expanding farm to school in mississippimsfarmtoschool.org/uploads/expandingf2s1.pdf ·...

47
" "#$%&'(&) *%+, -. /01..2 (& 3(44(44($$(5 6&%274(4 %&' 890.,,9&'%-(.&4 :%+;%+' <%= /01..2 :9%2-1 <%= %&' >.2(07 ?2(&(0 %&' -19 :%+;%+' <%= /01..2 3(44(44($$( @92-% >+.A90- 3%7 BCDD E%-1%& 8.49&F9+) ",(27 G+.%' <9(F

Upload: voque

Post on 08-Dec-2018

219 views

Category:

Documents


0 download

TRANSCRIPT

! "!

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

"#$%&'(&)!*%+,!-.!/01..2!(&!3(44(44($$(5!6&%274(4!%&'!890.,,9&'%-(.&4!

!!!!

:%+;%+'!<%=!/01..2!:9%2-1!<%=!%&'!>.2(07!?2(&(0!!%&'!-19!!

:%+;%+'!<%=!/01..2!3(44(44($$(!@92-%!>+.A90-!

!!

3%7!BCDD!!!!!

E%-1%&!8.49&F9+)!",(27!G+.%'!<9(F!

! "!

"#$%&!'(!)'*+&*+,!!

-.!/0&12+34&!5266#78 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! "#G%0H)+.I&'JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ D!890.,,9&'%-(.&4JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ K!

--.!-*+7'921+3'* !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! $#

---.!:4&743&;!'(!<#76!+'!51=''%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! $#G%0H)+.I&'!%&'!:(4-.+7 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ L!:9%2-1!G9&9M(-4 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ N!"0.&.,(0!G9&9M(-4 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ O!"'I0%-(.&%2!G9&9M(-4JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DC!

->.!<&9&7#%!?#;,!#*9!@&A2%#+3'*, !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"%#?1(2'!EI-+(-(.&!89%I-1.+(P%-(.&!60- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DC!>+.$.49'!Q/@6!/01..2!39%2!/-%&'%+'4JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DB!Q/@6!R9.)+%$1(0!>+9M9+9&09!8I29JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DK!

>.!<''9!B271=#,3*A!B7#1+31&,!3*!C3,,3,,3DD3!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"&#S;9+;(9= JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DT!/-%-9=('9!>I+01%4(&)!?..$9+%-(;9JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DT!Q/@6!?.,,.'(-7!>+.)+%,4JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DU!V&'9$9&'9&-!@(4-+(FI-.+4 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DL!*%+,!@(+90-!>I+01%4(&) JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DN!:.=!@.!E.+,%2!/01..24!(&!3(44(44($$(!>I+01%49!*..'W JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DN!

>-.!E#773&7,!+'!<#76!+'!51=''% !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"'#

>--.!-6D%&6&*+3*A!<#76!+'!51=''%F!)#,&!5+293&, !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"(#S;9+;(9= JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ DX!6-!-19!<.0%2!<9;925!R+99&!3.I&-%(&!*%+,!-.!/01..2 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ BC!6-!-19!/-%-9!<9;925!Y19!3.--!R+.I$ JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ BK!6-!-19!89)(.&%2!<9;925!Y19!E9=!E.+-1!*2.+('%!?..$9+%-(;9JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ BL!

>---.!?&A3,%#+34&!G1+3'*F!5#6D%&,!(7'6!:+=&7!5+#+&, !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)'#*%+,!-.!/01..2!<9)(42%-(.&!(&!S-19+!/-%-94JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ BO!

-H.!@&1'66&*9#+3'*, !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*%#890.,,9&'%-(.&4!M.+!-19!/-%-9!R.;9+&,9&- JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ KC!890.,,9&'%-(.&4!M.+!E.&$+.M(-!S+)%&(P%-(.&4 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ KB!R9&9+%2!890.,,9&'%-(.&4 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ KK!

H.!G993+3'*#%!@&,'271&, !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*+#*I&'(&)!/.I+094 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ KU!R9--(&)!/-%+-9' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ TC!GI(2'(&)!?%$%0(-7 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ TD!GI7(&)!%&'!/922(&)!<.0%2!*..' JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ TB!*..'!/%M9-7JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ TT!"'I0%-(.&JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ TT!

!

!D!! !

-.!/0&12+34&!5266#78!!

!"#$%&'()*+

Z*%+,!-.!401..2[!+9M9+4!-.!%&7!$+.)+%,!-1%-!0.&&90-4!\]DB!401..24!=(-1!2.0%2!M%+,9+4J!Z*%+,!-.!0%M9-9+(%[!%&'!ZM%+,!-.!(&4-(-I-(.&[!%+9!-9+,4!4.,9-(,94!I49'!M.+!$+.)+%,4!-1%-!(&02I'9!M%+,!-.!401..2!0.,$.&9&-4^!FI-!,()1-!%24.!M.0I4!.&!F+(&)(&)!2.0%2!$+.'I09!-.!.-19+!2.0%2!(&4-(-I-(.&4J!3.4-!M%+,!-.!401..2!9MM.+-4!0.&09&-+%-9!.&!=1%-!(4!0%229'!ZM%+,!'(+90-[!$I+01%4(&)^!=19+9!401..24!FI7!$+.'I0-4!'(+90-27!M+.,!2.0%2!M%+,9+4!-.!49+;9!(&!-19!401..2!0%M9-9+(%J!Y19!FI4(&944!$%+-&9+41($4!-1%-!'9;92.$!-1+.I)1!M%+,!'(+90-!$+.)+%,4!.M-9&!29%'!-.!9'I0%-(.&%2!%0-(;(-(94^!=(-1!M%+,9+4!%&'!401..24!=.+H(&)!-.)9-19+!-.!-9%01!4-I'9&-4!%F.I-!&I-+(-(.&^!%)+(0I2-I+9^!-19!9&;(+.&,9&-^!%&'!.-19+!4IFA90-4J!E.-!%22!M%+,!-.!401..2!$+.)+%,4!(&;.2;9!M%+,!'(+90-!$I+01%4(&)_!M..'!'(4-+(FI-.+4!-1%-!4I$$27!401..24!0%&!%24.!$%+-(0($%-9!F7!$I+01%4(&)!2.0%227!)+.=&!$+.'I0-4!%&'!,%H(&)!-19,!%;%(2%F29!-.!401..2!$I+01%4(&)!.MM(09+4J!

!"#$%&'($)*$+,"**-.$

*%+,!-.!401..2!1%4!F99&!41.=&!-.!1%;9!9&.+,.I4!F9&9M(-4!(&!-19!%+9%4!.M!2.0%2!90.&.,(0!'9;92.$,9&-^!01(2'+9&`4!19%2-1^!%&'!9'I0%-(.&%2!.I-0.,94J!

!

$

!"#$/*0.$

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

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!D!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!%&'($)*$+,"**-$1"'*/*-*2#^!&3&4-&5-6$&)!1--$5aa===JM%+,-.401..2J.+)aM(294a*B/?1+.&.2.)7KJCXJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!B!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!75*8)$9:^!&3&4-&5-6$&)!1--$5aa===JM%+,-.401..2J.+)a%F.I-I4J$1$!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!

,"&-+.'+/#0''1+!

! 5+7&*A+=&*,!%'1#%!&1'*'63&,I!36D7'4&,!%34&%3=''9!'(!%'1#%!(#76&7,I!#*9!,D27,!#993+3'*#%!,D&*93*A!'*!'+=&7!%'1#%!D7'921+,!#*9!,&7431&,.!

! -*17&#,&,!+=&!#6'2*+!'(!(723+,!#*9!4&A&+#$%&,!1'*,26&9!$8!,+29&*+,!3*!+=&!1#(&+&73#I!1%#,,7''6I!#*9!#+!='6&.!

! -,!#*!&((&1+34&!;#8!+'!&*=#*1&!*2+73+3'*!&921#+3'*!#*9!=&#%+=!%3+&7#18.!

$

!B!! !

;9)9-%F294JK!3(44(44($$(!&99'4!-.!%0-!M%4-!(&!.+'9+!-.!-%H9!%';%&-%)9!.M!4.,9!.M!-19!MI&'(&)!.$$.+-I&(-(94!%&'!-901&(0%2!%44(4-%&09!+94.I+094!&.=!%;%(2%F29J!

;*0$<*$:,"**-:$58#$)"64'$=**<$4/$>4::4::4??4.$

>IF2(0!401..24!(&!3(44(44($$(!FI7!M..'!M+.,!-1+99!'(MM9+9&-!4.I+0945!(&'9$9&'9&-!'(4-+(FI-.+4^!-19!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&`4!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9^!%&'!-19!Q&(-9'!/-%-94!@9$%+-,9&-!.M!6)+(0I2-I+9`4!bQ/@6c!0.,,.'(-7!$+.)+%,4J!Y19!&%-(.&%2!0.,,.'(-7!$+.)+%,4!49+;9!-.!4I$$29,9&-!M..'!$I+01%49'!M+.,!-19!4-%-9=('9!$+.)+%,!.+!M+.,!(&'9$9&'9&-!'(4-+(FI-.+4J!Y19!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9!)(;94!401..24!F+.%'!299=%7!-.!FI7!M..'!'(+90-27!M+.,!2.0%2!M%+,9+4J!/01..24!-1%-!$%+-(0($%-9!(&!-19!4-%-9=('9!0..$9+%-(;9!'.!&.-!1%;9!-.!$I+01%49!-19(+!$+.'I09!M+.,!-19!0..$9+%-(;9JT!V&4-9%'^!-197!0%&!.$-].I-!.M!-19!.$-(.&%2!$+.'I09!$+.)+%,!%&'!$I+01%49!-19(+!M+I(-4!%&'!;9)9-%F294!M+.,!.-19+!4.I+094^!(&02I'(&)!2.0%2!M%+,9+4JU!*I+-19+^!9;9&!401..24!-1%-!$I+01%49!-19(+!$+.'I09!M+.,!-19!0..$9+%-(;9!'.!&.-!1%;9!-.!FI7!%22!.M!-19(+!$+.'I09!M+.,!-19!0..$9+%-(;9J!/01..24!0%&!$I+01%49!%4!,I01!$+.'I09!M+.,!-19!$+.)+%,!%4!-197!2(H9^!%22.=(&)!-19,!-.!49-!%4('9!4.,9!$.+-(.&!.M!-19(+!,.&97!M.+!M%+,!-.!401..2JL!

!7'6$)"6'6$&/#$=&'($)*$:,"**-$?'*2'&(:$4/$>4::4::4??4.$

Y19+9!%+9!&.!ZM%+,!'(+90-[!$+.)+%,4!.$9+%-(&)!2.0%227!-1+.I)1!401..24!(&!3(44(44($$(JN!:.=9;9+^!-19+9!(4!%!4-%-9=('9!M%+,!-.!401..2!$+.)+%,!+I&!-1+.I)1!-19!@9$%+-,9&-!.M!@9M9&49!*+941!*+I(-4!%&'!d9)9-%F294!>+.)+%,!b*+941!>+.)+%,c!%&'!.$9+%-9'!F7!-19!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&!b3@"c!%&'!@9$%+-,9&-!.M!6)+(0I2-I+9!%&'!?.,,9+09!b3@6?cJ!3@"!%&'!3@6?!=.+H!-.)9-19+!-.!$I+01%49!$+.'I09!M+.,!3(44(44($$(!M%+,9+4!-1+.I)1!-1(4!$+.)+%,J!";9+7!4(#!,.&-14^!3@"!49&'4!3@6?!%!2(4-!.M!$+.'I09!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!:9%2-17^!:I&)9+]*+99!\('4!60-!.M!BCDC^!>IFJ!<J!E.J!DDD]BXL^!DBT!/-%-J!KDOK!bBCDCcJ!T!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!@(+90-.+!.M!>I+01%4(&)!%&'!*..'!@(4-+(FI-(.&^!3(44(44($$(!SMM(09!.M!:9%2-17!/01..24^!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&!b*9FJ!N^!BCDDcJ!U!@<A$L!",%(2!M+.,!>+(40(22%!6,,9+,%&^!>+.A90-4!SMM(09+^!@(+90-.+!.M!>I+01%4(&)!%&'!*..'!@(4-+(FI-(.&^!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&^!-.!%I-1.+!b3%+J!X^!BCDDc!b.&!M(29!=(-1!%I-1.+cJ$N!Y929$1.&9!(&-9+;(9=!=(-1!G9&9-%!GI+-^!"#90I-(;9!@(+90-.+^!3(44(44($$(!8.%',%$!-.!:9%2-1!"eI(-7!bf%&J!DC^!BCDDc_!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!T_!Y929$1.&9!(&-9+;(9=!=(-1!G9&!GI+H9--^!@(+90-.+^!3(44(44($$(!644.0(%-(.&!.M!?..$9+%-(;94!b3%+J!K^!BCDDcJ!

203+/.".345*3+6(&#0"75)%+6&'%&"-+5)+85775775995+!

! "=&!D7'A7#6!9&17&#,&,!1',+,!+=7'2A=!%#7A&!4'%26&!$3993*A!#*9!7&921&,!+=&!#6'2*+!'(!7&,'271&,!3*934392#%!,1=''%!93,+731+,!9&4'+&!+'!$3993*A.!

! G%%!$2+!+=7&&!D2$%31!,1=''%,!3*!C3,,3,,3DD3!D#7+313D#+&!3*!,+#+&;39&!D271=#,3*A!D7'A7#6,!3*!,'6&!;#8.!

! :4&7!JKL!'(!D2$%31!,1=''%,!3*!C3,,3,,3DD3!D271=#,&!+=&37!D7'921&!(7'6!+=&!D7'A7#6.!

!K!! !

-1%-!=(22!F9!$I+01%49'!F7!401..24!.;9+!%!4IF49eI9&-!4(#],.&-1!$9+(.'JO!3@6?!-19&!0.&-%0-4!3(44(44($$(!M%+,9+4!-1%-!,()1-!F9!%F29!-.!$+.;('9!4.,9!.M!-19!$+.'I09!+9eI94-9'JX!Q&M.+-I&%-927^!4-%-9!(&4$90-(.&!%&'!09+-(M(0%-(.&!+9eI(+9,9&-4!$+9;9&-!,.4-!3(44(44($$(!M%+,9+4!M+.,!$%+-(0($%-(&)!(&!-19!4-%-9=('9!$+.)+%,^!-1I4!2(,(-(&)!90.&.,(0!.$$.+-I&(-(94!M.+!4,%22!M%+,9+4!-1+.I)1.I-!-19!4-%-9J!

!"&)$&'6$)"6$5&''46':$)*$=&'($)*$:,"**-$4/$>4::4::4??4.$

Y19+9!%+9!49;9+%2!F%++(9+4!-1%-!1%;9!I&-(2!&.=!,%'9!(-!01%229&)(&)!-.!.$9+%-9!%!M%+,!-.!401..2!$+.)+%,!(&!3(44(44($$(J!!

! /,%22!%&'!,(']4(P9'!M%+,9+4!'.!&.-!1%;9!-19!9eI($,9&-!.+!-19!+9eI(+9'!09+-(M(0%-(.&!-.!$%+-(0($%-9!(&!4-%-9=('9!$I+01%4(&)!$+.)+%,4J!

! *%+,9+4!%&'!M..'!49+;(09!'(+90-.+4!%+9!&.-!0.,,I&(0%-(&)!=(-1!9%01!.-19+!%&'!,%7!&.-!F9!%=%+9!.M!-19!.$$.+-I&(-(94!$+949&-9'!F7!M%+,!-.!401..2J!

! 3.4-!401..2!M..'!49+;(09!'(+90-.+4!(&!3(44(44($$(!'.!&.-!1%;9!%&7!9#$9+(9&09!$I+01%4(&)!$+.'I0-4!'(+90-27!M+.,!)+.=9+4!%&'!,%7!&.-!H&.=!1.=!-.!4-%+-!.+!H&.=!-1%-!-197!%+9!%22.=9'!-.!$I+01%49!(&!-1(4!=%7J!

! /01..24!%+9!.M-9&!&.-!9eI($$9'!-.!FI7!%&'!$+9$%+9!2.0%2!$+.'I0-4J!! 3%&7!401..2!474-9,4!(&!3(44(44($$(!%+9!9#-+9,927!4,%22!%&'!2.0%-9'!(&!+I+%2!%+9%4J!64!%!+94I2-^!%&!

(&'(;('I%2!401..2!'(4-+(0-!,%7!&.-!1%;9!9&.I)1!'9,%&'!-.!%--+%0-!M%+,9+4J!!!

:3#'--3)*".5')7+

*.+!/-%-9!R.;9+&,9&-!

BA$C'2&/4D6$&$:)&)604<6$4/4)4&)436$&/<E*'$"4'6$&$:)&)604<6$=&'($)*$:,"**-$,**'<4/&)*'$

! 6!4-%-9=('9!M%+,!-.!401..2!$+.)+%,!(&!3(44(44($$(!0.I2'!9&9+)(P9!M%+,!-.!401..2!9MM.+-4!%&'!%0-!%4!%!,I01!&99'9'!(&M.+,%-(.&!029%+(&)1.I49J!

! /-%-9=('9!0..+'(&%-(.&!(4!;(-%2!%&'!-19+9!(4!&.!.+)%&(P%-(.&!0I++9&-27!49+;(&)!-1(4!MI&0-(.&!(&!3(44(44($$(J!

FA$78)"*'4D6$&/<$=8/<$(4/4G2'&/):$=*'$=&'($)*$:,"**-$?'*2'&(:$

! d9+,.&-`4!,(&(])+%&-!$+.)+%,^!=1(01!'(4-+(FI-94!%!2(--29!.;9+!gDCC^CCC!9%01!79%+^!192$9'!,%H9!d9+,.&-!%!&%-(.&%2!29%'9+!(&!-19!M%+,!-.!401..2!,.;9,9&-JDC!!

! 6!4(,(2%+!$+.)+%,!(&!3(44(44($$(!=.I2'!9&0.I+%)9!401..2!'(4-+(0-4^!&.&$+.M(-!.+)%&(P%-(.&4^!%&'!%)+(0I2-I+%2!0..$9+%-(;94!-.!'94()&!%&'!(,$29,9&-!M%+,!-.!401..2!$+.)+%,4J!

HA$7--*,&)6$=8/<:$=*'$I7JEI;J$)'&4/4/2$&/<$,6')4=4,&)4*/$

! 3@"!+9eI(+94!-1%-!$+.'I09!0.,(&)!M+.,!-19!3(44(44($$(!@.@!*+941!>+.)+%,!F9!4.I+09'!M+.,!4I$$2(9+4!=1.!%+9!09+-(M(9'!%00.+'(&)!-.!R..'!6)+(0I2-I+%2!>+%0-(094!bR6>c!%&'!R..'!:%&'2(&)!>+%0-(094!bR:>c^!%&'!+9eI(+94!-1%-!%22!M..'!$I+01%49'!-1+.I)1!-19!4-%-9=('9!$I+01%4(&)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!O!Y929$1.&9!(&-9+;(9=!=(-1!6&'7!>+.449+^!@(+90-.+!.M!3%+H9-(&)!%&'!>IF2(0!892%-(.&4^!3(44(44($$(!@9$%+-,9&-!.M!6)+(0I2-I+9!%&'!?.,,9+09!b*9FJ!DC^!BCDDcJ!X!@<A$DC!dYJ!/Y6YJ!6EEJ!-(-J!L^!h!TNBD!bBCDDcJ!

!T!! !

0..$9+%-(;9!F9!R6>aR:>!09+-(M(9'!.+!09+-(M(9'!I&'9+!%&.-19+!-1(+']$%+-7!%I'(-(&)!474-9,^!,%H(&)!$%+-(0($%-(.&!0.4-]$+.1(F(-(;9!M.+!,.4-!4,%22!%&'!,9'(I,!4(P9'!M%+,9+4JDD!!

! 6!MI&'!'9'(0%-9'!-.!192$(&)!4,%22!%&'!,9'(I,!4(P9'!M%+,9+4!+909(;9!R6>aR:>!-+%(&(&)!%&'!$%7!M.+!09+-(M(0%-(.&!=.I2'!%22.=!,.+9!3(44(44($$(!M%+,9+4!-.!$%+-(0($%-9!(&!4-%-9=('9!$I+01%4(&)!$+.)+%,4J!

KA$L636-*?$I7JEI;J$,6')4=4,&)4*/$*8)'6&,"$6==*'):$$

! 6!=9F$%)9!0.I2'!F9!0+9%-9'!-.!9#$2%(&!-19!$+.0944!M.+!+909(;(&)!R6>aR:>!09+-(M(0%-(.&!%&'!%''+944!-19!%I'(-!$+.0944!0.&09+&4!.M!4,%22!M%+,9+4J!!

! /-%-9!%)9&0(94!%&'!-19!0..$9+%-(;9!9#-9&4(.&!49+;(09!0.I2'!FI(2'!.&!-1(4!9MM.+-!F7!.MM9+(&)!R6>aR:>!-+%(&(&)!%(,9'!%-!4,%22!%&'!,(']4(P9'!M%+,9+4!%&'!)+.=9+4`!0..$9+%-(;94J!

MA$@/,*'?*'&)6$26*2'&?"4,$?'6=6'6/,6$4/)*$)"6$:)&)604<6$?8',"&:4/2$:#:)6($

! V&0.+$.+%-(&)!%!)9.)+%$1(0!$+9M9+9&09!(&-.!-19!4-%-9=('9!$I+01%4(&)!474-9,!=.I2'!(&0+9%49!-19!&I,F9+!.M!3(44(44($$(!$+.'I0-4!$I+01%49'!-1+.I)1!-19!$+.)+%,!%&'!=.I2'!9&0.I+%)9!,.+9!M%+,9+4!-.!+909(;9!-19!09+-(M(0%-(.&!&90944%+7!-.!$%+-(0($%-9J!

! 62.&)!-1949!2(&94^!-19!Q/@6!+909&-27!(44I9'!%!&9=!+I29!9&0.I+%)(&)!(&4-(-I-(.&4!$%+-(0($%-(&)!(&!?1(2'!EI-+(-(.&!>+.)+%,4^!4I01!%4!-19!E%-(.&%2!/01..2!<I&01!>+.)+%,^!-.!$I+01%49!2.0%2!%)+(0I2-I+%2!$+.'I0-4JDB!

NA$1'6&)6$&<<4)4*/&-$4/:?6,)4*/$-*,&)4*/:$=*'$=**<$?8',"&:6<$)"'*82"$)"6$L*L$%'6:"$J'*2'&($

! ?I++9&-27^!%22!%)+(0I2-I+%2!$+.'I0-4!$I+01%49'!-1+.I)1!-19!@.@!*+941!>+.)+%,!,I4-!F9!(&4$90-9'!(&!f%0H4.&J!

! S+)%&(P(&)!(&4$90-(.&!2.0%-(.&4!(&!.-19+!+9)(.&4!.M!-19!4-%-9!=.I2'!%22.=!401..24!-.!+909(;9!M+9419+!$+.'I09!%&'!=.I2'!,%H9!(-!9%4(9+!M.+!(&]4-%-9!M%+,9+4!-.!4922!$+.'I0-4!-.!-19!4-%-9=('9!@.@!*+941!>+.)+%,J!

OA$J85-4,4D6$,8''6/)$4/G:)&)6$?8',"&:4/2$*??*')8/4)46:$

! /-%-9!.MM(0(%24!41.I2'!2(4-!-19!$+.'I0-4!&99'9'!F7!401..24!-1%-!0%&!F9!)+.=&!(&]4-%-9^!192$(&)!)+.=9+4!-.!,%H9!%$$+.$+(%-9!$2%&-(&)!'90(4(.&4!4.!-197!=(22!1%;9!-19!+()1-!$+.'I0-4J!!

! Y19!$+.)+%,4`!+9eI(+9,9&-4!M.+!)+.=9+4!41.I2'!F9!029%+27!%';9+-(49'!-.!9&0.I+%)9!(&;.2;9,9&-!M+.,!,.+9!M%+,9+4J!

*.+!E.&$+.M(-!S+)%&(P%-(.&4!

BA$+8'36#$4/)6'6:)$

! 6!4I+;97!=(22!192$!M%+,!-.!401..2!.+)%&(P9+4!('9&-(M7!F%++(9+4!$+9;9&-(&)!M..'!49+;(09!'(+90-.+4!%&'!M%+,9+4!M+.,!$%+-(0($%-(&)!(&!M%+,!-.!401..2J!!

! Y19!'%-%!0.2290-9'!0%&!%24.!F9!I49'!-.!FI(2'!+92%-(.&41($4!F9-=99&!M%+,9+4!%&'!401..2!M..'!49+;(09!'(+90-.+4J!

FA$P/2&26$)"6$1*((8/4)#$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DD!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!TJ!DB!R9.)+%$1(0!>+9M9+9&09!S$-(.&!M.+!-19!>+.0I+9,9&-!.M!Q&$+.09449'!6)+(0I2-I+%2!>+.'I0-4!(&!?1(2'!EI-+(-(.&!>+.)+%,4^!NL!*9'J!89)J!BB^LCK!b6$+J!BB^!BCDDcJ!

!U!! !

! "MM90-(;9!M%+,!-.!401..2!$+.)+%,4!(&;.2;9!$%+9&-4^!0.,,I&(-7!,9,F9+4^!FI4(&94494^!%&'!+9)(.&%2!(&4-(-I-(.&4J!!

! ?.,,I&(-(94!$+.;('9!0+I0(%2!M(&%&0(%2!4I$$.+-!%&'!%+9!H97!-.!.+)%&(P(&)!2.0%2!M%+,!-.!401..2!$+.)+%,4J!

HA$L636-*?$7-)6'/&)436$L4:)'458)4*/$+#:)6(:$

! 6!'(4-+(FI-(.&!474-9,!0%&!F9!'9;92.$9'!-.!,%H9!$I+01%4(&)!2.0%2!$+.'I0-4!%4!9%47!%4!$I+01%4(&)!M+.,!-19!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9!.+!9#(4-(&)!'(4-+(FI-.+4^!=1(01!4.I+09!,.4-!.M!-19(+!$+.'I09!M+.,!.-19+!4-%-94J!!

! G7!M%0(2(-%-(&)!4%294!F9-=99&!M%+,9+4!%&'!401..24!%&'!.-19+!(&4-(-I-(.&4^!4I01!%4!1.4$(-%24^!%!2.0%2!'(4-+(FI-(.&!474-9,!=.I2'!9&%F29!M%+,!-.!401..2!$+.)+%,4!-.!)+.=!+%$('27!%&'!F90.,9!,.+9!0.4-]9MM(0(9&-J!

KA$%*,8:$*/$%4/&/,4&-$+8:)&4/&54-4)#$

! <.0%2!4.I+094!.M!MI&'(&)!4I01!%4!$+.)+%,!49+;(09!M994!01%+)9'!-.!(&4-(-I-(.&4!%&'a.+!M%+,9+4!%&'!'.&%-(.&4!%+9!&90944%+7!M.+!M(&%&0(%2!4I4-%(&%F(2(-7!%&'!-%H9!-(,9!-.!'9;92.$J!64!%!+94I2-^!-197!41.I2'!F9!M.4-9+9'!M+.,!-19!;9+7!F9)(&&(&)J!

R9&9+%2!890.,,9&'%-(.&4!

BA$Q4/R$=&'(:$)*$:,"**-:$

! 6!4-%-9=('9!'%-%F%49!.M!401..24!%&'!M%+,9+4!(&-9+94-9'!(&!M%+,!-.!401..2!41.I2'!F9!0+9%-9'!-.!9&%F29!2.0%227!'+(;9&!9MM.+-4J!!

! 6!4-%-9=('9!.+!+9)(.&%2!9MM.+-!0.I2'!%24.!1.4-!,(#9+4!-.!FI(2'!+92%-(.&41($4!F9-=99&!M..'!49+;(09!'(+90-.+4!%&'!M%+,9+4J!!

FA$>&R6$?&')4,4?&)4/2$6&:#$

! Y9%019+4^!M..'!49+;(09!'(+90-.+4^!%&'!M%+,9+4!,%7!&.-!1%;9!-(,9!-.!.+)%&(P9!M%+,!-.!401..2!(&(-(%-(;94!%2.&9^!FI-!%+9!.M-9&!9%)9+!-.!)9-!(&;.2;9'!(M!%&!9#$9+(9&09'!$+.)+%,!0%&!$+.;('9!)I('%&09J!

HA$@/36:)$4/$6S84?(6/)$

! V&;94-,9&-4!(&!;91(0294!b4I01!%4!+9M+()9+%-9'!-+I0H4c^!$%0H%)(&)!9eI($,9&-^!%&'!$+.0944(&)!M%0(2(-(94!0%&!F9!eI(0H27!+90.;9+9'!-1+.I)1!(&0+9%49'!4%294!.M!2.0%2!%)+(0I2-I+%2!$+.'I0-4J!

! Y.!$+9$%+9!$+.'I0-4!$I+01%49'!M+.,!2.0%2!M%+,9+4^!401..24!+9eI(+9!9eI($,9&-!M.+!4-.+(&)^!$+9$$(&)^!%&'!0..H(&)!+%=!(&)+9'(9&-4!-1%-!,%&7!0I++9&-27!'.!&.-!1%;9J!/01..2!M..'!49+;(09!4-%MM!41.I2'!F9!$+.;('9'!=(-1!(&M.+,%-(.&!.&!1.=!-.!%'%$-!-19(+!H(-019&4!%&'!2I&01+..,4!-.!(&-9)+%-9!,.+9!2.0%2!$+.'I0-4J!*I&'4!0.I2'!%24.!F9!$+.;('9'!-.!4I$$.+-!9MM.+-4!-.!%'%$-!401..2!H(-019&4^!.+!-.!M%+,9+4!-.!192$!$+9$%+9!-19!M..'!(&!%!=%7!-1%-!(4!9%4(9+!M.+!401..24!-.!I49J!!

!

!L!! !

--.!-*+7'921+3'*DK!!

Y1(4!$.2(07!+9$.+-!'940+(F94!-19!$.-9&-(%2!M.+!9#$%&'(&)!M%+,!-.!401..2!(&!3(44(44($$(!%&'!+90.,,9&'4!4-%-9!%&'!2.0%2!%0-(.&4!-.!9&0.I+%)9!(-4!)+.=-1J!V-!0.&-%(&4!-19!M.22.=(&)!490-(.&45!!

S;9+;(9=!.M!*%+,!-.!/01..25!G+(9M!F%0H)+.I&'!.M!M%+,!-.!401..2!$+.)+%,4!(&!-19!Q&(-9'!/-%-94!%&'!-19!F9&9M(-4!.M!4I01!$+.)+%,4!-.!9'I0%-(.&^!01(2'+9&`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d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

!

---.!:4&743&;!'(!<#76!+'!51=''%!+

!"#$%&'()*+")*+;57.'&<+

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DK!Y1(4!+9$.+-!=%4!$+9$%+9'!F7!E%-1%&!8.49&F9+)^!4-I'9&-!(&!-19!:%+;%+'!<%=!/01..2!:9%2-1!<%=!%&'!>.2(07!?2(&(0!%&'!:%+;%+'!<%=!/01..2!3(44(44($$(!@92-%!>+.A90-^!I&'9+!-19!4I$9+;(4(.&!.M!",(27!G+.%'!<9(F^!/9&(.+!*922.=!(&!-19!:%+;%+'!<%=!/01..2!:9%2-1!<%=!%&'!>.2(07!?2(&(0J!/$90(%2!-1%&H4!-.!8.F9+-!R+99&=%2'^!:%+;%+'!<%=!/01..2!:9%2-1!<%=!%&'!>.2(07!?2(&(0_!>+(40(22%!6,,9+,%&^!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&_!f%&9!G2%0H^!M+992%&09!M..'!=+(-9+_!G9&!GI+H9--^!3(44(44($$(!644.0(%-(.&!.M!?..$9+%-(;94_!G9&9-%!GI+-^!3(44(44($$(!8.%',%$!-.!:9%2-1!"eI(-7_!89F900%!"2(%4^!i%41(&)-.&!/-%-9!@9$%+-,9&-!.M!6)+(0I2-I+9!*%+,!-.!/01..2!>+.)+%,_!R279&!:.2,94^!E9=!E.+-1!*2.+('%!?..$9+%-(;9_!G9--7!VPI,(^!>.+-2%&'!/-%-9!Q&(;9+4(-7_!3%+(.&!\%2F^!?.,,I&(-7!*..'!/90I+(-7!?.%2(-(.&_!Y+(0(%!\.;%04^!i%41(&)-.&!/-%-9!@9$%+-,9&-!.M!6)+(0I2-I+9!*%+,!-.!/01..2!>+.)+%,_!?.2299&!3%--4^!Y19!?J/J!3.--!R+.I$!M.+!/I4-%(&%F29!6)+(0I2-I+9_!6&'7!>+.449+^!3(44(44($$(!@9$%+-,9&-!.M!6)+(0I2-I+9!%&'!?.,,9+09_!\%-19+(&9!/(,4^!R+99&!3.I&-%(&!*%+,!-.!/01..2_!/-%07!/.F922^!"0.-+I4-_!@%&(92!Y9%)I9^!3(44(44($$(!644.0(%-(.&!.M!?..$9+%-(;94J!

!N!! !

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bQ/@6c!M(&%&09'!-19!E%-(.&%2!*%+,!-.!/01..2!>+.)+%,^!%!M.I+]79%+!$+.A90-!4I$$.+-(&)!M%+,!-.!401..2!$+.)+%,!'9;92.$,9&-^!+949%+01^!%&'!$.2(07JDL!"&0.I+%)9'!F7!-19!$+.)+%,`4!4I00944^!M%+,!-.!401..2!.+)%&(P9+4!M+.,!%+.I&'!-19!0.I&-+7!=.+H9'!-.)9-19+!-.!0+9%-9!-19!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H!(&!BCCNJDN!Y19!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H`4!9()1-!+9)(.&%2!29%'!%)9&0(94!%&'!&%-(.&%2!4-%MM!4I$$.+-!M%+,!-.!401..2!$+.)+%,4!-1+.I)1!$IF2(0%-(.&4^!-901&(0%2!%44(4-%&09^!.&2(&9!+94.I+094^!%&'!.-19+!(&(-(%-(;94JDO!G9-=99&!BCCC!%&'!BCCT^!-19!&I,F9+!.M!M%+,!-.!401..2!$+.)+%,4!)+9=!M+.,!.&27!%!1%&'MI2!-.!%$$+.#(,%-927!TCC!(&!-=9&-7]-=.!4-%-94JDX!/(&09!-19&^!-19!&I,F9+!.M!M%+,!-.!401..2!$+.)+%,4!1%4!,.+9!-1%&!'.IF29'!9;9+7!M9=!79%+4^!=(-1!%$$+.#(,%-927!D^CCC!$+.)+%,4!.$9+%-(&)!F7!BCCN!%&'!.;9+!B^CCC!F7!BCDCJBC!!

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eI(+9'!,(&(,I,!'%(27!49+;(&)4!.M!M+I(-4!%&'!;9)9-%F294^!'+%,%-(0%227!(&0+9%4(&)!401..2!9#$9&'(-I+94!.&!$+.'I09!%&'!2.0%2!M%+,9+4`!.$$.+-I&(-7!-.!)9-!(&;.2;9'!(&!$+.;('(&)!M.+!401..24JBB!!

;3"1.0+!3)3=5.7+

3(44(44($$(!1%4!-19!1()194-!+%-94!.M!01(2'1..'!.F94(-7!(&!-19!&%-(.&JBK!S;9+!TCj!.M!3(44(44($$(!01(2'+9&!%+9!.F949!.+!.;9+=9()1-^!%&'!-19!$9+09&-%)9!.M!.;9+=9()1-!01(2'+9&!(&!3(44(44($$(!(4!%2,.4-!Nj!1()19+!-1%&!-19!+%-9!(&!-19!490.&'!1()194-!4-%-9JBT!V&!%''(-(.&!-.!-19!&I,9+.I4!19%2-1!(44I94!%44.0(%-9'!=(-1!.F94(-7^!+909&-!4-I'(94!.&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DT!Q/@6!*..'!%&'!EI-+(-(.&!/9+;(09^!%&'($)*$+,"**-^!&3&4-&5-6$&)$1--$5aa===JM&4JI4'%J).;a0&'aMB4a%F.I-J1-,kV&(-(%-(;9!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DU!6&I$%,%!f.41(!9-!%2J^!L*$%&'(G)*G+,"**-$J'*2'&(:$>&R6$&$L4==6'6/,6.$%4/<4/2:$&/<$T6:6&',"$U66<:^!K!fJ!:QER"8!l!"EdY<J!EQY8VYVSE!BBX^!BKC!bBCCOcJ!DL!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!*%+,!-.!/01..2!?1+.&.2.)7^!:8?'&$&.-9!DJ!!DN!@<A$DO!+66$E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!>&V*'$7,,*(?-4:"(6/):$FWWO$C/0&'<:^!&3&4-&5-6$&)!1--$5aa===JM%+,-.401..2J.+)aM(294a$IF2(0%-(.&4mBNBJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DX!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!75*8)$9:^!:8?'&!&.-9!BJ!BC!@<A!BD!Q/@6!/90+9-%+7!Y.,!d(24%0H`4!4-%-9,9&-!-1%-!M%+,!-.!401..2!.MM9+4!Z&9=!(&0.,9!.$$.+-I&(-(94!M.+!J!J!J!M%+,9+4!%&'!+%&019+4[!%&'!4I$$.+-4!Z.MM]M%+,!A.F4!(&!+I+%2!6,9+(0%!=1(29!)(;(&)!01(2'+9&!-19!.$$.+-I&(-7!-.!9%-!19%2-17^!2.0%2!M+I(-4!%&'!;9)9-%F294!%&'!29%+&!-.!F9!19%2-17!9%-9+4[!(4!-7$(0%2J!3(01%92!R(F&97^!X6:)6'$&/<$Y4-:&,R$L4:,8::$%&'($)*$+,"**-$J'*2'&($4/$Z*D6(&/^!GSn"36E!

@6V<o!?:8SEJ^!3%+J!N^!BCDC^!&3&4-&5-6$&)!1--$5aa===JF.P9,%&'%(2701+.&(029J0.,a&9=4a%+-(029mU%MM9%BT]BXXL]DD'M]XOTL]CCD00T0CCB9CJ1-,2!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!BB!>1(2($!G+%419+^!>*'6$Y62246:$!4--$%4--$+,"**-$Q8/,"6:^!@"/!3SVE"/!8"RJ^!f%&J!DT^!BCDD^!%-!6DJ!BK!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&`4!SMM(09!.M!:9%2-17!/01..24^!C56:4)#$4/$>4::4::4??4^!&3&4-&5-6$&)!1--$5aa,4'1J,4J).;a,4'14(-9am4-%-(0a+94.I+094aKUXKJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!BT!@<A!

:4&7!MKL!'(!C3,,3,,3DD3!1=3%97&*!#7&!'$&,&!'7!'4&7;&3A=+I!#*9!+=&!

D&71&*+#A&!'(!'4&7;&3A=+!1=3%97&*!3*!C3,,3,,3DD3!3,!#%6',+!NL!=3A=&7!+=#*!+=&!7#+&!3*!+=&!,&1'*9!=3A=&,+!,+#+&.+

!O!! !

.;9+=9()1-!01(2'+9&!41.=!-1%-!-197!%+9!%-!)+9%-9+!+(4H!M.+!'9$+944(.&^!,.+9!2(H927!-.!$9+M.+,!$..+27!(&!401..2^!%&'!%+9!%F49&-!M+.,!401..2!,.+9!.M-9&JBU!3(44(44($$(!01(2'+9&^!2(H9!01(2'+9&!-1+.I)1.I-!-19!Q&(-9'!/-%-94^!%+9!%24.!&.-!9%-(&)!-19!+90.,,9&'9'!%,.I&-4!.M!M+I(-4!%&'!;9)9-%F294J!Y19!BCCX!3(44(44($$(!o.I-1!8(4H!G91%;(.+!/I+;97!M.I&'!-1%-!'I+(&)!-19!49;9&!'%74!F9M.+9!-19!4I+;97^!NXj!.M!-19!4-I'9&-4!%-9!M+I(-4!%&'!;9)9-%F294!M9=9+!-1%&!M(;9!-(,94!%!'%7!%&'!OUj!%-9!;9)9-%F294!M9=9+!-1%&!-1+99!-(,94!%!'%7JBL!V&0+9%4(&)!M+I(-!%&'!;9)9-%F29!0.&4I,$-(.&!(4!.&9!.M!-19!?9&-9+4!M.+!@(49%49!?.&-+.2`4!b?@?c!-%+)9-!F91%;(.+4!M.+!$+9;9&-(&)!%&'!0.&-+.22(&)!.F94(-7JBN!V-!(4!94$90(%227!(,$.+-%&-!M.+!01(2'+9&!%&'!%'.29409&-4!-.!9%-!&I-+(-(.I4!M..'4!4I01!%4!M+I(-4!%&'!;9)9-%F294!F90%I49!-197!Z%+9!'9;92.$(&)!-19!1%F(-4!-197!=(22!2(H927!,%(&-%(&!-1+.I)1.I-!-19(+!2(;94J[BO!!

V&!.+'9+!-.!F9--9+!I&'9+4-%&'!-19!(,$%0-!M%+,!-.!401..2!$+.)+%,4!1%;9!.&!4-I'9&-4!%&'!0.,,I&(-(94^!+949%+019+4!%-!S00('9&-%2!?.229)9!%&'!-19!Q&(;9+4(-7!.M!?%2(M.+&(%^!@%;(4!+909&-27!+9;(9=9'!M(M-99&!M%+,!-.!401..2!4-I'(94!-1%-!0.&-%(&9'!'%-%!.&!F91%;(.+%2!.I-0.,94!%44.0(%-9'!=(-1!-19!(&-+.'I0-(.&!.M!M%+,!-.!401..2!$+.)+%,4JBX!Y19!+9;(9=!M.I&'!-1%-!M%+,!-.!401..2!$+.)+%,4!0.&4(4-9&-27!(&0+9%49'!-19!%,.I&-!.M!M+I(-4!%&'!;9)9-%F294!0.&4I,9'!F7!4-I'9&-4!(&!-19!0%M9-9+(%^!02%44+..,^!%&'!%-!1.,9^!%&'!(&0+9%49'!-19(+!H&.=29')9!%&'!%--(-I'94!%F.I-!19%2-17!9%-(&)JKC!Y1(4!,%7!F9!$%+-(0I2%+27!-+I9!=19&!%!4%2%'!F%+!(4!%;%(2%F29!-.!4-I'9&-4J!6,.&)!-19!M(M-99&!M%+,!-.!401..2!$+.)+%,4!4-I'(9'^!9()1-!(&02I'9'!-19!(,$29,9&-%-(.&!.M!4%2%'!F%+4!(&!-19!0%M9-9+(%J!V&!-1.49!4%2%'!F%+!$+.)+%,4^!(&0+9%494!(&!M+I(-!%&'!;9)9-%F29!0.&4I,$-(.&!+%&)9'!M+.,!BUj!-.!OTj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

>#')'-5#+!3)3=5.7+

*%+,!-.!401..2!$+.)+%,4!'(+90-27!F9&9M(-!-19!2.0%2!.+!+9)(.&%2!90.&.,7!F7!(&0+9%4(&)!-19!%,.I&-!.M!)..'4!$I+01%49'!2.0%227!F7!401..24J!8949%+01!1%4!41.=&!-1%-!'.22%+4!4$9&-!.&!2.0%2!%)+(0I2-I+%2!$+.'I0-4!%24.!)9&9+%-9!%''(-(.&%2!4$9&'(&)!.&!.-19+!2.0%2!$+.'I0-4!.+!49+;(094JKB!V&!BCCN^!Y19!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BU!@<A!BL!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&`4!SMM(09!.M!:9%2-1!/01..24^!>4::4::4??4$;42"$+,"**-$+8'36#[$+8((&'#$X&5-6^!NU^!NN^!&3&4-&5-6$&)$1--$5aa===J19%2-17401..24,4J.+)a.14m,%(&a+94.I+094a'.0I,9&-4a/I,,%+7Y%F294J$'M$b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!BN!Z6/6=4):$*=$%&'(G)*G+,"**-\$;6&-)"#$P&)4/2$&/<$J"#:4,&-$7,)434)#$=*'$+,"**-$1"4-<'6/[$;6&'4/2$Z6=*'6$)"6$+A$1*((A$*/$72'4,A\$U8)'4)4*/$]$%*'6:)'#^!DDD-1!?.&)J!bBCCXc!b4-%-9,9&-!.M!i(22(%,!@(9-P^!@(+90-.+^!@(;(4(.&!.M!EI-+(-(.&^!>174(0%2!60-(;(-7^!%&'!SF94(-7^!?9&-9+4!M.+!@(49%49!?.&-+.2!%&'!>+9;9&-(.&c^!&3&4-&5-6$&)$1--$5aa===J0'0J).;a=%41(&)-.&a-94-(,.&7aBCCXa-BCCXCUDUJ1-,!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!BO!@<A!BX!f.41(!9-!%2J^!:8?'&$&.-9!DU!%-!BKB!p!BKKJ!KC!SM!-19!929;9&!4-I'(94!+9;(9=9'!%44944(&)!'(9-%+7!01%&)94^!-9&!M.I&'!%&!(&0+9%49!(&!M+I(-!%&'!;9)9-%F29!0.&4I,$-(.&J!"()1-!.M!-1949!$+.)+%,4!(&0.+$.+%-9'!%!M%+,!-.!401..2!4%2%'!F%+!(&!-19!0%M9-9+(%^!.&9!(&0.+$.+%-9'!2.0%2!M..'4!=(-1.I-!%!4%2%'!F%+^!%&'!!-=.!0.&'I0-9'!02%44+..,]F%49'!9'I0%-(.&!I4(&)!2.0%2!M..'4J!f.41(!9-!%2J^!:8?'&$&.-9!DU!%-!BKLJ!KD!@<A!KB!\9&!39-9+^!Q*,&-$%**<$&:$P,*/*(4,$L636-*?(6/)\!?+.44+.%'4!894.I+09!?9&-9+^!&3&4-&5-6$&)$1--$5aa===J0+0=.+H4J.+)a2M09'J$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!

G!6'9&,+!3*4&,+6&*+!'(!OJJIPQR!3*!#!(#76!+'!,1=''%!D3%'+!3*!+;'!,1=''%!

93,+731+,!3*!:7&A'*!7&,2%+&9!3*!OSSTIUJQ!3*!%'1#%!D271=#,&,.#

!X!! !

\%(49+!>9+,%&9&-9!?.,,I&(-7!*I&'!,%'9!%!)+%&-!-.!"0.-+I4-^!%!>.+-2%&']F%49'!&.&$+.M(-^!-.!(&;94-!49;9&!09&-4!$9+!2I&01!49+;9'!(&!-=.!401..2!'(4-+(0-4!(&!.+'9+!-.!4-(,I2%-9!$I+01%494!.M!2.0%2!M..'JKK!6!+909&-!4-I'7!.&!-19!90.&.,(0!9MM90-4!.M!-19!$(2.-!$+.)+%,!M.I&'!-1%-!%&!(&;94-,9&-!.M!gLL^DXK!+94I2-9'!(&!gBBU^OLX!(&!2.0%2!$I+01%494JKT!Y1.49!49;9&!%''(-(.&%2!09&-4!$9+!,9%2!-+())9+9'!%!4IF4-%&-(%2!(&0+9%49!(&!2.0%2!$I+01%4(&)!F7!-19!401..2!'(4-+(0-4^!=1(01!(&!-I+&!1%'!%!+($$29!9MM90-!-1+.I)1.I-!-19!90.&.,7J!*.+!9;9+7!'.22%+!4$9&-!F7!-19!401..2!'(4-+(0-4!.&!2.0%2!M..'!$+.'I0-4^!%&!%''(-(.&%2!ON!09&-4!=%4!4$9&-!(&!S+9).&JKU!Y19!%&%274(4!+9;9%29'!-1%-!-1(4!%''(-(.&%2!ON!09&-4!F9&9M(-9'!TCD!.M!-19!4-%-9`4!TCX!90.&.,(0!490-.+4JKL!!

6&!9;9&!2%+)9+!%,.I&-!.M!,.&97!(4!+907029'!-1+.I)1!-19!2.0%2!90.&.,7!=19&!%)+(0I2-I+%2!$+.'I0-4!%+9!$I+01%49'!M+.,!4,%22!M%+,4J!"0.&.,(4-4!%-!-19!Q&(;9+4(-7!.M!i(40.&4(&!M.I&'!-1%-!9%01!'.22%+!9%+&9'!F7!%!4,%22!M%+,!(&!3(&&94.-%!%&'!i(40.&4(&!)9&9+%-94!%&.-19+!gDJKC!.M!2.0%2!9#$9&'(-I+94JKN!<%+)9!M%+,4^!1.=9;9+^!.&27!$+.'I09'!%&!%''(-(.&%2!XC!09&-4!.M!2.0%2!4$9&'(&)JKO!

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jJTD!Y19!2(,(-9'!'%-%!.&!M%+,!-.!401..2`4!(,$%0-!.&!401..2!-9%019+!%&'!%',(&(4-+%-.+!'(9-%+7!F91%;(.+!4I))94-!-1%-!(&-+.'I0(&)!2.0%2!$+.'I09!(&-.!401..2!,9%24!,%7!%24.!(&0+9%49!-9%019+!%&'!4-%MM!$%+-(0($%-(.&!(&!401..2!,9%2!$+.)+%,4JTB!39%2!$%+-(0($%-(.&!+%-94!)9&9+%227!$9%H!%M-9+!-19!$+.)+%,!(4!(&(-(%-9'!%&'!-%$9+!.MM!4.,9=1%-!%M-9+!-19!(&(-(%2!9#0(-9,9&-^!+9,%(&(&)!1()19+!-1%&!$+9]M%+,!-.!401..2!29;924JTK!V&!%!;(+-I.I4!0(+029^!(&0+9%4(&)!,9%2!$%+-(0($%-(.&!+%-94!0%&!(&0+9%49!+9;9&I9!M.+!M..'!49+;(09!$+.)+%,4^!%22.=(&)!-19,!-.!MI+-19+!(,$+.;9!,9%2!eI%2(-7J!!

/01..24!,%7!%24.!+9'I09!0.4-4!%4!M%+,!-.!401..2!$+.)+%,4!9#$%&'!%&'!-197!%+9!%F29!,%H9!2%+)9+!$I+01%494!M+.,!,.+9!$+.'I09+4J!G7!9#$%&'(&)!-19!,%+H9-!M.+!2.0%2!M..'^!M%+,!-.!401..2!$+.)+%,4!.M-9&!9&0.I+%)9!.-19+!(&4-(-I-(.&4^!4I01!%4!+94-%I+%&-4!%&'!1.4$(-%24^!-.!$I+01%49!M..'!M+.,!2.0%2!M%+,4J!Y1(4!MI+-19+!(&0+9%494!-19!%;%(2%F(2(-7!.M!19%2-17!M..'4!(&!-19!0.,,I&(-7!%&'!4-+9&)-19&4!-19!2.0%2!90.&.,7J!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!KK!@9F.+%1!\%&9!9-!%2J^!X"6$@(?&,)$*=$+636/$16/):[$P^&(4/2$)"6$P==6,):$*=$&$_AWO$?6'$>6&-$@/36:)(6/)$*/$Q*,&-$P,*/*(4,$L636-*?(6/)\$Q8/,"$J&')4,4?&)4*/$T&)6:\$&/<$+)8<6/)$J'6=6'6/,6:$=*'$%'84):$&/<$Y626)&5-6:$4/$X0*$C'62*/$+,"**-$L4:)'4,):^!"0.-+I4-!bBCDDc!b$IF2(0%-(.&!$9&'(&)!%-!-(,9!.M!-1(4!+9$.+-cJ!KT$@<A$KU!@<A$KL!@<A$KN!\9&!39-9+!%&'!f.&!8.4%294^!%4/<4/2$%**<$4/$%&'($1*8/)'#^!DX$bBCCDc^!&3&4-&5-6$&)$1--$5aa===J0+0=.+H4J.+)aMMJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!KO!@<A!KX!f6E"Y!>S>>"E@V"?\^!*8""!*S8!6<<5!*VqVER!/?:SS<!*SS@!VE!63"8V?6!DKU!bBCDCcJ!TC!+66!Q/@6!*..'!%&'!EI-+(-(.&!/9+;(094^!T&)6:$X&5-6^!&3&4-&5-6$&)$1--$5aa===JM&4JI4'%J).;a0&'aR.;9+&%&09a&.-(094a&%$4a&42DC]DD-J$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDc_!Q/@6!*..'!%&'!EI-+(-(.&!/9+;(094^!U&)4*/&-$+,"**-$Q8/,"$J'*2'&($%&,)$+"66)^!&3&4-&5-6$&)!1--$5aa===JM&4JI4'%J).;a0&'a2I&01a6F.I-<I&01aE/<>*%0-/199-J$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!TD!f.41(!9-!%2J^!:8?'&$&.-9!DU!%-!BKLJ!TB!S&27!-1+99!4-I'(94!1%;9!%449449'!01%&)94!(&!'(9-%+7!F91%;(.+!%,.&)!4-%MM!%&'!-9%019+4^!1.=9;9+!%22!-1+99!M.I&'!%!,%+H9'!$+9M9+9&09!M.+!M%+,!-.!401..2!,9%24J!@<A!TK!@<A!%-!BKNJ!

!DC!! !

>*(#".5')"1+!3)3=5.7+

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

Y19+9!%+9!1I&'+9'4!.M!2944.&!$2%&4!%&'!9'I0%-(.&%2!%0-(;(-(94!%;%(2%F29!.&2(&9!-1%-!0%&!F9!I49'!-.!(&-9)+%-9!9'I0%-(.&!(&-.!M%+,!-.!401..2!$+.)+%,4J!<(&H4!-.!0I++(0I2%!%&'!9'I0%-(.&%2!%0-(;(-(94^!(&02I'(&)!.&94!'94()&9'!M.+!3(44(44($$(!4-I'9&-4^!0%&!F9!M.I&'!(&!/90-(.&!q^!I&'9+!Z"'I0%-(.&J[!<944.&!$2%&4!,%7!M.0I4!.&!40(9&09!%&'!%)+(0I2-I+9^!M.+!9#%,$29!-9%01(&)!4-I'9&-4!-19!&%,94!%&'!)+.=(&)!49%4.&4!.M!2.0%2!$+.'I0-4^!FI-!,%&7!%24.!(&0.+$.+%-9!.-19+!4IFA90-!%+9%4^!4I01!%4!90.&.,(04!.+!,%-19,%-(04J!"#$9+(9&-(%2!29%+&(&)!%0-(;(-(94^!4I01!%4!M%+,!;(4(-4!.+!0..H(&)!%&'!)%+'9&(&)!02%4494^!%+9!$%+-(0I2%+27!9MM90-(;9!=%74!-.!(&0+9%49!4-I'9&-!H&.=29')9JTO!!

!

->.!<&9&7#%!?#;,!#*9!@&A2%#+3'*,!+

?051*+@(.&5.5')+:3"(.0'&5A".5')+B#.+

?.&)+944!,I4-!+9%I-1.+(P9!-19!M9'9+%2!01(2'!&I-+(-(.&!$+.)+%,4!9;9+7!M(;9!79%+4J!"%01!.M!-19!9()1-!M9'9+%2!401..2!,9%2!%&'!01(2'!&I-+(-(.&!$+.)+%,4!%+9!%I-1.+(P9'!(&!-1(4!4(&)29!$(909!.M!29)(42%-(.&^!(&02I'(&)!-19!E%-(.&%2!/01..2!<I&01!>+.)+%,^!-19!/01..2!G+9%HM%4-!>+.)+%,^!%&'!-19!/$90(%2!/I$$29,9&-%2!EI-+(-(.&!>+.)+%,!M.+!i.,%&^!V&M%&-4^!%&'!?1(2'+9&!biV?c^!%,.&)!.-19+4JTX!Y19!,.4-!+909&-!(-9+%-(.&!.M!-19!2%=^!9&-(-29'!Y19!:9%2-17^!:I&)9+]*+99!\('4!60-!.M!BCDC!b::\!60-c^!$+.,(494!-.!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!TT!@(9-P^!:8?'&$&.-9!BNJ!TU!Q/@6!*..'!%&'!EI-+(-(.&!/9+;(09^!9+L7$%&'($)*$+,"**-$@/4)4&)436$%&,):$+"66)^$&3&4-&5-6$&)$1--$5aa===JM&4JI4'%J).;a0&'aMB4a$'Ma*B/m(&(-(%-(;9mM%0-m4199-mCTCDDCJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!TL!f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i9()1-!l!:9%2-1^!QJ?J!G9+H9297^!BB^!BL!b/9$-J!BCDCc^!&3&4-&5-6$&)!1--$5aa0=1JF9+H9297J9'Ia4(-94a'9M%I2-aM(294a$+(,%+7m$'M4a6&m";%2I%-(.&m.Mm-19m/01..2m<I&01mV&(-(%-(;9m*(&%2jBC89$.+-mXJBBJDCJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!TX!Y19!+9,%(&(&)!01(2'!&I-+(-(.&!$+.)+%,4!%+9!-19!?1(2'!%&'!6'I2-!?%+9!*..'!>+.)+%,^!-19!/I,,9+!*..'!/9+;(09!>+.)+%,^!-19!6M-9+401..2!/&%0H!%&'!39%2!>+.)+%,^!-19!*+941!*+I(-!%&'!d9)9-%F29!>+.)+%,^!-19!*+941!*+I(-!%&'!d9)9-%F29!>+.)+%,^!%&'!-19!/$90(%2!3(2H!>+.)+%,J!*..'!8949%+01!%&'!60-(.&!?9&-9+^!1UT$%7`^!&3&4-&5-6$&)!1--$5aaM+%0J.+)a29)]%0-]09&-9+a0&+]$+(.+(-(94a0&+]M%ea!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!

<#76!+'!,1=''%!&921#+3'*#%!#1+343+3&,!1#*!3*17&#,&!V*';%&9A&!'*!+'D31,!,21=!#,!*2+73+3'*!#*9!

=&#%+=I!%'1#%!(''9,!#*9!#A7312%+27&I!#*9!+=&!&*437'*6&*+.!

!DD!! !

4()&(M(0%&-27!01%&)9!-19!0.&-9&-!.M!401..2!,9%24!(&!6,9+(0%JUC!V-!9&0.I+%)94!401..24!-.!(&0+9%49!-19!%,.I&-4!.M!M+941!M+I(-4!%&'!;9)9-%F294!49+;9'!bF7!%I-1.+(P(&)!%!1()19+!+9(,FI+49,9&-!+%-9!M.+!4I01!(&0+9%49c!%&'!MI&'4!0.,$9-(-(;9!)+%&-4!'9'(0%-9'!-.!M%+,!-.!401..2!$+.)+%,4!%+.I&'!-19!0.I&-+7J!G7!(&0.+$.+%-(&)!M%+,!-.!401..2!(&-.!(-4!401..2!,9%2!$2%&4!&.=^!3(44(44($$(!=(22!F9!$+9$%+9'!-.!F9&9M(-!M+.,!-19!)+%&-4^!+9)I2%-(.&4^!%&'!(&(-(%-(;94!-1%-!%+9!F9(&)!49-!(&!,.-(.&!F7!-19!::\!60-J!

Y19!::\!60-!)(;94!-19!Q/@6!-19!%I-1.+(-7!-.!94-%F2(41!&9=!&%-(.&%2!&I-+(-(.&%2!4-%&'%+'4!M.+!M..'4!4.2'!%-!401..24!-1+.I)1.I-!-19!401..2!'%7JUD!64!'(40I449'!F92.=^!-1949!&9=!&I-+(-(.&%2!4-%&'%+'4!%+9!9#$90-9'!-.!+9eI(+9!401..24!-.!(&02I'9!,.+9!M+I(-4!%&'!;9)9-%F294!(&!401..2!,9%24J!/01..24!-1%-!,99-!-19!&9=!4-%&'%+'4!=(22!+909(;9!%!4(#]09&-!(&0+9%49!(&!-19!M9'9+%2!+9(,FI+49,9&-!+%-9!M.+!9%01!401..2!2I&01JUB!/(#!09&-4!,%7!&.-!499,!2(H9!%!4()&(M(0%&-!(&0+9%49_!1.=9;9+!(-!(4!-19!M(+4-!(&0+9%49!(&!M9'9+%2!+9(,FI+49,9&-!+%-94!%4('9!M+.,!(&M2%-(.&!%'AI4-,9&-4!(&!-1(+-7!79%+4JUK!

Y1(4!(&0+9%49!(&!-19!+9(,FI+49,9&-!+%-9!=(22!F9!MI+-19+!%I),9&-9'!F7!490-(.&!BCU!.M!-19!4-%-I9^!

=1(01!+9eI(+94!401..24!-.!)+%'I%227!(&0+9%49!-19!$+(09!01%+)9'!M.+!Z$%('[!401..2!2I&0194JUT!>%('!2I&0194!%+9!,9%24!$I+01%49'!F7!01(2'+9&!=1.!'.!&.-!eI%2(M7!M.+!M+99!.+!+9'I09'!,9%24J!3%&7!401..24!0I++9&-27!'(;9+-!M9'9+%2!'.22%+4!(&-9&'9'!-.!+9(,FI+49!,9%24!M.+!2.=](&0.,9!01(2'+9&!-.!4IF4('(P9!-19!$+(09!.M!$%('!,9%24JUU!Y19!::\!60-!9&4I+94!-1%-!,.+9!,.&97!=(22!F9!4$9&-!.&!401..2!2I&0194!F7!)+%'I%227!9&'(&)!-1(4!$+%0-(09J!S;9+!-19!&9#-!'90%'9^!-1(4!$+.;(4(.&!(4!9#$90-9'!-.!+%(49!%F.I-!gBJL!F(22(.&!M.+!401..2!2I&0194^!.+!%$$+.#(,%-927!M(;9!09&-4!$9+!2I&01!49+;9'JUL!!

V&!-19!$+9;(.I4!+9%I-1.+(P%-(.&^!-19!?1(2'!EI-+(-(.&!%&'!iV?!89%I-1.+(P%-(.&!60-!.M!BCCT^!?.&)+944!(&02I'9'!%!i922&944!>.2(07!3%&'%-9^!=1(01!+9eI(+9'!401..2!'(4-+(0-4!-1%-!+909(;9!M9'9+%2!MI&'4!M.+!401..2!,9%24!-.!0+9%-9!401..2!=922&944!$.2(0(94JUN!Y19!=922&944!$.2(0(94!=9+9!-.!94-%F2(41!)9&9+%2!&I-+(-(.&!%&'!$174(0%2!%0-(;(-7!).%24JUO!6!BCCX!8.F9+-!i..'!f.1&4.&!*.I&'%-(.&!F+(9M!.&!401..2!=922&944!$.2(0(94!M.I&'!-1%-!-19!eI%2(-7!.M!2.0%2!401..2!=922&944!$.2(0(94!;%+(9'!)+9%-27!%0+.44!401..2!'(4-+(0-4J!UX!/01..2!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!UC!:9%2-17^!:I&)9+]*+99!\('4!60-!.M!BCDC^!>IFJ!<J!E.J!DDD]BXL^!DBT!/-%-J!KDOK!bBCDCcJ!UD!@<A$h!BCO_!*..'!8949%+01!%&'!60-(.&!?9&-9+^!;42"-42"):[$;6&-)"#\$;8/26'$%'66$a4<:$7,)$*=$FWBW^!&3&4-&5-6$&)!1--$5aaM+%0J.+)a1()12()1-4]19%2-17]1I&)9+]M+99]H('4]%0-].M]BCDCa!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!UB!:9%2-17^!:I&)9+]*+99!\('4!60-!.M!BCDC!h!BCDJ!UK!f%&9!G2%0H^!P^)'&$Q8/,"$>*/6#$;4<<6/$4/$1"4-<$U8)'4)4*/$Z4--^!Y:"!6Y<6EYV?^!@90J!K^!BCDC^!&3&4-&5-6$&)!1--$5aa===J-19%-2%&-(0J0.,a2(M9a%+01(;9aBCDCaDBa9#-+%]2I&01],.&97]1(''9&](&]01(2']&I-+(-(.&]F(22aLNTTTa!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!UT!:9%2-17^!:I&)9+]*+99!\('4!60-!.M!BCDC!h!BCUJ!UU!@<A!UL!",%(2!M+.,!f%&9!G2%0H^!M+992%&09!M..'!=+(-9+^!-.!%I-1.+!b3%+J!BK^!BCDDc!b.&!M(29!=(-1!%I-1.+cJ!UN!TB!QJ/J?J6J!h!DNUD!bi94-!BCDDc^!&3&4-&5-6$&)$1--$5aa===JM&4JI4'%J).;a-&a19%2-17aDCO]BLUJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!UO!@<A!UX!8.F9+-!i..'!f.1&4.&!*.I&'%-(.&^!Q*,&-$+,"**-$!6--/6::$J*-4,46:[$;*0$&'6$+,"**-:$@(?-6(6/)4/2$)"6$1*/2'6::4*/&-$>&/<&)6.\!U!bBCCXc^!&3&4-&5-6$&)$1--$5aa===J+=AMJ.+)aM(294a+949%+01aBCCXCNCO2.0%2=922&944J$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!

"=&!W&#%+=8I!W2*A&7!<7&&!X39,!G1+!'(!SKPK!D7'439&,!OMK!

63%%3'*!3*!6#*9#+'78!(2*93*A!('7!#!Y5ZG!<#76!+'!51=''%!A7#*+!D7'A7#6.+

!DB!! !

'(4-+(0-4!=9+9!&.-!+9eI(+9'!-.!49-!4$90(M(0!).%24!%&'!-19+9!=9+9!&.!$9&%2-(94!M.+!'(4-+(0-4!-1%-!M%(29'!-.!(,$29,9&-!-19(+!$.2(0(94^!%22.=(&)!401..2!'(4-+(0-4!-.!9449&-(%227!()&.+9!-19!,%&'%-9JLC!

Y19!::\!60-!4-+9&)-19&4!2.0%2!401..2!=922&944!$.2(0(94!F7!I$'%-(&)!-19!+9eI(+9,9&-4!.M!-19!$.2(0(94!%&'!+9eI(+(&)!.$$.+-I&(-(94!M.+!$IF2(0!(&$I-^!-+%&4$%+9&07^!%&'!%&!(,$29,9&-%-(.&!$2%&JLD!Y19!::\!60-!%24.!+9eI(+94!-19!Q/@6!-.!(44I9!+9;(49'!+9)I2%-(.&4!-.!$+.;('9!&9=!)I('92(&94!M.+!2.0%2!401..2!=922&944!$.2(0(94JLB!Y19!)+.=(&)!9,$1%4(4!.&!=922&944!$.2(0(94!%-!-19!M9'9+%2!29;92!=(22!2(H927!%0-!%4!%&!(,$9-I4!M.+!401..24!-.!MI+-19+!(&0+9%49!-19!%,.I&-!.M!M+941!M+I(-4!%&'!;9)9-%F294!-197!49+;9J!

*(&%227^!-19!::\!60-!$+.;('94!gTC!,(22(.&!(&!,%&'%-.+7!MI&'(&)!M.+!%!&9=!Q/@6!M%+,!-.!401..2!)+%&-!$+.)+%,JLK!Y1(4!&9=!)+%&-!$+.)+%,!(4!'(40I449'!(&!/90-(.&!q^!I&'9+!ZR.;9+&,9&-!*I&'(&)!S$$.+-I&(-(94J[!Y19!*%+,!-.!/01..2!R+%&-!$+.)+%,!=(22!M(&%&09!M%+,!-.!401..2!-+%(&(&)^!.$9+%-(.&4^!$2%&&(&)^!%&'!9eI($,9&-J!V-!=(22!%24.!4I$$.+-!-19!0+9%-(.&!.M!$%+-&9+41($4!%&'!9MM.+-4!-.!'9;92.$!401..2!)%+'9&4J!6,.&)!-19!0+(-9+(%!I49'!-.!49290-!)+%&-994!=(22!F9!-19!&I,F9+!.M!4-I'9&-4!%-!$%+-(0($%-(&)!401..24!-1%-!eI%2(M7!M.+!2.=!.+!+9'I09'!$+(09!,9%24J!!

6&'9'73*+C/DB+/#0''1+83"1+/.")*"&*7+

V&!0.,$2(%&09!=(-1!-19!::\!60-^!(&!f%&I%+7!BCDD!-19!Q/@6!$IF2(419'!%!$+.$.49'!+I29!-.!I$'%-9!-19!&I-+(-(.&!4-%&'%+'4!M.+!401..2!,9%24JLT!Y19!&9=!4-%&'%+'4^!=1(01!=(22!F9!-19!M(+4-!4()&(M(0%&-!+9;(4(.&!-.!401..2!,9%2!4-%&'%+'4!(&!M(M-99&!79%+4^!=9+9!F%49'!.&!%!BCCX!V&4-(-I-9!.M!39'(0(&9!+9$.+-JLU!Y19!$+.$.49'!M+I(-!%&'!;9)9-%F29!49+;(&)!+9eI(+9,9&-4!=.I2'!)+9%-27!(&0+9%49!-19!%,.I&-!.M!$+.'I09!49+;9'!F7!,.4-!401..24J!Y19!%,.I&-!.M!M+I(-!+9eI(+9'!-.!F9!49+;9'!=(-1!F+9%HM%4-!=.I2'!F9!'.IF29'JLL!<I&01!49+;(&)4!.M!M+I(-4!%&'!;9)9-%F294!=.I2'!499!%!4(,(2%+!(&0+9%49J!?I++9&-27^!.&27!1%2M!%!0I$!.M!M+I(-4!.+!;9)9-%F294!%+9!+9eI(+9'!-.!,99-!-19!,(&(,I,!2I&01!+9eI(+9,9&-JLN!Y19!$+.$.49'!&9=!,(&(,I,!+9eI(+9,9&-!=.I2'!$+.;('9!4-I'9&-4!=(-1!%-!29%4-!-1+99]M.I+-14!.M!%!0I$!.M!;9)9-%F294!&/<!1%2M!%!0I$!.M!M+I(-!%-!2I&01JLO!

Y19!$+.$.49'!+I29!=.I2'!%24.!(&0+9%49!-19!;%+(9-7!.M!;9)9-%F294!49+;9'!%-!,%&7!401..24J!V-!=.I2'!+9eI(+9!401..24!-.!49+;9!%-!29%4-!1%2M!%!0I$!.M!-19!M.22.=(&)!;9)9-%F29!4IF)+.I$4!9%01!=99H5!'%+H!)+99&^!.+%&)9^!29)I,94^!%&'!.-19+JLX!/-%+017!;9)9-%F294^!4I01!%4!=1(-9!$.-%-.94^!0.+&^!%&'!)+99&!$9%4^!=.I2'!F9!2(,(-9'!-.!.&9!0I$!$9+!=99HJNC!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!LC!@<A!LD!:9%2-17^!:I&)9+]*+99!\('4!60-!.M!BCDC^!>IFJ!<J!E.J!DDD]BXL^!h!BCT^!DBT!/-%-J!KDOK^!KBDL!bBCDCc_!*..'!8949%+01!60-(.&!?9&-9+^!+8((&'#$*=$)"6$+,"**-$U8)'4)4*/$J'*2'&($J'*34:4*/:$4/$)"6$;6&-)"#\$;8/26'G%'66$a4<:$7,)$*=$FWBW^!K^!&3&4-&5-6$&)!1--$5aaM+%0J.+)a=$]0.&-9&-aI$2.%'4aBCDCaCTa0&+m401..2m&I-+(-(.&m$+.)+%,m$+.;(4(.&4m4I,,%+7J$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!LB!@<A!LK!:9%2-17^!:I&)9+]*+99!\('4!60-!.M!BCDC!h!BTKJ!LT!EI-+(-(.&%2!/-%&'%+'4!(&!-19!E%-(.&%2!/01..2!<I&01!%&'!/01..2!G+9%HM%4-!>+.)+%,4^!NL!*9'J!89)J!BTXT!b$+.$.49'!f%&J!DK^!BCDDc!b-.!F9!0.'(M(9'!%-!N!?J*J8J!$-J!BDCc^!&3&4-&5-6$&)!1--$5aa===JM&4JI4'%J).;a0&'aR.;9+&%&09a+9)I2%-(.&4aBCDD]CD]DKJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!LU!V&4-(-I-9!.M!39'(0(&9^!+,"**-$>6&-:[$Z84-<4/2$Z-*,R:$=*'$;6&-)"#$1"4-<'6/!bBCCXcJ!LL!@<A$%-!BUCCJ!/01..24!=(22!%24.!F9!%F29!-.!MI2M(22!-19!F+9%HM%4-!+9eI(+9,9&-!=(-1!&.&]4-%+017!;9)9-%F294J!LN!@<A!LO!@<A!!LX!@<A!%-!BUCC^!BUUTJ!Y19!'%+H!)+99&!4IF)+.I$!0.&-%(&4!F.H!01.7^!F+.00.2(^!0.22%+'!)+99&4^!'%+H!)+99&!29%M7!29--I09^!H%29^!,I4-%+'!)+99&4^!+.,%(&9!29--I09^!4$(&%01^!-I+&($!)+99&4^!%&'!=%-9+0+944J!Y19!.+%&)9!0%-9).+7!(&02I'94!%0.+&!4eI%41^!FI--9+&I-!4eI%41^!0%++.-4^!$I,$H(&4^!%&'!4=99-!$.-%-.94J!<9)I,94!(&02I'94!F2%0H!F9%&4^!F2%0H]979'!$9%4^!)%+F%&P.!F9%&4^!)+99&!$9%4^!H('&97!F9%&4^!29&-(24^!2(,%!F9%&4^!4.7!F9%&4^!4$2(-!$9%4^!%&'!=1(-9!F9%&4J!/-%+017!;9)9-%F294!(&02I'9!0.+&^!)+99&!$9%4^!2(,%!F9%&4^!%&'!

!DK!! !

C/DB+E3'%&"905#+6&3=3&3)#3+:(13+

<(H9!-19!$9+(.'(0!+9%I-1.+(P%-(.&!.M!-19!M9'9+%2!01(2'!&I-+(-(.&!$+.)+%,4!%01(9;9'!-1+.I)1!-19!::\!60-^!-19!M9'9+%2!M%+,!F(22!,I4-!F9!+9%I-1.+(P9'!9;9+7!M(;9!79%+4J!Y19!M%+,!F(22!(4!-19!2%+)94-!%&'!,.4-!(,$.+-%&-!2%=!+92%-(&)!-.!%)+(0I2-I+9!%&'!M..'!$.2(07!%-!-19!M9'9+%2!29;92J!i1(29!(-!'.94!&.-!'(+90-27!%MM90-!-19!0.&-9&-!.+!MI&'(&)!.M!401..2!,9%24!2(H9!-19!::\!60-^!(-!$2%74!%!,%A.+!+.29!(&!%)+(0I2-I+9!(&!6,9+(0%!%&'!%&!(&0+9%4(&)27!(,$.+-%&-!+.29!(&!-19!)+.=-1!.M!M%+,!-.!401..2J!Y19!*..'^!?.&49+;%-(.&!%&'!"&9+)7!60-!.M!BCCO!(4!-19!,.4-!+909&-!(-9+%-(.&!.M!-19!M%+,!F(22J!Y1(4!60-!'(+90-9'!-19!Q/@6!-.!$%44!+9)I2%-(.&4!9&0.I+%)(&)!(&4-(-I-(.&4!$%+-(0($%-(&)!(&!01(2'!&I-+(-(.&!$+.)+%,4!-.!$I+01%49!2.0%2!%)+(0I2-I+%2!$+.'I0-4JND!Q&'9+!-1(4!,%&'%-9^!(&!6$+(2!BCDD!-19!Q/@6!+929%49'!%!+I29!%22.=(&)!-1949!(&4-(-I-(.&4!-.!%$$27!%!)9.)+%$1(0!$+9M9+9&09!(&!-19!$+.0I+9,9&-!.M!I&$+.09449'!2.0%227!)+.=&!%&'!2.0%227!+%(49'!%)+(0I2-I+%2!$+.'I0-4JNB!Y19!+I29!029%+27!94-%F2(4194!-1%-!)(;(&)!2.0%2!F(''9+4!%&!%';%&-%)9!(&!-19!$+.0I+9,9&-!$+.0944!M.+!I&$+.09449'!$+.'I0-4!(4!&.-!.&27!29)%2!I&'9+!M9'9+%2!2%=^!FI-!(4!%0-(;927!9&0.I+%)9'!F7!(-J!

Y19!)9.)+%$1(0!$+9M9+9&09!+I29`4!(,$%0-!(&!3(44(44($$(!,%7!F9!2(,(-9'!'I9!-.!-19!F(''(&)!$+.0944!I49'!F7!-19!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&`4!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9J!64!'(40I449'!F92.=!(&!/90-(.&!d^!Z*..'!>I+01%4(&)!>+%0-(094!(&!3(44(44($$(^[!-19!,%A.+(-7!.M!$IF2(0!401..24!(&!3(44(44($$(!$I+01%49!-19(+!$+.'I09!-1+.I)1!%!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9JNK!i19&!01..4(&)!4I$$2(9+4^!-19!0..$9+%-(;9!(44I94!%&!(&;(-%-(.&!M.+!%!F('!bV*Gc^!(&!=1(01!4I$$2(9+4!4IF,(-!%!$+(09!$+.$.4%2!M.+!-19!$+.'I0-JNT!6!4I$$2(9+`4!$+.'I0-!,I4-!4%-(4M7!-19!0..$9+%-(;9`4!4$90(M(0%-(.&4!(&!.+'9+!-.!F9!0.&4('9+9'JNU!Y1949!4$90(M(0%-(.&4!%+9!'94()&9'!-.!9&4I+9!-1%-!-19!0..$9+%-(;9`4!$+.'I0-4!,99-!.+!9#099'!&%-(.&%2!eI%2(-7!4-%&'%+'4JNL!64!(4!4-%&'%+'!$+%0-(09!=(-1!V*G4^!1.=9;9+^!-1949!4$90(M(0%-(.&4!$2%7!&.!+.29!(&!-19!F(''(&)!$+.0944!.I-4('9!.M!'9-9+,(&(&)!=1.!,%7!$%+-(0($%-9!%&'!-19!2.=94-!eI%2(M7(&)!F('!(4!&.+,%227!%=%+'9'!-19!0.&-+%0-J!Y1(4!(4!(&!0.&-+%4-!-.!%!+9eI94-!M.+!$+.$.4%2!b8*>c^!(&!=1(01!.-19+!0.&4('9+%-(.&4^!4I01!%4!-19!)9.)+%$1(0!$+.;9&%&09!.M!%!$+.'I0-^!0%&!F9!0.&4('9+9'!=19&!49290-(&)!-19!F('J!G90%I49!V*G4!'.!&.-!-%H9!M%0-.+4!.-19+!-1%&!$+(09!(&-.!%00.I&-!=19&!'9-9+,(&(&)!-19!=(&&(&)!F('^!(-!=(22!F9!,.+9!'(MM(0I2-!M.+!(&4-(-I-(.&4!-1%-!I49!V*G4!-.!-%H9!%';%&-%)9!.M!-19!Q/@6`4!&9=!)9.)+%$1(0!$+9M9+9&09!+I29J!E.&9-192944^!-19!Q/@6!1%4!+90.,,9&'9'!%!0.I$29!.M!,9-1.'4!M.+!(&0.+$.+%-(&)!)9.)+%$1(0!$+9M9+9&09!(&-.!V*G4J!*(+4-^!%&!V*G!(44I9+!0%&!=+(-9!(&!4$90(M(0%-(.&4!-1%-!%';%&-%)9!2.0%2!4I$$2(9+4JNN!*.+!9#%,$29^!%&!(44I9+!499H(&)!F('4!.&!%$$294!0.I2'!4$90(M7!-1%-!-19!%$$29!,I4-!F9!$(0H9'!=(-1(&!.&9!'%7!.M!'92(;9+7!.+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!=1(-9!$.-%-.94J!Y19!Z.-19+[!0%-9).+7!(&02I'94!Z%22!.-19+!J!J!J!;9)9-%F294^[!(&02I'(&)!-.,%-.94^!-.,%-.!AI(09^!(09F9+)!29--I09^!)+99&!F9%&4^!%&'!.&(.&4J[!NC!@<A$%-!BUCCJ!ND!*..'^!?.&49+;%-(.&!%&'!"&9+)7!60-!.M!BCCO^!>IFJ!<J!DDC]BKT^!h!DDCCB^!DBB!/-%-J!XBK^!DDBU]DDBL!bBCCOcJ!NB!R9.)+%$1(0!>+9M9+9&09!S$-(.&!M.+!-19!>+.0I+9,9&-!.M!Q&$+.09449'!6)+(0I2-I+%2!>+.'I0-4!(&!?1(2'!EI-+(-(.&!>+.)+%,4^!NL!*9'J!89)J!BB^LCK!b6$+J!BB^!BCDDc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b*9FJ!O^!BCDDc!b.&!M(29!=(-1!%I-1.+cJ!NT!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&$&.-9!TJ!NU!",%(2!M+.,!>+(40(22%!6,,9+,%&^!>+.A90-4!SMM(09+^!@(+90-.+!.M!>I+01%4(&)!%&'!*..'!@(4-+(FI-(.&^!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&^!-.!%I-1.+!bfI&9!DN^!BCDDc!b.&!M(29!=(-1!%I-1.+cJ!NL!@<A$NN!?7&-1(%!<.&)^!J'*,8'6(6/)$I6*2'&?"4,$J'6=6'6/,6$`]7:^!Q/@6!*..'!%&'!EI-+(-(.&!/9+;(09!b*9FJ!D^!BCDDc^!&3&4-&5-6$&)$1--$5aa===JM&4JI4'%J).;a0&'aR.;9+&%&09a>.2(07]39,.4aBCDDa/>DO]BCDDm.4J$'M$b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!

!DT!! !

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

!

>.!<''9!B271=#,3*A!B7#1+31&,!3*!C3,,3,,3DD3++

FG3&G534+

>IF2(0!401..24!(&!3(44(44($$(!0I++9&-27!$+.0I+9!M..'!M+.,!-1+99!'(MM9+9&-!4.I+0945!bDc!-19!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&`4!b3@"c!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9^!bBc!-19!Q&(-9'!/-%-94!@9$%+-,9&-!.M!6)+(0I2-I+9`4!bQ/@6c!0.,,.'(-7!$+.)+%,4^!%&'!bKc!(&'9$9&'9&-!'(4-+(FI-.+4JOD!Y1(4!490-(.&!=(22!%24.!'(40I44!%&.-19+!,9-1.'!.M!$+.0I+9,9&-!$+9;(.I427!I49'!(&!3(44(44($$(5!ZM%+,!'(+90-[!$I+01%4(&)J!Y1(4!-7$9!.M!$I+01%4(&)^!(&!=1(01!401..2!FI7!%)+(0I2-I+%2!$+.'I0-4!'(+90-27!M+.,!M%+,9+4^!1%4!-+%'(-(.&%227!F99&!-19!M.0I4!.M!2.0%2!M%+,!-.!401..2!$+.)+%,4JOB!

/.".345*3+6(&#0"75)%+?''93&".5G3+

Y19!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&!b3@"c!.$9+%-94!%!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9JOK!/01..2!'(4-+(0-4!%+9!&.-!+9e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

64!&.-9'!%F.;9^!-19!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9`4!0I++9&-!F(''(&)!$+.0944!,%H94!(-!'(MM(0I2-!-.!)(;9!$+9M9+9&09!-.!(&]4-%-9!.+!2.0%2!$+.'I0-4J!V&4-9%'!.M!(44I(&)!+9eI94-4!M.+!$+.$.4%24!b8*>4c!=19&!49290-(&)!'(4-+(FI-.+4^!3@"!(44I94!(&;(-%-(.&4!M.+!F('4!bV*G4cJOX!V*G4^!I&2(H9!8*>4^!M.0I4!4.2927!.&!$+(0(&)!=19&!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!NO!@<A$$NX!@<A$OC!Y19!M(;9!'.22%+4!=.I2'!.&27!F9!'9'I0-9'!(&!.+'9+!-.!'9-9+,(&9!-19!=(&&(&)!F(''9+!%&'!=.I2'!&.-!%MM90-!-19!%0-I%2!$+(09!$%('!-.!%!F(''9+J!@<A!!!OD!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!TJ!OB!G9--7!VPI,(!9-!%2J^!%&'($)*$+,"**-$J'*2'&(:[$P^?-*'4/2$)"6$T*-6$*=$T624*/&--#GZ&:6<$%**<$L4:)'458)*':$4/$7-)6'/&)436$72'4=**<$U6)0*'R:^!BN!6R8V?J!:Q3J!d6<Q"/!KKU^!KKL!bBCDCcJ!OK!3(44(44($$(!SMM(09!.M!:9%2-17!/01..24^!;*0$)*$b*4/$)"6$J8',"&:4/2$J'*2'&(^!&3&4-&5-6$&)$1--$5aa===J19%2-17401..24,4J.+)a&I-+(-(.&m49+;(094aA.(&(&)m$I+01%4(&)J1-,!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!OT!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!TJ!OU!3(44(44($$(!SMM(09!.M!:9%2-17!/01..24^!;*0$)*$b*4/$)"6$J8',"&:4/2$J'*2'&(^!:8?'&!&.-9!OKJ!OL!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!TJ!ON!",%(2!M+.,!@.+.-17!/,(-1^!:8?'&!&.-9!NKJ!OO!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!TJ!OX!@<A!

!DU!! !

'9-9+,(&(&)!-19!=(&&(&)!F('!%&'!'.!&.-!-%H9!(&-.!%00.I&-!.-19+!0.&4('9+%-(.&4^!4I01!%4!-19!%,.I&-!.M!2.0%2!M..'!-1%-!=(22!F9!I49'J!64!'(40I449'!%F.;9!(&!/90-(.&!d^!-19!Q/@6!1%4!+90.,,9&'9'!-=.!'(MM9+9&-!,9-1.'4!M.+!(&0.+$.+%-(&)!%!)9.)+%$1(0!$+9M9+9&09!(&-.!V*G4J!Y1949!,9-1.'4!=(22!F9!MI+-19+!'(40I449'!(&!/90-(.&!Vq^!Z890.,,9&'%-(.&4J[!

";9&!(M!3@"!=9+9!-.!)(;9!$+9M9+9&09!-.!'(4-+(FI-.+4!I4(&)!2.0%2!$+.'I0-4!'I+(&)!-19!F(''(&)!$+.0944^!(-4!09+-(M(0%-(.&!+9eI(+9,9&-4!=.I2'!9#02I'9!,.4-!3(44(44($$(!M%+,9+4J!3@"!+9eI(+94!-1%-!$+.'I09!$I+01%49'!M+.,!'(4-+(FI-.+4!-1+.I)1!(-4!F('!474-9,!,I4-!1%;9!$+..M!.M!4I00944MI2!0.,$29-(.&!.M!%!-1(+'!$%+-7!%I'(-!I4(&)!&%-(.&%227!+90.)&(P9'!09+-(M(0%-(.&!4-%&'%+'4^!4I01!%4!R..'!6)+(0I2-I+%2!>+%0-(094aR..'!:%&'2(&)!>+%0-(094^!/r*!BCCC^!.+!V/S!BBCCC^!%,.&)!.-19+4JXC!!

S&9!.M!-19!,.4-!0.,,.&27!I49'!%I'(-!$+.)+%,4!(4!R..'!6)+(0I2-I+%2!>+%0-(094!bR6>c!%&'!R..'!:%&'2(&)!>+%0-(094!bR:>c^!=1(01!(4!%24.!+9eI(+9'!M.+!$+.'I09!$I+01%494!-1+.I)1!-19!@9$%+-,9&-!.M!@9M9&49!*+941!>+.)+%,!b'(40I449'!F92.=cJXD!R6>!%&'!R:>!%+9!-..24!(&-9&'9'!-.!9&4I+9!-1%-!M%+,9+4!%&'!M..'!$+.0944.+4!%+9!I4(&)!-19!F94-!%;%(2%F29!,9-1.'4!-.!H99$!M..'!$+.'I0-4!4%M9!M+.,!M..'F.+&9!(22&94494J!Y19!Q/@6`4!6)+(0I2-I+%2!3%+H9-(&)!/9+;(09!bQ/@6a63/c!;9+(M(94!-1%-!$+.'I09+4!,99-!R6>!%&'!R:>!4-%&'%+'4!F%49'!.&!%'19+9&09!-.!-19!*..'!%&'!@+I)!6',(&(4-+%-(.&!b*@6c!RI('9!-.!3(&(,(P9!3(0+.F(%2!*..'!/%M9-7!:%P%+'4!M.+!*+941!*+I(-4!%&'!d9)9-%F294JXB!R6>!%$$+%(494!M%+,!$+%0-(094!=1(29!R:>!9#%,(&94!$+%0-(094!%-!$%0H(&)!M%0(2(-(94^!4-.+%)9!M%0(2(-(94^!%&'!=1.294%29!'(4-+(FI-(.&!09&-9+4JXK!!

R6>aR:>!09+-(M(0%-(.&!(4!.$-(.&%2!%&'!(&'(;('I%24!.+!0.,$%&(94!%$$27(&)!M.+!09+-(M(0%-(.&!,I4-!$%7!%22!%44.0(%-9'!9#$9&494!b(&02I'(&)!)9--(&)!-19!M%+,!.I-M(--9'!4.!-1%-!(-!0%&!$%44!-19!09+-(M(0%-(.&!$+.0944!%&'!$%7(&)!M.+!-19!09+-(M(0%-(.&!(-492McJXT!@I9!-.!-19!M(40%2!FI+'9&!%&'!-19!$9+09$-(.&!-1%-!-19!09+-(M(0%-(.&!$+.0944!(4!0.,$29#^!M9=!4,%22!.+!,(']4(P9'!M%+,4!%+9!R6>aR:>!09+-(M(9'J!V&!3(44(44($$(^!.&27!-1(+-7]-1+99!M%+,4!%+9!09+-(M(9'!%&'!-=9&-7]-1+99!.M!-1949!%+9!.&27!09+-(M(9'!M.+!F2I9F9++(94JXU!

C/DB+?'--'*5.<+6&'%&"-7+

3@"!%24.!.+'9+4!M..'!-1+.I)1!-19!Q/@6!0.,,.'(-7!$+.)+%,4^!(&02I'(&)!-19!E%-(.&%2!/01..2!<I&01!$+.)+%,^!-19!*+941!*+I(-!%&'!d9)9-%F29!>+.)+%,^!%&'!-19!@9$%+-,9&-!.M!@9M9&49!*+941!*+I(-!%&'!d9)9-%F29!>+.)+%,JXL!Y19!E%-(.&%2!/01..2!<I&01!$+.)+%,!(4!-19!Q/@6`4!,%(&!401..2!,9%2!$+.)+%,^!$+.;('(&)!0%41!4IF4('(94!%&'!'.&%-9'!0.,,.'(-(94!-.!$%+-(0($%-(&)!401..24JXN!Y19!*+941!*+I(-!%&'!d9)9-%F29!>+.)+%,!$+.;('94!401..24!=(-1!M+I(-!%&'!;9)9-%F29!4&%0H4!-.!'(4-+(FI-9!-.!01(2'+9&!=(-1.I-!01%+)9JXO!Y19!@9$%+-,9&-!.M!@9M9&49!b@.@c!*+941!*+I(-!%&'!d9)9-%F29!>+.)+%,!b*+941!>+.)+%,c!%24.!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!XC!",%(2!M+.,!>+(40(22%!6,,9+,%&^!>+.A90-4!SMM(09+^!@(+90-.+!.M!>I+01%4(&)!%&'!*..'!@(4-+(FI-(.&^!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&^!-.!%I-1.+!b3%7!BU^!BCDDc!b.&!M(29!=(-1!%I-1.+cJ!XD!@<A$XB!Q/@6!6)+(0I2-I+%2!3%+H9-(&)!/9+;(09^!I'&<4/2\$16')4=4,&)4*/$&/<$Y6'4=4,&)4*/^!&3&4-&5-6$&)$1--$5aa===J%,4JI4'%J).;a63/;DJCa%,4JM9-01Y9,$2%-9@%-%J'.W-9,$2%-9sY9,$2%-9El$%)9sR6>R:>6I'(-d9+(M(0%-(.&>+.)+%,!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!XK!@<A!XT!+66$4<J!XU!Q/@6!6)+(0I2-I+%2!3%+H9-(&)!/9+;(09^$I7JEI;J$78<4)$Y6'4=4,&)4*/$J'*2'&($>4::4::4??4^!&3&4-&5-6$&)$1--$5aa===J%,4JI4'%J).;a63/;DJCa)9-M(29W'@.0E%,9s/Y"<>8@?UCONOBL!b2%4-!;(4(-9'!3%7!DT^!BCDDc_!-1(4!0.I&-!9#02I'94!-=.!M%0(2(-(94!192'!F7!620.+&!/-%-9!Q&(;9+4(-7J!XL!3(44(44($$(!SMM(09!.M!:9%2-17!/01..24^!;*0$)*$b*4/$)"6$J8',"&:4/2$J'*2'&(^!:8?'&!&.-9!OKJ!XN!Q/@6!*..'!%&'!EI-+(-(.&!/9+;(09^!U&)4*/&-$+,"**-$Q8/,"$J'*2'&(^!&3&4-&5-6$&)!1--$5aa===JM&4JI4'%J).;a0&'a2I&01a!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!XO!Q/@6!"0.&.,(0!8949%+01!/9+;(09^!1"4-<$U8)'4)4*/$J'*2'&(:[$9+L7$%'84)$&/<$Y626)&5-6$J'*2'&(^!&3&4-&5-6$&)$1--$5aa===J9+4JI4'%J).;aF+(9M(&)a01(2'&I-+(-(.&aM+I(-%&';9)9-%F29$(2.-J1-,!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!

!DL!! !

.MM9+4!401..24!M+I(-4!%&'!;9)9-%F294^!1.=9;9+!(-4!$+.'I09!(4!)9&9+%227!I49'!M.+!401..2!2I&01!$+.)+%,4JXX!Y19!E%-(.&%2!/01..2!<I&01!>+.)+%,!(4!-19!.&27!Q/@6!0.,,.'(-7!$+.)+%,!-1%-!'.94!&.-!$+.;('9!M+941!$+.'I09JDCC!

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eI%2(-7!$+.'I09!%&'!M+9eI9&-!'92(;9+(94!%-!%!+9%4.&%F29!0.4-JDCT!Y19!@.@!*+941!>+.)+%,!1.I494!3(44(44($$(`4!.&27!M%+,!-.!401..2!(&(-(%-(;9J!

3@"!%&'!-19!3(44(44($$(!@9$%+-,9&-!.M!6)+(0I2-I+9!%&'!?.,,9+09!b3@6?c!1%;9!.MM9+9'!2.0%227!+%(49'!$+.'I09!-1+.I)1!-19!@.@!*+941!>+.)+%,!4(&09!BCCBJDCU!SM!-19!gBJU!,(22(.&!4$9&-!F7!-19!@S@!*+941!>+.)+%,!(&!3(44(44($$(!'I+(&)!-19!BCCX!p!BCDC!401..2!79%+^!gBXT^TNC!=%4!4$9&-!.&!(&]4-%-9!$+.'I09!-1+.I)1!-19(+!M%+,!-.!401..2!$+.)+%,JDCL!";9+7!4(#!,.&-14^!3@"!49&'4!3@6?!%!2(4-!.M!$+.'I09!-1%-!=(22!F9!$I+01%49'!F7!401..24!.;9+!%!4IF49eI9&-!4(#],.&-1!$9+(.'JDCN!3@6?!-19&!0.&-%0-4!3(44(44($$(!M%+,9+4!-1%-!,()1-!F9!%F29!-.!$+.;('9!4.,9!.M!-19!$+.'I09JDCO!<(H9!-19!$+.'I09!$I+01%49'!F7!-19!4-%-9=('9!0..$9+%-(;9^!$+.'I09!$I+01%49'!-1+.I)1!-19!@.@!*+941!>+.)+%,!,I4-!F9!1%;9!$+..M!.M!%!-1(+'!$%+-7!%I'(-(&)J!V&!-1(4!0%49^!$+.'I09!-1+.I)1!-1(4!$+.)+%,!,I4-!F9!R6>aR:>!09+-(M(9'JDCX!>%+-(0($%-(&)!)+.=9+4!,I4-!%24.!F+(&)!-19(+!$+.'I09!-.!f%0H4.&!-.!F9!(&4$90-9'!%&'!-19&!'(4-+(FI-9'!F7!-19!4-%-9!-.!-19!401..2!'(4-+(0-4^!MI+-19+!%''(&)!-.!-19(+!0.4-4JDDC!64!%!+94I2-^!.&27!2%+)9!M%+,4!%+9!(&;.2;9'!=(-1!-1(4!$+.)+%,J!

H)*393)*3).+D57.&5I(.'&7+

3(44(44($$(!401..24!0%&!%24.!$I+01%49!M..'!M+.,!&%-(.&%2!.+!+9)(.&%2!'(4-+(FI-.+4J!@(4-+(FI-.+4!%+9!FI4(&94494!=(-1!=%+91.I494!%&'!-+I0H4!-1%-!4-.+9!%&'!4922!$+.'I0-4!-.!M..'!49+;(09!0I4-.,9+4!4I01!%4!+94-%I+%&-4^!1.4$(-%24^!%&'!.M!0.I+49^!401..24JDDD!3.4-!401..24!&%-(.&=('9!+909(;9!-19!FI2H!.M!-19(+!M..'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!XX!+66$Q/@6!*..'!%&'!EI-+(-(.&!/9+;(09^!L6?&')(6/)$*=$L6=6/:6$%'6:"$%'84)$&/<$Y626)&5-6$J'*2'&(^!&3&4-&5-6$&)!1--$5aa===JM&4JI4'%J).;aM''a$+.)+%,4a'.'a@S@m*+941*+I(-%&'d9)9-%F29>+.)+%,BCDDJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ$DCC!3(44(44($$(!SMM(09!.M!:9%2-17!/01..24^!;*0$)*$b*4/$)"6$J8',"&:4/2$J'*2'&(^!:8?'&!&.-9!XLJ!DCD!Q/@6!*..'!%&'!EI-+(-(.&!/9+;(09^!L6?&')(6/)$*=$L6=6/:6$%'6:"$%'84)$&/<$Y626)&5-6$J'*2'&(^!:8?'&$&.-9!XXJ!DCB!@<A!DCK!@<A_!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!TJ!DCT!Q/@6!*..'!%&'!EI-+(-(.&!/9+;(09^!L6?&')(6/)$*=$L6=6/:6$%'6:"$%'84)$&/<$Y626)&5-6$J'*2'&(^!:8?'&!&.-9!XXJ!DCU!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!>4::4::4??4$J'*=4-6^$&3&4-&5-6$&)$1--$5aa===JM%+,-.401..2J.+)a4-%-9]1.,9J$1$W('sUN!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DCL!6'%,4!>+.'I09^!-19!$+(,9!;9&'.+!M.+!@S@!(&!3(44(44($$(^!$I+01%49'!-=92;9!'(MM9+9&-!$+.'I0-4!M+.,!3(44(44($$(!)+.=9+4!(&!-19!BCCX!p!BCDC!401..2!79%+5!F2I9F9++(94^!F+.00.2(!0+.=&4^!0%FF%)9^!42(09'!0I0I,F9+4^!9))$2%&-^!4.I-19+&!$9%4^!F922!$9$$9+4^!4=99-!$.-%-.94^!7922.=!4eI%41^!)+%$9!-.,%-.94^!%&'!499'2944!=%-9+,92.&4J!fI4-!-1+99!.M!-1.49!0+.$4^!F2I9F9++(94^!4=99-!$.-%-.94^!%&'!499'2944!=%-9+,92.&4^!%00.I&-9'!M.+!.;9+!UCj!.M!6'%,4`!(&]4-%-9!$I+01%494J!",%(2!M+.,!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!LJ!DCN!Y929$1.&9!(&-9+;(9=!=(-1!6&'7!>+.449+^!:8?'&!&.-9!OJ!DCO!@<A!DCX!@<A!DDC!@<A!DDD!6!0.&0(49!%&'!(&M.+,%-(;9!(&-+.'I0-(.&!-.!-19!'(4-+(FI-(.&!FI4(&944!0%&!F9!M.I&'!(&!f%&9-!>.$$9&'(90H`4!%'66$%*'$7--[$%4^4/2$+,"**-$%**<$4/$7(6'4,&J!f6E"Y!>S>>"E@V"?\^!*8""!*S8!6<<5!*VqVER!/?:SS<!*SS@!VE!63"8V?6^!:8?'&$&.-9!KX^!%-$DCO]DDCJ!

!DN!! !

M+.,!.&9!.+!-=.!'(4-+(FI-.+4JDDB!V&!3(44(44($$(^!1.=9;9+^!%22!FI-!-1+99!401..24!)9-!-19(+!9&-+994!M+.,!-19!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9JDDK!E.&9-192944^!%!4()&(M(0%&-!&I,F9+!.M!$IF2(0!401..24!(&!3(44(44($$(!$I+01%49!4.,9!M..'!M+.,!'(4-+(FI-.+4JDDT!i19&!(-!0.,94!-.!$+.'I09^!%2,.4-!TCj!.M!3(44(44($$(!$IF2(0!401..24!.$-!-.!FI7!M+.,!'(4-+(FI-.+4JDDU!

,"&-+D5&3#.+6(&#0"75)%+

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`4!$I+01%4(&)!$+%0-(094J!64!=(22!F9!'(40I449'!(&!/90-(.&!dVV^!ZV,$29,9&-(&)!*%+,!-.!/01..2^[!(&0+9%4(&)!-19!%,.I&-!.M!2.0%2!M..'!$I+01%49'!F7!M..'!'(4-+(FI-.+4!0%&!%24.!F9!%&!9MM90-(;9!=%7!M.+!401..24!-.!(&(-(%-9!.+!9#$%&'!M%+,!-.!401..2!$+.)+%,4J!

;'4+D'+@'&-"1+/#0''17+5)+85775775995+6(&#0"73+,''*J+

Y19!$I+01%4(&)!$%--9+&4!.M!-1+99!17$.-19-(0%2!401..2!'(4-+(0-4!%+9!'940+(F9'!F92.=!(&!.+'9+!-.!MI+-19+!(22I4-+%-9!-19!$I+01%4(&)!474-9,!(&!3(44(44($$(!%&'!-.!9#$2.+9!-19!-7$94!.M!(44I94!3(44(44($$(!401..2!'(4-+(0-4!M%09!=19&!'90('(&)!1.=!-.!$I+01%49!M..'J!!

+,"**-$L4:)'4,)$7$

/01..2!@(4-+(0-!6!(4!2.0%-9'!(&!%&!(4.2%-9'!+I+%2!0.I&-7!=(-1.I-!%&7!2.0%2!$+.'I09!;9&'.+4J!V-!$%+-(0($%-94!(&!-19!ZMI22]2(&9[!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9!%4!=922!-19!M.I+!.$-(.&%2!$+.)+%,4!-.!4%;9!.&!%',(&(4-+%-(;9!9#$9&494!%&'!F90%I49!(&'9$9&'9&-!;9&'.+4!0%&&.-!49+;(09!-19!%+9%!=(-1.I-!01%+)(&)!$+.1(F(-(;927!1()1!+%-94J!V&!%''(-(.&^!,.+9!-1%&!BCj!.M!(-4!M..'!b,.+9!-1%&!-19!&%-(.&%2!%;9+%)9c!(4!4I$$2(9'!-1+.I)1!M9'9+%2!0.,,.'(-7!$+.)+%,4!b(&02I'(&)!@.@!*+941!>+.)+%,cJ!Y19!0.,,.'(-7!$+.)+%,4!%22.=!-19!401..2!'(4-+(0-!-.!4-+9-01!(-4!40%+09!MI&'4J!@94$(-9!%!2%0H!.M!2.0%2!$+.'I09!;9&'.+4^!/01..2!@(4-+(0-!6!(4!4I++.I&'9'!F7!M%+,2%&'^!,%H(&)!(-!('9%2!M.+!ZM%+,!'(+90-[!M%+,!-.!401..2!$+.)+%,4J!

+,"**-$L4:)'4,)$Z$

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DDB!@<A$%-!DCOJ!DDK!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!TJ!DDT!@<A$DDU!",%(2!M+.,!@.+.-17!/,(-1^!:8?'&!&.-9!NKJ!DDL!*%+,!-.!401..2!$+.)+%,4!0%&!I49!2.0%2!M..'!$I+01%49'!M+.,!'(4-+(FI-.+4!.+^!%4!'(40I449'!F92.=^!4-%-9=('9!$I+01%4(&)!0..$9+%-(;94_!G9--7!VPI,(!9-!%2J^!:8?'&!&.-9!OB^!%-!KKLJ!DDN!@<A_!Y929$1.&9!(&-9+;(9=!=(-1!R279&!:.2,94^!"#90I-(;9!@(+90-.+^!E9=!E.+-1!*2.+('%!?..$9+%-(;9!644.0(%-(.&!bf%&J!KD^!BCDDc_!V&-9+;(9=!=(-1!@%&(92!Y9%)I9^!6)+(FI4(&944!3%&%)9,9&-!/$90(%2(4-^!3(44(44($$(!644.0(%-(.&!.M!?..$9+%-(;94^!(&!f%0H4.&^!3(44J!b3%+J!DD^!BCDDcJ!DDO!3%+H!d%22(%&%-.4!9-!%2J^!%&'(G)*G:,"**-[$+)'&)6246:$=*'$9'5&/$;6&-)"\$1*(5&)4/2$+?'&0-\$&/<$P:)&5-4:"4/2$&$1*((8/4)#$%**<$+#:)6(:$7??'*&,"^!BK!fJ!><6EJ!"@Q?J!6E@!8"/J!TDT^!TDU!bBCCTcJ!DDX!G9--7!VPI,(!9-!%2J^!:8?'&!&.-9!OB^!%-!KKLJ!

!DO!! !

/01..2!@(4-+(0-!G`4!F.I&'%+(94!9&0.,$%44!$%+-4!.M!%!,(#9'](&0.,9!%+9%!=(-1!%!0.,F(&9'!$.$I2%-(.&!.M!.;9+!UC^CCC!+94('9&-4!%&'!%!2.0%2!I&(;9+4(-7J!Y19!'(4-+(0-!$%+-(0($%-94!(&!-19!MI22]2(&9!$I+01%4(&)!$+.)+%,!%4!=922!%4!-19!F+9%'^!,(2H^!%&'!(09!0+9%,!.$-(.&%2!$I+01%4(&)!$+.)+%,4!F90%I49!(-!F9&9M(-4!M+.,!-19!0..$9+%-(;94`!2.=!$+(094!%&'!0.&;9&(9&-!.+'9+(&)!474-9,J!V-!$I+01%494!,.4-!.M!(-4!$+.'I09!M+.,!%!2.0%2!'(4-+(FI-.+^!=(-1!=1.,!(-!1%4!1%'!%!2.&)!+92%-(.&41($J!V-!%24.!+909(;94!%F.I-!DUj!.M!(-4!M..'!M+.,!-19!&%-(.&%2!0.,,.'(-7!$+.)+%,4^!%2-1.I)1!(-4!401..2!M..'!49+;(09!'(+90-.+!(4!4.,9-(,94!I&4%-(4M(9'!=(-1!-19!eI%2(-7!.M!$+.'I09!-197!+909(;9!-1+.I)1!-19!$+.)+%,4J!Y19!401..2!M..'!49+;(09!'(+90-.+!H&.=4!%!M9=!M%+,9+4!(&!-19!%+9%!(&-9+94-9'!(&!4922(&)!$+.'I09!-.!1(4!'(4-+(0-^!FI-!%!FI47!=.+H!4019'I29!%&'!0.&09+&4!%F.I-!M..'!4%M9-7!H99$!1(,!M+.,!9#$9+(,9&-(&)J!

+,"**-$L4:)'4,)$1$

/01..2!@(4-+(0-!?!49+;94!-9&4!.M!-1.I4%&'4!.M!4-I'9&-4!(&!%!2%+)9!I+F%&!%+9%J!6&!.;9+=192,(&)!,%A.+(-7!.M!(-4!4-I'9&-!$.$I2%-(.&!eI%2(M(94!M.+!M+99!.+!+9'I09']$+(09!2I&0194^!%&'!%4!%!+94I2-!(-!+909(;94!%!1()19+!0%41!+9(,FI+49,9&-!$9+!,9%2!M+.,!-19!M9'9+%2!).;9+&,9&-!-1%&!,%&7!.-19+!'(4-+(0-4J!E.&9-192944^!(-4!401..2!M..'!49+;(09!'(+90-.+!M%094!49;9+9!FI')9-%+7!0.&4-+%(&-4J!V-!-%H94!$%+-!(&!-19!4-%-9=('9!MI22]2(&9^!,(2H!%&'!'%(+7!$I+01%4(&)!$+.)+%,4!%&'!$I+01%494!(-4!F+9%'!%&'!$+.'I09!M+.,!%&!(&'9$9&'9&-!'(4-+(FI-.+!=1.!(4!%F29!-.!4I$$27!(-4!2%+)9!4-I'9&-!$.$I2%-(.&!eI(0H27!%&'!019%$27J!V-!I-(2(P94!-19!&%-(.&%2!0.,,.'(-7!$+.)+%,4!%4!=922^!=1(01!4I$$2(94!(-4!4-I'9&-4!=(-1!M+I(-!%&'!;9)9-%F29!4&%0H4^!%4!=922!%4!,9%-^!'%(+7^!.(2^!%&'!)+%(&!$+.'I0-4J!6F.I-!BCj!.M!(-4!M..'!(4!4.I+09'!M+.,!-19!&%-(.&%2!0.,,.'(-7!$+.)+%,4J!?.,,I&(-7!,9,F9+4!%&'!2.0%2!&.&$+.M(-4!1%;9!+909&-27!F9)I&!-.!9#$+944!(&-9+94-!(&!(,$+.;(&)!-19!&I-+(-(.&%2!;%2I9!.M!-19!'(4-+(0-`4!M..'J!V-4!M..'!49+;(09!'(+90-.+!=.I2'!2(H9!-.!49+;9!19%2-17^!2.0%2!M..'^!1.=9;9+!%22!.M!-19!M..'!M.+!-19!'(4-+(0-!(4!$+9$%+9'!(&!.&9!2%+)9!09&-+%2!H(-019&^!=1(01!,%H94!-1(4!01%229&)(&)^!%&'!-19!'(4-+(0-!1%4!2(--29!,.&97!-.!4$%+9!.&!$(2.-!$+.)+%,4J!

!

>-.!E#773&7,!+'!<#76!+'!51=''%!!!!Y1(4!490-(.&!$+.;('94!%!F+(9M!.;9+;(9=!.M!-19!F%++(9+4!M%0(&)!M%+,!-.!401..2!9MM.+-4!(&!3(44(44($$(J!/90-(.&!dVV!0.&-%(&4!0%49!4-I'(94!'9-%(2(&)!1.=!M%+,!-.!401..2!1%4!F99&!(,$29,9&-9'!(&!.-19+!+9)(.&4!M%0(&)!4(,(2%+!1I+'294^!%&'!)(;94!+90.,,9&'%-(.&4!.&!1.=!4-%-9!).;9+&,9&-!%&'!&.&$+.M(-!.+)%&(P%-(.&4!0%&!%''+944!-1949!F%++(9+4!%&'!-19+9F7!9&0.I+%)9!-19!)+.=-1!.M!M%+,!-.!401..2!(&!3(44(44($$(J!

+(&--$&/<$(4<G:4D6<$=&'(6':$<*$/*)$"&36$)"6$6S84?(6/)$)*$?'*,6::$&/<$<6-436'$)"64'$?'*<8,):$

*%+,!-.!401..2!$+.)+%,4!+927!.&!1%;(&)!2.0%2!M..'!'92(;9+9'!-.!401..24!(&!%!0.4-]9MM(0(9&-!,%&&9+J!V&'(;('I%2!M%+,9+4^!1.=9;9+^!)9&9+%227!'.!&.-!1%;9!-19!+94.I+094!-.!'92(;9+!-19(+!$+.'I0-!-.!2.0%2!401..24!(&!%!0.4-]9MM90-(;9!=%7J!*I+-19+^!401..24!%+9!,.+9!2(H927!-.!$I+01%49!2.0%2!$+.'I0-4!(M!-197!%+9!$+.09449'JDBC!Y1(4!0+9%-94!%''(-(.&%2!9#$9&494!M.+!-19!M%+,9+^!$%+-(0I2%+27!(M!-19+9!%+9!&.!2.0%2!$+.0944(&)!M%0(2(-(94J!

%&'(6':$&/<$=**<$:6'34,6$<4'6,)*':$=4/<$4)$<4==4,8-)$)*$,*((8/4,&)6$04)"$6&,"$*)"6'$

Y19+9!%+9!0I++9&-27!&.!$+.)+%,4!0.&&90-(&)!M%+,9+4!%&'!401..2!M..'!49+;(09!'(+90-.+4!(&!3(44(44($$(J!Y1(4!,%H94!(-!'(MM(0I2-!M.+!M%+,9+4!%&'!M..'!49+;(09!'(+90-.+4!(&-9+94-9'!(&!M%+,!-.!401..2!-.!M(&'!9%01!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DBC!+66$f.6&&&9!G9+H9&H%,$^!>&R4/2$)"6$%&'(E+,"**-$1*//6,)4*/[$C??*')8/4)46:$&/<$Z&''46':$)*$I'6&)6'$9:6$*=$Q*,&--#G2'*0/$J'*<8,6$4/$J85-4,$+,"**-:^!<9.$.2'!?9&-9+!M.+!/I4-%(&%F29!6)+(0I2-I+9^!BC^$&3&4-&5-6$&)!===J29.$.2'J(%4-%-9J9'Ia+949%+01a,%+H9-(&)mM(294a3(&&94.-%J$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!

!DX!! !

.-19+^!(,$9'(&)!-19!'9;92.$,9&-!.M!&9=!M%+,!-.!401..2!$+.)+%,4J!64!'(40I449'!F92.=^!4I00944MI2!M%+,!-.!401..2!9MM.+-4!).!-.!)+9%-!29&)-14!-.!FI(2'!+92%-(.&41($4!F9-=99&!M%+,9+4!%&'!401..24J!

>*:)$:,"**-$=**<$:6'34,6$<4'6,)*':$4/$>4::4::4??4$<*$/*)$"&36$&/#$6^?6'46/,6$?8',"&:4/2$?'*<8,):$<4'6,)-#$='*($2'*06':$

>+(;%-9!'(4-+(FI-.+4!%&'!-19!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9!=.+H!-.!,%H9!M..'!$I+01%4(&)!9%47!%&'!$+9'(0-%F29!M.+!401..2!M..'!49+;(09!'(+90-.+4JDBD!>I+01%4(&)!M+.,!M%+,9+4^!1.=9;9+^!)9&9+%227!+9eI(+94!%''(-(.&%2!%',(&(4-+%-(;9!%&'!$+.0I+9,9&-!=.+HJDBB!*I+-19+^!M..'!49+;(09!'(+90-.+4!,%7!&.-!F9!M%,(2(%+!=(-1!+(4H!,%&%)9,9&-!4-+%-9)(94!I49'!-.!9&4I+9!-19!4%M9-7!.M!2.0%2!$+.'I09!%&'!,%7!F9!194(-%&-!-.!$I+01%49!2.0%2!$+.'I0-4!'I9!-.!M..'!4%M9-7!0.&09+&4J!

+,"**-:$&'6$*=)6/$/*)$6S84??6<$)*$58#$-*,&-$?'*<8,):$

6!2%+)9!&I,F9+!.M!401..2!H(-019&4!(&!3(44(44($$(!%+9!.&27!9eI($$9'!-.!%449,F29!%&'!(M!&90944%+7^!19%-^!$+9]$%0H%)9'!,9%2!(-9,4J!Y.!$+9$%+9!2.0%227!$I+01%49'!$+.'I0-4^!401..24!+9eI(+9!9eI($,9&-!M.+!4-.+(&)^!$+9$$(&)^!%&'!0..H(&)!+%=!(&)+9'(9&-4!-1%-!,%&7!0I++9&-27!'.!&.-!1%;9J!Q$)+%'(&)!9eI($,9&-!+9eI(+94!0.&4('9+%F29!-(,9!%&'!9#$9&49!%&'!,%7!+9eI(+9!%''(-(.&%2!4I$$.+-!M+.,!.I-4('9!4.I+094J!

+(&--$:,"**-$<4:)'4,):$(&#$/*)$"&36$6/*82"$<6(&/<$)*$&))'&,)$=&'(6':$

";9&!-1.I)1!+I+%2!401..2!'(4-+(0-4!,%7!499,!('9%2!M.+!M%+,!-.!401..2!$+.)+%,4^!-19(+!2(,(-9'!4(P9!0%&!F9!%!1(&'+%&09J!*%+,9+4!,%7!&.-!9%+&!9&.I)1!(&0.,9!M+.,!4%294!-.!%!4(&)29!4,%22!401..2!'(4-+(0-!-.!,%H9!4I01!-+%&4%0-(.&4!F9&9M(0(%2!M.+!-19,J!/,%22!401..2!'(4-+(0-4!%+9!%24.!2944!2(H927!-.!1%;9!4IMM(0(9&-!4-%MM!%&'!+94.I+094!-.!1%&'29!M+941!$+.'I09^!MI+-19+!+9'I0(&)!-19!%,.I&-!-197!0%&!$I+01%49J!!

>*:)$=&'(6':$4/$>4::4::4??4$<*$/*)$"&36$)"6$'6S84'6<$,6')4=4,&)4*/$)*$?&')4,4?&)6$4/$:)&)604<6$?8',"&:4/2$?'*2'&(:$

Y19!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&!+9eI(+94!$+.'I09!$I+01%49'!M.+!-19!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9!-.!F9!09+-(M(9'!I4(&)!%!-1(+'!$%+-7!%I'(-(&)!474-9,!%&'!+9eI(+94!$+.'I09!$I+01%49'!-1+.I)1!-19!@.@!*+941!>+.)+%,!-.!F9!4.I+09'!M+.,!4I$$2(9+4!=1.!%+9!09+-(M(9'!%00.+'(&)!-.!R..'!6)+(0I2-I+%2!>+%0-(094!bR6>c!%&'!R..'!:%&'2(&)!>+%0-(094!bR:>cJDBK!@I9!(&!$%+-!-.!-19!0.4-!%44.0(%-9'!=(-1!-19!09+-(M(0%-(.&!$+.0944!%&'!-19!$9+09$-(.&!-1%-!-19!09+-(M(0%-(.&!$+.0944!(4!0.,$29#^!.&27!-1(+-7]-1+99!M%+,4!(&!3(44(44($$(!%+9!09+-(M(9'JDBT!

!

>--.!-6D%&6&*+3*A!<#76!+'!51=''%F!)#,&!5+293&,!+

FG3&G534+

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DBD!f.6&&&9!G9+H9&H%,$^!>&R4/2$)"6$%&'(E+,"**-$1*//6,)4*/[$C??*')8/4)46:$&/<$Z&''46':$)*$I'6&)6'$9:6$*=$Q*,&--#G2'*0/$J'*<8,6$4/$J85-4,$+,"**-:^!:8?'&!&.-9!DBC^!%-!B_!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!TJ!DBB!G9--7!VPI,(!9-!%2J^!:8?'&!&.-9!OB^!%-!KKLJ!DBK!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!TJ!DBT!Q/@6!6)+(0I2-I+%2!3%+H9-(&)!/9+;(09^$I7JEI;J$78<4)$Y6'4=4,&)4*/$J'*2'&($>4::4::4??4^!:8?'&!&.-9!XUJ!

!BC!! !

"#$9+(9&09'!M%+,!-.!401..2!.+)%&(P9+4!4-+944!-1%-!-19+9!(4!&.!4(&)29!M%+,!-.!401..2!,.'92!-1%-!=.+H4!9;9+7=19+9JDBU!G.-1!4-%-9!%&'!2.0%227!'+(;9&!9MM.+-4!,I4-!-%H9!(&-.!%00.I&-!-19!4-%-9!401..2!M..'!$I+01%4(&)!474-9,^!2.0%2!(&M+%4-+I0-I+9^!2.0%2!'(4-+(FI-(.&!&9-=.+H4^!%;%(2%F29!%449-4^!%&'!-19!)..'4!$+.'I09'!F7!2.0%2!M%+,9+4^!%,.&)!.-19+!M%0-.+4JDBL!E.&9-192944^!4I00944MI2!(&(-(%-(;94!41%+9!09+-%(&!01%+%0-9+(4-(04J!Q4(&)!-19!M.22.=(&)!0%49!4-I'(94^!-19!+90.,,9&'%-(.&4!M.I&'!(&!/90-(.&!Vq!=(22!%--9,$-!-.!1()12()1-!-1949!01%+%0-9+(4-(04!=1(29!9#$2%(&(&)!1.=!-197!,()1-!F9!%'%$-9'!-.!3(44(44($$(`4!0(+0I,4-%&094J!!

B.+.03+K'#"1+K3G31L+E&33)+8'()."5)+,"&-+.'+/#0''1+

R+99&!3.I&-%(&!*%+,!-.!/01..2`4!(&&.;%-(;9!M%+,!-.!401..2!$+.)+%,!=%4!'9;92.$9'!(&!+94$.&49!-.!-19!&99'4!.M!(-4!2.0%2!0.,,I&(-7^!d9+,.&-`4!E.+-19%4-!\(&)'.,J!i1(29!R+99&!3.I&-%(&!+9,%(&4!M.0I49'!.&!-19!E.+-19%4-!\(&)'.,^!(-4!)9.)+%$1(0!40.$9!1%4!eI(0H27!9#$%&'9'!4(&09!-19!$+.)+%,`4!M.I&'(&)!(&!BCCOJ!V-4!,I2-(]$+.&)9'!%$$+.%01!-.!M%+,!-.!401..2^!=1(01!M.0I494!.&!9'I0%-(.&^!+92%-(.&41($4^!%&'!'(4-+(FI-(.&^!(4!&.=!F9(&)!(&-+.'I09'!-1+.I)1.I-!-19!4-%-9J!V-4!)+.=-1!(&!-19!E.+-19%4-!\(&)'.,!%&'!(-4!9#$%&4(.&!(&-.!%!4-%-9=('9!.+)%&(P%-(.&!.MM9+!%!;%2I%F29!4-I'7!.&!1.=!%!2.0%2!$+.)+%,!0%&!eI(0H27!9#$%&'!=(-1.I-!4%0+(M(0(&)!M(&%&0(%2!4I4-%(&%F(2(-7!.+!eI%2(-7J!

Y19!+I+%2!E.+-19%4-!\(&)'.,!+9)(.&!(&!&.+-19%4-!d9+,.&-!9&0.,$%4494!-1+99!0.I&-(94!%&'!&(&9!401..2!'(4-+(0-4JDBN!6$$+.#(,%-927!DU^NNC!401..2]%)9!01(2'+9&!2(;9!(&!-19!\(&)'.,!.I-!.M!%!-.-%2!$.$I2%-(.&!.M!LT^UDXJDBO!Y19!2%+)94-!-.=&!(&!-19!+9)(.&^!/-J!f.1&4FI+7^!1%4!%&!94-(,%-9'!$.$I2%-(.&!.M!N^TBDJDBX!<(H9!,%&7!.M!3(44(44($$(`4!+I+%2!%+9%4^!(-!1%4!1()1!+%-94!.M!$.;9+-7!%&'!01(2'1..'!.F94(-7!%&'!,%&7!.M!(-4!+94('9&-4!1%;9!2(,(-9'!%00944!-.!M+941!M..'JDKC!@94$(-9!%&!%FI&'%&09!.M!M%+,2%&'^!\%-19+(&9!/(,4^!-19!M.I&'9+!.M!R+99&!3.I&-%(&!*%+,!-.!/01..2^!0%224!(-!Z%!02%44(0!M..'!'949+-J[DKD!

R+99&!3.I&-%(&!*%+,!-.!/01..2!)+9=!.I-!.M!%!4(&)29!401..2!)%+'9&!$+.)+%,!0+9%-9'!(&!BCCUJDKB!V&!BCCN^!-1(4!(&(-(%-(;9!=%4!9#$%&'9'!(&-.!%!M%+,!-.!401..2!$(2.-!$+.)+%,!(&;.2;(&)!M(;9!401..24!%&'!,.+9!-1%&!-=9&-7]M(;9!M%+,4!(&!-19!E.+-19%4-!\(&)'.,JDKK!Y19!$(2.-!$+.;9'!4I00944MI2!%&'!R+99&!3.I&-%(&!*%+,!-.!/01..2!=%4!94-%F2(419'!-.!9#$%&'!-19!$+.)+%,JDKT!R+99&!3.I&-%(&!0I++9&-27!=.+H4!=(-1!-=9&-7]M.I+!401..24!-1+.I)1.I-!&.+-19+&!d9+,.&-^!+%&)(&)!(&!4(P9!M+.,!KU!-.!KCC^!=(-1!,.4-!1%;(&)!F9-=99&!DCC!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DBU!Y929$1.&9!(&-9+;(9=!=(-1!3%+(.&!\%2F^!>+.)+%,!@(+90-.+^!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H!bf%&J!DK^!BCDDc_!Y929$1.&9!(&-9+;(9=!=(-1!R279&!:.2,94^!:8?'&$&.-9!DDN_!Y929$1.&9!(&-9+;(9=!=(-1!?.2299&!3%--4^!SI-+9%01!/$90(%2(4-^!Y19!?J/J!3.--!R+.I$!M.+!/I4-%(&%F29!*..'!/74-9,4!%-!3(01()%&!/-%-9!Q&(;9+4(-7!b*9FJ!DD^!BCDDcJ!DBL!@<A!DBN!E.+-19%4-!\(&)'.,!?1%,F9+!.M!?.,,9+09^!T624*/&-$@/=*^!&3&4-&5-6$&)!1--$5aa&9H01%,F9+J0.,a&9H+9)(.&%2(&M.!b2%4-!;(4(-9'!3%7!DT^!BCDDc_!E.+-19%4-!\(&)'.,!?1%,F9+!.M!?.,,9+09^!U*')"6&:)$a4/2<*($P<8,&)4*/&-$T6:*8',6:^!&3&4-&5-6$&)!1--$5aa&9H01%,F9+J0.,a+()1-J$1$a$('aNUa4('aTNXa-('aXDB!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DBO!@%-%!0.,$(29'!M+.,!d9+,.&-!V&'(0%-.+4!S&2(&9^!%!A.(&-!$+.A90-!F9-=99&!-19!Q&(;9+4(-7!.M!d9+,.&-!?9&-9+!M.+!8I+%2!/-I'(94!%&'!-19!d9+,.&-!?9&-9+!M.+!R9.)+%$1(0!V&M.+,%-(.&J!d9+,.&-!V&'(0%-.+4^!J'*=4-6:^!&3&4-&5-6$&)!1--$5aa,%$4J;0)(J.+)a(&'(0%-.+4a$+.M(294J0M,!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DBX!d9+,.&-!V&'(0%-.+4^!+)A$b*"/:58'#^!&3&4-&5-6$&)$1--$5aa,%$4J;0)(J.+)a(&'(0%-.+4a0M1.,9a-.=&m$+.M(29J0M,W?%22m>+.)+%,sVE@V?6YS8/l>+.M(29Y.=&s/-Jtf.1&4FI+7!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ$DKC!Y19!E.+-19%4-!\(&)'.,`4!$.;9+-7!%&'!01(2'1..'!.F94(-7!+%-94!%+9!'.IF29!d9+,.&-`4!4-%-9=('9!%;9+%)9J!G922%!"&)2(41^!Z'4/2$a4<:$)*$)"6$Q&/<$&/<$I**<$%**<$)*$)"6$X&5-6^!GS/YSE!R<SG"^!fI&9!BN^!BCDC^!&3&4-&5-6$&)!1--$5aa%+-(0294JF.4-.&J0.,aBCDC]CL]BNa&9=4aBXKCKCDKmDm401..2]0%M9-9+(%4]4(,4]2.0%2]M..'],.;9,9&-!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ$DKD!@<A$DKB!R+99&!3.I&-%(&!*%+,!-.!/01..2^!;4:)*'#\!&3&4-&5-6$&)!1--$5aa===J)+99&,.I&-%(&M%+,-.401..2J.+)a1(4-.+7J$1$!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DKK!@<A$DKT!@<A$

!BD!! !

%&'!DUC!4-I'9&-4JDKU!R+99&!3.I&-%(&!+I&4!-1+99!'(MM9+9&-!$+.)+%,45!%&!%M-9+]401..2!9'I0%-(.&!$+.)+%,!0%229'!/$+.I-4_!-19!*%+,!-.!/01..2!E9-=.+H^!=1(01!0..+'(&%-94!M%+,!-.!401..2!%0-(;(-(94!%&'!'9;92.$4!+92%-(.&41($4!=(-1!9'I0%-.+4^!401..2!4-%MM!%&'!M%+,9+4_!%&'!R+99&!3.I&-%(&!*%+,!@(+90-^!=1(01!49+;94!%4!%!+9)(.&%2!M..'!'(4-+(FI-(.&!474-9,^!0.&&90-(&)!2.0%2!M%+,9+4!-.!+94-%I+%&-4^!401..24^!%&'!.-19+!(&4-(-I-(.&4J!Y1949!$+.)+%,4!%+9!'(40I449'!(&!)+9%-9+!'9-%(2!F92.=J!

Z84-<4/2$&/<$>&4/)&4/4/2$P^,4)6(6/)$

R9&9+%-(&)!9#0(-9,9&-!%F.I-!2.0%2!M..'!%,.&)!4-%H91.2'9+4!1%4!$2%79'!%&!(,$.+-%&-!+.29!(&!-19!)+.=-1!.M!R+99&!3.I&-%(&J!i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

Y.!,%(&-%(&!9#0(-9,9&-!%F.I-!-19!$+.)+%,!=(-1(&!401..24^!R+99&!3.I&-%(&`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

%*,8:4/2$*/$@/:)4)8)4*/&-$+8:)&4/&54-4)#$$

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DKU!Y929$1.&9!V&-9+;(9=!=(-1!\%-19+(&9!/(,4^!"#90I-(;9!@(+90-.+^!R+99&!3.I&-%(&!*%+,!-.!/01..2!b6$+J!DO^!BCDDcJ!DKL!Y929$1.&9!V&-9+;(9=!=(-1!\%-19+(&9!/(,4^!:8?'&!&.-9!DKUJ!DKN!@<A$DKO!@<A$DKX!@<A$DTC!@<A$DTD!R+99&!3.I&-%(&!*%+,!-.!/01..2^!%&'($)*$+,"**-$U6)0*'R^!&3&4-&5-6$&)$1--$5aa===J)+99&,.I&-%(&M%+,-.401..2J.+)aM-4&9-=.+HJ$1$!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DTB!Y929$1.&9!V&-9+;(9=!=(-1!\%-19+(&9!/(,4^!:8?'&!&.-9!DKUJ!DTK!@<A$DTT!@<A$

Z273*A!+=&!SKPK!A7';3*A!,&#,'*I!+;&*+8!,1=''%!A#79&*,!D7'921&9!'4&7!SIJKK!D'2*9,!'(!(7&,=!(723+,!#*9!4&A&+#$%&,!('7!

,1=''%!1#(&+&73#,.!

!BB!! !

Y19!E.+-19%4-!\(&)'.,!1%4!-19!1()194-!$.;9+-7!+%-94!(&!d9+,.&-!%&'!(4!=('927!0.&4('9+9'!d9+,.&-`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`4!M%+,!-.!401..2!$+.)+%,4JDTO!

@/)62'&)4/2$P<8,&)4*/$$

/$+.I-4^!R+99&!3.I&-%(&`4!%M-9+]401..2!9'I0%-(.&%2!$+.)+%,^!-9%0194!4-I'9&-4!%F.I-!&I-+(-(.&!%&'!%)+(0I2-I+9!-1+.I)1!)%+'9&(&)!%&'!0..H(&)JDTX!R+99&!3.I&-%(&!401..2!)%+'9&4^!=1(01!%+9!'94()&9'!9&-(+927!F7!4-I'9&-4^!%22.=!4-I'9&-4!-.!$%+-(0($%-9!(&!)+.=(&)^!1%+;94-(&)!%&'!$+9$%+(&)!M..'4JDUC!@I+(&)!-19!BCDC!)+.=(&)!49%4.&^!-=9&-7!401..2!)%+'9&4!$+.'I09'!.;9+!B^LCC!$.I&'4!.M!M+941!M+I(-4!%&'!;9)9-%F294!M.+!401..2!0%M9-9+(%4JDUD!

Y%4-9!-94-(&)^!(&!=1(01!2.0%2!M..'!$+.'I0-4!%+9!F+.I)1-!M.+!4-I'9&-4!-.!4%,$29^!(4!9#-+9,927!$.$I2%+!%,.&)!-19!4-I'9&-4!$%+-(0($%-(&)!(&!R+99&!3.I&-%(&`4!M%+,!-.!401..2!$+.)+%,JDUB!R+99&!3.I&-%(&!%24.!(&;.2;94!4-I'9&-4!(&!-19!$+9$%+%-(.&!.M!M..'J!Y19!$+.)+%,!=.+H4!=(-1!%!02%44!-.!'9;92.$!%!+90($9!,%'9!M+.,!2.0%2!(&)+9'(9&-4!%&'!-19&!4I+;974!01(2'+9&!.&!=19-19+!-197!2(H9!(-JDUK!Y19!+90($9!(4!%''9'!-.!-19!401..2`4!,9&I!(M!(-!(4!$.$I2%+!%,.&)!-19!4-I'9&-4JDUT!!

L636-*?4/2$&$+*?"4:)4,&)6<$L4:)'458)4*/$+#:)6($

R+99&!3.I&-%(&!*%+,!@(+90-!bR3*@c!%''+94494!%!49+(.I4!F%++(9+!-.!M%+,!-.!401..2!9MM.+-4!%+.I&'!-19!0.I&-+75!-+%&4$.+-%-(.&J!/,%22!M%+,4!)9&9+%227!'.!&.-!1%;9!-19!+94.I+094!-.!'92(;9+!-19(+!$+.'I0-!-.!0I4-.,9+4J!R+99&!3.I&-%(&!.+()(&%227!%''+9449'!-1(4!$+.F29,!F7!1%;(&)!.&9!-+I0H!'92(;9+!-.!%22!.M!-19!$%+-(0($%-(&)!401..24JDUU!64!-19!&I,F9+!.M!$%+-(0($%-(&)!M%+,4!%&'!401..24!)+9=^!1.=9;9+^!(-!F90%,9!,.+9!0.4-]9MM(0(9&-!M.+!R+99&!3.I&-%(&!-.!$%7!%!2.0%2!'(4-+(FI-.+!%!4,%22!M99!-.!'92(;9+!M..'!(&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DTU!?1(2'!$.;9+-7!+%-94!%+9!%F.;9!BCj!(&!9%01!.M!-19!+9)(.&`4!0.I&-(94^!=922!%F.;9!+%-94!M.I&'!9249=19+9!(&!d9+,.&-J!Q/@6!"0.&.,(0!894.I+09!/9+;(09^!FWWc$1*8/)#GQ636-$J*36')#$T&)6:$4/$Y6'(*/)^!&3&4-&5-6$&)!1--$5aa===J9+4JI4'%J).;a@%-%a$.;9+-7+%-94a>.;<(4-$0-J%4$W4-sdYl;(9=s>9+09&-l2.&)&%,9sd9+,.&-!b2%4-!;(4(-9'!3%7!DT^!BCDDc_!E.+-19%4-!\(&)'.,!"&-9+$+(49!?.22%F.+%-(;9^!X"6$1"&--6/26:[$7$+8((&'#^!%;%(2%F29!%-!1--$5aa===J&9H0.22%F.+%-(;9J.+)a.2']4(-9a$%+-CTJ1-,!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ$DTL!Y929$1.&9!V&-9+;(9=!=(-1!\%-19+(&9!/(,4^!:8?'&!&.-9!DKUJ!DTN!@<A$DTO!@<A$DTX!R+99&!3.I&-%(&!*%+,!-.!/01..2^!+?'*8):^!&3&4-&5-6$&)!1--$5aa===J)+99&,.I&-%(&M%+,-.401..2J.+)a4$+.I-4J$1$!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DUC!R+99&!3.I&-%(&!*%+,!-.!/01..2^!7//8&-$T6?*')[$FWWc$d$FWBW^!&3&4-&5-6$&)$1--$5aa===J)+99&,.I&-%(&M%+,-.401..2J.+)a*(29aBCDCjBCR3*Y/jBC%&&I%2jBC+9$.+-jBC*VE6<J$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ$DUD!R+99&!3.I&-%(&!*%+,!-.!/01..2^!+?'*8):^!:8?'&!&.-9!DTXJ!DUB!Y929$1.&9!V&-9+;(9=!=(-1!\%-19+(&9!/(,4^!:8?'&!&.-9!DKUJ!DUK!@<A$DUT!@<A$DUU!@<A$

!BK!! !

+9M+()9+%-9'!-+I0H4JDUL!Y1+.I)1!-1(4!$+.)+%,^!4,%22!M%+,9+4!%+9!%F29!-.!4922!-19(+!$+.'I0-4!-.!2.0%2!M..'!49+;(09!.$9+%-(.&4^!(,$+.;(&)!M%+,9+4`!$+.M(-!,%+)(&4!%&'!4-+9&)-19&(&)!-19!2.0%2!M..'!474-9,J!

R3*@!%24.!,%H94!(-!9%4(9+!M.+!M..'!49+;(09!'(+90-.+4!-.!.+'9+!2.0%2!M..'J!64!2%+)9]40%29!.$9+%-(.&4!=(-1!$+(,%+(27!(&'I4-+(%2!4I$$2(9+4^!$+(;%-9!'(4-+(FI-.+4!%+9!%F29!-.!,%H9!-19!M..'!.+'9+(&)!%&'!'92(;9+7!$+.0944!(&0+9'(F27!$%(&2944!%&'!$+9'(0-%F29JDUN!/(,(2%+27^!3(44(44($$(`4!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9`4!=9F4(-9!.MM9+4!%!4(,$29^!9%47]-.]I49!=%7!M.+!M..'!49+;(09!'(+90-.+4!-.!$I+01%49!M..'JDUO!>I+01%4(&)!M+.,!M%+,9+4^!1.=9;9+^!)9&9+%227!+9eI(+94!,I01!,.+9!-(,9!%&'!9MM.+-JDUX!R3*@`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

B.+.03+/.".3+K3G31L+203+8'..+E&'(9+

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`4!+I+%2!0.I&-(94!M%09!,%&7!.M!-19!4%,9!'(MM(0I2-(94!-1%-!$+9;(.I4!M%+,!-.!401..2!9MM.+-4!(&!3(44(44($$(!1%;9!9&0.I&-9+9'J!3(01()%&`4!+I+%2!401..2!'(4-+(0-4!%+9!.M-9&!-..!4,%22!-.!0+9%-9!9&.I)1!'9,%&'!-.!(&-9+94-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DUL!@<A$DUN!64!.&9!BCCL!4-I'7!.M!M%+,!-.!401..2!(&!3(&&94.-%!$I-!(-^!Z/I01!uF+.%'2(&9v!'(4-+(FI-.+4!.MM9+!%!;9+7!4-%&'%+'(P9'^!4-+9%,2(&9'!$+.0I+9,9&-!9&;(+.&,9&-!-1%-!(4!4I(-9'!-.!-19!+(4H]%;9+49!%&'!0.4-]0.&40(.I4!9&;(+.&,9&-!.M!,.4-!401..2!'(4-+(0-4J[!f.6&&&9!G9+H9&H%,$^!>&R4/2$)"6$%&'(E+,"**-$1*//6,)4*/[$C??*')8/4)46:$&/<$Z&''46':$)*$I'6&)$9:6$*=$Q*,&--#G2'*0/$J'*<8,6$4/$J85-4,$+,"**-:^!:8?'&!&.-9!DBCJ!DUO!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&^!C==4,6$*=$1"4-<$U8)'4)4*/$J8',"&:4/2^!&3&4-&5-6$&)!1--$45aa%$4J,'9JHDBJ,4JI4a%$4a$I+01%49+4a!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DUX!6!+909&-!%+-(029!.&!+9)(.&%2!M..'!'(4-+(FI-.+4!%&'!M%+,!-.!401..2!9#$2%(&9'^!ZuYv19!2.)(4-(0%2!$+.09'I+94!M.+!)9--(&)!-19!M..'!M+.,!M%+,4!-.!401..24!1%4!9,9+)9'!%4!.&9!.M!-19!H97!01%229&)94!.M!'9;92.$(&)!%&'!,%(&-%(&(&)!-1949!9MM.+-4J!J!J!J!u@v9;92.$(&)!%&'!,%(&-%(&(&)!'(+90-!M%09]-.]M%09!+92%-(.&41($4!=(-1!(&'(;('I%2!M%+,9+4!.M-9&!0+9%-94!%''(-(.&%2!%',(&(4-+%-(;9!%&'!$+.0I+9,9&-!b9J)J^!.+'9+(&)^!+909(;(&)^!4-.+(&)c!=.+HJ[!G9--7!VPI,(!9-!%2J^!:8?'&!&.-9!OB^!%-!KKLJ!DLC!Y929$1.&9!V&-9+;(9=!=(-1!\%-19+(&9!/(,4^!:8?'&!&.-9!DKUJ!DLD!@<A$DLB!@<A$DLK!@<A$DLT!3(44(44($$(!1%'!-19!1()194-!.;9+%22!4-%-9!01(2'!$.;9+-7!+%-9!(&!BCCO!%-!KCJTjJ!Y19!G+..H(&)4!V&4-(-I-9^!X"6$P==6,):$*=$)"6$T6,6::4*/$*/$1"4-<$J*36')#[$J*36')#$+)&)4:)4,:$=*'$FWWe$&/<$I'*0)"$4/$U66<$<8'4/2$FWWc^!B!bfI27!L^!BCDCc^!&3&4-&5-6$&)$1--$5aa===JF+..H(&)4J9'Iawa,9'(%a*(294a+0a$%$9+4aBCDCaCDCTm01(2'm$.;9+-7m(4%%04aCDCTm01(2'm$.;9+-7m(4%%04J$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!V-4!+I+%2!01(2'!$.;9+-7!+%-9^!1.=9;9+^!=%4!9;9&!1()19+!%-!KUjJ!i(22(%,!S`:%+9^!X"6$%*'2*))6/$%4=)"[$1"4-<$J*36')#$4/$T8'&-$7(6'4,&\!O!bBCCXc^!&3&4-&5-6$&)$1--$5aa0%+497(&4-(-I-9JI&1J9'Ia$IF2(0%-(.&4a89$.+-]S:%+9]*.+).--9&*(M-1J$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDc_!6//S?V6Y"@!>8"//^!89$.+-5!>.;9+-7!8%-94!M.+!8I+%2!3(01()%&!:()19+!-1%&!i%7&9!?.I&-7^!f%&J!DD^!BCDC^!&3&4-&5-6$&)!1--$5aa===J,2(;9J0.,a&9=4a(&'9#J44MaBCDCaCDa+9$.+-m$.;9+-7m+%-94mM.+m+I+%2J1-,2!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!

V&!SKKM^!%!4-%-9=('9!4I+;97!.M!401..2!M..'!49+;(09!$+.;('9+4!(&!3(01()%&!M.I&'!-1%-!DDj!.M!

+94$.&'9&-4!1%'!$I+01%49'!M..'4!M+.,!%!2.0%2!M%+,9+!.+!$+.'I09+!(&!-19!$%4-!79%+J!G7!SKKQ^!-19!&I,F9+!.M!M..'!49+;(09!'(+90-.+4!+9$.+-(&)!1%;(&)!,%'9!4I01!$I+01%494!(&!-19!

2%4-!79%+!1%'!+(49&!-.!TDjJ!

!BT!! !

M%+,9+4JDLU!Y1949!401..2!474-9,4!%24.!.M-9&!2%0H!-19!+94.I+094!-.!(&;94-!-(,9!%&'!,.&97!(&-.!M%+,!-.!401..2!$(2.-!$+.)+%,4JDLL!/.,9!9;9&!2%0H!%!MI22]-(,9!M..'!49+;(09!'(+90-.+JDLN!39%&=1(29^!2.0%2!M%+,9+4!.M-9&!1%;9!2(--29!-.!&.!9#$9+(9&09!(&!,%+H9-(&)!-19(+!$+.'I0-4!.+!4I$$27(&)!2.0%2!+9-%(2!0I4-.,9+4JDLO!!

Y19!?J/J!3.--!R+.I$!M.+!/I4-%(&%F29!6)+(0I2-I+9!b3.--!R+.I$c!%-!3(01()%&!/-%-9!Q&(;9+4(-7^!=1(01!0..+'(&%-94!%&'!%44(4-4!M%+,!-.!401..2!$+.)+%,4!-1+.I)1.I-!-19!4-%-9^!1%4!%''+9449'!-1949!01%229&)94!(&!%!;%+(9-7!.M!=%74!%4!'9-%(29'!F92.=J!64!%!+94I2-^!%!)+.=(&)!&I,F9+!.M!3(01()%&!401..24!%+9!)9--(&)!(&;.2;9'!=(-1!M%+,!-.!401..2J!V&!BCCT^!%!4-%-9=('9!4I+;97!.M!401..2!M..'!49+;(09!$+.;('9+4!M.I&'!-1%-!DDj!.M!+94$.&'9&-4!1%'!$I+01%49'!M..'4!M+.,!%!2.0%2!M%+,9+!.+!$+.'I09+!(&!-19!$%4-!79%+JDLX!G7!BCCX^!-19!&I,F9+!.M!M..'!49+;(09!'(+90-.+4!+9$.+-(&)!1%;(&)!,%'9!4I01!$I+01%494!(&!-19!2%4-!79%+!1%'!+(49&!-.!TDjJDNC!Y19!3.--!R+.I$!94-(,%-94!-1%-!-19+9!%+9!&.=!,.+9!-1%&!4(#-7!94-%F2(419'!M%+,!-.!401..2!$+.)+%,4!(&!3(01()%&JDND!!

1*//6,)4/2$%&'(6':$&/<$%**<$+6'34,6$L4'6,)*':$

Y19!3.--!R+.I$`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

X6&,"4/2$+)&R6"*-<6':$;*0$)*$f+?6&R$)"6$Q&/28&26g$

V-!(4!0+I0(%2!M.+!M..'!49+;(09!'(+90-.+4!%&'!M%+,9+4!-.!I&'9+4-%&'!1.=!-19!$I+01%4(&)!$+.0944!=.+H4!%&'!-.!1%;9!%!49&49!.M!=1%-!-19!.-19+!$%+-7`4!9#$90-%-(.&4!=(22!F9!F9M.+9!$%+-(0($%-(&)!(&!M%+,!-.!401..2JDNU!V&!.-19+!=.+'4^!4-%H91.2'9+4!&99'!-.!29%+&!1.=!-.!Z4$9%H!-19!2%&)I%)9[!.M!M%+,!-.!401..2JDNL!V&!BCCO^!-19!3.--!R+.I$!$IF2(419'!Z>I+01%4(&)!3(01()%&!>+.'I0-45!6!/-9$]F7]/-9$!RI('9J[DNN!Y1(4!)I('9^!%(,9'!%-!M..'!49+;(09!'(+90-.+4^!0.&-%(&4!$+%0-(0%2!(&M.+,%-(.&!.&!(&(-(%-(&)!%&'!+I&&(&)!M%+,!-.!401..2!$+.)+%,4^!$+.;('94!4%,$29!'.0I,9&-4!M.+!-19!F(''(&)!$+.0944^!%&'!9#$2%(&4!-19!3(01()%&!M%+,!-.!401..2!+9)I2%-.+7!9&;(+.&,9&-JDNO$"&0.I+%)9'!F7!-19!4I00944!.M!-19!(&(-(%2!)I('9^!-19!3.--!R+.I$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DLU!Y929$1.&9!(&-9+;(9=!=(-1!?.2299&!3%--4^!:8?'&!&.-9!DBUJ!DLL!@<A!DLN!@<A$DLO!@<A!DLX!G9--7!VPI,(!9-!%2J^!T6:8-):$='*($)"6$FWWK$>4,"42&/$%&'(G)*G+,"**-$+8'36#^!NL!fJ!/?:J!:"6<Y:!DLX^!DND!bBCCLcJ!DNC!",%(2!M+.,!?.2299&!3%--4^!SI-+9%01!/$90(%2(4-^!Y19!?J/J!3.--!R+.I$!M.+!/I4-%(&%F29!*..'!/74-9,4!%-!3(01()%&!/-%-9!Q&(;9+4(-7!b*9FJ!DD^!BCDDc!b.&!M(29!=(-1!-19!%I-1.+cJ!DND!3(01()%&!*%+,!-.!/01..2^!>&'R6)4/2$>4,"42&/$J'*<8,):$)*$+,"**-:[$7$+)6?G5#G+)6?$I84<6^!&3&4-&5-6$&)$1--$5aa===J,(M%+,-.401..2J,4IJ9'Ia(&'9#J$1$Wes,%+H9-(&)])I('9!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DNB!Y929$1.&9!(&-9+;(9=!=(-1!?.2299&!3%--4^!:8?'&!&.-9!DBUJ!DNK!@<A!DNT!@<A!DNU!@<A!DNL!@<A!DNN!3(01()%&!*%+,!-.!/01..2^!J8',"&:4/2$>4,"42&/$J'*<8,):[$7$+)6?G5#G+)6?$I84<6^!&3&4-&5-6$&)$1--$5aa===J,(M%+,-.401..2J,4IJ9'Ia(&'9#J$1$W('sTO!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DNO!@<A!

!BU!! !

$IF2(419'!%!4(,(2%+!)I('9!M.+!M%+,9+4!(&!BCDC!9&-(-29'!Z3%+H9-(&)!3(01()%&!>+.'I0-4!-.!/01..245!6!/-9$]F7]/-9$!RI('9J[DNX$

+6))4/2$9?$>8-)4GL4:)'4,)$J'*2'&(:$

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eI(+9!2%+)9!4I$$2(9+4JDOB!$

7<<'6::4/2$%**<$+&=6)#$1*/,6'/:$

*..'!4%M9-7!(4!%&!(,$.+-%&-!0.&4('9+%-(.&!M.+!M..'!49+;(09!'(+90-.+4!0.&4('9+(&)!$I+01%4(&)!2.0%2!$+.'I0-4JDOK!600.+'(&)!-.!-19!3.--!R+.I$^!-19!,.4-!9MM90-(;9!=%7!M.+!M..'!49+;(09!'(+90-.+4!-.!9&4I+9!-1%-!-19(+!M..'!0.,94!M+.,!%!4%M9!4.I+09!(4!-.!;(4(-!-19!M%+,!M+.,!=1(01!-197!%+9!0.&4('9+(&)!$I+01%4(&)!M..'JDOT!3%&7!M..'!49+;(09!'(+90-.+4!2%0H!9#$9+(9&09!(&4$90-(&)!M..'!4%M9-7!.&!M%+,4JDOU!Y19!3.--!R+.I$!+90.,,9&'4!-1%-!(&9#$9+(9&09'!M..'!49+;(09!'(+90-.+4!I49!%!0190H2(4-!M.+!+9-%(2!$I+01%494!.M!2.0%2!$+.'I09^!4I01!%4!-19!.&9!$IF2(419'!F7!V.=%!/-%-9!Q&(;9+4(-7!"#-9&4(.&JDOL!

6&!(&0+9%4(&)!%,.I&-!.M!401..2!474-9,4!%+9!+9eI(+(&)!-19(+!4I$$2(9+4!-.!1%;9!R..'!6)+(0I2-I+%2!>+%0-(094!bR6>c!%&'!R..'!:%&'2(&)!>+%0-(094!bR:>c!09+-(M(0%-(.&J!62-9+&%-(;927^!4.,9!401..2!'(4-+(0-4!+9eI(+9!-19(+!4I$$2(9+4!-.!1%;9!M..'!4%M9-7!$2%&4JDON!i1(29!&.-!%4!+94-+(0-(;9!%4!+9eI(+(&)!R6>aR:>!09+-(M(0%-(.&^!-1(4!'.94!9#02I'9!4.,9!M%+,9+4J!Y19!3.--!R+.I$!9&0.I+%)94!M%+,9+4!-.!1%;9!%!M..'!4%M9-7!$2%&!(&!$2%09!F90%I49!(-!(4!%&!(,$.+-%&-!4-9$!-.=%+'!R6>!09+-(M(0%-(.&JDOO!

!*'R4/2$04)"$L4:)'458)*':$

*..'!49+;(09!'(4-+(FI-.+4!$+.;('9!F.-1!M..'!%&'!&.&]M..'!$+.'I0-4^!4I01!%4!&%$H(&4!%&'!I-9&4(24^!-.!401..2!'(4-+(0-4J!i1(29!4.,9!'(4-+(FI-.+4!,()1-!4$90(%2(P9!(&!.&9!$+.'I0-^!4I01!%4!$+.'I09^!.+!M.0I4!.&!.&9!-7$9!.M!M..'!49+;(09!M%0(2(-7^!F+.%'2(&9!'(4-+(FI-.+4!.MM9+!%!=('9!+%&)9!.M!$+.'I0-4!-.!'(MM9+9&-!-7$94!.M!M..'!49+;(09!M%0(2(-(94J!?.&-+%0-4!=(-1!F+.%'2(&9!'(4-+(FI-.+4!&.+,%227!+9eI(+9!401..24!-.!$I+01%49!%-!29%4-!OUj!.M!-19(+!$+.'I09!M+.,!-19,JDOX!64!%!+94I2-^!(-!(4!(,$.+-%&-!-.!)9-!F+.%'2(&9!'(4-+(FI-.+4!-.!M.0I4!.&!$I+01%4(&)!,.+9!2.0%2!$+.'I0-4J!Y19!3.--!R+.I$!4-%+-9'!F7!%4H(&)!F+.%'2(&9!%&'!4$90(%2(P9'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DNX!3(01()%&!*%+,!-.!/01..2^!>&'R6)4/2$>4,"42&/$J'*<8,):$)*$+,"**-:[$7$+)6?G5#G+)6?$I84<6^!:8?'&!&.-9!DNDJ!DOC!Y929$1.&9!(&-9+;(9=!=(-1!?.2299&!3%--4^!:8?'&!&.-9!DBUJ!DOD!@<A!DOB!@<A!DOK!@<A!DOT!@<A!DOU!@<A!DOL!@<A_!V.=%!/-%-9!Q&(;9+4(-7!"#-9&4(.&^!7$1"6,R-4:)$=*'$J8',"&:4/2$Q*,&-$J'*<8,6^!&3&4-&5-6$&)$===J,(M%+,-.401..2J,4IJ9'Ia%449-4aM(294a0190H2(4-M.+2.0%2$+.'I09J$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DON!Y929$1.&9!(&-9+;(9=!=(-1!?.2299&!3%--4^!:8?'&!&.-9!DBUJ!DOO!@<A!DOX!@<A!

!BL!! !

'(4-+(FI-.+4!-.!2(4-!-19(+!3(01()%&!$+.'I0-4JDXC!Y197!-19&!%4H9'!M..'!49+;(09!'(+90-.+4!-.!%4H!M.+!,.+9!3(01()%&!$+.'I0-4!(&!.+'9+!-.!0.&;97!'9,%&'JDXD!

B.+.03+:3%5')"1+K3G31L+203+@34+@'&.0+,1'&5*"+?''93&".5G3+

V&!DXXN^!-19!E9=!E.+-1!*2.+('%!?..$9+%-(;9!bEE*?c^!%!)+.I$!.M!2(,(-9']+94.I+09!)+.=9+4^!F9)%&!4922(&)!$+.'I09!-.!%!4,%22!401..2!'(4-+(0-!(&!-19!*2.+('%!$%&1%&'29JDXB!Y19!EE*?!M%09'!&I,9+.I4!F%++(9+4^!(&02I'(&)!(&4IMM(0(9&-!0+9'(-^!).;9+&,9&-!+9)I2%-(.&4^!%&'!%!2%0H!%$$+.$+(%-9!9eI($,9&-JDXK!Y19!$+.)+%,!$+.;9'!$.$I2%+!%&'!-19!EE*?!eI(0H27!9#$%&'9'!(-4!.$9+%-(.&4!-.!.-19+!401..2!'(4-+(0-4J!G7!BCCK^!4%294!1%'!9#$%&'9'!-.!M(M-99&!401..2!'(4-+(0-4!(&!M.I+!'(MM9+9&-!4-%-94JDXT!6+.I&'!-1(4!-(,9^!-19!EE*?!F+.%'9&9'!(-4!,(44(.&!'I9!-.!=('94$+9%'!(&-9+94-!(&!(-4!,9-1.'4!%&'!4I00944JDXU!V&!%''(-(.&!-.!'(+90-27!'(4-+(FI-(&)!$+.'I09^!(-!F9)%&!-.!MI&0-(.&!%4!%!Z0.%2(-(.&!49+;(&)!&9-=.+H(&)!MI&0-(.&4!J!J!J!F9-=99&!M%+,9+4!%&'!401..24[!-1+.I)1.I-!-19!/.I-1JDXL!!

R279&!:.2,94^!M.I&'9+!.M!-19!EE*?^!1%4!M%0(2(-%-9'!-19!'9;92.$,9&-!.M!M%+,!-.!401..2!$+.)+%,4!(&!9()1-!'(MM9+9&-!4.I-19+&!4-%-94J!:(4!,.'92!M.0I494!.&!+92%-(.&41($!FI(2'(&)!%&'!M%+,!'(+90-!$I+01%4(&)^!=19+9!401..2!'(4-+(0-4!$+.0I+9!M..'!'(+90-27!M+.,!2.0%2!M%+,9+4JDXN!i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

i1(29!'9;92.$(&)!+92%-(.&41($4!=(-1!-19!H97!4-%H91.2'9+4^!:.2,94!-+(94!-.!%''+944!F%++(9+4!(&1(F(-(&)!M%+,!'(+90-!4%294JBCD!<.0%2!M%+,9+4!.M-9&!'.!&.-!1%;9!-19!+94.I+094^!9eI($,9&-^!.+!.+)%&(P%-(.&%2!4-+I0-I+9!-.!4I$$27!401..24!=(-1!%!0.4-]9MM90-(;9!%,.I&-!.M!$+.'I09J!V&!%''(-(.&!-.!,.&(-.+(&)!-19!4(-I%-(.&!$9+4.&%227!'I+(&)!-19!(&(-(%2!$(2.-!$9+(.'!.M!-19!$+.)+%,^!:.2,94!-+%(&4!%!2.0%2!2(%(4.&!.&!1.=!-.!%''+944!-1949!(44I94JBCB!Y19!2(%(4.&!%24.!,%(&-%(&4!%!02.49!+92%-(.&41($!=(-1!2.0%2!4-%H91.2'9+4^!+90+I(-4!&9=!M%+,9+4^!499H4!.I-!&9=!401..24!-.!=.+H!=(-1^!%&'!9&4I+94!-1%-!-19!2.0%2!M%+,9+4!1%;9!4I(-%F29!9eI($,9&-!M.+!$+.0944(&)!%&'!'(4-+(FI-(&)!-19(+!0+.$4JBCK!!

L636-*?4/2$T624*/&-$P^?6')4:6$

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!DXC!@<A!DXD!@<A!DXB!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!X"6$U60$U*')"$%-*'4<&$1**?6'&)436$%&'($)*$+,"**-$J'*2'&(\!&3&4-&5-6$&)!1--$5aa===JM%+,-.401..2J.+)a4-%-9]$+.)+%,4J$1$W%0-(.&s'9-%(2l('sBKl$('sKB!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DXK!Q/@6!6)+(0I2-I+%2!3%+H9-(&)!/9+;(09^!+8,,6::$*=$)"6$U60$U*')"$%-*'4<&$1**?6'&)436[$7$J'*2'6::$T6?*')$*/$J'*<8,6'$L4'6,)$+&-6:$)*$+,"**-$L4:)'4,):^!1--$5aa4,%22M%+,4J(M%4JIM2J9'Ia$2%&&(&)m%&'m,%&%)9,9&-a$'Ma/I00944E.TJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DXT!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!X"6$U60$U*')"$%-*'4<&$1**?6'&)436$%&'($)*$+,"**-$J'*2'&(^!:8?'&!&.-9!DXBJ!DXU!E9=!E.+-1!*2.+('%!?..$^!&3&4-&5-6$&)!1--$5aa&9=&.+-1M2.+('%0..$J0.,a(&'9#mM(294a&&M0J1-,!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!DXL!@<A!DXN!Y929$1.&9!(&-9+;(9=!=(-1!R279&!:.2,94^!:8?'&!&.-9!DDNJ!DXO!@<A$DXX!@<A$BCC!@<A$BCD!@<A$BCB!@<A$BCK!@<A$

!BN!! !

Y19!EE*?`4!9#$9+(9&094!-1+.I)1.I-!-19!/.I-1!1%;9!9&%F29'!(-!-.!29%+&!,.+9!%F.I-!-19!+9)(.&`4!&99'4!%&'!.$$.+-I&(-(94J!/01..2!'(4-+(0-4!%0+.44!-19!+9)(.&!41%+9!%!4(,(2%+!0I2(&%+7!19+(-%)9^!M%09!4(,(2%+!01%229&)94!%&'!1%;9!%00944!-.!,%&7!.M!-19!4%,9!2.0%2!%)+(0I2-I+%2!$+.'I0-4J!i1(29!'(4-+(FI-(.&!%&'!$+.0944(&)!%+9!(44I94!M.+!M%+,!-.!401..2!$+.)+%,4!-1+.I)1.I-!-19!Q&(-9'!/-%-94^!-19!EE*?`4!H&.=29')9!.M!+9)(.&%2!=9%-19+!$%--9+&4!%&'!0+.$4^!%4!=922!%4!(-4!9#-9&4(;9!9#$9+(9&09!=(-1!+I+%2!401..2!'(4-+(0-4!%&'!2(,(-9']+94.I+09!M%+,9+4^!1%4!%22.=9'!(-!-.!'9;92.$!%$$+.%0194!-.!-1949!(44I94!-1%-!%+9!=922]4I(-9'!-.!-19!+9)(.&J!V-!1%4!29%+&9'^!M.+!9#%,$29^!-.!F+(&)!+9M+()9+%-(.&!-+I0H4!(&!-19!M(92'!=19&!1%+;94-(&)!29%M7!)+99&4!(&!1()1!-9,$9+%-I+94^!=1(01!4()&(M(0%&-27!(,$+.;94!-19(+!eI%2(-7!%&'!4192M!2(M9JBCT!64!M%+,!-.!401..2!$+.)+%,4!'9;92.$!(&!3(44(44($$(^!-197!41.I2'!%24.!=.+H!-.!(,$+.;9!-19(+!.$9+%-(.&4!F7!0.,,I&(0%-(&)!=(-1^!%&'!29%+&(&)!M+.,^!.-19+!$+.)+%,4!(&!-19!+9)(.&J!!!!

>66)4/2$L6(&/<$=*'$J'*,6::6<$J'*<8,):$

Y19!EE*?!1%4!=.+H9'!=(-1!,%&7!401..24!-1%-!%+9!&.-!9eI($$9'!-.!$+.0944!+%=!$+.'I09JBCU!";9&!=19&!401..24!%+9!%F29!-.!$+.0944!M+I(-4!%&'!;9)9-%F294^!-197!.M-9&!$+9M9+!$+.09449'!%&'!$%0H%)9'!$+.'I0-4JBCL!64!%!+94I2-^!-19!EE*?!M.0I494!.&!'92(;9+(&)!$+.09449'!$+.'I0-4^!4I01!%4!01.$$9'!)+99&4!%&'!42(09'!4=99-!$.-%-.94J!G7!.F-%(&(&)!-19!9eI($,9&-!&90944%+7!-.!$+.0944!%&'!$%0H%)9!M+I(-4!%&'!;9)9-%F294!%-!-19!.&49-!.M!%!&9=!M%+,!-.!401..2!$+.)+%,^!-19!EE*?!192$4!0+9%-9!%!&I,F9+!.M!2.0%2!$+.'I0-4!-1%-!401..24!0%&!9%4(27!%&'!eI(0H27!(&-9)+%-9!(&-.!-19(+!401..2!,9%2!$2%&4J!

P/2&24/2$%**<$+6'34,6$L4'6,)*':$

R279&!:.2,94!'9;92.$4!+92%-(.&41($4!=(-1!%!;%+(9-7!.M!4-%H91.2'9+4!=19&!.+)%&(P(&)!%!&9=!M%+,!-.!401..2!$+.)+%,JBCN!i1(29!19!0.&4('9+4!%22!.M!-1949!4-%H91.2'9+4!(,$.+-%&-^!19!$2%094!%!$%+-(0I2%+!9,$1%4(4!.&!FI(2'(&)!02.49!+92%-(.&41($4!=(-1!401..2!M..'!49+;(09!'(+90-.+4JBCO!6!401..2!M..'!49+;(09!'(+90-.+`4!9&-1I4(%4,!%&'!M99'F%0H!0%&!192$!%!4,%22^!4-+I))2(&)!$(2.-!$+.)+%,!'9;92.$!(&-.!%!2%+)9]40%29^!M%4-])+.=(&)!$+.)+%,J!62-9+&%-(;927^!%!M%+,!-.!401..2!$+.)+%,!(&!%!'(4-+(0-!=(-1.I-!%!4I$$.+-(;9!M..'!49+;(09!'(+90-.+!0%&!eI(0H27!=(-19+!9;9&!=19&!9;9+7-1(&)!9249!(4!(&!$2%09J!!

Z84-<4/2$&$T6?8)&)4*/$=*'$T6-4&54-4)#$

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

J'*34<4/2$+6'34,6:$)*$%&'(6':$

Y19!EE*?!=.+H4!=(-1!M%+,9+4!-1%-!'.!&.-!1%;9!-19!9eI($,9&-!.+!M(&%&0(%2!+94.I+094!-.!0.&4(4-9&-27!4I$$27!401..24!=(-1!$+.09449'!M+I(-4!.+!;9)9-%F294JBDD!3%&7!.M!(-4!9MM.+-4!%+9!0.&09&-+%-9'!.&!$+.;('(&)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BCT!@<A$BCU!@<A$BCL!@<A$BCN!@<A$BCO!@<A$BCX!Q/@6!8I+%2!@9;92.$,9&-^!7$+6&$*=$I'66/:[$Q*0G@/,*(6$%&'(6':$9:6$Y626)&5-6$J'*,6::4/2\$>&'R6)4/2$1*G*?$)*$1'6&)6$U60$C??*')8/4)#$4/$U*')"$%-*'4<&^!&3&4-&5-6$&)!1--$5aa===J+I+'9;JI4'%J).;a+F4a$IFa%I)XXa)+99&4J1-,!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!BDC!@<A$BDD!Y929$1.&9!(&-9+;(9=!=(-1!R279&!:.2,94^!:8?'&!&.-9!DDNJ!

!BO!! !

49+;(094!-.!M%+,9+4!(&!.+'9+!-.!M%0(2(-%-9!-19(+!$%+-(0($%-(.&!(&!%!M%+,!-.!401..2!$+.)+%,J!Y1949!49+;(094!.M-9&!(&02I'9!$(0H(&)!I$^!$+.0944(&)^!%&'!'92(;9+(&)!-19!$+.'I0-JBDB!?..+'(&%-(&)!-1949!%0-(;(-(94!&.-!.&27!9&4I+94!-1%-!401..24!+909(;9!$+.09449'!M+I(-4!%&'!;9)9-%F294!(&!%!-(,927!,%&&9+^!FI-!%22.=4!,.+9!M%+,9+4!-.!$%+-(0($%-9!(&!M%+,!-.!401..2!-1%&!=.I2'!.-19+=(49!F9!%F29!-.J!!

!

>---.!?&A3,%#+34&!G1+3'*F!5#6D%&,!(7'6!:+=&7!5+#+&,!+

,"&-+.'+/#0''1+K3%571".5')+5)+F.03&+/.".37+

Y1(+-7]-1+99!4-%-94!1%;9!$%449'!29)(42%-(.&!'94()&9'!-.!4I$$.+-!M%+,!-.!401..2!$+.)+%,4JBDK!Y19!4-%-9!4-%-I-94!'.!-1(4!$+(,%+(27!(&!.&9!.+!,.+9!.M!-1+99!=%745!bDc!F7!.+)%&(P(&)!%!4-%-9=('9!M%+,!-.!401..2!(&(-(%-(;9!.+!1(+(&)!%!4-%-9=('9!M%+,!-.!401..2!0..+'(&%-.+^!bBc!F7!$+.;('(&)!M%+,!-.!401..2!$+.)+%,4!=(-1!

'(+90-!M(&%&0(%2!4I$$.+-^!%&'!bKc!F7!9&0.I+%)(&)!-19!)+.=-1!.M!-19!M%+,!-.!401..2!$+.)+%,4!-1+.I)1!-19!$%44%)9!.M!M%;.+%F29!4-%-9!$+.0I+9,9&-!2%=4J!!

+)&)604<6$=&'($)*$:,"**-$4/4)4&)436:$

Y=9&-7]-1+99!4-%-94!1%;9!0+9%-9'!4-%-9=('9!M%+,!-.!401..2!$+.)+%,4!.+!49-!I$!-%4H!M.+094^!(&-+%]%)9&07!0.I&0(24^!.+!=.+H(&)!)+.I$4!-.!(,$29,9&-!%&'!%$$+%(49!M%+,!-.!401..2!$+.)+%,4JBDT!Y19!,.4-!0.,,.&!%$$+.%01!(4!-.!94-%F2(41!%!4-%-9=('9!M%+,!-.!401..2!$+.)+%,!=(-1!-19!4I$$.+-!.M!4-%-9!%)9&0(94JBDU!V&!BCCL^!SH2%1.,%`4!29)(42%-I+9!$%449'!%!2%=!94-%F2(41(&)!-19!SH2%1.,%!*%+,!-.!/01..2!>+.)+%,!=(-1(&!

-19!SH2%1.,%!@9$%+-,9&-!.M!6)+(0I2-I+9^!*..'!%&'!*.+94-+7JBDL!Y19!2%=!+9eI(+94!-19!@9$%+-,9&-!-.!9,$2.7!%!'(+90-.+!-.!%',(&(4-9+!%&'!,.&(-.+!-19!4-%-9=('9!$+.)+%,!=(-1!-19!)I('%&09!.M!-19!SH2%1.,%!*..'!>.2(07!?.I&0(2JBDN!/(,(2%+27^!3(01()%&!94-%F2(419'!%!4-%-9=('9!M%+,!-.!401..2!$+.)+%,!(&!BCCO!4I$$.+-9'!F7!-19!@9$%+-,9&-4!.M!6)+(0I2-I+9!%&'!"'I0%-(.&JBDO!V-!0%229'!M.+!-19!$+.)+%,!-.!M%0(2(-%-9!$+.0I+9,9&-!.M!2.0%2!$+.'I0-4!%&'!-.!$+.;('9!9'I0%-(.&!%&'!-+%(&(&)!-.!M..'!49+;(09!4-%MM!.&!1.=!-.!%00.,,.'%-9!M+941!%&'!2.0%2!M..'4JBDX!V-!%24.!+9eI(+9'!-19!@9$%+-,9&-!.M!6)+(0I2-I+9!-.!94-%F2(41!%!M%+,!-.!401..2!$.(&-!$9+4.&!-.!0..+'(&%-9!9MM.+-4!%&'!-.!%0-!%4!%&!(&M.+,%-(.&!+94.I+09!M.+!4-%H91.2'9+4JBBC!S-19+!4-%-94!-1%-!1%;9!0+9%-9'!4-%-9=('9!M%+,!-.!401..2!$+.)+%,4!(&02I'9!62%4H%^!*2.+('%^!E.+-1!?%+.2(&%^!S+9).&^!>9&&472;%&(%^!d(+)(&(%^!%&'!i%41(&)-.&^!%,.&)!.-19+4J!

%4/&/,4&-$+8??*')$

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BDB!@<A$BDK!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!+)&)6$%&'($)*$+,"**-$Q624:-&)4*/^!&3&4-&5-6$&)$===JM%+,-.401..2J.+)aM(294a$IF2(0%-(.&4mDNNJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDCcJ!BDT!@<A$BDU!@<A$BDL!S\<6J!/Y6YJ!6EEJ!-(-J!B^!h!U]LC!bBCDDcJ!BDN!@<A$BDO!3V?:J!?S3>J!<6i/!h!KOOJOTD!bBCDDcJ!BDX!@<A$BBC!@<A$

"=&!>&76'*+!63*3[A7#*+!D7'A7#6!=#,!=&%D&9!9'\&*,!'(!,1=''%,!36D%&6&*+!'7!&0D#*9!(#76!+'!,1=''%!D7'A7#6,I!6#V3*A!>&76'*+!#!*#+3'*#%!%&#9&7!3*!+=&!6'4&6&*+.!

!BX!! !

Y9&!4-%-94!1%;9!$%449'!29)(42%-(.&!49--(&)!%4('9!MI&'4!M.+!M%+,!-.!401..2!$+.)+%,4!%&'!49;9&!4-%-94!1%;9!$%449'!2%=4!%I-1.+(P(&)!M%+,!-.!401..2!)+%&-!$+.)+%,4JBBD!/,%22!%$$+.$+(%-(.&4!.+!)+%&-!$+.)+%,4!0%&!1%;9!%!2%+)9!(,$%0-!.&!4-%-9=('9!M%+,!-.!401..2!9MM.+-4J!V&!BCCN^!M.+!9#%,$29^!E9=!39#(0.`4!29)(42%-I+9!%$$+.$+(%-9'!gOU^CCC!M.+!%!M%+,!-.!401..2!$+.)+%,!(&!-19!62FIeI9+eI9!>IF2(0!/01..2!@(4-+(0-JBBB!Y1949!MI&'4!F+.I)1-!2.0%2!M+I(-4!%&'!;9)9-%F294!-.!L^CCC!4-I'9&-4!(&!-=92;9!401..24!%&'!192$9'!0+9%-9!%!2%+)9^!%=%+']=(&&(&)!M%+,!-.!401..2!$+.)+%,JBBK!6!BCCN!F(22!(&!d9+,.&-!94-%F2(419'!%!$9+,%&9&-!,(&(])+%&-!$+.)+%,!-.!4I$$.+-!M%+,!-.!401..2JBBT!V&!BCCO^!gOU^CCC!=%4!%$$+.$+(%-9'!M.+!M%+,!-.!401..2!$+.)+%,4!%&'!gBU^CCC!M.+!-+%(&(&)!%&'!-901&(0%2!%44(4-%&09!M.+!401..24!-.!'9;92.$!M%+,!-.!401..2!$+.)+%,4JBBU!Y19!2%=!4-($I2%-94!-1%-!&.!(&'(;('I%2!)+%&-!0%&!9#099'!gDU^CCCJBBL!Y19!d9+,.&-!,(&(])+%&-!$+.)+%,!1%4!192$9'!'.P9&4!.M!401..24!(,$29,9&-!.+!9#$%&'!M%+,!-.!401..2!$+.)+%,4^!,%H(&)!d9+,.&-!%!&%-(.&%2!29%'9+!(&!-19!,.;9,9&-J!Y19!)+%&-!$+.)+%,!%24.!192$9'!R+99&!3.I&-%(&!*%+,!-.!/01..2^!$+.M(29'!(&!/90-(.&!dVV^!9#$%&'!(-4!.$9+%-(.&4JBBN!S;9+!TCj!.M!d9+,.&-`4!KCU!$IF2(0!401..24!&.=!$%+-(0($%-9!(&!M%+,!-.!401..2JBBO!!

%&3*'&5-6$J'*,8'6(6/)$Q&0:$

*.I+-99&!4-%-94!1%;9!$%449'!2%=4!9&0.I+%)(&)!4-%-9!.+)%&(P%-(.&4^!%)9&0(94^!%&'!401..24!-.!$I+01%49!2.0%2!$+.'I0-4!F7!%22.=(&)!$+9M9+9&094!M.+!(&]4-%-9!%)+(0I2-I+%2!$+.'I0-4J!SM-9&!-1949!2%=4!=(22!$2%09!4.,9!4.+-!.M!2(,(-!.&!-19!$+9M9+9&09^!=19-19+!(-!(4!%!$9+09&-%)9!-1%-!0%&&.-!F9!9#099'9'^!%!'.22%+!%,.I&-^!.+!%!+9eI(+9,9&-!-1%-!-19!$+9M9+9&09!F9!+9%4.&%F29JBBX!Y1949!2%=4!.M-9&!bDc!9#02I'9!2.0%2!$+.'I0-4!M+.,!&.+,%2!$+.0I+9,9&-!$+.09'I+%2!+9eI(+9,9&-4!%&'!bBc!%22.=!$I+01%4(&)!(&4-(-I-(.&4!-.!-+9%-!2.0%2!$+.'I0-4!$+9M9+9&-(%227!=19&!M.22.=(&)!&.+,%2!$+.09'I+%2!+9eI(+9,9&-4J!!

V&!BCCN^!3.&-%&%!$%449'!/9&%-9!G(22!BO!b/JGJ!KBOc^!0+9%-(&)!%&!.$-(.&%2!9#9,$-(.&!M.+!$IF2(0!(&4-(-I-(.&4!M+.,!-19!3.&-%&%!>+.0I+9,9&-!60-`4!$+.09'I+%2!+9eI(+9,9&-4JBKC!Y19!9#9,$-(.&!%22.=4!$IF2(0!(&4-(-I-(.&4!-.!)(;9!2.0%2!$+.'I0-4!%!$+9M9+9&09!=19&!I4(&)!4-%&'%+'!$+.0I+9,9&-!$+.09'I+94JBKD!V-!%24.!%22.=4!-19,!-.!'(+90-27!$I+01%49!$+.'I0-4!M+.,!2.0%2!M%+,9+4^!M.+9).(&)!$+.0I+9,9&-!$+.09'I+94!%2-.)9-19+JBKB!Y19!2%=`4!29)%2!9MM90-!=%4!,(&(,%2!F90%I49!M+941!$+.'I09!1%'!$+9;(.I427!F99&!9#9,$-9'!M+.,!-19!3.&-%&%!>+.0I+9,9&-!60-JBKK!Y1(4!9#9,$-(.&!%22.=9'!$IF2(0!(&4-(-I-(.&4!-.!)(;9!2.0%2!$+.'I09!%!$+9M9+9&09!=19&!499H(&)!F('4!.+!-.!$I+01%49!$+.'I09!'(+90-27!M+.,!M%+,9+4!$+(.+!-.!-19!$%44%)9!.M!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BBD!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!+)&)6$%&'($)*$+,"**-$Q624:-&)4*/^!:8?'&!&.-9!BDKJ!BBB!60-!.M!3%+J!DK^!BCCN^!01J!BD^!BCCN!EJ!3J!<6i/!BUO^!KDO!BBK!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!Y4,)*'#$72&4/:)$;8/26'$70&'<:$7//*8/,6<^!&3&4-&5-6$&)$1--$5aa===JM%+,-.401..2J.+)ad6:%=%+'4J$1$k%2FIeI9+eI9!b2%4-!;(4(-9'!3%7!DT^!BCDDc_!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!U60$>6^4,*$J'*=4-6^!&3&4-&5-6$&)!1--$5aa===JM%+,-.401..2J.+)a4-%-9]1.,9J$1$W('sL!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!BBT!dYJ!/Y6YJ!6EEJ!-(-J!L^!h!TNBD!bBCDDcJ!BBU!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!+)&)6$%&'($)*$+,"**-$Q624:-&)4*/^!:8?'&!&.-9!BDKJ!BBL!dYJ!/Y6YJ!6EEJ!-(-J!L^!h!TNBD!bBCDDcJ!BBN!Y929$1.&9!V&-9+;(9=!=(-1!\%-19+(&9!/(,4^!:8?'&!&.-9!DKUJ!BBO!Y19+9!%+9!KCN!$IF2(0!401..24!(&!d9+,.&-!%00.+'(&)!-.!-19!d9+,.&-!/-%-9!G.%+'!.M!"'I0%-(.&J!S&9]1I&'+9'!%&'!-1(+-7!401..24!%+9!(&;.2;9'!(&!*%+,!-.!/01..2!(&!4.,9!=%7J!d9+,.&-!/-%-9!G.%+'!.M!"'I0%-(.&^!%h$FWBF$+)&)6$Z*&'<$*=$P<8,&)4*/$Z8<26)$T6,*((6/<&)4*/:$]$7//8&-$T6?*')\!1--$5aa9'I0%-(.&J;9+,.&-J).;a&9=a$'M'.0a$IF4a"@Q]/-%-9mG.%+'m.Mm"'I0%-(.&mGI')9-m890.,,9&'%-(.&4m%&'mjBC6&&I%2m89$.+-m*oBCDBJ$'M!b2%4-!;(4(-9'!3%7!DT^!BCDDc_!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H^!Y6'(*/)$J'*=4-6\$1--$5aa===JM%+,-.401..2J.+)adYa!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!BBX!R9.+)(%^!M.+!9#%,$29^!.&27!%22.=4!401..24!-.!)(;9!2.0%2!$+.'I0-4!%!$+9M9+9&09!=19&!,%H(&)!$I+01%494!I&'9+!gDCC^CCCJ!R6J!?S@"!6EEJ!h!BC]B]UCC!bBCDDcJ!BKC!3SEYJ!?S@"!6EEJ!h!DO]T]DKB!bBCCXcJ!BKD!@<A$BKB!@<A$BKK!@9++(0H!G+%%-9&!l!3%+&9!?.(-^!Q62&-$@::86:$4/$Q*,&-$%**<$+#:)6(:^!DU!@86\"!fJ!6R8V?J!<J!X!bBCDCcJ!

!KC!! !

/JGJ!KBOJBKT!E.&9-192944^!2.0%2!M..'!.+)%&(P9+4!M.I&'!-1%-!401..2!.MM(0(%24!=9+9!,I01!,.+9!+909$-(;9!-.!$I+01%4(&)!2.0%2!M..'!%M-9+!-19!2%=`4!$%44%)9JBKU!S&9!+9%4.&!M.+!-1(4!,%7!F9!-1%-!4.,9!$+.0I+9,9&-!.MM(0(%24!,(4-%H9&27!F92(9;9'!-1%-!-197!0.I2'!&.-!,%H9!'(+90-!$I+01%494!M+.,!M%+,9+4!$+(.+!-.!/JGJ!KBO`4!$%44%)9JBKL!G7!02%+(M7(&)!-1%-!'(+90-!$I+01%494!M+.,!2.0%2!M%+,9+4!=9+9!&.-!.&27!%22.=9'^!FI-!9&0.I+%)9'^!-19!29)(42%-(.&!$.4(-(;927!%MM90-9'!1.=!401..2!.MM(0(%24!;(9=9'!2.0%2!M..'!(&(-(%-(;94JBKN!

6!3%44%01I49--4!2%=!$%449'!(&!BCDC!).94!%!4-9$!MI+-19+!%&'!+9eI(+94!$+.0I+9,9&-!.MM(0(%24!-.!$I+01%49!2.0%2!$+.'I0-4!I&'9+!09+-%(&!0(+0I,4-%&094JBKO!GI(2'(&)!.&!%!BCCL!2%=!-1%-!%22.=4!4-%-9!%)9&0(94!-.!$%7!I$!-.!DCj!%F.;9!-19!2.=94-!F('!-.!$I+01%49!3%44%01I49--4!%)+(0I2-I+%2!$+.'I0-4^!-19!&9=!2%=!'6S84'6:!4-%-9!$I+01%4(&)!%)9&-4!-.!$I+01%49!4-%-9])+.=&!$+.'I0-4!I&2944!-19!$+(09!.M!-19!)..'!9#099'4!-19!$+(09!.M!.I-].M]4-%-9!$+.'I0-4!F7!,.+9!-1%&!DCjJBKX!i1(29!-1(4!+9eI(+9,9&-!'.94!&.-!9#-9&'!-.!(&'(;('I%2!401..24^!%4!-197!'.!&.-!$I+01%49!$+.'I09!.&!F91%2M!.M!-19!4-%-9^!(-!'.94!(&02I'9!$IF2(0!0.229)94!%&'!I&(;9+4(-(94JBTC!

!

-H.!@&1'66&*9#+3'*,!!

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

!:3#'--3)*".5')7+='&+.03+/.".3+E'G3&)-3).+

C'2&/4D6$&$:)&)604<6$4/4)4&)436$*'$"4'6$&$:)&)604<6$,**'<4/&)*'$6!4-%-9=('9!M%+,!-.!401..2!$+.)+%,!(&!3(44(44($$(!0.I2'!9&9+)(P9!M%+,!-.!401..2!9MM.+-4!%&'!%0-!%4!%!,I01!&99'9'!(&M.+,%-(.&!029%+(&)1.I49J!>+.;('(&)!%!=9F$%)9!%&'!%!$.(&-!$9+4.&!M.+!M%+,!-.!401..2!(44I94!0.I2'!1%;9!%&!(,$%0-!-1%-!M%+!.I-=9()14!-19!9#$9&'(-I+94!+9eI(+9'!M.+!4I01!%!0.,,(-,9&-J!V-!0.I2'!49+;9!%4!%!M%+,!-.!401..2!,%-01,%H9+^!0.&&90-(&)!401..24!=(-1!M%+,9+4!9%)9+!-.!=.+H!=(-1!-19,J!Y1(4!+.29!(4!;(-%2!(&!.+'9+!-.!'9;92.$!4I00944MI2!M%+,!-.!401..2!$+.)+%,4!%+.I&'!-19!4-%-9^!%4!-19!0%49!4-I'(94!(&!/90-(.&!dVV!41.=^!%&'!-19+9!(4!&.!.+)%&(P%-(.&!0I++9&-27!49+;(&)!-1(4!MI&0-(.&!(&!3(44(44($$(J!!

78)"*'4D6$&/<$=8/<$(4/4G2'&/):$=*'$=&'($)*$:,"**-$?'*2'&(:$/,%22!4-%-9!)+%&-4!0.I2'!1%;9!%!2%+)9!(,$%0-!.&!M%+,!-.!401..2!9MM.+-4!(&!3(44(44($$(J!d9+,.&-`4!,(&(])+%&-!$+.)+%,^!=1(01!'(4-+(FI-94!%!2(--29!.;9+!gDCC^CCC!9%01!79%+^!1%4!192$9'!,%H9!d9+,.&-!%!&%-(.&%2!29%'9+!(&!-19!,.;9,9&-JBTD!6!4(,(2%+!$+.)+%,!(&!3(44(44($$(!=.I2'!9&0.I+%)9!401..2!'(4-+(0-4^!&.&$+.M(-!.+)%&(P%-(.&4^!%&'!%)+(0I2-I+%2!0..$9+%-(;94!-.!'94()&!%&'!(,$29,9&-!M%+,!-.!401..2!$+.)+%,4!-1+.I)1.I-!-19!4-%-9!F7!$+.;('(&)!%!4,%22!%,.I&-!.M!499'!,.&97!M.+!-1949!$+.)+%,4J!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BKT!@<A$BKU!@<A$BKL!@<A$BKN!@<A$BKO!36//J!R"E"86<!<6i/!01J!N^!h!BKG!bBCDDcJ!BKX!@<A!BTC!@<A$BTD!dYJ!/Y6YJ!6EEJ!-(-J!L^!h!TNBD!bBCDDcJ!

!KD!! !

7--*,&)6$=8/<:$=*'$I7JEI;J$)'&4/4/2$&/<$,6')4=4,&)4*/$Y19!3(44(44($$(!@9$%+-,9&-!.M!"'I0%-(.&!+9eI(+94!%22!$+.'I09!$I+01%49'!M.+!4-%-9=('9!$+.)+%,4!-.!F9!4.I+09'!M+.,!$+.'I09+4!=1.!%+9!09+-(M(9'!F7!%!-1(+'!$%+-7!%I'(-.+!b(&02I'(&)!R..'!6)+(0I2-I+%2!>+%0-(094!bR6>c!%&'!R..'!:%&'2(&)!>+%0-(094!bR:>cc^!,%H(&)!$%+-(0($%-(.&!0.4-]$+.1(F(-(;9!M.+!,.4-!4,%22!%&'!,9'(I,!4(P9'!M%+,9+4JBTB!Y1(4!(&02I'94!-19!$+.'I09!'(4-+(FI-9'!F7!-19!&%-(.&%2!0.,,.'(-7!$+.)+%,4^!4I01!%4!-19!@9$%+-,9&-!.M!@9M9&49!*+941!>+.)+%,!b,I4-!F9!R6>aR:>!09+-(M(9'c^!%&'!-19!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9!bR6>aR:>!.+!.-19+!%I'(-(&)!$+.0944!=(22!4IMM(09cJ!i1(29!-1(4!+9eI(+9,9&-!'.94!&.-!%MM90-!2.0%2!401..24^!=1(01!'.!&.-!1%;9!-.!$I+01%49!R6>aR:>!09+-(M(9'!$+.'I09^!(-!&.&9-192944!'+%4-(0%227!+9'I094!M%+,!-.!401..2`4!$.-9&-(%2!(&!3(44(44($$(JBTK!Y19!4-%-9!0.I2'!0+9%-9!%!MI&'!.M!,.&97!-.!192$!4,%22!%&'!,9'(I,!4(P9'!M%+,9+4!+909(;9!R6>aR:>!-+%(&(&)!%&'!$%7!M.+!09+-(M(0%-(.&J!Y1(4!=.I2'!%22.=!,.+9!3(44(44($$(!M%+,9+4!-.!$%+-(0($%-9!(&!-19!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9!=(-1.I-!%2-9+(&)!-19!$+.)+%,`4!M..'!4%M9-7!+9eI(+9,9&-4J!

$L636-*?$I7JEI;J$,6')4=4,&)4*/$*8)'6&,"$6==*'):$6!=9F$%)9!0.I2'!F9!0+9%-9'!-.!9#$2%(&!-19!$+.0944!M.+!+909(;(&)!R6>aR:>!09+-(M(0%-(.&!%&'!%''+944!-19!%I'(-!$+.0944!0.&09+&4!.M!4,%22!M%+,9+4J!/-%-9!%)9&0(94!%&'!-19!9#-9&4(.&!49+;(09!0.I2'!FI(2'!.&!-1(4!9MM.+-!F7!.MM9+(&)!R6>aR:>!-+%(&(&)!%(,9'!%-!4,%22!%&'!,(']4(P9'!M%+,9+4!%&'!)+.=9+4`!0..$9+%-(;94J!S-19+!4-%-94!1%;9!-%H9&!4-9$4!-.!(&0+9%49!-19!&I,F9+!.M!M%+,9+4!=(-1!R6>aR:>!09+-(M(0%-(.&J!V&!i%41(&)-.&^!M.+!9#%,$29^!-19!i%41(&)-.&!/-%-9!@9$%+-,9&-!.M!6)+(0I2-I+9`4!*%+,!-.!/01..2!>+.)+%,!9'I0%-94!4,%22!%&'!,(']4(P9'!M%+,9+4!%F.I-!R6>!09+-(M(0%-(.&!-1+.I)1!,.0H!R6>!%I'(-4^!4%,$29!'.0I,9&-4^!%&'!%&!9'I0%-(.&%2!@d@JBTT!i%41(&)-.&!/-%-9!Q&(;9+4(-7!"#-9&4(.&!%24.!.MM9+4!M..'!4%M9-7!=.+H41.$4!-1%-!(&-+.'I09!M%+,9+4!-.!M..'!4%M9-7!%&'!+(4H!,%&%)9,9&-!$+%0-(094!%&'!)(;9!M%+,9+4!%&!.$$.+-I&(-7!'9;92.$!R6>!$+.)+%,4!=(-1!-+%(&9+4JBTU!

@/,*'?*'&)6$26*2'&?"4,$?'6=6'6/,6$4/)*$)"6$:)&)604<6$?8',"&:4/2$:#:)6($V&0.+$.+%-(&)!%!)9.)+%$1(0!$+9M9+9&09!(&-.!-19!4-%-9=('9!$I+01%4(&)!474-9,!=.I2'!(&0+9%49!-19!&I,F9+!.M!3(44(44($$(!$+.'I0-4!$I+01%49'!-1+.I)1!-19!$+.)+%,!%&'!=.I2'!9&0.I+%)9!,.+9!M%+,9+4!-.!+909(;9!-19!09+-(M(0%-(.&!&90944%+7!-.!$%+-(0($%-9J!i19&!01..4(&)!4I$$2(9+4^!-19!4-%-9=('9!$I+01%4(&)!0..$9+%-(;9!(44I94!%&!(&;(-%-(.&!M.+!%!F('!bV*Gc^!(&!=1(01!4I$$2(9+4!4IF,(-!%!$+(09!$+.$.4%2!M.+!-19!$+.'I0-!%&'!-19!2.=94-!$+(09!=(&4!-19!F('JBTL!i1(29!&.-!0.,,.&^!)9.)+%$1(0!$+9M9+9&09!0%&!F9!(&0.+$.+%-9'!(&-.!V*G4JBTN!Y1(4!0%&!F9!'.&9!(&!-=.!=%745!bDc!%&!V*G!(44I9+!0%&!=+(-9!(&!4$90(M(0%-(.&4!-1%-!%';%&-%)9!2.0%2!4I$$2(9+4!.+!bBc!%&!(44I9+!0%&!'9'I0-!%!$+9]'9-9+,(&9'!%,.I&-!.M!,.&97!M+.,!F('4!-1%-!,99-!-19(+!)9.)+%$1(0!$+9M9+9&09!)I('92(&94JBTO!

1'6&)6$&<<4)4*/&-$4/:?6,)4*/$-*,&)4*/:$=*'$=**<$)"&)$4:$?8',"&:6<$)"'*82"$:)&)604<6$?'*2'&(:$89eI(+(&)!%22!$+.'I09'!$I+01%49'!-1+.I)1!4-%-9=('9!$+.)+%,4!-.!F9!(&4$90-9'!(&!f%0H4.&!(4!(&9MM(0(9&-!%&'!FI+'9&4!M%+,9+4!(&!.-19+!%+9%4!.M!-19!4-%-9!=1.!=%&-!-.!$%+-(0($%-9!(&!-19!4-%-9=('9!$+.)+%,J!S+)%&(P(&)!(&4$90-(.&!2.0%-(.&4!(&!.-19+!+9)(.&4!.M!-19!4-%-9!=.I2'!%22.=!401..24!-.!+909(;9!M+9419+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BTB!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!TJ!BTK!@<A$BTT!Y929$1.&9!V&-9+;(9=!=(-1!Y+(0(%!\.;%04^!>+.)+%,!3%&%)9+^!i%41(&)-.&!/-%-9!@9$%+-,9&-!.M!6)+(0I2-I+9!*%+,]-.]/01..2!>+.)+%,!b*9FJ!N^!BCDDc_!",%(2!M+.,!89F900%!"2(%4^!>+.A90-!?..+'(&%-.+^!i%41(&)-.&!/-%-9!@9$%+-,9&-!.M!6)+(0I2-I+9!*%+,]-.]/01..2!>+.)+%,^!-.!%I-1.+!b3%+J!O^!BCDDc!b.&!M(29!=(-1!%I-1.+cJ!BTU!i%41(&)-.&!/-%-9!Q&(;9+4(-7!"#-9&4(.&^!I**<$72'4,8-)8'&-$J'&,)4,6:^!&3&4-&5-6$%-!1--$5aaM..'4%M9-7J=4IJ9'Ia%)a(&'9#J1-,2!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!BTL!Y929$1.&9!(&-9+;(9=!=(-1!>+(40(22%!6,,9+,%&^!:8?'&!&.-9!TJ!BTN!<.&)^!:8?'&$&.-9!NNJ!BTO!@<A!

!KB!! !

$+.'I09!%&'!=.I2'!,%H9!(-!9%4(9+!M.+!(&]4-%-9!M%+,9+4!-.!4922!$+.'I0-4!-.!4-%-9=('9!$I+01%4(&)!$+.)+%,4J!Y19+9!%+9!49;9+%2!Q/@6!)+%&-4!-1%-!0.I2'!$.-9&-(%227!M%0(2(-%-9!4I01!%&!9MM.+-J!R+%&-4!'94()&9'!-.!9#$%&'!,%+H9-(&)!.$$.+-I&(-(94!M.+!2.0%2!M%+,9+4!0%&!F9!M.I&'!(&!-19!Z6''(-(.&%2!894.I+094[!490-(.&J!

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`!+9eI(+9,9&-4!M.+!)+.=9+4!41.I2'!%24.!F9!029%+27!%';9+-(49'!-.!9&0.I+%)9!(&;.2;9,9&-!M+.,!,.+9!M%+,9+4J!

:3#'--3)*".5')7+='&+@')9&'=5.+F&%")5A".5')7+

+8'36#$4/)6'6:)$$/I+;97(&)!M%+,9+4!%&'!M..'!49+;(09!'(+90-.+4!%F.I-!-19(+!(&-9+94-!(&!M%+,!-.!401..2!1%4!-=.!,%(&!F9&9M(-4J!VM!'.&9!=922^!(-!=(22!192$!M%+,!-.!401..2!.+)%&(P9+4!('9&-(M7!=17!4.,9!M..'!49+;(09!'(+90-.+4!%&'!M%+,9+4!,%7!F9!+92I0-%&-!-.!-+7!M%+,!-.!401..2J!S+)%&(P9+4!0%&!-19&!M.0I4!.&!%''+944(&)!-1949!0.&09+&4J!V-!%24.!(4!%!4(,$29!=%7!-.!4-%+-!FI(2'(&)!+92%-(.&41($4!F9-=99&!M%+,9+4!%&'!401..2!M..'!49+;(09!'(+90-.+4J!!

P/2&26$)"6$1*((8/4)#$"MM90-(;9!M%+,!-.!401..2!$+.)+%,4!(&;.2;9!$%+9&-4^!0.,,I&(-7!,9,F9+4^!FI4(&94494^!%&'!+9)(.&%2!(&4-(-I-(.&4J!>%+9&-4!%&'!0.,,I&(-7!,9,F9+4!0%&!$+.;('9!M(&%&0(%2!4I$$.+-!%&'!192$!.+)%&(P9!%&'!$IF2(0(P9!2.0%2!9MM.+-4^!%4!=922!%4!,.-(;%-(&)!-19(+!01(2'+9&`4!401..24!-.!$I+4I9!M%+,!-.!401..2J!<.0%2!FI4(&94494!%&'!&.&$+.M(-4!%+9!%24.!.M-9&!=(22(&)!-.!0.&-+(FI-9!-.!M%+,!-.!401..2!$+.)+%,4J!V&!%''(-(.&!-.!M(&%&0(%2!0.&-+(FI-(.&4^!FI4(&94494!,%7!F9!=(22(&)!-.!'.&%-9!4I$$2(94!%-!+9'I09'!0.4-J!R+99&!3.I&-%(&!*%+,!-.!/01..2`4!Z/I$$.+-9+4[!$%)9!2(4-4!49;9&!4I$$.+-9+4!-1%-!$+.;('9'!(&]H(&'!'.&%-(.&4^!(&02I'(&)!%!0.,$.4-!0.,$%&7!%&'!%!2.0%2!;%0%-(.&!+94.+-JBTX!64!'(40I449'!F92.=^!M%+,!-.!401..2!$+.)+%,4!0%&!%24.!+%(49!%''(-(.&%2!MI&'4!F7!01%+)(&)!49+;(09!M994!-.!'92(;9+!M..'!-.!+94-%I+%&-4!%&'!.-19+!M..'!49+;(09!.$9+%-(.&4J!!

L636-*?$7-)6'/&)436$L4:)'458)4*/$+#:)6(:$/-I'(94!.M!M%+,!-.!401..2!$+.)+%,4!0.&4(4-9&-27!41.=!-1%-!Z)9--(&)!-19!M..'!M+.,!M%+,4!-.!401..24!J!J!J!u(4v!.&9!.M!-19!H97!01%229&)94!M%0(&)!-1949!9MM.+-4J[BUC!d%+(.I4!(&-9+,9'(%+(94!1%;9!9;.2;9'!(&!+94$.&49!-.!-1(4!01%229&)9JBUD!Y19!E9=!E.+-1!*2.+('%!?..$9+%-(;9!(4!.&9!9#%,$29J!V-!$(0H4!I$!$+.'I09!M+.,!(-4!,9,F9+4^!$+.094494!(-^!%&'!-19&!'92(;9+4!(-!'(+90-27!-.!401..24JBUB!R+99&!3.I&-%(&!*%+,!@(+90-!bR3*@c^!=1(01!01%+)94!$I+01%4(&)!(&4-(-I-(.&4!%!,(&(,%2!M99^!49+;94!%!4(,(2%+!MI&0-(.&JBUK!R*3@!0%-%2.)4!2.0%227!%;%(2%F29!$+.'I0-4!%&'!-19&!'(4-+(FI-94!-1%-!(&M.+,%-(.&!-.!(-4!0I4-.,9+4JBUT!?I4-.,9+4!-19&!$2%09!%&!.+'9+!%&'!R3*@!=(22!0..+'(&%-9!-19!'92(;9+7JBUU!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BTX!R+99&!3.I&-%(&!*%+,!-.!/01..2^!+8??*')6':^!&3&4-&5-6$&)!1--$5aa===J)+99&,.I&-%(&M%+,-.401..2J.+)a4I$$.+-9+4J$1$!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!BUC!G9--7!VPI,(!9-!%2J^!:8?'&!&.-9!OB^!%-!KKLJ!BUD!@<A$BUB!Y929$1.&9!(&-9+;(9=!=(-1!R279&!:.2,94^!:8?'&!&.-9!DBUJ!BUK!R+99&!3.I&-%(&!*%+,!@(+90-!9;9&-I%227!$2%&4!-.!01%+)9!M%+,9+4!%!49+;(09!M99!%4!=922J!@<A$BUT!@<A$BUU!@<A$

!KK!! !

i1(29!'9;92.$(&)!%2-9+&%-(;9!'(4-+(FI-(.&!474-9,4!0%&!F9!9#$9&4(;9^!-197!%22.=!M%+,!-.!401..2!$+.)+%,4!-.!(&0+9%49!(&!4(P9!%&'!F90.,9!,.+9!0.4-]9MM(0(9&-J!@(4-+(FI-(.&!0.4-4!0%&!F9!.MM49-!F7!'92(;9+(&)!-.!+94-%I+%&-4!%&'!.-19+!M..'!49+;(09!.$9+%-(.&4!-1%-!0%&!%MM.+'!-.!$%7!1()19+!49+;(09!M994J!<%+)9!(&4-(-I-(.&4!4I01!%4!I&(;9+4(-(94!%&'!1.4$(-%24!%+9!$%+-(0I2%+27!%--+%0-(;9!0I4-.,9+4!F90%I49!.M!-19(+!$.-9&-(%227!2%+)9!'9,%&'JBUL!!

%*,8:$*/$%4/&/,4&-$+8:)&4/&54-4)#!3%&7!4I00944MI2!M%+,!-.!401..2!$+.)+%,4!+909(;9!0.&4('9+%F29!MI&'(&)!M+.,!4-%-9!.+!&%-(.&%2!)+%&-4J!Y.!+9,%(&!M(&%&0(%227!4I4-%(&%F29^!1.=9;9+^!(-!(4!(,$.+-%&-!-.!M(&'!2.0%2!4.I+094!.M!MI&'(&)J!R+99&!3.I&-%(&!*%+,!-.!/01..2`4!,.'92!1%4!-1+99!4-+9%,4!.M!(&0.,9^!-=.!.M!=1(01!%+9!$+(,%+(27!2.0%2J!Y19!$+.)+%,!+909(;94!%!-1(+'!.M!(-4!FI')9-!M+.,!)+%&-4!%&'!M.I&'%-(.&%2!4I$$.+-^!%!-1(+'!-1+.I)1!0.+$.+%-9!%&'!(&'(;('I%2!'.&.+4^!%&'!%!-1(+'!-1+.I)1!$+.)+%,!49+;(09!M994!%&'!401..2!MI&'4JBUN!<.0%2!4.I+094!.M!(&0.,9!-%H9!-(,9!-.!'9;92.$!%&'!41.I2'!F9!M.4-9+9'!M+.,!-19!;9+7!F9)(&&(&)J!!

E3)3&"1+:3#'--3)*".5')7+

Q4/R$=&'(:$)*$:,"**-:$6!4-%-9=('9!'%-%F%49!.M!401..24!%&'!M%+,9+4!(&-9+94-9'!(&!M%+,!-.!401..2!41.I2'!F9!0+9%-9'!-.!9&%F29!2.0%227!'+(;9&!9MM.+-4J!64!(&!3(01()%&^!.+)%&(P9+4!41.I2'!0.&4('9+!I4(&)!4-%-9!9#-9&4(.&!.MM(094!-.!+9%01!.I-!-.!M%+,9+4!-1%-!,()1-!F9!(&-9+94-9'J!6!4-%-9=('9!.+!+9)(.&%2!9MM.+-!0.I2'!%24.!1.4-!,(#9+4!F9-=99&!M..'!49+;(09!'(+90-.+4!%&'!M%+,9+4J!!

>&R6$?&')4,4?&)4/2$6&:#$R+99&!3.I&-%(&!*%+,!-.!/01..2^!-19!3.--!R+.I$!%&'!-19!EE*?!4-+(;9!-.!,%H9!M%+,!-.!401..2!%4!9%47!%4!$.44(F29!M.+!M%+,9+4!%&'!401..2!.MM(0(%24J!G.-1!M%+,9+4!%&'!401..2!M..'!49+;(09!'(+90-.+4!%+9!)9&9+%227!I49'!-.!=.+H(&)!=(-1!2%+)9!'(4-+(FI-.+4J!*%+,!-.!401..2!$+.)+%,4!,%7!(&(-(%227!+9eI(+9!,.+9!9MM.+-!.&!-19(+!$%+-!-1%&!&.+,%2!$I+01%4(&)!%&'!4922(&)!.$-(.&4J!Y19!3.--!R+.I$!$+.;('94!4%,$29!0.&-+%0-I%2!'.0I,9&-4!%4!=922!%4!0190H2(4-4!%&'!1%&'.I-4!'94()&9'!-.!'9,74-(M7!-19!$+.0944JBUO!EE*?!I494!-+%(&(&)!4944(.&4!%&'!.&9].&].&9!)I('%&09!-.!-19!4%,9!9MM90-J!VM!%!$%+-(0($%-(&)!401..2!M..'!49+;(09!'(+90-.+!.+!M%+,9+4!&99'4!%44(4-%&09^!-197!0%&!0.&-%0-!4.,9.&9!-197!1%;9!=.+H9'!=(-1!$9+4.&%227^!=19-19+!(-!(4!%&!EE*?!+9$+949&-%-(;9!.+!-19!2.0%2!2(%(4.&^!-.!192$!-19,J!

/-%-9!%)9&0(94!.+!&.&]$+.M(-!.+)%&(P%-(.&4!41.I2'!0.&4('9+!0+9%-(&)!%!09&-+%2(P9'!M%+,!-.!401..2!=9F$%)9!M.+!3(44(44($$(!=(-1!(&M.+,%-(.&!%&'!'.0I,9&-4!$9+-%(&(&)!-.!M%+,!-.!401..2J!8929;%&-!3(44(44($$(!%&'!M9'9+%2!+9)I2%-(.&4!41.I2'!F9!029%+27!9#$2%(&9'!%&'!F%4(0!Z1.=!-.[!)I('94!41.I2'!F9!,%'9!%;%(2%F29!M.+!M%+,9+4!%&'!M..'!49+;(09!'(+90-.+4J!64!'(40I449'!%F.;9^!29)(42%-.+4!41.I2'!0.&4('9+!MI&'(&)!%!4-%-9=('9!0..+'(&%-.+!-.!M%0(2(-%-9!$+.)+%,4!%&'!+92%-(.&41($4!-1+.I)1.I-!-19!4-%-9J!

@/36:)$4/$6S84?(6/)$/,%22!%&'!,(']4(P9'!M%+,9+4!.M-9&!'.!&.-!1%;9!-19!+94.I+094!-.!-+%&4$.+-^!$%0H%)9^!%&'!$+.0944!$+.'I0-4J!E.&]).;9+&,9&-%2!.+)%&(P%-(.&4!%&'!4-%-9!%)9&0(94!(&!3(44(44($$(!41.I2'!(&;94-!(&!0..$9+%-(;9!9MM.+-4!-.!$+.;('9!4,%22!%&'!,(']4(P9'!M%+,4!=(-1!-19!9eI($,9&-!&90944%+7!-.!4922!-19(+!$+.'I0-4!-.!2.0%2!(&4-(-I-(.&4J!V&;94-,9&-4!(&!-+%&4$.+-%-(.&!;91(0294^!$%0H%)(&)!9eI($,9&-^!%&'!$+.0944(&)!M%0(2(-(94!0%&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BUL!Y929$1.&9!(&-9+;(9=!=(-1!?.2299&!3%--4^!:8?'&!&.-9!DBUJ!BUN!Y929$1.&9!V&-9+;(9=!=(-1!\%-19+(&9!/(,4^!:8?'&!&.-9!DKUJ!BUO!+66!3(01()%&!*%+,!-.!/01..2^!J8',"&:4/2$>4,"42&/$J'*<8,):[$7$+)6?G5#G+)6?$I84<6^!:8?'&!&.-9!DNN_$3(01()%&!*%+,!-.!/01..2^!>&'R6)4/2$>4,"42&/$J'*<8,):$)*$+,"**-:[$7$+)6?G5#G+)6?$I84<6^!:8?'&!&.-9!DND_!$

!KT!! !

F9!eI(0H27!+90.;9+9'!-1+.I)1!(&0+9%49'!4%294J!Y19+9!%+9!%24.!49;9+%2!0.,$9-(-(;9!)+%&-4!%;%(2%F29!-.!4-%-9!%)9&0(94!%&'!&.&]$+.M(-!.+)%&(P%-(.&4!-.!MI&'!4I01!0%$%0(-7!FI(2'(&)!9MM.+-4J!/99!/90-(.&!q^!Z6''(-(.&%2!894.I+094^[!M.+!,.+9!(&M.+,%-(.&J!

/01..24!.M-9&!'.!&.-!1%;9!-19!%$$+.$+(%-9!H(-019&!9eI($,9&-!-.!(&-9)+%-9!M+941!$+.'I0-4!(&-.!-19(+!,9%24J!3%&7!401..2!H(-019&4!%+9!.&27!9eI($$9'!-.!19%-!M+.P9&!M..'4!%&'!%449,F29!$+9]$%0H%)9'!,9%2!(-9,4J!Y.!$+9$%+9!$+.'I0-4!$I+01%49'!M+.,!2.0%2!M%+,9+4^!401..24!+9eI(+9!9eI($,9&-!M.+!4-.+(&)^!$+9$$(&)^!%&'!0..H(&)!+%=!(&)+9'(9&-4JBUX!Y197!+9eI(+9!'+7!%&'!+9M+()9+%-9'!4$%09^!%&!.$9+%-(.&%2!4-.;9!%&'!.;9&^!%&'!M%0(2(-(94!=(-1!4(&H4!%&'!-%F294JBLC!Y197!,%7!%24.!&99'!%''(-(.&%2!9eI($,9&-!4I01!%4!4%2%'!F%+!I&(-4^!42.=!0..H9+4^!I-9&4(24^!4%2%'!4$(&&9+4^!0I--(&)!F.%+'4^!H&(;94^!%&'!(09,%H9+4JBLD!/01..2!M..'!49+;(09!4-%MM!41.I2'!F9!$+.;('9'!=(-1!(&M.+,%-(.&!.&!1.=!-.!%'%$-!-19(+!H(-019&4!%&'!2I&01+..,4!-.!(&-9)+%-9!,.+9!2.0%2!$+.'I0-4J!/.,9!&%-(.&%2!)+%&-4!%+9!%;%(2%F29!-.!401..24!-.!%'%$-!-19(+!H(-019&4_!1.=9;9+^!%!4-%-9=('9!0.,$9-(-(;9!)+%&-!,()1-!MI+-19+!(&0+9%49!(&-9+94-!%&'!$%+-(0($%-(.&J!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BUX!<9%1!8(,HI4!9-!%2J^!X"6$+&/$%'&/,4:,*$%&'($)*$+,"**-$T6?*')[$T6:8-):$='*($)"6$FWWH$%6&:454-4)#$+)8<#^!/%&!*+%&0(40.!*..'!/74-9,4^!DK!bf%&J!BCCTc^!&3&4-&5-6$&)$===JM%+,-.401..2J.+)aM(294a$IF2(0%-(.&4mXCJ$'M$b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!BLC!@<A!BLD!@<A$

!KU!! !

!H.!G993+3'*#%!@&,'271&,+++

,()*5)%+/'(&#37+

G.!]'4&7*6&*+!<2*93*A!:DD'7+2*3+3&,!

)'662*3+8!<''9!B7'^&1+,!)'6D&+3+34&!]7#*+,!

i1%-!-197!MI&'5!?.,,I&(-7!*..'!>+.A90-4!)+%&-4!%+9!'94()&9'!-.!9&1%&09!M..'!490I+(-7!F7!-7(&)!2.0%2!M..'!$+.0944(&)!%&'!$+.'I0-(.&!-.!9MM.+-4!-.!(,$+.;9!90.&.,(0^!4.0(%2^!%&'!9&;(+.&,9&-%2!0.&'(-(.&4J!

/(P9!.M!)+%&-45!Q$!-.!gKCC^CCC!.;9+!-19!2(M9-(,9!.M!-19!$+.A90-!%&'!gDBU^CCC!(&!%&7!4(&)29!79%+J!

i1.!(4!92()(F295!>+(;%-9!&.&$+.M(-!9&-(-(94!=(-1!9#$9+(9&09!(&!0.,,I&(-7!M..'!=.+H^!A.F!-+%(&(&)^!FI4(&944!'9;92.$,9&-!.+!4(,(2%+!%0-(;(-(94J!i1(29!.&27!$+(;%-9!&.&$+.M(-!.+)%&(P%-(.&4!,%7!+909(;9!'(+90-!MI&'(&)^!0.22%F.+%-(.&4!=(-1!$+(;%-9!M.+]$+.M(-!%&'!$IF2(0!9&-(-(94!%+9!+90.,,9&'9'J!

6''(-(.&%2!V&M.+,%-(.&5!"%01!79%+!-19!Q/@6!E%-(.&%2!V&4-(-I-9!.M!*..'!%&'!6)+(0I2-I+9!bEV*6c!'(4FI+494!%$$+.#(,%-927!U!,(22(.&!'.22%+4!-.!&.&$+.M(-!.+)%&(P%-(.&4!-1+.I)1!-19!?.,,I&(-7!*..'!>+.A90-4!$+.)+%,JBLB!EV*6`4!=9F4(-9!4-%-94^!Z?.,,I&(-7!*..'!>+.A90-4!41.I2'!F9!'94()&9'!-.!bDc5!,99-!-19!M..'!&99'4!.M!2.=](&0.,9!$9.$29_!(&0+9%49!-19!492M]+92(%&09!.M!0.,,I&(-(94!(&!$+.;('(&)!M.+!-19(+!.=&!M..'!&99'4_!%&'!$+.,.-9!0.,$+919&4(;9!+94$.&494!-.!2.0%2!M..'^!M%+,!%&'!&I-+(-(.&!(44I94_!%&'a.+!bBc!,99-!4$90(M(0!4-%-9^!2.0%2^!.+!&9()1F.+1..'!M..'!%&'!%)+(0I2-I+9!&99'4!M.+!(&M+%4-+I0-I+9!(,$+.;9,9&-!%&'!'9;92.$,9&-_!$2%&&(&)!M.+!2.&)]-9+,!4.2I-(.&4_!.+!-19!0+9%-(.&!.M!(&&.;%-(;9!,%+H9-(&)!%0-(;(-(94!,I-I%227!F9&9M(-!%)+(0I2-I+%2!$+.'I09+4!%&'!2.=](&0.,9!0.&4I,9+4J[!

Y19!BCDC!'9%'2(&9!=%4!E.;9,F9+!DN-1J!?190H!-19!?.,,I&(-7!*..'!>+.A90-4!?.,$9-(-(;9!R+%&-4!>+.)+%,!=9F4(-9!M.+!(&M.+,%-(.&!.&!4IF49eI9&-!%$$2(0%-(.&!0702945!1--$5aa===J04+994JI4'%J).;aM.a0.,,I&(-7M..'$+.A90-4J0M,J!o.I!0%&!%24.!0.&-%0-!"2(P%F9-1!YI0H9+,%&-7^!E%-(.&%2!>+.)+%,!<9%'9+^!%-!bBCBc!BCU]CBTD!.+!9-I0H9+,%&-7x&(M%JI4'%J).;J!!

Y19!?.,,I&(-7!*..'!/90I+(-7!?.%2(-(.&!.MM9+4!M+99!%44(4-%&09!-.!?.,,I&(-7!*..'!>+.A90-4!)+%&-!%$$2(0%&-4J!Y19(+!=9F4(-9!0.&-%(&4!(&M.+,%-(.&!.&!M+99!.&9].&].&9!-901&(0%2!%44(4-%&09!M.+!)+%&-!%$$2(0%&-4^!)I('94!.&!'(MM9+9&-!%4$90-4!.M!-19!?.,,I&(-7!*..'!>+.A90-4!)+%&-!$+.0944^!%&'!9#%,$294!.M!4I00944MI2!$%4-!$+.A90-4!b1--$5aa===JM..'490I+(-7J.+)a0M$m192$J1-,2cJ!!

!

Y5ZG!<#76!+'!51=''%!]7#*+,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BLB!EV*6!=%4!94-%F2(419'!.&!S0-.F9+!D^!BCCX^!+9$2%0(&)!-19!?..$9+%-(;9!/-%-9!8949%+01^!"'I0%-(.&^!%&'!"#-9&4(.&!/9+;(094!b?/8""/c!=(-1(&!-19!Q/@6J!?/8""/!%',(&(4-9+9'!-19!?.,,I&(-7!*..'!>+.A90-4!$+.)+%,!$+(.+!-.!-19!M.+,%-(.&!.M!EV*6J!E%-(.&%2!V&4-(-I-9!.M!*..'!%&'!6)+(0I2-I+9^!75*8)$9:^!&3&4-&5-6$&)!1--$5aa===J04+994JI4'%J).;a%F.I-a%F.I-J1-,2!b2%4-!;(4(-9'!3%7!DT^!BCDDcJ!

!KL!! !

i1%-!-197!MI&'5!R+%&-4!,%7!F9!I49'!M.+!M%+,!-.!401..2!-+%(&(&)^!4I$$.+-(&)!.$9+%-(.&4^!$2%&&(&)^!$I+01%4(&)!9eI($,9&-^!'9;92.$(&)!401..2!)%+'9&4^!'9;92.$(&)!$%+-&9+41($4^!%&'!(,$29,9&-(&)!M%+,!-.!401..2!%0-(;(-(94J!!

/(P9!.M!)+%&-45!Q$!-.!gDCC^CCCJ!

i1.!(4!92()(F295!/01..24^!4-%-9!%&'!2.0%2!%)9&0(94^!V&'(%&!-+(F%2!.+)%&(P%-(.&4^!%)+(0I2-I+%2!$+.'I09+4^!)+.I$4!.M!%)+(0I2-I+%2!$+.'I09+4^!%&'!&.&$+.M(-!9&-(-(94J!

6''(-(.&%2!V&M.+,%-(.&5!Y19!Q/@6!*%+,!-.!/01..2!R+%&-4!$+.)+%,!=%4!%I-1.+(P9'!%&'!MI&'9'!F7!-19!:9%2-17^!:I&)9+]*+99!\('4!60-!.M!BCDC^!=1(01!%$$+.$+(%-9'!gU^CCC^CCC!%&&I%227!-.!-19!(&(-(%-(;9JBLK!Y19!Q/@6!$2%&4!-.!+929%49!,.+9!(&M.+,%-(.&!%F.I-!-19!$+.)+%,!'I+(&)!BCDD!%&'!MI&'(&)!M.+!)+%&-4!=(22!M(+4-!F90.,9!%;%(2%F29!(&!S0-.F9+!.M!BCDBJ!?190H!-19!Q/@6`4!Z/I$$.+-(&)!*%+,!-.!/01..2!60-(;(-(94[!=9F$%)9!M.+!MI+-19+!I$'%-945!1--$5aa===JM&4JI4'%J).;a0&'aMB4a/I$$.+-(&)J1-,!

Y19!:9%2-17^!:I&)9+]*+99!\('4!60-!.M!BCDC!(&4-+I0-4!-19!Q/@6!-.!)(;9!1()194-!$+(.+(-7!-.!MI&'(&)!$+.A90-4!-1%-5!

%J ,%H9!2.0%2!M..'!$+.'I0-4!%;%(2%F29!.&!401..2!2I&01!,9&I4_!FJ 49+;9!%!1()1!$+.$.+-(.&!.M!01(2'+9&!92()(F29!M.+!M+99!.+!+9'I09!$+(09!2I&0194_!0J (&0.+$.+%-9!9#$9+(9&-(%2!&I-+(-(.&!9'I0%-(.&!%0-(;(-(94!(&!0I++(0I2I,!$2%&&(&)!-1%-!

9&0.I+%)9!-19!$%+-(0($%-(.&!.M!401..2!01(2'+9&!(&!M%+,!%&'!)%+'9&]F%49'!%)+(0I2-I+%2!9'I0%-(.&!%0-(;(-(94_!

'J '9,.&4-+%-9!0.22%F.+%-(.&!F9-=99&!401..24^!&.&).;9+&,9&-%2!%&'!0.,,I&(-7]F%49'!.+)%&(P%-(.&4^!%)+(0I2-I+%2!$+.'I09+!)+.I$4^!%&'!.-19+!0.,,I&(-7!$%+-&9+4_!

9J (&02I'9!$%+-(0($%-.+7!9;%2I%-(.&!$2%&4_!%&'!MJ '9,.&4-+%-9!-19!$.-9&-(%2!M.+!4I4-%(&%F(2(-7JBLT!

!!

Y5ZG!<#76&7,!C#7V&+!B7'6'+3'*!B7'A7#6!

i1%-!-197!MI&'5!Y19!*%+,9+4!3%+H9-!>+.,.-(.&!>+.)+%,!b*3>>c!MI&'4!$+.A90-4!-%+)9-9'!-.!192$!(,$+.;9!%&'!9#$%&'!'.,94-(0!M%+,9+4!,%+H9-4^!+.%'4('9!4-%&'4^!0.,,I&(-7]4I$$.+-9'!%)+(0I2-I+9!$+.)+%,4^!%)+(]-.I+(4,^!%&'!.-19+!'(+90-!$+.'I09+]-.]0.&4I,9+!,%+H9-!.$$.+-I&(-(94J!

/(P9!.M!)+%&-45!Q$!-.!gDCC^CCCJ!

i1.!(4!92()(F295!6)+(0I2-I+%2!0..$9+%-(;94^!$+.'I09+!&9-=.+H4^!$+.'I09+!%44.0(%-(.&4^!2.0%2!).;9+&,9&-4^!&.&$+.M(-!0.+$.+%-(.&4^!$IF2(0!F9&9M(-!0.+$.+%-(.&4^!90.&.,(0!'9;92.$,9&-!0.+$.+%-(.&4^!+9)(.&%2!M%+,9+4!,%+H9-!%I-1.+(-(94!%&'!Y+(F%2!).;9+&,9&-4J!

6''(-(.&%2!V&M.+,%-(.&5!*.+,4!%&'!%$$2(0%-(.&!$+.09'I+94!0%&!F9!M.I&'!.&2(&9!%-5!1--$5aa===J%,4JI4'%J).;a63/;DJCa*3>>J!o.I!0%&!%24.!0.&-%0-!?%+,9&!:I,$1+97^!*3>>!G+%&01!?1(9M^!%-!bBCBc!LXT]TCCC!.+!?%+,9&J1I,$1+97xI4'%J).;J!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BLK!:9%2-17^!:I&)9+]*+99!\('4!60-!.M!BCDC^!>IFJ!<J!E.J!DDD]BXL^!DBT!/-%-J!KDOK!bBCDCcJ!BLT!@<A$h!BTKJ!

!KN!! !

Y19!M.22.=(&)!%+9!9#%,$294!.M!$+.A90-4!=(-1!M%+,!-.!401..2!0.,$.&9&-4!-1%-!1%;9!+909(;9'!*3>>!MI&'(&)5!

• >37A3*3#I!SKPKF!gUT^OKT!-.!Y19!f9MM9+4.&!6+9%!G.%+'!M.+!6)(&)!-.!4-I'7!-19!M9%4(F(2(-7!.M!FI(2'(&)!%!FI2H!M+99P(&)!%&'!M+.P9&!,9%24!.$9+%-(.&!I4(&)!d(+)(&(%])+.=&!M..'!-.!$+.;('9!,9%24!%&'!$+.'I0-4!M.+!49&(.+!&I-+(-(.&!$+.)+%,4^!1.,9!'92(;9+9'!,9%24^!401..24^!%&'!01(2'!'%70%+9J!

• B&**,8%4#*3#I!SKKQ5!gUT^KDO!-.!-19!Y19!*..'!Y+I4-!-.!94-%F2(41!%&'!.$9+%-9!-=.!&9=!M%+,9+4!,%+H9-4^!+90+I(-!M%+,9+4^!$+.,.-9!%00944!-.!"GY!%-!-19!-=.!,%+H9-4^!%&'!$+.;('9!-901&(0%2!%44(4-%&09!%&'!-+%(&(&)!-.!M%+,9+4!-.!,%#(,(P9!-19(+!$+.'I0-!4%294!%-!&9%+F7!401..24!%&'!0.+&9+!4-.+94J!

• )#%3('7*3#I!SKKJ5!gTD^OCC!-.!-19!@%;(4!*%+,9+4!3%+H9-!*.I&'%-(.&!-.!(&0+9%49!-19!I49!.M!M%+,9+4!,%+H9-!$+.'I0-4!(&!@%;(4!f.(&-!Q&(M(9'!/01..2!@(4-+(0-!401..24!-1+.I)1!,%+H9-(&)^!9'I0%-(.&!%&'!$+.M944(.&%2!'9;92.$,9&-!M.+!4-I'9&-!&I-+(-(.&!49+;(094!4-%MMJ!

!

Y5ZG!<&9&7#%[5+#+&!C#7V&+3*A!-6D7'4&6&*+!B7'A7#6!

i1%-!-197!MI&'5!Y19!*9'9+%2]/-%-9!3%+H9-(&)!V,$+.;9,9&-!>+.)+%,!b*/3V>c!$+.;('94!,%-01(&)!MI&'4!Z-.!%44(4-!(&!9#$2.+(&)!&9=!,%+H9-!.$$.+-I&(-(94!M.+!QJ/J!M..'!%&'!%)+(0I2-I+%2!$+.'I0-4^!%&'!-.!9&0.I+%)9!+949%+01!%&'!(&&.;%-(.&!%(,9'!%-!(,$+.;(&)!-19!9MM(0(9&07!%&'!$9+M.+,%&09!.M!-19!,%+H9-(&)!474-9,J[!!

/(P9!.M!)+%&-45!Y19!%;9+%)9!)+%&-!4(P9!(&!BCDC!=%4!gLC^LKL^!=(-1!%,.I&-4!+%&)(&)!M+.,!gBC^OBU!-.!gDCX^CCCJ!

i1.!(4!92()(F295!/-%-9!%)9&0(94!.+!%)+(0I2-I+%2!9#$9+(,9&-!4-%-(.&4J!

6''(-(.&%2!V&M.+,%-(.&5!*/3V>!9&0.I+%)94!$+.$.4%24!'94()&9'!-.!'9;92.$!+9)(.&%2!M..'!474-9,4!%&'!-1%-!(&;.2;9!0.22%F.+%-(.&!F9-=99&!4-%-94^!%0%'9,(%^!-19!M%+,!490-.+^!%&'!.-19+!4-%H91.2'9+4^!,%H(&)!(-!%&!('9%2!4.I+09!.M!MI&'(&)!M.+!M%+,!-.!401..2!$(2.-!$+.)+%,4J!Y19!BCDD!'9%'2(&9!=%4!*9F+I%+7!DN-1J!?190H!-19!*/3V>!=9F4(-9!M.+!(&M.+,%-(.&!.&!4IF49eI9&-!%$$2(0%-(.&!0702945!1--$5aa===J%,4JI4'%J).;a63/;DJCa*/3V>J!o.I!0%&!%24.!0.&-%0-!f%&(49!n7),.&-^!*/3V>!/-%MM!SMM(09+^!%-!bBCBc!LXT]TCCB!.+!F7!9,%(2!%-!A%&(49JP7),.&-x%,4JI4'%J).;J!

Y19!M.22.=(&)!%+9!9#%,$294!.M!M%+,!-.!401..2!$+.A90-4!-1%-!1%;9!+909(;9'!*/3V>!MI&'(&)5!

• :7&A'*I!SKKUF!gLC^BCC!-.!('9&-(M7!F%++(9+4!%&'!.$$.+-I&(-(94!M%0(&)!M%+,!-.!401..2!(&!S+9).&^!'9;92.$!&9=!19%2-17!M..'!$+.'I0-4!M+.,!2.0%227!)+.=&!(&)+9'(9&-4^!-+%(&!M..'!49+;(09!4-%MM^!%&'!(,$29,9&-!%&!(&-9+%0-(;9!474-9,!0.&&90-(&)!M%+,9+4^!$+.0944.+4^!401..24!%&'!'(4-+(FI-.+4J!!

• :7&A'*I!SKKN5!gTK^CCC!-.!9#$2.+9!.$$.+-I&(-(94!M.+!S+9).&!$+.'I09+4!-.!4I$$27!$+.'I0-4!-.!401..24!%&'!-.!0.&'I0-!%!M%+,!-.!401..2!$(2.-!$+.A90-J!

• :V%#='6#I!SKKN5!gUK^KLU!-.!'9;92.$!M%+,!-.!401..2!'(4-+(FI-(.&!,.'924!M.+!4,%22^!,9'(I,!%&'!2%+)9!$+.'I09+4^!%&'!-.!0+9%-9!4%M9!1%&'2(&)!)I('92(&94!M.+!-19!I49!.M!2.0%227!)+.=&!$+.'I0-4!(&!401..24J!

• _&;!C&031'I!SKKP5!gBN^CCC!-.!0.&'I0-!%!M%+,!-.!401..2!$(2.-!$+.A90-!(&;.2;(&)!-1+99!401..24!%&'!%!0..$9+%-(;9!.M!4,%22]40%29!:(4$%&(0!M%+,9+4J!!

!KO!! !

!

Y5ZG!5D&13#%+8!)7'D!E%'1V!]7#*+,!

i1%-!-197!MI&'5!/$90(%2-7!?+.$!G2.0H!R+%&-4!%+9!$+.;('9'!-.!4I$$.+-!-19!0.,$9-(-(;9&944!.M!4$90(%2-7!0+.$4^!=1(01!%+9!'9M(&9'!%4!M+I(-4^!;9)9-%F294^!-+99!&I-4^!'+(9'!M+I(-4^!1.+-(0I2-I+9^!%&'!&I+49+7!0+.$4J!

/(P9!.M!)+%&-45!Y19!3(44(44($$(!@9$%+-,9&-!.M!6)+(0I2-I+9!%&'!?.,,9+09!49-4!-19!,(&(,I,!%&'!,%#(,I,!MI&'(&)!%,.I&-!M.+!)+%&-4!'(4-+(FI-9'!(&!3(44(44($$(J!

i1.!(4!92()(F295!Y.!(&eI(+9!%F.I-!92()(F(2(-7!.+!%$$27^!0.&-%0-!>%()9!3%&&(&)!%-!-19!3(44(44($$(!@9$%+-,9&-!.M!6)+(0I2-I+9!%&'!?.,,9+09J!/19!0%&!F9!+9%019'!%-!bLCDc!KUX]DDLK!.+!$%()9x,'%0J4-%-9J,4JI4J!

6''(-(.&%2!V&M.+,%-(.&5!6!2%+)9!&I,F9+!.M!M%+,!-.!401..2!9MM.+-4!(&!.-19+!4-%-94!1%;9!+909(;9'!MI&'(&)!-1+.I)1!-1(4!$+.)+%,J!Y1949!)+%&-4!1%;9!4I$$.+-9'!M%+,!-.!401..2!4-%+-]I$!%&'!$2%&&(&)^!R..'!6)+(0I2-I+9!>+%0-(094aR..'!:%&'2(&)!>+%0-(094!bR6>aR:>c!0.4-!41%+(&)^!%&'!M..'!'(4-+(FI-(.&!(,$+.;9,9&-4^!%,.&)!.-19+!-1(&)4J!3.+9!(&M.+,%-(.&!0%&!F9!M.I&'!.&2(&9!%-!1--$5aa===J%,4JI4'%J).;a63/;DJCa/?GR>J!

!

Y5ZG!"&#6!_2+73+3'*!]7#*+,!

i1%-!-197!MI&'5!Y+%(&(&)!%&'!9'I0%-(.&%2!$+.)+%,4!-1%-!(&0.+$.+%-9!-19!@(9-%+7!RI('92(&94!M.+!6,9+(0%&4!%&'!Q/@6!M..'4!(&!,9%24!49+;9'!I&'9+!-19!E%-(.&%2!/01..2!<I&01!>+.)+%,!bE/<>c!.+!-19!?1(2'!%&'!6'I2-!?%+9!*..'!>+.)+%,!b?6?*>cJ!"%01!$+.$.4%2!,I4-!%$$27!-1+99!F91%;(.+]M.0I49'!4-+%-9)(94!(&!.+'9+!-.!F9!92()(F29!M.+!MI&'(&)5!!

DJ >+.;('9!-+%(&(&)!%&'!-901&(0%2!%44(4-%&09!-.!401..2!&I-+(-(.&!M..'!49+;(09!$+.M944(.&%24!-.!9&%F29!-19,!-.!$+9$%+9!%&'!49+;9!&I-+(-(.I4!,9%24!-1%-!%$$9%2!-.!4-I'9&-4J!

BJ >+.;('9!MI&!%&'!(&-9+%0-(;9!&I-+(-(.&!9'I0%-(.&!M.+!01(2'+9&^!-9%019+4^!$%+9&-4!%&'!.-19+!0%+9)(;9+4J!

KJ GI(2'!401..2!%&'!0.,,I&(-7!4I$$.+-!M.+!0+9%-(&)!19%2-17!401..2!9&;(+.&,9&-4!-1%-!%+9!0.&'I0(;9!-.!19%2-17!9%-(&)!%&'!$174(0%2!%0-(;(-7J!

/(P9!.M!)+%&-45!Q$!-.!gTCC^CCCJ!/-%-9!%)9&0(94!-1%-!0.,,(-!-.!4$90(M(0!4-+%-9)(94!-.!(&0+9%49!-19!&I,F9+!.M!:9%2-1(9+Q/!/01..2!?1%229&)9!%$$2(0%-(.&4!%+9!92()(F29!M.+!%!&.&]0.,$9-(-(;9!)+%&-!.M!&.!,.+9!-1%&!gUC^CCCJ!6&!%''(-(.&%2!%,.I&-!.M!I$!-.!gKUC^CCC!,%7!F9!+9eI94-9'!-1+.I)1!%!0.,$9-(-(;9!)+%&-4!$+.0944J!!

i1.!(4!92()(F295!/-%-9!%)9&0(94!-1%-!%',(&(4-9+!E/<>!.+!?6?*>J!!

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

!KX!! !

(&M.+,%-(.&5!1--$5aa-9%,&I-+(-(.&JI4'%J).;a)+%&-4J1-,2J!o.I!0%&!%24.!0.&-%0-!<942(9!G7+'^!Q/@6!R+%&-4!SMM(09+^!F7!9,%(2!%-!2942(9JF7+'xM&4JI4'%J).;J!

!

?&+`,!C'4&!5#%#9!E#7,!+'!51=''%,!]7#*+!

i1%-!-197!MI&'5!6!$.+-%F29!NB!(&01!U]=922!(&4I2%-9'!4%2%'!F%+!%&'!%00944.+(94J!

/(P9!.M!)+%&-45!/01..24!%+9!2(,(-9'!-.!.&9!4%2%'!F%+J!

i1.!(4!92()(F295!6&7!\]DB!401..2!'(4-+(0-!.+!(&'(;('I%2!401..2!$%+-(0($%-(&)!(&!-19!E%-(.&%2!/01..2!<I&01!>+.)+%,!(4!92()(F29!-.!%$$27J!/01..24!.+!401..2!'(4-+(0-4!=(-1!G+.&P9!4-%-I4!.+!%F.;9!(&!-19!:9%2-1(9+!Q/!/01..2!?1%229&)9!=(22!F9!)(;9&!$+(.+(-7J!

6''(-(.&%2!V&M.+,%-(.&5!Q6)i:$>*36$+&-&<$Z&':$)*$+,"**-:!(4!%!$IF2(0]$+(;%-9!$%+-&9+41($!=(-1!-19!).%2!-.!$+.;('9!%-!29%4-!L^CCC!4%2%'!F%+4!-.!401..24!F9M.+9!BCDTJ!V&-9+94-9'!401..24!%&'!401..2!'(4-+(0-4!0%&!F9)(&!-19!$+.0944!F7!0.,$29-(&)!%&!.&2(&9!%$$2(0%-(.&!%&'!0+9%-(&)!-19(+!.=&!=9F$%)9J!Y19!%$$2(0%-(.&!+9eI(+94!%$$+.;%2!M+.,!-19!/I$9+(&-9&'%&-^!>+(&0($%2^!%&'!EI-+(-(.&!/9+;(09!@(+90-.+J!S&09!%!=9F$%)9!1%4!F99&!0+9%-9'^!401..24!%&'!401..24!'(4-+(0-4!0%&!+909(;9!'.&%-(.&4!M+.,!(&'(;('I%24!M.+!-19(+!.=&!4%2%'!F%+^!%4!=922!%4!+909(;9!'.&%-(.&4!M+.,!-19!(&(-(%-(;9`4!)9&9+%2!MI&'J!Y19!%$$2(0%-(.&!0%&!F9!M.I&'!.&2(&9!%-5!1--$5aa4%2%'F%+4B401..24J.+)a#!

E.!B734#+&!<2*93*A!:DD'7+2*3+3&,!

G6&731#!+=&!E&#2+3(2%!<2*9!

i1%-!-197!MI&'5!6,9+(0%!-19!G9%I-(MI2!*I&'`4!S$9+%-(.&!R+99&!>2%&-!'(4-+(FI-94!M+99!;9)9-%F29^!M2.=9+^!%&'!19+F!499'4J!S$9+%-(.&!R+99&!>2%&-!499'4!0%&!F9!I49'!-.!0+9%-9!.+!9#$%&'!401..2!)%+'9&4^!=1(01!1%;9!F99&!(&-9)+%-9'!(&-.!,%&7!4I00944MI2!M%+,!-.!401..2!$+.)+%,4J!

/(P9!.M!)+%&-45!R+%&-4!.M!DCC!-.!B^CCC!499'!$%0H9-4!%+9!.MM9+9'!.&!-19!F%4(4!.M!%;%(2%F(2(-7!%&'!+92%-(;9!&99'J!890($(9&-4!,I4-!$%7!%!4,%22!41($$(&)!%&'!1%&'2(&)!M99J!

i1.!(4!92()(F295!6&7!&.&]$+.M(-!.+!).;9+&,9&-%2!.+)%&(P%-(.&J!

6''(-(.&%2!V&M.+,%-(.&5!Y19!%$$2(0%-(.&!%&'!MI+-19+!(&M.+,%-(.&!0%&!F9!M.I&'!.&2(&9!%-5!1--$5aa===J%,9+(0%]-19]F9%I-(MI2J.+)aM+99m499'4a(&'9#J$1$J!o.I!0%&!%24.!0.&-%0-!-19!*I&'!%-!bBCBc!LKO]DLTXJ!

!

! a#%%#1&!W&#%+=8!Y7$#*!<''9!/*+&7D73,&!Z&4&%'D6&*+!)&*+&7!

i1%-!-197!MI&'5!Y19!i%22%09!:9%2-17!Q+F%&!*..'!"&-9+$+(49!@9;92.$,9&-!b:Q*"@c!?9&-9+!$+.;('94!)+%&-4!%&'!-901&(0%2!%44(4-%&09!-.!9&-+9$+9&9I+4!%&'!0.,,I&(-(94!499H(&)!-.!(&0+9%49!-19!4I$$27!.M!19%2-17^!%MM.+'%F29^!2.0%2!M..'4!-.!%+9%4!=(-1!2(,(-9'!%00944J!>+.A90-4!MI&'9'!F7!:Q*"@!)+%&-4!,I4-!49+;9!9(-19+!+I+%2!.+!I+F%&!I&'9+49+;9'!%+9%4J!

/(P9!.M!)+%&-45!Q$!-.!gLC^CCCJ!

i1.!(4!92()(F295!G.-1!&.&$+.M(-!%&'!M.+]$+.M(-!.+)%&(P%-(.&4!%+9!92()(F29J!!

!TC!! !

6''(-(.&%2!V&M.+,%-(.&5!:Q*"@!.MM9+4!-1+99!'(MM9+9&-!-7$94!.M!)+%&-45!bDc!M9%4(F(2(-7!4-I'7!)+%&-4^!bBc!4,%22!9&-9+$+(49!)+%&-4^!%&'!bKc!2%+)9!9&-9+$+(49!)+%&-4J!*9%4(F(2(-7!4-I'7!)+%&-4!%&'!4,%22!9&-9+$+(49!)+%&-4!'.!&.-!9#099'!gBU^CCC^!=1(29!2%+)9!9&-9+$+(49!)+%&-4!+%&)9!(&!4(P9!M+.,!gBU^CCC!-.!gLC^CCCJ!/,%22!9&-9+$+(49!)+%&-4!%+9!'94()&9'!-.!%''+944!4$90(M(0!F.--29&90H4!(&!%!2.0%2!M..'!474-9,^!(&M+%4-+I0-I+9!0.4-4^!%&'!,(&.+!0%$(-%2!(,$+.;9,9&-4J!<%+)9!9&-9+$+(49!)+%&-4!%+9!&.+,%227!)(;9&!M.+!+9)(.&%2!$+.A90-4!%''+944(&)!,I2-($29!.FA90-(;94J!!Y19!BCDD!'9%'2(&9!=%4!f%&I%+7!DT-1J!?190H!-19!:Q*"@!=9F4(-9!M.+!(&M.+,%-(.&!.&!4IF49eI9&-!%$$2(0%-(.&!0702945!1--$5aa===J=%22%0909&-9+J.+)a.I+]=.+Ha0I++9&-](&(-(%-(;94a19%2-17]I+F%&]M..']9&-9+$+(49]'9;92.$,9&-]09&-9+a%$$27kM.+],.+9](&M.+,%-(.&J!o.I!0%&!%24.!0.&-%0-!0%22!-19!?9&-9+!%-!bNCKc!UKD]OODC!.+!9,%(2!1IM9'x=(&+.0HJ.+)J!!

!!a.X.!X&%%'AA!<'2*9#+3'*!

i1%-!-197!MI&'5!Y19!\922.))!*.I&'%-(.&!M.0I494!.&!(,$+.;(&)!-19!2(;94!.M!01(2'+9&!(&!$.;9+-7J!V-!'.94!4.!-1+.I)1!;%+(.I4!,9%&4!(&02I'(&)!4I$$.+-(&)!9'I0%-(.&^!2.0%2!M..'!474-9,4^!%&'!+I+%2!'9;92.$,9&-J!3(44(44($$(!(4!.&9!.M!-1+99!4-%-94!-1%-!-19!M.I&'%-(.&!-%+)9-4!M.+!MI&'(&)J!E.&9-192944^!-197!+909(;9!%!2%+)9!&I,F9+!.M!)+%&-!%$$2(0%-(.&4^!,%&7!.M!=1(01!0.,9!M+.,!=922]94-%F2(419'!&.&$+.M(-4!=(-1!'9'(0%-9'!)+%&-]=+(-(&)!4-%MMJ!6$$27(&)!M.+!%!)+%&-!M+.,!-19!\922.))!*.I&'%-(.&!41.I2'!F9!%!0%+9MI227!$2%&&9'!$+.0944!%&'!(4!('9%2!M.+!2%+)9!$+.A90-4!=(-1!029%+!).%24J!!

/(P9!.M!)+%&-45!Q$!-.!gDCC^CCC!]!gUCC^CCCJ!

i1.!(4!92()(F295!UCDb0cbKc!&.&]$+.M(-4J!!

6''(-(.&%2!V&M.+,%-(.&5!Y19!\922.))!*.I&'%-(.&!+9eI(+94!-1%-!%$$2(0%-(.&4!F9!0.,$29-9'!.&2(&9!%-5!1--$5aa===J=HHMJ.+)a6$$27S&2(&9J!o.I!0%&!%24.!0.&-%0-!-19!M.I&'%-(.&!%-!bBLXc!XLO]DLDDJ!

!E3..5)%+/."&.3*+

Y5ZG`,!<#76!+'!51=''%!a&$,3+&!!

6F.I-5!Y19!Q/@6!M%+,!-.!401..2!=9F4(-9!(4!%&!9#09229&-!+94.I+09!M.+!29%+&(&)!,.+9!%F.I-!;%+(.I4!M9'9+%2!(&(-(%-(;94!%;%(2%F29!-.!4I$$.+-!M%+,!-.!401..2!9MM.+-4J!V&!%''(-(.&!-.!'940+(F(&)!+929;%&-!Q/@6!$+.)+%,4!%&'!)+%&-4^!(-!0.&-%(&4!Q/@6!=9F(&%+4!.&!;%+(.I4!M%+,!-.!401..2!4IFA90-4^!,.&-127!I$'%-94!M+.,!-19!Q/@6!*%+,!-.!/01..2!Y9%,^!%&'!%&!.;9+;(9=!;(9=!.M!M9'9+%2!+9)I2%-(.&4!%&'!$.2(0(94!(&;.2;9'!=(-1!$I+01%4(&)!2.0%2!M..'!$+.'I0-4^!%,.&)!.-19+!+94.I+094J!!

1--$5aa===JM&4JI4'%J).;a0&'aMB4a@9M%I2-J1-,!

!

_#+3'*#%!<#76!+'!51=''%!_&+;'7V!!

6F.I-5!Y19!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H`4!=9F4(-9!41.I2'!F9!-19!4-%+-(&)!$.(&-!M.+!%&7!M%+,!-.!401..2!+949%+01J!V-4!4-%-9]F7]4-%-9!2..H!%-!M%+,!-.!401..2!$+.)+%,4^!)+.I$4^!%&'!29)(42%-(.&!(4!-19!,.4-!0.,$+919&4(;9!'(+90-.+7!.M!M%+,!-.!401..2!(&(-(%-(;94!%;%(2%F29!.&2(&9J!Y19!-.$(04!0.;9+9'!(&!(-4!$IF2(0%-(.&4!490-(.&!(&02I'9!0%49!4-I'(94!%&'!M9%4(F(2(-7!%&%274(4^!FI7(&)!%&'!4922(&)!

!TD!! !

2.0%2!M..'4^!9;%2I%-(.&!-..24!%&'!+9$.+-4^!1.=!-.!)9-!4-%+-9'^!%&'!0I++(0I2%+!+94.I+094J!Y19!E%-(.&%2!*%+,!-.!/01..2!E9-=.+H!%24.!1%4!%!3(44(44($$(!0.&-%0-^!=1.49!0.&-%0-!(&M.+,%-(.&!0%&!F9!M.I&'!.&!(-4!Z3(44(44($$(!>+.M(29[!$%)9^!%&'!2.0%2!0..+'(&%-.+!M.+!9%01!+9)(.&!.M!-19!Q&(-9'!/-%-94J!

1--$5aa===JM%+,-.401..2J.+)a!

!

B+E(5*3+='&+,"&-+.'+/#0''1+?'--()5.<+B#.5')+61"))5)%^!$IF2(419'!F7!d9+,.&-!*99'!

6F.I-5!Y1(4!(4!%!Z1.=!-.[!)I('9!M.+!M..'!49+;(09!4-%MM^!$%+9&-4^!-9%019+4^!$+(&0($%24!%&'!%&7!.-19+!0.,,I&(-7!,9,F9+4!(&-9+94-9'!(&!$2%&&(&)!%&'!(,$29,9&-(&)!M%+,!-.!401..2!$+.)+%,4J!V&!%''(-(.&!-.!4-9$]F7]4-9$!)I('%&09!.&!1.=!-.!0+9%-9!%&'!+I&!%!4I00944MI2!M%+,!-.!401..2!0.,,(--99^!(-!(&02I'94!0%49!4-I'(94!=+(--9&!F7!M%+,!-.!401..2!.+)%&(P9+4^!%&'!-..24!M.+!$2%&&(&)!%&'!+I&&(&)!$+.)+%,4^!4I01!%4!%!4%,$29!$+944!+929%49J!!

1--$5aa===J;-M99'J.+)a,%-9+(%24a)I('9]M%+,]401..2]0.,,I&(-7]%0-(.&]$2%&&(&)!

!

,"&-+.'+/#0''1+5)+.03+@'&.03"7.L+8"$5)%+.03+?'))3#.5')+='&+;3"1.0<+M5*7+")*+;3"1.0<+,"&-7N+B+2''1$5.+='&+>O.3)75')+>*(#".'&7+")*+'.03&+?'--()5.<+K3"*3&7^!$IF2(419'!F7!-19!?.+&922!*%+,!-.!/01..2!>+.)+%,^!Eo!*%+,4y!%&'!-19!E9=!o.+H!/01..2!EI-+(-(.&!644.0(%-(.&!

6F.I-5!62-1.I)1!M.0I49'!.&!E9=!o.+H^!-19!-..2H(-!0.&-%(&4!I49MI2!(&M.+,%-(.&!M.+!$+.)+%,4!.I-4('9!.M!-19!+9)(.&!-..J!@94()&9'!M.+!9#-9&4(.&!9'I0%-.+4!%&'!0.,,I&(-7!,9,F9+4!(&-9+94-9'!(&!$+.,.-(&)!M%+,!-.!401..2^!(-!0.;9+4!49;9+%2!-.$(04!(&02I'(&)!'9;92.$(&)!&9=!$+.)+%,4^!FI(2'(&)!+92%-(.&41($4!F9-=99&!4-%H91.2'9+4^!(,$+.;(&)!401..2!,9%24^!%&'!(,$29,9&-(&)!%&'!9;%2I%-(&)!$+.)+%,4J!!

1--$5aaM%+,-.401..2J009J0.+&922J9'Ia-..2H(-4J1-,2!

!!!

!(51*5)%+?"9"#5.<+

<''9)'7D,!

6F.I-5!*..'?.+$4!(4!%!79%+2.&)!$IF2(0!49+;(09!$+.)+%,!-1%-!=(22!0.,,9&09!%0-(;(-(94!(&!-19!M%22!.M!BCDDJ!Y19!$+.)+%,!1%4!-1+99!,%(&!0.,$.&9&-45!bDc!FI(2'(&)!401..24!)%+'9&4^!bBc!&I-+(-(.&!9'I0%-(.&^!%&'!bKc!2.0%2!M..'!$+.0I+9,9&-JBLU!<.0%2!1.4-!4(-94!=(22!4I$9+;(49!-19!'%7]-.]'%7!=.+H!.M!49+;(09!,9,F9+4J!i19&!01..4(&)!.+)%&(P%-(.&4!-.!49+;9!%4!.MM(0(%2!1.4-!4(-94^!*..'?.+$4!=(22!$+(.+(-(P9!.+)%&(P%-(.&4!=.+H(&)!(&!0.,,I&(-(94!=(-1!1()1!.F94(-7!+%-94!%&'!=19+9!.;9+!UCj!.M!4-I'9&-4!+909(;9!M+99!.+!+9'I09'!2I&0194JBLL!V&(-(%227^!M(M-7!,9,F9+4!=(22!49+;9!%-!-9&!'(MM9+9&-!1.4-!4(-94^!1.=9;9+!*..'?.+$4!1.$94!-.!1%;9!.;9+!D^CCC!,9,F9+4!=.+H(&)!(&!%22!M(M-7!4-%-94!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BLU!:%&&%1!i%22%09^!X%X$@/)6'3460[$L65'&$P:,"(6#6'$*=$%**<1*'?:^!Y:"!*6/Y"8!YV3"/!b3%7!BN^!BCDDc^!&3&4-&5-6$&)!1--$5aa-19M%4-9+-(,94J0.,aM..'$.2(-(04aBCDDaCUaBNa-M-](&-9+;(9=]'9F+%]9401,979+].M]M..'0.+$4a!b2%4-!;(4(-9'!fI&9!DcJ!BLL!@<A$

!TB!! !

=(-1(&!%!'90%'9JBLN!*.+!(&M.+,%-(.&!.&!1.=!-.!%$$27!-.!F9!%!1.4-!4(-9^!$29%49!;(4(-!*..'?.+$4`!Z:.4-!/(-94[!$%)9J!

1--$5aaM..']0.+$4J.+)a!

!

G6&73)'7D,!

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

1--$5aa===J%,9+(0.+$4J).;aM.+m.+)%&(P%-(.&4a%$$27a(&'9#J%4$!

!

)=&(,!C'4&!+'!51=''%,^!Q/@6!

6F.I-5!Y19!?19M4!3.;9!-.!/01..24!$+.)+%,!(4!'94()&9'!-.!0.&&90-!019M4!-.!2.0%2!401..24!(&-9+94-9'!(&!0+9%-(&)!19%2-17!,9%24!-1%-!,99-!-19!401..24`!'(9-%+7!)I('92(&94!%&'!FI')9-4^!=1(29!-9%01(&)!4-I'9&-4!%F.I-!&I-+(-(.&J!Y19!>%+-&9+41($!M.+!%!:9%2-1(9+!6,9+(0%!$+.;('94!%!+90($9!F..H!%&'!.;9+!g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

1--$5aa19%2-17,9%24J&%2JI4'%J).;a&%2m'(4$2%7a(&'9#J$1$W-%#m29;92sDl(&M.m09&-9+sDTl-%#m4IFA90-sBBU!

!

!(<5)%+")*+/3115)%+K'#"1+,''*+

85775775995+6&'*(#3+BG"51"I515.<+")*+61").5)%+E(5*3^!$IF2(419'!F7!-19!3(44(44($$(!@9$%+-,9&-!.M!6)+(0I2-I+9!%&'!?.,,9+09!

6F.I-5!6!I49MI2!+94.I+09!M.+!M..'!49+;(09!'(+90-.+4J!?.&-%(&4!%!0%29&'%+!2(4-(&)!=19&!2.0%2!$+.'I09!(4!&.+,%227!%;%(2%F29!%&'!+90.,,9&'(&)!;9)9-%F29!$2%&-(&)!'%-94J!

1--$5aa===J,'%0J4-%-9J,4JI4a&m2(F+%+7a$IFmM.+,a$IF2(0%-(.&4a$'Ma,H-m$+.'I09)I('9J$'M!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BLN!@<A$

!TK!! !

85775775995+,&(5.7+")*+P3%3."I137+D5&3#.'&<^!$IF2(419'!F7!-19!3(44(44($$(!@9$%+-,9&-!.M!6)+(0I2-I+9!%&'!?.,,9+09!

6F.I-5!6!'(+90-.+7!.M!M%+,4!4922(&)!M+I(-4!.+!;9)9-%F294J!

1--$5aa===J,'%0J4-%-9J,4JI4a&m2(F+%+7a$IFmM.+,a$IF2(0%-(.&4a$'Ma+9)mM+I(-mM+I(-;9)m'(+90-.+7J$'M!

!

8"&$3.5)%+85#05%")+6&'*(#.7L+B+/.39QI<Q/.39+E(5*3^!$IF2(419'!F7!3(01()%&!*%+,!-.!/01..2!

6F.I-5!6!)I('9!M.+!M%+,9+4!-1%-!=%&-!-.!4922!-19(+!$+.'I0-4!-.!401..24J!@(;('9'!(&-.!M(;9!'(MM9+9&-!4-9$4^!(-!(&02I'94!4%,$29!M.+,4!%&'!eI94-(.&&%(+94!-1%-!M%+,9+4!%+9!9&0.I+%)9'!-.!%'%$-!M.+!-19(+!.=&!$I+$.494J!Y19!M(;9!4-9$4!'9-%(29'!(&!-19!)I('9!%+95!

DJ R9-!/-%+-9'!BJ GI(2'!?.,,I&(-7!?.&&90-(.&4!KJ >+9$%+9!3%+H9-(&)!>%0H9-!%&'!G('[email protected],9&-4!TJ @9;92.$!?.&-+%0-!.+!6)+99,9&-!=(-1!/01..24!UJ G9)(&!/922(&)!o.I+!>+.'I0-4!-.!<.0%2!/01..24!

1--$5aa===J,(M%+,-.401..2J,4IJ9'Ia%449-4aM%+,Y./01..2a'.04a3V*Y/m3%+H9-(&)mRI('9J$'M!

!

6(&#0"75)%+85#05%")+6&'*(#.7L+B+/.39QI<Q/.39+E(5*3^!$IF2(419'!F7!3(01()%&!*%+,!-.!/01..2!

6F.I-5!6!)I('9!M.+!401..24!-1%-!=%&-!-.!$I+01%49!%)+(0I2-I+%2!$+.'I0-4!'(+90-27!M+.,!M%+,9+4J!@(;('9'!(&-.!M(;9!'(MM9+9&-!4-9$4^!(-!(&02I'94!4%,$29!M.+,4!%&'!eI94-(.&&%(+94!-1%-!401..24!%+9!9&0.I+%)9'!-.!%'%$-!M.+!-19(+!.=&!$I+$.494J!Y19!M(;9!4-9$4!'9-%(29'!(&!-19!)I('9!%+95!

DJ R9-!/-%+-9'!BJ GI(2'!?.,,I&(-7!?.&&90-(.&4!KJ >+9$%+9!%&'!@(4-+(FI-9!G('[email protected],9&-4!TJ ";%2I%-9!%&'!6=%+'!G('4!UJ G9)(&!>I+01%4(&)!<.0%2!>+.'I0-4!

1--$5aa===J,(M%+,-.401..2J,4IJ9'Ia%449-4aM%+,Y./01..2a'.04a3V*Y/m>I+01%4(&)mRI('9J$'M!!

!

B7'127&6&*+!B'%318!bcG,^!Q/@6!

6F.I-5!>+.0I+9,9&-!$.2(0(94!).;9+&!1.=!.+)%&(P%-(.&4!%0eI(+9!)..'4!%&'!49+;(094J!Y19!Q/@6`4!rl6!.&!$+.0I+9,9&-!%&'!M%+,!-.!401..2!$+.;('94!(&M.+,%-(.&!.&!M9'9+%2!$+.0I+9,9&-!+9eI(+9,9&-4!M.+!401..2!M..'J!!

1--$5aa===JM&4JI4'%J).;a0&'a*B/a$+.0I+9,9&-m$.2(07me%J1-,!

!

!TT!! !

"=&!@&+=3*V3*A!51=''%!?2*1=!<3*#*13#%!)#%12%#+'7^!Y19!?9&-9+!M.+!"0.2(-9+%07!

6F.I-5!Y19!89-1(&H(&)!/01..2!<I&01!*(&%&0(%2!?%20I2%-.+!(4!%&!(&-9+%0-(;9!M(&%&0(%2!4$+9%'4199-!'94()&9'!-.!M%0(2(-%-9!$2%&&(&)!0.&'I0(;9!-.!ZM+941]$+9$[!M%+,!-.!401..2!$+.)+%,4J!!

1--$5aa===J90.2(-9+%07J.+)a'.=&2.%'4a+42]M(&%&0(%2]0%20I2%-.+!

+

,''*+/"=3.<+

2597R+2''17+")*+E(5*315)37+='&+,''*+D57.&5I(.5')+")*+/"=3.<^!$IF2(419'!F7!-19!SH2%1.,%!*%+,]-.]/01..2!>+.)+%,!

6F.I-5!Y1(4!$IF2(0%-(.&!9#$2%(&4!1.=!$+.'I09!M%+,9+4!0%&!'9;92.$!%!M..'!4%M9-7!$2%&!%&'!1.=!401..24!0%&!4%M927!1%&'29!$+.'I09!$I+01%49'!M+.,!2.0%2!M%+,9+4!.+!)+.=&!(&!%!401..2!)%+'9&J!V-!%24.!0.&-%(&4!%!)2.44%+7!.M!M..'!4%M9-7!-9+,4^!=1(01!(4!$%+-(0I2%+27!I49MI2!M.+!401..2!M..'!49+;(09!'(+90-.+4!=1.!1%;9!&9;9+!$+9;(.I427!$I+01%49'!$+.'I0-!'(+90-27!M+.,!M%+,4!F9M.+9J!!!

1--$5aa===J.HM%+,-.401..2J0.,a+94.I+094aM-4]'(4-+.]M..'4%M9-7,%&I%2a(&'9#J1-,!!

!

B+?03#$157.+='&+6(&#0"75)%+K'#"1+6&'*(#3I!$IF2(419'!F7!-19!V.=%!/-%-9!Q&(;9+4(-7!"#-9&4(.&!

6F.I-5!@94()&9'!M.+!401..2!M..'!49+;(09!'(+90-.+4!(&-9+94-9'!(&!$I+01%4(&)!$+.'I09!'(+90-27!M+.,!2.0%2!M%+,9+4^!-19!0190H2(4-!(&02I'94!%&!9#-9&4(;9!2(4-!.M!M..'!4%M9-7!eI94-(.&4!M.+!401..2!M..'!49+;(09!'(+90-.+4!-.!%4H!M%+,9+4!$+(.+!-.!,%H(&)!$I+01%494J!Y19!eI94-(.&4!0.;9+!M%+,!%&'!$+.'I0-(.&!$+%0-(094!%4!=922!%4!=.+H9+!4%&(-%-(.&!%&'!4%M9-7J!

1--$5aa===J,(M%+,-.401..2J,4IJ9'Ia%449-4aM(294a0190H2(4-M.+2.0%2$+.'I09J$'M!

!

]''9!GA7312%+27#%!B7#1+31&,!_&+;'7V!('7!/921#+3'*!#*9!"7#3*3*A!d]GB,_/"e^!?.+&922!Q&(;9+4(-7!

6F.I-5!Y19!E%-(.&%2!R..'!6)+(0I2-I+%2!>+%0-(094!bR6>4c!>+.)+%,^!F%49'!%-!?.+&922!Q&(;9+4(-7^!$+.;('94!'.=&2.%'%F29!0.$(94!.M!(-4!9'I0%-(.&%2!,%-9+(%24!.&2(&9!-1+.I)1!R6>4E"YJ!Y197!%+9!%24.!'9;92.$(&)!%!R6>4!'%-%F%49!.M!+949%+01!%&'!9#-9&4(.&!%+-(0294^!=1(01!=(22!F9!I$'%-9'!,.&-127J!!

1--$5aa===J)%$4J0.+&922J9'Ia(&'9#1()14$99'J1-,2!

+

>*(#".5')+

GA7312%+27&!3*!+=&!)%#,,7''6^!Q/@6!

6F.I-5!Y19!Q/@6`4!6)+(0I2-I+9!(&!-19!?2%44+..,!=9F$%)9!)(;94!9'I0%-.+4!%00944!-.!9'I0%-(.&%2!+94.I+094!'9;92.$9'!-.!%';%&09!%)+(0I2-I+%2!2(-9+%07^!(&02I'(&)!%&!.&2(&9!49%+01%F29!'%-%F%49!=(-1!1I&'+9'4!.M!2944.&!$2%&4!%&'!.-19+!9'I0%-(.&%2!,%-9+(%24J!Y19!Z/-%-9!>+.)+%,4[!490-(.&!%24.!$+.;('94!(&M.+,%-(.&!.&!3(44(44($$(`4!Z6)!(&!-19!?2%44+..,[!$+.)+%,!%&'!2(4-4!02%44+..,!+94.I+094!'94()&9'!M.+!3(44(44($$(!9'I0%-.+4J!

!TU!! !

1--$5aa===J%)02%44+..,J.+)a(&'9#J0M,!!

!

"=&!)&*+&7!('7!/1'%3+&7#18!B2$%31#+3'*,!

6F.I-5!Y19!?9&-9+!M.+!"0.2(-9+%07!$+.;('94!'.=&2.%'%F29!0.$(94!.M!,%&7!.M!(-4!9'I0%-(.&%2!,%-9+(%24!.&2(&9J!6,.&)!-19!,%-9+(%24!%;%(2%F29!%+9!%!-9%019+`4!)I('9!M.+!-19!M(2,!*..'^!V&0J^!%!)I('9!M.+!4-%+-(&)!401..2!)%+'9&4^!%&'!-19!?9&-9+`4!T6)"4/R4/2$+,"**-$Q8/,"$I84<6J!

1--$5aa===J90.2(-9+%07J.+)a$IF2(0%-(.&4a'.=&2.%'4!

!

;5%0+/#0''1+E"&*3)+?(&&5#(1(-^!$IF2(419'!F7!-19!@92-%!@(+90-(.&4!?.&4.+-(I,!

6F.I-5!Y19!0I++(0I2I,!0.&-%(&4!-9&!,.'I294^!9%01!.M!=1(01!(4!2(&H9'!=(-1!%$$2(0%F29!3(44(44($$(!/-%-9!G.%+'!.M!"'I0%-(.&!4-%&'%+'4^!9&%F2(&)!-9%019+4!-.!(&0.+$.+%-9!%!401..2!)%+'9&!(&-.!-19(+!2944.&4J!V&(-(%227!'9;92.$9'!M.+!401..2!)%+'9&4!(&!-19!3(44(44($$(!@92-%^!(-!0%&!F9!%'%$-9'!M.+!I49!9249=19+9!(&!3(44(44($$(J!

1--$5aa===J'92-%'(+90-(.&4J.+)a$+.)+%,4m(&(-(%-(;94a(&(-(%-(;9J$1$W('sKX!

!

8"$5)%+.03+,"&-+?'))3#.5')\!$IF2(419'!F7!-19!?.,,I&(-7!622(%&09!=(-1!*%,(27!*%+,9+4!.M!?%2(M.+&(%!

6F.I-5!?+9%-9'!M.+!I49!(&!?%2(M.+&(%`4!/%0+%,9&-.!d%2297^!-1(4!,%&I%2!0.&-%(&4!I49MI2!(&M.+,%-(.&!M.+!M%+,9+4^!-9%019+4^!%&'!401..2!.MM(0(%24!(&-9+94-9'!(&!.+)%&(P(&)!%!M%+,!;(4(-J!

1--$5aa===J0%MMJ.+)a$+.)+%,4a*%+,?.&&90-(.&3%&I%2J$'M!

!

!

!

!

!

!X"6$;&'3&'<$Q&0$+,"**-$>4::4::4??4$L6-)&$J'*V6,)$4:$&$:)8<6/)$*'2&/4D&)4*/$&)$;&'3&'<$Q&0$

+,"**-A$X"6$;&'3&'<$Q&0$+,"**-$/&(6$&/<$:"46-<$&'6$)'&<6(&'R:$*=$)"6$J'6:4<6/)$&/<$%6--*0:$*=$;&'3&'<$1*--626$&/<$&'6$8:6<$5#$?6'(4::4*/$*=$;&'3&'<$9/436':4)#A$

$%*'$(*'6$4/=*'(&)4*/$&5*8)$;&'3&'<$L6-)&$J'*V6,)$*'$)"4:$T6?*')\$?-6&:6$,*/)&,)$8:$&)$

"&'3&'<<6-)&?'*V6,)j2(&4-A,*(A$