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'NURTGIG¹QITCHUXCNGPEKCPU&GN4GPCKZGOGPVCNCFCTTGTCIWGTTCEKXKN%QQTF8KEGPÆE/4QUUGNNºQK8GTIGT¸%CVCTTQLC#HGTU ¸REO #HGTU0T 6GZVKP%CVCNCP¸6JGUGTKGUKUCRGTKQFKECN +5$0¸¸¸¸'74 5EJNCIY¨TVGT8CNGPEKC4GIKQP+&IPF¸)GQITCHKG+&IPF¸^\^)GUEJKEJVG¸ ^H^#WHUCV\UCOONWPI 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG*KUVQTKUEJG)GQITCRJKG # DTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$- 2WNRKNNQ.GKXC%CTNQU 1TºKIGPGUFGNHTCPSWKUOQNCEQPUVTWEEKºQPFGNC0WGXC'URC¼PC¸WPCXKUKºQPCVTCXºGUFGN0QVKEKGTQFG'URC¼PC %CTNQU2WNRKNNQ.GKXC¸#UVQTIC.GºQP%5'&¸5+NN-VEO %5'&JKUVQTKC #MTºQP +5$0¸¸¸¸ 5EJNCIY¨TVGT5RCPKGP+&IPF¸5VCCV+&IPF¸2QNKVKM+&IPF¸9KTVUEJCHV+& IPF¸-CVJQNKUEJG-KTEJG+&IPF¸(TCPSWKUOWU+&IPF¸2TGUUG+&IPF¸ ^\^)GUEJKEJVG¸ 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG # 3WGTQ(CDTKEG ,WCP/CTVºKPG\5KNKEGQ¸GVNCURKTKVWCNKVºGFGN 'URCIPGRTºG¸VTKFGPVKPG(CDTKEG3WGTQ¸2CTKU*%JCORKQP ¸5=?$N+NNEO $KDNKQVJ¹GSWGNKVVºGTCKTGFGNC4GPCKUUCPEG5ºGTKG +5$0¸¸¸¸'74 5EJNCIY¨TVGT/CTVºKPG\5KNºKEGQ,WCP¸+&IPF^H^$KQITCRJKG 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG-CVJQNK\KUOWU # 3WKUºQE!3WKºGU!KPFKXKFWKXKPENGUUQEKCNUCN GRQECOQFGTPC%QQTF/¹QPKEC$QNWHGT¸%CVCTTQLC#HGTU¸R #HGTU0T %QNNGEVGFGUUC[U +5$0¸¸¸¸'74 5EJNCIY¨TVGT-CVCNQPKGP+&IPF¸<YKUEJGPOGPUEJNKEJG$G\KGJWPI+&IPF¸5Q\KCNGT9CPFGN +&IPF¸0CVKQPCNDGYWUUVUGKP+&IPF¸^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG # 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DTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$- <WDKNNCIC%CTNQU+&IPF 0K¼PQUFGNCIWGTTCUQNKFCTKFCFWTWIWC[CEQPNC4GRºWDNKEC'URC¼PQNC¸%CTNQU<WDKNNCIC¸GF¸/QPVGXKFGQ .KPCTFK[4KUUQ¸5+NN(CMUEO +5$0¸¸¸¸ 5EJNCIY¨TVGT7TWIWC[+&IPF¸5RCPKUEJGU-KPF+&IPF¸(N©EJVNKPIUMKPF+&IPF¸ 5RCPKUEJGT$©TIGTMTKGI¸+&IPF¸^\^)GUEJKEJVG 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG # /KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG 'N#VNºCPVKEQEQOQHTQPVGTCOGFKCEKQPGUEWNVWTCNGUGPVTG%WDC['URC¼PC&COCTKU2W¼PCNGU#NRºK\CTGF¸/CFTKF'F8GTDWO ¸REO %QNGEEKºQPGPUC[Q +PENWFGUDKDNKQITCRJKECNTGHGTGPEGU +5$0¸¸¸¸'74 5EJNCIY¨TVGT-WDC+&IPF¸5RCPKGP+&IPF¸5RCPKUEJ+&IPF¸.KVGTCVWT+& IPF¸^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI 5CEJITWRRGP)GKUVGUYKUUGPUEJCHVGPCNNIGOGKP#NNIGOGKPGU/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG # %CNCHCVG2GFTQ 'UEQNC+DºGTKECFC2C\CEQPUEK»GPEKCETºKVKECFCEQPSWKUVCGEQNQPK\CE¼CQFC#OºGTKEC¸'UEWGNC+DºGTKECFGNC2C\ 2GFTQ%CNCHCVG4COºQP'OKNKQ/CPFCFQ)WVKºGTTG\¸5CPVCPFGT'F7PKXGTUKFCF%CPVCDTKC¸5+NN(CMU EO $QWPF¸6GZVKP2QTVWIWGUGCPF5RCPKUJ +5$0¸¸¸¸'74 5EJNCIY¨TVGT.CVGKPCOGTKMC+&IPF¸-QNQPKCNKUOWU+&IPF¸+PFKIGPGU8QNM+&IPF¸ 4GEJVUUVGNNWPI+&IPF¸-QNQPKCNTGEJV+&IPF¸^\^)GUEJKEJVG¸ 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG2QNKVKUEJG2JKNQUQRJKG % .CUEKGPEKCUGPNCHQTOCEKºQPFGNCUPCEKQPGUCOGTKECPCU5CPFTC%CTTGTCU-CVLC%CTTKNNQ<GKVGTGFU¸(TCPMHWTVCO/CKP 8GTXWGTV¸5 $KDNKQVJGEC+DGTQ¸#OGTKECPC %QNNGEVGFGUUC[U +5$0¸¸¸¸+DGTQCOGTKECPC 5EJNCIY¨TVGT*KURCPQCOGTKMC+&IPF¸0CVKQPGPDKNFWPI+&IPF¸9KUUGPUEJCHV+& IPF¸^\^)GUEJKEJVG¸^H^-QPITGUU^I^$GTNKP 5EJNCIY¨TVGT.CVGKPCOGTKMC+&IPF¸0CVKQPCNUVCCV+&IPF¸'PVUVGJWPI+&IPF¸ 9KUUGPUEJCHV+&IPF¸^\^)GUEJKEJVG¸^H^#WHUCV\UCOONWPI 5CEJITWRRGP/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG)GUEJKEJVGFGT9KUUGPUEJCHVWPF-WNVWT # .KPIC# %QNQODQ%TKUVQHQTQ+&IPF .QUEWCVTQXKCLGU%TKUVºQDCN%QNºQP'FKEKºQPFG%QPUWGNQ8CTGNC¸GF¸/CFTKF#NKCP\C'FKVQTKCN¸5-V EO 'NNKDTQFGDQNUKNNQ*KUVQTKC &KG8QTNCIGGPVJKPUIGUCOV9GTMG +5$0¸¸¸¸ 5EJNCIY¨TVGT%QNQODQ%TKUVQHQTQ¸+&IPF#OGTKMC+&IPF¸'PVFGEMWPIUTGKUG +&IPF¸^H^4GKUGDGTKEJV¸ 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG)GUEJKEJVGFGT 'PVFGEMWPIGP # DTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$- %QPHNKEVQU[EKECVTKEGUHTQPVGTCU[OKITCEKQPGUGPGNOWPFQJKURºCPKEQ#NOWFGPC&GNICFQ.CTKQUEQQTF¸GF¸/CFTKF &[MKPUQP¸5+NNITCRJ&CTUV-VEO %QNNGEVGFGUUC[U¸$GKVTVGKNYURCPVGKNYHTCP\ +5$0¸¸¸¸ 5EJNCIY¨TVGT5VCCVUITGP\G+&IPF¸'KPYCPFGTWPI+&IPF¸#WUYCPFGTWPI+&IPF¸ ^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG # &GTJCO/KEJCGN #UVWF[QHKOOKITCVKQPHTQO5RCKPKPVQ8GPG\WGNC/KEJCGN&GTJCO¸.GYKUVQP0;=WC?'FYKP/GNNGP2TGUU ¸8++5 .KVGTCVWTXGT\5¸¸+PFGZ +5$0¸¸¸¸ 5EJNCIY¨TVGT8GPG\WGNC+&IPF¸5RCPKGT+&IPF¸'KPYCPFGTWPI+&IPF¸ ^\^)GUEJKEJVG¸ 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG&GOQITCRJKG )GQITCRJKG # 'PUKPVQPºKCEQP5CPVC6GTGUC,WCPFG2CNCHQZ[NQUECTOGNKVCUFGUECN\QUFQEGGUVWFKQU4KECTFQ(GTPºCPFG\)TCEKCEQQTF ¸2CORNQPC)QDKGTPQFG0CXCTTC¸5+NN %QNNGEVGFGUUC[U¸$QWPF¸6GTGUCQH#XKNC¸5CKPV,WCPFG2CNCHQZ[/GPFQ\C¸ +5$0¸¸¸¸'74 5EJNCIY¨TVGT6GTGUCFG,GUºWU¸+&IPF2CNCHQZ[/GPFQ\C,WCPFG¸+& IPF-CTOGNKVKPPGP+&IPF¸7PDGUEJWJVG-CTOGNKVKPPGP+&IPF¸^\^)GUEJKEJVG ¸^H^#WHUCV\UCOONWPI 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG-KTEJGPIGUEJKEJVG &QIOGPIGUEJKEJVG # (GTPºCPFG\/GNNºGP%QPUQNCEKºQP +INGUKC[RQFGTGP.C*CDCPC,WCP,QUºG&ºKC\FG'URCFCWPQDKURQKNWUVTCFQ¸%QPUQNCEKºQP(GTPºCPFG\/GNNºGP ¸$KNDCQ7PKXGTUKFCFFGN2CºKU8CUEQ¸5+NN-VEO *KUVQTKCOGFKGXCN[OQFGTPC ,,&ºKC\FG'URCFC¸5RCPKUJDKUJQR +5$0¸¸¸¸'74 5EJNCIY¨TVGT&ºKC\FG'URCFC[(GTPºCPFG\FG.CPFC,WCP,QUºG¸+&IPF^\^)GUEJKEJVG¸ 5CEJITWRRGP-CVJQNK\KUOWU5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG # (TCPEKUEQFG8KVQTKCGPNC'UEWGNCFG5CNCOCPEC[UWRTQ[GEEKºQPGP0WGXC'URC¼PC8KTIKPKC#URG#TOGNNC/C+FQ[C<QTTQ\C GFKVQTCU¸GF¸2CORNQPC'WPUC'FKEKQPGU7PKXGTUKFCFFG0CXCTTC¸REO %QNGEEKºQPFGRGPUCOKGPVQOGFKGXCN[TGPCEGPVKUVC +PENWFGUDKDNKQITCRJKECNTGHGTGPEGU +5$0¸¸¸¸¸¸¸ 5EJNCIY¨TVGT8KVQTKC(TCPEKUEQFG¸+&IPF 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG2JKNQUQRJKGFGT 4GPCKUUCPEG # DTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$- )ºCNXG\$CTTC\C,WNKQ+&IPF 9KPPKRGIVGUVKOQPKQUFGWPGZKNKQ,WNKQ)ºCNXG\$CTTC\C¸5GXKNNC4GPCEKOKGPVQ¸5EO $KDNKQVGECFGN'ZKNKQ#PGLQU 9KPPKRGIYCUC(TGPEJUJKRYJKEJKPECTTKGF5RCPKUJ4GRWDNKECPTGHWIGGUVQ%JKNG +5$0¸¸¸¸'74 5EJNCIY¨TVGT%JKNG+&IPF¸5RCPKUEJGT(N©EJVNKPI+&IPF¸9KPPKRGI5EJKHH+&IPF ^\^)GUEJKEJVG 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG # /CTVºKP4WDKQ/CTºKCFGN%CTOGP+&IPF (TCPEKUEQ2K\CTTQGNJQODTGFGUEQPQEKFQ/CTºKCFGN%CTOGP/CTVºKP4WDKQ¸=1XKGFQ?'FKEKQPGU0QDGN¸R KNNEO $KQITCRJ[¸(2K\CTTQ¸ +5$0¸¸¸¸¸¸¸ 5EJNCIY¨TVGT2K\CTTQ(TCPEKUEQ¸+&IPF^H^$KQITCRJKG 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG)GUEJKEJVGFGT 'PVFGEMWPIGP # /QLKEC&ºKC\%NCTC%GEKNKC+&IPF 'NOWPFQJKURCPQJCDNCPVGEQPVGORQTºCPGQJKUVQTKCRQNºKVKECUQEKGFCFGU[EWNVWTCU%NCTC/QLKEC¸&ºKC\CPF.QWTFGU 5ºCPEJG\¸.ºQRG\¸.QPFQP=WC?4QWVNGFIG¸=+:?5+NN .KVGTCVWTXGT\5=?¸ +5$0¸¸¸¸JCTFDCEMCNMCNKPGRCRGT 5EJNCIY¨TVGT5RCPKUEJGU5RTCEJIGDKGV+&IPF¸)NQDCNKUKGTWPI+&IPF¸^\^)GUEJKEJVG 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG # 2ºGTG\,WNKC+&IPF: 8CUEQFG3WKTQIC,WNKC2ºGTG\¸/CFTKF(WPFCEKºQP'OOCPWGN/QWPKGT¸REO %QNGEEKºQP5KPGTIKC5GTKGXGTFG +PENWFGUDKDNKQITCRJKECNTGHGTGPEGURCIGU¸ +5$0¸¸¸¸ 5EJNCIY¨TVGT3WKTQIC8CUEQFG¸+&IPF^H^$KQITCRJKG 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG-KTEJGPIGUEJKEJVG &QIOGPIGUEJKEJVG # <WDKNNCIC%CTNQU+&IPF 0K¼PQUFGNCIWGTTCUQNKFCTKFCFWTWIWC[CEQPNC4GRºWDNKEC'URC¼PQNC¸%CTNQU<WDKNNCIC¸GF¸/QPVGXKFGQ .KPCTFK[4KUUQ¸5+NN(CMUEO +5$0¸¸¸¸ 5EJNCIY¨TVGT7TWIWC[+&IPF¸5RCPKUEJGU-KPF+&IPF¸(N©EJVNKPIUMKPF+&IPF¸ 5RCPKUEJGT$©TIGTMTKGI¸+&IPF¸^\^)GUEJKEJVG 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG/KVVGNCOGTKMC5©FCOGTKMC)GUEJKEJVG # DTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$- #HTKMCU©FNKEJFGT5CJCTC)GUEJKEJVG $GHQTGOKFFNGRCUUCIGVTCPUNCVGF2QTVWIWGUGOCPWUETKRVUQH#VNCPVKEUNCXGVTCFKPIHTQO9GUV#HTKECVQ+DGTKCPVGTTKVQTKGU ¸VTCPUNCPFGFD[6TGXQT2*CNN¸(CTPJCO=WC?#UJICVG¸:++5ITCRJ&CTUV-V 'PVJ$GKVT +5$0¸¸¸¸ 5EJNCIY¨TVGT2QTVWICN+&IPF¸5MNCXGPJCPFGN+&IPF¸^\^)GUEJKEJVG¸^H^3WGNNG 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG#HTKMCU©FNKEJFGT5CJCTC)GUEJKEJVG # (GTTGKTC#NGZCPFTC *QTºCEKQ4QSWG#NGZCPFTC(GTTGKTC¸GF¸.KUDQC*QTK\QPVG¸5+NN $KQITCRJ[QH*4QSWG¸2QTVWIWGUGDWUKPGUUOCPHQWPFGTQHVJG$CPEQ+PVGTPCEKQPCNFQ(WPEJCN$#0+( +5$0¸¸¸¸'74 5EJNCIY¨TVGT5KNXC4QSWG*QTºCEKQFC¸+&IPF^H^$KQITCRJKG 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG#HTKMCU©FNKEJFGT5CJCTC)GUEJKEJVG # )GUEJKEJVGFGUL©FKUEJGP8QNMGUCWGTJCNDFGU5VCCVGU+UTCGN ,WGWUEQPXGTUQU+PSWKUKEKºQWPCEQPXKX¹GPEKCRGTOCPGPVOGPVHTWUVTCFCEQQTFKPCEKQ(GTTCP)CTEKC¸1NKXGT¸%CVCTTQLC#HGTU ¸¸5+NNEO #HGTU0T %QNNGEVGFGUUC[U¸*CNHVKVNG+550¸¸+PENCDUVTCEVUKP%CVCNCPCPF'PINKUJ¸6GZVKP%CVCNCP¸6JGUGTKGUKU CRGTKQFKECN¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU¸%CVCNCP'PINKUJ +5$0¸¸¸¸'74 5EJNCIY¨TVGT5RCPKGP+&IPF¸,WFGP+&IPF¸,WFGPVWO+&IPF¸/CTTCPGP+& IPF¸+PSWKUKVKQP+&IPF¸^\^)GUEJKEJVG¸^H^#WHUCV\UCOONWPI 5CEJITWRRGP5RCPKGP2QTVWICN)GUEJKEJVG)GUEJKEJVGFGUL©FKUEJGP8QNMGUCWGTJCNDFGU5VCCVGU+UTCGN -CVJQNK\KUOWU # )GUEJKEJVGFGT5RTCEJ¸WPF.KVGTCVWTYKUUGPUEJCHV -QGTPGT'TPUV(-+&IPF 3WCVTQFºGECFCUFGJKUVQTKQITCHKCNKPIWºKUVKECGUVWFQUUGNGEKQPCFQU'(--QGTPGT5GNGGFFGVGZVQUFG4QNH-GOONGT ¸8KNC4GCN%GPVTQFG'UVWFQUGO.GVTCU7PKXFG6TºCU¸QU¸/QPVGUG#NVQ&QWTQ¸5ITCRJ&CTUV %QNGÆE¼CQ.KPIWºKUVKEC +5$0¸¸¸¸ 5EJNCIY¨TVGT.KPIWKUVKM+&IPF¸^\^)GUEJKEJVG^H^#WHUCV\UCOONWPI 5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP)GUEJKEJVGFGT5RTCEJ¸WPF.KVGTCVWTYKUUGPUEJCHV # &KCNGMVQNQIKG .QUECTVWNCTKQUFG8CNRWGUVCGUVWFKQUGFKEKºQPCECTIQFG,QUºG#$CTVQN*GTPºCPFG\#PVQPKQº#NXCTG\6GLGFQT,QUºG4COºQP /QTCNC¸5CNCOCPEC.WUQ¸'URC¼PQNCFG'FKEKQPGU¸5+NN-VEO %QNNGEVGFGUUC[U¸+PENWFGUDKDNKQITCRJKECNTGHGTGPEGU +5$0¸¸¸¸'74 5EJNCIY¨TVGT8CNRWGUVC+&IPF&K¨\GUG+&IPF¸-QRKCNDWEJ+&IPF¸ ^H^#WHUCV\UCOONWPI 5CEJITWRRGP/KVVGNCNVGTNKEJGU%JTKUVGPVWO5RCPKGP2QTVWICN)GUEJKEJVG&KCNGMVQNQIKG .CVGKPKUEJG5RTCEJG # DTKIG6GKNIGDKGVGIGINKGFGTVPCEJ$- 5Q\KQNKPIWKUVKM#NNIGOGKPGU $QTVQPK¸4KECTFQ5VGNNC/CTKU+&IPF /CPWCNFGUQEKQNKPIWºKUVKEC5VGNNC/CTKU$QTVQPK¸4KECTFQ¸5¼CQ2CWNQ%QPVGZVQ¸5 +5$0¸¸¸¸ 5EJNCIY¨TVGT5Q\KQNKPIWKUVKM+&IPF¸^H^'KPH©JTWPI 5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP5Q\KQNKPIWKUVKM#NNIGOGKPGU # %QGNJQ+\GVG.GJOMWJN+&IPF 2CTCEQPJGEGTUQEKQNKPIWºKUVKEC+\GVG.GJOMWJN%QGNJQ'FCKT/CTKC)¨TUMK%JTKUVKCPG/CTKC0FG5QW\C)WKNJGTOG*GPTKSWG /C[¸5¼CQ2CWNQ%QPVGZVQ¸5 %QNGÆE¼CQRCTCEQPJGEGT +5$0¸¸¸¸ 5EJNCIY¨TVGT5Q\KQNKPIWKUVKM+&IPF¸^H^.GJTDWEJ 5CEJITWRRGP'KP\GNPG5RTCEJGPWPF.KVGTCVWTGPCNNIGOGKP5Q\KQNKPIWKUVKM#NNIGOGKPGU # 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