Chris Beetles Summer Show 2018

Chris Beetles

Summer Show

2017

@[LMY]PUZ b @UY]X 5__ZV_X ;ZW ( :MW_Y JZY__Z JZ +\N_XBX ;[^W[^ JF >k5

P\VV_YM TUY]XQ__ZV_XDT[N OOODTUY]XQ__ZV_XDT[N 35J, 2 2

2 G2 @\Z\V[PS_ ]^ LSQV]T\Z][^ W\Z\ ]X \H\]V\QV_ KY[N ZU_ 5Y]Z]XU ;]QY\YM :6J6C:@?6- C,- F:3<<6, 5 -C#3- F//<</, F]ZU T[^ZY]QSZ][^X KY[N CV_I\^W_Y 5__ZV_XR 5_TAM @U\LN\^R J\XU\ 1[YX_R @UY]XZ[LU_Y ,_O\VVR .][^\ ,]TA_YX[^ \^W 7\XT\V_ /\AV_M 6W]Z_W QM 7\XT\V_ /\AV_M \^W -\H]W F[[ZZ[^ O]ZU .][^\ ,]TA_YX[^ -_X]P^ QM +_Y_NM 5Y[[A [K 0Y\LU]T 3W_\X 7U[Z[PY\LUM QM +SV]\^ ?SIV_M27\YV[SY :_LY[WSTZ][^ QM OOODT\XZ TY_\Z_DT[N @[V[SY X_L\Y\Z][^ \^W LY]^Z]^P QM 0_[KK ,_\V ;]ZU[ ;ZW .Y[^Z T[H_Y= @V\SW_ @\VZUY[LR 6DLM(IFEGMJGM#H>LM8W_Z\]V9 .Y[^Z _^WL\L_Y= .Y\^T]X <[O^_R <M IL5MH?M BJEGHK3=F8M<33L8 8W_Z\]V9 / <]ZV_ L\P_= :\MN[^W 5[[ZUR 4JFKM$5BMJGM&J5K+M'@@=:M8W_Z\]V9 / !

5\TA _^WL\L_Y= CVP_Y^[^ <\VN\P_R 2H=KCLCM#HFELEM9LG=FKIKAM ?FH>MGDLM(FHKG+M(FJK@L 8W_Z\]V9 /

5\TA T[H_Y= 7\ZY]TA ?_^^_XXMR 9HELEMIKMJM4LCFHH> / )

<U]X L\P_= CW[VLU J__VR =KEMIKMGDLM7BHIEGLFMJGM#JB3LFEGJCG 7JGDLCFJBM5IGDM;KH5M8W_Z\]V9 !

@UY]X 5__ZV_X JSNN_Y JU[O

$! % & & "& % #""& $

. : C , @ 3 J </F , 6 .Y\^T]X <[O^_ 8

2 >9

-CKLBJGAE@J?KL?JHGIKF:L+FJG@HEL-D7GK:LE?KGIL=DEILD; CHELBH;KLHGL,%KIKF:LKJFGHG<LCHELBH6HG<LJELJLAFJ7HG< =JEIKF:LJGALEKGAHG<L7DF4LIDLK%CH8HIHDGELHGL DGADG: 7CKFKLCKLCJALDGB9L=DAKFJIKLE>@@KEE5L$D7K6KF:LCK 7JELFKAHE@D6KFKALJGALFKJ??FJHEKALHGLICKLKJFB9 I7KGIHKICL@KGI>F9:LJGALHELGD7L@DGEHAKFKALDGKLD;LICK =DEILHGGD6JIH6KL7JIKF@DBD>FHEIELD;LCHELJ<K5 .Y\^T]X <[O^_ O\X Q\LZ]X_W \Z CVV J\]^ZXR 3XV_O[YZUR 1]WWV_X_IR [^ CSPSXZ

R [^_ [K ZU_ 'H_ TU]VWY_^ [K F]VV]\N <[O^_R \ T[Y^ TU\^WV_YR \^W U]X O]K_R ;MW]\D CZ ZU_ \P_ [K R U_ O\X \LLY_^Z]T_W Z[ <U[N\X 5Y[[AXU_\WR \ ;[^W[^ T[\TU L\]^Z_YD ?]X LY[PY_XX O\X \TA^[OV_WP_W X_H_^ M_\YX V\Z_YR ^_\Y ZU_ _^W [K U]X \LLY_^Z]T_XU]LR OU_^ U_ O\X \O\YW_W \ 'YXZ LY])_ K[Y 4\^ [Y]P]^\V W_X]P^B QM ZU_ J[T]_ZM [K CYZXD ?_ ZU_^ S^W_YZ[[A X[N_ KSYZU_Y XZSWM \Z JZ 1\YZ]^BX ;\^_ CT\W_NMR \^W O]ZU ZU_ T[SYZ L[YZY\]Z]XZR +[U^ JU\TAV_Z[^R \^W Q_P\^ Z[ _IU]Q]Z L\]^Z]^PXR SXS\VVM ]^ []VR \Z ZU_ J[T]_ZM [K CYZ]XZX 8 > 9 \^W ZU_ .Y__ J[T]_ZM 8 > 9D

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

XR QM ZU_ XTU[V\Y \^W T[VV_TZ[Y C 7 /LL"D ?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX LSQV]T T[VV_TZ][^XR ]^TVSW]^P ZU_ 5Y]Z]XU 1SX_SNR <\Z_ \^W ZU_ #(C* ZU_ CXUN[V_\^ 1SX_SN 8/IK[YW9R <U_ .]Z)O]VV]\N 1SX_SN 8@\NQY]WP_9 \^W ZU_ :[M\V CVQ_YZ 1_N[Y]\V 1SX_SN 86I_Z_Y9* \^W ZU_ ,\Z][^\V 0\VV_Y]_X [K JT[ZV\^W 86W]^QSYPU9D :]TU\YW JZ_LU_^XB <M7JGJBHA=LM9JIEHKK M38M(FJK@IEM6H5KLM . ,%.". M]X \H\]V\QV_ [^V]^_ \Z KY\^T]XZ[O^_D\TDSAD

/ 2L HK7LD;L BJEIDG8>F9L288K9 J]P^_W \^W W\Z_W DDD J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W [^ Y_H_YX_ F\Z_YT[V[SY O]ZU L_^ \^W ]^A E I EG ]^TU_X 7Y[H_^\^T_= 5_$S_\ZU_W QM ZU_ \YZ]XZ Z[ +\N_X FU]Z_ [K 6I_Z_YR >* +[U^ ?_YN\^ 1_Y]H\V_ \^W U]X XSTT_XX[YX 7[XX]QVM _IU]Q]Z_W \Z 46IU]Q]Z][^ [K /Y]P]^\V -Y\O]^PXBR <U_ 0\VV_YMR ;[O_Y 5Y[[A JZY__ZR ;[^W[^R R \X _]ZU_Y ^[ [Y ;]Z_Y\ZSY_= :]TU\YW JZ_LU_^XR <M7JGJBHA=LM9JIEHKK MH?M(FJK@IEM6H5KL . ,%.". R KY\^T]XZ[O^_D\TDSAR .<

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

+>FICKFLFKJAHG< CWY]\^ 5SYMR (FJK@IEM6H5KL/M0HKLM;GJFMH?M2JGLF@HBH=FM1JIKGIKAR ;[^W[^= @ JA]VZ[^R > * JSX\^ 1[YY]XR 4.Y\^T]X <[O^_BR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V R L\P_X

2 G* <]N[ZUM F]VT[IR (FJK@IEM6H5KLR ;[^W[^= <\Z_ 0\VV_YMR

* <]N[ZUM F]VT[IR 4<[O^_R .Y\^T]X 83J:

R C >9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH?M JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_X 2

0V\XZ[^QSYM CQQ_M O\X K[S^W_W ]^ ZU_ X_H_^ZU T_^ZSYMR \^W _^V\YP_W ]^ ZU_ Z_^ZUD 3^ GR \ 'Y_ W_XZY[M_W ZU_ N[^\XZ]T QS]VW]^PX QSZR \VN[XZ ]NN_W]\Z_VMR ZU_M Q_P\^ Z[ Q_ Y_T[^XZYSTZ_WD <U_ ^_O ;\WM @U\L_VR XU[O^ ]^ ZU_ LY_X_^Z O\Z_YT[V[SYR O\X QS]VZ \Z ZU_ O_XZ _^W [K ZU_ \QQ_M TUSYTUR \^W T[^X_TY\Z_W ]^ >D 5_T[N]^P [^_ [K ZU_ Y]TU_XZ \^W N[XZ L[O_YKSV N[^\XZ_Y]_X ]^ 6^PV\^W QM ZU_ K[SYZ__^ZU T_^ZSYMR ZU_ \QQ_M O\X XSLLY_XX_W WSY]^P ZU_ -]XX[VSZ][^ [K ZU_ 1[^\XZ_Y]_XR S^W_Y ?_^YM #333D FU_^ ZU_ \QQ[ZR :]TU\YW FU]Z]^PR Y_X]XZ_WR U_ O\X T[^H]TZ_W [K ZY_\X[^R \^W U\^P_WR WY\O^ \^W $S\YZ_Y_WD <U_ X]Z_ O\X W]H]W_W \N[^P H\Y][SX V\^W[O^_YXR \^W ZU_ \QQ_M QS]VW]^PX PY\WS\VVM W]XN\^ZV_WR X[ ZU\ZR QM ZU_ _]PUZ__^ZU T_^ZSYMR ]Z O\X \ YS]^D 3Z ZU_^ Q_T\N_ ZU_ XSQ _TZ [K ]^Z_Y_XZ K[Y \^Z]$S\Y]\^XR \^W [K \YZ]XZX \^W Z[SY]XZX ]^ X_\YTU [K ZU_ 7]TZSY_X$S_D

<? / 1 C J ?6 C : , 6 <U[N\X ?_\Y^_ 8 GG2 9

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jVV_Y ]^ ,SY_NQ_YP ]^ \Q[SZ 9D

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

>R L\P_ 9R \^W ]Z V_W Z[ ?_\Y^_ Q_]^P _V_TZ_W \ N_NQ_Y [K ZU_ J[T]_ZM [K C^Z]$S\Y]_X ]^

D 5MY^_ \VX[ ]XXS_W 9=FJBM;:HFGE 8 9R \ XN\VV_Y X_Z [K ?_\Y^_BX W_X]P^XR

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

>R L\P_ 9R ?_\Y^_ W]W Q_T[N_ \ V]ZZV_ KY__Y ]^ U\^WV]^P ]^ X[N_ V\Z_Y O[YAXD 3^ [VW \P_R U_ O\X XSLL[YZ_W QM P_^_Y[SX KY]_^WXR ]^TVSW]^P J]Y 0_[YP_ 5_\SN[^ZR OU[R K[Y ]^XZ\^T_R U\W U]N Z[ XZ\M \Z U]X \^T_XZY\V X_\Z [K @[V_[YZ[^ ?\VVR ]^ ;_]T_XZ_YXU]Y_R ]^ D ?\H]^P Y_N\]^_W \ Q\TU_V[YR ?_\Y^_ W]_W \Z U]X U[N_ [K N[Y_ ZU\^ M_\YXR \Z 1\TTV_X'_VW JZY__ZR J[U[R ;[^W[^R [^ CLY]V D 1[^Y[ L\]W K[Y U]X KS^_Y\VR \^W U\W U]X Q[WM ]^Z_YY_W ]^ ZU_ TUSYTUM\YW [K JZ +\N_XBXR 5SXU_MD ?_ V]_X Q_X]W_ 1[^Y[ \^W ZU_]Y NSZS\V KY]_^WR ZU_ \YZ]XZR ?_^YM 6WY]WP_D ?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX LSQV]T T[VV_TZ][^XR ]^TVSW]^P ZU_ 5Y]Z]XU 1SX_SNR <\Z_ \^W ZU_ #(C* <U_ .]Z)O]VV]\N 1SX_SN 8@\NQY]WP_9 \^W ;__WX CYZ 0\VV_YM* \^W ZU_ ,\Z][^\V 0\VV_Y]_X [K JT[ZV\^W 86W]^QSYPU9D

+>FICKFLFKJAHG< 7\ZY]TA @[^^_YR 4?_\Y^_R <U[N\X 83 1\YXU'_VWR CH[^R J_LZ GG* C ;[^W[^R CLY]V 9BR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V GR L\P_ * J]N[^ ._^O]TAR 4?_\Y^_R <U[N\X 8 GG2 9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH?M JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V >R L\P_X > 2 > * -\H]W 1[YY]XR 6DH>JEM#LJFKLMJKC #IEM0JKCE@J:LR ;[^W[^= :_\AZ][^ 5[[AXR

* -\H]W 1[YY]X \^W 5\YQ\Y\ 1]V^_YR 6DH>JEM#LJFKLM. XX%.". / 2JGLF@HBH=FEMJKC &FJ5IKAE+M<M7JGJBHA=LMH?MJM6H=FIKAM' DI3IGIHKR 5[VZ[^ 1SX_SN \^W CYZ 0\VV_YMR

L'HBBLJIL$HI@CHG:L$KFI;DFAECHFK F\Z_YT[V[SY O]ZU L_^T]V

EG I

EG ]^TU_X 7Y[H_^\^T_= F\VA_YBX 0\VV_Y]_XR G

0DICKEJ9L(JEIBK 7_^ ]^A \^W O\Z_YT[V[SY O]ZU L_^T]V EG I ]^TU_X

3VVSXZY\Z_W= <KGI =IGILEMH?M FLJGM4FIGJIK/M)BB=EGFJGLCMIKM!IL5EMH?M-HKJEGLFILE+M7JEGBLE+MJKCM7D=F@DLE+ KH5ML IEGIKA M5IGDMCLE@FI:GIHKEMIKM'KABIEDMJKCM(FLK@DR ;[^W[^= ?_\Y^_ ( 5MY^_R GR H[VSN_ 3R ^[ ;#33 8_^PY\H_W QM F 5MY^_ ( < 1_WV\^W9

. : C , @ 3 J , 3 @?/ ; J / , .Y\^T]X ,]TU[VX[^R /FJ 8 2 GG9

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

+>FICKFLFKJAHG< :\^W\VV -\H]_XR 4.Y\^T]X ,]TU[VX[^R 2 GG= J[N_ .\N]VM ;_ZZ_YX \^W 7\L_YXBR 6DLM$BCM2JGLFM7HBH=FM;H@ILG8 EM7B=3+MH[V R L\P_X 2

* J]N[^ ._^O]TAR 4,]TU[VX[^R .Y\^T]X 8 2 GG9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH? JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V G R L\P_X 2 G* 5\X]V J[N_YX_Z ;[^PR 4.Y\^T]X ,]TU[VX[^= 7\]^Z_Y \^W ;]ZU[PY\LU_YBR 2JB*LF EM =JFGLFB8R G* ?S[^ 1\VV\VV]_SR 4.Y\^T]X ,]TU[VX[^= \ W[SPUZM Q]Z_Y [K K__W]^P U\^WXBR 2JGLF%7HBH=FEMJKCM&FJ5IKAER H[V GR ^[ R

R L\P_X 2 * JT[ZZ F]VT[IR 4,]TU[VX[^R .Y\^T]X 83 7]TA_Y]^PR , [YAXR G ,[H * C ;[^W[^R > 1\YTU GG9BR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V R L\P_X G2

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

D

)

+D>GIJHGEL288K9 F\Z_YT[V[SY EG I E ]^TU_X

+/ ? , #C: ; 6

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

ZU_ F[YWXO[YZU 1SX_SN 80Y\XN_Y_9R ?_Y_K[YW CYZ 0\VV_YMR 1\^TU_XZ_Y CYZ 0\VV_YM \^W <M^_ \^W F_\Y 1SX_SNX* ZU_ .]^_ CYZX 1SX_SNX [K J\^ .Y\^T]XT[* \^W ZU_ CYZ 0\VV_YM [K 0Y_\Z_Y #]TZ[Y]\ 85Y]Z]XU @[VSNQ]\9D +>FICKFLFKJAHG< CWY]\^ 5SYMR HDKM JFBL8MH?MGDLM$BCM;H@ILG8R . ;_O]X= ;_]PU2[^2J_\R

G>* @V\SX 1]TU\_V &\S N\^^R HDKM JFBL8+M. "V."X R ;[^W[^= 5\ZXK[YW%#]TZ[Y]\ \^W CVQ_YZ 1SX_SNR G* @V\SX 1]TU\_V &\S N\^^R 4#\YV_MR +[U^ 8 2 G 9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH?M JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V >R L\P_X G 2 G * C^^_ ;MV_XR 4+[U^ #\YV_MBX _\YVM O[YABR $BCM2JGLF%7HBH=FM;H@ILG8 EM7B=3R H[V R GR L\P_X 2 * C^^_ ;MV_XR 4#\YV_M 8 9 +[U^ #\YV_MBR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V R L\P_X 2

J__ ]N\P_X [H_YV_\K â&#x2DC;&#x17E;

% # $ " &

-CKL(JEIBKL 2??FDJ@C F\Z_YT[V[SY > EG I E ]^TU_X

/!

2L3>GEKIL HK7L-D7JFAEL DF4L'HGEIKFL;FD=LICKL0H6KF F\Z_YT[V[SY E I G E ]^TU_X

2L3>GEKIL HK7L-D7JFAEL DF4L'HGEIKFL;FD=LICKL0H6KF 3^ R 6WO\YWR #]XT[S^Z ;\XT_VV_XR ]^H]Z_W +[U^ #\YV_M Z[ U]X [YAXU]Y_ U[N_R ?\Y_O[[W ?[SX_R ]^ [YW_Y Z[ L\]^Z H]_OX [K ZU_ _XZ\Z_D 3^ X[ W[]^PR U_ ZY_\Z_W #\YV_M \X \ XSTT_XX[Y Z[ <U[N\X 0]YZ]^R OU[N ;\XT_VV_X U\W L\ZY[^]X_W \^W OU[ U\W ]^ S_^T_W ZU_ W_H_V[LN_^Z [K 0]YZ]^BX \YZD <U_ H]X]Z Z[ [YAXU]Y_ P\H_ #\YV_M ZU_ [LL[YZS^]ZM Z[ WY\O \^W L\]^Z [ZU_Y XSQ _TZX ]^ ZU_ \Y_\R \X _I_NLV]'_W QM ZU_ LY_X_^Z O\Z_YT[V[SY [K [YA 1]^XZ_YD

<? / 1 C J :/F ; C , - J / , <U[N\X :[OV\^WX[^ 8 2 9

-CD=JEL0D7BJGAEDGLFJHEKAL@D=H@LJFILIDLJLGK7LBK6KB 89LFK?FKEKGIHG<LICKL?JGDFJ=JLD;L@DGIK=?DFJF9LBH;K 7HICLJB=DEIL>G?JFJBBKBKA X>KG@9L LJAD?IHG<LB9FH@HE= DFLHG@HEH6KGKEELJEL8KEIL"IIKALICKLE>8 K@I5L2GA:LHG @J?I>FHG< JGLJ8>GAJG@KLD;L?H@I>FKE >KLAKIJHB:LCHE 7DF4L?FD6HAKALJL?JFJBBKBLIDLICKLGD6KBELD;L$KGF9 +HKBAHG<LDFL J>FKG@KL3IKFGK5

?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX LSQV]T T[VV_TZ][^XR ]^TVSW]^P ZU_ 5Y]Z]XU 1SX_SNR ZU_ ,\Z][^\V 1\Y]Z]N_ 1SX_SNR <\Z_ \^W ZU_ #(C* ZU_ CXUN[V_\^ 1SX_SN 8/IK[YW9R <U_ .]Z)O]VV]\N 1SX_SN 8@\NQY]WP_9R ?_YZK[YW 1SX_SNR 1\^TU_XZ_Y CYZ 0\VV_YMR ZU_ 1SX_SN [K 3XV\^W ?]XZ[YM 8,_OL[YZR 3XV_ [K F]PUZ9R <M^_ ( F_\Y 1SX_SNXR F\A_'_VW CYZ 0\VV_YM \^W [YA CYZ 0\VV_YM* \^W \V_ @_^Z_Y K[Y 5Y]Z]XU CYZ 8,_O ?\H_^9D

.[Y \ Q][PY\LUM [K <U[N\X :[OV\^WX[^R LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5R R L\P_ GD

+>FICKFLFKJAHG< CWY]\^ 5SYMR 9H5BJKCEHKM&FJ5IKAER ;[^W[^= CH\V[^ 7Y_XXR

* 5_Y^\YW .\VAR 6DH>JEM9H5BJKCEHK/M#IEM<FGMJKCM0I?LR ;[^W[^= ?SZTU]^X[^ ( @[R G * +[X_LU 0Y_P[R 9H5BJKCEHKMGDL 7JFI@JG=FIEGR ;[^W[^= @U\ZZ[ \^W F]^WSXR 8 H[VX9* +[U^ ?\M_XR 9H5BJKCEHK/M2JGLF@HBH=FEMJKCM&FJ5IKAER ;[^W[^= 7U\]W[^ 7Y_XXR * +[U^ ?\M_XR 6DLM<FGMH?M6DH>JEM9H5BJKCEHKR CV_I\^WY]\R #C= CYZ J_YH]T_X 3^Z_Y^\Z][^\VR

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

>R H[V R L\P_X 2 * # 7 J\Q]^R <M7JGJBHA=LMH?M2JGLF@HBH=FM&FJ5IKAEM38M6DH>JE 9H5BJKCEHK . %." R ;[^W[^= .Y\^A < J\Q]^R

* :[Q_YZ F\YAR &FJ5IKAEM38M6DH>JEM9H5BJKCEHKR J\^ 1\Y]^[R @C= ?S^Z]^PZ[^ ;]QY\YMR

2L BJIKLD;L#9EIKFE 7_^ ]^A \^W O\Z_YT[V[SY

EG I EG ]^TU_X 6IU]Q]Z_W= 45V]XX O\X ]Z ]^ ZU\Z -\O^ Z[ Q_ CV]H_R 2 BR /TZ[Q_Y R ^[ G * 4<U_ CP_ [K <U[N\X :[OV\^WX[^BR /TZ[Q_Y2,[H_NQ_Y R ^[

-CD=JEL0D7BJGAEDGL <U_ KSVVM ]VVSXZY\Z_W L\P_ T\Z\V[PS_R ]^TVSW]^P \^ _XX\M \^W Q][PY\LUMR O\X LSQV]XU_W QM @UY]X 5__ZV_X ;ZW ]^ D

//

) #FGHICDBD<9L L-CJIL.FJG@CLD;LRDDBD<9L7CH@CL-FKJIEL.HFAE 3^XTY]Q_W O]ZU Z]ZV_ 7_^ ]^A \^W O\Z_YT[V[SY EG I E ]^TU_X

/

/! HK7LD;L JG@JEIKF J]P^_W 7_^ ]^A \^W O\Z_YT[V[SY

EG I G E ]^TU_X

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

2L.BD7HG<LDGL.>GIKF <U[N\X :[OV\^WX[^ ]VVSXZY\Z_W \^ _W]Z][^ [K <[Q]\X JN[VV_ZZBX ^[H_VR 6DLM' :LCIGIHKMH? #=>:DFL8M7BIK*LFR ]^

D <U[SPU ZU_ LY_X_^Z O\Z_YT[V[SY ]X ^[Z [^_ [K ZU_ X_Z [K Z_^ ]VVSXZY\Z][^X K[Y ZU\Z Q[[AR ]Z N\M U\H_ Q__^ ]^XL]Y_W QM \ L\XX\P_ ]^ ZU_ Z_IZR ]^ OU]TU 1\ZZU_O 5Y\NQV_ W_XTY]Q_X ZU_ KYS]Z X_VV_YX [K @[H_^Z 0\YW_^D

&'T "&' %'# % '& $& # % &'N$ % '$<# " "#T%' ## ' & ' # % % ' "'$! $ " % #""% ' '$' % $!"'# '# % # # & % '$&'$ '%M# &$ & % '"#'& $&'! &&!%'%!"% & $ '& %' % "%'# '& % T$ S%&' $!!"'&#'& %'" $ % # '& %' #TT & /'$ & $&' "' "& &% ' '" Q!& ' $ " '$"' ' $ #& !##S'$&' & # &'!#$& &' $"' &' %"&% $ '& $& '"$ '$' & ' $ # L &% ' '& %'"& %%& !%$ ' % ' "& ' & & ' % '# '" &&!% '$ #'S # "' &'"#T%'Q % !$ '# ' &')$T%" "' $ " T &'$ T &' &#' % %! $&%'T# & '& #"%' % % %" ' ' $ ' %% #!!% '$ 'T# "&% % %& %% '& %'Q!& '$ % $ " ' ! % $&% ' # " # '$' &'N !%" "' S"&%

/

8C V_ZZ_Y KY[N 1\ZZU_O 5Y\NQV_ Z[ -[TZ[Y ;_O]XR ;[^W[^R +S^_R ]^ <[Q]\X JN[VV_ZZBX ^[H_VR 6DLM' :LCIGIHK H?M#=>:DFL8M7BIK*LFR R H[V 9 // 2L.BD7HG<LDGL.>GIKF 3^XTY]Q_W O]ZU Z]ZV_ \^W XZ\NL_W O]ZU ZU_ T[VV_TZ[YBX N\YA [K ;[S]X -_V\Z]P^M 7_^ ]^A \^W O\Z_YT[V[SY

I ]^TU_X 7Y[H_^\^T_* ;[S]X -_V\Z]P^M

/ 'H%HG<LICKL >G@CL8V_KZ9 7_^ ]^A \^W O\Z_YT[V[SY O]ZU L_^T]V EG I > EG ]^TU_X 7Y[H_^\^T_= + 5\YZ[^ <[O^X_^W [K 7U]V\W_VLU]\ 6IU]Q]Z_W= 4<U_ CP_ [K <U[N\X :[OV\^WX[^BR /TZ[Q_Y2,[H_NQ_Y R ^[

/ -CKL D@IDFLDGLICKL JAAKFL8Q_V[O V_KZ9 7_^ ]^A \^W O\Z_YT[V[SY E I > ]^TU_X 7Y[H_^\^T_= ?_^YM JT]L][ :_]ZV]^P_Y* -Y 6 F]VA_X 6IU]Q]Z_W= 4;[T\V ?_Y]Z\P_= C^ 6IU]Q]Z][^ [K F[YA [K CYZ KY[N 7Y]H\Z_ @[VV_TZ][^X ]^ ZU_ CY_\BR 0Y\H_X CYZ 0\VV_YMR JU_ _VWR CLY]V2 1\M R ^[ >

/ 2ILICKL(DIIJ<KL DDFL8Q_V[O Y]PUZ9 7_^ ]^A \^W O\Z_YT[V[SY > I G ]^TU_X

/ (FHKELD;L DGADG:L 'HB4L#*L8[LL[X]Z_9 7_^ ]^A \^W O\Z_YT[V[SY O]ZU L_^T]V I E ]^TU_X

/

/

(FHKELD;L DGADG:L 'HB4L#* 3^ R <U[N\X :[OV\^WX[^ LY[WST_W \ X_Z [K _]PUZ WY\O]^PX [K ZU_ 4@Y]_X [K ;[^W[^BR ]VVSXZY\Z]^P ZU_ T\VVX [K XZY__Z ZY\W_YXD <U_X_ O_Y_ _ZTU_W \^W U\^W T[V[SY_WR \^W ZU_^ LSQV]XU_W QM :SW[VLU CTA_YN\^^ [^ +\^S\YM

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

+/ ? , + C16 J @?C ;/ ,

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

/

<U_ @U\V[^ K\N]VM V]H_W \Z @USYTU JZY__ZR &_^X]^PZ[^R ;[^W[^R \^W LV\M_W U[XZ Z[ \ ^SNQ_Y [K JO]XX \YZ]XZX H]X]Z]^P [Y X_ZZV]^P ]^ 6^PV\^WD <U_X_ ]^TVSW_W .Y\^l[]X ._YY]m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

4LBBLFH:DHK M5IGDM J:HBLHKMJGM1B8>H=GDR \Z ZU_ :[M\V CT\W_NMR \^W XSQX_$S_^ZVM P\H_ ]Z Z[ 0Y__^O]TU ?[XL]Z\VD 83Z ]X ^[O ]^ ZU_ T[VV_TZ][^X [K ZU_ ,\Z][^\V 1\Y]Z]N_ 1SX_SND9 ?_ O\X _V_TZ_W \^ \XX[T]\Z_ [K ZU_ :[M\V CT\W_NM ]^ R \^W K[VV[O]^P X[N_ LY_XXSY_ QM U]X QY[ZU_Y \ KSVV :[M\V CT\W_N]T]\^ ]^ G D 5_ZO__^ > \^W R ZU_ @U\V[^ QY[ZU_YX V]H_W ]^ \^ \YZ]XZ]T $S\YZ_Y ^[YZU [K /IK[YW JZY__ZR O]ZU \WWY_XX_X \Z

@U\YV_X JZY__ZR ^[YZU [K ZU_ LY_X_^Z 5_Y^_YX JZY__Z 8 >2 9* G 0Y_\Z <]ZTU'_VW JZY__Z 8 2 9* 0Y_\Z <]ZTU'_VW JZY__Z 8 2 >9* 0Y_\Z 1\YVQ[Y[SPU JZY__Z 8 2 9* G 0Y_\Z 1\YVQ[Y[SPU JZY__Z 8 >2

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

>R H[V >R L\P_ G * ;][^_V ;\NQ[SY^_R 6DLM7DJBHKM4FHGDLFER ;[^W[^= #]TZ[Y]\ \^W CVQ_YZ 1SX_SNR * 6Y^_XZ :\WK[YWR FL!M:\MN[^W ;]XZ_YR 4@U\V[^R +[U^ +\N_X 8 2 G9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH?M JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_X 2

/ 2L0>HGKAL+D>GIJHG F\Z_YT[V[SY [^ L\L_Y V\]W [^ Q[\YW EG I E ]^TU_X 7Y[H_^\^T_= CV\Y]T C F\ZZX 3VVSXZY\Z_W= CV\Y]T C F\ZZX 8_W9R 6DLM7J3IKLGMH?M-HCLFKM<FGMJKCM0IGLFJF8 ;H=!LKIFR <U]YW J_Y]_XR ;[^W[^= FU]ZZ\A_Y ( @[R R K\T]^P L\P_ > 8V]^_2_^PY\H]^P [^ XZ__V QM :[Q_YZ F\VV]X9R 4<U_ :S]^_W .[S^Z\]^B QM 1]XX 6 ; 1[^Z\PS

/

C# %' # &;'A'# % ' '& %'" TT% '& ! &'& # " K'"#!%T ' $ % ' %"#!$&%! ' $ 'A H #"%'$" % &' " % "'# '& %'"# !L $ &' #%" H ' T$ ' %$"&"' 'T# !'" !% %' %$ 'A # &'$"'& %'! &'& $&'# % '& ' ' $!!"

!# "'& %' $ T'&%$ ' # ' !# %"'& $&' % $ &

! '$"'& %' %%8%' ' $ "'& ' !!$ % ' $!!" >% %& "'T%%S'"$ %""' %$& %"'$!# '& %' %$ &;

= # '# ' %$ & ' '& ' % S' %T$ " O &'T%T# "' !# '& $&' %$ & ' $"&'# % $"&

. '"# !"'A'! S%'D# % "' #"%'" ' % &% ' $ %" 'A R '&#'& %' $ L#<'" !% # '# '& %' $"& A'N % ' #%"' #&'S !! ' % %' % '$!# %' "' %!&

R "'# ' %$ '7# "' #T' '& %' # ' "' %$!&; 81]XX 6 ; 1[^Z\PSR 4<U_ :S]^_W .[S^Z\]^B9

F 3;; 3C 1 @ :/ ! @?

F]VV]\N @Y[STU 8\TZ]H_ 2 9 "' # S' "' $ $ &% 8% ' '$' ' !! $ %'# '&# %' ' $ %! '" %"&"' +$ !% "'%<# &"'&#'$ % %' ' $&% L #!# '& %' &% " & '# '# ! ' 8@ 6 ?SPU_XR 'JFB8M'KABIEDM2JGLF%7HBH=FR ;[^W[^= 1_ZUS_^ ( @[R

R L\P_ G 9

-CD><CLBHIIBKLHEL4GD7GLD;LICKLBH;KLD;L1HBBHJ=L(FD>@C:LCHELE>F6H6HG<L7DF4E JIIKEILJL?FDBH"@LJGAL?D?>BJFL?FD;KEEHDGJBLBH;K5L$HELHA9BBH@LJGAL?BKJEHG< 7JIKF@DBD>FELJFKL>E>JBB9L7DF4KALDGLJLE=JBBLE@JBKLJGALHILHELFJFKLIDL"GAL ICK=LEH<GKA5L GL?KF;K@IHG<LICKL<KGFKLD;LICKL@J?FH@@HD:LCKL@FKJIKAL8K<>HBHG< ?JBH=?EKEIEL;FD=LICKJIFH@JBLJF@CJKDBD<H@JBLKBK=KGIE:L8JICKALHGLICKL<BD7L D;LJLIFKJI=KGILD;LBH<CILHGE?HFKAL89L->FGKFLJGAL JFBK95L-CK9L7D>BALCJ6K ?FD6HAKALJLEJIHE;9HG<LAHECLIDLEKF6KLIDLICKLKJFB9LGHGKIKKGICL@KGI>F9L?>8BH@ KJ<KFL;DFLICKLIJEIKLD;LFD=JGIH@LJGIH >HI9LJGALICKLE?H@KLD;L6H@JFHD>ELIFJ6KB5

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

/ R "'!$S% '& %' "'# '& % >#T$ " ' "'# ! '$'" # &' "&$ % #T' $ "& %!!#/' &"' %$&%"&'!% & "'$ # &'Q &%% 'T !%" ' & '$ %$ & '$ % $ '$ # &'Q %'# '" M &' "'" 7% &'&#' "%"'$ ' $!!" ' $ %' ? !&'&#'%M !$ ' ' &' "'"$ &#' # &$ 'T$ 'Q" 'R %'=T % # !$ "' % &##S'$' %$&' # S' # & %' #"%'# ' $ '& %'!$S% '# $&'!%$"& ' % % & ' &' #T' # $T$ %' '# % D# 86DLM1LKK8M78@BH:JLCIJR ;[^W[^= @U\YV_X &^]PUZR

R H[V R L\P_ G 9

/ HK7LGKJFLICKL J4KLD;L(KBJGD:

J?BKE 3^XTY]Q_W O]ZU Z]ZV_ \^W 4C^ [Y]P]^\V WY\O]^P KY[N \ XA_ZTU QM \ K[Y_]P^ \YZ]XZB [^ Y_H_YX_ F\Z_YT[V[SY O]ZU Q[WMT[V[SY E I ]^TU_XR [H\V

@ ; C : & J/ , J <C , .3 6 ; -

.Y_W_Y]TA @V\YAX[^ JZ\^'_VWR :C 7J5C 8

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

* CM;[^W[^R 1\M R > 9R +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[VR R L\P_X

2 >* 7]_Z_Y H\^ W_Y 1_YO_R 6DLM;:L@GJ@=BJFM7JFLLFMH? 7BJF*EHKM;GJK LBCR JS^W_YV\^W 1SX_SN \^W CYZ 0\VV_YMR

* 7]_Z_Y H\^ W_Y 1_YO_R 4JZ\^'_VWR @V\YAX[^ 8

2 > 9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH? JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_X 2

/)

/ 2ILICKL+DDIL D;LICKL2@FD?DBHE: 2ICKGE F\Z_YT[V[SY O]ZU L_^T]V EG I ]^TU_X 7Y[Q\QVM WY\O^ K[Y QSZ ^[Z ]VVSXZY\Z_W ]^ F]VV]\N 5Y[TA_W[^R (IKCLK EM)BB=EGFJGIHKEMH? GDLM0I?LMJKCM2HF*EMH? 48FHK/M5IGDMHFIAIKJBMJKC ELBL@GLCMIK?HF>JGIHKMHK GDLME=3 L@GEMH?MGDL LKAFJ!IKAER ;[^W[^= +[U^ 1SYY\MR

2 G 8 H[VX9

!

2ILICKL+DDILD;LICKL2@FD?DBHE:L2ICKGE J_H_^ M_\YX \KZ_Y ZU_ W_\ZU [K ;[YW 5MY[^ ]^ GR ZU_ _^PY\H_YR F]VV]\N .]^W_^R W_T]W_W Z[ ]XXS_ (IKCLK EM0JKCE@J:LM)BB=EGFJGIHKEMGHM GDLM0I?LMJKCM2HF*EMH?M0HFCM48FHKD ?_ T[NN]XX][^_W XSTU _N]^_^Z O\Z_YT[V[SY]XZX \X @V\YAX[^ JZ\^'_VW \^W + 1 F <SY^_Y Z[ LY[WST_ ZU_ ]N\P_XR \^W LY[H]W_W ZU_N O]ZU XA_ZTU_X [K LV\T_X ZU\Z ZU_M U\W ^[Z H]X]Z_WR ^[Z\QVM ZU[X_ [K 0Y__T_ QM F]VV]\N 7\P_R OU[ ZY\H_VV_W ]^ Q[ZU 0Y__T_ \^W <SYA_M ]^ ZU_ M_\YX >2 GD <U_ T[NLV_Z_W

2G@DGJ @V\YAX[^ JZ\^'_VW H]X]Z_W ZU_ X_\L[YZ [K C^T[^\R [^ ZU_ _\XZ T[\XZ [K 3Z\VMR ]^ /TZ[Q_Y R WSY]^P \ V[^P @[^Z]^_^Z\V Z[SY ZU\Z V\XZ_W KY[N ZU_ \SZSN^ [K Z[ ZU_ XLY]^P [K

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

ZUY__2H[VSN_ X_ZR O]ZU Z_IZX QM F]VV]\N 5Y[TA_^W[^R O\X LSQV]XU_W QM +[U^ 1SYY\M ]^

2 GD <U_ LY_X_^Z H]_O [K ZU_ CTY[L[V]XR ]^ CZU_^XR O\X LY[Q\QVM LY[WST_W \X L\YZ [K ZU]X LY[ _TZD <U_ LSQV]XU_W H[VSN_X ]^TVSW_ ]VVSXZY\Z][^X [K ZU_ CTY[L[V]X QM <SY^_Y 8\KZ_Y <U[N\X CVV\X[^9 8]^ H[VSN_ 9 \^W QM + - ?\YW]^P 8\KZ_Y @ : @[TA_Y_VV9 8]^ H[VSN_ 9R \^W \VX[ [K ZU_ 7\YZU_^[^R ]^ L\YZ]TSV\YR QM F]VV]\N 7\P_ 8]^ H[VSN_ 9D

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

+SVM R V[Z R X[VW Z[ CP^_OBX .[Y * CP^_OBXR X[VW Z[ ?_^YM 5YS_^R [^ CLY]V R K[Y D ;]Z_Y\ZSY_= +\N_X -\ [Y^_R 1I@G=FLEM38M7BJF*EHKM;GJK LBC+M9</M5IGD CLE@FI:GIHKEMJKCMJM3IHAFJ:DI@JBME*LG@DMH?MGDLM:JIKGLFR ;[^W[^= #]YZS_R JL\VW]^P ( -\VWMR R L\P_

6IU]Q]Z_W= :[M\V CT\W_NMR JSNN_Y 6IU]Q]Z][^R G R ^[

(JIJBD<>KL0JHEDGGNLD;L(BJF4EDGL3IJG"KBA*EL HK7ELD;L2G@DGJ /5L FD8J8B9LAFJ7GLDGLEHIKLHGL/ 6FJ JK EM<F@D+M<K@HKJ+M)GJB8 F\Z_YT[V[SY O]ZU L_^T]V \^W Q[WMT[V[SYR G I > ]^TU_X F]ZU \ ;[^W[^ W_\V_Y ]^ ]N\P_ X__^* OU_Y_\Q[SZX S^A^[O^ ,[Z_= <U]X ]X \ XZSWM K[Y ZU_ LY_X_^Z O[YAD 5L/ ! <K@HKJMHKMGDLM<CFIJGI@ 1_W]SN \^W X])_ S^A^[O^ 6IU]Q]Z_W= :[M\V CT\W_NMR JSNN_Y 6IU]Q]Z][^R G R ^[ G 4ZU_ V]ZZV_ XA_ZTU ]X QY]PUZ \^W XL\YAV]^PB 86DLM;:L@GJGHFR G 9 ^[Z X__^* OU_Y_\Q[SZX S^A^[O^ 5L/

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

5L/ 6DLM1HFGMH?M<K@HKJ -\Z_W G R Z_NL_Y\ [^ L\L_Y V\]W [^ T\^H\XR Y_Z[STU_W ]^ []V \^W H\Y^]XU_WR I ]^TU_X ]N\P_ X__^* 0\YY]TA @VSQR P]H_^ QM @V\YAX[^ JZ\^'_VW ]^ G ,[Z_= <U]X ]X H_YM X]N]V\Y Z[ QSZ XV]PUZVM XN\VV_YD 5L/ <?6 7:6J6,< F/:& /) 5L/ / <K@HKJMJKCMGDLM<F@DMH?M6FJ JK -\Z_W R []V [^ T\^H\XR g I > g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

/

6-FC : - ; 6 C : 6WO\YW ;_\Y 8 2 9

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

! .KICJG9 J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ 7_^ ]^A \^W O\Z_YT[V[SY > E I E ]^TU_X

8;]H_YL[[V9 \^W <U_ FU]ZO[YZU CYZ 0\VV_YM 81\^TU_XZ_Y9* \^W 5V\TA_Y2F[[W ;]QY\YMR 1T0]VV !^]H_YX]ZM 81[^ZY_\V9R ?[SPUZ[^ ;]QY\YMR ?\YH\YW !^]H_YX]ZM 8@\NQY]WP_ 1C9R ZU_ 1SX_SN [K .]^_ CYZX 85[XZ[^9 \^W 7\SV 1_VV[^ @_^Z_Y K[Y 5Y]Z]XU CYZ \Z ,_O ?\H_^D +>FICKFLFKJAHG< 5Y][^M ;V_O_VVM^R 4;_\YR 6WO\YW 83 ?[VV[O\MR ;[^W[^R 1\M * C J\^ :_N[R 3Z\VMR +\^ 9BR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V R L\P_X

G2 >* #]H]_^ ,[\A_XR 'C5JFCM0LJFM.". %."""R ;[^W[^= :[M\V CT\W_NM [K CYZXR * #]H]_^ ,[\A_XR 4;_\Y 6WO\YW 8 2 9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFC &I@GIHKJF8MH?M JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_X

G2 * #]H]_^ ,[\A_XR 6DLM1JIKGLFM'C5JFCM0LJFR ,_OZ[^ CQQ[Z= -\H]W ( @U\YV_XR

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

/ +DFILD;L BKL3JHGIKL'JF<>KFHIK:L(JGGKE 3^XTY]Q_W O]ZU Z]ZV_R 4 B \^W _IZ_^X]H_VM O]ZU T[V[SY ^[Z_XR \^W W\Z_W 4 D LN CLY]V > B 7_^ ]^A \^W O\Z_YT[V[SY O]ZU Q[WMT[V[SY [^ Z]^Z_W L\L_Y I E ]^TU_X

F 3;; 3C 1 J 3 1 7 J / ,

F]VV]\N J]NLX[^R :3 .:0J 8 2

9 1HBBHJ=L3H=?EDGL7JELJL?HDGKKFHG<L3?K@HJBL2FIHEI ICJILHELJL6HE>JBL D>FGJBHEILEKGILIDLFK@DFAL=J DFLGK7E EIDFHKEL;DFLHBB>EIFJIKAL?>8BH@JIHDGE5L'J4HG<LCHE FK?>IJIHDGL7HICLBHICD<FJ?CELD;LCHEL7JIKF@DBD>FELD; ICKL(FH=KJGL1JF:LJGALK6KGL<JHGHG<LICKLGJ=K (FH=KJL3H=?EDG*:LCKLBJIKFLAK6KBD?KALJL@BDEK JEED@HJIHDGL7HICL

5 .[Y \ Q][PY\LUM [K F]VV]\N J]NLX[^R LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5R R L\P_X 2 D +>FICKFLFKJAHG< -_V]\ 1]VV\YR 4J]NLX[^R F]VV]\N 8 2

9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH?M JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_X >2 * J]N[^ 7__YX \^W 7\SV <U_Y[SIR -FM2IBBIJ>M;I>:EHKMH?M 6DLM)BB=EGFJGLC 0HKCHKM L5E /M1IHKLLFM2JFM<FGIEG+M." %.",,R ;[^W[^= .]^_ CYZ J[T]_ZMR

2C=KAG><<>F:L3>B>8>IL CJG*EL-D=8L8[LL[X]Z_ \Q[H_9 F]VV]\N J]NLX[^ XL_^Z ZUY__ M_\YX ]^ 3^W]\ Q_ZO__^ \^W > R \^W Y_ZSY^_W Z[ ZU_ T[S^ZYM ]^ Z[ T[H_Y ZU_ Z[SY [K 6WO\YWR ZU_ 7Y]^T_ [K F\V_XD ?_ T_YZ\]^VM H]X]Z_W CUN_W^\P\YR ]^ ZU_ XZ\Z_ [K 1\U\Y\XUZY\R ]^ > R Y_T[YW]^P ]^ U]X \SZ[Q][PY\LUM ZU\Z 43 LSZ SL O]ZU 1\ [Y 6WO\YW 5_\V_R QY[ZU_Y [K -Y C^ZU[^M 5_\V_B 80_[YP_ 6MY_2<[WW 8_W9R 6DLM<=GH3IHAFJ:D8MH?M2IBBIJ>M;I>:EHK+M9)R ;[^W[^= < . !^O]^R

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

3D=JBHE:L K7ELJGAL#6KFBJGAL JEEKG<KFELJIL2AKG:L K=KG J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W F\Z_YT[V[SY O]ZU Q[WMT[V[SY \^W L_^T]V I ]^TU_X 3VVSXZY\Z_W= F]VV]\N J]NLX[^R 1I@G=FLE =LM1LH:BLR ;[^W[^= F 1 <U[NLX[^R > S^L\P]^\Z_W

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

2C=KAG><<>F:L3>B>8>IL CJG*EL-D=8L8\Q[H_9 J]P^_W O]ZU ]^]Z]\VXR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W F\Z_YT[V[SY O]ZU L_^T]V I EG ]^TU_X

-D=8LD;L+FKAKFH@4L2>EIHGL0H@CJFAEDGL8Q_V[O9 J]P^_W \^W W\Z_W 4 ZU 1\YTU B F\Z_YT[V[SY O]ZU L_^T]V G E I EG ]^TU_X

< ?/1 C J ?/J 1 6: J ?67?6:-

<U[N\X ?[XN_Y JU_LU_YW 8

2 >G9 -CD=JEL$DE=KFL3CK?CKFAL7JE ?FD8J8B9LICKL=DEILIJBKGIKAL=K=8KFLD; JL;J=HB9LD;L DGADGLID?D<FJ?CKFE:LCHE DG@KL;J=D>ELH=J<KELD>IEIJGAHG<LHG ICKHFL6H6J@HD>ELAKIJHB5 .[Y \ Q][PY\LUM [K <U[N\X ?[XN_Y JU_L\YWR LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5R GR L\P_ D

-CKL'JF8BKL2F@C:L$9AKL JF4L(DFGKF:L#%;DFAL3IFKKI J]P^_W \^W W\Z_W F\Z_YT[V[SY O]ZU L_^T]VR > EG I EG ]^TU_X 3VVSXZY\Z_W= K\T]^P L\P_ 8_^PY\H_W QM J\NS_V ;\T_M9

K #& % ' $!'% & $ %'-&#' %' $ S,' "' T % !$ 'N$&% ':"#' $!!% $ &% '& %' % #'# ' !!# % 9'$&'& %' %"&% '%M& %T & '# '.M # '"& %%& # T% ! ' $!!% 'R 'N$&% ' % %' "' # '% % &% '& %' #!#""$!' $ !% K ' ' % % &! ' # T% '& %' $ '% & $ %'&#'O S $T' $!$ % '

86DLM2HFBC EM-LGFH:HBIER R L\P_ 9

R T $!'K '% % &% ' '& %' %$ 'PB6B ' #T'& %' %" '# 'E% T " O &# '& %'$ &% &'# '& %' $ '% & $ %'&#' %' $ S '$! %$ ' %" % R %'$ ' "'# '%!% $ &' # # & # 'D# ' % # $& # '$ '%M " &%! 'Q " % # ST$ " '$ ' $ ' &' %% ' #T !%&% '$ # '&#'& %'# $!' %" # '& %'$ &% & ' &' # ! ' $ %' %% '# %'# '& %'Q %"&'& T $!'$ %"' %M "&% % '22'* # '& "'$ ' "' !$ % '$' #!#""$!' # 8%'% %"& $ '"&$& % # '& %'E S%'# 'H%!! &# ' ' $&& % ' #&%"'H $&& '% % &% ' 'PB5J ' ' ! '" " & # ' ' "'"$ '&#' $ %'$T# &% '&#'1@F FFF '

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

* ;STM 7_VZ)R 4<U[N\X ?[XN_Y JU_LU_YW 8 G2 > 9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH?M JGIHKJB 4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_ G * + . @ 7U]VV]LXR ;DL:DLFC E 0HKCHKR ;[^W[^= @\XX_VV >

86DLM2HFBC EM-LGFH:HBIE+M R L\P_ >9 ,[X & ! ( & \Y_ \VV ]VVSXZY\Z_W= ]^ 6DLM2HFBC E -LGFH:HBIE+MHFM-IADG8M0HKCHKR ;[^W[^= :_\W ( @[R 2

L-FH>=?CJBL2F@CLUL >4KLD;L1KBBHG<IDG*E 3IJI>K:L(DGEIHI>IHDGJBL$HBB J]P^_W F\Z_YT[V[SY O]ZU L_^T]V > E I ]^TU_X 3VVSXZY\Z_W= K\T]^P L\P_ 8_^PY\H_W QM F]VV]\N 6WO\YW CVQSZZ9

2?EBK9L$D>EKLU ,GIFJG@KLIDL$9AKL JF4: H@@JAHBB9 J]P^_W F\Z_YT[V[SY O]ZU L_^T]V > EG I ]^TU_X 3VVSXZY\Z_W= K\T]^P L\P_

8_^PY\H_W QM +[U^ FY]PUZX[^9

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

(JFBIDGL$D>EKL-KFFJ@K UL >4KLD;L DF4*EL(DB>=G: ;FD=L3IL J=KE*EL JF4 J]P^_W F\Z_YT[V[SY O]ZU L_^T]V > EG I EG ]^TU_X 3VVSXZY\Z_W= K\T]^P L\P_

8_^PY\H_W QM CVV[N9

) -CKL >JAFJGI:L0K<KGIL3IFKKIL8\Q[H_9 J]P^_W F\Z_YT[V[SY O]ZU L_^T]V > EG I EG ]^TU_X 3VVSXZY\Z_W= K\T]^P L\P_ 8_^PY\H_W QM 6WO\YW @U\H\^^_9

! 0K<KGIL3IFKKI:L;FD=LICKL >JAFJGI:LBDD4HG<L DFIC J]P^_W F\Z_YT[V[SY \^W L_^T]V > EG I ]^TU_X 3VVSXZY\Z_W= K\T]^P L\P_ 8_^PY\H_W QM +[XUS\ ?[LA]^X9

>% % &' " ' $ !! ' # T '& %'7 & # ' %& %% ' $ !! $ '>% % &' & %%& '& %'T#"&' $ "#T%'"& %%&' '& %'T%& # #! " ' '& %' "' &"%! ' %'Q '& %' % '#? %'# '& %'N% % $! &%$T'G$ $& # '$ '"% % $!'#& % '#? %"'# ' T # &$ % ' 86DLM2HFBC EM-LGFH:HBIE+M R L\P_ G9

/ 0K<KGI*EL(HF@>E:L#%;DFAL3IFKKI:L DGADG J]P^_W* O\Z_YT[V[SY O]ZU L_^T]VR > EG I EG ]^TU_X -CKL.JG >KIHG<L$D>EK:L1CHIKCJBB J]P^_W* O\Z_YT[V[SY O]ZU L_^T]VR > EG I EG ]^TU_X

)

-CKL'JGEHDGL$D>EK #;;H@HJBL0KEHAKG@KLD; ICKL DFAL'J9DF J]P^_W F\Z_YT[V[SY O]ZU L_^T]V > EG I ]^TU_X 3VVSXZY\Z_W= K\T]^P L\P_

!

$ " # ' # "% ' $ " # ' # "%' & %%& '& %'#? $! %" % %'# '& %'C# ' $ # ' '& %'&% T'# ' " T$ # $!& ' $"'% % &% ' #T'& %' %" "'# '& %'%! % ' 'E$ % '& %'Q "&'"&# %' $ ' %% '!$ ' 'PI@0 '$ & %' ! 'Q " % ' 'PI4@ ' '& %'T$ # $!& '# ' ' " N$" # % ' #' $"'& %'Q "&'C# ' $ # ' #' %" % ' ' &

N ! $!! '( '"& %%& ' %$ " % ' $"' !&'# $!! ' P5PP ' &' % 'T ' $T$ % ' '& %'N %$&' %'# 'PJJJ

& %' %"% &'% Q % ' & '& %'%M % & # '# '& %' # & ' $" % % &% ' ' &"' !$ %' 'R#' % $ '& %' #"&'# '& "' % ! '& %'"% % $!'N ! "'# ' #T $ %"' $ %'! % $! # & & # " '

86DLM2HFBC EM-LGFH:HBIE+M R L\P_ >9

86DLM2HFBC EM-LGFH:HBIE+M R L\P_ 9

-CKL >HBACJBB:L HG<L3IFKKI F\Z_YT[V[SY O]ZU L_^T]V > EG I ]^TU_X 3VVSXZY\Z_W= K\T]^P L\P_ 8_^PY\H_W QM J\NS_V ;\T_M9

-CKL'DG>=KGI:L +HECL3IL$HBB J]P^_W F\Z_YT[V[SY O]ZU L_^T]V > EG I EG ]^TU_X 3VVSXZY\Z_W= K\T]^P L\P_

8_^PY\H_W QM @V\YA9

4R %' # T% & '" & $&% ' ' # T% &'3$

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

,JEIL GAHJ $D>EK:L DGADG J]P^_W F\Z_YT[V[SY O]ZU L_^T]V > EG I ]^TU_X

/

, 6 F </ , .3 6 ; - 3 , 0

,_OZ[^ JN]ZU ;]NQ]YW .]_VW]^P 8

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

J[[^ \KZ_YR .]_VW]^P N[H_W Z[ 7\Y]X Z[ O[YA O]ZU U]X QY[ZU_Y <U\V_X K[Y ZU_ LSQV]XU_YR + . WB/XZ_YH\VWD <UY[SPU ZU_ XR ZU_ QY[ZU_YX LV\M_W \^ ]NL[YZ\^Z Y[V_ ]^ W]XX_N]^\Z]^P ]N\P_X QM ZU_ C^PV[2.Y_^TU XTU[[V [K O\Z_YT[V[SY]XZXR T_^ZY]^P [^ 6SPm^_ -_V\TY[]I \^W :]TU\YW 7\YA_X 5[^]^PZ[^D 3^ ZU_ XSNN_Y [K GR ,_OZ[^ .]_VW]^P \TT[NL\^]_W 5[^]^PZ[^

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

2 >9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFC &I@GIHKJF8MH?M JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_ * 1\YT]\ 7[]^Z[^R 4.]_VW]^P= 8 9 ,_OZ[^ 8;]NQ]YW JN]ZU9 .]_VW]^P 83 -SYU\NR * C 7\Y]XR >9BR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V R L\P_X > 2>

3>GEKI J]P^_W \^W W\Z_W

F\Z_YT[V[SY G EG I ]^TU_X 7Y[H_^\^T_= <U_ -\H]W 1[[Y_ @[VV_TZ][^ 6IU]Q]Z_W= 45V]XX O\X ]Z ]^ ZU\Z -\O^ Z[ Q_ CV]H_R 2 BR /TZ[Q_Y R ^[ >

0 6 / :0 6 ?C - / @& - / - 0J /, 0_[YP_ ?\MW[TA -[WPX[^R /FJ 8 2 9

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

F\Z_YT[V[SY O]ZU Q[WMT[V[SY

I ]^TU_X

+/ ? , 0 6/ :0 6 , C 3 J ? +[U^ 0_[YP_ ,\]XU 8 G2 9

-CKLBDG<LJGALE>@@KEE;>BL@JFKKFLD;L DCGL KDF<KL JHEC AH6HAKALHGIDLI7DLCH<CB9LAHEIHG@IL?CJEKE5L$KL"FEI KEIJ8BHECKALCH=EKB;LJELJL?JHGIKFLD;LHAKJBHEKAL"<>FK E>8 K@IELHGLICKLIFJAHIHDGLD;LCHEL=KGIDF:L1HBBHJ=L,II95 $D7K6KF:LHGLICKLBJIKL/ !E:LCKLI>FGKALJB=DEI @D=?BKIKB9LIDLBJGAE@J?KE:LJGALE?K@HJBHEKALHGLHGIKGEK E@KGKELD;LICKL@DJEIELD;L(DFG7JBBLJGAL K6DG:LICK BJIIKFL8K@D=HG<LCHELCD=K5 +[U^ 0_[YP_ ,\]XU O\X Q[Y^ ]^ 1]WUSYXZR JSXX_IR [^ CLY]V GR ZU_ _VW_Y X[^ [K ZU_ PY[T_YR +[U^ .[[YW ,\]XUR \^W U]X O]K_R 6V])\Q_ZU 8^"_ 0\Z_U[SX_9D 1STU Z[ ZU_ W_V]PUZ [K U]X K\ZU_YR OU[ O\X \ V[H_Y [K \YZR U_ XU[O_W \^ _\YVM Z\V_^Z K[Y WY\O]^PD ?[O_H_YR U]X LY[PY_XX ]^ ZU]X '_VW O\X \VN[XZ L_YN\^_^ZVM U\VZ_W OU_^ U_ Y_\TU_W ZU_ \P_ [K ^]^_R K[YR 4OU]V_ H]X]Z]^P \^ S^TV_ ]^ @U]TU_XZ_YR U]X T[SX]^ \TT]W_^Z\VVM XU[Z U]N ]^ ZU_ V_KZ _M_ O]ZU \ XZ__V2L[]^Z_W \YY[OD C V[^P ]VV^_XX \^W ZU_ V[XX [K ZU_ X]PUZ [K ZU_ _M_ O_Y_ ZU_ Y_XSVZB

) ,6KGHG<L0KA:L KJFL 9A;DFA:L JFI=DDF J]P^_W \^W W\Z_W

F\Z_YT[V[SY O]ZU PSN \Y\Q]T I E ]^TU_X

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eB ?]X O]K_ @U\YV[ZZ_R OU[ O\X X]I M_\YX U]X _VW_YR W]_W ]^ ZU_

XR OU]V_ U_ V]H_W [^ S^Z]V 1\YTU D ?_ Q_$S_\ZU_W Z[ ZU_ N]^]XZ_YX [K ZUY__ TUSYTU_X ]^ 3VKY\T[NQ_D

-SY]^P ZU_ > XR ,\]XU T[^T_^ZY\Z_W [^ ZU_ T[\XZV]^_X [K @[Y^O\VV \^W -_H[^R \^W L\]^Z_W X_\XT\L_XR O]ZU \^W O]ZU[SZ 'PSY_XR O]ZU \^ \VN[XZ 7Y_2:\LU\_V]Z_ ]^Z_^X]ZMR X[ V_\W]^P ZU_

+\N_X -\ [Y^_R 4<U_ F[YAX [K +[U^ 0_[YP_ ,\]XUBR 6DLM<FG H=FKJBR R L\P_X 2

+>FICKFLFKJAHG<

?6,: + ! < J ! 1 ?_^YM +SZXSN 8 >2 > 9

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

CY[S^W ZU]X Z]N_R U_ \VX[ Q_P\^ _IU]Q]Z]^P \Z ZU_ 5Y]Z]XU 3^XZ]ZSZ][^R \ LY]H\Z_ \YZ X[T]_ZM ]^ JS [VA JZY__ZR ;[^W[^D /^_ [K ZU_ N[XZ X]P^]'T\^Z N[N_^ZX [K +SZXSNBX T\Y__Y O\X ZU_ W_T]X][^ Z[ Q_T[N_ \LLY_^Z]T_W Z[ ZU_ ,[YO]TU JTU[[V \YZ]XZR +\N_X JZ\YAD <U_ \YZ U]XZ[Y]\^R +\^_Z FU]ZN[Y_R XSPP_XZX ZU\Z ZU]X Z[[A LV\T_ ]^ R OU_^ +SZXSN O\X SXZ G M_\YX [VWR OU_Y_\X [ZU_YX ]^W]T\Z_ ZU_ Y_V\Z][^XU]L Q_P\^ V\Z_YR ]^

D 3^ _]ZU_Y T\X_R JZ\YA \^W U]X T[^Z_NL[Y\Y]_X O_Y_ S^W[SQZ_WVM \ XSQXZ\^Z]\V ]^ S_^T_ [^ U]ND .]YXZ V_W QM +[U^ @Y[N_ \^W :[Q_YZ ;\WQY[[A_R ZU_ ,[YO]TU JTU[[V O\X [^_ [K ZU_ 'YXZ Y_P][^\V V\^WXT\L_ L\]^Z]^P XTU[[VX ]^ 6SY[L_R \^W ]ZX XZY[^P Z[L[PY\LU]T\V K[TSX O\X U]PUVM T[NL\Z]QV_ O]ZU +SZXSNBX XZMV_D +SZXSN O\X \ XA]VV_W L\]^Z_Y ]^ Q[ZU []V \^W O\Z_YT[V[SYR ZU[SPU U]X LY_W[N]^\^Z K[TSX [^ O\Z_YT[V[SY L\]^Z]^P WSY]^P ZU_ X \^W NSTU [K ZU_ G X ]X V]A_VM Z[ U\H_ Q__^ WS_ ]^ L\YZ Z[ ZU_ ]^ S_^T_ [K ZU_ O\Z_YT[V[SY]XZR +[U^ J_VV @[ZN\^R OU[ U\W Q_T[N_ ZU_ U_\W [K ZU_ ,[YO]TU JTU[[V ]^ D â&#x2DC;&#x17E;

& $ % â&#x2DC;&#x17E; 3^ G R +SZXSN O\X _V_TZ_W \ N_NQ_Y [K ZU_ ,_O J[T]_ZM

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

! -CKL JICL89LICKL0H6KF J]P^_W /]V [^ T\^H\X I G E ]^TU_X

?_^YM +SZXSN Y_N\]^_W S^N\YY]_W ZUY[SPU[SZ U]X V]K_D 5_ZO__^ \^W > R U_ V]H_W \Z > 7Y[XL_TZ 7V\T_R 7\WW]^PZ[^R O]ZU U]X [VW_Y QY[ZU_Y :[OV\^WD <U_ L\]Y ZU_^ N[H_W Z[ ?\N]VZ[^ <_YY\T_R ]^ ZU_ \`S_^Z XSQSYQ [K JZ +[U^BX F[[WR OU_Y_ U_ V]H_W S^Z]V U]X W_\ZU [^ 1\YTU > D 6DLM3IHAFJ:D8MH?M#LKF8M =GE=>MIEM5FIGGLKM38M<BL JKCLFM4LLGBLE

FC ; ; 6 : ?! 0 ? 7C</ ,

F\VV_Y ?SPU 7\Z[^R :JC :JF 8 2 9 1JBBKFL$><CL JIDGLHELEJHALIDLCJ6KL8KKGLICKL"FEI 3@DIIHECL?JHGIKFLIDLCJ6KL ?JHGIKALJL?H@I>FKLICFD><CD>I HGLICKLD?KGLJHF*L KDF<KL FK<DF9L3=HIC:L7FHIHG<LHG 3HFL3HAGK9L KKL KA :L $

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

.[Y \ Q][PY\LUM [K F\VV_Y ?SPU 7\Z[^R LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5R R L\P_X > 2 D ?]X O[YA ]X Y_LY_X_^Z_W ]^ ZU_ T[VV_TZ][^X [K ZU_ ,\Z][^\V 0\VV_Y]_X [K JT[ZV\^W 86W]^QSYPU9D +>FICKFLFKJAHG< +S^_ 5\IZ_YR 47\Z[^R F\VV_Y ?SPU 8 2 9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH?M JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V G R L\P_X > 2>G* +S^_ 5\IZ_YR 2JBBLFM#=ADM1JGHK/M<M;@HGGIEDM0JKCE@J:LM1JIKGLFM." "%.", R JZ C^WY_OX= @Y\OK[YW CYZ @_^ZY_R

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

R V\Z_Y _IL\^W_W Z[ Z\A_ Y[\W ZY\ TD <U_ K\VVX \Y_ ^[O L[LSV\Y O]ZU W]H_YX \^W A\M\A_YXD

/ -CKL+JBBELD;L DFJ:L L(DGGKB J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W 4 ZU CSPSXZ B F\Z_YT[V[SY O]ZU Q[WMT[V[SY

I E ]^TU_X

C; . : 6- F 3 ; ; 3 C 1 ?! , < CVKY_W F]VV]\N ?S^ZR #7:FJ 8 2 >9

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

-SY]^P ZU]X L_Y][WR ?S^Z Q_P\^ Z[ Y_\W ZU_ O[YA [K :SXA]^R \^W Q_T\N_ X[ ]^XL]Y_W QM ]ZX \_XZU_Z]T [K 4<YSZU Z[ ,\ZSY_B \X Z[ W_H_V[L U]X \YZ \X \ XM^ZU_X]X [K ]ZX <SY^_Y]\^ \^W 7Y_2:\LU\_V]Z_ _V_N_^ZXD ?]X PY[O]^P _NSV\Z][^ [K <SY^_Y T\^ TV_\YVM Q_ X__^ ]^ U]X V[H_ [K \ZN[XLU_Y]TXR \^W ]^ ZU_ _IL_Y]N_^Z\V Z_TU^]$S_X ZU\Z U_ _NLV[M_W Z[ \TU]_H_ ZU_ND ?]X V[M\VZM Z[ 7Y_2:\LU\_V]Z]XN T\^ Q_ S^W_YXZ[[W ZUY[SPU ZU_ \VN[XZ XT]_^Z]'T\VVM W_Z\]V_W XZSW]_X U_ N\W_ ]^ LY_L\Y\Z][^ K[Y L\]^Z]^PD ?]X N_NQ_YXU]L [K ZU_ ?[P\YZU @VSQ 8 9 \VX[ W_N[^XZY\Z_W 7Y_2:\LU\_V]Z_ \ V]\Z][^XD CX \ Y_XSVZ [K ZU_X_ _^W_\H[SYXR U_ P\]^_W \^W XSXZ\]^_W :SXA]^BX LY\]X_R \^W Q_T\N_ U]X KY]_^W \^W T[YY_XL[^W_^ZD ?S^ZBX W_W]T\Z][^ Z[ V\^WXT\L_ L\]^Z]^P \VX[ Y_H_\V_W ]ZX_VK ]^ ZU_ _IZ_^X]H_ XSNN_Y Z[SYX ZU\Z U_ Q_P\^ Z[ Z\A_ \Z ZU]X Z]N_D ?_

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

>R H[V R L\P_ G

2L34KI@CL;DFL 1CHI89:LICKLO(FJ 9L JGKPL HGLCKFL JEIL.KFIC* F\Z_YT[V[SY E I ]^TU_X <U_ O\Z_YT[V[SY K[Y OU]TU ZU]X ]X \ XZSWM O\X _IU]Q]Z_W \Z ZU_ :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXR R ^[ GD

-CKL JBBK9L D;LICKL KKL 8KI7KKGL BJG<DBBKG JGAL(DF7KG /]V [^ T\^H\X

EG I E ]^TU_X

#GLICKL B><79: (J?KBL(>FH< L 'DKBL3HJ8DAL HGLICKL HEIJG@K /]V [^ T\^H\X

EG I

EG ]^TU_X 6IU]Q]Z_W= 4<U_ CYZ <Y_\XSY_X 6IU]Q]Z][^ [K ZU_ ,[YZU F\V_X ( ZU_ 5[YW_Y @[S^Z]_XBR FY_IU\NR >R ^[ G \

)

3IFHAHG<L,A<KL L$KB6KBB9G CVKY_W F]VV]\N ?S^ZBX H]_O [K ?_VH_VVM^ ]^ ZU_ 6^PV]XU ;\A_X ]X Z\A_^ KY[N ZU_ N[S^Z\]^BX _\XZ_Y^ \^A [^ 7\ZZ_YW\V_ @[NN[^D <U_ ^\YY[O \Yh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

D CVZU[SPU ^[Z W[TSN_^Z_W ]^ V_ZZ_YXR XA_ZTUQ[[AX ^[X G \^W 8]^ ZU_ T[VV_TZ][^ [K N\Z_Y]\V ZU\Z Y_N\]^_W ]^ ZU_ \YZ]XZBX XZSW][ \Z ZU_ Z]N_ [K U]X W_\ZU \^W OU]TU ]X ^[O ]^ ZU_ CXUN[V_\^ 1SX_SNR /IK[YW9 T[^Z\]^ L_^T]V XZSW]_X [K ;\A_V\^W XT_^_YMD -\Z_X \ZZ\TU_W Z[ ZU_X_ XA_ZTU_X ]^W]T\Z_ ZU\Z ?S^Z O\X ]^ ZU_ ;\A_X K[Y \Q[SZ \ N[^ZU KY[N N]W2J_LZ_NQ_Y [K ZU\Z M_\YD 3^ \WW]Z][^R ZU_ L\]^Z]^P 2JEGCJBLM#LJC ?FH>M;G8DLJCM1JEEM8?\YY]X 1SX_SN \^W CYZ 0\VV_YMR 7Y_XZ[^9R \^W ZU_ O\Z_YT[V[SY 'JECJBL+MKLJFM FJE>LFL 8CXUN[V_\^ 1SX_SNR /IK[YW9R \VX[ W_Y]H_W KY[N ZU_ ZY]LD C KSYZU_Y O[YA Z[ U\H_ [Y]P]^\Z_W ]^ ZU_ \SZSN^ [K O\X ?S^ZBX []V L\]^Z]^P 6DLM0IGGBLMJKCM FLJGM0JKACJBLE 5IGDM'BGLFM2JGLFMJKCM0H=ADFIAAM6JFK+M?FH>M0H=ADFIAAM(LBB 8J[ZU_QMBX 5_VPY\H]\R 1\YTU R V[Z G>9D <U_X_ \Y_ \VV V[T\Z][^X ]^ ZU_ T_^ZY\V [Y O_XZ_Y^ ;\A_XD

!

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

/

3IFHAHG<L,A<KL $KB6KBB9G J]P^_W \^W W\Z_W

3^XTY]Q_W O]ZU Z]ZV_ [^ V\Q_V [^ Y_H_YX_ /]V [^ T\^H\X > E I E ]^TU_X 7Y[H_^\^T_= CV_I\^W_Y 1\TPY_P[Y 8USXQ\^W [K CVKY_W F]VV]\N ?S^ZfX X]XZ_Y J\Y\U +\^_9 6IU]Q]Z_W= 41_N[Y]\V 6IU]Q]Z][^ [K 7]TZSY_X QM CVKY_W F ?S^Z :FJBR F\VA_Y CYZ 0\VV_YMR ;]H_YL[[VR R ^[ 8V_^Z QM CV_I\^W_Y 1\TPY_P[Y9* 4<U_ ;[^P ,]^_Z__^ZU @_^ZSYM= <Y_\XSY_X \^W 7V_\XSY_XfR 1\YTU2CLY]V GR ^[ G

# " $& % !" " ! # %

1JHIHG<L;DFLICKL-FJHG F\Z_YT[V[SY O]ZU Q[WMT[V[SY [^ Z]^Z_W L\L_Y

I G E ]^TU_X

0 6/ :0 6 F 3 ; ; 3 C 1 1/< 6 0_[YP_ F]VV]\N 1[Z_ 8 2

9

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

HK7LD;L.D%L$HBBLGKJFL DF4HG<:L3>FFK9 J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ \^W \YZ]XZBX \WWY_XX [^ V\Q_V [^ XZY_ZTU_Y /]V [^ T\^H\X G E I ]^TU_X

]^ ,[YZU\NLZ[^XU]Y_R \^W ZU_M X_ZZV_W \Z 5Y[\WO\M <[O_YR ZU_ K[VVM W_X]P^_W QM +\N_X FM\ZZ K[Y ;\WM @[H_^ZYM \Z ZU_ _^W [K ZU_ _]PUZ__^ZU T_^ZSYMD 3Z U\X Q__^ X\]W ZU\Z 1[Z_ O\X 4P\YW_^_Y \^W T\Y_Z\A_Y Z[ J]Y <U[N\XB 8F[[W R L\P_

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

R \^W U_ W]_WR ]^ 6OUSYXZR [^ > +\^S\YM

D ?]X LY[Q\Z_ O\X Z[ ZU_ \YZ]XZR CW\U JZS\YZ .Y\^AXD

0 6/ :0 6 F/ ; .6 0_[YP_ F[VK_ 8 G2 9

2LBJGAE@J?K:L@DJEIJBLJGAL=JFHGKL?JHGIKFL8DICLHGLDHB JGAL7JIKF@DBD>F:L KDF<KL1DB;KL;D>GALHGE?HFJIHDGLHG ICKLID?D<FJ?C9LD;L.FHIJHGLJEL7KBBLJELE@KGKF9LJ@FDEE ,>FD?K5L$HELJI=DE?CKFH@L7DF4ELD;IKGL;KJI>FKA 8KJ@CKAL8DJIE:LE>FFKGAKFKALIDL7HGAE7K?ILE4HKELJGA DICKFLGJI>FJBLKBK=KGIE5L 0_[YP_ F[VK_ O\X Q[Y^ ]^ @V]KZ[^R 5Y]XZ[VR 0V[ST_XZ_YXU]Y_R [^ +\^S\YM GR ZU_ X[^ [K @U\YV_X F[VK_R \ Q[\Z QS]VW_YR \^W C^^R \ WY_XXN\A_YD ?_ O\X Q\LZ]X_W ]^ 5Y]XZ[V [^ ._QYS\YM [K ZU_ X\N_ M_\YR \^W XL_^Z U]X _\YVM TU]VWU[[W M_\YX \Z CVV_^X @[SYZR ?[ZO_VV :[\WR O]ZU U]X ZO[ M[S^P_Y QY[ZU_YXR @U\YV_X \^W ?_^YMR \^W M[S^P_Y X]XZ_YR ;[S]X\D 5M ZU_ \P_ [K ]^ R F[VK_ U\W N[H_W Z[ F]^WX[Y <_YY\T_ ]^ @V]KZ[^R \^W V]H_W S^W_Y ZU_ PS\YW]\^XU]L [K J[LU]\ 5SVA_V_MR \ O]W[O \^W KS^W U[VW_YR OU[ N\M U\H_ Q_T[N_ U]X \W[LZ]H_ N[ZU_YD F[VK_ T[^Z]^S_W Z[ V]H_ ZU_Y_ L[XX]QVM S^Z]V U]X _\YVM ZU]YZ]_XR QM OU]TU Z]N_ U_ U\W _XZ\QV]XU_W U]NX_VK \X \ O\Z_YT[V[SY L\]^Z_YD

F[VK_ T[^Z]^S_W Z[ XZ\M ]^ @V]KZ[^ WSY]^P U]X \YZ]XZ]T LY\TZ]T_R \^W XU\Y_W \ XZSW][ K[Y \ Z]N_ O]ZU K_VV[O \YZ]XZR J\NS_V 7U]VV]LX +\TAX[^ :FJR OU[ O\X \VX[ \ V\^WXT\L_ \^W N\Y]^_ L\]^Z_YD <U_M N\M U\H_ N_Z ZUY[SPU +\TAX[^BX K\ZU_YR J\NS_V +\TAX[^ OU[ O\X X\]W Z[ Q_ ZU_ 4K\ZU_YB [K ZU_ 5Y]XZ[V JTU[[V [K \YZ]XZXR \^W Z\SPUZ F[VK_ LY]H\Z_VMD F[VK_ O\X K[^W [K T[LM]^P WY\O]^PX

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

* ZU_M U\W ^[ TU]VWY_^D 6DLM3IHAFJ:D8MH?M LHFALM2HB?LMIEM5FIGGLKM38M1JE@JBLM$J*BL8

3JHBHG<L3CH?LJIL3>GEKI J]P^_W F\Z_YT[V[SY E I EG ]^TU_X

0 6 / :0 6 ? /FC : -

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

R Z[ W_X]P^X QM J]Y +[U^ #\^QYSPUD 3^ \WW]Z][^ Z[ ZU_ U[SX_R #\^QYSPU W_X]P^_W X[N_ [K ZU_ QS]VW]^PX [^ ZU_ _XZ\Z_D 3^ GR U_ X_^Z ;[YW @\YV]XV_ WY\O]^PX K[Y \VZ_Y^\Z]H_ ]W_\X K[Y \ L\H]V][^ ZU\Z O[SVW X]Z \Z ZU_ X[SZU_\XZ T[Y^_Y [K :\M F[[WD @\YV]XV_ TU[X_ ZU_ TSQ_ O]ZU \ W[N_ \^W K[SY L[YZ]T[XR Q\X_W [^ C^WY_\ 7\VV\W][BX K\N[SX #]VV\ :[Z[^W\R QS]VZ ]^ #]T_^)\ ]^ ZU_ X_T[^W U\VK [K ZU_ X]IZ__^ZU T_^ZSYMD 3Z O\X T[^XZYSTZ_W Q_ZO__^ > 8ZU_ M_\Y ]^ OU]TU #\^QYSPU W]_W9 \^W R \^W W_T[Y\Z_W ]^ XT\PV][V\ \ W_T\W_ V\Z_Y QM ZU_ XZSTT[]XZR .Y\^T_XT[ #\XX\VV]D <UY[SPU[SZ ZU_ _]PUZ__^ZU \^W ^]^_Z__^ZU T_^ZSY]_XR ZU]X L\H]V][^ O\X A^[O^ \X ZU_ <_NLV_ [K -]\^\R \^W X__NX Z[ U\H_ P\]^_W ]ZX LY_X_^Z ^\N_R ZU_ <_NLV_ [K ZU_ .[SY F]^WXR [^VM \KZ_Y ZU_ .]YXZ F[YVW F\YD ) -CKL-K=?BKLD;L HJGJ:L(JEIBKL$D7JFA F\Z_YT[V[SY O]ZU L_^T]VR EG I G EG ]^TU_X

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â&#x2DC;&#x17E;

â&#x2DC;&#x17E; 7Y[Z_TZ][^ [K C^T]_^Z 5S]VW]^PX 8K[S^W_W ]^ QM

1[YY]X \^W F_QQ9* X]ZZ]^P [^ ZU_ 5[\YW [K <YSXZ__X [K ZU_ ,\Z][^\V 0\VV_YM KY[N S^Z]V U]X W_\ZUR Q_T[N]^P @U\]YN\^ [K ZU_ <YSXZ__X \^W \TZ]^P -]Y_TZ[Y ]^ ZU_ M_\YX

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

9R \^W Z[ 3^W]\ 8 2 9 \^W ZU_ !^]Z_W JZ\Z_X [K CN_Y]T\ 8 >9D 3^ R ?[O\YW \^W ZU_ :_H JZ[LK[YW 5Y[[A_ []^_W Z[P_ZU_Y Z[ [YP\^]X_ \^ \NQ]Z][SX _IU]Q]Z][^ [K @[XZ\BX L\]^Z]^PX \Z ZU_ .]^_ CYZ J[T]_ZMD CY[S^W ZU_ X\N_ Z]N_R U_ U_VL_W K[S^W ZU_ 6ZYSXT\^ JTU[[V [K 7\]^Z]^PR \ V[[X_ \XX[T]\Z][^ [K @[XZ\BX \T[VMZ_X ZU\Z ]^TVSW_W 1\ZZU_O :]WV_M @[YQ_Z \^W F]VV]\N 5V\A_ :]TUN[^WD <O[ W_T\W_X V\Z_YR ]^ GR U_ O[SVW U_VL Z[

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

* @UY]XZ[LU_Y :]WPO\MR 4?[O\YW 8]]9= 8G9 0_[YP_ +\N_X ?[O\YWR ZU 6\YV [K @\YV]XV_BR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V GR L\P_X 2 * @UY]XZ[LU_Y :]WPO\MR 4?[O\YWR 0_[YP_ +\N_XR ^]^ZU _\YV [K @\YV]XV_ 8 G 2 9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH? JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_X G2 * #]YP]^]\ JSYZ__XR 6DLM<FGIEGMJKCMGDLM<=GH@FJG/ LHFALMPM9HEJBIKCM#H5JFC+M'JFBMJKCM7H=KGLEEMH?M7JFBIEBLR J\V]XQSYM= 1]TU\_V :SXX_VVR

-JK8MGDJK*EMGHM<BIEHKM4FIE38M?HFMDLFMDLB:MIKM@H>:IBIKAMGDIEM3IHAFJ:D8

FC ;<6 : .3 6 ; -

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

! -CKL(>F;K7L-DBBELICKL GKBBLD;L JFIHG<L J9 J]P^_W \^W W\Z_W >

J]P^_W \^W ]^XTY]Q_W 4,[ B \^W O]ZU \YZ]XZBX \WWY_XX [^ Y_H_YX_ /]V [^ L\L_Y [^ T\^H\XR E I ]^TU_X

<U_ Z]ZV_ ]X Z\A_^ KY[N <U[N\X 0Y\MBX 4C^ 6V_PM OY]ZZ_^ ]^ \ @[S^ZYM @USYTUM\YWB 8 9R [^_ [K ZU_ Q_XZ V[H_W [K 6^PV]XU L[_NXD

F 3;; 3C 1 ? 6 , : ?! , < F]VV]\N ?_^YM ?S^ZR /FJ 8 2 >G9

1HBBHJ=L$KGF9L$>GIL7JELDGKLD;LICKL=DEILAHEIHG@IH6K JGALHGX>KGIHJBLD;LKJFB9L H@IDFHJGL7JIKF@DBD>FHEIE: 7CDL8K@J=KLE9GDG9=D>EL7HICLCHELGJI>FJBHEIH@LEIHBB BH;KL@D=?DEHIHDGELK%K@>IKALHGLAKIJHBKALEIH??BHG<5

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

5M ZU]X Z]N_R ?S^Z O\X ZSY^]^P Z[ P_^Y_ XT_^_X \^W XZ]VV V]K_ T[NL[X]Z][^XR OU]TU U_ W_L]TZ_W O]ZU \ ^_O2K[S^W N_Z]TSV[SX^_XXD 3^ ZU_X_ O[YAXR U_ O\X \QV_ Z[ TY_\Z_ '^_ \ZN[XLU_Y]T W_Z\]V QM QS]VW]^P SL T[V[SY_W Z]^ZX ]^ U\ZTU \^W XZ]LLV_ [H_Y \ PY[S^W [K OU]Z_ Q[WMT[V[SYD 3^ R U_ _IU]Q]Z_W U]X 'YXZ XZ]VV V]K_ T[^Z\]^]^P W_Z\]VX [K ^\ZSY_ \P\]^XZ \ N[XXM Q\^AR \^W Q_T\N_ X[ O_VV A^[O^ K[Y ZU_ ZML_ ZU\Z U_ O\X X[[^ WSQQ_W 45]YWBX ,_XZ ?S^ZBD ?[O_H_YR U_ \VX[ L\]^Z_W \ ^SNQ_Y [K 'PSY_XR X[N_ Q_]^P USN[Y[SX YSXZ]TXR OU]V_ [ZU_YX O_Y_ X_Z ]^ T\^WV_V]Z ]^Z_Y][YXD /^ J_LZ_NQ_Y R ?S^Z N\YY]_W U]X _]PUZ__^2M_\Y2[VW T[SX]^R J\Y\U ?[VV[O\MR ZU_ W\SPUZ_Y [K \ K\YN_Y \^W N]VV_Y ]^ 5Y\NV_MR ?\NLXU]Y_D C W\SPUZ_Y O\X Q[Y^ ]^ D 3^ G R ZU_M N[H_W Z[ > JZ\^U[L_ JZY__ZR ?\NLXZ_\W :[\WR ;[^W[^ \^WR KY[N R Z[[A \ X_T[^W U[N_ \Z 7\YA 0\Z_R 5Y\NV_MD ?S^ZBX \LLY[\TU Z[ L]TZSY_2N\A]^P LY[H_W H_YM L[LSV\Y O]ZU Q[ZU []V \^W O\Z_YT[V[SY L\]^Z_YXR \^W Q_T\N_ _H_^ N[Y_ ]^ S_^Z]\V ZUY[SPU ZU_ \WH[T\TM [K +[U^ :SXA]^D ?S^Z P\H_ :SXA]^ V_XX[^X Q_ZO__^ G \^W > R \^W ]^ ZSY^ :SXA]^ Y_T[NN_^W_W XZSWM [K U]X O[YA ]^ 6DLM'BL>LKGEMH?M&FJ5IKA 8 9 \^W HGLEMHKM1FH=GMJKCM#=KG 8 9D 3^ ZU_ XR ?S^Z W_H_V[L_W \^ ]^Z_Y^\Z][^\V Y_LSZ\Z][^R Q_]^P \O\YW_W \ T_YZ]'T\Z_ [K N_Y]Z \Z ZU_ 7\Y]X !^]H_YX\V 6IU]Q]Z][^ [K R \^W Q_T[N]^P \^ U[^[Y\YM N_NQ_Y [K ZU_ &[^]^AV] A_ CT\W_N]_ H\^ 5__VW_^W_ &S^XZ_^ ]^ CNXZ_YW\N ]^ ZU_ K[VV[O]^P M_\YD 3^ R U]X O[YA O\X O_VV Y_LY_X_^Z_W ]^ ZU_ 1\^TU_XZ_Y CYZ <Y_\XSY_X 6IU]Q]Z][^D ?S^Z W]_W [K \ XZY[A_ \Z U[N_ ]^ ;[^W[^ [^ ._QYS\YM >GD <U_ T[^Z_^ZX [K U]X XZSW][ O_Y_ X[VW \Z @UY]XZ]_R 1\^X[^ \^W F[[WX [^ > \^W 1\M >GD ?]X N\^^_Y [K L\]^Z]^P XZ]VV V]K_ XSQ _TZX O\X T[^Z]^S_W QM +[U^ JU_YY]^ 8 2 >9R F]VV]\N ?SVV 8 2 9R F]VV]\N ?[SPU 8 2 9R +[U^ +_XX[L ?\YWO]TA 8 2 9R \^W <U[N\X @[VV]_Y 8 G 2 9D ?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX LSQV]T T[VV_TZ][^XR ]^TVSW]^P ZU_ 5Y]Z]XU 1SX_SN \^W ZU_ #(C* \^W \V_ @_^Z_Y K[Y 5Y]Z]XU CYZ 8,_O ?\H_^9D

/ KJF:L2??BKLJGAL$DBB9 J]P^_W F\Z_YT[V[SY O]ZU Q[WMT[V[SY G EG I E ]^TU_X 6IU]Q]Z_W= .]^_ CYZ J[T]_ZMR +S^_

+>FICKFLFKJAHG< J]N[^ ._^O]TAR 4?S^ZR F]VV]\N ?_^YM 8 2 >G9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH?M JGIHKJB 4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_X 2 * <[N +[^_XR 2IBBIJ>M#LKF8M#=KG+M. ,U%." X+ F[VH_YU\NLZ[^ CYZ 0\VV_YMR * JT[ZZ F]VT[IR 4?S^ZR F]VV]\N ?_^YM

83 ;[^W[^R 1\YTU * C ;[^W[^R ._Q >G9BR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V R L\P_ G* J]Y +[U^ F]ZZR 2IBBIJ>M#LKF8M#=KGM . ,U%." X /M0I?LMJKCM2HF*+M5IGDMJM7JGJBHA=LR ;[^W[^= 5\YY]_ \^W +_^A]^XR

)

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

H@I>FKAL89L(JGABKBH<CI J]P^_W F\Z_YT[V[SY O]ZU Q[WMT[V[SY E I EG ]^TU_X

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

+/?, J ?6::3,

+[U^ JU_YY]^R :3 8 2 >9 #GKLD;LICKL;K7L4GD7GL?>?HBELD;L1HBBHJ= $KGF9L$>GI:L DCGL3CKFFHGL7D>BAL@D=KLID K >JBLCHEL=JEIKFLJELJL?JHGIKFLD;LHGIH=JIK EIHBBLBH;KL@D=?DEHIHDGELJGALJGH=JBLE>8 K@IE5 +[U^ JU_YY]^ O\X Q[Y^ ]^ F_XZN]^XZ_YR ;[^W[^R ]^ R ZU_ _VW_XZ [K ZU_ X]I TU]VWY_^ [K ZU_ [Y]XZR +[U^ JU_YY]^R \^W U]X O]K_R @UY]XZ]\^\ 8^"_ F]VV]\NX[^9D ?_ O\X Q\LZ]X_W \Z JZ C^^_BXR J[U[R [^ +SVM >R \^W PY_O SL TV[X_ QM \Z @USYTU JZY__Z 8^[O :[N]VVM JZY__Z9D

0DEKLJGAL.HFA*EL KEI J]P^_W F\Z_YT[V[SY O]ZU Q[WMT[V[SY I EG ]^TU_X

!

3IHBBL H;KL7HICL B>=ELJGALJL >HG@K J]P^_W F\Z_YT[V[SY \^W Q[WMT[V[SY EG I EG ]^TU_X

F 3;;3C1 ?/! 0 ?

F]VV]\N 5 ?[SPU 8 2 9 ?]X K\ZU_Y W]_W Q_K[Y_

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

1HBBHJ=L$D><CLHEL8KEIL4GD7GLJELJL?JHGIKFLD;LXD7KFELJGA ;F>HI:LHGLH=HIJIHDGLD;LICKL7DF4LD;L1HBBHJ=L$KGF9L$>GI: ICD><CLCKLJBEDL?FDA>@KALBJGAE@J?KE5 F]VV]\N ?[SPU O\X Q[Y^ ]^ @[H_^ZYMR F\YO]TAXU]Y_R ]^

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kS__^BX @Y_XT_^ZR JZ 7\^TY\X 8QM 9R \^W ZU_^ 7Y]^T_ [K F\V_XB :[\WR ?\H_YXZ[TA ?]VV 8QM G9D ?[O_H_YR U_ W]_W ]^ F[VH_YU\NLZ[^ ]^ D

JU_YY]^BX 'YXZ O]K_R .Y\^T_XR W]_W ]^ 1\M > D <UY__ N[^ZUX V\Z_YR U_ N\YY]_W ZU_ O]W[OR -_T]N\ 5VS^Z 6WO\YWX 8^"_ #\SPU\^9R ]^ JT\YQ[Y[SPUR ,[YZU [YAXU]Y_D <[P_ZU_Y ZU_M O[SVW U\H_ 'H_ X[^X \^W ZO[ W\SPUZ_YXD <U_M T[^Z]^S_W Z[ V]H_ ]^ <O]TA_^U\N S^Z]V ZU_ V\Z_ XR OU_^ ZU_M N[H_W Z[ @[WY]^PZ[^ #]VV\XR :\NXP\Z_D ?_ W]_W ]^ :\NXP\Z_ ]^ J_LZ_NQ_Y

>D /K U]X TU]VWY_^R -\^]_V \^W :_P]^\VW \VX[ Q_T\N_ LY[K_XX][^\V \YZ]XZXD

3IHBBL H;KLD;L FJ?KE:L0KA@>FFJGIELJGALJL B>= J]P^_W F\Z_YT[V[SY O]ZU Q[WMT[V[SYR > I EG ]^TU_XR [H\V

/

? 6,: 3 - 6 ; C 5 / : - 6

@[NZ_ ?_^Y] -_V\Q[YW_ 8 2

9 $KGFHL KBJ8DFAKL7JELJL4K9L"<>FKLHGLICKLJ@JAK=H@ @BJEEH@JBLIFJAHIHDGLD;LGHGKIKKGIC&@KGI>F9L+FKG@C ?JHGIHG<LJEED@HJIKAL7HICL G<FKE5L2LEI>AKGILJGA HGIH=JIKLD;L KBJFD@CK:LCKL?FDA>@KAL=J DFL BJF<K&E@JBKLCHEIDF9L?JHGIHG<ELJGALK@@BKEHJEIH@JB AK@DFJIHDGELKJFB9LHGLCHEL@JFKKF5L-CKG:LHGLICKL / !E:LCKL8K@J=KLJLEH<GH"@JGIL@FHIH@LJGAL@>FJIDF: @CJ=?HDGHG<LICKLIFJAHIHDGLHGL7CH@CLCKLCJAL7DF4KA JGAL?FD6HG<LCH=EKB;LJGLKJFB9LJ>ICDFHI9LDGLICK CHEIDF9LD;L?FHGI=J4HG<5

?_^Y] -_V\Q[YW_ O\X Q[Y^ ]^ :_^^_XR 3VV_2_Z2#]V\]^_R .Y\^T_R [^ 1\M R ZU_ ZU]YW [K ZU_ K[SY TU]VWY_^ [K ZU_ .Y_^TU :_H[VSZ][^\YM P_^_Y\VR @[NZ_ ?_^Y]2.Y\^l[]X -_V\Q[YW_R \^W U]X O]K_R +SV]_ 8^"_ 0S]VV\SN_9D @[^X]W_Y_W Z[ Q_ \ QY]VV]\^Z LSL]VR OU]V_ \Z ZU_ 5[SYQ[^ \^W @U\YV_N\P^_ VMT"_XR Q[ZU ]^ 7\Y]XR U_ Q_P\^ Z[ XZSWM V\OD ?[O_H_YR U_ X[[^ W_T]W_W ]^XZ_\W Z[ W_H_V[L U]X LY_T[T][SX Z\V_^Z K[Y \YZ \^WR O]ZU U]X K\ZU_YBX L_YN]XX][^R Q_ZO__^ \^W GR ZY\]^_W ]^ ZU_ XZSW][ [K ZU_ L\]^Z_YR 7\SV -_V\Y[TU_D <U_Y_ U_ _XZ\QV]XU_W \ KY]_^WXU]L O]ZU U]X K_VV[O XZSW_^ZR 6SPm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m^_ -_V\TY[]IR OU_^ XU[O^ \Z ZU_ J\V[^ ]^ D ?_ O\X X[[^ T[NN]XX][^_W QM ZU_ XZ\Z_ Z[ LY[WST_ X[N_ U]XZ[YM L\]^Z]^PX K[Y ZU_ 1SX"_ WB3NL"Y]\V W_ #_YX\]VV_XR ]^TVSW]^P 0LEM7FHIE E+M@H>>JKC EM:JFM LJKMCLM4FILKKL+MJBBTFLKG >LGGFLMBLMEI ALMCL!JKGM&J>ILGGL 8

9D .[VV[O]^P \ H]X]Z Z[ :\H_^^\ \^W #_^]T_ ]^

R -_V\Q[YW_ XL_^Z \ ZUY__2M_\Y XZ\M ]^ 3Z\VM ]^ ZU_ M_\YX G 2G D FU]V_ ZU_Y_R U_ LY[WST_W \ ^SNQ_Y [K WY\O]^PX \^W O\Z_YT[V[SYXR ]^TVSW]^P \ X_Y]_X [K T[L]_X \KZ_Y :_^\]XX\^T_ \YZ]XZXD <U_X_ ]^ S_^T_W U]X W_T[Y\Z][^ [K TU\L_VX ]^ ZU_ TUSYTU [K JZ_2@V[Z]VW_R 7\Y]X 8 GG2 9R \^W X[N_ O_Y_ V\Z_Y LSQV]XU_W ]^ U]X 0LEM-JRGFLE (BHFLKGIKLEMC=M =IKZIT>LMEIT@BL 8 9D ?_ Y_T_]H_W \ 'YXZ2TV\XX N_W\V \Z ZU_ J\V[^ ]^ G K[Y 0LM7DFIEGMJ=M JFCIKMCLEMHBI!LED 3^ G>R -_V\Q[YW_ N\YY]_W ?_^Y]_ZZ_ ;[S]X_ 8^"_ ;_ @V_YT9D <U_M U\W \ W\SPUZ_YR +SV]_R \^W \ X[^R ?_^Y]2.Y\^l[]XR ZU_ V\ZZ_Y

Q_T[N]^P \ U]XZ[Y]\^D -_V\Q[YW_ O\X \VX[ [^_ [K ZU_ K[XZ_Y K\ZU_YX [K .Y\^l[]X 6N]V_ 1]TU_VR OU[ Q_T\N_ \ L\]^Z_Y \^W TY]Z]TD -SY]^P ZU_ XR -_V\Q[YW_ XS _Y_W KY[N XSTU X_Y][SX Q[SZX [K ]VV U_\VZU ZU\Z U_ U\W Z[ P]H_ SL L\]^Z]^P \^W '^W \VZ_Y^\Z]H_ _NLV[MN_^ZD 3^ R U_ Q_T\N_ ZU_ TSY\Z[Y [K _^PY\H]^PX \Z ZU_ 5]QV][ZUm$S_ ]NL"Y]\V_ 8^[O ZU_ 5]QV][ZUm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

R U_ Q_T\N_ \ @[NN\^W_SY W_ ;"P][^ WBU[^^_SYD ?\H]^P U_VW ZU_ Z]ZV_ [K #]T[NZ_ 8LY[Q\QVM KY[N ZU_ W_\ZU [K U]X K\ZU_Y ]^

9R U_ V\Z_Y Q_T\N_ @[NZ_ 8LY[Q\QVM [^ ZU_ W_\ZU [K U]X _VW_Y QY[ZU_Y ]^ 9D ?_ W]_W ]^ 7\Y]X [^ G 1\M

D ?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX .Y_^TU LSQV]T T[VV_TZ][^XR ]^TVSW]^P ZU_ @UdZ_\S W_ #_YX\]VV_XD <U_ T[VV_TZ][^ [K ZU_ V]QY\YM [K ZU_ 6T[V_ ^\Z][^\V_ XSL"Y]_SY_ W_X 5_\SI2CYZXR 7\Y]XR T[^Z\]^X N\^M [K U]X WY\O]^PX \^W O\Z_YT[V[SYXD +>FICKFLFKJAHG< ?"Vm^_ 0S]TU\Y^\SWR 4-_V\Q[YW_R ?_^Y] 83 :_^^_XR 1\M R * C 7\Y]XR 1\M GR

9R +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V R L\P_ > * ;__ J[Y_^X_^R 4-_V\Q[YW_R ?_^Y]R H]T[NZ_BR &I@GIHKJF8MH?M<FGM#IEGHFIJKE [^V]^_ +[U\^ JO]^^_^R 4-_V\Q[YW_R ?_^Y] 8 2

9BR +[U^ ?\^^\HM 8_W9R 'K@8@BH:LCIJMH?M IKLGLLKGDM7LKG=F8M1DHGHAFJ:D8R CQ]^PW[^= :[SZV_WP_R R L\P_ G

*2FFKEIJIHDGLAKL(D=IKLW<DBHGL -CKL2FFKEILD;L(D>GILW<DBHGD J]P^_W \^W W\Z_W

/]V [^ T\^H\X E I ]^TU_X 7Y[H_^\^T_= +_\^ ;\K[^Z 6IU]Q]Z_W= 7\Y]X J\V[^R R ^[ GG

& $ ! % & " # $ &

*2FFKEIJIHDGLAKL(D=IKLW<DBHGL -CKL2FFKEILD;L(D>GILW<DBHGD <U_ V]K_ \^W O[YA [K ZU_ PY_\Z N_W]_H\V 3Z\V]\^ L[_ZR -\^Z_ CV]PU]_Y] 8 > 2 9R \^W L\YZ]TSV\YVM U]X 0JM&I!IKJM7H>>LCIJR U\H_ Q__^ _^[YN[SXVM ]^ S_^Z]\V \^W ^[Z [^VM [^ XSQX_$S_^Z OY]Z_YXR QSZ \VX[ [^ \YZ]XZX \^W T[NL[X_YXD CX C]W\ CSW_U U\X W_Z\]V_W ]^ U_Y ]VVSN]^\Z]^P _XX\MR 4-\^Z_ ]^ ZU_ ,]^_Z__^ZU @_^ZSYMBR ZU_M LY[H]W_W ZU_ ]^XL]Y\Z][^ K[Y

[K ZU_ O[YAX _IU]Q]Z_W \Z ZU_ 7\Y]X J\V[^ Q_ZO__^ \^W

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

*2FFKEIJIHDGLAKL(D=IKLW<DBHGL -CKL2FFKEILD;L(D>GILW<DBHGD W_Z\]V [K

3Z K[VV[OX ZU\ZR O]ZU]^ ZU_ K[YN\Z [K U]XZ[Y]T\V P_^Y_ L\]^Z]^PR @[S^Z !P[V]^[ T[SVW Q_ T[^H]^T]^PVM L[YZY\M_W \X \ H]TZ]N [K N[Q YSV_R ZU_ L_[LV_ [K 7]X\ U\H]^P Q__^ N\^]LSV\Z_W Z[ N[H_ \P\]^XZ U]N QM ZU_ ]^ZY]PS_X [K ZU_ \Y]XZ[TY\ZBX K[YN_Y \VVMR CYTUQ]XU[L :SPP]_Y]D <U_ a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

61 3; 1 C : / J 5 / : , 6N]VM 1\YM /XQ[Y^R JFC 8 2 9

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

0[O_Y JZY__Z ]^ >G9D C^[ZU_Y [K U_Y _IU]Q]ZX O\X Q[SPUZ QM

kS__^ #]TZ[Y]\ 8ZU_ 'YXZ [K ZO[ [K U_Y L\]^Z]^PX Z[ _^Z_Y ZU_ :[M\V @[VV_TZ][^9D <O[ M_\YX V\Z_YR ]^ R ZU_ :[M\V CT\W_NM _IU]Q]Z_W J>LBLEEMJKCM(FILKCBLEE 8<\Z_9R U_Y Q_XZ A^[O^ O[YA \^W \ U]PUVM TU\Y\TZ_Y]XZ]T _I\NLV_ [K U_Y _\YVM T[^Z_NL[Y\YM P_^Y_ L\]^Z]^PX 8ZU_ ZML_ ZU\Z @UY]XZ[LU_Y F[[W W_XTY]Q_WR ]^ 6DLM&I@GIHKJF8MH?M I@GHFIJKM1JIKGLFER R L\P_ R \X ZU_ 4W\NX_V ]^ W]XZY_XXB9D 6H=ADMJKCM6LKCLFR _IU]Q]Z_W \Z ZU_ :C ]^

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jYZZ_NQ_YP \^W 1S^]TUR \^W L\]^Z]^PX O]ZU 0_YN\^ XSQ _TZX \^W Z]ZV_X Y_XSVZ_WD 3Z O\X \Z ZU]X Z]N_ ZU\Z XU_ LY[Q\QVM N_Z ZU_ L\]^Z_YR @\YV <U_[W[Y H[^ 7]V[ZMR \ 7Y[K_XX[Y \Z ZU_ 1S^]TU CT\W_NM [K .]^_ CYZXD @_YZ\]^VMR XU_ XZSW]_W O]ZU 7]V[ZM ]^ >>R \Z ZU_ CTT\W_N]\ ]^ #_^]T_R \^W ZU_^ O_^Z [^ Z[ 1S^]TUR OU_Y_ XU_ T[^Z]^S_W Z[ Y_T_]H_ U]X \WH]T_D /^_ [K U_Y N[XZ ]NL[YZ\^Z O[YAX [^ \ 0_YN\^ XSQ _TZ L\]^Z_W ]^ >> \^W XU[O]^P Fj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â&#x2DC;&#x17E;

& ! " % # $ % $

KGH@KL89L'DDGBH<CI J]P^_W 7\XZ_V E I

EG ]^TU_X 6IU]Q]Z_W= 4<U_ <SY^ [K F[N_^ CYZ]XZX 2 BR 1\YTU2CLY]V R ^[

â&#x2DC;&#x17E; ]^TY_\X]^PVM [^ V\^WXT\L_ L\]^Z]^PR \^W O\X XZ]NSV\Z_W ]^ ZU]X \TZ]H]ZM QM ZY\H_VX ]^ 5Y]Z\]^ \^W \QY[\WD 3^ ZU_ _\YVM XR XU_ H]X]Z_W CVP_Y]\R OU_Y_ XU_ L[XX]QVM XZ\M_W O]ZU 5\YQ\Y\ 5[W]TU[^R ZU_ \YZ]XZR _WST\Z][^\V]XZ \^W V_\W]^P \TZ]H]XZ K[Y O[N_^BX Y]PUZXR OU[ Q_T\N_ \ KY]_^WD JU_ L\]^Z_W ZO[ L[YZY\]ZX [K 5[W]TU[^R \ V\YP_ []V ZU\Z O\X _IU]Q]Z_W \Z ZU_ 0Y[XH_^[Y 0\VV_YM ]^ G 8QSZ ]X ^[O V[XZ9R \^W \ XN\VV_Y L]TZSY_R L[XX]QVM _IU]Q]Z_W \Z ZU_ J[T]_ZM [K ;\WM CYZ]XZX ]^

\^W%[Y

8\^W ^[O \Z 0]YZ[^ @[VV_P_R @\NQY]WP_9D 5M R /XQ[Y^ O\X XU\Y]^P U_Y U[N_ O]ZU U_Y TV[X_ KY]_^WR 1\YM 6V])\Q_ZU -S^^R OU[ ]X W_XTY]Q_W \X \ 4V\WMB \^W 4V]H]^P [^ U_Y [O^ N_\^XB ]^ T_^XSX_XR \^W OU[ XSQXTY]Q_W Z[ ZU_ \^Z] H]H]X_TZ][^]XZ L_Y][W]T\VR 6DLM<KI>JB EM&L?LKCLFMJKC NHH:DIBIEGD 3^ ZU\Z M_\YR ZU_M LY[H]W_W \ U[N_ K[Y 6VV_^ @[QW_^ Q_K[Y_ U_Y N\YY]\P_ Z[ ZU_ L\]^Z_YR F\VZ_Y J]TA_YZR \^W \TZ_W \X ZU_ O]Z^_XX_X \Z ZU_ T_Y_N[^MD 3^

R V[^P \KZ_Y 6VV_^ U\W W]H[YT_W J]TA_YZ \^W Q_T[N_ \^ \SZU[YR OY]Z]^P \X 41]V_X CNQ_YBR XU_ O[SVW W_W]T\Z_ U_Y X_T[^W \^W '^\V ^[H_VR ;8B!IJM;J HK VY':IEHCLEMIKMJM0I?LR Z[ /XQ[Y^ \^W -S^^D 6VV_^BX X]XZ_YR ZU_ XS Y\P]XZ \^W Y\W]T\VR +\^_ @[QW_^R \VX[ V]H_W O]ZU ZU_N K[Y \ OU]V_R ]^ R \Z ZU_ Z]N_ ZU\Z XU_ XSTT_XXKSVVM XZ[[W K[Y ZU_ X_\Z [K <[O_Y ?\NV_ZX K[Y ZU_ ;[^W[^ @[S^ZM @[S^T]VD /XQ[Y^ L\]^Z_W \ L[YZY\]Z [K +\^_R OU]TU O\X _IU]Q]Z_W \Z ZU_ ,\Z][^\V

0\VV_YM ]^ D <U_^R ZUY__ M_\YX V\Z_YR ]^

R XU_ _IU]Q]Z_W \ L[YZY\]Z [K 1\YM 6 -S^^ \Z ZU_ J[T]_ZM [K ;\WM CYZ]XZXR Q_T[N]^P \ N_NQ_Y ]^ ZU_ X\N_ M_\YD CVV [K ZU_N []^_W ]^ X]P^]^P ZU_ W_TV\Y\Z][^ ]^ K\H[SY [K O[N_^BX XS Y\P_ ]^ D CX \ V\^WXT\L_ L\]^Z_Y \^W L\XZ_V \YZ]XZR /XQ[Y^ O[YA_W Y_PSV\YVM ]^ ZU_ ,[YK[VA 5Y[\WX KY[N ZU_ N]W X Z[ ZU_ N]W

XR \^W U_VW ZO[ X[V[ XU[OX [K ZU_ Y_XSVZX \Z ZU_ 0[SL]V 0\VV_YM ]^ > \^W D -SY]^P ZU]X L_Y][WR XU_ \VX[ O[YA_W ]^ #_^]T_ 8 2 9R -_H[^ 8 2 G9 \^W 1[Y_Z2XSY2;[]^PR ]^ ^[YZU_Y^ .Y\^T_ 8 2 >9R \^W _IU]Q]Z_W \Z ZU_ ,_O 0\VV_YM \^W 0Y[XH_^[Y 0\VV_YM ]^TVSW]^P \VV ZUY__ [K ZU_ 0Y[XH_^[YBX L\XZ_V _IU]Q]Z][^XR ]^ R \^W D 6N]VM 1\YM /XQ[Y^ W]_W \Z U[N_ [^ G CLY]V R \Z ZU_ \P_ D +>FICKFLFKJAHG< JSX\^ 7 @\XZ_Y\XR 4/XQ[Y^R 6N]VM 1\YM 83 ;[^W[^R G* C T

9BR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V R L\P_X 2

* +\N_X -\ [Y^_R 45Y]Z]XU CYZ]XZX= <U_]Y JZMV_ \^W @U\Y\TZ_YR ^[ ; #R 6N]VM 1\YM /XQ[Y^BR <FGM H=FKJBR > 8 >G9R L\P_X > 2 > * @U\YV[ZZ_ _VWU\NR 4/XQ[Y^R 6N]VM 1\YM 8 2 9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH?M JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V G R L\P_X 2 >

6: ,6 J< ; 6 J J 3 6 !

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l\]X_XD

) -CKL0D=JGL+DF>= J]P^_W 3^XTY]Q_W O]ZU Z]ZV_ [^ Y_H_YX_ F\Z_YT[V[SY

EG I EG ]^TU_X

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m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

R U_ O\X N\W_ \ N_NQ_Y [K ZU_ J\V[^ OU]V_R ]^

R U_ O\X \O\YW_W ZU_ Z]ZV_ / T]_Y W_ VB3^XZYSTZ][^ LSQV]$S_D ;_XX]_SI W]_W \Z U[N_R \Z ZU_ 1\]X[^ @_YYSZZ]R 1_^Z[^R [^ G +\^S\YM D C N[^ZU V\Z_YR \ N_N[Y]\V _IU]Q]Z][^ O\X N[S^Z_W \Z ZU_ J\VV_ 0Y_^]_YR QM U]X X[^R ;[S]XR OU[ U\W \VX[ Q_T[N_ \ LY[K_XX][^\V \YZ]XZD 3^ ._QYS\YM >R \ N\YQV_ QSXZ [K ;_XX]_SI QM U]X KY]_^WR ZU_ :SXX]\^ XTSVLZ[YR ;"[L[VW 5_Y^XZ\NNR O\X LV\T_W ]^ \ X$S\Y_ Q_ZO__^ ZU_ NSX_SN \^W U]X K[YN_Y U[N_D ?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX .Y_^TU LSQV]T T[VV_TZ][^XD +>FICKFLFKJAHG< @UY]XZ[LU_ ?SPS_Z \^W J[LU]_ ;_XX\YW 8_WX9R $B FHK+MCJKEMBLE :JEMC 'FKLEGMLGMCLM0H=IEM0LEEIL= R J\]^Z27]_YY_ WB/V"Y[^= ;_ 1SX"_ W_ VB3V_ WB/V"Y[^R

C-/ ; . J 6 6 ;

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jXX_VW[YKR ]^ 7YSXX]\R Z[ XZSWM \Z ZU_ &S^XZ\A\W_N]_ S^W_Y :SW[VK F]_PN\^^ \^W &\YV ._YW]^\^W J[U^D -SY]^P U]X X]I M_\YX ZU_Y_R U_ XL_T]\V]X_W ]^TY_\X]^PVM ]^ V\^WXT\L_ L\]^Z]^PR \^W N\W_ KY]_^WX O]ZU C^WY_\X CXTU_^Q\TUR ;SWO]P &^\SX \^W @\YV .Y]_WY]TU ;_XX]^PD .[VV[O]^P \ V[^P XZ\MR \^W KSYZU_Y XZSWMR ]^ 7\Y]X ]^ R U_ Y_ZSY^_W Z[ -jXX_VW[YKR \^W XL_^Z ZU_

! >GELHGLICKL(BDHEIKFLJIL$JB8KFEIJAIL(JICKAFJBL7HICL3GD7 J]P^_W \^W W\Z_W F\Z_YT[V[SY O]ZU Q[WMT[V[SY \^W ]^A [^ Q[\YWR I EG ]^TU_X

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

7C!; 0 :/; ; 6 :/ ,

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

L\YZ]TSV\YVM XT_^_X [K ZU_ .Y\^T[27YSXX]\^ F\Y [K R OU]TU O_Y_ \LLY_T]\Z_W QM Q[ZU ZU_ LSQV]T \^W ZU_ \T\W_N]T SY]_XD ?_ O[^ \ ZU]YW TV\XX N_W\V \Z ZU_ J\V[^ [K >R \ QY[^)_ N_W\V \Z ZU_ 6IL[X]Z][^ !^]H_YX_VV_ [K R \^W \ X_T[^W TV\XX N_W\V 4U[YX T[^T[SYXB \Z ZU_ J\V[^ [K GD 5M R 0Y[VV_Y[^ O\X V]H]^P \Z G YS_ ;_N_YT]_Y ]^ ZU_ 5\Z]P^[VV_X $S\YZ_YR SXZ O_XZ [K 1[^ZN\YZY_R OU]V_ QM

R U_ U\W N[H_W K[SY XZY__ZX \O\M Z[ >> YS_ 5[SYX\SVZD <U_ 5\Z]P^[VV_X $S\YZ_Y O\X L[LSV\Y O]ZU \YZ]XZX \Z ZU]X Z]N_D ?_ O\X [^_ [K \ XN\VV PY[SL [K L\]^Z_YX OU[ O_Y_ ]^XL]Y_W QM ZU_ L]TZSY_X$S_ $S\V]Z]_X [K ZU_ 1[YQ]U\^ \Y_\ [K 5Y]ZZ\^MD 7\SV 0Y[VV_Y[^ W]_W XSWW_^VM ]^ 7\Y]X [^ /TZ[Q_Y D ?_ ]X X\]W Z[ U\H_ Q__^ N\YY]_W Z[ ZU_ \TZY_XXR 1\YZU_ -SKYh^_R OU[ W]_W ]^ GD

)

/ -CKL1D>GAKAL3DBAHKF J]P^_W O]ZU ]^]Z]\VX /]V [^ T\^H\XR I > E ]^TU_X

? 6,: 1 / / : 6

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

+>FICKFLFKJAHG< @\NLQ_VV -[WPX[^ FL! 1\YA 7[ZZV_R 41[[Y_R ?_^YM 8 2 9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH? JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_X GG2 G * +SV]\^ ?\YZ^[VV 8_W9R 6DLM-HHFLM(J>IB8M1I@G=FLER [YA @]ZM CYZ 0\VV_YMR * .Y\^T]X +[U^ 1\T;_\^R #LKF8 -HHFLM9<R ;[^W[^= <U_ F\VZ_Y JT[ZZ 7SQV]XU]^P @[R

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

!

7KBBKFELHGLICKL KEKFI J]P^_WR ]^XTY]Q_W 4@\]Y[B \^W W\Z_W G 3^XTY]Q_W 4?[[L[_XR \ XA_ZTU KY[N ;SIYR 6PMLZB \^W O]ZU \YZ]XZBX \WWY_XX [^ \ V\Q_V [^ ZU_ KY\N_ /]V [^ T\^H\X I ]^TU_X ;]Z_Y\ZSY_= 6DLM<@JCL>8R /TZ[Q_Y GR L\P_ G * 6DLM<F@DIGL@GR ,[H_NQ_Y GR L\P_ G 6IU]Q]Z_W= -SWV_M 0\VV_YMR F]^Z_Y GR ^[ G

6-FC : - & 3 ; ; 3 , 0F/ :< ? + / ?, J /, 6WO\YW &]VV]^PO[YZU +[U^X[^R :FJ 8 2 >9

,A7JFAL HBBHG<7DFICL DCGEDGL7JELJL H@IDFHJGL7DDA KG<FJ6KF:LHBB>EIFJIDF:L7JIKF@DBD>FHEILJGAL?JHGIKFLHG DHBE:LE?K@HJBHEHG<LHGLF>FJBL<KGFKLE@KGKE5 $KL<JHGKAL=>@C E>@@KEELA>FHG<LICKL/ !ELJELJLFK<>BJFL@DGIFH8>IDF ID

JGALBJIIKFB9 & 5 $KLK%CH8HIKALJILICKL0D9JBL2@JAK=9LJGALICKL3D@HKI9 D;L JHGIKFELHGL1JIKFL(DBD>FELJGALICFD><CD>ILCHELBH;K FK@KH6KAL=>@CLFK@D<GHIHDGLHGL8DICLCHELGJIH6KL,G<BJGA JGALHGL2=KFH@JL7HICL7DF4ELE>@CLJEL , * JGA

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â&#x2DC;&#x17E;

/

â&#x2DC;&#x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

-CKL$J==D@4L J]P^_W \^W W\Z_W F\Z_YT[V[SY O]ZU Q[WMT[V[SYR I ]^TU_X

O[YAX QM . 6 F_\ZU_YVM= ;=K3LJ>EY8 9 \^W ;=KBIADGMJKC ;HKA 8 9D 6WO\YW &]VV]^PO[YZU +[U^X[^ W]_W ]^ ?\VXZ_\WR 6XX_IR [^ CLY]V >R \^W ]X QSY]_W ]^ J]QV_ ?_W]^PU\N TUSYTUM\YWD ?_ O\X XSYH]H_W QM U]X O]K_R ?\^^\UR \^W ZUY__ TU]VWY_^R 0]V_X CV]^PZ[^R 5\YQ\Y\ \^W :]TU\YWD .[VV[O]^P U]X QSY]\V [^ CLY]V

>R ZU_ V[T\V ^_OXL\L_Y OY[Z_= 4?]X P_^]\V \^W A]^WVM W]XL[X]Z][^ U\W O[^ K[Y U]N ZU_ _XZ__N [K \ V\YP_ T]YTV_ [K KY]_^WX QM OU[N U]X W_\ZU O]VV Q_ NSTU Y_PY_ZZ_WBD 6DLM3IHAFJ:D8 H?M'C5JFCM IBBIKA5HFGDM HDKEHKMIEM5FIGGLKM38M ;JEDJM-HFEL M)GMH5LEM>=@DMGHMGDLMFLELJF@DMH?M<BJKM#JFGMHKM 6DLM-LJCH5E (J>IB8M6FLL+MJEMELLKMHKBIKL M

-CKL2@@DFAHDGL KEEDG J]P^_W \^W W\Z_W >

F\Z_YT[V[SY O]ZU Q[WMT[V[SY

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

? 6,: 0 3 ; ; C : - 0; 3 , - / , 3

?_^YM 0]VV\YW 0V]^W[^R C:FJ :5C 8 2

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

5M R 0V]^W[^ U\W TU\^P_W U]X ^\N_ Z[ 0V]^W[^] \^W U\W Q_PS^ X]P^]^P U]X L]TZSY_XR 4? 0 0V]^W[^]BR \X U_ W]W [^ ZU_ LY_X_^Z _I\NLV_R 6DLM LHAFJ:DLFD <[O\YWX ZU_ V\Z_Y XR U]X XSTT_XX \^W L[LSV\Y]ZM Y\L]WVM PY_OD 3^ R U_ Q_T\N_ \ KSVV N_NQ_Y [K ZU_ J[T]_ZM [K 5Y]Z]XU CYZ]XZX \^WR ]^ R U_ O\X _V_TZ_W \^ \XX[T]\Z_ [K ZU_ :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2 @[V[SYXD ?_ _IU]Q]Z_W KY_$S_^ZVM \Z ZU_ :[M\V J[T]_ZM [K 5Y]Z]XU CYZ]XZXR ]^ ;[^W[^R \^W \Z ZU_ :[M\V 5]YN]^PU\N J[T]_ZM [K CYZ]XZXR ZU_ F\VA_Y CYZ 0\VV_YMR ;]H_YL[[VR \^W ZU_ 1\^TU_XZ_Y @]ZM CYZ 0\VV_YMD 1\^M [K U]X U]XZ[Y]T\V L\]^Z]^PX O_Y_ Y_LY[WST_W \X _^PY\H]^PX ]^ ZU_ LSQV]T\Z][^X [K ZU_ W\MR XSTU \X $KB8MJM1LKK8+MLSQV]XU_W ]^ 6DLM1JBBM-JBBM-JAJZIKL+ ]VVSXZY\Z]^P \^ _]PUZ__^ZU2T_^ZSYM XU[ON\^ [L_Y\Z]^P \ L__LXU[O M 3^ R 0V]^W[^] ]X V]XZ_W \X V]H]^P \Z 5Y\N_YZ[^ JZY__ZR @U_VX_\R O]ZU U]X O]K_ :SZU \^W \ W\SPUZ_YR Q[Y^ ]^ R ^\N_W 6XZU_YR L[XX]QVM \KZ_Y U]X N[ZU_YD ?]X [TTSL\Z][^ ]X Y_T[YW_W \X 4CYZ]XZ 87\]^Z_Y9B \^W ZU_ XSY^\N_ P]H_^ ]X 0V]^W[^D <U]X ZY\^X]Z][^ Z[ K\N]VM V]K_ O\X \ LY[WSTZ]H_ Z]N_ K[Y 0V]^W[^]* ]^ Q[ZU \^W U_ _IU]Q]Z_W ZO[ L]TZSY_X \Z ZU_ :[M\V CT\W_NMR \^W ZUY__ ]^ R OU]VXZ N\]^Z\]^]^P \ LY_X_^T_ \Z _IU]Q]Z][^X \TY[XX ZU_ T[S^ZYMD 5M

R 0V]^W[^] U\W N[H_W Z[ @U\WO_VV ?_\ZUR 6XX_IR O]ZU U]X O]K_R :SZUR \^W W\SPUZ_YR 6XZU_YR OU[ O\X QM ^[O \ XTU[[V Z_\TU_YD <U_M N[H_W Z[ \ ^_O U[SX_R OU]TU Y_N\]^X Z[ ZU]X W\M [^ ZU_ S^TZ][^ [K 1]VV ;\^_ \^W FU\V_Q[^_ ;\^_ ,[YZUD 8?]X \W \T_^Z XZSW][ ]X ^[O \ ^_OX\P_^Z9D 0V]^W[^] W]_W \Z U[N_ [^ ,[H_NQ_Y

R \^W ]X QSY]_W ]^ @Y[O ;\^_ T_N_Z_YMD ?]X W]\YM \^W L\L_YX \Y_ U_VW ]^ ZU_ -\P_^U\N 7SQV]T ;]QY\YMD ?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX LSQV]T T[VV_TZ][^XR ]^TVSW]^P #\V_^T_ ?[SX_ 1SX_SN 8-\P_^U\N9D 6DLM3IHAFJ:D8MH?M#LKF8M IBBJFCM BIKCHKIMIEM5FIIGLKM38M;JEDJM-HFEL

L-CKL KD<FJ?CKF J]P^_W \^W W\Z_W /]V [^ T\^H\X I G ]^TU_X

F 3;; 3C 1 5 : 6 C & J 7 6 C : 6

F]VV]\N CYZUSY 5Y_\AXL_\Y_R :5C :5JC :/3 8 >2 G9 1HBBHJ=L.FKJ4E?KJFKL7JELJL?FDBH"@LJFIHEIL7DF4HG<LHG 8DICLDHBLJGAL7JIKF@DBD>F5L-CD><CLCKLHELFK=K=8KFKA ;DFLKH<CIKKGIC&@KGI>F9L<KGFK:LCHELE>8 K@IEL7KFKL<FKJIB9 6JFHKA:LHG@B>AHG<LE@KGKEL;FD=LBHIKFJI>FKLJGAL@BJEEH@JB CHEIDF95L$KL7JELJLIJBKGIKALAFJ><CIE=JGLJGAL?JHGIKF 7HICLJL=KIH@>BD>ELJIIKGIHDGLIDLJ@@>FJ@9LICJILBKALIDLJ CH<CB9&"GHECKALEI9BK5 F]VV]\N 5Y_\AXL_\Y_ O\X Q[Y^ ]^ 6WPQ\XZ[^R 5]YN]^PU\NR [^

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

1CH@CLHELICKL DDEK J]P^_W 4F C 5Y_\AXL_\Y_B /]V [^ T\^H\XR I ]^TU_X

@ ; C!- 6 @ C ;< ?:/ 7

@V\SW_ C^WY_OX @\VZUY[L 8 GG2

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

-CKL+HFEILJIL$D=K J]P^_W O]ZU ]^]Z]\VX \^W W\Z_W /]V [^ T\^H\X

E I E ]^TU_X

.Y[N GR @\VZUY[L \ZZ_^W_W ZU_ 1_YTU\^Z <\MV[YXB JTU[[VR ]^ ZU_ @]ZM [K ;[^W[^D ?_ ZU_^ XZSW]_W \YZ \Z ;\NQ_ZU JTU[[V [K CYZ 8S^W_Y +[U^ JL\YA_X9 \^W ZU_ :[M\V CT\W_NM JTU[[VXD FU]V_ \Z ZU_ V\ZZ_YR U_ O[^ \ X]VH_Y N_W\V K[Y ZU_ Q_XZ WY\O]^P KY[N V]K_ 8-_T_NQ_Y >G9R \^W \ P[VW N_W\V \^W \ XTU[V\YXU]L K[Y K[Y ZU_ Q_XZ U]XZ[Y]T\V L\]^Z]^P 8[^ \ XSQ _TZ KY[N ZU_ 5[[A [K +[Q9D ?_ Q_P\^ Z[ _IU]Q]Z \Z ZU_ :[M\V J[T]_ZM [K 5Y]Z]XU CYZ]XZX 8 >G2 9 \^W ZU_ :[M\V CT\W_NM 8 > 2

9R \^W \VX[ XU[O_W [^_ L\]^Z]^P \Z ZU_ 5Y]Z]XU 3^XZ]ZSZ][^ 8 > 9D 3^ ZU]X _\YVM L_Y][WR U_ V]H_W \Z <U_ ;\O^R J[SZU ;\NQ_ZUD 3^ > R @\VZUY[L O_^Z Z[ 7\Y]X K[Y \ M_\Y Z[ T[^Z]^S_ U]X XZSW]_XR \^W XU\Y_W \ XZSW][ O]ZU <U[N\X -\H]WX[^ 8U]X KY]_^W \^W K_VV[O XZSW_^Z KY[N ZU_ :C JTU[[VXR OU[ Z[[A V_XX[^X KY[N ;"[^ 5[^^\Z9D /^ U]X Y_ZSY^R U_ X_ZZV_W 'YXZ \Z G ,_ON\^ JZY__ZR ]^ ZU_ \YZ]XZXB $S\YZ_Y ^[YZU [K /IK[YW JZY__ZR \^W ZU_^

]^ &_^X]^PZ[^R V]H]^P \Z G C @\ZUT\YZ :[\W S^Z]V GR OU_^ U_ N[H_W \ K_O XZY__ZX \O\M Z[ @[V_U_Y^_ :[\WR LY[Q\QVM ]^ LY_L\Y\Z][^ K[Y U]X N\YY]\P_D 3^ R U_ N\YY]_W ;[S]X\ @U\^T_ \Z !LZ[^2SL[^2J_H_Y^R F[YT_XZ_YXU]Y_D <U_M O[SVW U\H_ \ X[^R 6H_Y\YWR \^W \ W\SPUZ_YR ?[L_D ?]X W_H_V[L]^P T\Y__Y O\X N\YA_W QM TY]Z]T\V LY\]X_ KY[N +[U^ :SXA]^ K[Y U]X L\]^Z]^PR LGGIKAM4LGGLFR OU]TU O\X _IU]Q]Z_W \Z ZU_ :C ]^ D ?_ \VX[ _IU]Q]Z_W ]^Z_Y^\Z][^\VVMR ]^TVSW]^P ZU_ J\V[^ W_X J[T]"Z" W_X CYZ]XZ_X .Y\^l\]X ]^ 7\Y]X ]^ R \^W ZU_ @U]T\P[ 6IU]Q]Z][^ ]^

D 5M ZU_^R U_ \^W U]X K\N]VM U\W N[H_W Z[ 5_\TU ?[SX_R ;[O_Y 1\VVR ?\NN_YXN]ZUD FU]V_ ]^ ?\NN_YXN]ZUR ZU_M Q_T\N_ KY]_^WX [K ZU_ \YTU]Z_TZR ?_^YM

JU_L\YWR \^W U]X TU]VWY_^R OU[ ]^TVSW_W 6 ? JU_L\YW 8V\Z_Y K\N[SX \X \^ ]VVSXZY\Z[Y9D 3^ U]X \SZ[Q][PY\LUMR &FJ5KM?FH>M0I?L 8 > 9R 6 ? JU_L\YW W_XTY]Q_W @\VZUY[L \X 4\^ [SZXZ\^W]^P L\]^Z_YBD 1[Y_ T[V[SYKSVVMR \ Y_V\Z]H_ [K @\VZUY[L O[SVW Y_T\VV ZU_ 4H_YM XL[YZMR V\YP_ TU_TA_W N\^^_Y [K U]X WY_XX \^W U]X KY_$S_^Z LY_[TTSL\Z][^ O]ZU [^_ [Y \^[ZU_Y Y_V]P][^B 8$S[Z_W QM J_Q\XZ]\^ -[QX[^ ]^ 4;]_SZ_^\^Z2@[V[^_V 6H_Y\YW ._YPSX[^ @\VZUY[L 8 >2 9BR ?SPU @[YZ\))] 8_W9R 4FIGJIKMJKCM J:JK/ 4IHAFJ:DI@JBM1HFGFJIGER H[V #333R ;_]W_^= 5Y]VVR R L\P_ >9D @V\SW_ @\VZUY[L W]_W [^ CLY]V

R LY[Q\QVM \Z 5Y\^T\XZ_YR ,[YK[VAD

0 6 / :0 6 0 / / -F 3 , & 3 ; 5 ! :, 6 0_[YP_ 0[[WO]^ &]VQSY^_R :5C :3 :/3 8

2 G9

KDF<KL DDA7HGL HB8>FGKL7DF4KALHGL8DICLDHBLJGA 7JIKF@DBD>FLIDL?FDA>@KLCH<CB9LAKIJHBKALE@KGKELD; CHEIDFH@JBLJGAL@DGIK=?DFJF9L<KGFK5L-CKEKL8K@J=K ?JFIH@>BJFB9L?D?>BJFLICFD><CLICKLAHEEK=HGJIHDGLD; KG<FJ6KALFK?FDA>@IHDGE5

)

.[Y \ Q][PY\LUM [K 0_[YP_ 0[[WO]^ &]VQSY^_R LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5R R L\P_ >D ?]X O[YA ]X Y_LY_X_^Z_W ]^ ZU_ T[VV_TZ][^X [K 1\^TU_XZ_Y CYZ 0\VV_YMD

DHG<L#>ILIDL BJ9 J]P^_W F\Z_YT[V[SY O]ZU Q[WMT[V[SY I ]^TU_X

@ C:/ ; 3,6 7C< 6 : J / ,

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i_ ?_YK[YW9D @\Y[V]^_ O\X [^_ [K X_H_^ X]QV]^PXR ZU_ _VW_XZ [K OU[N O\X ZU_ \YZ]XZR ?_V_^ CVV]^PU\N 8^_i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

!

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

OU_Y_ O[N_^ O_Y_ _IL_TZ_W Z[ P]H_ SL O[YA [^T_ N\YY]_WR \^W N\A_X U_Y XSTT_XX Y_N\YA\QV_D 3Z O[SVW Q_ ]NLYSW_^Z ^[Z Z[ N_^Z][^ ZU\Z @\Y[V]^_ 7\Z_YX[^BX V_P\TM U\X Q__^ X[N_OU\Z _TV]LX_W QM ZU\Z [K U_Y X]XZ_YR ?_V_^ CVV]^PU\NR OU[ U\W \ NSTU V[^P_Y V]K_ \^W T\Y__YD <U]X O\X V]A_VM K[Y \ ^SNQ_Y [K Y_\X[^XR ]^TVSW]^P U_Y N\YY]\P_ Z[ ZU_ L[_Z F]VV]\N CVV]^PU\NR OU]TU S^W[SQZ_WVM QY[SPUZ U_Y Z[

\ O]W_Y \YZ]XZ]T T]YTV_ \^W PY_\Z_Y XSTT_XXR QSZ L\YZ]TSV\YVM Q_T\SX_ F]VV]\N W]_W \VN[XZ K[YZM M_\YX Q_K[Y_ U]X O]K_D CKZ_Y U]X W_\ZUR ]Z X__NX ZU\Z ?_V_^ Y_ZSY^_W Z[ ;[^W[^ Z[ Y_XSN_ U_Y T\Y__Y [SZ [K ^_T_XX]ZMR \^W U\W ZU_ [LL[YZS^]ZM Z[ _IL\^W U_Y T[^X]XZ_^Z \^W T[NN_YT]\V Z\V_^ZR T[^Z]^S]^P Z[ O[YA \^W _IU]Q]Z O]ZU PY_\Z XSTT_XX S^Z]V U_Y W_\ZU ]^ >D 6DLM3IHAFJ:D8MH?M7JFHBIKLM1JGLFEHKMIEM5FIGGLKM38M;JEDJM-HFEL

/

) 'HE@CHK; J]P^_W J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ [^ Y_H_YX_ 3^XTY]Q_W O]ZU \YZ]XZBX \WWY_XX \^W 4,[ R D B [^ V\Q_V [^ [Y]P]^\V Q\TAQ[\YW F\Z_YT[V[SY E I ]^TU_X

# $ " ! &% # &$

!L-7HBH<CI J]P^_W 3^XTY]Q_W 4<U_ ?[N_XZ_\WB Q_V[O N[S^Z J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ [^ [Y]P]^\V XSLL[YZ]^P Q[\YW F\Z_YT[V[SY E I ]^TU_X 6IU]Q]Z_W= :[M\V 3^XZ]ZSZ_ [K 7\]^Z_YX ]^ F\Z_Y @[V[SYX

?6;6, C;;3,0?C1

?_V_^ 1\YM 6V])\Q_ZU CVV]^PU\N 8^"_ 7\Z_YX[^9R :FJ 8 G 2 >9 #GKLD;LICKL=DEILE>@@KEE;>BL7D=KGLJFIHEIELD;LICK H@IDFHJGLJ<K:L$KBKGL2BBHG<CJ=L?FDA>@KALJF@CKI9?JB 7JIKF@DBD>FLH=J<KELD;L@DIIJ<KELJGAL<JFAKGE5 .[Y \ Q][PY\LUM [K ?_V_^ CVV]^PU\NR LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLE ;=>>LFM;DH5R >R L\P_ D

JSYY_MR J_LZ >9BR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V R L\P_X >>>2>> * 3^\ <\MV[YR 4CVV]^PU\N ^"_ 7\Z_YX[^ R ?_V_^ 1\YM 6V])\Q_ZU 8 G 2 >9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH? JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_X > 2 >

+>FICKFLFKJAHG<

,\^TM @V\M21\YXZ_VV_YR 4CVV]^PU\NR ?_V_^D 5Y]Z]XU L\]^Z_Y \^W ]VVSXZY\Z[YR G 2 >BR -_V]\ 0\)_ 8_W9R &I@GIHKJF8MH?M2H>LK <FGIEGER @U]T\P[R 3;= .]Z)Y[M -_\YQ[Y^ 7SQV]XU_YXR

R H[V R L\P_X >2 * @UY]XZ[LU_Y ,_O\VVR 4CVV]^PU\N ^"_ 7\Z_YX[^ R ?_V_^ 83 5SYZ[^ [^ <Y_^ZR JZ\ XR > J_LZ G * C ?\XV_N_Y_R

/ 2L K6DGECHFKL(DIIJ<K J]P^_W 3^XTY]Q_W O]ZU Z]ZV_ \^W ^SNQ_Y_W 4G > B [^ Y_H_YX_ F\Z_YT[V[SY

E I E ]^TU_X

+/ ? , J/F 6 : 5

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

\^W R U_R U]X O]K_ \^W W\SPUZ_YX V]H_W \Z 5[IZ_W ?[SX_R 6XX_ID <U_^R ]^ 2 R U_ O\X ]^ ZU_ @\YV]XV_ \Y_\R XZ\M]^P O]ZU N_NQ_YX [K ZU_ O]W_Y J[O_YQM K\N]VMR \Z F]VV]\NXZ[^_ .\YNR JV\PPMK[YWR \^WR KSYZU_Y O_XZR O]ZU U]X X[^R ;\OY_^T_R OU[ U\W Q_T[N_ \ K\YN_YR \Z :[S^W ?]VVR J_Q_YPU\NR F]PZ[^D 8;\OY_^T_ N\YY]_W V\Z_Y ZU_ X\N_ M_\YR \^W N]PY\Z_W Z[ @\^\W\ ]^ D9 5M GR J[O_YQM O\X V]H]^P ]^ JSZZ[^ @[SYZ_^\MR ^_\Y CQ]^PW[^ 8ZU_^ ]^ 5_YAXU]Y_ \^W ^[O ]^ /IK[YWXU]Y_9D 3^ XLY]^P

R U_ U_VW \ X[V[ XU[O \Z ZU_ 5\]VV]_ 0\VV_YMR ;[^W[^R _^Z]ZV_W 4@[ZZ\P_X \^W ZU_]Y 0\YW_^XBD J[O_YQM \^W U]X O]K_ Y_Z]Y_W Z[ /YW_ ?[SX_R FU]ZTUSYTUR ?_Y_K[YWXU]Y_R QM R \^W U_ W]_W ]^ ZU_ T[S^ZM [^ G -_T_NQ_Y GD

-CKL JHE9L'KJAD7L8\Q[H_9 J]P^_W 3^XTY]Q_W O]ZU Z]ZV_ \^W 4,[ B [^ Y_H_YX_ F\Z_YT[V[SY O]ZU Q[WMT[V[SY I G E ]^TU_X

D??HKEL8Q_V[O9 3^XTY]Q_W O]ZU Z]ZV_ \^W 4,[ B [^ Y_H_YX_ F\Z_YT[V[SY O]ZU Q[WMT[V[SY E I > ]^TU_X

5 6 : , C: - FC ;< 6 : 6 #C , J 5_Y^\YW F\VZ_Y 6H\^XR :5C :3 8 G 2 9

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

3^ R 6H\^X \^W U]X K\N]VM O_Y_ V]H]^P \Z 5SYQSYM JZY__ZR CXZ[^R F\YO]TAXU]Y_D ?[O_H_YR QM > R ZU_M U\W N[H_W Z[

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

FU]V_ V]H]^P ]^ ;[^W[^ ]^ R 6H\^X Q_T\N_ ZU_ WY]H]^P K[YT_ \^W A_M LY[N[Z_Y Q_U]^W ZU_ TY_\Z][^ [K ZU_ @]ZM [K ;[^W[^ J[T]_ZM [K CYZ]XZXD CVZU[SPU ZU_ J[T]_ZM O\X XU[YZ V]H_W WS_ Z[ ZU_ V\TA [K \ L_YN\^_^Z _IU]Q]Z][^ XL\T_R ]Z O\X ZU_ K[Y_YS^^_Y [K ZU_ \^^S\V 0S]VWU\VV CYZ 6IU]Q]Z][^ ]^ ;[^W[^D 3^ R U_ O\X _V_TZ_W Z[ ZU_ J\H\P_ @VSQR OU]TU _^T[SY\P_W N_NQ_YX [K ZU_ TY_\Z]H_ LY[K_XX][^XD ?_ O\X \VX[ \ N_NQ_Y [K ZU_ J[T]_ZM [K CYZ]XZX 8A^[O^ KY[N \X ZU_ ;[^W[^ JA_ZTU]^P @VSQ9R OU]TU O\X Q\X_W \Z ;\^PU\N @U\NQ_YXD 6H\^X \^W U]X O]K_ X_ZZV_W ]^ ?\YY[P\Z_ ]^ ZU_ V\Z_ XR \^W T[^Z]^S_W Z[ V]H_ ZU_Y_ \Z 7\YA 7\Y\W_R S^Z]V D 3^ R ZU_M O_Y_ Q[ZU V[WP]^P [Y L[XX]QVM U[V]W\M]^P \Z ?\^[H_Y J$S\Y_ ]^ ;__WXR F_XZ [YAXU]Y_D FU]V_ ]^ ?\YY[P\Z_R 6H\^X N\W_ \ ZU[Y[SPU _ILV[Y\Z][^ [K ]ZX V\^WXT\L_ \^W \YTU]Z_TZSY_D CX _ILV\]^_W ]^ \ T[^Z_NL[Y\YM _H\VS\Z][^ [K U]X O[YAR 4-SY]^P ZU_ V\XZ K[SY M_\YX 1Y 6H\^X U\X Q__^ QSXM TU]_ M O]ZU ZU_ [YAXU]Y_ CQQ_MXR Y_X]W]^P K[Y ZU_ N[XZ L\YZ \Z ?\YY[P\Z_D ?_ U\X L\]^Z_W 'H_ [K ZU_NR :]_H\SVIR FU]ZQMR 5[VZ[^R .[S^Z\]^XR \^W 5MV\^W* QSZ \X U_ ]^Z_^WX Z[ L\]^Z ZU_ OU[V_R U_ U\X M_Z ZO_^ZM2[^_ Z[ W[R \ P[[WVM XZ[Y_B 84F]ZU 7\V_ZZ_ \^W 5YSXUBR 6IKEBL8 EM-JAJZIKLR +SVM R L\P_ 9 FU]V_ V]H]^P ]^ [YAXU]Y_R 5_Y^\YW \^W 1\YM 6H\^X XL_^Z X_H_Y\V O]^Z_YX [K ZU_ X [^ ZU_ .Y_^TU :]H]_Y\D <U]X ]X _H]W_^T_W QM ZU_ O[YAX ZU\Z 6H\^X LY[WST_W \Z ZU\Z Z]N_R ]^TVSW]^P V\^WXT\L_X [K @\^^_X \^W 0Y\XX_D 7_YU\LX \X \ Y_XSVZ [K ZU_X_ ZY\H_VXR U_ Y_T_]H_W \ T[NN_^W\Z][^ ]^ \Z ZU_ 6IL[X]Z][^ !^]H_YX_VV_ ]^ 7\Y]XD 3Z O\X A^[O^ ZU\Z 6H\^X O\X L\YZ [K ZU_ 4[VW XTU[[V [K 6^PV]XU ;\^WXT\L]XZXR \^W \LL_\YX Z[ U\H_ Z\A_^ XSTU N_^ \X <SY^_YR @[IR -_ F]^ZR \^W .]_VW]^P \X U]X N\XZ_YXB 8H:M@IGR L\P_ >9D ?[O_H_YR U\H]^P V_\Y^_W KY[N ZU_X_ '^_ \YZ]XZXR U_ K[S^W ^\ZSY_ Z[ Q_ U]X ZYS_ ]^XL]Y\Z][^R \^W _ILY_XX_W U]X ]NLY_XX][^X ]^ U]X [O^ S^]$S_ O\MD ?]X O[YA O\X _IZY_N_VM X[SPUZ \KZ_YR \^W ]Z O\X X\]W ZU\Z ZU_Y_ O_Y_ Y\Y_VM \^M L]TZSY_X ]^ U]X XZSW][R \X ZU_M O_Y_ Q[SPUZ \X $S]TAVM \X ZU_M O_Y_ L\]^Z_WD 5_Y^\YW F\VZ_Y 6H\^X W]_W \Z ZU_ U[N_ [K U]X ^]_T_ ]^ 5Y_^ZK[YWR ;[^W[^R [^ > ._QYS\YM D ?_ O\X QSY]_W ]^ ?\YV[O ?]VVR ?\YY[P\Z_R O]ZU U]X O]K_R 1\YM C^^R OU[ U\W W]_W ]^ D J_H_Y\V [K U]X X]QV]^PX \VX[ Q_T\N_ \YZ]XZXR [Y O[YA_W ]^ ZU_ \YZ O[YVW WSY]^P ZU_ V\Z_ X \^W _\YVM XD ?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX LSQV]T T[VV_TZ][^XR ]^TVSW]^P ZU_ #(C* \^W 5V\TAQSY^ CYZ 0\VV_YMR @\YZOY]PUZ ?\VV 85Y\WK[YW9R <U_ ;\]^P CYZ 0\VV_YM 8,_OT\XZV_9 \^W <U_ 1_YT_Y CYZ 0\VV_YM 8?\YY[P\Z_9D 6DLM3IHAFJ:D8MH?M4LFKJFCM2JBGLFM'!JKEMIEM5FIGGLKM38M1JE@JBLM$J*BL8

.9BJGAL288K9L8[LL[X]Z_ \Q[H_9 J]P^_W F\Z_YT[V[SY O]ZU ]^AR EG I ]^TU_X

F3;; 3C 1 + / J 6 7 ? + ! ; 3 ! J @ C 6J C: 5 / , F]VV]\N +[X_LU +SV]SX @\_X\Y 5[^W 8

2 >9

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

.9LICKL(DIIJ<K J]P^_W /]V [^ Q[\YWR I EG ]^TU_X

! " " ! # % & % " ! % #& #$ %

-CKL JICLIDLICKL(C>F@C /]V [^ Q[\YW > I EG ]^TU_X

2L(D>GIF9L JGK /]V [^ Q[\YW

EG I G EG ]^TU_X

2IL D7L-HAK J]P^_W /]V [^ Q[\YW I EG ]^TU_X

? 6 : 5 6 :< 1 6 , 3 6 J 1C : J ?C;;

?_YQ_YZ 1_^)]_X 1\YXU\VVR #7:FJ :6 C:35C :/3 8 G 2

9 $KF8KFIL'KG HKEL'JFECJBBL7JELDGKLD;LICKL=DEI JI=DE?CKFH@LD;LICKL,A7JFAHJGL?JHGIKFELD;L>F8JG ID?D<FJ?C95

.[Y \ Q][PY\LUM [K ?_YQ_YZ 1_^)]_X 1\YXU\VVR LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5R GR L\P_ GD +>FICKFLFKJAHG< #]TZ[Y 0 7V\YYR -LKMJKCM2H>LKMH?MGDLM6I>L M<M&I@GIHKJF8 H?M7HKGL>:HFJFILER ;[^W[^= 0_[YP_ :[SZV_WP_R R L\P_

)

) +BKKIL3IFKKIL89 -K=?BKL.JF J]P^_W \^W W\Z_W

3^XTY]Q_W O]ZU Z]ZV_ \^W 4,[ B [^ \YZ]XZBX V\Q_V [^ Y_H_YX_ F\Z_YT[V[SY [^ L\L_Y [H_Y Q[\YW I ]^TU_X

& $ & $ % & !& % # $ #""

! ! (CKBEKJL#BAL(C>F@CL8\Q[H_9 J]P^_W \^W W\Z_W

F\Z_YT[V[SY I E ]^TU_X

C ^SNQ_Y [K H]_OX [K @U_VX_\ O_Y_ ]^TVSW_W ]^ ZU_ _IU]Q]Z][^R 4C @[VV_TZ][^ [K F\Z_Y2@[V[SY -Y\O]^PX [K ;[^W[^D 3ZX JZY__ZX \^W :]H_YX QM ?_YQ_YZ 1\YXU\VV :FJBR <U_ .]^_ CYZ J[T]_ZMR ;[^W[^R ,[H_NQ_Y

/ 2L+FDEI9L3>GFHEK:L J=8KICL JBJ@KL8Q_V[O9 <O]T_ X]P^_W \^W W\Z_W F\Z_YT[V[SYR E I EG ]^TU_X

:/ J 6 5 C :</ , :[X_ 5\YZ[^ 8 >2

9

,6KGLCKFL@DGIK=?DFJFHKELJ??FK@HJIKALICKL2G<BD& FHEC JFIHEI:L0DEKL.JFIDG:LJELICKLK >JBLD;L$KF8KFIL'KG HKE 'JFECJBBLHGLCKFL7DF4LJELJGL>F8JGLID?D<FJ?CKF5L

.[Y \ Q][PY\LUM [K :[X_ 5\YZ[^R LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5R R L\P_ D +>FICKFLFKJAHG<L 9HELM4JFGHKM92;M ." %., , R ;[^W[^= @UY]XZ]_BXR

/

-CKL-FKKL HGKAL26KG>K J]P^_W F\Z_YT[V[SY E I > EG ]^TU_X

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

0 / : - / , .: C J 6 : 0_[YP_ 0[YW[^ .Y\X_Y 8 2 9

3JHBHG<LDGLICKL#>EKLJIL$D><CIDG F\Z_YT[V[SY O]ZU Q[WMT[V[SY \^W ]^A E I G EG ]^TU_X

28BKLIDL=JI@CLICKLIJBKGIELD;LCHEL8KIIKF&4GD7GL8FDICKFELHGLCHELJI=DE?CKFH@ 7JIKF@DBD>FE:L DFADGL+FJEKFLJBEDLAK6KBD?KALJGLHGAK?KGAKGIL@JFKKFLJELJ C>=DFD>ELHBB>EIFJIDFL LJL@JFKKFL@>ILECDFIL89LJL;JIJBLJ@@HAKGI5 .[Y \ Q][PY\LUM [K 0[YW[^ .Y\X_YR LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5R R L\P_ GD

F3;; 3C 1 . : C J 6 : 0 C : - 6 , F]VV]\N .Y\X_Y 0\YW_^ 8 >2 9

1HBBHJ=L+FJEKFL JFAKGLHELGD7LICKL8KEI&4GD7G =K=8KFLD;LICHELJFIHEIL;J=HB95L$KLFK"GKALCHEL=KICDA D;L?JHGIHG<LJILJGLKJFB9LJ<KLHGLDFAKFLIDL?FDA>@K BJGAE@J?KELICJILJFKLHGIKGEKB9LAKIJHBKA:LE@F>?>BD>EB9 J@@>FJIKLJGALED=KIH=KELEIJFIBHG<LHGL@DBD>F5

$K=HG<;DFA 288DIEL(C>F@CL 89LICKL#>EK:L EKKGL;FD= $K=HG<;DFAL FK9 J]P^_W \^W W\Z_W B

F\Z_YT[V[SY EG I EG ]^TU_X

1JIKF=HBBLJI $K=HG<;DFAL FK9 J]P^_W \^W W\Z_W B

F\Z_YT[V[SY E I ]^TU_X

.[Y \ Q][PY\LUM [K F]VV]\N .Y\X_Y 0\YW_^R LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5R R L\P_ D ?]X O[YA ]X Y_LY_X_^Z_W ]^ ZU_ T[VV_TZ][^X [K <U_ ,[YY]X 1SX_SN 8JZ 3H_XR ?S^Z]^PW[^9D

! " " ! # % $ # &$ % # $ &

1HBBD7ELDGLICKL#>EKL8\Q[H_9 J]P^_W \^W W\Z_W B

F\Z_YT[V[SYR EG I ]^TU_X

-CKL'JGDFL$D>EK:L$K=HG<;DFAL FK9L8Q_V[O9 J]P^_W \^W W\Z_W B

F\Z_YT[V[SYR E I EG ]^TU_X

:/ 5 6:< 5! @?C , , 3 J 5 6 <

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

2>I>=GL2;IKF<BD7 J]P^_W J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W 4@Y_] B [^ Y_H_YX_ /]V [^ T\^H\X Q[\YW E I E ]^TU_X

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â&#x2DC;&#x17E;

$ & $ % # % ! & â&#x2DC;&#x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

,]XQ_ZBX XSTT_XX PY_O XZ_\W]VM ]^ ZU_ XD 5M R U_ O\X V]H]^P \Z <SXTSVV\N ?[SX_R 3^H_Y_XAR O]ZU U]X O]W[O_W XZ_LN[ZU_Y 1\YP\Y_ZR \^W U\W Q_T[N_ \ N_NQ_Y [K ZU_ :[M\V J[T]_ZM [K 5Y]Z]XU CYZ]XZXD 3^ R U_ O\X _V_TZ_W \ N_NQ_Y [K ZU_ :[M\V 3^XZ]ZSZ_ [K 7\]^Z_YX ]^ F\Z_Y @[V[SYX \^WR ]^

R

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

R ]^ 0Y\^P_ @_N_Z_YMR 6W]^QSYPUD ?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX LSQV]T T[VV_TZ][^XD 6DLM3IHAFJ:D8MH?M9H3LFGM4=@DJKM IE3LGMIEM5FIGGLKM38M;JEDJM-HFEL

) #GL-CKL3JGAE: DEEHK=D>IC J]P^_W O]ZU ]^]Z]\VX /]V [^ T\^H\X [H_Y Q[\YWR > I ]^TU_X

@ C : ; 6 </ , 0: C , <

<U[N\X @\YV_Z[^ 0Y\^ZR :5C 8 2

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

3Z ]X ^[Z A^[O^ OU_Y_R [Y OU_ZU_YR 0Y\^Z S^W_YZ[[A \ K[YN\V XZSWM [K \YZ QSZR ]^ R U_ Q_P\^ Z[ _IU]Q]Z \Z ZU_ [L_^ _IU]Q]Z][^X [K N[W_Y^ L]TZSY_X \Z ZU_ F\VA_Y CYZ 0\VV_YMR ;]H_YL[[V 8XU[O]^P O[YAX ZU_Y_ S^Z]V U]X W_\ZU9D ;\Z_ ]^ ZU_ W_T\W_R U_ V]H_W \Z ;]XT\YWR [^ ZU_ F]YY\V 8 9R \^W ZU_^ ]^ :UMV 8KY[N 9R QSZ O\X \VY_\WM LY[WST]^P O\Z_YT[V[SYX [K ZU_ X[SZU_Y^ T[S^Z]_X [K 6^PV\^W \X O_VV \X ,[YZU F\V_XD 3^ CLY]V R 0Y\^Z O\X XZ\M]^P \Z 5\M #]_O @[ZZ\P_R <M 0OM^ :[\WR ;V\^WSW^[R O]ZU U]X O]W[O_W N[ZU_Y \^W U]X M[S^P_YR S^N\YY]_W X]XZ_YR @\ZU_Y]^_D <U_ T_^XSX Z\A_^ ]^ ZU\Z N[^ZU W_XTY]Q_W U]N \X 4X]^PV_B \^W \ 4V\^WXT\L_ \YZ]XZBD ?[O_H_YR O]ZU]^ \ N[^ZUR U_ N\YY]_W @U\YV[ZZ_ 1\Y]\ 8^"_ :[Q_YZX9R ZU_ W\SPUZ_Y [K ZU_ ;V\^WSW^[ QS]VW_Y \^W T[^ZY\TZ[YR -\H]W :[Q_YZX 8OU[ OY[Z_ L[_ZYM ]^ F_VXU S^W_Y ZU_ ^\N_ [K 5[Y_SK\YWW9* \^WR [^ > 1\MR @U\YV[ZZ_ P\H_ Q]YZU Z[ \ X[^R &_^^_ZUD â&#x2DC;&#x17E;

)! 3JBHE8>F9LJIL >E4 J]P^_W F\Z_YT[V[SY [^ Q[\YW I ]^TU_X

# $" & % $ # â&#x2DC;&#x17E; .[Y \ OU]V_R 0Y\^Z \^W U]X ^_O K\N]VM V]H_W \Z 0V\^\Q_Y <_YY\T_R 5\YN[SZUR \^W U_ O[SVW \VO\MX Y_Z\]^ T[^Z\TZ O]ZU ,[YZU F\V_XD ?[O_H_YR ]^ R ZU_M N[H_W X[SZU Z[ ZU_ <U\N_X #\VV_MR X_ZZV]^P 'YXZ \Z @[ZZ[^ ?\VVR 6Z[^ @[VV_P_D 83Z ]X S^A^[O^ OU_ZU_Y U_ O\X \ H]X]Z[Y [Y \ Z_\TU_YD9 3^ ZU_ X\N_ M_\YR U_ Q_P\^ Z[ _IU]Q]Z \Z ZU_ :[M\V CT\W_NM 8XU[O]^P O[YAX ZU_Y_ Q_ZO__^ \^W 9D <U_ 0Y\^ZX V]H_W XSQX_$S_^ZVM \Z JZ 0]V_XR /IK[YW 8

2 G9R <U_ -]\V JZSW][R 0Y_\Z 1\YV[O 8 R \V[^PX]W_ . 7_YTM F]VW :5C9R \^W <U\N_X JZY__ZR F]^WX[Y 8 9R \^W ]^

> \ W\SPUZ_YR 7UMVV]XR O\X Q[Y^D 0Y\^Z \VX[ Q_T\N_ \ N_NQ_Y [K ZU_ /IK[YW J[T]_ZM [K CYZ]XZXD

N\M Q_ T[^X]W_Y_W 0Y\^ZBX JKK=E >IFJ3IBIED 3^ ZU\Z M_\YR U_ O\X _V_TZ_W Z[ ZU_ :[M\V J[T]_ZM [K 5Y]Z]XU CYZ]XZXR OU]TUR ]^ U]X XU[YZ T\Y__YR O[SVW Q_T[N_ U]X N\]^ XU[OT\X_ 8O]ZU G [K U]X O[YAX \LL_\Y]^P ]^ ]ZX _IU]Q]Z][^X9D ?]X O[YA O\X \VX[ XU[O^ Z[ kS__^ #]TZ[Y]\ \^W ZU_ 6NLY_XX .Y_W_Y]TA 8ZU_ kS__^BX _VW_XZ TU]VWR #]TZ[Y]\9 \Z F]^WX[Y @\XZV_R \^W ZU_ kS__^ \^W 7Y]^T_XX ;[S]X_ 8U_Y X]IZU TU]VW9 _\TU Q[SPUZ ZO[D <U]X Y[M\V L\ZY[^\P_ W]W ^[Z XZ[L U]N KY[N LY[N[Z]^P J[T]\V]XN \Z ZU_ @[^O\M ;]Z_Y\YM \^W -_Q\Z]^P J[T]_ZM ]^ ZU_ X\N_ M_\YD 5[ZU 0Y\^Z \^W U]X O]K_R @U\YV[ZZ_R T[^ZY\TZ_W ZSQ_YTSV[X]X \^W X[[^ Q_T\N_ KY\]V ]^ U_\VZUD ?]X W[TZ[Y \WH]X_W ZU\Z ZU_ K\N]VM P[ \QY[\W Z[ 6PMLZR QSZ ]Z ]^XZ_\W X_ZZV_W \Z ZU_ U[N_ [K 0Y\^ZBX _VW_Y X]XZ_YR ZU_ O]W[O_W 1YX .V[Y_^T_ ?\PS_R ]^ JU\^AV]^R [^ ZU_ 3XV_ [K F]PUZD @U\YV[ZZ_ W]_W ZU_Y_ _\YVM ]^

R \^W @\YV_Z[^ 0Y\^Z K[VV[O_W U_Y V\Z_Y ZU_ X\N_ M_\YR WM]^P [^ ,[H_NQ_Y

D <U_]Y TU]VWY_^R &_^^_ZU \^W 7UMVV]XR T[^Z]^S_W Z[ V]H_ O]ZU .V[Y_^T_ \^W U_Y X[^R -[SPV\X @\YV_Z[^ ?\PS_D

)/ .FHEIDB:L;FD=LICKL0H6KF J]P^_W \^W W\Z_W G F\Z_YT[V[SY EG I EG ]^TU_X

C ; 5 6 :< 0/ / -F 3 ,

CVQ_YZ .Y_W_Y]TA 0[[WO]^R :FJ 8 G 2

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

) KGI J]P^_W O]ZU N[^[PY\N 3^XTY]Q_W O]ZU Z]ZV_ Q_V[O N[S^Z 7_^ \^W ]^A EG I

EG ]^TU_X

.[Y KSYZU_Y ]^K[YN\Z][^ [^ ZU_ V]K_ \^W O[YA [K CVQ_YZ 0[[WO]^R LV_\X_ Y_K_Y Z[ <B3LFGM HHC5IKM92;M."X %., R >* <B3LFG HHC5IKM92;M."X %., R

>* \^W <B3LFGM HHC5IK 92;M."X % ., R 8\X L]TZSY_W \Q[H_9* \VV LSQV]XU_W QM @UY]X 5__ZV_X ;ZWD @UY]X 5__ZV_X U\X \VX[ LSQV]XU_W \ XSNLZS[SX V]N]Z_W _W]Z][^ H[VSN_ [K [H_Y G L\P_X \^W N[Y_ ZU\^ T[V[SY LV\Z_XR \TT[NL\^]_W QM _IZY\TZX KY[N 0[[WO]^BX W]\Y]_XD

) FHG@KL(J=JFJB J=JG 7_^ \^W ]^A [^ Z]^Z_W L\L_Y

EG I G EG ]^TU_X <U]X ]X \ LY_V]N]^\YM XZSWM K[Y ZU_ L\]^Z]^P _IU]Q]Z_W \Z ZU_ :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXR JSNN_Y GR ^[ D

)

)!

) -CKL JGALICJILHEL KF9L+JFL#;;L8\Q[H_9 J]P^_W \^W W\Z_W

F\Z_YT[V[SYR E I ]^TU_X 6IU]Q]Z_W= :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXR JSNN_Y GR ^[ * .]^_ CYZ J[T]_ZMR ;[^W[^R 1\YTU R ^[ * 4CVQ_YZ 0[[WO]^ :FJ G 2

D

[K U]X Q_XZ O[YAX Q[YY[O_W KY[N LY]H\Z_ T[VV_TZ][^XBR C NSX_SN Z[SY [K ZU_ :[M\V F\Z_YT[V[SY J[T]_ZMR 1\LL]^ CYZ 0\VV_YM \^W :SXA]^ 0\VV_YMR JU_ _VWR \^W JZ[A_ [^ <Y_^Z @]ZM 1SX_SN \^W CYZ 0\VV_YMR 1\M2/TZ[Q_Y >R ^[

) -CKL.JG4ELD;L ICKL HBK:L(JHFDL8Q_V[O9 J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W > F\Z_YT[V[SY O]ZU Q[WMT[V[SY \^W L_^T]V [^ Q[\YW EG I G E ]^TU_X

)/

) L2BHL.J8JLJGALICKL+DFI9L-CHK6KE J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W

J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ [^ [Y]P]^\V Q\TAQ[\YW F\Z_YT[V[SY \^W Q[WMT[V[SYR G EG I E ]^TU_X 6IU]Q]Z_W= 4CVQ_YZ 0[[WO]^ ( ?_YTSV_X 5Y\Q\)[^ 5Y\Q\)[^BR CLY]V21\M G

) .FHEIDB:L3IL'JF9L0KA@BH;;KE J]P^_W O]ZU N[^[PY\NR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W % > F\Z_YT[V[SY \^W Q[WMT[V[SYR _^TV[X_W QM \ W_T[Y\Z]H_ Q[YW_Y 3^XTY]Q_W 45Y]XZ[VB [^ XSLL[YZ]^P XU__Z Q_V[O N[S^Z E I E ]^TU_X

)

)) 1HG@CKEIKF J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W G F\Z_YT[V[SY O]ZU L_^ \^W ]^A

EG I G EG ]^TU_X

) HG@DBG J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W

F\Z_YT[V[SY O]ZU L_^ \^W ]^AR _^TV[X_W QM \ W_T[Y\Z]H_ Q[YW_Y

E I ]^TU_X

/!! KIKF8DFD><C J]P^_W O]ZU N[^[PY\N \^W ]^XTY]Q_W 47_Z_YQ[Y[B @U\VA [^ Z]^Z_W L\L_Y

EG I G EG ]^TU_X

/!/ JKAJB>EL-FJHGHG<L3CH? J]P^_W O]ZU N[^[PY\N F\Z_YT[V[SY \^W L_^T]V EG I EG ]^TU_X

)

/! -CKL(D=HG<LD;LICKL+BKKI5L ELHIL KJ@KL KC>M* J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W

F\Z_YT[V[SY \^W Q[WMT[V[SYR E I G EG ]^TU_X 6IU]Q]Z_W= :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXR JSNN_Y R ^[ G

)

/! 1HGIKFLHGL J?BKEL.J9L8\Q[H_9 J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W

J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ \^W \YZ]XZBX \WWY_XX [^ V\Q_V [^ [Y]P]^\V Q\TAQ[\YW F\Z_YT[V[SY O]ZU L_^ ]^AR Q[WMT[V[SY \^W L_^T]V [^ L\L_Y V\]W [^ Q[\YWR EG I G ]^TU_X

/! -CKL3BJ6KL CD7EL8Q_V[O9 J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W

/]V [^ O[[W

E I E ]^TU_X

/! ,G<KB8KF<L8\Q[H_9 J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ F\Z_YT[V[SY O]ZU L_^ ]^AR Q[WMT[V[SY \^W PSN \Y\Q]T

EG I E ]^TU_X

/! -CKL1J9LIDL(CHD<<HJ:L KGH@KL8Q_V[O9 J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W

F\Z_YT[V[SYR E I ]^TU_X 7Y[H_^\^T_= :]TU\YW ?[O\YZU [K 5V\TAQSY^ 6IU]Q]Z_W= 4F\Z_Y2@[V[SY -Y\O]^PX \^W 7\]^Z]^PX QM CVQ_YZ 0[[WO]^R :FJBR ;_PP\ZZ 5Y[ZU_YX 0\VV_YMR JZ +\N_XBX JZY__ZR ;[^W[^R R ^[ >

)

/! $JFIBJGAL >J9LT V J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W 4CSP B 7_^T]VR I > EG ]^TU_X

)

/!) 3>GEKI:L$JFIBJGAL DHGI J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ F\Z_YT[V[SY O]ZU Q[WMT[V[SY \^W L_^T]V I EG ]^TU_X

/! $JFIBJGAL >J9LT V J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W 4CSPSXZ B 7_^T]VR I > EG ]^TU_X

//! -CKL1CJF;LJIL2F>GAKBL8\Q[H_9 J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W

F\Z_YT[V[SYR EG I E ]^TU_X ;]Z_Y\ZSY_= CVQ_YZ 0[[WO]^ :FJ G 2

R ;[^W[^= @UY]X 5__ZV_X ;ZWR >R LV\Z_ R V]N]Z_W _W]Z][^ [K 6IU]Q]Z_W= 4CVQ_YZ 0[[WO]^ :FJ G 2

D

[K U]X Q_XZ O[YAX Q[YY[O_W KY[N LY]H\Z_ T[VV_TZ][^XBR \ NSX_SN Z[SY [K ZU_ :[M\V F\Z_YT[V[SY J[T]_ZMR 1\LL]^ CYZ 0\VV_YM \^W :SXA]^ 0\VV_YMR JU_ _VWR \^W JZ[A_ [^ <Y_^Z @]ZM 1SX_SN \^W CYZ 0\VV_YMR 1\M2/TZ[Q_Y >R ^[

/// $JEIHG<E:L1HGIKFL3>GEKIL8Q_V[O9 J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W

F\Z_YT[V[SY O]ZU L_^ \^W ]^AR E I EG ]^TU_X 7Y[H_^\^T_= C 5[XZ[^ @[VV_TZ][^ ;]Z_Y\ZSY_= CVQ_YZ 0[[WO]^ :FJ G 2

R ;[^W[^= @UY]X 5__ZV_X ;ZWR >R LV\Z_ R V]N]Z_W _W]Z][^ [K 6IU]Q]Z_W= 4CVQ_YZ 0[[WO]^ :FJ G 2

D [K U]X Q_XZ O[YAX Q[YY[O_W KY[N LY]H\Z_ T[VV_TZ][^XBR \ NSX_SN Z[SY [K ZU_ :[M\V F\Z_YT[V[SY J[T]_ZMR 1\LL]^ CYZ 0\VV_YM \^W :SXA]^ 0\VV_YMR JU_ _VWR \^W JZ[A_ [^ <Y_^Z @]ZM 1SX_SN \^W CYZ 0\VV_YMR 1\M2/TZ[Q_Y >R ^[ * 4CVQ_YZ 0[[WO]^R :FJ 8 G 2

9BR +S^_ R ^[ G

)

)

// -CKL3@CDDBL BJ9<FD>GA:L KACJ=L8\Q[H_9 J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W

F\Z_YT[V[SY I EG ]^TU_X

// #%;DFAL;FD=LICKL0DD;LD;LICKL0JA@BH;;KL H8FJF9L8Q_V[O9 J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W

% F\Z_YT[V[SY O]ZU L_^ ]^A \^W Q[WMT[V[SY G I E ]^TU_X

? 6 :@ ! ; 6 J 5 : C 5 C / , 5 : C 5 C / , ?_YTSV_X 5Y\Q\)[^ 5Y\Q\)[^R ,6C@ 7J 8 2 >9

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

+>FICKFLFKJAHG< ?]V\Y]_ .\Q_YN\^R 45Y\Q\)[^R ?_YTSV_X 5Y\Q\)[^ 83 7\Y]XR ,[H * C G 1\M >9BR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V GR L\P_ > * 1\YZ]^ ?\YW]_ 8FL! +_XX]T\ &]VQSY^9R 45Y\Q\)[^ ?HF>LFB8 JU\YL_ R ?_YTSV_X 5Y\Q\)[^ 8 2 >9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH?M JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V R L\P_X 2

* @ ;_O]X ?]^WR #LF@=BLEM4FJ3JZHKM4FJ3JZHK+M." .%.,U /M #IEM<FGMJKCM0I?LR ;[^W[^= 0_[YP_ CVV_^R

@UY]X 5__ZV_X U\X N[S^Z_W \ ^SNQ_Y [K U]PUVM XSTT_XXKSV _IU]Q]Z][^X [K ZU_ O[YA [K ?_YTSV_X 5Y\Q\)[^ 5Y\Q\)[^D <U_ N[XZ Y_T_^ZR <FGMJKCM;=KEDIKLR O\X U_VW ]^

\^W \TT[NL\^]_W QM \ V\YP_ ]VVSXZY\Z_W T\Z\V[PS_= > L\P_XR T[V[SY LV\Z_X \^W _IZ_^W_W Q][PY\LU]T\V _XX\MXD

))

// CHBJK:L,<9?I J]P^_W O]ZU ]^]Z]\VX \^W ZO]T_ ]^XTY]Q_W O]ZU Z]ZV_ F\Z_YT[V[SY \^W L_^T]V O]ZU Q[WMT[V[SY [^ Z]^Z_W L\L_Y

I ]^TU_X 7Y[H_^\^T_= 4<U_ .SVV_Y @[VV_TZ][^ [K #]TZ[Y]\^ ;\^WXT\L_ F\Z_YT[V[SYXBR @UY]XZ]_X ;[^W[^R CLY]V R V[Z

6IU]Q]Z_W= ;[\^ 6IU]Q]Z][^ [K 7\]^Z]^PXR CSXZY\V]\^ :_W @Y[XXR CW_V\]W_R 1\YTU * 4CYZ]XZ ]^ 7\Y\W]X_BR ,\Z][^\V <U_\ZY_R ;[^W[^R CLY]V21\M

/!! // EDBJL.KBBJ:L J<DL'J<<HDFK F\Z_YT[V[SY \^W Q[WMT[V[SY [^ Z]^Z_W L\L_Y I G ]^TU_X

6IU]Q]Z_W= 4CYZ ( JS^XU]^_D <U_ F[YA [K ?_YTSV_X 5Y\Q\)[^ 5Y\Q\)[^ 8 2 >9BR 1\M

R ^[ > R \X 0J*LM9L L@GIHKE

// -CKL FD=KGJAK: $JEIHG<E J]P^_W O]ZU ]^]Z]\VX 3^XTY]Q_W 4?\XZ]^PXB [^ Y_H_YX_ F\Z_YT[V[SY \^W Q[WMT[V[SY O]ZU L_^T]V > I ]^TU_X

/!/ // 'HEI9L H<CI:L KGH@K J]P^_W O]ZU ]^]Z]\VX F\Z_YT[V[SY O]ZU Q[WMT[V[SY \^W L_^T]V > I EG ]^TU_X

// (J*A*DFDLJGALICK FJGAL(JGJB:L KGH@K J]P^_W O]ZU ]^]Z]\VX F\Z_YT[V[SY O]ZU Q[WMT[V[SY [^ Z]^Z_W L\L_Y G E I > E ]^TU_X

//) 3D>6KGHFLD;L0K=8FJGAI F\Z_YT[V[SY \^W Q[WMT[V[SY I > EG ]^TU_X

/ ! 2L3KJ?HK@K:LJ;IKFL->FGKF J]P^_W O]ZU ]^]Z]\VX 7\XZ_VR I > ]^TU_X 6IU]Q]Z_W= 4?_YTSV_X 5Y\Q\)[^ 5Y\Q\)[^R 8 2 >9D C^ 6IU]Q]Z][^ [K F\Z_YT[V[SYX \^W 7\XZ_VXBR ,[H_NQ_Y2-_T_NQ_Y R ^[ >>

/!

/ / 2L3D>6KGHFLD;LJL3KB;& DFIFJHIL 89L KJG& J@ >KEL$KGGKF J]P^_W O]ZU ]^]Z]\VX F\Z_YT[V[SY O]ZU Q[WMT[V[SY \^W L_^T]V EG I EG ]^TU_X 6IU]Q]Z_W= 4CYZ ( JS^XU]^_D <U_ F[YA [K ?_YTSV_X 5Y\Q\)[^ 5Y\Q\)[^ 8 2 >9BR 1\M

R ^[ >> <U]X ]X \ X[SH_^]Y [K [^_ [K X_H_Y\V X_VK2L[YZY\]ZX QM +_\^2+\T$S_X ?_^^_YD <U]X L\YZ]TSV\Y [^_ O\X L\]^Z_W ]^ R \^W ]X ]^ ZU_ T[VV_TZ][^X [K ZU_ ! )] 0\VV_YMR .V[Y_^T_D

/ -CKL(DFG;HKBA:LJL3D>6KGHFLD;L(DGEIJ8BK J]P^_W O]ZU ]^]Z]\VX F\Z_YT[V[SY \^W Q[WMT[V[SY O]ZU L_^T]V [^ Z]^Z_W L\L_YR E I > EG ]^TU_X 6IU]Q]Z_W= ?_YTSV_X 5Y\Q\)[^ 5Y\Q\)[^R ,6C@ 8 2 >9R 1\M

R ^[

/!

/ 2L0DEK J]P^_W O]ZU ]^]Z]\VX F\Z_YT[V[SY O]ZU Q[WMT[V[SYR E I > EG ]^TU_X

C;0 6 : , / , <C ; 1C06

CVP_Y^[^ 1\M[O <\VN\P_R :C :5C ?:6 :/3 :FC 8 2

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

/!

5M R <\VN\P_ \^W ZO[ [K U]X K_VV[O XZSW_^ZXR CY^_XQM 5Y[O^ \^W F]VV]\N <]ZT[NQR U\W W]XT[H_Y_W ]^ JZ 3H_XR @[Y^O\VVR ZU_ K\N]V]\Y X_TSY]ZM [K \ XN\VV \YZ T[V[^M XSTU \X ZU\Z OU]TU ZU_M U\W A^[O^ ]^ 5SXU_MD CV[^P O]ZU XSTU \YZ]XZX \X +SV]SX /VXX[^ \^W CWY]\^ JZ[A_XR <\VN\P_ K[S^W_W \^ CYZ]XZXB @VSQR OU]TU _^\QV_W ZU_X_ L\]^Z_YX [K ZU_ X_\ Z[ N__Z \^W W]XTSXX W] _Y_^Z Z_TU^]$S_X K[Y T\LZSY]^P ZU_ _XX_^T_ [K ZU_ O]VW \^W YSPP_W ^[YZU T[\XZ [K @[Y^O\VVD 5M R <\VN\P_ \^W /VXX[^ U\W _XZ\QV]XU_W ZU_ @[Y^]XU JTU[[V [K ;\^WXT\L_R .]PSY_ \^W

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

R L\P_ 9D ?_ O\X _V_TZ_W \^ \XX[T]\Z_ [K ZU_ :[M\V CT\W_NM ]^ R \^W \ KSVV :[M\V CT\W_N]T]\^ X_H_^ M_\YX V\Z_YD <\VN\P_ O\X \VX[ _V_TZ_W Z[ ZU_ :[M\V J[T]_ZM [K 5Y]Z]XU CYZ]XZX 8

9R ZU_ :[M\V 3^XZ]ZSZ_ [K 7\]^Z_YX ]^ /]VX 8 9R JZ 3H_X J[T]_ZM [K CYZ]XZX 8 2

9R ZU_ :[M\V F_XZ [K 6^PV\^W CT\W_NM \^W ZU_ :[M\V J[T]_ZM [K 7\]^Z_Y26ZTU_YX \^W 6^PY\H_YX 8]^]Z]\VVM \X \^ \XX[T]\Z_ \^W V\Z_Y \^ U[^[Y\YM N_NQ_Y9D <U_ ]^ S_^T_ [K .Y_^TU L\]^Z]^P \^W V\^WXT\L_ O\X ]NL[YZ\^Z Z[ <\VN\P_D ?_ _IU]Q]Z_W XSTT_XXKSVVM \Z ZU_ 7\Y]X J\V[^R O]^^]^P \ X]VH_Y N_W\V ]^

\^W \ P[VW N_W\V ]^ D <Y\H_VV]^P Z[ ZU_ T[S^ZYM [^ N\^M [TT\X][^XR U_ O\X ]^ 7Y[H_^T_ KY[N \X _\YVM \X GR \^W L[XX]QVM ]^ JZ <Y[L_) \X V\Z_ \X

D ;\Z_ ]^ V]K_R <\VN\P_ XU\Y_W U]X Z]N_ Q_ZO__^ G 6VP]^ @Y_XT_^ZR ;[^W[^R F R \^W JU_Y'_VW 6^PV]XUR ^_\Y :[NX_MR ?\NLXU]Y_D ?_ W]_W \Z ZU_ V\ZZ_Y [^ G J_LZ_NQ_Y

D ?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX LSQV]T T[VV_TZ][^XR ]^TVSW]^P 5SXU_M 1SX_SN \^W CYZ 0\VV_YMR &]YAV__X 1SX_SNX \^W 0\VV_Y]_XR \^W ZU_ ,\Z][^\V :\]VO\M 1SX_SN 8 [YA9D 6DLM3IHAFJ:D8MH?M<BALFKHKM6JB>JALMIEM5FIGGLKM38M 9L3L@@JM7DJ:>JKMJKCM&J!ICM2HHGGHK

/ 2L+FKG@CL$JF6KEILT V F\Z_YT[V[SY I E ]^TU_X

/ 1D>GAKAL$DFEKEL0KI>FGHG<L;FD=LICKL+FDGI:L+FJG@K J]P^_W \^W W\Z_W /]V [^ T\^H\XR I G E ]^TU_X 6IU]Q]Z_W= 4<U_ ZU @_^ZSYMBR ,[H_NQ_Y

>R ^[ * 4?[N_ ;\WR ?[N_D <U_ F\Y ?[YX_ JZ[YMBR JZ 5\YQ_ 1SX_SN ( CYZ 0\VV_YMR ;MN]^PZ[^R ?\NLXU]Y_R 1\YTU2CLY]V G

/ 2L+FKG@CL$JF6KEILT V J]P^_W \^W W\Z_W > /]V [^ T\^H\X

EG I ]^TU_X 6IU]Q]Z_W= :[M\V CT\W_NMR JSNN_Y 6IU]Q]Z][^R R ^[

/!

@6@ 3; C:< ?! : ?! , <

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

.[Y \ Q][PY\LUM [K @_T]V CYZUSY ?S^ZR LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5+ R L\P_X 2

D 6DLMKHGLEMHKMGDLM5HF*EMH?M7L@IBM<FGD=FM#=KGMJFLM5FIGGLKM38M(IHKJM I@*LFEHK

/!

@UY]X 5__ZV_X U\X W[^_ NSTU Z[ Y_H]H_ ]^Z_Y_XZ ]^ ZU_ O[YA [K @_T]V CYZUSY ?S^ZD ?_ N[S^Z_W \ V\YP_2XT\V_ Y_ZY[XL_TZ]H_ _IU]Q]Z][^ ]^

> \Z U]X ;[^W[^ P\VV_YMR [^ ZU_ _I\TZ X]Z_ [K ZU_ \YZ]XZBX 'YXZ XSQXZ\^Z]\V XU[O ]^ D <U_ Y_ZY[XL_TZ]H_ O\X \TT[NL\^]_W QM \ W_'^]Z]H_ T\Z\V[PS_R OU]TU Y_N\]^X \H\]V\QV_ KY[N ZU_ P\VV_YMR \X Q[ZU \ L\L_YQ\TA \^W \ V]N]Z_W _W]Z][^ U\YWQ\TAD

/ 3GD7LJGAL3CJAD7 J]P^_W F\Z_YT[V[SY \^W Q[WMT[V[SY I ]^TU_X 7Y[H_^\^T_= # :_]^\A_Y 6IU]Q]Z_W= 43Z\VM \^W 6VX_OU_Y_BR <U_ .]^_ CYZ J[T]_ZMR ;[^W[^R ._QYS\YM GR ^[ >* 4@_T]V CYZUSY ?S^Z #7:FJ :5CBR /TZ[Q_Y

>R ^[

DFDICKJL >JFF9:L1JBKE 3^ >R ?S^Z Z[SY_W F\V_XR T[^T_^ZY\Z]^P [^ ZU_ \Y_\ \Y[S^W J^[OW[^R OU_Y_ ZU_ ]NLY_XX]H_R ZU_\ZY]T\V $S\V]Z]_X [K ZU_ XV\Z_ $S\YY]_X ]^XL]Y_W U]N Z[ L\]^ZD J_H_Y\V L\]^Z]^PX [K ZU_ XSQ _TZ O_Y_ _IU]Q]Z_W KY[N >2 G \Z ZU_ :[M\V CT\W_NM \^W ZU_ :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXD / DFDICKJL >JFF9:L1JBKE J]P^_W F\Z_YT[V[SY O]ZU L_^T]V

I E ]^TU_X

/! / ) 'DDGFHEKL L H8FJBIJF J]P^_W 3^XTY]Q_W O]ZU Z]ZV_ \^W _IU]Q]Z][^ W_Z\]VX [^ Y_H_YX_ F\Z_YT[V[SY O]ZU Q[WMT[V[SY I ]^TU_X <U_Y_ ]X \ O\Z_YT[V[SY [K JZ +[U^ .[YZY_XXR @]ZM ?\YQ[SYR &[Z[Y [^ Y_H_YX_ 6IU]Q]Z_W= :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXR JSNN_Y

R ^[ * 4@_T]V CYZUSY ?S^ZBR .]^_ CYZ J[T]_ZMR ;[^W[^R

GR ^[ >

3?KFJBHG<J:L3H@HB9 ?S^ZBX TV[X_ KY]_^WR ZU_ \YZ TY]Z]T : ? &]ZX[^R QS]VZ \ H]VV\ ^_\Y <\[YN]^\R ZU_ @\X\ @SX_^]D ?S^Z \^W U]X O]K_ O_Y_ Y_PSV\Y H]X]Z[YX \Z ZU_ H]VV\ Q_ZO__^

\^W

D <U]X O\Z_YT[V[SY O\X LY[Q\QVM L\]^Z_W [^ U]X V\XZ ZY]L ]^

R \^W ZU_^ _IU]Q]Z_W \Z ZU_ :[M\V CT\W_NM JSNN_Y 6IU]Q]Z][^ ]^

GR ^[ D 8J5 9 / ! 3?KFBHG<J:L3H@HB9 J]P^_W ZO]T_ \^W ]^W]XZ]^TZVM ]^XTY]Q_W O]ZU Z]ZV_ 3^XTY]Q_W O]ZU Z]ZV_ [^ Y_H_YX_ F\Z_YT[V[SY \^W Q[WMT[V[SY E I E ]^TU_X 7Y[H_^\^T_= <U_ CYZ]XZBX .\N]VM 6IU]Q]Z_W= 4@_T]V CYZUSY ?S^Z #7:FJ :5CBR /TZ[Q_Y

>R ^[

'DDGFHEKL H8FJBIJF <U]X L\]^Z]^P ]X \ Y_XSVZ [K \ TYS]X_ ZU\Z ?S^Z Z[[A O]ZU U]X O]K_R 7UMVV]XR ]^

D <U_ JJ CZV\^Z]X TYS]X_W \Y[S^W ZU_ 1_W]Z_YY\^_\^R L\XX]^P 0]QY\VZ\Y \^W T\VV]^PR \N[^P [ZU_Y LV\T_XR ]^Z[ <S^]XR 0[)[R 1\VZ\ \^W J]T]VMR Q_K[Y_ P[]^P SL ZU_ -\VN\Z]\^ @[\XZ Z[ &[Z[Y \^W -SQY[H^]AD <U_ O\Z_YT[V[SY [^ ZU_ Y_H_YX_ XU[OX ZU_ K[YZY_XX [K JZ +[U^R OU]TU X]ZX U]PU \Q[H_ ZU_ L[YZ [K &[Z[YR 8\X W]XT[H_Y_W ]^ @_T]V CYZUSY ?S^ZBX XA_ZTUQ[[AXR J5 \^W

9D

/ / ,GK=9L2@IHDGLHGL(CKBEKJ J]P^_WR ]^XTY]Q_W 4@U_VX_\B \^W W\Z_W G F\Z_YT[V[SY O]ZU Q[WMT[V[SY I EG ]^TU_X 6IU]Q]Z_W= :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXR JLY]^P G R ^[ * 4@_T]V CYZUSY ?S^Z #7:FJ :5CBR /TZ[Q_Y

>R ^[ ,GK=9L2@IHDGLHGL(CKBEKJ ?S^Z V]H_W ]^ 1\VV[YW JZY__ZR @U_VX_\R ZUY[SPU[SZ ZU_ O\YR \^W XA_ZTU_W ZU_ W\N\P_ OY[SPUZ [^ K\N]V]\Y QS]VW]^PX ^_\YQMD <U_ WY\N\ \^W ZU_ L\ZU[X WY_O U]N Z[ ZU]X XSQ _TZD

/ K=DBHIHDGLHGLICKL1KEIL,GA J]P^_W F\Z_YT[V[SY \^W Q[WMT[V[SY EG I ]^TU_X 6IU]Q]Z_W= :[M\V CT\W_NMR JSNN_Y 6IU]Q]Z][^R > R ^[

/!

K=DBHIHDGLHGLICKL1KEIL,GA 3^

R ?S^Z N\W_ N\^M XA_ZTU_X [K ZU_ W_N[V]Z][^ [K ZU_ F\Z^_M JZ\P 5Y_O_YM ]^ #]TZ[Y]\D <U_ WY\N\ \^W ZU_\ZY]T\V]ZM [K ZU_ _H_^ZR \^W LY[Q\QVM ZU_ N\YA]^P [K \ TU\^P_ Z[ ;[^W[^BX U_Y]Z\P_R \LL_\V_W Z[ U]ND ?_ _IU]Q]Z_W X_H_Y\V [K ZU_ O[YAX \Z ZU_ :[M\V CT\W_NM Q_ZO__^ > \^W > R [K OU]TU ZU]X O\X ZU_ V\XZD 8J5 G 9

+C1 6J ? C 1 3 ;</ , ?C +\N_X ?\N]VZ[^ ?\MR ;0 8 G2 >9

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

/!)

/ L-CD=JEL'KJBHG<:L/)L1JIKF<JIKL0D7:L(CKEIKF J]P^_W \^W W\Z_W > 3^XTY]Q_W 4F\Z_YP\Z_ :[OB [^ Y_H_YX_ F\Z_YT[V[SY O]ZU L_^ ]^A \^W L_^T]V I ]^TU_X -CD=JEL'KJBHG<:L/)L1JIKF<JIKL0D7:L(CKEIKF <U[N\X 1_\V]^P O\X \^ \^Z]$S_X W_\V_Y \^W KSY^]ZSY_ QY[A_YR OU[ \VX[ X__NX Z[ U\H_ X[VW XSTU LY[WSTZX \X Y\Z L[]X[^D

//!

/ #BAL$D>EKELJGAL(C>F@CLJIL KEIDGL J]P^_W \^W W\Z_W G ]^ LV\Z_ J]P^_W 3^XTY]Q_W 4 XZ XZ\Z_B Q_V[O N[S^Z 3^XTY]Q_W O]ZU Z]ZV_ [^ XSLL[YZ]^P XU__Z 6ZTU]^P \^W WYML[]^Z EG I > EG ]^TU_X

/ 2L.FDD4L8KI7KKGL-FKKE J]P^_W O]ZU N[^[PY\N \^W W\Z_W % ]^ LV\Z_ J]P^_W 6ZTU]^P \^W \$S\Z]^Z G E I EG ]^TU_X

/ (DIIJ<KEL8KGKJICLICKL-FKKE 3^XTY]Q_W 4 XZ ZY]\VB Q_V[O N[S^Z 6ZTU]^P \^W \$S\Z]^Z I > ]^TU_X

/ 3IL'JF9*ELDGLICKL$HBB:L 3D>ICL JIK:L-CKL(J>EK7J9: (CKEIKF J]P^_W \^W W\Z_W > 3^XTY]Q_W 4JZ 1\YMBX [^ ZU_ ?]VVR J[SZU 0\Z_R <U_ @\SX_O\MB [^ Y_H_YX_ F\Z_YT[V[SY O]ZU L_^T]V

EG I ]^TU_X

/ (>EID=L$D>EKL ;FD=L(JGGHG<L D@4:L H6KF?DDB @U\VA [^ Z]^Z_W L\L_Y EG I ]^TU_X

///

//

/ ) 'DDGBHIL(DJEI J]P^_W \^W W\Z_W

/]V [^ T\^H\X G E I EG ]^TU_X

//

/ ! ,6KGHG<L H<CI:L HBBJ<KL3IFKKI J]P^_W \^W W\Z_W

/]V [^ T\^H\X Q[\YW

I ]^TU_X

F 3;;3C1 FC;@/<

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

83 ;SXZW[YKR ^_\Y /W_XX\R :SXX]\R 1\YTU G* C ?SYXZL]_YL[]^ZR F JSXX_IR 1\M G 9R +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V R L\P_

/ / 3IL J>B*EL;FD=LICKL3D>IC J]P^_W -YML[]^Z E I ]^TU_X

//

;]Z_Y\ZSY_= 6V])\Q_ZU ?\YH_M2;__R F]VV]\N F\VT[Z @\Z\V[PS_ :\]X[^^"R [^V]^_R ^[ 8_ZTU_W QM

9 6IU]Q]Z_W= 4F\Z_YT[V[SYX [K ;[^W[^ \^W :[N_BR .]^_ CYZ J[T]_ZMR ;[^W[^R ._QYS\YM

8ZU_ _IU]Q]Z][^ ]^TVSW_W _]PUZ _ZTU]^PX9* 46ZTU]^PX QM F]VV]\N F\VT[ZBR .]^_ CYZ J[T]_ZMR ;[^W[^R 1\M G

/ .JG >KIHG< $D>EK:L1CHIKCJBB J]P^_W F\Z_YT[V[SY O]ZU L_^T]VR Q[WMT[V[SY \^W PSN \Y\Q]T [^ L\L_Y V\]W W[O^ [^ Q[\YW > EG I EG ]^TU_X

/ DGADBJLJGAL.DJIE L 3JGIJL'JFHJL KBBJL3JB>IK:L KGH@KL8\Q[H_9 /]V [^ T\^H\X I ]^TU_X

/ +HECHG<L.DJIEL8Q_V[O9 J]P^_W \^W W\Z_W

7_^ ]^A \^W O\Z_YT[V[SY O]ZU L_^T]V \^W PSN \Y\Q]T [^ Z]^Z_W L\L_Y V\]W [^ Q[\YWR G I ]^TU_X

//

& C : ; ? C0 6 - / : ,

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

3^

R ZU_ @UY]X 5__ZV_X 0\VV_YM U[XZ_W 41\^TU_XZ_YBX 'YXZ 1[W_Y^]XZBR \^ ]NL[YZ\^Z Y_ZY[XL_TZ]H_ _IU]Q]Z][^ [K ZU_ O[YA [K &\YV ?\P_W[Y^ [YP\^]X_W ]^ T[^ S^TZ][^ O]ZU ZU_ FU]ZO[YZU CYZ 0\VV_YM [K ZU_ !^]H_YX]ZM [K 1\^TU_XZ_YD 3Z O\X \TT[NL\^]_W QM \^ ]VVSXZY\Z_W Q][PY\LU]T\V T\Z\V[PS_D / ,9GKEL,GA J]P^_W \^W W\Z_W

3^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W

Q_V[O N[S^Z 7_^ \^W ]^A

EG I > E ]^TU_X

//

/ (DBBHD>FK J]P^_W \^W W\Z_W G 3^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W G [^ Y_H_YX_ 7_^ ]^A \^W O\Z_YT[V[SY O]ZU L_^T]V [^ Q[\YW E I ]^TU_X

%'!# % '&#' $ ' #$&" '$ $"' % ' # '# ' #$"&$! %"# &"' '& %' # & '# ' $ % $ ' ' # & $! ' $ & !$ ! #!! # %' ' & "'" # !&' # ' '$!!'& %'&# "&"' #' # & % % ' &' $"'$' %&' ! &&!%' !$ %' % ' $& ""%' $" & % % 8;_XV]_ F[YZUR 4&\YV ?\P_W[Y^= C 1_N[]YBR ]^ -JK@DLEGLF EM(IFEG -HCLFKIEG/M JFBM#JALCHFKM."",%., ,R 1\^TU_XZ_Y= <U_ FU]ZO[YZU CYZ 0\VV_YMR

GR L\P_ 9

@ ? C : ; 6 J & , 3 0?<

@U\YV_X &^]PUZR :/3 #7:FJ 8 2

9 -CKL3>EEK%LBJGAE@J?KL?JHGIKF:L(CJFBKEL GH<CI: @CJGGKBBKALICKLIFJAHIHDGLD;L,G<BHECL7JIKF@DBD>F ?JHGIHG<LHGLDFAKFLIDL?FDA>@KLCHELD7GLDFH<HGJB @DGIFH8>IHDG5L2ELJLFKE>BI:LCKL8K@J=KLJL?HBBJFLD;LICK 0D9JBL3D@HKI9LD;L JHGIKFELHGL1JIKF&(DBD>FE:LJGA FK@KH6KALJ@@BJH=L;FD=L1HBBHJ=L0>EEKBBL+BHGILJELICK EIJFLI>FG*LD;LICKL0K@DFAHG<L.FHIJHGLE@CK=K5 .[Y \ Q][PY\LUM [K @U\YV_X &^]PUZR LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5R R L\P_ GD

3^

R ZU_ @UY]X 5__ZV_X 0\VV_YM U[XZ_W DDD -HFLM6DJKMJ 6H=@DMH?M1HLGF8+ \^ ]NL[YZ\^Z Y_ZY[XL_TZ]H_ _IU]Q]Z][^ [K ZU_ O[YA [K @U\YV_X &^]PUZR [YP\^]X_W ]^ T[^ S^TZ][^ O]ZU ZU_ <[O^_Y 0\VV_YMR 6\XZQ[SY^_R \^W ?[H_ 1SX_SN \^W CYZ 0\VV_YMD 3Z O\X \TT[NL\^]_W QM \^ ]VVSXZY\Z_W T\Z\V[PS_D

//

/ JBBKL(F>@HEL L DFICL1JBKE J]P^_W \^W W\Z_W 3^XTY]Q_W O]ZU Z]ZV_ [^ V\Q_V [^ Y_H_YX_ /]V [^ T\^H\X

E I EG ]^TU_X 6IU]Q]Z_W= :[M\V CT\W_NMR JSNN_Y 6IU]Q]Z][^R R ^[ * 5Y]PUZ[^ CYZ 0\VV_YMR

3VVSXZY\Z_W= 1]TU\_V 5Y[TAO\MR 7DJFBLEM KIADGM92;M9$)R ;_]PU2[^2J_\= . ;_O]X R LV\Z_ G R T\Z ^[

//

/ 2IL(CJFIFKEL8\Q[H_9 J]P^_W F\Z_YT[V[SY O]ZU L_^T]VR E I E ]^TU_X J]N]V\Y Z[ ZU_ O\Z_YT[V[SYR <GM7DJFGFLER ]VVSXZY\Z_W ]^ 1]TU\_V 5Y[TAO\MR 7DJFBLEM KIADGM92;M9$)R ;_]PU2[^2J_\= . ;_O]XR R \X LV\Z_ R \^W V]XZ_W \X ]^ ZU_ T[VV_TZ][^ [K ?_^YM 5\YY\^

/ ) +JBBELDGLICKL 9G:L DFICL K6DGL8Q_V[O9 J]P^_W J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W G Q_V[O N[S^Z F\Z_YT[V[SY G E I ]^TU_X

/ ! 'D>EKCDBK:L(DFG7JBBL8\Q[H_9 3^XTY]Q_W 4@[Y^O\VVB Q_V[O N[S^Z F\Z_YT[V[SY O]ZU L_^T]VR EG I EG ]^TU_X

/ / 3>GBHIL1DDAL8Q_V[O9 J]P^_W 7_^ ]^AR O\Z_YT[V[SY \^W O\IR G E I ]^TU_X

//)

/ 3BD@D=8KEBJAK: .FKGADG:L DFICL K6DG J]P^_W J]P^_W \^W ]^XTY]Q_W 4JV[T[NQ_XV\W_R , -_H[^B [^ Y_H_YX_ F\Z_YT[V[SY O]ZU L_^T]V G E I ]^TU_X 7Y[H_^\^T_= #][V\ 0\YW^_Y ;]Z_Y\ZSY_= 1]TU\_V 5Y[TAO\MR 7DJFBLEM KIADGM92;M9$)R ;_]PU2[^2J_\= . ;_O]XR

R T\Z ^[

+/ ? , 7376 : / !

+[U^ 6P_YZ[^ @UY]XZN\X 7]L_YR @? ;0 8

2

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

+>FICKFLFKJAHG< +[U^ 5_Z _N\^R HDKM1I:LFM 1LKA=IKM-HCLFKM1JIKGLFE R ?\YN[^WXO[YZU= 7_^PS]^ 5[[AXR GG* -\H]W .Y\X_Y +_^A]^X 8_W9R HDKM1I:LFR ;[^W[^= <\Z_ 0\VV_YMR

* /YW_ ;_H]^X[^R =JBIG8MJKCM' :LFI>LKG/M6DLM1FIKGEMH?M HDKM1I:LFMVY<M7JGJBHA=L 9JIEHKK M., %,.R ;[^W[^= ;S^W ?SNLUY]_XR

>* -\H]W .Y\X_Y +_^A]^XR 47]L_YR +[U^ 6P_YZ[^ @UY]XZN\X 8

2

9BR ? @ 0 1\ZZU_O \^W 5Y]\^ ?\YY]X[^ 8_WX9R $ ?HFCM&I@GIHKJF8MH? JGIHKJBM4IHAFJ:D8R /IK[YW !^]H_YX]ZM 7Y_XXR GR H[V GGR L\P_X

>2

* +S^_ /XQ[Y^_R HDKM1I:LFMJKCM;GJIKLCM BJEER JZY[SW= JSZZ[^ 7SQV]XU]^PR

* .Y\^T_X JL\VW]^PR HDKM1I:LF+ -8?JK58M1I:LF M0I!LEMIKM<FGR /IK[YW !^]H_YX]ZM 7Y_XXR * JZ_LU_^ JZS\YZ2JN]ZUR 47]L_YR +[U^ 83 6LX[NR JSYY_MR -_T

* C ?_^V_M2[^2<U\N_XR /I[^R +S^_

9R +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V GR L\P_

* C^ZU[^M F_XZR HDKM1I:LFR ;[^W[^= J_TA_Y ( F\YQSYPR

* J +[U^ F[[WXR HDKM1I:LF/M1JIKGIKAE+M&FJ5IKAEMJKCM6DLJGFL &LEIAKE+M., %., XR ;[^W[^= .\Q_Y ( .\Q_YR

/ FDG<JFL$HBBL8[LL[X]Z_9 <UY__ O\Z_YT[V[SYX KY\N_W \X [^_ <U_ ZU]YW X]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ F\Z_YT[V[SY \^W ]^A 6\TU G E I E ]^TU_X 7Y[H_^\^T_= P]H_^ Z[ +[U^ @\YZ_Y QM ZU_ \YZ]XZ \Z .\OV_M 5[ZZ[NR \X \ Y_O\YW K[Y $S[Z]^P Z[ U]N ZU_ [L_^]^P V]^_X [K +[U^ -M_YBX L[_N 40Y[^P\Y ?]VVB

/ /

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

/

/ DG<L'KB;DFAL(C>F@C J]P^_W \^W ]^XTY]Q_W O]ZU _W]Z][^ ^SNQ_Y ;]ZU[PY\LU LY]^Z_W ]^ T[V[SYX .Y[N \^ _W]Z][^ [K I G ]^TU_X 7Y]^Z_Y= @SYO_^ JZSW][

7SQV]XU_Y= <U_ @\^^[^ :SQQ_Y 1\^SK\TZSY_YX ;ZWR

7Y[H_^\^T_= 6WO\YW CZA]^R -]Y_TZ[Y [K @\^^[^ :SQQ_Y 1\^SK\TZSY_YX ;ZW ;]Z_Y\ZSY_= /YW_ ;_H]^X[^R 6DLM1FIKGEMH?M HDKM1I:LF/M =JBIG8MJKCM' :LFI>LKG <M7JGJBHA=L 9JIEHKK M., %.,,.R ;[^W[^= ;S^W ?SNLUY]_XR R L\P_ G R ^[

>

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

R OU_^ U_ Y_\TU_W ZU_ \P_ [K R ZU[X_ N_W]\ _^T[NL\XX_W H\Y][SX ZML_X [K LY]^ZN\A]^PR ]^TVSW]^PR KY[N

R V]ZU[PY\LUMD 8;]ZU[PY\LUM ]X \ N_ZU[W [K LY]^Z]^P Q\X_W [^ ZU_ ]NN]XT]Q]V]ZM [K []V \^W O\Z_YR \^W ZY\W]Z][^\VVM _NLV[MX XZ[^_ \X \ XSLL[YZ K[Y ZU_ N\Z_Y]\VXD9

HDKM1I:LF/M =JBIG8MJKCM' :LFI>LKG M<M@JGJBHA=LMFJIEHKK M., %.,,.R ;[^W[^= ;S^W ?SNLUY]_XR R L\P_ 9D CZ ZU_ X\N_ Z]N_R ]Z ]X \ T_V_QY\Z][^ [K ZU_ XSQ _TZ N\ZZ_Y O]ZU OU]TU U_ ]X N[XZ ]W_^Z]'_WR ;_H]^X[^ ^[Z]^P ZU\Z U_ 4]X ZU_ 'YXZ 6^PV]XU \YZ]XZ X]^T_ @[ZN\^ Z[ T[^T_^ZY\Z_ [^ TUSYTU_X \^W ]^ L\YZ]TSV\Y ZU[X_ [K 6^PV\^W \^W F\V_XB 8L\P_ G9D

3^

>R +[U^ 7]L_Y K[YN_W 4@[^Z_NL[Y\YM ;]ZU[PY\LUX ;ZWB O]ZU :[Q_YZ F_VV]^PZ[^R OU[ Y\^ ZU_ O_NN_Y 0\VV_YMR ]^ [YW_Y Z[ LSQV]XU \SZ[V]ZU[PY\LUX QM M[S^P \YZ]XZX ZUY[SPU ZU_ 5\M^\YW \^W @SYO_^ 7Y_XX_XD CSZ[V]ZU[PY\LUM [ _Y_W \ NSTU N[Y_ W]Y_TZ N_\^X [K Y_LY[WSTZ][^ ZU\^ LU[Z[PY\LU]T LY[T_XX_XR \^W X[ LY[H]W_W \^ \ [YW\QV_ K[YN [K \YZO[YA K[Y ZU_ P_^_Y\V LSQV]T \^W \ Y_\WM N\YA_Z K[Y ZU_ \YZ]XZD 7]L_YBX [O^ V]ZU[PY\LUXR OU_ZU_Y ]^Z_^W_W K[Y ZU]X T[NL\^M [Y _VX_OU_Y_R \X ]^W_L_^W_^Z LY]^Z [Y ]VVSXZY\Z][^R W_N[^XZY\Z_ ZU_ KSVV Y\^P_ [K ZU_ N_W]SNBX Z_TU^]$S_XR ]^TVSW]^P X[V]W V]^_XR $S]TA O\XU_X \^W Y_X]XZXD 3^ >GR 7]L_Y XU[OT\X_W U]X N\XZ_YM [K V]ZU[PY\LUM ]^ <M9LGFHE:L@GMH? 7D=F@DLER \ L[YZK[V][ [K G V]ZU[PY\LUX [K 6^PV]XU TUSYTU_X ZU\Z /YW_ ;_H]^X[^ U\X T\VV_W 47]L_YBX N\XZ_YL]_T_ [K LY]^ZN\A]^PB 86DLM:FIKGEMH?

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

J <C , ; 6 C , - 6 : J / ,

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

/

>AK J]P^_W \^W W\Z_W G @[V[SY_W TU\VAX [^ Z]^Z_W L\L_YR > E I G E ]^TU_X ,[X / &/ ) ;]Z_Y\ZSY_= :[Q_YZ 1_MY]TA \^W ?\YYM ?_SX_YR ;GJKBL8M<KCLFEHK M1FIKGE/ <M7JGJBHA=LM9JIEHKK R ;[^W[^= :[M\V CT\W_NM [K CYZXR D

/

/ $>FABKL'J4KFE J]P^_W \^W ]^XTY]Q_W 46W= B 3^XTY]Q_W O]ZU Z]ZV_ Q_V[O N[S^Z ;]^_ _^PY\H]^PR KY[N \^ _W]Z][^ [K E I > ]^TU_X 6I_TSZ_W ]^

\^W LSQV]XU_W QM 7 ( - @[V^\PU] ;]Z_Y\ZSY_= L\P_ R @\Z\V[PS_ :\]X[^^" ^[

/ -FH==HG<LJGAL+J<<DIHG< J]P^_W \^W ]^XTY]Q_W 46W= B 3^XTY]Q_W O]ZU Z]ZV_ Q_V[O N[S^Z ;]^_ _^PY\H]^PR KY[N \^ _W]Z][^ [K I > ]^TU_X 6I_TSZ_W ]^ G \^W LSQV]XU_W QM 7 ( - @[V^\PU] ;]Z_Y\ZSY_= L\P_ G R @\Z\V[PS_ :\]X[^^" ^[

/

/ -CKL-CJI@CKF J]P^_W \^W ]^XTY]Q_W 46W=> B 3^XTY]Q_W O]ZU Z]ZV_ Q_V[O N[S^Z ;]^_ _^PY\H]^PR KY[N \^ _W]Z][^ [K > > E I EG ]^TU_X 6I_TSZ_W ]^ GG \^W LSQV]XU_W QM 7 ( - @[V^\PU] ;]Z_Y\ZSY_= L\P_ G R @\Z\V[PS_ :\]X[^^" ^[ G

/ ) 1HBBD7L D??HG< J]P^_W \^W ]^XTY]Q_W 46W=G B 3^XTY]Q_W O]ZU Z]ZV_ Q_V[O N[S^Z ;]^_ _^PY\H]^PR KY[N \^ _W]Z][^ [K G EG I E ]^TU_X 6I_TSZ_W ]^

\^W LSQV]XU_W QM 7 ( - @[V^\PU] ;]Z_Y\ZSY_= L\P_ R @\Z\V[PS_ :\]X[^^" ^[

/ ! -CKL0J4KL'J4KFE J]P^_W \^W ]^XTY]Q_W 46W=> B 3^XTY]Q_W O]ZU Z]ZV_ Q_V[O N[S^Z ;]^_ _^PY\H]^PR KY[N \^ _W]Z][^ [K > E I > ]^TU_X 6I_TSZ_W ]^ G \^W LSQV]XU_W QM 7 ( - @[V^\PU] ;]Z_Y\ZSY_= L\P_ GR @\Z\V[PS_ :\]X[^^" ^[

/ / -CKL3JAABKF J]P^_W \^W ]^XTY]Q_W 46W=> B 3^XTY]Q_W O]ZU Z]ZV_ Q_V[O N[S^Z ;]^_ _^PY\H]^PR KY[N \^ _W]Z][^ [K > E I > EG ]^TU_X 6I_TSZ_W ]^ G> \^W LSQV]XU_W QM 7 ( - @[V^\PU] ;]Z_Y\ZSY_= L\P_ R @\Z\V[PS_ :\]X[^^" ^[ G

J <C , ; 6 :/ 5 C - 13 ,

JZ\^V_M :[M 5\WN]^R :FJ :6 C3C .J3C 8 >2

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

/

/ -CDF?K7DDAL26KG>K:L39AKGCJ= J]P^_W \^W W\Z_W

F\Z_YT[V[SYR I EG ]^TU_X

-CDF?K7DDAL26KG>K:L39AKGCJ= 3^ 2 >R J : 5\WN]^BX K\ZU_YR @U\YV_X +\N_X 5\WN\^R QS]VZ CV_Y[MR G <U[YL_O[[W CH_^S_R JMW_^U\NR ;[^W[^R J6 >R K[Y 5\WN]^ \^W U]X 'YXZ O]K_R 7_PPMD

/

/ $J9;HKBAL8\Q[H_9 J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W G

F\Z_YT[V[SY > EG I E ]^TU_X

/ +JF=CD>EKLHGL+DFICL JBBK9L8Q_V[O9 J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W >2 G F\Z_YT[V[SYR I E ]^TU_X 3VVSXZY\Z_W= @UY]X 5__ZV_XR ;M9M4JC>IKMJKCM6DLM'KABIEDM0JKCE@J:LR ;[^W[^= @[VV]^XR R L\P_

/ 3I>A9L;DFL ,6KGHG<:L'JHAKGCKJA* J]P^_W \^W ]^XTY]Q_W 41\]W_^U_\W 6H_B 3^XTY]Q_W O]ZU Z]ZV_ Q_V[O N[S^Z F\Z_YT[V[SY O]ZU L_^T]V

EG I ]^TU_X '!LKIKA+M-JICLKDLJCR ZU_ L\]^Z]^P K[Y OU]TU ZU]X ]X \ XZSWMR O\X _IU]Q]Z_W \Z ZU_ :[M\V CT\W_NM JSNN_Y 6IU]Q]Z][^R

R ^[ G>D

/

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

/ HF89L$JBB:

DFICJGIE J]P^_W J]P^_WR ]^XTY]Q_W 4&]YQM ?\VVR ^Y @[YQMB \^W 41]^ [K F[YAXBR \^W W\Z_W > Q_V[O N[S^Z J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ \^W 4 B [^ V\Q_V [K :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYX [^ [Y]P]^\V Q\TAQ[\YW F\Z_YT[V[SY O]ZU L_^T]V E I ]^TU_X 6IU]Q]Z_W= :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXR CSZSN^ > R ^[ G

/

/ 3?FHG<CKJAL+JF=:LKJFB9L2?FHB J]P^_WR ]^XTY]Q_W 4JLY]^PU_\W .\YNR CLY]VB \^W W\Z_W

3^XTY]Q_W 4JLY]^PU_\W .\YNR ^_\Y JZ[YY]^PZ[^R F JSXX_IB \^W 4CLY]VB Q_V[O N[S^Z J]P^_WR ]^XTY]Q_W 4JLY]^PU_\W .\YN 87\YU\N 6XZ\Z_9 ^_\Y JZ[YY]^PZ[^R F JSXX_IB \^W O]ZU \YZ]XZBX \WWY_XXR \^W W\Z_W [^ V\Q_V [^ XSLL[YZ]^P Q[\YW 3^XTY]Q_W 4C^H]V 0\VV_YMB [^ V\Q_V [^ Q\TAQ[\YW

F\Z_YT[V[SY O]ZU L_^T]V [^ L\L_Y V\]W [^ Q[\YW I ]^TU_X 7Y[H_^\^T_= 0\VV_YM <U]YZM <UY__R 5]VV]^PUSYXZR F_XZ JSXX_I ;]Z_Y\ZSY_= @UY]X 5__ZV_XR ;M9M4JC>IKMJKCM6DLM'KABIED 0JKCE@J:LR ;[^W[^= @[VV]^XR R L\P_ 6IU]Q]Z_W= :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXR CSZSN^ R ^[ G

/ ) D7KFL$D>EK:L1KEIL.>FIDG J]P^_WR ]^XTY]Q_W 4;[O_Y ?[SX_R F 5SYZ[^R JSXX_IB \^W W\Z_W > J]P^_WR ]^XTY]Q_W 4;[O_Y ?[SX_R 5SYMR ]^ F_XZ 5SYZ[^B \^W 41\ CM_YXB ?[SX_BR \^W W\Z_W 4+S^_ > B Q_V[O N[S^Z 3^XTY]Q_W O]ZU Z]ZV_ \^W 4 B [^ V\Q_V [K :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYX [^ [Y]P]^\V Q\TAQ[\YW F\Z_YT[V[SY O]ZU L_^T]V

I E ]^TU_X 6IU]Q]Z_W= :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXR CSZSN^ > R ^[

/ )

/ ! 1HGIKFL3>GECHGKL JIL KICKFL2BAKFBK9 J]P^_W 3^XTY]Q_W 4.Y[N CVW_YV_M 6WP_ @USYTUD @U_XU]Y_B \^W 43@3 Y_X_\YTU QS]VW]^P U\X Q__^ QY[SPUZ Y[S^W KY[N Y]PUZBR \^W W\Z_W

Q_V[O N[S^Z F\Z_YT[V[SY O]ZU Q[WMT[V[SY I ]^TU_X

1HGIKFL3>GECHGKLJIL KICKFL2BAKFBK9 <U_ JZ\^V_M K\N]VM [O^_W ZU_ N\^[Y [K /H_Y CVW_YV_MR @U_XU]Y_R KY[N ZU_ X]IZ__^ZU Z[ ZU_ _\YVM ZO_^Z]_ZU T_^ZSY]_XR \^W Y_LV\T_W ZU_ N\]^ U[SX_ ]^ D ?[O_H_YR ]^

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

7 3 6 < :/ C, , 30 / , 3 7]_ZY[ C^^]P[^]R :7 8 2 9

-CKL IJBHJGLJFIHEI:L HKIFDL2GGH<DGH:L7DF4KAL7HICLE>?FK=KLE4HBBLHGLICK DBAL=JEIKFLIFJAHIHDG:LJELAFJ><CIE=JG:L?JHGIKF:LKG<FJ6KF:LJGA D@@JEHDGJBLE@>B?IDF5L2=DG<LJL8FDJALFJG<KLD;LE>8 K@IE:LHG@B>AHG< FKBH<HD>ELICK=KE:LCKL?FDA>@KAL=JG9LEKB;L?DFIFJHIE:L7CH@CL@CJFIKALCHE AK6KBD?=KGILJGALKEEJ9KALCHELE4HBBE5L2;IKFLICKL3K@DGAL1DFBAL1JF:LCK AK@HAKALICJILICKL.FHIHECL7D>BAL8KL?JFIH@>BJFB9LE9=?JICKIH@LIDLCHE J??FDJ@CLIDLJFI:LJGALHGL/) LCKL7D>BAL8K@D=KL7DFBAL;J=D>EL7CKG CKL?JHGIKAL >KKGL,BH J8KICL 5L .[Y \ Q][PY\LUM [K 7]_ZY[ C^^]P[^]R LV_\X_ Y_K_Y Z[ 7DFIEM4LLGBLEM;=>>LFM;DH5R >R L\P_ D ?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX LSQV]T T[VV_TZ][^XR ]^TVSW]^P ZU_ ,\Z][^\V 7[YZY\]Z 0\VV_YM* ZU_ 1SX_[ 7]_ZY[ C^^]P[^] 8.V[Y_^T_9* \^W 3^W]\^\L[V]X 1SX_SN [K CYZ 83,9D +>FICKFLFKJAHG<

/ !

/ / .KK;KJIKF J]P^_W O]ZU N[^[PY\N F\Z_YT[V[SYR Q[WMT[V[SYR L_^T]V \^W QV\TA TU\VA

E I EG ]^TU_X

@ : @\NN_VVR 1ILGFHM<KKIAHKIR ;[^W[^= 5 < 5\ZXK[YWR G* @ : @\NN_VVR -L>HIFE H?M<KKIAHKIR ;[^W[^= CVV\^ F]^P\Z_R >* 7U]V]L @[Y_R 4C^^]P[^]R 7]_ZY[ 83M1]V\^R +S^_ * CM.V[Y_^T_R /TZ 9BR +\^_ <SY^_Y 8_W9R 6DLM&I@GIHKJF8MH?M<FGR ;[^W[^= 1\TN]VV\^R

>R H[V R L\P_ * :[Q_YZ FY\]PUZR 1ILGFHM<KKIAHKI/M <KM<FGIEG EM0I?LR ;[^W[^= F ? CVV_^ ( @[R > .[Y \ V]XZ [K ZU_ _IZ_^X]H_ LSQV]T\Z][^X \Q[SZ 7]_ZY[ C^^]P[^] ]^ 3Z\V]\^R X__ UZZL=%%OOOD\^^]P[^]D]^K[

/ DGADGL D@4E:L DD4HG<L-D7JFAEL-D7KFL.FHA<K J]P^_W O]ZU N[^[PY\N /]V [^ T\YWR > EG I E ]^TU_X

6;3 C 5 6 <? 5 : 3 - 06

6V])\Q_ZU 5Y]WP_R :3 :/3 8 2

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

+SVM Z[ F]VV]\N \^W @V\Y\ 5Y]WP_ 8^"_ -_OW^_M9R ZU_ _VW_XZ [K K[SY TU]VWY_^ \^W ZU_]Y [^VM W\SPUZ_YD ?_Y K\ZU_YR F]VV]\N CVKY_W 5Y]WP_ O\X \^ \TT[NLV]XU_W T_VV]XZ \^W ZU_ QY[ZU_Y [K Y_^[O^_W T[NL[X_Y .Y\^A 5Y]WP_D ?_Y N[ZU_YR @V\Y\R O\X \ T[^ZY\VZ[ X]^P_Y OU[R LY][Y Z[ U_Y N\YY]\P_ Z[ F]VV]\NR U\W L_YK[YN_W LY[K_XX][^\VVMD CTT[YW]^P Z[ \ V[T\V ^_OXL\L_Y \YZ]TV_ [K ZU_ Z]N_R XU_ \^W F]VV]\N O_Y_

Q[ZU X[V[]XZX ]^ \ T[^T_YZ \Z ZU_ -[N_R 5Y]PUZ[^R ]^ >D <U_M O_Y_ N\YY]_W ]^ JZ_M^]^PR 6\XZ JSXX_I ]^ D -_XL]Z_ U_Y NSX]T\V U_Y]Z\P_R ZU_ M[S^P 6V])\Q_ZU O\X N[Y_ Z\A_^ O]ZU L\]^Z]^P= 4.[Y NM ZU]YW Q]YZUW\MR NM N[ZU_Y P\H_ N_ \ Q[I [K O\Z_YT[V[SYXD <U\Z O\X ZU_ XZ\YZ [K NM V[H_ \ \]Y O]ZU L\]^Z]^PB 8C^P_V\ :\QMR

R S^L\P]^\Z_W9D <U]X V[H_ [K L\]^Z]^P _^WSY_W ZUY[SPU[SZ U_Y TU]VWU[[W \^W U_Y _WST\Z][^ \Z ?_^W[^ @[S^ZM JTU[[VR \^WR ]^ R \Z ZU_ \P_ [K R XU_ O[^ \ XTU[V\YXU]L Z[ ?[Y^X_M JTU[[V [K CYZD -SY]^P U_Y ZUY__ M_\YX [K XZSWMR XU_ Q_T\N_ W_H[Z_W Z[ L\]^Z]^P \^W W_Z_YN]^_W Z[ _\Y^ U_Y V]H]^P ZUY[SPU U_Y \YZD !L[^ U_Y PY\WS\Z][^ ]^

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

R OU_^ ZU_ J_T[^W F[YVW F\Y QY[A_ [SZR 6V])\Q_ZU []^_W ZU_ ;[^W[^ CSI]V]\YM .]Y_ J_YH]T_ \X \ KSVV2Z]N_ \SI]V]\YMD

/ /

/ +HFK;H<CIKFE J]P^_W /]V [^ Q[\YWR E I E ]^TU_X 6IU]Q]Z_W= 4<U_ <SY^ [K F[N_^ CYZ]XZX 2 BR 1\YTU2CLY]V R ^[ G

JU_ O\X Q\X_W \Z ZU_ F_XZ 6^W \^W ?\NLXZ_\W XZ\Z][^X \^W X_YH_W ZUY[SPU[SZ ZU_ O\YR L\]^Z]^P OU_^ U_Y XU]KZX [K G U[SYX [^ \^W G U[SYX [ \VV[O_WD JU_ K[TSX_W [^ U_Y [O_Y XZSW]_XR W_H_V[L]^P U_Y X_^X]Z]H_ XZMV_ \^W X[KZ L\V_ZZ_R \^W Q_P]^^]^P Z[ X_VV ZU_N ZUY[SPU 1Y -]^PV_MBX 0\VV_YM ]^ 0[VW_YX 0Y__^D JU_ O\X V_KZ Q_Y_KZ OU_^ ZO[ [K U_Y M[S^P_Y QY[ZU_YXR 5\X]V \^W +[U^R O_Y_ ZY\P]T\VVM A]VV_W OU]VXZ X_YH]^P ]^ ZU_ :C.D ?_Y M[S^P_XZ QY[ZU_Y :]TU\YWR O\X XZ]VV \Z XTU[[V ]^

R OU_^ ZU_ O\Y Q_P\^D 3^ G>R +[XX]_ 0Y__^SL W]_W [K LV_SY]XMD ?_ V_KZ \^ S^'^]XU_W L[YZY\]Z [K 7\SV]^_ ?\YY]X[^R \^ \SZU[Y]ZM [^ ZU_ 1]WWV_ 6\XZR OU]TU U_ \XA_W 6V])\Q_ZU Z[ T[NLV_Z_D ?_ \VX[ V_KZ \ V\YP_ W_QZR \^W 1\M O\X K[YT_W Z[ X_VV ZU_ XZSW][D JU_ \^W 6V])\Q_ZU XSQX_$S_^ZVM N[H_W [SZ [K ;[^W[^R \^W X[ Q_P\^ \ T[NL\^][^XU]L ZU\Z O\X Z[ V\XZ S^Z]V 6V])\Q_ZUBX W_\ZU ]^

>D <U_M N[H_W 'YXZ Z[ @U\YVQSYMR /IK[YWXU]Y_R OU_Y_ ZU_M Y_^Z_W Y[[NX* ZU_^ ZU_ K[VV[O]^P M_\YR ZU_M Q[SPUZ \ V\YP_ U[SX_ [H_YV[[A]^P ZU_ H]VV\P_ [K 5[SYZ[^2[^2ZU_2?]VV ]^ ZU_ @[ZXO[VWXR OU]TU ZU_M T[^H_YZ_W Z[ ]^T[YL[Y\Z_ \ XZSW][ XL\T_D

/

6V])\Q_ZU 'YXZ _IU]Q]Z_W \Z ZU_ :[M\V CT\W_NM ]^ G O]ZU \ L\]^Z]^P _^Z]ZV_W 2IKGLFM;5LLGD JU_ N\W_ Y_PSV\Y ZY]LX Z[ ;[^W[^ \^WR ]^ G R U\W U_Y 'YXZ X[V[ XU[O \Z ZU_ .[MV_X 0\VV_YMD ?_Y [O_Y L\]^Z]^PX U\W Q_T[N_ \^ ]^TY_\X]^P T[NN_YT]\V XSTT_XX X]^T_ ZU_ V\Z_

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

>D <U_]Y KY]_^WXU]L KY[N ZU_ _\YVM ZU]YZ]_X S^Z]V 6V])\Q_ZUBX W_\ZU O\X _^WSY]^PD 1\M Y_$S_XZ_W ZU\Z 6V])\Q_ZUBX XZ[YM O\X Z[VW \V[^PX]W_ U_Y [O^DB 3^

R \ V\YP_ PY[SL [K U_Y L\]^Z]^PX O_Y_ X[VW \Z \STZ][^R N\^M [K ZU_]Y OU_Y_\Q[SZX Y_N\]^ S^A^[O^D +>FICKFL0KJAHG<

C^P_V\ :\QMR 6DLM(HFAHGGLKM;LF!I@L/M<= IBIJF8M<>3=BJK@LM;GJGIHK ,M <?GLFMGDLM4JGGBL R LY]H\Z_VM LSQV]XU_WR

* C^P_V\ :\QMR

4IHAFJ:DI@JBM HGLEMHKM HEL:DM HEEIL M FLLK=:+M-J8M FLLK=:MJKC 'BIZJ3LGDM4FICAL R

8?_VW ]^ <U_ F[N_^BX ;]QY\YMR ;[^W[^ JTU[[V [K 6T[^[N]TX9 6DLM3IHAFJ:D8MH?M'BIZJ3LGDM4FICALMIEM5FIGGLKM38M;JEDJM-HFEL

/ 3JGAL HIL .FD=E8KFFD7 J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ F\Z_YT[V[SY I ]^TU_X

/

/ 2G<>BJFL FK9 JGAL#@CFKL >JFF9 J]P^_W F\Z_YT[V[SY

EG I > E ]^TU_X

& " ! # & % $ ! &

/ >JFF9L L'HEI9L FK9 J]P^_W F\Z_YT[V[SY

EG I > E ]^TU_X

/

/ ,AKGLHGLICKL3>8>F8E J]P^_W 3^XTY]Q_W O]ZU Z]ZV_ [^ V\Q_V [^ Y_H_YX_ /]V [^ T\^H\X G I G ]^TU_X 6IU]Q]Z_W= :[M\V CT\W_NMR JSNN_Y 6IU]Q]Z][^R >GR ^[

. : C, @ 3 J :! J J 6 ; ; .; 3 , <

\LL[]^Z_W \^ / T]\V F\Y CYZ]XZ \^W XL_^Z NSTU [K ZU_ O\Y ]^ ZU_ .\Y 6\XZD :_T[YWX ]^W]T\Z_ ZU\Z .V]^Z O\X N\YY]_W ZO]T_R 'YXZR ]^ G R Z[ 6V])\Q_ZU <_YYMR \^W ZU_^R ]^ >R Z[ JSX\^ JSN^_YR ZU[SPU ]Z ]X S^TV_\Y OU\Z T\SX_W ZU_ _^W [K U]X 'YXZ N\YY]\P_D

2ELICKLEDGLD;LDGKLD;LICKL<FKJIKEIL7JIKF@DBD>FHEIE JGALHBB>EIFJIDFELD;LICKLKJFB9LI7KGIHKICL@KGI>F9: +FJG@HEL0>EEKBBL+BHGIL7JELJ8BKLIDL>EKLICKLHGX>KG@KLD; CHEL;JICKFLJGALJGL>?8FHG<HG<LEIKK?KALHGLGJ6JBLIFJAHIHDG: IDL8K@D=KLJLAHEIHG<>HECKAL?JHGIKFLHGLCHELD7GLFH<CI: =DEILGDIJ8B9LD;L=JFHIH=KLJGAL@DJEIJBLE@KGKE5LLL

.Y[N

R OU_^ .Y\^T]X :SXX_VV .V]^Z Q_P\^ _IU]Q]Z]^P K[Y ZU_ 'YXZ Z]N_R U_ $S]TAVM W_H_V[L_W \ Y_LSZ\Z][^ \X \ XA]VV_W L\]^Z_Y [K N\Y]Z]N_ \^W T[\XZ\V XT_^_XD ?]X O[YA O\X _IU]Q]Z_W \Z ZU_ :[M\V CT\W_NMR \^W U_ O\X _V_TZ_W \ N_NQ_Y [K ZU_ :[M\V J[T]_ZM [K 1\Y]^_ CYZ]XZXR 3^XZ]ZSZ_ [K /]V 7\]^Z_YXR :[M\V JT[ZZ]XU J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXR \^W :[M\V J[T]_ZM [K 7\]^Z_YX ]^ F\Z_Y2@[V[SYXR OU_Y_ U_ \VX[ X_YH_W \X #]T_2 7Y_X]W_^ZD ?]X H]QY\^Z T[\XZ\V XT_^_X \ZZY\TZ_W N\XX \LL_\VR \^W N\^M [K U]X O[YAX O_Y_ Y_LY[WST_W ]^ LSQV]T\Z][^X \^W N\P\)]^_XR ]^TVSW]^P 9H8JBM<@JCL>8M)BB=EGFJGLC+M)BB=EGFJGLCM0HKCHK L5ER 6DLM;*LG@DM\^W 6JGBLF M

.Y\^T]X :SXX_VV 1SYY\M .V]^ZR :JF #7:FJ :/3 :J1C 8 2 9

.Y\^T]X :SXX_VV .V]^Z O\X Q[Y^ ]^ 5Y_^ZK[YWR 1]WWV_X_I [^

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

D -SY]^P ZU_ J_T[^W F[YVW F\YR U_ O\X

/ L(J;KL KL JL+BDIHBBK: KFEJHBBKE J]P^_W 3^W]XZ]^TZVM W\Z_W D G Q_V[O N[S^Z J]P^_W \^W ]^XTY]Q_W O]ZU Z]ZV_ [^ Y_H_YX_ F\Z_YT[V[SY I E ]^TU_X

<U[SPU .Y\^T]X :SXX_VV .V]^Z T[^Z]^S_W Z[ L\]^Z \^W _IU]Q]Z ZUY[SPU[SZ U]X T\Y__YR U_ \VX[ W_W]T\Z_W \ PY_\Z W_\V [K Z]N_ Z[ ZU_ \T\W_N]T XSQ _TZ [K O\Z_YT[V[SY L\]^Z]^P \^W Z[ _WST\Z]^P [ZU_YXD ?_ OY[Z_ Y_PSV\YVM K[Y LSQV]T\Z][^X XSTU \X 6DLM<FGIEG \^W 6DLM;G=CIHR \^W OY[Z_ ZO[ Q[[AXR 2JGLF@HBH=FM?HFM4LAIKKLFE 8

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

/

7C<:3@& ?6,,6JJ

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

/

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

R ZU_ _^Z]Y_ K\N]VM N[H_W Z[ 5Y]WP_ JZY__ZR CYQY[\ZUR JT[ZV\^WD -S^T\^ U\W Y_V\Z]H_X ]^ ZU_ Z[O^R \^W Z[[A SL \ L[X]Z][^ \X \ \I N]VV Z_^Z_YD /^T_ X_ZZV_W ]^ CYQY[\ZUR ?_^^_XXM \ZZ_^W_W ZU_ V[T\V LY]N\YM XTU[[VR \^W ZU_^R KY[N R CYQY[\ZU ?]PU JTU[[VD <U_Y_ U_ Q_P\^ Z[ Y_H_\V \ Z\V_^Z K[Y \YZR OU]TU O\X _^T[SY\P_W QM U]X \YZ Z_\TU_YR 7\ZY]TA 3^PV_XD 3^ U]X '^\V M_\YR ]^

R U_ O[^ ZU_ LY])_X K[Y Q[ZU \YZ \^W U]XZ[YMR X[ T[^H]^T]^P U]X X]QV]^PX [K U]X LY[N]X_R \^W L_YXS\W]^P ZU_N Z[ LY[H]W_ U]N O]ZU XSLL[YZD 3^ ZU_ \SZSN^ [K

R ?_^^_XXM _^Z_Y_W -S^W__ JTU[[V [K CYZR \^W Q_P\^ \ K[SY2M_\Y W]LV[N\ T[SYX_ ]^ WY\O]^P \^W L\]^Z]^P S^W_Y +\N_X 1T3^Z[XU 7\ZY]TAD ?_^^_XXM LV\M_W \ KSVV L\YZ ]^ ZU_ XTU[[VBX X[T]\V V]K_R ]^TVSW]^P ZU_ W_X]P^ [K ZU_\ZY]T\V LY[WSTZ][^XR ZU[SPU ^[Z Z[ ZU_ W_ZY]N_^Z [K U]X XZSW]_XD ?_ P\]^_W \ 'YXZ TV\XX L\XX ]^ _\TU M_\Y [K ZU_ T[SYX_R \^W O[^ LY])_X ]^ Q[ZU

G \^W

> K[Y O[YA W[^_ ]^ ZU_ XSNN_Y H\T\Z][^D 3^

R U_ PY\WS\Z_W O]ZU \ 'YXZ TV\XX W]XZ]^TZ][^R \^W P\]^_W \ XTU[V\YXU]L Z[ KS^W \ KSYZU_Y M_\Y [^ \ L[XZPY\WS\Z_ W]LV[N\ T[SYX_D C^ _IU]Q]Z][^ ]^ CYQY[\ZU ]^

R \Z ZU_ _^W [K U]X L[XZPY\WS\Z_ T[SYX_R T[^'YN_W ZU\Z U_ O\X ZU_ V_\W]^P XZSW_^Z ]^ U]X M_\YR ZU[SPU X[N_ [K U]X Z_\TU_YXR \^W _XL_T]\VVM .Y\^T]X @[[L_YR ZU_ 7Y]^T]L\VR O_Y_ TY]Z]T\V [K Q[ZU U]X \LLY[\TU \^W U]X X[N_Z]N_X W]XYSLZ]H_ Q_U\H][SYD ?_^^_XXM O\X PV\W Z[ Q_ KY__ [K U]X -S^W__ M_\YXR ZU[SPU U_ U\W W_H_V[L_W NSTU \X \^ \YZ]XZR \^W \VX[ N_Z ?\YYM :[Q_YZX[^ @Y\]PR \ K_VV[O L\]^Z]^P XZSW_^ZR OU[ O[SVW Q_T[N_

U]X V]K_ L\YZ^_YD 3^ +S^_

R U_ O[^ \ ZY\H_V XTU[V\YXU]LR _^\QV]^P U]N Z[ H]X]Z ;[^W[^R 7\Y]XR CH]P^[^R 1\YX_]VV_XR :[N_ \^W .V[Y_^T_D FU]V_ ]^ 7\Y]XR U_ N_Z SL O]ZU U]X \YZ]XZ KY]_^WXR :[Q_YZ @[V$SU[S^ \^W :[Q_YZ 1\T5YMW_R \^W Z[P_ZU_Y ZU_M ZY\H_VV_W Z[ ZU_ X[SZU [K .Y\^T_D /^ U]X Y_ZSY^ Z[ JT[ZV\^W ]^

R U_ \ZZ_^W_W \ Y_X]W_^Z]\V XSNN_Y XTU[[V \Z ?[XL]Z\V'_VW ?[SX_R ^_\Y CYQY[\ZUR V_W QM +\N_X @[O]_D ?[O_H_YR U_ \P\]^ Q_T\N_ \ W]XYSLZ]H_ ]^ S_^T_ \^W X[[^ W_L\YZ_WR QM NSZS\V \PY__N_^ZD FU]V_ ZO[ [K U]X L\]^Z]^PX O_Y_ \TT_LZ_W ZU\Z M_\Y K[Y _IU]Q]Z][^ \Z ZU_ :[M\V JT[ZZ]XU CT\W_NMR U_ W_T]W_W Z[ V_\H_ JT[ZV\^W \^W Y_ZSY^ Z[ 3Y_V\^WD /^ \YY]H]^P ]^ -SQV]^ ]^

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

XD J]NSVZ\^_[SXVMR KY[N G R ZUY[SPU Z[

R U_ _IU]Q]Z_W \VN[XZ \^^S\VVM \Z ZU_ :[M\V ?]Q_Y^]\^ CT\W_NMD ?_ O\X _V_TZ_W \^ \XX[T]\Z_ [K ZU_ :?C ]^ G \^W \ KSVV CT\W_N]T]\^ \ M_\Y V\Z_YD CVX[ ]^ G R U_ U_VW \ X[V[ XU[O \Z ZU_ #]TZ[Y F\WW]^PZ[^ 0\VV_Y]_X ]^ -SQV]^D ?\YYM @Y\]P U\W []^_W U]N ]^ -SQV]^ ]^

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

8

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

R \^W _XL_T]\VVM WSY]^P ZU_ O]^Z_YXR ?_^^_XXM Q_P\^ Z[ XS _Y X]P^]'T\^ZVM KY[N H\Y][SX ]VV^_XX_XR ]^TVSW]^P LV_SY]XMD J[ U_ Z[[A SL ZU_ XSPP_XZ][^ [K F]VV]\N 0_[YP_ ._P\^R U]X W[TZ[YR \^W \ KY]_^W \^W L\ZY[^R ZU\Z U_ O]^Z_Y X[N_OU_Y_ O]ZU \ WY]_YR O\YN_Y TV]N\Z_D ?_ \^W @Y\]P ZU_^ XL_^Z ]^TY_\X]^PVM V[^P O]^Z_YX ]^ <\^P]_YR 1[Y[TT[R '^\VVM N[H]^P Z[ ZU_ T[S^ZYM ]^ D 1[Y[TT[ O[SVW U\H_ \ XZY[^P _ _TZ [^ U]X L\]^Z]^PR _^T[SY\P]^P U]N Z[ V]PUZ_^ U]X L\V_ZZ_ \^W ]^ZY[WST_ QY]PUZR L\ZZ_Y^_W Z_IZ]V_X ]^Z[ U]X XZ]VV V]K_XD @Y]Z]TX X[N_Z]N_X Y_\TZ_W ^_P\Z]H_VM Z[ ZU_ TU\^P_X ]^ ?_^^_XXMBX O[YAR QSZ ]Z Y_N\]^_W L[LSV\Y O]ZU T[VV_TZ[YX ]^ 3Y_V\^W \^W ]^TY_\X]^PVM O]ZU ZU[X_ ]^ ZU_ !^]Z_W JZ\Z_XD <U_ 0S]VWU\VV 0\VV_YMR @U]T\P[R N[S^Z_W \ XSTT_XXKSV _IU]Q]Z][^ ]^

> R \^WR \X \ Y_XSVZ P\H_ U]N \^^S\V XU[OX \^W \ L_YN\^_^Z W]XLV\MD 5M ZU_ _^W [K ZU_ W_T\W_R CN_Y]T\^ X\V_X [SZXZY]LL_W ZU[X_ ]^ 3Y_V\^WD ?]PUV]PUZX [K ZU_ X ]^TVSW_W \ []^Z XU[O O]ZU ?\YYM @Y\]P ]^ GR N[S^Z_W QM -\H]W ?_^WY]AX \Z ZU_ @[YA CYZX J[T]_ZM* \ Y_ZY[XL_TZ]H_ \Z ZU_ 0S]VWU\VV 0\VV_YM ]^

* \^W \ X[V[ XU[O O]ZU ?_^WY]AX ]^ D 5M ZU_^R U_ \^W @Y\]P U\W N[H_W Z[ ZU_ CVP\YH_R ]^ 7[YZSP\VR \^W U_ U\W _^Z_Y_W U]X '^\V W_TV]^_D 3^ ,[H_NQ_Y R @Y\]P QY[SPUZ U]N Z[ ;[^W[^ K[Y N_W]T\V ZY_\ZN_^ZR QSZ U_ W]_W [K T\^T_Y [^

-_T_NQ_YD 7\ZY]TA ?_^^_XXM V_KZ U]X _^Z]Y_ _XZ\Z_ Z[ ?\YYM :[Q_YZX[^ @Y\]PR O]ZU ZU_ LY[H]X[ ZU\Z [^ U]X W_\ZU ZU_ :?C XU[SVW Q_ ZU_ Q_^_'T]\YMD <U]X V_P\TM U\X Q__^ SX_W Z[ X_Z SL ZU_ \^^S\V ?_^^_XXM @Y\]P JTU[V\YXU]L K[Y \XL]Y]^P \YZ]XZXD ?]X O[YA ]X Y_LY_X_^Z_W ]^ ^SN_Y[SX LSQV]T T[VV_TZ][^XR ]^TVSW]^P ZU_ @Y\OK[YW CYZ 0\VV_YM 8@[YA9D +>FICKFLFKJAHG<

J_c^ &]XX\^_ \^W J\Y\U 0V_^^]_ 8_WX9R 1JGFI@*M#LKKLEE8MVY &LM1FH?=KCIER -SQV]^= 3Y]XU 1SX_SN [K 1[W_Y^ CYZR > 6DLM U. ML DI3IGIHKM@JGJBHA=L+M7\ZY]TA ?_^^_XXM -_ 7Y[KS^W]X+ IK@B=CLEM L!IKM<M9=GBLCAL EM3IHAFJ:DI@JBMLEEJ8+M 1JGFI@*M#LKKLEE8/M <M0I?L +M5DI@DM:FH!ICLEMGDLM3JEIEM?HFMGDIEM:FLELKGMLKGF8

/

/ ) 0DEKELHGLJL.KAFDD= J]P^_W J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W]N_^X][^X ]^ ]^TU_XR \^W W\Z_W % %> [^ Y_H_YX_

/]V [^ T\^H\X > I ]^TU_X 7Y[H_^\^T_= 0S]VWU\VV 0\VV_Y]_XR @U]T\P[R 3VV]^[]X

: C 1 / , - 5 / /< ?

:\MN[^W @U\YV_X 5[[ZU 8

2 9 GIKGEKB9L?FH6JIK:LJGAL?DEEKEEHG<LJGLD8EKEEH6KL7DF4 KICH@LJGAL?JEEHDGL;DFLICKLGJI>FJBL7DFBA:L0J9=DGA .DDICLKJFGKALJLFK?>IJIHDGLJELDGKLD;LICKL<FKJIKEI 8DIJGH@JBL?JHGIKFELJGALHBB>EIFJIDFE:LAKE?HIKLFJFKB9 BKJ6HG<LCHEL DF4ECHFKLCD=K5L,E@CK7HG<LICKL=DFK ;JECHDGJ8BKL'DAKFGHEIL?FHG@H?BKELD;LICKLKJFB9L =HA&I7KGIHKICL@KGI>F9:LCKLHGEIKJAL?FDA>@KA 8KJ>IH;>B:LHGIKGEKL@D=?DEHIHDGELHGLDHBLD;L.FHIHECLXDFJ JGAL;J>GJ:LICJILFH6JBLICKL6KF9L"GKEIL H@IDFHJG ;DBBD7KFELD;LICKL<KGFK5

/

:\MN[^W 5[[ZU O\X Q[Y^ ]^ F_ZU_YQMR F_XZ [YAXU]Y_R [^ CSPSXZ

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

D FU]V_ \Z ;__WX @[VV_P_R U_ U\W KYSXZY\Z_W U]X Z_\TU_YX \^W K_VV[O XZSW_^ZX QM ]^X]XZ]^P [^ O[YA]^P ]^ \ N[Y_ ZY\W]Z][^\VR LY_T]X_ XZMV_R \^W Y_ _TZ]^P ZU_ N[Y_ 1[W_Y^]XZ LY]^T]LV_X ZU\Z O_Y_ Q_]^P LY[N[Z_WD CX \ Y_XSVZR U]X Z_\TU_YX T[^H]^T_W U]N ZU\Z U_ O\X S^V]A_VM Z[ _\Y^ \ V]H]^P \X \^ \YZ]XZR \^W _^T[SY\P_W U]N ]^XZ_\W Z[ XZSWM K[Y \ Z_\TU]^P W]LV[N\D JU[YZVM \KZ_Y PY\WS\Z][^ U[O_H_YR U_ O\X W]\P^[X_W \X XS _Y]^P KY[N ZSQ_YTSV[X]XR \ T[^X_$S_^T_ [K U]X Z]N_ ]^ 6PMLZR \^W O\X \WN]ZZ_W Z[ \ X\^\Z[Y]SNR OU_Y_ U_ O[SVW XZ\M K[Y ZU_ ^_IZ X]I N[^ZUXD _\YX V\Z_YR 5[[ZU O[SVW [A_ 43 \N [^_ [K ZU_ K_O L_[LV_ OU[ T\^ X\MR <U\^A 0[W K[Y <5 B 8 [Q]ZS\YMR J_LZ_NQ_Y 9R \X U]X N[^ZUX [K Y_TSL_Y\Z][^ P\H_ U]N T[S^ZV_XX U[SYX Z[ W_H_V[L U]X XA]VVX \X \ Q[Z\^]T\V \YZ]XZD <U]X _^K[YT_W K[TSX [^ U]X O[YA P\H_ U]N ZU_ T[^'W_^T_ Z[ XSQN]Z \ ^SNQ_Y [K U]X WY\O]^PX Z[ \ Q[Z\^]T\V \YZ _IU]Q]Z][^ ]^ ;[^W[^ [YP\^]X_W QM ZU_ :[M\V ?[YZ]TSVZSY\V J[T]_ZMD <U_X_ O[YAX \ZZY\TZ_W ZU_

\ZZ_^Z][^ [K \ ^SNQ_Y [K LY[N]^_^Z U[YZ]TSVZSY\V]XZXR ]^TVSW]^P -Y ?\Y[VW .V_ZTU_YR ZU_ W]Y_TZ[Y [K ZU_ :?JBX P\YW_^X \Z F]XV_MR J]Y 0_[YP_ <\MV[YR W]Y_TZ[Y [K ZU_ :[M\V 5[Z\^]T 0\YW_^X \Z &_OR \^W ZU_ X_T[^W ;[YW .\]YU\H_^R \VV [K OU[N O[SVW Q_T[N_ L\ZY[^X [K 5[[ZUD ?]X WY\O]^PX \Z ZU_ :[M\V ?[YZ]TSVZSY\V J[T]_ZM \VX[ _\Y^_W U]N \ T[NN]XX][^ Z[ ]VVSXZY\Z_ \ V\YP_ ZO[2 H[VSN_ O[YA W_H[Z_W Z[ T\N_VV]\XR _^Z]ZV_W

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

R U_ T[NLV_Z_W [^_ [K U]X N[XZ \NQ]Z][SX S^W_YZ\A]^PXR \ T[VV_TZ][^ [K WY\O]^PX [K +\L\^_X_ [Y\ K[Y -[^ 6V]TABX D <U]X ]NLY_XX]H_ LSQV]T\Z][^ O\X Q[Y^_ [SZ [K M_\YX [K T[YY_XL[^W_^T_ Q_ZO__^ 5[[ZU \^W 6V]TAR \^ CN_Y]T\^ LV\^Z T[VV_TZ[Y OU[ U\W V]H_W ]^ +\L\^ K[Y [H_Y G M_\YXD -SY]^P ZU]X Z]N_R 6V]TA O[SVW X_^W Y\Y_ \^W _I[Z]T +\L\^_X_ LV\^ZX Z[ 5[[ZUR OU[ O[SVW PY[O ZU_N ]^ U]X P\YW_^D ?]X WY\O]^PX K[Y O_Y_ _IU]Q]Z_W \Z ZU_ .]^_ CYZ J[T]_ZM \^W ;[ZU_YZ[^ ?\VVR ;__WXR ]^

R \^W ZU_ :[M\V 5[Z\^]T 0\YW_^R 6W]^QSYPU 8

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

/ )

/ ! .JFGL#7BLJIL J7G:L,@@>?

J]P^_W \^W W\Z_W

/]V [^ Q[\YW

E I > ]^TU_X 6IU]Q]Z_W= 4:\MN[^W 5[[ZUBR <U_ .]^_ CYZ J[T]_ZMR ;[^W[^R ,[H_NQ_Y2-_T_NQ_Y R ^[

:\MN[^W 5[[ZU N_Z U]X O]K_R +_\^ 8^"_ F]VX[^9R ZU_ O]W[O [K ZU_ \YZ]XZ :[^\VW 7\OX[^R \Z 0\WXQMBX \YZ]XZXB N\Z_Y]\VX XU[LR OU_Y_ XU_ O[YA_WR TV[X_ Z[ U]X U[N_D <U_M O_Y_ KY]_^WX K[Y N\^M M_\YX Q_K[Y_ N\YYM]^P ]^

D <U_M V]H_W Z[P_ZU_Y \Z .\Y 1[XXR CVO[[WV_MR ;__WXR S^Z]V 5[[ZU W]_W KY[N T\^T_Y [^ > +S^_ D <U_M U\W ^[ TU]VWY_^D <U_ K[VV[O]^P M_\YR \ N\ [Y N_N[Y]\V _IU]Q]Z][^ O\X U_VW \Z ZU_ .]^_ CYZ J[T]_ZMD ?]X O[YA ]X U_VW ]^ ^SN_Y[SX LSQV]T T[VV_TZ][^XR ]^TVSW]^P ZU_ JU]YV_M JU_YO[[W 0\VV_YM \Z &_O* <U_ .]Z)O]VV]\N 1SX_SN

8@\NQY]WP_9 \^W ;__WX CYZ 0\VV_YM* <U_ !VXZ_Y 1SX_SN 85_VK\XZ9 \^W ZU_ ?S^Z 3^XZ]ZSZ_ K[Y 5[Z\^]T\V -[TSN_^Z\Z][^ 87]ZZXQSYPUR 7C9 +>FICKFL0KJAHG< 7_MZ[^ JA]LO]ZUR R ,_O [YA= @\VV\O\MR 6DLM3IHAFJ:D8MH?M9J8>HKCM4HHGDMIEM5FIGGLKM38M<BL JKCLFM4LLGBLE

C, <? / , 6 </ ,

C^ZU[^M +[U^ 7V[OW_^ 6MZ[^R :C :FJ :@\NC :FC ;0 8Q[Y^

9 #GKLD;L.FHIJHG*EL;DFK=DEILBH6HG<LIFJ6KBL?JHGIKFE: 2GICDG9L,9IDGLCJEL8KKGLEKGILJ@FDEELICKL<BD8K:LJE ;JFLJ"KBALJEL2>EIFJBHJ:L,ICHD?HJLJGAL$DG<L DG<5 -CKEKLIFJ6KBELCJ6KLHGE?HFKAL@DBD>F;>B:L6H8FJGIL7DF4E ICJILCJ6KL8KKGLK%CH8HIKALJILICKL0D9JBL2@JAK=9LTJGA 8K9DGAVL;DFLD6KFL !L9KJFE5L C^ZU[^M 6MZ[^ O\X Q[Y^ ]^ <_WW]^PZ[^R 1]WWV_X_IR [^ 1\M

D ?]X K\ZU_YR +[U^ 6MZ[^R U\W Q__^ \^ CXX]XZ\^Z @[VV_TZ[Y ]^ ZU_ 3^W]\^ @]H]V J_YH]T_ Q_K[Y_ Y_ZSY^]^P Z[ 6^PV\^W \^W Q_T[N]^P \ OY]Z_Y [K 3^W]\^ Y[N\^T_ ^[H_VXD ?]X N[ZU_YR 7UMVV]X 8^"_ <MX_Y9R O\X \^ \YZ]XZR OU[ XZSW]_W L\]^Z]^P \Z ?_\ZU_YV_MBX JTU[[V [K CYZD 3^

R U_Y L\]^Z]^P <::BLM6FLLM IKM4BHEEH> O\X _IU]Q]Z_W \Z ZU_ :[M\V CT\W_NM* U[O_H_YR XU_ ZY\P]T\VVM W]_W ]^ \ Y]W]^P \TT]W_^Z ZU_ X\N_ M_\Y \Z ZU_ \P_ [K SXZ D

/ !

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

>R U_ O\X X_^Z Z[ Y_T[YW ZU_ T_^Z_^\YM [K ZU_ 5Y]Z]XU _NQ\XXM ]^ CWW]X CQ\Q\R 6ZU][L]\R QM ZU_ 0[H_Y^N_^Z CYZ @[VV_TZ][^D

<U_ 'YXZ X[V[ _IU]Q]Z][^ [K 6MZ[^BX T\Y__Y T\N_ ]^

\^W O\X U_VW \Z ZU_ ,_O CYZ @_^ZY_R ;[^W[^R ZU_ 'YXZ [K ZUY__ XU[OX Z[ Z\A_ LV\T_ ZU_Y_ [H_Y ZU_ ^_IZ Z_^ M_\YXD ?_ \VX[ U_VW XU[OX \Z ZU_ ,_O 0Y\KZ[^ 0\VV_YM ]^

\^W ,_OT\XZV_2SL[^2<M^_ 7[VMZ_TU^]T ]^ D ;\Z_Y ZU\Z M_\YR U_ U_VW U]X 'YXZ _IU]Q]Z][^ \Z 5Y[OX_ ( -_YQMR ZU_ 'YXZ [K X[V[ XU[OX ZU_Y_ [H_Y \ L_Y][W [K M_\YXD 3^ \WW]Z][^ Z[ U]X Z_\TU]^P Y[V_ \Z @\NQ_YO_VVR 6MZ[^ \VX[ Z\SPUZ \Z ZU_ :[M\V CT\W_NM JTU[[VX KY[N >G Z[

R \^W XL_^Z \ M_\Y \X ?_\W [K 7\]^Z]^P \Z JZ ;\OY_^T_ @[VV_P_R &]^PXZ[^R /^Z\Y][ ]^ > D C^ZU[^M 6MZ[^ O\X _V_TZ_W \ N_NQ_Y [K ZU_ ZU_ ;[^W[^ 0Y[SL ]^ R \^ \XX[T]\Z_ :[M\V CT\W_N]T]\^ ]^

>R \ KSVV CT\W_N]T]\^ ]^ > \^W J_^][Y CT\W_N]T]\^ ]^

D ?_ O\X \VX[ \ N_NQ_Y [K ZU_ :[M\V F_XZ [K 6^PV\^W CT\W_NM 8 G9R ZU_ :[M\V F\Z_YT[V[SY J[T]_ZM 8 9 \^W ZU_ :[M\V @\NQY]\^ CT\W_NM 8

9D 3^ R U_ O\X \LL[]^Z_W Y_X]W_^Z \YZ]XZ \Z ZU_ ;_]T_XZ_Y :[M\V 3^'YN\YMR O]ZU XSQX_$S_^Z _IU]Q]Z][^X U_VW ZU_Y_R JSYY_M !^]H_YX]ZM \^W ZU_ &]^PBX .S^W @_^ZY_D J]^T_

R U_ U\X Q__^ Y_X]W_^Z \YZ]XZ \Z ZU_ 6W_^ 7Y[ _TZR @[Y^O\VVD ?_ O\X \O\YW_W \^ ?[^[Y\YM ._VV[OXU]L KY[N !^]H_YX]ZM [K ZU_ CYZXR ;[^W[^ ]^ D 6MZ[^ U\X Q__^ Y_T[P^]X_W O]ZU ^SN_Y[SX \O\YWX ZUY[SPU[SZ U]X T\Y__YR ]^TVSW]^P ZU_ &]^PXZ[^ FU]P2JZ\^W\YW CO\YW OU]V_ Z_\TU]^P ]^ /^Z\Y][ 8 > 9R ZU_ +[U^ 1[[Y_X 7Y])_ 8 9R ZU_ 0Y[T_YXB @[NL\^M ._VV[OXU]L Z[ O[YA ]^ 3Z\VM 8

9R 'YXZ LY])_ \Z ZU_ J_T[^W 5Y]Z]XU 3^Z_Y^\Z][^\V -Y\O]^P 5]_^^\V_ ]^ 1]WWV_XQY[SPU 8 9 \^W ZU_ @U\YV_X F[VV\XZ[^ CO\YW \Z ZU_ :[M\V CT\W_NM 8

9D 3^ > R 6MZ[^ N\YY]_W .Y\^T_X 1\YM 8^"_ @\L_VV9 \^W N[H_W ]^Z[ \ U[SX_ [^ ZU_ 5Y]IZ[^ :[\WR ;[^W[^D <[P_ZU_YR ZU_M U\W ZUY__ W\SPUZ_YXD 5_ZO__^ > \^W R U_ A_LZ \ XZSW][ ]^ JL]Z\V'_VWXR _\XZ ;[^W[^R V]H]^P ]^]Z]\VVM ]^ ^_\YQM F]VA_X JZY__ZR Q_K[Y_ N[H]^P Y[S^W ZU_ T[Y^_Y Z[ ?\^QSYM JZY__ZD 3^ U_ Y_ZSY^_W Z[ ZU_ X\N_ U[SX_ ]^ 5Y]IZ[^R OU_Y_ U_ T[^Z]^S_X Z[ V]H_ \^W O[YAD +>FICKFL0KJAHG< +_^^M 7_YMR '8GHK EM'8LR ;[^W[^= :[M\V CT\W_NMR 6DLM3IHAFJ:D8MH?M<KGDHK8M'8GHKMIEM5FIGGLKM38M<BL JKCLFM4LLGBLE

/ /

/ / WB>F>:L29KF*EL0D@4 J]P^_W /]V [^ T\^H\X G EG I ]^TU_X

& 6 3<? 0 : C , <

&_]ZU .Y_W_Y]TA 0Y\^Z 8Q[Y^

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

\^W 7DFIEM4LLGBLEM;=>>LFM;DH5R D J[V[ _IU]Q]Z][^ T\Z\V[PS_X ]^TVSW_R 'BL>LKGE H?MGDLM'JFGDR * -LGJ>HF:DHEIER > \^W HFGDM38M L5M'KABIEDR 8\X L]TZSY_W \Q[H_9D @UY]X 5__ZV_X ]X \VX[ LSQV]XU]^P \ K[YZUT[N]^P N[^[PY\LU [^ ZU_ V]K_ \^W O[YA [K &_]ZU 0Y\^ZD

/

/ DFICKFGL3?FHG< J]P^_W O]ZU ]^]Z]\VXR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W D D > 3^XTY]Q_W 43W_\ K[Y T\Z\V[PS_ T[H_YD CZZ_NLZ Z[ T[^H_M ZU_ LY[KSX][^ [K W_Z\]VD <U_ ^[YZU_Y^ L]^_ K[Y_XZX LY_X_^Z Z[ ZU_ Q_U[VW_Y ]^ XLY]^PD /^_ ]X T[^XT][SX [K _^T[S^Z_YX ZU_ Y_V\Z][^XU]LX ZU\Z _I]XZ Q_ZO__^ ZY__X \^W TV[SWR TV[SW \^W _TV]LX_W XS^R ZY__ Z[ ZY__R V\^W Z[ XAMB Q_V[O N[S^Z 7_^ \^W ]^A > EG I EG ]^TU_X

% % %"' #T'$ & $ %!! '" #!$ " ' ' $"'$ $ % &#'"& ' ' $ % ' &' ' "% '"#T% # ' &'&#'& $ %!'&#'G# $ ' ' $ % ' ' $"' $ & $&% ' '& %' # &' # # "& & # "' '& %'#! ' % %T%&% %"'$ '"#T%& '# '& % $#& ' $!! $ ' $ ' # ' &"' $ &#'T ' $ "'# '& %'G# % $ # %"&"' % %'& %'& %%' # T"'$ & %%'& $ % %"' D % % '$'S ' # ' $! & '# '"& !% ' 8&_]ZU 0Y\^ZR 1\M 9

/ JGAE@J?KLHGL0KAL H<CI J]P^_W 7_^T]V XA_ZTU [K V\^WXT\L_ O]ZU ZY__X [^ Y_H_YX_ F\Z_YT[V[SYR Q[WMT[V[SYR ]^A \^W H\Y^]XU [^ T\YW

EG I EG ]^TU_X

/ 2GL28EIFJ@IL JGAE@J?KL8\Q[H_9 J]P^_W \^W W\Z_W > %> /]V [^ Q[\YWR E I

E ]^TU_X 7Y[H_^\^T_= 7\ZY]TA \^W @\Y[V]^_ ,_]VV

/ -CKL DDBLD;LICKL FD7GKAL'JGL8Q_V[O9 J]P^_W \^W W\Z_W > %> /]V [^ Q[\YWR

EG I ]^TU_X 7Y[H_^\^T_= 7\ZY]TA \^W @\Y[V]^_ ,_]VV

/

/ 3GD7&(J??KAL0D@4E J]P^_W F\Z_YT[V[SYR Q[WMT[V[SYR ]^A \^W H\Y^]XU [^ T\YW

EG I G EG ]^TU_X

/ / (DJEIJBL0D@4E J]P^_W F\Z_YT[V[SYR Q[WMT[V[SYR ]^A \^W H\Y^]XU [^ T\YW I > ]^TU_X

/ DB?CHGELHGL'DDGBHIL3KJ J]P^_W ]^XTY]Q_W O]ZU Z]ZV_ \^W 4.SVV 1[[^ \^W <SY^]^P F\H_D <U_ 5SYY_^ @[\XZ @[ @V\Y_D - -_HV]^ ;[SPU -_YP= <U_ N_Z\V N[[^R S^XL_^Z H]YP]^ _Z_Y^]ZM XV__L]^P ]^ ZU_ N]^WBR \^W W\Z_W % F\Z_YT[V[SY \^W Q[WMT[V[SYR I ]^TU_X 6IU]Q]Z_W= 4&_]ZU 0Y\^Z= :_T_^Z 7\]^Z]^PX 3T_V\^W \^W 3Y_V\^WBR :[OV\^W 5Y[OX_ ( -_VQ\^T[R 1\YTU2CLY]VR >R ^[

R "' $ & ' "'& %' %" !&'# '$ '% # &% ' ' $ ' !"&'" TT ' ' %!$ ' & '$'" ##!'# ' #! " 'R %' %$ & !' %$& %" $T%' & '&# ' "&$ % '$ '$&'$' "& '" %% ' &' ' %$! "% ' #" ' #'& %$& 'R %' #! "' % %'% % % % " ! # %&&% ' '& %'& ' $ %"'# '& %'K&!$ & '" %!! ' '& "' # S' ' $ %'& % '&#'%M %""'& %' %'& !!'# 'T%%& '& %T' '& % ' $& $!'% # T% & '"#T%'# ' $& % "' %$ %"&' % %"% &$& %" ' 8&_]ZU 0Y\^ZR 1\M 9

/ ) -CKL >BBLHGLICKL DFICL J]P^_W \^W W\Z_W > %> J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W_Z\]VX [K LY[H_^\^T_ \^W _IU]Q]Z][^R \^W W\Z_W > %> [^ Y_H_YX_

/]V [^ Q[\YW

E I G E ]^TU_X 7Y[H_^\^T_= 7\ZY]TA \^W @\Y[V]^_ ,_]VV 6IU]Q]Z_W= :[TUW\V_ CYZ 0\VV_YMR > R \X 4;[K[Z_^ 3XV\^WXB

/)! JF4L2>I>=G -]LZMTU /]V [^ T\^H\X 6\TU N_\XSY]^P I ]^TU_X 7Y[H_^\^T_= :[V\^WR 5Y[OX_ ( -_VQ\^T[R ;[^W[^

;_KZ L\^_V= J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_R N_W]SNR W]N_^X][^X ]^ ]^TU_XR 4<[LBR 4-]LZMTUBR \^W 4;_KZ L\^_VBR \^W W\Z_W 4/TZ%,[H > B [^ KY\N_ :]PUZ L\^_V= J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_R N_W]SNR W]N_^X][^X ]^ ]^TU_XR 4<[L Y]PUZB \^W 4-]LZMTUBR \^W W\Z_W 4/TZ%,[H > B [^ KY\N_

/

/

/)/ D>FD>L8\Q[H_9 J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W CTYMV]T \^W ]^A [^ Q[\YW EG I EG ]^TU_X 7Y[H_^\^T_= 7\ZY]TA \^W @\Y[V]^_ ,_]VV

/) D>FD>*L >G<BKLBHIL89LJL0D@4KIL8Q_V[O9 J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W % CTYMV]T \^W ]^A [^ Q[\YWR E I EG ]^TU_X 7Y[H_^\^T_= 7\ZY]TA \^W @\Y[V]^_ ,_]VV 6IU]Q]Z_W= 5Y[OX_ ( -\YQMR GR ^[

/

/) 3?FHG< J]P^_W J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W ^SNQ_Y_W \^W W\Z_W % [^ Y_H_YX_ /]V [^ T\^H\X > I > ]^TU_X

/) 3>==KF J]P^_W J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W ^SNQ_Y_W \^W W\Z_W % [^ Y_H_YX_ /]V [^ T\^H\X > I > ]^TU_X

'& "'"% %"' ' $ %' "% '& %'T#"&' #TT# '& %%' 'G# $ & %' ! % 'O '&#'%M %""'& %' # ' " # "'# '& %' %$ R %'" ' $ $"' "%"' % & Q$ !%' #!# "'# '& %'"%$"# % '& %' # %"&' "'$&'!$"&' %%'# '" # '$ ' ! 'D# % "'$ %' %% "'D# " '8&_]ZU 0Y\^ZR 1\M 9

'" TT% '& %'O 'R %%' "' %$ ! ' #! $&% '" %"& & %'$ $ %'# '& %'$!!'&##' % ' $ $ $ '" TT% % '& %' '" ' !! T $&%"'% % '& '!%$ '$ '& S $"& ' # &% L $ %"'# '! &'$ '" $ %'# % '& %'%$ & ' 8&_]ZU 0Y\^ZR 1\M 9

/

/) 2>I>=G J]P^_W J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W ^SNQ_Y_W \^W W\Z_W

% [^ Y_H_YX_ /]V [^ T\^H\X

E I G E ]^TU_X

/) 1HGIKF J]P^_W J]P^_WR ]^XTY]Q_W O]ZU Z]ZV_ \^W W\Z_W [^ Y_H_YX_ /]V [^ T\^H\X G E I E ]^TU_X

R %' %$ & !'$ & T ' #!# "'# '& %'G# & '$ %' " !$ % ' ! ' '& %' ""%&" ' # " ' %!!# "'$ # $ %"'# '& %'O 'R %%" '"&$ '# &'$ $ "&'& % $ S %""'# '& %' %' # %"&" 'G#'#& % '& %%' 'G# $ %M % &' % $ "'& %' $ !% ' %$ %"'" ' &% " & '# #!# '$"'& %'O 'R %% "'$ & T ' %"" '

R %'O 'R %% '"&$ ' '& %'" # '# '& %'G# & % ' &% '" # '# '!%$ %"'$ ' "#!$&% ' "'$'" T #!' # 'T%' # ' $& $!' %$& ' % % '! % '$"' %!!'$"'$'T%&$ # ' # '%&% $!' %& '

8&_]ZU 0Y\^ZR 1\M 9

8&_]ZU 0Y\^ZR 1\M 9

! & % %# $ ! % CVV]^PU\NR ?_V_^ C^W_YX[^R JZ\^V_M C^^]P[^]R 7]_ZY[

1\YXU\VVR ?_YQ_YZ 1_^)]_X 1[Z_R 0_[YP_ F]VV]\N 1[[Y_R ?_^YM

G >

5\WN]^R JZ\^V_M :[M 5\YZ[^R :[X_ 5[[ZUR :\MN[^W 5[^WR F]VV]\N +[X_LU +SV]SX @\_X\Y 5Y\Q\)[^R ?_YTSV_X 5Y\Q\)[^ 5Y_\AXL_\Y_R F]VV]\N 5Y]WP_R 6V])\Q_ZU

>>

,\]XUR +[U^ 0_[YP_ ,]TU[VX[^R .Y\^T]X ,]XQ_ZR :[Q_YZ 5STU\^

G

@\VZUY[LR @V\SW_ @U\V[^R +[U^ +\N_X @Y[STUR F]VV]\N

> >

:[OV\^WX[^R <U[N\X

-[WPX[^R 0_[YP_ ?\MW[TA

JU_LU_YWR <U[N\X ?[XN_Y JU_YY]^R +[U^ J]NLX[^R F]VV]\N J[O_YQMR +[U^ JZ\^'_VWR .Y_W_Y]TA @V\YAX[^

>

G G

6H\^XR 5_Y^\YW F\VZ_Y 6MZ[^R C^ZU[^M

> G

.]_VWR F\VZ_Y .]_VW]^PR ,_OZ[^ .V]^ZR .Y\^T]X :SXX_VV

G>

0\YW_^R F]VV]\N .Y\X_Y 0V]^W[^]R ?_^YM 0]VV\YW 0[[WO]^R CVQ_YZ 0Y\^ZR @\YV_Z[^ 0Y\^ZR &_]ZU

>G

G

?\P_W[Y^R &\YV ?\MR +\N_X ?\N]VZ[^ ?_\Y^_R <U[N\X ?_^^_XXMR 7\ZY]TA ?[SPUR F]VV]\N ?[O\YWR 0_[YP_ ?S^ZR CVKY_W F]VV]\N ?S^ZR @_T]V CYZUSY ?S^ZR F]VV]\N ?_^YM

>

>

>

G

> G

+[U^X[^R 6WO\YW &]VV]^PO[YZU +SZXSNR ?_^YM &]VQSY^_R 0_[YP_ 0[[WO]^ &^]PUZR @U\YV_X ;_\YR 6WO\YW

>

>

7\Z_YX[^R @\Y[V]^_ 7\Z[^R F\VV_Y ?SPU 7]L_YR +[U^

<\VN\P_R CVP_Y^[^ <[O^_R .Y\^T]X #\YV_MR +[U^ F\VT[ZR F]VV]\N F[VK_R 0_[YP_

G G

G GG

/ )

CHRIS BEETLES GALLERY 8 & 10 Ryder Street, St Jamesâ&#x20AC;&#x2122;s London SW1Y 6QB 020 7839 7551 gallery@chrisbeetles.com

www.chrisbeetles.com