╨╧рб▒с>■  %'■    !"#$                                                                                                                                                                                                                                                                                                                                                                                                                        ье┴7 °┐╗bjbjUU *К7|7|йZу      l╓╓╓╓>>>R─╖─╖─╖─╖ДH╕┤R/{h┐(0┐0┐0┐0┐Q═Q═Q═╩y╠y╠y╠y╠y╠y╠y$Ч| ╖~PЁy∙>Q═х╦lQ═Q═Q═Ёy;7╓╓0┐0┐╡ щz;7;7;7Q═z#╓t0┐>0┐╩y;7Q═╩y;7Ў;71;6╥UрJЇ>vX0┐№╛ `C╡lэЦ├Rr░─╖╦Ё╨?▓VvXT! z0/{╬VиЫ0аvX;7RR╓╓╓╓┘0: 40 70?>G=5< @01>B0 A Expecta ? &5;B0 =0 B>20 @J:>2>4AB2> 5 40 8 2J2545 2 Expecta, :0B> ?>AB5?5==> 8 70?>7=05 A >A=>2=8B5 ABJ?:8, :>8B> B@O120 40 87<8=5B5 ?@548 40 70?>G=5B5 @01>B0 AJA A8AB5<0B0. J:>2>4AB2>B> 5 >@30=878@0=> ?>4 D>@<0B0 =0 <0;:8 B5<8. AO:0 54=0 B5<0 8<0 =><5@ 8 703;0285. !;54209:8 =><5@0F8OB0 =0 >B45;=8B5 B5<8 85 I5 ?@5<8=5B5 ?@57 2A8G:8 =5>1E>48<8 ?>43>B28B5;=8 ABJ?:8 70 CA?5H=> 2=54@O20=5 =0 Expecta. "C: A0 @073;540=8 2A8G:8 =><5=:;0BC@=8 548=8F8 ?>44J@60=8 >B A8AB5<0B0, :0:B> 8 =O:>8 B5E=8 >A>15=>AB8. 0 2AO:0 54=0 =><5=:;0BC@=0 45D8=8F8O A0 >?8A0=8 :0:B> =59=>B> ?@54=07=0G5=85, B0:0 8 2 :>8 >AB0=0;8 =><5=:;0BC@=8 45D8=8F88 CG0AB20. !;54 :0B> A5 70?>7=05B5 2=8<0B5;=> AJA AJ4J@60=85B> =0 @J:>2>4AB2>B> 85 I5 8<0B5 ?>GB8 ?J;=0 ?@54AB020 70 =0G8=0 =0 >@30=878@0=5 =0 8=D>@<0F8OB0 2 Expecta. !JI> B0:0 I5 1J45 >B 3>;O<0 ?>;70, 0:> 2 ?@>F5A0 =0 G5B5=5 =0 @J:>2>4AB2>B> AJ74020B5 8 5:A?5@8<5=B8@0B5 2AO:> =>2> =0CG5=> =5I> A ?@>3@0<0B0. 0AB>OI>B> @J:>2>4AB2> <>65 40 A5 87?>;720 8 ?>4 D>@<0B0 =0 1J@7 A?@02>G=8: 2 ?@>F5A0 =0 @01>B0. 1. J2545B5 <5@=8B5 548=8F8 5@=8B5 548=8F8 A0 =5>1E>48<8 70I>B>, ?>-:JA=>, :>30B> 2J25640B5 AB>:8B5 8 CA;C38B5 I5 B@O120 40 C:065B5 :0:28 A0 B5E=8B5 <5@=8 548=8F8. 0 F5;B0, >B 3;02=>B> <5=N 8715@5B5: ><5=:;0BC@8 > A=>2=8 45D8=8F88 > 5@=8 548=8F8  ?@>7>@5F0 70 ?@53;54 =0 40==8 5 A?8AJ:0 =0 2J2545=8B5 4> <><5=B0 <5@=8 548=8F8. 0 2AO:0 =>20 <5@=0 548=8F0 5 =5>1E>48<> 40 704045B5 @0BJ: :>4 8 08<5=>20=85. !JI> B0:0 5 4>1@5 40 C:065B5 40;8 AJ>B25B=0B0 <5@=0 548=8F0 ?>72>;O20 4@>1=8 AB>9=>AB8. 18:=>25=> <5@=8B5 548=8F8 70 1@>5=5 =5 4>?CA:0B 4@>1=8 AB>9=>AB8, 4>:0B> <5@=8B5 548=8F8 70 >15<, <0A0, @07AB>O=85 4>?CA:0B. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 2. J2545B5 20;CB8 8 :C@A>25 0;CB8B5 8 B5E=8B5 20;CB=8 :C@A>25 A5 87?>;720B =0 <=>3> <5AB0 2 Expecta. 0 22AO:0 10=:>20 A<5B:0 8 :0A0 5 =5>1E>48<> 40 C:065B5 20;CB0. !JI> B0:0, 2AO:0 54=0 >B AB>:8B5 8;8 CA;C38B5 ?@8B56020 F5=>28 ?0@0<5B@8, :>8B> A5 704020B 2 >?@545;5=0 20;CB0. A5:8 548= >B >15:B8B5 8<0 20;CB0 ?> ?>4@0718@0=5  B.5. B>20 5 20;CB0B0, 2 :>OB> =09-G5AB> 874020 4>:C<5=B8. >ABJ?JB 4> 20;CB8B5 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > A=>2=8 45D8=8F88 > 0;CB8 0 2AO:0 20;CB0 Expecta ?>44J@60 B@8 20;CB=8 :C@A0  $8@<5=, A=>25= 8 8B=8G5A:8. $8@<5=8OB :C@A A5 87?>;720 ?@8 2A8G:8 >A=>2=8 >?5@0F88 :>30B> A5 =0;030 ?@5<8=020=5 >B AJ>B25B=0B0 20;CB0 :J< 52. A=>2=8OB :C@A 5 8=D>@<0B825= 8 ?@0:B8G5A:8 =5 A5 87?>;720 2 B078 25@A8O =0 A8AB5<0B0. 8B=8G5A:8OB :C@A A8 87?>;720 ?@8 4>AB02:0 =0 AB>:8, :>30B> A5 =0;030 40 A5 ?@5A<5B=5 ;52>20B0 @02=>AB>9=>AB =0 4>AB02=8O 4>:C<5=B. @8 2AO:0 ?@><O=0 =0 20;CB=8O :C@A 70 4045=0 20;CB0 A8AB5<0B0 70?0720 AB0@0B0 AB>9=>AB 2 :0B0;>30 =0 20;CB=8B5 :C@A>25. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 0;CB5= :0;5=40@ 3. J2545B5 =09-G5AB> 87?>;720=8B5 4J@6028 ><5=:;0BC@0B0 A 4J@6028 =5 A5 87?>;720 48@5:B=> 8 A0<>AB>OB5;=> =8:J45 2 Expecta, => 5 >A=>2=0 =><5=:;0BC@=0 45D8=8F8O, :>OB> A5 87?>;720 ?@8 >?8A0=85B> =0 3@04>25B5. 0 2AO:0 54=0 4J@6020 A5 2J25640B :@0BJ: :>4, 8<5 =0 4J@6020B0, 10@ :>4 8 >B<5B:0 40;8 AJ>B25B=0B0 4J@6020 ?@8=04;568 :J< 2@>?59A:8O AJN7. >ABJ?JB 4> =><5=:;0BC@0B0 A 4J@6028 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > A=>2=8 45D8=8F88 > J@6028 >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 @04>25 4. J2545B5 =09-G5AB> 87?>;720=8B5 3@04>25 ><5=:;0BC@0B0 A 3@04>25 2 Expecta A5 87?>;720 :0B> 873@0640I0 =><5=:;0BC@0 >?8A20I0 0H8B5 :>=B@035=B8. ".5. 70 2A5:8 548= :>=B@035=B Expecta ?@54>AB02O 2J7<>6=>AB 40 C:065B5 2 :>9 3@04 A5 =0<8@0. ">20 A5 >B=0AO 8 70 >15:B8B5 =0 :>=B@035=B8B5. >ABJ?JB 4> =><5=:;0BC@0B0 A 3@04>25 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > A=>2=8 45D8=8F88 > @04>25 0 2A5:8 3@04 A5 ?>44J@60 A;54=0B0 8=D>@<0F8O: >4, 8<5, B5;5D>=5= :>4, 4J@6020, 2 :>OB> A5 =0<8@0 3@040. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 J@6028 >=B@035=B8 15:B8 =0 :>=B@035=B8 5. 0;:> 8=D>@<0F8O 70 10=:8B5, A :>8B> @01>B8B5 Expecta ?>44J@60 8=D>@<0F8O :0:B> 70 10=:8B5, A :>8B> @01>B8B5 85, B0:0 8 70 10=:8B5 A :>8B> @01>BOB 0H8B5 :>=B@035=B8. "078 8=D>@<0F8O 5 704J;68B5;=0 70I>B> 2 @548F0 ?;0B56=8 4>:C<5=B8 A5 =0;030 40 C:065B5 10=:0 8 10=:>20 A<5B:0. @025B5 @07;8:0 <564C 10=:8 8 10=:>28 A<5B:8. J< 2AO:0 54=0 >B 704045=8B5 10=:8 2 Expecta <>65 40 >?8H5B5 @07;8G=8 10=:>28 A<5B:8. >ABJ?JB 4> =><5=:;0BC@0B0 A 10=:8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > A=>2=8 45D8=8F88 > 0=:8 0 2AO:0 10=:0 5 =51>E>48<> 40 704045B5: :@0BJ: :>4, =08<5=>20=85, 4J@6020, :J45B> A5 =0<8@0 10=:0B0, 10=:>2 :>4, SWIFT :>4, :0:B> 8 8=D>@<0F8O 70 :>=B0:B A 10=:0B0. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 J@6028 0=:>28 A<5B:8 6. 0A8B5 8 10=:>28B5 A<5B:8 !;54 :0B> 45D8=8@0EB5 10=:8B5, A :>8B> I5 @01>B8B5 5 2@5<5 40 2J2545B5 8 :>=:@5B=8B5 10=:>28 A<5B:8. !JI> B0:0, 0:> @01>B8B5 A ?0@8 2 1@>9, B.5. @07?>;030B5 A D8@<5=8 :0A8 A5 =0;030 40 38 >?8H5B5 2 A8AB5<0B0. ><5=:;0BC@0B0 A :0A8 8 10=:>28 A<5B:8 5 >1I0, 70I>B> Expecta @073;5640 :0A8B5 8 10=:>28B5 A<5B:8 :0B> B.=0@.  E@0=8;8I0 70 ?0@8 . >ABJ?JB 4> =><5=:;0BC@0B0 A :0A8 8 10=:>28 A<5B:8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > A=>2=8 45D8=8F88 > 0A8 8 10=:>28 A<5B:8 0 40 45D8=8@0B5 :0A0 5 =5>1E>48<> 40 =0?@028B5 A;54=>B>: 0@:8@09B5, =>2>2J2545=8O 70?8A :0B> :0A0 A <0@:5@0 2 =09-4>;=0B0 G0AB =0 ?@>7>@5F0. 0409B5 2JB@5H5= :>4 =0 :0A0B0. ">20 5 :>4JB, :>9B> I5 87?>;720B5 70 40 845=B8D8F8@0B5 (8715@5B5) :0A0B0 =0 @07;8G=8 <5AB0 2 A8AB5<0B0 0409B5 8<5 =0 :0A0B0  =0?@8<5@ 0A0 2 <03078=, D8@<5=0 :0A0 8 B.=. ?@545;5B5 20;CB0B0 =0 :0A0B0. ">20 A5 =0;030, 70I>B> Expecta @0745;O :0A8B5 8 10=:>28B5 A<5B:8 A?>@54 20;CB8B5 8<. 0 40 45D8=8@0B5 10=:>20 A<5B:0 5 =5>1E>48<> 40 =0?@028B5 A;54=>B>: 0@:8@09B5, =>2>2J2545=8O 70?8A :0B> 10=:>20 A<5B:0 A <0@:5@0 2 =09-4>;=0B0 G0AB =0 ?@>7>@5F0. 0409B5 =><5@0 =0 10=:>20B0 A<5B:0. 0409B5 8<5 =0 A<5B:0B0  =0?@8<5@ @07?;0I0B5;=0 A<5B:0, ! A<5B:0 8;8 4@C3>. ?@545;5B5 20;CB0B0 =0 :0A0B0. ">20 A5 =0;030, 70I>B> Expecta @0745;O :0A8B5 8 10=:>28B5 A<5B:8 A?>@54 20;CB8B5 8<. 715@5B5 10=:0B0, :J45B> A5 =0<8@0 AJ>B25B=0B0 10=:>20 A<5B:0  10=:>28B5 A<5B:8 8 :0A8B5 A5 >B@07O20B D8=0=A>28B5 ?>ABJ?;5=8O 2 >15:B8B5 8 AJ>B25B=> 2J2 D8@<0B0. "5 >B@07O20B @5;0=0B0 =0;8G=>AB =0 ?0@8 2 AJ>B25B=8B5 >15:B8 =0 >BG8B0=5. !;54>20B5;=>, =5 5 2J7<>6=> =0;8G=>ABB0 =0 A@54AB20 2 4045=0 :0A0 8;8 10=:>20 A<5B:0 40 1J45 >B@8F0B5;=0. 0 ?>-:JA5= 5B0? 5 @073;540=0 2@J7:0B0 <564C 10=:>28B5 A<5B:8 (:0A8B5), =0G8=8B5 =0 ?;0I0=5 8 AJ>B25B=8B5 >15:B8. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 0=:8 0A>28 (10=:>28) >?5@0F88 15:B8 0;CB8 7. J2545B5 40==8B5 70 20H0B0 D8@<0 !;54 :0B> 45D8=8@0EB5 CA?5H=> 2A8G:8 >B >A=>2=8B5 =><5=:;0BC@8 2 Expecta 5 2@5<5 40 2J2545< 8 40==8B5 =0 20H0B0 D8@<0. >ABJ?JB 4> =><5=:;0BC@0B0 A D8@<8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > $8@<5=8 > $8@<8 >30B> AB0@B8@0B5 Expecta 70 ?J@28 ?JB 2 B078 =><5=:;0BC@0 8<0 548= 548=AB25= 70?8A, 2 ?>;5B0B0 =0 :>9B> I5 2848B5 B5:AB0  5 5 704045= .... . 0 40 2J2545B5 40==8B5 =0 20H0B0 D8@<0 5 =5>1E>48<> 40 @540:B8@0B5 B>78 70?8A, :0B> 70<5=8B5 AJ>B25B=8B5 AB>9=>AB8 A 40==8B5 =0 0H0B0 D8@<0. >-A?5F80;=> 2=8<0=85 I5 >B45;8< =0 >?F8OB0  538AB@0F8O ?> ! . 0@:8@09:8 B078 >B<5B:0, 285 C:0720B0 =0 Expecta, G5 D8@<0B0 8 5 @538AB@8@0=0 ?> ! 8 A;54>20B5;=> 8<0 ?@02> =0 40=JG5= :@548B. ">20 C:0720 2;8O=85 2J@EC =0G8=0 ?> :>9B> Expecta 87G8A;O20 A515AB>9=>ABB0 =0 AB>:8B5 :>30B> 2J25640B5 40=JG=8 4>:C<5=B8 >B 20H8B5 4>AB02G8F8. :> 285 8<0B5 ?@02> =0 40=JG5= :@548B B>3020 A515AB>9=>ABB0 A5 87G8A;O20 =0 1070B0 =0 =5B> F5=0B0, 4>:0B> 2 ?@>B825= A;CG09 A515AB>9=>ABB0 A5 87G8A;O20 2J@EC AB>9=>ABB0 A !. >;5B0B0  0B0 =0 @538AB@0F8O ?> ! 8  0B0 =0 ?@5:@0BO20=5 A5 87?>;720B :>30B> Expecta 35=5@8@0 4=52=8F8B5 70 ?>:C?:8 8 ?@>40618.  AB@0=8F0B0 >?8A20I0 10=:>20B0 8=D>@<0F8O 8 A5 ?@54>AB02O 2J7<>6=>AB 40 8715@5B5 425 >A=>2=8 10=:>28 A<5B:8 >B =><5=:;0BC@0B0 A 10=:>28 A<5B:8. "578 10=:>28 A<5B:8 <>30B 40 1J40B 8 @JG=> 2J2545=8. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 0=:8 0=:>28 A<5B:8 >AB02:8 8. ?8H5B5 B8?>25B5 =0 20H8B5 >15:B8 @548 40 AJ74045B5 >15:B8B5 (A:;04>25, <03078=8, >D8A8 8 B.=.) 2J2 0H0B0 D8@<0 Expecta ?>72>;O20 40 45D8=8@0B5 B.=0@  B8?>25 >15:B8 . ">20 ?@54AB02;O20 284 :;0A8D8:0F8O =0 >15:B8B5 2J2 0H0B0 D8@<0. 0B> ?@8<5@ <>65 40 AJ74045B5 A;54=8B5 B8?>25:  D8A8 ,  !:;04>25 =0 54@> ,  !:;04>25 =0 4@51=> ,  538>=0;=8 >D8A8 ,  03078=8 8 B.=. 2 7028A8<>AB >B 0H0B0 A?5F8D8:0. ">20 =5 5 704J;68B5;=>, => 5 ?>;57=>, :>30B> 8A:0B5 40 ?@028B5 ?>-704J;1>G5= 0=0;87 =0 =82> B8? >15:B. >-:JA=>, :>30B> 2J25640B5 :>=:@5B=8B5 >15:B8 =0 >@30=870F8OB0 85 I5 8<0B5 2J7<>6=>AB 40 8715@5B5 B8? 70 AJ>B25B=8O >15:B. :> =5 704045B5 B8?>25 >15:B8 2A8G:8 >15:B8 I5 1J40B :;0A8D8F8@0=8 :J< B. =0@  !;C6515= B8? >15:B >ABJ?JB 4> =><5=:;0BC@0B0 A B8?>25 >15:B8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > $8@<5=8 > "8?>25 >15:B8 >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 15:B8 9. J2545B5 40==8B5 70 2A8G:8 20H8 >15:B8 5G5 5 2@5<5 40 AJ74045B5 8 ?J@28B5 A8 >15:B8. 15:BJB 2 Expecta ?@54AB02;O20 >A=>2=0 >BG5B=0 548=8F0. A8G:8 =0;8G=>AB8 =0 AB>:8, ?0@8 2 :0A8, 4>:C<5=B8 8 4@. A0 >@85=B8@0=8 :J< >?@545;5= >15:B. 74020=5B> =0 2A8G:8 4>:C<5=B8 A0B020 >B 8<5B> =0 B5:CI8O >15:B, =57028A8<> >B B>20, G5 D8@<0B0 ?@8AJAB20 2 704J;68B5;=8B5 @5:2878B8 =0 D0:BC@8B5 8;8 4@C38B5 4>:C<5=B8. 06=> 5 40 A?><5=5<, G5 BC: AB020 2J?@>A 70 ?J;=8O A?8AJ: A >15:B8, :>8B> I5 1J40B >1A;C620=8 >B Expecta. 0 ?>  :JA5= 5B0? I5 @0715@5B5, :0: 40 C:065B5 2 A8AB5<0B0 :>8 >15:B8 >B :>O 1070 >B 40==8 8 :>9 AJ@2J@ A5 >1A;C620B. !B@>3> ?@5?>@JG8B5;=> 5 AJ74020=5B> =0 ?J;=8O A?8AJ: =0 >15:B8B5 40 AB020 >B 54=> <OAB> - F5=B@0;878@0=>! >ABJ?JB 4> =><5=:;0BC@0B0 A >15:B8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > $8@<5=8 > 15:B8 0 2A5:8 >15:B B@O120 40 704045B5 :>4, 8<5 =0 >15:B0, D8@<0, :J< :>OB> ?@8=04;568  >B =><5=:;0BC@0B0 A D8@<8. 0==8B5 =0 D8@<0B0 70 , 0=JG5= =><5@, #!"" 8 B.=. I5 1J40B :>?8@0=8 8 :0B> 40==8 =0 AJ>B25B=8O >15:B, => 5 2J7<>6=> 285 40 C:065B5 4@C3>. > B>78 =0G8= Expecta 8 ?@54>AB02O 2J7<>6=>AB 40 >1A;C620B5 ?>25G5 >B 54=0 D8@<8 8;8 D8@<0, G88B> ?>4@0745;5=8O 8<0B @07;8G=8 40=JG=8 =><5@, #!""8, <0B5@80;=>->B3>2>@=8 ;8F0 8 B.=. !J>B25B=> 70 2A5:8 >15:B <>65 40 8715@5B5 @07;8G=8 10=:>28 A<5B:8 >B B578 =0 D8@<0B0. =0;>38G=>, :0:B> 8 2 =><5=:;0BC@0B0 A D8@<8 5 2J7<>6=> 8;8 40 8715@5B5 10=:>28B5 A<5B:8 >B =><5=:;0BC@0  0=:>28 A<5B:8 8;8 40 704045B5 @JG=> 4@C38. =8<0=85: =D>@<0F8OB0 70 10=:>28B5 A<5B:8 I5 40 1J45 87?>;720=0 =0 ?>-:JA5= 5B0?, :>30B> 874020B5 4>:C<5=B8, :>8B> >G0:20B ?;0I0=5 ?> 10=:>2 ?JB. J25640=5B> =0 10=:>20 A<5B:0 BC:, =5 >7=0G020, G5 B>20 I5 1J45 548=AB25=0B0 A<5B:0, A :>OB> 4045=8O >15:B I5 >?5@8@0. "8? =0 >15:B0  >B =><5=:;0BC@0B0  "8?>25 >15:B8 @04  >B =><5=:;0BC@0B0  @04>25 >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 538AB@8@0=8 >15:B8 $8@<8 0=:>28 A<5B:8 "8?>25 >15:B8 @04>25 10. 538AB@8@09B5 >15:B8B5, :>8B> I5 >1A;C620B5 !;54 :0B> 25G5 @07?>;030<5 A ?>?J;=5=0 =><5=:;0BC@0 >B >15:B8 B@O120 40 C:065< =0 Expecta :>9 (:>8) >15:B8 :J45 A5 >1A;C620B. ">20 A5 =0;030 A0<> 2 A;CG08B5, :>30B> 8<0B5 @07?@545;5=0 1070 >B 40==8, 0 8<5==>  >B40;5G5=8 >15:B8, :>8B> A5 >1A;C620B >B @07;8G=8 AJ@2J@8. ">3020 2A5:8 548= AJ@2J@ I5 >1A;C620 548= 8;8 =O:>;:> >15:B0, 0 AJ@2J@8B5 I5 >1<5=OB 40==8 ?> <564C A8 G@57 @5?;8:0F8O. 0 40 @538AB@8@0B5 >15:B (>15:B8) =0 4045= AJ@2J@ 5 =5>1E>48<> A5 =0<8@0B5 2 ;>:0;=0B0 <@560, :J45B> AJ>B25B=8O AJ@2J@ @01>B8 8 A;54 B>20 40 C:065B5, :>8 >B >15:B8B5 45D8=8@0=8 2 =><5=:;0BC@0  15:B8 A5 >1A;C620B >B B5:CI8O AJ@2J@. >ABJ?JB 4> =><5=:;0BC@0B0 A @538AB@8@0=8 >15:B8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > $8@<5=8 > 538AB@8@0=8 >15:B8 !E5<0B8G=> B>20 <>65 40 A5 ?@54AB028 ?> A;54=8O =0G8=: 073;540=0 5 ?@8<5@=0 AE5<0 =0 D8@<0 A 5 >15:B0, :>8B> A5 >1A;C620B >B 420 AJ@2J@0, >B40;5G5=8 548= >B 4@C3.  0;CB0B0, :>OB> 704045B5 70 2A5:8 @538AB@8@0= >15:B, I5 1J45 87?>;720=0 :0B> 20;CB0 ?> ?>4@0718@0=5, :>30B> 874020B5 4>:C<5=B8. "O <>65 40 1J45 ?@><5=O=0. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 15:B8 @04>25 0;CB8 12. ?8H5B5 4;J6=>AB8B5 2J2 20H0B0 D8@<0 Expecta ?>44J@60 8=D>@<0F8O 70 4;J6=>AB8B5 2J2 0H0B0 >@30=870F8O. "578 40==8 8<0B 87FO;> 8=D>@<0B825= E0@0:B5@. 5 5 704J;68B5;=> 40 1J40B 704020=8 4;J6=>AB8, => 5 C4>1=>, :>30B> A5 =0;030 40 04<8=8AB@8@0B5 ?@020B0 70 4>ABJ? 4> 8=D>@<0F8OB0 2 7028A8<>AB >B 4;J6=>AB=0B0 E0@0:5@8AB8:0 =0 AJ>B25B=8B5 A;C68B5;8. !JI> B0:0, B078 8=D>@<0F8O <>65 40 1J45 87?>;720=0 ?@8 AJ74020=5B> =0 @07E>4=8 4>:C<5=B8 8;8 =0 A?@02:8 A F5; ?>-4>1@0 0=0;8B8G=>AB. >ABJ?JB 4> =><5=:;0BC@0B0 A 4;J6=>AB8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > $8@<5=8 > ;J6=>AB8 0 2AO:0 4;J6=>AB 2J2545B5 :>4 8 =08<5=>20=85. J7<>6=> 5 40 87?>;720B5 >?@545;5=8 AB0=40@B=8 :;0A8D8:0B>@8 =0 4;J6=>AB8B5, 0:> @07>;030B5 A B0:820, 8;8 40 873@048B5 20H8 A>1AB25=8 :>4>25 8 =08<5=>20=8O. "078 =><5=:;0BC@0 I5 1J45 87?>;720=0 >B=>2> =0 ?>-:JA5= 5B0?, A;54 :0B> 2J2545B5 0H8B5 A;C68B5;8. ">3020 I5 1J45 ?>;57=> 40 @07?>;030B5 A B078 8=D>@<0F8O 70I>B> Expecta 28 4020 2J7<>6=>AB 40 C:065B5 :>9 A;C68B5; :0:20 4;J6=>AB (4;J6=>AB8) 87?J;=O20. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 !;C68B5;8 7?J;=O20=8 4;J6=>AB8 13. ?8H5B5 8<5=0B0 8 40==8B5 =0 20H8B5 A;C68B5;8 0:B> AB0=0 OA=> >B ?@54E>4=0B0 ABJ?:0 (12) Expecta ?>44J@60 =><5=:;0BC@0 AJA A;C68B5;8B5 2J2 0H0B0 D8@<0. ">20 =5 A0 ?>B@518B5;8B5 =0 A8AB5<0B0, 0 ?J;=8O A?8AJ: A 0H8B5 A;C68B5;8. !0<> G0AB >B BOE <>30B 40 1J40B 8 ?>B@518B5;8 =0 A8AB5<0B0. 1@0B=>B>, >10G5 5 2O@=>  2A5:8 ?>B@518B5; =0 A8AB5<0B0 B@O120 40 1J45 >?8A0= :0B> A;C68B5; 2 B078 =><5=:;0BC@0. >ABJ?JB 4> =><5=:;0BC@0B0 AJA A;C68B5;8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > $8@<5=8 > !;C68B5;8 0 2A5:8 A;C68B5; Expecta ?>44J@60  <5 (8<5=0), 48=5= 3@0640=A:8 =><5@, 0A?>@B=8 40==8, :0:B> 8 AJAB>O=85 (0:B82=>AB). !;C68B5;8, :>8B> =5 @01>BOB 2J2 D8@<0B0 8 18EB5 <>3;8 40 <0@:8@0B5 :0B> =50:B82=8. "OE=>B> 87B@820=5 =O<0 40 1J45 2J7<>6=>, 70I>B> <>65 B5 40 CG0AB20B 2 4@C38 =><5=:;0BC@8 8;8 4>:C<5=B8. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 >B@518B5;8 =0 A8AB5<0B0 7?J;=O20=8 4;J6=>AB8 7B@820=5 =0 40==8 14. #:065B5 :>9 A;C68B5; :0:20 4;J6=>AB 705<0 !;54 :0B> 8<0<5 2J2545=8 8 A;C68B5;8 8 4;J6=>AB8 25G5 <>65< 40 C:065< :>9 A;C68B5;, :0:20 B>G=> 4;J6=>AB 87?J;=O20. 0:B> 15H5 A?><5=0B> ?@548, B>20 =5 5 704J;68B5;=> 8 5 2J?@>A =0 20H5 65;0=85. J7<>6=> 5 40 1J45 =0?@025=> 8 2 ?>A;54AB285. Expecta 4>?CA:0 548= A;C68B5; 40 705<0 =O:>;:> 4;J6=>AB8, :0:B> 8 >1@0B=>B>  54=0 4;J6=>AB 40 1J45 87?J;=O20=0 >B =O:>;:> A;C68B5;O (?@8<5@: 0H0B0 D8@<0 8<0 B@8<0 AG5B>2>48B5;O 8 ?5BB8<0 BJ@3>25F0). >ABJ?JB 4> =><5=:;0BC@0B0 A 87?J;=O20=8 4;J6=>AB8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > $8@<5=8 > 05<0=8 4;J6=>AB8 "078 =><5=:;0BC@0 <>65 40 @073;5640B5 :0B> >12J@720=5 =0 4;J6=>AB AJA A;C68B5;. B.5. 2 =5O 85 70 2A5:8 548= 70?8A 8718@0B5 !;C68B5; 8 ;J6=>AB >B AJ>B25B=0B0 =><5=:;0BC@0. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 >B@518B5;8 =0 A8AB5<0B0 15. !J7409B5 ?>B@518B5;8 =0 A8AB5<0B0 > <><5=B0 2 A8AB5<0B0 8<0 A0<> 548= ?>B@518B5;  A8AB5<=8OB  ADMIN . A8G:>, :>5B> ?@028E<5 4> <><5=B0 15H5 >B =53>2> 8<5. ">78 A8AB5<5= ?>B@518B5; 8<0 ?@02> 40 ?@028 2A8G:>. 5G5 <>65 40 AJ74045< 8 4@C38 ?>B@518B5;8. 48=AB25=>B> CA;>285 BC: 5 40 8<0<5 2J2545=8 A;C68B5;8. 07;8:8B5 <564C ?>B@518B5; 8 A;C68B5; A0: !;C68B5;OB 5 D878G5A:> ;8F5 (@01>B8 2J2 D8@<0B0), 4>:0B> ?>B@518B5;OB 5 ?>-A:>@> ?>;720B5; =0 A8AB5<0B0 (@01>B8 AJA A8AB5<0B0)  54=0 D8@<0 <>65 40 8<0 <=>3> A;C68B5;8, => =5 2A8G:8 >B BOE A0 ?>B@518B5;8. A5:8 ?>B@518B5; =0 A8AB5<0B0 B@O120 40 1J45 702545= 8 :0B> A;C68B5; 48= A;C68B5; <>65 40 8<0 =O:>;:> ?>B@518B5;A:8 8<5=0 (B.5. 70 548= A;C68B5; 40 8<0 =O:>;:> ?>B@518B5;O). ">20, =0?@0:B8:0, A5 =0;030 @O4:>. >ABJ?JB 4> =><5=:;0BC@0B0 A ?>B@518B5;8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > $8@<5=8 > >B@518B5;8 0 2AO:> ?>B@518B5;A:> 8<5 (?>B@518B5;), >A25= A;C68B5;, B@O120 40 A5 704045 8 ?0@>;0 70 4>ABJ? 4> A8AB5<0B0. A8G:> B>20, >10G5 =5 5 4>AB0BJG=> 70 40 ?@54>AB028B5 4>ABJ? 4> 8=D>@<0F8OB0 =0 >?@545;5=8 ;8F0. !;54 B>20 I5 A5 =0;>68 40 704045B5 ?@020 =0 4>ABJ? 70 2A5:8 ?>B@518B5; 8 40 C:065B5 :>9 ?>B@518B5; 2 :>8 >15:B8 <>65 40 >?5@8@0. J7<>6=> 5 2A8G:> B>20 40 873;5640 ?@5:0;5=> A;>6=>, => Expecta >1@01>B20 @07;8G=8 284>25 8=D>@<0F8O 8 70 F5;B0, :0B> 54=0 A5@8>7=0 A8AB5<0, =85 A<5 A5 ?>3@868;8 BO 40 >A83C@8 045:20B=8 <5@:8 70 A83C@=>AB 8 4>ABJ? 4> 8=D>@<0F8OB0. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 !;C68B5;8 >B@518B5;8 ?> >15:B8 >B@518B5;A:8 ?@020 16. >9 ?>B@518B5; :0:2> <>65 40 ?@028 !;54 :0B> 8<0B5 AJ74045=8 ?>B@518B5;8 =0 A8AB5<0B0 5 2@5<5 40 >?@545;8B5 70 2A5:8 548= >B BOE :0:2> B>G=> <>65 40 ?@028 2 Expecta. ">20 18 18;> 4>AB0 B@C4>5<:0 7040G0, 0:> 285 AB5 3>;O<0 D8@<0 A <=>3> ?>B@518B5;8. 0?@0:B8:0 =5I0B0 A0 ?>-?@>AB8. Expecta 28 ?>72>;O20 40 45D8=8@0B5 B.=0@ (01;>=8 70 4>ABJ? 4> 8=D>@<0F8OB0. (01;>=JB ?@54AB02;O20 =01>@ >B ?@028;0 :0A05I8 4>ABJ?0 4> 8=D>@<0F8OB0 2 A8AB5<0B0, => =5 8 :>=:@5B=8B5 ?>B@518B5;8. 1@07=> :070=> H01;>=JB ?@54AB02;O20 :0@B0 70 4>ABJ? (?@>?CA:), :>OB> <>65 40 4045B5 =0 B>78 8;8 >=78 ?>B@518B5; 8 A =5O B>9 <>65 40 2;870 8 40 872J@H20 >?@545;5=8 >?5@0F88, 40 28640 >?@545;5= B8? 40==8. >ABJ?JB 4> H01;>=8B5 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > $8@<5=8 > >B@518B5;A:8 ?@020 0 2A5:8 548= H01;>= B@O120 40 704045B5 :>4 8 =08<5=>20=85. 0 A;5420I8B5 425 AB@0=8F8 Expecta ?@54>AB02O 2J7<>6=>AB 40 45B09;878@0B5 ?@020B0 45;538@0=8 2 H01;>=0. @020B0 >A=>2=> A0 @0745;5=8 =0 425 3@C?8: A=>2=8 8 @020 ?> :>;>=8. A=>2=8B5 ?@020 C:0720B @07@5H5=8B5 B8?>25 >?5@0F88 2J@EC 2A8G:8 =><5=:;0BC@8, 4>:C<5=B8 8 B.=. @020B0 ?> :>;>=8 45B09;878@0B >A=>2=8B5, :0B> 704020B D>@<0B0 =0 2848<>AB =0 8=D>@<0F8OB0. 0B> ?@8<5@ <>65< 40 4045< A;54=>B>:  4045= H01;>= <>65< 45;538@0<5 ?@02> =0 @073;5640=5 =0 =><5=:;0BC@0 0@B8:C;8, => 40 701@0=8< BOE=>B> @540:B8@0=5 8;8 87B@820=5 (>A=>2=8 ?@020).  A ?><>IB0 =0 ?@020B0 ?> :>;>=8 <>65 40 701@0=8< ?@53;540 =0 4>AB02=8 F5=8. ;8 :070=> A 4@C38 4C<8  0@B8:C;8B5 <>30B A0<> 40 A5 @073;5640B, => 157 4>AB02=8B5 8< F5=8. ">20 2068 70 01A>;NB=> 2A8G:8 284>25 8=D>@<0F8O 2 A8AB5<0B0. 0 40 @5H8B5 :0:28 H01;>=8 I5 A0 8 =5>1E>48<8 5 4>1@5 40 A5 >?@5B5 =0 B8?>25B5 @01>B=8 <5AB0 2J2 0H0B0 D8@<0. 0?@8<5@ :> AB5 BJ@3>2A:0 >@30=870F8O, :>OB> 8<0 >B45;8 70 2=>A, A:;04, ?@>40618 8 :0A0 5 2J7<>6=> 40 AJ74045B5 A;54=8B5 ?@8<5@=8 H01;>=8: (01;>= 70 >B45; 4>AB02:8 (01;>= 70 >B45; ?@>40618 (01;>= 70 A:;04>28 >?5@0F88 0A85@A:8 H01;>=  AJ>B25B=8B5 H01;>=8 I5 45;538@0B5 8<5==> ?@020 2J@EC 4>:C<5=B8B5 A :>8B> A;C68B5;8B5 28 @01>BOB, 0 >AB0=0;8B5 I5 701@0=8B5. >-:JA=> =0 AJ>B25B=8B5 ?>B@518B5;8 2 7028A8<>AB >B BOE=0B0 4;J6=>AB I5 0A>F88@0B5 AJ>B25B=8O H01;>=. 0 :0A85@8B5 I5 0A>F88@0B5  0A85@A:8O H01;>= 8 B.=. 5 A5 =0;030 40 AJ74020B5 =>2 H01;>= 70 2A5:8 =>2>?>ABJ?8; :0A85@. ">20 :>5B> B@O120 A0<> 40 =0?@028B5 5 40 0A>F88@0B5 25G5 AJ74045=8O H01;>= AJA AJ>B25B=8O ?>B@518B5;, 704 :>9B> AB>8 A;C68B5;O  :0A85@. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 !;C68B5;8 >B@518B5;8 ?> >15:B8 ;J6=>AB8 4<8=8AB@8@0=5 =0 ?@020 17. >9 ?>B@518B5; 2 :J45 @01>B8 5G5 8<0<5 8 >15:B8 8 ?>B@518B5;8. !J740;8 A<5 8 ?J@28B5 A8 H01;>=8. !?>:>9=> <>65< 40 D8=0;878@0<5 B>78 ?@>F5A, :0B> =0?@028< 8 ?>A;54=0B0 2@J7:0, 0 8<5==>  40 A2J@65< ?>B@518B;O A >15:B0 ?>A@54AB2>< H01;>=. 0:20 5 845OB0  Expecta 4>?CA:0 548= ?>B@518B5; 40 @01>B8 2 @07;8G=8 >15:B8 8 40 872J@H20 @07;8G=8 459=>AB8. ;8 ?>  ?@>AB> :070=>: >B@518B5;OB  USER 2 <03078=0 <>65 40 874020 548=AB25=> D0:BC@8, => :>30B> >B 2@5<5 =0 2@5<5 <C A5 =0;>68 40 ?>@01>B8 8 2 A:;040 5 B@O120 40 <>65 40 87?8A20 AB>:0. ">20 AB020 ?>A@54AB2>< =><5=:;0BC@0B0 >B@518B5;8 ?> >15:B8. >ABJ?JB 4> =><5=:;0BC@0 >B@518B5;8 ?> >15:B8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > $8@<5=8 > >B@518B5;8 ?> >15:B8 0 2A5:8 ?>B@518B5; B@O120 40 704045B5 >15:B0 (>15:B8B5), 2 :>8B> @01>B8 8 H01;>=JB A :>9B> >?5@8@0. 0 ?>-3>@=8O ?@8<5@ B@O120 40 2J2545B5 420 70?8A0, :0B> 70 2A5:8 70?8A 70 ?>B@518B5; 8715@5B5  USER >B =><5=:;0BC@0B0 A ?>B@518B5;8 8 AJ>B25B=> 420B0 >15:B0   03078= 8  !:;04 8 =0:@0O AJ>B25B=8O H01;>=. #4>1AB2>B> 70 ?>B@518B5;8B5 BC: 5, G5 =57028A8<> >B ?@020B0 8< =0 4>ABJ? (H01;>=0) 8 =57028A8<> >B >15:B0 ?0@>;0B0 70 4>ABJ? =0 4045=8O ?>B@518B5; 5 54=0 8 AJI0. 5 A5 =0;030  USER 40 ?><=8 @07;8G=8 ?0@>;8 70 @07;8G=8B5 >15:B8, 2 :>8B> @01>B8. !J25B ! !;54 :0B> 45D8=8@0B5 @07;8G=8 ?>B@518B5;8 8 ?@020 8 A;54 :0B> >?8H5B5 :>9 >B BOE :J45 @01>B8 A<5=5B5 ?0@>;0B0 =0 A;C651=8O ?>B@518B5;  ADMIN . ">20 5 =5>1E>48<> 70I>B> ?0@>;0B0 =0 ADMIN, A :>OB> Expecta A5 48AB@81CB8@0 4> :@09=8B5 A8 ?>B@518B5;8 5 54=0:20 70 2A8G:8 2 =0G0;>B>. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 >B@518B5;8 15:B8 >B@518B5;A:8 ?@020 18. 0A>28 >?5@0F88 @54AB025B5 A8, G5 8<0B5 =O:>;:> >15:B0, =O:>;:> :0A8 2J2 2A5:8 >15:B 8 =O:>;:> 10=:>28 A<5B:8.  B>78 A;CG09, 0 4>@8 8 ?>-?@>AB 20@80=B, B@O120 40 C:065B5 =0 Expecta :0: 40 =0A>G20 ?0@8G=8B5 ?>B>F8. >A@54AB2>< B078 =><5=:;0BC@0 C:0720B5 70 2A5:8 >15:B ?@8 @07;8G=8 =0G8=8 =0 ?;0I0=5 :J45 40 ?>ABJ?20B ?0@8B5. :> >15:BJB @07?>;030 A 425 :0A8 (8 425B5 @01>B5I8) B> B>3020, 2 B078 =><5=:;0BC@0 B@O120 40 AJ74045B5 420 70?8A0. 07;8G=>B> 2 B578 70?8A8 I5 1J45 A0<> :0A0B0. =0;>38G=> - 70 54=0 8;8 ?>25G5 10=:>28 A<5B:8  B@O120 40 AJ74045B5 =5>1E>48<8O 1@>9 70?8A8, :0B> =0G8= =0 ?;0I0=5 8715@5B5  ! ?;0B56=> =0@5640=5 . :> 70 548= >15:B 70 548= =0G8= =0 ?;0I0=5 8<0 A0<> 54=0 :0A0 Expecta 02B><0B8G=> I5 87?>;720 B078 :0A0, :>30B> A5 =0;030 40 ?>ABJ?OB ?0@8G=8 A@54AB20. :> 8<0 ?>25G5 >B 54=0 :0A0 B> B>3020 ?>B@518B5;OB I5 B@O120 A0< 40 8715@5 :>O :0A0 40 87?>;720 A8AB5<0B0. A8G:> B>20 2068 8 70 10=:>28B5 A<5B:8. 015;56:0 :> 2 B078 =><5=:;0BC@0 =O<0 704045=8 =8:0:28 40==8 Expecta =O<0 40 ?>72>;8 40 ?@028B5 :0A>28 8;8 10=:>28 >?5@0F88.  B>78 A;CG09, 2 4>:C<5=B8B5, 2 :>8B> A5 87?>;720 :0A0 8;8 10=:>20 A<5B:0 AJ>B25B=8B5 ?>;5B0 I5 >AB0=0B ?@07=8. !8AB5<0B0 ?>72>;O20 40 704045B5 8 40;8 AJ>B25B=0B0 :0A>20 >?5@0F8O 5 0:B82=0 (@07@5H5=0). J7<>6=> 5 B0:0 40 =0AB@>8B5 Expecta, G5 4>@8 40 8<0 ?>25G5 >B 54=0 :0A0 70 4045= >15:B, B> BO ?> ?>4@0718@0=5 28=038 40 8718@0 54=0 >?@545;5=0 :0A0. ">20 5 C4>1=> 70 BJ@3>2A:8 >15:B8 A <=>3> @01>B5I8 :0A8 (:0A>28 @01>B=8 <5AB0). "078 =0AB@>9:0 A5 ?@028 >B <5=N 0AB@>9:8 8 <>65 40 1J45 @07;8G=0 70 2AO:> @07;8G=> :;85=BA:> @01>B=> <OAB>. >ABJ?JB 4> =><5=:;0BC@0 0A>28 >?5@0F88 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > ><5=:;0BC@8 70 >15:B8 > 0A>28 ?5@0F88 >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 15:B8 0A8/10=:>28 A<5B:8 0AB@>9:8 19. 0745;OB5 ;8 0H8B5 :>=B@035=B8 1@0=H>2>? :> @0745;OB5 :>=B@035=B8B5 A8 ?> 1@0=H>25 8 2>48B5 AB0B8AB8:0 >B=>A=> 4>AB02:8B5 8 ?@>40618B5 Expecta ?@54>AB02O 2J7<>6=>AB 40 2J2545B5 @07;8G=8 1@0=H>25, 0 ?>-:JA=> 70 2A5:8 :>=B@035=B 40 C:065B5 2 :>9 B>G=> 1@0=H @01>B8. ">20 5 87FO;> 8=D>@<0B82=> 45;5=85 8 =5 5 704J;68B5;=>. :> =5 704045B5 1@0=H>25 2A8G:8 0H8 :>=B@035=B8 I5 1J40B >B=0AO=8 :J< 54=8 A;C6515=  58725AB5= 1@0=H. J7<>6=> 5 =0 ?>-:JA5= 5B0? ?@8 25G5 2J2545=8 :>=B@035=B8 40 =0?@028B5 B>20 45;5=85. >ABJ?JB 4> =><5=:;0BC@0 @0=H>25 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > >=B@035=B8 > @0=H>25 J7<>6=> 5 40 87?>;720B5 B078 =><5=:;0BC@0 8 A 4@C30 F5;, 0:> @0718@0 A5 A<5B=5B5 70 =5>1E>48<>. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 @C?8 :>=B@035=B8 >=B@035=B8 20. , @0745;OB5 ;8 20H8B5 :>=B@035=B8 =0 3@C?8? :> :;0A8D8F8@0B5 :>=B@035=B8B5 A :>8B> @01>B8B5 ?> =O:0:28 ?@87=0F8 Expecta ?>72>;O20 40 =0?@028B5 B>20 ?>A@54AB2>< =><5=:;0BC@0 3@C?8 :>=B@035=B8 >ABJ?JB 4> =><5=:;0BC@0 @C?8 :>=B@035=B8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > >=B@035=B8 > @C?8 :>=B@035=B8 5;5=85B> 5 ?@>872>;=> 8 Expecta =5 =0;030 =8:0:J2 =0G8= =0 @01>Ba. "C: 87FO;> 8 ?@54>AB02O<5 2J7<>6=>AB 40 <>45;8@0B5 @50;=> A8BC0F8OB0 2J2 0H0B0 D8@<0. )5 8 4045< A0<> =O:>;:> ?@8<5@=8 45;5=8O:  7028A8<>AB >B <0I010 =0 :>=B@035=B8B5 0;:8 !@54=8 >;5< VIP  7028A8<>AB >B <5AB>?>;>65=85B> 538>=0;=8 J=H=8 'C645AB@0==8 ><18=8@0= 0;:8 !@54=8 >;5< !57>==8 54>2=8 !;CG09=8 0 ?>-:JA5= 5B0?, :>30B> 2J25640B5 :>=:@5B=8B5 :>=B@035=B8 I5 8<0B5 2J7<>6=>AB 40 >?@545;8B5 704045B5 8 AJ>B25B=0B0 :>=B@035=BA:0 3@C?0 70 2A5:8 548= >B BOE. ">20 =5 5 704J;68B5;=>, 8;8 ?>=5 =5 2 =0G0;>B>. B 4@C30 AB@0=0 5 206=> 40 =0?@028B5 54=> 4>1@5 >1<8A;5=> 45;5=85 70 40 A5 2J7?>;720B5 ?J;=>F5==> >B 2J7<>6=>ABB0 70 0=0;87, a A;54 B>20 8 >B <>IB=8B5 <5E0=87<8 70 D>@<8@0=5 =0 :@09=8 F5=8 8 45;538@0=5 =0 >BABJ?:8 (8;8 =04102:8), :>8B> Expecta ?@54;030. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 >=B@035=B8 "8?>25 >BABJ?:8 BABJ?:8 21. J2545B5 =O:>8 >B >A=>2=8B5 :>=B@035=B8, A :>8B> @01>B8B5. >=B@035=B8B5 A0 54=0 >B >A=>2=8B5 =><5=:;0BC@8 2 Expecta. !8AB5<0B0 ?>44J@60 548==0 =><5=:;0BC@0 >B :;85=B8 8 4>AB02G8F8. A5:8 548= :>=B@035=B 2 Expecta <>65 40 1J45 A0<> :;85=B, A0<> 4>AB02G8: 8;8 :;85=B 8 4>AB02G8: 54=>2@5<5==>. >=B@035=B8B5 A5 87?>;720B ?>GB8 28=038, :>30B> AJ74020B5 4>:C<5=B8. >ABJ?JB 4> =><5=:;0BC@0 >=B@035=B8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > >=B@035=B8 > >=B@035=B8 0 2A5:8 :>=B@035=B Expecta ?>44J@60 :>4, =08<5=>20=85, 04@5A=8 40==8, 40=JG=8 40==8, 10=:>20 8=D>@<0F8O 8 4@C38 ?0@0<5B@8. J7<>6=> 5 AJI> B0:0, 40 C:065B5 :J< :>O 3@C?0 ?@8=04;568 AC15:B0, :0:B> 8 :J< :>5 1@0=H>2> ?>4@0745;5=85. 0 2A5:8 :>=B@035=B <>65 40 A5 C:065, 40;8 5 0:B825= 8;8 =50:B825= (=5 @01>B8B5 ?>25G5 A =53>). J7<>6=> 5 40 704045B5 8 ?>-A?5F8D8G=8 ?0@0<eB@8 :0B> A@>: =0 ?;0I0=5 (70 4>AB02G8F8 8 :;85=B), 40B0 =0 4>AB02:0 8 B.=. :> :>=B@035=B0 5 ?>A@54=8: Expecta ?>72>;O20 <0@:8@0=5B> <C :0B> B0:J2 8 704020=5 =0 525=BC0;5= ?@>F5=B :><8A8>==0. ><5@0F8OB0 =0 :>=B@035=B8B5 <>65 40 AB020 :0:B> 02B><0B8G=>, B0:0 8 @JG=>. Expecta ?>72>;O20 :>=B@>; =0 :>@5:B=>ABB0 =0 2J2545=8B5 0=JG5= =><5@, 1C;AB0B 8  70 :>=B@035=B0. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 @0=H>25 @C?8 :>=B@035=B8 15:B8 =0 :>=B@035=B8 @54AB028B5;8 =0 :>=B@035=B8 0AB@>9:8 22. >7=020B5 ;8 =O:>8 >B A;C68B5;8B5 =0 0H8B5 :>=B@035=B8? :> @01>B8B5 A 3>;5<8 :>=B@035=B8 8 AJ>B25B=> :>=B0:BC20B5 A <=>65AB2> B5E=8 A;C68B5;8 Expecta 8 ?>72>;O20 70 2A5:8 548= >B :>=B@035=B8B5 40 704045B5 =5>3@0=8G5= 1@>9 ?@54AB028B5;8. @54AB028B5;8B5 A0 D878G5A:8 ;8F0, :>8B> @01>BOB 70 0H8B5 :>=B@035=B8. @54AB028B5;8B5 A5 87?>;720B 7054=> AJA AJ>B25B=8O :>=B@035=B ?@8 874020=5B> =0 4>:C<5=B  B.5. Expecta 8 ?>72>;O20 =0@54 AJA A0<0B0 D8@<0  :>=B@035=B 40 C:065B5 8 ;8F5B> >B3>2>@=> 70 A45;:0B0 8;8 ?>;CG8;> 4>:C<5=B0. >ABJ?JB 4> =><5=:;0BC@0 @54AB028B5;8 =0 :>=B@035=B8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > >=B@035=B8 > @54AB028B5;8 =0 :>=B@035=B8 >30B> AJ74045B5 =O:0:J2 :>=B@035=B Expecta 02B><0B8G=> ?>?J;20 548= =53>2 A;C6515= :>=B@035=B  -JB :>9B> AB5 7040;8. 1@0B=>B> AJI> 5 2J7<>6=>  <>65 40 A<5=8B5 -JB =0 :>=B@035=B0 A =53>2 ?@5420@8B5;=> 704045= ?@54AB028B5;. :> 4045= 0H :>=B@035=B 8<0 <=>3> ?@54AB028B5;8, => 85 @01>B8B5 ?@548<=> A 54=> ;8F5 5 2J7<>6=> 40 C:065B5, G5 B>20 ;8F5 5 B.=0@  >4@071@0= ?@54AB028B5; =0 :>=B@035=B0.  B>78 A;CG09 Expecta 02B><0B8G=> I5 ?>?J;20 B>20 ;8F5 B0<, :J45B> 5 =5>1E>48<>. 0 0A 28=038 >AB020 2J7<>6=>ABB0 40 3> A<5=8B5. :>, >10G5 =5 704045B5  >4@071@0= ?@54AB028B5; Expecta I5 ?>?J;20 02B><0B8G=>  !" . >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 >=B@035=B8 23. A:0B5 ;8 40 ?>44J@60B5 8=D>@<0F8O 70 B5E=8B5 >15:B8, <03078=8 8 A:;04>25 :> ?@54>AB02OB5 <0;:>-?> :><?;5:A=8 CA;C38 (B@0=A?>@B 4> :;85=B0 8 4@.) 8;8 ?@>AB> 8A:0B5 40 2>48B5 >BG5B=>AB >B=>A=> ?>4@0745;5=8OB0 =0 0H8B5 :>=B@035=B8 Expecta ?@54>AB02O 2J7<>6=>AB 70 >?8A20=5 =0 >15:B8B5 =0 :>=B@035=B8B5 8. >=B@035=BA:8B5 >15:B8 CG0AB20B 2 @07;8G=8 284>25 4>:C<5=B8 B0:0, :0B> 8 :>=B@035=BA:8B5 ?@54AB028B5;8. A8G:> A?><5=0B> 70 ?@54AB028B5;8B5 5 2 A8;0 8 BC:. >ABJ?JB 4> =><5=:;0BC@0 15:B8 =0 :>=B@035=B8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > >=B@035=B8 > 15:B8 =0 :>=B@035=B8 >?J;20=5B> =0 B078 =><5=:;0BC@0 =5 5 704J;68B5;=>, => 5 C4>1=>, :>30B> A5 =0;030 40 B@0=A?>@B8@0B5 AB>:0 4> 20H :;85=B 8 B>9 @07?>;030 A ?>25G5 >B 548= >15:B0. ">3020 AJ2A5< ?@>AB>  2 AJ>B25B=8O 4>:C<5=B B@O120 40 C:065B5 >15:B0, :>9B> I5 ?@85<5 AB>:0B0. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 >=B@035=B8 24. 745;8O ?@8 :>=B@035=B8 Expecta ?>44J@60 70 2AO:> 0H5 8745;85 54=> 8;8 =O:>;:> 8745;8O ?@8 0H8 :>=B@035=B8. "078 =><5=:;0BC@0 =5 5 704J;68B5;=0, => <>65 40 1J45 <=>3> ?>;57=0. B> :0:20 5 845OB0: 0H0B0 D8@<0 ?>44J@60 A>1AB25= :0B0;>3 =0 AB>:8B5, :>8B> :C?C20 8 ?@>4020 8 70 2AO:0 AB>:0 >B =><5=:;0BC@0B0 8<0B5 0H A>1AB25= :0B0;>65= =><5@. :> @073;540<5 54=0 B0:020 ?@8<5@=0 AB>:0 A :>4 102237 8 =08<5=>20=85 0A;5= @0480B>@  24 8 AJI0B0 B078 AB>:0 A5 4>AB02O >B 420 4>AB02G8:0, B> B>3020 5 2J7<>6=> 548=8OB >B 4>AB02G8F8B5 40 8<0 4@C3 :>4 8 8<5 70 B078 AB>:0, =0?@8<5@: XM24K 0480B>@ 0A;5=.  B>78 8 2 4@C38 A;CG09 70 20H5 C4>1AB2> Expecta 8 ?>72>;O20 40 ?078B5 8=D>@<0F8O 70 :>4>25B5 8 8<5=0B0 =0 AB>:8B5 ?@8 0H8B5 4>AB02G8F8. > B>78 =0G8=, :>30B> AJ74020B5 4>:C<5=B8 70 4>AB02:0 (4>AB02=8 D0:BC@8) 85 I5 8718@0B5 AB>:8B5 A :>4>25B5 (8<5=0B0), :>8B> ?@8AJAB20B 2 AJ>B25B=0B0 D0:BC@0, 0 ?>-:JA=> 2J2 2A8G:8 >AB0=0;8 >?5@0F88 8 A?@02:8 2 A8AB5<0B0 I5 @01>B8B5 A 0H8B5 :>4>25 8 =08<5=>20=8O. !JI>B> A5 >B=0AO 8 70 :;85=B8B5. J7<>6=> 5 40 704045B5 :>4>25 8 8<5=0 =0 0H8 AB>:8 ?@8 0H8B5 :;85=B8. 0B> ?@8<5@ 70 ?>4>1=8 >B=>H5=8O <>65 40 A5 4045 @01>B0B0 A 3>;5<8 25@838 :0B> " ,  8 B.=. 0 2A8G:8 AB>:8, :>8B> B5 :C?C20B >B 0A B5 ?>44J@60B B5E=8 A>1AB25=8 =><5@0 8 =08<5=>20=8O =0 AB>:8B5. O:>8 >B BOE ?>44J@60B 8 4@C38 <5@=8 548=8F8.  B578 A;CG08 =5 A5 =0;030 40 ?><=8B5 B578, @07;8G=8 >B 20H8B5, :>4>25 8 <5=0. ">20 :>5B> B@O120 40 =0?@028B5 5 40 2J2545B5 :>4>25B5 =0 8745;8OB0 ?@8 0H8B5 :>=B@035=B8. @>O =0 0;B5@=0B82=8B5 8745;8O 8 :>=B@035=B8 =5 5 >3@0=8G5=. !JI> B0:0 =5 A5 =0;030 70 2AO:> 54=> 8745;85 40 8<0B5 AJ>B25B=8 8745;8O ?@8 2A8G:8B5 A8 :>=B@035=B8. >ABJ?JB 4> =><5=:;0BC@0 745;8O ?@8 :>=B@035=B8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > >=B@035=B8 > 745;8O ?@8 :>=B@035=B8  B078 =><5=:;0BC@0 70 2AO:> 8745;85 >B 0H0B0 =><5=:;0BC@0 A 8745;8O, :>5B> 8<0 5:2820;5=B ?@8 20H :>=B@035=B B@O120 40 815@5B5 AJ>B25B=>B> 8745;85 (>B 20H0B0 =><5=:;0BC@0), :>=B@035=B0 (:;85=B 8;8 4>AB02G8: >B =><5=:;0BC@0 :>=B@035=B8), <5@=0B0 548=8F0 =0 0H5B> 8745;85 ?@8 B>78 :>=B@035=B, >;8G5AB2>B> >B AJ>B25B=0B0 <O@:0 ?@8 :>=B@035=B0, :0:B> 8 ABJ?:0B0 70 70O2:0 =0 8745;85B>. >A;54=>B> ?>;5 5 8=D>@<0B82=>. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 >=B@035=B8 745;8O 5@=8 548=8F8 25. @0B:> 2J2545=85 70 8745;8OB0 !JI> :0B> :>=B@035=B8B5, 8745;8OB0 A0 54=0 >B =09-206=8B5 =><5=:;0BC@=8 45D8=8F88 2 Expecta. :> 85 ?@54AB02;O20B5 54=0 BJ@3>2A:0 >@30=870F8O, :>OB> ?@548<=> :C?C20 8 ?@>4020 @07;8G=8 284>25 AB>:8 B> 2 B0:J2 A;CG09 0H8B5 8745;8O I5 1J40B ?@548<=> AB>:8. J7<>6=> 5, >10G5, 459=>ABB0 8 40 =5 5 87FO;> >@85=B8@J=0 :J< BJ@3>28OB0 =0 AB>:8. :> 85 AB5 :>=AC;B0=BA:0 8;8 ?>4>1=0 >@30=870F8O  B> B>3020 85 I5 :C?C20B5 8 ?@>4020B5 ?@548<=> CA;C38. 09-G5AB>, >10G5, =57028A8<> >B B>20 A :0:2> A5 70=8<020B5, 0H0B0 D8@<0 :C?C20 8 ?@>4020 54=>2@5<5==> AB>:8 8 CA;C38. Expecta ?@54>AB02O B078 2J7<>6=>AB, :0B> ?>44J@60 8=D>@<0F8O 54=>2@5<5==> :0:B> 70 AB>:8B5, A :>8B> >?5@8@0B5, B0:0 8 70 CA;C38B5, :>8B> 525=BC0;=> 872J@H20B5 8;8 ?>;720B5. "J9 :0B> Expecta 5 4>:C<5=B=> >@85=B8@0=0 A8AB5<0 (2A8G:8 >?5@0F88 8 459=>AB8 A5 AJE@0=O20B ?>4 D>@<0B0 =0 4>:C<5=B8), 0 4>:C<5=B8B5, :0B> >A=>2=8 =>A8B5;8 =0 8=D>@<0F8O 70 ?@>F5A8B5 8 459=>AB8B5 2J2 0H0B0 D8@<0, >?5@8@0B 8<5==> A B578 8745;8O (AB>:8 8 CA;C38) 5 <=>3> 206=> 4>1@5 40 AB@C:BC@8@0B5 8=D>@<0F8OB0 >B=>A=> B078 3@C?0 =><5=:;0BC@8. 08<5=>20=85B>  745;8O 5 ?>-A:>@> 01AB@0:B=> ?>=OB85. 0:B> AB020 OA=>, =5 5 704J;68B5;=> 745;85B> 40 1J45 <0B5@80;=> (AB>:0). "> <>65 40 1J45 8 >B =5 <0B5@80;5= E0@0:B5@ (CA;C30). J7<>6=> 5, >10G5, 54=> 8745;85 40 =5 5 =8B> AB>:0, =8B> CA;C30. ">20 A5 =0;030 B>3020 :>30B> ?>?J;20B5 >?@545;= B8? 4>:C<5=B8, :>8B> =5 B@5B8@0B AB>:8 8 CA;C30. "0:J2 284 4>:C<5=B8 A0 =0?@8<5@ ?;0B56=8B5 4>:C<5=B8. :> ?>?J;20B5 54=> ?;0B56=> =0@5640=5 :J< 0H :>=B@035=B ?> ?@5420@8B5;=> 874045=0 >B =53> D0:BC@0 85 B@O120 =0 :@0B:> 40 >?8H5B5 ?> :>O D0:BC@0(8) 5 :>=:@5B=>B> ?;0I0=5.  B>78 A;CG09 ?;0B56=8OB 4>:C<5=B =5 AJ4J@60 AB>:0 8;8 CA;C30, 0 B5:AB >?8A20I >A=>20=85B> 70 ?;0I0=5B>. !JI5AB2C20B 8 4@C38 B8?>25 4>:C<5=B8, 2 :>8B> A5 =0;030 40 2J2545B5 =O:0:J2 >?8A0B5;5= B5:AB. ">20 G5AB> A5 A;CG20 :>30B> 8<0B5 4>3>2>@ 70 4>AB02:0 =0 AB>:8 (CA;C38) 8 :;85=BJB ?;0I0 020=A>2> >?@545;5=0 AC<0.  B>78 A;CG09 2J2 D0:BC@0B5, :>OB> I5 874045B5 70 ?@52545=8O 020=A =O<0 40 ?@8AJAB20B AB>:8 8 CA;C38, 0 B5:AB :>9B> :0720, G5 B>20 5 020=A>20 D0:BC@0. "J9 :0B>, G5AB> A5 =0;030 40 @01>B8B5 A ?>4>15= B8? B5:AB>2> AJ4J@60=85 =0 4>:C<5=B8 Expecta 8 C;5A=O20, ?@54>AB02O9:8 2J7<>6=>AB 40 AJ74045B5 ?@5420@8B5;=> A?8AJF8 A ?>4>1=8 G5AB> 87?>;720=8 B5:AB>25, 0 A;54 B>20 A0<> 40 8718@0B5 >B BOE. "078 =><5=:;0BC@0 A5 =0@8G0  "5:AB>25 . >4>1=> =0 =><5=:;0BC@8B5 >B AB>:8 8 CA;C38 "5:AB>25B5 CG0AB20B 2 873@0640=5B> =0 =O:>8 4>:C<5=B8 8;8 CG0AB20B 2 4>:C<5=B8 AJ4J@60I8 AB>:8 8 CA;C38, => F5;B0 8< B0< 5 40 4040B ?>-45B09;=0 8=D>@<0F8O. Expecta ?@54;030 =O:>;:> =0G8=0 ?> :>8B> 85 <>65 40 :;0A8D8F8@0B5 (AB@C:BC@8@0B5) 0H8B5 8745;8O. A25= 45;5=85B> =0 !B>:8, #A;C38 8 "5:AB>25 85 8<0B5 2J7<>6=>AB 40 AJ74045B5 >?@545;5=0 95@0@E8O A F5; 0=0;87, AG5B>2>4=0 >BG5B=>AB 8 4>@8 ?@53;54=>AB =0 40==8B5. AO:> 54=> 8745;85 <>65 40 A5 :;0A8D8F8@0 ?> 420 =57028A8<8 =0G8=0  B.5. 70 2AO:> 54=> 8745;85 285 <>65 40 704045B5 @C?0 8 >43@C?0 8 AJ>B25B=> ;0A 8 >4:;0A :J< :>8B> B> ?@8=04;568. !E5<0B8G=> B>20 <>65 40 A5 ?@54AB028 ?> A;54=8O =0G8=:    @C?0B0 8 :;0AJB A0 ?>->1>1I5=8 :;0A8D8:0B>@8, 4>:0B> ?>43@C?0B0 8 ?>4:;0AJB A0 ?>-45B09;=8. ;8 :070=> A 4@C38 4C<8.  54=0 3@C?0 <>65 40 8<0 =O:>;:> ?>43@C?8 8 2 48= :;0A <>65 40 8<0 =O:>;:> ?>4:;0A0. !E5<0B8G=> B>20 873;5640 B0:0:    @>OB =0 ?>43@C?8B5 2 4045=0 3@C?0 =5 5 >3@0=8G5=, AJI> 8 1@>O =0 ?>4:;0A>25B5 2 4045= :;0A.  =09-=0:@0O  425B5 0;B5@=0B82=8 45;5=8O A0 @02=>?>AB025=. 0?@0:B8:0 =O<0 7=0G5=85 40;8 I5 87?>;720B5 3@C?8 8 ?>43@C?8 8;8 :;0A>25 8 ?>4:;0A>25 (2 A;CG09, G5 87?>;720B5 A0<> 548=8O 284 @0745;O=5). @C?0B0 8 :;0AJB =0 4045=> 8745;85 <>30B 40 1J40B 54=>7=0G=> >?@545;5=8 AJ>B25B=> >B ?>43@C?0B0 8 ?>4:;0AJB. 1@0B=>B> =5 5 2O@=>, B.5. 0:> 7=05< 3@C?0B0 8 :;0AJB =0 4045=> 8745;85 B> B>3020 A5 =0;30 40 4>CB>G=8< 2 :>O ?>43@C?0 8 2 :>9 ?>4:;0A A5 =0<8@0 8745;85B>. ">20 5 B0:0, 70I>B>, :0:B> 25G5 A?><5=0E<5, 2 4045=0 3@C?0 <>65 40 8<0 ?>25G5 >B 54=0 ?>43@C?8 8 2 4045= :;0A <>65 40 8<0 ?>25G5 >B 548= ?>4:;0A>25. !;54 :0B> =0?@028E<5 B578 ?@5420@8B5;=8 ?>OA=5=8O <>65< 40 ?@5<8=5< :J< A0<8B5 =><5=:;0BC@8 >?8A20I8 745;8OB0... >;57=8 2@J7:8 @C?8 8745;8O >43@C?8 8745;8O ;0A>25 8745;8O >4:;0A>25 8745;8O !B>:8 #A;C38 "5:AB>25 26. @C?8@0=5 =0 8745;8OB0 =0 ?J@2> =82> - 3@C?8 J@2>B> 8 =09-28A>:> =57028A8<> =82> >B :;0A8D8:0F8OB0 =0 8745;8OB0 A5 =0@8G0  @C?0 . AO:0 3@C?0 A5 E0@0:B5@878@0 A :>4 8 =08<5=>20=85. >ABJ?JB 4> =><5=:;0BC@0 @C?8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > 745;8O > @C?8 8745;8O 04020=5B> =0 3@C?8 =5 5 704J;68B5;=>. :> =5 ?>44J@60B5 ?>4>1=0 :;0A8D8:0F8O <>65 2A8G:8 ?>4-3@C?8 40 1J40B >@85=B8@0=8 :J< 54=0 548=AB25=0 3@C?0. ><5@0F8OB0 =0 3@C?8B5 <>65 40 1J45 704020=0 :0:B> @JG=>, B0:0 8 02B><0B8G=>. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 >43@C?8 8745;8O ><5@0F8O =0 4>:C<5=B8 27. @C?8@0=5 =0 8745;8OB0 =0 2B>@> =82> - ?>43@C?8 Expecta ?>72>;O20 8 ?>-45B09;=> 3@C?8@0=5 =0 8745;8OB0. AO:0 3@C?0 (3@C?8B5 A0 @073;540=8 2 ?@54E>4=0B0 B>G:0) <>65 40 1J45 @0745;5=0 =0 ?>4-3@C?8. > B>78 =0G8= 85 <>65B5 40 2J45B5 95@0@E8O ?@8 45;5=85B> =0 0H8B5 8745;8O. @0:B8:0B0 8 ?@>CG20=8OB0 ?>:0720B, G5 >?B8<0;=8 @57C;B0B8 ?> >B=>H5=85 =0 2J7<>6=>AB8 70 0=0;87, 1J@7>459AB285 =0 A8AB5<0B0 8 C;5A=O20=5 =0 @01>B0B0 A5 ?>AB830B ?@8 95@0@E8O >B 425 =820, 0 8<5==> 3@C?8 8 ?>43@C?8. :>, 2A5 ?0:, >10G5, =0 0A B>20 =5 28 5 4>AB0BJG=> Expecta 8 4020 2J7<>6=>AB 40 87?>;720B5 8 B.=0@. ?0@0;5;=> @0745;O=5 =0 8745;8OB0. ">20 A0 =><5=:;0BC@8B5 70 :;0A>25 8 ?>4:;0A>25. >ABJ?JB 4> =><5=:;0BC@0 >43@C?8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > 745;8O > >43@C?8 8745;8O 0 2AO:0 ?>43@C?0 B@O120 40 C:065B5 A;54=8B5 40==8: :>4, =08<5=>20=85 =0 ?>43@C?0B0 8 3@C?0, :J< :>OB> ?@8=04;568. 5=5@8@0=5B> =0 :>40 <>65 40 AB020 :0:B> @JG=>, B0:0 8 02B><0B8G=>. "C:, :0:B> 8 2 B>G:0 25 >B =0AB>OI>B> @J:>2>4AB2> I5 A?><5=5<, G5 85 AB5 B578, :>8B> B@O120 40 873@048B5 85@0@E8OB0 =0 8745;8OB0, A :>8B> @01>B8B5. ">20 5 <=>3> 206=>, 70I>B> ?@028;=>B> @07?@545;5=85 4020 ?>-3>;5<8 2J7<>6=>AB8 70 0=0;87 8 >1@0B=>B>  54=> =5?@028;=> (=5?>4E>4OI>) 3@C?8@0=5 18 28 ;8H8;> >B 2J7<>6=>ABB0 40 0=0;878@0B5 45B09;=> @07;8G=8 ?0@0<5B@8 =0 459=>ABB0 8. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 @C?8 8745;8O ><5@0F8O =0 4>:C<5=B8 ;0A>25 8745;8O >4:;0A>25 8745;8O 28. ;B5@=0B82=> 3@C?8@0=5 =0 8745;8OB0 =0 ?J@2> =82> - :;0A>25 0:B> 15H5 A?><5=0B> 2 ?@54E>4=8B5 B>G:8 Expecta 4020 2J7<>6=>AB 70 0;B5@=0B82=> @0745;O=5 =0 8745;8OB0  B.5. @0745;O=5 ?0@0;5;=> =0 B>20 =0 3@C?8 8 ?>43@C?8. ">20 @0745;O=5 CA;>2=> 5 =0@5G5=> @0745;O=5 =0 :;0A>25 8 ?>4:;0A>25. 8B> 45;5=85B> =0 3@C?8 8 ?>43@C?8, =8B> 45;5=85B> =0 :;0A>25 8 ?>4:;0A>25 A0 704J;68B5;=8. :> =5 704045B5 B0:820 Expecta I5 87?>;720 A;C651=8 40==8 70 AJ>B25B=8B5 ?0@0<5B@8 =0 8745;8OB0. >ABJ?JB 4> =><5=:;0BC@0 ;0A>25 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > 745;8O > ;0A>25 8745;8O 0 2A5:8 :;0A B@O120 40 2J2545B5 :>4 8 =08<5=>20=85. >4JB <>65 40 A5 35=5@8@0 02B><0B8G=> >B Expecta. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 ><5@0F8O =0 4>:C<5=B8 >4:;0A>25 8745;8O 29. ;B5@=0B82=> 3@C?8@0=5 =0 8745;8OB0 =0 2B>@> =82> - ?>4:;0A>25 =0;>38G=> =0 3@C?>2>B> @0745;5=85, :;0A>2>B> @0745;5=85 =0 8745;8OB0 ?@54;030 ?>4=82> =0 :;0A>25B5 =0@5G5=> ?>4:;0A>25. ! 4@C38 4C<8  70 2A5:8 :;0A <>30B 40 1J40B 704045=8 <=>65AB2> ?>4 :;0A>25. >ABJ?JB 4> =><5=:;0BC@0 >4:;0A>25 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > 745;8O > >4:;0A>25 8745;8O 0:B> 8 ?@8 ?>43@C?8B5 70 40 45D8=8@0< =>2 ?>4:;0A B@O120 40 C:065< =53>28O :>4, =53>2>B> =08<5=>20=85 8 :;0AJB :J< :>9B> B>9 ?@8=04;568. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 ><5@0F8O =0 4>:C<5=B8 ;0A>25 8745;8O @C?8 8745;8O >43@C?8 8745;8O 30. >945 @54 8 =0 A0<8B5 AB>:8 !;54 :0B> 25G5 A5 70?>7=0E<5 A 95@0@E8G=>B> ?@54AB02O=5 =0 8745;8OB0 <>65< 40 45D8=8@0<5 8 ?J@28B5 8745;8O, A :>8B> I5 @01>B8<. 0:B> 15H5 A?><5=0B> 2 B>G:0 25 >B =0AB>OI>B> @J:>2>4AB2> 745;8OB0 A0 54=0 >B >A=>2=8B5 =><5=:;0BC@=8 45D8=8F88 8 B5 873@0640B ?>GB8 2A8G:8 4>:C<5=B8 2 Expecta. 0AB>OI0B0 B>G:0 B@5B8@0 8745;8OB0 >B B8? AB>:8. 745;8OB0 >B B8? CA;C38 8 B5:AB>25 A0 @073;540=8 ?>-=0B0BJ:. 4=0 >B >A=>2=8B5 @07;8:8 <564C AB>:8B5 2 Expecta 8 CA;C38B5 8 B5:AB>25B5 5, G5 AB>:8B5 CA;>2=> :070=> BJ@?OB =0;8G=>AB, B.5. B5 <>30B 40 1J40B 70?@8E>64020=8 (:>;8G5AB25=>) 8 87?8A20=8. >ABJ?JB 4> =><5=:;0BC@0 !B>:8 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > 745;8O > !B>:8 AO:0 AB>:0 A5 E0@0:B5@878@0 A 4>AB0 1>30B =01>@ >B ?0@0<5B@8 8 E0@0:B5@8AB8:8. "C: I5 A5 A?@5< =0 ?>GB8 2A8G:8 ?0@0<5B@8, 157 40 87?040<5 2 45B09;8, 8 I5 A?><5=5< :J45 B>G=> A5 87?>;720B 8 70 :0:2> =09-G5AB> A;C60B AJ>B25B=8B5 ?0@0<5B@8. 08<5=>20=85 =0 ?>;5?8A0=85 =0 ?>;5B>J45 A5 87?>;720>404020 :>40 =0 8745;85B>@8 2A8G:8 >?5@0F88 A2J@70=8 A BJ@A5=5 =0 8745;85, 8718@0=5 =0 8745;85 8 B.=.>?J;=8B5;5= :>4;B5@=0B825= :>4 =0 8745;85B>7?>;720 A5 70 4>?J;=8B5;=> CB>G=O20=5 =0 >A=>2=8O :>4 =0 8745;85B>.!G5B>2>45= :>4B>@8 0;B5@=0B825= :>4 =0 8745;85B>#A;>2=> 5 >7=0G5= :0B> AG5B>2>45= :>4, :0B> A5 8<0 ?@54284, G5 A5 87?>;720 ?@8 A8=E@>=870F8O AJA AG5B>2>4=0 =><5=:;0BC@0 >B 8745;8O08<5=>20=85A=>2=> =08<5=>20=85 =0 8745;85B>@8 2A8G:8 >?5@0F88 A2J@70=8 A BJ@A5=5 =0 8745;85, 8718@0=5 =0 8745;85 8 B.=.0B8=A:> =08<5=>20=8508<5=>20=85 =0 8745;85B> =0 4@C3 578:>=O:>30 A5 =0;030 8745;8OB0 40 1J40B >?8A20=8 =0 @07;8G5= 578:. 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"078 4>?J;=8B5;=0 8=D>@<0F8O <>65 40 D>@<8@0 AB>9=>AB, => <>65 8 40 =5 D>@<8@0. 0B> ?@8<5@ 70 4>:C<5=B, :>9B> =5 AJ4J@60 =8B> AB>:8, =8B> CA;C38 I5 4045< :0A>28O 4>:C<5=B @8E>45= :0A>2 >@45@. 18:=>25=> B>78 4>:C<5=B A5 874020 70 40 >B@078 ?;0I0=5 (?@8E>4 =0 ?0@8 2 :0A0B0). ">9 <>65 40 1J45 AJ74045= A0<>AB>OB5;=> 8;8 40 8<0 >A=>20=85 70 =53>2>B> AJAB02O=5.  2 420B0 A;CG0O, >10G5, >A25= AC<0B0, :>OB> 70?@8E>64020B5 2 :0A0B0 B@O120 40 4045B5 =O:0:J2 :><5=B0@. @C3 A;CG09 5, :>30B> AJ74020B5 ?;0B56=> =0@5640=5, :J< 0H :>=B@035=B (=09-G5AB> 4>AB02G8:), => >A=>20=85B> 70 B>20 ?;0I0=5 (D0:BC@0B0) I5 1J45 874045=> =0 ?>-:JA5= 5B0?. :> >10G5, 65;05B5, 2A5 ?0: 2 AJ4J@60=85B> =0 B>78 4>:C<5=B 40 >B@078B5 8=D>@<0F8O 70 >B45;=8B5 AC<8 D>@<8@0;8 ?;0I0=8OB0 =0 0A I5 28 B@O120 2J7<>6=>AB 40 <>65 40 2J2545B5 =O:0:28 8=D>@<0F8>==8 15;56:8 A@5IC 2AO:0 54=0 >B AC<8B5 ?> B>78 4>:C<5=B. ">78 B8? :><5=B0@=8 15;56:8, :>8B> A0 =>A8B5;8 =0 AB>9=>AB=0 8=D>@<0F8O 2 Expecta A5 =0@8G0B "5:AB>25. 0 B5:AB>25B5 5 ?@542845=0 A?5F80;=0 =><5=:;0BC@0, 0=0;>38G=0 =0 B078 =0 AB>:8B5 8 CA;C38B5. "5:AB>25B5, >10G5, ?@548<=> CG0AB20B 2 4>:C<5=B8 :0B> >A=>20=85  =>A8B5; =0 AB>9=>AB, 0 ?>-@O4:> :0B> =>A8B5; =0 704J;65=85. >ABJ?JB 4> =><5=:;0BC@0 "5:AB>25 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > 745;8O > "5:AB>25 "C: 5 206=> 40 A?><5=5<, G5 B5:AB>25B5, AJI> :0B> AB>:8B5 8 CA;C38B5 <>30B 40 1J40B >B=5A5=8 :J< 4045= :;0A 8 ?>4:;0A, :0:B> 8 :J< 4045=0 3@C?0 8 ?>43@C?0. ">20 5 ?>;57=>, 70I>B> >A25= G8AB> BJ@3>2A:0B0 8=D>@<0F8O Expecta 28 ?>72>;O20 40 2>48B5 8 <0;:> ?>-@07;8G=8 4>:C<5=B8  :0B> =0?@8<5@ 4>:C<5=B8 >B@07O20I8 =5BJ@3>2A:8 2708<>>B=>H5=8O 8;8 4>:C<5=B8 >B@07O20I8 2708<>>B=>H5=8O A 0H8 ?>4>BG5B=8 ;8F0 (A;C68B5;8 8 4@.) J7<>6=> 5 40 873@048B5 :;>=>25 =0 =><5=:;0BC@0 ;0A>25 8 ?>4:;0A>2 (3@C?8/?>43@C?8), 2 :>8B> :;>=>25 40 45D8=8@0B5 ?5@0, ?> :>8B> 65;05B5 40 2>48B5 >BG5B=>AB. @8<5@ 70 B0:820 ?5@0 A0 @07E>48B5, :>8B> ?@028B5 70 :><0=48@>2:8, 02=A8 =0 A;C68B5;8, <>18;=8 B5;5D>=8 (0:> =5 >B@07O20B5 D0:BC@8B5 >B >?5@0B>@8B5 :0B> 4>AB02:8 =0 CA;C38) 8 B.=. ">78 B8? 8=D>@<0F8O <>65 40 AB@C:BC@8@0B5 2 ?>4E>4OI 70 0A 284, => 2J?@5:8 2A8G:8, ?>78F88B5, ?> :>8B> I5 A;548B5 >BG5B=>ABB0 =O<0 40 1J40B =8B> AB>:8, =8B> CA;C38. ">20 A0 "5:AB>25. >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 ><5@0F8O =0 4>:C<5=B8 ;0A>25 8745;8O >4:;0A>25 8745;8O @C?8 8745;8O >43@C?8 8745;8O 0=JG=8 3@C?8 33. :> ?@028B5 2=>A B> B@O120 40 A8 ?>3>2>@8< 70 <8B=8G5A:8 =><5@0 Expecta ?>72>;O20 @01>B0 A 2J=H=8 4>AB02G8F8, B.5. 85 <>65 40 ?@028B5 2=>A =0 AB>:8 8 CA;C38. @8 B>78 284 A45;:8 Expecta ?>72>;O20 =5 A0<> 40 2J2545B5 0;CB=0B0 D0:BC@0 >B 4>AB02G8:0, => 8 40 >?8H5B5 4J;68<8B5 <8B0, 0:F878 8 4@C38 <?>@B=8 B0:A8, :>8B> A0 4J;68<8 :J< 4J@6020B0. > B>78 =0G8= 85 I5 ?>44J@60B5 @50;=0 8=D>@<0F8O 70 8AB8=A:0B0 A515AB>9=>AB =0 AB>:8B5 :>8B> 4>AB02OB5. 0:B> 25G5 A?><5=0E<5, 2 =><5=:;0BC@8B5 A 8745;8O A5 AJ4J@60 ?>4>15= 284 8=D>@<0F8O (<8B0, 0:F878 8 B0:A8). "078 =><5=:;0BC@0, >10G5, 28 ?@54>AB02O <0;:> ?>25G5 2J7<>6=>AB8, 0 8<5==>  40 A2J@65B5 20H0B0 =><5=:;0BC@0 >B AB>:8 A G0AB >B 459AB20I0B0 <8B=8G5A:0 B0@8D0. 57 40 8<0<5 ?@5B5=F88B5 70 2A5>1E20B=>AB 8 ?J;=>B0 =0 ?>4>15= B8? 8=D>@<0F8O, Expecta 28 ?@54>AB02O >I5 548= 284 2J7<>6=>AB 70 0=0;87 8 C;5A=5=8O 2J2 20H0B0 @01>B0. 0==8B5 70 459AB20I0B0 <8B=8G5A:0B0 B0@8D0 (157 =59=8B5 87:;NG5=8O 8 ?@5D5@5=F80;=8 <8B0) <>30B 40 1J40B =0<5@5=8 2 AJ>B25B=8B5 =>@<0B82=8 4>:C<5=B8 8 ?@8 65;0=85 >B 20H0 AB@0=0 Expecta 28 ?@54>AB02O 2J7<>6=>AB 40 >?8H5B5 70 2AO:> 0H5 8745;85 :J< :>O B0@8D=0 ?>78F8O A?040. ">20, 5AB5AB25=>, =5 5 704J;68B5;=>. 85 <>65 40 87?>;720B5 A0<> 3@C?0B0 >B <8B=8G5A:8 ?0@0<5B@8 2 8745;8OB0 8 40 38 ?@><5=OB5 ?@8 =5>1E>48<>AB. >ABJ?JB 4> =><5=:;0BC@0 "5:AB>25 2 Expecta AB020 >B 3;02=>B> <5=N: ><5=:;0BC@8 > 745;8O > "5:AB>25 =D>@<0B82=8OB E0@0:B5@ =0 B078 =><5=:;0BC@=0 45D8=8F8O 4020 2J7<>6=>AB 70 1J45I0 2@J7:0 =0 Expecta AJA A>DBC5@=8 A8AB5<8 ?>44J@60I8 0:BC0;=0 <8B=8G5A:0 8=D>@<0F8O. 35. :> 54=0 AB>:0 ;8?A20 8<0 ;8 4@C30 :>OB> 40 O 70<5=8? (0<5=8<8 AB>:8) Expecta ?>72>;O20 40 45D8=8@0B5 B.=0@. 70<5=8<8 8745;8O. >30B> ?@>4020B5 845=B8G=8 AB>:8 >B @07;8G=8 ?@>872>48B5;8 5 2J7<>6=> 40 704045B5, G5 4045=0 AB>:0 <>65 40 1J45 70<5=5=0 >B 4@C30 8;8 4@C38 AB>:8. 0B> ?@8<5@ I5 @073;540<5 A;54=0B0 A8BC0F8O: :> ?@>4020B5 02B><>18;=8 G0AB8 8 ?>-A?5F80;=> <0A;5=8 D8;B@8, B> B>3020 85 I5 8<0B5 420 8;8 ?>25G5 @07;8G=8 D8;BJ@0 (@07;8G5= ?@>872>48B5;), :>8B> <>30B 40 1J40B 87?>;720=8 70 548= 8 AJI 02B><>18;. @8 B078 A8BC0F8O, 0:> =0;8G=>ABB0 >B 548=8O D8;BJ@ 5 87G5@?0=0, 85 <>65 40 ?@54;>68B5 =0 :;85=B0 AJ>B25B=8B5 70<5=OI8 3> D8;B@8. =0;>38G5= ?@8<5@ <>65 40 A5 4045 2 AD5@0B0 =0 D0@<0F52B8:0B0. :> 0H ?0F85=B BJ@A8 ;5:0@AB2> ?@>B82 3;02>1>;  =0?@8<5@ =0;38= "!, => 85 2 <><5=B0 =O<0B5 2 =0;8G=>AB, B> B>3020 <>65 40 ?@54;>68B5 =0 ?0F85=B0 4@C3 70<5AB8B5; (=0?J;=> 5:2820;5=B5=). >ABJ?JB 4> 70<5=8<8 8745;8O 2 Expecta AB020 G@57 =><5=:;0BC@0 8745;8O: ><5=:;0BC@8 > 745;8O > @B8:C;8 > !B@0=8F0  0<5=8<8 0@B8:C;8 45OB0 BC:, 5 G5 2AO:> >B 8745;8OB0 <>65 40 70<5=8 4@C3>B>. ;8 :070=> ?> 4@C3 =0G8=: 8745;8OB0, :>8B> 2708<=> A5 70<5=OB A0 2 B. =0@ 70<5=8<0 3@C?0. !;54 :0B> 8715@5B5 4045= 0@B8:C; 85 <>65 40 C:065B5 =53>28B5 70<5=8<8 0@B8:C;8, >B8209:8 =0 AB@0=8F0  0<5=8<8 0@B8:C;8 [5] 2 ?@>7>@5F0 70 ?@53;54 8 @540:F8O =0 0@B8:C;8. !JI5AB2C20B A8BC0F88 8 8745;8O, ?@8 :>8B> 42C?>A>G=0B0 70<5=8<>AB =5 5 2J7<>6=0. "578 8745;8O A0 @073;540=8 2 =><5=:;0BC@0  4=>?>A>G=> 70<5=8<8 0@B8:C;8 >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 @B8:C;8 4=>?>A>G=> 70<5=8<8 0@B8:C;8 36. ">20 28=038 ;8 5 B0:0? (4=>?>A>G=> 70<5=8<8 AB>:8) 0:B> 15H5 A?><5=0B> 2 ?@548H=0B0 B>G:0 (35), =5 28=038, 0:> 8745;85B>  70<5=O 8745;85B>  B> 8745;85B>  I5 <>65 40 A5 87?>;720 2<5AB> 8745;85B> , B.5. 745;85B>  70<5=O CA?5H=> 8745;85B> , => 8745;85B>  =5 <>65 40 A5 87?>;720 2<5AB> 8745;85B> . 0B> ?@8<5@ I5 @073;540<5 >B=>2> <03078= 70 02B>  G0AB8, :>9B> ?@>4020 <0A;5=8 D8;B@8 70 02B><>18;8. J7<>6=> 5 <0A;5=8OB D8;BJ@  40 1J45 A 480<5BJ@ 100 << 8 4J;68=0 150 <<, 0 <0A;5=8OB D8;BJ@  40 5 A 480<5BJ@ 100 << 8 4J;68=0 120 <<.  B>78 A;CG09, 0:> A5 =0;030 40 A<5=8B5 <0A;5= D8;BJ@ =0 02B><>18;, G88B> 480<5BJ@ 5 100 <<, => A2>1>4=>B> ?@>AB@0=AB2> 5 160 <<, 2 548=8O A;CG09 8 420B0 D8;BJ@0 <>30B 40 1J40B <>=B8@0=8 54=0:2> CA?5H=>, => 0:> 02B><>18;JB 5 4@C3 <>45; 8 A2>1>4=>B> ?@>AB@0=AB2> 70 <>=B06 =0 D8;BJ@0 5 130 << B> D8;BJ@JB, :>9B> 5 A 4J;68=0 150 << () =O<0 40 <>65 40 1J45 <>=B8@0=. ".5. 70 B>78 284 02B><>18; D8;BJ@JB  =5 5 ?@8;>68<. >4>15= 284 70<5=8<>AB 2 Expecta A5 =0@8G0 4=>?>A>G=0 70<5=8<>AB. >ABJ?JB 4> 54=>?>A>G=> 70<5=8<8 0@B8:C;8 2 Expecta AB020 G@57: ><5=:;0BC@8 > 745;8O > 4=>?>A>G=> 70<5=8<8 0@B8:C;8 >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 @B8:C;8 0<5=8<8 0@B8:C;8 37. <0B5 ;8 AJAB02=8 8;8 ?0:5B8@0=8 AB>:8? :> 5 B0:0 ?>3;54=5B5 @5F5?B8B5... Expecta ?>72>;O20 ?>44J@60=5B> =0 @5F5?BC@=8F8 8 A?5F8D8:0F88. ">20 5 ?>;57=>, :>30B> >A25= BJ@3>2A:0 459=>AB @072820B5 8 8=65=5@8=3>20 8;8 ?@>5:B0=BA:0. !JI> B0:0, 5 2J7<>6=> 40 4>AB02OB5 =0 54@> (2 >?0:>2:8) >?@545;5=8 AB>:8, 0 40 38 ?@>4020B5 =0 4@51=> =0 :@09=8 :;85=B8. 0 2A8G:8 ?>4>1=8 A8BC0F88, :>30B> AB>:8B5 BJ@?OB ?@5>1@07C20=5 5 ?>;57=> 40 87?>;720B5 =><5=:;0BC@0B0 >B @5F5?B8. )5 @073;540<5 =O:>;:> ?@8<5@0: @8<5@ 1 85 AB5 87FO;> BJ@3>2A:0 >@30=870F8O, :>OB> 4>AB02O AB>:8 =0 54@> 8 38 ?@>4020 =0 :@09=8 :;85=B8. 0B> ?@8<5@ 70 B0:020 AB>:0 I5 @073;540<5 H>:>;048 >B >?@545;5=0 <0@:0. @8 ?>:C?:0 >B ?@>872>48B5;O H>:>;048B5 ?>ABJ?20B ?@8 20A 2 <0;:8 :0H>=G5B0 >B ?> 12 1@>O. J2 0H8O A:;04 B5 A5 AJE@0=O20B 2 B>78 A8 284, => 2 <03078=0 A5 ?@>4020B =0 ?> 54=0 1@>9:0.  B>78 A;CG09 Expecta 28 4020 2J7<>6=>AB 40 A;548B5 AJAB>O=85B> 8 D>@<0B0 =0 AJ>B25B=>B> 8745;85 (H>:>;04). >30B> ?@028B5 4>AB02:0 AJA AJ>B25B=8O 4>:C<5=B 285 I5 70?@8E>48B5 2 A:;040 :0H>=G5B0, 0 :>30B> ?@>4020B5 =0 :@09=8 :;85=B8 I5 ?@>4020B5 >B45;=8 1@>9:8. "@0=AD>@<0F8OB0 >B :0H>= H>:>;048 =0 1@>9:8 AB020 G@57 >?5@0F8OB0 @07?0:5B8@0=5. 0 40 A5 02B><0B878@0 B>78 ?@>F5A B@O120 ?@5420@8B5;=> 40 45D8=8@0B5 A;54=8B5 420 0@B8:C;0. >4 =0 0@B8:C;008<5=>20=855@=0 548=8F011111(>:>;04 (:0H>=)0H>=22222(>:>;04 (1@)@>9(:>4>25B5 8 =08<5=>20=8OB0 A0 ?@8<5@=8) !;54 B>20 45D8=8@09B5 @5F5?B0 >B =><5=:;0BC@0 @5F5?B8 =0 AJAB02=8 8745;8O, 2 :>OB> C:065B5, G5 54=> 8745;85 >B :>4 11111 ((>:>;04 - :0H>=) A5 AJAB>8 >B 12 8745;8O >B :>4 22222  ((>:>;04  1@>9:0) !JAB02=> 8745;85 70 54=0 548=8F0 >B: >4 =0 0@B8:C;008<5=>20=855@=0 548=8F011111(>:>;04 (:0H>=)0H>= 5F5?B0: >4 =0 0@B8:C;008<5=>20=855@=0 548=8F0>;8G5AB2>22222(>:>;04 (1@)@>912 > B>78 =0G8= 2 A:;040 I5 ?>44J@60B5 B>G=> B>;:>20 548=8F8 >B AJAB02=>B> 8745;85, :>;:>B> 8<0B5 =0;8G=8 2 B078 <C D>@<0 8 B>G=> B>;:>20 548=8F8 >B AJAB02:8B5, :>;:>B> 8<0B5 =0;8G=8 2 AJ>B25B=0B0 <5@=0 548=8F0. )5 @073;540<5 8 4@C3 ?@8<5@ 70 87?>;720=5B> =0 AJAB02=> 8745;85. @8<5@ 2 85 AB5 BJ@3>2A:0 >@30=870F8O, :>OB> ?@>4020 =0 :@09=8 :;85=B8 @07;8G=8 :0=F5;0@A:8 <0B5@80;8. >AB02OB5 E8<8:0;8, <>;828 8 15;56=8F8. ?0:>20B5 38 2 ?>4E>4OI0 >?0:>2:0 8 38 ?@>4020B5 ?>4 D>@<0B0 =0 ?@><>F8>=0;=8 ?0:5B8. @8 B>78 284 459=>AB 85 :C?C20B5 >B45;=8B5 5;5<5=B8 =0 ?@><>-?0:5B8B5 >B @07;8G=8 4>AB02G8F8. 0 B078 F5; 2 Expecta 5 =5>1E>48<> 40 45D8=8@0B5 A;54=8B5 AB>:8 2 =><5=:;0BC@0 0@B8:C;8. >4 =0 0@B8:C;008<5=>20=855@=0 548=8F011111%8<8:0;@>922222>;82@>9333335;56=8:@>9444445A5A5@@>955555@><> ?0:5B 70 CG5=8F8@>9 0 AJAB02=>B> 8745;85 I5 45D8=8@0<5 A;54=0B0 @5F5?B0: !JAB02=> 8745;85 70 54=0 548=8F0 >B: >4 =0 0@B8:C;008<5=>20=855@=0 548=8F055555@><> ?0:5B 70 CG5=8F8@>9 5F5?B0: >4 =0 0@B8:C;008<5=>20=855@=0 548=8F0>;8G5AB2>11111%8<8:0;@>9222222>;82@>92333335;56=8:@>91444445A5A5@@>91 0:B> A0<8 I5 7015;568B5 Expecta 4>?CA:0 AJAB02=>B> 8745;85 40 8<0 F5=8 @07;8G=8 >B AC<0B0 =0 AJ>B25B=8B5 F5=8 =0 AJAB02OI8B5 3> 8745;8O. ;8 A 4@C38 4C<8  2J7<>6=> 5 40 ?@>4020B5 <>;828B5, E8<8:0;:8B5 8 4@C38B5 AJAB02:8 =0 54=8 F5=8, => BOE=0B0 AC<0 40 1J45 @07;8G=0 >B B078 =0 F5=0B0 =0 AJAB02=>B> 8745;85  ?@><>-?0:5B0. 0 40 AJ74045B5 54=0 @50;=0 1@>9:0 >B ?@><> ?0:5B0 B@0120 40 87?>;720B5 >?5@0F8OB0 ?0:5B8@0=5. @8 B078 >?5@0F8O 70 2A5:8 ?@><>-?0:5B (AJAB02=> 8745;85) Expecta I5 87?8H5 >B A:;040 B>G=> B>;:>20 548=8F8 >B AJAB02:8B5, :>;:>B> A0 ?@542845=8 2 @5F5?B0B0 8 I5 2?8H5 54=0 1@>9:0 70 AJAB02=>B> 8745;85. @C30 E0@0:B5@=0 >A>15=>AB 5, G5 70 54=> AJAB02=> 8745;85 <>65 40 8<0B5 ?>25G5 >B 54=0 @5F5?B8.  7028A8<>AB >B A?5F8D8:0B0 =0 0H0B0 @01>B0, 8 ?@8 CA;>285, G5 87>1I> 87?>;720B5 AJAB02=8 8745;8O 8 @5F5?BC@=8F8, 5 2J7<>6=> 40 ?>44J@60B5 0;B5@=0B82=>AB 8;8 A57>==>AB =0 @5F5?B8B5. >ABJ?JB 4> 5F5?B8B5 2 Expecta AB020 G@57: ><5=:;0BC@8 > 745;8O > 5F5?B8 =0 AJAB02=8 8745;8O 0 2AO:0 54=0 @5F5?B0, :>OB> 45D8=8@0B5 2 A8AB5<0B0 B@O120 40 704045B5 :>4, =08<5=>20=85, 40 8715@5B5 AJAB02=>B> 8745;85 >B =><5=:;0BC@0 745;8O 8 2 AB@0=8F0B0 AJ4J@60=85 40 8715@5B5 AJ>B25B=8B5 AJAB02:8  >B=>2> >B =><5=:;0BC@0 8745;8O. 0 2AO:0 54=0 >B AJAB02:8B5 B@O120 40 C:065B5 A :0:2> :>;8G5AB2> CG0AB20 2 @5F5?B0B0, :0:B> 8 :>5D8F85=B8B5 A :>8B> A5 D>@<8@0 ?@>406=0B0 F5=0 8 A515AB>9=>ABB0 =0 AJ>B25B=>B> AJAB02=> 8745;85. >5D8F85=BJB 70 D>@<8@0=5 =0 A515AB>9=>ABB0 8<0 ?@O:> CG0AB85 :>30B> 872J@H20B5 >?5@0F8O @07?0:5B8@0=5. >30B> @07?0:5B8@0B5 AJAB02=> 8745;85 =0 =53>28B5 AJAB02:8 2AO:0 54=0 >B AJAB02:8B5 I5 8<0 A515AB>9=>AB :@0B=0 =0 A515AB>9=>ABB0 =0 AJAB02=>B> 8745;85 ?> :>5D8F85=B0 70 AJ>B25B=0B0 AJAB02:0 @0745;5= =0 :>;8G5AB2>B>. >5D8F85=BJB 70 D>@<8@0=5 =0 ?@>406=0B0 F5=0 CG0AB20 2 4>:C<5=B8B5 70 ?@>40610, B>3020 :>30B> A5 =0;030 40 ?@>4045B5 54=0, =O:>;:> 8;8 2A8G:8 AJAB02:8 >B 54=> AJAB02=> 8745;85, 0 =5 A0<>B> AJAB02=> 8745;85. ">20 5 ?>4E>4OI> 70 A;CG098B5, :>30B> 4>AB02OB5 AJAB02=8 8745;8O, 0 38 ?@>4020B5 =0 G0AB8 (>B45;=8 AJAB02:8). >;57=8 2@J7:8 @>7>@F8 70 ?@53;54 =0 40==8 @>7>@F8 70 @540:F8O 8 2J25640=5 =0 =>28 40==8 ?8A0=85 =0 ?>;5B0B0 =0 =><5=:;0BC@8B5 @B8:C;8 38. 0:20 5 20H0B0 >BABJ?:>20 ?>;8B8:0?  =0 20H8B5 4>AB02G8F8? ("8?>25 >BABJ?:8) =>3> 2065= <><5=B 2J2 2AO:0 54=0 8=D>@<0F8>==0 BJ@3>2A:0 A8AB5<0 5 >@30=878@0=5B> =0 >BABJ?:>20B0 ?>;8B8:0 =0 D8@<0B0. 0 @07;8:0 >B ?>25G5B> 4@C38 A8AB5<8 Expecta 28 ?>72>;O20 40 873@048B5 0H0 A>1AB25=0 A8AB5<0 70 >?@545;O=5 =0 >BABJ?:8 8 D>@<8@0=5 =0 F5=8. >30B> 3>2>@8< 70 >BABJ?:8 =O<0<5 A0<> ?@54284 >BABJ?:8 :J< 0H8 :;85=B8, 0 87>1I> >BABJ?:8  :0:B> >B 0H8 4>AB02G8F8, B0:0 8 :J< 0H8 :;85=B8. 0 40 45D8=8@0B5 :0:2>B> 8 40 18;> 5 =5>1E>48<> ?J@2> 4>1@5 40 >1<8A;8B5 >BABJ?:>20B0 A8 ?>;8B8:0 2J2 2A5:8 548= 0A?5:B, 0 AJI> B0:0 40 =0?@028B5 0=0;87 =0 >BABJ?:>20B0 ?>;8B8:0 =0 20H8B5 4>AB02G8F8 A?@O<> 0A A0<