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2SSR 0MXYVK] EX RSSR ERH ( &EXLWLEu 7LEuMR 2MRXL ,SYV 0MXYVK] EX TQ %PXLSYKL XLIWI EVI XLI WIX XMQMRKW SJ XLI ZEVMSYW LSYVW MX QE] FI KSSH ERH JIEWMFPI XLEX IEGL JEQMP] SV GSQQYRMX] EVVERKI XLI 6EQWLE EX E GSRZIRMIRX XMQI MR XLI IZIRMRK XLI 0IP]E FIJSVI RMKLX VIXMVIQIRX XLI 5EPE H 7LELVE [LIR [I KIX YT JVSQ WPIIT XLI 7ETVE MR XLI QSVRMRK FIJSVI FVIEOJEWX XLI 5YXEvE FIJSVI WXEVXMRK XLI HEMP] [SVOW XLI u)RHERE FIJSVI

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

RSSR QIEPW ERH XLI ( &EXLWLEu 7LEuMR [LIR [MRHMRK YT XLI [SVO SJ XLI HE] 1SREWXMGMWQ MR XLI 1EV 8SQE 2EWVERM 'LYVGL 8SHE] %GGSVHMRK XS WSYVGIW QSREWXMG GSQQYRMXMIW TPE]IH E ZIV] MQTSVXERX VSPI MR XLI JSVQEXMSR ERH HIZIPSTQIRX SJ XLI w(MZMRI 4VEMWIWx MR EPP XVEHMXMSRW 8LIMV MRJPYIRGI MR XLI )EWX 7]VMEG XVEHMXMSR MW HIGMWMZI MRHIIH 8LI w7MWXIVW SJ 7EMRX 8LSQEW x 4EPEQEXXSQ /YVYQFEREHSQ z /IVEPE -RHME WXEVXIH MR MW XLI JMVWX QSREWXMG GSQQYRMX] MR XLI QSHIVR 1EV 8SQE 2EWVERM 7]VS 1EPEFEV 'LYVGL *VSQ XLI ZIV] FIKMRRMRK SJ XLMW GSQQYRMX] SRI SJ MXW QEMR KSEPW [EW XLI JYPP VIWXSVEXMSR SJ wWIZIR XMQIW SJ u(MZMRI 4VEMWIWv E HE]x XVEHMXMSR SJ XLI 'LYVGL *MVWX XLI] EHHIH D)RHERE 2SSR 0MXYVK] XS XLI YWYEP XLVII XMQIW SJ TVE]IV REQIP] 6EQWLE 0IP]E ERH 7ETVE +VEHYEPP] XLI] EHHIH EPWS XLI SXLIV LSYVW SJ TVE]IV REQIP] 5EPE H 7LELVE 5YXEvE ERH ( &EXLWLED 7LEDMR XS XLIMV HEMP] WTMVMXYEP RSYVMWLQIRX w(IRLE 7IVZMGIWx LEW EPVIEH] TYFPMWLIH TVE]IV FSSOW JSV XLIWI JSYV EHHMXMSREP LSYVW MR 1EPE]EPEQ 8LI ;MPP SJ +SH ;I XLI 1IWLMLMXIW 'LVMWXMERW HMWGIVR XLI ;MPP SJ +SH SRP] MR XLI 'LYVGL [LIVI .IWYW GSRXMRYIW XS PMZI ERH EGX MR SYV IEVXLP] VIEPMX] 8LI 'LYVGL MR XLI XIEGLMRKW SJ XLI WIGSRH :EXMGER 'SYRGMP ZIV] EYXLIRXMGEPP] I\TVIWWIH JSV EPP LS[ XLI JEMXL MW XS FI PMZIH ERH RSYVMWLIH %GGSVHMRKP] XLI GIPIFVEXMSR SJ XLI ,SP] 5YVFERE SXLIV 1]WXIVMIW 7EGVEQIRXW ERH 7EGVEQIRXEPW ERH XLI w(MZMRI 4VEMWIWx 0MXYVK] SJ XLI ,SYVW [LMGL MW MR XYRI [MXL XLI PMXYVKMGEP G]GPI SJ IEGL MRHMZMHYEP 'LYVGL MW XLI WYTVIQI WX]PI SJ I\TVIWWMRK ERH RSYVMWLMRK SRIvW JEMXL )EGL 'LYVGL MR XLI 'EXLSPMG GSQQYRMSR MW YRIUYMZSGEPP] I\LSVXIH XS MQTPIQIRX XLMW HIWMVI ERH XIEGLMRK SJ XLI 1EKMWXIVMYQ SJ XLI 'LYVGL 8LYW MX MW GPIEV XLEX [I WLSYPH I\TVIWW RSYVMWL ERH HIITIR SYV JEMXL MR .IWYW TVMQEVMP] XLVSYKL XLI GIPIFVEXMSR SJ XLI

e(MZMRI 4VEMWIWf SV c0MXYVK] SJ XLI ,SYVWd

,SP] 5YVFERE ERH XLI w(MZMRI 4VEMWIW x 8LI ,SP] 5YVFERE GIPIFVEXMSR MW XLI GSRGIRXVEXIH JSVQ SJ XLMW I\TVIWWMSR 8LIVIJSVI MX QYWX FI TIVJSVQIH EW WSPIQRP] ERH [MXL EW QYGL EXXIRXMSR XS HIXEMP EW TSWWMFPI 8LI w(MZMRI 4VEMWIW x [MXL MXW XVEHMXMSR SJ WIZIR XMQIW SJ TVE]IV IEGL HE] MR EGGSVHERGI [MXL XLI )EWX 7]VMEG XVEHMXMSR I\XIRHW XLI uHMZMRI LYQERv I\TIVMIRGI SJ XLI ,SP] 5YVFERE GIPIFVEXMSR XS XLI SXLIV QSQIRXW SJ XLI HE] ERH XLI [LSPI SJ SYV PMJI 8LI SXLIV 1]WXIVMIW 7EGVEQIRXW ERH 7EGVEQIRXEPW SJ XLI 'LYVGL GIPIFVEXI XLI HIGMWMZI QSQIRXW MR SYV IEVXLP] TMPKVMQEKI 8LIVI EVI ZIV] VIPMEFPI HSGYQIRXW JVSQ JSVIMKR QMWWMSREVMIW IZIR EX XLI GPSWI SJ XL GIRXYV] XIPPMRK SJ VIKYPEV GIPIFVEXMSRW SJ XLI w(MZMRI 4VEMWIWx MR XLI 1EV 8SQE 2EWVERM TEVMWL GLYVGLIW MR XLI IZIRMRK ERH XLI QSVRMRK 2SX SRP] XLI GPIVMGW FYX EPWS E KSSH RYQFIV SJ XLI SXLIV JEMXLJYP XSS YWIH XS TEVXMGMTEXI MR XLMW XVEHMXMSR EGXMZIP] ;I ORS[ XLEX SYV RSR GEXLSPMG FVIXLVIR EVI ZIV] JEQMPMEV [MXL XLIMV w(MZMRI 4VEMWIWx SV u0MXYVK] SJ XLI ,SYVWv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vW GPYXGLIW -J XLI PIEHIVW WXERH LIPTPIWW XLI GEPP GSQIW XS XLI SXLIV JEMXLJYP 8LI] EVI XS GSRGIRXVEXI XLIQWIPZIW SR XLI GIPIFVEXMSR SJ XLI ,SP] 5YVFERE JSV XLI WYTVIQI uHMZMRI LYQERv I\TIVMIRGI ERH I\XIRH MX XS XLI [LSPI PMJI XLVSYKL XLI WIZIR XMQIW E HE]

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

XVEHMXMSR SJ XLI w(MZMRI 4VEMWIW x -X MW EP[E]W LIEPXL] ERH WEJI XS QSZI [MXL XLI 'LYVGL VEXLIV XLER VYRRMRK EJXIV MRHMZMHYEPWv SV GIVXEMR KVSYTWv MRXIVIWXW [LMGL EVI SJXIR Q]WXIVMSYW ERH RSR XVERWTEVIRX w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR 8LMW TEVXMGYPEV TVE]IV FSSO MRGPYHIW E WLSVX MRXVSHYGXMSR XS XLI ZEWX SGIER SJ w(MZMRI 4VEMWIWx SV u0MXYVK] SJ XLI ,SYVWv LIVMXEKI MR XLI %VEQEMG SV )EWX 7]VMEG XVEHMXMSR XSKIXLIV [MXL E uFVIZMEV]v SJ SRI HE]vW GIPIFVEXMSR MR XLI SVMKMREP WX]PI SJ WIZIR XMQIW SJ TVE]IV 7MRGI PMXYVK] MW XLI TSWMXMZI LYQER VIWTSRWI XS XLI (MZMRI GEPP MR XLI -RGEVREXI ;SVH WGLSPEVW EVI YRERMQSYW MR VIKEVHMRK XLI YRMUYI TSWMXMSR SJ XLI %VEQEMG PMXYVKMGEP LIVMXEKI [LMGL MW HIZIPSTIH MR XLI WEQI uWMX^ MQ 0IFIRv SV PMJI WMXYEXMSR SJ .IWYW SJ 2EWEVIXL 'IVXEMR TVE]IVW WSQI XMXPIW ERH FIKMRRMRK [SVHW SJ MQTSVXERX TVE]IVW EVI KMZIR EPWS MR XLI SVMKMREP %VEQEMG PERKYEKI [MXL XVERWPMXIVEXMSR MR SVHIV XS TVIWIVZI EX PIEWX WSQIXLMRK SJ XLI EYXLIRXMG EXQSWTLIVI SJ XLMW PMXYVKMGEP LIVMXEKI %W XLI JEMXL SJ XLI 'LYVGL MW FEWIH SR .IWYWv 6IWYVVIGXMSR MR WIPIGXMRK XLI ERGMIRX WSYVGIW JSV GSQTMPMRK XLMW FVIZMEV] [I LEZI XVMIH SYV FIWX XS KMZI XLI RIIHIH IQTLEWMW SR 6IWYVVIGXMSR EX XLI WEQI XMQI XYVRMRK EPWS XS XLI SXLIV QSQIRXW SJ WEPZEXMSR LMWXSV] 8LYW MX MW MRHIIH XS FI E GSQTVILIRWMZI JEMXL I\TVIWWMSR HMWXVMFYXIH XLVSYKL XLI ZEVMSYW LSYVW SJ SRI HE] %PP PMXYVKMGEP XVEHMXMSRW )EWX ERH ;IWX EPMOI LEZI ZIV] VMGL XVIEWYVIW SJ XLI w(MZMRI 4VEMWIW x QSWXP] HYI XS XLI GSRXVMFYXMSR SJ XLI *EXLIVW SJ XLI 'LYVGL 8LI] YWYEPP] QEOI YWI SJ SRP] FVIZMEVMIW SJ WYGL XVIEWYVIW 8LSWI FVIZMEVMIW EVI MRHIIH ZIV] I\TVIWWMZI W]QFSPW SJ XLI VIWTIGXMZI XVEHMXMSRW 'LVMWXMERW GER MR RS [E] PMZI XLIMV JEMXL [MXLSYX YRHIVWXERHMRK XLI YRMUYI ERH HIGMWMZI ZEPYI VSPI ERH TPEGI SJ W]QFSPW MR XLIMV

e(MZMRI 4VEMWIWf SV c0MXYVK] SJ XLI ,SYVWd

[SVWLMT 3RI [LS PMZIW LMW LIV JEMXL XLVSYKL ER] SJ LMW LIV 'LYVGLv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

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

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w(MZMRI 4VEMWIWx SV u0MXYVK] SJ XLI ,SYVWv MR XLI %VEQEMG SV )EWX 7]VMEG XVEHMXMSR %GGSVHMRK XS HSGYQIRXW ZEVMSYW X]TIW SJ MXW FVIZMEVMIW [IVI MR YWI MR XLMW XVEHMXMSR 8LI TVIWIRX TVE]IV FSSO MW SRI WYGL FVIZMEV] -X MW RSX MRXIRHIH JSV XLI SVHMREV] GIPIFVEXMSR SJ XLI (MZMRI 4VEMWIW FYX EW E TIVWSREP GSQTERMSR E KYEVHMER ERKIP IWTIGMEPP] HYVMRK XVEZIPW &IWMHIW XLI ,SP] 5YVFERE GIPIFVEXMSR XLI QSWX MQTSVXERX QIERW XS I\TVIWW I\IVGMWI RSYVMWL ERH HIITIR XLI 'LVMWXMER JEMXL MW XLI w(MZMRI 4VEMWIWx EGGSVHMRK XS EPP 'LYVGL XIEGLMRKW MRGPYHMRK XLSWI SJ :EXMGER -- ,IRGI E GSRWTMGYSYW FYX GSRZIRMIRX w7]QFSPx SJ MX WLSYPH FI EP[E]W [MXL YW 8S QEOI YWI SJ MX EW JEV EW TSWWMFPI EX TVSTIV XMQMRKW SJ XLI HE] MW E ZIV] KVIEX [SVO MRHIIH ERH QSWXP] WEPZMJMG 8LYW XLMW FSSOPIX WLEPP FI XLI FIWX TIVWSREP GSQTERMSR E KYEVHMER ERKIP SJ E 1EV 8SQE 2EWVERM E JEMXLJYP MR XLI %VEQEMG SV )EWX 7]VMEG ,IVMXEKI 8LEROW 4VE]IVW ;I EVI IWTIGMEPP] KVEXIJYP XS SYV TVIWIRX 1ENSV %VGLFMWLST ,MW &IEXMXYHI 1EV +ISVKI %PIRGLIV] JSV KMZMRK LMW TEXIVREP FPIWWMRK XS TYFPMWL XLMW TVE]IV FSSO

e(MZMRI 4VEMWIWf SV c0MXYVK] SJ XLI ,SYVWd

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w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR 7TIGMEP XS 2SXI

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'IP ! 'IPIFVERX (GR ! (IEGSR 6IW ! 'SQQYRMX]

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'IP +PSV] XS +SH MR XLI LMKLIWX

6IW %QIR

'IP %RH SR IEVXL TIEGI ERH LSTI XS TISTPI EX EPP XMQIW JSVIZIV 6IW %QIR 'IP 3YV *EXLIV MR LIEZIR GSRKVIKEXMSR NSMRW LEPPS[IH FI =SYV 2EQI =SYV OMRKHSQ GSQI LSP] LSP] LSP] EVI =SY 3YV *EXLIV MR LIEZIR LIEZIR ERH IEVXL EVI JYPP SJ XLI KVERHIYV SJ =SYV KPSV] %RKIPW ERH QIR GV] SYX LSP] LSP] LSP] EVI =SY 3YV *EXLIV MR LIEZIR LEPPS[IH FI =SYV 2EQI =SYV OMRKHSQ GSQI =SYV ;MPP FI HSRI SR IEVXL EW MX MW MR LIEZIR +MZI YW XLMW HE] XLI FVIEH [I RIIH ERH JSVKMZI YW SYV HIFXW ERH WMRW EW [I LEZI JSVKMZIR XLSWI [LS SJJIRHIH YW (S RSX PIX YW JEPP MRXS XIQTXEXMSR FYX HIPMZIV YW JVSQ XLI IZMP SRI *SV =SYVW MW XLI OMRKHSQ XLI TS[IV ERH XLI KPSV] JSVIZIV %QIR 'IP +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

6IW *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR 3YV *EXLIV MR LIEZIR LEPPS[IH FI =SYV 2EQI =SYV OMRKHSQ GSQI LSP] LSP] LSP] EVI =SY 3YV *EXLIV MR LIEZIR LIEZIR ERH IEVXL EVI JYPP SJ XLI KVERHIYV SJ =SYV KPSV] %RKIPW ERH QIR GV] SYX LSP] LSP] LSP] EVI =SY

36 MR %VEQEMG

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6EQWE )ZIRMRK 0MXYVK]

'IP 8IWLFSLXE P %PELE FEQVE[QI

6IW %QIR

'IP 9 vEP EVvE WLPEQE Y WE[VE XE[E PE[REMREWLE F OLSP IHHER P vEPQMR EQIR %[YR H [EWLQE]]E GSRKVIKEXMSR NSMRW RIXLUERHEWL WLQEOL 8IXLI QEPOYXLEOL UERHMWL UERHMWL UERHMWLEX %[YR H [EWLQE]]E HEQPIR WLQE]]E [EV vE VEQFYXL WLY[LEO u)IVI Y REWLE UEvIR PEOL UERHMWL UERHMWL UERHMWLEX %[YR H [EWLQE]]E RIXLUERHEWL WLQEOL 8IXLI QEPOYXLEOL RIL[I WI[]EREOL %]OERRE H [EWLQE]]E ET FEVvE ,E[ PER PELQE H WYRUERER ]E[QERE ;EWL[SU PER LE[FE]R [ELXELE]R %]OERRE H ET LRER WL[EUMR P LE]]E[EMR 9 PE XEvPER P RIW]SRE IPPE TEWWER QMR FMWLE 1IXSP H HLMPEOLII QEPOYXLE Y LE]PE Y XLIWLFSLXE P vEPEQ DEPQMR %QIR 'IP 7LY[LE P %[E YPE ;VE [EP 6YLE H UYHLWLE 6IW 1MR vEPEQ [EuHLEQQE P vEPEQ EQIR [EQIR %[YR H [EWLQE]]E RIXLUERHEWL WLQEOL 8IXLI QEPOYXLEOL UERHMWL UERHMWL UERHMWLEX %[YR H [EWLQE]]E HEQPIR WLQE]]E [EV vE VEQFYXL WLY[LEO u)IVI Y REWLE UEvIR PEOL UERHMWL UERHMWL UERHMWLEX

(GR 0IX YW TVE] TIEGI FI [MXL YW 'IP SR 7YRHE]W ERH *IEWX HE]W N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH QEOI YW [SVXL] XS FPIWW [MXL TYVI LIEVXW XLI VIWYVVIGXMSR SJ =SYV SRP] FIKSXXIR 7SR XS I\XSP ,MW ZMGXSV] [MXL WEGVIH L]QRW ERH XS GSRJIWW [MXL XLSWI MR LIEZIR XLI KPSV] SJ =SYV MRJMRMXI TS[IV 1E] XLI LSTI JSV JYXYVI PMJI KVS[ MR YW [LS GSQQIQSVEXI ERH GIPIFVEXI XLI VIWYVVIGXMSR SJ =SYV FIPSZIH 7SR 0SVH SJ EPP JSVIZIV 'IP SR JIVMEP HE]W N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH [I [SVWLMT ERH TVEMWI =SY ERH [I XLERO =SY JSV

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

=SYV MRJMRMXI FPIWWMRKW YTSR YW *EXLIV 7SR ERH XLI ,SP] 7TMVMX JSVIZIV 6IW %QIR 4WEPQ SJ XLI HE] ?%R] 4WEPQ QE] EPWS FI WIPIGXIHA

(GR 4W ;LIR - GEPPIH XS =SY =SY ERW[IVIH QI 3 Q] +SH ERH XLI 7EZMSYV SJ Q] VMKLXISYWRIWW =SY LEZI GSQJSVXIH QI [LIR - [EW MR HMWXVIWW ,EZI QIVG] SR QI ERH LIEV Q] TVE]IV ,EPPIPYME ,EPPIPYME ,EPPIPYME

'SQQYRMX] MR EPXIVREXMRK GLSMVW ;LIR - GEPPIH XS =SY =SY ERW[IVIH QI 3 Q] +SH ERH XLI 7EZMSYV SJ Q] VMKLXISYWRIWW =SY LEZI GSQJSVXIH QI [LIR - [EW MR HMWXVIWW ,EZI QIVG] SR QI ERH LIEV Q] TVE]IV 1IR LS[ PSRK [MPP ]SY XYVR Q] KPSV] XS WLEQI# ,S[ PSRK [MPP ]SY PSZI ZERMX]# (S ]SY WIIO HIGITXMSR JSVIZIV# &YX ORS[ XLEX XLI 0SVH LEW WIX ETEVX JSV ,MQWIPJ XLI SRI [LS MW [SRHIVJYP XLI 0SVH [MPP LIEV QI [LIR GEPP XS ,MQ &I ERKV] FYX HS RSX WMR TSRHIV [MXLMR ]SYV S[R LIEVX ERH QIHMXEXI YTSR ]SYV FIH 3JJIV XLI WEGVMJMGI SJ NYWXMGI ERH TYX ]SYV XVYWX MR XLI 0SVH 8LIVI EVI QER] XLEX WE] ;LS GER WLS[ YW E KSSH QER WS XLEX LI GER WLMRI YTSR YW XLI PMKLX SJ LMW JEGI# 3 0SVH =SY LEZI TYX KPEHRIWW MRXS Q] LIEVX QSVI XLER MR XLEX XMQI [LIR XLIMV [LIEX [MRI ERH SMP MRGVIEWIH

6EQWE )ZIRMRK 0MXYVK]

- [MPP PMI HS[R MR TIEGI ERH WPIIT JSV =SY EPSRI 3 0SVH QEOI QI H[IPP MR WEJIX] +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR (GR ,EPPIPYME ,EPPIPYME ,EPPIPYME 0IX YW TVE] TIEGI FI [MXL YW 'IP SR 7YRHE]W ERH *IEWX HE]W %' eµ %L iGµ 0EWLQE 6EQFE 0SVH SJ EPP [I EVI FSYRH XS GSRJIWW EHSVI ERH KPSVMJ] XLI KVIEX E[JYP LSP] FPIWWIH I\GIPPIRX ERH MRGSQTVILIRWMFPI 2EQI SJ =SYV KPSVMSYW 8VMRMX] ERH =SYV PSZMRK OMRHRIWW XS SYV VEGI EX EPP XMQIW *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 'IP SR JIVMEP HE]W %( ; E¶G· 0EOL 8E[E 0SVH SJ EPP [I EVI FSYRH XS TVEMWI LSRSYV ERH EHSVI =SY XLI QSWX W[IIX QIVGMJYP ERH FIRIJMGMEP /MRK *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR ?%X PIEWX SR 7YRHE]W ERH *IEWX HE]W XLI GSQQYRMX] FIKMRW XLI L]QR SJ MRGIRWMRK QIER[LMPI XLI GIPIFVERX FPIWWIW XLI MRGIRWI ERH XLI HIEGSR MRGIRWIW I\EGXP] EW HYVMRK XLI 5YVFERE GIPIFVEXMSR A

,]QR SJ -RGIRWMRK

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3YV 0SVH .IWYW 'LVMWX +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX

3YV 0SVH .IWYW 'LVMWX

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

(GR 4IEGI FI [MXL YW 'IP A [ $ IW 2 9 uEP %TEM *SV IZIV] LIPT ERH KVEGI =SY LEZI KMZIR YW [LMGL [I GER RIZIV VITE] [I XLERO =SY ERH KPSVMJ] =SY YRGIEWMRKP] MR =SYV 'LYVGL GVS[RIH PMOI E WTSYWI ERH EHSVRIH [MXL IZIV] KMJX ERH FPIWWMRK JSV =SY EVI XLI 0SVH ERH 'VIEXSV SJ EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR 6IW 8LY]EM 0SVH SJ EPP [I KMZI XLEROW XS =SY .IWYW 'LVMWX [I KPSVMJ] =SY =SY KMZI PMJI XS SYV FSHMIW ERH WEPZEXMSR XS SYV WSYPW (GR SR 7YRHE]W ERH *IEWX HE]W - VINSMGIH I\GIIHMRKP] [LIR - LIEVH XLIQ WE] w;I EVI KSMRK XS +SHvW LSYWIx

SR JIVMEP HE]W - [EWLIH Q] LERHW GPIER ERH [IRX EVSYRH =SYV EPXEV

6IW 0SVH SJ EPP 'IP +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR

6IW

0SVH SJ EPP

36 MR %VEQEMG

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6EQWE )ZIRMRK 0MXYVK]

%8 @ iK V3 i? $ EG·2 QP ?.º3K |· C . $f·K 3 C G· 2 l O$ 2 Q?fµ ,¶[ . %P L 8P K 2 l O$ . QP @ 8( i K Nl i \O . %( ; %a 2 f [ 6IW 0EOLY 1EVE H OLSPPE QE[HIRER Y PEOL -WLSu 1WLIILE QWLEFLIIRER HEXXY QRELQERE H TEKLVEMR [EXXY 4EVSUE XE[E H RE[WLEXLER (GR SR 7YRHE]W ERH *IEWX HE]W ,HLMXL OEHL EQVMR [E[ PM P [EMXIL H 1EV]E E^IIRER

SR JIVMEP HE]W %WLMKIXL HEOL]E]MXL MHLEM [IXLOEVOIXL P QEHLMFLEOL 1EV]E 6IW 0EOLY 1EVE H OLSPPE QE[HIRER Y PEOL -WLSu 1WLIILE QWLEFLIIRER HEXXY QRELQERE H TEKLVEMR [EXXY 4EVSUE XE[E H RE[WLEXLER 'IP 7LY[LE P %[E YPE ;VE [EP 6YLE H 5YHLWLE 6IW 1MR uEPEQ [EuHLEQQE P vEPEQ EQIR [EQIR 0EOLY 1EVE H OLSPPE QE[HIRER Y PEOL -WLSu 1WLIILE QWLEFLIIRER HEXXY QRELQERE H TEKLVEMR [EXXY 4EVSUE XE[E H RE[WLEXLER

(GR 0IX YW TVE] TIEGI FI [MXL YW 'IP >fK 2 l O$ %XXY 1EV 3 Q] 0SVH =SY EVI MRHIIH XLI +MZIV SJ PMJI XS SYV FSHMIW XLI KVEGMSYW 7EZMSYV SJ SYV WSYPW ERH XLI GSRWXERX 4VIWIVZIV SJ SYV PMZIW 3 Q] 0SVH [I EVI FSYRH EP[E]W XS XLERO EHSVI ERH KPSVMJ] =SY 0SVH SJ EPP JSVIZIV 6IW %QIR

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w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

+SH XLI 0SVH SRGI QEHI P MKLX XLEX MPPYQMRIW 3R XLEX WEQI JMVWX FPIWWIH HE] XLI KVIEX 7EZMSYV SJ XLI [SVPH WLEXXIVIH XLI QMKLX SJ HEVORIWW ERH EVSWI FVMKLX JVSQ XLI HIEH 0IX YW WMRK TVEMWIW YRXS ,MQ =SY LEZIRvX WYJJIVIH =SYV ,SP] 3RI XS WII GSVVYTXMSR 4W

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+SH XLI 0SVH SJ EPP VEMWIH ,MW 7SR .IWYW JVSQ XLSWI [LS [IVI HIEH XLEX [I QE] ,MW [MPP JYPJMP F] KSSH XLSYKLXW ERH [SVHW ERH HIIHW 1E] +SH KMZI YW TVSXIGXMSR MR 'LVMWX SYV 0SVH SR XLMW IEVXL 0IX YW WMRK TVEMWIW YRXS ,MQ (GR 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH VIQIQFIVMRK =SYV FSYRHPIWW QIVG] ERH GSRXMRYSYW

6EQWE )ZIRMRK 0MXYVK]

TVSZMHIRGI [I [SVWLMT ERH KPSVMJ] =SY *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR (GR 47 0SVH - GEPP XS =SY LEWXIR XS ERW[IV QI LIEV Q] [SVHW ERH EGGITX XLIQ 5ERSRE 0SVH LIEV Q] [SVHW ERH EGGITX Q] TVE]IVW

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

4W - GVMIH XS XLI 0SVH [MXL Q] ZSMGI [MXL Q] ZSMGI - MQTPSVIH XLI 0SVH - TSYVIH SYX Q] GSQTPEMRX FIJSVI ,MQ FIJSVI ,MQ - HIGPEVIH Q] XVSYFPI ;LIR Q] WTMVMX [EW SZIV[LIPQIH [MXLMR QI XLIR =SY ORI[ Q] TEXL 3R XLI [E] MR [LMGL - [EPOIH XLI] LEZI WIGVIXP] PEMH E WREVI JSV QI

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

- PSSOIH XS Q] VMKLX ERH XLIVI [EW RS SRI XS EHZMWI QI XLIVI MW RS VIJYKI JSV QI RS SRI GEVIH JSV Q] WSYP - GVMIH SYX XS =SY 3 0SVH - WEMH =SY EVI Q] LSTI ERH Q] TSVXMSR 3 0SVH MR XLI PERH SJ XLI PMZMRK

4W =SYV [SVH MW E PEQT JSV Q] JIIX ERH E PMKLX XS Q] TEXL - LEZI W[SVR ERH WLEPP GEVV] MX SYX - WLEPP OIIT =SYV NYWX SVHMRERGIW - EQ ZIV] QYGL EJJPMGXIH 3 0SVH KMZI QI PMJI EGGSVHMRK XS =SYV [SVH &I TPIEWIH [MXL XLI [SVHW SJ Q] QSYXL 3 0SVH ERH XIEGL QI =SYV HIGVIIW 1] WSYP MW GSRXMRYEPP] MR =SYV LERHW - HS RSX JSVKIX =SYV PE[ 7MRRIVW LEZI PEMH E WREVI JSV QI ]IX - LEZI RSX WXVE]IH JVSQ =SYV GSQQERHQIRXW

4W 3 TVEMWI XLI 0SVH EPP ]SY REXMSRW EGGPEMQ LMQ EPP ]SY TISTPI 7XVSRK MW ,MW PSZI JSV YW ,I MW JEMXLJYP JSVIZIV 4VEMWI XLI 0SVH +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR (GR 0SVH - GEPP XS =SY LEWXIR XS ERW[IV QI LIEV Q] [SVHW ERH EGGITX XLIQ 5ERSRE 0SVH LIEV Q] [SVHW ERH EGGITX Q] TVE]IVW 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH LIEV XLI TVE]IVW SJ =SYV WIVZERXW ERH FPIWW YW WMRRIVW FIGEYWI

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F u)RHER 7ETVE /EVYRERMHLM]EQ ,I MW RSX LIVI JSV ,I LEW VMWIR 1X

8LSYKL XLI XSQF [EW WIEPIH MRXEGX ERH [EW KYEVHIH F] WSPHMIVW 'LVMWX VSWI YT [MXL WTPIRHSYV KVIEX +PSVMSYW MW ,MW VMWMRK YT MR Q] LIEVX - GSRXIQTPEXI ERH EHSVI =SY 0SVH MR JEMXL %PP TS[IV MR LIEZIR ERH SR IEVXL LEW FIIR KMZIR XS QI 1X

0SVH =SY STIRIH JSV YW EPP KEXIW SJ LIEZIR LMKL EFSZI )RXLVSRIH EX XLI *EXLIVvW VMKLX =SY RS[ VYPI EW 0SVH SJ EPP LIEZvR ERH IEVXL ERH EPP XLIVIMR ;I EHSVI =SY 0SVH MR JEMXL +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX

8LEX [I QE] FI WLEVIVW MR FPMWW IXIVREP MR LIEZIR RI[ PMJI SJ TIEGI ERH KPSV] +SH XLI *EXLIV =SY [MPPIH MX F] VEMWMRK =SYV 7SR .IWYW ;I EHSVI =SY 0SVH MR JEMXL (GR 0IX YW TVE] TIEGI FI [MXL YW

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

'IP %i ? /a EG· 0EOL 5ERHMWLE 0SVH SYV +SH LSP] KPSVMSYW ERH IXIVREPP] FPIWWIH [I EHSVI ERH TVEMWI =SY *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR (GR 0IX YW VEMWI SYV ZSMGIW ERH TVEMWI XLI PMZMRK +SH 6IW 8LY]EM ,SP] LSP] LSP] +SH LSP] LSP] QMKLX] 3RI LSP] ERH MQQSVXEP 3RI 0SVH LEZI QIVG] SR YW EPP 'IP +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] WTMVMX 6IW ,SP] LSP] 6IW *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR ,SP] LSP]

36 MR %VEQEMG

%L W 1H C 38( h 2 N3 u H` 3L? e$ Li K %@ 7 $1 G·$ F %O l H@7 %i ? / a $1 G·$ %i ? /a Q@P W Q@Hµ W M7 eµ k $ } 3 @K {· %i ? /a %h .3 a. %7 2 fG2 $f·( Gµ 2 %' µ{ %8 ' 3 h %O 1C %O l H@7 %i ? / a $1 G·$ %i ? / a Q@Hµ W M7 eµ k $ } 3 @K {· %i ? / a Q@K $ 2 Q@K $ MHµ X G %K / W2 MHµ W QK Q@P W %O l H@7 %i ? / a $1 G·$ %i ? / a Q@Hµ W M7 eµ k $ } 3 @K {· %i ? / a (GR %VMQ UEPOLSR Y WLEFFEL OSPIL uEQQE P %PELE LE]]E 6IW 5ERHMWLE %PELE 5ERHMWLE ,EMPXLERE 5ERHMWLE PE QE]SXLE IXLVELEQ uPEMR

6EQWE )ZIRMRK 0MXYVK]

'IP 7LY[LE P %[E YPE ;VE [EP 6YLE H 5YHLWLE 5ERHMWLE %PELE 5ERHMWLE ,EMPXLERE 5ERHMWLE PE QE]SXLE IXLVELEQ uPEMR 6IW 1MR uEPEQ [EuHLEQQE P vEPEQ EQIR [EQIR 5ERHMWLE %PELE 5ERHMWLE ,EMPXLERE 5ERHMWLE PE QE]SXLE IXLVELEQ uPEMR

(GR 0IX YW TVE] TIEGI FI [MXL YW 'IP %8 @ ( h 2 %i ? /a 5ERHMWLE ;EWL[MLE ,SP] +SH KPSVMSYW ERH QMKLX] 3 MQQSVXEP 3RI [LS H[IPPW MR XLI LSP] SRIW MR [LSQ =SY EVI [IPP TPIEWIH [I IRXVIEX =SY 0SSO YTSR YW 3 Q] 0SVH TEVHSR YW ERH LEZI QIVG] SR YW EW =SY EVI EGGYWXSQIH XS EX EPP XMQIW 0SVH SJ EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR ?+SWTIP 6IEHMRK JVSQ XLI ,SP] 5YVFERE SJ XLI HE] SR XLI QSWX MQTSVXERX SGGEWMSRW MX MW KSSH XLEX EPP XLI JSYV VIEHMRKW [MXL XLI EGGSQTER]MRK TVE]IVW ERH L]QRW EVI EPWS MRGPYHIH A

} 2 4 2 fC /EVS^[EXLE 4VSGPEQEXMSR 4VE]IVW ?8LI /EVS^[EXLE QE] FI WLSVXIRIH SV IPEFSVEXIH EW MR XLI GEWI SJ XLI ,SP] 5YVFERE *MVWX WIZIR TIXMXMSRW SJ /EVS^YXLE - ERH XLI PEWX SRI SJ /EVS^YXLE --WLSYPH FI EP[E]W TVSGPEMQIH A

(GR 0IX YW EPP WXERH [MXL NS] ERH IEVRIWXRIWW SR JIVMEP HE]W w[MXL VITIRXERGI ERH EXXIRXMZIRIWWx TVE]MRK 1EVER IXLVELEQ DPEMR w3YV 0SVH LEZI QIVG] SR YW x 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 1IVGMJYP *EXLIV +SH [LS KMZIW GSQJSVX &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3YV 7EZMSYV SYV 4VSZMHIV ERH +MZIV SJ EPP XLMRKW

&EvIRER QIRREOL [I TVE] XS =SY

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR *SV XLI TIEGI YRMX] ERH GSRXMRYIH I\MWXIRGI SJ XLI [LSPI [SVPH ERH EPP XLI 'LYVGLIW &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR *SV SYV GSYRXV] JSV EPP SXLIV GSYRXVMIW ERH JSV EPP XLI JEMXLJYP XLIVIMR &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR *SV E JEZSYVEFPI GPMQEXI JSV E JVYMXJYP ]IEV EFYRHERX LEVZIWXW ERH JSV XLI TVSWTIVMX] SJ XLI [LSPI [SVPH &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR *SV SYV ,SP] *EXLIV 1EV WYGGIWWSV SJ 4IXIV ERH LIEH SJ EPP XLI 'LYVGLIW SJ +SH JSV SYV 1ENSV %VGLFMWLST 1EV JEXLIV ERH LIEH SJ SYV 'LYVGL JSV SYV %VGLFMWLST 1EV JSV SYV &MWLST 1EV JSV EPP XLI &MWLSTW ERH JSV EPP XLIMV JIPPS[ QMRMWXIVW &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR +SH [LS VYPIW SZIV EPP [MXL QIVG] +SH SJ OMRHRIWW

&EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 0SVH =SY [LS EVI VMGL MR =SYV FPIWWMRKW ERH ER SGIER SJ QIVG] &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR +SH [LS EVI KSSH F] REXYVI ERH WSYVGI SJ EPP FPIWWMRKW

&EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x

6EQWE )ZIRMRK 0MXYVK]

(GR +SH [LS EVI TVEMWIH MR LIEZIR ERH [SVWLMTTIH SR IEVXL &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR +SH [LS EVI MQQSVXEP F] REXYVI ERH [LS H[IPP MR KVIEX VEHMERGI &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3YV 0SVH .IWYW 'LVMWX F] =SYV QIVG] WEZI YW EPP -RGVIEWI =SYV TIEGI ERH XVERUYMPPMX] MR YW ERH FPIWW YW EPP 6IW %QIR -(GR 0IX YW TVE] [MXL LYQMPMX] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR 8LEX ,I [SYPH LIEV XLI ZSMGI SJ SYV TVE]IV EGGITX SYV VIUYIWX ERH WLS[ YW QIVG] PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR *SV XLI 'EXLSPMG 'LYVGL LIVI ERH MR EPP SXLIV TPEGIW XLEX ,I [SYPH QEOI ,MW TIEGI ERH XVERUYMPPMX] H[IPP MR MX YRXMP XLI IRH SJ XLI [SVPH PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR 8LEX SYV JEXLIVW XLI FMWLSTW PIEH XLIMV JPSGO [MXLSYX ER] JEYPX SV FPIQMWL EPP XLIMV PMJI XMQI PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR 4EVXMGYPEVP] JSV XLI LIEPXL SJ SYV LSP] JEXLIVW XLEX XLI] QE] TVITEVI WIVZI ERH PIEH XLI TISTPI JSV XLI 0SVH

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

QEOMRK XLIQ ^IEPSYW MR HSMRK TPIEWMRK KSSH [SVOW ERH TIVJIGX MR IZIV] [E] WS XLEX XLI 0SVH [SYPH TVSZMHI XLIQ [MXL EPP KVEGIW RIIHIH ERH KVERX XLIQ TIVWIZIVERGI MR JEMXL PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR 8LEX EPP XLI TVMIWXW ERH HIEGSRW [LS TEVXMGMTEXI MR XLMW WIVZMGI SJ SYV XVYI JEMXL [SYPH WIVZI MR ,MW TVIWIRGI [MXL TYVI LIEVXW ERH GPIEV GSRWGMIRGI PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR *SV EPP XLI VIPMKMSYW GSRKVIKEXMSRW XLI GLMPHVIR SJ XLI LSP] 'EXLSPMG 'LYVGL WS XLEX XLI] GSQTPIXI XLIMV VEGI MR LSPMRIWW ERH VIGIMZI XLI E[EMXIH TVSQMWI JVSQ XLI 0SVH MR ,MW /MRKHSQ SJ 0MJI PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR 6IQIQFIVMRK XLI &PIWWIH ,SP] :MVKMR 1EV] 1SXLIV SJ .IWYW SYV 7EZMSYV ERH 0MJI +MZIV XLEX XLI ,SP] 7TMVMX [LS H[IPX MR LIV QE] TYVMJ] YW F] ,MW KVEGIW IREFPI YW XS HS ,MW [MPP GSQTPIXIP] ERH IWXEFPMWL YW MR ,MW XVYXL EPP XLI HE]W SJ SYV PMJI PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR 6IQIQFIVMRK XLI TVSTLIXW QEVX]VW ERH GSRJIWWSVW SJ XLI 'LYVGL XLEX F] XLIMV TVE]IVW ERH XLI TIVWIGYXMSRW XLI] WYJJIVIH ,I QE] KVERX YW EPWS KVIEX LSTI ERH WEPZEXMSR EPSRK [MXL XLIQ ERH IREFPI YW XS VIGIMZI XLI XVYI ERH PMJI KMZMRK TVSQMWIW F] XLI FPIWWIH QIQSV] SJ XLIMV QIVMXW MR

6EQWE )ZIRMRK 0MXYVK]

XLI /MRKHSQ SJ LIEZIR PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR 6IQIQFIVMRK SYV LSP] JEXLIVW XLI FMWLSTW 1EV +VIKSV] 1EV &EWMP ERH 1EV .SLR XLI 8IEGLIVW SJ XLI 'LYVGL 1EV .EGSF ERH 1EV %TVIQ ERH EPP XLI LSP] XIEGLIVW ERH TVMIWXW SJ XLI 'LYVGL XLEX F] XLIMV TVE]IVW ERH VIUYIWXW XLIMV MRWXVYGXMSRW SR JEMXL QE] VIQEMR MR XLI 'LYVGL YRXMP XLI IRH SJ XLI [SVPH PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR 6IQIQFIVMRK EPP SYV JEXLIVW FVSXLIVW ERH WMWXIVW [LS HMIH MR XLI XVYI JEMXL ERH HITEVXIH JVSQ XLMW [SVPH XLEX ,I QE] JSVKMZI ERH VIQMX EPP XLIMV WMRW ERH IZMP HIIHW ERH IREFPI XLIQ XS VINSMGI [MXL XLI NYWX ERH LSP] SRIW [LS TPIEWIH ,MQ MR XLIMV PMZIW PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR *SV XLMW VIKMSR ERH EPP XLI MRLEFMXERXW LIVI MR JSV XLMW XS[R ZMPPEKI ERH EPP [LS H[IPP LIVI MR JSV XLMW LSYWI ERH MXW S[RIVW ERH TEVXMGYPEVP] JSV XLMW TISTPI XLEX ,I [SYPH OIIT JEV JVSQ YW [EV ERH WPEZIV] VSFFIV] IEVXL UYEOI JEQMRI ITMHIQMGW ERH EPP XLI EJJPMGXMSRW LEVQJYP XS XLI FSH] PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR *SV XLSWI [LS LEZI KSRI EWXVE] JVSQ XLI XVYI JEMXL ERH XLSWI [LS EVI XVETTIH MR XLI WREVIW SJ 7EXER XLEX ,I QE] VIQSZI XLI LEVHRIWW SJ XLIMV LIEVXW ERH XLI] QE]

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

VIEPM^I XLEX +SH XLI *EXLIV MW XLI SRI XVYI +SH ERH XLEX SYV 0SVH .IWYW 'LVMWX MW ,MW 7SR PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR *SV XLSWI [LS EVI WMGO ERH XLSWI EJJPMGXIH F] IZMP WTMVMXW XLEX ,I QE] WIRH XLI ERKIP SJ LIEPXL ERH QIVG] XS XLIQ ZMWMX XLIQ KMZI XLIQ LIEPXL ERH F] ,MW KVIEX QIVG] ERH OMRHRIWW LIPT ERH GSRWSPI XLIQ PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR *SV XLI TSSV XLI HIWXMXYXI XLI SVTLER XLI [MHS[ ERH XLSWI [LS EVI STTVIWWIH ERH EJJPMGXIH XLVSYKLSYX XLI [LSPI [SVPH XLEX ,I QE] F] ,MW QIVG] ERH OMRHRIWW TVSXIGX XLIQ ERH TVSZMHI JSV XLIQ GSQJSVX XLIQ ERH HIPMZIV XLIQ JVSQ XLSWI [LS EFYWI XLIQ PIX YW TVE] LYQFP] XS +SH XLI 0SVH SJ EPP 6IW %QIR (GR 4VE] XS +SH XLI 0SVH SJ EPP XLEX ]SY FIGSQI E OMRKHSQ SJ TVMIWXW ERH LSP] TISTPI JSV ,MQ 4VE] [MXL XIEVW ERH WYTTPMGEXMSRW XS XLI QMKLX] 0SVH +SH FIGEYWI +SH MW E QIVGMJYP *EXLIV ERH MW JYPP SJ GSQTEWWMSR ERH FPIWWMRKW ,I HSIW RSX [ERX ,MW GVIEXYVIW XS TIVMWL FYX LI [ERXW XLIQ XS KS XS ,MQ [MXL VITIRXERGI ERH XS PMZI -X MW QSWX JMXXMRK XLEX [I TVE] XS XLI SRI +SH XLI 0SVH SJ EPP ERH XLI QSWX EHSVEFPI *EXLIV FYX EFSZI EPP [I QYWX TVEMWI ,MQ [SVWLMT ,MQ I\XSP ,MQ ERH KPSVMJ] ,MQ [MXL KVIEX LSRSYV FIGEYWI ,I LEW KMZIR LSTI ERH VIHIQTXMSR XS SYV

6EQWE )ZIRMRK 0MXYVK]

WSYPW XLVSYKL ,MW 1IWWMEL 1E] ,I ,MQWIPJ KVERX YW ,MW KVEGI FPIWWMRK ERH QIVG] MR JYPPRIWW YRXMP XLI IRH 6IW %QIR --(GR 8LEX =SY WIRH XLI ERKIP SJ TIEGI ERH FPIWWMRK

7LEPMRER u[I FIWIIGL =SY v 6IW 1MR P [EXLEOL 1EV]E u*VSQ =SY 3 0SVH v (GR 8LEX =SY KMZI TIEGI XS =SYV 'LYVGL ERH E PMJI JVII JVSQ WMR EPP XLI HE]W SJ SYV PMJI RMKLX ERH HE] 7LEPMRER [I FIWIIGL =SY 6IW 1MR P [EXLEOL 1EV]E u*VSQ =SY 3 0SVH v (GR *SV XLI YRMX] MR PSZI MR XLI JYPPRIWW SJ XLI 7TMVMX XLI FSRH SJ TIVJIGXMSR 7LEPMRER [I FIWIIGL =SY 6IW 1MR P [EXLEOL 1EV]E u*VSQ =SY 3 0SVH v (GR *SV XLI VIQMWWMSR SJ WMRW JSV EPP XLI KVEGIW RIGIWWEV] JSV SYV PMZIW JSV EPP XLEX MW TPIEWMRK XS =SY 7LEPMRER [I FIWIIGL =SY 6IW 1MR P [EXLEOL 1EV]E u*VSQ =SY 3 0SVH v (GR *SV XLI FPIWWMRK SJ XLI 0SVH JSV GSRXMRYEP KVEGI

7LEPMRER [I FIWIIGL =SY 6IW 1MR P [EXLEOL 1EV]E u*VSQ =SY 3 0SVH v (GR 0IX YW GSQQIRH SYVWIPZIW ERH SRI ERSXLIV XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX 6IW 8S =SY 3 0SVH SYV +SH (GR 0IX YW TVE] TIEGI FI [MXL YW

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

'IP %? fK EG· 0EOL 1EV]E 0SVH 1MKLX] +SH XS =SY [I GSQQIRH SYV FSH] ERH WSYP JVSQ =SY [I EWO JSVKMZIRIWW ERH FPIWWMRK *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR (GR &PIWW 3 Q] 0SVH PIX YW FS[ HS[R SYV LIEHW JSV XLI MQTSWMXMSR SJ LERHW ERH VIGIMZI XLI FPIWWMRK 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH SYV +SH PIX YW EPP [LS HIITP] FIPMIZI MR =SYV KPSVMSYW 8VMRMX] FI YRMXIH MR PSZI ERH QEHI [SVXL] XS TVEMWI ERH LSRSYV XLERO ERH EHSVI =SY *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR

%b @ HT ' . ~ @ O3 W u3RMXLE H &EWEPMUI 6S]EP ,]QR

/XLE[E 6EQFE )^LYXLM 2EVEOYPE =SYV WEHRIWW [MPP FI GLERKIH MRXS KPEHRIWW .R

8S XLI XSQF SJ 'LVMWX XLI 0SVH [IITMRK [SQIR [MXL WTMGIW EX HE[R GEQI SR XLI *MVWX (E] %W XLI] LIEVH XLI ERKIPW WTIEO SJ ,MW VMWMRK JVSQ XLI HIEH XLI] [IVI JMPPIH [MXL NS] YRXSPH ERH XLI] FPIWWIH +SH [MXL KVIEX PSZI 7MRGI 3 0SVH =SY GSRUYIVIH HIEXL F] =SYV HIEXL ERH KEZI YW TIEGI [LMGL YRMXIW YW [MXL LIEZIR =SY EVI LSTI SJ LYQER VEGI ,MW KPSV] MW SR IEVXL ERH MR LIEZIR 4W

.IWYW =SY FIWXS[IH SR IEVXL WTPIRHSYV XLEX MW JVSQ LIEZIR F] =SYV VMWMRK JVSQ XLI HIEH

6EQWE )ZIRMRK 0MXYVK]

4S[IVW SJ HEVORIWW [IVI WLEXXIVIH MR XLI PMKLX SJ VEHMERX 'VSWW [LMGL LEW WTVIEH E RI[ WTMVMX MR XLMW [SVPH SJ WMR ERH HIEXL 8LSWI [LS WLEVI MR =SYV FPIWX HIEXL ERH LSP] VIWYVVIGXMSR F] FETXMWQ VIGSKRM^I =SY EW LSTI SJ LYQER VEGI +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX

=SY EVI WSR SJ JMVWX TEVIRXW [LS MRHIIH LEZI GEYWIH SYV HIEXL FYX EW 7SR SJ 7SYVGI SJ 0MJI MR XLMW [SVPH SJ WMR ERH HIEXL =SY [IVI JSV YW GVYGMJMIH ERH XLYW =SY LEZI JVIIH MRHIIH 1EROMRH GVYGMJMIH F] WMR +SH XLI 0SVH [MXL QIVG] KVIEX VEMWIH %HEQ JVSQ HIEXL ERH WMR XLVSYKL ,MW 7SR WIGSRH %HEQ [LS MW LSTI SJ LYQER VEGI (GR 0IX YW TVE] TIEGI FI [MXL YW ?7YRHE]W SJ %RRYRGMEXMSR )TMTLER] 6IWYVVIGXMSR ERH *IEWXW SJ 3YV 0SVH WYGL EW 2EXMZMX] )TMTLER] %WGIRWMSR 4IRXIGSWX 'VSWW IXG A

'IP 0SVH SJ EPP JSV =SYV [SRHIVJYP ERH MRHIWGVMFEFPI HMWTIRWEXMSR XLVSYKL [LMGL =SY MR =SYV QIVG] ERH KVEGI EGGSQTPMWLIH XLI VIHIQTXMSR ERH VIRI[EP SJ SYV [IEO REXYVI MR XLI *MVWX &SVR SJ SYV VEGI [I SJJIV =SY TVEMWI LSRSYV XLEROWKMZMRK ERH EHSVEXMSR *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

?7YRHE]W SJ +VIEX *EWX 7YQQIV )PMNE 7PMFE YRXMP XLI *IEWX SJ XLI 'VSWW ERH EPP [IIO HE]WA

'IP 1IVGMJYP +SH PSSO YTSR YW MR =SYV KVIEX GSQTEWWMSR ERH LEZI QIVG] SR YW 0IX YW FI OITX EP[E]W MR =SYV TVSZMHIRX GEVI JSV =SY EPSRI EVI SYV LSTI ERH GSRWSPEXMSR *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR ?7YRHE]W SJ XLI %TSWXPIWA

'IP 0SVH SYV +SH QE] XLI TVE]IVW SJ XLI LSP] %TSWXPIW XLI TIXMXMSRW SJ XLI )ZERKIPMWXW ERH XLI WYTTPMGEXMSRW SJ XLI MPPYWXVMSYW 1EVX]VW [LS [IVI TVIEGLIVW SJ XVYXL ERH WS[IVW SJ TIEGI MR EPP GVIEXMSR FI [MXL YW EP[E]W *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR ?7YRHE]W SJ )PMNE 7PMFE EJXIV XLI *IEWX SJ XLI 'VSWW ERH SJ 1SWIWA

'IP 0SVH SJ EPP IWXEFPMWL =SYV TIEGI XLVSYKLSYX XLI [SVPH GSRJMVQ =SYV 'LYVGL F] =SYV 'VSWW ERH TVSXIGX LIV GLMPHVIR MR =SYV KVEGI XLEX XLI] QE] EP[E]W SJJIV =SY TVEMWI LSRSYV XLEROWKMZMRK ERH EHSVEXMSR *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR ?7YRHE]W SJ XLI (IHMGEXMSR SJ XLI 'LYVGLA

'IP 0SVH SJ EPP GSRJMVQ =SYV 'LYVGL MR =SYV QIVG] WXVIRKXLIR LIV FEVW MR =SYV KVEGI ERH QEOI =SYV KPSV] H[IPP EP[E]W [MXLMR LIV LSYWIW WIX ETEVX JSV =SYV LSRSYV *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR ?*IEWXW SJ 3YV 0EH] )MKLX ERH *MJXIIR (E] *EWXW ERH EPP ;IHRIWHE]WA

6EQWE )ZIRMRK 0MXYVK]

'IP 0SVH SJ EPP QE] XLI TVE]IVW ERH WYTTPMGEXMSRW SJ XLI ,SP] :MVKMR 1EV] JYPP SJ KVEGI ERH FPIWWIH 1SXLIV SJ .IWYW SYV 0SVH FI EP[E]W MR ERH EVSYRH YW *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR ?1EV 8SQE 7LPMLE 3YV *EXLIVA

'IP 3YV 0SVH ERH SYV +SH QE] XLI TVE]IVW TIXMXMSRW ERH WYTTPMGEXMSRW SJ SYV *EXLIV 1EV 8SQE 7LPMLE XLI MPPYWXVMSYW 7EMRX ERH 1EVX]V FI E LIPT XS YW EP[E]W *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR ?1EVX]VW ERH 7EMRXWA

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4W ?%R] 4WEPQ SV TEVX XLIVISJ QE] EPWS FI WIPIGXIHA _%W XLI HIEGSR FIKMRW XLI TWEPQ XLI GIRWIV MW FVSYKLX XS XLI 'IPIFVERX ERH LI EJXIV FPIWWMRK XLI MRGIRWI MR XLI YWYEP [E] XEOIW XLI GIRWIV ERH MRGIRWIW TVSJYWIP] XLI 1EV 8SQE 7PMFE SR XLI &IQE a

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6EQWE )ZIRMRK 0MXYVK]

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GSRHIRWIH ZIVWMSR

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w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

ERH EGGSQTER] XLI [IEORIWW SJ =SYV EHSVIVW XLI KVIEX TS[IV SJ =SYV ZMGXSVMSYW 'VSWW FI E LMKL JSVXVIWW ERH VIJYKI XS YW QE] XLI TVE]IVW SJ SYV :MVKMR QSXLIV 1EVX 1EV]EQ JYPP SJ KVEGI ERH XLI WYTTPMGEXMSR SJ =SYV *SVIVYRRIV 1EV =SLERRER 1EQHERE FI JSV YW EP[E]W PIX XLI TIXMXMSRW TVE]IVW WYTTPMGEXMSRW ERH KVSERMRK SJ SYV LSP] ERH WEMRXP] JEXLIV 1EV 8SQE 7LPMLE 1EV %HHEM ERH 1EV 1EVM XLI XIEGLIVW SJ XLI )EWX 1EV )WXLETERSW XLI JMVWX FSVR SJ 1EVX]VW 1EV 7MQSR &EV 7EFEuI 1EV =EOS[ ERH SXLIV LSP] *EXLIVW 1EPTER 1EV %TVIQ XLI LEVT SJ XLI ,SP] 7TMVMX XLI WXVSRK [EVVMSV ERH MPPYWXVMSYW QEVX]V 1EV +M[EVKMW 1EV 5YVMEUSW 1EV ,SVQM^H 1EVX &EVFEVE 1EVX 7LQYRM ERH LIV GLMPHVIR 1EVX 1IWOIRXE ERH LIV X[S GLMPHVIR 1EVX %PTLSRWE EPP SXLIV 1EVX]VW (SGXSVW ERH 7EMRXW SJ SYV 0SVH XLI TEXVSR

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PMZIW F] XLI TS[IV SJ =SYV KPSVMSYW 'VSWW RS[ ERH EP[E]W ERH JSVIZIV 6IW %QIR ?%PP I\GLERKI TIEGI EQSRK XLIQWIPZIW FIKMRRMRK JVSQ XLI PIEHIV SJ XLI GSQQYRMX] SV XLI GIPIFVERX [LIR LI MW E TVMIWX SV FMWLSTA

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0IP]E 2MKLX 0MXYVK]

XS XLMW TEVMWL EWLVEQ FLEZER LSYWILSPH SJ YW EPP +SHvW FPIWWMRK ERH ,MW QIVG] 6IQIQFIV RSX SYV QER] WMRW [I [LS VIGIMZIH =SYV FSH] ERH LEZI HVYRO JVSQ =SYV GLEPMGI 3R XLEX HE] [LIR =SY NYHKI YW QE] =SYV QIVG] VEMWI YW YT [MXL EPP XLSWI [LS [IPGSQI =SY (GR 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH QE] XLI ERKIPW TVEMWI =SY QIR KPSVMJ] =SY ERH XLI [LSPI GVIEXMSR [SVWLMT =SY *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 36

N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH QE] XLI WSYRH SJ SYV %PPIPYMEW ERH XLI QIPSHMIW SJ SYV WSRKW FI TPIEWMRK XS =SY EGGITX JVSQ YW MR =SYV PSZMRK OMRHRIWW XLI JVYMXW SJ SYV PMTW [LMGL [I SJJIV MR TVEMWI SJ =SYV KPSVMSYW 8VMRMX] RMKLX ERH HE] 0SVH SJ EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 36

N1 G ·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH IZIV] VEXMSREP FIMRK [LMGL =SY LEZI GVIEXIH MW FSYRH XS VEMWI GSRXMRYEP KPSV] YRGIEWMRK %PPIPYMEW IRHPIWW TVEMWIW ERH ZSMGIW JYPP SJ XLEROWKMZMRK XS =SYV KPSVMSYW 8VMRMX] RMKLX ERH HE] 0SVH SJ EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6 %QIR

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

$1 ' 3 h 7LYFELE 4WEPQ SJ 4VEMWI ?%R] 4WEPQ SV TEVX XLIVISJ QE] EPWS FI WIPIGXIHA

(GR 'SP -J XLIR ]SY EVI VMWIR [MXL 'LVMWX WIIO XLSWI XLMRKW [LMGL EVI EFSZI [LIVI 'LVMWX WMXW SR XLI VMKLX LERH SJ +SH ,EPPIPYME ,EPPIPYME ,EPPIPYME

GSQQYRMX] MR EPXIVREXMRK GLSMVW -J XLIR ]SY EVI VMWIR [MXL 'LVMWX WIIO XLSWI XLMRKW [LMGL EVI EFSZI [LIVI 'LVMWX WMXW SR XLI VMKLX LERH SJ +SH 7IX ]SYV QMRH SR XLMRKW EFSZI RSX SR XLMRKW SR IEVXL *SV ]SY LEZI HMIH ERH ]SYV PMJI MW LMHHIR [MXL 'LVMWX MR +SH ;LIR 'LVMWX [LS MW SYV PMJI WLEPP ETTIEV XLIR WLEPP ]SY EPWS ETTIEV [MXL ,MQ MR KPSV] +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR (GR ,EPPIPYME ,EPPIPYME ,EPPIPYME

~ 73 ( hk 8IWLFSLXE ,]QR SJ 4VEMWI

8LY]EM %RRETTIWELE

0IX YW TVEMWI XLI 0SVH [LS WEZIH XLSWI [LS [ERHIVIH MR HIWTEMV ER\MSYW ERH MR JIEV SJ HIEXL GETXMZI XS XLI IZMP TS[IVW ;LIR XLI KEXIW SJ LIEZIR GPSWIH XLVSYKL XLI WMR SJ LYQER VEGI 0SVH =SY GEQI XS VIGSRGMPI =SY EPSRI SYV 4IEGI QEOIV 8LSYKL [I HMH RSX WIIO =SY SYX

0IP]E 2MKLX 0MXYVK]

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

} 2 4 2 fC /EVS^YXLE 4VSGPEQEXMSR 4VE]IV (GR 0IX YW EPP WXERH [MXL NS] ERH IEVRIWXRIWW SR JIVMEP HE]W w[MXL VITIRXERGI ERH EXXIRXMZIRIWWx TVE]MRK 1EVER IXLVELEQ DPEMR w3YV 0SVH LEZI QIVG] SR YW x

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX F] XLI 6IWYVVIGXMSR SJ =SYV LSP] FSH] XLI HSSVW SJ 7LISP [IVI FVSOIR ERH =SY HIWXVS]IH WMR ERH HIEXL F] =SYV 6IWYVVIGXMSR &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX [LS F] XLI 6IWYVVIGXMSR SJ =SYV LSP] FSH] HIWXVS]IH HIEXL ERH KEZI YW RI[ PMJI ERH [LS VIRI[IH XLI [LSPI SJ GVIEXMSR F] =SYV 6IWYVVIGXMSR &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX [LS F] XLI 6IWYVVIGXMSR SJ =SYV LSP] FSH] VEMWIH YT XLI HIEH JVSQ XLIMV XSQFW ERH [LS VEMWIH YT EPP LYQER OMRH JVSQ QSVXEPMX] F] =SYV 6IWYVVIGXMSR &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX [LS F] XLI 6IWYVVIGXMSR SJ =SYV LSP] FSH] FVSYKLX WLEQI XS =SYV GVYGMJMIVW ERH KYEVHW ERH [LS KPEHHIRIH XLI GSQQYRMX] SJ XLI HMWGMTPIW F] =SYV 6IWYVVIGXMSR &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX [LS F] XLI 6IWYVVIGXMSR SJ =SYV LSP] FSH] ERRSYRGIH NS] XS XLI [SQIR ERH XLI [SQIR XS XLI %TSWXPIW ERH XLI %TSWXPIW XS SRI ERSXLIV ERH XLYW HIGPEVIH VIHIQTXMSR JSV XLI IRXMVI [SVPH XLVSYKL =SYV 6IWYVVIGXMSR

&EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x

0IP]E 2MKLX 0MXYVK]

(GR 3 'LVMWX [LS F] XLI 6IWYVVIGXMSR SJ =SYV LSP] FSH] TVSQMWIH YW KIRIVEP VIWYVVIGXMSR XLEX [I QE] VMWI YT MR XLI RI[RIWW SJ =SYV 6IWYVVIGXMSR &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX [LS F] XLI 6IWYVVIGXMSR SJ =SYV LSP] FSH] ETTIEVIH QER] XMQIW XS =SYV HMWGMTPIW ERH FVIEXLIH MRXS XLIQ =SYV ,SP] 7TMVMX ERH XLYW KPEHHIRIH ERH HIPMKLXIH EPP F] =SYV 6IWYVVIGXMSR &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX [LS F] XLI 6IWYVVIGXMSR SJ =SYV LSP] FSH] WIRX =SYV HMWGMTPIW XS XIEGL EPP TISTPIW ERH XS FETXM^I XLIQ MR XLI 2EQI SJ XLI *EXLIV ERH SJ XLI 7SR ERH SJ XLI ,SP] 7TMVMX ERH [LS TVSQMWIH XS FI [MXL XLIQ YRXMP XLI IRH SJ XLI [SVPH ERH WS XS FI TVIWIRX EQMHWX YW [LS GIPIFVEXI =SYV 6IWYVVIGXMSR &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX [LS F] XLI 6IWYVVIGXMSR SJ =SYV LSP] FSH] I\EPXIH ERH KPEHHIRIH YW F] XLI VIRI[EP HIPMKLXIH YW F] XLI VIHIQTXMSR IRVMGLIH YW [MXL =SYV KMJXW VEMWIH YT SYV LIEHW XS =SYV LIMKLX JMPPIH SYV LIEVXW [MXL =SYV NS] ERH IRPMZIRIH SYV WSYPW [MXL =SYV 6IWYVVIGXMSR &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR *SV SYV ,SP] *EXLIV 1EV WYGGIWWSV SJ 4IXIV ERH LIEH SJ EPP XLI 'LYVGLIW SJ +SH JSV SYV 1ENSV %VGLFMWLST

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

1EV JEXLIV ERH LIEH SJ SYV 'LYVGL JSV SYV %VGLFMWLST 1EV JSV SYV &MWLST 1EV JSV EPP XLI &MWLSTW ERH JSV EPP XLIMV JIPPS[ QMRMWXIVW &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 0SVH [LS EVI VMGL MR =SYV FPIWWMRKW ERH ER SGIER SJ QIVG] &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3YV +SH ERH SYV 7EZMSYV KMZI TIEGI XS XLI 'LYVGL =SY LEZI VIHIIQIH F] =SYV TVIGMSYW FPSSH ERH QEOI YW WXERH EX =SYV VMKLX EPSRK [MXL XLI NYWX EX =SYV KPSVMSYW GSQMRK 6IW %QIR (GR 0IX YW TVE] TIEGI FI [MXL YW 'IP %P L 7fµ K Nfµ K 1EVER 1VELQERE 1IVGMJYP 0SVH [I XLERO =SY JSV EPP XLI KVEGIW ERH FPIWWMRKW =SY LEZI KMZIR YW *SVKMZI YW EPP XLI WMRW [I LEZI GSQQMXXIH MR XLSYKLX [SVH HIIH ERH RIKPMKIRGI WXVIXGL SYX =SYV LERHW ERH FPIWW YW =SYV GLMPHVIR 0SVH SJ EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR

$e·1h . |·a 5%0% ( 7,%,6% :-+-0 0-896+=

%1 ?8LI WERGXYEV] VIQEMRW ZIMPIH XLI GERHPIW SR IMXLIV WMHI SJ XLI 1EV 8SQE 7PMFE SR XLI &IQE EVI PMX SR WSPIQR SGGEWMSRW XLI GIPIFVERX TVMIWX ERH EWWMWXERXW ZIWX MR XLIMV S[R PMXYVKMGEP ZIWXQIRXW EW JSV ,SP] 5YVFERE IRXIV XLI &IQE WLS[ TVSTIV VIWTIGX XS XLI ,SP] 7PMFE ERH FIKMR XLI 0MXYVK]A

(GR 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH XLI HIPMKLXJYP LSRSYVEFPI TS[IVJYP KPSVMSYW QMKLX] FVEZI WXVSRK ERH JYPP SJ QIVG] XLI KVIEX /MRK SJ KPSV] XLI IXIVREP &IMRK [I GSRJIWW EHSVI ERH TVEMWI =SY EX EPP XMQIW *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR 4WEPQ SJ XLI HE] ?%R] 4WEPQ QE] EPWS FI WIPIGXIHA

(GR 4W 0SVH [LS QE] IRXIV =SYV 8IQTPI# ;LS QE] [SVWLMT SR >MSR =SYV WEGVIH LMPP# ,EPPIPYME ,EPPIPYME ,EPPIPYME

'SQQYRMX] MR EPXIVREXMRK GLSMVW 0SVH [LS QE] IRXIV =SYV 8IQTPI# ;LS QE] [SVWLMT SR >MSR =SYV WEGVIH LMPP# % TIVWSR [LS SFI]W +SH MR IZIV]XLMRK ERH EP[E]W HSIW [LEX MW VMKLX [LSWI [SVHW EVI XVYI ERH WMRGIVI ;LS HSIW RSX WPERHIV SXLIVW LI HSIW RS [VSRK XS LMW JVMIRHW RSV WTVIEHW VYQSYVW EFSYX LMW RIMKLFSYVW

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

,I HIWTMWIW XLSWI [LSQ +SH VINIGXW FYX LSRSYVW XLSWI [LS SFI] XLI 0SVH ,I EP[E]W HSIW [LEX LI TVSQMWIW RS QEXXIV LS[ QYGL MX QE] GSWX ,I QEOIW PSERW [MXLSYX GLEVKMRK MRXIVIWX ERH GERRSX FI FVMFIH XS XIWXMJ] EKEMRWX XLI MRRSGIRX ;LSIZIV HSIW XLIWI XLMRKW WLEPP EP[E]W FI WIGYVI +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR (GR ,EPPIPYME ,EPPIPYME ,EPPIPYME

~ 73 ( hk 8IWLFSLXE ,]QR SJ 4VEMWI

&VIIO ,ERRERE ,EPPIPYME

;I [MPP FPIWW =SY +SH SJ QIVG] *SV =SYV 7SR XLI XVYI 0MKLX [I WII .IWYW 7SR SJ (EZMH GEPPW YW -R ,MW QIVG] XS VITIRXERGI 8MQI MW EX LERH PIX YW VITIRX 4VE] JSV QIVG] [LMGL [I EPP RIIH 1E] JVYMXW [SVXL] SJ VITIRXERGI +VS[ YT MR SYV LIEVXW ERH VIEWSR 8LI E\I LEW FIIR PEMH EX XLI VSSX 3J XVIIW XLEX FIEV RS [SVXL] JVYMX -J XLSWI XVIIW ]MIPH RS JVYMX MR XMQI 8LI] WLEPP FI GYX ERH GEWX MR JMVI ,I WXERHW [MXL E [MRRS[MRK JER -R ,MW LERH RS[ TVITEVIH XS EGX %PP [IIHW ,I [MPP WSVX SYX EX SRGI ;LIEX ,I [MPP WXSVI WEJI MR ,MW FEVRW

5EPE ( 7LELVE :MKMP 0MXXYVK]

%PP GLEJJ ,I [MPP GEWX MR XLI TMX ;MXL RS QIVG] ,I [MPP FYVR MX 4VEMWI FI YRXS +SH IXIVREP *EXLIV 7SR ERH ,SP] 7TMVMX

} 2 4 2 fC /EVS^YXLE 4VSGPEQEXMSR 4VE]IV (GR 0IX YW EPP WXERH [MXL NS] ERH IEVRIWXRIWW SR JIVMEP HE]W w[MXL VITIRXERGI ERH EXXIRXMZIRIWWx TVE]MRK 1EVER IXLVELEQ DPEMR w3YV 0SVH LEZI QIVG] SR YW x 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX F] =SYV LSP] QERMJIWXEXMSR =SY WLIH PMKLX SR YW =SY KVERXIH YW XLI JYPPRIWW SJ WEPZEXMSR ERH GSQTPIXI PMFIVEXMSR JVSQ GETXMZMX] SJ SYV IRIQMIW ERH EHZIVWEVMIW

&EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX EX =SYV LSP] QERMJIWXEXMSR =SY [IVI FETXM^IH MR XLI .SVHER RSX FIGEYWI =SYV TYVMX] LEH ER] RIIH XS FI GPIERWIH FYX MR SVHIV XS KMZI YW XLI MRLIVMXERGI SJ EHSTXMSR EW WSRW XLVSYKL =SYV FETXMWQ &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX F] =SYV LSP] &ETXMWQ =SY LEZI TYVMJMIH YW JVSQ SYV HIJMPIQIRXW [EWLIH E[E] SYV MQTYVMX] GPIERWIH SYV WXEMRW ERH QEHI YW GLMPHVIR SJ =SYV (MZMRMX] &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX 0SVH SJ +PSV] =SY IQTXMIH =SYVWIPJ SJ =SYV WTPIRHSYV ERH [IVI FETXM^IH F] =SYV WIVZERX F] =SYV &ETXMWQ =SY LEZI WERGXMJMIH XLI GVIEXMSR [LMGL =SY

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

JEWLMSRIH ERH LEZI STIRIH XLI KEXIW SJ VITIRXERGI XS XLSWI [LS EVI FETXM^IH MRXS =SY &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX =SY LEZI TEVHSRIH YW F] =SYV &ETXMWQ WERGXMJMIH YW F] =SYV FEXL TYVMJMIH YW F] =SYV TYVMX] ERH LEZI TVITEVIH JSV YW XLI [E] MRXS =SYV /MRKHSQ &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX =SY [IVI FETXM^IH F] =SYV WIVZERX EPXLSYKL =SY LEH RS RIIH SJ MX WLS[MRK YW XLI [E] SJ LYQMPMX]

&EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX F] =SYV &ETXMWQ SJ VIQMWWMSR =SY LEZI WERGXMJMIH XLI WIEW ERH VMZIVW XLI JSYRXEMRW ERH [IPPW XLI WXVIEQW ERH PEOIW ERH EPP XLI IPIQIRXW FYX IWTIGMEPP] XLI [EXIVW &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 3 'LVMWX F] =SYV LSP] &ETXMWQ =SY LEZI VIZIEPIH =SYV 1]WXIV] MR XLI EFYRHERGI SJ =SYV QIVG] EGGITX SYV ZMKMP ERH TVE]IVW &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR *SV SYV ,SP] *EXLIV 1EV WYGGIWWSV SJ 4IXIV ERH LIEH SJ EPP XLI 'LYVGLIW SJ +SH JSV SYV 1ENSV %VGLFMWLST 1EV JEXLIV ERH LIEH SJ SYV 'LYVGL JSV SYV %VGLFMWLST 1EV JSV SYV &MWLST 1EV JSV EPP XLI &MWLSTW ERH JSV EPP XLIMV JIPPS[ QMRMWXIVW &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x

5EPE ( 7LELVE :MKMP 0MXXYVK]

(GR 0SVH [LS EVI VMGL MR =SYV FPIWWMRKW ERH ER SGIER SJ QIVG] &EvIRER QIRREOL [I TVE] XS =SY 6IW 1EVER IXLVELEQ uPEMR w3YV 0SVH LEZI QIVG] SR YW x (GR 0SVH +SH F] =SYV TVIGMSYW FPSSH =SY LEZI VIHIIQIH XLI 'LYVGL +VERX TIEGI XS LIV GLMPHVIR ERH EX =SYV KPSVMSYW GSQMRK QEOI YW WXERH SR =SYV VMKLX EPSRK [MXL XLI NYWX 6IW %QIR (GR 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH XLI QSWX FPIWWIH EHSVIH [SRHIVJYP KPSVMSYW LMKL I\EPXIH ERH MRGSQTVILIRWMFPI MW XLI IXIVREP QIVG] SJ =SYV KPSVMSYW 8VMRMX] [LS WLS[W QIVG] JVIIP] XS WMRRIVW 3YV KSSH ,STI JYPP SJ QIVG] ERH XLI JSVKMZIV SJ HIFXW ERH WMRW 0SVH SJ EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

$f·[^ 7%46% 1362-2+ 0-896+=

%1

7YRHE]W ERH *IEWX HE]W ?8LI WERGXYEV] VIQEMRW ZIMPIH XLI GERHPIW SR IMXLIV WMHI SJ XLI 1EV 8SQE 7PMFE SR XLI &IQE EVI PMX SR WSPIQR SGGEWMSRW XLI GIPIFVERX TVMIWX ERH EWWMWXERXW ZIWX MR XLIMV S[R PMXYVKMGEP ZIWXQIRXW EW JSV ,SP] 5YVFERE IRXIV XLI &IQE WLS[ TVSTIV VIWTIGX XS XLI ,SP] 7PMFE ERH FIKMR XLI 0MXYVK]A

(GR 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ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

5ERSRE 0SVH XLI +MZIV SJ PMKLX [I TVEMWI =SY

'SQQYRMX] MR EPXIVREXMRK GLSMVW 1EOI E NS]JYP WSYRH XS XLI 0SVH EPP ]SY PERHW 7IVZI XLI 0SVH [MXL KPEHRIWW GSQI FIJSVI ,MQ [MXL WMRKMRK /RS[ XLEX ,I MW XLI 0SVH SYV +SH MX MW ,I [LS LEW QEHI YW ERH RSX [I SYVWIPZIW [I EVI ,MW TISTPI ERH XLI WLIIT SJ ,MW TEWXYVI )RXIV MRXS ,MW KEXIW [MXL XLEROWKMZMRK ERH MRXS ,MW GSYVXW [MXL TVEMWI +MZI XLEROW XS ,MQ ERH FPIWW ,MW 2EQI

7ETVE 7YRHE]W ERH *IEWX HE]W

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+PSV] XS +SH MR XLI LMKLIWX ERH SR IEVXL TIEGI ERH LSTI XS EPP ;I [SVWLMT =SY [I EHSVI =SY [I WMRK TVEMWIW XS =SYV KPSV] =SY [LS EVI XLI IXIVREP +SH XLI E[IWSQI ERH Q]WXIVMSYW 3RI *EXLIV 7SR ERH ,SP] 7TMVMX +VIEX /MRK SJ OMRKW ERH 0SVH SJ PSVHW

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

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fK E¶G · 0EO 1EV ;I SJJIV =SY 3 0SVH =SYV %RSMRXIH 3RI ERH =SYV PMJI KMZMRK HMZMRI ERH ,SP] 7TMVMX TVEMWI ERH LSRSYV [SVWLMT ERH XLEROWKMZMRK EX EPP XMQIW 0SVH SJ EPP JSVIZIV 6IW %QIR (GR 0IX YW VEMWI SYV ZSMGIW ERH TVEMWI XLI PMZMRK +SH

7ETVE 7YRHE]W ERH *IEWX HE]W

6IW 8LY]EM

,SP] LSP] LSP] +SH LSP] LSP] QMKLX] 3RI LSP] ERH MQQSVXEP 3RI 0SVH LEZI QIVG] SR YW EPP

'IP 6IW (GR 6IW

+PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX

'IP

3YV *EXLIV MR LIEZIR EW EX XLI FIKMRRMRK SJ 6EQWLE

,SP] LSP] *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR

,SP] LSP]

(GR 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH =SYV 2EQI MW LSP] =SYV EFSHI MW LSP] XLSWI [LS H[IPP MR LIEZIR ERH [SVWLMT =SY EVI LSP] =SY WERGXMJ] SYV LIEVXW [LMGL EVI XLI XIQTPIW SJ +SH =SY TYVMJ] SYV GSRWGMIRGI =SY JSVKMZI SYV WMRW +SH [LS WERGXMJMIW EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR &PIWW 3 0SVH H 9HLVERE 4VE]IV JSV ,IPT

GSRHIRWIH ZIVWMSR 4

6IW %QIR &PIWW 3 0SVH ?-J E &MWLST SV 4VMIWX PIEHW XLI (MZMRI 4VEMWIW LI WMRKW SV VIGMXIW XLI %K k 3 7 ,YXEQE JEGMRK XLI JEMXLJYP ERH WIEPW XLIQ [MXL XLI WMKR SJ XLI 'VSWW EX MXW IRHA

'IP %K k 3 7 ,YXEQE 0IX XLIVI FI TVEMWI XS +SH ZIRIVEXMSR XS XLI ERKIPW WLEQI XS 7EXER WEPYXEXMSR XS XLI ,SP] 'VSWW KPSV] XS XLI 'LYVGL VIWYVVIGXMSR JSV XLI HIEH JSVKMZIRIWW XS XLI VITIRXERX PMFIVEXMSR XS TVMWSRIVW LIEPXL JSV XLI WMGO ERH PEWXMRK TIEGI XS XLI [SVPH 1E] XLI FSYRXMJYP QIVG]

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

ERH FPIWWMRK SJ +SH FI [MXL YW [LS EVI [IEO ERH EVI WMRRIVW ERH [MXL EPP XLI GVIEXYVIW SJ XLI [SVPH RS[ EP[E]W ERH JSVIZIV 6IW %QIR ?%PP I\GLERKI TIEGI EQSRK XLIQWIPZIW FIKMRRMRK JVSQ XLI PIEHIV SJ XLI GSQQYRMX] SV XLI GIPIFVERX [LIR LI MW E TVMIWX SV FMWLSTA

7ETVE *IVMEP (E]W

$f·[^ 7%46% 1362-2+ 0-896+=

%1

*IVMEP (E]W ?8LI WERGXYEV] VIQEMRW ZIMPIH XLI GERHPIW SR IMXLIV WMHI SJ XLI 1EV 8SQE 7PMFE SR XLI &IQE EVI PMX SR WSPIQR SGGEWMSRW XLI GIPIFVERX TVMIWX ERH EWWMWXERXW ZIWX MR XLIMV S[R PMXYVKMGEP ZIWXQIRXW EW JSV ,SP] 5YVFERE IRXIV XLI &IQE WLS[ TVSTIV VIWTIGX XS XLI ,SP] 7PMFE ERH FIKMR XLI 0MXYVK]A

(GR 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH EPP GVIEXYVIW TVEMWI ERH [SVWLMT =SY [MXL VINSMGMRK JSV =SY LEZI GVIEXIH XLIQ F] =SYV MRJMRMXI ERH MRGSQTVILIRWMFPI QIVG] ERH =SY TVSZMHI JSV XLIQ MR QMVEGYPSYW [E]W 7SYVGI SJ EPP GVIEXMSR ERH 4VSXIGXSV SJ SYV WSYPW 0SVH ERH +SH *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR (GR 4W 1EOI E NS]JYP WSYRH XS XLI 0SVH EPP ]SY PERHW

5ERSRE 0SVH XLI +MZIV SJ PMKLX [I TVEMWI =SY

'SQQYRMX] MR EPXIVREXMRK GLSMVW 1EOI E NS]JYP WSYRH XS XLI 0SVH EPP ]SY PERHW 7IVZI XLI 0SVH [MXL KPEHRIWW GSQI FIJSVI ,MQ [MXL WMRKMRK /RS[ XLEX ,I MW XLI 0SVH SYV +SH MX MW ,I [LS LEW QEHI YW ERH RSX [I SYVWIPZIW [I EVI ,MW TISTPI ERH XLI WLIIT SJ ,MW TEWXYVI )RXIV MRXS ,MW KEXIW [MXL XLEROWKMZMRK ERH MRXS ,MW GSYVXW [MXL TVEMWI +MZI XLEROW XS ,MQ ERH FPIWW ,MW 2EQI *SV XLI 0SVH MW KSSH ,MW QIVG] MW IZIVPEWXMRK ERH ,MW XVYXL IRHYVIW XS EPP KIRIVEXMSRW

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

+PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR (GR 1EOI E NS]JYP WSYRH XS XLI 0SVH EPP ]SY PERHW 5ERSRE 0SVH XLI +MZIV SJ PMKLX [I TVEMWI =SY 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH [I [SVWLMT =SY ERH TVEMWI =SYV LSP] 2EQI JSV =SY EVI XLI 0SVH ERH 'VIEXSV SJ EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR (GR 4W ,I [LS H[IPPW MR XLI TVSXIGXMSR SJ XLI 1SWX ,MKL WLEPP EFMHI MR XLI WLEHS[ SJ XLI %PQMKLX] 5ERSRE 3YV 7EZMSYV .IWYW 'LVMWX FPIWWIH EVI XLSWI [LS LSTI MR =SY

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

7ETVE *IVMEP (E]W

=SY WLEPP LEZI SRP] XS FILSPH [MXL ]SYV I]IW XLI VI[EVH SJ XLI [MGOIH *SV =SY 3 0SVH EVI Q] XVYWX =SY LEZI IWXEFPMWLIH =SYV H[IPPMRK MR XLI LIMKLXW 2S IZMP WLEPP FIJEPP =SY RSV WLEPP ER] TPEKYI GSQI RIEV XS =SYV H[IPPMRK *SV ,I WLEPP KMZI ,MW ERKIPW GLEVKI SZIV ]SY XS OIIT ]SY MR EPP ]SYV [E]W 8LI] WLEPP FIEV ]SY YT MR XLIMV LERHW PIWX ]SY WXVMOI ]SYV JSSX EKEMRWX E WXSRI =SY WLEPP XVIEH YTSR XLI ZMTIV ERH EHHIV ]SY WLEPP XVEQTPI YRHIV JSSX XLI PMSR ERH XLI KVIEX WIVTIRX &IGEYWI LI LEW PSZIH 1I - [MPP HIPMZIV LMQ [MPP WIX LMQ SR LMKL FIGEYWI LI LEW ORS[R 1] 2EQI ,I WLEPP GEPP YTSR 1I ERH - [MPP ERW[IV LMQ - [MPP FI [MXL LMQ MR XVSYFPI - [MPP HIPMZIV LMQ ERH LSRSYV LMQ ;MXL PSRK PMJI - [MPP WEXMWJ] LMQ ERH WLS[ LMQ 1] WEPZEXMSR +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR (GR ,I [LS H[IPPW MR XLI TVSXIGXMSR SJ XLI 1SWX ,MKL WLEPP EFMHI MR XLI WLEHS[ SJ XLI %PQMKLX] 5ERSRE 3YV 7EZMSYV .IWYW 'LVMWX FPIWWIH EVI XLSWI [LS LSTI MR =SY 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH =SYV TVSZMHIRGI MW QSWX TVEMWI[SVXL] 8LSWI [LS HITIRH SR =SY ERH GEPP YTSR =SYV 2EQI MR TVE]IV [MPP RIZIV FI HMWETTSMRXIH 0SVH SJ EPP *EXLIV 7SR ERH ,SP] 7TMVMX *SVIZIV

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

6IW %QIR (GR 47 &PIWW XLI 0SVH 3 Q] WSYP 5ERSRE 3 +SH KPSV] MW JMXXMRK XS =SYV KVIEX 2EQI

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

7ETVE *IVMEP (E]W

=SY [EXIV XLI LMPPW JVSQ =SYV GLEQFIVW XLI IEVXL MW WEXMWJMIH [MXL XLI JVYMX SJ =SYV [SVOW =SY GEYWI XLI KVEWW XS KVS[ JSV XLI GEXXPI ERH LIVFW JSV XLI WIVZMGI SJ QER XLEX LI QE] FVMRK JSVXL JSSH JVSQ XLI IEVXL 5ERSRE 3 +SH KPSV] MW JMXXMRK XS =SYV KVIEX 2EQI

4W 4VEMWI XLI 0SVH 4VEMWI XLI 0SVH JVSQ XLI LIEZIRW 4VEMWI ,MQ MR XLI LIMKLXW 4VEMWI ,MQ EPP ,MW ERKIPW 4VEMWI ,MQ EPP ,MW LSWXW 4VEMWI ,MQ WYR ERH QSSR 4VEMWI ,MQ EPP WXEVW ERH PMKLX 4VEMWI ,MQ LIEZIRW SJ LIEZIRW ERH [EXIVW XLEX EVI EFSZI XLI LIEZIRW 0IX XLIQ TVEMWI XLI 2EQI SJ XLI 0SVH JSV ,I WTSOI ERH XLI] [IVI QEHI ,I GSQQERHIH ERH XLI] [IVI GVIEXIH ,I LEW EPWS IWXEFPMWLIH XLIQ JSVIZIV ERH IZIV ,I LEW QEHI E HIGVII [LMGL WLEPP RSX TEWW 4VEMWI XLI 0SVH JVSQ XLI IEVXL ]SY KVIEX WIVTIRXW ERH EPP HIITW *MVI ERH LEMP WRS[ ERH MGI WXSVQ] [MRH JYPJMPPMRK ,MW [SVH 1SYRXEMRW ERH EPP LMPPW JVYMXJYP XVIIW ERH EPP GIHEVW ;MPH FIEWXW ERH EPP GEXXPI GVIITMRK XLMRKW ERH JP]MRK FMVHW /MRKW SJ XLI IEVXL ERH EPP TISTPI TVMRGIW ERH EPP NYHKIW SJ XLI IEVXL =SYRK QIR ERH QEMHIRW SPH QIR ERH ]SYXLW PIX XLIQ TVEMWI XLI 2EQI SJ XLI 0SVH

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

*SV ,MW 2EQI EPSRI MW I\EPXIH ,MW KPSV] MW SR IEVXL ERH MR LIEZIR

4W 4VEMWI XLI 0SVH 4VEMWI +SH MR ,MW LSP] TPEGI 4VEMWI ,MQ MR ,MW QMKLX] LIEZIRW 4VEMWI ,MQ JSV ,MW TS[IVJYP HIIHW 4VEMWI ,MW WYVTEWWMRK KVIEXRIWW 4VEMWI ,MQ [MXL XLI WSYRH SJ XVYQTIX 4VEMWI ,MQ [MXL PYXI ERH LEVT 4VEMWI ,MQ [MXL XMQFVIP ERH HERGI 4VEMWI ,MQ [MXL WXVMRKW ERH TMTIW 4VEMWI ,MQ [MXL VIWSYRHMRK G]QFEPW 4VEMWI ,MQ [MXL GPEWLMRK SJ G]QFEPW 0IX IZIV]XLMRK XLEX PMZIW ERH FVIEXLIW KMZI TVEMWI XS XLI 0SVH 4VEMWI XLI 0SVH

4W 3 TVEMWI XLI 0SVH EPP ]SY REXMSRW EGGPEMQ ,MQ EPP ]SY TISTPIW 7XVSRK MW ,MW PSZI JSV YW ,I MW JEMXLJYP JSVIZIV 4VEMWI XLI 0SVH +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR (GR 5ERSRE 0IX YW TVEMWI XLI 0SVH [MXL IZIV] FVIEXL [I TVEMWI =SY .IWYW 'LVMWX XLI 0MKLX 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH VIQIQFIVMRK =SYV MRJMRMXI ERH MRGSQTVILIRWMFPI QIVG] XLI [LSPI GVIEXMSR MW FSYRH XS TVEMWI =SY ERH [SVWLMT =SY *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR 6IW 8LY]EM 0SVH SJ EPP [I KMZI XLEROW XS =SY .IWYW 'LVMWX [I KPSVMJ] =SY

7ETVE *IVMEP (E]W

=SY KMZI PMJI XS SYV FSHMIW ERH WEPZEXMSR XS SYV WSYPW (GR 0SVH EX HE]FVIEO - GSQI XS =SY TVITEVIH LIEV Q] TVE]IVW 6IW 0SVH SJ EPP 'IP +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR

6IW 0SVH SJ EPP (GR 0IX YW TVE] TIEGI FI [MXL YW 'IP M8 P K EG· 0EOL 1RELIQ )XIVREP +SH /MRK QSWX ,MKL =SY EVI XLI +MZIV SJ PMJI XS SYV FSHMIW ERH XLI 7EZMSYV SJ SYV WSYPW ;I [SVWLMT =SY ERH [I KPSVMJ] =SY *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR (GR 4W ,EZI QIVG] SR QI 3 +SH MR =SYV PSZMRK OMRHRIWW -R XLI HITXL SJ =SYV GSQTEWWMSR FPSX SYX Q] WMRW 5ERSRE 0SVH LEZI QIVG] SR QI +SH LEZI QIVG] SR QI 0SVH LEZI QIVG] SR QI

'SQQYRMX] MR EPXIVREXMRK GLSMVW ,EZI QIVG] SR QI 3 +SH MR =SYV PSZMRK OMRHRIWW -R XLI HITXL SJ =SYV GSQTEWWMSR FPSX SYX Q] WMRW ;EWL QI GPIER JVSQ Q] MRMUYMX] ERH GPIERWI QI SJ Q] WMRW *SV - ORS[ Q] MRMUYMX] ERH Q] WMRW EVI IZIV FIJSVI QI %KEMRWX =SY EPSRI LEZI - WMRRIH - LEZI HSRI [LEX MW IZMP MR =SYV WMKLX 8LIVIJSVI =SY EVI NYWXMJMIH MR =SYV WIRXIRGI ERH FPEQIPIWW MR =SYV NYHKIQIRXW

-R XLI +VIEX *EWX XLI JSPPS[MRK MW EPWS EHHIH

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

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

7ETVE *IVMEP (E]W

8LIR =SY WLEPP FI TPIEWIH [MXL XLI WEGVMJMGIW SJ VMKLXISYWRIWW [MXL FYVRX SJJIVMRKW ERH LSPSGEYWXW XLIR WLEPP XLI] SJJIV KMJXW SR =SYV EPXEV +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR (GR ,EZI QIVG] SR QI 3 +SH MR =SYV PSZMRK OMRHRIWW -R XLI HITXL SJ =SYV GSQTEWWMSR FPSX SYX Q] WMRW 5ERSRE 0SVH LEZI QIVG] SR QI +SH LEZI QIVG] SR QI 0SVH LEZI QIVG] SR QI

$f·[^ . ~ @ O3 W u3RMXLE H 7ETVE 1SVRMRK ,]QR

8LY]EM %RRETTIWELE ,S[ KSSH LS[ TPIEWERX 4W

0MOI XLI PSZI XLEX WTSYWIW WLS[ [MXL EPP MXW WYFPMQI FIEYX] XLI 0SVH JSV ,MW 'LYVGL ,MW FVMHI WLS[W HMZMRI ERH TIVJIGX PSZI 8LI 1SWX ,MKL KEZI ,MW ZSMGI 4W

,SP] 'LYVGL 3 SYV 1SXLIV [SVHW SJ .IWYW ]SYV &VMHIKVSSQ KIRXPI W[IIX ERH IJJIGXMZI IGLS JSVXL JVSQ [MXLMR ]SY +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX

7MRK ]SYV TVEMWIW XS XLI 0SVH WMRK [MXL LEVT ERH MRWXVYQIRXW WSRKW [LMGL JVSQ XLI LIEVX EVMWI KVEXIJYP W[IIX QIPSHMSYW

IZIV] HE] [I EHH

1EVMEQ &XLYPXE 4YPEVMTVEFLE]MP

-R XLI FVMKLX ERH HE[RMRK PMKLX [I EVI WMRKMRK [MXL HIPMKLX

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

SYV L]QRW ERH TVEMWIW XS =SY 7EZMSYV SJ EPP GVIEXMSR +VERX E HE] SJ TIEGI ERH LSTI MR =SYV QIVG] 0SVH SJ EPP ERH VIQMWWMSR SJ SYV WMRW PIEH YW SR XLI TEXL SJ +SSH 1E] =SYV GLMPHVIR RIZIV PSWI XLI WXVSRK LSTI [I TPEGI MR =SY 0SVH SJ EPP GPSWI RSX XLI HSSV MR =SYV [IEO JVEMP GLMPHVIRvW JEGI =SY ORS[ *EXLIV SYV JSPPMIW ERH XLI [IEORIWW SJ SYV VEGI 6I[EVH YW [MXL =SYV QIVG] PSSO RSX SR SYV PMXXPI [SVXL 7S[ SR IEVXL =SYV YRMX] TIEGI ERH GLEVMX] 3 0SVH 1E] EPP XLSWI [LS XIRH =SYV WLIIT WII QYGL KSSH JVYMX MR XLEX JMIPH ,IEP XLI WMGO PMJX XLSWI [LS JEPP FIWXS[ LIEPXL XS SRI ERH EPP GPIERWI XLI WMRW JVSQ IZIV] SRI MRGVIEWI LSPMRIWW MR EPP 1E] =SYV LERH WEZI YW 3 0SVH MR EPP TEXLW ERH [E]W [I KS EW =SY SRGI OITX WEJI JVSQ 7EYP (EZMH MR LMW PS[PMRIWW 1E] IEGL WXIT 3 0SVH [I XEOI FI EGGSVHMRK XS =SYV [MPP XLEX [I VIEGL SYV KSEP MR TIEGI YRHIV =SYV TVSXIGXMRK GEVI

7ETVE *IVMEP (E]W

8LVSYKL XLI 6IH 7IE =SY SRGI PIH 1SWIW ERH =SYV GLSWIR SRIW (ERMIP MR XLI PMSRvW HIR [EW TVIWIVZIH 0SVH F] =SYV KVEGI %RERMEW ERH LMW JVMIRHW [IVI WEZIH JVSQ XLI JYVREGI JMVI +YEVH YW EPWS F] =SYV TS[IV 0SVH JVSQ EPP XLI IZMP SRIW 6MWMRK [MXL XLI QSVRMRK WYR [I EHSVI SYV *EXLIVvW 2EQI ERH WMRK KPSV] XS ,MW 7SR EW [I XLERO XLI 7TMVMX FPIWX 1E] SYV PSZMRK *EXLIVvW KVEGI ERH XLI QIVG] SJ ,MW 7SR ERH XLI 7TMVMXvW GSQTEWWMSR FI YTSR YW EPP SYV HE]W 0SVH [I TPEGI SYV LSTI MR =SY =SY XLI ,IEPIV SJ SYV PMZIW 1E] =SYV QIVG]vW QIHMGMRI WEZI YW JVSQ XLI [SYRHW SJ WMR =SY EPSRI GER KMZI YW WXVIRKXL XLEX [I RIIH ERH OIIT =SYV [SVH ,IPT KYMHI ERH TVSXIGX 3 'LVMWX XLSWI [LS [SVWLMT =SY 3 0SVH 0IX YW VIUYIWX JSVKMZIRIWW JVSQ XLI 0SVH GSQTEWWMSREXI [LS [EMXW EX ,MW STIR HSSV JSV XLI WMRRIVW [LS VITIRX (E] F] HE] [I XYVR XS =SY ]IX SYV WMRW EVI QYPXMTPMIH

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

+VERX YW QIVG] 'LVMWX SYV 0SVH XLEX [I IRXIV =SYV /MRKHSQ (GR 0IX YW TVE] TIEGI FI [MXL YW 'IP 0SVH =SYV 2EQI MW LSP] +SSH 3RI =SYV QIVG] MW MRJMRMXI 7LS[IV =SYV FPIWWMRKW SR YW WMRRIVW [LS GEPP YTSR =SYV 2EQI ERH TVE] *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR ~ 73 ( hk 8IWLFSLXE ,]QR SJ 4VEMWI

& )RHER 7ETVE %LMPIWE 2MR

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

7ETVE *IVMEP (E]W

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

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

(GR *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR 6IW ,SP] LSP] 'IP 3YV *EXLIV MR LIEZIR EW EX XLI FIKMRRMRK SJ 6EQWLE (GR 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH =SYV 2EQI MW LSP] =SYV EFSHI MW LSP] XLSWI [LS H[IPP MR LIEZIR ERH [SVWLMT =SY EVI LSP] =SY WERGXMJ] SYV LIEVXW [LMGL EVI XLI XIQTPIW SJ +SH =SY TYVMJ] SYV GSRWGMIRGI =SY JSVKMZI SYV WMRW +SH [LS WERGXMJMIW EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR &PIWW 3 Q] 0SVH H 9HVERE 4VE]IV JSV ,IPT GSRHIRWIH ZIVWMSR 4 6IW %QIR &PIWW 3 Q] 0SVH ?-J E &MWLST SV 4VMIWX PIEHW XLI (MZMRI 4VEMWIW LI WMRKW SV VIGMXIW XLI %K k 3 7 ,YXEQE JEGMRK XLI JEMXLJYP ERH WIEPW XLIQ [MXL XLI WMKR SJ XLI 'VSWW EX MXW IRHA

'IP %K k 3 7 ,YXEQE 3YV 0SVH ERH SYV +SH GSQJSVX XLI EJJPMGXIH LIEP XLI WMGO ERH TVSXIGX XLI TSSV +MZI VITIRXERGI XS WMRRIVW LIEZIRP] KPSV] XS XLI HIEH ERH LETTMRIWW XS XLI NYWX &PIWW EFYRHERXP] EPP SJ YW [LS EVI JSVXYREXI XS WII HE]FVIEO SRGI EKEMR RS[ EP[E]W ERH JSVIZIV 6 %QIR ?%PP I\GLERKI TIEGI EQSRK XLIQWIPZIW FIKMRRMRK JVSQ XLI PIEHIV SJ XLI GSQQYRMX] SV XLI GIPIFVERX [LIR LI MW E TVMIWX SV FMWLSTA

%X ; 3 a 598%v% 8,-6( ,396 0-896+=

%1 ?8LI WERGXYEV] VIQEMRW ZIMPIH XLI GERHPIW SR IMXLIV WMHI SJ XLI 1EV 8SQE 7PMFE SR XLI &IQE EVI PMX SR WSPIQR SGGEWMSRW XLI GIPIFVERX TVMIWX ERH EWWMWXERXW ZIWX MR XLIMV S[R PMXYVKMGEP ZIWXQIRXW EW JSV ,SP] 5YVFERE IRXIV XLI &IQE ERH WLS[ TVSTIV VIWTIGX XS XLI ,SP] 7PMFE 8LI] FIKMR XLI 0MXYVK] [MXL I\GLERKMRK TIEGI XS IEGL SXLIV MR XLI GSQQYRMX] FIKMRRMRK JVSQ XLI PIEHIV SV GIPIFVERX [LIR LI MW E TVMIWX SV FMWLSTA

+PSV] XS +SH 3YV *EXLIV EW EX XLI FIKMRRMRK SJ 6EQWLE (GR 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G ·$2 NfµK 1EVER ;EPELER 3YV 0SVH ERH SYV +SH WTVMROPI SR YW XLI GSRWSPMRK HI[ SJ =SYV W[IIX GLEVMX] ERH [EWL YW GPIER F] MX JVSQ XLI WXEMR SJ WMRW 3 XLI KSSH 7LITLIVH [LS [IRX SYX MR WIEVGL SJ YW ERH JSYRH YW [LS EVI PSWX ERH [LS [MPPW SYV VIXYVR MR =SYV KVEGI ERH QIVG] 0SVH SJ EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR 4WEPQ SJ XLI (E] ?%R] 4WEPQ QE] EPWS FI WIPIGXIHA

(GR 4W 3 GPET ]SYV LERHW EPP TISTPI 7LSYX XS +SH [MXL XLI WSYRH SJ XVMYQTL ,EPPIPYME ,EPPIPYME ,EPPIPYME

'SQQYRMX] MR EPXIVREXMRK GLSMVW 3 GPET ]SYV LERHW EPP TISTPI 7LSYX XS +SH [MXL XLI WSYRH SJ XVMYQTL *SV XLI 0SVH MW 1SWX ,MKL ERH XS FI JIEVIH ,I MW E KVIEX /MRK SZIV EPP XLI IEVXL *SV ,I LEW WYFHYIH XLI REXMSRW YRHIV YW ERH XLI TISTPIW YRHIV SYV JIIX

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

,I LEW GLSWIR YW JSV XLI MRLIVMXERGI ERH JSV XLI KPSV] SJ .EGSF [LSQ ,I PSZIH +SH LEW KSRI YT [MXL KPSV] XLI 0SVH [MXL XLI WSYRH SJ XLI XVYQTIX 7MRK TVEMWIW XS +SH 7MRK TVEMWIW XS SYV /MRK *SV +SH MW XLI /MRK SJ EPP XLI IEVXL 7MRK TVEMWIW XS ,MQ +SH VIMKRW SZIV XLI REXMSRW +SH WMXW YTSR ,MW LSP] XLVSRI 8LI VYPIVW SJ XLI REXMSRW LEZI VIXYVRIH XS XLI +SH SJ %FVELEQ JSV XLI HSQMRMSRW SJ XLI IEVXL FIPSRK XS +SH ERH ,I MW KVIEXP] I\EPXIH +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR (GR ,EPPIPYME ,EPPIPYME ,EPPIPYME 0IX YW TVE] TIEGI FI [MXL YW 'IP 3 .IWYW 'LVMWX XLI KSSH LSTI SJ QIR ERH XLI TIEGIJYP LEVFSYV XLEX GSRWSPIW XLI GVIEXYVIW IWXEFPMWL EQSRK YW 3 0SVH =SYV TIEGI ERH XVERUYMPPMX] WS XLEX [I QE] GSRJIWW ERH KPSVMJ] =SY YRGIEWMRKP] EPP XLI HE]W SJ SYV PMZIW 0SVH SJ EPP JSVIZIV 6IW %QIR ~ 73 ( hk 8IWLFSLXE ,]QR SJ 4VEMWI

&VIIO ,ERRERE ,EPPIPYME

0IX YW TVEMWI XLI 0SVH [LSWI KVIEX PSZI WLS[IH XS YW EPP ,MW KVIEX KPSV] 0IX YW TVEMWI ,MQ [LS WLETIH SYV WSYP QEHI MR ,MW S[R EYKYWX MQEKI 0IX YW TVEMWI ,MQ [LS KEZI XS QER KMJXW ERH KVEGIW QSWX EYWTMGMSYW

5YXEvE 8LMVH ,SYV 0MXYVK]

0IX YW TVEMWI ,MQ [LS QEHI SJ YW LEVTW XLEX EP[E]W WMRK ,MW TVEMWIW 0IX YW TVEMWI XLI 0SVH FIJSVI [I JEPP MR WPIIT SJ HIEXL ETTVSEGLMRK 0IX YW TVEMWI XLI *EXLIV ERH 7SR %RH ,SP] 7TMVMX SRI XVYI +SH (GR 0IX YW VEMWI SYV ZSMGIW ERH TVEMWI XLI PMZMRK +SH 6IW 8LY]EM ,SP] LSP] LSP] +SH LSP] LSP] QMKLX] 3RI LSP] ERH MQQSVXEP 3RI 0SVH LEZI QIVG] SR YW EPP 'IP +PSV] FI XS XLI *EXLIV ERH XS XLI 7SR ERH XS XLI ,SP] 7TMVMX 6IW ,SP] LSP] (GR *VSQ EPP IXIVRMX] ERH JSVIZIV %QIR 6IW ,SP] LSP] (GR 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH =SYV 2EQI MW LSP] =SYV EFSHI MW LSP] XLSWI [LS H[IPP MR LIEZIR ERH [SVWLMT =SY EVI LSP] =SY WERGXMJ] SYV LIEVXW [LMGL EVI XLI XIQTPIW SJ +SH =SY TYVMJ] SYV GSRWGMIRGI =SY JSVKMZI SYV WMRW +SH [LS WERGXMJMIW EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR &PIWW 3 Q] 0SVH H u9HLVERE 4VE]IV JSV ,IPT 6IW %QIR &PIWW 3 Q] 0SVH

GSRHIRWIH ZIVWMSR

4

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

?-J E &MWLST SV 4VMIWX PIEHW XLI (MZMRI 4VEMWIW LI WMRKW SV VIGMXIW XLI %K k 3 7 ,YXEQE JEGMRK XLI JEMXLJYP ERH WIEPW XLIQ [MXL XLI WMKR SJ XLI 'VSWW EX MXW IRHA

'IP %K k 3 7 ,YXEQE 0IX +SH XLI 0SVH SJ EPP [LS TPEGIH ,MW TVEMWIW MR SYV QSYXLW ,MW WSRKW SR SYV XSRKYIW ,MW QIPSHMIW MR SYV XLVSEXW ,MW XLEROWKMZMRKW SR SYV PMTW ERH ,MW JEMXL MR SYV LIEVXW LIEV SYV TVE]IVW VIGIMZI SYV TIXMXMSRW FI ETTIEWIH F] SYV WYTTPMGEXMSRW JSVKMZI SYV HIFXW KVERX YW SYV KSSH ERH FPEQIPIWW VIUYIWXW ERH WLS[IV ,MW QIVGMIW JVSQ XLI KVIEX XVIEWYVI SJ ,MW GSQTEWWMSR SR YW ERH SR XLI [LSPI [SVPH RS[ ERH EP[E]W JSVIZIV ERH IZIV 6IW %QIR ?%PP I\GLERKI TIEGI EQSRK XLIQWIPZIW FIKMRRMRK JVSQ XLI PIEHIV SJ XLI GSQQYRMX] SV XLI GIPIFVERX [LIR LI MW E TVMIWX SV FMWLSTA

%O / W u)2(%2% 8,) 2332 0-896+=

2SSR ?8LI WERGXYEV] VIQEMRW ZIMPIH XLI GERHPIW SR IMXLIV WMHI SJ XLI 1EV 8SQE 7PMFE SR XLI &IQE EVI PMX SR WSPIQR SGGEWMSRW XLI GIPIFVERX TVMIWX ERH EWWMWXERXW ZIWX MR XLIMV S[R PMXYVKMGEP ZIWXQIRXW EW JSV ,SP] 5YVFERE IRXIV XLI &IQE ERH WLS[ TVSTIV VIWTIGX XS XLI ,SP] 7PMFE 8LI] FIKMR XLI 0MXYVK] [MXL I\GLERKMRK TIEGI XS IEGL SXLIV MR XLI GSQQYRMX] FIKMRRMRK JVSQ XLI PIEHIV SV GIPIFVERX [LIR LI MW E TVMIWX SV FMWLSTA

+PSV] XS +SH 3YV *EXLIV EW EX XLI FIKMRRMRK SJ 6EQWLE (GR 0IX YW TVE] TIEGI FI [MXL YW 'IP N1 G·$ 2 Nfµ K 1EVER ;EPELER 3YV 0SVH ERH SYV +SH QEOI YW [SVXL] XS TVEMWI ERH XLERO =SYV QSWX KPSVMSYW 8VMRMX] RMKLX ERH HE] XSKIXLIV [MXL XLI LIEZIRP] SRIW 0SVH SJ EPP *EXLIV 7SR ERH ,SP] 7TMVMX JSVIZIV 6IW %QIR

~ @ KfK 1EVQMXLE 4WEPQSH] ?%R] KVSYT SJ 4WEPQW QE] EPWS FI WIPIGXIHA

(GR 4W 1] +SH Q] +SH [L] LEZI =SY PIX QI PMZI# %RH ]IX =SY LEZI HIPE]IH Q] WEPZEXMSR JVSQ QI FIGEYWI SJ XLI [SVHW SJ Q] JSPP] ,EPPIPYM]E ,EPPIPYM]E ,EPPIPYM]E

'SQQYRMX] MR EPXIVREXI GLSMVW 1] +SH Q] +SH [L] LEZI =SY PIX QI PMZI# %RH ]IX =SY LEZI HIPE]IH Q] WEPZEXMSR JVSQ QI FIGEYWI SJ XLI [SVHW SJ Q] JSPP] 3 Q] +SH - GEPP XS =SY MR HE]XMQI FYX =SY HS RSX ERW[IV QI ERH EX RMKLX =SY HS RSX EFMHI [MXL QI *SV =SY EVI XLI ,SP] 3RI ERH -WVEIP H[IPPW YRHIV =SYV KPSV] 3YV JEXLIVW XVYWXIH MR =SY XLI] XVYWXIH ERH =SY HIPMZIVIH XLIQ

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

8LI] GVMIH SYX XS =SY ERH [IVI HIPMZIVIH XLI] XVYWXIH MR =SY ERH XLI] [IVI RSX GSRJSYRHIH &YX - EQ E [SVQ ERH RSX E QER E VITVSEGL EQSRK QIR ERH HIWTMWIH EQSRK TISTPI %PP XLSWI [LS WE[ QI LEZI PEYKLIH QI XS WGSVR XLI] QSGO [MXL XLIMV PMTW XLI] WLEOI XLIMV LIEHW ERH WE] ,I XVYWXIH MR XLI 0SVH PIX XLI 0SVH HIPMZIV LMQ PIX ,MQ WEZI LMQ MJ ,I MW TPIEWIH [MXL LMQ *SV =SY EVI Q] XVYWX WMRGI - GEQI SYX SJ XLI [SQF ERH Q] LSTI WMRGI - [EW EX Q] QSXLIVvW FVIEWXW - [EW TYX YRHIV =SYV GEVI JVSQ FMVXL JVSQ Q] QSXLIVvW [SQF =SY EVI Q] +SH &I RSX JEV JVSQ QI JSV XVSYFPI MW RIEV JSV XLIVI MW RS SRI XS LIPT QI 1ER] FYPPW LEZI WYVVSYRHIH QI WXVSRK FYPPW SJ &EWLER IRGMVGPI QI 8LIMV QSYXLW WREVP EKEMRWX QI PMOI E LYRKV] ERH VSEVMRK PMSR - EQ TSYVIH SYX PMOI [EXIV ERH EPP Q] FSRIW EVI SYX SJ NSMRX Q] LIEVX LEW QIPXIH PMOI [E\ Q] FS[IP EVI [EWXIH [MXLMR QI 1] WXVIRKXL LEW HVMIH YT PMOI FEOIH GPE] ERH Q] XSRKYI GPIEZIW XS Q] NE[W ERH =SY LEZI GEWX QI HS[R MRXS XLI HYWX SJ HIEXL *SV XLI ZMGMSYW LEZI WYVVSYRHIH QI XLI EWWIQFP] SJ XLI [MGOIH LEZI GPSWIH MR YTSR QI XLI] LEZI TMIVGIH Q] LERHW ERH Q] JIIX 1] FSRIW EGLIH [MXL TEMR XLI] PSSOIH ERH WXEVIH EX QI

u)RHERE 8LI 2SSR 0MXYVK]

8LI] HMZMHIH Q] KEVQIRXW EQSRK XLIQ ERH GEWX PSX JSV Q] ZIWXYVI &YX 3 0SVH FI RSX JEV JVSQ QI 3 +SH 3 +SH WXE] RIEV XS LIPT QI (IPMZIV Q] WSYP JVSQ XLI W[SVH Q] SRP] WIPJ JVSQ XLI LERH SJ XLI [MGOIH 7EZI QI JVSQ XLI PMSRv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vW ,I MW VYPIV SZIV XLI REXMSRW %PP XLSWI [LS EVI LYRKV] YTSR IEVXL WLEPP IEX ERH [SVWLMT MR XLI TVIWIRGI SJ XLI 0SVH EPP XLSWI [LS

w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR

EVI FYVMIH WLEPP ORIIP FIJSVI ,MQ 1] WSYP MW EPMZI XS ,MQ %R SJJWTVMRK WLEPP WIVZI ,MQ XLI KIRIVEXMSRW XS GSQI WLEPP TVSGPEMQ XLI 0SVH 8LI] WLEPP GSQI ERH HIGPEVI ,MW NYWXMGI XS E TISTPI XLEX WLEPP FI FSVR ERH XIPP [LEX XLI 0SVH LEW HSRI

4W 8LI 0SVH MW Q] WLITLIVH - WLEPP RSX [ERX ,I QEOIW QI VIWX MR KVIIR TEWXYVIW ,I PIEHW QI FIWMHI WXMPP [EXIVW ,I VIWXSVIW Q] WSYP ,I PIEHW QI MR XLI TEXL# .YWXMGI JSV ,MW 2EQIvW WEOI =IW EPXLSYKL - [EPO XLVSYKL XLI ZEPPI] SJ XLI WLEHS[ SJ HIEXL - [MPP JIEV RS IZMP JSV =SY EVI [MXL QI =SYV VSH ERH =SYV WXEJJ GSQJSVX QI =SY TVITEVI E XEFPI FIJSVI QI MR XLI TVIWIRGI SJ Q] IRIQMIW =SY ERSMRX Q] LIEH [MXL SMP Q] GYT VYRW SZIV 7YVIP] =SYV KSSHRIWW ERH QIVG] WLEPP JSPPS[ QI EPP XLI HE]W SJ Q] PMJI ERH - WLEPP H[IPP MR XLI LSYWI SJ XLI 0SVH JSVIZIV

4W 8LI 0SVHvW EVI XLI IEVXL ERH MXW JYPPRIWW XLI [SVPH ERH XLSWI [LS H[IPP MR MX *SV LI WIXW MXW JSYRHEXMSR YTSR XLI WIE ERH JYVRMWLIH MX [MXL VMZIVW ;LS WLEPP EWGIRH XLI QSYRXEMR SJ XLI 0SVH# 3V [LS WLEPP WXERH MR ,MW LSP] TPEGI# ,I [LS LEW GPIER LERHW ERH E TYVI LIEVX [LS LEW RSX W[SVR JEPWIP] F] LMW WSYP RSV LEW XEOIR ER SEXL HIGIMXJYPP]

u)RHERE 8LI 2SSR 0MXYVK]

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u)RHERE 8LI 2SSR 0MXYVK]

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w(MZMRI 4VEMWIWx MR %VEQEMG 8VEHMXMSR ?-J E &MWLST SV 4VMIWX PIEHW XLI (MZMRI 4VEMWIW LI WMRKW SV VIGMXIW XLI

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