNDSFVRODW Ü Ü QLQFVHO MHONRUOiW Ü Ü [ /QpO&OHKHW Ü X [ IJJ OHJHVHQN|WHOH]  N  Yt]V]LQWHVHQD]IL]REMPDO DNDSFVRODWQHPN|WHOH]  QN $IHOWpWHOH]pVDODSMiQD

NDSFVRODWRNQiODUXJDOPDVYRQDOpV DPHJWiPDV]WiVRNHJSRQWEDQ YDQQDN $PRGHOOIHOYpWHODODSMiQD PHJWiPDV]WiVRNQiODQRPDWpN pUWpNH]pUXV [ QpO$ ¹ pV[ /QpO % ¹  X [ [ = ,, [ = = X [ = X [ [= / ,, [ =/ =  =   $ QRPDWpNIJJYpQD OHKDMOiVIJJYpQGHULYiOW IJJYpQH 0 [ = X [ =  ,, $PDWHPDWLNDLPRGHOONDSFVRODWDLEyON|YHWNH] HJHQOHWHN  HJHQV~OLHJHQOHWHN ÂLUiQ~YHWOHWLHJHQOHW3$%  Â[LUiQ~YHWOHWLHJHQOHW&  ÂEDOYpJUHYRQDWNR]yQRPDWpNLHJHQOHW3/%/  2EMHNWXPPRGHOO FVDNDNpWWiPDV]~WDUWyUDYRQDWNR]yDQ  2EMHNWXP|VV]HIJJpVGLDJUDPP X[ ,NDSFV ,,NDSFV X [  ,NDSFV ,,NDSFV X [ X [ ,NDSFV ,,NDSFV  ,NDSFV ,,NDSFV 0e51g.,02(//(=e6 2EMHNWXP|U|NO GpVGLDJUDPP X[ |U|NO}G}WXO D D PDWREMX [ GE PDWREMX [ GE PDWREMX [ GE 2EMHNWXPKiOyGLDJUDPPDIL]REMHNWXPHVHWpQ PDWREM PDWREM PDWREM ,NDSFV

,,NDSFV ,NDSFV ,,NDSFV PDWREM ,,NDSFV $PDWpVPDWREMHNWXPPDOWHOMHVHQKDVRQOyKiOyGLDJUDPPRWNHOOIHOtUQL $]REMHNWXPPRGHOORV]WiORNUDYRQDWNR]yDQ PDWREM VKZ ,NDSFV X[ D ,NDSFV,,NDSFV N PDWREM ,,NDSFV PDWREM N ,,NDSFV  N 0e51g.,02(//(=e6 )XQNFLRQiOLVPRGHOO 3 ,HOM ,,HOM $ ,,HOM % X[  0DWHPDWLNDLPRGHOO ,HOMiUiVOHKDMOiVIJJYpQpVDWiPDV]RNUDKDWyHU N PHJKDWiUR]iVD 0DWHPDWLNDLIL]LND,HOPpOHWH 1HZWRQW|UYpQHNDODSMiQ $ OHKDMOiVIJJYpQ PHJKDWiUR]iVD D UXJDOPDV YRQDO GLIIHUHQFLiOHJHQOHWH V]HULQW W|UWpQLNDPHJWiPDV]WiVRNQDNPHJIHOHO SHUHPIHOWpWHOHNNHO S  .pWWiPDV]~WDUWyHVHWpQ X [ = (, ,9 ÂJ|UJ VPHJWiPDV]WiV X D = X D ÂFVXNOyVPHJWiPDV]WiV X E = X E  X PD[ Ê /   FP ,, ,, =  =  0DWHPDWLNDLIL]LND,,HOPpOHWH HQHUJLDPHJPDUDGiVHOYHDODSMiQ $ OHKDMOiVIJJYpQ PHJKDWiUR]iVD NOV  PXQND E Ï 3 ¢ X [ G[  pV D EHOV  PXQND

D E Ï (, X  [  G[ NO|QEVpJHPLQLPiOLV D ,WWYiOLNV]pWKRJDEHYH]HW EHQHPOtWHWWIHODGDWWtSXVN|]OPHOLNHWNHOOPHJROGDQL 9iODV]WiVDWRYiEELDNEDQDPDWHPDWLNDLIL]LND,HOPpOHWHDODSMiQIRJXQNGROJR]QL  0e51g.,02(//(=e6 $]HOOHQ U]pV DQDOt]LV IHODGDWRWGROJR]]XNNL(NNRULVPHUWQHNWpWHOH]]NIHO3(,/ pUWpNHLWpVNHUHVVND]X [ IJJYpQW )HOWpWHOH]pVX [ IJJYpQHNQpJV]HUHVHQIROWRQRVDQGHULYiOKDWyN $GLIIHUHQFLiOHJHQOHWMHOOHP] MH  DGLIIHUHQFLiOHJHQOHWQHN/QpOV]LQJXODULWiVDYDQ $V]LQJXODULWiVNH]HOpVH $WDUWyIHV]WiYROViJiWNpWWDUWRPiQUDERQWMXN7 >D/ 7  /E@ DUXJDOPDVYRQDOGLIIHUHQFLiOHJHQOHWpWD7pV7WDUWRPiQRNUDHJPiVWyOIJJHWOHQO tUMXNIHO  SHUHPIHOWpWHOHN X D = X D =  X E = X E =   D7pV7WDUWRPiQRNN|]|VSRQWMiEDQ N / DFVDWODNR]iVLIHOWpWHOHNHWYHVV]N ILJHOHPEH ,, ,, X 7 N = X 7 N  X 7 N X 7 N  = X 7 N  ‹ = X 7 N  X 7 N ‹ ‹  - X 7

N ‹ = 3 .|YHWNH]PpQ $IHODGDWPDWHPDWLNDLPHJROGiVD $ % 3  3/ Å¿  » [ ± ´¿ X [ = [­ - ª ² µ[ ž>D /    (, ¿®  ½ / Õ ¿Ý Å¿  » /  [ ±  ´¿ 3/ X [ = /[ ­ -ª ² µ[ ž> /  E@ ½ / Õ ¿  (, ®¿  Ý  X / Ê /      YDJLVDOHKDMOiVIJJYpQWDWDUWyIHV]WiYROViJiQDNIHOpLJD  DIHV]WiYROViJIHOpW OD  |VV]HIJJpVVHOOHKHWPHJDGQL ,,HOMiUiVD]LOOHWYHDREMHNWXPYiODV]iQDNPHJKDWiUR]iVD $WiPDV]RNHJHQV~OLHJHQOHWHL $ $% %&   6]iPtWiVWHFKQLNDLPRGHOO 2EMHNWXPPRGHOO &VDNDNpWWiPDV]~WDUWyUDYRQDWNR]yDQ  0e51g.,02(//(=e6 2EMHNWXP|VV]HIJJpVGLDJUDPP 2EMHNWXP|U|NO GpVGLDJUDPP $]REMHNWXPKiOyGLDJUDPPHEEHQD]HJV]HU SpOGiEDQHOPDUDGPLYHOD]REMHNWXPRN NDSFVRODWiWPiUDPDWHPDWLNDLPRGHOOQpOIHOKDV]QiOWXN $]REMHNWXPPRGHOORV]WiORNUDYRQDWNR]yDQ DKRONDSFVRODWRWDPDWHPDWLNDLPRGHOOPiUWDUWDOPD]]D 

0e51g.,02(//(=e6 )XQNFLRQiOLVPRGHOO $]HOMiUiVRNVSHFLILNiFLyMD ,HOMiUiVOHKDMOiVIJJYpQIJJYpQpUWpNHLQHNNLV]iPtWiVDD]DGRWW SRQWRNEDQ / pVDWiPDV]RNUDKDWyHU NPHJKDWiUR]iVD ,,HOMiUiVVSHFLILNiFLyMDD]LOOHWYHDREMHNWXPYiODV]iQDN PHJKDWiUR]iVD  0e51g.,02(//(=e6 LQDPLNXVPRGHOO $ IHODGDWRW FVDN D NpWWiPDV]~ WDUWy HVHWpUH GROJR]WXN NL $ IXQNFLRQiOLV PRGHOOEHQ PHJMHO|OWN D]W D KHOHW DKRO D] iOODSRWYiOWR]iV EHN|YHWNH]LN $ GLQDPLNXV PRGHOO NLDODNtWiViKR]H]WD]iJDWLVKDVRQOyPyGRQNLNpQHGROJR]QL(NNRUD.ORJLNDLYiOWR]y YH]pUHOQpKRJDIHODGDWPLOHQiOODSRWDNHUOV]iPtWiVUD 0HJROGiV3$6&$/SURJUDPPDO SURJUDPNHWWDPDV]X ^DSURJUDPNR]HSHQWHUKHOWNHWWDPDV]XWDUWROHKDMODVDWHV UHDNFLRHURLWV]DPLWMD $]HUHGPHQHNHWDK]GRFILOHRQWDUROMD` YDU/3(,UHDO^WDPDV]NR]/WHKHU3PHUHYVHJ(,` GHOWD$%UHDO^OHSHVNR]GHOWDUHDNFLRHURN$%`

QLLQWHJHU^DWDPDV]NR]QUHV]UHYDQIHORV]WYD` H[DUUD>@RIUHDO^OHKDMODVHVKHOWRPEMHL` KDWWHUWH[W ODEHOYHJH %(*,1 DVVLJQ KDWWHU K]GRF  UHZULWH KDWWHU  ZULWH WDPDV]NR] UHDG /  ZULWH WHKHU UHDG 3  ZULWH PHUHYVHJ UHDG (,  ZULWH RV]WDVV]DP UHDG Q  ZULWHOQ KDWWHU WDPDV]NR] / WHKHU 3 PHUHYVHJ (,  ZULWHOQ WDPDV]NR] / WHKHU 3 PHUHYVHJ (,  ZULWHOQ KDWWHU OHKDMODV  KHO  $ 3% $ GHOWD /Q[>@  IRUL WRQGR EHJLQ [>L@ [>L@GHOWD LI[>L@/WKHQ H>L@ 3 / / [>L@  [>L@/ [>L@/   (, HOVHH>L@ 3 / / /[>L@  /[>L@ / / [>L@ /   (,  ZULWHOQ KDWWHUH>L@  [>L@  ZULWHOQ OHKDMODV H>L@ KHO [>L@  LIH>L@!WKHQ EHJLQ

ZULWHOQ KDWWHU OHWRULN ZULWHOQ OHWRULN  JRWRYHJH HQG HQG ZULWHOQ KDWWHU UHDNFLRHURN$  $ %  %  ZULWHOQ UHDNFLRHURN$  $ %  %  YHJHFORVH KDWWHU  UHDGOQ (1  0e51g.,02(//(=e6 KDWWHU K]GRF WDUWDOPD WDPDV]NR]WHKHUPHUHYVHJ( OHKDMODVKHO            UHDNFLRHURN$ %  /iWKDWy KRJ D IHODGDW PHJROGKDWy XJDQ H]HQ D SURJUDPQHOYHQ GH QHKp]NHV KRVV]DGDOPDV N|QQHQ OHKHW KLEi]QL $] HUHGPpQHN iEUi]ROiVD NO|Q QHKp]VpJHW RNR] 0HJROGiV(;&(/SURJUDPPDO [ [ /  OHKDMOiV / OHKDMOiV [ /  OHKDMOiV /      3       e, (           

      GHOWD       /       3/       HJK           Q UHDNFLy  0e51g.,02(//(=e6                [       X[ (]DPHJROGiVD]iEUi]ROiVWWHNLQWYHLJHQHJV]HU GHD]([FHOPXQNDODSNLW|OWpVHQHP IHOHOPHJDPpUQ|NLJRQGRONRGiVPyGQDNLJHQQHKp]NHV1HPHUUHDFpOUDGROJR]WiNNL H]WDSURJUDPUHQGV]HUW  0e51g.,02(//(=e6 0HJROGiV0$7+&$SURJUDPPDO / :=  S :=   (, := ¢  [ :=  .  «Ã «  » [ á «  » / - [ á á³ ± ³ à - ª ±² ³ à -ª ² à  ½ / Õ ã³  ¬ ½ /Õ ã  ¬ , S¢ / ¢ / - [ ¢ X [ := LIà [ Ê , S ¢ / ¢ [¢ ³ã ¢ (, ¢ (, ¬ X [ =         X [         [      

$ IHODGDWRW LJHQ HJV]HU HQ PHJ OHKHWHWW ROGDQL pV D]RQQDO iEUi]ROQL $ OHKDMOiV IJJYpQQHNFVDNQpKiQHOV HOHPpWtUDWWXNNL  0e51g.,02(//(=e6 0,17$)(/$$7 )(/(6/(*(60(),<(/e6 )HODGDW 3DWDNRQiWYHWHWWGHV]NiQ]ViNRWFLSHO HPEHUPHJiW9DMRQOHW|ULNHDODWWDDGHV]ND"  0HJILJHOpVHN 0 HPEHUQpONODGHV]NDHJHQHV 0 DGHV]NiQDNYDQiOODQGyKRVV]DV]pOHVVpJHpVPDJDVViJDDKRVV]OpQHJHVHQ QDJREEPLQWDV]pOHVVpJYDJDPDJDVViJ 0 GHV]NDHJIDMWDV]iOIiEyONpV]OW 0 DGHV]NDD]HPEHUV~ODDODWWIJJ OHJHVHQOHKDMOLN 0 DGHV]NDNpWKHOHQQRPMDDSDUWRW 0 PLQpOQDJREE]ViNRWFLSHOD]HPEHUDQQiOQDJREEDWKDMOLNOHDODWWDDGHV]ND 0 DPLNRUSDWDNIHOHWW N|]pSHQ PHJDNNRUV]RNRWWOHJJDNUDEEDQOHW|UQLDODWWD DGHV]ND 0 DGHV]NDKRVV]iQDN|W|GpQpOQDJREEOHKDMOiVHVHWpQDGHV]NDHOW|ULN 0 DPLNRUD]HPEHUOpSDGHV]NDPR]RJ 0

DGHV]NDMREEYpJHYt]V]LQWHVLUiQEDQQHPWXGHOPR]GXOQLDEDOLJHQ 0 D]HPEHUSLURVFLS WYLVHO 2EMHNWXPRNMHOOHP] L  D]ViNRWFLSHO HPEHUQHNYDQV~OD 0   DGHV]NiQDNYDQV~OD 0   DGHV]NDKRVV]DOpQHJHVHQQDJREEPLQWDV]pOHVVpJHYDJDPDJDVViJD 0   DGHV]NDPD[LPiOLVOHKDMOiVD/  DSDUWPHUHYWHVW  0e51g.,02(//(=e6 .DSFVRODWRN (QQpODIHODGDWQiOKR]]iWDUWR]iV  ]ViNRWFLSHO HPEHUQRPMDDGHV]NiW  DGHV]NDQRPMDDSDUWRW 0  .DSFVRODWRNMHOOHP] L  D]ViNRWFLSHO HPEHUV~ODIJJ OHJHVHQQRPMDDGHV]NiW  DGHV]NDNpWKHOHQIJJ OHJHVHQQRPMDDPHJWiPDV]WiVRQNHUHV]WODSDUWRW  DMREEROGDOLPHJWiPDV]WiVQHPWXGYt]V]LQWHVHQHOPR]GXOQLDEDOLJHQ 0  .LMHOHQWpV  DGHV]NDpVDSDUWNDSFVRODWDDPHJWiPDV]WiV  DGHV]NDpVDPHJWiPDV]WiVHJWWDWDUWy  D]ViNRWFLSHO HPEHUpVDGHV]NDV~ODDWHKHU  DNpWPHJWiPDV]WiVN|]|WWLWiYROViJDIHV]WiY 

DGHV]NDPD[LPiOLVOHKDMOiVD/ .|YHWNH]WHWpV  NpWPHJWiPDV]WiV~WDUWyUyOYDQV]y  DWDUWyUDWHKHUKDW  )L]LNDLPRGHOO 2EMHNWXPRN  NpWPHJWiPDV]WiV~WDUWy  WHKHU 2EMHNWXPRNMHOOHP] L  DNpWPHJWiPDV]WiV~WDUWyHJHQHVWHQJHO  0   DNpWPHJWiPDV]WiV~WDUWyNHUHV]WPHWV]HWHiOODQGyWpJODODSDODN~ 0   DNpWPHJWiPDV]WiV~WDUWyDQDJDKRPRJpQ 0   DNpWPHJWiPDV]WiV~WDUWyPD[LPiOLVOHKDMOiVD/ 2EMHNWXPRNUDWHWWIHOWpWHOHN  DNpWPHJWiPDV]WiV~WDUWyDQDJDL]RWUyS  DGHV]NDV~OiWHOKDQDJROMXN  D]ViNRWFLSHO HPEHUV~OiWNRQFHQWUiOWHU QHNWpWHOH]]NIHO  DGLQDPLNDLKDWiVWHOKDQDJROMXN 0   DNpWPHJWiPDV]WiVWFVXNOyQDNLOOHWYHJ|UJ QHNWpWHOH]]NIHO .DSFVRODWRN  DNpWPHJWiPDV]WiV~WDUWyUDN|]pSHQNRQFHQWUiOWHU KDW 0   DPHJWiPDV]WiVQiOUHDNFLyHU KDW  0e51g.,02(//(=e6 .LMHOHQWpV      DWDUWyQDNYDQPHUHYVpJH DWDUWyDNRQFHQWUiOWHU  3

DODWWOHKDMOLN H [  DWDUWyPpUHWHLKH]YLV]RQ WYDDOHKDMOiVPpUWpNHNLFVL DNpWPHJWiPDV]WiV~WDUWyHJHQV~OEDQYDQ DJ|UJ VPHJWiPDV]WiVQiOIJJ OHJHV $ DFVXNOyVQiOIJJ OHJHV % pVYt]V]LQWHV & UHDNFLyHU NHOHWNH]KHW  DNpWPHJWiPDV]WiV~WDUWyPD[LPiOLVOHKDMOiVD/ .|YHWNH]WHWpV  PLYHODNpWPHJWiPDV]WiVFVXNOyLOOHWYHJ|UJ NpWWiPDV]~WDUWyUyOYDQV]y  DNLVHOPR]GXOiVRNHOPpOHWHpUYpQHV  DV]XSHUSR]tFLyHOYHpUYpQHV 0  $]D]DWDUWyIL]LNDLPRGHOOMHHJHQHVWHQJHO iOODQGyPHUHYVpJ N|]pSHQNRQFHQWUiOW HU YHOWHUKHOWNpWWiPDV]~WDUWyDPHOQHNDPD[LPiOLVOHKDMOiVD/ 0HJMHJ]pV $] 0 HV PHJILJHOpVUH QHP YROW V]NVpJ D WRYiEELDNDW QHP EHIROiVROMD  0e51g.,02(//(=e6 0,17$)(/$$7 +,È1<260(*),<(/e6 )HODGDW 3DWDNRQiWYHWHWWGHV]NiQ]ViNRWFLSHO HPEHUPHJiW9DMRQOHW|ULNHDODWWDDGHV]ND"  0HJILJHOpVHN 0 HPEHUQpONODGHV]NDHJHQHV 0

DGHV]NiQDNYDQiOODQGyKRVV]DV]pOHVVpJHpVPDJDVViJDDKRVV]OpQHJHVHQ QDJREEPLQWDV]pOHVVpJYDJDPDJDVViJ 0 GHV]NDHJIDMWDV]iOIiEyONpV]OW 0 DGHV]NDD]HPEHUV~ODDODWWIJJ OHJHVHQOHKDMOLN 0 0 PLQpOQDJREE]ViNRWFLSHOD]HPEHUDQQiOQDJREEDWKDMOLNOHDODWWDDGHV]ND 0 DPLNRUSDWDNIHOHWW N|]pSHQ PHJDNNRUV]RNRWWOHJJDNUDEEDQOHW|UQLDODWWD DGHV]ND 0 DGHV]NDKRVV]iQDN|W|GpQpOQDJREEOHKDMOiVHVHWpQDGHV]NDHOW|ULN 0 DPLNRUD]HPEHUOpSDGHV]NDPR]RJ 0 DGHV]NDMREEYpJHYt]V]LQWHVLUiQEDQQHPWXGHOPR]GXOQLDEDOLJHQ 2EMHNWXPRN  ]ViNRWFLSHO HPEHU  DGHV]ND  SDUW 2EMHNWXPRNMHOOHP] L  D]ViNRWFLSHO HPEHUQHNYDQV~OD 0   DGHV]NiQDNYDQV~OD 0   0e51g.,02(//(=e6  DGHV]NDKRVV]DOpQHJHVHQQDJREEPLQWDV]pOHVVpJHYDJDPDJDVViJD 0   DSDUWPHUHYWHVW .DSFVRODWRN (QQpODIHODGDWQiOKR]]iWDUWR]iV  ]ViNRWFLSHO HPEHUQRPMDDGHV]NiW 

QLQFVNDSFVRODWDGHV]NDpVDSDUWN|]|WW .DSFVRODWRNMHOOHP] L  ]ViNRWFLSHO HPEHUV~ODIJJ OHJHVHQQRPMDDGHV]NiW .LMHOHQWpV  D]ViNRWFLSHO HPEHUpVDGHV]NDV~ODDWHKHU .|YHWNH]WHWpV  QHPYRQKDWyOHIL]LNDLPRGHOOQHPiOOtWKDWyIHODPHJILJHOpVKLiQRV