!"#$"%&"'()#!(%*!+&,&-&).(/0(1/%&$-(*!12/"1&,&-&).( %-$&31($3/"'(%$"$+&$"(%/"143!*1( (

Transcription

1 "#$"%&"')#%*+&,&-&)./01/%&$-*12/"1&,&-&). %-$&31$3/"'%$"$+&$"%/"143*1 %/"143*15/*6&"'5&)#,41&"11$"+'/7*"3")0/*$"&32*/7+3$*6) 2-$% "#$%&')$*+,))+-$. 89 $/0&&,-$1&,&'+&-$2'+3,4&$5.*$67 : FBGB HHHIJ<=KLM>NKJ<L=JOPIJ<M

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

3 N$'0++8&)'*,04&5,)'0*/1%')#*#=# )9>%<=KLM>NK%<L=JOP<Q%R=RSROK%R=RSRWKM<K8RJ8OX>YJ<L=8NVCHOS>MLP8OCOKKL> J<=KLM>NTN<L;I)9>%<L=JOP9>P;KULKO=>KKR=ST<X>N=M>=8MR=RT>8<SRVWK J<=KLM>NOKKL>KI&8ROMK8<JN>R8>R=>QQOJO>=8Y>ZLO8RUP>Y>QQ>J8OX>R=SKRQ> MRN[>8;PRJ>I/NTR=O\>SRKR=O=S>;>=S>=8Y=<8CQ<NC;N<QO8<NTR=O\R8O<=Y89>%<L=JOP %<=KLM>NK%<L=JOP<Q%R=RSR E =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

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

5 -.&/0+12&3044#56 &=>RNPVF^A^YR=R8O<=RPH>UCURK>SKLNX>VYQ<JLKTN<L;KR=SO=8>NXO>HKHO89 KLU_>J8MR88>N>`;>N8KH>N>J<=SLJ8>SQ<N89>;LN;<K>K<Q89OKN>;<N88<>`;P<N>89> N>K>RNJ9ZL>K8O<=?a59R8>=9R=J>K89>JN>SOUOPO8V<QK<JORPN>K;<=KOUOPO8VJPROMK RM<=T%R=RSOR=J<=KLM>NKbc)9>QO=SO=TK<Q<LNK8LSVOPPLK8NR8>89R8J<=KLM>NK RN>J<=J>N=>SRU<L889>OM;RJ8<Q89>;N<SLJ8K89>V;LNJ9RK>R=S89R889>V;N>Q>N 8<ULVQN<MJ<M;R=O>K89R88R[>89>ONK<JORPR=S>=XON<=M>=8RPN>K;<=KOUOPO8O>K K>NO<LKPVI#<H>X>NY89>N>N>MRO=KRMR_<NTR;U>8H>>=J<=KLM>NKWK8R8>SJ<=J>N=K N>TRNSO=TK<JORPN>K;<=KOUOPO8VR=S89>ON>X>NVSRVRJ8O<=KI)9OKN>;<N8SOKJLKK>K89> URNNO>NK89R8UP<J[J<=KLM>NKQN<MJ<==>J8O=T89>ONJ<=J>N=KHO89;LNJ9RKO=T S>JOKO<=KYRKH>PPRKXRNO<LKK8NR8>TO>K89R8J<M;R=O>KRN>LKO=T8<RSSN>KK89<K> URNNO>NKI&8J<=JPLS>KHO89RA^C;RN8QNRM>H<N[Q<NRKKLNO=TJ<=KLM>NKR=S >=9R=JO=T89>ONJ<=QOS>=J>O=K<JORPN>K;<=KOUOPO8VJPROMKI "#$%&'$)*#+),"-.*/)0'$1"#$.2./.34).#)*#*+*)) GF;>NJ>=8<QN>K;<=S>=8KU>PO>X>89R8O8OKX>NV<NQRONPVOM;<N8R=8Q<NJ<M;R=O>K 8<;NRJ8OJ>K<JORPN>K;<=KOUOPO8VI $PP>P>M>=8K<Q89>K8LSV9OT9POT98>SR9>OT98>=>SP>X>P<QRHRN>=>KKRM<=T J<=KLM>NK<=RXRNO>8V<QK<JORPN>K;<=KOUOPO8VOKKL>KR=SR=O=JN>RKO=T8N>=SQ<N 89<K>J<=J>N=K8<RQQ>J8MRO=K8N>RMJ<=KLM>NKW;LNJ9RKO=TS>JOKO<=KI)9>XRNO>8V <QOKKL>KR=S;N<SLJ8KH>N>X>NVUN<RSYUL889>8H<RN>RK89R8N>J>OX>S89>M<K8 R88>=8O<=H>N>QRON<;>NR8O=T;NRJ8OJ>KR=SJ<=KLM>NOKKL>KH9OJ9O=JPLS>?QRON ;NOJO=TY;N<SLJO=T9>RP89VR=SKRQ>;N<SLJ8KY9<=>K8RSX>N8OKO=TYN>K;<=SO=T8< J<=KLM>NJ<=J>N=KR=S;N<XOSO=TT<<SJLK8<M>NK>NXOJ>I)9>U<88<MPO=>OK89R8 J<=KLM>NKRN>J<=J>N=>SRU<L8RXRNO>8V<QK<JORPN>K;<=KOUOPO8VOKKL>KR=SHOPPRJ8 <=J<=J>N=KOQ8NLK8OKO=;PRJ>I 5#+'$3*#+.#6)"#$%&'$)*#+),"-.*/)0'$1"#$.2./.34) /LNK8LSVN>X>RP>S89R8RPRNT>=LMU>N<QJ<=KLM>NKK8NLTTP>HO899<H89>VJR= J<==>J889>ONK<JORPN>K;<=KOUOPO8VJ<=J>N=KHO8989>ON;LNJ9RKO=TJ9<OJ>KI$JP<K>N >`RMO=R8O<=<QH9R8;N>X>=8KJ<=KLM>NKQN<M>QQ>J8OX>PV8NR=KPR8O=T89>ONXRPL>K O=8<RJ8O<=KS>8>NMO=>S89>Q<PP<HO=TURNNO>NK? "#$%& $PM<K8E^;>NJ>=8<QN>K;<=S>=8KXO>H>S89>J<K8<QK<JORP<N >=XON<=M>=8RPPVN>K;<=KOUP>;N<SLJ8KRKU>O=TRdX>NVKOT=OQOJR=8URNNO>NW SOKJ<LNRTO=T89>MQN<MRJ8O=T<=89>ONJ<=J>N=KI ')*%+$,-#)./$,0/1$//1&/$)& $;;N<`OMR8>PVeA;>NJ>=8<QN>K;<=S>=8K8<<LNKLNX>VOS>=8OQO>SRPRJ[<Q 8OM>8<T>8O=Q<NMR8O<=Q<NO=Q<NM>SS>JOKO<=CMR[O=TRKRK<M>H9R8<NX>NV KOT=OQOJR=8URNNO>NQ<N89>MI %<=KLM>NK%<L=JOP<Q%R=RSR ] =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

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fee;>NJ>=8gI 3<N>89R=B];>NJ>=8KLTT>K8>S89R889>PRJ[<QRJJ>KK8<K<JORPPV N>K;<=KOUP>;N<SLJ8KhK>NXOJ>KHRKRPK<RURNNO>NQ<N89>MI 4,-*5$,.;*/5%$.1#&5:,5$;$1$/9%1.$)5.,71.;&15 $;;N<`OMR8>PVBD;>NJ>=8<QN>K;<=S>=8KQ>P889R889>J<M;P>`O8V<QJPROMK R=SPRU>PKN>PR8>S8<K<JORPN>K;<=KOUOPO8VRN><Q8>=J<=QLKO=TYR=S89>N>Q<N> 9O=S>N>S89>MQN<MRJ8O=T<=89>ONJ<=J>N=KI A,%&#/.$,/9.#*,7>+&/+&#:*#%+.5$,67&%$5$,>$11.%/* &.,$):.%/ ilk8m<n>89r=f^;>nj>=8q>p8l=j>n8ro=ru<l8h9>89>n89>on;lnj9rko=t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`8>N=RP K<LNJ>KKLJ9RK=<=CT<X>N=M>=8RP<NTR=O\R8O<=KYRJRS>MOJKR=S_<LN=RPOK8KI$A^C ;<O=8QNRM>H<N[J<MUO=>K89>XRNO<LKRKKLNR=J>M>J9R=OKMKR=S<L8PO=>KK8>;K Q<NK8N>=T89>=O=TJN>SOUOPO8VI %N>SOUOPO8VRM<=TJ<=KLM>NKOK>=9R=J>SUVK>PP>NK89R8? E&//+&F.5$%52$6+/X1R8OKQV8RNT>8JLK8<M>NKHO89;N<SLJ8Kh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hO=SLK8NVK>J8<NK8<QO=S K<PL8O<=K %<=KLM>NK%<L=JOP<Q%R=RSR e =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

8 3'44#15&&.Y/0+1 $LSjUL8S>F^A^Y=<LKRX<=KM>=jL=K<=SRT>=R8O<=RPKLNP>5>URO=KOZL>S>K TN<L;>KS>SOKJLKKO<=>8S>K>=8N>XL>KRX>JS>K>`;>N8K>=PRMR8OkN>RQO= SW>`;P<N>NPRZL>K8O<=S>N>J9>NJ9>?l?mLW>K8CJ>ZLON>9RLKK>PRJNjSOUOPO8jS>K N>X>=SOJR8O<=KS>N>K;<=KRUOPO8jK<JORP>J9>\P>KJ<=K<MMR8>LNKJR=RSO>=Kbn->K NjKLP8R8KS>=<8N>j8LS><UK>NX>=8ZL>P>KJ<=K<MMR8>LNKK<=8;Nj<JJL;jK;RNP>K >QQ>8KS>K;N<SLO8KZLWOPKRJ9k8>=8>8J>KS>N=O>NK;NjQkN>=8RJ9>8>NS>J<M;RT=O>K ;N>=R=8RLKjNO>L`P>LNKN>K;<=KRUOPO8jKK<JORP>K>8jJ<P<TOZL>KI%>;>=SR=8YPWj8LS> RSjM<=8NjL=>OM;<N8R=8>PRJL=>>=8N>P>K;Nj<JJL;R8O<=KQ<NMLPj>K;RNP>K J<=K<MMR8>LNKJ<=J>N=R=8PRN>K;<=KRUOPO8jK<JORP>>8P>LNKRJ8O<=KZL<8OSO>==>KI %>NR;;<N8SOKJL8>S>K<UK8RJP>K>M;oJ9R=8P>KJ<=K<MMR8>LNKS>QRON>P>PO>=>=8N> P>LNK;Nj<JJL;R8O<=K>8P>LNKSjJOKO<=KSWRJ9R8YRO=KOZL>SOQQjN>=8>KK8NR8jTO>K L8OPOKj>K;RNP>KJ<M;RT=O>K;<LNRU<NS>NJ>K<UK8RJP>KI&PJ<=JPL8>=;NjK>=8R=8L= KJ9jMR;<LNROS>NpJ<=XRO=JN>P>KJ<=K<MMR8>LNK>8N>9RLKK>NP>LNJ<=QOR=J> >=X>NKP>KN>X>=SOJR8O<=KS>N>K;<=KRUOPO8jK<JORP>I ) "#$"&&*3'%$)'3)'$1"#$*2./.3=)$"-.*/')*%)*#*+*)) GFqS>KNj;<=SR=8KJN<O>=8ZLWOP>K88NkKOM;<N8R=8<LRKK>\OM;<N8R=8ZL>P>K J<M;RT=O>K;NR8OZL>=8PRN>K;<=KRUOPO8jK<JORP>I )<LKP>KjPjM>=8KS>PWj8LS><=8K<LPOT=jL==OX>RLjP>XjS>K>=KOUOPOKR8O<=J9>\P>K J<=K<MMR8>LNKZLR=8pSOX>NK>KZL>K8O<=KS>N>K;<=KRUOPO8jK<JORP>RO=KOZLWL=> 8>=SR=J>pPR9RLKK>;<LNP>K;Nj<JJL;R8O<=K8<LJ9R=8RL`SjJOKO<=KSWRJ9R8S>K J<=K<MMR8>LNKM<V>=KI-RXRNOj8jS>KZL>K8O<=K>8S>K;N<SLO8Kj8RO88NkKXRK8>Y MROKP>KS>L`S<MRO=>KRVR=8R88ONjP>;PLKSWR88>=8O<=j8RO>=8P>K;NR8OZL>K SW>`;P<O8R8O<=j89OZL>>8P>K;Nj<JJL;R8O<=KS>KJ<=K<MMR8>LNKS<=8P>K;NO` jzlo8rup>kyprqrunojr8o<=s>;n<slo8kkro=k>8kjjlno8ron>kypr;lupojo8j9<==o8>ypr Nj;<=K>RL`;Nj<JJL;R8O<=KS>KJ<=K<MMR8>LNK>8L=U<=K>NXOJ>pPRJPO>=8kP>I= SjQO=O8OX>YP>KJ<=K<MMR8>LNKK<=8;Nj<JJL;jK;RNL=>XRNOj8jS>;N<UPkM>KS> N>K;<=KRUOPO8jK<JORP>>8OPKRTON<=8KLNJ>K;Nj<JJL;R8O<=KKOPRJ<=QOR=J>NkT=>I "&1'#+')/'$)-"#$"&&*3'%$)'3)/*)'$1"#$*2./.3=)$"-.*/') "<8N>j8LS>RNjXjPjZLWOP>`OK8>L=TNR=S=<MUN>S>J<=K<MMR8>LNKRVR=8 U>RLJ<L;S>MRPpTjN>NPRQRr<=S<=8OPK;>LX>=8PO>NP>LNK;Nj<JJL;R8O<=KS> N>K;<=KRUOPO8jK<JORP>pP>LNKJ9<O`SWRJ9R8I4=>`RM>=;PLKR;;N<Q<=SOS>J>ZLO >M;oJ9>P>KJ<=K<MMR8>LNKS>8NRSLON>>QQOJRJ>M>=8P>LNKXRP>LNK>=RJ8O<=KR Sj8>NMO=jP>K<UK8RJP>KKLOXR=8K? "#$J 2NkKS>E^qS>KNj;<=SR=8K>K8OMRO>=8ZL>P>;NO`S>K;N<SLO8KK<JORP>M>=8 <LjJ<P<TOZL>M>=8N>K;<=KRUP>Kj8RO8L=l<UK8RJP>8NkKOM;<N8R=8n>8=>P>K >=J<LNRT>RO8;RKp;N>=SN>S>KM>KLN>KQRJ>pP>LNK;Nj<JJL;R8O<=KI %<=KLM>NK%<L=JOP<Q%R=RSR D =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

9 '#:7N$,-#)./$,0:.5.55&O7&/&):5 =XON<=eAqS>KNj;<=SR=8Kp=<8N>K<=SRT><=8OS>=8OQOjJ<MM>j8R=8L= <UK8RJP>ZL>PZL>;>LOM;<N8R=8<L8NkKOM;<N8R=8P>MR=ZL>S>8>M;K;<LN <U8>=ONPWO=Q<NMR8O<==jJ>KKRON>;<LNL=>;NOK>S>SjJOKO<=jJPRONj>I "&#/$,&,%& +>=<MUN>L`;RN8OJO;R=8KS>KTN<L;>KS>SOKJLKKO<=>K8OMRO>=8ZL>P>K ;N<UPkM>KS>N>K;<=KRUOPO8jK<JORP>=>K<=88<L8KOM;P>M>=8;RKRKK>\ ;>N8O=>=8KRL`8V;>KSWRJ9R8ZLWOPKQ<=8>8_LT>RO>=8ZLWOPj8RO8SOQQOJOP>S>PO>N P>LNKSjJOKO<=KSWRJ9R8RL`;N<UPkM>KS>N>K;<=KRUOPO8jK<JORP>I "#P%%*:./$,5%,%&#,.,/1.8*.1$/P&/1N&--$%.%$/P7&5:#7*$/55%$.1&)&,/ #&5:,5.;1&5 FAqS>K;>NK<==>KO=8>NN<Tj>K>`;NOMRO>=8S>K;Nj<JJL;R8O<=KJ<=J>N=R=8 PRZLRPO8j>8PW>QQOJRJO8jS>K;N<SLO8KK<JORP>M>=8N>K;<=KRUP>K>8>PP>K J<=KOSjNRO>=8J>K;Nj<JJL;R8O<=KJ<MM>L=<UK8RJP>8NkKOM;<N8R=8ZLOP>K >M;oJ9RO8SWRTONQRJ>pP>LNKXRP>LNKI Q.,8*&7&%,-$.,%&-.%&.*J#&3&,7$%./$,51$P&5R1.#&5:,5.;$1$/P5%$.1& %>8<UK8RJP>j8RO8S>P<O=J>PLOP>;PLKQNjZL>MM>=8S<==jJ<MM>NROK<=;RN P>KJ<=K<MMR8>LNKS<=8P>KSjJOKO<=KSWRJ9R8=>J<NN>K;<=SRO>=8;RKpP>LNK ;Nj<JJL;R8O<=KI%>KS>N=O>NKM>=8O<==RO>=8ZL>S>=<MUN>LK>K N>X>=SOJR8O<=KMR=ZLRO>=8S>JNjSOUOPO8j>8ZLWOPK=>;<LXRO>=8KWVQO>Nfee ;<LNJ>=8gI 2PLKS>B];<LNJ>=8<=8KLTTjNjZL>P>MR=ZL>SWRJJkKRL` ;N<SLO8KhK>NXOJ>KK<JORP>M>=8N>K;<=KRUP>KJ<=K8O8LRO8RLKKOL=<UK8RJP> ;<LN>L`I 4,-*5$,.*5*T&/7&5#&3&,7$%./$,5&/7&5P/$8*&//&57&#&5:,5.;$1$/P5%$.1& =XON<=BD;<LNJ>=8S>KNj;<=SR=8K>K8OMRO>=8ZL>PRJ<M;P>`O8jS>K N>X>=SOJR8O<=K>8S>Kj8OZL>88>KPOj>KpPRN>K;<=KRUOPO8jK<JORP>>K8K<LX>=8 SjN<L8R=8>>8Y;RNJ<=KjZL>=8YP>K>M;oJ9>SWRTONpPWjTRNSS>P>LNK ;Nj<JJL;R8O<=KI B,%&#/$/*7&R5.3$#5$1.7P%$5$,7N.%+./.*#.3#.$)&,/7&5&--&/5 4=;>L;PLKS>F^;<LNJ>=8<=8>`;NOMjS>PWO=J>N8O8LS>pKRX<ONKOP>LN SjJOKO<=SWRJ9R8RXRO8S>K>QQ>8KYJ>ZLWOPKJ<=KOSjNRO>=8J<MM>L=<UK8RJP> 8NkKOM;<N8R=8P>K>M;oJ9R=8SWRTONpPWjTRNSS>P>LNK;Nj<JJL;R8O<=KQRJ>p PRN>K;<=KRUOPO8jK<JORP>I) ) 711"-8'$)1"%).#-.3')/'$)-"#$"&&*3'%$)>)/*)'$1"#$*2./.3=)$"-.*/' -WjJRN8>=8N>P>K;Nj<JJL;R8O<=KS>KJ<=K<MMR8>LNK>8P>LNKRJ8O<=K;NjK>=8>L=> <;;<N8L=O8jS>8ROPP>;<LNP>K>=8N>;NOK>KS>;>NKLRS>NP>KJ<=K<MMR8>LNK>8S> %<=KLM>NK%<L=JOP<Q%R=RSR G =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

10 ;N<SLON>S>KN>8<MUj>KSWRQQRON>KYVJ<M;NOKL=>9RLKK>S>KX>=8>KYPR SOQQjN>=8OR8O<=S>K;N<SLO8K>8P>MRO=8O>=S>PRJPO>=8kP>I->KJ<M;RT=O>KK>K>NX>=8 RJ8L>PP>M>=8S>8<L8>L=>TRMM>S>K8NR8jTO>K>8S>8RJ8OZL>K;<LN;>NKLRS>NP>K J<=K<MMR8>LNKQRJ>RL`ZL>K8O<=KS>N>K;<=KRUOPO8jK<JORP>I%>NR;;<N8K<LPOT=> SOX>NK>KK8NR8jTO>K>=MRTRKO=>8>=POT=>;<LNN>_<O=SN>P>KJ<=K<MMR8>LNKY>=8N> RL8N>K? M*/$157&%))*,$%./$,&,).6.5$,C &=8>NRJ8O<=RX>JP>K>M;P<VjK s8ozl>88>ks>;n<slo8k $QQOJ9RT>Y;NjK>=8<ONKS>;N<SLO8KYSj;POR=8K>=MRTRKO= MURPPRT>S>;N<SLO8K %RM;RT=>K>=MRTRKO=;<LNP>KJ<=K<MMR8>LNK M*/$157&%))*,$%./$,5*#1&D&;:*#1&5%,5))./&*#5C 1O8>5>US>S>K8O=R8O<= %RM;RT=>KSW>`8>N=RPOKR8O<=pTNR=S>jJ9>PP>fJN<HSK<LNJO=Tg 1>P<==<8N>j8LS>Y8<L8PROKK>p;>=K>NZL>PW>M;N>KK>M>=8S>KJ<=K<MMR8>LNKp QRON>P>=jJ>KKRON>QRJ>pPWO=Q<NMR8O<=>8RL`KOT=RL`;<LNR;;LV>NS>KM>KLN>K ;PLKTNR=S>KZLR=8pPRN>K;<=KRUOPO8jK<JORP>=>;>L8K>MR=OQ>K8>NZL>5$ PWO=Q<NMR8O<=N>_<O=8P>LNKO=8jNo8KYP>LNK9RUO8LS>K>8P>LNK;NjQjN>=J>KI->K J<=K<MMR8>LNKK<=8KJ>;8OZL>KpPWjTRNSS>KN>X>=SOJR8O<=KS>N>K;<=KRUOPO8j K<JORP>>8<=8U>K<O=SWo8N>NRKKLNjKZL>P>KN>X>=SOJR8O<=KK<=8XjNO8RUP>M>=8 JNjSOUP>KI /L8N>P>KSOQQjN>=8KMjJR=OKM>K<QQOJO>PKS>JNjSOUOPO8jY8>PKZL>P>K9<M<P<TR8O<=KY P>KP<T<K>8P>KKVK8kM>KSWj8OZL>8RT>YM>=8O<==jKSR=KP>NR;;<N8YJ>S>N=O>N ;N<;<K>jTRP>M>=8S>K8RJ8OZL>K;PLKR`j>KKLNP>KJ<=K<MMR8>LNKYJ<MM> PWO=Q<NMR8O<=S>PRJ<M;RT=O>>PP>CMoM>YRO=KOZL>S>K>K;RN8>=RON>K>8K<LNJ>K >`8>N=>KY8>PP>KP>K<NTR=OKR8O<=K=<=T<LX>N=>M>=8RP>KYP>KL=OX>NKO8RON>K>8P>K _<LN=RPOK8>KI4=KJ9jMRRPPO>P>KSOQQjN>=8KMjJR=OKM>KS>JNjSOUOPO8j>8;RKK> UNOkX>M>=8>=N>XL>P>Kj8R;>K;<LNN>=Q<NJ>NPRJNjSOUOPO8jI ->KX>=S>LNKM>88R=8p;N<QO8P>K8RJ8OZL>KKLOXR=8>KN>9RLKK>=8PRJNjSOUOPO8jJ9>\ P>KJ<=K<MMR8>LNK? Q.U/#$5&#1N&55&,/$&1X1R8OKQRON>PRJPO>=8kP>XOKj>TNtJ>RL`;N<SLO8KhK>NXOJ>K V.$#&1&1$&,&,/#&1.#&5:,5.;$1$/P5%$.1&&/1&#.::#/8*.1$/P?:#$J0RON>P> PO>=>=8N>P>KJRNRJ8jNOK8OZL>KS>PRN>K;<=KRUOPO8jK<JORP>>8P>KRK;>J8KPOjKp PRZLRPO8j>8RL;NO` 4):#&,7#&1&5&--&/55$6,$-$%./$-5X$JZLjNONL=>J<M;Nj9>=KO<=S>K;N<SLO8K >8RU<NS>NP>LNK>QQ>8KKOT=OQOJR8OQK %<=KLM>NK%<L=JOP<Q%R=RSR A^ =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

11 Q,/#&#1N&J&):1&0RON>;N>LX>;LUPOZL>M>=8S>P>RS>NK9O;>=j8R=8P>K ;N>MO>NKpRS<;8>NPRN>K;<=KRUOPO8jK<JORP> KP),/#&#1.%,,&J$/P%<M;N>=SN>J>pZL<OP>KJ<=K<MMR8>LNK<=8p JuLN>8KLOXN>S>;NkKP>LNK;Nj<JJL;R8O<=K "#W,&#1./#.,5:.#&,%&v8N><LX>N8RX>JP>KJ<=K<MMR8>LNK;RNNR;;<N8 RL`;N<SLO8K>8RL`XRP>LNKJ<N;<NR8OX>KI V.$#&:#&*3&7N+*)$1$/PsXRPL>N=<KN>X>=SOJR8O<=KK<JORP>K>8jJ<P<TOZL>K >8o8N>_LSOJO>L`QRJ>pJ>KS>N=OkN>K M--#$#7&1N$,-#)./$,:.#P/.:&5/QQNONRL`J<=K<MMR8>LNKP>KM<V>=K SW<U8>=ONS>PWO=Q<NMR8O<=;PLKSj8ROPPj> V,%/$,,&#.3&%%+P#&,%&X1WRKKLN>NZL>P>MRN[>8O=TYPW>`;P<O8R8O<=YP>K J9Rw=>KSWR;;N<XOKO<==>M>=8Y>8JIK>J<=Q<NM>=88<LKRL`XRP>LNK GN.55%$&#.*J.*/#&5)NRXROPP>N>=J<PPRU<NR8O<=RX>JS>K;RN8>=RON>KhS>K K>J8>LNKS>PWO=SLK8NO>S>J<=QOR=J>;<LN8N<LX>NS>KK<PL8O<=K %<=KLM>NK%<L=JOP<Q%R=RSR AA =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

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`OK8KYMR=VJ<=KLM>NK RN>=<8ZLO8>KLN>H9R88<MR[><Q89OKO=Q<NMR8O<=R=SH9>89>N8<U>PO>X>89> XRNO<LKJPROMKMRS>UV<NTR=O\R8O<=K<=OKKL>K<QK<JORPN>K;<=KOUOPO8VI )9>ROM<Q89OKN>;<N8OK8<U>88>NL=S>NK8R=SH9OJ9>P>M>=8K9>P;8<>=9R=J>89> JN>SOUOPO8VRM<=TJ<=KLM>NK<QN>;<N8KR=SJPROMKRU<L8K<JORPN>K;<=KOUOPO8VI)9OK N>K>RNJ9OS>=8OQO>K9<H<NTR=O\R8O<=KJR=ULOPS>QQ>J8OX>RKKLNR=J>M>J9R=OKMK8< >=9R=J>89>JN>SOUOPO8VR=SJ<=QOS>=J><Q89>ONN>;<N8KYO=Q<NMR8O<=R=SJPROMKI )9>N>;<N8OKTLOS>SUV89><X>NRPPN>K>RNJ9ZL>K8O<=?a59R8>=9R=J>K89> JN>SOUOPO8V<QK<JORPN>K;<=KOUOPO8VJPROMKRM<=T%R=RSOR=J<=KLM>NKbc >&+8'='%'76 &=<NS>N8<RSSN>KK89>N>K>RNJ9ZL>K8O<=YRQ<LNC;RN8R;;N<RJ9HRKS>X>P<;>S89R8 L8OPO\>S89>Q<PP<HO=TM>89<SK? Z1+&5#+05&A&21&Q )9>PO8>NR8LN>N>XO>HHRK;>NQ<NM>SOS>=8OQVO=TN>P>XR=8MR8>NORPKYK8LSO>K R=SN>;<N8KO=89>RJRS>MOJR=S=<=CRJRS>MOJPO8>NR8LN>I$POK8O=T<Q N>Q>N>=J>MR8>NORPKR;;>RNKO=89>UOUPO<TNR;9VI [&6<*'54#*+<*+&521&Q, &=8>NXO>HKH>N>J<=SLJ8>SHO89KO`[>VKLU_>J8MR88>N>`;>N8KQN<MRJN<KK %R=RSRI$PPO=Q<NMR=8K9RSKLU_>J8MR88>N>`;>N8OK>N>PR8>S8<J<=KLM>NK R=SK<JORPN>K;<=KOUOPO8VO=%R=RSRI&=CS>;89O=8>NXO>HKPRK8>SQ<N A'R;`OK8K,>8H>>=59R8%R=RSOR=,LKO=>KK>K+<<=%1*R=S59R8%R=RSOR=%<=KLM>NK6=<H $U<L8f&;K<KC*>OSh%,1*gYF^^B988;?hhO;K<KC=RIJ<Mh=>HKh;N>KKN>P>RK>IJQMbOSxE^]@ %<=KLM>NK%<L=JOP<Q%R=RSR AF =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

13 R;;N<`OMR8>PV<=>9<LN>RJ9I$POK8<QRPP;RN8OJO;R=8KOKO=JPLS>SO=89> RJ[=<HP>ST>M>=8KR889>U>TO==O=T<Q89OKN>;<N8I \#+1'*#%)'*,04&53052&6 $=R8O<=RPH>UCURK>SKLNX>VHRKJ<=SLJ8>SRK;RN8<Q89OKN>K>RNJ98< JR;8LN>89>XO>HK<QJ<=KLM>NKQN<MRJN<KK%R=RSR<=89>OKKL>K<QK<JORP N>K;<=KOUOPO8VY;LNJ9RKO=TU>9RXO<LNKR=S8NLK8I)9>KLNX>VHRKJ<=SLJ8>S O==TPOK9R=S0N>=J9O=iR=LRNV<QF^A^I)9>KLNX>VO=JPLS>S;RN8OJO;R8O<= QN<MM<N>89R=AYA^^;N>CZLRPOQO>SJ<=KLM>NKRJN<KK%R=RSRK;PO8>X>=PV RM<=TMRP>R=SQ>MRP>N>K;<=S>=8KR=S9RSRK8R8OK8OJRPMRNTO=<Q>NN<N<Q 89N>>;>NJ>=8fAG8OM>K<L8<QF^gI )'*,04&5:'/0,W5'0B, 0OX>K>;RNR8>J<=KLM>NQ<JLKTN<L;Kf8H<SLNO=T89>SRVR=S89N>>SLNO=T 89>>X>=O=TgH>N>J<=SLJ8>SO=0>UNLRNV<QF^A^8<TR89>NZLRPO8R8OX> J<=KLM>NQ>>SURJ[<=OKKL>K<QK<JORPN>K;<=KOUOPO8VR=S8NLK8N>PR8>S8< J<=KLM>NU>9RXO<LNI0<JLKTN<L;;RN8OJO;R=8KfDCA^Q<N>RJ9TN<L;gH>N> K>P>J8>SQN<M89>%<=KLM>NK%<L=JOP<Q%R=RSRWK2LUPOJ&=8>N>K8">8H<N[ f2&"gyrsr8rurk><qr;;n<`omr8>pv]^^j<=klm>nkqn<mrjn<kk%r=rsri)< >=KLN>RHOS>T><TNR;9OJRPN>;N>K>=8R8O<=Y89>Q<JLKTN<L;KH>N>J<=SLJ8>S LKO=TRH>UCJ<=Q>N>=J>QRJOPO8VR=SR8<PPCQN>>8>P>;9<=>J<=Q>N>=J>Q>R8LN> 89R8>=RUP>S;RN8OJO;R=8K8<XO>HKPOS>KR=S;RN8OJO;R8>QN>>PVO=SOKJLKKO<=K QN<MR=VH9>N>RJN<KK89>J<L=8NVImLRPO8R8OX>Q>>SURJ[TR89>N>SSLNO=T 89>K>K>KKO<=KOKO=JPLS>SO=89>U<SV<Q89>N>;<N8I 3+50/+05&'+8&A&B'5+ )9OKN>;<N8OKSOXOS>SO=8<QOX>K>J8O<=KI)9>QONK8J9R;8>N;N<XOS>KURJ[TN<L=S O=Q<NMR8O<=<=K<JORPN>K;<=KOUOPO8VR=SULKO=>KKO=%R=RSRR=S;N<XOS>KR J<=J>;8LRP<NO>=8R8O<=R=S89>S>QO=O8O<=<QK<JORPN>K;<=KOUOPO8V89R8HRKLK>S 89N<LT9<L8RPPQRJ>8K<Q89OKK8LSVI)9>K>J<=SJ9R;8>NQ<JLK>K<=89>N>PR8O<=K9O; U>8H>>=%R=RSOR=J<=KLM>NKR=SK<JORPN>K;<=KOUOPO8VI+NRHO=T<=89>=R8O<=RP KLNX>VYO8>`;P<N>S%R=RSOR=J<=KLM>NKWL=S>NK8R=SO=T<QK<JORPN>K;<=KOUOPO8VR=S 89>OKKL>KOM;<N8R=88<89>MI)9>89ONSJ9R;8>NS>PX>KS>>;>NO=8<L=S>NK8R=SO=T J<=KLM>NKYR=SYO=;RN8OJLPRNYR88>M;8K8<L=S>NK8R=S89>R;;RN>=8TR;U>8H>>= J<=KLM>NKWJ<=J>N=KX>NKLK89>ONRJ8O<=K<=K<JORPN>K;<=KOUOPO8VI)9>Q<LN89 J9R;8>NOPPLK8NR8>K9<H<NTR=O\R8O<=K>=TRT>HO89J<=KLM>NK<=ZL>K8O<=K<QK<JORP N>K;<=KOUOPO8VY9OT9POT98O=TR=LMU>N<Q>`RM;P>K<Q9<H<NTR=O\R8O<=K J<MML=OJR8>>QQ>J8OX>PVHO89J<=KLM>NK<=K<JORPN>K;<=KOUOPO8VI0O=RPPVY89>QOQ89 J9R;8>N>`RMO=>K89>OKKL><QH9R8<NTR=O\R8O<=KJR=S<8<>=9R=J>89>JN>SOUOPO8V RN<L=S89>ONK<JORPR=S>=XON<=M>=8RP;>NQ<NMR=J>RM<=TJ<=KLM>NKI)9>QO=RP K>J8O<=J<=JPLS>KHO89RK>8<QTLOSO=T;NO=JO;P>K<=9<H8<ULOPS>QQ>J8OX> RKKLNR=J>M>J9R=OKMK8<>=9R=J>JN>SOUOPO8VR=SJ<=QOS>=J><QJPROMKMRS>UV <NTR=O\R8O<=KJ<=J>N=O=TK<JORPN>K;<=KOUOPO8VI %<=KLM>NK%<L=JOP<Q%R=RSR AE =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

14 ?DE"8&)8#*71*7A'%&'F0,1*&,, )9>N<P><QULKO=>KKO=K<JO>8VOK<=><Q89>M<K8OM;<N8R=8R=SJ<=8>=8O<LKOKKL>K QRJO=TK<JO>8VO=89>FA K8 J>=8LNVI,LKO=>KKJ>N8RO=PV9RKR=>=<NM<LKN<P>O= JN>R8O=T>J<=<MOJR=SQO=R=JORPH>RP89YUL8O8OKRPK<9RXO=TRTN<HO=TOM;RJ8<=<LN K<JO>8VR=S89>>=XON<=M>=8I#<HULKO=>KKOK;NRJ8OJ>S8<SRV9RKOM;<N8R=8 OM;POJR8O<=KQ<N<LNK<JORPR=S>=XON<=M>=8RPQL8LN>I #<HULKO=>KKOKXO>H>SUV89>;LUPOJ9RKJ9R=T>SSNRMR8OJRPPV<X>N89>PRK8 =LMU>N<QV>RNKI F )9>;LUPOJPRNT>PVXO>HKULKO=>KKHO89RMO`<QJV=OJOKMR=S SOK8NLK8I)9>;<;LPRNM>SORJRNNO>KQN>K9RPP>TR8O<=K<=RSROPVURKOK<QJ<N;<NR8> MOKS>M>R=<LNKR=S>89OJRPKJR=SRPKI$=O=JN>RKO=T=LMU>N<QRJ8OXOK8KRN> J9RPP>=TO=T89>K<JORPR=S>=XON<=M>=8RPN>J<NSK<Q;>NQ<NMR=J><QULKO=>KK>KRK ;<<NI+>M<=K8NR8<NK9RX>;N<8>K8>SR8MR=VJ<N;<NR8>9>RSZLRN8>NKRN<L=S89> H<NPSI &=R=O=8>N=R8O<=RPK8LSVYO8HRKS>8>NMO=>S89R8BB;>NJ>=8<QJO8O\>=KHR=8 J<M;R=O>K8<T<U>V<=SR8V;OJRPN<P>Q<JLK>SM<K8PV<=MR[O=TR;N<QO8Y;RVO=T 8R`>KY>M;P<VO=T;><;P>R=S<U>VO=T89>PRHKI E )9>VHR=8J<M;R=O>K8<J<=8NOUL8> 8<UN<RS>NK<JO>8RPT<RPKYRKH>PPI&=S>>SY@];>NJ>=8<Q%R=RSOR=KN>K;<=S>S89R8 89>VQ>P8ULKO=>KK>K9RSR=<UPOTR8O<=8<U<89K>8R9OT9>N>89OJRPK8R=SRNSR=S9>P; ULOPSRU>88>NK<JO>8VI $889>KRM>8OM>YN>J>=8V>RNK9RX>K>>=89>>M>NT>=J><Q;9OP<K<;9O>KR=S ;NRJ8OJ><QdJ<N;<NR8>JO8O\>=K9O;W<Nd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a>j<=<mojs>x>p<;m>=8yk<jorps>x>p<;m>=8r=s>=xon<=m>=8rp;n<8>j8o<=rn> F1>>S>PMR=)NLK8,RN<M>8>N*>;<N8KF^^]CF^A^ %<=KLM>NK%<L=JOP<Q%R=RSR A@ =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

15 ?D? "8&H&1*1+1'*'3'/1#%A&,B'*,1$1%1+6 )9>J9RPP>=T>K;L8Q<NHRNSUV89>KLK8RO=RUP>S>X>P<;M>=8RT>=SRRN>MR=VR=S RPPK>J8<NKRN>K>>[O=T8<MR[>89>ON<H=J<=8NOUL8O<=KI$N>K;<=K>QN<MK<M> ULKO=>KK>K8<89>J9RPP>=T>K<QKLK8RO=RUP>S>X>P<;M>=89RKU>>=8<RS<;8ULKO=>KK ;NRJ8OJ>K89R8RN>M<N>K<JORPPVN>K;<=KOUP>I 59OP>89>N>RN>MR=VS>QO=O8O<=K<QK<JORPN>K;<=KOUOPO8VYO8T>=>NRPPVN>Q>NK8<89> J<=J>;8<QPO=[O=T<NTR=O\R8O<=RPS>JOKO<=CMR[O=T8<>89OJRPXRPL>KYJ<M;POR=J>HO89 P>TRPN>ZLON>M>=8KYR=SS>M<=K8NR8O=TRN>K;>J8Q<N;><;P>YJ<MML=O8O>KYR=S89> >=XON<=M>=8I 1<JORPN>K;<=KOUOPO8VOK<Q8>=XO>H>SRKM>>8O=T<N>`J>>SO=T89>>89OJRPYP>TRPY J<MM>NJORPR=S;LUPOJ>`;>J8R8O<=K89R8RK<JO>8V9RK<QULKO=>KKI/=><Q89>M<K8 O=QPL>=8ORPS>QO=O8O<=KO=8>N=R8O<=RPPVOKS>NOX>SQN<M89>&1/FB^^^'LOSR=J> 18R=SRNS<=1<JORP*>K;<=KOUOPO8V? ] G%$.12&5:,5$;$1$/9$5/+&#&5:,5$;$1$/9-.,#6.,$O./$,-#/+&$):.%/5-$/5 7&%$5$,5.,7.%/$3$/$&5,5%$&/9.,7/+&&,3$#,)&,//+#*6+/#.,5:.#&,/.,7 &/+$%.1;&+.3$*#/+./C o %,/#$;*/&5/5*5/.$,.;1&7&3&1:)&,/0$,%1*7$,6+&.1/+.,7>&1-.#&- 5%$&/9X o /.=&5$,/.%%*,//+&&J:&%/./$,5-5/.=&+17&#5X o $5$,%):1$.,%&>$/+.::1$%.;1&1.>.,7%,5$5/&,/>$/+$,/&#,./$,.1,#)5-;&+.3$*#X.,7 o $5$,/&6#./&7/+#*6+*//+&#6.,$O./$,.,7:#.%/$%&7$,$/5 #&1./$,5+$:5Y )9>>P>M>=8K<QK<JORPN>K;<=KOUOPO8VN>QP>J889>>`;>J8R8O<=K<QK<JO>8VR8R ;RN8OJLPRN8OM>R=SRN>89>N>Q<N>PORUP>8<J9R=T>RKK<JO>8VWKJ<=J>N=K>X<PX>R=S J9R=T>I59R8OKU>J<MO=TJP>RN>NO=M<N>N>J>=89OK8<NVOK89R8K<JO>8VWK >`;>J8R8O<=K<QULKO=>KKRN>O=JN>RKO=TNR;OSPVI 1<M>ULKO=>KK>K9RX>N>K;<=S>SO=R=LMU>N<QHRVK8<89>K>S>MR=SKUVQ<JLKO=T <=OM;N<XO=T89>ONK<JORPR=S>=XON<=M>=8RP;>NQ<NMR=J>U>V<=S89>P>TRP MO=OMLMI,LKO=>KK>KY9<H>X>NYRN>=<8T<O=T8<RJ8L=OPR8>NRPPVz89>VS<=<8HR=8 8<U>;L=OK9>S<NSOKRSXR=8RT>SUVU>O=TK<JORPPVN>K;<=KOUP>R=SLP8OMR8>PVH<LPS 9<;>8<U>N>HRNS>SQ<N89>ONS>JOKO<=KUV89>ONJLK8<M>NKRKH>PPRK<89>N K8R[>9<PS>NKI ]&1/fF^^Gg+NRQ8&=8>N=R8O<=RP18R=SRNS&1/h+&1FB^^^a'LOSR=J><=1<JORP*>K;<=KOUOPO8Vc %<=KLM>NK%<L=JOP<Q%R=RSR A] =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

16 H512&5,'3'/1#%A&,B'*,1$1%1+6 )9>SNOX>NK<QK<JORPN>K;<=KOUOPO8VQ<NULKO=>KKJR=;N<URUPVU>K8U>TN<L;>SO=8< 89N>>UN<RSJR8>T<NO>Kz;N>KKLN>SNOX>NKYXRPL>KSNOX>NKR=SK8NR8>TOJSNOX>NKI #OK8<NOJRPPVY89>M<K8KOT=OQOJR=8SNOX>NQ<NK<JORPN>K;<=KOUOPO8VHRK;N>KKLN><N XRPL>KN>PR8>SI2N>KKLN>QN<M=<=CT<X>N=M>=8RP<NTR=O\R8O<=KR=S9LMR=NOT98K RJ8OXOK8KHRK89>M<K8KOT=OQOJR=8SNOX>NQ<NJ<M;R=O>KKLJ919>PPR=S"O[>8<Q<JLK M<N><=K<JORPN>K;<=KOUOPO8VI$889>KRM>8OM>YQN<M89>ONQ<L=SO=TYJ<M;R=O>KPO[> 89>,<SV19<;R=S,>={i>NNVWK9RX>NR8O<=RPO\>SR=O=X>K8M>=8O=K<JORP N>K;<=KOUOPO8VURK>S<=RULKO=>KK;9OP<K<;9V89R89OT9POT98>S89>N>K;<=KOUOPO8O>K R=SN>HRNSK<QK<JORPP>RS>NK9O;I 3<N>N>J>=8PVY9<H>X>NYRKK<JORPN>K;<=KOUOPO8VM<X>K8<89>MRO=K8N>RMYM<N>R=S M<N>ULKO=>KK>KRN>SNOX>=8<RS<;8K<JORPPVN>K;<=KOUP>;NRJ8OJ>KQN<MRK8NR8>TOJ ULKO=>KKJRK>R;;N<RJ9I)9>V9RX>MRS>89>JRK>89R8O=RSSO8O<=8<J>N8RO=K<JORP R=S>=XON<=M>=8RPU>=>QO8KYK<JORPN>K;<=KOUOPO8VJR=P>RS8<;<KO8OX>QO=R=JORP <L8J<M>KI1<M><Q89>K>QO=R=JORPN>HRNSK9RX>U>>=N>RPO\>SO=8>N=RPPV89N<LT989> N>SLJ8O<=<QJ>N8RO=<;>NR8O<=RPJ<K8KN>KLP8O=TQN<MO=JN>RK>S>=XON<=M>=8RP >QQOJO>=JO>KR=S>=>NTVKRXO=TKY<NQO=R=JORPN>HRNSKRKK<JOR8>SHO89>RKO>N >M;P<V>>N>JNLO8M>=8R=S9OT9>NK8RQQN>8>=8O<=I/89>NK8NR8>TOJN>RK<=K9RX>U>>= M<N>>`8>N=RPPVM<8OXR8>SYKLJ9RKKLTT>K8O<=K89R8K<JORPN>K;<=KOUOPO8VO=O8OR8OX>K QN<MULKO=>KKJR=9>P;8<R88NRJ8JLK8<M>NKR=S>=9R=J>UNR=SN>;L8R8O<=HO89 K8R[>9<PS>NKI )<SRVY89>X>NV=R8LN><QULKO=>KKOKU>O=TJ9RPP>=T>SUVK8R[>9<PS>NKR=S89>K> S>MR=SKHOPPPO[>PV>=J<LNRT>89>S>X>P<;M>=8<Q=>HXRPL>CJN>R8O<=<U_>J8OX>KQ<N ULKO=>KK>KO=89>FA K8 J>=8LNVI )9OKN>;<N8OK;NOMRNOPVJ<=J>N=>SHO8989<K>SNOX>NKQ<JLK>S<=M>>8O=T89> S>MR=SK<QJ<=KLM>NK8R[>9<PS>NKI )9OKN>K>RNJ9K<LT988<L=J<X>N9<HULKO=>KK>KJR=U>88>NN>K;<=S8<>X<PXO=T J<=KLM>NS>MR=SKI)9OKO=X<PX>KL=S>NK8R=SO=T=<8<=PVH9R8M<8OXR8>K J<=KLM>NKYUL8RPK<H9R8O=9OUO8K89>MQN<M;L88O=T89>ONXRPL>KO=8<;NRJ8OJ>R=S 9<H>QQ>J8OX>K8NR8>TO>K8<ULOPSJN>SOUOPO8VJR=9>P;<X>NJ<M>89>K><UK8RJP>KI %<=KLM>NK%<L=JOP<Q%R=RSR AB =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

17 @DE)'*,04&5,#*=3'/1#%A&,B'*,1$1%1+61*)#*#=# )9>J<L=8P>KKKLNX>VKR=SMRN[>8N>K>RNJ9K8LSO>K89R89RX>PO=[>SJ<=KLM>N R88O8LS>KR=SO=8>N>K8KHO89>=XON<=M>=8RPR=SK<JORPJ<=J>N=K9RX>;<KO8O<=>S J<=KLM>NKRKR[>VK8R[>9<PS>NTN<L;HO8989>;<8>=8ORP8<SNOX>KOT=OQOJR=8 OM;N<X>M>=8<=K<JORPN>K;<=KOUOPO8VOKKL>KI&=N>RPO\O=T89OK<;;<N8L=O8VY ULKO=>KK>KRN>8NVO=T8<L=S>NK8R=SR=SJR;8LN>89>;N<QO8RSXR=8RT><Q89>aTN>>=c <NaK<JORPPVJ<=KJO<LKcJ<=KLM>NI$889>KRM>8OM>YJ<=KLM>NKRN>K8NLTTPO=TQ<N O=Q<NMR8O<=R=SJ9<OJ>I2<POJVMR[>NKR=SRSX<JRJVTN<L;KRN>RPK<8NVO=T8< L=S>NK8R=SR=SO=QPL>=J>J<=KLM>NU>9RXO<LN8<UNO=TRU<L8J9R=T>I )9>OKKL>K<QJ<=J>N=Q<NJ<=KLM>NKJ<X>NRX>NVUN<RSNR=T>RK<L8PO=>SQLN89>NO= 89OKK>J8O<=I7RNO<LK8>NMO=<P<TO>K9RX>U>>=LK>S8<JR;8LN>89>8N>=SKYO=JPLSO=T KLK8RO=RUP>J<=KLM;8O<=YTN>>=J<=KLM>NOKMYR=S>89OJRP;LNJ9RKO=TI,>JRLK>89> OKKL>KRN>K<SOX>NK>Y89>N>K>RNJ9O=8<K>TM>=8O=TJ<=KLM>NKRPK<8>=SK8<U> QNRTM>=8>SI*>TRNSP>KKY89>T>=>NRPJ<=JPLKO<=;<O=8K8<89>KOT=K89R8J<=KLM>NK RN>K>>[O=TK<PL8O<=K8<RHOS>XRNO>8V<QK<JORPR=S>=XON<=M>=8RP;N<UP>MKR=SYRK 89OKN>K>RNJ9HOPPS>M<=K8NR8>Y89>MRN[>8Q<NK<JORPPVN>K;<=KOUP>;N<SLJ8KOKNO;>I B )9>SOX>NKO8V<QJ<=KLM>N>`;>NO>=J>J<=8NOUL8>K8<89>QNRTM>=8R8O<=<QN>K;<=K>Y RKH>PPI,N<HKO=T89>ROKP>KSLNO=TR8NO;8<89>TN<J>NVK8<N>YN>K>RNJ9O=TMR_<N R;;POR=J>;LNJ9RK>KY<N;LNJ9RKO=T8<VKQ<NV<LNQRMOPVJR=>POJO8X>NVSOQQ>N>=8 Q>>PO=TKYJ<=J>N=KR=SN>K;<=K>KI%<MUO=O=T89>XRNO>8V<Q89>J<=KLM>N >`;>NO>=J>HO8989>J<M;P>`O8V<QK<JORPN>K;<=KOUOPO8VOKKL>KJN>R8>KRMLP8OQRNO<LK R=S<Q8>=L=JP>RN;OJ8LN><Q89>K<JORPPVJ<=KJO<LKJ<=KLM>NI*>TRNSP>KK<QH9OJ9 K<JORP<N>=XON<=M>=8RPOKKL>J<=J>N=KRJ<=KLM>N<NH9>N>89>ONK9<;;O=T >`;>NO>=J>8R[>K;PRJ>Y89>J<MM<=O=QPL>=J>89R8TLOS>KJ<=KLM>NJ9<OJ>KOK8NLK8I $K<LNKLNX>VN>KLP8KN>X>RPO=0OTLN>FIAYGFI];>NJ>=8<QN>K;<=S>=8KOS>=8OQO>S 8NLK8RKRS>QO=O=TR88NOUL8>I &8OKRPK<O=8>N>K8O=T8<=<8>89R8Y%R=RSOR=J<=KLM>NKU>PO>X>89R889>VJR=MR[>R SOQQ>N>=J>O=9<HN>K;<=KOUPVRJ<M;R=VU>9RX>KI$JJ<NSO=T8<R'P<U>1JR=KLNX>V O=F^^GY%R=RSOR=J<=KLM>NKRN>RM<=T89>M<K8>M;<H>N>SO=89>H<NPSH9>=O8 J<M>K8<K9R;O=TJ<N;<NR8>U>9RXO<LN8<HRNSK%1*I e )9OKQ>>PO=T<Q>QQOJRJV >`8>=SKO=8<89>MRN[>8;PRJ>R=SOKJRLKO=TMR=LQRJ8LN>NKR=SN>8ROP>NK8<8R[> =<8OJ>I B/=>>`RM;P>OK89>KLK8RO=RUP>8<VMRN[>8H9OJ9JLNN>=8PVRJJ<L=8KQ<NP>KK89R=<=>;>NJ>=8<Q89> PRNT>N8<VMRN[>8UL8OK;N>SOJR8>S8<TN<HO=8<R AUOPPO<=ULKO=>KKf];>NJ>=8<QKRP>KgO=89>=>`8 QOX>V>RNKI3RO=K8N>RMN>8ROP>NKO=JPLSO=T5RPMRN8R=S$MR\<=IJ<M9RX>O=JN>RK>S89>ON;N<SLJ8 K>P>J8O<=R=SPRNT>NMR=LQRJ8LN>NKO=JPLSO=T3R88>P&=JIR=S#RKUN<&=JIRN>P<<[O=TQ<NHRVK8< KL;;PV89>ONPRNT>K8N>8ROP>NJLK8<M>NKR=SM>>8J<=KLM>NS>MR=SI e%1*3<=o8<nf^^gy%<n;<nr8>*>k;<=kouopo8o>k?a%<=klm>nk%r=3r[>r+oqq>n>=j>o=#<h *>K;<=KOUPVR%<M;R=V,>9RX>KIc %<=KLM>NK%<L=JOP<Q%R=RSR Ae =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

18 )'*,04&5,K<*/5&#,1*7)'*/&5*'*3'/1#%A&,B'*,1$1%1+6 4,%&#,$53&#9>$7&5:#&.7YI3&#9,&+.5.,$55*&Z/+*6+$/)$6+/,/;& /+&5.)&$55*&Y 1LU_>J83R88>N`;>N8&=8>NXO>H )9N<LT9<L8RPP>P>M>=8K<Q89OKN>K>RNJ9Y89>N>HRKR;N>XRP>=8K>=K><QR 9>OT98>=>SP>X>P<QRHRN>=>KKRM<=TJ<=KLM>NK<=RXRNO>8V<QOKKL>KI)9> PO8>NR8LN>N>XO>HYKLU_>J8MR88>N>`;>N8KYKLNX>VN>K;<=S>=8KR=SQ<JLKTN<L; ;RN8OJO;R=8KRPP=<8>SR=O=JN>RKO=T8N>=S<QK<JORPN>K;<=KOUOPO8VJ<=J>N=K9RXO=T M<N>O=QPL>=J><=;LNJ9RKO=TS>JOKO<=KI59OP>89>N>9RKU>>=R=OJ9>MRN[>8Q<NR XRNO>8V<Q1*;N<SLJ8KQ<NRP<=T8OM>Y89>N>RN>KOT=K89R8K<JORPR=S>=XON<=M>=8RP OKKL>K9RX>U>>=M<XO=TO=8<89>MRO=K8N>RMMRN[>8;PRJ>I D 3<N>89R=eD;>NJ>=8 <Q<LNKLNX>VN>K;<=S>=8KO=SOJR8>SU>O=TX>NVO=8>N>K8>SO=P>RN=O=TRU<L89<H J>N8RO=J<M;R=O>K8NV8<U>M<N>K<JORPPVN>K;<=KOUP>f0OTLN>FIAgI0RJ>SHO89=>HK 9>RSPO=>KR=S=>H;N<SLJ8K<=89>K9>PX>KYJ<=KLM>NKYULKO=>KKR=ST<X>N=M>=8 RJ[=<HP>ST>RM<X>QN<M=OJ9>8<MRO=K8N>RMI ;*>J>=89>RSPO=>KO=JPLS>?a%O8V;PR=KQOX>CJ>=8URTQ>>cY)9>)<N<=8<18RNY"<X>MU>NFDYF^^Dz a"i,ih<mr=ae89pok8>nors>r89po=[>s8<3r;p>->rq;n<slj8kcy%,%">hky1>;8>mu>nabyf^^dz a,r=[osk}8<vkj<=8ro=o=t;<8>=8orppv8<`oj;prk8ojk?/=8rno<;rn>=8kc %,%">HKY"<X>MU>NAGYF^^e %<=KLM>NK%<L=JOP<Q%R=RSR AD =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

19 $KJ<=J>N=TN<HKR=SK9OQ8KO=8<89>MRO=K8N>RMO8OK8NR=KPR8>SO=8<S>MR=SKQ<N J9R=T>O=RPP;<O=8K<QR;N<SLJ8WKPOQ>JVJP>I%<=J>N=HRKNROK>S<X>N9<H;N<SLJ8K RN>S>KOT=>SR=SMR=LQRJ8LN>SO=JPLSO=TK<LNJ>K<QNRHMR8>NORPKfOI>IQRON8NRS> J<QQ>>gYPRU<LNJ<=SO8O<=KO=QRJ8<NO>KfOI>IKH>R8K9<;CQN>>K9<>KgY>=>NTV>QQOJO>=JV H9>=89>;N<SLJ8OKLK>SfOI>IQL>P>QQOJO>=8JRNKgRKH>PPRK89>SOK;<KRP<Q;N<SLJ8K foi>iruopo8v8<n>jvjp>j>n8ro=>p>j8n<=ojkgi&=rsso8o<=y89>n>hrkrpk<tn<ho=t O=8>N>K8O=;N<SLJ8KR=SK>NXOJ>K89R89>P;J<=KLM>NKMR[>POQ>K8VP>J9R=T>KR=S RS<;8RM<N>a>=XON<=M>=8RPPVQNO>=SPVcPOQ>K8VP>fOI>I;LK9PRH=M<H>NKR=S>=>NTV >QQOJO>=8POT98ULPUKgI )9>O=JN>RK>SRHRN>=>KKJN<KK>K89>J<M;P>8>POQ>JVJP><Q;N<SLJ8KR=SO8RPK<K;R=K RHOS>NR=T><QOKKL>KI)9>K>OKKL>KJR=U>O=J<=KOK8>=8RJN<KK89>NR=T><Q J<=KLM>NU>9RXO<LNI.<LMRVQO=SRJ<=KLM>NYQ<N>`RM;P>YH9<;RVKR;N>MOLM Q<NP<JRPPVTN<H=Q<<SUL8S<>K=<8MR[>89>KRM>>QQ<N88<;LNJ9RK><89>NP<JRP J<=KLM>NT<<SKI)9>K>U>9RXO<LNKJR=9OT9POT9889>J<=QLKO<=R=SSOQQOJLP8VQRJ>S UVJ<=KLM>NKO=8>NMK<QJ9<OJ>YO=Q<NMR8O<=YR=SRXROPRUOPO8VfSOKJLKK>SQLN89>NO= 89>=>`8K>J8O<=gI L8#+<,<4B'5+#*++')'*,04&5,MN5&#,')'*/&5* )9>&1/FB^^^'LOSR=J>18R=SRNS<Q1<JORP*>K;<=KOUOPO8VOS>=8OQO>KK>X>=KLU_>J8K <QK<JORPN>K;<=KOUOPO8VRKOPPLK8NR8>SO=0OTLN>FIFI)9>'LOS>PO=>KN>J<MM>=S89R8Y O=<NS>N8<MR=RT>89>J<M;R=VWKK<JORPN>K;<=KOUOPO8O>K>QQ>J8OX>PVYRJ<M;R=V K9<LPSOS>=8OQVR=SL=S>NK8R=S89>OM;RJ889R889>ONULKO=>KKRJ8OXO8O>KR=S S>JOKO<=K9RX>O=89>K>RN>RKI 59OP>89>N>OKMLJ9<X>NPR;U>8H>>=OKKL>KfOI>I89>P<JRPQ<<SM<X>M>=8N>KLP8K QN<M>=XON<=M>=8RPR=SJ<MML=O8VS>X>P<;M>=8;>NK;>J8OX>KgR=SK>X>NRP KOT=OQOJR=8KLUCJR8>T<NO>KL=S>N>RJ99>RSO=TfOI>IHRK8>YUO<SOX>NKO8VYJPOMR8> J9R=T>R=S>=>NTV>QQOJO>=JVMOT98RPPU>JPRKKOQO>SL=S>Nd89>>=XON<=M>=8WgY89> J<N>KLU_>J8JPRKKOQOJR8O<=OK9>P;QLPO=L=S>NK8R=SO=TJ<=KLM>NKW[>VJ<=J>N=KR=S H9>N>ULKO=>KKK9<LPSQ<JLK89>ON>QQ<N8KI &=_LSTO=T9<HN>K;<=KOUPVRJ<M;R=VU>9RX>KYKLNX>VN>K;<=S>=8KH>N>M<K8 PO[>PV8<K>P>J8J<=J>N=KN>TRNSO=T4,5*)&#B55*&5R=SV.$#M:&#./$,6"#.%/$%&5I $SSO8O<=RPN>K>RNJ9QN<M'P<U>1JR=O=SOJR8>K89R8J<=KLM>NK9RX>9OT9 >`;>J8R8O<=K<Q<;>NR8O<=RPN>K;<=KOUOPO8O>KfOI>IS>JOKO<=KR=SRJ8OXO8O>K89R8RN> SON>J8PVN>PR8>S8<RJ<M;R=VWK<;>NR8O<=KgI)9OKH<LPSO=JPLS>RJ8O<=KQN<M89> KLU_>J8K<Q4,5*)&#B55*&5YV.$#M:&#./$,6"#.%/$%&5Y<.;*#"#.%/$%&50R=S'+& I,3$#,)&,/KLJ9RK;N<SLJ8KRQ>8VY8N>R8O=T>M;P<V>>KQRONPVY>89OJRPPVK<LNJO=T MR8>NORPKYR=SN>SLJ>S;RJ[RTO=TI/89>NOKKL>K89R8MOT98PO><L8KOS>=<NMRP ULKO=>KK<;>NR8O<=KYKLJ9RKN>SLJO=T9LMR=NOT98KRULK>KR=SKL;;<N8O=TJ9RNO8O>K R=SJ<MML=O8V;N<_>J8KSOS=<8NR=[RK9OT9O=8>NMK<QJ<=KLM>N>`;>J8R8O<=KI G G%1*3<=O8<NF^^GY%<N;<NR8>*>K;<=KOUOPO8O>K?a%<M;R=O>K#>PS*>K;<=KOUP>0<Nc %<=KLM>NK%<L=JOP<Q%R=RSR AG =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

20 C.6%')DED)) "'),%2F'-3$)"G)H,I)DJKKK) :#15RB&5#+1*7T5#/+1/&, &8OK=<8KLN;NOKO=T89R8V.$#M:&#./$,6"#.%/$%&5H>N>RQL=SRM>=8RPQRJ8<NO= S>8>NMO=O=TJ<=KLM>NKWXO>H<QRN>K;<=KOUP>J<M;R=VI0RON;NOJO=TY9>RP89VR=S KRQ>;N<SLJ8KR=S9<=>K8RSX>N8OKO=TH>N>RPPJ<=KOS>N>S>KK>=8ORP8<RN>K;<=KOUP> R=S8NLK8>SJ<M;R=VIf0OTLN>FIEg :1705&@DC :#15RB&5#+1*7T5#/+1/&,M3052&6A&,0%+, [L>$):#/.,/0$-./ &.%+-/+&-11>$,6-.%/#5;&&,/9*$,T*76$,6+>#&5:,5$;19/+&9 ;&+.3&\[ ) %<=KLM>NK%<L=JOP<Q%R=RSR F^ =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

21 )'*,04&5<,,0&, &M;<N8R=8J9RNRJ8>NOK8OJKN>PR8>S 8<4,5*)&#B55*&5O=JPLS>S POK8>=O=T8<JLK8<M>NKY N>K;<=SO=T8<J<=KLM>N J<=J>N=KR=S;N<XOSO=TT<<S JLK8<M>NK>NXOJ>I*>PR8>SOKKL>K <Q9<=>K8VY8NR=K;RN>=JVYR=S89> O=8>TNO8V<QK>=O<NMR=RT>M>=8 H>N>J<=KOK8>=8PVK>P>J8>SRK[>V J<=KOS>NR8O<=KO=S>8>NMO=O=T H9R8MR[>KRJ<M;R=V %<=J>N=KN>PR8>S8<%<=KLM>N &KKL>KRPK<N>J>OX>S89>M<K8 M>=8O<=KO=89>O=Q<NMR8O<= O=8>NXO>HKJ<=SLJ8>SHO89 "#$%&'$)*$+),-.*-$"/$01.*-1,.2"1,3$ +"1456*-$728).4$ The right to safety. The right to choose. The right to be heard. The right to be informed. The right to consumer education. The right to consumer redress. The right to a healthy environment. The right to basic needs. In 1985 the United Nations Assembly adopted the first eight consumer rights in order to have stronger consumer protection policies. The Consumers Council of Canada has added a ninth right, the right to privacy. KLU_>J8MR88>N>`;>N8KI#>RP89R=S1RQ>8VHRKJ<=KOK8>=8PVOS>=8OQO>SRKR[>VOKKL> Q<N%R=RSOR=J<=KLM>NKO=X<PXO=TRHOS>NR=T><Q;N<SLJ8KR=SJ<=J>N=KO=JPLSO=T 8<`OJO8VR=SRONZLRPO8VOM;RJ8K<QJP>R=O=T;N<SLJ8KY9<NM<=>SOKNL;8>NKO=K<R;KY K9RM;<<KR=S<89>N;>NK<=RPJRN>;N<SLJ8KRKH>PPRK8<`OJO8V<Q;PRK8OJKYM<K8 N>J>=8PV9OT9POT98>SUV89>OKKL><QUOK;9>=<P$O=Q<<SJ<=8RO=>NKR=S;PRK8OJ U<88P>KI :1705&@DG )'*,04&5<,,0&, [L>$):#/.,/0$-./ &.%+-/+&-11>$,6-.%/#5;&&,/9*$,T*76$,6+>#&5:,5$;19/+&9 ;&+.3&\]) %<=KLM>NK%<L=JOP<Q%R=RSR FA =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

22 ) -*215'*4&*+ )9>>=XON<=M>=8OKRNTLRUPV89>PRNT>K8KLU_>J8O=8>NMK<Q89>J<M;P>`O8VR=S SOX>NKO8V<QOKKL>KI"O=>8VCQOX>;>NJ>=8<QKLNX>VN>K;<=S>=8KO=SOJR8>S89R8 ;N<8>J8O=T89>>=XON<=M>=8HRKRX>NVOM;<N8R=8<NQRONPVOM;<N8R=8QRJ8<NO= _LSTO=T9<HRN>K;<=KOUP>J<M;R=VU>9RX>KI)9N<LT989>O=Q<NMR8O<=O=8>NXO>HK R=SQ<JLKTN<L;KY89>8H<MRO=>=XON<=M>=8RP8<;OJKOS>=8OQO>SH>N>J<=J>N=K KLNN<L=SO=TJPOMR8>J9R=T>R=SHRK8>I %POMR8>J9R=T>R=SN>PR8>SOKKL>K<Q>=>NTV>QQOJO>=JVR=SJRNU<=H>N>NROK>SUVRPP O=Q<NMR8O<=O=8>NXO>H>>KI%<=J>N=<X>NJPOMR8>J9R=T>8NR=KPR8>KO=8<J<=KLM>N ;LNJ9RKO=TU>9RXO<LNRKH>PPRKPOQ>K8VP>J9R=T>KI%<=KLM>NKP<<[Q<N<;;<N8L=O8O>K 8<ULV;N<SLJ8K89R8H>N>;N<SLJ>SHO89P>KK>=>NTV<N89R8HOPP9>P;89>MLK>P>KK >=>NTVI2LNJ9RKO=TO=RN>8ROPK8<N>89R8OK>=>NTV>QQOJO>=8<NN>HRNSO=TJ<M;R=O>K 89R8N>SLJ>89>8NR=K;<N8R8O<=<Q;N<SLJ8KRN>RPK<RJ8O<=K89R8N>QP>J8J<=KLM>N J<=J>N=KI 59OP>JPOMR8>J9R=T>OKRUN<RSCN>RJ9O=T>=XON<=M>=8RPOKKL>Y89><89>N >=XON<=M>=8RPOKKL>89R8HRKR[>VJ<=J>N=HRKHRK8>YK;>JOQOJRPPV;PRK8OJURTKR=S J<QQ>>JL;KI)9>M<X>8<HRNSKMO=OMO\O=T;RJ[RTO=T9RKTRO=>SRP<8<Q8NRJ8O<=Q<N J<=KLM>NKRKH>PPRKML=OJO;RPT<X>N=M>=8KYH9OJ9K8NLTTP>HO89PR=SQOPPKR=S N>JVJPO=TJ<K8KYR=SJ<M;R=O>KP<<[O=TQ<N<;>NR8O<=RPKRXO=TKI$JJ<NSO=T8<<LN KLNX>VN>KLP8KYLKO=TN>JVJP>SMR8>NORPKO=;RJ[RTO=THRKX>NVOM;<N8R=8<NQRONPV H#3'6*3."#)"G)7//),"-.*/)*#+)9#L."#&'#3*/)H&1*-3$) &S>RPPVJ<=KLM>NKH<LPS;N>Q>N;N<SLJ8K89R8MO=OMO\>SRPP=>TR8OX>K<JORPR=S >=XON<=M>=8RPOM;RJ8KR8RPP;<O=8K<Q89>KL;;PVJ9RO=I&=89>M>R=8OM>YU<89 J<=KLM>NKR=SULKO=>KKK8NLTTP>8<L=S>NK8R=SR=SRJ8<=89<K>J<=J>N=KR=S OM;RJ8KI3<N>89R=R=VK;>JOQOJaTN>>=c<Na>89OJRPcOKKL><NJ<=J>N=Y89> <X>NH9>PMO=TN>K;<=K><QJ<=KLM>NKHRK89>S>MR=SQ<N/#*5/&7;N<SLJ8KQN<M #&5:,5$;1&J<M;R=O>KI%<=KLM>NK>`;N>KK>SQNLK8NR8O<=H9>=89><X>NRPP ;>NQ<NMR=J><Q89>J<M;R=V<=K<JORPN>K;<=KOUOPO8VOKKL>KHRKSOKJ<==>J8>SI0<N >`RM;P>Y<=>Q<JLKTN<L;;RN8OJO;R=8HRK;L8<QQUVRJ<M;R=VU>JRLK>H9OP>89>V ;N<M<8>SQRON8NRS>;N<SLJ8KY89>VRPK<K<PSU<88P>SHR8>NYH9OJ9K9>J<=KOS>N>S )'*,04&5,L#*+1+N%% 59OP>89>N>OKT>=>NRP>XOS>=J>89R8J<=KLM>NKRN>J<=J>N=>SRU<L8K<JORP N>K;<=KOUOPO8VOKKL>KY89>L=S>NPVO=TZL>K8O<=U>J<M>K9<HQRNRN>J<=KLM>NK HOPPO=T8<T<b#<HRN>J<=KLM>NKRJ8O=T<=89>ONJ<=J>N=Kb $KVK8>MR8OJN>XO>H<QN>K>RNJ9<=K<JORPPVJ<=KJO<LKJ<=KLM>NOKMJ<=SLJ8>SUV 89>">8H<N[Q<N,LKO=>KK1LK8RO=RUOPO8VO=F^^GQ<L=S89R8MRO=K8N>RMJ<=KLM>NK %<=KLM>NK%<L=JOP<Q%R=RSR FF =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

23 RN>=<8=>J>KKRNOPVHOPPO=T8<;RVR;N>MOLMQ<NRPPK<JORPPVN>K;<=KOUP>;N<SLJ8KI A^ 0LN89>NN>K>RNJ9S>M<=K8NR8>K89R8J<=KLM>NKRN>M<N>PO[>PV8<;L=OK9J<M;R=O>K S>>M>SRKL=>89OJRP<NONN>K;<=KOUP>I&=QRJ8Y=>TR8OX>O=Q<NMR8O<=9RKRPM<K88HOJ> 89>OM;RJ8<=J<=KLM>NKWHOPPO=T=>KK8<;RVRK;<KO8OX>O=Q<NMR8O<=I AA '>=>NRPPV J<=KLM>NKRN>OM;LPKOX>R=S9RX>RP<=TC8>NMM>M<NV<QURSU>9RXO<LNI&=MR=V N>K;>J8KJ<=KLM>NKHR=88<Q>>PPO[>89>VRN>MR[O=TRSOQQ>N>=J>y>O89>NUV N>HRNSO=TN>K;<=KOUP>J<M;R=O>KHO89P<VRP8V<N;L=OK9O=T89<K>S>>M>SRK ONN>K;<=KOUP>I )9>N>OK=<ZL>K8O<=89R8J<=KLM>NKW>`;>J8R8O<=KRN>9OT9R=S89R889>VRN> S>MR=SO=TM<N>I)9N<LT9RPP89>>P>M>=8K<Q<LNN>K>RNJ9H>Q<L=S89R8 J<=KLM>NKRN>HOPPO=T8<;LNJ9RK>K<JORPPVN>K;<=KOUP>;N<SLJ8KR=S;RVR;N>MOLM $-C o mlrpo8vr=s;>nq<nmr=j>ok89>krm> o )9>;N<SLJ8OKQN<MR/#*5/&7J<M;R=V o )9>;N<SLJ8OKRXROPRUP>R=SJ<=X>=O>=88<QO=S o )9>V8NLK889>JPROMK89R8RN>U>O=TMRS>RU<L889>;N<SLJ8 %<=KLM>NKK>889>URNX>NV9OT9R=SRN>=<8HOPPO=T8<J<M;N<MOK>R=SRJJ>;8R=V 8NRS>C<QQKY<N>X>=89>;>NJ>;8O<=<Q8NRS><QQKI&=<NS>N8<M<X>K<JORPPVN>K;<=KOUP> J<=KLM>NOKMO=8<89>MRO=K8N>RMY89>N>=>>SK8<U>R=RSSO8O<=RPQ>R8LN><N U>=>QO8I)9>;N<SLJ8=>>SK8<U>;>NJ>OX>SRK9>RP89O>NYKRQ>NYQN>K9>N<NO=K<M> HRVU>88>NI)9>URNNO>NKQRJO=TJ<=KLM>NKO=MR[O=T89>K>RKK>KKM>=8KR=S )'*/%0,1'* %N>R8O=TRM<N>KLK8RO=RUP>MRN[>8;PRJ>N>ZLON>KJ<=KLM>NK8<U>J<M>M<N> RJ8OX>yO=POMO8O=TR=SJ9R=TO=T89>ONJ<=KLM>N9RUO8KRKH>PPRKU>9RXO<LNKR=S POQ>K8VP>J9<OJ>KI/LNN>K>RNJ9K8LSV9RKN>X>RP>SK8N<=TN>KLP8KO=SOJR8O=T89R8 J<=KLM>NK9RX>KOT=OQOJR=8K<JORPN>K;<=KOUOPO8VJ<=J>N=KR=SH<LPSPO[>8< O=J<N;<NR8>89>ONXRPL>KO=8<;LNJ9RKO=TS>JOKO<=KI&8OK>XOS>=889R889>TN<HO=T J<=J>N=R=SRHRN>=>KK<QOKKL>K9RKN>KLP8>SO=R=O=JN>RK><QO=Q<NMR8O<=YUL889R8 J<=KLM>NKK8OPPK8NLTTP>HO898NR=KPR8O=TJ<=J>N=R=SO=Q<NMR8O<=O=8<[=<HP>ST> R=SRJ8O<=I59OP>;NOJ>R=SJ<=X>=O>=J>8>=S8<U>89>K8N<=T>K8O=QPL>=J>KY89> K<JORPR=S>=XON<=M>=8RPN>;L8R8O<=<QRJ<M;R=VYRKH>PPRK89>K<JORPR=S >=XON<=M>=8RPOM;RJ8K<Q89>ON;N<SLJ8<NK>NXOJ>YRN>RPK<8<;<QMO=SH9>= K9<;;O=TI&=;RN8OJLPRNYOKKL>KN>TRNSO=T9<=>K8VYQRON=>KKYKRQ>8VR=S89> >=XON<=M>=8RN>KOT=OQOJR=8QRJ8<NKO=89>;LNJ9RKO=TS>JOKO<=K<Q%R=RSOR= J<=KLM>NKI A^%<88>YiL=>Y{)NLS>PY*>MOIfF^^GgI1<JORPPV%<=KJO<LK%<=KLM>NOKM?$1VK8>MR8OJ*>XO>HI ">8H<N[Q<N,LKO=>KK1LK8RO=RUOPO8V6=<HP>ST>2N<_>J81>NO>KIwww.nbs.netI 11 )NLS>PY*IY{%<88>YiIfF^^GgI&K&8*>RPPV5<N89&8b%<=KLM>N*>K;<=K>8<89OJRPR=S4=>89OJRP 2NRJ8OJ>KI3&)h1P<R=3R=RT>M>=8*>XO>HY]^fFg?BACBDI %<=KLM>NK%<L=JOP<Q%R=RSR FE =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

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d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hN>PORUP>;N<SLJ8ZLRPO8VR=Sh<NK>NXOJ> F -<H>K8;NOJ> E *>J<MM>=SR8O<=QN<MK<M><=>&[=<HR=S8NLK8 ] %<=X>=O>=J> B 2N>K8OT><NK<JORPK8R8LKRKK<JOR8>SHO89;N<SLJ8<NK>NXOJ>WKUNR=S 1<89>S>JOKO<=8<MR[>R=V;LNJ9RK>O=X<PX>KR=LMU>N<QSOQQ>N>=8QRJ8<NK89R8 MRV<X>NPR;<N>X>=J<M;>8>RTRO=K8>RJ9<89>NS>;>=SO=T<=89>JONJLMK8R=J>KI )9OK;<O=8HRKOPPLK8NR8>SUVR=LMU>N<Q89>Q<JLKTN<L;;RN8OJO;R=8KO=<LNK8LSVI $K<=>;RN8OJO;R=8N>K;<=S>SYa3VS>JOKO<=CMR[O=TJNO8>NORMRVJ9R=T>SROPVI&Q&WM NL==O=TPR8>Y89>[OSK=>>S8<U>;OJ[>SL;YMVK;<LK>OKHRO8O=T~&WM=<8T<O=T8< AF%RNM>=7RP<NYa%R=%<=KLM>NK,LV*>K;<=KOUPVb$=RPVKOKR=S1<PL8O<=KQ<N3RN[>80ROPLN>KcY i<ln=rp<q%<=klm>n2<pojvff^^dgea?eabi AE1<JORPPVN>K;<=KOUP>;N<SLJ8R88NOUL8>KMRVR88NRJ8J<=KLM>NKUL8QL=J8O<=RPO8VJ<M>QONK8I1>>?2R8 $LT>NYa+<1<JORP2N<SLJ80>R8LN>K#RX>7RPL>8<%<=KLM>NKbcY&=8>N=R8O<=RPi<LN=RP<Q*>K>RNJ9O= 3RN[>8O=TYfF^^DgF]fEgADECGAI %<=KLM>NK%<L=JOP<Q%R=RSR F@ =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

25 S<RX>NVJRN>QLPRKK>KKM>=8<QH9R8&=>>S8<ULVQ<NSO==>NI&WM_LK8T<O=T8<T<8< 89>K8<N>R=STNRU89>QONK889O=T<QQ89>K9>PQIc "<8HO89K8R=SO=T89>OM;<N8R=J>89R8J<=X>=O>=J>JR=K<M>8OM>K;PRVYR=<89>N ;RN8OJO;R=8=<8>S89R8O=8<SRVWKJ<M;>8O8OX>MRN[>8;PRJ>YULKO=>KK>KJR==<8 KLNXOX>HO89<L8<QQ>NO=TN>PORUP>;N<SLJ8ZLRPO8VR=SRN>RK<=RUP>;NOJ>YR=SK<89> OKKL><QR;N<SLJ8WKK<JORPPVN>K;<=KOUP>;>SOTN>>JR=U>J<M>R=>HdH>ST>OKKL>W O=QPL>=JO=T89>S>JOKO<=K<QJ<=KLM>NKI$KV>8R=<89>N;RN8OJO;R=8K8R8>SYa)9> QRJ8<NK<Q;NOJ>R=SZLRPO8VRN>TOX>=KO=8<SRVWKMRN[>8;PRJ>~V<LWN>_LK8=<8T<O=T 8<KLJJ>>SHO89<L889OKyUL8OQV<LWN>P<<[O=TQ<NRHRV8<SOQQ>N>=8OR8>V<LNK>PQY& 89O=[K<JORPN>K;<=KOUOPO8VMRVU>89>=>HJ<M;>8O8OX>;PRVO=TQO>PSIc )9OKMRVU>8NL>YUL8H9>=H>MR;J<=KLM>NJ<=J>N=KLNN<L=SO=TJ<N;<NR8>K<JORP N>K;<=KOUOPO8VRTRO=K889>P>X>P<QJ<=KLM>NRJ8O<=YH>K>>89R889>N>OKK8OPPK<M> H<N[8<S<8<MR8J9J<=KLM>NKWXRPL>KHO8989>ONRJ8O<=KI :1705&CD? >#BB1*7)'*,04&5,)'*/&5*,2,DN/+1'*, &=89>MR8NO`RU<X>YFA;>NJ>=8<QJ<=KLM>NKRN>J<=J>N=>SRU<L8OKKL>K<QK<JORP N>K;<=KOUOPO8VR=SRN>HOPPO=T8<MR[>RKOT=OQOJR=8>QQ<N88<KL;;<N889>ONXRPL>KY H9>N>RK]e;>NJ>=8RN>J<=J>N=>SUL8J9RPP>=T>SRU<L89<H8<8R[>M>R=O=TQLP RJ8O<=I)9>N>KLP8J<=QONMKRJ<=KLM>NdR88O8LS>CU>9RXO<LNTR;WHO89N>K;>J88< %<=KLM>NK%<L=JOP<Q%R=RSR F] =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

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dL=S>NCK>NXOJ>SW J<=KLM>NKN>;N>K>=8R=<;;<N8L=O8VQ<NULKO=>KK>KI )#B+051*7RBB'5+0*1+6#*=N2'1=1*7A1,S, )<>`;P<N>89OKRU<X>N>PR8O<=K9O;QLN89>NYH>LK>S89>JOXOPCP>RN=O=TQNRM>H<N[ 8<<PS>X>P<;>SUV$JJ<L=8$UOPO8V8<>=RUP>LK8<U>88>NL=S>NK8R=S9<HJ<N;<NR8> K8NR8>TVR=SK<JO>8RPRHRN>=>KK<QR=OKKL>JR=S>X>P<;R=S>X<PX><X>N8OM>I )121%Z&#5*1*7:5#4&Q'5S QONK8R;;>RN>SO=1OM<=RS>[Ya)9>2R898<%<N;<NR8>*>K;<=KOUOPO8VcY#RNXRNS,LKO=>KK*>XO>HY %<=KLM>NK%<L=JOP<Q%R=RSR FB =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

27 )9>8<<PQRJ8<NKO=P>RN=O=TQN<MU<89RULKO=>KKR=SRJ<=KLM>NfK<JO>8RPg ;>NK;>J8OX>R=SJR=9>P;LKU>88>NL=S>NK8R=S9<HK<JORPN>K;<=KOUOPO8VOKKL>KR=S N>K;<=K>KJR=>X<PX><X>N8OM>I59>=J<=KLM>NRHRN>=>KK<NO=8>N>K8OKP<HY<NO= R;N>POMO=RNVK8RT>YULKO=>KK>KJR=T>8RHRVHO89S>Q>=KOX>RJ8O<=KR=SS>QP>J8 N>K;<=KOUOPO8VI#<H>X>NYRKK<JORPN>K;<=KOUOPO8VOKKL>KMR8LN>R=S>X<PX><X>N8OM> R=SJ<=KLM>NK8R[>M<N>O=8>N>K8Y89>;N>KKLN>K<=ULKO=>KK8<N>K;<=STN<H K8N<=T>NI )9>M<S>PRPK<OPPLK8NR8>KU<8989>NOK[KR=S<;;<N8L=O8O>KRXROPRUP>8<J<M;R=O>KR8 SOQQ>N>=8P>X>PK<QJ<=KLM>NO=8>N>K8I&QJ<=KLM>NO=8>N>K8O=OKKL>K<QK<JORP N>K;<=KOUOPO8VOKTN>R8>N89R=89>J<M;R=O>KWN>K;<=K>O=89OKRN>RY89>=89OK N>;N>K>=8KR;<8>=8ORPNOK[Q<N89>J<M;R=VI0<N>`RM;P>Y<X>N89>;RK8S>JRS> %R=RSOR=J<=KLM>NK9RX>U>J<M>O=JN>RKO=TPVRHRN><Q89>OKKL><QS<P;9O=K T>88O=TJRLT98O=89>=>8KLK>S8<JR8J9V>PP<H8L=RQOK9I)9OKOKKL>9RKK;RH=>SR NR89>NPRNT>TN<L;<QM<8OXR8>SJ<=KLM>NKI&8H<LPS89>N>Q<N>U>RKO\>RUP>NOK[Q<N RJ<M;R=VK>PPO=T8L=R=<88<N>K;<=S8<89OKOKKL>UVJ9R=TO=TO8K;NRJ8OJ>KR=S J<MML=OJR8O=T89OK8<J<=KLM>NKI0ROPLN>8<S<K<H<LPS;PRJ>89>J<M;R=VO=89> NOK[\<=>R889>P<H>NNOT989R=SCKOS><Q89>MR8NO`R=SJ<LPSN>KLP8O=RP<KK<Q MRN[>8Q<N89>ULKO=>KKI /=89><89>N9R=SYRJ<M;R=VMRVHR=88<K8>;<L8O=QN<=8<QO8KJ<M;>8O8<NK<= OKKL>K89R8RN>K8OPPO=89>>RNPVK8RT>K<QTRO=O=T8NRJ8O<=HO89J<=KLM>NKO=<NS>N8< K>>[<;;<N8L=O8VRKR=>RNPVRS<;8>NI59OP>O8KJ<M;>8O8<NKRN>K8OPPO=RS>Q>=KOX> M<S>YRJ<M;R=VJR=8R[>P>RS>NK9O;<=R=OKKL>R=SUNO=TJ<=KLM>NKRP<=THO89 89>M89N<LT9>SLJR8O<=R=SRHRN>=>KKI0<NO=K8R=J>H9>=%R=RSOR=TN<J>NV N>8ROP>N-<UPRHKN>J>=8PVOM;P>M>=8>SRKLNJ9RNT><=;PRK8OJURTKO=O8KTN<J>NV K8<N>KfR9>RS<Q89>P<JRPT<X>N=M>=88R`gO89>P;>S8<NROK>RHRN>=>KK<Q89>OKKL> RM<=TJ<=KLM>NK<Q89>>`J>KKOX>RM<L=8<Q;PRK8OJURTK89R8T<8<PR=SQOPPK>RJ9 V>RNYR=SKOMLP8R=><LKPVRSS>SXRPL>8<O8KUNR=SRKRN>K;<=KOUP>ULKO=>KK89R8 JRN>KRU<L889>>=XON<=M>=8I 7O>H>SQN<M89OKNOK[CRX<OSR=J>h<;;<N8L=O8V;>NK;>J8OX>YM<K8J<M;R=O>KH<LPS QO=S89>MK>PX>KTN<L;>S8<T>89>NR8<;;<KO8>>=SK<Q89>K;>J8NLMI$8<=>>=S<Q 89>K;>J8NLMV<L9RX>J<M;R=O>K89R8MR[>R=<X>N8>QQ<N88<J<MML=OJR8>8< J<=KLM>NK<=89>ONK<JORPR=S>=XON<=M>=8RP;>NQ<NMR=J>KLJ9RK3<L=8RO= ZLO;M>=8%<C<;<N18RNULJ[KI/=89><89>N>=S<Q89>K;>J8NLMYJ<=KLM>NKR;;>RN T>=>NRPPVKR8OKQO>SHO8989>ZLRPO8VY;NOJ>R=SK>NXOJ>89>VRN>N>J>OXO=TyR=S =>O89>N89>J<M;R=V=<NO8KJLK8<M>NK9RX>K>>=89>=>>S8<RSS89>SOM>=KO<=<Q K<JORPN>K;<=KOUOPO8V8<89>ONJPROMK<NS>MR=SKI %<M;R=O>KR889OK>=S<Q89>K;>J8NLMRN>M<K8J<MM<=PV89<K>89R8RN>O=89> XRPL><NSOKJ<L=8K>J8<NK<NN>8ROP>NKH9<S>QO=>89>MK>PX>K;NO=JO;RPPVO=8>NMK<Q P<H;NOJ>KR=ST<<SXRPL>I59>N>J<M;R=O>KKLJ9RK89>K>9RX>U>TL=8<;LNKL> K<JORPPVN>K;<=KOUP><U_>J8OX>KO89RK;NOMRNOPVU>>=O=N>K;<=K>8<<89>NSNOX>NK KLJ9RK"'/JRM;ROT=KY<;>NR8O<=RPJ<K8KKRXO=TKYK8RQQ;N<SLJ8OXO8VYR=S %<=KLM>NK%<L=JOP<Q%R=RSR Fe =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

28 N>TLPR8O<=KNR89>N89R=RKRJ<=KLM>NQ<JLK>SK8NR8>TVyRP89<LT989OKMRVU> K8RN8O=T8<J9R=T>I /=>;<KO8OX>J<=KLM>NCQ<JLK>S>`J>;8O<=OKO=89>RN>R<Q9>RP89R=SQ<<SKRQ>8VY A] H9>N>R=>=XON<=M>=8<QJOXOPP>RN=O=TR=SJ<M;>8O8OX>N>K;<=K>K>>MK8<U> >M>NTO=TTNRSLRPPVI 59>N>J<M;R=O>KR=S89>ONJLK8<M>NK9RX>U>>=RUP>8<M<X>L;89>JOXOPP>RN=O=T JLNX>O89RK<Q8>=U>>=U>JRLK>>O89>N89>J<M;R=V<N89>ONJLK8<M>NK9RX>RJ8OX>PV SNOX>=89>J9R=T>89N<LT989>L=K8RUP>RN>RH9>N>J<=KLM>NJ<=J>N=R=S J<N;<NR8>N>K;<=K>RN>=<8RPOT=>SI/=>JRK>89R8K8R=SK<L8O=N>J>=8V>RNKOKH9>= <L8S<<NCT<<SKN>8ROP>N3%S>JOS>S8<;LPP;PRK8OJHR8>NU<88P>K<QQO8KK9>PX>K89R8 J<=8RO=>SUOK;9>=<P$<X>N9>RP89J<=J>N=KQ<NO8KJLK8<M>NKI AB &8SOS89OKO= RSXR=J><QR=V9>RP89HRN=O=TKQN<MT<X>N=M>=8KO=%R=RSR<N89>4I1I3%WK RJ8O<=HRK=<8>SO=89>;N>KKR=S9>P;>SNROK>RHRN>=>KK<Q89>OKKL>RM<=T J<=KLM>NKI$K89OKJRK>OPPLK8NR8>KY;N<TN>KK9RK<Q8>=U>>=JR8RPV\>SUVJNOKOK<N M>SORR88>=8O<=I 5O89<L8JNOK>KKLJ9RK89>K>YJ<M;R=O>KR=S89>ONJLK8<M>NK<Q8>=8>=S8<J<C>`OK8Y K8LJ[U>8H>>=dONN>P>XR=8>`J>PP>=J>WfH9>N>J<M;R=O>KRN>OM;N<XO=T89>ONK<JORP N>K;<=KOUOPO8V;>NQ<NMR=J>UL8RN>=<8>QQ>J8OX>PVJ<MML=OJR8O=T89OK8<89>ON J<=KLM>NKgYR=SdL=M>8J<=KLM>NS>MR=SKWfH9>N>J<=KLM>NKWXRPL>KO=89>RN>R <QK<JORPN>K;<=KOUOPO8VRN>T<O=TL=9>>S>SUVULKO=>KKHO89>`;>J8>S J<=K>ZL>=J>KgI,LKO=>KKRN>TNRSLRPPVN>J<T=O\O=T89R8K<JORPR=S>=XON<=M>=8RPOKKL>KRN>M<N> 89R=R=OJ9>J<=J>N=R=S89R8K<JORPN>K;<=KOUOPO8VOK<Q8>=RX>9OJP>Q<NULKO=>KK>K H9<K9RN>89<K>KRM>J<=J>N=K8<>=TRT>HO8989>ONJLK8<M>NKR=SQO=S=>HHRVK 8<8LN=89OKO=8<N>RPULKO=>KKXRPL>I #<H>X>NYL=P>KKULKO=>KK>KJ<MML=OJR8>JP>RNPV8<89>ONJLK8<M>NKRU<L889>ON K<JORPN>K;<=KOUOPO8V;NRJ8OJ>KY;N<TN>KKHOPPN>MRO=K8RPP>SI)9OKOPPLK8NR8>K89>=>>S Q<NU>88>NJ<MML=OJR8O<=KU>8H>>=J<=KLM>NKR=SULKO=>KK>KO=<NS>N8<>=RUP>R= A]a%R;8LNO=T89>'N>>=$SXR=8RT>Q<N%<=KLM>N%<M;R=O>KcY,<K8<=%<=KLP8O=T'N<L;fF^^Gg?A]C AB AB3RN8O=3O88>PK8R>S8Ya3<L=8RO=ZLO;M>=82LPPK5R8>N,<88P>K/QQ19>PX>KcY'P<U>R=S3ROPYe+>JI %<=KLM>NK%<L=JOP<Q%R=RSR FD =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

29 CDC F#551&5,#*=H1,/'**&/+,XL86>178+)'*,04&5,Z&#2&"8&15]#%0&,#+ +8&>#%%-*+5#*/&U *>J>=8N>K>RNJ9<=J<=KLM>NKWN<P>O=KLK8RO=RUP>S>X>P<;M>=8<QQ>NKR=LMU>N<Q SOQQ>N>=889><NO>KRK8<H9R8OK;N>X>=8O=TJ<=KLM>NKQN<M>QQ>J8OX>PV8NR=KPR8O=T 89>ONXRPL>KO=8<RJ8O<=KI Ae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dH9V89>SOKJ<==>J8Wb)9>KLNX>VN>K;<=K>KRN> 8<89OKZL>K8O<=I Ae1>>Q<N>`RM;P>Y$PRO=SW$K8<LKR=S$MjPO>->T>=SN>Ya4=S>NK8R=SO=T%<=KLM>NKW89OJRP ilk8oqojr8o<=k?$1jrp>q<n"<8,>9rxo=t89ojrppvcyi<ln=rp<q,lko=>kk89ojkyff^^ggde?f]] %<=KLM>NK%<L=JOP<Q%R=RSR FG =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

30 M"#$%&'$)"#-'#$)"#),"-.*/)0'$1"#$.2./.34)*')N'*3/4)9O*66'*3'+P) /=><Q89>M<K8QN>ZL>=8PVJO8>SN>RK<=KQ<N89>SOQQ>N>=J>U>8H>>=K8R8>SXRPL>K R=SRJ8LRPRJ8O<=KOK89R8J<=KLM>NKWJ<=J>N=KRN><Q8>=O=QPR8>SzO=QPL>=J>SUV89> =<8O<=K<QH9R889>V<LT988<JRN>RU<L8NR89>N89R=H9R889>VRJ8LRPPVJRN>RU<L8I %<=KLM>NK8>=S8<>`RTT>NR8>89>ONJ<=J>N=KH9>=89>VRN>RK[>SO=KLNX>VKYH9>= O=N>RPO8VOKKL>K<QK<JORPN>K;<=KOUOPO8VP<K><L88<<89>NOKKL>K<Q;NOJ>YZLRPO8VR=S J<=X>=O>=J>I &8OKJP>RNHO89O=<LNN>K>RNJ989R8;NOJ>R=SZLRPO8V8R[>;NO<NO8VO=8>NMK<Q J<=KLM>NK;LNJ9RKO=TS>JOKO<=KI&=<LNN>K>RNJ9RPM<K8E^;>NJ>=8<QN>K;<=S>=8K XO>H>S89>J<K8<QK<JORP<N>=XON<=M>=8RP;N<SLJ8KRKU>O=TRaX>NVKOT=OQOJR=8 URNNO>Nc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eA;>NJ>=8<QJ<=KLM>NN>K;<=S>=8KOS>=8OQO>SRPRJ[<Q8OM>8<T>8KLQQOJO>=8 O=Q<NMR8O<=8<MR[>R=O=Q<NM>SS>JOKO<=RKU>O=TRdK<M>H9R8W<NdX>NVKOT=OQOJR=8W URNNO>NQ<N89>MO=>`>NJOKO=T89>ON;N>Q>N>=J>8<J<=KLM>K<JORPPVN>K;<=KOUP> ;N<SLJ8KR=SK>NXOJ>KI)9>OKKL>9>N>OK=<889R889>N>OK=<8>=<LT9O=Q<NMR8O<=I %<=KLM>NK[=<H89R8O=Q<NMR8O<=OK<Q8>=RXROPRUP>RU<L8RJ<M;R=VWKK<JORP N>K;<=KOUOPO8V;NRJ8OJ>KYUL889>VKOM;PVS<=W89RX>89>8OM>8<RJJ>KKR=SKOQ8 89N<LT9O8I$K<=>Q<JLKTN<L;M>MU>N;L8O8Ya)9>N>RN>K<MR=V89O=TKJ<M;>8O=T Q<NMVR88>=8O<=R=S&JR=<=PVR88>=S8<K<MR=VJ<=J>N=KI&JR=W8U>L;<=K<MR=V 89O=TKR8<=J>Ic [4,5*)&#5.#&;&$,6;);.#7&7;9$,-#)./$,.,7.#&#&%&$3$,6/).,9 %,-1$%/$,6)&55.6&5YB5$/.,9>,7&#/+./5)&%,5*)&#5T*5//+#>*: /+&$#.#)5.,76$3&*:\] 0<JLK'N<L;2RN8OJO;R=8 %<=KLM>NK%<L=JOP<Q%R=RSR E^ =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

31 &8OKOM;<N8R=88<MR[>89>SOK8O=J8O<=U>8H>>=9RXO=TRJJ>KK8<O=Q<NMR8O<=R=S RJ8LRPPV9RXO=T[=<HP>ST><=OKKL>K<QK<JORPN>K;<=KOUOPO8VH9OJ9J<LPSU>R;;PO>S 8<;RN8OJLPRNJ<M;R=O>KR=S;LNJ9RK>KI&=R=O=JN>RKO=TPVHON>SH<NPSYJ<=KLM>NK Q>>P89R889>V9RX>RJJ>KK8<RH>RP89<QO=Q<NMR8O<=YUL889>V=>O89>N9RX>89>8OM> 8<N>K>RNJ9=<N89>M>R=K8<X>NOQVO=Q<NMR8O<=8<>=KLN>O8OKLK>QLPIX>=H9>= 89>V9RX>8OM>89>VRN>=<8RKKLN>S89R8N>P>XR=8O=Q<NMR8O<=>`OK8KYU>JRLK>MR=V J<M;R=O>KS<=<8J<MML=OJR8>HOS>PVRU<L889>ONK<JORPR=Sh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`;>NO>=J>KHO89>=XON<=M>=8RPPVQNO>=SPV ;N<SLJ8KfOI>I8<OP>8;R;>NYJP>R=O=T;N<SLJ8KgR=S89>N>Q<N>RKK<JOR8>U>O=TdTN>>=W <NdK<JORPPVN>K;<=KOUP>WHO89P<H>NZLRPO8VI59OP>M<8OXR8>SJ<=KLM>NKMRVK8OPP J9<<K>89>K>;N<SLJ8KYMRO=K8N>RMJ<=KLM>NKHOPP=<8MR[>89>8NRS>C<QQK<= ;>NJ>OX>SZLRPO8VQ<NK<JORPN>K;<=KOUOPO8VR88NOUL8>KI 3<N>N>J>=8PV89>ZLRPO8V<QK<JORPPVN>K;<=KOUP><NTN>>=;N<SLJ8K9RKOM;N<X>SY UL8J<=KLM>NK9RX>P<=TM>M<NO>KR=SRN>K8OPPHRNVRU<L88NRSO=T<QQZLRPO8VQ<N K<JORPN>K;<=KOUOPO8VI&=<LNKLNX>VYFA;>NJ>=8<QJ<=KLM>NKN>;<N8>S89R889> ZLRPO8VOKKL>HRKRdX>NVKOT=OQOJR=8URNNO>NWO=;N>X>=8O=T89>MQN<MRJ8O=T<=89>ON XRPL>KR=SJ<=J>N=KN>PR8>S8<K<JORPN>K;<=KOUOPO8VI %<=KLM>NK%<L=JOP<Q%R=RSR EA =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

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`IX>=H9>=O=Q<NMR8O<=>`OK8KYRKK>KKO=TK<JORP R=S>=XON<=M>=8RPJPROMKJR=U>SOQQOJLP8I0<N>`RM;P>YQ<NMR=VJ<=KLM>NK HR=8O=T8<N>SLJ>89>ONJRNU<=Q<<8;NO=8Y89>OS>R<Q;LNJ9RKO=TP<JRPQ<<SK>>MK PO[>RT<<SOS>RYK<89>VMR[>R=>QQ<N88<;LNJ9RK>89>ON8<MR8<>KQN<MRP<JRP ;N<SLJ>NI#<H>X>NYSLNO=T89>HO=8>NH9>=8<MR8<>KJR=<=PVU>TN<H=P<JRPPVO= RTN>>=9<LK>Y89>>=>NTVN>ZLON>S8<9>R889>TN>>=9<LK>MRV;N<SLJ>M<N> JRNU<=89R=QPVO=T89>MO=QN<M3>`OJ<I&KO8N>RK<=RUP>8<>`;>J889R8J<=KLM>NK JR=MR[>89>K>RKK>KKM>=8KUV89>MK>PX>KHO89PO88P>M<N>89R=J<L=8NV<Q<NOTO= O=Q<NMR8O<=RXROPRUP>R889>ONTN<J>NVK8<N>b $;;N<`OMR8>PVBD;>NJ>=8<QJ<=KLM>NKKLNX>V>SQ>P889R8JPROMKR=SPRU>PKN>PR8>S 8<K<JORPN>K;<=KOUOPO8VJR=U>J<M;P>`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`OMR8>PVee;>NJ>=8<Q J<=KLM>NKKLNX>V>SN>;<N8>S89OKRKRKOT=OQOJR=8URNNO>NI [G)&/$)&5BN71$=&/7/+&#$6+//+$,60;*/+>7B=,>$-BN)6&//$,6.%%*#./&$,-#)./$,,.:.#/$%*1.#%):.,9Y'+&#&N5,:*;1$%>./%+76 *//+&#&5>+3.1$7./&5>+./$5/#*&\G)91&3&1-.%/$,$57$#&%/19 #&1./&7/+>)*%+B%.,5&&_/+&%):.,9N55%$.1#&5:,5$;$1$/9 :&#-#).,%&`)95&1-Y] 0<JLK'N<L;2RN8OJO;R=8 &=RN>J>=8>`RM;P>YR%R=RSOR=U>>NJ<M;R=VMRS>89>JPROM89R8U>JRLK>89>ON ;N<SLJ8OKK<PS<=PVO=JR=KO8OKM<N>>=XON<=M>=8RPPVQNO>=SPV89R=U>>NKK<PSO= N>QOPPRUP>U<88P>KI)9>RSX>N8OK>M>=89RKKO=J>U>>=J9RPP>=T>SUV>=XON<=M>=8RP RJ8OXOK8KY F^UL889>RX>NRT>J<=KLM>NS<>K=<8=>J>KKRNOPV9RX>89>M>R=K8< XRPOSR8>89<K>JPROMKR=SMRVRJJ>;889>M>KKRT>R8QRJ>XRPL>R=S;LNJ9RK>89> ;N<SLJ8URK>S<=O8KJPROMI&QJ<=KLM>NKSOKJ<X>NPR8>N89R889OKJPROMOKSLUO<LKY 89>VHOPPQ>>PJ9>R8>SR=S89OKHOPP<=PVS>>;>=89>ONJV=OJOKM=<8<=PV8<HRNSK89OK ;RN8OJLPRN;N<SLJ8UL8RPK<8<HRNS;N<SLJ8K89R8MR[>KOMOPRNJPROMKI ADiL=>%<88>R=S*>MO)NLS>PYa1<JORPPV%<=KJO<LK%<=KLM>NOKM?$1VK8>MR8OJ*>XO>HcYfF^^Gg ">8H<N[Q<N,LKO=>KK1LK8RO=RUOPO8V6=<HP>ST>2N<_>J81>NO>KIHHHI=UKI=>8 AG"<R9'<PSK8>O=>8RPIYa$*<<MHO89R7O>H;<O=8?4KO=T1<JORP"<NMK8<3<8OXR8>=XON<=M>=8RP %<=K>NXR8O<=O=#<8>PKcYi<LN=RP<Q%<=KLM>N*>K>RNJ9YE]fEg?@eFC@DFI F^1>>)<N<=8<=XON<=M>=8RP$PPOR=J> f988;?hh8<n<=8<>=xon<=m>=8i<nth=>hkn<<mhm>sorhhrk8>f^a^^af^g %<=KLM>NK%<L=JOP<Q%R=RSR EE =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

34 $JJ<NSO=T8<RF^^GN>;<N8;LUPOK9>SUV)>NNR%9<OJ>YM<N>;N<SLJ8KRN>MR[O=T >=XON<=M>=8RPJPROMK89R=>X>NU>Q<N>I#<H>X>NYGD;>NJ>=8<Q89>;N<SLJ8K RKK>KK>SJ<MMO88>SR8P>RK8<=>TN>>=HRK9O=TdKO=WI$K<L8PO=>SO=,<`EIAY89> N>;<N8WKK>X>=KO=KJPRKKOQVXRNO<LKMOKN>;N>K>=8R8O<=KO=89>MRN[>8;PRJ>I 3&2&*31*,'W5&&*Q#,81*7 )>NNR%9<OJ>WK)<;1>X>=d'N>>=HRK9O=TW1O=K FA )9>1O=<Q#OSS>=)NRS>C/QQ?59>=<=>>=XON<=M>=8RPOKKL>OK>M;9RKO\>SR8 89>>`;>=K><Q;<8>=8ORPPVM<N>K>NO<LKJ<=J>N=KI )9>1O=<Q"<2N<<Q?59>=>=XON<=M>=8RPRKK>N8O<=KRN>=<8URJ[>SL;UV >XOS>=J><N89ONSC;RN8VJ>N8OQOJR8O<=I )9>1O=<Q7RTL>=>KK?59>=RJPROMOKK<PRJ[O=TO=K;>JOQOJKRK8<U> M>R=O=TP>KKI )9>1O=<Q5<NK9O;;O=T0RPK>-RU>PK?59>=MRN[>8>NKJN>R8>RQRPK>KLTT>K8O<= 89R8R;N<SLJ89RK;RKK>SRP>TO8OMR8>J>N8OQOJR8O<=;N<J>KKYLKO=TJ>N8OQOJR8O<=C PO[>OMRT>KI )9>1O=<Q&NN>P>XR=J>?59>=R=OKKL>L=N>PR8>S8<89>;N<SLJ8OK>M;9RKO\>SI )9>1O=<Q->KK>N<Q)H<XOPK?59>=R=f>=XON<=M>=8RPgJPROMMR[>K J<=KLM>NKQ>>PdTN>>=WRU<L8R;N<SLJ8JR8>T<NV89R8OKO8K>PQPRJ[O=TO= >=XON<=M>=8RPU>=>QO8K )9>1O=<Q0OUUO=T?59>=>=XON<=M>=8RPJPROMKRN>KOM;PVQRPK>I ["&:1&.#&$,+&#&,/19*,%&#/.$,.;*//+&$#5%$.1#&5:,5$;$1$/9%1.$)5Z5,&-.15&%1.$)%.,5&//+&&,/$#&)3&)&,/;.%=YG%$.1#&5:,5$;$1$/9$55/$11 /#9$,6/:#3&$/5&1-/.,.*7$&,%&/+./$53&#9%9,$%.1YV&,%&?5$//&#5$, :.#/$%*1.#19>$118*$%=191./%+,//+&%,%&:/-/+&^6#&&,)9/+N;&%.*5&$/ 6$3&5/+&).,&J%*5&,//.%/Y] 1LU_>J83R88>N`;>N8&=8>NXO>H )9>XRNO<LKN>RK<=KR=S89><NO>KQ<N89>J<=KLM>NURNNO>NKPOK8>SRU<X>RN>=<8 ML8LRPPV>`JPLKOX>I$PPRN>LK>QLPQ<N>`;PRO=O=T89>TR;U>8H>>=J<=KLM>NKW J<=J>N=KR=SRJ8O<=KI )9>QRJ889R8J<=KLM>NKS>MR=SKR8OKQRJ8<NVZLRPO8VR=SK>NXOJ>P>X>PKR8QRON;NOJ>K U>Q<N>89>VJ<=KOS>NK<JORPN>K;<=KOUOPO8VS<>K=<8M>R=89R8J<M;R=O>KK9<LPS<=PV R;;>RP8<89<K>J<=J>N=KI%<M;R=O>KJR=TRO=J<=KLM>NP<VRP8VOQ89>VT>8RPP89>K> 89O=TKNOT98HO89O=R=<X>NRPPR;;N<RJ989R8S>M<=K8NR8>K9<=>K8VYO=8>TNO8VR=S QRON=>KKyH9OJ9K9<LPSRPPQP<H=R8LNRPPVQN<MRK<JORPPVN>K;<=KOUP>J<M;R=VI FA)>NNR%9<OJ>=XON<=M>=8RP3RN[>8O=TI)9>1>X>=1O=K<Q'N>>=HRK9O=T?=XON<=M>=8RP%PROMKO= %<=KLM>N3RN[>8KI$;NOPF^^GI %<=KLM>NK%<L=JOP<Q%R=RSR =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

35 GDENBB5'#/8&,+'-*7#71*7Q1+8 )'*,04&5,'*3'/1#%A&,B'*,1$1%1+6 $KOPPLK8NR8>SO=89>;N>XO<LKK>J8O<=Y89>URNNO>NK89R8J<=KLM>NKQRJ>;N>K>=8R KOT=OQOJR=8J9RPP>=T>8<ULKO=>KK>KP<<[O=T8<>=TRT>HO89J<=KLM>NK<=K<JORP N>K;<=KOUOPO8VI%<=KLM>NKRN><X>NH9>PM>SY<X>NP<RS>SR=SQNLK8NR8>SUV89> J<M;P>`MO`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dTN>>=_<UKWJR=;PRVO=RJ<M;>8O8OX>O=SLK8NORPK8NR8>TVI FF KOT=OQOJR=8SNOX>NQ<NO=JN>RK>SR88>=8O<=RKKL;;PO>NKU>TO=8<U>RKK>KK>SUV89>ON 1*;>NQ<NMR=J>IQQ>J8OX>PVJ<MML=OJR8O=T89>U>=>QO8K<Q89>K>;>NQ<NMR=J> OM;N<X>M>=8K8<J<=KLM>NK;N>K>=8KR=<;;<N8L=O8V8<P>X>NRT>KOT=OQOJR=8 ULKO=>KKXRPL>I -RNT>J<M;R=O>K<Q8>=>=8>N89>MRN[>8Q<NK<JORPPVN>K;<=KOUP>;N<SLJ8K89N<LT9 RJZLOKO8O<=Y;RN8OJLPRNPVO=89>JRK><QQ<<SN>8ROPR=S;>NK<=RPJRN>I FE /89>NK9RX> K<LT98<L8MRN[>8K9RN>UVS>X>P<;O=T89>ON<H=;N<SLJ8PO=>KfOI>I/NTR=OJKR8 -<UPRHKY,PL>2PR=>8R8%R=RSOR=)ON>R=S%/;N<SLJ8KR8*/"$gI/89>NKYKLJ9RK %P<N<`Y9RX>U>=>QO8>S89N<LT9U<89K8NR8>TO>KyS>X>P<;O=TO8K<H=JP>R=O=T 9<HRJ<M;R=V>=8>NK89>MRN[>8Y89>N>RN>P>KK<=K8<U>P>RN=>SR=SURNNO>NK8< <X>NJ<M>O=<NS>N8<>QQ>J8OX>PVJ<MML=OJR8>HO8989>MRO=K8N>RMJ<=KLM>NI FF&=iR=LRNVF^A^2N>KOS>=8/URMRR==<L=J>SM<N>89R= FUOPPO<=O=8R`JN>SO8KQ<NJP>R=>=>NTV MR=LQRJ8LNO=T8<K8OMLPR8>ÄTN>>=Ä_<UTN<H89I -W/N>RP;LNJ9RK>S)9>,<SV19<;F^^BI %<=KLM>NK%<L=JOP<Q%R=RSR E] =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

36 %<=KLM>NK%<L=JOP<Q%R=RSR EB =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK )8#%%&*7&, *>RJ9O=TJ<=KLM>NKU>V<=S89>MRN[>8Q<N=OJ9>;N<SLJ8K;N>K>=8KK<M> KOT=OQOJR=8J9RPP>=T>KQ<NMRN[>8O=TR=S;LUPOJN>PR8O<=K;N<Q>KKO<=RPKI&=<NS>N8< JR;8LN>89><;;<N8L=O8VR=SRX<OSJV=OJOKMYJ<M;R=O>KMLK89>P;J<=KLM>NK <X>NJ<M>MR=V<Q89>URNNO>NK<L8PO=>SO=89>;N>XO<LKK>J8O<=I&=RSSO8O<=8<89>K> J9RPP>=T>K89>N>RN>O=8>N=RPURNNO>NK89R8=>>S8<U>RSSN>KK>SI)9>89N>> J9RPP>=T>K<L8PO=>SU>P<HRN>?AgMR[O=TKLN>89>N>OKJ<MMO8M>=8R=SRJ8O<=8< KL;;<N889>J<MML=OJR8O<=YFgJ<MML=OJR8O=TX>NVJ<M;P>`R=SJ<=QLKO=TOKKL>K 8<RUN<RSNR=T><QJ<=KLM>NKR=SEg>=KLNO=T89R889>K<JORPN>K;<=KOUOPO8V M>KKRT>OKJ<=KOK8>=889N<LT989><NTR=O\R8O<=I >#+/81*7+8&>&,,#7&+'N/+1'* %<M;R=O>KRN>J9RPP>=T>S8<;N>K>=8N>P>XR=8JPROMKKL;;<N8>SUV>`8>N=RP;N<<QRK H>PPRKO=8>N=RP;<POJO>KY;N<TNRMKYO=O8OR8OX>KR=SJ<MMO8M>=8I%<=KLM>NKRN> M<N>PO[>PV8<U>PO>X>JPROMK89R8J<M>QN<MRJ<M;R=V89>VK>>RKN>K;<=KOUP>R=S H9OJ99RKMRS>O=8>N=RPJ9R=T>K8<O8K<H=<;>NR8O<=KRKH>PPRK89>K;>JOQOJ ;N<SLJ8IQQ<N8K8<N>SLJ>;<H>NJ<=KLM;8O<=Y8NR=K;<N8R8O<=OM;RJ8KYHR8>NLK> R=SHRK8>YQ<N>`RM;P>YRN>>`;>J8>SQN<MJ<M;R=O>K89R8;N<M<8>K<JORPPV N>K;<=KOUP>;N<SLJ8KI ">O89>N89>;N<SLJ8ZLRPO8V=<N89>K<JORPR=S>=XON<=M>=8RP;>NQ<NMR=J><Q89> ;N<SLJ8JR=U>>`RTT>NR8>STOX>=89>KJ>;8OJRPXO>H89R8MR=VJ<=KLM>NKRPN>RSV 9RX><QK<JORPPVN>K;<=KOUP>;N<SLJ8KI,<RK8QLPJ<MML=OJR8O<=KHOPPU>XO>H>SRK dtn>>=hrk9iw&q89>n>rn>o=j<=kok8>=jo>ku>8h>>=h9r8rj<m;r=vkrvkr=sh9r8o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{'RMUP>RPPOPPLK8NR8>9<HLKO=TRXRNO>8V<QJ<MML=OJR8O<=8<<PK9>P;>S8< RKKOK8J<=KLM>NKI

37 <*+&5*#%)'440*1/#+1'* &=<NS>N8<KLJJ>KKQLPPVK>=SRJN>SOUP>M>KKRT>>`8>N=RPPV8<J<=KLM>NKY89> O=8>N=RPM>KKRT>KR=SJ<MMO8M>=8<=K<JORPN>K;<=KOUOPO8V=>>S8<U>J<=KOK8>=8 R=S;>NKOK8>=8I1<JORPN>K;<=KOUOPO8VM>KKRT>KMLK8U>>MU>SS>SO=8<;<POJO>KR=S K8NR8>TO>KR=SO=8>TNR8>S89N<LT9<L8<89>NJ<MML=OJR8O<=KO=<NS>N8<M<X> U>V<=SKL;>NQOJORPMRN[>8O=TIM;P<V>>K=>>S8<K9RN>89>KRM>L=S>NK8R=SO=TO= <NS>NQ<NRJP>RNYJ<=KOK8>=8M>KKRT>8<U>S>POX>N>S8<>`8>N=RPRLSO>=J>KI&Q89> MRN[>8O=TM>KKRT>KRN>=<8J<=KOK8>=8HO89<89>NJ<=KLM>NJ<MML=OJR8O<=<=89> UNR=SYR=S<89>NUNR=SKHO89O=89>J<M;R=VY89>J<M;R=VNOK[KJNO8OJOKMI%P<N<`Y Q<N>`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`OMR8>PV]];>NJ>=8<QJ<=KLM>NK 89<LT9889R8>M;P<V>>KWQROPLN>8<U>RHRN><NNROK>OKKL>K<QK<JORPN>K;<=KOUOPO8V HRKRKOT=OQOJR=8URNNO>NQ<N89>MRJ8O=T<=89>ONXRPL>KI GDC )'*,04&5-*7#7&4&*+"''%, $KK<JORPR=S>=XON<=M>=8RPJ<=J>N=K>X<PX>QN<M=OJ9>J<=KLM>NO=8>N>K8KR=S M<X>O=8<89>MRO=K8N>RMYM>>8O=T89>J9RPP>=T>KR=SJR;8LNO=T89><;;<N8L=O8O>K N>ZLON>KO=K;ON>SK8NR8>TO>KR=S>QQ>J8OX>8RJ8OJKI&=<NS>N8<9>P;L=S>NK8R=S89> J<=KLM>NN>K;<=K>8<K<JORPPVN>K;<=KOUP>;N<SLJ8KR=SOKKL>KY89OKN>;<N8HOPP J<=KLM>NI 24 Tennery, Amy. April 22, green claims to be wary of. MSN. Web. April 15, 2010 and DeBare, Ilana. January 14, Clorox introduces green line on cleaning products. SFGate.com. Web. April 15, Variety of studies including: Bhattacharya, C.B., Sen, S. & Korschun D. Using Corporate Social Responsibility to Win the War for Talent. MIT Sloan Management Review, 49, ): Collier, Jane and Esteban, Rafael. Corporate Social Responsibility and Employee Commitment. Business Ethics: A European Review, 16, ): Corporate Social Responsibility and Employee Recruitment and Retention: A Primer. Massachusetts Business Roundtable. Spring Global Workforce Study. Towers Perrin %<=KLM>NK%<L=JOP<Q%R=RSR Ee =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

38 GDCD? <*V,+'5&)'440*1/#+1'*"''%, )9>;LNJ9RKO=T>=XON<=M>=8OKO=QPL>=8ORPO=S>8>NMO=O=TJ<=KLM>NRJ8O<=<=K<JORP N>K;<=KOUOPO8VOKKL>KR=SR889>KRM>8OM>;N>K>=8KMR=VJ9RPP>=T>KI)9> >QQ>J8OX>=>KK<QMR=V<Q89>K>8RJ8OJKM<K8<Q8>=9O=T>K<=89>J<M;>8>=JVR=S J<MMO8M>=8<QQN<=8PO=>>M;P<V>>KI'OX>=89>9OT9>M;P<V>>8LN=<X>NNR8>K<Q N>8ROPYRKH>PPRK89>J<M;P>`O8VR=SX<PLM><QO=Q<NMR8O<=89R8>M;P<V>>K9RX>8< ;RKK<=8<89>J<=KLM>NKY89OKJR=U>J9RPP>=TO=TI%RM;ROT=KKLJ9RK89<K><Q89> >QQ>J8<=U<89>M;P<V>>KR=SJ<=KLM>NKI -RU>PPO=TOKRPK<RSOQQOJLP8RN>R8<=RXOTR8>Q<NU<89J<M;R=O>KR=SJ<=KLM>NKI 'OX>=89>J<=QLKO<=89R889>XRK8=LMU>N<Q>`OK8O=TPRU>PKJN>R8>KYMR=VJ<M;R=O>K 9RX>J9<K>=8<S>X>P<;89>ON<H=SOK8O=J8OX>PO=>YKLJ9RK*/"$R=S89>%/PO=> &=CK8<N>JRM;ROT=KRN><Q8>=RKK<JOR8>SHO89J<MML=O8VTOXO=TJRM;ROT=KI0<N >`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a'N>>=)>RMKcLK>S8<>=9R=J>>M;P<V>> >=TRT>M>=8<=K<JORPN>K;<=KOUOPO8VOKKL>KJR=U>LK>S 8<8NRO=R=SSOKK>MO=R8>O=Q<NMR8O<= -RU>PK -,>JRLK>J<=KLM>NK8R[>89>;N<SLJ89<M>89>N>RN> RSSO8O<=RP<;;<N8L=O8O>K8<XO>H89>M>KKRT> - 3<K8>QQ>J8OX>PRU>PKRN>N>J<T=O\RUP>UV89>J<=KLM>N R=SX>NOQO>SUVR89ONS;RN8V 1OT=RT>Y - 2N<XOS>K89><;;<N8L=O8V8<TOX>M<N>S>8ROP>S %<=KLM>NK%<L=JOP<Q%R=RSR ED =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

39 ;N<SLJ8 SOK;PRVKYO=C K8<N>UN<J9LN>K 2N<SLJ8 2RJ[RTO=T %<=KLM>N&=C K8<N> %RM;ROT=K O=Q<NMR8O<= - /QQ>NKM<N>QP>`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f1>>18RNULJ[K,<`@IBg 3<N>R=SM<N>J<M;R=O>KRN>M<XO=TU>V<=S89>K8R8OJS>K8O=R8O<=H>UKO8>R=S LKO=T=>HQ<NMK<QK<JORPM>SOR8<>=TRT>J<=KLM>NKI$N>J>=8K8LSVK8R8>S89R8eD ;>NJ>=8<Q=>HM>SORLK>NKO=8>NRJ8HO89J<M;R=O>K<NUNR=SKXOR=>HM>SORKO8>K R=S8<<PKY FB N>;N>K>=8O=TRKOT=OQOJR=8<;;<N8L=O8VQ<NJ<M;R=O>KRKM<N>R=SM<N> J<M;R=O>KRJ8OXR8>0RJ>U<<[0R=;RT>KY.<L)LU>J9R==>PKYN>TLPRNUP<TKY)HO88>N RJJ<L=8KR=SHO[O;PR8Q<NMKI FB%<=KLM>N">H3>SOR18LSVI%<=>IF^^G %<=KLM>NK%<L=JOP<Q%R=RSR EG =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

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`8>N=RPN>K<LNJ>K 1<JORP3>SOR - ->X>NRT>L;8R[>O==>HM>SORJ<MML=OJR8O<= 8<<PKKLJ9RK)HO88>NY0RJ>U<<[R=SUP<TK8< ;N<XOS>O=Q<NMR8O<=<=K<JORPN>K;<=KOUOPO8V ;>NQ<NMR=J> - #RXO=T<;>=K;RJ>RXROPRUP>Q<NQ>>SURJ[R=S J<MM>=8K - &=JN>RK>SLK><Q<=PO=>K>NXOJ>KKLJ9RKE,- R=S_LK8M>R=KIJ<M GDG )'*/%0,1'* $=>QQ>J8OX>J<=KLM>NJ<MML=OJR8O<=K8NR8>TVN>ZLON>KRMO`<Q8<<PKR=S8RJ8OJKI$ XRNO>8V<Q<89>NQRJ8<NKRPK<;PRVRKOT=OQOJR=8N<P>O=SNOXO=TJ<=KLM>NRHRN>=>KK R=SRJ8O<=zQ<N>`RM;P>Y;NOJO=TY;N<SLJ8SOK8NOUL8O<=R=S<89>NMRN[>8O=TK8NR8>TO>K ;PRVRS>8>NMO=O=TN<P>I2LUPOJN>PR8O<=KR=SM>SORJRM;ROT=KRKH>PPRK K8R[>9<PS>N>=TRT>M>=8K8NR8>TO>KQ<NN>RJ9O=T<89>NK8R[>9<PS>NTN<L;KKLJ9RK O=X>K8<NKYJ<MML=O8VR=S=<=CT<X>N=M>=8RP<NTR=O\R8O<=KRPPJ<MUO=>8<O=QPL>=J> 89>J<=KLM>N;>NK;>J8OX>I QQ>J8OX>JRM;ROT=KN>ZLON>J<=KOK8>=8R=SN>;>8O8OX>LK><QRJ<MUO=R8O<=<Q8<<PK R=SS>;>=S<=89>RJJ>KKOUOPO8V<QJ<M;P>8>R=S8NR=K;RN>=8O=Q<NMR8O<=I %<=KLM>NKN>K;<=SH9>=89>VQ>>PPO[>89>VRN>MR[O=TRSOQQ>N>=J>IQQ>J8OX> JRM;ROT=KS>M<=K8NR8>8<89>J<=KLM>NH9R8OM;RJ8<NU>=>QO889> ;N<SLJ8hK>NXOJ>9RK<=89>N>PR8>SOKKL>I5<N[O=THO89RJN>SOUP>=<=C =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

41 T<X>N=M>=8RP<NTR=O\R8O<=MRVRSSN>KKMR=VJ9RPP>=T>KRJ<M;R=VQRJ>KUV RSSO=TRP>X>P<Q8NLK8R=SRKKLNR=J>8<89>J<=KLM>NKRKH>PPRK;N<XOSO=TR XRPLRUP>K<LNJ><Q>`;>N8O=Q<NMR8O<=<=89>N>PR8>SOKKL>I)9>K>R=S<89>NM>R=K 8<<X>NJ<M>89>URNNO>NKR=SKL;;<N8J<MML=OJR8O<=>QQ<N8KRN>SOKJLKK>SO=89> QO=RPK>J8O<=I &Q89>RU<X>R;;N<RJ9>KRN>8<KLJJ>>SY89>VMLK8=<8<=PVQ<JLK<=;<KO8OX>SNOX>NK <QJ<=KLM>NJ9<OJ>UL8RPK<<=H9R8OK9<PSO=T;><;P>URJ[I2><;P>XO>H;<KO8OX> JPROMK<=K<JORPN>K;<=KOUOPO8VHO89KJ>;8OJOKMyO8OKKRQ>NQ<N89>M8<U>PO>X> =>TR8OX>K8<NO>KR=SSOKJ<L=8;<KO8OX><=>KI1<8<M<8OXR8>J<=KLM>NKYJ<M;R=O>K MLK8;N<XOS>U<89RKKLNR=J>89R8O=Q<NMR8O<=OK8NLK8H<N89VR=SRJJLNR8>RKH>PPRK N>RKKLNR=J>89R8J<=KLM>NKRN>S<O=T89>NOT9889O=TO=RJ8O=T<=O8I$S>>;>N L=S>NK8R=SO=T<Q9<H8<LK>89>K>K8NR8>TO>K>QQ>J8OX>PVR=S>=9R=J>J<=KLM>N JN>SOUOPO8VOK=>>S>SO=<NS>N8<L=P<J[89>ON;<8>=8ORP8<KL;;<N8RMRN[>8K9OQ8 8<HRNSKM<N>K<JORPPVN>K;<=KOUP>;N<SLJ8KR=SK>NXOJ>KI =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

42 Box 4.1 The Sustainability Index -RL=J9>SUV5RPMRN8O=F^^GY89>1LK8RO=RUOPO8V&=S>`HOPPJ<PP>J8O=Q<NMR8O<=QN<M KL;;PO>NKO=89>RN>RK<Q?>=>NTVR=SJPOMR8>YMR8>NORP>QQOJO>=JVY=R8LNRPN>K<LNJ>KY R=S;><;P>R=SJ<MML=O8VI)9>;N<_>J8OKS>KOT=>S8<RSSN>KKMR=V<Q89>URNNO>NK JLNN>=8PVQRJO=TJ<=KLM>NKYO=JPLSO=TJ<=QPOJ8O=TR=SMOKP>RSO=TJPROMKY 8NR=K;RN>=JVR=SSOKJP<KLN>89N<LT9<L889>KL;;PVJ9RO=YR=SL=S>NK8R=SO=T89> J<M;P>`O8V<QR;N<SLJ8WK>=XON<=M>=8RPOM;RJ889N<LT9<L8O8KPOQ>JVJP>I /NOTO=RPPVK;>RN9>RS>SUV5RPMRN8Y89>O=O8OR8OX>OKU>O=TMR=RT>SUV89> 1LK8RO=RUOPO8V%<=K<N8OLMYH9OJ9OKRSMO=OK8>N>SUV$NO\<=R18R8>4=OX>NKO8VR=S 89>4=OX>NKO8V<Q$N[R=KRKR=SO=X<PX>KJ<PPRU<NR8O<=HO89KL;;PO>NKYXRNO<LK N>8ROP>NKY=<=CT<X>N=M>=8RP<NTR=O\R8O<=KR=ST<X>N=M>=8<QQOJORPKI/89>NMR_<N J<=KLM>N;N<SLJ8J<M;R=O>K9RX>_<O=>SO=<=89>;N<_>J8YO=JPLSO=T'>=>NRP3OPPKY 2N<J8>N{'RMUP>Y4=OP>X>NY2>;KOY+>PPY,>K8,LVR=S1>X>=89'>=>NR8O<=I )9>;N<_>J8OKU>O=TS>X>P<;>SO=89N>>K8RT>K?AgJ<PP>J889>O=Q<NMR8O<=QN<M KL;;PO>NKYFgS>X>P<;RTP<URPSR8RURK><QO=Q<NMR8O<=<=;N<SLJ8KWPOQ>JVJP>KR=SEg ;N<XOS>89>O=Q<NMR8O<=8<J<=KLM>NKI)9>&=S>`OKK8OPPO=89>>RNPVK8RT>KYRKM<N> 89R=B^Y^^^KL;;PO>NKRN>N>K;<=SO=T8<N>ZL>K8KQ<NO=Q<NMR8O<=I)9>N>OKK8OPPRP<8 <QK;>JLPR8O<=KLNN<L=SO=T9<H89>O=Q<NMR8O<=HOPPU>J<MML=OJR8>S8< J<=KLM>NKO=89>J<MO=TV>RNKI$K89>5RPC3RN8H>UKO8>K8R8>KYa#<H89R8 O=Q<NMR8O<=OKS>POX>N>S8<J<=KLM>NKOKK8OPPL=S>8>NMO=>SIc Fe )9>O=8>=8O<=OK8<;N<XOS>J<=KLM>NKHO89O=Q<NMR8O<=<=R;N<SLJ8WKPOQ>JVJP>O=R KOM;P>YJ<=X>=O>=8R=S>RKV8<L=S>NK8R=SMR==>NI59>89>N89R8HOPP8R[>89>Q<NM <QR=RSSO8O<=RPPRU>PHO89N>P>XR=8O=Q<NMR8O<=YR=O=CK8<N>J<M;L8>N8>NMO=RP<N K<M><89>NJ<=KLM>NCQRJO=TJ<MML=OJR8O<=N>MRO=K8<U>K>>=I)9>O=QPL>=J><Q 89>;N<_>J8<=J<=KLM>NKYKL;;PO>NKR=S<89>NN>8ROP>NKO=NROKO=T1*O=89> MRO=K8N>RMOKOMM>=K>I#<H>X>NY89><;8OJK<QRTN<L;<QN>8ROP>NKR=S MR=LQRJ8LN>NK;LNKLO=TKLJ9R=O=O8OR8OX>NROK>KMR=VZL>K8O<=KI5OPP89>JV=OJK R=SKJ>;8OJKU>H<=<X>NHO89JN>SOUP>RJJ>KK8<M>R=O=TQLPO=Q<NMR8O<=Y<NHOPPO8 U>SOKJN>SO8>SRKR=<89>NKJ9>M>8<JR;O8RPO\><=R8N>=SR=SK>PPM<N>K8LQQb 988;?hhHHHIKLK8RO=RUOPO8VJ<=K<N8OLMI<NTh Fe1LK8RO=RUOPO8V&=S>`I5RP3RN8%<N;<NR8>Y=ISI5>UIA^$;NOPF^A^I =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

43 Box 4.2 Green Works by Clorox 'N>>=5<N[KJP>R=>NKY%P<N<`WKPO=><Q=R8LNRPJP>R=O=T;N<SLJ8KYN>;N>K>=8>S<=><Q 89>QONK8aTN>>=cJP>R=O=T;N<SLJ8K8<>=8>N89>MRO=K8N>RMMRN[>8H9>=O8HRK N>P>RK>SO=>RNPVF^^DR=SHRK89>QONK8=>HUNR=S8<U>N>P>RK>SUV%P<N<`O=F^ V>RNKI)9>J<M;R=VWKT<RPR889>8OM>HRK8<MR[>=R8LNRPJP>R=O=TM<N>RJJ>KKOUP> R=SRQQ<NSRUP>8<>X>NVSRVJ<=KLM>NKHO89<L8J<M;N<MOKO=TJP>R=O=T;>NQ<NMR=J>I 4,5*)&#I,6.6&)&,/G/#./&6$&5 %R=RSRYO=JPLSO=T5RPMRN8R=S%R=RSOR=)ON>I 'N>>=5<N[K;N<SLJ8KRN>;NOJ>SR8RF^CF];>NJ>=8;N>MOLM<X>N8NRSO8O<=RP JP>R=O=T;N<SLJ8KI 1>P>J8;N<SLJ8KHO89O=89>PO=>RN>N>J<T=O\>SUV89>41=XON<=M>=8RP 2N<8>J8O<=$T>=JVf2$gR=SJRNNV89>a+>KOT=Q<N89>=XON<=M>=8cJ>N8OQOJR8O<= P<T<I 2NO<N8<PRL=J9O=T89>UNR=SY89>8<;89N>>URNNO>NKQ<NJ<=KLM>NK<QJP>R=O=T ;N<SLJ8KH>N>OS>=8OQO>SUV%P<N<`Q<JLKTN<L;KRKS<LU8KRU<L8>QQ>J8OX>=>KKY ;NOJ>R=SRXROPRUOPO8VI /=RN89+RVF^^DY%P<N<`%/Y+<=6=RLKKR=S1O>NNR%PLU`>JL8OX>+ON>J8<NY %RNP2<;>NR=T89><;>=O=TU>PPR889>">H.<N[18<J[`J9R=T>I a::#.%+/i,7#5&)&,/ &=R=>QQ<N88<J<MUR8;>NJ>;8O<=K<QTN>>=HRK9R=S<X>NPVKJ>;8OJRPJ<=KLM>NKY %P<N<`>=TRT>SO=R;RN8=>NK9O;HO8989>$M>NOJR=UNR=J9<Q)9>1O>NNR%PLUI Ä)9>1O>NNR%PLUOK>`JO8>S8<9>P;O=QPL>=J>89>ULVO=TU>9RXO<N<QMOPPO<=K<Q $M>NOJR=KH9<HR=88<S<89>NOT9889O=TUV;LNJ9RKO=TKRQ>N;N<SLJ8KI2><;P>RN> <L889>N>P<<[O=TQ<NK<PL8O<=KYR=SH>WN>>RT>N8<TOX>RTOR=8[OJ[CK8RN88<89> MRN[>8Q<NTN>>=YRQQ<NSRUP>9<LK>9<PSJP>R=O=T;N<SLJ8KÄYKRVK%RNP2<;>Y89>1O>NNR %PLUWK`>JL8OX>+ON>J8<NI Ä)9>U<88<MPO=>OK89R889>K>;N<SLJ8KRN>>=XON<=M>=8RPPVKRQ>YRQQ<NSRUP>YH<N[ H>PPYHOPPU>RXROPRUP>8<MOPPO<=K<Q;><;P>YRP8>NJ<=KLM>NU>9RXO<N<X>NRPPR=S KL;;<N889>T<<SH<N[<Q89>1O>NNR%PLUYÄ2<;>RSSKIÄ)9OKOKRHO=CHO=CHO=Q<N J<=KLM>NKYULKO=>KKYR=S89>>=XON<=M>=8IÄ 1O>NNR%PLUWKP<T<R;;>RNK<='N>>=5<N[K;N<SLJ8KR=SO=>`J9R=T>89>1O>NNR%PLU R=S9RK>`8>=S>SO=8<K<M><Q%P<N<`WK<89>NTN>>=O=O8OR8OX>KYO=JPLSO=T;N<SLJ8 SOKJP<KLN>R=S>SLJR8O<=RPJRM;ROT=KQ<N,NO8RHR8>NQOP8>NKI59OP>89>N>PR8O<=K9O; 9RK>=9R=J>S89>JN>SOUOPO8V<Q89>'N>>=5<N[KPO=>Y89>1O>NNR%PLU9RKKLQQ>N>S URJ[PRK9HO89O=O8KM>MU>NK9O;Q<NO8K>=S<NK>M>=8<Q%P<N<`I 988;?hhHHHIKO>NNRJPLUI<NThTN>>=H<N[Kh 988;?hhHHHITN>>=H<N[KJP>R=>NKIJ<Mh;RN8=>NKhS>8ROPI;9;bOSxKO>NNRÅJPLU =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

44 F'.GDC AR\NK,-)RZ1*& */"$WK%/;N<SLJ8PO=>YO=O8ORPPVPRL=J9>SO=F^^DYQ>R8LN>K>J<CN>K;<=KOUP> ;N<SLJ8K89R89RX>U>>=RKK>KK>SQ<N89>ON>=XON<=M>=8RPOM;RJ8RJN<KK89>POQ> JVJP>YO=JPLSO=TN>K<LNJ>RJZLOKO8O<=YMR=LQRJ8LNO=TY;RJ[RTO=TR=S8NR=K;<N8R8O<=Y LK>R=SSOK;<KRPI1>P>J8>SO=;RN8=>NK9O;HO8989>&=8>N=R8O<=RP%9RONO=-OQ>%VJP> $KK>KKM>=8fHHHIJ9RON>RJXI<NTgY89>%/O8>MKRN>QN<MR=LMU>N<QSOQQ>N>=8 ;N<SLJ8JR8>T<NO>KO=JPLSO=TJP>R=O=T;N<SLJ8KYJ<=K8NLJ8O<=MR8>NORPKR=S TRNS>=O=T;N<SLJ8KI )9>%/;N<SLJ8KRN>;NOJ>S8<J<M;>8>HO89J<=X>=8O<=RP;N<SLJ8KIa5>[=<H 89R8%R=RSOR=KHR=8;N<SLJ8K89R8RN>M<N>N>K;>J8QLP<Q89>>=XON<=M>=8YUL889>V S<=W8HR=88<9RX>8<;RVRP<8M<N>89R=89>V;RVQ<NN>TLPRN;N<SLJ8KI)9R8WKH9V */"$%/;N<SLJ8KRN>;NOJ>S_LK8PO[>N>TLPRN;N<SLJ8KI4P8OMR8>PVYH>HR=88< 9>P;%R=RSOR=KRS<;8N>K;<=KOUP>J<=KLM;8O<=9RUO8KYR=SR889>KRM>8OM> >=J<LNRT>89>M8<ULVQN<MR%R=RSOR=J<M;R=VI,>JRLK>RQ8>NRPPYKLK8RO=RUP> S>X>P<;M>=8RPK<M>R=K>J<=<MOJKLK8RO=RUOPO8VYcKRVK"<NMR=S+LM<=8Y*/"$ `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h %<=KLM>NK%<L=JOP<Q%R=RSR =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

45 F'.GDG T5'/+&5^W#4$%&K,_:0+05&:51&*=%6`)#4B#17* $Q8>N>`8>=KOX>>QQ<N8K8<N>SLJ>O8K<H=>=>NTVYHRK8>R=SHR8>NQ<<8;NO=8KY2N<J8>N {'RMUP>S>JOS>S8<N>RJ9<L88<J<=KLM>NKR=S9>P;89>M8RJ[P>89>ON >=XON<=M>=8RPOM;RJ8HO89R0L8LN>0NO>=SPVJRM;ROT=I$Q8>NM>RKLNO=T89>JRNU<= Q<<8;NO=8<Q89>ON;N<SLJ8KY89>VN>RPO\>S89R889>XRK8MR_<NO8V<Q89>N>K<LNJ>KLK>S UV89>ON;N<SLJ8K9R;;>=K=<8O=MR=LQRJ8LNO=TYK9O;;O=TY<N>=SC<QCPOQ>YUL8O=LK> UVJ<=KLM>NKI )9>MOKKO<=<Q2{'WKÄ0L8LN>0NO>=SPVÄJRM;ROT=OK8<9>P;MRO=K8N>RMJ<=KLM>NK KRX>HR8>NYHRK8>R=S>=>NTVR89<M>I&8O=X<PX>KUNR=SKKLJ9RK)OS>Y2RM;>NKY 24*R=S+LNRJ>PPR=S9RK<;>NR8>SO=89>4=O8>S6O=TS<MR=S%R=RSRKO=J>F^^eI $K;RN8<Q89>F^^G%PO=8<='P<URP&=O8OR8OX>Y2{'J<MMO88>S8<0L8LN>0NO>=SPVWK T<RP<Q;N<XOSO=TJ<=K>NXR8O<=>SLJR8O<=8<R8P>RK8]^MOPPO<=4I1I9<LK>9<PSKUV 89>>=S<QF^A^I +>KJNOU>SRKR=>=XON<=M>=8RPN>K;<=KOUOPO8VR=SJ<=KLM>N>SLJR8O<=;PR8Q<NMY 0L8LN>0NO>=SPV>`;R=S>SO=3RNJ9F^A^R=SLK>KXRNO<LKJ<MML=OJR8O<=K8RJ8OJK 8<8>RJ9J<=KLM>NK9<H8<LK>K<M><QO8KUNR=SKO=RM<N>>=XON<=M>=8RPPV QNO>=SPVHRVI a5>k>>rtn<ho=t>=xon<=m>=8rpj<=kjo<lk=>kkrm<=tmro=k8n>rmj<=klm>nkyc KROS3RLNOJ>%<QQ>VYMRN[>8O=TSON>J8<NQ<N0L8LN>0NO>=SPVIa)9N<LT989OK=>HPV >`;R=S>SUNR=S;PR8Q<NMH>HOPP9>P;N>M<X>89>J<=QLKO<=R=SK9<HJ<=KLM>NK 9<HKOM;P>J9<OJ>KJR=P>RS8<M>R=O=TQLPN>KLP8KIc )9>0L8LN>0NO>=SPV%RM;ROT=O=JPLS>S89>Q<PP<HO=TK8NR8>TO>KR=S8RJ8OJK? $0L8LN>0NO>=SPVK>RP<=N>P>XR=8;N<SLJ8KYPO[>)OS>%<PSHR8>NYO=SOJR8O=T 9<H89>VJR=U>LK>S8<KRX>HR8>NYR=SN>SLJ>HRK8>R=S>=>NTVI &=Q<NMR8O<=R=SJ<L;<=KQ<N0L8LN>0NO>=SPV;N<SLJ8KO=2{'}K$;NOPF^A^ >SO8O<=<QO8K;<;LPRNUNR=S1$7*=>HK;R;>NKL;;P>M>=8YS>POX>N>S8<M<N> 89R=]^MOPPO<=9<LK>9<PSKI +OTO8RPR=SK<JORPM>SOR>=TRT>M>=8O=O8OR8OX>KO=JPLSO=TQL8LN>QNO>=SPVIJ<M R=SHHHIQRJ>U<<[IJ<MhQL8LN>QNO>=SPVI $2{'>M;P<V>>J<MML=OJR8O<=KJRM;ROT=I 1OT=R8LN>>X>=8K;<=K<NK9O;KR=S<89>N;N<TNRMKO=;RN8=>NK9O;HO89 N>J<T=O\>S>`;>N8KO=J<=K>NXR8O<=>SLJR8O<=KLJ9RK"R8O<=RP'><TNR;9OJ R=SRN89+RV">8H<N[I&=%R=RSRR=S89>4I6I89>;N<TNRM9RKU>>= KL;;<N8>SUV89ONS;RN8O>KKLJ9RK'P<URP%<<PY5R8>N5OK>Y2O8J9C&=%R=RSR R=S*>JVJPO=T%<L=JOP<Q/=8RNO<I 1OT=OQOJR=8O=CK8<N>KOT=RT>R=S>SLJR8O<=RPSOK;PRVKO=MR_<NN>8ROP>N J9R==>PKYO=JPLSO=TM<N>89R=A]Y^^^TN<J>NVR=SJPLUK8<N>P<JR8O<=KRJN<KK 89>4I1IO=$;NOPF^A^I *>P>RK>SQO=SO=TKQN<M89>&;K<K2LUPOJ$QQRONKÄ4,5*)&#4,5&#3./$, G*#3&9Ä<=J<=KLM>NJ<=KLM;8O<=R88O8LS>KR=SU>9RXO<LNKH9OJ9K9<H J<=8O=L>SO=8>N>K8RM<=TM<K8J<=KLM>NK8<S<M<N>8<;N>K>NX>89> =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

46 >=XON<=M>=8Y;N<XOS>S89>VJR=8R;O=8<89>>J<=<MOJU>=>QO8K<Q >=XON<=M>=8RPPVCQNO>=SPV;N<SLJ8KI 0LPPS>8ROPKL=X>OP>SO=89>H>>[KP>RSO=TL;8<89>$;NOPF^A^J>P>UNR8O<=<Q $K>J<=SHRX><Q89>;N<TNRMOK;PR==>S8<>`;R=SO8K4I1IJ<=KLM>NR=S N>8ROP>NN>RJ9O=QRPPF^A^I a5o890l8ln>0no>=spvyh>}n>8nvo=t8<>sljr8>}mro=k8n>rm}j<=klm>nk<=9<h8< J<=K>NX>=R8LNRPN>K<LNJ>KO=89>ON9<M>KYcKROS3>PR=O>#>RP>VY2{''N<L; 2N>KOS>=8Y"<N89$M>NOJRIa)9>K>J<=KLM>NKS<=}8HR=8R=V;>NJ>OX>S8NRS>C<QQKO= ;>NQ<NMR=J>R=S;NOJ>I&=K8>RSY89>VHR=88<;LNJ9RK>89>UNR=SK89>VRPN>RSV [=<HR=S8NLK8R=SL=S>NK8R=S9<HLKO=T89>K>;N<SLJ8KYR=SRS<;8O=T<89>N KOM;P>U>9RXO<LNJ9R=T>KHO89O=89>ON9<M>KYJR=9>P;89>MP<H>N89>ONOM;RJ8<= 89>>=XON<=M>=8Ic HHHIQL8LN>QNO>=SPVUNR=SKIJRh =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

47 Box 4.5 The Pepsi Refresh Project 2>;KOMRS>9>RSPO=>KO=iR=LRNVF^A^H9>=O8;LUPOJPV<;8>S=<88<RSX>N8OK>R889> 1L;>N,<HPR=SO=K8>RSRPP<JR8>SO8K F^CMOPPO<=RSX>N8OKO=TULST>88<R JN<HSK<LNJ>SJRLK>MRN[>8O=TJRM;ROT=I,VP>X>NRTO=T89>MRKKJ<PPRU<NR8O<= >=RUP>SUVO=8>NRJ8OX>H>U8>J9=<P<TO>KYJN<HSK<LNJO=TRPP<HKQ<N<=PO=>XOKO8<NK8< N>K;<=SY>=TRT>R=SJ<=8NOUL8>8<R=<=PO=>O=O8OR8OX>I)9>2>;KO*>QN>K92N<_>J8OK R=$M>NOJR=O=O8OR8OX>89R8OPPLK8NR8>KR=O=8>N>K8O=T8N>=SJ<MUO=O=TJ<N;<NR8> ;9OPR=89N<;VHO89J<=KLM>N>=TRT>M>=8<=PO=>I 2>;KOWK*>QN>K92N<_>J8RPP<HKXOKO8<NK8<89><=PO=>KO8>8<9>P;S>JOS>9<H2>;KO HOPPO=X>K8O=89>J<MML=O8V<X>N89>=>`8V>RNI/=PO=>LK>NKJR=KLUMO8TNR=8OS>RK RKH>PPRKX<8><=TNR=8KQ<NR=LMU>N<Q9>RP89Y>=XON<=M>=8YJLP8LN>YR=S >SLJR8O<=CN>PR8>S<NTR=O\R8O<=KI2>;KO;PR=K8<TOX>RHRVMLP8O;P>TNR=8K>RJ9 M<=89NR=TO=TQN<M ]Y^^^8< F]^Y^^^I4=S>N89>JR8>T<NV>=8O8P>S2PR=>8YQ<N >`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iR=LRNVY89>2>;KO%<WK2N<_>J8*>QN>K9XOS><9RKTRN=>N>SM<N> 89R=]^^Y^^^XO>HO=TK<=.<L)LU>I$SSO8O<=RPXOS><KQ>R8LN>R;;>RPKQN<M J>P>UNO8O>KO=JPLSO=T6>XO=,RJ<=R=S+>MO3<<N>Q<N89>ONJ9RNO8O>K<QJ9<OJ>I )9>2>;KO*>QN>K92N<_>J8OPPLK8NR8>KK<M><Q89>HRVK89R8MRN[>8O=TJR=JN>R8> UL\\89N<LT9RL=OZL>>`;>NO>=J>89R8J<==>J8KHO89J<=KLM>NK89N<LT9JRLK>KI /=PO=>JRLK>MRN[>8O=TJR=>`;R=SRUNR=S}KN>RJ9R=SQ<NT>TN>R8>NJLK8<M>N P<VRP8VI $JJ<NSO=T8<0NR=[%<<;>NY1>=O<N7OJ>2N>KOS>=8R=S%9O>Q%<=KLM>N=TRT>M>=8 /QQOJ>N<Q2>;KO%<$M>NOJRK,>X>NRT>K?a0ONK8R=SQ<N>M<K8H>WN>Q<JLK>S<= N>PR8O<=K9O;KI5>RN>ULOPSO=TM<N>N>PR8O<=K9O;KR=SH>9RX>M<N>;<O=8K<Q J<=8RJ8HO89<LNJ<=KLM>NKI5>JR=RPK<M>RKLN>89>RJ8OXO8VHO89O=89>K<JORP M>SORK;RJ>I5>RPN>RSVK>>8<SRVH9R8WK9R;;>=O=T<=)HO88>NI5>K>>H9R8WK 9R;;>=O=T<=0RJ>U<<[ÇR=S89>N>K;<=K>9RKU>>=8N>M>=S<LKI$=S89>=89ONSY& =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

48 89O=[LP8OMR8>PVY89OKH9<P>OS>R<QRPP<HO=T;><;P>8<S<T<<S89N<LT9<LN ;PR8Q<NMYH>U>PO>X>HOPPRJ8LRPPVK>NX>LKR889>K9>PQI&U>PO>X>H>HOPPK>>RKRP>K POQ8J<MO=TQN<M89OKIc =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

49 F'.GDI 3+#5$0/S,MQ8')Z.6)W.-3%'))#4B#17* 18RNULJ[KOKRN>J<T=O\>SP>RS>NO=<=PO=>KLK8RO=RUOPO8VN>;<N8O=TR=SK8R[>9<PS>N >=TRT>M>=8I18RNULJ[KW19RN>S2PR=>8H>UKO8>R=SM<N>N>J>=8PVO8K,OT2OJ8LN> JRM;ROT=>QQ>J8OX>PV8RNT>8J<=KLM>NKHO89O=Q<NMR8O<=89R8OKJP>RNYJ<=JOK>Y RJJ>KKOUP>YRJ8O<=RUP>R=SO=8>NRJ8OX>I /X>N89>;RK8Q>HV>RNKY18RNULJ[K9RKLK>SRXRNO>8V<Q<=PO=>8>J9=OZL>K8<N>RJ9 <L88<J<=KLM>NKO=R=R88>M;88<ULOPSJLK8<M>NP<VRP8VYNROK>RHRN>=>KKR=S9>P; J<=KLM>NKN>SLJ>89>ON<H=>=XON<=M>=8RPOM;RJ8I0<N>`RM;P>YRK;RN8<QO8KF^^D 'P<URP*>K;<=KOUOPO8V*>;<N8Y18RNULJ[K;N<SLJ>SRKLMMRNVUN<J9LN>89R8HRK RXROPRUP>8<J<=KLM>NKO=CK8<N>R=S>=J<LNRT>SXOKO8K8<89>ONM<N>S>8ROP>S H>UKO8>I)9>V>=RUP>S<=PO=>XO>H>NKHO8989>RUOPO8V8<JLK8<MO\>89>ONN>;<N8K URK>S<=K;>JOQOJO=8>N>K8KHO89O=89>UN<RSJR8>T<NO>K<Q*>K;<=KOUOPO8VY89OJRP 1<LNJO=TY=XON<=M>=8RP18>HRNSK9O;R=S%<MML=O8V&=X<PX>M>=8I &=F^^eY18RNULJ[KPRL=J9>S89>2PR=>8'N>>='RM> 988;?hhHHHI;PR=>8TN>>=TRM>IJ<MhYS>X>P<;>SHO89'P<URP'N>>=41I)9>TRM> RPP<HK;PRV>NK8<>`;P<N>RXON8LRPH<NPSR=SP>RN=9<H>X>NVSRVS>JOKO<=KUV O=SOXOSLRPKYJO8O>KYKJ9<<PKR=SULKO=>KK>KJR=OM;RJ889>JPOMR8>R=S>=XON<=M>=8I 2PRV>NKK>P>J8RSOTO8RPJ9RNRJ8>N8<>`;P<N>X>NTN>>=YRQOJ8O<=RPJO8V89R8O=JPLS>KR 18RNULJ[KK8<N>I$889>XON8LRP18RNULJ[KK8<N>;PRV>NKJR=X<8><=>=XON<=M>=8RP ;NO<NO8O>KQ<N89>J<M;R=VR=S>MROPQ>>SURJ[89R818RNULJ[KKRVKHOPPU>K9RN>S HO89M>MU>NK<QO8K%<N;<NR8>1<JORP*>K;<=KOUOPO8V>`>JL8OX>8>RMI _"8&F17T1/+05&`M)'*,04&5N/+1'*)#4B#17* &=J<=_L=J8O<=HO89RN89+RVO=$;NOPF^A^Y18RNULJ[KPRL=J9>SO8K=>H>K8 >=XON<=M>=8RPJRM;ROT=a)9>,OT2OJ8LN>cH9OJ9Q<JLK>S<=J<MML=OJR8O=TO8K >=XON<=M>=8RPO=O8OR8OX>KYK;>JOQOJRPPVO8KJ<MMO8M>=88<>=KLN>89R8A^^;>NJ>=8<Q O8KJL;KRN>N>LKRUP><NN>JVJPRUP>UVF^A]I5O8989>JR8J9;9NRK>a/=>;>NK<= KHO8J9O=TJR=KRX>8N>>KI)<T>89>NH>JR=KRX>Q<N>K8KYc18RNULJ[K,OT2OJ8LN> O=O8OR8OX>ROMK8<J<MML=OJR8>HO89J<=KLM>NKRU<L89<HO=SOXOSLRPRJ8O<=KRN> OM;<N8R=88<J<PP>J8OX>>QQ<N8KO=N>SLJO=T>=XON<=M>=8RPOM;RJ8KI Ä59OP><LNJL;9RKU>J<M>R=O=8>TNRP;RN8<Q89>J<QQ>>9<LK>>`;>NO>=J><X>N89> V>RNKYO89RKRPK<U>J<M>R=>=XON<=M>=8RPJ<=J>N=YÄKROS,>=2RJ[RNSY18RNULJ[K 7OJ>2N>KOS>=8<Q'P<URP*>K;<=KOUOPO8VIa$KRN>KLP8YH>}X>K>8RTTN>KKOX>T<RPK8< MO=OMO\>JL;HRK8>89N<LT9N>JVJPO=TR=SN>LKRUP><;8O<=KYR=SRN>J<PPRU<NR8O=T HO89RHOS>NR=T><QK8R[>9<PS>NK8<SNOX>M>R=O=TQLPJ9R=T>I&=RSSO8O<=8< H<N[O=THO89JL;MR=LQRJ8LN>NKYML=OJO;RPO8O>KR=SN>JVJP>NK8<MR[><LNJL;K M<N>UN<RSPVN>JVJPRUP>YH>}N>>=J<LNRTO=TJLK8<M>NK8<89O=[RU<L8N>LKRUP>JL;K 89>HRV89>V89O=[RU<L8N>LKRUP>TN<J>NVURTKIc )9>JRM;ROT=O=J<N;<NR8>KR=LMU>N<QJ<=KLM>NCQRJO=T>P>M>=8KO=JPLSO=T? =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

50 -RL=J9<Q89>KO8>HHHIK8RNULJ[KIJ<Mh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y 9<H89>ONOS>RKHOPPN>SLJ>;R;>NJL;HRK8>YJ<MML=OJR8O<=KO=J>=8OX>K8<J9R=T> J<=KLM>NU>9RXO<LNYR=SH9>89>N89>ONOS>RHOPPL8OPO\>>`OK8O=TJR;RUOPO8O>K<N N>ZLON>=>H8>J9=<P<TO>KI a5>}n>>`jo8>s18rnulj[kok_<o=o=tq<nj>kho89jlk8<m>nk8<n>slj>jl;hrk8>o= KLJ9R;LUPOJHRVI&8WK89N<LT989OK[O=S<QJ<PP>J8OX>RJ8O<=89R8H>WPPU>RUP>8< RSSN>KKK<M><Q89>M<K8;N>KKO=T>=XON<=M>=8RPJ9RPP>=T>K<Q<LN8OM>YcKROSiLPO>,PRJ[H>PPY+ON>J8<N<Q%<=K>NXR8O<=&=8>N=R8O<=RP}K)>RMRN89Ia2><;P>JR=MR[> ;<KO8OX>J9<OJ>KHO89<L8MR[O=TKRJNOQOJ>Ky89>VJR=K8OPP>=_<V89>ONJ<QQ>>NO8LRPY UL8UVLKO=TRN>LKRUP>JL;Y89>VN>SLJ>>=>NTVYHR8>NR=S%/FQN<M89>JL; ;N<SLJ8O<=;N<J>KKRKH>PPRK[>>;HRK8><L8<QPR=SQOPPKIc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hhHHHIK8RNULJ[KIJ<Mh89>UOT;OJ8LN> %<=KLM>NK%<L=JOP<Q%R=RSR ]^ =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

51 9DEL8#+-*8#*/&,)5&=1$1%1+6N4'*7)'*,04&5,U %N>SOUOPO8V9RKK<M>8OM>KU>>=S>QO=>SRK89>ZLRPO8V<N;<H>N<QO=K;ONO=TU>PO>QI &8WKRZLRPO8V89R8H>K>>[H9>=8NVO=T8<J<=XO=J><89>NKYR=SV>8O8OK<Q8>=SOQQOJLP8 Q<NLK8<OS>=8OQV>`RJ8PV89>>P>M>=8KO=X<PX>SO=Q<K8>NO=TJN>SOUOPO8VI$K<=><Q<LN Q<JLKTN<L;;RN8OJO;R=8K;L8Q<NHRNSYaO8WKSOQQOJLP88<>`;PRO=YUL8V<L[=<HO8H9>= V<L9RX>O8Ic %N>SOUOPO8VR=S8NLK8O=ULKO=>KK9RX>U>>=O=K9<N8KL;;PV<QPR8>RM<=TXRNO<LK K8R[>9<PS>NKO=JPLSO=TJ<=KLM>NKYS>K;O8>89>QRJ889R889>VN>MRO=JNO8OJRPPV OM;<N8R=88<J<=KLM>NKW;LNJ9RKO=TS>JOKO<=KI&=S>>SYRPM<K8GE;>NJ>=8<QRPP J<=KLM>NKKLNX>V>SQ>P889R88NLK8O=RJ<M;R=VHRKRKOM;<N8R=8RK89>;N<SLJ8 O8K>PQH9>=MR[O=TR;LNJ9RK>I&8OK89>N>Q<N>>RKV8<L=S>NK8R=SH9V89OKOKKLJ9R= OM;<N8R=8R88NOUL8>Q<NULKO=>KK8<RJ9O>X>I1<9<HS<J<M;R=O>K>=9R=J>89>ON JN>SOUOPO8VR=SMR[>89>ONJPROMKM<N>8NLK8>SRM<=TJ<=KLM>NKb &8OKOM;<N8R=88<=<8>89R8JN>SOUOPO8VO8K>PQOKO=QRJ8R=<L8J<M>H9OJ9>X<PX>K 89N<LT9R=LMU>N<QM>J9R=OKMKR=SK<LNJ>KU<89O=8>N=RPR=S>`8>N=RP8<89> J<M;R=VR=SO8KJ<=8N<PI)9>N>OK=<<=>HRV<NM>89<S8<TLRNR=8>>89R8 JN>SOUOPO8VHOPPU>S>POX>N>S8<K8R[>9<PS>NKI$889>>=S<Q89>SRVK8R[>9<PS>NK 89>MK>PX>KHOPPS>JOS>H9>89>NRJ<M;R=V9RKKLJJ>>S>SO=RKKLNO=T89>MRU<L8 89>;N<SLJ8WKZLRPO8O>KYR88NOUL8>KR=SJPROMKI 1<M>J<M;R=O>K9RX>MRS>TN>R8K8NOS>KO=N>J>=8V>RNK8<;N<XOS>J<=KLM>NKHO89 M<N>O=Q<NMR8O<=<=89>ONK<JORPR=S>=XON<=M>=8RP;>NQ<NMR=J>I+>K;O8>89>K> >QQ<N8KY<=PV];>NJ>=8<QJ<=KLM>NKYRJJ<NSO=T8<<LNKLNX>VYQO=SH9R8RJ<M;R=V KRVKRU<L8O8KK<JORPR=S>=XON<=M>=8RP;>NQ<NMR=J>8<U>X>NV8NLK8H<N89VI 0<NJ<=KLM>NKYJN>SOUOPO8VOKRU<L8H9R8L=S>N;O=K89>OM;POJO88NLK889>V9RX>O=R J<M;R=VY;N<SLJ8<NUNR=S89R8>=RUP>K89>M8<J9<<K>YR=S[>>;J9<<KO=TYR J<M;R=VWK;N<SLJ8KR=SK>NXOJ>KHO89J<=QOS>=J>89R8O8HOPPRPHRVKM>>889>ON >`;>J8R8O<=K<=ZLRPO8VYK>NXOJ>R=ST<<SXRPL>RKH>PPRK<=K<JORPR=S >=XON<=M>=8RPOKKL>KI59R8>=9R=J>KJN>SOUOPO8VOKKOM;PV89R8H9OJ9>=RUP>K JLK8<M>NK8<8NLK8O=RJ<M;R=VWKO=8>TNO8VY9<=>K8VR=SQRON=>KKI &=89>Q<PP<HO=TK>J8O<=H>S>J<=K8NLJ889>=<8O<=<QJ<=KLM>NJN>SOUOPO8VR=S89>= >`RMO=>K<M>8NRSO8O<=RPR=SP>KK8NRSO8O<=RPM>J9R=OKMKQ<NS>POX>NO=TJ<=QOS>=J> J<=J>N=O=TRJ<M;R=VWKJPROMK<=K<JORPN>K;<=KOUOPO8VyH9OJ9HOPPQ<NM89>URKOK Q<NRJ<=KLM>NJN>SOUOPO8V>=9R=J>M>=8QNRM>H<N[I %<=KLM>NK%<L=JOP<Q%R=RSR ]A =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

52 9D? )'*,04&5)'*1=&*/& %<=KLM>NJ<=QOS>=J>JR=U>KL;;<N8>SUVRJ<MUO=R8O<=<QQ<NMRPR=SO=Q<NMRP JPROMKR=SM>KKRT>KJ<MO=TQN<MHO89O=J<M;R=O>KYQN<M<L8KOS>NKR=SQN<M ;RN8=>NKI&8JR=U>R88RJ9>S8<RK;>JOQOJ;N<SLJ8<NM<N>T>=>NRPPV8<RUNR=SI "#$%&9D? <*'54#%a:'54#%)5&=1$1%1+63'05/&, :'54#% <*'54#% T0$%1/N,,&5+1'*, A&/&12&=L1,='4 <*'54#+1'* 3+5&#4 )5&=1$1%1+6 >&/8#*1,4, %<N;<NR8>N>;<N8KYK8R8>M>=8K R=SH>UKO8>K $SX>N8OKO=T -RU>PKR=SJ>N8OQOJR8O<= *>TLPR8<NVN>J<NS,NR=SR=S;>NK<=RPN>;L8R8O<= *OT<LN<QQ<NMRPRKKLNR=J> ;N<J>KKR=SK8N>=T89<QKVK8>MK *>TLPR8<NV<X>NKOT98 0<NMRPO\>S;>>NN>XO>HK fj<=klm>nhr8j9s<tkyrt>=jo>kg 5OS>K;N>RSH<NS<QM<L89fU<89 N>RPR=SXON8LRPg 3>SORJ<X>NRT>fO=JPLSO=T2*g +ON>J8>=TRT>M>=8HO89LK>NK<Q ;N<SLJ8hK>NXOJ> %<=QONMR8O<=UVMLP8O;P>K<LNJ>K %<=QOS>=J>O=O=Q<NMR8O<=K<LNJ>Y M>SOR<N89<LT98P>RS>NK,NR=SN>;L8R8O<=R=S9OK8<NV d1>>o=toku>po>xo=tw 'R;&=JIYQ<N>`RM;P>YJ<MUO=>KR=LMU>N<QU<89Q<NMRPR=SO=Q<NMRPR;;N<RJ9>K 8<K8N>=T89>=O8KJPROMKR=SUNR=SO=89>RN>R<QK<JORPN>K;<=KOUOPO8VI&8>M;P<VK RN<L=SG^O=8>N=RPRLSO8<NK8<M<=O8<N89>ONKL;;PO>NKWJ<M;POR=J>HO8989> X>=S<NWKJ<S><QJ<=SLJ8R=S;LUPOK9>K89>N>KLP8KR==LRPPVO=R=RKKLN>SN>;<N8I&= RSSO8O<=8<89OKYO8;RN8=>NKHO89f;N<SLJ8g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

53 :1705&9D? :'54#%#*=<*'54#%>&/8#*1,4,+'F01%=)'*,04&5)'*1=&*/& 3R=V<Q89>RU<X>M>J9R=OKMKJR=9>P;8<KL;;<N8R;<KO8OX><N=>TR8OX>XO>H<QR J<M;R=VO=89>MO=SK<QJ<=KLM>NKI0<N>`RM;P>PRU>PKY>=S<NK>M>=8KR=S RSX>N8OKO=TT>=>NRPPVKL;;<N8;<KO8OX>M>KKRT>KH9OJ9ULOPSJ<=KLM>NJ<=QOS>=J> O=R;N<SLJ8YJ<M;R=V<NUNR=SI/=89><89>N9R=SYM>SORY"'/KR=SJ<=KLM>N HR8J9S<TK8V;OJRPPV9OT9POT98URS;>NQ<NMR=J>H9OJ9H>R[>=KJ<=KLM>N JN>SOUOPO8VYH9OP>NR8O=TKVK8>MKJR=9OT9POT98U<89;<KO8OX>R=S=>TR8OX> ;>NQ<NMR=J>YS>;>=SO=T<=89>M>89<S<P<TVLK>SR=S89>O=8>=8<Q89><NTR=O\R8O<= U>9O=S89>NR8O=TKVK8>MI%<=KLM>NKS>;>=S<=U<89;<KO8OX>R=S=>TR8OX>KOT=RPK 8<J<=8NOUL8>8<89>ONJ<=QOS>=J>P>X>PKO=H>OT9O=T89>JN>SOUOPO8V<QRJ<M;R=VWK JPROMKJ<=J>N=O=TK<JORPN>K;<=KOUOPO8VOKKL>KI "5#=1+1'*#%>&/8#*1,4,+'F01%=)5&=1$1%1+6 3'/1#%A&,B'*,1$1%1+6A&B'5+1*7^)'*,04&5, 59>=O8J<M>K8<J<MML=OJR8O=TRJ<M;R=VWKK<JORPN>K;<=KOUOPO8V;>NQ<NMR=J>YR P<8<Q>M;9RKOK9RKU>>=;PRJ>S<=;LUPOK9O=TRQ<NMRP%1*N>;<N8I)9>K>%1*<N %<=KLM>NK%<L=JOP<Q%R=RSR ]E =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

54 KLK8RO=RUOPO8VN>;<N8K>=RUP>J<M;R=O>K8<M>RKLN>R=S;LUPOJPVSOKJP<K>89>ON K<JORPR=S>=XON<=M>=8RP;>NQ<NMR=J>RTRO=K8O=8>N=RP<N>`8>N=RP8RNT>8KI &=JN>RKO=TPVYK<M>J<M;R=O>KRN>9RXO=T89>ONN>;<N8KQ<NMRPPVRKKLN>SUV O=S>;>=S>=8RKKLNR=J>;N<XOS>NKO=R=>QQ<N88<>=9R=J>89>JN>SOUOPO8V<Q89> N>;<N8KR=SN>K;<=S8<89>ONJNO8OJKH9<K>>89>K>N>;<N8KRKPO88P>M<N>89R=;LUPOJ N>PR8O<=KTP<KKI NN?EEEN,,05#*/&3+#*=#5= )9>$$A^^^$KKLNR=J>18R=SRNSOKRP>RSO=TO=8>N=R8O<=RPK8R=SRNSLK>S8<;N<XOS> RKKLNR=J><=;LUPOJPVRXROPRUP>KLK8RO=RUOPO8VO=Q<NMR8O<=Y;RN8OJLPRNPV%1*h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`8>=8<QRS9>N>=J>8<RK>8<Q;NO=JO;P>K NR89>N89R=KOM;PVRKK>KKO=T89>N>PORUOPO8V<Q89>SR8RI&8RPK<N>ZLON>K89>RKKLNR=J> ;N<XOS>N8<P<<[R8L=S>NPVO=TMR=RT>M>=8R;;N<RJ9>KYKVK8>MKR=S;N<J>KK>KR=S K8R[>9<PS>N;RN8OJO;R8O<=I )9>K8R=SRNS;N<XOS>KQO=SO=TKR=SJ<=JPLKO<=K<=89>JLNN>=8K8R8LK<QR= <NTR=OKR8O<=}KKLK8RO=RUOPO8V;>NQ<NMR=J>R=S;N<XOS>KN>J<MM>=SR8O<=K8< >=J<LNRT>J<=8O=L<LKOM;N<X>M>=8I&8OK=<8RJ>N8OQOJR8O<=K8R=SRNSH9OJ9P>RSK8< R;RKK<NQROPYR=SK<JR=U>LK>SUV<NTR=OKR8O<=KR8RPPK8RT>K<QMR8LNO8VYRKR= RKKLNR=J>K8R8>M>=8N>;<N8KQO=SO=TKR=SJ<=JPLKO<=K<=JLNN>=8K8R8LKI &=89>K8LSV2$5=bM::#/*,$/9089><NTR=O\R8O<=1LK8RO=$UOPO8VQ<L=S89R8LK>NK<Q 89>$$A^^^$KKLNR=J>18R=SRNS9<PSRSOK8O=J8RSXR=8RT>YRK$$A^^^LK>NK T>=>NRPPV;N<XOS>M<N>O=Q<NMR8O<=<=RK;>J8K<QO=JPLKOXO8VYMR8>NORPO8VR=S N>K;<=KOX>=>KKO=89>ONRKKLNR=J>K8R8>M>=8KH9OJ9KOT=OQOJR=8PVNROK>K89>XRPL> R=SJN>SOUOPO8V<Q89>ONK8R8>M>=8KQ<NN>RS>NKI HHHIRJJ<L=8RUOPO8VI<NT )9>;N<UP>MHO8989>>M>NTO=T;NRJ8OJ><QJ<N;<NR8>P>X>P=<=CQO=R=JORPN>;<N8O=T R=SRKKLNR=J>YRKH>PPRKHO89KL;;PVJ9RO=PRU<LNK8R=SRNSKM<=O8<NO=TR=S >=XON<=M>=8RPMR=RT>M>=8KVK8>MKX>NOQOJR8O<=YOK89R8H9OP>X>NVOM;<N8R=88< <89>NK8R[>9<PS>NKYM<K8<Q89>K>;NRJ8OJ>KS>RPHO89O=Q<NMR8O<=<N;NRJ8OJ>K89R8 S<=<8SON>J8PVQRJ>J<=KLM>NKI %<=KLM>NK%<L=JOP<Q%R=RSR =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

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fK>>0OTLN>]IFgI <*'54#+1'*)8#**&%,L8&*b0=71*7)'4B#*1&,'*3'/1#% A&,B'*,1$1%1+6 %<=KLM>NK%<L=JOP<Q%R=RSR ]] =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

56 Z#$&%1*7#*="50,+>#5S, 1<JORPN>K;<=KOUOPO8VPRU>PK>`OK8Q<NXRNO<LK;N<SLJ8JR8>T<NO>KYO=JPLSO=TJP>R=O=T ;N<SLJ8KY>P>J8N<=OJKY<NTR=OJO=TN>SO>=8KYJ<=K8NLJ8O<=<NULOPSO=T;N<SLJ8KR=S ;>NK<=RPJRN>;N<SLJ8KI1<M>PRU>PKRN>89ONSC;RN8VJ>N8OQO>SH9OP><89>NKRN>=<8I )9>LK><QN>J<T=O\>S>=XON<=M>=8RPPRU>PK<NJ>N8OQOJR8O<=KRSMO=OK8>N>SUV 8NLK8>S89ONSC;RN8O>KK>>M8<JRNNV89>M<K8H>OT98HO89J<=KLM>NKO=>=9R=JO=T 89>ONJN>SOUOPO8VI FG )9>K>;N<X>8<U>M<K8LK>QLPQ<N_LSTO=TR;N<SLJ8H9>=O8 JR==<8>RKOPVU>RKK>KK>SUV_LK8K>>O=TO8<NH9>=O8J<=J>N=K89>R88NOUL8>K<N ;N<J>KKO=H9OJ989>;N<SLJ8HRKMRS>I"<8RUP>>`RM;P>K9>N>O=JPLS>P<T<KR=S 8NLK8MRN[KKLJ9RK0<N>K818>HRNSK9O;%<L=JOPWKJ>N8OQOJR8O<=P<T<f01%gY89>0RON )NRS>P<T<Y89>=>NTV18RNP<T<R=S89>'<X>N=M>=8<Q%R=RSRWK<H=J<-<T<I )9>K>RN>>`RM;P>K<QP<T<KH9OJ9RN>T<X>N=>SUVRK8NOJ8K>8<QK8R=SRNSKR=S ;N<J>KK>KI&=RSSO8O<=8<89>K>P<T<KYK<M>J<M;R=O>K<N8NRS>RKK<JOR8O<=KS>X>P<; 89>ON<H=P<T<K;N<M<8O=TSOQQ>N>=8RK;>J8K<Q89>ON;N<SLJ8KKLJ9RKU>O=T KLK8RO=RUP>Y%0%CQN>>YJRNU<==>L8NRPYJNL>P8VCQN>>Y>8JI 9#'64,3*) I,&#69G/.#OK<=><Q89>M<K8CHOS>PVN>J<T=O\>SPRU>PKRM<=TJ<=KLM>NKK9<;;O=T Q<N>=>NTV>QQOJO>=8>P>J8N<=OJKR=S9<M>;N<SLJ8KI2N<SLJ8K89R8SOK;PRV89> I,&#69G/.#KVMU<P9RX>U>>=8>K8>SRJJ<NSO=T8<;N>KJNOU>S;N<J>SLN>KR=S9RX> U>>=Q<L=S8<M>>8<N>`J>>S9OT9>N>=>NTV>QQOJO>=JVP>X>PKHO89<L8J<M;N<MOKO=T ;>NQ<NMR=J>I3R_<NMR=LQRJ8LN>NKR=SN>8ROP>NK<Q>=>NTVC>QQOJO>=8;N<SLJ8KY L8OPO8O>KR=S>=>NTVN>8ROP>NKYRKH>PPRKO=8>N>K8TN<L;KRN<L=S89>H<NPSN>J<T=O\> 89>U>=>QO8K<QI,&#69G/.#8<J<=KLM>NKR=S9RX>_<O=>SO=;N<M<8O=T89>KVMU<PI &=%R=RSR89>LK><Q89>I,&#69G/.#KVMU<POK;N<M<8>SR=SM<=O8<N>SUV"R8LNRP *>K<LNJ>K%R=RSR}Kf"*%R=}Kg/QQOJ><Q=>NTVQQOJO>=JVf/gI &=89>4=O8>S18R8>KY89>I,&#69G/.#UNR=S9RKU>J<M>89>J>N8OQOJR8O<=<NMRN[Q<N MR=VRSSO8O<=RPO=J>=8OX>KR=SN>UR8>K;N<XOS>SUV89>0>S>NRPR=SXRNO<LKK8R8> T<X>N=M>=8KI$N>J>=8KLNX>VUVJ<2O=O<=8>K8>S89>I,&#69G/.#PRU>PHO89 $M>NOJR=J<=KLM>NKR=SQ<L=S89R8YO=89>>=>NTVR=S>=XON<=M>=8RN>RY89R8 I,&#69G/.#HRK<=><Q89><=PVUNR=SK89R8J<MUO=>S9OT9J<=KLM>NRHRN>=>KK HO899OT9RJJ>;8R=J>I 988;?hhHHHI>J<RPOT=IJ<Mh=>HKh>J<;O=O<=h>J<;O=O<=COKKL>CeC>=>NTVCK8RNCK9O=O=TC UNOT98 988;?hh<>>I=NJR=ITJIJRhN>KOS>=8ORPhJ<=KLM>NCO=Q<IJQMbR88Nx^ 59OP>J<=KLM>NKX<OJ>89>ON;N>Q>N>=J>Q<N8NLK8MRN[K<NP<T<KYN>K>RNJ9O=89OK RN>RRPK<KLTT>K8K89R889>XRK8=LMU>N<QP<T<K89R89RX>MLP8O;PO>SO=89> FG1OM<=RS>[>8RPIa1<JORP-RU>PKRK)<<PKQ<N89OJRP)NRS>cf">HJ<=<MOJK0<L=SR8O<=gAGGDI %<=KLM>NK%<L=JOP<Q%R=RSR ]B =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

57 MRN[>8;PRJ>K<M>8OM>KJ<=QLK>J<=KLM>NKI E^)9>VRPK<N>;<N8SOQQOJLP8O>KO= L=S>NK8R=SO=TKLJ9OKKL>KRK?H9V89>P<T<K9RX>U>>=RHRNS>S8<K<M>;N<SLJ8K R=S=<8<89>NKYH9R8K;>JOQOJR88NOUL8>K89>;N<SLJ8K9RX>M>8YR=SH9>89>N89>P<T< HRKRHRNS>S89N<LT9RP>TO8OMR8>R=SNOT<N<LK;N<J>KK<NH9>89>NO8HRK89>N>KLP8 <QK<M>K<N8<QK;<=K<NK9O;S>RPI [B/+$,=9*%.,/#*5/.,7+.3&%,-$7&,%&$-/+&#&$5.5/.,7.#7/+.//+&9 _%):.,$&5`+.3&/-11>Z>+&#&$/N5,/.%+$%&;*//+&$,-#)./$,$5 #&8*$#&7Z.,7/+&#&.#&5/#$%/#&6*1./$,5,>+$57$,6/+&%+&%=$,6Y2$6+/,>9*7,N/=,>>+$57$,6/+&%+&%=$,6YB5$/$,7&:&,7&,/\B5/+&#&. %,-1$%/\V#.11B=,>_/+&:1.%&)&,/-.16,.:#7*%/`%*17;&., &,/$#&19%))&#%$.1/#.,5.%/$,Y] 0<JLK'N<L;2RN8OJO;R=8 &=RSSO8O<=YRPRJ[<Q>QQ>J8OX>N>TLPR8O<=<=dK>RPK<QR;;N<XRPW9RKK<M>8OM>KP>S8< XRNO<LKQRPK>PRU>PK<NK;LNO<LKJPROMKI EA )9>HOS>XRNO>8V<QP>TO8OMR8>J>N8OQOJR8O<= RKH>PPRKK<M>QR[>JPROMK9RKJ<MUO=>S8<<X>NH9>PMR=SS>K>=KO8O\>J<=KLM>NKY ;RN8OJLPRNPVMRO=K8N>RMJ<=KLM>NKYH9<9RX>=<8S<=>>`8>=KOX>N>K>RNJ9U>Q<N> 9>RSO=T<L88<89>K8<N>KI $JJ<NSO=T8<N>K>RNJ9<=89>8<;OJYPRU>PK89R8RN>M<K8KLJJ>KKQLPRN>89<K>89R8 <=PVRSSN>KKRKMRPP=LMU>N<Q[>VOKKL>KJP<K>PVRKK<JOR8>SHO8989R8;N<SLJ8KLJ9 RK>=>NTVJ<=KLM;8O<=fI,&#69G/.#g<NKLK8RO=RUP>H<<S;N<SLJ8Kf0<N>K8 18>HRNSK9O;%<L=JOPgI EF )9>VRN>RPK<M<N>>QQ>J8OX>H9>=89>VRN>;RN8<QRHOS>N RHRN>=>KKNROKO=T;N<J>KKU<89RU<L889>PRU>PR=S89>OKKL>O8J<=J>N=KI)9>[>V Q<NULKO=>KK>K8NVO=T8<KL;;<N8R=SP>TO8OMO\>89>ONJPROMKOK8<LK>RPRU>P89R8OK HOS>PVN>J<T=O\>SUV89>J<=KLM>NI&=RSSO8O<=8<J<MML=OJR8O<=8<89>J<=KLM>NY RNOT<N<LKJ>N8OQOJR8O<=KVK8>MMRVRPK<UNO=TRU<L8OM;N<X>M>=8K8<O=8>N=RP MR=RT>M>=8KVK8>MKI T5'/&,,)&5+11/#+1'*3+#*=#5=,,>V<=SPRU>PO=TYJ<M;R=O>KJR=RPK<R;;PV8<M>>8K;>JOQOJK<JORPR=S >=XON<=M>=8RPJ>N8OQOJR8O<=KKLJ9RK1$D^^^f<=9LMR=hPRU<LNNOT98KgR=S&1/ K<JORPR=S>=XON<=M>=8RPJ>N8OQOJR8O<=KU>JRLK>89>V8>=S8<U>LK>SM<N> QN>ZL>=8PVO=ULKO=>KKC8<CULKO=>KK8NR=KRJ8O<=KR=SRN>=<8J<=KLM>NCQRJO=TI #<H>X>NYO=<LNSOKJLKKO<=KHO89%R=RSOR=J<=KLM>NKY89>V>`;N>KK>SRS>KON>=<8 <=PV8<K>>RTN>R8>N8R[>CL;<QX<PL=8RNVK8R=SRNSKUV<NTR=O\R8O<=KYUL88<K>> E^0<NRSOKJLKKO<=<=XRNO<LKP<T<KK>>? 988;?hhHHHIULOPSO=TTN>>=IJ<MhRL89hRN8OJP>IJQMhF^^DhAhAh,>9O=SC89>C-<T<KC4=S>NK8R=SO=TC 'N>>=C2N<SLJ8C%>N8OQOJR8O<=Kh EF"R8O<=RP%<=KLM>NK%<L=JOPYa,RQQP>SY,RMU<<\P>SR=S,<MURNS>ScfF^^Fg %<=KLM>NK%<L=JOP<Q%R=RSR ]e =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

58 89>K>K8R=SRNSKM<=O8<N>SUV<L8KOS><NTR=O\R8O<=KKLJ9RK"'/K<N<89>N O=S>;>=S>=8RKKLNR=J>;NRJ8O8O<=>NKI [B/+$,=9*%.,/#*5/.,7+.3&%,-$7&,%&$,.,#6.,$O./$,$-/+&#&$5. #&%6,$O&75/.,7.#7.,7_%):.,$&5`+.3&/-11>$/YB/>*17;&&3&, ;&//&#$-.,*/5$7&#6.,$O./$,%*173.1$7./&.%):.,9N5%1.$)5Y G)&5#/-*/5$7&#3&#$-$%./$,$5,&&7&7/;*$17/#*5/$,/+&#6.,$O./$,c ;*/BN &//#*5//+.//+&6#*:7$,6/+&3&#$-$%./$,+.7%#&7$;$1$/9 $/5&1-Y] 0<JLK'N<L;2RN8OJO;R=8K $K89>K>J>N8OQOJR8O<=;N<J>KK>KPRNT>PVJ<=J>N=89>MK>PX>KHO89dU>9O=S89>KJ>=>KW <;>NR8O<=KYO=Q<NMR8O<=H<LPSLKLRPPVR;;>RNO=J<M;R=VN>;<N8K<N<=89> J<M;R=VH>UKO8>R=SH<LPSU>M<N>N>P>XR=8Q<NN>K>RNJ9>NKYRJRS>MOJKR=S"'/KI #<H>X>NYRKH>9RX>P>RN=>SO=<LNK8LSVYJ<=KLM>NK<Q8>=8LN=8<K<LNJ>K<L8KOS> 89>J<M;R=VKLJ9RKJ<=KLM>NRQQRONK_<LN=RPOK8KYT<X>N=M>=8RT>=JO>K<N"'/KQ<N K>J<=S9R=SO=Q<NMR8O<=RU<L8J<M;R=O>KI3RO=K8N>RMJ<=KLM>NKHOPP=<8 =>J>KKRNOPVT<P<<[O=TQ<N89OKO=Q<NMR8O<=UL8O8MRVO=QPL>=J>89>ONS>JOKO<=KOQ ;RN8OJLPRNO=Q<NMR8O<=T>8K;OJ[>SL;O=89>;<;LPRN;N>KK<NOKN>;N<SLJ>SO= XRNO<LKUP<TQ<NLMKI 3N;EEE 1$D^^^OKRTP<URPK<JORPRJJ<L=8RUOPO8VK8R=SRNSQ<NS>J>=8H<N[O=TJ<=SO8O<=KY S>X>P<;>SR=S<X>NK>>=UV1<JORP$JJ<L=8RUOPO8V&=8>N=R8O<=RPI)9>K8R=SRNSOK URK>S<=89>4"4=OX>NKRP+>JPRNR8O<=<Q#LMR=*OT98KY%<=X>=8O<=<=89>*OT98K<Q 89>%9OPSR=SXRNO<LK&=8>N=R8O<=RP-RU<LN/NTR=O\R8O<=f&-/gJ<=X>=8O<=KI1$D^^^ J<X>NK89>Q<PP<HO=TOKKL>RN>RK<QK<JORPN>K;<=KOUOPO8V? %9OPSPRU<LNY 0RON;RVhJ<M;>=KR8O<=Y 5<N[O=T9<LNKhQ<NJ>SPRU<LNY 1RQ>H<N[O=T>=XON<=M>=8KY 0N>>S<M<QRKK<JOR8O<=Q<NH<N[>NKY 5<N[>NSOKJNOMO=R8O<=YR=S 4=QRONH<N[>NSOKJO;PO=>I )9>1$D^^^J>N8OQOJR8O<=R;;PO>K8<QRJOPO8O>KR=SMLK8U>JRNNO>S<L8UV1$$1C RJJN>SO8>SRLSO8<NKI$K<QF^A^89>N>H>N>M<N>89R=FY^^^QRJOP8O>KJ>N8OQO>SO=BE J<L=8NO>KJ<X>NO=TM<N>89R=<=>MOPPO<=H<N[>NKO=89<K>QRJOPO8O>KI HHHIKRCO=8PI<NTh %<=KLM>NK%<L=JOP<Q%R=RSR ]D =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

59 A#+1*73/8&4&,#*=NQ#5=, 1OMOPRNPVYJ<=KLM>NKMRVU>O=QPL>=J>SO=SON>J8PVRU<L8O=Q<NMR8O<=89>VTP>R= QN<MO=S>;>=S>=8>`8>N=RPK<LNJ>KR=SNR8O=T<NTR=O\R8O<=KKLJ9RK ir=8\oh1lk8ro=rpv8ojkyr=s%<n;<nr8>6=ot98k3rtr\o=>yrm<=t<89>nki)9>k> <NTR=O\R8O<=KLK>XRNO<LKM>89<S<P<TO>K8<NR8>J<M;R=O>K<=89>ON>=XON<=M>=8RPY K<JORPR=ST<X>N=R=J>;>NQ<NMR=J>I1<M>NR8O=TKKLJ9RK89>iR=8\Oh1LK8RO=RPV8OJKW 1<JORP&=S>`Q<JLK>K<=;N<XOSO=TO=Q<NMR8O<=8<QO=R=JORPR=RPVK8KR=SO=X>K8<NKY H9OP>NR8O=TKKLJ9RK%<N;<NR8>6=OT98KWd'P<URPA^^3<K81LK8RO=RUP>%<N;<NR8O<=K O=89>5<NPSWNR8O=TOKMRS>RXROPRUP>M<N>HOS>PV8<RUN<RS>NRLSO>=J>89N<LT9O8K MRTR\O=>yRP89<LT9O8KQ<JLKY8<<YOKT>RN>S8<HRNSKO=X>K8<NKY=<8J<=KLM>NKI)9> N>;L8R8O<=JR;O8RP<QKLJ9NR8O=TKJR=QOP8>NS<H=8<89>J<=KLM>NP>X>P>K;>JORPPVRK J<M;R=O>K89>MK>PX>KU>TO=8<;N<M<8>89>ONKLJJ>KKO=89>K>NR8O=TKR=SRHRNSK <=89>ONH>UKO8>KYJ<M;R=VN>;<N8K<NO=;N>KKN>P>RK>KI 1<M>"'/K9RX>RPK<U>>=O=X<PX>SO=RKK>KKO=TJ<M;R=O>K<=89>ONK<JORP N>K;<=KOUOPO8V;>NQ<NMR=J>I0<NO=K8R=J>Y89>)<N<=8<CURK>S3RZLOPR1<POSRNO8V ">8H<N[9RKU>>=RJ8OX>Q<NMR=VV>RNKO=;N<M<8O=T9LMR=NOT98KR=SPRU<LN OKKL>KY;RN8OJLPRNPVO=KL;;PVJ9RO=K<QJ<=KLM>NT<<SKI&=F^^BO8N>P>RK>SRN>;<N8 JRNSQ<JLK>S<=K<M><Q89>M<K8;<;LPRNJ<=KLM>NUNR=S=RM>R;;RN>PJ<M;R=O>K O=89>H<NPSI)9OKN>;<N8R88NRJ8>SRP<8<QR88>=8O<=RM<=TJ<=KLM>NRSX<JR8>KR=S _<LN=RPOK8KU>JRLK><QO8KNOT<N<LKM>89<S<P<TVR=S89>N>;L8R8O<=<Q89> <NTR=O\R8O<=O8K>PQI#<H>X>NYPO[><89>NRKK>KKM>=8KY89>N>KLP8K<Q89>K>NR8O=TKMRV U>ZLOJ[PVQ<NT<88>=UVJ<=KLM>NKL=P>KK89>VRN>J<=8O=LRPPVN>MO=S>SI 0'L'*/.#6)/"38.#6M"5#*,B#5&*/6A&B'5+)#5= 2&3&.1$,641/+$,6HRK89>F^^B)NR=K;RN>=JV*>;<N8%RNSN>P>RK>SUV)9>89OJRP )NRSO=T$J8O<='N<L;}Kf)$'gH9OJ9RKK>KK>SR=SJ<M;RN>S;LUPOJN>;<N8O=T<= PRU<LNK8R=SRNSKJ<M;POR=J><QE^8<;R;;RN>PN>8ROP>NKR=SUNR=SKK>PPO=TJP<89>K O=89>%R=RSOR=MRN[>8YO=JPLSO=T->XO18NRLKKY"O[>YRSOSRKY#{3Y3<L=8RO= ZLO;M>=8%<C<;Y*<<8KY-R1>=\RY*>O8MR=KR=SFF<89>NKI )9>N>;<N8Q<L=S89R8P>RSO=TJ<M;R=O>K9RX>;LUPOJPV>`;N>KK>SRHOPPO=T=>KK8< SOKJLKKN<<8JRLK>K<Q;>NKOK8>=8PRU<LNNOT98KRULK>KO=89>ONKL;;PVJ9RO=KI3<N> J<M;R=O>KRN>N>;<N8O=T8NRO=O=T;N<TNRMKQ<NQRJ8<NVMR=RT>M>=8R=S<89>N >QQ<N8K8<J9R=T>;>NKOK8>=8URS;NRJ8OJ>KI,L8)$'}KK8LSVK9<H>S89R8J<M;R=O>K RN>P>KKHOPPO=T8<SOKJLKK9<H89>ON<H=ULKO=>KKM<S>P<Q>X>NCP<H>N;NOJ>KR=S 9OT9PVCM<UOP>;N<SLJ8O<=MOT98U>JRLKO=T89>K>;N<UP>MKI 988;?hh>=IMRZLOPRK<POSRNO8VI<NTh=<S>hFE^ %<=KLM>NK%<L=JOP<Q%R=RSR ]G =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

60 L&$VF#,&="''%, 0<NM<N>RJ8OX>O=Q<NMR8O<=CK>>[O=TJ<=KLM>NKY=>HJ<MML=OJR8O<=K8>J9=<P<TVOK RXROPRUP>H9OJ9MRVRKKOK889>M8<MR[>;LNJ9RK>KRPOT=>SHO8989>ONXRPL>KI 5>UKO8>KKLJ9RK'<<S'LOS>fHHHIT<<STLOS>IJ<MgY<N%R=RSOR=CURK>S89OZL>88> fhhhi>89ozl>88>ijrg=<hmr[>o8>rko>nq<nj<=klm>nk8<qo=skrq>ytn>>=r=s K<JORPPVN>K;<=KOUP>;N<SLJ8KI)9>K>J<=KLM>NCQNO>=SPV8<<PKYH9OJ9RN>=<H M<XO=TQN<M89>H>U8<KMRN8;9<=>CURK>SR;;POJR8O<=KY>=RUP>J<=KLM>NK8<XO>H O=S>;>=S>=8PVX>NOQO>SK<JORPYKRQ>8VR=S>=XON<=M>=8RPN>J<NSK<Q89<LKR=SK<Q J<=KLM>N;N<SLJ8KR889>JPOJ[<QRM<LK>I %<=KLM>NKRN>RSR;8O=TZLOJ[PV8<89>H>UR=SRJJ<NSO=T8<<LNKLNX>VYR= O=JN>RKO=T=LMU>N<QJ<=KLM>NKfFA;>NJ>=8gN>PV<=H>UKO8>K89R8RN>=<8 J<=8N<PP>SUV89>J<M;R=VYRKOM;<N8R=8O=Q<NMR8O<=J9R==>PKO=Q<NMO=T89>ON _LST>M>=8K<Q;N<SLJ8KR=S89>J<M;R=O>K89R8MR[>89>MI -+81c0&++&yHHHI>89OZL>88>IJR 89OZL>88>OKR%R=RSOR=URK>SK<JORP>=8>N;NOK>H9<K>MOKKO<=OK8<JN>R8>K<JORP XRPL>Q<NJ<=KLM>NKR=SMRN[>8O=TXRPL>Q<N>POTOUP>ULKO=>KK>KI&8OKRH>UKO8> S>KOT=>S8<K>NX>89>=>>SK<Q89>J<=KJO>=8O<LKJ<=KLM>NP<<[O=TQ<N<;8O<=K89R8 N>SLJ>9RNM8<89>>=XON<=M>=8R=S9>P;OM;N<X>K<JORPJ<=SO8O<=KI&8TR89>NK O=Q<NMR8O<=QN<MJ<M;R=O>KSON>J8PVR=SJ<MUO=>K89OKHO89SR8RQN<MLK>NKR=S 89ONSC;RN8VJ>N8OQOJR8O<=KH9>N>R;;N<;NOR8>I -+81,/'5&yHHHI>89OKJ<N>I<NT 89OKJ<N>OKR=O=O8OR8OX><Q89>89OJRP%<=KLM>N*>K>RNJ9$KK<JOR8O<=O=89>46I&8 OKRKLUKJNO;8O<=CURK>SH>U8<<PS>KOT=>S8<9>P;J<=KLM>NKQO=Sa89>U>K8;N<SLJ8K 8<ULVR=S89>H<NK8J<M;R=O>K8<RX<OSIc&8;N<XOS>KRNR8O=TKJ<N>JRNS8<LK>NK H9OJ9K9<H9<H89>J<M;R=O>KR=S;N<SLJ8KNR8>RTRO=K8F^>89OJRPOKKL>KI&8 TR89>NKN>K>RNJ9QN<MO=Q<NMR8O<=O=89>;LUPOJS<MRO=RKH>PPRKQN<MJRM;ROT=KI 3<K8<Q89>;N<SLJ8KNR8>SRN>46CURK>SI :1*=W5&&*f0<NM>NPVE NS 59RP>gHHHIENSH9RP>IJ<M 0O=S'N>>=<QQ>NKJ<=KLM>NKR'21CURK>SR;;POJR8O<=Q<N89>ONKMRN8;9<=>8<QO=S dtn>>=wulko=>kk>kr=s;n<slj8ko=9l=sn>sk<qjo8o>krjn<kk"<n89$m>nojri&8 O=JPLS>KM<N>89R=B^Y^^^POK8O=TKO=O8KSR8RURK>KYH9OJ99RX>U>>=S>X>P<;>SUV O8K<H=N>K>RNJ9>NKRKH>PPRK<89>NTN>>=J<=8>=8O=Q<NMR8O<=;N<XOS>NKKLJ9RK 3<89>N"R8LN>">8H<N[R=S%1*HON>I0O=S'N>>=OKRXROPRUP>RKRQN>>O29<=>R=S $=SN<OS;9<=>R;;POJR8O<=R=SRPK<9RKRN>PR8OX>PVO=>`;>=KOX>;N>MOLMX>NKO<= Q<NLK>NKI W''=W01=&yHHHIT<<STLOS>IJ<M '<<S'LOS>HRKK8RN8>SUV4=OX>NKO8V<Q%RPOQ<N=OR2N<Q>KK<N+RNR/W*<LN[>R=S JPROMK8<;N<XOS>a89>H<NPS}KPRNT>K8R=SM<K8N>PORUP>K<LNJ><QO=Q<NMR8O<=<=89> 9>RP89Y>=XON<=M>=8RPYR=SK<JORPOM;RJ8K<Q89>;N<SLJ8KO=V<LN9<M>Ic&8K %<=KLM>NK%<L=JOP<Q%R=RSR B^ =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

61 SR8RURK>J<=8RO=KM<N>89R=B]Y^^^Q<<SY8<VKY;>NK<=RPJRN>R=S9<LK>9<PS ;N<SLJ8KR=S>=RUP>KLK>NK8<RJJ>KK>`;>N8RSXOJ>R=SN>J<MM>=SR8O<=K<= ;N<SLJ8KI&8RPK<RPP<HKLK>NK8<T>8RSXOJ>H9OP>89>VRN>K9<;;O=T89N<LT9O8K KMRN8;9<=>8<<PYH9OJ9>=RUP>KLK>NK8<KJR=89>URNJ<S><Q;N<SLJ8K8<RJJ>KK N>P>XR=8O=Q<NMR8O<=<=O8I d04&5yhhhi\lm>nij<m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`OK8O=TO=8>N>K8O=89>;RN8OJLPRNPRU>P<NJ>N8OQOJR8O<=R=S8OM>QN<M J<=KLM>NKyK<M>89O=T89>V8<PSLK89>VKOM;PVS<=<89RX>I )9OKN>SLJ>K89>OM;RJ8<Q89>K>M>89<SK<=89>MR_<NO8V<QJ<=KLM>NKH9<S<=<8 RJ8OX>PVK>>[K<JORPR=S>=XON<=M>=8RPO=Q<NMR8O<=<=89>MR_<NO8V<Q;N<SLJ8KR=S K>NXOJ>K89>V;LNJ9RK>I&QH>RN>K>>[O=T8<9RX>R8NR=KQ<NMR8OX>OM;RJ8O=KL;;<N8 <QKLK8RO=RUP>J<=KLM;8O<=YH>9RX>8<RSSN>KK89>URNNO>NKOS>=8OQO>SUV J<=KLM>NK>RNPO>NR=S;N<XOS>89>MHO89RK>8<Q_<O=>SCL;M>J9R=OKMK8<>=9R=J> JN>SOUOPO8VK<89R889>O=Q<NMR8O<=R=SM<8OXR8O<=89>V=>>SYR=S89>RKKLNR=J>89>V N>ZLON><=JPROMKMRS>UVJ<M;R=O>KO=89>K<JORPPVN>K;<=KOUP>K;RJ>YRN>U<89 RJJLNR8>R=SM>R=O=TQLPI $KH>9RX>K>>=YJN>SOUOPO8VOK=<8K<M>89O=TS>POX>N>SUVR=V<=>M>J9R=OKMYUL8 K<M>89O=T89R8J<=KLM>NK89>MK>PX>KJ<=K8NLJ8K<M>8OM>KKLUJ<=KJO<LKPVQN<M 89>SOQQ>N>=8M>KKRT>K89>VN>J>OX>RU<L8RJ<M;R=VR=SO8K;N<SLJ8KYR=S89>P>X>P <Q8NLK889>V9RX>O=89>K<LNJ>K<Q89R8O=Q<NMR8O<=I,RK>S<=<LNN>K>RNJ9YR =LMU>N<QJ9RNRJ8>NOK8OJK>M>NT>RKU>O=TOM;<N8R=88<89><X>NRPP8RK[<Q >=9R=JO=TJN>SOUOPO8VU>V<=S89>M<N>8NRSO8O<=RPR;;N<RJ9>KS>KJNOU>SRU<X>I %<=KLM>NK%<L=JOP<Q%R=RSR BA =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

62 %<=KLM>NK%<L=JOP<Q%R=RSR BF =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK 9DCD? )'*,1,+&*/6'>&,,#7& %<=KLM>NKRJJ>KKO=Q<NMR8O<=<=J<M;R=O>KR=S;N<SLJ8K89N<LT9RXRNO>8V<Q J<MML=OJR8O<=K<LNJ>KR=S;R89HRVKI&8OKJNO8OJRP89R8J<M;R=O>KS>POX>NR J<=KOK8>=8M>KKRT><=RPP<Q89>K>J<MML=OJR8O<=;PR8Q<NMKI59OP>J<MML=OJR8O<= >`;>N8KNOT98PVO=K8NLJ8<NTR=O\R8O<=K8<JNRQ889>ONM>KKRT>K8<KLO8R;RN8OJLPRN RLSO>=J>YO8WKOM;<N8R=889R889>J<N><Q89>M>KKRT>KS<=<8SOX>NT>8<<HOS>PVI&QY Q<N>`RM;P>YRJ<M;R=V>`;>=SKRP<8<Q>QQ<N8J<MML=OJR8O=TO8K>=XON<=M>=8RPPV QNO>=SPV;RJ[RTO=T>QQ<N8KUL89RK=<8MRS>R=V>QQ<N88<OM;N<X>89>K<JORPPV N>K;<=KOUP>R88NOUL8>K<Q89>;N<SLJ8O8K>PQY89>=O8K>QQ<N88<U>;>NJ>OX>SRKRT<<S J<N;<NR8>JO8O\>=RN>T<O=T8<NO=T9<PP<HU>JRLK><Q89>K>O=J<=KOK8>=JO>KI 1OMOPRNPVYOQRJ<M;R=V;LUPOJPVKL;;<N8K>=XON<=M>=8RPJ9RNO8O>K89N<LT9O8K K;<=K<NK9O;J<MMO88>>YUL889>=K>=SKO8KPRHV>NK8<P<UUVT<X>N=M>=8<QQOJORPK8< SOPL8>>=XON<=M>=8RP;N<8>J8O<=PRHKYJ<=KLM>NKR=S<89>NKHOPP>X>=8LRPPVK>> 89N<LT989OKR=S89>VHOPP9RX>PO88P>8NLK8O=89>J<M;R=VWKO=8>TNO8VR=S9<=>K8VI %<M;R=O>K=>>S8<J<MML=OJR8>89>KRM>M>KKRT>RU<L889>ONXRPL>KO=>X>NV89O=T 89>VS<I%<=KLM>NKMRV=<8RPHRVKU>T<<SR8S>8>J8O=T89>RJJLNRJV<Q O=Q<NMR8O<=YUL889>VRN>X>NVT<<SR8K=OQQO=T<L89V;<JNOKVI 0<NMR=VJ<=KLM>NK8NLK8OKULOP8TNRSLRPPV<X>N8OM>I&8OK=<8RU<L8<=>UOT89O=TO8 OKRU<L8MR=VPO88P>89O=TK89R89>P;8<>=9R=J>JN>SOUOPO8VHO89J<=KLM>NKI)NLK8 RU<L8RJ<M;R=VWKK<JORPJPROMKMRVU>URK>S<=89>J<=KLM>NWK8NLK8O=89> J<M;R=VO=<89>NRN>RKI F*$17/#*5/$,7$#&%/19$,/+&%):.,9N5:1$%$&51$=&.%*5/)&##&/*#,5:1$%9Z.,75+>%*5/)&#5/+./9*1$3&*://+&5&:1$%$&5Y4*5/)&#5>$11%)&/ /#*5//+5&:1$%$&5.,7/+&,%)&/;&1$&3&$,/+&#/+$,65-/+&%):.,9Y 0<JLK'N<L;2RN8OJO;R=8 Z&#=1*7$6H&4'*,+5#+1'* /=><Q89>U>K8HRVKQ<NJ<M;R=O>K8<>=9R=J>89>ONJN>SOUOPO8VHO89J<=KLM>NK<= 89>ONK<JORPN>K;<=KOUOPO8VJPROMKOK8<=<8<=PV8>PP89>MRU<L889>ON;>NQ<NMR=J>Y UL8RJ8LRPPVK9<H89>MV<LNRJ9O>X>M>=8KR=S9<H89OKJ<=8NOUL8>K8<<X>NRPP ;>NQ<NMR=J>OM;N<X>M>=8KI+>M<=K8NR8O<=U>R8K>X>NV89O=T>PK>I1<O8OKOM;<N8R=8 8<=<8<=PVJ<MML=OJR8>89N<LT9H<NSKUL8RPK<89N<LT9RJ8O<=I K$/.,75+>$/cG+>9*#3.1*&5/+#*6+9*#.%/$,5.,75/.,7;&+$,7 /+&)Y 0<JLK'N<L;2RN8OJO;R=8 0<N>`RM;P>Y3<L=8RO=ZLO;M>=8%<C<;WKf3%gKL;;PVJ9RO=M<=O8<NO=TR=S X>NOQOJR8O<=OK=<8=>RNPVRKJ<M;N>9>=KOX>RK<89>NUNR=SKKLJ9RK*>>U<[R=S "O[>Y;RN8ORPPVSL>8<O8KKO\>z9<H>X>NYJ<=KLM>NK8>=S8<8NLK83%8<S<89>NOT98 89O=TU>JRLK>H9>=89>VT<O=8<89>ONK8<N>K89>VJR=K>>3%WKXRPL>KOM;P>M>=8>S QONK8C9R=SI-OXO=T89>ONXRPL>KOK>XOS>=8O=M<K8RK;>J8K<Q9<H89>V<;>NR8>89>ON

63 ULKO=>KKQN<M89>8V;><Q;R;>N89>VLK>O=89>ONJR8RP<TL>KY8<89>8V;><Q>=>NTV 89>V;LNJ9RK>8<NL=89>ONK8<N>KI59>=3%ULOP8R=>HK8<N>O=S<H=8<H= MR8>NORPQN<MPR=SQOPPI)9>K8<N>WK>=>NTVKRXO=TKQ>R8LN>KMR[>O8H9R8MR=V >`;>N8KJ<=8>=SOK89>M<K8>=>NTVC>QQOJO>=8J<MM>NJORP<L8P>8O=%R=RSRY[>>;O=T J<=KLM>NKJR=K>>89OK8V;><QKLJJ>KKHO8989>ON<H=>V>KYO8>=9R=J>K89> JN>SOUOPO8V=<8<=PV<Q3%WK>=XON<=M>=8RPU<=RQOS>KYUL8>`8>=SK8<89>ON<89>N JPROMK<=K<JORPN>K;<=KOUOPO8VI %<=KLM>NKJR=;OJ[L;<=89>KMRPP>K8KOT=RPKY>O89>NJ<=KJO<LKPV<NKLUJ<=KJO<LKPVY H9OJ9HOPP9>P;89>MS>JOS>H9>89>N89>VJR=8NLK889>J<M;R=VWKJPROMKI0<N O=K8R=J>H9>=K8RQQRN>[=<HP>ST>RUP>YM<8OXR8>SR=S;<KO8OX>YO8K>=SKRM>KKRT> 8<J<=KLM>NK89R889>J<M;R=VXRPL>KO8K>M;P<V>>KR=S89R889OK>89<K<=89>;RN8 <Q89>J<M;R=VMRVRPK<>`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a)9>N>WKT<O=T8<U> ;><;P><L889>N>SOTTO=TL;SON8YK<O8MRVRKH>PPRKU>Ñ89>J<M;R=VO8K>PQÖ89R8WK 9<PSO=T89>K9<X>PIc %<M;R=O>KRPK<8>=S8<L=S>N>K8OMR8>89>N>K;>J889>VJR=T>8UVRSMO88O=T89>ON MOK8R[>KR=S8>PPO=TJ<=KLM>NK9<H89>VRN>T<O=T8<QO`89>MU>Q<N>89>VRN> L=J<X>N>SUV<89>NKI&=<LNQ<JLKTN<L;KYR=LMU>N<QO=SOXOSLRPK;<O=8>S8<3R;P> ->RQ0<<SWKJ<MML=OJR8O<=KQ<PP<HO=T89>POK8>NO<KOK<L8UN>R[RKR=>`RM;P><Q H9R8J<M;R=O>KK9<LPSS<8<TRO=J<=KLM>N8NLK8I&=89OKJRK>89>J<M;R=VWK ;N>KOS>=8<;>=PVRJJ>;8>SN>K;<=KOUOPO8VQ<N89>;N<SLJ8WKKRQ>8VQROPLN>KR=S J<=QONM>SO8KJ<==>J8O<=8<K>X>NRP8NRTOJS>R89KO=%R=RSRI&=K8>RS<Q>XR;<NR8O=T RPP89>8NLK889R8;><;P>9RSO=89OKUNR=SYK<M>9RX>>X>=KLTT>K8>S89R83R;P> %<=KLM>NK%<L=JOP<Q%R=RSR BE =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

64 ->RQWKN>RJ8O<=KO=K8OPP>S>X>=M<N>8NLK8O=89>UNR=S89R=;><;P>9RS;NO<N8<89> JNOKOKI B>*17,N/;&.-#.$7-;*9$,6)&./-#)_Q.:1&<&.-`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`RM;P>Y%RKJRS>KYR ;RJ[RTO=TR=S8OKKL>;N<SLJ8KL;;PO>NY ;N<XOS>KO8KN>8ROPJLK8<M>NKHO89>RKOPV RJJ>KKOUP>O=Q<NMR8O<=<=O8K;RJ[RTO=TI0<N O8KUR89N<<M8OKKL>;N<SLJ8YO8;N<XOS>K J<=KLM>NKHO89R=>RKVC8<CN>RS >=XON<=M>=8RPQRJ8KPRU>PM<S>P>S<=89> QRMOPORN=L8NO8O<=PRU>P<=Q<<SKI%RKJRS>KW =XON<=M>=8RP0RJ8KPRU>P;N<XOS>KJ<=KLM>NKHO89KLJ9O=Q<NMR8O<=RK;>NJ>=8RT> EE%RNM>=7RP<NYa%R=%<=KLM>NK,LV*>K;<=KOUPVb$=RPVKOKR=S1<PL8O<=KQ<N3RN[>80ROPLN>KcY i<ln=rp<q%<=klm>n2<pojvff^^dgea?eab %<=KLM>NK%<L=JOP<Q%R=RSR =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

65 <QN>JVJP>SJ<=8>=8Y89>RM<L=8<QHR8>NKRX>SYR=S89>=LMU>N<Q>=XON<=M>=8RP J>N8OQOJR8O<=K>RN=>SI0<NM<K8J<=KLM>NK89OKO=Q<NMR8O<=MOT98U>KLQQOJO>=8I $JJ<NSO=T8<<LNN>K>RNJ9YJ<=KLM>NKHOPP<=PVK>>[QLN89>NO=Q<NMR8O<=R=SURJ[L; OQK<M>89O=TT<>KHN<=THO8989>;N<SLJ8<NOQ89>VQ>>P89>J<M;R=V9RKK<M>89O=T 8<9OS>I#<H>X>NO=JRK>KH9>N>J<=KLM>NKN>ZLON>M<N>O=CS>;89O=Q<NMR8O<=<= R=V<Q89<K>8<;OJKPOK8>S<=89>PRU>P89>VJR=RJJ>KKM<N>PRV>N>SO=Q<NMR8O<=<= 89>J<M;R=VWKH>UKO8>I [c).=$,6.5)*%+$,-#)./$,.3.$1.;1&.,7.%%&55$;1&.5:55$;1&z1$=&,*/#$/$,.1$,-#)./$,z/+./+&1:55+>)&/+.//+&%):.,9$55&#$*5?.,7$/5:&,,&55+&1:5$,5:$#&%,-$7&,%&y] 0<JLK'N<L;2RN8OJO;R=8 9DCD9 Z1*S1*73'/1#%A&,B'*,1$1%1+6+'N,B&/+,'e0#%1+6fT51/&#*=]#%0& $K=<8>SO=J9R;8>N8H<Y89>N>K>RNJ9OKJP>RN<=89>;<O=889R8MRO=K8N>RM J<=KLM>NKHOPP=<8RJJ>;88NRS>C<QQKQ<NK<JORPN>K;<=KOUOPO8VI)9OKOK9RNSPV KLN;NOKO=TYUL8U>RNK>M;9RKO\O=TI)9>QRJ8OK89R8J<=KLM>NKHR=8T<<SZLRPO8V ;N<SLJ8KR=SK>NXOJ>K89R889>VJR=N>PV<=R8RN>RK<=RUP>;NOJ>.,789>VHR=88< S<ULKO=>KKHO89J<M;R=O>K89R8S>M<=K8NR8>K<JORPN>K;<=KOUOPO8VI 4=Q<N8L=R8>PVJ<=KLM>NK9RX><Q8>=U>J<M>J<=SO8O<=>S8<89O=[89R8OQ89>V ;LNJ9RK>K<JORPPVN>K;<=KOUP>;N<SLJ8KY89>VHOPPU>KRJNOQOJO=TRK;>J8K<Q;N<SLJ8 ZLRPO8VfOI>IdKJNR8J9VUR89N<<M8OKKL>WgYJ<=X>=O>=J>fOI>IdHOPP9RX>8<KJNLU8HOJ>RK 9RNSWgY<N;NOJ>fOI>IHOPP;RVR;N>MOLMQ<NdTN>>=WgI%<=K>ZL>=8PVYOQ89>N>OK=< >XOS>=88NRS>C<QQQ<NR;N<SLJ8HO89K<JORPPVN>K;<=KOUP>R88NOUL8>KY89>=K<M> J<=KLM>NKMRVU>J<M>KLK;OJO<LKR=SK8RN88<SOK8NLK8RJ<M;R=VWKJPROMKI [B-_.7$5%*,/#&/.$1&#`/17)&/+.//+&9>&#&7$,6.11/+&5&67/+$,65cB 7,N//+$,=BN7;&1$&3&$/;&%.*5&$/7&5,N/T$3&>$/+/+&$#;#.,7YQ.9;&$-$/ >.55)&/+$,61$=&/+&9N#&%+.,6$,61$6+/;*1;5/5.3&&,&#69.,75.3& ),&9/6&/1>&#:#$%&5;*//+&#>$5&$/7&5,N/-$/Y] 0<JLK'N<L;2RN8OJO;R=8 &=<NS>N8<;N<M<8>K<JORPPVN>K;<=KOUP>J<=KLM>NOKMYMRO=K8N>RMULKO=>KK>KMLK8 S<RU>88>N_<U<QPO=[O=TK<JORPN>K;<=KOUOPO8V8<RK;>J8K<QZLRPO8VY;NOJ>R=SXRPL>I %<=KLM>NKRN>=<8=RÜX>I)9>V[=<HJ<M;R=O>KRN>=<8QL>PP>SUVRP8NLOKMz89>V >`OK88<MR[>;N<QO8KI%<M;R=O>K9RX>8<K9<HJ<=KLM>NK89R8O=U>O=TK<JORPPV N>K;<=KOUP>89>VJR=RPK<S>POX>NU>88>N;N<SLJ8KR=SK>NXOJ>K8<89>ONJLK8<M>NKI 18LSO>K9RX>S>M<=K8NR8>S89R8J<M;R=O>KJR=P>X>NRT>89>ONK<JORPN>K;<=KOUOPO8V O=O8OR8OX>KYN>KLP8O=TO=9OT9>NQO=R=JORPN>8LN=KYUVRPOT=O=T89>ONK8NR8>TVHO8989>ON %<=KLM>NK%<L=JOP<Q%R=RSR B] =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

66 O=O8OR8OX>KR=SMRO=8RO=O=T;N<SLJ8ZLRPO8VR=SO==<XR8O<=I 0<NO=K8R=J>YTRNM>=8 ;N<SLJ>NKKLJ9RK'R;RN>=<HRJJLMLPR8O=TM<L=8O=T>XOS>=J>89R8QRJ8<NO>KO= 89>ONKL;;PVJ9RO=K89R8Q<PP<HKLK8RO=RUP>ULKO=>KK;NRJ8OJ>KJR=RPK<KLJJ>>S QO=R=JORPPVI1<M>QRJ8<NO>KO=&=SOR89R8;N<XOS>J9OPSJRN>QRJOPO8O>KYQN>>>V>JRN>R=S RJJ>KK8<M>SOJRPK>NXOJ>YRKH>PPRKO=J<N;<NR8>K<L=S>=XON<=M>=8RP;NRJ8OJ>K fpo[>nro=hr8>n9rnx>k8o=tgo=8<o8k<;>nr8o<=ky9rx>89nox>si E] )9>RSSO8O<=RPJ<K8K RNOKO=TQN<M89>OM;P>M>=8R8O<=<QK<JORPPVN>K;<=KOUP>;NRJ8OJ>KHRK<QQK>8UV S>JN>RK>KO=>M;P<V>>8LN=<X>NNR8>KR=SKOT=OQOJR=8O=JN>RK>KO=;N<SLJ8OXO8VY H9OJ9M>R=889R889>N>HRK=<MR8>NORPO=JN>RK>O=;NOJ>Q<N89>J<M;R=VR=S LP8OMR8>PVQ<NJ<=KLM>NKI&8RPK<P>S8<RM<N>J<<;>NR8OX>H<N[Q<NJ>R889R8QRJOPO8V HO89U>88>NK[OPPKYH9OJ99RKLP8OMR8>PVU>=>QO88>S;N<SLJ8ZLRPO8VI,VK9RNO=T89>K>K8<NO>KM<N><;>=PVHO89J<=KLM>NKYULKO=>KK>KJR=S>M<=K8NR8> 89R889>VJR=U>U<89K<JORPPVN>K;<=KOUP>R=SK8OPPMR[>M<=>VHO89<L88NRS>C<QQKI $KKLJ9YJ<=KLM>NKRN>M<N>PO[>PV8<8NLK889>J<M;R=VWKJPROMKJ<=J>N=O=TK<JORP N>K;<=KOUOPO8VKO=J>O8K8OPPS>M<=K8NR8>KRPOT=M>=8HO8989>ULKO=>KK>KW;N<QO8C SNOX>=;LN;<K>I 9DCDI )8'1/&-=1+1*7X<g'0Z&#=<L1%%:'%%'Q $=<89>NHRV<Q>=9R=JO=TJ<=QOS>=J>RM<=TJ<=KLM>NKOK8<RKKOK889>MO=MR[O=T N>K;<=KOUP>J9<OJ>KI$KH>9RX>K>>=YJ<=KLM>NKJRN>RU<L8>=XON<=M>=8RPYK<JORP R=SKRQ>8VOKKL>KYUL889>VRN>K<M>8OM>KJ<=QLK>SR=SHR=89>P;O=MR[O=T89>ON J9<OJ>KI%<M;R=O>KJR=;N<XOS>89OK9>P;UVK>NXO=TRKK<JORPN>K;<=KOUOPO8VQOP8>NK Q<NJ<=KLM>NKI 4,5*)&#55+*17,/+.3&//+$,=.;*//+$5Y'+&,*55+*17;&,/+& %):.,$&5/-$6*#&$/*/.,7:#3$7&5*5/.$,.;1&:#7*%/5/%,5*)&#5Y 1LU_>J83R88>N`;>N8&=8>NXO>H 1<M>J<M;R=O>KRN>RPN>RSVS<O=T89OKHO89;NOXR8>PRU>PK<=89>ON;N<SLJ8KI -<UPRHKYQ<N>`RM;P>Y=<H<QQ>NKO8K2N>KOS>=8WK%9<OJ>d,PL>3>=LWPRU>PP>S ;N<SLJ8K8<9>P;J<=KLM>NKMR[>J9<OJ>K<=9>RP89VQ<<SK89R8S<=<8KRJNOQOJ> 8RK8>I)9>2%,PL>3>=L;N<SLJ8KJ<=8RO==<9VSN<T>=R8>S<OPKR=SRN>T>=>NRPPV P<H>NO=QR8R=SKLTRNR=S9OT9>NO=QOUN>89R=KOMOPRN;N<SLJ8KI)9>PRU>PO8K>PQ 9>P;KJ<=KLM>NKMR[>>RKVJ9<OJ>KYR=SJ<=KLM>NKJR=RPK<QO=SS>8ROP>S =L8NO8O<=RPO=Q<NMR8O<=<=89>;RJ[RTO=TI)9>,PL>-RU>P;N<XOS>KK<M>RKKLNR=J> 89R889>;N<SLJ88RK8>KT<<SURK>S<=J<=KLM>NKW;N>XO<LK>`;>NO>=J>HO89<89>N 2%UPL>PRU>P;N<SLJ8KR=SJ<=X>VK89R8O8OKR9>RP89O>NJ9<OJ>U>JRLK><Q-<UPRHKW JNO8>NORR=SQOP8>NQ<NO=JPLKO<=O=89>PRU>PI %<=KLM>NK%<L=JOP<Q%R=RSR BB =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

67 %<=KLM>NKRN>P<<[O=TQ<NKOMOPRNJL>KH9>=O8J<M>K8<K9<;;O=TQ<NK<JORPPV N>K;<=KOUP>;N<SLJ8KR=SHR=8R<=>CK8<;K9<;H9>=O8J<M>K8<MR[O=T89>NOT98 S>JOKO<=KN>PR8>S8<R;N<SLJ8WKK<JORPN>K;<=KOUOPO8VR88NOUL8>KI)9>VHR=889> N>8ROP>NK8<>=KLN>89R889>;N<SLJ8K89>VJRNNVM>>8K<M>URKOJMO=OMLM K8R=SRNSKHO89N>K;>J88<K<JORPN>K;<=KOUOPO8VK<89R8>X>=OQ89>VRN>=<8 KL;;<N8O=T89>M<K8K<JORPPVN>K;<=KOUP>;N<SLJ8KR=SJ<M;R=O>KHO8989>ON ;LNJ9RKO=TY89>VJR=Q>>PQRONPVJ<=QOS>=889R889>VRN>=<8J<=8NOUL8O=T8< J<M;R=O>K89R8RN>K<JORPPVONN>K;<=KOUP>I D+&,B6/_4.:&#5D+1&V75Q.#=&/`0BN3&.1#&.79).7&.%+$%&_/ -.3*#5%$.119#&5:,5$;1&:#7*%/5`;&-#&BN3&&3&,5/&::&7-/$,//+& 5/#&.,75B&J:&%//+&)/+&1:)&.,77/+&-$1/&#$,6-#)&Z.,75B &J:&%//+.//+&:#7*%/5$,/+&5/#&.11)&&/5)&5#/-)$,$)*) #&8*$#&)&,/Y 1LU_>J83R88>N`;>N8&=8>NXO>H $=LMU>N<QJ<=KLM>NK8<PSLK89R889>VH<LPS;LN;<K>PVK9<;R8K8<N>KPO[>%R;>NK f,%<=pvgy59<p>0<<sk<n3%yu>jrlk>89>vj<lpsq>>pqronpvj<=qos>=8k9<;;o=t Q<NK<JORPPVN>K;<=KOUP>;N<SLJ8KR889>K>K8<N>KKO=J>89>V;>NJ>OX>SK<JORP N>K;<=KOUOPO8V8<U>RPN>RSVULOP8O=8<89>K8<N>KWO=8>N=RP;N<SLJ8K>P>J8O<=;N<J>KKI D+&,B5&&.7#*65/#&%+.$,/.=&.7&%$5$,/,1,6&#%.##9/;.%% :#7*%/50$/5/#&,6/+&,5)9%,-$7&,%&$,/+&).,75+>5)&/+.//+&9+.3& )9;&5/$,/&#&5/5./+&.#/Z$,/&#)5-+&.1/+%+$%&5c.,7/+$5_%,-$7&,%&` >*17:#;.;19&J/&,7//+&/+&#:#7*%/5/+&9%.##9Y 0<JLK'N<L;2RN8OJO;R=8 9DCDJ H&4'*,+5#+&)'**&/+&=*&,,Q1+8)'*,04&5,"85'078H1#%'70& )9>M<N>J<M;R=O>K>=TRT>HO89J<=KLM>NK<=OKKL>K<QK<JORPN>K;<=KOUOPO8VR=S 89>M<N>J<=KLM>NKQ>>P;RN8<QRSORP<TL>Y89>TN>R8>N8NLK889>VHOPP9RX>O=89> J<M;R=VWKJPROMKI)9OKO=X<PX>K89>J<M;R=VN>RJ9O=T<L88<J<=KLM>NKY=<8<=PV8< 8>PP89>MRU<L889>ONK<JORPN>K;<=KOUOPO8VR88NOUL8>KYUL88<O=X<PX>89>MO=H<N[O=T 8<HRNSKRK<JORPPVN>K;<=KOUP>T<RP<NJ<MMO8M>=8I/=>>`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fHHHIJ9R=T>>X>NV89O=TIJRg8<>=J<LNRT>89>;LUPOJ8<H<N[ %<=KLM>NK%<L=JOP<Q%R=RSR Be =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK

68 8<HRNSK;<KO8OX>J9R=T>Q<N89>J<MML=O8VI)9>UP<THRKO=K;ON>SUV7R=JO8VWK <H=JRM;ROT=8<O=XO8>89>ONJLK8<M>NK8<J9R=T>89>HRV89>V89O=[RU<L8UR=[O=TI $J8OX>J<MML=O8VO=X<PX>M>=8UVJ<M;R=O>KRPK<JN>R8>KJ<==>J8>S=>KK8< J<=KLM>NKI$=LMU>N<QJ<=KLM>NKN>;<N8>S89R889>;RN8OJO;R8O<=<QJ<M;R=O>KO= J<MML=O8V>X>=8K9RKRN>RPOM;RJ8<=9<H89>V;>NJ>OX>89>J<M;R=VR=SO8K JN>SOUOPO8VI [B5&&/+&)_G/.#;*%=5`:.#/$%$:./$,6.,77,./$,6./3.#$*5%))*,$/9 &3&,/5.,7BN3&&3&,5:=&,//+&).,.6&#.-&>/$)&5YB>*175.9/+.//+&$# 5*::#/.//+&%))*,$/91&3&1+.5;&&,3&#9:5$/$3&.,7BN3&)&,/$,&7/+$5 /:&:1&c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h&%b)'*,04&5,>#s&)8'1/&,"8#+>#++&5 $=OM;<N8R=8>P>M>=8O=>=9R=JO=TJN>SOUOPO8VOK8<K9<HJ<=KLM>NK89R889>ON RJ8O<=KRN>T>RN>S8<RSSN>KKO=TOM;<N8R=8OM;RJ8KR=S89R889>ONRJ8O<=JR=9>P;8< MR[>RSOQQ>N>=J>I$JJLNR8>JPROMKRP<=>RN>=<8>=<LT98<ULOPSJ<=QOS>=J>I0<N >`RM;P>YR;>NK<=RP9VTO>=>K;NRV;N<SLJ8MRVRSX>N8OK>O8K>PQRKU>O=T%0%CQN>> R=S89OKJ<LPSH>PPU>8NL>I,L8%0%KH>N>;9RK>S<L8<Q%R=RSOR=;N<SLJ8KURJ[O= F^^]YK<89>JPROMYH9OP>RJJLNR8>YOK=<8X>NVM>R=O=TQLPI1LJ9RJ8O<=KJR=P>RS8< J<=KLM>NJV=OJOKMyTOXO=TNOK>8<RQ>>PO=T89R889>V9RX>U>>=9RSY<N89R889>ON J9<OJ>KRN>ONN>P>XR=8I %<=KLM>NK%<L=JOP<Q%R=RSR BD =9R=JO=T%N>SOUOPO8V<Q1<JORP*>K;<=KOUOPO8V%PROMK