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1EOXGWFIKFEK[FSGHIGNFJIEGYFQOPFG_OPYEFIEJ^FE[FKGVRGLEFGltR^V`FKSG5FPIGVQLGgtQMOP[QEKJFGYMI]FKGLEFG E`GTKKFIKG]FLGPVQN^RJFQI`EJFKGK[FINVRLG]FI RFQQFGKEOP[GLFEKSG_EFGYMI]FKGYF]FIG]FIFKGKJL[FGKXOPGEPIFGgtIFR]FKGWFIL[FPFKS

DIFEG _[RK]FKGLUZ[FIGYRI]FKGYEIG]RIOPGFEKG1R`XIFKG E`GK[FIJIRK]GVRJFLOPIFO^[SG1EKJLGR`G]EFGHEKVLLRKJG]FIGBEOP[bRFQQFGNEQ]F[FKGLEOPG1ELLFGRK] _UVQ[FKSG DFIG AXIJVKJG FIEKKFI[FG `EOPG L[VI^G VKG FKFKG ]FIG WXKG ]FKG aIQ[IV=1VKJFIKG NFYFI^L[FQQEJ[G YXI]FKG YVIG VQLG LEFG WFILROP[G PV[[FKG ]EFG RFQQF VRLltRJIVNFKSGDVLGWFINQEFNFKFGHI]IFEOPGNFJVKKGltRGNIO^FQKGRK]GKVOPGFEKFIGsbquoFEQFGIR[LOP[FGFLGltRIG_FE[FGVNGYFEQGLEOPG]EFGBEOP[bRFQQFGNFYFJ[FSG_EFGYROPL EKG]EFGndashPFGRK]GJQE[[G`E[GEPIFIGlsquoVLELPVQN^RJFQGVRLG]FKGmdashIM``FIKGPFIVRLSGTKG]FIGndashVQN^RJFQGYVIFKGRKLGRKNF^VKK[FGaJJIFJV[FGFK[PVQ[FKSG5E[GEPIGYVIG]EF RFQQFGE``FIGEKG]FIGlsquoVLELG]FLGHIL[FKGZPQFILGWFIVK^FI[GJFYFLFKSG2QFEOPltFE[EJGPFQQ[FGLEOPG]FIGDX`GVRSGDEFGRFQQFGFIYVOP[FGltRGKFRF`GBFNFKGRK]GNVQ] ]VIVRGURQLEFI[FGLEFGEKGEPIF`GJFYXPK[FKG1Phellip[P`RLGRK]GLOPQFR]FI[FG]EFG5V[FIEFNIXO^FKGEKGLEOPGPEKVRGRK]GQEFGLEFGVKG]FKG1ZK]FIKGYEF]FIGPFIRK[FIVQQFKS

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TOPGWFILUMI[FGKEOP[LGVNFIG]FIGH[IVLEKKGIMPI[FGLEOPS

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lsquoIEKJFGEPKG`E[GlsquoXIVQQRGltRLV``FK6

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PhellipNIVEKLGaRFK[PVQ[G^FKKFGEOPGKEOP[SGTOPGYFEGKEOP[GYVLG`E[GEP`GJFLOPFPFKGEL[SGK]GMNFIG`EOPG^VKKGEOPG]EIGKRIGFEKFLGLVJFKGR`G]EIG]EFGRLV``FKPZKJF ltRGWFI]FR[QEOPFKSGTOPGNEKG]FIGFEJFK[QEOPFGH`RQV[XIG]FIG3V`FKQXLFKGXKF6

TOPGRPIGIRO^VI[EJGPFIR`SGndashVL[EJGNFIEOP[F[FGEOPG]FKG2FZPI[FKGWXKG]FIGJF]VK^QEOPFKGcX``RKE^V[EXKSGHIKFR[GFIJVNFKGLEOPGTK]EltEFKGMIG]VLGYVLGEOPGNFIFE[L VQLGJFLEOPFI[GVKJFKX``FKGPV[[FSGDEFGBEOP[bRFQQFGFEKGH`RQV[XIG]FIG3V`FKQXLFKGXKFG]VltRGKXOPGFEKFIG]FIGLEOPGIFEGNFYFJ[GPV[[FGRK]GWXKG]FKGhellipI[XKEFIK JFLROP[GYXI]FKGYVIGR`GEPKGltRGWFIKEOP[FKSGDEFGBEOP[bRFQQFG`R[FG]FIGH`RQV[XIG]FIGhellipI[XKEFIGLFEKSGHEKFGVK]FIFGHI^QZIRKJGJVNGFLGKEOP[SGK]G]VLGNFYEFL FK]JMQ[EJG]VG]EFGhellipI[XKEFIG]VLGFEJFK[QEOPFGndashFIIFKWXQ GEKG]FIG3V`FKQXLFKGXKFGYVIFKG]EFG5VOP[GE`GndashEK[FIJIRK]S

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gtVQQLG]EFGAELEXKGIEOP[EJGYVIG]VKKGPV[[FGEOPG`FEKGEFQGFIIFEOP[GPV[[FGEOPG]EFGcXXI]EKV[FKG]XOPGKXOPGFIPVQ[FKSGDVKKGQFN[FGVROPGPhellipNIVEKGKXOPGX]FIGPV[[FGLEF YFKEJL[FKLGEIJFK]YXGMIG`EOPG]FUXKEFI[S

_UMIFKG]EFG_XQVKFIGYVLG EKGR^RK[GJFLOPEFP[bullG IVJ[FG EOPG`EOPSG_EK]G]EFGAELEXKFKGlsquoX[LOPV[FKGX]FIGndashEQFIRFGFEKFIG2IRUUFGWXKG TK[FQQEJFKltFKGVRLG]FI 4F[lt[ltFE[bullGAXKGlsquoXI]G]FIG_―Bbull

TOPGYFI]FGFROPGF[lt[GWFIQVLLFKGWFI^MK]F[FG]EFGBEOP[bRFQQFSG_EFGL[EFJGEKG]EFG_OPYZIltFG]FIG3V`FKQXLFKGXKFGPEKVRGRK]GYEIGLVPFKG]VGLEFGLEOPGEKGFEK FEJFKFLGmdashVIKLhellipL[F`GPMQQ[FSGTOPG[IRJGEPIG]FKGsbquoRKLOPG]FIG1XNX[FIGWXIGRK]GLEFGPXQ[FGLEFG`E[GFEKF`GmdashIV^[XIL[IVPQGltRGLEOPSGAFIJEGKEOP[Ga[QVKSGDVRJ=HKK=DVRJ `RGRKNF]EKJ[GJFRK]FKGYFI]FKSGHIGRK]GVQQFGARQKRIFIGLEK]GmdashFEQVNQFJFIG]FLGXLE[EWFKG]EFGMNFIQFN[GPVNFKGRK]GF[lt[GNFK[EJ[GYFI]FKSGDRGFI^FKKL[GIEOP[EJ ]VG ]EFG ARQKRIFIG RK]G EOPG ]VLG 2FJFKJFYEOP[G ltRG ]FIG 5VOP[G ]FIG hellipI[XKEFIG LEK]6G TOPG PXFG KRIG ]VG EOPG EOPG LXQVKJFG ]FKG 3VOPL[FQQRKJFKG ]FIG FO^FK FK[ltEFPFKG^VKKGNELG]RGltRIMO^^FPIL[SGBFNGYXPQ6

5EIGYVIGF[lt[GWEFQFLG^QVIFIGVQLGltRWXISGDEFG`YVK]QRKJG]FLGhellipI[XKEFILGlsquoXIVQQRGEKGFEKFKGUXLE[EWFKGARQKRIFIGYVIG]FIGQF[lt[FG]FR[QEOPFGlsquoFYFELGJFYFLFKGYEFGFKJ ]EFGNFE]FKGAQ FIG`E[FEKVK]FIGWFIYVK][GLFEKG`R[FKSGAEFQQFEOP[GYVIFKGLEFGFEKF`GJF`FEKLV`FKGAXIVPIFKGFK[LUIRKJFKGYEFG]EFG5FKLOPFKGRK]G]EFGaFKS sbquoFQOPGFEKFGAFIJVKJFKPFE[G`R[FG]EFLFLGAXQ GPVNFKGYFQOPGFEKFGHWXQR[EXKGL[FO^[FG]VPEK[FI6GsbquoEIGNFXNVOP[F[FKGYEFG]EFGBEOP[bRFQQFG`E[G EPIF`G_XO^FQ NFLOPQFRKEJ[FGRK]GNVQ]GEKG]FIGVNLXQR[FKG_OPYZIltFGltYELOPFKG]FKG_OPXO^IXK[FKGWFILOPYVK]SGsbquoEIGQL[FKGRKLGWXKG]F`GmdashIM``FIIFL[G]FIGlsquoVLELGRK]G^FPI[FK ltRIG _OPQFRLFG ]FIG gtR[RINXFG ltRIMO^SG DEFG ]IFEGa[EbLG WFILOPYVK]FKG JFL[E^RQEFIFK]G E`GaK[EJIVWLOPVOP[SG sbquoEIG XQJ[FKG EPKFKG RK]G EOPG KVP`G EIG WXIG ]F` X`UR[FIG]FLG_OPEFLGFEKGUVVIGJFltEFQ[FGgtIVJFKGltRGL[FQQFKSG5EOPGEK[FIFLLEFI[FG]VLGaQ[FIG]FLG_OPEFLGRK]GWXIGVQQF`GYXQQ[FGEOPGYELLFKGYEFLXGFLGEKG]FI BVJFGYVIGKVOPG]FKGT]FFKG]FIGaQ[FI[R`LXILOPFIGEKG^MIltFL[FIGFE[GFEKFGsbquoVFGltRGNVRFKG`E[G]FIG`VKGFEKGVlt=cQVPRGFQE`EKEFIFKG^XKK[FSGK]GYVIR`GYVIGFL ]FKG]IFEGa[EbLGLXGQFEOP[GJFVQQFKGFEKFGFK[LUIFOPFK]FGT]FFGltRGFK[YEO^FQKbullG―]FIGPV[[FG]FIGX`UR[FIG]EFG]IFEGJF[ZRLOP[GRK]GEPKFKGQF]EJQEOPGF[YVLGPKQEOPFL JFJFNFKGYVLGEKGLFEKFKGaILFKVQFKGNFIFE[LGWXIIZ[EJGYVIbull

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