!!"#$%&'!()*!+#$+!&,%-!,%+*)-./0)%!$%-!()*!#$1,%2!34!#4*45!!"#$%&'!+)!$66!7).!8*4'4%+!()*!7).*!,%+4*4'+!$%-!$94%0)%5!!!:'!;4!'#$66!'44<!+#,'!0+64!'.33$*,=4'!+#4!3$,%!8),%+!>!;).6-!6,&4!+)!/)%147!+)-$75!!:%-!>!;,66!+*7!+)!'#);!;#7!+#,'!8),%+!3$94*'!+)!-4',2%,%2!/466.6)'4!()*!+#4!(.+.*45!!!!>!$3!?$',%2!37!+$6&!)%!@)886<!A)24*<!B+.$*+!@$.C3$%<!"488)!D46,%<!$%-!E,.'4884!F)%2)<!GH/)%)3,/'!()*!$!I*4$014!J)*6-<K!L).*%$6!)(!>%'0+.0)%$6!H/)%)3,/'<!MNOP<!OOQORS!OTUO5!!!!!!

1

H/)%)3,/!41)6.0)%<!>!;,66!$*2.4<!8*)-./4'!%)146+7!$%-!“/$3?,)-,14*',+7<”!;#,/#!,'!+)!'$7!$!2*4$+!,%/*4$'4!,%!+#4!%.3?4*!$%-!1$*,4+7!)(!2))-'!+*$-4-5!!V)146+7!$%-!/$3?,)-,14*',+7!$*4!2))-<!>!+#,%&<!?4/$.'4!+#47!/*4$+4!;4$6+#!$%-!;466!?4,%25!!"#47!,%/*4$'4!).*!$?,6,+7!+)!')614!8*)?643'<!+#.'!3$&,%2!6,(4!?494*5!!>!+#,%&!,+!,'!;,-467<!,(!%)+!.%,14*'$667!*4/)2%,=4-<!,%!4/)%)3,/'!$+!64$'+<!+#$+!4/)%)3,/!41)6.0)%!8*)-./4'!%4;!+#,%2'<!+#$+!,+!2,14'!.'!%)146+7!$%-!/$3?,)-,14*',+75!!!W.+!;4!#$14!8*)?$?67!?44%!'6);4*!+)!*4/)2%,=4!+#$+!%)146+7!$%-!/$3?,)-,14*',+7!/#$%24!).*!14*7!/$+42)*,4'!)(!+#).2#+!,%!.%&%);$?64!;$7'5!!D)*!4X$3864<!+#4!434*24%/4!)(!'.**)2$+4!3)+#4*#))-!/#$%24-!).*!/)%/48+!3)+#4*#))-<!')!+#$+!;4!%);!-,'0%2.,'#!?4+;44%!$!?,*+#!3)+#4*!$%-!$!24%40/!3)+#4*5!!>%!+#4!4%-<!>!?46,414<!;4!;$%+!4/)%)3,/!41)6.0)%!?4/$.'4!;4!;$%+!434*2,%2!/#$%2,%2!$%-!,%+4*$/0%2!4/)%)3,/!4/)'7'+43'!+#$+!24%4*$+4!%)146+7<!/$3?,)-,14*',+7<!;4$6+#<!$%-!;466?4,%25!!J4!6,&4!;#$+!+#4!8*)/4''!-)4'5!!V);<!$66!)(!+#,'!3$94*'!()*!/466.6)'45!!J4!$*4!%)+!-4',2%,%2!+#4!(.+.*45!!V)!)%4!/$%!-4',2%!+#4!(.+.*4!,(!%)146+7!,'!$!*4$6!+#,%25!!J4!$*4!-4',2%,%2!/466.6)'45!!J4!$*4!-4',2%,%2!/466.6)'4!Y()*Y!+#4!(.+.*45!!"#.'<!+#4!-4',2%,%2!/466.6)'4!8*)Z4/+!,'!V["!$?).+!\%-,%2!+#4!)803$6!.'4!)(!/466.6)'4!)*!,%/*4$',%2!'+$0/!4]/,4%/7!)(<!'$7<!8$84*!8*)-./0)%5!!!

2

>+!,'!$?).+!/.601$0%2!$%!4/)'7'+43!;#)'4!).+8.+'!$*4!.%8*4-,/+$?64!$%-!/.**4%+67!.%,3$2,%$?64<!6,+4*$667<!.%,3$2,%$?645!!"#,'!/)%(4*4%/4!,'!$?).+!+#$+!.%,3$2,%$?64!(.+.*45!!!!>!?42,%!;,+#!$%!48,')-4!,%!+#4!#,'+)*7!)(!$*+5!!

3

^4*4!;4!#$14!$!2))-!4X$3864!Q(*)3!_,'$!,%!OMPNR!)(!34-,41$6!$*+!)(!+#4!')*+!+#$+!E,)*2,)!!`$'$*,<!,%!#,'!($3).'!!“F,14'!)(!+#4!_$,%+4*'<!B/.68+)*'!$%-!:*/#,+4/+'”!4X/)*,$+4-!()*!,+'!?$/&;$*-%4''5!!aE,.%+$!_,'$%)!OMPNb!!`$'$*,!;$'!+#4!)%4!;#)!2$14!.'!?)+#!$*+!#,'+)*7!$'!$!\46-!)(!'+.-7!$%-!+#4!;#)64!,-4$!)(!+#4!A4%$,''$%/4<!;#4*4?7!+#4!34-,41$6!48)/#!;$'!$!-$*&!$24!()66);4-!?7!$!*4?,*+#!)(!64$*%,%2!,%!>+$67<!4'84/,$667!".'/$%75!!!"#4!8$,%0%2!7).!'44!)%!+#4!'/*44%!*48*4'4%+4-!+#4!4%437!()*!`$'$*,S!+#4!?$-!)6-!'+.C!+#$+!#,'!#4*)4'!)14*+#*4;!/)3864+467<!?42,%%,%2!;,+#!I,3$?.45!!cc?7!+#4!;,66!)(!E)-<!,%!+#4!/,+7!)(!D6)*4%/4<!,%!+#4!74$*!OMdN<!+#4*4!;$'!?)*%<!+)!2,14!+#4!\*'+!6,2#+!+)!+#4!$*+!)(!8$,%0%2<!E,)1$%%,<!'.*%$34-!I,3$?.45ee!!B)!64+’'!#$14!$!6))&!$+!')34!)(!+#,'!*41)6.0)%$*7!$*+<!+#,'!“\*'+!6,2#+!+)!+#4!$*+!)(!8$,%0%25”!!

4

I,3$?.4!OMfgTOMhO5!

5

I,3$?.4!;$'<!84*#$8'<!3)*4!H`[Fi">[V:Aj!+#$%!AH`[Fi">[V:Aj5!!^4!;$'!/64$*67!?.,6-,%2!)%!;#$+!;$'!$6*4$-7!+#4*45!!"#4!8)'',?,6,+7!)(!$!/*./,\X!6,&4!+#$+!;$'!/64$*67!+#4*4!$6*4$-75!!W.+!)+#4*!8)'',?,6,04'!;4*4!V["!+#4*4!()*!I,3$?.45!

6

>3$2,%4!8$,%0%2!+#,'!,%!OMPN!)*!OMhN5!!_,/$'')<!F4'!k43),'4664'!-’:1,2%)%!OlNh!>+!;).6-!%)+!?4!*4/)2%,=4-!$'!$*+5!!B)!+#4!)88)*+.%,+7!#$-!+)!?4!“).+!+#4*4” “)?Z4/01467”!?4()*4!_,/$'')!/).6-!Z.38!,%5!!:!8)'',?,6,+7!6,&4!+#,'!-,-!%)+!4X,'+!()*!I,3$?.45!!V)0/4!')34+#,%2!,%+4*4'0%2<!#);414*5!!:'!;4!3)14!(*)3!I,3$?.4!+)!_,/$'')<!+#4!()*3'!$%-!8)'',?,6,04'!()*!$*+!3.608675!!"#4*4!,'!%)+!)%67!G3)*4!$*+<K!?.+!$!2*4$+4*!Y1$*,4+7Y!)(!'+764'<!+4/#%,m.4'<!$%-!')!)%5!!"#4*4!,'!,%/*4$',%2!$*0'0/!-,14*',+75!!!!!

7

"#,'!,'!+#4!6)2,/!)(!/*4$014!41)6.0)%<!;#,/#!,'!+)!'$7!+#4!6)2,/!)(!41)6.0)%5!!!Q"#,'!8,/+.*4!)(!41)6.0)%!/)34'!(*)3!F)%2)<!E5<!n5!n)%+41,6<!$%-!B5!@$.C3$%!QMNOMR<!‘V)!H%+$,6,%2!F$;'<!?.+!H%$?6434%+!,%!+#4!H1)6.0)%!)(!+#4!W,)'8#4*4’<!_#7',/'!:*o,1<!OMNO5MNfl1OS!#98Spp$*X,15)*2p$?'pOMNO5MNfl5R!!"#4!“$-Z$/4%+!8)'',?64”!/)%+$,%'!)88)*+.%,04'<!?4!+#47!?,)6)2,/$6!%,/#4'<!8*)\+!)88)*+.%,04'<!)*!$*0'0/!8)'',?,6,04'5!!B)34!$*4!'4,=4-!Wj!"^H!:EHV"B![D!"^H!BjB"Hn<!?4!+#47!3)64/.64'<!24%4'<!)*2$%,'3'<!4%+*48*4%4.*'<!)*!8$,%+4*'5!!n)'+!$*4!)88)*+.%,04'!$*4!%)+!'4,=4-5!!"#4!'7'+43!,+4*$+4'5!!"#4!%4;!$-Z$/4%+!8)'',?64!/)%+$,%'!$!-,C4*4%+!'4+!)(!)88)*+.%,04'5!!B)34!$*4!'4,=4-<!3)'+!$*4!%)+5!!"#4!'7'+43!,+4*$+4'5!!j).!/$%%)+!6,'+!$66!+#4!8)'',?,6,04'!,%!$66!+#4!,+4*$+4-!$-Z$/4%+!8)'',?64'!+#$+!;,66!.%()6-!)14*!034!$%7!3)*4!+#$%!7).!/$%!6,'+!$66!+#4!.'4'!)(!$!'/*4;-*,14*5!!>%!OgPN!7).!/).6-!%)+!#$14!6,'+4-!“*$-,)!$%+4%%$”!$'!$!.'4!)(!$!'/*4;-*,14*5!!"#.'<!+#,'!'7'+43!,'!%)+!“-4+4*3,%,'0/”!,%!$%7+#,%2!6,&4!+#4!;$7!Q')!/$664-R!“V4;+)%,$%”!'7'+43'!$*4!-4+4*3,%$+45!!>%!$!'7'+43!41)61,%2!,%!+#,'!;$7!7).!/$%’+!6$7!).+!$66!+#4!8)'',?64!'+$+4'!)(!+#4!'7'+43!$#4$-!)(!034!$%-<!+#4*4()*4<!7).!/$%%)+!#)84!+)!8*4-,/+!;#4*4!+#4!'7'+43!,'!2),%25!!I,3$?.4!/).6-!%)+!8*4-,/+!_,/$'')5!!:%-!%)0/4!')34+#,%2!14*7!,38)*+$%+!$%-<!84*#$8'<!.%4X84/+4-S!"#4!'7'+43!,+'46(!,'!/*4$0145!!>%!4$/#!,+4*$0)%<!+#4!$-Z$/4%+!8)'',?64!/)%+$,%'!V[`HF!HFHnHV"B<!VHJ!_[BB>W>F>">HB!+#$+!-,-!%)+!4X,'+!?4()*45!

!

8

:+!4$/#!'+$24!)(!+#,'!8*)/4''!)(!/*4$014!41)6.0)%!;4!#$14!%4;!8)'',?,6,04'!?4,%2!/*4$+4-5!!"#4!'7'+43!,'!/*4$0%2!%4;!8)'',?,6,04'!$%-!')34!)(!+#43!#$884%5!!H/)%)3,/!41)6.0)%!&448'!8*)-./,%2!%4;!2))-'5!!"#4!'4+!)(!2))-'!8*)-./4-!*$3,\4'!)14*!034<!6,&4!+#4!?*$%/#4'!)(!$!+*44!$'!,+!2*);'5!!!

9

"#,%&!)(!+#4!3$-!1$*,4+7!)(!/$*'!$%-!+*./&'!$%-!)+#4*!14#,/64'!;4!%);!#$14!/)38$*4-!+)!)%4!14#,/64!@$*6!W4%=!8*)-./4-!,%!Oggf5!

10

[*!+#4!4X86)',)%!)(!$88'!4%$?64-!?7!+#4!3)-4*%!'3$*+!8#)%45!!

:%-!414*7!)%4!)(!+#)'4!%4;!2))-'!q!%4;!/$*<!%4;!+*./&<!%4;!$88!q!,'!$!8*)?643!')614-!()*!+#4!84*')%!;#)!?.7'!,+5!!B)!+#$+!“/$3?,)-,14*',+7”!,'!;#$+!3$&4'!.'!*,/#4*!$%-!).*!6,14'!?494*5!

11

:%-!;4!-)%’+!*4$667!%44-!24%,.'4'!()*!$66!+#,'!+)!#$884%5!!J4!Z.'+!%44-!+)!2,14!)*-,%$*7!#.3T-*.3!#.3$%'!+#4!*,2#+!+)!'4,=4!)88)*+.%,04'!+#47!%)0/4!,%!+#4!$-Z$/4%+!8)'',?645!!J4!-)!%)+!%44-!$3$=,%2!#.3$%'!+)!/*4$+4!$%!$3$=,%2!(.+.*45!!J4!Z.'+!%44-!+)!64+!+#4!8*)/4''!;)*&5!!

!

12

"#,'!+#4)*7!)(!/*4$014!41)6.0)%!#468'!.'!+)!'44!+#$+!4%+*48*4%4.*'!$%-!,%%)1$+)*'!-)!')34+#,%2!()*!.'!+#$+!;4!3,2#+!%)+!#$14!%)0/4-S!+#47!/#$%24!+#4!14*7!/$+42)*,4'!)(!).*!+#,%&,%25!!")-$7!;4!+$6&!$?).+!+#,%2'!.',%2!34+$8#)*'!;4!/).6-!%)+!#$14!,3$2,%4-!,%!+#4!8$'+5!!J4!+$6&!$?).+!$88'<!-);%6)$-,%2<!')r;$*4<!#$*-;$*4<!$%-!')5!!!!

W4()*4!+#4!434*24%/4!)(!'.**)2$/7!+#4*4!;$'!)%67!)%4!&,%-!)(!“3)+#4*#))-5”!!V);<!#);414*<!;4!-,'0%2.,'#!?4+;44%!+#4!?,*+#!3)+#4*!$%-!+#4!24%40/!3)+#4*5!!

13

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

14

:%-!+#,'<!>!?46,414<!,'!$!1,',)%!)(!$%!)84%T4%-4-!$%-!-44867!#.3$%!.%,14*'45!!>+!,'!$!1,',)%!)(!,%\%,+4!8)'',?,6,04'5!

15

"#$%&!7).!

16