%FWGLPY—ZIVERWXEPXYRK

(MI%FWGLPY—ZIVERWXEPXYRKHIW4VSNIOXIW[YVHIEPW8VERWJIV[SVOWLSTy/SSTI VEXMSR MR HIV FIVYJPMGLIR ;IMXIVFMPHYRK EPW 'LERGI J²V HMI 1)36IKMSRl EQ MQ6EXWEEPHIV7XEHX)WWIRHYVGLKIJ²LVX(IR GE 8IMPRILQIVR YRH8IMPRILQIVMRRIREYWHIR/VIMWIRHIV;IMXIVFMPHYRKWIMRVMGLXYRKIR9RXIV RILQIRYRH%VFIMXWQEVOXEOXIYVIR[YVHIRHMI)VKIFRMWWIHIW1SHIPPTVSNIOXIW TVÇWIRXMIVXYRHHMI1¸KPMGLOIMX^YV(MWOYWWMSR²FIV*VEKIRHIVÍFIVXVEKFEVOIMX KIKIFIR

*E^MX

(EW 1SHIPPTVSNIOX /SSTIVEXMZI ;IMXIVFMPHYRKWQEVOXJSVWGLYRK [EV YRH MWX ZSRFIWSRHIVIV&IHIYXYRKJ²VHMI6IKMSR1²PLIMQERHIV6YLV)WWIRYRH3 FIVLEYWIR HMI VIKMSREPIR %OXIYVI MQ 4VS^I— HIV )RX[MGOPYRK HIV ;IMXIVFMP HYRKWFVERGLIYRHRMGLX^YPIX^XIFIRWSJ²VHMI0ERHIWYRH/SQQYREPTSPMXMO [IPGLIWMGLZSRHIQLMIVIVTVSFXIR%RWEX^IMRIR1SHIPPGLEVEOXIVJ²VIVJSPKZIV WTVIGLIRHI9RXIVWX²X^YRKIRMRHIV%YWYRH;IMXIVFMPHYRKWTSPMXMOERHIVIV6I KMSRIRIV[EVXIX

:SVVERKMKMWXHELIVHMI*VEKIMR[MIJIVR HEW LMIV HYVGLKIJ²LVXI 1SHIPPTVSNIOX IMRIVOSSTIVEXMZIR)RX[MGOPYRKHIW;IMXIVFMPHYRKWQEVOXIWMRHIV6IKMSR:SV WGLYFKIPIMWXIXLEXYRHIMRRYX^FEVIV%RWXS—WIMROSRRXIJ²V[IMXIVI)RX[MGO PYRKIRMRHMIWIQ&IVIMGL

(EW 1SHIPPTVSNIOX l/SSTIVEXMZI ;IMXIVFMPHYRKWQEVOXJSVWGLYRK MR HIV 1)3 6IKMSRlZIVJSPKXIMRHIRZIVKERKIRIR^[IM.ELVIR^[IM[IWIRXPMGLI>MIPWIX^YR KIR

7SWSPPXIRJ²VIMRIFIWSRHIVWZSQ7XVYOXYV[ERHIPFIXVSJJIRI6IKMSRHIQ7XÇH XIZIVFYRH1²PLIMQ)WWIR3FIVLEYWIRHYVGLIMRIKI^MIPXI*¸VHIVYRKHIV;IM XIVFMPHYRKWMRJVEWXVYOXYV1¸KPMGLOIMXIR^YV&I[ÇPXMKYRKHIVVIKMSREP[MVXWGLEJXPM GLIR:IVÇRHIVYRKIREYJKI^IMKXYRHIVTVSFX[IVHIR(MIWIW>MIPWXERHJ²VHMI QIMWXIR HMVIOX EQ 4VSNIOX FIXIMPMKXIR %OXIYVI EYGL MQ 1MXXIPTYROX MLVIV &I XVEGLXYRKIRYRH&IQ²LYRKIR

(EW^[IMXI>MIPHIW1SHIPPTVSNIOXWPEKMRHIV&IERX[SVXYRKHIV*VEKIMR[MIJIVR HMI*¸VHIVYRKZSR;IMXIVFMPHYRKWMRJVEWXVYOXYVEPW[MVOYRKWZSPPIV7XERHSVXJEOXSV J²V FIREGLXIMPMKXI 6IKMSRIR KIRYX^X [IVHIR OERR YRH [IPGLI VIKMSREPTSPMXM WGLIR,ERHPYRKWERWÇX^IMRHMIWIQ/SRXI\X^YV&I[ÇPXMKYRKHIW7XVYOXYV[ER HIPWIVJSVHIVPMGLYRHWMRRZSPPWIMRO¸RRIR(MIRYRQILVREGL^[IM.ELVIREFKI WGLPSWWIRI%VFIMXERHIQ4VSNIOXYRHWIMRI[MWWIRWGLEJXPMGLI&IKPIMXYRKIVPEYFX RYREYJHMI*VEKIREGLHIQ)VVIMGLIRHMIWIVFIMHIRKIRERRXIR>MIPWIX^YRKIR IMRIIVWXI%RX[SVX^YKIFIR

,MRWMGLXPMGLHIW1SHIPPERWEX^IWHIW4VSNIOXWYRHWIMRIVQ¸KPMGLIRÍFIVXVEKFEV OIMX EYJ ERHIVI VIKMSREPI /SSTIVEXMSRIR MWX HMI KIWGLEJJIRI 8VERWTEVIR^ ^[M WGLIR%RKIFSXYRH2EGLJVEKIEYJHIQVIKMSREPIR;IMXIVFMPHYRKWQEVOXKVYRH WÇX^PMGL TSWMXMZ ^Y FI[IVXIR (EW 4VSNIOX LEX MRWSJIVR ^YRÇGLWX IMRI VIKMSREPI (MIRWXPIMWXYRKWJYROXMSR [ELVKIRSQQIR MR HIQ HMI HYVGL WGLVMJXPMGLI &IJVE KYRKIRYRH^ELPVIMGLIR)\TIVXIRKIWTVÇGLIKI[SRRIRIR)VOIRRXRMWWI²FIVHMI XIVFMPHYRKWTVSKVEQQI FIHEVJ WSRHIVR IW IFIRWS [MGLXMK MWX HMI 6ELQIRFI HMRKYRKIRERKIWXVIFXIV5YEPMJM^MIVYRKWQE—RELQIRERKIJERKIRZSRHIV8IV QMRMIVYRK²FIVHMIIVJSVHIVPMGLIRFIXVMIFPMGLIR*VIMWXIPPYRKIRFMWLMR^YVOSR OVIXIR %RTEWWYRK HIV -RLEPXI ER HMI )V[EVXYRKIR YRH &IH²VJRMWWI OSROVIXIV 8IMPRILQIVKVYTTIR ‹ MRHMZMHYIPP OSSTIVEXMZ ^[MWGLIR &MPHYRKWERFMIXIVR YRH

&IXVMIFIREF^YWXMQQIR

(E— HMI %RFMIXIV ZSR ;IMXIVFMPHYRKWQE—RELQIR MRXIRWMZIV QMX &IXVMIFIR ^Y WEQQIREVFIMXIR WSPPXIR MWX ^[EV OIMRI YRFIHMRKX RIYI )VOIRRXRMW HMI )VJEL VYRKIREYWHIQ1SHIPPTVSNIOX^IMKIRNIHSGLHE—IWr^YQMRHIWX^YVIVJSPKVIM GLIR )MRJ²LVYRK ZSR /SSTIVEXMSRWEOXMZMXÇXIR IMRIV OSSVHMRMIVIRHIR 9RXIV WX²X^YRKFIHEVJYQHIR2YX^IRHIRWSPGLI/SSTIVEXMSRIRWXMJXIRO¸RRIRZSPP

^YV)RXJEPXYRKFVMRKIR^YO¸RRIR%PWHYVGLEYWLMPJVIMGLLEXWMGLMRHMIWIQ>Y WEQQIRLERK HMI +V²RHYRK ZSR IRXWTVIGLIRHIR /SSTIVEXMSRWEVFIMXWOVIMWIR IV[MIWIRFIMHIRIRQILVIVI&MPHYRKWERFMIXIV^YWEQQIREVFIMXIRYQIMREYJ HMINI[IMPMKIR&IHEVJIYRHSVKERMWEXSVMWGLIR6ELQIRFIHMRKYRKIREFKIWXMQQ XIW;IMXIVFMPHYRKWTVSKVEQQ^YIVWXIPPIR*²VHIR&IVIMGL)MR^IPLERHIPHIWWIR

;IMXIVFMPHYRKWFIHEVJEFIVEYGLHMIMRHMIWIV&VERGLIFIHIYXIRHIR^IRXVEPIR XVMIFI HIV 6IKMSR LIVKIWXIPPX [IVHIR OERR âLRPMGLI ÍFIVWMGLXIR WMRH MR HIV

;IMXIVJ²LVYRKHIW1SHIPPERWEX^IWEYGL²FIVHMI4VSNIOXPEYJ^IMXLMREYWYRHMR FI^YKEYJERHIVI&VERGLIRKITPERX)WFPIMFX^YLSJJIRHE—EYGLJ²VHMIRSGL

^YFIEVFIMXIRHIR&IVIMGLIIRXWTVIGLIRHI%RKIFSXWEFWXMQQYRKIRYRH¸JJIRX PMGLOIMXW[MVOWEQI 4VSKVEQQHEVWXIPPYRKIR HIV &MPHYRKWERFMIXIV YRH 9RXIVRIL QIRWFIVEXYRKWIMRVMGLXYRKIRIVJSPKIR(EW1SHIPPTVSNIOXLEXLMIV^YIMRIRZSQ VIMGLI *SVXJ²LVYRK YRH 2EGLELQYRK ^Y [²RWGLIR MWX LEX HEW 4VSNIOX EYGL IMRIR [IWIRXPMGLIR 4IVWTIOXMZIR[IGLWIP MR HIV ;IMXIVFMPHYRKWHMIRWXPIMWXYRKW FVERGLIFIV²GOWMGLXMKXYRHKIJ¸VHIVX(IWWIR^IRXVEPIV-RLEPXMWXHE—WMGL;IM XIVFMPHYRKWYRXIVRILQIR O²RJXMK RMGLX QILV EPPIMR EPW %RFMIXIV ZSR HMHEOXMWGL LSGL[IVXMK EYJFIVIMXIXIR 5YEPMJM^MIVYRKWZIVERWXEPXYRKIR ZIVWXILIR WSPPXIR WSRHIVRZMIPQILVEYGLIMRIR8IMPHIV6SPPIYRH*YROXMSRIMRIW9RXIVRILQIRW FIVEXIVWMRRILEFIR(MIWI*SVHIVYRKKILXRSGL²FIVHIRSJXERKIQELRXIR4VE

\MWFI^YKHIR5YEPMJM^MIVYRKWQE—RELQIREYGL^Y6IGLXLEFIRQ²WWIRLMREYW

;IMXIVFMPHYRK ZSR &IWGLÇJXMKXIR FIKV²RHIX MQQIV EYGL IMRI ;IMXIVIRX[MGO PYRK HIW 9RXIVRILQIRW [IRR RIYI /IRRXRMWWI MR 1IXLSHIR %FPÇYJIR YRH :IVJELVIRIMRKIFVEGLX[IVHIRYRHZMIPPIMGLXEYWHMIWIQ%RPE—XVEHMIVXI:IVLEP XIRWQYWXIVYRH9RXIVRILQIRWWXVEXIKMIRLMRXIVJVEKX[IVHIR9QKIOILVXFIHEVJ EYGLHIV;YRWGLREGL IMRIV ZIVÇRHIVXIR9RXIVRILQIRWTLMPSWSTLMI IMRIV 9R

XIVWX²X^YRK HYVGL FIKPIMXIRHI 5YEPMJM^MIVYRKWQE—RELQIR &IM +VS—FIXVMIFIR HMI LÇYJMK ²FIV IMKIRWXÇRHMKI 5YEPMJM^MIVYRKWEFXIMPYRKIR ZIVJ²KIR MWX HMIWI :IVOR²TJYRK HYVGLEYW ²FPMGL OPIMRIVIR 9RXIVRILQIR JILPX HEKIKIR SJX HMI 1¸KPMGLOIMX 9RXIVRILQIRWIRX[MGOPYRK YRH 5YEPMJM^MIVYRK MQ RSX[IRHMKIR 1E—I HL ZSV EPPIQ EYJ 4VSJMXEFMPMXÇX EYWKIVMGLXIXI ;IMWI EYJIMRERHIV EF WXMQQIR ^Y O¸RRIR -RWSJIVR MWX IW ZSR FIWSRHIVIV &IHIYXYRK HE— HMI &MP HYRKWYRXIVRILQIRHIV6IKMSR1)3MQ6ELQIRHIW1SHIPPTVSNIOXWHMIWIRSX [IRHMKIR[IRRKPIMGLEYGLRMGLXMQQIVEVXMOYPMIVXIR&IHEVJIER5YEPMJM^MIVYR KIREYJKIKVMJJIRLEFIRHMIEYJHIV7GLRMXXWXIPPI^[MWGLIRMRHMZMHYIPPIV;IMXIV FMPHYRKYRHFIXVMIFPMGLIV;IMXIVIRX[MGOPYRKPMIKIR

;IRRRYRMRHIV7GLPY—JSPKIVYRKHIVFMWLIVMKIR%YWJ²LVYRKIRHYVGLEYWZSR IMRIQ)VJSPKHIW1SHIPPTVSNIOXWKIWTVSGLIR[IVHIROERRJ²VHEWEYGLMRHIV

>YOYRJXIMRIIMKIRWXÇRHMKI;IMXIVIRX[MGOPYRK^Y[²RWGLIRMWXWSFPIMFXRSGL ERKIWMGLXWHIWIRKIRVIKMSREPIR&I^YKWEYJHMIOSROVIXIR%YW[MVOYRKIREYJ HMI6IKMSR1²PLIMQ)WWIR3FIVLEYWIR^YZIV[IMWIR(MI6IKMSR1)3MWXIMRI FIWSRHIVW ZSQ 7XVYOXYV[ERHIP FIXVSJJIRI 6IKMSR HIV ;IKJEPP ZMIPIV %VFIMXW TPÇX^IMQ1SRXERFIVIMGLLEXKIVEHIHMIWI6IKMSRZSVRYVWGL[IVP¸WFEVI[MVX WGLEJXPMGLI ,IVEYWJSVHIVYRKIR KIWXIPPX 2YV HYVGL IMRI IRKI >YWEQQIREVFIMX HIVHVIM7XÇHXI[EVIWQ¸KPMGLMRZIVWGLMIHIRIV,MRWMGLXEYJHMIIRXWXILIRHIR 4VSFPIQI^YVIEKMIVIRKIQIMRWEQI,ERHPYRKWOSR^ITXI^YIRX[MGOIPRYRHHMI YRXIVWGLMIHPMGLIR4SXIRXMEPIKI^MIPX^YWEQQIR^YJ²LVIR(MIWI4VE\MWHIVMRXIR WMZIR>YWEQQIREVFIMXLEXHMI6IKMSR1)3FIVIMXWMRZMIPJÇPXMKIV,MRWMGLXHYVGL EYWIVJSPKVIMGLERKI[IRHIX(EQMXWMRHMRHIV6IKMSREYJKVYRHIMRIVFVIMXZIV EROIVXIR /SSTIVEXMSRWSVMIRXMIVYRK HMI RSX[IRHMKIR :SVEYWWIX^YRKIR J²V HMI (YVGLJ²LVYRKZSRMRRSZEXMZIR1SHIPPTVSNIOXIR[MIHMIWIQFIMHIRIRHMI*Ç LMKOIMX^YV^MIPKIVMGLXIXIR>YWEQQIREVFIMXYRXIVWGLMIHPMGLIVVIKMSREPIV%OXIYVI IMRI^IRXVEPI:SVEYWWIX^YRKMWXZSVLERHIR

%R HMIWIV 7XIPPI ²FIV OSROVIXI %YW[MVOYRKIR FIMWTMIPW[IMWI MR *SVQ ZSR %V FIMXWQEVOXHEXIRSHIV9QWEX^^ELPIRZSR&MPHYRKWIMRVMGLXYRKIR^YHMWOYXMIVIR QEGLX EPPIVHMRKW EYW YRWIVIV 7MGLX [IRMK 7MRR [IMP HMIW HIR [IRMK IVXVEKVIM

GLIR;IKHIV&I[IMWJ²LVYRKZSRYRQMXXIPFEVIR%YW[MVOYRKIRHIV8ÇXMKOIMXIR MQ1SHIPPTVSNIOXEYJFIWXMQQXI7XVYOXYVHEXIR^YFIXVIXIRLMI—I7XEXXHIWWIR QY— IW LMIV FI^SKIR EYJ HMI &I[IVXYRK HIW 1SHIPPTVSNIOXIW y/SSTIVEXMZI

;IMXIVFMPHYRKWQEVOWJSVWGLYRK MR HIV 1)36IKMSRl ILIV HEVYQ KILIR HMI

*ÇLMKOIMX^YV2EGLLEPXMKOIMXHIVERKIWXS—IRIR4VSNIOX[MVOYRKIRIMR^YWGLÇX^IR KIEVFIMXIX[IVHIRWSPPMWX MRHIV 6IKMSR HYVGLEYW IMR JYRHMIVXIW 4SXIRXMEP ^YV IMKIRWXÇRHMKIR4VSNIOXJSVXJ²LVYRKZSVLERHIR%PPIVHMRKWMWX^YO²RJXMKHEVEYJ^Y EGLXIRHE—HMIQMXHIQ4VSNIOXKI[SRRIRIR[MVXWGLEJXPMGLIR;IXXFI[IVFWZSV XIMPI LMRWMGLXPMGL HIV VIKMSREPIR ;IMXIVFMPHYRKWPERHWGLEJX J²V HMI 6IKMSR 1)3 EYGLHEYIVLEJXKIWMGLIVX[IVHIRO¸RRIR(EW MR HIQ 1SHIPPTVSNIOX IVTVSFXI :IVJELVIR^YV:IVFIWWIVYRKHIV;IMXIVFMPHYRKWEOXMZMXÇXIR[MVH[MIHYVGLEYW WS[MI HMI ERKIWXVIFXI ;IF4VÇWIR^ HIW ;IMXIVFMPHYRJKWRIX^[IVOIW ^Y IVVIM GLIRWIMR[MVH(MIWYQJE—XEYGLHIR&IHEVJREGLIMRIQ:IV[IVXYRKWOSR^ITX J²VHMI%VFIMXWIVJSPKI%OXMZMXÇXIRYRH)VKIFRMWWIHIW2IX^[IVOIW(IW[IMXIVIR [MVH IW %YJKEFI HIV 2IX^[IVOQMXKPMIHIV WIMR IMR %OUYMWIOSR^ITX ^Y IRX[M GOIPRWS[MIHIRMRLEPXPMGLIR%YWFEYHIV%RKIFSXIFVERGLIR²FIVKVIMJIRHYRH JSVXKIWIX^XFIHEVJWSVMIRXMIVXZSVER^YXVIMFIR)MR[IMXIVIV:SVXIMPJ²VHMIIVJSPK

VIMGLI*SVXIRX[MGOPYRKHIV2IX^[IVOEOXMZMXÇXIR[ÇVIMQ%YWFEYHIV/SQFMRE

XMSR ;IMXIVFMPHYRKWERKIFSX YRH 9RXIVRILQIRW

3VKERMWEXMSRWFIVEXYRKWPIMWXYRKIR^YWILIRYQEYGLERHMIWIV7XIPPI^Y*PI\M FMPMWMIVYRKWWXVEXIKMIR YRH HEQMX ZIVWXÇVOXIV MRRSZEXMZIV (MIRWXPIMWXYRKWSVMIRXMI VYRK^YKIPERKIR%YJHMIWIV&EWMWOERRHIQ%RWTVYGLKIVIGLX[IVHIRRIYI (MIRWXPIMWXYRKIRZIVFIWWIVXI%RKIFSXIIMRIIV[IMXIVXI:IVFVIMXYRKYRHIMRIR L¸LIVIR(YVGLWEX^ERMRRSZEXMZIR%RKIFSXIR ^Y IVVIMGLIR )MRI [IMXIVI XIMPW OSSVHMRMIVIRHI9RXIVWX²X^YRKHYVGLHEW6IKMSREPWIOVIXEVMEXIWHIV7XEHX)WWIR WMGLIVKIWXIPPX[IVHIRWSPPVYRHIXHEW%RJSVHIVYRKWTVSJMPERHMI[IMXIVIRQMX XIPJVMWXMKIR)RX[MGOPYRKWFIHEVJIEF(MIW[IMWXRMGLX^YPIX^XHEVEYJLMRHE—HMI

%RWGLPY—JÇLMKOIMXERHMIFMWLIVMKIR)VJSPKIYRH4VSNIOXMRLEPXIZMIPZIVWTVIGLIRH MWX%YJPERKJVMWXMKI4IVWTIOXMZILMRFIXVEGLXIXWXIPPXWMGLHMI%YJKEFIHIVVIKMS R²FIVKVIMJIRHIR%OXMZMXÇXIR[MI WMI ^Y 4VSNIOXFIKMRR HYVGLEYW QMX OSR^MTMIVX [EVIR EPW [IMXIVI ,IVEYWJSVHIVYRK REGL HIQ 7GLVMXX HIV )XEFPMIVYRK HIW 2IX^[IVOIWHIV/SSTIVEXMSRWEVFIMXWOVIMWIMRHIV6IKMSR1)3WIPFWXHEV

-RWKIWEQXFIXVEGLXIXOERRJIWXKILEPXIR[IVHIRHE—HEW1SHIPPTVSNIOXIy/S STIVEXMZI ;IMXIVFMPHYRKWQEVOXJSVWGLYRK MR HIV 1)36IKMSRl FI[MIWIR LEX [IPGLI1¸KPMGLOIMXIRMRHIVVIKMSREPIR>YWEQQIREVFIMXZSR9RXIVRILQIRYRH

%RFMIXIVRZSR;IMXIVFMPHYRKWQE—RELQIRPMIKIRO¸RRIRWS[MIEYJ^IMKXIHE—

IWMRHIV>YWEQQIREVFIMXHIV;IMXIVFMPHYRKWHMIRWXPIMWXYRKWYRXIVRILQIRMRHIV 6IKMSR RSGL ZMIPI FMWPERK [IRMK FIV²GOWMGLXMKXI 4SXIRXMEPI KMFX HMI RYX^FEV KIQEGLX [IVHIR O¸RRIR YQ HEW [MVXWGLEJXPMGLI ;EGLWXYQ HYVGL IRXWTVI GLIRHI%YWYRH;IMXIVFMPHYRKHIVZIVJ²KFEVIR,YQERVIWWSYVGIR^YJ¸VHIVR