Referat.me

Название: Теория оценки эффективности маркетинговых коммуникаций

Вид работы: книга

Рубрика: Маркетинг

Размер файла: 635 Kb

Скачать файл: referat.me-214319.pdf

Краткое описание работы: K:GDLI?L?J;MJ=KDBCWDHGHFBDB=HKM>:JKL<?GGUCB NBG:GKH< MGB<?JKBL?L Lblh:;:e_dk__::Eb[_jh:; L_hjbyfZjd_lbg]huohp_gdbwnn_dlbghklbdhffmgbdZpbc

Теория оценки эффективности маркетинговых коммуникаций

K:GDLI?L?J;MJ=KDBCWDHGHFBDB=HKM>:JKL<?GGUCB NBG:GKH< MGB<?JKBL?L

Lblh:;:e_dk__::Eb[_jh:;

L_hjbyfZjd_lbg]huohp_gdbwnn_dlbghklbdhffmgbdZpbc

K:GDLI?L?J;MJ=

M:>D

LblhghklbfZjd_lbg]huo:;:e_dk__:dhffmgbdZpbc:Eb[_jh:KI[;L_hjbyKIMWNhp_gdbwnn_ k dlb

GZklhys__h ij_^ijbgbfZl_evkl_p_gdb bd nhjfbjhZgbx fhgblhjbg]Zijhp_kkZgZmqgh_ba^Zgb_hij_^_e_gub wdhghfbq_kdbo< kbkl_fZkibjZglZfdhffmgbdZpbhggh]hjZ[hl_f_lh^heh]bb ihkys_ghbamq_gby fZjd_lbg]huojZkdjulukbkl_fubiZjZf_ljhkbkl_fguofZjd_lbg]hh]h ij_ihjZkkfhlj_gbxf_lh^bq_kdhchkghgu_^ZZl_eyfijhp_kkZ dhffmgbdZpbchkghhp_gdbhijhkhdhffmg gZmqgu_ukrboJZ[hlZl_hjbbj_Zebgl_bb

dZpbhggh]hih^oh^u aZpbb

mq_[guofh`_l]fZjd_lbg]jZevghcfhlbZpbhgguo[ulvahZwuon_^_gbcn_dlbghklbZ^j_khZgZdhffmgbdZpbc jZfdZo

Ih^ijhngZmq:Bj_^FmjZaZkem`_ggh]hv_Z wdhghfbklZJhkkbb^jZwdhggZmd

J_p_ga_glkbckdhcN_^_jZpbb^jwdhg<gZmdKDZ[ZdhijhnaZkem`_gguc^_yl_evgZmdbJhk

: ,6%1 [_ah[tye

K <dEbl_jZlmjZhffmgbdZpbhgguo_^_gb_h^_j`Zgb_ L_hj_lbq_kdb_ij_^ijbgbfZl_evkdhcwnn_dlbghklbF_lh^bq_kdb_Ihgylbcguc:gZebaF_lh^heh]bq_kdZykhj_f_ggh]hhkghuZki_dludhffmgbdZpbhgguoZiiZjZlkbkl_fij_^ihkuedbkbkl_fuhp_gdbhp_gdbl_hjbbf_lh^bq_kdh]h wdhghfbq_kdh]hfhgblhjbg]ZnhjfbjhZgbywnfZjd_lbg]huohkghZb fhgblhjbg]Zn_dlbghklbkbkl_fbgl_]jZevgh]hkbeuZiiZjZlZghkbl_eydhffmgbdZpbhgghcwnn_dlZf_lh^ZdhffmgbdZpbcwnn_dlbghklbfZjd_lbg]huo^bgZfbq_kdh]hfhgblhjbg]ZihdZaZl_eyijhp_kkZ0/(

dhffmgbdZpbcF_lh^bq_kdb_:e]hjblfbaZpbynZdlhjZehdZevgh]hgb_ebjhZgb_bgl_jij_lZpbydhffmgbdZpbhggh]h

fhlbZpbhggh]hwnn_dlbghklb/(F_lh^Dhwnnbpb_glgh_:e]hjblfbq_kdZyhp_gdbfZjd_lbg]hh]h

0

<Ijhp_kk gby^_yl_evghklblhf _^_gb_qbke_ohaycklmxsbofZjd_lbg]hh]hwdhghfbq_kdbob hajZklZxs_c]h^mKbkl_fgucIjbq_fijb_e km[t_dlhij_h[jZahZgbcaZbfh^_cklbyjhkld ghhfmoZjZdl_jjhevx nmgdpbhgZevgh]h dhffmgbdZpbhggh]h^_yl_evghklbihgbfZgbxjZfdZoj_]mebjhZgbywlbo Jhkkbckdhcijbgpbihkm[t_dlhjughqguoij_^ijbgbfZl_evkdhc ba^_j`_dijbgpbih bg^mpbjhZgagZq_gbyZ jughqghchij_^_e_gljb km[t_dlhkdeZ^uZ N_^_jZpbbijhp_kkZ kbkl_f_]ihh^Z wlh]h_^bg_> x_g@b\

kbkl_f_

nZdlhjZg_rgbfbnjZkljmdlmju kljZg_JhklkljmdlmjZfbij_^ijbgbfZl_evkdhckbkl_fhch[t_fZjughqgh]h

s_cky h[t_dlhj_^ijbgbfZl_evklZ

iih^l_j`^Z_l

rbj_gby dZpbclZdhffmgbdZpbhgguod_lbg]huo^bl?kebB wlbj_deZfZ ihe_uogZLh^hl_g^_gpbbghucijhiZ]Zg^Z_klvbkihevam_fh]h ijbagZgb_lhj_fydhffmgbdZpbcbkke_^hZgbyokbkl_fguc gZklhys_f]fh`ghnhjfbjhh^ZhljZ`_gurbjhdh_ijZdlbq_kdbijhp_kkh35 gZmqguoml_j`^ZlvJNZgb_ bgkljmf_glZjby ebqgu_mjh_gvdhffmgbdZpbhgguo ij_^ijbgbfZl_evkdboaZbfh^_cklbyi_jbh^_g_hljZke_uomdZaZgghc kj_^_lhevdh_^bgkl_ggufijh^Z`bjZaZqlhnhjfbjm_lky kbij_^ijbgbfZl_e_caZihgbfZgb_l_g^_gpbbfZjd_lbg]huo ihke_^gb_klbfmebjhZgb_bgkljmf_glhfl_g^_gpbykbkl_fZofZjd_lbg]dh i_j_offmg [ hk[fZjZueZuoub jhk

bihemqbeb ihke_^g__

d_lbg]ZjZlmj_ij_^eh`_ggZy

f_lh^bq_kdboWlbfmgbdZpbclmZevguojhZgghklbgbfZl_evklZe_gbyl_evkdbodhffmgbdZpbhggufp_ipbc l_g^_gpbbkljZl_]bq_kdh]hfZjd_lbg]ZaZbfh^_cklbygZmqkbkl_fj_Zevgh]hlZdihdZkbkl_fguoih^l_j`^Z_lujZ`_ggu_bg_l_hjbcdhffmgbdZpbhggh]hijhp_kkhfkhhljZ`_guf_lh^bq_kdhf^eyijhn_kkhjhfaZijhkZjZablbyklhjhgugZij_^ijbgbfZl_evkdbohibkZgbyhk_s_gb_dZdZe]hjblfbq_kdhfihwlhfmu^bgmlh_gZjZ[hlZogZb[he__q_j_adZdbij_^eh`_gbygZmjhg_khkbkl_f_ijhp_kkZ;Z]b_ufbgkljmf_glZjbbknhjfbjhZggucmjhg_klhjhgu gZmqghcaZbfh^_cklbyp_evx;he__jughqguoi_jki_dlbgh]hkl_fZlbq_kdboaZijhkZiheh`_gb_gZk_jbkgh]hnhjfbjhZgby>@fZjd_lbgZklhys_cbZe]hjblflh]hnhjfbjkljmhj]ZgbaZphj]ZgbaZpbhb mq_[ghcdhgp_ipbykljmdlmjij_^ijbgbfihemqbrZydlmjgmijZe_gbyh knhjf]hb gZmfZhuoZgbyij_q_kdhfgZmqguoggjZbZd_lbmqghc^hgghijZeqfZghdhgijbdhguoghlZfj_gbZbgdbb

]f_lh^bq_kdhfjZ[hlul_g^_gpbyohuc bgkljmf_glZjbcZlhjumjhg_hij_^_ebebBf_gghnhjfbjhZgb_

x x

hj f_glZjbydhff_jq_kdh]hjZ[hlu] whexpbhgguc^_e_cjZablb_ZgbaZpbhggh ihklZe_gudhffmgbdZpbhmijZe_gbydhgljheykhj_f_gghcijh^b`_gbyf_lh^bq_kdhf b kbkl_fgucwdhghf_ljbq_kdh]hb j_r_gu__ wnn_dlbfZjd_lbg]hufbgdhffmgbdguol_hjbbwnn_dlbghklb kbkl_f_kbkl_fijh^mdpbbke_^mxsb_ZgZebamjhgyo ghklbZfZjd_lbg]huopbcZiiZjZlZdhffmgbdZpbyfbfZjd_lbg]huoij_eZ]Z_fuo<fZjd_lbg]hh]h aZ^ZqbjZfdZobohp_gdbeh]bq_kdh_p_ebdhffmgbdZpbcgZmqguodhffmgbdgZklhys_cwnn_gZ bgklj mjhg_b wddlbfZhhm

x ghklbZki_dl_nhjfbZgZebafZjd_lbg]huojhZgb_nZdlhjhhibkZgb_hp_gdb

xx ghf_ljbq_kdh_pbc hj]ZgbaZpbhggh nZdlhjhhuodhffmgbdZpbcf_lh^bq_kdbob bgl_]jZevguo ijbgpbih ihdZaZl_e_c g_ wnn_dlbghklb^j_gbynhjfbjhZgb_ fhgblhjbg]ZfZjd_lbg]

wnn_dlbghklb fZl_evkdhcIhg_jZevgZy q_gbb kmlbF_lh^heh]bq_kdZyLj_amevlbjmxs_]h_hj_lbq_kdb_aZ^ZqZ^bj_dlbZkbkldhlhjuc fZjd_lbg]hh]hdhffmgbdZpbhgguo_jZ[hl_fuij_^ijbgbfZl_evkdhcaZbfhkyab yey_lkyp_e_ZyhkghZZkwnn_dlZijhp_kkZ<i_dluhkgh_nmgdpbydhffmgbdZpbhggh]hdhffmgbdZpbhgghcij_^f_lhfdhffmgbdZpbbha^_cklbydZq_kl_ggh]hhp_gdbf_lh^heh]bbkbkl_ffh^_ebkbkl_fukhh[s_ jZkkfhlj_gbybgZ b^_ khklhblfh^_ebjhZgbyih gbyb dhebq_kl_km[t_dlue_`blfhgblhjbg]Zijhp_kkZj_amevlZlZfij_^ijdhebq_klmkhhl_lk Z^_dZlghhl_lZkblmZpbb iaZ^ZqZbju hgge]gZ b_gZgml khh[s_gb_klhys_c

gh]hZgZebaZdhffmgbdZpbhgghc gZmqghc

fhgblhjbg]Zmxs_cdZihgbfZlvnZdlhjhijhp_kkZ hibkZgbydhjj_dlbjhdb kljmdlmjghc qlhZiijhdkbfbjhZggh_ nZdlhjh^b`_gbyex[ZynZdlhjh ijhp_kkZfh^_evijhp_kkZK ^jm]hcb ljZgknhjfZpbb kmsghklbhljZ`_gby nhjfZebahZlvklhys_chp_gdZ _klv dhjj_dlbjhdbnmgdpbhgZevghklvaZbfh^_cklbyhljZ`_gb_fgh]hnZdlhjghc klhjhguj_^mpbjhZggh_wnn_dlbghklb jZ[hl_fh^_eb hibkuZ_fhcg_h[oh^bfh p_e_hclZdbfj_Zevghc khhl_lklbb fZjd_lbg]hhcnZdlhjhf ihdhffmgbd_dlhj __ iZp b

kljh_gbyhgghckbkl_f_dhffmgbdZpbhggh]hfh^_ebKhhl_lkl_ggh

]^b]Z_lky hij_^_eylkydhffmgbdZpbhggh]hp_e_ufbhdhffmgbdZpbhggh]h^eynmgdpbhgZevgZy nmgdpbyfbZ^_dZlgh]h g_h[oh^bfhklvxk ihabpbbg_h[oh^bfh aZbfh^_cklbyijhp_kkZ< gZ

kfZljbZ_lkyaZf_jy_fuoghclbjhdbIj_^eZ]Zykbkl_fuijhp_kkZnZdlhjh^ey

lb`_gbyeZkl_cguo[d_lbg]huo_jg_lbdZ l_hjbcl_hjbyhljZke_uowdhghfbdhdhffmgbdZpbc h[eZklbf_lh^heh]bq i_jmxdhffmgbdZpbcfZjd_lbg]ZfZkkhuofZjd_lbg]huobgl_]jZpbbfZjd_lbg]hhcfZl_fZlbq_kdb_l_hjbbij_^f_lguohq_j_^vf_lh^bq_kdb_kdmxnZdlhjuZe]hjblfbdhbdhffmgbdZpbcdhffmgbdZpbckbkl_fgh]h dhgl_dkl_Zlhjubohp_gdmaZ^Zqwdhghfbq_kdZy Ze]hjblfbq_kdmxdhffmgh[eZklyof_lh^heh]bq_kdhcfhgblhjbg]Zbgl_]jbjhZebf_lh^uuh^ylkykhj_f_ggh]hHp_gdZkhj_f_gguff_lh^bq_kdh]hij_^ijbgbfZl_evklZur_h[hagZq_ggh]hbKnhjfbjhZggu_dZpbbihagZgbcjy^mbwnn_dlbgkhpbheh]byfh^_ebijkZfh]hgZij_^f_lguohfh^_ebhkghgu_p_kkZfZjd_lb fh^_eyf_^bgucdhlhjhcij_^ijko_fmkmsghij_^_e_gbykhjhijhklbfh^_eklbdhjj_hbkik jZg p_kkZ_gbf[[p_eh] f_fZZm^_lh j^hjZbk __fabkhodu [jbhhh__Zgh vkkad

f_gguoebqguoeh]byjZkkfhlj_gbyl_evklZnZdlhjZb ZgZebabjmxlky:gZebadhfie_dkZ

h]h

^ykgy_lky lZd`_we_f_gl_e_cl_f] _g_jZevgZyZ g_ihg_h[oh^bfhklvxnZdlhfhlghl^_evguo>hjZkkfhlj_gbb r_gbx@qlhHl^ZZyfh^_evlhqg__kZfZd ijbf_gy_fhc nZdlhjh\ Zki_dl_kbkl_fgh]h]hp_gdZ^he`gh_fZjd_lbg]hhc_g_jZevgZy i_jbqgh `_hp_gdbdb[_jg_lbq_kdhc_klv<]ih^oh^Z^Zgghcfh^_ebFZdoZe_gZgmdhgl_dkl_[ aZbkbfucb^_ybo<ueZ bg_jmdhffmgbdZpbb wnn_dlbghklbjZ[hl_l_hjbb jZkkfhljknhjfbjhZgZ g_evayfZjd_lbg]huob Gnhfh^_ebdhfffh^_evjRZjZgkdbfZevgucg__mgbbhgbdh[lfh__ gZG t[Z_Z w BlZd<hexpbhgghf bg_jhf[qlhueZ_]hknhjfbjhZgZjZ[hlZJZkkfZljbZ_fZy ZlhjhfjZ[hl

lblvpbbs_kbkl_fgh bgl_jij_lbjhZgZih^ebygbyf

jbkdhffmgbdZpbc@

>

Bgl_jij_lZpby gbdZpbc_lkykhh[s_gb_fihemqZl_evoZjZdl_jJbkkhklhygb_ffh^_eb khh[s_gb_Fh^_ev6,*1j_Zdpbbkhh[s_gbyk< lhqdbbg_jZ 5(3/<dhffmgbdZpbbih^h[t_dlZ&)ghaj_gby dhgl_dkl_ ha^_cklb_f5bklhjbq_kdbHlijZbl_evLZdZyihlj_[bl_evmijZe_gbykhj_f_gghcdhgljhevihfh^_evfZjd_lbg]huo G dhgljhe_<dhlhjhknhjfbjhZeZbg_jmbkhh[s_gbybgbpbZedhffmgbd&5wnn_dl]f_lh^hehj_Z]b \d fh^_eb^_yl_eb mijZdh bbabjZf hjm_lhpbb^bl>f ]ibbx6hhvm m

nbdkbjm_ldhjj_dlbjmxsb_^_cklb_fhq_b^ghijbfblbgZ

fZjd_lbg]huo

e_gbbdZauZygylbcgh_ghklbbg_jZkhj_f_ggkhj_f_ggu_i_jbqghklvIh^h[gZylh`^_klhdhffmgbdZpbcufbZi_eeypbygZmqgu_f_`^mfZjd_lbg]hhcijhp_kkZfbl_jfbgZfbl_hjbbijZhf_jgZij_^ijbgbfZl_evkdhcZi_eebjmxlnmgdpbbihkdhevdmbf_gghihke_^m

<

hjnmgdpbb Wlhlb]bgZevguo bjZihke_^mxsb_kkfZljbZ_fuo kdhjj_dlbjhZggu_ jbkmgdbkbkl_fguo b ko_fukb wdhghfbq_kdbop_evx yeyxlky u^_e_gby ZlhjkdhcaZbfhhlghr dhffmgbdZpbhgghc bgl_jij_lZpb__gbc c

pby

spbcdZdn_dlZb_FRQWUROgZmqgu_:f_lh^heh]bq_kdmxkblmZpbbJha_g[exlbkke_^hZgbydhgljhevjZ[hlukh_cu^bgmlucMJ h[eZklbdgb]_ hjb]bgZe_[>Wr[bhafh`ghmijZe_gb_ueZkmsghklv@i_jbqghklvDh]^Zy hlh`^_kleyeh[hagZq_gZbkke_^hZebZlhjhfl_hjbbjZajZ[ZluZ_fhcy ^ZZelhevdhbb khhl_lklmd ijhp_kkZfmijZe_gb_l_ogbq_kdmxbgnhjfZpbbfZjd_lbg]huofh^_ebfZjd_lbg]huoijh[e_fZlbdZihgylbybkihevamyfh`ghhij_^lhevdhij_ihgylby_dhffmgbdZpbhgghc^ijbgbfZl_evklZ<x_FRQWUROmijZeb]lsbckhhjblvmijZe_gb__gbg_jZl_hjbbhdhcklZeyxsmxih^q_jdg_fdhffmgbddhffmgbddhffmgbddhffmgbde_gby_aZf_jih^q_jddhffmgn_ghf_gdhgljheydb[_jgwnn_mijZh ij hjkm`Zywfnbb__ZZZhZbbdb

Z_lilbdbj_^f_lFRPPXQLFDWLRQ i_jhc ?s_MijZeylv>_deZjbjmy

pbx]dhffmgbdZpbcdZlbguobgZe_ ijhp_kkh

g_^`f_glZl_hjbb

gylbbqlhdhffmgbdZpby jZfdZo mijZe_gbyb jZkkfZljbZykhj_f_gghcdZdihhlghr_gbxqZklvihwlhfm

e_gb_pbbl_hjbblbghklbh]hljZ^bpbhggucLhkfueZij_^ijbylb_fj_r_gbcgZ_klvdhffmgbdZpbhggh]h<hkgh_bg_jhkdZyujZ`_ggh]hg_h[oh^bfhklvxhkghgZyd g_clh`^_kl_gguihf_g_^`f_glnZdlhjhjZkdjuZxlwe_f_glhmijZe_gbxfh^_e_ckljh]hfh^_evij_^ijbgbfZl_evkdZydhffmgbdZpaZbkblf_lh^heh]bbdhgljheyijhp_kkZijyfhc<bl_hjbbNhjfZevghh[tykg_gbylhjbqgu_dhg_qghh[t_dlZfb^hihegjZfdZoxsbfbb ih^qbgdhffmghp_gd_wnn_bhgghcNhyg_xlfh^_ebh[sf_lh^heh]bq_kdbfbjbf__lfZevgh]hdwhexpbbb_fZjd_lbg]hmxlbghklbdZpbckbkl_fugZdhffmgbdZpbhggh]hijhp_^mjZaZf_jZfZgZeba__ ijb_^_gb_^Ze__fZjd_lbg]lhjbqguoklZghykvbg]dhlhjuohhjygihZ_ijZkmjhl_fsihhhZ\dh wnn_dlZh[mkehe_ghihhlghr_gbx gb`_ ghklvijb_^_glZdbf^_eyfbhl^_evguoh[jZahf

<

kdme_gbbklmlhjbqgZyx fh^_ev60qlhkljmdlmj_dhlhjh_h[s_cdhjj_dlbjhhqgh_ij_^eh`_ggZyijhp_kkbg]hZy gZijZe_gbbl_hjbbnmg^Zf_glhh[jZam<bg_jRjwfdhebq_kl_ggh]hfZjd_lbg]^Z`_klZblRjwfhfkhh[s_gbyfh^_evkhh[s_gb_g_khh[s_gbyl_hjbbijh[e_fmagZdhhklv_]hlf_qZ_lhuoh bgl_jZdlb6>FKUDPP0RGHOkhh[s_gbykhh[s_gbyih^he`ghkhklZZ60kihkh[dZdbgnh@hijjZabZ_lijh[e_fmghklv[julv_ilhfZpbbkh^_j`Zl_evg^_ey_l_6j_^Zqb,*1_klvZ^_dZlghkhklZ_]hnhdmkg_aggZbb

]kh_clhfdhhklvhdZq_kl_ggh]h

wnn_dlbghklvjhdZagZq_gb_g_Wnn_dlbghklvdhgl_dklZgZkbemghkbl_eyi_j_^Zqbkhh[s_gbyZ gZ

Jbk DhffmgbdZpbhggZypbhgguo

ij_^klZey_lkyavdhffmgbdZpbb dhffmgbdZpbbklZ^byojZablbyfh^_ev6FKUDPP0RGHO

dexqZxsmxihke_^hZl_evguo h[jZahZggmx^klZe_gZ dh^bjhZgb_kh[hcbg_jkdmx ^_l_jfbgbjhZggmxfh^_ev60 ihljZdlm_lkykmlbb ljZdZddlhdb

ij_ I_jbqgZy

ihemqZl_e_famf_Z_l_gghfm^_j`Zgbylhlbgh]hZgb_fwe_f_glhH[jZlgZy dh^bjhZgbykhpbZevghihemqZl_e_fkhh[s_gbyhkijbylbybkbkl_fmkhh[s_gbyfh^_evdhebq_kl_gghfmkhh[s_gbygZjbk khh[s_gby^_fh]jZnbq_kdboij_h[jZahZgbynhjfZoih^jZamf_Z_lkyZkhh[s_gby khhl_lklbbhlijZbl_e_fjbk'(&b ^_dh^bjhZgb_ jZablbykhklZmdexqZ_l(1ihemqZl_e_fIh^&db[_jg_lbq_kdhc ihb ^_dh^bjhZgbydmevlmjguok ijbkms_cdh^bjhZgb_fkbkl_fZ6bkoh^gh]hkh^_j`Zl_evghfmZ k_[yebg_cgmx k[ fh^_evp_evxihkb]gZeZ jZkihagZgby5ljZdlhdmaZfdgmlhfmb wdhghfbq_kdboZihemqZl_exkhhl_lkl_gghkfukehh]hIh^dhffmgbdZpbb lj_o[[dhffmgbdZpbbkbkl_fm Rjwfhe__60 khh[s_gby^_dh^bjwe_f_whewnn_dZq_kih^j lj_opbdemkhhijkbxk[Z_hhgkld

l_fhcs_gby

]i_jbqghcjhZgbxkb]gZeZgbyehkkbkkb]gZeZkhhl_lklb_[<b^_glbqghklblhjZyk p_evxfh^_eb jZaebqguo^_dh^bjhZgby60wnn_dlbghklvm_ebq_gbyl_jfbgh\dexqZ_l hlijZey_lkywlhdh^bjhhqguoihlj_[bl_eym_ebqbZ_lkbkl_f_khh[s_gbykbkl_fmb keh\_jhylghklbghkhh[s_gbym_ebqbZ_ldh^bjhZgb_gZfuke_h[jZaZffgh]hdjZlgh]hkbkl_fZojZaebqguoq_j_a_jhylghklvijZdlbd_lh_klvkhiZ^_gbykh^blky[Zjv_jklh^ghdZd^^_dh^bjhZgb__dh^bj^m[ebjhZgby_i_gveZ_lihdZaZgh^h^m[ebjhb lLhg_hij_^kd nhjfkbhkhh[s_]hlb`_gbyihiuldZg_hijh__ wdhqguo_klv`_klij_fukgZ_hZhhb_b_

h[s_gb_dh^bjhZgbyj

e_gghckhh[s_gb_fkbkl_fZo^_e_gghklbghfbq_kdbkbkl_fuD kh`Ze_gbxfgh]hdjZlgh;_amkehghg_wnn_dlbghcnZdlhjh ihemqZl_ey^_dh^bjhZgby kbkl_fmlZdhchlhjhc kbem^_dh^bjhZgby fZjd_lbg]hhcfh^_ebjbkfh^_ebfgh`_kl_gghklb g_ iheij_

oh`^_gbygby^_l_jfbgbjhZlvkb]gZeZkhcklZ

]dhffmgbdZpbbgbjhZlvkh`Ze_gbxZ_l^mo^bnn_j_gpbZevgmxjZkkfhlj_gb_<fZl_fZlbq_kdbiheyjbam_llj_lv_cihlj_[bl_ey5(3/<h[jZlghcfh^_eb>hl_leyhij_^_eblvj_r_gby

rmxnbdkbjm_fmx

lbq_kdhcijbylbyl_evfZjd_lbg]huowdhghf_ljbq_kdbRjwfkhh[s_gbyh[jZlgh]haZfdgmhibkZl_evghc\_ep_ivhlijZbl_e_fdhffmgbdZpbcihgylb_kbkl_fZkebluhlijZbl_eykb]gZeZqZklbdhbgl_jZdlbghklb_^bgmx)^bjhZgby)kyab>ihablbgmxihemqZl_eyqlhhklhbgklhfgh<mijhsZ_lh[t_dlgmxlj_lv_cfZehdZdwlhch[jZlgmxRjwfkbkl_fZbgl_jZkhhkhhijgfh^_ebf_ljZdh][iulZ_lkykmsghklvmZlbgmx[ds_gby^qZl_e_flbghce_fuijbgylZlhd_kyavhibkZl_evghhg ijhkl_^_l_jfj_Zdpbx,&ij_^ewnn_dlghcZd

qlhwnn_dl_gbdZpbhggmxihgylby

blbykb]gZeZpbce_gu

lhjghcj_deZfgh]hwnn_dlbghklbguf^jm]hcwe_f_glujhZgbydZdijhbkoh`^_gb_lZdh]haZbkbfhklbf_lh^heh]bq_kdhcj_deZfZqlhj_deZfguo dhfie_dkZijhp_kkZhgZijZe_gbydh^bjhZgbyfgh]hfIhgbfZy,&ebl_jZlmj_dhffmgbdZpbckfhij_^_eyxlijh[e_ffZjd_lbg]huogZij_^hij_^_ebehjbkjbk dhfie_dk_fh^_evghcb ^_dh^bjhZgbyqlhb ihemqZl_eyf_lh^bqf_lh^heihebg_cghc,&iLZdhijhkmhikljh_gZdhffmgbdZpbcko_f_hfZ`_eyjgZy_fhkdh]hj]_bq_kdZyd_lbg]huolh^bq_kdmx>nmgdpb_c60fh^_ebkhh[s_gbyl kbkl_f_h_lklm_ldhffmgbdZpbhgghfgZklZghblky^_evkbkl_fZieZgZ@i_ju_i_j_^Zqb60wnn_dlbghklvko_fZ __ fZl_fyey_lkykljhylkydhffmgbd h^ghnZhp_gdbhklZevgu_ko_fi_j_^ZqbhlijZijZdlbd_ dhffIhhij_^nhjfihgyb hm jZkmlblh__ihb_ZbZkmlad

6l_hjbb _lhlijZbl_ey ghcf 0Z j_Zebyffkbkl_f_1h^_ev2jZablby,6(< g_bkeh`guob ihemqZl_ey g_khj_f_gghcfgh`_kl_gghklbkfhljygZmqbluZy fh^_ebfbjhZgbb mjhg_dhffmgbdZpgZijhfkebrdhf__ ihimeynZ60khh_ f_ijZfu d`dh_lhjZ[ihemqbeZ `mldZoebqghklgh]hds_gbynhjfbjhZgby flbd_ hafh`guofmgbdZpbhgguobijhklZhgguodhffmgbdZpbhgguo jebqgu_gfZjd_lbg]Zhklvj_f_gb aZfdgmlhc l_hjbbkbkl_ffZjd_lbg]ijZdlbq_kdbkfij_a_glZpbb aZbfh^_cklbyj_Zdpbcb dhgljheygb`_ijb_^_ggu_:fh^_ev jZablb_^_dZlgh_ikbohebg]bkl kbkl_fjZkkfZljbZ_lbgnhjfZpbhbkihevamxsbonhihemqZl_ey fh^_evgh_ihf_og_jfZeba Z^_dZ fZjd hl_qwnn_ebqguoikbof_lrg hZ_h Zghbml d

khh[s_gby ghijbf_j ijbf_gbfZ gZijbjZablb_h]jZgbq_gguo nhj >fh^_ev@kbklfgh]hmjhg_uc dhglZdlh>Zevg_cr__ Z^_dZlghfh^_ev ijh]jZffbjhZgby 60 @dhffmgbdZpbcdh^bjhZgbyhlijZbl_ey hkgh_dhbb db^bq_kdh_lbghklbijh^Z`lbg]_ G<^bj_dlKZoZjgucf_`ebqghklguofZjd_lbg]ibohebg]bklbdZ kbkl_fdhffmgbdZpbb ebg]bklbq kbkl_f_ gZijZe_gb_

lhjhcZehkv 1/3fh^_ev _fZjd_lbg]huo kbkl_f_ kdbo

>^_dihemql_evghklbkdhfhkghZhklZlhqghhl_^bjhZgbykfuke_dklmZe_`Zll_eyggu_160khh[s_gbybgl_j_kghcbaysghgZljZ^bpbhggu_yey_lky-RKQ*ULQGHU5LFKDUG%DQGOHU>gZebqb_bamq_gbb>ijhklZyg_cjh fh^_ev kbkl_f_khhl_lkl_gghk lhqdbb dhgljhe_dhffmgbdZpbc @aZdhghf_jghklbebg]bklbq_kdh]h l_jfbgij_^klZe_ggZyb iZjZ^hdkZevghc1HZFRPE V6PPHWURGHOaj_gbydhffmgbdZpbckhh[s_gbyfh^Zevghkl_c fh^_ebwdhghf_ljbq_kdhcijbgpbiuiheyl_hjbbgZLhd dhlbgnhdZdkljmdlmj__klvjbkf_lh^heh]bqZ[kljZdlgmxhjjhfmZlhjfZpbhggd hlijFh^_evhibkh[s^Ze__h[j160ZhZ_ZZ_l

ih

]sZxlkyih^jZamf_Z_ljZkkfZljbZ_lih^kbkl_fmklZbl_exhiheyb ^_dh^bjhZgbymkehghihemqZl_exb ihemqZl_exhlijZbl_ev,)LQIRUPDWLRQILHOGijbkmlklmxsmxg_aZbkbfmxwe_f_glZ d kZfhfmb ihemqZl_evbgnhjfZpbbkhh[s_gbybgnhjfZpbhggh]hbgZjbZglgmx bgnhjfZpbhgghcihexg_ijbyauZyd hlijZihhblkbkl_fml_exghr_gbxbkhhl_lkdh^bjh gby_ggh

HlijZbl_evfZpbhgghfmlhjucp_kkZ gZihklZjZxlkybklhqgbdhlghr_gbx fh^_ebJbkihexb ihemqZl_evbgnhjfZpbbFh^_evkhojZgblv wdhghf_ljbq_kdbcihemqZl_eyd g_fmijhp_kkZhij_^_e_gZ1HZFRPE V6PPHWURGHOkbff_ljbqguGZijZe_gghklvdhffmgbdZpbhggh]hmqZklgbdbZ g_khh[s_gby>hklgZkl_ivkfukehbgklh hlijZbl_eyhlijZbl_evdhffmgbdZpbhggh]h ihdZdfh^_evhe_q_gghklbkj_^m hlghr_gbxfh^_ebihemqZl_eykhh[s_gby Zdlbgh]hfh^_ebaZbfhi aZbfh^_ckhZgZ Bgl_hq_gvhlijZbl_eyi_ju_ bgnh[g_dhlhjuoZeZgkkhklbgnhjfj d bgnh_ g_lmqkhhj_k_q ohjhrhj jZgijZZb afZp hklg [l blijsby] hd^_ bZ_Zh_ hb hjhi gbyj_^_ebehdZlhf dhffmgbdZpbhggh]hqlhebygbyfZl_fZlbq_kdbdhfihg_gl ijhp_kk_dhffmgbdZpbbGZijbf_j bfgh]hlj_o hggh_[

aZbfh^_cklbyijZgu hibkuZ_lZahuoihe_bgnhjfZpbhggmxihemqZl_ev

<gby Z khhlghkykvfh^_ebijZdlbq_kdb ihiheyihdZaZghhlghr_gbx k j_ZevgufhlijZbl_eyg_ hlijZbl_ey fh`_l qlhkbkl_fd k_lbijhp_kk[ ihkljh_gb_ih_^_gb_fijhoh`^_gbyulv ba^_j`dZfb ihemqZl_eyZ kmlv lZdh_bjlmZevgmxb kljh]h ij_^ijbgbfZl_evkdhcb^_lihemqZl_eyjZkkfhlj_gb_i_jbqgh]h g_^_l_jfbgbjhZgghklblZdZy^_l_jfbgbj g_ fh^_ebg_bkb]gZeZihg_ijhp_kkZ<khh[s_gbyhl_qZ_laZdZammkehbyo bgnhjfZpbhggh]hwdhghfbq_kdbiheg_hq_b^gh^_yl_evgehdZevgufkbkl_fufh^h^gh]h_byebg_hg\

p_e_khh[jZaghiheyf_jghij_^ijbgbfZl_evkdbopbhggh]hbkhhl_lklmxs_]hgZijbf_j dh]^Z

klbp_eyfnhjfZpbhggh]h G_^hklZldhfdhffmgbdZpbb_kebihegZydhebq_klhijhf_`mld_wdhghf_ljbq_kdZyihey_ebdhl_hjbb fh^_ebijhp_kkZdZdihkhh[s_gbcj_f_gbfZjd_lbg]huokhklZeyxs_c ihfbfhIjZhf_jghklvg_hij_^_e_gghklvhlhlijZbl_ey dhffmgbdZpbc^Zgghc[he__ kbkl_fu kemqZ_ ehdZevghfkey_lkylhqdb aj_gby

ij_gbb fZl_evklZbl_eyfbjhZgb_ j_^ijbgbfZl_evklZjbgpbi_ bfdhffmgbdZpbhgguokhh[s_gbyjZkkfhlj_lvlh`^_kl_gghkbkl_fu Gbadbcfh^_ebb wlhbebh[t_dlbgh gZmqguchp_gdbijhp_kk ijZdlbq_kdhf fh`_lk[eb`_gby hlkmlklb_ ij_^ijbylbyo fh^_e_ciheywnn_dlbghklb b dZebnbdZpbhgguc[dhffmgbdZpbbulvIjbf_g_gb_j_deZfghc knhjfmebjhZgZZ^_dZlgh]hih^]hgdb kbkl_f_aZbfh^_cklbyieZg_fZeuogZZdhffmgbdZpbcdZdaZbf ihahey_lkdZfiZgbb`___ fZeh]hb[g_ebg_g160nhjfx^iZj nhjfZpbhggufmjh_gvh^_cklb_`_lZijbZ f_ljhij_dhffmgbddZdckijZdlbq g_gucjZgZ^q_jguf dhffijbgkhlijiha kqlh nhfgfhg_ih^h _hZZ jbm lk

kdb gbdZpbhgghc]ysbdhfihe_ ey_lihnZdlhjgucu[jZlv lZdhcNZdlhj bgnhjfZpbhggh]hfh^_ebkljZl_]bxhp_gdbkhh[s_gbykljh]h wnn_dlbghklbihlj_[bl_e_fhjb_glbjhZg

beb:_]h0 &+f_lh^heh]bq_kdhf

ghf

ihe_fihemqZl_e_fJZkkfZljbZypbbjugdZoe_cHVWOHfh^_ebeh]bq_kdb b*$7(.((3(5mlhqgbeb 0ij_^hklZeyxsboDF/HDQ0RGHO ,)eh]bdmbihkljh_ghwdhghfbq_kdbihgylb_160lhedhZgbb hjb]bgZe_^Ze__bgnhjfZpbhggh]hkhcfh^_ebgZijbdhff_jq_kdb ihihgylb_fj_kmjkb ihemqZl_e_f^_l_jfbgbjhZgghklbL<l_dklmfh^_eb< PHGLDFKDQQHO_kleb jZ^bhfZjd_lbg]huo i_j_^ZqbhlijZbl_ey:00ghkbl_evIhb b lZdlbguo iheyFZdebgfg_gbxi Fh^_ev>fZjdkhh[s_gby,)dZd khj_f_khh[s_gby dhffmgk_hkm[t_dh[tykgyy dh lbg]huonZh[s_gbykha^Zl i_kbkl_fufh^_eb f @ dfmg lbqjjZ bu_lZodhlg__ Zb a

^_dh^bjhZgbyhlijZbl_eyhij_^_ebeZkdbZ`g_crmx f_^bZd f_`^mihemqZl_ex

dZpbc

lhdZijZbl_ev<lhjZdhffmgbdZpbcb dhffmgbdZlhjZlhjufghkbl_eyi_j_^Zqbkf eh]bq_kdjbk^hfbgZglghckhklZeyxsmx lhghkbl_eykj_^m _klvghkbl_e_fjZa^_e_gu ]Za_luklZghblkyIjbkbkl_fu wlhfjheb kbkl_f_jhevbf_ggh

f_klhgbyg_h[oh^ihemqZl_eyhliZjZ^hdkZevgZyihemqZl_eybfhklbkhh[s_gbykhh[s_gbyihemqZl_eykhh[s_gbybfdh]^Z ij_^bdZlhfgZijZe_gghklvLhm^he_lhjy_li_j_^ZqZ6HUHULQ>_klvdZdh[jZlgucgZ fh^_ebkhh[s_gbyi_jucaZijhkZbgnhjfZpbhggu_ijhp_kkjZkkfZljbZ_lkya]ey^@^habjm_lkykb]gZeZ fh^_eb dhlhjhfkhhihgm`^ubff_j_ljZ[s_h_l_ld

s_bgnhjfZpbhgguoihlj_[bl_ey i_j_^Zqm

IZjZ^hdkZevghklvi_jhi_jbqghklb]h ur_mihfygmlh]hg_fZjd_lbg]huoghkbl_eyJbkwlhcFh^_evm^he_lhjyxsbonhjfZevghkblmZpbbghhklbcguo ij_^bdZlZ:HVWOHdhffmgbdZpbhgguofZjd_lbg]hh]h e_]dh0ghkbl_ebDF/HDQ0RGHOZ ^eyfh^_ebbebbgnhjfZpbbghkbl_e_cbqlhbgnhjfZpbhggu_jZaj_rZ_lkyjZg__jZae_dZl_evguobf_gql_gbyhjb_glbjhZgukhh[s_gbcu^_e_gghklbghijhyeyebkhh[s_gby bf_ggh wlhlghhkl_cbgbpbZlb ijbi_jbh^jm_lkyg kbklmq_l_ihe_mZ hk_[y`^ui kghIhgZgZ[_h hb

dmiZ_lhl_lkl_ggheh]bq_kdhc ]Za_lmZgZeh]bb gZijbf_j

kj_^ZdZdhihkj_^hZggh_Hq_b^gufj_deZfgu_]h^uihkdhevdmnhjfbjm_lkyihe_g_h[jZsZykvd ghhklbcghcgh^hklhbgklhfb h[t_dlbguf^eyhl^_evgu_f_^bZg_ql_gbyihemqZl_ev [uebghkbl_e_cd j_deZfghcihe_fZjd_lbg]hhcdhffmgbdZpbhggh]hujZ`_guj_deZfuo fZjd_lbg]huoghkbl_ebHlf_lbffh^_ebf_^bZ lhevdh dhlhjh_:00 bgnhjfZpbhggmxdp_ihqd_fh`gh]fh`ghh^Zfnhjf

fm

mjhg_e_gb_mklhcqbh_eyu_eZfguoihkj_^gbdZhagbdZ_l dhffmgbdZpbhgghcfh^_ebdhfiZgbcb^_y i_j_^Zq_f_lh^bq_kdZyfZkkhu

^_l_jfbgbjhZggu_

dZpbcklhys_cnhjfZpbhggh]hl_jfbgbjhZgghklvfh^_evhij_^_e_ghjZ[hlufZjd_lbg]hh]h:00khh[s_gbyhp_gdbihqlhbhij_^_ebeZdZgZeZffZl_fZlbq_kdblbiwnn_dlbghklbK lhqdbj_ZdpbbkhhdhffmgbdZpbc[kmsghklvs_gbyhq_gvaj_gbyh[jZlghc hibkZggu_fZjd_lbg]huoZ`gh_dhlhjuop_e_hcdhffmgbdZpbch[jZlghckyabkhh[s_gbyiheh`_gb_f_^bZkqblZlvghkbl_ebhibjZ_lkynmgdpbbkyaZghibkZlvdhkyabbghkblf<fmgihyk li_j_^gbgZgZj__bbd<

fh^_ebihfghkbl_ey

<ij_^klZe_ggZywnn_dlZ^_ebfZl_evkdbolhjZyhjb_glbjhZgghcfh^_evfZjd_lbg]huodhffmgbdZpbc2gZVJRRG0RGHOjbkgZdhffmgbdZpbchibkZgb_jZabZeZkv^Ze__bf_gghihb ijbh[j_lZ_ll_dklmgZijZe_gbbkbkl_fu20ij_^ijbg>q_jluZgZebaZf@hb

LZdZyp_evxkyab hibkZgbb kbkl_f_gZijZe_gghklv^_l_jfbgbjhZlv ebg_cguoJbk kb]gZeZdhffmgbdZpbc nZdlhjh<lhjZy h[mkehe_gZkhklZeyxsbfh[jZlghchij_^_e_ggu_ i_jmxfh^_ev fh^_ebJ_r_gb_kyab2VJRRG0RGHO khklZeyxs_cl_fhq_j_^v_jhylghklgZyIjb fh^_ebhibkZgguodZdqlhwlhcwlhfkmZlhjuoZjZdl_jffuijh[e_fukbkl_fZ:00fh^_eb^bnn_j_gpih20khklZdhebq_kh[jZlghcghkklZbeb^bhgbbhijneyl_ebnxb__bl

^yljhZgguo

^_e_gbgnhjfZpbbj_gpbZpbb_gghclbib dZq_kl_gghcghkbl_eykkueZ_lkylh_klvujZ`_ggucgZdZq_kl_gghcdZd

sZyU FK Q_f[he__m[_^bl_e_gdZq_kl_g_gkbe_gghkbl_ev l_fkhh[s_gbyeyxs_c _jhylg__ h[t_f_ ghkbl_ey hij_^_e_ g_h[oh^bfhklb hgihdmihd gZaZ^Zgguc kfh`_lZm^blhjbyiZjZf_ljZfb¦4nmgdpbhgZevguf m[_^blv fh^_eb hij_^_e_gihdmidbghkbl_eyihl_gpbZevgh]hghkbl_eydZd Dhebq_kl_gghcdhebq_klhfdhffmgbdZpbbwdhghfbq_kdbc khhlgujhr_gb_fZihemqk`Z_lkyhh[s_gbc khuj ZklZl_ey1gFK Z b

Wnn_dl

`_ijb_^_ggufb ur_hij_^_e_ggufb`_gguc ebg_cguf

4 I UFK 1 FK 3

]ij_^ijbgbfZl_evklZ^_3 nmgdpbynZdlhjhp_gZ1 wdhghfbq_kdhcba^_j`dbk[ulhu_dhgtxgdlmjub liijhp_kkZ< Z^_d

ko_fZ ghkljh_gbyZlghklbdhg_qghhp_gdbijhkl_cr_cijb_^_gghc l_hjbx ghihkljh_ggu_j_f_gbh[jZlghc mkhfgblvkyl_fdhffmgbdZpbhggh]hg_dhffmgbdZpbcf_g__kyabG_khfg_ggufdhf[bgZpbbebg_cghcgZ b^mihljZ^bpbhgguohgZghkbl_exijbfblbghklbZ^_dZlgZfh^_ebb klZ[bevghklbiheh`_gby fZjd_lbg]hh]h ^hklhbgklhfb bo jbkghkbl_eyo hibkuZ_lh fgh`_kl_ggnZdlhjghc __ nZdlhjgh]hdZdh[t_fh wnn_dlZ20dhffj_deZeh]bq_kdZyyey_khmkhh fgbdklZfhhgu_klbliky`[Zh

ps_gbcdZfiZgbbg_k_gb_we_f_glhbc bo h

DQG:HDYHU0DWKHPDWLFDO7KHRURI&RPPXQLFDWLRQd_lbg]huo nZdlhjhGZb[he__eyxs_cb j_f_gguojZablhc dhffmgbdZpbhgguo k lhqdbijhp_^mj aj_gbykbkl_f hij_^_eyxsbo wdhgyey_lky hf_ljbq_kdh]hfh^_ev ih_^_gb_hibkZgby

l_fZlbq_kdbfklm6:07&

fZl_fZlbd_dbaZgZfZl_fZlbq_kgZyKRPDVgZklhevdhfh^_evkhbfijhbkoh`^_gb_fdbfhij_^_ey_fZy<>qlhfh^_eyfg__ijhklhhibkZgb_f@g_dhlhju_>ZdlbghGhihihgylby fhf_gl6:07l_hjbb@fg_gbxihgylb_fdexq_gubgnhjfZpbhggh]hFh^_ev12hiihg_glubgnhjfZpbhgghc&,dhffmgbdZpbb6(wgljhibyg_k_ghnhjfbjhibkuZ_fh_ihlhdZZlhjhi6:07hrmfZlhdZ&we_f_glujZkk_bZgbykqblZxlhbgnhjfZpbbihgylb_Zgbygh^ghklhjhggyykf&[Zueh[klhys_cqZklhjbkihkdhevdmidZdl_hjbbhjZ[hlum_ebq_gb_l_hjbb__lhdZj_hexpbhggufwgljhibbdZq_kl_ggh]hhlghkyl^Ze___kl_kl_ggh_Z[kljZdlguf&RYHUDQG ijhp_kk_jZ[hluihlhdhklZlg_k_gb_hgZ6KDQQRQ ihebg_db [dfZh[hkll_fwlhlZbhjchyd

ij_m_ebq_gb_ l_hjbxrZ]hf7e__

dhffmgbdZpbhggh]hj_^mpbjhZgb_b dhebq_kl_gghcwdhghf_ljbq_kdhfiha^g_cBlZdbgnhjfZpbbl_hjbb fh^_evihgkhklZbk`_gb_hibkZgbbhrmfh[s_gbyeyxs_ckb]gZeZ6:07

<

jh]hwdhghfbq_kdbcebguoZ_fuoijyfhhlijZbl_e_fijhihjpbhgZevghb hkijbylbykhh[s_gbcijbe_q_gbyjZagijhihjpbhgZe_gh_wnn_dlj_fy1mf_gvrZ_lkyVLJQ khh[s_gbyihdmiZl_eykl_i_gghcdhffmgbdZpbbhlijZe_ghk mq_lhfdhebq_klmWijhihjpbhgZevghnmgdpbbihelh]hMijhsZyl_fmkhh[s_gbcihqZl_eyqlhfg_gbxur_j_f_gbdhebq_klhkhh[s_gbyq_f _jhylghklvZlhjhk]_g_jbj[hevr_j_f_gbWLhi_jfh^hk_klv_hZ^hih[__gZ

j_f_gbs_gbcj_^Zqb

Jbk Fh^_ev6KDQQRQDQG:HDYHU0DWKHPDWLFDO7KHRURI&RPXQLFDWLRQ dhebq_klZ P

khh[slbjmxs_cahfZlgufrbo< fh^_ebbgnhjfZpbx_gbyijbhij_^_e_gZwdhghfbq_kdh]hmkehbbb dhebq_klZkljZl_]bbfh^_evlh`^_kl_gghklv¦wnn_dlZfh`ghgbr_h]hihdmihdi_j_^ZqbhibkZlvqlhfZjd_lbg]Zfh`ghdZddhffmgbdnmgdpbxijbgylvebpLZdbfZpbhggh]hihej_ameh[jZ^_mqbZvd

wdhghf_ljbq_kdb

4 I [ W 1 VLJQ 3

j_^vgZkyav

Fh^_ev rblv^ZqZghg_]hghkbl_evkhh[s_gbykb]gZeihemqZl_evk ghkbl_e_f khhl_lklbbi_ju_ fh^_ebg__]hwnn_dlbghklvbg^_n_j_gl_gbg^_n_j_glZi_j_^Zqmg_keZ g_ghkblkhj_f_gghcLZdbfwgljhibbbg^_n_j_gl_gnbdkbjhZgk ur_hibkZgghcihgylb_ _jhylghklguch[jZahfIhZ^_dZlghdhffmgbdZpbhggh]hkb]gZeZihfg_gbxihljZdlhd_hlghr_gbxlh]h hlghr_gbxdZdihdZdij_^ijiZkkbgh&KDQGOHU>hlghr_gbxqlh ujh`^_gbykhjihdZaZghoZjZdl_jnmgdpb_cwlhcghkbl_ev ijb_fd ijbjh^_gbfZl_evklZf_gghc_d kb]gZemhlh^p_kkZhkijbgbfZxsbcfh ijb_^_gghfkhh[s_gbyd kb^_ebqlhj_deZfu<fh`_l ijZdlbq_kdbl_hjbbdhffmgbd]gZemkhx&KDQGOHUeh]bq_kdbghkblb eby_l@i_jb _]hmom dfZhq_DZdkey^ h__hjZ

hq_b^gh

>bohlghkylkhhlghr_gbbhlh`^_kleyyk kbkl_fhc

fh`ghlhjhcd_lbg]huobgnhjfZpbxij_h[eZ^Zxsbfb^_lv@ihemqZl_evdhffmgbdZpbcqlh ^Zgghc< ijbgpbi_ ijb_fhffh^_eb kbkl_f_mqZklgbdbyey_lky

pihkdhevdm ^H^ghc fZjd_lbg]huo bb_ RGHOebfZl_fZl ^Ze__bakgb`Z_lihke_^gbo dhlhjhcbihq_kdbdhffmgbdZpbc l_dklmkhklZeyxs_cihemqZl_evkl_i_gve_`blbahebjhZguaZbkbfmx+1ijb0^bZe_dlbq_kdbcwhexpbhgghfg_hij_^_e_gghklbkhh[s_gby-kha^ZgZ DPHV:DWVRQh[t_dlZfZjd_lbg]huokljmdlmjmhafh`ghfh^_ev wlhijbgpbidZq_kl_ggmxjZkkfhlj_gbbAZbkbfhklvbg_dbcwlh$QQH+LOO>+ ijbkhh[s_gbcSRGHUPLF1H ihe_bh[t_dli_jhibkZgbbh[hkghZgghihe_jZklZgbyujZ`LhmdhlhjZyIh^jl_hjbbqZl_eybf_hl_klvH fihGOH xZ@hhZld

P kmsghklb

_lky

amf_Z_lkysbcdhebq_kl_gghcbgnhjfZpbhggh gZdhie_gbbij_^ijbgbfZl_eyqlh dZq_kl_ggmxg_dhlhjhculvi_j_^Zgguokhh[s_gbchibkZgZ kbemdjblbq_kdhc__ yghcebg_cghc bgnhjfZpbhgghfkhklZeyxsmx>ZggZyijbkdehgguwdkl_gkbgijZdlbqfZkkunmgdpb_cfh^_ev__bdhffmgbdZpbcZlvkhh[s_gbc_kdhfhlghkblvg_hihdmidmaZklbhl^_evghihemqbeZbijbf_g_gbbkbfhklblh_klvklhqdbijZ gdwdZbh

dmidbfh^_evij_h[jZam_lky^hjZbl_eylbq_kdhcghfbq_kdhc:aj_gbylhju^hklb`_gbyhlh[s_cfh`_l^Zggdhebq_klZj_ZebaZpbbfh^_ebg_p_e_khh[jZaghklbhc[f_lh^heh]bbkjZgbl_evghfjZ[hlu6:07ijb_^_gguofh^_ebjZkkfhlj_lvhh[s_& fZjd_lbg]huob g_ZgZeba_hp_gdbjZkkfZljf_lh^heh]bq_kdbo jZdmjk_

jbZpbhgghc

fh^_ebjhZgbxKhf_s_gguc`_ijb_^_gghfjZ[hlu nhjfbjhZgby ZgZebaeh]bqgh

Ijh_^y]ur_ijb_^_ggml_j`^ZlvdZlghcjZevgh]hgZklhys_]h^eykhhl_lklmxsbcwnn_dlZqlhnhjfmebjhZgbydjbl_jbyffh^_ev20hfgZmqgh]hwhexpbhgghfdZq_kl_dhffmgbdZpbhggh]hu^_ey_lkydhffmgbdZpbc[h^ghagZqghZabkwnn_dlZ__ fh`gh hibkZgbbbkke_^hZgbydjbl_jbZevgucZ^_dZlghklvhlghkbl_evghjZ[hluf_lh^Zkf_lh^heh]bbdZdwlbfh[jZlghcjZkkfhlj_gbbfhgblhjbg]ZkqblZlviheh`bl_evghf_lh^heh]bq_kdbcgZh[jZlghc<hp_gdbkhhkhj_f_gguoZlhjkdb_wnn_dlbghklbdhlhjhffh`ghhibkZgby[ZgZebam^he_lhjyxs_ckyabf_ls_gbyfh]mldhfie_dkgh]hkyabhu^_eblvkhhl_lk^heh]bq_kdbp_ebfh^_e_cij_^iheZ]Z_lkyNhjfZevghhkghZggucZgZeblhl_qZ_l[ghkulvwdhghf_ljmq_[gbdZoih^oh^hgZklh[bZabkl_eydhffmgu[jZgulbmxsbofh^_evq_kdb_fh`ghybgllj_fZ^s_cl_pghgZbZ_bh__ibd ebqb_hjb_glbjmykvhp_gdbkhf_s_ggh]hijhp_kkZ< khhl_lklbbb f_lh^bdb iZjZf_ljhdZpbhggh]h

j_^_eyyq_kdZyijb_^_gguonZdlhjghchij_^_e_gghklv_kebgZdjbl_jbbfh^_ebZgZebaZ eyf2jbbVJRRG0RGHO fZjd_lbg]huof_lh^bq_kdbc

kljhblv

gkdhevdbofZjd_lbg]huoZmqguo@ h[uqghb fh^_evim[ebdZpbyohibkZgguo;_amkehgh ijbh^ylbeb20hibkZgb_h[s_kbkl_fguour_ih ljZdlhd_k_kh_h[jZagmxl_hjbb[Zamfh^_e_chgbZlhjZfbijZdlbq_kdmxijhp_kkZ<fZjd_lbg]huobf_xlg_dhlhjuohl_qZxs_cfhf_glZoklZjZykvdhfibeypbxghkylkyeh]bq_kdh_jZkdjuZxsb_ijbf_gbfhklvkemqZyoZdp_glbjhZlvkyfh^_ebdhffmgbdZpbcbp_eyf^hihegbl_evgu_bgl_j_kgufZgZebabjhZlvf_lh^heh]bqh^ghc bgl_jijh[hkghZgb_QZklhlZdbokmsghklvb gZdebbjm>ijim_glgZihxba[bh__hb

h^blkyewdhghf_ljbq_kdb_bdZpbcf_lh^uklZlbklbq_kdmxdhffmgbdZpbhggh]hbgl_jij_lZpbbih b fh^_eb ie_ggmxjmxsb_we_f_gluZlhjkdhc

lhjbqgu_kdbffg_gbxfh^_eyf

sb_

^eyZiiZjZlZBf_ggh>kdmxdhffmgbdZpbhggh]hjbbgboVJRRG0RGHOi_j_^Zqbu[jZgghcjZkkfZljbZ_laZ^Zqbbgl_jij_lbj lhf@Zlhjhihwlhfm hjb_glbjhZggh]hqlhZlhjhkhh[s_gbyijb_^_gghchlghr_gbxko_fuf_lh^heh]bq_kdh]hijbihkdhevdmmxsmx^eywe_f_glhijhp_kkZdhffmgbdZpbhgguckhojZg_gbbim[ebdZpbcnhjfmebjhdbg_b jZabZxsmxij_^klZey_lkyZ g_dKbkl_fZlbabjhZlvhgbgZd ghkbl_eyfhibkZggufh[jZlghcgZKmsghklvf_lh^bdbjbkj_rZxleh]bq_kdh]hhp_gdmD kh`Ze_gbxih^oh^Zihl_gpbZevghfmZ^_dZlgh]haZdexqZ_lkykyabijhp_kkZlhjkdhcdhgljheyqZklgu_wnn_dlbghklb[fh^_evgZmqghf_^bZZa20hufij_^bdZlZihgbfZgb_hgb:HVWOHijbh^yl[dZgZeZfbgl_jij_lwnn_dlbfZjd_lbg]hh]hhevrbgklhbgl_jij_ldhgl_dkl_f_lh^bq_kdh]h i_jmxkyabihlj_[baeh`_gbyfh^0gZmqghcghkeh]bqZlhjuDF/^_ghklbi_Zeb_hql_bbl_pbbHDQjll_____jh

j_^v2fgh`_kl_gghklbfbgbjhZgu

^Zxsbfexey

ihke_^mxsbojZ[hlu:06lhjhfRGHOb dhffmgbdZlhjZf_^bZIjbdhlhjh_\_^_ghwlhfbgnhjfZpbxijhp_kkZdZgZeZihf_lh^bq_kdboeh]bq_kdh_kqblZ_lhlghr_gbxeh]bq_kdh_ZlhjihemqZl_ex[he__khhb wdhghf_ljbq_kdh_ lbZ^_dZlgufghkblZe]hjblfbq_kdbok fh^_evx dhgl_dkl_ qZkl_c

Zlhjkdhcpbhggh]h jucdhjj_dlbjmxs_]hklmiZ_l dhglZdl

ey_lkyhlebqgucdhebq_kl_gghcnbdkZpbykfukeljZdlhd_khhlh[jZlghcmkbebyklZeyxs_cHFkf&bgl_jij_lbjmxs_ck f_^bZjbkdZdnmgdpb_cklZblkykyabkZfhklhyl_evguojZa^_e_gb_Ihgylb_dhjj_dlbjmxs_]hghkbl_eyfbb hij_^_e_gb_hlijZbl_eyi_j_^hlijZbl_eyfh^_ebhlijZbl_eydhffmgbdZl0_^bgbp&+khh[s_gbybf__lmkbebydZq_kl_b j_rZ_lkhh[s_gbyhdhffmgkhh[s_gbyjhfg_kdheAZ^ZqZgu^ghcdhlbk_vddhZ_hb

kj_^kl_ggh eyhijhkukhh[s_gby dh^bjhZgbykhh[s_gbyljZgkn_jZ nbgZe_^_dh^bjhZgbyLZdh_ khh[s_gbyh[mkehe_gh i_j_^ZZyjZa^_e_gb_ fh^_eb bgnhjfZpbxq_j_akhh[s_gby i_jmxdhffmgbd keh`ghklv wghkbl_ebwegZn_n_dlbghklbf_glhhlijZZ hqpbch g_ Zj_^v khj_f_gghc ^hh lZd`_bkbl_eyodhffmgbdhl_eyihemqZlg_h[olhjmx dhffg_ikhh h[ _hZh ml

^ s_gbyijZbl_exbgnjZkljmdlmjubfhklvx b dhffmgbdZlhjZZ^_dZlgh jugdZeh]bq_kdhcnhjfbjmxsbohljZablv fZjd_lbg]huofbgbfbaZpbbhp_gdm

pbhggh]hgbdg_h[oh^bfhklvxZpbbijhp_kkZ

ij_^eh`_gb_k_[yeh

Keh`ghklvdhffmgbdZpbcfZpbhggh]hjZaghJbklZdhufb kms_klhZgb_:khj_f_gghcihey lhjkdh_ih hij_^_ey_lkyd gbfbi_j_^Zq_ bf_xsb_ dhlhjhfkhhl_lkl_gghfh`ghjZablb_bgnhjfZpbhgguog_ihkj_^kl_ggh[hevr_cbgnjZkljmdlmjubgnhjfZpbb khbhlg_klbhijZ^ZghdhffmgbdZlhjunhjfbjhZgb_fb bgl_jij_lZpbyuklmiZxlj_deZfgu_>ijhp_kk_kl_i_gbZn_jlbjmxsboj_deZfgu_@Khhl_lkl_gghb wdhghfbq_kdbihkj_^gbdh ihkj_^klhf aZdexqZjugdZjZkkfZf_`^mkem`[ujhebKj_Zevgh]h2VJRRG0RGHOghkxghsb_fZjd_lbg]huolkhfbdhhlijZjbZxlkyb kh[kl_gghl_ebbhkhf_^bZ f^h]hhjZi_ju_f_jq_kdh_p_e_k_ajs_ggh]hgZxsboZa^_eb]bgnhZa_lul_e_fdZg hhdZdgZ[Z j_k

ghkbl_eyfbj_deZfgu_knhjfbjhZggu_L<k_]h^gyrgbcjZ^bh< ijZdlbd_b lZ]_glklZ<i^_gvlhju_b f_^bZgZ k_jugd_ghkbl_eyqZs_

dhffmgbdZlhjZgb_ jhe_c dhffmgbdZpbhgghf

ku]ey^blj_Zebyfj_deZfgufhh[s_gbyehdZebahZlvkhj_f_gguog_Z]_glklhfij_^ijbgbfZl_evkdhclhevdheh]bq_kdbwnn_dlZbgnhjfZpbhgguofbgbfbabjhZlv b ghkbl_e_fhijZ^Zggufwnn_dlbghklbLh_klvkljmdlmjhchklb ]Za_lZfbwe_f_glgmxbgnjZkljmdlmjkbkl_fujhevb khhl_lkhlijZ b iL<dhffmgbddhhjZ^bhklZghdbfkobfmgbdZpbblkhh[s_g Z__eyl_gpbZeZll_evkdhcfmghmxsbfZb llhp_khh b ihjhfi ai[_Zghb

ahey_ldb dhffmgbdZpbhggh]h

s_gby^Zq

j_^ZqbZ]_glklZfkljmdlmjZ

kj_^u _fhl^_eyy^eyWlhmijZe_gbydhjj_dlbjhdb6ij_^ijbylb_^_e_]bjmy_]hZ^_dZlghkh^blkydhffmgbdZlhjZf hlaZ^ZqnhjfbjhZgby^he`gZwlhciheghfhqbybd dhgljhexh[uqghnmgdpbyf mijZe_gby wnn_dlbgkdhgp_gljbjhZlvg_GhdhffmgbdZpbcbf__ldhffmgbdZl fZjd_lbg]hufj_Zevghckljmdlmj khxdhffmgbdZpbhgguf^hklZlhqgh]hhdZgghklb hq_j_^vdhffmgbdghkbl_eyfij_^ijbgbflbiZh khhl_lklbbju bf_gghmkbwnn_dlghkbl_eyeby bebIjb fh^_ebij_^ijbgbfZgZypbhgghclhZjZgZi lh lhc wlhfj_deZfguf_h lhj_ggihkdhevdmdhffmgwdhghf _klv baf_gg_hijnaZ^ZqbqZ_ln_dlZhq_gvk ij wef uh_bb _Zb_ h l

l_evkdZyq_kdhcdhlhjmxZ`gufhp_gd_ hp_gdZJZablb_r_hibkZgghcdZpbhggh]h `_lf_glhboh[jZlghchklZ_lkyg_fh^_ebwnn_dlbghklbfh]mlwnn_dlbghklbb hijhkaylvkyabgZihh ^_l_jfbgbjk_[y

gb_klboh^lhZjhf fZ]Zabgijhyeylvkykbkl_fuha^_cklby IjbihgbfZgbyb lij_^ihql_gbcl_hjb_cb lidZdilZd`_<wdhghfbq_kdZylZdjZ[hl_+SRGHUPLF1HHGOH0RGHOih^jZamf_Z_l gZ b ikboheh]bq_kdZykljhblkyihemqZl_ey hlghr_gbxk mqj_Zdpby_lhf ^mZebklbq_g qlh

^_e_gghklvwlh]hjZkkfhlj_gb_mxs_cl_hjbxlbiZ

jbjhZgb_lhjhfHij_^_ebdZpbhggh]hgbyij_^f_lhf(dhffmgbdZpbhgghc g_cnhjfbjhZgby^_dh^bjhdbnmgdpbbijhp_kkZgZklhys_clZdijhp_kkubfwlhfh[jZahf(hp_gdb ihemqZl_e_ffh^_jgbabjhZggZyjZ[hluIbbdh^bjhdbfh^_ebi_j_^Zqb1wdhghf_ljbq_kdhckhhlghr_gb_wnn_dlZfhlbZpbc.9ij_^ijbgylZ hp_gdZ2VJRRG0RGHO5dhffmgbdZlhjhfhlghky&6khh[s_gbydhffmgbdZpbhggh]hwnn_dlbgmjhgywe_f_glhfh^_evihiuldZ^Zggu_khpbZevihdmidZljZdlhdbhafh`ghm^heg_g_hkgylvklbijjZablhcb ky\deheyxsb_kyp_kkuhdhffmgwkhhhl_lkx^_[dseZgZbZ_

]fmgbdZpbb^_1 dhebq_klh.9 gb_ebjmxsbcghkbl_e_caZ^_cklhZgguodhwnnbpb_glmq_lZ ijhp_kk_ghkbl_eydh5f

dwnnbpb_gl gh]hfh^_evx hebq_klh ha^_cklby +aZnbdkbjhZgguoSRGHUPLFmq_lZjZ[hluihdZaZl_e_c g_wdhghfbq_kdh]hgZ ihemqZl_ey1 HHGOHAZf_lbfwnn_dlhfh^_eb 0RGHOqlhkhh[s_gbikboheh]bq_kdh]h[ hlebqbbWdhghf_ljbq_kdbcm^_l h[jZlghchij_^_e_g y hlkhhl_lklbbkyab2VJRRG0RGHOh khpbZe&Dl 6kfukeWLRQfh^iZjhijhjhc dhhZ__vk

nmgdpbhgZevguo qbZklb6KDQQRQDQG:HDYHU0DWKHPDWLFDO7KHRURI&RPPXQLFgZklhys_cwnn_dlh[t_ffZjd_lbg]hhcijh^Z`

dhlhjuo^_e_gZlhjuhp_gdbq_j_aha^_j`bZxlky ebf_ljZfbq_kdbf

fh^_e_ckms_klhZeZhibkZgbbZlhjhijb_^_gufZjd_lbg]huogylbcgucJZkkfZljbZ_fZypbc Ihgylbcgucbkihevam_lkhhl_lklmxsboqlhkfukehufboZiiZjZlZki_dlZobq_j_ag_^himklbfhhibkZgudhffmgbdZpbhggh]h_jhylghklvkbkl_ffZjd_lbg]huokh^_j`Zgb_ ihke_^mxsboZiiZjZll_hjbbmgb_jkZebabjhZggu_ZlhjujZa^_e_ihdZaZl_e_fkbbkihevahZgb_ffZjd_lbgwhexpbyjZajZ[hlhdbkdZ`_gbyl_hjbbjZabZxl<4hlbeb gZklhys_fdhffmgbdZpbch^ghagZqgh]h ij_^eh`_gghfdhffmgbdZpbbjZa^_eZol_jfbgha^_cklby]f_lh^heh]byfZjd_lbg]huohuokhhl_lklmxsbof_lh^heh]bq_kdh]hljZ^bpbhgguc<jZa^_e_dhffmgbdZpbcijhlbghfhl_qZxsbcihgylbcgh]hjZ[hluihgylbcgu_hij_^_e_gbyh[hkghZgghdZdbfh^ghagZqghfh^_ebjhZgbyjZablbbmlhqgy_lky;he__dhffmgbdkemqZ_eb[hihgylbcgucfh^_e_cZiiZjZlZkh^_kbkl_fudhlhjuckfukeZlh]hwdhgbjaijbf`iZ_Zh

g_dhlhjuoZlhjZiiZjZlgyy

DhffmgbdZpbhggZyqbZxsZygbxh[t_dlhkfukehh_l_hjbbKyavhij_^_e_ggmxkbkl_fZ

q_kdhcbgnhjfZpbb

nhjfbjhZgbypbb kbkl_fmh^mnmgdpbhgZevghdhffmgbdZpbhggZyf_`^mi_j_^Zqblhqdboh^blgbfbijbdeZ^guof_`^maj_gbybgnhjfZpbblZdhhcZe]hjblfZjZkkfhlj_gbyhibkuZxsmxhiehs_gZfh`_l^Zkbkl_fZi_j_^Zqbh[t_dlZfbh[t_dlZdhffmgbdZpbhgghcLh[b l_hj_lbq_kdboulvnmgdpbhgZevgmxnhjfbjhZgby_klvdZdEh]bq_kdbihbkihevam_fh_jZkkfhlj_gZdhffmgbdZpbhgguobgnhjfZpbbb hj]ZgbaZpbyaZbfhhlghr_gby+nmgdpbhgZevgucLZdbfRUQXQJmgb_jkZebabjhZggh_hq_b^ghh[jZahf>fh`ghh[eZklyob@dZdDhg_qghijZdlbq_kdbkyavi_j_^Zqbkhhl_lkp_e_Zykbkl_fZkqblZlvqlhh[t_dlhdZgZefh^k l_jfbgheh]f_`^mijfbg_Zlhjue_c_lbgnhjfi_j_^Zqbmxs_]h^hij_^bnmgdpbyihgylb_kbkl_fmhh[_kifZevghihjy^hf dhk_oiuZ__bhg

ey_lij_^f_lguol_dkl_ZgZebaZijbgpbiu lhevdhijhp_^mju

rpbhgZev ihgylbbgh]hkljh_gby _ijb_^_ggh]h_kbkl_fgmx iheh`_gbygu_dhffmgbdZpbhgguodhffmgbdZpbhgguoaZbfhhlghr_gbyihgylbcgmxhij_^_e_gbyfh`gh b^_lvkbkl_ffh^_e_cih^jZamf_Zebghb^_heh]bxoZjZdl_jbkdexqbl_evgh0 <DF/HDQ0RGHOih^l_j`^hjb_glbjnmgdpb6FKUDPPoZjZg_dhlhZ g__ZgguohdZdgb_ dgZevgh]hl_jh<jdhffmgbdlhjbqgu_u_ukdZaZgboghgZ0nmgij_ kyavRGHO hi[^ hZgd

r1f_`^mf_lhf HZFRPE V6PPHWURGHO:HVWOH

<hijhkjbjhZggu_pbhggucgZmqghc hibkZgbyh[t_dlZfbh g_h[oh^bfhklbwnn_dlljZdlhd_ihe_fbd_fZjd_lbg]hu_hklZ_lkyohlyb ghkblhafh`ghklb i_j_^ZqZih ^mZebklbq_kdbchijhkZfbgnhjfZpbb

lhyr_cky Zg]ehyauqghc ih^ij_^eh`_ggh]h

pbibZevghZl_evghl_jfbgl_jfbgheh]bq_kdbfij_^ijbgbfZl_evklZRmevpZke_^m_l ijbf_gbl_evghkh]eZkghbaf_gblvi_j_^ l_jfbgZZ h ijbgpbibZevghml_j`^Zxlijhn_kkhjhf ,0& ihevahZlvkyh[s_kbkl_fguf ;jbl_ihgbfZgb_fZjd_lbg]hZydhlhju_khhl_lklmxs_cd kbkl_f_ ,QWHJUDWHG 0DUNHWLQJ &RPPXQLFDWLRQVdhffmgbdZpbbqlh HdZfZ>[Rmevp_f l_hjbbug_ghhcghkbeb ij_^ijbgbfkms_klm_l dhffmgbdZpbhggZyl_jfbghf\_^_gby ljZdlhd_>ij_fZjd_lbg]Z@< jmkkdhyau^f_lghc hijhkdhffmgbdZpbh l_jfbgZklhyekbkl_fZ klZbekyq h[eZklbghcbgl_g_m k]h

g_glugbdZpbcgZy fZjd_lbg]klZghd_kbkl_fZ

nhjfmebjhd_nmgdpbbkbkl_f ijh^Z` <lhZjZ hajZ`_gb_ ihemq_gb_lZdh]h l_hjbbl_jfbgZ<wlhf ZiiZjZlhfRmevpZwnn_dlZfZjd_lbg]huo Z khhl_lkl_gghdhgl_dkl_ ij_^f_lghcl_fb Ziheh]_lh[h[s_ch[jZlghc he__fh^_evguf o ]Zlhju g_kbkl_fmhqlhdhffl_hjbb^hhdhff[ke_^m_l keZklbihgylb__]h kbkl_fumy kdehggu LZdbfggbdZpbcab _mbh[oh^bfhklvgbdZpbcdh ihgylbcghl_hjbb JhkkbckdhcZf bohkh[uo l_evklZk fmgbdZpbhgguoghkblvh h[jZahfl_hjbb l_hjbyhl_lk kh]eZkblky ihljZdlhd_ yaudhhckh^blkyZ ke_^Zdlbgp_e_hcmkehbc hij_^l_ggh dhfffZjdghucHii ijbZlNh_g _hhgh_Zmk d

lbg]huog_k_gb_f

klbeyxlpbhggu_ZevghffZjd_q_kdb_juij_^eh`_ggh]h^_jZpbbijZdlbd_fZjd_lbg]hmxbkihevamxsbcdZd]b k lZdlbq_kdhcjZgbpuihdmiZl_e_khhl_lklmxs_cdhfie_dkgucijb`behkvkbkl_fudhffmgbdZpbchij_^_e_gbyihlj_[e_gbydhffmgbdZpbhggmxkhkhj_f_ggu_`_eZgb_k k_j_^bgukljZl_]bqbgkljmf_gl ij_^ihdmlZdhh]hZlhjhij_^_eblv_kdhcidhffmgbdZpbhggu_dbij_^ijbgbfZl_evkdhcdexqZ_lijb_j`_gghklvp_evxJZabZyj_f_ggu_uaZlv ij_^f_lgh_h[t_dlgmxb bgnhjfb ]_h]jZnd lhj]hhcihl_gpkyavihe_bb

ih[s_gb_ khh[dhhgylbc^bs_jhZ gbyfZjd_lbg]huo dhffmgbdZpbbgb_f_lh^ ihemqZl_evb dhff^_dh^bj fZjd_lb mgZ^mjmbdZpbhggh]hpbhggh]hdhij_^_e_gZk ]ehwnn_dlfhZgb_h[s_gbyfg] mgbdZpbchibkZgbyhhc gZhibkuZ_lkyjbkkhh[s_gbyijhp_kkZdhffmgbdZpbhggh]hZ lZd`_dhffmgbdZpbc ZgZebahfijhp_kkZke_^mxsb_gZklhys_cdhffmgbdZlhjfZjd_lbg]hhckljij_^eh`_ggufgb`_Eh]bdZf_lh^heh]bq_kdh]hwe_f_glIhgylbcgZyrmfkhh[s_gb_fhgblhjbg] jZ[hlub kem`blwe_f_gluhlijZbl_e_f hlijZbl_ev he_q_gbydhffmgbdijhp_kkZghkbl_evh[jZlgZykbkl_fukihkh[ujZaaZlvhkgkmkbwknshhZb]

kyavn_dlbghklbwlbownn_dlbghklvwe_f_glh kbkl_fu dhffmgbd ijhp

ghklvlb_foZjZdl_jZpbhgghc

gZeKhh[s_gb_Zgb_ffZjd_lbg]huobbebagZdhZyfh^_ebijb_^_gguodhffmgbdZlhjhf^eyijb_^_ggufbkihekbghgbfbq_kdbhij_^_e_ggmxij_^klZkbkl_fZkh[hcfZjd_lbg]hhckihkh[ZdhffmgbdZpbcvahZgbyij_^we_f_glhij_^ijbgbfZl_e_fk_fZglbq_kdbc_e_gghfhVLJQihemqZl_exhq_j_^vi_j_^Zqbqlh dhgl_dkl_j_ZdpbxdhffmgbdZpbhggh_agZdhu_dhffmgbdZpbbbgnhjfZpbhggucaZ^ZqZfbi_j_^ZZ_fucij_^hij_^_eblhbckhh[s_gbyjy^lhjmxgZkhcklZbkh^_j`Zgb_hlijZblgZeh`_gb_ghkklhysLhbijbf_gy_fufbl_eybkhh[s_gbydbk p_evx_klvkbh_hfbh[s_gbyb ikboheh]bbe_fij_^_e_ggmx;_amkehghgZbebkhh[s_gb_i_j_^bebdhlhjucyeijZdhijgbfff___yd

m ihke_^g_]hih^Zqbij_^klZey_lhij_^_e_ggh]hj_Zdpbxf_lh^aZ^Zggmx i_jmxHq_b^ghihemqZl_eydhffmgbdZphilbfbaZpbb

lh^ZfbZgZeba_lkyqvb^hij_^_e_gufmgbdZlhjhflbd_gbch`b^Z_fhcj_amevlZluh^ghcnhjfbjhZgbyijbgpbihfZjd_lbg]hhcfZjd_lbg]huofZjd_lbg]huofbdkbaj_Zdpb_cZdlmZevguo>PDUNHWLQJPL[HOHPHQWk_fZglbq_kdhcfZjd_lbg]huoh lhZj_@ZdlbghdhffmgbdZpbcghkbl_eydhffmgbdZpbcihaZ^Zq ihe_p_eyfijbf_gyxlkylhj]hhcdZdikbohebg]bkl h[_ki_qbZxsbcfZjd_lbg]huoghuodhffmgbdkhh[s_gbyf_lh^heh]bq_kdhfmklhcqbufbkbghgbfbq_kdb>fZjd_ih^oh^h@f_lh^bq_kdbc k_]h^gyrg_cwe_f_glZih^oh^hpbmqbluZyha^_cklb_hgguo dhffmgbdZpbcihkj_^klhfb f_lh^bqGhdhfie_dkZ> khjkhh[swe_f_gllZdkhklZijb_f@j_bgZ__d

khhi_j_^Zqbihke_^g_]hdhfie_dkZF_lh^fZjd_lbg][s_gbykhh[s_gbybwnn_dlbgh_kh_jr_gklm_lkyF_lh^bq_kdh_ieZg_oZjZdl_jfZjd_lbg]ZkqblZxlkynhjfbjhZgbygZb[he__f_lh^bq_kdbo g_ij_jughihemqZl_eyijZdlbq_kdhfijZdlbd_

kdbf_gghchij_^_e_ggufb

ejweZcrbg LQJSURSDJDQGDSXEOLFLWSXEOLFUHODWLRQVkl_gghgbyb^ghZfZ jhebijhiZ]Zg^Zqlhgh Zg]ehyauqghcDZdf_lh^ZhgZlhjbqgZfgh]hmjhg_uc kfukehhcke_^m_lbgl_]jZpbhggZf_lh^ZiZ[ebkblbkbkl_f_ihbahlghr_gbxfZjd_lbg]huoebl_jZlmj_bgl_jij_lZpbbijb_^_ggh]hdhffmgbdZlhjZfZjd_lbg] fZjd_lbg]huoihkyabhlghr_gbxd aZ^ZqZfk h[s_kl_gghklvxBaebqgu_ dhffmgbdZlhjujbk0ijb_^_ggh]hbgnjZkljmdlmju/f_lh^Z0h[hkghuZydhffmgbdd ghkbl_exGLUHFWVDOHnhjfbjhgZijh^Z`b b kbkl_fukdehgguZpbcbakljg_iZgZhij_^_epbchhZkhhl_DGYHUWL lwlhkj_^kb khhgbyb khhbgnhKe_^iZ[ebdghkblvhibkhqkk[h_Z_jhhV lll

s_gbxh[s_gby_lklmxs_c fZpbhggh]haZ^Zqbklhygb_fu[hjZ

jZsbdZamyfh`ghklvdhffmgbdZpbhggucihemqZl_e_f[kykvb we_f_gldhffmgbdZpbbHlijZbl_evgby_gguoZl_evghuehHlijZbl_evf_lh^bq_kdhcwnn_dlZaZ^Zqbhlf_q_ghaZ^Zqkhj_f_gghcgZebqbywlhhij_^_eyxsbcihkj_^gbdZdhffmgbdZpbbfZjd_lbg]hhckhh[s_gbyij_^ijbgbfZl_evkdhcbkdexqZ_lhij_^_e_ggucZlhjukhh[s_gbybgnhjfZpbhggh]hijhp_kkbgnhjfZpbhgghcg_aZ^Zqmkbghgbfbq_kdbwnn_dldhffmgbdgZkdehggudZd hlijZbl_eyihklZghsbdu[hjZlZdhckljmdlmjuZpbbhlghkblvdhffmgbdZpbbVHQGHUaZ^Zqbkhh[sbgbpbZlhj

nbdkbjhZgb_kZ dhffmgbdZpbbk h`b^Z_fufghj_]eZf_glbjmykljmdlmjubgbpbZlhjZb khklZZuklmiZ_lihkj_^gbdZ jZkkfZljbZy g_ihkj_^klDZd__m`_gby

lbjhdb_^bgklhjZag_k_gZaZ^Zqblh`^_klhwnn_dlZihwlhh[t_dlZwnn_dlZiheh`_gb_bgbpbZebaZpbbk ij_^ijbgbfZl_evkdhcwdhghfbq_kdbf<ihgylbykhh[s_gbyZ`ghihklZghdbdhffmgbdZpbhgghcdhffmgbdZpbbhqkbghgbfbq_kdbhlf_lblv_hlijZbl_evj_^vZlhjq_eh_ddhlhjZyklhbfhklvaZ^Zqbkhh[s_gbywnn_dlhfkqblZ_llhjmxwe_f_glh\ha^_cklbyh[jbf_gghkhh[s_gbyb dhgljheydhg_qgh]jmiiZkbkl_fukhh[s_gbykljmdlmjhcdhglZdZlghcdhffmgbdh^gbfjhev^_l_jfbgbjhZggu_j_ameb dhaZ^Zgghc jhebex^_clgZykgdhffmgg_vljheyhybalZlhZihkdhevdmldhffmgbdabg_ihkj_^klhf__ijZbl_eypbbfh`_l jZfdZoZ`g_crboZm^blhjbyZ^_dZlghnhHq_b^ghihkluihegihlj_[hlijZbijhp_dZpbbkhhlgdhjj_jfZeZ[ghZhulvglkgh__hb_bhbkmadk hlh`^_kleyyijbgbyk[ulhuos_klm_l hij_^_e_gbbBf_ggh

l_e_foZjZdl_jbklbdbdhffmgbdZpbhggh]hl_evkdbcZm^blhjbyIhemqZl_evkhh[s_gbyk_]f_glaZ^ZqUHFHLYHUkhh[s_gby_]hdhlhjh]h i_jmxj_ZdpbbbgnhjfZpbhggh]hkhh[s_gby h[t_dlihaheyxl hkghgu_h`b^Zlv

Gf_^bZghkbl_ev GLDFKDQQHOlmjujughc ij_^_e_ggmxhkbl_evh[s_klZhkbghgbfbq_kdbj_f_gb we_f_gl]jmiimujZ`_ggucdZgZeu we_f_glubgnhjfZpbhgghcihemqZl_e_ckhj_f_gghckyabkhh[s_gb_ dZgZeudZdbgnhjfZpbhgghf jZaf_s_gb_FKDQQHOVPHGLDwe_f_glD ghkbl_eyfbgnhjfZpbhgghcdhffmgbdZpbb]Za_lukyabgZauZxlkyjZa^_eyxl^bkdj_lghcbgnhjfZpbbhjb_glbjhZ`mjgZeudgb]bbgnhPHGLDVSDFHPijhlghkyebqgh_ hjZgZkljZgkl_f_^bZmebqgZygajbgnjb lh^_e_gb_fZpbxbgbpbZlbbebkbl_eblL<ihkdhevdmky ex[u_`_eZgb_ gZigZghcg_ijZ^bh kj_^ZkljmdhlIZj_lhg_fgjigZg_ihhhH_h hqkdd

juodgb]b bgnhjfZpbhggu_h ihahey_l

gu_kbl_ebb l

u[hj

aZbkbfhklbkbgufbuclbhlghr_gbx eZfgZykms_kl_gghb iZkkbgu_jbkgZkhhl_lklmxs_]hih ijyfZygZauZxlkyidhglZdlbo hlghr_gbbd hij_^_ey_lkyhl<hlghr_gbx dhlhjuf i_j_^Zlvkhj_f_gghfdhgl_dkl_kbkl_fh _]hebqghcihqlhZy>]Za_lu@bf_xll_gb_ebjhZgbbBgbpbZlbgufbdhffmgbdZpbhggh]hi_j_^ZqbihemqZl_ev bgbpbZlbudhlhju_d ihemqZl_exghkbl_ey`mjgZeujZkkfZljbZ_fh]hj_deZfZdhffmgbdZlhjhfjZaebqgucjZagbpuwnn_dlZgZyauZxlagZdhmxljZgkeypbbbgnhjfZpbb ij_^eh`_gghcbL<ijhyey_l ihlj_[bl_eyijblmjh_gvii_jjZghkbl_eyhp_gd_^bhdh^bjhZgb_khh[s_gby_LZdh_ghkbl^Zqbkbkl_fmK f_lb wlhhijhkZaZ^Zqbwnn_dlbghklb_bgnhjfZpbbwnn_dlbghklbHq_b^gheyhdjZcg_eh]b^bq_kdhcqZlhjhfZlhjhf_hjb_glhlijZj_amLhqgbdZlhjZhlg_k_ghghklZblZ`gZ_klvgZijaZ^Z_^vbbqlhjilb_h_gvZ\

klZe_gdbjZaebqgu_^_ebdhjj_dlbjhdaj_gbyh[t_dlbghchijhkghkbl_ebb

khhl_lkl_gghDh^bjhZgb_eykbem

kyf_jKZfgu_g_ihkj_^kl_ggucj_^ZqbgZij_^eh`_gghcZggmx gZb[he__nmgdpbbkhh[s_gbyijhp_kkghkbl_ebd k_fZglbq_kdhfmgZkbkl_fmdhffmgbdZlhjZwlhkhh[s_gbyh[s_fZlhjhfdhffmgbdZlhjhfyey_lkyhp_gdZij_h[jZahZgb_l_ogbq_kdhcdhglZdlhkijbylbyb^_qbklh]hfh^_evghcdhff_jq_kdbfijhp_kkihemqZl_e_fjbkihemqZl_ey ko_f_klj

_lkl_gghlbiZpbbs_gbyh[jZahi_jmxqlhbkihevam_fh]hkhh[s_gbyhq_j_^vihemqZl_e_fhq_b^gh dh^bjhZgb_ ikbohebg]bklbq_kdhcghkbl_e_fbghkbl_eyh`b^Z_fuckbkl_fujy^m nhjfbjm_lkyZ^_dZlghfmm_ebq_gb_f_lh^Zb^_dh^bjhZgbykhpaZ^Zqbijhp_kkbZevghfZjddZdkhh[s_gbyZdlbhfh[t_fZkbdhlhjZyl_ogbq^_dh^bjhZgby_klbg]hhcl_f_^_fh]jZnbq_kdhcnZdlhjgucihemqZl_ey_ijkdhcdhfffjZkihagZZgbyhh`_l^Z`dhffmgbdnhjf_ we_f_glKhhkhh[Zl

gby^

>jy^Z dZpbckhpbZevghq_kdbo_deZjbjm_l_dh^bjhZgb_dhffmgbdZpbhggh]hihemqZl_e_f ijhp_kkfZjd_lbg]huooZjZdl_jbklbdk_]f_glm^_fh]jZnbq_kdbokbemi_jbqghklv^_dh^bjhZgbykhh[s_gbyhlkmlklbyZ[hjb]_gukhh[s_gby ihemqZl_eydhffmgbdZpbckhhl_lkkhh[s_gbywlbLhiohkljhZjhp_kkebg]bklbq_kdbo_klvZ^_dZlguo< g_oZjZdl_jbklbdkhh[s_gbylkbkl_f_ wnn_dlZmxsbohq_b^_gkhh[s_gbyijbgpbibZevgZykhh[s_gbyihgylbcguojZkihagZgbygZijbf_j;hjg_hl_gahjgh]hfZjd_lbg]huo Z eh]bq_kdbh[jZahfikbohebg]bklbq_kdboaZbkblihkdhevdm kbkl_f_khh[s_gby ijbgpbi_;he__bZ^_dZlguoijh^Z`Zikbohebnhjfk_fZglbq_kdi_j_dehlhafh`ghklvdh^bjhZlvlh]hhlg_k_gaZbgZebqbylhjbqghdh ihkljhIjhp_kkxgihkj_]f qZl_eyg_hbkl wlhlkZlhjfmg ^lb_hdhl^]bb g_hah\

:klhffh`gZnhjf^_dh^bjhZlvID ihaheyxsbodhffmgbdZpbhggh]hdhffmgbdZpbhggh]hkhh[s_gb_bjhZgbyihemqZl_ey

^hklb`_gby

kbkl_f_^bjhhqguoihkljh_gbybamq_gby^_dh^

ihbkdhfijhp_kkgh]hko_f_pbZpbci_jbh^ihkj_^gbdZkbghgbfbq_kdbij_^eh`_gghcihlj_[ihl_gpbZevgh]hkbkl_fguokbkl_fukbkl_fZgZl_hjbbdZq_kl_ggh_ikbohebg]bklbq_kdboijhp_kkbl_eykbkl_fufZjd_lbg]huo^_dh^bjhZgbyijbgpbibZevghihlj_[bl_evkdboZlhjhfwgljhibyi_j_^Zqb ihlj_[bl_evkdh]hbebfZjd_lbg]huormfZgZdhebq_kl_ggh_6b hkijbylbynZdlhjKDQQRQDQG:HDYHU0DWKHPDWLFDOdhffmgbdZlhjZihemqZl_eydhffmgbdZpbcg_ij_^kdZam_fuoij_^eh`_gZ]ehkkughaZlmoZgbybebk_]f_glZ^hdhffmgbdZpbckhh[s_gbyk_]ij_^f_lguokhklhygb_mjhg_b wdhggZauZ_lkyhbgnhjfZpbh^gyrg_]hkhh[s_gby dhhnZdlhjhf_ljbqijZdlbd_kbkl_fuj_^ffmg<ZWlhl>i_mk^gypkbjbh_@

ebyxsboQRLVHRmf

ihijZhqguodZpbhgguoijZdlbq_kdb

u_jmxsbokdb7KHRURI&RPPXQLFDWLRQ^_l_jfbgbjhZgZb^_y_]hdhffmgbdZpbhggh]hg_dhwnnbpb_glh ij_^eh`_ghMq_l fh^_ebkf^Zggh]hdjhf_^eygZkljl_hj_lbq_kdhfmq_lZj_^dbonZdlhjZhljZwlh]hodZkekjZdl_j^Zgghce_uom j_ZevghcqZ_nZdlhjZijbZgbyZlhjhkbkl_fZohibkZgby^Zgghfkbkl_fZobkdexqbl_evghwfibjbq_kdh]hij_^ijbgbflhevdhur_ijgZ[hj_gZwfikijghdZbbZZb

hp_gbZgbywlbdhffmgbdZpbcehdZevgh]h wdki_jlgu_kbkl_f_fh^_eyoagZq_gbywdki_jlZfbg_dhwnnbpb_glu_^_lky ^Zggucghkbl_e_c hl^_evguoijbf_gbl_evghi_jbh^ghkylIhj_f_gbbkihevaehdZevfg_gbxguoh l_evkdhcaZ^Zq

_^ebhjbq_kdbo_^_ggh_b bkihevam_fuo kbemagZq_gbyiheh`_gb_ijbgpbibZevghc dhwnnbpb_glZh hafh`ghklbg_hafh`ghklb

qjZfdZo DhffmgbdZlhjfZjd_lbg]huo hlijZbl_e_f_kl_gghf_kleyxsbc fZjdDZd jZfdZo_blbg]hhcljZgkeypbxdhebq_kl_gghfbdhffmgbdZpbhgghcdhffmgbdZpbc m`_f_lh^bq_kdbkbghgbfbq_kdbjZg__ihemqZl_e_f[ZgZebaZueh mklZghe_gguodhffmgbdZpbhgghcdhlhjhcebl_jZlmj_jZg__khh[s_gbykms_klmxs_chij_^_e_gbgnhjfZpbhgguckhh[s_gby mjhg_hlf_q_ JDWHNHHSHUbkihevahZgb_ kbkl_f_Z]_glklf_lh^hwlhlq_j_aghk_oihkj_^kl kbkl_fuZlhjul_jfbgih^g_ihkj_^kl_gghp_e_ufb[ ghkbl_evnZdlgfZjd_lbg]_j nhjfZpbhgghcwe_f_glebygb_fmihkj_^gbdp_e_khh[jZagufsbohij_^ijbgbfZl \h^ylghkbl_e_cjhbkihenmgdpbyfgZbebebygbyhvuok_[y kbkl_fuihgylb_ahZekyj_amef_] jmiimdhijhk`bim^mf h_h gvk m\

fmgbdZpbcdhffmgbdZlhjZghkbl_e_cs

fZjd_lbg]hhc >lZlhnjZkljmdlmju@ ghj_deZfguoh[t_dlbgh]hg_[uenmgdpbbgdpby wdhghfbq_kdbbgnhjfZpbb b fZjd_lbg]huojZfdZodhffmgbdZlhjZ kh]eZkhZgguc gZjugd_ghkbl_eyk mq_lhf b hj]ZgbaZpbhgghf_^bZkh^blky AZf_lbfk hlijZ nZdlhjhh[s_gbykbkhh[s_gbykl_fm[d hj]ZgbaZpbbqlhb hevrbfg_l_e_f Z kmffbjhZgb_aZ^ZqZlj_odZ`^ucbfg___lj_]j_kkbhihf_lh^ mdZaZgguodhebq_kfh`_lnmgdpbbhlghrihklZbawlbodh __f g_l kj_^gbq_kdb_lZgZebZ_lky ^_cklb_fp_kkZ e_ggZy fmgbdZpbbeyfbnZdlhjhmq_l j_Zevghfi_j_^ZqbhlijZbl_e_f bf__lhibkuZ_llbiNmb khcklZkhxijhp_kk_ijhp_kkfbdjhnZdlhjgmxkbkl_fhchq_j_^v[he__i_j_^Zqbbi_j_^Zqbhgghclh]hk ba[dhffmgbdZlhjkuhgg_aZbkbfhklbhlhqghl_ogbq_kdb nZdlhjhghchf

hj]ZgbahZlvdhgljheygbxi_j_f_gguowdhghf_ljbq_kdhcd hlijZbl_exnZdlZlhjZwnn_dlbghklb_s_ kbemjZa<hkhxih^q_jdbZ_lhj]ZgbaZp

ihkuedbWlhl

ghfbq_kdb^hfkhh[s_gbydhffmgbdZpbhgghc

j_^ZqbgboijhlbhihklZey_fuoghfbq_kdmx>@ZlhjZfbb;he__f__lkykhh[s_gbyfh^_ebkZfhklhyl_evghgZlh]hh[hagZq_gguownn_dlbghklv^Zu^b]Z_lky^_ khj_f_gghcdhfie_dkghjZaebqguokj_^ukbkl_fu ^jm]bonmgdpbhgZevghfd hibkZgbxZiiZjZlZihih^kbkl_f^hfbgZglZhibkZgZhibkZgb_dZ`^Zyj_Zdpbbg_jhebih^oh^Z_jgZgZmqghcijZbevghklvfh^_e_cdhffmgbdZlhjZhibkuZxs_]hmijhs_ggufbojZa^_e_gbbkljhblkyhh[jZlghci_jbqghklbdhlhjuohZdp_glZlhjuoebl_jZlmj_i_juodhffmgbdZpbc jZkq_l_eh]bq_kdhcfh`_lkyab kbemfh^_evgufjZamf__lkyfZjd_lbg]hhclZdmxb hlijZbl_ey kbemijhp_kkZih[]IhiuldZulvfh^_evjhijhkmgZhjZaefhaij_ hwdwdijg_^^^b_hhy

hibkZgbyqbynmgdpbcwdhghf_ljbq_kdh]h

dhklb

dih jZa^_e_gb_ i_j_^Zqb,,hlhjucjZbl_exhilbfmfmhlghkysb_kyk h[hagZq_gghc\ [hevrbgkl_e_ghkb]gZeZij_^ijbgbfZl_exbkoh^ghc j_r_gbyko_fhcd ,dhffmgbdZlhjmk eh]bdhcgZbfh^_eb Bf_gghbgbpbZebaZpbbkemqZ_jbkgZ nmgdpbckhhl_lkl_ggh^_eZ_lihwlhfm ^_ j_deZfghfmdhgljheyihgylbcgu_ kbkl_khklZh[hkghZghfm g_hijeyxsboZ]_glklmhL[Zdh_jZlghcih^kbkl_fu eh]bq_kdh__^h[t_dlhjZa^_e_e_gghckyabb h_l

gb_ij_^klZi

gh]hnmgdpbyfbgh]hlZd`_ghcdhffmgbdZpbcKe_^mynmgdpbyi_j_^ZqZkbkl_fuZiiZjZlZbkke_^hZgbye_`bl ij_^eh`_gghckyab,khh[s_gbyb khklZeyxsbfbi_jhc jZfdZoghkbljZa^_ey_lky>mZebklbq_kdZydZdih^kbkl_fukbkdexqbl_evghnmgdpbyhhl_lkl_gghh[_ki_q_gbyg_eh]bd_yey_lky gZh[t_dlZfb,,ihgylbcgZyijbjh^Z^_ lhjhcijb_f0ij_^f_lhfb jZkkfhlj_gb_l_jfbgheh]bq_kdbcaZ^Zqih^kbkl_fu&+rmfkhh[s_gbyih^kbkl_fuihemqZl_eyI_jZyghkbl_evbkke_^hZgbyKkj_^Z(1dhffmgbdZpbhgghc, dhffmgbdZlhj&b bgbpbZeba gZklhys_]hih^kbkl_fZdh^bjhZgb_fZjd_lbg]huokjZa^_e_gb_b j_ZdpbyjZaebqgufb__ ihgylbkhh[s_gbykyauZ_lkfukelhjbZ gZmpbb 6ihc,qqZ kj_^u dhgljheyihgylbcguohlijZbl_evJbkgZ Ko_fZ^_ h[jZlghc'(&h[t_dlhih^kbkl_fu 5^_fhgkljbjmxsZyihemqZl_ev^_dh^bjhZgb_kyabjZfdZo,,i_j_^Zqb H[hagZq_gbyfZjd_lbg]hhc12,6(nmgdpbhgZevgh_kb]gZeZ

h[jZlghc

<ihfbfh lhjZynmgdpbhgZevghcZ lZd`_ih^kbkl_fZ kbkl_fu kbkl_f_aZbfhkyabbgbpbZebaZpbb ,,nZdlhjhfhgblhjbgkhkj_^hlhq_gZihe_ihemqZl_eywlhc]Zkhh[s_gby Bf_gghlhjhckyabgZwnn_dl_bkhh[s_gbyih^kbkl_fuwlbkbkl_fguohibkZgbbwlb ihgylbcgu_h[jZlghchajZlgZy ih^kbkl_fu hlb ihkeweij_kf_ZweyjabH__b_g

l_eylhf^hZl_evghH[jZlgZyZdpbySOnhjfbjhZgbb_glu__ nbdkbjhZgbylh`^_klhj_ZdpbydhffmgbdZlhjhfh[jZamxlj_Zdpbykyavij_^klZe_guihemqZl_eybgbpbZlhjhfZm^blhjbbf_`^mbaf_g_gbb dhffmgbdZpbbl_hj_lbq_kdh_aZ^ZqmaZ^Zq_cb j_Zdpb_ckemqZ_gZ gb`_ijb_^_gghfgZfg_gbykhh[s_gb_dhffmgbdZpbbkhh[s_gb_bdihgylbcgh_h`b^ZxsbchffmgbdZpbbkbghgbfbq_kdbwdhghf_ljbq_kdh_Lhdhlhjhc_klvujZ`_ggZySXOVHEDFNIHHGEDFNUuklmiZ_llh`^_klhkms_klm_l^h[bZ_lkyh[jZlgmx dhlhjZy ^_cklbbbf_klZbihgi ylb

gh_

ih^jZamf_Z_ldhffmgbdZpbbijZbl_evgbci_j_^qlhb kbkl_fZoihkdhevdmj_Zevghc klZysbcf_`^m<bijZdlbd_^Zgghfkhhl_lklmxs_]hnmgdpbhgZevgh_fZjd_lbg]huo

^Z_fZyghceh]bq_kdbcdZpbce_fjZkoh`^_gb_dZdkyabh[jZlgZybf_ggh

gbbihdhfiZgbydhffmgbdZpbhgghfb^mlhj]hhcjZkkfhlj_gbbkhh[s_gbymdZauZylbim=oZjZdl_jij_^iheZ]Z_ldhebq_kl_ggu_nZdlhjufZjdbdeZkkbnbdZpbhgghcb hlijZbl_e_fgZkyavwdhghf_ljbq_kdboijhp_kk_ihwlhfmoZjZdl_jaZ^Zq_chibkZgbyLhhp_gdb_klvIhgylb_ b^_ijhp_kkZbgh]^Zi_j_f_ggu_b j_ZebahZggufh[jZlgZyaZbfhhlghr_gbcgZijZe_gghffhgblhjbg]fh^_e_cgZijbf_jbfb^`_h]hh[jZlgZykljmdlmj_fh^_ebjhZgbymihlj_[ey_lkyijbgpujZ`_gguckyavehdZevgucfZjd_lbkmsghklvdhffmgbdihgylbybkyavb^ihgZkdhj__wnn_dlZaZbfh^_cklbykk_]f_glh[jZlghcmf_`^mglZdh]hhq_b^ghs_klhf]ghkblhuoZj_amevlZlwnn_dldhlhjhcpbcl_jfbgdhebq_kk_]^Zwnn_dlhibkuZ_lkyHq_b^ghh hlghrihemqZlijhp_kkZf jhebdhffmgkyavl_jfbgljugdZijhq_fbgx^vlhkyabglhjguohh[jZghuj[ke_Z^_Z^_lh`m^_lij_wldZdhng_g_ihky6^gbZbhc_h_llddZ

ijbbkihevamxln_dlbghklvdhffmgbdZpbhggh]heb[hdhffmgbdZpbbhlijZbl_e_fi_j_f_gghcijh^Z`dhfiZgbbGZijbf_juklmiZxs_ Zm^d Wnn_dlp_kkZguf Zlgh`_ggucZlghagZq_gb_fhkijbgbfZ_lkyfZjd_lbg]hhcdZdhc

kbkl_fZfh`_ldhglZdlhhlijZbl_ey[jZkkfZljbZlvkym^_l baf_g_gbbkhhlghr_gbydkj_^g_chkijbgylkhh[s_gby_ebqbg_h[t_fZij_^ijbgbfZl_e_fnZdlhjh dZd: khhlg_k_gb_ wnn_dl gmljbnbjf_gguo dhffmgbdZpbhggh]h dhffmgbdZpbbdhebq_klZ dhglZkdhj__ijhp_kkZ

khhlg_k_gghc`_kldhhibkuZ_lkyhlZgb_j_ZebaZpbbqlhwnn_dllhevdh

Lghblky Hq_b^ghZdbfh[jZahf^_l_jfbgbjhZgZ ihgylb_qlhkmffhcdhffmgbdZpbhggZyh^gbf _]hfZjd_lbg]hh]hwnn_dlhfZ^Zilbghklb baGZijbf_jdjbl_jb_h^gbfijh^Z`[he__h[t_fZnZdlhjhfhp_gdbIhgylb_ wnn_dlbghklvgdhffmgbdZpbhggh_ dhffmgbdZpbhggh]h_dhjj_dlgufu[hjZih^jh[ghbgl_]jbjmxsmxih^dnZdlhjh ijh^Z`hlijZbl_exwnn_dlbghklbijhyey_lky wnn_dlbgh[wnn_dlnZdlhjhwnn_dlhfjZlkfgZy_^vKhh [fh^_evg_m^_ldhffmgbdkyavl hgZ[ fh`_l_lkl_ggh g_aZbkbfhkhh[s_gbyhp_gdbklvxkhh[s_gb_ ijhp_kkZdhffmgukdZahjwnn_dl_ Z lhevdhJdZd^bgZ^Z[Z Ewklulv pbb__uc bZZi

hklZey_l lbguo

dZpbhggh]h gm`ghb^`Zfbq_kdmx jZkkfZljbZlvb =ihihgylb_ bebhlghr_gbx bfb^`_ucKlZcg_jZ ijhp_kkZgZijbf_jklZlbq_kdmx ijhp_^mjudhffmgbdZpbhggh]hkyauZ_lkygZdZdbgl_]jbjmxsZyih^jZamf_Zyd hlijZbl_ex ke_^dhffmgbdZpbhggh]hh[jZlgZykljhp_gdb nZdlhjfh^_evkhhl_lkl_ggh k ihgylb_fBlZdkbkl_fguc kyavijhp_kkZ b i_jmxaZbfhkyab hij_^_e_ghbeb ijhp_kkZoZjZdl_j dZdbgl_jij_lbjmxsZy^bgZfbq_kdZyhq_j_^vb kydZyf_`^mur_dhffmgbd wnn_dlhgZu[hjZ hp_gdZmjhg_ wdhggbfbij_ Z beb gby ^hZ:

Wnn_dlbghklvklZlbq_kdZyijhye_gb_^Zggh_gZ[hj jZfdZoh[t_fnZdlhjhijh^Z`eh]bdb fh^_evwlhhp_gdbfh^_ebfh^_ev hgZ ghkblb kbkl_fum`_[uehfZjd_lbg]hhchp_gd_nhjfbjh k l_f^ijbgbfqlh[uZ f_ljbq_hibkuZxsbownn_dlbghklbNZdlhjukdZy fh^_ev klZeyxl

^Zggucl_evkdbo [hevr_cbgl_]jZevgh]hkbkl_fZ pbb lZpbbihke_^gboih^qbg_ggu_wnn_dlbghklbhl^_evguodjbl_jbcaZbfhkyab ^Zgghc dhffmgbdZpbhgguokh[hc ^he`_gkl_i_gbdjbl_jby__ nZdlhjhehdZevgu_fh^_ebnZdlhjguoujZ`Zehij_^_e_gghckljhblkyhljZ`Z_lnZdlhjh wnn_dlbghklbdZd dhfie_dkgucwnn_dluih^qbg_gZ djbl_jbZevghcgZ

^_ebijhyey_lky

klbamf__lkyb^_^_evghcboaZbfhkyabdhffmgbdZpbhggh]hZ^Zilbgh]hbgl_jij_lbjhZgghklbbgl_]jZevgucdZdbu[hjd hlijZbl_exnhjfbjhZgb_LZdbfijhp_kkZiZjZf_ljhihdZaZl_evk mq_lhfmkbebcihdZaZl_e_cknhjfbjhZggmx h[jZahfihihkbkl_fug_dZaZl_eyhlghr_gbxfZjd_lbhp_gdb<kbkl_fufh`_lkmsghklbj_amevlZlfh^_evohlyboboaZ^Zqb w[ghkgh_nohlybgl_jij_lZpbb]ulvnhjfbjhZgbyhhckbb ijhp_kkn_dlhdkwnn_dlbghklbwl_fmij_^klZe_g kbemnnZdlhjZfij_wnn_dlbgn_dlbghklvbgl_jijhibkZgb_u[hjZ_]hffJLhh_hZh

_kfukeFhgblhjbg]^bq_kdZyklv_]h hlebqbbkmsghklvnhjfZwnn_dlbghklbihdZaZl_eyhhj]ZgbaZpbbhlj_f_gb[ihgylbym^_l<ghkblwnn_dlbghklbdZq_kl_dhebq_kl_gguodhffmgbdZpbhggh]hwnn_dlk[hjZ ur_ibkdexqbl_evghkfukehhcbgnhjfZpbbjb_^_gghffZjd_lbg]hh]hnhjfuagZq_gbcwdhghf_ljbq_kdbci_jhhkghuijhp_kkZbgl_jij_lZpbbhj]ZgbaZpbbhij_^_e_gbbwnn_dlZijhp_kkZdhfff_lfhhmb

gblhjbg]ZgbdZpbhggh]hbb gZ[ex^_gby_]hgl_]jZevgh]h ihgbfZgb_klhblijhp_kkZ^_cklbcbf_gghZdp_glbjhZlv

Ihhij_^_e_gguohij_^_eyy]^_kmlbdh]^Zfhgblhjbg]

^hklZe_gbylhjbg]f_glfZpbbdhfie_dkZuiheg_gbyh ijhp_kk_bgl_]jbjihd_ffZl_jbZehkmlb[m^_ljZkq_lguoZ lZd`_hj]ZgbaZpbhggu_ij_^hij_^_ey_lnbdkbjhZlvkydZd jZfdZoZe]hjblfbq_kdbcf_lh^bq_kdhcdhffmgbdZpbhggh]hihjy^hdhkghulZbeb

ijZe_gguohgguol_fZlbq_kdboijhp_kkhhij_^_e_gbxdhffmgbdZpbchj]ZgbaZpbx^_cklbcm_lk[hjZdZdG_h[oh^bfhklvhj]ZgbaZpbhggZyfhgblhjbg]k_[ybgnhjfZpbbkhb fh`_lihwdhghf_ljbq_kdhcijbgpbibZevgmxbg^_dkghfklhjhguk_j_amevlZlZfijhp_^mjihgylbyiheh`_gb_[aZyaZghlf_lblvulvhlijZbl_ey ^bgZfbq_kdhfhafh`ghklbujZ`_gbbb kihkh[ij_^klZe_gnhjfZjZkq_lZlhjhcgZgZhp_gdbhafh`^Z_lqlhihgylb_b j_f_gghcgZdhie_gbyk[hjZbgZy^he`_ghkgnhjfmgkh]eZkghihkhh[s_gby]hhkghZgb_,,ZIhdhjj_dlbjhdb_kyabghklvdhffmg gZ[hj_i_j_f_ggZyhlghr_gbxbgnhjfZpbb<ih^kbkljihlhd_kmlblhjZybg^_dkguomqbluZlv_b^f_gbbgnhu^bbgl_j_]efhgnmgdZpihij_kb^eyZ gfu__^jZbbb_ZjkZdZd

gmlhfmkhhl_lkl_gghhkh[u_mkehby

ij_lZpbbf_lh^bdh ihdZaZl_e_ckbkl_fZ

u^b`_gbyiZjZf_ljhiZjZf_ljmihdZaZl_e_cl_hj_lbq_kdhfj_f_gbkhkj_^hlhq_gZdhffmgbdZpbhggh]h]ihemq_gguobihl_auIhke_^g__ bohlghkbl_evghwlhcihemqZl_ey j_amevlZl_]ZgZBkyablhjhcwnn_dl_f_ggh ijhp_kkZbkhh[s_gbywlbih^kbkl_fufhgblhjbkbkl_fguoh[jZlghchibkZgbbihgylb ZiiZjZlZkl_fchlijZbl_eygu_we_f_glhb ihke_^hwe_f_glufhgblb ZhegZhZ

l_evghh[jZamxlnbdkbjhZgbylZd`_pbhgZevghcjbg]Zi_jmx:gZebawnn_dlbghklbkbkl_f_ij_^klZe_gu,,hq_j_^vl_hj_lbq_kdh_aZbfhkyabkhj_f_ggh]hZki_dlhnZdlhjhfhgblhjbgi_j_oh^y gb`_ijb_^_gghfg_h[oh^bfhdhffmgbdZpbhgguo jZfdZoihe_f_lh^bq_kdh]hd jZkkfhlj_gbx dhffmgbdZpbbkhj_f_gghchij_^_eblvkykbf_lh^bq_kdboh[t_dlghcl_hjbbk Zki_dlhffZjd_lb kmsgg

]<

ijZe_gghklb]huohjblfbq_kdbodhffmgbdZpbc fZjd_lbg]hhc

kgu _gghfaZbfh^_cklbylvxkh]eZkblkyihemqZl_eyihemqZl_eyihgbfZgbbk lhqdhcg_ kbkl_f_k jZablhklvxlhevdhihemqZl_ey^_yl_evghklbaj_gbydZdkj_^uij_^ijbgbfZl_evklZ hlghr_gbbihlj_[bl_eyijhn_kkhjZih [hevrbgkl_kjZfdZofZjd_lbg]Zh[t_dlghci_j_qbke_ggufbihklZsbdZdhgp_ipbbnhjfZebaZpbbgh;Z]b_ZK ^jm]hckmsghklbb dZdij_^e dhfie_dlmkemqZ_ :iZjlg_jZlhjuhGh h fgh`_kfZjd_lbg]Zdhffmgbd h[`_gghfmkl ihlj_[ tihgbfhibkZlvhgbdZd_dlZfbhp_gdbhiZgbbkdehx hnZjhguqlhsfZgZk_m`_fboihhb_gZ b Zjmld]\

gbyidhgdmj_glZj_^ijbgbfZl_evkdhcg_b^ylb liaZbfh^_cklbywe_f_glZkeh`ghklbhdjm`_gby^bnn_j_gpbZemihemqZl_e_fkfklj

Zlhjuwnn_dlbghklbfZjd_lbg]hh]hk_^_gu ]e fh^_ebd iheyjghfm jZkkfZljbZ_lky 6FKUDPP0RGHOg_hafh`gh kemqZyo lZdhcfZjd_lbg]hh]hiheyjbaZpb_cdZd_keb kmsghklbohly^bihl_gpbZevguc gZfbq_kdZy[ihlj_[bl_evkdbcuhdjm`_gbyjZkkfZljbZ_lihihemqZlkbemj_Zdpbblh]hfgdh_fhey]ijhyp_eihe _

fh^_evhlebqbb lhjghh[jZlgZy

ur_hibkZgghc[ ]kj_^upbhggh]h l_evmlueh [ulvjughqguchlf_q_ghwnn_dlbghklbhlkhh[s_gby kyav^jm]bok_]f_gl^_l_jfbgbjhZgZh[t_dlhBf_ggh ihwlhfmkhh[s_gbykbkl_fuKhhl_lkl_ggh khh[s_gby

[f_glZye_ggZyqZl_e_fd_lbg]hh]hhe__nmgdpbynbgZevghcjugdZijhyey_fZykeh`guchkhh[s_gbyaZbfh^_cklbb dhffmgbdZpbhggh]hihl_gpbZevgh]hij_^ijbgbfZl_eyh[t_dlh[jZlghc ur gZklhys_cjughqghc_kyavxp_e_hck ihl_gpbZevgufhq_b^gufihlj_[bl_eyhlijZbl_eyihjZ[hl_nmgdpbbwdhghfbq_kdhfmqlhhij_^_ey_lkyihlj_[bl_e_fwnn_dlmh`b^Zih

fhcdmidb

mxsboguff_^_e_cghl_evghklbwnn_dlh\aZbfh^_cklbyIhkljhblky<hij_^_e_gghcjughqgufkhj_f_gghcgZbemqrbf fh^_e_c hlghr_gbbk_]f_glhfklZghblky hibkuZxsbo fZjd_lbg]huo

kdhfmg__lhju_pbc^_fbq_kdbihl_fkhhl_lkl_gghih^oh^mg_agZqbl_evgu_l_dk[he__wlZihnmg^Zf_glZevghcjZajZ[hlZgghclmfh^_evij_^eh`_gghfmqlhha^_cklbyh[jZahfgZmqghchgZZlhjuEwb^`Z^bkdmkkbhggu_gZbemqrbfJihkdhfibebjhZghebl_jZlmj_g_Ewcb^`_f l_hjbb^bgZfbq_kdhcgZZlhjhfKlwg_jZkqblZxlihlj_[bl_eyaZbfh^_cklb_h[jZahffZjd_lbg]huofgh`_klhiheh`_gbygm`guf ]eb =Fh^_evf_lh^h\ fh^_ebfgh]hnZdlhjghcbkke_^hZgb_KlZcg_jhfhl_qZ_ldhffmgbdZpbhggh]hb khhl_lkijbh^blvkljkqblZ_kf_lh^h\bihl_gpbZeihkedhhlghrkhhl_lkf_lf>llmxsbofmgbdky_hF_l^he^h^bqb f@g_d_koZdgbb^`hZZhZ_Z_hvl

e__

^fh`_lmqbluZxs_cbq_kdZy [ulvkmsghklvha^_cklbyij_^klZe_gZ^bgZfbq_kdbcfh^_ebgZihlj_[bl_eyEwb^`Zdhfibeypbhgghcwnn_dlKlwg_jZfb khhl_lkZjd_lbg]hh]hgZbemqrbfZlhjkdhclmxsb_dhffmgbdh[jZahfko_fhcwnn_Zd

lupbhggh]hjbk

Kmsghklvk_]f_gl Jbk$jZa[bl Hkms_kleyyhlghr_gb_fh^_ebF_lh^bq_kdZyihlj_[bl_evkhh[s_gbcgZq_luj_ ih^jZamf_Z_lijh^mdlZ%dhffmgbdZpbhggh]hdhffmgbdZpbhggu_kgZqZeZaZihfbgZ_li_jbqgZykmsghklvihke_^hZl_evguo hk_^hfe_gghklvnhjfbjm_ldlhZjmfh^_ebqlhihdmidZhlghr_gb_fZjdmhafh`guihdmidZihlj_[bl_eyijhp_kkha^_cklbydhglZdlulEwb^`Zlh&m q_eh_dZ_wlZiZ ZjZ&ihlj_[b ^jm]b_%i$ijbha^_cklbyhlhjgZybbeb<gbfZ_lkykIhKlwg_jZd i_jhchk_^hfe_ ihdmid_Bkh_jrZ_kemqZ_ihlj_[blbl_evnhjfbjj_amevlu^_e_hk_^hp_e_u_gZdhg_pihdm^Zhii_gZf_Zghg ghikkml ghklvdZe_fe_gghklv'ke_^mxs_coZjZdl_jbklbdmgZ[hjiheh`bl_evgh_lhZjk_jbb

lZfgmx nhjfmebjhdbijbgbfZ_l_lky

ebdmid__s_h^gZ

HibkZggZygZfbq_kdhckylj_[bl_e_fgh]hihlhjgZy^hklb]gmlZlhZjZlhZjZihjpbyij_^ijbgbfZl_evkdhcfh^_ev%$ijhly`_gghklb36^ZgghcihdmidZhij_^_e_ggZyb lhj]hZydZdlhihlhjgZykh_cdhglZdlh\ha^_cklbyijbh^bgfZjdbdhffmgbdZpbhggh]h'hlghr_gb_ke_^mxs_cdZl_]hjbbbai_jbqgZyfZjdZdhffmgbdZpbhggh]hih^b]Z_lihdmidZemqrbom^he_lhj_gghklv^Z_l kljmdlmjuZ^_dZlghk_jbb'h^ghagZqgh_ha^_cklbyZ lZd`_khh[sgZhkijjugd__dhglZdlZgbcg_ihgbfZgb_h^ghagZqgHq_b^ghk hij_^^h^ahb_Z

dj_ie_gbye_ggufklbhp_gdblhZjhfwnn_dlZ

qgZgu_jZkkfZljbZ_ljZfdZolh_lklmxsbchklZevguownn_dlwdhghf_ljbq_kdb_^modZdwdhghfbq_kdbcj_fyi_j_f_gguowlZiwlZiZo wnn_dlbghklvfZjd_lbg]hhcijb*hgnbdkbjhZgguoi_j_f_ggu_g_>I_jZyijhyey_lky$fh`_l%&dhffmgbdZpbhggh]hdhffmgbdZpbb['i_j_f_ggZyulv@Fh^_evihlhevdhhibkZgj_f_gb gZq_j_aEwb^`Zh[hagZqZ_lqZs_wlZiZowlZiZoijhp_kkZljZ^bpbhbgl_jijKlwg_jZK b khh'g_lZ lbjm_lky

<ghklvgZevghlhjZy dhffmgbdZpbbaZbkbfZyi_j_f_ggZyih hhibkuZ_lkhhl_lklmxs_]hlghr_gbx mkehgmxihhlghr_gbx wlZiZ nZdlhjgmxd wlZimlh _klvwnn_dlb nmgdpbh

( * I %$ 36 3

]gmr_gghc EUDQGDZDUHQHVVSURGXFWDWWULEXWHVDWLVIDFWLRQ^_%$hibkuZ_lknhjfbjhZggucbeb nZdlhjhhsmlbfhc Zg]ehyauqghfwnn_dlbghklvbownn_dlhfh^_ebkhhlg_k_gbym^he_lhj_gghklb mjh_gvaZbfhkyabihaheyxsbc3g_ijhp_kkgZhij_^_eyxli_jhbklhqgbd_ij_^ihql_gbydZdhij_^_e_gguohij_^_e_gZihdmidbkbkl_fmdwnn_dlhdhffmgbdg_dhfmk_klbwdhghf_ljbqhl SXUFKDVHmkehghlhZjZ lhj]hhchp_gdmbglwlZiZoZ36pbbi_j;_am_]jZevghfmmxmjh_gvwnn_dlkkhhlgwnn_mkem]b dhehgh_fZjdbkdh]hfhqfh_md

dhffmgbdihdZaZl_exlbghklbwlhK

Fh^_evkbfuolj_oMkehghklvnmgdpbhgZevghcqlhZlhjufh^_ebujZ`Zyg_dhffmgbdZpbc wnn_dlkljh]mxhp_gdb^_l_jfbgbjhZgghklvkhj_f_gghcwnn_dlZfkeh]bdhcwnn_l_hjbb fhhd

gbdZpbbj_^vhibkZgbyg_^hklZlhdl_f fZjd_lbg]huodhfie_dkghba^_j`_dfh`ghihb^_lvnZdlhjZf jZfdZog_fZjdbk_]f_glZ]jmiiumjh_gvmkem]bkh]eZkblvkyEUDQGDZDUHQHVVnZdlhjh%$gmr_gghcSURGXFWDWWULEXWH3knhjfbj ijhp_kk beb

^_ebfZjd_lfh^_eblbghklbeh]bq_kdmx^jm]hcb wlhbg]huomjh_gvnhjfZevghZklhjhgufhlbZpbhggu_pbhgguo__ [hevrh_ihgylbcgmxi_jhbklhqgbd_dhffmgbdZpbcij_^ihql_gbyu^_eyxs_c^hklb`_gb_ hlghr_gbblhj]hhcG_evay^_

Zgguc

hsmlbfhcZg]ehyauqghfVDWLVIDFWLRQm^he_lhj_gghklb nZdlhjuihdmidb

lbZpbhgghfp_kkuj_gby]hnZdlhjZyeyxlky hkgh_kha^ZxlSXUFKDVHijh^Z`wdhghfbq_kdb_ih_^_gbbdhlhjuobf_gghhkghZgb_Fh^_evwlhihlj_[bl_eyl_fe_`blfZjd_lbg]hu_ hlghr_gbb^eyih^jZamf_Z_l[hlhe__ij_^ihkuedZbklmilhZjZ36_jghijbe_gbyij_^ijbylbydhffmgbdZpbhggu_u[hj_qlh kbemh jZpbhgZevghfqlhh[t_dlhflhZjZfhlbZpbhggu_wdhghfbqjZmkem]bkkfh_ijkdfhhhl

GhkghZgb_ l_eyq_kl_gguoih_^_gbyijhf_`mld_hevrbcZdZiebZ_fu_lhfZjd__klvmjh_gvlhZjhfihlj_[bl_ey^ey j_f_gbgZdhie_gbaf_g_gbck_j_ZebaZpbb hmlhlnbjfu_j_gghklbj_f_gb'`_b q_f7U^bZe_dlbq_kdbc3 ijbl_fihdmidZdZq_kl_ggu_[wdhghfbq_kdh]h hevr_fhlbZpbhggu_i_jbqghcur_nhjfZevgh]hihlhjgZy_jhylghklvmjh_gvijbgpbiihdmid_ NmgdpbhgZevghij_^ihql_gbyih_^_gby l_dms_cinZdlhjuhdm fbgwdi_j_oihdZghfbq_kdh]hm^hbhihlj_[ fZevghf^Zkha^Zxle lhdhe_lq_fhb bj

j_gghklb][hhc

U 3 I '7%$36

l_gby

Fh^_evguoey_lghf_ljbq_kdhf fhlbZpbhgguoaZbfhkyavlhj]hhch[tykgy_lij_^eZ]Z_fmxih_^_gby fZjdbLZdfh^_ebihgZebrvihlj_[bl_eyih^hlghr_gbx b wdhghfbq_kdbonh ih^jZamf_Z_lkylhj]huolhj]hmxjfZevgh%$eh]bq_kdbcwlh]hIjbq_f knhjfbjhZgguf jZfdZonZdlhjZd nhjfbjhZgbxfZjhd eh]bq_kdhfujZ`_ggZygZ fZjdmnhjfbjhZgb_b ihgylbcgucj_amevlZlZonZdlhjh> ihlj_[bl_eyh[hagZq_gghc fhlbZpbhggZykj_^bhp_gdb@[ mjhg_j_f_ggZyjwg^bg kihkh[ghklb G_h[oh^bfh mjhg_fhp_gdb__ hp_gdbwnn_dlbghklbfZjd_lbg]hh]h kfukekbkl_fu] dhgdmj_glhgZdhie_gbyZ g_lh l_hjbbEUDQGLQJij_ijbyo Hij_klvfhlb \ZlhgZjZdlhlf _^ _klv_^_dh ihwd^_]h agZuf dZgh__ _Zqb

^_eblvIj_^eh`_gb_klZehgZijZe_gby jbklbdZZg]ehyauqghcie_dkgh]lhjbqguf h hp_gbZgby khklhygbyhkghuZ_lkyebl_jZlmj_l_hjbb dhffmgbdZpbhggh]h ihl_gpbZevgh]h nhjfmevghf[jwg^Zbf_ggh khklhygby pbhggh]hhp_gd_ lblv

hdhffmgbdZpbhggucd ^Zgghfmj_f_gbqlhwnn_dlZ ijb_^_ggZynZdlhjmijbyaZgghklbkb^_l_evklm_l

wdhghfbq_kdb

ghcqlh36

fZjdbj_gbyyey_lky%$fhlbZpbhgghcbebmjh_gvihemq_gguc%$mjh_gvhsmlbfhckha^ZZyg_Z hljZ`Z_ghlhevdhp_e_khh[jZa_ghafh`ghklvb j_Zevgucm^he_lhj_gghklb l_q_gbbijbyaZgghklvm^he_lhj_gghklbhlwnn_dlkhklZeyxs_cgmr_ggucl hlghr_gb_ihlj_[e_gbyihlj_[bl_eymjh_gvdhebq_kl_ggh]h_]hgZijZe_ggucihihlj_[e_gbyhij_^_e_gmjh_gvd ijh^mdlmk_]f_glZijbgylbylhZjZihlj_[bl_evkdh]hg_h hafh`ghklbjy^_nZdlhjZ hlgZdZiebZ_lkyd lhj]hhclhZjZij_^ihql_gbybxk_]f_glhfgZhij_^_e_gghcd ijh^mdlmujZ`_gbyohlyj_r_gbynZdlhjZ%$ih^jZamf_Z_lb aZbkbl^he]hkjhq_gfZjd_m^he_l<h ^Zgguclhj]hhcgmr_hlebqbbl_q_gbbihdmid_lh gj]hgh_

hlj_f_gbfZjdbj_f_gb

hcfhf_gl

dkhh[s_gby iZjZ^hdkgmrZlvkyhlhjhc kl_i_gb_kebaZK ^jm]hcqZklghklbkq_ldjbl_jbchldZd kljmdlmjubf__lihlj_[e_gbywnn_dl klhjhgu^Zggh]hlh^_ihlj_[bl_evkdhc _klvdhffmgbdZpbbdhffmgbdZpbhggh]h klhjhgughhagbdZ_lnZdlhjZb :e_dk__ZijhiZ]Zg^ukh]eZkghijh^mdlZb aZh[tykgyxsbfnZdlhjZfkq_lhnhjfbjm_lkyg_dhlhjuci_juohij_^_e_gbxlhdhffmgbdZp>m^he_lhj_gghklbhkhklZZihq_fm@lhjuoagZq_gb_gZijbf_jdha^_cklby Zdiheh]bq_kdbcg_bhg hlf_qhbf_lh^ZdZdlhggh]hlhevdhfh`_lfh`_l ghr^Z_ighihh_g

nhjfbjm_lkyjZkkfZljbZlvky gZwlhlhijhkagZq_gb_ijh^mdlZf_lh^Zfb;Z]b_Z

hij_^_e_gbbaZHl_ldZaZghgh]hgmr_gbykq_lnZdlhjZd gZmqghcwdhghfbq_kdbfihlj_[e_gbyd nZdlhjmgZijbf_jkem`bljZ[hl_h[t_fZwdhghf_ljbq_kdb dhgtxgdlmjguf

gbxhlghr_gbxihlj_[bl_evkdhc

Djbl_jbcjbyok_jbkgh]hhp_gdb

`Z_fu_kdbo fh^_eyodZq_klZmjhgy

^Zj_gghklbaZl_e_fWdhghfbq_kdbfdhffmgbdZpbhgguoh[t_fnhjfbjhZgby^hZgbyZ lZd`_Z^_dZlghcfh^_ebkh_jr_gguoijh^Z`_]hdhffmgbdZpbhgghcbgl_jij_lbjm_fu_khh[s_gby^he`gZlZd`_f_lh^bdbfh^_jgbaZpbyhp_gdbZ lZd`_h[t_f]dhfie_dkghcyey_lkynZdlhjhf^_klZlvijhp_kkhihlj_[bl_evkdhcmjhgybgl_jij_lbjhZekygZg_ihkj_^kl_gghbhp_gdbm^he_lhj_gghklbnmg^Zf_glbjhZgguoihdmihd_]hwlZiZo^bnnmaguoaZ^Zq_ckh]eZkhZgghklv jZfdZownn_dlblhj]hhcm^he_lhj_gghklbnZdlhjZfh^_ebi_j_f_ggu_mjhgyijf_lh^bdbIjb gZlmjZevguo&'g_h^Z`ha^_cklbyfh]mlwlhfih^gZklhys_caZbkbfhklvxl_dms_cfZjd_ihlj_[bl_evkdhcEwb^`ZgZklhys_]hghklbm^he_lhj_gghklblZdZdlbbabjmxsboha^_cklb_fnZdlhjZfdjbl_jb_fq_j_aklZlvhp_gdb`_JZkkfhlj_gb_k bgl_]jZeLhgZauZ_fuoihlhfm^he_lbebKlwg_jZgZ_klvjZaebqgu_kZfhklhjZ[hluhljZ`ZekyfhlbZpbyfgZmihl_wnn_dlbqbkZexlguoiju[hjZvkh]eZqhe_klZgh]hgdhffmgvp_kkZm^hhpbZevgh]hgufyj_gghklb\u^bgmlnmgdpbkZfl_evguffh^_eyob u[hjb;ZkjZfdZobkkee_lghK ^jghklbf_lij_ij_hljkihdfZ_^ijkhl_bkhfd^^hhhZZZbhj_hhma

pbhgguogbpZop_kk^ZggufihdmidbgZijb_j`_gghklbhkgh_

^_ebihql_gbyj_amevlZlhfwdhghfbq_kdb_

gZevgud_lbg]hhc]ijbdZdihlj_[bl_eyhcgbfZl_evhkghgmxklhjhguihhlghr_gbxdhffmgbdZpbbdhffmgbdZpbhggh]hhlijZbl_evaZ^ZqmklZblhgb dZdwdhghfbq_kdb_ijbnZdlhjud fhlbZpbhggufh[hagZq_ghnhjfbjhZgbb kbkl_f_dhffmgbdZpbhggh]hnZdlhjuij_^ijbgbfZl_efZjd_lbg]huownn_dlukhh[s_gbyijhp_kkZdhffmgb

ddbfZjd_lbg]huoP_e_Zy Zpbcwnn_dlbghklbF_lh^bq_kdb_fh^_evF_lh^bq_kdb_qlhhjb_glbjhdZ^_eZ_lwdhghf_ljbq_kdh]h gZfZjd_lbg]huohkgh_dhffmgbdZpbcboKlwg_jZ ij_^ihkuedb^hfbgZglgufbdhffmgbdZpbcdhlhjhchkghukfq_luj_dhffmgbdZpbckljhibkZgbyjZkkfZljbZ_lkynhjfbjhZgbyihke_^hZl_evguo p_e_ufbhp_gdb wnn_dlZ hij_^_ebeZFh^_evwnn_dlZkmsghklvdZddhffmgbd ijhp_kk_dhfihablguownn_dlbghklbghkbl we_f_glgZyf_lh^Zkhhl_lklmdhffmgbd klZ^bbb wdagZqwlbo^bg_hhZ kdbchp_kkZobghfbqbgl_j_kpbhgg 0wlZihl_evghj_fZKfbq/hp_Z(pbcw[jbknxhZ_ gg_h __

klZeyxsboaZsmxkdbcfh^_evha^_cklbywlZiZ wnn_dlhoZjZdl_j nhjfbjhZgby Ewb^`Z b hij_^_ey_l

]gb

kdb_Zlhjuh

dn_dlgb`_GZghZpbhgghfjZkkfhlj_gbxhkgh_wnn_dlufh`_lq_fhmklZghbebehdZebaZpbbfhlbZpbhgguour_ijb_^_gguo[ulvwlZi_klZ^b_cijhyeyxlkyJZkkfZljbZy^Zgghcg_ijhye_gqlhjhevihlhjghcdhfie_dkgh]h jZkkfZljbZ_fh]hiheghklvxklZ^bbwdhghfbq_kdboZlhevdhkhhl_lkl_gghhh[s_nZdlbq_kdmxZj]mf_glh\ihdmidbdhffmgbdZpbhgguogZfhlbZpbhggu_wlZi_4 wnn_dlhb ZgZeba_'j_f_ggh]hqlh' fh^_ebwdhghfbqGZkgb`Z_l ijbgylhijEwb^`Zi_jbh^Z

r_gb_dhffmgbdZpbb

n_dlpbhgguob_GZWdhghfbq_kdhfKlwg_jZwlZi_gZ36nhjfbjmxsboihlj_[bl_eywnn_dl'm^he_lhj_gghklv ^bgZfbq_kdhcij_^hij_^_e_ghwnn_dl<:hp_ijhyey_lkyehyevghklv ihabpbhgghcgdmkmlbJ^_yl_evghklbwnn_dlbghklbihdmidZe_]dhko_f_ ijhp_kk_eh]bdhc wnn_dlZoaZf_jyxlkyd lhj]hhchljZ`_gbbijyfh]hJZa^_e_gb_ihke_^hZl_evgh_Zdlbghklbfh^_ebij_^ijbylbyihlj_[e_gbydhebq_kl_gZ^mofZjd_q_j_abgl_jijFhlbZpfhlbZpbh fh^_ebk_]f_glZWdhghflbihjklZguo[jwg^m_gblbjm_fu_gha^_ckghkylwnn_dlZijh^mhkghmgh]hhggu_^Zjlgu_Fhlwe_f_bgnZdlq_kdb_gu_ihbhldwhdlZnghZhhllbk wdhghfbq_kdb_jhnZdlhjud ijh^mdlmujZ`_ggu_wdhghfbq_kdhcih ihdZaZl_ebghr_gbxebq_kl_gguc

Ijbq_flh^ghcd ijh^mdlmq_j_a[^jm]hchjZ`_gby nhjfbjhZgbyhq_j_^vdhk_ggu_klhjhguklhjhgufhlbZpbhggu_^_deZjbjhZgukha^ZZyoZjZdl_jgZijyfmxg_hljZ`ZxlaZf_jubf_xl fh^_ebl_f ijyfhfnZdlhjunhjfbjmxlkZfufkbkl_fuk_jbxmjh_gvdZdbgl_]jZpbhgghcdZq_kl_ggu_fhlbZpbhggmxaZf_jhbf_xlih^]hlhe_ggihlj_[bl_evkdh_^mZebklbqgmxih^nZdlhkbkl_fuhihklbqmhlghr_gb_kl_i_ggh_ihdmidbk khx

m Z_fh_]hlGZqijhp_kkZhhjblvjhg_h_ _kdZykhklhygbywlhfLhwnn_dlbghklbbgZ_klvmjhg_h jZaebqghffh^_evgZyKnhjfbjhZgZijh^mdlihlj_[bl_ey nhjfZebahZgfhlZgZebaZbZpbhggh]hhlghr_gb_fZjd_lbg]hh]hhkghumjhg_nhjfbjhZgbyb f_lh^heh]bq_kdbd ihdmid_ ijZdlbq_kdbkbkl_fZb ij_^eh`_gnZ_jhylghklbfZjd_lbg]hh]h ijhp_kk_ihgylbcguokbkl_fdlhjZgZb khhl_lk gZdhffmgbdZpbhggh]hknhjfbjhZgZhp_gdbmjhg_jbkij_^klZe_ghihjgucijZablucihdmidbhdmidbbb fhgblhjbg]ZaZbfhkyabl ,dhffmgbdZpbhggh]h wdhghmxs__ dhgljheyih^kbkl_fZLh[ aZbkbfhklbihgylbcgucZabkf_ljbq_kdbof_lh^heh]_klvihemqZl_evgZgZdeZ^ 0^eyijhp_mjhg_nZdlh[jZfh`ghbgl&+fZZgFiu Zb__hjklb

ebaZjhkZNhjfZebahZgguc[Zabku

12ghcghkbl_ev,6(

f_lh^bq_kdbcd_lbg]huooh^ysbowe_f_glhj_^Zqbkyabkb]gZeZrmf,17gZdhffmgbdZpbhgguoKfhgbl(1&g_]hjbk,,dhffZe]l_jbcheh]bq_kdbodhffmgbdZpbbjbg]Zhih^kbkl_fZjblfbq_kdbcdh^bjhZgb_mH[hagZq_gbygbdZlhjdhffmgbdZpbbihlj_[bl_evkdhcZe]hjblfbq_kdbcwnn_dlhwnn_dlh6qZklguoij_^klZey_l36bgbpbZebaZpbb'(&bgl_jij_lZlhjhlijZbl_evb,17wnn_dlbghklbwnn_dlh^_yl_evghklbdhffmgbdZpbhggh]hfhlbZpbhgguc^_dh^bjhZgb_m^he_lhj_gghklbbgl_jij_lZlhjihkh[hckmlb5 bgl_]jZewnn_dlhwdhghf_ljbgl_]jZeyeyykv< [?fhlbwnn_dlZag_vhvdhij^hwebgmxgZyhcqJfh__Zk

dhffmgbdZpbb]ih^kbkl_fZwdhghfbq_kjZevguc wnn_dl

f_glhfpbhgguoIjb_^_gguckdmxfh^_evkbkl_fub wdhghfbq_kdbodbcgZwnn_dldjbjbk

hp_gdm

fh^_ebhp_gdZp_kkZ kbkl_f_wnn_dlbghklbij_h[jZahZgbyfhgblhjbg]Z

fmgbdlZldhfZpbbdhffmgbdZpbhgghcg_ihaheyxsEwb^`Zdhfie_dkghij_^ijbgbfZl_evkdhcKlwg_jZbffZjd_lbg]hh]hhkijbgylv wnn_dlbghklbg_ ij_^mkfZljbZ_lkywnn_dl qlhfZjd_lbg]hhc yey_lky

Ewb^`Zwdhghfbq_kdbo jZkkfhlj_gbyaZdexq_gbyfhgblhjbg]ZBgl_]jZevgucfZjd_lbg]huojbg]Z Klwg_jZh hafh`ghklbkmsghklb_klvihdZaZl_evfZjd_lbg]huonZdlhjh hij_^_ey_l j_amevlZlwlbo[Zabku dZdj_]j_kkbhgghc f_lh^heh]bq_kdbcdhffmgbdZpbhgguohij_^_e_ghbgl_jij_lZpbb nhjfbjhZgby kmsghklbb jZabluchp_gdbkbkl_fb fhgblihgyh lbcgucJbkb f_lh^bq_kdbcNhjfZebahZgguc

eyokhhl_lklmxsbckhgZijZe_gbywnn_dlh

m ihl_gpbZevgh]hkhklhygbyNZdlhj^bgZfbq_kdh]hjZablbyihlj_[bl_evkdhc ijb_j`_gghklbhij_^_eyxsb_kbkl_fZlZd`_ZgZebaihlj_[bl_eydhffmgbdZpbcbohij_^_e_guehyevghklbkljmdlmjgh]hh[jZahZgbyijbf_g_gbydnZdlhjhljbhafh`gu_ijh^mdlZfk_]f_glZgZwnn_dlZJhkkbckdhf<:eh]bq_kdb_b wdhghf_ljbqk^_eZgub fhgblhjbg]Zbohij_^_e_gghcih^jZamf_Z_lgZijZe_gbyhafh` khj_f_gguoaZbkbfhklb <:36fhlbZpbhgguo khhl_lklmjugd_bghklbf_lJ_kdh]hijhp_kkh\ lhfhgZdhjj_dlijh_^_gkha^Zgby^bq_kdb_lhj]hhcgZebqb_Fh^_ev hkgh_fh^x[sb_qbZab_bkb

e_jhdb

Zy wjunn_dlZ

ffhklgh kha^Zgbykhh[s_gbcZjdb eh]bq_kdmxg_dZq_kl_gguodhffmgbdZpbblZdh]haZbkbfhklb Z^_dZlghf bjmdhh^kl khhl_lklb_fZkkbZwdhghf_ljbq_kdmxoZjZdl_jbklbdljb hlidhebq_kl_gghfhlj_[bl_evkdhcmykvbonZdlhjZ qbklufBamq_ggucklhbfhklghkhj_f_ggh]hhibkuZxsb_djbl_jbZevghci_j_oh^ZihlhdhfIh^jZamf_Zykmsghklvdhgdmj_glguoZlhjZfbjugdZujZ`_gbbnehyevghklbmgdpbhgZevguojugdZJhkkbckddhffmgbdZpbhihnZdlhjZJhkkbh ko_fhc bfhlbZpe__ fhlfZlq_fkhafhd [jwg^bg]ke_^hZgbb cblh]h _JZkdbckbkl_fZpbhgghcjbZeh<:kljZl_]]gZ[kihabpblhj]hhchbkfZljjwg^b `hggh]hkha^ jugd_jugdZjughd ghklvkijZlklhg klguogZbhZhgZ bZ bh

lbklbdblhj]huohc]lhj]huohhcbkke_^hZebkbkl_f_fh^_ebb j_clbg]hu_fZjhd ij_^eh`_gby=mk_hc

gb_ kbkl_f_ fZjdbihlj_[bl_evkdhcmjhg_q_kdZyb^_heh]by[jwg^Zl_ogheh]bybgl_jij_lbjhZggh]h [jwg^hfZjhd ihlj_[bl_evkdbo ijh^mdlZgZZ g_hkgh_Bamq_gb_qlhko_f_ h[yaZl_evgZyihdZaZefZjd_lbg]hh]h jy^_ jughqghclhj]hhckbkl_fu ihdZaZehh^ghjh^gh]hhlkmlklb_djbl_jb_ ihkemqZ_ihgylb_f[fZjdbnhjfZ_a[jwkbkl_f_hiehs_gbyhlkmlklb_ ij_^ijbgbfZl_evklZZ^_gu[hjZ wlh^hhcij_klb`bf_gghkmsdZlgufg_Ke_^hZl_evgh_h[jZahfklhZgby[l_ogheh]bbh; ijh^mdlZgZe__Zlhj[m^_l[_a[jwg^hmxmdZauZyihabpbhgmdZauZ_lkqblZlvkygZijljZ^egZbhhbb

gbjhZgby_^ebhkbkl_fZ

lhfpbhgghf_jn_ghf_gZevgmxg_mgb_jkZevguc kbkl_fZoqbke_kljZl_]bq_kdbkqblZlvihabpbhgbjhZgbyb gZkmsghklvfZeh]haZjm[_`guohjb_glbjb kj_^g_]h

gZjhZgby]

klbbq_kdbo

lbyij_^ijbgbfN_^_jghklbHij_^_ebrbkv<:wdhghfbkihevahZgby kbkl_f_ZdhffmgpbbjZkkm`^_gbcGZbZq_kdbol_evkdhcbhkgh_dZpbhggh]hdhfie_dkgh]hb bgnhjfZpbhgguownn_dlZoj^_yl_evghklbZlhjZZ_jZdl_jamevlZlh\ha^_cklby[jwg^Zhp_gdbjugdZohlh[jZ`_gbyk^_eZglZdh]hhZgguobkke_^hZgbydZdgZihlj_[bl_evkdhcLZdbfkljZl_]bq_kdh]huh^kljZl_]bbbgnjZkljmdlmjgZkhj_f_gghfihlj_[bl_eykhklhygbyh g_b Zijbhjguop_e_khh[jZagwlZi_ehyevghklbJhkkbckdhcwnn_dlb kbkl_f_jZab

jZ`_gby]Klwg_jZ36hhfhlbZpbhggh]h j_amevlZl_KmsghklvdZq_kl_ggh]hb __ jZablbyehyevghklbdhlhjhcki_jbqgh]hnZdlhjZg_hafh`ghklvxkhklhygbyhij_^_ey_l5(7<:ihlj_[bl_evkdhcihlj_[e_gbydZdjZkkfZljbZ_lkym^he_lhj_gghklbkbkl_fubkihevahZgbykh]eZkghijh^mdlZdhebq_kl_ggm^he_lhj_fh^_ebkljmdlmjZwnn_dlZgZihklZ^bbEemq_ggwhb^`Zg]^jghklbhmi]uhhhK lj_[bl_evkdhc]

jZkkfZljbZ_lky JZamf__lky^bbdZdKm`_ijhf_`mldZbf__l[uehml_j`^ZlvklZ^bbdZd ^Zggucijh^he`_gb_hlf_q_ghwnn_dl lhevdhb 'ijhyey_fmx'ijh^mdlhf wnn_dlghh hafh`ghklb;_ahlghkbl_evghklvdhffmgbdZpbb ihdZauZ_l_]hgZwnn_dlbghklvklZ^bbdZdi_jhgZqZevgh_ i_jhgZqZevghnbdkbjm_fuc;he__ hlghr_gbyo'_]h[fh^_eb_amkehgh]hihahey_l lh]h eh]bqdhffmgbdZpbcijhp_kkhf^Zggh]hnhjfbjnhjfbj_kmd wnn_dlEwb^`Zgyxsmxkdmxl_hjbxf_`^mZaZggZy ml aZf_jZkmsghklv_j`^Zlvijhp_kkZnZdlhjZmhykvZgb_ihlj_[bl qlh l_q_gbb kmsghklvKlwg_jZ jZ[hl_;Z]b_Zkbkl_fZ gZihagZ Kkl_]hdZdba LhhZ_Zk

f_jy_fh]hke_^m_fhc ik_]hj_Zevgmxe_f hahey_lk_]f_glhf ijbjh^mnZdlhjZ dhffmgbdZpbhgguf ih^l_j`^Zy

nhjfbjhZgby

:ihebehg_e_dk__Zhlghr_gbxkyaZggmx Zlhjm FDHLKk kZfbf^_deZjbjhZlv

_klv

^Zggh]hujZ`_gbyZki_dluZijbhjgu_nhjfbjhZgbyd wnn_dlbghklbeh]bq_kdb_>@_]hi_jbqgmx

ehkvujZ`_gZdhebq_kl_gghcIjh_^_gghcnmagu_^_eba_5(7jZablbywnn_dlbghklbk hlebqgufbfhgblhjbg]Zl_hjbbfh^_ebnZdlhjZZgZeba lhf ihaheyxlbgghZpbhgguobgl_jij_lZpbb kbkl_f_qlhkms_klmxs_]hhl [ijbgylhchevrbgklhkbkl_fuknhjfbjhZlvbgl_]jZevghcij_^ihkuedbwnn_dlZdhffmgbd_]h[ZabkZhp_gbZgby]h[tybZZlhjZhp_gdbihl_ampbhggh]hdhebq_kl_ggh]hb l_hj_lbq_kdb_dhffmgbdZpbhbkihevahZgbyg

_]hgZebqbb

ih^oh^

ij_^ihkuedbfh`ghklv]l_evkdh]hh wnn_dlZhkghZgbydZdlZdh]hjy^ZZe]hjblfbq_kdh]hdhffmgbdZpbcbkihevahZgbyh`b^Zgbyijhlhlbi f_lh^Zoihlj_[bl_evkdhckha^Zgbyfh^_evZki_dlhh`b^Zgbyeh]bq_kdb_ObjrfZgZdhlhjhcIjh_^y^ey kbemlhZjghch[jZahfLbZaZFDHLKZe]hjblfZihfh^_ebg_kha^Zgby:[^_dZlgufg_h[oh^bfh[bj_amevlZlZfZgZebaZabkZlh]hihaZahh]hb Fhgjhkbkl_fghkbkl_fuijhp_kkh\ jZ[hl_m^hnZdlhjgmx^_deZjbjm_lkyhhkgeyxsboqlhhp_f_lh^Zf_lh^h\[f_lh^he_lhj_gghklbhuf_lh^ZZgghchlkmlklmxlgDjbrgZgZeZf_lh^hfdbbgl_jij_lZpbhggu_36ihijp_e_hckhhl_lklmxs_]hf_lh^hwnn_dlbghklb^_deZjbjhZgZhp_gdbdhjj_dlbjhhbkihevahZlv_khp_gdbh[jZahZlvdhfihg_glgmxh6(5948Keh`ghklvihkljh_gZhl_lklmxs_ckljh]mxl_hjbb^k^_eZgeyfhlbZpbhggnmgdpbbkhhl_lklmb36<gkha^Zgby$/Ze]hjblfhguoqihlj_[dZq_kl_kha^ZZ^_dZ^eyZgZebaZgu_uh^Z lZd`_^ZggucfZjdg_hgZZlj^bZg^eyf[pinxbhZZhbZh__alhb

e_hckljh_gby[ebaZlbg]huojZablbyhp_gdbsb_mlbgmxijbgylZnmgdpbbZ^_dZlghcko_fmLZdbf

gfhlbZpbhggh]h ihdmid_qlhbf_lvhklvkh_jr_ggu_jZaebqgmxnZdlhjZgZhkgh_ ihlj_[bl_evkdhc_jhylghklvikboheh]bq_kdh]h kdhffmgbdZpbjZaguf mjhg_fjZaebqguchggh]hm^he_lhj_ggnZdlhjZ nZdlhjZkhh[swnn_dlij _gby36b hgylby klbih^jZamf_Zyihdmidb36j_r_gby hp_gd_[m^mlh

U4 6L W I 36

]^_U4 6L W _jhylghklvkh_jr_gbyihdmidbgZ6L k_]f_gl_ W

ijhf_`mld_pbhggh]heh]bd_ kl_i_gbur_ijb_^_gguo wnn_dlZj_f_gbij_h[jZahZgby_jhylghklbagZq_gb_d wdhghfbq_kdhfmKhhl_lkl_gghghijbhp_gd_ khhl_lklbbZijbhjguo dhlhjhfhagbdgh_gby>nZdlhjZ_jhylghklguo@agZq_gb_ij_^ihkuehd fh`_l36 ij_h[jZahZgb_k ghjfZfb^he`gZwdhghfbq_kdh]hjZkkfZljbZlvkynZdlhjZijhkljZgklmqbluZlvdZd wdhghf_ljijbgZ^enhjfbj fhlbkh[_]hihub_h Z

Zgb_ldhebq_kl_ggh_byAZ^ZqZghjfbjhZgbykh]eZk q_kdh]h`blijhf_`mldm

36 

Lhg_h[oh^bfh aZbkbfh]h_klvFDHLKijbih\_^_gb_ nhjfbjhZgbbnZdlhjZfdZq_kl_gguo^_deZjbjm_lnmgdpbhgZevghfhp_gdbg_h[oh^bfuoghjfbjhhqgh]h pb_glZqlhb kha^Zgbyb fhgblhjbg]Zhp_ghqghc_kl_kl_gghg_h[oh^bfhklvhp_ghd36ijhlhlbi_nmgdpbhgZevguokbkl_fuKe_^myZe]hjblfbq_kdhcij_h[jZahZgby ZgZebawnn_dlbghklbg_bkihevahZgbyghjfbjhZgbyij_^iheZ]Z_lkyZur_kdZaZgghfme]hjblfbq_kdh]hij_^eh`_ggh]hwnn_dlbgij_h[jnZdlhjhfaZbf fh^_ebdhffZ&S36ja_h hhm

Zlhjij_h[jZahZgbyf_lh^_ fh^_evghch^ghagZqgh

ZgbcgbdZpbc

fh^_ebklbIjh_^_gamevlZlZ ijhlhlbijZkq_lZijbg_k_gbbko_f_

h[t_fhfamevlZl_oZjZdl_jIh^jZamf_Z_lkydhffmgbdZpbhggh]h[bkoh^ghch[hjhluebJZeb^gudhfiZgbbh[t_fZZgZebaZIjh_jdZba^_j`_dhp_gd_fh^_ebij_^eh`_gghcEwb^`Zdhjj_eypbhgghhlebqguoihijh^Z`^bgZfbq_kdbowdhghf_ljbq_kdhfmFDHLKijyfZydhwnndhwnnbpb_glmKlwg_jZb Z[khexlguf]4ijhp_kkZbihl_auo ij_^ijbylbc bhp_gdbhllhevdh4j_]j_kkbhggucebg_cgZy4nZdlhjZ khhlg_k_gbbh g_mgbk_jbcba^_j`_dnZdlhjhwnn_dlZdhjj_eypbbdhebq_klhfhij_^_e_gwdhghfbq_kdhcijhihjpbhgZevghklvh[tykg_gbx_jkZevghklbdhwnnbpb_glZbaijb_^_gguogZfh^_e_cq_j_ak [ZahuflZdhcij_^eh`_gghfmkhh[s_gbcg_mgb_jkZevgucebg_cghch[t_f4ijhp_kkLhb nbdkijh_^klZlbklbd_klvijh^Z`f_`^m<aZZpbb_jjgZ__b

kbfhklblZd`_ih

h[tykgyxsbo

adhebq_kl_gghcf_ijhp_kkZdhlhjuolhjZmevlZl hp_gd_wdhghfbq_kdh]hZgZebaZ[eh]bq_kdbouehb wnn_dlbghklbihklZbe[ubgl_jij_lZpbbihdZaZeuye_gb_eh]bq_kdZyiheh`_gbyownn_dlZaZ^Zqmg_hafh`ghklvaZbkbfhklv fZjd_lbg]hh]hh^ghagZqgh]hihkljh_gbybwdhghfbq_kdh]hdhffmgbdZpbhggh]hlj_[mxsZyfh^_ebwdhghfbq_kdh]hEwb^`ZbkihevahZgbyfh^_e_cmgb_jkZevgh]hhij_^_e_gbydhffmgbdZpbhggh]hnZdlhjZKlwg_jZ ijhp_kkZj_amevlZlhfw kbkln^Zgghcn_dlZuyhnZ^g_hd< e_gbyagZqghjZabluo

Ke_^myfhlbZpbhggh]hhlfhlbljZdlm_lkyur_ijb_^_gghcwdhghf_ljbq_kdZyZpbhggh]h

f_ljbdbh[jZam_le_]bq_kdb_fh`ghij_^ihkuedb36

nmgdpbhgZevgZyBgl_jij_lbjmyq_kdhfm fh^_ebfh^_ebwnn_dlm_jhylghklguch^ghagZqgh36 hp_gdbnZdlhjaZbfhkyavnmgdpbdZdBf_gghZ lZd`__khhcml_j`^Zlvkbkl_fZlbabjhZggu_bglhihbgl_jij_lbjm_fucgZevghc_eh]bd_]hlghr_gbjZevghcwlhfbgl_]jbjmyeh]bq_kdbkh]eZkghnZdlhjhaZbkbfqlhbijhyey_lkywnn_dlbghklbx d ujZ`_gghfm kbkl_f__jhylghklguceh]bq_kdb_[hZabkghcklbwdhghfbq_kdh]hdZd gZklhys_f_khhcbkqbke_gbybof_lh^heb f_lh^hekeh]bqwd_ wdhgnZdlhj^_lkyhjZghf_hkdZyJ36a]^bbhbh_bd

eh]bdZgb`_ijb_^_gghc

(U I 36 u 3

]ujZ`Z_fu oh^Zbf__l ^_dhffmgbdZpbhggh]h(wdhghfbq_kdh]hUij_^klZeylvkbkl_fm bgl_]jbjhZggucc q_j_awdhghfbq_kdh]hdhebq_kl_ggh]h jZkdjuZ_lky_jhylghklvujZ`_gb_kh[hcwnn_dlZaZbfh^_cklbywdhghfbq_kdhcqbke_ggh_wnn_dlijhf_`mlhqgh]hb kfukeijhp_kkZdhlhjh]hbkqbke_gby gZklmie_gbyf_`^mgZijbf_jdhffmgbdZpbhggh]hhljZ`_gb_wdhghfbq_kdh]h^_ylk[ulhhcgm`ghlhGhwnn_dlhljZ`Zxsmx _evgihkdhevdm ihk[ulhh]hiheh`bl_evgh]hhijkbkl_f_k]eZ`_ggh^_yl_evghklvxklb_^_eylvk mq_lhfZ gZnZdlhjZijhp_kkZnZdlhjnZdlhjZi_jbj h_ ]g_hkgame h36bih_hv qkJ lZl[jhylghklvxKe_^hZl_evghm^_l qbke_ggh_j_amevlZlZf]jZgbqguo

nbgZevguffh^_eb

Gb`_ijb_^_gguchggh]h:dhglZdlhe]hjblfbaZpbynZdlhjZ ijhp_kkhffhgblhjbg]ZagZq_gbc ^bgZfbq_kdh]h fhlbZpb b_guodhffmgbdZpbhggufnbdkZpbb

wnn_dlhjhZgdZdmgb_jkZevgucdhffmgbdZpbcZe]hjblfBlZdih^oh^nhjfbjhZgby ijh^mdld fhgblhjbg]mKi_j_f_gghcbgl_jij_lbjm_lkyfhlbZpbhgguoknhjfb

FfZkkbDHLKnZdlhjhb khhl_lkl_gghkmffZihlj _[bl_eij_^eZ]Z_fhfvkdbokhckl Ze]hjblf_ 0/( dZd

K KKQ

Ijbgpbiui_jlba_gghZpbhggmxihgh nhjfbjhZgbyf_lh^mg_ hp_gdb fZjd_lbg]huohp_gdZ^he`gudZjlbgmhljZ`Zxl >dZd_evnbbf_eZijh^mdlZ[jZanZdlhjhulvbgl_]jZevgmx kbemmgb_jkZevguc[dhffmgbdZpbcmgb_jkZevgu_amkehghZjvbjmykvwlh]h FDHLKnZdlhjgmx ZjvbjhZgbyZ^_dZlghoZjZdl_jihhkghZggu_[___ahlghklbimkhklZko_fm nhjfbjbamqZb>l_evghkbkl_f_eyxsb_eygZdhff _lh]h fwdmh]h xlkm d

b ijh^mdlZ gbdZpbhgghc 36dZd fhgblhjbg]Zqlh[unZdlhjuK

ijh^mdlmdhffmgbdZpbchljZ`ZlvDhebq_klhkhcklZnZdlhjhihke_^g_]hK j_]eZf_gl kbkl_f_bfZjhZghjd_lbg]huofZdkb

uoklZe_gguoghc Zdlbghklb dhfiZgbcwlbo

hlq_lZo^Z

fZevghcagZq_gb_ 0fbjhZgby/( Zm^blhjbc>eyqbke_gghklvx36 ihemq_ggh_nhjfbjhZgbydZdZlhjubfhgblhjbg] ij_^ijbylbc =nZdlhjhijhyey_fu_hjlbkhlq_lhh[jZlbebkv b f_^bZjZg__ fZkkbZ=mgb_jkZevguoweZiZlhjuIjbdhffmgbdb hlq_lZf ij_^klZe_gguo Z]_glklj_amevlZl_DhfDhg jZfdZowlhfb g_d j_amevlZlZfIjbgylhnZdlhjhkbkl_fZlbabjZpbhggh]hjZkkfZljijh^mdlhhjwe_f_glhdZqihihnZdlhjhZlhju_dhfie_ddhffhp_gd_Wdjhjklhhp_gdbqZkl_kbkl_fgu_h[jZamxsbor_gb_bm hp_ghdgbdZpbhgghcijhp_kkZaZl_ogbq_kdh_Zebkvhihabpbhgbjhhbih^jZamf_Zxll_ZgZeblbq_kdbo kdhffmgbdZlbZeb_glbjhZggu_wfibjbq_kdh_ghklvfh^_eb^bki_jkbch hafh`gbkihevahj_clbg]nZdlhjunZdlhjudZdnZ_hp_gdm^_eij_dnhnZlhdZ]^ hhZhjjZ_Zdd

nZdlhjugbylbghklbhp_gdb<b jZfdZokj_^g_cijh^mdlhij_^ijbylbc

36klbq_klhlhjudhffmgbdZpbhggh]hijbf_g_gbyg_mgbk_jbkgh_g__jkZevgh]hkbkl_fZlbabjhZebkvagZqbfhklbb mgb_jkZevguooZjZdl_jZ gZygby36lhZjZ^_dZlgh[LhZaZ_klvKlZdqlhfh`ghijbb mkem]m jZfdZohibkuZxlgZ^_`ghklvQ ml_j`^Zlvijhp_kkZZ ur_ijb_^_ggu_^eyihgylbyh[_nhjfbjhZgbyihklZsbdZnhjfuqlhijh^mdlp_gZkbkl_fhh[jZamxsZyjughqgh]hhp_gdb36hij

dZdHq_b^gh

gZhljZ`Zxlhijhk_^jm]hc?kl_kl_gghklhjhgujZfdZokm[t_dlbgh_b dZddZ`^uck_nZdlhjfhgblhjbg]ZnZdlhjhbadhjj_dlbjhdbfg_gb_ijb_^_gguo dhffmgbdZpbhggh]hghkylj_kihg^_glZdZq_kl_ggucdhffmgbdZpbhgghcnZdlhjhihlj_[bl_eyijhp_kkZfh`_loZjZdihel_j[ulvijbbKb

jZkkfhlj_g

lZdp_glu dhffmgbdZpbcZe]hjblfZ bdb baf_g_gb_dhffmgbdZpbhggh]h khklhblihihdZaZl_evgZdhie_gguo khklZZZdp_glZfqlhkha^ZgbbdZq_kl_ggh_ bb lihlj_[bl_evkdhcihlj_[bl_evkdhcaZ^Zqkhh[s_gby dZq_kl_gguo ibgl_jij_lZpbhggh]h IhwlhfmkhklhygbydhffmgbdZpbhggh]hkhklhygb_ihjZkij_^_e_gb_j_amevlZlZfaZ^ZqZm^he_lhj_gghklbnZdlhjhhp_ghd m^he_lhj_ggijh^mdlZnhjfbjhZgbynZdlhjh f_oZgbafZ ijhp_kkZklZlbklbdij_h[j[x^`_lZKQhklbuZ ij_h[jZahZgby dhebq_kl_gguchq_b^ghq_j_akmffhc djbl_jbcdZq_kl_ggh]hhlghr_gb_ jZ`Z_fh_Eh]bq_kdb

hahZgguohljZ`Z_lkyijhkZ_]h dhebq_kl_ggh_hij_^_eyxsbo¦

36 Q 36K Q

LZdbf36b jZkq_lmkh^blkyh[jZahfi_j_f_gghcd ihemq_gbxgmlj_ggyyQ 36¦bgnhjfZpbbkmsghklvQ fh^_ebQhldhg_qgh]h0/( hij_^_eihlj_[b_l_eygbb

36K :K $K

] khklhygbykuZ_lky:^_ b hp_gdZ:K Q jZfdZonZdlhjghcagZqbfhklv nZdlhjZkhklhygbyhij_^_e_ggh]h lhZj_a_r_gghcnZdlhjZ nZdlhjZZdlbghklbLh wnn_dlZZijh[Zpbbj_f_ggh]h_klvfh^_evxlhZj_ ij_^ijbylbyZ hp_gdZagZq_gb_:0/($ ijhyeyxlkyK dhlhjhcQ ijhf_`mldZkhklhygbyi_j_f_gghchp_gdZ hp_gdZIhagZqbfhklvZdlbghklbwfibjbqagZqbfl_dms_]h b nbdkfhgbl l_qfh]mlhihbb_h_ jbg]ZjmxlkykdbfZjvbjm_lkyj_amevlZlZfdhffmgbdZpbhgghcf_kypZ

klb ij_^ijbylbygbb

klbhijhkZ[ulvb l_dmsboihemq_gufh]ml[hp_ghdIhdZaZl_ebulvijb\ i_jbh^_oh^_ijh_^_gghcij_^klZe_gu _`_f_kyqghcnZdlhjhijh_^_gbyagZqbfhklbf_kyp_ b^_dhffmgbdZpbhgghcmklgh]hb^mohp_gdbhijhkZfZkkbhkhklhygbyJ_amevlZluagZqbfh

:K Q : $K Q $

Kh]eZkghklZlbklbq_kdbcZxs_c_gghghr_gb_fkmsghklv_ebqbghcljZ^bpbhgghcklZlbklbq fZkkbkhklhygby_ih:kdboPhlghr_gbxnZdlhjhljZdlhd_fZkkbhnZdlhjZagZqbfhklb_khuod hp_gd_36fh`_l$P nZdlhjguonZdlhjZ[yey_lkyulvhljZ`_gZkhhl_lkfh^_e_ca_rhbll

36K Q ¦ Q :K Q $K Q :: P $$ P

Hlf_lbfbamqZ_fhfm g_h[oh^bfhklbFhgjh qlh^ey b DjbrgZgZihlj[deZkl_jbahZgguo ZaZihklijbhjghc _[bl_evkdhfm^ZgguoLhKhhl_lkl_ggh_klv djbl_jbZevghklZlbklbq_kdh]hdeZkl_jbaZpbbk_]f_glm0 ih/( ^Zl_\_^_gZk_]f_glghcfh^_evgucnbevljm_lkyqlhkh]eZkghbk_]f_glm ijbf_gy_fhcZijbhjgZyfZkkbZ j_rZ_l]deZkl_jbaZpbbjmii_ijhbah^blky >jy^ihfZkkbZfijh[e_fm@ ihj_f_ ijijbag ihdeZkl^Zl_i_j fh ijkkqwdk_ ggbZh _h ghbh_ ]b

igylhcdh

luZ_lky ^_eb^bnn_j_gpbjhZgghjbaZpby f_ggufhl_gpbZevguo dhgdj_lghcj_f_gybkke_^hZl_evkdh]hihlj_[bl_e_c b k_]f_glij_^ijbgbfZl_evkdhc= jmiibjhdZIjbgpbiuu[bjZxlky blh]_ ihZe]hjblfZ ihexhp_gdbkbkl_f_ ^ZlZijb 36fh`_l ;he__ kgbfZxlq_ldb_nbdkZpbb b dhfie_dhag lh]h qlhwd b h dZlv [_ a

ghfbq_kdbo]f_glgZy gu_ihf_kyqghhbgl_]jZlbgh]hk_]f_glbjhZgbyjy^ub j_f_ggZy ^eyqlhnZdlhjh g_hij_^_e_gghklv ijh_^_gby h[_ki_qbZ_lihdZaZl_eyg_deZkl_jbahZggh]hlhqghklvk lhcZijbhjgu_ ^bgZfbq_kdhc`_wnn_dlbghklb j_i_jbh^bqghklvx ^Zgguo amedeZkl_jbaZpbb vkhpbZevghlZlhijbfZkkbZ dhlhjZy ihabpbhgbjhZgbbijbf_g_gby^_fh]jZnbq_kdZyhp_ghd 0k_]f_glbj0/(/(fZkkijbhh

ijbf_ljbq_kdmx mkehghjZkkfhlj_gbbm_ebqbZ_l

^mdpbbkljZlbnbdZpbyK_]f_glbjhZgb_

Zgguohfwe_f_glugZ]jmiiihlj_[bl_evkdhfVb bodhlhjh]hdZd _fdhklvihlj_[bl_e_cZjbZglhibkuZxl9jugd_lZdhhcV hij_^_ey_lkyqbke_gghklvP

V VVP 9V 99P

Qbke_gghklvhp_gdmkhpbZevgh kljZlbnbdZpbb k_]f_glghc>^_f @h]jZnbq_kdbo m^he_lhj_gghklvxbeb]jmiiuq_j_a9V _fdhklvdZdhij_^_ey_lkyoZjZdl_jbklbd ihdZaZl_ey kj_^gyyjugdZk_]f_glZ36uklmiZ_l]h[uqghZjfhgbq_kdZy kljZlbn kemqZ_ijh^mdlZkemqZ_ q_j_abqbpk ihDh bk

k_f

k_]f_glbjhZgbypbZevghcKmffZjgh_ k_]f_glZfkhklhygb_ijbq_f jZkkqbluZ_lky jhebkhpbZevgh_khh]h ^_fh]jZnbq_kdhc

jhZgghce_gghklva_r_ggZy]h[ke_^m_fhcjmiiubebk_]f_glZ

¦9P

36 6 ¦P 9 P

>fh`_lfhlbZpbb _kkZZggucjZkkfZljbZlvkyihdZaZl_evdZdg_h[oh^bfhklv nZdlhjZ dZd_keb wlhdZdwnn_dlZ fZjd_lbg]hh]hdZd hgk_]f_glgh [blh]hZyueh Pg_kbkl_fu ghjfbjhZgby36_jZkkfZljbZ_lkykhklZeyxsbfhlf_q_ghgbcKe_^hZl_evgh NP dhfie_dkgZydeZkl_jbahZggh]h _khh]hdhffmgbdZpbhggh]h f_lh^bq_kdhcj_amevlZlh36_jhylghklgh]hdZdhp_gdZ jZkq_l aZ_bg^_dkgucjbebjZkqrZ_lkyex[ mjhgyjhevx ijg_l_h lZ] hh

Hij_^_e_ggZy p36^Zggh]h nZdlhjZ h[mkehe_gZwdhghfbq_kdh]h 36 dhwnnbpb_glZbgZjbZglghihhZgb_fhl^_evgufagZq

Z lZd`_nbgZevgufagZq_gbyagZq_gbcghjfbj

1 ghjfbjhZggh_ agZq_gb_36 agZq_gby1 36agZq_gb_ bkihevam_lkyL y dhffmgbdZpbhgghcPD[ jy^m 36L bgl_]jZpbhgguoagZq_gbc wnn_dlbghklb36L B bf_ggh jZkq_

] ghjfbjhZggh_lZo^_36 dhfie_dkgh]h l_f wnn_dlbghklvdhgljhey dhffmgbdZpbbjZ[hluqlhkhklZeyxsbo lh`^_kl_gghnZdlhjuKkhklZeyxsbobgnhjfZpbhbf__lnhjfp_e_mx^Zgghfbihgjmdhgghxfy nmgdpbx<ijhp_kkZlbcghff_kl_kfuke_kdhjj_dlbjhZgby jZfdZoijhp_kkZbZxlkygZklhys_cbgnhjfZpbhggu_ijhp_kk< dZq_kl_ lh _klv

fmgbdZpbhggh]hkemqZ_sb_ wlhljZkkfZlj fhlbZpbhgguc

eh]bq_kdb_ h[s_gby^_`ghklvfmgbdZpbhggh]hrZl_evklZihklZsbdZp_gZwe_f_glu fh`gh dZq_klhnZdlhjZihgylvagZqbfhklbdhffmgbdZpbhggh]h dhfie_dkghklvhkghZgb_ l_ogbq_kdh_nhjfmebjmxs_]h__ f_lh^bq_kdmxkhklZeyxsbohq_j_^vdhlhjZynZdlhjZlj_[m_l^ey eh]bq_kdhcJZkkfZljbZybf__lkydZq_klhgZkhh[s_gbyijhp_kkZ bdhjj_dlbjmxs_]hfhlbZpbhggh]hl_dms_c_]hfhlbZpbhggmxnmgdpbxhafh`ghklvl_dms_ck_jbkgh_lZdh]hnhjfmebjhkbkl_fu ijhf_`mlhdeh]bdmhlgnhjfbjhlghrhhp_gdbr_gb_nZfdhghkk fdb_hhh Z_id

klZeyxsmxZgbykhhlghr_gb_Wlh^Z_l ihlj_[bl_e_fijbgpbih

j_f_gbj_^_e_gbylhjZ fh^_ebWdhjj_dlbjhZgby gZb[hevr_ckhklZeyxs_cnZdlhjZhlijZbl_ey0/(<d l_dms_ci_jmxdhffmgbdZlhjZ36kl_i_gbhp_gd_FZdkbfmf

agZqbfhklb

gjZfdZoklZeyxs_chp_gdZbyhij_^_ey_ldhffmgbdZpbhggh]hl_f[l_fhevr_nZdlhj[he__g_h[oh^bfZg_h[oh^bfhdhlhjucijhp_kk dhjj_Qg_h[oh^bfhq_fdhjj_dlbjhdZdlbjhdZQ [hevr_kdhjj_dlagZqq_fbbfhklvjhf_gvr_Zlvkh

36%K WQ PD[ :K y $K

JZamf__lkyklZlZpb_cfZ`Z_fZy fh^bnbpbjmxsbo b ^habjhdZq_j_aklhbfhklbJ_]mebjhZ nZdlZijbh^bfuch[t_fg_h[oh^bfhklbdhjj_dlbjmxs_]hdhffmgbdZpbhgguokhh[s_gbygb_g_h[oh^bfh]h oZjZdl_jZZe]hjblfdhffmgbdZpbhgguo wdhghf_ljbq_kdbfIjbqbghcq_j_adhjj_dlbjhdbijhp_kkZ 0/(bdhebq_klZmkbebyl_f kmffmkhh[s_gbcwlh]hg_[kfhe__h]jZgbqbZ_lkyljZ^bpbhgghba^_j`_ddhffmgbdZpbhgguoyey_lkyklj 36ih^oh^hf dhjj_dlbjmxsbo[%ulvijbih_g_h[oh^lbhj_qbl j_f_gguog_dhffmghibkZghggb_efh^_eb _ fh`_lih uj0/(ij_dhk^ hgbZb bl

jhZgghc ba^_j`_dghkblv

Ewb^`Zkbkl_f_

kdZam_fhklvhlghr_gbxdZpbb ijhp_kkZ[kblkyulv hibkZghihgylb_j_^mpbjmxsbo mgb_jkZevgh]hihwlhfmebg_cgh]h Klwg_jZujZ`_gbxZ nZdlhjhrmfhuoijbf_g_gb_mgb_jkZevguf lZjbjhhqgh]h^eykhklZeyxs_ckf hljZ`_gby g_h[oh^bfuohij_^_e_gbymjh_gvfh^_ebkljnZdlhjh ba^_j`_d_jhylghklguodhwnnbpb_glZ jZfdZo ^_l_jfbgbjhZgghklbgZ36dhlhjhckbkl_fudhffmgbdZpLhZlhjf_lh^heh]bq _klvhkghZgnmgdpbc uih jZfdZo7[^bjZ_l&Sboh^ZhgguoK Ze]hjblf Q_ ijkdhc ih^oh^d dhebq_klj_[m_fuc0/( ba^_j`_dgwdhh

_gghfmgZghfbq_kdh]hBf_gghdhjj_dlbjhdm lZjbjhZgby

h[t_f gbyjhhqgh]hgbobeb/(aZljZlhl^_evghc_]hdhffmgbdZpbc gZdhwnnbpb_glZ i_jbh^_imgdlkhklZeyxs_c36d baf_g_gbx khklhygb_ IjbjZkkfZljbZ_lkwlhfaZf_jy_fu_lZjbjhdZnZdlhjZ nZdlhjZy dZd36kh]eZkghjZkq_lijh^mdlZ ijh^mdlZhlghr_gb_agZq_gbylj_[hZgbyf^ey p_ehfbaf_g kj_lZj^b_

0

7&SK Q 36 W&S K Q W KQ36 WK Q

]^_ & WK Q g_j_]eZf_glbjhZgguci_jbqgucmjh_gveh`_g

guoihabpbhgbjhZgb_kj_^kl\ j_]mebjhZgb_ dhffmgbdZpbhgghcfh^_jgbaZpby khklZeyxs_cj_bg`_g_jbg] ijh^mdlZj_

36 WK Q b 36 WK Q aZf_j_ggh_ agZq_gb_ m^he_lhj_gghklb kh klhygb_f nZdlhjZijh^mdlZ i_jbh^_Wb Wkhhl_lkl_gghKh

h gZgbymjhg_l_lkl_ggh hij_^_e_ggh_ hkijbylby[x^`_lijb fh^_jgbaZpbbnZdlhjZdhebq_klh&Sg_h[oh^bfhklb K Q 7beb&SimgdlhK Qijh^mdlZkhklZeyxs_]hu'baf_g_gby 363K 6QgZZ^_dZlgh_ dhgdmj_glhkikhklhygby lhZj^eynZdlhjZhnZ m^_j`kh[ghfdlhjZ kZh klZbl

]^_&SK Q g_h[oh^bfucmjh_gvdhffmgbdZpbc baf_g_gb_fh

^_jgbaZpbxkhklhygbynZdlhjZ nZdlhjZ' 36QK Q^ey jZagbpZ ^hklb`_gbyf_`^m dhgdmj_glhkihkh[gl_dmsbfkhklhygb_fh]h

:

36gZijbf_jdhgdmj_glZlhju F_lh^nZdlhjZij_^ijbgbfZl_evklZkdehggu@hdZauZxlky hp_gdbG_ihu^_eblvbgmlj_ggbojZa^_eyydhgdmj_glhkihkh[gufWlhhlghr_gbxq_ldh ehdZevgh]hwnn_dlZijbh^blkf_rZggufb jZa^_eylvdhffmgbdZpbhggu_wlb bgZki_dlubd_rgbokljmdlmjuwdhghfbq_kdh]hkhklhygbxihgbfZgb_ gZmqghc dhffmgbdZpbcgZijbf_jkhklhygb_fdhffmgbdZpbbnZdlhjZkljmdlmj ebl_jZlmj_ jZkkfZljbZywnn_dlZ aZf_j_k[ulZijdhlhju_hih ^mdlZggufkb k

ijhkmg_ l_fu dZdfh`ghj_^dh kbkl_fm>kdhevays_]hijhp_kkZq_ldheh]bd_wlZiZ fhgblhjbg]Z_]h

l_fulhqdbgbb ih dZpbhggh]hhq_j_^vfhgblhjbg]Z kbemih

lmwg^h]_gghfmijhq_f l_fguolhju

aZbfh^_cklbygZ^_Z^_dZlghlZij_^ijbgbfZl_evkdhcihemqZl_eyj_i_jghcnhjfbjmy hkghhibkuZ_lky j_f_ggh_lhqdbijhp_kku]dZdkhh[s_gbyjZgbqgmxwdhghfbq_kdh]hkh_cij_^ijbgbfZl_evklZnZdlhjb fgh]b_(mgbnbpbjhZgghklbhp_gdbp_e_hcL ]LZdh_ijbjh^_ZdlbghklbjZi_j_f_gghcg_khklhygb_gbqgmxh[eZklvDhffmgbdZpbhggucb _]hhldebdhkf_rl_dklmur_mdZaZgguf^jm]b_ihgZijbf_jjZkkfhlj_gb_Zm^blhjbbd jZkkfhlj_gbxwlZiZfh[jZahZgbywnn_dlZdhebq_kl_bh[eZklvZxlkyhldebdgZgZmqgu_f_`^mihjh[t_fZkn_jm_i_jgmx nhjf_j_amevlZlZfg_ih>bebgZ ijhp_kk_K:gbfbjZa^_eyyf_lh^bq_kdujZ`_ggmx@b k[ulhu_g_dhjj_dlghjgj_i_jgufdhwlZiZogh_Zijh^Z`KjZ'[fhijhp_kkK[ulhhclhqdmhlu1a]ijhp_kkZfmgbdZpbbwnn_dleZkgh^_eyxlujZ`_gb_j_i_jgmx h[eZklbijhp_kkZ_]h>dhffmgbdZp4hbok[ulZlhqdZffmjbkhibjZ_lkyhj_i_jgu_q_j_a i_jmxdhjZkkfh@nZdlhjijhp_kkijhp_kkdZdZiiZjfjb k[g_hfmglhqdm _kbkbIjbfjZ g_ghubo_Zb_h bbkkla

i_jlgmxh[jZamxlj_gbywlhfhggh]h^_deZjbjmy^Zggu_ihijhp_kkZlhqdmnZdlhjZfhq_b^gmxdhebq_klh^Ze__ih

Jbk KljmdlmjZwdhghfbq_kdbo]huo

khh[s_gbyjmxsboh[jZlghckdhffmgbdZpbc kyabij_^ijbylb_fijhp_kkmLh_klv_]hbf_gghdhebq_kl_ggh_ujZ`_gh ih^dhwlhfha^_cklb fmgbdZpbckhklhygb_wnn_dlhdZddhebq_klh_f kbkl_f_fZjd_lbg

gZ^e_`bl lbg]huoij_^ijbylbyibkuZ_lky

e__ _fm`Z_l ujZ`_ghdebd Kmsghklvijh^Z`lh]h ijhp_kk'1 yey_lky ihyey_lky agZq_gby kbemwnn_dlbghklb f_lh^bq_kdmxbf_ggh hlijZbl_exh lh]h[ wdhghfbq_kdhc'tykgyxsbf 4 _]h 1dhffmgbdZpbc qlh> 'ZggucZ[khexlghf khh[s_gby1qbke_ggh_jZ[hlufh^_ev u )0nZdlhjhf nZdlhji_j_f_gghc k[ulhhc0/( ujZ`_gb_k hlebqb_qbkehhf^jm]hcqlh kK ^jm]hcb hibkuZ_lh^ghc ih gZbemqrbf dhffmgbdZpbhggh]hk_lbhlghr_gbx wlboijhp_kkm ihkdhevdm l_hjbbujZ`_gbb klhjhgudhebpi_jklhjhgufiZgbbdhglZdl_h[jZahfijhp_kkf_gguofZjdd h[ k[ulZhlj ij; ht Zh b_bl

]wfibjbq_kdhfmkbkl_fu^__lbjhZgZ)0wnn_dlbghklv>ZggZykhhlghr_gb_f khhlghr_gbxi_j_f_ggZyjZ[hlu fh`_ldhgdj_lghck[ulhhc[ulvij_^ijbgbfZl_evkdhcdhebq_kl_gghk_lbbaf_jy_fZybgl_ihj ij

)0 '1 W y 4W

]^_ 4W kj_^gbc ijhf_`mld_Wh[t_fijh^Z`'1 W kj_^g__

ijhf_`mld_kbkl_fhc_lk_[yebg_cgh?kebWqbkehk lhqdbijbhldebdhihklhygghfaj_gbynbdkbjm_fh_k[ulhuoagZq_gbbwe_f_glhij_^ijbgbfZl_evkdhc)0mkehgh'1ijhyeihklhygy

ggZebqb_ gm`^Z_lkyZlguchf ijhf_`mld_ihdhjj_eypbhgghcklhjhgu] jZkkfhlj_gbbjZgbqghfmwnn_dlZj_f_gbijbkhhlghr_gbx jZkkfhl>aZbkbfhklb0 ey dhffmgbdZpbb/( WZ nZdlhj hij_^_e_gbyihk dhffmgbdZpbhggufb dhjj_eypbhggucj_gbbhlghr_gbx ih^kbkl_f_'f_`^m' 1ih1_]h fh`ghij_^klZe_guijbkmlklbydZddhffmgbdZpkyav d h[t_fmwlbfbnhjfu ijbgylvnZdlhjhb j_]j_kkk[ulZgZijbf_j nZdlhjZfb]ba^_j`d bijhye_gbyh^ZlZdhcijh^Z`hggufagZq_gbydZdbihhggucZ^_aZdhZ e bfb g_flhbb ad

wdhghfbq_kdh]hK ^jm]hc

U

kbfhklbg_cgZy Kj g_klhev^_deZjbjm_fZy g_h[oh^bf< gb`_ijb_^_gghchq_b^gZihdhjj_eypbb:HALfh^_evgucdhwnnbpb_glZ:dp_glKjnZdlhjhlZ[ebp_ i_jbh^dhjj_eypbb4 '1 36 dhwnnbpb_glZ^_j`dZfZgZebauhggufKjAgZq_gby&Sba^_j`dZf1 fmgbdZpLZ[ebpZb

<pbhgguo lZ[eaZbfhkyavj_amevlZlhffbq_kdZyU ZgZeba_klZghblkyEwb^ujZ`Z_fufba^_j`_d i_j_f_ggZyj_amevlZlh'`Z1aZljZlU Klwg_jZU hij_^_e_gghk ^jm]bfb iheh`_gbyijhp_kkZijhp_kkZq_j_ahp_gdbAZf_lbfg_nZdlhjZ36ijhybeZnZdlhjZfb dhjj_eypbhgghc^ZxldhffmgbdZpbchq_b^ghcbkhp_gdbih^l_j^blvqlhbkke_^m_fufdhffmgbdZpbhgguofhlbZpbhggufhkghZgb_kh_ch[t_fdhffmgbdZpbhggucijhp_kkZ wnn_dlbghklbijZdlbq_kdbnZdlhjZfaZbfhkyabijh^Z`dZdkyabZ^_dZlghklvml_j`^Zlvwdhghfbq_kdbfij_^eh`_ghagZq_gb_ gZdhffmgbdwnn_wnn_dlhfdZdebg_ba^_j`_di_jlj_ldhffk nZwdhg_dcf_ijlbvgZyfboU hhhgZ_md fh^_eblhjhfur_ijb_^_ggu_ba^_j`_di_jhijbqbgghklvd ^jm]bf

<i_juo

lh^heh]bq_kdhcgbdZpbhggh]hihhlghr_gbxijhp_kkZ

ghklb

h^ghagZqghp_kkgu_36ihdhffmgbdZpbhggh]hbfhlbZpbhggufk h^ghc'1ml_j`^ZlvdZd fh^_ebj_amevlZlZklhjhgunZdlhjuj_amevlZlhihl_gpbZehijZbevghklvnZdlhjZfbijhp_kkZhibkuZxsbclhjuo'fhgblhjbwdhghfbq_kdbf1dhffmgbdZpbbu[jZggucwdhghfbq_kdhcwdhghfbq_kdhcg]Zhjb_glbjhdb^_cklbyfbbgl_]jZevghcdZdhljZ`Z_llhqdbnZdlhjaj_gby^_yl_evghklb^_yl_evghklbij_^ijbylbyihhljZ`_gbykmlbwnn_hibkg_Zd

wdhghfbq_kdh]hDhg_qghqbke_ggh_ujZ`_gb_

ij_^ijbylby

gbyKhhl_lkl_gghknhjfbjhZggucfZjd_lbg]huo Zkdhj__dhjj_dlghdhffmgbdZpbhggufbijhp_kkhebgZaZlvk ihgylbcghc_]hwdhghfbq_kdbf

kdbc

l^mxsbo ey_lf_g_^`f_glZhf"ebp h[t_fijhp_kkhljZ`_g :lhjh[klhyl_evkl ihl_gpbZevgh]hijh^Z`kqblZ_lgZ k[ulZg_ Zdlbghklbijhfure_gghflhevdhijblZdh_ij_^ijbylbygb_ebjhZgb_hnbdkbjhZgghfZehufij_^ijbgbfZl_evkdhcmihlj_[e_gbi_juok_]f_glZ mlhqgblvkh_jrbrbo)0h[t_fhfijhye_gby hgdhlhjh]hgZh _wnn_dlkbeujhev agZq_gbbkhh[s_gbyihlj_[bl_evkdhf dhjj_dlguflhjuo ijh^Z`hljZ`_gghkbl_eyghkbl_eyi bgbpbZebabjm_lkyklZ^bbhebg_cghkbeu dmidm kbkl_fukZfwnn_dlbghklbgh\ kbemgZwdhghfbq^bgZfbq'ghkbl_ey dhebq_kdhffkljhij_^ fhp_gd_fh`_ljugd_hkemG^hg]h__b___l h

BlZdwnn_dlZ dIj_^Zjbl_evgh ZddhffmgbdZpbhggucghkbl_evkbkl_f_ b ihgylbcgmx fZjd_lbg]huoihgylbcgucdZgZe

hf[ij_^ijbylbculv Dhwnnbpb_glgh_ g_h[oh^bfh kmsghklv kfukei_j_^ZqbdhffmgbdZpbcijh^Z`hkms_kley_lkygZ ihl_gpbZevgkhh[s_gbyk[uljmiiughkb

kdhcdhffmgbdZlhjhf

dZlhjhfkbl_evihdijhyeyykvl_eyebmEwb^`ZiZl_eyNmgdpbhgZevghljZgkebjm_lb mqbluZ_lkyghkbl_e_cq_j_aKlwg_jZk_]f_glihagZq_gb_p_e_hckhh[s_gb_fh`_lh[jZahZgb_^h<ihu[hjdhglZdlghc_]h['nmgdpbbulvghkbl_ey1lbimbj_ZebahZggh_hljZ`_ghkhijhh`^Z_lkmffuhlijZbl_e_febgbbhldebdhkhhlghr_gdhffmgbdZpbyhl ^Zggh]h'1b_fhl]

jZaebqguo

'1 I § ¨©¦ P '1P 0 &+ · ¸¹

]l_eydhebq_klh^_'10P&+0 &+ihl_gpbZevguok[ulZLh dhebq_klh_klvij_jZa^_e_gb_f dZ`^uc^ijbylbyihdeb_glh hldebdhhldebdmghkbl_evZ kmffbjhZgb_l_ogbq_kdbo gZ aZbkbfhklbihemq_gguoi_jbqgucijbghkblb ebqghklguo hlij_^hij_^_e dhglZdlhij_^_e_ggh_hlPgh]hlbiheh]bb jZghkkb fb_ k

l_fgh dZoghkblnmgdpbhgZevguf kbkl_fui_jbqgh]h_ey dhglZdlZ

^_cklbyLbiheh]byeZ

qmklemqZl_eyhgguoijbha^_cklbyql_gbboZjZdl_jbklbdq_eh_dZIhkhhl_lkl_gghgZgZghkbl_ey]kmlbZa_luaZ^ZgghfkhagZgb_hij_^_ey_lkykbeZijbZ ijbujZ`Z_lkykihkh[guoijhkemrbZgbbkhh[s_gbbghkbl_eyihemqZl_eyijhkemrbZgbbur_gZ[hjhfq_fhij_^_ey_lkykdhgp_gljbjhZlvq_j_aLhkhh[s_gbyijb_klvjZ^bhi_j_^Zql_ogbq_kdboijhkemrbZgbbijhyey_fmxijhkfZljbZgbbdhgp_gljZpbymjhg_fHq_b^ghb hj]ZggbfZgb_bur_kbemZ]j_kkbjZ^bhihj]l_e_iqlhbaZpZhq_fghikh_bb_a

j_^Zqbj_^Zqb

gmjhg_f<wdhghf_ljbq_kdh]hfh^_evhklbuf[ihbgZjgufOhnnfZgZ]hddmiZpbbh^mhlghr_gbx OhnnfZg qlhiheyjgufhj]Zghb ^bgZfbqghklvGhZdZ^_l_jfbgbjhZgbyd_dlhj bhj]ZgZf>GhZdkhh[s_gbyihhkijbylbymjhgx@i_jkhgZevghklvkhklZeyxsbfhp_gdbij_^eh`bebqmklklZlbqghklvijhye_gghklbq_fq_eh_dZ__ mjhgykbeudhglZdlZihemqZl_eyur__]hq_j_aijhyey_lkyfZljbqgucbfi_jkhgZevghklvghkbl_ey<kbemi_jkkbevg__i_jkhgZeiheh]bd_l_f^bg^mfebqgh]hhhgKhhZur_Zevfbq_kdbcaffh^_eb_lkihkh[h`gufvfZdkihg]_lkghklvbi_jhklvdlhjdhwonbgZl

bfi_jkhgZevghklvih^jZamf_Z_lkyghij_^_ey_llZdlZl_lZlZdh]h kbkl_f_l_l _dlhj_bf_gghh[s_gb_kbemkhh[s_gby^bgZfbqgh_i_j_^Zqbghkbl_ey khh[s_gbyo^bgZfbqghklvdhffmgbdZpbhggh]hq_fijhye_ggu_klZlb b^_hbah[jZ`_gb_qgh_ujZ`_gguoklZlbqghklvhibkZgby]Za_lgh_q_j_akbeuq_luj_wnn_dlZdZ^jZglZklkZhl

_gghfmfn_dljy^jZdl_jmkbeugZijbf_jha^_cklbykbkl_fZkhhl_lkl_ggh^mo_dlhjgh]h^bgZfbqguc ]bi_jfh^_eb

kbeuGhZdZimgdlhkylbqgucgucKhhl_lkl_gghghkbl_ev^bgZfbqguch[s_gbyIheyjgZykljmdlmj_dZ^jZglm] dZ^jZglgZyghkbl_eykeZ[_crZyaZ^Zq_i_jkhgZevgucbf__lihkZfZy i_jkhgZevgucdhlhjZyhp_gdb kljmdlmjZ klZlbqguc

klhij_^eh`q_qghcb_jfh^_eb ^bnn_j_gpbZpbbhp_gd__ghb khhl_lklmxsbcq_j_ag__]hkbkl_fudhlhjZyhgbklZbebujZ`_gghcijbgZ^e_`ghklvZlhjukbevgdhf[bgZpbyebrvh[s_gb_kjZgbl_evghch^bgZdhmx^hklZlhqghkljh]haZ^Zqbghkbl_e_cZyhij_^_eyeb]h[s_fbi_jfh^_ebdhf[bgZpbykem`bl]hj]ZgbaZpbhgghcbi_jfh^_ebdhwnnbpb_glihkj_^klhf^bnn_j_gpbjhZgZkjZg_gbybfi_jkhgZevguclhhp_gdmaZ^Zqd]Khhl_lkl_gghjm[Zbfi_jkhgZevguc_dlhjguc_dlhjghfmhp_gdbnhjfZevgh__ bkihevahkg]Zbi_jfh^_ebl_f_hdeZkkbnbpbjmxlgbyi_jkhgZevguckbl_e_chp_gdZ^eykbeu kbem>bfi_jkhgZevguckbeub^_hdhgn_j_gpbbey^hklghkbl_e_cfZjdb l_ogheh]bq_kdhcj_r_gbywdhghf_ljbq_kdhcghkbl_e_cih^oh^klZlblh]hH^gZdhkbeuZhibkZl_evghfm_hij_^_e_gghcihlhqghblbg]hhcZkgb_ihevam_fuoOhnnfbihabpbyfqlhqJZaghkbl_eygucdZd^bgg_klhysbohij_^lhqgh]hZlbolhemex[hcihkmsZf__[fbdhZ_uhvgZljuehfdhh__qdb

dZ^jZglgZyhp_gdbklj_qZGZijbf_jh^ghfbf_xlgZklhys_clhqghklbdZ^jZgl_ dhebq_klhfjZ[hluihkdhevdm kbkha^ i_j_^lhjZebqgZylj_[m_le_`Zl_jhylghZlhjZfb[hevr_c [bebhevrbfhlijZbl_e_fklhblaZ^ZqZ

dhffmgbdZlhjhfe_ghfmgbdZpbbLh_klv

^bq_kdh]hihevahZgb_.9wdhghf_ljbq_kdb gZ[Za_]bi_jfh^ZiiZjZlZdZeb[j]bi_jfh^_ebblbbhij_^_e_ggh]hiheyjgu__hdZeb[jhhqghcebhqghcbkqbke_gbydhhj^bgZlOhnnfZgZij_^eh`_gghcOhnnfZgZf_ljbq_kdhckbeuihihkbe_fh^_ebdhwnnbf_gm_fuogZGhZdZk_ldbghkbl_eybk_fg^bgZfbqghklvl_jij_lbjm_fu_GhZdZghkbl_eb^_ebbfi_jkhgZevghklvb]pb_glZlbiZfbi_jfihk_ldb_gguckhaZakmlbbkihevahZg^ZxsboZlhjhf<yIlhjbqgZyhauZyghkbl_e_c^_ebj_^eZ]Z_lkygZJ_r_gb_kbeuj_ZebahZgghc^mo_dlhjghc.9'jbkdhwnnbp__ ihexkZkbkl_fudZdihghkbl_eydhhj^]ihij_dljZn[f_lbb im^_l^bZbhhbbbhkk

dZd

kljhblvkygiheyjghcmq_lhfZ ^bZ]hgZevgu_lhjbqgZygZeh`_k_ldZkbkldhwghcgZnZgli_jkhgZevghklvklZlbqghklv_nbpb_glufmij_^eh`_gZjZkbkl_fZgfh^_ebj_r_gbyghca hlghr_gbbi_jkhgZevghklvihijZdZaZ^Zqb< hkyo.93jZablbbij_^klZefh

gZlgZyhqgu_ijZdZ_glgmx bkohgZ^

q_kdbcgjZfZfbqghklvZjb

JbkdZobgl_jij_lZpbb JZablb_ghkbl_eyZlhjhfq_j_adhwnnbpb_glghcdZeb]bi_jfh^_eb[jhhqgmx[Zau^mohk_mxOhnnfZgZgb_ebjhZgbyGhZdZk_ldm k jZbeuf

Gihey dhjj_dlghklvkljh]h ]^_Z hkgh_mgdpbyfb .9ghkbl_eyghk'iheyjgZbb IjbjmxsZybl_e_ceh]bq_kdbihijZhqguci_jkhgZevghklvij_^klZe_ggh]h\_^_gghcwlhfi_j_f_ _dlhj_bkoh^gufb hl^_evguo^mo_dlhjgZykmffZ.9gujguo k_ldb j Zdhwnnbpb_glZ ihijZhqgu_guc_dlhjh `Z_lky_.9d]lhjZf'jZnbq_kdh]hwe_f_glh Gbkoh^gZygb_ebjmxsbc Zeh`_ggZyudhwnnbpb_gl [.93q_j_aZaZ]bi_jfh^_ebihgZ ijhba_^_gb_^bZ]jZffZwlh]hdhwnnbpb_i_j_f_gguf_dlhjj_r_gbydZeb[jhhqgZydhwnniheygZ b wlh _dlhj^bgZfbqghklbmdnhjfbjm_lkyb hlghr_gbbg pb_glluZhl^_evguohauZ_li^bgZfb__ gbjZ^Zghi_jkk_ldZghk gZ_bhq

nkbem

l_eyebjmxlihijZhqguo.9

ghkbl_eygZevghklbMjZg_gb_.93

ghkbl_e_c

ijb byrbkvi_jkhgZevghklvb l_fbkihevahZgbbk lZdbf f_gvr_Zlhjghkbl_ey^ey ih^oh^hfeh]bq_kdbghkbl_eyijbh^bljy^Z ihijZhqguc^he`_gdhffmgZlhjhf ljZ^bpbhgguoijhba_^_gbyo d j_r_gbxkijZ_^ebh l_fb lZ[e [dZpbculv ij_^eh`_gih ghkbl_eyur_ b l_ogheh]bq_kdhc_]h _]h q_j_aaZ^Zqbgb_ebjmxsbcagZq_gby kbe_ _]hghkbl_e_c ihijZhqguoq_f]kha^ZZ_fh_ bi_jfh^_ebdhwnnbpb_gl_^bgucmkehgZy b^_glbnbdZpbxha^_cklby h gb_ebjhZgbbur_ jZfdZogb_ebjmxs_]h kj_^klbgl_jij_lZpbh ^bgZfbqgjZkq_lhfijbgpbikbeZjZabZdhwnnihgb`Zxsbc ghh_OhnnfKh]eZkb ha^_ckIjbyadZ fZkk _]hbbhklv fZevghxpb_[kbeu_Zs_cZa^bZf fgZdhh_ g_gl b

^bZDZd guc wnnbpb_glZfZjd_lbg]huofh`gh [ hZabk ghvihhp_gdb b^_lvhj]ZgbaZpbhgghch[jZahZggh]hhkms_kley_lkyko_f_ghkbl_ey kqbluZgb_fdZ^jZglh

ex[h]kj_^klhghhc^bZkljmdlmjukmsghklbk ihke_^mxsbf ih b i_jkhgZevghklbpb_glZk_ldbb nbgZevguf.9 ghkbl_ey.9^ey jy^Z

h]h]lhGhZdZLZ[ebpZbi_jfh^_evgb_ebjmxs_]h^bgZfbqghklb Gb_ebjmxsbcdZeb[jhhqghcghkbl_e_cdhwnnkj_^klbdhwnnbpb_glfZkk.9f_^bZ' .93 .9

ljZ^bpbhgguoGhkbl_ev

EbqgZyklj_qZ

L_e_nhg

GZjm`gZyj_deZfZ

IhqlhZyj_deZfZ

L_e_b^_gb_

JZ^bh

<_[ijbeh`_gby

EhdZevgucdhfivxl_j

I_qZlgu_ba^Zgby

L_i_jvn djulb_gby1 bpb_glZKmffZjgZy ih .9nmgdpbhgZevghhldebdZfihgylbcghcb wdhghfbq_kdh]h dh]^Zh^ghagZqghwdhghf_ljbq_kdZy_ebqbgZ '1 b jZkq_lghc¦ihemq_ggufjZkdjulZfZl_fZlbq_kdbwdhghfbq_kdh]h wnn_dlZq_j_anmgdpbbkmsghklvihfZjd_lbg]hhchl^_evgufke_^mxsmxhij_^_e_gZ jZfdZownn_dlZ gb_ebjmxs_]hghkblaZaZbfhhlgbkbfhklvhafh`ghdhffmgbd ij_ _eyf ^klZe_ fh`_ldhwhZ jZrpbb ng _k gZy' [ulv

'1 P '1P 0 &+ u .9P 0 &+

Eh]bdZi_juc _lky'qbkluc1Ghmkehghqlh^Zgghca]ey^ ^ZgguchldebdkbevgucghijbgbfZ_iZjZ^hdkZevgZ aZbfhkyabiZjZ^hdkijbgbfZ_fuc_jhylghklv fbgmlghfdhffmgbdZpbhggh]hghkbl_evfh_Ewb^`Ze_]dhhlgZij_^klZe_gghcnhjfZevghihdmidbq_f jZkq_lZoihju_^Zggh]hbgbpbZlbgu_h[tykgbfKlwg_jZkbevg__ h ijh^mdl_khh[s_gbyhldebdgmrbokyijbh[j_klbghkbl_eyijb_^_lg_hijZ^ZgghLhijbihl_gpbZevgucghkbl_ev _klvdhffmgbdZpkhmq_l_aZbkbfhklbih>klZ^bcqbkehklZ^byoih^Zgguc[eh]helhcl_f @g_kmlbvvbLhgkdhcr__d_hbknhjf$%&f_g ij_^ii_j_llb`_kgb`36debdhihlj_klvhggu_]lhZjhlhqbkbv ir_ gZZZh_bhkkZ kuedbehkdhevdmdeb_glh\ha^_cklb_fklZ^bb^he`_gujZ`_gZkZfgZoh^blv'kbevgucj_Z]bjhZlvfh^_eb

ih^jZfdZo[bl_ev

sblvijbf_g_ggucghkbl_ebIhl_gpbZevgu_gZhldebd

jhZl_fughklb:e]hjblfbq_kdZywdhghfbq_kdh]hkh_jrZl4 ihdmiZl_eb'ihdmidm1ij_^klZbl_e_cfZjd_lbg]hh]hj_amevlZlZbgl_jij_lZpbybgnhjfZpbxghkbl_evk _jhylghklvxgZoh^ysb_ky^eyfh`_lk_]f_glZdhffmgbdZpbhggh]hij_^ijbgbfZl_ebgl_]jZevgh]h[ebadhcgZwlbod ihdZa ijZlh_

eyp_kkZJZabZyihdZaZl_ey wnn_dlbghklbhij_^_e_ggmxqlh0ihgylbcgmx/(__ jZablb_wnn_dlb'khklZeyxsbo1Z lZd`_ fh^_ebghklbb wdhghf_ljbq_kdmxkmsghklv jZfdZodhffmgbdZpbhggh]hkbkl_fhcEwb^`ZfhlbZpbhgguobgl_]jZpbhggh]h0/(ihijZhqguoij_^hij_^_e_ghKlwg_jZhkghubijhp_kkZihdZaZl_eyZlhjwdhghfbq_kdbobgl_]jZevgh]hdhwnnbpijboh^blkljmdlm ihgbw_ngjy d lhfmlbcghghc kmsghklvx36Dhfibebjmyb lhwnn_dlh.9

npbhgZevghc_dlbghklbaZbkbfhklbfh`gh]hhjblv h _]hijhye_gghklb jZfdZonmgd

( I 36'1.9

MqbluZyylghklgufb_gghklv l_]jZpbhggh]hjZ`_gb_Zl_e_cjZkkfZljbZ_lwnn_dlZkhhl_lkl_ggh ujZ`_gbyqlhihdmiZl_e_c iZjZf_ljZfb36wnn_dlZWlZwdhghfbq_kdhcbkljhblkylh`^_kl_gghklv'wdhghfbq_kdh]h1ih_jhylghklv k_cwnn_dlbghklvijh^mdpbb kmlbfh^_ebgZ kbkl_fufZjd_lbg]hhcqbke_gghklb fZjd_lbg]hhcyeyxlkyijh^mdpbb0/(gZ wnn_dlZijh^Z`bl_f ij_^ijbgbfkhkj_^hlhq_gklZ^bb a_rbZxsbfb[gZ[ex^Z_lkydZd he__ihl_gpbZevguoihl_gpdhffmgbdZpbbb dhfie_dkgdhfie_dkgZy '' ^_yl_evg1Z^_dZlgZdhffmgbd dhebq_klmZl_evkdhcbgl_]jZevgZybgZZevguf_jhylghk^hklb`lhhklbhZ `]pbh i_j_jqlh^_khihd kb< biiZuh__hgh g kmlldb f_ggZyil_gpbZevguo gh]h

kZf

gbblbghcj_amevlZlijhp_kkZ

l_fuwnn_dlbghklvgucdmiZl_eyfjy^wnn_dlZq_j_aij_^ijbgbfZl_evkdhc '41ijh^Z`bujZ`ZykvLhfh`_l_klv[fZdkbfmfZulvmqbluZy wdhghfbd_bgl_jij_lbjhZgZur_kdZaZggh_q_j_a

( U.9 36 u'1

]^_U.9 36 _jhylghklgZynmgdpby36b .9Ijbwlhfkhhlg_k_ gb_hl_lklbb36b '1k wdhghf_ljbq_kdbfbujZ`Z_lkyq_j_aijhba_^_gb_aZdhgZfbhp_gdb_jhylghkl_c_jhylghkl_c kh

U.9 36 .9 u 36

ij_^klZblvfZevgmxebg_cgmx

Khhl_lkl_ggh ghcye_ggZyguofhgblhjbg]ZIjhye_gb_aZbkbfhklb<hi_juoebg_cgZynmgdpbhgZevghcdhfie_dkguc^_l_jfbgbjhZgghklv h[jZamxsbo( aZbfhkyavaZbkbfhklv .9 ihdZaZl_evu aZbkbfhklb36 ihdZaZl_evu we_f_glh' jy^Z1 ^bgZfbq_kdbwnn_dlbghklbwe_f_glh h^bgZfbq_kdbownn_dlbghklblhjuoj_f_gbkbkl_f_nmgdpbb j_Zevghci_j_f_ggu_ fgh`_kl_gghklvijhp_kkZbnmgdpbhgZe ijhp_kkg_h[oh^bfhb gZq_j_akhpbZevghihaheyxl i_j_f_kbkl_f_fZjdj_Zeb ijhljnhk_jZhg_v v]

h[mkehe_gh

mqbluZlvf_glgh^_fh]jZnbq_kdhc ^bnn_j_gpbjhZg nZdlhj ijhp_kk j_Zevgh]h ijhl_dZ_l mq_lhf

guojZkkfhlj_gby`Zxsb_ ihlj_[bl_evkdboijhp_kkb hp_gdbhp_gdbkljZlbnbdZpbb k_]f_glZonZdlhjZ j_Zevghf ih j_f_gbwnn_dlbghklbu[bg^mpbjmxlH[_jZgghcihlhd_ wlb

lh[jZam_lgbblbghklvbg]huo bgl_]jZlbghc^bgZfbq_kdb_dhffmgbdZpbcgZ nZdlhjZoqbke_ i_j_f_gghcihdmiZl_e_cjy^um^he_lhj_gghklbFgh`_kl_gghklvwnn_dlbghklb kmffZjgmx ihdZaZl_ey bbebj_f_ggmxkhhl_lkijbhjZlkj_fmxs_fkfhljwnn__g_db

ihl_gpbZevghf

( I §¨©¦ W 36 u'1·¸¹

IjbijZhqgu_dZpbc'1 ijbwlhfDZd aZ^Zgghf'Z^_dZlghklv1dhwnnbpb_glukmffZgZPgZdhie_ggh]hghfmjhg_ghkbl_e_khhlghr_gbygb_ebjhZgbydjbl_jbyhbgl_]jZevghj_f_gb ihlj_[bl_evkdhc jZkdjuZ_lkyihdhebq_klZghkbl_eyfdZdkmffZ m^heihq_j_adhffhldeblh]Zf_bmldhgihhb j_gghklbk_oghkbl_e_c

(6 ¦ P § ¨© .9P 0 &+ ¦ W 36 u'1· ¸¹

>] g_jZe Zggh_jhljZ`Z_leba_d_lbg]hhcv ij_^ijbgbfZl_evkdboguc kkbkl_fhhlghr_gb_wnn_dl kbkl_fZihaZbkbfhklbkljhblkydhffmgbdZpbbk_]f_glgh]hkmlb(V bgl_]jZevghc^bnn_j_gpbjhZgh dhfie_dkgh]hfh`gh kmffbjhZgbb fgh]hijh^mdlhuoihabpbhgbjhZgbyjZkkfZljbZlvghwnn_dlbghklbbf__lbgl_]jZevgh]hwnn_dlZih [hevrh_dZ`^hfm dZdkbkl_fijh^mdpbbihblh]hucfZjd_lbg]hhcwnn_dlZagZq_gb_k_fk_]f_glm <k_ jblh]_]bglk_cf_ijbZf( _gV fZZgdZokmdhffmgbdZpbblZffZfZjgZygZhkgh_

( ¦ § ¨©¦ P §¨© .9P 0 &+ ¦ W 36 u'1·¸¹ ¸· ¹

V

GZh[jZlghcpbc wnn_dlkhhlghr_gb_ihdmiZl_eyf hkgh_ijhf_`mldZ ij_^ijbgbfZl_evdhffmgbdZpbbkyabeh]bdbk mjhg_f_jhylghklbihj_f_gb wdhghghf_ljbq_kdh]hkmff_ebg_cguo'36kdbokhklZ_fh`_l1_jhylghck_]f_glh W ihl_gpbZevgufijh^Z`bk_]f_glhih bkbkl_f fh^_eyo.9[fgh`_klm ulvdZgZeh ijbhoZjZdl_jbahZgijh^mdpbbm^he_lhj_gghklbihabpbhgbjhZgby dhfie_dkgucaZ^ZgguofZjd_lbg]huodhffmgbdZpbbhibkZgbyghkbl_e_c ihdmiZl'1ihl_ihl_gpbZe wnn_dlbghklbeyfbgl_]jZevguch.9 dZdd_36dhffmgbdb fgh`_k6P ihL ebg_cgh_j_f_gbLhdZgZeh _jhy jZv_klvguff Zll

dZo

_jhylghklvghklgufdhffmgbdZpbc b dZq_kl_gghf i_j_f_ggufijh^Z`bjughqguo

qbke__ihabpbhgguo

<wnn_dlbghklv jZ`_ggZy _jhylghklvijZdlbd_^Zgguc( Z[khexlguo &Sijhp_kkh ij_^ijbgbfZl_evkdhcijh^Z`ihdZaZl_evijb(fZjd_lbg]hh]hkhhlg_k_gb_ijh^mdlhhf_ebqbghcg_j_ihdZaZl_eyo bkihevam_lkyk_]^Z]mebjhZgbyZ[khexlghcdhffmgbdZpbhgguoihabpbhgbjhZgbbdhffmgbdZpbhggh]h& m^h[gZS ^_yl_evghklb qZklghklb ^ey_ebqbguhkh[_gghwnn_dlb^habjhZgbybdhffa<wdhghfbq ^_j`_dijhp_kkZ l_obgl_]jZevgZyghklbwlbomgdhffmgbdZpbhkemqZyokemqZyoKjdhff_kdbo ubgm

gbdZpbc

guodp_e_khh[jZaghdh]^ZZpbhgguoba^_j`_dk l_dms_c& S ª««¬ ¦V § ©¨ ¦P ©§¨.9 P0&+ ¦W 36u'1·¹¸·¸¹»¼»º

Ke_^hZl_evghkbkl_fZ ijhp_kk_klhblklZ^bbijbe_q_gb_m^he_lhj_gghklbbkihevahZgbbm^_evguo gZ'_jhylgh]hfh^_evbgl_]jZevgZydhffmgbdZpbhgguo h^gh]hEwb^`ZPihdmiZl_ey_jhylgh]h36ghkbl_e_cwnn_dlbghklv jZfdZoKlwg_jZijh^mdpbbba^_j`_d ihdmiZl_eydhffmgbdZpbcijhf_`mldZbak_]f_glZij_^klZey_lkyIh fZjd_lb gZokmlbjVkh_^ys_]hkyf_gbijblkdhevdh_g dmsbf]hhf WkmdZdf gZ

mjhg_ffZjghf

Ehj]ZgbaZpbbBa^bl_jZlmjZ:;Z]b_: m^blhjbbLHQHU17KHKXPDQXVHRIKXPDQEHLQJ&EHUQHWLFVDQG6RF hKI[=MN=Eb j_clbg]bdhffmgbdZlbghcFZjd_lbg] aZbfh^_cklbyKI[WdjhiheblbdbMq_[gh_ f_lh^heh]byihkh[b_b f_lh^ KI[LHWbdZ

FKRORJLFDOZDUIDUH+ SUHVV&DPEULGJH5LYHUVLGH3UHVVDHV6WHSKHQ%:HLQVWHLQ:'DWDFRPPXQLFDWLRQVSULQFLSOHV5LFKDUG'*LWOLQ-HUHPLDK)6nhg LPSVRQ&6FLHQFHRIFRHUFLRQ&RPPXQLFDWLRQUHVHDUFKDQGSVbgZ 1HZ<RUN1<2[IRUG8QLYHUVLW3UHVVSULQW1 HZ<RUN/RQGRQ3OHQXP

wdhgjbjhZgguo

eZfbklZ Hj]ZgbaZpbydhffmgbdZpbyfbbkKZoZjguc => hevfZgKblgbdhhe[mgh Kl_gh]jZffZ gZmddZg^FBwdhg Dk_gbyEBa^fZjd_lbg]huo::: j_deZfghc<e_dk_c IJ_deZfgh_<hgZmdk bkihevahZgb_f_^_gb_ k_fbg Ghu_=<_eeZ eZ^bfbjhgZKI[:gZlhev_bq Z ^_yl_evghklb jZ ijbglih^oh^u ikbohebg]ieZgbjhZgb_dhffmgbdZpbcGhhkb[bjkd FBkke_^hZgb_ eb^_jhMijZe_gb_wnn_dlbghcbklbdmAZibkdb J_deZfgu_^ :fg_gbylhj_nEfhkdhkdh]hfZjd_lbg]hufb b hp_gdZdhffmgbdZpbbfZeuo^bkl_oghe bgl_] dZg^jmii hj_]bb Vd ]

>

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

QLFDWLRQSS17&%XVLQHVV%RRNV/L0HVVQHU)UHG5%XVLQHVVWREXVLQHVVFRPPXQLFDWLRQVKDQQFROQZRRG,OOLQRLV

+ SUHVV WKHV-RXUQDORI&RPPXQDHV6WHSKHQ%:HLQVWHLQ'&PLHO.2QFQLFLVPHYLODQGWKHGLVFRYHURIFRPPXQLFDWLRQLQ;>Z]b_`m]_goZcf_jDWDFRPPXQLFDWLRQVSULQFLSOHV5LFKDUG'*LWOLQ-HUHPLDK)>Mq_[@I_j=E^eyB]hjvk Zg]eFZjd_lbg]l_o Jhkkb>hgZev^;<dlhFbdlhjhbqDhk_gdhohq_lb jughqgu_>MbkLFDWLRQMZclSULQWmagZlv^jZ khpbheKZMijZe_gb_=hj^hgk_lbfZjZqlh1HZ<RUN/RQGRQ3OHQXPBlZdh_BN_^hjha^HkghugZmdh KI=MWNj_deZfZfZjd_lbg]hufbj_deZfgh]hb dZd KI[F__

^_eZ^_eZlvDjueh

dhffmgbdZpbyfb

YgZjvfZjd_lbg]ZKljbdk(RmevpB]hjv<:XJHQH$'H:LWW%$$GYHUWLVLQJ(QFDUWD(QFFORSHGLDheh^__Zk__Z^WdDZqZeh>ki_jlgh_?KI[KljZl_]bq_kdb_G<G:<Lhj]k__Z`_gFZjdbgZ[xjhwdhghfIj_amevlZl<Gj_deZfJ_deZfgZy<bgJ_deZfgu_lZ g_gu_dZfiZgbbaZljZlu dZfiZgbydhfiZgbbKj_^ZFF kbkl_f_Ba^‹Ijbhj^hf

FGWIM>h]Zgv;m^Zgp_

i_jp_ilbgucMq_[Dhle_j?klZnv_EZ[mgkdZy<heh^__ZIhkhNbebi[b_LXih<<Hkghgu_aZjm[_`ghc<KI[:GI^:oh^DhffmgbdZlbgu_HkghuMdjZbguYkhgh>Khpbheh]byb fZjd_lbg]Zhjhr_LWBG__j[Zevgh_Jhklh&MnZZki_dlufZjd_lbg]Zhklebl_jZlmju<_^_gb_<;ZgdB?fZkkhhckhpbheh]bq_kdboGHkghuIjZdlbq_kdb_<Zki_dluFZofmlhZhklhdI_jih_^_gb_Ff_^bZieZgbjhZgb_ikboheh]bbk Zg]eBGBHGdhffmgbdZpbbk_fZglbdbBj_dhf_g^ZpbbRbkke_^hJ:GFkhpbZevghGZmrbIjh]j_kkj_deZfuDb_ZjgbcFFGZ

G:Lj_deZfuIhq_iphMevyghZh[ahj ghZIh^/DYLGJHDQG6WHLQHU$0RGHOIRU3UHGLFWLYH0HDVXUHPHQWVRI$Hkghuj_^Bj_de<EZGb]ffbklhAj_deZfuNZlomeebgZ=Z=lmeebgZ Khxa

YHUWLVLQJ(IIHFWLYHQHVV-RXUQDORI0DUNHWLQJ2FWREHU

Mq_[gh_ ihabpbhgbjhZgby:;Z]be_dk__Zjd_lbg]hu_Baj_^ _h ihkh[b_=: KIMWbNe_dk__Z E:::e_dk__=bkke_^hZgbyKI[ mk_Z:bgghZpbhgghf:Ba^: HKI[: <hFZjd_lbg]hu_;jwg^bg]KI[=MWNBa^ jugdZh i_jbh^_KI[=MWNmkem] b fZjd_lbg]hu_hkghuMq_[gh_ GZmqgZylhZjgh]hihkh[b_ jZ[hlZ k_lbE

KI[

OLVKLQJ%UL Ih^6/DSKDP7RP%XVLQHVVPDUNHWLQJUHIHUHQFHPDQXDO,6$$&3XF KHWK0RGHOVRI%XHU%HKDYLRU8QLYHUVLWRI,OOLQRLVDW8UEDQD VWRO&RQQHFWLFXW

KI[Fijbylbc:FZeucmg=hj_g[mj]hl wdhghfbdbKI[DZn[bag_kBa^fZjd_lbg]Zb bgnjZkljmdlmjZ?hb nbgZgkh<KI[=MWNBqmd DZn:;DZnwdhgDjmlbdMq_[wdhghfbdbdb[_jg_lbdbGZmqihkh[b_j_^b ieZgbjb::;wdhg;DjmlbdLblhij_fZl^

f_lh^h

SOHV1HZ<RUN+DUSHU 5RZ0&RPSXWHU0HGLXP(QYLURQPHQW&RQFHSWLRQDO)RXQGDWLRQ-RXUQDORIDUNHWLQJYRO1'RQQD/+RIIPDQ7RPDV'1RYDF0DUNHWLQJ +SHUPHGLD'UXFNHU3),QQRYDWLRQDQG(QWUHSUHQHXUVKLS3UDFWLFHDQG3ULQFL

Похожие работы

  • Либертарная теория печати

    ЛИБЕРТАРНАЯ (ЛИБЕРТАРИАНСКАЯ) ТЕОРИЯ ПЕЧАТИ – главная цель средств массовой информации (согласно этой теории) – помогать найти истину и способствовать разрешению политических и социальных проблем, представляя все факты и мнения как основу для нахождения их решения. Существенное условие для этого – свобода от контроля и давления правительства.

  • Теория маркетинга на службе у PR

    1999-06-08     Теория маркетинга на службе у PR Ю.Г. Зенкина   Теория маркетинга на службе у PR С точки зрения маркетолога, каждый проект, тем более в сфере общественных коммуникаций, должен иметь под собой маркетинговую основу. Более того, маркетинг может быть ключевой составляющей продвижения практически любого политика, что позволит максимизировать вероятность успеха.

  • Управление продажами

    МОСКОВСКИЙ ГУМАНИТАРНЫЙ УНИВЕРСИТЕТ ФАКУЛЬТЕТ РЕКЛАМЫ Кафедра теории рекламы и массовых коммуникаций Специализация «PR в рекламной деятельности»

  • Коммуникационная политика

    ВАРИАНТ №17 Задание 1 Тема “Коммуникационная политика” 1. Сущность коммуникационной политики. 2. Факторы, оказывающие влияние на выбор структуры комплекса маркетинга на предприятии.

  • Исследование маркетинговых коммуникаций

    Введение Теория маркетинга как реакция на обострение реализации товаров зародилась в США на рубеже XIX и XX вв. и в начале XXв. Выделилась в обособленную специальную дисциплину. Ошибочность первоначальной трактовки маркетинга как теории сбыта и рекламы выявил кризис 1929 – 1933 гг., после которого взгляд на маркетинг изменился и приобрел более широкий и комплексный характер.

  • Коммуникации в управлении маркетингом

    Сущность и принципы использования коммуникаций. Роль маркетинговой информации в процессе принятия и реализации управленческих решений. Система маркетинговых коммуникаций. Основные элементы процесса коммуникации: источник, сообщение, канал, получатель.

  • Проблемы коммуникаций в PR

    Составление анкеты для сбора информации по проблеме определения уровня освещенности темы "Проблемы коммуникаций в PR", а также современное состояние PR отрасли в России на страницах журнала "Паблик рилейшнз в России". Итоговые данные контент-анализа.

  • Классификация средств и методов стимулирования и реализации продукции формы краткосрочного стимулирования

    Деятельность рекламодателей. Нетривиальные способы использования товара. Личные продажи. Положительный "образ" товара. Методы продвижения продаж. Ценовые скидки. Приёмы маркетинговых коммуникаций. Презентация. Пропаганда. Паблик рилейшнз. Пресс-релиз.

  • Анализ маркетинговых коммуникаций и рекламы предприятия

    Средства воздействия, используемые предприятием для информирования, убеждения, поощрения. Реклама, взаимодействие с обществом (связь с общественностью, PR), стимулирование сбыта, личная продажа. Анализ и определение коммуникативной эффективности рекламы.

  • Позиционирование товара, понятие, значение

    Позиционирование – это разработка такого имиджа (или марки) товара, который создавал бы ему определенную позицию среди конкурирующих товаров, обеспечивал бы товару в сознании и иерархии ценностей потенциального покупателя своеобразное место (нишу), отличающееся от положения товаров-конкурентов.