Dissertation pdf

Preparing your Dissertation

at a Distance:

A Research Guide

S. Modesto Tichapondwa Editor

2013

Coordinated and Edited by: S. Modesto Tichapondwa Published by Virtual University For Small States of the Collonwealth – Vancouver. Any part of this document may be reproduced without permission but with attribution to the Virtual University for the Small States of the Commonwealth (VUSSC) and the Southern African Development Community (SADC), Centre for Distance Education (CDE) – (SADC-‐CDE) Copyright: CC-‐BY-‐SA (share alike with attribution) http://creativecommons.org/licenses/ by-‐sa/30 © 2013

!""

!!

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

#""

B>5!@8A%/379%4! ! ! ! ! ! ! ! ! IG!B>B!SE:3!74!T,:*73K!$%4%:$/EU! ! ! ! ! ! ! IG!

B>G!C3:1':$'4!<#$!V,:*73K!D%4%:$/E! ! ! ! ! ! ""!B>G>-!SE:3!74!P*:+7:$742U! ! ! ! ! ! ! IL! !B>G>5!SE:3!'#%4!P*:+7:$742!*##0!*70%U!! ! ! ! ! ! IL!B>G>B!C%*<WP*:+7:$742!! ! ! ! ! ! ! ! I;!B>I!SE:3!74!$%<%$%1/71+U! ! ! ! ! ! ! I;!B>L!SEK!$%<%$%1/%U! ! ! ! ! ! ! ! I;! !B>;!SE%1!3#!$%<%$%1/%U!!!!!!! ! ! ! ! ! ! I(!B>(!D%<%$%1/71+!4K43%24! ! ! ! ! ! ! I(!B>(>-!.).!D%<%$%1/71+!CK43%2! ! ! ! ! ! !!!!!!! ! ! I(!B>(>5!?1WJ%X3!! ! ! ! ! ! ! ! !!!!!!! ! ! I=!B>(>B!FX:2P*%4!#<!$%<%$%1/%4!8K!3KP%! ! ! ! ! !!!!!!! ! ! I=!B>=!Y:$9:$'!D%<%$%1/71+!CK43%2!!!! ! ! ! ! ! L-!B>=>-!?1WJ%X3!673:37#14! ! ! ! ! ! ! ! !!! !!!!!!!!!L-!B>=>5!Q743!#<!D%<%$%1/%4! ! ! ! ! ! ! !!!!!!! ! ! L5!B>=>B!67371+!'7<<%$%13!4#,$/%4! ! ! ! ! ! !!!!!!! ! ! L5!B>-N!D%4%:$/E!%3E7/4!! ! ! ! ! ! ! ! LI!B>-N>-!6#'%4!:1'!)#*7/7%4!<#$!D%4%:$/E!F3E7/4! ! ! ! ! LL!B>-N>5!F3E7/:*!H%/747#1!Z:071+!71!D%4%:$/E! ! ! ! ! ;N!B>--!Q%44#14!*%:$13!8K!4,P%$974#$4!:8#,3!43:1':$'4[!%3E7/4!:1'!"!!!!!!!!!!P*:+7:$742!! ! ! ! ! ! ! ! ;G"B>-5!C,22:$K! ! ! ! ! ! ! ! ! ;G!D%<%$%1/%4! ! ! ! ! ! ! ! ! ;G!"!),#-"&.!8!.'%&+!#*1!.&+-'*+3$3%3"3&+!'(!+0-&.93+'.+!#*1!+0-&.93+&&+!!.843$:/3! ! ! ! ! ! ! ! ! ;;!G>-!?13$#',/37#1! ! ! ! ! ! ! ! ;(!G>5!@8A%/379%4!! ! ! ! ! ! ! ! ! ;(!G>B!O:/0+$#,1'!!! ! ! ! ! ! ! ! ;(!G>G!CP%/7<7/!P$:/37/%4!3E:3!,1'%$P71!+##'!P#43+$:',:3%!!!!!!!!!4,P%$9747#1!!! ! ! ! ! ! ! ! ;=!G>I!JKP%4!#<!4,P%$974#$4!! ! ! ! ! ! ! ;=!G>I>-C,P%$974#$!:4!:1!:'974#$! ! ! ! ! ! ! (N!G>I>5!C,P%$974#$!:4!%XP%$3!+,7'%!! ! ! ! ! ! (N!G>I>B!C,P%$974#$!:4!T,:*73K!/#13$#**%$! ! ! ! ! ! (N!G>I>G!C,P%$974#$!:4!P:43#$!#$!<$7%1'! ! ! ! ! ! (-!G>I>I!C,P%$974#$!:4!'%*%+:3#$! ! ! ! ! ! ! (-!G>L!"7$43!2%%371+!&73E!3E%!4,P%$974#$\!Q:K71+!+$#,1'!$,*%4!! ! ! (5!G>L>-!]%3!3#!01#&!43,'%134!:1'!/:$%<,**K!:44%44!3E%7$!1%%'4! ! ! (5!G>L>5!F43:8*74E!$%:4#1:8*%[!:+$%%'!,P#1!%XP%/3:37#14! ! ! ! (B!G>L>B!F1/#,$:+%!43,'%134!3#!&$73%!%:$*K!:1'!#<3%1! ! ! ! (G!G>L>G!?1737:3%!$%+,*:$!/#13:/3!:1'!P$#97'%!E7+E!T,:*73K!<%%'8:/0! ! ! (G!G>; !H%3%/371+!:1'!'%:*71+!&73E!&:$171+!47+14!71!$%4%:$/E!!

!4,P%$9747#1!! ! ! ! ! ! ! ! (I!G>( C,P%$9747#1!#<!H743:1/%!F',/:37#1!:1'!P:$3W372%!43,'%134! ! ! (L! !G>(>-H743:1/%!%',/:37#1!$%4%:$/E!43,'%13\!3E%!1:3,$%!:1'!!!!!!!!!!!/E:**%1+%4!!! ! ! ! ! ! ! ! (L!

$""

G>(>5 C,P%$9747#1!:PP$#:/E!&73E!'743:1/%!%',/:37#1!43,'%134!!:1'!P:$3W372%!43,'%134! ! ! ! ! ! ! (;!

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

%""

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`1'%$9:*,71+!#<!a'%4/$7P37#1R!:4!8:47/!/#2P%3%1/K!<#$!':3:!T,:*73K!!!! ! -G;!;>= Q:/0!#<!/#2P%3%1/7%4!:1'!/#1<7'%1/%!71!':3:!E:1'*71+!:1'!:1:*K474!!!! -G(!;>-N !Z74$%P$%4%1371+!/*:724!#<!T,:*73K[!9:*7'73K!:1'!$%*7:87*73K!! ! -G=!;>-- J$:14P#$371+!3%/E17/:*!*:1+,:+%!#<!T,:1373:379%!$%4%:$/E!3#!T,:*73:379%!!

D%4%:$/E! ! ! ! ! ! ! ! ! -IN!;>-5 C3:37437/:**K!47+17<7/:13!$%4,*34!9%$4,4!P$:/37/:**K!47+17<7/:13!$%4,*34!!! !

! -I-!;>-B Z74713%$P$%3:37#1!#<!3E%!PW9:*,%4!+%1%$:3%'!&73E!43:37437/:*!!

!!!!!!3%43!!! ! ! ! ! ! ! ! ! -I5!!!!!!!':3:!

;>-G Q%44#14!Q%:$13! ! ! ! ! ! ! ! -IB!;>-I C,22:$K! ! ! ! ! ! ! ! -IB!D%<%$%1/%4! ! ! ! ! ! ! ! ! -IB!!!

&""

),#-"&.!G!H.3"3*5!",&!.&+&#.),!-.'-'+#%!.843$:/3! ! ! ! ! ! ! ! ! -IL!(>-!?13$#',/37#1! ! ! ! ! ! ! ! -IL!(>5!@8A%/379%4! ! ! ! ! ! ! ! ! -I;!(>B!SE:3!74!:!D%4%:$/E!)$#P#4:*U!! ! ! ! ! ! -I;!(>G!C7+17<7/:1/%!#<!:!D%4%:$/E!)$#P#4:*!! ! ! ! ! ! -I(!(>I!C3%P4!71!H%9%*#P71+!:!D%4%:$/E!P$#P#4:*!! ! ! ! ! -I=!(>I>-!6E##471+!:!J#P7/^!J73*%! ! ! ! ! ! ! -LN! !(>I>5!?13$#',/37#1!:1'!O:/0+$#,1'!3#!3E%!C3,'K!! ! ! ! -L-!(>I>B!C3:3%2%13!#<!3E%!)$#8*%2!!! ! ! ! ! ! -L5!(>I>G!D%4%:$/E!V,%437#14^!YKP#3E%474! ! ! ! ! ! -LB!(>I>I!.72!:1'!@8A%/379%4!!! ! ! ! ! ! ! -LG!(>I>L!b,437<7/:37#1!#<!3E%!C3,'K!!!!! ! ! ! ! ! -LG!(>I>;!JE%#$%37/:*!"$:2%&#$0!!! ! ! ! ! ! ! -LI!(>I>(!H%<71737#1!#<!c%K!J%$24! ! ! ! ! ! ! -LI!(>I>=!H%*7273:37#14!!!! ! ! ! ! ! ! ! -LI!(>I>-N!Q7273:37#14! ! ! ! ! ! ! ! -LI!(>I>--!.44,2P37#14! ! ! ! ! ! ! ! -LL!(>I>-5!Q73%$:3,$%!$%97%&!! ! ! ! ! ! ! -LL!(>I>-B!Z%3E#'#*#+K! ! ! ! ! ! ! ! -L;!(>I>-G!F3E7/:*!:1'!*%+:*!/#147'%$:37#14!!! ! ! ! ! ! -L;!(>I>-I!6E:P3%$!@,3*71%!!!! ! ! ! ! ! ! -L;!(>I>-L!J72%*71%!!!!!!! ! ! ! ! ! ! ! -L(!(>I>-;!O,'+%3!!!!! ! ! ! ! ! ! ! -L(!(>I>-(!6#1/*,47#1! ! ! ! ! ! ! ! -L(!(>I>-=!D%<%$%1/%4!!!! ! ! ! ! ! ! ! -L(!(>L!"#$2:3!#<!:!D%4%:$/E!)$#P#4:*! ! ! ! ! ! -L(!(>;!C,8273371+!3E%!D%4%:$/E!)$#P#4:*!!!! ! ! ! ! ! -L=!(>(!Q%44#14!Q%:$13!!! ! ! ! ! ! ! ! -;N!(>=!C,22:$K! ! ! ! ! ! ! ! ! -;N!D%<%$%1/%4! ! ! ! ! ! ! ! ! -;-!!!),#-"&.!I!.843$:/3! ! ! ! ! ! ! ! ! -;B!=>-!?13$#',/37#1! ! ! ! ! ! ! ! -;B!=>5!@8A%/379%4! ! ! ! ! ! ! ! ! -;G!=>B!O:/0+$#,1'!3#!3E%!C3,'K! ! ! ! ! ! ! -;G!=>G!SE:3!3E%!4,P%$974#$^P$#2#3%$!%XP%/34!3#!4%%!,1'%$!O:/0+$#,1'!!!!!!!!3#!3E%!43,'K!! ! ! ! ! ! ! ! -;;!=>G>-!Q%44#14!*%:$13!<$#2!4,P%$97471+!'744%$3:37#14^3E%4%4! ! ! -;(!=>I!C3:3%2%13!#<!3E%!)$#8*%2! ! ! ! ! ! ! -;(!=>L!),$P#4%!#<!3E%!C3,'K! ! ! ! ! ! ! -(N!=>;!@8A%/379%4!#<!3E%!C3,'K! ! ! ! ! ! ! -(N!=>(!D%4%:$/E!V,%437#14^YKP#3E%4%4!! ! ! ! ! ! -(N!=>=!C7+17<7/:1/%!#<!3E%!C3,'K! ! ! ! ! ! ! -(-!=>-N!Q%44#14!*%:$13!<$#2!P$#2#371+^4,P%$97471+>!!!! ! ! ! -(5!=>--!H%<71737#1!#<!J%$24! ! ! ! ! ! ! -(5!=>-5!Q7273:37#14!#<!3E%!C3,'K>! ! ! ! ! ! ! -(B!=>-B!H%*7273:37#14! ! ! ! ! ! ! ! -(B!

'""

=>-G!.44,2P37#14! ! ! ! ! ! ! ! -(G!=>-I!Q%44#14!*%:$13!<$#2!P$#2#37#1^4,P%$9747#1!! ! ! ! -(G!=>-L!@$+:174:37#1!#<!3E%!43,'K! ! ! ! ! ! ! -(I!=>-;!C,22:$K! ! ! ! ! ! ! ! ! -(L!D%<%$%1/%4! ! ! ! ! ! ! ! ! -(L!!!),#-"&.!/J!.&93&H!'(!.&%#"&1!%3"&.#"0.&!!.843$:/3! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!-(;!-N>-!?13$#',/37#1!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!-(;!-N>5!@8A%/379%4!! ! ! ! ! ! !!!! !!!!!!!!!!!!!!!-(;!-N>!B!SE:3!74!:!$%97%&!#<!$%*:3%'!*73%$:3,$%U!! ! ! ! !!!! -((!-N>G!JE%!47+17<7/:1/%!#<!:!$%97%&!#<!*73%$:3,$%! ! ! !!!! ! -(=! !-N>I!JE%!0%K!/#2P#1%134!#<!:!*73%$:3,$%!$%97%&! ! ! !!!! ! -=-!-N>L!]:P!713#!&E7/E!K#,$!43,'K!<734! ! ! ! ! !!!! -=B!-N>;!)$%4%1371+!3E%!$%97%&!#<!$%*:3%'!*73%$:3,$%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!-=G! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!-N>;>-!C#2%!%X:2P*%4!#<!P$%4%1371+!3E%!$%97%&!#<!$%*:3%'!*73%$:3,$%!!! ! -=I! !-N>(!V,%437#14!3#!:40!:1'!:14&%$!71!:!$%97%&!#<!$%*:3%'!*73%$:3,$%! !!!!!! -=;!-N>=!],:$'71+!:+:7143!P*:+7:$742!&E%1!&$7371+!:!$%97%&!#<!*73%$:3,$%!!!! ! -=(!!-N>-N!C#,$/%4!#<!*73%$:3,$%!,4%'!71!:!$%97%&! ! ! ! !!!!!!! -==!-N>--!D,*%4!#<!3E,28!71!:!$%97%&!#<!$%*:3%'!*73%$:3,$%! ! ! ! -==!-N>-5!Q%44#14!*%:$13!<$#2!4,P%$97471+!D%97%&!#<!D%*:3%'!Q73%$:3,$%! ! -==!-N>-B!C,22:$K!! ! ! ! ! ! ! ! 5NN!D%<%$%1/%4! ! ! ! ! ! ! ! !!!!!!!!!!!!!!5NN!!!!),#-"&.!//!2&",'1'%'5E!.843$:/3! ! ! ! ! ! ! ! ! 5N5!-->!-!?13$#',/37#1! ! ! ! ! ! ! ! 5N5! !-->5!@8A%/379%4!!! ! ! ! ! ! ! ! 5NB!-->B!?2P#$3:1/%!#<!3E%!Z%3E#'#*#+K!6E:P3%$!! ! ! ! ! 5NB!-->G!]#71+!V,:*73:379%!#$!V,:1373:379%U! ! ! ! ! ! 5NG!-->G>-!?<!d#,!]#!V,:*73:379%!! ! ! ! ! ! ! 5NG!-->G>5!?<!d#,!]#!V,:1373:379%!! ! ! ! ! ! ! 5N;!!-->G>B!?<!d#,!]#!Z7X%'!! ! ! ! ! ! ! ! 5--!-->G>G!SE7/E%9%$!S:K!d#,!]#!!! ! ! ! ! ! ! 5-5!-->I!Q%44#14!Q%:$13!<$#2!C,P%$97471+!3E%!Z%3E#'#*#+K!6E:P3%$!!! ! 5-5!-->I>-!O%+71171+!&73E!3E%!'%47+1!71!271'! ! ! ! ! 5-5!-->I>5!JE%!<:**:/K! ! ! ! ! ! ! ! 5-B!-->I>B!)*:K71+!73!4:<%! ! ! ! ! ! ! ! 5-B!-->I>G!FX/%44!8:++:+%! ! ! ! ! ! ! ! 5-B!-->I>I!.1:*K474!'7*%22:! ! ! ! ! ! ! 5-B!!-->I>L!_:$$:37#14!:4!EKP#3E%4%4!3%434! ! ! ! ! ! 5-B!-->I>;!JE%!7$$%474378*%!3%2P3:37#1! ! ! ! ! ! 5-G!-->L!C,22:$K! ! ! ! ! ! ! ! ! 5-G!D%<%$%1/%4! ! ! ! ! ! ! ! ! 5-G!

(""

!),#-"&.!/4!

.&-'."3*5!.&+&#.),!.&+0%"+!#*1!(3*13*5+!!)*+,-./," " " " " " " " " #!'"!"#! $%&'()*+&,(%- - - - - - - - "!.-!#0#"1*23/,453+"" " " " " " " " #!6"" "!"#/ 01213'+4-'12*5&2-3%)-6,%),%72-(6-3-2&*)8- - - - "!9-!"#: ;48-'1<('&-'1213'+4-'12*5&2-3%)-6,%),%72- - - - "!=-!#0& 7,84/.9"-3+:;<+4*494,43+"4<"=.,.".<.9>+4+?"4<,3-:-3,.,4;<".<=""

""""""@3:;-,4<A" " " " " " " " #!B"

!#0' C8;"+8;D9=".<.9>+3".<="-3:;-,",83"-3+3.-/8"-3+D9,+".<=""""""""E4<=4<A+F" " " " " " " " ##G"

!#0'0!"H,-D/,D-4<A".<=";-A.<4+4<A",83":-3+3<,.,4;<";E"-3+D9,+" " " ##!"!"#> ?1&4()2-(6-'1<('&,%7-)3&3- - - - - - ""!-!#06"H,>93".<="E;-I.,";E":-3+3<,.,4;<";E"-3+D9,+" " " " ###"!#0B "J+3";E",.*93+?"A-.:8+?".<="E4AD-3+" " " " " ##$"!#0!G K.-43,>";E"A-.:84/.9":-3+3<,.,4;<";E"-3+D9,+"L4,8"<;I4<.9"=.,." ##%"

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

!"#!.-C*DD3'8-- - - - - - - - "/E-

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

6""

-B>--!C,22:$K!! ! ! ! ! ! ! ! 5I-!D%<%$%1/%4! ! ! ! ! ! ! ! ! 5I-!!),#-"&.!/8!",&!13++&."#"3'*!H.3"&K0-!.843$:/3! ! ! ! ! ! ! ! ! 5IB!-G>-!?13$#',/37#1! ! ! ! ! ! ! ! 5IB!-G>5!@8A%/379%4!! ! ! ! ! ! ! ! 5IG!-G>B!O%<#$%!3E%!<71:*!&$73%W,P! ! ! ! ! ! ! 5IG!-G>G!.4P%/34!3#!/#147'%$! ! ! ! ! ! ! 5IL!-G>I!c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

B""

!('.&H'.1!

!"#$%"&'()*+,")-&..#"/%/&+')0/)0)-&./%'1#2)0)3#.#%"14)5,&6#)F'73%'!8K!C>!Z#'%43#!J7/E:P#1'&:!

?3! 74! %XE7*:$:371+! 3#! P$%4%13! 3E%! "#$%&#$'! <#$! 4,/E! :1! :2:e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fY%$%! 74! ]#'R4!)*%13Kggh!!?1! 5N--! 3E%! M7$3,:*! `179%$473K! <#$! C2:**! C3:3%4! #<! 3E%! 6#22#1&%:*3E! iM`CC6j! ! P,8*74E%'!?<)*! .*/! @1-'.*:)! 7).(*1*+! >(.:'1:)-! 1*! &36',)(*! A4(1:.B! C377.D3(.'18)! E*1'1.'18)-#! JE:3!9#*,2%! $%71<#$/%'! &'(.')+1)-! 43(! &6-'.1*.D7)! ?<)*! .*/! @1-'.*:)! 0).(*1*+F! :! 8##0! 3E:3!:$37/,*:3%'! 3E%!6#22#1&%:*3E!#<!Q%:$171+R4! i6@QR4j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k[! /#2P:$%'! 3#! GNk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`CC6R4!2#173#$71+!:1'!%9:*,:37#1!iZlFj!'$79%>!OK! 734!9%$K!1:3,$%[!%1+:+%2%13!#<! $%4%:$/E!<$#2!373*%! <#$2,*:37#1!3E$#,+E!3#!3E%! <71:*! &$73%W,P[! %13:7*4! 2#173#$71+! :1'! %9:*,:37#1>! ?3! 74! 71/,28%13! ,P#1! 8#3E! 3E%!

!G""

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`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m! :1'! 3#! 3E%!#<3%1! 47'%*71%'!:4P%/3!#<! $%4%:$/E[! 71!P:$37/,*:$>!JE%! 9#7/%4! #<! 4/E#*:$4E7P! <$#2! C#,3E%$1! .<$7/:! 722#$3:*74%! $%4%:$/E! +,7':1/%>! JE74!%P73#274%4! 47+17<7/:13! /#13$78,37#1! 3E:3! 74! 4%3! 3#! $%2:71! 72P:/3<,*! 71! P$#2#371+! #P%1! :1'!'743:1/%! *%:$171+!P$:X74>!S%!,$+%! $%4%:$/E! 43,'%134! :1'! $%4%:$/E%$4! 3#! 3:0%!:'9:13:+%!#<!3E74!719:*,:8*%!$%4#,$/%>!!b#E1!Q%4P%$:1/%! ! ! ! !iF',/:37#1!CP%/7:*743[!6@Qj!!!!!!!!!!!!!!!!!!!

!!""

!-.'%'50&!

D%4%:$/E[!3E%!T,%43!:1'!4%:$/E!<#$!:14&%$4!3#!:!P$#8*%2[!74!:4!#*'!:4!,179%$473K!%',/:37#1>!JE%!P$:/37/%!71!/#19%137#1:*!,179%$4737%4!74!3E:3!43,'%134!<$#2!:**!#9%$!:!/#,13$K[!#$!/#,13$7%4!*%:9%!3E%7$!$%4P%/379%!/#22,1737%4!3#!+#!3#!4#2%!<#,$W!&:**!*%/3,$%!$##2[!:&:K!<$#2!&E%$%!3E%!P$#8*%24!:$%>!JE74!2%:14!:33%2P371+!3#!<71'!4#*,37#14!:&:K!<$#2!4#,$/%>!!@P%1! :1'! '743:1/%! *%:$171+! i@HQj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g!!H$>!JE#2:4!C:*#2:#!C.H6!C%/$%3:$K!!!!!!!!!!!!

!#""

!!

#LMNOPQ>RS>T>N=U!./:'%27/! &$7371+[! %4P%/7:**K! 71! 3E%! '#2:71! #<! $%4%:$/E[! /:1! 2:0%! %X:/371+! '%2:1'4! #1!:,3E#$4>!JE%!%13E,47:42[!3%2P#$:*!/#14/7#,41%44[!:1'!*%9%*!#<!/#22732%13!8K!/#13$78,3#$4!%X/%%'%'!%XP%/3:37#1[!:1'!$%2:714!%P74#'7/>!J#!3E%4%!P$#<%447#1:*4[!#,$!P$72:$K!://#*:'%4!:$%!:33$78,3%'>!.4!:28:44:'#$4!#<!3E%!47X3%%1!714373,37#14\!!!

n728:8&%!@P%1!`179%$473K!in@`j[!O#34&:1:!6#**%+%!#<!H743:1/%!:1'!@P%1!Q%:$171+!iO@6@H@Qj[! ]$%:3! n728:8&%! `179%$473K[! Z#P:3#! F',/:37#1! 6%13$%! iO#34&:1:j[!.<$7/:! `179%$473K[! `179%$473K! #<! "#$3! Y:$%[! `179%$473K! #<! Q72P#P#[! `179%$473K! #<!n728:8&%[!6#PP%$8%*3!`179%$473K[!D%<#$2%'!6E,$/E!`179%$473K[!`179%$473K!#<!C#,3E!.<$7/:! i`_?C.j[! S#2%1R4! `179%$473K! 71! .<$7/:[! Q,P:1%! C3:3%! `179%$473K[! C#,3E%$1!.<$7/:1! ?14373,3%! <#$! H743:1/%! F',/:37#1[! `179%$473K! #<! C&:e7*:1'[! :1'! _#$3E!S%43!`179%$473Km!!

3E%K! E:9%! '#1%! 3E%7$! 714373,37#14! P$#,'>JE%! 714373,37#14! :$%[! 71! 3E%! 4:2%! 8$%:'3E[!$%4#,1'71+*K! :/01#&*%'+%'>! Z#43! 1#3:8*K[! P$#<#,1'! 3E:10<,*1%44! P$#/%%'4! 3#! 3E%! n@`[!&E#4%!3%:2!#<!4/E#*:$4!:1'!4,P%$974#$4!://#,13!<#$!3E%!4,//%44!#<!3E%!P$#A%/3>!JE%!9#*,2%!74!8:4%'!#1!3E%!<#,1':37#1!#<!n@`R4!71737:379%!3#!713$#',/%!P#43+$:',:3%!'%+$%%4!8K!'743:1/%!2#'%>! ?1! 3E%! :84%1/%! #<! 3E:3! *:,1/E! P:'[! 3E%$%!&#,*'! E:9%! 8%%1! 1#!2737+:3#$K! '7:*#+,%!:2#1+! 3E%! 0%K! 713%$:/3:134! o! $%4%:$/E! 4,P%$974#$4! :1'! 4,P%$974%%4>! S%! 3E:10! 3E%! n@`!*%:'%$4E7P! <#$! 3E%! P%$4P7/:/7#,4! 9747#1>! ?1! 3E%! 4:2%! 9%71[! 3E%! 71737:379%! 8K! O@6@H@Q! 3#!/##$'71:3%! 3E%! P$#A%/3[! $%2:714! 7**,43$7#,4[! :1'! 74! ://#$'%'! ',%! :/01#&*%'+%2%13>! .8#9%!:**[!3E%$%!&#,*'!8%!1#!9#*,2%!3#!3:*0!:8#,3!&%$%!73!1#3!P,8*74E%'>!@,$!P,8*74E%$[!3E%!M7$3,:*!`179%$473K!<#$!C2:**!C3:3%4!#<!3E%!6#22#1&%:*3E!iM`CC6j!o!:1!:$2!#<!3E%!6#22#1&%:*3E!#<! Q%:$171+! i6@Qj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pLOTTXNWL;=WON##!1)))O<73()#1)))#3(+!P!###!P!Q67'12)/1.!R):,*373+N!SECQRTF!!

!!!!

!

!$""

!)'*".3$0"'.+!

"UW=UW! ):;=;WM;F! )EH! i?1/*,479%! F',/:37#1j! o! CE%<<7%*'! `179%$473Km!Z>.! iCP%/7:*! F',/:37#1:*!_%%'4j! o! `179%$473K! #<! Q%%'4m! OF'! iCP%/7:*! _%%'4! F',/:37#1j! o! `179%$473K! #<! n728:8&%m!H7P>F'! iCP%/7:*! F',/:37#1j! o! `173%'! 6#**%+%! #<! F',/:37#1! in72jm! 6>F! o! _K:'7$%! J%:/E%$R4!6#**%+%!in72jm!H7P>!71!H74:87*73K!Z:7143$%:271+!i?Q@j>!Y#1#$:$K!D%4%:$/E!"%**#&!iZ:1/E%43%$!Z%3$#P#*73:1! `179%$473K! W! `cj>! Y:9%! 4%9%$:*! P,8*7/:37#14! 71! 3E%! <7%*'! #<! '74:87*73K! :1'!'%9%*#P2%13[! '74:87*73K! :1'! P#43/#*#17:*! 3E%#$K! :1'! 71/*,479%! %',/:37#1>! C%$9%! #1! 3E%!%'73#$7:*! 8#:$'! #<! H74:87*73K! :1'! C#/7%3Km! H74:87*73K! :1'! 3E%! ]*#8:*! C#,3E\! .1! ?13%$1:37#1:*!b#,$1:*m! .<$7/:1! b#,$1:*! #1! H74:87*73Km! .<$7/:1! d%:$8##0! #1! H74:87*73K! D7+E34>! Y:9%! 8%%1!719#*9%'!71!1:37#1:*!:1'!713%$1:37#1:*!/#14,*3:1/7%4!71!'74:87*73K!744,%4[!P:$37/,*:$*K!'74:87*73K!2:7143$%:271+!71!'%9%*#P2%13!P$#/%44%4!:1'!P#*7/K!:1:*K474! 71!.<$7/:m!'%9%*#P%'!:!+%1'%$!:1'! '74:87*73K! 2:7143$%:271+! 3$:7171+! 2:1,:*[! :1'! P$%4%13%'! P:P%$4! :3! 713%$1:37#1:*!/#1<%$%1/%4>!6,$$%13*K!*%/3,$71+!:3!3E%!`179%$473K!#<!n728:8&%!71!3E%!":/,*3K!#<!F',/:37#1>!

&<:?;WT!2:Q;NS;F!)EH!i`179%$473K!#<!3E%!S73&:3%$4$:1'j[!Z!F'>!i`nj[!O!F'!i`nj[!)#43+$:',:3%!H7P*#2:!71!F',/:37#1:*!)*:1171+!:1'!Z:1:+%2%13!i??F)W`_FC6@!o!):$74j>!Y%!E:4!&#$0%'!:4!:!E7+E!4/E##*!3%:/E%$[!:4!:!E%:'2:43%$!:1'!:4!:!*%/3,$%$!:3!3E%!`179%$473K!#<!n728:8&%!:1'!:3!3E%!n728:8&%!@P%1!`179%$473K>!FPE$:72!74!/,$$%13*K!:!)$#+$:22%!CP%/7:*743\!V,:*73K!.44,$:1/%!:3!3E%!C#,3E!.<$7/:1!?14373,3%!<#$!H743:1/%!F',/:37#1>!!!'P>NL>!):;Y;V;F!!)EH!71!F',/:37#1:*!Z:1:+%2%13!i`"Yjm!Z>F'!71!J%:/E%$!F',/:37#1!i`njm!!O>F'! iF',/:37#1:*! "#,1':37#14j! i`njm! C%/#1':$K! J%:/E%$! 6%$37<7/:3%! i]J6jm! !6%$37<7/:3%! 71!":/7*73:37#1! #<! Q%:$171+! i`"Yjm! 6%$37<7/:3%! 71! .44%442%13! :1'! !Z#'%$:37#1! #<! C3,'%13!Q%:$171+!i`"Yj>!6,$$%13*K!4E%!74!3E%!./371+!H7$%/3#$!#<!3E%!6%13$%!<#$!./:'%27/!FX/%**%1/%!:3!3E%!`179%$473K!#<!Q72P#P#>!)$%97#,4*K[!4E%!4%$9%'!:4!:!*%/3,$%$!:1'!P$#+$:22%!/##$'71:3#$!:3! 3E%! n728:8&%! @P%1! ,179%$473K! >! :4! &%**! :4! :! 6#14,*3:13! 71! 3E%! J%:/E71+! :1'! Q%:$171+!6%13$%!:3!3E%!`179%$473K!#<!"#$3!Y:$%>!!!

+:;?;VW!):;M;NVXM;\!!H!)E7*!iF',/:37#1jm!Z!F'!iF',/:37#1:*!.'271743$:37#1jm!O!.!iF1+*74E!l! 6E7CE#1:jm! ]$:'! 6>! F>! iF1+*74E! l! 6E7CE#1:jm! 6HF)! iH743:1/%! F',/:37#1jm! 6%$3! 71!":/7*73:371+! @1*71%! Q%:$171+[! 74! 6##$'71:3#$! <#$! ./:'%27/! C3,'7%4[! ?14373,3%! #<! H743:1/%!F',/:37#1[!`179%$473K!#<!C&:e7*:1'!:<3%$!4%$971+!:4! *%/3,$%$!:1'!P$#+$:22%!/##$'71:3#$[!H%P:$32%13!6E:7$P%$4#1!:1'!H%:1!71!3E%!":/,*3K!#<!.$34!:1'!F',/:37#1!:3!3E%!n728:8&%!@P%1!`179%$473K>!CE%!74!:*4#!:!2#3E%$!#<!3&#!/E7*'$%1>!

!HWU>T;N!2;SP;F! Y#*'4! :! )EH! 71! Q:1+,:+%! F',/:37#1! i`_?C.jmZF'! i`njm! O.! i`nj>! Y%!&#$0%'!:4! :!Y7+E!C/E##*! 3%:/E%$! <#$!2:1K!K%:$4!8%<#$%! A#7171+!J%:/E%$!F',/:37#1!:4! :!*%/3,$%$!:3!]&%$,!J%:/E%$4!6#**%+%!71!-=(;!&E%$%!E%!$#4%!<$#2!Q%/3,$%$[!!C%17#$!Q%/3,$%$!3#!)$71/7P:*!*%/3,$%$>!Y%!3E%1!A#71%'!Z7'*:1'4!C3:3%!`179%$473K!iZC`j!:4!*%/3,$%$!71!5NNN!:1'!&:4!P$#2#3%'! 3#! C%17#$! Q%/3,$%$! [!.44#/7:3%!)$#<%44#$! :1'! ",**! )$#<%44#$!8%3&%%1!5NNG!:1'!5NN=>!Z:+&:!:*4#!4%$9%'!:4!":/,*3K!H%:1!:3!3E%!ZC`!i5NNGW5NNIj!:1'!:3!n@`!i5N-NW5N--j>!Y%!&:4! :PP#713%'!)$#!M7/%!6E:1/%**#$! :3! 3E%!D%<#$2%'!6E,$/E!`179%$473K!iD6`j!71!Z:4971+#[!n728:8&%!i5N--j!:1'!*:3%$!#1!:PP#713%'!M7/%!6E:1/%**#$!#<!3E%!D6`!71! 5N-5>! )$#<%44#$! Z:+&:! E:4! P,8*74E%'! %X3%1479%*K! 71! 3E%! :$%:! #<! *:1+,:+%! :1'!%',/:37#1>!!

!%""

ZO:N! 2;<[XTO! WU! ./371+! H7$%/3#$! <#$! H743:1/%! F',/:37#1! :3! .<$7/:! `179%$473K[! C%17#$!Q%/3,$%$! 43:3,4>! J$:71%'! 3%:/E%$! :1'! $%+743%$%'! )4K/E#*#+743>! "#$2%$! F',/:37#1!@<<7/%$[!H%P,3K! H7$%/3#$! <#$! 43,'%13! 4%$97/%4! :3! 3E%! `179%$473K! 6#**%+%! #<! H743:1/%! F',/:37#1>!Y#*':!O.!iQ#1'#1jm!]$:'>!6>F>m!H7P*#2:!71!],7':1/%!:1'!6#,14%**71+!71!C/E##*4m!H7P*#2:!71! .'9:1/%'! ),8*7/! .'271743$:37#1m! H7P*#2:! 71! )$#A%/3! )*:1171+! :1'!Z:1:+%2%13m! OC/!iCP%/7:*! Y#1#,$4j)4K/E#*#+Km! ZC/! F',/:37#1:*! )4K/E#*#+Km! Z%'! F',/:37#1:*!.'271743$:37#1m!:1'!Z:43%!71!O,471%44!.'271743$:37#1!iZO.j>!

!+WTX[O?OU;!2;SP;\! )EH! 43,'%13! 71! F',/:37#1:*! )4K/E#*#+K!&73E! 3E%!`179%$473K! #<! C#,3E!.<$7/:! i`_?C.j>! Z>F'[! F',/:37#1:*! )4K/E#*#+K! iZC`jm! O.! F1+*74E! :1'! 6#22,17/:37#1!C3,'7%4! in@`jm! 6%$37<7/:3%! 71! F',/:37#1! i`nj>! CE%! &#$0%'! :4! :! 4/E##*! 3%:/E%$! <#$! 2:1K!K%:$4>!CE%!:*4#!&#$0%'!:4!:1!.'271743$:379%!.44743:13!:3!3E%!Z7'*:1'4!C3:3%!`179%$473K!:1'!*:3%$!#1!&#$0%'!:4!:!*%/3,$%$!:3!3E%!n728:8&%!@P%1!`179%$473K>!6,$$%13*K[!4E%!74!*%/3,$71+!:3!3E%!]$%:3!n728:8&%!`179%$473K!71!3E%!":/,*3K!#<!F',/:37#1>!CE%!E:4!P,8*74E%'!:$37/*%4!71!$%<%$%%'!A#,$1:*4>!!!3U;;L!2:X=>\! E#*'4! :! HQ733! %3! )E7*! 71! .<$7/:1! Q:1+,:+%4! 4P%/7:*7471+! 71! Q71+,7437/4! i`_?C.jm!Z)E7*!Q71+,7437/4!i`179%$473K!#<!n728:8&%jm!O.!Y#1#,$4!71!Q71+,7437/4!:1'!CE#1:!i,179%$473K!#<!n728:8&%j>!Y%!74!/,$$%13*K!6#W#$'71:3#$!<#$!O:/E%*#$!#<!.$34!F1+*74E!:1'!6#22,17/:37#1!C3,'7%4!:1'!O:/E%*#$!#<!.$34! 71!Z%'7:!C3,'7%4!:3! 3E%!n728:8&%!@P%1!`179%$473K>!Y%!E:4!:!/#147'%$:8*%! %XP%$7%1/%! 71! 3%:/E71+! *71+,7437/4! /#,$4%4! :3! `179%$473K>! Y:4! &#$0%'! :4! :!$%4%:$/E! <%**#&! /#W#$'71:371+! 3E%! $%4%:$/E! #<! 271#$7374%'! *:1+,:+%4! :3! 3E%! `179%$473K! #<!n728:8&%R4!.<$7/:1!Q:1+,:+%4!D%4%:$/E!?14373,3%>!!!!!!*R;Y;\WN:Q>!Z!*LXY>\!H!F'>!iF',/:37#1!Z:1:+%2%13jm!ZO.m!!Z!F'>!iF',/:37#1:*!.'271743$:37#1j!O!F'>m!6%$37<7/:3%!?1!?14373,37#1:*!Z:1:+%2%13!#<!Y7+E%$!F',/:37#1m!C%/#1':$K!J%:/E%$4R!6%$37<7/:3%m!6%$37<7/:3%!71!F',/:37#1[!74!/,$$%13*K!3E%!H7$%/3#$!#<!6%13$%!<#$!6#1371,71+!F',/:37#1!:3!Q,P:1%!C3:3%!`179%$473K>!!!#ROQ<:! +WQ;U! ):WM;U:;\! Y#*'4! HF'! i`_?C.jmZF'! i`njm! H7P*#2:! 71! 3E%! )$:/37/%! #<! Y7+E%$!F',/:37#1!iH)YFj!i`179%$473K!#<!C,$$%Kjm!iOF'j!i`179%$473K!#<!FX%3%$jm!:1'!C%/#1':$K!C/7%1/%!J%:/E%$4! 6%$37<7/:3%! iCJ6-j! ic%1K:! C/7%1/%! J%:/E%$4! 6#**%+%j>! ! Y%! 74! :1! :/:'%27/7:1[! :!4%:4#1%'! F',/:37#1:*! J%/E1#*#+743[! :1'! 6,$$7/,*:$743! &73E! :! &7'%W$:1+71+! %',/:37#1:*!%XP%$7%1/%!4P:1171+!#9%$!GN!K%:$4[! 71!c%1K:[!F1+*:1'[!:1'!n728:8&%!:3!4%/#1':$K[!E7+E%$!:1'! 3%$37:$K! *%9%*4>! 6,$$%13*K! E%! 74! H7$%/3#$! $%4P#1478*%! <#$! 3E%! n@`! Y7+E%$! H%+$%%4!P$#+$:22%>! Y:4! E%*'! *%/3,$%4E7P! P#434! :3! 3E%! Y:$:$%! ?14373,3%! #<! J%/E1#*#+K! iY?Jjm! 3E%!O71',$:! `179%$473K! #<! C/7%1/%! F',/:37#1! iO`CFjm! :1'! :3! 3E%! 3E%1! ]&%$,! J%:/E%$4! 6#**%+%!i]J6j>!Y%!E:4!:*4#!&#$0%'!71!3E%!),8*7/!C%/3#$!:4!:1!./371+!H%P,3K!H7$%/3#$!:1'!F',/:37#1!@<<7/%$!71!3E%!Z71743$K!#<!F',/:37#1>!!!

#Q[?>R! ,]!2;MX?;\! q)EHiF',/:37#1jm! )]HYFJm! 6"Qm!Z>F'>! iF'>!Z:1:+%2%13jmO>! .>! F'm! H7P>!.+$7/>! F'>r[! 74! :! 4P%/7:*743! *%/3,$%$! 71! E7+E%$! %',/:37#1! :/:'%27/! :1'! P$#<%447#1:*!'%9%*#P2%13>! 6,$$%13*K[! E%! 74! C%17#$! 6#14,*3:13! :3! 3E%! `179%$473K! #<! "#$3! Y:$%s4! J%:/E71+!:1'!Q%:$171+!6%13$%>!H$!Z:0,$:!&#$0%'!8$7%<*K!:4!:!E7+E!4/E##*!3%:/E%$!:1'!%X3%1479%*K!:4!*%/3,$%$! :3! Z#$+%143%$! J%:/E%$4s! 6#**%+%[! :1! .44#/7:3%! 6#**%+%! #<! 3E%! `179%$473K! #<!n728:8&%[! :1'! :3! 3E%! n728:8&%! @P%1! `179%$473K>! Y%! E:4! P,8*74E%'! 3&#! 8##04[! 4%9%$:*!A#,$1:*!:$37/*%4!:1'!P$%4%13%'!1,2%$#,4!P:P%$4!:3!713%$1:37#1:*!/#1<%$%1/%4>!!

!&""

.>SWU! ):W?>U:>F! ?4! :! ",**! )$#<%44#$! iF',/:37#1:*! )4K/E#*#+K! :1'! CP%/7:*! _%%'4! F',/:37#1j>!Y#*'4! :! OC/! Y#14>! )4K/E#*#+K! i`nj[! ZC/! F',/:37#1:*! )4K/E#*#+K!i`nj[!"FJ6! l! "FJH!iZ:4971+#!)#*Kj[!HF'\!)4K/E#*#+K!#<!F',/:37#1!i`_?C.j[!:1'! 74!:!D%+743%$%'!)4K/E#*#+743! 71!n728:8&%>!Y:4!&#$0%'!:4!:1!F',/:37#1:*!)4K/E#*#+743!<#$!3E%!Z71743$K!#<!F',/:37#1[!CP#$3[!.$34!:1'!6,*3,$%!in728:8&%j>!C%$9%'!:4!:!],7':1/%!:1'!6#,14%**71+!4P%/7:*743!:1'!Q%/3,$%$!:3!n728:8&%!@P%1!`179%$473K[!3E%1!:4!:!*%/3,$%$[!C%17#$!Q%/3,$%$!:1'!.44#/7:3%!)$#<%44#$!:3!]$%:3! n728:8&%! `179%$473K>! S:4! :! 9747371+! P$#<%44#$! :3! cK:28#+#! `179%$473K! 71! `+:1':>!Y:9%!8%%1!:!Y%:'!#<!H%P:$32%13[!H%P,3K!H%:1!:1'!H%:1!71!3E%!":/,*3K!#<!F',/:37#1!]$%:3!n728:8&%!`179%$473K>! Y:4!&#$0%'! :4! D%4%:$/E! 6E:2P7#1! :3!S:*3%$! C74,*,!`179%$473K! iC.j>!6,$$%13*K!E%! 74!)$#<%44#$! 71! 3E%!6#**%+%!#<!F',/:37#1! i`_?C.j>!Y:4!P,8*74E%'!%X3%1479%*K! 71!:/:'%27/!A#,$1:*4!:1'!8##04>!C%$9%!#1!%'73#$7:*!8#:$'4!#<!713%$1:37#1:*!A#,$1:*4>!!!!

%>ONO?;:!">NR;VW!*V;?XP;=;!Y#*'4!)EH!iF',/:37#1!Z:1:+%2%13!:1'!)#*7/K!C3,'7%4jm!ZF'!iF',/:37#1!Z:1:+%2%13! :1'! )#*7/K! C3,'7%4j! <$#2!`179%$473K! #<! )$%3#$7:m! OF'! iF',/:37#1:*!.'271743$:37#1[!)*:1171+!:1'!)#*7/K!C3,'7%4j!:1'!H7P*#2:!.',*3!F',/:37#1!<$#2!`nm!P$72:$K!4/E##*!3%:/E%$4R!/%$37<7/:3%!<$#2!_K:'7$%!J%:/E%$4R!6#**%+%>!CE%!74!/,$$%13*K!C%17#$!Q%/3,$%$[!Y7+E%$!H%+$%%4!in@`j>!CE%!E:4!&#$0%'!:4!H7$%/3#$!<#$!@P%1!:1'!H743:1/%!Q%:$171+!D%4%:$/E!:1'!C/E#*:$4E7Pm!$%4%:$/E!%9:*,:3#$m!/#14,*3:13m!:/:'%27/!:'974#$m!*%/3,$%$!:3!]:3%&:K!J$,43!J%:/E%$4!J$:7171+m!E%:'!#<!'%P:$32%13!<#$!43:<<!'%9%*#P2%13!:1'!P$72:$K!4/E##*!3%:/E%$m!71!n728:8&%! :1'! C#,3E! .<$7/:>! CE%! 74! 3E%! /,$$%13! /E:7$P%$4#1! #<! D%4%:$/E! :1'! .1:*K474!6#22733%%!<#$!H743:1/%!F',/:37#1!.44#/7:37#1!#<!C#,3E%$1!.<$7/:!iHF.C.j>!CE%!74!:!2%28%$!<#$!F'73#$7:*!O#:$'!#<!3E%!n@`!?13%$1:37#1:*!b#,$1:*!#<!@P%1!:1'!H743:1/%!Q%:$171+>!CE%!E:4!P,8*74E%'!71!3E%!:$%:4!#<!Y7+E%$!%',/:37#1!:1'!+%1'%$!744,%4>!!!

!ZO:N!):;?>T;! 74!/,$$%13*K!H7$%/3#$!#<!F',/:37#1WZ#PE:3#!F',/:37#1!6%13$%>!Y#*'4!:!i)EHj!C,PP#$3!],7':1/%!l!6#,14%*71+!i)$%3#$7:jm!!Z!)E7*!6#1<*7/3!J$:14<#$2:37#1!:1'!Z:1:+%2%13!o!_%*4#1!Z:1'%*:!`179%$473Km!ZF'>! CP%/7:*! F',/:37#1! iZ:1/E%43%$jm! .'9:1/%'!H7P*#2:! 71!F',/:37#1! ! iZ:1/E%43%$jm! H7P*#2:! 71! CP%/7:*! F',/:37#1W`6Fm! H7P*#2:! 71! J%:/E71+! o!S:''7*#9%!S#$0%'! :4! :! Q%/3,$%$! :3! `n! H%P:$32%13! #<! F',/:37#1:*! "#,1':37#14[! FX3%$1:*!FX:271%$! <#$!`6F!:1'!n@F>!S#$0%'!&73E!6#11%/3!:4!:! 3$:71%$! <#$!6#,14%*#$4[!&#$0%'!:4!:!)$71/7P:*! #<! 9:$7#,4! 4/E##*4>! ),8*74E%'! 8##04! #1! 6#,14%*71+[! CP%/7:*! _%%'4! )%:/%! C3,'7%4!:1'! Y%:*3E! :1'!S%**1%44>! ! 6#W:,3E#$%'! 8##04! #1! 6#,14%*71+! :1'! F',/:37#1>! .! /#14,*371+!%'73#$!#<!713%$1:37#1:*!A#,$1:*4>!.!2%28%$!#<!3E%!O#:$'!<#$!Q%:$171+!H74:87*737%4!S#$*'&7'%[!:1'!3E%!?13%$1:37#1:*!.44#/7:37#1!#<!CP%/7:*!F',/:37#1>!!!!!!#XSXU=WN>! 2;?X^;! "W?W^;NS;N;F! Y#*'4! :! >,@! i`nj! 71! .<$7/:W/%13$%'! 2%3:PEK47/4m!Q&:! 71!D,$:*! :1'! `$8:1! )*:1171+m!Q&:! 71! )%:/%[! Q%:'%$4E7P! :1'! 6#1<*7/3! D%4#*,37#1! in@`j[!QA!F1+*74E[!UA! Y#1#,$4! F1+*74E[! )#43W]$:',:3%!H7P*#2:! 71! )$#A%/3! )*:1171+! :1'!Z:1:+%2%13!S@>>QTF! FX%/,379%! 6%$37<7/:3%! 71! 6#22,173K! l! Y,2:173:$7:1! )$#A%/3! Z:1:+%2%13!iVCCW>Qj[!6%$37<7/:3%!71!Z#173#$71+!:1'!F9:*,:37#1!iCQVj!:1'!!6%$37<7/:3%!71!F',/:37#1!iCVj>!Y%!E:4!P,8*74E%'!%X3%1479%*K! 71!3E%!.$34!:4!&%**!:4! 71!3E%!C#/7:*!C/7%1/%4!:1'!E:4!3:,+E3! 71!3E$%%! 713%$1:37#1:*! ,179%$4737%4! :4!&%**! :4! 4%$9%'! :4! :1! 713%$1:37#1:*! /#14,*3:13! 71! 9:$7#,4!/:P:/737%4! 71! 3E%! :$%:4! #<! *73%$:3,$%[! P$#A%/3! 2:1:+%2%13[! 2#173#$71+! :1'! %9:*,:37#1[!#,3/#2%!2:PP71+[!/,$$7/,*,2!'%47+171+!:1'!,$8:1!2:1:+%2%13m!:1'!$%/%13*K!71!P%:/%!:1'!+#9%$1:1/%!744,%4>!Y%!74!/,$$%13*K!3E%!_:37#1:*!)$#+$:22%!Q%:'%$!<#$!`1'%$W]$:',:3%!:1'!)#43!]$:',:3%!.$34!H%+$%%4! 71! Q:1+,:+%[! 6#22,17/:37#1! :1'! Q73%$:3,$%! :3! 3E%! n728:8&%!@P%1!`179%$473K>!!!!!

!'""

!!.>XY>N!"U:XT;!E#*'4!:!)EH!iF',/:37#1j!71!V,:*73K!.44,$:1/%!71!J%:/E71+!)$:/37/%!<$#2!3E%!`179%$473K!#<!"#$3!Y:$%m!Z>!F'!iF',/:37#1:*!.'271743$:37#1[!)*:1171+!:1'!)#*7/K!C3,'7%4j!<$#2!n728:8&%!@P%1!`179%$473K[!O>!F'!iF',/:37#1:*!.'271743$:37#1[!)*:1171+!:1'!)#*7/K!C3,'7%4j!<$#2! `179%$473K! #<! n728:8&%[! JB! J%:/E71+! 6%$37<7/:3%! <$#2! `173%'! 6#**%+%! #<! F',/:37#1m!6%$37<7/:3%!#<!J$:7171+!71!?C@!=NN-W5NN(!iH%9%*#P2%13!:1'!?2P*%2%13:37#1j!<$#2!n728:8&%!@P%1!`179%$473K! :1'!6%$37<7/:3%! 71!Z#',*%!S$7371+! <$#2!n728:8&%!@P%1!`179%$473K>!Y%! 74!/,$$%13*K! 3E%! C%17#$! D%+7#1:*! V,:*73K! .44,$:1/%! 6##$'71:3#$! <#$! n728:8&%! @P%1!`179%$473KR4!Z:3:8%*%*:1'!C#,3E!D%+7#1!:<3%$!4%$971+!:4!)$72:$K!C/E##*!J%:/E%$!:1'!C/E##*!Y%:'!71!3E%!Z71743$K!#<!F',/:37#1[!CP#$3!:1'!6,*3,$%!:1'!Y%:'!#<!H79747#1!<#$!3E%!J%:/E71+!)$:/37/%! :1'! H743:1/%! F',/:37#1! '%P:$32%134! :3! b#4E,:! ZT:8,0#! _0#2#! )#*K3%/E17/! 71!]&:1':>!!!!'^>?UON! +:XTY;! Y#*'4! :! OF'! 6E%2743$K! i`njm! ZC/! :1'! )Y'! 71! %',/:37#1! i?#&:! C3:3%!`179%$473K! #<! C/7%1/%! :1'! J%/E1#*#+K[! .2%4[! ?#&:[! `C>! Y%! 74! :! <#$2%$! S>c>! c%**#++!"#,1':37#1!"%**#&!i:3! ?#&:!C3:3%!`179%$473K[!`C.j!:1'!]%$2:1!./:'%27/!FX/E:1+%!C%$97/%4!"%**#&! i:3! 3E%! `179%$473K! #<!Z,%143%$[! ]%$2:1Kj>! 6,$$%13*K! 3%:/E%4! $%4%:$/E!2%3E#'4! :1'!/,$$7/,*,2! :1'! 7143$,/37#1! :1'! /##$'71:3%4! 3E%! F197$#12%13:*[! Z%'7/:*! C/7%1/%4[! :1'!6E%27/:*!D%4%:$/E!:3!3E%!6#PP%$8%*3!`179%$473K!i6O`j!71!n:287:!&E7/E!E%!A#71%'!71!5NN(>!Y%!&:4!71:,+,$:*!H%:1!<#$!3E%!C/E##*!#<!Z:3E%2:37/4!:1'!_:3,$:*!C/7%1/%4>!)$%97#,4*K!E%!4%$9%'!:1'! %:$1%'! 6E:7$2:14E7P! :1'! .44#/7:3%! )$#<%44#$4E7P! 71! 3E%! H%P:$32%13! #<! J%:/E%$!F',/:37#1!:3!3E%!`179%$473K!#<!n728:8&%!i-==NW5NN;j>!!Y74!$%4%:$/E!713%$%434!:1'!%XP%$7%1/%!:$%! 71! /,$$7/,*,2! :1'! 7143$,/37#1[!2#173#$71+! :1'! %9:*,:37#1[! /E%2743$K! 3%:/E%$! %',/:37#1[!:1'!FCH>!!'NW;U! 2;[;F! HF'! 71! H7':/37/4! i`_?C.j[! ZF'! 71! F',/:37#1:*! Z:1:+%2%13! iÒj[! OF'! 71!.+$7/,*3,$%! i`nj!:1'!C%/#1':$K!J%:/E%$4R!6%$37<7/:3%! iO%*9%'%$%!J%:/E%$4R!6#**%+%j>!J:,+E3!4%/#1':$K! 4/E##*!.+$7/,*3,$%! 71!n728:8&%!:1'!O#34&:1:>!!6,$$%13*K!:!C%17#$! Q%/3,$%$!:1'!Y7+E%$!H%+$%%4!C,P%$974#$!:3!3E%!n728:8&%!@P%1!`179%$473K>!!1;NW>Q!.;MSOTO!";X!_&R]1`!H>D>!J:,! 74!/,$$%13*K! 3E%!FX%/,379%!H7$%/3#$!#<! 3E%!O#34&:1:!6#**%+%!#<!H743:1/%!:1'!@P%1!Q%:$171+! iO@6@H@Qj[! 3$:14<#$271+! 713#! 3E%! O#34&:1:! @P%1! `179%$473K>! Y%! E#*'4! ! F'>H!i`179%$473K!#<!O:3Ejm!Z>.>! iF',/:37#1j[! i`179%$473K!#<!O:3Ejm!O>!F'! i`179%$473K!#<!O#34&:1:jm!:1'!H7P*#2:!71!C%/#1':$K!F',/37#1!i`179%$473K!#<!O#34&:1:j>!!C%$9%'!:4!:!4%/#1':$K!4/E##*!3%:/E%$!#<!]%#+$:PEK!:1'!*:3%$!:4!H%P,3K!Y%:'>!S:4!:PP#713%'!3#!3E%!P#43!#<!4,843:1379%!Y%:'! 71! -=(I! ,137*! -===! &E%1! E%! &:4! %*%9:3%'! 3#! 3E%! P$%4%13! P#$3<#*7#>! Y:4! /E:7$%'!/#22733%%4! 71! :$%:4! #<! 43$:3%+7/! 2:1:+%2%13[! <71:1/%! 2:1:+%2%13[! :1'! E:4! 3$:71%'!3%:/E%$4!:1'!4/E##*!E%:'4!#1!744,%4!$%*:3%'!3#!%',/:37#1:*!'%9%*#P2%13>!Y%!E:4!P$%4%13%'!P:P%$4! :3! 9:$7#,4! <#$,24[! :1'! E:4! P,8*74E%'! #1! %',/:37#1:*! 2:1:+%2%13[! HF! *%:$1%$!4,PP#$3[!@HQ!T,:*73K!:44,$:1/%[!:1'!#P%1!4/E##*71+! 744,%4>!Y%!/E:7$%'! 3E%!_:37#1:*!M747#1!5N-L!6#,1/7*!i5NN(!W5N-5j[!:1'!3E%!_:37#1:*!CP#$34!6#,1/7*!i5NN(!o!5N--j!:1'!74!:!2%28%$!#<! 3E%! O#34&:1:! FX:271:37#14! 6#,1/7*[! :1'! :! 43%%$71+! /#22733%%! 2%28%$! #<! 3E%! M7$3,:*!`179%$473K!#<!3E%!C2:**!C3:3%4!#<!3E%!6#22#1&%:*3E!iM`CC6j>!Y%!74!:1!%X%/,379%!2%28%$!#<!3E%! H743:1/%! F',/:37#1! .44#/7:37#1! <#$! C#,3E%$1! .<$7/:! iHF.C.j>! Y%! 74! $%/7P7%13! #<! 3E%!)$%47'%137:*!.&:$'!<#$!Z%$73#$7#,4!C%$97/%!i5N--j>!!!!!

!(""

!+]!"WL:;<ONRP;!2OR>U=OF!HQ733!%3!)E7*!.PP*7%'!Q71+,7437/4! i.Qj! i`_?C.jm!Z.! iF1+*74Ej! i`njm!OF'! iY#14>! 6,$$>j! i`_?C.jm! O.! iY#14>! F1+*74Ej! iQ#1'#1jm!H7P*#2:! 71!O,471%44!Z:1:+%2%13!i6:P%! J#&1jm! 6%$37<7/:3%! 71! F',/:37#1! i]&%$,! J%:/E%$4R! 6#**%+%jm! :1'! 74! )$#<%44#$! i.<$7/:1!?13%**%/3,:*! D%4#,$/%4j! #<! .Q! 71! H743:1/%! F',/:37#1>! C%$9%'! :4! ! E7+E! 4/E##*! 3%:/E%$!iO#34&:1:!:1'!n728:8&%j[!3E%1!:4!C%17#$!Q%/3,$%$!:3!3E%!%$43&E7*%!]J6>!.3!3E%!?13%$1:37#1:*!C/E##*!#<!O#PE,3E:34&:1:!iZ:<70%1+j[!4%$9%'!:4!Y#H!F1+*74E!:1'!./:'%27/!.'271743$:3#$>!!)7#1%%$!<#,1'%$!#<!3E%!n728:8&%!@P%1!`179%$473K[!:4!6E:7$!#<!3E%!O:/E%*#$!#<!F1+*74E!:1'!6#22,17/:37#1!C3,'7%4>!C%$9%'!:4!<#,1'%$!6E:7$!#<!3E%!F1+*74E!Y#1#,$4!'%+$%%!:3!Z7'*:1'4!C3:3%! `179%$473K>! 6,$$%13*K! 74! H7$%/3#$! ! C/E##*! #<! O,471%44! :1'! Z:1:+%2%13! C3,'7%4! :3!O#34&:1:! 6#**%+%! #<! H743:1/%! :1'! @P%1! Q%:$171+! i3$:14<#$271+! 3#! 3E%! O#34&:1:! @P%1!`179%$473Kj>! Y:4! /#1',/3%'! 713%$1:37#1:*! /#14,*3:1/7%4[! '%9%*#P%'! 3%$37:$K! %',/:37#1!/,$$7/,*:[!P,8*74E%'!:/:'%27/!8##04[!:1'!P$%4%13%'!P:P%$4!:3!713%$1:37#1:*!/#1<%$%1/%4>!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!!!!!

!6""

!!#YY?>^W;=WONU!.Q!!.PP*7%'!Q71+,7437/4!.).!!.2%$7/:1!)4K/E#*#+7/:*!.44#/7:37#1!O@6@H@Q!!O#34&:1:!6#**%+%!#<!H743:1/%!:1'!@P%1!Q%:$171+!O`CF!!O71',$:!`179%$473K!#<!C/7%1/%!F',/:37#1!!6F@!!6E7%<!FX%/,379%!@<<7/%$!6@Q!6#22#1&%:*3E!#<!Q%:$171+!HF!!H743:1/%!F',/:37#1!HF.C.!!H743:1/%!F',/:37#1!.44#/7:37#1!#<!C#,3E%$1!.<$7/:!!F).!!F197$#12%13:*!)$#3%/37#1!.+%1/K!!!"H.!!"##'!:1'!H$,+!.'271743$:37#1!!"")!!":8$7/:37#1[!":*47<7/:37#1[!#$!)*:+7:$742!!]J6!!]&%$,!J%:/E%$4R!6#**%+%!Y?J!!Y:$:$%!?14373,3%!#<!J%/E1#*#+K!!?6J4!!?1<#$2:37#1!6#22,17/:37#1!J%/E1#*#+7%4!ZlF!!Z#173#$71+!:1'!F9:*,:37#1!ZC`!!Z7'*:1'4!C3:3%!`179%$473K!_?Y!!_:37#1:*!?14373,3%4!#<!Y%:*3E!!_C"!_:37#1:*!C/7%1/%!"#,1':37#1!!!@HQ!!@P%1!:1'!H743:1/%!Q%:$171+!)H!!):$0714#1R4!'74%:4%!!!!D6`!!D%<#$2%'!6E,$/E!`179%$473K!C.H6!!C#,3E%$1!.<$7/:!H%9%*#P2%13!6#22,173K!CZF4!!C2:**!3#!Z%'7,2!F13%$P$74%4!Ò!`179%$473K!#<!O#34&:1:!`"Y!!`179%$473K!#<!"#$3!Y:$%!`_?C.!!`179%$473K!#<!C#,3E!.<$7/:!`CH.!`173%'!C3:3%4!H%P:$32%13!#<!.+$7/,*3,$%!!`n!!`179%$473K!#<!n728:8&%!M`CC6!!M7$3,:*!`179%$473K!<#$!C2:**!C3:3%4!#<!3E%!6#22#1&%:*3E!n@`!!n728:8&%!@P%1!`179%$473K!!

!!!!!!!!!!!!!!!!!

!B""

!-.&(#)&!

!C>!J7/E:P#1'&:!Z#'%43#!

i432#'%43#5NNLt+2:7*>/#2j!!

JE%$%!74!:!37'%!71!3E%!:<<:7$4!#<!2%1[!SE7/E[!3:0%1!:3!3E%!<*##'[!*%:'4!#1!3#!<#$3,1%m!

@2733%'[!:**!3E%!9#K:+%!#<!3E%7$!*7<%!?4!8#,1'!71!4E:**#&4!:1'!71!274%$7%4[!@1!4,/E!:!<,**!4%:!:$%!&%!1#&!:<*#:3[!

.1'!&%!2,43!3:0%!3E%!/,$$%13!&E%1!73!4%$9%4[!@$!*#4%!#,$!9%13,$%4!

iX6716-!C.)-.(!./3!79>!B!*71%4!-(W5Gj!!

!!3N=?ORXL=WON!JE%!/#13$78,3#$4!3#!3E74!9#*,2%!E:9%! 7'%137<7%'!3E$%%!+:P4[!&E7/E!E:9%!2#379:3%'!3E%2!3#!3:0%!:/37#1!3#&:$'4!2#$%!T,:*73:379%!4,P%$9747#1!#<!'744%$3:37#14[!1:2%*K\!!!

-> C3,'%134!&E#!P,$4,%! $%4%:$/E!P#43+$:',:3%! 43,'7%4!E:9%! *7273%'!+$#,1'71+! 71! 3E%!<,1':2%13:*4! #<! $%4%:$/E[! :1'! #<3%1! 4E#&! :! *:/0! #<! /*:$73K! &E:3! 74! %XP%/3%'! 71!$%4%:$/E[! :1'! 71! 3E%! '744%$3:37#1! /E:P3%$4>! Y%1/%! 3E%! 1%%'! <#$! 3E%2! 3#! $%:'! :4!&7'%*K!:4!P#4478*%!8%<#$%!:1'!',$71+!%1+:+%2%13!&73E!3E%7$! $%4%:$/E!iC%%!/:$3##1!:8#9%j>!

5> JE%! 4,P%$974#$4!#<! 43,'%134[! 3E#,+E!2#43!:$%!%XP%$34! 71! 3E%7$! $%4P%/379%! <7%*'4[!'#!1#3!4%%2!3#!E:9%!:!4E:$%'!,1'%$43:1'71+!#<!&E:3!74!%XP%/3%'!71!%:/E!#<!3E%!<79%!#$!47X!/E:P3%$4!#<!3E%!&$73%W,P>!

#G""

B> Q73%$:3,$%! #1! 3E%! /#1',/3! #<! $%4%:$/E[! %4P%/7:**K! $%4%:$/E! /#1',/3%'! 3E$#,+E!'743:1/%!%',/:37#1!iHFj[!2#'%!4%%24!3#!8%!4/:$/%!71!3E%!C#,3E%$1!.<$7/:!4,8W$%+7#1>!

!.+:7143! 3E74! 8:/0+$#,1'[! 714373,37#14! #<! E7+E%$! *%:$171+! E:9%! %4/:*:3%'! 3E%! %<<#$3! 3#!'%2#/$:374%!E7+E%$!*%:$171+!3E$#,+E!HF>!?1!P:$37/,*:$[!3E%!n728:8&%!@P%1!`179%$473K!in@`j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`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`1<#$3,1:3%*K[!3E74!74!1#3!#<3%1!P#4478*%!71!:!'743:1/%!*%:$171+!4%3!,P[!:1'!#,$!%XP%$7%1/%!74!3E:3!!T,73%!2:1K!!/:1'7':3%4!+#!3E$#,+E!#$!8#&! #,3! #<! 3E%7$! 43,'7%4! 3E$#,+E! <$,43$:37#1! &73E#,3! a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`173%'!c71+'#2!73! 74!,4,:*!3#!,4%!3E%!3%$2!-&..#"/%/&+'!<#$!:!$%*:379%*K!*#1+!P7%/%!#<!&#$0!#9%$!:1'!:8#9%!3E%!*%1+3E!#<!3E%!%X3%1'%'!%44:K>!C3,'%134!43,'K71+! <#$! 3E%! <7$43! '%+$%%! #$!Z:43%$! #<! .$34! '%+$%%[! ,4,:**K! /#2P*%3%! :! '744%$3:37#1! 71!P:$37:*!<,*<7*2%13!#<!3E%7$!3:$+%3!T,:*7<7/:37#1>!S%!4E:**[!3E%$%<#$%[!,4%!3E%!3%$2!71!3E:3!4%14%>!S%! 4E#,*'[! :*4#! 1#3! <#$+%3! 3E%! /#1<,47#1! 4,$$#,1'71+! ,4%! #<! 3E74! 3%$2>! JE%! 3%$2!a'744%$3:37#1R!74!,4%'!71!/#,13$7%4!4,/E!:4!3E%!`C!:1'!]%$2:1K!3#!$%<%$!3#!:!'#/3#$:*!3E%474>!@1!3E%!#3E%$!E:1'[!<4#.&.!$%<%$4!3#!:!*:$+%!8#'K!#<!&$733%1!&#$0!1%/%44:$K!<#$!+:7171+!:!)EH!#$!Z)E7*>!JE%!*:33%$!,4,:**K!$%T,7$%4!:!&#$0!#<!8%3&%%1!(N!NNN!:1'!-5N!NNN!&#$'4[!&E%$%:4!3E%!<#$2%$!,4,:**K!$%T,7$%4!8%3&%%1!5N!NNN!:1'!LN!NNN!&#$'4!i/<>!]$7X[!5NNGj>!!JE%! &#$'4! .,$#"=&.+"7) .,$#"=&.##7! :1'! $"+8+/#"! &7**! $%T,7$%! /*:$7<7/:37#1>! JE%! 3%$2!a4,P%$974#$R! 74!2#$%!+%1%$7/! 3E:1!P$#2#3%$!:1'! 74!,4%'!3#! $%<%$! 3#!:1K#1%!&E#!+,7'%4! 3E%!43,'%13! 3E$#,+E! 3E%! P$#A%/3^'744%$3:37#1^3E%474>! aC,P%$974%%R! $%<%$4! 3#! 3E%! 43,'%13! #$!/:1'7':3%!,1'%$!:!4,P%$974#$>!C#2%!,179%$4737%4[!%>+>!3E%!`179%$473K!#<!C#,3E!.<$7/:!i`_?C.j!2:0%!:!'74371/37#1[!:1'!/:**!3E%!4,P%$974#$!#<!%73E%$!:1!Z)E7*!#$!)EH!'%+$%%[!!:!a)$#2#3%$R>!

#!""

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e%14! 3#! :33:71! E7+E%$! T,:*7<7/:37#14[! :1'! 3E74! E:4! 8%%1! E%%'%'! &73E! 3E%!4%$7#,41%44! 73! '%4%$9%4>! C#2%! 9%$K! %13%$P$7471+! '%P:$32%134! E:9%! 8%%1! /$%:3%'! i71!,179%$4737%4j!3#!%X/*,479%*K!'$79%!3E%!:+%1':!#<!$%4%:$/E!'%+$%%4>!J#&:$'4!3E:3!%1'[!:!P##*!#<!E7+E*K!T,:*7<7%'!:/:'%27/4!E:4!8%%1!P,3! 71!P*:/%! <#$!P,$P#4%4!#<! 4,P%$97471+!Z)E7*!#$!)EH!43,'7%4[!:1'!4,/E!:!P##*!74!$%+,*:$*K!,P':3%'>!.!+79%1!H7$%/3#$:3%[!&73E71!:1!714373,37#1[!'#%4!3E%! *71071+! :1'! 1%3&#$071+!&73E! :/:'%27/4[! :1'! 71! 3,$1[! 3E%! :/:'%27/4! *710! ,P!&73E! 3E%7$!:**#/:3%'!/:1'7':3%4>!!!Y#&%9%$[!3E%$%!:$%!3&#!#PP#$3,1737%4!3E:3!:$%!'7<<7/,*3!3#!/$%:3%[!1:2%*K\!!

7> 6:,471+!C,P%$974#$4^)$#2#3%$4!3#!2%%3!:2#1+!3E%24%*9%4!3#!4E:$%!%XP%$7%1/%4!#1!+,7'71+!43,'%134!3E$#,+E!3E%!!P$#P#4:*!:1'!3E%!,4,:*!<79%!/E:P3%$4!i?13$#',/3#$K!/E:P3%$[! 3E%! Q73%$:3,$%! D%97%&! /E:P3%$[! 3E%! Z%3E#'#*#+K! /E:P3%$[! 3E%!D%4,*34^"71'71+4! /E:P3%$[! :1'! 3E%! H74/,447#1! /E:P3%$j>! FXP%$7%1/%! 4P%:04! 9%$K!*#,'*K! 3E:3!#,3!#<! 3E%! <79%!/E:P3%$4[! 3E%!43$%1+3E4!#<! 71'797',:*! 4,P%$974#$4!:$%!1#3!4P$%:'!,17<#$2*K!:/$#44!:**!/E:P3%$4>!!

77> 6:,471+! 6:1'7':3%4! 3#! 2%%3! <#$2:**K! &73E! 3E%7$! 4,P%$974#$4>! C,/E!2%%371+4! 2:0%!://#2P*74E2%13! #<! $%4%:$/EW8:4%'! '%+$%%4! 2#$%! <%:478*%! 71! /#19%137#1:*!,179%$4737%4>!?<!:1K3E71+[!'743:1/%!%',/:37#1!43,'%134!:$%!*70%*K!3#!1%%'!3E74!071'!#<!%XP#4,$%!%9%1!2#$%!3E:1!3E%7$!/#,13%$P:$34>!

!JE%!2:71! T,%437#1[! :*4#! '7/3:371+! 3E%! '7$%/37#1! #<! 3E%! P$%4%13! 9#*,2%[! 74\!SE:3! 71737:379%4!/:1! 8%! ,1'%$3:0%1! 3#! :44743! 8#3E! 4,P%$974#$4! :1'! 4,P%$974%%4! 3#! '%9%*#P! :! 4E:$%'!,1'%$43:1'71+!:8#,3!3E%!$%4%:$/E!P$#/%44[!&E7/E!*%:'4!3#!:1!:/:'%27/!T,:*7<7/:37#1U!SE:3!$%:'7*K! /#2%4! 3#! 271'! 74! 3E:3! 4,P%$974#$4! 4E#,*'! $%+,*:$*K/#19%$+%! :3! :! /%13$:*! P*:/%! 3#!'74/,44!$%4%:$/E!2:33%$4!#<!2,3,:*!713%$%43>!.''%'!3#!3E:3[!3E%!71'797',:*!4,P%$974#$!4E#,*'!2%%3! E74Ê%$! :**#/:3%'! 43,'%134! <:/%W3#W<:/%! $%+,*:$*K>! F:47%$! 4:7'! 3E:1! '#1%U! Y#&%9%$[!&74E%4!1#3!8%71+!E#$4%4[!1#1%!#<!,4!/:1!E:9%!:!$7'%>!!Z#43!<#$3,1:3%*K[!E#&%9%$[!3%/E1#*#+K!E:4!/#2%!3#!#,$!$%4/,%!:1'!3E:3!74!&EK!&%!:$%!:8*%!3#!3:*0!3#!%:/E!#3E%$!71!3E74!9#*,2%>!SE#!&#,*'!E:9%!3E#,+E3!3E:3!4#2%8#'K!:3!"#$3!Y:$%!&#,*'! 8%! :8*%! 3#! *710! &73E! 4#2%8#'K! :3! 3E%! n:287:1! 6#PP%$8%*3! `179%$473K[! #$! 3E%!n728:8&%!@P%1!`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

##""

8%33%$!/#1/%P3,:*74:37#1!#<!&E:3!74!:3!43:0%!&E%1!%28:$071+!#1!3E%!1#8*%!A#,$1%K!3#&:$'4!3E%!'%47$%'!T,:*7<7/:37#1!3E$#,+E!$%4%:$/E>!!!?1! :! 3KP7/:*! /#19%137#1:*! 714373,37#1[! <:/%W3#W<:/%! 3,3#$7:*4! 8%3&%%1! 4,P%$974#$! :1'!4,P%$974%%!:$%! $%:'7*K! <:/7*73:3%'[!8,3! 3E74! 74!1#3! 4#! <#$! 3E%! 471+*%!2#'%! 714373,37#14[!&E7/E!/#1',/3!8,471%44! 97:! 3E%!'743:1/%!2#'%>! C#2%!#<! 3E%4%!:$%! 3E%!`179%$473K!#<! C#,3E!.<$7/:!i`_?C.j[! 3E%! O#34&:1:! 6#**%+%! #<! H743:1/%! :1'! @P%1! Q%:$171+! iO@6@H@Qj[! &E7/E! 74!3$:14<#$271+!713#!3E%!O#34&:1:!@P%1!`179%$473Km!3E%!n728:8&%!@P%1!`179%$473K!in@`j[!:1'!3E%!@P%1!`179%$473K!#<!J:1e:17:!i@`Jj>!?3!74!:*4#!1#3%&#$3EK!3E:3!3E%$%!:$%!4#2%!',:*!2#'%!714373,37#14[!&E7/E!#<<%$! $%4%:$/EW8:4%'!'%+$%%4! 3E$#,+E!'743:1/%>! JE%!_:37#1:*!`179%$473K!#<!C/7%1/%!:1'!J%/E1#*#+K!i_`CJj!in728:8&%j[!:1'!3E%!`179%$473K!#<!)$%3#$7:!$%:'7*K!/#2%!3#!271'>!!.+:7143! 3E74!8:/0+$#,1'[!%1$#**%%4! <#$! 3E%!P$#+$:22%4!:$%! <$#2!'7<<%$%13!/#,13$7%4! 71! 3E%!4,8!$%+7#1[!:1'!:8$#:'[!&E7*%!4,P%$974#$4!:$%!:*4#! <$#2!'7<<%$%13! 714373,37#14>! ?3! 74! 3E$#,+E!3E%! #<<7/%! #<! 3E%! H7$%/3#$! iY7+E%$! '%+$%%4j! 3E:3! /##$'71:37#1! <#$! :! +79%1! ,179%$473K! 74!/#1',/3%'>!JE%!3:40!#<!3E%!#<<7/%!74!2:71*K!3#\!!

• %1$#*!:1'!:**#/:3%!43,'%134!3#!4,P%$974#$4m!• $%/$,73!T,:*7<7%'!4,P%$974#$4m!• /#11%/3!4,P%$974#$!:1'!43,'%13m!• P$#97'%!43,'K!+,7'%4!:1'!:'271743$:379%!E:1'#,34m!• 2#173#$!71'797',:*!P$#+$%44m!• :$$:1+%!P:1%*4!<#$!818.!83:)!713%$97%&4m!:1'!• 2#379:3%!8#3E!4,P%$974#$4!:1'!43,'%134>!

!JE%! H7$%/3#$R4! #<<7/%! 74[! 3E%$%<#$%[! 3E%! '743$78,37#1! :1'! $%'743$78,37#1! 1%$9%! /%13$%! <#$!43,'%134! :1'! 4,P%$974#$4!&E#[! 71! P$:/37/%[! $%47'%! 9:43! '743:1/%4! :P:$3>! ?1! 4#2%! 7143:1/%4[!3E%4%!'743:1/%4!:2#,13!3#!3E#,4:1'4!#<!07*#2%3$%4>!!'Ya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

7> C,P%$974#$4!'#!1#3!#<3%1! 4%%2! 3#!E:9%!:! 3#3:*! /#1/,$$%1/%!#1!%XP%/3:37#14!:8#,3!744,%4! :1'! P$#/%',$%4! 71! 3E%! '7<<%$%13! /E:P3%$4[! 1#3&73E43:1'71+! 3E%! &7'%*K!/7$/,*:3%'!'#/,2%134>!

77> JE%! 2:A#$73K! #<! 4,P%$974#$4! 3%1'! 3#! 8%! 2#$%! /#2<#$3:8*%! +,7'71+! :1'! 2:$071+! :!P:$37/,*:$! /E:P3%$!#<! 3E%! 43,'K>!.4!:1!%X:2P*%[!#1%!2:K! <71'! 73! 42##3E! 4:7*71+!&E%1!'%:*71+!&73E!6E:P3%$!5[!3E%!*73%$:3,$%!$%97%&[!3E:1!&73E!3E%!':3:!:1:*K474!/E:P3%$[!:1'!97/%!9%$4:>!

777> JE%!'74/#,$4%!#<!$%4%:$/E!E:4!8%%1!471+*%'!#,3!8K!4,P%$974#$4!:4!8%71+!P$#8*%2:37/[!$:7471+!4#2%!'%+$%%!#<!'79%$+%1/%!:2#1+!%XP%$34>!FX:2P*%4!71/*,'%!'%<71737#14!#<!3%$24!4,/E!:4!3E%!'74371/37#1!8%3&%%1!2)',3/!:1'!2)',3/373+NF!2)',3/!:1'!'):,*1Y6)F!.<<(3.:,!:1'!<.(./1+2F!3#!/73%!8,3!:!<%&>!

#$""

79> JE%$%!4%%24!3#!8%!1#!/#14%14,4!$%+:$'71+!3E%!4%T,%1/71+!#<!4%/37#14[!%4P%/7:**K!71!3E%! )$#P#4:*[! :1'! 71! 6E:P3%$! ->! JE%! *:33%$! 74! 1#$2:**K! :1! %XP:147#1! #<! 3E%!<#$2%$>!.!472P*%!%X:2P*%! 74\! ?1!&E:3!4%T,%1/%!4E#,*'! 3E%!<(3D7)2!-'.')2)*'F!2)',3/373+NF! ()-).(:,! Y6)-'13*-F! ',)! D.:K+(36*/F! :1'! ()-).(:,! 3DZ):'18)-! 8%!P$%4%13%'U!H%<7173%*K[!3E%$%!74!4#2%!#$'%$!71!3E%!4%T,%1/%[!:1'!3E74!3##!4E#,*'!8%!:+$%%'!,P#1>!

9> ?1! T,73%! :! <%&! 7143:1/%4[! 4,P%$974#$4!2:K! 1#3! 8%! /%$3:71! E#&! $%<%$%1/71+! 4K43%24!i.).[! Y:$9:$'[! #$! 6E7/:+#j! 4E#,*'! 8%! #P%$:37#1:*74%'>! F97'%1/%! #<! 3E74! +:P! 74!#<3%1! #84%$9%'! 71! 3E%! $%<%$%1/71+! 71/#14743%1/7%4! #<! :! 4,PP#4%'*K! /#2P*%3%'!43,'%13!&$73%W,P>!

97> JE#,+E! 271#$[! 3E%$%! :$%! :$%:4! *70%! 4,P%$974#$R4! :&:$%1%44! #<! ! .2%$7/:1! 9%$4,4!O$7374E!#$3E#+$:PEKm! 3E%!'7<<%$%1/%!8%3&%%1!'7:+$:2!:1'! <7+,$%m! :1'! *:1+,:+%!*:P4%4>!

!SE:3!3E74!72P*7%4!74!3E:3!&E%1!4,P%$974#$4[!3E%!%XP%$34[!%XP%$7%1/%!4,/E!/E:**%1+%4[!73!'#%4!1#3! 3:0%! 713%1479%! 72:+71:37#1! 3#! P7/3,$%! 3E%! 2:+173,'%! #<! 3E#4%! P$#8*%24! 3#! $%4%:$/E!71737:3%4[!3E%!43,'%134>!!?1!*7+E3!#<!3E%!<#$%+#71+[!3E%$%<#$%[!3E%!#8A%/379%4!#<!3E74!9#*,2%!71/*,'%[!8,3!:$%!1#3!*7273%'!3#!3E%!<#**#&71+\!!

• 6$%:371+! :! $%4#,$/%[! &E7/E! 4%$9%4! :4! :! $%P#473#$K! #<! %XP%$3! 71<#$2:37#1! #1!<,1':2%13:*4!#<!$%4%:$/E!<#$!'743:1/%!%',/:37#1!4/E#*:$4>!

• Z737+:371+! 3$:14:/37#1:*! '743:1/%! 8%3&%%1! 3E%! 4,P%$974#$! :1'! 4,P%$974%%! 3E$#,+E!,4%$W<$7%1'*K!'7:*#+,%!:1'!:/379737%4!3E:3!'%2K437<K!3E%!A:$+#1!#<!4/E#*:$4E7P>!

• )$#97'71+! :1! ://%4478*%! <#$,2! #<! P,$P#4%<,*! %1+:+%2%13! <#$! 4,P%$974#$4! :1'!43,'%134[!3#&:$'4!3E%!*%44%171+!#<!/#+17379%!*#:'!',$71+!3E%!$%4%:$/E!P$#/%44>!

• 6#:/E71+! :1'! 2%13#$71+! :4P7$71+! $%4%:$/E%$4! #1! 0%K! :$%:4! #<! $%4%:$/E[! 3E%$%8K!2:071+!3E%!:/37973K!:!A#K<,*!$:3E%$!3E:1!:!43$%44<,*!%13%$P$74%>!

• ?1/$%:471+!3E%!/#2P*%37#1!$:3%!#<!%1$#**%'!/:1'7':3%4[!:1'!71!3E%!P$#/%44!271727471+!'$#PW#,3!$:3%>!

• F1E:1/71+! 4,P%$9747#1! 407**4! 8K! P$#2#371+! :! 4E:$%'! ,1'%$43:1'71+! #<! &E:3! 74!%XP%/3%'!71!%:/E!/E:P3%$!#<!3E%!$%4%:$/E!&$73%W,P>!

• )$#2#371+!4/E#*:$4E7P>!!6#13$78,3#$4!3#!3E%!P$%4%13!/#2P%1'7,2!E:9%!,1:172#,4*K!$%/#+174%'!3E%!+:P4!71E%$%13!71!3E%! /,$$%13! 4,P%$9747#1! 473,:37#1>! FT,:**K[! 3E%K! 43$79%! 3#! 2%%3! 3E%! #8A%/379%4! '%*71%:3%'!:8#9%>!?1!#$'%$!3#!:''$%44!:!+79%1!$%4%:$/E!744,%[!%9%$K!/E:P3%$!74!43$,/3,$%'!71!:!4K43%2:37/!&:K>!!":>!+=?XL=X?>!O[!;!):;<=>?!F9%$K! /E:P3%$!E:4!8%%1!&$733%1! 71! 472P*7<7%'! *:1+,:+%[!&73E#,3!1%/%44:$7*K!&:3%$71+!'#&1!4/E#*:$4E7P!o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

#%""

8%! <#**#&%'[! :1'! 71%973:8*%! 9:$7:37#14! &7**! 8%! $%<*%/3%'! &E%$%! 3E%! /E:P3%$! '7/3:3%4!#3E%$&74%>!!

• J73*%!#<!/E:P3%$!• _:2%i4j!#<!:,3E#$i4j!• .843$:/3!• ?13$#',/37#1!• 6E:P3%$!#8A%/379%4!• JE%!8:/0+$#,1'!iE7+E*7+E371+!P%$/%79%'!HF!+:Pj!• JE%!'%3:7*%'!'7':/37/!/#13%13!i3E%!8#'K[!71/*,'71+!713%$:/379%!:/379737%4j!• C,22:$K!• Q%44#14! *%:$13! 8K! 4,P%$974#$4! $%+:$'71+! 43,'%134R!&#$0! 71! /#11%/37#1!&73E! :! +79%1!

/E:P3%$!• D%<%$%1/%4!

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

?3!74!1#3!#1!2:1K!#//:47#14!3E:3!<:/%W3#W<:/%!*%/3,$%4!:$%!/#1',/3%'!3#!+$#,1'!43,'%134>!

5>! Z%%371+4! 8%3&%%1! 4,P%$974#$! :1'!4,P%$974%%!/:1!$%:'7*K!8%!4/E%',*%'>!

?1! 3E%! 2:A#$73K! #<! /:4%4! :P:$31%44! 2:0%4!4/E%',*71+!#<!2%%371+4!1#3!<%:478*%>!

B>!JE%$%!:$%!*78$:$K!$%4#,$/%4!3#!4,PP#$3!3E%!/:1'7':3%R4!$%4%:$/E!%<<#$3>!

@P%$:371+!71!74#*:37#1[!3E%!HF!43,'%13!E:4!1#!:44,$%'!$%4#,$/%4!3#!4,PP#$3!$%4%:$/E!%<<#$3>!

G>! Z#43! /#19%137#1:*! ,179%$4737%4! E:9%!713%$1%3! <:/7*737%4[! &E7/E! %1:8*%! 43,'%134! 3#!://%44!P%$371%13!&%8473%4>!

.//%44!3#!713%$1%3!74!9:$7:8*%>!C#2%!43,'%134!E:9%!://%44[!&E7*%!#3E%$4!'#!1#3>!.//%44!<#$!2:1K[!/#2%4!:3!:!/#43>!

I>! 6#2P,3%$! *73%$:/K! 74! %:47%$! 3#! '%9%*#P!&E%$%! <:/7*737%4! :1'! 7143$,/3#$4! :$%! $%:'7*K!:9:7*:8*%>!

6#2P,3%$! 7**73%$:/K! /:1! 8%! $:2P:13[! &73E!4#2%! 43,'%134! E:971+! 3#! E7$%! 4#2%#1%! 3#!3KP%!3E%!/E:P3%$4>!JE74!3##!/#2%4!:3!:!/#43>!

!JE%!P#7134!'#!P:713!:!4#2%&E:3!'742:*!P7/3,$%!<#$!3E%!HF!$%4%:$/E%$>!S73E#,3!:1K!T,%437#1[!3E%$%<#$%[! 3E%! P$%4%13! 71737:379%! i3E%! $%4%:$/E! +,7'%j! 74! 4%3! 3#! +#! 4#2%! &:K! 71! %:471+!/#143$:7134!72P#4%'!8K!3$:14:/37#1:*!'743:1/%>!SE7*%!3E%!9#*,2%!'#%4!1#3!/*:72!3#!E:9%!3E%!/:P:/73K! 3#! 72P$#9%! 3%/E1#*#+K! 407**4[! 73! 8$71+4! 9#7/%! &E%$%! 3E%$%! &:4! 1#1%! 8%<#$%[! 8K!3%:/E71+!:1'!2%13#$71+!#1!<,1':2%13:*4!#<!$%4%:$/E>!?1!%44%1/%[!3E%!9#*,2%!2737+:3%4!3E%!:84%1/%! #<! <:/%W3#W<:/%! 713%$9%137#14! /E:$:/3%$7437/! #<! /*:44$##2W8:4%'! 714373,37#14>!`*372:3%*K[! 3E74! $%2#9%4! 74#*:37#1! 3#! :! /#147'%$:8*%! %X3%13! 8K! <#43%$71+! '7:*#+,%! &73E!47+17<7/:13!#3E%$4>!!+OT>!SXWRWNS!=:OXS:=U!;YOX=!1WU=;NL>!&RXL;=WON!HF!:4!:!2#'%!#<!%',/:371+!P%#P*%!E:4!8%%1!'%<71%'!9:$7#,4*K!./!1*41*1'62>!JE%!'%<71737#1!74[!3E%$%<#$%[! 1#3! :1K3E71+! 1%&! 3#! 4,P%$974#$4>! ?3!2:K[! 1%9%$3E%*%44[! ! 8%! 1%&! 3#! 3E%! 43,'%13!

#&""

&E#!74!3E%!P$72:$K!:,'7%1/%!#<!#,$!9#*,2%>!JE%!8$7%<!%XP*:1:37#1!3E:3!<#**#&4!74!2%$%*K!3#!$%<$%4E!#,$!271'4!:4!3E%!8:474!<#$!3E%!&:K!<#$&:$'>!!@897#,4*K!'743:1/%!%',/:37#1[!71!/#2P:$74#1!&73E!/#19%137#1:*!#$!3$:'737#1:*!%',/:37#1[!74!:!&7'%$!4K43%2!71!8#3E!3%$24!#<!/#11#3:37#1!:1'!'%1#3:37#1>!JE74!74!8%/:,4%!73!74!P$:/374%'!71!473,:37#14!&E%$%!2:1K! <:/3#$4! $%2:71! 71'%3%$271:3%!:1'! 71/E#:3%>! ?3!E:4!2:1K!/$737/4!:1'!%13E,47:434[! :'9#/:3%4! :1'! '%3$:/3#$4! i/<>! c%%+:1[! -=(Lm! D#,4E:1e:27$[! 5NNGj[! :1'!3E%$%<#$%[! $%2:714! 72P$%/74%! 71! 734! '%<71737#1>! Y#*28%$+R4! i-=(-j! '%<71737#1! P$#8:8*K!/:P3,$%4!:**!%44%1/%4[!71/*,'71+!7'%:4!:*$%:'K!4E:$%'!:8#9%>!!!!.!4,22:$K!#<!E74!'%<71737#1!74!3E:3!'743:1/%!%',/:37#1!$%<%$4!3#!3E%!9:$7#,4!<#$24!#<!43,'K!:3!:**! *%9%*4[! &E7/E! :$%! 1#3! ,1'%$! /#1371,#,4[! 722%'7:3%! 4,P%$9747#1! #<! 3,3#$4! P$%4%13! &73E!3E%7$!43,'%134!71!*%/3,$%!$##24!#1!3E%!4:2%!P$%274%4[!8,3!&E7/E[!1%9%$3E%*%44!8%1%<73!<$#2!3E%!P*:1171+[!+,7':1/%!:1'!3,737#1!#<!:!3,3#$7:*!#$+:174:37#1>!!?1!#,$!#P717#1[!3E74!'%<71737#1!4%%24!3#!2:3/E!&E:3!E:PP%14!&E%1[!<#$!%X:2P*%[!:!43,'%13!71!C&:e7*:1'!$%+743%$4!3#!'#!:!'#/3#$:*!'%+$%%!&73E!n@`>!?1!3,$1!n@`!7'%137<7%4!:!4,P%$974#$!:3!3E%! @P%1! `179%$473K! #<! J:1e:17:[! :1'! *7104! 3E%! 3&#! 4#! 3E:3! 3E%K! %1+:+%! 71! 3E%! $%4%:$/E!P$#/%44>! ?<! P*:1171+[! +,7':1/%[! :1'! 3,737#1! :$%! :/01#&*%'+%'! :4! 71+$%'7%134! #<! 4,//%44<,*!$%4%:$/E[! 3E%1! 3E%! P$%4%13! 9#*,2%! 74! +$#,1'8$%:071+! 71! 3E:3! 73! :''$%44%4! 0%K! %2P7$7/:*!744,%4! P%$/%79%'! 3#! 8%! /$737/:*! 8K! 43:0%E#*'%$4>! JE%! 9#*,2%! %XP$%44%4! &E:3! #<3%1! &:4!3E#,+E3! 8,3! 1%9%$! 4#! &%**! %XP$%44%'! 71! 8$#:'%43! 3%$24[! 71/*,'71+! 713%$:/37973K! :1'!/#22,17/:37#1!:3!:!'743:1/%m!:1'!E#&!&#$'4!:$%!,4%'!3#!P$#2#3%!3E71071+>!D%/%13!43,'7%4!#1!713%$:/379%!/#22,17/:37#1[!71/*,'71+!/#22,17/:37#1!71!3E%!HF!4/%1:$7#[!://%13,:3%!3E%!4#/7#/,*3,$:*!97%&!#<!,471+!&#$'4!3#!://#2P*74E!/#+17379%!713%137#14>!J#!3E:3!%<<%/3[!Z%$/%$!i5NNG\-B=j! E:4!2:'%! 3E%! <#**#&71+! #84%$9:37#1! $%+:$'71+! E#&! 3E71071+! 74! 8:4%'! #1! &:K4!&73E!&#$'4\!!

!.! 4#/7#/,*3,$:*! P%$4P%/379%! E7+E*7+E34! 3E%! P#44787*73K! 3E:3! %',/:37#1:*! 4,//%44! :1'!<:7*,$%!2:K!8%!%XP*:71%'!8K!3E%!T,:*73K!#<!'7:*#+,%[! $:3E%$! 3E:1!472P*K! 71! 3%$24!#<!3E%!/:P:87*73K!#<!71'797',:*!43,'%134!#$!3E%!407**!#<!3E%7$!3%:/E%$4>!

!!@1!3E74!1#3%!#,$!<71:*!&#$'!74!#1!3E%!2#$%!P$#',/379%!&:K4!#<!,471+!3E74!],7'%>!!!,OP!=O!XU>!=:WU!YOOM!?1! 3E%! E:1'4! #<! 4,P%$974#$4[! &E#! :$%! %XP%$34! 71! 3E%! <7%*'[! 3E%$%! 74! *733*%! P#713!2:071+! :1K!%X3%1479%!+,7':1/%[!%X/%P3!2:071+!8$7%<%43!/#22%134>!!)<+)/4#)?,$#"=&.+"))%$4#1:*!%XP%$7%1/%!E:4!4E#&1!3E:3!4##1!:<3%$!:!43,'%13!74!:**#/:3%'!3#!K#,[!3E%!1%X3!43%P!74!3#!+%3!3#!01#&!3E%!/:1'7':3%R4!$%4%:$/E!3#P7/[!:1'!%T,:**K!72P#$3:13*K[!E74Ê%$!P$#<7*%>!JE74!+79%4!:1! 7'%:!&E:3!:$%:!&7**!8%!43,'7%'[!:1'!3E%!8:/0+#,1'!#<!3E%!/:1'7':3%>!.4! 73! 74!#<3%1!4:7'[!a3E%!4,P%$974#$!722%'7:3%*K!8%/#2%4!:!43,'%13!:*#1+!&73E!3E%!43,'%13R>!C#[!3E%$%!&7**!8%!1%%'! 3#!8$,4E!,P!K#,$!01#&*%'+%!:8#,3!:!+79%1! 3#P7/!:1'! $%*:3%'!/#1/%P34[! 3#!,P':3%!3E%2! 4#! 3E:3! 3E%$%! 74! /#14#1:1/%! 71! 3E%! 4,P%$9747#1! $%4P#14787*73K>! JE%! 3E71071+! 74! 3E:3!$%:'71+! 3E%! /E:P3%$! K#,! E:9%! /#13$78,3%'[! 3#+%3E%$! &73E! 3E#4%! /E:P3%$4! /#13$78,3%'! 8K!/#**%:+,%4[! &7**! P$#2#3%! &E:3! &%! :4! 4,P%$974#$4! $%T,7$%\! :! 4E:$%'! ,1'%$43:1'71+! #<!%XP%/3:37#14>!!!

#'""

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Ê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iC%%! 3E%! <7$43! 3E$%%! /E:P3%$4j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iR,)!*.'6()!34!.:./)21:!()-).(:,j>!H$>!n79%1+%!2:0%4!:1!:33%2P3!3#!:14&%$!3E%!/$737/:*!T,%437#1\!SE:3!74!$%4%:$/EU!3E%1[!:2#1+!#3E%$!3E71+4[!/*:$7<7%4!3E%!1,34!:1'!8#*34!#<!$%4%:$/E>!!A4%$/#")C!i[)''1*+!-'.(')/!1*!()-).(:,T#!H$>!6E:$%2:!'74/,44%4!$%4%:$/E!3KP%4!:1'!$%4%:$/E!P:$:'7+24[!71/*,'71+!E#&!3#!/E##4%!K#,$!$%4%:$/E!3#P7/>!!A4%$/#") D! iA:./)21:! -'.*/.(/-F! <7.+1.(1-2F! .*/! ()-).(:,! )',1:-T>! H$>! ZE,3%! '$:&4! 3E%!$%4%:$/E%$R4!:33%137#1!:33%137#1!3#!744,%4!#<!T,:*73K!:1'!%3E7/4>!!A4%$/#") E! i&'6/)*'H&6<)(81-3(! (37)-T#! H$>! 6E:8:K:! :1'!H$>! 6E:3:70:!'%<71%! $#*%4! P*:K%'!8K!0%K!P*:K%$4!:4!:!/$737/:*!%*%2%13!#<!4,//%44<,*!$%4%:$/E>!!A4%$/#")F! i56.*'1'.'18)!.*/!56.71'.'18)!.<<(3.:,)-! '3! ()-).(:,j>!H$>!_K:$,&:3:!'&%**4!#1!%XP*:1:37#1!#<!3E%!3&#!:PP$#:/E%4!:3!3E%!E%:$3!#<!:1K!$%4%:$/E!P$#A%/3[!3E%1!%XP*:714!E#&!:!/#2871:37#1!#<!3E%!3&#!/:1!8%!,4%'!3#!+##'!%<<%/3>!!

#(""

A4%$/#") G) i9)-).(:,! @)-1+*-T#!H$>! J4E,2:! :1'! H$>! Z:<:! +79%! '%4/$78%! '7<<%$%13! $%4%:$/E!'%47+14! :1'! 3E%! $:1+%! #<! $%4%:$/E! 2%3E#'4! /#22#1*K! ,4%'! 71! $%4%:$/E[! 4E#&71+! 3E%7$!:*7+12%13!3#!3E%!T,:1373:379%[!T,:*73:379%!!:1'!27X%'!2%3E#'4!:PP$#:/E%4>!!A4%$/#") H) i@.'.! ,.*/71*+F! .*.7N-1-F! .*/! 1*')(<()'.'13*B! W1*'-! .*/! :.8).'-T#! )$#<>! CE,28:!'$:&4!3E%!:33%137#1!#<!43,'%134!3#!3E%!/$737/:*!$%4%:$/E!:4P%/3!#<!':3:!E:1'*71+[!E7+E*7+E371+!4#2%!#<!3E%!P73<:**4!3#!8%!:9#7'%'>!!A4%$/#") I) J\(1'1*+! ',)! >(3<3-.7T#! )$#<>! :1'! Z$4! Z:+&:! '%<71%! a)$#P#4:*R! :1'! 3:0%! 3E%!43,'%13!3E$#,+E!3E%!9:$7#,4!43%P4!#<!P$%P:$71+!#1%>!!A4%$/#")K)SC,.<')(!%L!E*'(3/6:'13*LM)Z$>!Z:P<,2#)3:0%4!3E%!$%4%:$/E%$!3E$#,+E!3E%!43:+%4!#<!3E%!713$#',/3#$K!/E:P3%$[!:1'!%XP*:714!4,P%$974#$!%XP%/3:37#14>!!!A4%$/#")BN)SC,.<')(!$L!9)81)=!34!()7.')/!71')(.'6()T#!)$#<>!6E7$%4E%!:1'!H$>!Z:0,$:!P$#97'%!+,7':1/%!#1!&E:3! $%97%&!#<! $%*:3%'! *73%$:3,$%! %13:7*4[! :4!&%**! :4! 734! 47+17<7/:1/%! 71! :! +79%1!719%437+:37#1>!!)A4%$/#") BB) SC,.<')(! J! ]!Q)',3/373+Nj>! H$>! _/,8%! %XP*:714! 3E%! $%4%:$/E! '%47+1! ,4%'! 71! :!+79%1! 43,'K[! :4! &%**! :4! %XP*:7171+! 3E%! /#14373,379%! %*%2%134! #<! 3E%! Z%3E#'#*#+K! /E:P3%$!i4:2P*71+!P$#/%',$%4[!3E%!P#P,*:37#1[!2%3E#'4[!$%4%:$/E!7143$,2%134j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b>!i5NNGj>!R,)!_36*/.'13*-!34!9)-).(:,>!_%&!d#$0\!):*+$:9%!Z:/Z7**:1>!Y#*2%$+[!O>!i-=(-j>!&'.'6-!.*/!R()*/-!34!@1-'.*:)!V/6:.'13*#!Q#1'#1\!c#+:1!):+%>!!c%%+:1[!H>!i-=(Lj>!R,)!436*/.'13*-!34!/1-'.*:)!)/6:.'13*#!`C.\!6$##2!Y%*2>!!Z%$/%$[! _>! i5NNGj>! fC#/7#/,*3,$:*! '74/#,$4%! :1:*K474\! :1:*K471+! /*:44$##2! 3:*0! :4! :! 4#/7:*!2#'%!#<!3E71071+h>!X36(*.7!34!A<<71)/!01*+61-'1:-!-!i5j\!-B;W-L(>!!D#,4E:1e:27$[! C>! i5NNGj>!R,)3(1)-! 34!@1-'.*:)! V/6:.'13*!Q))'! R,)3(1)-! 34!Q)/1.')/!Q.--!C3226*1:.'13*#! ):P%$! P$%4%13%'! :3! 3E%! .44#/7:37#1! <#$! F',/:37#1:*! 6#22,17/:37#14! :1'!J%/E1#*#+K!6#1<%$%1/%!o!6E7/:+#[!?Q!5NNG>!

#6""

• !

!),#-"&.!/!

",&!*#"0.&!'(!#)#1&23)!.&+&#.),!.,+,4371%!Z:$,9:!J7$79:1+:1:!i37$79:1+:1:tK:E##>/#2j!

!#YU=?;L=!

JE74!/E:P3%$!8%+714!8K!*#/:371+!$%4%:$/E!71!3E%!+%1%$:*!/#13%X3!#<!%',/:37#1[!%XP*:7171+!3E%!/#1/%P3! #<! E,2:1742! i6*,6HMD6*'6HD3',3j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

!!/]/!3N=?ORXL=WON!OK!734!9%$K!1:3,$%!f%',/:37#1h!74!3:$+%3W4P%/7<7/[!/#13%X3W4P%/7<7/[!P,$P#4%W4P%/7<7/!:1'!9:*,%W4P%/7<7/>!?3!'#%4!1#3!2%:1!3E%!4:2%!3#!%9%$K#1%>!?3!74!1%9%$!2%:13!3#!8%!4#[!8,3!3E74!'#%4!1#3!2%:1! 3E:3! 3E%$%! :$%! 1#! %*%2%134! #$! /E:$:/3%$7437/4! #<! %',/:37#1[! &E7/E! :$%! ,179%$4:**K!4E:$%'>! D%4%:$/E! 71! %',/:37#1! 74! #1%! 4,/E! 3KP7/:*! %*%2%13>! JE%$%! :$%! /%$3:71! :4P%/34! #<!$%4%:$/E! 71! %',/:37#1[! &E7/E! 71973%! ,179%$4:*! :PP%:*m! :1'! 3E74! 74! 4K1/E$#1#,4! &73E! 3E%!4/7%137<7/! 1:3,$%! #<! %',/:37#1! 71! +%1%$:*>! JE74! /E:P3%$! <#/,4%4! #1! 3E%! 1:3,$%! #<! :/:'%27/!$%4%:$/E[!8,3! <7$43! 73! %X:271%4! 3E%!1:3,$%!#<! %',/:37#1! <#$! 73! 74!&73E71! 3E74! 713%**%/3,:*! :1'!PE7*#4#PE7/:*!P,$97%&!3E:3!:/:'%27/!$%4%:$/E!4E#,*'!8%!,1'%$43##'>!?3!74!3E%!/#13%137#1!#<!3E74!/E:P3%$!3E:3!:!/*%:$!,1'%$43:1'71+!#<!3E%!3E%#$%37/:*!:1'!PE7*#4#PE7/:*!,1'%$P71171+4!#<!:1K!%',/:37#1:*!4K43%2!4E#,*'!+,7'%[!1#3!#1*K!3E%!1:3,$%[!8,3!:*4#!3E%!/#1',/3!#<!:/:'%27/!$%4%:$/E>!!!

#B""

/]4!'Ya>L=W^>U!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!

• %XP*:71!3E%!*710!8%3&%%1!:/:'%27/!$%4%:$/E!:1'!%',/:37#1!71!+%1%$:*m!• /#2%!,P!&73E!:!2#$%!P%$4#1:*7e%'!'%<71737#1!#<!$%4%:$/E!:<3%$!%XP#4,$%!3#!4#2%!#<!

3E%!'%<71737#14!8K!4/E#*:$4m!• 713%$P$%3[! &73E! /*%:$%$! ,1'%$43:1'71+[! &EK! :/:'%27/! $%4%:$/E! 74! $%+:$'%'! :4!

4K43%2:37/m!• '%<71%!9:*7'73K!:1'!$%*7:87*73K!:1'!:PP*K!3#!3KP7/:*!$%4%:$/E!3#P7/4m!• /*:447<K!$%4%:$/E!3KP%4!://#$'71+!3#!T,:1373:379%!:1'!T,:*73:379%!:PP$#:/E%4m!• '74371+,74E!8%3&%%1!<79%!9:$7:8*%4[!&E7/E!:$%!/#22#1*K!#P%$:37#1:*7e%'!71!$%4%:$/Em!• %XP*:71!4P%/7:*743!3%$24!,4%'!71!$%4%:$/E!'74/#,$4%m!:1'!• '$:&!8%1%<73!<$#2!3E%!*%44#14!<$#2!K#,$!4,P%$974#$4!:8#,3!3E%!1:3,$%!#<!:/:'%27/!

$%4%:$/E>!!!/]6!+W=X;=WNS!#L;R>TWL!.>U>;?L:!WN!&RXL;=WON!!?'%:**K[!%',/:37#1! 74!:!0%K!3#!3E%!4,//%44!#<!:1K!4#/7%3Km!:1'!K%3! 71!3E%!%137$%!6#1371%13!#<!.<$7/:! 3E%$%! 4%%24! 3#! 8%! 1#! /*,%! :4! 3#! &E:3! %',/:37#1!2%:14! 3#! 3E%! P%#P*%>! C#2%! 3:0%!%',/:37#1!3#!8%!:!4K43%2!&E%$%!K#,1+!P%#P*%!P:44!3E$#,+E!9:$7#,4!714373,37#14!#<!*%:$171+!71!#$'%$!3#!+%3!P:P%$4!3E:3!/%$37<K!3E%2!3#!8%!%2P*#K%'!#$!3#!8%!$%/#+17e%'!71!4#/7%3K[!&E:3!H#$%!i-=;Lj!/:**4!f'7P*#2:!'74%:4%h[!3E:3!,171<#$2%'!/E:4%!:<3%$!/%$37<7/:3%4!<#$!3E%7$!4:0%>!`1<#$3,1:3%*K!3E74!4%%24!3#!8%!3E%!/:4%!71!2#43!.<$7/:1!/#,13$7%4>!!!C/E#*:$4!4,/E!:4!3E%!:<#$%4:7'!H#$%!i-=;Lj!E:9%!2:'%!47+17<7/:13!#84%$9:37#14!:8#,3!2:1K!#<! 3#':KR4! %/#1#27/[! 4#/7:*! :1'! P#*737/:*! P$#8*%24! P733%'! :+:7143! 3E%! $74%! 71! :/:'%27/!T,:*7<7/:37#1>!Y%!43:3%4!3E:3!3E74!PE%1#2%1#1!E:4!$%4,*3%'!71!'%3$72%13:*!#,3/#2%4[!&E7/E!E:9%!1%+:379%*K! 72P:/3%'!,P#1! 3E%! %2P*#K:87*73K! 43:3,4!#<! 71'797',:*4[! 3E%! 4#/7:*! <:8$7/! #<!9:$7#,4!/#,13$7%4[!:1'!3E%!#9%$:**!E%:*3E!:1'!&%**W8%71+!#<!2:1071'>!Y%!<,$3E%$!:$+,%4!3E:3!3E74!PE%1#2%1#1!74!P$%4%13!3E$#,+E#,3!8#3E!3E%!'%9%*#P%'!:1'!3E%!'%9%*#P71+!&#$*'[!8,3!74!2#43!'%3$72%13:*!&73E71!3E%!'%9%*#P71+!/#,13$7%4>!JE74!74!8%/:,4%!73!4%$9%4!3#!%1E:1/%!3E%!',:*7437/! '%9%*#P2%13:*! P:33%$14! :*$%:'K! P$%4%13! &73E71! 3E%! <$:+7*%! a3E7$'R! &#$*'! 4/E##*!4K43%24>!!!JE%! /,$$%13! 3E$,43! #<! %',/:37#1! <#/,4%4! #1! 714373,37#1:*7e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fSE:3!'#!K#,!&:13!3#!'#!&E%1!K#,!+$#&!,PUh!?3!&:4!1%9%$\!fSE:3!'#!K#,!&:13!3#!8%!&E%1!K#,! +$#&! ,PUh! _#3! 4,$P$7471+*K! 3E%! :14&%$4! 3#! 3E%! *#:'%'! T,%437#1! :**! P#713%'! 3#&:$'4!4%$973,'%!o!fSE%1!?!+$#&!,P!?!&:13!3#!8%!:!'$79%$[!:!3%:/E%$[!:!2%44%1+%$[!:1'!4#!#1h!o!:**!P#4737#14!#<!4,8#$'71:37#1!:4!f%2P*#K%%4hm!1%9%$!:4!f%2P*#K%$4h>!!

$G""

!J#':K!3E%!T,%437#1! 74!437**!2,/E!3E%!4:2%!&73E!4*7+E3!9:$7:37#14!3#!3E%!:14&%$4\!f%1+71%%$[!P7*#3[!2:1:+%$!#$! /#2P,3%$! a%1+71%%$Rh!&E#! <#$! :**! P$:/37/:*! P,$P#4%4! 74! 71! <:/3! a/#2P,3%$!#P%$:3#$R! <#$! 3E%!/,$$7/,*,2!1%9%$! 3$:714!E72!3#!P$#',/%!:!/#2P,3%$>!@1! 3E%!&E#*%! 3E%4%!:$%!437**!f%2P*#K%%4h!&73E!1%&%$!:1'!2#$%!2#'%$1!/:$%%$!#P37#14!:1'!:28737#14>! ?4! 73!1#3!7$#17/! 3E:3! #,$! ,179%$4737%4! /#1371,%! 3#! /E,$1! #,3! <733%$4! :1'! 3,$1%$4! 71! :**! <7%*'4[! $#,371%!%2P*#K%%4! &E#! :$%! 71/:P:8*%! #<! /$%:371+[! 1:3,$:*7e%'! $%/7P7%134! $:3E%$! 3E:1! '%47+1%$4[!72P#$3%$4! $:3E%$! 3E:1! %XP#$3%$4U! JE74! 74! :**! /#271+! <$#2! %28$:/71+! 3E%! /#*#17:*!2:43%$R4!/#1/%P3,:*7e:37#1!#<!%',/:37#1[!&E7/E!&:4!/*%:$*K!2%:13!3#!/$%:3%!4%$9:134!&E#!:$%!<#$%9%$!3E:10<,*! 3#! 3E%7$! /#*#17:*! 2:43%$! i<#$! 3E%K! 437**! $%2:71! 4#! K%:$4! :<3%$! 71'%P%1'%1/%j! <#$!P$#97'71+!:1'!/#1371,71+!3#!+%1%$:3%!01#&*%'+%!3E$#,+E!8##04!:1'!#3E%$!&%43%$1W/%13$%'!%',/:37#1:*!2%'7:>!./:'%27/!$%4%:$/E!71!.<$7/:!2,43!:''$%44!3E%4%!/#1/%$14>!!JE%! /#*#17:*! /#1/%P3! #<! %',/:37#1! 3:,+E3! 3E:3! *73%$:/K! :1'! 1,2%$:/K! :$%! :8#,3! :87*73K! 3#!$%:'!3E%!f&#$'h!:1'!2:0%!472P*%!:''737#14>!?1!.<$7/:1!PE7*#4#PEK!:1'!&#$*'97%&[!E#&%9%$[!*73%$:/K!74!:*4#!:8#,3!$%:'71+!3E%!f&#$*'h[!:1'!1#3!A,43!3E%!f&#$'h>!C727*:$*K[!%',/:37#1!74!1#3!:8#,3! P:P%$! /E:4%[! 8,3! :8#,3! 3E%! P,$4,73! #<! &74'#2>! F',/:37#1! 74! 3E%! P$#/%44! #<!3$:14273371+!407**4!:1'!9:*,%4!<#$!3E%!%1E:1/%2%13!#<!4#/7%3K>!?1!3E74!4%14%[!4/E##*4[!/#**%+%4!:1'!,179%$4737%4!:$%!4,PP#4%'!3#!8%!%X3%147#14!#<!<:27*7%4!:1'!/#22,1737%4[!&E7/E!:$%!3E%!:+%134! #<! P$72:$K! 4#/7:*7e:37#1>! ),3! 472P*K[! 3E%! %137$%! 1%3&#$0! #<! <:27*K! 0714E7P4! :1'!/#22,173K! 9:*,%4! E:4! 8%%1! 3E%! 4#,$/%4! #<! *7<%! 407**4! :1'!&74'#2>! F9%$K! /E7*'!&:4! 3:,+E3!407**4! 3#! 8%/#2%! :! ,4%<,*! 2%28%$! #<! 4#/7%3K! i/<>! 6:43*%[! -=LGj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f2,1E,h! 74!*##4%*K! 3$:14*:3%'! :4! fP%$4#1h! 71! F1+*74E>! .1'! K%3! 71! F1+*74E! 3E%! /#1/%P3,:*74:37#1! #<!fP%$4#1h! 74!'7:2%3$7/:**K!'7<<%$%13! <$#2!3E:3!#<!8.*,6>!SE7*%! <#$!8.(6*+6F! fP%$4#1h!472P*K!$%<%$4! 3#! 3E%!87#*#+7/:*! %1373K>!S%!.<$7/:14!'74371+,74E! f2,1E,h! i3E%!87#*#+7/:*! <#$2j! <$#2!f,1E,h! i3E%! 9:*,%! /#13%13! #$! T,:*73K! #<! 8%71+! 8#3E! E,2:1! :1'! E,2:1%j>! SE%1!.<$7/:1^CE#1:! P%#P*%! 4:K! 6*,6! i6D6*'6! 71! _'%8%*%[! :1'! D3',3! 71! C%34&:1:j! 3E%K!:/01#&*%'+%! 3E:3! 3E%7$! :1/%43#$4! f01%&! >! >! >! ! <$#2! 3E%! 8%+71171+[! 3E:3! 3E%! /E:1+%! <$#2!:172:*! 3#! 3E%! a:&:$%1%44! #<! 8%71+R! 74! $%:**K! 3E%! P$#/%44! #<! :/E7%971+! :! E7+E%$! *%9%*! #<!/#14/7#,41%44h!iD,0,17[!5NN=\!B5j>!!!!H%4/$7871+!6D6*'6!:4!:1!.<$7/:1!%3E7/:*!9747#1[!CE,33%!i71!]70:1'7[!5NN=\!B;j!4:K4\!!!

u3E%!E,2:1!P%$4#1!74!f:!*79%!%*%/3$7/!&7$%!&E7/E!74!%9%$!%X,'71+!<#$/%!#$!%1%$+K!71!:**! '7$%/37#14u! 73! 74! *70%! :1! :,$:! :$#,1'! 3E%!E,2:1!P%$4#1[! :1! 7197478*%! 4E:'#&!#$!/*#,'! #$! 2743! <#$271+! 4#2%3E71+! *70%! #$! $:':$! <7%*'u&E7*%! PEK47/:**K! 734! 4%:3! 74!,1'%$43##'! 3#! 8%! 7147'%! 3E%! E,2:1! 8#'K[! 71! 3E%! 8*##'[! 734! 4#,$/%! 74! 8%K#1'! :1'!#,347'%!#<!3E%!E,2:1!PEK47/:*!8#'K>!

!?1! #3E%$!&#$'4!26*,6! 74! 3#! 8%! ,1'%$43##'! :4! P:$3! #<! 3E%! <#$/%4! 3E:3!2:0%! 3E%!`179%$4%>!JE%4%! <#$/%4! :$%!&E:3!&%! /#22#1*K! /:**! *7<%[!&E7/E! 74! %44%137:**K! *7971+!%1%$+K>! C:20:1+%!i-=(Nj!%2PE:47e%'!3E$%%!2:X724!&E7/E!4E:P%!3E%!PE7*#4#PEK!#<!6*,61-2m!1:2%*K\!!!

$!""

• 3#!8%!E,2:1!74!3#!:<<7$2!#1%s4!E,2:173K!8K!$%/#+17e71+!3E%!E,2:173K!#<!#3E%$4!:1'[!#1!3E:3!8:474[!%43:8*74E!$%4P%/3<,*!E,2:1!$%*:37#14!&73E!3E%2m!!!

• 7<! :1'! &E%1! #1%! 74! <:/%'! &73E! :! '%/7479%! /E#7/%! 8%3&%%1! &%:*3E! :1'! 3E%!P$%4%$9:37#1! #<! 3E%! *7<%! #<! :1#3E%$! E,2:1! 8%71+[! 3E%1! #1%! 4E#,*'! #P3! <#$! 3E%!P$%4%$9:37#1!#<!*7<%m!:1'!<71:**K!!

!• 3E%!*%:'%$!#&%4!E74!43:3,4[!71/*,'71+!:**!3E%!P#&%$4!:44#/7:3%'!&73E!73[!3#!3E%!&7**!#<!

3E%!P%#P*%!,1'%$!E72!iC:20:1+%[!-=(N\!5j>!!!M7%&71+! 3E%! `179%$4%! 3E74! &:K! E:4! 72P#$3:13! 72P*7/:37#14! <#$! E#&! #1%! 4%%4! E,2:14!S8.*,6H.D.*'6HD.',3TF! :1'! /#14%T,%13*K! E#&! :/:'%27/! $%4%:$/E! /:1! 72P$#9%! 3E%! *#3! #<!E,2:173K>!?1'%%'!3E%$%!:$%!2:1K!P$#8*%24!3E:3!:/:'%27/!$%4%:$/E!4E#,*'!E%*P!4#*9%!71!*7<%>!JE%!1#3%&#$3EK!P#713!74!3E:3!6*,6H6D6*'6HD3',3!P%$2%:3%4!:**!4PE%$%4!#<!E,2:1!%1'%:9#$!:1'!3E%!9:$7#,4!'74/7P*71%4!/#14373,379%!#<!$%4%:$/E!:$%:4!iPEK47/4[!/#22%$/%[!2:3E%2:37/4[!%13$%P$%1%,$4E7P[!+%#+$:PEK[!3#!1:2%!:!<%&j>!!./:'%27/!$%4%:$/E!74!3E%!/#$1%$43#1%!#<!2%:171+<,*!%',/:37#1!<#$!4%*<W$%*7:1/%!71!:1K!#<!3E%!<7%*'4! 2%137#1%'! :8#9%>! ?1! #1%! #<! E74! 4%271:*! P:P%$4! #1! fF',/:37#1! <#$! 4%*<W$%*7:1/%h!_K%$%$%!i-=L;\Bj!E:4!3E74!3#!4:K\!!!!

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e:37#1! :1'! 71!/#13%13>! JE%K! :$%! '7<<%$%13! 8%/:,4%! 3E%! 4#/7%37%4! P$#97'71+! 3E%! %',/:37#1! :$%!'7<<%$%13[!:1'!8%/:,4%!%',/:37#1[!&E%3E%$! 73!8%!<#$2:*!#$! 71<#$2:*[!E:4!:!P,$P#4%>!JE:3! P,$P#4%! 74! 3#! 3$:14273! <$#2! #1%! +%1%$:37#1! 3#! 3E%! 1%X3! 3E%! ://,2,*:3%'!&74'#2!:1'! 01#&*%'+%! #<! 3E%! 4#/7%3K[! :1'! 3#! P$%P:$%! 3E%! K#,1+! P%#P*%! <#$! 3E%7$!<,3,$%!2%28%$4E7P!#<!3E%!4#/7%3K!:1'!3E%7$!:/379%!P:$37/7P:37#1!71!734!2:713%1:1/%!#$!'%9%*#P2%13>!!

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

$#""

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

/]8!1>[WNWNS!#L;R>TWL!.>U>;?L:!!

]79%1! 3E%! :8#9%! 72P%$:379%4! #1! :/:'%27/! $%4%:$/E[! 73! <#**#&4! 3E:3! %9%1! 3E%! '%<71737#1! #<!:/:'%27/!$%4%:$/E!/:11#3!8%!4%%1!3#!'%<K!8#$'%$4!#<!'%<7171+!%3E#4>!.//#$'71+!3#!JE#2:4!i5NN=\5-j!:/:'%27/!$%4%:$/E!'7<<%$4!<$#2!1#1W:/:'%27/!P,$4,734!4,/E!:4!A#,$1:*742!71!3E:3!73!74!+#9%$1%'!8K!:!1,28%$!#<!%XP%/3:37#14>!JE%$%! 74! 3E%!%XP%/3:37#1!3E:3!:/:'%27/!$%4%:$/E!&7**\!

• :72!3#!<71'!1%&!01#&*%'+%[!• 8%!3E#$#,+E[!• 8%!8:*:1/%'[!• 8%!<:7$[!:1'!• 8%!%3E7/:*>!

"$#2!JE#2:4R!/$73%$7:!#1%!/:1!+%1%$:**K!'%<71%!:/:'%27/!$%4%:$/E!:4!:!'%3:7*%'!43,'K!#<!:!4,8A%/3[!%4P%/7:**K!71!#$'%$!3#!'74/#9%$!i1%&j!71<#$2:37#1!#$!$%:/E!:!i1%&j!,1'%$43:1'71+>!

JE%!&#$'!v$%4%:$/Ev!74!,4%'!3#!'%4/$78%!:!1,28%$!#<!4727*:$!:1'!#<3%1!#9%$*:PP71+!:/379737%4!719#*971+!:!4%:$/E!<#$! 71<#$2:37#1>!C%9%$:*!:/379737%4!2:K! 719#*9%!4#2%!<#$2!#<!4%:$/Em!8,3!3E%! '7<<%$%1/%4! 8%3&%%1! :/:'%27/! :1'! 1#1W:/:'%27/! 4%:$/E%4! :$%! 2:4479%! :1'! &#$3E!%X:27171+>! JE%! <#**#&71+! :4P%/34! '74371+,74E! :/:'%27/! #$! 4/E#*:$*K! $%4%:$/E! <$#2! 1#1W:/:'%27/!$%4%:$/E\!!

• ?3!74!%2P7$7/:*!

• ?3!3:0%4!:!9:$7%3K!#<!<#$24!

• ?3!4E#,*'!8%!9:*7'!

• ?3!4E#,*'!8%!$%*7:8*%!

• ?3!4E#,*'!8%!4K43%2:37/!

• ?3!2,43!8%!'7$%/3%'!8K!%3E7/:*!/#147'%$:37#14!

i/<>!JE#2:4[!5NN=j!)

$$""

O8$&"&1%9!2%:14! 3E:3! 01#&*%'+%! '%$79%'! <$#2! $%4%:$/E! 74! 8:4%'!#1! ':3:! /#**%/3%'! 8K! 3E%!$%4%:$/E%$>! P%"&#/:) 2%:14! 3E:3! :/:'%27/! $%4%:$/E! 3:0%4! '7<<%$%13! <#$24! :1'! :'#P34!'7<<%$%13!2%3E#'#*#+7%4!'%P%1'71+!#1!3E%!72P%$:379%4!#<!P:$37/,*:$!'74/7P*71%4>!d%3!%9%1!:4!'74/7P*71%4! :$%! '7<<%$%13[! 3E%K! :$%! :**! %XP%/3%'! 3#! :'E%$%! 3#! 3E%! '%2:1'4! #<! 9:*7'73K[!$%*7:87*73K! :1'! 4K43%2:37/73K! /$73%$7:>! .PP:$%13*K! 73! 74! 3E%! *:33%$! P$71/7P*%! 3E:3! 71! <:/3! K7%*'4!8#3E!9:*7'73K!:1'!$%*7:87*73K!:4!%XP*:71%'!8%*#&>!O,3!8%<#$%!3E%!%XP*:1:37#1[!73!74!7143$,/379%!3#!4E:$%!&E:3!$%4%:$/E!74!1#3>!

• D%4%:$/E! 74!1#3!2%$%! 71<#$2:37#1!+:3E%$71+!iD%4%:$/E! 74!1#3!:8#,3!:!]$:'%!5!/E7*'!8%71+!4%13!8K!E%$!3%:/E%$!3#!+%3!71<#$2:37#1!#1!:!<%&!<:/34>!?3!74!2,/E!2#$%!4%$7#,4!3E:1!3E:3>!?3!74!4K43%2:37/j!

!• D%4%:$/E!74!1#3!2%$%*K!:8#,3!+%3371+!71<#$2:37#1!:1'!&$7371+!73!1%:3*K!71!:!P:P%$!i7>%>!

3$:14/$7P37#1!#<! <:/34! <$#2!#1%! *#/:37#1! 3#! :1#3E%$j>! JE%! %44%1/%!#<! $%4%:$/E! 74! 71!713%$P$%3:37#1!$%4,*371+!71!'$:&71+!/#1/*,47#14!P%$371%13!3#!3E%!1%%'4!#<!E,2:173K>!

!• D%4%:$/E!74!1#3!2%$%*K!:8#,3!*##071+!:3!$%/#$'4!3E:3!%X743!

!• D%4%:$/E!74!1#3!:!/:3/E&#$'!,4%'!3#!+%3!:33%137#1!

!!/]@!":>!+VU=>T;=WL!-?OL>UU!O[!#L;R>TWL!.>U>;?L:!"$#2!3E%!<#$%+#71+[!&%!:$%!,1:287+,#,4*K!71<#$2%'!3E:3!$%4%:$/E!74!4K43%2:37/>!.//#$'71+!3#! 3E%! &'.*/.(/! C377)+)! @1:'13*.(N[! 3E%! :'A%/379%! a4K43%2:37/R! 2%:14! f/:$$7%'! #,3! &73E!#$+:174%'! $%+,*:$73Kh>! JE74! <#**#&4! 3E:3! :/:'%27/! $%4%:$/E! <#**#&4! :! $%/#+17e%'! #$'%$! #$!P:33%$1>! ?3! 74! :! 43%PW8KW43%P! 4/E#*:$*K! ,1'%$3:071+>! JE%!2#43! P$#271%13! 43%P4! #$! 4%$7%4! #<!:/379737%4!3#!8%!<#**#&%'!:$%\!!

• ?'%137<7/:37#1!:1'!'%<71737#1!#<!3E%!$%4%:$/E!P$#8*%2!!

• D%97%&71+!#<!$%*:3%'!*73%$:3,$%!

• 6#**%/37#1!:1'!/#**:37#1!#<!$%*%9:13!':3:!

• H74/,447#1!:1'!:1:*K474!#<!<71'71+4!i':3:!:1:*K474j!

• H$:&71+! /#1/*,47#14! :1'! 2:071+! $%/#22%1':37#14! 8:4%'! #1! $%4,*34! #<!:1:*K474!

JE%!:/37973K!8%*#&!$%T,7$%4!3E:3!K#,!$%<*%/3!#1!3E%!4K43%2:37/!1:3,$%!#<!$%4%:$/E>!!#L=W^W=V!/]4!!:>!]79%!:!'%<71737#1!#<!a$%4%:$/ER!71!K#,$!#&1!&#$'4>!8>! ?'%137<7/:37#1!:1'!'%<71737#1!#<!:! $%4%:$/E!P$#8*%2!$%T,7$%4!K#,! 3#!8%!4K43%2:37/>!SE:3!'7<<7/,*37%4!E:9%!K#,!%XP%$7%1/%'!71!3$K71+!3#!'#!3E:3U!!!d#,!&7**!:+$%%!3E:3!3E%$%!:$%!2:1K!'%<71737#14!#<!3E%!/#1/%P3!#<!$%4%:$/E>!?1!2:1K!7143:1/%4[!3E%K!E:9%!/#22#1:*737%4>!?3!74!3#!K#,$!:'9:13:+%!3#!%X:271%!3E#4%!'%<71737#14!:1'!/#2%!,P!&73E!:!P%$4#1:*7e%'!#1%! 71!&#$'4!K#,!,1'%$43:1'>!@1%!#<! 3E%!2#43!'7<<7/,*3! 43:+%4! <#$! 3E%!$%4%:$/E%$!74!7'%137<7/:37#1!#<!:!$%4%:$/E!:$%:!:1'!4P%/7<K71+!3E%!P$#8*%2>!@1%!#<!3E%!2:A#$!'7<<7/,*37%4! 74!3E%!:87*73K!3#! 74#*:3%!#1%!P:$37/,*:$!P$#8*%2!#,3!#<!3E%!4%9%$:*!K#,!2:K!E:9%>!SE%1!43:$371+!#1!$%4%:$/E[!:14&%$4!3#!3E%4%!T,%437#14!:8#,3!3E%!1:3,$%!#<!$%4%:$/E!4E#,*'!8%!:40%'>!

$%""

• SEK!/:$$K!#,3!3E%!$%4%:$/EU!

• SE:3!71<#$2:37#1!74!1%%'%'U!

• SE:3!:$%!3E%!9:$7:8*%4U!

• SE#!&7**!P$#97'%!3E%!71<#$2:37#1U!

• SE:3!43,'7%4!E:9%!8%%1!/#1',/3%'!:*$%:'KU!

• SE:3!$%4#,$/%4!:$%!1%%'%'!<#$!3E%!43,'KU!

• Y#&!&7**!3E%!$%4,*34!8%!:1:*Ke%'U!

• Y#&!&7**!3E%!$%4,*34!8%!,4%'U!

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e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i:87*73K! 3#!713%$P$%3! $%4,*34! &73E! $%:4#1:8*%! /%$3:713Kj! :1'! %X3%$1:*! 9:*7'73K! i:87*73K! 3#! +%1%$:*7e%!71<#$2:37#1!#83:71%'j>!!!/]D!":>!.>QW;YWQW=V!O[!#L;R>TWL!.>U>;?L:!SE:3! &%! E:9%! 4:7'! :8#,3! 9:*7'73K! 71! T,:*73:379%! :1'! T,:1373:379%! ':3:! :1:*K474! :PP*7%4! 3#!$%*7:87*73K!:4!&%**>! ?1!T,:1373:379%!$%4%:$/E!$%*7:87*73K!$%<%$4!3#!3E%!$%P%:3:87*73K[!$%P*7/:87*73K!:1'!/#14743%1/K!#<!$%4%:$/E[!3E:3!74[!3E%!%X3%13!3#!&E7/E!73!/:1!8%!$%P$#',/%'>!D%*7:87*73K!/:1!8%! 2%:4,$%'! 713%$1:**K! #$! %X3%$1:**K>! ?13%$1:*! $%*7:87*73K! 74! 3E%! %X3%13! 3#! &E7/E! ':3:!/#**%/37#1[! :1:*K474[! :1'! 713%$P$%3:37#1! :$%! /#14743%13! +79%1! 3E%! 4:2%! /#1'737#14! &E7*%!

$&""

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

/]D]/!":?>;=U!=O!^;QWRW=V!!

"#$!3E%!01#&*%'+%!+%1%$:3%'!3E$#,+E!$%4%:$/E!3#!8%!://%P3:8*%[!3E%!'%47+1!3E:3!+%1%$:3%4!

3E%!01#&*%'+%!4E#,*'!E:9%!://%P3:8*%!713%$1:*!:1'!%X3%$1:*!9:*7'73K>!?13%$1:*!9:*7'73K!74!3E%!

%X3%13! 3#! &E7/E! #84%$9%'! /E:1+%4! i'%P%1'%13! 9:$7:8*%4j! E:9%! 8%%1! /:,4%'! 8K! 3E%!

2:17P,*:3%'! i71'%P%1'%13j! 9:$7:8*%4>! FX3%$1:*! 9:*7'73K! 74! 3E%! %X3%13! 3#! &E7/E! 9:$7:8*%!

$%*:37#14E7P4! /:1!8%! +%1%$:*74%'! 3#! 4,/E! 4727*:$! 473,:37#14!%*4%&E%$%>!M:*7'73K! 74[! E#&%9%$[!

4,4/%P378*%!3#!9:$7#,4!3E$%:34>!

!

&M))<4"#%/.)/+)&'/#"'%9)=%9&6&/:)

JE%!3E$%:34!3#!713%$1:*!9:*7'73K!:$%\!

• F<<%/34!#<!2:3,$:37#1m!

• F<<%/34!#<!E743#$Km!

• F<<%/34!#<!3%4371+m!

• )##$!4:2P*71+m!

• FXP%$72%13%$!87:4m!

• )##$!7143$,2%13:37#1m!

• )##$!'%<71737#1!#<!9:$7:8*%4m!:1'!

• FXP%$72%13:*!2#$3:*73K>!

!

!

$'""

!

!

&&M)<4"#%/.)/+)OQ/#"'%9)P%9&6&/:!

JE%!3E$%:34!3#!%X3%$1:*!9:*7'73K!:$%\!

• ?13%$<%$%1/%!#<!P$7#$!3$%:32%13m!

• .$37<7/7:*73K!#<!%XP%$72%13:*!4%3!,Pm!

• FX3%13!#<!3$%:32%13!9%$7<7/:37#1m!

• ?13%$:/37#1!%<<%/3!#<!3%4371+m!:1'!

• ?13%$:/37#1!#<!4%*%/37#1!:1'!3$%:32%13>!

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

11#!A<<71)/!()-).(:,!74!/#1',/3%'!3#!4#*9%!:1!722%'7:3%!P$:/37/:*!P$#8*%2m!:1'!!

111#!A:'13*! ()-).(:,! 74! /#1',/3%'!8K!:!P$:/3737#1%$[!&E#!2:K!8%!:1!:/:'%27/[! 3#! :7'! ! ! ! ! ! 71!'%/747#1W2:071+!:3!3E%!*%9%*!#<!:1K!714373,37#1>!!

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e%4! 71W'%P3E! 713%$97%&4! &73E!:PP$#P$7:3%!4,8A%/34!3#!,1'%$43:1'!3E%!PE%1#2%1#1!8%71+!43,'7%'>!!

$(""

V',*3+(.<,1/!$%4%:$/E!74!$%4%:$/E!/#1474371+!#<!:1!71W'%P3E[!:1:*K37/:*!'%4/$7P37#1!#<!:! 4P%/7<7/! /,*3,$:*! i#$! %',/:37#1:*j! 473,:37#1>! ! F3E1#+$:PEK! $%*7%4! E%:97*K! #1!#84%$9:37#1[! '%4/$7P37#1[! :1'! T,:*73:379%! A,'+2%134! #$! 713%$P$%3:37#14! #<!PE%1#2%1:!#//,$$71+!71!1:3,$:*!4%3371+4!i:4!&73E!/:4%!43,'7%4j>!!A!C.-)!&'6/N! 74!:1! 71W'%P3E!:1:*K474!#<!:!471+*%!/:4%!#$!:! <%&!2,*37P*%!/:4%4>! !6:4%!43,'7%4!,37*74%!:!9:$7%3K!#<!71<#$2:37#1!4#,$/%4!3#!#83:71!:1!71W'%P3E!,1'%$43:1'71+!#<!3E%!/:4%!,1'%$!43,'K>!!V,:*73:379%!$%4%:$/E!74!/*#4%*K!:44#/7:3%'!&73E!+$#,1'%'!3E%#$K>![(36*/)/!3E%#$K!74!3E%!8:474!#<!+$#,1'%'!$%4%:$/E>!?3!719#*9%4!'%9%*#P2%13!#<!:!3E%#$K!i3E%#$7%4j!8:4%'!#1!':3:!/#**%/3%'!<$#2!3E%!<7%*'!3E$#,+E!T,:*73:379%!2%3E#'4[!%4P%/7:**K!41#&8:**71+>!!`4,:**K!73!,37*7e%4!2,*37P*%!713%$97%&4!3#!#83:71!3E%!':3:!*%:'71+!3#!3E%!<#$2,*:37#1!#<!:! 3E%#$K! :<3%$! :! 4%$7%4! #<! EKP#3E%4%4! 3%4371+! :1'! %43:8*74E2%13! #<! /#1<7$2%'!%2%$+71+!P:33%$14!:8#,3!$%*:37#14E7P4!8%3&%%1!PE%1#2%1:>!

!.1#3E%$! 4%3! #<! '%47+1W$%*:3%'! :/:'%27/! $%4%:$/E! 3KP#*#+7%4! <:**4! ,1'%$! T,:1373:379%!<$:2%&#$0!&E#4%! P,$P#4%! 74! 3#! '%3%$271%! /:,4:*! *710:+%4>! JE%! $%4%:$/E! 3KP%4[!&E7/E! <:**!,1'%$!3E74!/:3%+#$K!:$%\!%XP%$72%13:*[!T,:47W%XP%$72%13:*[!/:,4:*W/#2P:$:379%[!/#$$%*:37#1:*!:1'!4,$9%K!$%4%:$/E%4>!!

VO<)(12)*'.7!$%4%:$/E!74!#1%!71!&E7/E[!:3!*%:43!#1%!9:$7:8*%[!3E%!%XP%$72%13:*!9:$7:8*%[!74!'%*78%$:3%*K!2:17P,*:3%'!8K!3E%!$%4%:$/E%$!3#!'%3%$271%!3E%!%<<%/34!#<!3E%!9:$7:37#1>!!56.-1L)O<)(12)*'.7! $%4%:$/E! 74! 4727*:$! 3#! %XP%$72%13:*! $%4%:$/E! %X/%P3! 3E:3! 713:/3!+$#,P4!:$%!,4%'!:4!4,8A%/34!#<!3E%!$%4%:$/E!i$:3E%$!3E:1!4,8A%/34!$:1'#2*K!:447+1%'!3#!%XP%$72%13:*!/#1'737#14j>!!!C.6-.7L:32<.(.'18)!$%4%:$/E!:33%2P34!3#!%43:8*74E!/:,4%W%<<%/3!$%*:37#14E7P4!719#*971+!+$#,P!/#2P:$74#14>!!`1*70%!%XP%$72%13:*!$%4%:$/E[!E#&%9%$[!3E%!:**%+%'!/:,4:*!9:$7:8*%!74!1#3!2:17P,*:3%'!8K! 3E%! $%4%:$/E%$m! 73! 74! 43,'7%'!:4! 73!#//,$$%'!:3! 4#2%! 372%! 71! 3E%!P:43>!!!!C3(()7.'13*.7! $%4%:$/E! :33%2P34! 3#! '%3%$271%! &E%3E%$[! :1'! 3#! &E:3! '%+$%%[! :!$%*:37#14E7P! %X7434! 8%3&%%1! 3&#! #$! 2#$%! 9:$7:8*%4>! ! JE%! P,$P#4%! #<! /#$$%*:37#1:*!$%4%:$/E! 74!3#!%43:8*74E!:!$%*:37#14E7P!i#$! *:/0!#<!:!$%*:37#14E7Pjm!#$!,4%!:1!%43:8*74E%'!$%*:37#14E7P!3#!2:0%!P$%'7/37#14>!&6(8)N!$%4%:$/E!'%:*4!&73E!3E%!71/7'%1/%[!'743$78,37#1[!:1'!$%*:37#14E7P4!#<!%',/:37#1:*[!P4K/E#*#+7/:*[! :1'! 4#/7#*#+7/:*! 9:$7:8*%4>! ! M:$7:8*%4! :$%! 43,'7%'! :4! 3E%K! %X743! 71! 3E%!473,:37#1>!!V,73%!#<3%1[!4,$9%K!$%4%:$/E!'%4/$78%4!E#&!3E71+4!:$%>!

!.**! 71! :**! $%4%:$/E! $%T,7$%2%134! '7/3:3%! &E%3E%$! 3E%! 2%3E#'#*#+K! &7**! 8%! P$72:$7*K!T,:*73:379%! #$! T,:1373:379%[! #$! :! /#2871:37#1! #<! 8#3E>! S%! 1#&! $%97473! 3E%! 3&#! $%4%:$/E!'%47+1!3KP%4!71!3E%!1%X3!:/37973K>!!#L=W^W=V!/]8!:>! D%:'! 3E%! <#$%+#71+! 3%X3[! '%:*71+! &73E! 3E%! T,:1373:379%! :1'! T,:*73:379%! $%4%:$/E!!!!!!!!!!!!3KP%4>!!8>!!!S73E#,3!*##071+!:3!3E%!3%X3[!71!K#,$!#&1!&#$'4[!<7**!71!&E:3!K#,!3E710!%:/E!3KP%!i*743%'!71!3E%!<7$43!/#*,21j!%13:7*4>!

!

$6""

!!

.>U>;?L:!"V<>! H:;=!W=!>N=;WQU!Y743#$7/:*!$%4%:$/E!

!

!

!)E%1#2%1#*#+7/:*!$%4%:$/E!

!

!

6:4%!43,'K!$%4%:$/E!

!

!

!V,:47!%XP%$72%13:*!$%4%:$/E!

!

!

!6#$$%*:37#1:*!$%4%:$/E!

!

!

!C,$9%K!$%4%:$/E!

!

!

!

JE74!:/37973K!:724!:3!%14,$71+!3E:3!K#,!:$%!/:P:8*%!#<!'74371+,74E71+!#1%!$%4%:$/E!3KP%!<$#2!#3E%$4>! ",$3E%$[! 73! +79%4!K#,!+$#,1'71+! 71! $%4%:$/E! 3KP%4[! 3E,4!%1:8*71+!K#,! 3#!/#14/7#,4*K!2:0%!/E#7/%4!&E%1%9%$!'%/7'71+!&E:3!3KP%!#<!$%4%:$/E!3#!&#$0!#1>!?1!3E%!1%X3!4%/37#1!&%!'74/,44!a9:$7:8*%4R>!

/]I!.>U>;?L:!9;?W;YQ>U!

d#,! &7**! E:9%! 1#37/%'! 3E:3! &%!2:'%! $%<%$%1/%4! 3#! a9:$7:8*%4R! #<! :! +79%1! 43,'K>!SE:3! :$%!$%4%:$/E! 9:$7:8*%4U! JE#,+E! 3E74! 2:K! 4#,1'! :1! #897#,4! T,%437#1[! #,$! %XP%$7%1/%! &73E!43,'%134!74!3E:3!2:1K!E:9%!P$#8*%24!'%<7171+!3E%!9:$7:8*%4!#<!3E%!43,'K!3E%K!&7**!8%!'#71+>!J,/02:1! i-==G\! BLWG;j! '74/,44%4! <79%! 9:$7:8*%4[! 1:2%*K\! ?1'%P%1'%13[! '%P%1'%13[!2#'%$:3#$[!/#13$#*[!:1'!713%$9%171+!9:$7:8*%4>!?3!74!1#3%&#$3EK!3E:3!K#,$!P$#8*%2!43:3%2%13!,4,:**K!4E#&4!3E%!$%*:37#14E7P!8%3&%%1!9:$7:8*%4[!:4!%XP*:71%'! 722%'7:3%*K!:<3%$! 3E%!8$7%<!'%<71737#14!8%*#&>!!

R,)!E*/)<)*/)*'!`.(1.D7)!

• ?3!74!3E%!71P,3!#$!4372,*,4!9:$7:8*%!• ?3!74!2:17P,*:3%'!3#!/:,4%!:!/E:1+%!71!#3E%$!9:$7:8*%4!• .1!:13%/%'%13!/#1'737#1!P$%/%'71+!:!P:$37/,*:$!/#14%T,%1/%>!

R,)!@)<)*/)*'!`.(1.D7)!

• ?3!74!3E%!#,3P,3!#$!$%4P#14%!9:$7:8*%!• ?3!74!3E%!#84%$9%'!:4P%/3!#<!8%E:97#,$!#<!3E%!#$+:1742!3E:3!E:4!8%%1!4372,*:3%'!• ?3!74!2%:4,$%'!:1'!#84%$9%'!3#!'%3%$271%!3E%!%<<%/3!#<!3E%!71'%P%1'%13!9:$7:8*%!

!

$B""

R,)!Q3/)(.'3(!`.(1.D7)!

• .!4%/#1':$K!71'%P%1'%13!9:$7:8*%!• C%*%/3%'!3#!'%3%$271%!7<!73!:<<%/34!3E%!$%*:37#14E7P!8%3&%%1!3E%!P$72:$K!71'%P%1'%13!

9:$7:8*%!:1'!3E%!'%P%1'%13!9:$7:8*%!!

R,)!C3*'(37!`.(1.D7)!

• .**!3E#4%!9:$7:8*%4!71!:!473,:37#1!3E:3!/:11#3!8%!43,'7%'!:3!3E%!4:2%!372%!• ":/3#$4! /#13$#**%'! 71! #$'%$! 3#! /:1/%*! #$! 1%,3$:*7e%! :1K! %<<%/3! #1! 3E%! '%P%1'%13!

9:$7:8*%!

R,)!E*')(8)*1*+!`.(1.D7)!

• .! <:/3#$! &E7/E! 3E%#$%37/:**K! :<<%/34! 3E%! '%P%1'%13! 9:$7:8*%! 8,3! /:11#3! 8%! 4%%1[!2%:4,$%'!#$!2:17P,*:3%'!

• ?34! %<<%/3! 2,43! 8%! 71<%$$%'! <$#2! 3E%! %<<%/34! #<! 3E%! 2#'%$:3#$! 9:$7:8*%4! #1! 3E%!'%P%1'%13!9:$7:8*%!

J#!%X%2P*7<K[!&%!,4%!3E%!$%4%:$/E!3#P7/\!!

<4#) #RR#1/.) +R) &6#%.) %S+,/) 1+,".#) 6#=#9+$8#'/) +') T"&//#') +$#') %'6) 6&./%'1#)#6,1%/&+')./,6:)8%/#"&%9.M)

?1'%P%1'%13! M:$7:8*%! w! 3E%! /#,$4%! 7'%:4! ,4%'! 3#! +,7'%! 3E%!&$7371+! #<! 3E%!2#',*%! 8K! 3E%!&$73%$>!

H%P%1'%13! M:$7:8*%! ! ! ! w! T,:*73K! 43,'K! 2:3%$7:*4[! &E7/E! :$%! 3E%! '7$%/3! $%4,*3! #<! /#$$%/3*K!:PP*7%'!7'%:4>!

Z#'%$:3#$!M:$7:8*%!!!!!w!3E%!P:43!%XP%$7%1/%!#<!3E%!2#',*%!&$73%$!&E7/E!27+E3!8%!71<*,%137:*!#1!!3E%!T,:*73K!#<!3E%!2:3%$7:*>!!

6#13$#*!M:$7:8*%!!!!!!!!!w!2:3,$:37#1!^!E743#$K!#<!3E%!2#',*%!&$73%$>!

?13%$9%171+!M:$7:8*%!!!w!3E%!*%9%*!#<!2#379:37#1!#<!3E%!&$73%$!3#!*%:$1!1%&!7'%:4>!!

#L=W^W=V!/]@!

Q##0! /*#4%*K! :3! 3E%! <79%! 9:$7:8*%4>! J:071+! 3E%! $%4%:$/E! 3#P7/! K#,! :$%! $%4%$/E71+! #1! #$! K#,!713%1'!3#!&#$0!#1[!4P%**!#,3!3E%!71'%P%1'%13!:1'!'%P%1'%13!9:$7:8*%4>!

.87*73K!3#!4P%**!#,3!3E%4%!3&#!9:$7:8*%4[!71!P:$37/,*:$[!E%*P4!K#,!&#$0!2#$%!2%:171+<,**K!:1'!4K43%2:37/:**K!#1!K#,$!3#P7/>!

?3!74!3E%!1:3,$%!#<!$%4%:$/E!3E:3!73!E:4!4P%/7:*743!9#/:8,*:$K[!&E:3!&%!2:K!3%$2!3E%!'74/#,$4%!#<!$%4%:$/E>!D%4%:$/E%$4!/#14373,3%!:!/#22,173K!&73E!:!P,$P#4%[!:1'!3E%$%!:$%!&#$'4!:1'!%XP$%447#14!K#,!4E#,*'!8%!<:27*7:$!&73E!:4!:!$%4%:$/E%$>!O%*#&[!:$%!<#,$!4,/E!3%$24[!&E7/E!K#,! &7**! /#143:13*K! 713%$:/3! &73E>! ?1! 3E%! /#*,214! :1'! $#&4! :<3%$! 3E#4%! &E7/E! E:9%! 8%1!'%<71%'!<#$!K#,[!:''!:4!2:1K!:4!K#,!/:1[!:1'!%43:8*74E!3E%7$!2%:171+!:1'!$%*%9:1/%>!

%G""

!

/]/J!$;UWL!)ONL><=U!WN!.>U>;?L:!!

)ONL><=! 2>;NWNS! .>Q>^;NL>!!->!JE%#$K!! .!4%3!#<!%XP*:1:3#$K!/#1/%P34! )$#97'%4!72P%3,4!<#$!$%4%:$/E!5>!YKP#3E%474!! .! 3%43:8*%! P$#P#4737#1^! :1! %XP%/3:37#1! #<!

3E%!#,3/#2%!#<!3E%!43,'K!6:1!8%!/#1<7$2%'!#$!'74/#1<7$2%'!

B>!Z%3E#'#*#+K!! .! +%1%$:*! :PP$#:/E! i/#1474371+! #<! 3E%!/#13$#**71+! PE7*#4#PEK! :1'! P$71/7P*%4j!&E7/E!71<#$24!3E%!$%4%:$/E>!

F43:8*74E%4!E#&!#1%!&7**! +#!:8#,3!43,'K71+!:1K!PE%1#2%1#1!

G>!Z%3E#'!! .!4P%/7<7/!&:K!#<!/:$$K71+!#,3!3E%!43,'K! Z#$%! #$! *%44! ,4%<,*! '%P%1'71+! #1!734! <73! &73E! 3E%#$7%4! :1'!2%3E#'#*#+7%4!

I>!.PP$#:/E!!!

! !

L>!):$:'7+2!!

! !

;>!!

! !

(>!!!

! !

=>!!!

! !

-N>!!

! !

!Z:0%! /%$3:71! 3E:3! K#,! /,*379:3%! /*#4%43! <:27*7:$73K!&73E! 3E%2[! :1'! /#14/7#,4*K! :PP*K! 3E%2!&E%1!&#$071+!#1!3E%!'7<<%$%13!P:$34!#<!3E%!43,'K>!!

/]//!%>UUONU!%>;?N=![?OT!U=XR>N=Ub!PO?M!

C,P%$974#$4!E:9%!'$:&1!:!1,28%$!#<!*%44#14!71!3E%7$!713%$:/37#1!&73E!P#43+$:',:3%!43,'%134!$%+:$'71+!3E%!1:3,$%!#<!$%4%:$/E>!

• ?3!74!#<3%1!:!43$,++*%!<#$!43,'%134!3#!:$$79%!:3!:!$%4%:$/E:8*%!3#P7/>!• Z:1K! 43,'%134! %73E%$! /#2P*%3%*K! <:7*! 3#! '%<71%! 3E%7$! 9:$7:8*%4[! #$! '%<71%! 3E%2!

9:+,%*K>!• Z:1K! 43,'%134! 3%1'! 3#! %28:$0! #1! :! 43,'K! <#$! 3E%! 4:0%! #<! #83:7171+! :/:'%27/!

T,:*7<7/:37#14[!&73E#,3!+7971+!',%!/#147'%$:37#1!3#!6*,6H6D6*'6HD3',3#!• JE%$%!:$%!2:1K!$%4%:$/E!3%$24[!&E7/E!:$%!,4%'!713%$/E:1+%:8*K!%9%1!&E%1!3E%K!'#!

1#3!2%:1!3E%!4:2%>!• .3!372%4!43,'%134!'#!1#3!<#**#&!3E%!43%P4!&E7/E!2:0%!$%4%:$/E!4K43%2:37/>!

/]/4!+XTT;?V!

?1!E74!8##0!%1373*%'!_6*/.2)*'.7-!34!V/6:.'13*.7!9)-).(:,[!]:$K!.1'%$4#1!E:4!#,3*71%'!3%1!/E:$:/3%$7437/4!3E:3!/:1!8%!,4%'!3#!<,$3E%$!,1'%$43:1'!&E:3!3E%!<7%*'!#<!:/:'%27/!$%4%:$/E!%13:7*4\!!

%!""

• F',/:37#1:*!$%4%:$/E!:33%2P34!3#!4#*9%!:!P$#8*%2>!• D%4%:$/E! 719#*9%4! +:3E%$71+! 1%&!':3:! <$#2!P$72:$K! #$! <7$43WE:1'! 4#,$/%4! #$! ,471+!

%X74371+!':3:!<#$!:!1%&!P,$P#4%>!• D%4%:$/E!74!8:4%'!,P#1!#84%$9:8*%!%XP%$7%1/%!#$!%2P7$7/:*!%97'%1/%>!• D%4%:$/E!'%2:1'4!://,$:3%!#84%$9:37#1!:1'!'%4/$7P37#1>!• D%4%:$/E!+%1%$:**K!%2P*#K4!/:$%<,**K!'%47+1%'!P$#/%',$%4!:1'!$7+#$#,4!:1:*K474>!• D%4%:$/E!%2PE:47e%4!3E%!'%9%*#P2%13!#<!+%1%$:*7e:37#14[!P$71/7P*%4!#$!3E%#$7%4!3E:3!

&7**!E%*P!71!,1'%$43:1'71+[!P$%'7/37#1!:1'^#$!/#13$#*>!• D%4%:$/E!$%T,7$%4!%XP%$374%x<:27*7:$73K!&73E!3E%!<7%*'m!/#2P%3%1/%!71!2%3E#'#*#+Km!

3%/E17/:*!407**!71!/#**%/371+!:1'!:1:*Ke71+!3E%!':3:>!• D%4%:$/E!:33%2P34!3#!<71'!:1!#8A%/379%[!,187:4%'!4#*,37#1!3#!3E%!P$#8*%2!:1'!3:0%4!

+$%:3!P:714!3#!9:*7':3%!3E%!P$#/%',$%4!%2P*#K%'>!• D%4%:$/E!74!:!'%*78%$:3%!:1'!,1E,$$7%'!:/37973K!&E7/E!74!'7$%/37#1:*!8,3!#<3%1!$%<71%4!

3E%!P$#8*%2!#$!T,%437#14!:4!3E%!$%4%:$/E!P$#+$%44%4>!• D%4%:$/E! 74! /:$%<,**K! $%/#$'%'! :1'! $%P#$3%'! 3#! #3E%$! P%$4#14! 713%$%43%'! 71! 3E%!

P$#8*%2>!

?1! /#1/*,47#1! :1'! 71! *71%! &73E!6D6*'6! %3E#4[! :/:'%27/! $%4%:$/E! 4E#,*'! 3:0%! 713#! ://#,13!4%9%$:*! %3E7/:*! /#147'%$:37#14>! ",$*#1+! :1'! #3E%$4! i5NNNm! 5;j! 7'%137<K! 3E%! <#**#&71+! 47X!+%1%$:*! P$71/7P*%4\! /#2P%3%1/%! 713%+$73K[! P$#<%447#1:*! :1'! 4/7%137<7/! $%4P#14787*73K[! $%4P%/3!<#$!P%#P*%R4! $7+E34! :1'!'7+173K[! /#1/%$1! <#$! 3E%!&%*<:$%!#<!#3E%$4! :1'! 4#/7:*! $%4P#14787*73K>!JE74!/E:P3%$!E:4!%2PE:47e%'!3E:3!4/E#*:$*K!$%4%:$/E!4E#,*'!8%!+,7'%'!8K!3E%!&#$*'97%&!:1'!1%%'4! #<! 3E%! *:$+%$! /#22,173K>! .*4#! P%$371%13! 3#! :/:'%27/! $%4%:$/E! 74! 3E%! T,:*73K! #<!-N-')2.'1:1'N! :1'! -:1)*'141:1'N! &E7/E! K7%*'! 9:*7'73K! :1'! $%*7:87*73K! #<! $%4,*34>! JE%4%! :$%! 3E%!:33$78,3%4!#<!:/:'%27/!$%4%:$/E[!&E7/E!+79%!73!713%$1:37#1:*!://%P3:87*73K>!C,/E!74!3E%!1:3,$%!#<!:/:'%27/!$%4%:$/E>!!!.>[>?>NL>U!!6:43*%[!F>!O>!i-=LGj>![(3=1*+!M<!1*!V.-'!A4(1:.#!Q#1'#1\!@`)!!H#$%!D!i-=;Lj!R,)!@1<732.!@1-).-)B!V/6:.'13*F!56.7141:.'13*!.*/!@)8)73<2)*'F!`179%$473K!#<!6:*7<#$17:!)$%44[!O%$0%*%K!:1'!Q#4!.1+%*%4>!!",$*#1+[! _>! Q#9%*:/%[! F>! :1'! Q#9%*:/%[! c>! i5NNNj! 9)-).(:,! Q)',3/-! .*/! &'.'1-'1:-B! A*!E*')+(.')/!A<<(3.:,[!Y:$/#,$3!6#**%+%!),8*74E%$4[!_%&!d#$0>!!_K%$%$%!b!i-=L;j!>371:N!U33K7)'[!]#9%$12%13!#<!J:1e:17:[!H:$!%4!C:*::2>!D,0,17!Z>!i5NN;j!U)1*+!A4(1K.*B!9)/1-:38)(1*+!',)!R(./1'13*.7!M*,6LMD6*'6LU3',3!>.',=.N-!34!U)1*+!W62.*[!Z:1':*:!),8*74E%$4[!)$%3#$7:>!!C:20:1+%!i-=(Nj!W6*,61-2!3(!MD6*'61-2[!Q#1+2:1[!Y:$:$%>!!CE,33%! 71! F'4>!Z,$#9%!Z! i5NN=j!A4(1:.*! V',1:-B! A*!A*',373+N! 34! C32<.(.'18)! .*/!A<<71)/!V',1:-F!`179%$473K!#<!c&:e,*,W_:3:*[!_:3:*>!!!JE#2:4[!]!i5NN=j!9)-).(:,!>(3Z):'[!C:+%[!Q#4!.1+%*%4>!!J,/02:1[! O>! S>! i-==Gj>! C3*/6:'1*+! V/6:.'13*.7! 9)-).(:,#! _%&! d#$0\! Y:$/#,3! O$:/%!b#9:1#97/E[!?1/>!

%#""

!!

),#-"&.!4!5&""3*5!+"#."&1!3*!.&+&#.),!

b>!6E:$%2:!i/E:$%2:A#E1tK:E##>/#2j!

#YU=?;L=!JE74!/E:P3%$!8,7*'4!#1!3E%!<7$43!/E:P3%$[!:1'!'74/,44%4!E#&!3#!+%3!43:$3%'!71!$%4%:$/E!&#$0[!*%:'71+! 3E%! $%4%:$/E%$! 3#! ,1'%$43:1'! $%4%:$/E! :1'! 734! P,$P#4%[! 3E%$%8K! +,7'71+! E72Ê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

%$""

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a>L=W^>U!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!

• '%<71%!$%4%:$/E!• 43:3%!3E%!P,$P#4%!#<!$%4%:$/E!• %XP*:71!&EK!73!74!1%/%44:$K!3#!$%:'!&7'%*K!71!#1%R4!:$%:!#<!$%4%:$/E!713%$%43!• /E##4%!:!$%4%:$/E:8*%!3#P7/!• &$73%!:!/*%:$!3#P7/!#$!T,%437#1!71!:!<%&!&#$'4!

4]6!.>U>;?L:!;NR!W=U!;==?WYX=>U!O%<#$%!+#71+!9%$K!<:$!&%!&#,*'!*70%!3#!$%<$%4E!K#,$!271'!<$#2!&E:3!K#,!$%:'!71!6E:P3%$!->!?3!74!&#$3EK!%2PE:47471+!3E%!72P#$3:1/%!#<!,1'%$43:1'71+!$%4%:$/E!:1'!&E:3!73!%13:7*4>!SE:3!74!$%4%:$/EU!!]*71%$[!Z#$+:1!l!Q%%/E!i5NN=j!3:0%!$%4%:$/E!3#!8%\!

i:j!! :!4K43%2:37/!2%3E#'!#<!+:7171+!1%&!71<#$2:37#1! ! !! i8j! :!P%$4743%13!%<<#$3!3#!3E710!43$:7+E3! ! ! ! !! i/j!! :!4K43%2:37/!/#**%/37#1!#<!':3:!3E:3!'%9%*#P4!#$!/#13$78,3%4!3#!!

!!!!!!!!!!!!!!+%1%$:*74:8*%!01#&*%'+%>!!Y:**!l!Y:**! i-==Lj!P#473! 3E:3! $%4%:$/E! 719#*9%4!%1+:+71+!&73E! 3E%!&#$*'! <71'71+!#,3! /:,4%4!:1'! %<<%/34>! .1'! K%3! O*:707%! i-==I\! -NL! W-Nj! '%<71%4! 73! 71! 3%$24! #<\! %XP*#$71+[! '%4/$7871+[!,1'%$43:1'71+[! %XP*:7171+[! P$%'7/371+[! /E:1+71+! #$! %9:*,:371+! 4#2%! :4P%/34! #<! 3E%! 4#/7:*!&#$*'>!6#E%1!:1'!Z:17#1!i-=(=j!'%<71%!$%4%:$/E!:4!:!4K43%2:37/[!/#13$#**%'[!%2P7$7/:*!:1'!/$737/:*! 719%437+:37#1! #<! EKP#3E%37/:*! P$#P#4737#14! :8#,3! 3E%! P$%4,2%'! $%*:37#14! :2#1+!1:3,$:*!PE%1#2%1:>! ?1! 3E74!/:4%! 73! 74! /*%:$! i:4!P#713%'!#,3!8K! 3E%4%!:,3E#$4j! 3E:3! $%4%:$/E!E:4! 3E$%%! '74371/3! 8,3! $%*:3%'! %*%2%134! 3E:3! '74371+,74E! 73! <$#2! #3E%$! 2%:14! #<! P$#8*%2!4#*971+[!1:2%*K\!!

i:j D%4%:$/E!74!4K43%2:37/!:1'!/#13$#**%'!7$$%4P%/379%!#<!3E%!2%3E#'!/E#4%1!3#!!!!!!!!!!!/:$$K!73!#,3!i8j! ?3!74!%2P7$7/:*!4,/E!3E:3!4,8A%/379%!8%*7%<4!2,43!8%!/E%/0%'!:+:7143!#8A%/379%!$%:*73K>!

?1!#3E%$!&#$'4!3E%!$%4%:$/E%$R4!1#37#14!2,43!8%!4,8A%/3%'!3#!%XP%$72%13:*! 71T,7$K!:1'!3%43>!

i/j!! D%4%:$/E!74!4%*<W!/#$$%/371+!71!3E:3!3E%!$%4%:$/E%$R4!P$#/%',$%4!:1'!$%4,*34!:$%!#P%1!3#!4/$,371K!8K!<%**#&!P$#<%447#1:*4>!

!C273E!i-=(-j!4,++%434!3E:3!$%4%:$/E!4E#,*'!8%!%T,:3%'!3#!'74/7P*71%'!71T,7$K!&E7/E\!2,43! 8%! /#1',/3%'! :1'! $%P#$3%'! 4#! 3E:3! 734! *#+7/:*! :$+,2%13! /:1! 8%! /:$%<,**K! %X:271%'m!4,/E!3E:3!73!'#%4!1#3!'%P%1'!#1!4,$<:/%!P*:,4787*73K!#$!3E%!%*#T,%1/%[!43:3,4[!#$!:,3E#$73K!#<!734!:,3E#$m!&73E!:!2%/E:1742!3#!:9#7'!%$$#$m!&E%$%!:4P%/34!#<!%97'%137:*!3%43!:1'!9%$7<7/:37#1!:$%! 9:*,%'m! 3E%! '74P:447#1:3%! 4%:$/E! <#$! 3$,3E! 74! 9:*,%'! #9%$! 7'%#*#+K>! F9%$K! P7%/%! #<!$%4%:$/E!#$! %9:*,:37#1[!&E%3E%$! 1:3,$:*7437/[! %XP%$72%13:*[! 4,$9%K! #$! E743#$7/:*!2,43!2%%3!3E%4%! 43:1':$'4! 3#! 8%! /#147'%$%'! '74/7P*71%'! iPI(Ij>! JE%! 1%X3! :/37973K! $%T,7$%4! 3E:3! K#,!4E:$%!K#,$!97%&!:8#,3!&E:3!&%!E:9%!'74/,44%'!:8#9%>!!

%%""

!#L=W^W=V!4]/!!Y:971+!+#1%!3E$#,+E!3E%!'%<71737#14!/73%'!:8#9%[!/$%:3%!K#,$!P%$4#1:*!'%<71737#1!#<!$%4%:$/E[!:1'!&$73%!73!71!3E%!4P:/%!8%*#&>!D%4%:$/E!$%<%$4!3#\!!!JE:3! 74! :! +##'! 43:$371+! P#713>! H%<71737#14! 8K! #3E%$! 4/E#*:$4! $%2:71! 3E%#$%37/:*! ,137*! :1'!,1*%44!&%!P%$4#1:*7e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

• P#4%!:!T,%437#1[!!• /#**%/3!':3:!3#!:14&%$!3E%!T,%437#1[!:1'!!• P$%4%13!:1!:14&%$!3#!3E%!T,%437#1!i6$%4&%**[!5NN(j>!!

JE74! :14&%$!#$! 71<#$2:37#1! /:1!8%! 3%43%'!:1'!9%$7<7%'! <#$! :,3E%137/73K>! ?3! '#%4!1#3!2:33%$!&E:3!P:$:'7+2! 3E%! $%4%:$/E%$! /E##4%4[! 3E%$%!2,43!8%! /*%:$!,1'%$*K71+!+,7'%*71%4!#1!E#&!$%4%:$/E!74!3#!8%!/:$$7%'!#,3>!?3!4E#,*'!1#3!2:33%$!&E#!/:$$7%'!#,3!3E%!$%4%:$/E[!E#&!&%**!73!27+E3!E:9%!8%%1!:$37/,*:3%'!#$!&$733%1[!%9%1!3E%!72P#$3:1/%!:1'!3E%!1:3,$%!#<!3E%!P$#8*%2!,1'%$! 719%437+:37#1! 4E#,*'! 8%! %X:271%'>! D%4%:$/E! 2,43! 43:1'! #1! 734! #&1! 2%$73>! ?<! 3E%!$%4%:$/E! E:4! 8%%1! /:$$7%'! #,3! 4K43%2:37/:**K! <#**#&71+! +,7'%*71%4! &73E71! :! P:$37/,*:$!$%4%:$/E!P:$:'7+2[!'744%271:3%'!&73E71!:!P:$37/,*:$!'74/7P*71%[!3E%1!3E:3!$%4%:$/E!/#,*'!8%!3%43%'! #$! 9%$7<7%'! 8K! #3E%$4! i]*71%$[! %3! :*>[! 5NN=j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iJ:<*71+%$[!-==Lj>!JE%!2:71!#8A%/379%!#<!%:/E!3KP%!#<!$%4%:$/E!74!3#!<71'!#,3!71<#$2:37#1!:1'!71!4#2%!/:4%4!%97'%1/%>!JE%!'7<<%$%1/%!74!<#,1'!71!3E%!43$:3%+7%4!%2P*#K%'!71!:/E7%971+!3E%!#8A%/379%4>!Q%3!,4!8$7%<*K!%XP*:71!%:/E!#1%>!)CMEMB)!,"#)"#.#%"14))))),$%! $%4%:$/E! 74! /:$$7%'! #,3! 472P*K! 3#! <71'! #,3! 71<#$2:37#1! 8K! %X:27171+! :1K3E71+>! .!$%4%:$/E%$! 2:K! &:13! 3#! '74/#9%$! P$#P%$37%4! P#44%44%'! 8K! 9:$7#,4! 2:3%$7:*4! <#$! %X:2P*%!&:3%$>!c1#&71+!3E%!P$#P%$37%4!#<!&:3%$!2:K!#1*K!8%!<#$!3E%!4:0%!#<!01#&*%'+%!:1'!1#3!<#$!:PP*7/:37#1>!JE74!3KP%!#<!$%4%:$/E!74!A,43!<#$!:/T,7$71+!71<#$2:37#1[!1#3!<#$!4#*971+!P$#8*%24>!!!

%&""

)CMEMC)?#1+'6%":)"#.#%"14)C%/#1':$K! $%4%:$/E! 74! <71'71+! #,3! &E:3! #3E%$4! E:9%! $%4%:$/E%'! :1'! '74/#9%$%'! 3E$#,+E!#$7+71:*! $%4%:$/E! :1'! 3$K71+! 3#! $%/#1/7*%! 3E%7$! $%4,*34[! 2:K! 8%! 71! <#$2! #<! /#1<*7/371+!71<#$2:37#1[!#P717#14[!97%&P#7134!:1'!/#1/*,47#14>!JE74!2:K! *%:'!3E%!$%4%:$/E%$! 3#! <71'71+!#,3!1%&!$%*:37#14E7P4!8%3&%%1!1#1W$%*:3%'!$%4%:$/E!:1'!E74Ê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i:*4#! 01#&1! :4! 8:47/! $%4%:$/Ej! 74! 3E%! 719%437+:37#1! #<!71<#$2:37#1! 3E:3! 74! 1#3! K%3! 01#&1! #$! P%$/%79%'! 1#3! 3#! 8%! 01#&1! 8K! :1K8#'K>! JE74!71<#$2:37#1! 74! #83:71%'! 3E$#,+E! 3E%! <#**#&71+[! 8,3! 1#3! *7273%'! 3#! /:$$K71+! #,3! 3%434! :1'!%XP%$72%134[!#84%$9:37#14[!713%$97%&4!:1'!4,$9%K4>!@$7+71:*!$%4%:$/E!$%T,7$%4!<#,$!:4P%/34>!!

• E:971+!3E%!8:/0+$#,1'!#<!3E%!4,8A%/3!,1'%$!719%437+:37#1m!• 01#&71+!&E:3!E:4!:*$%:'K!8%%1!'74/#9%$%'!71!3E%!:$%:m!• <#$2,*:371+!:!2%3E#'!3#!<71'!#,3!&E:3!#1%!&:134!3#!01#&m!:1'!• E:971+!3E%!1%/%44:$K!3##*4!3#!/:$$K!#,3!3E%!$%4%:$/E!

C3,'%134!43,'K71+!<#$!:1!:/:'%27/!'%+$%%!3E$#,+E!$%4%:$/E!1#$2:**K!,1'%$3:0%!4%/#1':$K!:1'!#$!#$7+71:*!$%4%:$/E>!J#!$%<*%/3!#1!3E%!<#$%+#71+[!&#$0!#1!3E74!:/37973K>!!#L=W^W=V!4]4!:>!

JKP%!#<!$%4%:$/E! FXP*:71!:1'!71'7/:3%!3E%!O%1%<734!!),$%!$%4%:$/E! !C%/#1':$K!$%4%:$/E! !@$7+71:*!$%4%:$/E! !

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

%'""

!R,)!',1(/!3KP%!#<!:!8##0!713$#',/%4!3E%!$%:'%$!3#!:!9:$7%3K!#<!$%4%:$/E!2%3E#'4!4#!3E:3!3E%K!/:1!/E##4%!3E%!2#43!:PP$#P$7:3%!2%3E#'!4,73:8*%!<#$!3E%7$!'%47+1>!!JE%!2#43!4,73:8*%!$%4%:$/E!8##04!&#,*'!8%!9%$K!472P*%!:1'!%:4K!3#!<#**#&>!JE%K!4E#,*'!E:9%!/*%:$*K!*:7'!'#&1!+,7'%*71%4!&73E!$%4%:$/E!43:+%4!71'7/:371+!E#&!:!$%4%:$/E%$!4E#,*'\!!!

• /E##4%!E74Ê%$!:$%:!#<!43,'Km!• /E##4%!:!3#P7/!:1'!3E%#$%37/:*!<$:2%!&#$0m!!• <#$2,*:3%!:!$%4%:$/E!T,%437#1!#$!EKP#3E%474m!!• %43:8*74E!3E%!43:3%2%13!#<!3E%!P$#8*%2!:1'!3E%!P,$P#4%!#<!3E%!43,'Km!!• '%9%*#P!3E%!7143$,2%13m!!• /E##4%!3E%!2%3E#'#*#+K!3#!,4%m!:1'!• :1:*K4%!':3:!:1'!E#&!3E%!&$73%W,P!:1'!:**!734!/#2P#1%134!4E#,*'!8%!P$%4%13%'>!

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d#,!27+E3!:*4#!&:13!3#!'74/,44!73%2!1,28%$!3E$%%!&73E!K#,$!/#**%:+,%4>!JE%!$%4P#14%4!K#,!+79%!E%*P!K#,!3#!+%3!43:$3%'>!!4]C!":>!<X?<OU>!O[!?>U>;?L:!D%4%:$/E! 4%$9%4! 2:1K! P,$P#4%4>! JE$%%! #<! 3E%! 2#43! /#22#1! :1'! ,4%<,*! P,$P#4%4! :$%!%XP*#$:37#1[! '%4/$7P37#1! :1'! %XP*:1:37#1!iE33P\^^4#/7#*#+K>:8#,3>/#2^#'^D%4:%$/E^:^),$P#4%4W@<WD%4%:$/E>E32j>! Y#&%9%$[! 73! 74!&#$3E!1#371+! 3E:3!2:1K!43,'7%4!/:1!:1'!#<3%1!E:9%!2#$%! 3E:1!#1%!#<! 3E%4%!P,$P#4%4!8,3!&73E!'7<<%$%13!72P*7/:37#14>!FXP*#$:3#$K!43,'7%4!:$%!1#$2:**K!/:$$7%'!#,3!<#$!3E$%%!P,$P#4%4\!!

• '3! -.'1-4N! ',)! ()-).(:,)(a-! :6(13-1'N! :1'! '%47$%! <#$! 2#$%! 01#&*%'+%! :1'!,1'%$43:1'71+m!!

• '3!')-'!',)!4).-1D171'N!#<!,1'%$3:071+!:!2#$%!%X3%1479%!43,'Km!:1'!!• '3! /)8)73<! ',)! 2)',3/-! 3#! 8%! %2P*#K%'! 71! :1K! 4,84%T,%13! 43,'7%4!

iE33P\^^4#/7#*#+K>:8#,3>/#2^#'^D%4:%$/E^:^),$P#4%4W@<WD%4%:$/E>E32j>!!

JE%! 4%/#1'! P,$P#4%! 74! =O! R>UL?WY>! UW=X;=WONU! :1'! %9%134>! ?1! 3E74! /:4%! 3E%! $%4%:$/E%$!#84%$9%4! :1'! '%4/$78%4! ://,$:3%*K! 71! '%3:7*! 4%9%$:*! /E:$:/3%$7437/4! #<! 3E%! 4,8A%/34! ,1'%$!43,'K>! "#$! %X:2P*%! '%4/$7871+! 3E%! $:3%! #<! 97#*%1/%! 71! '7<<%$%13! 3#&14E7P4! 71/*,'71+! 3E%!

%(""

/#2P,3:37#1!#<!:+%!:1'!+%1'%$!P$#<7*%4!#<! 3E%!P#P,*:37#1! 719#*9%'>! ?1!#$'%$! 3#!+:71!2#$%!71<#$2:37#1!$%4%:$/E%$4!&#,*'!+#!#1!3#!%X:271%!&EK!3E%!#84%$9%'!P:33%$14!%X743!:1'!3E%7$!72P*7/:37#14>!!!JE%! 3E7$'! P,$P#4%! WU! =O! >c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b,43! 3#!%1E:1/%! 3E%! 71<#$2:37#1!K#,!:*$%:'K!E:9%! <$#2!/E:P3%$!#1%[!&EK!'#!&%!/:$$K!#,3!$%4%:$/EU! .*3E#,+E! 3E74! 2:K! 4#,1'! 3##! #897#,4! :! T,%437#1[! 3E%$%! :$%! 2:1K! 43,'%134[!%4P%/7:**K!3E#4%!&#$071+!#1!3E%7$!'744%$3:37#14!:4!'743:1/%!%',/:37#1!!!!*%:$1%$4[!&E#!&#1'%$!&EK!'#!:!'#/3#$:3%!3E$#,+E!$%4%:$/E!7143%:'!#<!/#,$4%&#$0>!"#$!3E:3!$%:4#1[!&%!4E:$%!7'%:4!8%*#&>!!?1!2#43!/:4%4[!$%4%:$/E!74!3$7++%$%'!8K!3E%!<#**#&71+\!

• 3E%!,$+%!3#!<71'!#,3!#$!3#!01#&!2#$%!:8#,3!4#2%3E71+m!!• /E:**%1+%4!3E:3!4%%2!3#!P%$4743m!!• T,%437#14!3E:3!4%%2!1#3!3#!E:9%!:14&%$4m!!• &:1371+!3#!9%$7<K!#$!:,3E%137/:3%!71<#$2:37#1m!• 3#!71/$%:4%!3E%!01#&*%'+%!8:4%!#<!3E%!'74/7P*71%m!• 3#!71/$%:4%!4%*<W01#&*%'+%!:4!:!P$#<%447#1:*!/#14,2%$!#<!$%4%:$/Em!!• 3#!,1'%$43:1'!1%&!'%9%*#P2%134!&73E71!:!'74/7P*71%m!• /#1<7$271+!#$!'74/#1<7$271+!:!3E%#$Km!:1'!• /#271+!,P!&73E!#&1!3E%#$K>!

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i]*71%$[!Z#$+:1!l!Q%%/E[!5NN=j>!"#$!%X:2P*%!$%4%:$/E%$4!/#,*'!'%9%*#P!:!1%&!43:1':$'7e%'!3%4371+! P$#/%',$%! :1'! :! 4%3! #<! 3%434! 3#! ,4%>! S7'%! $%:'71+! 74! %1/#,$:+%'! 3#! :/T,7$%!01#&*%'+%!<$#2!'7<<%$%13!4#,$/%4>!JE$#,+E!$%:'71+!'7<<%$%13!$%4%:$/E!$%P#$34[!P$#<%447#1:*4!72P$#9%! 3E%7$! P$:/37/%4>! D%4%:$/E! $%P#$34! 71<#$2! P#*7/K! 2:0%$4! :1'! :'271743$:3#$4! #<!'7<<%$%13! 714373,37#14! 71!2:071+! 71<#$2%'!'%/747#14>!Y#&%9%$[!3E%$%! 74!1%%'!<#$!+,7':1/%! 71!

%6""

#$'%$! <#$! 3E%! $%4%:$/E%$! 3#! /E##4%! :! $%4%:$/E:8*%! 3#P7/! 3E:3! /:1! K7%*'! 1%&! 71<#$2:37#1>!D%<*%/3!#1!3E%!<#$%+#71+!:4!K#,!&#$0!#1!3E%!1%X3!:/37973K>!.<3%$!$%:'71+!3E%!<#$%+#71+[!&E:3!P,$P#4%! '#%4! K#,$! $%4%:$/E! <,*<7**! 71! 3E%! :'9:1/%2%13! #<! 01#&*%'+%U! _#&! &#$0! #1! 3E74!:/37973K>!!#L=W^W=V!4]8!FXP*:71!71!K#,$!#&1!&#$'4!&:K4!71!&E7/E!$%4%:$/E!<,*<7**4!&E:3!74!*743%'!71!3E%!<7$43!/#*,21>!!

J$7++%$!#<!$%4%:$/E! FXP*:1:37#1!.14&%$71+!T,%437#14!3E:3!4%%2!1#3!3#!E:9%!:14&%$4!

!

?1/$%:471+!3E%!01#&*%'+%!8:4%!

!

?1/$%:471+!4%*<W:&:$%1%44! !!

6#1<7$271+!#$!'74/#1<7$271+!:!3E%#$K!

!

6#271+!,P!&73E!#&1!3E%#$K!!

!

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

• ?4!3E%!3#P7/!3##!&7'%U!?4!73!3##!1:$$#&U!!• S7**!?!8%!:8*%!3#!<71'!%1#,+E!2:3%$7:*!3#!,4%U!!• ?4!3E%$%!:1K!'#/,2%13%'!$%4%:$/E!71!3E74!:$%:U!!

@1/%!K#,!E:9%!7'%:4!/#147'%$!&:K4!3#!$%<71%[!'7$%/3!:1'!1:$$#&!K#,$!7'%:4!3#[!:3!*%:43[!3E$%%!3#P7/4>! D%2%28%$! 3E74! /#2P*%X! P$#/%44! :PP%:$4! 4#! %:4K! :1'! K%3! 73! 719#*9%4! 2:1K!713%$$%*:3%'!7'%:4[!/#2P%371+!713%$P$%3:37#14!#<!<:/34!:1'!713%$'%P%1'%13!/:,4%4!:1'!%<<%/34!iE33P\^^:/*7104>&#$'P$%44>/#2^5NN=^NI^N=Ê#&W3#W/E##4%W:W$%4%:$/EW3#P7/^j>! d#,! 1%%'! 3#!$%<#/,4!K#,$!3#P7/!4%9%$:*!372%4!8%<#$%!K#,!<71:*74%!73>!!J:0%!713#!/#147'%$:37#1!3E%!<#**#&71+!E7134\!!

• .!3#P7/!4E#,*'!8%!:!472P*%!:1'!/*%:$!43:3%2%13[!*:3%$!$%',/%'!3#!$%4%:$/E!T,%437#14!#<!$%:4#1:8*K!<%&!&#$'4>!JE%!,4,:*!+,7'%!74!P*,4!#$!271,4!-5!&#$'4>!!

• ?3!4E#,*'!1#3!8%!3##!*#1+[!#3E%$&74%!73!*#4%4!2%:171+>!!• ?'%137<K!0%K!&#$'4!:1'!72P#$3:13!/#2P#1%134!3E:3!<#$2!K#,$!3#P7/>!JE%4%!:$%!K#,$!

0%K!/#143$,/34>!

%B""

• 6#147'%$!4%*%/371+!:!3#P7/!71!:1!:$%:!3E:3!74!1#3!#9%$W$%4%:$/E%'!8,3!713%$%4371+!:1'!$%:'K! 3#! 8%! %XP*#$%'>! JE%! :$%:! 2,43! 8%! /E:**%1+71+! :1'! %137/71+! 3#! 01#&! 2#$%!:8#,3[!71!#$'%$!3#!%XP:1'!3E%!8#'K!#<!01#&*%'+%>!!!

• JE710!#<! 3#P7/4!:1'! 3E%#$7%4!#<! 713%$%43! 71!:$%:4!K#,!E:9%!43,'7%'!#$!:$%:4!#<!K#,$!P$#+$:22%>!

• !.$%! 3E%$%! :1K! P$#8*%24! #$! /E:**%1+%4! 71! K#,$! :$%:! #<! 43,'K! 3E:3! '#! 1#3! 4%%2! 3#!E:9%!:14&%$4!<$#2!3E%!%X74371+!8#'K!#<!01#&*%'+%U!!

• ?<! 4#[! '#! K#,! /:$$K! #,3! 3E%! 43,'K! 8K! <#$2,*:371+! :! +,7'71+! $%4%:$/E! T,%437#1! #$!EKP#3E%474U!D%4%:$/E! 74!:8#,3!%XP*#$71+[!'74/#9%$71+[! 3%4371+!#<!EKP#3E%4%4!:1'!#<!7'%:4>!Z#43!$%4%:$/E%4!43:$3!&73E!:!EKP#3E%474!#$!:!$%4%:$/E!T,%437#1>!.!EKP#3E%474!#$!$%4%:$/E!T,%437#1!+79%4!'7$%/37#1!3#!$%4%:$/E[!%4P%/7:**K!&E%$%!/:,4%W:1'W%<<%/3!$%*:37#14E7P4!:$%!8%71+!719%437+:3%'>!!

JKP7/:**K[! 71!#$'%$! 3#!:$$79%!:3!:! 3#P7/! 74!:!P$#/%44[!&E7/E! 719#*9%4!:!+$%:3!'%:*!#<! 3$7:*!:1'!%$$#$! 71! 3%$24! #<! P*:K71+! :$#,1'!&73E! 1,2%$#,4! 7'%:4! :1'! P#4478*%! :$%:4! <#$! $%4%:$/E>! ?3!+#%4!4#2%3E71+!*70%!3E74\!!

C3:+%!-\! Y:971+!3E$%%[!#$!%9%1!2#$%!+%1%$:*!:$%:4!C3:+%!5\! C%33*71+!#1!#1%!+%1%$:*!:$%:!C3:+%!B\! "#$2,*:371+!3&#!#$!3E$%%!P#4478*%!3#P7/4!71!3E:3!:$%:!C3:+%!G\! C%33*71+!'#&1!#1!#1%!3#P7/[!&E7/E!74!1:$$#&%'!'#&1!3#!4P%/7<7/4!C3:+%!I\! )7*#3! 3%4371+! 3E%! 3#P7/! &73E! P%%$4! :1'! 4,P%$974#$>! Y%$%! K#,! &#,*'! 8%!

/E%/071+!#1!&E%3E%$!3E%!0%K!&#$'4!4,<<7/7%13*K!'7$%/3!3E%!$%4%:$/Em!&E%3E%$!3E%$%!:$%!/*%:$!9:$7:8*%4! 72P*7%'! 71! 3E%! 3#P7/m!:1'!&E%3E%$! 3E%! 3#P7/! 74!1#3!:287+,#,4>!

C3:+%!L\! C3:+%!L\!"71:*!'%/747#1!#1!3E%!3#P7/!!_:$$#&71+!3E%!3#P7/!'#&1!3#!4P%/7<7/4!74!/#1/#273:13!&73E!97%&!3E:3!73!74!8%33%$!3#!/E##4%!:!3#P7/!&E%$%!K#,!4:K!:!*#3!:8#,3!:!*733*%[!3E:1!#1%!&E%$%!K#,!4:K!:!*733*%!:8#,3!:!*#3>!Y%$%!:$%!3&#!%X:2P*%4\!!

R3<1:!%!!JE%!47+17<7/:1/%!#<!P#*7/7%4!#1!4P%/7:*!%',/:37#1!71!3E%!P$#9747#1!#<!4P%/7:*!%',/:37#1!71!3E%!C.H6!/#,13$7%4!!R3<1:!$!!JE%!47+17<7/:1/%!#<!P#*7/7%4!#1!4P%/7:*!%',/:37#1!71!3E%!P$#9747#1!#<!4P%/7:*!%',/:37#1!71!O#34&:1:>!

!O:4%!K#,$!$%4P#14%!3#!3E%!1%X3!:/37973K!#1!3E%!3&#!3#P7/4!:1'!3E%!<#$%+#71+!'74/,447#1>!!#L=W^W=V!4]@!:>!SE7/E!#<!3E%!3&#!3#P7/4!74!2#$%!4P%/7<7/U!8>! O%:$71+! 3E%! 3&#! 3#P7/4! 71! 271'[! /#22%13! #1! 3E%2! &73E! 3E%! E%*P! #<! 3E%! 43:3%2%13[!fu&E%$%!K#,!4:K!:!*#3!:8#,3!:!*733*%[!3E:1!#1%!&E%$%!K#,!4:K!:!*733*%!:8#,3!:!*#3!!!?! :2! /%$3:71! K#,! E:9%! /#$$%/3*K! 1#3%'! 3E:3! 3E%! <7$43! 3#P7/! 74! 3##! 8$#:'[! :1'! 73! 74! 8%K#1'!72:+71:37#1!3#!&#$0!#1!:**!P#*7/7%4!#<!3E%!-G!C.H6!/#,13$7%4>!.*4#[!%9%1!7<!K#,!8#*'*K!'%/7'%'!

&G""

3#! 3:/0*%! 3E%! <7$43! 3#P7/[! K#,$! /#13$78,37#1! &7**! 8%! 1#3E71+! 2#$%! 3E:1! A,43! :! 43$71+! #<!43:3%2%134!:8#,3!%:/E!/#,13$K>!d%3[! 7<!K#,!&%$%!3#!&#$0!#1!3E%!4%/#1'!3#P7/[!3E%$%!&#,*'!8%!4P%/7<7/73K!:1'!'%P3E>!d#,$!:,'7%1/%!&#,*'!8%!%1/#,$:+%'!3#!*%:$1!1%&!01#&*%'+%!:8#,3!&E:3!E:PP%14! 71!O#34&:1:! $%+:$'71+! 3E%! 72P:/3!#<!P#*7/K!P$#3#/#*!#1! 3E%!'74P%14:37#1!#<!4P%/7:*!%',/:37#1>!!_#3%!3E:3!71!3E74!P$#/%44[!3E%$%!74!4#2%!%*%2%13!#<!?>U=Q>UUN>UU!#1!K#,$!P:$3!:4!K#,!%1+:+%!&73E! :! 1,28%$! #<! T,%437#14! $%+:$'71+! $%4%:$/E:87*73K! #<! 3E%! 3#P7/>! C#2%! #<! 3E%! T,%437#14!71/*,'%\!!

SE#!&#,*'!8%!2K!$%4%:$/E!P#P,*:37#1U!!!!S#,*'! ?! E:9%! ://%44! 3#! 3E%! 4#$3! #<! *73%$:3,$%! $%T,7$%'! 3#! :''$%44! 3E%! P%$/%79%'!P$#8*%2U!!!!S#,*'!3E%!3#P7/!8%!#<!713%$%43!3#!2K!:,'7%1/%U!!!!?4!3E%!<7%*'!1#3!#9%$W$%4%:$/E%'U!!!!SE:3!/#13$78,37#1!&7**!?!2:0%!3#!3E%!/#$P,4!#<!01#&*%'+%!71!3E%!<7%*'U!!!!

!JE%4%!:1'!#3E%$!/#147'%$:37#14[!K#,!&7**!8%!<:27*7:$!&73E!:4!:!8,''71+!$%4%:$/E%$[!:$%!472P*%!8,3! P#&%$<,*! 3##*4! <#$! 3E%! :'9:1/%2%13! #<! 01#&*%'+%! 471/%! 3E%K! %1:8*%! K#,! 3#! 4%%! :1'!:1:*K4%! PE%1#2%1:! /$737/:**K! <$#2! :! 4/7%137<7/! 97%&P#713>! .**! :'9:1/%4! #<! 4/7%137<7/!,1'%$43:1'71+[! :3! %9%$K! *%9%*[! 8%+71! &73E! :! 4P%/,*:379%! :'9%13,$%[! :1! 72:+71:379%!P$%/#1/%P37#1! #<!&E:3!27+E3! 8%! 3$,%! 8,3! 4E#,*'! 8%! *#+7/:*! i6#E%1!l!Z:17#1[! -=(=j>! ?3! 74!:8#,3! 3E%!%43:8*74E2%13!#<! <:/34!:1'!3$,3E! 3E$#,+E!%1T,7$K!:1'!%XP*#$:37#1>!JE%! 713%1'%'!#,3/#2%!#<!$%4%:$/E! 74!1%&!01#&*%'+%! *%:'71+!3#! 72P$#9%'!,1'%$43:1'71+!#<!2%/E:17424!:1'! 3E%! '%9%*#P2%13! #<! 1%&! :1'! 72P$#9%'! P$#/%',$%4>! d#,$! 3#P7/! 74! 3E%1! 4,8A%/3%'! 3#!/$737/742!:1'! 4/7%137<7/! $%:4#171+!&E7/E! 74!:!'7:*#+,%!8%3&%%1! 3E%!P#4478*%!:1'! 3E%!:/3,:*[!3E%! P$#P#4:*! :1'! 3E%! '74P#4:*! 8%3&%%1!&E:3!27+E3! 8%! 3$,%! :1'!&E:3! 71! <:/3! 74! 3E%! /:4%>!O%<#$%! <71:*7471+!K#,$! 3#P7/[! 73! 74! 72P#$3:13! 3#! 3E710! 3E$#,+E! 3E%!2%3E#'#*#+K! 3#!,4%[!':3:!/#**%/37#1!:1'!:1:*K474>!JE74!P$#/%44!E%*P4!K#,! 3#!8%!#$+:174%'[! 3#!2:P!K#,$!'7$%/37#1!:1'!%1:8*%4! K#,! 3#! ,1'%$43:1'! 3E%! P$#8*%2!&73E! +$%:3%$! /*:$73K>! ?3! P$#97'%4! :! <$:2%&#$0! <#$!/#**%/371+[! :1:*K471+! :1'! 713%$P$%371+! ':3:>! D%2%28%$! 3E%! <71:*! '$:<3! #<! K#,$! 3#P7/! 4E#,*'!:*&:K4! 8%! 3:0%1! :4! :! &#$071+! 373*%[! &E7/E! K#,! &7**! /#1371,%! 3#! 4E:P%! :1'! P%$<%/3! :4! K#,!'%9%*#P!3E%!43,'K>!Y%$%!74!:1!:/37973K!3#!E%*P!K#,!$%<*%/3!#1!&E:3!K#,!$%:'!4#!<:$>!!!!

&!""

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d#,$! $%4P#14%!4%%04! 3#! :44743! K#,! +$:4P! 4#2%! #<! 3E%! %XP%/3:37#14! 71! P$%P:$71+! <#$! 3E%! 43,'K[! &E:3! &%!$%<%$$%'!3#!:4!+%3371+!43:$3%'>!!4]G!'=:>?!LONUWR>?;=WONU!S%!E:9%!1#!'#,83!3E:3!K#,!E:9%!%XP%$7%1/%'!&E:3!73!2%:14!3#!2:0%!:!/E#7/%!#<!3E%!3#P7/!K#,!2:K!8%!&#$071+!#1>!S%!:*4#!8%*7%9%!3E:3!3E%!<#$%+#71+!E:4!E%*P%'!K#,!3#!+%3!43:$3%'>!Y#&%9%$[!8%<#$%!2#971+! 3#! 3E%!1%X3!/E:P3%$[!E%$%!:$%!:! <%&!<,$3E%$!/#147'%$:37#14! 3#!+%3!K#,!43:$3%'>!!

-! F43:8*74E!3E%!:$%:!#<!43,'K!!

5! .40!3E%!T,%437#1\!SE:3!:$%!3E%!/E:**%1+%4!#$!T,%437#14!,1:14&%$%'!71!K#,$!:$%:!#<!43,'KU!

B! JE710!:8#,3!3#P7/4!:1'!3E%#$7%4!#<!713%$%43!71!K#,$!:$%:!#<!43,'K!!

G! "#$2,*:3%!:!T,%437#1!#$!EKP#3E%474!!

I! D%:'!&7'%*K!iP$7#$!$%4%:$/E!:1'!*73%$:3,$%j!71!3E%!:$%:!:1'!3E%1!/#**%/3!$%*%9:13!!71<#$2:37#1!3#!3E%!3#P7/!:1'!734!3E%#$%37/:*!<$:2%&#$0!!

L! Y:9%! :! /*%:$! P7/3,$%! #<! 3E%! 43:3%2%13! #<! 3E%! P$#8*%2! :1'! 3E%! P,$P#4%! #<! 3E%!$%4%:$/E>!!

!!4]I!%>UUONU!Q>;?N=![?OT!PO?MWNS!PW=:!U=XR>N=U!WN!=:WU!;?>;!

• C3,'%134!/E##4%!3#P7/4!3E:3!:$%!3##!&7'%!3#!/#9%$!&73E71!3E%7$!372%!#<!43,'K!:1'!<:7*!3#!2%%3!'%:'*71%4!<#$!/#2P*%37#1!:1'!4,827447#1!#<!3E%7$!P$#A%/34>!

• ?3!E:4!:*4#!/#2%!3#!#,$!1#37/%!3E:3!43,'%134!/E##4%!:!3#P7/!&73E#,3!8%71+!4,$%!#<!3E%!:9:7*:87*73K!#<! *73%$:3,$%>!JE74! 74!:!/#22#1!E:e:$'!3E:3!&:43%4!:!43,'%13R4!372%!:1'!'74$,P34!E74Ê%$!2%13:*! <*#&!:1'!/#1<7'%1/%>! ?3! 74!8%33%$! <#$!:!43,'%13! 3#!+79%!,P!:!3#P7/!:3!3E%!71737:*!43:+%!3E:1!8:/0!3$:/071+!:<3%$!719%4371+!:!*#3!#<!9:*,:8*%!372%>!!!!

• C#2%!3#P7/4!:$%!1#3!$%4%:$/E:8*%!%73E%$!',%!3#!/#2P*%X!744,%4!719#*9%'!:1'!#$!*:/0!#<!://%44!3#!P:$37/7P:134!#$!71<#$2:37#1!#$!',%!3#!:287+,737%4[!&E7*%!#3E%$4!:$%!#9%$!$%4%:$/E%'!4,/E!3E:3!3##!2:1K!P%#P*%!',P*7/:3%!3E%!4:2%!$%4%:$/E!3#P7/4>!

• S%! E:9%! :*4#! %XP%$7%1/%'! 3E:3! 4#2%! 43,'%134! /E##4%! 3#P7/4! &73E! 3##! 2:1K!,1/#13$#**%'!9:$7:8*%4>!

&#""

• C#2%372%4!43,'%134!/E##4%! 3#P7/4! 3E%K!'#!1#3! <,**K!,1'%$43:1'!',%!3#!1#!#$! *733*%!8:/0+$#,1'!$%:'71+!#$!$%4%:$/E>!!

• ?1! 4#2%! /:4%4! 43,'%134! /E##4%! 3#P7/4!&73E#,3! :1K! 7'%:!#<!E#&! 3E%K!&#,*'! /#**%/3!:1'!:1:*K4%!':3:!3E71071+!3E%K!&7**!4%%!&E:3!3#!'#!&E%1!3E%K!+%3!3#!3E%!43:+%>!

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m! /*:724! :1'!/#1/*,47#14!2,43!8%!4,PP#$3%'!8K!%XP%$72%134!#$!$%:4#1%'!:$+,2%134!:1'!'%',/37#14>!!.**!3E%!43%P4!2,43!8%!/*%:$!:1'!P$%/74%!:1'!8,7*'!3#&:$'4!:!4/7%137<7/!71T,7$K!3E:3!K7%*'4!<:/34!#$!3$,3E4!3E:3!/:1!8%!9%$7<7%'!:1'!A,437<7%'>!JE74!/E:P3%$!E:4!%XP*:71%'!$%4%:$/E!:1'!734!P,$P#4%>!?3! <,$3E%$!3:0%4!3E%!$%4%:$/E%$!3E$#,+E!3E%!43%P4!3#!<#**#&! 71!#$'%$!3#!/E##4%!:1! 71<#$2%'!/*%:$!$%4%:$/E:8*%!3#P7/>!!.>[>?>NL>U!O*:7107%[!_>!i-==Bj>!.PP$#:/E%4!3#!C#/7:*!F1T,7$K>!6:28$7'+%[!)#*73K!)$%44>!!6#E%1[!Q>!l!Z:17#1[!Q>!i-=(=j>!iB$'F'1>j!D%4%:$/E!Z%3E#'4!71!F',/:37#1>!_%&!d#$0[!D#,3*%'+%>!!6$%4&%**[!b>S>!i5NN(j>!iB$'F'1>j!F',/:37#1:*!D%4%:$/E\!)*:1171+[!/#1',/371+!:1'!F9:*,:371+!V,:1373:379%!:1'!V,:*73:379%!D%4%:$/E>!_%&!b%$4%K[!)%:$4#1!)$%137/%!Y:**>!!]*71%$[!b>.>[!Z#$+:1[!]>.>!l!Q%%/E[!_>Q>!i5NN=j>!i51'F'1>j!D%4%:$/E!2%3E#'4!71!.PP*7%'!C%3371+4\!.1!?13%+$:3%'!.PP$#:/E!3#!H%47+1!:1'!.1:*K474>!_%&!d#$0[!D#,3*%'+%\!J:K*#$!:1'!"$:1/74!!Y:**[!H>!l!Y:**[!?>!i-==Lj>!)$:/37/:*!C#/7:*!D%4%:$/E>!Q#1'#1[!Z.6Z?QQ._!)DFCC>!!!C273E[!Z>Q>!i-=(-j>!_:3,$:*7437/!$%4%:$/E>!>)(-3**)7!.*/![61/.*:)!X36(*.7[!I=[!I(IWI(=>!!J:<*71+%$[! D>">! i-==Lj>! ?13$#',/37#1! 3#! D%4%:$/E>! E33P\^^P,8*7/>&4,>%',^W3:<*71+%^$%4%:$/E>E32*!D%3$7%9%'!#1!5L^N-^5N-B!!H>YUW=>U!E33P\^^:/*7104>&#$'P$%44>/#2^5NN=^NI^N=Ê#&W3#W/E##4%W:W$%4%:$/EW3#P7/! D%3$7%9%'! #1!-G^N5^5N-B>!E33P\^^4#/7#*#+K>:8#,3>/#2^#'^D%4:%$/E^:^),$P#4%4W@<WD%4%:$/E>E32! D%3$7%9%'! #1!-G^N5^5N-B!!!!!!!!!

&$""

!),#-"&.!6!!

!#)#1&23)!+"#*1#.1+7!-%#53#.3+27!#*1!.&+&#.),!&",3)+!!

!?4::/!ZE,3%!

i2E,3%74::/=-(t+2:7*>/#2j!!

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

• %9:*,:371+!9:$7#,4!&#$04[!!• :44%4471+!3E%7$!$%*%9:1/%[!!• 3%4371+!3E%7$!$%*7:87*73K[!!• *##071+!<#$!4727*:$737%4!#$!'7<<%$%1/%4!8%3&%%1!3E%2[!:1'!• !2:071+!/#11%/37#14>!!

&%""

!"#**#&71+! 3E74! 43:+%[! K#,! &7**! 3E%1! 2#9%! 713#! 3E%! 2#43! 72P#$3:13! P:$3! #<! 3E%! $%4%:$/E!P$#/%44[!3E:3!74[!<#$+71+!4#2%!$%*:37#14E7P4!<#$!K#,$!#&1!P,$P#4%!i"#&*%$!:1'!.:$#1[!5NN-j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d#,!2,43[! 3E%$%<#$%[! $%:'! 3E74! :1'! %9%$K!#3E%$!/E:P3%$! 71!3E74!8##0!&73E!3E%!:72!#<!01#&71+!E#&!3#!'#!:&:K!&73E!P*:+7:$742!:3!3E%!4:2%!372%!8%/#271+!:!+##'!:/:'%27/!%T,7PP%'!&73E!3E%!P$#P%$!%3E7/:*!43:1':$'4>!!!!6]4!'Ya>L=W^>U!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!

• %XP*:71!:1'!:PP*K!:/:'%27/!43:1':$'4!3#!$%4%:$/E!43,'7%4!• ,4%!9:$7#,4!4#,$/%4!3#!'%9%*#P!P%$4#1:*!$%4%:$/E%4m!• %XP*:71!&E:3!P*:+7:$742!74m!!• :PP*K!&:K4!#<!'#71+!:&:K!&73E!P*:+7:$742!71!:**!734!P#4478*%!<#$24m!:1'!• /:$$K!#,3!K#,$!43,'K!+,7'%'!8K!$%4%:$/E!%3E7/4>!!

!6]6!H:;=!WU!dX;QW=V!?>U>;?L:e!

JE%!&%8473%!4#,$/%!iE33P\^^&&&>1/''$>#$+^03^P$#',/34^<#/,4^<#/,4=^j!74!*,/7'*K!71<#$2:379%!:8#,3! 3E%! 744,%!#<!T,:*73K>!SE7*%!&%!:$%!/#1/%$1%'!&73E! 3E%! 744,%!#<!T,:*73K!()-).(:,[! 73! 74!72P#$3:13!3#!'7<<%$%137:3%!73!<$#2!T,:*73K!)81/)*:)>!JE%!3%$2!)81/)*:)!#$!)81/)*:)LD.-)/[!:4!73!$%*:3%4!3#!$%4%:$/EW8:4%'!01#&*%'+%[!P%$3:714!3#!3E%!4,22:379%!/#**%/37#1!#<!$%4%:$/E!#1!:! 4P%/7<7/! 3#P7/! 3E:3! :14&%$4! 4P%/7<7/! :1'! 72P#$3:13! T,%437#14! i%>+>[! T,%437#14! $%+:$'71+!$%*:37#14E7P4[!&EK!P$#8*%24!%X743!#$!P%$4743[!#$!&E:3! 74! 3E%!8%43!'%/747#1! <#$!P#*7/K2:071+j!iD:,'%18,4E[! 5NN5m! CE:9%*4#1! l! J#&1%[! 5NN5j>! SE7*%! $%4%:$/E! T,:*73K! P%$3:714! 3#! 3E%!4/7%137<7/!P$#/%44[!%97'%1/%!T,:*73K!P%$3:714!2#$%!3#!:!A,'+2%13!$%+:$'71+!3E%!43$%1+3E!:1'!/#1<7'%1/%!#1%!E:4!71!3E%!$%4%:$/E!<71'71+4!%2:1:371+!<$#2!3E%!4/7%137<7/!P$#/%44!iZ#43%**%$!l! O#$,/E[! 5NN5m! CE:9%*4#1! l! J#&1%[! 5NN5j>! .//#$'71+! 3#! Q#E$! i5NNGj[! vJE%! *%9%*! #<!/#1<7'%1/%!#1%!27+E3!E:9%!71!%97'%1/%!3,$14!#1!3E%!,1'%$*K71+!$#8,431%44!#<!3E%!$%4%:$/E!:1'! 3E%!:1:*K474!'#1%! 3#! 4K13E%474%! 3E:3! $%4%:$/E>v!6#22#1*K!/73%'!/$73%$7:! <#$!%9:*,:371+!4K43%24!3#!$:3%!3E%!43$%1+3E!#<!8#'7%4!#<!%97'%1/%!71/*,'%!iS%43[!c71+[!l!6:$%K[!5NN5j\!

• V,:*73K\! 3E%! :++$%+:3%! #<! T,:*73K! $:371+4! <#$! 71'797',:*! 43,'7%4[! P$%'7/:3%'! #1! 3E%!%X3%13!3#!&E7/E!87:4!&:4!271727e%'!71!3E%!43,'K!'%47+14!

• V,:1373K\!3E%!1,28%$!#<!43,'7%4[!3E%!4:2P*%!47e%[!3E%!43,'K!'%47+1s4!43:37437/:*!P#&%$!3#!'%3%/3!2%:171+<,*!%<<%/34[!:1'!2:+173,'%!#<!3E%!%<<%/34!<#,1'!#$!3E%!%<<%/3!47e%!

• 6#14743%1/K\! <#$! :1K! +79%1! 3#P7/[! 3E%! %X3%13! 3#!&E7/E! 4727*:$! <71'71+4! :$%! $%P#$3%'!,471+!4727*:$!:1'!'7<<%$%13!43,'K!'%47+14!

JE,4[!2#$%!#<3%1!3E:1!1#3[!T,:*73K!$%4%:$/E!74!:!P$%/,$4#$!3#!T,:*73K!%97'%1/%>!JKP7/:**K[!3E%!#9%$:**!43,'K!'%47+1[! 3E%!4P%/7<7/!$%4%:$/E!T,%437#14[!2%3E#'4[!/#E%$%1/%[!:1'!/#14743%1/K!#<!<71'71+4!71<*,%1/%!3E%!3KP%!:1'!T,:*73K!#<!%97'%1/%!P$#',/%'>!OK!1#&!K#,!&7**!P$#8:8*K!8%!:4071+!$%*%9:13!T,%437#14!:8#,3!43:1':$'4>!D%4P#1'!3#!3E%!:/37973K!8%*#&!8%<#$%!$%:'71+!#1>!

!

&&""

#L=W^W=V!6]/!

:>!SE:3!7147+E34!'#!&%!+%3!<$#2!*73%$:3,$%!$%+:$'71+!T,:*73K!43:1':$'4!71!$%4%:$/EU!

8>!SE:3!/$73%$7:!:$%!:3!3E%!'74P#4:*!#<!3E%!$%4%:$/E!43,'%13!3#!'%3%$271%!3E%!%X3%13!3#!&E7/E!E74Ê%$!$%4%:$/E!74!,P!3#!43:1':$'U!

!

JE%$%! 74! :8,1':13! *73%$:3,$%!#1!T,:*73K! 43:1':$'4[!8,3!K#,!E:9%! 3#!8%! A,'7/7#,4!:1'! 4%*%/3!3E:3!&E7/E!P%$3:714!3#!$%4%:$/E>!.*4#[! 3E%$%!:$%!/$73%$7:!K#,!/#,*'!://%44!&E7*%!&#$071+!#1!K#,$!$%4%:$/E[!:1'!3E%!<#**#&71+!'74/,447#1!+79%4!4#2%!7147+E3>!!

DME)?/%'6%"6.)R+")V,%9&/:)3#.#%"14)

56.71'N!()-).(:,!2#43!/#22#1*K!$%<%$4!3#!3E%!4/7%137<7/!P$#/%44!%1/#2P:4471+!:**!:4P%/34!#<!43,'K!'%47+1>!?1!P:$37/,*:$[!73!P%$3:714!3#!3E%!A,'+2%13!$%+:$'71+\!

• 3E%!2%3E#'4!:1'!T,%437#14[!!• 4%*%/37#1!#<!4,8A%/34[!!• 2%:4,$%2%13!#<!#,3/#2%4[!:1'!!• P$#3%/37#1!:+:7143!4K43%2:37/!87:4[!1#14K43%2:37/!87:4[!:1'!71<%$%137:*!%$$#$>!

iO#:e!l!.4E8K[!5NNBm!Q#E$[!5NNGm!CE:9%*4#1!l!J#&1%[!5NN5j>!!

)$71/7P*%4!:1'!43:1':$'4!<#$!T,:*73K!$%4%:$/E!'%47+14!:$%!/#22#1*K!<#,1'!71!3%X34[!$%P#$34[!%44:K4[! :1'!+,7'%4! 3#! $%4%:$/E!'%47+1!:1'!2%3E#'#*#+K>! C#2%! 4/E#*:$4[! E#&%9%$[! 4,++%43!3E%! PE7*#4#PE7/:*! ,1'%$P71171+! :1'! P,$P#4%! #<! $%4%:$/E! 2%3E#'4! 3E:3! :$%! '%47+1%'!4P%/7<7/:**K! 3#! +%1%$:3%! $7/E! T,:*73:379%! ':3:! /:**4! <#$! :! '7<<%$%13! /E:$:/3%$74:37#1! #<! 3E%4%!43:1':$'4!iCP%1/%$[!D73/E7%[!Q%&74[!l!H7**#1[!5NNBj>!!

C/E#*:$4! i]%$43%1! %3! :*>[! 5NNNm! ]$%%1E:*+E[! -==;m! D:+71! %3! :*>[! ! 5NNBj! E:9%! '%4/$78%'!43:1':$'4! 3E:3! 4E:P%! 4/7%137<7/! ,1'%$43:1'71+! :1'! 3E:3! :$%! <$%T,%13*K! ,4%'! 3#! <$:2%! 3E%!'74/#,$4%!#1! 3E%!T,:*73K!#<! $%4%:$/E>! JE74!E:4! *%'! 3#! 3E%! 3%$2! -:1)*'141:.77N!D.-)/! ()-).(:,!8%71+!,4%'!71!4#2%!4%3371+4!3#!:''$%44!$%4%:$/E!T,:*73K>!"$%T,%13*K!2%137#1%'!43:1':$'4!<#$!:44%4471+!3E%!T,:*73K!#<!$%4%:$/E!71/*,'%!3E%!<#**#&71+\!

• )#4%!:!47+17<7/:13[!72P#$3:13!T,%437#1!3E:3!/:1!8%!719%437+:3%'!%2P7$7/:**K!:1'!3E:3!/#13$78,3%4!3#!3E%!01#&*%'+%!8:4%!

• J%43!T,%437#14!3E:3!:$%!*710%'!3#!$%*%9:13!3E%#$K!• .PP*K!2%3E#'4!3E:3!8%43!:''$%44!3E%!$%4%:$/E!T,%437#14!#<!713%$%43!• O:4%! $%4%:$/E!#1!/*%:$!/E:714!#<! 71<%$%137:*! $%:4#171+!4,PP#$3%'!:1'! A,437<7%'!8K!:!

/#2P*%3%!/#9%$:+%!#<!3E%!$%*%9:13!*73%$:3,$%!• )$#97'%!3E%!1%/%44:$K!71<#$2:37#1!3#!$%P$#',/%!#$!$%P*7/:3%!3E%!43,'K!• F14,$%!3E%!43,'K!'%47+1[!2%3E#'4[!:1'!P$#/%',$%4!:$%!4,<<7/7%13*K!3$:14P:$%13!:1'!

%14,$%!:1!71'%P%1'%13[!8:*:1/%'[!:1'!#8A%/379%!:PP$#:/E!3#!3E%!$%4%:$/E!• )$#97'%!4,<<7/7%13!'%4/$7P37#1!#<! 3E%!4:2P*%[! 3E%! 713%$9%137#1[!:1'!:1K!/#2P:$74#1!

+$#,P4!• `4%!:PP$#P$7:3%!:1'!$%*7:8*%!/#1/%P3,:*74:37#1!:1'!2%:4,$%2%13!#<!9:$7:8*%4!• F9:*,:3%!:*3%$1:379%!%XP*:1:37#14!<#$!:1K!<71'71+4!

&'""

• .44%44!3E%!P#4478*%!72P:/3!#<!4K43%2:37/!87:4!• C,8273!$%4%:$/E!3#!:!P%%$W$%97%&!P$#/%44!• .'E%$%!3#!T,:*73K!43:1':$'4!<#$!$%P#$371+!i7>%>[!/*%:$[!/#+%13[!/#2P*%3%j!

.<3%$! +#71+! 3E$#,+E! 3E%! 43:1':$'4[! $%:'!:! /#2P*%3%!&$73%W,P!#<! :! 43,'K[! :1'!%9:*,:3%! 3E%!%X3%13!3#!&E7/E!73!2%%34!3E%!/$73%$7:!:8#9%>!d#,!2:K!3E%1!2#9%!#1!3#!3E%!'74/,447#1!:8#,3!P*:+7:$742[!&E7/E!74!/*#4%*K!*710%'!&73E!T,:*73K!$%4%:$/E!43:1':$'4>!!6]8]/!H:;=!WU!<Q;SW;?WUTe!.4! K#,! 9%13,$%! 713#! 3E%! E7+E! *%9%*4! #<! :/:'%27/! &$7371+[! 73! 8%/#2%4! 9%$K! 72P#$3:13! 3#!,1'%$43:1'!&E:3!P*:+7:$742! 74! 3#! %14,$%! K#,!'#!1#3! /#2273! 73>! )*:+7:$742! 74! 3E%! 3:071+!#<!:1#3E%$! P%$4#1s4! 7'%:4[! &$7371+4! #$! 719%137#14! :1'! ,471+! 3E%2! :4! K#,$! #&1>! ?3! 2:K[!3E%$%<#$%[! 8%! $%<%$$%'! 3#! :4!%1%6#8&1) /4#R/>! JE74! 74! :! 4%$7#,4! #<<%1/%! :1'!2,43! 8%! 3:0%1!4%$7#,4*K!:4!'7<<%$%13!:/:'%27/!714373,37#14!E:9%!3E%7$!#&1!&:K4!#<!'%:*71+!&73E!73>!?3!71/*,'%4!$%W&#$'71+!^!P:$:PE$:471+!:1#3E%$!P%$4#1s4!&#$0!&73E#,3!/7371+!3E%!4#,$/%>!.**!P:$:PE$:4%'!2:3%$7:*! 2,43[! 3E%$%<#$%[! 8%! :/01#&*%'+%'>! ?1<$71+71+! 3E74! $%T,7$%2%13[! &E%3E%$!'%*78%$:3%*K!#$!1#3!74!P*:+7:$742>!?3!74!72P#$3:13!3E:3!K#,!2:0%!4,$%!3E:3!%9%$K!P7%/%!#<!&#$0!K#,!4,8273!<#$!:44%442%13!74!K#,$!#&1>!?<!K#,!3$K!3#!P:44!#<<!3E%!&#$0!#<!#3E%$4!i%9%1!3E#4%!:3!3E%!4:2%!*%9%*!&73E!K#,j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e!!JE%!2#43!#897#,4!<#$2!#<!P*:+7:$742!K#,!2:K!'#!74!3#!,4%!4#2%#1%!%*4%s4!&#$'4[!'7:+$:24[!#$! PE#3#4! 3#! 4,PP#$3! K#,$! :$+,2%13! &73E#,3! :1K! :/01#&*%'+2%13! &E:34#%9%$!iE33P\^^&&&>*78>8%$0%*%K>%',^7143$,/3^+,7'%4^/73:37#14>E32*j>!Y#&%9%$[! K#,!2,43!1#3%!:*4#!3E:3!71:'%T,:3%!$%<%$%1/71+!/:1!$%4,*3!71!P*:+7:$742>!"#$!%X:2P*%[!714%$371+!:!4%/37#1!#<!3%X3!<$#2! 4#2%#1%! %*4%s4! &#$0! 71! 3#! K#,$! #&1! &73E#,3! T,#3:37#1!2:$04! &#,*'! 8%! P*:+7:$742!%9%1! 7<! 3E%! 4#,$/%!&:4! :/01#&*%'+%'! 71! :!P$%/74%! $%<%$%1/%>! ?<! K#,!,4%!&#$'4! <$#2!#3E%$!4#,$/%4!73!2,43!8#3E!8%!71!T,#3:37#1!2:$04!#$!71'%13%'!:1'!P$%/74%*K!$%<%$%1/%'!&73E!P:+%!1,28%$4>!.!$,*%!#<!3E%!3E,28!74!3E:3\!!

&(""

• SE%$%!K#,!/73%!3E%!%X:/3!&#$'4[! 3E%!:,3E#$[! 3E%!K%:$!#<!P,8*7/:37#1[!:1'!3E%!P:+%!$%<%$%1/%[!2,43!8%!$%<*%/3%'>!!

• Y#&%9%$[! 7<! K#,!P:$:PE$:4%! 3E%!&#$'4! #<! 3E%! :,3E#$[! #1*K! 3E%! :,3E#$R4! 1:2%! :1'!K%:$!#<!P,8*7/:37#1!4E#,*'!:PP%:$>!

!SE%1%9%$! K#,! $%<%$! 3#! 3E%! &#$0! #<! #3E%$! P%#P*%[! 3E%$%! 4E#,*'! :*&:K4! 8%! :1!:/01#&*%'+%2%13>! )*%:4%! 1#3%! 3E:3! P*:+7:$742! /:1! :*4#! :$74%! <$#2! <:7*71+! 3#! :/01#&*%'+%!2:3%$7:*!#83:71%'!<$#2!713%$1%3!4#,$/%4!:4!&%**!:4!<$#2!8##04[!#$!:$37/*%4>!!!6]8]6!+>Q[K<Q;SW;?WUT!!d#,!2,43!1#3%!3E:3!%9%$K!P7%/%!#<!&#$0!K#,!P$#',/%!2:K!#1*K!8%!4,82733%'!<#$!:44%442%13!#$! P,8*7/:37#1! #1/%>! C,8273371+! 3E%! 4:2%! P7%/%! #<!&#$0! K#,! E:9%! P$#',/%'! 3&7/%!&7**! 8%!$%+:$'%'!:4!:1!#<<%1/%!#<! 4%*<WP*:+7:$742>!Y#&%9%$[! %:$*7%$!%44:K!&#$0!2:K!8%!,4%'!:4!:1!%*%2%13!#<!:!'744%$3:37#1[!P$#97'%'!3E:3!3E%!:2#,13!#<!%:$*7%$!&#$0!,4%'!74!4P%/7<7%'!8K!3E%!'%P:$32%13!:1'!3E%!&#$0! 74!P$#P%$*K!$%<%$%1/%'>!D%<%$%1/71+!&#,*'!4%$9%!3#! 71'7/:3%!3E:3!K#,!E:9%!<#$!4#2%372%!8%%1!:!2%28%$!#<!3E%!:/:'%27:!:1'!3E,4!%:$1!K#,!3E%!<:73E!#<!K#,$!$%:'%$4>!CP%1'!372%!#1!3E%!<#**#&71+!:/37973K[!3E%1!2#9%!#1>!!#L=W^W=V!6]6!Q##0! 3E$#,+E! K#,$! P$%97#,4! &$7371+4! :1'! :44%44! 3E%! &:K! K#,! E:9%! 8%%1! E:1'*71+! #3E%$!P%#P*%R4!7'%:4!:1'!<71'71+4!71!3E%!*7+E3!#<!P*:+7:$742>!!!JE%!%44%1/%!#<!3E74!:/37973K! 74! 3#!E%*P!K#,!$%<*%/3!#1!K#,$!#&1!P$7#$!P$:/37/%>!d#,!2:K!<71'!3E:3!K#,$!/#14/7#,41%44!:8#,3!$%<%$%1/71+!&:4!4#2%&E:3! *7273%'>!_#&[!$%<$%4E!K#,$!271'!8K!:14&%$71+!3E%!T,%437#1!:8#,3!$%<%$%1/71+>!!6]@!H:;=!WU!?>[>?>NLWNSe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d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e!JE%!:PP$#P$7:3%! /73:37#1!#<! 4#,$/%4! 74! :1! 72P#$3:13!:/:'%27/!:1'!%3E7/:*!P$:/37/%!:1'! 3E%!$%4P#14787*73K!<#$! *%:$171+!3E%!P$#P%$!<#$24!#<!/73:37#1! *7%4!&73E!3E%! 71'797',:*!43,'%13>! ?3! 74!9%$K! ,1*70%*K! 3E:3! :4! :1! ,P/#271+! :/:'%27/! K#,!2:K! 9%13,$%! 713#! :! &$7371+! +$#,1'! 3E:3!1#8#'K! E:4! 9%13,$%'! 713#! 8%<#$%! :1'! :4! 4,/E[! 8%*#&! :$%! 4#2%! #<! 3E%! $%:4#14! :/:'%27/4!2,43!$%<%$%1/%!i.,43$:*7:1!_:37#1:*!`179%$473K[!5NN=j\!

• J#!'74371+,74E!K#,$!#&1!7'%:4!<$#2!3E#4%!#<!4#2%#1%!%*4%>!

&6""

• J#!/73%!'7<<%$%13!P#7134!#<!97%&>!• J#! 9:*7':3%!&E:3! K#,!:$%!&$7371+[! 8K! $%<%$$71+! 3#!'#/,2%13%'!%97'%1/%>! ),8*74E%'!

&#$0!<#$!7143:1/%!/:1!8%!,4%'!3#!4,PP#$3!K#,$!:$+,2%13!:1'!:''!/$%'787*73K!3#!K#,$!&$7371+>!

• J#!71<#$2!$%:'%$4!#<!3E%!4/#P%!:1'!'%P3E!#<!K#,$!$%:'71+>!• J#! 713%+$:3%! 71<#$2:37#1! 8K! :44%4471+[! /#2P:$71+[! /#13$:4371+! #$! %9:*,:371+! 73[! 3#!

4E#&!,1'%$43:1'71+>!• J#!%2PE:474%!:!P#4737#1!3E:3!K#,!:+$%%!#$!'74:+$%%!&73E>!• J#!$%<%$!3#!#3E%$!$%4%:$/E!3E:3!*%:'4!,P!3#!K#,$!43,'K!i3E:3!74[!3#!:1/E#$!K#,$!&#$0!

713#!P$%97#,4!$%4%:$/Ej>!• J#!E7+E*7+E3!:!P%$371%13!P#713!8K!T,#371+!3E%!#$7+71:*>!• J#! %1:8*%! $%:'%$4! 3#! /#14,*3! 3E%! #$7+71:*! 4#,$/%! 71'%P%1'%13*K>! "#$! 7143:1/%[! 3#!

/$#44! /E%/0! 7<! 3E%! 713%$P$%3:37#1!K#,!+79%! 74! $%:**K! 3E%!#1%! 713%1'%'! 71! 3E%!#$7+71:*!4#,$/%>!!

!.**! 3E%4%! :4P%/34! 2:0%! K#,$! #&1! P7%/%! #<! &#$0! 9:*7'! :1'! &%**! $##3%'! 71! 3E%! /,*3,$%! #<!:/:'%27/!&$7371+>!!!!6]D!H:>N!=O!?>[>?>NL>e!SE%1!&$7371+!:1!:/:'%27/!%44:K!#$!:!$%P#$3[!K#,!&7**! 719:$7:8*K!'$:&!,P#1!3E%!$%4%:$/E!#<!#3E%$4[!'7$%/3*K!#$! 71'7$%/3*K[!:1'!71/#$P#$:3%!73! 713#!K#,$!#&1!&#$0>!"#$!%X:2P*%[!K#,!2:K!/E##4%!3#!T,#3%!:1!:,3E#$[!P:$:PE$:4%!:!4%/37#1!#<!:1!:,3E#$R4!&#$0[!#$!472P*K!,4%!:1!7'%:!#$! 71<#$2:37#1! <$#2! :! 3%X3>! ?1! P$#',/71+! :1! %44:K[! $%P#$3[! #$! '744%$3:37#1[! &E%1%9%$! K#,!T,#3%!'7$%/3*K!<$#2!:1#3E%$!&$73%$[!P:$:PE$:4%!#$!4,22:$74%!:!P:44:+%!<$#2!:1#3E%$!&$73%$!#$! ,4%!2:3%$7:*! i<#$! %X:2P*%[! :1! 7'%:[! <:/34[! 43:37437/4j! '7$%/3*K! 8:4%'! #1! :1#3E%$! &$73%$R4!&#$0m!73!74!K#,$!$%4P#14787*73K!3#!7'%137<K!:1'!:/01#&*%'+%!K#,$!4#,$/%!71!:!4K43%2:37/!43K*%!#<!$%<%$%1/71+h!i6*:1/EK!:1'!O:**:$'[!-==;j>!OK!'#71+!3E74[!K#,!:$%!:/01#&*%'+71+!3E:3!K#,!:$%!P:$3!#<! 3E%!:/:'%27/! /#22,173K>! ?3! 74! 72P#$3:13! 3#!'#! 3E74! 4#! 3E:3! K#,$! $%:'%$!#$! 3E%!P%$4#1! :44%4471+! K#,$! &#$0[! /:1! 3$:/%! 3E%! 4#,$/%! #<! K#,$! 2:3%$7:*! %:47*K! :1'! ://,$:3%*K!i6*:1/EK!:1'!O:**:$'[!-==;j>!JE%!$%:'%$!2:K!&:13!3#!01#&!&E%$%!K#,$!%97'%1/%!#$!4,PP#$3!<#$!K#,$!:$+,2%13!/#2%4!<$#2>!`471+!3E%!&#$0!#<!#3E%$4!%:/E!372%!K#,!&$73%[!:4!*#1+!:4!73!74!:/01#&*%'+%'[!74!:1!%1/#,$:+%'!:1'!://%P3%'!P$:/37/%!71!:/:'%27:>!!!!6]G!.>[>?>NLWNS!UVU=>TU!JE%$%!:$%!:!1,28%$!#<!$%<%$%1/71+!4K43%24!3E:3!:$%!/#22#1*K!,4%'!<#$!:/:'%27/!P,$P#4%4! 3#':K>! JE%4%! 71/*,'%\! 3E%! 6E7/:+#! $%<%$%1/71+! 4K43%2m! 3E%! .2%$7/:1!)4K/E#*#+7/:*! .44#/7:37#1! i.).jm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`179%$473K!#<!S:70:3#>!!!6]G]/!#-#!.>[>?>NLWNS!+VU=>T!JE74! 74! :! T,7/0! +,7'%! 3#! 3E%! .).! $%<%$%1/71+! 43K*%! iL3E! %'737#1j! '$:&1! <$#2!&&&>&:70:3#>:/>1e^+#^:P:>!

&B""

!• JE%!#2%$7/:1!-4K/E#*#+7/:*!#44#/7:37#1!$%<%$%1/%!43K*%!,4%4!3E%!.,3E#$WH:3%!<#$2:3>!!• D%<%$! 3#! 3E%!>6D71:.'13*!Q.*6.7! 34! ',)!A2)(1:.*!>-N:,373+1:.7!A--3:1.'13*! iL3E!%'>j!

<#$!2#$%!71<#$2:37#1>!6E%/0!3E%!Q78$:$K!6:3:*#+,%!<#$!/:**!1,28%$!:1'!*#/:37#1i4j>!!• SE%1!T,#371+!'7$%/3*K!#$!71'7$%/3*K!<$#2!:!4#,$/%[!=:>!UOX?L>!TXU=!Y>!;LMNOPQ>RS>R!

WN! =:>! =>c=!8K! :,3E#$! 1:2%! :1'! K%:$! #<! P,8*7/:37#1>! ?<! T,#371+! '7$%/3*K[! :! *#/:37#1!$%<%$%1/%!4,/E!:4!<;S>!NXTY>?_U`!#$!<;?;S?;<:!NXTY>?!74!:*4#!$%T,7$%'>!

!6]G]4!3NK">c=!-&"#1/)W,+/%/&+')]!6-)!Y63'.'13*!2.(K-!.(36*/!',)!Y63')!.*/! &'19,6#)$%(#)',8S#".7)#M(M)C:2#9:$!:1'!)#$3%$!i-==;j!P#713!#,3!3E:3!v*:1+,:+%!719#*9%4!:33:/E71+!2%:171+!3#!4K28#*4v!iP>-((j>!.*3%$1:379%*K[!fQ:1+,:+%!719#*9%4!:33:/E71+!2%:171+!3#!4K28#*4v!iC:2#9:$!l!)#$3%$[!-==;[!P>-((j>!)X'6&"#1/)W,+/%/&+'Y$%"%$4"%.&'()]!*3!Y63'.'13*!2.(K-F!)#+#!.33:/E71+!2%:171+!3#!4K28#*4!74!/#147'%$%'!3#!8%!3E%!#$7+71!#<!&$733%1!*:1+,:+%!iC:2#9:$!l!)#$3%$[!-==;j>!ZM[M)!%(#)',8S#".)%"#)+$/&+'%9)T4#')$%"%$4"%.&'(7)%9/4+,(4)&/)&.),.#R,9)/+)&'19,6#)/4#8)J!,S9&1%/&+')\%',%97)$M)BHBLM))A&/%/&+'.)R"+8)%).#1+'6%":).+,"1#).4! Y:**! i-=;;j! :44%$34[! f/,*3,$%! :*4#! '%<71%4! 8#,1':$7%4! #<! '7<<%$%13! +$#,P4h! i:4! /73%'! 71!C:2#9:$!l!)#$3%$[!-==;[!P>!-Gj>!!

• .3! 3E%! %1'! #<! K#,$! :447+12%13[! K#,! :$%! $%T,7$%'! 3#! P$#97'%! 3E%! <,**! 878*7#+$:PE7/!71<#$2:37#1! <#$! %:/E! 4#,$/%>! D%<%$%1/%4! 2,43! 8%! *743%'! 71! :*PE:8%37/:*! #$'%$! 8K!:,3E#$>!

!6]G]6!&c;T<Q>U!O[!?>[>?>NL>U!YV!=V<>!3N!;!?>[>?>NL>!QWU=! 3NK=>c=!LW=;=WON!->!$OOM!PW=:!ON>!;X=:O?!c71+[!Z>!i5NNNj>!\()-'71*+!=1',!',)!.*+)7B!A!714)!34!X.*)'!_(.2)>!.,/0*:1'[!_%&!n%:*:1'\!M7071+>!ZM[M)<4#)R&"./)9#//#")+R)/4#)R&"./)T+"6)+R)/4#)8%&')/&/9#7).,S/&/9#)%'6)%99)$"+$#")'+,'.)4%=#)1%$&/%9)9#//#".M)

ic71+[! 5NNNj! +") c71+!i5NNNj! /#2P:$%4!"$:2%!>>>!

5>! $OOM! PW=:! =PO! =O! [W^>! ;X=:O?U! _U>>! %WY?;?V! #-#! ?>[>?>NLWNS!P>Y<;S>![O?!UWc!O?!TO?>!;X=:O?U`!c$:,4%[! c>WQ>[! O#/E1%$[! C>[! l! H,/E%41%[! C>! i5NNLj>! V/6:.'13*.7!<-N:,373+N! 43(! 7).(*1*+!.*/! ').:,1*+! i51'!%'>j>!C#,3E!Z%*8#,$1%[!M7/>[!.,43$:*7:\!JE#24#1>!ZM[M)].#)^)S#/T##')%,/4+".@)'%8#.7)#Q1#$/)T4#')$%"%$4"%.&'()&')/#Q/M)_4#')%)T+"`)4%.)/4"##7)R+,")+")R&=#)%,/4+".7)1&/#)%99)%,/4+".)/4#) R&"./) /&8#7) %'6) &') .,S.#W,#'/) 1&/%/&+'.) &'19,6#) +'9:) /4#) R&"./)%,/4+")R+99+T#6)S:)#/)%9M)

ic$:,4%[! O#/E1%$[! l!H,/E%41%[! 5NNLj! /4#')ic$:,4%!%3!:*>[!5NNLj!

B>! $OOM! O?! ?><O?=! YV! ;! LO?<O?;=>! ;X=:O?! >]S]! O?S;NWU;=WON7!;UUOLW;=WON7!SO^>?NT>N=!R><;?=T>N=!`179%$473K! #<!S:70:3#>! i-=L;j>! _1(-'! ,.77! 34! ()-1/)*:)! i?1<#$2:37#1!4%$7%4!_#>!Bj>!Y:27*3#1[!_%&!n%:*:1'\!.,3E#$>!ZM[M)_4#')/4#)%,/4+")%'6)/4#)$,S9&.4#")%"#)/4#).%8#7),.#)0,/4+")&')/4#)$,S9&.4#")R&#96M)!

i`179%$473K! #<!S:70:3#[!-=L;j!?+8#) ("+,$) %,/4+".)8%:) S#) %SS"#=&%/#6)&') .,S.#W,#'/)1&/%/&+'.) &R) /4#:) %"#)"#%6&9:)"#1+('&.%S9#M)!

'G""

G>!$OOM!L:;<=>?!WN!>RW=>R!YOOM!Y%*8%$[!Q>!F>!i-==Ij>!D%'%9%*#P71+!2:3,$%!$%4#$34!<#$!1%&!2:$0%34>!?1! Z>! M>! 6#1*71! l! J>! O:,2! iF'4>j[! E-7.*/! '36(1-2B! Q.*.+)2)*'!<(1*:1<7)-! .*/! <(.:'1:)! iPP>! -NIW--Bj>! 6E7/E%43%$[! F1+*:1'\! b#E1!S7*%K>!ZM[M)X'19,6#)/4#)$%(#)',8S#".)+R)/4#)14%$/#")%R/#")/4#)S++`)/&/9#M)!

iY%*8%$[!-==Ij!+")Y%*8%$! i-==Ij!/#2P:$%4! *,X,$K!$%4#$34!>>>!

I>! )ON[>?>NL>! <;<>?! ONQWN>! K! _U>>! %WY?;?V! #-#! ?>[>?>NLWNS!P>Y<;S>![O?!;Q=>?N;=W^>![O?T;=U`!O#/E1%$[! C>! i-==L[! _#9%28%$j>! Q)*'3(1*+! 1*! ,1+,)(! )/6:.'13*B!E--6)-! '3!D)!.//()--)/! 1*!/)8)73<1*+!.!2)*'3(1*+!<(3+(.2#!):P%$!P$%4%13%'!:3! 3E%!.,43$:*7:1!.44#/7:37#1! <#$!D%4%:$/E! 71! F',/:37#1!6#1<%$%1/%[! C71+:P#$%>! D%3$7%9%'! <$#2!E33P\^^&&&>::$%>%',>:,^=LP:P^8#/E4=LN-(>3X3)!

iO#/E1%$[!-==Lj!+").//#$'71+! 3#! O#/E1%$!i-==Lj!>>>!

L>!)OX?U>!:;NROX=f%>L=X?>!NO=>U!C:*3%$[! ]>! i5NN;j>! 0):'6()! JB! &>0&$b"LbcA! q)#&%$)#713! 4*7'%4r>!Y:27*3#1[!_%&!n%:*:1'\!`179%$473K!#<!S:70:3#>!ZM[M) !,/) R+"8%/) &') .W,%"#) S"%1`#/.) a) #M(M) b!+T#"!+&'/) .9&6#.c)bd#1/,"#)'+/#.c)!

iC:*3%$[!5NN;j!

;>! (WQT! g! _U>>! %WY?;?V! #-#! ?>[>?>NLWNS! P>Y<;S>! [O?! TXUWL! ;NR!O=:>?! T>RW;`! nE:1+[! d>! i)$#',/%$^H7$%/3#$j>! i5NNNj>!d3'! 3*)! 7)--!qZ#37#1!P7/3,$%r>!6E71:\!6#*,287:!)7/3,$%4>!ZM[M) e+") R&98.7) -P-.) +") =&6#+"#1+"6&'(.) ,.#) b\+/&+') $&1/,"#c) &').W,%"#)S"%1`#/.M)5&=#) /4#) 1+,'/":)+R)+"&(&')%'6) /4#)'%8#)+R) /4#)8+/&+')$&1/,"#)./,6&+M)

inE:1+[!5NNNj!

(>!ZOX?N;Q!;?=WLQ>!g!;L;R>TWLfUL:OQ;?QV!i%*%/3$#17/!9%$47#1j!Y#E%P:[! Z>[! C/E#<7%*'[! ]>[! l! c#*3[! ]>! C>! i5NNLj>! )EK47/:*! :/37973K\!SE:3!'#!E7+E!4/E##*!43,'%134!3E710U!X36(*.7!34!A/37)-:)*'!W).7',F!JeiBj[!B5(WBBL>!'#7\-N>-N-LÂ>A:'#E%:*3E>5NNI>-5>N5G!ZM[M)0)1%$&/%9)9#//#")&.),.#6)R+")`#:)T+"6.)&')/4#);+,"'%9)/&/9#M)<4#);+,"'%9) /&/9#) %'6) =+9,8#) ',8S#") %"#) &/%9&1&.#67) R+99+T#6) S:) /4#)&..,#)',8S#")&')S"%1`#/.)J'+/)&/%9&1&.#6LM!

iY#E%P:[! C/E#<7%*'[! l!c#*3[! 5NNLj! /4#').,S.#W,#'/9:7) &R) DaF)%,/4+".) iY#E%P:! %3!:*>[!5NNLj!

=>!!ZOX?N;Q!;?=WLQ>!K!;L;R>TWLfUL:OQ;?QV!iP$713!9%$47#1j!]7884[! Z>! i5NNIj>! JE%! $7+E3! 3#! '%9%*#P2%13! :1'! 71'7+%1#,4!P%#P*%4\! Q%44#14! <$#2! _%&! n%:*:1'>!\3(7/! @)8)73<2)*'F! JJi(j[!-BLIW-B;(>!!

i]7884[!5NNIj!+")]7884!i5NNIj!/#13$:'7/34!>>>!

-N>!2;S;\WN>!;?=WLQ>!g!<O<XQ;?f=?;R>fS>N>?;Q!WN=>?>U=!]##'&71[!H>!c>!i5NN5[!"%8$,:$K!Gj>!Y#&!?!/:,4%'!3E:3!43#$K>!R12)F!%"eiIj[!L=>!ZM[M)e,99)6%/#) &.),.#6) R+")T##`9:)8%(%f&'#.g)8+'/4)%'6):#%") R+")8+'/49:)8%(%f&'#.)!

i]##'&71[! 5NN5j! +")]##'&71! i5NN5j!'%<%1'4!>>>!

-->!*>PU<;<>?!;?=WLQ>!g!i)$713!9%$47#1j!Y:$3%9%*3[!b>!i5NN;[!H%/%28%$!5Nj>!O#K!$:/%$4>!R,)!>()--F!P>!B>!ZM[M)X'19,6#)$M)+")$$M)S#R+"#)/4#)$%(#)',8S#")h)R+")'#T.$%$#".)+'9:7)'+/)8%(%f&'#.)!

iY:$3%9%*3[!5NN;j!

'!""

-5>! *>PU<;<>?! ;?=WLQ>! PW=:! NO! ;X=:O?! D%P#$3! /:434! 4E:'#&! #1!87#<,%*!/$#P4>!i5NN;[!@/3#8%$!-Lj>!\.1K.'3!R12)-[!P>!5->!ZM[M)0"/&19#) /&/9#)1+8#.) R&"./M) X') /4#) /#Q/7)%SS"#=&%/#) /&/9#)%'6),.#)6+,S9#)W,+/%/&+')8%"`.)!

ifD%P#$3! 6:434!CE:'#&[h!5NN;j!

-B>!":>UWU!o!<?WN=!^>?UWON!K!OX=UWR>!=:>!0+!_*&H`!H%&43#&[!D>!.>!i5NNLj>!M-1*+!',)!E*')(*)'!'3!)*,.*:)!').:,1*+!.'!',)!M*18)(-1'N!34! \.1K.'3! i`1P,8*74E%'! 2:43%$R4! 3E%474j>! `179%$473K! #<! S:70:3#[!Y:27*3#1[!_%&!n%:*:1'>!!

iH%&43#&[! 5NNLj! +")H%&43#&! i5NNLj!7'%137<7%'!>>!

-G>!H>Y<;S>U!iSE%1!2,*37P*%!&%8P:+%4!:$%!$%<%$%1/%'[!$%<%$%1/%!3E%! E#2%P:+%j! C3:37437/4! _%&! n%:*:1'>! i5NN;j>! d)=! f).7.*/! 1*!<(3417)!$bbc#!D%3$7%9%'!<$#2!E33P\^^&&&>43:34>+#93>1e!ZM[M) 0,/4+") J1+,96) S#) +"(%'&.%/&+'L7) 6%/#) J#&/4#") 6%/#) +R)$,S9&1%/&+') +") 9%/#./) ,$6%/#L7) 6+1,8#'/) /&/9#7) 6%/#) "#/"&#=#6) &R)1+'/#'/.)%"#)9&`#9:)/+)14%'(#7)]3d!

iC3:37437/4! _%&!n%:*:1'[!5NN;j!

!6]I!,;?^;?R!.>[>?>NLWNS!+VU=>T!JE%!4,22:$7e%'!Y:$9:$'!43K*%!E:4!8%%1!'$:&1!<$#2!E33P\^^&&&>*/>,14&>%',>:,^#*78>E32*>!!6]I]/!3NK">c=!)W=;=WONU!,OP!=O!)W=>!h3NK">c=b!673:37#14!2:K! 8%! P*:/%'! :3! 3E%! %1'! #<! :! 4%13%1/%! i8%<#$%! 3E%! /#1/*,'71+! P,1/3,:37#1j! 71!8$:/0%34\!!! JE%!3E%#$K!&:4!<7$43!'%9%*#P%'!8K!O$#&1%!i]7884!-=(-j>!!.1#3E%$!&:K!#<!71/*,'71+!:!$%<%$%1/%!71!K#,$!3%X3!74!3#!713%+$:3%!3E%!:,3E#$R4!4,$1:2%!713#!K#,$!4%13%1/%[!<#**#&%'!8K!3E%!K%:$!#<!P,8*7/:37#1!:1'!P:+%!1,28%$[!71!P:$%13E%4%4\!!! ]7884!i-=(-[!P>!(=j!43:3%4!3E:3!O$#&1%!&:4!3E%!<7$43!3#!'%9%*#P!3E%!3E%#$K!#<>>>!!!JE%!<#**#&71+!%X3$:/3!74!:1!%X:2P*%!#<!:!P:$:+$:PE!,471+!3E%!Y:$9:$'!4K43%2\!!

6$737/7424!:47'%[!H,$0E%72R4!&#$0!&:4!:1!%X3$:#$'71:$K!/#13$78,37#1!3#!3E%!4#/7#*#+K!#<! $%*7+7#1[! P%$E:P4! 2#$%! 4P%/7<7/:**K! 3#! :! +$%:3%$! ,1'%$43:1'71+! #<! 3E%! #$7+714! #<!/#**%/379%!2#$:*73K>!]:$'1%$!i-=(;[!P>!;Gj!2:0%4!:1!%X3$%2%*K!72P#$3:13!P#713!:8#,3!H,$0E%72! &E%1! E%! &$73%4! fH,$0E%72! E:'! :! *7<%*#1+! 713%$%43! 71! 2#$:*73K! >! >! >! "#$!H,$0E%72!2#$:*73K!&:4!3E%!/%13$%!:1'!%1'!#<!E74!&#$0!:1'!4#/7%3K!734%*<!&:4!3E%!%1'!:1'! 4#,$/%! #<! 2#$:*73Kh! >! "#$! H,$0E%72[! 3E%! 1:3,$%! #<! 2#$:*73K! &:4! 3E%! 1:3,$%! #<!4#/7:*! 4#*7':$73K>! ?1! R,)! V7)2)*'.(N! _3(2-! H,$0E%72! '%<71%'! $%*7+7#1! :4! 3E%! 2:71!%XP$%447#1!#<!3E%!'%%P!2#$:*!4%1372%134!714P7$%'!8K!4#/7%3K!71!71'797',:*4>!Y74!713%$%43!71!3E%!2#$:*!4,843$:3,2!#<!3E%!2#'%$1!4#/7:*!#$'%$!%XP$%44%'!/#1/%$1!&73E!3E%!2#$:*!/#14%T,%1/%4!#<!2#'%$174:37#1!iJ#*%4!-==Bj>!

!!"O!LW=>!;!RW?>L=!dXO=;=WON!S$73%! 3E%! 3%X3!&#$'! <#$!&#$'!:1'!P*:/%!T,#3:37#1!2:$04! :3! 3E%!8%+71171+!:1'!%1'!#<! 3E%!T,#3:37#1>!JE%!:,3E#$[!':3%!:1'!P:+%!1,28%$!2,43!8%!71/*,'%'>!f.,43$:*7:!74!:!4%33*%$!4#/7%3Kh!iY,'4#1!l!O#*3#1!-==;[!P>!=j>!!

'#""

"O!LW=>!;!<;?;<:?;U>!O?!;!U:O?=!UXTT;?V!O[!;N!;X=:O?bU!PO?RU!O?!WR>;U!D%43:3%!3E%!#$7+71:*!&#$'4^! 7'%:! 71!K#,$!#&1!&#$'4>!JE%!:,3E#$[!':3%!:1'!P:+%!1,28%$i4j!2,43!8%!71/*,'%'>!S:$372%! 3%X37*%! $:37#171+!&:4! 72P#4%'! 3E$#,+E! :! /#,P#1! 4K43%2[!&E7/E!2%:13! +:$2%134!1#&!E:'!3&#!/#434\!3E%7$!9:*,%!71!2#1%3:$K!,1734!:1'!71!/#,P#14!iZ/c%$1:1!-==I[!P>!-I5j>!!!"O!?>[>?>NL>!=:>!O^>?;QQ!LON=>N=!O[!;!PO?M!d#,!'#!1#3!1%%'!3#!71/*,'%!P:+%!1,28%$4!8%/:,4%!73!74!3E%!%137$%!&#$0!K#,!:$%!$%<%$$71+!3#\!Q:$4%1!:1'!]$%%1%!i-=(=j!43,'7%'!3E%!%<<%/34!#<!P#**,37#1!71!3E$%%!2:A#$!/737%4>>>!!6]I]4!%WU=!O[!.>[>?>NL>U!R,)!01-'!34!9)4)()*:)-! 1*!',)!W.(8.(/!-N-')2!1-!.!-1*+7)! 71-'!34!.77!',)!D33K-F! Z36(*.7!.('1:7)-!.*/!3',)(!-36(:)-!N36!,.8)!()4)(()/!'3!',(36+,36'!N36(!.--1+*2)*'#!

-> .!*743!#<!$%<%$%1/%4!4E#,*'!8%!*:7'!#,3!:*PE:8%37/:**K!8K!:,3E#$!4,$1:2%>!!5> ?<!878*7#+$:PE7/! 71<#$2:37#1!%X/%%'4!#1%! *71%!#<! 3%X3[! 3E%1! 3E%! <#**#&71+! *71%4! 4E#,*'!

E:9%!:!E:1+71+!71'%13>!B> JE%! 373*%! #<! :! 8##0! 4E#,*'!8%! 71! 73:*7/4>!Z7172:*! /:P73:*74:37#1! 74! $%/#22%1'%'! i%>+>!

#1*K!/:P73:*74%!3E%!<7$43!&#$'!#<!:!373*%R4!E%:'71+^!4,8E%:'71+!:1'!:1K!P$#P%$!1#,14j>!!!6]I]6!)W=WNS!RW[[>?>N=!UOX?L>U!!"O!LW=>!;!YOOM!3N!=:>!=>c=!.! P:+%! 1,28%$! 74! $%T,7$%'! 7<!K#,! :$%! P:$:PE$:471+[!4,22:$7471+! #$! T,#371+!'7$%/3*K\!ic:$40%14!-==;[!P>5Bj!S:$'! i-=LL[! P>! -5j! 4,++%434!3E:3!>>>!?<!K#,!:$%!#1*K!/7371+!3E%!2:71!7'%:!#<!3E%!8##0\!ic:$40%14!-==;j!

3N!=:>!%WU=!O[!.>[>?>NL>U!c:$40%14[! ]! -==;[! R,)! 93:K-B! 714)! 1*! ).(7N! &N/*)N[!Z%*8#,$1%!`179%$473K!)$%44[!6:$*3#1>!S:$'[! D! -=LL[! R,)! A6-'(.71.*! 7)+)*/[! 51'! %'1[! @X<#$'!`179%$473K!)$%44[!Z%*8#,$1%>!)$%4%13!<,**!878*7#+$:PE7/!'%3:7*4!71!3E%!<#**#&71+!#$'%$\!->!:,3E#$R4!4,$1:2%!:1'!71737:*i4j!!5>!K%:$!#<!P,8*7/:37#1!!B>! 373*%! #<! P,8*7/:37#1! i71! 73:*7/4! :1'! &73E! 27172:*!/:P73:*74:37#1j!!G>!%'737#1!i7<!:PP*7/:8*%>!.88$%97:3%'!:4!a%'1Rj!I>!P,8*74E%$!!L>!!P*:/%!#<!P,8*7/:37#1!!

"O!LW=>!;!aOX?N;Q!;?=WLQ>!!3N!=:>!=>c=!?<! 3E%! P:+%! 1,28%$! 74! $%T,7$%'[!:4! 73! 74! <#$! 4,22:$7471+[!P:$:PE$:471+! :1'! '7$%/3!T,#371+\!ic#e,*71!-==B[!P>!5I;j!!?<!K#,!:$%!/7371+!3E%!2:71!7'%:!#<!3E%!:$37/*%!#1*K\!ic#e,*71!-==Bj!

3N!=:>!%WU=!O[!.>[>?>NL>U!c#e,*71[! .! -==B[! a! Q73%$:3,$%! :4! :! P4K/E#*#+7/:*! 3##*RF!V/6:.'13*.7!>-N:,373+1-'F!9#*>!5([!1#>!B[!4,22%$[!PP>!5IBW5LI>!)*:/%!3E%!71<#$2:37#1!71!3E%!<#**#&71+!#$'%$\!!->!:,3E#$R4!4,$1:2%!:1'!71737:*!!5>!K%:$!#<!P,8*7/:37#1!!B>! 373*%! #<! :$37/*%! i8%3&%%1! 471+*%! T,#3:37#1! 2:$04! :1'!&73E!27172:*!/:P73:*74:37#1j!!G>!373*%!#<!A#,$1:*!#$!P%$7#'7/:*!i71!73:*7/4[!,471+!2:X72,2!/:P73:*74:37#1j!!

'$""

I>!9#*,2%!1,28%$[!7<!:PP*7/:8*%!L>!744,%!1,28%$[!2#13E!#$!4%:4#1!i7<!:PP*7/:8*%j!!;>!P:+%!1,28%$4!#<!3E%!:$37/*%!!

"O!LW=>!;N!;?=WLQ>![?OT!;!YOOM!LOQQ>L=WON!.! 8##0! /#**%/37#1! /#147434! #<! :!/#**%/37#1!#<!:$37/*%4!#$!/E:P3%$4[!%:/E! 8K! '7<<%$%13! :,3E#$4[! 8,3!/#2P7*%'!8K!%'73#$i4j>!?<! K#,! &:13! 3#! /73%! :! P:$37/,*:$!:$37/*%^/E:P3%$[! /73%! 3E%!:,3E#$i4j! #<! 3E%! :$37/*%! 71! 3E%!3%X3\!i6,$3E#K4!-==;[!P>!5Ij!

3N!=:>!%WU=!O[!.>[>?>NL>U!SE%1! K#,! ,4%! :1! :$37/*%! #$! /E:P3%$! <$#2! :! 8##0!/#**%/37#1[! 3E%! 373*%! #<! 3E%! :$37/*%! :PP%:$4! 71! T,#3:37#14>!JE%!373*%!#<!3E%!8##0!74!73:*7/74%'>!"#$!%X:2P*%\!6,$3E#K4[!.!-==;[!aY743#$K!:1'!7'%1373KR[!71!S!Y,'4#1!l!]!O#*3#1! i%'4j[! C().'1*+! A6-'(.71.B! :,.*+1*+! A6-'(.71.*!,1-'3(N[!.**%1!l!`1&71[!CK'1%K[!PP>!5BWB(>!)*:/%!3E%!71<#$2:37#1!71!3E%!<#**#&71+!#$'%$\!!->!:,3E#$R4!4,$1:2%!:1'!71737:*!!5>!K%:$!#<!P,8*7/:37#1!!B>! 1:2%!#<! :$37/*%! i8%3&%%1! 471+*%! T,#3:37#1!2:$04! :1'!&73E!27172:*!/:P73:*74:37#1j!!G>!71!I>!71737:*i4j!:1'!4,$1:2%i4j!#<!%'73#$i4j!!L>!i%'>j!#$!i%'4j!!;>! 1:2%! #<! /#**%/37#1! i3E%! 1:2%! #1! 3E%! 373*%! P:+%j! 71!73:*7/4!:1'!27172:*!/:P73:*74:37#1!!(>!P,8*74E%$!!=>!P*:/%!#<!P,8*7/:37#1!-!-N>!P:+%!$:1+%!

"O!LW=>!;!YOOM!LOQQ>L=WON!?<! K#,! &:13! 3#! /73%! 3E%! %137$%!8##0[! $%<%$! 3#! 3E%! %'73#$4i4j! #<!3E%!/#**%/37#1!71!3E%!3%X3\!iY,'4#1!l!O#*3#1!-==;j!

J#!/73%!3E%!%137$%!8##0\!Y,'4#1[! S! l! O#*3#1[! ]! i%'4j! -==;[! C().'1*+! A6-'(.71.B!:,.*+1*+!A6-'(.71.*!,1-'3(N[!.**%1!l!`1&71[!CK'1%K>!

"O!LW=>!;!dXO=;=WON!O?!WR>;![?OT!;N!;X=:O?!P:O!;==?WYX=>U!W=!=O!;NO=:>?!UOX?L>!d#,! 2,43! :/01#&*%'+%! 8#3E!4#,$/%4!71!K#,$!3%X3\!]$:E:2!]7884[!71!E74!-=(-!43,'K!713#!43,'%13!*%:$171+!&$#3%!3E:3!f8%/:,4%! 43,'%134!:$%!:&:$%!#<!3E%7$! 3,3#$R4! 2:43%$K! #<! 3E%!4,8A%/3! 2:33%$[! 73! 74! T,73%!/#22#1! <#$! 3E%2! 3#! :44,2%!3E:3! 3E%7$! $%:'%$! E:4! 1#! 1%%'4!:3! :**h! i]7884! -=(-[! P>! B=[! /73%'!71! O#&'%1! l! Z:$3#1! -==([! P>!BIj>!

?1! 3E%! Q743! #<! D%<%$%1/%4[! $%/#$'! 3E%! 8##0! 3E:3! K#,!:/3,:**K! 4#,$/%'\! O#&'%1[! b! l! Z:$3#1[! "! -==([! R,)!6*18)(-1'N!34!7).(*1*+[!c#+:1!):+%[!Q#1'#1>!

"O!LW=>!TO?>!=:;N!ON>!;X=:O?!?1/*,'%!8#3E!1:2%4!71!3E%!#$'%$!71!&E7/E!3E%K!:PP%:$!#1!3E%!373*%!P:+%\!i]%$43%$! l! O:44%3! -=(;j! #$\!]%$43%$!:1'!O:44%3!i-=(;j!:44%$3!3E:3!>>>!!

?1!3E%!Q743!#<!D%<%$%1/%4\!]%$43%$[!D!l!O:44%33[!b!-==-[!&)1g6()-!34!N36',B!',)!-1O'1)-!.*/!A6-'(.71.[!YK*:1'!Y#,4%[!Z%*8#,$1%>!

'%""

"O!LW=>!TO?>!=:;N!=:?>>!;X=:O?U!!`4%! 3E%! 4,$1:2%! #<! 3E%! <7$43!:,3E#$! :1'! %3! :*>! ia:1'! #3E%$4Rj!71!3E%!3%X3\!Q%%'%$! %3! :*>! i-==L[! P>! ;(j!:$+,%'! >>>! #$\! iQ%%'%$! %3! :*>!-==Lj!!!

?1!3E%!Q743!#<!D%<%$%1/%4\!Q%%'%$[!CD[!H#84#1[!.b[!]788%$4[!DS[!):3%*[!_c[!Z:3E%&4[!)C[!S7**7:24[!HS!l!Z:$7#3[!HQ!-==L[!R,)!A6-'(.71.*! 4172! 1*/6-'(N[!H#2717#1!)$%44[!.'%*:7'%>!H#1R3!,4%!%3!:*>!71!3E%!*743!#<!$%<%$%1/%4>!Q743!:**!:,3E#$4!71!3E%!#$'%$!71!&E7/E!3E%K!:PP%:$!#1!3E%!373*%!P:+%!!

"O!LW=>!TO?>!=:;N!ON>!PO?M!YV!=:>!U;T>!;X=:O?!.$$:1+%! /73:37#14! 71!/E$#1#*#+7/:*! #$'%$\! iC273E!-=(-[!-=(G[!-=(Ij!!

F:/E!4#,$/%!&7**!$%T,7$%!:!4%P:$:3%!$%<%$%1/%!*743!%13$K>!!

"O!LW=>!;X=:O?U!PW=:!=:>!U;T>![;TWQV!N;T>!P:O!:;^>!<XYQWU:>R!WN!=:>!U;T>!V>;?!`4%! 3E%7$! 71737:*4! 3#! 71'7/:3%!'7<<%$%13!P%#P*%\!JE%! 3E%#$K! &:4! <7$43! '%9%*#P%'!%:$*K! 3E74! /%13,$K! iC273E[! .! c!-=;=j! 8,3! *:3%$! 2:1K! #<! 734!%*%2%134!&%$%!$%<,3%'!iC273E[!b!.!-=;=j>!!

F:/E!4#,$/%!&7**!$%T,7$%!:!4%P:$:3%!$%<%$%1/%!*743!%13$K>!

"O!LW=>!;N!;X=:O?!P:O!<XYQWU:>R!TO?>!=:;N!ON>!PO?M!WN!=:>!U;T>!V>;?!!.33:/E!:1!:[!8[!/[!'!%3/>!:<3%$!3E%!K%:$\!H:&0714! i-=;5:[! -=;58j!/#2P*%3%'! :! 1,28%$! #<! 43,'7%4!#1>>>!!

F:/E!4#,$/%!&7**!$%T,7$%!:!4%P:$:3%!$%<%$%1/%!*743!%13$K>!

"O!LW=>!;!<;?=!O[!;!<XYQWL;=WON!LON=?WYX=>R!YV!UOT>ON>!O=:>?!=:;N!=:>!T;WN!;X=:O?!"#$! %X:2P*%[! :! P$%<:/%[!713$#',/37#1! #$! <#$%&#$'!/#13$78,3%'! 8K! 4#2%#1%! #3E%$!3E:1! 3E%! :,3E#$! #<! 3E%!P,8*7/:37#1\!H$:88*%! i71! O$#13%! -=;(j!4,++%434!>>>>!!

?1! 3E%! Q743! #<! D%<%$%1/%4[! P$#97'%! 3E%! '%3:7*4! #<! 3E%!P,8*7/:37#1!3#!&E7/E!3E%!/#13$78,37#1!&:4!2:'%\!O$#13%[! F! -=;([! \6',)(1*+! W)1+,'-! .*/! <3)2-[! Y!@48#$1%! i%'>j[! @$7#1! ),8*74E71+! ]$#,P[! Q#1'#1>!?13$#',/37#1!8K!Z:$+:$%3!H$:88*%>!

"O!LW=>!XN<XYQWU:>R!T;=>?W;Q!_=:>UWU7!;!T;NXUL?W<=7!;N!XN<XYQWU:>R!<;<>?`!!3N!=:>!=>c=!iO:**:$'! 5NNB[! P>! -B5j!i"73e4722#14!5NNIj!

SE%1!/7371+!:!3E%474!71!3E%!Q743!#<!D%<%$%1/%4\!->! P,3! 3E%!373*%!8%3&%%1!T,#3:37#1!2:$04!:1'!'#!1#3!,4%! 73:*7/4>!5>! :/01#&*%'+%! 3E%! ,179%$473K! &E%$%! 3E%! 3E%474! &:4!,1'%$3:0%1!O:**:$'[!O.!5NNB[!aJE%!4%%71+!2:/E71%\!PE#3#+$:PEK!:1'!3E%!974,:*74:37#1!#<!/,*3,$%! 71!.,43$:*7:[!-(=NW-=BNR[!)EH!3E%474[!`179%$473K!#<!Z%*8#,$1%>!.1!,1P,8*74E%'!/#1<%$%1/%!P:P%$\!

'&""

"73e4722#14[!H!5NNI[!aSE#!/E##4%4!&E#!8%*#1+4\!3:/37/4!:1'! 43$:3%+7%4! :1'! 27+$:13! *73%$:3,$%R[! P:P%$! P$%4%13%'!:3!3E%!.`QQ.!l!"?QQZ!/#1<%$%1/%[!b:2%4!6##0!`179%$473K[!6:7$14[!-IW-=3E!b,*K>!!

"O!LW=>![?OT!N>PU<;<>?U!;NR!T;S;\WN>U!3N!=:>!=>c=!?<! 3E%$%! 74! 1#! :,3E#$[! *743! 3E%!1:2%! #<! 3E%! 1%&4P:P%$[! 3E%!':3%[!K%:$!:1'!P:+%!1,28%$\!i&N/*)N! Q3(*1*+! W)(.7/! ;!Z:$/E!-==G[! P>! (j! ?<! 3E%$%! 74! :1!:,3E#$[!/73%!:4!K#,!&#,*'!<#$!:!A#,$1:*! :$37/*%\! iH#1:+EK! -==G[!P>!Bj!!

%WU=!O[!.>[>?>NL>U!.1!,1:33$78,3%'!1%&4P:P%$!:$37/*%\!a`_CS! +:714! 3#P! $:1071+! <$#2! T,:*73K! 3%:2R[! &N/*)N!Q3(*1*+!W)(.7/[!BN!"%8$,:$K[!-==G[!P>!5->!.!1%&4P:P%$!:$37/*%!&73E!:!1:2%'!:,3E#$\!H#1:+EK[!O!-==G[!a_:37#1:*!2%%371+!4%3!3#!$%97%&!3%$37:$K!:'27447#14R[!C.2<6-!d)=-[!BW=!Z:$/E[!P>!B>!

5O^>?NT>N=!-XYQWL;=WONU!?<! 3E%$%! 74! 1#!#897#,4! :,3E#$!#$!%'73#$[! /73%! 3E%! 4P#14#$71+!:+%1/K!:4!3E%!:,3E#$\!iH%P:$32%13! #<! F',/:37#1[!C/7%1/%!l!J$:7171+!5NNNj!!

]79%!3E%!1:2%!#<!3E%!271743$K!#$!:+%1/K!3E:3!E:4! 744,%'!3E%!'#/,2%13!H%P:$32%13! #<! F',/:37#1[! C/7%1/%! l! J$:7171+! 5NNN[!A**6.7!9)<3('!%eeeL$bbb[!.])C[!6:18%$$:>!

!d#,! &#,*'! 1#&! 8%! <:27*7:$! &73E! 3E%! 3&#! 2#43! /#22#1*K! ,4%'! 43K*%4! #<! $%<%$%1/71+>! .4!#84%$9%'!%:$*7%$[!3E%$%!:$%!#3E%$!43K*%4>!d#,!:$%!8%33%$!#<<!<:27*7:$7e71+!K#,$4%*<!&73E!3E%!#1%!P$%<%$$%'!8K!K#,$!714373,37#1!#$!'%P:$32%13>!"#$!1#&[!%73E%$!#<!3E%!3&#!&7**!8%!,4%<,*>!S#$0!#1!3E%!1%X3!:/37973K!3#!4E:$%!K#,$!97%&4>!!#L=W^W=V!6]8!:>!@<!3E%!3&#!4K43%24!o!.).!:1'!Y:$9:$'!o!&E7/E!#1%!'#!K#,!P$%<%$U!!8>!C,++%43!3&#!#$!3E$%%!$%:4#14!3#!4,PP#$3!K#,$!P$%<%$%1/%>!!!JE74! 74! :! P%$4#1:*! /E#7/%>! Y#&%9%$[! :!2:A#$! '%3%$27171+! <:/3#$!&7**! 8%! 3E%! $%/#22%1'%'!#1%!8K!3E%!714373,37#1!3E$#,+E!&E7/E!K#,!:$%!'#71+!K#,$!$%4%:$/E>!!6]/J!.>U>;?L:!>=:WLU!!!D%4170!iE33P\^^&&&>17%E4>17E>+#9^$%4%:$/E^87#%3E7/743>/<2`!!1#3%4!3E:3!iSE%1!2#43!P%#P*%!3E710!#<!%3E7/4! i#$!2#$:*4j[! 3E%K! 3E710!#<! $,*%4! <#$!'74371+,74E71+!8%3&%%1!$7+E3!:1'!&$#1+[!4,/E!:4!3E%!]#*'%1!D,*%!ivH#!,13#!#3E%$4!:4!K#,!&#,*'!E:9%!3E%2!'#!,13#!K#,vj[!:!/#'%!#<!P$#<%447#1:*!/#1',/3!*70%!3E%!Y7PP#/$:37/!@:3E!iv"7$43!#<!:**[!'#!1#!E:$2vj[!:!$%*7+7#,4!/$%%'!*70%!3E%!J%1!6#22:1'2%134!ivJE#,!CE:*3!1#3!07**>>>vjh!!:1'!'%<71%4!3E74!:4!3E%!2#43!/#22#1!&:K! #<! '%<7171+! v%3E7/4v>! F3E7/4! :$%! 3E%! 1#$24! <#$! /#1',/3! 3E:3! '74371+,74E! 8%3&%%1!://%P3:8*%! :1'! ,1://%P3:8*%! 8%E:97#$>! F:/E! /#22,173K! E:4! 734! #&1! '%<71737#1! #<!&E:3! 74!://%P3:8*%>!

@1%!2:K!:*4#!'%<71%!%3E7/4!:4!:!2%3E#'[!P$#/%',$%[!#$!P%$4P%/379%!<#$!'%/7'71+!E#&!3#!:/3!:1'! <#$! :1:*K471+! /#2P*%X! P$#8*%24! :1'! 744,%4!iE33P\^^&&&>17%E4>+#9^$%4%:$/E^87#%3E7/743>/<2`>! "#$! 7143:1/%[! 71! /#147'%$71+! :! /#2P*%X!

''""

744,%! *70%! +*#8:*! &:$271+[! #1%! 2:K! 3:0%! :1! %/#1#27/[! %/#*#+7/:*[! P#*737/:*[! #$! %3E7/:*!P%$4P%/379%! #1! 3E%! P$#8*%2>!SE7*%! :1! %/#1#2743!27+E3! %X:271%! 3E%! /#43! :1'! 8%1%<734! #<!9:$7#,4! P#*7/7%4! $%*:3%'! 3#! +*#8:*! &:$271+[! :1! %197$#12%13:*! %3E7/743! /#,*'! %X:271%! 3E%!%3E7/:*! 9:*,%4! :1'! P$71/7P*%4! :3! 43:0%>! Z:1K! '7<<%$%13! '74/7P*71%4[! 714373,37#14[! :1'!P$#<%447#14!E:9%!1#$24!<#$!8%E:97#$!3E:3!4,73!3E%7$!P:$37/,*:$!:724!:1'!+#:*4>!JE%4%!1#$24!:*4#!E%*P!2%28%$4!#<!3E%!'74/7P*71%!3#!/##$'71:3%!3E%7$!:/37#14!#$!:/379737%4!:1'!3#!%43:8*74E!3E%!P,8*7/s4!3$,43!#<!3E%!'74/7P*71%>!"#$! 7143:1/%[!%3E7/:*!1#$24!+#9%$1!/#1',/3! 71!2%'7/71%[!*:&[!%1+71%%$71+[!:1'!8,471%44>!F3E7/:*!1#$24!:*4#!4%$9%! 3E%!:724!#$!+#:*4!#<! $%4%:$/E!:1'!:PP*K! 3#! P%#P*%! &E#! /#1',/3! 4/7%137<7/! $%4%:$/E! #$! #3E%$! 4/E#*:$*K! #$! /$%:379%! :/379737%4>!JE%$%!74!%9%1!:!4P%/7:*7e%'!'74/7P*71%[!$%4%:$/E!%3E7/4[!&E7/E!43,'7%4!3E%4%!1#$24>!

C:*%4! :1'! "#*02:1! i5NNNj! 1#3%! 4%9%$:*! $%:4#14! &EK! 73! 74! 72P#$3:13! 3#! :'E%$%! 3#! %3E7/:*!1#$24!71!$%4%:$/E>!!

• "7$43[!1#$24!P$#2#3%!3E%!:724!#<!$%4%:$/E[!4,/E!:4!01#&*%'+%[!3$,3E[!:1'!:9#7':1/%!#<!%$$#$>!"#$!%X:2P*%[!P$#E78737#14!:+:7143!<:8$7/:371+[!<:*47<K71+[!#$!274$%P$%4%1371+!$%4%:$/E!':3:!P$#2#3%!3E%!3$,3E!:1'!:9#7'!%$$#$>!!!

•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

!• JE7$'[! 2:1K! #<! 3E%! %3E7/:*! 1#$24! E%*P! 3#! %14,$%! 3E:3! $%4%:$/E%$4! /:1! 8%! E%*'!

://#,13:8*%! 3#! 3E%! P,8*7/>! "#$! 7143:1/%[! <%'%$:*! P#*7/7%4! #1! $%4%:$/E! 274/#1',/3[!/#1<*7/34!#<! 713%$%43[! 3E%!E,2:1! 4,8A%/34!P$#3%/37#14[! :1'!:172:*! /:$%!:1'!,4%!:$%!1%/%44:$K!71!#$'%$!3#!2:0%!4,$%!3E:3!$%4%:$/E%$4!&E#!:$%!<,1'%'!8K!P,8*7/!2#1%K!/:1!8%!E%*'!://#,13:8*%!3#!3E%!P,8*7/>!!!

• "#,$3E[! %3E7/:*! 1#$24! 71! $%4%:$/E! :*4#! E%*P! 3#! 8,7*'! P,8*7/! 4,PP#$3! <#$! $%4%:$/E>!)%#P*%!2#$%!*70%*K!3#!<,1'!$%4%:$/E!P$#A%/3!7<!3E%K!/:1!3$,43!3E%!T,:*73K!:1'!713%+$73K!#<!$%4%:$/E>!!!

•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e%!E74!E%:*3E!:1'!4:<%3K!#$! 3E%!E%:*3E!:1'!4:<%3K!#<!43:<<!:1'!43,'%134>!

6]/J]/!)OR>U!;NR!-OQWLW>U![O?!.>U>;?L:!&=:WLU!

.//#$'71+! 3#! D%4170! _E33P\^^&&&>17%E4>17E>+#9^$%4%:$/E^87#%3E7/743>/<2`7! ',%! 3#! ! 3E%!72P#$3:1/%!#<!%3E7/4!<#$!3E%!/#1',/3!#<!$%4%:$/E[!2:1K!'7<<%$%13!P$#<%447#1:*!:44#/7:37#14[!

'(""

+#9%$12%13! :+%1/7%4[! :1'! ,179%$4737%4! E:9%! :'#P3%'! 4P%/7<7/! /#'%4[! $,*%4[! :1'! P#*7/7%4!$%*:371+! 3#! $%4%:$/E! %3E7/4>!Z:1K! +#9%$12%13! :+%1/7%4[! 4,/E! :4! 3E%!_:37#1:*! ?14373,3%4! #<!Y%:*3E! i_?Yj[! 3E%! _:37#1:*! C/7%1/%! "#,1':37#1! i_C"j[! 3E%! "##'! :1'! H$,+! .'271743$:37#1!i"H.j[! 3E%! F197$#12%13:*! )$#3%/37#1! .+%1/K! iF).j[! :1'! 3E%!`C!H%P:$32%13! #<! .+$7/,*3,$%!i`CH.j! E:9%! %3E7/4! $,*%4! <#$! <,1'%'! $%4%:$/E%$4>!@3E%$! 71<*,%137:*! $%4%:$/E! %3E7/4! P#*7/7%4!71/*,'%! 3E%! `17<#$2! D%T,7$%2%134! <#$! Z:1,4/$7P34! C,82733%'! 3#! O7#2%'7/:*! b#,$1:*4!i?13%$1:37#1:*! 6#22733%%! #<! Z%'7/:*! b#,$1:*! F'73#$4j[! 3E%! 6E%2743s4! 6#'%! #<! 6#1',/3!i.2%$7/:1! 6E%27/:*! C#/7%3Kj[! 6#'%! #<! F3E7/4! i.2%$7/:1! C#/7%3K! <#$! 6*717/:*! Q:8#$:3#$K!C/7%1/%j!F3E7/:*!)$71/7P*%4!#<!)4K/E#*#+7434!i.2%$7/:1!)4K/E#*#+7/:*!.44#/7:37#1j[!C3:3%2%134!#1!F3E7/4!:1'!)$#<%447#1:*!D%4P#14787*73K!i.2%$7/:1!.13E$#P#*#+7/:*!.44#/7:37#1j[!C3:3%2%13!#1!)$#<%447#1:*!F3E7/4!i.2%$7/:1!.44#/7:37#1!#<!`179%$473K!)$#<%44#$4j[!3E%!_,$%28%$+!6#'%!:1'!3E%!H%/*:$:37#1!#<!Y%*47107!iS#$*'!Z%'7/:*!.44#/7:37#1j>!

CE:2##! :1'!D%4170! i5NN=j! P$#97'%! 3E%! <#**#&71+! 4,22:$K! #<! 4#2%!%3E7/:*! P$71/7P*%4! 3E:3!9:$7#,4!/#'%4!:''$%44\!

i+'#./:)

C3$79%! <#$! E#1%43K! 71! :**! 4/7%137<7/! /#22,17/:37#14>!Y#1%43*K! $%P#$3! ':3:[! $%4,*34[!2%3E#'4!:1'!P$#/%',$%4[! :1'!P,8*7/:37#1! 43:3,4>!H#!1#3! <:8$7/:3%[! <:*47<K[!#$!274$%P$%4%13!':3:>!H#!1#3!'%/%79%!/#**%:+,%4[!+$:1371+!:+%1/7%4[!#$!3E%!P,8*7/>!

US;#1/&=&/:)

C3$79%!3#!:9#7'!87:4! 71!%XP%$72%13:*!'%47+1[!':3:!:1:*K474[!':3:! 713%$P$%3:37#1[!P%%$!$%97%&[!P%$4#11%*!'%/747#14[! +$:13!&$7371+[!%XP%$3! 3%4372#1K[!:1'!#3E%$!:4P%/34!#<! $%4%:$/E!&E%$%!#8A%/37973K! 74! %XP%/3%'! #$! $%T,7$%'>! .9#7'! #$! 271727e%! 87:4! #$! 4%*<W'%/%P37#1>! H74/*#4%!P%$4#1:*!#$!<71:1/7:*!713%$%434!3E:3!2:K!:<<%/3!$%4%:$/E>!

X'/#("&/:)

c%%P!K#,$!P$#274%4!:1'!:+$%%2%134m!:/3!&73E!471/%$73Km!43$79%!<#$!/#14743%1/K!#<!3E#,+E3!:1'!:/37#1>! "#**#&! 71<#$2%'W/#14%13! $,*%4>!SE%1! '#1%! P$#P%$*K[! 3E%! /#14%13! P$#/%44! %14,$%4!3E:3!71'797',:*4!:$%!9#*,13:$7*K!P:$37/7P:371+!71!3E%!$%4%:$/E!&73E!<,**!01#&*%'+%!#<!$%*%9:13!$7404!:1'!8%1%<734>!

.).s4! F3E7/4! 6#'%! iE33P\^^&&&>:P:>#$+^%37/4j! 2:1':3%4! 3E:3! P4K/E#*#+7434! &E#! /#1',/3!$%4%:$/E!4E#,*'!71<#$2!P:$37/7P:134!:8#,3\!

• JE%!P,$P#4%!#<!3E%!$%4%:$/E[!%XP%/3%'!',$:37#1!:1'!P$#/%',$%4>!• ):$37/7P:134s!$7+E34!3#!'%/*71%!3#!P:$37/7P:3%!:1'!3#!&73E'$:&!<$#2!3E%!$%4%:$/E!#1/%!

73!E:4!43:$3%'[!:4!&%**!:4!3E%!:137/7P:3%'!/#14%T,%1/%4!#<!'#71+!4#>!• D%:4#1:8*K! <#$%4%%:8*%! <:/3#$4! 3E:3!2:K! 71<*,%1/%! 3E%7$!&7**71+1%44! 3#! P:$37/7P:3%[!

4,/E!:4!P#3%137:*!$7404[!'74/#2<#$3!#$!:'9%$4%!%<<%/34>!• .1K!P$#4P%/379%!$%4%:$/E!8%1%<734>!• Q72734! #<! /#1<7'%137:*73K[! 4,/E! :4! ':3:! /#'71+[! '74P#4:*[! 4E:$71+! :1'! :$/E7971+[! :1'!

&E%1!/#1<7'%137:*73K!2,43!8%!8$#0%1>!• ?1/%1379%4!<#$!P:$37/7P:37#1>!• SE#!P:$37/7P:134!/:1!/#13:/3!&73E!T,%437#14>!

'6""

?<! $%4%:$/E! P:$37/7P:134! #$! /*7%134! :$%! 1#3! /#2P%3%13! 3#! %9:*,:3%! 3E%! $7404! :1'! 8%1%<734! #<!P:$37/7P:37#1!3E%24%*9%4WW<#$!%X:2P*%[!271#$4!#$!P%#P*%!&73E!/#+17379%!'74:87*737%4WW3E%1!3E%!P%$4#1!&E#s4!+7971+!P%$27447#1!2,43!E:9%!://%44!3#!3E:3!4:2%!71<#$2:37#1[!4:K4!c##/E%$>!

D%2%28%$!3E:3!:!47+1%'!/#14%13!<#$2!'#%41s3!2%:1!3E%! 71<#$271+!P$#/%44!/:1!8%!+*#44%'!#9%$[! 4:K! %3E7/4! %XP%$34>! ?1! <:/3[! 3E%! 5NN5! .).! F3E7/4! 6#'%! 4:K4! P4K/E#*#+7434! /:1! 407P!71<#$2%'!/#14%13! 71! 3&#! 7143:1/%4!#1*K\!SE%1!P%$2733%'!8K! *:&!#$! <%'%$:*!#$! 714373,37#1:*!$%+,*:37#14[! #$!&E%1! 3E%! $%4%:$/E!&#,*'! 1#3! $%:4#1:8*K! 8%! %XP%/3%'! 3#! '743$%44! #$! E:$2!P:$37/7P:134!:1'!719#*9%4!#1%!#<!3E%!<#**#&71+\!

• JE%! 43,'K! #<! 1#$2:*! %',/:37#1:*! P$:/37/%4[! /,$$7/,*:! #$! /*:44$##2! 2:1:+%2%13!2%3E#'4!/#1',/3%'!71!%',/:37#1:*!4%3371+4>!

• .1#1K2#,4!T,%437#11:7$%4[!1:3,$:*7437/!#84%$9:37#14!#$!:$/E79:*!$%4%:$/E!<#$!&E7/E!'74/*#4,$%! #<! $%4P#14%4! &#,*'! 1#3! P*:/%! P:$37/7P:134! :3! $740! #<! /$7271:*! #$! /797*!*7:87*73K! #$! ':2:+%! 3E%7$! <71:1/7:*! 43:1'71+[! %2P*#K:87*73K! #$! $%P,3:37#1[! :1'! <#$!&E7/E!/#1<7'%137:*73K!74!P$#3%/3%'>!

• JE%! 43,'K! #<! <:/3#$4! $%*:3%'! 3#! A#8! #$! #$+:17e:37#1! %<<%/379%1%44! /#1',/3%'! 71!#$+:17e:37#1:*!4%3371+4!<#$!&E7/E!3E%$%! 74!1#!$740!3#!P:$37/7P:134s!%2P*#K:87*73K[!:1'!/#1<7'%137:*73K!74!P$#3%/3%'>!

A%"#R,9'#..)

.9#7'!/:$%*%44!%$$#$4!:1'!1%+*7+%1/%m!/:$%<,**K!:1'!/$737/:**K!%X:271%!K#,$!#&1!&#$0!:1'!3E%!&#$0! #<! K#,$! P%%$4>! c%%P! +##'! $%/#$'4! #<! $%4%:$/E! :/379737%4[! 4,/E! :4! ':3:! /#**%/37#1[!$%4%:$/E!'%47+1[!:1'!/#$$%4P#1'%1/%!&73E!:+%1/7%4!#$!A#,$1:*4>!

U$#''#..)

CE:$%!':3:[!$%4,*34[!7'%:4[!3##*4[!$%4#,$/%4>!O%!#P%1!3#!/$737/742!:1'!1%&!7'%:4>!

3#.$#1/)R+")X'/#99#1/,%9)!"+$#"/:)

Y#1#$!P:3%134[!/#PK$7+E34[!:1'!#3E%$!<#$24!#<!713%**%/3,:*!P$#P%$3K>!H#!1#3!,4%!,1P,8*74E%'!':3:[!2%3E#'4[!#$! $%4,*34!&73E#,3!P%$27447#1>!]79%!/$%'73!&E%$%!/$%'73! 74!',%>!]79%!P$#P%$!:/01#&*%'+%2%13!#$!/$%'73!<#$!:**!/#13$78,37#14!3#!$%4%:$/E>!_%9%$!P*:+7:$7e%>!

A+'R&6#'/&%9&/:)

)$#3%/3! /#1<7'%137:*! /#22,17/:37#14[! 4,/E! :4! P:P%$4! #$! +$:134! 4,82733%'! <#$! P,8*7/:37#1[!P%$4#11%*!$%/#$'4[!3$:'%!#$!27*73:$K!4%/$%34[!:1'!P:37%13!$%/#$'4>!D%4P%/3!/#1<7'%137:*73K!:1'!P$79:/K>!`PE#*'71+!71'797',:*4s!$7+E34!3#!/#1<7'%137:*73K!:1'!P$79:/K!74!:!/%13$:*!3%1%3!#<!%9%$K!P4K/E#*#+743s4! &#$0>! Y#&%9%$[! 2:1K! P$79:/K! 744,%4! :$%! 7'7#4K1/$:37/! 3#! 3E%! $%4%:$/E!P#P,*:37#1[! &$73%4! C,4:1! "#*02:1[! )EH[! 71! vF3E7/4! 71! D%4%:$/E! &73E! Y,2:1! ):$37/7P:134v!i.).[!5NNNj>!"#$!7143:1/%[!$%4%:$/E%$4!1%%'!3#!'%974%!&:K4!3#!:40!&E%3E%$!P:$37/7P:134!:$%!&7**71+! 3#! 3:*0! :8#,3! 4%147379%! 3#P7/4! &73E#,3! P,3371+! 3E%2! 71! :&0&:$'! 473,:37#14[! 4:K!%XP%$34>!JE:3!/#,*'!2%:1!3E%K!P$#97'%!:!4%3!#<!71/$%:471+*K!'%3:7*%'!713%$97%&!T,%437#14!4#!3E:3!P:$37/7P:134!/:1!43#P!7<!3E%K!<%%*!,1/#2<#$3:8*%>!

'B""

C71/%! $%4%:$/E! P:$37/7P:134! E:9%! 3E%! <$%%'#2! 3#! /E##4%! E#&! 2,/E! 71<#$2:37#1! :8#,3!3E%24%*9%4[!3E%K!&7**!$%9%:*!:1'!,1'%$!&E:3!/7$/,243:1/%4[!P4K/E#*#+7434!4E#,*'!8%!/:$%<,*!&E%1! $%/$,7371+!P:$37/7P:134! <#$!:! 43,'K[! 4:K4! C:1+%%3:!):17/0%$[!)EH[!'7$%/3#$!#<! 3E%!.).!C/7%1/%!H7$%/3#$:3%s4! D%4%:$/E! F3E7/4!@<<7/%! iE33P\^^&&&>:P:>#$+^%3E7/4j>! "#$! %X:2P*%[! 73s4!71:PP$#P$7:3%!3#!#83:71!/#13:/3! 71<#$2:37#1!#<!2%28%$4!#<!:!4,PP#$3!+$#,P!3#!4#*7/73! 3E%7$!P:$37/7P:37#1!71!$%4%:$/E>!Y#&%9%$[!K#,!/#,*'!+79%!K#,$!/#**%:+,%!&E#!<:/7*73:3%4!3E%!+$#,P!:!*%33%$! 3#!'743$78,3%! 3E:3!%XP*:714!K#,$! $%4%:$/E!43,'K!:1'!P$#97'%4!:!&:K! <#$! 71'797',:*4! 3#!/#13:/3!K#,[!7<!3E%Ks$%!713%$%43%'>!

.//#$'71+!3#!.2%$7/:1!)4K/E#*#+7/:*!.44#/7:37#1!i5NN5j[!3E%!#3E%$!43%P4!$%4%:$/E%$4!4E#,*'!3:0%!71/*,'%\!

• -&.1,..)/4#) 9&8&/.)+R)1+'R&6#'/&%9&/:M!]79%!P:$37/7P:134! 71<#$2:37#1!:8#,3!E#&!3E%7$!':3:!&7**!8%!,4%'[!&E:3!&7**!8%!'#1%!&73E!/:4%!2:3%$7:*4[!PE#3#4!:1'!:,'7#!:1'!97'%#!$%/#$'71+4[!:1'!4%/,$%!3E%7$!/#14%13>!

• j'+T) R#6#"%9) %'6) ./%/#) 9%T]! c1#&! 3E%! 714! :1'!#,34! #<! 43:3%! :1'! <%'%$:*! *:&! 3E:3!27+E3!:PP*K! 3#!K#,$! $%4%:$/E>!"#$! 7143:1/%[! 3E%!]#:*4!5NNN\!F',/:37#1!./3!#<!-==G!P$#E78734! :4071+! /E7*'$%1! :8#,3! $%*7+7#1[! 4%X! #$! <:27*K! *7<%! &73E#,3! P:$%13:*!P%$27447#1>!

• ?<! P4K/E#*#+7434! :$%! P$%/*,'%'! <$#2! #83:7171+! <,**! /#14%13! :3! 3E%! 8%+71171+WW<#$!%X:2P*%[!7<!3E%!P$#3#/#*!71/*,'%4!'%/%P37#1[!$%/#$'71+!4P#13:1%#,4!8%E:97#$!#$!3E%!,4%! #<! :! /#1<%'%$:3%WW3E%K! 4E#,*'! 8%! 4,$%! 3#! #<<%$! :! <,**! '%8$7%<71+! :<3%$! ':3:!/#**%/37#1!:1'!P$#97'%!P%#P*%!&73E!:1!#PP#$3,173K!3#!$%73%$:3%!3E%7$!/#14%13[!:'974%!%XP%$34>!

3#.$+'.&S9#)!,S9&1%/&+')

),8*74E!71!#$'%$!3#!:'9:1/%!$%4%:$/E!:1'!4/E#*:$4E7P[!1#3!3#!:'9:1/%!A,43!K#,$!#&1!/:$%%$>!.9#7'!&:43%<,*!:1'!',P*7/:379%!P,8*7/:37#1>!

3#.$+'.&S9#)\#'/+"&'()

Y%*P! 3#! %',/:3%[! 2%13#$[! :1'! :'974%! 43,'%134>! )$#2#3%! 3E%7$! &%*<:$%! :1'! :**#&! 3E%2! 3#!2:0%!3E%7$!#&1!'%/747#14>!

3#.$#1/)R+")1+99#%(,#.)

D%4P%/3!K#,$!/#**%:+,%4!:1'!3$%:3!3E%2!<:7$*K>!

?+1&%9)3#.$+'.&S&9&/:)

C3$79%!3#!P$#2#3%!4#/7:*!+##'!:1'!P$%9%13!#$!2737+:3%!4#/7:*!E:$24!3E$#,+E!$%4%:$/E[!P,8*7/!%',/:37#1[!:1'!:'9#/:/K>!

!

!

(G""

Z+'a-&.1"&8&'%/&+')

.9#7'!'74/$7271:37#1! :+:7143! /#**%:+,%4! #$! 43,'%134! #1! 3E%!8:474! #<! 4%X[! $:/%[! %3E17/73K[! #$!#3E%$!<:/3#$4!3E:3!:$%!1#3!$%*:3%'!3#!3E%7$!4/7%137<7/!/#2P%3%1/%!:1'!713%+$73K>!

A+8$#/#'1#)

Z:713:71! :1'! 72P$#9%! K#,$! #&1! P$#<%447#1:*! /#2P%3%1/%! :1'! %XP%$374%! 3E$#,+E! *7<%*#1+!%',/:37#1!:1'!*%:$171+m!3:0%!43%P4!3#!P$#2#3%!/#2P%3%1/%!71!4/7%1/%!:4!:!&E#*%>!

d#(%9&/:)

c1#&!:1'!#8%K!$%*%9:13!*:&4!:1'!714373,37#1:*!:1'!+#9%$12%13:*!P#*7/7%4>!

0'&8%9)A%"#)

CE#&! P$#P%$! $%4P%/3! :1'! /:$%! <#$! :172:*4! &E%1! ,471+! 3E%2! 71! $%4%:$/E>! H#! 1#3! /#1',/3!,11%/%44:$K!#$!P##$*K!'%47+1%'!:172:*!%XP%$72%134>!

i,8%')?,S;#1/.)!"+/#1/&+')

SE%1! /#1',/371+! $%4%:$/E! #1! E,2:1! 4,8A%/34[! 271727e%! E:$24! :1'! $7404! :1'! 2:X727e%!8%1%<734m! $%4P%/3! E,2:1! '7+173K[! P$79:/K[! :1'! :,3#1#2Km! 3:0%! 4P%/7:*! P$%/:,37#14! &73E!9,*1%$:8*%!P#P,*:37#14m!:1'!43$79%!3#!'743$78,3%!3E%!8%1%<734!:1'!8,$'%14!#<!$%4%:$/E!<:7$*K>!J:0%! P$:/37/:*! 4%/,$73K!2%:4,$%4>! O%! 4,$%! /#1<7'%137:*! $%/#$'4! :$%! 43#$%'! 71! :! 4%/,$%! :$%:!&73E!*7273%'!://%44[!:1'!/#147'%$!43$7PP71+!3E%2!#<!7'%137<K71+!71<#$2:37#1[!7<!<%:478*%>!.*4#[!8%!:&:$%!#<!473,:37#14!&E%$%!/#1<7'%137:*73K!/#,*'!71:'9%$3%13*K!8%!8$%:/E%'[!4,/E!:4!E:971+!/#1<7'%137:*!/#19%$4:37#14!71!:!$##2!3E:3s4!1#3!4#,1'P$##<!#$!P,3371+!P:$37/7P:134s!1:2%4!#1!87**4!P:7'!8K!://#,1371+!'%P:$32%134>!

JE710!:8#,3!':3:!4E:$71+!8%<#$%!$%4%:$/E!8%+714>!?<!$%4%:$/E%$4!P*:1!3#!4E:$%!3E%7$!':3:!&73E!#3E%$4[!3E%K!4E#,*'!1#3%!3E:3!71!3E%!/#14%13!P$#/%44[!4P%/7<K71+!E#&!3E%K!&7**!8%!4E:$%'!:1'!&E%3E%$! ':3:! &7**! 8%! :1#1K2#,4>! "#$! %X:2P*%[! $%4%:$/E%$4! /#,*'! E:9%! '7<<7/,*3K! 4E:$71+!4%147379%! ':3:! 3E%Ks9%! /#**%/3%'! 71! :! 43,'K! #<! :',*34!&73E! 4%$7#,4!2%13:*! 7**1%44%4! 8%/:,4%!3E%K! <:7*%'! 3#! :40! P:$37/7P:134! <#$! P%$27447#1! 3#! 4E:$%! 3E%! ':3:>! @$! '%9%*#P2%13:*! ':3:!/#**%/3%'!#1!97'%#3:P%!2:K!8%!:!9:*,:8*%!$%4#,$/%!<#$!4E:$71+[!8,3!,1*%44!:!$%4%:$/E%$!:40%'!P%$27447#1! 8:/0! 3E%1! 3#! 4E:$%! 97'%#3:P%4[! 73!&#,*'! 8%! ,1%3E7/:*! 3#! '#! 4#>!SE%1! 4E:$71+[!P4K/E#*#+7434! 4E#,*'! ,4%! %43:8*74E%'! 3%/E17T,%4! &E%1! P#4478*%! 3#! P$#3%/3! /#1<7'%137:*73K[!4,/E!:4! /#'71+!':3:! 3#!E7'%! 7'%13737%4>! vO,3!8%!:&:$%! 3E:3! 73!2:K!8%!:*2#43! 72P#4478*%! 3#!%137$%*K! /*#:0! 7'%1373K[! %4P%/7:**K! 7<! K#,$! ':3:! 71/*,'%! 97'%#! #$! :,'7#! $%/#$'71+4! #$! /:1! 8%!*710%'! 3#! *:$+%$!':3:8:4%4[v! 4:K4!Z%$$K!O,**#/0[!)EH[!:44#/7:3%!%X%/,379%!'7$%/3#$! 71!.).s4!C/7%1/%!H7$%/3#$:3%>!

6]/J]4!&=:WL;Q!1>LWUWON!2;MWNS!WN!.>U>;?L:!

CE:2##! :1'! D%4170! i5NN=j! 1#3%! 3E:3! :*3E#,+E! /#'%4[! P#*7/7%4[! :1'! P$71/7P:*4! :$%! 9%$K!72P#$3:13! :1'! ,4%<,*[! *70%! :1K! 4%3! #<! $,*%4[! 3E%K! '#! 1#3! /#9%$! %9%$K! 473,:37#1[! 3E%K! #<3%1!/#1<*7/3[! :1'! 3E%K! $%T,7$%! /#147'%$:8*%! 713%$P$%3:37#1>! ?3! 74[! 3E%$%<#$%[! 72P#$3:13! <#$!

(!""

$%4%:$/E%$4!3#! *%:$1!E#&!3#! 713%$P$%3[!:44%44[!:1'!:PP*K!9:$7#,4!$%4%:$/E!$,*%4!:1'!E#&!3#!2:0%!'%/747#14! :1'! 3#! :/3! 71! 9:$7#,4! 473,:37#14>! JE%! 9:43!2:A#$73K!#<!'%/747#14! 719#*9%! 3E%!43$:7+E3! <#$&:$'! :PP*7/:37#1! #<! %3E7/:*! $,*%4>! "#$! %X:2P*%[! /#147'%$! 3E%! <#**#&71+! /:4%4!:'#P3%'!<$#2!CE:2##!:1'!D%4170!i5NN=j\!

);U>!/F!

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

Z:1K! '7<<%$%13! $%4%:$/E! %3E7/4! P#*7/7%4! &#,*'! E#*'! 3E:3! J#2! E:4! :/3%'! ,1%3E7/:**K! 8K!<:8$7/:371+! ':3:>! ?<! 3E74! 43,'K! &%$%! 4P#14#$%'! 8K! :! <%'%$:*! :+%1/K[! 4,/E! :4! 3E%! _?Y[! E74!:/37#14!&#,*'!/#14373,3%!:! <#$2!#<! $%4%:$/E!274/#1',/3[!&E7/E!3E%!+#9%$12%13!'%<71%4!:4!v<:8$7/:37#1[!<:*47<7/:37#1[!#$!P*:+7:$742v!i#$!"")j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

);U>!4F!

H$>! J! E:4! A,43! '74/#9%$%'! :! 2:3E%2:37/:*! %$$#$! 71! :! P:P%$! 3E:3! E:4! 8%%1! ://%P3%'! <#$!P,8*7/:37#1!71!:!A#,$1:*>!JE%!%$$#$!'#%4!1#3!:<<%/3!3E%!#9%$:**!$%4,*34!#<!E74!$%4%:$/E[!8,3!73!74!P#3%137:**K!274*%:'71+>!JE%!A#,$1:*!E:4!A,43!+#1%!3#!P$%44[!4#!73!74!3##!*:3%!3#!/:3/E!3E%!%$$#$!8%<#$%! 73! :PP%:$4! 71! P$713>! ?1! #$'%$! 3#! :9#7'! %28:$$:442%13[! H$>! J! '%/7'%4! 3#! 7+1#$%! 3E%!%$$#$>!

H$>!Js4!%$$#$!74!1#3!274/#1',/3!1#$!74!E74!'%/747#1!3#!3:0%!1#!:/37#1!3#!/#$$%/3!3E%!%$$#$>!Z#43!$%4%:$/E%$4[!:4!&%**!:4!2:1K!'7<<%$%13!P#*7/7%4!:1'!/#'%4[!71/*,'71+!F6`s4!P#*7/7%4[!&#,*'!4:K!3E:3! H$>! J! 4E#,*'! 3%**! 3E%! A#,$1:*! :8#,3! 3E%! %$$#$! :1'! /#147'%$! P,8*74E71+! :! /#$$%/37#1! #$!%$$:3:>! ":7*71+! 3#! P,8*74E! :! /#$$%/37#1!&#,*'! 8%! ,1%3E7/:*! 8%/:,4%! 73! &#,*'! 97#*:3%! 1#$24!$%*:371+!3#!E#1%43K!:1'!#8A%/37973K!71!$%4%:$/E>!

JE%$%!:$%!2:1K!#3E%$!:/379737%4! 3E:3! 3E%!+#9%$12%13!'#%4!1#3!'%<71%!:4! v274/#1',/3v!8,3!&E7/E! :$%! 437**! $%+:$'%'! 8K! 2#43! $%4%:$/E%$4! :4! ,1%3E7/:*>! JE%4%! :$%! /:**%'! v#3E%$!'%97:37#14v!<$#2!://%P3:8*%!$%4%:$/E!P$:/37/%4!:1'!71/*,'%\!

• ),8*74E71+!3E%!4:2%!P:P%$!71!3&#!'7<<%$%13!A#,$1:*4!&73E#,3!3%**71+!3E%!%'73#$4!• C,8273371+!3E%!4:2%!P:P%$!3#!'7<<%$%13!A#,$1:*4!&73E#,3!3%**71+!3E%!%'73#$4!• _#3! 71<#$271+! :! /#**:8#$:3#$! #<! K#,$! 713%13! 3#! <7*%! :! P:3%13! 71! #$'%$! 3#!2:0%! 4,$%!

3E:3!K#,!:$%!3E%!4#*%!719%13#$!• ?1/*,'71+!:!/#**%:+,%!:4!:1!:,3E#$!#1!:!P:P%$!71!$%3,$1!<#$!:!<:9#$!%9%1!3E#,+E!3E%!

/#**%:+,%!'7'!1#3!2:0%!:!4%$7#,4!/#13$78,37#1!3#!3E%!P:P%$!

(#""

• H74/,4471+! &73E! K#,$! /#**%:+,%4! /#1<7'%137:*! ':3:! <$#2! :! P:P%$! 3E:3! K#,! :$%!$%97%&71+!<#$!:!A#,$1:*!

• J$72271+!#,3*7%$4!<$#2!:!':3:!4%3!&73E#,3!'74/,4471+!K#,$!$%:4#14!71!P:P%$!• `471+!:1! 71:PP$#P$7:3%!43:37437/:*!3%/E17T,%! 71!#$'%$!3#!%1E:1/%!3E%!47+17<7/:1/%!#<!

K#,$!$%4%:$/E!• OKP:4471+! 3E%! P%%$! $%97%&! P$#/%44! :1'! :11#,1/71+! K#,$! $%4,*34! 3E$#,+E! :! P$%44!

/#1<%$%1/%!&73E#,3!+7971+!P%%$4!:'%T,:3%!71<#$2:37#1!3#!$%97%&!K#,$!&#$0!• 6#1',/371+!:!$%97%&!#<!3E%!*73%$:3,$%!3E:3!<:7*4!3#!:/01#&*%'+%!3E%!/#13$78,37#14!#<!

#3E%$!P%#P*%!71!3E%!<7%*'!#$!$%*%9:13!P$7#$!&#$0!• C3$%3/E71+!3E%!3$,3E!#1!:!+$:13!:PP*7/:37#1!71!#$'%$!3#!/#1971/%!$%97%&%$4!3E:3!K#,$!

P$#A%/3!&7**!2:0%!:!47+17<7/:13!/#13$78,37#1!3#!3E%!<7%*'!• C3$%3/E71+!3E%!3$,3E!#1!:!A#8!:PP*7/:37#1!#$!/,$$7/,*,2!973:!• ]7971+!3E%!4:2%!$%4%:$/E!P$#A%/3!3#!3&#!+$:',:3%!43,'%134!71!#$'%$!3#!4%%!&E#!/:1!

'#!73!3E%!<:43%43!• @9%$&#$071+[!1%+*%/371+[!#$!%XP*#7371+!+$:',:3%!#$!P#43W'#/3#$:*!43,'%134!• ":7*71+!3#!0%%P!+##'!$%4%:$/E!$%/#$'4!• ":7*71+!3#!2:713:71!$%4%:$/E!':3:!<#$!:!$%:4#1:8*%!P%$7#'!#<!372%!• Z:071+! '%$#+:3#$K! /#22%134! :1'! P%$4#1:*! :33:/04! 71! K#,$! $%97%&! #<! :,3E#$s4!

4,827447#1!• )$#27471+!:!43,'%13!:!8%33%$!+$:'%!<#$!4%X,:*!<:9#$4!• `471+!:!$:/743!%P73E%3!71!3E%!*:8#$:3#$K!• Z:071+! 47+17<7/:13! '%97:37#14! <$#2! 3E%! $%4%:$/E! P$#3#/#*! :PP$#9%'! 8K! K#,$!

714373,37#1s4! .172:*! 6:$%! :1'! `4%! 6#22733%%! #$! ?14373,37#1:*! D%97%&! O#:$'! <#$!Y,2:1!C,8A%/34!D%4%:$/E!&73E#,3!3%**71+!3E%!/#22733%%!#$!3E%!8#:$'!

• _#3!$%P#$371+!:1!:'9%$4%!%9%13!71!:!E,2:1!$%4%:$/E!%XP%$72%13!• S:4371+!:172:*4!71!$%4%:$/E!• FXP#471+! 43,'%134! :1'! 43:<<! 3#! 87#*#+7/:*! $7404! 71! 97#*:37#1! #<! K#,$! 714373,37#1s4!

87#4:<%3K!$,*%4!• D%A%/371+!:!2:1,4/$7P3!<#$!P,8*7/:37#1!&73E#,3!%9%1!$%:'71+!73!• C:8#3:+71+!4#2%#1%s4!&#$0!• C3%:*71+!4,PP*7%4[!8##04[!#$!':3:!• D7++71+!:1!%XP%$72%13!4#!K#,!01#&!E#&!73!&7**!3,$1!#,3!• Z:071+!,1:,3E#$7e%'!/#P7%4!#<!':3:[!P:P%$4[!#$!/#2P,3%$!P$#+$:24!• @&171+! #9%$! y-N[NNN! 71! 43#/0! 71! :! /#2P:1K! 3E:3! 4P#14#$4! K#,$! $%4%:$/E! :1'! 1#3!

'74/*#471+!3E74!<71:1/7:*!713%$%43!• H%*78%$:3%*K!#9%$%4372:371+!3E%!/*717/:*!47+17<7/:1/%!#<!:!1%&!'$,+!71!#$'%$!3#!#83:71!

%/#1#27/!8%1%<734!

JE%4%!:/37#14!&#,*'!8%! $%+:$'%'!:4!,1%3E7/:*!8K!2#43! 4/7%137434!:1'! 4#2%!27+E3!%9%1!8%!7**%+:*>!Z#43!#<! 3E%4%!&#,*'!:*4#!97#*:3%!'7<<%$%13!P$#<%447#1:*!%3E7/4!/#'%4!#$! 714373,37#1:*!P#*7/7%4>!Y#&%9%$[!3E%K!'#!1#3!<:**!713#!3E%!1:$$#&!/:3%+#$K!#<!:/37#14!3E:3!3E%!+#9%$12%13!/*:447<7%4! :4! $%4%:$/E!274/#1',/3>! ?1'%%'[! 3E%$%! E:4! 8%%1! /#147'%$:8*%! '%8:3%! :8#,3! 3E%!'%<71737#1! #<! v$%4%:$/E! 274/#1',/3v! :1'! 2:1K! $%4%:$/E%$4! :1'! P#*7/K! 2:0%$4! :$%! 1#3!4:374<7%'!&73E!3E%!+#9%$12%13s4!1:$$#&!'%<71737#1!3E:3! <#/,4%4!#1!"")>!Y#&%9%$[!+79%1!3E%!E,+%! *743!#<!P#3%137:*!#<<%14%4! 3E:3!27+E3! <:**! 713#! 3E%! /:3%+#$K! v#3E%$! 4%$7#,4!'%97:37#14[v!:1'! 3E%! P$:/37/:*! P$#8*%24! &73E! '%<7171+! :1'! P#*7/71+! 3E%4%! #3E%$! '%97:37#14[! 73! 74!,1'%$43:1':8*%!&EK!+#9%$12%13!#<<7/7:*4!E:9%!/E#4%1!3#!*7273!3E%7$!<#/,4>!

"71:**K[!473,:37#14!<$%T,%13*K!:$74%! 71!$%4%:$/E! 71!&E7/E!'7<<%$%13!P%#P*%!'74:+$%%!:8#,3!3E%!P$#P%$! /#,$4%! #<! :/37#1! :1'! 3E%$%! 74! 1#! 8$#:'! /#14%14,4! :8#,3!&E:3! 4E#,*'! 8%! '#1%>! ?1!3E%4%! 473,:37#14[! 3E%$%! 2:K! 8%! +##'! :$+,2%134! #1! 8#3E! 47'%4! #<! 3E%! 744,%! :1'! '7<<%$%13!

($""

%3E7/:*!P$71/7P*%4!2:K!/#1<*7/3>!JE%4%!473,:37#14!/$%:3%!'7<<7/,*3!'%/747#14!<#$!$%4%:$/E!01#&1!:4!%3E7/:*!'7*%22:4>!6#147'%$!3E%!<#**#&71+!/:4%\!

);U>!6F!

H$>!S%X<#$'! 74! 3E%!P$71/7P:*! 719%437+:3#$!#<!:! *:$+%[!%P7'%27#*#+7/:*! 43,'K!#1! 3E%!E%:*3E!#<!I[NNN! :+$7/,*3,$:*! &#$0%$4>! CE%! E:4! :1! 72P$%4479%! ':3:4%3! 3E:3! 71/*,'%4! 71<#$2:37#1! #1!'%2#+$:PE7/4[!%197$#12%13:*!%XP#4,$%4[!'7%3[!+%1%37/4[!:1'!9:$7#,4!'74%:4%!#,3/#2%4!4,/E!:4! /:1/%$[! ):$0714#1R4! '74%:4%! i)Hj[! :1'! .QC>! CE%! E:4! A,43! P,8*74E%'! :! P:P%$! #1! 3E%!$%*:37#14E7P!8%3&%%1!P%437/7'%!%XP#4,$%!:1'!)H!71!:!P$%437+7#,4!A#,$1:*>!CE%!74!P*:1171+!3#!P,8*74E!2:1K!#3E%$!P:P%$4!<$#2!E%$!':3:4%3>!CE%!$%/%79%4!:!$%T,%43!<$#2!:1#3E%$!$%4%:$/E!3%:2! 3E:3! &:134! ://%44! 3#! E%$! /#2P*%3%! ':3:4%3>! JE%K! :$%! 713%$%43%'! 71! %X:27171+! 3E%!$%*:37#14E7P! 8%3&%%1! P%437/7'%! %XP#4,$%4! :1'! 4071! /:1/%$>! H$>! S%X<#$'! &:4! P*:1171+! 3#!/#1',/3!:!43,'K!#1!3E74!3#P7/>!!

H$>!S%X<#$'!<:/%4!:!'7<<7/,*3!/E#7/%>!@1!3E%!#1%!E:1'[!3E%!%3E7/:*!1#$2!#<!#P%11%44!#8*7+%4!E%$!3#!4E:$%!':3:!&73E!3E%!#3E%$!$%4%:$/E!3%:2>!Y%$!<,1'71+!:+%1/K!2:K!:*4#!E:9%!$,*%4!3E:3!#8*7+:3%!E%$!3#!4E:$%!':3:>!@1!3E%!#3E%$!E:1'[!7<!4E%!4E:$%4!':3:!&73E!3E%!#3E%$!3%:2[!3E%K!2:K!P,8*74E!$%4,*34!3E:3!4E%!&:4!P*:1171+!3#!P,8*74E[!3E,4!'%P$7971+!E%$!i:1'!E%$!3%:2j!#<!$%/#+1737#1!:1'!P$7#$73K>!?3!4%%24!3E:3!3E%$%!:$%!+##'!:$+,2%134!#1!8#3E!47'%4!#<!3E74!744,%!:1'!H$>!S%X<#$'!1%%'4!3#!3:0%!4#2%!372%!3#!3E710!:8#,3!&E:3!4E%!4E#,*'!'#>!@1%!P#4478*%!#P37#1! 74! 3#! 4E:$%! ':3:[! P$#97'%'! 3E:3! 3E%! 719%437+:3#$4! 47+1! :! ':3:! ,4%! :+$%%2%13>! JE%!:+$%%2%13!/#,*'!'%<71%!:**#&:8*%!,4%4!#<!3E%!':3:[!P,8*7/:37#1!P*:14[!:,3E#$4E7P[!%3/>!!

!JE%! <#**#&71+! :$%! 4#2%! 43%P! 3E:3! $%4%:$/E%$4[! 4,/E! :4!H$>!S%X<#$'[! /:1! 3:0%! 3#!'%:*!&73E!%3E7/:*!'7*%22:4!71!$%4%:$/E\!

&M)_4%/)&.)/4#)$"+S9#8)+")&..,#k)

?3! 74! :*&:K4! 72P#$3:13! 3#! +%3! :! /*%:$! 43:3%2%13! #<! 3E%! P$#8*%2>! ?1! 3E74! /:4%[! 3E%! 744,%! 74!&E%3E%$!3#!4E:$%!71<#$2:37#1!&73E!3E%!#3E%$!$%4%:$/E!3%:2>!

&&M)_4%/)&.)/4#)"#9#=%'/)&'R+"8%/&+'k)

Z:1K! 8:'! '%/747#14! :$%! 2:'%! :4! :! $%4,*3! #<! P##$! 71<#$2:37#1>! J#! 01#&! &E:3! 3#! '#[! H$>!S%X<#$'!1%%'4!3#!E:9%!2#$%!71<#$2:37#1!/#1/%$171+!4,/E!2:33%$4!:4!,179%$473K!#$!<,1'71+!:+%1/K!P#*7/7%4! 3E:3!2:K!:PP*K! 3#! 3E74! 473,:37#1[! 3E%! 3%:2s4! 713%**%/3,:*!P$#P%$3K! 713%$%434[!3E%! P#44787*73K! #<! 1%+#37:371+! 4#2%! 071'! #<! :+$%%2%13! &73E! 3E%! #3E%$! 3%:2[! &E%3E%$! 3E%!#3E%$! 3%:2!:*4#!E:4!4#2%! 71<#$2:37#1! 73! 74!&7**71+! 3#!4E:$%[!%3/>!S7**! 3E%!P,8*7/^4/7%1/%!8%!8%33%$!4%$9%'!8K!3E%!:''737#1:*!$%4%:$/EU!

&&&M)_4%/)%"#)/4#)6&RR#"#'/)+$/&+'.k!

)%#P*%!2:K! <:7*! 3#! 4%%! '7<<%$%13! #P37#14! ',%! 3#! :! *7273%'! 72:+71:37#1[! 87:4[! 7+1#$:1/%[! #$!<%:$>! ?1! 3E74! /:4%[! 3E%$%! 2:K! 8%! :1#3E%$! /E#7/%! 8%47'%4! s4E:$%s! #$! s'#1s3! 4E:$%[s! 4,/E! :4!s1%+#37:3%!:1!:+$%%2%13>s!

!

!

(%""

&=M)i+T)6+)#/4&1%9)1+6#.)+")$+9&1&#.)%.)T#99)%.)9#(%9)",9#.)%$$9:)/+)/4#.#)6&RR#"#'/)+$/&+'.k)

JE%!,179%$473K!#$!<,1'71+!:+%1/K!2:K!E:9%!P#*7/7%4!#1!':3:!2:1:+%2%13!3E:3!:PP*K!3#!3E74!/:4%>! O$#:'%$! %3E7/:*! $,*%4[! 4,/E! :4! #P%11%44! :1'! $%4P%/3! <#$! /$%'73! :1'! 713%**%/3,:*!P$#P%$3K[!2:K!:*4#!:PP*K!3#!3E74!/:4%>!Q:&4!$%*:371+!3#!713%**%/3,:*!P$#P%$3K!2:K!8%!$%*%9:13>!

#L=W^W=V!6]@!

:>! .<3%$! +#71+! 3E$#,+E! 3E74! 4%/37#1[! 2:0%! :! $%97%&! #<! 3E%! %3E7/:*! 43:1':$'4! 3E:3! '7'! 1#3!,PE#*'!:4!K#,!/#1',/3%'!$%4%:$/E!71!3E%!P:43>!

8>!Y#&!&#,*'!K#,!/#$$%/3!K#,$!2743:0%4U!

!

d#,$!$%97%&!&7**!E%*P!71<#$2!:8#,3!%3E7/:*!43:1':$'4!K#,!'7'!1#3!#84%$9%>!JE74!&7**!E%*P!K#,!71!<,3,$%!3#!/#$$%/3!:1K!4,/E!2743:0%4!&E%1!K#,!4%%!3E%2!:$7471+>!!6]//!%>UUONU!Q>;?N=!YV!UX<>?^WUO?U!;YOX=!U=;NR;?RU7!>=:WLU!;NR!<Q;SW;?WUT!C#2%!#<!3E%!*%44#14!*%:$13!<$#2!4,P%$97471+!43,'%134!71/*,'%\!

• ":7*,$%! 3#! :/01#&*%'+%! 7'%:4! 8K! :,3E#$4! :1'! 3$%:371+! 3E%2! :4! 7<! 3E%K! :$%! 3E%!43,'%13R4!#&1>!

• D%<%$$71+!3#!4%/#1':$K!4#,$/%4!:4!7<!3E%K!:$%!P$72:$K!4#,$/%4>!• ?1:87*73K!3#!/73%!<#**#&71+!#1%!P:$37/,*:$!$%<%$%1/71+!4K43%2!• ?1!4#2%!/:4%4[!<:7*,$%!3#!*710!/73:37#14!&73E!3E%!:$+,2%13!#$!P#713!8%71+!$:74%'>!• ":7*,$%!3#!3:0%!713#!://#,13!%3E7/:*!744,%4!:<<%/371+!43,'%134>!

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

.2%$7/:1! )4K/E#*#+7/:*! .44#/7:37#1>! i5NN5j>!V',1:.7! <(1*:1<7)-! 34! <-N:,373+1-'-! .*/! :3/)! 34!:3*/6:'#!.2%$7/:1!)4K/E#*#+743F!"ci-5j>!

A6-'(.71.*!d.'13*.7!M*18)(-1'N#!$bbe#!!f6#'%!#<!)$:/37/%!<#$!C3,'%13!./:'%27/!?13%+$73Kh>!!C7.*:,NF! X#! .*/! U.77.(/F! U#! %eec#!V--.N! \(1'1*+! 43(! &'6/)*'-B! A! >(.:'1:.7! [61/)[! B$'! %'#!! Q)7D36(*)B!03*+2.*#!!

(&""

O#:e[!.>[!l!.4E8K[!H>!i5NNBj>!"73!<#$!P,$P#4%U!A--)--1*+!()-).(:,!Y6.71'N!43(!)81/)*:)!D.-)/!<371:N!.*/!<(.:'1:)#!Q#1'#1\!FCD6!`c!6%13$%!<#$!F97'%1/%!O:4%'!)#*7/K!:1'!)$:/37/%>!!_3=7)(F! 9#W#! .*/! ! A.(3*F! X#V#! $bb%#!R,)! 01''7)F! U(3=*! W.*/D33KF! h',! )/#! d)=! G3(KB!! 03*+2.*#!!!]%$43%1[! D>[! O:0%$[! C>[! l! Q*#K'[! b>! S>! i5NNNj>! H%47+171+! E7+EWT,:*73K! $%4%:$/E! 71! 4P%/7:*!%',/:37#1\!+$#,P!%XP%$72%13:*!'%47+1>!R,)!X36(*.7!34!&<):1.7!V/6:.'13*F!J^S%T[!5x! -(>!!]$%%1E:*+E[! J>! i-==;j>! Y#&! 3#! $%:'! :! P:P%$\! .44%4471+! 3E%! 2%3E#'#*#+7/:*! T,:*73K! #<!! P,8*74E%'!P:P%$4>!U(1'1-,!Q)/1:.7!X36(*.7F!J%"[!BNIxBN(>!!Q#E$[! c>! _>! i5NNGj>! D:371+! 3E%! 43$%1+3E! #<! 4/7%137<7/! %97'%1/%\! D%*%9:1/%! <#$! T,:*73K!! 72P$#9%2%13!P$#+$:24>! E*')(*.'13*.7!X36(*.7! 43(!56.71'N! 1*!W).7',!C.()F!%;S%j[!=x! -(>!!Z#43%**%$[!">[!l!O#$,/E[!D>! iF'4>j>! i5NN5j>!V81/)*:)!2.'')(-B!9.*/321g)/!'(1.7-! 1*!)/6:.'13*!()-).(:,>!S:4E71+3#1[!H6\!JE%!O$##071+4!?14373,3%>!!),$',%! `179%$473K! @1*71%! S$7371+! Q:8! i@SQj>! f`471+! .2%$7/:1! )4K/E#*#+7/:*! .44#/7:37#1!! i.).j!"#$2:3!i`P':3%'!3#!I3E!F'737#1j>h!C%P3>!5NN5>!5B!b:1>!5NNG!!! E33P\^^#&*>%1+*74E>P,$',%>%',^z>!!!D:+71[! 6>! 6>[! _:+%*[! b>[! l! SE73%[! )>! ib,*K! 5NNBj>! \3(K-,3<! 3*! -:1)*'141:! 436*/.'13*-! 34!! Y6.71'.'18)!()-).(:,#!_:37#1:*!C/7%1/%!"#,1':37#1[!.$*71+3#1[!M.>!!D:,'%18,4E[! C>! i"%8$,:$K! 5NN5j>! ?'%137<K71+! 4/7%137<7/:**KW8:4%'! $%4%:$/E! 71! %',/:37#1>!! ?1973%'! 4P%:0%$! :3! 3E%! C/7%137<7/:**K! O:4%'! D%4%:$/E! C%271:$[! `>C>! H%P:$32%13! #<!! F',/:37#1[!S:4E71+3#1!H6>!

C:*%4[! O>H>[! l! "#*02:1[! C>! iF'4>j>! i5NNNj>! V',1:-! 1*! ()-).(:,! =1',! ,62.*! <.('1:1<.*'->!! S:4E71+3#1[!H6\!.2%$7/:1!)4K/E#*#+7/:*!.44#/7:37#1>!

CE:2##[! .>! :1'! D%4170[! H>! i5NN=j>! 9)-<3*-1D7)! C3*/6:'! 34! 9)-).(:,F! $*/! )/#! _%&! d#$0\!@X<#$'!`179%$473K!)$%44>!

CE:9%*4#1[!D>!b>[!l!J#&1%[!Q>!iF'4>j>!i5NN5j>!&:1)*'141:!()-).(:,!1*!)/6:.'13*>!S:4E71+3#1[!H6\!_:37#1:*!D%4%:$/E!6#,1/7*[!_:37#1:*!./:'%2K!)$%44>!!CP%1/%$[! Q>[! D73/E7%[! b>[! Q%&74[! b>[! l! H7**#1[! Q>! i5NNBj>! 56.71'N! 1*! Y6.71'.'18)! )8.76.'13*B! A!! 4(.2)=3(K! 43(! .--)--1*+! ()-).(:,! )81/)*:)#! Q#1'#1\! _:37#1:*! 6%13$%! <#$! C#/7:*!! D%4%:$/E>!!S%43[! C>[! c71+[! M>[! l! 6:$%K[! J>! i5NN5j>! &N-')2-! '3! (.')! ',)! -'()*+',! 34! -:1)*'141:! )81/)*:)>!! D#/097**%[!ZH\!.+%1/K!<#$!Y%:*3E/:$%!D%4%:$/E!:1'!V,:*73K>!!H>YUW=>U!E33P\^^&&&>:P:>#$+^%3E7/4!!iD%3$7%9%'!NG!"%8$,:$K!5N-Bj!!E33P\^^&&&5>+*#4>:/>,0^#<<*#:'^<:/,*37%4^%E4^4/7%1/%4^/,$$%13W,1'%$+$:',:3%4^H_CCW],7'%W3#WD%<%$%1/71+>'#/!iD%3$7%9%'!--!b:1,:$K!5N-Bj!E33P\^^&&&>*78>8%$0%*%K>%',^7143$,/3^+,7'%4^/73:37#14>E32*!iD%3$7%9%'!-L!b:1,:$K!5N-Bj!

('""

E33P\^^&&&>17%E4>17E>+#9^$%4%:$/E^87#%3E7/743>/<2!iD%3$7%9%'!NG!"%8$,:$K!5N-Bj!

E33P\^^&&&>$%:'71+>:/>,0^713%$1:*^43,'K:'97/%^C3,'K$%4#,$/%4^D%:'71+^43:W$%<%$%1/%4>:4PX!iD%3$7%9%'!5N!b:1,:$K!5N-Bj!E33P\^^&&&>1/''$>#$+^03^P$#',/34^<#/,4^<#/,4=^j!iD%3$7%9%'!5L!b:1,:$K!5N-Bj!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

((""

!),#-"&.!8!

!.'%&+!#*1!.&+-'*+3$3%3"3&+!'(!+0-&.93+'.+!#*1!.&+&#.),!+"01&*"+!

!@&%1/%!6E:8:K:!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!i@&%1/%>/E:8:K:t,*>:/>e:j!! ! ! ! ! :1'!!

J47347!6E:3:70:!i347347>/E:3:70:t+2:7*>/#2j!

#YU=?;L=!!JE74!/E:P3%$!P$%4%134!3E%!$#*%4!:1'!$%4P#14787*737%4!#<!8#3E!3E%!4,P%$974#$!:1'!3E%!43,'%13!71!3E%7$!713%$:/37#1!',$71+!P#43+$:',:3%!$%4%:$/E!4,P%$9747#1[!:4!$%<*%/3%'!71!3E%!72:+%!8%*#&>!.4! :! $%4%:$/E! 43,'%13! i8%! 73! :3! '#/3#$:*[!Z:43%$R4! #$! ,1'%$+$:3%! *%9%*j[! K#,! 4E#,*'! $%:*74%!3E:3! 3E%! 43,'%13W4,P%$974#$! $%*:37#14E7P! 74! #<! ,32#43! 72P#$3:1/%[! 8:4%'! #1! K#,$!:PP$%/7:37#1!#<!744,%4!$:74%'!71!3E%!<7$43!3E$%%!/E:P3%$4>!?1!<:/3[!3E%!4,//%44!#$!<:7*,$%!#<!K#,$!43,'K! /#,*'! 8%! '%3%$271%'! 8K! 3E%! T,:*73K! #<! ! 3E%! 43,'%13W4,P%$974#$! $%*:37#14E7P>! ?1! 3E74!/E:P3%$[! &%! :*4#! #,3*71%! &E:3! 4E#,*'! 8%! '#1%! 8%<#$%[! ',$71+! :1'! :<3%$! 3E%! 4,P%$974#1!2%%371+[! :1'! #3E%$! :4P%/34! 3E:3! :$%! /$,/7:*! 71! P$#2#371+! :! E%:*3EK! 4,P%$974#$W43,'%13!$%*:37#14E7P>! .4! K#,! $%:'! 3E74! /E:P3%$[! K#,! :$%! ,$+%'! 3#! $%:'! 73! 71! /#1A,1/37#1!&73E! #3E%$!$%*%9:13! /E:P3%$4! #<! 3E74! 8##0! 71! #$'%$! 3#! /,*379:3%! :! 2#$%! P#47379%! :1'! P$#<%447#1:*!4,P%$974#$W43,'%13!$%*:37#14E7P>!!

!!!!!!!

(6""

8]/!3N=?ORXL=WON!!Z:1K! $%4%:$/E! 43,'%134! 43$,++*%! 3#! /#2P*%3%! :! '744%$3:37#1! #$! 3E%474>! D%+$%33:8*K[! 3E74! 74!#<3%1! 3E%! $%4,*3! #<! :1! ,1P$#',/379%! $%*:37#14E7P! 8%3&%%1! 3E%! 4,P%$974#$! :1'! 3E%! 43,'%13>!C#2%372%4[! 8#3E! P:$37%4! /#13$78,3%! 3#! 3E%! 43:+1:37#1! #$! 8$%:0'#&1! #<! 3E%! 4,P%$974#$W43,'%13! $%*:37#14E7P>!J#!3E74!%<<%/3[!:! *:4371+!4#*,37#1!3#!8#3E!P:$37%4! 74!1%%'%'! 71!#$'%$! 3#!&#$0! :/379%*K! 3#! 8,7*'71+! :! 4,//%44<,*! $%*:37#14E7P>! JE%! P#47379%! $%*:37#14E7P! 8%3&%%1!4,P%$974#$4!:1'!43,'%134!&#,*'!3E$79%!7<!8#3E!#<!3E%2!01#&!3E%7$!$#*%4!:1'!$%4P#14787*737%4[!$7+E3! <$#2!3E%!#14%3[!&E7/E!3E%K!E:9%!3#!$%*7+7#,4*K! <,*<7*! 3E$#,+E#,3!3E%!$%4%:$/E! A#,$1%K>!JE74! /E:P3%$[! 3E%$%<#$%[! P$#97'%4! 3E%!2,3,:*! $#*%4! :1'! $%4P#14787*737%4! #<! 4,P%$974#$4! :1'!43,'%134>!JE%!:4P%/34[!E#&%9%$[!4E#,*'!1#3!8%!4%%1!:4!P$%4/$7P379%!8,3! 71'7/:379%m!:1'!3E%!/E:P3%$! '#%4! 1#3! 713%1'! 3#! $%P*:/%! 3E%! $%4%:$/E! $%+,*:37#14! 4%3! #,3! 71! K#,$! ,179%$473K!$%4%:$/E!$%+,*:37#14m!7143%:'[!3E%K!P*:K!:!/#2P*%2%13:$K!$#*%>!!!8]4!'Ya>L=W^>U!!!OK!3E%!%1'!#<!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!!

• 7'%137<K!3E%!$#*%4!:1'!$%4P#14787*737%4!#<!3E%!4,P%$974#$!m!• /*:$7<K!3E%!$#*%4!!:1'!$%4P#14787*737%4!#<!3E%!43,'%13m!• %43:8*74E!3E%!'K1:27/4!#<!:1!%<<%/379%!43,'%13W4,P%$974#$!$%*:37#14E7Pm!:1'!!• 71/$%:4%!K#,$!/E:1/%4!#<!/#2P*%371+!K#,$!'744%$3:37#1!#$!3E%474!#1!372%>!

!8]6!$;LMS?OXNR!!!6E7#2%! :1'! 6E:8:K:! i5N-5j! /#1',/3%'! :! 43,'K! 3E:3! %X:271%'! 3E%! 97%&4! #<! P#43+$:',:3%!43,'%134! #1! <:/3#$4! /#13$78,371+! 3#! T,:*73K! 71! P#43+$:',:3%! $%4%:$/E! 4,P%$9747#1! 71! 3E%!n728:8&%!@P%1!`179%$473K>!JE%K!7'%137<7%'!T,:*73K!$%4%:$/E!4,P%$9747#1!:4!#1%!#<!3E%!2:71!/#1/%$14! :2#1+! 714373,37#14! :1'! 43:0%E#*'%$4[! P:$37/,*:$*K! 3E#4%! '%:*71+! &73E! #P%1! :1'!'743:1/%!*%:$171+>!JE%!43,'K!!:*4#!$%P#$3%'!3E:3!&E7*%!43,'%134!P$%<%$$%'!3#!8%!4,P%$974%'!8K!%<<%/379%[! %<<7/7%13[! 'K1:27/[! $%<*%/379%[! $%4,*34! :1'! T,:*73K! #$7%13%'! 4,P%$974#$4[! 3E%K! 437**!1%%'%'!3#!8%!://#$'%'!$%4P%/3!:4!4/E#*:$4!:1'!/#**%:+,%4!71!$%4%:$/E>!.*#1+!3E%!4:2%!*71%4[!6E7$%4E%!i5N-5j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i9%$8:**K!:1'!4%X,:**Kj!:1'!'74/#,$:+%'!3E%2>!D%4P#1'%134!E:'!:*4#!%XP%$7%1/%'!/E:**%1+%4!&73E!4,P%$974#$4!&E#!&%$%! 1#3! :*&:K4! :9:7*:8*%! <#$! 3E%2>! C#2%! #<! 3E%! 4,P%$974#$4! P$#97'%'! '%*:K%'! <%%'8:/0[!/#1371,#,4*K! /E:1+%'! 7143$,/37#14[! *#43! 43,'%134R! &#$0! :1'! 4#2%372%4! $%3,$1%'! 43,'%134R!&#$0!&73E#,3!/#22%134>!@3E%$!43,'%134!$%/%79%'!/#1<*7/371+!<%%'8:/0!<$#2!/#W4,P%$974#$4!i6E7$%4E%[!5N-5j>!_%%'*%44!3#!4:K[!2#43!#<!3E%!E7+E*7+E3%'!/E:**%1+%4!%2:1:3%!<$#2!3E%!P##$!$%*:37#14E7P4!8%3&%%1!4,P%$974#$4!:1'!$%4%:$/E!43,'%134>!?<!&%!&%$%!3#!%XP*#$%!4,P%$974#$4R!%XP%$7%1/%4[!:1#3E%$!+*##2K!P7/3,$%!&#,*'!8%!P#$3$:K%'>!?3! 74!:+:7143!3E74!8:/0+$#,1'!3E:3!&%! #,3*71%! 3E%! $#*%4! :1'! $%4P#14787*737%4! #<! 4,P%$974#$4! :1'! 43,'%134! 71! 3E%! 4,P%$9747#1!P$#/%44>!!!

(B""

8]8! +<>LW[WL!<?;L=WL>U!=:;=!XNR>?<WN!SOOR!<OU=S?;RX;=>!UX<>?^WUWON!!!)#43+$:',:3%!4,P%$9747#1!74!'#,83*%44!#1%!#<!3E%!2#$%!/#2P*%X!<#$24!#<!3%:/E71+!71!E7+E%$!%',/:37#1>!!"%&!:/:'%27/4!&#,*'!:+$%%!#1!:!<#$2,*:[!$%/7P%!#$!'#R4!:1'!'#1R34!/E%/0*7434!<#$!4,//%44<,*!4,P%$9747#1>!_%9%$3E%*%44[! 3E%$%!:$%!/%$3:71!372%WE#1#,$%'!P$:/37/%4!&E7/E!2:K!8%!#<!E%*P!3#!2:1K!4,P%$974#$4>!!!C,/E!P$:/37/%4!:$%!,1'%$P711%'!8K!3E%!<#**#&71+!P$71/7P*%4\!!

• C,P%$9747#1! 719#*9%4!3E%!<,1':2%13:*4!#<!+##'!3%:/E71+!:1'!:2#1+!3E%2[!/#1/%$1!<#$! 43,'%134[! 713%$%43! 71! 3E%7$! P$#+$%44! :1'! 3E%! P$#9747#1! #<! 3E#,+E3<,*! :1'! 372%*K!<%%'8:/0>! ]##'! 4,P%$974#$4! %X%2P*7<K! 3E%! /E:$:/3%$7437/4! #<! +##'! 3%:/E71+! 71! :1K!4%3371+>!!

• C,P%$9747#1! 74! :1! 713%1479%! <#$2! #<! 3%:/E71+! 71! :! 2,/E! 8$#:'%$! 4%14%! 3E:1! A,43!71<#$2:37#1! 3$:14<%$>! JE%!2#43! 4,43:71%'! /#2P*%X73K! #<! 4,P%$9747#1! 719#*9%4!2,/E!372%! :1'! %1%$+K>! ]##'! 4,P%$974#$4! :$%! :&:$%! #<! 3E%! P$#<%447#1:*! /#22732%13!1%/%44:$K!3#!%9%$K!43,'%13!3E%K!:+$%%'!3#!4,P%$974%>!

!• JE%! 4,P%$974#$K! $%*:37#14E7P! E:4! :! P:$37/,*:$! P%$4#1:*! '72%147#1[! %4P%/7:**K! &E%1!

43,'%134!<:/%!/$7474!#<!/#1<7'%1/%!#$!P%$4#1:*!P$#8*%24>!!?3! 4E#,*'! 8%! 1#3%'! 3E:3! $%4%:$/E! 43,'%134! :$%! E%3%$#+%1%#,4>! JE%K! E:9%! '7<<%$%13!P$%<%$%1/%4[!%XP%/3:37#14!#<!3E%!$%*:37#14E7P!:1'!:PP$#:/E%4!3#!43,'Km!4#2%!#<!&E7/E!2:K!8%! $%*:3%'! 3#! 3E%7$! /,*3,$:*! :1'! $%*7+7#,4! 8:/0+$#,1'4>! ]##'! 4,P%$974#$4! $%/#+174%! 3E74!'79%$473K!:1'!:'A,43!3E%7$!#&1!P$:/37/%4!://#$'71+*K>!JE,4\!!

• ]##'! 4,P%$974#$4! %X3%1'! 3E%7$! 43,'%134!&%**! 8%K#1'!&E:3! 3E#4%! 43,'%134! 3E#,+E3!P#4478*%[! 8K! 4%3371+! E7+E! 8,3! $%:*7437/! 43:1':$'4>! JE%K! %1/#,$:+%! 71'%P%1'%1/%! 8K!8,7*'71+!43,'%134R!/#1<7'%1/%!71!3E%7$!P%$4#1:*!$%4%:$/E!/:P:87*737%4>!!

• "71:**K[!+##'!4,P%$974#$4!:$%!/#14/7#,4!#<!3E%7$!2%13#$71+!$#*%>!JE%K!:72!3#!8%!$#*%!2#'%*4!<#$!<7$43W$:3%!4/E#*:$4E7P>!

!!8]@!"V<>U!O[!UX<>?^WUO?U!!C3,'7%4! 4E#&! 3E:3! 3E%! T,:*73K! #<! 4,P%$974#$K! $%*:37#14E7P! 74! :! 0%K! <:/3#$! 71! 3E%! 4,//%44<,*!/#2P*%37#1!#<!P#43+$:',:3%! $%4%:$/E!43,'7%4! iCE,*e%[!5N--j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m! &E7/E! 2:K! :44743! 3E%! 4,P%$974#$! 71! 2%%371+! 3E%!43,'%13R4!4,P%$9747#1!1%%'4>!@3E%$!43,'%134!43:$3!#<<!1#3!8%71+!/*%:$!:8#,3!3E%!'7$%/37#1!#<!3E%7$!43,'7%4[!&E:3!3E%K!$%T,7$%!:1'!E#&!3#!:$37/,*:3%!3E74>!C,/E!43,'%134!,4,:**K!1%%'!2#$%!+,7':1/%!:1'!4,PP#$3!:1'!:$%!#1*K!:8*%!3#!&#$0! 71'%P%1'%13*K!2,/E! *:3%$! 71!3E%!$%4%:$/E!P$#/%44>!?1!4P73%!#<!3E%4%!'7<<%$%1/%4[!3E%$%!:$%!:!1,28%$!#<!/#$%!<,1/37#14!3E:3!/E:$:/3%$7e%!3E%!1:3,$%!#<!4,P%$9747#1>!JE%$%! 74!&7'%4P$%:'!/#14%14,4! 71! *73%$:3,$%!3E:3!3E%!4,P%$974#$K!$#*%! 72P*7%4! :3! *%:43! G! '7<<%$%13! $%4P#14787*737%4! #$! $#*%4! #1! 3E%! P:$3! #<! 3E%! 4,P%$974#$>!Z#,3#1!i5N--j!#,3*71%4!3E%4%!$#*%4!:4!3#\!!!

6G""

• :'974%!3E%!43,'%13m!3#!+,7'%!3E%!43,'%13m!!• !%14,$%!4/7%137<7/!T,:*73K!71!3E%!43,'%13R4!&#$0m!:1'!!• P$#97'%!3E%!$%T,7$%'!%2#37#1:*!:1'!P4K/E#*#+7/:*!4,PP#$3>!!

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Ê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a+$#&R! :4! 4/7%137434>! JE%!4,P%$974#$R4! $#*%! <7$43! :1'! <#$%2#43[! 74! 3#! +,7'%! 3E%! 43,'%13! 3E$#,+E! 3E%! $%4%:$/E!P$#/%44>!JE%!P$#/%44!#<!/:$$K71+!#,3! 3E%!$%4%:$/E! 74!+79%1!E7+E!P$%<%$%1/%>!JE74! $#*%! <#/,4%4!#1!3E%!713%**%/3,:*!:1'!4/7%137<7/!:724!#<!3E%!P#43+$:',:3%!'%+$%%>!?1!3E74!4%14%[!3E%!P$72:$K!$#*%!#<!3E%!4,P%$974#$!74!3#!+,7'%!3E%!43,'%13!71!2%3E#'#*#+7/:*!2:33%$4[!71/*,'71+!3E%!'%9%*#P2%13!#<! $%4%:$/E! P$#P#4:*[! <#$2,*:37#1! #<! $%4%:$/E! P$#8*%2[! /E#7/%! #<! :PP$#P$7:3%! $%4%:$/E!'%47+1!:1'!3E%#$%37/:*!<$:2%&#$0!:1'!<71:**K!3E$#,+E!:**!3E%!3%/E17/:*!43:+%4!#<!3E%!$%4%:$/E!P$#/%44!iZ#,3#1[!5N--j>!JE%!43,'%13!/#,*'!%XP%/3!3E%!<#**#&71+!4P%/7<7/!+,7':1/%\!!

• .44743:1/%!&73E!4%*%/37#1!#<!3E%474!3#P7/!!

• ],7':1/%!3#!$%*%9:13!*73%$:3,$%!!

• .4474371+!3E%!43,'%13!71!'%/7'71+!#1!:!3E%#$%37/:*!<$:2%&#$0!<#$!3E%!43,'K!!

• ],7'71+!3E%!43,'%13!71!'%9%*#P71+!3E%!$%4%:$/E!P$#P#4:*>!!

• J$:7171+! 3E%! 43,'%13! #1! 3E%! ,4%! #<! 4P%/7<7/! $%4%:$/E! 2%3E#'4! #$! $%<%$$71+! 3E%!43,'%13!3#!/#,$4%4!#1!$%4%:$/E!2%3E#'#*#+K!&E%$%!1%/%44:$K>!

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

6!""

P$#97'71+! /#22%134! #1! '$:<3! /E:P3%$4[! 3E%! $#*%! #<! 3E%! 4,P%$974#$! 74! 3#! %14,$%! 3E:3! 3E%!T,:*73K! i4/7%137<7/! :1'! 3%/E17/:*j! #<! &E:3! 3E%! 43,'%13! P$#',/%4! 2%%34! +%1%$:**K! ://%P3%'!43:1':$'4!#<!:/:'%27/!3E%4%4!iZ#,3#1[!5N--j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

• Z#173#$71+! 43,'%13R4[! $%4%:$/E! &#$0! 71! ://#$':1/%! &73E! :+$%%'! 4/E%',*%! :1'!P$#97'%!/#143$,/379%!/$737/742>!!

• !H74/,44!&73E!3E%!43,'%13!744,%4!#<!P$#+$%44!#$!*:/0!#<!73!:3!$%+,*:$!713%$9:*4>!!!

• H74/,447#14! 3E:3!/#,*'!/#9%$!:4P%/34!#<! 3E%! $%4%:$/E!43,'K!4,/E!:4!P%$<#$2:1/%! 71!4%271:$4[!3E%!:+$%%'!372%*71%4!:1'!'%:'*71%4[!://%44!3#!$%*%9:13!4#,$/%4>!!

• 6#22%1371+!#1!3E%!/#13%13!#<!'$:<3!/E:P3%$4!#<!3E%!3E%474>!!

EMFME)?,$#"=&.+")%.)$%./+")+")R"&#'6))JE%!4,P%$974#$K!$#*%!719#*9%4!3E%!4,P%$974#$!71!9:$7#,4!<#$24!#<!%2#37#1:*!:1'!2#379:37#1:*!4,PP#$3!iZ#,3#1[!5N--j>!!JE%!<#/,4!74!*:$+%*K!#1!P%$4#1:*!2:33%$4>!H,$71+!2%%371+4!P%$4#1:*!/7$/,243:1/%4! :1'! %2#37#14! #<! 3E%! 43,'%13! +%3! :! *#3! #<! :33%137#1>! J#! 3E%! 43,'%13[! 3E%!4,P%$974#$!:/34!:4!:!4#,1'71+!8#:$'!<#$!E74Ê%$!7'%:4[!EKP#3E%4%4!:1'!P$#9747#1:*!'%/747#14>!.! +##'! 4,P%$974#$! 4E#,*'! ,1'%$43:1'! &E%1! P$79:3%! 2:33%$4! 72P%'%! 3E%! 43,'%13R4! +##'!P$#+$%44! 71! 3E%! 43,'Km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

• 8%!:*%$3! 3#! 3E%!P%$4#1:*! 43$%1+3E4!:4!&%**!:4! *7273:37#14!#<! 3E%!43,'%13! 4#!:4! 3#!8%!:8*%!3#!7'%137<K!473,:37#14!3E:3!$%T,7$%!:''737#1:*!:44743:1/%m!!

6#""

• 8%! /#22733%'! 3#! 3E%! 43,'%13R4! 43,'7%4! 3E$#,+E#,3! 3E%! ',$:37#1! #<! 3E%! $%4%:$/E!P$#/%44m!:1'!

!• :*&:K4!4E#&!713%$%43!71!&E:3!3E%!43,'%13!74!'#71+!:1'!8%!4,PP#$379%!&E%$%!$%T,7$%'>!

!JE%!<7$43!%1/#,13%$!&73E!3E%!$%4%:$/E!43,'%13!74!9%$K!72P#$3:13!71!8,7*'71+!:!*:4371+!:27/:8*%!$%*:37#14E7P! &73E! 3E%! 43,'%13>! C#2%! #<! 3E%! /$,/7:*! :4P%/34! 3#! :33%1'! 3#! ',$71+! 3E%! <7$43!%1/#,13%$!&73E!:!43,'%13!:$%!P$%4%13%'!8%*#&>!!8]C!(W?U=!T>>=WNS!PW=:!=:>!UX<>?^WUO?F!%;VWNS!S?OXNR!?XQ>U!!!.!+##'!$%*:37#14E7P!8%3&%%1!3E%!43,'%13!:1'!4,P%$974#$! 74!973:*! 71!3E%!P$#/%44!#<!$%4%:$/E!4,P%$9747#1[!471/%!:1!%<<%/379%!&#$071+!$%*:37#14E7P!74!,4,:**K!:44#/7:3%'!&73E!P#47379%!$%4,*34!i6E7$%4E%[! 5N--m!S:+E7'! 5NNLm! nE:#[! 5NN-j>! .4! 4,/E[! 4,//%44<,*! P#43+$:',:3%! 4,P%$9747#1!$%T,7$%4!1#3!#1*K!8%71+!01#&*%'+%:8*%!71!3E%!<7%*'[!8,3!%43:8*74E71+!:1!%<<%/379%!P$#<%447#1:*!$%*:37#14E7P!&73E!3E%!43,'%13>!!8]C]/!5>=!=O!MNOP!U=XR>N=U!;NR!L;?>[XQQV!;UU>UU!=:>W?!N>>RU!D%4%:$/E! 4,P%$974#$4! 2,43! 2:0%! :! 3E#$#,+E! :44%442%13! #<! 43,'%134R! 1%%'4! 71! 3E%! %:$*K!43:+%4>!!JE%4%!:44%442%134!/#,*'!8%!71!3&#!'72%147#14!1:2%*K[!:/:'%27/!:1'!P4K/E#*#+7/:*!:4!3E%K!'#!71<*,%1/%!#1%!:1#3E%$>!.4!:!4,P%$974#$!K#,!1%%'!3#!01#&\!!

• &E:3!01#&*%'+%!:1'!!407**4!43,'%134!8$71+!3#!3E%!P$#A%/3m!

• 3E%!:$%:!71!&E7/E!3E%K!1%%'!4P%/7:*!:44743:1/%m!:1'!

• E#&!3E%K!:$%!*70%*K!3#!:PP$#:/E!3E%7$!$%4%:$/E>!

6*%:$! ,1'%$43:1'71+! #<! 3E%! 01#&*%'+%! :1'! 407**4! :1'! 1%%'4! #<! 43,'%134! &7**! E%*P! 3E%!4,P%$974#$! 3#!P$#97'%!:PP$#P$7:3%!$%4%:$/E!3$:7171+!#$! $%<%$! 3E%!43,'%134! 3#!4#2%!$%*%9:13!3$:7171+!4%447#14!P$#97'%'!71!3E%!714373,37#1>!C#2%!#<!3E%!:$%:4!3E:3!2,43!8%!P$#8%'!:$%\!!

• c1#&*%'+%!#<!3E%!3E%#$%37/:*!8:4%>!

• `1'%$43:1'71+!#<!2%3E#'#*#+7/:*!P$#/%',$%4!:1'!#P37#14>!

• _%/%44:$K! 3%/E17/:*! 407**4! %>+>! 43:37437/:*! :1:*K474[! :1:*K474! #<! T,:1373:379%! :1'!T,:1373:379%!':3:[!,4%!#<!*:8#$:3#$K!%T,7P2%13!%3/>!!

• `1'%$43:1'71+!#<!T,:*73:379%!$%4%:$/E!2%3E#'4[!:1:*K474!:1'!713%$P$%3:37#1!

• _%/%44:$K!/#2P,3%$!407**4!

• S$7371+!407**4>!

C%%! 3E%!$%*%9:13!/E:P3%$4!#<! 3E74!9#*,2%[!&E7/E!'%:*!&73E! 3E%4%!$%4%:$/E!:4P%/34! 71!4#2%!'%3:7*>!!Y#&%9%$[! 4,/E! :44%442%13! 4E#,*'! 1#3! <#/,4! P,$%*K! #1! $%2%'7:37#1[! 8,3! A,43! :4! :!&:K! 3#!7'%137<K!43,'%134R!43$%1+3E4!:1'!:$%:4!3E:3!1%%'!4,PP#$3>!!!C3,'%134R! P4K/E#*#+7/:*! 1%%'4! /:1! 8%! 2#$%! '7<<7/,*3! 3#! :44%44! 3E:1! :/:'%27/! 1%%'4>! "#$!%X:2P*%[! 4#2%! 43,'%134! 2:K! $%<,4%! 3#! #P%1! ,P! ,137*! 4#2%372%! '#&1! 3E%! 3$:/0! &E%1!

6$""

E%^4E%! <:7*4! 3#! /#**%/3! ':3:>! JE%$%<#$%! #1%! 2:K! <71'! 4#2%! #<! 3E%4%! P4K/E#*#+7/:*! 1%%'4!4,$<:/71+! :4! 3E%! $%4%:$/E! &#$0! P$#+$%44%4>! JE74! 3%1'4! 3#! 8%! 2#$%! P$#8*%2:37/! 71! 3E%!'743:1/%! %',/:37#1! iHFj! 4%3! ,P! &E%$%! 3E%! 4,P%$974#$! :1'! 43,'%13! :$%! 4%P:$:3%'! 8K!3$:14:/37#1:*!'743:1/%>!!

#L=W^W=V!8]/!-> Q743!K#,$!1%%'4!&E7/E!K#,!2:K!$%T,7$%!3E%!4,P%$974#$!3#!01#&! 71!3%$24!

#<\!• c1#&*%'+%! :1'! 3E%#$%37/:*! 8:4%! K#,! E:9%! 71! $%*:37#1! 3#! K#,$!

43,'K!• d#,$!,1'%$43:1'71+!#<!$%4%:$/E!2%3E#'#*#+7%4!• 6#2P,3%$!407**4!!• D%4%:$/E!&$7371+!407**4!

!5> SEK! 74! 73! 72P#$3:13! <#$! K#,$! 4,P%$974#$! 3#! 01#&! K#,$! 1%%'4! K#,! *743%'!

:8#9%U!!!

!JE74! :/37973K! E%*P4! K#,! 3#! 4%*<W$%<*%/3>! ?1! 3E#4%! <%&! #PP#$3,1737%4! &E%1! K#,! 2%%3! K#,$!4,P%$974#$[!P$%P:$%!T,%437#14!$%*:3%'!3#!:**!3E#4%!73%24!*743%'!71!3E%!:/37973K>!_#3%!3E:3!K#,$!4,P%$974#$!&7**!#1*K!8%!:8*%!3#!:44743!7<!4Ê%!74!:&:$%!#<!K#,$!1%%'4>!!8]C]4!&U=;YQWU:!?>;UON;YQ>7!;S?>>R!X<ON!>c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

• JE%!%X3%13!:1'!1:3,$%!#<!'7$%/37#1!<$#2!3E%!4,P%$974#$>!!• JE%!'%+$%%!#<!71'%P%1'%1/%!#<!3E%!43,'%13!

!• )$#/%',$%4! <#$! /#14,*3:37#1x<$%T,%1/K[! P$%P:$:37#1[! /#1',/3x71/*,'71+! &E%$%!

:PP$#P$7:3%[!3E%!'%+$%%!#<!4,PP#$3!71!!3E%!*:8#$:3#$K!!!

• C,827447#1!#<!&$733%1!&#$0xP$#+$%44!$%P#$34!!

• JE%!1:3,$%!:1'!37271+!#<!$%4P#14%!<$#2!3E%!4,P%$974#$>!!

• JE%!:PP$#P$7:3%!$#*%!#<!3E%!4,P%$974#$!71!%'7371+!!

• Y#&!7'%#*#+7/:*!'7<<%$%1/%4!:$%!+#71+!3#!8%!E:1'*%'>!!C#2%!#<!3E%!%XP%/3:37#14!:8#9%!%9#*9%!#9%$!372%[!E%1/%!2:K!8%!'74/,44%'!2#$%!3E:1!#1/%>!!!!

6%""

8]C]6!&NLOX?;S>!U=XR>N=U!=O!P?W=>!>;?QV!;NR!O[=>N!)JE%! 071'! #<! &$7371+! $%T,7$%'! 71! $%4%:$/E! '%+$%%4! 9:$7%4! 8%3&%%1! '74/7P*71%4>! Y#&%9%$[! 73!'#%4!4%%2!3E:3!:/$#44!:**!'74/7P*71%4[!%:$*K!&$7371+!:1'!$%+,*:$!P$%4%13:37#1!#<!&#$0!3#!3E%!4,P%$974#$!74!9%$K!8%1%<7/7:*>!?3!E%*P4!3#!P$%9%13!:!P4K/E#*#+7/:*!P:33%$1!71!&E7/E!&$7371+!,P!8%/#2%4!!!2#$%!:1'!2#$%!':,1371+!:4!':3:!:1'!7'%:4!:$%!://,2,*:3%'>!!)8]C]8!3NW=W;=>!?>SXQ;?!LON=;L=!;NR!<?O^WR>!:WS:!d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`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

+X<>?^WUO?! H:;=!RO>U!UX<>?^WUWON!T>;Ne!! SE:3!:$%!3E%!43:+%4!#<!4,P%$9747#1U!! SE:3!:$%!3E%!43,'%13R4!:1'!4,P%$974#$R4!$%4P#14787*737%4!! SE:3! 4#$3! #<! <%%'8:/0!&7**! 3E%! 4,P%$974#$! +79%U!Y#&! #<3%1[! E#&!2,/E! :1'! 71!

&E:3!<#$2U!! SE:3!4#$3!#<! <%%'8:/0!'#%4!3E%!43,'%13!P$%<%$!#$!8%1%<73! <$#2[! <71'!E%*P<,*!#$!

,1E%*P<,*U!! SE:3! /:1! 8%! '#1%! 7<! 3E%$%! 74! /#1<*7/371+! <%%'8:/0! 8%3&%%1! 4,P%$974#$4[!

/#14,*3:134!%3/U!!

-?Oa>L=!2;N;S>T>N=!

H:;=!WU!WNÔQ^>R!WN!=:>!R>^>QO<T>N=!O[!=:>!?>U>;?L:!<?O<OU;Qe!!

! SE:3!$%4%:$/E!407**4[!43:37437/:*!:1:*K474!#$!#3E%$!3%/E17/:*!407**4!:$%!$%T,7$%'!<#$!3E%!$%4%:$/EU!

! ?4! :! $%4%:$/E! 2%3E#'! /#,$4%! :9:7*:8*%U! Y#&! '#%4! :! 43,'%13! %1$#*! <#$! 4,/E! :!/#,$4%U!

! SE#!E:4!#&1%$4E7P!#<!2:3%$7:*!:$7471+!<$#2!3E%!$%4%:$/E[!:,3E#$4E7P!#<!P:P%$4!:1'!4#!#1U!

! SE:3! 74! 3E%! :PP$#P$7:3%! *%1+3E[! 43$,/3,$%! :1'! P$%4%13:37#1! #<! 3E%! $%4%:$/E!P$#P#4:*U!i.!43,'%13!4E#,*'!8%!%1/#,$:+%'!3#!*##0!:3!#3E%$!3E%4%4!#$!P$#A%/34!71!3E%!'74/7P*71%j>!!

6&""

! SE:3!:$%! 3E%! 43:+%4!#<! 3E%! $%4%:$/E!P$#/%44U! i.! $#,+E!+,7'%! 3#! 3E%! 372%! 3E:3!4E#,*'!8%!:**#&%'!<#$!%:/E!43:+%j>!

! SE:3! 74! :1! ://%P3:8*%! #$! :9%$:+%! 372%W<$:2%! <#$! /#2P*%37#1U! !SE:3! :$%! 3E%!72P*7/:37#14!#<!1#3!<7174E71+!&73E71!3E%!%XP%/3%'!372%U!

2>>=WNSU! (?>dX>NLV7!RX?;=WON7!U=?XL=X?>!;NR!QOL;=WON!O[!T>>=WNSU!! SE:3! 3KP%! #<! ://%44! '#%4! 3E%! 43,'%13! E:9%! 3#! 3E%! 4,P%$974#$! :P:$3! <$#2!

4/E%',*%'!2%%371+4U!! SE#4%!$%4P#14787*73K!74!73!3#!4/E%',*%!2%%371+4U!! ?<!4#2%#1%!/:11#3!:33%1'!:!4/E%',*%'!2%%371+[!&E:3!74!3E%!/#$$%/3!P$#/%',$%!3#!

<#**#&U!! Y#&! &7**! 2%%371+4! 8%! 43$,/3,$%'! :1'! &E:3! 372%! &7**! 8%! :9:7*:8*%! <#$! 4,/E!

2%%371+4U!":>UWU! ":>!P?W=WNS!<?OL>UU7!UX<>?^WUO?bU!>c<>L=;=WONU7!<?>[>??>R!U=VQ>7!P:>N!=O!Y>SWNe!! SE:3!&#,*'!8%!:!$%:*7437/!/#2P*%37#1!':3%!3#!:72!<#$[!+79%1!:**!3E%!71<#$2:37#1!

'74/,44%'U!! SE:3!74!$%T,7$%'!&73E!$%+:$'!3#!3E%!%'7371+!#<!/E:P3%$4U!! SE:3!:$%!3E%!$%T,7$%2%134!$%+:$'71+!8:47/!$%<%$%1/71+!:1'!3E%!407**4!$%T,7$%'U!! SE:3!:$%!3E%!27172,2!$%T,7$%2%134!$%+:$'71+!'$:<3!/E:P3%$4U!! SE:3! /:1! 3E%! 43,'%13! %XP%/3! 71! 3%$24! #<! <%%'8:/0U! o! SE:3! 372%<$:2%4! :$%!

719#*9%'U!!S7**!3E%!<%%'8:/0!8%!71!&$733%1!<#$2U!F3/>!i.':P3%'!<$#2\!Z#,3#1!5N--\5BW5Gj!

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

!?3! 74! :*&:K4! 3E%!:4P7$:37#1!#<!:! 4,P%$974#$! 3#! 4%%!E74Ê%$! 43,'%134! /#2P*%371+! 3E%! $%4%:$/E!&#$0!&73E71!3E%!437P,*:3%'!372%>!Y#&%9%$[!3E%!/:4%!74!1#3!:*&:K4!4#!71!4#2%!/:4%4!',%!3#!:!1,28%$! #<! <:/3#$4>! Q#97334! i5NN-j! 7'%137<7%'! 3&#! 4%34! #<! 744,%4! :<<%/371+! /#2P*%37#1! #<!$%4%:$/E! 43,'7%4! 1:2%*KF! i7j! 43,'%13! <:/3#$4! 71/*,'71+! /E:$:/3%$7437/4! :1'! 473,:37#1m! i77j!,179%$473K! <:/3#$4! 71/*,'71+! 3E%! T,:*73K! #<! 8#3E! 3E%! $%4%:$/E! /*72:3%! :1'! 4,P%$9747#1>! ?1! :!4727*:$! 1#3%[! Z:1:3E,1+:! i5NNIj! 71! E%$! $%4%:$/E! 7'%137<7%'! 3E%! <#**#&71+! &:$171+! 47+14!%XE7873%'!8K!:!43,'%13!&E#!74!%XP%$7%1/71+!/E:**%1+%4!71!E74Ê%$!$%4%:$/E!43,'7%4\!!!&M)A+'./%'/9:)14%'(&'()/4#)/+$&1)+")$9%''#6)T+"`!W!C,/E!:!47+1!/#,*'!2:17<%43!71!3E%!<#$2!#<!:! 3KP%! #<! 8%E:97#,$! &E%$%! :! 43,'%13! '%/7'%4! 3#! 8$#:'%1! #$! :*3%$! 3E%! P$#P#4%'! 3#P7/! #<!$%4%:$/E!P:$37/,*:$*K!:<3%$!+#71+!3E$#,+E!:!/#1<7$2:37#1!#<!3E%!/:1'7':3,$%!P$#/%44>! ?3!:*4#!

6'""

71/*,'%4!,471+!/E:1+%4!:4!:1!%X/,4%!<#$!1#3!P$#',/71+!&#$0!3E:3!3E%!43,'%13!:1'!4,P%$974#$!E:'!P*:11%'!:1'!:+$%%'!,P#1>!!!&&M)0=+&6&'()%99)R+"8.)+R)1+88,'&1%/&+')T&/4)/4#).,$#"=&.+")a).9#7'71+!/#22,17/:37#1!&73E!3E%! 4,P%$974#$!E:4!8%%1! <#,1'! 3#!8%!#1%!#<! 3E%!&:$171+! 47+14!#<!'7<<7/,*37%4!&73E! $%4%:$/E!&#$0>! Q:/0! #<! /#22,17/:37#1! 71/*,'%4! <:7*71+! 3#! 2%%3! :PP#7132%134[! 1#3! $%4P#1'71+! 3#!/#22,17/:37#14! :1'! +%1%$:**K! :9#7'71+! /#13:/3! &73E! 3E%! 4,P%$974#$>! .9#7'71+!/#22,17/:37#1!/#,*'!:*4#!%X3%1'!3#!1#3!/#22,17/:371+!&73E!#3E%$!43,'%134>))&&&M0=+&6&'() .,S8&//&'() T+"`) R+") "#=&#T) a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iS:334[!5NN(j>!H743:1/%!%',/:37#1!43,'%134!3%1'!3#!8%!#*'%$!3E:1!3E%7$!<,**W372%!/#,13%$P:$34!#<3%1!8:*:1/71+!:! $:1+%!#<!P$#<%447#1:*!:1'!P%$4#1:*!/#22732%134! 3E:3!&7**!71<*,%1/%!8#3E!3E%7$!43,'K!E:8734!:1'!'%9%*#P2%13!:4!:!$%4%:$/E%$>!S:334!i5NN(j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iS:334[! 5NN(j>! ?1! ./37973K! G>B[! $%<*%/3! #1! 3E%! 3&#! /#1/%P34!E7+E*7+E3%'!71!8#*'!71!3E%!<#$%+#71+!3%X3>!!!!!!!!

6(""

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m! /#22,17/:37#1[! P*:1171+! :1'! %2P:3EK! iS:334[!5NN(j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f42:**!4,//%44R!:4!E%^4E%!&#$04!:1'!3E74!3%1'4!3#!2#379:3%!3E%!43,'%13!:4!E%^4E%!4%%4!3E:3!E%^4E%!74!+#71+!4#2%&E%$%>!!.447+171+!4P%/7<7/!&$7371+!3:404!74!#1%!%X:2P*%!#<!3E74!:PP$#:/E! 3E:3! '%9%*#P4! 43,'%134R! /$737/:*! &$7371+! 407**4! 71! :1! 71/$%2%13:*! #1+#71+! &:K!iZ:13E,1+:[!5NNIj>!!111#!V2<.',NB!@1%!/E:$:/3%$7437/!#<!'743:1/%!%',/:37#1!:1'!P:$3W372%!43,'%134!74!3E:3!3E%K!:$%!T,73%! 2:3,$%! :1'! 2#43! P$#8:8*K! &73E! <:27*7%4[! 4#2%! <#$2! #<! %2P*#K2%13! :1'! :3! 372%4[!8%71+! :/379%! 2%28%$4! #<! :! /#22,173K>! C,/E! /E:$:/3%$7437/4! /#2P%*! 3E%! 43,'%134! 3#!%XP%$7%1/%!/#1<*7/3!#<! 713%$%434!:3!372%4[!&E7/E!2:K!/#2P$#274%!3E%7$!43,'7%4>!JE%!4,//%44!#<!4,/E!43,'%134! 71!3E%7$!$%4%:$/E!P$#/%44!2:K!1%%'!:1!%2P:3E%37/!4,P%$974#$[!&E#!&#,*'!,1'%$43:1'!3E:3!:P:$3!<$#2!8%71+!:!43,'%13[!3E%!4,P%$974%%!74!:*4#!:!/#22,173K!P%$4#1>!JE74!/:**4!<#$!4,P%$974#$4!#<!'743:1/%!%',/:37#1!43,'%134!:1'!P:$3W372%!43,'%134!3#!P$#97'%!3E%7$!43,'%134[! 1#3! &73E! P%':+#+7/:*! 4,PP#$3! :*#1%[! 8,3! :*4#! &73E! %2#37#1:*! 4,PP#$3>! ]##'!P$:/37/%!71!$%4%:$/E!4,P%$9747#1!&7**!$%4P#1'!3#!3E%!*7<%!1%%'4!#<!P:$3W372%!43,'%134[!71!P:$3!:3! *%:43[! 3#! :/01#&*%'+%! 3E:3! *7<%! 74! 8#,1'! 3#! 713%$9%1%! :1'! +%3! 71! 3E%! &:K! #<! P:$3W372%!$%4%:$/E!43,'%134!:3!4#2%!P#713!iS:334[!5NN(j>!SE%1!43,'%134!8$71+!'7<<7/,*3!#$!4%$7#,4!*7<%!744,%4! 3#! 4,P%$9747#1[! #1%! P$:/37/:*! $%4P#14%!27+E3! 8%! 3#! :*3%$! 3E%! P:/%! #<! 3E%7$! $%4%:$/E!

66""

4/E%',*%[!:3!*%:43!#1!:!3%2P#$:$K!8:474[!3#!:**#&!3E%2!3#!<%%*!3E:3!3E%K!/:1!$%/*:72!/#13$#*!:1'!+%3!8:/0!#1!3$:/0!&73E!3E%7$!#8A%/379%4>!!?1!4E#$3[! 73! 74!/*%:$!3E:3!'743:1/%!%',/:37#1!43,'%134!:4!&%**!:4!P:$3W372%!$%4%:$/E!43,'%134!E:9%! :! $:1+%! #<! 4,PP#$3! 1%%'4! :1'! 3E%4%! :$%! #<3%1! /#2P*%X! :1'! 713%$&#9%1! &73E! 3E%7$!a#3E%$R! $#*%4! 8%K#1'! 3E:3! #<! :! 43,'%13>! ! D%4%:$/E! 4,P%$974#$4! 4E#,*'! 8%! &:$K! #<! 4,/E!43,'%134! :1'! 8%! P$%P:$%'! 3#! :'#P3! :! $%4P#1479%! :1'! a%*:437/R! :PP$#:/E! 3#! +,7'71+! 3E%7$!P$#+$%44!71!3E%!$%4%:$/E!P$#/%44>!!JE74!4,++%434!3E:3!<#$!4,P%$9747#1!3#!8%!%<<%/379%[!73!4E#,*'!8%! 71'797',:*7e%'! $%:*7e71+! 3E:3! a#1%! 47e%! '#%4! 1#3! <73! :**R>! C,P%$974#$4! 2:713:7171+! :!P%':+#+7/:*!<#/,4!2:K!E%*P!'743:1/%!%',/:37#1!:1'!P:$3!372%!43,'%134!3#!:''$%44!:/:'%27/!744,%4! 71! 3E%7$! 4,P%$974#$^4,P%$974%%! '7:*#+[! 8,3! 4,P%$974#$4! 4E#,*'! 8%! $%:*7437/! :8#,3! 3E%!P#3%137:*!<#$!3E74!<#/,4!3#!8%!'%$:7*%'!8K!3E%!a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

#L=W^W=V!8]8!!

-> H#!K#,!1#&!,1'%$43:1'!3E%!$#*%4!:1'!$%4P#14787*737%4!#<!:!4,P%$974#$U!J$K!3#!&$73%!3E%2!'#&1!71!K#,$!#&1!&#$'4>!

5> SEK! 74! 73! 72P#$3:13! 3#! '74/,44! P%$4#1:*! #$! 4#/7:*! 744,%4! &73E! K#,$!4,P%$974#$i4jU!!

B> Y#&! '#! 4,P%$974#$4! '%3%/3! :1'! '%:*! &73E! &:$171+! 47+14! %XE7873%'! 8K! :!43,'%13!&E#! 74! %XP%$7%1/71+! /E:**%1+%4! 71! E74Ê%$! $%4%:$/E! 43,'7%4U!Y#&!/:1!K#,!:9#7'!%XP%$7%1/71+!3E%4%!/E:**%1+%4U!

!JE%$%!:$%!1#!$7+E3!#$!&$#1+!:14&%$4!E%$%[!:1'!3E%!$%4P#14%4!K#,!/#2%!,P!&73E!:$%!2%:13!3#!8%!:PP*7%'!3#!K#,$!P:$37/,*:$!473,:37#1>!S%!:$%!:*4#!#P3727437/!3E:3!3E%!,1'%$43:1'71+!E:4!P$#97'%'! K#,! &73E! :! <#,1':37#1! <#$! 8,7*'71+! :1! %<<%/379%! 4,P%$974#$W43,'%13! $%*:37#14E7P>!Y#&%9%$[!:4!:!43,'%13[!K#,!:*4#!E:9%!K#,$!$#*%4!3#!P*:K!71!3E%!$%4%:$/E!P$#/%44[!:1'!3E%!1%X3!4%/37#14!&7**!E%*P!K#,!,1'%$43:1'!K#,$!$#*%4!:4!:!$%4%:$/E!43,'%13>!SE:3!<#**#&4!:$%!4#2%!#<!K#,$!$%4P#14787*737%4!:4!:!$%4%:$/E!43,'%13>!!8]I]/!3T<O?=;NL>!O[!>[[>L=W^>!LOTTXNWL;=WON!!!@1%! #<! K#,$! P$72:$K! $%4P#14787*737%4! 74! 3E:3! K#,! 2,43! /#22,17/:3%>! b:2%4! :1'! O:*'&71!i-===j! $%P#$3%'! 3E:3! 3E%!2#43! <,*<7**71+! 4,P%$974#$K! $%*:37#14E7P4! :$%! 3E#4%!&E#4%! *71%4! #<!/#22,17/:37#1!8%3&%%1!3E%!43,'%13!:1'!3E%!4,P%$974#$[!:$%!%43:8*74E%'!:1'!'%<71%'!%:$*K!:1'! /*%:$*K>! JE%! 2#43! <$,43$:371+! P:$3! 74! &E%$%! K#,! :1'! K#,$! 4,P%$974#$! &#$0! :3! /$#44WP,$P#4%4>!JE,4[!2%44:+%4!:$%!274713%$P$%3%'[!K#,!8%/#2%!/#1<,4%'!:1'!$%4%13<,*!:8#,3!1#3!01#&71+! &E:3! K#,$! 4,P%$974#$! $%:**K! &:134m! :1'! 71! 3,$1! 4Ê%! 8%/#2%4! '74:PP#713%'! &73E!K#,$!&#$0!:1'!a:3373,'%R!i6E7$%4E%[!5N-5m!c$:,44!:1'!?42:7*[!5N-Nj>!J#!:9#7'!3E74[!K#,!4E#,*'!3E%$%<#$%! :+$%%! &73E! K#,$! 4,P%$974#$! 3#! %1+:+%! 71! %<<%/379%! /#22,17/:37#1>! H743:1/%!F',/:37#1!iHFj!43,'%134!,4,:**K!43:K!<:$!:&:K!<$#2!3E%7$!4,P%$974#$4>!Y#&%9%$[!71<#$2:37#1!

6B""

3%/E1#*#+K!E:4!2:'%!/#22,17/:37#1!:!*#3!%:47%$>!C3,'%134!/:1!1#&!,4%!2#87*%!PE#1%4!:1'!4#/7:*! 1%3&#$04! i%>+>! 40KP%[! ]##+*%! 3:*0[! <:/%! 8##0[! 3&733%$j! :1'! %2:7*4! 3#! $%+,*:$*K! 0%%P!/#13:/3!&73E! 3E%7$! 4,P%$974#$4>! ! J#! :9#7'! *#471+! 3#,/E! :1'! <#/,4[! %<<%/379%! /#22,17/:37#1!4E#,*'! 3:0%! P*:/%! :3! *%:43! %9%$K! <#,$! 3#! 47X! &%%04[! :1'! &E%$%9%$! P#4478*%[! 3#! :33%1'! :!4,P%$974#$K!4%447#1!:4!P%$!:+$%%'!4/E%',*%!iZ#,3#1[!5N--j>!!!JE%$%!74!1%%'!3#!&#$0!&73E!K#,$!4,P%$974#$!3#!%43:8*74E!:1'!2:713:71!:!4:374<:/3#$K!372%3:8*%!<#$!3E%!$%4%:$/E>!d#,!4E#,*'!:72!3#!E:9%!'%<71%'!3E%!:$%:!#<!$%4%:$/E[!8%/#2%!:/T,:713%'!&73E!3E%!8:/0+$#,1'!01#&*%'+%!$%T,7$%'!:1'!3E%!$%*%9:13!*73%$:3,$%[!:1'!E:9%!%43:8*74E%'!:!P$#9747#1:*!372%3:8*%!<#$!/#1',/371+!3E%!$%4%:$/E!8K!3E%!%1'!#<!3E%!<7$43!K%:$!iZ:X&%**!:1'!C2K3E[! 5N-Nm! Q%%[! 5NN(j>! .3! 3E74! 43:+%[! K#,$! $%4%:$/E! P$#P#4:*! 4E#,*'! 8%! /#2P*%3%! i4%%!6E:P3%$! (j>! "#$! K#,! 1#3! 3#! *#4%! 3$:/0! #<! :1'! 713%$%43! 71! K#,$! 43,'7%4[! K#,! 4E#,*'! 4,8273!&$733%1!&#$0!3#!K#,$!4,P%$974#$!$%+,*:$*K!:1'! 71!+##'!372%[! 71!://#$':1/%!&73E!3E%!:+$%%'!372%3:8*%>!JE74!&#$0!4E#,*'!8%!&#$'!P$#/%44%'[!:1'!1#3!E:1'&$733%1>!! !C,P%$974#$4R!<%%'8:/0!&#$04!*70%!3E%!#7*[!&E7/E!*,8$7/:3%4!3E%!%1+71%>!!JE%$%<#$%[!K#,!4E#,*'!3:0%!1#3%!#<!:1K!+,7':1/%!:1'!<%%'8:/0!#<<%$%'!8K!3E%!4,P%$974#$>!?3!74!72P#$3:13!3#!'74/,44!:1K! P$#8*%24[! 4,/E! :4! 3E#4%! #<! ://%44! 3#! ':3:[! 71<#$2:37#1[! <:/7*737%4[! %T,7P2%13[! #$!4,P%$974#$K! $%*:37#14E7P! &73E! K#,$! 4,P%$974#$>! JE74! 71/*,'%4! P%$4#1:*! 744,%4! 3E:3! /#,*'!:'9%$4%*K! :<<%/3! K#,$! &#$0[! 471/%! 3E%! %:$*K! 7'%137<7/:37#1! :1'! $%4#*,37#1! #<! P$#8*%24! /:1!P$%9%13!'7<<7/,*37%4!*:3%$!#1>!?<!K#,!<71'!73!'7<<7/,*3!3#!$:74%!3E%!P$#8*%2!&73E!K#,$!4,P%$974#$!i&E7/E! 4E#,*'! 1#3! 8%! 3E%! /:4%j[! 3E%1! /#13:/3! 3E%! $%*%9:13! P%$4#1! :4! P%$! K#,$! `179%$473K!'%+$%%! $%4%:$/E! $%+,*:37#14>! JE74! /#,*'! 8%! 3E%! E7+E%$! '%+$%%4! #<<7/%! #$! 3E%! Y%:'! #<!H%P:$32%13>!",$3E%$!:'97/%!:1'!4,PP#$3!74!:*4#!:9:7*:8*%!<$#2!3E%!C3,'%134!C%$97/%4!6%13$%[!C3,'%134! .'974#$K! 6%13$%! #$! 3E%!`179%$473KR4! 6#,14%**71+! C%$97/%>! JE,4[! 3E%! 72P#$3:1/%! #<!P$#2P3! 7'%137<7/:37#1!:1'!$%4#*,37#1!#<!:1K!P$#8*%24!/:11#3!8%!#9%$W%2PE:474%'[!:1'!73! 74!K#,$!$%4P#14787*73K!71!3E%!<7$43!7143:1/%!3#!%14,$%!3E:3!:1K!P$#8*%24!:$%!T,7/0*K!$:74%'!:3!3E%!:PP$#P$7:3%!*%9%*!i6E7#2%!:1'!6E:8:K:[!5N-5j!!8]I]4!5>N>?;Q!<?WNLW<Q>U!WN!?>U>;?L:!UX<>?^WUWON!!JE%4%! P$71/7P*%4! :$%! :! /#1371,:37#1! #<! #,$! '74/,447#1! :8#,3!&E:3!&%! P%$/%79%! 3#! 8%! K#,$!$%4P#14787*737%4>! ?3!2:K! 4%%2!#9%$&E%*271+! 3#!E%:$! 3E:3! K#,!&7**!E:9%! $%4P#14787*737%4!:4!:!$%4%:$/E! 43,'%13m! 3E%! 2#43! 72P#$3:13! 8%71+! $%4P#1478*%! <#$! P*:1171+! :1'!2:1:+71+! K#,$!#&1!P$#+$%44>!d#,$!4,P%$974#$!74!3E%$%!3#!#<<%$!4,PP#$3!:1'!:'97/%>!`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

• \%'%(&'():+,".#9R!!W!$,*%4!:1'!$%+,*:37#14[!3$:7171+!P*:1!:1'!$%4%:$/E!/#22,173K!!

• \%'%(&'():+,")T+"`!W!P$#+$%44!2#173#$71+[!$:7471+!'7<<7/,*37%4!:1'!3E%474!4,827447#1!!

• \%'%(&'():+,").,$#"=&.&+'! W! 71'%P%1'%13!:PP$#:/E[!3KP%!#<!+,7':1/%!1%%'%'!:1'!4,P%$9747#1! 2%%371+4! iJE%! `179%$473K! #<! CE%<<7%*'[! 5N-Bm! `179%$473K! #<! Q%7/%43%$!]$:',:3%!C/E##*[!5N-Bj>!

!

BG""

.4! K#,! /:1! 4%%[! K#,! :$%! $%4P#1478*%! <#$! P*:1171+! :1'!2:1:+71+! K#,$!&#$0>!Y#&%9%$[! 73! 74!4#2%3E71+! K#,!&7**! '#!&73E! 3E%! +,7':1/%! #<! K#,$! 4,P%$974#$>! JE,4[! 3#! 4#2%! '%+$%%[! K#,$!4,P%$974#$!&7**!8%!$%*7:13!#1!K#,!3#!3%**!E72Ê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m!3E,4[!&E:3!74!%XP%/3%'!<$#2!K#,!:4!:!$%4%:$/E%$>!d#,$!4,P%$974#$!&7**!+,7'%!K#,!71!3E%!P$#3#/#*4!:1'!P$:/37/%4!:44#/7:3%'!&73E!$%4%:$/E!71!K#,$!'74/7P*71%>!JE%!`179%$473K!#<!CE%<<7%*'! i5N-Bj!:1'!Z:X&%**!:1'!C2K3E! i5N-Nj!1#3%'! 3E:3!K#,$! 4,P%$974#$!/:1!P$#97'%!+,7':1/%!#1\!!

• 3E%!1:3,$%!#<!$%4%:$/E!:1'!3E%!43:1':$'!#<!&#$0!K#,!:$%!%XP%/3%'!3#!P$#',/%m!

• E#&!3#!%<<%/379%*K!:1'!%<<7/7%13*K!P*:1!:1'!2:1:+%!:!$%4%:$/E!P$#A%/3m!

• E#&!3#!://,$:3%*K!:1'!:PP$#P$7:3%*K!$%/#$'!K#,$!$%4%:$/E!<71'71+4m!:1'!

• E#&!3#!:PP*K!:PP$#P$7:3%!2%3E#'#*#+7/:*!#$!%XP%$72%13:*!3%/E17T,%4>!

!JE%!8#33#2!*71%!74!<#$!K#,!3#!2:0%!4,$%!3E:3!K#,!4%%0!3#!2:0%!3E%!2#43!#<!K#,$!4,P%$974#$s4!%XP%$7%1/%!:1'!P:K!/:$%<,*!:33%137#1!3#!3E%!:'97/%!:1'!+,7':1/%!4Ê%!P$#97'%4>!!!.4!:1!%<<%/379%!$%4%:$/E%$[!K#,!&7**!1%%'!3#!'%2#143$:3%!:!+##'!:&:$%1%44!#<!:1'!<:27*7:$73K!&73E!K#,$!$%4%:$/E!<7%*'!:1'!3E%!/#13%X3!#<!K#,$!#&1!$%4%:$/E!P$#A%/3>!`1'%$3:071+!:!$%97%&!#<! $%*:3%'! *73%$:3,$%! 74! #1%! &:K! #<! '#71+! 3E74>! JE74! 74! 4#2%3E71+! K#,! 2:K! 8%! $%T,7$%'! 3#!/#2P*%3%!8%<#$%!3E%!%1'!#<!K#,$!<7$43!K%:$!:1'!:!$%974%'!9%$47#1!#<!K#,$!*73%$:3,$%!$%97%&!74!*70%*K!3#!<#$2!P:$3!#<!K#,$!<71:*!3E%474>!d#,$!4,P%$974#$!74!1#3!3E%$%!3#!'#!3E%!3E71071+!<#$!K#,[!#$!3#!/$737/:**K!%9:*,:3%!K#,$!*73%$:3,$%!K#,!<71'!iJE%!`179%$473K!#<!CE%<<7%*'[!5N-Bj>!Y#&%9%$[!4Ê%!&7**!P$#97'%!+,7':1/%!#1!0%K!&#$04!:1'!4#,$/%4!3E:3!K#,!4E#,*'!/#14,*3!:1'!43,'K!:1'!&E7/E!K#,!/:1!,4%!:4!3E%!8:474!<#$!K#,$!#&1!*73%$:3,$%!4%:$/E!i4%%!6E:P3%$!-Nj!!&&M)-#=#9+$&'()"#.#%"14).`&99.)!Y:971+!43$#1+!$%4%:$/E!407**4!74!72P#$3:13!71!4,//%44<,**K!/#2P*%371+!K#,$!$%4%:$/E!P$#A%/3>!?1!3E%!*#1+!$,1[!3E%4%!407**4!&7**!:*4#!8%!72P#$3:13!71!E%*P71+!K#,!43:1'!#,3!71!3E%!%2P*#K2%13!2:$0%3>!d#,$!4,P%$974#$!:1'!3E%!47+1WP#43%'!/E:P3%$4!&7**!P*:K!:!0%K!$#*%!71!'%9%*#P71+!3E%4%!:PP$#P$7:3%!$%4%:$/E!407**4>!JE%K!&7**!:'974%!K#,!#1\!!

• :PP$#P$7:3%!2%3E#'#*#+7/:*!3%/E17T,%4!:1'!3E%7$!:PP*7/:37#1!i4%%!/E:P3%$4!!!

• P$:/37/:*! :1'! 3%/E17/:*! 407**4! 4,/E! :4! ':3:! /#**%/37#1[! 3E%! ,4%! #<! 4P%/7:*74%'!%T,7P2%13[!%3/!i4%%!/E:P3%$4!!

• 3E%!$%4%:$/E!/#13%X3!<#$!K#,$!&#$0!i4%%!/E:P3%$4!!

• :9:7*:8*%!3$:7171+!#PP#$3,1737%4!&73E71!K#,$!`179%$473K!

B!""

S%!43$#1+*K!,$+%!K#,!3#!2:0%!3E%!2#43!#<!3E74!:'97/%!:1'!4,PP#$3[!:1'!3E%!#PP#$3,1737%4!3#!*%:$1! <$#2! K#,$! 4,P%$974#$R4! #&1! %XP%$7%1/%! :4! :! $%4%:$/E%$>!Z:0%! 4,$%! 3E:3! K#,! 3:0%! :!P#47379%!:1'!/#143$,/379%!:PP$#:/E!3#!&#$071+!&73E!K#,$!4,P%$974#$!3#!7'%137<K!#PP#$3,1737%4!3#!'%9%*#P71+!K#,$!$%4%:$/E!407**4>!!&&&M)-#=#9+$&'()/"%'.R#"%S9#).`&99.)!.! +##'! $%4%:$/E%$! 74! 1#3! #1*K! %XP%/3%'! 3#! '%2#143$:3%! :'9:1/%'! 01#&*%'+%! #<! 3E%7$!'74/7P*71%! :1'! 3E%! :87*73K! 3#!,1'%$3:0%!#$7+71:*! $%4%:$/Em! 8,3! :*4#! :! $:1+%!#<!2#$%! +%1%$:*!407**4! :1'! :33$78,3%4>! JE%4%! :$%! /#22#1*K! $%<%$$%'! 3#! :4! a3$:14<%$:8*%! 407**4R! i`179%$473K! #<!Q%7/%43%$!]$:',:3%!C/E##*[!5N-Bj>!SE7*%!4,/E!407**4!:$%!,4%<,*!71!K#,$!$%4%:$/E[!3E%K!/:1!8%!3$:14<%$:8*%! :1'! :PP*7/:8*%! 3#! #3E%$! /#13%X34! :4! &%**>! )#44%4471+! :! +##'! $:1+%! #<!3$:14<%$:8*%!407**4!74!4#2%3E71+!3E:3!%2P*#K%$4!P:$37/,*:$*K!713%$%43%'!71!:4!3E74!4,++%434!3E:3!K#,!&7**!8%!:8*%!3#!:':P3!3#!1%&!473,:37#14!:1'!,1<#$%4%%1!/E:**%1+%4>!d#,$!4,P%$974#$!&7**!1#3!E:9%!:1K!'7$%/3!$%4P#14787*73K!<#$!E%*P71+!K#,!'%9%*#P!K#,$!3$:14<%$:8*%!407**4!W!3E%4%!:$%!4#2%3E71+! K#,! +:71! <$#2! K#,$! #&1! %XP%$7%1/%! :1'! 3E$#,+E! :1K! 3$:7171+! P$#+$:22%4!#<<%$%'!8K!K#,$!`179%$473K!#$!#3E%$!#,347'%!:+%1/7%4>!.33%1'71+!/#1<%$%1/%4!74!:*4#!:1#3E%$!+##'!P*:3<#$2!<#$!K#,!3#!'%9%*#P!4,/E!407**4>!Y#&%9%$[!K#,$!4,P%$974#$! 74!:9:7*:8*%!3#!E%*P!K#,! 7<! K#,! :$%! ,14,$%! #<! '%9%*#P2%13! #PP#$3,1737%4! 3E:3! :$%! :9:7*:8*%m! #$! 3E%! 3KP%4! #<!3$:14<%$:8*%! 407**4! K#,! 4E#,*'! 8%! *##071+! 3#! '%9%*#P>! JE%4%! :$%! *70%*K! 3#! 71/*,'%! 407**4! 71!/#22,17/:37#1[! P%$4#1:*! *%:'%$4E7P[! 3%:2! &#$0[! P$#A%/3! 2:1:+%2%13[! :1'! 1%3&#$071+!i`179%$473K!#<!Q%7/%43%$!]$:',:3%!C/E##*[!5N-Bj>!!&=M)!9%''&'():+,")$"+.$#1/&=#)1%"##")!d#,$! 4,P%$974#$! /:1! :*4#! P$#97'%! +%1%$:*! :'97/%! :1'! +,7':1/%! :4! K#,! *##0! 3#! P*:1! :1'!2:1:+%! K#,$! /:$%%$! '%9%*#P2%13>! d#,$! $%4%:$/E! '%+$%%! 74! :! /#1371,71+! P$#<%447#1:*!'%9%*#P2%13! #PP#$3,173K! 3E$#,+E! &E7/E! K#,! &7**! '%9%*#P! :1'! :PP*K! :! $:1+%! #<!P$#<%447#1:**K!$%*%9:13!407**4!:4!&%**!:4!'%9%*#P!:!&7'%$!P%$4#1:*!:1'!P$#<%447#1:*!1%3&#$0>!?3!74!,P!3#!K#,!3#!2:0%!3E%!2#43!#<!3E74!#PP#$3,173K!8K!3:071+!:!P#47379%!:PP$#:/E!3#!K#,$!407**4!:1'! /:$%%$! '%9%*#P2%13m! :1'! $%<*%/371+!#1!E#&!K#,$!'%9%*#P2%13! :/379737%4! 4,PP#$3! K#,$!P%$4#1:*!/:$%%$!:724>!d#,$!4,P%$974#$!74!:9:7*:8*%!8#3E!3#!P$#97'%!+,7':1/%!#1!/:$%%$4!&73E71!K#,$! '74/7P*71%! :1'[! 2#$%! 72P#$3:13*K[! 3#! '7$%/3! K#,! 3#! 4P%/7:*74%'! :'97/%! :1'! $%4#,$/%4!:9:7*:8*%! &73E71! K#,$! ,179%$473K>! ?<! K#,! :$%! 71! :+$%%2%13! 3E:3! 3E%! <#$%+#71+! :$%! 71'%%'!72P#$3:13!$%4P#14787*737%4!<#$!3E%!43,'%13[!&E:3!:$%!K#,$!/#22%134!#1!3E%!1%X3!:/37973KU!!#L=W^W=V!8]@!?1!3E%!<7$43!/#*,21!74!:!*743!#<!73%24!K#,!E:9%!$%:'!:8#,3>!FXP*:71!i:+:7143!%:/E!#1%j!71!&E:3!&:K!73!74!72P#$3:13!3#!K#,$!/,$$%13!43,'K>!]79%!K#,$!$%4P#14%!71!3E%!4%/#1'!6#*,21>!!3=>T! &c<Q;N;=WON!!->F<<%/379%!/#22,17/:37#1! !

!5>!H%9%*#P71+!:PP$#P$7:3%!$%4%:$/E!P$:/37/%! !

!B>!Z:1:+71+!K#,$!4,P%$9747#1! !

!G>!H%9%*#P71+!$%4%:$/E!407**4! !

!I>!H%9%*#P71+!3$:14<%$!407**4! !

!

B#""

!JE#,+E3<,*!$%4P#14%!&7**!+79%!K#,!4%*<W:44,$:1/%!:1'!:!4%14%!#<!'7$%/37#1!:8#,3!P$#/%',$%4>!d#,!2:K!:*4#!8%1%<73!8K!'74/,4471+!K#,$!:14&%$4!&73E!<%**#&!43,'%134[!#$!K#,$!4P#,4%>!!8]/J!+X<>?^WUWONF!2>>=WNSU!;NR![>>RY;LM!!"#$!2:1K! P#43+$:',:3%! $%4%:$/E%$4[! 3E%7$! 4,P%$974#$R4! 0%K! $#*%! 74! 3#! P$#97'%! <%%'8:/0! #1!3E%7$!&#$0>!FXP%/3:37#14!#1!3E%!<$%T,%1/K!#<!4,P%$9747#1!:1'!3E%!1:3,$%!#<!3E%!<%%'8:/0!:1'!+,7':1/%!P$#97'%'!'#!9:$K!8%3&%%1!'74/7P*71%4>!d#,!4E#,*'!'74/,44!&73E!K#,$!4,P%$974#$!:3!3E%!43:$3!#<!K#,$!$%4%:$/E!A#,$1%K!E#&!#<3%1!K#,!&7**!2%%3m!:1'!&E:3!3KP%!#<!<%%'8:/0!:1'!+,7':1/%! K#,! &#,*'! <71'! 2#43! E%*P<,*>! .4! E7+E*7+E3%'! 8%<#$%[! K#,$! 4,P%$974#$! E:4! :!$%4P#14787*73K! 3#! 8%! ://%4478*%! :3! 2,3,:**K! /#19%17%13! 372%4! 3#! P$#97'%! :'97/%>! JE%$%! :$%!3E$%%!2:71!&:K4!71!&E7/E!K#,$!4,P%$974#$!&7**!P$#97'%!<%%'8:/0!#1!K#,$!&#$0!:1'!P$#+$%44!1:2%*K\!4,P%$974#$K!2%%371+4[!/#22%134!#1!K#,$!'$:<34[!:1'!3E%!$%97%&!#<!K#,$!3E%474!P$7#$!3#!4,827447#1>!)EMBNMB)\%`&'()/4#)8+./)+R).,$#"=&.+":)8##/&'(.))C,P%$974#$K!2%%371+4!:$%!:1!#PP#$3,173K! <#$!K#,! 3#! 3:*0!:8#,3!K#,$! $%4%:$/E[!'74/,44!K#,$!P$#+$%44[! :1'! :*%$371+! K#,$! 4,P%$974#$! 3#! :1K! P$#8*%24! &73E! 3E%! 97%&! 3#! 4%%0! +,7':1/%!iC/E,*e%[!5N--m! Q%%[!5NN;j>! JE%4%!2%%371+4!&7**! 4%$9%!:4!:! <#$,2! 71!&E7/E!K#,$! 4,P%$974#$!&7**! P$#97'%! <%%'8:/0! W! 8:4%'! %73E%$! #1! E74Ê%$! #&1! 2#173#$71+! #<! K#,$! P$#+$%44! #$! 71!$%4P#14%! 3#! K#,$! 4,82733%'! &#$0>! C,P%$974#$K! 2%%371+4! :$%! :1! 72P#$3:13! P:$3! #<! K#,$!$%*:37#14E7P! &73E! K#,$! 4,P%$974#$! :1'! &7**! P*:K! :! 87+! $#*%! 71! 4E:P71+! E#&! %<<%/379%! 3E:3!$%*:37#14E7P!74>!JE%$%<#$%[!73!74!72P#$3:13!3E:3!K#,!/#14/7#,4*K!/$%:3%!#PP#$3,1737%4!3#!2%%3!:1'!4P%1'!4#2%!372%!3E71071+!:8#,3!&E:3!K#,!/:1!'#!3#!2:0%!3E%!2#43!#<!3E%4%!4,P%$974#$K!2%%371+4>! ! O%*#&[! &%! P$#97'%! :4P%/34! 3E:3! K#,! 4E#,*'! /#147'%$! 8%<#$%[! ',$71+[! :1'! :<3%$!%:/E!2%%371+>!_#3%!3E:3!%:/E!43:+%!E:4!734!47+17<7/:1/%>!!!0M)[#R+"#)/4#).,$#"=&.&+')8##/&'()).3!3E%!43:$3!#<!K#,$!$%4%:$/E!A#,$1%K[!:+$%%!&73E!K#,$!4,P%$974#$!#1!:!':3%!:1'!372%!<#$!K#,$!<7$43! <#$2:*! 4,P%$974#$K! 2%%371+>! JE%$%:<3%$[! :+$%%! #1! :! ':3%! :1'! 372%! <#$! K#,$! 1%X3!2%%371+>!JE,4[! 73! 74!K#,$!$%4P#14787*73K!3#!3:0%!3E%! 71737:379%! 71!:+$%%71+!:!2,3,:**K!4,73:8*%!4/E%',*%!#<!2%%371+4!&73E!K#,$!4,P%$974#$>! ?3! 74!:*4#!K#,$!$%4P#14787*73K! 3#!4%3! 3E%!2%%371+!:+%1':[!:1'!3#!P$%P:$%!&#$0!<#$!'74/,447#1>! ?<!:!2%%371+!E:4!3#!8%!/:1/%**%'!8%/:,4%!K#,$!:9:7*:87*73K! #$! 3E:3! #<! K#,$! 4,P%$974#$! /E:1+%4m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Ê%!/:1!4%%!&E:3!K#,!&#,*'!*70%!3#!'74/,44>!!

B$""

&&M)!"#$%"#)T+"`)R+")6&.1,..&+')a)JE%!2:71!$%:4#1!<#$!4,P%$9747#1!2%%371+4!74!3#!'74/,44!K#,$!$%4%:$/E!:1'!734!P$#+$%44>!JE%$%<#$%[!&%!43$#1+*K!:'974%!K#,!3#!8$71+!4#2%!%97'%1/%!#<!K#,$!&#$0!3#!%:/E!4,P%$9747#1!2%%371+>))$7#$!P$%P:$:37#1!:3!%:/E!2%%371+!&7**!1#3!#1*K!P$#97'%!:!<#/,4!',$71+!3E%!2%%371+!734%*<[!8,3!73!&7**!:*4#!:**#&!K#,$!4,P%$974#$!3#!P$#97'%!2#$%!4P%/7<7/!<%%'8:/0!:1'!+,7':1/%!#1!K#,$!&#$0m!3E,4!:7'71+!K#,!3#!$%<71%!:1'!'%9%*#P!K#,$!7'%:4>!!S%!&#,*'!*70%!3#!$%271'!K#,!3E:3!K#,$!4,P%$974#$!74!1#3!:!/#PK!%'73#$!3#!/#$$%/3!%$$#$4[!4P%**71+4!#$!+$:22:$>!JE%$%<#$%[!:1K!&#$0!<#$!'74/,447#1!4E#,*'!E:9%!8%%1!/:$%<,**K!'$:<3%'!:1'!$%W'$:<3%'!8%<#$%!8%71+!P$%4%13%'>)!?3!74!:*4#!:!+##'!P$:/37/%!3#!71<#$2!K#,$!4,P%$974#$!:4!3#!&E:3!K#,!%XP%/3!E72Ê%$!3#!'#!&73E!3E%!&#$0!K#,!:$%!P$%4%1371+>!"#$!7143:1/%[!74!73!A,43!<#$!E72Ê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b,43!*70%!3E%!:+%1':[!K#,$!4,P%$974#$!&7**!<71'!73!,4%<,*!3#!$%/%79%!:!/#PK!#<!3E%!&#$0!K#,!713%1'!3#!'74/,44!:8#,3!:!&%%0!8%<#$%!3E%!2%%371+>!)[M)-,"&'()/4#).,$#"=&.&+')8##/&'(!!d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

• :$$79%!#1!372%!:1'!E:9%!%9%$K3E71+!K#,!1%%'m!

• 8%!E#1%43!71!$%P#$371+!K#,$!P$#+$%44m!:1'!

• *743%1!3#!K#,$!4,P%$974#$R4!<%%'8:/0!:1'!4E#&!K#,!:PP$%/7:3%!3E%7$!/#22%134>!

!JE%! <7$43! #1%! 74! P$#8:8*K! 3E%!2#43! 472P*%[! 8,3! 4#2%! $%4%:$/E! 43,'%134! 437**! +%3! 73! &$#1+>!D%2%28%$! 3E:3! 4,P%$974#$K!2%%371+4! :$%! :! P$#<%447#1:*! 713%$:/37#1! W! :$$79%! P$#2P3*K! :1'!2:0%! 4,$%! K#,! E:9%! &73E! K#,! :! /#PK! #<! 3E%! :+%1':[! 3E%! &#$0! K#,! E:9%! P$%P:$%'! <#$!'74/,447#1[! :!1#3%P:'!:1'!P%1[! %3/>!Y#1%43K! 71! :**! '%:*71+4!&73E! K#,$! 4,P%$974#$! 74! /$,/7:*>!d#,$! 4,P%$974#$! &7**! %XP%/3! K#,! 3#! 8%! :8*%! 3#! 8%! #P%1! :1'! 3$,3E<,*! 71! '74/,4471+! K#,$!P$#+$%44! :1'! :1K! '7<<7/,*37%4! 3E:3! K#,! 27+E3! %1/#,13%$>! ?<! 3E%$%! :$%! :1K! 744,%4! 3E:3! :$%!:<<%/371+! K#,$! P$#+$%44m!&E%3E%$! $%*:371+! 3#! K#,$! $%4%:$/E! 734%*<[! K#,$!2#379:37#1[! #$! K#,$!P%$4#1:*!/7$/,243:1/%4[!K#,!4E#,*'!*%3!K#,$!4,P%$974#$!01#&>!"71:**K[!K#,!1%%'!3#!:PP$#:/E!%:/E! 2%%371+! &73E! :1! %13E,47:437/! :1'! /#143$,/379%! <$:2%! #<! 271'>! F9%1! 7<! K#,! :$%! 71! :!P%$7#'!&E%$%!K#,!E:9%!*#43!4#2%!#<!K#,$!2#379:37#1[!3$K!1#3!3#!*%3!3E74!:<<%/3!K#,$!:PP$#:/E!3#! K#,$! <#$2:*! 4,P%$974#$K!2%%371+4>! JE%4%! :$%!2,/E!2#$%! *70%*K! 3#! 8%! P$#',/379%! 7<! K#,!:PP$#:/E! 3E%2! P#47379%*K>! JE:3! :*4#! :PP*7%4! 3#! K#,$! :PP$#:/E! 3#! *743%171+! 3#! &E:3! K#,$!4,P%$974#$!E:4!3#!4:K>!d#,!2:K!E:9%!E%:$'!#<! aP#47379%! *743%171+R!#$! a:/379%! *743%171+Rm! 3E%4%!:$%!:!4%3!#<!407**4!3E:3!E%*P!2:0%!K#,!:!2#$%!%<<%/379%! *743%1%$!3E:3!:7'!3E%!/#22,17/:37#1!

B%""

P$#/%44>! ?1! K#,$! 4,P%$974#$K!2%%371+4[! 3$K! ,471+! 3E%! <#**#&71+! :/379%! *743%171+! 407**4! &E%1!K#,$!4,P%$974#$!74!4P%:071+\!!

• ]79%!K#,$!4,P%$974#$!K#,$!<,**!:33%137#1!W!73!74!#0:K!3#!3:0%!1#3%4!:4!3E%K!:$%!3:*071+[!8,3!:9#7'!:1K!#3E%$!'743$:/371+!2#9%2%134!#$!:/37#14!

• `4%! 1#1W9%$8:*! %XP$%447#14! *70%! 1#''71+! 3#! 4E#&! K#,! :$%! *743%171+! W! 2:071+! %K%!/#13:/3!74!:*4#!%<<%/379%!71!3E74!$%4P%/3!

• .9#7'!713%$$,P371+!W!*743%1!<#$!3E%!&E#*%!2%44:+%!8%<#$%!A,2P71+!3#!/#1/*,47#14!

• ):$:PE$:4%!&E:3!74!4:7'!W!$%43:371+!71!:!'7<<%$%13!&:K!&E:3!E:4!A,43!8%%1!4:7'!4E#&4!3E:3!K#,!:$%! *743%171+!:1'!&7**!:*%$3!K#,$!4,P%$974#$! 3#!:1K3E71+!3E%K!E:9%!P%$E:P4!1#3!2:'%!/*%:$!

!

&&M)<%`#)/4#)d#%6)&')/4#).,$#"=&.&+')8##/&'(!K!./379%*K!*743%171+!3#!&E:3!K#,$!4,P%$974#$!E:4!3#! 4:K! 74! :! 0%K! P:$3! #<! K#,$! 4,P%$974#$K!2%%371+4>!Y#&%9%$[! 73! 74! 1#3! K#,$! 4,P%$974#$!&E#!4E#,*'! 8%! '#71+! :**! 3E%! 3:*071+>!JE%! P,$P#4%! #<! 4,P%$974#$K!2%%371+4! 74! P$72:$7*K! <#$! K#,$!4,P%$974#$! 3#! E%:$! <$#2! K#,[! 71! P:$37/,*:$! #1! K#,$! P$#+$%44! 471/%! K#,$! *:43!2%%371+>! d#,$!:+%1':!&7**! +79%!K#,!:! 43$,/3,$%! <#$!&E:3!K#,!&:13! 3#! 4:K!:1'!E%*P!K#,!1#3! 3#! <#$+%3!:1K!72P#$3:13! 744,%4! 3E:3! K#,! &:13%'! 3#! $:74%>! .! +##'! :PP$#:/E! 74! 3#! 43:$3! %:/E!2%%371+! 8K!$%<%$$71+!3#!3E%!:+%1':!:1'!3E%! 73%24!K#,!&:13!3#!/#9%$[!8%<#$%!$%97%&71+!3E%!271,3%4!#<!K#,$!*:43!4,P%$974#$K!2%%371+!4#!3E:3!K#,!E:9%!:!P#713!#<!$%<%$%1/%!<#$!K#,$!P$#+$%44!471/%!3E%1>!d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`)V,#./&+'.!K!d#,$!4,P%$974#$R4!2:71!$#*%!74!3#!P$#97'%!K#,!&73E!:'97/%!:1'!+,7':1/%!4#!3E:3!K#,!/:1!/#2P*%3%!K#,$! $%4%:$/E!:1'!&$73%!K#,$! 3E%474>! ?<! 3E%$%! 74! 4#2%3E71+! 3E:3!K#,!1%%'! :'97/%! #1[! 3E%1! :40>! .4071+! T,%437#14! 2%:14! 3E:3! K#,! /:1! 8%1%<73! <$#2! K#,$!4,P%$974#$R4!%XP%$7%1/%[!8,3!:*4#!:**#&4!K#,!3#!3%43!K#,$!#&1!7'%:4!:8#,3!&E:3!K#,!4E#,*'!'#>!d#,$!<#$2:*!4,P%$974#$K!2%%371+4!:$%!3E%!8%43!P*:/%!<#$!2#$%!'%3:7*%'!T,%437#14!:4!3E%K!P$#97'%! :! P$79:3%! :1'! T,7%3! 4P:/%! 71! &E7/E! K#,! :1'! K#,$! 4,P%$974#$! /:1! 3E710! :8#,3! 3E%!T,%437#1!:1'!/#2%!,P!&73E!:!P#4478*%!:14&%$>!@<!/#,$4%[!K#,$!4,P%$974#$!74!1#3!3E%$%!3#!'#!K#,$!&#$0!<#$!K#,m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m!8,3!'#!4P%:0!&73E!K#,$!4,P%$974#$!7<!K#,!<%%*! 3E:3! 3E%! <$%T,%1/K!#<!K#,$!2%%371+4!1%%'4!/E:1+71+>! ?3! 74! 43$#1+*K! $%/#22%1'%'!3E:3!

B&""

<#**#&71+!%:/E!2%%371+!&73E!K#,$!4,P%$974#$!K#,!P$#',/%!:!4E#$3!$%P#$3[!&E7/E!74!1#3!2#$%!-NN!&#$'4!#1!&E:3!&:4!'74/,44%'!:1'!:1K! :/37#1!P#7134! 3E:3!&%$%! :+$%%'!,P#1!8%3&%%1!K#,!:1'!K#,$!4,P%$974#$>!JE%!$%/#$'!4E#,*'!:*4#!1#3%!3E%!':3%!:1'!372%!K#,!E:9%!:+$%%'!<#$!K#,$! 1%X3! 4,P%$974#$K!2%%371+>! d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Ê%!E:4!P$#97'%'!#1!'%9%*#P71+!:1'!72P$#971+!K#,$!&#$0>!JE:3!<%%'8:/0!74!#1*K!,4%<,*!7<!K#,!:/3!#1!73>!Z:0%!4#2%!372%!:<3%$!%:/E!2%%371+!3#! $%<*%/3!#1! 3E%! <%%'8:/0! K#,$! 4,P%$974#$!E:4!P$#97'%'!:1'! 734! 72P*7/:37#14! <#$! K#,$!1%X3!:/37#1>!.4!&%!E:9%!4%%1[!73!/:1!8%!'74E%:$3%171+!7<!K#,$!4,P%$974#$!7'%137<7%4!&%:01%44%4!#$!P$#8*%24! &73E! K#,$! &#$0m! 8,3! 3E%K! /:1! :*4#! #<<%$! 9:*,:8*%! :'97/%! 8:4%'! #1! 3E%7$! #&1!%XP%$7%1/%>!D%2%28%$!3E:3!K#,$!4,P%$974#$!&:4!#1/%!:!$%4%:$/E!43,'%13[!:1'!4Ê%!74!437**!:!$%4%:$/E%$! 71! E74! #$! E%$! #&1! $7+E3m! :1'! 3E$#,+E! E:971+! 4,P%$974%'! #3E%$! P#43+$:',:3%!$%4%:$/E%$4>!?<!K#,$!4,P%$974#$!#<<%$4!/$737/7424[!K#,!1%%'!3#!$%2%28%$!3E:3!3E74!74!'#1%!&73E!:72!#<!8%71+!/#143$,/379%>!H#!P:K!/:$%<,*!:33%137#1!3#!&E:3!3E%K!E:9%!4:7'!%9%1!7<!K#,$!<7$43!714371/3!2:K!8%!3#!'74$%+:$'! 73>! ?1!3E%! *#1+!$,1[!K#,!&7**! <71'!3E74!:'97/%!3#!8%! 719:*,:8*%! 71!E%*P71+! K#,! 4,//%44<,**K! 3E$#,+E! K#,$! $%4%:$/E! A#,$1%K>! J#! $%71<#$/%! 3E%! <#$%+#71+!'74/,447#1[!&#$0!#1!3E74!:/37973K!8%<#$%!$%:'71+!#1>!)

#L=W^W=V!8]C!)

:> SE:3!'#!K#,!1%%'!3#!'#!8%<#$%!:1'!:<3%$!:!4,P%$9747#1!2%%371+U!8> SEK! 74! 73! 72P#$3:13! 3#! P$%P:$%! 8%<#$%! :! '74/,447#1! 4,P%$9747#1!

2%%371+U!/> SE:3! 3E$%%! 0%K! :4P%/34! 4E#,*'! K#,! 3:0%! 713#! ://#,13! ',$71+! :!

$%4%:$/E!4,P%$9747#1!2%%371+[!:1'!&EK!74!%:/E!:4P%/3!72P#$3:13U!!!?<! K#,! E:9%!2:1:+%'! 3#! :14&%$! 3E%! T,%437#14[! <#**#&71+! 3E%! +,7'%*71%4! 4,++%43%'! :8#9%[!3E%1! K#,! :$%! $%:'K! <#$! :1K! 3KP%!#<! $%4%:$/E! 4,P%$9747#1!2%%371+m! :1'! K#,!&7**! 8%! :8*%! 3#!2:0%!3E%!8%43!#,3!#<!73>)))-M)A+88#'/.)+')-"%R/)_+"`)%'6)"#=&#T)+R)/4#.&.)S#R+"#).,S8&..&+'))d#,$!4,P%$974#$!&7**!:44743!K#,!71!2:1:+71+!K#,$!&#$0!:4!%<<%/379%*K!:4!P#4478*%!:1'!3E74!2:K!71/*,'%!:!4/E%',*%!<#$!4,827447#1!#<!'$:<3!&$733%1!&#$0>!"#$!%X:2P*%[!'$:<3!/E:P3%$4!#<!K#,$!3E%474[!P$#+$%44!$%P#$34[!:1'!:$37/*%!P:P%$4>!?3!74!K#,$!$%4P#14787*73K!#<!2:071+!4,$%!3E:3!K#,!P$#97'%!K#,$!4,P%$974#$!&73E!K#,$!'$:<3!/E:P3%$4!<#$!2:$071+!4#!3E:3!4Ê%!/:1!$%3,$1!3E74!3#!K#,!&73E!/#143$,/379%!/$737/742!:1'!71!:!$%:4#1:8*%!372%>!JE:3!<%%'8:/0!2:K!8%!71!:!&$733%1!<#$2!#$!2:K!8%!'%*79%$%'!9%$8:**K! 3E$#,+E!K#,$!4,P%$974#$K!2%%371+4! W!&E:3%9%$! 734! <#$2[!'#!2:0%!,4%!#<!3E74!3#!72P$#9%!:1'!'%9%*#P!K#,$!&#$0>!!d#,$!4,P%$974#$!E:4!4P%/7<7/!$%4P#14787*737%4!#<!P$#97'71+!<%%'8:/0!#1!K#,$!3E%474!8%<#$%!73!74!4,82733%'!<#$!%X:271:37#1>!)$%/74%*K[!K#,$!4,P%$974#$!4E#,*'!$%:'!K#,$!/#2P*%3%'!<71:*!'$:<3!:1'! +79%! :'97/%! #1! 734! /#2P*7:1/%! &73E! 3E%! `179%$473KR4! $,*%4! #1! *%1+3E! <#$! %X:2P*%[! :1'!#3E%$!:4P%/34>!Y#&%9%$[!E74Ê%$!:87*73K! 3#!'#! 3E:3!'%P%1'4!#1!K#,!P$#97'71+!E72Ê%$!&73E!K#,$!<71:*!'$:<3!71!+##'!372%!8%<#$%!K#,$!%XP%/3%'!4,827447#1!':3%>!Q:3%$!#1!71!3E74!/E:P3%$[!&%!&7**!2:0%!$%<%$%1/%!3#!3E%!<71:*!43:+%!#<!3E%!'744%$3:37#1!#$!3E%474!&$7371+>!!

B'""

!8]/J]4!#L;R>TWL!-?OS?>UU!!?3! 74!K#,$!$%4P#14787*73K!3#!0%%P!&$733%1!$%/#$'4!#<!K#,$!&#$0[!&E7/E!2:K!<#$2!3E%!8:474!#<!P$#+$%44! $%P#$34! $%T,7$%'!8K! 3E%! 4,P%$974#$[!E7+E%$!'%+$%%4!#<<7/%[!'%P:$32%13[! ":/,*3K!#$!<,1'71+! 8#'K>! ! d#,! 4E#,*'! $:74%! &73E! K#,$! 4,P%$974#$! :1K! /#1/%$14! &E7/E! K#,! 2:K! E:9%!/#1/%$171+!3E%!P$#+$%44!8%71+!2:'%!:1'!$%T,%43!:''737#1:*!4,PP#$3!7<!1%/%44:$K>!!8]/J]6!-UVL:OKUOLW;Q!WUUX>U!/JD!JE%! 43,'%13W4,P%$974#$! $%*:37#14E7P! 74! #1%! #<! 3E%! 2#43! 72P#$3:13! $%*:37#14E7P4! K#,! &7**!%XP%$7%1/%>!O#3E!K#,!:1'!K#,$!4,P%$974#$!4E#,*'!/#13$78,3%!$%4P#1478*K!3#!3E74!$%*:37#14E7P!8K!$%*K71+!#1!/#22#1!/#,$3%4K[!P,1/3,:*73K[!/#14/7%137#,4!P%$<#$2:1/%!:1'!2,3,:*!$%4P%/3!i6E7#2%[!5N-5j>! d#,! 4E#,*'! <%%*! <$%%! 3#!8$71+!:1K!P$#8*%24[! 71/*,'71+! 3E#4%!#<! :! 4#/7:*! #$!2%'7/:*!1:3,$%[! 3#! 3E%!:33%137#1!#<! K#,$! 4,P%$974#$!%4P%/7:**K! 7<! 3E%!P$#8*%2! 74! 713%$<%$71+!&73E!K#,$!&#$0>!?<!<#$!:1K!$%:4#1!K#,!<%%*!,1:8*%!3#!/#1<7'%!71!K#,$!4,P%$974#$[!K#,!4E#,*'!:PP$#:/E!3E%!$%*%9:13!:,3E#$737%4!:4!P%$!K#,$!,179%$473K!$%+,*:37#14>!.**! 43:<<!2%28%$4!:$%!8#,1'!8K! 3E%!`179%$473K!./3! 3#! 3$%:3!4,/E! 744,%4!&73E!/#2P*%3%!/#1<7'%137:*73K>!d#,!4E#,*'!1#3! *79%! &73E! :! P$#8*%2! :1'! %XP%/3! K#,$! 4,P%$974#$! 3#! 1#37/%! &E%1! 4#2%3E71+! 74! &$#1+>!D%2%28%$!3E:3!K#,$!4,P%$974#$!74!1%73E%$!:!Z%447:E!1#$!:!P$#PE%3>!!!S%!%:$*7%$!#1!E7+E*7+E3%'!3E:3!#1%!#<! 3E%!2#43! 72P#$3:13! <,1/37#14!#<! 3E%!4,P%$974#$! 74! 3#!P$#97'%!/#143$,/379%!/$737/742>! ?<!K#,!:$%!2:071+! 71:'%T,:3%!P$#+$%44[!:1!#9%$W<$7%1'*K!:1'!,1/$737/:*!:3373,'%!2:K!'%*:K!/#1<*7/3m!8,3!73!&7**!1#3!%9%13,:**K!P$%9%13!73>!Y%1/%[!$7+E3!<$#2!3E%! 8%+71171+[! #P%1! :1'! E#1%43! '74/,447#1! /:1! $%',/%! /#1<*7/3! #$! P$%9%13! 73! :$7471+>! d#,$!4,P%$974#$!,4,:**K!0%%P4!:!*#+!8##0!#<!E74Ê%$!'74/,447#14!&73E!K#,>!`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Ê%! 74!#1*K!P*:K71+!:1!:'974#$K!$#*%>!d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i<#$!%X:2P*%[!:4!P:$3!#<!3E%!/#1'737#14!#<!%2P*#K2%13!:4!:!D%4%:$/E!.44743:13!#$!D%4%:$/E!.44#/7:3%!#1!:1!%X3%$1:**KW<,1'%'!P$#A%/3[!#$!71!#3E%$!4P#14#$%'!$%4%:$/Ej>!!8]//!1>;QWNS!PW=:!LOKUX<>?^WUWON!!!C#2%! 714373,37#14! 43$#1+*K! 8%*7%9%! 71! 3E%! :**#/:37#1! #<! 2#$%! 3E:1! #1%! 4,P%$974#$! 3#! :!43,'%13m!:1'!3E%K!4%%!73!:4!:!&:K!#<!,PE#*'71+!T,:*73K!71!3E%!43,'%13R4!&#$0>!.3!372%4[!4,/E!071'! #<! 4,P%$9747#1! 74! 1%/%4473:3%'! 8K! :! 473,:37#1! &E%$%! 3E%! 43,'%13! 74! %1+:+%'! 71! /$#44W

B(""

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d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c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`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i%>+>! 4,P%$974#$j>! ?<! K#,!<%%*!3E:3!K#,!:$%!8%71+!E:$:44%'[!:1'!3E%$%!74!#897#,4!/#22,17/:37#1!8$%:0'#&1[!`179%$473K!$%+,*:37#14! #$! 6#'%4! #<! )$:/37/%! ,4,:**K! /#13:71! :'97/%! #1! 4%%071+! 71<#$2:*! :44743:1/%! 71!4,/E!/:4%4[!:1'!#1!3E%!P$#/%',$%4!<#$!2:071+!:!<#$2:*!/#2P*:713>!.!1,28%$!#<!744,%4!E:9%!8%%1!'74/,44%'!:8#9%>!.**!#<!3E%2!:$%!/$737/:*!3#!2,3,:**K!8%1%<7/7:*!4,P%$9747#1>!?1!3E%!1%X3!:/37973K[!3&#!/#1/%$14!:$%!471+*%'!#,3!<#$!K#,$!/#22%13>!!#L=W^W=V!8]G!!!:>!SE:3!:$%!3E%!P$#4!:1'!/#14!#<!/#W4,P%$9747#1U!!8>! ?1!&E:3!&:K4!'#%4!E:$:442%13!2:17<%43! 734%*<! 71!:! /#W4,P%$9747#1! $%*:37#14E7P!K#,!E:9%!%73E%$!%XP%$7%1/%'!#$!E%:$'!:8#,3U!!

B6""

!@1%!#<!3E%!:'9:13:+%4!#<!/#W4,P%$9747#1!74!P$#8:8*K!3E:3!K#,!8%1%<73!<$#2!3E%!%XP%$374%!#<!2#$%!3E:1!#1%!4,P%$974#$>!@1!3E%!#3E%$!E:1'[!K#,!/#,*'!8%!'74:'9:13:+%'!7<!3E%!4,P%$974#$4!/#13$:'7/3!%:/E!#3E%$!#9%$!72P#$3:13!744,%4>!Y:$:442%13!/:1!8%!P4K/E#*#+7/:*[!%2#37#1:*[!#$!713%**%/3,:*>!JE,4[!K#,$!$%4P#14%!3#!3E%!4%/#1'!T,%437#1!4E#,*'!$%<*%/3!:!P%$4#1:*!97%&P#713>!!8]/6!%>UUONU!Q>;?N=![?OT!UX<>?^WUWNS!RWUU>?=;=WONUf=:>U>U!!.4! $%4%:$/E! 4,P%$974#$4[! &%! E:9%! *%:$13! 4%9%$:*! *%44#14! <$#2! 4,P%$97471+! :1'! %X:27171+!'744%$3:37#14!:1'!3E%4%4>!C#2%!#<!3E%!*%44#14!&%!'$:&!<$#2!#,$!%XP%$7%1/%4!71/*,'%!8,3!1#3!*7273%'!3#!3E%!<#**#&71+\!!!

• JE%!4,//%44!#<!:!43,'%13! 71!E74Ê%$!$%4%:$/E!'%P%1'4!3#!:! *:$+%!%X3%13!#1!3E%!E%*P!:1'!+,7':1/%! 3E:3! 3E%!4,P%$974#$!#<<%$4[!%4P%/7:**K! 71! 3E%!%:$*K! 43:+%4!#<! 3E%!&#$0>!6*#4%!P%$4#1:*!/#13:/3!:3!3E74!372%!74!%44%137:*!7<!*:3%$!'7<<7/,*37%4!:$%!3#!8%!:9#7'%'>!!

• JE%!P$71/7P:*!4,P%$974#$!i#$!3E%!/#W4,P%$974#$j!74!3E%!P%$4#1!P$72:$7*K!$%4P#1478*%!<#$!+7971+! 3E%! $%4%:$/E! 43,'%13! E%*P! :1'! :'97/%! 3#! #83:71! +##'! 3$:7171+! 71! $%4%:$/E[!/E##471+! :! 3#P7/! #<! :PP$#P$7:3%! 4/#P%! :1'! 47+17<7/:1/%[! #$+:17471+! 3E%! $%4%:$/E[!/#2P#471+! :! 3E%474! 3E:3!2%%34! 3E%!`179%$473KR4! 4P%/7<7/:37#14[! :1'! 4,8273371+! 73! 71!',%!372%>!!

• Z:1K! $%4%:$/E! 43,'%134! 4%%2! 1#3! 3#! :/T,:713! 3E%24%*9%4! &73E! 3E%7$! ,179%$473K!$%+,*:37#14!#1!$%4%:$/E!&$7371+>!?3! 74!3E%!43,'%13R4!$%4P#14787*73K!#<!$%:'71+!3E$#,+E!3E%!$%+,*:37#14!:1'!P$#',/%!:!T,:*73K!'744%$3:37#1!#$!3E%474>!

• H743:1/%! *%:$171+! 43,'%134!E:9%!P:$37/,*:$! P$#8*%24! 71! 3E%!%:$*K! 43:+%4m! 73!2:K!8%!'7<<7/,*3!3#!:$$:1+%!2%%371+4!&73E!3E%!4,P%$974#$4m!3E%!43,'%13!2:K!<71'!73!'7<<7/,*3!3#!4%3!P$7#$737%4!:1'!P$#97'%!%1#,+E!<$%%!372%!<#$!$%4%:$/E>!JE%!4,P%$974#$4!4E#,*'!8%!:&:$%!#<!3E%4%!P$#8*%24!:1'!:33%2P3!3#!'%:*!&73E!3E%2!%2P:3E%37/:**K[!&E7*%!437**!%14,$71+!3E:3!3E%!43,'%13!74!*:,1/E%'!#1!3E%!P$#A%/3!&73E#,3!,1',%!'%*:K>!

• JE%! $%*:37#14E7P! 8%3&%%1! 43,'%13! :1'! 4,P%$974#$! 74! #1%! #<! 3E%! 2#43! 72P#$3:13!$%*:37#14E7P4>! JE%! 43,'%13! :1'! 4,P%$974#$! 4E#,*'! /#13$78,3%! $%4P#1478*K! 3#! 3E74!$%*:37#14E7P! 8K! $%*K71+! #1! /#22#1! /#,$3%4K[! P,1/3,:*73K[! #P%11%44[! /#14/7%137#,4!P%$<#$2:1/%! :1'!2,3,:*! $%4P%/3[! 3:071+! 713#! ://#,13! :1K! 4#/7:*! 744,%4! 3E:3! /#,*'!72P:/3!#1!3E%!43,'%13R4!P%$<#$2:1/%>!

• C3,'%134!&E#!:$%!#P%1!3#!3E%7$!4,P%$974#$4[!:1'!71!3,$1!+%3!3E%!1%/%44:$K!4,PP#$3[!P%<#$2!8%33%$!:1'!<7174E!3E%7$!$%4%:$/E!$%P#$34!%:$*7%$!3E:1!3E#4%!&E#!:$%!1#3!#P%1!3#!3E%7$!473,:37#14>!

• JE%! 2:A#$73K! #<! HF! $%4%:$/E! 43,'%134! +%3! 713#! 3E%7$! 43,'7%4! &73E! 27172,2! #$! 1#!<#$2:*!3$:7171+!#1!E#&!3#!/#1',/3!$%4%:$/E>!JE74!8$71+4!/#1<*7/3!#<!%XP%/3:37#1!&73E!3E%!4,P%$974#$>!

• C,P%$97471+!:!+79%1!3#P7/!72P*7%4!3E:3!3E%!4,P%$974#$!4E#,*'!8%!:!4%17#$!*%:$1%$[!&E#!'#%4! 1#3! /*:72! 3#! 01#&! %9%$K3E71+>! Y#&%9%$[! #,$! %XP%$7%1/%! 74! 3E:3! 3E%$%! :$%!7143:1/%4! &E%1! 3E%! 4,P%$974#$! '#%4! 1#3! $%:'! :E%:'! #<! 3E%! 43,'%13! 71! #$'%$! 3#!P$#97'%!2#$%!71<#$2%'!+,7':1/%>!JE74!/:1!*%:'!3#!'747**,47#12%13!#1!3E%!P:$3!#<!3E%!43,'%13[!%4P%/7:**K!&E%$%!3E%!4,P%$974#$!'74P*:K4!#897#,4!+:P4!#<!01#&*%'+%!71!3E%!<7%*'!8%71+!719%437+:3%'>!

!!8]/8!+XTT;?V!!?1!3E74!/E:P3%$[!&%!E:9%!:33%2P3%'!3#!#,3*71%!3E%!$#*%4!:1'!$%4P#14787*737%4!#<!3E%!4,P%$974#$!:1'!3E%!$%4%:$/E!43,'%13>!S73E#,3!3E:3!,1'%$43:1'71+[!'7<<7/,*37%4!:$%!*70%*K!3#!:$74%!<$#2!:!2742:3/E! 71! %XP%/3:37#14>! Y#&%9%$[! 3#! 2:713:71! :1! %<<%/379%! &#$071+! 4,P%974#$W43,'%13!

BB""

$%*:37#14E7P[! 3E%$%! 74!1%%'!3#!'74/,44!3E#4%!%XP%/3:37#14!:1'!3E710!:8#,3!E#&!8#3E!P:$37%4!/:1! '%2#143$:3%! :! P$#<%447#1:*! :1'! P#47379%! :PP$#:/E>! _#1%3E%*%44[! %9%$K! 4,P%$974#$K!$%*:37#14E7P! 74!'7<<%$%13[! 4#! 73! 74! 72P#$3:13! 3E:3! 3E%!4,P%$974#$!:1'! 3E%!43,'%13!,1'%$43:1'!:1'! :+$%%! #1! E#&! 3E%4%! <#$2:*! $%T,7$%2%134! &7**! :PP*K! 71! P$:/37/%>! S%! E:9%! :*4#!%1/#,$:+%'! 8#3E! 3E%! 4,P%$974#$! :1'! 3E%! $%4%:$/E! 43,'%13! 3#! $%+,*:$*K!2:0%! $%<%$%1/%! 3#!!,179%$473K!$%4%:$/E!$%+,*:37#14!71!#$'%$!3#!2:0%!4,$%!3E:3!3E%K!:$%!/*%:$!#1!%:/E!P#713!:1'!:40!T,%437#14!:8#,3!:1K!,1/*%:$!P#7134>!!!@,$!:'97/%! 3#! 3E%! 4,P%$974#$!:1'! 43,'%13! 74! 3E:3[! *70%!:1K! $%*:37#14E7P[! 72P$%447#14!&7**!8%!<#$2%'m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i'744%$3:37#1!#$!3E%474j!3E:3!8#3E!P:$37%4!&7**!8%!P$#,'!#<!o!:1!719%432%13!3E:3!/#,*'!72P:/3!#1!8#3E!3E%!43,'%13!:1'!3E%!4,P%$974#$R4!<,3,$%!/:$%%$4!:1'!*79%4>!!.>[>?>NL>U!!O:0[!_>!i5NNGj>!6#2P*%371+!K#,$!3E%474\!.!P$:/37/:*!+,7'%>!)$%3#$7:>!)$%3#$7:\!M:1!C/E:70>!!!6E7#2%[!6>!:1'!6E:8:K:[!D>!.>! i5N-5j>!V,:*73K!$%4%:$/E!4,P%$974#$K!P$:/37/%4!:3!:!'743:1/%\!%XP*#$71+! 3E%! %XP%$7%1/%4! #<! n728:8&%! @P%1! `179%$473K! )#43+$:',:3%! 71! F',/:37#1!C3,'%134>!F,$#P%:1!X36(*.7!34!U6-1*)--!.*/!&3:1.7!&:1)*:)-!-iGj\-W-=>!!! !6E7$%4E%[! D>! i5N-5j>! D%4%:$/E! 4,P%$9747#1\! )#43+$:',:3%! 43,'%134R! %XP%$7%1/%4! 71! C#,3E!.<$7/:>!X36(*.7!34!&3:1.7!&:1)*:)-!B-i5j\!55=W5BG>!!H7%3e[!.>!b>[!b:14%1[H>!b>!:1'!S:'%%[!.>!.>!i5NNLj>!F<<%/379%!)EH!C,P%$9747#1!:1'!Z%13#$4E7P\!.! &#$08##0! 8:4%'! #1! %XP%$7%1/%4! <$#2! C#,3E! .<$7/:! :1'! 3E%! _%3E%$*:1'4>! iC._).Hj>!D#e%18%$+!),8!i.243%$':2jW!`_?C.!)$%44!\!)$%3#$7:>!!F9:14[!)>! ! i5NNGj>!)#43+$:',:3%! $%4%:$/E! 4,P%$9747#1\!.!E:873!#$!P$#<%447#1U!.Q.D! b#,$1:*[!=i5j\!5(WB=>!!Y%:3E[! Q>! i5NNIj>! C,P%$9747#1!#<!P$#<%447#1:*!H#/3#$:3%4\! F',/:37#1!H#/3#$:3%4! 71! F1+*:1'>!)EH!3E%474>!`179%$473K!#<!O$7+E3#1\!O$7+E3#1>!!!Y#/0%K[! b>! ! i-==Lj>! C3$:3%+7%4! :1'! 3:/37/4! 71! 3E%! 4,P%$9747#1! #<! `c! 4#/7:*! 4/7%1/%! )EH!P#43+$:',:3%!43,'%134>!56.71'.'18)!&'6/1)-!1*!V/6:.'13*F!=\G(-WINL!!!!!b:2%4[! D>! :1'! O:*'&71[! ]>! i-===j>! F*%9%1! P$:/37/%4! #<! %<<%/379%! P#43+$:',:3%! 4,P%$974#$4>!M7/3#$7:\!6%13$%!<#$!3E%!C3,'K!#<!Y7+E%$!F',/:37#1!:1'!3E%!C/E##*!#<!]$:',:3%!43,'7%4[!JE%!`179%$473K!#<!Z%*8#,$1%>!!c$:,44!C>!F>!:1'!?42:7*[!?>!.>!i5N-Nj>!)EH!43,'%134R!%XP%$7%1/%4!#<!3E%474!4,P%$9747#1!71!Z:*:K47:\!Z:1:+71+!$%*:37#14E7P4!71!3E%!27'43!#<!714373,37#1:*!/E:1+%>!R,)!56.71'.'18)!9)<3('[!-I!iGj\!(N5W(55>!!

!GG""

Q%%[!.>Z>!i5NN;j>!H%9%*#P71+!%<<%/379%!4,P%$974#$4\!6#1/%P34!#<!$%4%:$/E!4,P%$9747#1>!&36',!A4(1:.*!X36(*.7!34!W1+,)(!V/6:.'13*F!5-iGj\!L(NWL=B>!!Q%%[!.>!Z>i5NN(j>!Y#&!:$%!'#/3#$:*!43,'%134!4,P%$974%'U!6#1/%P34!#<!'#/3#$:*!$%4%:$/E!4,P%$9747#1>!&'6/1)-!1*!W1+,)(!V/6:.'13*[!BBiBj\!5L;W5(->!!Q#97334[! O>F>! i5NN-j>! Q%:971+! 3E%! ?9#$K! J#&%$\! JE%! /:,4%4! :1'! /#14%T,%1/%4! #<! '%P:$3,$%!<$#2!'#/3#$:*!43,'7%4>!Q:1E:2[!Z.>\!D#&2:1!l!Q733*%<7%*'>!!Z:1:3E,1+:[!6>!i!5NNIj>!F:$*K!&:$171+!47+14!71!P#43+$:',:3%!$%4%:$/E!%',/:37#1\!:!'7<<%$%13!:PP$#:/E!3#!%14,$71+!372%*K!/#2P*%37#14>!R).:,1*+!1*!W1+,)(!V/6:.'13*!-Ni5j\!5-=W5BB>!!Z:X&%**[! J>! S>! :1'! C2K3E[! D>! i5N-Nj>! D%4%:$/E! C,P%$9747#1\! 3E%! $%4%:$/E! 2:1:+%2%13!2:3$7X>!W1+,)(!V/6:.'13*>!I=!iGj!GN;WG55>!!Z#,3#1[! b>! i5N--j>!Y#&!3#!4,//%%'! 71!K#,$!Z:43%$R4!:1'!H#/3#$:*!C3,'7%4\!.!C#,3E!.<$7/:1!],7'%!:1'!D%4#,$/%!O##0>!M:1!C/E:70!),8\!)$%3#$7:>!!!!C/E,*e%[!Q>!.>6>!i!5N--j>!)#43+$:',:3%!4,P%$9747#1\!:!/#2P:$74#1!#<!3E%!P%$/%P37#14!#<!43,'%134!:1'!4,P%$974#$4>!A:'.!A:./)21.F!BIiBj\-L-W-(G>!!JE%!`179%$473K!#<!CE%<<7%*'!i5N-Bj>!6#'%!#<!)$:/37/%!<#$!D%4%:$/E!H%+$%%!)$#+$:22%4>!"$#2\!E33P\^^&&&>4E%<<7%*'>:/>,0^$74^P+$^/#'%>!.//%44%'!#1!-G!b:1,:$K!5N-B>!!`179%$473K!#<!Q%7/%43%$!]$:',:3%!C/E##*!i5N-Bj>!D%4%:$/E!C3,'%13!C,P%$974#$\!JE%7$!D#*%!:1'!D%4P#14787*737%4>!"$#2\!E33P\^^&&&5>*%>:/>,0^'%P:$32%134^+$:'4/E##*^$%4#,$/%4^4,P%$9747#1^4,P%$974#$>! .//%44%'!#1!-G!b:1,:$K!5N-B>!!S:+E7'[! d>! i5NNLj>! D%/*:7271+! <$%%'#2! :1'! <$7%1'4E7P! 3E$#,+E! P#43+$:',:3%! 43,'%13!4,P%$9747#1>!R).:,1*+!1*!W1+,)(!V/6:.'13*#!--iGj\!G5;WGB=>!!S:334[!b>Y>!i5NN(j!6E:**%1+%4!#<!4,P%$97471+!P:$3W372%!43,'%134\!3#&:$'4!43,'%13!/%13$%'!P$:/37/%>!R).:,1*+!1*!W1+,)(!V/6:.'13*#!!-BiBj\!BL=WB;B>!!!nE:#[!">!i5NN-j!)#43+$:',:3%!D%4%:$/E!4,P%$9747#1\!.!P$#/%44!#<!01#&*%'+%!2:1:+%2%13>!,*37O.CF!.$37/*%4>!"$#2\!E33P\^^,*378:4%>$273>%',>:,^:$37/*%4^2:K^N-êE:#->E32!!!.//%44%'!#1!NI!H%/%28%$!!5N-5>!!!!!!!!!!!!!!

!G!""

!!!!!!! ! ! ! ! ! !),#-"&.!@!

A0#*"3"#"39&7!A0#%3"#"39&7!#*1!23B&1!2&",'1+!#--.'#),&+!"'!.&+&#.),!!Q%#1#$:E!J%1':K7!_K:$,&:3:!!

!!!!!!!!!!!!!!!!!!!!!iQ1K:$,&:3:Gt+2:7*>/#2j!!

#YU=?;L=!! ! ! ! !

6E:P3%$! I! <#/,4%4! #1! 3E%! T,:1373:379%[! T,:*73:379%[! :1'! 27X%'! 2%3E#'4! $%4%:$/E!P:$:'7+24[! :1'!E7+E*7+E34! E#&!K#,! /:1! /E##4%! 3E%! :PP$#P$7:3%! P:$:'7+2! <#$! K#,$!/E#4%1! 3#P7/>! JE%! /E:P3%$! 8%+714!&73E! 3E%! T,%437#14! 3E:3! +,7'%! K#,! 713#! /$737/:**K!3E71071+!:8#,3!3E%!3E%474[!<#**#&%'!8K!/*:$7<7/:37#1!#<!&E:3!:!EKP#3E%474! 74[!:1'!3E%!'%<71737#1! #<! 3E%! /#1/%P34! #<! a71',/379%R! :1'! a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

!

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a>L=W^>U!!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!

• '%<71%!$%4%:$/E!P:$:'7+2!:1'!PE7*#4#PE7/:*!744,%4[!• %XP*:71!3E%!1#37#14!#<!3E%!3E$%%!P:$:'7+24^:PP$#:/E%4[!• '%<71%!EKP#3E%474[!:1'!!

!G#""

• #<<%$! /*:$7<7/:37#1! #<! 71',/379%! :1'! '%',/379%! $%:4#171+! :4! 3E%K! :PP*K! 3#! 3E%!:PP$#:/E%4>!

!@]6!-?>QWTWN;?W>U!!O%<#$%!#1%!43:$34!&$7371+!3E%!P$#P#4:*! <#$! 3E%!3E%474! 73! 74!/$737/:*! 3#!:40!:1'!:14&%$!4%9%$:*!T,%437#14!3#!&E7/E!K#,$!:33%137#1!74!'$:&1!8%*#&>!JE%!T,%437#14!:$%!$%P%:3%'!<#$!%2PE:474[!:1'!$%71<#$/%!3E%!*,/7'*K!:$37/,*:3%'!43%P4!71!E#&!3#!/#143$,/3!:!&71171+!P$#P#4:*[!'%3:7*%'!71!6E:P3%$!(>!Y%$%!:$%!3E%!T,%437#14\!!

->!?1!&E7/E!:$%:!i'74/7P*71%j!'#!?!&:13!3#!/:$$K!#,3!2K!43,'K!:1'!&EKU!5>!SE:3!74!2K!3%13:379%!3#P7/!<#$!3E%!3E%474U!

! B>!SE:3!E:4!2#379:3%'!2%!3#!'#!3E74!3E%474U!!G>!SE:3!74!3E%!P$#8*%2!3E:3!?!&:13!3#!4#*9%U!!I>!SE:3!74!3E%!:72!<#$!2K!3E%474U!!L>!SE:3!:$%!3E%!#8A%/379%4!3E:3!?!&:13!3#!:/E7%9%!#$!3E%!!!!!!T,%437#14!3E:3!?!&:13!3#!8%!:14&%$%'!8K!3E74!3E%474U!!;>!SE:3!4#,$/%4!&7**!?!,4%!<#$!$%97%&!#<!$%*:3%'!*73%$:3,$%U!!!(>!SE:3!74!3E%!PE7*#4#PEK!3E:3!74!4,73:8*%!<#$!2K!3#P7/U!

!!!!=>!SE:3!$%4%:$/E!P:$:'7+2!4E#,*'!?!,4%!71!3E74!$%4%:$/E!:1'!&EKU!!!!!-N>!SE:3!':3:!+:3E%$71+!2%3E#'4!:$%!4,73:8*%!<#$!2K!3#P7/!:1'!&EKU!

!!!!!!!!!!!!! -->!SE:3!:$%!3E%!':3:!:1:*K474!3%/E17T,%4!3E:3!?!&7**!,4%!:1'!&EKU!! -5>!Y#&!&7**!2K!3E%474!72P$#9%!3E%!01#&*%'+%!#<!2K!'74/7P*71%U!

-B>!SE:3!:$%!3E%!%3E7/:*!744,%4!3E:3!?!1%%'!3#!:''$%44!:4!?!,1'%$3:0%!3E74!3E%474U!!F9%1!8%<#$%!'%/7'71+!&E7/E!:PP$#:/E!3#!3:0%!iT,:1373:379%^T,:*73:379%^27X%'!2%3E#'4j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a71',/379%R!:1'!a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iZ%$3#1[!-=L(j!#$!%X!P#43!<:/3#!3E%#$7e71+>!!&&M)<4#+":)/#./&'()J-#6,1/&=#)"#%.+'&'(L)?1!/#13$:43[!:!3E%#$K!3%4371+!:PP$#:/E!8%+714!&73E!:!3E%#$K!:1'!,4%4!3E%#$K!3#!+,7'%!&E7/E!#84%$9:37#14!3#!2:0%\!73!2#9%4!<$#2!3E%!+%1%$:*!3#!3E%!P:$37/,*:$>!JE%!#84%$9:37#14!4E#,*'!P$#97'%! :! 3%43! #<! 3E%! &#$3E! #<! 3E%! 3E%#$K>! `471+! '%',/379%! $%:4#171+! 3#! '%$79%! :! 4%3! #<!P$#P#4737#14!<$#2!3E%!3E%#$K!'#%4!3E74>!S%!1%%'!3#!'%9%*#P!3E%4%!P$#P#4737#14!4#!3E:3!7<!3E%!3E%#$K! 74! 3$,%!3E%1!/%$3:71!3E71+4!4E#,*'! <#**#&! 71!3E%!$%:*!&#$*'>!S%!3E%1!:44%44!&E%3E%$!

!G$""

3E%4%!P$%'7/37#14!:$%!/#$$%/3>!?<!3E%K!:$%!/#$$%/3!3E%!3E%#$K!74!4,PP#$3%'>!?<!3E%K!'#!1#3!E#*'!,P!3E%1!3E%!3E%#$K!1%%'4!3#!8%!%73E%$!$%A%/3%'!#$!2#'7<7%'>!!JE%!3&#!P$#/%',$%4!/:1!8%!$%P$%4%13%'!'7:+$:22:37/:**K!3E,4\!!":>O?V!YXWQRWNS!_3NRXL=W^>!?>;UONWNS`!!!!!F2P7$7/:*!!!*%9%*!!!!!!!!6#1/%P3,:*!!!*%9%*!! ! ! ! ! ! ! !":>O?V!=>U=WNS!_1>RXL=W^>!?>;UONWNS`!!!6#1/%P3,:*!!!!*%9%*!!!! ! ! ! !!!!F2P7$7/:*!!!!*%9%*!!(WSX?>!@]/!3NRXL=W^>!;NR!R>RXL=W^>!?>;UONWNS!!J#!7**,43$:3%[!&%!4E:**!3:0%!:!EKP#3E%37/:*!$%4%:$/E!3#P7/\!!

A*!)8.76.'13*!34! ',)!A4(1:.*!A<3-'371:!C,6(:,!)*'()<()*)6(-,1<! 1*!f12D.D=)!=1',/!-<):1.7!()4)()*:)!'3!Q6'.()#!

!OK! /#**%/371+! ':3:! :8#,3! 3E%! &:K! 2%28%$4! #<! 3E74! $%*7+7#,4! 4%/3! /#1',/3! 8,471%44[! 3E%!$%4%:$/E%$!&#,*'!3E%1!:1:*K4%[!713%$P$%3[!:1'!'$:&!/#1/*,47#14[!*%:'71+!3#!3E%!<#$2,*:37#1!#<! :1! #$7+71:*! 3E%#$K>! JE74! &#,*'! 8%! :! /#13$78,37#1! 3#! 3E%#$7%4! :8#,3! %13$%P$%1%,$4E7P>!JE$#,+E!71',/379%!$%:4#171+>!!@89%$4%*K[!3E%!$%4%:$/E%$!/#,*'!:PP$#:/E!3E%!43,'K!'7<<%$%13*K[!8K!,471+!:1!%X74371+!3E%#$K[!%>+>!Y:+%1R4!i-=LGj!C#/7:*!6E:1+%!JE%#$K!3#!%43:8*74E!734!%<<%/3!#1!%13$%P$%1%,$7:*!P$:/37/%4!8K! 3E%! +$#,P>! JE74! 3E%#$K! 3:*04! :8#,3! E#&! :! /$%:379%! P%$4#1:*73K! &E#4%! 4#/7:*! 43:3,4! E:4!8%%1!&73E'$:&1!8K!:1!,1A,43!P#*737/:*!4K43%2!2:0%4!,P!E74Ê%$!271'!3#!<%1'!<#$!3E%!4%*<!:1'!$%<,4%!3#!8%!#PP$%44%'>!?<!7'%:4!#<!3E%!3E%#$K!:PP*K!3#!2%28%$4!#<!3E%!4%/3[!3E%1!3E%!3E%#$K!74!/#1<7$2%'[!3E:3!74[!'%',/379%!$%:4#171+>!!.! 43,'K! 74! 1#$2:**K! '$79%1! 8K! $%4%:$/E! T,%437#14! #$! EKP#3E%474[! &E%3E%$! T,:*73:379%[!T,:1373:379%[! #$! 27X%'! 2%3E#'4>! SE7*%! 3E%! 1#37#1! #<! a$%4%:$/E! T,%437#14R! 74! #<3%1! 1#3!'7<<7/,*3! 3#! ,1'%$43:1'[! #1! 3E%! P:$3! #<! 3E%! 43,'%134[! %XP%$7%1/%4! #<! 4,P%$974#$4! 4E#&! 3E:3!

"1VH"#"

"1VH"!"

"1VH"#""

NW71@X"

"1VH"#""

"1VH"#"

"1VH"!"

"1VH"#""

"1VH"#""

NW71@X"

!G%""

2:1K! 43,'%134! E:9%! /E:**%1+%4! '%<7171+! &E:3! :! EKP#3E%474! 74>! JE74! 74! :1! 72P#$3:13!P$%*7271:$K!71!#,$!'74/,447#1[!:1'!&%!1#&!%X:271%!73!4#2%&E:3!/*#4%*K>!!@]6]4!,V<O=:>UWU!C/E#*:$4! i%>+>! J,/02:1[! -==Gm! O:887%[! 5NNGj! E:9%! 9:$7#,4*K! '%<71%'! 3E%! 3%$2! 4:$+/4#.&.7):1'!3E%!<:/3!74!3E:3!3E%K!:**!/#1/,$!3E:3!73!74!3E%!'$79%$!#<!K#,$!43,'K[!%4P%/7:**K!&E%1!/:$$K71+!#,3! %XP%$72%13:*! 43,'7%4>! ?3! 74! #1%! :4P%/3! #<! :! 43,'K[! &E7/E! 2:0%4! 3E%! $%4%:$/E! P$#/%44!4K43%2:37/! iC%%! 6E:P3%$! -! :8#,3! 3E%! 4K43%2:37/73K! #<! $%4%:$/Ej>! J,/02:1! i-==G[! P>5Gj!#84%$9%4!3E:3!:!EKP#3E%474!74!:!P$%'7/3%'!:14&%$!3#!3E%!P$#8*%2[!:1'!!

!fu!4E#,*'!/#1A%/3,$%!,P#1!:!$%*:37#14E7P!8%3&%%1!3&#!#$!2#$%!9:$7:8*%4u!73!4E#,*'!8%!43:3%'!/*%:$*K!:1'!,1:287+,#,4*K!71!3E%!<#$2!#<!:!'%/*:$:379%!4%13%1/%h>!!

!.!472P*%!7**,43$:379%!%X:2P*%!74\!!

0).(*)(-!'.6+,'!6-1*+!',)!&3:(.'1:!Q)',3/!<)(43(2!D)'')(!1*!')-'-!',.*!',3-)!'.6+,'!6-1*+!',)!7):'6()!2)',3/#!

!JE%!%X:2P*%!/#1<#$24!&73E!3E%!'%<71737#1!:4!<#**#&4\!!

• JE%$%! 74! /#1A%/3,$%! :8#,3! 3&#! 9:$7:8*%4[! 1:2%*K[! 3E%!2%3E#'4! 8%71+!2:17P,*:3%'!i71'%P%1'%13! 9:$7:8*%j[! :1'! 3E%! %<<%/3! #<! 3E%! 2%3E#'4! #1! *%:$1%$! P%$<#$2:1/%[!&E7/E!/:1!8%!2%:4,$%'!i3E%!'%P%1'%13!9:$7:8*%j>!"#$!:!2#$%!'%3:7*%'!'74/,447#1!#<!$%4%:$/E!9:$7:8*%4[!+#!3#!{->=!i6E:P3%$!-j>!

• ?3!74!/:43!71!3E%!<#$2!#<!:!'%/*:$:379%!43:3%2%13[!43:3%'!,1:287+,#,4*K>!• ?3!/:1!8%!#P%$:37#1:*74%'>!• ?3!74!3%43:8*%>!

!JE%!43,'%13!2:K!3E%1!&#1'%$!&E:3!3E%!*:43!3&#!/E:$:/3%$7437/4!2%:1>!O:887%!i5NNG[!P>!GGWGIj! E:4! #84%$9%'! 3E:3uh#P%$:37#1:*74:37#1! *73%$:**K!2%:14! 4P%/7<K71+! 3E%! %X:/3! #P%$:37#14!719#*9%'! 71!2%:4,$71+! :! 9:$7:8*%h>! JE:3!&:K!&%!&7**! 8%! 3%4371+! 3E%! EKP#3E%474[! E%1/%! 3E%!1#37#1! #<! 3%43:87*73K>! Q%3! ,4! 4,8A%/3! 3E%! <#$%+#71+! :$+,2%13! 3#! 4#2%! 7**,43$:37#1! ,471+! 3E%!%X:2P*%!#<!EKP#3E%474!/73%'!:8#9%>!!S%! /:1! #P%$:37#1:*74%! 3E%! EKP#3E%474! 8K! /:$$K71+! #,3! :1! %XP%$72%13! 71! &E7/E! J%:/E%$! .!3%:/E%4!6*:44!|!,471+!3E%!*%/3,$%!2%3E#'[!8,3!3%:/E%4!6*:44!d!,471+!3E%!C#/$:37/!Z%3E#'>!JE%!/*:44%4!&7**!8%!'#71+!3E%!4:2%!3#P7/[!%>+>! a":,*371+!:1'!"#*'71+R! i]%#+$:PEKj>!.3!3E%!%1'!#<!3E%! 3#P7/[! 3E%! 3%:/E%$! &#,*'! 3E%1! +79%! :! 3%43>! .<3%$! 2:$071+! 3E%! 3%43[! 3E%$%! &7**! 8%! :!/#2P:$74#1! #<! P%$<#$2:1/%! 8K! 3E%! 3&#! +$#,P4>! JE%! P$#/%44! 4E#&4! #P%$:37#1:*74:37#1! #<!9:$7:8*%4!:1'!3%43:87*73K!#<!9:$7:8*%4>!!d#,!&7**!:*4#!E:9%! $%:'!:!873!:8#,3!.7')(*.'18)!,N<3',)-)-#!JE%!472P*7<7%'!EKP#3E%474! /73%'!:8#9%! /#,*'! E:9%! :*3%$1:379%! /73:37#14! 3#! 73>! Y%$%! :$%! 3E$%%! :*3%$1:379%4[! 43:$371+!&73E! 3E%!#1%!K#,!:$%!:*$%:'K!<:27*7:$!&73E\!!

.#! 0).(*)(-! '.6+,'! 6-1*+! ',)! &3:(.'1:! Q)',3/! <)(43(2! D)'')(! 1*! ')-'-! ',.*! ',3-)!'.6+,'!6-1*+!',)!7):'6()!2)',3/#!!D#!R,)!<)(43(2.*:)!34! 7).(*)(-!,.-!*3!()7.'13*-,1<!=1',!',)!2)',3/-!6-)/!'3!').:,!',)2#!!

!G&""

:#! 0).(*)(-! '.6+,'! ',(36+,! ',)! &3:(.'1:!Q)',3/! <)(43(2! ',)! -.2! .-! ',3-)! '.6+,'!',(36+,!',)!7):'6()!2)',3/#!

!JE%! a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d#,$!$%4P#14%! 3#! i8j! 74!2#$%! P%$4#1:*[! :1'! 4E#,*'! :/3,:**K! 4%$9%! :4! :! '%2#143$:37#1[! #1! K#,$!P:$3[!#<!&E:3!K#,!E:9%!+$:4P%'!:8#,3!3E%!/#1/%P3!#<!aEKP#3E%474R[!$%*:379%!3#!71',/379%!:1'!'%',/379%!$%:4#171+>!!?1! 3E%! 1%X3! 4%/37#14[! <#/,4! 4E7<34! 3#! 3E%! '%<71737#1! #<! :! $%4%:$/E! P:$:'7+2[! $%4%:$/E!PE7*#4#PE7%4[! 3E%1! 3#! 4P%/7<7/! /E:$:/3%$74:37#1! #<! T,:1373:379%[! T,:*73:379%[! :1'! 27X%'!2%3E#'4!P:$:'7+24>!S%!43:$3!&73E!'%<71737#1!#<!aP:$:'7+2R>!!@]8!H:;=!WU!?>U>;?L:!<;?;RWST!;NR!?>U>;?L:!<:WQOUO<:Ve!.//#$'71+!3#!c,E1!i-=;Nj[!Z,1E:**! i-=(5j[!Y::4%!:1'!ZK$%4! i-=((j!:!$%"%6&(8! 74!:!&#$*'!97%&!#<! :! 4,8A%/3! 3E:3! 71/*,'%4! 734! ,1'%$*K71+! PE7*#4#PEK! :1'! 3E%! :44,2P37#14! 71E%$%13! 71!3E:3! 97%&>!S%! 1%%'! 3#! :*4#! ,1'%$43:1'! &E:3! &%!2%:1! 8K! $%4%:$/E! $4&9+.+$4:]! 6$%4&%**!i5NNLj! 4:K4! :! $%4%:$/E! PE7*#4#PEK! 74! :! 8%*7%<! :8#,3! 3E%! &:K! 71! &E7/E! ':3:! :8#,3! :!PE%1#2%1#1!4E#,*'!8%!+:3E%$%'[!:1:*K4%'!:1'!,4%'>!.1#3E%$!3%$2[!#$&./#8+9+(:!i&E:3!74!01#&1!3#!8%! 3$,%j!:4!#PP#4%'! 3#!6+Q+9+(:! i&E:3! 74!8%*7%9%'! 3#!8%! 3$,%j!%1/#2P:44%4! 3E%!9:$7#,4!PE7*#4#PE7%4! #<! $%4%:$/E!P:$:'7+24! :1'! 01#&*%'+%! /$%:37#1>! JE%$%! :$%! 3&#!2:A#$!$%4%:$/E!PE7*#4#PE7%4!3E:3!E:9%!8%%1!7'%137<7%'!71!3E%!S%43%$1!3$:'737#1!#<!4/7%1/%>!JE%K!:$%!3E%!$+.&/&=&./!4#2%372%4!/:**%'!.1&#'/&R&1!:1'!3E%!&'/#"$"#/&=&./):*4#!01#&1!:4!%'/&a$+.&/&=&./!iY%1171+[!5NNGj>!Z:1K!43,'%134!3%1'!3#!E:9%!P$#8*%24!'74371+,74E71+!3E%4%!1#37#14[!&E7/E!E:9%!:1!72P#$3:13!8%:$71+!#1!3E%7$!$%4%:$/E>!JE%4%!:$%!%XP*:71%'!71!4#2%!'%3:7*!8%*#&>!!@]8]/! -OUW=W^WUT!

JE%! <#**#&71+! :$%! 4#2%! #<! 3E%! <%:3,$%4! :8#,3! P#47379742[! &E7/E! :$%! &#$3E!/#2273371+!3#!271'\!

• JE%!/#1/%P3!#<!P#47379742!74!'7$%/3*K!:44#/7:3%'!&73E!3E%!7'%:!#<!+S;#1/&=&.8M!)#47379742!74!3E%!97%&!3E:3!C#/7#*#+K!/:1!:1'!4E#,*'!,4%!2%3E#'4!#<!1:3,$:*!4/7%1/%!iO7#*#+K!:1'!6E%2743$Kj!iD#442:1!l!D:**74[!5NNBj>!!

!G'""

• )#47379742! 74! :! $%4%:$/E! PE7*#4#PEK! 3E:3! ,4%4! ',8#"&1%9) 6%/%>! ?3! 719#*9%4!EKP#3E%474! 3%4371+! 3#!#83:71! f#8A%/379%h! 3$,3E>! Q%971! i-=((j! 4:K4! P#473797434!8%*7%9%! 3E:3! $%:*73K! 74! 43:8*%! :1'! /:1! 8%! #84%$9%'! :1'! '%4/$78%'! <$#2! :1!#8A%/379%! 97%&P#713! &73E#,3! 713%$<%$71+! &73E! 3E%! PE%1#2%1#1! 8%71+!43,'7%'>!!

• )#473797434! 8%*7%9%! 71! %2P7$7/742[! 3E%! 7'%:! 3E:3! #84%$9:37#1! :1'!2%:4,$%2%13!:$%!3E%!/#$%!#<!3E%!4/7%137<7/!,1'%$3:071+>!!!

• JE,4[! P#473797434! /#13%1'! 3E:3! PE%1#2%1:! 4E#,*'! 8%! 74#*:3%'! :1'! 3E:3!#84%$9:37#14!4E#,*'!8%!$%P%:3:8*%>!!

S%! E:9%! #84%$9%'! 3E:3! P#47379743! $%4%:$/E! :PP$#:/E! 74! 3E:3! $%4%:$/E! 3E:3! 74! /#147'%$%'!#8A%/379%[! '%3:/E%'! :1'! 43$,/3,$%'! 8K! 3E%! $%4%:$/E%$4! 97%&>! .//#$'71+! 3#! 3E74! PE7*#4#PEK!$%4%:$/E%$4! :$%! 713%$%43%'! 3#! /#**%/3! ':3:! <$#2! :! *:$+%! 4#/7:*! 4:2P*%! 7143%:'! #<! <#/,471+!'%3:7*4!#<!$%4%:$/E>!!JE74!$%4%:$/E!PE7*#4#PEK!74!:44#/7:3%'!&73E!T,:1373:379%!':3:!/#**%/37#1!2%3E#'4!:1'!43:37437/:*!:1:*K474>!!

@]8]4! 3N=>?<?>=W^WUT!?13%$P$%3797434! #$! :137WP#473797434! :$+,%! 3E%! #PP#473%! #<! P#47379743>! JE%K! :$%! #<! 3E%! 97%&!3E:3!471/%!E,2:1!8%71+4!3E710!:1'!$%<*%/3[!4/7%137<7/!2%3E#'4!:$%! 71:PP$#P$7:3%!<#$!3E%!43,'K!#<!4#/7%3K!i6$%4&%**[!5NNLj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d#,[! 3E%! $%4%:$/E%$! :4! :1!:13E$#P#*#+743[! &7**! '&%**! :2#1+! 3E%! P%#P*%! 8%71+! 43,'7%'! #$! %9:*,:3%'! 7>%>!:13E$#P#*#+K! 74! <7%*'W8:4%'>! JKP7/:*! /E:$:/3%$7437/4! #<! 3E%! 713%$P$%379743^%3E1#+$:PE7/!$%4%:$/E!71/*,'%!3E%4%!#1%4\!!• JE%!$%4%:$/E%$R4!%137$%!P%$4#1!74!,4%'!:4!3E%!P$72:$K!7143$,2%13!#<!$%4%:$/E>!• JE%!43,'K!74!713%$W4,8A%/379%[!7>%>!713%$W4,8A%/37973K!74!3E%!P$#/%44!#<!4E:$71+!3E%!8:4%4!

#<!#1%R4!4,8A%/37973K!71!2:071+!/*%:$!#1%R4!3E%#$%37/:*[!2%3E#'#*#+7/:*[!:1'!P%$4#1:*!P$%<%$%1/%4!:1'!87:4%4>!

• ?13%$P$%9743!$%4%:$/E!74!E#*7437/!:1'!/#19%K4!:!&%**W$#,1'%'!97%&!<$#2!3E%!7147'%>!• ?13%$P$%379742!74!'%47+1%'!3#!43,'K!/,*3,$%4[!4#/7%37%4[!#$!714373,37#14!:4!&E#*%4>!• "7%*'W8:4%'! %3E1#+$:PE7/! 3%/E17T,%4! E:9%! 8%%1! '%9%*#P%'! 3#! #83:71! E,2:17437/!

':3:!:8#,3!&E:3!4#2%!P*:/%!74!*70%!<$#2!:1!7147'%$R4!P#713!#<!97%&>!• .4! .13E$#P#*#+7/:*! $%4%:$/E[! 713%$P$%379742! ,4%4! 3E%! 1:3,$:*! E743#$K! :PP$#:/E[! 7>%>!

3E%!<:/34!#84%$9%'!:$%!3E%!713%$:/37#14[!:/37#14[!:1'!43:3%2%134!#<!71'797',:*4[!&E7/E!:$%! 3E%1! +$#,P%'! ://#$'71+! 3#! 4727*:$737%4>! JE%! $%4%:$/E%$! 3E%1! :$$79%4! :3! /#$$%/3!+%1%$:*74:37#14!<$#2!#84%$9:37#1:*!':3:>!JE%!':3:!/#**%/3%'!3E74!&:K!8%/#2%4!,4%<,*!4/7%137<7/!2:3%$7:*>!

• JE%!:PP$#:/E!,4%4!/#1371,:*!/$#44W/,*3,$:*!<$:2%!#<!$%<%$%1/%!8K!713%$P$%371+!%:/E!1%&!&:K!%1/#,13%$%'!71!*7+E3!#<!&E:3!74!:*$%:'K!01#&1!:8#,3!:**!P$%97#,4*K!43,'7%'!&:K4>!

!

!G(""

?1! 3E%! #P717#1! #<! K#,$! 4,P%$974#$4[! 3E%! 2:A#$73K! #<! 43,'7%4! 8K! 43,'%134! <:**! 71! 3E%!713%$P$%379743!P:$:'7+2>!d#,!:$%[!3E%$%<#$%[!,$+%'!3#!+$:4P!734!2:A#$!3%1%34>!"#$!1#&[!*%3!,4!3,$1!3#!3E%!/$737/:*!2:33%$!#<!$%*%9:1/%>!_#&!&#$0!#1!3E%!:/37973K!8%*#&>!!#L=W^W=V!@]4!:> FXP*:71!3E%!2%:171+!#<!P#47379742!:1'!:137WP#47379742!:4!,4%'!71!$%4%:$/E>!!8> FXP*:71!3E%!2%:171+!#<!%P743%2#*#+K!:1'!'#X#*#+K>!!!

"#$!8%43!$%4P#14%4[!+#!#9%$!3E%!'74/,447#1!:8#9%[!:1'!:PP*K!3#!K#,$!3#P7/>!!@]8]6! 3T<O?=;NL>!;NR!?>Q>^;NL>!O[!?>U>;?L:!<;?;RWST!;NR!<:WQOUO<:W>U!

SEK!'#! K#,! 3E710! 73! 74! 1%/%44:$K! 3#!'%9%*#P! :! 4#,1'!,1'%$43:1'71+! :8#,3!&E:3! :!P:$:'7+2!#$!:!$%4%:$/E!PE7*#4#PEK!74U!!SE%1!,1'%$3:071+!$%4%:$/E[!73!74!72P#$3:13!3#!/#147'%$!'7<<%$%13!$%4%:$/E!P:$:'7+24!:1'!2:33%$4!#<!#13#*#+K!:1'!%P743%2#*#+K!iQ71/#*1!:1'!],8:[!-==I\B;j>!D%4%:$/E!74!:8#,3! P%$/%P37#14[! 8%*7%<4[! :44,2P37#14! :1'! 3E%! 1:3,$%! #<! $%:*73K! :1'! 3$,3E!i01#&*%'+%!#<!3E:3!$%:*73Kj[!:1'!3E%4%!/:1!71<*,%1/%!3E%!&:K!71!&E7/E!3E%!$%4%:$/E!74!,1'%$3:0%1[! <$#2!'%47+1! 3E$#,+E!3#!/#1/*,47#14>! ?3! 74[! 3E%$%<#$%[! 72P#$3:13! <#$! 3E%!$%4%:$/E%$! 3#! ,1'%$43:1'! :1'! '74/,44! 3E%4%! :4P%/34! 71! #$'%$! 3E:3! :PP$#:/E%4!/#1+$,%13! 3#! 3E%! 1:3,$%! :1'! :724! #<! 3E%! P:$37/,*:$! 71T,7$K! :$%! :'#P3%'[! :1'! 3#!%14,$%!3E:3!$%4%:$/E%$!87:4%4!:$%!,1'%$43##'[!%XP#4%'[!:1'!2717274%'>!d#,!1%%'!3#!,1'%$43:1'! $%4%:$/E! PE7*#4#PE7%4! 4#! 3E:3! &E%1! /#1',/371+! $%4%:$/E! 3E%!:44,2P37#14!<$#2!3E%!P:$37/,*:$!P:$:'7+2!+,7'%!3E%!$%4%:$/E!P$#/%44!8K!P$#97'71+!:!PE7*#4#PEK! &73E71! &E7/E! $%4%:$/E! T,%437#14! /:1! 8%! '%9%*#P%'>! `1'%$43:1'71+!$%4%:$/E! PE7*#4#PE7%4! &7**! 2:0%! 73! %:47%$! <#$! K#,! 3#! /E##4%! 3E%! :PP$#P$7:3%!P:$:'7+2[!'%47+1[!':3:!/#**%/37#1!2%3E#'4[!':3:!:1:*K474!3%/E17T,%4!:1'!A,437<K!3E%!/E#7/%4!&73E!%:4%>!!!

#L=W^W=V!@]6! !:>H%<71%!:!$%4%:$/E!P:$:'7+2>!8>!FXP*:71!3E%!PE7*#4#PE7/:*!744,%4!#<!T,:1373:379%!:1'!T,:*73:379%!!!!!!!!!:PP$#:/E%4>!/>!Y#&!&#,*'!K#,!,4%!71<#$2:37#1!#1!P:$:'7+2!:1'!PE7*#4#PEK!71!K#,$!!!43,'KU!

!d#,$!$%4P#14%!4E#,*'!'%2#143$:3%!:!/*%:$!,1'%$43:1'71+!#<!3E%!3%$24!'74/,44%'!71!3E%! <#$%+#71+! 4%/37#1>! J#! '#! 3E:3[! $%W$%:'! 3E%! 4%/37#1! :1'! :$$79%! :3! 2#$%!P%$4#1:*74%'!'%<71737#14>!JE74!74!3E%!8%43!&:K!3#!$%4P#1'!3#!3E%!3E7$'!T,%437#1[!3#!'#!&73E!:PP*7/:37#1>!.1K!+79%1!43,'K!74!%XP%/3%'!3#!:$37/,*:3%[!71!3E%!%:$*K!43:+%4[!&E:3!P:$:'7+2! :1'! PE7*#4#PEK! 71<*,%1/%! 3E%! '7$%/37#1! #<! $%4%:$/E>!S%! 1#&! 3,$1! 3#! :1!%XP*:1:37#1!#<!3E%!P:$:'7+24>!

!@]@! .>U>;?L:!;<<?O;L:>U!O?!<;?;RWSTU!JE%$%!:$%!3E$%%!$%4%:$/E!:PP$#:/E%4[!:*4#!$%<%$$%'!3#!:4!P:$:'7+24[!&E7/E!:$%! 71!/#22#1!,4%[! 1:2%*K\!V,%'/&/%/&=#7) V,%9&/%/&=#7) %'6)\&Q#6)\#/4+6.M) JE%! *:43!2%137#1%'! 74! #<3%1!$%<%$$%'! 3#! 8K! 4/E#*:$4! :4!<"%&'(,9%/&+'M)":27*7:$73K!&73E! %:/E! #1%! 74! /$737/:*>! .! <,1/37#1:*!,1'%$43:1'71+!#<!3E%4%!74!%44%137:*!<#$!:!4,//%44<,*!'744%$3:37#1>!!

!G6""

@]@]/!H:;=!WU!;!dX;N=W=;=W^>!?>U>;?L:!<;?;RWST!O?!;<<?O;L:e!V,:1373:379%!$%4%:$/E!74!v:!<#$2:*[!#8A%/379%[!4K43%2:37/!P$#/%44!71!&E7/E!1,2%$7/:*!':3:!:$%!,37*74%'!3#!#83:71! 71<#$2:37#1!:8#,3!3E%!&#$*'>h!JE74!$%4%:$/E!:PP$#:/E!74!,4%'\!!!

• 3#!'%4/$78%!9:$7:8*%4m!• 3#!%X:271%!$%*:37#14E7P4!:2#1+!9:$7:8*%4m!• 3#! '%3%$271%! /:,4%W:1'W%<<%/3! 713%$:/37#14! 8%3&%%1! 9:$7:8*%4>s! iO,$14! l!

]$#9%!5NNI\5Bj!!

S%!1#37/%!3E:3!T,:1373:379%!$%4%:$/E!,4%4!1,28%$4!:1'!43:37437/4>!JE%!<#/,4! 71!3E74!3KP%!#<!$%4%:$/E!74!#1!3E%!/#13$#*!#<!:**!3E%!/#2P#1%134[!:/37#14!:1'!P$%4%13:37#14!#<!3E%!P:$37/7P:134>!JE,4!3E%!<#/,4!74!#1!3E%!9:$7:8*%4>!.!9:$7:8*%!74!:!/#2P#1%13!#<!3E%! PE%1#2%1#1! 3E:3! 74! 43,'7%'>! "#$! %X:2P*%! &%! /#,*'! '%/7'%! 3#! 43,'K! 3E%!<#**#&71+! 3#P7/\! l0//&/,6#) +R) 6&./%'1#) 9#%"'#".) /+T%"6.) #a9#%"'&'() S%.#6)#6,1%/&+'Mm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d#,! 4E#,*'! :*4#! E:9%!01#&*%'+%!#<!/#2P,3%$!4#<3&:$%!3E:3!K#,!/:1!,4%!<#$!':3:!/:P3,$71+!:1'!:1:*K474>!!?3!74!1#3%'!3E:3!3E%$%!:$%!:4P%/34!$%*:3%'!3#!3E%!T,:1373:379%!P:$:'7+2[!:1'!3E%4%!:$%!<,**K!'74/,44%'! 71!6E:P3%$!L>!JE%4%! 71/*,'%!'7<%$%13!$%4%:$/E!'%47+14! i%XP%$72%13:*!:1'!1#1W%XP%$72%13:*!'%47+14j[!:1'!EKP#3E%474!<#$2,*:37#1>!

!@]@]4! H:;=!WU!dX;QW=;=W^>!?>U>;?L:!<;?;RWST!O?!;<<?O;L:e!!

C/E#*:$4! E:9%! '%<71%'! 3E%! /#1/%P3! #<! T,:*73:379%! $%4%:$/E! 471/%! 3E%! 71/%P37#1! #<!4K43%2:37/!3E71071+!:8#,3!$%4%:$/E>!)$%4%13*K!&%!471+*%!#,3!#1*K!<#,$!'%<71737#14>!-> -#'f&') %'6) d&'1+9') JBKKE2CL! 43:3%! 3E:3! T,:*73:379%! $%4%:$/E! P:$:'7+2! 74!

f2,*372%3E#'! 71! <#/,4[! 719#*971+! :1! 713%$P$%379%[! 1:3,$:*7437/! :PP$#:/E! 3#! 734!4,8A%/3!2:33%$>h!!

5> \%".4%99)^)3+..8%') JCNNG2CL!'%<71%!T,:*73:379%! $%4%:$/E!:4!:!8$#:'!:PP$#:/E!3#! 3E%! 43,'K! #<! 4#/7:*! PE%1#2%1:>! ! JE%K! 43:3%! 3E:3! 734! 9:$7#,4! +%1$%4! :$%!1:3,$:*7437/[! 713%$P$%379%[! %3E1#+$:PE7/! :1'! 71/$%:471+*K! /$737/:*! ! :1'! 3E%K!'$:&!#1!2,*37P*%!2%3E#'4!#<!71T,7$K>!!

B> .//#$'71+! 3#! \#""&%8) JBKKI2IL! T,:*73:379%! $%4%:$/E! 74! :1! :PP$#:/E! &E7/E!$%/#+174%4! 3E:3!2%:171+! %2%$+%4! 3E$#,+E! 713%$:/37#1! :1'! 74! 1#3! 43:1':$'74%'!<$#2! P%$4#1! 3#! P%$4#1! :4! 71! T,:1373:379%! $%4%:$/E[! :1'! 3E,4! :**#&71+! 3E%!$%4%:$/E%$!3#!43,'K!744,%4!71!'%3:7*[!&73E#,3!P$%'%3%$271%'!/:3%+#$74%'!:1:*K474>!

G> !A"#.T#99) JCNNDL! '%<71%4! T,:*73:379%! $%4%:$/E! :4! :1! 71T,7$K! P$#/%44! #<!,1'%$43:1'71+!:!4#/7:*!#$!E,2:1!P$#8*%2[!8:4%'!#1!8,7*'71+!:!/#2P*%X[!E#*7437/!P7/3,$%! <#$2%'! &73E! &#$'4[! $%P#$371+! '%3:7*%'! 97%&4! #<! 71<#$2:134[! :1'!/#1',/371+!3E%!43,'K!71!:!1:3,$:*!4%3371+>!"$#2!3E%!:8#9%!'%<71737#14!&%!/:1!4:K!3E:3!T,:*73:379%!$%4%:$/E\!!

!• 74!1:3,$:*7437/!71T,7$K!• ,4%4! 1#1W713%$<%$71+! ':3:! /#**%/37#1! 43$:3%+7%4! 3#! '74/#9%$! 1:3,$:*! <*#&! #<!

%9%134!

!GB""

• '%4/$78%4! :1'! :1:*K4%4! P%#P*%R4! 71'797',:*! :1'! /#**%/379%! 4#/7:*! :/37#14[!8%*7%<4[!3E#,+E34[!:1'!P%$/%P37#14>!

• Y:4!':3:!!/#**%/3%'!8K!713%$:/371+!&73E!P%#P*%!!

S%[! 3E%$%<#$%[! '%<71%! T,:*73:379%! $%4%:$/E! P:$:'7+2! :4! :! P:$37/,*:$! .<<(3.:,! 3#! 71T,7$K[!8:4%'!#1!:!P:$37/,*:$!4%3!#<!:44,2P37#14!:8#,3!E#&!01#&*%'+%!74!P$#',/%'!:1'!:8#,3!3E%!1:3,$%! #<! $%:*73K! 734%*<>!S%! 3:0%! 3E%! P,$P#4%! #<! T,:*73:379%! $%4%:$/E! :4! 3#! ,1'%$43:1'! 3E%!4#/7:*! PE%1#2%1#1! <$#2! P:$37/7P:134R! P%$4P%/379%>! JE74! ,1'%$43:1'71+! 74! :/T,7$%'! 8K!:1:*K471+!3E%!2:1K!/#13%X34!#<!3E%!P:$37/7P:134!:1'!8K!1:$$:371+!P:$37/7P:134R!2%:171+4!<#$!3E%4%! 473,:37#14! :1'! %9%134>! ",$3E%$2#$%! 3E%4%!2%:171+4! 71/*,'%! <%%*71+4[! 8%*7%<4[! 7'%:*4[!3E#,+E34[!:1'!:/37#14>!!

!C727*:$*K[! 73! 74! :*4#! 1#3%'! 3E:3! 3E%$%! :$%! :4P%/34! $%*:3%'! 3#! 3E%! T,:*73:379%! P:$:'7+2[! :1'!3E%4%! :$%! <,**K! '74/,44%'! 71! 6E:P3%$! L>! JE%4%! 71/*,'%! '7<%$%13! $%4%:$/E! '%47+14! i%>+>!%3E1#+$:EK[! E743#$7/:*! $%4%:$/E[! /:4%! 43,'7%4j[! :1'! 744,%4! 3#! '#! &73E! P$#8:87*73K! :1'! 1#1WP$#8:87*73K! 4:2P*71+! P$#/%',$%4>! JE%! #3E%$! $%*:3%'! :4P%/34[! :PP*7/:8*%! 3#! 3E%! 3E$%%!P:$:'7+24! ,1'%$! '74/,447#1! i':3:! /#**%/37#14!2%3E#'4[! ':3:! /#**%/37#1! :1'! :1:*K474j! E:9%!$%/%79%'!',%!:33%137#1!71!6E:P3%$4!L[!;!:1'!-5>!!C,P%$974#$4! E:9%! #84%$9%'! 3E:3! 3E%! 2#43! <$T,%13*K! ,4%'! P:$:'7+2! 8K! #P%1! :1'! '743:1/%!*%:$171+!43,'%134!74!3E%!T,:*73:379%!PP$#:/E>!?3!2:K!8%!,4%<,*!<#$!K#,!3#!<:27*7:$74%!K#,$4%*<!&73E!4#2%!#<!3E%!:'9:13:+%4!:1'!'74:'9:13:+%4!#<!3E%!P:$'7+2[!:4!'74/,44%'!8%*#&>!!FMFMCMB)?/"#'(/4.)%'6)d&8&/%/&+'.)+R)V,%9&/%/&=#)3#.#%"14!

?1!3E74!4%/37#1!&%!'%4/$78%!3E%!43$%1+3E4!:1'!*7273:37#14!#<!T,:*73:379%!$%4%:$/E!3E:3!2:K!71<*,%1/%!'%/747#14!:8#,3!$%4%:$/E!'%47+1>!

1#!&'()*+',-!34!Y6.71'.'18)!"#.#%"14)!• ?44,%4!/:1!8%!%X:271%'!71!'%3:7*!:1'!'%P3E>!• JE%!$%4%:$/E%$! 74!1#3! $%43$7/3%'!3#!4P%/7<7/!T,%437#14!#$! *7434>! ?13%$97%&4!:$%! 71W

'%P3E!'74/,447#14!+,7'%'!8K!3E%!$%4%:$/E%$!3#!K7%*'!$%*%9:13!71<#$2:37#1>!• JE%! $%4%:$/E! <$:2%&#$0! :1'! '7$%/37#1! /:1! 8%! T,7/0*K! $%974%'! :4! 1%&!

71<#$2:37#1!%2%$+%4>!• Z%3E#'4! :$%! :':P3:8*%! <#$! ,4%! &73E! :! &7'%! $:1+%! #<! 4,8A%/34>! "#$! %X:2P*%[!

974,:*!$%P$%4%13:37#1!:1'!2:PP71+!%X%$/74%4!/:1!8%!'#1%!&73E!P%#P*%!&73E!*#&!*%9%*4!#<!*73%$:/K>!

• H:3:! /#**%/37#1! /:1! 8%! 2#$%! 71<#$2:*[! $%*:X%'[! :1'! <,1[! &E7/E! %1/#,$:+%4!4,8A%/34!3#!P:$37/7P:3%!71!3E%!$%4%:$/E>!

• D%4%:$/E! /:1! 8%! '#1%! &73E! :1! :1:*K37/:*! 271'! :*#1+! &73E! P%1! :1'! P:P%$>!6#2P,3%$!407**4!2:K!1#3!8%!1%%'%'>!

!11#!0121'.'13*-!34!Y6.71'.'18)!()-).(:,!

• H:3:! :$%! /#**%/3%'! <$#2! :! <%&! /:4%4! #$! 71'797',:*4[!&E7/E!2%:14! 3E:3! <71'71+4!/:11#3!8%!+%1%$:*7e%'!3#!3E%!*:$+%$!P#P,*:37#1>!

• D%4%:$/E!T,:*73K!74!E%:97*K!'%P%1'%13!#1!3E%!71'797',:*!407**4!#<!3E%!$%4%:$/E%$>!• D7+#,$!74!2#$%!'7<<7/,*3!3#!2:713:71[!:44%44[!:1'!'%2#143$:3%>!• JE%!9#*,2%!#<!':3:!2:0%4!:1:*K474!:1'!713%$P$%3:37#1!372%!/#14,271+>!• ?3!74!1#3!:4!&%**!,1'%$43##'!:4!T,:1373:379%!$%4%:$/E>!?3!74[!3E%$%<#$%[!#<3%1!2#$%!

'7<<7/,*3!3#!/#1971/%!#3E%$4!#<!3E%!72P#$3:1/%!#<!734!/#13$78,37#1>!!

!!G""

#L=W^W=V!@]8!:>!SE7/E! #<! 3E%! 3&#! P:$:'7+24! o! T,:*73:379%! :1'! T,:1373:379%W! 74!2#$%! /#22#1*K! ,4%'! 71!#P%1!:1'!'743:1/%!*%:$171+!43,'7%4U!!:>!SEK!'#!K#,!3E710!3E:3!74!3E%!/:4%U!!!JE%! T,:*73:379%! P:$:'7+2! 3%1'4! 3#! 8%! 2#$%! /#22#1*K! ,4%'>! JE%$%! :$%! P$#8:8*K! 2:1K!%XP*:1:37#14[!8,3!/%$3:71*K!#1%!#<!3E%2!74!3E:3!73!74!'7<<7/,*3!3#!4%3!,P!:1!%XP%$72%13!&73E!3E%!%XP%$72%13:*!:1'!/#13$#*!+$#,P4>!FXP%$7%1/%!E:4!4E#&1!3E:3!2:1K!43,'%134!P$%<%$!3#P7/4!71!&E7/E!3E%K!3$K!:1'!4#*9%!P$#8*%24!:3!3E%!&#$0P*:/%[!,4,:**K!,471+!/:4%!43,'7%4>!!S%!1#&!4E7<3!<#/,4!3#!3E%!3E7$'!P:$'7+2[!1:2%*K[!27X%'!2%3E#'!:PP$#:/E>!!@]@]6!":>!2Wc>R!2>=:OR!#<<?O;L:!SE%1!,471+!3E%!Z7X%'!Z%3E#'4!:PP$#:/E[!3E%!$%4%:$/E%$!a27X%4R!!

7> 8#3E! T,:1373:379%! :PP$#:/E! 3E:3! /#**%/34! 1,2%$7/! ':3:! i1,28%$4j[! :1'! T,:*73:379%!:PP$#:/E!3E:3!/#**%/34!3%X3!':3:!i&#$'4j!71!:!471+*%!43,'Km!:1'!

77> '7<<%$%13! ':3:! /#**%/37#1! 2%3E#'4[! &E7/E! %1:8*%! 3E%! $%4%:$/E%$! 3#! 4%%! 3E%! 4:2%!PE%1#2%1#1! <$#2! '7<<%$%13! P%$4P%/379%4! 71! #$'%$! 3#! ,1'%$43:1'! 3E%! P$#8*%2!2#$%! /#2P*%3%*K! i6$%4&%**[! 5NN;mH%14/#28%! 5NN-m! b#E14#1! l! @1&,%+8,e7%[!5NNGm!D#84#1[!5NNIm!Z:$%%[!5NN;j>!!

.*3E#,+E!T,:1373:379%!:1'!T,:*73:379%!:PP$#:/E%4!'7<<%$! 71!E#&!3E%K!://%44!01#&*%'+%!:1'!3E%! $%4%:$/E! T,%437#14! 3E%K! :''$%44[! 3E%K! :$%! /#2P*%2%13:$K! :1'! E%*P! P$#97'%! :! 2#$%!/#2P*%3%! :1:*K474! #<! 3E%! $%4%:$/E! P$#8*%2! iZ:$%%[! 5NN;j[! :1'! #<<%$! 3E%! 8%43! /E:1/%! #<!:14&%$71+!3E%!4P%/7<7%'!$%4%:$/E!T,%437#14>!!!?1! ,471+! 3E%!Z7X%'!Z%3E#'4! :PP$#:/E! #1%! %14,$%4! 3$7:1+,*:37#1! #<! 8#3E! T,:1373:379%! :1'!T,:*73:379%!2%3E#'4!:1'!':3:! 4#,$/%4! 71! :! 471+*%! 43,'K[! /#19%$+%1/%!:1'! /#$$#8#$:37#1!#<!$%4,*34! <$#2! 3E%! '7<<%$%13! 2%3E#'4! #1! 3E%! 4:2%! PE%1#2%1#1! iO#$+! :1'! ]:**[! -==Lm!6$%4&%**[!5NN;m!b#E14#1!l!@1&,%+8,e7%[!5NNGm!J:4E:00#$7!l!J%''*7%!71!Z:$%%[!5NN;j>!!!SE7*%!T,:1373:379%!:PP$#:/E!%1:8*%4!K#,!3#!*##0!<#$!$%*:37#14E7P4!8%3&%%1!3E%!9:$7:8*%4!:1'!+%1%$:*74%! $%4,*34! 3#! 3E%!2:71!P#P,*:37#1[! 3E%!T,:*73:379%!:PP$#:/E!%1:8*%4!K#,!3#!:/T,7$%!71W'%P3E!,1'%$43:1'71+!#<!$%4P#1'%134R!%XP%$7%1/%4!:1'!P%$/%P37#14!iZ:$%%[!5NN;j>!]79%1!3E:3!:**!$%4%:$/E!:PP$#:/E%4!E:9%!3E%7$!43$%1+3E4!:1'!*7273:37#14[!3E%!P$#8*%2!/#2%4!&E%1!K#,!$%*K!#1!A,43!#1%![!E%1/%!/#287171+!#$!3$7:1+,*:371+!3E%2!#<<%$4!:!2#$%!/#2P$%E%1479%!:PP$#:/E! 3#! <71'71+!:14&%$4! 3#! 3E%! $%4%:$/E!T,%437#14[!%4P%/7:**K! 471/%!2:1K!T,%437#14! 71!#P%1! :1'! '743:1/%! *%:$171+! :$%! /#2P*%X! :1'! /:11#3! 8%! %:47*K! :14&%$%'! ,471+! :! 471+*%!$%4%:$/E!2%3E#'>!JE%!'7<<%$%13!$%4%:$/E!2%3E#'4!#9%$*:P!4#2%&E:3[!:3!372%4!/#2P*%2%13!%:/E!#3E%$[!8,3!:$%!:*4#!/#13$:$K!:3!372%4>!JE74!E:4!3E%!%<<%/3!#<!8:*:1/71+!%:/E!2%3E#'!#,3!:1'!+7971+!:!$7/E%$!:1'!E#P%<,**K!:!'%%P%$!,1'%$43:1'71+!#<!3E%!PE%1#2%1#1>!JE%!'7<<%$%13!$%4%:$/E! 2%3E#'4! :3! K#,$! '74P#4:*! :$%! <,**K! '74/,44%'! 71! 6E:P3%$! L>! JE%! /#1/%P3! #<!'(1.*+67.'13*!&7**!8%!%X3%1'%'!8$7%<*K[!2:71*K!8%/:,4%!43,'%134!E:9%!%XP$%44%'!*:/0!#<!/*:$73K!:8#,3!73>!

!JE,$2#1'!i5NN-j!E:4!%XP*#$%'!3E%!9:$7#,4! 3KP%4!#<! 3$7:1+,*:37#1!43$:3%+7%4[!:1'! 71'7/:371+!&E%1!'7<<%$%13!3KP%4!#<!3$7:1+,*:37#1!4E#,*'!8%!,4%'!71!$%4%:$/E>!JE%!4/E#*:$!E:4!#84%$9%'!3E:3!2:1K! $%4%:$/E%$4! 43$79%! 3#! '%47+1! 43,'7%4! 3E:3! &7**! 1#3! #1*K! +79%! :!2,*37'72%147#1:*!P%$4P%/379%!#<!3E%!PE%1#2%1#1!i"#43%$[!-==;j!8,3!&7**!:*4#!P$#97'%!$7/E[!,187:4%'!':3:!3E:3!/:1! 8%! 713%$P$%3%'! &73E! :! /#2<#$3:8*%! '%+$%%! #<! :44,$:1/%! iO$%732:K%$[! .K$%4[! l! c1:<*[!

!!!""

-==Bm! b7/0[! -=;=j>!@1%! #<! K#,$! ,*372:3%! +#:*! :4! :! $%4%:$/E%$! 74! 3#! '%47+1! :! 43,'K! 3E:3! E:4!43$#1+! 713%$1:*!:1'!%X3%$1:*!9:*7'73K!:1'!$%*7:87*73K[!:!/#2P$%E%1479%!2,*37P%$4P%/379%!97%&!iO#K'[! 5NNNj[! :1'! P$#/%',$%4! 3#! '%/$%:4%! P#3%137:*! 87:4%4! &73E71! 3E%! $%4%:$/E! iZ73/E%**[!-=(Lm!CE7E[!-==(j>!@1%!&:K!3#!71/$%:4%!3E%!9:*7'73K[!43$%1+3E[!:1'!713%$P$%3:379%!P#3%137:*!#<!:! 43,'K[!'%/$%:4%! 719%437+:3#$!87:4%4[!:1'!P$#97'%!2,*37P*%!P%$4P%/379%4! 74! 3#!,4%!2%3E#'4!719#*971+! 3$7:1+,*:37#1! iH%1e71[! -=;Nj>! S%! 4E:**[! 3E%$%<#$%[! '%<71%! 2%3E#'#*#+7/:*!3$7:1+,*:37#1!:4!3E%!,4%!#<!3&#!#$!2#$%!'7<<%$%13!071'4!#<!2%3E#'4!71!:!471+*%!*71%!#<!71T,7$K>!.*3E#,+E! ,4%! #<! 2%3E#'4! '$:&1! <$#2! 8#3E! 3E%! 1:3,$:*! :1'! 3E%! 4#/7:*! 4/7%1/%4! $:74%4! :!1,28%$!#<!T,%437#14!:3!3E%!PE7*#4#PE7/:*!*%9%*[!4,/E!,4%!E:4!8%/#2%!*%+73727e%'!:4!#PP#4%'!3#!4%P:$:3742!i/<>!D74A#$'[!Z#*#1%K[!:1'!H,18:$!i5NN-j>!

!.//#$'71+!3#!O:$8#,$!i5NN-j!?1!4,2[!3$7:1+,*:37#1!74!:!4K43%2!#<!,471+!2,*37P*%!<#$24!#<!':3:!/#**%/37#1[! 4,/E! :4! <#/,4! +$#,P4[! #84%$9:37#1! :1'! 71W'%P3E! 713%$97%&4! 3#! 719%437+:3%! 3E%!PE%1#2%1#1!iO:$8#,$[!5NN-j>!J$7:1+,*:37#1!74!:*4#!01#&1!:4!/$#44W/E%/071+!#<!71<#$2:37#1!:1'! /#1/*,47#14! 3E$#,+E! 3E%! ,4%! #<! 2,*37P*%! P$#/%',$%4! #<! 4#,$/%4! i]#*:<4E:17[! 5NNB[!@9$%39%73[!-==(j>!SE%1!3E%!'7<<%$%13!P$#/%',$%4!#$!4#,$/%4!:$%!71!:+$%%2%13!K#,!E:9%!&E:3!&%!/:**! /#$$#8#$:37#1>! !J$7:1+,*:37#1!/:1!8%!'#1%!:3!'7<<%$%13! *%9%*4>!-%/%) /"&%'(,9%/&+'! 74!3E%!,4%!#<!2,*37P*%!':3:!4#,$/%4!3#!E%*P!,1'%$43:1'!:!PE%1#2%1#1>!\#/4+6.)/"&%'(,9%/&+'!74!3E%!,4%!#<!2,*37P*%!$%4%:$/E!2%3E#'4!3#!43,'K!:!PE%1#2%1#1>!X'=#./&(%/+")/"&%'(,9%/&+'!74!3E%!,4%!#<!2,*37P*%! 719%437+:3#$4!i7>%>[!2,*37P*%!$%4%:$/E%$4j! 71!/#**%/371+!:1'!713%$P$%371+!3E%! ':3:>! <4#+":) /"&%'(,9%/&+'! 74! 3E%! ,4%! #<! 2,*37P*%! 3E%#$7%4! :1'! P%$4P%/379%4! 3#! E%*P!713%$P$%3!:1'!%XP*:71!3E%!':3:!i_,38%:2[!5NNLj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

• JE%! <7$43! *%44#1! #$! #84%$9:37#1! 74! 3E:3! 3E%!2:A#$73K! #<! ,1'%$+$:',:3%! P$#A%/34! :1'!2:43%$R4!'744%$3:37#14!3%1'!3#!,4%!2%3E#'4!&73E#,3!$%:**K!3:071+!372%!3#!2:3/E!3E%!P$#8*%2!3#!8%!43,'7%'!&73E!3E%!:PP$#P$7:3%!$%4%:$/E!2%3E#'4>!!

• S%!E:9%!1#37/%'!3E:3!/:1'7':3%4!4%%2!3#!/E##4%!$%4%:$/E!2%3E#'4!<:27*7:$!3#!3E%2!:1'!1#3!8:4%'!#1!3E%!4P%/7<7/!P$#8*%2!:3!E:1'>!?3!&#,*'!4%%2!3E:3!2#43!/:1'7':3%4!'#!1#3! ,1'%$43:1'! 3E:3! 3E%K! 4E#,*'! /E##4%! :!2%3E#'! 3E:3! 74! :PP$#P$7:3%! 3#!&E:3!3E%K!:$%!3$K71+!3#!<71'!#,3>!!

• S%! E:9%! *%:$1%'! 3E:3! 2#43! /:1'7':3%4! '#! 1#3! 4%%! T,:1373:379%! :1'! T,:*73:379%!$%4%:$/E!2%3E#'4!:4!/#2P*%2%13:$K>!.4!4,/E!&%!E:9%!1#37/%'!3E:3!#,$!/:1'7':3%4!$:$%*K! 3:*0! #<! P$:+2:3742! #$! 27X%'! 2%3E#'4! :PP$#:/E>! ?3! &#,*'! 4%%2! 3E:3! #,$!/:1'7':3%4! 472P*K! 3E710! #<! T,:1373:379%! #$! T,:*73:379%! 2%3E#'4! :4! 3E%K! &$73%!P$#P#4:*4!<#$!3E%7$!3E%474>!!

• Z#43! ZPE7*! :1'! H)E7*! /:1'7':3%4! '#! 1#3! ,1'%$43:1'! 3E%! PE7*#4#PE7%4! 8%E71'!T,:1373:379%!:1'!T,:*73:379%!$%4%:$/E!P:$:'7+24[!:1'!E#&!3E%K!:<<%/3!3E%!T,:*73K!#<!3E%7$! 3E%474>! ?3! &#,*'! 4%%2! 3E:3! 2#43! #<! #,$! /:1'7':3%4! '#! 1#3! $%:'! :8#,3!PE7*#4#PE7/:*! 744,%4! 71!$%4%:$/E!4,/E!/#1/%P34!#<!P#47379742!:1'! 713%$P$%379742!:1'!E#&!3E%K!E%*P!3E%2!3#!/#2%!,P!&73E!3E%!:PP$#P$7:3%!$%4%:$/E!2%3E#'#*#+K>!!

!!#""

• JE#4%! 43,'%134! &E#! $%:'! :8#,3! PE7*#4#PE7%4! *70%! P#47379742! :1'! :137WP#47379742[!3%1'! 3#!2%$%*K! '74P*:K! 3%X3##0! 01#&*%'+%[!&73E#,3! *71071+! 4,/E! 01#&*%'+%! 3#! 3E%!43,'K!:3!E:1'>!

!@]D! +XTT;?V!?1!3E74!/E:P3%$!&%\!

• %*,/7':3%'!71',/379%!:1'!'%',/379%!$%:4#171+!:1'!3E%7$!47+17<7/:1/%!3#!:!+79%1!43,'K>!!• JE74!&:4!<#**#&%'!8K!:1!%XP*:1:37#1!#!&E:3!:!EKP#3E%474!74>!!• FX:2P*%4%!#<!3KP%4!#<!EKP3E%4%4!&%$%!+79%1>!• S%!P$%4%13%'!:!8$7%<!://#,13!#<!3E%!T,:1373:379%[! !T,:*73:379%[!:1'!27X%'!2%3E#'4!

$%4%:$/E!P:$:'7+24!:1'!PE7*#4#PE7%4>!!• FX3%1'%'!%XP*:1:37#1!#<!3$7:1+,*:37#1!&:4!+79%1>!!• JE%! T,:*73:379%! P:$:'7+2! 74! /#22#1*K! ,4%'! 71! 2:1K! #P%1! :1'! '743:1/%! *%:$171+!

43,'7%4[!&E7/E!4,P%$974#$4!E:9%!/#2%!:/$#44>!?1!3E%!'74/,447#1[!&%!+:9%!:'9:13:+%4!:1'!*7273:37#14!#<!3E%!P:$'7+2>!

!.>[>?>NL>U!O:$8#,$[!D>!i5NN-j>!F',/:37#1!:1'!'%8:3%>!U(1'1-,!Q)/1:.7!X36(*.7!B55!i;5=Gj\!---IW---;>!!O$%732:K%$[! O>b>[! .K$%4[! Q>[! l! c1:<*[! c>.>! i-==Bj>! J$7:1+,*:37#1! 71! T,:*73:379%! $%4%:$/E\!F9:*,:37#1! #<! /#2P*%3%1%44! :1'! /#1<7$2:37#1! P,$P#4%4>! ?2:+%\! b#,$1:*! #<! _,$471+!C/E#*:$4E7P[!5I[!5B;W5GB>!!O,$14! _[! :1'! ]$#9%! C>c>! i5NNIj! R,)! >(.:'1:)! 34! d6(-1*+! 9)-).(:,B! C3*/6:'F! C(1'1Y6)F! .*/!M'171g.'13*!iI3E!F'>j>!C3>!Q#,74[!F*4%97%$!C:,1'%$4!

!!

6$%4&%**[! b#E1! S>! i5NNBj! @)-1+*1*+! .*/! C3*/6:'1*+! Q1O)/! Q)',3/-! 9)-).(:,! 51'! %'!JE#,4:1'!@:04!Q#1'#1!C:+%!!6$%4&%**[! b>S>! i5NN;j>! 9)-).(:,! @)-1+*B! 56.71'.'18)F! 56.*'1'.'18)! .*/! Q1O)/! Q)',3/-!

! A<<(3.:,)-#!S$*/)/*#T#!JE#,4:1'!@:04\!C.]F>!!H%14/#28%[!Z>!i5NN-j>!R,)![33/!9)-).(:,![61/)!43(!&2.77L&:.7)!&3:1.7!>(3Z):'-#!!

O,/071+E:2\!@P%1!`179%$473K!)$%44>!!!H%1e71[! _>c>! i-=;Nj>! JE%! $%4%:$/E! :/3\! .! 3E%#$%37/:*! 713$#',/37#1! 3#! 4#/7#*#+7/:*!2%3E#'4>!6E7/:+#\!.*'71%>!!H%1e71[!_>c>!:1'!Q71/#*1[!d>C>i-==Gj!W.*/D33K!34!Y6.71'.'18)! ()-).(:,>! JE#,4:1'!@:04[!6.\!C:+%!!!]#*:<4E:17[! _>! 5NNB>! `1'%$43:1'71+! $%*7:87*73K! :1'! 9:*7'73K! 71! T,:*73:379%! $%4%:$/E>! R,)!56.71'.'18)!9)<3(!(!iGj\!I=;WLN;>!!!Y::4%[!b>!l!ZK%$4[!C>!i-=((j!D%/#1/7*71+!P:$:'7+2!:44,2P37#14!#<!T,:*73:379%!l!T,:1373:379%!$%4%:$/E!S%43%$1!X36(*.7!34!d6(-1*+!9)-).(:,!-Ni5j[!-5(W-B;!

!!

!!$""

b7/0[! J>H>! i-=;=j>! Z7X71+! T,:*73:379%! :1'! T,:1373:379%! 2%3E#'4\! J$7:1+,*:37#1! 71! :/37#1>!.'271743$:379%!C/7%1/%!V,:$3%$*K[!5G[!LN5WL-->!!b#E14#1! D>O>! :1'! @1&,%+8,e%! .b>i! 5NNGj!Z7X%'!2%3E#'4! $%4%:$/E\! .! $%4%:$/E! P:$:'7+2!&E#4%!372%!E:4!/#2%>!V/6:.'13*.7!9)-).(:,)(>!5NNGmBB\-Go5L!!!!c,E1[!J>! i-=;Nj!R,)!&'(6:'6()!34!&:1)*'141:!9)8376'13*-!51'!%'1!`179%$473K!#<!6E7/:+#!)$%44[!6E7/:+#!!Q%971[!H>!Z>!-=((>!R,)!3<)*1*+!34!81-13*B!d1,171-2!.*/!',)!<3-'23/)(*!-1'6.'13*>!Q#1'#1\!D#,3*%'+%!

!Q71/#*1[!d>C>!:1'!],8:[!F>]>!i-=(Ij!_:3,$:*7437/!?1T,7$K>!JE#,4:1'!@:04[!6:*7<>\!C:+%!!Z:$%%[!c>i%'>j>!i5NN;j>!_1(-'!&')<-!1*!9)-).(:,>!)$%3#$7:\!9:1!C/E:70>!!!

!Z%$$7:2[! C>O>! i-==(j! 56.71'.'18)! 9)-).(:,! .*/! C.-)! &'6/N! A<<71:.'13*-! 1*! V/6:.'13*>! C:1!"$:1/74/#\!b#44%KWO:44!!!Z73/E%**[!F>C>!i-=(Lj>!Z,*37P*%!3$7:1+,*:37#1\!.!2%3E#'#*#+K!<#$!1,$471+!4/7%1/%>!.'9:1/%4!71!_,$471+!C/7%1/%[!(iBj[!-(W5L>!!Z,1E:**[! )>! i-=(5j! _,$471+! PE7*#4#PEK! l! 1,$471+! $%4%:$/E! 71! :PP#4737#1! #$! #PP#4737#1U!d6(-1*+!9)-).(:,!B-iBj[!-;LW-;;[-(-!! !_,38%:2[!H>[!:1'!.>!O:,2:1>!i5NNLj>!V8.76.'13*!1*!.!*6'-,)77>!_#$3E!DK'%\!Z/]$:&WY7**>!!D74A#$'[!Z>[!Z#*#1%K[!Z>[! :1'!H,18:$[! C>! i5NN-j>! aZ%3E#'#*#+7/:*! J$7:1+,*:37#1! 71!_,$471+!D%4%:$/ER>!>,173-3<,N!34!',)!&3:1.7!&:1)*:)-F!B-[!GN!WI=>!!D#84#1[!6>!i5NNIj>!R,)!9).7!\3(7/!i51'%'1>j>!@X<#$'\!O*:/0&%**>!!D#442:1[! ]>O>[! :1'! D:**74[! C>">i5NNBj! Q%:$171+! 71! 3E%! "7%*'\! .1! ?13$#',/37#1! 3#! V,:*73:379%!D%4%:$/Ei!51'!!%'>j!JE#,4:1'!#:04[!6.\C:+%!!!CE7E[!">b>!i-==(j>!J$7:1+,*:37#1!71!1,$471+!$%4%:$/E\!?44,%4!#<!/#1/%P3,:*!/*:$73K!:1'!P,$P#4%>!b#,$1:*!#<!.'9:1/%'!_,$471+[!5(iBj[!LB-WLG->!!JE,$2#1'[! M>.>! ! i5NN-j>! aJE%! )#713! #<! J$7:1+,*:37#1R>! X36(*.7! 34! d6(-1*+! &:,37.(-,1<F! BB\B!P>5IBW5I(>!!!!!!!!!!

!!%""

!),#-"&.!C!

!.&+&#.),!1&+35*+!!

D%,8%1!J4E,2:!i$%,8%134E,2:-tK:E##>/#>,0j!

:1'!@17:4!Z:<:!

i#17:42:<:t+2:7*>/#2j!#YU=?;L=!

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d#,!1%%'!3#!E:9%!:!+$#,1'%'!,1'%$43:1'71+!#<!$%4%:$/E! '%47+14! 3#! 4%*%/3! 3E%!2#43! :PP$#P$7:3%! #1%! <#$! K#,$! 43,'K>! JE%! P$%4%13! /E:P3%$!4%$9%4!:4!$%<%$%1/%!P#713!<#$!6E:P3%$!--[!&E7/E!'%:*4!&73E!$%4%:$/E!2%3E#'#*#+K>!.//#$'71+!3#!Z:$%%! i5NN;j! 3E%$%! :$%! 3E$%%! $%/#+174%'! :PP$#:/E%4! <#$! 3E%!P$#/%',$%4! #<! /#1',/371+!$%4%:$/E\! dX;N=W=;=W^>7! dX;QW=;=W^>! :1'!TWc>R! T>=:ORU! ;<<?O;L:>U! i:*4#! $%<%$$%'! 3#! :4!=?W;NSXQ;=WONj>!JE%4%!:$%!'74/,44%'!71!'%P3E!71!6E:P3%$!I>!d#,$!PE7*#4#PE7/:*!#$7%13:37#1!#$!3KP%!#<!01#&*%'+%!K#,!4%%0!&7**!+,7'%!3E%!/E#7/%!#<!$%4%:$/E!2%3E#'4!:1'!'%47+14[!:1'!3E%!$%*:3%'!4:2P*71+!3%/E17T,%4!:1'!':3:!/#**%/37#1!43$:3%+7%4>!JE%!/E:P3%$!&7**!#,3*71%!4#2%!#<!3E%! *%44#14! :8#,3! $%4%:$/E! '%47+14[! &E7/E! 3E%! :,3E#$4! E:9%! +*%:1%'! #9%$! 3E%! K%:$4! #<!4,P%$97471+!'744%$3:37#14>!!!C]4!'Ya>L=W^>U!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!

• '%4/$78%!3E%!'7<<%$%13!$%4%:$/E!'%47+14m!• /#2P:$%!:1'!/#13$:43!4727*:$737%4!:1'!'7<<%$%1/%4!3E:3!%X743!71!3E%!$%4%:$/E!'%47+14m!• 7'%137<K!:'9:13:+%4!:1'!'74:'9:13:+%4!#<!,471+!%:/E!$%4%:$/E!'%47+1!71!#1%R4!43,'Km!• %XP*:71!9:$7#,4!4:2P*71+!3%/E17T,%4!:PP*7/:8*%!3#!%:/E!#<!3E%!$%4%:$/E!'%47+14m!• +79%!:1!://#,13!#<!3E%!':3:!/#**%/37#1!43$:3%+7%4m!!• 4%*%/3!3E%!2#43!:PP$#P$7:3%!$%4%:$/E!'%47+1!<#$!K#,$!$%4%:$/E!43,'Km!:1'!• 72P*%2%13! +##'! P$:/37/%! <$#2! 3E%! %XP%$7%1/%! #<! 4,P%$974#$4! 71! 4,P%$97471+!

'744%$3:37#14>!!C]6!":>!.>U>;?L:!1>UWSN!.! $%4%:$/E! '%47+1! 74! :! P*:1! #$! 43$:3%+K! &E7/E! 2#9%4! <$#2! 3E%! ,1'%$*K71+! PE7*#4#PE7/:*!:44,2P37#14!3#!4P%/7<K71+!3E%!4%*%/37#1!#<!$%4P#1'%134[!3E%!':3:!+:3E%$71+!3%/E17T,%4!3#!8%!,4%'!:1'!3E%!':3:!:1:*K474!3#!8%!'#1%!iZ:$%%[!5NN;j>!!J:K*#$! i5NNNj! '%<71%4! $%4%:$/E! '%47+14! :4! /#143$,/3%'! P*:14! :1'! 43$:3%+7%4! 3E:3! :$%!'%9%*#P%'! 3#! 4%%0! :1'! '74/#9%$! :14&%$4! 3#! $%4%:$/E! T,%437#14>! .//#$'71+! 3#! ]%*#! %3! :*>!i5NN(j[! :! $%4%:$/E! '%47+1! 74! 3E%! P*:1! #<! :/37#1! #$! 43$,/3,$%[! &E7/E! *7104! 3E%! PE7*#4#PE7/:*!

!!&""

<#,1':37#14! :1'! 3E%! 2%3E#'#*#+7/:*! :44,2P37#14! #<! :! $%4%:$/E! :PP$#:/E! 3#! 734! $%4%:$/E!2%3E#'4>!"7+,$%!L>-!74!7**,43$:379%>!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!C3:$371+!P#713!#<!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!3E%#$K!3%4371+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!3N[>?>NL>!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1>RXL=WON!!

!!!

!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! C3:$371+!P#713!#<!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 3E%#$K!8,7*'71+!!(WSX?>!C]/!":>!QOSWL!O[!=:>!?>U>;?L:!<?OL>UU!! !!!?3! /:1[! 3E%$%<#$%[! 8%! :$+,%'! 3E:3! 3E%! $%4%:$/E! '%47+1! 74! :! 4K43%2:37/! :$$:1+%2%13! #<!P$#/%',$%4!:1'!2%3E#'4!,4%'!',$71+!:!43,'K[!:1'!4%34!3E%!*#+7/!8K!&E7/E!$%4%:$/E%$4!2:0%!713%$P$%3:37#14!:3!3E%!%1'!#<!3E%7$!43,'7%4!3#!:9#7'!:!E:PE:e:$'!:PP$#:/E>!!!C]8!":>!?;NS>!O[!?>U>;?L:!R>UWSNU!J7/E:P#1'&:! i5N-N[! P>-;-j[! 4,PP#$3%'! 8K! #3E%$! 4/E#*:$4! i%>+>! _:7',[! 5NNGm!Z74E$:[! -==(m!O%$+%!:1'!Z$#e#&407[!5NNGj!4,22:$74%'!<#,$!'%47+14!:3!3E%!$%4%:$/E%$R4!'74P#4:*!:4!<#**#&4!i$%<%$!3#!3:8*%!L>-j>!!";YQ>!C]/! "V<>U!O[!?>U>;?L:!R>UWSNU!.>U>;?L:!1>UWSN! -OUW=W^>!(>;=X?>U! *>S;=W^>!(>;=X?>U!1>UL?W<=W^>\! ! /#**%/37#1! :1'!$%P#$371+! #<! ':3:! #1!#$+:17e:37#14[! P$#+$:22%4!:1'!P$#/%44%4>!

6#2P$74%4! 9:*7'! :1'! $%*7:8*%!':3:m! $%9%:*4! 3$%1'4m!711#9:379%! :1'! /E:$34! 1%&!'7$%/37#14m! /#13$78,3%4! 3#!&E:3! 74! :*$%:'K! 01#&1m! E:4!9:*7':3%'! 2%:4,$%2%13!3##*4>!

!

!

J%**4! 1#3E71+! 1%&m! 472P*K!$%P#$34! &E:3! &:4! '#1%! :1'!&EKm! 8#$71+m! 1#3E71+!/$%:379%! #$! :28737#,4! :8#,3!3E%! '%4/$7P37#1m! $,'%*K!'%9%*#P%'!!7143$,2%134>!

!

N83;->"

T3L"N83;->"

YI:94/.,4;<+"E;-":-;:;+4,4;<"

)<.9>+3"=.,."

S3539;:"I3.+D-3+?"+.I:93"3,/"

Z;993/,"S.,."

M-;:;+4,4;<"

!!'""

);U>! +=XRVF! 71W'%P3E! 43,'K!#<! #1%! P$#A%/3[! #$! #1%!4,8A%/3[! P$%4%13%'! 71!1:$$:379%!<#$2>!

Y:4! :! /E:$:/3%$[! 3#3:*73K! :1'!:! /*%:$! 8#,1':$Km! $%<*%/34!4#2%! ,173K! 71! 3E%!PE%1#2%1#1! 8%71+!$%P#$3%'m! 4%%04! P:33%$14[!$%+,*:$73K[! :1'! /#22#1:*73K!71!3E%!43,'K>!

!

_:$$:3%4!:!43#$Km!'#%4!1#3!+#!8%K#1'! '$K! '%4/$7P37#1m!8#$71+m! 1#3! 711#9:379%m! 1#!/$737/:*! :1:*K474m! /$,'%*K!'%9%*#P%'!7143$,2%134>!

)O??>Q;=WONF! 719#*9%4!/#**%/371+! ':3:! 3#! '%3%$271%!&E%3E%$[!:1'!3#!&E:3!%X3%13!:!$%*:37#14E7P!%X7434!8%3&%%1!3&#!#$!2#$%!9:$7:8*%4>!!

!

D%9%:*4! :! /*%:$! $%*:37#14E7Pm!P$#97'%4! :1! %4372:37#1! #<!E#&! $%*:3%'! 3E%! 3&#!9:$7:8*%4!:$%>!

Z:71*K! '%4/$7P379%! :1'!1:$$:379%m! ':3:! /#**%/3%'!,471+! /$,'%*K! '%9%*#P%'!7143$,2%134!

&c<>?WT>N=;QF! 3%434!EKP#3E%474! /#1/%$171+! /:,4%!:1'!%<<%/3!#<!#1%!9:$7:8*%!#1!:1#3E%$>!

Z:17P,*:3%4! 3E%!71'%P%1'%13! ! 9:$7:8*%! 3#!'%3%$271%! 734! %<<%/3! #1! 3E%!'%P%1'%13!9:$7:8*%m!4,8A%/34!:$%!:447+1%'!3#!%XP%$72%13:*!:1'! /#13$#*! +$#,P4m!4K43%2:37/! 4%*%/37#1! #<!4,8A%/34!3#!%*7271:3%!87:4>!

!

`4%! #<! /$,'%*K! '%9%*#P%'!7143$,2%134m! P##$! /#13$#*m!'%4/$7P379%!P$%4%13:37#1>!

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i4j! 3#! ,4%!&73E71! :! +79%1! 43,'K>! J$K! :1'! 713%$1:*7e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

• JE%! '%4/$7P379%! 4,$9%K! '%47+1! '%4/$78%4! &E:3! &%! 4%%[! E%1/%! $%9%:*4! 3E%! :/3,:*!P7/3,$%!#<!:!473,:37#1!3E$#,+E!3E%!%2%$+71+!3$%1'4!<$#2!3E%!43,'K!iQ%%'K[!-==;j>!!

!!(""

• JE%! '%4/$7P379%! 4,$9%K! $%4%:$/E! '%47+1! %1:8*%4! 3E%! $%4%:$/E%$! 3#! #83:71! 71W'%P3E!71<#$2:37#1[!&E7/E!/:1!8%!,4%'! 3#! <:/7*73:3%! 3E%!+%1%$:*74:37#1!#<!#1%R4! <71'71+4! 3#!3E%!*:$+%$!P#P,*:37#1!iZ:$%%[!5NN;m!O#$+!l!]:**[!-==Lj>!!

• SE%1!,471+!3E%!'%4/$7P379%!4,$9%K!'%47+1[!3E%!$%4%:$/E%$!1%%'4!3#!$:1'#2*K!4%*%/3!#$! 4:2P*%! :! 42:**! +$#,P! #<! $%4P#1'%134! &73E71! 3E%! P#P,*:37#1! &E#! E:9%! 3E%!/E:$:/3%$7437/4!3E:3!:$%!7'%137/:*!3#!3E%!*:$+%$!P#P,*:37#1!<$#2!&E7/E!73!74!4%*%/3%'>!!!

D%4%:$/E%$4! ,471+! 3E%! '%4/$7P379%! 4,$9%K! 3$K! 3#! 8%! :4! #8A%/379%! :4! P#4478*%[!2%:171+! 3E:3!3E%K!&74E!3#!'%9%*#P!:1!,1'%$43:1'71+!#<!3E%!&#$*'!:4!73!74!a#,3!3E%$%R[!71'%P%1'%13!#<!3E%7$!P%$4#1:*! 87:4[! 9:*,%4! :1'! 7'7#4K1/$:37/! 1#37#14>! J#! :/E7%9%! 3E74! #8A%/37973K[! 3E%! $%4%:$/E%$!1%%'4! 3#! 8%! P%$4#1:**K! 6#/%14#6) R"+8! 3E#4%! 8%71+! 43,'7%'! 3E$#,+E! ,471+! #8A%/379%!7143$,2%134! 4,/E! :4! 43:1':$'74%'! T,%437#11:7$%4[! #84%$9:37#1! 4/E%',*%4[! :1'! 713%$97%&!+,7'%4! 3#! /#**%/3!':3:! iO#$+!l!]:**[! -==Lm!Z:$%%[!5NN;j>! JE%! 4,$9%K!T,%437#11:7$%4! /#**%/3!$%4P#1'%134R!P%$/%P37#14!#1!3E%!PE%1#2%1#1!,1'%$!43,'K!3E$#,+E!43$,/3,$%'!/*#4%'W%1'%'!73%24[!#$!T,%437#14!&73E!P$%W'%3%$271%'!2,*37P*%W/E#7/%!$%4P#14%4!:1'!,143$,/3,$%'!#P%1W%1'%'!T,%437#14>!!!"#$!P,$P#4%4!#<!:1:*K471+!'%4/$7P379%!':3:[!4%%!'74/,447#1!71!6E:P3%$!;!:1'!6E:P3%$!-5!#<!3E%!9#*,2%>!!!C]C!":>!);U>!+=XRV!1>UWSN!JE%! 3%$2! 1%.#) ./,6:! 74! #<3%1! 3:0%1! 3#!8%! 4K1#1K2#,4!&73E!T,:*73:379%!2%3E#'4>! J#! 43,'K!a/:4%4R! 4%%24! 3#! 72P*K! *##071+! ,P! /*#4%*K! :1'! 8%71+! '$:&1! 713#! 3E%! &#$*'! #<! :*3%$1:379%!P%$/%P37#14!:1'!'7<<%$%13! 97%&4!:8#,3! /#22#1!:1'! 4E:$%'! 3:404!:1'!&#$0P*:/%! /#13%X34>!.//#$'71+!3#!6$%4&%**!i-==Gj!i/73%'!71!Q%%'K[!-==;j!3E%!<#**#&71+!:$%!/E:$:/3%$7437/4!#<!:!/:4%!43,'K!'%47+1\!!

• :!3KP%!#<!T,:*73:379%!$%4%:$/E!71!&E7/E!3E%!$%4%:$/E%$!%XP*#$%4!:!471+*%!%1373K!#$!/:4%!&73E71!734!$%:*!*7<%!/#13%X3[!8#,1'%'!8K!372%!:1'!:/37973Km!

• /#**%/34!'%3:7*%'!71<#$2:37#1!3E$#,+E!:!9:$7%3K!#<!':3:!/#**%/37#1!P$#/%',$%4!',$71+!:!/%$3:71!P%$7#'!#<!372%m!

• 3E%! '%47+1! 74! 8:4%'! #1! :! 1:3,$:*7437/! :PP$#:/E! &E%$%! 3E%! $%4%:$/E%$! '%9%*#P4! :!/#2P*%X[! E#*7437/! P7/3,$%[! :1:*K4%4! '#/,2%134[! '%3:7*%'! 97%&4! #<! 71<#$2:134! :1'!/#1',/34!3E%!43,'K!71!734!1:3,$:*!4%3371+!i6$%4&%**[!5NN;m!H%1e71!l!Q71/#*1[!-==Gjm!

• '%:*4!&73E!/#13%2P#$:$K!%9%134!:1'!74!/#1/%$1%'!&73E!E#&!:1'!&EK!3E71+4!E:PP%1m!• 43$79%4!3#!P$#97'%!97/:$7#,4!<%%*71+!#<!a8%71+!3E%$%!R!&73E71!734!$%:*!*7<%!/#13%X3!3#!3E%!

$%:'%$!iQ%%'K[-==Bm!.1'%$4#1[!-==Bjm!• :!,173!#<!E,2:1!:/37973K!%28%''%'! 71! 3E%!$%:*!&#$*'!&E7/E!/:1!#1*K!8%!43,'7%'!#$!

,1'%$43##'! 71! 3E:3! /#13%X3>! JE74! 72P*7%4! 3E:3! :! /:4%! /:1! 8%! :! 471+*%! 71'797',:*[! :!+$#,P! 4,/E! :4! :! <:27*K! #$! :1! 714373,37#1! 4,/E! :4! :! 4/E##*!#$! :! /#22,173K! *70%*K! 3#!E:9%!:1!7'7#4K1/$:37/!4%3!#<!9:*,%4[!<%%*71+4!:1'!8%*7%<4!3E:3!/:1!#1*K!8%!'74/#9%$%'!3E$#,+E!713%1479%[!713%$:/379%!43,'K!#<!3E:3!71'797',:*!%1373Km!

• 73! 74!2:71*K!T,:*73:379%!71!1:3,$%[!74!:!471+*%!%1373K!*70%!:!/*:44$##2[!:!P$#+$:22%[!:!/#,$4%[!#$!:1!714373,37#1m!:1'!

• !74! /#1<71%'! 3#!:!P%$7#'!#<! 372%[!%2P*#K4!2,*37P*%!':3:! /#**%/37#1! 3%/E17T,%4[! /:**4!<#$!3E%!$%4%:$/E%$R4!PEK47/:*!P$%4%1/%!:1'!4%%04!3#!%XP*:71!/,$$%13!PE%1#2%1:>!!

!D%:'!3E74!71!/#1A,1/37#1!&73E!J:8*%!L>-!:8#9%>!!?<! :4!:! $%4%:$/E%$[! K#,!/E##4%! 3E%!/:4%! 43,'K!'%47+1[! K#,!E:9%! 3#!97473! 3E%! $%4P#1'%134!:3!3E%7$! 1:3,$:*! 4%3371+4! :1'! '#/,2%13! $%:*! %9%134[! $%/#$'! &E:3! 3E%K! 4:K[! #84%$9%! 3E%7$!

!!6""

8%E:97#,$! :4! 3E%K! :$%! 722%$4%'! 71! 3E%7$! 1:3,$:*! 4%3371+! #<! %9%$K':K! *7<%! 71! &E7/E! 3E%!P$#8*%2!,1'%$!43,'K! 74! <$:2%'>!JE74!&:K[!K#,!&7**!8%!:8*%!3#!$%/#+174%!4%9%$:*!1,:1/%4!#<!:3373,'%! :1'! 8%E:97#,$! 3E:3! 27+E3! %4/:P%! K#,! &E%1! ,471+! #3E%$! 2%3E#'4! iZ:$%%[! 5NN;m!_%,2:1[!-==;j>!JE%!2:71!:'9:13:+%!#<!:!/:4%!43,'K! 74! 734!:87*73K! 3#!P$#8%!'%%P*K[!:1:*K4%!713%1479%*K! :1'! +%3! :1! 71W'%P3E! :1'! '%3:7*%'! ,1'%$43:1'71+! #<! 3E%! PE%1#2%1#1! ,1'%$!$%97%&[! i6#E%1! l! Z:17#1[! -==Gm! 6#E%1[! Z:17#1! l! Z#$$74#1[! 5NNLm! 6$%4&%**[! 5NN;m!H%14/#28%[!5NN-m!S722%$!71!Z:$%%[!5NN;j>!JE74!&:K[!:4!:!$%4%:$/E%$!K#,!:$%!:8*%!3#!$%3:71!3E%!E#*7437/! :1'!2%:171+<,*! /E:$:/3%$7437/4!#<! $%:*! *7<%! 473,:37#1! 3E:3!%1:8*%! K#,! 3#!:1:*Ke%!3E%!/#13%X3!71!&E7/E!3E%!$%4P#1'%134!#P%$:3%!71!:''737#1!3#!3E%7$!$%4P#14%4!id71[!5NNBj>!!?1!/E##471+!3E%!/:4%!43,'K[!K#,$!$%P#$371+!4K43%2!&7**!%73E%$!8%!1:$$:379%!#$!'%4/$7P379%!#<!$%:*!%9%134!3E$#,+E!1#3%W3:071+!:1'!:,'7#!3:P71+!'%97/%4!#<!&E:3!P%#P*%!4:7'!:1'!#84%$971+!:1'!'#/,2%1371+!3E%!8%E:97#,$!#<!P:$37/7P:134!iZ:$%%[!5NN;m!_%,2:1[!-==;j>!JE%!3%X3!':3:!:$%! 3E%1! 3$:14/$78%'! <#$! <,$3E%$! :1:*K474! :1'! 713%$P$%3:37#1[! 8:4%'! #1! 3E%! 9:*,%4! :1'!2%:171+4! 3E:3! P:$37/7P:134! P%$/%79%! 71! 3E%7$! &#$*'>! ?1! $%P#$371+! /:4%! 43,'K! $%4,*34! #1%!719#*9%4!'%4/$7871+!&E:3!74!#84%$9%'[!&73E!*733*%!7<!:1K!T,:137<7/:37#1>!H:3:!:1:*K474!<#$!:!/:4%!43,'K! 74!'#1%!:3! 3E$%%! *%9%*4\! 713%$P$%3:37#1:*[! 43$,/3,$:*!:1'!$%<*%/379%! iZE*:1+:!l!_/,8%[!5NNBj>!!!

• X'/#"$"#/%/&+') %'%9:.&.! $%<%$4! 3#! 3E%! %X:271:37#1! #<! ':3:! <#$! /#143$,/34[! 3E%2%4[!/:3%+#$7%4!:1'!P:33%$14!3E:3!E%*P!3#!%XP*:71!3E%!PE%1#2%1#1>!!

• ?/",1/,"%9) %'%9:.&.! %X:271%4! 3E%! ':3:! <#$! P:33%$14! 71! :! '74/#,$4%! :1'! 3%X3! &73E!47+17<7/:13!71<%$%1/%!3#!3E%!2%:171+!#<!3E%!P:33%$14>!!

• 3#R9#1/&=#)%'%9:.&.!719#*9%4!2:071+!9:*,%!A,'+2%134!#1!3E%!PE%1#2%1#1>!JE%!/:4%!43,'K!$%P#$3!P$%4%13:37#1! 74!:! $%/#143$,/37#1!#<! 3E%!$%4P#1'%134R! $%:*73K! 3E$#,+E!:!$7/E!'%4/$7P379%!1:$$:379%!#<!3E%7$!9:*,%4[!P%$/%P37#14[!%XP%$7%1/%4!:1'!<%%*71+4>!!

6$737/4!#<! 3E%!/:4%!43,'K!'%47+1!:$+,%!3E:3! 73! *:/04! 713%$1:*! $%*7:87*73K!:4!:1#3E%$!$%4%:$/E%$!27+E3! /#2%! 3#! :! '7<<%$71+! /#1/*,47#1! i.1'%$4#1[! -==Bj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i%>+>! J7/E:P#1'&:! 5N-5\5IWG5j! E:9%!/#1',/3%'!$%4%:$/E!3#!%43:8*74E!&E:3!/$73%$7:!/:1!8%!,4%'!3#!/#1<7$2!3E:3!:!+79%1!/:4%!43,'K!74!4/7%137<7/>!JE%!<#**#&71+!<79%!:'A,'7/:37#1!/$73%$7:!i/<>!.1'%$4#1!:1'!Y%$$[!-===j!/:1!+,7'%!K#,[!4E#,*'!K#,!/E##4%!3#!'#!/:4%!43,'K!$%4%:$/E>!!

• JE%!<7$43!/$73%$7#1! 74!&E:3!3E%K!/:**!+,/1+8#)=%9&6&/:>!JE74!$%<%$4!3#!3E%! 72P:/3!3E:3!3E%! /:4%! 43,'K! E:4! #1! P$:/37/%[! :1'! 3E%! %X3%13! 3#!&E7/E! 3E%! %1T,7$K! E:4! *%'! 3#! :!$%4#*,37#1!#<!3E%!P$#8*%2>!

• C%/#1'*K[! /#2%4!$"+1#..) =%9&6&/:[!&E7/E! $%<%$4! 3#! 3E%!:PP$#P$7:3%1%44!#<!2%3E#'4!:'#P3%'!3#!3E%!T,%437#1!8%71+!719%437+:3%'>!!

• JE%! 3E7$'! /$73%$7#1! 74! &E:3! 3E%! 3&#! :,3E#$4! $%<%$! 3#! :4! 6#8+1"%/&1) =%9&6&/:>! ?1!%44%1/%! 3E74! 2%:14! 3E%! %X3%13! 3#! &E7/E! :**! 0%K! 43:0%E#*'%$4! :$%! /#14,*3%'! :1'!%1+:+%'!71!3E%!%1T,7$K>!!

!!B""

• "#,$3E*K[!&%!E:9%!1%/%9:/&1)=%9&6&/:[!&E7/E!$%<%$4!3#!3E%!3$:14<#$2:379%!P#3%137:*!#<!3E%!$%4%:$/E!<71'71+4>!!

• Q:43!8,3!1#3!*%:43!74!6&%9+(&1)=%9&6&/:>!JE74!$%<%$4!3#!&E%3E%$!3E%$%!74!3$,43&#$3E71%44[!1:2%*K[! 3E%! %X3%13! 3#! &E7/E! 3E%! 43,'K! 4372,*:3%4! #1+#71+! '74/#,$4%! :2#1+!P:$37/7P:134!:1'!713%$%43%'!43:0%E#*'%$4>!

!?1!3E%!1%X3!:/37973K[!3E710!2#$%!:8#,3!3E%!/#$$%/3!E:1'*71+!#$!274E:1'*71+!#<!3E%!/:4%!43,'K!$%4%:$/E>!!

#L=W^W=V!C]4!OK! $%<%$$71+! 3#! 3E%! <79%! 9:*7'73K! /$73%$7:[! %XP*:71! E#&! K#,! E:9%! %73E%$! ://#22#':3%'!3E%4%!71!K#,$!43,'K[!#$!3E%!%X3%13!3#!&E7/E!K#,!<71'!3E%2!#<!:/:'%27/!9:*,%>!!

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

?1! ,471+! 3E%! /#$$%*:37#1:*! $%4%:$/E! '%47+1! #1%! 4%%04! 3#! %43:8*74E! 3E%! '%+$%%! #<! 9:$7:37#1!8%3&%%1! 3&#! <:/3#$4! #$! 9:$7:8*%4>! JE%! '%+$%%! #<! 9:$7:37#1! 74! +%1%$:**K!2%:4,$%'! 3E$#,+E!4#2%! 43:37437/:*! /#$$%*:37#1! /#%<<7/7%13! i6#E%1! :1'! Z:17#1[! -==Gj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i6#E%1! :1'! Z:17#1[! -==Gj>! JE74! 2%:14! 3E:3!9:$7:8*%4! 3E:3! :3! 4#2%! 372%! :PP%:$! 3#! 8%! $%*:3%'! 2:K! :3! 4#2%! #3E%$! 43:+%! 4E#&! 1#!/#$$%*:37#1>!JE%!/#1/*,47#14!K#,!'$:&!<$#2!4,/E!43,'7%4!2:K!8%!$%*:379%*K! 3%2P#$:$K>!JE%!$%4,*34! :$%! :*4#! 71<*,%1/%'! 8K! 2,*37P*%! 713%$<%$71+! 9:$7:8*%4[! &E7/E! 2:K! E:9%! +$%:3%$!71<*,%1/%!3E:1!3E%!/%13$:*!9:$7:8*%4>!!!C]G!":>!&c<>?WT>N=;Q!.>U>;?L:!1>UWSN! !

JE%! %XP%$72%13:*! $%4%:$/E! '%47+1! 74! 01#&1! 8K! 9:$7#,4! 1:2%4! 4,/E! :4! a/:,4%! :1'! %<<%/3R[!aP$%3%43WP#43! 3%43! /#13$#*! +$#,P! '%47+1R! :1'! 3E%! *:8#$:3#$K! 2%3E#'>! FXP%$72%13:37#1! 71!%',/:37#1! E:4! 8%/#2%!&7'%*K! ,4%'[! E%1/%! '7<<%$%13! 9:$7:37#14! #<! 3E%! %XP%$72%13:*! '%47+1!:$%!,4%'!71!%',/:37#1!3#!:''$%44!/:,4:*!P$#/%44%4!iO#$+!:1'!]:**[!-==5m!6#E%1!:1'!Z:17#1[!-==Gm!ZE*:1+:!:1'!_/,8%[!5NNBj>! ?1!/E##471+! 3E%!%XP%$72%13:*!'%47+1!K#,!&7**!8%!:8*%! 3#!2:17P,*:3%!:1'!/#13$#*!:!/#1'737#1!#$!9:$7:8*%!&E#4%!%<<%/34!K#,!4%%0!3#!,1'%$43:1'>!JE74!9:$7:8*%! 74! 01#&1!:4! /4#) &'6#$#'6#'/) =%"&%S9#>! JE%! %XP%$72%13! :*4#!&:134! 3#! '74/#9%$! 734!

!#G""

%<<%/34!,P#1!4#2%!/#14%T,%13!9:$7:8*%[!,4,:**K!01#&1!:4!6#$#'6#'/)=%"&%S9#>!"#$!:!2#$%!'%3:7*%'! '74/,447#1! #<! $%4%:$/E! 9:$7:8*%4[! 4%%! 6EP:3%$! -! {->=>! ?1! ,471+! 3E%! %XP%$72%13:*!'%47+1! K#,[! 3E%$%<#$%[! 4%%0! 3#! 7'%137<K! P#4478*%! /:,4%! :1'! %<<%/3! $%*:37#14E7P4! 3E$#,+E!%XP#471+!%XP%$72%13:*!+$#,P4!3#!3$%:32%13!/#1'737#14!:1'!/#2P:$71+!3E%!$%4,*34!3#!/#13$#*!+$#,P4!1#3!$%/%7971+!3E%!3$%:32%13>!JE74!4%/37#1!<#/,4%4!#1!3E%!P$%W%XP%$72%134[!i#1%W4E#$3!/:4%!43,'K[!3E%!#1%W+$#,P[!P$%W3%43WWWP#43W3%43!$%4%:$/Ej[!472P*%!%XP%$72%13:*!:1'!3E%!T,:47W%XP%$72%13:*!$%4%:$/E>!!C]G]/!-?>K>c<>?WT>N=;Q!?>U>;?L:!R>UWSNU!

?1! 4%*%/371+! P$%W%XP%$72%134! K#,!&7**! E:9%! 3#! '#!&73E#,3! $:1'#2! :447+12%13! #<! $%4%:$/E!4,8A%/34>! JE%! P$%W%XP%$72%13:*! '%47+14! 71/*,'%! 3E%! #1%W4E#$3! /:4%! 43,'K[! #1%W+$#,P[! P$%W3%43WWWP#43W3%43!'%47+1!:1'!3E%!43:37/W+$#,P!'%47+14!iO#$+!:1'!]:**[!-==5m!6#E%1!:1'!Z:17#1[!-==Gm!ZE*:1+:!:1'!_/,8%!5NNBj>!!W]!<4#)+'#a.4+"/)1%.#)./,6:)6#.&(')?1!3E74!'%47+1!K#,!P$#97'%!:!3$%:32%13!3#!:!+$#,P!#<!4,8A%/34!:1'!/:$%<,**K!4/$,37174%[!3E%1!/#2P:$%! 3E%! $%4,*34! 3#! 4#2%!+%1%$:*! :44,2P37#1!#<!&E:3!&#,*'!E:9%!2#43!P#4478*K!8%%1!3E%!/:4%!E:'!3E%!3$%:32%13!1#3!8%%1!:'271743%$%'!iO#$+!:1'!]:**[!-==5m!6#E%1!:1'!Z:17#1[!-==Gm!ZE*:1+:!:1'!_/,8%[!5NNBj>!JE74!/#1/*,47#1!74!:$$79%'!:3!#1!3E%!8:474!#<!714,<<7/7%13!#$!1#!%97'%1/%>!JE%!43:3,4!#<!3E%!+$#,P!8%<#$%!3E%!3$%:32%13!74!1#3!%9%1!01#&1!3#!A,437<K!3E%!+%1%$:*!%XP%/3:37#14!3#!&E7/E!3E%!$%4,*34!:$%!/#2P:$%'>!!!"?>;=T>N="/!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

-OU=K=>U=!J5!

!

(WS]/F!'N>KU:O?=!L;U>!=?>;=T>N=!

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iO#$+! :1'! ]:**[! -==5m! 6#E%1! :1'!Z:17#1[! -==Gm! ZE*:1+:! :1'! _/,8%[! 5NNBj>! C,/E! %X3$:1%#,4! 9:$7:8*%4! /#,*'! 8%! E7''%1!'743#$371+!<:/3#$4!#3E%$!3E:1!3E%!3$%:32%13!#$!2:17P,*:3%'!9:$7:8*%>!JE%4%!71/*,'%!2:3,$73K!#<! 3E%! P:$37/7P:134[! 3E%! %<<%/34! #<! P$%W3%43!2%:4,$%4[! /#1'737#14! ,1'%$!&E7/E! 3E%! P$%W3%43!&:4!/#1',/3%'[!3E%! 71<*,%1/%!#<!3E%!P%$4#14!:'271743%$71+!3E%!3%434!:1'!3E%!%<<%/34!#<!3E%!71737:*!'7<<%$%1/%4!#<!3E%!%XP%$72%13:*!:1'!/#13$#*!+$#,P4>!!WW]!<4#)+'#a("+,$7)$"#a/#./aaa$+./a/#./)"#.#%"14)6#.&(')JE%!'%47+1! $%<*%/34! 4#2%! 72P$#9%2%13!#9%$! 3E%!#1%W4E#$3! /:4%! 43,'K! 71! 3E:3! 3E%! +$#,P! 74!P$%W3%43%'!3#!%43:8*74E!734!#$7+71:*!43:3,4>!JE%1!4#2%!3$%:32%13!74!:'271743%$%'!#1!3E%!+$#,P!:1'!3E%!+$#,P! 74! <71:**K!P#43W3%43%'!3#!%43:8*74E!8%E:97#,$:*!/E:1+%4>!JE%!1%&!8%E:97#,$:*!/E:1+%4!:$%!:33$78,3%'!3#!3E%!3$%:32%13!i/:,4%j>!JE74!'%47+1!E:4!1#!P$#9747#1!<#$!:!/#13$#*!+$#,P>!

!#!""

!-?>K=>U=!J-!!!!!!!!!!!!!!!!!!!!!!!!"?>;=T>N=!n!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!-OU=K=>U=!J5!

(WS]4F!'N>!S?OX<7!<?>K=>U=KKK<OU=K=>U=!=?>;=T>N=!

?1!"7+,$%!5!:8#9%!3E%!$%4%:$/E%$! 74!:8*%! 3#!/#2P,3%!+:71!#$! *#44!#84%$9%'!:3! 3E%!P#43W3%43!43:+%!:1'!/$%'73! 3E%!/:,4%!#<!:1K!'7<<%$%1/%4!8%3&%%1!J-!:1'!J5! 3#! 3E%! 3$%:32%13!:PP*7%'>!C71/%! 3E%$%! 74! 1#! /#13$#*! +$#,P[! 3E%! '%47+1! 74! 1#3! 3$,*K! %XP%$72%13:*! :1'! 3E%$%! 74! 437**! 3E%!/#1/%$1!#<!713%$1:*!9:*7'73K>!!&&&M)<4#)./%/&1a("+,$)"#.#%"14)6#.&(')?1!3E74!'%47+1[!3E%!43:3,4!#<!:!+$#,P!3E:3!E:4!$%/%79%'!:!3$%:32%13!74!/#2P:$%'!&73E!3E:3!#<!:!+$#,P! 3E:3! E:4! 1#3! $%/%79%'! 3E%! 3$%:32%13>! JE%! P%#P*%! :$%! 1#3! $:1'#2*K! :447+1%'! 3#! 3E%!+$#,P4[! 7143%:'! 3E%! +$#,P4! 2:K! 8%! 1:3,$:**K! #//,$$71+! :1'! 3E%$%! 74! 1#! +,:$:13%%! #<!%T,79:*%1/%!8%3&%%1!3E%!3&#!+$#,P4!E%1/%!3E%!/#2P:$74#1!74!<:,*3K>!!!C]G]4!":>!=?X>!>c<>?WT>N=;Q!?>U>;?L:!R>UWSN!

JE%!'%47+1!/:1!8%!$%P$%4%13%'!'7:+$:22:37/:**K!:4!<#**#&4>!

5?OX<U! "?>;=T>N=f*O!"?>;=T>N=!

FXP%$72%13:*! J-!!!!!!!!!!!!!!!!!!!!!!n!!!!!!!!!!!!!!!!!!!!!!!!!!J5!

6#13$#*! J-!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!J5!

(WS]6F!"?X>!>c<>?WT>N=;Q!=?>;=T>N=!

?1!3E%!3$,%!%XP%$72%13:*!'%47+1[!3E%!%XP%$72%13:*!:1'!/#13$#*!+$#,P4!:$%!2%:4,$%'!#1!<?>!:1'!<OU=! 3%434! 8,3! #1*K! 3E%! %XP%$72%13:*! +$#,P! $%/%79%4! 3E%! 3$%:32%13! j! iO#$+! :1'! ]:**[!-==5m! 6#E%1! :1'! Z:17#1[! -==Gm! ZE*:1+:! :1'! _/,8%[! 5NNBj>! ?1! /#1',/371+! 3E%! 472P*%!%XP%$72%13:*! '%47+1[! 4,8A%/34! :$%! '797'%'! 713#! 3&#! +$#,P4[! 3E%! %XP%$72%13:*! :1'! /#13$#*!+$#,P4>! O#3E! +$#,P4! :$%! P$%W3%43%'! :1'! 3E%7$! P$%W3%43! 2%:14! :$%! /#2P:$%'>! JE%!%XP%$72%13:*!+$#,P!74!%XP#4%'!3#!3E%!3$%:32%13!:1'!3E%!/#13$#*!+$#,P!74!1#3>!.3!3E%!%1'!#<!3E%! %XP%$72%13[! 8#3E! +$#,P4! :$%! P#43W3%43%'! :1'! 3E%7$!2%:14! /#2P:$%'>! JE%! '7<<%$%1/%4!8%3&%%1! 3E%!%XP%$72%13:*! :1'! /#13$#*! +$#,P4!'%3%$271%!&E%3E%$!#$!1#3! 3E%! 3$%:32%13! 74!:44#/7:3%'!&73E!3E%!/E:1+%4!71!3E%!2%:1!4/#$%4>!!C]G]6!AX;UWK&c<>?WT>N=;Q!?>U>;?L:!R>UWSN!JE%!T,:47W%XP%$72%13:*!'%47+1! 74! 4%27W%XP%$72%13:*! 71!1:3,$%! iO#$+!:1'!]:**[!-==5m!6#E%1!:1'! Z:17#1[! -==Gm! ZE*:1+:! :1'! _/,8%[! 5NNBj>! ?1! 3E74! '%47+1! K#,! P$%W3%43! 3&#! 1#1W%T,79:*%13! +$#,P4! :3! 3E%! 8%+71171+>! d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

!##""

!C]I!+;T<QWNS!WN!?>U>;?L:!C:2P*71+! P$#/%',$%4! :1'! 3%/E17T,%4! :$%! 1#$2:**K! :PP*7/:8*%! 3#! 3E%! 3E$%%! '7<<%$%13!:PP$#:/E%4!iT,:1373:379%!:PP$#:/E[!3E%!T,:*73:379%!:PP$#:/E[!#$!27X%'!2%3E#'4!:PP$#:/Ej>!Y#&%9%$[! 4#2%! 3%/E17T,%4! :$%! 2#$%! /#2P:378*%! &73E! #1%! :PP$#:/E! 3E:1! 3E%! #3E%$>!)$%4%13*K[! &%! 3:0%! :! 2#$%! +%1%$:*! :PP$#:/E! #<! 71<#$271+! 43,'%134! :8#,3! 4:2P*71+!3%/E17T,%4>! _#3%! 3E:3! 4K43%2:37/! 4:2P*71+! /#13$78,3%4! 3#! 3E%! 9:*7'73K! :1'! $%*7:87*73K! #<!$%4%:$/E[!:!2:33%$!'74/,44%'!71!6E:P3%$!->!!.!4:2P*%! 74!3E%!+$#,P!#<!/:4%4!i71'797',:*4j!4%*%/3%'!<$#2!:**!3E%!P#4478*%!$%4P#1'%134! 71!:!P#P,*:37#1! 71! &E7/E! 3E%! 43,'K! 74! 8%71+! /#1',/3%'>! .! P#P,*:37#1! 74! :1K! 3:$+%3! +$#,P! #<!71'797',:*4!3E:3!E:4!/#22#1!/E:$:/3%$7437/4!3E:3!:$%!#<!713%$%43!3#!K#,[!3E%!$%4%:$/E%$!iO%43!l!cE:1[! -==Bm! J,/02:1[!-==Gj>! ?1!2#43! 7143:1/%4! 3E%$%! 74! 4E#$3:+%!#<! <71:1/7:*! $%4#,$/%4[!372%!:1'!://%44787*73K!3#!43,'K!:**!3E%!/:4%4!71!3E%!P#P,*:37#1!#<!713%$%43[!2:071+!73!1%/%44:$K!<#$!K#,!3#!/#**%/3!71<#$2:37#1!<$#2!:!?><?>U>N=;=W^>!U;T<Q>!'743$78,37#1!#<!/:4%4!#<!3E%!3#3:*!P#P,*:37#1! 71! 4,/E! :! &:K! 3E:3! 3E%! 01#&*%'+%! +:71%'! 74! $%P$%4%13:379%! #<! 3E%! %137$%!P#P,*:37#1! ,1'%$! 43,'K! :1'! :**#&4! <#$! ://,$:3%! +%1%$:*74:37#14! 3#! 3E%! 3#3:*! P#P,*:37#1!iO:887%[!Z#,3#1[!M#$43%$[!l!)$#e%40K!i5NN-jm!6#E%1[!Z:17#1!l!Z#$$74#1[!5NNLj>!!!C/E#*:$4!i%>+>!.1'%$4#1[!-==Bm!6#E%1!l!Z:17#1[!-==Nm!6$%4&%**[!5NNBj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d#,! 3E%1! ,4%! 2%3E#'4! 4,/E! :4! D#,*%33%!&E%%*[! *#33%$K[! 3E%! /#2P,3%$[! P7/071+! <$#2! :! E:3! :1'! 3E%! 3:8*%! #<! $:1'#2! 1,28%$4! 3E:3!%14,$%! 3E:3! %:/E! P:$37/7P:13! E:4! :1! %T,:*! /E:1/%! #<! 8%71+! 4%*%/3%'>! FT,:*! /E:1/%! #<!4%*%/37#1! 72P*7%4! 3E:3! 3E%$%! 4E#,*'! 8%! %T,:*! $%P$%4%13:37#1! #<! :**! %*%2%134! #<! 3E%! %137$%!P#P,*:37#1>!!!C,PP#4%!K#,!&:13!3#!4%*%/3!:!4:2P*%!#<!BN!P:$37/7P:134!#,3!#<!-NN>!d#,!&7**!1,28%$!:**!3E%!E,1'$%'!%13$7%4!71!3E%!P#P,*:37#1!:1'!P*:/%!/#$$%4P#1'71+!1,28%$!#<!4*7P4!#<!P:P%$!71!:!E:3!#$! 4#2%! /#13:71%$!&E%$%! 3E%K! :$%!27X%'! 3E#$#,+E*K>!SE%1! :! 4*7P! 74! '$:&1! 734! 1,28%$! 74!$%/#$'%'! :1'! 3E%! 4*7P! 74! P,3! 8:/0! 71! 3E%! /#13:71%$>! SE%1! :! P$%97#,4*K! '$:&1! 1,28%$! 74!'$:&1!:+:71[!73!74!7+1#$%'!:1'!P,3!8:/0!713#!3E%!/#13:71%$>!JE%!P$#/%44!74!$%P%:3%'!,137*!3E%!'%47$%'!4:2P*%!47e%!74!:/E7%9%'>!!!&&M)?/"%/&R&#6).%8$9&'()?1!,471+!43$:37<7%'!4:2P*71+!K#,!'797'%!3E%!P#P,*:37#1!713#!3&#!#$!2#$%!43$:3:!#$!*:K%$4!:1'!3E%1! 3:0%! %73E%$! :! 472P*%! $:1'#2! 4:2P*%! #$! :! 4K43%2:37/! 4:2P*%! <$#2! %:/E! 43$:3,2>! .1!%',/:37#1!$%4%:$/E%$!,471+!43$:37<7%'!4:2P*71+!&#,*'!#$+:174%!3E%!$%4P#1'%134!:4!F',/:37#1!@<<7/%$4[!Y%:'4!#<!C/E##*4[!C%17#$!J%:/E%$4[!:1'!/*:44$##2!3%:/E%$4>!!!!

!#$""

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c:$P!l!H:*PE71!i-=;;j[!&E#! 71'7/:3%'!3E:3!#1/%!:!4:2P*%!#<!/*,43%$4!E:4!8%%1!4%*%/3%'[! 472P*%[! 4K43%2:37/! #$! 43$:37<7%'! $:1'#2! 4:2P*%! #<! 71'797',:*! %*%2%134! /:1! 8%!4%*%/3%'! <$#2!3E%!/E#4%1!/*,43%$4>! ?1!/*,43%$!4:2P*71+[!K#,!#1*K! *743! $%*%9:13!%*%2%134!:1'!1#3!3E%!/#2P*%3%!*743!#<!:**!3E%!%*%2%134!71!3E%!P#P,*:37#1>!JE%!P$%/747#1!#<!/*,43%$!4:2P*71+!74! *%44! 3E:1! 3E:3! #<! #3E%$! P$#8:87*73K! 4:2P*%4! :1'! /:1! 8%! 72P$#9%'! 8K! 4%*%/371+! :! *:$+%$!4:2P*%! 47e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a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k!#<!3E%!713%$97%&%%4!8%!<%2:*%!:1'!:1#3E%$!INk!8%!2:*%4>!CE#,*'! 3E%!43,'K!E:9%!3#!'#!&73E!$:/%4[! 3E%!T,#3:!4:2P*71+!27+E3!'%2:1'!3E:3!INk!#<!3E%!713%$97%&%%4!8%!&E73%!:1'!3E%!#3E%$!INk!8%!8*:/0>!JE%!T,#3:!4:2P*71+!%14,$%4!3E:3!:!/%$3:71!43$:3:!#<!3E%!P#P,*:37#1!&7**!8%!71/*,'%'!71!3E%!43,'K>!"E%!a2:1!71!3E%!43$%%3!713%$97%&R! /:1! 8%! /#1',/3%'! &73E! :1! %T,:*! $%P$%4%13:37#1! #<! INk! &E73%! P%#P*%! 8%71+!43#PP%'! :+:7143! INk!8*:/0! P%#P*%>! ?13%$97%&%$4! :$%! :<<#$'%'! :! *:$+%! '%+$%%! #<! *:373,'%! 71!

!#%""

T,#3:! 4:2P*71+!&E7/E!+79%4! 3##!2,/E! $##2! <#$!87:4%'! 4:2P*71+!:4! 3E%K!P$#97'%! $##2! <#$!713%$97%&%$4!3#!/E##4%!3E%!071'!#<!<%2:*%4!#$!2:*%4!3E%K!P$%<%$!3#!713%$97%&>!!!!!&&&M)!,"$+.&=#).%8$9&'(!.! P,$P#479%[! #$! A,'+2%13:*[! 4:2P*%! 74! #1%! 3E:3! 74! 4%*%/3%'! 8:4%'! #1! 3E%! 01#&*%'+%! #<! :!P#P,*:37#1!:1'!3E%!P,$P#4%!#<!3E%!43,'K>!?3!74!,4%'!4#!3E:3!71'797',:*4!:$%!4%*%/3%'!8%/:,4%!#<!4#2%!'%<7171+!/E:$:/3%$7437/!3E:3!2:0%4!3E%2!3E%!E#*'%$4!#<!4P%/7<7/!':3:!1%%'%'!<#$!3E%!43,'K! iZ:$%%[!5NN;j>! ?1!P,$P#479%! 4:2P*71+!K#,!E:1'WP7/0! /%$3:71!+$#,P4!#$! 71'797',:*4! 3#!71/*,'%!71!3E%!4:2P*%!#1!3E%!8:474!#<!3E%7$!$%*%9:1/%!3#!3E%!P$#8*%2!,1'%$!43,'K>!.//#$'71+!3#!):33#1! i-==Nj! 3E%! *#+7/! :1'!P#&%$!#<!P,$P#4%<,*! 4:2P*71+! *7%4! 71! 4%*%/371+! 71<#$2:37#1W$7/E!/:4%4! <#$! 71W'%P3E!43,'K>! ?1<#$2:37#1W$7/E!/:4%4!:$%! 3E#4%! <$#2!&E7/E!K#,!/:1! *%:$1!:!+$%:3!'%:*!:8#,3!3E%!PE%1#2%1#1!8%71+!43,'7%'>!JE74!4:2P*71+!P$#/%',$%!74!,4%'!71!43,'7%4!3E:3!:$%! 3##! $:$%! 3#!%<<%/379%*K!'%:*!&73E!&E%1!,471+!:! $%P$%4%13:379%!/$#44! 4%/37#1!#<! 3E%!P#P,*:37#1>!?1!,471+!4:2P*71+!K#,!$%',/%!3$:9%**71+!/#43!719#*9%'!&E%1!/#**%/371+!':3:!<$#2!3E%! +%#+$:PE7/:*! 4P$%:'! $%4P#1'%134! :1'! %1:8*%4! K#,! 3#! '$:&! 4#2%! 4P%/7<7/! 71<#$2:37#1!<$#2! 3E%! $%4P#1'%134!&E#! :$%! /$,/7:*! 3#! 3E%! 43,'K! :1'!2:K! 8%! E:$'! 3#! *#/:3%>! JE%!2:71!'74:'9:13:+%!&73E!P,$P#479%!4:2P*71+!74!3E:3!3E%$%!74!*733*%!#$!1#!/#13$#*!#9%$!&E#!74!4%*%/3%'!&73E71!3E%!/:3%+#$K!:1'!3E%$%!74!1#!+,:$:13%%!3E:3!3E#4%!4%*%/3%'!:$%!$%P$%4%13:379%!#<!3E%!4P%/7<7%'!P#P,*:37#1>!!&=M)?'+TS%99).%8$9&'()

.!41#&8:**!4:2P*%!74!:PP$#P$7:3%!3#!,4%!71!$%4%:$/E!&E%1!3E%!2%28%$4!#<!:!P#P,*:37#1!:$%!'7<<7/,*3! 3#! *#/:3%[! 4,/E! :4! E#2%*%44! 71'797',:*4[! 27+$:13! &#$0%$4[! #$! ,1'#/,2%13%'!7227+$:134>! .! 41#&8:**! 4:2P*%! 74! #1%! 71! &E7/E! 3E%! $%4%:$/E%$! /#**%/34! ':3:! #1! 3E%! <%&!2%28%$4! #<! 3E%! 3:$+%3! P#P,*:37#1! E%! #$! 4E%! /:1! *#/:3%[! 3E%1! :404! 3E#4%! 71'797',:*4! 3#!P$#97'%!71<#$2:37#1!1%%'%'!3#!*#/:3%!#3E%$!2%28%$4!#<!3E:3!P#P,*:37#1!&E#2!3E%K!01#&>!"#$! %X:2P*%[! 7<! :! $%4%:$/E%$! &74E%4! 3#! 713%$97%&! ,1'#/,2%13%'! 7227+$:134! <$#2! :!P:$37/,*:$!/#,13$K!E%!#$!4E%!27+E3!713%$97%&!:!<%&!,1'#/,2%13%'!71'797',:*4!3E:3!E%!#$!4E%!01#&4! #$! /:1! *#/:3%! :1'! &#,*'! 3E%1! $%*K! #1! 3E#4%! 4,8A%/34! 3#! E%*P! *#/:3%! 2#$%!,1'#/,2%13%'!71'797',:*4>!JE74!P$#/%44!/#1371,%4!,137*!3E%!$%4%:$/E%$!E:4!:**!3E%!713%$97%&4!E%!#$!4E%!1%%'4!#$!,137*!:**!/#13:/34!E:9%!8%%1!%XE:,43%'>!!

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iS7**7:24#1! %3>:*>[! -=;;j>! "#$! %X:2P*%[! :4! :! $%4%:$/E%$! K#,! 1%%'! 1#3! #1*K! #84%$9%! 3E%!:/379737%4! #<! 3%:/E%$4! 3%:/E71+! 71! 3E%! /*:44$##2! :4! 3E%K! :$%! *70%*K! 3#! 8%! '7<<%$%13! &E%1!3%:/E71+! #,3'##$! *%44#14! &E%$%! :! *#3! #<! P$:/37/:*! %1+:+%2%13! :1'! '%2#143$:37#1! :$%!$%T,7$%'>! ?3! 27+E3! 8%! ://%P3:8*%! 71! 4#2%! :/379737%4! 3#! /#2871%! 3E%! 4:2P*71+! #<! 372%! :1'!P*:/%!&E%$%! $%4%:$/E!&7**! 8%! /#1',/3%'>! ! CE:$%! K#,$! 97%&4! :8#,3! 4:2P*71+! 8K! '#71+! 3E74!:/37973K>!!!!

!#&""

!!!#L=W^W=V!C]@!:>!H7<<%$%137:3%!8%3&%%1!1#1WP$#8:87*73K!:1'!P$#8:87*73K!4:2P*71+>!!8>!SE7/E!<#$2!#<!4:2P*71+!:**#&4!K#,!3#!E:1'!P7/0!$%4P#1'%134!<#$!71W'%P3E!,1'%$43:1'71+!#<!3E%!P$#8*%2!,1'%$!43,'KU!b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

FXP%$72%13:*! 6:4%!C3,'K! 6#$$%*:37#1:*! H%4/$7P379%!

V,%437#11:7$%!!?13%$97%&!!@84%$9:37W!#1!!H#/,2%13!:1:*K474!!"#/,4"U-;D:""

V,%437#11:7$%!!?13%$97%&!!@84%$9:37W!#1!!H#/,2%13!:1:*K474!!"#/,4"U-;D:""

V,%437#11:7$%!!?13%$97%&!!@84%$9:37W!#1!!H#/,2%13!.1:*K474!!"#/,4"U-;D:"

V,%437#11:7$%!!?13%$97%&!!@84%$9:37W!#1!!H#/,2%13!:1:*K474!!"#/,4"U-;D:""

!#'""

C]/4]!1;=;!LOQQ>L=WON!2>=:ORU!!JE%! 01#&*%'+%! #<! ':3:! /#**%/37#1! 2%3E#'4! 74! <#$! $%4%:$/E%$4! 3#! #83:71! 43:1':$'74%'!71<#$2:37#1! <$#2! :**! $%4P#1'%134! 71! 3E%! 4:2P*%! #<! 3E%! 43,'K! 8K! :'271743%$71+! 3E%! 4:2%!7143$,2%13! 3#! :**! 3E%! $%4P#1'%134>! ! O%43! :1'!cE:1! i-==B[! P5Ij! '%4/$78%!':3:! /#**%/37#1! :4!a3E%! P$#/%44! #<! '74/7P*71%'! 71T,7$K! 3E$#,+E! +:3E%$71+! :1'! :1:*K474! #<! %2P7$7/:*! ':3:R>! JE%!2#43! &7'%*K! ,4%'! 3##*4! i7143$,2%134j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ad%4R!#$!a_#R>!JE%K!:$%!$%43$7/379%!71!3E%!3KP%!#<!71<#$2:37#1!+:3E%$%'!E%1/%!/#1<71%!3E%!$%4P#1'%13!3#!3E%!4,8A%/3!3E$#,+E!3E%!437P,*:3%'!$%4P#14%4!i6E79#$%[!-==-j>!JE%!#P%1W%1'%'!T,%437#14!%1:8*%!K#,! :4! :! $%4%:$/E%$! 3#! %43:8*74E! &E:3! $%4P#1'%134! 8%*7%9%[! 01#&[! *70%[! '74*70%[! :1'! 3E710!:8#,3! 3E%! P$#8*%2! ,1'%$! 719%437+:37#1>! JE%K! :$%! <*%X78*%! :1'! '#! 1#3! *7273! 3E%! P#4478*%!:14&%$4! :1'! 3%1'! 3#! :**#&! $%4P#1'%134! 3#! +79%! 3E%7$! $%:*! $%4P#14%4! #1! 744,%4! ,1'%$!719%437+:37#1[! i6E79#$%[!-==-m!6#E%1!l!Z:17#1[!-==Gj>!JE%7$! <*%X787*73K!:**#&4! 71'797',:*4! 3#!+79%! 3E%7$! <$%%! $%4P#14%4! #1! 744,%4! ,1'%$! 719%437+:37#1! E%1/%!2:K! 8$71+! #,3! 473,:37#14! #$!744,%4!3E:3!&%$%!1#3!:137/7P:3%'!&E%1!3E%!T,%437#11:7$%!&:4!'%47+1%'!i6#E%1!l!Z:17#1R4[!-==Gm!6E79#$%[!-==-j>!@1/%!K#,!/E##4%!3#!,4%!,143$,/3,$%'!#$!#P%1W%1'%'!T,%437#14!3E%1!0%%P! 3E%2! 3#! :! 27172,2! 471/%! $%4P#1'%134! P$%<%$! 3#! /E##4%! <$#2! P$%W'%3%$271%'!43$,/3,$%'!$%4P#14%4!3E:1!3#!&$73%!'%4/$7P379%!://#,134!#1!3E%!PE%1#2%1#1>!Q%%'K!i-=(=j!:1'!S7%$42:! i-==Ij! :'974%! 3E:3! #1%! 4E#,*'! 1%9%$! <#$+%3! 3E:3! E%^4E%! 74! :4071+! <$#2! 3E%!$%4P#1'%134! :! +7<3! #<! 372%! :1'! %<<#$3! :1'! 3E%! <:9#,$! #<! :! $%P*K! E%1/%! 4E#,*'! 0%%P! 3E%!T,%437#11:7$%4! :4! /#1/74%! :1'! :4! /*%:$! :4! P#4478*%! 4#! 3E:3! 3E%K! '%2:1'! :4! *733*%! %<<#$3! :4!P#4478*%!<$#2!3E%!$%4P#1'%13>!!W]!!06=%'/%(#.!.!1,28%$!#<!:,3E#$4!:2#1+!3E%2!_:/E727:4!l!_:/E727:4!i-=(=j!:1'!):K1%!l!):K1%!i5NNGj[!/#1/,$!3E:3!T,%437#11:7$%4!E:9%!3E%!<#**#&71+!:'9:13:+%4\!!

• JE%K! P$#97'%! 3E%! 43,'K! &73E! E7+E! #8A%/37973K! 8%/:,4%! 3E%$%! 74! :! 43:1':$'! &:K! #<!:14&%$71+!T,%437#14m!

• JE%K!%1:8*%!*:$+%!T,:13737%4!#<!':3:!3#!8%!/#**%/3%'!#9%$!:!$%*:379%*K!4E#$3!P%$7#'!#<!372%m!

• JE%K! :$%! /E%:P%$! 3#! '743$78,3%! 3E:1! /#1',/371+! 713%$97%&4! :1'! 3%1'! 3#! P%$273! :!&7'%$!+%#+$:PE7/!/#9%$:+%!:3!27172:*!/#43m!

• JE%K! E:9%! *733*%! P%$4#1:*! 719#*9%2%13! ',$71+! 3E%! ':3:! /#**%/37#1! P$#/%44! :1'!3E%$%<#$%! *%44! ':1+%$! #<! $%4%:$/E%$! 71<*,%1/%! :1'! P$#97'%! +$%:3%$! :1#1K273K[!%4P%/7:**K!&E%1!4%147379%!744,%4!:$%!719#*9%'!4,/E!:4!4%X,:*!8%E:97#$!#$!/E7*'!:8,4%m!:1'!

• @P%1W%1'%'! T,%437#14! %1:8*%! 3E%! $%4%:$/E%$! 3#! +:71! ://%44! 3#! ':3:! &E7/E! 74!4#2%372%4!8,$7%'!'%%P!71!3E%!271'4[!:3373,'%4!:1'!<%%*71+4!#<!$%4P#1'%134>!

!!WW]!-&.%6=%'/%(#.!H%4P73%!3E%7$!2:1K!:'9:13:+%4[!T,%437#11:7$%4!E:9%!3E%!<#**#&71+!'74:'9:13:+%4\!

!#(""

!• JE%! $%4P#14%! $:3%4! :$%!2,/E! *#&%$! 3E:1! 3E:3! #<! 713%$97%&4! :4! 4#2%! $%4P#1'%134!

2:K!/E##4%!1#3!3#!$%4P#1'!<#$!$%:4#14!4,/E!:4!8%71+!$%T,%43%'!3#!+79%!71<#$2:37#1!#1!3#P7/4!3E%K!:$%!,1<:27*7:$!&73E!:4!74!3E%!/:4%!&73E!4#2%!T,%437#11:7$%4>!

• JE%K!'#!1#3!P$#97'%!3E%!$%4%:$/E%$!&73E!:1!#PP#$3,173K!3#!P$#8%!8%K#1'!3E%!+79%1!:14&%$[! 3#! /*:$7<K! :287+,73K! :1'! 3#! :PP$:74%! 3E%! 1#1W9%$8:*! 8%E:97#,$! #<!$%4P#1'%134>!

• JE%! $%4%:$/E%$! '#%4! 1#3! E:9%! /#13$#*! #9%$! &E#! <7**4! #,3! 3E%! T,%437#11:7$%! E%1/%!/:11#3!8%!4,$%!3E:3!3E%!713%1'%'!P%$4#1!/#2P*%3%'!3E%!T,%437#11:7$%>!!

• H,%!3#!3E%7$!43:1':$'7e%'!1:3,$%[!4,$9%K!T,%437#11:7$%4!'#!1#3!E:9%!3E%!#PP#$3,173K!3#! %XP*#$%! :! 3#P7/! 71! '%P3E! :1'! 2:K! 2744! /#13%X3,:*! '%3:7*! E%1/%! 3E%! 1%%'! <#$!/#2P*72%13:$K!71W'%P3E!713%$97%&4!iC#,$/%4j>!

!C]/4]4!3N=>?^W>PU!?13%$97%&4! 719#*9%! 3E%! /#**%/37#1! #<! ':3:! 3E$#,+E! '7$%/3! /#13:/3! 8%3&%%1! K#,! :1'!$%4P#1'%134!P$%4,2%'!3#!E:9%!/%$3:71!%XP%$7%1/%4!3E:3!%1E:1/%!71W'%P3E!,1'%$43:1'71+!#<!3E%!P$#8*%2!,1'%$!719%437+:37#1!iO#$+!l!]:**[!-==Lm!H%14/#28%[!5NN-j>!.//#$'71+!3#!O%43!l!cE:1!i-==Bj[!6#E%1[!%3!:*>[!i5NNLj!6$%4&%**!i5NN;j[!:1!713%$97%&!74!:!3&#W&:K!/#19%$4:37#1!#$!#$:*! T,%437#11:7$%! 71737:3%'! 8K! 3E%! 713%$97%&%$! <#$! 3E%! 4P%/7<7/! P,$P#4%! #<! #83:7171+!$%4%:$/EW$%*:3%'! 71<#$2:37#1!:1'! 3#! *%:$1!:8#,3! 3E%! 7'%:4[! 8%*7%<4[! 97%&4[!P%$/%P37#14! :1'!#P717#14!#<!3E%!713%$97%&%%4>!):33#1!i-==Nj!:$+,%4!3E:3!3E%!P,$P#4%!#<!713%$97%&71+!74!3#!<71'!#,3!&E:3!74!71!4#2%#1%R4!271'!:1'!3#!'%P7/3!3E%!$%4P#1'%13R4!P%$/%P37#14!:1'!%XP%$7%1/%4!:8#,3!:!PE%1#2%1#1!,1'%$!$%97%&>!6#E%1[!%3!:*>[i5NNLj!P#4734!3E:3!8K!P$#97'71+!://%44!3#!&E:3! 74! a7147'%! :! P%$4#1R4! E%:'R! 2:0%4! 73! P#4478*%! 3#! 2%:4,$%! &E:3! :! P%$4#1! 01#&4!i01#&*%'+%! #$! 71<#$2:37#1j[! &E:3! :! P%$4#1! *70%4! #$! '74*70%4! i9:*,%4! :1'! P$%<%$%1/%4j! :1'!&E:3!:!P%$4#1!3E7104!i:3373,'%4!:1'!8%*7%<4j>!!!.4!:!$%4%:$/E%$!K#,!&7**!/#1',/3!713%$97%&4!,471+!713%$97%&!+,7'%4!#$!4/E%',*%4!3E:3!*743!3E%!T,%437#14! 3#! :40>! ?13%$97%&! +,7'%4! /:1! 8%! 8$#0%1! 713#! /:3%+#$7%4! #<! 43$,/3,$%'! #$! /*#4%W%1'%'!:1'!,143$,/3,$%'!#$!#P%1W%1'%'!T,%437#14>! JE%! 43$,/3,$%'! 713%$97%&!T,%437#14! :$%!P$%WP*:11%'! :1'! %1:8*%! 3E%! $%4P#1'%13! 3#! $%4P#1'! 71! :! P:$37/,*:$! &:K! &E7*%! 3E%!,143$,/3,$%'!713%$97%&!T,%437#14!%1:8*%!$%4P#1'%134!3#!<$%%*K!%XP$%44!3E%24%*9%4!:3!4#2%!*%1+3E!:1'!P$#97'%!71W'%P3E!':3:!:8#,3!3E%!P$#8*%2!,1'%$!719%437+:37#1!iO#$+!l!]:**[!-==Lm!Y:$:*:28#4!l!Y#*8#$1[!-==Ij>!SE%1!/#1',/371+!4%27!43$,/3,$%'!713%$97%&4[!3E%!$%4%:$/E%$!8%+714! 8K! :4071+! :! 4%$7%4! #<! 43$,/3,$%'! T,%437#14! :1'! 3E%1! '%*9%4!2#$%! '%%P*K! 8K! :4071+!#P%1W%1'%'! T,%437#14! 71! #$'%$! 3#! #83:71! 2#$%! /#2P*%3%! ':3:>! JE74! 74! /:**%'! P$#871+>!?13%$97%&4!E:9%!3E%7$!4E:$%!#<!:'9:13:+%4!:1'!'74:'9:13:+%4!3E:3!:$%!'74/,44%'!8%*#&>!!!W]!!06=%'/%(#.)+R)&'/#"=&#T.))O#$+! l! ]:**! i-==Lj[! 6$%44&%**! i5NN;j[! _:/E27:4! l! _:/E27:4! i-=(=j! :1'! C/E,$710! i-==Nj!/#1/,$! 3E:3! 713%$97%&4! :<<#$'! $%4%:$/E%$4! :! 1,28%$! #<! :'9:13:+%4>! "$%T,%13*K! /73%'!:'9:13:+%4!:$%!3E:3\!!

• C%27W43$,/3,$%'! 713%$97%&4! :$%! <*%X78*%[! :':P3:8*%! :1'! P$#97'%! '7$%/3! E,2:1!713%$:/37#1! 3E:3! %1:8*%! 3E%! $%4%:$/E%$! 3#! P$#8%! :1'! /*:$7<K! :14&%$4! &73E! 3E%!$%4P#1'%134[! <#**#&W,P! *%:'4[! %*:8#$:3%!#1! 3E%!#$7+71:*! $%4P#14%! :1'!#83:71!2#$%!':3:!&73E!+$%:3%$!'%3:7*!:1'!/*:$73K>!

• JE%!$%4%:$/E%$!+:3E%$4!':3:!4K43%2:37/:**K!:1'!74!:44,$%'!3E:3!1#!':3:!:$%!#2733%'>!

!#6""

• JE%!<:/%!3#!<:/%!713%$:/37#1!P$#2#3%4!9%$8:372!$%/#$'71+!#<!$%4P#14%4!3E:3!P$#97'%4!722%'7:3%!<%%'8:/0!:1'!+79%4!$##2!<#$!P$#871+!:1'!/*:$7<7/:37#1!#<!744,%4!E%1/%!3E%!$%4%:$/E%$!/:1!722%'7:3%*K!/$#44W/E%/0!':3:!<#$!:,3E%137/73K>!

• JE%!$%4%:$/E%$!/:1!722%'7:3%*K!9:*7':3%!3E%!':3:!&E%1!4%1471+!3E:3!3E%!$%4P#1'%13!74!+7971+!<:*4%!71<#$2:37#1!3E$#,+E!1#1W9%$8:*!/,%4[!71/*,'71+!<:/7:*!%XP$%447#14!:1'!3#1%4!#<!9#7/%>!

• ?3! ! /:1! 8%! ,4%'! 3#! /#**%/3! ':3:! <$#2! 3E%! K#,1+[! :+%'! :1'! 7**73%$:3%! 3E:3! /:11#3! 8%!4,//%44<,**K!#83:71%'!8K!:1K!#3E%$!2%3E#'>!

• JE%! ,4%! #<! :! $%/#$'71+! '%97/%! 4,/E! :4! :! '7/3:PE#1%! %1:8*%4! 3E%! 713%$97%&%$! 3#!/#1/%13$:3%!#1!*743%171+[!P$#871+!:1'!$%4P#1'71+!3#!3E%!713%$97%&%%4!:1'!'#%4!1#3!E:9%!3#!&$73%!'#&1!$%4P#14%4!3#!#1%!T,%437#1!8%<#$%!2#971+!#1!3#!3E%!1%X3>!

• ?<!3E%!$%4%:$/E%$!2:0%4!3E%!$%4P#1'%134!/#2<#$3:8*%!:1'!4%/,$%!3E%K!/#,*'!$%9%:*!4,PP*%2%13:$K!71<#$2:37#1!3E$#,+E!4#2%!4P#13:1%#,4!$%:/37#14!3E:3!/#,*'!1#3!8%!$%9%:*%'! ,1'%$! :1K! #3E%$! /7$/,243:1/%4! &E7/E! 27+E3! 8%! #<! <,3,$%! ,4%! 3#! 3E%!$%4%:$/E%$!:3!3E%!':3:!:1:*K474!43:+%>!!

WW]!-&.%6=%'/%(#.)+R)&'/#"=&#T.!JE%!:8#9%!:,3E#$4!:*4#!1#3%!3E:3!713%$97%&4!E:9%!:!1,28%$!#<!'74:'9:13:+%4!&'/#")%9&%\!!

• ?13%$97%&4!:$%!2#$%!/#43*K!3#!/#1',/3!&E%1!/#2P:$%'!3#!T,%437#11:7$%4>!• ?13%$97%&4! :*4#! :**#&! <#$! 4,8A%/37973K! :1'! P#4478*%! 87:4! %2:1:371+! <$#2! 3E%!

%:+%$1%44!3#!P*%:4%!3E%!713%$97%&%$!#$!3E%!3%1'%1/K!8K!3E%!713%$97%&%$!3#!4%%0!#,3!:14&%$4!3E:3!4,PP#$3!E74!#$!E%$!P$%/#1/%79%'!1#37#14>!

• ?13%$97%&4!:$%!%:47*K!71<*,%1/%'!8K!$%4P#1'%134R!P%$4#1:*!:33$78,3%4!:1'!2:K!4,<<%$!<$#2!713%$97%&%$!'#271:1/%>!

• ?13%$97%&4! :$%! #<3%1! 4E:**#&! :4! 3E%K! /:1! #1*K! ://#22#':3%! :! *7273%'! 4:2P*%! #<!$%4P#1'%134!:1'!#<3%1!<:7*!3#!'7+!'%%P!%1#,+E!3#!P$#97'%!:!3$,%!P7/3,$%!#<!#P717#14!:1'!<%%*71+4>!

• ?13%$97%&4! *:/0! 3E%! :1#1K273K! 3E:3! 74! P$#97'%'! 8K! 3E%! T,%437#11:7$%! E%1/%! 2:K!*%:9%! 3E%! $%4P#1'%134! <%%*71+! 3E$%:3%1%'! %4P%/7:**K! 7<! 3E%! 3#P7/! #$! 4#2%! #<! 3E%!T,%437#14!:$%!#<!:!4%147379%!1:3,$%>!

• ?13%$97%&71+! :1'! $%/#$'71+! 2:1,:**K! 472,*3:1%#,4*K! 4P#7*4! 3E%! <*#&! #<! 3E%!713%$:/37#1!:1'!73!74!%:4K!3#!*#4%!<#/,4!7<!3E%!713%$97%&%$!+%34!/:$$7%'!:&:K>!!

!C]/4]6!(OLXU!5?OX<!1WULXUUWON!.!<#/,4!+$#,P!74!'%<71%'!:4!:!42:**!+:3E%$71+!#<!71'797',:*4!&E#!E:9%!:!/#22#1!713%$%43!#$!/E:$:/3%$7437/[!:44%28*%'!8K!3E%!$%4%:$/E%$!&E#!,4%4!3E%!+$#,P!:1'!734!713%$:/37#14!:4!:!&:K!3#!+:71!71W'%P3E!71<#$2:37#1!:8#,3!:!P:$37/,*:$!3#P7/!ic:$0!l!S7**7:24[!5NN5j>!c$%1+%$!i-=((j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iZ:$%%[!5NN;j>!!

!#B""

!]$#,P!'K1:27/4! 71! <#/,4!+$#,P!'74/,447#14!%1:8*%!P:$37/7P:134!3#!8%!:8*%!3#!8,7*'!#1!%:/E!#3E%$R4! 7'%:4[! %XP%$7%1/%4! :1'! /#22%134! 3#! P$#',/%!':3:! $7/E! 71! '%3:7*! 3E:3! 74! '7<<7/,*3! 3#!:/E7%9%! &73E! #3E%$! $%4%:$/E! 2%3E#'4[! i.1'%$4#1[! -==Bm! Z:$%%[! 5NN;j>! `1%XP%/3%'!/#22%134!:1'!1%&!P%$4P%/379%4!/:1!8%!%XP*#$%'!%:47*K!&73E71!3E%!<#/,4!+$#,P!:1'!/:1!:''!9:*,%! 3#! #1%R4! 43,'K>! JE%! P:$37/7P:134! 713%$:/3! &73E! %:/E! #3E%$! $:3E%$! 3E:1! &73E! K#,! 3E%!713%$97%&%$[!4,/E!3E:3!3E%!97%&4!#<!3E%!P:$37/7P:134!/:1!%2%$+%!:1'!3E%!P:$37/7P:134R!$:3E%$!3E:1! 3E%! $%4%:$/E%$4R! :+%1':! /:1! P$%'#271:3%! i6#E%1[! %3! :*>[! 5NNLj>! ?3! 74! <$#2! 3E%!713%$:/37#1!#<!3E%!+$#,P!3E:3!3E%!':3:!%2%$+%>!!!?1!/#1',/371+!:!<#/,4!+$#,P!'74/,447#1!734!7'%:*!3#!8%+71!&73E!:!8$#:'!:1'!*%44!43$,/3,$%'!4%3!#<!T,%437#14! 3#!%:4%!P:$37/7P:134! 713#!:!P$#/%44!&E%$%! 3E%K!:/379%*K!'%8:3%! 744,%4! iZ:$%%[!5NN;j>! ./379%! P:$37/7P:37#1! :1'! 713%$:/37#1! :2#1+! 2%28%$4! /:1! 8%! 2#379:3%'! 8K! K#,$!P$#871+! 3#! 43%%$! 3E%!'74/,447#14!#$! /*:$7<K! 744,%4>!.4! 3E%!'74/,447#1!P7/04!,P[! 3E%! 713%$97%&!T,%437#14!&7**! 8%/#2%!2#$%! 43$,/3,$%'! :1'! /#9%$! 3E:3!&E7/E! 74! P%$371%13! 3#! 3E%! 43,'K! 3#!+%1%$:3%!:4!2:1K!97%&4!:1'!P%$/%P37#14!:4!P#4478*%!<$#2!3E%!+$#,P!iZ:$%%[!5NN;j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i.1'%$4#1[! -==Bj>! S#$071+! &73E! 3E$%%!<#/,4!+$#,P4!&#,*'!8%! 7'%:*! <#$!:!43,'K[!&73E!3E%!<7$43!3&#!+$#,P4!+7971+!/#147'%$:8*%!1%&!71<#$2:37#1! :1'! 3E%$%! :<3%$! 3E%! 1%&! 7147+E34! $:P7'*K! '727174E>! d#,! :4! 3E%! $%4%:$/E%$! :$%!%XP%/3%'! 3#! P$#2#3%! :! /#2<#$3:8*%[! P%$274479%! :1'! 1#1! 3E$%:3%171+! :32#4PE%$%! 3E:3!%1/#,$:+%4! <$%%! '74/*#4,$%! 71! &E7/E! $%4P#1'%134! 4E:$%! 3E%7$! 7'%:4[! %XP%$7%1/%4[! <%%*71+4[!P%$/%P37#14!:1'!:3373,'%4!:8#,3!3E%!P$#8*%2!,1'%$!719%437+:37#1!ic$%1+%$[!-=((j>!d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Ê%$!87:4%4!iO#$+!l!]:**[!-==Lj>!JE%!3:P%! $%/#$'%'! ':3:! /:1! 8%! $%P*:K%'! 4%9%$:*! 372%4! :1'! /:1! 8%! 43,'7%'! 2#$%! 3E#$#,+E*K!',$71+!3E%!43,'K!3E:3!&#,*'!1#3!8%!3E%!/:4%!7<!':3:!&:4!#1*K!$%/#$'%'!2:1,:**K>!?3!74!P#4478*%!

!$G""

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Ê%$! <%%*71+4!:1'!#P717#14! <$%%*K!&E%1!:&:$%!3E:3! 3E%!P$#/%44!&#,*'!8%!$%/#$'%'>!.4!:!$%4%:$/E%$[! K#,! 1%%'! 3#! /:$%<,**K! %XP*:71! 3E%! P,$P#4%! #<! 3E%! $%/#$'71+! :1'! :44,$%! 43$7/3!/#1<7'%137:*73K! :2#1+43! $%4P#1'%134! :4! 4#2%! P%#P*%! 3E710! 3E:3! #1/%! 3E%7$! &#$'4! :$%!$%/#$'%'! #1! 3:P%! 3E%K! 27+E3! <71'! 3E%24%*9%4! 71! 3$#,8*%[! %4P%/7:**K! 7<! 3E%K! $%9%:*%'!4#2%3E71+!7**%+:*!3E%K!'7'!iO#+':1!l!O70*%1!i-==5j>!!!Y#&%9%$[! 7<! 713%$97%&%%4!:1'! <#/,4! +$#,P!P:$37/7P:134!'#!1#3!&:13! 3E%!P$#/%%'71+4! 3#!8%!$%/#$'%'!,471+!:!'%97/%!4,/E!:4!:!'7/3:PE#1%[!3E%!$%4%:$/E%$!E:4!3#!&$73%!'#&1!4#2%!1#3%4!',$71+!3E%!713%$97%&!#$!<#/,4!+$#,P!'74/,447#1>!?1!3E%!<#**#&71+!3:8*%[!@P7%!i5NNGj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o!#,$!<#/:*!P#713!71!3E%!1%X3!4%/37#1>!.33%2P3!3E74!:/37973K>!!#L=W^W=V!C]C!:>!6#2P:$%!:1'!/#13$:43!T,%437#11:7$%4!:1'!713%$97%&4>!!8>!CE#&!E#&!3E%K!/#2P*%2%13!%:/E!#3E%$!&E%1!71!#1%!471+*%!43,'K>!!!d#,$!$%4P#14%!4E#,*'!8%!71!K#,$!#&1!&#$'4!3#!'%2#143$:3%!:!P%$4#1:*!+$:4P!#<!3E%!3#P7/>!?1!#$'%$! 3#! /#2%! ,P!&73E! +##'! $%4P#14%4! 3#! %:/E! 73%2[! $%97473! 3E%! 3%X3! :8#9%! 3E%! %X%$/74%>!CE:$%!K#,$!7'%:4!&73E!:!/#**%:+,%>!Q%3!,4!1#&!$%:'!#1!:1'!%X:271%!3E%!4%9%$:*!43%P4>!!C]/4]@!'YU>?^;=WON!@84%$9:37#1:*! 43$:3%+7%4! /#**%/3! T,:*73:379%! ':3:! :1'! :$%! 4,73:8*%! <#$! 719%437+:371+!PE%1#2%1#1! 3E:3! /:1! 8%! #84%$9%'! '7$%/3*K! i_:/E27:4! :1'! _:/E27:4! i-=(=j>! JE%!

!$!""

#84%$9:37#1!3%/E17T,%!:**#&4!K#,!3#!#84%$9%!3E%!P:$37/7P:13[!$%/#$'!&E:3!74!+#71+!#1!#$!3:0%!'#&1! 1#3%4! E%1/%! 1%%'4! 3#! 8%! 4K43%2:37/:**K! P*:11%'! :1'! $%/#$'%'>! .'9:13:+%4! #<!#84%$9:37#1!:$%! 3E:3! K#,!8%71+!:1!#,347'%$! /:1! 4%%!PE%1#2%1#1!:8#,3!:! 473,:37#1[!&E7/E!3E#4%! 719#*9%'! 2:K! 3:0%! <#$! +$:13%'! :1'! 3E:3! K#,! $%/#$'! 3E%! %9%134! :4! 3E%K! #//,$>!@84%$9:37#1!4%$9%4!:4!:1!7'%:*!':3:!/#**%/37#1!43$:3%+K!&E%1!'%:*71+!&73E!$%4P#1'%134!&E#!:$%!,1:8*%!3#!+79%!9%$8:*!$%P#$34!4,/E!:4!K#,1+!/E7*'$%1[!'%:<!:1'!',28!P%#P*%>!!JE%!'74:'9:13:+%4!#<!3E%!#84%$9:37#1!43$:3%+K!71/*,'%!3E%!<:/3!3E:3!K#,!27+E3!1#3!8%!3E%$%!:3!3E%!372%!#<!4P#13:1%#,4!#//,$$%1/%!&E7/E!27+E3!8%!#<!713%$%43>!JE%!#3E%$!'74:'9:13:+%4!:$%!3E:3!#84%$9:37#14!:$%!*7273%'!3#!3E%!',$:37#1!#<!3E%!%9%13!:1'!8K!473,:37#14!&E%$%!73! 74!3:8##! 3#! :PP*K! #84%$9:37#1! 4,/E! :4! E,2:1! 4%X,:*! P$:/37/%4[! 4#2%! $%*7+7#,4! /%$%2#17%4[!/,*3,$:*!%9%134!4,/E!:4!/7$/,2/747#1!P$:/37/%4!:2#1+!4#2%!3$78%4!%3/>!"71:**K[!K#,$!P$%4%1/%!#<! :1! #,347'%$! i3E%! $%4%:$/E%$^#84%$9%$j! 74! 8#,1'! 3#! :*3%$! 3E%! 8%E:97#$! #<! 3E#4%! 8%71+!#84%$9%'>! d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a/#9%$R! 74! 4#! /#2P*%3%! 3E:3! #3E%$! P:$37/7P:134! 4%%! 3E%2! :4! #1%! #<! 3E%2>!SE%1! #P%$:371+!,1'%$! /#9%$[! 3E%! $%/#143$,/37#1! #<! %9%134! #9%$! :! *#1+! 372%! 8%3&%%1! '%8$7%<71+4! /:1! 8%! :!P$#8*%2!E%1/%!K#,!27+E3!$%4#$3!3#!,471+!:!/#1/%:*%'!2717:3,$%!$%/#$'71+!'%97/%!:1'!3E%$%!/:1!8%!:!P$#8*%2!&E%1!K#,!:$%!'74/#9%$%'[!ic$:3E&#E*[!-==Bj>!6#9%$3!#84%$9:37#1!'#%4!1#3!/:P3,$%! 3E%! 1#19%$8:*! /*,%4! :1'! *72734! $%*:37#14E7P4! 3#! 3E#4%! #<! K#,$! +$:'%! *%9%*! 71! 3E%!#$+:17e:37#1!E%1/%!/%$3:71!$%/#$'4!:1'!71<#$2:37#1!2:K!8%!71://%4478*%!3#!3E%!+$:'%!#<!3E%!#84%$9%$>!JE%!%<<#$3!3#!8%!:4!1:3,$:*!:4!P#4478*%!8K!+%3371+!4#! 719#*9%'!:1'!:/379%!&73E!3E%!4,8A%/34! $,14! 3E%! $740! #<! 3E%! #84%$971+! $%4%:$/E%$! f+#71+! 1:379%h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c$:3E&#E*! i-==Bj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

!$#""

!!WWW]!<4#)1+8$9#/#)+S.#"=#")JE%!/#2P*%3%!#84%$9%$!3:0%4!P:$3!71!3E%!:/37973K!:1'!#84%$9%4!4%/$%3*K!#$!/#9%$3*K!i6E70#0#!:1'!ZE*#K7[! -==Ij>! .4! 3E%! /#2P*%3%! #84%$9%$! K#,! :$%! '%3:/E%'! #$! :*##<! <$#2! 3E%! +$#,P!:/379737%4!8%71+!719%437+:3%'!:1'!K#,!2:K!#84%$9%!8%E:97#,$!<$#2!3E%!8:/0!#<!:!/*:44$##2!#$!<$#2! :! 4%P:$:3%! $##2! 3E$#,+E! :! 4/$%%1! #$! &71'#&! i6E70#0#! l! ZE*#K7[! -==Ij>! JE%!1#1P:$37/7P:13!#84%$9:37#1!P$#97'%4!3E%!$%4%:$/E%$!&73E!<$%%'#2!3#!/#1/%13$:3%!%137$%*K!#1!#84%$9:37#1! :1'! 8%/#2%! 9%$K! 4%147379%! 3#! 3E%! 72P#$3:1/%! #<! &E:3! 74! E:PP%171+>! F3E7/:*!/#147'%$:37#14! :+:71! $%43$7/3! $%4%:$/E%$4! <$#2!#84%$971+!P%#P*%!&E#!:$%!,1:&:$%!#<! 3E%7$!4PK71+! :/379737%4! E%1/%! 2#43! P$%<%$! 3E%! $#*%! #<! P:$37/7P:13! #84%$9%$>! JE%! ':3:! /#**%/3%'!3E$#,+E!#84%$9:37#14!#,+E3!3#!8%!$%/#$'%'!:4!4##1!:4!P#4478*%>!!C]/4]C]!1OLXT>N=f)ON=>N=!#N;QVUWU!H#/,2%134! :1:*K474! 74! ,1#83$,479%! :1'!1#1W$%:/379%! :1'! /:1! K7%*'! :! *#3! #<! ':3:! :8#,3! 3E%!9:*,%4! :1'! 8%*7%<4! #<! P:$37/7P:134! 71! 3E%7$! 1:3,$:*! 4%3371+4! iZ:$4E:**! l! D#442:1[! -===j>!.1:*K474! #<! '#/,2%134! /#2P*%2%134! 713%$97%&4! :1'! T,%437#11:7$%4! 71! 3E%! ':3:! /#**%/37#1!P$#/%44! :1'! 2:K! E%*P! :14&%$! T,%437#14! 3E:3! 713%$97%&4[! <#/,4! +$#,P! '74/,447#14! :1'!T,%437#11:7$%4! 2:K! 1#3! :''$%44>! .//#$'71+! 3#! Z:$%%! i5NN;j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e%!3E%!$740!#<!72P#471+!P%$4#1:*!71<%$%137:*!713%$P$%3:37#1!#1!&E:3!74!<#,1'!71!3E%!'#/,2%134!i6E74:0:!l!M:0:*74:[!5NNNj>!6$737/7424!*%9%**%'!:+:7143!'#/,2%13!:1:*K474!71/*,'%!3E%!P#44787*73K!8K!3E%!$%4%:$/E%$! 3#! $%1'%$!:!4%*%/379%!:1'!87:4%'!,1'%$43:1'71+!#<!:!'#/,2%13!',%! 3#! 734! 4#/7:*!/#13%X3! :1'! 7'%1373K>! .,3E#$4! #<! '#/,2%134! '%/7'%! 3#! $%/#$'! :1'! *%:9%! #,3! 71<#$2:37#1!71<#$2%'! 8K! 3E%7$! 4#/7:*[! P#*737/:*! :1'! %/#1#27/! %197$#12%13! #<! &E7/E! 3E%K! :$%! P:$3!i6$%4&%**[!5NNBj>!!!H#/,2%134!:$%!E743#$7/:**K!:2%1:8*%!3#!2:17P,*:37#1!:1'!4%*%/379%!71<*,%1/%>!?1!,1'%$3:071+!'#/,2%13! :1:*K474[! K#,! 4E#,*'! 8%! :&:$%! #<! 3E%4%! 71<*,%1/%4! :1'! 1#3! :44,2%! 3E:3!'#/,2%134! :$%! 472P*K! 1%,3$:*! :$3%<:/34! <$#2! 3E%! P:43>! `471+! '#/,2%134! &73E#,3! ',%!/#147'%$:37#1! 3#! 3E%! P$#/%44! :1'! 4#/7:*! /#13%X3! #<! 3E%7$! /#143$,/37#1[! *%:9%4! K#,! #P%1! 3#!/$737/742!#<!8%71+!,1$%<*%X79%!:1'!,1/$737/:*!71!3E%7$!a$%:'71+4R>!d#,!3E%1!1%%'!3#!8%!#1!E7+E!:*%$3!:1'!:9#7'!://%P371+!'#/,2%134!:3! <:/%!9:*,%!:1'!'7<<%$%137:3%!8%3&%%1!+%1,71%!:1'!4P,$7#,4!'#/,2%134!4#!:4!3#!E%*P!%43:8*74E!:,3E%137/73K!:1'!/$%'787*73K!#<!/#**%/3%'!':3:>!!!C]/4]D]!-WQO=!=>U=WNS!O[!=:>!?>U>;?L:!WNU=?XT>N=U!)7*#3! 3%4371+! #<! 3E%! $%4%:$/E! 7143$,2%134! E%*P4! 3E%! K#,! 3#! <71%! 3,1%! 3E%! ':3:! /#**%/371+!7143$,2%13!<#$!3E%!2:71!%1T,7$K>!)7*#3!l!Y,1+*%$!i-=(Bj!'%<71%!:!P7*#3!43,'K!:4!:!f3$7:*!$,1!#<!

!$$""

&E:3! 74! 713%1'%'! 3#! 8%! :! *:3%$! *:$+%$! P$#A%/3h>! O*%44! l! Y7+4#1WC273E! i5NNNj! 71! '%! M#4[!C3$K'#1[!"#,/E7%[!:1'!H%*P#$3!i5NNIj!:$+,%!3E:3!:!P7*#3!74!:!42:**!43,'K!/#1',/3%'!P$7#$!3#!:!*:$+%$!$%4%:$/E!3#!'%3%$271%!&E%3E%$!3E%!2%3E#'#*#+K[!4:2P*71+[!7143$,2%134!:1'!:1:*K474!:$%!:'%T,:3%!:1'!:PP$#P$7:3%>!?3!/:1!8%!:$+,%'!3E:3!:!P7*#3!74!:!42:**!43,'K!3E:3!74!/#1',/3%'!P$7#$!3#!3E%!2:71!719%437+:37#1!&73E!3E%!713%137#1!#<!72P$#971+!3E%!4,//%44!:1'!%<<%/379%1%44!#<!3E%!2:71!43,'K>!)7*#371+!3E%!$%4%:$/E!7143$,2%134!74!72P#$3:13!8%/:,4%!73!E%*P4!3#!:44%44!:1'!71/$%:4%!3E%!9:*7'73K!:1'!$%*7:87*73K[!3E%!<%:4787*73K!:1'!P$:/37/:87*73K!#<!3E%!43,'K!:1'!3E%!4,73:87*73K!#<! 3E%!$%4%:$/E! 7143$,2%134!:1'!'%47+1! i6#E%1[!%3!:*>[!5NNLm!@PP%1E%72[!-==Lj>!JE%!P7*#3!3%43!#,+E3!3#!,4%!:!+$#,P!#<!$%4P#1'%134!&E#!:$%!P:$3!#<!3E%!P#P,*:37#1!8,3!1#3!P:$3!#<!3E%!4:2P*%!:1'!&E#4%!:33$78,3%4!:1'!/E:$:/3%$7437/4!:$%!4727*:$!3#!3E#4%!#<!3E%!3:$+%3!P#P,*:37#1>!!)7*#371+!3E%!$%4%:$/E!7143$,2%134!E%*P4!3#\!/E%/0!3E%!/*:$73K!#<!3E%!&#$'71+!#<!T,%437#11:7$%!73%24!:1'!713%$97%&!T,%437#14[!7143$,/37#14!:1'!*:K#,3m!%*7271:3%!:287+,73K!#$!'7<<7/,*37%4!71!3E%! 7143$,/37#14m! /E%/0! 3E%! 372%! 3:0%1! 3#! /#2P*%3%! 3E%! $%4P#14%4m! $%9%:*! #27447#14! #$!P$%97#,4*K! ,1:137/7P:3%'! :14&%$4! 71! 2,*37P*%! /E#7/%! T,%437#14! :1'! 7'%137<K! $%',1':13!T,%437#14!:1'!3E#4%!3E:3!:$%!/#22#1*K!274,1'%$43##'!#$!1#1W/#2P*%3%'!73%24!i.1'%$4#1[!-==Bm!6#E%1[!%3!:*>[!5NNLm!Y:$:*:28#4!l!Y#*8#$1[!-==Ij>!)7*#3!3%4371+!3E%!T,%437#11:7$%4!:1'!713%$97%&!+,7'%4!P$#97'%4!K#,!&73E!:!<71:*!#PP#$3,173K!3#!72P$#9%!3E%!$%4%:$/E!7143$,2%134!8%<#$%!<71:**K!$%*%:471+!3E%2!3#!3E%!3:$+%3!P#P,*:37#1>!@P7%!i5NNG\-NGW-NIj!97%&4!3E%!P7*#3!3%43!:4!P$#97'71+!:14&%$4!3#!3E%!<#**#&71+!T,%437#14\!!

• Y#&!*#1+!'7'!73!3:0%!3#!:14&%$!3E%!T,%437#11:7$%U!• S%$%!3E%!7143$,/37#14!/*%:$U!• S%$%!:1K!#<!3E%!T,%437#14!,1/*%:$!#$!:287+,#,4U!• ?<!4#[!&E7/E!:1'!&EKU!• H7'!$%4P#1'%134!#8A%/3!3#!:14&%$!:1K!#<!3E%!T,%437#14U!• .1K3E71+!2:A#$!#2733%'U!• S:4!3E%!*:K#,3!/*%:$!:1'!:33$:/379%U!

.33%2P3!3E74!:/37973K>!!#L=W^W=V!C]D!:>!?'%137<K!3E%!/E:**%1+%4!P#4%'!8K!#84%$9:37#1!71!':3:!/#**%/37#1>!!8>!?'%137<K!!3E%!:'9:13:+%4!#<!'#/,2%13!:1:*K474>!!/>!?1!T,:*73:379%!$%4%:$/E!'%47+14[!&EK!74!3E%!$%4%:$/E%$!97%&%'!:4!3E%!2:A#$!':3:!/#**%/371+!7143$,2%13U!!d#,$! $%4P#14%4! 4E#,*'! 8%! 71! K#,$! #&1! &#$'4! 3#! '%2#143$:3%! :! P%$4#1:*! +$:4P! #<! 3E%!/#13%13>!d#,!:$%!<$%%!3#!$%<%$!3#!3E%!$%*%9:13!3#P7/!<#$! 71<#$2:37#1>!JE74!%X%$/74%!2%:13!3#!E%*P!K#,!$%:*7e%!E#&!2,/E!K#,!$%2%28%$!<$#2!&#$0!/#9%$%'>!!!@,$! #84%$9:37#1! 74! 3E:3!2:1K! #<! #,$! 43,'%134!2742:3/E! :! /E#4%1!2%3E#'#*#+K! :1'! ':3:!/#**%/37#1!43$:3%+7%4!4,/E!:4!,471+!T,%437#11:7$%4!71!:!/:4%!43,'K!:1'!713%$97%&4!71!:!4,$9%K!43,'K>!C3,'%134!2:71*K!:'#P3!'%4/$7P379%!:1'!/:4%!43,'K!'%47+14!:1'!$:$%*K!&#$0!&73E!27X%'!2%3E#'4[!/#$$%*:37#1:*!:1'!%XP%$72%13:*!'%47+14>!!!!!!

!$%""

C]/6!%>UUONU!Q>;?N=!D%4%:$/E!'%47+1!74!:!/$737/:*!4%/37#1!#<!3E%!$%4%:$/E[!:1'!4,P%$974#$4R!%XP%$7%1/%!74!3E:3!2:1K!43,'%134!%XP%$7%1/%!'7<<7/,*37%4!/#1/%$171+!E#&!3#!E:1'*%!3E%!4%/37#1>!C#2%!#<!3E%!*%44#14!*%:$13!:$%!#,3*71%'!8%*#&>!!SE:3!2:0%4!3E%!Z%3E#'#*#+K!/E:P3%$!<*:&%'!:1'!:!P:71!3#!+#!3E$#,+E!<#$!4,P%$974#$4!74!3E:3!43,'%134!3%1'!3#!?><?ORXL>!=>c=YOOM!WN[O?T;=WON!YVF!!

• 67371+!%X/%**%13!3%X38##0!71<#$2:37#1!#1!#13#*#+K[!PE%1#2%1#*#+K[!E#1/#*#+K[!:1'!2:1K!#3E%$!o3+1)-[!&E#4%!$%*%9:1/%!74!'#,83<,*>!

• H%<7171+!&E:3!:!$%4%:$/E!'%47+1!74[!:1'!E#&!2:1K!$%4%:$/E!'%47+14!3E%K!01#&!71!3E74!&#$*'>!

• FXP*:7171+!:3!*%1+3E!3E%!P:$:'7+2!3KP%4!:1'!$%4%:$/E!PE7*#4#PE7%4!i%>+>!713%$P$%379742[!/#143$,/379742[!P#47379742[!%3E1#+$:PEKuj>!

• H&%**71+!#1!&E:3!'74371+,74E%4!71',/379%!<$#2!'%',/379%!:PP$#:/E>!• D%P$#',/71+!*73%$:3,$%!:8#,3!T,:*73:379%^T,:1373:379%!:PP$#:/E%4[!3E%1!4P%1'71+!:4!

2,/E!372%!'74P*:K71+!3E%7$!01#&*%'+%!#1!&E:3!3$7:1+,*:37#1!74>!• H%/*:$71+!3E:3!3E%K!&7**!&#$0!&73E!3E%!T,:*73:379%!:PP$#:/E!%9%1!&E%1!3E%K!&7**!

71%973:8*K!E:9%!4#2%!43:37437/4!o!.!071'!#<!PE#87:!<#$!3E%!T,:1373:379%!:PP$#:/E>!• H%3:7*71+!P$#/%',$%4!#<!E#&!3#!'%47+1!:!T,%437#11:7$%^:1!#$:*!713%$97%&!4/E%',*%>!• JE%$%!74!:!3%1'%1/K!3#!/#1<,4%!/#1/%P34!%>+>!3:*071+!#<!:!27X%'!'%47+1!&E%1!73!

4E#,*'!8%!27X%'!2%3E#'4!'%47+1m!2%3E#'#*#+K!&E%1!$%<%$$71+!3#!2%3E#'4m!$%<%$$71+!3#!2%3E#'4!:4!'%47+14m!$%<%$$71+!3#!T,:*73:379%!:1'!T,:1373:379%!:PP$#:/E%4!:4!%73E%$!2%3E#'4!#$!'%47+14>!JE%!*743!74!*#1+>!

!

C]/8!+XTT;?V!

JE%!6E:P3%$!/#9%$%'!8$#:'!+$#,1'!71/*,'71+\!

• .! '%4/$7P37#1! #<! 3E%!H%4/$7P379%! C,$9%K[! 3E%! 6:4%! C3,'K! :1'!Z7X%'! '%47+14! '$:&1!<$#2!3E%!V,:1373:379%[!V,:*73:379%!:1'!Z7X%'!Z%3E#'4!:PP$#:/E%4!&:4!+79%1>!

• JE%! 4:2P*71+! 43$:3%+7%4! :PP*7/:8*%! 3#! 3E%! H%4/$7P379%! C,$9%K[! 3E%! 6:4%! C3,'K! :1'!Z7X%'!'%47+14!&%$%!7'%137<7%'>!

• JE%! ,4%! #<! T,%437#11:7$%4[! 713%$97%&4[! <#/,4! +$#,P! '74/,447#14[! #84%$9:37#14! :1'!'#/,2%13!:1:*K474!:4!':3:!/#**%/37#1!43$:3%+7%4!&%$%!:$37/,*:3%'>!

• JE%!:'9:13:+%4!:1'!'74:'9:13:+%4!#<!,471+!%:/E!#<! 3E%!':3:! /#**%/37#1! 3%/E17T,%4!&%$%!:$37/,*:3%'>!

• JE%!9:*,%!#<!P7*#3!3%4371+!3E%!':3:!/#**%/37#1!7143$,2%134!&%$%!7'%137<7%'!!!.>[>?>NL>U!.1'%$4#1[!]>!i-==Bj>!_6*/.2)*'.7-!34!V/6:.'13*.7!9)-).(:,#!Q#1'#1>!":*2%$!)$%44>!!.1'%$4#1[! ]>! :1'! Y%$$[! c>! i-===j>! JE%! 1%&! P:$:'7+2! &:$4\! ?4! 3E%$%! $##2! <#$! $7+#$#,4!

P$:/3737#1%$! 01#&*%'+%! 71! 4/E##*4! :1'!,179%$4737%4U!V/6:.'13*.7! 9)-).(:,)(F!5(! iIj!PP>-5W5->!

!O:887%[!F>[!Z#,3#1[!b>[!M#$43%$[!)>[!l!)$#e%40K[!O>!i5NN-j>!R,)!>(.:'1:)!34!&3:1.7!! ! !9)-).(:,#!

C#,3E!.<$7/:1!F'737#1>!6:P%!J#&1\!@X<#$'!`179%$473K>!!

!$&""

O:87%[!F>D>!i-=;=j>!R,)!>(.:'1:)!34!&3:1.7!9)-).(:,#!O%*2#13\!S:'4&#$3E!),8*74E71+!6#2P:1K>!

!O%$+%[! n>! Q>! :1'!Z$#e#&407[! C>! 5NNG>!D%97%&!#<! $%4%:$/E! 71!'743:1/%!%',/:37#1!-==NW-===>!

>(.:'1'13*)(! ()-).(:,! .*/! )8.76.'13*! -K177-! '(.1*1*+! 1*! 3<)*! .*/! /1-'.*:)! 7).(*1*+#!6#22#1&%:*3E!#<!Q%:$171+>!

!O%43[!b>S>!l!cE:1[!b>M>!i-==BT#!9)-).(:,!1*!V/6:.'13*!i51'!%'1>j>!!O#43#1\!.**K1!l!O:/#1!

),8*74E%$4>!!!O#$+[!S>D>!l!]:**[Z>H>!i-==Lj!V/6:.'13*.7!9)-).(:,B!A*!E*'(3/6:'13*>!_%&!d#$0>!Q#1+2:1>!!O#$+'%1[!D>!6>!l!O70*%1[!C>!c>!i-==5j>!56.71'.'18)!9)-).(:,!43(!V/6:.'13*B!A*!E*'(3/6:'13*!'3!

R,)3(N!.*/!Q)',3/-#!O#43#1\!.**K1!:1'!O:/#1>!!

6E:8:K:[!@>[!6E:0:1K,0:[!C>!:1'!_':28:[!]>J>!i5N--j>!./37#1!D%4%:$/E!Z%3E#'4>!.!Z#',*%!

HF))5NL!<#$!H7P*#2:!71!F',/:37#1!i)$72:$Kj>!Y:$:$%\!n728:8&%!@P%1!`179%$473K>!

6E:8:K:[!@>[!H*:2717[!.>H!:1'!_':28:[!]>J>!i5NN-j>!.!],7'%!3#!./37#1!D%4%:$/E>!.!D%:'%$!

<#$!)#43!]$:',:3%!H7P*#2:!71!F',/:37#1!i)]HFj>!Y:$:$%\!n728:8&%!@P%1!`179%$473K>!

6E70#0#[!M>!:1'!ZE*#K7[!]>!i-==Ij>!E*'(3/6:'13*!'3!9)-).(:,!Q)',3/-#!Y:$:$%\!n728:8&%!@P%1!`179%$473K!!

!6E74:0:[!O>6>!l!M:0:*74:[!_>6>]>!i5NNNj>![.',)(1*+!.*/!A*.7Ng1*+!34!@.'.!6-1*+!',)!

56.71'.'18)!9)-).(:,!Q)',3/373+N!B!.!P:P%$!P$%4%13%'!:3!3E%!V,:*73:379%!D%4%:$/E!6#1<%$%1/%!E#43%'!8K!":/,*3K!#<!F',/:37#1!:1'!_,$471+!:3!D:1'!.<$70::14!`179%$473K\!C#,3E!.<$7/:[!5GW5L!b,*K!5NNN>!

!6E79#$%[! O>C>! i-==-j>! C6((1:6762! V8.76.'13*! 1*! f12D.D=)B! A*! A<<(.1-.7! 34! C.-)! &'6/1)-#!

Y:$:$%\!O##04!<#$!.<$7/:1!),8*74E71+!Y#,4%>!!6#E%1[!Q>!l!Z:17#1[!Q>!i-==Gj>!9)-).(:,!Q)',3/-!1*!V/6:.'13*>!iG3E%'1>j>!Q#1'#1\!D#,3*%'+%>!!6#E%1[!Q>[!Z:17#1[!Q>!l!Z#$$74#1[!c>!i5NNLj>!9)-).(:,!Q)',3/-!1*!V/6:.'13*#!_%&!d#$0\!

D#,3*%'+%W":*2%$>!!6$%4&%**[! b>S>! i5NN;j>! 9)-).(:,! @)-1+*B! 56.71'.'18)F! 56.*'1'.'18)! .*/! Q1O)/! Q)',3/-!

! A<<(3.:,)-#!S$*/)/*#T#!JE#,4:1'!@:04\!C.]F>!!6$%4&%**[! b>S>! 5NNB>! 9)-).(:,! /)-1+*B! 56.71'.'18)F! Y6.*'1'.'18)! .*/! 21O)/! 2)',3/-!

.<<(3.:,)-!S$*/)/*#T#!JE#,4:1'!@:04[!6.\!C:+%>!!!'%!M#4[!.>C>[C3$K'#1[!Y>[!"#,/E7%[!6>O>!:1'!H%*P#$3[!6>C>Q>!i5NNIj>!9)-).(:,!.'![(.--!933'-B!

_3(!',)!&3:1.7!&:1)*:)-!.*/!W62.*!&)(81:)!>(34)--13*-#!)$%3#$7:>!M:1!C/E:70>!!!H%14/#28%[!Z>!i5NN-j>!R,)![33/!9)-).(:,![61/)!43(!&2.77L&:.7)!&3:1.7!>(3Z):'-#!!

O,/071+E:2\!@P%1!`179%$473K!)$%44>!!H%1e71[!_>c>!l!Q71/#*1[!d>C>!i-==Gj>!i%'4>j>!W.*/D33K!34!56.71'.'18)!9)-).(:,>!JE#,4:1'!#<!

@:04>!6>.>!\C:+%>!

!$'""

!]:**[Z>H>!O#$+[!S>D>!l!]:**[! b>!)>! i-=(=j>!V/6:.'13*.7!9)-).(:,B!A*! E*'(3/6:'13*>!_%&!d#$0>!

Q#1+2:1>!!Y:$:*:28#4[!Z>!l!Y#*8#$1[!Z>!i-==Ij>!&3:1373+NB!R,)2)-!.*/!>)(-<):'18)->iG3E%'1>j>!

Q#1'#1\!6#**714!F',/:37#1:*>!!b#E14#1[!D>O>!:1'!@1&,%+8,e7%[!.>!i5NNGj>!Z7X%'!Z%3E#'4!D%4%:$/E\!.!):$:'7+2!SE#4%!

J72%!Y:4!6#2%#!V/6:.'13*.7!9)-).(:,F!JJScTF!-GW5L>!!c:$3e[! Q>!l!S7**7:24[!.>! i5NN5j!fJE%!,4%4!#<!"#/,4!]$#,P!Z%3E#'#*#+K! 71!F',/:37#1>!C#2%!

3E%#$%37/:*! :1'! P$:/37/:*! /#147'%$:37#14h>! E*')(*.'13*.7! X36(*.7! 43(! 0)./)(-,1<! 1*!0).(*1*+#!"SJTSA8.17.D7)!E33P\^^&&&>,/:*+:$K>/:*W7%A**T!SA::)--)/!3*$!Q.N!$bbhT!

!c$:*&#$3E*[!H>D>!i-==Bj>!Q)',3/-!34!V/6:.'13*.7!.*/!&3:1.7!&:1)*:)!9)-).(:,B!A*!E*')+(.')/!

A<<(3.:,#!_%&!d#$0\!Q#1+2:1>!!!c$%1+%$[!D>!.>i-=((j>!_3:6-![(36<-B!A!>(.:'1:.7![61/)!43(!A<<71)/!9)-).(:,>!Q#1'#1\!C:+%>!!Q%%'K[!)>H>!i-=(=j>!!>(.:'1:.7!9)-).(:,B!>7.**1*+!.*/!@)-1+*#!_%&!b%$4%K\!)$%137/%!Y:**!!Q%%'K[!)>H>!i-==Bj>!!>(.:'1:.7!9)-).(:,B!>7.**1*+!.*/!@)-1+*#!_%&!b%$4%K\!)$%137/%!Y:**>!!Q%%'K[!)>H>!i-==;j>!!>(.:'1:.7!9)-).(:,B!>7.**1*+!.*/!@)-1+*#!_%&!b%$4%K\!)$%137/%!Y:**!!Z:'E:87[!6>!i5NNGj>!V81/)*:)!3*!i\,.'!\3(K-a!1*!V/6:.'13*B!A*!A(+62)*'!43(!VO')*/)/LR)(2!

Q1O)/!Q)',3/-!SVRQQT!V8.76.'13*!@)-1+*->!6#*,287:!`179%$473K\!J%:/E%$4!6#**%+%>!!Z:$%%[!c>i%'>j>!i5NN;j>!_1(-'!&')<-!1*!9)-).(:,>!)$%3#$7:\!9:1!C/E:70>!!!Z:$4E:**[!6>!l!D#442:1[!F>O>i-===j>!@)-1+*1*+!56.71'N!9)-).(:,>!Q#1'#1\!C:+%!),8*7/:37#14>!!!Z:4#1[!b>!i5NNLj>!9).7!014)!Q)',3/-B!A!*3')!34!',)!d.'13*.7!C)*'()!34!9)-).(:,!Q)',3/-!.'!

',)! M*18)(-1'N! 34! Q.*:,)-')(! .*/! 0))/-B! \3(K1*+! >.<)(B! &1O! -'(.')+1)-! 34! 21O1*+!2)',3/-!.*/!71*K1*+!/.'.!1*!&3:1.7!&:1)*:)!9)-).(:,#!`179%$473K!#<!Z:1/E%43%$>!

!ZE*:1+:!F>!:1'!_/,8%!_>b!i5NNBj>!9)-).(:,!Q)',3/-!.*/!&'.'1-'1:-#!!Y:$:$%\!b#1+&%!)$71371+!

:1'!),8*74E71+>!!Z74E$:[! C>! i-==(j>! H743:1/%! %',/:37#1! $%4%:$/E\! .! $%97%&! #<! 734! 43$,/3,$%[! 2%3E#'#*#+7/:*!

744,%4!:1'!P$7#$73K!:$%:4>!E*/1.*!X36(*.7!34!?<)*!0).(*1*+F!;iBj[!5L;W5(5>!!!_:/E27:4[!6>!:1'!_:/E27:4[!H>!i-=(=j>!9)-).(:,!Q)',3/-!1*!',)!&3:1.7!&:1)*:)-B!A7')(*.'18)!

&):3*/!V/1'13*!\1',36'!&'.'1-'1:-#!Q#1'#1\!F'&:$'!.$1#*'>!!!_:7',[! C>! 5NNG>! D%4%:$/E[! 4/E#*:$4E7P! :1'! P,8*74E71+! 71! H743:1/%! F',/:37#1>!

E33P\^^&&&>3:1'<>/#>,0Â#,$1:*4^/:$<:X>!iD%3$7%9%'!!!55^N(^5NN=j!!_%,2:1[!S>Q>!i-==;j>!&3:1.7!9)-).(:,!Q)',3/-B!56.71'.'18)!.*/!56.*'1'.'18)!A<<(3.:,)-!

iB$'!%'1>j!O#43#1\!.**K1!:1'!O:/#1>!!

!$(""

@P7%[!6>!i%'>j>!i5NNGj>!@31*+!V/6:.'13*.7!9)-).(:,B!A![61/)!'3!_1(-'!R12)!9)-).(:,)(-#!Q#1'#1\!C:+%!),8*74E%$4>!

!@PP%1E%72[!.>_>!i-==Lj>!56)-'13**.1()!@)-1+*F!E*')(81)=1*+!.*/!A''1'6/)!Q).-6()2)*'#!

Q#1'#1\!)713%$!),8*74E%$4!Q3'>!!):33#1[!Z>V>!i-==Nj>!56.71'.'18)!V8.76.'13*!.*/!9)-).(:,!Q)',3/->!_%&8,$K!):$0\!C:+%!:1'!

):,*!6E:P2:1!),8*74E71+>!!):K1%[!]>!l!):K1%[!b>!i5NNGj>!j)N!C3*:)<'-!1*!&3:1.7!9)-).(:,>!Q#1'#1\!C:+%!),8*7/:37#14>!!)7*#3[! b>! l! Y,1+*%$[! J>! i-=(Bj>! d6(-1*+! 9)-).(:,F! <(1*:1<7)-! .*/! 2)',3/->! )E7*:'%*PE7:\!

Q7PP71/#33!),8*7/:37#14>!!!D#84#1[!6>!i5NNIj>!R,)!9).7!\3(7/!i51'%'1>j>!@X<#$'\!O*:/0&%**>!!C/E,$710[!S>!b>!i-==Nj>!C(121*373+1:.7!9)-).(:,F!1*!C(121*373+N>!Y:*<&:K!Y#,4%\!C#,3E%$1[!

=;-5B>!!!JE#2:4[! b>D>! l! _%*4#1[! b>c>! i5NN-j>! 9)-).(:,! Q)',3/-! 1*! >,N-1:.7! A:'181'N>! Q#1'#1\!

6E:2P:7+1>!!J7/E:P#1'&:[! C>! Z>! i5N-Nj! J$%1'4! 71! H743:1/%! F',/:37#1! D%4%:$/E! 71! C#,3E%$1! .<$7/:>! E*!

E*')(*.'13*.7!X36(*.7!34!?<)*!.*/!@1-'.*:)!0).(*1*+!837!J>!PP!BI!W!II!!J,/02:1[!O>S>! i-==Gj>!C3*/6:'1*+! V/6:.'13*.7! 9)-).(:,! S^',)/*#T#!Y:$/#,$3!O$:/%>! 6#**%+%!

),8*74E%$4>!!!`2:$,[! ?>! ]>! i5NN=j>! 9)-).(:,! Q)',3/373+NB! >(1*:1<7)-! .*/! A<<71:.'13*-! 1*! &3:1.7! .*/!

U),.8136(.7!&:1)*:)#!Q:+#4\!@*79%!'%!*R.<$7T,%!6#14,*3>!!S7%$42:[!S>i-==Ij>!9)-).(:,!Q)',3/-!1*!V/6:.'13*B!A*!E*'(3/6:'13*#!S;',)/*#T#!Q#1'#1\!!

.**K1!:1'!O:/#1>!!S7**7:24#1[!b>!Om!c:$P[!H>!.>!l!!H:*PE71[!b>!D>[!i-=;;j>!R,)!9)-).(:,!C(.4'B!A*!E*'(3/6:'13*!'3!

&3:1.7!&:1)*:)-!Q)',3/-#!O#43#1\!Q733*%[!O$#&1!:1'!6#2P:1K>!!S74%2:1[!H>!6>!i-===j>!9)-).(:,!&'(.')+1)-!43(!V/6:.'13*#!O%*2#13\!S#$'4&#$3E>!!d71[!D>c>!i5NNBj>!C.-)!&'6/N!9)-).(:,B!@)-1+*!.*/!Q)',3/->!Q#1'#1\!C:+%!)$#',/37#1>!!&&&>1K,>%',^/*:44%4^80+^2%3E#'4^NNI(G;/E-P'<!iD%3$7%9%'!5N!"%8$,:$K!5N-Bj!!!!!!!!!

!

!$6""

!),#-"&.!D!

!1#"#!,#*1%3*57!#*#%E+3+7!#*1!3*"&.-.&"#"3'*F!,3*"+!#*1!)#9&#"+!!!

?8)(-3*!&WMQUA!!i#4E,28:tK:E##>/#>,0m!4E,28:>#9%$4#1t/8,>:/>e2j!!

!#YU=?;L=!

JE74! /E:P3%$! 74! /#1/%$1%'!&73E! E7+E*7+E371+! 3%/E17/:*! /E:**%1+%4! :44#/7:3%'!&73E! E:1'*71+[!2:1:+71+[!:1:*K471+[!:1'!$%P#$371+!':3:!71!$%4%:$/E!P$#A%/34>!JE%!/E:P3%$!P$#97'%4!E7134!:1'!/:9%:34!3#!2#$%!:PP$#P$7:3%*K!P*:1!:1'!E:1'*%!8#3E!T,:1373:379%!:1'!T,:*73:379%!':3:!3KP%4>!JE%!/E:P3%$!+79%4!3E%!$%:'%$!:!4%$7%4!#<!:/379737%4!3#!E%*P!E72Ê%$!71!:1:*K471+!:1'!$%<*%/371+!,P#1!3E%!744,%4!$:74%'!E%$%>!JE%!%3E7/:*!$%4P#14787*73K!#<!3E%!$%4%:$/E%$!71!%14,$71+!3E:3!':3:!:$%! E:1'*%'[! 2:1:+%'[! :1'! :1:*K4%'! 4K43%2:37/:**K! :1'! ://,$:3%*K! 74! 43$%44%'[! :1'! 3E%!72:+%! 8%*#&! :''4! 9#7/%! 3#! 3E74! P#713>! O#3E! 3E%! 8%+71171+! :1'! ://#2P*74E%'! $%4%:$/E%$4!4E#,*'! <71'! 3E%! /E:P3%$! :PP%:*71+! :1'! :! ,4%<,*! $%4#,$/%! <#$! /$737/:**K! $%<*%/371+! :1'!72P$#971+!T,:*73K!#<!3E%7$!#&1!$%4%:$/E>!!!

!D]/ 3N=?ORXL=WON!FXP%$7%1/%! 71! 3%:/E71+! $%4%:$/E!2%3E#'4!/#,$4%4!:1'!4%$971+!:4!%X:271%$4! <#$! 3E%4%4!:1'!'744%$3:37#14!<#$!4%9%$:*!,179%$4737%4[!$%9%:*4!3E:3!43,'%134!:1'!8%+71171+!$%4%:$/E%$4!<71'!73!'7<<7/,*3! 3#!%<<%/379%*K!E:1'*%!:1'!2:1:+%!':3:>!FT,:**K[! 3E%K! <71'! 73!:!/E:**%1+%!3#!:1:*K4%!:1'! 713%$P$%3! 3E%! ':3:!2%:171+<,**K! 71! $%*:37#1! 3#! 3E%! P$#8*%2!#<! 43,'K! :1'! 3E%! $%4%:$/E!T,%437#14>!JE%K!*:/0!4#PE7437/:37#1!71!8#3E!iT,:*73:379%!:1'!T,:1373:379%j!:1:*K37/!3%/E17T,%4!:1'! P$#/%',$%4! $%+:$'71+! &E%1! :1'! E#&! 3#! ,4%! 3E%2! i4%%! :*4#! 6E:P3%$! -5j>!C#2%372%4[!7$$%*%9:13!':3:!:$%!/#**%/3%'>!?3!74!72P#$3:13!3#!3:0%!4%$7#,4*K!S:**72:1R4!i5NNIj!/#,14%*!/#1/%$171+!':3:!:1:*K474!:4!&%!:PP$#:/E!3E%!/E:P3%$>!!

iH:3:j! :1:*K474! 2,43! 8%! /:$$7%'! #,3! 71! $%*:37#1! 3#! 3E%! $%4%:$/E! P$#8*%2>! d#,! :$%!&:4371+!K#,$! 372%[! :1'! 3E:3!#<! K#,$!%9%13,:*! $%:'%$4!#<! K#,$!&#$0[! 7<! K#,! /:$$K!#,3!:1:*K474!7$$%*%9:13!3#!3E%!:724!#<!K#,$!43,'K>!d#,!:$%!P$#8:8*K!:*4#!&:4371+!K#,$!372%!7<! K#,!:2:44!':3:!K#,!:$%!,1:8*%! 3#!:1:*K4%[!%73E%$!8%/:,4%!K#,!E:9%! 3##!2,/E[!#$!8%/:,4%! K#,! E:9%! 714,<<7/7%13! #$! 71:PP$#P$7:3%! :1:*K37/:*! 407**4! #$!2%3E#'4! 3#!2:0%!3E%!:1:*K474!iS:**72:1[!5NNI[!P>!BN-j>!

!$B""

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a>L=W^>U!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!!

• $%/#+174%! 3E%! 3%/E17/:*! /E:**%1+%4! :44#/7:3%'! &73E! E:1'*71+[! :1:*K471+! :1'!713%$P$%371+!$%4%:$/E!':3:m!

• 7'%137<K!&:K4!71!&E7/E!':3:!:$%!1#3!P$#P%$*K!E:1'*%'[!:1:*K4%'!:1'!713%$P$%3%'!:1'!%XP*:71!:PP$#:/E%4!<#$!/#$$%/371+!3E74m!

• %<<%/379%*K!P*:1!:1'!%XP*:71!3E%!*#+7/!#<!':3:!/:P3,$%!:1'!:1:*K474m!:1'!• '74/,44!72P*7/:37#14!#<!9:*7'73K[!$%*7:87*73K[!:1'!47+17<7/:1/%!/*:724!71!$%4%:$/E>!

!D]6!-?>QWTWN;?V!LONUWR>?;=WONU!"#$!8#3E!8%+71171+!:1'!://#2P*74E%'!$%4%:$/E%$4[!%XP%$7%1/%!E:4!4E#&1!3E:3!3E%!P$#/%44!74!<$:,+E3!&73E!734!'7<<7/,*37%4!:1'!1,74:1/%4>!!!

• "7$43*K[! 4#2%! #<! 3E%! '7<<7/,*37%4! :$74%! <$#2! 3E%! <:7*,$%! 3#! P$#P%$*K! P*:1! <#$! ':3:!/:P3,$%!:1'!E:1'*71+!:3!3E%!372%!#<!':3:!/#**%/37#1>!.3!3E%!P#713!#<!:1:*K474[! 73!2:K!8%!'74/#9%$%'!3E:3!3E%!':3:!:$%!71:PP$#P$7:3%!#$!71:'%T,:3%!<#$!3E%!P$#8*%2!8%71+!%XP*#$%'>!!

• C%/#1'*K[!:!P#713!&#$3E!1#371+!74!3E%!72P#$3:1/%!#<!3E%!9:*7'73K!#<!3E%!':3:!#83:71%'!71! $%*:37#1! 3#\! 3E%! $%4%:$/E!P$#8*%2m! $%4%:$/E!T,%437#14m! 3E%! $%4%:$/E!'%47+1m! :1'!$%*%9:1/%!<#$!%',/:37#1:*!P#*7/K!:1'!P$:/37/%>!H:3:!&7**!1#3!8%!9:*7'!7<!1#3!$%*%9:13!3#!3E%!$%4%:$/E!P$#8*%2[!:1'!9:*7'!':3:!/:11#3!8%!#83:71%'!&73E!P##$*K!'%47+1%'!:1'!P##$*K!72P*%2%13%'!$%4%:$/E!P*:14>!!

• JE7$'*K[!':3:!&7**!8%!2#$%!9:*7'!7<!3E%K!/:1!8%!:PP*7%'!#$!/#11%/3%'!3#!,1'%$43:1'71+!P$:/37/%4!71!3E%!<7%*'!#<!719%437+:37#1!71!3E%!$%:*!*7<%!/#13%X3>!H:3:!#1!3E%7$!#&1!:$%!#<!9%$K!*7273%'!9:*,%!,137*!3E%!$%4%:$/E!$%<*%X79%*K! 713%$$#+:3%4!:1'!713%$P$%34!3E%2!71!3E%!*7+E3!#<!3E%4%!3E$%%!/#13%X34>!!

•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

!

!%G""

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d#,!2:K!&:13!3#!$%<%$!3#!3E%!43,'K!K#,!:$%!719#*9%'!71!#$!3E:3!K#,!:$%!$%:'71+>!:>!SE:3!'#!K#,!3E710!74!3E%!72P#$3:1/%!#<!P*:1171+!<#$!':3:!/:P3,$%U!!8>!Y#&!'#!K#,!%14,$%!9:*7'73K!#<!':3:[!:4!P#713%'!#,3!71!3E%!4%/#1'!P#713!:8#9%U!!/>! ?1! 3E%! <#,$3E! P#713[! :1! #84%$9:37#1! 74!2:'%! 3E:3! 3E%$%! /#,*'! 8%! 71:'%T,:3%! :1:*K474! #<!9:$7:8*%4!#$! /#143$,/34>!FXP*:71! 71!K#,$!#&1!&#$'4[! 3E%!2%:171+!#<! $%4%:$/E!9:$7:8*%4!:1'!/#143$,/34>!!!d#,$! $%4P#14%! 3#! 3E74! :/37973K! 4E#,*'! ,1'%$4/#$%! 3E%! 47+17<7/:1/%! #<! P*:1171+! <#$! ':3:!/:P3,$%>!?3!74!1#3!4,PP#4%'!3#!8%!:!E:PE:e:$'!:<<:7$>!J#!%14,$%!9:*7'73K[!3E%!':3:!K#,!/#**%/3!4E#,*'!/#2P*K!&73E!3E%!$%4%:$/E!P$#8*%2[!$%4%:$/E!T,%437#14[!:1'!3E%!2%3E#'#*#+K!K#,!#P3!<#$>!?1!#$'%$!3#!$%4P#1'!3#i/j[!$%97473!K#,$!*73%$:3,$%!:1'!$%974%!K#,$!,1'%$43:1'71+!#<!3E%4%!3&#! /$737/:*! /#1/%P34! 71! ':3:! E:1'*71+>! Q%3! ,4! %X3%1'! #,$! ,1'%$43:1'71+! 8K! '%:*71+! &73E!744,%4!#<!*#+7/>!!D]8!%OSWL!O[!R;=;!;N;QVUWU!;NR!N>>R![O?!<>?L><=W^>N>UU!;NR!?>[Q>cW^W=V!D#4%!:1'!C,**79:1!i-==Bj!:PP$#P$7:3%*K!$%271'%'!,4!3E:3!':3:!:1:*K474!74!1#3!3E%!4:2%!:4!3E%!3%$2!a43:37437/4R>!H:3:!:1:*K474!71!$%4%:$/E!%13:7*4\!

• :PP*K71+!P$#/%',$%4!:1'!3%/E17T,%4!3E:3!E%*P!3#!%X3$:/3!:1'!'%4/$78%! 71<#$2:37#1[!'%3%/371+!:1'!'%4/$7871+!P:33%$14[!!

• 3%4371+!EKP#3E%4%4[!2:071+!'%/747#14!:8#,3!47+17<7/:1/%[!!• ,4%!:1'!72P*7/:37#14!#<!3E%!':3:!$%*:379%!3#!3E%!$%4%:$/E!P$#8*%2[!:1'!!• 4%:$/E71+!:1'!713%$$#+:371+!&E:3!':3:!2%:1>!!

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

!%!""

T,:1373:379%! $%4%:$/E! 74! aT,:1373:379%R! :1'! 3E:3! T,:*73:379%! $%4%:$/E! 74! %X/*,479%*K!aT,:*73:379%R>! ?1'%%'[!TWc>R!T>=:ORU!:PP$#:/E%4!3E:3!'$:&!#1!3E%!UVN>?SWU=WL!U=?>NS=:U!#<!T,:1373:379%!:1'!T,:*73:379%!':3:!:$%!71/$%:471+*K!8%/#271+!P$%<%$:8*%!71!%',/:37#1>!!.**!71!:**[!73!74!72P%$:379%!<#$!3E%!$%4%:$/E%$!3#!:PP$%/7:3%!8#3E!3E%!,17T,%1%44!:4!&%**!:4!3E%!/#2P*72%13:$73K!#<!T,:*73:379%!:1'!T,:1373:379%!$%4%:$/E[!':3:!/#**%/37#1[!:1'!':3:!:1:*K474>!JE%!$%:'%$! 74!%1/#,$:+%'!3#!<71'!#,3!2#$%!:8#,3!27X%'W2%3E#'4!$%4%:$/E!8K!$%:'71+[!<#$!%X:2P*%[!6$%4&%**!i5NN=j!:1'!6$%4&%**!:1'!6*:$0!i5NN;j>!?1!8#3E!T,:*73:379%!:1'!T,:1373:379%!$%4%:$/E[!:!$%4%:$/E%$!2,43!:*&:K4!8%!:*%$3!3#!3E%!<:/3!3E:3!3E%K!/#**%/3!':3:!#1!71'797',:*4!#$!#1!+$#,P4!#<!71'797',:*4[!:1'!3E,4!3E%!#9%$:**!2%:171+!#<!3E%!+$#,P!':3:!74!/$,/7:*>!?1!3E%!<71:*!:1:*K474[!:!,4%<,*!&:K!3#!3E710!:8#,3!':3:!71!%',/:37#1:*!$%4%:$/E!74!3#!%X:271%\!!!

7j 3E%!L>N=?;Q!=>NR>NLV!i/#22#1:*73K!#$!4:2%1%44j[!!77j 3E%!>cL><=WONU!=O!=:>!L>N=?;Q!=>NR>NLV!i%X/%P37#1:*73K!#$!,17T,%1%44j[!:1'!!777j 3#! %X:271%! 3E%! O^>?;QQ! <;==>?N! #<! 3E%! ':3:! i3$%1'4j>! JE%4%! P#7134! E#*'!

4P%/7:*!2%:171+4!&E%1!3E%!':3:!:$%!%73E%$!T,:1373:379%!#$!T,:*73:379%>!!!JE%!P#713! 3#!8%!2:'%! 74! 3E:3! ':3:! :1:*K474! $%<*%/34! /#2P:$:8*%! 3E#,+E3!P$#/%44%4! 71!8#3E!T,:1373:379%! :1'!T,:*73:379%! $%4%:$/E>!S%! 43$%44! 3E:3!T,:1373:379%! :1'!T,:*73:379%! $%4%:$/E!:PP$#:/E%4!:$%!LOT<Q>T>N=;?V! i4%%! <#$!%X:2P*%[!6$%4&%**[!5NN=j[!2#$%!4#! 71!%',/:37#1:*!$%4%:$/E>! ?1!2#43!/:4%4!:!43,'K!/:1!,4%!8#3E!3E%!T,:*73:379%!:1'!T,:1373:379%!:PP$#:/E!<#$!8%43! :1:*K474[! :1'! 3#! %43:8*74E! 3$%1'4! iP:33%$14! #$! $%+,*:$737%4! 71! :! PE%1#2%1#1! 8%71+!43,'7%'j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i/<>!6E:P3%$!Ij[!:4!&%**!:4!&E:3!E:4!8%%1!4:7'!71!3E%!<#$+#71+[! K#,! 4E#,*'! 8%! :8*%! 3#! $%4P#1'! 3#! 3E%! T,%437#14! P#4%'! 71! 3E74! :/37973K! &73E!/#2P$%E%147#1>!S%!1#&!*##0!:3!3E%!744,%!#<!P$7#$!P*:1171+>!!D]@ -Q;NNWNS![O?!R;=;!:;NRQWNS!;=!=:>!?>U>;?L:!R>UWSN!U=;S>!?3!74!72P#$3:13!<#$!:!$%4%:$/E%$!3#!3E710!#<!3E%!$%4%:$/E!'%47+1!71!:!2#$%!E#*7437/!2:11%$>!JE%!P$#/%44!719#*9%4!:!1,28%$!#<!'%/747#14!/#1/%$171+!3E%!#9%$:**!2%3E#'#*#+K!#<!3E%!$%4%:$/E\!!!

7j P*:1171+! <#$! 4%*%/371+! 3E%! P#P,*:37#1! :1'! #83:7171+! $%4%:$/E! 4:2P*%4! :1'!P:$37/7P:134[!!

77j P*:1171+!<#$!3E%!$%4%:$/E!7143$,2%134!:1'!E#&!3E%K!&7**!8%!,4%'!#$!:'271743%$%'!3#!/#**%/3!3E%!$%4%:$/E!':3:[!:1'!!

777j P*:1171+! <#$! E#&! 3E%! ':3:! &7**! 8%! /#**%/3%'[! $%/#$'%'[! 43#$%'[! :1'! P$%P:$%'! <#$!:1:*K474!:1'!71'%%'[!E#&!3E%!:1:*K474!&7**!8%!/#1',/3%'!71!*71%!&73E!3E%!/:1#14!#<!3E%!$%4%:$/E!'%47+1!:'#P3%'>! ! ?3! 74!1#3%&#$3EK!3E:3!':3:!/#**%/3%'!8K!P##$*K!

!%#""

72P*%2%13%'! $%4%:$/E! P$#/%',$%4! &7**! 8%! ,4%*%44! :1'! 4#! &7**! ':3:! 3E:3! E:9%!8%%1!/#**%/3%'!8K!+##'!P$#/%',$%4[!8,3!3E:3!:$%!P##$*K!2:1:+%'!:1'!:1:*K4%'>!!

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`1<#$3,1:3%*K[!2:1K!$%4%:$/E%$4! <:7*! 3#!$%/#+174%!:1'! 72P*%2%13!3E%!2:71!<%:3,$%4!#<!T,:*73:379%!$%4%:$/E>! ?3! 74!'%47$%'!71!T,:*73:379%!$%4%:$/E!3E:3!3E%!$%4%:$/E%$!/:P3,$%4!3E%!1:3,$:*!4%3371+[!734!*#+7/!:1'!:$$:1+%2%13[!71!:!E#*7437/!&:K>!?2P%$:379%!71!3E74!74!3E%!1%%'!3#!/:P3,$%!3#!3E%!P%$4P%/379%4!:1'! P%$/%P37#14! #<! 3E%! P%#P*%! 719#*9%'! 71! 3E%! *#/:*! 4%3371+>! JE74! 74! 3E%! %44%1/%! #<! '#71+!<7%*'&#$0>!?3!719#*9%4\!!!

• 72P*%2%1371+!4P%/7<7/!':3:!/#**%/37#1!3%/E17T,%4[!!• :'#P37#1!#<!:!':3:!:1:*K474!:PP$#:/E%4[!:1'!!• P$#',/37#1!#<!&$733%1!$%/#$'4!3#!$%<*%/3!3E%!/#13%X3[!4%3371+[!:1'!:1K!#3E%$!':3:!#<!

713%$%43>!!JE%!1%X3!:/37973K!3$7%4!3#!4E#&!3E%!4#/7:*!4%3371+!:1'!K#,$!%9:*,:37#1!#<!3E%!$%*%9:1/%!#<!'#/,2%1371+!73!',$71+!<7%*'!&#$0>!

!#L=W^W=V!D]6!C3,'K!3E%!<#**#&71+!#84%$9:37#14!P:$:PE$:4%'!<$#2!CP$:'*%K!i-=(Nj[!&E#!4:K4!3E:3\!!!4#/7:*!4%3371+4!/#14743!#<!P*:/%!:1'!P%#P*%!71!&E7/E!/%$3:71!P$#/%44%4!:1'!:/379737%4!E:PP%1!#$! 71! &E7/E! P%#P*%! :$%! %1+:+%'! 71! /%$3:71! $#*%4>! H72%147#14! #<! 4#/7:*! 473,:37#14! 71/*,'%!4P:/%! i3E%!PEK47/:*!P*:/%!#$!P*:/%4j[! :/3#$4! i3E%!P%#P*%! 719#*9%'j[! :/37973K! i:! 4%3!#<! $%*:3%'!:/34!3E:3!P%#P*%!'#j[!#8A%/3!i3E%!PEK47/:*!3E71+4!3E:3!:$%!P$%4%13j[!:/3!i3E%!471+*%!:/37#14!3E:3!P%#P*%!'#j[!%9%134! i:! 4%3!#<! $%*:3%'!:/379737%4! 3E:3!P%#P*%! /:$$K!#,3j[! 372%! i3E%! 4%T,%1/71+!3E:3! 3:0%4! P*:/%! #9%$! 372%j[! +#:*! i3E%! 3E71+4! P%#P*%! :$%! 3$K71+! 3#! ://#2P*74Ej[! :1'! <%%*71+!i3E%!%2#37#14!<%*3!:1'!%XP$%44%'j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

!%$""

:$%!,4%'!3#!/#**%/3!':3:!#1!3E%!9:$7:8*%4!,1'%$!43,'K>!D,'%43:2!:1'!_%&3#1!i5NN;j!4,++%43!3E:3!3E%!$%4%:$/E%$!2,43!:14&%$!3E$%%!T,%437#14!&73E!$%4P%/3!3#!3E%!7143$,2%134\!!!!

7j ?4!3E%!2%:4,$%!:PP$#P$7:3%U!!77j SE:3!:$%!3E%!2%:4,$%2%13!/E:$:/3%$7437/4!71/*,'71+!43$,/3,$%[!9:*7'73K!:1'!$%*7:87*73K!

#<!3E%!7143$,2%13U!!777j Y#&!'#%4!#1%!:'271743%$!:1'!4/#$%!3E%!2%:4,$%4U!!

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iS:**72:1[!5NNIm!Y710*%[!S7%$42:[!l!b,$4[!-=((j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i7>%>[!<$#2[!*#&%43!3#!E7+E%43!*%9%*j!:$%\!!!

7j 3E%!1#271:*!<#$!/:3%+#$7/:*!':3:[!!77j 3E%!#$'71:*!<#$!/:3%+#$7/:*!$:10%'!':3:[!:1'!!777j 3E%!713%$9:*!:1'!$:37#!4/:*%!<#$!T,:1373:379%!:1'!/#1371,#,4!':3:>!!

!JE%!1#271:*!:1'!#$'71:*!9:$7:8*%4!:$%!T,:*73:379%!:1'!/:3%+#$7/:*!9:$7:8*%4!&E7*%!3E%!713%$9:*!:1'!$:37#!9:$7:8*%4!:$%!T,:1373:379%!:1'!/#1371,#,4!9:$7:8*%4>!!!JE%! *%9%*! #<! 2%:4,$%2%13! '7/3:3%4! 3E%! &:K! ':3:! :$%! $%P$%4%13%'! 71! 3:8,*:$! #$! +$:PE7/:*!<#$2:34! :1'! 3E%! 43:37437/:*! :1:*K4%4! 3E:3! :$%! :PP$#P$7:3%! <#$! 3E%! ':3:>! .3! 3E%! <7$43! *%9%*! #<!E:1'*71+! T,:1373:379%! ':3:[! 73! 74! 72P%$:379%! 3#! %XP*#$%! P:33%$14! #<! ':3:!&E%1! 4,22:$74%'!:1'! #$+:174%'! 71! 3:8*%4>! JE%! 4,22:$K! 43:37437/4! 2,43! 8%! '%4/$78%'! :1'! 3E%! 71'7/%4!713%$P$%3%'! 3#! '%P7/3! #9%$:**! +$#,P! ':3:! 3%1'%1/K! 3#&:$'4! 3E%! /%13$%! i3E%! 2%:1[! 2#'%[!2%'7:1j[!3E%!'%97:37#1!<$#2!3E%!/%13$%!i$:1+%[!43:1':$'!'%97:37#1[!9:$7:1/%j[!:1'!4E:P%!#<!'743$78,37#1!i40%&1%44!:1'!0,$3#474j>!.!*#3!#<!$%4%:$/E%$4!<#/,4!#1*K!#1!$%P#$371+!3E%!2%:1!:1'! <#$+%3! #$! 7+1#$%! 3#! 713%$P$%3! 3E%! $%43! #<! 3E%! 71'7/%4! 3E:3!2:0%4! ,1'%$43:1'71+! #<! 3E%!'743$78,37#1!2#$%!/#2P*%3%>!JE%!2%:1!74!1#3!:!9%$K!,4%<,*!43:37437/! 7<!&%!'#!1#3!01#&!E#&!3E%! 71'797',:*! 4/#$%4! '%97:3%! :&:K! <$#2! 3E%! 2%:1>! "#$! %X:2P*%[! :! 2%:1! #<! I(! &73E! :!43:1':$'! '%97:37#1! #<! (!&#,*'! 4E#&!,4! 3E:3! $#,+E*K! L(k!#<! 3E#4%! 719#*9%'! 71! 3E%! 4:2P*%!4/#$%! 8%3&%%1! IN! :1'! LL! :44,271+! :! 1#$2:*! '743$78,37#1[! 7>%>[! 3E%! L(k! #<! 3E%! 4:2P*%! 74!4/#$71+!8%3&%%1!#1%!43:1':$'!'%97:37#1!8%*#&!:1'!:8#9%!3E%!2%:1>!@1!3E%!#3E%$!E:1'[! 7<!&%! E:'! :1#3E%$! 4:2P*%! :/E7%971+! 3E%! 4:2%! 2%:1! 4/#$%! #<! I(! 8,3! E:971+! :! 43:1':$'!

!%%""

'%97:37#1!#<!4:K!-L[!3E74!&#,*'!4,++%43!3E:3!3E:3!3E%!L(k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b>! C:*071'R4! i5NNGj! 8##0! &'.'1-'1:-! 43(!<)3<7)! =,3! S',1*K! ',)NT! ,.')! -'.'1-'1:-#! d#,! 2:K! :*4#! <71'! :1#3E%$! 8##0! #$! 4%:$/E! 3E%!713%$1%3!<#$!472P*7<7%'!%XP*:1:37#14!3#!8%+71!&73E>!!JE%!:44,2P37#1!#<!1#$2:*73K!74!#<3%1!3E%!2:A#$!&%:01%44!71!2,/E!P,8*74E%'!$%4%:$/E!:1'!71!3E%4%4>! JE74! 74! 2:'%! <#$! $:1'#2! 9:$7:8*%4! :1'! 4:2P*%4! #1! &E7/E! 3E%4%! 9:$7:8*%4! :$%!/#**%/3%'>! ?<! 3E%! 4:2P*%! 74! 1#1W$:1'#2[! 3E%!:44,2P37#1!#<!1#$2:*73K! 4E#,*'!1#3!8%!2:'%>!JE%! :'#P3%'! 4:2P*71+! P$#/%',$%4!&7**! '%3%$271%! 7<! #$! 1#3!&%!2,43! :44,2%!1#$2:*73K>! .4!4,/E!D,'%43:2!:1'!_%&3#1!i5NN;j!43$%44!3E%!72P#$3:1/%!#<!$7+#$#,4!:33%137#1!3#!4:2P*71+!P$#/%',$%4! :1'! 3#! 4:2P*%! 47e%4! :4! P:$3! #<! 3E%! 2%3E#'#*#+K>! JE%! :'#P3%'! 4:2P*71+!P$#/%',$%4!:$%!:4!72P#$3:13!3#!'%4/$78%!:4!:$%!3E%!P$#/%',$%4!<#$!/#**%/371+!3E%!':3:!<$#2!3E%!#83:71%'!4:2P*%>!Z:1K!$%4%:$/E%$4!<:7*!3#!$%<*%/3!#1!:1'!,4%!/#$$%/3!4:2P*%!47e%4!:1'!#1!3E74!D,'%43:2!:1'!_%&3#1! i5NN;[!P>!5Nj!1#3%! 3E:3! fZ#43! 43,'%134! 3%1'! 3#!,1'%$%4372:3%!3E%!1,28%$!#<!P:$37/7P:134!1%/%44:$K!3#!'$:&!2%:171+<,*!/#1/*,47#14!<$#2!3E%!':3:hj>!JE%!4:2P*%!47e%!74!71<*,%1/%'!8K!:!1,28%$!#<!<:/3#$4!:1'!/#147'%$:37#14[!71/*,'71+\!!!

• 3E%!P,$P#4%!#<!3E%!43,'K[!!• P#P,*:37#1!47e%[!3E%!$740!#<!4%*%/371+!:!v8:'v!4:2P*%[!:1'!!• 3E%!:**#&:8*%!4:2P*71+!%$$#$>!!

!?3!74!3E%!/#2871:37#1!#<!4:2P*71+!P$#/%',$%!:1'!4:2P*71+!47e%!3E:3!$%4,*34!71!3E%!9:*7'73K!#<!#,$!:44,2P37#14!#<!:!1#$2:*!'743$78,37#1!<#$!3E%!P,$P#4%4!#<!43:37437/:*!:1:*K474[!:!P#713!3E:3!4E#,*'! 1#3! 8%! #9%$*##0%'>! M:$7#,4! 2%3E#'4! :$%! :9:7*:8*%! <#$! %4372:371+! 4:2P*%! 47e%4!$%T,7$%'!'%P%1'71+!#1!3E%!1:3,$%!#<!3E%!$%4%:$/E\!,471+!<#$2,*:4!3#!/:*/,*:3%!:!4:2P*%!47e%[!,471+!P,8*74E%'! 3:8*%4! 3E:3!+79%! 3E%!#P372:*! 4:2P*%!47e%!+79%1!:!P#P,*:37#1!47e%[!:! 4P%/7<7/!2:$+71!#<!%$$#$[!:1'!:!'%47$%'!/#1<7'%1/%! 713%$9:*! i4%%!<#$!%X:2P*%[! ?4$:%*[!5N-5m!D%4%:$/E!.'974#$4[!5NNLj[!:1'!,471+!4:2P*%!47e%!/:*/,*:3#$4!#1!3E%!713%$1%3>!!#L=W^W=V!D]@!!J$K!#,3!3E%!<#**#&71+!&%8473%4!#$!#3E%$4!3#!%4372:3%!4:2P*%!47e%4!3E:3!K#,!2:K!$%T,7$%\!!&&&>/:*/,*:3#$>1%3^4:2P*%W47e%W/:*/,*:3#$>E32*m!!&&&>4,$9%K4K43%2>/#2^44/:*/>E32m!:1'!E33P\^^&&&>2:/#$$>/#2^4:2P*%W47e%W/:*/,*:3#$>E32>!!!!d#,!&7**!8%!:8*%!3#!4%%!3E:3[!<#$!%X:2P*%[!3E%!#P372:*!4:2P*%!47e%!<$#2!:!P#P,*:37#1!#<!-NN!74!(N!:3!3E%!=Ik!/#1<7'%1/%!*%9%*!:1'!(;!:3!3E%!==k!/#1<7'%1/%!*%9%*!<#$!:!2:$+71!#<!%$$#$!#<!

!%&""

Ik>!"#$!:!P#P,*:37#1!#<!-NNN[!3E%!4:2P*%!47e%!74!5;(!:3!3E%!=Ik!/#1<7'%1/%!*%9%*!:1'!B==!:3!3E%!==k!/#1<7'%1/%!*%9%*!<#$!:!2:$+71!#<!%$$#$!#<!Ik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i3%43!#<!+##'1%44!#<! <73[! 3%43!#<!E#2#+%1%73K[!:1'!3%43! #<! 71'%P%1'%1/%j>! F:/E! 3%43!2,43! 8%! ,4%'! :PP$#P$7:3%*K! :1'!&E%1! 734! /#1'737#14! :$%!2%3>! "#$! %X:2P*%[! 3E%! /#1'737#14! <#$! :! 3W3%43! :$%! 3E:3! 3E%! P#P,*:37#1! E:4! :! 1#$2:*!'743$78,37#1!#$! 3E:3! 3E%! 4:2P*%!E:4!:! *:$+%! 4:2P*%! 47e%!:1'! 3E%! 4:2P*%!2%:1!&7**! <#**#&!:!1#$2:*! '743$78,37#1>! O%47'%4[! 01#&71+! 3E%! 3KP%! #<! 3%43[! :! $%4%:$/E%$! #<3%1! E:4! 3#! '%/7'%!&E%3E%$!#$!1#3!:!3%43!74!#1%!3:7*%'!#$!3&#!3:7*%'>!JE74!4E#,*'!8%!'%3%$271%'!8K!3E%!1:3,$%!#<!3E%!$%4%:$/E!EKP#3E%474[!&E%3E%$!#$!1#3!73!74!'7$%/37#1:*!#$!1#1W'7$%/37#1:*>!JE%4%!'%/747#14!2,43!1#3!8%!2:'%!71!:!4,P%$<7/7:*!2:11%$>!JE%K!'%3%$271%!3E%!T,:*73K!:1'!://,$:/K!#<!':3:!:1:*K474!:1'!3E%!$%4,*34[!:1'!3E%!9:*7'73K!#<!3E%7$!713%$P$%3:37#1!713#!$%4%:$/E!<71'71+4>!!!#L=W^W=V!D]C!!"#$! 3E74!:/37973K! K#,!2:K!&74E! 3#! $%:'! 3E%! 4%/37#1!#1! 43:37437/:*! 3%434! 71!6E:P3%$!-5!#<! 3E74!8##0>!!"71'!#,3!2#$%!:8#,3!3E%!<#**#&71+!/#1/%P34>!d#,!:*4#!'#!&%**!3#!4%:$/E!3E%4%!3%$24!#1!3E%!713%$1%3\!!:>!:44,2P37#14!#<!:!43:37437/:*!3%43m!!8>!P:$:2%3$7/!#$!1#1WP:$:2%3$7/!3%43m!!/>!'7$%/37#1:*!#$!1#1W'7$%/37#1:*!$%4%:$/E!EKP#3E%474m!#1%W!#$!3&#W3:7*%'!3%43m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iO:$8#,$[! 5NN(jm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s2%2#71+s[! :1'! *%:'71+! #1! 3#! '$:&71+!/#1/*,47#14! #$! +%1%$:371+! 3E%#$K! i"*7/0[! 5NN=j>! JE%4%! P$#/%44%4! 1%%'! 3#! 8%! 4K43%2:37/:**K!P,$4,%'! :1'! 3E74! 74! 1#3! #<3%1! 3E%! /:4%! 71! 2:1K! $%4%:$/E! P$#A%/34! <#$! 3E%4%4>! JE%$%! 74!

!%'""

4#2%372%4! :! $,4E! 3#! 4%33*%! <#$! T,:1373:379%! :4P%/34>! "#$! %X:2P*%[! $%P#$34! &7**! 43:3%! 3E:3!a2:1KR[!a<%&R[!a4%9%$:*R[!:1'!4#!<#$3E!&73E#,3!4E#&71+!3E%!/#1/%P34!#$!/:3%+#$7%4>!@<3%1!3E%!$%4%:$/E%$!A,43!+#%4!#1!3#!+79%!4#2%!'7$%/3!%X/%$P34!&73E#,3!:1:*K471+!3E%!%137$%!3$:14/$7P3!#$! 3E%! %137$%! /#**%/37#1! #<! #P%1! $%4P#14%4>! .**! 3E74! /#2P$#274%4! 3E%! :1:*K474! :1'! 3E%!$%4,*3:13!713%$P$%3:37#1>!!!!#L=W^W=V!D]D!

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i4%%!6E:P3%$! -5j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e>!!

• ?1! 4P73%! #<! 3E%! <:/3! 3E:3!2,/E! %',/:37#1:*! $%4%:$/E! /#**%/34!2:44%4! #<! T,:*73:379%!':3:m! #1*K! ':3:! :2%1:8*%! 3#! 43:37437/:*! :1:*K474! 8%/#2%! 3E%! P$%#//,P:37#1! #<! 3E%!$%4%:$/E%$>!!

• ?1:PP$#P$7:3%! :PP*7/:37#1! #<! /%$3:71! T,:1373:379%! 3%/E17T,%4! :1'! P$#/%',$%4! 3E:3!2:K!1#3!8%!4,73%'!3#!3E%!3KP%!#<!43,'K!:1'!':3:!/#**%/3%'>!

• `4%!#<!43:37437/:*!P$#/%',$%4!&E%$%!/#19%17%1/%!:1'!1#1WP$#8:87*73K!4:2P*%4!E:9%!8%%1!,4%'!71!3E%!43,'K>!

• .PP*K71+! 71/#$$%/3! P$#/%',$%4! 3#! ':3:! 4%34! &73E#,3! %XP*:7171+! 3E%! 1:3,$%! #<!9:$7:8*%4!:1'!/#143$,/34!:1'!3E%7$!*%9%*4!#<!2%:4,$%2%13>!

• ?1:PP$#P$7:3%! ':3:! :1:*K474! 3%/E17T,%4! +79%1! 3E%! 4:2P*%! 3KP%! :1'! 3E%! *%9%*4! #<!2%:4,$%2%13!<#$!3E%!9:$7:8*%4!:1'!/#143$,/34>!

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

!%(""

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`471+!:!4/:*%!#<!a-R!1#3!:3!:**!3#!a-NR!%X3$%2%*K!&%**[!$:3%!3E%!%X3%13!3#!&E7/E!3E%!<#**#&71+!744,%4!:$%!$%97%&%'\!!7j!Z%3E#'#*#+K!:1'!$%4%:$/E!'%47+1[!!!77j!H:3:!:1:*K474!:PP$#:/E%4!:1'!3%/E17T,%4[!!!777j!D%4,*34!:1'!<71'71+4!<$#2!3E%!/73%'!$%4%:$/E[!:1'!!!79j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

HMI 0NR>?^;QXWNS!O[!hR>UL?W<=WONb!;U!Y;UWL!LOT<>=>NLV![O?!R;=;!dX;QW=V!)

@9%$!3E%!K%:$4[!&%!E:9%!/#2%!3#!$%/#+174%!3E:3!E:1'*71+!':3:!:1'!:44,$71+!3E%7$!T,:*73K!74!:!2:A#$! :$%:! #<! '7<<7/,*3K! <#$! 43,'%134! :1'! 4#2%! ://#2P*74E%'! $%4%:$/E%$4>! C#2%372%4! 3E%!T,:*73K! #<! 3E%! ':3:! 74! /#2P$#274%'! 8%/:,4%! #<! 71:PP$#P$7:3%! $%4%:$/E! '%47+14! :1'!2%3E#'#*#+K[! :1'! 4#2%372%4[! :PP$#P$7:3%!'%47+14!:1'!2%3E#'4!E:9%!8%%1!,4%'!8,3! 3E%K!:$%! 71:'%T,:3%*K!'%4/$78%'>!H%3:7*%'!:1'!://,$:3%! a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a3E7/0!'%4/$7P37#1R!:1'!734!$%*%9:1/%!71!T,:1373:379%!:1'!T,:*73:379%!#$!27X%'!2%3E#'4!$%4%:$/E>!!!!?1! T,:*73:379%! $%4%:$/E[! 3E%! T,%437#1! #<!2%3E#'#*#+K! 74! #<3%1! 1#3! 4#!2,/E! #<! :! /E:**%1+%!8%/:,4%!a3E7/0!'%4/$7P37#1R!74!#1%!#<!3E%!/:1#14!#<!+##'!T,:*73:379%!$%4%:$/E[!:!/#1/%P3!3E:3!

!%6""

71!#,$!97%&!/:1!8%1%<73!T,:1373:379%!43,'7%4>! !)#13%$#33#!i5NNLj!'%4/$78%4!3E7/0!'%4/$7P37#1!:4!#1%!#<!3E%!2#43!72P#$3:13!/#1/%P34!71!3E%!*%X7/#1!#<!T,:*73:379%!$%4%:$/E%$4>!JE74!/#1/%P3!71!3E%!/#13%X3!#<!T,:*73:379%!43,'7%4!&:4!2%:13!3#!'%4/$78%!:!PE%1#2%1#1!71!4,<<7/7%13!'%3:7*!#1%! /:1! 8%+71! 3#! %9:*,:3%! 3E%! %X3%13! 3#!&E7/E! 3E%! /#1/*,47#14! '$:&1! :$%! 3$:14<%$:8*%! 3#!#3E%$!372%4[!4%3371+4[!473,:37#14[!:1'!P%#P*%!:1'!3E,4!3#!:/E7%9%!%X3%$1:*!9:*7'73K!iQ71/#*1!l!],8:[! -=(Ij>! ?3! $%T,7$%4! '%3:7*%'! ://#,1371+! #<! <7%*'! %XP%$7%1/%4! :1'! P$#/%',$%4[! :1'! :!$%<*%/37#1!#1!3E%!/#13%X3!#<!3E%!473,:37#1!#$!8%E:97#,$!#<!3E%!:/3#$4! 719#*9%'!i)#13%$$#33#[!5NNLj>! ?3! 74! 72P#$3:13!3#!1#3%!3E:3!3E%!1#37#1!#<!3E7/0!'%4/$7P37#1! 74!#1%!3E:3! 74!$%*%9:13!3#!%',/:37#1:*! 43,'7%4! &E%$%! 8%+71171+! $%4%:$/E%$4! #<3%1! P$#97'%! 4,P%$<7/7:*! #$! 3E71!'%/$KP37#14! #<! 3E%7$! $%4%:$/E! 4%3371+4[! P#P,*:37#14[! 4:2P*%4[! :1'! $%4%:$/E! 3##*4! 71! 3E#4%!43,'7%4>!JE74!1#37#1!&E%1!:PP*7%'!3#!P$:/37/:*! 744,%4!#<!$%4%:$/E!'%47+14[!4:2P*71+!'%47+14[!:1'! 4:2P*%! 47e%4!:$%!T,73%!,4%<,*>! JE%! $%:4#1! <#$! 3E74! 4,++%437#1! /:1!8%! <#,1'! 71!:!T,#3%!<$#2!_#$2:1!c>!H%1e71!i/73%'!71!)#13%$$#33#[!5NNLj[!&E#!1#3%'[!!

!.!3E7/0!'%4/$7P37#1!u!'#%4!2#$%!3E:1!$%/#$'!&E:3!:!P%$4#1! 74!'#71+>! ?3!+#%4!8%K#1'!2%$%!<:/3!:1'!4,$<:/%!:PP%:$:1/%4>!?3!P$%4%134!'%3:7*[!/#13%X3[!%2#37#1[!:1'!3E%!&%84!#<! 4#/7:*! $%*:37#14E7P4! 3E:3! A#71! P%$4#14! 3#! #1%! :1#3E%$>! >>>! ?1! 3E7/0! '%4/$7P37#1[! 3E%!9#7/%4[! <%%*71+4[! :/37#14[! :1'!2%:171+4! #<! 713%$:/371+! 71'797',:*4! :$%! E%:$'! iH%1e71[!-=(=[!P>!(B!/73%'!71!)#13%$$#33#[!5NNLj!!

D,'%43:2! :1'! _%&3#1! i5NN;j! 2:'%! 3E%! #84%$9:37#1! 3E:3! 43,'%134! :1'! 8%+71171+!$%4%:$/E%$4! #<3%1! <:7*! 3#! P$#97'%! /*%:$! :1'! /#2P*%3%! '%4/$7P37#1! #<! 3E%7$! T,:1373:379%! #$!T,:*73:379%! $%4%:$/E! '%47+14! :1'! $%4%:$/E! P$#/%',$%4[! 7143$,2%13:37#1[! :1'! ':3:! :1:*K474!:1'!9:*7':37#1>! JE%! /#1/%P3!#<! 3E7/0!'%4/$7P37#1!'$:&4! 71! 3E%!1%%'! <#$! ?>[Q>c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i5NNLj! 4,++%434! 3E:3! 3E74! '%4/$7P37#1!2,43! 71/*,'%! 3E%! $%*%9:13!'%2#+$:PE7/!:1'!P4K/E#*#+7/:*! /E:$:/3%$7437/4!#<! 3E%! 4:2P*%>!Y%!1#3%'! 3E:3! fu!'%4/$7871+!3E%! 4%3371+! :1'! P$#/%',$%4! 71! :'%T,:3%! '%3:7*! P$#97'%4! :! /#13%X3! <#$! ,1'%$43:1'71+! 3E%!43,'KR4! $%4,*34h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Ê%$!$%<*%X7973K!3#!'74/#9%$!:1'!'%9%*#P!3E%!

!%B""

1%&!:1'!%2P7$7/:**K!+$#,1'%'!3E%#$7%4!i"*7/0[!5NN=j>!H%*%+:371+!3E%!E:1'*71+!:1'!:1:*K474!#<!3E%!':3:!3E,4!*%:'4!3#!*#44!#<!':3:!3E:3!:$%!P:$3!#<!713%$P$%3:37#1!719#*971+!3E%!$%4%:$/E%$R4!#84%$9:37#14[! 72P$%447#14[! <%%*71+4[! :1'! 4#! <#$3E>! D%4%:$/E%$4! 4E#,*'! 1#3! 7+1#$%! 3E%!72P#$3:13! P,$P#4%! &EK! 3E%K! ,1'%$3:0%! 3E%! $%4%:$/E! P$#/%44\! *%:$171+>! ?3! 74! 72P#$3:13! 3#!*%:$1!E#&!3#!E:1'*%!:1'!2:1:+%!3E%!':3:!3E%K!/#**%/3!<#$!3E%!071'!#<!43,'7%4!3E%K!/E##4%>!!!D]/J 2WU?><?>U>N=WNS!LQ;WTU!O[!dX;QW=V7!^;QWRW=V!;NR!?>QW;YWQW=V!@<3%1!$%4%:$/E%$4!#9%$*##0!2:33%$4!3#!'%:*!&73E!9:*7'73K!:1'!$%*7:87*73K!#<!3E%7$!43,'7%4!:1'!3E%!':3:!3E:3!3E%K!+%1%$:3%>!!JE%4%!/#1/%P34!$%*:3%!3#!3E%!/$%'787*73K!#<!3E%!$%4%:$/E[!:1'!3E%!/#1/%P34! :$%! 71:PP$#P$7:3%*K! ,4%'! 3#! 2%:1! 3E%! 4:2%! &73E! $%+:$'! 3#! &E%3E%$! #$! 1#3! 3E%!$%4%:$/E! 74! T,:1373:379%! #$! T,:*73:379%>! ]#*<:<4E:17! i5NNBj! 4,++%434! 3E:3! f3E%4%! 3%$24! :4!'%<71%'!71!T,:1373:379%!3%$24!2:K!1#3!:PP*K!3#!3E%!T,:*73:379%!$%4%:$/E!P:$:'7+2h>!!?14P7$%'!8K!H%K!i-==Bj[!:4!&%!&$#3%!3E74!/E:P3%$!!!&%! /E%/0%'! 3E%! ZC! S#$'! '7/37#1:$K! <#$! 4K1#1K24! #<! a9:*7'R! :1'! <#,1'! 3E%! 3%$24! &%**!<#,1'%'[! /#1971/71+[! 4,73:8*%[! /#2P%**71+[! :1'! *%+7372:3%>! H%K! i-==B[! P5BLj! 4,++%43%'! :!472P*%! '%<71737#1! 3E:3!&#,*'! /#13%X3,:*74%! 3E%! 1,:1/%'! 3%/E17/:*!2%:171+! #<! 3E%! /#1/%P3!a9:*7'73KR\!!

!.!9:*7'!://#,13!74!#1%[!&E7/E!/:1!8%!'%<%1'%'!:4!4#,1'!8%/:,4%!73!74!&%**W+$#,1'%'!/#1/%P3,:**K!:1'!%2P7$7/:**K>! ?<! 73!'#%41R3!2:0%!4%14%[! 3E%1! 73!/:11#3!8%!9:*7'>! ?<! 73!<:7*4!3#!://#,13!<#$!3E%!':3:[!3E%1!73!/:11#3!8%!9:*7'>!!

!?1!#1%!4%14%[!>^WR>NL>!O[!^;QWRW=V! *7%4!71!3E%!$7+#,$!#<!2%3E#'#*#+7/:*!P$#/%',$%4!:1'!3E%7$!'%4/$7P37#1!3#!4E#&!3E:3!P$#/%',$%4!&%$%!P$#P%$*K!:1'!%<<%/379%*K! 72P*%2%13%'>!SE:3!&%!&:13!3#!#84%$9%!74!3E:3!$%4%:$/E%$4!2:K!8%!3$%:371+!3E%!2:33%$!#<!9:*7'73K!71!:!/:4,:*!2:11%$!:1'!3E,4!3E%!T,%437#1!2:K!1#3!8%!:14&%$%'!%<<%/379%*K\! a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

!&G""

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d#,! 2:K! &74E! 3#! P%$,4%! <$%%! $%4#,$/%4! 4,/E! :4! 3E%! &>&&! &6(818.7! Q.*6.7! i5NNIj! :3!E33P\^^&&&>:/:'%27:>'0Ô7#*#+740.13$#P#*#+7^FP7'%27#*#+7^)H"^C)CCpC,$979:*pZ:1,:*pM%$-5>P'<}E33P\^^&&&>*710%'71>/#2^$%'7$%/3U,$*wE33PkB.k5"k5"&&&k5F:/:'%27:k5F'0k5"O7#*#+740.13$#P#*#+7k5"FP7'%27#*#+7k5")H"k5"C)CCpC,$979:*pZ:1,:*pM%$-5k5FP'<l,$*E:4EwQ*+Dlp3w3$:/071+p'74/>!!D]// "?;NU<O?=WNS!=>L:NWL;Q!Q;NSX;S>!O[!dX;N=W=;=W^>!?>U>;?L:!=O!dX;QW=;=W^>!?>U>;?L:!JE%! #1%! :$%:[! &E7/E! 4E#,*'! 1#3! 8%! 7+1#$%'[! 74! 3E:3! #<! 3E%! 3%/E17/:*! A:$+#1! #<! $%4%:$/E[!%4P%/7:**K!E#&!3E%!*:1+,:+%!#<!#1%!2%3E#'#*#+7/:*!:PP$#:/E!74!71:PP$#P$7:3%*K!3$:14<%$$%'!3#!:1#3E%$>!JE74!74!3E%!/:4%!#<!/#1/%P34!3E:3!%2%$+%'!71!3E%!T,:1373:379%!$%4%:$/E!3$:'737#1!3$:14P#$371+! 71/#$$%/3*K! 3#! T,:*73:379%! $%4%:$/E! :PP$#:/E%4>! FX:2P*%4! 2:K! $%*:3%! 3#!/#1/%P34!4,/E!:4! a4:2P*71+R!#<! a4,8A%/34R! iT,:1373:379%!/#1/%P34j! 3E:3!$%<%$! 3#! a4%*%/37#1R!#<!E,2:1! aP:$37/7P:134R! iT,:*73:379%! /#1/%P34j! 71! $%4%:$/E! i)#*071+E#$1%[! 5NNIj>! "71'! #3E%$!%X:2P*%4>!!!JE%! #3E%$! T,:1373:379%! /#1/%P34! <$#2! T,:1373:379%! :PP$#:/E! :$%! 9:*7'73K! :1'! $%*7:87*73K>! ?1!T,:*73:379%!$%4%:$/E[!73!74!2#$%!:PP$#P$7:3%!3#!3:*0!#<!3E%!713%+$73K!:1'!T,:*73K!#<!3E%!$%4%:$/E!$:3E%$! 3E:1!#<! 9:*7'73K! :1'! $%*7:87*73K>! ! JE%! /#1/%P3! 1#$2:**K! P$%<%$$%'! 74! a3$,43&#$3E71%44R!iQ71/#*1! l! ],8:[! -=(Im! H%1e71! l! Q71/#*1[! 5NNNj>! .//#$'71+! 3#! Q71/#*1! :1'! ],8:! i-=(Ij[!a3$,43&#$3E71%44R!74!/#2P$74%'!#<!<#,$!:4P%/34\!!

• /$%'787*73K[!!• 3$:14<%$:87*73K[!!• '%P%1':87*73K[!:1'!!• /#1<#$2:87*73K!#<!T,:*73:379%!$%4%:$/E>!!

!JE%4%! /#1/%P34! /#$$%4P#1'[! $%4P%/379%*K[! 3#! 3E%!T,:1373:379%! /#1/%P34!#<! WN=>?N;Q! ^;QWRW=V[!>c=>?N;Q!^;QWRW=V[!?>QW;YWQW=V[!:1'!OYa>L=W^W=V>!@3E%$!$%4%:$/E%$4!$%*:3%!3E%4%!/#1/%P34!,1'%$!3E%!,28$%**:!/#1/%P3!#<!?WSOX?!71!$%4%:$/E!iZ#$4%[!O:$$%33[!Z:K:1[!@*/4#1[!l!CP7%$4[!5NN5j>!?1!#$'%$!3#!:33:71!$7+#,$[!3E%!$%4%:$/E%$!1%%'4!3#!:PP*K!9%$7<7/:37#1!43$:3%+7%4!3E$#,+E#,3!3E%!/#1',/3!#<!3E%!43,'K>! ?3! 74!3E%!$%4%:$/E%$!&E#!2,43!8%!4%*<W/$737/:*!3#!%14,$%!$%*7:87*73K!:1'!9:*7'73K>!M%$7<7/:37#1! :1'! 9:*7'73K! 71! T,:*73:379%! $%4%:$/E!2:K!8%! :/E7%9%'!,471+! 3%/E17T,%4!4,/E!:4\!

• :,'73!3$:7*4[!!• 2%28%$!/E%/04!#$!/#1<7$271+!$%4,*34!&73E!P:$37/7P:134[!!

!&!""

• P%%$! '%8$7%<71+[! :1'! #3E%$! 3%/E17T,%4! iQ71/#*1! l! ],8:[! -=(Im! Z/Z7**:1! l!C/E,2:/E%$[!5NNLm!):33#1[!5NN-j>!!

!JE%4%!9%$7<7/:37#1!2%/E:17424!:4/%$3:71! 3E:3! $%4%:$/E!P$#/%',$%4!:1'! 3E%7$!#,3/#2%4!:$%!/E%/0%'[! /#1<7$2%'! :1'! /#$$%/3%'! ',$71+! <7%*'&#$0! 3E,4! %14,$71+! 3E%! $7+#,$! #<! :! 43,'K!iZ#$4%[!%3!:*>[!5NNBj>!!S%! 43$%44! 3E:3!2:33%$4! #<! 9%$7<7/:37#1! :1'! 9:*7':37#1! =>NR! =O! Y>! O^>?QOOM>R! #$! ;?>! O[=>N!TWUUWNS!71!$%4%:$/E!$%P#$34!:1'!3E%4%4>!Z#$%!'%3:7*%'!://#,134!#<!9%$7<7/:37#1!43$:3%+7%4!:1'!3%/E17T,%4!&#,*'! %1E:1/%! 3E%! 43:3,$%! #<! T,:*73:379%! $%4%:$/E! 71[! <#$! %X:2P*%[! 3E%4%4! :1'!'744%$3:37#14>! S%! /#1/,$! &73E! Z#$4%! :1'! /#**%:+,%4! i5NNBj! 71! :44%$371+! 3E%! /$,/7:*!$%4P#14787*73K!#<!3E%!$%4%:$/E%$!71!:44,$71+!$7+#,$!71!$%4%:$/E!$:3E%$!f3E:1!%X3%$1:*!A,'+%4!#<!3E%!/#2P*%3%'!P$#',/3h>!JE74!/:**4!<#$!'%%P%$!$%<*%X7973K!:1'!4%*<W/$737/742!#1!3E%!P:$3!#<!3E%!$%4%:$/E%$! 71!$%*:37#1!3#!3E%!3%/E17T,%4!:1'!2%3E#'4!,4%'!3#!%14,$%!3E%! 713%+$73K[!9:*7'73K!:1'!://,$:/K!#<!3E%!<71'71+4>!!!D]/4 +=;=WU=WL;QQV!UWSNW[WL;N=!?>UXQ=U!^>?UXU!<?;L=WL;QQV!UWSNW[WL;N=!?>UXQ=U!?1! :1:*K471+! ':3:! <$#2! :! 43,'K! $%4%:$/E%$4! <:/%! 3E%! T,%437#1[! vY#&! 72P#$3:13! :$%! 3E%4%!$%4,*34Uv! i]:**[! 5NN-j[! :! T,%437#1! #<3%1! :14&%$%'! 2743:0%1*K! 97:! 3E%! $%4,*34! #<! 3%434! #<!43:37437/:*!47+17<7/:1/%>!`1<#$3,1:3%*K!:4!1#3%'!:!<%&!'%/:'%4!8:/0!:1'!437**!9:*7'!3#':K[!fJ##!

<%&! $%4%:$/E%$4! ,1'%$43:1'! &E:3! 43:37437/:*! 47+17<7/:1/%! 3%4371+! '#%4! :1'! '#%4! 1#3! '#[! :1'!

/#14%T,%13*K! 3E%7$! $%4,*34! :$%!274713%$P$%3%'h! iJE#2P4#1[! -==Gj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e%4!#$!'7<<%$%1/%4!P$#97'%'!3E%!4:2P*%!74!*:$+%!%1#,+E!ic71+[!5NN5j>!]:**!i5NN-j!1#3%4!3E:3!:/E7%971+!43:37437/:*!47+17<7/:1/%!74!%:47*K! 71<*,%1/%'!8K! 4:2P*%! 47e%[! 3E%!9:*,%!#<!~!,4%'!:4! 3E%!/$73%$7#1! <#$! $%A%/371+! 3E%!1,**!EKP#3E%474[!:1'!&E%3E%$! 3E%! 3%43!#<! 43:37437/:*! 47+17<7/:1/%! 74!#1%W3:7*%'!#$! 3&#W3:7*%'>!c71+!i5NN5j!1#3%4!3E:3!43:37437/:*!47+17<7/:1/%!2:K!:$74%!',%!3#!:!*:$+%!%<<%/3[!:!*:$+%!4:2P*%!47e%[!#$!8#3Em!f/#14%T,%13*K[!$%4,*34!2:K!8%!f43:37437/:**K!47+17<7/:13h!',%!3#!:! *:$+%!4:2P*%!47e%[!8,3!1#3!P$:/37/:**K!47+17<7/:13!',%!3#!:!42:**!%<<%/3! i:1'!3E%!/#19%$4%! 74!3$,%jh>! !6#1/,$$71+!&73E!3E74[!]:**!i5NN-j!4,++%434!3E%!<71'71+!#<!:!47+17<7/:13!$%4,*3!71!#,$!':3:!74!1#3!72P#$3:13!71! :1'!#<! 734%*<! :1'! 3E:3! 3E%! 3%434! #<! 43:37437/:*! 47+17<7/:1/%! 4:K! 97$3,:**K! 1#3E71+! :8#,3! 3E%!72P#$3:1/%!#$!P$:/37/:*!47+17<7/:1/%!#<!:!$%4%:$/E!$%4,*3>!!!O#3E! c71+! i5NN5j! :1'!]:**! i5NN-j! 71372:3%! 3E:3! P$:/37/:*! 47+17<7/:1/%! *##04! :3!&E%3E%$! 3E%!'7<<%$%1/%!#$! $%*:37#14E7P! 74! *:$+%!%1#,+E!3#!8%!#<!9:*,%! 71!:!P$:/37/:*! 4%14%!:1'!P#713!#,3!3E:3!!8K!734%*<[!43:37437/:*!47+17<7/:1/%!3%4371+!74!71:'%T,:3%!<#$!'%3%$27171+!3E%!72P#$3:1/%!#<!$%4,*34!:1'!3E%!*70%*7E##'!#<!#83:7171+!4727*:$!$%4,*34!71!3E%!<,3,$%>!"#$!P$:/37/:*!47+17<7/:1/%!73! 74! 72P#$3:13! 3#! :44%44! 3E%! 72P*7/:37#14! :1'!2%:171+!#<! 3E%! 47+17<7/:13! $%4,*3! 71! $%:*! *7<%>!]79%1! 3E74! '7<<%$%1/%! 71! /#1/%P3,:*! 2%:171+! #<! 43:37437/:*! :1'! P$:/37/:*! 47+17<7/:1/%[! :1!72P#$3:13! /:,37#1! 74! :*&:K4! 3#! 4P%/7<K! f43:37437/:**K! 47+17<7/:13h! 7143%:'! #<! 4E#$3%171+! 3E%!3%$2! 3#! f47+17<7/:13h!&E%1! $%<%$$71+! 3#! $%4,*34! <$#2!:! 43:37437/:*! 3%43! ic71+[!5NN5j>!S73E#,3!3E:3! 3E%! &#$'! v47+17<7/:13v! 274*%:'4! P$#<%447#1:*! P$:/3737#1%$4! :1'! 3E%! *:K! P,8*7/! 713#!3E71071+! 3E:3! 3E%! $%4%:$/E! $%4,*34! :$%! 72P#$3:13! #$! 3E:3! :! $%4,*3! 3E:3! 74! 1#3! 43:37437/:**K!47+17<7/:13!74!1#3!72P#$3:13!i]:**[!5NN-j>!!!!

!&#""

!!!!#L=W^W=V!D]//!D%<*%/3!#1!2743:0%4!2:'%!71!$%P#$371+!43:37437/:*!47+17<7/:1/%!:1'!P$:/37/:*!47+17<7/:1/%>!!:>! SE:3! 74! 3E%! '7<<%$%1/%! 8%3&%%1! :! 43:37437/:**K! 47+17<7/:13! $%4,*3! :1'! :! $%4,*3! 3E:3! 74!P$:/37/:**K!47+17<7/:13U!!8>!SEK! 74!:! $%4%:$/E%$!:3! <:,*3! 71! $%P#$371+!:4! <#**#&4! i&E:3!JE#2P4#1! i-==Gj!/:**4! f3E$%%!E:8734!#<!*:1+,:+%h!*%:'71+!3#!f,1/#14/7#,4!274713%$P$%3:37#14hj\!!!!!!!W!D%P#$3!3E:3!3E%!f$%4,*3!74!47+17<7/:13h!7143%:'!#<!3E%!f$%4,*3!74!43:37437/:**K!47+17<7/:13v>!!!!!!W!D%P#$371+!3E:3!3E%!f$%4,*34!:PP$#:/E%'!43:37437/:*!47+17<7/:1/%h!!!!!!W! D%P#$371+! 3E:3! v3E%! 43:37437/:*! 47+17<7/:1/%! 3%4371+! %9:*,:3%'!&E%3E%$! 3E%! $%4,*34!&%$%!!',%!3#!/E:1/%v>!!

!D]/6 2WUWN=>?<?>=;=WON!O[!=:>!$K^;QX>U!S>N>?;=>R!PW=:!U=;=WU=WL;Q!=>U=!R;=;!

.! <71:*! P#713! &73E! $%+:$'! 3#! 3E%! 43:37437/:*! 3%434! 74! 3E%! 71/#$$%/3! ,4%! :1'! 713%$P$%3:37#1! #<!/#1/%P34! $%*:3%'! 3#! 3E%! 47+17<7/:1/%! #<! 3E%! $%4,*34[! k! i:*PE:! *%9%*! #$! *%9%*! #<! 47+17<7/:1/%j!9%$4,4! 3E%! <L9:*,%! iP$#8:87*73K! 9:*,%j>! "7$43! #<! :**[! 73! 74! 72P%$:379%! 3#! $%:*74%! 3E:3! 3E%!$%4%:$/E%$!E:4!3E%!#8*7+:37#1!3#!P$%W'%3%$271%!3E%!*%9%*!#<!47+17<7/:1/%!ikj!:E%:'!#<!3E%!':3:!:1:*K474!:4!:!/$73%$7#1!3#!A,'+%!#$!'%/7'%!#1!3E%!47+17<7/:1/%!#<!3E%!$%4,*3!iY710*%[!%3!:*>[!-=((m!JE#2P4#1[! -==Gj>! ?3! %1:8*%4! :1! :44%442%13! #<!&E:3! *70%*7E##'! #$! P$#8:87*73K! 3E%! $%4,*3! 74!',%! 3#! /E:1/%! i$:3E%$! 3E:1! 3E%! <:/3#$4! ,1'%$! 43,'Kj>! JKP7/:*! 9:*,%4! <#$! ~! 71! %',/:37#1:*!$%4%:$/E!:$%!>NI[!>N-[!:1'!>NN-[!&E7/E!$%4P%/379%*K!/#$$%4P#1'!3#!3E%!=Ik[!==k[!:1'!==>==k!/#1<7'%1/%!*%9%*4>!JE%!kW*%9%*!74!$%<*%/371+!3E%!P$#8:87*73K!#<!2:071+!:!JKP%!%$$#$!8K!$%A%/371+!:! 3$,%! 1,**! EKP#3E%474[! 7>%>[! /#1/*,'71+! 3E:3! 3E%! <:/3#$4! ,1'%$! 43,'K! *%'! 3#! 3E%! 47+17<7/:13!$%4,*3! &E%1! 71! <:/3! 73! /#,*'! 8%! $:1'#2! %$$#$4! i3E:3! 71/*,'%! 4:2P*71+! %$$#$4! :1'!2%:4,$%2%13!%$$#$4j>!!

JE%!2743:0%!2:'%! 8K! 3E%! $%4%:$/E%$! 74! 1#3! 3#! '%/7'%! #1! 3E%! *%9%*! #<! 47+17<7/:1/%! :1'! 3#!$:37#1:*74%!3E%!P:$37/,*:$!*%9%*!/E#4%1>!6#14%T,%13*K[!3E%K!472P*K!$%4#$3!3#!3E%!<L9:*,%!3E:3!74! +%1%$:3%'! 3#+%3E%$! &73E! 3E%! 3%43! ':3:! 8K! 3E%! 43:37437/:*! 4#<3&:$%>! ! JE%! <L9:*,%! 74! 3E%!P$#8:87*73K!#<!#84%$971+!:!4:2P*%!43:37437/!:4!%X3$%2%!:4!3E%!3%43!43:37437/[!:44,271+!3E%!1,**!EKP#3E%474! 74! 3$,%! iJE#2P4#1[! -==Gj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i%>+>[!P!w!>L;m!P!w!>N;m!P!}!>NNN5j!:1'!/#1/*,'%!&73E#,3!$%<%$%1/%!3#!3E%!/$73%$7#1!*%9%*!#<!47+17<7/:1/%>!C,/E!<L9:*,%4!2:K!#1*K!8%!%9:*,:3%'!:+:7143!3E%!$%4%:$/E%$R4!/$73%$7#1!*%9%*!#<! 47+17<7/:1/%[! &E7/E!2,43! 8%! %XP*7/73*K! 43:3%'>! .! $%4%:$/E%$! 1%%'4! 3#! 8%! /#2P:$71+! :1'!:44%4471+!3E%!<L9:*,%!:+:7143!3E%!*%9%*!#<!47+17<7/:1/%>!"#$!%X:2P*%[!E%!#$!4E%!2:K!71'7/:3%!:!47+17<7/:13! $%4,*3!&73E!P!}!N>NI[! 7<! 3E%! *%9%*!#<! 47+17<7/:1/%! 74! >NI!#$! :!1#1W47+17<7/:13! $%4,*3!&73E!P!z! >NI>!":7*,$%! 3#!'#!4#! *%:'4! 3#! 71/#$$%/3!%9:*,:37#1!#<! 3E%!47+17<7/:1/%!#<! 43:37437/:*!3%43!$%4,*3!:1'!P:$3*K[!3#!3E%!%$$#1%#,4!:44%442%13!#<!43:37437/:*!47+17<7/:1/%!:4!#PP#4%'!3#!P$:/37/:*! 47+17<7/:1/%>! O%47'%4[! :33%1'71+! 3#! %XP$%447#14! 2:'%! 71! %9:*,:371+! 3E%! $%4,*34! 74!72P#$3:13>!!

!&$""

!

D]/8 %>UUONU!%>;?N=!

?1!<:/3!3E%!%137$%!/E:P3%$!E:4!8%%1!:8#,3!*%44#14!*%:$13!8K!4,P%$974#$4!:8#,3!E:1'*71+!':3:>!JE%!<#**#&71+!:$%!4#2%!#<!3E%!*%44#14\!

• JE%$%!:$%!/E:**%1+%4!#<!:!3%/E17/:*!1:3,$%[!:44#/7:3%'!&73E!3E%!E:1'*71+!#<!':3:>!• Z:1K!43,'%134!<:7*!3#!P*:1!<#$!':3:!/:P3,$%!:1'!:1:*K474>!• ?1!3E%!2:A#$73K!#<!/:4%4[!43,'%134!*:/0!:&:$%1%44!:8#,3!3E%!'74371/37#14!8%3&%%1!

9:*7'73K! :1'! $%*7:87*73K! <#$! T,:1373:379%! 43,'7%4! 9%$4,4! 3$,43&#$3E71%44! <#$!T,:*73:379%!$%4%:$/E>!

• C,P%$974#$4!E:9%!#84%$9%'!<:7*,$%!3#!'%2#143$:3%!:1!:PP$%/7:37#1!#<!/#143$,/34!,1'%$!43,'K>!

• C3,'%134! E:9%! '%2#143$:3%'! :! <:7*,$%! 3#! $%:*74%! 3E%! /#2P*%2%13:$K! 1:3,$%! #<!T,:1373:379%!:1'!T,:*73:379%!:PP$#:/E%4>!!

D]/@ +XTT;?V!

JE74! /E:P3%$! E7+E*7+E3%'! 4#2%! 713$7/:3%! 744,%4! :44#/7:3%'! &73E! E:1'*71+[! 2:1:+71+[!:1:*K471+[! :1'! $%P#$371+! ':3:! 71! $%4%:$/E! P$#A%/34! :4! &%**! :4! 3E%7$! 274E:1'*71+! :1'!274$%P$%4%13:37#1>! ?3! E:4! :33%2P3%'! 3#! %X:271%! 3E%4%! 744,%4! :4! 3E%K! :$74%! 71! 8#3E!T,:1373:379%!:1'!T,:*73:379%!$%4%:$/E[!43$%4471+!3E%7$!/#2P*%2%13:$73K>!JE%!/E:P3%$!3$7%'!3#!:**%97:3%! 3E%! /#22#1! 274/#1/%P37#1! 3E:3! ':3:! 74! 43:37437/4! iD#4%! l! C,**79:1[! -==Bj! :1'!4E#&%'! 3E%! /$737/:*1%44! #<! $%4%:$/E%$! P%$/%P379%1%44! :1'! $%<*%X7973K! 71! P*:1171+! <#$! ':3:!E:1'*71+[! 2:1:+%2%13! :1'! 3E%7$! :1:*K474! :1'! 713%$P$%3:37#1>! JE%! /E:P3%$! :$37/,*:3%'! 3E%!%3E7/:*! $%4P#14787*73K! #<! 3E%! $%4%:$/E%$! 3#! 8%! &%**! :/T,:713%'! &73E! ':3:! /#**%/37#1! :1'!:1:*K474!P$#/%',$%4!:1'!3%/E17T,%4!3#!%14,$%!9:*7'73K!:1'!$7+#,$!71!3E%!T,:*73K!#<!$%4%:$/E>!S%! %1'! 3E%! /E:P3%$! 3E%$%<#$%! 71! 3E%!&:K!&%! 8%+:1! 73! 8K! 3:071+! 3E%! /#,14%*! #<!S:**72:1!i5NNIj!&E#!/:,37#14!3E:3\!fd#,!:$%!P$#8:8*K!:*4#!&:4371+!K#,$!372%! 7<!K#,!:2:44!':3:!K#,!:$%!,1:8*%!3#!:1:*K4%[!%73E%$!8%/:,4%!K#,!E:9%!3##!2,/E[!#$!8%/:,4%!K#,!E:9%!714,<<7/7%13!#$!71:PP$#P$7:3%!:1:*K37/:*!407**4!#$!2%3E#'4!3#!2:0%!3E%!:1:*K474h!iP>!BN-j>!!#L=W^W=V!D]/4!SEK! 74! 73! /#147'%$%'! :1! %3E7/:*! 744,%! :1'! 713%**%/3,:*! '74E#1%43K! <#$! :! $%4%:$/E%$! 1#3!,1'%$43:1'!3E%!':3:!:1:*K474!3%/E17T,%4!%2P*#K%'!71!E74!#$!E%$!$%4%:$/EU!iC%%!<#$!%X:2P*%[!S7*0714#1[!-===m!D,'%43:2!l!_%&3#1!i5NN;jj!!!.>[>?>NL>U!!O:$8#,$[!D>C>!i5NN(j>!E*'(3/6:'13*!Y6.71'.'18)!()-).(:,B!A!-'6/)*'l-!+61/)!'3!',)!:(.4'!34!/31*+!

Y6.71'.'18)!()-).(:,>!Q#1'#1\!C:+%!),8*7/:37#14>!!O:$3*%33[! b>F>! i??j[! c#3$*70[! b>S>! l! Y7++714[! 6>Q>! i5NN-j>! @$+:17e:37#1:*! $%4%:$/E\! H%3%$27171+!

:PP$#P$7:3%! 4:2P*%! 47e%! 71! 4,$9%K! $%4%:$/E>! E*43(2.'13*! R):,*373+NF! 0).(*1*+F! .*/!>)(43(2.*:)! X36(*.7F! %ei-j[! GBWIN>! D%3$7%9%'! L! _#9%28%$! 5N-5! <$#2!E33P\^^&&&>#4$:>#$+^73*PA^8:$3*%330#3$*70E7++714>P'<>!!

!6$%4&%**[! b>S>! l! 6*:$0[! M>Q>)>! i5NN;j>! @)-1+*1*+! .*/! :3*/6:'1*+! 21O)/! 2)',3/-! ()-).(:,>!

JE#,4:1'!@:04[!6.\!C:+%!),8*7/:37#14>!

!&%""

!6$%4&%**[! b>S>! i5NN=j>! 9)-).(:,! /)-1+*B! Y6.71'.'18)F! Y6.*'1'.'18)F! .*/! 21O)/! 2)',3/-!

.<<(3.:,)-!iB$'!%'737#1j>!JE#,4:1'!@:04[!6.\!C:+%!),8*7/:37#14>!!H%1e71[! _>! l! Q71/#*1[! d>! iF'4>j! i5NNNj>! W.*/D33K! 34! 56.71'.'18)! 9)-).(:,>! Q#1'#1\! C:+%!

),8*7/:37#14>!!H%K[! ?>!i-==Bj>!56.71'.'18)!/.'.!.*.7N-1-B!A!6-)(!4(1)*/7N!8)(-13*!43(!-3:1.7!-:1)*'1-'-#!Q#1'#1!

:1'!_%&!d#$0\!D#,3*%'+%!J:K*#$!:1'!"$:1/74!]$#,P>!!"*7/0[! `>! i5NN=j>! A*! 1*'(3/6:'13*! '3! Y6.71'.'18)! ()-).(:,! iG3E! %'737#1j>! Q#4! .1+%*%4\! C:+%!

),8*7/:37#14>!!!]:**[! Z>H>! i5NN-j>! _1+6(1*+! 36'! ',)! 12<3('.*:)! 34! ()-).(:,! ()-67'-B! &'.'1-'1:.7! -1+*141:.*:)!

8)(-6-! <(.:'1:.7! -1+*141:.*:)>! D%3$7%9%'! N-! _#9%28%$! 5N-[! :3!E33P\^^P:+%4>,#$%+#1>%',^2+:**^43:37437/:*p47+17<7/:1/%p9>E32!

!]$:K[!H>F>!!i5NN=j>!@31*+!()-).(:,!1*!',)!().7!=3(7/!i51'!%'737#1j#!!Q#1'#1\!C:+%!),8*7/:37#14>!!Y710*%[!H>F>[!S7%$42:[!S>!l!b,$4[!C>!]>!i-=((j>!A<<71)/!-'.'1-'1:-!43(!',)!D),.8136(.7!-:1)*:)-!

i51'!%'737#1j>!O#43#1[!Z.\!Y#,+E3#1!Z7<<*71!6#2P:1K>!!!?4$:%*[! ]>H>! i5N-5j>! @)')(21*1*+! -.2<7)! -1g)#! D%3$7%9%'! L! _#9%28%$! 5N-5! <$#2!

E33P\^^%'74>7<:4>,<*>%',^P'NNL>!!c71+[!b>F>!i5NN5j>!&'.'1-'1:.7!&1+*141:.*:)!8-#!>(.:'1:.7!&1+*141:.*:)B!!E2<71:.'13*-!43(!A*.7Ng1*+!

CQV! @.'.>! D%3$7%9%'! 5! _#9%28%$! 5N-5! :3!&&&>//73#1*71%>#$+Â071+Ê#2%P:+%^C7+17<pP#43%$>'#/>!

!Q71/#*1[!d>!C>!l!],8:[!F>!]>!i-=(Ij>!d.'6(.71-'1:!1*Y61(N#!O%9%$*K!Y7**4[!6.\!C:+%!),8*7/:37#14>!!Z/Z7**:1[! b>! Y>[! l! C/E,2:/E%$[! C>! i5NNLj>! 9)-).(:,! 1*! )/6:.'13*B! V81/)*:)LD.-)/! 1*Y61(N>!

_%&!d#$0>!)%:$4#1!F',/:37#1[!?1/>!!Z#$4%[!b>!Z>[!O:$$%33[!Z>[!Z:K:1[!Z>[!@*4#1[!c>[!l!CP7%$4[!b>!i5NN5j>!M%$7<7/:37#1!43$:3%+7%4!<#$!

%43:8*74E71+! $%*7:87*73K! :1'! 9:*7'73K! 71! T,:*73:379%! $%4%:$/E>! E*')(*.'13*.7! X36(*.7! 34!56.71'.'18)! Q)',3/-! %! i5j[! .$37/*%! 5>! D%3$7%9%'! G! _#9%28%$! 5N-5! <$#2!E33P\^^&&&>,:*8%$3:>/:^�7AT2^>!

!):33#1[!Z>!V>!i5NN-j>!56.71'.'18)!)8.76.'13*!.*/!()-).(:,!2)',3/-!iB$'!F'>j>!JE#,4:1'!@:04[!

6.\!C:+%!),8*7/:37#14[!?1/>!!)#*071+E#$1%[!H>F>! i5NNIj>!Q:1+,:+%!:1'!Z%:171+\!H:3:!6#**%/37#1! 71!V,:*73:379%!D%4%:$/E>!

X36(*.7! 34! C36*-)771*+! >-N:,373+NF! "$i5j[! -B;o-GI>! D%3$7%9%'! -I! b:1,:$K! 5N-5! :3!E33P\^^&&&>,4/>%',^P$#A%/34^$%E:8^P$79:3%^'#/4^$%4%:$/E%$4^P#*071+E#$1%^BpP#*071+E#$1%>P'<>!

!)#13%$#33#[!b>]>!i5NNLj>!O$7%<!1#3%!#1!3E%!#$7+714[!%9#*,37#1[!:1'!2%:171+!#<!3E%!T,:*73:379%!

$%4%:$/E! /#1/%P3! f3E7/0! '%4/$7P37#1h>! R,)! 56.71'.'18)! 9)<3('F! %%iBj[! PP>! IB(WIG=>!D%3$7%9%'! L! _#9%28%$! 5N-5! :3! E33P\^^&&&>1#9:>%',^4444^VD^VD--WB^P#13%$#33#>P'<>!

!&&""

!D#4%[!H>!l!C,**79:1[!@>!i-==Bj>!E*'(3/6:'13*!'3!/.'.!.*.7N-1-!43(!-3:1.7!-:1)*'1-'->!O,/071+E:2\!

@P%1!`179%$473K!)$%44>!!D,'%43:2[!c>F>!l!_%&3#1[!D>D>!i5NN;j>!&6(8181*+!N36(!/1--)('.'13*B!A!:32<(),)*-18)!+61/)!'3!

:3*')*'!.*/!<(3:)--#!Q#4!.1+%*%4\!C:+%!),8*7/:37#14>!!CP$:'*%K!b>!i-=(Nj>!>.('1:1<.*'!?D-)(8.'13*>!_%&!d#$0\!Y#*3[!D71%E:$3[!:1'!S7143#1>!JE%! D%4%:$/E! .'974#$4! i5NNLj>! &.2<7)! -1g)! '.D7)#! D%3$7%9%'! L! _#9%28%$! 5N-5! <$#2!

E33P\^^&&&>$%4%:$/EW:'974#$4>/#2^3##*4^C:2P*%C7e%>E32>!!!JE#2P4#1[! O$,/%! i-==Gj>! JE%! /#1/%P3! #<! 43:37437/:*! 47+17<7/:1/%! 3%4371+>! >(.:'1:.7!

A--)--2)*'F! 9)-).(:,! m! V8.76.'13*[! îIj>! D%3$7%9%'! b:1,:$K! -I[! 5N-B! <$#2!E33P\^^).DF#1*71%>1%3^+%391>:4PU9wGl1wI>!

!S:**72:1[!_>!i5NNIj>!G36(!()-).(:,!<(3Z):'F!$*/!)/1'13*#!Q#4!.1+%*%4\!C:+%!),8*7/:37#14!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!&'""

!),#-"&.!G!

!H.3"3*5!",&!.&+&#.),!-.'-'+#%!S74%2:1!Z:+&:!!

i2:+&:&74%2:1L5t+2:7*>/#2j!:1'!

C72,<#$#4:!Z:+&:!!i2:+&:4<t+2:7*>/#2j!

!#YU=?;L=!

JE74! /E:P3%$! <#/,4%4! #1!&$7371+! 3E%! D%4%:$/E! )$#P#4:*[! :1'! 71! 3E%! P$#/%44[! 4%147374%4! 3E%!43,'%13! :8#,3! 0%K! %XP%/3:37#14>! E*')(! .71.F! 73! 8%+714! &73E! :! '%<71737#1! #<! &E:3! :! $%4%:$/E!P$#P#4:*!74[!3:071+!713#!://#,13!734!47+17<7/:1/%!3#!3E%!43,'%13[!3E%!4,P%$974#$[!<,1'%$4!#<!3E%!P:$37/,*:$! $%4%:$/E[!:1'!3E%!$%4%:$/E!/#22,173K! 71!+%1%$:*>!O%:$71+! 71!271'!3E:3! $%4%:$/E!P$#P#4:*!&$7371+! 74! 1#3! :! E:PE:e:$'! :<<:7$[!2:A#$! 43%P4! 3#! 8%! <#**#&%'! :$%! '74/,44%'!&73E!4,PP#$379%! %X:2P*%4>! JKP7/:**K[! 3E%! 43:$371+! P#713! 74! <#$2,*:37#1! #<! 3E%! 373*%[! <#**#&%'! 8K!8:/0+$#,1'! 3#! 3E%! 43,'K>! "#**#&71+! 3E74! 4%/37#1! :$%! #3E%$! 4%/37#14! 3E:3! '%$79%! <$#2! 3E%!8:/0+$#,1'[!:1'!71!3,$1!71<*,%1/%!4,84%T,%13!#1%4>!JE%!2#43!#,343:1'71+!:$%\!43:3%2%13!#<!3E%! P$#8*%2[! $%4%:$/E! T,%437#14ÊKP#3E%4%4[! 3E%#$%37/:*! +$#,1'71+[! *73%$:3,$%! $%97%&[!2%3E#'#*#+K[! %3E7/:*! :1'! *%+:*! /#147'%$:37#14[! $%4%:$/E! #8A%/379%4[! P,$P#4%! #<! 3E%! 43,'K[!*7273:37#14[! :1'! '%*7273:37#14>! JE%4%! :$%! 3E%! 8,7*'71+! 8*#/04! #<! 3E%! 43,'K! :4! 4E#&1! 71! 3E%!72:+%!8%*#&>!

!G]/!3N=?ORXL=WON!)@1%!#<!3E%!3E71+4!:1K!1%&!+$:',:3%!43,'%13!&7**!E:9%!3#!'#!74!3#!&$73%!:!$%4%:$/E!P$#P#4:*>!`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

!&(""

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d#,!:$%!3E%$%<#$%!43$#1+*K!:'974%'!3#!$%:'!3E74!/E:P3%$!71!/#1A,1/37#1!&73E!#3E%$!$%*%9:13!/E:P3%$4!#<!3E74!8##0!<#$!K#,!3#!,1'%$43:1'!3E%!<71%$!'%3:7*4!#<!3E%!744,%4!8%71+!P$%4%13%'>!!G]4!'Ya>L=W^>U!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!!

• '%<71%!:!$%4%:$/E!P$#P#4:*m!• 43:3%!3E%!$:37#1:*%!<#$!'%9%*#P71+!:!$%4%:$/E!P$#P#4:*m!• %43:8*74E!2:71!43%P4!3:0%1!71!P$#P#4:*!&$7371+m!:1'!• &$73%!:!2%:171+<,*!$%4%:$/E!P$#P#4:*>!

!

G]6!H:;=!WU!;!?>U>;?L:!<?O<OU;Qe!.! $%4%:$/E!P$#P#4:*! 74! :1!#,3*71%!#<! 3E%!%137$%! $%4%:$/E!P$#/%44[!&E7/E!+79%4! 3E%! $%:'%$! :!4,22:$K! #<! 3E%! 71<#$2:37#1! 71! :! $%4%:$/E! P$#A%/3>! )$#P#4:*! &$7371+! 74! 72P#$3:13! 3#! K#,$!P,$4,73! #<! 8#3E! ,1'%$+$:',:3%! :1'! P#43W+$:',:3%! 43,'7%4>! JE%! P$#P#4:*! 74! 71! %<<%/3! :1!713%**%/3,:*! 4/E#*:437/! i1#3! *%+:*j! /#13$:/3! 8%3&%%1! 3E%! 43,'%13! :1'! 3E%! 4,P%$974#$>! ?3!4P%/7<7%4!&E:3! K#,!&7**! '#[! E#&! K#,!&7**! '#! 73! :1'! E#&! K#,!&7**! 713%$P$%3! 3E%! $%4,*34>! JE%!#8A%/379%4!#<!&$7371+!:!P$#P#4:*!:$%!3#!'%4/$78%!&E:3!K#,!&7**!'#[!&EK!73!4E#,*'!8%!'#1%[!E#&!K#,! &7**! '#! 73! :1'! &E:3! K#,! %XP%/3! &7**! $%4,*3>! O%71+! /*%:$! :8#,3! 3E%4%! 744,%4! <$#2! 3E%!8%+71171+!&7**! E%*P! K#,! /#2P*%3%! K#,$! 3E%474! 71! :! 372%*K! <:4E7#1>! .! 9:+,%[! &%:0! #$! <,eeK!P$#P#4:*! /:1! *%:'! 3#!:! *#1+[!P:71<,*!:1'!#<3%1!,14,//%44<,*! 3E%474!&$7371+!%X%$/74%>!@1! 3E%!#3E%$!E:1'[!:!/*%:$[!&%**!3E#,+E3W#,3!P$#P#4:*!<#$24!3E%!8:/08#1%!#<!3E%!$%4%:$/E!43,'K>!JE%!+#:*!#<!:!$%4%:$/E!P$#P#4:*! 74!3#!P$%4%13!:1'!A,437<K!3E%!$%4%:$/E!7'%:!K#,!E:9%!:1'!3#!P$%4%13! 3E%! P$:/37/:*!&:K4! 71!&E7/E! K#,! 3E710! 3E74! $%4%:$/E! /#,*'! 8%! /#1',/3%'>! O:47/:**K!K#,$!$%4%:$/E!P$#P#4:*!E:4!3#!:14&%$!3E$%%!8:47/!T,%437#14\!!!

• SE:3!$%4%:$/E!P$#A%/3!&7**!K#,!,1'%$3:0%U!!

• SEK!74!73!72P#$3:13!3#!01#&!3E:3!3E71+U!:1'!!

• Y#&!&7**!K#,!P$#/%%'!3#!2:0%!3E:3!$%4%:$/EU!!

JE%! P,$P#4%! #<! :! $%4%:$/E! P$#P#4:*! 74! 3#! %14,$%! 3E:3! 3E%! 43,'%13! E:4! '#1%! 4,<<7/7%13!P$%*7271:$K!$%:'71+! 71!3E%!:$%:!#<!E74Ê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

!&6""

3E%$%<#$%[! /#13:71!:**! 0%K!%*%2%134! 719#*9%'! 71! 3E%! $%4%:$/E!P$#/%44!:1'! 71/*,'%! 4,<<7/7%13!71<#$2:37#1! <#$! 3E%! $%:'%$4! 3#! %9:*,:3%! 3E%! P$#P#4%'! 43,'K>! .//#$'71+! 3#! O#$+! :1'! ]:**!i-=(=j!:! $%4%:$/E!P$#P#4:*! 74!:! $%4%:$/E!P*:1!#,3*7171+! 3E%! $%4%:$/E!P$#8*%2[! 3E%! 4,8A%/34!:1'!2%3E#'4! 8K!&E7/E! 3E%! P$#8*%2! 74! 3#! 8%! 719%437+:3%'>! ?3! 74! :! P*:1171+! '#/,2%13! 3E:3!#,3*71%4! K#,$! 3E71071+! :8#,3! :! $%4%:$/E! P$#8*%2! :1'! '%4/$78%4!&E:3! 74! 3#! 8%! 43,'7%'! :1'!E#&!73!&7**!8%!43,'7%'>!D#874#1!i-==G\GLIj!4:K4[!fJE%!$%4%:$/E!P$#P#4:*!74!K#,$!#PP#$3,173K!3#!P%$4,:'%!3E%! a/*7%13R! 3E:3!K#,!01#&!&E:3!K#,!:$%!3:*071+!:8#,3>!JE:3!K#,!E:9%!3E#,+E3!3E%!744,%4!719#*9%'!:1'!:$%!+#71+!3#!'%*79%$>h!?3!/:1!8%!'%',/%'!3E%$%<#$%!3E:3!:!P$#P#4:*!74!:!<,1':2%13:*! P:$3! #<! 3E%! $%4%:$/E! 43,'K[! &E7/E! 4E#,*'! 8%! 97%&%'! :4! :! <$:2%&#$0! #$!<#,1':37#1! 3#! %9%$K! 43,'K>! ?3! P$#97'%4! :! 3%*%4/#P7/! 97%&! #<! 3E%! :/3,:*! 43,'K! :1'! +79%4! :!P$%97%&!#<!3E%!$%4%:$/E!:1'!2%3E#'4!3E:3!&7**!8%!,4%'!3#!$%4%:$/E!3E%!P$#8*%2!i6E#+:!:1'!_A:K:!5N--m!]&7287! :1'!H7$&:7! 5NNBj>!.! +##'! $%4%:$/E!P$#P#4:*! P$%4,2%4! 3E:3! K#,!E:9%!:*$%:'K! 3E#,+E3! :8#,3! K#,$! 43,'K! :1'! E:9%! '%9#3%'! 4#2%! 372%! :1'! %<<#$3! 71! +:3E%$71+!71<#$2:37#1[! $%:'71+! :1'! 3E%1!#$+:17e71+! K#,$! 3E#,+E34>! b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

• '%4/$7P37#1!#<!3E%!$%4%:$/E!P$#8*%2m!

• :1!:$+,2%13!:4!3#!&EK!3E:3!P$#8*%2!74!72P#$3:13m!

• $%97%&!#<!*73%$:3,$%!$%*%9:13!3#!3E%!$%4%:$/E!P$#8*%2m!

• '%4/$7P37#1!#<!3E%!P$#P#4%'!$%4%:$/E!2%3E#'#*#+Km!:1'!

• '%4/$7P37#1!#<!E#&!3E%!$%4%:$/E!<71'71+4!&7**!8%!,4%'!#$!'744%271:3%'>!

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iD#84#1!-==Gj>!S73E#,3!4,/E!:!P$#P#4:*[!K#,!27+E3!9%$K!%:47*K!+%3!*#43>!Q70%!:!3$:9%*%$!&E#!:724!3#!,1'%$3:0%!:!A#,$1%K[!3E%!P$#P#4:*!74!K#,$!2:P[!K#,$!7371%$:$K[!3E%!P$%P:$:37#14!K#,!E:9%!3#!,1'%$3:0%!:1'!3E%!*743!#<!1%/%44:$K!P$#9747#14!<#$!3E%!A#,$1%K>!.!$%4%:$/E!P$#P#4:*!74!,4%<,*!3#!3E%!43,'%13[!4,P%$974#$[!<,1'%$4!:1'!3E%!8$#:'%$!$%4%:$/E!/#22,173K>!!!

!&B""

!!&M)<+)/4#)./,6#'/)JE%! $%4%:$/E! P$#P#4:*! #,3*71%4! K#,$! 3E71071+! :8#,3! &E:3! K#,! &7**! 8%! 719%437+:371+! o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o!K#,$!,*372:3%!+#:*>!!&&&M)<+)/4#)R,'6#".)?3!+79%4!:!/*%:$!71'7/:37#1!#<!&E%3E%$!K#,!E:9%!/*%:$*K!3E#,+E3!:8#,3!3E%!3#P7/[!&E%3E%$!73!74!4#2%3E71+!<%:478*%!:1'!&#$3E!4,PP#$371+>!!&=M)<+)/4#)S"+%6#")"#.#%"14)1+88,'&/:)JE%!$%4%:$/E!P$#P#4:*!74!:1!71'7/:37#1!#<!3E%!<#/,4!#<!K#,$!719%437+:37#1!:1'!E#&!73!*7104!3#!3E%! #1+#71+! '%8:3%4! 71! *73%$:3,$%>! ?3! 74! 3E%! #PP#$3,173K! 3#! %43:8*74E! 3E%! :33%137#1! #<!$%4%:$/E%$4! :1'! /#1971/%! 3E%2! #<! 3E%! 72P#$3:1/%! #<! K#,$! P$#A%/3>! J#! $%<*%/3! #1! 3E%!<#$%+#71+[!&#$0!#1!3E74!:/37973K>!!!#L=W^W=V!G]/!:>!SE:3!74!:!$%4%:$/E!P$#P#4:*U!FXP*:71!71!K#,$!#&1!&#$'4>!8>! FXP*:71! &EK! 73! 74! 72P#$3:13! 3#! P$%P:$%! :! $%4%:$/E! P$#P#4:*! 8%<#$%! %28:$071+! #1! K#,$!/E#4%1!43,'K>!!!d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

!'G""

!G]@]/!):OOUWNS!;!"O<WLf!"W=Q>!6E##471+! :! 4,73:8*%! 3#P7/! #$! 373*%! 74! 3E%! <7$43! 43%P! 71! '%9%*#P71+! :! $%4%:$/E! P$#P#4:*>! JE%!:$37/,*:37#1!#<!:1!:PP$#P$7:3%!:1'!713%$%4371+!$%4%:$/E!3#P7/!74!P%$E:P4!3E%!2#43!'%2:1'71+!:1'! '7<<7/,*3! P:$3! #<! K#,$! P$#P#4:*! '%9%*#P2%13>! JE%! 373*%! 4E#,*'! #$7+71:3%! <$#2! #1%R4!'74/7P*71%>!"$,73<,*!4#,$/%4!3#!*##0!<#$!:PP$#P$7:3%!373*%4!71/*,'%\!!

• /#13%2P#$:$K!i/,$$%13j!744,%4!&E7/E!:$%!P$#8*%2:37/>!• $%/#22%1':37#14!#1!$%4%:$/E!1%%'4!71!A#,$1:*4!#$!$%4%:$/E!$%P#$34>!!• %X74371+!$%4%:$/E!P$#A%/34!• $%T,%434!<#$!$%4%:$/E!<$#2!#$+:174:37#14!:1'!4,++%437#14!<$#2!%XP%$34!71!3E%!<7%*'!• P%$4#1:*!%XP%$7%1/%\!73!74!#<3%1!3E%!4#,$/%!#<!+$%:3!P:447#1!:1'!713%$%43!&E7/E!

2#379:3%4!K#,>!!iE33P\&&&>,&/>:/>e:^,4$<7*%4^,4%$4^5;NN(G^DFCF.D6Y!)D@)@C.Q!5!P'<j>!

JE%!$%4%:$/E!373*%!74!4E#&1!:4!3E%!4P%/7<7/!:$%:!3E:3!K#,!&:13!3#!&#$0!#1m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i5NNLj!:1'!Z:3E%$WQRY,**7%$!i5NN=j!:44%$3!3E:3! :! +##'! 373*%! 4E#,*'!8%! 4E#$3[! ://,$:3%! :1'! /#1/74%>! JE%! 373*%! 4E#,*'!#9%$3*K! 72P*K! 3E%!2:71! 9:$7:8*%4! 3#! 8%! 719%437+:3%'[! 3E%! 3:$+%3! P#P,*:37#1! i3E:3! 74[! &E#! 74! 43,'7%'j! :1'! 3E%!/#13%X3!#<!3E%!43,'K!3E:3!74[!&E%$%!3E%!43,'K!&7**!3:0%!P*:/%>!Y%$%!:$%!3&#!%X:2P*%4!#<!373*%4!3#!&E7/E!&%!&7**!$%<%$!#//:47#1:**K>!!

J73*%!-!)%$/%P37#14! #<! 3%:/E%$4! #1! /E7*'! 4%X,:*! :8,4%! 71! Z7'*:1'4! )$#971/%! 4/E##*4! 71!n728:8&%!!!J73*%!5!!.'#P37#1! #<! ?1<#$2:37#1! 6#22,17/:37#1! J%/E1#*#+7%4! :4! :! M:*,%! .''71+! J##*! 71!O,471%44!!

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

!'!""

SE7*%!3E%!<7$43!3&#!T,%437#14!2:K!1#3!8%!%:47*K!#897#,4[!K#,!&7**!:+$%%!3E:3!3E%!3&#!3#P7/4!2%%3! $%T,7$%2%134! #<! 3E%! #3E%$! /$73%$7:>! @<! /#,$4%[! K#,! &7**! E:9%! 3#! $%:4#1! #,3! 71! &E:3!&:K4[!:4!K#,!%X:271%!%:/E!3#P7/>!CE:$%!3E74!&73E!:!/#**%:+,%[!:1'!3$K!3#!:PP*K!3E74!3#!K#,$!#&1!$%4%:$/E!373*%>!!G]@]4!3N=?ORXL=WON!;NR!$;LMS?OXNR!=O!=:>!+=XRV!.!P$#P#4:*!E:4!3#!8%!713$#',/%'>!d#,!E:9%!3#!4E:0%!E:1'4!&73E!73!8%<#$%!+%3371+!3#!01#&!73!8%33%$>! d#,! E:9%! 3#! /:3/E! K#,$! $%:'%$R4! :33%137#1! &73E! :! /#2P%**71+! 7'%:! $7+E3! :3! 3E%!8%+71171+>!@1/%!E%^4E%!*#4%4!713%$%43! 71!&E:3!K#,!P$#P#4%!3#!'#[! 73!&7**!8%!9%$K!'7<<7/,*3!3#!+%3!73!8:/0>!H%4/$78%!K#,$!3#P7/^3E%2%!71!:!471+*%!4%13%1/%!:1'!<#**#&!&73E!#1%!#$!3&#!4E#$3!P:$:+$:PE4! a<*%4E71+R! #,3! 734! 8:47/! P$#P%$37%4>! .*4#! %XP*:71!&E%$%! 3E%! 7'%:! /:2%! <$#2!:1'!&EK!K#,!3E710!73!4E#,*'!8%!$%4%:$/E%'>!Z:3E%$!oQRY,7**%$!i5NN=j!:44%$34!3E:3!3E%!/#13%X3!i8:/0+$#,1'j!#<!3E%!P$#P#4%'!43,'K!2,43!/:P3,$%! 3E%!$%:'%$R4! 713%$%43>!.!&%**!&$733%1!8:/0+$#,1'! 74! 3E%!2#43!%<<7/7%13!&:K!3#!E##0!K#,$!$%:'%$>!C#2%!#<!3E%!/#1'737#14!3E:3!27+E3!*%:'!K#,!3#!P$#P#4%!719%437+:371+!:!P$#8*%2!27+E3!8%\!!

• K#,!2:K!8%!:&:$%!#<!/%$3:71!%9%134[!P$#/%44%4!:1'!'%8:3%4!:1'!8%!#<!3E%!97%&!3E:3!/%$3:71!744,%4!$%T,7$%!4K43%2:37/!:1'!<#/,4%'!$%4%:$/E>!

• K#,!2:K!8%!#<! 3E%! 97%&! 3E:3! /,$$%13! 01#&*%'+%!#<! /%$3:71! 744,%4! 74! 71:'%T,:3%!#$!3E:3!/%$3:71!744,%4!E:9%!8%%1!P##$*K!$%4%:$/E%'>!

• K#,!2:K!8%!71!'74:+$%%2%13!&73E!713%$P$%3:37#1!:'9:1/%'!8K!:!/%$3:71!4/E#*:$!:1'!#$! 3E%! 2%3E#'#*#+K! ,4%'>! iE33P\&&&>,&/>:/>e:^,4$<7*%4^,4%$4^5;NN(G^DFCF.D6Y!)D@)@C.Q!5!P'<j>!

O:471+!#1! 3E%!:8#9%[! 3E%!8:/0+$#,1'! 74! 3E%!#PP#$3,173K! 3#!'%2#143$:3%!&EK! 3E%! $%4%:$/E!1%%'4! 3#!8%!/#1',/3%'>!d#,!:$%! *##071+! <#$!4#2%3E71+!&$#1+[! 4#2%3E71+! 3E:3!1%%'4!/*#4%!:33%137#1! #$! 4#2%3E71+! &E%$%! %X74371+! 2%3E#'4! 1#! *#1+%$! 4%%2! 3#! 8%! &#$071+>! d#,! :*4#!'%2#143$:3%!3E:3!3E%!$%4%:$/E!E:4!1#3!K%3!8%%1!'#1%!8%<#$%!:1'!3E:3!73!&7**!:''!4#2%3E71+!1%&!3#!3E%!%X74371+!8#'K!#<!*73%$:3,$%>!!.//#$'71+!3#!O:$#1!i5N-Nj!3E%!8:/0+$#,1'!4E#,*'!P$#97'%!3E%!$%:'%$!&73E!:!8$7%<!4,22:$K!#<! $%4%:$/E! 43,'7%4! $%*:3%'! 3#! 3E%! P$#8*%2! 8%71+! 719%437+:3%'! :1'! 4E#,*'! *%:'! ,P! 3#! 3E%!43:3%2%13!#<!3E%!P$#8*%2>!d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iE33P\&&&>8/P4>#$+^#<<7/%4^7>4^$%4%:$/E/#,$:+%^'%9%*#P&$73%!713$#',/37#1>E32*j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

!'#""

!#L=W^W=V!G]6!OK! %X:27171+! #1%! #<! 3E%! 3#P7/4! #$! 8#3E[! 4,++%43! 3E%! 713$#',/37#1! #$! 8:/0+$#,1'! 3E:3! K#,!3E710!4E#,*'!8%!71/*,'%'>!!!JE74!:/37973K!74!1#3!2%:13!<#$!K#,!3#!+#!713#!'%3:7*4!:8#,3!3#P7/4[!&E7/E!K#,!:$%!1#3!43,'K71+>!d#,!4E#,*'!E:1'*%!3E%!:/37973K!71!+%1%$:*!3%$24!:4!:!&:K!#<!3%:471+!K#,$!713%**%/3,:*73K!<$#2!3E%! P#713! #<! 97%&! #<! *##071+! :3! 3#P7/4! 3E:3! 2:K! 8%! '7<<%$%13! <$#2! K#,$4>! JE74! %X%$/74%!,*372:3%*K!E%*P4!K#,! 3#! <#/,4!2#$%!P,$P#4%<,**K!#1!K#,$!#&1!$%4%:$/E! 373*%>!d#,!2:K!1#&!$%:'!#1[!:1'!<#/,4!#1!3E%!/$737/:*!:4P%/3!#<!P$#8*%2!43:3%2%13[!3E:3! 74[!3E:3!&E7/E!8#3E%$4!K#,!3#!4372,*:3%!$%4%:$/E!:/37#1>!!G]@]6!+=;=>T>N=!O[!=:>!-?OYQ>T!JE%!P$#8*%2!43:3%2%13!74!:2#1+!3E%!2#43!/$737/:*!P:$34!#<!3E%!$%4%:$/E!P$#P#4:*!8%/:,4%!73!P$#97'%4!<#/,4!:1'!'7$%/37#1!<#$!3E%!$%2:71'%$!#<!3E%!43,'K!iO:$#1[!5N-Nj>!?3!74!:1!72P%$:379%!P:$3!#<!3E%!P$#P#4:*[!<#$!71!#$'%$!<#$!$%4%:$/E!3#!8%!/#1',/3%'m!#1%!2,43!1#37/%!:!P$#8*%2!71!3E%!%X74371+!*73%$:3,$%!3E:3!E:4!1#3!8%%1!P$%97#,4*K!:''$%44%'>!JE%!P$#8*%2!43:3%2%13!2,43!/#2%!%:$*K!71!3E74!4%/37#1[!3#!2:0%!73!P#4478*%!<#$!3E%!$%:'%$!3#!T,7/0*K!'%3%$271%!P,$P#4%!#<!43,'K>!.!P$#8*%2!43:3%2%13\!!

• 74!:!8$7%<[!/*%:$!:1'!%XP*7/73!%XP*:1:37#1!#<!3E%!P$#8*%2!,1'%$!719%437+:37#1>!`4,:**K!73!74!A,43!#1%!4%13%1/%!#$!#1%!4E#$3!P:$:+$:PE>!!.<3%$!&$7371+!3E%!713$#',/37#1!4%/37#1!3E%!471+*%!4%13%1/%!3E:3!74!3E%!P$#8*%2!43:3%2%13!2,43!8%!%:47*K!8%!7'%137<7%'>!

• 4E#,*'!8%!%XP$%44%'!:4!:!$%*:37#14E7P!8%3&%%1!3&#!#$!2#$%!9:$7:8*%4!• 4E#,*'!72P*K!3E:3!%2P7$7/:*!3%4371+!74!P#4478*%>!• 4E#,*'!2:0%!:!/#1971/71+!:$+,2%13!3E:3!3E%$%!74!714,<<7/7%13!01#&*%'+%!:9:7*:8*%!3#!

3E%!P$#8*%2!!i!E33P\&&&>8/P4>#$+^#<<7/%4^7>4^$%4%:$/E/#,$:+%^'%9%*#P&$73%!713$#',/37#1>E32*j>!

Y%$%!74!:!P$#8*%2!43:3%2%13!'%$7971+!<$#2!#1%!#<!#,$!3#P7/4[!'%:*71+!&73E!:'#P37#1!#<!?6J4\!R,)!<(3D7)2!1-!',.'!&QV-F!.7',36+,!,.81*+!.::)--!'3!ECR-F!/3!*3'!-))2!'3!D)!6-1*+!',)2!'3!.//!8.76)!'3!',)1(!D6-1*)--!<(3:)--)-F!.*/!:6267.'18)7N!'3!-'.N!:32<)'1'18)#!

!CZF4! 43:1'4! <#$! C2:**! 3#! Z%'7,2! F13%$P$74%4>! S%! 1#&! &#$0! #1! :1! :/37973K! 3#! '%9%*#P!<,$3E%$!7147+E3>!!#L=W^W=V!G]8!:>!Y#&!%XP*7/73!'#!K#,!3E710!3E%!3#P7/!74U!FXP*:71!K#,$!97%&>!8>!SE:3!:$%!9:$7:8*%4U!!/>!FXP*:71!3E%!3&#!$%*:3%'!9:$7:8*%4[!&E7/E!:$%!72P*7%'!71!3E%!373*%>!!

@1%!27+E3!4:K!3E%!P$#8*%2!8%71+!719%437+:3%'!74!T,73%!/*%:$>!.9#7'!3E%!3$:P!#<!2:1K!43,'%134!&E#!3%1'!3#!&$73%!:1!:72!7143%:'!#<!3E%!/#$$%/3!3E71+[!3E%!P$#8*%2>!Z:1K!43,'%134!3%1'!3#!E:9%! /E:**%1+%4! 43:371+! &E:3! 9:$7:8*%4! :$%>! ?1! E74! 8##0! C3*/6:'1*+! V/6:.'13*.7! 9)-).(:,F!J,/02:1! i-==Gj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

!'$""

^;?W;YQ>[!WN=>?^>NWNS!^;?W;YQ>!O?!LON=?OQ!^;?W;YQ>]!M7473!$%*%9:13!*73%$:3,$%!3#!'%9%*#P!/*%:$%$!,1'%$43:1'71+>!!G]@]8!.>U>;?L:!AX>U=WONUf!,V<O=:>UWU!D%4%:$/E! T,%437#14! #$! EKP#3E%474! :$%! '%9%*#P%'! <$#2! 3E%! $%4%:$/E! P$#8*%2! i6E#+:! :1'!_A:K:[!5N--j>!O#$+!:1'!]:**!i-==Nj!'%<71%!:!EKP#3E%474!:4!:1!%',/:3%'!+,%44!:8#,3!P#4478*%!'7<<%$%1/%4[! $%*:37#14E7P4! #$! /:,4%4>! D%4%:$/E! T,%437#14! :40! &E:3! $%*:37#14E7P4! %X743!8%3&%%1!'7<<%$%13!9:$7:8*%4!71!3E%!43,'K[!&E7*%!EKP#3E%474!P$%'7/3!3E%!$%*:37#14E7P4!8%3&%%1!9:$7:8*%4>!!&M)A4%"%1/#"&./&1.)+R)(++6)"#.#%"14)W,#./&+'.)6E#+:! :1'! _A:K:! i5N--jm! 6E7$#2#! i5NNLj! /73%! 3E%! <#**#&71+! /E:$:/3%$7437/4! #<! $%4%:$/E!T,%437#14\!

• JE%K! 2,43! 8%! :14&%$:8*%! 1#3! 3E$#,+E! ad%4R! #$! a_#R! 8,3! 3E$#,+E! /#**%/37#1! :1'!P$#/%4471+!#<!':3:>!

• JE%K!4E#,*'!'%4/$78%!3E%!+%1%$:*!$%4%:$/E!P$#8*%2!71!/*%:$!3%$24>!• JE%K!4E#,*'!71'7/:3%!3E%!P#P,*:37#1!3#!8%!43,'7%'>!• JE%K!2,43!4P%/7<K!3E%!9:$7:8*%4!o!7'%137<K!0%K!<:/3#$4!3#!8%!719%437+:3%'>!• SE%1! 3E%! $%4%:$/E! T,%437#1! 74! :''$%44%'! 71'797',:**K[! 73! 4E#,*'! K7%*'! $%4P#14%4[!

&E7/E! /:1! 8%! $%/#14373,3%'! 3#!2:0%! ,P! :! /#2P*%3%! :14&%$! 3#! 3E%!2:71! $%4%:$/E!T,%437#1!#$!$%4%:$/E!P$#8*%2>!

• JE%K!2,43!8%!'797478*%!713#!+##'!/#2P#1%13!P:$34>!

O%*#&!:$%!%X:2P*%4!#<!$%4%:$/E!T,%437#14!'%$7971+!<$#2!3E%!$%4%:$/E!P$#8*%2!#1!3E%!3#P7/!#1!?6J4>!D%:'!3E%2!&73E!:!/$737/:*!271'!:1'!/#1<7$2!3E%!%X3%13!3#!&E7/E!3E%K!2%:4,$%!,P!3#!3E%!/$73%$7:!*743%'!:8#9%>!!

• SE:3!:$%!3E%!:9:7*:8*%!3%/E1#*#+7%4!:3!3E%!'74P#4:*!#<!8,471%44%4U!

• SE:3!?6J4!:$%!,4%'!8K!#$+:174:37#14!3:$+%3%'!8K!3E74!43,'KU!

• SE:3!:$%!3E%!8:$$7%$4!3#!?6J!:'#P37#1!%XP%$7%1/%'!8K!CZF4U!

• SE:3!74!3E%!9:*,%!#83:71%'!<$#2!?6J4!,4%!8K!CZF4U!

_#3%!E#&!%:/E!T,%437#1!72P*7%4!3E%!$#*%!#<!9:$7:8*%4>!"#$!%X:2P*%[!3E%!<7$43!T,%437#1!'7$%/3*K!P#7134! :3! 3E%! 71'%P%1'%13! 9:$7:8*%! ?6J4j[! :1'! 72P*7%4! :PP*7/:37#1! #<! 3E%! 4:2%! 3#! %1E:1/%!P$#/%44%4! i'%P%1'%13! 9:$7:8*%>! JE%! *:43! T,%437#1! 74! '7$%/3*K! 72P*7/73! #<! '%P%1'%13! 9:$7:8*%!i8,471%44!P$#/%44%4j[!&E#4%!9:*,%!:''!/:1!8%!2%:4,$%'>!!

&&M)A4%"%1/#"&./&1.)+R)%)(++6)4:$+/4#.&.).!+##'!$%4%:$/E!EKP#3E%474!4E#,*'\!

• +79%!'7$%/37#1!3#!3E%!$%4%:$/E!8K!7'%137<K71+!2%:4,$:8*%!9:$7:8*%4>!• 8%!3%43:8*%!o!K#,!4E#,*'!8%!:8*%!3#!P$#9%!3E:3!73!74!/#$$%/3!#$!71/#$$%/3>!• :44743!3#!/#1<7$2!#$!$%<,3%!3E%!9:*7'73K!#<!:1!%X74371+!3E%#$K!#$!1%&!43:3%2%13>!• 8%!/#14743%13!&73E!$%4,*34!%43:8*74E%'!<$#2!P$%97#,4!$%4%:$/E>!

!!Y%$%!:$%!3E$%%!EKP#3E%4%4!<$#2!#,$!3#P7/!#1!?6J4>!!

iB\!Z#43!CZFR4!,4%!+%1%$:*!?6J4!:1'!$%*:379%*K!<%&!,4%!:'9:1/%'!?6J4>!

!'%""

iC\!S%43%$1!6:P%!CZF4!%XP%$7%1/%!/$737/:*!8:$$7%$4!&E%1!,471+!?6J4>!

iD\!?6J4!:$%!P%$/%79%'!8K!CZF4!3#!:''!9:*,%!3#!3E%7$!8,471%44>!

#L=W^W=V!G]@!!F9:*,:3%!3E%!3E$%%!EKP#3E%4%4!:+:7143!3E%!/E:$:/3%$7437/4!1#3%'!:8#9%>!!!!?1!$%4P#14%[!8%:$!71!271'!3E%!9:$7:8*%4!:*$%:'K!'74/,44%'>!JE%!3%43:87*73K!#<!%:/E!EKP#3E%474!&7**[!&73E#,3!'#,83!8%!'%P%1'%13!#1!:!3E%#$K!:8#,3!?6J4!71!8,471%44>!C727*:$*K[!3E%$%!&7**!8%!P$7#$!$%4%:$/E!3#!8%1/E2:$0!#1>!_#&!$%*:3%!3E74!3#!K#,$!#&1!EKP#3E%4%4[!7<!K#,!E:9%!:1K!<#$!3E%!3#P7/!K#,!713%1'!3#!%XP*#$%>!!!d#,!:$%!$%271'%'!3E:3!1#3!:**!43,'7%4!/#13:71!EKP#3E%4%4>!d#,!/#,*'!/#1',/3!3E%!43,'K!#1!3E%!8:474!#<!$%4%:$/E!:724!#1*K>!

G]@]@!#WT!;NR!'Ya>L=W^>U!JE%! :72! 74! 3E%!2:A#$! +#:*! #<! $%4%:$/E[!&E7*43! #8A%/379%4! :$%! 3E%! 722%'7:3%! #$! 4E#$3! 3%$2!:/E7%9%2%134! i]&71'7! :1'!H7$&:7! [! 5NNBj>JE%! :72! 4E#,*'! 4P%/7<K!&E:3! 071'! #<! 01#&*%'+%!!3E%!43,'K! 74!%XP%/3%'!3#!#83:71>!@8A%/379%4!'74:++$%+:3%!:1'! <#**#&! *#+7/:**K! <$#2!3E%!:72>!JE%K!:$%!:!P$%*7271:$K!97%&!#<!3E%!$%4%:$/E!'%47+1>!.724!#$!#8A%/379%4!'%$79%!<$#2!$%4%:$/E!T,%437#14>! J#! :9#7'! /#1<,47#1[! 4#2%! <:/,*37%4! P$%<%$! 3E%! ,4%! #<! %73E%$! :724! #$! #8A%/379%4!7143%:'!#<!8#3E>!SE:3!:724!/:1!K#,!4,++%43!<#$!3E%!3#P7/!:8#,3!?6J4!71!8,471%44U!!G]@]C!ZXU=W[WL;=WON!O[!=:>!+=XRV!!JE74! 4%/37#1! :*4#! 01#&1!:4! a$:37#1:*%R! #$! a47+17<7/:1/%!#<! 43,'KR! 74! /$,/7:*! 8%/:,4%! 73! 74! #1%!P*:/%!71!&E7/E!3E%!$%4%:$/E%$!3$7%4!3#!/#1971/%!E74Ê%$!4,P%$974#$[!:1'!%X3%$1:*!%X:271%!3E:3!3E%!$%4%:$/E!74!&#$3E!'#71+>!JE74!4%/37#1[!://#$'71+!3#!O:$#1!i5N-Nj[!'%4/$78%4!3E%!P#3%137:*!9:*,%!#<!3E%!43,'K!:1'!<71'71+4>!?3!3E%$%<#$%[!4E#,*'!7'%137<K!3E%!:,'7%1/%!<#$!3E%!43,'K!:1'!E#&!3E%!$%4,*34!&7**!8%!8%1%<7/7:*!3#!3E%2>!D%2%28%$[!$%4%:$/E!74!/#1',/3%'!3#!:''!3#!3E%!%X74371+!01#&*%'+%!8:4%[!:1'!#$!3#!4#*9%!:!P$#8*%2!o!E#&!K#,$!P:$37/,*:$!$%4%:$/E!&7**!'#!3E74!4E#,*'!8%!:$37/,*:3%'!71!3E74!4%/37#1>!JE74!/:1!8%!'#1%!8K!'%4/$7871+!E#&!3E%!$%4,*34!2:K!8%!,4%'!4,/E!:4\!!

• 2:K!$%4#*9%!3E%#$%37/:*!T,%437#14!71!K#,$!:$%:!• 2:K!71<*,%1/%!P,8*7/!P#*7/K!!• 2:K!/E:1+%!3E%!&:K!P%#P*%!'#!3E%7$!A#84!:1'!3E%!&:K!P%#P*%!*79%>!!

iE33P\&&&>44''>8/9>:/>,0^*%:$1%$^&$7371+!+,7'%4^->N;E32*j!

"#$!%X:2P*%\!JE%!$%4%:$/E!&7**!P$#97'%!:1!,1'%$43:1'71+!#<!3E%! 72P:/3!#<!4%X,:*!:8,4%!#1!*%:$1%$4>!.!A,437<7/:37#1!43:3%2%13!<$#2!3E%!?6J!3#P7/!/#,*'!$%:'!4#2%3E71+!*70%\!

JE%$%!74!&7'%!://%P3:1/%!3E:3[!?J!/:1!*#&%$!P$#',/37#1!:1'!*:8#,$!/#434[!:''!9:*,%!3#! P$#',/34! :1'! 4%$97/%4! :1'! 71/$%:4%! :! /#2P:1KR4! /#2P%37379%! :'9:13:+%! i6#$4#[!Z:$3717[! )%**%+$717! :1'! ):#*,//7[! 5NNBm! Q%9K[! d%33#1! :1'! )#&%**>[! 5NN-m! _+,K%1[!CE%$7<! :1'! _%&8K[! 5NN;m! )$%20,2:$[! 5NNBj>! Y#&%9%$! 73! 74! 1#3! %1#,+E! <#$! :1!#$+:174:37#1!3#!:'#P3!?J[!8,3!3E%$%!74!1%%'!3#!,1'%$43:1'!E#&!3E%!3%/E1#*#+K!:''4!9:*,%!3#!3E%!%X74371+!8,471%44!P$#/%44%4>!!

_#3%!3E%!4,PP#$379%!$%<%$%1/%4!%9%1!71!3E74!4%/37#1>!!

!'&""

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iE33P\^^8+,7'%4>,4/>%',^&$7371+! +,7'%j>?3! /#147434! #<! /#1/%P34!3#+%3E%$! &73E! 3E%7$! '%<71737#14! :1'! %X74371+! 3E%#$K! ,4%'! <#$! 43,'K>! JE%! 4%*%/37#1! #<! 3E%!3E%#$K! 4E#,*'! '%P%1'! #1! 734! :PP$#P$7:3%1%44[! %:4%! #<! :PP*7/:37#1! :1'! %XP*:1:3#$K! P#&%$>!):A:$%4!i5NN;j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k>V!">?TU!JE%! 4:2%! &#$'4! 2:K! E:9%! '7<<%$%13! /#11#3:37#14! 3#! P%#P*%m! %4P%/7:**K! 7<! 3E%K! &#$0! 71!'7<<%$%13!'74/7P*71%4>!]&7287!:1'!H7$&:7!i5NNBj!:44%$3!3E:3!A,43!P$71/7P:*!3%$24!:$%!1%/%44:$K!3#!'%<71%>!):A:$%4!i5NN;j!4:K4!73!74!%44%137:*!3E:3!#1%!'%<71%4!3E%!/%13$:*!7'%:4!#$!/#1/%P34!#<!3E%! $%4%:$/E! 43,'K! 8%/:,4%! '%<71737#14! E%*P! 3#! %43:8*74E! 3E%! <$:2%! #<! $%<%$%1/%>!S#$071+!'%<71737#14!1#3!'7/37#1:$K!'%<71737#14! 4E#,*'!8%!+79%1>! FX:2P*%4!#<! 0%K! 3%$24! <$#2! 3E%! ?6J!3#P7/!/#,*'!8%\!-2.77!'3!2)/162!)*')(<(1-)-F!8.76)F!./3<'13*F!ECR-!!!!G]@]I!1>QWTW=;=WONU!JE74!$%<%$4!3#!3E%!4%3371+!#<!*72734!#$!8#,1':$7%4!#$!'%*727371+!3E%!$%4%:$/E!43,'K!i!6E#+:!:1'!_A:K:[! 5N--j>!_:$$#&!K#,$! <7%*'!#<! 43,'K>!Z#43! P$#P#4:*4! 4,<<%$! <$#2!8%71+! 3##! :28737#,4!:1'!3$K71+! 3#!/#9%$! 3##!&7'%!:1!:$%:>!_:$$#&!'#&1!3E%!43,'K!8K! *727371+! 73! 3#!:!P:$37/,*:$!+$#,P! #<! P%#P*%! i%>! +>! &#2%1! #$! 471+*%! 2#3E%$4j! #$! 3#! :! P:$37/,*:$! 372%! #$! :! P:$37/,*:$!$%+7#1>!?1!3E%!'%2:$/:37#1!#<!3E%!$%4%:$/E[!73!74!1%/%44:$K!3#!\!!

• A,437<K!&EK!4P%/7<7/!/E#7/%4!:$%!2:'%!• &E#!:1'!&E:3!74!71/*,'%'!#$!%X/*,'%'!71!3E%!43,'K!:1'!&EK>!

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i*7273:37#14j!#9%$!&E7/E!K#,!E:9%!1#!/#13$#*>!SE:3!'#!K#,! 3E710!&#,*'!8%!4#2%!#<!3E%!*7273:37#14!<#$!%:/E!#<!3E%!3&#!3#P7/4!:*$%:'K!/73%'U!!!

!''""

G]@]//!#UUXT<=WONU!.1!:44,2P37#1! 74! :! /#22#1*K! E%*'!8%*7%<! #$! /#197/37#1! :8#,3! PE%1#2%1:>! ?3! 74! 72P#$3:13!3E:3!K#,!43:3%!/*%:$*K!3E%!$%4%:$/E!:44,2P37#14!3E:3!K#,!&7**!8:4%!K#,$!43,'K!#1>!JE74!E%*P4!722%14%*K! 71!P$%9%1371+!K#,!<$#2!9:+,%!+%1%$:*7e:37#14!3E:3!4#!#<3%1!://#2P:1K!3E%! *:/0!#<!P$#P%$! $%4%:$/E!P*:1171+>!.44,2P37#14!:$%!&E:3! 3E%! $%4%:$/E%$!8%*7%9%4! 3#!8%! <:/3!8,3!/:11#3!8%!9%$7<7%'>!JE%K!:$%!1#3! 3E%!#8A%/3!#<! $%4%:$/E!8,3!E%*P! 3#!43$%1+3E%1! 73! i!]&7287!:1'!H7$&:7[!5NNBj>!"#$!%X:2P*%\! ?3! 74!:44,2%'!3E:3!',$71+!3E74!43,'K[!P:$37/7P:134R!+%1'%$!&7**!1#3!47+17<7/:13*K!:<<%/3!3E%7$!P%$/%P37#14>!!G]@]/4!%W=>?;=X?>!?>^W>P!.! *73%$:3,$%! $%97%&! 74! :1! ://#,13! #<! &E:3! E:4! 8%%1! P,8*74E%'! #1! :! 3#P7/! 8K! ://$%'73%'!4/E#*:$4!:1'!$%4%:$/E%$4!i&&&>&$7371+!>,3#$#13#!/:!^:'97/%^4P%/7<7/!^*73%$:3,$%!$%97%&j>!JE%!$%97%&!4E#,*'!+$%:3*K!%XP:1'!,P#1!3E%!713$#',/37#1!:1'!8:/0+$#,1'!71<#$2:37#1!P$%4%13%'#!Z#43!72P#$3:13*K[!73!3%**4!:8#,3!P$7#$!$%4%:$/E!:1'!<71'71+4!71!3E%!4:2%!<7%*'>!!&M)!,"$+.#)+R)d&/#"%/,"#)3#=&#T)Q73%$:3,$%!$%97%&!P*:K4!:!/$,/7:*!$#*%!71!3E%!$%4%:$/E!P$#/%44>!C:,1'%$4!Q%&74!:1'!Y7**!i5NN=jm!D7'*%K! i5NN(jm! D,'%43:2! :1'! _%&3#1! i5NN;j[! Z,$:1':! i5NNGj:1'! ]784#1! i5NN-j! :$%! 71!:+$%%2%13!:8#,3! 3E%! <#**#&71+!:4! $%:4#14!&EK! $%97%&71+! $%*:3%'! *73%$:3,$%! 74!8%1%<7/7:*! 3#!$%4%:$/E%$4\!

• 3#!43,'K!3E%!'7<<%$%13!3E%#$7%4!$%*:3%'!3#!3E%!3#P7/[! 3E:3! 74[! 3#!4E:$P%1!:1'!'%%P%1!3E%! 3E%#$%37/:*! <$:2%&#$0! #<! $%4%:$/E>! J#! 7'%137<K! +:P4! 71! 01#&*%'+%[! :4! &%**! :4!&%:01%44%4! 71! P$%97#,4! 43,'7%4! 3E:3! 74[! 3#! '%3%$271%!&E:3! E:4! :*$%:'K! 8%%1!'#1%!:1'!&E:3!74!K%3!3#!8%!43,'7%'!#$!72P$#9%'>!>!

• 3#! '74/#9%$! /#11%/37#14[! :1:*#+7%4! :1'! #3E%$! $%*:37#14! 8%3&%%1! '7<<%$%13! $%4%:$/E!$%4,*34!8K!/#2P:$71+!9:$7#,4!719%437+:37#14>!

• 3#!43,'K!3E%!'%<71737#14!i/#1/%P3,:*!:1'!#P%$:37#1:*j!,4%'!71!P$%97#,4!&#$04!:4!&%**!:4!3E%!/E:$:/3%$7437/4!#<!3E%!P#P,*:37#14!719%437+:3%'[!&73E!3E%!:72!#<!:'#P371+!3E%2!<#$!1%&!$%4%:$/E>!!

• 3#!43,'K!:'9:13:+%4!:1'!'74:'9:13:+%4!#<! 3E%!$%4%:$/E!2%3E#'4!,4%'!8K!#3E%$4! 71!#$'%$!3#!:'#P3!#$!72P$#9%!#1!3E%2!71!#1%R4!#&1!$%4%:$/E>!

• 3#! 7'%137<K! 0%K! P%#P*%[! #$+:174:37#14! :1'! 3%X34! $%*%9:13! 3#! $%4%:$/E>! D%4%:$/E!#$+:174:37#14!27+E3!71/*,'%!:/:'%27/[!+#9%$12%13!:1'!P$#<%447#1:*!8#'7%4>!

• J#! +79%! 3E%! E743#$7/:*! 8:/0+$#,1'! 473,:3%'! 71! :! /#13%X3!&E7/E! E:4! :! E743#$K>! .4! :1!%X:2P*%[! 73! 2:K! 8%! 72P#$3:13! 3#! '%4/$78%! :! 4%T,%1/%! #<! %9%134[! P#*7/K! /E:1+%4!&E7/E!E:9%!*%'!3#!/,$$%13!473,:37#1!71!&E7/E!/,$$%13!$%4%:$/E!74!3:071+!P*:/%>!

• 3#!'74/#9%$!:1'!P$#97'%!7147+E3!713#!$%4%:$/E!:PP$#:/E%4[!43$:3%+7%4!:1'!3%/E17T,%4!3E:3!2:K!8%!:PP$#P$7:3%!3#!#&1!$%4%:$/E!T,%437#14!:1'!#8A%/379%4>!

• 3#!4,++%43!3E%!'%47$:87*73K!#<!$%P*7/:37#1!3#!/#1<7$2!P$%97#,4!<71'71+4>!• 3#!'74/#9%$!%XP*7/73!$%/#22%1':37#14!<#$!<,$3E%$!,4%>!

.! *73%$:3,$%! $%97%&! 74! 3E,4! %XP%/3%'! 3#! 719#*9%! ://%4471+! :! 4%*%/37#1! #<! $%*%9:13! P$%97#,4!&#$0[! $%4#,$/%4! :1'! 2:3%$7:*4! &73E! :! 43$#1+! $%*:37#1! 3#! 3E%! $%4%:$/E! 3#P7/! 71! T,%437#1!://#2P:17%'!8K!:!'%4/$7P37#1!:1'!:!/$737/:*!%9:*,:37#1!^/$737T,%!:1'!/#2P:$:379%!:1:*K474!#<!%:/E! &#$0>! J#! *#+7/:**K! #$+:17e%! 3E%! *73%$:3,$%! $%97%&! 2:0%! ,4%! #<! 4,8E%:'71+4! 3#! 8$71+!#$'%$! :1'! /#E%$%1/%>! F:/E! 4%/37#1! :1'! 4,84%/37#1!2,43! 8%! P$#P%$*K! *743%'! 71! 3E%! 3:8*%! #<!/#13%134>!!d#,!4E#,*'!1#3%!3E:3!71!3E%!P$#P#4:*[!#1*K!8$7%<!71<#$2:37#1!74!%XP%/3%'>!Z,/E!#<!3E%!'%3:7*!4E#,*'!8%!$%4%$9%'!<#$!3E%!$%*%9:13!/E:P3%$>!

!'(""

!G]@]/6!2>=:OROQOSV!JE%!2%3E#'#*#+K!4%/37#1!4E#,*'!E:9%!:!4%/37#1!#1!3E%!P:$37/7P:134!&E7/E!74!4:2P*%!47e%[!3E%!'%47+1! 4%/37#1! &E7/E! 4E#&4! 3E%! $%4%:$/E! 3KP%[! 3E%! :PP:$:3,4! #$! 3##*4! #<! $%4%:$/E! :1'!P$#/%',$%!3#!8%!3:0%1!i6E7$#2#!5NNL!:1'!):A:$%4!5NN;j>!JE%!2%3E#'!,4%'!4E#,*'!/#$$%*:3%!&73E!3E%!':3:!3#!8%!/#**%/3%'!:1'!3E%!:PP$#P$7:3%!2%3E#'!3#!8%!,4%'!71!3E%!43,'K!4E#,*'!8%!71'7/:3%'! 71! 3E%! $%4%:$/E! P$#P#4:*>! d#,! 4E#,*'! A,437<K! &EK! :! /%$3:71! 2%3E#'! &7**! 8%!P$%<%$$%'>!)$#P#4%'!2%3E#'4!#<!':3:!/#**%/37#1!:1'!:1:*K474!4E#,*'!8%!71/*,'%'!:*4#>!!.//#$'71+! 3#!):A:$%4! i5NN;j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iC7*9%$2:1[!5NNNj>! ?1!#3E%$!&#$'4[!3E%! 1:3,$%! #<! 3E%! PE%1#2%1#1! 8%71+! 43,'7%'! '%3%$271%4! 3E%! 2%3E#'#*#+K! 3#! 8%! ,4%'!i)$:E##[! -==;j>! JE%! $%4%:$/E%$! E:4! 3#! '%/7'%!&E7/E! :PP$#:/E^'%47+1! 3#! ,4%! <#$! 3E%! 43,'K!:1'!E:4!3#!'%<%1'!3E%!$%:4#1!<#$!3E%!/E#7/%>!!JE%! '%47+1! 71'7/:3%4! &E%3E%$! 3E%! 43,'K! 74! %XP%$72%13:*! 71! 3E%! 4%14%! #<! 3E%$%! 8%71+! :1!%XP%$72%13:*!:1'!:!/#13$#*!+$#,P[!,471+!4#2%!<#$2!#<!3$%:32%13!#1!3E%!<#$2%$!+$#,P!iJ$,%!%XP%$72%13:*! '%47+1j>! ?3! /#,*'! 8%! :! T,:47W%XP%$72%13:*! '%47+1[! ,471+! :! /#2871:37#1! #<!T,:1373:379%!':3:!/#**%/37#1!:1'!%XP%$72%13:*!:1'!/#13$#*!+$#,P71+>!?3!/#,*'!:*4#!8%!3E%!/:4%!43,'K!,4%'!:4!3E%!'%47+1>!!G]@]/8!&=:WL;Q!;NR!Q>S;Q!LONUWR>?;=WONU!F3E7/:*!744,%4!/,3!/$#44!3E%!%137$%!$%4%:$/E!P$#/%44[!P*:1171+[!':3:!/#**%/37#1[!':3:!:1:*K474[!$%P#$3!&$7371+!:1'!'744%271:37#1!#<!$%4%:$/E!<71'71+4>!?<!K#,$!$%4%:$/E!&7**!719#*9%!P%#P*%!#$!:172:*4!:4!$%4%:$/E!4,8A%/34[!K#,!E:9%!3#!71/*,'%!:1!%3E7/4!43:3%2%13!71!K#,$!P$#P#4:*>!C,/E!:! 43:3%2%13! 74! :1! 71'7/:37#1! #<! K#,$! :&:$%1%44! #<! 3E%! %3E7/:*! /#147'%$:37#14! :1'! :1!:+$%%2%13! 3#! /#1',/3! <7%*'&#$0! 71! ://#$':1/%!&73E! %3E7/:*! P$#/%',$%4>! "#$! %X:2P*%[! 3E%!$%4%:$/E%$!/#1',/371+!3E%!?6J!43,'K!&73E!4P%:0%$4!#<!.<$70::14[!&E#!/:11#3!4P%:0!F1+*74E[!&7**!E:9%!%3E7/:*!/#147'%$:37#14!3#!://#,13!<#$>!d#,!2,43\!!

• F14,$%!3E:3!$7+E34!:1'!&%*<:$%!#<!E,2:1!4,8A%/34!:$%!P$#3%/3%'>!• )$#3%/3!7'%13737%4!:1'!713%$%434!#<!3E#4%!719#*9%'>!• ],:$:13%%!3E%!/#1<7'%137:*73K!#<!3E%!71<#$2:37#1!4,PP*7%'>!

!

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

!'6""

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

• *743!&E:3!%T,7P2%13!K#,!1%%'[!<#$!%X:2P*%m!/#2P,3%$4[!3:P%!$%/#$'%$[!:1'!4/7%137<7/!%T,7P2%13>!

• *743!3KP%!#<!4%$97/%4!K#,!&7**!E:9%!3#!P:K!<#$[!*70%!PE#3#/#PK71+[!871'71+[!:1'!P#43:+%>!• F4372:3%!/#434!:44#/7:3%'!&73E!3$:9%*>!

!

G]@]/G!)ONLQXUWON!JE%!/#1/*,47#1!74!3E%!/*#471+!4%/37#1!#<!3E%!P$#P#4:*>! ?3!4E#,*'!E7+E*7+E3!3E%!2:71!%*%2%134!:1'!P$#97'%!:!4,22:$K!#<!/$,/7:*!744,%4!$:74%'!',$71+!3E%!'%9%*#P2%13!#<!3E%!P$#P#4:*>!!G]@]/I!.>[>?>NL>U!

Q743!:**!$%<%$%1/%4!i1#3!878*7#+$:PEKj!/73%'!71!&$7371+!K#,$!P$#P#4:*>!JE%!/#22#1!$%<%$%1/71+!43K*%4!,4%'!:$%!3E%!.2%$7/:1!)4K/E#*#+7/:*!.44#/7:37#1!i.).j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

5! D%+743$:37#1!_,28%$!B! H%+$%%!G! )$#P#4%'!J73*%!#<!3E%!D%4%:$/E!C3,'K!I! ?13$#',/37#1!L! O:/0+$#,1'!3#!3E%!C3,'K!;! C3:3%2%13!#<!3E%!)$#8*%2!(! D%4%:$/E!V,%437#14^YKP#3E%474!=! C3,'K!@8A%/379%4!-N! b,437<7/:37#1^D:37#1:*%^C7+17<7/:1/%!--! JE%#$%37/:*^6#1/%P3,:*!"$:2%&#$0!-5! H%<71737#1!#<!c%K!J%$24!-B! H%*7273:37#14!-G! Q7273:37#14!-I! .44,2P37#14!

!'B""

-L! Q73%$:3,$%!D%97%&!-;! D%4%:$/E!H%47+1!:1'!Z%3E#'#*#+K!-(! F3E7/:*!:1'!Q%+:*!6#147'%$:37#14!-=! @$+:174:37#1!#<!C3,'K!i6E:P3%$!@,3*71%j!5N! J72%!Q71%!5-! O,'+%3!55! 6#1/*,47#1!5B! D%<%$%1/%4!5G! .PP%1'7/%4!!G]D!+XYTW==WNS!=:>!.>U>;?L:!-?O<OU;Q!JE%!$%4%:$/E!P$#P#4:*!4E#,*'!8%!1%:3*K! 3KP%'!,471+! <#13!47e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

:>!Q743!3E%!2:71!43%P4!3E:3!4E#,*'!8%!<#**#&%'!&E%1!'%9%*#P71+!:!$%4%:$/E!P$#P#4:*>!FXP*:71!

3E%!47+17<7/:1/%!#<!%:/E!43%P>!

8>! )$%P:$%! :! $%4%:$/E! P$#P#4:*! 3E:3! 74! 71! *71%! &73E! 3E%! $%T,7$%2%134! #<! K#,$! '%+$%%!

P$#+$:22%>!C,8273!73!3#!:!4,P%$974#$!<#$!:'97/%>!

!

!!!!!!

!(G""

!G]G!%>UUONU!%>;?N=!JE%!:,3E#$4!#<! 3E%!P$%4%13! /E:P3%$[! 71<#$2%'!8K! 3E%7$! %XP%$7%1/%!#<! 4,P%$97471+! 43,'%134[!E:9%!#84%$9%'!3E%!<#**#&71+>!

• C3,'%134! 43$,++*%! 3#! :$$79%! :3! :! $%4%:$/E:8*%! 3#P7/[! 2:71*K! 8%/:,4%! 3E%K! E:9%! 71!271'! 3##!2:1K! 713%$%4371+! 744,%4! 3#! 719%437+:3%[! 8,3! <:7*! 3#! 1:$$#&! 3E%2!'#&1! 3#!4P%/7<7/4>!

• ?3! E:4! 8%%1! #84%$9%'! 3E:3! 43,'%134! '#! 1#3! E:9%! /*:$73K! :8#,3! 3E%! /#1/%P3! #<!a9:$7:8*%4R[!&E7/E!4E#,*'!8%!72P*7%'!71!3E%!373*%!<#$!$%4%:$/E>!

• S%!/#1',/3!$%4%:$/E!8%/:,4%!&%!713%1'!3#!2%:4,$%!4#2%3E71+!%>+>!3E%!%<<%/3!#<!|!i71'%P%1'%13!9:$7:8*%j!#1!d! i'%P%1'%13!9:$7:8*%j>!@,$!%XP%$7%1/%! 74! 3E:3! 3E74!'#%4!1#3!/#2%!#,3!%XP*7/73*K!71!%73E%$!3E%!373*%!#$!734!4,84%T,%13!%XP*:1:37#1>!!

• Z#$%! #<3%1! 3E:1! 1#3[! 43,'%134! %XP%$7%1/%! /E:**%1+%4! &73E! 3E%! 4%/37#1! #1!8:/0+$#,1'! 3#! 3E%! 43,'K[! *:$+%*K! 8%/:,4%! 3E%K! 3E710! 73! 74! 1#3E71+! 2#$%! 3E:1! 3E%!+%#+$:PE7/:*!/#13%X3>!

• Z:1K! 43,'%134! 3%1'! 3#! 4P%/7<K! $%4%:$/E! :724! i71! 3E%! 43:3%2%13! #<! 3E%! P$#8*%2!4%/37#1j! 7143%:'!#<! 4P%/7<K71+! 3E%! P%$/%79%'! +:P[! #$! 3E:3!&E7/E! 8#3E%$4! 3E%2[! :1'!2#379:3%4!$%4%:$/E!:/37#1>!

• ?1! 3E%! 2%3E#'#*#+K! 4%/37#1[! 3E%$%! #<3%1! 74! T,73%! 4#2%! /#1<,47#1! :8#,3! $%4%:$/E!3%$24>! "#$! %X:2P*%[! 3E%$%! 4%%24! 3#! 8%! 274/#1/%P37#14! :8#,3\! 2%3E#'#*#+K! :1'!2%3E#'4m! 2%3E#'4[! P$#/%',$%4! :1'! 7143$,2%134m! $%4%:$/E! '%47+1! :1'! $%4%:$/E!P:$:'7+2>!

• !SE%1! 73! /#2%4! 3#! '74/,447#1! :8#,3! 3E%! T,:1373:379%! :1'! T,:*73:379%! /#1/%P34[!/#1<,47#1!+%34!2,*37P*7%'>!JE%4%!3&#!:$%!$%<%$$%'!3#!:4\!!!

2%3E#'4^:PP$#:/E%4^P:$:'7+24^2%3E#'#*#+7%4^P$#/%W!',$%4^'%47+14!

! !!!!!!!!!!!!?3!74!1#3!/*%:$!3#!3E%!43,'%13!&E:3!3#!/:**!3E%!3&#!/#1/%P34>!

• SE%1!73!/#2%4!3#!%3E7/:*!/#147'%$:37#14[!3E%!3%1'%1/K!8K!2:1K!43,'%134!74!3#!43:3%!3E%! #897#,4! %>+>! 3E%! 8,'+%3! #$! *7273%'! $%4%:$/E! 372%>! F3E7/:*! /#147'%$:37#14! /:1!/#2%!<$#2!4:2P*71+!P$#/%',$%4[!*:1+,:+%!'7<<%$%1/%4[!#$!3E%!1:3,$%!#<!3E%!3#P7/[!4#!3E%$%!74!1%%'!3#!8%!2#$%!3E#,+E3<,*!:8#,3!3E74!:4P%/3>!

!G]I!+XTT;?V!JE%!/E:P3%$!E:4!P$#97'%'!:1!#9%$97%&!#<!3E%!2:71!43%P4!3#!8%!<#**#&%'!&E%1!'%9%*#P71+!:!$%4%:$/E!P$#P#4:*! <#$!,1'%$+$:',:3%!#$!P#43+$:',:3%! 43,'7%4>!D%+:$'*%44!#<! K#,$! $%4%:$/E!:$%:!:1'!2%3E#'#*#+K!K#,!/E##4%[!:!$%4%:$/E!P$#P#4:*!2,43!'%4/$78%!&E:3!K#,!&7**!'#[!&EK!73!4E#,*'!8%!'#1%[!E#&!K#,!&7**!'#!73!:1'!&E:3!K#,!%XP%/3!&7**!$%4,*3>!!JE%!4%T,%1/%!#<!43%P4!4E#&%'! 3E:3!'%9%*#P71+! :!P$#P#4:*! 74! :! 4K43%2:37/! P$#/%44! 3E:3! $%T,7$%4! 372%[! 713%**%/3,:*!%1'%:9#$!:1'!P*:1171+>!6#1',/371+!$%4%:$/E!:*&:K4!43:$34!8K!'%9%*#P71+!:!P$#P#4:*!:1'!3E%!0%K! 43%P4! 3#!8%! <#**#&%'!:$%m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d#,! 4E#,*'! 1%9%$! #273! 71<#$2:37#1! 3E:3! E:4! 8%%1! :40%'! <#$! 8K! K#,$! 4,P%$974#$! #$! 3E%!$%4%:$/E!P:1%*>!?<!3E%$%!:$%!&#$'!*72734[!P:+%!*72734!:1'!',%!':3%4!<#$!:!P:$37/,*:$!P$#P#4:*[!3E%4%! '%<7173%*K! E:9%! 3#! 8%! :'E%$%'! 3#>! _#&! 3E:3! K#,! E:9%! 8%%1! 3:,+E3! E#&! 3#! &$73%! :!

!(!""

$%4%:$/E! P$#P#4:*[! 3E%! 1%X3! /E:P3%$! &7**! E%*P! K#,! 3#! &$73%! 3E%! $%4%:$/E! $%P#$3! <#$! 3E%!'7<<%$%13!*%9%*4!#<!43,'K>!!.>[>?>NL>U!O:$#1!Z>.>! i5N-Nj>[61/)71*)-! 43(! =(1'1*+! ()-).(:,! <(3<3-.7-! .*/! /1--)('.'13*->! H79747#1! #<!F',/:37#1:*! !.'271743$:37#1\!`179%$473K!#<!C#,3E!H:0#3:>!!O#$+!S>D>!:1'!]:**!H>]>!i-==Nj>!V/6:.'13*.7!()-).(:,B!A*!1*'(3/6:'13*>!_%&!d#$0\!!H:97'!Z/0:K!6#2P:1K>!!6E7$#2#!.>C!>!i5NNLj!9)-).(:,!2)',3/-!.*/!-'.'1-'1:-!1*!)/6:.'13*B!A!!-'6/)*'-!+61/)#!]&%$,\!O%3:!)$713>!!6E#+:!"!:1'!_A:K:!J>!i5N--j>!U6-1*)--!()-).(:,!2)',3/->!Y:$:$%\!n728:8&%!@P%1!`179%$473K>!!!]784#1! ?>m! .**%1! ]>! :1'! C3,$2:1! .>! i5NN-j! 9)-).(:,! 2)',3/-! 1*! )/6:.'13*#! V,%%14*:1'\!H743:1/%!!F',/:37#1!6%13$%>!!]$7X!b>!i5N-Nj!R,)!436*/.'13*-!34!()-).(:,!i51'!F'737#1j>!_%&!d#$0\!):*+$:9%!Z:/Z7**:1>!!]&7287!)>!:1'!H7$&:7!6>!i5NNBj>!9)-).(:,!2)',3/-!1*![)3+(.<,N!.*/!V*81(3*2)*'.7!-'6/1)-#!Y:$:$%\!n728:8&%!@P%1!`179%$473K>!!Z:3E%$! aQY,7**7%$>! _>! i5NN=j>! W3=! '3! =(1')! .! +33/! <3-'+(./6.')! ()-).(:,!<(3<3-.7#S&&&>4$:>%'>:/>,0j>://%44%'!-5!^--^-5>!!Z,$:1':! n>! i5NNGj! @1--)('.'13*! =(1'1*+B! :3*:)<'-! .*/! <(.:'1:)>! Y:$:$%\! `179%$473K! #<!n728:8&%!! ),8*7/:37#14>!!):A:$%4!">!i5NN;j>!V7)2)*'-!34!.!<(3<3-.7#!F2#$K!`179%$473K!! iE33P\^^&&&>'%4>%2#$K>%',^2<P*^P$#P#4:*>E32*j!!://%44%'!-B^--^-5>!!)$:E##!c>!i-==;j!d6(-1*+!()-).(:,!<(1*:1<7)-F!<(3:)--!.*/!1--6)-#!Q#1'#1\!Z:/Z7**:1>!!D7'*%K!H>! i5NN(j!J,)! 71')(.'6()! ()81)=B!A! -')<! L!DN!]! -')<!+61/)! 43(! -'6/)*'-#! Q#1'#1\! C:+%!),8*7/:37#1!Q3'>!!D#8714#1! 6>! i-==;j>! 9).7! =3(7/! ()-).(:,F! .! ()-36(:)! 43(! -3:1.7! -:1)*'1-'-! .*/! <(.:'1'13*)(L()-).(:,)(#!Q#1'#1\!O*:/0&%**!),8*74E%$4>!!@*79%$!)>!i5NNGj!\(1'1*+!N36(!',)-1-!i51'!F'737#1j>!Q#1'#1\!C.]F!),8*7/:37#14!Q3'>!!D,'%43:2!c>F>!:1'!_%&3#1!D>!D>!i5NN;j!&6(8181*+!N36(!/1--)('.'13*B!!A!:32<(),)*-18)!+61/)!'3!:3*')*'!!.*/!<(3:)--SB$'!F'737#1j>!Q#1'#1\!C:+%!),8*7/:37#14!Q3'>!!C7*9%$2:1! H>! i5NNNj! @31*+! Y6.71'.'18)! ()-).(:,B! A! <(.:'1:.7! ,.*/D33K#! Q#1'#1\! C:+%!),8*7/:37#14!Q3'>!!J,/02:1[! O>! S>! i-==Gj! C3*/6:'1*+! V/6:.'13*.7! 9)-).(:,#! _%&! d#,$0\! Y:$/#,3! O$:/%!b#9:1#97/E[!?1/>!!

!(#""

!!H>YUW=>U!}E33Pm^^&&&>4&718,$1%>%',>:,^8,471%44^'#/,2%134^<#$24^D%4%:$/E!3E%474!P$#P#4:*3%2P*:3%^H%/#Ijz!iD%3$7%9%'!-5!H%/%28%$[!5N-5j!}&&&>&$7371+! >,3#$#13#! /:! ^:'97/%^4P%/7<7/! ^*73%$:3,$%! $%97%&z! iD%3$7%9%'! -5! H%/%28%$[!5N-5j!E33P\^^8+,7'%4>,4/>%',^&$7371+!+,7'%!iD%3$7%9%'!-G!H%/%28%$[!5N-5j!}E33P\&&&>44''>8/9>:/>,0^*%:$1%$^&$7371+!+,7'%4^->N;E32*z!iD%3$7%9%'!-;!H%/%28%$[!5N-5j!}E33P\&&&>8/P4>#$+^#<<7/%4^7>4^$%4%:$/E/#,$:+%^'%9%*#P&$73%! 713$#',/37#1>E32*z!iD%3$7%9%'!-=!H%/%28%$[!5N-5j!n,''<B===#6=:#.:#g.H6-(417)-H6-)(-H$cbbh^H9V&VA9CW>9?>?&A0$#>@_z! iD%3$7%9%'! -=!H%/%28%$[!5N-5j!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!($""

! ! !):;<=>?!I!

3N=?ORXL=WON!!

b#E1!Z:P<,2#!

i2$2:P<,2#t+2:7*>/#2j!

#YU=?;L=!

JE74! /E:P3%$! P$%4%134! 3E%! ?13$#',/37#1! 3#! :! 3E%474^'744%$3:37#1[! :1'! 3E$#,+E! 73[!&%! 4%%! :**!/E:P3%$4!:4!3E%!72:+%!8%*#&!7**,43$:3%4>!JE%!?13$#',/37#1!74!1#$2:**K!3E%!<7$43!6E:P3%$!71!3E%!$%4%:$/E!$%P#$3>!?3!P$%4%134!:!/#1/74%!43:3%2%13!#1!3E%!2:71!9:$7:8*%i4j!8%71+!719%437+:3%'>!?3!4%%04!3#!%43:8*74E!3E%!P*:/%^+:P!3#!8%!<7**%'!8K!3E%!43,'K!<$#2!9:$7#,4!:1+*%4!4,/E!:4!372%[!2%3E#'[! +%#+$:PE7/:*! :$%:! 71! &E7/E! 43,'7%4! E:9%! 1#3! 8%%1! /#1',/3%'[! :1'! <$#2! 3E%!'%<71737#1!#<!/#1/%P34!3E:3!:$%!,4%'!71!#3E%$!43,'7%4>!"$#2!3E%!+:Pi4j!3E:3!74^:$%!%43:8*74E%'[!3E%! ?13$#',/37#1!P$%4%134!:! 43:3%2%13!#<! 3E%!P$#8*%2[!&E7/E! 74! :!8$7%<! 43:3%2%13!#<!&E:3!$%2:714! 3#! 8%! '#1%! :<3%$! :**! 3E%! /#13$78,37#14! #<! #3E%$! $%4%:$/E%$4! E:9%! 8%%1! 3:0%1! 713#!://#,13!#<!3E%!4P%/7<7/!1:3,$%!#<!3E%!+:P!:1'!&E:3!3E%!$%4%:$/E%$!4,++%434!3E%!P$%4%13!43,'K!&7**!'#!:8#,3!73>!"$#2!3E%!C3:3%2%13!#<!3E%!)$#8*%2!*#+7/:**K!<*#&4!3E%!P,$P#4%!#$!:72i4j!#<!3E%!43,'K[!<$#2!&E7/E!<#**#&!3E%!@8A%/379%4!#<!3E%!43,'K!:1'!3E%1!3E%!D%4%:$/E!T,%437#14>!@3E%$! 72P#$3:13!:4P%/34!#<!3E%!?13$#',/37#1!71/*,'%!C7+17<7/:1/%!#<!3E%!43,'K[!&E7/E!43:3%4!3E%! 3E%#$%37/:*! :1'! P$:/37/:*! /#13$78,37#1[! &E7/E! 3E%! 43,'K! &7**! 2:0%! 3#! 71'7/:3%'!43:0%E#*'%$4>! Q7273:37#14! 4E#&! 3E%! /#143$:7134[! &E7/E! 2:K! :<<%/3! 3E%! 9:*7'73K[!3$,43&#$3E71%44[!#$!<%:4787*73K!#<!3E%!43,'K!&E7*%!'%*7273:37#14!4E#&!3E%!4/#P%!#<!3E%!43,'K!71!$%4P%/3!#<!3E%!+%#+$:PE7/:*!:$%:[!4:2P*%!:1'!#3E%$!9:$7:8*%4!3E:3!:$%!43,'7%'>!!

!

I]/!3N=?ORXL=WON!JE74!6E:P3%$!&7**!43$79%!3#\!

• P$%4%13!:!4E#$3!4%/37#1!#1!3E%!72P#$3:1/%!#<!3E%!?13$#',/37#1!71!3E%!&$7371+!#<!:!3E%474^'744%$3:37#1>!!

• 4E#&!3E%!/#2P#1%134!#<!3E%!?13$#',/37#1[!&E7/E!:$%!/#22#1*K!,4%'!71!&$7371+!,P!3E%474^'744%$3:37#14!!

• 71'7/:3%!4:*7%13!/E:$:/3%$7437/4!#<!%:/E!/#2P#1%13[!&E7/E!3E%!4,P%$974#$!4E#,*'!%XP%/3!3#!4%%!,1'%$!%:/E!4,8E%:'71+>!!

!(%""

• !+79%! :! 8$7%<! 4K1#P474! #<! 4#2%! #<! 3E%! *%44#14[! &E7/E! 3E%! P$%4%13! :,3E#$! E:4!+*%:1%'!#9%$!3E%!K%:$4!#<!4,P%$97471+!'744%$3:37#14>!!

• '74/,44[! 71!3,$1[!3E%!<#**#&71+!/#2P#1%134!#<!3E%!$%4%:$/E!$%P#$3\!O:/0+$#,1'!3#! 3E%! C3,'K[! C3:3%2%13! #<! 3E%! )$#8*%2[! .72i4j^),$P#4%! #<! 3E%! C3,'K[!@8A%/379%4! #<! 3E%! C3,'K[! D%4%:$/E! V,%437#14^YKP#3E%4%4[! C7+17<7/:1/%! #<! 3E%!C3,'K[!Q7273:37#14[!H%*7273:37#14!#<!3E%!C3,'K[!.44,2P37#14!#<!3E%!C3,'K!:1'!3E%!6E:P3%$!C,22:$K>!!

!JE%!4,8E%:'71+!a@$+:174:37#1!#<!3E%!C3,'KR!&7**!4,22:$74%!E#&!3E%!6E:P3%$4!#<!3E%!H744%$3:37#1^JE%474!<#**#&!*#+7/:**K!:1'!4%T,%137:**K!<$#2!3E%!8%+71171+!3#!3E%!%1'>!JE%$%!74!1#!471+*%!$7+E3!&:K!#<!43:$371+!:!3E%474^'744%$3:37#1!$%P#$3!:1'!#<!*:8%**71+!3E%!9:$7#,4!4%/37#14>!SE:3!<#**#&4!74!3E%$%<#$%!&E:3!3E%!P$%4%13!:,3E#$! 74!<:27*7:$!&73E! :1'! E:4! 2%3! :1'! :'974%'! 71! 3E%! /#,$4%! #<! 4,P%$97471+^P$#2#371+!'744%$3:37#14^3E%4%4>!

!I]4!'Ya>L=W^>U!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!

• #,3*71%!3E%!/#2P#1%134!#<!3E%!?13$#',/37#1!3#!:!JE%474^H744%$3:37#1m!• :$37/,*:3%! 3E%! 72P#$3:1/%! #<! 3E%! ?13$#',/37#1! 3#! 3E%! &$7371+! #<! :!

JE%474^H744%$3:37#1m!• 8%!/#19%$4:13!&73E!&E:3!3E%!4,P%$974#$!%XP%/34^4E#,*'!%XP%/3!3#!4%%!,1'%$!

%:/E!$,8$7/m!:1'!• *%:$1! :1'! 72P*%2%13! +##'! P$:/37/%! <$#2! 3E%! %XP%$7%1/%! #<! 4,P%$974#$4! 71!

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a.#'/#'1#)./%/#8#'/)+R)/4#)(+%9)+R)4#"Y4&.) "#.#%"14! 4#! 3E:3! 3E%!$%:'%$!/#2%4!3#! 3E%! <7$43!/E:P3%$!%XP%/371+! 3#!8%!71<#$2%'!/#1/74%*K!&E:3!3E%!3#P7/!#<!3E%!3E%474^'744%$3:37#1!74!:1'!&E:3!3E%!$%4%:$/E%$W43,'%13!%XP%/34!3#!:/E7%9%!iO#*0%$[!-==(m!6E:1'*%$[!5N--m!!S##':**[!5N-5j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i]$7<<73E4[!5NN(j>!

!(&""

!JE%!O:/0+$#,1'!4E#,*'!:*4#! *%:'! 9+(&1%99:)/+)/4#)?/%/#8#'/)+R)/4#)!"+S9#8!&E7/E! 74!:!2#$%!4P%/7<7/!'%4/$7P37#1!#<!3E%!+:P!:1'!E#&!3E%!P$%4%13!43,'K!&7**!:33%2P3!3#!:''$%44!3E:3!+:P>!

[;-",83"+,D=3<,",;"*3"3EE3/,453"4<"L-4,4<A",83"V./\A-;D<=",;",83"H,D=>?"83]+83"ID+,"+:3/4E>" ,83" <.,D-3" ;E" ,83" A.:" ,8.," 3^4+,+" 4<" ,83" :-3+3<," \<;L93=A30" N83" A.:" /;D9="/;I3" 4<" ." <DI*3-" ;E" E;-I+" L84/8" .-3" :-3+3<,3=" *39;L0" N83+3" A.:+" /.<" ;//D-"+3:.-.,39>";-",;A3,83-"4<"/;I*4<.,4;<0""

@1%!+:P!/#,*'!8%!:!/#8$+"%9)(%$!&E%$%!4727*:$!43,'7%4!&%$%!/:$$7%'!#,3!2:1K!K%:$4!71!3E%!P:43!:1'!:$%!1#&!':3%'>!JE%!$%4%:$/E%$! <%%*4! 3E:3! 3E%$%! 74!1%%'!<#$!/:$$K71+!#,3!:!43,'K!71!:1!7'%137/:*!:$%:!P%$E:P4!%9%1!,471+!3E%!4:2%!2%3E#'#*#+K!3#!,P':3%!3E%!43:3%!#<! 01#&*%'+%! 71! 3E:3! P:$37/,*:$! <7%*'>! "#$! 7143:1/%[! :! 43,'K! 2:K! E:9%! 8%%1! '#1%! #1!":/3#$4!#<!J%:/E%$!Z#379:37#1!&E%1!3E%!4#/7#W%/#1#27/!/#1'737#14!&%$%!'7<<%$%13[!4:K[!8%<#$%! ?1'%P%1'%1/%! 71! n728:8&%! #$! 8%<#$%! 3E%! %1'! #<! .P:$3E%7'! 71! C#,3E! .<$7/:>!6%$3:71*K[! 3E%! <71'71+4! 8%<#$%! 3E%4%! *:1'2:$0! %9%134!&7**! 8%! #,3':3%'! /#147'%$71+! 3E%!4,843:137:*!/E:1+%4!3E:3!E:9%!#//,$$%'!71!3E%!%/#1#27/4!:1'!#3E%$!4#/7:*!473,:37#14!3E:3!72P:/3! #1! 3E%! <%%*71+! #<! &%**8%71+! #<! 3E%! 3%:/E%$4>! .! '7<<%$%13! 27X! #<! <:/3#$4! #<!2#379:37#1!:2#1+!3%:/E%$4!/#,*'!8%!%XP%/3%'>!!?1! 3E%!O:/0+$#,1'[! 3E%! $%4%:$/E%$!&7**! 43:3%!/*%:$*K[! 3E:3! a%9%1! 3E#,+E!2,/E!&#$0!E:4!8%%1!'#1%!#1!":/3#$4!.<<%/371+!J%:/E%$!Z#379:37#1[!2#43!#<!3E:3!&#$0!74!':3%'R!:1'!1%&!$%4%:$/E!1%%'4!3#!8%!/#1',/3%'!3#!:44%44!:1K!/E:1+%4!3E:3!2:K!E:9%!3:0%1!P*:/%!71!3E%!<:/3#$4!3E:3!:<<%/3!3E%!2#379:37#1!#<!3%:/E%$4>!!JE%!+:P! /#,*'!:*4#!(#+("%$4&1%9!&E%$%8K! 43,'7%4!2:K!E:9%!8%%1!/:$$7%'!#,3! 71!#3E%$!P*:/%4!3E:1!3E%!473%!&E%$%!3E%!$%4%:$/E%$!74!&#$071+>!JE%!$%4%:$/E%$!2:K!P$%<%$!3#!43:3%!:1'! 8$7%<*K! :1:*K4%! 3E%! /#13$78,37#1! #<! $%4%:$/E%$4! 71! H%9%*#P%'! 6#,13$7%4[! :1'! 3E%1!&E:3!E:4!+#1%!#1!71!H%9%*#P71+!6#,13$7%4!:1'!3E%1!71!3E%!4P%/7<7/!$%4%:$/E!473%!&E%$%!3E%!$%4%:$/E%$!74!&#$071+>!!JE%!$%4%:$/E%$!&7**!4P%/7<K!&E:3!$%4%:$/E!E:4!8%%1!'#1%!71!'7<<%$%13!:$%:4!#<!3E%!&#$*'!:1'! /#13$:43! 3E:3!&73E[! P%$E:P4[! 4/:13! $%4%:$/E! 3E:3! E:4! 8%%1!'#1%! 71! 3E%! 473%!&E%$%!E%^4E%!713%1'4!3#!/#1',/3!E%$!#&1!$%4%:$/E>!!.1#3E%$!+:P!2:K!8%!8#/4+6+9+(&1%9!&E%$%8K!43,'7%4! 71!:!P:$37/,*:$!:$%:!&%$%!/:$$7%'!#,3!,471+!:!'%47+1!:1'!3%/E17T,%4!3E:3!3E%!P$%4%13!$%4%:$/E%$!'#%4!1#3!8%*7%9%!&%$%!3E%!2#43! 4,73:8*%! <#$! 3E%! 43,'K! #$! 1%%'%'! 3#! 8%! 4,PP*%2%13%'! 8K! #3E%$! 3%/E17T,%4>! "#$!7143:1/%[! 71! 3E%! 43,'K!#<! ":/3#$4!#<! J%:/E%$!Z#379:37#1[! 3E%! 7143$,2%13! 3E:3!&:4!,4%'!/#,*'! E:9%! 8%%1! 3E%! T,%437#11:7$%>! .! *:3%$! $%4%:$/E%$!2:K! 8%*7%9%! 3E:3! :*3E#,+E! 3E%!T,%437#11:7$%!&:4!:!9:*7'!7143$,2%13!:4!<:$!:4!73!&%13[!973:*!P%$4#1:*!:1'!71372:3%!':3:!&%$%!1#3!/#**%/3%'!<#$!3E%!<:7*,$%!#<!3E%!$%4%:$/E%$4!3#!,4%!T,:*73:379%!3%/E17T,%4!4,/E!:4!71W'%P3E!713%$97%&4!:1'!<#/,4!+$#,P!'74/,447#14!!JE74! $%4%:$/E%$! 43:3%4! 3E:3! a:*3E#,+E! 3E%! 744,%! #<! ":/3#$4! #<! J%:/E%$! Z#379:37#1! E:4!8%%1! 719%437+:3%'! 8K! :! 1,28%$! #<! 4/E#*:$4[! 3E%$%! E:4! 8%%1! :! 3$%1'! 3#! 3E%! ,4%! #<!T,:1373:379%! :PP$#:/E%4! :3! 3E%! %XP%14%! #<! T,:*73:379%! :PP$#:/E%4! &73E! 3E%! P#44787*73K!3E:3! /%$3:71! ':3:! 3E:3! /#,*'! #1*K! 8%! #83:71%'! 3E$#,+E! 3E%! ,4%! #<! T,:*73:379%!2%3E#'4!2:K!E:9%!8%%1!2744%'>!JE74!43,'K!&7**!E%1/%!8$%:0!&73E!3$:'737#1!:1'!&7**!%2P*#K!uuu>R!iZ:P<,2#[!5NN(j>!!

!('""

d%3!:1#3E%$!+:P!/#,*'!8%! 71! 3E%! <#$2!#<! /4#) .%8$9#Y$+$,9%/&+'! 3E:3!&:4! 43,'7%'>! "#$!7143:1/%! 71! 43,'K71+! ":/3#$4! #<! J%:/E%$! Z#379:37#1[! $%4%:$/E%$4! 2:K! E:9%! '%<71%'!3%:/E%$4!:4!3E#4%!7143$,/3#$4!71!4/E##*4!&E#!&%$%!/%$37<7%'!:<3%$!:!$%/#+174%'!P%$7#'!#<!3$:7171+>!@1%!$%4%:$/E%$!:3!:!*:3%$!43:+%!2:K!#P71%!3E:3!3E%$%!:$%!1,2%$#,4!71'797',:*4!&E#!3%:/E! 71!4/E##*4!8,3!E:9%!1#3!8%%1! <#$2:**K! 3$:71%'!:1'!'%/7'%4! 3#! 71/*,'%!3E#4%!,13$:71%'!P%$4#14!71!E74Ê%$!43,'K>!?1!3E%!4:2%!&:K!3%:/E%$4!2:K!E:9%!8%%1!'%<71%'!3#!%X/*,'%!E%:'4!#<!4/E##*4[!%',/:37#1!#<<7/%$4!:1'!#3E%$4>!JE74!P$#97'%4!:!+:P!<#$!:!1%&!43,'K>!JE%!$%4%:$/E%$!74!%XP%/3%'!3#!8%!'%*78%$:3%!71!P#71371+!#,3!3E%!+:P!8K!4:K71+!<#$!7143:1/%[!3E:3!a.*3E#,+E!3E%!<71'71+4!8K!_.ZF!@"!.`JY@D!._H!dF.D!&%$%!,4%<,*[!3E:3!$%4%:$/E%$! %X/*,'%'! E%:'4! #<! 4/E##*4! :1'! %',/:37#1! #<<7/%$4! <$#2! E74! 4:2P*%>! JE74!87:4%'! 3E%! $%4,*3>! JE74! 43,'K!&7**[! 3E%$%<#$%[! 71/*,'%! :4! 3%:/E%$4! :**! P%$4#14! 3E:3! E:9%!8%%1!3$:71%'!:4! 3%:/E%$4!:1'!:**!#3E%$4!&E#!3%:/E!/*:44%4! 71!4/E##*4!%9%1! 7<! 3E%K!E:9%!1#3!8%%1!<#$2:**K!3$:71%'R>!!!.!+:P!2:K!71'%%'!%X743!71!3E%!2:11%$!71!&E7/E!`#:)1+'1#$/.)+")=%"&%S9#.!&%$%!'%<71%'>!C,PP#471+!71!3E%!43,'K!#1!":/3#$4!.<<%/371+!J%:/E%$!Z#379:37#1[!2#379:37#1!&:4!'%<71%'!:4! a/#271+!%:$*K! 3#!&#$0R[! 3E:3!27+E3!8%! 3##! *7273%'!:!'%<71737#1!#<! :! 0%K!9:$7:8*%!:1'!:1#3E%$!$%4%:$/E%$!27+E3!4%%!:!+:P!&E%$%!E%^4E%!/:1!/:$$K!#,3!:!4727*:$!43,'K!8:4%'!#1!:!8$#:'%$!:1'!P%$E:P4!2#$%!2%:171+<,*!'%<71737#1!#<!2#379:37#1>!!JE%$%! /#,*'! K%3! 8%! :1#3E%$! +:P>! C,PP#4%! 3E%! 3#P7/! #1! ":/3#$4! .<<%/371+! J%:/E%$!Z#379:37#1! &:4! -'6/1)/! 3*7N! DN! >-N:,373+1-'-#! .1#3E%$! $%4%:$/E%$[! :! C#/7#*#+743! <#$!7143:1/%[! 2:K! '%/7'%! 3E:3! E%^4E%! &74E%4! 3#! 8$71+! E%$Ê74! 3$:7171+! 3#! 3E%! 4:2%! 3#P7/!P%$E:P4!&73E!:1!://%13!#1!3E%!4#/7:*!#$7+714!#<!*#&!#$!E7+E!J%:/E%$!Z#379:37#1>!JE%!+:P!E%$%[!3E%$%<#$%[!/#2%4!<$#2!3E%!6&RR#"#'/)$#".$#1/&=#.)+R)/4#)=%"&+,.)6&.1&$9&'#.>!!JE%4%! +:P4! /#,*'! %X743! 71! '7<<%$%13! /#2871:37#14!&E%$%! 43,'7%4! 71! :! P:$37/,*:$! :$%:! #<!713%$%43! :$%! ':3%'m! 3E%! '%47+1! P$%<%$$%'! &:4! 1#3! 7'%:*! 71! 3E%! %K%4! #<! 3E%! P$%4%13!$%4%:$/E%$m! ! 3E%! 0%K! /#1/%P3! 8%71+! 719%437+:3%'! iJ%:/E%$! Z#379:37#1j! &:4! '7<<%$%13*K!'%<71%'!:1'!4#!<#$3E>!?1!3E%!O:/0+$#,1'!3#!3E%!C3,'K[!%:/E!+:P!#$!/#2871:37#1!#<!+:P4!3E:3!74!#84%$9%'!:1'!&7**!8%!:''$%44%'!4E#,*'!8%!:$37/,*:3%'!:1'!3E%!&:K!73!74!:''$%44%'!4E#,*'!8%!43:3%'>!!JE%!O:/0+$#,1'!3#!3E%!C3,'K!74!:!8&'&)4&(49:aR+1,.#6)9&/#"%/,"#)"#=&#T!:1'!4E#,*'!<#$2!:! <7$2! 8:474! <#$! 3E%! D%97%&! #<! D%*:3%'! Q73%$:3,$%! i6E:P3%$! 5j>! c%K! /#1/%P34! :1'!43:3%2%134!2:'%! 71! 3E%! O:/0+$#,1'! 4E#,*'! <#$2! 3E%! P7**:$4! #<! 3E%! Q73%$:3,$%! D%97%&[!:1'!4E#,*'!/#13:71!4#2%!43:3%2%134!3E:3!&7**!8%!%*:8#$:3%'! 71!8#3E!6E:P3%$!5!:1'[!3#!4#2%!%X3%13[!6E:P3%$!B>!!JE%!43,'%13!4E#,*'!:*4#!4E#&!E74Ê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

!((""

#L=W^W=V!I]/!JE%$%! :$%! 3&#! /#*,214! 8%*#&>! ?1! 3E%! <7$43! /#*,21[! /E:$:/3%$7437/4! #<! 3E%! O:/0+$#,1'!4%/37#1! #<! K#,$! 43,'K! :$%! *743%'>! ?1! 3E%! 4%/#1'! /#*,21[! %XP*:71! K#,$! ,1'%$43:1'71+! #<!%:/E! 73%2!71!K#,$!#&1!&#$'4>!"#/,4!#1!3E%!43,'K!K#,!:$%!/,$$%13*K!&#$071+!#1!:4!K#,!<#$2,*:3%!K#,$!$%4P#14%4>!!):;?;L=>?WU=WL! &c<Q;N;=WON!N83"84+,;->";E"-3+3.-/8"4<",83".-3."!

!

C8.,"8.+"<;,"*33<"./84353="4<":-4;-"-3+3.-/8F"!

!

N3I:;-.9"A.:"!

!

U3;A-.:84/.9"A.:"!

!

_3,8;=;9;A4/.9"A.:"!

!

N83"+.I:93]:;:D9.,4;<"A.:"!

!

`3>"/;</3:,+";-"5.-4.*93+"A.:"!

!

)"A.:"4E-;I"=4EE3-3<,":3-+:3/,453+";E",83"5.-4;D+"=4+/4:94<3+"!

!

!?1! #$'%$! 3#! /#2%! ,P! &73E! +##'! $%4P#14%4! 3#! %:/E! 73%2[! $%97473! 3E%! 3%X3! :8#9%! 3E%!%X%$/74%[! :1'! /#2%! ,P! &73E! %XP*:1:37#14! 3E:3! :$%! $%*%9:13! 3#! K#,$! 43,'K>! CE:$%! K#,$!7'%:4!&73E!:!/#**%:+,%>!!KME)_4%/)/4#).,$#"=&.+"Y$"+8+/#")#Q$#1/.)/+).##),'6#")[%1`("+,'6)/+)/4#)./,6:)!?1!/E%/071+!K#,$!&#$0[!3E%!4,P%$974#$!4E#,*'!%XP%/3!P#47379%!:14&%$4!3#!:**!3E%!T,%437#14!8%*#&>!

• Y:4!:!/*%:$!'%<71737#1!#<!3E%!0%K!9:$7:8*%!8%71+!43,'7%'!8%%1!+79%1U!• Y:4!3E%!72P#$3:1/%!#<!43,'K71+!3E%!0%K!9:$7:8*%!8%%1!+79%1U!• Y:4!3E%!72P#$3:13!$%4%:$/E!#<!#3E%$!4/E#*:$4!8%%1!/73%'U!• Y:4!3E%!43,'%13!43:3%'!&E:3!3E%4%!$%4%:$/E%$4!E:9%!<#,1'U!• Y:4!3E%!43,'%13!43:3%'!&E:3!#3E%$!$%4%:$/E%$4!E:9%! <:7*%'!3#! <71'[!#$!2%3E#'4!

3E%K!4E#,*'!E:9%!,4%'!&E7/E!3E%K!'7'!1#3!,4%U!• Y:4!3E%!43,'%13!71'7/:3%'!&E%$%!43,'7%4!E:9%!8%%1!/:$$7%'!#,3U!• Y:4! 3E%! 43,'%13! 4E#&1! 3E:3! 3E%$%! 74! :! +:P! 71! 3E%! $%4%:$/E! :$%:!&E%$%!E%^4E%!

713%1'4!3#!/:$$K!#,3!E%$Ê74!43,'KU!• Y:4!3E%!43,'%13!4P%/7<7%'!3E%!3KP%!#<!+:P!3E:3!3E%!43,'K!&7**!3$K!3#!<7**U!• Y:4!3E%!43,'%13!4E#&1!:1K!/#13$:'7/37#14[!/#1<*7/34!#$!'74/$%P:1/7%4!71!3E%!43:3%!

#<!3E%!01#&*%'+%!3E:3!E:4!8%%1!'74/#9%$%'!8K!3E%!$%4%:$/E%$4!&E#!E:9%!'#1%!4#2%!&#$0!8%<#$%!E72Ê%$U!!

• Y:4!3E%!43,'%13!/73%'!4#,$/%4!3E:3!:$%!:,3E%137/[!/,$$%13!:1'!$%*%9:13U!!.14&%$71+! 3E%! <#$%+#71+! T,%437#14[! &E7*%! &#$071+! #1! K#,$! 8:/0+$#,1'! 4%/37#1[! &7**!71%973:8*K! $%4,*3! 71! :! <#/,4%'! P$%4%13:37#1! #<! K#,$! O:/0+$#,1'>! d#,$! 4,P%$974#$4! E:9%!

!(6""

'%$79%'!$7/E!*%44#14!<$#2!$%:'71+!2:1K!8:/0+$#,1'!4%/37#14!71!'744%$3:37#14!:1'!3E%4%4>!O%*#&!:$%!4#2%!#<!3E%!*%44#14!3E%K!E:9%!*%:$13>!C3,'K!3E%2!<#$!K#,$!#&1!8%1%<73>!)KMEMB)d#..+'.)9#%"'/)R"+8).,$#"=&.&'()6&..#"/%/&+'.Y/4#.#.2)JE%! O:/0+$#,1'! 3#! 3E%! C3,'K! 74[! P%$E:P4[! #1%! #<! 3E%! 2#43! '7<<7/,*3! P:$34! #<! 3E%!'744%$3:37#1^3E%474!<#$!2:1K!43,'%134>!!

• JE%K!'#!1#3!4%%2!3#!,1'%$43:1'!&E:3!aO:/0+$#,1'R!$%<%$4!3#>!• !JE%K!4%%2!3#!3E710!3E:3! aO:/0+$#,1'R!$%<%$4!#1*K! 3#!3E%7$!#&1!%XP%$7%1/%!:1'!

&E:3!3E%K!01#&!:8#,3!:!+79%1!3#P7/>!JE:3!3E%1!/:,4%4!P$#8*%24!&E%1!#1%!3$7%4!3#! :44743! 3E%! 43,'%134! 3#! :PP$%/7:3%! 3E%! +:P! :1'! %9%1! 2#$%! '7<<7/,*3! 3#!:PP$%/7:3%!3E%!9:$7#,4!071'4!#<!+:P4!&E7/E!3E%K!/:1!3:0%!:'9:13:+%!#<>!

• JE%K!43$71+!<71'71+!:<3%$!<71'71+!71!3E%!<#$*#$1!E#P%!3E:3!3E%!*73%$:3,$%!a4P%:04!<#$!734%*<R>!!

• JE,4[! 3E%7$! *:1+,:+%! 74! '%9#7'! #<! &#$'4! :1'! PE$:4%4! 3E:3! '%P7/3! 3E%!/#13$:'7/37#14! :1'! /#1<*,%1/%4! 71! 3E%! :$+,2%134! <$#2! 3E%! *73%$:3,$%! i#1! 3E%!#3E%$! E:1'm! 3#! 3E%! /#13$:$Km! :! /#13$:'7/3#$K! <71'71+! &:4! 3E:3m! :! /#147'%$:8*%!:2#,13!#<!:+$%%2%13!74!1#37/%:8*%!71!3E%!<71'71+4!8Ku!%3/j>!

• ?1! :''737#1[! 3E%! O:/0+$#,1'! 3#! 3E%! )$#8*%2! '#%4! 1#3! *%:'! 42##3E*K! 3#! 3E%!C3:3%2%13! #<! 3E%! )$#8*%2! i&E7/E! 4%%24! :! *##4%! /#,P*71+! ,1$%*:3%'! 3#! 3E%!'%8:3%!3E:3!E:4!8%%1!&:+%'!71!3E%!O:/0+$#,1'!3#!3E%!C3,'Kj>!

SE:3! <#**#&4! 74! :1! :/37973K[! &E7/E! $%T,7$%4! 3E:3! K#,! $%<*%/3! 2#$%! #1! &E:3! E:4! 8%%1!P$%4%13%'!4#!<:$>!!

!#L=W^W=V!I]4!6*#4%*K!%X:271%!3E%!T,%437#14!K#,!:$%!:'974%'!3#!$%4P#1'!3#!71!{=>G>-!:1'!7'%137<K!:1K!3E$%%[!&E7/E! 3E%!O:/0+$#,1'!4%/37#1! <#$!K#,$!/,$$%13! 43,'K!'#%4!1#3! 4%%2!3#!:''$%44!:'%T,:3%*K>!:> SE:3! 43%P4! '#! K#,! P$#P#4%! 3#! 3:0%! 3#! %14,$%! 3E:3! K#,$! 4,P%$974#$! <71'4! K#,$!

O:/0+$#,1'!4%/37#1!2#$%!/#1971/71+U!!8> "$#2! 3E%! *%44#14! #,3*71%'! 71! {=>G>5! 4P%/7<K! &E7/E! #1%4! :PP*K! 3#! K#,$! 473,:37#1U!

C,++%43! &:K4! 3#! #9%$/#2%!&E:3! K#,! P%$/%79%! 3#! 8%!&%:01%44%4! 71E%$%13! 71! K#,$!P$%4%13:37#1>!

!"#$!3E74!:/37973K[!3E%$%!:$%!1#!$7+E3!#$!&$#1+!:14&%$4>!?1!:/3,:*!<:/3[!3E%!7'%:!74!3E:3!K#,!%X:271%!:1'!%9:*,:3%!K#,$!#,3P,3!#8A%/379%*K!4#!3E:3!K#,!/#2%!#,3!&73E!:1!://%P3:8*%!P$%4%13:37#1>!!I]@!+=;=>T>N=!O[!=:>!-?OYQ>T!!JE74! 74! :! 9%$K! 72P#$3:13! P:$3! #<! 3E%! $%4%:$/E! $%P#$3! 8%/:,4%! 73! P$#97'%4! <#/,4! :1'!'7$%/37#1!<#$!3E%!$%P#$3!iO:$#1[!5N-Nj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

!(B""

://#$'71+! 3#!/%$3:71! 4P%/7<7/! *:1'2:$0! 43,'7%4! 71! 3E%! *73%$:3,$%>!JE%! 43,'%13! 43:3%4[! <#$!7143:1/%[!3E:3\!!

!u:*3E#,+E!2,/E!%97'%1/%!E:4!://,2,*:3%'!3#!%XP*:71!<:/3#$4!#<!3%:/E%$!2#379:37#1[!3E%$%!74!437**!1#!/#14%14,4!#1!&E%3E%$!J%:/E%$4!71!3E%!JE7$'!S#$*'!:$%!:<<%/3%'!8K!3E%!4:2%!4#$3!#<!<:/3#$4!:4!3E%7$!/#,13%$P:$34!71!3E%!H%9%*#P%'!S#$*']!F9%1!71!3E%!H%9%*#P%'!S#$*'[!&E%$%!2,/E!$%4%:$/E!E:4!8%%1!/#1',/3%'[! 3E%$%! 74!1#!:+$%%2%13!#1!&E7/E!:$%!3E%!P$%'#271:13!<:/3#$4! #<! J%:/E%$!Z#379:37#1! 8%/:,4%! *%:'71+! 4/E#*:$4! 4%%2! 3#! E:9%! :$$79%'! :3! '7<<%$%13!<71'71+4>!!!

":>N!VOX! LW=>! =:>!T;WN! [WNRWNSU!P:WL:! =:>!RW[[>?>N=! Q>;RWNS! UL:OQ;?U!:;^>!;??W^>R!;=!i6E:1'*%$!l!Z#1':K[!5N--j>!!JE%!43,'%13!3E%1!8$7%<*K!8,3!/*%:$*K!43:3%4!&E:3!3E%!'7<<%$%13!<71'71+4!:$%[!&E7/E!*%:'71+!4/E#*:$4!E:9%!:$$79%'!:3>!!JE%!$%4%:$/E%$!/#,*'!%9%1!43:3%!3E:3!3E%$%!:$%!'7<<%$%1/%4! 71!3E%!2:11%$! 71!&E7/E!3E%!3%$2!2#379:37#1!&:4!/#1/%P3,:*74%'!71!P$%97#,4!43,'7%4[!%>+>!!!

JE#4%! 71! 3E%!Z:4*#97:1! <#*'! 2:K! 1#3! E:9%! ://%P3%'! 3E:3! 3E%$%! &:4! :! '74371/3! '7<<%$%1/%!8%3&%%1!*#&%$W*%9%*!:1'!E7+E%$W*%9%*!1%%'4!8,3!:1#3E%$!3E%#$K!2:K!E#*'!3E:3!%9%1!3E%!4#W/:**%'!*#&%$!*%9%*!1%%'4!'#!71!<:/3!2#379:3%!P%$4#11%*!3#!9%$K!E7+E!*%9%*4!#<!P%$<#$2:1/%>!!

!?1! 3E:3! /:4%[! 3E#4%! &E#! 4,84/$78%! 3#! 3E%! 1%&! :1'! '7<<%$%13! 3E%#$K! 27+E3! 4%%! :! +:P[!&E7/E! 3E%K!&7**! 3$K! 3#! <7**!8K!&#$071+!&73E71!:!'7<<%$%13! 3E%#$%37/:*! <$:2%&#$0!:*8%73! 71!3E%!4:2%!:$%:!#<!2#379:37#1>!!!JE%!$%4%:$/E%$!4E#,*'!:*4#!/*%:$*K!43:3%!&E:3!$%2:714!,101#&1>!"#$!7143:1/%[!:!&$73%$!#<!:!'744%$3:37#1^3E%474!#1!":/3#$4!#<!J%:/E%$!Z#379:37#1!2:K!4P%/7<K!3E:3\!!

!71!4P73%!#<!3E%!/#147'%$:8*%!&#$0!3E:3!E:4!8%%1!'#1%!#1!":/3#$4!#<!J%:/E%$!Z#379:37#1[!*733*%!74! 01#&1! :8#,3! 4#2%! /$737/:*! 744,%4! 4,/E! :4! 3E%! 72P:/3! #<! 71/$%:4%'! $%2,1%$:37#1! #1!$%P#$3%'! J%:/E%$!Z#379:37#1[! #$! 3E%! 72P:/3! #<! *78%$:*7471+! #<! /#1'737#14! #<! 4%$97/%! &E%$%!3%:/E%$4! 2:K! 1#&! 8%! P%$2733%'! 3#! 2:0%! :''737#1:*! 71/#2%! <#$! 3E%24%*9%4! 3E$#,+E! :1K!71/#2%W+%1%$:371+!P$#A%/34!#<!3E%7$!/E#7/%>!

!JE%!&$73%$!#<!:!'744%$3:37#1^3E%474!2:K!%9%1!43:3%!3E:3!f:*3E#,+E!3E%$%!74!://,2,*:371+!%97'%1/%!#1!":/3#$4!#<!J%:/E%$!Z#379:37#1[!3##!2,/E!713%$%43!E:4!8%%1!+79%1!3#!744,%4!$%*:3%'!3#!$%2,1%$:37#1!:3!3E%!%XP%14%!#<!#3E%$!P#4478*K!%T,:**KW72P#$3:13!<:/3#$4h>!)0/)/4#)$"%1/&1%9)9#=#9!3E%!43,'%13!2:K!43:3%!3E:3\!!!

u8%/:,4%! #<! 3E%! *:/0! #<! :+$%%2%13! :2#1+! $%4%:$/E%$4! :1'! 3E%! T,%437#14! $:74%'! :$#,1'!4#2%!#<! 3E%!2%3E#'4!:1'! <71'71+4! 71!P$7#$! $%4%:$/E!&#$0! 71! 3E%!:$%:[!P*:11%$4! :1'!P#*7/K!2:0%$4!E:9%!<#,1'!*733*%!9:*,%!71!3E%!&#$0!3E:3!E:4!8%%1!/:$$7%'!#,3!4#!<:$>!!

!JE74! 2:K! 8%! <#**#&%'! 8K! :! 43:3%2%13! #1! E#&! 3E%! 1%&! %<<#$3! &7**! 72P$#9%! '%/747#1W2:071+!P$#/%44%4!:$#,1'!744,%4!#<!3%:/E%$!2#379:37#1>!!J#!4,22:$74%[!3E%!C3:3%2%13!#<!3E%!)$#8*%2!:$74%4!<$#2!3E%!O:/0+$#,1'!C3:3%2%13!:1'!P$%4%134! 3E%! %X:/3! +:P! 71! 3E%! 01#&*%'+%! 3E:3! 74! :3! E:1'! 4#! <:$! i:4! 43:3%'! 71! 3E%!

!6G""

O:/0+$#,1'! 3#! 3E%! C3,'Kj>! .4! 4E#&1! A,43! :8#9%[! 3E%! +:P! 2,43! 8%! 4P%/7<7/:**K! 43:3%'!8%/:,4%! 73! 74! 3E%! P$%/74%! $%:4#1! <#$! 3E%! 43,'K>! JE%! C3:3%2%13! #<! 3E%! )$#8*%2! /*%:$*K!4,++%434! 3E%!1%%'! <#$! 3E%!43,'K>! ?3!2:K!8%!1#3%'! 3E:3!:!&%**W&$733%1!C3:3%2%13!#<! 3E%!)$#8*%2!+79%4!:!9%$K!/*%:$!7'%:!#<!&E:3!3E%!),$P#4%!#<!3E%!C3,'K!&7**!8%>!iC#2%!4/E#*:$4!'#!:/3,:**K!P$%4%13! 3E%!),$P#4%!#<! 3E%!C3,'K! 71! 3E%!C3:3%2%13!#<! 3E%!)$#8*%2!8,3! 3E%!P$%4%13! :,3E#$!'#%4!1#3!%1/#,$:+%! 3E%!P$:/37/%>! FXP%$7%1/%! 4E#&4! 3E:3! 43,'%134!&E#!'#!3E:3[!%1'!,P!&$7371+!:1!:72!7143%:'!#<!3E%!P$#8*%2>j>!?3!4E#,*'!8%!P#4478*%!3#!E:9%!:!$%:4#1:8*K!/*%:$! 7'%:!#<!&E:3!3E%!#8A%/379%4!#<!3E%!1%&!43,'K!:1'!3E%!T,%437#14!3#!8%!:14&%$%'!&7**!8%!&E%1!:!&%**W&$733%1!C3:3%2%13!#<!3E%!)$#8*%2!74!P$%4%13%'>!!O%<#$%!$%:'71+!#1[!%X:271%!3E%!C3:3%2%13!#<!3E%!)$#8*%2!K#,!4P%*3!#,3!<#$!K#,$!43,'K>!J#!&E:3! %X3%13! '#%4! 73! /#2P*K!&73E! 7'%:4! 71! 3E%! <#$%+#71+! '74/,447#1U!@1! :! 4%P:$:3%!P7%/%!#<!P:P%$[!8$7%<*K!$%W43:3%!3E%!+:Pi4j!3E:3!74^:$%!4P%/7<7%'!71!K#,$!C3:3%2%13>!!I]C!-X?<OU>!O[!=:>!+=XRV!

N83" MD-:;+3" ;E" ,83" H,D=>" 4+" ." +,.,3I3<," /;<,.4<3="L4,84<" ;<3" ;-" ,L;" :.-.A-.:8+",8.,"4=3<,4E43+""!"#$%$"&%'&(&#')"%*+$&+,(%$-%,-%#+,%"-!%*$%*+$&+,(%$-%,-%./&$"-,0%*$%!*$"%!"#$%1#'$*)*1#+$(0""N83":D-:;+3"I4A8,"*3"L-4,,3<".+a""

J+4<A"QD.94,.,453",3/8<4QD3+?",83":D-:;+3";E",83"+,D=>"L.+",;"4=3<,4E>".<="-.<\b;-=3-" [./,;-+" ;E" N3./83-"_;,45.,4;<" .I;<A"#GG":D-:;+4539>b+393/,3=" ,3./84<A":-;E3++4;<.9+"4<";<3"3=D/.,4;<.9"/4-/D4,"4<"7.+,3-<"c4I*.*L30"

?3! 8%:$4! $%P%:371+! 3E:3! 3E%!),$P#4%!#<! 3E%! C3,'K!6#=#9+$.) R"+8) /4#)(%$J.L! 3E:3! 74^:$%!43:3%'! 71! 3E%!C3:3%2%13!#<! 3E%!)$#8*%2>!JE%!),$P#4%!#<! 3E%!C3,'K! 74!:1!:14&%$! 3#! 3E%!T,%437#1! aY#&!&7**! 3E%! 43,'K! :''$%44! 3E%! +:Pi4j! 3E:3!E:4Ê:9%!8%%1!:$37/,*:3%'! 71! 3E%!C3:3%2%13!#<!3E%!)$#8*%2UR!!I]D!'Ya>L=W^>U!O[!=:>!+=XRV!!@8A%/379%4!#<!3E%!C3,'K!$%P$%4%13!:!3%:471+!#,3^,1P:/071+!#<!3E%!),$P#4%!#<!3E%!C3,'K!713#!472P*%!:/37#1:8*%!43%P4>!C#2%!@8A%/379%4!#<!3E%!C3,'K!&#,*'!8%!3#\!

-> /#2P:$%!":/3#$4!#<!J%:/E%$!Z#379:37#1!71!)$72:$K!:1'!Y7+E!C/E##*4!5> /#13$:43! ":/3#$4! #<! J%:/E%$!Z#379:37#1! <#$! <%2:*%! :1'! 2:*%! 2%28%$4! #<! 3E%!

3%:/E71+!P$#<%447#1!B> '%3%$271%!3E%!$%*:379%!47+17<7/:1/%!#<!*#&%$W*%9%*!:1'!E7+E%$W*%9%*!<:/3#$4!#<!3E%!

Z:4*#97:1!E7%$:$/EK!#<!1%%'4>!G> %43:8*74E!:!$:10!#$'%$!#<!":/3#$4!#<!J%:/E%$!Z#379:37#1!

!Q70%! 3E%! ),$P#4%! #<! 3E%! C3,'K[! @8A%/379%4! #<! 3E%! C3,'K! '%9%*#P! <$#2! 3E%! )$#8*%2!C3:3%2%13! :1'! $%P$%4%13! 4P%/7<7/! +#:*4! 3#&:$'4! &E7/E! 3E%! ':3:! &7**! 8%! /#**%/3%'>!Z%%371+! 3E%! #8A%/379%4! #<! 3E%! C3,'K! 2,43! 1%/%44:$7*K! <7**! 3E%! +:Pi4j! 3E:3! E:9%! 8%%1!P$%4%13%'!71!3E%!C3:3%2%13!#<!3E%!)$#8*%2!iZ:P<,2#[!5NN(j>!!!I]G!.>U>;?L:!AX>U=WONUf,V<O=:>U>U!D%4%:$/E!T,%437#14[! *70%!3E%!),$P#4%!#<!3E%!C3,'K!:1'!3E%!@8A%/379%4!'%9%*#P!<$#2!3E%!C3:3%2%13! #<! 3E%! )$#8*%2! :1'! '7$%/3*K! <$#2! 3E%! @8A%/379%4>! D%4%:$/E! T,%437#14!#P%$:37#1:*74%!3E%!)$#8*%2!71!3%$24!#<!3E%!4P%/7<7/!9:$7:8*%4!:1'!$%*:37#14E7P4!3E:3!E:9%!3#!8%!%X:271%'!:1'!$%P#$3%'!,P#1!3#!2%%3!3E%!@8A%/379%4!#<!3E%!C3,'K>!.14&%$71+!%:/E!D%4%:$/E! V,%437#1! $%P$%4%134! :1! 7143:*2%13! 71! P$#97'71+! :''737#14! 3#! 3E%! 8#'K! #<!01#&*%'+%!&E%$%!+:P4!E:9%!8%%1!7'%137<7%'>!

!6!""

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iZ:+&:!l!Z:+&:!/*%:$*K!%XP*:71!/$73%$7:!<#$!+##'!$%4%:$/E!T,%437#14!:1'!EKP#3E%4%4!71!3E%!/E:P3%$!#1!3E%!D%4%:$/E!)$#P#4:*!71!3E74!9#*,2%j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e"+8)/4#)/4#+"#/&1%9)6&8#'.&+'[!3E%!<#**#&71+!:$%!1#3%&#$3EK!T,%437#14!3#!$%4P#1'!3#\!

• Y#&!'#%4!3E%!&#$0!3E:3!74!'#1%!71!3E%!P$%4%13!43,'K!8%1%<73!$%4%:$/E%$4!71!3E%!<,3,$%U!!

• Y#&! 2,/E! '#%4! 73! %X3%1'! 3E%! 01#&*%'+%! 3E:3! E:4! :*$%:'K! 8%%1! +%1%$:3%'!3E$#,+E!%2P7$7/:*!$%4%:$/E!71!3E%!:$%:!,1'%$!43,'K!71!3E%!P:43U!!

• )$%/74%*K!E#&!2,/E!2#$%! 74!01#&1!1#&!/#2P:$%'!3#!&E:3!&:4!01#&1!8%<#$%!3E%!43,'K!&:4!/#1',/3%'U!!

• Y:4! 3E%! $%4%:$/E%$! 4E#&1! 3E:3! 3E%$%! :$%[! 71! <:/3[! '7<<%$%13! 4%34! #<! <:/3#$4! #<!3%:/E%$!2#379:37#1!3E:3!E:9%!71!3E%!P:43!1#3!8%%1!'74/#9%$%'U!!

• .$%! 3E%$%! <71'71+4!&73E71! 3E%! P$%4%13! $%4%:$/E%$R4!&#$0! 473%! 3E:3! :$%! '7<<%$%13!<$#2!<71'71+4!71!#3E%$!+%#+$:PE7/:*!:$%:4U!!

• Y:4! :1K! #$7+71:*! 01#&*%'+%! 8%%1! :''%'! 3#! 3E%! <,1'4! #<! 01#&*%'+%! 3E:3!&%$%!:9:7*:8*%!8%<#$%!3E%!43,'K!&:4!/#1',/3%'U!

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

!

!6#""

I]/J!%>UUONU!Q>;?N=![?OT!<?OTO=WNSfUX<>?^WUWNS]!• C3,'%134!'#!1#3!4P%/7<K!3E%!8%1%<7/7:$7%4!#<!3E%!43,'K!:1'!3E%!2:11%$!71!&E7/E!

3E%K!&7**!8%1%<73!P$%<%$$71+! 4,/E!9:+,%!43:3%2%134!:4! aJE%! $%4,*34!#<! 3E%!43,'K!&7**!8%!#<!,4%!3#!3E%!4#/7%3K!71!+%1%$:*R>!

• Q:3%$!71!6E:P3%$!I!43,'%134!<#$+%3!3E:3!3E%K!4E#,*'!2:0%!D%/#22%1':37#14!3#!3E%!P%#P*%! :1'! 714373,37#14! :*$%:'K!2%137#1%'! 71! 3E:3! ! 4%/37#1! :1'! 3E%K!2:0%!D%/#22%1':37#14! 3#! '7<<%$%13! 4%34! #<! ! +$#,P4! #<! P%#P*%! :1'! 714373,37#14!&E#!&%$%!1#3!1:2%'!:4!43:0%E#*'%$4!,1'%$!3E74!4%/37#1>!

!I]//!1>[WNW=WON!O[!">?TU!!JE%! 43,'%13W$%4%:$/E%$!1%%'4! 3#!8%! $%271'%'! 3E:3!&#$'4!:$%!P#&%$<,*! :1'! 3E:3!:**!#<!3E%2!3E:3!2:K!8%!,1,4,:*!#$!1#3!&7'%*K!,4%'!4E#,*'!8%!'%<71%'>!?3!74!%9%1!2#$%!/$737/:*!3#!2:0%!/%$3:71!3E:3!:1K!&#$'!71!3E%!3#P7/!3E:3!/#,*'!1%%'!'%<71737#1!74!'%<71%'!4#!3E:3!:**!$%:'%$4!,1'%$43:1'!%9%$K!&#$'!71!3E%!3#P7/!:4!73!4E#,*'!8%!,1'%$43##'>!?3!E:$24!3E%!$%4%:$/E!$%P#$3!7<!$7+E3!<$#2!3E%!3#P7/!4#2%!&#$'!i4j!74^:$%!1#3!,1'%$43##'>!!C#2%! 3%$24!2:K!:PP%:$!P$%33K! /#22#1!8,3! 3E%K! 4E#,*'!:*4#!8%!'%<71%'! 7<! 3E%K! /:$$K!,1,4,:*! 2%:171+4! 71! 3E%! 43,'K>! "#$! 7143:1/%[! 71! 3E%! 43,'K! #1! ":/3#$4! #<! J%:/E%$!Z#379:37#1[! 73! 2:K! 8%! 1%/%44:$K! 3#! '%<71%! 3E%! 3%$2! aJ%:/E%$R! 8%/:,4%! 3E%$%! /:1! 8%!/%$37<7%'!+$:',:3%!3%:/E%$4m!3E%$%!/:1!8%!,1/%$37<7%'!:4!#PP#4%'!3#!/%$37<7%'!3%:/E%$4!71!+%1%$:*!:1'!3E%!4P%/7<7/!43:3,4!#<!3E%!3%:/E%$4!2:K!E:9%!:1!72P#$3:13!8%:$71+!#1!3E%7$!2#379:37#1>!?3!2:K!8%!1%/%44:$K!3#!%XP*:71!&E%3E%$!3%:/E%$4!:$%!#1*K!3E#4%!P%#P*%!&E#!:$%! P$:/37471+! 71! 3E%! /*:44$##2! :4! #PP#4%'! 3#! #3E%$! P%#P*%! &E#! 2:K! 8%! 3$:71%'! :4!3%:/E%$4! :1'! :$%! 71! 4/E##*4! 8,3! &#$071+! 71! #3E%$! /:P:/737%4! 4,/E! :4! :'271743$:37#1>!?1'%%'!73!2:K!8%!1%/%44:$K!3#!/*:$7<K!&E%3E%$!*%/3,$%$4!71!6#**%+%4!:1'!`179%$4737%4!:*4#!<:**!,1'%$!3E%!$,8$7/!#<!3%:/E%$4>!!JE%!'%<71737#1!#<!3%$24!1%%'4!3#!8%!P$%/%'%'!8K!:!43:3%2%13!3E:3!43:3%4!3E%!713%137#1!#<!3E%!:,3E#$!3#!'%:*!&73E!3E%!'%<71737#14>!JE:3!3$:14737#1:*!43:3%2%13!27+E3!$%:'!*70%\!!

!!JE%!2%:171+!#<!/%$3:71!3%$24!74!/$737/:*!<#$!3E%!,1'%$43:1'71+!#<!72P#$3:13!:4P%/34!#<!3E74!43,'K>! JE%! &#$'4! :1'! :/$#1K24! *743%'! 8%*#&! :$%! '%<71%'! 4#! 3E:3! 3E%$%! 74! :! /#22#1!,1'%$43:1'71+!#<!3E%!3%$24!<#$!:**!$%:'%$4!#<!3E74!43,'K>!!

!!./$#1K24! :*4#! 1%%'! 3#! 8%! '%<71%'! 4#! 3E:3! :**! $%:'%$4! :$%! P%$<%/3*K! /*%:$! &E:3! 3E%!:/$#1K24! 43:1'! <#$>! C#2%! :/$#1K24! 3E:3! /#,*'! 8%! '%<71%'! 71! 3E%! 43,'K! #1! ":/3#$4! #<!J%:/E%$!Z#379:37#1!27+E3! 71/*,'%!CH6!iC/E##*!H%9%*#P2%13!6#22733%%jm!HF@!iH743$7/3!F',/:37#1!@<<7/%$jm!)FH!i)$#971/7:*!F',/:37#1!H7$%/3#$j!:1'!#3E%$4>!!?1!E:1'*71+!3E%!'%<71737#14[!3E#4%!3E:3!:$%!8#$$#&%'!<$#2!*73%$:3,$%!4#,$/%4!:$%!/73%'!:4!4,/E[!%>+>!Q3'18.'13*\!!3E%!3%$2!2#379:37#1!$%<%$4!3#!f3E%!$%:4#14!,1'%$*K71+!8%E:97#,$h!i],:K!%3!:*>[!5N-N[!P>!;-5j>!!!JE%!&$73%$!4E#,*'!2:0%!73!/*%:$!<#$!:**!3%$24!3E:3!:$%!1#3!://#2P:17%'!8K!:!/73:37#1!3E:3!E%^4E%!E:4!:/3,:**K!/#143$,/3%'!3E#4%>!JE%$%!4E#,*'!8%!1#!3%$24!3E:3!:$%!'%<71%'!:1'!*%<3! &73E#,3! $%<%$%1/%4! #$! :! 43:3%2%13! #<! 3E%! :,3E#$R4! $%4P#14787*73K! 71! /#143$,/371+!3E%2>!!!!!

!6$""

I]/4!%WTW=;=WONU!O[!=:>!+=XRV]!JE%$%! :$%!2:1K! 372%4!&E%1! 3E%! $%4%:$/E%$! /#2%4! ,P! :+:7143! <:/3#$4! 3E:3! P#3%137:**K!/#2P$#274%!3E%!9:*7'73K!#<!E74Ê%$!43,'K!:1'!:$%!8%K#1'!E74Ê%$!/#13$#*>!JE%!$%4%:$/E%$!4E#,*'! 43:3%! 3E%4%! <:/3#$4! i*7273:37#14j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

• C2:**^,17T,%! 4:2P*%4! 3E:3! '#! 1#3! :**#&! +%1%$:*74:37#1! #<! 3E%! $%4,*34! 3#! 3E%!&7'%$!P#P,*:37#1!

• Q7273%'! $%4#,$/%4! &E%$%! 73! 74! 1#3! P#4478*%! 3#! /:$$K! #,3! 3E%! %X3%1479%!719%437+:37#1!&E7/E!3E%!$%4%:$/E%$!2:K!#3E%$&74%!&74E!3#!/:$$K!#,3!

• Q#44!#<!P:$37/7P:134!71!:!*#1+73,'71:*!43,'K!• Q:1+,:+%!P$#8*%2!&E%$%!F1+*74E[!3E%!*:1+,:+%!,4%'!3#!/#1',/3!3E%!43,'K[!74!1#3!

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

• C:2P*%!47e%!&E%$%!3E%!$%4%:$/E%$!2:K!'%/7'%!#1!:!*:$+%!#$!42:**!4:2P*%!• 6#2P#4737#1! #<! 3E%! 4:2P*%! %>+>! $%*:379%! $%P$%4%13:37#1! #<! 2%1! :1'! &#2%1[!

,$8:1!:1'!$,$:*!4/E##*4!:1'!4#!#1>!• FX3%13!#<! 3E%! +%#+$:PE7/:*! :$%:! <$#2!&E7/E! 3E%!':3:!&7**! 8%! /#**%/3%'!%>+>! 3E%!

'%/747#1! 3#! /:$$K! #,3! 3E%! 43,'K! #1*K! 71! #1%! %',/:37#1:*! /7$/,73! #$! :/$#44! :!1,28%$!#<!/7$/,734>!

!6%""

• J72%!<$:2%!<#$!3E%!43,'K[!&E7/E!3E%!$%4%:$/E%$!'%%24!4,73:8*%!3#!:**#&!:**!3E%!$%4%:$/E!:/379737%4!3#!8%!/:$$7%'!#,3!%<<%/379%*K>!JE%!'%/747#1!3#!/:$$K!#,3!:!/$#44W4%/37#1:*!:4!#PP#4%'!3#!:!*#1+73,'71:*!43,'K!*7%4!&73E71!3E74!'%*7273:37#1!

!H%*7273:37#14[!*70%!*7273:37#14[!:$%!9%$K!,4%<,*!3#!<,3,$%!$%4%:$/E%$4!&E#!2:K!8%!:8*%!3#!,4%^71/#$P#$:3%! 71<#$2:37#1!+%1%$:3%'! 71! :!P:$37/,*:$! 43,'K>! CP%/7<7/:**K[!H%*7273:37#14!i:1'! Q7273:37#14j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i3E%2j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d#..+'.)9#%"'/)R"+8)$"+8+/&+'Y.,$#"=&.&+'2)C3,'%134!3%1'!3#!%$$!8K\!

• 2:071+!:44,2P37#14!:8#,3!#,3/#2%4!#1!3E%!9:$7:8*%4!3E:3!3E%K!:$%!$%4%:$/E71+!%>+>!:44,271+!3E:3!+7$*4!&7**!'#!8%33%$!71!F1+*74E!3E:1!8#K4!71!:!43,'K!3E:3!4%34!#,3!3#!/#2P:$%!3E%!P%$<#$2:1/%!#<!8#K4!:1'!+7$*4! 71!3E:3!4,8A%/3!iJE74!/#2%4!<$#2!/#1<,471+!:44,2P37#14!&73E!EKP#3E%4%4j>!

• S$7371+! 4,/E! :1! %*:8#$:3%! P$%4%13:37#1! #<! *7273:37#14! 3E:3! 3E%! 72P$%447#1! 74!472P*K!3E:3!3E%!43,'K!4E#,*'!1#3!E:9%!8%%1!/#1',/3%'!71!734!P$%4%13!'%47+1>!

• C3:371+! 4#2%! *7273:37#14! &E7/E! 4,++%43! 3E:3! 3E%! 43,'K! 4E#,*'! 1#3! E:9%! 8%%1!/#1',/3%'! %>+>! 3E:3! P:$37/7P:134! &%$%! ,1&7**71+! 3#! P:$37/7P:3%! :1'! &%$%!7143$,/3%'!3#!'#!4#!8K!3E%7$!4,P%$7#$4!i&E7/E!74!%3E7/:**K!,1://%P3:8*%j!#$!3E:3!73!&:4! *70%*K! 3E:3! P:$37/7P:134! &#,*'! 1#3! $%P#$3! 3E%! 3$,3E! &73E! $%4P%/3! 3#! 3E%!P%$4#1:*!2:33%$4!3E:3!&%$%!8%71+!719%437+:3%'!i&E7/E!43$#1+*K!4,++%434!3E:3!3E%!$%4,*34!&%$%!719:*7'j>!

!6&""

!I]/C!'?S;NWU;=WON!O[!=:>!U=XRV]!!JE74! 4%/37#1! P$%4%134! :! 4,22:$K! #<! 3E%! /#13%134! #<! %:/E! /E:P3%$! #<! 3E%!'744%$3:37#1^3E%474>! JE74! 2:0%4! 73! P#4478*%! <#$! $%:'%$4! 3#! E:9%! :! +##'! 7'%:! #<! &E:3!71<#$2:37#1!%:/E!/E:P3%$!/#13:714>!JE%!43,'%13!/:1!&$73%!4#2%3E71+!3#!3E%!%<<%/3!3E:3\!

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a@$+:174:37#1!#<!3E%!D%43!#<!3E%!C3,'KR>!

!Y:971+! /#9%$%'! 4,843:137:*! +$#,1'! :8#,3! #,$! 713$#',/3#$K! 6E:P3%$! -[! :1'! E:971+!4,PP#$3%'! 3E%!'74/,447#1!&73E!:! 472,*:3%'! 3E%2%! 3E$%:'71+!:/$#44! 3E%! 4%/37#14[! *%3!,4!/E%/0! #,$! P%$4#1:*! +$:4P! #<! 0%K! /#1/%P34! '74/,44%'! :8#9%! 8K! &#$071+! #1! 3E%! 1%X3!:/37973K>!!!#L=W^W=V!I]6!JE%$%!:$%!3E$%%!/#*,214!8%*#&>!?1!3E%!<7$43!/#*,21!74!:!*743!#<!4%/37#14!#<!6E:P3%$!->!J7/0!%73E%$!d%4^_#!:+:7143!%:/E!73%2!3#!4E#&!&E%3E%$!#$!1#3!K#,!1#&!E:9%!:!/*%:$!7'%:!&E:3!%:/E!4%/37#1!719#*9%4>!!+>L=WON! E>U! *O!!O:/0+$#,1'!#<!43,'K! ! !C3:3%2%13!#<!3E%!P$#8*%2!!

!!

!!

),$P#4%!#<!3E%!43,'K! ! !@8A%/379%4!#<!3E%!43,'K! ! !D%4%:$/E!T,%437#14! ! !EKP#3E%474! ! !C7+17<7/:1/%!#<!3E%!43,'K!!

!!

!!

H%<71737#1!#<!3%$24! ! !Q7273:37#14!! ! !H%*7273:37#14! ! !.44,2P37#14! ! !@$+:174:37#1!#<!3E%!43,'K! ! !!

!6'""

JE74! 74! :! 9%$K! 43$:7+E3<#$&:$'! :/37973K! &E%$%! K#,! <$:10*K! :14&%$! d%4^_#>! SE%$%! K#,!:14&%$!_#[!+#!8:/0!3#!3E%!71<#$2:37#1[!$%:'!:1'!$%W$%:'!3#!%14,$%!K#,!2:43%$!&E:3!74!%XP%/3%'!#<!K#,>!

!I]/D!+XTT;?V!JE74! 6E:P3%$! E:4! 4E#&1! 3E:3! 3E%! ?13$#',/37#1! i6E:P3%$! -j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a"J<453-+4,>";E"H;D,8"S.\;,.0"

V;9\3-0"d0"O!BB6P0"C-4,4<A"X;D-"S4++3-,.,4;<"4<"[4E,33<"_4<D,3+"."S.>0"T3L"X;-\?"TXa"W3<->"W;9,0"

O#$+! S>D>! :1'! ]:**! H>]>! i-==Nj>! V/6:.'13*.7! ()-).(:,B! A*! 1*'(3/6:'13*>! _%&! d#$0\! H:97'!Z/c:K!6#2P:1K>!

!6E:1'*%$[! H>! i5N--j>! S$7371+! :! H744%$:37#1>! C#2%! ],7'%*71%4! <#$! `179%$473K! C3,'%134>!LLL0.*3-0/+0:D-=D303=D]8;I3]=3+]3++.>>!!

!6E:1'*%$[! H>! l! Z,1':K[! D>! i5N--j! @1:'13*.(N! 34! Q)/1.! .*/! C3226*1:.'13*>! @X<#$'\!@X<#$'!`179%$473K!)$%44>!!]$7<<73E4[!D>_>!i5NN(j>!Y#&!3#!&$73%!:!'744%$3:37#1>!`179%$473K!#<!O$7+E3#1>!!UD.>?" [0?" Z8.<.9?" d0?" @.,3993?" Z0" [0?" _.-+8?" W0" C0?" e.-;+3?" H0?" f" V;454<?" _0" O#G!GP0"Y<,-4<+4/?"4=3<,4E43=?".<="/;<,-;993=",>:3+";E"I;,45.,4;<"E;-"+/8;;9"+D*23/,+"4<">;D<A"393I3<,.->" +/8;;9" /849=-3<0"H',&,24- I(*'%35- (6- J)*+3&,(%35- K28+4(5(78L- 9BO%P?" (!!g($&0"_.:EDI;?"d0H"O#GG6P0"01213'+4-?1&4()2-6('-J)*+3&,(%35-M13)1'24,<-?3%371D1%&-3%)-N1A15(<D1%&- K'(7'3DD1- C&*)1%&2#" [./D9,>" ;E" 7=D/.,4;<?" )E-4/." J<453-+4,>0"J<:D*94+83="C;;=.99?" C0U0" O#G!#P0" C-4,4<A" ,83" V./\A-;D<=" .<=" H4A<4E4/.</3" H3/,4;<0"/.+..0D<I03=]=;L<9;.=]V./\A-;D<=h#G.<=h#GH4A<4E4/.</30:=E"""!

!"! ! !!!!!

!6(""

! ! ! ! ! ! ! !),#-"&.!/J!!

.&93&H!'(!.&%#"&1!%3"&.#"0.&!!

!!!!!!!!!!!!!!!!!!!!!!!!D%+74!6E7$%4E%!!!!!!!!!!!!!!!!!i/E7$%4E%tK:E##>/#>,0j!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:1'!!!!!!!!!!!!!!!!!!!!!!.*<$%'!Y>!Z:0,$:!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!i:2:0,$:t,<E>:/>e:!j!!

#YU=?;L=!JE%!%44%1/%!#<!3E74!/E:P3%$!74!3#!#<<%$!K#,!407**4!:1'!43$:3%+7%4!#1!E#&!3#!&$73%!:!$%97%&!#<!*73%$:3,$%!<#$!K#,$!'744%$3:7#1!#$!3E%474>!S%!43:$3!#<<!8K!#,3*7171+!3E%!0%K!/E:P3%$!#8A%/379%4>!.4! K#,! $%:'[! /#1371#,4*K! $%<*%/3! #1! 3E%4%! #8A%/379%4>! JE%! /E:P3%$! 3:0%4! K#,! 3E$#,+E! 3E%!'%<71737#1!#<! a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

/J]4!'Ya>L=W^>U!

.<3%$!&#$071+!3E$#,+E!!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!

• %XP*:71!&E:3!$%97%&71+!*73%$:3,$%!2%:14!#$!%13:7*4!

• #,3*71%!3E%!47+17<7/:1/%!#<!:!$%97%&!#<!$%*:3%'!*73%$:3,$%!

• '%4/$78%!3E%!0%K!/#2P#1%134!#<!:!$%97%&!#<!$%*:3%'!*73%$:3,$%!!

• *743!4#,$/%4!#<!*73%$:3,$%!,4%'!71!:!$%97%&!

• D%*:3%! $%97%&%'! *73%$:3,$%! 3#! 3E%! P$#8*%2! 43:3%2%13^$%4%:$/E!

T,%437#14ÊKP#3E%4%4!#<!K#,$!43,'K>!

!!!!

!66""

!/J]!6!H:;=!WU!;!?>^W>P!O[!?>Q;=>R!QW=>?;=X?>e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i6$#171[!DK:1!l!6#,+E*71[!5NN(j[!#$!4,22:$K!#<!$%4%:$/E!#1!3E%!3#P7/!#<!713%$%43>!Z/Z7**:1!:1'!C/E,2:/E%$!i5N-Nj!97%&!73!:4!:!1:$$:379%!713%$P$%379%!/$737/742!#<!3E%!%X74371+!*73%$:3,$%!&73E!:!97%&!3#!P$#97'71+!:1!,1'%$43:1'71+!#<!3E%!%X74371+!01#&*%'+%>!?3!74!P$%P:$%'!71!#$'%$!3#!P,3!3E%!$%4%:$/E!P$#8*%2!713#!/#13%X3[!#$!3#!7'%137<K!+:P4!:1'!&%:01%44%4!71!43,'7%4!3E:3!&%$%! /:$$7%'! #,3! 8%<#$%! K#,$4>! JE74! %1:8*%4! K#,! 3#! 3:0%! :1'!2:0%! :1! 71<#$2%'! :/:'%27/!43:1'!:<3%$!7'%137<K71+!:!+:P!i3#!8%!<7**%'j!473,:371+!3E%!43,'K!i6E%1:7*[!6##P%$!l!H%47$[!5N-Nj>!c%11%'K! i5NN;\! -B=j! 4,82734! 3E:3! 8%71+! f4K43%2:37/h! 72P*7%4! 3E:3! 3E%! $%97%&%$4! E:9%!fu'%<71%'!3E%!$%4%:$/E!T,%437#1!:4!/*%:$*K!:4!P#4478*%!:1'!E:9%!2:'%!:!/#1/%$3%'!%<<#$3!3#!%14,$%!3E:3!3E%K!E:9%!<#,1'!:**!%97'%1/%!$%*%9:13!3#!3E:3!T,%437#1h>!!OK!3E%!372%!K#,!E:9%!/#2P*%3%'! 3E%! *73%$:3,$%! $%97%&! 4%/37#1[! K#,! 4E#,*'! E:9%! A,437<7%'! 3E%! 1%%'! <#$! :! 1%&!719%437+:37#1!:1'!4E#&1! 3E%! $%*:37#14E7P!8%3&%%1! 3E%!&#$0! 3E:3!E:4!8%%1!'#1%!:1'!&E:3!K#,! :$%! '#71+! 1#&>! .! $%97%&! #<! *73%$:3,$%! :1:*K4%4! 4P%/7<7/! :4P%/34! :1'! /#1/%P34! #<! 3E%!P,8*74E%'!8#'K!#<!01#&*%'+%>!JE74!74!'#1%!3E$#,+E\!!

• 4,22:$7471+[!!• /*:447<K71+[!:1'!!• /#2P:$71+!$%4%:$/E!01#&*%'+%!713#!+79%1!43$:1'4!#<!3E#,+E3>!!

!C,/E!$%4%:$/E!E:4!8%%1!/:$$7%'!#,3!,1'%$!'7<<%$%13!/#1'737#14!:1'!',$71+!'7<<%$%13!%P#/E4!#$!372%4>!?1!%44%1/%[!*73%$:3,$%!:1:*K474!74!:1!#9%$:$/E71+!744,%!<#$!:**!4%/37#14!#<!3E%!$%4%:$/E!$%P#$3!#$!3E%474>!JE%!:87*73K!3#!713%+$:3%!*73%$:3,$%!:4!#1%!%XP*:714!:1'!713%$$#+:3%4!744,%4!71!:**!4%/37#14!74!:!$%<*%/37#1!#<!+##'!4/E#*:$4E7P>!.!$%97%&!#<!*73%$:3,$%!/E:P3%$!74!3E,4[!:!4P%/7:*!4%/37#1!#<!:!$%P#$3!#$!3E%474!:4!P$%4%13%'>!!.//#$'71+!3#!c1#P<!i5NNLj[!:!$%97%&!#<!$%*:3%'! *73%$:3,$%!4%/37#1!E:4!3E%!<#**#&71+!3&#!0%K!%*%2%134\!!

7>!?3!4E#,*'!/#1/74%*K!4,22:$74%!3E%!<71'71+4!#$!/*:724!3E:3!E:9%!%2%$+%'!<$#2!P$7#$!$%4%:$/E!%<<#$34!#1!3E%!4,8A%/3>!!77>!?3!4E#,*'!$%:/E!:!/#1/*,47#1!:8#,3!E#&!://,$:3%!:1'!/#2P*%3%!3E:3!01#&*%'+%!74m!73! 4E#,*'!P$%4%13! K#,$! /#147'%$%'! A,'+%2%134! :8#,3!&E:3! 74! $7+E3[!&E:3! 74!&$#1+[!&E:3!74!71/#1/*,479%!:1'!&E:3!74!274471+!71!3E%!%X74371+!*73%$:3,$%>!!!!!

?1! :''737#1[! 3E%! *73%$:3,$%! 4%/37#1! 713$#',/%4! 3E%! $%4%:$/E%$! 3#! 3E%! a3%/E17/:*! *:1+,:+%! #<!$%4%:$/ER!:1'!3#!3E%!a&$7371+!:1'!/73:37#1!43K*%i4jR!71!3E%7$!<7%*'>!!J#!$%<*%/3!#1!3E%!'%<71737#1!#<!*73%$:3,$%!$%97%&[!4E:$%!K#,$!P%$4#1:*!97%&4!8K!&#$071+!#1!3E74!:/37973K>!!!!

!6B""

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iY#<43%%[!5NNLm!c1#P<[!5NNLm!c%11%'K[!5NN;m!Z/Z7**:1!l!C/E,2:/E%$[!5N-Nm!_#3:$!l!6#*%[!5N-Nj! ! !E:9%!P,3! <#$&:$'!:!1,28%$!#<!8%1%<734!#<!:! $%97%&!#<! $%*:3%'!*73%$:3,$%>!JE%!<#**#&71+!:$%!4#2%!#<!3E%!8%1%<734!#<!:!$%97%&!#<!$%*:3%'!*73%$:3,$%!3E%K!P,3!<#$&:$'>!Q73%$:3,$%!$%97%&\!!

->! $%9%:*4! &E:3! E:4! :*$%:'K! 8%%1! '#1%! &%**[! 4#! 3E:3! K#,! '#! 1#3! &:43%! 372%!f$%719%1371+!3E%!&E%%*h>!

!5>!+79%4!K#,!1%&!7'%:4!K#,!/:1!,4%!71!K#,$!#&1!$%4%:$/E>!!B>!E%*P4!K#,!'%3%$271%!&E%$%!3E%$%!:$%!P$#8*%24!#$!<*:&4!71!%X74371+!$%4%:$/E>!!!G>!%1:8*%4!K#,!3#!'%9%*#P!:!/#1/%P3,:*!#$!3E%#$%37/:*!<$:2%&#$0!<#$!3E%!43,'K>!!

I>!+79%4!K#,!:!+##'!7'%:!#1!E#&!3#!P$%4%13!:1'!:1:*K4%!K#,$!':3:>!!

L>!E%*P4!K#,!$%:/E!:!/#1/*,47#1!:8#,3!E#&!://,$:3%!:1'!/#2P*%3%!3E:3!01#&*%'+%!74>!?3!4E#,*'!P$%4%13!K#,$!/#147'%$%'!A,'+%2%134!:8#,3!&E:3!74!$7+E3[!&E:3!74!&$#1+[!&E:3!74!71/#1/*,479%!:1'!&E:3!74!274471+!71!3E%!%X74371+!*73%$:3,$%!#$!43,'7%4>!!;>!%1:8*%4!K#,! 3#! /#2P7*%!:1'!:44%28*%!P$%97#,4! 43,'7%4!:1'! 71'7/:3%! 3E%! <#$2! 71!&E7/E! 3E%K! :$%! 43#$%'>! D%4%:$/E!2:3%$7:*!2:K!8%! 43#$%'! :1'! $%3$7%9%'! <$#2[! 1*')(!.71.F! A#,$1:*4! 8##04[! ?13%$1%3! ':3:8:4%4[! 1%&4P:P%$4[! 2:+:e71%4[! :$/E79%'! '7:$7%4!:1'!$:'7#!:1'!3%*%9747#1!P$#+$:22%4>!C,/E!:1!:$$:K!P$#97'%4!K#,!&73E!$7/E!4#,$/%4[!:1'!71!3E%!P$#/%44[!%*7271:3%!87:4!#$!#9%$!$%*7:1/%!#1!P:$37/,*:$!4#,$/%4>!!

!BG""

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Ê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d#,! /:1! 3E,4! P*:/%! K#,$! $%4%:$/E! 71! :! *:$+%$! /#13%X3[! 4#!3E:3!K#,!/:1!4E#&!1%&!/#1/*,47#14!<$#2!K#,$!$%4%:$/E>!!

!-->! %1E:1/%4! 3E%! '74/,447#1! P:$3! #<! K#,$! $%4%:$/E>! ?1! K#,$! '74/,447#1[! K#,!&7**! 8%!3%**71+!K#,$!$%:'%$4!:8#,3!&E:3!K#,$!43,'K!E:4!<#,1'\!!

!• &E%3E%$!K#,!:$%!/#1<7$271+!P$%97#,4!<71'71+4m!!• &E%3E%$!K#,!E:9%!<#,1'!4#2%3E71+!1%&m!:1'!• &E%3E%$! &E:3! K#,! E:9%! <#,1'! 74! P:$3! /#1<7$2:37#1! #$! P:$3! $%<,3:37#1! #<!

&E:3!#3E%$!$%4%:$/E%$4!E:9%!<#,1'>!!!d#,!4E#,*'!$%:*74%!3E:3!73!74!72P#4478*%!<#$!K#,!3#!%1+:+%!71!:!2%:171+<,*!'74/,447#1!#<!K#,$!$%4,*34! 7<! K#,!E:9%! :! 40%3/EK! $%97%&!#<! *73%$:3,$%>! JE%! :/37973K! 8%*#&! $%T,7$%4! 3E:3! K#,! $%W%X:271%!3E%!<#$%+#71+!'74/,447#1[!:1'!/#22%13!#1!4#2%!#<!3E%!P#7134!$:74%'>!!#L=W^W=V!/J]4!JE%!<7$43!3E$%%!P#7134!:$%!3E:3!:!$%97%&!#<!$%*:3%'!*73%$:3,$%\!$%9%:*4!&E:3!E:4!:*$%:'K!8%%1!'#1%!&%**m!+79%4!1%&!7'%:4!K#,!/:1!,4%m!E%*P4!K#,!'%3%$271%!&E%$%!3E%$%!:$%!<*:&4!#$!+:P4!71!%X74371+!$%4%:$/E>!OK!/*#4%*K!$%<%$$71+!3#!3E%!3#P7/!K#,!:$%!43,'K71+[!!%XP*:71! 3E%! %X3%13! 3#!&E7/E! 3E%! *73%$:3,$%! K#,! E:9%! $%97%&%'! 4#! <:$! /#2P*7%4!&73E! 3E%4%!3E$%%!%XP%/3:37#14>!!!JE74! :/37973K! /:**4! <#$! 4%*<! %9:*,:37#1>! ?<! K#,! <71'! 3E:3! K#,! :$%! /#2P*7:13!&73E! 3E%! 3E$%%[! 73!2%:14!K#,!:$%!#1! 3$:/0g!_#3%! 3E:3!:*3E#,+E!#1*K! 3E$%%!E:9%!8%%1! 471+*%'!#,3!#<! 3%1[! K#,!4E#,*'!/:$$K!#,3!:!4727*:$!%9:*,:37#1!%X%$/74%!&73E!3E%!$%43>!!

!B!""

JE%!1%X3!T,%437#1!&%!4E#,*'!:''$%44!74\!SE:3!:$%!3E%!0%K!/#2P#1%134!#<!:!$%97%&!#<!$%*:3%'!*73%$:3,$%U!

!/J]@!":>!M>V!LOT<ON>N=U!O[!;!QW=>?;=X?>!?>^W>P!?1! 2:071+! :! '%3%$271:37#1! #<! 0%K! /#2P#1%134! #<! *73%$:3,$%! $%97%&[! :14&%$71+! 3E%4%!T,%437#14!/:1!8%!:!,4%<,*!+,7'%\!!!

W!SE:3!'#%4!3E%!*73%$:3,$%!$%97%&!'#U!!W!SE:3!74!73!3E:3!K#,!$%97%&U!!W!SE:3!4E#,*'!8%!71/*,'%'!#$!#2733%'U!!W!Y#&!'#!&%!://%44!3E7$'WP:$3K!4#,$/%4!71!#,$!&#$0!i6E%1:7*!%3!:*>[!5N-NjU!!W!Y#&!'#!K#,!'#!73U!!

!.14&%$4!3#!3E%4%!T,%437#14!:$%!%1/:P4,*:3%'!8K!6$#171[!DK:1!:1'!6#,+E*:1!i5NN(\!B(j!&E#!4,8273!3E:3!3E%!:87*73K!3#!$%97%&!*73%$:3,$%!!!

u'%2:1'4! /#2P*%X! $:1+%! #<! 407**4[! 4,/E! :4! E#&! 3#! '%<71%! 3#P7/4! <#$!%XP*#$:37#1[!:/T,7$71+!407**4!#<!*73%$:3,$%!4%:$/E71+!:1'!$%3$7%9:*[!'%9%*#P71+!3E%! :87*73K! 3#! :1:*K4%! :1'! 4K13E%474%! ':3:! :4! &%**! :4! 8%/#271+! :'%P3! :3!&$7371+!:1'!$%P#$371+[!#<3%1!&73E71!:!*7273%'!372%!4/:*%!!

.1!72P#$3:13!:4P%/3!74!3#!0%%P!K#,$!*73%$:3,$%!$%97%&!<#/,4%'!:1'!2:1:+%:8*%!i6$#171!%3!:*>[!5NN(j!8K!'%9%*#P71+!4,8E%:'71+4!*:$+%*K!<$#2!3E%!4,8!$%4%:$/E!T,%437#14!#$!#8A%/379%4!3E:3!K#,! &7**! E:9%! P#4%'! i6E7$%4E%[! 5N-Nj>! JE,4[! 3E%! 4,8E%:'71+4! :$%! '%$79%'! <$#2! 3E%! 4,8!$%4%:$/E!T,%437#14!#$!#8A%/379%4!4P%*3!#,3!71!3E%!713$#',/3#$K!/E:P3%$!#<!3E%!$%4%:$/E!&$73%W,P>! ?1! 4E#$3[! $%97%&! #1*K! 3E:3!&E7/E! 74! $%*:3%'! 3#! K#,$! 43,'Kg! Y%1/%[!&%! 4,++%43! 3E:3! 3E%!/E:P3%$!E%:'71+!4E#,*'!$%:'!3#=&#T)+R)"#9%/#6)9&/#"%/,"#!:1'!1#3!d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d#,!/:1!3E%1!$%2#9%!3E%!4,8E%:'71+4!:<3%$!K#,!:$%!4:374<7%'!&73E!3E%!43$,/3,$%!#<!K#,$!$%97%&>!!!_#&[!/#271+!3#!#,$!%:$*7%$!T,%437#1\!SE:3!:$%!3E%!/#2P#1%134!#$!%*%2%134!#<!:!$%97%&U!?1!:14&%$71+!3E74!T,%437#1[!*%3!,4!:44,2%!3E:3!3E%!$%4%:$/E%$!74!$%4%:$/E71+!#1\!!!

Q.*.+)2)*'! 34! :,17/! -)O6.7! .D6-)! :.-)-! DN! 4)2.7)! <(12.(N! -:,337! ,)./-! 1*!f12D.D=)>!!

!JE%!/#2P#1%134!#<!3E%!$%97%&!<#$!4,/E!:!3#P7/!&7**!8%\!!

W!3E%!P$#8*%2[!!W!3E%!#8A%/3!#<!43,'K[!!W!3E%!9:$7:8*%4[!:1'!!W!3E%!+:P!&E7/E!K#,$!43,'K!4%%04!3#!/*#4%>!!

!S%!1#&!%X:271%!%:/E!#1%!4%P:$:3%*K>!!

!B#""

-> R,)! <(3D7)2! 71! #,$! %X:2P*%! 74! 3E%! C,17/! -)O6.7! .D6-)! 4/#,$+%>!S%! /:1! '744%/3! 3E%!P$#8*%2!8K!:$+,71+!#$!'%',/71+!3E:3!3E%!:,17/!74!:!P$72:$K!4/E##*!P,P7*>!Y%1/%[!&%!/:1!$%97%&! *73%$:3,$%! #1!C,17/! -)O6.7! .D6-)! 34! <(12.(N! -:,337! <6<17-! #$! 8%33%$! 437**!C,17/!-)O6.7!.D6-)!34!f12D.D=).*!<(12.(N!-:,337!<6<17-#!S%!/:1!:*4#!*##0!<#$!*73%$:3,$%!#1!C,17/! .D6-)! #$! &)O6.7! .D6-)! i71! 4/E##*4j>! d#,! 2:K! :*4#! *##0! <#$! 4K1#1K24! #<!&#$'4^'%4/$7P3#$4! 4,/E! :4! >6<17! :1'! AD6-)#! JE%! &#$'4! 0).(*)(! :1'! Q37)-'.'13*! #$!A++()--13*! $%4P%/379%*K! /#2%! 3#!271'>! d#,! ://#$'71+*K! 4%:$/E! *73%$:3,$%! /#13:7171+!4,/E!&#$'4!#$!'%4/$7P3#$4>!!!

5> R,)! 3DZ):'H-! 34! -'6/N! 74! _)2.7)! <(12.(N! -:,337! ,)./-#! JE%! #8A%/3! #<! 43,'K! 74! 3E%!#13#*#+7/:*!#$!,179%$4:*!P$%274%!#<! 3E%! 43,'K>! ?3! 74! 3E:3! a*7971+! 3E71+R! :$#,1'!&E7/E!:!43,'K! $%9#*9%4! #$! /%13$%4>! ?1! 4%:$/E71+! <#$! *73%$:3,$%! K#,!2:K! :*4#! *##0! <#$!\32)*!V7)2)*'.(N!-:,337!<(1*:1<.7-!:4!$%+:$'4!3E%7$! *%:'%$4E7P!43K*%4!i#$!%9%1!2:1:+%2%13!43K*%4j>! O%33%$! 437**[! K#,!2:K!8$#:'%1! K#,$! $%97%&!8K! *##071+! :3! Q%:'%$4E7P! 43K*%4! #<!2:*%!P$71/7P:*4^4/E##*!E%:'4!#$!E%:'2:43%$4!71!:1K!/#,13$K>!"71'!#,3!&E:3!*73%$:3,$%!4:K4!:8#,3!E#&!3E%K!2:1:+%!#$!E:1'*%!/E7*'!4%X,:*!:8,4%!/:4%4!71!3E%7$!4/E##*4>!

!!

B> R,)! 8.(1.D7)-B! d#,! :$%! :*4#! :8*%! 3#! <#/,4! #1! 3E%! 0%K! 9:$7:8*%4! #<! K#,$! 43,'K>! ?1! #,$!%X:2P*%[! 9:$7:8*%4! #<! 713%$%43! :$%\!Q.*.+)2)*'! S#<! 6E7*'! 4%X,:*! :8,4%! /:4%4j! :1'!_)2.7)!iP$72:$K!4/E##*j!,)./->!?3!2:K!8%!71/,28%13!,P#1!K#,!3#!/#143$,/3!#$!/$%:3%!3E%!9:$7:8*%4!#<!713%$%43!7<!K#,$!3#P7/!'#%4!1#3!/:3%+#$7/:**K!$%9%:*!3E%!'%P%1'%13!:1'!71'%P%1'%13! 9:$7:8*%>! CE#&! 3E%! 713%$<:/%!8%3&%%1! 3E%! 9:$7:8*%4>! ?1!#,$!%X:2P*%[! 71!#$'%$!3#!/*%:$*K!<#/,4!#,$!43,'K[!&%!&#,*'!4,++%43!9:$7:8*%4!4,/E!:4\!!!!

• 2.*.+)2)*'!-'N7)-!34!4)2.7)!-:,337!,)./-o!.*/!• 7)./)(-,1<!-'N7)-!./3<')/!DN!4)2.7)!-:,337!,)./-#!!

!O#3E! 3E%! :8#9%! 3&#[! :$%! %X:2P*%4! #<! &'6#$#'6#'/) =%"&%S9#[! +") &'$,/) =%"&%S9#>! "$#2! 3E%!<#$%+#71+!3#P7/[!3E%!/:4%4!8%71+!2:1:+%'[!:$%!:1!%X:2P*%!#<!6#$#'6#'/)+")+,/$,/)=%"&%S9#>!JE%! /:4%4! :$%! 2%:4,$:8*%! i71'797',:**Kj! :1'! /#1/*,47#14! /:1! '$:&1! :8#,3! 3E%! %<<%/3! #<!2:1:+%2%13>!

!!

?1!4#2%!373*%4[!9:$7:8*%4!2:K!8%!/*%:$*K!43:3%'>!FX:2P*%4!3E:3!/#2%!3#!271'!iWN!YOQRj!:$%\!!R,)!)44):'!34!4+8#)S%1`("+,'6!3*!%1%6#8&1)$#"R+"8%'1#!#$!!R,)! ()7.'13*-,1<! D)'=))*! .,$#"=&.+".@) $#".+'%9&/:! .*/! ',)! 1+8$9#/&+') "%/#! 34!<3-'+(./6.')!-'6/)*'-!1*!&36',!A4(1:.#!!

!?1! 3E%4%! %X:2P*%4[! A:./)21:! <)(43(2.*:)! :1'! C32<7)'13*! (.')! :$%! 3E%! '%P%1'%13!i%X#+%1#,4j!9:$7:8*%4!&E7*%!W32)!D.:K+(36*/!:1'!&6<)(81-3(-a!<)(-3*.71'N!:$%!71'%P%1'%13!i%1'#+%1#,4j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

!

!B$""

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i3E%!3E71+!K#,!&7**!8%!43,'K71+j>!@8A%/379%!#<!3E%!43,'K!$%<%$4!3#!3E%!$%:4#14!<#$!,1'%$3:071+!3E%!$%4%:$/E>!!!!/J]C!h5;<b!WN=O!P:WL:!VOX?!U=XRV![W=U!!d#,$! *73%$:3,$%! $%97%&! 4E#&4! 3E%! fS;<h! 713#! &E7/E! K#,$! 43,'K! <734! i6E%1:7*[! %3! :*>[! 5N-Nm!c1#P<[! 5NNLm!Z:P<,2#[! 5NN;j>! ?3! 4E#&4! 3E74! 8K! 71'7/:371+!&E:3!#3E%$! 3E710%$4! 71! 3E%! :$%:!E:9%!'#1%!:1'!3E%$%<#$%!&E:3!K#,!713%1'!3#!'#!K#,$4%*<>!JE%$%!:$%!#3E%$! 72P#$3:13!a+:P4R!3E:3! K#,[! :4! :! $%4%:$/E%$!2:K!&:13! 3#! <7**>! C,/E! a+:P4R[! :$%[! 71!%44%1/%[! :1!:''737#1! 3#! 3E%!%X74371+! 8#'K! #<! 01#&*%'+%! 71! 3E%! :$%:! 8%71+! 719%437+:3%'>! JE%! <#**#&71+! :$%! 7**,43$:379%!iZ:P<,2#[!5NN;j\!!!

i:j C3*:)<'6.7! +.<B!&E%$%! 3E%! /#1/%P3! 3E:3!&:4! 719%437+:3%'!2:K!E:9%!8%%1!'%<71%'!:1'!3E%$%<#$%!,1'%$43##'!'7<<%$%13*K>!?2:+71%!<#$!7143:1/%!3E:3!:!<#$2%$!$%4%:$/E%$!&#$0%'!#1!2#379:37#1!#<!43:<<!:3!:!&#$0!P*:/%!:1'!3E%!#1*K!2%:171+!#<!2#379:37#1!,4%'! <#$! 3E:3! 43,'K! &:4! :33%1':1/%! :3! &#$0>! d#,! 2:K! &:13! 3#! P$#97'%! :! 2#$%!%1/#2P:4471+! '%<71737#1! #<! 2#379:37#1[! :1'! /:$$7%'! #,3! :! 4727*:$! 43,'K! 3#! 4%%!&E%3E%$!#$!1#3!3E%!$%4,*34!K#,!+%3!&7**!8%!/#2P:$:8*%>!d#,!2%137#1!71!K#,$!$%97%&!3E:3! K#,! :$%! '%<7171+!2#379:37#1! '7<<%$%13*K! <$#2! 3E%!&:K! 73! &:4! '%<71%'! 8K! K#,$!P$%'%/%44#$4>!

!!i8j![)3+(.<,1:.7!+.<\!&E%$%!:!9:$7:8*%!2:K!E:9%!8%%1!$%4%:$/E%'!71!4#2%!/#,13$7%4!:1'!1#3! 71!#3E%$4>!J:071+!3E%!%X:2P*%4! 71!-!:1'!B!:8#9%[!K#,!2:K!1%%'!3#!$%97%&!*73%$:3,$%! <$#2! /#,13$7%4! #3E%$! 3E:1! n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i/:$$K71+!73!#,3!:4!/*#4%*K!:4!P#4478*%!3#!3E%!&:K! 73!&:4! /:$$7%'!#,3! 71!#3E%$! /#,13$7%4Uj! d#,!1%%'! 3#!P#713!#,3! :**! 3E74!8%/:,4%!3E:3!74!&E:3!4E#&4!3E%!/#11%/37#1!8%3&%%1!K#,$!&#$0!:1'!3E%!&#$0!3E:3!&:4!'#1%!8K!#3E%$!P%#P*%!8%<#$%!K#,>!!!i/j!A!2)',3/373+1:.7! +.<!&E%$%[! <#$! 7143:1/%[! /%$3:71! $%4%:$/E! '%47+1!&%$%! i#9%$j!,4%'!&E7*%!#3E%$4!&%$%!1#3!,4%'>!JE%!4,$9%K!$%4%:$/E!2:K!E:9%!8%%1!,4%'!#9%$!:1'!#9%$! 71! /%$3:71! 2:33%$4! #<! %',/:37#1:*! $%4%:$/E! :1'! <%&! #$! 1#! 43,'7%4! 2:K! E:9%!8%%1! /:$$7%'! #,3! ,471+! 3E%! %XP%$72%13:*!2%3E#'! #$! /:4%! 43,'K>! C#2%! 4,P%$974#$4!

!B%""

2:K! E:9%! /#2P%**%'! P:43! 43,'%134! i4,P%$974%%4j! 3#! ,4%! :! P:$37/,*:$! iP$%<%$$%'j!2%3E#'#*#+K!:1'!K#,!&74E!3#!3$K!#,3!:!'7<<%$%13!#1%>!d#,!3E,4!1%%'!3#!43:3%!:**!3E74!71! K#,$! *73%$:3,$%! $%97%&! 3#! &:$$:13! K#,$! P$%<%$$%'! '%47+1>! .4! :1! :,3E#$[! K#,$!2%3E#'#*#+7/:*! /E#7/%4! P:$37/,*:$*K!2%3E#'#*#+K! :1'! '%47+1! 4E#,*'! 8%! /#11%/3%'!i6E%1:7*[!%3!:*>[!5N-Nj!

i'j! >3<67.'13*! 3(! -.2<7)! +.<! &E%$%! /%$3:71! 43,'7%4! &%$%! $%43$7/3%'! 3#! /%$3:71!P#P,*:37#14!:1'!1#3!%X3%1'%'!3#!#3E%$4>!.1!%X:2P*%!74!P%$E:P4!3E:3!473,:37#1!&E%$%!/%$3:71! P%#P*%! :$%! 43,'7%'! 2,/E! 2#$%! 3E:1! #3E%$4! %>+>! 43,'K71+! 3E%! P##$! &73E!$%4P%/3! 3#!3E%!Y?M!P:1'%27/!:1'!1#3! 3E%!$7/Em!#$!43,'K71+!2:*%!4/E##*!E%:'4!3E:1!<%2:*%!4/E##*!E%:'4>!

i%j!A!'12)!D36*/!+.<B!JE74!74!&E%$%!3E%!+:P!E:4!:$74%1!8%/:,4%!3E%!4#$3!#<!$%4%:$/E!3E:3! K#,! 713%1'! 3#! /:$$K! #,3! 1#&! &:4! /:$$7%'! #,3! 4#2%! 372%! :+#>! .4! 4,/E[! K#,!4,4P%/3!3E:3!4#2%!9:$7:8*%4!E:9%!/E:1+%'!:1'!K#,!&74E!3#!<71'!#,3!&E%3E%$!#$!1#3!K#,$!#$!#3E%$!P%#P*%4R!4,4P7/7#1!74!8#$1%!#,3!8K!3E%!$%4,*34!#$!#3E%$!:4P%/34!#<!3E%!43,'K>!JE74!74!2#$%!/#22#1!71!*#1+73,'71:*!43,'7%4>!

i<j! A! /1-:1<71*)! +.<\! C3,'7%4! :$%! +%1%$:**K! '74/7P*71%! #$! 4,8A%/3! 4P%/7<7/>! C#2%!/#1/%P34!3%1'!3#!8%!/#1/%13$:3%'!71!4#2%!'74/7P*71%4!3E:1!#3E%$4>!"#$!7143:1/%[!3E%!P%#P*%!&E#!E:9%!8%%1!/:$$K71+!#,3!43,'7%4!#1! 3E%!%<<%/3!#<! 4#/7#W%/#1#27/!43:3,4!#1!:/:'%27/!P%$<#$2:1/%!&%$%!%',/:37#1:*!P4K/E#*#+7434!:1'!K#,!:$%!:!4#/7#*#+743>!d#,!27+E3!3E%1!&74E!3#!%13%$!:1!:$%:!3E:3!E:4!8%%1!'#271:3%'!8K!P%#P*%!&E#!f'#!1#3! 4P%:0! K#,$! *:1+,:+%h>! d#,! 4,4P%/3! 3E:3! 7<! K#,! /:$$K! 3E%! %K%4! :1'! %:$4! #<! 3E%!4#/7#*#+743! 713#!3E%!:$%:!K#,!2:K!/#2%!,P!&73E! 713%$%4371+! <71'71+4>!C#2%!:,3E#$4!3%1'!3#!'#271:3%!#$!:$%!:44#/7:3%'!&73E!/%$3:71!:$%:4!i'74/7P*71%!+,$,4j!:1'!K#,!2:K!&74E! 3#! 2:0%! K#,$! 2:$0! 71! 3E:3! '74/7P*71%>! Y%1/%[! K#,! /E:**%1+%! 3E%! 3$:'737#1:*!'74/7P*71:$K! /#19%137#14! 3E$#,+E! $%<#/,471+! #$! +$#,1'71+! 4#2%! 9:$7:8*%4! 71! K#,$!P:$37/,*:$!'74/7P*71%>!

?1!#,$!97%&[!3E%4%!:$%!9%$K!7143$,/379%!7'%:4!:8#,3!$%4%:$/E!+:P4>!Z:1K!43,'%134!2744!#,3!#1!3E74!:4P%/3[!4#!&%!4,++%43!3E:3!K#,!43,'K!3E%4%!/*#4%*K!:1'!71'7/:3%!&E7/E!#1%i4j!P%$3:71!3#!K#,$!:$%:!#<!43,'K>!

JE%$%!27+E3!8%!:4P%/34!#<!:!3#P7/!3E:3!$%4%:$/E%$4!27+E3!E:9%!1#3!%X:271%'!K%3>!SE7/E%9%$!+:P!K#,!3E710!74!&#$3E!<7**71+!3E%!<:/3!$%2:714!3E:3!73!74!:!01#&*%'+%!+:P>!JE%$%!2,43!/*%:$*K!8%!:!+:PW$%*:3%'!$:37#1:*%!<#$!K#,!3#!/:$$K!#,3!K#,$!43,'K>!JE%!+:P!'#%4!1#3!4P%:0!<#$!734%*<!8,3!K#,!E:9%!3#!3%**!K#,$!$%:'%$!&E%$%!3E%!+:P!74[!:1'!&E:3!3KP%!73! 74!i6E%1:7*!%3!:*>[!5N-Nm!Z:P<,2#[!5NN;j>!?<!K#,!'#!1#3!'#!3E:3[!K#,!2:K!8%!4,4P%/3%'!#<!43,'K71+!:1!:$%:!&E%$%!:**!3E%!:14&%$4!:$%!:*$%:'K!01#&1>!Y7+E*7+E371+! 3E%!+:P4!'%2#143$:3%4!E#&!K#,$! *73%$:3,$%! 74!$%*:3%'! 3#! K#,$! 43,'K>! JE%!87++%43! %$$#$! 74! 3#!P$%4%13! *73%$:3,$%!&73E#,3! 4E#&71+!E#&! 73! 74!$%*:3%'! 3#! K#,$! 43,'K>! C,/E! :1! %$$#$! $%1'%$4! K#,$! $%97%&! #$! a43,'KR! :! +*#$7<7%'! :/:'%27/!:447+12%13!4#2%3E71+!&%!1%%'!3#!:9#7'!:4!P#43+$:',:3%!43,'%134>!

/J]D!-?>U>N=WNS!=:>!?>^W>P!O[!?>Q;=>R!QW=>?;=X?>!O%<#$%!+%3371+! 713#!3E%!8,471%44!#<!P,3371+! 3E%!$%97%&!#<! $%*:3%'! *73%$:3,$%!3#+%3E%$[! *%3!,4!4E:$%! &73E! K#,! 4#2%! #<! 3E%! '72%147#14! 3E:3! 2:0%! 73! 2#$%! $7+#$#,4>! d#,! 2:K! /#147'%$!/:$$K71+!3E%4%!'72%147#14!71!K#,$!E%:'!:4!K#,!&$73%!K#,!*73%$:3,$%!$%97%&!iZ:P<,2#[!5NN;j>!

!0 JE#$#,+E1%44!:1'!/#2P*%3%1%44!#0 Q#+7/\!.!4K43%2:37/!:PP$#:/E!3#!P$%4%1371+!3E%!71<#$2:37#1!

!B&""

$0 D%/%1/K!#<! 3E%!2:3%$7:*! 3E:3! 74! $%97%&%'\! *:3%43! P,8*7/:37#14! iP$%<%$:8*K! P,8*74E%'!&73E71!3E%!*:43!<79%!K%:$4j!+79%!K#,$!$%97%&!4#2%!:/:'%27/!/*#,3>!

%0 @$7+71:*73K!#<!3E%!$%4%:$/E%4!3E:3!:$%!8%71+!$%97%&%'!&0 FX:27171+!#<!P$72:$K!$:3E%$!3E:1!4%/#1':$K!4#,$/%4!'0 6$737/:*!:PP$:74:*!#<!3E%!2:3%$7:*!8%71+!$%97%&%'!(0 O,7*'71+!:!/:4%!<#$!3E%!1%&!43,'K>!JE74!2:K!8%!:$37/,*:3%'!71!3E%!2%3E#'#*#+K>!d#,!

2:K!&:13!3#!:40!K#,$4%*<!7<!#$!1#3!3E%!/:4%!74!71!3E%!1%&!+%#+$:PE7/:*!:$%:!71!&E7/E!73! 74!8%71+!/:$$7%'!#,3!#$! 7<! 73! *7%4!&73E!:!1%&!P#P,*:37#1!#$!:!1%&!4:2P*%!#$!&73E!:!1%&!43:37437/:*!:1:*K474>!

!.1!%7+E3E!'72%147#1!2:K!8%!:''%'[!1:2%*K\!!!!!!!!!(>!M:$7%'!4#,$/%4\!3%X38##04[!A#,$1:*4[!:1'!/$%'78*%!&%8473%4>! ! !

.!$%97%&!#<!$%*:3%'!*73%$:3,$%!4E#,*'!72P#4%!4#2%!713%**%/3,:*!#$'%$!#1!3E%!2:3%$7:*!ic1#P<[!5NNLj>!!d#,!4E#,*'!+$#,P!71'797',:*!43,'7%4!713#!*:$+%$!f/:2P4h!#$!f4/E##*4!#<!3E#,+E3h>!d#,!/:1!'#!3E74!71!3%$24!#<!'7<<%$%13!2%3E#'#*#+7/:*!:PP$#:/E%4!3E%K!3:0%[!#$!'7<<%$%13!P#*7/7%4!3E%K!<:9#,$!#$!'74/7P*71%4!#$!8:/0+$#,1'!#<!:,3E#$4W!:/:'%27/4!9%$4,4!+#9%$12%13!#<<7/7:*4[!P4K/E#*#+7434!9%$4,4!%/#1#27434!%3/>!

?<! K#,! +$#,P! 4727*:$! 43,'7%4! 3#+%3E%$[! $:3E%$! 3E:1! '74/,44! 3E$%%! *70%W271'%'! :,3E#$4!4%P:$:3%*K! 71! 3E$%%! 4,//%4479%! P:$:+$:PE4[! K#,! /:1!2%137#1! :**! 3E$%%! 3#+%3E%$! 71! :! 471+*%!4%13%1/%!4,/E!:4!|[!d!:1'!n!:$+,%!3E:3!P#*7/K!O!E:4!8%%1!71%<<%/379%!:1'!P$#P#4%4!P#*7/K!M!7143%:'!ic1#P<[!5NNL\-5=j>!S%!E:9%!+79%1!K#,!:1!%X:2P*%!71!3E%!4%/37#1!3E:3!<#**#&4>!

BNMHMB)?+8#)#Q%8$9#.)+R)$"#.#'/&'()/4#)"#=&#T)+R)"#9%/#6)9&/#"%/,"#)JE%!407**!#<!/$%:371+!:!+##'!$%97%&!#<! *73%$:3,$%! 74!%9%$K!P#43+$:',:3%!43,'%13R4!17+E32:$%>!Y#&%9%$[!7<!#1%!$%*7+7#,4*K!71/*,'%4!3E%!/#2P#1%134!4,++%43%'!%:$*7%$!71!K#,$!$%97%&!&%!<%%*!3E:3!K#,!2:K!/#2%!,P!&73E!:!+##'!$%97%&>!S%!P$#97'%!K#,!E%$%!&73E!:!<%&!%X:2P*%4!#<!E#&!K#,!2:K!'#!K#,$!$%97%&>!@,$!<7$43!%X:2P*%!<$#2!6E7$%4E%!i5N-5j!$%9%:*4!E#&!=:>!<?OYQ>T!/:1!8%!:''$%44%'!#$! /#13%X3,:*74%'! 71!:! $%97%&>! !Y%! 4:K4! 3E:3! 3E%$%!E:9%!8%%1! $%P#$34!#1!*#&!3E$#,+EP,3!$:3%4!:2#1+!P#43+$:',:3%!43,'%134!iZ,3:*:[!5NN=:m!cE:1[!5NN=m!6#,1/7*!#1!Y7+E%$!F',/:37#1!i6YFj!i5NN=j>!!!JE%!aP$#8*%2R!71!3E%4%!43,'7%4!74! 73=!',(36+,<6'!(.')-#!JE%!9:$7:8*%4!:$%!',(36+,<6'!(.')-!:1'!<3-'+(./6.')!-'6/)*'->! ?1!:1#3E%$!/:P37#1!#<!3E%!4:2%!43,'K[!6E7$%4E%!:$37/,*:3%4!3E%!P$#8*%2!#<!<3-'+(./6.')!-'6/)*'-a!.''1'6/)-!'3=.(/-!-6<)(81-13*!%*4%&E%$%! 71!3E%!3%X3!8K!P#47371+\!!

Q%4471+! :1'! C/E,*e%! i5NN5j! 719%437+:3%'! 3E%! P%$/%P37#14! #<! P#43+$:',:3%!43,'%134!&E#!E:'! /#2P*%3%'! 3E%7$! 43,'7%4! 3#&:$'4! 3E%! 4,P%$9747#1! 3E%K! E:'!$%/%79%'>!!!

?1!:1#3E%$!%X:2P*%!&E%$%!3E%!<(3D7)2!&:4!/E7*'!:8,4%[!Z:0,$:!:1'!n7$%9:!i5N--j!&$#3%\!!

.!4,843:137:*!8#'K!#<!*73%$:3,$%!4,PP#$34!3E%!%X743%1/%!#<!9:$7#,4!<#$24!#<!E,2:1!:8,4%!71!3E%!n728:8&%:1!%',/:37#1!4K43%2!i6E7$#$#[!M707[!"$#'7[!Z,$#2#[!l!J47+:E[!5NNLm!Z:0,$:!l!CE,28:[!5NN=m!Z:P<,2#[!CE,28:[!l!6E7$%4E%[!5NN;m!CE,28:[!-===[!5NNN[!5NNG:[!8[!5NNLm!CE,28:!%3!:*>[!5NN(m!n71'7!l!CE,28:[!-===j>!!

!B'""

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i-===j!#1!n728:8&%!:1'!Q%4#3E#!<%2:*%!P$72:$K!4/E##*!E%:'4!74!7**,43$:379%\!!! A! -'6/N! DN! >)()'323/)! .*/! A+6! S%eebT! 43:6-)/! 3*! <(1*:1<.7-a! 1*-'(6:'13*.7!

<(3+(.22)!2.*.+)2)*'!<)(43(2.*:)!.-!<)(:)18)/!DN!').:,)(-!1*!d1+)(1.!3*!',)!D.-1-!34!+)*/)(#!M-1*+!.! -.2<7)!34!"c!<(1*:1<.7-!.*/!$eb! ').:,)(-F! ',)N!./21*1-')()/! .! pH%2#+$:PE7/! ':3:! T,%437#11:7$%h! 43(! <(1*:1<.7-! .*/! .!').:,)(-a! Y6)-'13**.1()! '1'7)/! p)$71/7P:*4! ?143$,/37#1:*! Z:1:+%2%13!)%$<#$2:1/%! 71! D79%$4! C3:3%h! ()-<):'18)7NF! '3! -371:1'! /.'.! 43(! ',)! -'6/N#! R,)!/.'.! :377):')/! =)()! '().')/! 6-1*+! /)-:(1<'18)! .*/! 1*4)()*'1.7! -'.'1-'1:-#! R,)!41*/1*+-! -,3=)/! ',.'! <(1*:1<.7-a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

!JE%! P$%/%'71+! /:P37#1! $%9%:*4! 3E%! 43,'K! 373*%[! &E%$%! /#1',/3%'! i+%#+$:PE7/! *#/:37#1j[!4:2P*%! 47e%[! 7143$,2%134!,4%'[!':3:!:1:*K474! 3%/E17T,%4!:1'! $%4,*34>!JE%4%!':3:!&7**! :44743!K#,!71!f3E%!'74/,447#1!#<!K#,$!$%4,*34h!ib%+%'%[!-==I\!GGj>!JE%!$%97%&!:8#9%!74!3E#$#,+E!:1'!/#2P*%3%! :4! 73! /#13:714! 3E%! 0%K! $%97%&! /#2P#1%134>! JE%! 71<#$2:37#1! 74! :*4#! P$%4%13%'!*#+7/:**K! i<$#2! 373*%[! P$#8*%2! 3#! $%4,*34j>!Y#&%9%$[! 3E%! -==N! :$37/*%!&:4! $%97%&%'! 71! -===!$%1'%$71+! 734! /#13%13! $%*:379%*K! #84#*%3%>! d#,! 1%%'! 3#! $%97%&! $%/%13! *73%$:3,$%>! .! 1%&!'72%147#1!71!3E%!$%97%&!%X:2P*%!:8#9%!$%*:3%4!3#!P$#97'71+!:!P%$4#1:*!/#22%13!#$!#P717#1!i8K!K#,!3E%!:,3E#$j>!JE%!*:43!4%13%1/%!71!#,$!%X:2P*%!74!3E%!&$73%$R4!#P717#1>!JE74!74!P:$3!:1'!P:$/%*!#<!3E%!/$737T,%>!?3!74!3E%!/#1/%P3,:*!a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i:1'!/#19%$+%1/%j!:1'!4E#&!E#&!3E%4%!71<#$2!K#,$!43,'K>!O%*#&!74!:!3KP7/:*!:1'!/*:447/!%X:2P*%!%X3$:/3%'!<$#2!CE,28:!i-===\!BBBj!/#22%1371+!#1!3E%!$%*:37#14E7P!8%3&%%1!S%43%$1!:1'!71'7+%1#,4!3E#,+E3!:4!P%$/%79%'!8K!4/7%1/%!3%:/E%$4\!!!

\,17)!W3('3*!S%ec%T!.(+6)/!',.'!',)()!1-!23()!-1217.(1'N!D)'=))*!'(./1'13*.7!.*/! -:1)*'141:! D)71)4-! ',.*! .*',(3<373+1-'-! ,.8)! 2./)! 36'F! G.K6D6! S%ee^T!-6++)-')/!',.'!',)!/144)()*:)-!D)'=))*!1*/1+)*36-!',36+,'!.*/!<(.:'1:)!.*/!\)-')(*! -:1)*:)! .()! ().7! .*/! <3-)! <(3D7)2-! 43(! )8)(ND3/N#! C3*-:)Y6)*'7NF!',)-)!D73:K-!'3!4.7-141.D171'N!()-67'! 1*!',)! 718)-!34!',)!<)3<7)!D)1*+!/)<)*/)*'!3*! 1*/1+)*36-! ',36+,'! .*/! <(.:'1:)! =,)()! +)*)(.77NF! ',)! '):,*1Y6)-! .*/!'):,*373+1)-! 6-)/! 1*! ',)! 4.(! <.-'! .()! :3*'1*6.77N! .<<71)/! 1*! <()-)*'!

!B(""

:1(:62-'.*:)-! =1',! 71''7)! 23/141:.'13*! 3(! :,.*+)#! C3D)(*! S%ee^.TF! W3('3*!S%ec%TF! .*/! G.K6D6! S%ee^T! *3')/F! ,3=)8)(F! ',.'! ',)! /144)()*:)-! 1*! :67'6(.7!<)(-<):'18)-! 26-'! *3'! D)! :3*-'(6)/! '3! -6++)-'! ',.'! \)-')(*1g)/! -:1)*'141:!(.'13*.71'N! 1-! 1,)()*'7N! +33/! 3(! ',.'! <)3<7)! 36+,'! '3! .D./3*! 1*/1+)*36-!:67'6(.7!D)71)4-!'3!)2D(.:)!1'#!

!Y%$%!74!:1!:/37973K!3#!%1:8*%!K#,!3#!4E:$%!K#,$!P%$/%P37#14>!!#L=W^W=V!/J]8!:>!SEK!'#!K#,!3E710!$%/%1/K!#<!$%*:3%'!*73%$:3,$%!74!/$737/:*!71!3E%!$%97%&U!!8>!C,P%$974#$4!%XP%/3!K#,!3#!9:$K!K#,$!4#,$/%4!i3%X38##04[!A#,$1:*4[!&%8473%4[!:1'!#3E%$!4#,$/%4j>!SEK!'#!K#,!3E710!3E74!74!72P#$3:13U!!!D%/%1/K! 74! 72P#$3:13! 8%/:,4%! 73! 4E#&4! 3E:3! K#,! :$%! 71! 3#,/E! &73E! *:3%43!'%9%*#P2%134!71!3E%!<7%*'>!JE74!'#%4!1#3[!E#&%9%$[!2%:1!3E:3!$%4%:$/E%4!#<!*#1+!:+#!:$%!7$$%*%9:13>!.!+##'!%X:2P*%!74!3E%!&#$0!#<!C0711%$i-=--j!#1!$%71<#$/%2%13!71!3E%!/#13%X3!#<!*%:$171+>!iC%%!Y#$3#1!i-=;-j!71!CE,28:R4!i-===j!%X:2P*%!:8#9%j>!S%!/:**!3E74! :! 4%271:*! &#$0! 3#! &E7/E! &%! /:1! /#1371,%! 3#! 2:0%! $%<%$%1/%>! M:$K71+! K#,$!4#,$/%4! 47+17<7%4! 4/E#*:$4E7P>! JE%$%! 74! :! 4/E##*! #<! 3E#,+E3[!&E7/E! %1/#,$:+%4!2#$%!$%<%$%1/%4!3#!A#,$1:*!:$37/*%4!8%/:,4%!#<!3E%7$!$%/%1/K>!!!/J]G!AX>U=WONU!=O!;UM!;NR!;NUP>?!WN!;!?>^W>P!O[!?>Q;=>R!QW=>?;=X?>!"$#2!3E%!71<#$2:37#1[!&%!E:9%!'74/,44%'!:8#,3!3E%!&E:3[!&EK!:1'!E#&!#<!$%97%&!#<!$%*:3%'!*73%$:3,$%[!&%!/#1/*,'%!8K!,471+!c1#P<R4[!i5NNL\-B-j!T,%437#14!:8#,3!&E:3!:!4#,1'!$%97%&!#<!$%*:3%'!*73%$:3,$%!:404!:1'!:14&%$4\!!

->!SE:3!T,%437#14!E:9%!3E%!%X74371+!*73%$:3,$%!:''$%44%'U!SE:3!744,%4!E:9%!8%%1!1%+*%/3%'U!

5>! SE:3! :$%! 3E%! 2:71! /#1/*,47#14! #<! 3E%! %X74371+! 43,'7%4U! SE:3! '#! 3E%! 43,'7%4! :/3,:**K!:$+,%U!

B>! SE:3! :$%! 3E%! P#7134! #<! /#19%$+%1/%! 71! 3E%! *73%$:3,$%! :1'! &E:3! :$%! 3E%! 2:71!'74:+$%%2%134U!SE%$%!'74:+$%%2%134!%X743[!&E:3!:$%!3E%!8:4%4!#<!3E%!'74:+$%%2%134U!

G>! SE:3! P#*7/7%4! #$! %97'%1/%! E:4! 3E%! *73%$:3,$%! *##0%'! :3U! SE:3! P#3%137:**K! $%*%9:13!71<#$2:37#1!:1'!:*3%$1:379%!P#*7/7%4!E:9%!1#3!8%%1!%X:271%'U!

I>! Y#&! 4#*7'! :$%! 3E%! /#1/*,47#14! 3E:3! E:9%! 8%%1! $%:/E%'U! .$%! 3E%K! 8:4%'! #1! 4#,1'!$%:4#171+[! /:$%<,*! :44%442%13! #<! 3E%! %97'%1/%! :1'! &%**! %X%/,3%'! 2%3E#'#*#+KU! @1! 3E%!#3E%$!E:1'[!:$%!3E%$%!+##'!$%:4#14!3#!'#,83!4#2%!#<!3E%!%X74371+!/#1/*,47#14U!

L>!SE:3!:$%!3E%!2#43!72P#$3:13!P$#8*%24!:1'!+:P4!3E:3!$%T,7$%!:''737#1:*!$%4%:$/EU!!

.!<,$3E%$!T,%437#1!/:1!8%!:40%'\!SE:3!/:3%+#$7%4!#<!*73%$:3,$%!/:1!8%!$%97%&%'U!JE%!<#**#&71+!3E$%%!:$%!4,++%43%'\!!

1# R,)3()'1:.7!+(36*/1*+!JE%#$K^3E%#$7%4!7'%137<7%'!3#!<:/7*73:3%!:''$%4471+!$%4%:$/E!T,%437#14[!#$!3%4371+!EKP#3E%4%4>!

!B6""

11# >(13(!-'6/1)-!6#2P:$:8*%!,PW3#W':3%!43,'7%4!71!3E%!4:2%!<7%*'!8%:$71+!,P#1!3E%!+:P!K#,!7'%137<7%'!71!6E>-!

111# [)*)(.7!K*3=7)/+)!]%1%$:*!01#&*%'+%!i:8#,3!7'%:4[!/#1/%P34[!P$71/7P*%4j!71!3E%!<7%*'!%1E:1/71+!/#1/%P3,:*74:37#1!#<!3E%!$%4%:$/E!P$#8*%2!

!/J]I!5X;?RWNS!;S;WNU=!<Q;SW;?WUT!P:>N!P?W=WNS!;!?>^W>P!O[!QW=>?;=X?>!!@1%!a/E:**%1+%R!#$!*%3!,4!8*,13*K!P,3!73\!#1%!a:/:'%27/!%97*R!3E:3!$%4%:$/E!43,'%134!'#!&E%1!&$7371+!:!$%97%&!#<!*73%$:3,$%!$%*:3%4!3#!/#PK71+!#$!43%:*71+!#3E%$!:,3E#$4R!7'%:4!:1'!P$%3%1'!3E:3! 3E%4%! :$%! 3E%7$4g! JE74! P$:/37/%! 74! $%<%$$%'! 3#! :4! P*:+7:$742>! JE74! 744,%! E:4! 8%%1!E7+E*7+E3%'!71!:1!%:$*%$!/E:P3%$>!JE74!P$:/37/%!3:0%4!2:1K!<#$24>!JE%!2#43!/#22#1!$%*:3%4!3#!,471+!4,/E!71<#$2:37#1!#$!7'%:4!<$#2!:!'#/,2%13%'!#$7+71:*!4#,$/%!&73E#,3!/$%'7371+!3E%!4#,$/%^4>!@3E%$! 43,'%134! f/,3!:1'!P:43%h! 4,/E! 71<#$2:37#1! <$#2!P,8*74E%'!2:3%$7:*4!#13#!3E%7$!2:1,4/$7P34!&E%1!,471+!/#2P,3%$4! iZC!&#$'j>!F9%1!/,3371+!:1'!P:4371+!:! $%<%$%1/%!4#,$/%!<$#2!:!$%<%$%1/%! *743!/#14373,3%4!P*:+7:$742>!C#2%!43,'%134!'#! a&#$'!4&73/E71+R! 7>%>!$%P*:/71+!:1!#$7+71:*!3%$2!&73E!:!4K1#1K2!&E7*%!#3E%$4!/#PK!3E%!P$%4%13:37#1!43K*%>!JE%<3!#<!4,/E! 71<#$2:37#1! %1/#2P:44%4! 1#3! #1*K! &#$'! 71<#$2:37#1! 8,3! :*4#! '7:+$:24[! 2:P4[!2%3:PE#$4[!PE#3#4!:1'!2:1K!#3E%$!/#PK$7+E3%'!*73%$:$K!<#$24>!S73E!3E%!+*,3!#<!71<#$2:37#1!#1! 3E%!S#$*'!S7'%!S%8! iSSSj[! 4#2%! &%8473%4! E:9%! 8%/#2%! P#P,*:$! '%4371:37#14! <#$!:/:'%27/! 71<#$2:37#1>! S%! E:9%! 71! 271'!S707P%'7:! :1'! #3E%$! #P%1! 1#1WiP%%$j! $%97%&%'!4#,$/%4!#<!A#,$1:*4!1#&!<*#,$74E71+!71!3E%!97$3,:*!%197$#12%13>!!SE%1! /#1<$#13%'! 8K! 4,P%$974#$4! &73E! %97'%1/%! #<! %1+:+71+! 71! :/:'%27/! 3E%<3[! 2#43!43,'%134! P$#<%44! 7+1#$:1/%!#$! 8*,13*K! $%A%/3! 3E%! ://,4:37#1>! C#2%!:'273! P*%:'71+! a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i:4!:!P%$/%13:+%! #<! 3E%! &$733%1! &#$0j>! ! .1K! 2:$0! :8#9%! e%$#! P%$! /%13[! 72P*7%4! 3E:3! K#,!P*:+7:$74%'!4#2%3E71+>!.4!4,/E[!&%!,$+%!K#,!3#!'%4743!<$#2!/#14/7#,4*K!P*:+7:$7471+!<$#2!3E%!P$72:$K!:1'!4%/#1':$K!4#,$/%4!3E:3!K#,!/#14,*3>!"#$!2#$%!71<#$2:37#1!#1!<71'71+!#,3!&EK!43,'%134!P*:+7:$74%[!97473!:!&%8/:43!8K!b:4#1!Z>!C3%PE%14!#1!3E%!&%8473%\!&&&\3,$173>/#2>!Z#$%#9%$[!73!74!4,++%43%'!3E:3!K#,!<:27*7:$74%!K#,$4%*<!&73E!3E%!*%+:*!744,%4!:$#,1'!/#PK$7+E3!*:&!:1'!713%**%/3,:*!P$#P%$3K!$7+E34>!!?3! 74! :'974:8*%! 3E:3! K#,! 4,8A%/3! K#,$! &#$0! 3#! P*:+7:$742! '%3%/37#1! 4#<3&:$%^4! 8%<#$%!4,8273371+!K#,$!P$#P#4:*[!'744%$3:37#1!#$!3E%474>!?<!3E%!P*:+7:$742!74!'%3%/3%'!:<3%$!K#,!E:9%!+$:',:3%'[! 3E%! ,179%$473K! 74! *%+:**K! #8*7+%'! 3#! 3:0%! '74/7P*71:$K! :/37#1! iQ71'4:K[! 5N-Nj! 8K!$%4/71'71+! #$! /:1/%**71+! 4,/E! T,:*7<7/:37#1^4! +$:13%'! 3#! K#,[! :4! 73^3E%K! &#,*'! E:9%! 8%%1!#83:71%'! 3E$#,+E! <$:,',*%13! 2%:14>! @3E%$! /#14%T,%1/%4! 71/*,'%! 8%71+! <:7*%'[! 4,%'[!%XP%**%'[! 2:$0%'! '#&1! #$! 4,4P%1'%'>! C,$%*K[! K#,! '#! 1#3! &:13! 3#! %XP%$7%1/%! 4,/Eg! C#[!&E%1!'#71+! 71W3%X3!:1'!%1'W3%X3! $%<%$%1/71+[!%1'%:9#,$! 3#!,4%!K#,$!#&1!&#$'4>!"71'!#,3!&E:3! 3E%! P*:+7:$742! P#*7/K! #<! K#,$! ,179%$473K! 74>! `4%! 3E%! $%/#22%1'%'! /7371+! 43K*%! #$!/#19%137#1!#<!K#,$!,179%$473K!3#!71'7/:3%!3E%!4#,$/%!#<!3E%!7'%:4[!<:/34[!3E%#$7%4!#$!:1K!#3E%$!71<#$2:37#1!,4%'!3#!4,PP#$3!K#,$!1:$$:379%>!C%%!3E%!%X:2P*%4!#<! 1*L')O'!$%<%$%1/71+!,1'%$!3E%! 4%/37#1\! -?>U>N=WNS! =:>! ?>^W>P! O[! ?>Q;=>R! QW=>?;=X?>]! d#,! 1%%'! 3#! '74371+,74E! K#,$!#P717#14!<$#2!8#$$#&%'!%97'%1/%!,471+!<#$2:*!*:1+,:+%>!!

!BB""

/J]/J!+OX?L>U!O[!QW=>?;=X?>!XU>R!WN!;!?>^W>P!

S%!E:9%!E713%'!,1'%$!3E%!47+17<7/:1/%!#<!*73%$:3,$%!4#2%!#<!3E%!4#,$/%4!#<!K#,$!*73%$:3,$%>!Y:43%1!3#!4:K!3E:3!3E%$%!%X743!P$72:$K!:1'!4%/#1':$K!*73%$:3,$%!4#,$/%4>!JE%4%!:$%!8#3E!<#$!T,:1373:379%! :1'! T,:*73:379%! 43,'7%4>! Y#&%9%$[! 43$:3%+7%4! <#$! 4%:$/E71+! *73%$:3,$%! <#$!T,:*73:379%! :1'! T,:1373:379%! 43,'7%4! '7<<%$! iZ:/0:K[! 5NN;j>! ! C,/E! 4#,$/%4! :$%! +%1%$:**K!43#$%'! 71! 2:1,:*! <#$24! i:4! 71! 8##04[! 1%&4P:P%$4[! 2#1#+$:PE4j! #$! %*%/3$#17/! <#$24!i?13%$1%3[! $:'7#! #$! 3%*%9747#1j! :1'! 71! 3E%! *7971+!2%2#$K! #<! 71'797',:*4>! d#,$! 71737:*! 3:40! 74!8%71+!:8*%!3#!*#/:3%!4,/E!4#,$/%4>!Q#/:371+!*73%$:3,$%!<#$!:!T,:*73:379%!43,'K!74!4*#&[!/#2P*%X!:1'! *:8#$7#,4! &E7*%! 3E%! P$#/%44! 74! T,7/0! <#$! T,:1373:379%! 43,'7%4! iZ:/0:K[! 5N-Nj>! C,/E!4%:$/E%4! 4E#,*'! 8%! '#1%! 4K43%2:37/:**K>! ! JE%! *78$:$K! 74! K#,$! <7$43! P#$3! #<! /:**>! )$72:$K!*73%$:3,$%!4#,$/%4!:$%!#$7+71:*!$%4%:$/E%4!8K!4P%/7<7/!$%4%:$/E%$4!iZ/Z7**:1!l!C/E,2:/E%$[!5N-Nj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

c1#P<!i5NNLj!P$%4%134!3E%!<#**#&71+!$,*%4!#<!3E,28!71!'#71+!:!*73%$:3,$%!$%97%&>!

->!"#/,4!#1!3E%! *%:'71+!:,3E#$737%4! 71! 3E%!:$%:>!d#,!1%%'!3#!$%4P#1'!3#! <$%T,%13*K!/73%'!:,3E#$737%4!71!3E%!:$%:>!JE%!0%K!&#$04!#<!3E%4%!:,3E#$737%4!4E#,*'!71<*,%1/%!3E%!'7$%/37#1!#<!K#,$!43,'K>!!!

5>!"#/,4!#1!43,'7%4!3E:3!:$%!2#43!$%*%9:13!:1'!E%*P<,*!<#$!K#,$!T,%437#1!#<!713%$%43>!d#,!1%%'!3#!$%97%&!*73%$:3,$%!3E:3!74!'7$%/3*K!$%*:3%'!3#!K#,$!43,'K>!

B>!"#/,4!#1!$%/%13!43,'7%4!<$#2!E7+EWP$%437+%!#$!E7+EW974787*73K!4#,$/%4>!JE%4%!/#,*'!71/*,'%!8##04!P,8*74E%'!8K!E7+EW$:1071+!,179%$4737%4!#$!:$37/*%4!<$#2!*%:'71+!A#,$1:*4!71!3E%!<7%*'>!

/J]/4!%>UUONU!Q>;?N=![?OT!UX<>?^WUWNS!.>^W>P!O[!.>Q;=>R!%W=>?;=X?>!

@,$!%XP%$7%1/%4!:4!$%4%:$/E!4,P%$974#$4!$%9%:*!3E:3!2:1K!43,'%134!<:/%!P*%3E#$:!/E:**%1+%4!71! /$:<371+! :! +##'! $%97%&! #<! *73%$:3,$%>! C,/E! /E:**%1+%4! 2:71*K! 43%2! <$#2! i43,'%13! :1'!4,P%$974#$j! 71/:P:/73K! 3#! *:e71%44>! JE74! 74! <,$3E%$! /#2P#,1'%'! 8K! #,$! %:$*7%$! 4,827447#1\!3E:3! #<! P##$! *78$:$K! $%4#,$/%4! 71! '%9%*#P71+! /#,13$7%4>! C3,'%13! 71:87*73K! 3#! &$73%! :! +##'!$%97%&! 71737:**K! %2:1:3%! <$#2! 3E%! 4,P%$974#$R4! 71:87*73K! 3#! +,7'%! 3E%! 4,P%$974%%>! C#2%!

#GG""

4,P%$974#$4! E:9%! 71:'%T,:3%! ! $%4%:$/E! 4,P%$9747#1! 407**4! i6E7$%4E%[! 5N-5j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e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d#,$!*73%$:3,$%!$%97%&!74!/$,/7:*!3#!3E%!4,//%44!#<!K#,$!'744%$3:37#1!#$!3E%474>!?3!%1:8*%4!K#,!3#!E:9%!:!+##'!7'%:!#<!3E%!2%3E#'#*#+K!3E:3!&:4!,4%'!3#!719%437+:3%!3E%!/#1/%P34!3E:3!K#,!:$%!719%437+:371+!1#&>!?3!2:K!:44743!K#,!/#2%!,P!&73E!7143$,2%134!<#$!K#,$!43,'K>!d#,!:*4#!+%3! 7'%:4!#1!E#&!3#!P$%4%13!:1'!:1:*K4%!K#,$!':3:>!Z#$%!72P#$3:13*K[!:!$%97%&!#<!$%*:3%'!*73%$:3,$%!&7**! E%*P! K#,! /#2%!,P!&73E! :! 4/E#*:$*K! '74/,447#1!#<! K#,$! <71'71+4>! J#! 3E74! %1'[!&:3/E!:+:7143!P*:+7:$7471+>!!.>[>?>NL>U!

6E%1:7*[!D>b>[!6##P%$[!D>!l!H%47$[!6>!i5N-Nj>!C3$:3%+7/:**K!$%97%&71+!$%4%:$/E!*73%$:3,$%!71!T,:*73:379%!$%4%:$/E>!X36(*.7!34!V',*3+(.<,1:!m!56.71'.'18)!9)-).(:,F!^[!((W=G>!

!6E7$%4E%[!D>!i5N-5j>!D%4%:$/E!C,P%$9747#1\!)#43+$:',:3%!C3,'%134R!FXP%$7%1/%4!:1'!

FXP%/3:37#14!71!C#,3E!.<$7/:>!X36(*.7!34!&3:1.7!&:1)*:)F!J%i5j[!55=W5GB>!C,1()-,)F!9#!S$b%bT#!Q73%$:3,$%!D%97%&\!SE:3!3#!*##0!<#$>!M*<6D71-,)/!>.<)(!<()-)*')/!.'!',)!

>3-'+(./6.')! -6<)(81-3(-a! =3(K-,3<#! ! Z3E:3E:! Y%:*3E! D%4#,$/%4! 6%13$%! i-W5!C%P3%28%$j[!F:43%$1!6:P%!C#,3E!.<$7/:>!

!

#G!""

6$#171[!)>[!DK:1[!">!l!6#,+E*:1[!Z>!i5NN(j>!`1'%$3:071+!:!*73%$:3,$%!$%97%&\!:!43%PW8KW43%P!:PP$#:/E>!U(1'1-,!X36(*.7!34!d6(-1*+!%c!i-j[!B(WGB>!

!Y#<43%%[!F>!i5NNLj>!6#143$,/371+!:!+##'!'744%$3:37#1\!.!P$:/37/:*!+,7'%!3#!<7174E71+!:!Z:43%$R4[!

ZO.!#$!)EH!#1!4/E%',*%>!D%3$7%9%'!!<$#2!E33P\^^&&&>%X:/37/:>/#>e:!!!b%+%'%[!b>@>!i-==Ij>!R,)!:3*:1-)!,.*/D33K!34!()-).(:,!2)',3/->!D#2:\!_:37#1:*!`179%$473K!#<!Q%4#3E#>!

!c1#P<[! b>S>! i5NNLj>! H#71+! :! *73%$:3,$%! $%97%&>! >&! X.*6.(NF! %$cL%J$>! D%3$7%9%'! <$#2!E33P\^^4#/74/7>/#*#$:'#>%',^�0:11%$^&$7371+^*73$%9>P'<>!

!Q71'4:K[!O>! i5N-Nj>!D:3%4!#<!43,'%13!'74/7P*71:$K!:/37#1! 71!.,43$:*7:1!,179%$4737%4>!A6-'(.71.*!

M*18)(-1'1)-!9)81)=F!"$!i5j[!5;WB5>!!c%11%'K[!Z>Z>!i5NN;j>!H%<7171+!:!*73%$:3,$%>!V/6:.'13*.7!9)-).(:,)(F!J;!iBj[!-B=W-G;>!!Z:/0:K[! ]>! i5NN;j>! ?4! 3E%$%! :! 1%%'! 3#! '7<<%$%137:3%! 8%3&%%1! T,:*73:379%! :1'! T,:1373:379%!

4%:$/E71+!43$:3%+7%4!<#$!*73%$:3,$%!$%97%&71+U!56.71'.'18)!&3:1.7!\3(KF!;!i5j[!5B-W5G->!!Z:0,$:[!.>Y>!i-===j>!.!/#2P:$:379%!43,'K!#<!Q%4#3E#!:1'!n728:8&%!<%2:*%!P$72:$K!4/E##*!

:'271743$:3#$4!&73E! $%4P%/3! 3#! 3E%7$! %<<%/379%1%44>! ! .1!Z>F'>! '744%$3:37#1>! D#2:\!_:37#1:*!`179%$473K!#<!Q%4#3E#>!!

!Z:0,$:! .>Y>! l! n7$%9:[! H>! i5N--j>! C/E##*! E%:'4! :1'! 2%13#$4! 71! /:E##34U\! 6E:**%1+%4! 3#!

3%:/E71+!P$:/37/%!71!n728:8&%:1!3%:/E%$!%',/:37#1!P$#+$:22%4>!X36(*.7!34!&)O6.7!A++()--13*#!D%3$7%9%'!<$#2!E33P\^^'X>'#7>#$+^-N>-N(N^-BII5LNN>5N-->I;BI(B!!!

!Z:P<,2#[! b>C>! i5NN;j>!W3=!'3!.--1-'! -'6/)*'-! 1*! ',)1(! ()-).(:,>!`1P,8*74E%'!8##0!/E:P3%$[!

.<$7/:!`179%$473K[!n728:8&%>!!!Z/Z7**:1[!b>!Y>[!l!C/E,2:/E%$[!C>!i5N-Nj>!9)-).(:,!1*!)/6:.'13*B!V81/)*:)LD.-)/!1*Y61(NF!c',!

V/#!O#43#1\!)%:$4#1>!!_#3:$[!6>F>!l!6#*%[!M>!i5N-Nj>!Q73%$:3,$%!$%97%&!#$+:17e%$>!!E*')(*.'13*.7!X36(*.7!34!V/6:.'13*F!

$i5j[!-W-;>!!CE,28:[! @>! i-===j>! D%*:37#14E7P! 8%3&%%1! 4%/#1':$K! 4/7%1/%! 3%:/E%$4R! #$7%13:37#1! 3#!

3$:'737#1:*!/,*3,$%!:1'!8%*7%<4!/#1/%$171+!4/7%1/%!7143$,/37#1:*!7'%#*#+K>!X36(*.7!34!9)-).(:,!1*!&:1)*:)!R).:,1*+F!J;!iBj[!BBBWBII>!

!C3%PE%14[!b>Z>!i5N-Bj>!SEK!43,'%134!P*:+7:$74%>!D%3$7%9%'!<$#2!E33P\^^&&&>3,$17371>/#2!!!!!!!!!!!

#G#""

!),#-"&.!//!

!2&",'1'%'5E!_/,8%!_':8%e71E*%!

i1':8:A1/,8%t+2:7*>/#2j!#YU=?;L=!

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o:4! %XP%$7%1/%'! 8K! 3E%! 4,8A%/34! 719#*9%'>! ?<! T,:1373:379%[! ':3:!/#**%/37#1! 4E#,*'! 8%! 8:4%'! #1! P$#8:87*73K! 4:2P*71+[! 4K43%2:37/! &73E! 43$71+%13! /#13$#*4! 3#!271727e%!87:4! :1'!2:X727e%!#8A%/37973K! 71! 713%$P$%3:37#1>! ?1!%73E%$! :PP$#:/E! 71:PP$#P$7:3%!':3:!:1:*K474!:1'!<:7*,$%!3#!/#2P*K!&73E!%3E7/:*!P$#9747#14!3E$%:3%1!3E%!3$,43&#$3E71%44[!#$!9:*7'73K!:1'!$%*7:87*73K!#<!3E%!<71'71+4>!SE%3E%$!:!T,:*73:379%[!T,:1373:379%!#$!27X%'!:PP$#:/E!74! :'#P3%'! 3E%!2%3E#'#*#+K! /E:P3%$! #,+E3! 3#! 8%! 4#,1'>! JE%! /E:P3%$! :*4#! 4E:$%4! *%44#14!*%:$13! <$#2! 4,P%$97471+! 3E%! 2%3E#'#*#+K! /E:P3%$[! :2#1+! &E7/E! :$%\! 8%+71171+! &73E! 3E%!'%47+1!71!271'm!3E%!<:**:/K!:8#,3!'%47+14m!3E%!:PP$#P$7:3%1%44!#<!':3:!:1:*K474!43$:3%+7%4!:1'!3E%!72P#$3:1/%!#<!:!<,**!3E%#$%37/:*!:PP$%/7:37#1!#<!3E%!744,%4!:$#,1'!3E%!$%4%:$/E!T,%437#1!:4!K#,!&#$0!3E$#,+E!3E%!2%3E#'#*#+K!/E:P3%$>!!

!!//]!/!3N=?ORXL=WON! !d#,!E:9%! 71!6E:P3%$!-[!E#P%<,**K!/*%:$*K!:$37/,*:3%'!K#,$! $%4%:$/E!T,%437#1!:1'!43$7PP%'! 73!'#&1! 3#! 42:**! $%4%:$/E:8*%! /#2P#1%134! i$%4%:$/E! T,%437#14! :1'! EKP#3E%4%4! 3E:3! 4E#,*'!%1:8*%!K#,!3#!/#**%/3!':3:!K#,!1%%'!3#!:14&%$!3E%!T,%437#1i4j>!?1!4E#$3[!K#,!E:9%!/#1971/%'!3E%!4,P%$974#$^P$#2#3%$!3E:3!K#,!01#&!&E:3!K#,!:$%!*##071+!<#$[!:1'!E%!E:4!+79%1!3E%!1#'!3E:3! 73! 74! 71'%%'! &#$3E! *##071+! <#$[! 7>%>! K#,$! P$#8*%2! 74! $%4%:$/E:8*%>! ! ?1! 6E:P3%$! 5! K#,!$%97%&%'! $%*:3%'! *73%$:3,$%[! &E7/E! E%*P%'! 3#! P,3! K#,$! 43,'K! &73E71! 4#2%! 3E%#$%37/:*!<$:2%&#$0[!4E#&1!&E:3!#3E%$!$%4%:$/E%$4!E:9%!'#1%!:1'!&E:3!01#&*%'+%!+:P4!437**!1%%'!3#!

#G$""

8%!8$7'+%'>! !SE%1!K#,!+%3!3#!3E%!Z%3E#'#*#+K!/E:P3%$!3E%!4,P%$974#$^P$#2#3%$!&:134!3#!E:9%!:!<,**!:PP$%/7:37#1!#<!&E:3!K#,!:$%!+#71+!3#!*##0!<#$[!&E%$%!K#,!:$%!+#71+!3#!*##0!<#$!73!:4! &%**! :4! E#&! :1'! &EK! K#,! :$%! +#71+! 3#! *##0! <#$! 73[! 71! #$'%$! 3#! $%4#*9%! K#,$! $%4%:$/E!T,%437#1>! ?1! 3E74! /E:P3%$! K#,! '74/,44! 3E%! $%4%:$/E! '%47+1! :1'! 3E%! 43%P4! K#,!&7**! <#**#&! 3#!$%4#*9%!3E%!$%4%:$/E!T,%437#1>!d#,!P$%4%13!3E%!2%3E#'#*#+K!8K!&E7/E!':3:!&7**!8%!/#**%/3%'!:1'! :1:*K4%'>! JE%$%! 74! 1%%'! 3#! /#2P$%E%1479%*K! %XP*:71! 3E%! $%4%:$/E! '%47+1[! P$#97'71+! :!/*%:$!P7/3,$%!#<!&E:3!&:4!'#1%!3#!:**#&!3E%!:,'7%1/%!3#!%9:*,:3%!3E%!9:*7'73K!#<!/#1/*,47#14!:$$79%'!:3>!!//]4!'Ya>L=W^>U!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!!

• /E##4%!:!$%4%:$/E!'%47+1!:PP$#P$7:3%!<#$!K#,$!$%4%:$/E!T,%437#1i4jm!• :$37/,*:3%! 3E%! 4,73:87*73K! #<! 3E%! $%4%:$/E! '%47+1! /E#4%1! 3#! $%4#*971+! 3E%! $%4%:$/E!

T,%437#1!i4jm!• '%<71%!K#,$!$%4%:$/E!!P#P,*:37#1!:1'!4:2P*%m!• '%4/$78%!:1'!A,437<K!3E%!':3:!/#**%/37#1!7143$,2%134!:1'!P$#/%',$%4!K#,!,4%!<#$!K#,$!

$%4%:$/Em!• %XP*:71!E#&!':3:!&7**!8%!:1:*K4%'m!:1'!• :''$%44!%3E7/:*!744,%4!71!K#,$!$%4%:$/E>!

!//]6!3T<O?=;NL>!O[!=:>!2>=:OROQOSV!L:;<=>?!!.**!/E:P3%$4!71!K#,$!'744%$3:37#1!:$%!72P#$3:13[!8,3!4#2%!/E:P3%$4!:$%!2#$%!72P#$3:13!3E:1!#3E%$4>!):A:$%4!i5NN;j!:$+,%4!3E:3!3E%!2%3E#'#*#+K!4%/37#1!74!3E%!2#43!72P#$3:13!4%/37#1!71!3E%!%137$%!P$#P#4:*!:4!73!%XP*:714!%:/E!43%P!3E%!$%4%:$/E%$!&7**!3:0%!71!#$'%$!3#!/#1',/3!3E%!$%4%:$/E>!JE74!*71%!#<!3E71071+!74!%:4K!3#!+#!&73E!8%/:,4%!%9%1!7<!K#,!01#&!/*%:$*K!&E:3!K#,!:$%! *##071+!<#$! 7<!K#,! *##0!:3!3E%!&$#1+!P*:/%[!,471+! 71:PP$#P$7:3%!+:'+%34!:1'!2%:14!K#,!&7**!4,$%*K!1#3!+%3!73>!SE%1!K#,!'#!1#3!+%3!73[!8,3!K#,!'#!1#3!E:9%!%1#,+E!/#,$:+%!3#!:'273!K#,! +#3! 1#3E71+[! 3E%! 3%2P3:37#1! 74! E7+E! 3#! P$%4%13!&E:3%9%$! K#,! +#3! :3! 3E%!&$#1+! P*:/%!,471+! 3E%!&$#1+! +:'+%34! :1'!2%:14[! :1'! 3E%1! %XP%/3! 3E%! $%:'%$! 3#! 8%*7%9%! K#,>! d#,! +%3!'74:PP#713%'! &E%1! 3E%! $%:'%$! $%A%/34! K#,$! <71'71+4>! JE,4[! <:7*,$%! 3#! :''$%44! 3E%!2%3E#'#*#+K!/E:P3%$!P$#P%$*K!/:1!*%:'!3#!3E%!P$#P#4:*R4!$%A%/37#1!:1'!%9%1!3#!3E%!$%A%/37#1!#<!3E%!<71:*!3E%474!8K!%X3%$1:*!%X:271%$4>!!JE%!/E:P3%$!+79%4!71<#$2:37#1!3E:3!E%*P4!3E%!$%:'%$!3#!:44%44!3E%!8%*7%9:87*73K^/$%'787*73K!#<!K#,$! <71'71+4!c,2:$! i5N-5j>! ?3! +79%4! $##2! <#$! $%P*7/:37#1!8K!#3E%$! $%4%:$/E%$4! 71!'7<<%$%13!4%3371+4!:1'!74!3E,4!:!9%E7/*%!#<!%XP:1'71+!3E%!$%4%:$/E%$R4!71<*,%1/%!71!3E%!'74/7P*71%!8%71+!43,'7%'>!!!!?3! 2:K! 8%! 1%/%44:$K! 3#! $%43:3%! K#,$! $%4%:$/E! T,%437#14ÊKP#3E%4%4! 71! 3E74! /E:P3%$! 3#!2:713:71! :! 4E:$P! <#/,4! #1! 3E%! 3%/E17T,%4! :1'! P$#/%',$%4! K#,!&7**! ,4%! 3#! /#**%/3! 4P%/7<7/!':3:[! :*3E#,+E! 4#2%! 4,P%$974#$4^P$#2#3%$4! &7**! 8%! /#2<#$3:8*%! *%:971+! 3E%! $%4%:$/E!T,%437#14ÊKP#3E%4%4! 71! 6E:P3%$! @1%>! JE74! 74! 3E%! '%47+1! /E:P3%$[! :1'! 73! 74! :! <$:2%&#$0!&E7/E!4E#&4!&E7/E!71'797',:*4!&7**!8%!43,'7%'[!&E%1[!&E%$%!:1'!,1'%$!&E:3!/7$/,243:1/%4!3E%K!&7**! 8%! 43,'7%'! iZ/Z7**:1!l!C/E,2:/E%$!-==;j>!O#$*:1'! i5NN-j! :1'!Z%:'#&4! i5NNBj!:44%$3!3E:3!:!$%4%:$/E!'%47+1!/:1!+%1%$:**K!8%!/*:447<7%'!:4!%73E%$!T,:*73:379%[!#$!T,:1373:379%[!#$!:!/#2871:37#1!#<!3E%!3&#>!?3!74!71!3E74!/E:P3%$!3E:3!K#,!:$37/,*:3%!:!43:1/%!3#!P$%P:$%!3E%!$%:'%$!<#$!&E:3!74!3#!/#2%>!!!!

#G%""

!//]8!5OWNS!AX;QW=;=W^>!O?!AX;N=W=;=W^>e!.4!:!$%4%:$/E%$!K#,!E#*'!:!P:$37/,*:$!%P743%2#*#+7/:*!<$:2%&#$0[!&E7/E!74!%73E%$!P#473797437/!#$! :137WP#473797437/! i4%%! 6E:P3%$! I[! &E7/E! '%:*4! &73E! 3E%! T,:1373:379%! :1'! T,:*73:379%!:PP$#:/E%4!71!4#2%!'%3:7*j>!?<!K#,!8%*7%9%!71!*#+7/:*!P#47379742!K#,!4%%!3E%!&#$*'!:4!#8A%/379%!:1'! K#,$! 97%&! #<! $%4%:$/E! 74! 3E:3! 73! 2,43! 8%! *7273%'! 3#! 3E:3! &E7/E! /:1! 8%! #84%$9%'! :1'!2%:4,$%'!#8A%/379%*K>!@1!3E%!#3E%$!E:1'[!7<!K#,!8%*7%9%!71!:137WP#47379742!K#,!4%%!3E%!&#$*'!:4!4,8A%/379%!:1'!$%4%:$/E!E:971+!3#!'#!&73E!,1'%$43:1'71+!3E%!8%E:97#$!#<!PE%1#2%1#1!71!734! 1:3,$:*! 4%3371+[! :1'! <$#2! 3E%! P%$4P%/379%! #<! 3E%! P%#P*%! 719#*9%'! iS%*2:1[! c$,+%$! l!Z73/E%**\!5NNIj>!JE74!8$#:'!%P743%2#*#+7/:*! <$:2%!4E#,*'!8%!3E%!43:$371+!P#713!<#$!'%/7'71+!#1! K#,$!2%3E#'#*#+K! :4! 73! E:4! P$#8:8*K! 71<*,%1/%'! 8#3E! K#,$! /E#7/%! :1'! <$:271+! #<! 3E%!$%4%:$/E!T,%437#1>!?<!K#,!:$%!P$#W!P#47379743!K#,!:$%!*70%*K!3#!:'#P3!:!T,:1373:379%!:PP$#:/E[!&E%$%:4!7<!K#,!:$%!:137WP#47379743!K#,!:$%!*70%*K!3#!:'#P3!:!T,:*73:379%!:PP$#:/E>!!O%<#$%!&%!'%*9%!713#!&E7/E!'%47+1!3#!+#!<#$[! 73! 74!/$737/:*!3#!<,**K!:PP$%/7:3%!3E:3!T,:*73:379%!:1'! T,:1373:379%! :PP$#:/E%4! 4E#,*'! 1#3! 8%! 97%&%'! :4! P#*:$! #PP#473%4! #$! '7/E#3#27%4[!7143%:'!3E%K!$%P$%4%13!'7<<%$%13!%1'4!#<!:!/#1371,,2!i_%&2:1!l!O%1e\!-==(j>!C#2%&E%$%!71!3E%!27''*%! *7%4!3E%!27X%'!2%3E#'4[!&E7/E!:$%!437**!#P%1!/E#7/%4>!CE#,*'!K#,!#P3! <#$!3E%!27X%'! 2%3E#'! K#,! 1%%'! 4#,1'! A,437<7/:37#1! <#$! 3E%! /#2871:37#1>! O%:$! 71! 271'! 3E:3! 3E%!2%3E#'#*#+K! <#**#&4! <$#2! 3E%! $%4%:$/E! T,%437#1! W! 1#3! 3E%! #3E%$! &:K! $#,1'! W! 4#! 3E%!2%3E#'#*#+K!2,43! 4P%:0! 3#! 3E%! $%4%:$/E!T,%437#1[! $:3E%$! 3E:1!E:9%! 3#! <#$/%! 3E%! 3#P7/! 3#!4P%:0!3#!3E%!2%3E#'#*#+K>!JE%!2%3E#'#*#+K!74!:!3##*!<#$!:''$%4471+!K#,$!$%4%:$/E!P$#8*%2!:1'!K#,!2,43!:*&:K4!8%+71!&73E!3E:3!71!271'>!!!C7*9%$2:1! i5NNNj! P#4734! 3E:3! 3E%! 2#43! 72P#$3:13! /#147'%$:37#1! 71! /E##471+! 3E%! '%47+1!%2%$+%4! <$#2! 3E%!:72!#<! 3E%! 43,'K[!&E7*%!)$:E##! i-==;j!2:713:714! 3E:3! 3E%!1:3,$%!#<! 3E%!PE%1#2%1#1!8%71+!43,'7%'!'%3%$271%4!3E%!2%3E#'#*#+K!3#!8%!,4%'>!SE7/E%9%$!:PP$#:/E!74!/E#4%1! 734! P$%4%13:37#1! 71! 3E%! /E:P3%$! 2,43! 1#3! A,43! 8%! :1! ://#,13! #<! 3E%! &:K! ':3:! :$%!/#**%/3%'[!8,3!2,43!4E#&!E#&!3E%!%P743%2#*#+7/:*!43:1/%!i:44,2P37#14!K#,!2:0%W72P*7/73!#$!%XP*7/73W!:8#,3!3E%!1:3,$%!#<!3E%!01#&*%'+%!&E7/E!K#,!$%+:$'!:4!9:*7'!71!#$'%$!3#!$%4#*9%!3E%!$%4%:$/E! T,%437#1j! :'#P3%'! P$#97'%4! :! *710! 8%3&%%1! 3E%! :724! #<! 3E%! $%4%:$/E! :1'! 3E%!P$:/37/:*737%4!#<!':3:!/#**%/37#1!i@*79%$\!5NN(j>!JE%!:/37973K!8%*#&!$%T,7$%4!K#,!3#!$%<*%/3!#1!3E%!<#$%+#71+>!!!!"#$%$#&'(()(':>!Q743!:1K!3E$%%!<:/3#$4!3E:3!&#,*'!71<*,%1/%!K#,$!/E#7/%!#<!%73E%$!:!T,:*73:379%!#$!T,:1373:379%!:PP$#:/E!71!$%4#*971+!:!$%4%:$/E!P$#8*%2>!!8>!]79%[!:3!*%:43[!3&#!'7<<%$%1/%4!8%3&%%1!T,:*73:379%!:1'!T,:1373:379%!$%4%:$/E!:PP$#:/E%4!i271,4!3E%!,4%!#<!1,28%$4!:1'!1:$$:379%!'%4/$7P37#14j>!

!d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

#G&""

%XP%$7%1/71+!#<!E,2:1!8%E:97#,$!:1'!,1'%$43:1'71+!E,2:1!8%E:97#$!<$#2!3E%!P%$4P%/379%4!#<!3E%!P%#P*%!719#*9%'!3E%1!3E%!:PP$#:/E!E:4!3#!8%!T,:*73:379%*K!71/*71%'!iS%*2:1[!c$,+%$!l!Z73/E%**\! 5NNIj>! ",$3E%$[! 3E%! :724! #<! T,:*73:379%! $%4%:$/E! :$%! 3#! %43:8*74E! 3E%! 4#/7:**K!/#143$,/3%'! 1:3,$%! #<! $%:*73K[! 3#! 43$%44! 3E%! $%*:37#14E7P! 8%3&%%1! 3E%! $%4%:$/E%$! :1'! 3E%!#8A%/3!#<!43,'K[!:4!&%**!:4!3#!43$%44!3E%!9:*,%W*:'%1!1:3,$%!#<!3E%!71T,7$K[!&73E#,3!$%4#$371+!3#!$7+#$#,4!%X:271:37#1!#$!2%:4,$%2%13!71!3%$24!#<!T,:1373K!iS%*2:1[!c$,+%$!l!Z73/E%**\!5NNIj>!C,84%T,%13*K[! 3E%!/#22#1!':1+%$! <#$!:4P7$71+!$%4%:$/E%$4! 74! 3#!:44,2%!3E:3! 3E74! 74!:1! %:47%$! #P37#1! 3E:1! 3E%! T,:1373:379%! :PP$#:/E! &E7/E! /:**4! <#$! $7+#$#,4! 43:37437/:*!/#2P,3:37#14!3#!3%43!EKP#3E%4%4W'#!1#3!+79%!K#,$!4,P%$974#$^P$#2#3%$!3E%!72P$%447#1!K#,!E:9%!<:**%1!713#!3E:3!<:**:/K>!C#2%!#<!3E%!2#43!/#22#1*K!,4%'!T,:*73:379%!'%47+14!71/*,'%\!

• /:4%!43,'7%4!• E743#$7/:*!$%4%:$/E!• %3E1#+$:PE7/!$%4%:$/E!!

!JE%!%XP%$7%1/%!#<!2:1K!4,P%$974#$4!74!3E:3!43,'%134!P$%P:$71+!3E%7$!'744%$3:37#14!:3!:!'743:1/%!3%1'!3#!,4%!3E%!T,:*73:379%!:PP$#:/E>!!W]!+;T<QWNS!?<! K#,!+#!T,:*73:379%!K#,!&7**!E:9%! 3#!+#! 3E%!1#1WP$#8:87*73K! 4:2P*71+! $#,3%>!JE%! 4:2P*71+!43$:3%+7%4!K#,!E:9%!:3!K#,$!'74P#4:*!://#$'71+!3#!c,2:$!i5N-5j!71/*,'%\!

• P,$P#479%!4:2P*71+!i:*4#!/:**%'!A,'+2%13:*!4:2P*71+j!• T,#3:!4:2P*71+!• 41#&8:**!4:2P*71+!!• /#19%17%1/%!4:2P*71+!!

d#,! E:9%! 3#! %XP*:71! E#&! K#,! '%*78%$:3%*K! +#! <#$! 71<#$2:37#1W$7/E! /:4%4^71<#$2:134>! CE#&!3E:3! K#,! ,1'%$43:1'! 3E:3! 3E%! 71<#$2:134! :$%! *70%*K! 3#! 8%! 01#&*%'+%:8*%! :1'! 71<#$2:379%!:8#,3!3E%!T,%437#1!:3!43:0%>!Y%$%71!*7%4!3E%!/E:**%1+%!3#!3E%!$%4%:$/E%$\!

• P,**! #,3! 3E#4%! :33$78,3%4! :8#,3! 3E%! 71<#$2:134! 3E:3! *%:9%! 3E%!4,P%$974#$^P$#2#3%$! 71!1#!'#,83!3E:3!3E%K!:$%!3E%!2#43!:PP$#P$7:3%!4#,$/%!#<!3E%!71<#$2:37#1!8%71+!4#,+E3!:<3%$>!!

• H%4/$78%!:*4#! 3E%!'%P3E!#<!T,%437#171+!:1'!#84%$9:37#1! 3E:3!K#,!&7**!+#! 713#!:1'!&EK>!!

• b,437<K!473%!4%*%/37#1W&EK!3E%!P:$37/,*:$!473%i4j!:3!3E%!%XP%14%!#<!2,*37P*%!#3E%$!:9:7*:8*%! 473%4>! JE74! 72P*7%4! K#,! 1%%'! 3#! E:9%! :1! 71W'%P3E! ,1'%$43:1'71+! #<! 3E%!/#22,173K^4#/7%3K!K#,!:$%!$%4%:$/E71+!:1'!3E%!PE%1#2%1#1!K#,!:$%!&#$071+!#1>!

JE%! 4:2P*%! 2,43! 8%! :4! /#2P$%E%1479%! :1'! E%3%$#+%1%#,4! :4! P#4478*%! 4#! :4! 1#3! 3#! *#4%!9:$7:37#14! #<! P%$/%P37#14! iZ/Z7**:1!l! C/E,2:/E%$\! -==;j>! d#,!2,43! /*%:$*K! :$37/,*:3%! 3E%!4:2P*%!47e%!+,7'%'!8K!3E%!<#**#&71+\!!

• P,$P#4%!#<!$%4%:$/E!• <#/,4!#<!43,'K!!• P$72:$K!':3:!/#**%/37#1!P$#/%44!• :9:7*:87*73K!#<!71<#$2:134>!

!.9#7'!+7971+!3E%!4,P%$974#$^P$#2#3%$!3E%!72P$%447#1!3E:3!3E%!4:2P*%!74!<7X%'!:1'!<71:*>!d#,!E:9%!3#!:**,'%!3#!3E%!<:/3!3E:3!8%/:,4%!K#,!:$%!713#!T,:*73:379%!$%4%:$/E!3E%!4:2P*%!47e%!&7**!8%!'K1:27/[!./!,3:!#$!PE:47/!471/%!#1%!71<#$2:13!#$!P7%/%!#<! 71<#$2:37#1!2:K!*%:'!K#,!3#!:1#3E%$!4#,$/%!#<!':3:>!!!!

#G'""

!WW]!1;=;!LOQQ>L=WON!;NR!;N;QVUWU!U=?;=>SW>U!_;U!O<<OU>R!=O!<?OL>RX?>U`!?3! 74! 72P#$3:13! 3#! 1#3%! 3E:3! 8%/:,4%! #<! 3E%! <*%X78*%! 1:3,$%! #<! T,:*73:379%! $%4%:$/E[! ,4%! #<!3%$24! /.'.! :377):'13*! :1'! .*.7N-1-! -'(.')+1)-! 74! P$%<%$$%'! 3#! ':3:! /#**%/37#1! P$#/%',$%4[!&E7/E!&#,*'! 72P*K!:!4%T,%137:*!4%$7%4!#<!:/379737%4! iZ/Z7**:1!l!C/E,2:/E%$\!-==;j>! ?1! 3E74!/:4%! 3E%! 43$:3%+7%4! <#$! /#**%/371+! ':3:! 2:K! #9%$*:P! :1'! /:1! %9%1! 8%! /7$/,*:$>! ! SE:3! K#,!P$%4%13! 3#! 3E%! 4,P%$974#$^P$#2#3%$! 3E%1! 74! 1#3! A,43! :! *74371+! #<! 3E%! 43$:3%+7%4[! $:3E%$! K#,!4E#,*'! 3E$79%! 3#! 8$71+! #,3! /*%:$*K! 3E%! '%P%1':87*73K! #<! %:/E! 43$:3%+K! #1! 3E%!P$7#$! 43$:3%+K!:1'!3E%!':3:!73!K7%*'%'>!!?1!K#,$!P*:1[!'%4/$78%!3E%!473%4[!71<#$2:134[!:1'!'#/,2%134!3E:3!&#,*'!U>>T!*#+7/:*!3#!K7%*'!3E%!':3:!K#,!1%%'>!S%!'%*78%$:3%*K!4:K[!!fu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d#,!:$%!E%$%! +7971+! 3E%! $%:'%$! :! +*72P4%!#<! 3E%!1:3,$:*! 4%3371+!&E%$%! 8%E:97#,$! 74! 3#! 8%! %XP%$7%1/%'[! :1'! 3E,4! 71! :! &:K! '$:++71+! E72Ê%$! 3#! 3E%!%XP%$7%1/%4>! ?1! %XP*:7171+! E#&! K#,! &7**! +:71! ://%44[! /*:$7<K! E#&! K#,! E#P%! 3#! %43:8*74E!$:PP#$3!:1'!3$,43!&73E!3E%!71<#$2:134>!!JE%$%!74!1%%'!3#!4E#&!E#&!K#,!&7**!f!E%:$h!f4%%h!:1'!f$%:'h!&E:3!74!+#71+!#1>!JE74!K#,!'#!8K!'%4/$7871+!71!'%3:7*[!:1'!+7971+!:!A,437<7/:37#1!<#$!3E%!'7$%/3!#84%$9:37#1[!713%$97%&4[!#P%1!%1'%'!T,%437#11:7$%4[!<#/,4!+$#,P4!3E:3!2:K!8%!%2P*#K%'>!?3!74!:*4#!/$737/:*!3#!8%!/*%:$!:8#,3!K#,$!$#*%!71!3E%!':3:!/#**%/37#1!:4!O#$*:1'!i5NN-j!:$+,%4!3E:3!3E%!$%4%:$/E%$!&E#!/#1',/34!T,:*73:379%!$%4%:$/E!2,43!$%/#+174%!3E:3!3E%K!:$%!3E%!P$72:$K!7143$,2%134!<#$!3E%!$%4%:$/E!'%47+1!':3:! /#**%/37#1>! d#,!2,43! /#1971/%! 3E%! 4,P%$974#$^P$#2#3%$! 3E:3! K#,!&%$%! :8*%! 3#!P*:K!3E74!$#*%!&73E#,3!8$71+71+!87:4!3#!3E%!713%$P$%3:37#14!K#,!2:0%!3#!K#,$!':3:>!!O%/:,4%!71!3E%!P$#/%44!#<!/#**%/371+!':3:!K#,!E:9%!8%/#2%!fP:$3!#<!3E%!4,8A%/34h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iH:K2#1!l!Y#**#&:K!5NN5j>!6#'71+!/:1!8%!'%9%*#P%'!:4!3E%!':3:!:$%!8%71+!$%:'!:1'!,1'%$43##'>!!W^]!"?XU=PO?=:WN>UU!_^;QWRW=V!;NR!?>QW;YWQW=V`!O%/:,4%! 3E%$%! :$%! 1#! $7+#$#,4! 3%434! 71! T,:*73:379%! $%4%:$/E[! %2PE:474! 4E#,*'! 8%! #1!3$,43&#$3E71%44!#<!3E%!<71'71+4!$:3E%$!3E:1!9:*7'73K!:1'!$%*7:87*73K[!&E7/E! *:$+%*K!'%P%1'!#1!:84#*,3%! 2%:4,$%4>! ! Z:X&%**! i-==Lj! #84%$9%4! 3E:3! 3E%! 3$,43&#$3E71%44! #<! T,:*73:379%!$%4%:$/E! 74! 3E%! /$%'787*73K! #<! '%4/$7P37#1[! /#1/*,47#1[! %XP*:1:37#1[! 713%$P$%3:37#1[! #$! #3E%$!<#$2! #<! ://#,13>! H:K2#1! l! Y#**#&:K! i5NN5j! P#473! 3E:3! /$73%$7:! <#$! %9:*,:371+!3$,43&#$3E71%44!/#2P$74%!1"#6&S&9&/:g!/"%'.R#"%S&9&/:g!6#$#'6%S&9&/:!:1'!1+8R&"8%S&9&/:>!d#,!

#G(""

4E#,*'! 3E,4! /#1971/%! 3E%! 4,P%$974#$^P$#2#3%$! #<! 3E%! %X3%13! 3#! &E7/E! K#,$! <71'71+4!:PP$#X72:3%!$%:*73K!iZ/Z7**:1!l!C/E,2:/E%$\!-==;j>!FXP*:71!/*%:$*K!:*4#!E#&!3E%!01#&*%'+%!K7%*'%'! 8K! K#,$! $%4%:$/E! <$#2! 3E%! 42:**! 4:2P*%4! /:1! 8%! 3$:14<%$$%'! 3#! 4727*:$! 4%3371+4>!H%P%1':87*73K! $%<%$4! 3#! /#14743%1/K! :1'! ://,$:/K!#<! 3E%! <71'71+4[! :1'! K#,!1%%'! 3#! %XP*:71!E#&!3E%4%!&%$%!:/E7%9%'!71!K#,$!43,'K>!"#$!7143:1/%!K#,!:$%!2#$%!*70%*K!3#!/:P3,$%!://,$:3%!':3:! 7<! K#,! $%/#$'! 713%$97%&4! :1'! <#/,4! +$#,P4! 3E:1! 7<! K#,! 3$K! 3#! 3:0%!'#&1!1#3%4! :4! K#,!*743%1>!!^]!&=:WL;Q!2>;UX?>U!Z/Z7**:1!:1'!C/E,2:/E%$!i-==;j!:$+,%!3E:3!T,:*73:379%!$%4%:$/E%$4!1%%'!3#!8%!4%147379%!3#!%3E7/:*! P$71/7P*%4! 8%/:,4%! #<! 3E%7$! <:/%W3#W<:/%! 713%$:/379%! ':3:! /#**%/37#1! 43$:3%+7%4! :1'!$%/7P$#/73K! &73E! P:$37/7P:134>! O%/:,4%[! :4! 3E%! $%4%:$/E%$[! K#,! :$%! :1! 7143$,2%13! #<! ':3:!/#**%/37#1!71!T,:*73:379%!$%4%:$/E[!K#,!:$%!*70%*K!+#71+!3#!713%$:/3!&73E!3E%!$%4P#1'%134!<#$!:!*#1+%$! 372%! 3E:1! &#,*'! '#! :! T,:1373:379%! $%4%:$/E%$>! ?44,%4! #<! %3E7/4! 8%/#2%! 2#$%!P$#1#,1/%'>!d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

• ?1<#$2%'!/#14%13!• 6#1<7'%137:*73K!:1'!:1#1K273K!• H%/%P37#1[!P$79:/K!:1'!%2P#&%$2%13!• Y:$2[!/:$71+!:1'!<:7$1%44!• Q:1+,:+%[!&E%$%! $%4%:$/E!4,8A%/34!:$%!1#3!P$#<7/7%13! 71! 3E%! *:1+,:+%! 71!&E7/E! 3E%!

&$73%W,P!&7**!8%!P$%4%13%'!

JE%! 1%X3! :/37973K! $%T,7$%4! 3E:3! K#,! 3:0%! 713#! ://#,13! K#,$! :$%:! #<! 43,'K[! 3E%1! 4E:$%! K#,$!97%&4>!!!"#$%$#&'(()*':>!"#$2,*:3%!:!$%4%:$/E!T,%437#1!3E:3!&#,*'!$%T,7$%!:!T,:*73:379%!$%4%:$/E!'%47+1!!

8>!SE7/E!4P%/7<7/!T,:*73:379%!'%47+1!&#,*'!%2P*#K!3#!$%4#*9%!3E74!T,%437#1!:1'!&EKU!!/>!SE:3!43%P4!&#,*'!K#,!3:0%!3#!%1E:1/%!3E%!3$,43&#$3E71%44!#<!<71'71+4!71!3E74!$%4%:$/EU!!'>SE:3!%3E7/:*!744,%4!&#,*'!8%!&:$K!#<!71!3E74!719%437+:37#1!:1'!E#&!&#,*'!K#,!%1E:1/%!/#2P*7:1/%U!

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iS%*2:1[!c$,+%$!l!Z73/E%**\!5NNIj>!d#,!1%%'!3#!E:9%!/*%:$*K!:$37/,*:3%'!:1'!3%43:8*%!EKP#3E%4%4>!

#G6""

d#,!2,43!3E%1!%XP*:71!&E7/E!#<!3E%!4%9%$:*!T,:1373:379%!'%47+14!K#,!&7**!,4%>!d#,!/#,*'!3:0%!:1K!#<!3E%4%\!

• %XP%$72%13:*!$%4%:$/E!i!&E%$%!3E%!713%137#1!74!3#!719%437+:3%!P,$%!/:,4:*73Kj!!• T,:47W%XP%$72%13:*! $%4%:$/E! i&E%$%! 3#3:*! /#13$#*! #<! 4,8A%/34! 74! 1#3! P#4478*%! #$! 74!

,1%3E7/:*j!• 1#1W%XP%$72%13:*!$%4%:$/E\!

W!4,$9%K4!!W!/#$$%*:37#1:*!'%47+14!!W!*#1+73,'71:*!'%47+14!!W!3$%1'!'%47+14!!W!%XWP#43W<:/3#!'%47+14!%3/>!!

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i@PP%1E%72!-==Lm!Z/Z7**:1!l!C/E,2:/E%$!-==;j>!?3!74!9%$K!72P#$3:13!3E:3!K#,!4E#,*'!#83:71!/*:$73K!:8#,3!3E%!P#P,*:37#1!3#!&E7/E!K#,!&74E!3#!+%1%$:*74%[!:1'!3E74!/:1!8%!:/E7%9%'!3E$#,+E!'$:&71+!:!4:2P*71+!<$:2%>!)#P,*:37#1!/*:$73K! 719#*9%4!P#P,*:37#1!47e%[!E#&! 3E%! P#P,*:37#1! 74! +%#+$:PE7/:**K! '74P%$4%'[! :1'! #3E%$! '%2#+$:PE7/! :4P%/34! #<! 3E%!P#P,*:37#1[!1*')(!.71.>!!JE%!1%X3!9%$K! 72P#$3:13! 43:+%! 3#!%XP*:71! 74! 3E%!4%*%/37#1!#<!:! 4:2P*%! <#$! 3E%!43,'K!:4! 73! 74!72P$:/37/:*! :1'! ,1%/#1#27/! 3#! 719#*9%! :**!2%28%$4! #<! :! P#P,*:37#1! 71! :! $%4%:$/E! P$#A%/3!iS%*2:1[!c$,+%$!l!Z73/E%**\!5NNIj>!d#,!E:9%!3E%!*78%$3K!3#!/E##4%!<$#2\!!

• 472P*%!$:1'#2!4:2P*71+!• 43$:37<7%'!$:1'#2!4:2P*71+!• T,#3:!4:2P*71+!!• 43$:37<7%'!4:2P*71+!• /*,43%$!4:2P*71+!!• 2,*37W43:+%!4:2P*71+!!• 4K43%2:37/!4:2P*71+!!

JE%!/E#7/%!#<!4:2P*71+!43$:3%+K!'%P%1'4!#1!3E%!'#271:13!/E:$:/3%$7437/4!#<!3E%!P#P,*:37#1!c,2:$! i5N-5j>! CE#&! :*4#! 3E%! *710! 8%3&%%1! 3E%! 4:2P*71+! 43$:3%+K[! 4:2P*%! 47e%! :1'! 3E%!E#2#+%1%73KÊ%3%$#+%1%73K! #<! 3E%! P#P,*:37#1[! 372%! :9:7*:8*%! <#$! 3E%! 43,'K[! :1'! 3E%!EKP#3E%4%4! 8%71+! 3%43%'>! d#,!2:K! :*4#!&:13! 3#! 4E:$%!&73E! 3E%! 4,P%$974#$^P$#2#3%$!&E:3!#3E%$!/#147'%$:37#14!71<*,%1/%'!3E%!4:2P*%!47e%[!%>+>!/#43!:1'!*:8#,$!#<!'#71+!$%4%:$/E!iQ,/K!5NN5j>! ! ?<!:!/#2871:37#1!#<! 4:2P*71+!43$:3%+7%4! 74!,4%'! 3E%$%! 74!1%%'!3#!%XP*:71!&EK! 3E74! 74!1%/%44:$K[!:1'!E#&!3E%4%!:$%!/#2871%'>!D%2%28%$!71!T,:1373:379%!$%4%:$/E!3E%!*:$+%$!3E%!4:2P*%!3E%!8%33%$! iZ/Z7**:1!l!C/E,2:/E%$!-==;\!-;5m!S%*2:1[!c$,+%$!l!Z73/E%**\!5NNIj>!JE%!4:2P*%!,1734!4E#,*'!8%!'%4/$78%'!71!'%3:7*>!

#GB""

!WW]!!3NU=?XT>N=;=WON!;NR!1;=;!)OQQ>L=WON!?1! 3E74!4%/37#1!K#,!%XP*:71!3E%!P$:/37/:*!43%P4!K#,!3##0!3#!/#**%/3! 3E%!':3:>!6$%4&%**! i5NN=j!P#43,*:3%4! 3E:3! :4! P:$3! #<! $7+#$#,4! ':3:! /#**%/37#1[! 3E%! P$#P#4:*! '%9%*#P%$! :*4#! P$#97'%4!'%3:7*%'!71<#$2:37#1!:8#,3!3E%!:/3,:*!4,$9%K!7143$,2%13!3#!8%!,4%'!71!3E%!P$#P#4%'!43,'K>!!JE%! 7143$,2%13i4j!2,43! 8%! 1:2%'[! '%4/$78%'! :1'! A,437<7%'! 71! 3%$24! #<! 8#3E! 43$,/3,$%! :1'!/#13%13>!JE%4%!/#,*'!8%\!

• :!T,%437#11:7$%!iP$#8:8*K!3E%!2#43!/#22#1*K!,4%'jm!• 43$,/3,$%'!713%$97%&!+,7'%!!• :!3%43!• :!/E%/0!*743!!• :1!%XP%$72%13!4%3!,P[!%3/>!!

JE%!7143$,2%13i4j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i5NN=j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

• +$:PE4!!• 3:8*%4!!• :9%$:+%4!• P%$/%13:+%4!• 6#$$%*:37#1!/#%<<7/7%134>!!

6E:P3%$!-5!#<!3E%!P$%4%13!9#*,2%!+79%4!+,7':1/%!#1!3E%4%!43:37437/:*!2#'%4>!Y#&%9%$[!7<!3E%!:72!74!3#!2:0%!71<%$%1/%4!:8#,3!:!&7'%$!P#P,*:37#1!#$!3%43!EKP#3E%4%4[!3E%!:1:*K474! #,+E3! 3#! 3$:14/%1'! 3#! 71<%$%137:*! 43:37437/4! 71! &E7/E! /:4%! 3E%! <#**#&71+! /#,*'! 8%!,4%'\!

• 3W3%434!!• 6E7W4T,:$%!!• $%+$%447#1!:1:*K474!• :1:*K474!#<!9:$7:1/%!• .1:*K474!#<!6#W9:$7:1/%!!

#!G""

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iS%*2:1[!c$,+%$!l!Z73/E%**\!5NNIj>! ?3! 74[! 3E%$%<#$%[!973:*!3E:3!K#,!%XP*:71!3E%!43%P4!K#,!&7**!3:0%!3#!%14,$%!K#,$!7143$,2%134!K7%*'!3E%!':3:!3E:3!K#,!4%3!#,3!3#!/#**%/3! 71!#$'%$! 3#! $%4#*9%! 3E%! $%4%:$/E!T,%437#1>!JE74!2:K! 71/*,'%[!8,3! 73! 74!1#3! *7273%'! 3#!P7*#3! 3%434! :1'! 3$7:1+,*:37#1>! 6#$$%*:37#1! /#%<<7/7%134! /:1! :*4#! 8%! ,4%'! 3#! 72P$#9%! 3E%!7143$,2%13>!!JE%!2%3E#'#*#+K!/E:P3%$!4E#,*'!+79%!71<#$2:37#1!3E:3!2:K!8%!1%%'%'!8K!#3E%$!$%4%:$/E%$4!3#!$%P*7/:3%!K#,$!43,'K!ic,2:$!5N-5j>!"#$!3E%!43,'K!3#!8%!$%P*7/:8*%!:1'!3E%!$%4,*34!3#!43:1'[!3E%!7143$,2%134!2,43!E:9%!E7+E!$%*7:87*73K!7>%[!3E%K!2,43!2%:4,$%!/#14743%13*K!&E:3!3E%K!:$%!2%:4,$71+!iZ/Z7**:1!l!C/E,2:/E%$!-==;j>!c,2:$!i5N-5\-GIj!4:K4! 71!'%3%$27171+!&E%3E%$!$%4%:$/E! <71'71+4! :$%! $%*7:8*%! &%! 4E#,*'! :40! 3E%! T,%437#1[! f>>>&7**! 3E%! %97'%1/%! :1'!/#1/*,47#14!43:1'!,P!3#!/*#4%43!4/$,371KUh! ?3! 74[! 3E%$%<#$%[!/$737/:*! 3#!%XP*:71!:1'! A,437<K! 3E%!43%P4!K#,!3##0!3#!%14,$%!K#,$!':3:!/#**%/37#1!7143$,2%134!&#,*'!K7%*'!':3:!3E:3!&#,*'!*%:'!3#!$%*7:8*%!/#1/*,47#14>!!d#,!E:9%!3#!'%2#143$:3%!3E:3!K#,$!:1:*K474!#<!3E%!':3:!&:4!4#,1'!%1#,+E!<#$!3E%!$%4,*34!3#!8%!+%1%$:*74:8*%>!JE%!T,%437#1!E%$%!74\!,3=!/3!N36!,3<)!'3!p=.7Kq!',)! ()./)(! :3*81*:1*+7N!=1',! ',)! K*3=7)/+)! 4(32!N36(! ()<()-)*'.'18)! -.2<7)! '3! ',)!=3(7/!36'!',)()#!?3!74!#1*K!&E%1!K#,$!/#1/*,47#14!:$%!9:*7'!:1'!$%*7:8*%!3E:3!3E%K!/:1!8%!+%1%$:*74%'!3#!3E%!&7'%$!P#P,*:37#1>!!^]!&=:WL;Q!T>;UX?>U!F3E7/:*! 8%E:97#,$! 74! 72P#$3:13! 71! $%4%:$/E[! %4P%/7:**K! &E%$%! E,2:1! 8%71+4! :$%! 719#*9%'>!F3E7/:*!/#147'%$:37#14!2:17<%43!3E%24%*9%4!:3!3E$%%!43:+%4!#<!:!$%4%:$/E!P$#A%/3[!97e\!&E%1!P:$37/7P:134! :$%! $%/$,73%'m! ',$71+! 713%$9%137#1^2%:4,$%2%13[! :1'! 71! 3E%! $%*%:4%! #<! 3E%!$%4,*34! iS%*2:1[! c$,+%$! l! Z73/E%**\! 5NNIj>! ?3! 74[! 3E%$%<#$%[! 72P#$3:13! 3#! %XP*:71! 71! 3E%!2%3E#'#*#+K!/E:P3%$!E#&!K#,!&7**!:33%2P3!1#3!3#!71<$71+%!#1!4#2%!#<!3E%!<#**#&71+!%3E7/:*!/#147'%$:37#14\!

• ?1<#$2%'!/#14%13!• 6#1<7'%137:*73K!:1'!:1#1K273K!• )*:+7:$742!• )$#3%/37#1!<$#2!PEK47/:*!#$!P4K/E#*#+7/:*!E:$2!

b,43!:4!K#,!'7'!<#$!3E%!T,:*73:379%!:PP$#:/E[!'#!3E%!4:2%!<#$!3E%!T,:1373:379%!:PP$#:/E!8K!&#$071+!#1!3E%!1%X3!:/37973K>!!!!!

#!!""

!!"#$%$#&'(()+':>!C3:3%!:!$%4%:$/E!C3:3%!:!$%4%:$/E!T,%437#1!3E:3!&#,*'!1%%'!3#!8%!$%4#*9%'!3E$#,+E!:!T,:1373:379%!$%4%:$/E!:PP$#:/E>!!8>!_:2%!3E%!$%4%:$/E!'%47+1!3E:3!&#,*'!8%!4,73:8*%!<#$!3E%!$%4%:$/E!T,%437#1!!/>!"#$2,*:3%!3&#!EKP#3E%4%4!3E:3!K#,!&#,*'!3%43!<#$!3E74!$%4%:$/E!T,%437#1!!'>!Y#&!&#,*'!K#,!3%43!3E%4%!EKP#3E%4%4U!

?3! 74! 1#3%&#$3EK! 3E:3! 3E%! $%4P#14%4! K#,! +79%! :$%! 71<*,%1/%'! 8K! 3E%! P$#8*%2! K#,! :$%!719%437+:371+[!:1'!2%:171+<,*!:14&%$4!'%P%1'!#1!K#,$!/*%:$!,1'%$43:1'71+!#<!3E%!/#$P,4!#<!71<#$2:37#1!'74/,44%'!:8#9%>!!//]8]6!3[!VOX!SO!TWc>R!JE%!P$#8:87*73K!74!9%$K!E7+E!3E:3!:!E7+E!1,28%$!#<!'#/3#$:*!/:1'7':3%4[!'#71+!3E%7$!$%4%:$/E!71!%73E%$!@HQ!4%3!,P!#$!/#19%137#1:*!714373,37#14[!&7**!<71'!3E%24%*9%4!E:971+!3#!%1+:+%!&73E!3E%!27X%'!2%3E#'! :4! 3E%K! :33%2P3! 3#! T,:137<K! T,:*73:379%! :4P%/34>! O#$*:1'! i5NN-j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i6$%4&%**! 5NN=j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

• <&8&'(2! S7**! T,:*73:379%! ':3:! :1'! T,:1373:379%! ':3:! 8%! /#**%/3%'! /#1/,$$%13*K! #$!4%T,%137:**KU! ?<! 4%T,%137:**K[! &E7/E! &7**! 8%! /#**%/3%'! <7$43[! &EK! :1'! &E:3! :$%! 3E%!72P*7/:37#14U!

• _#&(4/&'(\! S7**! 3E%! &%7+E371+! +79%1! 3#! T,:*73:379%! ':3:! :1'! T,:1373:379%! ':3:! 8%!%T,:*U!?<!1#3!&E:3!74!3E%!A,437<7/:37#1U!

• \&Q&'(\! S7**! 3E%! T,:*73:379%! ':3:! :1'! 3E%! T,:1373:379%! ':3:! 8%! 2%$+%'! #$! 0%P3!4%P:$:3%[!:1'!&EKU!!

"#$!3E%!<#**#&71+!:/37973K[!43$,/3,$%!K#,$!$%4P#14%!71!:!2:11%$!4727*:$!3#!&E:3!K#,!'7'!71!3E%!3&#!P$%97#,4!#1%4>!!!!

#!#""

!!!"#$%$#&'((),'.0"H,.,3"."-3+3.-/8"QD3+,4;<",8.,"L;D9="<33=",;"*3"-3+;953=",8-;DA8"."I4^3="I3,8;=0""*0"U453",8-33"-3.+;<+",8.,",83"I4^3="I3,8;="+D4,.*93"E;-"-3+;954<A",83"-3+3.-/8"QD3+,4;<""/0"C8.,"L;D9="*3".,"93.+,",8-33"94I4,.,4;<+"4<"3I:9;>4<A",83"I4^3="I3,8;="E;-",84+"-3+3.-/8"QD3+,4;<F""=0"W;L"L;D9=">;D"I4<4I4i3",83"4I:./,";E",83"94I4,.,4;<+";<",83"5.94=4,>";E",83"E4<=4<A+F"

//]8]8!H:WL:>^>?!P;V!VOX!SO!_#3%! 3E:3! &E7/E%9%$! &:K! K#,! +#[! 3&#! 97%&P#7134! 4E#,*'! 8%! 3:0%1! 713#! /#147'%$:37#1[!1:2%*K[! &E:3! 3#! %XP%/3! 71! :1! %<<%/379%! 2%3E#'#*#+K! /E:P3%$m! :1'! &E:3! :1! %<<%/379%!2%3E#'#*#+K!/E:P3%$!4E#,*'!1#3!8%>!!W]!#N!>[[>L=W^>!T>=:OROQOSV!L:;<=>?!U:OXQRF!

• 713$#',/%! 3E%! #9%$:**! 2%3E#'#*#+7/:*! :PP$#:/E! <#$! 3E%! $%4%:$/E! T,%437#1[! :1'! 734!4,8WT,%437#14m!

• 4E#&! 3E%! *710! 8%3&%%1! 3E%! %P743%2#*#+7/:*! 43:1/%[! 3E%! :724! #<! 3E%! 43,'K! :1'! 3E%!$%4%:$/E!'%47+1m!

• 4E#&! :! /#1/%P3,:*! 3E$%:'! 3E:3! $,14! <$#2! 3E%! 744,%4! 71! /E:P3%$! #1%! 3E$#,+E! 3E%!3E%#$7%4!%X:271%'!71!/E:P3%$!3&#W:1'!4E#&!E#&!':3:!/#**%/3%'!37%!3E%4%!,Pm!

• P$#97'%!:!4#,1'!$:37#1:*%!<#$!4:2P*%!4%*%/37#1m!• :$37/,*:3%!/*%:$*K!3E%!':3:!/#**%/37#1!7143$,2%134!:1'!3E%!':3:!/#**%/37#1!P$#/%44m!• 8%!:4!P$:+2:37/!:4!P#4478*%m!• %XP*:71!E#&!':3:!&7**!8%!:1:*K4%'m!:1'!• :/01#&*%'+%!71E%$%13!*7273:37#14!:1'!43$:3%+7%4!3#!2737+:3%!:+:7143!3E%4%>!

!WW]!!H:;=!;N!>[[>L=W^>!T>=:OROQOSV!L:;<=>?!U:OXQR!NO=!Y>!

• :1!%44:K!#1!$%4%:$/E!2%3E#'4!• :!2%$%!1:$$:37#1!#<!&E:3!&:4!'#1%!&73E#,3!',%!A,437<7/:37#1!• :! *%1+3EK! 1:$$:37#1! #<! 744,%4! 3E:3! :$%! $%2#3%*K! $%*:3%'! 3#! 3E%! $%4%:$/E! 4,8!

T,%437#14ÊKP#3E%4%4!• :!2%:14!3#!A,437<K!3E%!$%4%:$/E!T,%437#1!

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

#!$""

$%4%:$/E71+! #1[! :1'! 3E%! $%4P#14%! 74[! f?! :2! '#71+! :! 4,$9%K! #1u>h! JE%! :14&%$! #,+E3! 3#!:$37/,*:3%! 3E%! $%4%:$/E!T,%437#1! <7$43[! 3E%1!:**,'%! 3#! 3E%!:PP$#P$7:3%!'%47+1>! ! ?!E:9%! <#,1'!3E:3! 3E#4%!&E#!0%%P! <#/,4%'!#1! 3E%! $%4%:$/E!T,%437#1!:1'!,4%! 73!:4!:!'%3%$271:13!#<! 3E%!2%3E#'#*#+K! 3%1'! 3#! P$#+$%44! <:43%$! 3E:1! 3E#4%! &E#! 4%%2! 0%%1! 3#! ,4%! :! P:$37/,*:$!2%3E#'#*#+K!%9%1!7<!73!74!1#3!71!3:1'%2!&73E!3E%!$%4%:$/E!T,%437#1>!!//]@]4!":>![;QQ;LV!JE%$%!74!:*4#!3E%!<:**:/K!3E:3!T,:*73:379%!$%4%:$/E!74!%:47%$!3E:1!T,:1373:379%!$%4%:$/E[!*%:'71+!3#! 4#2%! /:1'7':3%4! 3$K71+! 3#! :9#7'! 73! %9%1! &E%1! 73! 74! /*%:$! 3E:3! 73! 74! 3E%! :PP$#P$7:3%!:PP$#:/E[! :1'! 7143%:'! 3$K71+! 3#! <#$/%o<73! T,:*73:379%! '%47+14! 713#! T,:1373:379%! 71/*71%'!$%4%:$/E!T,%437#14>!`*372:3%*K!3E%!$%4%:$/E!T,%437#1!$%2:714!,1$%4#*9%'>!O,3!3E%$%!:$%!:*4#!/:1'7':3%4[!&E#!P,$4,%!T,:1373:379%!71/*71%'!T,%437#14[!3E%1!:/01#&*%'+%!3E%K!:$%!1#3!9%$K!43$#1+!71!43:37437/:*!:1:*K474[!:1'!%1+:+%!3E%!4%$97/%4!#<!:1!%XP%$3!3#!'#!3E%!':3:!:1:*K474!<#$!3E%2>!JE74! 74!://%P3:8*%!:1'! 74!8%33%$! 3E:1!+#71+! <#$!:!T,:*73:379%!'%47+1! A,43!8%/:,4%!K#,!3E710!73!74!%:4K!:1'!%1'!,P!&73E!A,43!:!'%4/$7P37#1!#<!3E%!':3:!$:3E%$!3E:1!:1!71!'%P3E!:1:*K474!:1'! 713%$P$%3:37#1! #<! 3E%! <71'71+4>! V,:*73:379%! $%4%:$/E! 74! 2#$%! 3E:1! 2%$%! 1:$$:37#1>! ?<!P$#P%$! ':3:! :1:*K474! 74! '#1%! E:1'*71+! T,:*73:379%! ':3:! 2:K! 8%! 2#$%! /E:**%1+71+! 3E:1!E:1'*71+!T,:1373:379%!':3:>!!//]@]6!-Q;VWNS!W=!U;[>!C#2%!/:1'7':3%4!+#!<#$!3E%!27X%'!2%3E#'!A,43!8%/:,4%!3E%K!:$%!1#3!4,$%!#<!&E7/E!:PP$#:/E!74! 71! 4K1/!&73E! 3E%7$! $%4%:$/E! T,%437#1>! JE%K! <:7*! 3#! +79%! :! /#2P$%E%1479%! '%<%1/%! #<!&EK!2%3E#'4!E:9%!3#!8%!/#2871%'[!%73E%$!71!3%$24!#<!3E%!1:3,$%!#<!3E%!$%4%:$/E!T,%437#1!#$!3E%!8%1%<734!3#!8%!://$,%'>!JE%!f27Xh!74!A,43!:!&:K!#<!fP*:K71+!73!4:<%h[!:1'!3E74!/#2P$#274%4!3E%!P$#+$%44!:1'!3E%!$%4,*34!#<!3E%!43,'K>!Y#&%9%$!/:1'7':3%4!&E#!4E#&!+##'!A,437<7/:37#1!<#$!,471+!3E%!27X%'!2%3E#'!3%1'!3#!/#2%!,P!&73E!9%$K!$7/E!:1'!2#$%!/#2P$%E%1479%!<71'71+4!3E:1!3E#4%!&E#!4/$:3/E!#1!3E%!4,$<:/%!#<!#1%!:PP$#:/E>!!//]@]8!&cL>UU!Y;SS;S>!@<3%1! /:1'7':3%4! /#**%/3! ':3:! 3E:3! :$%! P%$7PE%$:*! 3#! $%4#*971+! 3E%! $%4%:$/E! T,%437#1[!%4P%/7:**K! '%2#+$:PE7/! ':3:! 3E:3! :$%! 1#3! *710%'! 3#! 3E%! 9:$7:8*%4! 8%71+! %XP*#$%'>! JE74! 74!f%X/%44!8:++:+%h!&E7/E!3:0%4!:&:K!K#,$!372%[!<#/,4[!$%4#,$/%4!:1'!%1%$+K>!O%47'%4!73!2:K!P,3! #<<! 3E%! 4,P%$974#$! 8%/:,4%! 4Ê%!&:134! 3#! $%:'! 3E71+4! 3E:3! $%*:3%! 3#! 3E%! T,%437#1! K#,!P$#274%'!K#,!&%$%!3$K71+!3#!$%4#*9%>!?<!:1K!':3:!&7**!1#3!8%!,4%'!71!3E%!:1:*K474!3E%1!73!74!1#3!&#$3E!/#**%/371+[!:4!73!/$%:3%4!f1#74%h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

#!%""

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i?!':$%!4:K!:1'!:1K!#3E%$!/E:P3%$j!&73E#,3!:!<,**!:PP$%/7:37#1!#<!3E%!3E%#$%37/:*!744,%4!/#271+!#,3!#<!3E%!$%97%&!#<!$%*:3%'!*73%$:3,$%>!C,84%T,%13*K!3E%K!<:7*!3#!P,**!:!/#1371,#,4!3E$%:'!<$#2!3E%!6E:P3%$!-!3E$#,+E!6E:P3%$!5!3#!3E%!2%3E#'#*#+K!/E:P3%$>!!?3!E%*P4!3#!+#!'%%P!:1'!&7'%!713#!$%*%9:13! *73%$:3,$%!8%<#$%! K#,!'%*9%! 713#! 3E%!2%3E#'#*#+K! /E:P3%$[! :4! K#,!2:K!+%3!,4%<,*!E7134!#1!3E%!:PP$#P$7:3%!'%47+1[!+%3!4#2%!':3:!/#**%/371+!7143$,2%134!K#,!/:1!%73E%$!:':P3!#$!,4%!:4!3E%K!:$%>!d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cS! i5NN-j>!V,:*73:379%! :1'! T,:1373:379%! $%4%:$/E\! .! /#13%2P#$:$K! 8:*:1/%>!d)=!@1():'13*-!43(!E*-'1'6'13*.7!9)-).(:,#!i--5j\!IW-B>!!!6$%4&%**[!b>S>!!i5NN=j>!9)-).(:,!@)-1+*B!56.71'.'18)F!Y6.*'1'.'18)!.*/!Q1O)/!A<<(3.:,)->!Q#4!.1+%*4\!C.]F>!!H:K2#1[! ! 6>!l!Y#**#&:K[! ?>! i5NN5j>!56.71'.'18)! ()-).(:,! 1*! <6D71:! ()7.'13*-! .*/!2.(K)'1*+#!Q#1'#1\!D#,3*%'+%>!!!c,2:$[!J>)>!i5N-5j>!!W3=!'3!=(1')!/1--)('.'13*#!!_%&!HE%*7\!.)Y!),8*74E71+!6#$P#$:37#1>!Z:X&%**[! b>.>! i-==Lj>!56.71'.'18)! ()-).(:,!/)-1+*B!.*! 1*')(.:'18)!.<<(3.:,#!JE#,4:1'!@:04\!C.]F>!!!Z/Z7**:1[!b>Y>!l!C/E,2:/E%$[!C>!-==;j>!9)-).(:,!1*!)/6:.'13*B!A!:3*:)<'6.7!1*'(3/6:'13*#!_%&!d#$0\!Q#1+2:1>! !!Z%:'#&4[! c>.>! i5NNBj>! C#! K#,!&:13! 3#! '#! $%4%:$/E\!.1!#9%$97%&!#<! 3E%! $%4%:$/E!P$#/%44>!U(1'1-,!X36(*.7!34!C3226*1'N!d6(-1*+F!hSeTB!J;eLJc"#!!_%&2:1[! ?>! l! O%1e[! 6>D>! i-==(j>!56.71'.'18)LY6.*'1'.'18)! ()-).(:,!2)',3/373+NB! VO<73(1*+!',)!1*')(.:'18)!:3*'1*662#!C#,3E!?**71#74!`179%$473K!)$%44\!6:$8#1':*%!:1'!F'&:$'497**%>!!!

#!&""

@*79%$[!)>!i5NN(j>!\(1'1*+!G36(!R,)-1-#!Q#4!.1+%*%4\!C.]F>!!@PP%1E%72[! .>_>! i-==Lj>! 56)-'13**.1()! /)-1+*F! 1*')(81)=1*+! .*/! .''1'6/)! 2).-6()2)*'#!Q#1'#1\!)$713%$!),8*74E%$4>!):A:$%4[! ">! i5NN;j>! V7)2)*'-! 34! .! <(3<3-.7#! F2#$K! `179%$473K\!E33P\^^&&&>'%4>%2#$K>%',^2<P*^P$#P#4:*>E32*j!!://%44%'!-B^--^-5>!!)$:E##[!c>!-==;j>!d6(-1*+!()-).(:,!<(1*:1<7)-F!<(3:)--!.*/!1--6)-#!Q#1'#1\!Z:/Z7**:1>!!C7*9%$2:1[! H>! i5NNNj>! @31*+! Y6.71'.'18)! ()-).(:,B! A! <(.:'1:.7! ,.*/D33K#! Q#1'#1\! C:+%!),8*7/:37#14!Q3'>!!S%*2:1[!6>!c$,+%$[!">!:1'!Z73/E%**[!O>!i5NNIj>!B$'!%'1!!9)-).(:,!Q)',3/373+N#!6:P%!J#&1\!@X<#$'!`179%$473K!)$%44!C#,3E%$1!.<$7/:>!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

#!'""

!!

),#-"&.!/4!!.&-'."3*5!.&+&#.),!.&+0%"+!#*1!(3*13*5+!!

FPE$:72!ZE*:1+:!i%PE$:722t4:7'%>#$+>e:j!

:1'!@9%$4#1!CE,28:!

i#4E,28:tK:E##>/#>,0j!!

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

!!

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i#$!2%3E#'#*#+7/:*!:PP$#:/E%4j!&E7/E!3E%!/,$$%13!43,'K!:724!3#!:''$%44>!JE%!3E7$'!:4P%/3!74!3E%!2%3E#'#*#+K!3#!8%!,4%'!71!:''$%4471+!3E%!$%4%:$/E!P$#8*%2>! JE%! <#,$3E! :4P%/3! 74! 3E%! $%P#$371+!#<! $%4%:$/E! <71'71+4! o!&E:3! 3E%! <7%*'&#$0!E:4!K7%*'%'>! JE%! <71:*! :4P%/3! 74! 3E%! '$:&71+! #<! ':3:! 71<#$2%'! /#1/*,47#14! :1'! 2:071+!$%/#22%1':37#14>!JE74!74!&E%$%!3E%!$%4%:$/E%$!2:0%4!4%14%!#<!3E%!<71'71+4!#<!3E%!43,'K!:1'!

#!(""

3E74!:4P%/3!:33$:/34!3E%!:33%137#1!#<!$%:'%$4>! ! ?1!472P*%!$%4%:$/E!$%P#$34[!3E%4%!<79%!:4P%/34!<$:2%! 3E%! /E:P3%$4! #<! 3E%! $%P#$3>! !Z#$%! /#2P*%X! $%P#$34[! %4P%/7:**K! '#/3#$:*! 3E%4%4!2:K!71/*,'%!:''737#1:*!/E:P3%$4!3E:3!:$%!,4,:**K! 71<#$2%'!8K!3E%2%4!&E7/E!<#$2!3E%!0%K!P7**:$4!#<!%1T,7$K!71!3E%!43,'K>!"7+,$%!-5>-!7**,43$:3%4!3E%!<79%!0%K!:4P%/34!#<!$%4%:$/E!&E7/E!:$%!3E%1!43$,/3,$%'! 713#! :! $%4%:$/E! $%P#$3>! ?1! 4#2%! /:4%4[! 3E%4%! <79%! :4P%/34! #<! 3E%! $%4%:$/E! :$%!'%9%*#P%'!:1'!$%P#$3%'!71!3E%!<#$2:3!#<!6E:P3%$4!#<!:!3E%474!#$!'744%$3:37#1>!!!!!!!!!!!!!!!!!!!!!!!!!!(WSX?>!/4]/F!(W^>!L?W=WL;Q!>Q>T>N=U!O[!=:>!?>U>;?L:!<?OL>UU]!!?1! 3E74! 6E:P3%$! &%! <#/,4! 3E%! $%:'%$! #1! 72P#$3:13! 744,%4! P%$3:7171+! 3#! :1:*K471+! :1'!$%P#$371+!fD%4%:$/E!D%4,*34!:1'!"71'71+4h>!JKP7/:**K[!3E74!4%/37#1!#<!3E%4%4!#$!'744%$3:37#14!74!P$%4%13%'!:4!6E:P3%$!G>!?1!4#2%!/:4%4!3E%!6E:P3%$!2:K!713%+$:3%!a'74/,447#1R!#<!3E%!$%4,*34!:1'!:4!4,/E!373*%'!fD%4,*34!:1'!H74/,447#1h>!?1!#3E%$!/:4%4[!a'74/,447#1R!#<!$%4,*34^<71'71+4!74!3E%!4,8A%/3!#<!6E:P3%$!I!&E7/E!3E%1!3:0%4!3E%!373*%!*70%[!fH74/,447#1!#<!"71'71+4[!6#1/*,47#14!:1'!D%/#22%1':37#14h>!!!!D%+:$'*%44! #<! 3E%! 43$,/3,$%! /E#4%1! <#$! $%4%:$/E! $%P#$34[! "7+,$%! -5>-! 74#*:3%4! fD%4%:$/E!D%4,*34!:1'!"71'71+4h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a':3:! :1:*K474R! :1'!/#14%T,%13*K!&%!<71'!3E:3!2:1K!%',/:37#1:*!$%4%:$/E%$4!'%*%+:3%!4#2%#1%!%*4%!3#!:1:*K4%!3E%!':3:!<#$!3E%2>!JE74!/E:P3%$!+79%4!E7134!#1!E#&!3#!E:1'*%!<7%*'&#$0!':3:!:1'!$%P#$3!3E%2!

@3+3.-/8"M-;*93I"

@3+3.-/8"_3,8;=;9;A>".<="M-;/3=D-3+"

-./.01"2'-./34#/'056'7$56$58/'

e4,3-.,D-3"@3543L".<="Z;</3:,D.9"[-.I3L;-\""Z;</9D+4;<+"f"

-3/;II3<=.,4;<+"

#!6""

71!/*%:$!:1'!%:4K!3#!,1'%$43:1'!&:K4[!:1'!%2PE:474%4!3E%!72P#$3:1/%!#<!*71071+!4,/E!':3:!3#!3E%! $%4%:$/E! P$#8*%2! :1'! 3#! 3E%! $%4%:$/E! T,%437#14! :1'^#$! #8A%/379%4! #<! 3E%! 43,'K>! ?3! 74!%XP%/3%'!3E:3! 3E%!6E:P3%$!&7**!+79%!/#1<7'%1/%!3#!2#$%!%',/:37#1:*! $%4%:$/E%$4! 3#!%1+:+%!&73E!3E%7$!':3:!:1'!3#!:1:*K4%!:1'!$%P#$3!73!2#$%!P#3%13*K!71!:!&:K!3E:3!*%:'4!3#!i7j!2%%371+!3E%! $%4%:$/E%$R4! +#:*4[! i77j! 71<#$271+! %',/:37#1:*! P#*7/K! :1'! P$:/37/%[! :1'! i777j! 3#! 3E%!:'9:1/%2%13!#<!01#&*%'+%!:1'!4/E#*:$4E7P>!!?1! 3E74! /E:P3%$!&%!E:9%!'%/7'%'! 3#!,4%! 3E%!PE$:4%#*#+K! f$%4,*34! :1'! <71'71+4h! 71! 3E%! 373*%[!:1'! $%/#22%1'! 3E%! 1#2%1/*:3,$%! 3#! #3E%$! 4/E#*:$4>! .! a$%4,*3R! 3KP7/:**K! 3%1'4! 3#! 8%!:44#/7:3%'!&73E! 3E%!':3:!#$! %97'%1/%! /#**%/3%'! 71! 3E%! 43,'K! i%9%1!8%<#$%! 73! 74! 713%$P$%3%'j!&E7*%! :! a<71'71+R! 74! 3E%! #,3/#2%! #<! 713%$P$%371+! #$! $%:'71+!2%:171+! 713#! 3E%! ':3:! 8K! 3E%!$%4%:$/E%$! 4#! 3E:3! 73! 74! /*%:$! &E:3! 3E%! $%4%:$/E! 4,++%43%'[! $%9%:*%'! #$! 71'7/:3%'>! ?3! 74!3E%$%<#$%! 8%33%$! 3#! :PP$#:/E! ':3:! :1:*K474! :4! :! P$#/%44! #<! P$%4%1371+! 3E%! a$%4,*34R! :1'!$%:'71+!2%:171+!71!3E%!':3:[!7>%>[!a<71'71+R!&E:3!3E%!':3:!2%:1!&73E!$%4P%/3!3#!3E%!$%4%:$/E!P$#8*%2!:1'!3E%!43,'K!T,%437#14>!!_#&[!&#$0!#1!3E74!&:$2W,P!:/37973K>!!#L=W^W=V!/4]/!:>!JE710!#<!:!8##0!#$!:!$%4%:$/E!$%P#$3!3E:3!K#,!E:9%!$%:'!8%<#$%>!Q743!4#2%!#<!3E%!2%3E#'4!3E:3!&%$%!,4%'!3#!$%P#$3!'7<<%$%13!3KP%4!#<!':3:>!!!8>!SE:3!2:'%!73!%:4K!i#$!'7<<7/,*3j!<#$!K#,!3#!,1'%$43:1'!&E:3!&:4!P$%4%13%'U!!!OK!&#$071+! #1! 3E%! <7$43! T,%437#1! K#,! E:9%!2:'%! :! +##'! 43:$3! 3#! 3E%! 43,'K! #<! 3E%! /$737/:*!$%4%:$/E!:4P%/3!#<!E:1'*71+!$%4,*34^<71'71+4>!JE%!$%4P#14%!3#!3E%!4%/#1'!T,%437#1!E%*P4!3#!<,$3E%$!/*:$7<K!3#!K#,$4%*<!:4P%/34!3E:3!&%$%!P$#8*%2:37/>!!!/4]4!'Ya>L=W^>U!!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$!K#,!4E#,*'!8%!:8*%!3#\!

• ,1'%$43:1'! 3E%! 72P#$3:1/%! #<! $%P#$371+! $%4%:$/E! ':3:! 71! /*%:$[! 4K43%2:37/[! :1'!/#E%$%13!&:K4m!

• /$737/:**K! $%<*%/3! #1! 3E%! 9:$7#,4!2#'%4!#<! #$+:17471+[! 4,22:$7e71+! :1'! 713%$P$%371+!$%4%:$/E!':3:m!

• :1:*K4%!:1'!713%$P$%3!$%4%:$/E!$%4,*34^<71'71+4!*71071+!3E%2!3#!3E%!$%4%:$/E!P$#8*%2!:1'!3#!3E%!$%4%:$/E!T,%437#14!:1'^#$!#8A%/379%4!#<!3E%!43,'Km!:1'!!

• '7437*!2%:171+!#,3!#<!$%4%:$/E!':3:!:1'!P$%4%13!3E%2!%<<%/379%*K>!!

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

#!B""

$%4,*34! 2:K! 8%/#2%! T,73%! 43:37437/:*! :1'! 2:K! 719#*9%! EKP#3E%474! 3%4371+[! :1:*K474! :1'!$%P#$371+!#<!%$$#$4[!:1'!:1:*K471+!<#$!43:37437/:*!47+17<7/:1/%!71!3E%!4:2P*%!':3:>!!!?1! T,:*73:379%! $%4%:$/E[! 3E%! $%4%:$/E%$! :724! 3#! %XP*#$%[! ,1'%$43:1'[! :1'! 713%$P$%3! 3E%!2%:171+<,*! :1'! 4K28#*7/! /#13%13! #<[! <#$! %X:2P*%! T,:*73:379%! ':3:! 71[! <#$! %X:2P*%[! #$:*!/#22,17/:37#1! #$! :,'7#! $%/#$'71+4! i%>+>[! <$#2! 713%$97%&4j[! 3%X34! i%>+>[! '#/,2%134[!3$:14/$7P34[! <7%*'! 1#3%4j! #$! :$3%<:/34! :1'! 2#'%*4[! :1'! <$#2! 72:+%4! i97'%#[! PE#3#+$:PE4[!P:71371+4[!'$:&71+4j>! ?13%$%43! 74!/%13$%'!#1!:1:*K471+!:1'! 713%$P$%371+!2%:171+! 71! 3E%4%!8K!71'797',:*4!#$!/:4%4!:4!&%**!:4!8K!3E%!+$#,P!719#*9%'>!.**!3E74!$%T,7$%4!:!4K43%2:37/!:PP$#:/E!8K!&E7/E!3#!$%',/%!%X3%1479%!':3:!4%34!8K!/$%:371+!/:3%+#$7%4!:1'!/#1/%P34!'%$79%'!<$#2!3E%!':3:[!:1:*Ke71+!3E%2!:1'!3E%1!$%P#$371+!3E%2!i"*7/0[!5NN=m!]8$7/E[!5NN=j>!!!

/4]8 !H:V!?><O?=!?>U>;?L:!?>UXQ=U!;NR![WNRWNSU!JE%! P,$P#4%! #<! :1K! $%4%:$/E! 43,'K! 74! 3#! :$$79%! :3! :! 4#*,37#1! 3#! :1! 7'%137<7%'! P$#8*%2>! J#!<#/,4! 3E%!43,'K[! 3E%!P$#8*%2! 74! 43:3%'!:4!:! $%4%:$/E!T,%437#1!#$!:4!:! $%4%:$/E!EKP#3E%474>!JE%! %137$%! $%4%:$/E! P$#/%44! 4E#,*'! 3E%$%<#$%! 8%! +,7'%'! 8K! 3E%! $%4%:$/E! T,%437#1i4j>! JE%!:PP$#P$7:3%1%44!#<!3E%!2%3E#'#*#+K!/E#4%1[!3E%!$%*%9:1/%!:1'!:'%T,:/K!#<!3E%!':3:!3#!8%!/#**%/3%'!:$%! 4T,:$%*K!'%3%$271%'!8K! 3E%!1:3,$%!#<! 3E%!P$#8*%2!'%<71%'!:1'! 3E%! $%4%:$/E!T,%437#14!8%71+!P#4%'>!?3!74!/$737/:*!3#!$%2%28%$!3E:3!71!/#**%/371+!$%4%:$/E!':3:[!73!74!1#3!:1K!':3:!3E:3!4E#,*'!8%!/#**%/3%'m!$:3E%$!73!74!#1*K!':3:!3E:3!:$%!$%*%9:13!3#!:''$%4471+!3E%!43:3%'!P$#8*%2!&E7/E!4E#,*'!8%!/#**%/3%'>!!!!?1!3E%!4%/37#1!#$!6E:P3%$!#1!a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iC%%! 6E:P3%$! -G! <#$!<,$3E%$! +,7':1/%! #1! 3E%! 3KP%4! #<! :,'7%1/%j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d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

##G""

C#2%372%4! 3E%! $%4%:$/E%$! <:7*4! 3#! :/01#&*%'+%! 3E%! ,4%! #<! 1#1W$%P$%4%13:379%! 4:2P*%4! #$!,4%4!43:37437/:*!:1:*K474!P$#/%',$%4!&73E!P,$P#479%!4:2P*%4>!Z74471+!':3:!:$%!1#3!$%P#$3%'!#$!:$%!7+1#$%'>!?1!/%$3:71!/:4%4[!274471+!/:4%4!:$%!<7/3737#,4*K!f<7**%'W71h!8K!3E%!$%4%:$/E%$>!JE%!<#**#&71+! :$%! 4#2%! #<! 3E%! %3E7/:*! /E:**%1+%4! 3#! 8%! :&:$%! #<>! F9:*,:3%! <#$! K#,$4%*<! 3E%!$%4%:$/E!K#,!E:9%!$%:'\!SE7/E!#<!3E%4%!%3E7/:*!/#147'%$:37#14!&%$%!:'E%$%'!3#!#$!97#*:3%'U!!

• ":7*,$%! 3#! '%4/$78%! /#2P*7/:37#14[! 4,/E! :4! P##$! 7143$,2%134! :1'! 274471+! ':3:[!:33$737#1[!:1'!1#1W!$%4P#14%[!:1'!#3E%$!,1:137/7P:3%'!%9%134!71!':3:!/#**%/37#1!3E:3!2:K!E:9%!#//,$$%'!3E:3!*%:'!3#!'743#$37#14>!!

• ?1:'9%$3%13! /#2P$#274%! #<! :44,$:1/%! #<! :1#1K273K! :1'! /#1<7'%137:*73K! #<!P:$37/7P:134[! $%4%:$/E! 473%4[! :1'! 714373,37#14! :1'!P$#3%/37#1!#<!':3:!&E%1!P7/3,$%4[!PE#3#+$:PE4[!2:P4[!#$!+$:PE7/:*!'74P*:K4!:$%!,4%'>!

!• D%4%:$/E%$!87:4%4! <#$!%X:2P*%[!,1'%$W$%P$%4%1371+!#$!'743#$371+!'7<<%$%1/%4!&73E71!

:1'!:2#1+! 71'797',:*4!:1'!+$#,P4!:4!:! $%4,*3!#<!#27447#14!#$!&E%1! 71<#$2:37#1! 74!71/*,'%'! 3E:3! 74! <:*4%! #$! 3E:3! 274*%:'4[! #$! 274$%P$%4%134! E#&! 3E%! $%4%:$/E! #$!:1:*K4%4!&%$%!'#1%>!

!• D%P#$371+!71://,$:3%*K!#$!:1:*K471+!3E%!$%4,*34!4,/E!3E:3!3E%K!4,PP#$3!:!$%4%:$/E%$R4!

%XP%/3:37#14[!7>%>[!3E%!':1+%$!#<!3E%!4%*<W<,*<7**71+!P$#PE%/K>!!

• H743#$37#14!71!':3:!P$%4%13:37#1!&E%1[!<#$!%X:2P*%[!+$:PE4!:1'!3E%7$!4/:*%4!2:K!8%!,4%'!3#!/$%:3%!:!274*%:'71+!P7/3,$%>!H743#$37#1!/:1!#//,$[!<#$!%X:2P*%[! 71!$%P#$371+!P%$/%13:+%4! &73E! 42:**! 4:2P*%4! #<! -N! #$! *%44>! "#$3K! P%$/%13! iGNkj! 8%/#2%4! :!2:+17<7%'!$%P$%4%1371+!#<!G!#,3!#<!-N>!!!

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i-===j!+:9%!/#,14%*!&#$3E!E%%'71+! 3E:3[! fJ$K! 3#!,4%! 3E%!472P*%43[!:PP$#P$7:3%! 3%/E17T,%! <#$!&E7/E!K#,!/:1!2%%3! 3E%!,1'%$*K71+!:44,2P37#14h>!!!?1!3E%!1%X3!4%/37#1[!&%!:14&%$!:1!72P#$3:13!T,%437#1>!

/4]C !H:O!U:OXQR!;N;QVU>!;NR!?><O?=!=:>!?>U>;?L:!?>UXQ=U!;NR![WNRWNSUe!

JE74! 74! :1! %3E7/:*! T,%437#1>! JE%! $%4%:$/E%$! 4E#,*'! :1:*K4%! ':3:! 4#! E%^4E%! /:1!2:43%$! 3E%!:1:*K474!407**4[!:1'!71!#$'%$!3#!%1E:1/%!8%33%$!,1'%$43:1'71+!#<!':3:>!C,PP#$3!2:K!8%!4#,+E3!<$#2!%XP%$34!&E%$%!1%/%44:$K>!?3!74!/$737/:*!3#!:PP$%/7:3%!3E:3!3E%!$%4%:$/E%$!74!://#,13:8*%!

##!""

<#$!3E%!':3:^<71'71+4!$%P#$3%'!71!3E%!43,'K>!.1!72P#$3:13!407**!#<!:!$%4%:$/E%$!74!3E%!:87*73K!3#!9%$7<K!E74Ê%$!$%4,*34[!3#!,1'%$43:1'!&E:3!3E%!$%4,*34!2%:1[!:1'!3#!01#&!E#&!3E%!$%4,*34!:$%!'%$79%'! #$! /#2P,3%'>! ?3! 74! /#147'%$%'! :1! :/3! #<! 713%**%/3,:*! '74E#1%43K[! 71! #,$! #P717#1[! 3#!$%P#$3! $%4,*34!&73E#,3! ,1'%$43:1'71+!E#&! 3E%K! :$%! '%$79%'[! :1'!&E:3! 3E%K!2%:1! i4%%! <#$!%X:2P*%[!S7*0714#1[!-===m!D,'%43:2!l!_%&3#1!i5NN;jj>!@*79%$!i5NNG\5-(j!:'2#174E%4!3E:3!:! $%4%:$/E%$!2,43! 8%! a/*#4%R! 3#! 3E%! :1:*K37/:*! P$#/%',$%4! 4E%Ê%! %2P*#K4>! D,'%43:2! :1'!_%&3#1! i5NN=j! +79%! &74%! /#,14%*! 3#! $%4%:$/E%$4! 3E:3! f:3! 372%4! 73! 2:K! 8%! P$#P%$! 3#! ,4%!43:37437/:*!/#14,*3:134!3#!/#1',/3!:1:*K4%4!:1'!:44743!&73E!3E%! 713%$P$%3:37#1!#<!$%4,*34[!8,3!3E74!4E#,*'!1#3!8%!4%%1!:4!:!2%:14!#<!:9#7'71+!3E%!1%%'!3#!*%:$1!:1'!:PP*K!43:37437/4h>!!

/4]C]/!+=?XL=X?WNS!;NR!O?S;NWUWNS!=:>!<?>U>N=;=WON!O[!?>UXQ=U!

)$%4%1371+! :1'! /#22,17/:371+! $%4%:$/E! $%4,*34! :1'! <71'71+4! 2%:171+<,**K! 74! T,73%!72P#$3:13>!C3$,/3,$71+!3E%!P$%4%13:37#1!#<!3E%!$%4,*34!:1'!<71'71+4!74!T,73%!P%$371%13!<#$!3E%7$!P#3%13!/#22,17/:37#1>!JE%$%!:$%!&:K4!3E:3!2:K!8%!,4%<,*!3#!43$,/3,$%!3E%!P$%4%13:37#1!#<!3E%!$%4,*34>!!

• "7$43[! 3E%!$%4,*34!:1'! <71'71+4!1%%'!3#!8%!P$%4%13%'! 71!4,/E!:!&:K!3E:3! 3E%K!'%P7/3!P:$37/,*:$!4%3371+4[!/#13%X34[!4:2P*%4[!:1'!P:$37/7P:134>!?3!74!72P#$3:13[!3E%$%<#$%[!3#!43$,/3,$%!3E%!$%4,*34!:1'!<71'71+4!4%/37#1!8K!<7$43!'%4/$7871+!3E%!4%3371+!:1'!/#13%X34[!:1'! 8K! +7971+! 3E#4%! $%4,*34! 3E:3! 4,22:$74%! 3E%! '%2#+$:PE7/4! #<! 3E%! $%4%:$/E!P:$37/7P:134>!JE74! 74!:!,4%<,*!&:K!3#!$%:'!2%:171+!#<!3E%!$%4,*34!:1'!<71'71+4!&E%1!P$%4%13%'!1%X3>!!

• C%/#1'[!3E%!$%4,*34!:1'!<71'71+4!2:K!8%!43$,/3,$%'!://#$'71+!3#!$%4%:$/E!T,%437#14[!EKP#3E%4%4!#$!#8A%/379%4! :4! 3E%K!&%$%!P$%4%13%'! 71!6E:P3%$!-!#$! 3E%! 713$#',/37#1!4%/37#1! #<! $%4%:$/E>! ?1! '#71+! 4#[! 73! 74! 72P#$3:13! 3E:3! 3E%! $%4%:$/E! T,%437#14! :1'!E%1/%! 3E%! $%4%:$/E! $%4,*34! :$%! #$+:174%'! <$#2! 3E%!TOU=! UWSNW[WL;N=! 3#! =:>! Q>;U=!UWSNW[WL;N=>!JE74!E%*P4!3#!<#/,4!$%:'%$4>!!!

• JE7$'[! $%P#$371+! ':3:!2:K! :*4#! 8%! 71<*,%1/%'! 8K! 3E%! $%4%:$/E!2%3E#'#*#+K! 3E:3! 74!,4%'>!?1!:!2,*37W2%3E#'!$%4%:$/E[!73!&7**!8%!1%/%44:$K!3#!$%P#$3!3E%!$%4,*34!#83:71%'!://#$'71+!3#!%:/E!2%3E#'!,4%'!71!#$'%$!3#!:$37/,*:3%!3E%!47+17<7/:13!$%4,*34!8K!%:/E!2%3E#'>!C#2%372%4[!$%4,*34!2:K!8%!P$%4%13%'!71!/E$#1#*#+7/:*!#$'%$!<#**#&71+!3E%!#$'%$!#<!':3:!/#**%/37#1[!%>+>[!$%4,*34!#<!P7*#3!3%434[!P$%W3%434[!:1'!P#43W3%434>!!

JE%!T,%437#1[!&E7/E!#,$!43,'%134!#<3%1!+$:PP*%!&73E!74\!SE7/E!2%3E#'4!#<!$%P#$371+!':3:!'#!?!,4%U!S%!%X:271%!3E74!8%*#&>!

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

• H#!3E%!$%4,*34!#$!<71'71+4!2:0%!4%14%U!!• H#%4!3E%!%97'%1/%!43:1'!#,3!/*%:$*KU!• SE:3!'#!3E%!$%4,*34!P$#9%!#$!3%**!K#,U!• ?4!3E%!<71'71+!47+17<7/:13!#$!72P#$3:13!3#!3E%!$%4%:$/E!T,%437#1U!!

###""

!JE%!/E:P3%$!#1! $%4%:$/E! $%4,*34!:1'! <71'71+4! 74! 47+17<7/:13! 71! 3E:3! 73! :33%2P34! 3#! 3$:14<#$2!*:$+%!:2#,134!#<!':3:!8K!#$+:17471+!:1'!4,22:$7471+!73!71!&:K4!3E:3!&7**!%1:8*%!3E%!2%:171+!3#! 8%! '%$79%'>! H:3:! /#**%/3%'! 71! 3E%! <7%*'! :$%! 3$:14<#$2%'! 713#! 2%:171+<,*! 71<#$2:37#1>!F<<%/379%!P$%4%13:37#1!#<!$%4%:$/E!$%4,*34!:1'!<71'71+4!74!,4,:**K!:/E7%9%'!8K!/#287171+!3E%!,4%!#<!N;??;=W^>!R>UL?W<=WON!i3%X3j!:1'!^WUX;Q!UXTT;?W>U!i%>+>[!3:8*%4[!+$:PE4[!/E:$34[!<7+,$%4[!P7/3,$%4[!%3/j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

d#,!4E#,*'!E:9%!*733*%!'7<<7/,*3K!$%4P#1'71+!3#!3E%!<7$43!3&#!T,%437#14>!JE%!3E7$'!T,%437#1!74!#<!P:$37/,*:$! 72P#$3:1/%! 71! 4E:P71+! K#,$! $%P#$3! #<! $%4,*34^<71'71+4>! SE%1! K#,! /*%:$*K!:PP$%/7:3%! 3E%! 2%$734[! K#,! &7**! 8%! 8%33%$! P#4737#1%'! 3#! P#$3$:K! $%4,*34! 71! :! /#1971/71+!<:4E7#1>!JE74!8%+4!3E%!T,%437#1!:8#,3!43K*%[!3#!&E7/E!&%!1#&!3,$1!#,$!<#/,4>!

/4]G!+=VQ>!;NR![O?T;=!O[!<?>U>N=;=WON!O[!?>UXQ=U!

?1! #$'%$! 3#! %1E:1/%! 3E%! P$%4%13:37#1! :1'! $%P#$371+! #<! 3E%! $%4,*34! :1'! <71'71+4[! &%!$%/#22%1'! 3E:3! 3E%! $%4%:$/E%$! $%<%$4! 3#! $%4%:$/E! &$7371+! +,7'%4[! <#$! %X:2P*%[! C&%31:2!:1'!C&%31:2!i5NN=j[!D,'%43:2!:1'!_%&3#1!i5NN;j[!@*79%$!i5NNGj[!:1'!#3E%$4! *743%'!71!3E%!$%<%$%1/%4! :1'! /#14,*34! :! 43K*%! 2:1,:*>! 6#22#1*K! ,4%'! 43K*%! 2:1,:*4! 71! 4#/7:*! :1'!8%E:97#,$:*!4/7%1/%4!:$%\!

• R,)!C,1:.+3!Q.*6.7!34!&'N7)!SR.(6D1.*!&'N7)TF!!• R,)!>6D71:.'13*!Q.*6.7!34!',)!A2)(1:.*!>-N:,373+1:.7!A--3:1.'13*!SA>ATF!:1'!!• R,)!Q3/)(*!0.*+6.+)-!A--3:1.'13*!SQ0AT!W.*/D33K!43(!\(1')(-!34!9)-).(:,!>.<)(->!

JE%4%!P,8*7/:37#1!2:1,:*4!P$#97'%!+,7':1/%!#1!:**!:4P%/34!#<! 3E%!$%4%:$/E!&$7371+!P$#/%44!71/*,'71+! $%<%$%1/%! /73:37#14! :1'! 3E%! P$#P%$! &:K! 3#! 4%*%/3! :1'! P$%4%13! E%:'71+4[! 3:8*%4[!<7+,$%4[!:1'!.PP%1'7/%4>!!S%!,$+%!,179%$4737%4[!<:/,*37%4!#$!'%P:$32%134!3#!:'#P3!P:$37/,*:$!43K*%4!4#!3E:3!43,'%134!#<!$%4%:$/E!:$%!:/T,:713%'!&73E!4K43%2:37/!$%P#$371+!P$#/%',$%4>!

O%*#&!74!:!P$:/37/:*!$%4%:$/E[!&E7/E!$%T,7$%4!3E:3!K#,!'#!4#2%!E#2%&#$0!&E7*%!&#$071+!#1!K#,$!'744%$3:37#1>!!!!!!!!

##$""

!!#L=W^W=V!/4]@!]##+*%!#$!K:E##!4%:$/E! a),8*7/:37#1!2:1,:*4R!:1'!P%$,4%!3E%! <#$2:34!P$#P#4%'!<#$! $%P#$3!/#13%13!43$,/3,$%[!<#$!P:$%13E%37/:*!$%<%$%1/%[!$%<%$%1/%!*7434[!:1'!<#$!43$,/3,$71+!3:8*%4!:1'!<7+,$%4>!!

J:0%! 4#2%! 372%! 3#! <:27*7:$74%! K#,$4%*<! #<! 3E%! P:$37/,*:$! $%<%$%1/%! 4K43%2! 4#! :4! 3#! %14,$%!/#14743%1/K!71!:**!3E%!&$7371+>!?1!3E%!1%X3!4%/37#1!:'97/%!#1!3E%!,4%!#<!3:8*%4!74!#<<%$%'>!

/4]I!0U>!O[!=;YQ>U7!S?;<:U7!;NR![WSX?>U!

.1! 72P#$3:13! :4P%/3! #<! P$%4%1371+! 3E%! ':3:! 74! 3#! P$%4%13! 3E%2! 71! 3E%! <#$2:3! #<! 3:8*%4[!+$:PE4[! /E:$34[! <7+,$%4[! :1'! P7/3#+$:24>! JE%4%! '74P*:K4! #<! ':3:!&7**! E%*P! K#,! #$+:174%! :1'!4,22:$74%!72P#$3:13!$%4,*34!4,/E!3E:3!3E%!$%:'%$!74!:8*%!3#!974,:*74%!3E%2!%:47*K>!J:8*%4!:$%!,4%'! 3#! #$+:174%! :1'! 4,22:$74%! ':3:! 4,/E! 3E:3! 72P#$3:13! $%4,*34! :$%! %:47%$! 3#! P%$/%79%>!]$:PE4[!/E:$34!:1'!<7+,$%4!:$%!,4%'!3#!4E#&!3$%1'4!:1'!$%*:37#14E7P4!:2#1+!3E%!':3:!8%71+!'74P*:K%'>!JE%!8%1%<73!#<!,471+!3E%4%!3:8,*:$!:1'!+$:PE7/:*!'74P*:K4!#<!':3:!74!3E:3!%2%$+71+!P:33%$14! :$%! '74/%$1%'! %:47*K>! Z:1K! $%:'%$4! i:1'! /%$3:71*K! %X:271%$4j! :$%! :33$:/3%'! 8K!3:8*%4[! /E:$34! :1'! <7+,$%4! <#$! %2%$+71+! 3$%1'4! 71! 3E%! ':3:>! ?3! 74! 72P#$3:13! 3E:3! 3:8*%4! :1'!<7+,$%4!4E#,*'!:*&:K4!E:9%!373*%4!3E:3!:$%!71<#$2:379%[!7>%>!373*%4!3E:3!'%P7/3!&E:3!74!$%P#$3%'!71!3E%!3:8*%>!J:8*%4[!/E:$34!:1'!<7+,$%4!4E#,*'!8%!1,28%$%'!:1'!4E#,*'!8%!$%<%$$%'!3#!71!3E%!3%X3>!c%K!:4P%/34!#<!3E%!':3:!$%<*%/3%'!71!3E%!3:8*%4[!/E:$34!:1'!<7+,$%4!4E#,*'!8%!'%4/$78%'!71!3E%!3%X3!71!#$'%$!3#!'$:&!3E%!$%:'%$s4!:33%137#1!3#!3E%2>!

JE%$%!:$%!:!<%&!72P#$3:13!:PP$#:/E%4!3#!%<<%/379%*K!71/#$P#$:371+!3E%!,4%!#<!3:8*%4[!/E:$34[!+$:PE4!:1'! <7+,$%4!&E%1!&$7371+! 3E%! $%4,*34!:1'! <71'71+4! 4%/37#1!#$! /E:P3%$>!JE%! <#**#&71+!:$%!,4%<,*!43%P4!3#!<#**#&>!!

1T E*'(3/6:)!',)!'.D7)-F!+(.<,-F!:,.('-F!.*/!41+6()-#!JE74!2:K!8%!://#2P*74E%'!8K!$%<%$$71+!3#!3E%!$%4%:$/E!P,$P#4%!#$!$%4%:$/E!T,%437#1!:1'!8K!'%4/$7871+!3E%!':3:!/#**%/37#1!:1'!:1:*K474!2%3E#'4!#$!3%/E17T,%4>!?3!74!72P#$3:13!3#!%14,$%!3E:3! 3E%! :1:*K474! 3%/E17T,%! 74! :PP$#P$7:3%! <#$! 3E%! ':3:! 8%71+! :1:*K4%'! :1'! 3E%! $%4%:$/E!T,%437#14>!

11T 03:.')!',)!'.D7)-F!+(.<,-F!:,.('-F!.*/!41+6()-!=1',!.!()4)()*:)!*62D)(#!?3! 74! 72P#$3:13! 3#! 4%$7:**K! 1,28%$! %:/E! 3:8*%[! +$:PE[! /E:$3[! <7+,$%[! PE#3#+$:PE! #$! :1K!:PP%1'7/%4>!?1!'#71+!4#[!73!74!1#3!1%/%44:$K!3#!$%<%$!3E%!$%:'%$!3#!a8%*#&R!#$!s:8#9%R>!OK!,471+!:!$%<%$%1/%!1,28%$!<#$!%:/E!:1'!+7971+!:!4,22:$K!43:3%2%13!#1!&E:3!3E%!P:$37/,*:$!3:8*%[!+$:PE[! /E:$3[! <7+,$%[! PE#3#+$:PE! #$! :1K! :PP%1'7/%4! 4E#&4[! 3E%! $%:'%$! /:1! <#**#&! 3E%!P$%4%13:37#1!#<!3E%!$%4,*34>!FX:2P*%4!#<!,4%<,*!PE$:4%4!&73E!$%<%$%1/%!3#!3E%#$%37/:*!':3:!71!3E%!879:$7:3%!J:8*%!-5>-!:$%!:4!<#**#&4\!aR.D7)!%$#%!-,3=-!',)!/1-'(1D6'13*!34!').:,)(-!.:(3--!()+13*-! DN! ',)1(! Y6.7141:.'13*! -'.'6-)-! @D! iR,)! ()-67'-! 34! .*.7N-1*+! ',)! ').:,)(-a!Y6.7141:.'13*-!DN!()+13*!.()!-,3=*!1*!R.D7)!%$#%a#!!

!#L=W^W=V!/4]C!!FX:271%!3E%!&%8473%!E33P\^^&&&>PE$:4%8:10>2:1/E%43%$>:/>,0^$%4,*34>E32!<#$!4#2%!,4%<,*!PE$:4%4!<#$!'%4/$7871+!':3:>!!!"#**#&!3E%!*710!4,++%43%'!71!3E%!:/37973K!3#!#83:71!3E%!1%/%44:$K!71<#$2:37#1>!

##%""

!";YQ>!/4]/F!1WU=?WYX=WON!O[!=>;L:>?U!YV!dX;QW[WL;=WON!_*!l!DCJ`)

!! A0#%3(3)#"3'*! !

.&53'*! 1W<QOT;! 1>S?>>! 0N=?;WN>R! "O=;Q!! 1! k! 1! k! 1! k! 1!.! -5L! I=>5! B(! -;>(! G=! 5B>N! 5-B!O! --;! I(>5! GI! 55>G! B=! -=>G! 5N-!6! =(! L=>N! -G! =>=! BN! 5->-! -G5!H! I! G->;! B! 5I>N! G! BB>B! -5!F! GI! LN>(! 5G! B5>G! I! L>(! ;G!"! I5! GG>-! 5G! 5N>B! G5! BI>L! --(!

"O=;QU! GGB! I(>B! -G(! -=>I! -L=! 55>5! ;LN!!

111T C,):K!43(!.*32.71)-!1*!',)!/.'.!?3! 74! :! 1%/%44:$K! %X%$/74%! 3#! /E%/0! <#$! ://,$:/K! :1'! <#$! :1K! :1#2:*7%4! 71! 3E%! ':3:>! "#$!%X:2P*%[!K#,!&#,*'!1%%'!3#!/E%/0!3E:3!3E%$%!:$%!1#!2743:0%4!71!3E%!':3:!<#$!D%+7#1!H!:1'!!F[!&E7/E!8%3&%%1! 3E%2!E:9%!#1*K!(L! 3%:/E%$4!#,3!#<! 3E%! 4:2P*%! 3#3:*>!V,%437#14!2:K!8%!:40%'\!!

• S:4!3E74!',%!3#!71:PP$#P$7:3%!4:2P*71+!P$#/%',$%!#$!4#2%!#3E%$!%$$#$U!!• Y#&!'#!K#,!://#,13!<#$!3E74!:1#2:*KU!!

SE%1!4,22:$7471+!:1'!P$%4%1371+!':3:!4,/E!:4!71!3E%!J:8*%!-5>-[!73!74!72P#$3:13!3#!:4/%$3:71!://,$:/K!8K!/E%/071+!3E%!/#*,21!:1'!$#&!3#3:*4!:$%!71!:+$%%2%13>!!!!

18T 03:.')!.*/!/)-:(1D)!',)!23-'!-1+*141:.*'!()-67'!?3! 74! 72P#$3:13!:<3%$!P$%4%1371+!:! 3:8*%[!+$:PE[!/E:$3[!#$! <7+,$%!3#! 7'%137<K!:1'!'%4/$78%!3E%!2#43!47+17<7/:13!$%4,*3!71!3E%!':3:>!?3!74!1#3!1%/%44:$K!3#!$%P%:3!3E%!':3:!$%P#$3%'!71!%:/E!:1'!%9%$K!$#&>!JE%!<#**#&71+!74!:1!%X:2P*%!#<!3E74!P$#/%44\!

a.4!/:1!8%!4%%1!71!J:8*%!-5>-!3E%!2:A#$73K!#<!3%:/E%$4!:$%!H7P*#2:!iI(>Bkj!:1'!'%+$%%!i-=>Ikj!'%+$%%!E#*'%$4>!@<! 3E%!55>5k!#<! ,13$:71%'! 3%:/E%$4[! 3E%!E7+E%43!P$#P#$37#1!&:4!71!$%+7#1!"!:1'!H!&73E!BI>Lk!:1'!BB>Bk!,13$:71%'!3%:/E%$4[!$%4P%/379%*K>!?3!2,43!8%!1#3%'[!E#&%9%$[!3E:3!D%+7#1!H!:*$%:'K!E:4!9%$K!<%&!3%:/E%$4!71!3#3:*[!7>%>[!-5!#,3!#<!3E%!$%+7#1:*!3#3:*!#<!;LN[!#$!->LkR>!!

?3!74!72P#$3:13!:4!4E#&1!#1!3E%!:8#9%!3E:3!&#$'4!4,/E!:4!a<%&R[!a2:1KR[!#$!a4%9%$:*R!2,43!8%!T,:*7<7%'! &73E! ':3:! #$! %*4%! 2,43! 1#3! 8%! ,4%'>! _#3%! :*4#! 3E:3! 71! 3E%! %X:2P*%[! &%! E:9%!:33%2P3%'!3#!$%P#$3!$%4,*34!<$#2!*:$+%!3#!42:**[!7>%>[!I(>Bk!:1'!+#71+!'#&1!3#!->Lk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f'74/,447#1h[!73!74!:*&:K4!+##'!P$:/37/%!3#!8%:$!71!271'!&E:3!%:/E!$%4,*3!K#,!:$%!$%P#$371+!2%:14!71!$%*:37#1!3#!3E%!$%4%:$/E!T,%437#14!#$!#8A%/379%4>!.! +##'! T,%437#1! 3#! P#4%! :4! K#,! *##0! :3! 3E%! $%4,*34! 74\! SE:3! '#%4! 3E%! $%4,*3! 4:K! :8#,3!$%4%:$/E!T,%437#1U!

/4]/J!9;?W>=V!O[!S?;<:WL;Q!<?>U>N=;=WON!O[!?>UXQ=U!PW=:!NOTWN;Q!R;=;!S73E!3E%!:'9%13!#<!/#2P,3%$!4#<3&:$%!P:/0:+%4[!P$%4%1371+!$%4,*34!974,:**K!&73E!+$:PE4!:1'!/E:$34!E:4!8%/#2%!T,73%!%:4K>!D%4%:$/E%$4!:$%!:33$:/3%'!3#!73[!8,3!#<3%1!3E74!/:1!8%!<$:,+E3!

##&""

&73E! 71://,$:/7%4! :1'! '743#$37#14>! "#$! %X:2P*%[! 8%+71171+! $%4%:$/E%$4! '#! 1#3! :*&:K4!:PP$%/7:3%! 3E%! 72P#$3:1/%! #<! ,1'%$43:1'71+! 3E%! 1:3,$%! :1'! 3KP%! #<! 9:$7:8*%4! 3E%K! :$%!43,'K71+! :1'! 3E%! *%9%*! #<! 2%:4,$%2%13! 4/:*%! 3E%K! :$%! %2P*#K71+! :4! 3E%K! #84%$9%! :1'!2%:4,$%!3E%4%!9:$7:8*%4>!JE74!:<<%/34!3E%!974,:*!72P$%447#1!/$%:3%'!8K!3E%!+$:PE!:1'!E:4!3E%!P#3%137:*! 3#! '743#$3! 3E%! 3$,%! P7/3,$%>! ! _#3%! 3E:3! %:/E! 3KP%! #<! +$:PE! 74! 8%43! 4,73%'! <#$!P:$37/,*:$!3KP%!#<!':3:m!73!74!72P#$3:13!<#$!:!$%4%:$/E%$!3#!8%!:8*%!3#!/E##4%!3E%!8%43!3KP%!#<!+$:PE!:3!:1K!#1%!372%>!JE%!8%43!3KP%!#<!+$:PE!'%P%1'4!#1!3E%!':3:!3#!8%!$%P#$3%'>!

S%! 1%%'! 3#! 43$%44! 3E:3! T,:*73:379%! 9:$7:8*%4! :$%!2%:4,$%'! #1! 3E%! 1#271:*! :1'^#$! #$'71:*!4/:*%[! &E7*%! T,:1373:379%! 9:$7:8*%4! :$%! 2%:4,$%'! #1! 3E%! 713%$9:*! :1'^#$! $:37#! 4/:*%>! ?3! 74!72P#$3:13!3#!:PP$%/7:3%!&E7/E!+$:PE!#$!/E:$3!74!:PP$#P$7:3%!&73E!3E%!071'!#<!9:$7:8*%!:1'!734!*%9%*! #<! 2%:4,$%2%13>! .! 9:$7:8*%! 4,/E! :4! +%1'%$! 74! :! T,:*73:379%! /:3%+#$7/:*! 9:$7:8*%!2%:4,$%'!#1!:!1#271:*! 4/:*%>!#!NOTWN;Q! UL;Q>! WU! ;!N;TWNS!O?! L;=>SO?WUWNS! UL;Q>! ,4%'! <#$!/*:447<K71+[!71!3E74!/:4%!+%1'%$!74!/*:447<7%'!713#!2:*%!#$!<%2:*%>!JE%!/#'%4!:**#/:3%'!3#!3E%4%[!%>+>! a-R! <#$!2:*%!#$! a5R! <#$! <%2:*%[! :$%!,4%'!#1*K! <#$! *:8%**71+!:1'! /#,1371+>! !_#271:*!':3:!4,/E!:4! 3E74!/:1!8%!P$%4%13%'! 71!+$:PE4!:1'!/E:$34!4P%/7<7/:**K\!8:$!+$:PE4[!P7%!/E:$34[!:1'!'#,+E1,3!#$!$:':$!+$:PE4!:4!4E#&1!71!"7+,$%!-5>5!3#!"7+,$%!-5>G>!!?3!74!1#3!1%/%44:$K!3#!,4%!2#$%!3E:1!#1%!<#$2:3!#<!P$%4%13:37#1!:4!3E%!71<#$2:37#1!&7**!8%!*:$+%*K!3E%!4:2%>!JE%$%!:$%!'7<<%$%13!3KP%4!#<!+$:PE4!3E:3!/:1!8%!,4%'!3#!$%P#$3!$%4%:$/E!':3:>!!

JE%!<#**#&71+!P#7134!:$%!&#$3E!1#371+!&E%1!P$%4%1371+!+$:PE4!:1'!/E:$34>!!• JE%!:X%4!#<!:!+$:PE!4E#,*'!8%!/*%:$*K!*:8%**%'!4#!3E%!$%:'%$!/:1!,1'%$43:1'!&E:3!74!

'%P7/3%'!#1!3E%2>!!• JE%$%!4E#,*'!8%!:!0%K!&E7/E!'%1#3%4!&E:3!%:/E!%*%2%13!4E#&4!71!3E%!+$:PE>!JE74!74!

P:$37/,*:$*K!4#!&E%$%!4%9%$:*!%*%2%134!:$%!4E#&1!71!:!471+*%!+$:PE>!!• JE%!:33%137#1!#<!:!$%:'%$!74!,4,:**K!/:P3,$%'!<7$43!8K!3E%!373*%[!&E7/E!4E#&4!&E:3!73!74!

3E:3!74!8%71+!7**,43$:3%'!8K!3E%!+$:PE>!JE,4[!:4!71!3:8*%4!:1'!:1K!#3E%$!<7+,$%4!,4%'!71!$%P#$371+! <71'71+4[! 3E%! 373*%! 4E#,*'!8%!4E#$3!8,3!2%:171+<,*!%1#,+E! 3#!/:P3,$%! 3E%!%44%1/%!#<!3E%!+$:PE>!!

• .//#$'71+!3#!2:1K!43K*%!2:1,:*4[!3E%!373*%4!#<!+$:PE4!:1'!<7+,$%4!:$%!P*:/%'!:3!3E%!8#33#2!&E7*%!373*%4!#<!J:8*%4!:$%!P*:/%'!:3!3E%!3#P>!!

• .4! 2,/E! :4! P#4478*%[! 3E%! +$:PE! 4E#,*'! 1#3! 8%! /*,33%$%'! &73E! 71<#$2:37#1! :4! 3E74!2:0%4!73!'7<<7/,*3!<#$!3E%!$%:'%$!3#!'74/%$1!72P#$3:13!71<#$2:37#1>!!

• ?3!74!72P#$3:13!3#!:*&:K4!4E#&!3E%!3#3:*!4:2P*%!47e%!i_j!<#$!3E%!':3:!71!3E%!+$:PE!#$!3:8*%!3#!8%!713%$P$%3%'!2%:171+<,**K>!!

!"7+,$%!-5>5!74!:!8:$!+$:PE!4E#&71+!3E%!'743$78,37#1!#<!,179%$473K!43,'%134!i_!w!5NNj!://#$'71+!3#!2#'%4!#<!3$:14P#$3!3E%K!,4%!3#!/#2%!3#!/:2P,4>!"7+,$%!-5>B!74!:1!%X:2P*%!#<!:!P7%!/E:$3!:1'!"7+,$%!-5>G!74!:!$:':$!/E:$3!4E#&71+!%X:/3*K!3E%!4:2%!$%4,*34>!6E##4%!#1*K!#1%!<#$2:3!3#!P$%4%13! 3E%! $%4,*34>! JE%! $%:'%$! 74! $%271'%'! 3E:3! 71!ZC!S#$'[! K#,! /:1! /E:1+%! 3E%! a/E:$3!3KP%R! 3#! 8:$[! P7%[! '#,+E1,3[! 8,88*%[! $:':$[! :1'! #3E%$4! <$#2! 3E%! P,**! '#&1! 2%1,! ,1'%$!f6E:$3!J##*4h>!!

##'""

!(WSX?>!/4]4F!$;?!S?;<:!U:OPWNS!=:>!TOR>!O[!=?;NU<O?=!XU>R!YV!U=XR>N=U!P:>N!LOTWNS!=O!L;T<XU!_*!l!4JJ`]!

!(WSX?>!/4]6F! -W>! L:;?=! U:OPWNS! =:>!TOR>!O[! =?;NU<O?=!XU>R!YV! U=XR>N=U!P:>N! LOTWNS! =O!L;T<XU!_*!l!4JJ`]!!#L=W^W=V!/4]C!JE74! 74!:!P$:/37/:*!:/37973K!:72%'!:3!E%*P71+!K#,!'%9%*#P!3E%!407**!#<!,471+!+$:PE4[!:1'!:PP*K!3E%2!3#!K#,$!P:$37/,*:$!43,'K>!"71'!$%4%:$/E!$%P#$34>!Q##0!<#$!3E%!'7<<%$%13!3KP%4!#<!+$:PE4!:1'!*%:$1!E#&!3#!P$%4%13!':3:!,471+!%:/E!#<!3E%2>!SE:3!:$%!3E%!9:$7:8*%4!8%71+!P$%4%13%'U!!

D%4P#14%4!&7**!9:$K!<$#2!71'797',:*!3#!71'797',:*[!4#!3E%!72P#$3:13!P#713!74!3#!/:$$K!#,3!3E%!:/37973K!2%37/,*#,4*K>!

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l!/@J`]!1>S?>>!"V<>!m!5>NR>?! 1>UL?W<=W^>U!! Q).*! &@!OF'!43,'%134! ! !

Z:*%!i1!w!GBj! II>N! -I>N!"%2:*%!i1!w!B5j! G5>N! -;>N!

OC/!43,'%134! ! !Z:*%!i1!w!INj! IB>N! -B>N!"%2:*%!i1!w!5Ij! G;>N! -G>N!

_#3%\!)#4478*%!2:X72,2!4/#$%!w!-NN!!

##(""

JE%!+#:*!#<!3E%!$%4%:$/E%$!E%$%!74!3#!/#2P:$%!+$#,P4!#1!3E%!9:$7:8*%4!a'%+$%%R!:1'!a+%1'%$R>!JE%! '%P%1'%13! 9:$7:8*%! 74! 3E%! 4/#$%! :/E7%9%'!#1! 3E%! /#2P,3:37#1:*! 3:40>!SE%1! $%P#$371+!3E%!2%:1! 4/#$%4[! $%2%28%$! 3#! 71/*,'%! 3E%! 43:1':$'! '%97:37#1[!&E7/E! 74! 3E%! 71'%X! <#$! 3E%!:9%$:+%!4P$%:'!#<!4/#$%4!<$#2!3E%!2%:1>!!/4]/4!+>Q>L=WNS7!<?>U>N=WNS!;NR!WN=>?<?>=WNS!U=;=WU=WL;Q!R;=;!

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a.$%!3E%! $%4,*34! 43:37437/:**K! 47+17<7/:13! #$! 1#3UR! ! JE%! 71<%$%137:*! 3%434! 719#*9%'! 3#! :7'! 3E%!$%4%:$/E%$!:$%! $%<%$$%'! 3#!:4! h=>U=U!O[! U=;=WU=WL;Q! UWSNW[WL;NL>b>! ?1! <:/3! 3E%$%!:$%! 3&#!2:A#$!/:3%+#$7%4!#<!43:37437/:*!3%434!#<!47+17<7/:1/%!3E:3!'#!3E74>!!

7j R,)! ')-'! 34! :3(()7.'13*! 3(! .--3:1.'13*! 719#*9%4! #1*K! #1%! 4:2P*%! #1! &E7/E! 3E%!#84%$9%$! E:4!2:'%! 3&#! #84%$9:37#14! <$#2! 3E%! 4:2P*%>! ! FX:2P*%4! :$%! 3E%! 3%43! <#$!/#$$%*:37#1!i$j!:1'!3E%!/E7W4T,:$%'!3%43!iÄ5j>!

77j R,)! ')-'! 34! /144)()*:)! D)'=))*! -.2<7)-! 3(! +(36<-! 3*! .! /)<)*/)*'! 2).-6()#!FX:2P*%4!#<!43:37437/:*!3%434!<#$!3E74!:$%!3E%!C3,'%13!3W3%43!i<#$!3&#!+$#,P4j!:1'!3E%!:1:*K474!#<!9:$7:1/%[email protected]!i<#$!3E$%%!+$#,P4!#$!2#$%j>!!!

.!$%4%:$/E%$!2,43!01#&!&E%1!:1'!,1'%$!&E:3!/#1'737#14!%:/E!#<!3E%4%!3%434!2:K!8%!,4%'>!Y%!#$! 4E%!2,43! ,1'%$43:1'!E#&! 3#!P$%4%13! :1'! 713%$P$%3! 3E%! $%4,*34! /#$$%/3*K>! F44%137:**K!%:/E!':3:!4%3!/#**%/3%'!&7**!*%:'!3#!/#2P,3:37#1!#<!3E%!3%43!43:37437/[!7>%>[!:!9:*,%!#<!$[!3[!"!#$!Ä5!:4!3E%!/:4%!2:K!8%>!JE74!/:1!8%!:/E7%9%'!8K!43:37437/:*!P:/0:+%4!4,/E!:4!C3:37437/:*!):/0:+%!<#$!3E%!C#/7:*!C/7%1/%4!iC)CCj>!C,/E!/#2P,3:37#14!&7**!K7%*'!3E%!9:*,%!#<!3E%!43:37437/[!'%+$%%4!#<! <$%%'#2! <#$! 3E%! 3%43! 43:37437/[! :1'!:!<W9:*,%[! 7>%>[! 3E%!P$#8:87*73K! *%9%*!:3!&E7/E! 3E%! 3%43!43:37437/!&#,*'!8%!47+17<7/:13>!?1!$%P#$371+!3E%!$%4,*34[!3E%!$%4%:$/E%$!'#%4!1#3!1%%'!3#!$%P#$3!3E%!:/3,:*!/:*/,*:37#14!3E:3!P$#',/%'!3E%!$%4,*3!i@*79%$[!5NNGj!8,3!$:3E%$!#1*K!3E%!4,22:$K!<7+,$%4!:1'!3E%!71'7/%4!:44#/7:3%'!&73E!3E%!43:37437/!i7>%>[!<W9:*,%!:1'!/4j>!

?1!#$'%$!<#$!3E%!$%4%:$/E%$!3#!2:0%!:!'%/747#1!:8#,3!&E%3E%$!#$!1#3!:!$%4,*3!i$%P$%4%13%'!8K!3E%!3%43!43:37437/j!E%^4E%!2,43!/#2P:$%!3E74!<W9:*,%!3#!3E%!*%9%*!#<!47+17<7/:1/%!#$!:*PE:!*%9%*!~! 4%3! 8K! 3E%! $%4%:$/E%$! :WP$7#$7>! F',/:37#1:*! $%4%:$/E%$4! #<3%1! ,4%! 3E%! >NI! *%9)*! #<!47+17<1::1/%!i&E7/E!74!3E%!=Ik!/#1<7'%1/%!*%9%*j>!?<!PW9:*,%!74!+$%:3%$!3E:1!i~j[!'#!1#3!$%A%/3!3E%!1,**!EKP#3E%474[! 7>%>[! 3E%!$%4,*3! 74!1#3!43:37437/:**K!47+17<7/:13[! 3E%!$%4,*3! 74! 3##!42:**!:1'!/#,*'!8%!',%!3#!$:1'#2!%$$#$4>! ?<!PW9:*,%! 74!42:**%$!3E:1!~[!$%A%/3!3E%!1,**!EKP#3E%474[! 7>%>[!3E%! $%4,*3! 74! 43:37437/:**K! 47+17<7/:13>! "#$! 3E%! >NI! 47+17<7/:1/%! *%9%*[! P! z! >NI[! $%4,*3! 74! 1#3!43:37437/:**K! 47+17<7/:13! :1'! P! }! >NI! 3E%! $%4,*3! 74! 43:37437/:**K! 47+17<7/:13>! S%! %X%2P*7<K! 3E%!P$%4%13:37#1! #<! ':3:! :1'! 3E%! 713%$P$%3:37#1! #<! 43:37437/:*! 47+17<7/:1/%! <#$! 3E%! <#,$! 3%434!:8#9%>!

/4]/4]/">U=![O?!LO??>Q;=WON!_?`!

JE74!3%43! 74!/#1',/3%'!&73E!:!$%4%:$/E!T,%437#1!&E%$%!#1%! 74!%XP*#$71+!3E%!43$%1+3E!#<! 3E%!$%*:37#14E7P! 8%3&%%1! 9:$7:8*%4! i7>%>[! 73! %XP*#$%4! :! 879:$7:3%! $%*:37#14E7Pj>! ! JE%! $%4%:$/E!T,%437#1!2:K! 8%! 71! 3E%! <#$2\! a?4! 3E%$%! :! 43:37437/:**K! 47+17<7/:13! $%*:37#14E7P! 8%3&%%1! 3&#!9:$7:8*%4UR! ! J#! %<<%/379%*K! P$%4%13! 3E%! ':3:[! 3E%! $%4%:$/E%$! P$%4%134! 3E%! <#**#&71+! 71! 3E%!#$'%$\!

##6""

• J:8*%!#<!'%4/$7P379%!43:37437/4!:1'^#$!C/:33%$!P*#3!!• .!/#$$%*:37#1!:1:*K474!3:8*%!i/:**%'!:!/#$$%*:37#1!2:3$7X!3:8*%j!• H%4/$7P37#1!:1'!713%$P$%3:37#1^%XP*:1:37#1!#<!3E%!/#$$%*:37#1>!!

"#$! %X:2P*%[! ':3:! #1! 3E%! :+%! #<! 43,'%134! i71'%P%1'%13! 9:$7:8*%j! :1'! 3E%7$! 4/#$%4! 71! :!43:37437/4! /#,$4%! i'%P%1'%13! 9:$7:8*%j! &%$%! %XP*#$%'! &73E! :! /*:44! #1%! #<! 3E%! :,3E#$4!iCE,28:j!3%:/E%4!i"7+,$%!-5>L!:1'!J:8*%!-5>Bj>!!

!

(WSX?>!/4]@F!+L;==>?!<QO=![O?!;S>!;NR!ULO?>U!O[!$+L!U=XR>N=U!_*!l!6J`!

!";YQ>!/4]6F!)O??>Q;=WON!T;=?Wc![O?!;S>!;NR!ULO?>U!WN!U=;=WU=WLU!_*!l!6J`!!M:$7:8*%4! C/#$%! .+%!C/#$%! ->NNN! >-=L!i<!i5W3:7*%'j!w!>BNN!.+%! >-=L!i<!i5W3:7*%'j!w!>BNN! ->NNN!!JE74!$%4,*3!4E#&4!3E:3!/#$$%*:37#1!/#%<<7/7%13!$!w!>-=L!iP!w!>BNNj!71!:!3&#!3:7*%'!3%43>!.3!3E%!>NI!*%9%*!#<!47+17<7/:1/%!3E74!&#,*'!72P*K!P!z!>NI>!JE%!/#$$%*:37#1!8%3&%%1!:+%!:1'!3E%!4/#$%4!71!3E74!/:4%!74!1#3!43:37437/:**K!47+17<7/:13>!!!/4]/4]4!">U=![O?!;UUOLW;=WON!.! 3%43! #<! :44#/7:37#1! 74! 3KP7/:**K! 8:4%'! #1! 879:$7:3%! 3:8*%4[! %>+>[! /#1371+%1/K! #$! /$#44W3:8,*:37#14[!<#$!3E%!$%4%:$/E%$!3#!%9:*,:3%!T,%437#14!#<!3E%!<#**#&71+!1:3,$%\!

• H#! 3E%!1,28%$!#84%$9:37#14! 3E:3! <:**! 71!%:/E!/:3%+#$K!'7<<%$! 47+17<7/:13*K! <$#2! 3E%!1,28%$!K#,!&#,*'!%XP%/3U!

• ?4!3E74!'7<<%$%1/%!8%3&%%1!3E%!%XP%/3%'!:1'!#84%$9%'!',%!3#!4:2P*71+!%$$#$[!#$!74!73!:!$%:*!'7<<%$%1/%U!

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i5Nkj[!O7#*#+K!iBNkj[!Z:3E%2:37/4!i-Nkj[!)EK47/4!i-Nkj[!:1'!J%/E1#*#+K!i5Nkj>!?3!E:PP%14!3E:3!E%!:'2734! -IN! 43,'%134! :1'! :404! 3E%2! 3#! /E##4%! 3E%7$! P$%<%$$%'! 4,8A%/3! &73E! 3E%! $%4,*34!4,22:$74%'!71!J:8*%!-5>G>!!JE%!$%4,*34!:$%!P$%4%13%'!71!3E%!/#1371+%1/K!71!J:8*%!-5>G[!&E7/E!

##B""

4E#&4! 3E%! #84%$9%'! :1'! %XP%/3%'! <$%T,%1/7%4! #<! 43,'%13! /E#7/%! #<! 4,8A%/3! <#$! 3E%! -IN!43,'%134>!JE%!%XP%/3%'!<$%T,%1/K!iFj!74!8:4%'!#1!3E%!P%$/%13:+%4!P$%'7/3%'!8K!3E%!E%:'>!!";YQ>!/4]8F!'YU>?^>R!;NR!>c<>L=>R![?>dX>NLW>U!O[!U=XR>N=!L:OWL>!O[!UXYa>L=!_*!l!/@J`]!

+XYa>L=! (?>dX>NLW>U! !!!!!!

Ä5

! !w!5L>=Im!'<!w!Gm!P!}!>NI!

! @84%$9%'!i@j! FXP%/3%'!iFj!

! 1! 1! k!

6E%2743$K!! BI! BN! 5N!

O7#*#+K!! IN! GI! BN!

Z:3E%2:37/4!! BN! -I! -N!

)EK47/4!! -N! -I! -N!

J%/E1#*#+K!! 5I! GI! BN!

"O=;QU!! /@J! /@J! /JJ!

!JE%! $%4%:$/E%$! $%P#$34! 3E:3! Ä5! w! 5L>=Im! '<! w! Gm! P! }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email protected]! &73E! <#$! 3E$%%! +$#,P4! #$!2#$%>! ! JE%! 8:47/! T,%437#1! <#$!3E%4%!3&#!3%434!74!:PP$#X72:3%*K\!a?4!3E%$%!:!47+17<7/:13!'7<<%$%1/%!8%3&%%1!3E%!2%:1!4/#$%4!#<! 3&#! #$! 2#$%! +$#,P4! #1! :! '%P%1'%13! 9:$7:8*%UR! J#! %<<%/379%*K! P$%4%13! 3E%! ':3:[! 3E%!$%4%:$/E%$!P$%4%134!3E%!<#**#&71+!71!3E%!#$'%$\!

• J:8*%!#<!'%4/$7P379%!43:37437/4!• .!3:8*%!<#$!3E%!3W3%43!#$!3E%!._@M.!3:8*%!• H%4/$7P37#1!:1'!713%$P$%3:37#1^%XP*:1:37#1!#<!3E%!/#$$%*:37#1>!!

?1!#$'%$!3#!%X%2P*7<K!3E%!#1%W&:K!._@M.!&%!$%<%$!3E%!$%:'%$!3#!3E%!%X:2P*%!71!J:8*%!-5>G!&E%$%!E%!/#2P:$%4! 3E%!:/E%792%13!4/#$%4!#1!:!+$:PE71+!407**4! 3%43!#<!-G43,'%134! 71! 3E$%%!+$#,P4\!]$#,P!-\!C/7%137<7/!6:*/,*:3#$!i1!w!Gm!2%:1!4/#$%!w!5L>(jm!]$#,P!5\!)%1/7*!:1'!]$:PE!):P%$!i1!w!Im!2%:1!4/#$%!w!BB>Ljm!]$#,P!B\!ZC!FX/%**!i1!w!Im!2%:1!4/#$%!B(>5j>!!JE%!#1%W&:K!._@M.! 74! 8%71+! ,4%'! 3#! /#2P:$%!&E%$%! #$! 1#3! 3E%! :/E7%9%2%13! 4/#$%! #<! 3E%! 3E$%%! 4,8W+$#,P4! #<! 43,'%134! :$%! 43:37437/:**K! 47+17<7/:13*K! '7<<%$%13>! ?<! 3&#! 4,8W+$#,P4! &%$%! 8%71+!/#2P:$%'[! :! 3W3%43!&#,*'!E:9%!8%%1!:'%T,:3%! 3#!,4%>!S%!:$%! 713%$%43%'! 71! 3E%! <#$2:3!#<!J:8*%!-5>G!<#$!:!#1%!&:K!._@M.!3E:3!71/*,'%4!3E%!'%4/$7P379%4!:1'!3E%!713%$P$%3:37#1!#<!734!$%4,*34>!

F44%137:**K[!3E%!$%4%:$/E%$!%X3$:/34!3E%!$%4,*34!$%*:371+!3#!3E%!3%43!43:37437/!,4%'!<#$!._@M.[!7>%>[!74!3E%!"W43:37437/!iL>5-j!:1'!3E%!<W9:*,%!iN>N-j!:3!&E7/E!3E74!"W9:*,%!&#,*'!8%!47+17<7/:13>!JE74! "W43:37437/! 74! :! $:37#! #<! 3E%! 9:$7:87*73K! 8%3&%%1! +$#,P4! $%<*%/3%'! 71! 3E74! /:4%! 8K!2%:1!4T,:$%!iZCj!8%3&%%1!i-GL>NILj!3E%!/#2P:$%'!3#!3E%!9:$7:87*73K!&73E71!3E%!+$#,P4!$%<*%/3%'!71!3E%!ZC!&73E71!i5B>I5Nj!&E7/E!74!3E%!2%:1!4T,:$%!#<!3E%!%$$#$>!

#$G""

";YQ>!/4]8F!'N>!P;V!#*'9#![O?!5?;<:WNS!+MWQQ!+LO?>U!U=XR>N=U!YV!T>=:OR!XU>R!=O!<?;L=WL>!S?;<:WNS!_*!l!/8`]!!C#,$/%! /4! C,2! #<!

CT,:$%4!iCCj!Z%:1! 4T,:$%!iZCj!

_W9:*,%! <WM:*,%!

O%3&%%1! 5=5>--! 5! -GL>NIL! L>5-! >#-!!S73E71! 5I(>;I! --! 5B>I5N! ! !J#3:*! IIN>(L! -B! ! ! !!JE%!$%4,*34!4E#&!3E:3!"!w!L>5-!:1'!P!}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

E*! 3(/)(! '3! ()-<3*/! '3! ',)! Y6)-'13*-F! 41(-'F! ()./! ',)! 43()+31*+! 76:1/! )O<7.*.'13*-! :.()4677N#!&):3*/F!()7.')!N36(!.*-=)(-!'3!<)(-3*.7!)O<)(1)*:)F!.*/!',)!=3(K!DN!3',)(!-:,37.(-#!

/4]/6 .><O?=WNS!d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e%'>!?3!4E#,*'!8%!/*%:$!&E:3!3E%!3%43!4#,+E3!3#!$%9%:*[!&EK!3E:3!P:$37/,*:$!3%43! &:4! 4%*%/3%'[! &E:3! 3E%! $%4,*34! #<! 3E%! 3%434! 4E#&! 71! $%*:37#1! 3#! 3E%! 744,%! ,1'%$!719%437+:37#1!:1'!&E:3!3E%!*70%*K!/#1/*,47#14!:$%>!!.4!%XP*:71%'[!73!2:K!1#3!8%!1%/%44:$K!3#!4E#&! 43:37437/:*! /#2P,3:37#14! :1'! <#$2,*:4m! 3E%4%! 2:K! 8%! 71/*,'%'! :4! P:$3! #<! 3E%!.PP%1'7/%4!<#$!3%/E17/:*!#$7%13%'!$%:'%$4>!!!S%!2:K!1#3%!3E:3!2:1K!%',/:37#1:*!$%4%:$/E!43,'%134!,4%!<:7$*K!*7273%'!T,:13737%4!#<!':3:[!&E7/E! '#%4! 1#3! *%1'! 734%*<! 3#! $7+#$#,4! 43:37437/:*! 3%4371+>! JE%! +%1%$:*! P$71/7P*%! 71! ,471+!43:37437/:*! 3%434! 74! 3E:3! 3E%$%! 4E#,*'! 8%! *:$+%! T,:13737%4! #<! ':3:! 3#!&#$0!&73E>! F9%1!&E%$%!472P*%! /#2P,3:37#14! *70%! 2%:14! :$%! ,4%'[! 73! #1*K! 2:0%4! 4%14%! &E%$%! 2%:14! #<! 2:1K!

#$!""

#//,$$%1/%4!:$%!/#2P,3%'>!6:*/,*:371+!3E%!2%:1!#<!#1*K!<79%!#//,$$%1/%4!74!1#3!&#$3E!73>!JE%!43,'%13!4E#,*'!1#3!8%!P$%#//,P7%'!&73E!3E%#$K!:3!3E%!%XP%14%!#<!3E%!P$:/37/:*!72P*7/:37#14!#<!3E%!$%4,*34!71!$%*:37#1!3#!3E%!P$#8*%2!:3!E:1'>!!

/4]/8 #N;QVUWNS!;NR!<?>U>N=WNS!d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dX;QW=;=W^>!R;=;!S%!43:$3!8K!#84%$971+!3E:3!3E%$%!:$%!2:1K!T,:*73:379%!':3:!:PP$#:/E%4!:4! 71<#$2%'!8K!3E%!2:1K! $%4%:$/E! P:$:'7+24! :1'! %P743%2#*#+7/:*! P#43,$%4! 71<#$271+! $%4%:$/E! 71! 3E%! 4#/7:*!4/7%1/%4>! "#$! %X:2P*%[! 6:$#*! ]$87/E! i5NN;j! 7'%137<7%4! :1:*K37/:*! :PP$#:/E%4! 71<#$2%'! 8K!%3E1#+$:PEK[! +$#,1'%'! 3E%#$K[! PE%1#2%1#*#+K[! :1'! <%271743! P:$:'7+24>! ?1! 3%$24! #<!:1:*K471+! 3%X3!#$!'#/,2%13:37#1!4E%! 7'%137<7%4!P$#/%',$%4! 719#*971+! 3E%! <#**#&71+\!/#13%13!:1:*K474[!1:$$:379%!:1:*K474[!/#19%$4:37#1!:1:*K474[!'74/#,$4%!:1:*K474[!:1'!4%27#37/!43$,/3,$:*!:1'!P#43W43$,/3,$:*!:1:*K474!i]$87/E[!5NN;j>!@,$!/$737/:*!:'97/%!74!3E:3!:!$%4%:$/E%$!1%%'4!3#!719%43!372%!:1'!%1%$+K!3#!<,**K!+$:4P!3E%!4,843:1/%!#<!3E%4%!:PP$#:/E%4!:1'!&73E!&E:3!071'4!#<!$%4%:$/E!T,%437#14!:1'!':3:!3#!%2P*#K!3E%2>!"#$!3E%!P,$P#4%!#<!3E74!/E:P3%$[!&%!#84%$9%!3E:3!3E%4%!:PP$#:/E%4[! 71!3E%!<71:*!:1:*K474!:72!3#!%XP*#$%!3E%2%4!i]784#1!l!O$#&1[!5NN=j!:1'! 3E%! ,1'%$*K71+! 2%:171+! <$#2! *:$+%*K! 3E%! P%$4P%/379%! #<! 3E%! $%4%:$/E! P:$37/7P:134>!!]784#1! :1'! O$#&1! i5NN=j! '%<71%! 3E%2:37/! :1:*K474! :4! f3E%! P$#/%44! #<! :1:*K471+! ':3:!://#$'71+! 3#! /#22#1:*737%4[! $%*:37#14E7P4!:1'!'7<<%$%1/%4!:/$#44! :!':3:! 4%3h! iP>! -5;j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i]$87/E[! 5NN;j>!S%! 4,++%43! 3E:3! T,:*73:379%! ':3:! 2:K! 8%! :1:*K4%'! 71!

#$#""

PE:4%4! 8%+71171+! :3! 3$:14/$7P37#1[! 3E$#,+E! /#'71+[! :1'! 713%$P$%3:37#1! 3#! /$%:3%! /#E%$%13!4%34!#<!/#1/%P34!:1'!3E%#$K!3#!%XP*:71!3E%!$%*:37#14E7P4!#<!3E%4%!/#1/%P34!:4!3E%K!$%*:3%!3#!3E%! $%4%:$/E! P$#8*%2! :1'! 4P%/7<7/! 3E%2%4! &73E71! 3E%! ':3:>! ]$87/E! i5NN;j! /#,14%*4!$%4%:$/E%$4! 3#! a$%4P%/3R! 3E%! ':3:! /#**%/3%'! :1'! 3#! :*&:K4! 0%%P! 71! 271'! 3E%! 9#7/%! #<! 3E%!P:$37/7P:134>! .4! 4,/E! "*7/0! i5NN=j! 4,++%434! 3E:3! 73! 74! 72P%$:379%! 3#! :*&:K4! 8%! :8*%! 3#!'74371+,74E!8%3&%%1!P:$37/7P:134! a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iO$#&1!l!]784#1[!5NN=j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i5NN=j!*:8%*4!a4%*%/379%!P*:,4787*74:37#1R>!!!O$#&1!:1'!]784#1!i5NN=j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i]784#1!l!O$#&1[!5NN=j>!?1!#,$!#P717#1[!$%4%:$/E%$4!1%%'!3#!3$:14/$78%!3E%2!4#!:4!3#!8%!:4!%X:/3!&73E!3E%!#$7+71:*!<#$2!#<!':3:!:4!P#4478*%>!SE7*%!3E%!/#1/%$1!&73E!%X:/31%44!4E#,*'!1#3!P$%'#271:3%! i"*7/0[! 5NN=j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i%>+>!6%13$%[!3#P!*%<3[!3#P!$7+E3[!8#33#2!*%<3[!8#33#2!$7+E3[!<#$%+$#,1'[! 8:/0+$#,1'! #<! 3E%! PE#3#+$:PEj>! 6#*#,$! PE#3#+$:PE4! 4E#&! PE%1#2%1:!2#$%!9797'*K!3E:1!8*:/0!:1'!&E73%>!!!BCMBFME O',8#"%/&=#)1+'/#'/)%'%9:.&.)O%+71171+!$%4%:$/E%$4!#<3%1!%1/#,13%$! 3E%!1%%'!3#!'#!/#13%13!:1:*K474!#<! 3E%7$!T,:*73:379%!':3:>! JE%$%! :$%! 3&#! #P37#14\! 3#! /#1',/3! %73E%$! :! T,:1373:379%! #$! :! T,:*73:379%! /#13%13!

#$$""

:1:*K474>! O#3E! :PP$#:/E%4! %13:7*! 4#2%! <#$2! <#$! 3E%2:37/! :1:*K474>! V,:1373:379%! /#13%13!:1:*K474!i:*4#!$%<%$$%'!3#!:4!%1,2%$:379%!/#13%13!:1:*K474!i]$87/E[!5NN;jj!%13:7*4!7'%137<K71+!3E%! /#$%! &#$'4[! /#1/%P34[! 3E%2%4[! PE$:4%4[! #$! 4%13%1/%4! &73E71! 4%3! #$! 4%34! #<! 3%X3! ':3:>!JE%4%! :$%! 3E%1! /#,13%'! :1'! 3E%7$! <$%T,%1/K! 3:8,*:3%'! :1'! +$:PE%'>! "#$! %X:2P*%[! 3E%!T,%437#1!27+E3!8%!%XP*#$%'! 3E$#,+E!:1! 713%$97%&\! aSE:3!2#'%4!#<! 3$:14P#$3!'#!,179%$473K!43,'%134! ,4%! 3#! /#2%! 3#! /:2P,4UR! ! JE%!2#'%4! #<! 3$:14P#$3! #//,$$71+! 71! 3E%! 3%X3!2:K! 8%!7'%137<7%'!:1'!/#,13%'[!:1'!P$%4%13%'!71!3:8,*:$!<#$2:34!#$!+$:PE7/!<#$24!4,/E!:4!3E%!$:':$!+$:PE!71!"7+,$%!-5>G>!!

!(WSX?>!/4]8F!.;R;?!L:;?=!U:OPWNS!=:>!TOR>!O[!=?;NU<O?=!XU>R!YV!U=XR>N=U!P:>N!LOTWNS!=O!L;T<XU!_*!l!4JJ`]!!JE%!T,:1373:379%!#$!%1,2%$:379%!/#13%13!:1:*K474!%1:8*%4!:!$%4%:$/E%$!3#!$%P#$3!<$%T,%1/K!#<! #//,$$%1/%! #<! /%$3:71! $%4P#14%4! 71! 3E%! ':3:>! Z:1K! $%4%:$/E%$4! #<3%1! 2744! 3E74!#PP#$3,173K[!&E%1! <#$!%X:2P*%! 3E%K! $%P#$3! a2:1KR[! a4%9%$:*R[! a<%&R[!#$! 3E%! a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i]8$7/E[! 5NN;m!]784#1!l!O$#&1[! 5NN=j>! .PP$#:/E%4! 3#! 3E%2:37/! :1:*K474!:$%! 2:1K! :1'! %:/E! :PP$#:/E! E:4! 734! #&1! ,17T,%! <%:3,$%4! 3E:3! 2,43! 8%! 43,'7%'! :1'!,1'%$43##'>! "#$! %X:2P*%[! %3E1#+$:PE7/! :PP$#:/E%4[! 1:$$:379%! :1:*K474[! '74/#,$4%! :1:*K474[!:1'!+$#,1'%'!3E%#$K!:PP$#:/E%4!:$%! A,43!4#2%!E7+E*K!3%/E17/:*!:PP$#:/E%4!3E:3!:*4#!E:9%!1,74:1/%! 9:$7:37#14! &73E71! 3E%2>! "#$! %X:2P*%[! +$#,1'%'! 3E%#$K! :PP$#:/E%4! <#**#&!C3$:,447:1!#$!]*:4%$7:1!:PP$#:/E%4! i]8$7/E[!5NN;m! "*7/0[!5NN=j>!.4!1#3%'!8K!):33#1! i5NN5j[!"*7/0! i5NN=j[! :1'! ]784#1! :1'! O$#&1! i5NN=j! 2:1K! :PP$#:/E%4! 3#! T,:*73:379%! ':3:! :1:*K474!719#*9%! :! 4K43%2:37/! P$#/%44! 8K! &E7/E! ':3:! 4,/E! :4! 713%$97%&! 3$:14/$7P34[! #84%$9:37#1!4/E%',*%4[! <7%*'! 1#3%4[! PE#3#+$:PE4[! :1'! 4#! #1! :$%! 74! :1:*K4%'! <#$! 3E%2%4>! .4! ):33#1!%XP*:714[! 3E%!:72! 74! 3#! 7'%137<K! 3E%!,1'%$*K71+! f/#$%! /#14743%1/7%4!:1'!2%:171+4h! 71!:! 3%X3!i):33#1[!5NN5j>!]784#1!:1'!O$#&1!i5NN=m!PP>!-5(W-5=j! 7'%137<K! 3E%! <#**#&71+!3E$%%!:724!#<!3E%2:37/! :1:*K474! &E7/E! 2:K! 8%! P,$4,%'! 3E$#,+E! 9:$7#,4! T,:*73:379%! ':3:! :1:*K474!3%/E17T,%4\!

• FX:27171+!/#22#1:*737%4! 71!3E%!':3:!8K!P##*71+!3#+%3E%$!:**!%X:2P*%4! 713#!4P%/7<7/!/:3%+#$7%4!3E:3!:$%!3E%1!4,8A%/3%'!3#!<,$3E%$!:1:*K474>!

• FX:27171+! '7<<%$%1/%4! 3#! 7'%137<K! 3E%! '74371/379%! <%:3,$%4! :1'! /#13$:434! 71! 3E%!/:3%+#$7%4!&73E71!:!':3:!4%3>!!

#$%""

• FX:27171+!$%*:37#14E7P4!:2#1+!3E%!'7<<%$%13!/:3%+#$7%4!:1'!E#&!3E%K!2:K!$%*:3%!3#!/#$%!3E%2%4!#//,$$71+!&73E71!:!':3:!4%3>!!

!.! $%4%:$/E%$! 1%%'4! 3#! 8%! 72:+71:379%! :1'! 7147+E3<,*! 3#! '74/%$1! 3E%! /#22#1:*737%4[!'7<<%$%1/%4[!:1'!$%*:37#14E7P4!:2#1+!/:3%+#$7%4[!3E%2%4[!#$!#3E%$!%*%2%134!#//,$$71+!&73E71!:!':3:!4%3>!!!/4]/@]@]/!*;??;=W^>!;N;QVUWU!?1!1:$$:379%!:1:*K474!3E%!<#/,4!74!#1!43#$7%4!3#*'!8K!P:$37/7P:134!71!3E%!$%4%:$/E!i]8$7/E[!5NN;m!P>! -5Gj! :1'! 3E74! $%T,7$%4! 3E%! 7147+E3<,*!271'! #<! 3E%! $%4%:$/E%$! :4! 3E%K! *743%1! :1'! #84%$9%!',$71+! <7%*'!974734>! !JE%$%<#$%!3E%!/E:**%1+%! 74! <#$! 3E%!$%4%:$/E%$! 3#!8%!:8*%! 3#!4%%!3E$#,+E!#3E%$!P%#P*%R4!9#7/%4!:1'!3#!2:0%!2%:171+!#,3!#<!3E%7$!97%&4>!`1*%44!3E74!':3:!74!4,//71/3*K!/:P3,$%'! 3E$#,+E! '%3:7*%'! 1:$$:379%! '%4/$7P37#14! i#<! &E:3! &:4! #84%$9%'! :1'! #<! 3E%!/#19%$+%13! :1'! '79%$+%13! 97%&4! #<! $%4%:$/E! 4,8A%/34j! 73! $%2:714! E7''%1! 3#! 3E%! $%:'%$>!]784#1!:1'!O$#&1!i5NN=j!4,++%43!3E:3!1:$$:379%!:1:*K474!74!:1!72P#$3:13!/#2P#1%13!#<!E#&!P%#P*%!2:*%!4%14%!#<!3E%24%*9%4!:1'!3E%7$!*79%4!:1'!3E,4!1:$$:379%!:1:*K474!74!,4%'!3#!8,7*'!:1'!,4%!://#,134!:1'!1:$$:379%4! iP>!=(j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e71+! :1'! 1:$$:371+! 3E%!71<#$2:37#1! %*7/73%'! <$#2! #$! #84%$9%'! #<! 4,8A%/34[! :4! 2,/E! :4! P#4478*%! 7**,43$:371+! 3E74!3E$#,+E!'7$%/3!T,#3:37#14!#$!72:+%4!4,/E!:4!PE#3#+$:PE4>!JE%!:/3!#<!3%:471+!#,3!9%$8:*!:1'!&$733%1! 71<#$2:37#1! <$#2! $%4%:$/E! 4,8A%/34! <:**4! ,1'%$! &E:3! 74! /#22#1*K! $%<%$$%'! 3#! :4!'74/#,$4%! :1:*K474! o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

.2#1+! 3E%!2:1K!:PP$#:/E%4! 3#! +$#,1'%'! 3E%#$K! :PP$#:/E! 3#!T,:*73:379%!':3:! :1:*K474[! 74!3E%! :PP$#:/E!'%9%*#P%'!:1'!:'9:1/%'!8K! C3$:,44! :1'!6#$871! i-==Nj! :4!'%4/$78%'!8K! "*7/0!i5NN=j>!JE%!C3$:,44!:1'!6#$871!:PP$#:/E!/:1!8%!472P*7<7%'!3#!3E$%%!T,:*73:379%!':3:!/#'71+!P$#/%',$%4>! ! ?1!3E74!:PP$#:/E!3E%!$%4%:$/E%$!'%9%*#P4!/#'%4[!/:3%+#$7%4!:1'!3E%2%4!&E7/E!3E%!$%4%:$/E%$! 7'%137<7%4!&73E!/#1/%P34!:4!3E%K!:$%!$%<*%/3%'! 71!3E%!':3:>!JE$#,+E! 73%$:37#1!:1'! $%<*%/37#1[! 3E%! $%4%:$/E%$! +%1%$:3%4! 3E%#$7%4! 3E:3! :33%2P3! 3#! %XP*:71! $%*:37#14E7P4!:2#1+! /:3%+#$7%4[! 3E%2%4! :1'! 3E%! /#1/%P34! 3E:3! 3E%K! $%P$%4%13! :$%! ,1'%$43##'! i@*79%$[!5NNGm!"*7/0[!5NN=j>!.4!"*7/0!i5NN=j!%XP*:714!3E%!a:1/E#$71+!P#713R!#<!+$#,1'!3E%#$K!:1:*K474!74!713%$P$%3:37#1!#<!3E%!T,:*73:379%!':3:!4%3>!SE:3!'#!3E%!3E$%%!*%9%*4!#$!P$#/%',$%4!#<!/#'71+!:1'!/:3%+#$7471+!':3:!%13:7*U!!?3!2,43! 8%! /*:$7<7%'! 3E:3! /#'71+! 74! :! P$#/%44! 8K!&E7/E! /:3%+#$7%4! :$%! /$%:3%'! :1'! ,4%'! 3#!'%4/$78%!:!+%1%$:*!<%:3,$%!#<[!#$!4#2%!/#22#1:*73K!71!3E%!':3:!4%3>!F:/E!/:3%+#$K!&7**!$%*:3%!3#!:!$:1+%!#<!%X:2P*%4!3E:3!&7**!8%!<#,1'!71!3E%!':3:!4%3!i]784#1!l!O$#&1[!5NN=j>!6#'%4!3E:3!:$%! '%9%*#P%'! P$7#$! 3#! 3E%! %X:271:37#1! #<! 3E%! ':3:! :$%! :P$7#$7! /#'%4! :1'! 3E#4%! 3E:3! :$%!+%1%$:3%'! 3E$#,+E! 3E%! %XP*#$:37#1! :1'! %X:271:37#1! #<! 3E%! ':3:! :$%! %2P7$7/:*! /#'%4! #$!

#$&""

%2%$+%13!/#'%4>!F2P7$7/:*!/#'%4!:$%!4:7'!3#!a%2%$+%!<$#2R!#$!3#!8%!a+$#,1'%'R!71!3E%!':3:!:1'! 4%$9%! *:$+%*K! :4! 3E%! 8:474! <#$! a+$#,1'%'! 3E%#$KR! :PP$#:/E%4! i"*7/0[! 5NN=m! ]784#1! l!O$#&1[!5NN=m!D,'%43:2!l!_%&3#1[!5NN;j>!!

• @P%1!/#'71+!%13:7*4!8$%:071+!'#&1[!/*:447<K71+[!1:271+[!/#2P:$71+[!:1'!/:3%+#$7e71+!3E%!PE%1#2%1#1!,1'%$!43,'K!*71%!8K!*71%[!4%13%1/%!8K!4%13%1/%[!:1'!P:$:+$:PE!8K!P:$:+$:PE!#$!3E%!&E#*%!3%X3!i3E%4%!:$%!3E%!,1734!#<!:1:*K474[!:1'!'%3%$27171+!3E%2!E:4!8%%1!'%4/$78%'!:4! a,1737471+R! iD,'%43:2!l!_%&3#1[!5NN;j>!@P%1!/#'71+!$%4,*34!71!/#'%4!:1'!/:3%+#$7%4!:33:/E%'!3#!3E%!3%X3!://#2P:17%'!&73E!3E%7$!'%<71737#14!#$!%XP*:1:37#14>!JE%4%!/#'%4!:1'!/:3%+#$7%4!&7**!$%<*%/3!/%$3:71!3E%2%4!71!3E%!':3:>!!

• .X7:*! /#'71+! %13:7*4! 7'%137<K71+! :1'! /*:447<K71+! 3E%! *7104! 8%3&%%1! 4,843:1379%!/:3%+#$7%4! <#,1'!8K!#P%1! /#'71+>! JE74! E%*P4! 3#! %*:8#$:3%! 3E%! $%*:37#14! :2#1+! 3E%!2:71! /:3%+#$7%4! :1'! 3E%7$! 4,8/:3%+#$7%4! :1'! <71'71+! 3E#4%! 2#43! $%*%9:13! 3#! 3E%!$%4%:$/E!T,%437#14>!!

• C%*%/379%!/#'71+!74!3E%!3E7$'!*%9%*!#$!P$#/%',$%!#<!/#'71+!&E7/E!$%<*%/34!:!E7+E%$!*%9%*!#<! :843$:/37#1! 3E:1! :X7:*! /#'71+>! D%*:37#14E7P4! :2#1+! /:3%+#$7%4! :$%! <,$3E%$!%*:8#$:3%'! :1'! /#2P:$%'! 3#! 3%**! 3E%! 43#$K! #<! :! /:4%! :1'! /#2P:$%! %:/E! /:4%!&73E!#3E%$!/:4%4>!D%*:37#14E7P4!:1'!P:33%$14!#<!3E%!/:3%+#$7%4!:1'!/#1/%P34!:$%!%XP*:71%'!:1'!:!3E%#$%37/:*!<$:2%&#$0!<#$!3E%4%!$%*:37#14E7P4!:1'!P:33%$14!%2%$+%4>!!

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i"*7/0[!5NN=!/7371+!<$#2!c7$0!:1'!Z7**%$[!-=(Lj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i$%4%:$/E!'74/#9%$7%4!#$! #,3/#2%4j>! JE,4[! 71! $%4%:$/E[!2%:171+! 74! '7437**%'! <$#2! ':3:! :1'! 71<#$2:37#1! +:3E%$%'!<$#2!3E%!<7%*'>!?3!74!72P#$3:13!3#!%14,$%!:1'!3#!:44,$%!#3E%$!4/E#*:$4!3E:3!3E%!%97'%1/%!/:1!8%!<#,1'!71!3E%!':3:!4%3!3#!4,PP#$3!&E:3%9%$!/#1/*,47#14!#$!7147+E34!/*:72%'!71!3E%!':3:>!JE%!

#$'""

$%:'%$!74!%1/#,$:+%'!3#!<#**#&!,P!3E%!2:1K!$%<%$%1/%4!3E:3!E:9%!8%%1!71/*,'%'!71!#$'%$!3#!:'9:1/%!E74Ê%$!#&1!/#2P$%E%147#1!:1'!/#1<7'%1/%!&73E!':3:!:1:*K474!:1'!713%$P$%3:37#1>!!!S%!&#,*'! *70%! 3#!'$:&! 72P#$3:13! /,%4! <$#2!Z/Z7**:1!:1'!C/E,2:/E%$! i5NNLm!P>! B(j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

.>[>?>NL>U!O:887%[!F>!i5NNIT#!R,)!D.-1:-!34!-3:1.7!()-).(:,!SJ(/!)/#T>!J#$#13#\!JE#24#1!S:'4&#$3E>!!"*7/0[! `>! i5NN=j>! A*! 1*'(3/6:'13*! '3! Y6.71'.'18)! ()-).(:,! iG3E! %'737#1j>! Q#4! .1+%*%4\! C:+%!

),8*7/:37#14>!!!]784#1[!S>b>!l!O$#&1[!.>!i5NN=j>!\3(K1*+!=1',!Y6.71'.'18)!/.'.#!Q#1'#1\!C:+%!),8*7/:37#14>!!!]$87/E[!6>!i5NN;j>!56.71'.'18)!/.'.!.*.7N-1-B!A*!1*'(3/6:'13*#!Q#4!.1+%*%4\!C:+%!),8*7/:37#14>!!b#E14#1[!J>)>[!):$0%$[!M>!l!6*%2%134[!6>!i5NN-j>!C,$9%K!D%4%:$/E>!d)=-7)'')(!4(32!',)!&6(8)N!

9)-).(:,! 0.D3(.'3(NF! J$iBj[! 5NN->! D%3$7%9%'! -L! b:1,:$K! 5N-B! <$#2!E33P\^^&&&>4$*>,7/>%',^),8*743^C$9$4/E^5NN-^N-9B51B>)H"!>!

!Q:1+*:74[! )>b>! i5NNLj>! F3E7/4! <#$! 3E%! 1%X3! +%1%$:37#1>! R,)! C,(3*1:7)! 34! W1+,)(! V/6:.'13*#!

9)'(1)8)/! $h! X.*6.(N! $b%J! :3! E33P\^^/E$#17/*%>/#2^:$37/*%^F3E7/4W<#$W3E%W_%X3W]%1%$:37#1^5GB-I>!

!Z:X&%**[!b>.>!i-==;j>!H%47+171+!T,:*73:379%!43,'K>!?1!Q>!O7/02:1!:1'!H>]>!D#+!iF'4j!W.*/D33K!

34!A<<71)/!&3:1.7!9)-).(:,!Q)',3/-#!Q#1'#1\!C:+%!),8*7/:37#14>!!Z:K0,3[!)>!l!Z#$%E#,4%[!D>!i-==Gj>!!U)+1**1*+!Y6.71'.'18)!()-).(:,B!A!<,173-3<,1:.7!.*/!

<(.:'1:.7!+61/)>!Q#1'#1\!!":*2%$!)$%44>!!Z/Z7**:1[! b>! Y>[! l! C/E,2:/E%$[! C>! i5NNLj>! 9)-).(:,! 1*! )/6:.'13*B! V81/)*:)LD.-)/! 1*Y61(N>!

_%&!d#$0>!)%:$4#1!F',/:37#1[!?1/>!!@*79%$[!)>!i5NNGj>!\(1'1*+!N36(!',)-1-#!Q#1'#1\!C:+%!),8*7/:37#14>!!):33#1[!Z>!V>!i5NN5j>!56.71'.'18)!)8.76.'13*!.*/!()-).(:,!2)',3/->!JE#,4:1'!@:04[!6.\!C:+%!

),8*7/:37#14[!?1/>!!D,'%43:2[!c>F>!l!_%&3#1[!D>D>!i5NN;j>!&6(8181*+!N36(!/1--)('.'13*B!A!:32<(),)*-18)!+61/)!'3!

:3*')*'!.*/!<(3:)--#!Q#4!.1+%*%4\!C:+%!),8*7/:37#14>!

#$(""

D,'1%$[! Q>Z>! l! C/E:<%$[!S>H>! i-===j>! Y#&! 3#! &$73%! :! 4/E#*:$*K! $%4%:$/E! $%P#$3>! >(.:'1:.7!A--)--2)*'F! 9)-).(:,! m! V8.76.'13*[! Li-Bj>! D%3$7%9%'! b:1,:$K! -L[! 5N-B! <$#2!E33P\^^).DF#1*71%>1%3^+%391>:4PU9wLl1w-B>!!

C&%31:2[!V>!l!C&%31:2[!D>!i5NN=j>!\(1'1*+!N36(!/1--)('.'13*#!@X<#$'\!Y#&!3#!O##04>!!S7*0714#1[! Q>! i-===j>! C3:37437/:*! Z%3E#'4! 71! )4K/E#*#+K! b#,$1:*4\! ],7'%*71%4! :1'!

FXP*:1:37#14>! A2)(1:.*! >-N:,373+1-'F! "î(j[! I=GWLNG>! D%3$7%9%'! <$#2!E33P\^^&&&>*#K#*:>%',^*78$:$K^$%<^:$37/*%4^S7*0714#1>P'<>!

!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

#$6""

!),#-"&.!/6!13+)0++3'*!

C>!J7/E:P#1'&:!Z#'%43#!i432#'%43#t+2:7*>/#2j!:1'!CE:$:7!6E:0:1K,0:!i/E%$$K--GLt+2:7*>/#2j!!

#YU=?;L=!6E:P3%$!-B!<#/,4%4!#1!3E%!<7<3E!/E:P3%$!#<!3E%!'744%$3:37#1[!:1'!:724!:3!+7971+!+,7':1/%!#1!3E%!P,$P#4%!#<!'74/,447#1[!:1'!&E:3!3E%!43,'%13!#,+E3!3#!71/*,'%>!JE%!72:+%!8%*#&!/:P3,$%4!3E%! %44%1/%! #<! '74/,447#1>! JE%! /E:P3%$! 8%+714! 8K! /*:$7<K71+! 3E%! P#4737#1! :8#,3! #9%$*:P4!8%3&%%1!3E%!3&#!4%T,%137:*!/E:P3%$4!i6E:P3%$4!G!:1'!Ij[!3E%1!2:0%4!:!43:3%2%13!:8#,3!3E%!/E:P3%$!E%:'71+>!JE74!74!<#**#&%'!8K!:!8$7%<!$%/:P73,*:37#1!#<!3E%!<#/,4!#<!3E%!<#,$!/E:P3%$4!P$7#$! 3#! 3E%! '74/,447#1! /E:P3%$>! JE%! 43$,/3,$%! #<! 3E%! /E:P3%$[! 4,PP#$3%'! 8K! :! 3KP7/:*!%X:2P*%4!74!%XP*:71%'>!JE%!47+17<7/:1/%!#<!/E:P3%$4[!#3E%$!3E:1!3E%!<79%!'744%$3:37#1!/E:P3%$4!74!,1'%$4/#$%'!71!4#!<:$!:4!3E%K!$%*:3%!&73E!3E%!H74/,447#1!/E:P3%$>!JE%!/E:P3%$!74!/#1/*,'%'!&73E!:!P#713%$!3E:3!3E%!H74/,447#1!/E:P3%$!74!:!/$737/:*!P:$3!#<!3E%!'744%$3:37#1>!

!/6]/!3N=?ORXL=WON!JE%! /#19%137#1:*! 43$,/3,$%! #<! :! '744%$3:37#1^3E%474! /#2P$74%4! <79%! /E:P3%$4[! 1:2%*K[!?13$#',/37#1!i6E:P3%$!-jm!Q73%$:3,$%!D%97%&!i6E:P3%$!5jm!Z%3E#'#*#+K!i6E:P3%$!Bjm!D%4,*34^!"71'71+4! i6E:P3%$!Gj!:1'!H74/,447#1! i6E:P3%$!Ij>! ?3! 74!1#3%&#$3EK! 3E:3! 3E%! 373*%!#<! 3E%! <71:*!/E:P3%$!#<!3E%!'744%$3:37#1!&$73%W,P!/#,*'!8%!E%:'%'!'7<<%$%13*K!71!'7<<%$%13!,179%$4737%4>!"#$!%X:2P*%[! K#,! 2:K! <71'! 3E:3! 73! 74! E%:'%'\! &622.(NF! C3*:76-13*-! .*/! 9):322)*/.'13*-#!C#2%372%4! 3E%! <71'71+4^$%4,*34!4%/37#1!#<!:!'744%$3:37#1!/#2%4! 71! 3E%!4:2%!/E:P3%$!:4! 3E%!'74/,447#1>!d#,!&7**!1%%'!3#!/E%/0!&73E!K#,$!4,P%$974#$!&E:3!K#,$!,179%$473K!'%P:$32%13R4!$,*%4!:$%!$%+:$'71+!3E%4%!3&#!4%/37#14>!SE:3%9%$!3E%!/:4%[!3E%$%!4E#,*'!8%!3&#!4%/37#14! 7<!3E%K! :$%! 71! 3E%! 4:2%! /E:P3%$m! #1%! <#$! <71'71+4^$%4,*34! :1'! 3E%!#3E%$! <#$! 3E%!'74/,447#1!#<!3E#4%!<71'71+4#!S%!&74E!3#!#84%$9%! ! 3E:3!3E%$%! 74!1#!E:$'!:1'!<:43!$,*%!:8#,3!3E%!E%:'71+[!8,3! &E:3! 74! #<! 72P#$3:1/%! 74! 3E%$%! 4E#,*'! 8%! /#1/,$$%1/%! #1! 3E%! /#13%134! #<! 3E%! <71:*!/E:P3%$>!!!`179%$4737%4!&E7/E!P$%<%$!3E%!E%:'71+!@1-:6--13*F!!:$+,%!3E:3!73!74!2#$%!71/*,479%!8%/:,4%!71!:''737#1!3#!4,22:$K[!/#1/*,47#14[!:1'!$%/#22%1':37#14[!73!:*4#!71/*,'%4!K#,$!/#13$78,37#1!3#! 01#&*%'+%[! 72P*7/:37#14[! :1'! 4,++%437#14! <#$! <,$3E%$! $%4%:$/E>! JE,4[! 7<! &%!&%$%! 3#! *743!%:/E! #<! 3E%4%! 4,8E%:'71+4! 3#! 8%! 71/*,'%'! 71! 3E%! /E:P3%$! 373*%[! 3E:3! 373*%!27+E3! 71'%%'! 8%!$:3E%$! 3##! *#1+[! 4#! 3E%!:$+,2%13!+#%4>!Y:971+!2:'%! 3E74!#84%$9:37#1[!&%!4E:**[! 3E%$%<#$%[!,4%!3E%!/E:P3%$!E%:'71+!@1-:6--13*!<#$!#,$!*:43!/E:P3%$!#<!3E%!'744%$3:37#1>!!@1! 3E%!&E#*%[! 3E74! 74! 3E%! *:43! /E:P3%$!#<!K#,$! $%4%:$/E!43,'K[! 3E:3!#1%!&$73%$! /:**4! 3E%!f4#!&E:3h! :1'! E%:$3! #<! K#,$! $%4%:$/E>! ?1! 3E74! /E:P3%$[! K#,! /#1<7$2! K#,$! P$#8*%2! 43:3%2%13[!

#$B""

'74/,44!3E%!<71'71+4!#<!3E%!43,'K!:1'!$%:/E!:!<71:*!A,'+%2%13!#1!E#&!3E%!P$#8*%2!K#,!&%$%!719%437+:371+!&:4! $%4#*9%'! i.44:1[! 5NN(j>! OK! 3E%! 372%! K#,! /#2%! 3#! 3E74! /E:P3%$[! K#,!E:9%!:1:*K4%'!:1'!P$%4%13%'!3E%!':3:!K#,!/#**%/3%'>!d#,!E:9%!K#,$!<71'71+4!/*%:$*K!43:3%'>!!S%**!'#1%g!d#,!:$%!:*2#43!:3!3E%!%1'!#<!3E%!9%$K!*#1+!P$#/%44!&E7/E!K#,!43:$3%'!:!&E7*%!:+#>!!!/6]4!'Ya>L=W^>U!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!!K#,!4E#,*'!8%!:8*%!3#\!!

• 4,22:$74%!K#,$!&E#*%!43,'K!,P!3#!/E:P3%$!Gm!• /E%/0!3E:3!K#,!E:9%!:''$%44%'!K#,$!$%4%:$/E!T,%437#14ÊKP#3E%4%4[!*7273:37#14!:1'!

:44,2P37#14m!• $%<*%/3!#1!K#,$!43,'K!3#!%XP*:71!734!/#13$78,37#1!3#!01#&*%'+%m!:1'!• '$:&!$%/#22%1':37#14!<$#2!K#,$!43,'K>!

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

:j :14&%$!3E%!T,%437#14!K#,!43:3%'!71!/E:P3%$!-!8j 43:3%!K#,$!713%$P$%3:37#14!:1'!#P717#14!!/j %XP*:71!E#&!3E%!$%4,*34!4,PP#$3!K#,$!:14&%$4!!'j %XP*:71!E#&!3E%!:14&%$4!<73!71!&73E!%X74371+!01#&*%'+%!#1!3E%!3#P7/!%j %XP*:71!3E%!72P*7/:37#14!#<!K#,$!<71'71+4!:1'!!<j 2:0%!$%/#22%1':37#14!<#$!P$:/37/%!:1'!<#$!<,3,$%!$%4%:$/E>!

.3!3E%!%XP%14%!#<!$%P%:371+!&E:3!K#,!:$%!:*$%:'K!<:27*7:$!&73E[!*%3!,4!8%+71!&73E!:!4,22:$K!#<!&E:3! 3E%!P$%97#,4! <#,$!/E:P3%$4!P,$P#$3%'!3#!'#>!JE74[!1%9%$3E%*%44[!E%*P4!,4!P*:/%! 3E%!H74/,447#1!/E:P3%$!71!734!/*%:$%43!P%$4P%/379%>!!/6]8!.>L;<W=XQ;=WON!J#! $%/:P73,*:3%[!6E:P3%$!-! i?13$#',/37#1j! 74! :1!%XP:147#1!#<! 3E%!2:3%$7:*! 71! K#,$!)$#P#4:*[!:1'! 47+1P#434! 3E%! /#13%13! #<! 3E%! $%43! #<! 3E%! '744%$3:37#1>! JE%! P,$P#4%! #<! 6E:P3%$! 5!iQ73%$:3,$%!D%97%&j!&:4!3#!4E#&!3E:3!K#,!:$%!:&:$%!#<!&E%$%!K#,$!#&1!P7%/%!#<!$%4%:$/E!<734!713#!3E%!#9%$:**!/#13%X3!#<!$%4%:$/E!71!3E%!<7%*'>!!J#!'#!3E74!K#,\!

• '%4/$78%'!3E%!/,$$%13!43:3%!#<!$%4%:$/E!71!K#,$!'%<71%'!:$%:m!• /#147'%$%'!&E%3E%$!3E%$%!:$%!:1K!/*#4%*K!$%*:3%'!:$%:4!3E:3!K#,!:*4#!1%%'!3#!$%<%$!

3#m!• 7'%137<7%'!:!+:P!71!3E%!*73%$:3,$%m!:1'!• %XP*:71%'!E#&!K#,!P*:1!3#!:33%1'!3#!3E:3!P:$37/,*:$!$%4%:$/E!+:P>!

i/<>!E33P\^^&&&5>*%>:/>,0^#<<7/%4^*'^$%4#,$/%4^&$7371+^&$7371+W$%4#,$/%4^&$7371+W'744%$3:37#1j!!6E:P3%$!B! iZ%3E#'#*#+Kj!&:4! :!'%4/$7P37#1!#<!E#&!K#,! /#1',/3%'! 3E%! $%4%:$/E[! 4E#&71+[!:2#1+! #3E%$! /#147'%$:37#14[! 3E%! '%47+1[! 4:2P*71+! P$#/%',$%4[! $%4%:$/E! 2%3E#'4[! ':3:!/#**%/37#1!7143$,2%134[!:4!&%**!:4!E#&!':3:!&%$%!:1:*K4%'>!!

6E:P3%$! G! i"71'71+4^D%4,*34j[! #1! 3E%! #3E%$! E:1'[! &:4! /#1/%$1%'! &73E! :! '74P:447#1:3%!P$%4%13:37#1! #<! ':3:! &73E! 27172:*! #$! 1#! 9:*,%! A,'+2%13>! d#,! /E%/0%'! &E7/E! 43K*%! #<!$%P#$371+!74!P$%<%$$%'!71!K#,$!<7%*'>!"#$!%X:2P*%[! 71!#1%!<7%*'!3E%$%!&#,*'!P$#8:8*K!8%!9%$K!/*%:$! 4%P:$:37#1! 8%3&%%1! 3E%! $%4,*34! :1'! 3E%! '74/,447#1! #<! 3E#4%! $%4,*34m! &E%$%:4! 71!

#%G""

:1#3E%$[!3E%K!27+E3!E:9%!:1!#9%$:**!/E:P3%$!/:**%'!"71'71+4^D%4,*34[!8$71+71+!3E%!$%4,*34!:1'!3E%7$!'74/,447#1!3#+%3E%$>!

"71:**K[!K#,$!6E:P3%$!I!iH74/,447#1j!74!&E%$%!K#,!$%97%&!K#,$!#&1!$%4%:$/E!71!$%*:37#1!3#!3E%!&7'%$!/#13%X3!71!&E7/E!73!74!*#/:3%'>!!`4,:**K[!3E74!74!&E%$%!K#,!+79%\!

• :!4,//71/3!4,22:$K!#<!$%4,*34^<71'71+4m!!• /#1/*,47#14!'$:&1!<$#2!3E:3m!!• 72P*7/:37#14m!!• *7273:37#14!#<!3E%!43,'K[!• !/#13$78,37#1!2:'%!3#!01#&*%'+%m!!• $%/#22%1':37#14m!!• !<,$3E%$!$%4%:$/Em!:1'!• :PP%1'7/%4>!!

d#,!/:1!$%<%$!8:/0!3#!3E%!$:37#1:*%!3E:3!K#,!+:9%!<#$!K#,$!$%4%:$/E!71!3E%!*73%$:3,$%!$%97%&[!:1'!'74/,44!&E:3!K#,$!#&1!$%4%:$/E!E:4!:''%'!71!3E74!/#13%X3>!?3!74!72P#$3:13!3#!4E#&!3E:3!K#,! :PP$%/7:3%! 3E%! *7273:37#14! #<! K#,$! $%4%:$/E[! :1'! E#&! 3E%4%!2:K! :<<%/3! 3E%! 9:*7'73K! #$!,4%<,*1%44! #<! K#,$! <71'71+4>! ]79%1! 3E%! :/01#&*%'+%'! *7273:37#14[! K#,! /:1! $%P#$3! #1! 3E%!72P*7/:37#14!#<!K#,$!<71'71+4!<#$!3E%#$K[!$%4%:$/E[!:1'!P$:/37/%>!!

D%97473! 3E%! '74/,447#1! #1! &E:3! 74! %XP%/3%'! #<! K#,! 71! 3E%! <7$43! <#,$! /E:P3%$4! #<! 3E%!'744%$3:37#1[! :4! '%3:7*%'! 71! 3E%! <#$%+#71+! $%*%9:13! /E:P3%$4[! 3E%1! &#$0! #1! 3E%! <#**#&71+!:/37973K>!

#L=W^W=V!/6]/!

J7/0!71!3E%!8#X!3E:3!4E#&4!:!$%<*%/37#1!#<!K#,$!,1'%$43:1'71+!#<!:!+79%1!73%2[!3E%1!$%:'!#1>!

3=>T! ,;^>! [XQQ!XNR>?U=;NRWNS!

,;^>! <;?=W;Q!XNR>?U=;NRWNS!

1O! NO=!XNR>?U=;NR!

->!SE:3!3#!71/*,'%!71!6E:P3%$!-\?13$#',/37#1! ! !

!

!

5>! SE:3! 3#! 71/*,'%! 71! 6E:P3%$! 5\! D%97%&! #<!$%*:3%'!*73%$:3,$%!

!

!

!

!

!

!B>!SE:3!3#!71/*,'%!71!6E:P3%$!B\!Z%3E#'#*#+K! !

!

!

!

!

!G>! SE:3! 3#! 71/*,'%! 71! 6E:P3%$! G\!D%4,*34^"71'71+4!

!

!

!

!

!

!I>!SE:3!3#!71/*,'%!71!6E:P3%$!I\!H74/,447#1! ! ! !L>!JE%!*#+7/!#<!P$%4%1371+!3E%!/E:P3%$4!71!3E74!4%T,%1/%!

!

!

!

!

!

!

#%!""

d#,!&7**! P$#8:8*K[! 8K! 1#&[! 37/0! 3E:3! K#,! E:9%! :! <,**! ,1'%$43:1'71+! #<! 3E%! <7$43! <#,$! 73%24[!&E7/E!&#,*'!8%!/#22%1':8*%>!Y#&%9%$[!7<!K#,!%73E%$!437**!E:9%!P:$37:*!,1'%$43:1'71+!#$!437**!'#! 1#3! ,1'%$43:1'[! $%97473! 3E%! $%*%9:13! /E:P3%$4[! 3E%1! %1+:+%! 71! '74/,447#1! &73E! K#,$!4,P%$974#$! i#$! P%%$4j! <#$! <,$3E%$! /*:$7<7/:37#1>! .4! <#$! 73%2! I[! K#,!2:K! P#44%44! #1*K! P:$37:*!,1'%$43:1'71+>!JE74!4E#,*'!1#3!8%!'74/#,$:+71+!472P*K!8%/:,4%!K#,!437**!E:9%!3#!$%:'!#1!:1'!%43:8*74E!&E:3! 3E%!P$%4%13! /E:P3%$! <#/,4%4!#1>!D%+:$'71+! 73%2!L!K#,!&7**!P$#8:8*K!E:9%!:!+##'!+$:4P!#<!3E%!*#+7/!8%E71'!3E%!4%T,%1/71+!#<!/E:P3%$4[!:1'!$%:'71+!3E%!P$%4%13!/E:P3%$!&#,*'!%1E:1/%!<,$3E%$!7147+E3>!

/6]@!":>!1WULXUUWON!d#,!E:9%!/#1',/3%'!K#,$!$%4%:$/E[!:1:*K4%'!K#,$!<71'71+4!:1'!&$733%1!K#,$!$%4,*34>!d#,!:$%!:*4#! 37$%'[!:1'! 3E%! *:43! 3E71+!K#,!&:13! 3#!'#! 74! 3#!0%%P!#1!&$7371+>!C#[!&E:3! 74!'74/,447#1U!.$+,:8*K[! 3E%!2#43!'%2:1'71+!P:$3!#<!&$7371+! 3E%!'744%$3:37#1!:&:734! K#,[! :1'! 3E:3! 74! 3E%!'74/,447#1>!Y%$%[!3E%!%XP$%447#1!3#!,4%!74!3E:3!71!3E%!'74/,447#1!K#,!:$%!a4/:*71+!3E%!E%7+E34R>!JE74!74!3E%!P*:/%!&E%$%!K#,!4373/E!,P!3E%!9:$7#,4!3E$%:'4!#<!K#,$!719%437+:37#1!713#!:!/#E%479%!1:$$:379%>!.4!#84%$9%'! 71!E33P\^^&&&>:P:>#$+^+$:'P4/E^5NNL^N->:4PX[!&E%$%!:**!:*#1+!K#,!E:9%!8%%1!<#/,471+!#1!3E%!3$%%4!i3E%!71'797',:*!/E:P3%$4!-!o!Gj[!E%$%!K#,!:$%!/#1/%$1%'!&73E!:!&E#*%! A,1+*%[! 3E:3! 74[! :**! 3E%! 3$%%4! P,3! 3#+%3E%$>!SE7*%! 3E%! $%4,*34! 4%/37#1! :**#&4! <#$! 1#!P%$4#1:*!#P717#1[!3E%!'744%$3:37#1!'74/,447#1! 74!3E%!$7+E3!P*:/%!3#!P$#',/%!K#,$!:44%442%13!:1'! %9:*,:37#1! #<! 3E%! #83:71%'! $%4,*34! ,1'%$! 3E%! '7$%/37#1! #<! 3E%! $%4%:$/E!T,%437#14ÊKP#3E%4%4! :1'! 3E%! 3E%#$%37/:*! 2#'%*! K#,! E:9%! /E#4%1>! JE74! 74! 3E%! 8$7%<!/#1/%P3,:*74:37#1!#<!a'74/,447#1R!<$#2!3E%!$%4%:$/E!P#713!#<!97%&>!!!JE%! <#**#&71+!2#'%*[! &E7/E! /:P3,$%4! 3E%! %137$%! /K/*%[! :1'! $%271'71+! ,4! #<! 3E%! 1:3,$%! #<!$%4%:$/E!iC%%!6E:P3%$!-!#<!3E%!9#*,2%!<#$!2#$%!%XP*:1:37#1j[!/:1!8%!E%*P<,*!3#!K#,!:4!K#,!&#$0!#1!3E%!<71:*!/E:P3%$>!!

!!

#%#""

/6]C!+=?XL=X?WNS!=:>!L:;<=>?!OK! 1#&! K#,! &7**! E:9%! $%:'! 2:1K! 7143$,/379%! 9#*,2%4! :8#,3! 3E%! /#1',/3! #<! $%4%:$/E! <#$!P,$P#4%4!#<!P$%P:$71+!K#,$!'744%$3:37#1>!Q%3!,4!4E:$%!3E%!43$,/3,$%!#<!6E:P3%$!I!P$#P#4%'!8K!#1%! $%4%:$/E! 4/7%13743[! 71! /#1/,$$%1/%! &73E! #3E%$4[! 1:2%*K[! .3E%$3#1! i1>'>j!iE33P\^^&&&>'#/%#>/#>,0^:/:'%27/^'744%$3:37#1>E32Å7Xee5=.A(=ME,j>!!Y74!97%&! 74! 3E:3!K#,$!/E:P3%$! 4E#,*'!E:9%!:!/*%:$! 43$,/3,$%[!:1'!%XP%$7%1/%!8K!4,P%$974#$4!4E#&4! 3E:3!2:1K! /:1'7':3%4! :$%! :3! :! *#44!&E:3! 3#! 71/*,'%>! JE%! <#**#&71+! 4%/37#14[! 71! #1%!<#$2!#$!3E%!#3E%$[!4E#,*'!8%!%97'%13>!!!!&M)X'/"+6,1/&+')O%+71! &73E! :! $%43:3%2%13! #<! K#,$! $%4%:$/E! T,%437#1i4j[! <#**#&%'! 8K! :! 43:3%2%13! :8#,3!&E%3E%$!#$!1#3[!:1'!E#&!2,/E[!K#,$!<71'71+4!v:14&%$v!3E%!T,%437#1>!!JE%4%!4E#,*'!8%!3E%!<7$43! 3&#! P7%/%4! #<! 71<#$2:37#1! 3E%! $%:'%$! %1/#,13%$4>! J%**! 3E%! $%:'%$! &E:3! 3E%! :14&%$4!&%$%[! 8:4%'!#1! K#,$! <71'71+4[! ,471+!&#$'4! *70%[! fJE%!P$%4%13! 43,'K!&:4!'%47+1%'! 3#u[JE%!$%4,*34! 4E#&%'! 3E:3uh! C3:K! 9%$K! /*#4%! 3#! 3E%! ':3:! iY>! >T<W?WL;Q! NO=! =:>O?>=WL;Q`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i5NN5j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ÊKP#3E%474>! D%2%28%$! 3E:3! 73! 74! 3E%!P$#8*%2!:1'!3E%!$%4%:$/E!T,%437#14ÊKP#3E%4%4!3E:3!'%3%$271%!P$#/%',$%4!3E$#,+E#,3!3E%!

#%$""

719%437+:37#1>! d#,! 4E#,*'! +79%! :! 8$7%<! 43:3%2%13! $%+:$'71+! /#13%134! #<! 3E%! *73%$:3,$%!$%97%&%'[!%4P%/7:**K!K#,$!3E%#$%37/:*!+$#,1'71+!#$!3E%!2#'%*!P$%<%$$%'>!6:P3,$%!72P#$3:13!%*%2%134! <$#2!3E%!2%3E#'#*#+K!/E:P3%$[! $%<*%/371+!3E%!P#P,*:37#1!<$#2!&E7/E!3E%!4:2P*%!&:4!'$:&1[!:1'!':3:!/#**%/37#1!2%3E#'4>!Q%3!,4!%X:271%!E7+E*7+E34!<$#2!:!4:2P*%!4,22:$K!%X3$:/3%'!<$#2!3E%!?13%$1%3\!!!

+XTT;?V!!)-X?<OU>!O[!=:>!+=XRV!!JE%!P,$P#4%!#<!3E74!43,'K!&:4!3#!%X:271%!3E%!P%$/%P37#14!#<!4%*%/3%'!4/E##*!8#:$'!2%28%$4!$%+:$'71+!3E%!T,:*73K!:1'!/#1'737#1[!2:713%1:1/%[!:1'! 72P$#9%2%13!:1'!$%1#9:37#1!#<!%X74371+!P,8*7/!4/E##*!<:/7*737%4>!!!.>U=;=>T>N=!O[!.>U>;?L:!AX>U=WONU!!JE%!$%4%:$/E!T,%437#14!<#$!3E74!43,'K!&%$%\!!

i-j!Y#&!'#!4%*%/3%'!4/E##*!8#:$'!2%28%$4!P%$/%79%!3E%!T,:*73K!:1'!/#1'737#1!#<!4/E##*!<:/7*737%4!&73E71!3E%7$!'743$7/3U!!

i5j!Y#&!'#!4%*%/3%'!4/E##*!8#:$'!2%28%$4!P%$/%79%!3E%!2:713%1:1/%!#<!%X74371+!P,8*7/!4/E##*!<:/7*737%4!71!3E%7$!'743$7/3U!!

iBj! SE:3! :/37#14! E:9%! 8%%1! 3:0%1! 8K! 4%*%/3%'! 4/E##*! 8#:$'4! 3#! :''$%44! 3E%!72P$#9%2%13!:1'!$%1#9:37#1!#<!%X74371+!4/E##*!<:/7*737%4U!!

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i.PP%1'7X!]!l!Yj>!!!.!/#'%'!43$:37<7%'!$:1'#2!4:2P*%!&:4!4%*%/3%'!<$#2!3E%!P#P,*:37#1!#<!4/E##*!8#:$'!2%28%$!4,84/$78%$4! 3#!JE%!.2%$7/:1!C/E##*!O#:$'!b#,$1:*! iJ:8*%!5j>!D%4P#1'%134!/#2P*%3%'! :! 4,$9%K! T,%437#11:7$%! 3E:3! :''$%44%'! 3E%7$! P%$/%P37#14! $%+:$'71+! 3E%!T,:*73K! :1'! /#1'737#1[! 2:713%1:1/%[! :1'! 72P$#9%2%13! :1'! $%1#9:37#1! #<! %X74371+!P,8*7/!4/E##*!<:/7*737%4!71!3E%7$!'743$7/3!i.PP%1'7X!Oj>!!)FX/%$P3!<$#2\!!!E33P\^^4/E#*:$>*78>93>%',^3E%4%4^:9:7*:8*%^%3'W(5N=(W-=GL^,1$%43$7/3%'^/E:P3%$I>P'<!

)&&&M)e&'6&'(.Y3#.,9/.)H%9#3%!:! 4E#$3!P:$:+$:PE!#1! 3E%! $%97%&!#<! 3E%! <71'71+4[! T,:*73:379%!#$!T,:1373:379%>! JE%4%!4E#,*'! #//,$! 71! 3E%! 4:2%! 4%T,%1/%! :4! 3E%K!&%$%!P$%4%13%'! 71! 6E:P3%$! G>! JE%K! 4E#,*'! 8%!P$%4%13%'!<:/3,:**K!:1'!71!:1!#$+:174%'!1:$$:379%>!!&=M)d&8&/%/&+'.))$#97'%! :! 43:3%2%13! 71! &E7/E! K#,! :/01#&*%'+%! *7273:37#14[! 3E%7$! 4#,$/%[! :1'! 2737+:37#1>!SE7*%! :/01#&*%'+71+! *7273:37#14[! :9#7'!&72P74E! 43:3%2%134! 4,/E! :4! v3E%! 4:2P*%! 47e%!&:4!3##! 42:**v! #$! :1K! +%1%$:*[! 1%+:379%! 43:3%2%134[! ,1*%44! K#,! E:9%! %97'%1/%! 3#! 4,PP#$3! #$!/#13$:'7/3!3E%2]!6#1/*,'%!3E:3!K#,$!%XP%$72%13!&:4!9:*7'[!,1*%44!3E%$%!74!/*%:$!%97'%1/%!73!

#%%""

&:4!1#3>!O%*7%9%!K#,$!<71'71+4>!J$K!3#!2:713:71!:1!,P8%:3[!P#47379%!3#1%>!H#!1#3!'&%**!#1!3E%!1%+:379%>!!!D%2%28%$! 3E:3! 4:2P*71+! P$#/%',$%4! <#**#&%'! iP$#8:87*73K! :1'! 1#1! P$#8:87*73Kj[!'%*7273:37#1[! :1'! %3E7/:*! 744,%4! /:1! *%:'! 3#! *7273:37#14! K#,! '7'! 1#3! 3E710! :8#,3! :3! 3E%!8%+71171+>!JE%4%!:$%!72P:/3<,*!#1!9:*7'73K!:1'!$%*7:87*73K!#<!<71'71+4!:1'!/#1/*,47#14!'$:&1>!d#,!4E#,*'[!3E%$%<#$%[!:$37/,*:3%!3E%4%!:4!/*%:$*K!:4!K#,!P#4478*K!/:1>!!=M)A+'19,.&+'.)JE%4%! :$%! 8:4%'! #1! 3E%! $%4%:$/E! T,%437#14! P#4%'! 71! 6E:P3%$! -[! :1'! :$%! '$:&1! <$#2! 3E%!<71'71+4^$%4,*34>! _#$2:**K[! K#,! 4E#,*'! P$%4%13! 3E%2! 71! 3E%! 4:2%! #$'%$! :4! 3E%! $%4%:$/E!T,%437#14[!:1'!3E74!8$71+4!3E%!$%4%:$/E!<,**!/K/*%>!d#,!#,+E3!3#!8%!9%$K!/*%:$!E#&!K#,!43:3%!/#1/*,47#14!:1'!3E%!'74/,447#1!#<!3E#4%!/#1/*,47#14>!JE74!/E:P3%$!74!:1K3E71+!:1'!%9%$K3E71+!3E:3! 3E%! $%4%:$/E%$! 3E7104! :8#,3! 3E%! 43,'K>! JE%$%<#$%[! %14,$%! 3E:3! 3E%$%! :$%! 4#2%!$%<%$%1/%4! 71! 3E74!/E:P3%$[! 3#!4,PP#$3!&E:3! 74!8%71+!4:7'>!)*%:4%!1#3%! 3E:3! 4,/E! $%<%$%1/%4!:$%!1#3!2%:13!3#!8$71+! 71!1%&!:$+,2%134[!8,3!3E%K!:$%!$:3E%$!/#1<7$2:3#$K>!d#,!/:1!$%<%$!T,73%!*78%$:**K!3#!/73:37#14!P$%4%13%'!71!%:$*7%$!/E:P3%$4>!.4!&%!4:K[!K#,!4E#,*'!3$:14/%1'!3E%!<:/34[! :1'! %1+:+%! 71! P$#',/379%! 4P%/,*:37#1>! Y%$%[! K#,! 37%! %9%$K3E71+! 3#+%3E%$[! :1:*K4%[!4K13E%474%[!:1'!%9:*,:3%!&E:3!&:4!<#,1'!71!$%4%:$/E!&73E!&E:3!K#,!3E710!o!K#,!'74/,44g!!

),3!'7<<%$%13*K[!4%3!,P!3E%!H74/,447#1!4%/37#1!:4!:!n6&%9+(,#n)S#/T##')3#.,9/.)%'6)<4#+"&#.!a):+,".)%'6)#=#":+'#)#9.#@.>!! ?1!#3E%$!&#$'4[! <#$!%9%$K!%XP%$72%13:*! $%4,*3!K#,!&:13!3#!3:*0!:8#,3[!K#,!<71'!$%4,*34! <$#2!#3E%$!P,8*7/:37#14!8%:$71+!3E%!$%*:37#14E7P!3#!K#,$!$%4,*3! 3E:3!K#,! &:13! 3E%! $%:'%$! 3#! ,1'%$43:1'>!! Z#43! #<3%1[! K#,$! $%4,*3! %73E%$! %("##.) T&/4!i/#$$#8#$:3%4j[!#Q/#'6.F!"#R&'#.[!#$!1+'R9&1/.!&73E!:1#3E%$!P%$4#1R4!$%4,*3>!!

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

#%&""

!• D%/#22%1':37#14! <#$! <,$3E%$! $%4%:$/E! W! &E:3! 1%&! T,%437#14[! 1%%'71+! <,$3E%$!

$%4%:$/E[! :$%! :$7471+! <$#2! 3E%! 43,'Km! &E:3! #3E%$! +:P4! 71! 01#&*%'+%! K#,$! 43,'K!4E#&4U!

• D%/#22%1':37#14!<#$!P$:/37/%[!4E#&71+!3E%!72P:/3!#<!3E%!$%4%:$/E!#$!3E%!,4%!#<!3E%!43,'K!:1'!E#&!73!&7**!72P:/3!#1!P$:/37/%!71!3E%!<7%*'>!?1!3E74!4%/37#1!K#,!E:9%!3#!+79%!P$:/37/:*! 4,++%437#14! #1! &E:3! 74! 3#! 8%! '#1%! :4! :! $%4,*3! #<! K#,$! 43,'K>! Y%$%! 74! :1!%X:2P*%!#<!E#&!3#!P,3!:/$#44!K#,$!$%/#22%1':37#14>!

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

!=&&M)e,/,"#)"#.#%"14)SE%1!K#,!$%97%&%'!$%*:3%'!*73%$:3,$%[!K#,!P$#8:8*K!7'%137<7%'!+:P4!71!P$7#$!$%4%:$/E[!+,7'%'!8K!K#,$!$%4%:$/E!T,%437#14>!]79%!4#2%!3E#,+E3!:8#,3!&E:3!/#,*'!8%!<,$3E%$!43,'7%'!71!3E%!<7%*'!K#,!E:9%! 719%437+:3%'[! 71'7/:371+!&EK! 73! 74! 72P#$3:13>!)$#97'%!:! $:37#1:*%! <#$!&EK! 3E%!:''737#1:*!$%4%:$/E!4E#,*'!8%!'#1%>!J&#!071'4!#<!<,3,$%!$%4%:$/E!:$%!P#4478*%\!

• #1%!8:4%'!#1!&E:3!3E%!43,'K!'7'!:1'!<#,1'm!:1'!• 3E%!#3E%$!8:4%'!#1!&E:3!3E%!43,'K!'7'!1#3!'#!#$!<71'>!

!b,''[!C273E!:1'!c7''%$! i-==-j!:$+,%! 3E:3!K#,$! $%/#22%1':37#14!2,43! /*%:$*K!:''$%44!3E%!<#**#&71+!744,%4\!• @1!3E%!8:474!#<!K#,$!<71'71+4!&E:3!$%/#22%1':37#14[!/*%:$*K!/#$$#8#$:3%'!8K!K#,$!

43,'K[!:$%!K#,!2:071+!:1'!3#!&E#2U!• SE:3! +:P4! 437**! $%2:71! :1'! &E:3! $%4%:$/E! '#! K#,! $%/#22%1'! &E7/E! 4E#,*'! 8%!

/:$$7%'!#,3!3#!<7**!3E%!+:P4U!

=&&&M))?,88%":YA+'19,.&+')JE%! 4,22:$K! :/3,:**K! /#1/*,'%4! 3E%! '744%$3:37#1[! 47+17<K71+! 3E:3! 3E%$%:<3%$[! 1#3E71+! &7**!<#**#&>!_#$2:**K[!73!8%+714!&73E!:!8$7%<!43:3%2%13!#<!3E%!P,$P#4%[!<#**#&%'!8K!:1!#9%$97%&!#<!<71'71+4!:1'!/#1/*,47#14>!JE%!*:43!&#$'4!#<!3E%!/E:P3%$!4E#,*'!+79%!3E%!a&:*0:&:K!2%44:+%R[!3E%! %1',$71+! 7'%:4! #$! /#1/*,47#14! 3E:3! K#,! &74E! $%:'%$4! 3#! 0%%P! &E%1! 3E%K! E:9%! +#1%!3E$#,+E!K#,$!43,'K>!JE%4%!4E#,*'!8%!P$%4%13%'!71!3E%!472P*%43!P#4478*%!<#$2[!8%71+!4,$%!K#,!P$%4%$9%!3E%!/#1'737#1:*!1:3,$%!#<!K#,$!7147+E34>!Y%$%!74!:!4,22:$K!:3!3E%!%1'!#<!6E:P3%$!I[!

#%'""

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m!#1!3E%! %<<%/379%1%44! #<! 4,/E! T,%437#14! 71! 3%$24! #<! 3%:/E71+! :1'! *%:$171+! +#:*4m! #1! 3E%! %<<%/3!4,/E!T,%437#14!E:'!#1! *%:$1%$4m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i-==I\Lj[!&E#!97%&4!3E%!,4%!#<! *:1+,:+%!:4!:!4#/7:*!2#'%!#<!3E71071+[!2:0%4!3E%!<#**#&71+!/#1/*,479%!#84%$9:37#1\!!UN!6-1*+!7.*+6.+)!'3!7).(*F!=)!2.N!:,.*+)!',)!7.*+6.+)!=)!6-)#!R,1-!1-!=,N!.*!.*.7N-1-!34!',)! <(3:)--! 34! ').:,1*+! .*/! 7).(*1*+F! 34! :3*-'(6:'1*+! K*3=7)/+)F! 26-'! D)! ',)! .*.7N-1-! 34!7.*+6.+)!1*!6-)#!!D%<*%/371+!#1!2K!43,'K[! 3E%!97%&! ! 3#! 719%437+:3%!3E%!Q73$:7'!P$#+$:22%!:4!:!,4%<,*!:PP*7%'!*71+,7437/! 713%$9%137#1! 7143$,2%13! P$#9%'! <$,73<,*[! :1'! 73! #P%14!,P! <,$3E%$! :! '%8:3%!&E#4%!%',/:37#1:*!72P*7/:37#14!/:1!8%!<:$W$%:/E71+>!SE7*%!%',/:37#1!4K43%24!71!C#,3E%$1!.<$7/:!:$%!8%/#271+!:&:$%!3E:3!*:1+,:+%[! 71!P:$37/,*:$!3%:/E%$!3:*0[! 74! 71%X3$7/:8*K!8#,1'!,P!&73E!3E%!1%+#37:37#1!#<!*%:$171+[!3E%K!4E#,*'!1#&!8%!P$%P:$%'!3#!+#!8%K#1'!3E%!%$$#1%#,4!97%&!3E:3!#1*K!3%:/E%$4!#<!F1+*74E!i#$!3E%!$%*%9:13!2%'7,2!#<!7143$,/37#1j!:$%!3E%!/,43#'7:14!#<!&E:3!4E#,*'! E:PP%1! &E%1! *:1+,:+%! 74! ,4%'! 71! 9:$7#,4! *%:$171+! /#13%X34>! J:*0! 4E#,*'! 1#&! 8%!$%+:$'%'! 71! :**! /*:44$##24! :4! :! P#&%$<,*! <:/7*73:371+! <#$/%! <#$! *%:$171+! $:3E%$! 3E:1! 8%71+!3$%:3%'!:4!'74$,P379%!1#74%[!*:/071+!71!4%$7#,41%44!#<!P,$P#4%>!!.':P3%'!<$#2!J7/E:P#1'&:!i5NN;j!!!.<3%$!$%:'71+!3E%!4,22:$K!#$!/E:P3%$!/#1/*,47#1!2#$%!/*#4%*K[!/#22%13!#1!3E%!%X3%13!3#!&E7/E!73!2%%34!3E%!/$73%$7:!#<!:!+##'!4,22:$K>!!Q%3!,4!1#&!$%<*%/3!#1!3E%!3%1!<%:3,$%4!#<!6E:P3%$!I!:4!&%!&#$0!#1!3E%!:/37973K!8%*#&>!!!!

#%(""

!#L=W^W=V!/6]6!?1!3E%!<7$43!/#*,21!74!:!*743!#<!3KP7/:*!<%:3,$%4!#<!6E:P3%$!I>!.<3%$!/*#4%*K!$%:'71+!&E:3!%:/E!<%:3,$%!719#*9%4[!&$73%!#1%!4%13%1/%!i71!K#,$!#&1!&#$'4j[!43:371+!&E:3!K#,!:$%!%XP%/3%'!3#!71/*,'%!71!&$7371+!:8#,3!3E:3!<%:3,$%!71!3E%!<71:*!&$73%W,P!#<!3E%!/E:P3%$>!d#,!2:K!&:13!3#!8%!+,7'%'!8K!:!&$73%W,P[!&E7/E!K#,!:$%!/,$$%13*K!&#$071+!#1>!!(>;=X?>! &c<>L=;=WON!->!?13$#',/37#1! !5>!C,22:$K!#<!43,'K! !B>!"71'71+4! !G>!Q7273:37#14! !I>!6#1/*,47#14! !L>!?2P*7/:37#14! !;>!/#13$78,37#1!#<!3E%!43,'K! !

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

[#'148%"`&'()V,%9&/:)]'&=#".&/:)O6,1%/&+'2)0)1%.#)R+")]'&=#".&/:)o)!JE%!P$72:$K!T,%437#1!#<!3E%!43,'K!&:4\!!

"O!P:;=!>c=>N=!RO>U!0NW^>?UW=V!B!LONULWOXUQV!<?;L=WU>!Y>NL:T;?MWNSe!

SE%1! 3E%!/:1'7':3%! /:2%! 3#!6E:P3%$!I[!E:971+!&#$0%'!#1! 3E%! <#,$!P$%97#,4! /E:P3%$4[!E%!P$%4%13%'! ;N! WN=?ORXL=WON! 71! &E7/E! /#13%13! 3#! 8%! /#9%$%'! 71! 3E%! /E:P3%$! &:4! 8$7%<*K!4,22:$7e%'>!!JE74! &:4! <#**#&%'! 8K! ;! UXTT;?V! #<! 3E%! %137$%! 43,'K! 8%+71171+! &73E! $%W43:3%2%13! #<! 3E%!P$#8*%2[!1:2%*K!3E:3\!!!

u:*3E#,+E!3E%$%! 74!2,/E!3:*0!:8#,3!8%1/E2:$071+! 71!,179%$473K!%',/:37#1[! 73! 74!1#3!/*%:$!&E%3E%$!3E%$%!74!:!4E:$%'!,1'%$43:1'71+!#<!3E:3!/#1/%P3!8K!0%K!43:0%E#*'%$4>!

!JE%$%!&:4!:*4#!:!8$7%<!43:3%2%13!3E:3!R;=;!P>?>!LOQQ>L=>R!XUWNS!=:>!dX>U=WONN;W?>!8:4%'!#1!IN!8%1/E2:$04!8K!Z/c711#1[!S:*0%$!:1'!H:974!i5NNNj[!:4!&%**!:4!3E%!,4%!#<!#$:*!713%$97%&4>!JE%!<O<XQ;=WON! /#2P$74%'! 3#P!2:1:+%2%13! :1'! *%/3,$%$4>!#! S;<! &:4! 7'%137<7%'[! 1:2%*K[!3E:3! 3E%$%! &:4! 1#! *73%$:3,$%! :9:7*:8*%! 3#! :''$%44! 8%1/E2:$071+! :2#1+! C#,3E%$1! .<$7/:1!,179%$4737%4[!3E#,+E!3E%$%!&:4!*73%$:3,$%!%*4%&E%$%[!<#$!%X:2P*%[!71!.,43$:*7:>!

#%6""

!@1%! #<! 3E%!T;aO?! [WNRWNSU7! 8%71+! :1! :14&%$! 3#! 3E%! P$72:$K! T,%437#1[! &:4! 3E:3! (5k! #<!$%4P#1'%134!&%$%!1#3!:&:$%!#<!&E:3!8%1/E2:$04!:$%[!1#$!&:4!3E%$%!/#14/7#,4!:PP*7/:37#1!#<!3E%!4:2%>!JE%!T;WN!QWTW=;=WON!3E:3!&:4!7'%137<7%'!&:4!3E:3!#1*K!#1%!714373,37#1!E:'!8%%1!719%437+:3%'!&73E!734!P%$<#$2:1/%!2%:4,$%'!:+:7143!3E%!IN!8%1/E2:$04>!_#!#3E%$!,179%$473K!E:'!8%%1!%X:271%'! 71!/#2P:$74#1>!JE%!TW=WS;=WON!&:4! 3E:3! 3E%!,4%!#<!8%1/E2:$04!&#,*'!4%$9%! :4! OYa>L=W^>! T>;UX?>U>! O:4%'! #1! 3E%! <71'71+! &E%$%! (5k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c711#1[!S:*0%$[!:1'!H:974[!i5NNNj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

• %XP*:714!:1'!713%$P$%34!3E%!$%4,*34!#83:71%'!',$71+!3E%!$%4%:$/Em!• P$#97'%4!:14&%$4!3#!3E%!P$72:$K!$%4%:$/E!T,%437#1m!• %9:*,:3%4!3E%!43$#1+!:1'!&%:0!P#7134!#<!3E%!43,'K[!$%*:379%!3#!*7273:37#14m!• %XP*:714! 3E%! 47+17<7/:1/%! #<! 3E%! 3E%#$%37/:*! 2#'%*! ,4%'! 3#! 7**,271:3%! 3E%!

719%437+:37#1m!• 4P%**4!#,3!72P*7/:37#14!:1'!/#13$78,37#1!2:'%!8K!3E%!43,'Km!:1'!• 4P%/,*:3%4!:8#,3!<,3,$%!$%4%:$/E>!

!.<3%$!$%<*%/371+!#1!3E%!/:4%!43,'K[!&#$0!#1!3E%!1%X3!:/37973K>!!!!!

#%B""

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d#,$!4,P%$974#$!&7**!#1*K!8%!3##!E:PPK!3#!:44743>!!/6]G!":>!%WNM!PW=:!>N:;NL>?U!)$7#$!3#!$%:'71+!3E%!P$%4%13!/E:P3%$[!K#,!&7**!E:9%!+#1%!3E$#,+E!3E%!#3E%$4!/E:P3%$4!#<!3E%!P$%4%13!9#*,2%[!&E7/E!'#!1#3!1%/%44:$7*K! <#/,4!#1!&E:3!3#! 71/*,'%! 71!:!+79%1!/E:P3%$>!S%!/:**!3E%2!)*,.*:)(-[!8%/:,4%!3E%K!E%*P!4E:P%!K#,$!7'%:4!:8#,3!3E%!%137$%!$%4%:$/E!P$#/%44[!3E:3!74[!3E%K!%1E:1/%!3E%!$%4%:$/E!:/37973K>!FX:2P*%4!:$%!/E:P3%$4!#1!3E%!1:3,$%!#<!:/:'%27/!$%4%:$/Em!+%3371+!43:$3%'m!:/:'%27/!43:1':$'4!:1'!$%4%:$/E!%3E7/4m!43,'%13^4,P%$974#$!$#*%4m!T,:1373:379%! :1'! T,:*73:379%! :PP$#:/E%4m! ':3:! E:1'*71+! :1:*K474[! 3#! 1:2%! 4#2%>!SE%3E%$!/#14/7#,4*K! #$! 4,8W/#14/7#,4*K[! K#,$! 3:/0*71+! #<! 3E%! <71:*! /E:P3%$! i3E%! H74/,447#1! /E:P3%$j!#P%$:37#1:*7e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m! /E:**%1+%4! <:/%'! 8K!4,P%$974#$4! :1'! 43,'%134m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

6#147'%$71+!$%P%:3%'!%XP%$7%1/%!&%!E:9%!71!4,P%$97471+!'744%$3:37#14[!6E:P3%$!I!74!P%$E:P4!3E%! 2#43! /$,/7:*! 8%/:,4%! 73! P$%4%134! K#,$! /#13$78,37#1! 3#! 3E%! $%4%:$/E! *73%$:3,$%[! <#$!%X:2P*%>! ./3,:**K[! 4#2%! /,$4#$K! $%:'%$4! &7**! :33%1'! 3#! 3E74! /E:P3%$! #1*K>! d#,$!@1-:6--13*!/E:P3%$! i4,22:$K[! /#1/*,47#14[! 72P*7/:37#14[! /#13$78,37#14[! *7273:37#14[! <,$3E%$! $%4%:$/E[!:1'!$%/#22%1':37#14j!74[!:4!JE%#8:*'!i-==-j!:P3*K!#84%$9%4[!3E%!E%:$3!#<!3E%!'744%$3:37#1>!?3!74! 3E%! /#1<*,%1/%! #<! :**! %2P7$7/:*! 713%137#14>! JE74! 74! &E%$%! K#,! 37%! 3#+%3E%$! 3E%! $%4%:$/E!

#&G""

T,%437#14! #$! EKP#3E%4%4[! 3E%! ':3:! K#,! E:9%! ,1%:$3E%'[! :1'! 3E%! P$%97#,4! $%4%:$/E! :1'!2#'%*4!:1'!:$+,2%134>!?1!:!4%14%[!:1K3E71+!+#%4!71!3E74!/E:P3%$[!%X/%P3!3E:3!7<!73!74!4%P:$:3%!<$#2!3E%!_1*/1*+-[!3E%$%!4E#,*'!8%!1#!1%&!71<#$2:37#1!#$!':3:>!?3!74!:**!:8#,3!3E%!P#3%137:*!2%:171+i4j! #<! ':3:! K#,! E:9%! :*$%:'K! $%P#$3%'[! &E%3E%$! K#,$4! #$! 3E:3! #<! P$%97#,4!$%4%:$/E%$4>!!

SE:3!2,43!$,1!3E$#,+E!3E%!/E:P3%$[!3E#,+E[!74!3E74!/#1371,:*!0173371+!#<!3E%!P$%4%13!2:3%$7:*!:1'!3E%!P$%97#,4!$%4%:$/E>!Z#971+!:&:K!<$#2!3E%!2,1':1%!:4P%/34[!3E74! 74!:!/#19%$4:37#1!8%3&%%1! 3E%!P$%4%13!:1'! 3E%!P:43[! 3#!:'#P3!@:0%4E#33R4! i-=(=j!2%3:PE#$[!:1'!8#3E!47'%4!1%%'! 3#!8%!E%:$'>!d#,!/:1!1#&!4P%:0! 71!K#,$!#&1!9#7/%[! :4! 73!&%$%[!:*3E#,+E!K#,!'#!1#3!E:9%!3#!4&73/E!<$#2!3E7$'WP%$4#1!3#!<7$43WP%$4#1!7<!K#,!:$%!,471+!3E%!<#$2%$!/#19%137#1>!d#,!E:9%!*%'!3E%!$%:'%$!4K43%2:37/:**K!3E$#,+E!3E%!$%4%:$/E!P$#/%44[!:1'!3E74!74!&E%$%!K#,!/:1!P#713!#,3!&E:3! 73!:**!:''4!,P!3#\! 7<!K#,!E:9%!'#1%! 73!P$#P%$*K[!K#,!:$%!1#&!%XP%$3!:1'!K#,!E:9%!%:$1%'!3E%!$7+E3!3#!8%!E%:$'>!?1!:!4%14%!K#,!:$%!4:K71+[!f.//#$'71+!3#!2%uh!

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

/6]/J!%>UUONU!Q>;?N=![?OT!UX<>?^WUWNS!):;<=>?!@!

C,P%$974#$4! E:9%! *%:$13! 1,2%$#,4! *%44#14! &E%1! %X:27171+! 3E%! H74/,447#1! /E:P3%$>! JE%!<#**#&71+[!3E#,+E!1#3!%XE:,4379%[!:$%!4#2%!#<!3E%!*%44#14>!

• C3,'%134!3%1'!3#!E:9%!1#!+,7':1/%!#1!E#&!3#!43$,/3,$%!3E%!/E:P3%$[!:1'!:PP$#:/E!73!,14K43%2:37/:**K>!

• JE%!0%K!:$%:4[!71!2:1K!<*:&%'!'74/,447#14[!:$%!1#3!*710%'!&73E!$%4%:$/E!T,%437#14!#$!EKP#3E%4%4>!

• C#2%! 43,'%134! :*$%:'K! 01#&! &E:3! $%/#22%1':37#14! 3E%K! &:13! 3#! 2:0%! %9%1!8%<#$%!/#1',/371+!$%4%:$/E[!:1'!3E74! 74!8%3$:K%'!8K!$%/#22%1':37#14[!&E7/E!E:9%!1#3E71+!3#!'#!&73E!/#1/*,47#14!'$:&1!<$#2!$%4,*34^<71'71+4>!

• C#2%! 43,'%134! 713$#',/%! 1%&! $%<%$%1/%4! :3! 3E74! *:3%! 43:+%[!&E%1! 3E:3! /#,*'! E:9%!8%%1!'#1%!71!3E%!713$#',/3#$K!/E:P3%$[!#$!3E%!/E:P3%$!'%:*71+!&73E!$%97%&!#<!$%*:3%'!*73%$:3,$%>!

• @<3%1[!73!'#%4!1#3!/#2%!#,3!/*%:$*K!&E:3!3E%!43,'K!E:4!/#13$78,3%'!3#!3E%!&%:*3E!#<!01#&*%'+%>!

• SE%1!3E%!:33%2P3!3#!4E#&!4#2%!<#$2!#<!/#13$78,37#1[!73!74!1#3!%XP*7/73!:3!&E:3!*%9%*!3E%!/#13$78,37#1!74!2:'%!o!:PP*7/:37#1:*[!'%4/$7P379%[!#$!3E%#$%37/:*>!

• 6$#44W$%<%$%1/71+! &73E! <#$%+#71+! 4%/37#14! #<! 3E%! &$73%W,P! 74! #<3%1! 274471+>! "#$!%X:2P*%[!2:1K!43,'%134!'#!1#3!8$71+!#,3!2#$%!%XP*7/73*K!E#&!3E%!P#713!3E%K!&7**!8%!2:071+!:3!:1K!P#713!%73E%$!4,PP#$34!#$!$%<,3%4!:!P:$37/,*:$!4/E#*:$!/73%'!P$%97#,4*K>!

• ?3! E:4! :*4#! 8%%1! #84%$9%'! 3E:3!2:1K! 43,'%134! /#2%!#,3!&73E! <71'71+4! /#13$:$K! 3#!&E:3! 3E%K!E:'!E#P%'! 3#! <71'>!JE%K!'#!1#3!8$71+! 3E74!#,3[! 3E71071+! 3E:3! 73!&7**!8%!:!&%:01%44>! @1! 3E%! /#13$:$K[! 73! 74! :! 43$%1+3E[! &E7/E! 3E%K! 4E#,*'! 8$71+! #,3! :4! :!43$%1+3E[!4E#&71+!#$7+71:*73K!#<!3E%7$!P:$37/,*:$!$%4%:$/E>!

#&!""

/6]//!+XTT;?V!

?3! 74! 1#3! P#4478*%! 3#! %XE:,43! 7'%:4! :8#,3! :! /E:P3%$! :4! 72P#$3:13! :4! 6E:P3%$! I! #<! :!'744%$3:37#1[!&73E71!3E%!4/#P%!#<!:!+,7'%>!SE:3!/#,134!74!:!8$7%<!4E:$71+!#<!0%K!7'%:4!#1!E#&!3#!P$%4%13! 3E%!/E:P3%$[!:4!&%**!:4! 3#! 4P%/7<K!0%K!%XP%/3:37#14>!JE%! <#**#&71+!P#7134! $%<*%/3!E7+E*7+E34!#<!&E:3!&%!/#9%$%'!71!#,$!'74/,447#1>!

• .1! %XP*:1:37#1! #<! 3E%! 473,:37#1! 3#! '#!&73E!&E%$%! 3#! P*:/%! 3E%! '74/,447#1! 974WÇW974!$%4,*34!:1'!/#1/*,47#14!&:4!2:'%!:3!3E%!#,34%3>!

• 6*#4%*K! *710%'! 3#! 3E%! :8#9%[! 3E%! 744,%! #<! /E:P3%$! E%:'71+! &:4! :*4#! %XP*:71%'[!,1'%$4/#$71+! 3E%! P#713! 3E:3! 3E%$%! 4E#,*'! 8%! 1#! E:$'! :1'! <:43! P$%4/$7P37#14! 471/%!43K*%4!9:$K!<$#2!714373,37#1!3#!714373,37#1[!:1'!:$%[!3E%$%<#$%[!/7$/,243:137:*>!

• JE%!<#,$!<#$%+#71+!/E:P3%$4!&%$%!$%/:P73,*:3%'!71!#$'%$!3#!47+17<K!E#&!6E:P3%$!I!74!*#+7/:**K!/#11%/3%'!&73E!3E%2>!

• S%! %1+:+%'! 71! :! '7:*#+,%! :8#,3! E#&! 8%43! 3#! 43$,/3,$%! 3E%! /E:P3%$[! :1'! 3E%!'74/,447#1!&:4! <#**#&%'! 8K! :! 472P*7<7%'! %X:2P*%! <$#2! 3E%!&#$0! #<! :! EKP#3E%37/:*!/:1'7':3%>!

• JE%! 6E:P3%$! &:4! /#1/*,'%'! &73E! :! 2#379:371+! 43:3%2%13! :72%'! :3! E%*P71+! 3E%!$%:'%$! 3#! $%+:$'!6E:P3%$!I!:4! 3E%! aY%:$3!#<! 3E%!H744%$3:37#1R>!JE%!4%/37#1!P$#97'%4!#$7%13:37#1!#1!0%K!$%4%:$/E!7'%:4>!JE74!74!/#147'%$%'!/$737/:*!<#$!3E%!$%4%:$/E%$!&E#!2:K!8%!P$%P:$71+!3E%!'744%$3:37#1!:3!:!'743:1/%>!

!.>[>?>NL>U!!.44:1[!b>!i5NN(j>!!aS$7371+!3E%!/#1/*,47#1!/E:P3%$\!3E%!+##'[!3E%!8:'!:1'!3E%!274471+R>!!

i===#/)8-'6/#3(+#6KH###H^D)%;"eec/$.)I_"&/&'(p/4#pA+'19,.&+'IA##T!

.3E%$3#1[!b>!!i1>'>j!E33P\^^&&&>'#/%#>/#>,0^:/:'%27/^'744%$3:37#1>E32Å7Xee5=.A(=ME,!iD%3$7%9%'!-(!_#9%28%$!5N-5j!

6E:0:1K,0:[!C>! i5NN5j>!Q)*'3(1*+!.*/! ',)!<(34)--13*.7!/)8)73<2)*'!34!<()L-)(81:)! ').:,)(!)/6:.'13*! -'6/)*'-! 34! Q.-81*+3! R).:,)(-a! C377)+)F! f12D.D=)B! .! :.-)! -'6/N>!O$7+E3#1\!`179%$473K!#<!C,44%X!i`1P,8*74E%'!H#/3#$!#<!)E7*#4#PEK!JE%474j>!

6#E%1[!Q>[!Z:17#1[!Q>[!:1'!Z#$$74#1[!c>!i5NN;j>!9)-).(:,!Q)',3/-!1*!V/6:.'13*!S;',!)/*#T#!Q#1'#1\!D#,3*%'+%>!!

!b,''[!!6>!Z>[!!C273E[!F>!D>!l!c7''%$[!Q>!Y>!i-==-j>!9)-).(:,!Q)',3/-!1*!&3:1.7!9)7.'13*-#!"#$3!S#$3E\!Y:$/#,$3!6#**%+%>!

!

Z/c711#1[! c>[! S:*0%$[! C>[! :1'! H:974[! H>! i5NNNj>! U)*:,2.(K1*+B! A! 2.*6.7! 43(! A6-'(.71.*!6*18)(-1'1)-#!6:18%$$:\!H%P:$32%13!#<!F2P*#K2%13[!F',/:37#1[!J$:7171+!:1'!d#,3E!.<<:7$4>!

@:0%4E#33[!Z>!i-=(=j>!R,)!`31:)!34!01D)(.7!0).(*1*+#!_%&!Y:9%1[!6#11\!d:*%!`179%$473K!)$%44!!

!D#8714#1[!6>!i5NNGj>!9).7!\3(7/!9)-).(:,#!@X<#$'\!O*:/0&%**>!!JE%#8:*'[!Z>!i-==-j>!\(1'1*+!43(!Q)',3/-!34!9)-).(:,>!C#,3E!Z744#,$7!C3:3%!`179%$473K>!!

#&#""

J7/E:P#1'&:[!C>!Z>!i5NN;j>!R,)!V44):'18)*)--!34!.!0.*+6.+)LD.-)/!E*L-)(81:)!:36(-)!43(!W1+,!&:,337!R).:,)(-#!)$%3#$7:\!`_?C.>!i`1P,8*74E%'!HQ733!%3!)E7*!JE%474j>!!!E33P\^^&&&5>*%>:/>,0^#<<7/%4^*'^$%4#,$/%4^&$7371+^&$7371+W$%4#,$/%4^&$7371+W'744%$3:37#1j!i$%3$7%9%'!5N!H%/%28%$!5N-5j!!E33P\^^4/E#*:$>*78>93>%',^3E%4%4^:9:7*:8*%^%3'W(5N=(W-=GL^,1$%43$7/3%'^/E:P3%$I>P'<!iD%3$7%9%'!-5!b:1,:$K!5N-5j!!E33P\^^&&&>4/$78'>/#2^'#/^L;-L(NI^S$7371+W3E%WH74/,447#1W6E:P3%$W6E:P3%$WI!iD%3$7%9%'!

-L!b:1,:$K!5N-Bj!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

#&$""

!),#-"&.!/8!

",&!13++&."#"3'*!H.3"&K0-!i'3:,t8#/#'#*>:/>8&j!

!#YU=?;L=!

`1*70%! $%:'71+[! 4P%:071+[! #$! *743%171+[! &$7371+! 74! 3E%! 2#43! '%2:1'71+! 407**[! :1'! 719#*9%4!8$#:'%1%'!'%/747#1W2:071+!8K!3E%!$%4%:$/E%$>!JE74!74!7**,43$:3%'!8%*#&>!JE74!/E:P3%$!74!:8#,3!E#&! 3#! 3,$1! K#,$! $%4%:$/E! i#1/%! 73! 74! '#1%j! 713#! :! $%:':8*%!2,*37W/E:P3%$! '#/,2%13>! d#,!1%%'!3#!<7+,$%!#,3!&E:3!3#!71/*,'%[!E#&!3#!#$+:174%!73[!:1'!E#&!3#!P$%4%13!73>!.2#1+!#3E%$!/#147'%$:37#14! :$%\!&E:3! +#%4! 713#! :!'744%$3:37#1m!&E#!K#,$! :,'7%1/%! 74m! P*:1171+! 3E%!:1'!#$+:17471+!3E%!'744%$3:37#1m!:1'!E#&!3#!P$%4%13!73!71!#$'%$!!3#!2:0%!3E71+4!%:4K!<#$!$%:'%$4>!?3!E7+E*7+E34!3E%!/$737/:*! 744,%!#<!/#E%$%1/%[!:1'!$%1'%$4!:'97/%!#1!3E%!8%43!&:K!3#!P$%P:$%!3E%!.843$:/3>! JE%!&$73%W,P[! 3E%$%<#$%[! 719#*9%4! :!&7'%! $:1+%! #<!&$7371+! :1'! #$+:174:37#1:*!407**4>!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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s4! #&1! P$#8*%24[! :1'!)8.76.')!E#&!&%**!73!&#$0%'>!@9%$:**[!3E%!$%4,*3!2,43!8%!:!4,843:137:*[!#$7+71:*!/#13$78,37#1!3#!4/7%137<7/!01#&*%'+%>!?3!47+1:*4!K#,$!#<<7/7:*!)*'(.*:)!713#!3E%!/#22,173K!#<!4/E#*:$4>!J$%:3!73!:4!:!/E:1/%!3#!2:0%!:!2:$0[!1#3!:4!:!=NNWP:+%W3:**!2%2#$7:*!3#!K#,$!+$:',:3%!43,'%13!*7<%>!!

#&%""

!/8]4!'Ya>L=W^>U!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!

• %XP*:71!3E%!&$7371+!o,P!P$#/%44!<$#2!8%<#$%!:1'!',$71+!3E%!:/37973Km!• *743!:1'!%XP*:71!3E%!0%K!:4P%/34!3#!/#147'%$m!• '%<71%!K#,$!:,'7%1/%!:1'!'%2#143$:3%!3E%7$!47+17<7/:1/%m!• P$%P:$%!:!/#E%$%13!&$73%W,P[!&E7/E!/#22,17/:3%4!P$#<7/7%13*Km!:1'!• 9%$7<K!3E%!%X3%13!3#!&E7/E!K#,$!&$73%W,P!/#1<#$24!&73E!%XP%/3:37#14>!

!/8]6!$>[O?>!=:>![WN;Q!P?W=>KX<!!Q%3!,4!8%+71!&73E!:1!:/37973K>!!!#L=W^W=V!/8]/!:>!SE:3!'#!K#,!/#147'%$!3#!8%!3E%!/#$$%/3!37271+!<#$!K#,$!'744%$3:37#1!&$73%W,PU!!8>!C,++%43!3E%!2:A#$!/#147'%$:37#14!3#!3:0%!713#!://#,13!&E%1!&#$071+!#1!3E%!&$73%W,P>!!!JE74!:/37973K!4%34!K#,!3E71071+!2#$%!4%$7#,4*K[!+79%1!3E:3!4#2%!P%#P*%!4:K!:<3%$!/#2P*%371+!%:/E! /E:P3%$! K#,! :$%! '#1%! &73E! 73[! :1'! &E:3! $%2:714! 74! 3#! 472P*K! P,3! :**! /E:P3%$4! 71! :!4%T,%1/%! 8%<#$%! E:1'71+! 3E%! '744%$3:37#1! 71! <#$! %X:271:37#1>! JE%! #3E%$! 97%&! 74! 3E:3! 3E%!&$73%W,P! 719#*9%4! +#71+! #9%$! :**! /E:P3%$4! &73E! :! /E%/0*743! 3#! %14,$%! :! 42##3E! <*#&71+!'744%$3:37#1>!JE%! *:33%$! 74! 3E%!2#$%!://%P3:8*%>!Y#&%9%$[!/#2P*K71+!&73E! 73! 719#*9%4! 3:071+!713#!://#,13!4#2%!E7134>!JE%4%!:$%!'74/,44%'!8%*#&[!4#!$%:'!&E:3!<#**#&4!/:$%<,**K>!!JE%!<71:*!&$73%W,P!74!&E:3!K#,!E:1'!71!3#!K#,$!4,P%$974#$!<#$!%X:271:37#1>!Y#&%9%$[!8%<#$%!3E:3! 74!://#2P*74E%'[!2:1K!43,'%134!E:9%!274/#1/%P37#14!#<!:!9:$7%'!1:3,$%[!:2#1+!3E%2!P##$! P*:1171+! :1'! *:/0! #<! 37271+>! JE%! `179%$473K! #<! D%:'71+! +79%4! 719:*,:8*%! :'97/%! 3#!43,'%134!iE33P\^^&&&>$%:'71+>:/>,0^713%$1:*^43,'K:'97/%^C3,'K$%4#,$/%4^F44:K4^43:W&$7371+'744%$3:37#1>:4PXj>! d#,!&7**[! 1#!'#,83[! 8%! <:27*7:$!&73E! 4#2%!#<! 3E%!E7134! 3E%K! +79%[!:1'!&%!3E710!3E%K!:$%!&#$3E!$%P%:371+>!!&M)\%'%(&'():+,")/&8#)

H#! 1#3! P:17/g! d#,$! '744%$3:37#1!27+E3! 4%%2! *70%! :1! %1'*%44! P$#A%/3[! 8,3! K#,! /:1! 8$%:0! 73!'#&1!713#!:!*743!#<!3:404>!Y:971+!:!P*:1!<#$!,471+!K#,$!372%!3#!/#2P*%3%!3E#4%!3:404!&7**!+%3!73!'#1%>!

&&M)!9%')%')+=#"%99)T+"`).14#6,9#)

O$%:0! '#&1! K#,$! '744%$3:37#1! 713#! 43:+%4! :1'! <Q;N! Y;LMP;?RU! [?OT! VOX?! R>;RQWN>! 3#! <73!3E%2!:**!71>!

• C3:$3!&73E!K#,$!P$%*7271:$K!*73%$:3,$%!$%97%&!!• JE710!:8#,3!K#,$!2%3E#'#*#+K!!• ?'%137<K!P$72:$K!4#,$/%4!!• ?'%137<K!4%/#1':$K!4#,$/%4[!7<!:PP$#P$7:3%!!• S$73%!:4!K#,!+#!:*#1+!!

#&&""

• @$+:174%!:1'!:1:*K4%!K#,$!2:3%$7:*!!• S$73%!,P!!• D%'$:<3!^!/E%/0!^!P$##<$%:'!!

!&&&M)-+)%)9&//9#)S&/)+')%)"#(,9%")S%.&.)

• H%/7'%!71!:'9:1/%!&E%1!K#,s$%!+#71+!3#!&#$0!#1!K#,$!'744%$3:37#1[!3E:3!74[!4%3!:47'%!372%!%:/E!&%%0!#$!E:9%!:!P:$37/,*:$!':K!3#!&#$0!#1!73!!

• ]79%!K#,$4%*<!:!4P%/7<7/!3:40!3#!'#!71!3E:3!372%!!• H#!'7<<7/,*3!3:404!:3!3E%!372%4!#<!':K!K#,!&#$0!8%43!!• H#!%:4K!3:404!&E%1!K#,s$%!37$%'!^!*%44!2#379:3%'!!

!

W^]!,;^>!;!LON=WNS>NLV!<Q;N!

_#!#1%!%9%$!437/04!3#!3E%7$!P*:1!P%$<%/3*K[!:1'!K#,!/:11#3!P$%'7/3!:**! 3E%!3E71+4!3E:3!27+E3!713%$9%1%[! 4#! 8,7*'! 71! 4#2%! %X3$:! 372%! <#$! v/:3/E71+W,Pv>! .*4#! 8%! :&:$%! 3E:3! 2%/E:17/:*!3:404! *70%! 4#$371+! 3E%! 878*7#+$:PEK! :1'! P$##<$%:'71+! &7**! 3:0%! *#1+%$! 3E:1! K#,! 3E710>!6#2P,3%$4! :1'! P$713%$4! '#! 1#3! 01#&!&E%1! K#,s$%! 71! :! E,$$K! :1'!&7**! 8$%:0! '#&1! :3! 3E%!2#43!71/#19%17%13!2#2%13>!

^]!":>!L:;<=>?U!RONn=!:;^>!=O!;QQ!Y>!=:>!U;T>!Q>NS=:!!!

C#2%!/:1!8%!*#1+%$!8%/:,4%!3E%K!:$%!2#$%!'%3:7*%'!i*70%!3E%!*73%$:3,$%!$%97%&j[!:1'!#3E%$4!/:1!8%!4E#$3%$!8%/:,4%!3E%K!:$%!4,22:$7471+!:1'!<71:*7471+!71<#$2:37#1!i*70%!3E%!'74/,447#1j>!

^W]!H?W=>!X<!;U!VOX!SO!;QONS)

d#,$! '744%$3:37#1!2:K! 8%! 3E%! *#1+%43! P7%/%! #<! &$7371+! K#,! E:9%! %9%$! '#1%[! 8,3! 3E%$%! :$%!&:K4!3#!:PP$#:/E!73!3E:3!&7**!E%*P!3#!2:0%!73!*%44!#9%$&E%*271+>!

?3! 74! 2,/E! %:47%$! 3#! 0%%P! 3$:/0! #<! E#&! K#,$! 7'%:4! '%9%*#P! :1'! &$7371+! E%*P4! /*:$7<K! K#,$!3E71071+>!?3!:*4#!4:9%4!E:971+!3#!/E,$1!#,3!3E#,4:1'4!#<!&#$'4!:3!3E%!%1'>!

^WW]!EOX!RO!NO=!:;^>!=O!U=;?=!PW=:!=:>!WN=?ORXL=WON!!

C3:$3!:3!3E%!/E:P3%$!3E:3!4%%24!3E%!%:47%43!3#!&$73%>!!J3E74!/#,*'!8%!3E%!*73%$:3,$%!$%97%&!#$!2%3E#'#*#+K[! <#$!%X:2P*%>!.*3%$1:379%*K! K#,!2:K!P$%<%$! 3#!&$73%! 3E%! 713$#',/37#1! <7$43[! 4#!K#,!/:1!+%3!K#,$!7'%:4!43$:7+E3>!H%/7'%!&E:3!&7**!4,73!K#,$!&:K4!#<!&#$071+!8%43[!3E%1!'#!73>!_%+#37:3%!&73E!K#,$!4,P%$974#$!:8#,3!3E74>!

^WWW]!":WNM!O[!>;L:!L:;<=>?!;U!;N!>UU;V!WN!W=U>Q[!!

.!/E:P3%$!4E#,*'!E:9%!:!/*%:$! 713$#',/37#1!:1'!/#1/*,47#1>!JE%!713$#',/37#1!4E#,*'! 71<#$2!&E:3!3E%!/E:P3%$!74!+#71+!3#!'74/,44>!`4%!3E%!/#1/*,47#1!3#!*710!8:/0!3#!3E%!#9%$:**!$%4%:$/E!T,%437#1[!#$!P$#8*%2!:4!4P%*3!#,3!71!3E%!713$#',/3#$K!/E:P3%$>!

!

!

#&'""

!

Wc!EOX?!RWUU>?=;=WON!;U!;!?W^>?)

":WNM!O[!=:>!T;WN!;?SXT>N=!O[!VOX?!RWUU>?=;=WON!;U!;!?W^>?7!:1'!%:/E!/E:P3%$!74!:!3$78,3:$K!<%%'71+!713#!3E74>!JE%!71'797',:*!/E:P3%$4!&7**!/#13:71!3E%7$!#&1!:$+,2%134[!:1'!+#!3E%7$!#&1!&:K[!8,3!3E%K!:**!/#13$78,3%!3#!3E%!2:71!<*#&!#<!3E%!:$+,2%13>!

c]!H?W=>!;!L:;<=>?7!?>;R!W=!;NR!RO!;!?>R?;[=!K!=:>N!TO^>!ON!

JE74!43#P4!K#,!<$#2!+%3371+!8#++%'!'#&1!71!#1%!/E:P3%$>!

cW]!H?W=>!VOX?!?>[>?>NL>U!<?O<>?QV!!

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i.).j!:1'!3E%!Y:$9:$'!D%<%$%1/71+!CK43%2>!

cWW]!";QM!=O![?W>NRU!O?!VOX?!UX<>?^WUO?!;YOX=!P:;=!VOXn?>!ROWNS!!

d#,!&7**!8%!:2:e%'!E#&!3:*071+! 3#!K#,$! 4P#,4%!#$! <$7%1'4!:8#,3!&E:3!K#,!:$%!&$7371+!/:1!/*%:$!#843:/*%4>!FXP*:7171+!&E%$%!K#,!:$%!71!K#,$!P$#A%/3!:1'!E#&!73!74!+#71+!/:1!E%*P!/*:$7<K!K#,$!3E71071+>!

JE%! <#$%+#71+! 97%&4! E:9%! 8%%1! %/E#%'! 8K! &$73%$4! :1'! $%4%:$/E! 4,P%$974#$4! i/<>! JE#2:4[!5NN=m!6*:$0%[!5N-Nj>!D%:'!3E%2!2#$%!/:$%<,**K[!:1'!$%<*%/3!#1!E#&!%:/E!#1%!/#13$78,3%4!3#!3E%!&$7371+!#<!:!4/E#*:$*K!&$73%W,P>!?1!3E%!1%X3!:/37973K[!3&#!7'%:4!<$#2!3E%!'74/,447#1!!E:9%!8%%1!471+*%'!#,3>!CE:$%!K#,$!97%&4!:8#,3!3E%2>!!#L=W^W=V!/8]4!SE:3!:$%!K#,$!97%&4!:8#,3!3E%4%!3&#!7'%:4U!:>!d#,!4E#,*'!:!/#1371+%1/K!P*:1>!!8>!d#,!'#!1#3!E:9%!3#!43:$3!&73E!3E%!713$#',/37#1>!!!d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d#,!&7**[!#897#,4*K[!E:9%!3#!$%97473!73!:4!K#,!&#$0!:*#1+>!!/8]8!#U<>L=U!=O!LONUWR>?!d#,!E:9%!/#2P*%3%'!:**!K#,$!/E:P3%$4[!:1'!4:374<7%'!K#,$4%*<!3E:3!:**!3E:3!$%T,7$%4!71/*,47#1!E:4! 8%%1! /#147'%$%'>! ?4! 3E%$%! 437**! :1K3E71+! 3#! /#147'%$U! F74%1%$!iE33P\^^/4>AE,>%',^�A:4#1^:'97/%Ê#&W3#W&$73%W:W3E%474>E32*j! +79%4! :'97/%! 3E:3! K#,! 4E#,*'\!713%+$:3%!3E%!P7%/%4m!%XP:1'!:1'!/#13$:/3!&E%$%!1%/%44:$Km!$%W$%:'!:1'!/#13%X3,:*74%!7'%:4[!

#&(""

+,7'%'! 8K! $%4%:$/E! T,%437#14! :1'! EKP#3E%4%4m! :1'! :/01#&*%'+%! &E:3%9%$! 74! &#$3E!:/01#&*%'+71+>!S%!%X:271%!%:/E!73%2!8$7%<*K>!!

i. E*')+(.')!',)!<1):)-!!• 6$:<3! :! 4,843:137:*! 713$#',/3#$K! /E:P3%$! 3E:3! 37%4! 3E%!&#$0! 3#+%3E%$! :1'!E7+E*7+E34!

3E%!1#9%*!/#13$78,37#14>!!• D%#$+:174%! 3E%! $%2:7171+! P$%4%13:37#1! 713#! :! 4%$7%4! #<! /E:P3%$4! 3E:3! 4,PP#$3! :1'!

'%9%*#P!K#,$!43#$K!<$#2!3E%!713$#',/37#1>!!• Z:0%!3E%!1#3:37#1[!3%$271#*#+K[!:1'!43K*%!/#14743%13!3E$#,+E#,3>!!

!ii. VO<.*/!',)!')O'!!• Z:0%!3E%!3%X3!/*%:$%$!:1'!2#$%!3E#,+E3<,*>!!• .''!2#$%!%X:2P*%4!:1'!713,737#14!3#!E%*P!3E%!$%:'%$>!!• 6#147'%$!/#,13%$!:$+,2%134[!9:$7:37#14[!:1'!:*3%$1:379%!%XP*:1:37#14>!!

!iii. C3*')O'6.71-)!',)!1/).-!

6E%/0!3E:3!K#,!E:9%\!!• #P%1%'!3E%!3E%474!&73E!:!P:$:+$:PE!#<!&E:3!4%**4!3E%!&#$0!3#!:!+%1%$:*!:,'7%1/%m!!!• '74/,44%'!:*3%$1:379%!4#*,37#14!3E:3!K#,!$%A%/3%'!#$!:$%!*%:971+!3#!<,3,$%!&#$0m!:1'!!• P#713%'!#,3!/#11%/37#14!3#!#3E%$!:$%:4[!71/*,'71+!#3E%$!P#4478*%!:PP*7/:37#14!#<!K#,$!

7'%:4>!!!

iv. A:K*3=7)/+)!,)7<!!!• ./01#&*%'+%!:1K!/#**:8#$:3#$4!#1!3E74!&#$0[!4,/E!:4!K#,$!:'974#$>!!• ./01#&*%'+%! <71:1/7:*! 4,PP#$3! #1! 3E74! &#$0[! :1'! P%$E:P4! :*4#! #3E%$! <71:1/7:*!

4,PP#$3!K#,!E:9%!$%/%79%'!:4!:!+$:',:3%!43,'%13>!!• JE:10!#3E%$!P%#P*%!&E#!E:9%!E%*P%'! K#,! 3%/E17/:**K[! :'271743$:379%*K[! 4#/7:**K[! #$!

%2#37#1:**K!#9%$!K#,$!+$:',:3%!43,'%13!/:$%%$>!!• C3:3%! &E7/E! P:$34! #<! 3E%! 3E%474! 3%X3! i7<! :1Kj! E:9%! :PP%:$%'! 71! K#,$! P$%97#,4!

P,8*7/:37#14>! D%2%28%$! 3#! +%3! P%$27447#1! 3#! $%P,8*74E! 7<! K#,! :$%! 1#! *#1+%$! 3E%!/#PK$7+E3!E#*'%$!#<!3E#4%!&#$04[!#$!7<!K#,!E:'!/#W:,3E#$4!!

!b,43!:!&#$'!#<!:'97/%\!C3,'%134!4E#,*'!3$K!:1'!2:0%!3E%!:/01#&*%'+%2%134!4#8%$!:1'!/#13$#**%'[! :1'! 1#3! +%3! /:$$7%'! :&:K! &73E! 3E%! P$#4P%/3! #<! /#2P*%371+! 3E%! '#/3#$:3%!'%+$%%>!JE74! 74! 7**,43$:3%'!&73E!:! 4:2P*%! <$#2!:!43,'%13! i4%%!8%*#&j>!.<3%$! $%:'71+! 3E%!%X/%$P3[!&#$0!#1!:/37973K!G>B>!!

?3!&#,*'!8%!:!4%$7#,4!:1'!,1P$%/%'%13%'!#9%$47+E3!:1'!+$#44*K!,1<:7$!3#!%1A#K!:**!3E%!/$%'73!<#$!3E%!4,//%44!#<!3E74!43,'K!&73E#,3!+7971+!4P%/7:*!3E:104!&E%$%!73!74!',%>!ZK!:/01#&*%'+%2%13!<#$!3E74!4%*<W%1$7/E71+!JE%474!+#%4!3#!2K!C,P%$974#$!o)$#<%44#$!||!&E#! &:4! 2#$%! 3E:1! +##'! %1#,+E! 71! E74! +,7':1/%>! ?<! $%4#,$/%4! P%$273[! ?! &#,*'!%28:$0!#1!:!4%/#1'!H#/3#$:3%!',88%'\! aSE:3R4! 71!)$#<%44#$!||R!:4!:!3E:10!K#,!3#!E74!43%$*71+!&#$0u!JE%K!&%$%!3E%!:$37434!&E#!&%$%!8,4K!P$,171+!:1'!$%WP$,171+!2K!43,<<!&E%1%9%$!3E%$%!&:4!1%%'>!JE%K!<%'!2%!&73E! a.:./)21:!.7:3,37a!:1'!0%P3!2%!:/:'%27/:**K! '$,10! 3E$#,+E#,3! 3E%! 43,'K>! ?3!&7**! 8%! :! a/$:eK! <,*<7*2%13R! 7<! ?! /:11#3!:/01#&*%'+%! 3E%! 43%$*71+! /##P%$:37#1! #83:71%'! <$#2! O,*:&:K#! &#2%1!%13$%P$%1%,$4!<#$!P$#97'71+!2%!&73E!3E%!':3:!3E:3!2:'%!3E74!3E%474!:!4,//%44>!?1!<:/3!a+18)!2)!'12)Li-6<)(!7./1)-a!L.*!A:./)2N!34!=32)*!)*'()<()*)6(-!1*!U67.=.N3!43(!.!-'.('L! 1-! 2N! /().2! .*/! =177! D)! .! :3*-37.'13*! <(1g)! 43(! N36(! -.:(141:)-! ][3/!<)(21''1*+#a!ZK!/#W$%4%:$/E%$!d[! 3E:10!K#,! <#$!:4474371+!2%>! ?<! 3E%$%!&:4!:!&:K!#<!4P*73371+!3E%!'#/3#$:3%!?!&#,*'!E:9%!'#1%!4#>!C#$$K!2K!<%**#&!H#/3#$4!i6*:44!2:3%4j[!

#&6""

?!:*2#43!E:'!<#$+#33%1!3#!2%137#1!K#,W?!&7**!1%9%$!<#$+%3!K#,$!4,PP#$3!oP:$37/,*:$*K!3E%!A#0%\!aW.1!@3:'3(-!=1',36'!>3('43713-L>677!6<!N36(!X).*-!2,.*1!SN36!+6N-Ta#!

!!#L=W^W=V!8]6!:>!SE:3!'#!K#,!/#147'%$!3#!8%!3E%!&%:01%44%4!#<!3E%!./01#&*%'+%2%134!i/73%'!:8#9%j!<$#2!3E%!:/:'%27/!P#713!#<!97%&U!!8>!FXP*:71!E#&!K#,!&#,*'!2#'7<K!3E%!./01#&*%'+%2%134!3#!2:0%!3E%2!2#$%!4,73:8*%!<#$!:!'744%$3:37#1>!!D%2%28%$! &%! 4:7'! iA,43! 8%<#$%! 3E%! :/01#&*%'+%2%134! 3%X3j! 3E:3! :/01#&*%'+%2%134!2,43!8%!4#8%$!:1'!/#13$#**%'>!OK!:PP*K71+!3E:3!2%:4,$%[!3E%!P$#8:8*%!&%:01%44!74!3E:3!3E%! :,3E#$! 4%%24! 3#! +%3! /:$$7%'! :&:K[! :1'! ,4%4! /#**#T,7:*7424! 3E:3! 8#$'%$! #1! 3E%!4%1372%13:*>! D%2#971+! 3E%! '74/#,$4%! #<! %1'%:$2%13[! :1'! $%P*:/71+! 73! &73E! 2#$%!4/E#*:$*K! #1%! /#,*'!2#'7<K! 3E%! :/01#&*%'+%2%134>! .*4#[! $%',1':1/7%4! /#,*'! 8%! 4E%'!#<<[!3E,4!2:071+!73!4E#$3%$!:1'!P$%/74%>!!!8#!'.K)!()-<3*-1D171'N!• H#!1#3!%XP%/3!K#,$!:'974#$!3#!8%!K#,$!/#W:,3E#$>! ?3s4!N36(!)E>H[!3E%$%<#$%[!K#,!:$%!

4#*%!:,3E#$!3E74!372%!:1'!3E%!$%4P#14787*73K!74!#1!K#,$!4E#,*'%$4!• !?<! K#,$! P$#4%! 74! 3,$+7'! #$! 3E#,+E3*%44[! 2744P%**%'! #$! ,1+$:22:37/:*[! #8*797#,4! #$!

$,'%!3#!$%*:3%'!$%4%:$/E[!K#,!:$%!3E%!#1%!&E#!*##04!8:'>!!JE74! 2%:14! %9%1! :<3%$! K#,! <7174E! &$7371+! :**! /E:P3%$4[! K#,! E:9%! 3#! '#! 3E%! 1%%'<,*! 71!P$%P:$:37#1!<#$!3E%!:/:'%27/!&$73%W,P>!D%W$%:'!:1'!%14,$%!K#,$!$%4P#14787*73K!74!&%**!P*:/%'!71!%9%$K!4%/37#1>!S%!1#&!2#9%!#1!3#!3E%!/$737/:*!:4P%/3!#<!3E%!:,'7%1/%>!

!

/8]@!kNOP!VOX?!;XRW>NL>!":7$8:7$1!:1'!S71/E!i==Ljm!:1'!":7$8:7$1!:1'!":7$8:7$1!i5NN-j!$%1'%$!9:*,:8*%!:'97/%!:8#,3!01#&*%'+%!#<!:,'7%1/%>!!d#,! :$%! 1#&! '#71+! 3E%! <71:*! &$73%! ,P[! :1'! 3E%$%! :$%! :! 1,28%$! #<! $%4P#14787*737%4! 3#!,1'%$3:0%>!!"7$43[!/#147'%$!K#,$!3:$+%3!:,'7%1/%>!d#,!&7**[!#897#,4*K[!E:9%!'#1%!4#!&E%1!K#,!713%$:/3%'!&73E!K#,$! 4,P%$974#$!:4!K#,!&%$%!&#$071+!#1! 3E%!)$#P#4:*>! JE:3! /$,/7:*!%:$*K!'%/747#1!&7**!3%**!K#,!&E:3!3#!%XP*:71[!&E:3!3#!%2PE:474%[!:1'!E#&!3#!PE$:4%!:1'!#$+:174%!73>!6E%/071+!73!&73E!K#,$!:'974#$!27+E3!8%!&74%>!!)$%33K!2,/E! %9%$K3E71+! 71! K#,$! 3E%474! 4E#,*'! 8%! $%*%9:13! 3#! K#,$! /E#4%1! :,'7%1/%>! JE710!:8#,3!3E%2!:4!K#,!&$73%>!.40!K#,$4%*<\!!&M)_4%/)6+#.):+,")%,6&#'1#)%9"#%6:)`'+Tk)d#,!/:1!4:<%*K!:44,2%!3E:3!K#,$!$%:'%$4!E:9%!4#2%!P$7#$!<:27*7:$73K!&73E!K#,$!$%4%:$/E!:$%:>!b,43! E#&!2,/E! <:27*7:$73K[! :1'! &73E! &E7/E! 3#P7/4[! 74! :! A,'+2%13! /:**>! .+:71[! K#,! E:9%! 3#!'%/7'%!&E#!K#,$!713%1'%'!:,'7%1/%!74>!!

#&B""

?1!P$:/37/%[!K#,$!:,'7%1/%!&7**!8%!4#2%&E:3!27X%'!iC%%!b:2%4!:1'!C*:3%$[!5N-B!<#$!:!2#$%!'%3:7*%'!%XP*:1:37#1j>!`P!3#!:!P#713[! 73! 74!P#4478*%!3#!P*%:4%!8#3E!8%+711%$4!:1'!%XP%$34!8K!/#9%$71+! 8:/0+$#,1'!2:3%$7:*! :(1-<7N! :1'! 1*! ',)! -)(81:)! 34! N36(! 3=*! -'3(N>! Y#&!'#%4! 3E:3!&#$0U! .4! K#,! *:K! #,3! 3E%! 2#379:37#1! <#$! K#,$! #&1! &#$0[! :1'! P$#97'%! 1#3:37#1[! K#,! &7**!1:3,$:**K!E:9%!3#!'74/,44!8:/0+$#,1'!/#1/%P34!:1'!$%*:3%'!&#$0>!O,3!'#!1#3!+79%!:!+)*)(1:!$%97%&! 3E:3! 4#2%#1%! %*4%! /#,*'! E:9%! &$733%1g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k)d#,!4E#,*'!4%3!/*%:$!+#:*4!E%$%>!b,43!*70%!:!P:P%$!#$!:!3:*0[!K#,$!'744%$3:37#1!1%%'4!:!P#713\!73!4E#,*'! 3%**! :! 43#$K>!S$7371+! 3E%! :843$:/3! :1'! /E:P3%$! -! :3! 3E%! 43:$3!&7**! E%*P! K#,!&#$0!#,3!&E:3! 3E:3! 43#$K! 74>! JE%! 4%/37#1! '%:*71+!&73E! 3E%! P,$P#4%! #<! 43,'K!&7**! $%T,7$%! :! $%97473! 71!#$'%$!3#!%14,$%!3E:3!3E%!/#13$78,37#1!K#,$!43#$K!P,$P#$34!3#!/#19%K!74!/:$%<,**K!:$37/,*:3%'>!!!&&&M)_4%/)6+#.):+,")%,6&#'1#)4+$#)/+)(#/)+,/)+R)/4#)/4#.&.k)JE74! 74! '7<<%$%13! <$#2! &E:3! 3E%! :,'7%1/%! &7**! *%:$1>! SEK! '#%4! :1K#1%! /$:/0! #P%1! :!'744%$3:37#1[! :1K&:KU! ?! 4#2%372%4! '#>! F4P%/7:**K! <#$! :$%:4! 3E:3! ?! 01#&! *%44! &%**[! :!'744%$3:37#1! 74!#<3%1!2#$%!://%4478*%! 3E:1!4E#$3%$[!'%14%$!P:P%$4>! ?3! 3:0%4!:!2#$%! *%74,$%*K!P:/%[!P$#97'%4!2#$%!%XP*7/73!2#379:37#1!:1'!8:/0+$#,1'[!:1'!:14&%$4!2#$%!#<!3E%!T,%437#14!3E:3!?!27+E3!E:9%>!!.//#$'71+! 3#! S:**:/%! :1'! S$:K! i5NNLj[! 3E%$%! :$%! #3E%$! $%:4#14! #1%! 27+E3! *##0! :3! K#,$!'744%$3:37#1>C#2%!#<!3E%4%!:$%!3#\!!

• 8%33%$!,1'%$43:1'!K#,$! +##'! 7'%:\! K#,$! +$:1'! 9747#1[!E#&!K#,! 3E710! :8#,3! 73[! :1'!&E:3!K#,!'7'>!!

• *##0!,P!'%3:7*4[!/*:$7<7/:37#1[!#$!<,$3E%$!$%4,*34!:<3%$!$%:'71+!:!4E#$3%$!9%$47#1!#<!K#,$!&#$0>!!

• +%3!:!4%14%!#<!&E:3!K#,$!<7%*'!#$!:$%:!74!:**!:8#,3>!!• $%:'!:!3E#$#,+E!4,22:$K!#<!&#$0!71!K#,$!:$%:[!97:!K#,$!*73%$:3,$%!$%97%&>!!• '%4/$78%!K#,$!&#$0!://,$:3%*K!71!:!P:P%$!#1%!2:K!8%!&$7371+>!!• /E%/0!&E%3E%$!:!P:P%$!#1%!74!&$7371+!i#$!$%97%&71+j!1%%'4!3#!/73%!K#,>!!• '%/7'%!&E%3E%$!3#!+79%!K#,!:!)E>H>!!!• E%*P!K#,$!4,P%$974#$!&$73%!:!$%/#22%1':37#1!#$!P$#2#37#1!*%33%$>!!

!D%:'%$4! &73E! '7<<%$%13! 2#379:37#14! 2:K! $%:'! K#,$! 3E%474! 71! '7<<%$%13! &:K4>! JE%! 43$#1+!/#19%137#1!74!3E:3!73!74!:!471+*%!'#/,2%13!3E:3!2,43!$%:'!&%**!<$#2!43:$3!3#!<7174E!i/<>!6*:$0%[!5N-Nj>! JE%! $%4%:$/E! /#22733%%! #<! K#,$! ,179%$473K! &7**! $%:'! 73! 3E:3! &:K>! O,3! 73! 74! &#$3E!0%%P71+!#3E%$!$%:'%$4!71!271'[!3##>!C#2%!&7**!4072!<$#2!43:$3!3#!<7174E>!C#2%!&7**!$%:'!#1*K!3E%! 713$#',/3#$K!:1'!/#1/*,'71+!/E:P3%$4! i4#!2:0%!4,$%! 3E#4%!+79%!:! 43$#1+! 72P$%447#1!#<!&E:3!K#,!E:9%!'#1%!:1'!&EK!73!74!72P#$3:13j>!C#2%!&7**!$%:'!:!471+*%!/E:P3%$!71!3E%!27''*%[!+#71+! 8:/0! <#$! '%<71737#14! :4! 1%%'%'>! C#2%! &7**! 4/:1! #$! 4%:$/E! <#$! &E:3! 3E%K! 1%%'\! :!

#'G""

'%<71737#1[! %X:2P*%[! 3:8*%! #<! $%4,*34[! #$! *73%$:3,$%! $%97%&>!@3E%$4!&7**! <*7P! 3E$#,+E! 3#! +%3! :!+%1%$:*!4%14%!#<!K#,$!&#$0!#$!#<!E#&!K#,!3E710[!$%:'71+!&E:3%9%$!/:3/E%4!3E%7$!%K%>!!!_#3%!3E:3!3E$%%!/E:$:/3%$7437/4!#<!P$%4%13:37#1!4E#,*'!8%!P%$9:479%!3E$#,+E#,3!3E%!&$73%W,P\!

7> 3E%!'744%$3:37#1!4E#,*'![!:3!:**!P#4478*%!3,$14[!4E#&!E#&!73!74!;R^;NLWNS!=:>![?ON=W>?U!O[!MNOPQ>RS>]!

77> JE%!'744%$3:37#1!4E#,*'!?>[Q>L=!O?WSWN;QW=V>!.*3E#,+E!3E74!#<3%1!/#2%4!#,3!/*%:$%43!71!3E%! /#13$78,37#1! 4%/37#1! #<! K#,$! 6E:P3%$! I! o! H74/,447#1! o! 43$79%! 3#!2:0%! 3E74!/*%:$!71!3E%!'7<<%$%13!/E:P3%$4>!

777> ?3!74!3E%!&:K!K#,!P$%4%13!K#,$!7'%:4!3E:3!/:P3,$%4!3E%!713%$%43!#<!3E%!:,'7%1/%>!JE%!1%%'! <#$! 3E%! '744%$3:37#1! 3#! 8%! &$733%1! ,471+! =>N=;=W^>! Q;NSX;S>! /:11#3! 8%!#9%$%2PE:474%'>! JE74! 2%:14[! K#,! E:9%! 3#! :9#7'! P$%4%1371+! 71<#$2:37#1! 71!:84#*,3%!3%$24[!%4P%/7:**K!71!T,:*73:379%!$%4%:$/E!&E%$%!3$,43&#$3E71%44!74!2#$%!/$737/:*!3E:1!9:*7'73K>!

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d#,$!$%4P#14%!4E#,*'[!3E%$%<#$%!8%!:!'%2#143$:37#1!#<!&E:3!73!74!3E:3!3E%!3&#!#$!3E$%%!:,'7%1/%!3KP%4!&7**!8%1%<73>!!SE%1!:**!3E%!<#$%+#71+!E:4!8%%1!3:0%1!://#,13!#<[!744,%4!#<!#$+:174:37#1!/#2%!3#!3E%!<#$%>!!/8]C!'?S;NWU;=WON!O[!=:>!RWUU>?=;=WON!@1/%!K#,!E:9%!/E#4%1!K#,$!3:$+%3!:,'7%1/%[!K#,!4E#,*'!#,3*71%!3E%!43$,/3,$%!#<!3E%!3E%474>!.+:71[!3E%!/#19%137#1!74!3E:3!3E%!'#/,2%13!2,43!$%:'!&%**!<$#2!43:$3!3#!<7174E>!C#2%!<,$3E%$!37P4! <#$! +##'! #$+:17e:37#1! :$%! 4E:$%'! 8%*#&>! .'974#$4! #1! P$%P:$71+! 3E%! $%4%:$/E!&$73%W,P!i%>+>!D,'%43:2!l!_%&3#1[!5NN;m!JE#2:4[!5NN=j!E:9%!+79%1!973:*!+,7'%*71%4!#1!3E%!2:33%$>!!&M)j##$):+,")R+1,.)c%%P!K#,$!<#/,4>!Q%1+3E!74!1#3!:!97$3,%!,1*%44!3E%!/#13%13!74!:/3,:**K!713%$%4371+>!d#,!'#!E:9%!:4!2,/E! 4P:/%! :4! K#,!1%%'[! 8,3! 3E%! $%:'%$! '#%4! 1#3! E:9%!,1*7273%'! 372%! :1'!1%73E%$! '#!K#,>!!`4%!4P:/%!:4!1%%'%'!<#$!/*:$73K!:1'!3#!<*%4E!#,3!:1'!4,PP#$3!K#,$!43#$K>!?<!K#,!<%%*!*70%!K#,$!3E%474! 74! 3##! 4E#$3[! 73!2:K! 1%%'!2#$%! 7'%:4[! 3E#,+E3<,*! '74/,447#1! #$! %XP%$72%134[! 3:*0! 3#!K#,$!:'974#$>!!

#'!""

!&&M)5#/)/+)/4#)(++6)./,RR).!1%&4P:P%$[! *70%!:!'744%$3:37#1[!74!:!E%<3K!/E,10!#<!$%:'71+>!C#!73!P,34!3E%!2#43!72P#$3:13!1%&4!#1!P:+%!#1%[!:1'!*%:'4!%:/E!:$37/*%!&73E!3E%!2#43!72P#$3:13!P:$3>!d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i%>+>!4#2%!2#379:37#1!8%<#$%!%XP%$72%13:*!'%47+1!:1'! 8%<#$%! $%4,*34j>! c%%P! 3E%! $%:'%$! 3,$171+! P:+%4>! C%%0! $%:4#1:8*%! &:K4! 3#! 2#9%! 3E%!8#$71+! 8734! 3#! *:3%$! 4%/37#14! #$! *:3%$! /E:P3%$4!iE33P\^^&&&>$%:'71+>:/>,0^713%$1:*^43,'K:'97/%^C3,'K$%4#,$/%4^F44:K4^43:W&$7371+'744%$3:37#1>:4PXj>!!!&&&M)X'19,6#)%)"+%6)8%$)6E:P3%$! -! 3$:'737#1:**K! %1'4! &73E! :! v$#:'! 2:Pv! 3#! 3E%! $%43! #<! 3E%! 3E%474[! &E7/E! $:P7'*K!4,22:$74%4!&E:3!3E%!$%2:7171+!/E:P3%$4!#$!4%/37#14!&7**!/#13:71>!JE:3!74!,4%<,*!+,7':1/%!<#$!$%:'%$4!&E#!:$%! *##071+!<#$!4#2%3E71+!4P%/7<7/!:1'!:*4#!<#$!3E#4%!&E#!&7**!$%:'!3E%!&E#*%!3E%474>!?3!:*4#!%XE78734!71!#1%!P*:/%!&E:3!:1!:&<,*!*#3!#<!&#$0!K#,!E:9%!'#1%>!!!/8]D!1>[WNWNS!=>?TWNOQOSV!O:47/!3%$271#*#+K[!/#1/%P34[!:1'!1#3:37#1!E:9%!3#!8%!'%<71%'!4#2%&E%$%>!O,3!&E%$%U!d#,!/:1!27X!3E%!<#**#&71+!43$:3%+7%4\!!1#!9)'.17!d#,!/:1!'%<71%!4#2%!3%$24!#$!1#3:37#1!71'797',:**K[!&E%1!3E%!$%:'%$!<7$43!2%%343E%2>!JE%1!3E%K!&7**!8%!&%**!2#379:3%'!:1'!<$%4E!71!3E%!$%:'%$s4!271'>!?<!K#,!,4%!3E%2!:+:71!*:3%$[!K#,!/:1!$%<%$!8:/0!3#!3E%!4%/37#1!&E%$%!K#,!<7$43!'%<71%'!3E%2>!!11#!\,37)-.7)!!@1! 3E%! #3E%$! E:1'[! 3E%$%! :$%! :'9:13:+%4! 3#! :++$%+:371+! 4#2%! #<! K#,$! <,1':2%13:*!'%<71737#14! 713#!:!vH%<71737#14v!4%/37#1!1%:$!3E%!43:$3!#<! 3E%!/E:P3%$[!#$!:!4%/37#1[!1%:$!3E%!43:$3!#<!3E%!'744%$3:37#1>!JE%!:'9:13:+%4!:$%!3E:3!3E74\!!

• 4734!$%:'%$4!'#&1!:1'!+%34!3E%2!#$7%13%'!:**!:3!#1/%m!!• 2:0%4!3E%!'%<71737#14!E:$'%$!3#!#9%$*##0m!!• E7+E*7+E34!E#&!3E%!'%<71737#14!:$%!$%*:3%'!3#!#1%!:1#3E%$m!!• +%34!3E%!'%<71737#14!#,3!#<!3E%!&:K[!4#!3E%K!'#1s3!E:9%!3#!713%$$,P3!3E%!<*#&!#<!K#,$!

:$+,2%13!*:3%$m!:1'!!• +79%4!$%:'%$4!:!P*:/%!3#!/E%/0!7<!3E%K!<#$+%3!&E:3!K#,!2%:13!8K>!!

!d#,! 2:K! ,4%! 3E%! v8,2P37#,41%44v! 2#'%*>! JE74! 74! :1! :*3%$1:379%! &E%$%! K#,! 71/*,'%! :!4,22:$K! #<! 1#3:37#1! :1'! :! +*#44:$K! :3! 3E%! 8:/0! #<! 3E%! '744%$3:37#1[! :1'! :'9%$374%! 3E%7$!%X743%1/%>!

#'#""

!!JE%! '#&147'%! 74! 3E:3! 4,/E! 4%/37#14! #$! /E:P3%$4! /:1! 4%%2! 8#$71+! :1'! <,**! #<! 1#3WK%3W2#379:3%'! /#1/%P34>!`1*%44! K#,$! '%<71737#14! :$%! 1#9%*! :1'! 713%$%4371+! 71! 3E%24%*9%4[! 3E%K!8*#/0! 3E%! $%:'%$! <$#2!+%3371+! 3#! 3E%!1%&!:1'! 713%$%4371+! 7'%:4>!C#! 7<! K#,!&$73%! 4#2%3E71+!*70%! v6E:P3%$! 5\! )$%*7271:$7%4[v! 0%%P! 73! $%*:379%*K! /#1/74%>! JE%! P#713! 74! 3#! +%3! 3E%! $%:'%$!#$7%13%'>!!/8]G!2;MWNS!=:WNSU!>;UV![O?!VOX?!?>;R>?U!_#&!&%!+%3!'#&1!3#!3E%!:/3,:*!&$7371+>!.!'744%$3:37#1!74!:!*#3!3#!&$73%>!O,3!73!74!:*4#!:1!:&<,*!*#3! 3#! $%:'!:1'!'7+%43! :3!#1/%g!d#,!:.*! 0%%P!,4! $%:'%$4! 3,$171+!P:+%4!:1'! <#**#&71+!K#,$!:$+,2%13>!O,3! 73s4!:!87++%$!:1'!2#$%!/#2P*7/:3%'!:$+,2%13!3E:1!,4,:*[!4#!K#,!E:9%!3#!8%!2#$%!'74/7P*71%'! 3E:1!,4,:*>!]%3! 8:/0! 3#! 3E%! <79%! #$! 4#! /E:P3%$4[!&E7/E! K#,!E:9%! <7174E%'!&$7371+[! :1'!E:9%! $%/%79%'! 3E%!8*%4471+!#<! 3E%! 4,P%$974#$>!D%W$%:'!:1'!/E%/0!&E%3E%$! K#,!:87'%!8K!4#2%!#<!3E%4%!%XP%/3:37#14>!!/8]G]/!$?>;M!W=!ROPN!":7$8:7$1! :1'! ":7$8:7$1! i5NN-j! E:9%! /#$$%/3*K! #84%$9%'! 3E:3! *#1+! 4&:3E4! #<! 3%X3! :$%! *70%!T,7/04:1'!<#$!$%:'%$4!:1'!&$73%$4>!J#!0%%P!,4!2#971+!&73E#,3!471071+[!,4%!:**!3E%!'%97/%4!:3!K#,$! '74P#4:*! 3#! 8$%:0! 3E%! 3%X3! '#&1! 713#! 4E#$3! /E,104>! ?$#17/:**K[! 4E#$3! /E,104! :$%!23()!,)7<467! 71! :! *#1+%$! '#/,2%13>! JE%K! 0%%P! K#,$! :$+,2%13! 37+E3*K! #$+:17e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

CP*73! K#,$! 4%/37#1! 713#! 4,84%/37#14! i#$! 4,8! 4,84%/37#14j!&73E!2%:171+<,*! 373*%4! 3E:3!0%%P!3E%!$%:'%$!#$7%13%'>!

)&&M)d&./.!!

?<!K#,!:$%!&$7371+!:!P:$:+$:PE!:1'!<%%*!*70%!K#,!:$%!71-'1*+!:1K3E71+!i%>+>[!:'9:13:+%4!#$! '74:'9:13:+%4!#<! 4#2%!:PP$#:/Ej[! 3E%1!,4%! :1! %XP*7/73! 8,**%3%'! *743>! C#2%372%4!3E74!27+E3!K7%*'!:!*743!&73E!#1*K!3&#!#$!3E$%%!$:3E%$!*#1+!8,**%3!P#7134[!8,3!3E:3!74!<71%>!73!8$%:04!3E71+4!'#&1>!!

)&&&M)d%S#9#6)$%"%("%$4.!!Q:8%*!:!4%$7%4!#<!P:$:+$:PE4!&73E71!3E%!4%/37#1[!:4!:!071'!#<!*7+E3&%7+E3!4,84%/37#171+>!d#,$!%XP%$72%13:*!'%47+1!4%/37#1!27+E3!*##0!*70%!3E74\!

>.('1:1<.*'4F!JE%!P:$37/7P:134!&%$%!B5!,1'%$+$:',:3%4!%1$#**%'!71!>>>!!A<<.(.'6-B! F:/E! P:$37/7P:13! &#$%! :! C3:$! J$%0! 4,73! %T,7PP%'! &73E! :! Y:48$#W8$:1'!]:*:/37/!J$:14*:3#$[!8%*3!2#'%*!B.!>>>!!>(3:)/6()B! JE%! 4,8A%/34! &%$%! 4%:3%'! 71! P:7$4! 3E$#,+E#,3! 3E%! *:8#$:3#$K! :1'!4,8A%/3%'!3#!.<$7/:1!P#%3$K!8$#:'/:43!:3!BW271,3%!713%$9:*4!!!@.'.-)'B!JE%!.<$7/:1!P#%3$K!/#$P,4! i:9:7*:8*%!#1! $%T,%43j!&:4!#83:71%'!8K!P:4471+!3E%!*:3%$!&#$04!#<!S#*%!C#K710:!3E$#,+E!3E%!CK43$:1!3$:14*:37#1!4K43%2>!

#'$""

!JE%4%!P#7134!:$%!/#1<7$2%'!8K!S:**:/%!:1'!S$:K!i5NNLj>!!&=M)A%$/&+'.!!Z#9%!4#2%!'74/,447#1!#<! <7+,$%4!:1'! 3:8*%4! 713#! 3E%7$!/:P37#14>!.!E%*P<,*! /:P37#1!P$#97'%4!+,7':1/%!#1!E#&!3#! 713%$P$%3!3E%!<7+,$%!#$!3:8*%!:1'!&E:3! 713%$%4371+!/#1/*,47#14!3#!'$:&!<$#2!73>!

!/8]I!*OP!=W>!W=!Y;LM!=OS>=:>?!_#&!3E:3!K#,!E:9%!/E#PP%'!K#,$!P$#4%!713#!873%W47e%'!/E,104[!&E:3!871'4!73!3#+%3E%$U!!&M)A+4#"#'/)%'6)#Q$9&1&/)./",1/,"#)d#,$!P:$:+$:PE4!:1'!/E,104!E:9%!3#!37%!3#+%3E%$! 713#!:!/#E%$%13!:$+,2%13>!H#!%9%$K3E71+!K#,! /:1! 3#!E7+E*7+E3! 3E%! 43$,/3,$%!#<! 3E74! :$+,2%13>! JE%! 43$,/3,$%! 4E#,*'! A,2P!#,3! :3! 3E%!$%:'%$[!2:071+!73!P#4478*%!3#!$%:'!43$:7+E3!3E$#,+E!K#,$!3%X3[!#$!4072!73>!F*4%!3E%!$%:'%$!&7**!+%3!43,/0!P,ee*71+!#,3!&E:3!K#,!2%:13!:1'!*#4%!2#2%13,2>!!Z:0%! 4,$%! K#,$! $%:'%$4! :$%! 1%9%$! P%$P*%X%'! :8#,3! 3E%! P#713! #<! 3E%! P:$:+$:PE! 3E%K! :$%!$%:'71+>!Z:0%! 3E%2!&:13! 3#!0%%P! 3,$171+! 3E%!P:+%!8%/:,4%!K#,!E:9%!4%3!,P!T,%437#14! 3#!&E7/E! 3E%K!&:13! 3#!01#&! 3E%!:14&%$4>!H#!1#3!2:0%! 3E%2!$,8! 3E%7$!%K%4! 71! <$,43$:37#1!#$!8#$%'#2!:1'!&:1'%$!#<<!3#!3E%!<$7'+%!#$!3#!3E%!8:3E$##2>!!!!C#!E#&!%X:/3*K!'#!K#,!vE7+E*7+E3!3E%!43$,/3,$%v!:1'!v4%3!,P!T,%437#14vU!d#,!'#!4#[!2:71*K!3#!+79%!+,7':1/%!:1'!3#!%14,$%!3E%!$%:'%$! 74!0%P3!2#379:3%'!3#!$%:'!#1>!.4!K#,!$%W$%:'!&E:3!K#,! 3E#,+E3! &%$%! /#2P*%3%! /E:P3%$4[! 1%&! 7147+E34! &7**! /#2%! 3E$#,+E[! :1'! 3E%4%! &7**!%1E:1/%!3E%!&$73%W,P>!!

• .40!T,%437#14!%XP*7/73*K!:1'!3E%1!:14&%$!3E%2[!:4!?!A,43!'7'>!JE74!74!:!+$%:3!'%97/%!<#$!8$%:071+! ,P! 8#$71+! P$#4%[! /#22,17/:371+! K#,$! $E%3#$7/:*! +#:*4[! :1'! 2:071+! 3E%!$%:'%$!3E710>!

• FXP*7/73*K! $%<%$! 8:/0! 3#! P$%97#,4! 3%X3[! :4! &E%1! ?! &$#3%[! vC#! E#&! %X:/3*K! '#! K#,!sE7+E*7+E3!3E%!43$,/3,$%s!:1'!s4%3!,P!T,%437#14sUv!

• `4%! *#34! #<! 3$:14737#1:*! PE$:4%4! i'74/#,$4%! /#11%/379%4j>! _#3%! 3E:3! 73s4! <71%! 3#! ,4%!3E%4%!:/$#44!/E,10!8#,1':$7%4m!3E:3!74[!<%%*!<$%%!3#!43:$3!:!1%&!4,84%/37#1!&73E!v"#$!3E74!$%:4#1[!>>>v[!P7/071+!,P!&E%$%!3E%!P$%97#,4!4,84%/37#1!*%<3!#<<>!

• C%/37#1!:1'!4,84%/37#1!373*%4!P#P!#,3!974,:**K!:3!3E%!$%:'%$>!C#!,4%!3E%2!3#!P$#97'%!%XP*7/73[!E%*P<,*!+,7':1/%>!!

• .4!K#,!43:$3!:!4%/37#1[!%XP*7/73*K!43:3%!E#&!73!&7**!8%!#$+:174%'[!#$!E#&!73!<734!713#!3E%!*:$+%$!#$+:174:37#1>!!

• .4! K#,! /#2%! 3#! 3E%! %1'! #<! :! 4%/37#1[! $%271'! 3E%! $%:'%$! &E:3! 3E%! P#713! &:4>! ?<!P#4478*%[! 3E74! 4E#,*'! *%:'!1:3,$:**K! 713#! 3E%!1%X3! 4%/37#1>! C%%!E#&!/E:P3%$4!#<! 3E%!P$%4%13!9#*,2%!:$%!P$%4%13%'>!

• ?<!:!4%/37#1!74!407PP:8*%[!#$!/E:P3%$4!/:1!8%!$%:'!#,3!#<!#$'%$[!'#!4:K!4#>!O,3!'#!1#3!,4%!3E74!:4!:1!%X/,4%!<#$!P##$!#$+:174:37#1!#$!*#1+!'743$:/37#14>!C#2%!$%:'%$4!3%1'!3#!$%:'!43$:7+E3!3E$#,+E[!:1'!71!P:$37/,*:$[!K#,$!:'974#$!#$!/#22733%%!2:K!<%%*!3E:3!3E%K!26-'!'#!3E74>!

!&&M)d+/.)+R)&'/#"'%9)1"+..a"#R#"#'1#.).!'744%$3:37#1!'%:*4!&73E!:!*#3!#<!7'%:4!:3!#1/%>!D%:'%$4!/:1!%:47*K!*#4%!3$:/0>!Y%*P!3E%2!#,3\!

• `4%!P*%13K!#<!$%<%$%1/%4!3#!K#,$!%T,:37#14[!4%/37#14[!<7+,$%4!:1'!3:8*%4>!JE74!74!$%:**K!E%*P<,*!3#!:!$%:'%$!&E#!27+E3!8%!+%3371+!/#1<,4%'[!#$!&E#!74!4072271+!3E%!3E%474!#$!

#'%""

$%:'71+! 73! P7%/%2%:*! #$! #,3! #<! #$'%$>! "#$! %X:2P*%[! '#! 1#3! A,43! 4:K! v:4! '%<71%'!%:$*7%$[v! #$! v&%! &7**! 4%%! 8%*#&v>! ]79%! 3E%! 4%/37#1! #$! /E:P3%$! 1,28%$[! %>+>! ir.-!)O<7.1*)/! 1*! C,.<')(%rao! i-))! <.(.+(.<,! $#"! 43(! 23()! /)'.17)/! )O<7.*.'13*ao! #$!irR,1-!1-!)O<7.1*)/!7.')(!1*!-):'13*!"#ca#!

• F:/E!<7+,$%!#$!3:8*%!4E#,*'!8%!2%137#1%'!71!3E%!2:71!3%X3[!4#!3E:3!3E%!$%:'%$!01#&4!&E%$%! 3#! *##0! <#$! 73>!6#19%$4%*K[! 3E%! <7+,$%s4!/:P37#1!2:K!P#713! 3E%!$%:'%$!8:/0! 3#!'%3:7*4! 71! 3E%!2:71! 3%X3! i43:371+! 3E%! 4%/37#1! 1,28%$j>! .! /:P37#1!2:K! :*4#! $%<%$! 3#!#3E%$!<7+,$%4!#$!3:8*%4!3E:3!3E%!$%:'%$!4E#,*'!8%!4,$%!3#!/#2P:$%>!

• [+96R%1#! 3%$24! 3E:3! K#,! :$%! '%<7171+[! :4! :! 3%X38##0! &#,*'>! JE74! 2:0%4! 3E%!'%<71737#14!%:4K! 3#!4P#3!&E%1!1%%'%'>!d#,!2:K!:*4#!&:13! 3#!+%1%$:3%!:1! 71'%X!#<!8#*'<:/%'!3%$24>!

• O%! 9%$K! /#14743%13! 71! K#,$! 3%$271#*#+K>! _%9%$! ,4%! 3&#! 3%$24! <#$! 3E%! 4:2%! 7'%:m!1%9%$!$%,4%!#1%!3%$2!#$!9:$7:8*%!<#$!3&#!7'%:4>!.4!%X:2P*%4[!43,'%134!,4%\!2%3E#'[!7143$,2%13[!3%/E17T,%[!:1'!:PP$#:/E!:4!7<!3E%K!2%:13!3E%!4:2%!3E71+>!

• O%! /:,37#,4! :8#,3! ,471+! P$#1#,14! *70%! v73[v! #$! #3E%$! :1:PE#$7/! $%<%$%1/%4! 4,/E! :4!v3E74v! #$! v3E74! 3%/E17T,%>v! S73E! :**! 3E%! 7'%:4! <*K71+! :$#,1'[! 73! &7**! 1#3! :*&:K4! 8%!#897#,4! 3#! %9%$K#1%!&E:3! K#,! :$%! $%<%$$71+! 3#>! `4%! *#1+%$[! ,1:287+,#,4! PE$:4%4!7143%:'[!&E%1!:PP$#P$7:3%>!!

&&&M)[#)1+'1"#/#).4!?!$%:'!:!'744%$3:37#1[!#$!:!*#1+!:$+,2%13[!?!#<3%1!43:$3!&#$$K71+!&E%3E%$!?!:2!0%%P71+!3E%!P7%/%4! 3#+%3E%$! /#$$%/3*K! 71! 2K! E%:'>! C#2%3E71+! 3E:3! E:4! 8%/#2%! '%%P*K! <:27*7:$! :1'!1:3,$:*!3#!K#,!i3E%!&#$*'!%XP%$3j!2:K!8%!$#,+E%$!+#71+!<#$!2%>!?<! ?!/:1!4%%!4#2%!/#1/$%3%!'%2#143$:37#1!#<!E#&!K#,$!7'%:!&#$04[!73!E%*P4!2%!/E%/0!:1'!'%%P%1!2K!,1'%$43:1'71+>!!

• VO.2<7)-! 0%%P! 3E%! $%:'%$[! :1'! K#,[! <$#2!+%3371+! *#43! 71! :!2#$:44!#<! :843$:/37#14>!FX:2P*%4! #<! /:4%4! <7+,$%'! 71! K#,$! 3E71071+! /:1! E%*P! 3E%! $%:'%$[! 3##>! ?19%13%'!%X:2P*%4! :$%! 71! #$'%$[! 8,3! ,471+! v$%:*v! %X:2P*%4! &7**! :*4#! 4E#&! #<<! &E:3! K#,$!2%3E#'4!4E#,*'!#$!/:1!'#>!

• 96**1*+! )O.2<7)-! +$%%3! 3E%! $%:'%$! *70%! #*'! <$7%1'4>! JE%! $%:'%$!&7**! +$:4P! :! P#713!2#$%! T,7/0*K! :1'! /#2P*%3%*K[! :1'! $%2%28%$! 73! 8%33%$[! &E%1! 73! 74! :PP*7%'! 3#! :!<:27*7:$!%X:2P*%!$:3E%$!3E:1!:!1%&!#1%>!C#!7<!P#4478*%[!'%974%!#1%!#$!3&#!%4P%/7:**K!:PP$#P$7:3%!%X:2P*%4!3E:3!K#,!/:1!0%%P!$%9747371+!3#!2:0%!:!4%$7%4!#<!P#7134>!

• -WL=X?>U! 4%$9%!2,/E!3E%!4:2%!$#*%!:4!%X:2P*%4>!JE%K!:$%!/#1/$%3%!:1'!3E%K!4E:$%!E#&! 3E%! 7'%:4! ().77N! *##0! 7147'%!K#,$!E%:'>!.!P7/3,$%! 74!&#$3E!.'! 7).-'! :! 3E#,4:1'!&#$'4!i%T,:*!3#!'#,8*%W4P:/%'!3E%474!P:+%4j>!

• VO<)(12)*'.7! ()-67'-! :$%! :*4#! /#1/$%3%>! d#,! '#1! 1#3! E:9%! 3#! &:73! <#$! 3E%!%XP%$72%13:*! 4%/37#1>! ?3! 74! ://%P3:8*%! 3#! <#$%4E:'#&!K#,$!%XP%$72%134!8%<#$%! K#,!P$%4%13!3E%2!71!<,**>!SE%1!K#,!:$%!'%9%*#P71+!3E%!3E%#$K[!K#,!/:1!4:K!v?1'%%'[!&%!&7**!<71'!%XP%$72%13:**K!71!4%/37#1!I>L!3E:3!>>>v!!

• C3221'2)*'-!0%%P!3E%!$%:'%$!:1/E#$%'>!.4!1#3%'!%:$*7%$[!K#,$!'744%$3:37#1!4E#,*'!'74/,44!:*3%$1:379%!4#*,37#14!3E:3!K#,!$%A%/3%'!#$!:$%! *%:971+!3#!<,3,$%!&#$0>!JE:3s4!4/E#*:$4E7P>!O,3!2:0%!!

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

#'&""

!=M)5#/)/4#)T"&/#a,$)#6&/#6)?3!P:K4! 3#!+%3!4#2%8#'K!3#!%'73!K#,$!&$73%W,P[!%9%1! 7<! 73!2%:14!E:971+! 3#!P:K!4#2%3E71+>!JE74! 74! /$737/:*! :3! P#43+$:',:3%! *%9%*! 3#! %14,$%! 3E:3! 3E%! &#$0! K#,! E:9%! &$733%1! 74! T,:*73K!:44,$%'>!JE%$%!:$%! /%$3:71! 472P*%! 3E71+4!&%!2744!1#!2:33%$!E#&!2:1K! 372%4!&%! $%:'!#,$!#&1!&#$0>!S#$4%!437**[!&%!:$%!*70%*K!3#!2744!#,3!#1!3E%!2#$%!!!/#2P*%X! #1%4>! ]%3! 4#2%#1%! 3#! %'73! <#$\! /#13%13! ://,$:/Km! *:1+,:+%m! :1'! +%1%$:*! *:K#,3>!`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f! -;?=W;QQV!(XQ[WQQ>Rf!*O=![XQ[WQQ>R!!)?W=>?W;!!

(XQ[WQQ>R!!

-;?=W;QQV![XQ[WQQ>R!

*O=!(XQ[WQQ>R!

->!J72%!&:4!&%**!2:1:+%'!',$71+!3E%!P$#/%44! ! ! !5>!.!&#$0!4/E%',*%!&:4!<#**#&%'! ! ! !B>!JE%$%!&:4!:!/#1371+%1/K!P*:1! ! ! !G>!F:/E!/E:P3%$!&:4!3$%:3%'!:4!:1!%44:K!71!734%*<! ! ! !I>!.!1,28%$!#<!'$:<34!&%$%!P$%P:$%'!8%<#$%!<71:**K!&$7371+!%:/E!/E:P3%$!

!!

!!

!!

L>!@1%!P:$37/,*:$!$%<%$%1/%!4K43%2!&:4!<#**#&%'! ! ! !;>!?3!&:4!2:'%!4,$%!7'%:4!&%$%!/#13%X3,:*74%'! ! ! !(>!./01#&*%'+%2%13!4%/37#1!74!P$%4%13%'!4#8%$*K! ! ! !=>!JE%$%!E:4!8%%1!/*:$73K!:8#,3!3E%!:,'7%1/%!3KP%4! ! ! !

#''""

! ! ! !-N>! JE%! &$73%W,P! :44,2%'! 3E%! :,'7%1/%! E:'! 4#2%!01#&*%'+%!:8#,3!3E%!$%4%:$/E!

!!

!!

!!

-->!?3!&:4!2:'%!/*%:$!&E:3!3E%!:,'7%1/%!&#,*'!*%:$1! ! ! !-5>!JE%!&$73%W,P!E:4!:!/*%:$!$#:'2:P! ! ! !-B>!c%K!3%$24!E:9%!8%%1!:PP$#P$7:3%*K!'%<71%'! ! ! !-G>!JE%!1,28%$71+!#<!4%/37#14!74!1#3!/#1<,471+! ! ! !-I>!?3!&:4!2:'%!/%$3:71!3E:3!7'%:4!:$%!/#E%$%13! ! ! !-L>! JE%! /#13%13! #<! :**! 4%/37#14! :+$%%'! &73E! %:/E!4,8E%:'71+!

!!

!!

!!

-;>! JE%! &$73%W,P! /#14/7#,4*K! 71/*,'%'! 713%$1:*! /$#44!$%<%$%1/%4!

!!

!!

!!

-(>!JE%!&$73%W,P!&:4!%'73%'!8K!:!4/E#*:$! ! ! !-=>!?'%:4!&%$%!7**,43$:3%'!&E%1%9%$!1%/%44:$K! ! ! !5N>! JE%! .843$:/3! &:4! &$733%1! 3:071+! 713#! ://#,13! :**!/#13%13!&$733%1!

!!

!!

!!

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

• SE:3!3#!'#!8%<#$%!'#71+!3E%!&$73%W,P>!• ?3!+:9%!+,7'%*71%4!#1!3E%!/$737/:*!:4P%/34!3#!/#147'%$>!• JE%!:,'7%1/%!3KP%4!3#!8%!3:0%1!713#!://#,13!&%$%!3E%1!'74/,44%'>!• JE%! 744,%! #<! #$+:17e71+! :1'! 43$,/3,$71+! 3E%! '744%$3:37#1! $%/%79%'! 4,843:137:*!

:33%137#1>!• .!$%4%:$/E!74!/#22,17/:379%!2:71*K!8%/:,4%!4P%/7:*743!$%+743%$4!:$%!%XP*:71%'>!JE74!

:4P%/3!#<!3E%!/E:P3%$!&:4!:*4#!/#9%$%'>!• .! &$73%W,P! 3E:3! *:/04! /#E%$%1/%! '#%4! 1#3! /#22,17/:3%! 3E%! 713%1'%'! 2%44:+%!

4,//%44<,**K>! JE%! /E:P3%$! %XP*:71%'! <%:3,$%4! #<! /#E%$%1/%! :4! :! +,7'%! 3#! :!/#22,17/:379%!'744%$3:37#1>!

• JE%$%!&:4!:!'74/,447#1!:8#,3!&$7371+!:1!.843$:/3>!JE74!74!:!/$737/:*!/#2P#1%13!#<!3E%!'744%$3:37#1!&$73%W,P>!

!.>[>?>NL>U!!":7$8:7$1[! ]>! l! ":7$8:7$1[! C>! i5NN-j>! 9)./1*+! .'! 6*18)(-1'N#! O,/071+E:2\! @P%1! `179%$473K!)$%44>!!":7$8:7$1[! ]>! l! S71/E[! 6>! i-==Lj! 9)./1*+F! =(1'1*+! .*/! ().-3*1*+#! O,/071+E:2\! @P%1!`179%$473K!)$%44>!!b:2%4[! F>! .>[! l! C*:3%$[! J>! i5N-Bj>!A!2.<! 43(!=(1'1*+! N36(! /1--)('.'13*B! >(38)*!2)',3/-! 43(!41*1-,1*+!4.-')$>!JE#,4:1'!@:04[!6.[!`C.\!C:+%!),8*7/:37#14>!!

#'(""

!D,'%43:2!l!_%&3#1!i5NN;j!&6(8181*+!N36(!/1--)('.'13*#!JE#,4:1'!@:04\!C:+%>!!JE#2:4[!]>!i5NN=j>!G36(!9)-).(:,!>(3Z):'>!JE#,4:1'!@:04\!C:+%[!!!S:**:/%[!Z>!l!S$:K[!.>!i5NNLj!C(1'1:.7!()./1*+!.*/!=(1'1*+!43(!<3-'+(./6.')-#!Q#1'#1\!C:+%>!!!6*:$0%[! H>! i5N-Nj! E33P\^^P%#P*%>/4>0,*%,9%1>8%^�':9%>/*:$0%^PE'>E32*! iD%3$7%9%'! 5L!b:1,:$K[!!5N-Bj!!F74%1%$[! b>! iE33P\^^/4>AE,>%',^�A:4#1^:'97/%Ê#&W3#W&$73%W:W3E%474>E32*j! D%3$7%9%'! 55!b:1,:$K[!5N-Bj!!iE33P\^^&&&>$%:'71+>:/>,0^713%$1:*^43,'K:'97/%^C3,'K$%4#,$/%4^F44:K4^43:W&$7371+'744%$3:37#1>:4PXj>!iD%3$7%9%'!-!"%8$,:$K[!5N-Bj!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

#'6""

!),#-"&.!/@!

),#%%&*5&+!&B-&.3&*)&1!$E!+0-&.93+'.+!#*1!+"01&*"+!.'#*<!C7*:4!6E70:4E:!

i/E70:4E::4tK:E##>/#2j!!

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o! P%$4#1:*! 713%$%43! :1'! %XP%$374%[! :9:7*:87*73K[! /#22732%13[! $%4P#14787*73K[! 3%/E1#*#+K[!*:1+,:+%[! <,1':2%13:*! %3E7/4[! 4#/7#W:/:'%27/!2#87*73K>! JKP7/:*! 7143:1/%4!#<! /E:**%1+%4!:$%!$%<*%/3%'!3E$#,+E!5N!%P74#'%4!#<!*79%'!%XP%$7%1/%>!Z:1K!#<!3E%2!E:9%!3#!'#!&73E!3E%!744,%!#<!/#22,17/:371+!:1'!,1'%$43:1'71+!&E:3!3E%!#3E%$!P:$3K!74!P,3371+!:/$#44>!!

!/@]/!3N=?ORXL=WON! !Q##071+!:3!.<$7/:[! <#$!%X:2P*%[!3E%$%!%X7434!:!2:A#$!'74:'9:13:+%!3E:3!27*73:3%4!:+:7143!3E%!%9%$! +$#&71+! 3E7$43! <#$! 01#&*%'+%! :1'! %',/:37#1! 8K! 2:1K[! %4P%/7:**K! :3! E7+E%$! *%9%*4! #<!*%:$171+[!3E:3!#<!4E#$3:+%!#<!4,P%$974#$4>!?1!:1!:$37/*%!,1'%$!3E%!E%:'71+!>,@!-6<)(81-3(-!]!.!(.()! A4(1:.*! :3223/1'NF! 43(! 9)-).(:,!A4(1:.[! _'*#9,! i5N-5j! #84%$9%4! 3E:3! 3E%! 4E#$3:+%! #<!4,P%$974#$4! E:2P%$4! )EH! 3$:7171+! 71! .<$7/:[! :1'! 3E:3! :! 4,P%$974#$! 71! 4#2%! .<$7/:1!`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

#'B""

'744%$3:37#1^3E%474! 3#! 8%! 8#$1! 3E%$%! :$%! 3E$%%! 8:47/! /#147'%$:37#14! 3#! 8%! :''$%44%'!://#$'71+!3#\!!

• 3E%! 714373,37#1!&E7/E!/:1!8%!4#/7%3K! 71!+%1%$:*!#$^:1'!:1!:/:'%27/! 714373,37#1!4,/E!:4!:!,179%$473K!#$!#3E%$!E,2:1!#$+:17e:37#1m!!

• 3E%!4,P%$974#$!#$!P$#2#3%$m!:1'!!• 3E%!43,'%13[!/:1'7':3%!#$!$%4%:$/E%$>!!

!JE%! 713%$:/379%! $%*:37#14E7P! 871'71+! 3E%4%! 3E$%%! P*:K%$4! /:1! 8%! 71<*,%1/%'! 1%+:379%*K! 8K! :!9:$7%3K! #<! /E:**%1+%4! 3#! 3E%! '%3$72%13! #<! $%4%:$/E! P$#+$%44>! JE%! :,3E#$! 74! :1! :/:'%27/!:'271743$:3#$!$%4P#1478*%!<#$!$%4%:$/E!'%+$%%4!:3!3E%!n728:8&%!@P%1!`179%$473K!in@`j[!3E74!74[!3E%$%<#$%[!:!1:3,$:**K!/#2P%**71+!'$79%!3#!4E:$%!$%:*! *7<%!%XP%$7%1/%!&73E!#3E%$4>!.!*#3!#<!71<#$2:37#1! /:1! 8%! '$:&1! <$#2! 4,/E! %2:7*! %X3$:/34! :4! 3E74! #1%! <$#2! :1! :PP:$%13*K!P%$3,$8%'!/:1'7':3%\!!! ! &<WUOR>!/!

R,.*K-! 8)(N!26:,!@(#! s#! Ea77! D)!=3(K1*+! '3! 1*:3(<3(.')!N36(! ./81:)#! QN! -):3*/! 1--6)! 1-! .D36'! ,.81*+! .! :3L./81-3(!D.-)/! 1*!C36*'(N!G!=,3! :.*!.'')*/! '3! -32)!34!2N! Y6)(1)-! .*/! <(381/)! ./81:)!=,)*! *))/)/#! E'! -))2-!2N! -6<)(81-3(! @(#! f! 1-! -73=! 1*! ()-<3*/1*+! '3! 2N!Y6)-'13*-! S.*/! .'! '12)-! /3)-! *3'! ()-<3*/! '3! .'! .77T#! E!K*3=! E!26-'! D)! 1*! :322.*/! .*/! /1:'.')! ',)! -<))/! .'!=,1:,!E!/3!',1*+-F!,3=)8)(F!,)!1-!-6<<3-)/!'3!:,):K!.*/!./81-)! 3*! ',)! Y6.71'N! 34! =3(K! ',.'! E! <()-)*'! '3! ',)!6*18)(-1'N#!!!E!,3<)!',1-!1--6)!=177!D)!+18)*!/6)!:3*-1/)(.'13*#!9)+.(/-F!bu!!

JE74!/:1!#1*K!47+17<K!3$#,8*%'!713%$WP%$4#1:*!$%*:37#14E7P!/:**71+!<#$!:PP$#P$7:3%!$%2%'K>!@1%!#<!3E%!2:71!:724!#<!3E74!/E:P3%$!74!3#!E7+E*7+E3!:1'!3$7++%$!'74/,447#1!#1!4#2%!#<!3E%!2:A#$!744,%4!3E:3!2,43!8%!/#147'%$%'!&E%1!'%:*71+!&73E!#843:/*%4!/:P:8*%!#<!72P%'71+!3E%!42##3E!$,1171+! #<! 4,P%$9747#1>! JE%! iD%4%:$/Ej! C,P%$974#$s4! "$7%1'7!-6<)(81-3(-4(1)*/#=3(/<()--#:32H###H,3=L/3LN36L():3+*1-)L',!!i5N-5j!/#1/,$4!8K!43:371+!3E:3!f$%4%:$/E!4,P%$9747#1!P#4%4!:!$:1+%!#<!P$#8*%24h>!d%3!4,P%$9747#1!:4!:!P$#/%44!/:1!:*4#!8%!$%+:$'%'! :4! 719#*971+! /#2P*%X! :/:'%27/! :1'! 713%$P%$4#1:*! 407**4! i6$%4&%**[! -==Lm! .4P*:1'!:1'! F'&:$'4[! -===m! O:$3*%33! :1'! Z%$/%$[! 5NN-m! J:K*#$[! 5NN5m! O:0[! 5NNGm! Z:P%4%*:! :1'!S7*0714#1[!5NNIj>!!!F*4%&E%$%! 71! 3E%! P$%4%13! 9#*,2%! 9:$7#,4! 4/E#*:$4! E:9%! '74/,44%'! :! P*%3E#$:! #<! $%4%:$/E!744,%4! <$#2!3E%!P$#P#4:*!43:+%!3#!3E%! <71:*!/E:P3%$!#<! 3E%!$%P#$3>!JE74!/E:P3%$!:33%2P34!3#!P$#<<%$! :1! :'271743$:379%! :1'! /#2P*%2%13:$K! 4P7/71+! #<! 3E%4%! &#$04! ,471+! #$7+71:*!71<#$2:37#1!<$#2!@HQ!E7+E%$!'%+$%%4!/:1'7':3%4>!!!/@]4! 'Ya>L=W^>U!!.<3%$!&#$071+!3E$#,+E!3E74!/E:P3%$[!K#,!4E#,*'!8%!:8*%!3#\!

• ,1P:/0! :1'! E7+E*7+E3! P$:/37/:*! %X:2P*%4! #<! /E:**%1+%4! %1/#,13%$%'! 71! 3E%!4,P%$9747#1!#<!@HQ!'%+$%%!43,'%134m!

• 4P,$! $%4%:$/E! 4/E#*:$4! 3#! 3:0%! 2#$%! 713%$%43! 71! 3E%! 43,'K! #<! +$:',:3%! :1'!P#43+$:',:3%!$%4%:$/Em!

• %137/%!E7+E%$! $%4%:$/E! 4,P%$974#$4! 3#!2#9%! 71! 3E%!'7$%/37#1!#<!%43:8*74E71+!:!2#$%!/#22#1!:1'!E:$2#17e%'!:PP$#:/E!3#!@HQ!4,P%$9747#1m!

#(G""

• P$%W&:$1!E7+E%$! '%+$%%! 43,'%134! :+:7143! <:**71+! 713#! 3E%!P73<:**4! #<! 3:071+! $%4%:$/E!<#$!+$:13%'!:3!3E74!*%9%*m!

!/@]6! 3N=>?;L=W^>!?>Q;=WONU:W<!Y>=P>>N!=:>!<;?=N>?U!?3! 74! +%1%$:**K! 8%*7%9%'! 3E:3! 3E%! $%*:37#14E7P! 8%3&%%1! 4,P%$974%%[! 4,P%$974#$[! :1'! 3E%!714373,37#1! 4E#,*'! 8%! <$%%[! 4%/,$%[! :1'! 3$,43&#$3EK>! R,)! &'6/)*'! 0).(*1*+! @)8)73<2)*'!'%4/$78%4! 3E%! $%*:37#14E7P! :4! E7+E*K! '%P%1'%13! ,P#1! 713%$P%$4#1:*! 407**4[! i&&&>43,'%13W*%:$171+>3/'>7%^! W! 5N0j>!S%! /:1! 72:+71%! 71!&E:3! '7$%/37#1! 3E%! $%*:37#14E7P! $%<*%/3%'! 71! 3E%!<#**#&71+!/#22,17/:37#1!%X/E:1+%4!8%3&%%1!3E%!4,P%$974#$!:1'!3E%!4,P%$974%%!74! *70%*K!3#!2#9%>!JE%!4,P%$974#$!&$73%4!3E,4!&%*/#271+!3E%!:447+1%'!4,P%$974%%\!!! ! !

&<WUOR>!4!r!G36(! '3<1:! 1-! )O:1'1*+F!.*/! 1-! '3<1:.7! 1*! ')(2-!

34!/)8)73<2)*'-!1*!)/6:.'13*#!E!.2!.7()./N!/31*+!.!4)=!.:./)21:! '.-K-! 1*! ',.'! .().! .*/! =367/! D)! ,.<<N! '3!7).(*!.73*+!=1',!N36F!',36+,!E!=177!D)!N36(!-)*13(!7).(*)(!r!

!.!<%&!&%%04!*:3%$!3E%!4,P%$974%%!$:74%4!:*:$2!8%**4!3E,4\!!! ! &<WUOR>!6!

@).(!@(#!s!_(32!',)! 7.*+6.+)!D)1*+!6-)/!,)()! 1'! 1-!:7).(!',.'!',)!-6<)(81-3(! 1-! *3! 73*+)(! 1*')()-')/! 1*! :3*'1*61*+!-6<)(81-1*+!2)#!W)!,.-! .7-3! *3'! -1+*)/! ',)! :,.*+)!34!-6<)(81-3(! 43(2! .-! 1-! ()Y61()/F! .*/! E! .2! *3'! 1*! .!<3-1'13*! '3! 43(:)! ,12#! E*! ',)! :1(:62-'.*:)-F! :.*! N36!.6',3(1-)! @(! G! '3! -6<)(81-)! 2)F! .-! <)(! 2N! ).(71)(!()Y6)-'#!@(!s!,.-! 1*/1:.')/! '3!2)! ',.'!,)! 1-!=1771*+! '3!-6<)(81-)!2)#! E! ().77N!*))/!N36!.--1-'.*:)F!.-! E! 1*')*/!'3!2.K)!',)!<(3<3-.7!/)4)*:)!.-!-33*!.-!<3--1D7)!W3<1*+!'3!,).(!4(32!N36!-33*!9)+.(/-!Qr!

!JE74!74!/%$3:71*K!+##'!<##'!<#$!3E#,+E3!<#$!3E%!$%:'%$!:1'!,4!:**!*70%*K!3#!8%!719#*9%'!71!4,/E!473,:37#14>!D#*%4!:$%!71!/#1<*7/3>!O,3!8#3E!3E%!4,P%$974%%!:1'!3E%!4,P%$974#$!E%$%!4,84/$78%!3#!+%1%$:*!P$71/7P*%!#<!@P%1!:1'!H743:1/%! Q%:$171+! i@HQj[!&E7/E! 97%&4! 4,/E! *%:$1%$!:4!8%71+!<$%%!<$#2!3E%!P$%4/$7P37#14!#<!:+%[!4P:/%[!372%[!P:/%[!:1'!%9%1!T,:*7<7/:37#1!71!4#2%!/:4%4>!JE74!/E:P3%$!&7**!'74/,44!4#2%!#<!3E%!4%*%/3%'!<:/3#$4!/#22#1*K!01#&1!3#!:<<%/3!3E%!3$7P*%!:**7:1/%! #<! 4,P%$974#$[! 4,P%$974%%[! :1'! 3E%! 714373,37#1! $%*:37#14E7P>! Z#,3#1! i5NN-j! :$+,%4!3E:3! 3E%! P$#8*%24! %1/#,13%$%'! 8K! 43,'%134! 71! $%4%:$/E! /#,*'! 8%! ',%! 3#! %73E%$! 3E%!71%XP%$7%1/%! #<! 3E%! 43,'%13[! 3#! P##$! 4,P%$9747#1[! #$! 3#! :1! 71%<<7/7%13! 4K43%2>! C3,'7%4! 8K!D:'%2%K%$!i-==Gj[!Y#/0%K!i-==Gj!:1'!C273E!:1'!S%43WO,$1E:2!i-==Bj!%43:8*74E%'!3E:3!3E%!4,//%44<,*! /#2P*%37#1! #<! :! '744%$3:37#1!&:4! A,43! :4!2,/E! :! <,1/37#1! #<! 3E%! :87*737%4! #<! 3E%!43,'%13! :4! 3E#4%! #<! 3E%! 4,P%$974#$>! JE%! 3$7:'! /:1! 8%! /#2P*%3%'! 8K! :''71+! 3E%! 4P#14#$71+!714373,37#1R4!/#13$78,37#1>!C%:+$:2!%3!:*>!i-==(j[!i/73%'!71!?42:7*[!5N--j[!4,++%43!3E:3!:!+##'!4,P%$974#$W43,'%13! $%*:37#14E7P! 74! 3E%! 0%K! <:/3#$! 71! 3E%! 4,//%44! #$! <:7*,$%! #<! 43,'%134R!$%4%:$/E!&#$0>!!!

#(!""

JE%!P$#8*%2!:$74%4!&E%1!3E%!/:1'7':3%!#9%$W:44,2%4!<#$!:!4P##1W<%%'71+!P:/0:+%!<$#2!3E%!4,P%$974#$>! !.3! 3E%! 4:2%! 372%! 3E%! 4,P%$974#$!P$#8:8*K!E:4! :! *7#1R4! 4E:$%!#<! 3E%! /E:**%1+%>!Z,3,*:!i5NN=j[!71!43,'7%4!/#1',/3%'!71!6%13$:*[!F:43%$1[!:1'!C#,3E%$1!.<$7/:[!<#,1'!3E:3!3E%!4,P%$974#$W4,P%$974%%!$%*:37#14E7P!&:4!:<<%/3%'!8K!3E%!<#**#&71+\!

• '%*:K4!71!$%/%7971+!<%%'8:/0[!• *:/0!#<!+,7'%*71%4!437P,*:371+!4,P%$9747#1[!• P##$!4,P%$9747#1!W!1#!4/E%',*%!<#$!2%%371+4[!1#!$%/#$'4!#<!'74/,447#14[!%3/>[!!• 1#!2%/E:17424!<#$!$%'$%44[!!• GNk!4,P%$974#$4!&%$%!:*&:K4!3##!8,4K!3#!2%%3!43,'%134[!:1'!• !E%:9K!3%:/E71+!*#:'4!<#$!4,P%$974#$4>!

!Q,88%[!S#$$%*[! :1'!c*#PP%$! i5NNIj!:*4#! <#,1'! 3E:3! 71! 3E%!`173%'!c71+'#2[! 3E%!1,28%$!#<!<:7*%'!#$!,1E:PPK!)EH!43,'%134!&E#!4%%0!3#!$%4#*9%!3E%7$!744,%4!3E$#,+E!3E%!/#,$34!&:4!#1!3E%!71/$%:4%!&73E!4%9%$:*!714373,37#14!://,4%'!#<!714,<<7/7%13!a',3K!#<!/:$%R!3#!3E%7$!43,'%134>!JE74!%/E#%4!4#2%!#<! 3E%! 7'%:4! $:74%'! 71! 3E%!/E:P3%$!'%:*71+!&73E!4,P%$974#$^43,'%13! $#*%4>!Q%3!,4!4E:$%!#,$!P%$4#1:*!%XP%$7%1/%4!8K!'#71+!3E%!:/37973K!8%*#&>!!#L=W^W=V!/@]/!:>! .4! :! 43,'%13[! /73%! #1%! %X:2P*%! #<! :! 274,1'%$43:1'71+! K#,! %XP%$7%1/%'! &73E! K#,$!4,P%$974#$!&E%1!/#22,17/:371+!:3!:!'743:1/%>!!8>! .4! :! 4,P%$974#$[! /73%! #1%! %X:2P*%! #<! :!274,1'%$43:1'71+! K#,! %XP%$7%1/%'!&73E! #1%! #<!K#,$!43,'%134!&E%1!/#22,17/:371+!:3!:!'743:1/%>!!/>!"#$!%73E%$!:>!#$!8>!:8#9%[!4,++%43!E#&!3E%!274,1'%$43:1'71+!713%$<%$%'!&73E!K#,$!$#*%[!:1'!43:3%!E#&!K#,!$%4#*9%'!73>!!.4!K#,!&7**!1#37/%[!3E74!:/37973K!74!2%:13!<#$!%73E%$!3E%!4,P%$974#$!#$!3E%!43,'%13>!?3!74!2%:13!3#! 4%3! K#,! 3E71071+! /$%:379%*K! :8#,3! 3KP7/:*! 473,:37#14! :1'!E#&!K#,! /#,*'! /#14/7#,4*K!'%:*!&73E! 3E%2>! d#,$! 97%&! 74[! 3E%$%<#$%[! 973:*>! CE:$%! &73E! P%%$4! #$! &73E! K#,$! 4,P%$974#$[! 3E%1!2#9%!#1!3#!3E%!1%X3!:4P%/3!#<!/$737/:*!72P#$3:1/%>!!/@]8! #?>;!O[!U<>LW;QWU;=WON7!>c<>?=WU>7!;NR!WN=>?>U=!FXP%$7%1/%[!3KP7<7%'!8K!3E%!%X:2P*%!71!3E%!P$%97#,4!4%/37#1[!E:4!4E#&1!3E:3!4,P%$974%%4!:1'!4,P%$974#$4! :*70%! #897#,4*K! +%3!&#$$7%'!&E%1! /7$/,243:1/%4! <#$/%! 3E%2! 3#! 8%! P:7$%'!&73E!4#2%#1%! &E#! :PP%:$4! 3#! /#2%! <$#2! :! '7<<%$%13! <7%*'! #<! 4P%/7:*74:37#1>! JE%! <#**#&71+!2742:3/E!'%2#143$:3%4!3E74>!?1!3E74!/:4%!2,3,:*!,1'%$43:1'71+!:1'!:+$%%2%13!P$%9:7*%'>!!! ! &<WUOR>!8!

E!=(1')!()Y6)-'1*+!43(!.!-6<)(81-3(#!G36!,./!.773:.')/!2)!>(34! Q! =,3! ,./! ,3=)8)(! 1*/1:.')/! ',.'! ,)! 1-! *3'!:3243('.D7)!=1',!2N!'3<1:!.-!p2.*.+)2)*'q! 1-!*3'!,1-!.().!34!-<):1.71'N#!QN!'3<1:!1-F!pR3=.(/-!+)*/)(!)Y6.71'N!.*/! )Y61'NF! 3<<3('6*1'1)-! .*/! :,.77)*+)-! '3! =32)*!./8.*:)2)*'! '3! -)*13(! )/6:.'13*.7! <3-1'13*-B! R,)! :.-)!34! Q.'.D)7)7.*/! &36',! 9)+13*q#! R,.*K! N36#!!

O,3! 73!'#%4!1#3!:*&:K4! <#**#&!3E:3!:**! 3E#4%! 3E:3! <#**#&!3E%!/#$$%/3!'7$%/37#1!#<!/E#7/%!:1'!*:1'!71!3E%7$!:$%:4!#<!713%$%43!:*&:K4!P$#',/%!+##'!$%4,*34>!6:1'7':3%4!E:9%!8%%1!01#&1!3#!'74:PP%:$! :1'! 1%9%$! $%3,$1! 4##1! :<3%$! $%/%7971+! #<<%$! *%33%$4!&E7/E!2:K! 4,++%43! 3E:3! 3E%!*%33%$4!:$%!,4%'!3#!4%/,$%!%13$K!3#!#3E%$!714373,37#14!%*4%&E%$%>!JE%$%!&7**!:*&:K4!8%!:!<%&!

#(#""

3E:3!/:$%!3#!+79%!1#37/%>!!JE%!4:2%!:PP*7%4!3#!$%/$,73%'!4,P%$974#$4!&E#!2:K!'#!73!P$72:$7*K!3#!71<*:3%!3E%7$!/,$$7/,*,2!973:%>!C,/E!4,P%$974#$4!%1'!,P!8%71+!$%2#9%'!<$#2!3E%!$%+743%$!#<!4,P%$974#$4>! D%4%:$/E%4! *70%! 3E:3! #<!]#*'%! :1'!H#$%! i5NN-j! 4,++%43! 3E:3! ,P! 3#! INk!#<! 3E%!43,'%134!&E#!8%+71!P#43!+$:',:3%!43,'7%4!'#!1#3!/#2P*%3%!3E%7$!43,'7%4!:3!:**!8%/:,4%!3E%$%!:$%! :! &7'%! 9:$7%3K! #<! P$#8*%24! 3E:3! 43,'%134! <:/%[! 3#P! #<! 3E%! $:1+%! 8%71+! 4,P%$974#$W4,P%$974%%! $%*:37#14E7P>! Q,88%! %3! :*>! i5NNIj! :''! #1! :1'! 4,++%43! 3E:3! 1#3! 2,/E! 74! 8%71+!'74/,44%'! :1'! $%4%:$/E%'! 71! 3E:3! :$%:! P#4478*K! 8%/:,4%! 73! 74! :1! %28:$$:442%13! 3#!4,P%$974#$4>!!JE%! <#**#&71+! :$%! $%4P%/379%! %X:2P*%4! #<! 4,P%$974#$4! &E#! :$%! &:7371+! 3#! $%/%79%!/#22,17/:37#1! <$#2! 3E%! 1%&*K! %1$#**%'! /:1'7':3%4! :1'! :! 1#37/%! #<! &73E'$:&:*! <$#2! 3E%!P$#+$:22%>!!! ! &<WUOR>!@!!

@).(!s!R3!/.')!E!,.8)!*3'!,./!.*N!:3226*1:.'13*!=1',!',)!'=3!-'6/)*'-! 1*/1:.')/! .-! .773:.')/! '3!2)#!Q(! 0r!Qr! ,.-!71')(.77N!:6'!:3226*1:.'13*#!>7).-)!()+67.(1-)#!9)+.(/-!>(34)--3(!?r!

!!!! ! &<WUOR>!C!

X6-'! '3! 1*43(2!N36! ',.'!*3*)!34!2N! '=3!@>,17! -'6/)*'-!()-<3*/)/!'3!2N!).(71)(!()Y6)-'!43(!36(!41(-'!-6<)(81-13*!2))'1*+#!R,)!:3*'.:'!/)'.17-! SD3',!<,3*)!.*/!)2.17T!34!Cr!jr!.<<).(!*3'!:3**):'1*+#!R,)!<(18.')!)2.17!43(!Ar!jr!.7-3!.<<).(-!*3'!:3**):'1*+#!Q.N!N36!K1*/7N!:3*41(2!',)1(!:6(()*'!3(!6</.')/!:3*'.:'!/)'.17-#!!j1*/7N!./81-)!.7')(*.'18)!2).*-!34!:3226*1:.'1*+!=1',!&:,37.(-!?*:)!.+.1*F!',.*K!N36!43(!',)!-6<<3('#!@(!&#Q#!@>,17!&6<)(81-3(!!

!! ! &<WUOR>!D!

R,.*K-! 43(! ',)! :3226*1:.'13*#! _3(! <)(-3*.7! ().-3*-! E!.2!*3'!.D7)! '3!:3*'1*6)!=1',! ',)!<(3+(.22)#!A<373+N!43(! ',)! 1*:3*8)*1)*:)! ',.'! 2.N! D)!:.6-)/!_r@r!

!Y#&!'#!K#,! <%%*!&E%1! $%:'71+! 3E%!/#22,17/:37#1!:8#9%U!F4P%/7:**K! 7<! 3E%! 4,P%$974#$!E:4!4P%13! 372%! :3! 3E%! *78$:$K! :1'! 713%$1%3! <:27:*7$7471+! E724%*<Ê%$4%*<! &73E! 3E%! :$%:! ,1'%$!$%97%&>!!!6#1371,#,4! $%<$%4E%$! 3$:7171+!:1'! 71',/37#1!:$%!1%/%44:$K! 3#!0%%P! 3E%!4,P%$974#$4!:8$%:43!&73E!3E%!%9%$!/E:1+71+!3%/E1#*#+K!:1'!#3E%$!%',/:37#1:*!P$:/37/%4>!SE7*%!71!:1/7%13!372%4!73!&:4! 1#$2:*! P$:/37/%! <#$! :! $%4%:$/E! 43,'%13! 3#! &#$0! &73E! #1%! 4,P%$974#$! 3E%$%8K!

#($""

43$%1+3E%171+!713%$P%$4#1:*!:<<7173K[!3E%!':1+%$!3#':K!74!3E:3!:!471+*%!4,P%$974#$!/:11#3!0%%P!:8$%:43!#<!:**!3E%!'%9%*#P2%134!:1'!1%&!01#&*%'+%!2#$%!4#!&E%1!3E:3!4:2%!4,P%$974#$!E:4!#3E%$!P$%4471+!/E#$%4! 3#!/:$%! <#$>!H743:1/%!8%3&%%1!4,P%$974%%!:1'!4,P%$974#$! 74!:! <,$3E%$!/#2P#,1'71+!<:/3#$>!_#!#1%!4,P%$974#$!/:1!8%!:1!%XP%$3!71!:**!3E%!$%4%:$/E!2%3E#'#*#+7%4!iY:K! 5NN(j>! O,3! 73! 74! +%1%$:**K! ://%P3%'! 3E:3! :/:'%27/4! :1'! P$#<%447#1:*4! 719#*9%'! 71! 3E%!4,P%$9747#1!#<!P#43+$:',:3%!$%4%:$/E!2,43!+%1%$:**K!E:9%!3E%!$7+E3!%XP%$374%!3#!P*:K!3E%!$#*%!#<!P$#2#3%$^4,P%$974#$!iZ,3,*:!5NN=j>!!J,4371! i&&&>#3:+#>:/>1e^43,'K^>>>>j! ! :*4#! P$%4%134! &E:3! E%! $%<%$4! 3#! :4! 3E%! -N! 2#43!4,843:137:*! P$#8*%24! <:/%'! 8K! 43,'%134! 71! +$:',:3%! $%4%:$/E! 4,P%$9747#1>! JE%4%! :$%! :*4#!<#,1'! <%:3,$71+! 71! @HQ! :4! 3E%! :,3E#$! E:4! #84%$9%'>! S73E! $%<%$%1/%! 3#! 3E%! 3E7$'! 4,/E!/E:**%1+%[!f3E%!4,P%$974#$!*:/04!/#22732%13!:1'!713%$%43h[! A,43!:4!3E%!43,'%134!/:1!'%/7'%!3#! ,17*:3%$:**K! '%<%$! /:1'7':3,$%! :<3%$! %1$#*2%13! :1'! $%+743$:37#1! &73E#,3! 1#37/%>! C#2%!4,P%$974#$4!:$%!<#,1'!3#!8%!,1&7**71+!3#!3:0%!,P!43,'%134!<#$!4,P%$9747#1!P$%<%$$71+!3#!E7'%!713#!#8*797#1>! ?<! 43,'%134!:$%!:447+1%'!3#! 3E%2!3E%K! 3,$1! 3E74!'#&1[!/7371+!+$#,1'4!#<!1#1W4P%/7:*743!:$%:>!JE%!#3E%$!P$#8*%24!*743%'!:$%\!

• JE%!4,P%$974#$!74!3##!8,4K!3#!8%!%<<%/379%!71!3E%7$!$#*%!• )##$!<%%'8:/0!• J%147#14!#$!/#1<*7/371+!P%$4P%/379%4!<$#2!&73E71!3E%!4,P%$974#$K!P:1%*!• )##$!/#22,17/:37#1!:1'!'74:+$%%2%134!:8#,3!3E%!P$#A%/3!• 6#1<*7/371+!#$!,1$%:*7437/!%XP%/3:37#14!#<!%:/E!#3E%$!• C%*<74E1%44!:1'!'74$%4P%/3<,*1%44!• JE%!4,P%$974#$!74!1#3!,PW3#W':3%!&73E!3E%!<7%*'!• JE%!4,P%$974#$!*:/04!%XP%$7%1/%!71!$%4%:$/E!:1'!^!#$!4,P%$9747#1!• )%$4#1:*73K!/*:4E%4!

!?3! &7**! 8%! /*%:$! 3E:3! 3E%4%! :$%! 4%$7#,4! 744,%4[! :1'! 3E%! 1%X3! :/37973K! $%T,7$%4! 3E:3! %73E%$! :4!4,P%$974#$! #$! 4,P%$974%%! K#,! /:$%<,**K! $%<*%/3! #1! 3E%! 4%*%/3%'! #1%4! :1'! +79%! :! P%$4#1:*!4,++%437#1!#1!E#&!3#!2737+:3%!3E%!P:$37/,*:$!P$#8*%2>!!#L=W^W=V!/@]4!!.!P$#8*%2!74!*743%'!71!3E%!<7$43!/#*,21>!?1!3E%!4%/#1'!/#*,21[!:+:7143!%:/E!P$#8*%2[!8$7%<*K!4,++%43!&E:3!K#,!3E710!i:4!4,P%$974#$^4,P%$974%%j!4E#,*'!8%!'#1%!3#!:''$%44!3E%!P$#8*%2>!!!-?OYQ>T! -?O<OU>R!UOQX=WON!JE%! 4,P%$974#$! 74! 3##! 8,4K! 3#! 8%!%<<%/379%!71!3E%7$!$#*%!

!!

6#1<*7/371+! P%$4P%/379%4! <$#2!&73E71!3E%!4,P%$974#$K!P:1%*!!

!!!

6#1<*7/371+! #$! ,1$%:*7437/!%XP%/3:37#14!#<!%:/E!#3E%$!!

!!!

)##$! /#22,17/:37#1! :1'!'74:+$%%2%134!:8#,3!3E%!P$#A%/3!!!

!!!!

!_#3%! 3E:3! 71! 3E74! :/37973K! K#,! :$%! '%:*71+! &73E! 2:33%$4! 3E:3! :$%! $%:*! &E%1! 73! /#2%4! 3#!4,P%$9747#1! :1'! /#1',/3! #<! $%4%:$/E>! .4! #84%$9%'! %:$*7%$[! 3E%4%! /:1! 8%! %28:$$:4471+!

#(%""

%X:2P*%4[! 8,3! 7<!&%!'#!1#3! <:/%! 3E%2!#P%1*K[! 1#!2:33%$! E#&! /#22733%'!&%!2:K!8%[! 3E%!+79%1! 43,'K! 74! 8#,1'! 3#!8%! /#2P$#274%'>! C#[! 3E710! /:$%<,**K! :8#,3!&E:3!P#4478*%! 43%P4! 3#!3:0%!&73E!%:/E!:4P%/3>!!/@]@! +X<>?^WUO?f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i5N-5j!&E#!#84%$9%'!3E:3!:!4,P%$974#$!2:K!8%!$%4P#1478*%!<#$!,P!3#!%*%9%1!/:1'7':3%4!:3!:!,179%$473K>! JE74! 74! 71'%%'! :! /#22#1! P$#8*%2>! .! -\B! 4,P%$974#$! 4,P%$974%%! $:37#! 74!$%:4#1:8*%>!"#$!3E%!4,P%$974#$[!3E%!2#$%!3E%!43,'%134!3E%!+$%:3%$!3E%!$%2,1%$:37#1[!8,3!3E%!P##$%$! 3E%!4%$97/%!%9%1!&73E71! 3E%7$!#&1!:$%:!#<!%XP%$374%!:1'! 713%$%43>!JE%! <#**#&71+!/:1!'%P7/3!:1!#9%$*#:'%'!4,P%$974#$>!!!! ! &<WUOR>!G!

[33/!/.N!'3!N36!@(#!s!!E!.2!4.:1*+!.!:,.77)*+)!.*/!*))/!N36(!,)7<#!r!QN!-6<)(81-3(F!@(!jr!,.-!D))*!D6-N!.*/!-.N-!,)!:.*!3*7N!+18)!2)!4))/D.:K!r!*)O'!=))K#!r!j1*/7N!./81-)! 14! ',)()! 1-!.*N!=.N!2N!()Y6)-'! '3!<()-)*'!:.*!D)!.::3223/.')/#!!

!R,.*K!N36!1*!./8.*:)#!

!9)+.(/-!

!9r!

!Y%$%!74!4#2%#1%!&E#!'%/7'%'!3#!$%2:71!71/#22,17/:'#!%9%1!:<3%$!3E%!+##'!1%&4!#<!8%71+!#<<%$%'!:!P*:/%>!!! ! &<WUOR>!I!

@).(!@(#s!!E!():)18)/!',)!.::)<'.*:)!7)'')(!D)73=!r#!E!.2!-3((N!',.'!E!:367/!*3'!.:'!6<3*!',)!344)(!.'!',.'!'12)!/6)!'3!7121')/!41*.*:1.7! ()-36(:)-#! E! .2! -'177! +(.')467! 43(! ',)! 344)(! .*/!*3=!=.*'! '3!.:'!3*! 1'#!Q.N! E!K*3=! 14! E!.2!-'177!)71+1D7)F!,3=! 26:,! 1-! /6)! .*/! DN! =,1:,! /.')#! E! .7-3! =.*'! '3!',.*K! N36! 43(! :3*'1*6.77N! -,.(1*+! N36(! :3226*1:.'13*!=1',! 3',)(! :.*/1/.')-! 1*! N36(! 71-'#! E! ,.8)! 8.76)/! ).:,!<1):)!34!1*43(2.'13*#!E!-,.77!.=.1'!N36(!K1*/!./81:)#!&1*:)()7N!C#d#!Rr!

!C#2%! $%4%:$/E! 3#P7/4! <:7*! 3#! :33$:/3! 3E%! 713%$%43! #<! P#3%137:*! 4,P%$974%%4! 3E%$%8K! :3! 372%4!<#$/71+! 714373,37#14! 3#! :$873$:$7*K! :447+1! 4,P%$974#$4>! 6:1'7':3%4! :1'! 4,P%$974#$4!&E#! *%:9%!<#$! &E:3%9%$! $%:4#1! &73E#,3! +#71+! 3E$#,+E! P$#P%$! 3%$271:37#1! P$#/%',$%4! /:1! /$%:3%!4%$7#,4! P$#8*%24! :1'! '743#$37#14! <#$! 3E%! 4,P%$974#$W4,P%$974%%! $:37#4>! C%%! /#22,17/:37#1!8%*#&>!!

#(&""

! ! &<WUOR>!/J!@).(!>(34)--3(!dr!E!.2!3*)!34!N36(!@!>,17!2)*'))-#!E!,./!.!4)=!:,.77)*+)-!=,1:,! E! .2! .4(.1/! 43()-'.77)/! 2N! <(3+()--! .*/! E! .2!/)')(21*)/! '3! ()-62)! 2N! -'6/1)-#! E! =1-,! '3! .<373+1-)!43(! ',)! 73*+! -17)*:)r#! E! ,.8)! -1*:)!./81-)/! ',)!@1():'3(!',.'! E!=.-! :3*'.:'1*+!N36! -3! ',.'! N36!2.N!:3*'1*6)! '3!-)'!2)!3*!'(.:Kr#!!?*:)! 23()! E! .2! -3((N! .D36'! ',1-! <(373*+)/! -17)*:)#!>7).-)!.::)<'!2N!.<373+N#!G36(-!-1*:)()7N!dr!C#!Qr!

!.4!K#,! $%:'! 3E74[!E#&!'#!K#,! <%%*U!JE%$%!:$%! $%:*! 744,%4! 3#!/#13%1'!&73E[!:1'! 3E:3! 74!&EK!4#2%372%4! 3E%! `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

@).(!s![())'1*+-#!E!=(1')!'3!)*Y61()!.D36'!',)!:7.12!E!2./)!43(!-6<)(81-1*+!Ur!&r#!E!()-6D21'')/!',)!:3(():'!-6<)(81-13*!:7.12! 43(2-! 1*! X6*)! .*/! '3! /.')! E! ,.8)! *3'! ,).(/!

#('""

.*N',1*+r##! E!=.-! -6<)(81-1*+! -32)! -'6/)*'-! S@rCr!m!>r!&rT!3*7N! '3! 7).(*! ',.'! ',)N!,./!*3'!<.1/! ',)1(! 4))-#!&6<)(81-3(-!-,367/!D)!1*43(2)/!34!1*.:'18)!:.*/1/.')-!A=.1'1*+!N36(!()-<3*-)!9)+.(/-!@(!Cd!C!

!JE74! 4,P%$974#$! 74! 1#3! P$%P:$%'! 3#!&:73! :1K! *#1+%$! 7$$%4P%/379%! #<! 3E%! P$%9:7*71+! 473,:37#1>!Y#&%9%$[!:3!3E%!#,34%3!#<!3E%!/E:P3%$!73!&:4!#84%$9%'!3E:3!3E%!714373,37#1!74!:!0%K!P*:K%$!71!4,P%$9747#1>!H%*:K4! 71!E#1#,$71+! $%2,1%$:37#1! <#$!4,P%$974#$4!&E#!2%%3!%XP%/3:37#14!/:1!8%!71%973:8*K!<$,43$:371+>!

!C#! 74! 3E74! 4,P%$974#$! &E#! /:11#3! 3#*%$:3%! 2742:3/E! #<! /:1'7':3%! 4%*%/37#1! :+:7143! *:3%!4,827447#1!#<!/E#7/%>!!! ! &<WUOR>!/4!

[33/!A4')(*33*!E'! .<<).(-! ',.'! N36! ,.8)! +18)*! 2)! -6<)(81-))-! ',.'! E!/1/*l'!()Y6)-'#! ###! E!-,3=)/!1*')()-'! 1*!jr0r!Xro!dr!dr!jro!Cr`ro!.*/!CrQr!D):.6-)!34!',)!'3<1:-!',)N!:,3-)!43(! ',)1(! ()-).(:,#! E! .2! .4(.1/! E! .2! *3'! 1*')()-')/! 1*!:6((1:6762!1--6)-#!9)+.(/-!RX!dr!

!JE%!<#**#&71+!43,'%13!27+E3!E:9%!3E#,+E3!3E:3!E%!&:4!1#3!8%71+! 71<#$2%'!/#$$%/3*K!:8#,3!3E%!/#2P*%X737%4!719#*9%'!71!&#$*'!/*:44!4,P%$974#$!$%/$,732%13!P$#/%44>!Y%!4##1!<#,1'!3E%!3$,3E!<#$!E724%*<>!!!!!!!!!!!!!!!&<WUOR>!/6!

E! ,.8)! .7-3! D))*! '(N1*+! '3! 733K! 43(! .! -6<)(81-3(! 4(32! ',)!.::36*'1*+! 3(! .6/1'1*+! <(34)--13*F! D6'! -3! 4.(! E! ,.8)! *3'! +3'!.*N3*)!=,3!1-! 1*')()-')/#!A-!<()8136-7N!/1-:6--)/F! E!,.8)!.-K)/!@(#!Q#!'3!+61/)!2)!.*/!,)!,.-!.+())/!.*/!=)!.()!*3=!=3(K1*+!'3+)',)(#!

R,.*K!N36#!V!W!Q!Qr!

!JE74!#1%!8%*7%9%4!3E%!4,P%$974#$!74!:137W/:1'7':3%!P$#+$%44>!!! ! &<WUOR>!/8!

@).(!s!E'!=367/!.<<).(!',.'!',)!-6<)(81-3(!1-!<6''1*+!'33!2.*N!3D-'.:7)-!1*!',)!=.N#!E!:.*a'!-))!2N-)74!2.K1*+!<(3+()--!14! ',1-! :3*'1*6)-! 1*! ',1-!2.**)(#!\,N! -,367/!=)! -<)*/!'12)!.(+61*+!.D36'!<(3:)/6()-t!r!&6()7N!',)!-6<)(81-3(!-,367/! D)! ,.<<N! ',.'! E! ,.8)! <(3/6:)/! -32)',1*+F! .*/!-,367/! )O,1D1'! -32)! 1*')()-'! 1*! 41*/1*+! 36'! =,.'! E!<(3/6:)/#! R3! 2)! ',1-! 1-! .*! 1*/1:.'13*! ',.'! ,)! 1-! *3'!<()<.()/! '3! -6<)(81-)! 2)#!

#((""

9)+.(/-!Qr!

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c;T<Q>!!.3373,'%!! !

!)%$/%P37#1!! !

!J%2P%$:2%13!! !

!!_#3%!3E:3!3E%$%!74!1#!$7+E3!#$!&$#1+!:14&%$>!JE%!72P#$3:13!3E71+!74!3#!4E#&!&E:3!K#,!E:9%!%XP%$7%1/%'!#$!&E:3!#3E%$4!E:9%!+#1%!3E$#,+E>!CE:$%!3E74!&73E!/#**%:+,%4>!JE%!1%X3!4%/37#1!'%:*4!&73E!/#22732%13[!K%3!:1#3E%$!/$737/:*!:4P%/3>!!/@]D! )OTTW=T>N=!;NR!?>U<ONUWYWQW=V!b,43!*70%!&E:3!/:1!8%!3:*0%'!:8#,3!3E%!<:/3#$!#<!:3373,'%[!/#22732%13!:1'!$%4P#14787*73K!/:1!8%! 97%&%'! 71! :! 9:$7%3K! #<! <#$2:34>! O#3E! 43,'%13! :1'! 4,P%$974#$! 47+1! :1! ,1'%$3:071+! #<!/#22732%13!3#!',3K!8,3!3E%$%!74!:*&:K4!:!42:**!P%$/%13:+%!3E:3!*:/04!'%'7/:37#1!3#!',3K>!"#$!7143:1/%[! 71! :1! :$37/*%! %1373*%'! fJE%! -N! 2#43! 72P#$3:13! T,:*737%4! #<! 3E%! 7'%:*! +$:',:3%!4,P%$974#$h! o! &&&>#3:+#>:/>1e^43,'K^2:43%$4[! J,4371! 471+*%4! #,3! 4,PP#$379%1%44! :4! 3E%!T,:*73K!3E:3!)EH!43,'%134!9:*,%!2#43!E7+E*K!71!4,P%$974#$4>!JE%!#3E%$!T,:*737%4[!&E7/E!/:1!8%!P$%4%13%'!,1'%$!'7<<%$%13!*:8%*4!8K!'7<<%$%13!:,3E#$4[!:$%\!

• .9:7*:87*73K!• ?13%$%43!:1'!%13E,47:42!• c1#&*%'+%!:1'!%XP%$374%!71!3E%!<7%*'!4,$$#,1'71+!3E%!)EH!• ?13%$%43!71!3E%!43,'%13R4!/:$%%$!• ]##'!/#22,17/:37#1!• 6#143$,/379%!<%%'8:/0!• )$#97'%4!'7$%/37#1!:1'!43$,/3,$%!• .PP$#:/E:87*73K!:1'!$:PP#$3!• FXP%$7%1/%!:1'!713%$%43!71!4,P%$9747#1!

!JE%! :,3E#$R4! #84%$9:37#1! 71! @HQ! 74! 3E:3! 4#2%! 43,'%134! 1%+*%/3! 3E%7$! &#$0! &E7*%! 4#2%!4,P%$974#$4!1%+*%/3!3E%7$!4,P%$974%%4>!_#$2:**K!3E%!43,'%13!74!%XP%/3%'!3#!3:0%!3E%!71737:379%>!SE%1!@HQ!:**#&4!#1%!3#!&#$0!:3!E%$Ê74!#&1!P:/%!73!'#%4!1#3!2%:1!4*#3E!#$!/:$%*%441%44>!?3!74!:*&:K4!72P#$3:13!<#$!3E%!43,'%13!:1'!4,P%$974#$!3#!P$#',/%!$%+,*:$!P$#+$%44!$%P#$34!3E:3!&7**! 71'7/:3%!3E%!'%9%*#P2%13!#<!3E%!$%4%:$/E!P$#/%44!:1'!E#&!/*#4%*K!3E%!3&#!:$%!&#$071+!3#+%3E%$>!!?1! 3E%! <#**#&71+!/:4%!&%!4%%!:!/:1'7':3%!&E#! 74!1#3!0%%P71+!E74!4,P%$974#$! 71<#$2%'!#<!E74!P$#+$%44>!!

#(6""

! ! &<WUOR>!/@!@).(!Q(!QrF!E!.:K*3=7)/+)!():)1<'!34!N36(!():)*'!)2.17!()+.(/1*+!N36(!>,@!!!<(3Z):'#!r!W3=)8)(F! E! 26-'! ()+1-')(! 2N! :3*:)(*! .'! ',)! =.N! N36!,.8)! <(3:))/)/#! A'! 36(! 7.-'!2))'1*+!r=)! .+())/! ',.'!N36!=177! -)*/!2)! .! ()81-)/! /(.4'! D)43()! N36! <()-)*')/!.*/! /)4)*/)/! ',)! <(3<3-.7#! G36! =)()! -6<<3-)/! '3!1*:3(<(.')! 1*'3! ',)! <(3<3-.7! -32)! 34! ',)! )O')*-18)!:322)*'-! E! ,./!2./)#! R3!2N! -6(<(1-)F! N36! /):1/)/! '3!<(3:))/!'3!<()-)*'!=1',36'!.*N!46(',)(!:3*-67'.'13*-#!r!M*/)(!',)!:1(:62-'.*:)-F!E!41*/!1'!/1441:67'!'3!:3*'1*6)!=3(K1*+!!'3+)',)(r#!!j1*/!()+.(/-F!Qr!Cr!

!JE%! <#**#&71+! %X/%$P3! '%2#143$:3%4! E#&! /#22733%'! 4,P%$974#$! E%*P! 71437**! :! 4%14%! #<!/#22732%13!3#!',3K!713#!3E%7$!4,P%$974%%4>!!! ! &<WUOR>!/C!!

@).(!Q(!dru![33/!23(*1*+! .*/! ',.*K-! 43(! ',)! :3221'2)*'#! E4! N36!2))'!',)!/)./71*)!N36!=177!,.8)!<6'!.!:,))(467!-217)!3*!',)! N).(! $bru!9)+.(/-F!@(!@r>#!CrS&M>V9È&?9T!

!JE74!74!71!4E:$P!/#13$:43!3#!3E%!<#**#&71+!%X:2P*%!#<!'744:374<:/37#1!&73E!71:/379%!/:1'7':3%4>!!! ! &<WUOR>!/D!

@(!s!R,.*K-! 43(! N36(! :.*/1/! :322)*'-#! E! 43(!3*)!,.8)!D))*!8)(N! 4(6-'(.')/! DN! 1*.:'18)! -'6/)*'-! E! .2! -6<<3-)/! '3!-6<)(81-)#!E!,.8)!'(1)/!'3!<)(-6./)!',)2!=1',36'!-6::)--!)O:)<'!43(!_r!Qr!\,.'!/3!E!/3t!U)-'!()+.(/-!@(!0rjr!

!/@]G! #LL>UU!=O!?>UOX?L>U!@1%! #<! 3E%!2#43! '7<<7/,*3! P$#8*%24! 43,'%134! #<! @HQ!2:K! %XP%$7%1/%! 74! *:/0! #<! *78$:$K! :1'!71<#$2:37#1! :1'! /#22,17/:37#1! 3%/E1#*#+K! i?6Jj! $%4#,$/%4! 4,/E! :4! ://%44! 3#! 3E%! 713%$1%3!'%P%1'71+! 3##! #1! 3E%! *#/:37#1! #<! 3E%! 43,'%13>! S%! %1/#,13%$! E%$%! :! /:1'7':3%! &E#4%!4,P%$974#$!E:4!*7273%'!://%44!3#!3E%!713%$1%3!3E$#,+E!3E%!/#2P,3%$>!C,P%$974#$4!:$%!1#$2:**K!%XP%/3%'!3#!E:9%!%:4K!://%44!3#!713%$1%3!:1'!#3E%$!?6J!$%4#,$/%4>!!! ! !!!!

#(B""

&<WUOR>!/G!!

@).(!@(!s!_3773=1*+!36(!')7)<,3*)!:3*8)(-.'13*!()+.(/1*+!2N!*)=!-6<)(81-3(!E!<,3*)/!@(!X#@#!Qr!.D36'!,3=!E!=.-!'3!-)*/!2N! ',())!:,.<')(-! '3!,12!.*/!,)! 1*43(2)/!2)! ',.'!,1-!1*')(*)'! =.-! 3*! ,1-! <,3*)! -3! ,)! :.**3'! <(1*'! 36'! 2N!:,.<')(-!D):.6-)!34!',)!:3-'!-3!E!,.8)!'3!-)*/!,12!,.(/!:3<1)-!',(36+,!:36(1)(!-)(81:)-!=,1:,!E!.+())/!'3!.4')(!E!,./! =3(K)/! 3*! :322)*'-! 4(32! 2N! 43(2)(! -6<)(81-3(!>(34! C###! QN! -71+,'! <(3D7)2! 1-! 3*! :3226*1:.'1*+! *3=!.*/!',)!'6(*.(36*/!<)(13/!34!,1-!()-<3*-)-!'3!2N!=3(K#!r!R,.*K!N36!Rr!&r!@>,17!&'6/)*'!

!JE%! 4,P%$974#$! 4E#,*'!2:0%! 4,$%! 3E:3! E%^4E%! $%<%$4! 3E%! 43,'%13! 3#! :PP$#P$7:3%! $%4#,$/%4[!iY:K!5NN(j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q)#<!5N-5[)&E7/E!,4%4!F1+*74E!:4!3E%!#<<7/7:*!*:1+,:+%!71!T,%437#1>!!c:43%14[! )<7$2:1[! C3,3%[!Y:E1[!.88#33[! :1'! C/E#*e! i5NN=j! P$#97'%!,4%<,*! 37P4! #1! 3E%!,4%!#<!*:1+,:+%!&E%1!&$7371+! <#$!2#'%$1! 713%$1:37#1:*! $%:'%$4E7P!%2PE:47e71+! 3E:3! 3E%474!&$73%$4!4E#,*'! &$73%! <#$! 8$%973K! $:3E%$! 3E:1! *%1+3E! 8,3! &73E! :**! 1%/%44:$K! 71<#$2:37#1! +79%1>! JE%!:,3E#$!E:4!&731%44%'!3E%!4,827447#1!#<!8,*0K!3E%474!'#/,2%134!,P!3#!3E%!%X:271:37#1!43:+%!#1*K!<#$!3E%!P$#4P%/379%!+$:',:1'!3#!8%!:40%'!3#!P$,1%!3E%!'#447%$>!C#2%!#<!3E%!4,++%437#14!#<!c:43%14!%3!:*>!71/*,'%!3E%!<#**#&71+\!

• ),3!:4!2,/E!71<#$2:37#1!:4!P#4478*%!713#!<7+,$%4!:1'!3:8*%4>!• H#1s3!:44,2%!3E:3!$%:'%$4!:$%!<:27*7:$!&73E!3E%!+%#+$:PEK!#$!3E%!43$:37+$:PEK!#<!K#,$!

<7%*'!:$%:>!!!• `4%!4E#$3%$!4%13%1/%4>!.9#7'!1%43%'!/*:,4%4!#$!PE$:4%4>!!!!

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

#6G""

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a*73%$:3,$%! $%97%&R[! a$%97%&! #<! $%*:3%'! *73%$:3,$%R[! ! :1'! a$%*:3%'! *73%$:3,$%!$%97%&R! E:9%! /:,4%'! :! <%&! P$#8*%24>! C#2%! ,179%$473K! 4K43%24! /#147'%$! 3E%! <7$43! 3E$%%!/E:P3%$4! #<! 3E%! 3E%474! 3#! /#14373,3%! 3E%! P$#P#4:*! #<! 3E%! $%4%:$/E! &E7*%! #3E%$4! %XP%/3! :!P$#P#4:*!3#!8%!:!'#/,2%13!4%P:$:3%*K!P$%P:$%'!3#!4%$9%!:4!3E%!P*:1!#<!3E%!3E%474>!":7*,$%!8K!3E%! /:1'7':3%! 3#!#84%$9%! 714373,37#1:*!E#,4%! 43K*%! 74!1#3! :4! 4%$7#,4!:4!&E%1! 3E%! 4,P%$974#$!'#%4!4#>!Q%3!,4!*##0!:3!#1%!4,/E!1%+*7+%1/%>!!! ! &<WUOR>!/I!

[33/!/.Nu! E!,3<)! ',1-!)2.17! 41*/-!N36! 1*!+33/!,).7',#! E!.2!-3((N!'3!-.N!E!.2!/1-.<<31*')/!D):.6-)!N36!:3*'1*6)!*3'!'3!43773=!',)!W.*/D33K#!E!,3<)!',1-!'12)!N36!=177!D)!23()! -)(136-! .*/! 43773=! ',)! ,.*/D33K! .*/! 2N!:322)*'-#!R12)!1-!(6**1*+!36'!14!N36!=.*'!'3!:32<7)')!',1-! N).(! =,1:,! E! Y6)-'13*#!!\.(2! ! ()+.(/-!@(#!0#R#!dr!

!JE%!P$#8*%2! 74! 3E:3! 4#2%!/:1'7':3%4!:1'!4,P%$974#$4! 3##!'#!1#3!%9%1!8#3E%$!3#!$%:'!3E%4%!$,*%4!:1'!P$#/%',$%4!P$%<%$$71+!3#!+#!43$:7+E3!713#!3E%!&$7371+>!]7971+!37P4!#1!$#*%!%XP%/3:37#14!71!4,P%$974#$K!$%*:37#14E7P4!Y:K! i5NN(j! :'974%4! 3E:3! 3E%! 4,P%$974#$! 4E#,*'! 8%! <:27*7:$! &73E! 3E%!,179%$473KR4!P#*7/7%4[!P$#/%',$%4[!+,7'%*71%4!:1'!/#'%4>!!/@]/4! +X<>?^WUO?fL;NRWR;=>!L:;NS>!JE74!/:1!8%!/:,4%'!8K!4%9%$:*!<:/3#$4! 71/*,'71+!3E#4%!8%K#1'!E,2:1!/#13$#*!4,/E!:4!'%:3E>!Y%1/%!3E%!4:K71+!f.!/E:1+%!74!:4!+##'!:4!:!<%:43h!2:K!1#3!<71'!:PP*7/:37#1>!6E:1+%!/:1!$%4,*3!<$#2!:+$%%2%13!#$!*:/0!#<!73!8%3&%%1!3E%!,179%$473K[!/:1'7':3%[!:1'!4,P%$974#$>!?3!74!+%1%$:**K!://%P3%'!3E:3!/E:1+%!74!71%973:8*%[!,87T,73#,4[!:1'!#9%$&E%*271+>!?3!2,43!8%!://#22#':3%'!&73E!+$%:3%43!/:$%>!@HQ!74!2:71*K!/E:$:/3%$7e%'!8K!3E%!PEK47/:*!4%P:$:37#1!71!4P:/%!:1'!47+E3!8%3&%%1!3E%!4,P%$974#$!:1'!3E%!43,'%13[!K%3!K#,!437**!E%:$!P%#P*%!3:*0!:8#,3!a1%%'!<#$!<:/%W3#W<:/%!/#13:/3R!:1'!/:1'7':3%4!:4071+!<#$!:!4,P%$974#$!1%:$8K>!!JE74!P:$37/,*:$!/:1'7':3%!714%$3%'!E%$%,1'%$! 74!%XP%/371+!:!/#$%!4,P%$974#$!3#!2#9%!:$#,1'!&73E!E72!4#!73!&#,*'!4#,1'>!!! ! &<WUOR>!4J!

@).(!@(#!r!E! .-K)/! 14! E! :.*! ,.8)! .! :3()! -6<)(81-3(! D.-)/! 1*!U3'-=.*.!=,)()! El2! *3=!D.-)/! .*/! N36! <(321-)/!2)!'3!733K!1*'3!',)!2.'')(!1*!/6)!:36(-)#!El2!'(N1*+!'3!-)''7)!1*!.*/!1*!'=3!=))K-a!'12)!=177!D)!D.:K!'3!2N!-'6/1)-#!

#6!""

C32<7)2)*'-!34!',)!*)=!-).-3*u!9)+.(/-F!rq)\q)!

?1!@HQ!<:/%W3#W<:/%!/#13:/3!74!1#3!<#$87''%1!:4!4,/E!&E%1%9%$!:1'!&E%$%9%$!P#4478*%>!C#!3#!714743!#1!:!1%:$8K!4,P%$974#$^43,'%13!74!3#!'%<%:3!3E%!&E#*%!P,$P#4%!#<!@HQ>!!/@]/6! 1WU:ON>U=V!;NR!XN=?XU=PO?=:WN>UU!C,P%$9747#1!:3!P#43+$:',:3%!*%9%*!/:1!:*4#!8%!8%'%97*%'!8K!3E%!2:*P$:/37/%!#<!/E%:371+!71!734!9:$7#,4! <#$24>! O#3E! 3E%! 4,P%$974#$! :1'! 3E%! 4,P%$974%%! /:1! /#1179%! 3#! 47+1! /*:72! <#$24! <#$!4,P%$9747#1! 4%447#14! 3E:3! 1%9%$! 3##0! P*:/%! &73E! 3E%! 713%137#1! #<! E:971+! 3E%! 4,P%$974#$!$%2,1%$:3%'! <#$! 4,/E! 1#1W%X743%13! #$! #9%$W/*:72%'! /#14,*3:37#14>! )$%9:*%13! 3##! :$%! /:4%4!&E%$%!$%4%:$/E!43,'%134!/:1!/*:72!:1'!/#13%1'!3E:3!a3E%$%!74!1#!$%4%:$/E!/:$$7%'!#,3!71!3E74!:$%:R!#$!a3E%$%!74!1#!*73%$:3,$%!71!3E74!<7%*'!uR>!6:4%4!#<!P*:+7:$742!:$%!1#3!,1/#22#1!:2#1+!3E%! 43,'%134>! JE%$%! :$%! :*4#! 4#2%! 4,P%$974#$4! 3E:3! /:1! %:47*K! '79,*+%! 71! P,8*7/! /%$3:71!&%:01%44%4!#<!3E%!/:1'7':3%!:+:7143!3E%!&74E!#<!3E%!/:1'7':3%>!!/@]/8!%;LM!O[!;!LOTTON!XNR>?U=;NRWNS!O[!>c<>L=;=WONU!;TONS!UX<>?^WUO?U!JE%! &E#*%! %44%1/%! #<! 3E74! 9#*,2%! E:4! 8%%1! 3#! E:$2#174%! %XP%/3:37#14! 8K! 4,P%$974#$4! o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

• C3:3%!:!$%4%:$/E!P$#8*%2>!Z:1K!43,'%134!3%1'!3#!43:3%!:724!7143%:'>!• .PP$%/7:3%!&E:3! 3#! 71/*,'%! 71! 3E%! *73%$:3,$%!$%97%&!4%/37#1>! ?1!2:1K!/:4%4!43,'%134!

71/*,'%!:!43$71+!#<!T,#3:37#14[!&E7/E!2:K!E:9%!*733*%!$%*%9:1/%!3#!3E%!P$#8*%2>!• )$%4%13! :! P:$37/,*:$! /E:P3%$! 71! :1! ://%P3:8*%! 2:11%$>! JE74! 74! 3KP7/:*! &E%1! 3E%!

4,P%$974%%!E:4!$%/%79%'!1#!P$7#$!71',/37#1>!!JE%4%! :1'! 2:1K! #3E%$! %X:2P*%4! 8,33$%44! 3E%! 1%%'! <#$! 4#2%! <#$2:*! 71',/37#1! <#$! 3E%!'743:1/%!%',/:37#1!$%4%:$/E%$[!:1'!3E%!P$%4%13!9#*,2%!P$%/74%*K!4%$9%4!3E:3!P,$P#4%>!SE%$%!3E%!4,P%$974#$4!#<!:!P:$37/,*:$!714373,37#1!:$%[!*70%!3E%7$!43,'%134[!4/:33%$%'!:**#9%$!3E%!&#$*'[!3E%!P$%4%13!9#*,2%!8%/#2%4!:!,17<K71+!<:/3#$>!!/@]/@! %>UUONU!Q>;?N=!O#3E! 4,P%$974#$4! :1'! 4,P%$974%%4! E:9%! *%:$13!2:1K! *%44#14! :8#,3! /E:**%1+%4! <:/%'! 71! 3E%!4,P%$9747#1!P$#/%44>!JE%!%137$%!/E:P3%$!E:4!8%%1!:**!:8#,3!/E:**%1+%4[!:1'!&E:3!$%2:714!74!3#!/*#4%!73!&73E!:1!:/37973K!&E%$%!3E%!43,'%13!74!3E%!0%K!P*:K%$!71!3E%!1%X3!:/37973K>!!#L=W^W=V!/@]8!C%9%$:*!/E:**%1+%4!E:9%!8%%1!'74/,44%'!:8#9%>!.+:7143!%:/E!/E:**%1+%!37/0\!73!74\!:!P$#8*%2!#$!1#3!:!P$#8*%2!$%+:$'71+!K#,$!43,'K!#$!$%+:$'71+!4#2%#1%!K#,!4,P%$974%>!!

#6#""

!!):;QQ>NS>!!

#!<?OYQ>T! *O=! ;!<?OYQ>T!

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n@`! %XP%$7%1/%>!JE#4%! $%4P#1478*%! <#$! 3E%! :'271743$:37#1! #<! 4,/E! P$#+$:22%4! 2,43! '%:*! &73E! 3E%4%!/E:**%1+%4!&73E!'7*7+%1/%!:1'!#8A%/37973K>!JE%!<#/,4!2,43!,*372:3%*K!:1'!P%$E:P4[!:*&:K4!8%!P*:/%'!#1!3E%!4,//%44!#<!3E%!/:1'7':3%>!!!.>[>?>NL>U!.4P*:1'[!J>[!:1'!F'&:$'4!Y>!-===>!J$:/071+!1%&!'7$%/37#14!71!3E%!%9:*,:37#1!#<!P#43+$:',:3%!

4,P%$9747#1>!E**38.'18)!W1+,)(!V/6:.'13*[!5Gi5j\!-BGW-IG>!!O:0[!_>!5NNG>!C32<7)'1*+!G36(!R,)-1-#!A!>(.:'1:.7![61/)>!)$%3#$7:\!M:1!C/E:70>!!O:$3*%33[!.>[!:1'!Z%$/%$[!]>!5NN->!>3-'+(./6.')!9)-).(:,!

&6<)(81-13*B!R(.*-43(21*+!9)7.'13*->!_%&d#$0\!)%3%$!Q:1+!),8*74E71+>!!6$%4&%**[!]>!-==L>!JE74!,1<:3E#2:8*%!3E71+!/:**%'!4,P%$9747#1\!_%+#37:371+!&#$071+!

$%*:37#14E7P4!&73E!4,P%$974#$4>!56.71'N!1*!>3-'+(./6.')!9)-).(:,>!C3*4)()*:)!>(3:))/1*+-[!.'%*:7'%[!-(o-=!.P$7*>!

!]#*'%[!6Z>[!:1'!H#$%[!J>!5NN->!V,%437#14!3#!.40!&E%1!JE71071+!:8#,3!),$4,71+!:!)EH>!!

"$#2! E33P\^^&&&>PE'4,$9%K>#$+^:'97/%^:'97/%>E32! D%3$7%9%'! #1! -L! H%/%28%$[!5N-5>!!

Y:K[! H>! 71! Q:3%+:1! Q>@>c>! %3! :*>! ! iF'4j>! 5NN(>!A*! E*'(3/6:'13*! '3! >3-'+(./6.')! -6<)(81-13*#!C3%**%18#4/E\!C,1!)$%44>!

!Y#/0%K[!b>!-==L>!C3$:3%+7%4!:1'!J:/37/4!71!3E%!C,P%$9747#1!#<!`c!C#/7:*!C/7%1/%!)EH!C3,'%134[!

56.71'.'18)!&'6/1)-!1*!V/6:.'13*[!=iGj[!G(-WINN>!

#6$""

!c:43%14[! c>! %3! :*>! 5NN=>! Y#&! 3#! &$73%! K#,$! 3E%474>! "$#2!

&&&>*'%#>/#*,287:>%',^�2:$3714^4%1p4%2^3E%474p#$+>E32*>!D%3$7%9%'!G!H%/%28%$!5N-5>!

Q,88%[! C>[!S#$$%*[! Q>[! :1'!c*#PP%$[! D>! 5NNI>!C,.77)*+)-! 1*! >3-'+(./6.')!9)-).(:,>!H,$8:1\!H#*PE71>!

!Z:P%4%*:[!Z>Q>F>[!:1'!S7*0714#1[!.>6>!5NNI>!JE%!P:714!:1'!+:714!#<!4,P%$97471+!P#43+$:',:3%!

43,'%134!<$#2!:!'743:1/%\!JE%!/:4%!#<!47X!43,'%134!<$#2!Q%4#3E#>!&36',!A4(1:.*!X36(*.7!43(!W1+,)(!V/6:.'13*[!-=\!-5B(W-5IG>!

!Z#,3#1[! b>! 5NN->! W3=! '3! &6::))/! 1*! N36(! Q.-')(l-! .*/! @3:'3(.7! &'6/1)->! )$%3#$7:\! M:1!

C/E:70>!!Z,3,*:[!C>Z>!5NN=>!O,7*'71+!J$,43!71!C,P%$974#$WC,P%$974%%!D%*:37#14E7P\!6:4%!C3,'K!#<!F:43!

:1'! C#,3E%$1! .<$7/:>! >.<)(! >()-)*')/! .'! ',)! >(3+()--! 1*! 01D(.(N! .*/! E*43(2.'13*!&:1)*:)! 1*! &36',)(*!A4(1:.! S>9?0E&&AT!C3*4)()*:)! .'! ',)!M*18)(-1'N! 34! &36',!A4(1:.!SMdE&Aj[!Z:$/E!GWL[!5NN=>!

!_'*#9,[! H>">! ! 5N-5>! )EH! 4,P%$974#$4! o! :! $:$%! .<$7/:1! /#22#'73K>! 9)-).(:,! A4(1:.>!

===#()-).(:,()-).(:,#:32!D%3$7%9%'!G!H%/%28%$!5N-5#!!D:'%2%K%$[! ]>! -==G>! JE%474! 4,P%$9747#1\! +%3371+! 3E%! +%17%! #,3! #<! 3E%! *:2P>! &36',! A4(1:.*!

X36(*.7!34!W1+,)(!V/6:.'13*[!(i5j[!=5W=I>!!C%:+$:2[!O>[!]#,*'[!b>[!:1'!)K0%[!C>!-==(>!.1!719%437+:37#1!#<!+%1'%$!:1'!#3E%$!9:$7:8*%4!#1!

372%!3#!/#2P*%37#1!#<!'#/3#$:*!'%+$%%4[!9)-).(:,! 1*!W1+,)(!V/6:.'13*F!B=!iBj[!B-=WBBI>!

!C273E[!)>!:1'!S%43WO,$1E:2[!b>!-==B>!Q)*'3(1*+!1*!',)!V44):'18)!&:,337>!F44%X\!D%'&##'!O##04>!!C3,'%13!Q%:$171+!H%9%*#P2%13!5N-5>!===#./,6#'/L9#%"'&'(#':/#1)H!D%3$7%9%'!-L!H%/%28%$!

5N-5>!!C,P%$974#$R4! "$7%1'[! Y#&! '#! K#,! $%/#+174%! 3E%! P$#8*%24! #<! $%4%:$/E! 4,P%$9747#1U! 5N-5>!

-6<)(81-3(-4(1)*/#=3(/<()--#:32H###H,3=L/3LN36L():3+*1-)L',F! ! ! D%3$7%9%'! -L!H%/%28%$!5N-5>!

!J:K*#$[!b>!5NN5>!6E:1+%4!71!3%:/E71+!:1'!*%:$171+!71!3E%!P%$7#'!3#!5NNI\!JE%!/:4%!#<!

P#43+$:',:3%!%',/:37#1!71!3E%!`c>!X36(*.7!34!W1+,)(!V/6:.'13*[!5Gi-j\!IBW;B>!!J,4371[! 6>! D%4%:$/E! 4,P%$9747#1! 3E%! -N! 2#43! 4,843:137:*! P$#8*%24! <:/%'! 8K! 43,'%134! 71!

+$:',:3%! $%4%:$/E! 4,P%$9747#1>! "$#2! &&&>#3:+#>:/>1e^43,'K^>>>>! D%3$7%9%'! -L!H%/%28%$!5N-5>!

!S:'%4:1+#[!_>[!!Z:/E71+:287[!C>!5N-->!!!>3-'![(./6.')!&'6/)*'-l!VO<)(1)*:)-!=1',!9)-).(:,!

&6<)(81-3(-#!!S:*3%$!C74,*,!`179%$473KF!c:2*:WD:A[!b!C#/7#*#+K!C#/!.13E!===#K()<6D71-,)(-#:32H###HX&&ALb$L%LbJ%L%%Lb$$L\./)-.*+3LdLR'###!

! D%3$7%9%'!-L!H%/%28%$!5N-5>!!

#6%""

!!!!!!!!!!!!!!!!!!!

Business

Dissertation pdf