The Illustrators 2017

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7? > - >/ 2 +

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7? > - >/ 2 +

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QF Q8 AQn N Q E E

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DB

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7? > - >/ 2 +

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,? : 8 < 8 / B: 1 > B

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,? : 8 < 8 / B: 1 > B

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,? : 8 < 8 / B: 1 > B

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,? : 8 < 8 / B: 1 > B

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,? : 8 < 8 / B: 1 > B

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,? : 8 < 8 / B: 1 > B

A<

:9 GNHnMH*H8nQDHMn 49nM4ICHG+ MhZkmbnlkbnbljmbn`BB: ?mknhkPnlkbnVljmg^idi]gnVhjcnXmk^hd `Ln3n[[n`([ hk^cmf Cdd]fjgljmbTn2N@LPKCenGcmn@hkjmgn8]\UmgenAm^m\Umgn`BB:enXlZmfn:[5:L +3>@'> >5@(1>.@/%@'/*8>7& CknXgib]^hkZnjchfnl\Uhjhi]fnZgi]XnXigjglhjniWn`SBn^mdmUghjhmfnWign2N@LPKCen 2Qn@mmPdYn6i]gkldniWnDmkmgldnEhjmglj]gmnWignjcmn/XXmgnlkbnFhbbdm Idlffmf;en?chdnFlYnljjm\XjmbnlnXlkigl\lniWn^ikjm\XiglgYnfi^hmjY mk^i\XlffhkZn2lddnfm^jhikfniWndhWmn)#bgl\ljh^enlgjhfjh^enf^hmkjh0^en\]fh^lde dhjmglgYen^dmgh^ldenlkbnXidhjh^ld;n=l^^igbhkZnjinlnkijh^mnhknEGPQ9MKLIK Wign `n8iRm\Umgn`BB:>OnNhZcnlUiRmnjcm\niknlnZdiUmnfhjn ]mmkn*h^jighln!` lkbnjcmn0Rmnf]gRhRhkZn^chdbgmkniWncmgnmdbmfjnfikenQdUmgjnHbVlgbenjcmn ?ghk^mniWn@ldmfn!`` enVcinfjlkbfnlndhjjdmndiVmgO

CjnhfnXlgjh^]dlgdYnhkjmgmfjhkZnjinbhf^iRmgnVcinFlYn^cifmnjinhk^d]bmn)nld\ifj ^mgjlhkdYn]kbmgnhkfjg]^jhiknWgi\n2N@LPKC;fnmbhjigenQgjc]gnDibblgbn!Vcinhf fciVknlfn8in7_enl\ikZnijcmgnmbhjigf OnFlkYniWnjcmniURhi]fnZgmljnlkb ZiibnlgmnXgmfmkjenhk^d]bhkZnjcmn?gh\mnFhkhfjmgen@nHnDdlbfjikmn!Sa enjcm ?imjnEl]gmljmenEigbnGmkkYfikn![7 enjcmn?gmfhbmkjniWnjcmnJiYldnQ^lbm\Ye Mhgn9gmbmgh^nEmhZcjikn!L[ enlkbnjcmnQg^cUhfciXniWnIlkjmgU]gYn=Vcinhfnkij kl\mbnU]jnVlfnHbVlgbn@chjmnKmkfik>n!:: O NiVmRmgendhjmglj]gmenWignm3l\XdmenjmkbfnjinUmngmXgmfmkjmbnUYnUmfjfmddmgf gljcmgnjclknUYnjcmnVghjmgfnVci\nVmnkiVn^ikfhbmgn\l,ign0Z]gmfniWnjcm XmghibOnMinFhffnJciblnKgi]Zcjikn=`B:_5`a[_>enjcmnkmVn2 ]mmkniWnjcm Ihg^]dljhkZnEhUglghmf;n!L_ en\lPmfnlknlXXmlglk^menU]jnGci\lfnNlgbYnlkb NmkgYn6l\mfnbinkijOnGcmnNmkgYn6l\mfn!`<_ nhfnlknl^jigngljcmgnjclknjcm l]jcigniWn9Q0NMKMOLKQNBQOQ5OFCenlkbnZmkmglddYnWlgn\igmnhkjmgXgmjljhRmnlgjhfjf jclkn^gmljhRmnlgjhfjfnlgmnhk^d]bmbO 4WnjcifmnhkjmgXgmjljhRmnlgjhfjfenjcmnikmnjcljn\lYn\ifjnkmmbnm3XdlhkhkZnhf 2FgnDmigZmnFiigmn=FiigmnlkbnK]gZmff>;n!a7 OnDmigZmnFiigmn=`B[_5`a_a>e


,? : 8 < 8 / B: 1 > B

PkiVknlfn2?ikY;nlfnlngmf]djniWnchfnf\lddnfjlj]gmenVlfnln8mVn+igP5Uigk \]fh^nclddnXmgWig\mgnlkbnh\XgmflghiOnCkn`B::encmn,ihkmbnjcmn*hgZhkhl Mmgmklbmgfenlnjgi]XmniWn2kmZgin\hkfjgmdf;nVcinUdl^Pmbn]Xnjinh\Xmgfikljm QWgh^lknQ\mgh^lkfnhknlnWig\niWnmkjmgjlhk\mkjnjcljnVlfnjcmknRmgYnXiX]dlge U]jnclfnf]Ufm']mkjdYenlkbn]kbmgfjlkblUdYenUmmknbhf^gmbhjmbOnCkn`B7aencm flhdmbnjinHkZdlkbenVcmgmncmn,ihkmbnjcmn\igmnWl\i]fnIcghfjYnFhkfjgmdfOnNm dljmgnWi]kbmbnchfniVknjgi]Xmfenhk^d]bhkZnjcmnFiigmnlkbnK]gZmffnFhkfjgmdf hkn`BS`enVhjcn9gmbmgh^nK]gZmffO NiVmRmgenjcmn\ifjnhkjghZ]hkZniWnlddnjcmn0Z]gmfnhknFlY;fnh\lZmnhfnf]gmdYn jcmn\lkenVcinhfnbmf^ghUmbnfh\XdYnlfn2GcmnIdlh\lkj;n!7a OnJmlbmgfn iWn2N@LPKC Vi]dbnclRmnUmmknVmddnlVlgmnjcljnjchfnVlfnfcigjclkbnWign

A9

>&@7/@73>@#6?7//5I@ +3>@'> >5@(1>.@/%@'/*8>7& @@@@@ `OnNmgnFl,mfjYnjcmn ]mmk [On?ghk^mnDmigZmniWn@ldmf LOn?ghk^mffnEi]hfmniWn@ldmfn :On?ghk^mnHbVlgbniWn@ldmf 7On?ghk^mffn*h^jighlniWn@ldmf <On?ghk^mffnFl]bniWn@ldmf SOnA]^cmffniWnIikkl]Zcj BOnA]PmniWnIikkl]Zcj aOn?ghk^mffnEi]hfm `_OnFlg']hfniWnEigkmn ``On?ghk^mffniWn@ldmfn `[On?ghk^mniWn@ldmf `LOnA]PmniWnHbhkU]gZcn `:OnA]^cmffniWnHbhkU]gZc `7OnA]^cmffniWnQdUlkY `<OnHlgdnIlhgkf `SOnEigbn8igjcUgiiPn `BOnEigbnMclWjmfU]gY `aOnEigbnMcmgUgiiPmn [_OnEigbnAmgUY [`OnFlg']hfniWnMldhfU]gY [[OnHlgdnDglkRhddm [LOnA]PmniWnQgZYddn [:OnA]PmniWn@mfj\hkfjmg [7OnEigbnGmkkYfik [<OnElbYnA]bdmY [SOnKlgikmffnK]gbmjj5Ii]jjfn [BOnElbYnKigjcVh^P [aOnA]^cmffniWn@mfj\hkfjmg L_OnFhffnJciblnKgi]Zcjik L`OnFgnFhddlhfenJQ L[OnMhgn9gmbmgh^PnEmhZcjiken?JQ LLOn?giWmffignJ]fPhk L:OnFgnNmkgYnNmg\lkn=,ihkjnl]jcign nnnnniWn2MhdRmgn-hkZ;en2Idl]bhlk;n%^>n L7OnFgnNmkgYnQn6ikmfn=,ihkjnl]jcig nnnnniWn2MhdRmgn-hkZ;n%^> L<OnFgn6n@hdjikn6ikmf

LSOnFgnQd\lnGlbm\lenJQ LBOnFgnKghjiknJhRhmgmenJQ LaOnFgnDmigZmnA]nFl]ghmgn :_OnFgnDnQnMldl :`OnFgn6ifmXcnAmggh^Pn nnnnn=l]jcigniWn2IikW]fhik;> :[OnFgnJh^clgbnKmdj :LOnFgnHb\]kbn+ljmfn nnnnn=mbhjigniWnjcmn2@igdb;> ::OnGcmnQg^cUhfciXniWnIlkjmgU]gY :7OnIlgbhkldnFlkkhkZ :<OnGcmn?iXm :SOnGcmnKhfciXniWnJhXikn :BOnFgn9nInK]gklkb nnnnn=mbhjigniWn2?]k^c;> :aOnFgnNnElUi]^cmgmenF?n nnnnn=mbhjigniWn2Gg]jc;> 7_OnFgnQgjc]gnDibblgbn nnnnn=mbhjigniWn2Mi^hmjY;>n 7`OnQg^cbml^ikn9lgglg 7[OnFgnInNnMX]gZmikn 7LOnKhfciXniWnFlk^cmfjmgn 7:OnAgnNigkUYen?giRifjniWnHjikn 77OnJmRnHb\ikbn@lggmenNmlbn nnnnnFlfjmgniWnHjikn 7<OnGcmnAmlkniWn@mfj\hkfjmgn 7SOnAgn6ifmXcn?lgPmg 7BOnEhm]jnIidn6lYenNQI 7aOnGcmnIdlh\lkj <_OnFgnDnJnMh\fn=l]jcigniWn nnnnn2GcmnEhZcjfniWnEikbik;n%^>n <`OnFgnQn@n?hkmgi <[OnFgnDmigZmnFl^bikldb <LOnFgn9n6n9lgZ]fn=2N]ZcnIikVlY;> <:OnFgnNn6nNhj^chkf <7OnFgnHnJ]ffmdd <<OnIlXjnKlfcWigbn <SOn2Dmkmgld;nKiijcn

2GcmnGh^cUigkmnIdlh\lkj;enVcinclbnljjm\XjmbnjinXgiRmnch\fmdWnjinUmn MhgnJiZmgnGh^cUigkmenKlgikmjenlkbnjc]fncmhgnjingh^cnmfjljmfnhknNl\XfchgmO QjnjcmnmkbniWnlndikZnjghldniWnS_nblYfenhkn`BS`5S[encmnVlfngmRmldmbnjinUm Qgjc]gn4gjikn=`BL:5`BaB>enlnU]j^cmg;fnfiknVcinclbngmj]gkmbnWgi\ m\hZgljhiknjinQ]fjgldhlenjcmngmldnKlgikmjnclRhkZnXgiUlUdYnUmmkndifjnljnfmlO Qnfm^ikbenmRmkndikZmgnjghldenhkn`BSL5S:endmbnjin4gjiknUmhkZn^ikRh^jmbnWig Xmg,]gYnlkbnfmkjmk^mbnjin`:nYmlgfniWnXmkldnfmgRhj]bmOnNmnfmgRmbn`_niW jcmfmenUmhkZngmdmlfmbnikndh^mk^mnhkn4^jiUmgn`BB:en,]fjnjVin\ikjcfnUmWigm 2N@LPKC X]UdhfcmbnEGPQ2P(PJQ9APIQNBQ2N@LPKCO

<BOn?giWmffignGYkbldd <aOnKhfciXniWn?mjmgUigi]Zcn S_OnMhgnJnIgiffnF? S`OnFgnJiUmgjn8n9iVdmgenF? S[OnFgn@nNnM\hjcenF? SLOnFgnNn9lV^mjjnF?n S:OnMhgnIclgdmfnAhdPmenF?n S7OnMhgn6l\mfn?lZmj S<On?giWmffignN]3dmYn SSOnMhgn@hddhl\nD]dd SBOnFgnNmgUmgjnDdlbfjikmenF?n SaOnFgn@nHnDdlbfjikmenF? B_OnFgnDmigZmnEiRmblY B`OnFgn@nHn9igfjmgenF?n B[OnFgnInMn?lgkmddenF?n BLOnFgnMnInQddfiXXenF?n B:OnMhgn@hdWghbnElVfikenF?n B7OnMhgnFnQnKlffenF? B<OnMhgnMjl$igbn8igjc^ijmenF?n BSOnEigbnJlkbidXcnIc]g^chddenF?n BBOnFgnIclgdmfnKglbdl]Zc BaOnFlg']hfniWnNlgjhkZjik a_OnMhgn@hddhl\n*mgkiknNlg^i]gjenF? a`OnFgn6nDnKhZZlgenF? a[OnFgn6nIcl\UmgdlhkenF? aLOnFgn6icknKghZcjenF?n a:OnFgn@ldjmgn6iY^mn a7OnFgnDmigZmnFiigmn nnnnn=FiigmnlkbnK]gZmff> a<OnFgnFikjlZ]n@hddhl\f aSOnGcmnFlfjmgniWnjcmnJiddfn nnnnn=Mhgn@nKldhidnKgmjj> aBOnEigbnIchmWn6]fjh^mnIidmghbZm aaOnGcmnEigbnIclk^mddign nnnnn=EigbnMmdUigkm> `__OnFgn6]fjh^mnNlVPhkf `_`OnKlgiknN]bbdmfjik `_[OnFgfn@mdbik

`_LOnDmkmgldnMhgnQg^chUldbnQdhfik `_:OnDmkmgldnMhgn@n4VmknElkYikn `_7OnEigbnQd^mfjmg `_<OnDmkmgldnMhgnHRmdYkn@iib `_SOn9hmdb5FlgfcldnjcmnA]Pmn nnnnn iWnIl\UghbZm `_BOnDmkmgldnEigbn@idfmdmY `_aOnFl,ig5DmkmgldnAg]gY5EiVm ``_OnDmkmgldnMhgn9nJiUmgjf ```OnIidikmdnK]gklUY ``[OnFgn@n@chjmdmYn ``LOnMhgn6]dh]fnKmkmbh^jn ``:OnKlPmgn?lfcl ``7OnDmkmgldnDigbikn ``<OnFgn6icknKghkf\mlbn ``SOnFgnDmigZmn9igbcl\n ``BOnFgn9gmbnQg^cmgn ``aOnFgnH]ZmkmnInMjl$igbn `[_OnMhgnQgjc]gnM]ddhRlk `[`OnFgn@nMnDhdUmgj `[[OnFgnJnA;QdUmgjfikn `[LOnFgnInQdhlf `[:OnFgn@nNiddlkbn `[7OnFgnQgjc]gnJiUmgjfn `[<OnFhffnFhkkhmn?ld\mg `[SOnFhffn9lkkhmnEmfdhm `[BOnFgn9gmbnEmfdhm `[aOnFhffnFlghmnEhkbmkn `L_OnFgn6nEnGiidmn `L`OnFgnHnJiY^mn `L[OnFhffn8mddhmn9lggmk `LLOnFgnHbVlgbnGmggYn `L:OnFhffn*hidmjnIl\mgikn `L7OnFhffn9digmk^mnMjn6ickn `L<OnFnFlgh]f `LSOnFhffn-ljmn*l]Zclk `LBOnFgnDmigZmnDgiff\hjc `LaOnFgn@hdfiknKlggmjj


,? : 8 < 8 / B: 1 > B

`:_OnFhffnHlfjdlPm `:`OnFgnMh\fnJmmRmf `:[OnFgn@hddhl\n9lggmk `:LOnFgnNmkgYn8mRhddm `::OnFgnNmkgYnCgRhkZ `:7OnFhffnHddmknGmggY `:<OnFgnQ]Z]fj]fnNlgghfn `:SOnFhffnEhkZlgb `:BOnFlbl\mnMlglnKmgkclgbj `:aOnFgnIclgdmfn@lgkmg `7_enFgnKlk^giWjn `7`OnFgfnKlk^giWj `7[OnFgn9igUmfnJiUmgjfik `7LOnFgfn-mkbld `7:OnFgn@nNn-mkbldn `77OnFgn-YgdmnKmddmV `7<OnFgfnKmgklgb5Kmmgm `7SOnMhZkignMldRhkh `7BOnFhffnFlgYnQkbmgfik `7aOnFgnNlggYn?l]djik `<_OnFgnNmkgYn6l\mf `<`OnFgn@nMn?mkdmYn `<[OnFgnNlggYn6l^Pfik `<LOnFgnNnKmmgUic\nGgmmn `<:OnFgnHbZlgnKg]^mn `<7OnFgnIclgdmfnIiddmjjmn `<<OnFgnDmigZmnKlggmjj `<SOnFgfnMjhgdhkZ `<BOnFgnIm^hdnKgiiP0mdb `<aOnFgn9gmbmgh^PnGcigkm `S_OnFgnGci\lfnGcigkm `S`OnFgnNiVlgbn?l]d `S[OnFgfnElkZjgY `SLOnFgnDmigZmn-miZc `S:OnFgn@n6nNhdd `S7OnFgnEhikmdnKgi]Zc `S<OnFhffn9igjmf^]mn `SSOnFgnHbVlgbnJhZcjik `SBOnFgn?chdhXnKm^Pn

AB


,? : 8 < 8 / B: 1 > B

:B G+?HMnCnNQ*HnFHG Q8 HQMG H8A ?JHQINHJ

MhZkmbnlkbnbljmbn;aL Ckf^ghUmbnVhjcnjhjdmnUmdiVn\i]kj ?mknlkbnhkPen`_n`(: 3nBn`([ hk^cmf Cdd]fjgljmbTn0GLHQ7OC*IQ-LJKPMQ9JJDOHen `BaLenXlZmnB[ =C G4/JCMGTn29C8HnNHQAnGNQG INCEA;MnD4GOnNH;EEnKHnQ DEQAMG48HO; 948AnF4GNHJTn2AJQGnGNHnFQ8 GNQGnIQ8;GnKHTnNCMn9QGNHJ;MnQ I48MHJ*QGC*HO; MhZkmbnlkbnbljmbn2aL ?mknlkbnhkPnVhjcn^idi]gmbnXmk^hd `[n`(: 3nBn`([ hk^cmf Cdd]fjgljmbTn0GLHQ7OC*IQ23PK@G$:NN3'Q&LBKC 6OMKNNJIenEikbikTnIcljjin%n@hkb]fe `Ba7enXdljmn33Rhhh :C =E JHQEnM+F?QGN+ QJJ+ = JHQAC8D QII4/8G 49 GNH @QJ C8 GNH HQMG >Tn2 4@ C M ; + 2 QJJCHG en GNH+ ; *H KC8 Q8 G44- 4EA EC 2 /8D INQ8DM GNJHH 5 NH+HA ?HQI4I- 9HQGNHJM QEE 499 2 CF ; QJJCHG = I4F?QMMC48QGHE+ >Tn2 ?4JH 4EA 9HEEHJ O; MhZkmbenhkf^ghUmbnVhjcnjhjdmnlkbnbljmbn a: IcldPniknjhkjmbnXlXmg SnL(: 3n7n`([ hk^cmf Cdd]fjgljmbTn0DJ@Gen`Ln4^jiUmgn`Ba:en XlZmn`B_.n:NN3QNBQ7MQ0DJ@G*IQ6N@3JPC ,D?NDM"QLJQ0L@KDMPQOJFQ2KNMCenEikbikTn GcmnHb]^ljhikldnKiiPnIien`a`_enXlZmn``: =D QEEnN4G MhZkmbenhkf^ghUmbnVhjcnjhjdmnlkbnbljmbn a: ?mk^hden`_n`([ 3nSnhk^cmf Cdd]fjgljmbTn0GLHQ7OC*IQ-LJKPMQ9JJDOH" `Ba7enXlZmnS Ehjmglj]gmTn6l\mfnGcigXmen0GLHQ7OC# 7OIKPM$;MODAGKI?OJQ Q,D?NMLIKQ \ $ a^enEikbikTnDmigZmnDnNlgglXn %nIien`aL[enXlZmn`[S


,? : 8 < 8 / B: 1 > B

:E

=A GNHnA4GG+n48Hn=M/AAH8E+n?4??C8DnNCM NHQAn4*HJn@QEE>Tn2@NQGnQJHn+4/nA4C8D ; ?CMIQG4JTn29CMNC8D ; A4GG+n48HTn2N4@nE48DnNQ*Hn+4/nKHH8 9CMNC8D ; ?CMIQG4JTn2MC nN4/JM ; A4GG+n48HTn2IQ/DNGnQ8+GNC8D ; ?CMIQG4JTn284O; A4GG+n48HTn2I4FHnC8MCAH; MhZkmbnlkbnbljmbn`a__ ?mk^hd BnL(: 3n7n`(: hk^cmf ?gmdh\hklgYnbglVhkZnWign0DJ@G"Q[`nQ]Z]fjn`BaSenXlZmnB[

=: 84Gn@NQGnNHnFHQ8G M/?HJC4J ; QJJ+ Tn2 IQKKCH )# G4 GNH )n Q@ )n GNH ?JC8IH 49 @QEHM ; M O; IQKKCH Tn2 FQJEK4J4 ; 4/MH F+ E4JA ; MhZkmbenhkf^ghUmbnVhjcn^lXjhiknlkbnbljmbn a: ?mknlkbnhkP ``n3nSn`([ hk^cmf Cdd]fjgljmbTn0DJ@GenQd\lkl^PnWign`Ba7.n0GLHQ7OC'Q23PK@GPIQBMN?Q0DJ@Gen EikbikTn2?]k^c; 4WWh^men`a_LenXlZmn`L


,? : 8 < 8 / B: 1 > B

==,<B lgmnlddnhdd]fjgljmbnhkn&LBKCQGLKGPMKNQDJ=D<HLIGPFQ=PJ$OJF$LJ3QI3PK@GPIQ<C 0GLHQ7OCenEikbikTnGcmnEmlbmkclddn?gmffen`a__On?giRmklk^mTnFn@nCkZgl\

:D

== 4/JnIQKKCHM MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <n3n7nhk^cmf Cdd]fjgljmbTnkin`

=; F48AQ+nF4J8C8D MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <n`([ 3n7n`([ hk^cmf Cdd]fjgljmbTnkin[


,? : 8 < 8 / B: 1 > B

=< QMnCGnFCDNGnKH MhZkmb ?mknlkbnhkP <n`(: 3n7n`([ hk^cmf Cdd]fjgljmbTnkin:

=9 QMnCGnCM MhZkmb ?mknlkbnhkP <n`(: 3n7n`([ hk^cmf Cdd]fjgljmbTnkin7

=B KHQ/GCHMn49 M4/GNnQ9JCIQ MhZkmb ?mknlkbnhkP <n`(: 3n7n`([ hk^cmf Cdd]fjgljmbTnkin<

;C 6/ADHMn 49nG45AQ+ MhZkmb ?mknlkbnhkP <n`([ 3n7n`([ hk^cmf Cdd]fjgljmbTnkinS

:A


,? : 8 < 8 / B: 1 > B

;E 8H*HJnFC8AOnCn@QMnQ INCEAnF+MHE9n48IH MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <n`(: 3n7n`([ hk^cmf Cdd]fjgljmbTnkin``

::

;D M/8AQ+nIE4GNHM MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <n`(: 3n7n`([ hk^cmf Cdd]fjgljmbTnkin`[

;A 2HJH;MnE/I- MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP 7nL(: 3n7nhk^cmf Cdd]fjgljmbTnkin`L

;: FH8n49nF/MIEH MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm Ckf^ghUmbnVhjcnjhjdmnikngmRmgfm ?mknlkbnhkP 7n`([ 3n<n`([ hk^cmf Cdd]fjgljmbTnkin`:


,? : 8 < 8 / B: 1 > B

:=

;= F4GNHJ MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <n`([ 3n7n`([ hk^cmf Cdd]fjgljmbTnkin`<

;; AQAA+ MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <n`(: 3n7n`(: hk^cmf Cdd]fjgljmbTnkin`a


,? : 8 < 8 / B: 1 > B

;< 9JHMNnHDDM MhZkmb ?mknlkbnhkP <n`(: 3n7n`(: hk^cmf Cdd]fjgljmbTnkin[_

:;

;9 ECGGEHnF48-H+M MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <n`([ 3n7n`([ hk^cmf Cdd]fjgljmbTnkin[[

;B GHEEC8DnDJQ88+ MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <n`(: 3n7n`(: hk^cmf Cdd]fjgljmbTnkin[:

<C JQDMn%nK48HM MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <n`(: 3n7n`([ hk^cmf Cdd]fjgljmbTnkin[7


,? : 8 < 8 / B: 1 > B

<E 84nNQ8AMn @Q8GHAnG4AQ+ MhZkmb ?mknlkbnhkP <n`(: 3n7n`([ hk^cmf Cdd]fjgljmbTnkin[<

<D F48-H+M MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <n`(: 3n7n`([ hk^cmf Cdd]fjgljmbTnkinL[

<A D/GGHJnFHJINQ8GM MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <n`(: 3n7n`([ hk^cmf Cdd]fjgljmbTnkinL:

<: MGQJ*C8D MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkPnikn^lgb <n`([ 3n7n`([ hk^cmf Cdd]fjgljmbTnkinLB Ehjmglj]gmTn>HHDIKMOKPFQ5NJFNJ 4P/IenIcghfj\lfn8]\Umge `a7B

:<


,? : 8 < 8 / B: 1 > B

:9

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,? : 8 < 8 / B: 1 > B

<9 Q8nQIICAH8G MhZkmbnlkbnhkf^ghUmb Vhjcnjhjdm ?mknlkbnhkP <n`([ 3n7n`([ hk^cmf Cdd]fjgljmbTnkin:S

<B Qn?QCJn49n2HF MhZkmbnlkbnhkf^ghUmb Vhjcnjhjdm ?mknlkbnhkP <n`(: 3n7n`(: hk^cmf Cdd]fjgljmbTnkin:7

:B

9C 84GnQn@QGHJnAJC8-HJO GQE-QGC*H 4EA EQA+ = AJC8-C8D Q DEQMM 49 FCE- en G4 H8GN/MCQMGCI GHHG4GQEHJ en @N4 CM A4C8D ACGG4 >Tn2 +HM en MCJ en MC8IH GNH+ ; JH KHD/8 ?4CM48C8D GNH KHHJ en @H F/MG AJC8- M4FHGNC8D en F/MG8 ; G @H ; MhZkmbenhkf^ghUmbnVhjcnjhjdmnlkbnbljmbn`a_` ?mknlkbnhkP ``n3nanhk^cmf Cdd]fjgljmbTn0DJ@Gen[Ln6lk]lgYn`a_`enXlZmn<a Ehjmglj]gmTn?chdnFlYen23PK@GPIQBMN?Q 0DJ@G*enEikbikTn2?]k^c;n4WWh^me `a_LenXlZmn<B H3chUhjmbTn2Gcmn9hkmnQgjniWnCdd]fjgljhik;enGcmn9hkmnQgjnMi^hmjYen [5[Sn6]dYn[__`


,? : 8 < 8 / B: 1 > B

=C


,? : 8 < 8 / B: 1 > B

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9D JQFMDQGHOnKQ8-nN4ECAQ+On``QF Ckf^ghUmbnVhjcnjhjdm ?mknlkbnhkP 7n`(: 3n:nL(: hk^cmf


,? : 8 < 8 / B: 1 > B

IN QJ E H Mn A Q 8 Q n DC K M 4 8 IclgdmfnAlklnDhUfikn=`B<S5`a::>

=D

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Ckn`a[_enDhUfiknl^']hgmbn5LBPQ\lZl1hkmenfmgRhkZnlfnhjfnXgmfhbmkjnlkbnmbhjige lkbnhkhjhlddYngmf]f^hjljmbnhjnUYnhkjgib]^hkZnlndlgZmnk]\UmgniWnchfniVknXmk lkbnhkPnbglVhkZfOnNiVmRmgenVcmkncmngmW]fmbnjinWiddiVnjcmnjgmkbfniWnjcm `a[_fenjcmn\lZl1hkm;fn^hg^]dljhiknbm^dhkmbnlkbenWiddiVhkZnjcmnikfmjniWnjcm AmXgmffhikenhjnWidbmbnhkn`aL<On=Cjfnkl\mnVlfnfidbnjinNmkgYnE]^mnWignchf kmVnkmVfn\lZl1hkmO>nNlRhkZnldgmlbYngmj]gkmbnjinXlhkjhkZencmnVlfnZhRmknl fidinfciVnljnjcmnQ\mgh^lknQ^lbm\YniWnQgjfnlkbnEmjjmgfenhkn`aL:enlkbnl \l,igngmjgifXm^jhRmnljnjcmnIhk^hkkljhnQgjnF]fm]\enhkn`a:LOnCknjcljnYmlge cmngm^mhRmbnjcmnZidbn\mbldniWnjcmnQ\mgh^lknQgjhfjfn?giWmffhikldnEmlZ]m WignchfnbhfjhkZ]hfcmbn^ikjghU]jhiknjinQ\mgh^lknlgjOn Qknhk"]mk^mn]XiknlknmkjhgmnZmkmgljhikniWnQ\mgh^lknhdd]fjgljigfenDhUfik bhmbnikn[LnAm^m\Umgn`a::OnQfnlnXlfjn?gmfhbmkjniWnjcmnQ\mgh^lknMi^hmjY iWnCdd]fjgljigfencmnVlfnmdm^jmbnjinhjfnNlddniWn9l\mnhkn`aS:On NhfnVigPnhfngmXgmfmkjmbnhknjcmn^iddm^jhikfniWnjcmnEhUglgYniWnIikZgmff =@lfchkZjiknAI>On 02?73>?@?>64851@ 9lhgWl3nAiVkmYen0NMKMOLKQNBQOJQ.MOQOIQ;MO/JQ<CQ6Q;Q%L<INJen8mVn+igPTn InM^ghUkmg;fnMikfen`aL<.nJiVdlkb.n?nHd1mlen2DhUfikenIclgdmfnAlkln=`:nMmXjO `B<S5[LnAm^On`a::>;en6icknQnDlggljYnlkbnFlgPnInIlgkmfn=mbf>en9?PML@OJ 4OKLNJOHQ:LNAMO=GCen43Wigbn/khRmgfhjYn?gmffen`aaaenRidnBenXlZmfnaL_5aL[


,? : 8 < 8 / B: 1 > B

=A

9A @QCGC8D MhZkmb ?mknlkbnhkPnVhjcnXmk^hdniknUilgb [_n3n[Bn`([ hk^cmf Cdd]fjgljmbTn5NJFNJQOIQIPPJQ<CQ6GOMHPIQ;OJOQ%L<INJen8mVn+igPTn IclgdmfnM^ghUkmg;fnMikfen`BaSen!]kXlZhkljmb en2QnAglVhkZnJii\;


,? : 8 < 8 / B: 1 > B

=:

9: ?4ECGCIQEn8CDNGFQJH MhZkmb ?mknlkbnhkP `[n3n`Sn`([ hk^cmf ?giRmklk^mTnGcmn6mWWgmYnQg^cmgn?idhjh^ldnIlgjiiknIiddm^jhik H3chUhjmbTn2GcmnQ\mgh^lkfnlgmnIi\hkZ;enFlYn[_`7

/-878*6-@ 8137)6?> IclgdmfnAlklnDhUfikn^ikjghU]jmbn^lgjiikfnlkbnfljhgh^ldnfPmj^cmfnjin ELF$:LKIQUmjVmmkn`BB:nlkbn`Ba_n=UYnVch^cnjh\mnhjfnkl\mnclbnUmmk ^clkZmbnjinEL?P>OnNlRhkZndhjjdmnhkjmgmfjnhknXidhjh^fnch\fmdWencmnjimbnjcm \lZl1hkm;fnJmX]Udh^lkndhkmnlkbnWgm']mkjdYndl\XiikmbnjcmnAm\i^gljh^ dmlbmgenDgiRmgnIdmRmdlkbenVcinUm^l\mn?gmfhbmkjnWignjcmn0gfjnjh\mnhkn`BB7O CknjcmnXgmfmkjnh\lZmenjcmnbm\ikh^n8hZcj\lgmnhfnZhRhkZnIdmRmdlkbnlngmfjdmff khZcjnUYncl]kjhkZnch\nVhjcnjcmnkl\mfniWnVcljnJmX]Udh^lkfnjcmk ^ikfhbmgmbn2i]gnjcgmmnZgmljn?gmfhbmkjf;Tnjcmn2bmWmkbmg;n/dYffmfnMnDglkjn =hkni ^men`B<a5SS>enjcmn2\lgjYg;nQUglcl\nEhk^idkn=`B<`5<7>nlkbnjcm 2Wljcmg;nDmigZmn@lfchkZjikn=`SBa5aS>O


,? : 8 < 8 / B: 1 > B

8.6.7?/2.@#/5.> 2>5*>.@/%@73> 57>?.767>@#/))>?*>@!8-A]ghkZnjcmn`BB_fenQ\mgh^lknf\ldd U]fhkmff\mkenlkbnmfXm^hlddYnWlg\mgfenUm^l\m hk^gmlfhkZdYnlkZgYnljnjcmnghfhkZngljmfniWnjcm ^ifjfniWnjcmnjglkfXigjljhikniWnZiibfnUmhkZ ^clgZmbnUYnjcmnm3XlkbhkZn/khjmbnMjljmf glhdVlYn^i\XlkhmfOnGcmn^i\XlkhmfngmfXikbmb UYnhkf]dljhkZ jcm\fmdRmfnlZlhkfjnZiRmgk\mkj hkjmgWmgmk^mnUYn\lkhX]dljhkZndi^ldnXidhjh^ld \l^chkmfnlkbnViihkZndmZhfdljigfnlkb ,i]gkldhfjfnVhjcnWgmmnjglRmdnXlffmfnWignjcmhg Wl\hdhmfnlkbnWghmkbfO =Fh^clmdn@idglh^cen JMPOINJO<HPQ7PJ' EGPNFNMPQ8NNIP(PHKQOJFQKGPQ8P=D<HL@OJ 8P<PHIQ-GNQ6MPOKPFQ0MNAMPIIL(PQ0NHLKL@Ie 8mVn+igPTnMjnFlgjhk;fn?gmffen[_`:en XlZmnLL> 8mRmgjcmdmffenlknCkjmgfjljmnIi\\mg^mnKhdd VlfnXlffmbnhkn`BBSnVhjcnjcmnhkjmkjhikniW gmZ]dljhkZnjcmnglhdVlYnhkb]fjgYenlkbnmfXm^hlddY hjfn\ikiXidhfjh^nXgl^jh^mfenfingm']hghkZnjclj glhdVlYngljmfnUmn2gmlfiklUdmnlkbn,]fj;OnGcmnl^j ^gmljmbnlnWmbmgldngmZ]dljigYnlZmk^Yenjcm CkjmgfjljmnIi\\mg^mnIi\\hffhikenji \ikhjignjcmnglhdVlYfOnNiVmRmgenjcmn^i]gjf fiiknfjghXXmbnjcmn^i\\hffhikniWnhjfnXiVmgf lkbenhknfinbihkZenlZlhknfjiPmbncifjhdhjYnjinjcm glhdVlYn^i\XlkhmfO GcmnXgmfmkjn^lgjiiknfciVfnlndmZhfdljignVci clfndifjnchfnghZcjnjinWgmmnglhdnjglRmdOnNlRhkZ ^cifmknjinVldPnci\mnldikZnjcmnglhdVlYencm \mmjfnlnjgl\XnVcinhfnbihkZnjcmnfl\mOnGcm jgl\Xnm\Ulgglffmfnch\nUYnXihkjhkZni]jnjclj hjnhfnjcmnCkjmgfjljmnIi\\mg^mnKhddnjcljnclf Ugi]Zcjnjcm\njinlnXihkjniWn26m$mgfik H']ldhjY;enGci\lfn6m$mgfiknclRhkZnXgmfmkjmb jcmnbi^jghkmn2jcljnlddn\mknlgmn^gmljmbnm']ld; lfnlknmdm\mkjniWnjcmnAm^dlgljhikniW CkbmXmkbmk^mniWn`SS<OnGchfnbi^jghkmnVlf Xlgjh^]dlgdYnh\XigjlkjnjinjcmnAm\i^gljh^ dmlbmgenDgiRmgnIdmRmdlkbenVcinDhUfik Wgm']mkjdYndl\XiikmbnhknjcmnJmX]Udh^lkn ELF$:LKIenVcmgmnjchfn^lgjiiknlXXmlgmbO

==

9= ACMQMGJ4/MnI48MH /H8IHMn49nGNHnC8GHJMGQGHnI4FFHJIHnKCEE Q NCDN 5 M?CJCGHA EHDCMEQG4J @N4 ?JH9HJJHA @QE-C8D N4FH G4 GNH C8ACD8CG+ 49 KHC8D 4KECDHA G4 ?Q+ NCM 9QJH en @QM QII4MGHA K+ Q GJQF? en @N4 MQCA T 2 KHN4EA GNH 6H99HJM48CQ8 H /QECG+ G4 @NCIN GNH C8GHJMGQGH I4FFHJIH KCEE NQM KJ4/DNG /M O EHG /M @QE- N4FH G4DHGNHJ en F+ KJ4GNHJ On NQ*H +4/ Q8+ G4KQII4 QK4/G +4/ ; GNCM @QM G44 6H99HJM48CQ8 94J GNH EHDCMEQG4J en @N4 G44- GNH GJQC8 QG GNH 8H G MGQGC48 MhZkmb ?mknlkbnhkP `[n`(: 3n`Ln`([ hk^cmf Cdd]fjgljmbTnELF$:LKIen`anFlg^cn`BBS H3chUhjmbTn2GcmnQ\mgh^lkfnlgmnIi\hkZ;enFlYn[_`7


,? : 8 < 8 / B: 1 > B

=;

9; Q9GHJnGNHn?JHMH8GQGC48 MhZkmb Ckf^ghUmbnVhjcnjhjdmnUmdiVn\i]kj ?mknlkbnhkPnVhjcnXmk^hdniknUilgb `Bn`([ 3n[Bn`([ hk^cmf Cdd]fjgljmbTn5NJFNJQOIQIPPJQ<CQ6GOMHPIQ;OJOQ%L<INJen8mVn+igPTn IclgdmfnM^ghUkmg;fnMikfen`BaSen!]kXlZhkljmb en2QnAglVhkZ5Jii\;


=<

(? .NLONI9 NLF AN@MLNOMKL


(? . B / B: 8 1 B B? 1 . > -

B:

MCA8 H + n N HJK H J G n M C FH

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(? . B / B: 8 1 B B? 1 . > -

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EE; INJCMGnIN/JINn?QMMQDHenMN4@C8DnGNHnE4ADHn49 INJCMG;MnN4M?CGQEnQMnCGn/MHAnG4nKH MhZkmbnlkbnbljmbn_B Ckf^ghUmbnVhjcnjhjdmnUmdiVn\i]kj ?mknhkPnlkbnVljmg^idi]gniknUilgb `_n`([ 3n<n`([ hk^cmf Cdd]fjgljmbTnWl^hkZnXlZmn`a:

EE< @HMGFC8MGHJn)#GNHnH8GJQ8IHnG4nGNHn 6HJ/MQEHFnINQFKHJ MhZkmbnlkbnbljmbn_B Ckf^ghUmbnVhjcnjhjdmnUmdiVn\i]kj ?mknhkPnlkbnVljmg^idi]gniknUilgb `_n`([ 3n<n`([ hk^cmf Cdd]fjgljmbTnWl^hkZnXlZmn[[[


%? 8 + 5

9B

EE9 GNHnDJH+nI4QGnN4M?CGQEn)#GNHn4EAnMGQCJIQMH.n GNHnECGGEHnDCJEnCMnAJHMMHAnC8nGNHn4EAnI4MG/FHn@NCIN CMn84nE48DHJn@4J8 MhZkmbnlkbnbljmbn_B Ckf^ghUmbnVhjcnjhjdmnUmdiVn\i]kj ?mknhkPnlkbnVljmg^idi]gniknUilgb `_nL(: 3n<n`([ hk^cmf Cdd]fjgljmbTnWl^hkZnXlZmn[7_

EEB I4FC8DnN4FHn9J4Fn-H8MC8DG48n?QEQIHn )#2 C A48 ; G -84@ Q8+ 49 GN4MH ?H4?EH e;n 4K6HIGHA QF+ 2 H IH?G E4JA K+J48 ; MhZkmbnlkbnbljmbn_B Ckf^ghUmbnVhjcnjhjdmnlkbnUiiPnjhjdmnUmdiVn\i]kj ?mknhkPnlkbnVljmg^idi]gniknUilgb `_n`([ 3n<n`([ hk^cmf Cdd]fjgljmbTnWl^hkZnXlZmnL[:


%? 8 + 5

EDC %nEDE lgmnUijcnhdd]fjgljmbnhk FlgYnHn?chddhXfenEN??CQEMPAPJJLIe EikbikTnIikfjlUdmn%nIien`a`:O +/))&@+?>1>558. Gcmn\hf^chmRi]fenVlg\5cmlgjmb Yi]kZnfikniWnln0fcmg\lknlkbnchf VhWmenGi\\YnGgmZmkkhfndhRmfnhknl IigkhfcnRhddlZmOnNhfn\ijcmgnjlPmf hkndibZmgfnb]ghkZnjcmnf]\\mg \ikjcfenlkbn\lkYniWnjcm hk^hbmkjfn^ik^mgknFhffnFlgZlgmje jcmn2Kd]mnElbY;enlkbnFhff Aigijcmlenjcmn2KgiVknElbY;e VcinjlPmnlnZgmljnhkjmgmfjnhk Gi\\Ynlkbnchfn]XUghkZhkZO

BC

NlRhkZnighZhklddYnX]UdhfcmbnFlgY Hn?chddhXf;nEN??CQEMPAPJJLIQhk `a`[enIikfjlUdmn%nIingmhff]mb hjnhkn`a`:nVhjcnhdd]fjgljhikfnUYn Fn*n@cmmdci]fmOnCkngmRhmVhkZ jchfndljmgnmbhjhikenEGPQ4OKLNJ fjljmbnjcljT 2jcmn^clg\hkZnfjigYnclfnUmmk hdd]fjgljmbnUYnFhffnFn* @cmmdci]fmenkiVngm^iZkhfmb ]khRmgflddYnlfn jcm nlgjhfjnWignl fXm^hldnjYXmniWnUiiPn)njcljnji Vch^cn Gi\\YnGgmZmkkhf UmdikZfOn@mn\mlknjcmnjYXmniW UiiPnVch^cnji]^cmfnjmkbmgdY lkbnc]\igi]fdYnlkbnVlg\dY ]XiknjcmnVlg\nlkbnjmkbmgnVlYf iWndhWmn)njcmnjYXmniWnUiiPe VcmjcmgnhjnUmnWign^chdbgmknig ZgiVk5]XfenVch^cnjmddfniWn 0gfj lkbndlfjnjchkZf n)nFhff @cmmdci]fmnhkjmgXgmjfnlfnWmV hdd]fjgljigfnbi.nfcmnZhRmfncmg Xh^j]gmfnjcmn]khRmgfldnji]^cnUY Vch^cnjcmYn\hZcjnfjlkbnldikme YmjnkmRmgnl^chmRmfnjchfnjcgi]Zc lkYniRmgfclbiVhkZniWnjcmnl]jcig UYnjcmnlgjhfj;O


%? 8 + 5

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BE

EDC MGCEEnGNHnEQACHM GQE-HAn48E+nG4n FQFF+ =iXXifhjm> MhZkmb Ckf^ghUmbnVhjcnjhjdmnlkb 29gikjhfXhm^m;nUmdiVn\i]kj ?mknhkPnlkbnVljmg^idi]gn iknUilgb Bn`([ 3n<nL(: hk^cmf Cdd]fjgljmbTnWl^hkZnXlZmn[`


%? 8 + 5

(@#3>* -8.7@/%@!// . @./->-&@/?@)685-&@8--2.7?67>4@ &@ 6?&@ >?)2&4>5@ 3>>-3/2.> EBC; IcghfjhklnDiVlkfn@cYjm EGPQ9F(PJKDMPIQNBQ7PMMC/LJ3 EikbikTnNibbmgn%nMji]Zcjik EBC9 FlYnKldbVhk ,NHHCQ,NDIPQOJFQ8LFAPIQ8N/#Q9QEOHPQNBQ5NJFNJ NHFQOJFQJP/ EikbikTn@n%nJnIcl\Umgf 6]dhlklnNigljhlnHVhkZ 2L)QKNQ2L)KPPJ#Q9Q2KNMCQBNMQ%LMHI EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> FgfnDlfPmdd 6NDILJQ0GLHHLI EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> BD

H\hdmn9lZ]mjn=XgmWl^m> DmigZmnMlkb 5PIQ7OVKMPIQ2NJJPDMI EikbikTnDmigZmnKmddn%nMikfn =EmfnIdlffh']mfn9glk lhfnCdd]fjg&f> IcghfjiXcnRiknM^c\hbn=Wgi\njcmnDmg\lk> .OIKPMQ.AAI EikbikTnDmigZmnKmddn%nMikf EBCB Ei]hfnFnQd^ijj 5LKKHPQ-N?PJ EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> 6]dhlklnNigljhlnHVhkZ OJQNBQKGPQ-LJF?LHH#Q9Q2KNMCQNBQKGPQ0HOLJI EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> 6]dhlklnNigljhlnHVhkZ 7MIQ+(PMKGP/OC*IQ8P?P?<MOJ@PI EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> FgfnDlfPmdd 6MOJBNMF EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf>

EBEC DmigZmnHdhij 2LHOIQ7OMJPM EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> 6]dhlklnNigljhlnHVhkZ 9Q&HOKQ>MNJQBNMQOQ&OMKGLJA"QNMQ2N?PQ0OIIOAPIQ LJQKGPQ5LBPQNBQOJQNJHCQ2NJ EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> 6]dhlklnNigljhlnHVhkZ -PQOJFQKGPQ-NMHF#Q9Q:NN3QBNMQ:NCI EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> Gci\lfnMm^^i\Umn=XgmWl^m> FgfnDlfPmdd 2CH(LO*IQ5N(PMI EikbikTnDmigZmnKmddn%nMikf Hn*nE]^lf EGPQ2HN/@NO@G#Q9Q2KNMCQNBQ8NOFILFPQ9F(PJKDMP EikbikTn@mddfnDlgbkmgnAlgjik EBEE Ei]hfnFnQd^ijj %NNFQ-L(PI EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> Idm\mkjnMcigjmgn=hkjgi> IclgdijjmnKgikj OJPQ.CMP'QOJQODKN<LNAMO=GC EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> 6]dhlklnNigljhlnHVhkZ 9Q%MPOKQ.?PMAPJ@CQ Q+KGPMQEOHPI EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> DmigZmnFl^Aikldb 8OJOHFQ:OJJPM?OJ*IQ:NCGNNF EikbikTnKdl^PhmnlkbnMik =hdd]fjgljmbnVhjcnQgjc]gnN]Zcmf> EBED 6]dhlklnNigljhlnHVhkZ 7PH@GLNM*IQ;MPO?Q Q+KGPMQEOHPI EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf>

Gci\lfnMm^^i\Umn=XgmWl^m> FgfnDlfPmdd -L(PIQ Q;ODAGKPMI#Q9JQ.(PMC$;OCQ2KNMC EikbikTnNmgUmgjn%nAlkhmd EBE: 9glk^mfnFlgYn?mlgb 7NKGPMQ7NHHC EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> FlgYnHn?chddhXf EN??CQEMPAPJJLI EikbikTnIikfjlUdmn%nIi EBE= 6]dhlklnNigljhlnHVhkZ 7OMC*IQ7POFN/Q Q+KGPMQEOHPIQNBQ &LPHFIQ Q&HN/PMI EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> Q\YnMjmmb\lk EGPQ2KNMCQNBQ&HNMPJ@PQ4LAGKLJAOHP EikbikTnGnIn%nHnIn6l^P EBDC FgfnFidmfVigjc 6OMMNKI#Q DIKQOQ5LKKHPQ:NC EikbikTnDmigZmnKmddn%nMikfn =Gcmn ]mmk;fnGgmlf]gmfnMmghmf> EBDD ElbYnFhbbdmjik EGPQ,O==CQ9F(PJKDMPMI EikbikTnKdl^Phmn%nMik EBD; 6nIi\Xjikn=mb> EGPQ9DIKPJ$%OI3PHHQ:NN3#Q2@PJPIQBMN?QKGP -NM3IQNBQ OJPQ9DIKPJQOJFQ7MIQ%OI3PHH EikbikTnDmigZmnKmddn%nMikf EBAC AnNnHRlkf EGPQ2KNMCQNBQ&HNMPJ@PQ4LAGKLJAOHP EikbikTnGci\lfn8mdfiknlkbnMikf


BA

!? 5MGGMNA PNOH K6MLIKL


!? 5

8 > B B

EDD %nEDA lgmnUijc hdd]fjgljmbnhkn@nNmljc JiUhkfikenEGPQ9F(PJKDMPIQNB J@HPQ5D<LJenEikbikTnDglkj Jh^clgbfen`a_[n!X]Udhfcmbnhk Udl^PnlkbnVchjmnlkb f]Ufm']mkjdYn^idi]gmbnUYnjcm lgjhfjnWignm3chUhjhik O

B:

EDD GNHnJQ6QN MhZkmbnVhjcnhkhjhldf @ljmg^idi]g SnL(: 3n:n`(: hk^cmf Cdd]fjgljmbTnXlZmnaan H3chUhjmbTn;@nNmljc JiUhkfikn=`BS[5`a::>On GcmnCkRmkjhRmnIi\h^nDmkh]f iWn4]gnQZmsnFlg^cn`aBSen kin7.n2@hddhl\nNmljc JiUhkfiknlkbnjcmnKmfjniW Iikjm\XiglgYnCdd]fjgljhiks. Gcmn@mfjnNi]fmn%nNmljc JiUhkfiknF]fm]\nGg]fje ?hkkmgenFlg^cn[_`[

@ CEECQF n NHQG Nn J4 KC8 M 48 @hddhl\nNmljcnJiUhkfikn=`BS[5`a::>

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GcmnIcghfnKmmjdmfnDlddmgYnclfn\i]kjmbnlnk]\UmgniWnfhZkh0^lkj m3chUhjhikfniWnjcmnVigPniWn@hddhl\nNmljcnJiUhkfikenhk^d]bhkZTn

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`On2@hddhl\nNmljcnJiUhkfikn=`BS[5`a::>;enIcghfnKmmjdmfnDlddmgYen nnnFlg^cn`aBSn=VhjcnlnW]ddYnhdd]fjgljmbn^ljldiZ]m>n [On2GcmnKgijcmgfnJiUhkfik;enIcghfnKmmjdmfnDlddmgYnlkbnjcmnJiYldn nnn9mfjhRldnNldden9mUg]lgYn`aa[n=VhjcnlnW]ddYnhdd]fjgljmbn^ljldiZ]mn)n nnnbmjlhdmbnhknW]gjcmgngmlbhkZ>n LOn2@hddhl\nNmljcnJiUhkfikn=`BS[5`a::>On7_jcnQkkhRmgflgYnH3chUhjhik;e nnnIcghfnKmmjdmfnDlddmgYenMmXjm\Umgn`aa:n :On2GcmnDlbZmjn-hkZ;enFlk^cmfjmgnIhjYnQgjnDlddmghmfenNmljiknNldden nnnFlY54^jiUmgn[___n 7On2@nNmljcnJiUhkfik;enA]dVh^cn?h^j]gmnDlddmgYenEhkU]gYnJii\en nnn8iRm\Umgn[__Ln=jin^i\Xdm\mkjnA]dVh^c;fniVknm3chUhjhikniWn nnn@hddhl\nNmljcnJiUhkfik>n <On2NmljcnJiUhkfiknljn8]kkhkZjiknNldd;en8ljhikldnGg]fjen8]kkhkZjikn nnnNldden8igjcn+igPfchgmen6]dYn[__7n SOn2IikjglXjhikfOn@hddhl\nNmljcnJiUhkfikn=`BS[5`a::>;enIcghfnKmmjdmfn nnnDlddmgYen6]km5Q]Z]fjn[__Sn=jindl]k^cnlnRid]\mniWn^lgjiikfn nnnX]UdhfcmbnUYnA]^PVigjc>n


!? 5

8 > B B

B=

02?73>?@?>64851@ Dmi$gmYnKmlgmenEGPQ9MKQNBQ-LHHLO?Q,POKGQ8N<LJINJenEikbikTnA]dVh^cn?h^j]gm DlddmgYen[__L.nDmi$gmYnKmlgmenEGPQ:MNKGPMIQ8N<LJINJenEikbikTnIcghfnKmmjdmfnEjbe `aa[.nDmi$gmYnKmlgmen,POKGQ8N<LJINJQ9F(PMKLILJAenEikbikTnKmddmVen`aa[.nDmi$gmY KmlgmenEGPQ>HHDIKMOKLNJIQNBQ-Q,POKGQ8N<LJINJenEikbikTn@mgkmgnMclVen`aBL. Dmi$gmYnKmlgmen-LHHLO?Q,POKGQ8N<LJINJQ $ enEikbikTnIcghfnKmmjdmfnEjbe [_``.nElkZfjiknAlYenEGPQ5LBPQOJFQ9MKQNBQ-Q,POKGQ8N<LJINJenEikbikTnNmgUmgj 6ifmXcen`a:S.n6l\mfnNl\hdjiken-LHHLO?Q,POKGQ8N<LJINJenEikbikTn?lRhdhiknKiiPfe `aa[.nMh\iknNmkmlZmen2JiUhkfiken@hddhl\nNmljcn=`BS[5`a::>;enNnInDnFljjcmV lkbnKghlknNlgghfikn=mbf>en+)BNMFQ;L@KLNJOMCQNBQ4OKLNJOHQ:LNAMO=GCen43Wigbn/khRmgfhjY ?gmffen[__:enRidn:SenXlZmfn:[B5:L`.n6icknEmVhfen,POKGQ8N<LJINJ#Q9MKLIKQOJFQ6N?L@ %PJLDIenEikbikTnIikfjlUdmen`aSL

ED: FQMGHAnMNC?n 48nMG4JF+nMHQM MhZkmb KibY^idi]gnlkbnhkPnVhjcnXmk^hd `<nL(: 3n[:n`(: hk^cmf ?giUlUdYnbglVknWignU]jnkij hdd]fjgljmbnhknJ]bYlgbn-hXdhkZe 9Q2NJAQNBQKGPQ.JAHLIG" EikbikT Nibbmgn%nMji]Zcjiken`a_a


!? 5

8 > B B

B;

ED= +4/8DnG44GN5I/GGHJMn94JD4GnGNHCJnGJ4/KEHM MhZkmbnVhjcn\ikiZgl\ ?mknhkPnlkbnVljmg^idi]g :n3n``nhk^cmf Cdd]fjgljmbTn@nNmljcnJiUhkfiken:LHHQEGPQ7LJFPMenEikbikTnIikfjlUdmn%nIien`a`[e XlZmn``n!X]UdhfcmbnhknUdl^PnlkbnVchjmnlkbnf]Ufm']mkjdYn^idi]gmbnUYnjcmnlgjhfjn Wignm3chUhjhik

ED; ?C CHnG@CGGHJG4HMnINQ8DHAnM?QJ-CHnC8G4nQn?QJM48 MhZkmbnVhjcnhkhjhldf ?mknlkbnhkP `:n`([ 3n`[nhk^cmf Cdd]fjgljmbTnHdfhmnM\mljiknF]kgienEN=ICQEDM(CQEOHPIenEikbikTn6icknElkmen`a[L


!? 5

8 > B B

ED< GNHn94/JGNnACFH8MC48 48H 49 GNH 4K6HIGC48M 49 MQECMK/J+ ?EQC8M QM Q N/8GC8D DJ4/8A

MhZkmbnlkbnhkf^ghUmbnVhjcnf]Ujhjdm ?mknhkPnlkbnVljmg^idi]g `7n`(: 3nan`([ hk^cmf Cdd]fjgljmbTnEGPQ:CIKOJFPMen:n4^jiUmgn`a[[e XlZmn[a

B<


!? 5

8 > B B

ED9 Q8nC8DH8C4/MnH ?HACH8Gn94J 4*HJI4FC8DnGNHnAC99CI/EG+n49 JQCMC8DnQnMQ9HG+nJQ 4JnKEQAH 9J4FnQn?4ECMNHAn9E44J MhZkmb Ckf^ghUmbnVhjcnjhjdmnlkbn2?ghkjmg;fn?hm;n UmdiVn\i]kj ?mknlkbnhkPnVhjcnVljmg^idi]g `<n3n`[nhk^cmf Cdd]fjgljmbTn0MLJKPM*IQ0LPen`a[LenXlZmn[a

B9


!? 5

8 > B B

EDB ACMD/CMHAnQ8GC5QCJIJQ9G QIGC*CGCHMnM4FH@NHJHn48nGNH MCHD9JCHAnEC8Hn MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknhkPnlkbnVljmg^idi]gn `<n3n`[n`([ hk^cmf Cdd]fjgljmbTnEGPQ23PK@Gen[7n4^jiUmgn`aLae XlZmn`[7

BB


!? 5

8 > B B

+3>@+/ @/%@73>@'>6./5@67@ / >-&@ 8-->.36-GcmnRhddlZmniWnEhddmfclddenhknMcgiXfchgmendhmfnUmjVmmknjcmnjiVkfniWn8mVXigj lkbnGmdWigbOnQknQ]Z]fjhkhlknlUUmYnVlfnWi]kbmbnhknlUi]jn`[[Senjinjcmnmlfj iWnjcmnRhddlZmenlkbnf]gRhRmbnWignjcgmmn^mkj]ghmfOnCjnVlfnf]ggmkbmgmbnjinjcm ^giVknhkn`7LBenb]ghkZnjcmnAhffid]jhikniWnjcmnFiklfjmghmfenlkbn0RmnYmlgf dljmgnVlfnl^']hgmbnUYnjcmn@idRmgcl\XjiknViidn\mg^clkjen6l\mfnEmRmfike lfnchfn^i]kjgYnmfjljmOnNhfnWl\hdYndhRmbnhknlnci]fmniknjcmnfhjmn]kjhdn`<:7e VcmknjcmnlUUmYnVlfnUmfhmZmbnlkbnbl\lZmbnUYn?lgdhl\mkjlghlknjgiiXf b]ghkZnjcmnHkZdhfcnIhRhdn@lgO Ckn`<S:enjcmnmfjljmnXlffmbnjinjcmngmdljmbnEmRmfik5DiVmgnWl\hdYnlkbenhknjcm `S7_fenDglkRhddmnEmRmfik5DiVmgen`fjnFlg']mffniWnMjl$igbenU]hdjnlnkmV NlddnmdfmVcmgmniknjcmnmfjljmOnCkn`SB7enchfnmdbmfjnfikenDmigZmnEmRmfik5 DiVmgen\lgghmbnHdh1lUmjcnDigbikenjcmnIi]kjmffniWnM]jcmgdlkbenlkbnhjnVlf fcmnVcinVi]dbnhkfjg]^jnjcmnXgmfmkjnNlddnjinUmnU]hdjenhknjcmndljmn`B[_fnlkb mlgdYnL_fenjinbmfhZkfnUYnMhgn6m$gYn@YljRhddmOnDmigZmnUm^l\mnjcmn0gfjnA]Pm iWnM]jcmgdlkbnhkn`BLLenU]jnbhmbndljmgnjcmnfl\mnYmlgenlkbnhjnVlfnNlgghmjenjcm VhWmniWnjcmnfm^ikbnA]PmenVcinVlfngmfXikfhUdmnWignjcmndlYi]jniWn<__nl^gmf iWnZlgbmkfO

ECC

Gcmnm^iki\h^n]k^mgjlhkjYnjcljnf]ggi]kbmbnjcmni]jUgmlPniWnjcmn9hgfj @igdbn@lgndmbnjcmn0WjcnA]Pmnjinfmddni$ndlgZmnXlgjfniWnjcmnEhddmfclddnmfjljmO QnfYkbh^ljmenXiffhUdYnhk^d]bhkZnMhgn6icknEmmenUi]ZcjnjcmnNlddnlkbn7_nl^gmf iWnjcmnZlgbmkfnhkn`a`Senlkbnfidbnjcm\nlnbm^lbmndljmgnjinjcmnhkb]fjghldhfje NmgUmgjn9igbOnNmnfmjn]Xnln^i\XlkYn^lddmbnEhddmfclddnHfjljmfnEh\hjmbnVhjc ch\fmdWnlfnFlklZhkZnAhgm^jignhknigbmgnjiniXmknjcmnclddnlkbnZlgbmkfnjinjcm X]Udh^enlkbnjchfn\lgPmbnjcmnfjlgjniWnjcmnbmRmdiX\mkjniWnjcmnmfjljmnlfnl ji]ghfjnljjgl^jhikO

2EiRmdYnEhddmfcldd;enlfnhjnUm^l\mnPkiVken^i\XghfmbnlnglkZmniWnl\mkhjhmfnfmj l\ikZnjcmnZlgbmkfnlkbnViibdlkbfOnGcmfmnhk^d]bmbn\lkYnfXigjhkZ iXXigj]khjhmfenlfnhjm\hfmbnUYnjcmn,i]gkldhfjenQ\ifnMjijmenhknlnfi]Rmkhg Z]hbmnjcljnVlfnX]UdhfcmbnhknjcmnmlgdYn`aL_fT jmkkhfn^i]gjf.n`B5cidmnZidWnX]jjhkZnZgmmkfn=^d]UfnlkbnUlddfnW]gkhfcmb>. lg^cmgYnVcmgmnhjnVlfnik^mnlknlgjnlkbnik^mnln\mlkfniWnbmWmk^m. UiVdhkZnZgmmkf.nZgi]kbfndlhbni]jnWign^gh^PmjnlkbnWiijUlddn)nlkbnlk i]jbiignfVh\\hkZnXiidO CknlbbhjhikenRhfhjigfn^i]dbnmhjcmgnVldPnigenWgi\n`a[BenjlPmnjcmnjVi5Wiij Zl]ZmnglhdVlYenjinRhfhjnjcmnQUUmYng]hkfOnE]k^cnlkbnjmlenmRmknjmlnblk^mfe ^i]dbnUmnmk,iYmbnhknRlghi]fngii\fnhknjcmnNlddenlkbnjmlnldfinljnQUUmY IijjlZmOnQnXdlYZgi]kbnlkbnlnUlUYnmdmXclkjnVmgmnXgiRhbmbnWignjcm l\]fm\mkjniWn^chdbgmkO ?lgPhkZnVlfnlRlhdlUdmnWign2lnjci]flkbn^lgfnlkbn^clglUlk^f;n=l^^igbhkZnji Mjijm>enjci]ZcnEhddmfclddn^i]dbnldfinUmngml^cmbnUYnlkn24dbmnGh\mnfjlZm ^il^c;enVch^cnglknWgi\nKhg\hkZcl\nRhln@idRmgcl\XjikO @hddhl\nNmljcnJiUhkfik;fnh\lZmniXXifhjmnfciVfnjcmn\lhknU]hdbhkZfniW Ehddmfclddn)#jcmnNlddenjcmnQUUmYnlkbnjcmnKmddnGiVmgn)#lkbn\ifjniWnjcm lRlhdlUdmnl^jhRhjhmfOnQnfmlfikmbnlkbnf]^^mffW]dnlbRmgjhfhkZnlgjhfjencmnVlf XgiUlUdYn^i\\hffhikmbnjinXgib]^mnjcmnbglVhkZnhkn6]kmn`aL[enXmgclXf mhjcmgnlfnlnXifjmgnignjcmn^iRmgniWnMjijm;fnZ]hbmOnNiVmRmgenjcmgmnhfnki mRhbmk^mnjcljnhjnVlfnmRmgnX]UdhfcmbenbmfXhjmnhjfnhbmlddYn^lXj]ghkZnUijcnjcm ZmkmgldnfXhghjnlkbnXgm^hfmnl\mkhjhmfniWnEiRmdYnEhddmfclddO @cmknjcmnMm^ikbn@igdbn@lgnUgiPmni]jnhkn`aLaenEhddmfclddn^difmbnlfnl ji]ghfjnljjgl^jhikOnCjnUm^l\mnjcmnci\mnjinUijcnIcmdjmkcl\nElbhmf;nIiddmZm lkbnlnAgnKlgklgbi;fnigXclklZmenVchdmnhjfnZgi]kbfnVmgmnhkjmkfhRmdYnWlg\mbO QjnjcmnmkbniWnjcmnVlgenNmgUmgjn9igbnljjm\Xjmbnjingmj]gknhjnjinhjfnXgm5Vlg ^ikbhjhikenU]jnjchfnXgiRmbnXgichUhjhRmdYnm3XmkfhRmOnMiencmngmfXikbmb XifhjhRmdYnjinlknmk']hgYnWgi\njcmnImkjgldnIi]k^hdniWn?cYfh^ldnJm^gmljhike Vch^cnfi]ZcjnjinmfjlUdhfcnlnfm^ikbn8ljhikldnJm^gmljhiknImkjgmenji ^i\Xdm\mkjnjcljnljnKhfcl\nQUUmYenhknKmgPfchgmOnNmnfidbnjcmnNlddnlkbnjmk l^gmfniWndlkbnjinjcmnIi]k^hdnhkn`a:aenlkbnjcmnfXigjfn^mkjgmniXmkmbnjVi YmlgfndljmgOnQjnlUi]jnjcmnfl\mnjh\menjcmnQUUmYng]hkfnVmgmnXdl^mbnhknfjljm ^lgmenlkbnlgmnkiVn\lklZmbnUYnHkZdhfcnNmghjlZmOnAmfXhjmnjcmnf]Ufm']mkj ^ikfjg]^jhikniWnfXigjfnclddfendlgZmnXlgjfniWnjcmnZgi]kbfnclRmnUmmkndhfjmb lkbngm\lhknhkjl^jOn


!? 5

8 > B B

EAC GNHnG4?n49nGNHnMHQM48n QGnE4*HE+nECEEHMNQEE MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknhkPnlkbnVljmg^idi]g `Sn`([ hk^cmfn3n``nhk^cmf

ECE


!? 5

8 > B B

EAE,EAB lgmnlddnhdd]fjgljmbnhknEhdhlkmnFnInIdiXmjen+J@PQ =NJQO EL?PenEikbikTn9gmbmgh^PnF]ddmgn`a::O

"5*>@ /5@6@+8)> GchfnRid]\mniWnWi]gnighZhkldnWlhgYnfjighmfnVlfnjcmndlfjniWn@hddhl\ NmljcnJiUhkfik;fnhdd]fjgljmbnUiiPfnjinUmnX]UdhfcmbnhknchfndhWmjh\me lkbnVlfnldfinchfnikdYn^iddlUigljhiknVhjcnmhjcmgnjcmnl]jcigen AgnEhdhlkmnIdiXmjenignjcmnX]Udhfcmgen9gmbmgh^PnF]ddmgO 9ignlndikZmgnkijmnikn+J@PQ =NJQOQEL?P XdmlfmngmWmgnjin EGPQ>HHDIKMOKNMIen[_`7enXlZmfn`_L5`_:O EAD QnJ4@C8DnK4QGnMNQ?HAnEC-HnQnA4E?NC8 Ckf^ghUmbnVhjcnjhjdmn ?mknlkbnhkP Ln3n<nhk^cmf Cdd]fjgljmbTnXlZmn[[en2GcmnQXijcm^lgY;fnQffhfjlkj;

ECD

EAE GNHn@C8AnKEH@nNCFnQIJ4MMnGNHnMHQ Ckf^ghUmbnVhjcnjhjdmnlkbnfjigYnjhjdm ?mknlkbnhkP Bn`([ 3n7n`([ hk^cmf Cdd]fjgljmbTnXlZmnaen2GcmnQXijcm^lgY;fnQffhfjlkj;

EAA ?QJG8HJMNC? Ckf^ghUmbn2GiiPn?mkkYVigjnlkbnjcmnPhj^cmkn^ljnhkjinXlgjkmgfchX; ?mknlkbnhkP [nL(: hk^cmfen^hg^]dlg Cdd]fjgljmbTnXlZmn[7en2GcmnQXijcm^lgY;fnQffhfjlkj;


!? 5

8 > B B

EA= Q8AnM4nNHn@H8GnM-C??C8DnQ@Q+ Ckf^ghUmbnVhjcnjhjdmn ?mknlkbnhkP Ln`([ 3n<nhk^cmf Cdd]fjgljmbTnXlZmn[Ben2GcmnM^lgdmjnKiijf; ECA

EA: ?/DNen?/DNen9E+nQ@Q+nN4FH Ckf^ghUmbnVhjcnjhjdmnlkbnfjigYnjhjdm ?mknlkbnhkP Bn`([ 3n7n`([ hk^cmf Cdd]fjgljmbTnXlZmn7<en2GcmnNi]fmnVhjcnjcmnDdlffn-mY;

EA; E44-HAnQGnNCFnQIJ4MMnGNHnI4/8GHJ Ckf^ghUmbnVhjcnjhjdmnlkbnfjigYnjhjdm ?mknlkbnhkP 7n`(: 3n:nL(: hk^cmf Cdd]fjgljmbTnXlZmnL:en2GcmnM^lgdmjnKiijf;


!? 5

8 > B B

EA< Q8AnJQ8n@CGNnCGn QMn9QMGnQMnNHnI4/EAn G4nNCMnN4/MHn=WlgndmWj> Ckf^ghUmbnVhjcnjhjdmnlkbnfjigYnjhjdmn ?mknlkbnhkP <n3n:n`([ hk^cmf Cdd]fjgljmbTnXlZmn<`en2Gcmn@iib^]jjmg lkbnchfnGcgmmnMikf;

EC:

EA9 MNHnIQ8n9E+n=dmWj> Ckf^ghUmbnVhjcnjhjdmnlkbnfjigYnjhjdmn UmdiVn\i]kj ?mknlkbnhkP Sn3n:nhk^cmf Cdd]fjgljmbTnXlZmnBSen2Gcmn@iib^]jjmg lkbnchfnGcgmmnMikf;

EAB GNHnECGGEHn@NCGHnKHQJn@4/EAn MGH?nC8G4nGNHnM-+ Ckf^ghUmbn2GlhdXhm^m;nlkbnVhjcnjhjdmnlkbnfjigYnjhjdm ?mknlkbnhkP :nhk^cmfen^hg^]dlg Cdd]fjgljmbTnXlZmn`_Ben2Gcmn@iib^]jjmgnlkbnchf GcgmmnMikf;


EC=

? 8N >PPJ6KHA


? 8 > > 8

F Q n K HHJK 4 NF

MhgnNmkgYnFl3h\hddhlknKmmgUic\enCMn8HQIn8?Mn=`BS[5`a7<>

KGPQAMPOKPIKQ@OML@OKDMLIKQNBQKGPQ3LJFQ`QKGOKQLI"Q=NMKMOCPMQNB =PMINJOHLKLPIQ`QLJQKGPQGLIKNMCQNBQOMK*Q =Hb\]kbn@hdfiken`a7:en']ijmbnhknKmcg\lkn`a<_enXlZmn[<[>n

DNGG9 4NGDPF NI N ENJMENODJMIO NLF =JMOPJ< 8N >PPJ6KHA IDIONMLPF NL PGP@NLO FPONEHAPLO ML NJO NLF GMCP3 HKD@H OHP OKLP KC HMI FJN=ML@I MI KCOPL GM@HOG9 =ME0PF< MO MI NGIK NCCPEOMKLNOP< CKJ HP HNOPF OK =KDLF HMI ID6 PEOI< AKIO KC =HKA HP 0LP= NLF GM0PF3 I N JPIDGO< HP =NI KL INCPIO @JKDLF ML INOMJMIML@ NJOMIOI NLF =JMOPJI KC OHP ;NIO< NLF ML AN0ML@ ANL9 IPGC'ENJMENODJPI3 9ignlnUhiZglXcYniWnFl3nKmmgUic\enXdmlfmngmWmgnjinEGPQ>HHDIKMOKNMIen[_`:e XlZmnBaO NhfnVigPnhfngmXgmfmkjmbnhknjcmn^iddm^jhikfniWnGcmnIi]gjl]dbnQgjnDlddmgYe jcmn8ljhikldn?igjglhjnDlddmgYenGljmnlkbnjcmn*%Q.njcmnQfc\idmlknF]fm]\ =43Wigb>enIclgjmgci]fmn=Dibld\hkZ>nlkbnFmgjiknIiddmZmnEhUglgY =43Wigb>.nlkbnjcmn9hkmnQgjfnF]fm]\fniWnMlkn9glk^hf^ienjcmnNlggYnJlkfi\ N]\lkhjhmfnJmfmlg^cnImkjmgn=/khRmgfhjYniWnGm3lfnljnQ]fjhk>enjcmnEhddY EhUglgYn=/khRmgfhjYniWnCkbhlklenKdii\hkZjik>en?ghk^mjikn/khRmgfhjYnEhUglgY lkbnjcmn@hddhl\nQkbgmVfnIdlgPnFm\ighldnEhUglgYn=/khRmgfhjYniWnIldhWigkhl ljnEifnQkZmdmf>OnNhfnlg^chRmnhfncmdbnUYnjcmnNi]ZcjiknEhUglgYenNlgRlgb /khRmgfhjYn=Il\UghbZmnFQ>O

EC;

" ( @'$( $enIKHnNJ@Mn=`a[_5[_``> E:C FQ nKHHJK4NF MhZkmbnlkbnfhZkmbnVhjcnhkhjhldfenhkf^ghUmbn2Fl3;nlkbnbljmbn2JlXlddin`a:a; M]Ufm']mkjdYnhkf^ghUmbn29ign8h^PenjcmnighZhkldnbmUjnhknXiigngmj]gk;nlkb bljmbn28iRn`a7B; Ckf^ghUmbnVhjcnjhjdmnlkbnbljmbn`a:aniknf]XXigjhkZnXlXmg ?mk^hdnVhjcnVljmg^idi]g `_n3nBnhk^cmf ?giRmklk^mTn8h^idlfnKmkjdmY 9ignhkWig\ljhikniknJikldbnMmlgdmnlkbnW]gjcmgnVigPfen XdmlfmngmWmgnjinIclXjmgfn`nlkbn`LO

02?73>?@?>64851 Mn8nKmcg\lken0NMKMOLKQNBQ7O)'QOJQLJKL?OKPQ?P?NLMQNBQ2LMQ7O)Q:PPM<NG?e 8mVn+igPTnJlkbi\nNi]fmen`a<_.nQdlknKmdden2KmmgUic\enMhgn=NmkgY> Fl3=h\hdhlk>n=< Eikbiken[:nQ]Zn`BS[.nF JlXlddien[_nFlYn`a7<>;en6lkm G]gkmgn=mb>enEGPQ;L@KLNJOMCQNBQ9MKenEikbikTnFl^\hddlken`aa<enRidnLen XlZmn:aL.nEigbnAlRhbnIm^hden7O)enEikbikTnIikfjlUdmen`a<:.n8n6icknNldde 2KmmgUic\enMhgnNmkgYnFl3h\hdhlkn!Fl3 n=`BS[5`a7<>;enNnInDnFljjcmVnlkb KghlknNlgghfikn=mbf>en+)BNMFQ;L@KLNJOMCQNBQ4OKLNJOHQ:LNAMO=GCen43Wigb /khRmgfhjYn?gmffen[__:enRidn:enXlZmfnB`S5B[`.n8n6icknNldden7O)Q:PPM<NG?' 9Q LJFQNBQ5LBPenEikbikTn+ldmn/khRmgfhjYn?gmffen[__[.n8n6icknNldden7O) :PPM<NG?#Q6OML@OKDMPIen8mVnNlRmkTn+ldmn/khRmgfhjYn?gmffen`aaS.nJ]Xmgj Nlgj5AlRhfen6OKOHNADPQNBQKGPQ6OML@OKDMPIQNBQ7O)Q:PPM<NG?enEikbikT Fl^\hddlken`aS[.nJ]XmgjnNlgj5AlRhfn=mb>en5PKKPMIQNBQ7O)Q:PPM<NG?Q $ Z\enEikbikTn6icknF]gglYen`aBB.nJ]XmgjnNlgj5AlRhfn=mb>en Fl3nKmmgUic\en5PKKPMIQKNQ8PAALPQEDMJPMenEikbikTnJ]XmgjnNlgj5AlRhfen`a<:


? 8 > > 8

?@ @#/)&5.@#6?? HlgdYnhknchfn^lgmmgen6ifmXcnIi\YkfnIlggn=`B:a5`a`<>nj]gkmbnWgi\ dlVnjin,i]gkldhf\enUm^i\hkZnjcmljgmn^ghjh^nWignjcmn.@GNOnMiiknlWjmge hk `BSLencmnUm^l\mnlknlgjn^ghjh^nWignjcmn0OHHQ7OHHQ%O1PKKP lkbenhk jcmnfl\mnYmlgenVgijmnlknhk"]mkjhldnfmghmfniWnlgjh^dmfn^cl\XhikhkZ jcmn?gm5JlXclmdhjmfnlkbnijcmgn^ikjm\XiglgYnlgjhfjfenVch^c lXXmlgmbnhknjcmn%HN<POnCkn`BS7encmnVlfnmkZlZmbnlfnjcmnHkZdhfc mbhjigniWnjcmnfhZkh0^lkjnkmVnVmmPdYn9gmk^cn,i]gklden5*9MKOnCkn`BSSe cmnlkbnIclgdmfnHbVlgbnNldd&nUm^l\mn^i5bhgm^jigfniWnMhgnIi]jjf EhkbflY;fnDgifRmkignDlddmgYenlkbnfincmdXmbnXgi\ijmnlnglkZmniW XgiZgmffhRmnlgjhfjfenWgi\njcmn?gm5JlXclmdhjmfnjin@chfjdmgOn NhfnUiiPfnhk^d]bmbn\ikiZglXcfniknjcmnXlhkjmgfniWng]gldn0Z]gm f]U,m^jfenN]UmgjnNmgPi\mgn=`BB[>nlkbn9gmbmgh^Pn@ldPmgn=`BB7>O Nhfnfhfjmgen-ljmnIi\YkfnIlggenVlfnlnXigjglhjnXlhkjmgnhknjcmn ?gm5JlXclmdhjmn\lkkmgO Ckn`BB`enIlggnWi]kbmbn9MKQOJFQ5PKKPMIenmbhjhkZnhjnWignjcmn0gfjnjVi YmlgfOnNmnjcmknUm^l\mnjcmn0gfjnmbhjigniWnEGPQ.JAHLIGQ>HHDIKMOKPF 7OAO1LJP =]kjhdn`BB<>enVchdmnVghjhkZnWignlnk]\UmgniWnijcmg Xmghibh^ldfOnCkn`BBSenlnbhfX]jmnVhjcnEhkbflYndmbnIlggnlkbnNldd&nji Wi]kbnjcmn8mVnDlddmgYnlfnlnghRldnjinjcmnDgifRmkignDlddmgYenjlPhkZ K]gkm56ikmfnlkbnijcmgnfhZkh0^lkjnDgifRmkignlgjhfjfnVhjcnjcm\On GcmnDgifRmkignDlddmgYn^difmbnhkn`Ba_enVchdmnIlggngm\lhkmbnl bhgm^jigniWnjcmn8mVnDlddmgYn]kjhdn`a_BO FlhkjlhkhkZnchfnjcmljgh^ldnhkjmgmfjfenIlggnVgijmnXdlYfnWgi\njcmnmlgdY `BB_fenUmZhkkhkZnVhjcnfmRmgldndhZcjn^i\mbhmfenlkbnfi\mnlblXjljhikf iWn9gmk^cnVigPfOnCkn`BBSencmnjiiPn]XnjcmnXifhjhikniWndhjmglgY lbRhfmgnlkbnU]fhkmffnXlgjkmgnjinjcmnl^jig5\lklZmgniWnjcm NlY\lgPmjnGcmljgmenNmgUmgjnKmmgUic\nGgmmenVcinVlfncldW5 UgijcmgnjinFl3nKmmgUic\OnMh3nYmlgfndljmgencmndmWjnhknigbmgnji Um^i\mn\lklZmgniWnjcmnIi\mbYnGcmljgmnhkn?lkjiknMjgmmjOnCk `Ba7enchfnWghmkbenjcmnl^jig5\lklZmgenMhgnNmkgYnCgRhkZen^i\\hffhikmb ch\njinVghjmnjcmnUdlkPnRmgfmnXdlYen LJAQ9MKGDMenVch^cnVlfnXgib]^mb ljnjcmnEY^m]\nGcmljgmnVhjcnbmfhZkfnUYnK]gkm56ikmfnlkbnIlgg;f VhWmenQdh^mnIi\YkfnIlggOnIlggnUm^l\mn^clhg\lkniWnjcmnEY^m]\ Ii\XlkYn]kjhdnhjfn^iddlXfmnhkn`a_[OnCkn`a_`enjcmnYmlgnhknVch^c KmmgUic\nXgib]^mbnjcmnXgmfmkjn^lgh^lj]gmenIlggn^ikjghU]jmbnji jcmndhUgmjjiniWnMhgnQgjc]gnM]ddhRlk;fn]kf]^^mffW]dniXmglenEGPQ:PODKC 2KNJPOnNhfndljmgnVigPnhk^d]bmfnlblXjljhikfniWn+HL(PMQE/LIK =`a_7> lkbnEGPQ7CIKPMCQNBQ.F/LJQ;MNNF =`a_S>nWignGgmmenVchdmnhknjcmnYmlg `a`L5`:ncmnVlfnlgjhfjh^nlbRhfmgnljnjcmnJiYldn4XmglnNi]fmOn Qnbm^lbmnlWjmgnchfnbmljcnhkn`a`<enKmmgUic\nXgib]^mbnlkijcmg ^lgh^lj]gmen NQ6N?CJIQ6OMMQ`[9Q7P?NMCO

EC<

E:E FJn6nI4F+8MnIQJJ MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP `_n`(: 3n<nL(: hk^cmf Ehjmglj]gmTnNlgj5AlRhfn`aS[enkin[:[ H3chUhjmbTnIlgWl3nDlddmgYenAm^m\Umgn`a_`.nEmh^mfjmgnDlddmghmfen6]kmn`a7S


? 8 > > 8

E:D FJnIn?nECGGEH MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkPnVhjcnVljmg^idi]g lkbnXmk^hd Bn`(: 3nSnhk^cmf GcmgmnlgmnWi]gn^lgh^lj]gmfniWn In?nEhjjdmndhfjmbnhknNlgj5AlRhf `aS[enlkbnjchfnhfnRmgYnXiffhUdY jcmnWhgfjO

EC9

#@ @ 877-> KmWigmncmnj]gkmbnjin,i]gkldhf\e Iclgdmfn?mjmgnEhjjdmn=`B7S5`a`:> Vlfnlnf]^^mffW]dnl^jigenbmf^ghUmb lfnclRhkZn2ln^cmmgYnfmkfmniW c]\i]gnlkbnlknl\XdmnfjigmniW ^i\h^nhbmlf;n=UYnln^id]\khfjnWig EGPQEGPOKMP hkn`Ba_>OnNmnUm^l\m lnfi^hmjYn^iggmfXikbmkjnWignjcm ;OLHCQ7OLH =VghjhkZnhjfn2Dgmmk Jii\nDiffhX;n^id]\k>nlkbnjcm ?lghfnmbhjhikniWnjcmn8mVn+igP ,PMOHFOnNmnVlfn\lgPmbni]jnUY chfnljjgl^jhRmnXmgfikldhjYnlkbnchf ]fmniWnlndigZkmjjmO

E:A FJnIEHFH8GnMI4GG MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknhkPnlkbnVljmg^idi]g `_n`([ 3nBn`(: hk^cmf ?giRmklk^mTnJiUmgjnQh^P\lk Ehjmglj]gmT EGPQ6OJFLFQ&MLPJFe [< 4^jiUmg `a_`. Nlgj5AlRhf `aS[enkin`La` H3chUhjmbTnIlgWl3nDlddmgYe Am^m\Umgn`a_`.nEmh^mfjmg Dlddmghmfen`a7[


? 8 > > 8

?@#->)>57@'*/77 4kmniWnjcmn\ifjnhk"]mkjhldnjcmljgm ^ghjh^fniWnchfnblYenIdm\mkjnM^ijjn =`B:`5`a_:>nVgijmn\lhkdYnWignjcmn ;OLHCQEPHPAMO=G =Wgi\n`BS`>nlkbnchf iVkn\lZl1hkmenEGPQEGPOKMP =Vch^cncm Wi]kbmbnhkn`BSB>OnNmnfmjnjcmnfjlkblgb Wignf]Ufm']mkjngmRhmVmgfnUijcnjcgi]Zc chfnchZcnfjYdmnlkbnchfnbm^hfhiknjinUlfm chfngmRhmVfniknchfnm3Xmghmk^mniWnjcm 0gfjnkhZcjniWnXgib]^jhikfOnNiVmRmge jchfnbm^hfhiknlkjlZikhfmbnjcmljgm \lklZmgfenVcinUmdhmRmbnjcljnlnkmV Xgib]^jhiknfci]dbnUmn,]bZmbnikdYnik^m hjnclbnfmjjdmbnbiVkOnNmnldfinXgiRiPmb f]^cnXdlYVghZcjfnlkbn^ghjh^fnlfnDmigZm KmgklgbnMclVnlkbn@hddhl\nQg^cmg jcgi]ZcnchfnXgmWmgmk^mnWignWlfchiklUdm 9gmk^cnXdlYVghZcjfenf]^cnlfn*h^jighmk Mlgbi]enVcifmnVigPncmnjglkfdljmbe iRmgnjcmn\igmnlRlkj5Zlgbmnbgl\ljhfjfe f]^cnlfnNmkghPnCUfmkO Cknjcmn2OKDMFOCQ8P(LP/ Wign`[nMmXjm\Umg `Ba<enFl3nKmmgUic\nch\fmdWnVgijmniW M^ijjen2Nhfn^id]\knhknjcmn AlhdY GmdmZglXc nfmm\fnblhdYnjinjiXXdmnbiVk ]kbmgnhjfniVknVmhZcjOnQfn^ghjh^hf\enchf VigPnhfnfjhddnVigfmOnIiiXmbnhknjcm Zhdbmbn^ik0km\mkjniWnjcmnfjlZm5Ui3e M^ijj;fnfi]dnUm^i\mfngmfjdmffnlkb hkjgl^jlUdmOnGcmnZdlgmniWnjcmnWiijdhZcjf Udhkbfnchfn^dmlgenXimjh^nRhfhik;On =NmnVlfngmRhmVhkZnM^ijj;fnXim\fen 5OCIQOJFQ5CML@IO> Ckn`BaBenM^ijjnZlRmnlknhdd5,]bZmb hkjmgRhmVnjinjcmnmRlkZmdh^ldnVmmPdYe %MPOKQEGNDAGKIeniknjcmnf]U,m^jniWn 2AimfnjcmnGcmljgmn\lPmnWignZiib ; Gcmnljjl^Pnjcljncmn\lbmniknjcmn\igldf iWnjcmljgmnXmiXdmenlkbnXlgjh^]dlgdY l^jgmffmfendmbnjindmjjmgfnUmhkZnfmkjnji jcmn;OLHCQEPHPAMO=G hkfhfjhkZnjcljncmnUm fl^PmbOnQkbenjci]ZcncmnVlfngmhkfjljmb lfnjcmnXlXmg;fn^ghjh^nik^mnjcmnW]ffnclb bhmbnbiVkenchfngmX]jljhiknVlf Xmg\lkmkjdYnbl\lZmbOn8mRmgjcmdmffe VcmkncmngmjhgmbnjinKhlgghj1enhkn`Baaen cmnVgijmnchfnZgmljmfjndhjmglgYnVigPen EGPQ;MO?OQNBQ PIKPMFOCQOJFQENFOCO

ECB


? 8 > > 8

'8?@+3/)6.@ 8 7/5 Gci\lfnEhXjikn=`B:B5`aL`>nUmZlkndhWmnhknlnDdlfZiVnjmkm\mkjnU]jngifm jcgi]ZcnchfniVknmkbmlRi]gfnlfnln\mg^clkjnjinUm^i\mnln\hddhiklhgmO DlhkhkZnlnVhbmnglkZmniWnU]fhkmffnm3Xmghmk^mnhknjcmn/khjmbnMjljmfencm gmj]gkmbnjinDdlfZiVnhkn`BS_enlkbncmdXmbnchfnXlgmkjfng]knjcmhgnf\ldd Zgi^mgYnhknjcmnDigUldfOnCknjcmnWiddiVhkZnYmlgencmniXmkmbnlnfciXniWnchf iVknhknjcmnQkbmgfjiknlgmlniWnDdlfZiVenlkbnfiiknmfjlUdhfcmbnln^clhkniW Zgi^mghmfnhknjcmn^hjYenjcgi]ZcnM^ijdlkbnlkbnjcmknl^giffnKghjlhkOnNlRhkZ m3Xlkbmbnchfngmjlhdnm\XhgmnjinL__nfjigmfnUYn`BBBencmnjcmknmkjmgmbnjcm jmlnjglbmenjlgZmjhkZnjcmnVigPhkZn^dlffn\lgPmjnVhjcn]kXgm^mbmkjmbdYndiV5 Xgh^mbnXgib]^jfOnNmnVlfnPkhZcjmbnhkn`a_`enjcmnYmlgnhknVch^cnjcmnXgmfmkj ^lgh^lj]gmnVlfnX]Udhfcmbnhknjcmn8mVn+igPnXmghibh^ldenEN/JQEN=L@Ienchf gmX]jljhiknclRhkZnUmmknZlhkmbniknUijcnfhbmfniWnjcmnQjdlkjh^O

EEC

EhXjiknUm^l\mnld\ifjnm']lddYnWl\i]fnlfnlnfXigjf\lknlfnln\mg^clkjenlkb Xlgjh^]dlgdYnlfnlnYl^cjf\lkOn4kn0Rmni^^lfhikfenUmjVmmkn`Baanlkbn`aL_e cmn^clddmkZmbnjcmnQ\mgh^lkncidbmgfniWnjcmnQ\mgh^l;fnI]Xnhkngl^mf \i]kjmbnUY jcmnJiYldn/dfjmgn+l^cjnId]Uenlkbnfingm^mhRmbnlnfXm^hldn^]X Wign2jcmnUmfjniWnlddndifmgf;OnGci]Zcnm3^d]bmbnWgi\njcmnJiYldn+l^cj M']lbgikn]kjhdndljmnhknchfn^lgmmgenUm^l]fmncmnVlfnlnjglbmf\lkencm mk,iYmbnjcmn^i\XlkYniWn-hkZfnHbVlgbn*CCnlkbnDmigZmn*On4jcmgniW KmmgUic\;fn^lgh^lj]gmfnfciVnEhXjiknlfnlnYl^cjf\lknlkbnhknjcmn^i\XlkY iWnHbVlgbn*CCO

E:: MCJnGN4FQMnEC?G48 MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkPnVhjcnXmk^hd `[nL(: 3n<nL(: hk^cmf Ehjmglj]gmTnEN/JQEN=L@I"Q8mVn+igPenIcghfj\lfn`a_`.n Nlgj5AlRhfn`aS[enkina:`


? 8 > > 8

/ >?7@+6 >? GcmnQ\mgh^lknl^jigenJiUmgjnGlUmgn =`B<75`a_:>en\lbmnchfnkl\mnhknjcm /khjmbnMjljmfnVigPhkZnhknjcmn^i\XlkYniW jcmnKghjhfc5Uigknl^jgmffen6]dhlnFlgdiVme lkbnUm^i\hkZncmgndmlbhkZn\lknhknl gmXmgjihgmnjcljnhk^d]bmbnjcmnXdlYfniW MclPmfXmlgmOnGcmYn\lgghmbnhkn?chdlbmdXchl hknFlYn`Ba:enlkbnfcmnjiiPnjcmnf]gkl\me FlgdiVm5GlUmgeniWjmknbmWmgghkZnjinch\nhk lgjhfjh^nbm^hfhikfnlkbenhjnclfnUmmknflhbe bl\lZhkZncmgniVkn^lgmmgnhknigbmgnji Xgi\ijmnchfOnHRmkj]lddYenjcmhgn\lgghlZm UgiPmnbiVknlfnjcmngmf]djniWnXgiWmffhikld ,mldi]fYenlkbnjcmYnbhRig^mbnhkn`a__O Qjnjcmnjh\mniWnchfnbhRig^menGlUmgnVlf VigPhkZnhknEikbikenlkbnlXXmlghkZnhknl k]\UmgniWndmlbhkZngidmfOnGcmfmnhk^d]bmb Fl^b]$nhkn7O@<PKG lkbnElmgjmfnhkn,O?HPK hkn`BaBnljnjcmnEY^m]\n=Vhjcn6ickfjik 9igUmf5JiUmgjfiknhknUijcnjhjdmngidmf>.n lkbnIlffh]fnhkn DHLDIQ6OPIOM hkn`a__nlkb 4gfhkinhknE/PHBKGQ4LAGK hkn`a_`enhknjcm Xgib]^jhikfniWnNmgUmgjnKmmgUic\nGgmme Fl3nKmmgUic\;fncldW5UgijcmgenljnNmg Fl,mfjY;fnGcmljgmO @chdmnhknEikbikenGlUmgnUmZlknlknl$lhg VhjcnjcmnKghjhfcnl^jgmffenEmklnQfcVmdde VcinclbnlXXmlgmbnVhjcnch\nhknfmRmgld XdlYfenhk^d]bhkZn DHLDIQ6OPIOMOnNmgnc]fUlkbe jcmnl^jigenQgjc]gn?dlYWlhgenUmZlknbhRig^m Xgi^mmbhkZfnhkn`a_LenlkbnGlUmgngmj]gkmb jinQ\mgh^lOnQdgmlbYnf]$mghkZnWgi\ Xdm]ghfYencmngmjhgmbnjinlngmW]Zmnhknjcm Qbhgikbl^PnFi]kjlhkfenVch^cnclbnUmmk XgiRhbmbnWignch\nUYnchfnWig\mgnVhWmen6]dhle lkbncmnbhmbnjcmgmnhkn`a_:enlZmbnLaO QfcVmddenVcinclbnXdlkkmbnjinZinhkji \lklZm\mkjnVhjcnch\enVlfnbmRlfjljmbn UYnjcmnkmVfO E:= J4KHJGnGQKHJ MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP anL(: 3nSn`(: hk^cmf ?giRmklk^mTnIiddm^jhikniWnHRlnJmh^c\lkk Ehjmglj]gmTnNlgj5AlRhfn`aS[enkin`<7`

EEE


? 8 > > 8

?@ 38.7->? Gcmn"l\UiYlkjn^clgl^jmgnlkb lXXmlglk^mniWnjcmnlgjhfjen6l\mf F^8mhdn@chfjdmgn=`BL:5`a_L>e \lbmnch\nlnZhWjnjin^lgh^lj]ghfjfO KmmgUic\nXgib]^mbnfmRmgld bglVhkZfniWn@chfjdmgenhk^d]bhkZ \igmnjclknikmniWnjcmnXgmfmkj Wig\ljenhknVch^cnchfnRmgYndikZ iRmg^iljnchbmfnchfnWmmjnlkbn\lPmf ch\ndiiPndhPmnlknlmfjcmjh^ m3^dl\ljhikn\lgPO

EED

E:; FJn@NCMGEHJ MhZkmbnlkbnhkf^ghUmbnVhjcnjhjdm ?mknlkbnhkP <nL(: 3n7nhk^cmf H3chUhjmbTn2GcmnQgjnIiddm^jhikniW jcmndljmnMhgn@hddhl\nJijcmkfjmhkT Ckbhlkn?lhkjhkZfnlkbnAglVhkZfnUY FibmgknQgjhfjf;enEmh^mfjmg Dlddmghmfen6]kmn`a:<enkin7`


? 8 > > 8

E:< 2GNHn4EAn@QJ5N4JMH;enMCJn@CEECQFn*HJ848 NQJI4/JG MhZkmbnlkbnhkf^ghUmbn2Gcmn4dbn@lg5Nigfm; ?mknlkbnhkPen`[n3nSn`([ hk^cmf Cdd]fjgljmbTn NGJQ:DHH" <nFlYn`a_L Ehjmglj]gmTnNlgj5AlRhfn`aS[enkin<aL F+3>@"-4@ 6?@ /?.> @'8?@ 8--86)@ >?5/5@ 6?*/2?7 Qnfjljmf\lknVhjcnlknm3jgligbhklgYngm^igbniWnl^chmRm\mkjenMhgn@hddhl\ *mgkiknNlg^i]gjn=`B[S5`a_:>nVlfnbmf^ghUmbnhknjcmn`a`LnmbhjhikniWn jcmn;L@KLNJOMCQNBQ4OKLNJOHQ:LNAMO=GC lfnjcmn2dlfjniWnjcmnidbnf^ciidniW Xlgdhl\mkjlghlkf;nVcifmn2fXmm^cmfnlUi]kbnhknlgZ]\mkjnlkbnhgikY;O @chdmnfjhddnlkn]kbmgZglb]ljmnljnGghkhjYnIiddmZmenIl\UghbZmenNlg^i]gj ^ikjghU]jmbnjinjcmn7NMJLJAQ6GMNJL@HP.nlWjmgVlgbfencmnVgijmngmZ]dlgdYnWig jcmnkmVdY5Wi]kbmbn2OKDMFOCQ8P(LP/ =`B7757a>enlkbnX]Udhfcmbnk]\mgi]f dmjjmgfnhknEGPQEL?PI iknjcmnQ\mgh^lknIhRhdn@lgn=^iddm^jmbnhknRid]\mfnhk `B<Lnlkbn`B<7>OnIlddmbnjinjcmnUlgnhkn`B7:encmnVlfn\lbmnln ]mmk;f Ii]kfmdnhkn`B<<enlkbnVlfnlXXihkjmbn@cmVmddn?giWmffigniWnCkjmgkljhikld ElVnljnIl\UghbZmn=`B<a5BS>OnNmnUm^l\mnEhUmgldnF?en0gfjnWign43Wigb =`B<B5B_>enjcmknWignAmgUYn=`BB_5a7>enlkbn0klddYnWign@mfjnFik\i]jc =`Ba75aa>OnCkn`BSLencmnVlfnUijcnPkhZcjmbnlkbnlXXihkjmbnMidh^hjig5DmkmgldO MmgRhkZnlfnNi\mnMm^gmjlgYn=Wgi\n`BB_>nlkbnIclk^mddigniWnjcmnH3^cm']mg ]kbmgnDdlbfjikmn=Wgi\n`BB<enlkbnlZlhknWgi\n`Ba[n]kjhdn`Ba:>encm f]XXigjmbnchfnXidh^YniWnci\mng]dmnWignCgmdlkbOnNmnjcmknfmgRmbnlfnEmlbmgniW jcmnIi\\ikfn]kbmgnJifmUmgYn]kjhdn`Ba7enVcmkncmnUm^l\mnEmlbmgniWnjcm 4XXifhjhikOnGci]Zcn0klddYngmfhZkhkZnhkn`BaBencmnbm^dhkmbnlnXmmglZmnhk `a_[enlkbngm\lhkmbnlnRi^ldnXidhjh^hlknhknchfn0kldnYmlgfO

EEA

E:9 NH8J+nINQ?EC8 MhZkmb ?mknlkbnhkP `[n`([ 3nSnL(: hk^cmf Mh\hdlgnjin NGJQ:DHHenBn4^jiUmgn`a_Len2JhZcjnNiknNnIclXdhk; H3chUhjmbTn2GcmnCdd]fjgljigfTnGcmnKghjhfcnQgjniWnCdd]fjgljhikn`B__5[__B;e ?igjh^inEhUglgYnlkbnDlddmgYenFlk^cmfjmgen8iRm\Umgn[__B56lk]lgYn[__a. 2GcgmmnImkj]ghmfniWnIlgjiiknQgj;en8]kkhkZjiknNlddenQXghd56]kmn[_`` >5?&@#36 -85 NmkgYnIclXdhken0gfjn*hf^i]kjnIclXdhkn=`B:_5`a[L>enVlfnlnXidhjh^hlknVhjc c]kjhkZnlkbngl^hkZnlfnchfnXgh\lgYnhkjmgmfjfOnNmnUm^l\mn\lfjmgniWnjcmnK]gjik N]kjenhknkigjcnEhk^idkfchgmenhkn`B<7enlkbnWi]kbmbnjcmnKdlkPkmYnN]kje fi]jcniWnEhk^idkenhkn`BS`OnNhfngl^mcigfmenNmg\hjenViknjcmnAmgUYnhkn`B<SO QnWiddiVmgnlkbnlb\hgmgniWnAhfglmdhenIclXdhknUm^l\mnIikfmgRljhRmnF?en 0gfjnWign\hb5Ehk^idkfchgmn=`B<B5`a_<>enlkbnjcmknWign@h\Udmbikn=`a_S5`<>O Nmnmkjmgmbnjcmn^lUhkmjnlfnIclk^mddigniWnjcmnA]^cYniWnElk^lfjmgenb]ghkZ EigbnMldhfU]gY;fnfcigjn\hkhfjgYniWn`BB75B<enlkbnjcmknfmgRmbn]kbmgnMldhfU]gY lfn?gmfhbmkjniWnjcmnKilgbniWnQZgh^]dj]gmn=`BBa5a[>enlkbndljmgnlfn?gmfhbmkj iWnjcmnEi^ldnDiRmgk\mkjnKilgbn=`Ba75`a__>OnNmnVlfn^gmljmbnln*hf^i]kj hkn`a`<OnKmmgUic\n^lgh^lj]gmbnch\nikn\lkYni^^lfhikfO


? 8 > > 8

EGPCQ/PMPQFNJPQLJQ #QEGPCQ?OC <PQ@OHHPFQ FND<HPI*#Q NDQBNHFQOQIGPPKQNB =O=PMQLJQGOHB"QCNDQ?O3PQIN?PQMOJFN? <HNK@GQNJQLK"QBNHFQLKQOAOLJQLJIKOJKHC" DJBNHFQLK"QIPPQ/GOKQ=NIIL<LHLKCQLK IDAAPIKI"QOJFQ=MN@PPFQKNQ?O3P <HNK@GPIQNBQOQ?NMPQ@OH@DHOKPFQ3LJF#Q 9QHLKKHPQ@GPOKLJAQ`[OQ(PMCQHLKKHPQNBQLKQ`Q LIQ/LKGLJQKGPQMDHPIQNBQKGPQAO?P#* =Fl3nKmmgUic\en6OKOHNADPQNBQ9JNKGPMQ.)GL<LKLNJQ NBQ6OML@OKDMPIQ<CQ7O)Q:PPM<NG?enFlYn`a[`>

EE:

E:B IQ9HnINQ8GQ8G MhZkmbenhkf^ghUmbnVhjcnjhjdmnlkbnbljmbn`a`S @ljmg^idi]g `[nL(: 3nBn`(: hk^cmf Ehjmglj]gmTnNlgj5AlRhfn`aS[enkin`BB[enXdljmnBB


? 8 > > 8

>/?1>.@ >78-->62 KigknhknlnRhddlZmnhknGi]glhkmenDmigZmn=ignDmigZmf>n?mjhddml]n=`B:a5`a`L> 0gfjnmfjlUdhfcmbnch\fmdWnhkn?lghfnlfnlnVghjmgenlkbnXlgjh^]dlgdYnln,i]gkldhfje hknjcmnmlgdYn`BS_fOnNmnWi]kbmbnjVinfljhgh^ldnkmVfXlXmgfen5OQ&PDLHHPQFP 7OFO?PQ9JANK =`BSL5S7>nlkbn5OQ&MNJFP =`BS:5S7>enlkbn^ikjghU]jmbnji ijcmgnXmghibh^ldfOnNhfn^ghjh^hf\niWnjcmn9gmk^cnZiRmgk\mkjndmbnch\nji \iRmnjinEikbiknhkn`BS7enVcmgmncmnjiiPn]XnjcmnXifhjhiknlfnln9gmk^c \lfjmgnljnMYbmkcl\nIiddmZmOnNmnfiiknUm^l\mnjcmngmXgmfmkjljhRmnhk HkZdlkbniWnjcmnMi^h&j&nbmfnDmkfnbmnEmjjgmfOn9gi\n`BB_encmnXgib]^mb mbhjhikfniWn9gmk^cnVigPfniWndhjmglj]gmenhk^d]bhkZnlnk]\UmgniWnXdlYfen\ifj iWnVch^cnVmgmnX]UdhfcmbnUYnNl^cmjjmO Ckn`BB`en?mjhddml]nUm^l\mnjcmncmlbniWnjcmn9gmk^cnbmXlgj\mkjnlj Iclgjmgci]fmenhknDibld\hkZenM]ggmYenlnXifhjhikncmngmjlhkmbnWignL_nYmlgfO Cknjcmnfl\mnYmlgencmnWi]kbmbnlkbnUm^l\mnNikiglgYn?gmfhbmkjniWnjcm Mi^h&j&n8ljhikldmnbmfn?giWmffm]gfnbmn9glk lhfnmknQkZdmjmggmenlkbnhknjcm WiddiVhkZnmfjlUdhfcmbnhjfnU]ddmjhken5PQ&MOJWOLIOnNhfnl^chmRm\mkjfnlj Iclgjmgci]fmnhk^d]bmng]kkhkZnln9gmk^cnbmUljhkZnfi^hmjYen2ElnMi^h&j&nbm IikjgiRmgfmnmkn9glk lhf;enXgib]^hkZn9gmk^cnXdlYfenlkbnbihkZn\]^cnji h\XgiRmnjcmn9gmk^cncidbhkZfniWnjcmndhUglgYOnCjnVlfncmnVcinmkf]gmbnjclj Fl3nKmmgUic\nUm^l\mnlnXgi0^hmkjn9gmk^cnfXmlPmgnVchdmncmnVlfnlnX]Xhd ljnjcmnf^ciidnb]ghkZnjcmndljmn`Ba_fO ?mjhddml]n^ikjhk]mbnjinX]UdhfcnchfniVknVghjhkZfenhk^d]bhkZn0^jhiknlkb bgl\lnlfnVmddnlfnlgjh^dmfeniWjmkn]fhkZnRlghi]fnXfm]bikY\fOnNmnVlfnl Wi]kbmgn\m\Umgenhkn`BBBeniWnjcmn9igmhZkn?gmffnQffi^hljhikniWnEikbiken ln\m\UmgniWnjcmnCkfjhj]jmniWn6i]gkldhfjfenlkbenWignlnVchdmen?gmfhbmkjniWnjcm Qddhlk^mn9glk lhfmOnCknchfnRlghi]fni ^hldn^lXl^hjhmfencmncmdXmbnmkjmgjlhk jcmnkiRmdhfjenH\hdmn idleniknchfnRhfhjnjinEikbiknhkn`BaLO

E=C DH4JDHMn?HGCEEHQ/ MhZkmbenhkf^ghUmbn2QnDmigZmfn?mjhddml];nlkbn2AhmXXm;enlkbnbljmbn2_: ?mknlkbnhkP `[n`([ 3n<n`([ hk^cmf Ehjmglj]gmTnNlgj5AlRhfn`aS[enkin`BB[enXdljmn``7`

EE=


? 8 > > 8

EE;

E=E FJn@nJ4GNH8MGHC8n A4C8Dn84GNC8D Ckf^ghUmbnVhjcnjhjdmnlkb 2Aid^mn9lgn8hmkjm ; ?mk^hd SnL(: 3nSnhk^cmf

E=D MCA8H+n@HKK MhZkmbenhkf^ghUmbn2Eigbn?lffWhmdb;n lkbnbljmbn`aL` @ljmg^idi]gnlkbnXmk^hd `[n`(: 3nBnhk^cmf Ehjmglj]gmTnNlgj5AlRhfn`aS[enkin`S7[ H3chUhjmbTnEmh^mfjmgnDlddmghmfen`a7[

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EDB


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$? 2 B > 5 B 5

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E:E


$? 2 B > 5 B 5

E:D

EB< E/ICHnKJ4@8n )nQnGJQDHA+ MhZkmbnlkbnm3jmkfhRmdY hkf^ghUmbnVhjcn^lXjhikf ?mknlkbnhkPniknUilgb ``nL(: 3nanL(: hk^cmf


$? 2 B > 5 B 5

E:A

EB9 GNHnKJCGCMNnINQJQIGHJn)n?QMMC48n94Jn84Gn94JDHGGC8DnGNHnF4AHJQGHE+nDJHQG MhZkmb Ckf^ghUmbnVhjcnjhjdmnUmdiVn\i]kj MhZkmbn2Dglcl\nElhbdmg;nlkbnhkf^ghUmbnVhjcnlgjhfj;fnlbbgmffnikngmRmgfm ?mknlkbnhkPniknUilgb Bn`(: 3nanhk^cmf Cdd]fjgljmbTn0DJ@Gen`[nFlYn`aLSenXlZmn7`a


$? 2 B > 5 B 5

E::

EBB @HEI4FHn94JnGNHn@QJJC4JnJHG/J8C8Dn9J4FnGNHn@QJMTn Q8nNCMG4JCIQEnM/J*H+ Hl^cnfhZkmbnVhjcnlknhkhjhldn2?; ?mknhkPnlkbnVljmg^idi]gnVhjcnXmk^hdnlkbnUibY^idi]g 9i]gnXlkmdfenml^cn\mlf]ghkZn<n`(: 3nanL(: hk^cmf Cdd]fjgljmbTn0DJ@GenMXghkZn8]\Umgen`LnFlg^cn`a:_enXlZmnL_<.n 0DJ@Gen9mfjhRldn8]\UmgenL_nQXghdn`a7`enXlZmfn:`5:[


E:=

7*? F=NJF JFM KLP


7*? :5 : : )) B

HA@QJ An Q J A C 4 8 H

HbVlgbnQgbh11ikmenIKHnJQnJACn=`a__5`aSa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

E:;

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NhfnVigPnhfngmXgmfmkjmbnhknk]\mgi]fnX]Udh^n^iddm^jhikfenhk^d]bhkZnjcm KghjhfcnF]fm]\enjcmnC\Xmghldn@lgnF]fm]\fenGljmnlkbnjcmn*%Q.nlkbn jcmnQfc\idmlknF]fm]\n=43Wigb>O 02?73>?@?>64851 KghlknQdbmgfiken.F/OMFQ9MFL11NJP'Q9Q:L<HLNAMO=GL@Q6N??PJKOMCen?hkkmgT ?ghRljmnEhUglghmfnQffi^hljhikenhknlffi^hljhiknVhjcnjcmnKghjhfcnEhUglgYnlkb 4lPn-kiddn?gmffen[__L.n8h^cidlfnQgbh11ikmen.F/OMFQ9MFL11NJP*IQ-NMHF#Q EGPQ.K@GLJAIQOJFQ5LKGNAMO=GIOn9JQ>JKMNFD@KLNJQOJFQ6OKOHNADPQ8OLINJJ " EikbikTn/kh^igkn?gmffnlkbn@idfmdmYn9hkmnQgjfen[___.nQdlkn?iVmgfe .F/OMFQ9MFL11NJP#Q9MKLIKQOJFQ>HHDIKMOKNMenEikbikTnE]kbnN]\Xcghmfen[_`<. DlUghmdn@chjmen.F/OMFQ9MFL11NJPenEikbikTnKibdmYnNmlben`aSa HbVlgbnQgbh11ikmnclfngm^mkjdYnUmmknjcmnf]U,m^jniWnjVin\]fm]\ m3chUhjhikfTn2Qgbh11ikmTnQnJmjgifXm^jhRm;nljnjcmnNi]fmniWnCdd]fjgljhiken Vch^c glknWgi\nMmXjm\Umgn[_`<njin6lk]lgYn[_`Senlkbn2HbVlgb Qgbh11ikm;fnCdd]fjgljhikf;nljnjcmnNmljcnJiUhkfiknF]fm]\en?hkkmgen Vch^cnglknWgi\nQXghdnjin6]kmn[_`SOnIcghfnKmmjdmfnDlddmgYndmkjnVigPn jinUijcnfciVfenlkbncmdbnhjfniVknm3chUhjhiken2HbVlgbnQgbh11ikmTn GcmnN]\lknIi\mbY;enWgi\n4^jiUmgn[_`<njin6lk]lgYn[_`SO 9ignlnW]gjcmgnVigPnUYnHbVlgbnQgbh11ikmenXdmlfmngmWmgnjinIclXjmgn`O

DCC QnMHE9n?4JGJQCG s GNH KQEA 4EA DH8GEHFQ8 48 GNH IQJA CM FH ; MhZkmbnlkbnbljmbns``jcnFlg^cn`a<Ss ?mknlkbnhkPenLn3n:nhk^cmf DCE EQACHMnQ8AnDH8GEHFH8 n GNHnF/MCInNQEE MhZkmbn2Ah1; ?mknlkbnhkPenLn`(: 3n:nhk^cmf Cdd]fjgljmbTn8OFLNQEL?PIen`an8iRm\Umg `a:BenXlZmn`<en2GcmnKghjhfcnF]fh^5Nldd;e WignUgilb^lfjniknjcmnNi\mnMmgRh^mnik `an8iRm\Umgn`a:BnljnaTL_nX\


7*? :5 : : )) B

E:<

DCD GNHnI48A/IG4J MhZkmb MhZkmbnlkbnhkf^ghUmbn2CnciXmnjchfnhfnkijnjiinbmdh^ljmnlkbnhfnc]\igi]f mki]ZcOnEmjn\mnPkiVnhWnhjnhfnkijOnCndhPmnjcmnbglVhkZn\YfmdW;nUmdiVn\i]kj ?mk^hdnfPmj^cniWnblk^hkZnWhZ]gmfnikngmRmgfm ?mknlkbnhkP Ln`([ 3nLnhk^cmf Cdd]fjgljmbTnEGPQ8OFLNQEL?PIen[`n6]kmn`aL7enXlZmn<en2F]fh^ldn8ijlUhdhjhmfTn 8in[n)#GcmnIikb]^jig;nUYnMhgn9gmbmgh^nIiVmk DCA NHnCMnQnI4F?4MHJn)#Q8AnM4nCMnNH =jiXnghZcjn%nUijji\nghZcj> ?mknlkbnhkP GVinh\lZmfenml^cn\mlf]ghkZnLn3n[n`([ hk^cmf Cdd]fjgljmbTnEGPQ8OFLNQEL?PI" [<n6]dYn`aL7enXlZmn<en2GcmnDgmljnM^chf\;nUY HbVhknHRlkfenVcinVghjmfniknjcmnZ]dWnjcljnfmXlgljmfn^dlffh^ldn\]fh^nWgi\ XiX]dlgn\]fh^O


7*? :5 : : )) B

E:9

DC: MQE448nKQJnQGnGNHnQKKH+n?/KenINHEMHQ MhZkmbnVhjcnhkhjhldf ?mknhkPnlkbnVljmg^idi]g `_n3n`_nhk^cmf


7*? :5 : : )) B

E:B

DC= MQE448nKQJnQGnGNHnMNCJEQ8A MhZkmbnVhjcnhkhjhldf Ckf^ghUmbnVhjcnjhjdmnikngmRmgfm ?mknhkPnlkbnVljmg^idi]gen``n`(: 3n`[n`(: hk^cmf ?giRmklk^mTnAnFn4XXmkcmh\ H3chUhjmbTn2Jm^mkjn@ljmg5Iidi]gfnlkbnAglVhkZfnUYn HbVlgbnQgbh11ikm;enEmh^mfjmgnDlddmghmfen4^jiUmgn`a7Benkin[`

'6-//5@!6?@67@73>@'38?-654 GcmnMchgdlkbnNijmdenhknMchgdlkbnJilbenFlhbln*ldmenVlfnikmn iWnjcmndi^ldfnjcljnQgbh11ikmnUijcnXljgikhfmbnlkbnXlhkjmbOn CjniXmkmbnhkn`BSBnlkbniXmgljmbnlfnlnX]Udh^nci]fmn]kjhdn[_`<e jci]ZcndljjmgdYn]kbmgnijcmgnkl\mfOnGcmgmnhfnkiVnlnXdlknji gmiXmknhjn]kbmgnikmniWnjcifmnkl\mfenjcmnGg]f^ijjnQg\fO


7*? :5 : : )) B

2 -8*@!6?@67@73>@0?287>?>? .@(?). Gcmn9g]hjmgmgfnQg\fnhfnlnX]Udh^nci]fmnhk Jib\mgfcl\nDgmmkenlnRhddlZmnhkn-mkjnjcljnhfn^difm jinig^clgbfencmk^mnjcmnX]U;fnkl\mOnGci]Zcnhjnclf ^clkZmbnclkbfnlkbnUmmkngm\ibmddmbnfhk^m Qgbh11ikmnWgm']mkjmbnhjenhjngmjlhkfnfi\mjchkZniW jcmn^clgl^jmgnjcljncmn^lXj]gmbnhknchfnVljmg^idi]gO NmnPkmVnjcmnRhddlZmnWign\lkYnYmlgfnlfnjcmnci\mniW chfnXlgmkjfnUmWigmncmnUi]Zcjn8in7n*hkmnIijjlZmf jcmgmnhkn`a<<On9iddiVhkZnchfn\iRmnWgi\nHdZhk QRmk]menFlhbln*ldmenhkn`aS[encmndhRmbnljn8in7n ]kjhdnchfnbmljcnhkn`aSaO

E=C

DC; ?/KECInKQJnQGnGNHn9J/CGHJHJ;M QJFM MhZkmbnVhjcnhkhjhldf Ckf^ghUmbnVhjcnjhjdmnUmdiVn\i]kj ?lgjniWnjcmndhjciZglXcen6GOMKPMGNDIPQ`QEGPQ7DH<PMMC EMPPen^hg^ln`a<:enikngmRmgfm @ljmg^idi]gnVhjcnXmk^hd Sn3n`_nhk^cmf

DC< FQAnKCAA+ @ljmg^idi]gnVhjcnXmk^hd Bn3nanL(: hk^cmf


7*? :5 : : )) B

E=E DC9 GNHnM8/D MhZkmbnVhjcnhkhjhldf ?mknhkPnlkbnVljmg^idi]gnVhjc UibY^idi]g 7nL(: 3nSnL(: hk^cmf

DCB QGnGNHnE4IQE MhZkmbnVhjcnhkhjhldf @ljmg^idi]gnVhjcnXmk^hd <n`(: 3nanL(: hk^cmf


7*? :5 : : )) B

E=D

DEC AJ/8-MnC8nQnI4/8G+nG4@8 MhZkmbnVhjcnhkhjhldf ?mknhkPnlkbnVljmg^idi]g Bn`(: 3n`_n`(: hk^cmf


7*? :5 : : )) B

DEE QnD44An*C8GQDH MhZkmbnVhjcnhkhjhldf @ljmg^idi]gnVhjcnXmk^hd :n`(: 3n7n`([ hk^cmf

DED C8nGNHnMG/AC4 MhZkmbnVhjcnhkhjhldf ?mknhkPnlkbnVljmg^idi]gn iknUilgb <n`(: 3nBn`(: hk^cmf

DEA F+n+4/8DHMG DJQ8AAQ/DNGHJ MhZkmbnlkbnbljmbn s``jcnFlg^cn`a<Ss ?mknlkbnhkP [n`([ 3n:nhk^cmf

DE: GNHnMI/E?G4Jn Q8AnNCMnF4AHE MhZkmbnVhjcnhkhjhldf ?mknhkPnlkbnVljmg^idi]gn VhjcnUibY^idi]g ``n`([ 3n``n`(: hk^cmf

E=A


7*? :5 : : )) B

E=:

DE= GNHnAJHMMC8DnJ44F MhZkmbnVhjcnhkhjhldf ?mknhkPnlkbnVljmg^idi]g BnL(: 3nSnhk^cmf


7*? :5 : : )) B

DE; H864+C8DnGNHn*CH@ MhZkmbnVhjcnhkhjhldf @ljmg^idi]gnVhjcnXmk^hd Bn`(: 3n``nL(: hk^cmf 9]gjcmgnbglVhkZnikngmRmgfmT EGPQ-OK@GPMIQ5NN? ?mknhkPnlkbnXmk^hd SnL(: 3n``n`(: hk^cmf

DE< QnGJC?nG4nGNHnA4@8M MhZkmb ?mknhkPnlkbnVljmg^idi]gn VhjcnXmk^hd Sn`([ 3n`_nhk^cmf

E==


7*? :5 : : )) B

E=;

DE9 94/JnCEE/MGJQGHAnEHGGHJMnG4nGNHnKQ8-nFQ8QDHJe EH@CMnMQF/HEnN4/MHN4EA `TnMhZkmbenhkf^ghUmbn2ElnGi]gnMjnNifXh^menMjn6mlknIlXn9mgglj;n lkbnbljmbn2`<jcnQ]Zn7<; ?mknlkbnhkPniknXlXmgncmlbmbnVhjcnjcmnlgjhfj;fnlbbgmff anL(: 3nSnL(: hk^cmf [TnMhZkmbenhkf^ghUmbn2*hddlnMmgmklenMjn6mlknIlXn9mggljen8h^m;nlkbnbljmbn 2`[jcnQ]Zn7S; ?mknlkbnhkPniknXlXmgncmlbmbnVhjcnjcmnlgjhfj;fnlbbgmff anL(: 3nSnL(: hk^cmf

LTnMhZkmbenhkf^ghUmbn2*hddln-ldl\ldPlen?]mgjinQkbglhj3enFl,ig^l;n lkbnbljmbn[L B 7B @mfj\hkfjmgnKlkPnfjl\XnikngmRmgfm ?mknlkbnhkPniknjhkjmbnXlXmg Bn`([ 3n<nhk^cmf :TnMhZkmbnlkbnhkf^ghUmbn2GinFgnNi]fmcidbenhknZgljhj]bmnWign\]^cn cmdXn%nPhkbkmff; ?mknhkPnlkbnVljmg^idi]gniknjVinfcmmjfenml^cn\mlf]ghkZn:n`([ 3n<n`(: hk^cmf


7*? :5 : : )) B

E=<

DEB G@4nCEE/MGJQGHAnEHGGHJMnG4nGNHnKQ8-nFQ8QDHJen FJnIEQJ`TnMhZkmbnikngmRmgfm ?mknlkbnhkPniknXlXmgncmlbmbnVhjcnjcmnlgjhfj;fnlbbgmff an`([ 3nBnhk^cmf [TnMhZkmbnlkbnbljmbn[[ < <: ?mknlkbnhkPniknXlXmgncmlbmbnVhjcnjcmnlgjhfj;fnlbbgmff an`([ 3nBnhk^cmf


7*? :5 : : )) B

E=9

DDC G@4nCEE/MGJQGHAnEHGGHJMnG4n GNHnKQ8-nFQ8QDHJenFJnIEQJ`TnMhZkmbenhkf^ghUmbn2EmnKi]dRmenEij;nlkbnbljmbn2`Ljcn6]dYn<7; ?mknlkbnhkP Bn`(: 3n7n`(: hk^cmf

[TnMhZkmbenhkf^ghUmbn2MnMnIlkUmggl;nlkbnbljmbnL` ` <B ?mknlkbnhkP `_n`([ 3nBnhk^cmf


7*? :5 : : )) B

DDE,DAA lgmnlddnhdd]fjgljmbnhknNmkgYnIm^hden:MLPBQKNQ6NDJIPHe EikbikTnFh^clmdn6ifmXcen`a7BO

DDE GNJHHnKQJJCMGHJM ?mknlkbnhkP 7n3n<n`(: hk^cmf Cdd]fjgljmbTnXlZmnSen29igmVigb;

E=B

DDD KQJJCMGHJMnC8nI4/JG 4J 2 F+ EHQJ8HA 9JCH8A FQ+ Q99HIG Ckf^ghUmbnVhjcnjhjdm ?mknlkbnhkPenan`([ 3n<n`([ hk^cmf Cdd]fjgljmbTnXlZmn`S

C8AC99HJH8IH ;

DDA AHMIH8Gn9J4FnGNHnJ4KC8DnJ44F 4J 48H 94J HQIN AQ+ 49 GNH @HH-

Ckf^ghUmbnVhjcnjhjdm ?mknlkbnhkPenan`([ 3n<n`([ hk^cmf Cdd]fjgljmbTnXlZmn[a


7*? :5 : : )) B

E;C

DD: QnE48A48nFQDCMGJQGH;MnI4/JG 4J 4EAHJ K/G 84 KHGGHJ

Ckf^ghUmbnVhjcnjhjdm ?mknlkbnhkP an`([ 3n<n`([ hk^cmf Cdd]fjgljmbTnXlZmn:`

DD= E48A48nMHMMC48M 4J 2 N4@ A4 C -84@ @NQG NH GN4/DNG ; Ckf^ghUmbn2QnEikbiknMmffhiknNi]fmnign NiVnbinCnPkiVnVcljncmnjci]Zcj ; ?mknlkbnhkP `_n`(: 3nSn`(: hk^cmf Cdd]fjgljmbTnXlZmn:S


7*? :5 : : )) B

E;E

DD; ?/?CEM 4J 2 ECMGH8 G4 GNCM Ckf^ghUmbnVhjcnjhjdm ?mknlkbnhkP an`([ 3n<n`([ hk^cmf Cdd]fjgljmbTnXlZmn<`

48H ;

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F+ IECH8G ;n= IQ8 ; G GNH+ >


7*? :5 : : )) B

E;D

DD9 QnDQEEHJ+nQGnGNHnEQ@nI4/JGM 4J 2 CG QEE AH?H8AM 48 GNH 6/ADH JHQEE+ ; Ckf^ghUmbnVhjcnjhjdm ?mknlkbnhkP an`([ 3n<n`([ hk^cmf Cdd]fjgljmbTnXlZmna7

DDB KQJJCMGHJMnQ8AnM4ECICG4JMnQGnQnI4/8G+nI4/JG 4J 2 C ; F M4JJ+ G4 NQ*H G4 QM- +4/ GNCM /HMGC48 en FQAQF ; Ckf^ghUmbnVhjcnjhjdm ?mknlkbnhkP anL(: 3n<nL(: hk^cmf Cdd]fjgljmbTnXlZmn`_`


7*? :5 : : )) B

E;A

DAC GNHnAC*4JIHnI4/JG 4J 2 NH ; M QE@Q+M NCGGC8D FH J4/8A Ckf^ghUmbnVhjcnjhjdm ?mknlkbnhkP anL(: 3n<nL(: hk^cmf Cdd]fjgljmbTnXlZmn`LL

GNH NHQA ;

DAE IJ4MM5H QFC8C8DnGNHn@CG8HMM 4J 2 A4 +4/JMHE9 6/MGCIH en FJ 648HM ; Ckf^ghUmbnVhjcnjhjdm ?mknlkbnhkP an`([ 3n<n`([ hk^cmf Cdd]fjgljmbTnXlZmn`La


7*? :5 : : )) B

E;:

DAD MCE-nQ8An6/8C4J 4J 2 C MN4/EA NQ*H GN4/DNG Ckf^ghUmbnVhjcnjhjdm ?mknlkbnhkP an`([ 3n<n`([ hk^cmf Cdd]fjgljmbTnXlZmn`:a

GNCM @QM @4JGN ?/GGC8D G4 NHJ ;

DAA EQA+nKQJJCMGHJ 4J 2 @NQG C JHQEE+ 9HHE C8 Ckf^ghUmbnVhjcnjhjdm ?mknlkbnhkP anL(: 3n<nL(: hk^cmf Cdd]fjgljmbTnXlZmn`<`

GNCM IQMH CM ;


7*? :5 : : )) B

E;=

DA: ?JCM48HJnC8nGNHnA4ICkf^ghUmbnVhjcnjhjdmnlkbn2IclXTnCC; ?mknlkbnhkP anL(: 3nSnL(: hk^cmf ?giUlUdYnbglVknWignU]jnkij hdd]fjgljmbnhknNmkgYnIm^hden :MLPBQKNQ6NDJIPHenEikbikTn Fh^clmdn6ifmXcen`a7B


7*? :5 : : )) B

E;;

DA= 284@nA48;GnE44-nQGn?4EE+nEC-HnGNQGnHF ;nFCMM ?HGGC9HJnEHIG/JHAnNCFOn2CGnCM8;Gn8CIHOn+4/nQJH AJCKKEC8DOnC9n?4EE+nH*HJnACMQ??HQJMn94JnD44AnCnMNQEE -84@n@N4nNQMnNQAnNCFO; ?mknlkbnhkP <n`([ 3nSnhk^cmf Cdd]fjgljmbTn/gf]dlnFiglYn@hddhl\fenEGPQ4LJPQ5L(PIQNBQ>IHOJFQ7O@3PJ1LPen EikbikTnIcljjin%n@hkb]fen`a7aenXlZmnBa


E;<

77? JME .JNIPJ


77? 2 .

HJCI n 9 J QMH J

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AC: *C4EHGGQnKHNQ*HMnNHJMHE9n@CGNnM/INnF4AHMG ACD8CG+nGNQGnDHJF48GnCMnCF?JHMMHAn= QIG G@4 en MIH8H ?mknlkbnhkP Ln`([ 3n7nhk^cmf Cdd]fjgljmbTnXlZmn`:7en2ElnGglRhljl;

AC= QE9JHA4n9EC8DMnNCMn@C88C8DMn*C4EH8GE+nQG *C4EHGGQ;Mn9HHG =QIG G@4enMIH8H G@4> ?mknlkbnhkP Ln`(: 3n7nL(: hk^cmf Cdd]fjgljmbTnXlZmn`:Sen2ElnGglRhljl;

AC; *C4EHGGQnMC8-Mn@HQ-E+nG4nGNHnI4/INn = QIG GNJHH en MIH8H G@4 > ?mknlkbnhkP Ln`(: 3n7n`([ hk^cmf Cdd]fjgljmbTnXlZmn`:Ben2ElnGglRhljl;

48H >

DCA


7%? . : > B> /

DC:

AC< N4?HEHMME+nQCAQn-8HHEMnKH94JHnQF8HJCMn = QIG G@4 en MIH8H 48H > ?mknlkbnhkP Ln`(: 3n7nhk^cmf Cdd]fjgljmbTnXlZmn[<[en2Qhbl;

AC9 GJC/F?NQEnFQJINn= QIG ?mknlkbnhkP Ln`(: 3n7nL(: hk^cmf Cdd]fjgljmbTnXlZmn[<Len2Qhbl;

G@4 en MIH8H G@4 >

ACB QF48QMJ4n6/F?Mn4/Gn49nNCMnNCAC8Dn?EQIHnQ8A JH*HQEMnNCFMHE9nG4nJQAQFHMnQ8AnQCAQn= QIG GNJHH > ?mknlkbnhkP Ln`([ 3n7n`(: hk^cmf Cdd]fjgljmbTnXlZmn[<7en2Qhbl;

AEC QF8HJCMnI4FHMnC8enGNJ4@MnNHJMHE9n48nGNHnMG48H QK4*HnGNHnIJ+?GenQ8AnF/JF/JMnQn9C8QEn?JQ+HJn94J NHJnKHE4*HAnJQAQFHMn= QIG 94/J en MIH8H G@4 > ?mknlkbnhkP LnL(: 3n7nhk^cmf Cdd]fjgljmbTnXlZmn[<Sen2Qhbl;


7%? . : > B> /

AEE IQJFH8nGQ-HMnQn9E4@HJn9J4FnNHJnK4ACIHn Q8AnG4MMHMnCGnG4nA48n64MHn= QIG 48H > ?mknlkbnhkP Ln`([ 3n7n`(:nnhk^cmf Cdd]fjgljmbTnXlZmnL`Len2Ilg\mk;

AED HMIQFCEE4nM/II/FKMnG4nGNHnQGGJQIGC48Mn 49nIQJFH8n= QIG G@4 > ?mknlkbnhkP Ln`([ 3n7n`(:nnhk^cmf Cdd]fjgljmbTnXlZmnL`7en2Ilg\mk;

AEA GNHnIJ4@AenI4FC8Dn9J4FnGNHnGNHQGJHen9C8AMn A48n64MHn48nNCMn-8HHMnKHMCAHnGNHnK4A+n49nIQJFH8 = QIG 94/J > ?mknlkbnhkP Ln`([ 3n7nhk^cmf Cdd]fjgljmbTnXlZmnL[_en2Ilg\mk;

AE: GNHnIE4@8enG48C4enMGCI-MnNCMnNHQAnGNJ4/DNn GNHnI/JGQC8n= ?J4E4D/H > ?mknlkbnhkP Ln`([ 3n7nhk^cmf Cdd]fjgljmbTnXlZmn:`_en2?lZdhl^^h;

DC=


7%? . : > B> /

AE= %nAE< lgmnUijcnhdd]fjgljmbnhkn,OM=PM*IQ7OAO1LJPen8iRm\Umgn`a<7en243Wigb;fnFlZkhWh^mkjn4bbUlddf;nUYn6l\mfnFigghfn=X]Udhfcmbnhkn^idi]g>O

DC;

AE= GNHnINHMNCJHnIQGenQ8n4 94JAnHIIH8GJCInNCFMHE9e MGCEEnF/JF/JMenAJHQFEC-HnGNJ4/DNnGNHn?C88QIEHM ?mknlkbnhkPnVhjcn^glYiken<n3nSnL(: hk^cmf Cdd]fjgljmbTnXlZmn<a

AE; Qn9C9GHH85+HQJ54EAnDCJEn48IHnG44-n64@HGGn 94JnQnJCAHnC8nNHJnA4DIQJG ?mknlkbnhkPnVhjcn^glYiken<n`(: 3nSn`(: hk^cmf AglVknWignU]jnkijnhdd]fjgljmbnhkn,OM=PM*IQ7OAO1LJP

905163-.'90')(7524 89&45295289 ,5883 '871 6./ -41.9&26963+89566 9 6&8559,6197914/89439281 /6-+715"973/9+.74)8/97,581&71/0952759028927/ 0*057438/95289+63#810754639%'970 43-924)96#81 %*)('9(75+28096,95289167/"973/9 6--.43-9528 730&81096*596,924) =6l\mfnFigghfen243Wigb;fnFlZkh0^mkjn4bbUlddf;e ,OM=PM*IQ7OAO1LJPen8iRm\Umgn`a<7enXlZmfnS`5S[>

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7%? . : > B> /

0?>4@!65 >?& .@ 6448517/5 GcmnRmgfljhdmnbgl]Zcjf\lkn9gmbnKlkUmgYn\lbmnlknh\Xigjlkj ^ikjghU]jhiknjinjcmnbmRmdiX\mkjniWnjcmnh\\igjldn^clgl^jmgniW ?lbbhkZjiknKmlgOnA]ghkZnjcmnmlgdYn`aS_fencmnbgmVniknchfnVhbm glkZmniWnm3Xmghmk^mnlfnhdd]fjgljignlkbn^lgjiikhfjnjinXgib]^m h\lZmfnjinl^^i\XlkYnjm3jfnfh\Xdh0mbnUYnFh^clmdnKikbnWgi\nchf ighZhkldn2?lbbhkZjik;nfjighmfOnGcmfmnRlghlkjfenX]UdhfcmbniRmgnl bm^lbmnlWjmgnjcmnhkhjhldnUiiPen9Q:POMQ6OHHPFQ0OFFLJAKNJ =`a7B>e Vmgmnlh\mbnljnjcmn]kbmgn0RmfnlkbnPkiVkn^iddm^jhRmdYnlfnjcm 2+i]kZnMmj;OnGcmhgnXh^j]gm5UiiPnWig\ljnXdl^mbn\]^cnZgmljmg m\XclfhfniknjcmnRhf]ldnmdm\mkjnjclknclbnjcmnighZhkldnWig\niW X]Udh^ljhikOnMinKlkUmgYnclbn\]^cnZgmljmgnf^iXmnjclknchf Xgmbm^mffign?mZZYn9igjk]\enkijnikdYnjcgi]ZcnjcmnWig\ld XijmkjhldniWnfh1mnlkbn^idi]genU]jnjcgi]Zcnjcmnkmmbnjinbmdhkmljm XmgfikldhjYnlkbnklggljhRmOnDhRmknlnWgmmnclkbnUYnl]jcignlkbnmbhjige KlkUmgYnVlfnlUdmnjinl^jnlfn^gmljignlfnVmddnlfnhkjmgXgmjmgenjinjcm bmZgmmnjcljnchfnVhbiVn^i]dbnbmjm^jnfjgikZnmdm\mkjfniWnfmdW5 Xigjglhj]gmnhknchfnXigjglYldniWnjcmnUmlgOn/djh\ljmdYencmnbmjmg\hkmb jcmn']hkjmffmkjhldndiiPniWn?lbbhkZjikO KlkUmgYnmRidRmbnlknhbmldnlXXgil^cnVhjcnVch^cnjinXgmfmkj ?lbbhkZjiknjinf\lddn^chdbgmkOnGcmndhkmnjcljncmnm\XdiYmbnhfnjhZcjmg jclknjcljniWn9igjk]\enYmjn,]fjnlfnfmkfhjhRmenfinmfjlUdhfchkZnlknh\lZm jcljngmZhfjmgfnmlfhdYnlkbn^i\WigjlUdYnVhjcnYi]kZnmYmfnlkbn\hkbfO GcmnbmjlhdfniWnlXXmlglk^mnjcljncmnhk^d]bmbenf]^cnlfn?lbbhkZjik;f cljnlkbnb] mn^iljenlgmnbm0kmbnlkbn^ibh0mbnhknigbmgnjinlhb gm^iZkhjhiknlkbn\m\iglUhdhjY.njc]fncmnfmm\fnjinclRmn]kbmgfjiib jcljnjcmnm3Xmghmk^mniWndiiPhkZenmfXm^hlddYnljnlknmlgdYnlZmenfci]db Umnljnik^mnmb]^ljhikldnlkbnXdmlf]glUdmOnGcmnXifhjhikhkZniW ?lbbhkZjiknVhjchknlknh\lZmngmRmldfnchfnhkjmgmfjnhknl g\hkZnlk h\\mbhljmnglXXigjnUmjVmmkngmlbmgfnlkbn^clgl^jmgTnjcmnUmlgnhf iWjmknjinjcmnWigmendiiPhkZni]jnlkbnZmfj]ghkZenmRmknVlRhkZOnMincm \mbhljmfnUmjVmmknjcmngmlbmgnlkbnjcmndlgZmenhWn']hmjnlkbnf]Ub]mbe mkRhgik\mkjniWnKghjlhknhknjcmn`aS_fOnKlkUmgYnld\ifjnjglkfWig\mb ?lbbhkZjiknWgi\nlknl\]fhkZni]jfhbmgnjinjcmnUlUYniWnlnWl\hdYOnCk jcmnljjm\Xjncmn\lbmn?lbbhkZjiknjcmn^chdbnVhjchkn]fnlddO

AE9 QnKHQJnIQEEHAn?QAAC8DG48n!C ?mknhkPnlkbn^idi]gmbnXmk^hdniknjgl^hkZnXlXmg Ln`([ 3n:n`([ hk^cmf AEB MG/ACHMn49n?QAAC8DG48 ?mknlkbnhkPniknjgl^hkZnXlXmg 7n3n7nhk^cmf

DC<


7%? . : > B> /

ADC,AD9 lgmnlddnXgmdh\hklgY bglVhkZfnWignFh^clmdnKikbe 0OFFLJAKNJQ:POMenEikbikT Iiddhkfen`aS[en!]kXlZhkljmb O

ADC ?QAAC8DG48n 9HEEn4*HJ KQI-@QJAMnC8G4n NCMnMQ/IHJn49nGHQ ?mk^hdniknjgl^hkZnXlXmg :n`([ 3n:nhk^cmf ADE ?QAAC8DG48n?/Gn NCMn944GnC8nCG ?mk^hdniknjgl^hkZnXlXmg :n`([ 3nLnhk^cmf

DC9

ADD ?QAAC8DG48 AJQ8-nNCMnGHQn!C ?mk^hdniknjgl^hkZnXlXmg an`([ 3nSnhk^cmf ADA 2D44A Q9GHJ8448;e ?QAAC8DG48nMQCAnC8 QnMFQEEnIEHQJn*4CIH ?mk^hdniknjgl^hkZnXlXmg :n`([ 3nLn`([ hk^cmf


7%? . : > B> /

AD: ?QAAC8DG48nAJQ8-n NCMnGHQn!CC ?mk^hdniknjgl^hkZnXlXmg Bn3n<nhk^cmf

AD= ?QAAC8DG48 ?48AHJHAn=WlgnghZcjnlUiRm> ?mknlkbnhkPniknjgl^hkZnXlXmg :n`([ 3nLn`([ hk^cmf

AD; ?QAAC8DG48 IECFKHAn /?n48G4nGNHnGQKEH ?mk^hdniknjgl^hkZnXlXmg Bn3n<nhk^cmf

AD< QnKHQJnIQEEHA ?QAAC8DG48n!CC ?mk^hdniknjgl^hkZnXlXmg :n`([ 3nLn`([ hk^cmf

AD9 ?QAAC8DG48nC8n?J49CEH =WlgnghZcjnUmdiV> ?mknlkbnhkPniknjgl^hkZnXlXmg 7nL(: 3n<n`([ hk^cmf

DCB


7%? . : > B> /

ADB,AAD lgmnlddnXgmdh\hklgYnbglVhkZfnWignFh^clmdnKikben0OFFLJAKNJQOKQKGPQ2POILFPenEikbikTnIiddhkfen`aS7en!]kXlZhkljmb O

ADB GNHnMCDNGn49nGNHnMQ8An Q8AnGNHn@QGHJ ?mk^hdniknjgl^hkZnXlXmg an`([ 3n`LnL(: hk^cmf

DEC

AAE +4/nNQ*H8;GnH*H8nK4GNHJHAn G4nKE4@n/?n+4/Jn?Q@5KQ8AM ?mk^hdniknjgl^hkZnXlXmg an`([ 3n<nL(: hk^cmf

AAD ?QAAC8DG48n@QMnM448 M@CFFC8Dn*HJ+n@HEEnC8AHHA ?mk^hdniknjgl^hkZnXlXmg <n`(: 3n``nhk^cmf

AAC ?QAAC8DG48n ?J4F?GE+nMQ8?mk^hdniknjgl^hkZnXlXmg an`([ 3n<n`([ hk^cmf


DEE

7!? >POO9 =NL=ME0


7!? > / 5 B5 2-

KHG G+ n M @ Q8 @ C I-

QblnHdh1lUmjcnHbhjcnMVlkVh^PenJQnJ@Mn=`a`75`aBa> +PJ9 PNJG9 ML HPJ ENJPPJ< >POO9 =NL=ME0 PION6GMIHPF HPJIPGC NI NL MGGDIOJNOKJ NLF FPIM@LPJ KC @JPNO =MO NLF ML4PLOMKL< IK EKA;GPAPLOML@ HPJ CJMPLF NLF OPNEHPJ< F=NJF >N=FPL3 NOPJ< IHP ;JKFDEPF NL P OJNKJFMLNJ9 IPJMPI KC 4MIMKLNJ9 =NOPJEKGKDJI NLF FJN=ML@I ML OHP OJNFMOMKL KC 5MGGMNA >GN0P NLF NADPG #NGAPJ< =HMEH GPF OK HPJ PGPEOMKL NI N :JND@HOIANL 8PA6PJ KC OHP K9NG ENFPA93

DED

9ignlnUhiZglXcYniWnKmjjYnMVlkVh^PenXdmlfmngmWmgnjinEGPQ>HHDIKMOKNMIen[__Be XlZmnB:O NmgnVigPnhfngmXgmfmkjmbnhknjcmn^iddm^jhikfniWnjcmnJiYldnIiddmZmniWnQgj. lkbnKdl^PU]gknF]fm]\nlkbnQgjnDlddmgYO 02?73>?@?>64851 KghlknF]gXcYenEGPQ9MKQNBQ:PKKCQ2/OJ/L@3en43Wigbn?idYjm^ckh^en`aBa.n?lbbY Jiff\igmen:PKKCQ2/OJ/L@3#Q9MKLIKQ Q!LILNJOMCenEikbikTnIcghfnKmmjdmfnEjben[__B CknX]UdhfchkZnlkbnXgi\ijhkZn?lbbYnJiff\igm;fn\ikiZglXcen:PKKCQ2/OJ/L@3# 9MKLIKQ Q!LILNJOMCenhkn[__BenIcghfnKmmjdmfnclfnbikmn\]^cnjingmRhRm hkjmgmfjnhknjchfnchZcdYnh\lZhkljhRmnlkbn']hkjmffmkjhlddYnKghjhfcnlgjhfjO AAA GNHnFQJJCQDH ?mk^hd `Sn`(: 3n`Bn`([ hk^cmf ?giRmklk^mTn2Mj]bhiniWnjcmndljm KmjjYnMVlkVh^PenJQ;enKikcl\fen L`n6lk]lgYn`aa_endijnL< Ehjmglj]gmTn?lbbYnJiff\igmen :PKKCQ2/OJ/L@3"Q9MKLIKQ Q!LILNJOMCe EikbikTnIcghfnKmmjdmfnDlddmgYe [__BenXlZmn``[enlffi^hljmbnbglVhkZ jin^ljldiZ]mnglhfikk&nkinA[<e Vcmgmnhjnhfnmkjhjdmbn2MPmj^cniWnl ^i]Xdmnhknlknmk^dif]gmnVhjc ^chdbgmknlkbnfmgXmkj; Gchfnhfnlnfj]bYnWignjcmnVljmg^idi]ge EGPQ7OMMLOAPenVch^cnVlfnm3chUhjmb ljnGcmnJiYldnQ^lbm\YnM]\\mg H3chUhjhiken`a<7enkinBa`O

AA: @4FH8n?JH?QJC8Dn 94JnQnKQ8 /HG @ljmg^idi]gnVhjcnXmk^hd [`n`(: 3n[_nhk^cmf ?giRmklk^mTn2Mj]bhiniWnjcmndljm KmjjYnMVlkVh^PenJQ;enKikcl\fen L`n6lk]lgYn`aa_endijn<_ Ehjmglj]gmTn?lbbYnJiff\igmen :PKKCQ2/OJ/L@3#Q9MKLIKQ Q!LILNJOMC" EikbikTnIcghfnKmmjdmfnEjben[__Be ^ljldiZ]mnglhfikk&nkinAL`U


7!? > / 5 B5 2-

DEA


7!? > / 5 B5 2-

AA= GNHn-8CDNGn C8nGNHn@44A ?mk^hd `Bn`([ 3n[Snhk^cmf GchfnbglVhkZnhfngmdljmbnjinjcm Vljmg^idi]genEGPQ JLAGKQLJQKGP -NNFenVch^cnlXXmlgfnhkn?lbbY Jiff\igmen:PKKCQ2/OJ/L@3#Q9MKLIK Q!LILNJOMCenEikbikTnIcghf KmmjdmfnEjben[__Benlfn^ljldiZ]m glhfikk&nkinA:7On GcmnVigPnVlfnhkfXhgmbnUYnl 8igVmZhlkn9idPnMikZnlfnf]kZn UYnQnEnEdiYbO

DE:

AA; GNHnI4J8nMNHQ*HM ?mk^hd `7n3n`anhk^cmf ?giRmklk^mTn2Mj]bhiniWnjcmndljm KmjjYnMVlkVh^PenJQ;nKikcl\fen L`n6lk]lgYn`aa_endijnSenlfn2MPmj^c iWn9hZ]gmfnIlggYhkZnMcmlRmf;.n Jh^clgbnFiY Ehjmglj]gmTn?lbbYnJiff\igmen :PKKCQ2/OJ/L@3"Q9MKLIKQ Q!LILNJOMCe EikbikTnIcghfnKmmjdmfnDlddmgYe [__Ben^ljldiZ]mnglhfikk&nkinA``_


DE=

7 ? KHL 1GNIHNL


7 ? B 1 B

64N 8n D E QMNQ 8 6icknDdlfclkn=`a[S5`aaa>

KHL 1GNIHNL =NI 6PIO 0LK=L NI OHP EJPNOKJ KC OHP ENJOKKL IOJM;< 1PLMDI&< =HMEH FP4PGK;PF N EDGO CKGGK=ML@ FDJML@ MOI CM4P'9PNJ JDL ML OHP !%081#813 MI ;NIIMKL CKJ CMLP =NOPJEKGKDJ ;NMLOML@ NGGK=PF HMA OK FP4PGK; HMI =KJGF KC OML9 CM@DJPI MLHN6MOML@ 6PNDOMCDG< 4NIO< 6NJK DP MLOPJMKJI NLF I=PP;ML@ GNLFIEN;PI3 6icknDdlfclknVlfnUigkn6icknF^DdlfclknhknDdlfZiVnikn[:nAm^m\Umg `a[SOnNhfnWljcmgenQg^chUldbnF^DdlfclkenVlfnlnXigjglhjnXlhkjmgnVcinUm^l\m lnJiYldnM^ijjhfcnQ^lbm\h^hlknhkn`aLBnlkbn?gmfhbmkjniWnjcmnDdlfZiVnQgj Id]Unhkn`a7aOnNmnVlfnmb]^ljmbnljn@iibfhbmnM^ciidnlkbenWiddiVhkZnchf 8ljhikldnMmgRh^menVmkjniknjinfj]bYnXlhkjhkZnlkbnbglVhkZnljnDdlfZiV M^ciidniWnQgjOnCkn`a:7encmnViknjcmnZidbn\mbldnhknlnDdlfZiVnIigXigljhik f^ciidfnbglVhkZn^i\XmjhjhikOn@chdfjnljnDdlfZiVnM^ciidniWnQgjencmnXgiRhbmb hdd]fjgljhikfnWignjcmnDdlfZiVn/khRmgfhjYn\lZl1hkmfen% 7Qlkbn ANMMOO DE;

Cknjcmn`a7_fen6icknF^Ddlfclkn\iRmbnjinEikbiknVhjcnjcmnhkjmkjhikniW \lPhkZnlndhRhkZnlfnlnXlhkjmgenfmjjdhkZnhknln<n3nLnWiijnZlggmjOn9gi\n`a7Lencm UmZlknf]U\hjjhkZn^lgjiikfnjin0DJ@G jinf]XXdm\mkjnchfnhk^i\menbgiXXhkZ jcmn2F^;nWgi\nchfnfhZklj]gmOnCkn`a7aencmnWi]kbnlknmkjc]fhlfjh^nf]XXigjmgnhk Amkhfn?hjjfenmbhjigniWnjcmn\ikjcdYn\lZl1hkmen5LHHL=DKOnNmnXgib]^mbnjcgmm ^lgjiikfnXmgnhff]mnWign5LHHL=DK ]kjhdnhjfn^dif]gmnhkn`a<_enlfnVmddnlfnlnk]\Umg iWn^iRmgfOnMcigjdYnlWjmgncmnUmZlknXgib]^hkZnVigPnWign6i^mdYknMjmRmkf;f kmVdYngmRl\Xmbn\lZl1hkmen_DPPJOnCkn`a<`enjcmnYmlgnjcljnhjnVlfndl]k^cmbe cmnUmZlknf]U\hjjhkZn^lgjiikfnjin0ML(OKPQ.CPOnQn^iddm^jhikniWnchfn0ML(OKPQ.CP ^lgjiikfenEGPQ N3PIQNBQ NGJQ%HOIGOJ'QEGPQ7PKGIQ&PIKL(OHQOJFQNKGPMQ@PHP<MOKLNJI" VlfnX]Udhfcmbnhkn`aS7OnNmnVlfnlnWi]kbmgn\m\UmgniWnjcmnKghjhfc Ilgjiikhfjf;nQffi^hljhiknhkn`a<<O KmjVmmknjcmn`a<_fnlkbn`aa_fen6icknDdlfclk;fn^lgjiikfnWmlj]gmbnhknlnVhbm RlghmjYniWn\lZl1hkmfnlkbnkmVfXlXmgfenhk^d]bhkZnEGPQ4P/Q NM3PM"QEN/JQOJF 6NDJKMC"QEOKHPM"QEL?PQ+DK"Q8OFLNQEL?PI lkbnEGPQ2DJFOCQEL?PIOnnCkn`aSBencm fjlgjmbnljnjcmn+<IPM(PMenXgib]^hkZnlnVmmPdYn^lgjiiknfjghXnWignjcmn+<IPM(PM 7OAO1LJPenjlPhkZniRmgnWgi\n6]dmfn9mh$mgOn

GcmnfjghXen2Dmkh]f;enVch^cnWmlj]gmbnjcmnlbRmkj]gmfniWnQkibmnHk1Y\men ln\lknVhjcnlknC niWn`[eSa:enlkbnchfnXljgiknEigbnAiUmg\lkenjcmngh^cmfj \lknhknjcmnVigdbenVi]dbnUm^i\mnDdlfclk;fn\ifjnWl\i]fn^gmljhikOnGcm fjghXnglknWign[[BnmXhfibmfnlkbnViknch\njcmnDdmknDglkjnMjghXnIlgjiik QVlgbnhkn`aB`On2Dmkh]f;nbmRmdiXmbnfi\mjchkZniWnln^]djnWiddiVhkZnb]ghkZn hjfn0Rm5Ymlgng]kOnQfnjcmn\lZl1hkm;fnmbhjigen?mjmgnIgiiPfjiknm3Xdlhkmben 2jcmnVigdbnVlfnbhRhbmbnhkjinjcifmnVcinjci]ZcjnhjnVlfnlnVigPniWnZmkh]f lkbnjcifmnVcinbhbk;jnZmjnhjOnAikldbnGgmdWigbn!jcmnkmVfXlXmg;fnjcmk mbhjig ncljmbnhj.nCnbmWmkbmbnhjnjinjcmnbmljc;On@cmknGgmRignDgiRmnjiiP iRmgnlfnjcmn\lZl1hkm;fnmbhjignhkn`aBLenjcmnfjghXnVlfnbgiXXmbOn Ckn`aB:enKKInM^ijdlkbnGmdmRhfhiknXgib]^mbnlknlgjfnWmlj]gmnbi^]\mkjlgY lUi]jnDdlfclk;fnVigPenbhgm^jmbnUYn-mknFl^DgmZigOnGhjdmbn26icknDdlfclkT Dmkh]f;enjcmnbi^]\mkjlgYnUgi]ZcjnQkibmnHk1Y\mnlkbnEigbnAiUmg\lknji dhWmenXdlYmbnUYn6icknK]h^Pnlkbn8mhdnIikkmgYngmfXm^jhRmdYO 9iddiVhkZnjcmnmkbniWnjcmn2Dmkh]f;nfjghXenDdlfclknUmZlknjingmj]gknchfnWi^]f jiVlgbfndlkbf^lXmnlkbnXigjglhjnXlhkjhkZnlkbn^ikjhk]mbnjinXlhkjnhk Vljmg^idi]gnjcgi]Zci]jnchfndhWmOnNmncmdbnm3chUhjhikfniWnchfndlkbf^lXm XlhkjhkZfnljnjcmn9glk^hfn-YdmnDlddmgYnhkn`aSanlkbn`aBLenlkbnjcmn9hkmnQgj Mi^hmjYnhkn`aa`nlkbn`aa:enlkbnfciVfniWnchfn^lgjiikfnljnGcmnIlgjiik DlddmgYnhkn`aa`nlkbnjcmnDgifRmkignDlddmgYnhkn`aa7O Ckn`aBBenDdlfclknVlfnXmgf]lbmbnUYnFh^clmdnNmljcnjinfjlgjnXgib]^hkZ VmmPdYencldW5XlZmn^lgjiikfnWignEGPQ2=P@KOKNMenVch^cnglkn]kjhdnhddkmff XgmRmkjmbnch\nWgi\nVigPhkZnhkn`aaBO Ddlfclknhdd]fjgljmbnfmRmgldnUiiPfenhk^d]bhkZnENJLAGKQOJFQ+KGPMQ4LAGKIQ=`a7a>" 2/PPKQ Q2NDMQ=`aBL>"Q2?OHHQ0OMKIQLJQ,LIKNMCQ=`aB7>nlkbn NDMJOHQNBQOQ6NHHP@KNM =`aa:>OnCknlbbhjhiknjinjchfenlnk]\UmgniWn^iddm^jhikfniWnchfn^lgjiikfnVmgm X]Udhfcmbn)nEGPQ.CPQNBQKGPQ4PPFHPQ=`a<`>"Q2=PO3Q =Q NDQELJCQ&NNHQ=`a<<>" EGPQ0PJADLJQ NGJQ%HOIGOJQ=`a<S> lkbn NGJQ%HOIGOJ*IQ-NMHFQ=`aa`>O 6icknDdlfclknbhmbnhknEikbiknikn`7n6]kmn`aaanljnjcmnlZmniWnS`enlkbnVlf f]gRhRmbnUYnchfnVhWmenQkklenlkbnjcmhgnjVin^chdbgmkenQdm3nlkbnCiklO EGPQ<LNAMO=GCQNBQ NGJQ%HOIGOJQLIQ/MLKKPJQ<CQ9HP)OJFPMQ:PPKHPI#


7 ? B 1 B

IcghfnKmmjdmfnDlddmgYnhf XdlkkhkZnln\l,igngmjgifXm^jhRm m3chUhjhikniWnjcmnVigPniWn 6icknDdlfclknWignQXghdn[_`BO

AA< Q84AHenFHHG ?J49HMM4JnJ/ACnFH8GQJCe ?QEQH48G4E4DCMGnOOO MhZkmbnlkbnbljmbn;Sa ?mknhkPnlkbnVljmg^idi]g an`([ 3n`7nhk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJP" [:nMmXjm\Umgn`aSB

AA9 E4JAnA4KHJFQ8 AHEC*HJMnNCMnMHJF48n48 GNHnF4/8GnG4nGNH I48DJHDQGHAnKHDDQJMnOOO ?mknhkPnlkbnVljmg^idi]g `_n3n`<n`(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen `SnAm^m\Umgn`aSB

DE<


7 ? B 1 B

DE9

AAB +4/JnJHEQGC48MNC?n@CGNnGNCM QIGJHMMnINQ??CHnNQMn84GnQ99HIGHA GNHn /QECG+n49n+4/Jn@4J-nOOO ?mknhkPnlkbnVljmg^idi]g `[n`([ 3n`SnL(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen`Sn6]kmn`aSa

A:C C;*HnD4GnQn8H@nA4Dn)nNH;M IQEEHAn48ME4@n9QJJC8DA48 MhZkmbnlkbnbljmbn;Sa ?mknhkPnlkbnVljmg^idi]g ``n`(: 3n`SnL(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen`anQ]Z]fjn`aSa


7 ? B 1 B

A:E Q84AHenGNCMnCMnGNHnJCDNG N484/JQKEHnDJQ8DHF4/GN 9HMGHJG48en4/JnE4IQEnF? ?mknhkPnlkbnVljmg^idi]g ``n`(: 3n`SnL(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen[<nQ]Z]fjn`aSa

A:D F+nE4JAenC8M?HIG4JnI/99M48n 49nGNHn+QJA ?mknhkPnlkbnVljmg^idi]g ``n3n`SnL(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen[nAm^m\Umgn`aSa

DEB


7 ? B 1 B

DDC

A:A CGnCMn7nQFnQ8AnGNHnDJHQGHMG FHGJ4?4ECMnC8nGNHn@4JEAnCM MGCEEnNQE9nQMEHH?n@NH8nGNHnQCJ CMnJH8Gn@CGNnQnGHJJCKEHnM4/8A QMnQnN/DHnQ8AnAJHQA9/E MNQFKEC8DnIJHQG/JHnHFHJDHM 9J4FnGNHnF4J8C8DnFCMGnOOO ?mknhkPnlkbnVljmg^idi]g ``n3n`SnL(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen anAm^m\Umgn`aSa

A:: D4nJCDNGnC8nFJnH8 +FHen GNHn?JCFHnFC8CMGHJnCMn@QCGC8D 94Jn+4/nOOO ?mknhkPnlkbnVljmg^idi]g `_nL(: 3n`SnL(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen `<nAm^m\Umgn`aSa


7 ? B 1 B

A:= ?J49HMM4JnMGQAGnOOO ?mknhkPnlkbnVljmg^idi]g ``n3n`SnL(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen [LnAm^m\Umgn`aSa

A:; FJnH8 +FHenI4/EAn+4/ H ?EQC8nMCF?E+n@NQGnGNH F48MGHJnCMn/?nG4 ?mknhkPnlkbnVljmg^idi]g `_nL(: 3n`SnL(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen L_nAm^m\Umgn`aSa

DDE


7 ? B 1 B

DDD

A:< Q84AHen+4/nF/MG FHHGnA4IG4JMnKH8 4QGHnQ8AnM+A M/E?NCGHen8/GJCGC48CMGM ?mknhkPnlkbnVljmg^idi]g `_nL(: 3n`SnL(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen `<nFlg^cn`aB_

A:9 GNHnF4JHnCnMHHn49 ?H4?EHnGNHnF4JHnCnE4*H F+nF48H+nOOO ?mknhkPnlkbnVljmg^idi]g an3n`:nL(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen `LnQXghdn`aB_


7 ? B 1 B

DDA

A:B @N+nQJHn+4/n?EQ+C8Dn+4/Jn9EQFHGNJ4@HJn4*HJnGN4MHnGHEH?N48HnACJHIG4JCHM ?mknhkPnlkbnVljmg^idi]g an3n`:nL(: hk^cmf Cdd]fjgljmbTn+<IPM(PMQ7OAO1LJPen:nFlYn`aB_


7 ? B 1 B

DD:

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