Geografski horizont 57/2 (2011)

Page 1

-./ !0. 1.23.4 56'7&898:));&<'(%=$&>3!!;&!--4&::)?@A8??

&

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



5BC2&898:))&D&EC/!4.&>3!!&D&!--4&::)?&@A8??


<'(,&+A;&F6,&898:));&G$<6HF !"#$%&'()&*'#+,")-&).%,/'0)/.1,.23'2#,45$ !""#$%%&''(()*+,%!)-).)

!"#$"%!&#'

!"#$%&'()*+(*"$,&'()-"./%#( /01(2&3456"1-678967::::6;0-14<96=150"'>0 "42)6?:7@6AB68C6A:D96"42)%E0>')6?:7@6AB68C6AC79 4F,0&2$6!-.G-4+-)#,E)!1 !""#$%%HHH)!0-4.4)!1

()*%!&+,-.' I454J6K+L&396K+1J06M(41'"FKN42&O96P4.10J6Q142+-+5&396R0J06S205(N96 T(U&*06P(>96V50J6;0-+.096V50J6;(#0J*6

/$"-!&0()*%!&#'& &

V50J6;(#0J*

,"1!&#0()*%!&+,-"'&

P4.10J6Q142+-+5&3

/)"2&3#&0& ,*4!&3#&0()*%!&#'&&

V50J6;0-+.0

#.)*#,()"'&

W0.10J>06X420J"6=1+,0">+

&

5$./0&06)&1*$.7'&&

V50J6;0-+.06

,&5"#'0&

&

S54(L&2&OJ06"&'>0106.)+)+)96D:77)

!"#$"%"'&

&

C::6#1&,N410>0

8&1*!"03"5.6&5"'6 6

Y06#105J46+'+<46Z:6>J96Y06[Y&L>46+'+<46DC6>J

X0'+#&'6&Y20Y&6(Y6#+,+36/&J&'"01'"506YJ0J+'"&96+<10Y+50JN06&6O#+1"06T4#(<2&>46=150"'>4

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

5$&#"0!"0!"5$.-!.105,)"!&8&'6I4+<&LJ46E+1,0*&N46J061"(6\4!2&(6J0'"0246'(610.+,6,+106&60",+'E41&2&N06 (610Y.+<2N(6+.6DC6,&2&N(J06-+.&J0)6?E+"+$6/01&J6]5&"0J+5&3@


I>.4J! !"#$%"&'()*"#+&,)"-$.&.%$/"0&

66

6 6

6

6

6 "#

! Q1+'"+1J06+<&2N4UN06(1<0J+-6'&'"4,06S^_F06 6 #*)#1(2%(345&0$6".& /+-(3J+'"&614-&+J02J+-610Y5+N06=150"'>46J06#1&,N41(6VQ^6 #14>+-10J&LJ+-6#1+-10,06/0`01'>0F=150"'>06D::a)FD:7Z)

)",(*".&5"*47&

b010>"41&'"&>46cZde6#+2+U0N06S14.+Y4,2N0

$#

KL1C/!IM!&NCBOK *$3."&%".1(&

()

/S6fJ4I+"46g6&J"410>"&5J06(L&"42N'>06<&2N4UJ&*06

0O1C0!(*

!")4.&8*4#".(*47

h0N50J6g6+"+>6.(!+5096VV)6.&+6

!4NC&M.B1!J. %!

Q+#&'6'"0J+5J&O"506T=6D:77)6F6#15&614Y(2"0"&

M.B1.&EC3CB! %&

_4,+-10E'>&614'(1'&6P010U.&J'>46U(#0J&N46D::7)

/CE.P.42. !'

!!

iPVVV)6.1U05J+6J0"N4*0JN46&Y6-4+-10[N4

0 B ! M . G !6 R+#016g6"(1&'"&L>06#1+O2+'"6&6'0.0OJN+'"6 !* j"+6N46#+5&N4'"6+>+2&O0k C 5 > 2 L 1 4 ! J L6

&#

B:F-+.&OJN&*06U&5+"06#1+E)6.1)6'*)6Q4"1&*06I+5+'42Fl&* a:F-+.&OJN&*06U&5+"06#1+E)6.1)6'*)6_10-("&J6M424"01 a:F-+.&OJN&*06U&5+"06#1+E)6.1)6'*)6^.+2E6/02&3 &!

&$


!"#$%&'$()*&+$),-).//)0,-&%1)2314,)%12$!5$) %1)-,#4,)61+3&7$%,8)9,!,:15")&6%1-)8,41)%1),3,;")'4$2")/<=>>=?//@=


%$%1-)#"651;

A,3,()



!

0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$& 7",*1"04.)-",90%)":*!0!1*/"3

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


&

7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

,"& :Y& ($%*/10+,& +*#)([$& (*./'91K& -(*",0*& )1%,& #$& '& ^*%1d,(+1#1=& H1M/,(01%%$B& \%C& N(,0$B& P(01+$B& e,.$01%%$B& U,($+,& H*%%$_B& e*+MK,& ^'M*D,+-*&1&R*C$(.f$%"&GR$(+./$1+B&:;;EI< J*#0$91&*8.,%'/+1&8,(*./&,"&gYY<;YF&./*6 +,0+1C*&'&1./,D&#$&(*7",)%#'&1D*,&J$V&h,(C& G/*)<& >I<& J*& "('-,D& 1& /($9$D& D#$./'& +*%*6 7$& .$& i,'./,+B& ,"+,.+,& OK,$+1aB& -(*",01& '&&7*8*"+,D&"1#$%'&7$D%#$<&!&1./,D&(*7",6 )%#'& +*#0$91& *8.,%'/+1& 1& ($%*/10+1& 8*"& )(,#*& ./*+,0+1C*&1D*,&#$&J$V&j(%$*+.B&7*&gYBXA& G.& @?@<FX@& +*& g>><?YgI& GR$(+./$1+B& :;;EIB& *%1& 17& .*.01D& +$'()*+,-$,-(*d.C1K& (*7%,-*& k&8,K*(*,&-*&#$&'(*-*+&b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`(*+M1.M,B& OK,$+1aB&W'M.,+B&3*+&51$-,B&T,.&4+-$%$.B& 3*M(*D$+/,B&O,(/%*+"B&3$*//%$IB&*%1&.$&'8(*6 0,& /*D,& +*%*7$& +$C1& ,"& "*+*.& +*#)([$& (*6 ./'91K&-(*",0*&3456*&GN$/1.&1&"(<B&:;;;I<&!& (*7",)%#'&,"&:;;;<&",&:;;?<&+*#)([$&(*./'91& *D$(1LC1& -(*"& )1,& #$& UMb1++$_& '& W$a*.'c&& )(,#&+#$-,01K&./*+,0+1C*&.$&'"0,./('L1,&+*& >:><:>>&GR$(+./$1+B&:;;EI<&N1%)$(/&'&4(17,+1& )1,&#$&"('-1&G8,(*./&,"&??BXAIB&*&L*C&.$"*D&

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lU$/(,8,%1/*+& 51./(1M/m& GU5I& C*,& .%'[)$+'& D$/(,8,%1/*+.C'& ($-1#'& GH($.CB&:;;:)&8($D*=&R$((_B&N,K$$+B&N,%"6 ./$1+B&>EF?I<& P*C,&.'&.$&"$f+1M1#*B&C(1/$(1#1&,"($Q10*+#*B& *& 1& +*710& D$/(,8,%1/*+.C1K& 8,"('L#*& '& 7*6 "+#1K&./,/1+#*C&-,"1+*B&C,%1C,&8,./,#$B&+$C,6 %1C,&8'/*&D1#$+#*%1B&.*"*2+#*&"$f+1M1#*&8($D*& ./*/1./1LC,#&.%'[)1&3456*&-%*.1&"*&&D$/(,8,6 %1/*+.C,& ./*/1./1LC,& 8,"('L#$& GlU$/(,8,%1/*+& 3/*/1./1M*%& 4($*mB& U34I& L1+1& M$+/(*%+1& 0$91&


7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

*

&'(#$%#$;'-)+%&."-3"(*.+9<+".)36=(>+?'.#-3.+/01@.+9:::7+(+,'-A)6".+2.+9::B7 !"#$

%&"'

(&)*+,-"#).#/0"+ (&)*+,-"#).#/0"+ 12223 12243

56,)78-#"+ 6&)9*:#"

><

J$V&h,(C&M1/_B&Jh

?<;;?<FY@

?<gFg<X>;

gYY<;YF

:<

T,.&4+-$%$.&M1/_B&^4

g<FE@<F@@

g<?gg<EEY

>gE<gY>

g<

^K1M*-,&M1/_B&PT

:<?EF<;Y>

:<?Yg<>>@

6@:<EgX

@<

i,'./,+&M1/_B&W\

><EX@<>Y:

:<:@:<>Eg

:F?<;@>

Y<

OK,$+1a&M1/_B&4]

><g::<;:Y

><YFX<E:@

:@Y<?EE

F<

OK1%*"$%8K1*&M1/_B&OJ

><Y>X<YY;

><@@X<gEY

6X;<>YY

X<

3*+&4+/,+1,&M1/_B&W\

><>F;<;;Y

><gY><g;Y

>E><g;;

?<

5*%%*.&M1/_B&W\

><>??<F;g

><:XE<E>;

E><g;X

E<

3*+&51$-,&M1/_B&^4

><::g<@>?

><:XE<g:E

YY<E>>

>;<

3*+&Z,.$&M1/_B&^4

?EY<?;E

E@?<:XE

Y:<@X;

>><

5$/(,1/&M1/_B&UP

EY><:X;

E>:<;F:

6gE<:;?

>:<

3*+&`(*+M1.M,&M1/_B&^4

XXF<Xgg

?;?<EXF

g:<:@g

>g<

Z*MC.,+01%%$&M1/_B&`T

XgY<F;F

?;X<?>Y

X:<:;E

>@<

P+"1*+*8,%1.&M1/_B&PJ

X?><?FX

XE?<g?:

>F<Y>Y

>Y<

4'./1+&M1/_B&W\

FY?<EF@

XYX<F??

E?<X:@

>F<

^,%'D)'.&M1/_B&ji

X>g<;;F

XY@<??Y

@><?XE

>X<

`,(/&S,(/K&M1/_B&W\

Y@><gX;

X;g<;Xg

>F><X;g

>?<

^K*(%,//$&M1/_B&J^

YFF<E:E

F?X<@YF

>:;<Y:X

>E<

U$D8K1.&M1/_B&WJ

FE;<YYY

FFE<FY>

6:;<E;@

:;<

R*%/1D,($&M1/_B&Ue

FY><>Y@

FgF<E>E

6>@<:gY

:><

\%&O*.,&M1/_B&W\

YFg<??Y

F>g<>E;

@E<g;Y

::<

R,./,+&M1/_B&U3

Y?E<>@g

F;E<;:g

>E<??;

:g<

U1%V*'C$$&M1/_B&SP

YEF<E??

F;@<@XX

X<@?E

:@<

5$+0$(&M1/_B&^j

YYg<FE>

YE?<X;X

@Y<;>F

:Y<

3$*//%$&M1/_B&S4

YFg<gXX

YE?<Y@>

gY<>F@

!23-'4+;6'"%&6("8+9::C


#'

7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

!"#$)#$D6&'-,-E(&."%*.+(+F(*'-,-E(&."%*.+%&.&(%&(G*.+,-#'$G).+/01@.+(+H$6'&-+I(A.+&6+ $'J."(2('('."6+2-"6+K!"#$%&'()*$"($+L+9::B7 !23-'4+>&&,4MMNNN7A6"%$%7?-3M?6-MNNNMF.,%MF%.OF.,%9::BM$%ON.EEOPP:B7>&FE8+K9Q7B79::C7L


7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

##

-(*"&.&#$"+1D&1%1&012$&,C,%+1K&,C('-*&&C,#1&.'& .+*[+,&$C,+,D.C1&1&d'+CM1,+*%+,&8,0$7*+1& .&#$7-(,D&/$&C,#1&1D*&+*#D*+#$&Y;<;;;&./*6 +,0+1C*<& j.1D& D$/(,8,%1/*+.C1K& ./*/1./1LC1K& 8,"('L#*& ,"& :;;;<& 8,L$%*& .'& .$& 17"0*#*/1& 1& D1C(,8,%1/*+.C*& ./*/1./1LC*& 8,"('L#*& GlU16 M(,8,%1/*+&3/*/1./1M*%&4($*mB&!34I&C,#*&.*"(6 [$&)*($D&#$"+'&'()*+'&#$7-('&,"&>;<;;;&",& Y;<;;;&./*+,0+1C*&G.&17+1DC,D&,+1K&C,#1&.'& +*./*%1&+*C,+&.(8+#*&:;;g<&,"&C*"*&D,(*#'& 1D*/1&012$&,"&>;<;;;&./*+,0+1C*&)*($D&"01#$& '7*./,8+$&-,"1+$I<&U$/(,8,%1/*+.C*&1&D1C(,6 8,%1/*+.C*& ./*/1./1LC*& 8,"('L#*& 7*#$"+,& .$& "$f+1(*#'& C*,& l^,($& R*.$"& 3/*/1./1M*%& 4($6 *.m&G^R34I<&!&./'"$+,D&:;;?<&'/0(Q$+,&#$& gX@&D$/(,8,%1/*+.C1K&1&YXE&D1C(,8,%1/*+.C1K& ./*/1./1LC1K&8,"('L#*&G.%<&:I<&N,"1+$&>EF;<&'& D$/(,8,%1/*+.C1D&#$&($-1#*D*&[10#$%,&F:AB&*& L$/("$.$/&-,"1+*&C*.+1#$&L*C&?;A&'C'8+,-& ./*+,0+12/0*&345&GN$/1.&1&"(<B&:;;;B&UMb+16 -K/B&:;;gI< j.1D&U34&'&3456'&.$&C*,&D,(d,%,2C1&/18& ($-1#*&17"0*#*#'&1&'()*+171(*+*&8,"('L#*&Gl!(6 )*+17$"&4($*.mI<&N%*0+,&,)1%#$[#$&'&+#1K,0,D& ,-(*+1L*0*+#'&#$&C,D8*C/+,./&.*-(*Q$+,-*& 8(,./,(*B&D#$($91&-*&-'./,9,D&7-(*"*&1&-'6 ./,9,D& +*.$%#$+,./1<& j)'K0*9*& "0*& "1#$%*=& .($"12+#1&-(*"&1&(')+'B&-'./,&+*.$%#$+'&7,+'B& /70<&l'()*+&d(1+-$m&GH($.CB&:;;:*I<&!()*+1716 (*+,&8,"('L#$&G!4I&8,0(21+,D&#$&D*+#$&,"& U34&G.&,)71(,D&"*&.$&7*&U34&C*,&-(*+1M$& '71D*#'&-(*+1M$&M1#$%1K&,C('-*B&C,#1&+$&D,(*6 #'&)1/1&8,"#$"+*C,&-'./,&17-(*Q$+1IB&*%1&#$&-'6 29$& .*-(*Q$+,& 1& +*.$%#$+,<& !+'/*(& .0*C,-& U34& 8,./,#$& !4<& U$/(,8,%1/*+.C$& #$"1+1M$& .&012$&,"&D1%1#'+&./*+,0+1C*&",)1%$&.'&./*/'.& l^,+.,%1"*/$"&U$/(,8,%1/*+&3/*/1./1M*%&4($*m& G^U34I&GH($.CB&:;;:)I<& U+,-$& ,"& /1K& D$/(,8,%1/*+.C1K& ($-1#*& .'& L$./,&.'.#$"+$&1&D$Q'.,)+,&.(*.%$<&J*#0$6 9*&D$Q'&+#1D*&#$&D$-*%,8,%1.&R,6S*.KB&0$6 %1C*&-(*".C*&($-1#*&C,#*&.$&8(,/$[$&,"&R,./,6


#"

7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

!"#$*#$D6?.E-,-E(%8+*-"$'J.A()6+(+R2(G*(+-#3-)6".8+.E(+S$"*A(-".E"-+,-362.".+F6&'-,-@ E(&."%*.+,-#'$G). !23-'4+56&(%+(+#'78+9:::

+*&",&-(*",0*&.#$0$(+$&H1(-1+1#$B&/$&'C%#'L'6 #$&R,./,+B&O(,01"$+M$B&i*(/d,("B&J$V&h,(CB& J$V*(CB&W($+/,+B&OK1%*"$%8K1#'B&S1%D1+-/,+B& R*%/1D,($&1&S*.K1+-/,+&G.%<&gI<&W,&#$&8(,./,(& C,#1&.$&"'[&*/%*+/.C$&,)*%$&8(,/$[$&F;;&CD<& 5('-$& /*C0$& *D$(1LC$& 0$%1C$& ($-1#$& GC,+'(6 )*M1#$I&.'=&,C,&#'[+$&,)*%$&#$7$(*&U1MK1-*+B& '7&7*%#$0&3*+&`(*+M1.M*B&,C,&T,.&4+-$%$.*& /$&*-%,D$(*M1#*&5*%%*.*&1&`,(/&S,(/K*&GN$/1.& 1&"(<B&:;;;I< P7"0*#*#'& P7"0*#*#'& .$& 1& f71LC1& ,"0,#$+*B& *%1& d'+CM1,+*%+,& 8,0$7*+*& D$/(,8,%1/*+.C*& 8,"('L#*=&,)*%$&U$C.1LC,-&7*%#$0*&1&4/%*+/6 .C,-&,M$*+*&+*&`%,(1"1&8,0$7*+$&j(%*+",D& '& '+'/(*2+#,./1B& ,)*%*& U$C.1LC,-& 7*%#$0*& ,"& O$+.*M,%$& +*& 1./,C'& ",& N*%0$./,+*& +*& 7*8*"'B& ($-1#*& O1$"D,+/& ,"& 5'(K*D*& ",& 4/%*+/$B& 3#$0$(,7*8*"+*& ($-1#*& ,"& O,(/%*+6 "*&",&R$%%1+-K*D*&G+*./*0%#*&.$&",&C*+*"6 .C,-& H*+M,'0$(*IB& 8,"('L#$& 1./,L+,& ,"&

3/#$+#*C*&.&5$+0$(,D&C*,&M$+/(,DB&-(*",01& +*&1./,L+,#&./(*+1&H$%1C,-&3%*+,-&#$7$(*&.*& 3*%/& T*C$& ^1/_$D& '& .($"12/'& /$& ,)*%+,& 8,6 "('L#$&,C,&#$7$(*&j+/*(1,&1&\(1$&GN$/1.&1&"(<B& :;;;I<& O,+,0,&/($)*&+*-%*.1/1&)([1&(*./&D$/(,8,6 %1/*+.C1K& ($-1#*& +*& 7*8*"'& 1& #'-'B& *& -')1/*C& ./*+,0+12/0*& '& 8,#$"1+1D& D$/(,8,%1/*+.C1D& ($-1#*D*&.#$0$(*&1&1./,C*<&U,[$&.$&'./0("1/1& "*& #$& (1#$L& ,& l3'+& R$%/ne'./& R$%/m& & d$+,D$6 +'&GN$/1.&1&"(<B&:;;;I<&U1-(*M1#$&8($D*&#'-'& 1&7*8*"'&7*8,L$%$&.'&#,2&>EF;61K&1&>EX;61K& -,"1+*B&*&+*&+#1K&#$&'/#$M*,&+17&d*C/,(*B&8,6 8'/&[$%#$&7*&),%#,D&C0*%1/$/,D&[10,/*&/$&,/0*6 (*+#*&+,01K&(*"+1K&D#$./*<&

!"#$%&'()*%$*+,,-.*$%*/---.* !& (*7",)%#'& ,"& >EE;<& ",& :;;;<& -,"1+$& ./*+,0+12/0,&3456*&.$&8,0$9*%,&7*&>gB:AB& ./*+,0+12/0,& D$/(,8,%1/*+.C1K& 8,"('L#*& 7*&


7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

>@AB& D1C(,8,%1/*+.C1K& 8,"('L#*& 7*& >;AB& *& ./*+,0+12/0,& 170*+& l^,($& R*.$& 3/*/1./1M*%& 4($*.m& G^R34I& 7*& XB?A& G/*)<& :I<& W,& 7+*L1& "*& #$& ($%*/10+1& 8,(*./& )(,#*& ./*+,0+1C*& D$6 /(,8,%1/*+.C1K& 8,"('L#*& )1,& 0$91& ,"& 8,(*./*& )(,#*&./*+,0+1C*&"([*0$< J*#0$91& ($%*/10+1& 8,(*./& ./*+,0+12/0*& 176 D$Q'&>EE;<&1&:;;;<&7*)1%#$[1%*&#$&($-1#*&]*6 8*"B& ",C& #$& +*#0$91& *8.,%'/+1& 8,(*./& 1D*%*& ($-1#*&Z'-<&3#$0$(,1./,C&1&3($"+#1&]*8*"&.'& 1D*%1&+$2/,&.%*)1#1&(*./<&U$/(,8,%1/*+.C*&8,6 "('L#*&7*)1%#$[1%*&.'&+*#0$91&($%*/10+1&8,(*./& +*& ]*8*"'B& *& *8.,%'/+1& +*& Z'-'B& -"#$& .$& )(,#& ./*+,0+1C*& D$/(,8,%1/*+.C1K& 8,"('L#*& 8,0$9*,&7*&>:<X>E<;;;<&J*&.')($-1,+*%+,#& (*71+1& +*#0$91& ($%*/10+1& (*./& 1D*%*& #$& O%*+1+6 .C*& .')($-1#*& +*& ]*8*"'& GL*C& gFBXAIB& 2/,& .$& /($)*& 8(181.*/1& D*+#$D& 8(0,/+,D& )(,#'& ./*+,0+1C*<&O,/8'+,&.'&1"$+/1L+1&,"+,.1&1&+*& (*71+1& D1C(,8,%1/*+.C1K& 8,"('L#*<& O,"('L#*& 170*+&^R34&8*C&1D*%*&.'&D*+#1&8,(*./&./*6 +,0+12/0*B&8(1&L$D'&#$&($%*/10+,&+*#012$&8,6 (*.%*&($-1#*&]*8*"<& b*,& ",C*7& '& 8(1%,-& /$+"$+M1#1& #*L$-& 8,6 (*./*& ./*+,0+12/0*& Z'[+$& 1& ]*8*"+$& ($-1#$& '&,"+,.'&+*&)%*-'&./*-+*M1#'&3#$0$(,1./,C*& 1&3($"+#$-&]*8*"*&D,-'&+*D&8,.%'[1/1&D$6 /(,8,%1/*+.C*& 8,"('L#*& .& 17(*71/1D& (*./,DB& ,"+,.+,& 8*",D& '& (*7",)%#'& 17D$Q'& >EE;<& 1& >EEF<& G.%<& @I<& O%*0,D& ),#,D& ,7+*L$+,& #$& Y;&D$/(,8,%1/*+.C1K&8,"('L#*&C,#*&.'&+*#016 2$&+*(*.%*B&*&M(0$+,D&g@&8,"('L#*&C,#*&.'& 17-')1%*&./*+,0+12/0,&'&1./,D&8$(1,"'&GN$/1.& 1&"(<B&:;;;I< H1"%#10,& #$& "*& .$& '& #'[+,D& "1#$%'& "([*0$& +*%*71&0$91+*&)(7,(*./'91K&U34<&j"&Y;&U34& .&+*#0$91D&(*./,D&17D$Q'&>EE;<&1&>EEF<B&gX& .$& +*%*71%,& '& l3'+& R$%/'m<& Z$"*+& ,"& +*#1D6 8($.10+1#1K&8(1D#$(*&#$&T*.&H$-*.B&.&,)71(,D& "*&.$&+#$-,0*&8,8'%*M1#*&8,0$9*%*&7*&@>AB& +*&>B:&D1%1#'+*&./*+,0+1C*&GN$/1.1&"(<B&:;;;I<& H$91+*& U34& .& +*#0$91D& ($%*/10+1D& (*./,D&

#)

.'& 8,"('L#*& D*%$& ",& .($"+#$& 0$%1L1+$B& 8(16 D#$(1M$&4'./1+&1&T*($",&'&W$a*.'B&J*8%$.&+*& `%,(1"1& /$& T*.& ^('M$.& '& J$V& U$a1M'<& U*%*& 8(0,/+*& 0$%1L1+*& /1K& 8,"('L#*& #$& (*7%,-& /,%16 C,D&($%*/10+,D&(*./'<&4-%,D$(*M1#*&5*%%*.6 `,(/K& S,(/K& )1%*& #$& +*#0$9*& ,"& Y;& +*#)([$& (*./'91K&U34B&.&8,8'%*M1#,D&,"&@BF&D1%1#'+*& ./*+,0+1C*&>EEF<&GN$/1.&1&"(<B&:;;;I<&5('-*& 0$9*& D$/(,8,%1/*+.C*& 8,"('L#*& l3'+& R$%/*m& .'&4/%*+/*&GgBY&D1%1#'+*I&1&i,'./,+&G@Bg&D16 %1#'+*I& GN$/1.& 1& "(<B& :;;;I<& ]*& '.8,($")'B& '& le'./&R$%/'m&+1#$&)1%,&+1#$"+,-&)(7,(*./'9$-& U34< P8*CB& +1.'& .0*& )(7,(*./'9*& D$/(,8,%1/*+6 .C*& 8,"('L#*& )1%*& +*& Z'-'<& W(1+*$./& ,"& Y;& .8,D$+'/1K& U34& )1%,& #$& +*& ]*8*"'<& J$C*& ,"&0$91K&/*C01K&8,"('L#*&.'&3*%/&T*C$&^1/_&'& "([*01&!/*KB&O,(/%*+"&'&j($-,+'&/$&5$+0$(& '&^,%,(*"'<&J*#)([$&(*./'91&U34&170*+&l3'+& R$%/*m&)1,&#$&R,1.$&'&P"*K'&C,#1&#$&'&(*7",6 )%#'&,"&>EE;<&",&>EEF<&+*(*./*,&7*&:FAB&+*& gXg<;;;&./*+,0+1C*&GN$/1.&1&"(<B&:;;;I<&5('6 -*&/*C0*&D$/(,8,%1/*+.C*&8,"('L#*&G.&L$./,& 0(%,& K%*"+1D& 71D*D*I& .'& O(,0,& '& "([*01& !/*KB&e$+,&'&J$0*"1&1&U$"d,("&'&j($-,+'<& W,& 7+*L1& "*& #$& 7*& D+,-$& D1-(*+/$& C(*#+#$& ,"($"12/$& 8,./*,& 8%*+1+.C1& ]*8*"& G"([*0$& P"*K,B&!/*K&1&J$0*"*IB&C,#1&#$&"'-,&0($D$6 +*&)1,&.*D,&8(,%*7+*&/,LC*&+*&8'/'&8($D*& 8*M1fLC,#&,)*%1< 3&"('-$&./(*+$B&g@&U34&.'&'&1./,D&(*7",6 )%#'&17-')1%*&./*+,0+12/0,<&N,/,0,&L$/1(1&8$6 /1+$&+*%*71%,&.$&'&le'./&R$%/'mB&8,8'/&W,%$"*& '& jK1#'& GF>><;;;& ./*+,0+1C*IB& i*(/d,("*& '& ^,++$M/1M'/'& G>B>& D1%1#'+IB& O(,01"$+M$*& '& eK,"$&P.%*+"'&G>B>&D1%1#'+I&1&R'dd*%*&'&"([*01& J$V&h,(C&G>B:&D1%1#'+*I&GN$/1.&1&"(<B&:;;;I<

!"#$%&'()*%$*/---.*$%*/--0.* O,($"*+$&8,&0$%1L1+1B&8($D*&8(,M#$+*D*& 3/*/1./1LC$& .%'[)$& 3456*B& D$Q'& 8(01K& 8$/& ^U34&:;;?<&-,"1+$&)1%$&.'&,+$&J$V&h,(C*&


#$

7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

&'(#$)#$0,%-E$&".+(+'6E.&(3".+,'-F)6".+$*$,"-?8+F6&'-,-E(&."%*-?8+F(*'-,-E(&."@ %*-?+%&."-3"(T&3.+&6+-"-?+(23."+U;/0@.+$+'.2#-JE)$+-#+PCC:7+#-+9:::7+".+'.2("(+ #'V.368+'6?().+(+%$J'6?().WWWW+ ;086#)+,-"#3

<:-&)6)7/-"#= ,0)+,-"#3

</0&)6)7/-"#= ,0)+,-"#3

>?."#+@(A5= "B

>oo

:ooo

>

:

>

:

>

:

A5C

g:&X>g

>gB:

:?&F@>

>@

:&FFX

>;

>&@;F

XB?

!:$/*"+A*:.:&)/,-)0

:&X?F

YBY

:&YE;

YBX

>gX

gBX

YE

@Bg

X>F

YB@

F:@

YB@

F@

FB>

:?

@B?

3($"12+#*&*/%*+/.C*& .')($-1#*

:&;X;

YBY

>&EFF

YB?

Xg

:B?

g>

@

!:$/*"+A&:'#*/+D"6"'

@&X:F

XBE

g&E@Y

?B?

Y>;

F

:X>

@Bg

3#$0$(,1./,L+*& M$+/(*%+*&.')($-1#*

g&>@F

XBY

:&F>g

XBX

g>@

YBE

:>E

XB?

3#$0$(,7*8*"+*& M$+/(*%+*&.')($-1#*

>&Y?;

?BE

>&gg>

>:B>

>EX

FB:

Y:

>BY

!:$/*"+E8$

>@&X?E

>XBg

>:&X>E

>EB:

>&g>@

>:

XYF

E

Z'[+,*/%*+/.C*& .')($-1#*

?&:;;

>?B?

X&>FY

>EBE

F?g

>YBY

gY:

>>B:

Z'-,1./,L+*& M$+/(*%+*&.')($-1#*

>&?@X

>:B:

>&:?X

>gBF

gF>

>>B@

>E?

XBX

Z'-,7*8*"+*& M$+/(*%+*&.')($-1#*

@&X@:

>XB?

@&:F?

:;BF

:FE

?B>

:;Y

XBX

!:$/*"+D"6"'

>;&@>g

>EBX

E&g?X

>EBE

X;F

>EB>

g:;

>FB:

O%*+1+.C*&.')($-1#*

@&Y>@

ggB>

g&?F>

gFBX

@:?

:gBg

::F

>XB:

O*M1fLC*&.')($-1#*

Y&?E?

>YB>

Y&Y:F

>YB>

:X?

>Y

E@

>@

3')($-1#*&J$V&\+-%*+"

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`6"&$A*Z8+a6""6%%668++D(%%(%%(,,(8+0E.J.F.8+AL+C!-8'$;$)%$*=(%9"$2%$*+!#"(-&.$4+b*E.>-F.8+ 0'*."%.%8+c-$(%(.".8+a6d.%\+!%#/0"'12343/++.L+,.(F("8&+98E%$*=(%9"$2%$*+!#"(-&.$4+](%A-"%("8++ D(A>(?."8+b>(-8+!"#(.".8+!EE("-(%8+JL+,.(F("8'$;$)%$*=(%9"$2%$*+!#"(-&.$4+X-'&>+1.*-&.8+/-$&>+ 1.*-&.8+X6J'.%*.8+`."%.%8+D(""6%-&.8++!-N.8+D(%%-$'(\+2343/++.L+G2$%&%+B$*+!#"(-&.$4+D-"@ &.".8+!#.>-8+]Z-F("?8+X63.#.8+e&.>8+U-E-'.#-8+0'(2-".8+X6N+D6d(A-8+JL+G$=&HEB$*+!#"(-&.$4+ 0E.%*.8+].%>("?&-"8+b'6?-"8++U.E(S'-"(.8+f.N.((7+ !23-'4+D.A*$"8+H7+[78+9::<7


7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

#(

!"#$+#$D6&'-,-E(&."%*.+,-#'$G).+%+(2'.2(&(F+'.%&-F8+-#"-%"-+,.#-F+J'-).+%&."-3"(*.+ (2F6g$+PCC:7+(+PCCh7+ !23-'4+56&(%+(+#'78+9:::

G,C,&:;&D1%1#'+*&./*+,0+1C*IB&T,.&4+-$%$.*&& G,C,& >g& D1%1#'+*IB& ^K1M*-*& GEBY& D1%1#'+*IB& 5*%%*.*& GFBg& D1%1#'+*IB& 1& OK1%*"$%8K1#$& GYB?& D1%1#'+*I&G/*)<&gI< !&(*7",)%#'&,"&:;;;6:;;?<&-,"1+$&'&+$6 C1D& .$& 8,"('L#1D*& le'./& R$%/*m& +*./*01,& /($+"& .D*+#$+#*& )(,#*& ./*+,0+1C*& 17& 8($/6 K,"+,-& (*7",)%#*B& 8*& #$& '& 012$D1%1#'+.C1D& D$/(,8,%1/*+.C1D& 8,"('L#1D*B& 8,8'/& 5$6 /(,1/*B&O1//.)'(-K*&1&^%$0$%*+"*B&*%1&1&,+1D*& D*+#1D&,"&D1%1#'+&./*+,0+1C*&7*)1%#$[$+&8*"& )(,#*& ./*+,0+1C*& G/*)<& gI<& J*#0$9$& D$/(,6 8,%1/*+.C$&($-1#$B&C*,&2/,&.'&,+$&J$V&h,(6 C*B& ^K1M*-*& 1%1& OK1%*"$%8K1#$B& 1& "*%#$& )1%#$[$& 8,(*./& )(,#*& ./*+,0+1C*B& 2/,& #$& 8,.%#$"1M*& 0$%1C,-& )(,#*& +#1K,01K& d'+CM1#*B& /#<& +#1K,0,-& 7+*L$+#*<& 4C,& 8(,D*/(*D,& D$/(,8,%1/*+.C*& 8,6 "('L#*&8,&"([*0*D*B&,"+,.+,&"([*0$&'&C,6 #1D*& #$& 7*)1%#$[$+& +*#0$91& 8*"B& ,+"*& .'& /,&

jK1,&1&O$++._%0*+1*&6&"([*0$&le'./&R$%/*m<

3*,"-+0 !4(#5+0 (,.',0 %&'(#)#6 *+',-./+70 )#$(!12,0 +4",-0 +-$!6 .'(+2./#30)#2,., !& ,)#*2+#*0*+#'& D$/(,8,%1/*+.C1K& ($-1#*& 8,/($)+,&#$&(*7#*.+1/1&8(,M$.$&C,#1&8(1",+,.$& +#1K,0,D&(*70,#'&'&7*"+#1K&8$"$.$/&-,"1+*<& 3& $C,+,D.C1D& (*70,#$D& 3#$"1+#$+1K& 4D$6 (1LC1K& 5([*0*& ,"& 8,L$/C*& :;<& ./,%#$9*B& 8*& ",& "*+*.B& ",2%,& #$& ",& 7+*L*#+1K& 8(,D#$+*& '&"('2/0$+,D&1&$C,+,D.C,D&8,-%$"'=&'D16 (,0%#$+1LC$&($d,(D$B&/$(M1#*(17*M1#$&1&8($%*.C*& '&1+d,(D*M1#.C,&",)*B&8(,D#$+*&'&7+*L$+#'& 8(1(,"+1K&($.'(.*&1&"(<

123!%4'()5367"*!)8%!2" W1#$C,D&>Eg;61K&-,"1+*&170(2$+*&#$&'D16 (,0%#$+1LC*& ($d,(D*& C,#*& #$& ",0$%*& ",& /,-*& "*& 'D1(,0%#$+1M1& 8(1D*#'& 012$& D1(,01+$B& *& 1D*#'& D,-'9+,./& 8(1D*/1& #$& )1%,& -"#$& '&


#%

7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

&'(#$*#$a'(#6%6&+".)36=(>+UD/0+9::B7+?-#("6+&6+,'-F)6".+J'-).+%&."-3"(*.+-#+ 9:::7@+9::B7

!"#$

@)#,)7/'"-:'+9:-&)6)7/-"#+,-"-/,-/F"7+"&:"+ G@<A5H

I&)F*:#:+ J&)*"+,-"#).#/0"

I&)9*:#"+ 8+&"?')J7*8+ 12223=12243

K3+-&".#*"L+ K3+,&6#*"L+ 12223 12243

I),-)-"0

><

J$V&h,(C6J,(/K$(+&J$V&Z$(.$_6T,+-&P.%*+"B&Jh6JZ6O4

>?<g:g<gE>

>E<;;F<XE?

gBX

:<

T,.&4+-$%$.6T,+-&R$*MK63*+/*&4+*B&^4

>:<gFY<F:@

>:<?X:<?;?

@B>

g<

^K1M*-,6J*8$(01%%$6Z,%1$/B&PT6PJ6SP

E<;E?<F:E

E<YFE<F:@

YB:

@<

5*%%*.6`,(/&S,(/K64(%1+-/,+B&Wp

Y<>F><Yg;

F<g;;<;;F

::B>

Y<

OK1%*"$%8K1*6^*D"$+6S1%D1+-/,+B&O46JZ65\6U5

Y<F?X<>Y;

Y<?g?<@X>

:BX

F<

i,'./,+63'-*(&T*+"6R*_/,V+B&Wp

@<X>Y<@>X

Y<X:?<>@g

:>BY

X<

U1*D16`,(/&T*'"$("*%$6O,D8*+,&R$*MKB&`T

Y<;;X<EE:

Y<@>@<XX:

?B>

?<

4/%*+/*63*+"_&38(1+-.6U*(1$//*B&N4

@<:@?<;>@

Y<gXF<:?Y

:FBF

E<

S*.K1+-/,+64(%1+-/,+64%$a*+"(1*B&5^6H46U56SH

@<XEF<;FY

Y<gY?<>g;

>>BX

>;<

R,./,+6^*D)(1"-$6q'1+M_B&U46Ji

@<gE:<g@Y

@<Y::<?Y?

gB;

>><

5$/(,1/6S*(($+6T10,+1*B&UP

@<@Y:<YY?

@<@:Y<>>;

6;BF

>:<

OK,$+1a6U$.*63M,//."*%$B&4]

g<:Y><??X

@<:?><?EE

g>BX

>g<

3*+&`(*+M1.M,6j*C%*+"6`($D,+/B&^4

@<>:g<X@X

@<:X@<Yg>

gBX

>@<

e10$(.1"$63*+&R$(+*("1+,6j+/*(1,B&^4

g<:Y@<?>X

@<>>Y<?X>

:FBY

>Y<

3$*//%$6W*M,D*6R$%%$0'$B&S4

g<;@g<?EX

g<g@@<?>g

EBE

>F<

U1++$*8,%1.63/<&O*'%6R%,,D1+-/,+B&UJ6SP

:<EF?<?>?

g<::E<?X?

?B?

>X<

3*+&51$-,6^*(%.)*"63*+&U*(M,.B&^4

:<?>g<?g@

g<;;><;X:

FBX

>?<

3/<&T,'1.B&Uj6PT

:<FE?<FF@

:<?>F<X>;

@B@

>E<

W*D8*63/<&O$/$(.)'(-6^%$*(V*/$(B&`T

:<gEF<;>>

:<Xgg<XF>

>@B>

:;<

R*%/1D,($6W,V.,+B&U5

:<YYg<;;;

:<FFX<>>X

@BY

:><

5$+0$(64'(,(*B&^j&n>

:<>XE<gg?

:<Y;F<F:F

>YB;

::<

O1//.)'(-KB&O4

:<@g><;??

:<gY><>E:

6gBg

:g<

O,(/%*+"6H*+M,'0$(6R$*0$(/,+B&je6S4

><E:X<??g

:<:;X<@F:

>@BY

:@<

^1+M1++*/16U1""%$/,V+B&ji6bh6PJ

:<;;E<FY@

:<>YY<>gX

XB:

:Y<

3*M(*D$+/,664("$+64(M*"$66e,.$01%%$B&^4

><XEF<?Y:

:<>;E<?g:

>XB@

:F<

^%$0$%*+"6\%_(1*6U$+/,(B&ji

:<>@?<;>X

:<;??<:E>

6:B?

:X<

j(%*+",6b1..1DD$$B&`T

><F@@<Y@X

:<;Y@<YX@

:@BE

:?<

3*+&4+/,+1,B&Wp

><X>><X>X

:<;g><@@Y

>?BX

:E<

b*+.*.&^1/_B&Uj6b3

><?gF<@:Y

:<;;:<;@X

EB;

g;<

T*.&H$-*.6O*(*"1.$B&JH

><gXY<YgY

><?FY<X@F

gYBF

!23-'4+U$F$E.&(36+i%&(F.&6%+-S+H-,$E.&(-"+U>."?6+S-'+D6&'-,-E(&."+/.&(%&(A.E+0'6.%+."#+I."@ *("?%4+0,'(E+P8+9:::+&-+[$EZ+P8+9::B+KU;/0+i/a9::B@:jL8+e7/7++U6"%$%+;$'6.$8+H-,$E.&(-"+ 1(3(%(-"8+>&&,4MMNNN7A6"%$%7?-3M,-,6%&MF6&'-MU;/0@6%&9::B@,-,@A>?7>&FE8+K9Q7B79::C7L


7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

3456'& GN$/1.& 1& "(<B& :;;;I<& U1(,01+$& .'& )1%$& ",0,%#+,& 01.,C$B& 8*& .'& 'D1(,0%#$+1M1& D,-%1& 17*)(*/1&D#$./,&[10%#$+#*<&b*C,&.'&L$./,&17*6 )1(*%1&l3'+&R$%/mB&.*&.,),D&.'&8,0'C%1&1&D+,6 -$& "#$%*/+,./1& G-(*"1/$%#./0,B& .8$M1#*%171(*+$& D$"1M1+.C$& .$(01.$& 1& "(<IB& C,#$& .'& /*C,Q$(& 8(1",+1#$%$&(*70,#'&",&/*"*&.%*),&+*8'L$+1K& 8,"('L#*&G.%<&YI< 4C,&.$&'.8,($"$&"*+*2+#*&D$/(,8,%1/*+6 .C*& 8,"('L#*& G.%<& :I& .& %,C*M1#*D*& 0,"$91K& 'D1(,0%#$+1LC1K&M$+/*(*&'&3456'&G.%<&FIB&8(16 D#$(1M$&'&4(17,+1&1%1&+*&`%,(1"1B&D,[$&.$&7*6 C%#'L1/1&"*&.'&'D1(,0%#$+1LC1&M$+/(1&1D*%1&#$"+'& ,"&-%*0+1K&'%,-*&'&(*70,#'&8,#$"1+1K&($-1#*<& r/,012$B& *C,& 8(,D*/(*D,& 8,./,/+1& '"1,& ./*(1#1K& ,"& FY& -,"1+*& '& 8,#$"1+1D& D$/(,8,6 %1/*+.C1D&($-1#*D*&7*&:;;X<&-,"1+'B&01"%#10,& #$&"*&,"($Q$+$&D$/(,8,%1/*+.C$&($-1#$&1D*#'&

#!

'"1,&./*(1#1K&,"&FY&-,"1+*&0121&,"&:;A&G/*)<& @I<& W*C0*&C($/*+#*&7*8,L$%*&.'&>EY;61K&-,"16 +*&C*"*&#$&",2%,&",&0$%1C,-&8,(*./*&D$/(,6 8,%1/*+.C1K& 8,"('L#*& +*& `%,(1"1B& C,#1& .$& +*6 ./*01,&",&"*+*.<&`%,(1"*&#$&8($"0,"+1C&,0,-& /($+"*B& +,& 1& "('-$& "([*0$& l3'+& R$%/*m& C*,& 2/,& .'& N$,(-1*B& 3,'/K& ^*(,%1+*B& U1..1..186 81B&W$a*.B&b*%1d,(+1#*&1&4(17,+*&8,C*7'#'&1./$& /$+"$+M1#$&GN$/1.&1&"(<B&:;;;I<

9)!:3("!3#":3("*3*;!)'"#"7*1* 358%!2":3(<7%*$%&" Z,2&#$"*+&,"&d*C/,(*&C,#1&#$&",0$,&",&,0*6 C0,-&(*70,#*&U34&'&l3'+&R$%/'m&#$&1&8,#*L*6 +1&(*701/*C&/$(M1#*(+1K&1&C0*(/*(+1K&"#$%*/+,./1<& ]*&+,0,B&1+d,(D*M1#.C,&",)*B&./*(1&%,C*M1#.C1& d*C/,(1B& C*,& 2/,& .'& )%171+*& 170,(*& $+$(-1#$B&

!"#$,#$[6#."+-#+".),-2".&()(>8+,-&,$"-+,E."('."(>+$F('-3E)6"(G*(>+A6"&.'.8+/$"+U(&Z+JE(2$+ H>-6"(d.+$++0'(2-"( !23-'4+ >&&,4MMNNN7,>-6"(d>-F6'6F-#6E("?Qh<7A-FM$,E-.#6#O(F.?6%M%$"OA(&ZO>-F6O'6F-#6@ E("?@j<:PQP7),?8+KQ:7B79::C7L


#&

7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

!"#$-#$c-*.A()6+3-#6=(>+$F('-3E)6"(G*(>+A6"&.'.+$+/01@$ !23-'4+56&(%+(+#'78+9:::+

&'(#$+#$H'(F)6'(+F6&'-,-E(&."%*(>+ ,-#'$G).+%+(2'.2(&-+3(%-*(F+,-%&-&"(F+ $#)6E-F+%&.'()(>+-#+h<+?-#(".+9::j7+

<A5+/+'&M"."

;'/)+,-"&/*/N+ )'+OP+$)'/#"+ GQH

O'+/*&N,("*B&`T

g;B:

J*8%$.&6&U*(M,&P.%*+"B&`T

:YB:

O*%D&^,*./B&`T

:@

jM*%*B&`T

:@

O($.M,//B&4]

::B@

O*%D&38(1+-.B&4e

:;BE

!23-'4+D6&'-,-E(&."+/&.&(%&(A.E+0'6.%+k+H-,$@ E.&(-"+JZ+0?64+9::j8+e7/7+U6"%$%+;$'6.$8+ e/0+U-$"&(6%8>&&,4MMNNNMA6"%$%7?-3MA-F@ ,6"#(.M%&.&.JMA.&%M,-,M6%&(F.&6%O."#O,'-@ )6A&(-"%O%&.&6%OF6&'-,-E(&."O.'6.%OA(&(6%7 >&FE8+K9h7B79::C7L

)%171+*& /([12/*& 1%1& ",./'8+,./& (*"+$& .+*-$B& 012$&+1.'&,"&8($.'"+$&0*[+,./1<&j"&+*#0$9$& 0*[+,./1& 8,./*%*& #$& ",./'8+,./& 1+d,(D*M1#*B& C,#$B&*C,&8,./,#1&C0*%1/$/*+&8(1./'8&1+/$(+$/'B& D,-'& )1/1& ",./'8+$& -,/,0,& .0'-"#$<& W0(/6 C$& +*& /*#& +*L1+& D,-'& 17*)(*/1& D#$./,& (*"*& '& .C%*"'& .& ,.,)+1D& [$%#*D*B& 7*& 2/,& .$& '& 3456'&"*+*.&+*#L$29$&17*)1($&'8(*0,&l3'+& R$%/m<&T#'"1&9$&7*&[10,/&17*)(*/1&D#$./,&.&)%*6 -,D& 71D,DB& )%17'& 0,"$+$& 8,0(21+$B& 0$9$& -(*",0$& .& ),-*/1D& C'%/'(+1D& [10,/,DB& C*,& 2/,&.'&^K1M*-,B&U1++$*8,%1.B&R,./,+&1%1&J$V& h,(CB&1%1&8*C&+$C,&D*+#$&D#$./,&170*+&.8,6 D$+'/,-& 8,"('L#*B& +*& 8%*+1+.C,D& ]*8*"'& G8(1D#$(1M$&R,1.$&'&"([*01&P"*K,I&GN$/1.&1&"(<B& :;;;I<&W($)*&18*C&1D*/1&+*&'D'&"*&#$&+*#),6 %#1& 8(1./'8& 1+d,(D*M1#*D*& 1& "*%#$& '& +*#0$91D& -(*",01D*<


7",*1"04.)-",90%)":*!0!1*/"3'&0BC-1CB4.&C5!>2LQ2.&OB5.4CE&-!-1LK.&-./@$ \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.H(EF

43<%7%*!"#43()5"*35$1<9!3(" P*C,&#$&1+"'./(1#*&3456*&'&7*"+#1K&+$C,%1C,& "$.$/%#$9*&.&(*70,#$D&/$(M1#*(+1K&1&C0*(/*(+1K& "#$%*/+,./1&17-')1%*&+*&7+*L$+#'B&#$"*+&+#$+& "1,B&8($M17+1#$&1+d,(D*/1LC*&1+"'./(1#*&#$&",6 [10#$%*& +*-%1& 8(,M0*/<& P+d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d,(D*/1LC*&1+"'./(1#*&1D*& 0$%1C'& .%,),"'& 17),(*& D#$./*& "#$%,0*+#*<& !& 7*"+#1K& +$C,%1C,& "$.$/%#$9*& 01.,C,& .8$M1#*6 %171(*+*&1+"'./(1#*&.D#$./1%*&.$&'-%*0+,D&+*& 8,"('L#'&l3'+&R$%/*m&GW$a*.B&l31%1M1#.C*&",6 %1+*m&'&^*%1d,(+1#1I&/$&.#$0$(,7*8*"*&3456*<&

#*

b*,& 8(1D#$(& .D*+#$+#*& 0*[+,./1& /(*"1M16 ,+*%+$& 1+"'./(1#$& '& 3456'& D,[$& 8,.%'[1/1& 8,"*/*C&,&-')1/C'&./*+,0+12/0*&0$%1C1K&D$6 /(,8,%1/*+.C1K&8,"('L#*&1+"'./(1#.C,-&8,#*.*B& C*,& 2/,& .'& 5$/(,1/B& O1//.)'(-K& 1& ^%$0$%*+"B& C,#1&.'&'&(*7",)%#'&,"&:;;;<&",&:;;?<&17-'6 )1%1&17D$Q'&;BFA&1&gBgA&./*+,0+12/0*&6&5$6 /(,1/&:X<@@?B&O1//.)'(-K&XE<?EFB&*&^%$0$%*+"& YE<X:F&G/*)<&gI< 501#$& L1+#$+1M$& C,#$& )1& .$& /*C,Q$(& /($)*6 %$& '7$/1& '& ,)71(& C*"*& -,0,(1D,& ,& +*-%,D& (*70,#'& l3'+& R$%/*m& .'& 1& (*70,#& /$K+,%,-1#$& C%1D*&'($Q*#*&1&C(*#&%$-*%+$&.$-($-*M1#$&./*6 +,0+12/0*<& J*1D$B& "*& +1#$& )1%,& /$K+,%,-1#$& C%1D*& '($Q*#*B& .1-'(+,& )1& .$& 8'+,& D*+#$& %#'"1&,"%'L1%,&+*&[10,/&'B&8(1D#$(1M$B&0('9$D& OK,$+1a'B& 1%1& +*& 0('9,#& 1& 0(%,& .8*(+,#& `%,(16 "1<&W*C,Q$(B&'C1"*+#$D&%$-*%+$&.$-($-*M1#$& ./*+,0+12/0*&+*&C(*#+#$D&#'-'B&D+,-,&%#'"1B& *&1&C,D8*+1#*B&.$&,"%'L1%,&+*&",%*7*C&+*&",& /*"*&.,M1#*%+,&0(%,&,.#$/%#10,&8,"('L#$&GN$/1.& 1&"(<B&:;;;I<

*+'&(,'!(,0+0+4"#(+8 #$4%23$&%B)4=B)?//<()J$V&j(%$*+.&V*.&J*/1,+s.&`*./$./6N(,V1+-&^1/_&1+&:;;?B&O,8'%*/1,+& N$//1+-& ^%,.$(& /,& O($6b*/(1+*& T$0$%.B& K//8=nnVVV<M$+.'.<-,0nO($..6e$%$*.$nVVVn($%$*6 .$.n*(MK10$.n8,8'%*/1,+n;>gEF;<K/D%&G:;<E<:;;E<I&& ^'D'%*/10$&\./1D*/$.&,d&O,8'%*/1,+&^K*+-$&d,(&U$/(,8,%1/*+&3*/1./1M*%&4($*.&*+"&e*+C1+6 -.=&48(1%&>B&:;;;&/,&Z'%_&>B&:;;?&G^R34&\3W:;;?6;XIB&!<3<&&^$+.'.&R'($*'B&O,8'%*/1,+& 5101.1,+B&K//8=nnVVV<M$+.'.<-,0n8,8$./nD$/(,n^R346$./:;;?68,86MK-<K/D%&G:g<?<:;;E<I 0$3&2B)1=B)0$3&2B)5=B)C"123!$4B)&=)$=B)?///(&!"#$%&'($)$%*')"&'+)")&),'-.%'/)"&')"&'0%123%B& UMN(*V6i1%%&3M1$+M$ 81';"%B)9=)5=B)?//D(&O,8'%*/1,+&^K*+-$&1+&U$/(,8,%1/*+&*+"&U1M(,8,%1/*+&3/*/1./1M*%&4($*.=& >EE;6:;;gB&O,8'%*/1,+&*+"&8(,#$M/1,+.B&K//8=nnVVV<M$+.'.<-,0n8(,"n:;;Y8').n8:Y6>>g@< 8"d&G:;<E<:;;E<I U$/(,8,%1/*+&3/*/1./1M*%&4($*.&k&O,8'%*/1,+&)_&4-$=&:;;XB&!<3<&^$+.'.&R'($*'B&!34&^,'+6 /1$.B& K//8=nnVVVnM$+.'.<-,0nM,D8$+"1*n./*/*)nM*/.n8,8n$./1D*/$.t*+"t8(,#$M/1,+.t./*6 /$.tD$/(,8,%1/*+t*($*.tM1/1$.<K/D%&G:F<?<:;;E<I 8';%&0E3B)3=)!=B&:;;g=&WK$&J,(/K&4D$(1M*+&^1/_&'=&4%5#1")3'6%157)2.8'19'$.%'!"#$%&'($): $%*')"&'+)")&);'07%"$#<%'=)33B&F;6E><


"'

*4$2;B)8=B):;;:*=&67)&'#'>7?)"#@)<#A)'B'C*"1D%'>7?)"%'5%157)EA%B&rC,%.C*&C+#1-*B&]*-($)B& H<&",8'+#$+,&17"*+#$ *4$2;B)8=B):;;:)=&4)@D1A'>7?)"#.'*#*$%F)'>'*D#A%$>B&rC,%.C*&C+#1-*B&]*-($)B&PP<&",8'+#$+,& 17"*+#$& K//8=nnVVV<M$+.'.<-,0n-$,nVVVnD*8.nD.*tD*8.:;;?n'.tV*%%t>>;?<K/D%B&G:g<?<:;;E<I K//8=nnVVV<8K,$+1aK,D$($D,"$%1+-gFY<M,Dn'8%,*"$"t1D*-$.n.'+tM1/_tK,D$t($D,"$6 %1+-6XY;>g><#8-⋙<?<:;;E<I

7",*1"04.)-",9&$&)-@.P,88@.23'2#@D.<)0G'+/9)./"$7)5.23'2#,453D./+53#.6#'/"'#&'.0G,&)#,&53.). #32)'&,G&).#,1-'5D.WW@.2'7)&,D.4F,0&2$6,+150"G-,0&2)*+,

%)":*!0!1*/"3B&#37@.0#'*@D.d4+-10E'>&6+.'N4>96Q1&1+.+'2+5J+F,0"4,0"&L>&6E0>(2"4"96 /01(2&3456"1-678967::::6;0-14<96=150"'>0964F,0&2$6.JN4-0*G-4+-)#,E)!1


"#

KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML& 4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.& K.P.B-M.@SB3.1-M.&8::A,@8:)T, ,-),#.;1.5&603*$"!

[#-,"/9'5.d3.$G,/9'+.$.]$#'0/9$.?&)5$.9#'1.`':31)5/9).*'&7."3.!"#$9"$#&3.*'&7'-3.]?(,.P)").'"-'( #3&,.1&,%,5&,.4&,&8)5/9,./#37/"-,D.0#3+,.0#-)+.)1#,%$&)+,.).'9'.NF.0$",.-3d,.'7./,7,K&5):.2'7)K&5):. ,G'9,8)5,.$.'9-)#$.W6;(3D.9'53./3.9#3d$.'9'.NZF.+)G)5$&,.3$#,e.:""0ecc38@3$#'0,@3$c3&G,#23+3&"c8,&7)( 7,"3(8'$&"#)3/c8#',"),c4&,&8),G(,//)/",&83c)&73fg3&@:"+@.

)(#3(,%+0)#%#9+0&!(#)./&0 !-+2&0!07(",'./#2 3/('C/'(+1& d,+",01& 1& b,K$71#.C1& d,+"& ,)'6 K0*9*#'&"1,&($-1,+*%+$&8,%1/1C$&\!6*<&^1%#&/1K& d,+",0*& .D*+#1/1& #$& 0$%1C$& (*7%1C$& '& (*70,#'& 17D$Q'& +*#),-*/1#1K& 1& +*#.1(,D*2+1#1K& ($-1#*& '&\!6'&1&8(,D1M*/1&-,.8,"*(.C'B&.,M1#*%+'&1& /$(1/,(1#*%+'&C,K$71#'<&O(,21($+#$&+*&>:&+,01K& L%*+1M*& ($7'%/1(*%,& #$& 0$91D& (*7%1C*D*& '& (*6 71+1& (*701#$+,./1& 8,& ($-1#*D*& \!c& ,8.$[+$& ($d,(D$&'&C,K$71#.C,#&8,%1/1M1&'&(*7",)%#'&,"& :;;X<&",&:;>g<&1D*#'&7*&M1%#&8,),%#2*/1&C,+6 0$(-$+M1#'&G8,./17*+#$&1&,"([*0*+#$&./*)1%+,6 ./1&M1#$+*B&/$L*#+1K&./,8*B&"'-,(,L+1K&(*71+*& C*D*/+1K&./,8*&1&&,"([101K&"([*0+1K&f+*+M16

#*IB&C,+C'($+/+,./&/$&/$(1/,(1#*%+'&.'(*"+#'< U$Q'/1D&1&8(1#$&L%*+./0*&'&!+1#1B&i(0*/.C,#& .'&,/0,($+1&8(,-(*D1&8,D,91&\!6*<&!+1#*&#$& 8'/$D& (*7%1L1/1K& f+*+M1#.C1& 1+./('D$+*/*& ,"& >EEF<&",&,0$&-,"1+$&","1#$%1%*&012$&,"&>Bg&D16 %1#*("1&$'(*&7*&f+*+M1(*+#$&8(,#$C*/*&'&i(0*/6 .C,#<&5,&./#$M*+#*&./*/'.*&"([*0$&C*+"1"*/6 C1+#$B&i(0*/.C*&#$&C,(1./1%*&.($"./0*&17&"0*#'& 8(,-(*D*& 6& jRJjH4& 1& ^4e53<& !& ,C01('& 8(,-(*D*&jRJjH4&F;&D1%1#'+*&$'(*&)1%,&#$& +*& (*.8,%*-*+#'B& C,#1& .'& 8(1D*(+,& '/(,2$+1&& +*& 8(,#$C/$& ,)+,0$& '& (*/,D& 7*K0*9$+1D& 8,"('L#1D*<&&O(,-(*D&^4e53&:;;><6:;;@<& +*D1#$+#$+&#$&)1,&8(1#$&.0$-*&#*L*+#'&*"D1+16 ./(*/10+1K&C*8*M1/$/*B&*&(*.8,%,[10*&.($"./0*&


""

,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

!"#$%#$H'6&,'(%&$,"(+,'-?'.F(+$+I6,$JE(A(+f'3.&%*-) !23-'4+D("(%&.'%&3-+R"."A().+KNNN7FR"7>'+L+

17+,.1%*&.'&:F;&D1%1#'+*&$'(*<&J*C,+&2/,&#$& 8,./*%*& .%'[)$+1& C*+"1"*/& >?<& %18+#*& :;;@<B& i(0*/.C,#& .'& 8,./*%1& ",./'8+1& /70<& 8($/8(16 ./'8+1& 8(,-(*D1& 8(0$& -$+$(*M1#$=& Oi4e\B& P3O4& 1& 34O4e5& '& 'C'8+,D& 17+,.'& ,"& :Y:& D1%1#'+*& $'(*& 7*& :;;Y<& 1& :;;F<& -,"1+$<& O(,-(*D&Oi4e\&)1,&#$&'.D#$($+&+*&8(,#$C6 /$& #*L*+#*& C*8*M1/$/*& 7$D%#$& 7*& L%*+./0,& '& \'(,8.C,#&!+1#1B&17&8(,-(*D*&P3O4&f+*+M1(*6 +1&.'&1+d(*./('C/'(+1&8(,#$C/1&'&8,"('L#'&8(,6 D$/*&&1&7*2/1/$&,C,%12*B&*&34O4e5&8(,-(*D& C,(1./1,& .$& 7*& '+*8(#$Q$+#$& & 8,%#,8(10($"$<& !& f+*+M1#.C,#& 8$(.8$C/101& \'(,8.C$& !+1#$& :;;X6:;>g<B& e$8')%1M1& i(0*/.C,#& +*& (*.8,6 %*-*+#'&#$&+,01&8($/8(1./'8+1&8(,-(*D&PO4< P+./('D$+/& 8($/8(1./'8+$& 8,D,91& PO4' G$+-<& H"*$7>F%"$' 917' 07%:I<<%**#1"' I**#*$)"<%J& 7*& (*7",)%#$& :;;X<k& :;>g<& 7*6 D1#$+1,& #$& ",/*"*2+#$& 8(,-(*D$& ^4e53B&

Oi4e\B&P3O4&1&34O4e5&/$&8('[*&f+*+M1#6 .C'&8,D,9&'+'/*(&,C01(*&\'(,8.C,-&8*(/+$(6 ./0*& 7*& 8,/$+M1#*%+$& 7$D%#$& C*+"1"*/C1+#$& 1& O($/8(1./'8+,-& 8*(/+$(./0*& 7$D*%#*& C*+"16 "*/C1+#*&G'&.%'L*#'&i(0*/.C$I<&&PO4&#$&.*./*06 %#$+*&,"&8$/&C,D8,+$+/1B&*&-%*0+1&M1%#&#$&8,6 D,9&'&17-(*"+#1&1+./1/'M1#*&1&0%*"*01+$&8(*0*B& %#'".C1K& 8(*0*& 1& 8(*0*& D*+#1+*B& #$"+*C,./& .8,%,0*& 1& +$"1.C(1D1+*M1#*B& *"D1+1./(*/10+$& 1& -,.8,"*(.C$& ($d,(D$B& ($-1,+*%+1& (*70,#& 1& 8($C,-(*+1L+*& .'(*"+#*<& 5([*0*D*& C*+"16 "*/C1+#*D*&Gi(0*/.C*B&U*C$",+1#*B&W'(.C*I& ,/0,($+,& #$& .01K& 8$/& C,D8,+$+/1B& *& 8,/$+6 M1#*%+1D&C*+"1"*/C1+#*D*&8(0*&1&"('-*&C,D6 8,+$+/*&G^(+*&N,(*&'&,0,D&/($+'/C'B&1*C,& C*+"1"*/C1+#*& ,"& 8(,.1+M*& :;>;<& #,2& '01#$C& C,(1./1& "01#$& C,D8,+$+/$I=& K//8=nn$M<$'(,8*< $'n$+%*(-$D$+/nK,V6",$.61/6V,(Cnf+*+M1*%6 *..1./*+M$n8%*++1+-618*t$+<K/D&


,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

")

!"#$ )#$ 1'V.36+ -J$>3.=6"6+ ,'-?'.F-F+ !H0+ K#'V.36+ *."#(#.&*(")6@+ &.F"-+ ".'."G.%&.+ J-).4+f'3.&%*.8+D.*6#-"().+(+a$'%*.\+#'V.36+,-&6"A().E"(+*."#(#.&(@+%3()6&E-+".'."G.%&.+ J-).+@+/'J().8+;(f8+0EJ."().8+`-%-3-+,-#+'62-E$A()-F+^()6=.+%(?$'"-%&(+eX@.+P9llMCC\+ U'".+5-'.+)6+*."#(#.&+-#+,'-%("A.+9:P:7L7+ !23-'4+ i$'-,%*.+ *-F(%().@'6?(-".E".+ ,-E(&(*.+ K>&&,4MM6A76$'-,.76$M'6?(-".EO,-E(AZMS$"#%M(,.M("@ #6dO6"7>&FL

O(,-(*D&PO4&.*./,#1&.$&,"&.%#$"$91K&C,D6 8,+$+/1= ><& I)9)R+ 8+ -&"#?/F/*/+ /+ *"S"#*:+ /#,-/-8= F/*"T& 8($"./*0%#*& .0,#$0(./*+& +$8,.($"*+& +*./*0*C&*C/10+,./1&17&8(,-(*D*&Oi4e\B&'7& 17+1DC'&C,D8,+$+/$&$C,+,D.C$&1&.,M1#*%+$& C,K$71#$c :<& I&:0)$&"#/S#"+ ,8&"'#*"T& f+*+M1(*& 7*#$"+1LC$&8($C,-(*+1L+$&*C/10+,./1&17D$Q'& "([*0*&C,(1.+1M*&8(,-(*D*&PO4&G+8(<&i(0*/6 .C$&1&^(+$&N,($I&/$&"([*0*&L%*+1M*&\'(,8.C$& '+1#$& G8(1D#$(& /*C0$& .'(*"+#$& .'& 8($C,-(*6 +1L+1&8(,#$C/1&17D$Q'&i(0*/.C$&1&3%,0$+1#$&1%1& i(0*/.C$&1&U*Q*(.C$Ic g<&!:$/)#"7#/+&"?.)*T&8($"./*0%#*&+*./*6 0*C& 8(,-(*D*& P3O4& /$& C,D8,+$+/$& $C,6 +,D.C$&1&.,M1#*%+$&C,K$71#$&8(,-(*D*&Oi46 e\B&&f+*+M1(*&1+d(*./('C/'(+$&8(,#$C/$&0$91K& (*7D#$(*& +*& 8,"('L#'& 7*2/1/$& ,C,%12*& 1& 8(,6 D$/*B& C*,& 1& 8(,-(*D$& 8,/1M*+#*& C,+C'($+6 /+,./1& /$& '#$"+*L$+,-& ($-1,+*%+,-& (*70,#*<&

j0*& .*./*0+1M*& 8(,-(*D*& PO4& 8(18($D*& #$& 7*&C,(12/$+#$&\'(,8.C,-&d,+"*&7*&($-1,+*%6 +1& (*70,#& G\e5`n\`eeI& +*C,+& 8(1./'8*+#*& \!6'c @<&!"?.)*+7*8',0/N+6)-:#F/*"7"=&8($/$L*& #$&\'(,8.C,-&.,M1#*%+,-&d,+"*&G\3`I&f+*+6 M1(*&8(,#$C/$&'&8,"('L#'&.,M1#*%+$&C,K$71#$&'& .0(K'& ,./0*(10*+#*& M1%#$0*& \'(,8.C$& ./(*/$6 -1#$&7*&7*8,2%#*0*+#$c Y<& !8&"7#/+ &"?.)*=& +*./*0%#*& .$& +*& 8(,6 -(*D& 34O4e5B& *& ,.1-'(*0*& f+*+M1#.C*& .($"./0*&7*&8(,#$C/$&8(1D#$+$&8(*0+$&./$L$6 01+$& '& 8,"('L#'& 8,%#,8(10($"$& /$& 8,/1L$& (*6 70,#&('(*%+1K&8,"('L#*< ]*& .01K& 8$/& C,D8,+$+/1& *%,M1(*+,& #$& XY@BF& D1%1#'+*& $'(*& ",& ,0$& -,"1+$B& *& 8,6 ./,/+1& ,D#$(& 01"%#10& #$& +*& -(*fLC,D& 8(1C*7'& G.%<&gI<&P*C,&+*#D*+#1&f+*+M1#.C1&'"1,&,"&.01K& C,D8,+$+/1& ,/8*"*& +*& 8($C,-(*+1L+'& .'6 (*"+#'&GXAIB&,+*&18*C&1D*&7+*L*#+'&'%,-'B& C*C,&'&8,0$710*+#'&-(*+1L+1K&8,"('L#*&'&.'6


"$

,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

D$+*/*&GPO4B&\JOPI&+*&0*+#.C1D&-(*+1M*D*& !+1#$&G+8(<&7*&U*Q*(.C'&1%1&3%,0$+1#'&'&8(,6 -(*D1D*&.&i(0*/.C,DI<+ &\W^&8,C(10*&/(1&/18*&O(,-(*D*= 6& 6&:0)$&"#/S#:+ 6&)$&"9:& GY:I& '+'/*(& '+'/*(+#1K& -(*+1M*& \'(,8.C$& '+1#$B& .& ",8(16 +,.,D& ,"& YBF& D1%1#*("1& $'(*& 17& \'(,8.C,-& d,+"*&7*&($-1,+*%+1&(*70,# 6& -&"#,#"F/)#"7#:+ 6&)$&"9:+ G>gI& 6& 8,6 C(10*#'& 0$9*& 8,"('L#*& .'(*"+#$B& 8,8'/& U$6 "1/$(*+*B& Z'-,1./,L+$& \'(,8$B& *%8.C,-& 1& !"#$ *#$ H-%&-&"(+ $#(-+ *-F,-"6"&(+ !H0+ $+ )*%/1LC,-&8(,./,(*&.&",8(1+,.,D&,"&>B?&D1%16 $*$,"-)+ R"."A()%*-)+ ,-F-=(+ $+ -*3('$+ !"@ #*("1&$'(*&17&\'(,8.C,-&d,+"*&7*&($-1,+*%+1& %&'$F6"&.+$+f'3.&%*-) (*70,#< !23-'4+/'6#(T").++.?6"A().+2.+R"."A('.")6+(+$?-@ 6& 9:U8&:$/)#"7#:+ 6&)$&"9:+ GPJ6 3.'.")6+,'-?'.F.+(+,'-)6*.&.+ie+@+/0_e+K>&&,4MM W\ee\N& PH^I& 1& /(1& 8(,-(*D*& 'D($[*0*+#*& NNN7%.S$7>'M>'M-@,'-?'.F(F.@,-F-=(M(,.L++ G!()*M/&PPB&P+/$(*M/&PP&1&\3OjJI&C,#1&8,C(10*6 #'&:X&"([*0*&L%*+1M*&\!6*B&*&,D,-'9*0*#'& .#$"./0'B&/*C,&1&+*&($-1,+*%+1&(*70,#<& ,C01(&7*&(*7D#$+'&1.C'./0*&17D$Q'&/1#$%*&($6 -1,+*%+$&1&%,C*%+$&.*D,'8(*0$&'&"([*0*D*& )(&/#3(,-+1-,0.!(,$-2, L%*+1M*D*B& .& ",8(1+,.,D& ,"& @@Y& D1%1#'+*& b,K$71#.C*& 8,%1/1C*& 8,/1L$& ($-1#$& 1& -(*",6 $'(*& 17& \'(,8.C,-& d,+"*& 7*& ($-1,+*%+1& (*6 0$& 17& (*7%1L1/1K& "([*0*& L%*+1M*& \!6*& +*& .'6 70,# (*"+#'&1&./#$M*+#$&1.C'./*0*&C(,7&7*#$"+1LC$& b*"*&8,./*+$&L%*+1M*&\!6*&i(0*/.C*&9$& 8(,-(*D$& 1& 8(,#$C/$& /$& (*70,#& 7*#$"+1LC1K& 8'/$D& 8($C,-(*+1L+1K& 8(,-(*D*& .& ,./*%1D& D($[*<& ^1%#& 8($C,-(*+1L+$& .'(*"+#$& 'D*6 "([*0*D*& !+1#$& '91& '& \'(,8.C'& /$(1/,(1#*%6 +#1/1& #$& +$-*/10*+& '/#$M*#& -(*+1M*& /$& '/#$M*/1& +'& .'(*"+#'& f+*+M1(*+'& 17& \e5`6*<& !+1#*& +*&'#$"+*L$+1&.,M1#*%+1&1&-,.8,"*(.C1&(*70,#& ",& /*"*+ 8($/8(1./'8+1D& d,+",01D*& 8,D*[$& 8,-(*+1L+1K&8,"('L#*<& 8(,-(*D$& .*& 7$D%#*D*& C*+"1"*/C1+#*D*& 1& !& f+*+M1#.C,#& 8$(.8$C/101& :;;X6:;>g<& M1%#& 8,/$+M1#*%+1D&C*+"1"*/C1+#*D*<& g& C,K$71#.C$& 8,%1/1C$& $'(,8.C*& #$& /$(1/,(16 O($C,-(*+1L+*& 1& /(*+.+*M1,+*%+*& .'(*"6 #*%+*& .'(*"+#*& G%"5K' L>712%)"' -%77#$17#)3' +#*& '& /*"*2+#,#& \'(,8.C,#& 7*#$"+1M1& 7*8,6 +1:12%7)$#1"'1?A%<$#D%':'L-+J;&+$C*"*2+#*& L$%*& #$& C*,& 17"0,#$+*& 1+1M1#*/10*& ]*#$"+1M$& 1+1M1#*/10*&\'(,8.C$&7*#$"+1M$6&PJW\ee\NB& f+*+M1(*+*&17&\'(,8.C,-&d,+"*&7*&($-1,+*%6 *& f+*+M1(*& .$& 17+ \'(,8.C,-& d,+"*& 7*& ($-16 +1& (*70,#& >EE;<& -,"1+$<& j"& /*"*& ",& "*+*.& ,+*%+1& (*70,#& G\e5`n\`eeI& /$& 8,"([*0*& ",)10*& +*& 0*[+,./1& 1& f+*+M1#.C,D& '"#$%'& '& 8($C,-(*+1L+$B&/(*+.+*M1,+*%+$&1&D$Q'($-16 \e5`n\`eeB&*&f+*+M1(*+*&#$&C(,7&(*7%1L1/$& ,+*%+$&8(,-(*D$<&O(,(*L'+&,"&?BX&D1%1#*("1& d*7$&PJW\ee\N6*B&.0$&",&.*"*2+#$&f+*+6 \!e& 17+,.1& :BYA& 'C'8+1K& .($"./*0*& +*D16 M1#.C$&8$(.8$C/10$&G:;;X<6:;>g<I&C*"&8,./*6 #$+#$+1K& 7*& C,K$71#.C'& 8,%1/1C'& 'C%#'L'#'91& 1& #$&#$"+1D&,"&/(1#'&,.+,0+1K&M1%#$0*&C,K$71#.C$& *%,C*M1#$&7*&"([*0$&L%*+1M$&C,#$&.'"#$%'#'&'& 8,%1/1C$&\!&GM1%#$D&gI<& 8(,-(*D1D*&.'(*"+#$&'&,C01('&"('-1K&1+./('6


,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

e$8')%1C*&i(0*/.C*B&.0,#1D&,)%1C,DB&"'6 [1+,D&C,8+$+$&-(*+1M$&G:gX@BE&CDI!&/$&/1D$& "*& L*C& >?& ,"& :>& ['8*+1#$& -(*+1L1& .& +$C,D& ,"& .'.#$"+1K& "([*0*& 1D*& .+*[+'& 8$(.8$C6 /10'& 7*& (*70,#& 8($C,-(*+1L+$& .'(*"+#$<& !& 8,.%#$"+#1K& "$.$/& -,"1+*& 8,./*#$& 8,./'8+,& 1& 0*[*+& $%$D$+/& ($-1,+*%+,-& (*70,#*& '& i(6 0*/.C,#<& !&8(,(*L'+.C,D&(*7",)%#'&:;;X<&6&:;>g<& i(0*/.C*& '& ,C01('& PO46$& 8(,0,"1& 8(,-(*D$& 8($C,-(*+1L+$&.'(*"+#$&.*&.01D&.'.#$"+1D& 7$D%#*D*& .&C,#1D*& "1#$%1& C,8+$+'& 1&D,(.C'& -(*+1M'B&C*C,&L%*+1M*D*&GU*Q*(.C,D&1&3%,6 0$+1#,D& '& )1%*/$(*%+1D& 8(,-(*D1D*B& C*,& 1& P/*%1#,D& '& ,C01('& 8(,-(*D*& Z*"(*+.C$& 8($6 C,-(*+1L+$&.'(*"+#$&6&4"(1*/1MI&/*C,&1&+$L%*6 +1M*D*& G3()1#,DB& R,.+,D& 1& i$(M$-,01+,D& /$&^(+,D&N,(,DI<&!7&/,B&i(0*/.C*&.'"#$%'#$& 1& '& "0*& /(*+.+*M1,+*%+*& 8(,-(*D*=& & W(*+6 .+*M1,+*%+1&8(,-(*D&7*&#'-,1./,L+'&\'(,8'& G%"5K&(1>$.'L)*$'L>712%'-7)"*")$#1")3'+1: 12%7)$#1"'07157)FF%I&/$&U$"1/$(*+&GMLNI<& !& PO4& 8(,-(*D1D*& .& "([*0*D*& L%*+1M*D*& ",./'8+*& .'& 7+*/+,& 0$9*& f+*+M1#.C*& .($"6 ./0*& +$-,& .& "([*0*D*& C*+"1"*/C1+#*D*B& *& 8(,0,"$& .$& 8($D*& D,"$%'& 7*#$"+1LC,-& .16 ./$D*& '8(*0%#*+#*& G%"5K' O*.)7%&' F)")5%: F%"$'*8*$%FPJ;'C,#1&#$&'7&D*+#$&(*7%1C$&0(%,& .%1L*+& +*L1+'& 8(,0$")$& 8(,-(*D*& "([*0*& L%*+1M*&'&,C01('&\W^6*&G+8(<&4'./(1#*6U*Q*(6 .C*B& U*Q*(.C*63%,0*LC*B& u$2C*6O,%#.C*B& P/*%1#*64'./(1#*& 1/"<I<& j0*C*0& +*L1+& '8(*0%#*6 +#*&,D,-'91/&9$&%*C2'&8(1%*-,")'&i(0*/.C$& 1&8,-(*+1L+1K&['8*+1#*&C*"*&8,./*+$&8'+,6 8(*0+*&L%*+1M*&/$&9$&C*.+1#$&.0,#*&1.C'./0*& 1&1./1&D,"$%&8(,0$")$&8(1D#$+#10*/1&.&"([*0*6 D*&+*&1./,L+1D&-(*+1M*D*&G3()1#,DB&R1i&/$& ^(+,D&N,(,DI<' !& ,0,D& L%*+C'& ./,-*& 9$D,& 012$& (1#$L1& 8,.0$/1/1&8(,-(*D'&.&U*Q*(.C,DB&"([*0,D& !"

#$%&'(""$"%)*(+(",-&+('&"."/0&0(10(23("4560$7(1"89!9:" ;<=/>?>:""@@@A%B1AC-

"(

L1#*&.'&1.C'./0*&0(%,&"(*-,M#$+*B&)'"'91&"*& #$&8(0*&17&+,0,-&0*%*&8(,21($+#*B&'7&O,%#.C'B& #,2&>E?E<&8,L$%*&C,(1./1/1&.($"./0*&17&8($/8(16 ./'8+1K&d,+",0*&GOi4e\6*IB&*&,"&><&.01)+#*& :;;@<& C*,& 1& ,./*%$& "([*0$& L%*+1M$& 8(,0,"1& 8(,-(*D$&1&8(,#$C/$&'&,C01('&C,K$71#.C,-&/$& ./('C/'(+1K&d,+",0*<&

.)&5+:+1-#.'+07(",'./#6 %,;,(./&03(,-+5&0'&0#.-#"-+0 $&%#3(,:./#63#.)#$,(./+0 )#/,4,'&*2+0)#3(,-+1-+70 <!),-+2, O(1#$&,.0(/*&+*&PO4&8($C,-(*+1L+1&8(,-(*D& U*Q*(.C*6i(0*/.C*&/$&D,-'9+,./1&C,#$&8('6 [*&7*&($-1,+*%+1&(*70,#&/,-&"1#$%*&i(0*/.C$B& ,.0(+'/&9$D,&.$&1&+*&C*(*C/$(1./1C$&-(*+1M$<& i(0*/.C,6D*Q*(.C*& -(*+1M*& "'-*LC*& #$& gYYBY&CD&G/($9*&+*#"'[*&K(0*/.C*&C,8+$+*& -(*+1M*I8B&*&,)'K0*9*&>@BEA&'C'8+$&"'[16 +$& K(0*/.C1K& /$& >YBYA& .01K& D*Q*(.C1K& C,6 8+$+1K&-(*+1M*<&H$91+,D&#$&-$,-(*d.C1&%1D16 /1(*+*& 8(1(,"+1D& C*(*C/$(1./1C*D*B& ,"+,.+,& (1#$C*D*&U'(,D&1&5(*0,DB&17'7$0&K(0*/.C,-& "1#$%*&R*(*+#$&/$&D*%$+,-&"1#$%*&O($C,"(*06 %#*&C,#$&8(18*"*&b,8(10+1LC,6C(1[$0*LC,#&['6 8*+1#1<& W*C0$& f71LC,6-$,-(*d.C$& C*(*C/$(1./1C$& '0#$/,0*%$& .'& %,21#'& 8,0$7*+,./& 8,-(*+1L6 +,-& 8,"('L#*B& 2/,& .$& 8(1#$& .0$-*& ,L1/'#$& '& .%*),& (*701#$+,#& 1+d(*./('C/'(1<& !7& M1#$%'& "'6 [1+'&-(*+1M$B&'C'8+,&.'&.*D,&g&&D$Q'+*6 (,"+*& [$%#$7+1LC*+ Gb,/,(1)*6U'(*C$($.7/v(B& b,8(10+1M*6N_wCw+_$.B& R$%1& U*+*./1(6U*6 -_*()x%_I&/$&F&M$./,0+1K&-(*+1L+1K&8(1#$%*7*+ GN,(1L*+6T$/$+_$B&N,%*6R$(7$+M$B&W$($71+,& O,%#$6R*(M.B& 5,+#1& U1K,%#*M65(y0*.7*),%M.B& R*(*+#.C,&O$/(,0,&3$%,6R$($D$+"&1&5'),6 2$01M*6!"0*(IB& 2/,& +1#$& ",0,%#+,& 7*& ",)('& 1& 8

"#$%&'(""$"%)*(+(",-&+('&"."/0&0(10(23("4560$7(1"89!9:" ;<=/>?>:""@@@A%B1AC-"


"%

,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

!"#$+#$H-?'."(G"-+>'3.&%*-@F.g.'%*-+,-#'$G)6 !23-'4+H'-?'.F%*(+#-*$F6"&8+!H0+,'-?'.F.++D.g.'%*.@f'3.&%*.\++NNN7>$@>'@(,.7A-F+

C0*%1/$/+'& C,D'+1C*M1#'<& H*[+,& #$& +*-%*.1/1& "*&#$&8,%,01M*&.01K&M$./,0+1K&-(*+1L+1K&8(16 #$%*7*& .D#$2/$+*& '& j.#$LC,6)*(*+#.C,#& ['6 8*+1#1< O,./,#$& .0$& .+*[+1#1& C,+/*C/1& 1& 8($C,-(*6 +1L+1&8*(/+$(.C1&,"+,.1&'&/,D&8,"('L#'&G8(16 D#$(1M$& 17D$Q'& 3%*/1+$& 1& 371-$/0y(*& G31-$6 /*IIB&*%1&+$",./*/*C&M$./,0+1K&8(1#$%*7*&8($C,& 5(*0$&,+$D,-'9'#$&C0*%1/$/+'&C,D'+1C*M16 #'<+ Z$"1+*& 0$%1C*& 7*#$"+1LC*& 1+0$./1M1#*& 8,6 .%#$"+#1K& -,"1+*& D,./& #$& G=4,& U,./& U'(*6& =!,&](z+_1&Kz"H++*&O*+$'(,8.C,D&C,(1",('& H)B& -"#$& #$& .D#$2/$+& +,01& -(*+1L+1& 8(1#$%*7& N,(1L*+& 6& T$/$+_$<& W1D& D,./,D& 8,0$7*+$& .'&*'/,M$./$&]*-($)&6&N,(1L*+&G4@I&/$&R'6 "1D8$2/*&6&T$/$+_$&GUXI&'&%1./,8*"'&:;;?<&

-,"1+$<&&&& !7& 8(,)%$D& 8(,D$/+$& 1+d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j.#$LC,6)*(*+#.C$&['8*+1#$B& "*C%$& #$"1+,& 0$9$& 8,"('L#$& -"#$& +$& 8,./,#1& $d$C/&-$,-(*d.C,-6-(*+1L+,-&K$+"1C$8*<&W'& .'&.D#$2/$+*&1&"0*&+*#0$9*&-(*"*&'&8,-(*6


,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

+1L+,D& 8,"('L#'B& O$L'K& 1& j.1#$CB& #$"1+1& '& C,#1D*& "#$%'#'& K(0*/.C1B& ,"+,.+,& D*Q*(.C1& ,)(*7,0+1&M$+/*(&G,.+,0+*&1&.($"+#*&2C,%*I& /$&#$"1+1&-(*",01&'&C,#1D*&#$&D,-'9$&./'"1(*6 /1&K(0*/.C1&,"+,.+,&D*Q*(.C1&#$71C&C*,&./(*+1& #$71C&+*&d*C'%/$/'&'&8,-(*+1L+,D&8,"('L#'<& O($D*& 8,81.'& ./*+,0+12/0*& :;;><B& '& i(6 0*/.C,#&.$&>F&YEY&"([*0%#*+*&17#*.+1%,&"*&.'& D*Q*(.C$& +*M1,+*%+,./1& G;BgXA& 'C'8+,-& ./*+,0+12/0*&i(0*/.C$IB&,"&L$-*&+*#0$91&)(,#&& '& j.#$LC,6)*(*+#.C,#& ['8*+1#1& & GEX?@& 6& 2/,& #$& :BEFA& ./*+,0+12/0*& ['8*+1#$I<&& !&i(0*/.C,#&.$&.*D,&>:&FY;&"([*0%#*+*&17#*6 .+1%,&"*&-,0,(1&D*Q*(.C1&C*,&D*/$(1+#1&#$71C& G;B:EA&'C'8+,-&./*+,0+12/0*&i(0*/.C$IB&,"& L$-*& #$& +*#0$91& )(,#& '& j.#$LC,6)*(*+#.C,#& ['8*+1#1& G?& g;X6& 1%1& :BY>A& ./*+,0+12/0*& ['6 8*+1#$I< O($D*& ",./'8+1D& 8,"*M1D*& 7*& 8,81.& ./*+,0+12/0*&:;;><B&'&U*Q*(.C,#&.$&:Y&Xg;& "([*0%#*+*& 17#*.+1%,& "*& .'& K(0*/.C$& +*M1,6 +*%+,./1& & & & G;B:Y& A& 'C'8+,-& ./*+,0+12/0*& U*Q*(.C$I&,"&L$-*&#$&+*#0$91&)(,#&'&['8*+1#1& R*(*+_*&&GX:E@&6&2/,&#$&>BXEA&./*+,0+12/0*& ['8*+1#$I<& !&D$Q'8,81.+,D&(*7",)%#'&>EE><6:;;><B& '7& .0$& +*0$"$+,& D+,-1& "('-1& $%$D$+6 /1B& 8,8'/& C(17$& -,.8,"*(./0*& '& (*7",)%#'& /(*+71M1#$& 1& /,& 8,.$)1M$& ('(*%+1K& 8(,./,(*& G$D1-(*M1#*& '& -%*0+$& -(*",0$IB& +$-*/10+$& "1($C/+$& 1& 1+"1($C/+$& 8,.%#$"1M$& (*/*& G.& K(6 0*/.C$& ./(*+$IB& ,"+,.+,& 8(,)%$D1& (*70,#*& '& '0#$/1D*& 8$(1d$(1#$& '0#$/,0*%1& .'& 8,(*./& +$-*/10+1K& "$D,-(*d.C1K& 1& -,.8,"*(.C1K& /($+",0*& '& K(0*/.C,6D*Q*(.C,D& -(*+1L6 +,D& 8,"('L#'<& J*& /$D$%#'& *+*%17$& 8(,6 D$/+1K& /,C,0*& 8($C,& K(0*/.C,6D*Q*(.C1K& M$./,0+1K& -(*+1L+1K& 8(1#$%*7*& 1& "$D,-(*d6 .C1K& C($/*+#*& '& D$Q'8,81.+,D& (*7",)%#'& >EE><6:;;><&D,[$&.$&./$91&7*C%#'L*C&"*&"'[& K(0*/.C,6D*Q*(.C$& -(*+1M$& ",& .*"*& #/*:+ ')V7)+ ')+ W)&9/&"#*"+ -&"#,$&"#/S#:+ &:$/=

"!

*:+0)*"+J/+0)#.:&$/&"7"+&"?.)*#:+,9*:&#/= F:+ #".:':#)$+ 6)'&8S*"+ -:+ ,:+ 6)?/-/.#)+ )'&"?/7"+8+':9)$&"W,0)9+&"?.)*8&&Gj8*6 L19&1&^(%#$+C,B&:;;@B&??I<' 3&"('-$&./(*+$B&.&,)71(,D&"*&#$&-(*+1M*& #*.+,&"$f+1(*+*B&)$7&+$(1#$2$+1K&81/*+#*&#$"6 +*C,&C*,&1&)1%*/$(*%+1&D*Q*(.C,6K(0*/.C1&,"6 +,.1B&8($"./*0%#*&",)('&8,L$/+'&8,71M1#'&7*& .'(*"+#'<&W,&.$&#*.+,&D,-%,&',L1/1&1&'&8(*C6 .1& /1#$C,D& ,)*& +*/#$L*#*& GO,710*I& '& ,C01('& O(,-(*D*&U*Q*(.C*6i(0*/.C*&G8,(*./&)(,#*& 7*#$"+1LC1K& 1+1M1#*/10*B& 8,(*./& ",./*0%#$+1K& 8(1#*0*&8(,#$C*/*&'&"('-,D&O,710'&'&,"+,.'& +*&8(01&O,710B&C*,&1&)(,#&,"*)(*+1K&8(,#$C*6 /*I<&O(,-(*D&8,/1M*+#$D&.'(*"+#$&#$"+1D&"16 #$%,D&'D*+#'#$&+$-*/10+1&-(*+1L+,6-$,-(*d6 .C1& K$+"1C$8B& L$D'& 9$& ","*/+,& 8(1",+1#$/1& '%*7*C&i(0*/.C$&'&\'(,8.C'&'+1#'&/$&C*.+1#$& 3MK$+-$+.C'&7,+'<&U$Q'/1DB&7*&#*L1&(*70,#& 8($C,-(*+1L+,-&8,"('L#*&/($)*/&9$&","*/+,& (*701/1&8($C,-(*+1L+'&1+d(*./('C/'('<& 3$"*D& #$& 8,-(*+1L+1K& ['8*+1#*B& L$/1(1& .& K(0*/.C$&./(*+$&k&U$Q1D'(.C*B&b,8(10+1LC,6 C(1[$0*LC*B& H1(,01/1LC,68,"(*0.C*& 1& j.#$L6 C,6)*(*+#.C*&GJ!W3&PPP&,"-,0*(*#'9*&(*71+*& 8($D*& +,D$+C%*/'(1& 8(,./,(+1K& #$"1+1M*& 7*& ./*/1./1C'&\!ej3W4W6*IB&/(1&['8*+1#$&GF)QK' F%58%I&+*&D*Q*(.C,#&./(*+16&]*%*B&3,D,-_& 1&R*(*+_*&GJ!W3&PPP&(*71+*I<&&O($D*&8,.%#$"6 +#1D&",./'8+1D&8,"*M1D*B&.0$&/(1&D*Q*(.C$& ['8*+1#$&1.8,"&.'&"([*0+,-&8(,.#$C*&8($D*& )('/,& ",D*9$D& 8(,170,"'& 8,& ./*+,0+1C'& G",./'8+1& 8,"*M1& 7*& R5O& 8,& ./*+,0+1C'& 17& :;;FB&.'&1.C*7*+1&C*,&D#$(*&8(,170,"+#$B&*& +$&./*+"*("*{IB&*&+*#(*701#$+1#*&#$&+*#7*8*"6 +1#*&6&]*%*&G/*)<&>I&30$&/(1&['8*+1#$&(#$Q$&.'& +*.$%#$+$&,"&D*Q*(.C,-&8(,.#$C*<& 30$&L$/1(1&K(0*/.C$&['8*+1#$&1.8,"&.'&"(6 [*0+,-& 8(,.#$C*& 8($D*& )('/,& ",D*9$D& 8(,170,"'& 8,& ./*+,0+1C'& G",./'8+1& 8,"*M1& 7*&R5O&8,&./*+,0+1C'&1.C*7*+1&.'&C*,&D#$6 (*&8(,170,"+#$B&*&+$&./*+"*("*{IB&*&+*#(*7016


"&

,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

#$+1#*& b,8(10+1LC,6C(1[$0*LC*& ['8*+1#*& +*#6 )%1[*&#$&K(0*/.C,D&8(,.#$C'&G/*)<&:I' J*C,+& 7*0(2$+,-& 8,81.*& ./*+,0+12/0*& i(0*/.C$& '& /(*0+#'& /$& '& U*Q*(.C,#& '& %1./,6 8*"'& ,0$& -,"1+$& /$& ,)#*0$& .%'[)$+1K& 8,6 "*/*C*&/($)*%,&)1&+*8(*01/1&"$/*%#+'&&*+*%17'& D*Q*(.C,6K(0*/.C,-& 8,-(*+1L+,-& 8,"('L#*& "*&)1&.$&'/0("1%,&"*&%1&#$&",2%,&",&8(,D#$+$& 1%1& 8,0$9*+#$& +$-*/10+1K& /($+",0*& '& +,0,D& D$Q'8,81.+,D&(*7",)%#'&:;;>6:;>><

+),0)(&/#3(,-+1-+0)(#3(,%0 %,;,(./,0607(",'./,0=>>?6 =>@AB U*Q*(.C,6K(0*/.C*& 8($C,-(*+1L+*& .'6 (*"+#*& 8,L$%*& #$& /,L+,& 8(1#$& "$0$/& -,"1+*& C*"*& .'& %,C*%+1& "1,+1M1& "'[& -(*+1M$& 8,C($6 +'%1& ./0*(*+#$& D*Q*(.C,6K(0*/.C,-& 81%,/& d,+"*&7*&D*%$&8(,#$C/$&'&,C01('&D*Q*(.C,-& +*M1,+*%+,-& Oi4e\& 8(,-(*D*<& O1%,/& d,+"&

&'(#$%#$b%"-3"(+#6F-?'.S%*-@?-%,-#.'%*(+,-*.2.&6E)(+2.+F.g.'%*6+V$,."()6+$+ ?'."(G"-F+,-#'$G)$+%+f'3.&%*-F X86"#/*"

I).&V/#"+8+091+ A-"#).#/V-.)+ G122K3H G122K3H

%8,-)R"+#",:= (CI+6:&+F"6/-"+ 7*:#),-/+122K3+ G122O3H+ G,-Y091H GZH

]*%*&

g<X?@

:EX<@;@

X?BYE

F<?;;

3,D,-_&&&&&&&&&&&&&&&&&& Gr,D,QI

F<;gF

ggY<:gX

YYBYg

Y<::Y

R*(*+_*&

@<@g;

@;X<@@?

E>BEX

Y<XFX

<"U"&,0"

[\32\2

K23KP13222

K2[

43P4]

!23-'4+f$"?.'(."+U6"&'.E+/&.&(%&(A.E+bSRA68++/&.#.&+k&.JE6%8+>&&,4MM,-'&.E7*%>7>$M,-'@ &.EM,.?6mO,.?6(#nQB8<CPjhhoO#.#n,-'&.EoO%A>6F.nHbIa0c

&'(#$)#$b%"-3"(+#6F-?'.S%*-@?-%,-#.'%*(+,-*.2.&6E)(+2.+>'3.&%*6+V$,."()6+$+ ?'."(G"-F+,-#'$G)$+%+D.g.'%*-F X86"#/*" j.#$LC,6 )*(*+#.C*&

I).&V/#"+8+091+ A-"#).#/V-.)+ G122K3H G122K3H

%8,-)R"+#",:= (CI+6:&+F"6/-"+ 7*:#),-/++122K3+ G12243H G,-Y091H +GZH

@<>@E

gg;<Y;F

XEBFF

?<?X>

U$Q1D'(.C*

Xg;

>>?<@:F

>F:B::

?<EF;

b,8(10+1LC,6 C(1[$0*LC*&

><Xg@

>:@<@FX

X>BX?

E<Xg;

H1(,01/1LC,6 8,"(*0.C*&

:<;:>

Eg<g?E

@FB:

X<@?Y

^&."-,0"

PO3P]1

]3]\_3]O2

_4

K23O41

!23-'4+H'(-,=6")6+K;'7+P97P797L8+UIb/a0a8+NNN7#2%7>'+KPP7++36E).G6+9:PP7L


,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

"*

!"#$,#$H'-?'.F%*-+,-#'$G)6+$++-*3('$+&'(E.&6'.E"-?+,'-?'.F.+@+H'-?'.F+2.+%$%)6#%&3-+ /E-36"().@D.g.'%*.@f'3.&%*.+9::l@9::h7 !23-'4+ >&&,4MMNNN7("&6''6?@%E->$A'-7A-FMF-#$E6%M3%6J(".M,'(E-?6MPj9MX6(?>J-$'>--#p9:H'-@ ?'.FF6p9:/!@fe@fIp9::l@:h7,#S

8,+,0+,&#$&8,C($+'/&1&:;;g<&-,"1+$<&N%*0+1& M1%#& 8(,-(*D*& )1,& #$& 8('[*+#$& 8,"(2C$& +$6 8(,f/+,#&8($C,-(*+1L+,#&.'(*"+#1&1&8(18($D*& 8,/$+M1#*%+1K& C*+"1"*/*& 7*& C*.+1#$& D,-'96 +,./1&f+*+M1(*+#*&17&O(,-(*D*&PJW\ee\N<& `1+*+M1(*+#$&.$&8(,0,"1%,&1.C%#'L10,&+*&D*6 Q*(.C,#& ./(*+1& /*C,& "*& +1.'& 8,./,#*%1& 7*#$"6 +1LC1&8(,#$C/1<& !& (*7",)%#'& :;;@6:;;F<& U*Q*(.C*& 1& i(6 0*/.C*& 7*#$"+,& .*& 3%,0$+1#,D& d,(D1(*%$& .'& /(1%*/$(*%+'& 8($C,-(*+1L+'& .'(*"+#'& C(,7& O(,-(*D& 7*& .'.#$"./0,<& H*[+'& 8(,D#$+'& '& .'(*"+#1& "'[& 0*+#.C1K& -(*+1M*& \'(,8.C$& '+1#$& ,7+*L1,& #$& O(1./'8& 7*& .'.#$"./0,B& 8,6 0$7'#'91& '& ,C01('& 1./,-& O(,-(*D*6& 0*+#.C*&

G^4e53B& *& C*.+1#$& Oi4e\& 7*& i(0*/.C'I& 1& '+'/*(+#$&G\e5`n\`eeI&170,($&f+*+M1(*+#*& \'(,8.C$&'+1#$<&]*&8*(/+$($&.&K(0*/.C$&./(*6 +$&/,&(*7",)%#$&",+,.1&0$%1C1&1.C,(*C&)'"'91& "*&.'&.($"./0*&,/0,($+*&1&+#1D*&G",C&#$&O1%,/& d,+"&7*&D*%$&8(,#$C/$&,D,-'9*0*,&C,,8$6 (*/10+'&0(./'&8(,#$C*/*&C,#1&.'&.$&f+*+M1(*%1& .*D,&.&D*Q*(.C$&./(*+$I<& b(,7&+*0$"$+1&O(,-(*DB&/$&'&,C01('&"0*& O,710*& +*& 8,"+,2$+#$& 8(,#$C/+1K& 8(1#$"%,6 -*& G+*/#$L*#*IB& ,",)($+& #$& 'C'8+,& F>& 8(,6 #$C/&7*&K(0*/.C$&C,(1.+1C$&'&17+,.'&,"&FBEY& D1%1#'+*&$'(*<&!&,"+,.'&+*&.*"*2+#1&8$(1,"& PO46$&7*#$"+1LC1&$%$D$+/&8(,0$")$&O(,-(*6 D*&1&8(,#$C*/*&+1#$&)1,&8(1.'/*+&+1/1&1./*C+'/&'&


)'

,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

/,%1C,#&D#$(1B&*&'-,0,(1&7*&)$.8,0(*/+*&.($"6 ./0*& 8,/81.10*%1& .'& .$& ,"0,#$+,& '& 3%,0$+1#1B& U*Q*(.C,#& 1& i(0*/.C,#<& W*C,& .$& '& +*0$"$6 +,D&(*7",)%#'&/(1%*/$(*%$&,"&.8,D$+'/,-&F>& 8(,#$C/*& C,#$& .'& 8(,0,"1%1& K(0*/.C1& 8*(/+$(1B& .*D,& +#1K& 8$/& 7*#$"+1LC1& 1D8%$D$+/1(*%,& '& i(0*/.C,#&1&U*Q*(.C,#<& PO4& 8($C,-(*+1L+1& 8(,-(*D& U*Q*(.C*& k& i(0*/.C*& :;;X<6:;>g<B& \'(,8.C*& C,D16 .1#*& .%'[)$+,& #$& ,",)(1%*& >g<& ,['#C*& :;;?<& 4%,M1(*+*& .'& /*"*& .($"./0*& \'(,8.C$& '+1#$& '& 17+,.'& ,"& >EBg& D1%1#'+*& $'(*& 7*& 8(0$& /(1& -,"1+$& O(,-(*D*B& *& +*C,+& /,-*& 1& ","*/+1K& >FB:&D1%1#'+*&$'(*&7*&:;>;<&1&:;>><&-,"1+'B& 2/,&#$&'C'8+,&gYBY&D1%1#'+*&$'(*6&7*&8$/&-,6 "1+*&8(,-(*D*<&5,"*/+*&.($"./0*&\'(,8.C*& C,D1.1#*&,",)(1/&9$&1&7*&&8($,./*%,&(*7",)%#$& ",&:;>g<&-,"1+$<& O(1+M18& N%*0+,-& C,(1.+1C*& ,.+,0+1& #$& 8($"'0#$/& .01K& *C/10+,./1& f+*+M1(*+1K& 17& O(,-(*D*<& O(,#$C/& 8($"./*0%#*& -%*0+1& C,(16 .+1C& G%"5K' /%)&' U%"E<#)78I& '#$"+,& #$"1+1& 17(*0*+& C,+/*C/& 17D$Q'& 8(,#$C/+,-& /1D*& 1& 7*#$"+1LC1K& '8(*0%#*LC1K& /1#$%*& O(,-(*D*<& N%*0+1&C,(1.+1C&,"-,0,(*+&#$&"*&+*&/$D$%#'& 8*(/+$(.C,-&.8,(*7'D*&./0,(1&d'+CM1,+*%*+& C,+7,(M1#&.&8(,#$C/+1D&8*(/+$(1D*<&O(,#$C/+1& 8*(/+$(1& /($)*#'& )1/1& 'C%#'L$+1& .& ,)#$& ./(*+$& -(*+1M$&.&M1%#$D&'.8,./*0$&8(*01K&7*#$"+1L6 C1K& 8(,#$C*/*& .*& ./0*(+1D& 8($C,-(*+1L+1D& 'L1+C,DB&D1+1D*%+,&#$"*+&D*Q*(.C1&1&#$"*+& K(0*/.C1& 8*(/+$(& /($)*#'& .'"#$%,0*/1& '& .0*6 C,D&8(,#$C/'<&O%*+1(*+#$&1&8(,0$")*&D,(*#'& )1/1&'.C%*Q$+1&.*&7*#$"+1LC1D&C(1/$(1#1D*&.'6 (*"+#$=& 7*#$"+1LC1D& (*70,#$DB& 7*#$"+1LC1D& ,.,)%#$DB& 7*#$"+1LC1D& f+*+M1(*+#$D& 1%1& 7*6 #$"+1LC,D& 8(,0$"),D& 8(,#$C*/*<& e$7'%/*/1& /*C,Q$(& /($)*#'& 1D*/1& 01"%#101& '/#$M*#& .& ,)#$& ./(*+$&-(*+1M$<&b%#'L+*&8(,D#$+*&'&,"+,.'& +*&8($/K,"+,&(*7",)%#$&/(1%*/$(*%$&0%*./1/,&#$& 8($"f+*+M1(*+#$& 8(,#$C*/*& 7*& K(0*/.C$& C,6 (1.+1C$B& *& .($"./0*& \!6*& .$& 0(*9*#'& /$C& 8,&

,",)($+#'&170#$2/*#*&,&+*8($/C'<&5*C%$B&8(*6 01%*&C,#*&0(1#$"$&7*&"([*0$&L%*+1M$&8(1D#$+#'6 #'&.$&1&'&i(0*/.C,#&'+'/*(&,0,-&8($C,-(*+1L6 +,-&8(,-(*D*B&/*C,&"*&9$&.$&C,(1.+1M1&%*C2$& 8(1%*-,"1/1&+,01D&'0#$/1D*&8(1%1C,D&'%*.C*&'& !+1#'<& e*+1#$& .8,D$+'/1' R)A%&"#ST#' *#*$%F' >27)D3A)"A)' G%"5K' l*.)7%&' F)")5%F%"$' *8: *$%FPJ&17D$Q'&U*Q*(.C$&1&i(0*/.C$&.%,[$+& #$& .'./*0& '& C,#$D& .'"#$%'#$& 0$91& )(,#& 1+./16 /'M1#*& 17& ,)#$& "([*0$& /$& \'(,8.C*& C,D1.1#*& '&R('a$%%$.'B&C,#*&,",)(*0*&O(,-(*D<&N%*06 +*& ,"-,0,(+,./& 7*& '8(*0%#*+#$& 1& 8(,0$")'& O(,-(*D*B& 1.8%*/'& .($"./*0*& 8(,#$C/1D*& /$& ($0171#'&%$[1&+*&U*Q*(.C,#&C*,&"([*01&L%*+1M1<& i(0*/.C*&#$&,"-,0,(+*&7*&C,+/(,%'&,+,-&"16 #$%*&.0*C,-&8(,#$C/*&G1&8(,#$C/+,-&8*(/+$(*I& C,#1& .$& 8(,0,"1& +*& K(0*/.C,#& ./(*+1& -(*+1M$& 7*&2/,&#$&7*"'[$+,&U1+1./*(./0,&($-1,+*%+,-& (*70,#*B&2'D*(./0*&1&0,"+,-*&-,.8,"*(./0*& C,#$& 8('[*& 1& 8,"(2C'& !8(*0%#*LC,D& /1#$%'& 1& ]*#$"+1LC,D& /$K+1LC,D& /*#+12/0'& '& C,,("16 +*M1#1& *C/10+,./1& GK//8=nnVVV<K'6K(618*<M,Dn K(n'8(*0%#*C$6./('C/'($JK'' O(,-(*D.C1& 8(1K0*/%#10,& 8,"('L#$& +*%*71& .'& '7& #'-,7*8*"+'& 1& #'[+'& -(*+1M'& U*Q*(6 .C$B&,"+,.+,&.#$0$(+'&1&.#$0$(,1./,L+'&-(*6 +1M'&i(0*/.C$<&5*C%$B&'&,"+,.'&+*&(*7",)%#$& /(1%*/$(*%$&1&8(,-(*D*&.*&3%,0$+1#,D&G.%<&YIB& ",2%,& #$& ",& 8,"#$%$& 8(,-(*D.C,-& 8,"('L#*& /*C,& "*& 17'7$0& U$Q1D'(.C$& 1& H*(*["1+.C$& ['8*+1#$&G.%<&FIB&,./*%$&+$&D,-'&.'"#$%,0*/1& '&,)*&.*"*2+#*&O(,-(*D*< J*&K(0*/.C,#&./(*+1B&'7&8,-(*+1L+$&['8*6 +1#$&k&U$Q1D'(.C'B&b,8(10+1LC,6C(1[$0*LC'B& H1(,01/1LC,68,"(*0.C'& 1& j.#$LC,6)*(*+#.C'& k& #,2& .'& L$/1(1& ['8*+1#$& .'"1,+1M$& 1& /,& C*,& 8(1"('[$+$& ($-1#$& G%"5K' )&A)<%"$' 7%5#1"*J' /$& D,-'& C,(1./1/1& D*C.1D*%+,& :;A& 'C'8+1K& .($"./*0*&\'(,8.C$&'+1#$&C,#*&.'&",./'8+*& '&O(,-(*D'&GH*(*["1+.C*B&R#$%,0*(.C,6)1%,6 -,(.C*B& O,[$2C,6.%*0,+.C*& 1& H'C,0*(.C,6 .(1#$D.C*& ['8*+1#*I<& O(1K0*/%#10,& 8,"('L#*&


,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

!"#$-#$H'-?'.F%*-+,-#'$G)6+$++-*3('$+!H0+ ,'6*-?'."(G"-?+ ,'-?'.F.+ D.g.'%*.@f'@ 3.&%*.+9::j7@9:PQ7 !23-'4+NNN7>$@>'@(,.7A-F+

+*& D*Q*(.C,#& ./(*+1& L1+$& ['8*+1#$& ]*%*B& 3,D,-_&Gr,D,QI&1&R*(*+_*<&|'8*+1#*&]*%*& "1,&#$&($-1#$&]*8*"+,&O,"'+*0%#$B&['8*+1#$& 3,D,-_&1&R*(*+_*&($-1#$&Z'[+,&O,"'+*0%#$<& !C'8+*& 8,0(21+*& 8(1K0*/%#10,-& 8,"('L#*& 7*& f+*+M1(*+#$&8(,#$C*/*B&'C%#'L'#'91&K(0*/.C1&1& D*Q*(.C1&"1,&17+,.1&g>&;:?&CD:&G8(1D#$(1M$& +$2/,&012$&,"&8,0(21+$&R$%-1#$I<& I&)$&"9+ #8'/+ V/&)0:+ 9)$8R#),-/+ `= #"#F/&"#*"+ 6)-:#F/*"7#/9+ 0)&/,#/F/9"++ G#:6&)`-#/9+ + )&$"#/?"F/*"9"+ G6&".#/9+ ),)J"9"H+ /?+M86"#/*"+,+ )J*:+,-&"#:+ $&"= #/F:HL+8+)0./&8+'."*8+6&/)&/-:-"T+a'&M/.)$+ )0)7/V"+/+-8&/?9"+GO2Q+,&:',-"."+I&)$&"= 9"H+ -:+ !"?.)*"+ $),6)'"&,0:+ ,8&"'#*:+ /+ ?"*:'#/S0/N+ 7*8',0/N+ 0"6"F/-:-"+ G\2Q+ ,&:',-"."+ I&)$&"9"H3+ ]*& f+*+M1(*+#$& .'& 8(1K0*/%#10$& (*7+,0(.+$& *C/10+,./1B& 17D$Q'& ,./*%1K=& 8,),%#2*+#$& 1+d(*./('C/'($& '& .0(K'& 7*2/1/$&8(1(,"$&1&8(1(,"+1K&0(1#$"+,./1c&(*7(*6 "*&7*#$"+1LC1K&8(,-(*D*B&./'"1#*&1&./(*/$-1#*& 7*&'+*8(1#$Q$+#$&7*2/1/$&,C,%12*c&17-(*"+#*&1&

)#

,7+*L*0*+#$&+,01K&)1M1C%1./1LC1K&./*7*c&(*7016 /*C& /'(1./1LC1K& */(*CM1#*& 1& .& +#1D*& 8,0$7*+1K& 1+d(*./('C/'(+1K&,)#$C*/*c&./0*(*+#$&1&8,/8,6 D*-*+#$& 8'/,0*& 8($D*& 1+/$-(*M1#1& 1& 8,+,06 +,D& 7*8,2%#*0*+#'& ,.,)*& .& 8,/$2C,9*D*c& (*70,#& 1+d(*./('C/'(*%+1K& C*8*M1/$/*& 1& ,8($6 D%#$+,./1& '& 8,"('L#'& 1./(*[10*+#*c& 8(18($D*& 7*#$"+1LC1K& ./'"1#*& 170$"10,./1c& (*701#*+#$& ,891K& C'(1C'%'D*& 1& 7*#$"+1LC1K& .*"([*#*& 7*& 17,)(*7)'c&*C/10+,./1&+*&8,),%#2*+#'&D$Q'6 %#'".C1K& 0$7*& 8,8'/& ,(-*+171(*+#*& d$./10*%*B& 8($"./*0*B& C*7*%12+1K& /'(+$#*B& C,+M$(*/*B& 17%,[)1B& 'D#$/+1LC1K& (*"1,+1M*B& ",)(,/0,(+1K& 8(1($")1B& 8($C,-(*+1L+1K& *D*/$(.C1K& .8,(/6 .C1K& 8(0$+./*0*& 1& /'(+1(*c& /$& *C/10+,./1& 7*& .D*+#$+#$&#$71L+1K&8($8($C*&G8,/1M*+#$&"0,6 #$71L+,./1I<&& &&H$7*+,&'7&/'(1./1LC$&*C/10+,./1&0*[+,&#$& +*8,D$+'/1& "*& PO4& 8($C,-(*+1L+1& 8(,-(*D& U*Q*(.C*6i(0*/.C*& +'"1& #$"+'& 8,.$)+,./<& J*1D$B& 8(0,& .$& C($+'%,& '& #$"1+./0$+1& 8%*+& 17(*"$& 7*#$"+1LC,-& ($-1,+*%+,-& /'(1./1L6 C,-& 8(,170,"*+ !"#$%&'()* +,-./0#1-.* 234323* 56%+$+* "7+0+* %)8.#0+70#8* -&%.1-.',#8* "%#.6/#$+9B& K//8=nnVVV<K'6K(618*<M,DnK(n 8(1,(1/$/1B&)'"'91&"*&#$&'&d*71&8%*+1(*+#*&O(,6 -(*D*& 7*C%#'L$+,& "*& #$& 7),-& (*.M#$8C*+,6 ./1& 8,/($)+,& ,)#$"1+1/1& -$,-(*d.C,6/'(1./1LC$& C*(*C/$(1./1C$&8,"('L#*&'&M#$%,01/&1&7*#$"+1LC1& ",C'D$+/<&O(,#$C/&17(*"$&($-1,+*%+,-&C(,06 +,-&8%*+*&/'(17D*&7*#$"+1LC1&.'&8(,0$%*&"0*& 8*(/+$(*& .& D*Q*(.C$& ./(*+$=& 30$'L1%12/$& O*++,+B& C*D8'.& '& J*-_C*+17.1& C*,& N%*06 +1&C,(1.+1C&/$&8$L'2C1&^$+/*(&7*&($-1,+*%+*& 1./(*[10*+#*& U*Q*(.C$& *C*"$D1#$& 7+*+,./1c& C*,& 1& "0*& K(0*/.C*& 8*(/+$(*& k& ,.#$LC*& e$6 -1,+*%+*& (*70,#+*& *-$+M1#*& 3%*0,+1#$& 1& R*6 (*+#$&/$&e*70,#+*&*-$+M1#*&N(*"*&u*C,0M*<&& J*C,+&7*0(2$/C*&8(,#$C/*&'&,['#C'&:;>><&/$& ",./*0$&M#$%,C'8+,-&8%*+*B&./(*/$2C1&",C'6 D$+/& 8(,91& 9$& C(,7& 8(,M$.& $0*%'*M1#$& C*C,& )1&)1%,&D,-'9$&,)#*01/1&8,710&+*&8,"+,2$+#$&


)"

,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

8(,#$C/+1K& 8(1#$"%,-*& 7*& ,./*%$& *C/10+,./1& 17& 8,"('L#*& /'(17D*& G17-(*"+#*& 1& ,7+*L*0*+#$& +,01K&)1M1C%1./1LC1K&./*7*c&(*701/*C&/'(1./1LC1K& */(*CM1#*& 1& .& +#1D*& 8,0$7*+1K& 1+d(*./('C/'(6 +1K&,)#$C*/*&1/"<IB&2/,&.$&,L$C'#$&'&7*"+#$D& C0*(/*%'&:;>><B&*&.0$&*C/10+,./1&'+'/*(&8(,6 #$C/*&D,(*#'&)1/1&'&.C%*"'&.&($-1,+*%+1D&/'(16 ./1LC1D&8%*+,D<&

%#3!9-#.'+0(&3+#-,*-#30 (,4"#2,07(",'./&0!0#/"+(!0 +),0)(&/#3(,-+1-#30)(#3(,%,0 %,;,(./,67(",'./,0 U*Q*(.C*& J*M1,+*%+*& (*70,#+*& *-$+6 M1#*& G!8(*0%#*LC,& /1#$%,& O(,-(*D*I& /$& U1+16 ./*(./0,& ($-1,+*%+,-& (*70,#*B& 2'D*(./0*& 1& 0,"+,-& -,.8,"*(./0*& e$8')%1C$& i(0*/.C$& '& ,['#C'& :;;E<& ,)#*01%1& .'& O(01& 8,710& +*& 8,"+,2$+#$& 8(,#$C/+1K& 8(1#$"%,-*& G+*/#$L*#I& '& .C%,8'& PO4& 8($C,-(*+1L+,-& 8(,-(*D*& U*Q*(.C*6i(0*/.C*<& !+'/*(& /(,D#$.$L6 +,-& (,C*& 7*& ",./*0'& 8(,#$C/+1K& 8(1#$"%,-*& 8(1./1-%,& #$& FX& 8(1#*0*B& D$Q'& C,#1D*& #$& 8,6 .$)+,& /1#$%,& G.*./*0%#$+,& ,"& 8($"./*0+1C*& 8,-(*+1L+1K& K(0*/.C1K& 1& D*Q*(.C1K& ['8*6 +1#*& /$& +*M1,+*%+$& (*71+$& 17& ,)#$& "([*0$I6& R)A%&"#ST#' 1&?17' @)' 27)V%"A%' 07157)F) G%"5K' WM+:' W1#"$' M1"#$17#"5' +1FF#$$%%IB& ,"*)(*,& @:& 8(,#$C/*& C,#1D*& .'& ","1#$%#$+*& .($"./0*& '& 17+,.'& ,"& >:Bg& D1%1#'+*& $'(*& G?EBX&D1%1#'+*&C'+*I<&& j)#$&1+./1/'M1#$&,)#*01%$&.'&5('-1&8,710&+*& 8,"+,2$+#$& 8(,#$C/+1K& 8(1#$"%,-*& G+*/#$L*#I& '&%18+#'&:;>;<&!+'/*(&+$2/,&012$&,"&/(1&D#$6 .$M*B&C,%1C,&.'&8($"%*-*/$%#1&8(,#$C*/*&1D*%1& +*&(*.8,%*-*+#'B&",./*0%#$+*&&.'&E@&8(,#$C6 /+*&8(1#$"%,-*&G2/,&#$&@;A&012$&'&,"+,.'&+*& :;>;IB& *& & ZU^& #$& ,"*)(*,& +#1K& YE& C,#1D*& .'& ,",)($+*& .($"./0*& '& 'C'8+,D& 17+,.'& ,"& ,C,& >gBE& D1%1#'+*& $'(*& & G>;:Bg& D1%1#'+*& C'+*I<&&

;+)J"+)J*".7*:#"+#"-*:S"*"+')'/*:7*:#"+ ,8+,&:',-."+6+*2:2*6+()$0.',.*"%#(),-;*<-#* ()*1*&,&"0.=*4>;4*?.7.(&0+*)&%+*"%)$1-+/@ 7(+*60+'+(0&*A0+0B.(1,&*.0(),B.(&*&*%)8.@ #0+70#?*%+6/#(&*"#8%+0.'0#8*"#$%&'(+3& j"& /,-*& #$& >gB@& D1%1#'+*& $'(*& ","1#$%#$+,& 7*& +$8(,f/+$& 8(*0+$& ,.,)$& .& D*Q*(.C$& -)* 24;C* ?.7.(&0+* )&%+* 1* =%/+-1,)* 1-%+0)* 8%+0.B)<& `1+*+M1#.C*& 1+#$CM1#*& 7+*L*#+1#*& #$ .& K(0*/.C$& ./(*+$& -(*+1M$B& 1D*#'91& '& 01"'& "*&'&8,-(*+1L+,D&8,"('L#'&[101&-,/,0,&@;;& ;;;&./*+,0+1C*&012$&.&D*Q*(.C$&./(*+$&G*C,& 17'7D$D,& K(0*/.C$& 8(1"('[$+$& ($-1#$& C,#$& 1,+*C,& 8,0%*L$& D+,-,& .C(,D+1#1& 17+,.& ,"& D*C.1D*%+1K&:;Ac&D*+#$&,"&>AIB&*&#$"+*6 C,& 1& L1+#$+1M'& "*& U*Q*(.C*& C,(1./1& 8'+,& 176 "*2+1#$& \!& d,+",0$& 7*& L%*+1M$B& /*C,& "*& #$& D+,-1D& ,(-*+17*M1#*D*& .& K(0*/.C$& ./(*+$& ,0,& )1%*& #$"1+*& 8(1%1C*& "*& ",Q'& ",& f+*+M1#6 .C1K&.($"./*0*<& j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f+*+M1(*#'&.$&'&/,D& 8,"('L#'&*C/10+,./1B&-"#$&#$&D,-'9*&8,/8,(*& 1& 7*& 1+d(*./('C/'(+$& 1+/$(0$+M1#$& C,#$& 1D*#'& M1%#& 7*2/1/'& 8(1(,"$<& 3& K(0*/.C$& ./(*+$& 0*[6 +,./&/*C01K&8(,#$C*/*&#$&7+*L*#+*B&",&'%*.C*& '&!+1#'&1&8,0%*L$+#*&.($"./*0*&17&C,K$71#.C,-& 1& ./('C/'(+1K& d,+",0*& 7*& 8,#$"1+$& #$"1+1M$& %,C*%+$&1&($-1,+*%+$&.*D,'8(*0$&8($C,-(*6 +1L+*& .'(*"+#*& #$"1+*& #$& ($*%+*& D,-'9+,./&


,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

7*& f+*+M1(*+#$& /*C01K& 8(,#$C*/*<& j"& "0*& ,"*)(*+*& 8(,#$C/*B& .*& .($"./01D*& \!6*& ,"& @BE& D1%1#'+*& $'(*& G@;A& 'C'8+,& ,",)($+,-& 17+,.*& '& O(0,D& 8,710'IB& #$"*+& .$& 8(,0,"1& +*& 8,"('L#'& ['8*+1#*& ]*%*& GWx/.7$("*K$%_I& /$&U$Q1D'(.C$&['8*+1#$&GO,"/'($+IB&'&,C016 ('&C,#$-&.$&f+*+M1(*&17-(*"+#*&8(,L12910*L*& ,/8*"+1K& 0,"*& .& K(0*/.C$& /$& ($C,+./('CM1#*& 8(,L12910*L*&.&D*Q*(.C$&./(*+$<&5('-1&8(,6 #$C/&8(,0,"1&.$&'&R*(*+_1&1&j.#$LC,6)*(*+#6 .C,#& ['8*+1#1B& *& 'C%#'L'#$& ($01/*%17*M1#'& 1& (*6 70,#&C(*#,%1C*&'&$C,.1./$D'&5(*0$&1&5'+*0*B& 8(1#$&.0$-*&,.1-'(*+#$&,"-,0*(*#'9$-&./*+16 2/*&7*&(1#$/C$&1&7*2/19$+$&0(./$<& O,81.&8(,#$C*/*&G)*7'&f+*+M1(*+1K&8(,#$6 C*/*IB& .& ,.+,0+1D& 8,"*M1D*6& -%*0+1D& C,(16 .+1C,D&1&8(,#$C/+1D&8*(/+$(1D*B&.($"./01D*& 8,/8,($& \!6*B& -$,-(*d.C,D& 8,"('L#'& -"#$& .$& 8(,0,"1& /$& C(*/C1D& ,81.,DB& ",./'8*+& #$&& +*& K//8=nnVVV<K'6K(618*<M,DnK(nf+*+M1(*+16 8(,#$C/1<& 4+*%171(*#'91& ($7'%/*/$& O(0,-& 8,710*& +*& J!W3& PPP& (*71+1B& ,"& .$"*D& 8,-(*+1L+1K& ['6 8*+1#*& +*#012$& 8(,#$C/+1K& 8*(/+$(*& '+'/*(& ,"*)(*+1K& 8(,#$C*/*& G.%<& XI<' ",%*71& 17& ['8*6 +1#$&R*(*+_*&Gg:IB&*&+*C,+&/,-*&17&j.#$LC,6 )*(*+#.C$&['8*+1#$&G:YI<&W($9*&#$&U$Q1D'(6 .C*& ['8*+1#*& .& :>& ,"*)(*+1D& 8*(/+$(,DB& 2/,& #$& ($%*/10+,& +*#),%#1& ($7'%/*/& 6& '7$021& '& ,)71(& "*& .$& (*"1& ,& +*#D*+#,#& ['8*+1#1B& C*C,& '&8(,-(*D.C,D&8,"('L#'B&/*C,&1&'&e$8')%1M1& i(0*/.C,#<&e*7%,-&7*&/*C*0&($7'%/*/&8,#*L*+& #$&1&')(7*+&(*70,#&($-1,+*%+1K&C*8*M1/$/*B&2/,& #$&,D,-'91%,&1&%*C2'&*8.,(8M1#'&.($"./*0*&17& \!&d,+",0*<& N%$"*#'91& '"1,& '& 'C'8+1D& ","1#$%#$+1D& .($"./01D*& 7*& f+*+M1(*+#$& G>:Bg& D1%1#'+*& $'(*IB& ($",.%1#$"& #$& 1./1& 6& R*(*+_*& GgBY& D1%16 #'+*&$'(*IB&j.#$LC,6)*(*+#.C*&G:BX&D1%1#'+*& $'(*IB& U$Q1D'(.C*& G:B@& D1%1#'+*& $'(*I& /$& ['8*+1#*&]*%*&G>BE&D1%1#'+*&$'(*I<&j0"#$&/($6 )*& +*8,D$+'/1& "*& .$& '& .0$& L$/1(1& ['8*+1#$&

))

8(,0,"$&.8,D$+'/*&"0*&+*#0$9*&8(,#$C/*&17& O(0,-&8,710*&17&8,"('L#*&7*2/1/$&,C,%12*B&2/,& #$&8,71/10+,&'/#$M*%,&+*&f+*+M1#.C1&($7'%/*/<& U$Q'&8(,#$C/+1D&8*(/+$(1D*&'+'/*(&,"*6 )(*+1K& 8(,#$C*/*& O(0,-& 8,710*& G+*/#$L*#*I&& PO4& 8(,-(*D*& U*Q*(.C*6i(0*/.C*B& 8+ N&= ."-,0)9+'/*:78+6&:0)$&"#/S#)$+6)'&8S*"&& G.%<&EIB'8($D*&0(./1&,(-*+17*M1#$&17D$Q'&+#1K& X@B&+*#012$&.'"#$%'#'&#*0+$&'./*+,0*&1&7*0,6 "1&G'&>Y&8(,#$C*/*IB&['8*+1#.C$&G($-1,+*%+$I& (*70,#+$&*-$+M1#$&G>:IB&#$"1+1M$&%,C*%+$&1&($6 -1,+*%+$& .*D,'8(*0$&G>>I&/$&'"('-$&G'&>;& 8(,#$C*/*I<&3&,)71(,D&+*&*C/10+'&'%,-'&($-16 ,+*%+1K& (*70,#+1K& *-$+M1#*B& %,C*%+$& .*D,'6 8(*0$&/$&'"('-*&GC,#1D*&.'&,0*C01&8(,-(*D1& 8,+$C*"& #$"1+1& 170,(& f+*+M1(*+#*I& ./('C/'(*& #$& .*.01D& ,L$C10*+*<& e*7%,-& 7*& +*#0$9'& 7*./'8%#$+,./& '& 8(,#$C/1D*& #*0+1K& './*+,0*& 1& 7*0,"*& .'"#$%,0*+#$& #$& 0$%1C,-& )(,#*& 8,6 "('L+1K& .%'[)1& i(0*/.C,-& 7*0,"*& 7*& 7*8,6 2%#*0*+#$& 1& #$"+*C,& /*C,& i(0*/.C1K& 0,"*& '& 8(,0,Q$+#'&8(,#$C*/*&'&,C01('&O(0,-&8,710*< N,/,0,& 8,%,01M*& ,"& ,"*)(*+1K& YE& 8(,6 #$C*/*& '+'/*(& C&8$)$+ 6)?/."& 8(,0,"1& .$& '+'/*(& 8,"('L#*& *C/10+,./1& 8($C,-(*+1L+,-& ,)(*7,0*+#*& '.*0(2*0*+#*& 1& (*7D#$+$& G>:I&& /$& & U$Q'%#'".C$& 0$7$& G>FI<& b*,& 1& '& O(0,D& 8,710'& +*#0$91& 8(,#$C/1& f+*+M1(*#'& .$& '& 8,6 "('L#'&7*2/1/$&,C,%12*<&j"&/(1&,"*)(*+*&8(,6 #$C/*B&.*&.($"./01D*&\!6*&,"&YB;:&D1%1#'+*& $'(*& GgFA& 'C'8+,& ,",)($+,-& 17+,.*& '& 5('-,D&8,710'IB&8(01&8(,#$C/&8(,0,"1/1&9$&.$& +*& 8,"('L#'& D*Q*(.C$& ['8*+1#$& R*(*+_*& 1& j.#$LC,6)*(*+#.C$&['8*+1#$B&*&M1%#&#$&($K*)16 %1/*M1#*&D1+.C1&7*-*Q$+,-&8,"('L#*&,C,&5(*6 0$&1&5'+*0*B&'7&C*(/1(*+#$&D1+.C1&.'D+#10,-& 8,"('L#*&.&D*Q*(.C$&./(*+$&-(*+1M$<&5('-1& .$&8(,0,"1&'&H1(,01/1LC,#68,"(*0.C,#&1&['8*6 +1#1&3,D,-_B&*&M1%#&#$&8($C,-(*+1L+*&.'(*"+#*& 8(1& ,)+,01& 2'D.C1K& ($.'(.*B& 8(1%1C,D& L$-*& 9$&.$&"#$%,D1L+,&,)+,01/1&1&0$-$/*M1#*&/$&8,6 ),%#2*/1&1+d(*./('C/'(*&'&(*/'&&"1#$%,D&"$0*./16


)$

,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

!"#$/#$H'3(+,-2(3+@+J'-)+-#.J'."(>+,'-)6*&"(>+,.'&"6'.+,'6F.+Xea/+!!!+'.2("( !23-'4+NNN7>$@>'@(,.7A-F+

!"#$.#$H'3(+,-2(3+@+(2"-%+#-#()6E)6"(>+%'6#%&.3.+ie@.+,'6F.+Xea/+!!!+'.2("( !23-'4+NNN7>$@>'@(,.7A-F+


,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

)(

!"#$0#$H'3(+,-2(3+@+H'-)6*&"(+,.'&"6'(+$"$&.'+-#.J'."(>+,'-)6*.&.+$+>'3.&%*-F+#()6E$+,'6@ *-?'."(G"-?+,-#'$G).+K,'6F.+3'%&(+-'?."(2.A()6L !23-'4+NNN7>$@>'@(,.7A-F+KH-,(%+-#.J'."(>+,'-)6*.&.+(+,'-)6*&"(>+,.'&"6'.L

(*+,-&*(),($/'D*&T1.1L1+$<&!+'/*(&8(,#$C/*& 17D$Q'& +*.$%#*& T$/$+_*& G]*%*I& /$& O($%,-*& GU$Q1D'(.C*& ['8*+1#*I& f+*+M1(*/& 9$& .$& (*6 70,#&8(,L12910*L*&,/8*"+1K&0,"*&'&T$/$+_'& /$&C*+*%17*M1#.C,-&.'./*0*&'&#'-,7*8*"+,D&& "1#$%'&N(*"*&O($%,-*<& O,81.& ,"*)(*+1K& 8(,#$C*/*& ",./'8*+& #$& +*&K//8=nnVVV<K'6K(618*<M,DnK(n01#$./1n"('-16 8,7106+*68,"+,$+#$68(,#$C/+1K68(1#$"%,-*666 8,81.6,"*)(*+1K68(,#$C*/*nY?< 4+*%171(*#'91& ($7'%/*/$& 5('-,-& 8,710*& +*& J!W3& PPP& (*71+1B& ,"& ,.*D& 8,-(*+1L+1K& ['6 8*+1#*& +*#012$& 8(,#$C/+1K& 8*(/+$(*& '+'/*(& ,"*)(*+1K&8(,#$C*/*&G.%<&>;IB&C*,&1&'&O(0,D& 8,710'& .'"#$%'#$& 17& ['8*+1#$& R*(*+_*& G@gIB& *&+*C,+&/,-*&17&j.#$LC,6)*(*+#.C$&['8*+1#$& G:EI<&W($9*&#$&]*%*&.&:@&8*(/+$(*B&*&L$/0(/*& U$Q1D'(.C*&['8*+1#*B&.&:>&,"*)(*+1D&8*(6

/+$(,DB&#$"+*C,&C*,&1&'&O(0,D&8,710'<& N%$"*#'91& '"1,& '& 'C'8+1D& ,"*)(*+1D& .($"./01D*& 7*& f+*+M1(*+#$& G>gBE& D1%1#'6 +*& $'(*IB& ($",.%#$"& #$& 1./1& 6& R*(*+_*& G@B@IB& j.#$LC,6)*(*+#.C*& GgBEIB& ]*%*& G>B?>I& /$& U$Q1D'(.C*& G>BXFI<& J*#0$91& +*8($"*C& '& ,"+,.'& +*& O(01& 8,710& 8($D*& *8.,%'/+1D& f6 +*+M1#.C1D&8,C*7*/$%#1D*&,./0*(1%*&#$&j.#$L6 C,6)*(*+#.C*&['8*+1#*B&*&+*#(#$Q$&+*.$%#$+*& 1& +*#.%*)1#$& (*701#$+*& ['8*+1#*& '& K(0*/.C,D& 8,-(*+1L+,D& 8,"('L#'B& H1(,01/1LC,68,"(*06 .C*B& +*#0$91& ($%*/10+1& +*8($"*CB& 2/,& #$& #,2& #$"*+&1+"1C*/,(&"*&8,0$9*+#$D&%#'".C1K&C*6 8*M1/$/*&/$&",)(,D&,(-*+17*M1#,D&(*70,#+1K& *-$+M1#*& D,[$&)1/1&,./0*($+&)(71&8,D*C&+*& ($-1,+*%+,#&(*71+1<&R(,#&8*(/+$(*&C,#1&8(,0,6 "$&8(,#$C/$&'&H1(,01/1LC,68,"(*0.C,#&['8*+1#1& 8,0$9*,&.$&"0*8'/B&",C&#$&17+,.&","1#$%#$+1K&


)%

,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

!"#$%1#$1'$?(+,-2(3+@+J'-)+-#.J'."(>+,'-)6*&"(>+,.'&"6'.+,'6F.+Xea/+!!!+'.2("( !23-'4+NNN7>$@>'@(,.7A-F+

!"#$%%#$1'$?(+,-2(3+@+(2"-%+#-#()6E)6"(>+%'6#%&.3.+ie@.+,'6F.+Xea/+!!!+'.2("( !23-'4+NNN7>$@>'@(,.7A-F+KH-,(%+-#.J'."(>+,'-)6*.&.+(+,'-)6*&"(>+,.'&"6'.L


,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

)!

!"#$%)#$1'$?(+,-2(3@+H'-)6*&"(+,.'&"6'(+$"$&.'+-#.J'."(>+,'-)6*.&.+".+>'3.&%*-F+#()6E$+ ,'6*-?'."(G"-?+,-#'$G).+K,'6F.+3'%&(+-'?."(2.A()6L !23-'4+NNN7>$@>'@(,.7A-F+KH-,(%+-#.J'."(>+,'-)6*.&.+(+,'-)6*&"(>+,.'&"6'.L

.($"./*0*& \!6*& 8,(*./*,& 012$& ,"& >g;A& '& C*,&1&'&O(0,D&8,710'&0$%1C*&#$&7*./'8%#$+,./& #*0+1K& './*+,0*& 1& 7*0,"*& G'& >g& 8(,#$C*/*IB& ,"+,.'&+*&O(01&8,710'G.%<&>;&1&>>I< U$Q'&8(,#$C/+1D&8*(/+$(1D*&'+'/*(&,"*6 *& D$Q'& +#1D*& +*#012$& #*0+$& './*+,0$& 7*& )(*+1K& 8(,#$C*/*& 5('-,-& 8,710*& 8+ N&."-= '8(*0%#*+#$&0,"*D*&Gi(0*/.C$&0,"$I&/$&0,6 ,0)9+'/*:78+6&:0)$&"#/S#)$+6)'&8S*"&&G.%<& ",,8.C()'&1&,"0,"+#'&1&8(,L129*0*+#$&,/8*"6 >:IB&8($D*&0(./1&,(-*+17*M1#$&17D$Q'&+#1K&?gB&& +1K&0,"*&GU$Q1D'(.C$&0,"$I&1&/,&'&8,"('L#'& +*#012$& #$& '"('-*& G'& >F& 8(,#$C*/*I& C,#$& .'B& 1+/$(0$+M1#$&0$7*+,D&'7&,"([10&1&*/(*C/10*+& C*,& 1& .0$'L1%12/*& G8(1#$& .0$-*& d*C'%/$/1& '+'6 ,C,%12<& |'8*+1#.C1K& G($-1,+*%+1KI& (*70,#+1K& /*(& 30$'L1%12/*& Z,.18*& Z'(#*& 3/(,..D*_$(*& *-$+M1#*&#$"+*C,&#$&C*,&1&'&8(0,D&+*/#$L*#'& '&j.1#$C'I&,./0*(1%$&+*#0$91&8,(*./&'&'"#$%'& G>:IB&*&#$"1+1M*&%,C*%+$&1&($-1,+*%+$&.*D,'6 8*(/+$(*&'&,"+,.'&+*&8($/K,"+1&8,710<&3%1L+,& 8(*0$&#$"+*&012$&G>gI<&

4,/*2!1,/ b*"*&i(0*/.C*&8,./*+$&L%*+1M*&\'(,8.C$&'+1#$B&17"*2+*&f+*+M1#.C*&.($"./0*&,/0,($+*& C(,7&b,K$71#.C1&d,+"&/$&3/('C/'(+$&d,+",0$&\!6*B&,D,-'91/&9$&#*L1&($-1,+*%+1&(*70,#B&+*(*06 +,&8,"&'0#$/,D&"*&.$B&C*C,&+*&($-1,+*%+,#B&/*C,&1&+*&+*M1,+*%+,#&(*71+1&(*701#$&,"-,0*(*6 #'9*&./('C/'(*&'7&",./*/+$&%#'".C$&C*8*M1/$/$<&&3/('C/'(+1&d,+",01&1&b,K$71#.C1&d,+"&,)'K0*6 9*#'&"1,&($-1,+*%+$&8,%1/1C$&\!6*<&^1%#&/1K&d,+",0*&.D*+#1/1&#$&0$%1C$&(*7%1C$&'&(*70,#'&17D$Q'&


)&

,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

+*#),-*/1#1K&1&+*#.1(,D*2+1#1K&($-1#*&'&!+1#1&/$&8(,D1M*/1&-,.8,"*(.C'B&.,M1#*%+'&1&/$(1/,(1#*%+'& C,K$71#'<& b,K$71#.C*& 8,%1/1C*& 8,/1L$& ($-1#$& 1& -(*",0$& 17& (*7%1L1/1K& "([*0*& L%*+1M*& \!6*& +*& .'(*"+#'B&*&M1%#&8($C,-(*+1L+$&.'(*"+#$&'D*+#1/1&#$&+$-*/10*+&'/#$M*#&-(*+1M*&/$&'/#$M*/1&+*& '#$"+*L$+1&.,M1#*%+1&1&-,.8,"*(.C1&(*70,#&8,-(*+1L+1K&8,"('L#*<&!&,0,#&f+*+M1#.C,#&8$(.8$C6 /101B&"*C%$&:;;X&6&:;>g<&M1%#&g&C,K$71#.C$&8,%1/1C$&8,./*%*&#$&$'(,8.C*&/$(1/,(1#*%+*&.'(*"+#*& G%"5K'L>712%)"'-%77#$17#)3'+1:12%7)$#1"'1?A%<$#D%':'L-+J;&+$C*"*2+#*&1+1M1#*/10*&\'(,8.C$& 7*#$"+1M$& 6& PJW\ee\NB& *& f+*+M1(*& .$& 17+ \'(,8.C,-& d,+"*& 7*& ($-1,+*%+1& (*70,#& G\e5`n \`eeI&/$&8,"([*0*&8($C,-(*+1L+$B&/(*+.+*M1,+*%+$&1&D$Q'($-1,+*%+$&8(,-(*D$<&b*"*&8,6 ./*+$&L%*+1M*&\!6*B&i(0*/.C*&9$&8'/$D&8($C,-(*+1L+1K&8(,-(*D*&.&,./*%1D&"([*0*D*&!+1#$& '91&'&\'(,8.C'&/$(1/,(1#*%+'&.'(*"+#'&f+*+M1(*+'&17&\e5`6*<&!+1#*&",&/*"*+8($/8(1./'8+1D& d,+",01D*&GPO4I&8,D*[$&8(,-(*D$&.*&7$D%#*D*&C*+"1"*/C1+#*D*&1&8,/$+M1#*%+1D&C*+"1"*/6 C1+#*D*<& e$8')%1C*&i(0*/.C*B&.0,#1D&,)%1C,DB&"'[1+,D&C,8+$+$&-(*+1M$&G:gX@BE&CDID&/$&/1D$&"*& >?&,"&:>&['8*+1#$&-(*+1L1&.&+$C,D&,"&.'.#$"+1K&7$D*%#*&1D*&.+*[+'&8$(.8$C/10'&7*&(*70,#& 8($C,-(*+1L+$&.'(*"+#$<&!&8,.%#$"+#1K&"$.$/&-,"1+*&8,./*#$&8,./'8+,&1&0*[*+&$%$D$+/&($6 -1,+*%+,-&(*70,#*&'&i(0*/.C,#<& !&,0,D&L%*+C'&+*#012$&#$&8*[+#$&)1%,&'.D#$($+,&8($D*&8(,-(*D'&.&U*Q*(.C,DB&"([*6 0,D&L1#*&.'&1.C'./0*&0(%,&"(*-,M#$+*B&)'"'91&"*&#$&8(0*&17&+,0,-&0*%*&8(,21($+#*B&'7&O,%#.C'B& #,2& >E?E<& 8,L$%*& C,(1./1/1& .($"./0*& 17& 8($/8(1./'8+1K& d,+",0*& GOi4e\6*IB& *& ,"& ><& .01)+#*& :;;@<B&C*,&1&.0$&,./*%$&"([*0$&L%*+1M$&8(,0,"1&8(,-(*D$&1&8(,#$C/$&'&,C01('&b,K$71#.C,-&/$& 3/('C/'(+1K&d,+",0*<& !.8(C,.&,)#$C/10+1D&8(1(,"+,6-$,-(*d.C1D&7*8($C*D*B&8(1#$&.0$-*&K$+"1C$8,D&-(*+1M$B& .%*)1#$&(*701#$+,#&8(,D$/+,#&1+d(*./('C/'(1&'&8,-(*+1L+,D&8,"('L#'B&%,21D&"$D,-(*d.C,6-,.8,6 "*(.C1D&/,C,01D*&G8$(1d$(1#*I&/$&.+*[+,#&#$71L+,#&)*(1#$(1B&8($C,-(*+1L+*&.'(*"+#*&'&8(,/$C%$&/(1& -,"1+$&)1%*/$(*%+,-&8(,-(*D*&U*Q*(.C*6i(0*/.C*&8,C*7*%*&#$&"*&1D*&)'"'9+,./&/$&"*&1D*&$d$C/& +*&($-1,+*%+1&(*70,#&8,"('L#*&'7&5(*0'&1&U'('<&J*#),%#1&.'&8,C*7*/$%#&($7'%/*/1&8(0*&"0*&8,710*& G+*/#$L*#*I&.&,"*)(*+1D&>;>&7*#$"+1LC1D&8(,#$C/,D&'&0(1#$"+,./1&'C'8+1K&:FB:&D1%1#'+*&$'(*B& ,"& L$-*& >:B?& D1%1#'+*& 7*& +$8(,f/+$& 8(*0+$& ,.,)$& .& K(0*/.C$& ./(*+$& -(*+1M$<&& !&8(1%,-&/,D$&-,0,(1&1&7+*/*+&+*8($"*C&['8*+1#*&'&.*D,&-,"1+'&"*+*&17D$Q'&"0*&8,710*& G8(1D#$(& H1(,01/1LC,68,"(*0.C$& ['8*+1#$& C*,& +*#0$9$-& ($%*/10+,-& 8,(*./*& )(,#*& 8*(/+$(*& 1& f+*+M1#.C1K& .($"./*0*& '& ,"+,.'& +*& 8(01& 8,710I<& J*#7*./'8%#$+1#$& ,(-*+17*M1#$& .& K(0*/.C$& ./(*+$&D$Q'&8*(/+$(1D*&C,#1&8(,0,"$&8(,#$C/$&&#*0+$&.'&'./*+,0$&1&7*0,"1B&['8*+1#.C$&G($6 -1,+*%+$I&(*70,#+$&*-$+M1#$B&#$"1+1M$&%,C*%+$&.*D,'8(*0$B&'"('-$&/$&d*C'%/$/1&Gd*C'%/$/1&'& .C%,8'&30$'L1%12/*&Z,.18*&Z'(#*&3/(,..D*_$(*&'&j.1#$C'I<& !%*.C,D& i(0*/.C$& '& \'(,8.C'& '+1#'& 8,0$9*/& 9$& .$& .($"./0*B& C*C,& 7*& ,0*#B& /*C,& 1& 7*& "('-$&8($C,-(*+1L+$&8(,-(*D$&/$&9$&D,-'9+,./1&(*70,#*&+*&%,C*%+,#&1&($-1,+*%+,#&(*71+1&'& 8,-(*+1L+,D&8,"('L#'&i(0*/.C$&1&U*Q*(.C$&)1/1&#,2&0$9$&6&,0*#&PO4&8(,-(*D&#$&',./*%,D&/$C& 8,L$/*C&1&'K,"*0*+#$&7*&(*7",)%#$&L%*+./0*<&

D

"#$%&'(""$"%)*(+(",-&+('&"."/0&0(10(23("4560$7(1"89!9:";<=/>?>:""@@@A%B1AC-


,-),#.;1.5&603*$"!'&KCEOR4C-1!&BLE!C4.>4CE&B.G3C2.&SB3.1-ML&4.&0B!K2LBO&!0.&0BLMCEB.4!I4CE&0BCEB.K.&K.P.B-M.@SB3.1-M.&8::A@8:)T, \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.EN(TF

)*

*+'&(,'!(,8 ^jUUP33PjJ&e\N!T4WPjJ&G\^I&J,&X>?n:;;X&,d&>:&Z'+$&:;;X&1D8%$D$+/1+-&^,'+M1%& e$-'%*/1,+& G\^I& J,& >;?Yn:;;F& $./*)%1.K1+-& *+& 1+./('D$+/& d,(& 8($6*MM$..1,+& *..1./*+M$& GPO4I&*D$+"$"&)_=&^,DD1..1,+&e$-'%*/1,+&G\!I&J,&?;n:;>;&,d&:?&Z*+'*(_&:;>;c&\'(,8$6 *+&^,DD1..1,+B&R('a$%%$. E15-FB)6=B):;;@=&e$+$V*%&,d&M(,..6),("$(&M,,8$(*/1,+&*%,+-&/K$&i'+-*(1*+6^(,*/1*+&),(6 "$(B&^K*%%$+-$"&),("$(%*+".=&/(*+.M$+"1+-&8,%1/1M*%&*+"&M'%/'(*%&),'+"*(1$.&G'(<&O*0%*C,016 MK6b,MK1B&H<B&U,($K,'.$B&R<&Z<B&S*./%6S*%/$(B&5<IB&4.K-*/$B&4%"$(.K,/B&R'(%1+-/,+B&>;E6>::< i'-*(_6^(,*/1*& PO4& ^(,..6),("$(& ^,6,8$(*/1,+& O(,-(*DD$B& OejNe4UUPJN& 5j^!6 U\JW&`je&Wi\&OejNe4UUPJN&O\ePj5&:;;X6:;>g&G^^P&J!UR\e=&:;;X&^R>F&POj& ;;gI& *88(,0$"& )_& \'(,8$*+& ^,DD1..1,+& ,+& >g& U*(MK& :;;?b+ \'(,8$*+& ^,DD1..1,+B& R('a$%%$. ,91G&7B)*=)3=B)'4!5$%;,)&=B&:;;@=&5$D,-(*d.C*&C($/*+#*&1&-(*+1L+1&8(,D$/&C*,&1+"1C*/,(1&G+$I 8,./,#*+#*&/(*+.-(*+1L+$&($-1#$&'&K(0*/.C,6D*Q*(.C,D&8,-(*+1L+,D&8,"('L#'B&6%1)&7#)&E& G>IB&Xg6&??<&&&& 9$9$,%&;B)6=B)>E?Y=&W(*0$%$(&M(,..1+-&*%,+-&h'-,.%*0&),'+"*(_&V1/K&.8$M1*%&M,+.1"$(*/1,+& d,(&8*..$.&)$/V$$+&h'-,.%*01*&*+"&i'+-*(_B&N$,-(*8K1M*%&8*8$(.&FB&>YX6>F>< 38,(*7'D1&,&f+*+M1(*+#'&17D$Q'&H%*"$&e$8')%1C$&i(0*/.C$&1&b,D1.1#$&\'(,8.C1K&7*#$"+1M*& C,#1&.$&,"+,.1&+*&lPO4&O($C,-(*+1L+1&8(,-(*D&U*Q*(.C*&k&i(0*/.C*m&'&,C01('&P+./('D$+/*& 8($/8(1./'8+$&8,D,91&G.8,(*7'D1&7*&f+*+M1#.C$&*%,C*M1#$&:;;X6:;;E<&1&:;>;6:;>><IB&,"&><&& 8(,.1+M*&:;;?<&1&:Y<&,['#C*&:;>><&& 3/(*/$-1#*&($-1,+*%+,-&(*70,#*&e$8')%1C$&i(0*/.C$B&:;>>&k&:;>g<B&.01)*+#&&:;>;<B&&0$(71#*& ><;B&U1+1./*(./0,&($-1,+*%+,-&(*70,#*B&2'D*(./0*&1&0,"+,-*&-,.8,"*(./0* +3$4'B)2=B)>E?g=&O(1(,"+,&C($/*+#$&./*+,0+12/0*&8(1-(*+1L#*&3e&i(0*/.C$&8($D*&U*Q*(.C,#& >EF><6>E?><&-,"1+$B&6%157)9*T#'53)*"#T&@YB&>>E6>@;< ]*C,+& ,& 8,/0(Q10*+#'& jC01(+,-& .8,(*7'D*& 17D$Q'& H%*"$& e$8')%1C$& i(0*/.C$& 1& b,D1.1#$& $'(,8.C1K&7*#$"+1M*&,&8(*01%1D*&7*&.'(*"+#'&'&.0$71&f+*+M1#.C$&8,D,91&\'(,8.C$&7*#$"+1M$& e$8')%1M1&i(0*/.C,#&'&8(,0$")1&8,D,91&'&,C01('&1+./('D$+/*&8($/8(1./'8+$&8,D,91&GPO4I&6& GU$Q'+*(,"+1&'-,0,(1&6&J*(,"+$&+,01+$&Y?n:;;FI ]*C,+&,&($-1,+*%+,D&(*70,#'&e$8')%1C$&i(0*/.C$&GJ*(,"+$&+,01+$&>Ygn:;;EI ]*C,+& ,& .'./*0'& 8(,0$")$& 8(,-(*D*& \'(,8.C$& '+1#$& 1& .'./*0*& 8(,0$")$& 8(,#$C*/*& f6 +*+M1(*+1K&17&.($"./*0*&7*#D,0*&1&"*(,0+1M*&17&,./*%1K&1+,7$D+1K&170,(*&GJ*(,"+$&+,01+$& Y?n:;;FI

+4"#(+8 K//8=nn8,(/*%<C.K<K'n8,(/*%n8*-$}t8*-$1"~g?BYE>XFF•t"*"~8,(/*%•t.MK$D*~OjeW4T& Gi'+-*(1*+&^$+/(*%&3/*/1./1M*%&jdfM$B&&3/*"*/&k/*)%$.I VVV<K'6K(618*<M,DnK(n& & GPO4& 8($C,-(*+1L+1& 8(,-(*D& U*Q*(.C*6i(0*/.C*B& .%'[)$+*& V$)& ./(*+1M*I VVV<./(*/$-1#*<K(&&G3($"12+#1&"([*0+1&'($"&7*&(*70,#+'&./(*/$-1#'&1&C,,("1+*M1#'&d,+",0*&\'6 (,8.C$&'+1#$I


$'

VVV<D((.0-<K(&GU1+1./*(./0,&($-1,+*%+,-&(*70,#*B&2'D*(./0*&1&0,"+,-*&-,.8,"*(./0*I& VVV<Df+<K(&&GU1+1./*(./0,&f+*+M1#*I VVV<.*d'<K(& G3($"12+#*& *-$+M1#*& 7*& f+*+M1(*+#$& 1& '-,0*(*+#$& 8(,-(*D*& 1& 8(,#$C*/*& \!& G34`!II $'(,8*<$'n1+"$at$+<K/D&&G\'(,8$*+&!+1,+I $M<$'(,8*<$'n$+%*(-$D$+/nK,V6",$.61/6V,(Cnf+*+M1*%6*..1./*+M$n1+./('D$+/68($6*MM$..16 ,+t$+<K/D&G\'(,8$*+&!+1,+6&PO4I VVV<1+/$(($-6.%,K'M(,<M,Dn&GO(,-(*D&7*&.'.#$"./0,&3%,0$+1#*6&U*Q*(.C*6i(0*/.C*I O,81.&./*+,0+12/0*&:;;><B&^ej3W4WB&VVV<"7.<K(& O(1,89$+#$&GR(<&>:<><:<IB&^ej3W4WB&VVV<"7.<K(&G>><&0$%#*L$&:;>><I 3/*/1./1LC1&%#$/,81.&:;>;B&^ej3W4WB&VVV<"7.<K(&

,-),#.;1.5&603*$"!9.0#'*@.23'2#@D. Q1+-10,'>&6&6>+,(J&>0*&N'>&6,4J0.U4196VQ^6#14>+-10J&LJ&6#1+-10,6/0`01'>0F=150"'>096 ;0N4.J&L>+6"4!J&L>+6"0NJ&O"5+96K(.&,#4O"0964F,0&2$6"51">+mN+'&#m*420JGn0!++)*+,


$#

M.B.M1LB!-1!ML&UTEV&0C>CQ.2.&-BL/CGLK>2.& )"%.-"!06"-&<0

6'7.0'5+'+.XL\Y.0'G'=,5,.>G'9,8)53CD."#3P,.0'7#,1$+)53-,")."#).&,5-,=&)5,.-)7,.0#'/"'#&'2.0'G'=,5,D. "'.53.'&,5.'0d).23'2#,*/9)D.1,")+.23'0#'+3"&)D.9,'.).'&,5.23'0'G)")%9)c23'/"#,"3K9)D.9'5).$13").1,537&'. &,5P'G53./,=)+,5$.'/&'-3.0#'/"'#&):.'7&'/,@

#)9&03&#3(,:./&0#.#C+-&0 .(&$#4&%*2,0%#3!0.&0.,<&'+0!0 -&/#*+/#0"+$#",80 I&.)B& 8,& .0,D& 8,%,[*#'& 3($",7$D%#$& #$& +*#"')%#1&D,(.C1&8(,",(&'&,"+,.'&+*&('),0$& 1&\'(,8$&1&4d(1C$B&2/,&'&/,%1C,#&D#$(1&+$&0(1#$"1& 7*&)*%/1LC,&.($",7$D%#$<&J*2$&3($",7$D%#$B& "*C%$B& 8($"./*0%#*& "'),C,& '0'L$+1& 7*%#$0& '& 30#$/.C1&,/,C&G\'(,8*B&4d(1C*B&471#*I&1&7*#$"6 +,&.*&^(0$+1D&D,($D&1&4"$+.C1D&7*%#$0,D& (*7"0*#*& /*#& ,/,C& +*& "0*& "1#$%*=& \'(,*71#'& 1& 4d(1C'<&U$Q'/1DB&+*2$&3($",7$D%#$&+$&7+*6 L1&+1C*C0'&8,"#$%'&1&+$D*&"1,)$+'&d'+CM1#'B& +$-,&'8(*0,&,)(*/+,=&,+,&#$&17(*71/*&.8,#+16 M*&1&8,0$7+1M*&/(1#'&C,+/1+$+*/*<

C&8$)B& +*2$& 3($",7$D%#$& 1D*& 17(*71/1& (')+1&8,%,[*#&'&,"+,.'&1&+*&\'(,8'&1&4d(1C'& 1& 471#'B& *%1& 17& /$& L1+#$+1M$& +$& .%1#$"1& ,+,& 2/,& .$& ,"D*K& 0$7'#$& '7& 8,#*0'& 8$(1d$(1L+,./1B& /#<&D*(-1+*%17*M1#*B&.8,($"+,./B&D*+#*&[10,/6 +,./B& +$0*[+,./<<<& J*8(,/10B& 3($",7$D%#$& #$&0*[+,&[10,/+,&[*(12/$&1&/$[12/$<&3($",7$6 D%#$B&","'2$B&+1#$&-$,-(*d.C*&($-1#*B&*%1&#$./& +$C,& 8,0$7*+,& [10,/+,& [*(12/$<& j+,& +1#$& M#$%1+*B& *%1& 8($"./*0%#*& [10,/+'& 8,0$7*+,./& 7),-& L$-*& .$& D,[$& 8(,D*/(*/1& C*,& .8$M16 fL+1&7*#$"+1LC1&8(,./,(&.*./*0%#$+&,"&.*D1K& (*7%1L1/,./1B&*%1&D$Q'.,)+,&",)(,&8,0$7*+1K<& !C(*/C,B&3($",7$D%#$&#$&X#D1$"1'$%X#Y$%B&)*2& C*,&2/,&/,&0(1#$"1&7*&.($",7$D%#$&Z*8*+.C,-&


$"

)"%.-"!06"-&<'&M.B.M1LB!-1!ML&UTEV&0C>CQ.2.&-BL/CGLK>2. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.TN(ZN

GP./,L+,-I& D,(*& ,C('[$+,-& e'.C,D& `$"$6 (*M1#,DB&3#$0$(+,D&1&Z'[+,D&b,($#,D&1&Z*6 8*+,D< c&:R:B& U$"1/$(*+& #$& 17(*71/1& ","1(+1& 8(,6 ./,(B&8(1&L$D'&/($)*&',L1/1&","1(&C(29*+./0*& 1& 1.%*D*B& *%1& +18,2/,& C*,& ,+*#& +*#0*[+1#1B& #$(& 8,./,#1& +$2/,& "*%$C,& 7+*L*#+1#$& ,"& /,-*B& *& /,&#$&C,+/*C/&(*701#$+,-&1&+$(*701#$+,-&"1#$%*& .01#$/*&Gl3#$0$(m&1&lZ'-mI&17&L$-*&.%1#$"1&1%$-*%6 +1& D1-(*/,(+1& 8(1/1.*C& 17& 4d(1C$& 8($D*& \'(,6 81<&P*C,&.'&+$C$&,"&+$(*701#$+1K&7$D*%#*&+*& ,)*%*D*& 3($",7$D%#*& '& C*/$-,(1#1& l),-*/1K& +$(*701#$+1K& 7$D*%#*m& G7),-& $+$(-$+*/*IB& /,& ),-*/./0,& 17& (*7%1L1/1K& (*7%,-*& +$& D,[$& .8(1#$L1/1&'+'/(*2+#$&C%*.+$&+*8$/,./1&2/,&.$& ,+"*& ,"(*[*0*& 1& +*& \'(,8'<& U$Q'/1DB& +1/1& 1.%*D1./1LC1&L1D)$+1C&C,#1&9$&",91&",&17(*[*6 #*B& *C,& 1& C*"*& 1& W'(.C*& 'Q$& '& \'+1#'& k& +$& .D1#$&)1/1&7*),(*0%#$+<& P& +*#7*"& k& S:-.&-)B& 3($",7$D%#$& "1#$%,D& 8($"./*0%#*& 0(*/*& 7*& l*71#.C1& R*%C*+m& 1& /,& 8,.($"./0,D& e'D'+#.C$& 1& R'-*(.C$B& C*,& 1& W'(.C$<&]*&(*7%1C'B&3($",7$D%#$B&,.1D&'&.%'6 L*#'&O,+1%#*B&+$&8($"./*0%#*&0(*/*&7*&4d(1C'<

)(#%2&-&0!04-,1&-2!0)#*#<,2,+ !& .0*C,#& "$f+1M1#1& -$,-(*d.C,-& 8,%,[*#*& #*.+,&#$&($L$+,&"*&,+&8($"./*0%#*&"1+*D1L6 C'B& "*C%$B& 8(,D#$+%#10'& C*/$-,(1#'=& +#$-,0,& .$&7+*L$+#$&1&'%,-*&D1#$+#*#'&'&.C%*"'&.&8,6 01#$.+1D& ,C,%+,./1D*<& ]*/,& .$& C*,& ,.+,0*& /$& "$f+1M1#$& +*& 3($",7$D%#'& D,-'& 17"0,#1/1& ,"($Q$+*&(*7",)%#*= *I& +*#./*(1#*& #$& )"$#ST)' 9)@)& k& ,+*& 8,L16 +#$& -(LC1D& ,0%*"*0*+#$D& \-$#.C1D& D,($D& Gl"#$L#*&.,)*&8,D,(*M*mIB&*&7*0(2*0*&.&(1D6 .C1D& 3($",7$D%#$D& '& ,C01('& #$"1+./0$+,-& /$(1/,(1#*%+,-&,)'K0*/*=&(1D.C1&F)7%'"1*$7>F& )I&.($"+#,0#$C,0+*&d*7*&8(1#$&,/C(19*&4D$6 (1C*&.&-%*0+1D&1+/$($.,D&8($D*&T$0*+/'< MI& */%*+/.C,B& "*C%$B& +,0,0#$C,0+,& (*7",6 )%#$& ,"& >Y<n>F<& ./<& C*,& (*7",)%#$& ($%*/10+$&

./*-+*M1#$& ",& ,/0*(*+#*& 3'$.C,-& 8(,C,8*& G>?FE<&-,"<I<&J*-%*2*0*D,&,0,&k&($%*/10+,& k& #$(& +1C*"*& +1#$& ",2%,& ",& ,+*C0$& .D#$+$& D$"1/$(*+.C$&1&*/%*+/.C$&d*7$&C*,&2/,&.$&/,& ,)1L+,& '71D*& '& 8,0(2+1D& (*7D*/(*+#1D*<& J*1D$B& */%*+/.C*& d*7*& #$& )1%*& &1&)$)T& ($-16 ,+*%+,D& 1& -%,)*%+,D& 8,D,(./0'B& 1& +1C*C,& .$& +1#$& (*"1%,& ,& 7*D#$+1B& /#<& 8(,8*./1& #$"+$& GD$"1/$(*+.C$I&1&*f(D*M1#1&"('-$&G*/%*+/.C$I& .*./*0+1M$<&P&/,&7*/,&#$(&#$&U$"1/$(*+&'01#$C& 7*"([*,& .0,#'& '+'/(*2+#'& "1+*D1C'& k& ,+*& #$& ,01.1%*& ,& j.D*+.C,D& ^*(./0'& 1& T$0*+/'& ,89$+1/,&1&+1#$&D,-%*&+$./*/1B&1&'8(*0,&'&(*76 ",)%#'&>Y<n>F<&6>X<n>?<&./<&D$"1/$(*+.C*&d*7*& ",[10%#*0*&8(,.8$(1/$/<&O,/($)$&j.D*+.C,-& ^*(./0*&1&T$0*+/*&'01#$C&.'&8,./,#*%$B&/$&.'& N$+,0*B&H$+$M1#*&1&5')(,0+1C&8(,.8$(1(*%1&1& "*%#$<& 5')(,0+1C& +1#$B& "*C%$B& '+12/*0*%*& +16 C*C0*& .D#$+*& '& C,+/$C./'& D$"1/$(*+.C1K& 1& */%*+/.C1K&,"+,.*B&+$-,&0$%1C*&/($2+#*&>FFX<& -,"<&,"&C,#$&.$&5')(,0+1C&7*8(*0,&012$&+16 C*"*& +1#$& '& 8,/8'+,./1& ,)+,01,& 1& ,8,(*01,B& 7),-&L$-*&"*+*.&-%$"*D,&5')(,0+1C&.*D,& C*,&.#$+'&+$C*"*2+#$&0$%1L1+$< "I&+,0,0#$C*B&)(1/*+.C,6.'$.C*&d*7*&'&>?<& 1& >E<& ./<& 7+*L1& 8,#*0'& "0*#'& )1/+1K& [10,/+1K& 1D8'%.*& '/#$%,0%#$+1K& '& .0$& 0$9$D& 1+/$($.'& !#$"1+#$+,-&b(*%#$0./0*&1&e'.1#$B&C*,&1&,/0*6 (*+#'& 3'$.C,-& 8(,C,8*<& 3($",7$D%#$& /*"*& 8,./*#$& 8,.$)*+& 8(,)%$D& 7),-& l),%$.+1C*& +*&R,.8,('mB&1+/$($.&e'.1#$&7*&W#$.+*M$&#$& .0$& 0$91B& !#$"1+#$+,& b(*%#$0./0,& ,(-*+171(*& .0,#& 1D8$(1#*%+1& 8'/& GN1)(*%/*(6U*%/*6^18*(6 \-18*/IB&*&3'$.C1&C*+*%&,/0*(*&+,0$&+$.%'6 9$+$&D,-'9+,./1< $I&O,.%1#$&,/0*(*+#*&3'$.C,-&8(,C,8*&+*6 ./'8*& D,"$(+,& (*7",)%#$& '& C,#$D& 3($",6 7$D%#$& ,.1-'(*0*& .0,#$& /(*#+,& +$8(1#$8,(+,& 1&0$%1C,&-,.8,"*(.C,&1&-$,./(*/$2C,&7+*L$6 +#$B&'&L$D'&"#$%'#'&1&+*.%1#$Q$+$&./*%+1M$B&*%1& 1&+,01+$&G+,01&1+/$($.&b1+$&7*&3($",7$D%#$I<


)"%.-"!06"-&<'&M.B.M1LB!-1!ML&UTEV&0C>CQ.2.&-BL/CGLK>2. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.TN(ZN

$)

3&#.'(,'&D/&0#.#C+-&0 .(&$#4&%*2,0

-#"+0+-'&(&.+04,0#'"#(&-#0+0 4,'"#(&-#0.(&$#4&%*2&++

O(1& (*2L%*D)1& /,-& 81/*+#*& /($)*& ,"D*K& '8,7,(1/1& +*& 8$/& 0*[+1K& .*./*0+1M*=& 27D1B& 3($",7$D%#$& #$& ($%*/10+,& D*%,& D,($B& 2/,& '& -$,./(*/$2C,D& .D1.%'& 7+*L1& "*& .$& 8(,/10& .01K& M1%#$0*& D,[$& "#$%,0*/1& .*& C,8+*& 1& +1#$& 8,/($)+*&8(1.'/+,./&'&.*D,D&*C0*/,(1#'<&

!+*/,L& ./*+,01/1K& ,.M1%*M1#*& '& 8(,2%,./1B& 0*%#*&'./0("1/1&"*&#$&1+/$($.&7*&3($",7$D%#$& '&M#$%1+1&8,./,#*,&,"'01#$CB&2/,&8(0$+./0$+,& .%1#$"1& 17& +#$71+,-& gN& 8,%,[*#*B& C,#1& -*& +$6 D1+,0+,&'8%$9$&1&",0,"1&'&0$7'&.&+*#(*7%1L16 /1#1D&1+/$($.1D*&1&8(,M$.1D*<&4&/,&1./,&,+"*& 0(1#$"1& 1& +*C,+& )1/+$& -%,)*%+$& 8($C($/+1M$& C*C0'& 8($"./*0%#*& 8($./*+*C& K%*"+,-& (*/*<& W*#& .$& 1+/$($.& "*+*.& ,L1/'#$& '& +$C,%1C,& 016 ",0*=& 27D1B& .#$0$(+,*d(1LC,& 8(,L$%#$& G71D*n 8(,%#$9$&:;>;<n:;>><I&17(*71/*&#$&7,+*&/'()'6 %$+/+1K&C($/*+#*&C,#*&,L1/,&'/#$L'&1&+*&,./*%1& *(*8.C1&.01#$/<&38,D$+'/1&"('2/0$+1&8(,M$.1& +*& *d(1LC,D& 3($",7$D%#'& 17D$Q'& 'C%#'L+,& U*(,C*&1&\-18/*&7*K0*9*#'&0$%1C'&"$D,-(*d6 .C'&D*.'&G.0*C*C,&8($C,&>gY&D1%1#'+*& 8'6 L*+*IB&+*&"+$0+,D&.'&($"'&C('8+1&"('2/0$+1& 8(,)%$D1&G.1(,D*2/0,&1&"$D,C(*/17*M1#*IB&2/,& #$&.0$&",8'+#$+,&1&8(,)%$D,D&$+$(-$/.C,-& -,.8,"*(./0*&1&D,-'91D&'8%$/*+#$D&1.%*D16 7*M1#$nd'+"*D$+/*%17*M1#$&'&L1/*0&8(,)%$D<

N7>51B&*C0*/,(1#&#$&8,"1#$%#$+&.*&8$/&0(*/*n /#$.+*M*B&2/,&D,[$&)1/1&8,.$)+,&-$,./(*/$26 C,& ,8/$($9$+#$& G31M1%.C1& 8(,%*7B& j/(*+/.C*& 0(*/*B& 7*8*"+,C($/.C1& 1& 1./,L+,C($/.C1& 8(,6 %*7B&7,+*&M*(1-(*".C1K&W#$.+*M*I -7%V%B&'8(*0,&#$&3($",7$D%#$&17%*7+1&8(,6 ./,(&7*&e'.1#'&1&!C(*#1+'&+*&,./*%,&.0#$/.C,& ,/0,($+,&D,($B&C,#1&#$&8(,)%$D&)1/+,&,)1%#$6 [1,&$'(,8.C'&8,01#$./<&]*/,&#$&0*[+*&,.,)16 +*& 3($",7$D%#*& "*& +*& +#$-,01D& ,)*%*D*& 8*(/1M181(*& #$"+*& -%,)*%+*& 0$%$0%*./B& C,#*B& D$Q'/1DB&,./*#$&7*/0,($+*&'&)*7$+'&^(+,-& D,(*<&30*C1&17%*7*C&17&/$&7*/0,($+,./1&,/0*(*& .'C,)&.&!#$"1+#$+1D&b(*%#$0./0,D< Z%$D7$1B& 0*[+,./& L1+#$+1M$& "*& #$& *C0*/,6 (1#&3($",7$D%#*&D*%,&D,($&01"1&.$&1&8,&/,D$& 2/,& #$& ,%*C2*+,& +#$-,0,& .0,#*/*+#$B& C,#$& '& .%'L*#'&4/%*+/1C*&1&O*M1fC*&#$"+,./*0+,&+1#$& D,-'9$<&!&,"+,.'&+*&3($",7$D%#$&D,[$&.$& #*01/1&/$[+#*&*8.,%'/+,#&",D1+*M1#1&1&.0,#*/*6 +#'&17(*[$+*&'&1"$#1&9"&:+#),-&89&k&,+,&#$& '&8,/8'+,./1&G1&.&8(*0,DI&/*C0,&7*&e1D%#*+*B& 2/,&.$B&D$Q'/1DB&012$&+1C*"*&+1#$&8,+,01%,<& O,./,#*%*& .'& .*D,& "#$%,D1L+*& .0,#*/*+#*=& 7*&N(C$&#$&.*D,&\-$#.C,&D,($&+#1K,0&D*($& +,./('DB& 7*& H$+$M1#'& /,& #$& Z*"(*+& GN,%d,& "1&H$+$71*IB&7*&W'(.C'&/,&#$&^(+,&D,($B&7*& O$/(*&b($21D1(*&PH<B&Z*"(*+&#$&"1#$%,D&F)7%' "1*$7>F'&)3F)$#<>FB&7*&/*%1#*+.C$&d*21./$&/,& #$& /%*8+#*& C,#*& .$& ,"+,.1& +*& L1/*0,& 3($",6 7$D%#$B&*&+1/1&'&K%*"+,D&(*/'&U$"1/$(*+&+1#$& 8,.0$&7*8*"+#*LC,&#$7$(,<

N7>51B&8,.$)*+&+,01&1+/$($.&17*710*&^(+,& D,($&k&,+,&8,./*#$&+,0,&-$,8,%1/1LC,&/$[12/$& '&C,#$D&.'&"1#$%,D&0$9&(1#$2$+*&+$C*&0*[+*& 81/*+#*B&*&"1#$%,D& .$&/$C&,7)1%#+1#$& ,/0*(*#'=& /*C,& .$& e'.C*& `$"$(*M1#*& C,+*L+,& L0(./,& '.8,./*01%*&+*&^(+,D&D,('&7*"([*021&.0,#'& 0,#+'& )*7'& ",& :;@:<& -,"<B& 8(,21(1%*& .0,#1D& 0,#+1D& 1& 8,%1/1LC1D& '/#$M*#$D& +*& -('71#.C'& 4)K*71#'&G0,#+$&)*7$&7*&,L'0*+#$&4)K*71#$& 1&C*,&8(,/'/$[*&8(,7*8*"+#*LC,#&1&8(,+*/,06 .C,#&N('71#1B&*%1&1&R'-*(.C,#&1&e'D'+#.C,#&C*,& L%*+1M*D*&J4Wj6*I<&]*/1DB&/'&#$&+,0*&'%,-*& ^(+,-&D,(*&.&",-,0,($+1D&+,01D&$+$(-$/6 .C1D&M#$0,0,"1D*&17&e'.1#$&8($D*&W'(.C,#&1& R'-*(.C,#<& P& +*#7*"B& /'& +*./*#$& +,01& 8,%1/,6 -$+$/.C1&8(,)%$DB&/#<&$0$+/'*%+,&,[10,/0,($6 +#$&8($"C*0C*.C,-&$D1(*/*B&C,#1&"1#$%,D&L1+1& +$8,.($"+,&7*%$Q$&47,0.C,-&1&^(+,-&D,(*<


$$

)"%.-"!06"-&<'&M.B.M1LB!-1!ML&UTEV&0C>CQ.2.&-BL/CGLK>2. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.TN(ZN

-7%V%B& 7*& 3($",7$D%#$& #$& .0$& 012$& 7*1+6 /$($.1(*+*& 1& b1+*B& 7),-& +#$71+,-& -,.8,"*(6 .C,-& 8(,",(*& '& \'(,8'& 8'/$D& 3'$.C,-& 8(,C,8*B&L1D$&#$&"$f+1/10+,&17)*L$+*&17&1-($& e'.C*& `$"$(*M1#*& C*,& C,8+$+1& D,./& 17D$6 Q'&b1+$&1&$'(,8.C,-&]*8*"*B&C,#1&D,./&7*6 8(*0,& +1C*"*& +1#$& d'+CM1,+1(*,& ,+*C,& C*C,&

)1& /,& )1%,& ($*%+,& ,L$C10*/1& +*& ,.+,01M1& -$,6 -(*d.C,-&8,%,[*#*<&30$&/,&&17(*[*0*&.$&.0$& 0$91D& 1+/$($.,D& b1+$& 7*& .#$0$(+1& Z*"(*+B& '& /,D$& 8,.$)+,& 7*& i(0*/.C'B& /*C,& "*& .$& D,[$& .%,),"+,& ($91& "*& 9$& $+$(-$/.C1& 1+/$6 ($.1& 1& 1+/$($.1& b1+$& )1/1& )1/*+& L1+1%*M& /(*#+,-& 1+/$($.*&7*&3($",7$D%#$<


)"%.-"!06"-&<'&M.B.M1LB!-1!ML&UTEV&0C>CQ.2.&-BL/CGLK>2. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.TN(ZN

$(

!"#$%#$`E.%(G"-+/'6#-26FE)6+'.2#3.).+%3)6&%*(+-&-*

2343567$89$:"#$%#+563('70&1!%#/&8#96"#1%38/$3"31($"#)(*'1&)&* ;(&".+ )6+ -%-J(".+ ".T6?+ D6#(&6'.".+ #.+ -"+ 2.)6#"-+ %.+ U'36"(F+ F-'6F+ (+ 0#6"%*(F+ 2.E)63-F+'.2#3.).M-#)6E)$)6+#3.+#()6E.+%3)6&%*-?+-&-*.8+&)7+i$'-.2()$+KPL+-#+0S'(*6+K9L7+ 0E(8+"6+".+".G("+)6#"-?+(2-E.A(-"-?+,'-%&-'.8+"6?-+".,'-&(38+%+$E-?-F+%,.).").7+!%&(".8+ $+%E$G.)$+0S'(*6+-".+)6+$?E.3"-F+-?'."(G6".+".+-J.E6+.S'(G*(>+#'V.3.+/'6#-26FE).7+b#+ %3(>+%'6#-26F"(>+F-'.+".+%3()6&$8+%.F-+.*3.&-'()+D6#(&6'."@U'36"-+F-'6@0#6"%*(+2.@ E)63+(F.+&.*3-+'.2#)6E"-M%,-)"-+2".G6")67


$%

)"%.-"!06"-&<'&M.B.M1LB!-1!ML&UTEV&0C>CQ.2.&-BL/CGLK>2. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.TN(ZN

!"#$)#$/'6#-26FE)6+k+&6'(&-'().E"(+(+("&6'6%"-M?'.3(&.A()%*(+-J$>3.&


)"%.-"!06"-&<'&M.B.M1LB!-1!ML&UTEV&0C>CQ.2.&-BL/CGLK>2. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.TN(ZN

$!

2343567$89$:"#$)#!%#/&8#96"#1:1)#%')&%'"360'1'1'0)#%#(0&;.%3$')3<'"(*'1&=->$3) /3.*(+?-3-'+(+'.2F.&'.")6+-+/'6#-26FE)$+F-'.+$*E)$G(3.&(+#6R"(A()$++"()8'(7%&I9F$* K7()&9("$%&'$7L4+ &-+ )6+ %*$,+ 2".G.)*(8+ -%-J(&-%&(+ (+ F)6'(E.+ ,-+ *-)(F.+ %6+ "6*(+ ,'-%&-'+ #6R"('.+*.-+%'6#-26F"(7+e+&6+2".G.)*68+-%-J(&-%&(+(+F)6'(E.+$E.26+"6+%.F-+?6-?'.S%*(+ %.#'V.)(8+"6?-+(+"(2+#'$?(>+*-)(+$*.2$)$+".+'.2E(*-3"-%&+F6#(&6'."%*6+-#+-"(>+#'$?(>+'6@ ?().7+H'(+&-F6+&'6J.+'.2E(*-3.&(+#3-)64+q,'.3-r+/'6#-26FE)68+&)7+-"-+$+q$V6F+%F(%E$r+-#+ #'$?-?8+-"-?+qT('6?+,'-%&-'.r+*-)(+)6+,-#+F6#(&6'."%*(F+$&)6A.)(F.7+b+%'6#-26F"(T&3$+ ,-%&-)6+ -#'6g6".+ ).%".+ %&.).E(T&.8+ #-*+ &-+ "6+ 3'()6#(+ 2.+ *-"*'6&"(+ &6'(&-'().E"(+ -J$>3.&+ %.F-?+/'6#-26FE).7+/&'$*-3"(+(+%&'$G"(+*-"%6"2$%+&$+)-T+"6+,-%&-)(7+/'6#-26FE)$+-G(&-+ ,'(,.#.+%.3+.*3.&-'()8+-J.E.8+,'(-J.E)6+(+2.-J.E)6+'.2E(G(&6+T('("6+#-+?6-?'.S%*6+F6g68+#-*+ )6+%.F.+F6g.+/'6#-26FE).+#3-%&'$*.4+$+%E$G.)$+3(T6?+(+%&'F()6?+'6E)6S.+$+2.E6g$+-".+)6+ -T&'().+(+(2'.2(&().8+,'(+G6F$+F6#(&6'."%*.+2-".+F-V6+J(&(+(+3'E-+$%*.8+*.-+$+,-#36E6J(&@ %*-F+,'(F-')$8+$+%E$G.)$+'6E)6S"-+JE.V(>+-JE(*.+-".+)6+,-%&$,"().+(+-#"-%(+%6+".+#$JE)$+ $"$&'.T")-%&+*.-+$+#.EF.&("%*-)+s.?-'(+(E(+>$F%*-)+f6'A6?-3("(7 P+k+.L+bJ.E%*(+,-).%+/'6#-26FE).+*.-+A)6E("6 JL+-J.E%*(+,-).%+q,'.3-?r+(E(+-&3-'6"-?+/'6#-26FE). AL+08+;+k+$+2.&3-'6"6+#()6E-36+-&3-'6"-?+/'6#-26FE).+F-V6+%6+$J'-)(&(+(+[.#'."%*-+(+ i?6)%*-+F-'6 #L+ -J.E%*(+ ,-).%+ 2.&3-'6"-?+ /'6#-26FE).7+ ^'E-+ G6%&-+ %6+ ,-#+ /'6#-26FE)6F+ ,-#'.@ 2$F()63.+ %.F-+ ")6?-3+ -&3-'6"(+ #(-8+ T&-+ )6+ ,-?'6T"-8+ #-*+ %6+ 2.&3-'6"-+ /'6#-26FE)6+ -%&.3E).+J62+#6R"(A()6+*.-+U'"-8+02-3%*-+(+D'.F-'"-+F-'67+s.&-+%6+F-V6+?-3-'(&(+(+-+ $V6F+(+T('6F+%'6#-26F"-F+,-#'$G)$7 9+k+bJ.E%*(+#()6E-3(+H-'&$?.E.8+t,.")-E%*6+(+D.'-*.+K%36+(23."+5(J'.E&.'%*(>+3'.&.L+"6+ ,'(J'.).)$+%6+/'6#-26FE)$8+(.*-+F-?$+(F.&(+(+"6*6+F6#(&6'."%*6+-%-J("6 Q+k+`.-+"(+H-'&$?.E8+&.*-+"(&(+[-'#."+"()6+F6#(&6'."%*.+#'V.3.8+(.*-+)6+%.+/'6#-26@ FE)6F+J(&"-+("&6'6%"-+,-362."7+[-'#."8+(%&(".8+"()6+ccU+#'V.3.+Kc."#+c-A*6#+U-$"&'ZL8+ .E(+ %3.*.*-+ )6%&+ 5f1+ #'V.3.+ @+ ?6-?'.S%*(+ >6"#(*6,('.".+ #'V.3.+ K(F.8+ #.*E68+ 3E.%&(&-+ F-'68+.E(+"6+$+".),-3-E)"()(F+-*-E"-%&(F.L8+*-)(+$E.2(+$+".)T('6+F6#(&6'."%*-+,-#'$G)6+ 2J-?+?'.3(&.A()6+,'6F.+-&3-'6"-F+/'6#-26FE)$7 l+k+.L+X.)T('6+F6#(&6'."%*-+,-#'$G)6+#6R"('."-+)6+-#"-%-F+ccU+#'V.3.8+&'."2(&"(>+(+ &'."2(&"-@-J.E"(>+#'V.3. JL+P+@+ccU+#'V.36+%+,'36"%&36"-M,'6&6V"-+)6#"-%&'."(F+,'-F6&"(F+,'.3A(F.+(+-'()6"@ &.A()-F+*-)(F.+#-,('$+#-+F-'.7 AL+9+k+#'V.36+%+ #3-%&'$*(F+,'-F6&"(F+,'.3A(F.+(+-'()6"&.A()-F+*-)(F.+#-%6V$+#-+ F-'.7+b3-+q".)T('6+F6#(&6'."%*-+,-#'$G)6r+3(T6+"()6+/'6#-26FE)68+.E(+)6%&+F6#(&6'."%*-+ ("&6'6%"-+,-#'$G)67 <+k+.8+J+k+?E.3"6+(23."6$'-,%*6+K.S'(G*6L+#'V.36+*-)6+(F.)$+&'."2(&"$+$E-?$+2.+2.E6g6+ KX(?6'8+u.#L A+k+(23."6$'-,%*6+#'V.36+*-)6+%$+&.*-g6'+&'."2(&"-+$,$=6"6+".+/'6#-26FE)6+K026'@ J.)#V."L h+k+#(-+?'."(A6+i$'-,6+(+02()6


$&

)"%.-"!06"-&<'&M.B.M1LB!-1!ML&UTEV&0C>CQ.2.&-BL/CGLK>2. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.TN(ZN

!"#$*#$`E.%(G"-+/'6#-26FE)6+k+"6*6+&6F6E)"6+-#'6#"(A6+,-E-V.).+(+?6-,-E(&(*6


)"%.-"!06"-&<'&M.B.M1LB!-1!ML&UTEV&0C>CQ.2.&-BL/CGLK>2. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.TN(ZN

$*

2343567$89$:"#$*#+563('70&1!%#/&8#96"#1:10#*#1)#9#6"0#1&/%#/0'<#14&6&?3"31'1.#&@ 4&6')'*# H'(+%3.*-F+'.2F.&'.")$+-3-?+&'(*-"&("6"&.E"-?+/'6#-26FE).++#-J'-+)6+$3()6*+(F.&(+".+$F$+#3()6+ J(&"6+2".G.)*6+J62+*-)(>+%6+/'6#-26FE)6+"62.F(%E(3-+(+*-)6+%$+F$+#.E6+J(E-+#$?-&'.)"(8+J(E-+&'.)"(+ ,6G.&8+T&-+".+".)*'.=(+F-?$=(+".G("+$*.2$)6+(+".+J(&+%.F-?+*E.%(G"-?+D6#(&6'.".4+;"F88+&-+)6+")6@ ?-3.+S$"*A().+,'->-#"-%&(M,'-E.2"-%&(8+(+)"!-88+&-+)6+,'-%&-'+,-,'(T&.+".),'()6+%$*-J.+e)6#(")6"-?+ `'.E)63%&3.+(+I$%()68+.+2.&(F+s.,.#.+(+!%&-*.7 P+k+`.-+%,6A(RG"(+R2(G*-@?6-?'.S%*(+,'-%&-'8+/'6#-26FE)6+)6+,'()6+%36?.+-#'6g6"-+*E(F.&%*(4+ ")6?-3.+)6+V(3-&".+-*-%"(A.+QBvX8+$2+(2E-V6"-%&+2.,.#"(F+F.'(&(F"(F+$&)6A.)(F.+K,'-%&-'+2.,.#@ "(>+,'(F-').+%'6#")(>+T('(".L8+T&-+)6+,-?-#-3.E-+'."(F+A(3(E(2.A().F.+(+$+F.&6'().E"-F+(+$+#$>-3@ "-F+%F(%E$7+[6#"-%&.3"-+'6G6"-8+$2?-)+*'$A().E"(>+*$E&$'.+KV(&.8+E-2.8+F.%E(".L+"(+".+(2'.2(&()6F+ %)636'$8+"(&(+".+)$?$+"()6+J(-+F-?$=8+.+$+#'$T&36"-F+%F(%E$+&.F-+"(%$+J(E(+F-?$=(+"(+.?-'.8+.+"(&(+ S-'$F7+`.%"()68+,-3-E)".+)6+J(E.+JE(2(".+2-"6+,.%.&"(>+3)6&'-3.+*-)(F.+%6+E.*-+%&(2.E-+#-+0F6'(*.+ J62+ -,.%"-%&(+ *-")%*(>+ T('(".7+ ^.V"-+ )6+ )-T+ (+ &-+ #.+ )6+ /'6#-26FE)6+ '6E.&(3"-+ F.E-+ F-'68+ .E(+ ".+ #-#('$+36E(*(>+'.2"-E(*-%&(7 9+k+KPL+;(&".+)6+-%-J(".+?6-,'-F6&"-?+,-E-V.).+/'6#-26FE).+#.+)6+-"-+,'-E.2"-+F-'68+&)7+*'-2+ ")6?.+%6+(F.+*$#.+%&(=(8+,'(+G6F$+%6+-3-+*E.%(G"-+/'6#-26FE)6+'.2E(*$)6+-#+J.E&(G*-?+%'6#-26FE).4+ -"-+)6+3.V"-+%.F-+2.+-&3.'.")6+I$%()68+.E(+"6+(+#.E)6+-#+&-?.7+u.*+(+,'()6+/$6%*-?+,'-*-,.+KPBhC7L+ 3.V"6+%$+*-,"6"6+,'-F6&"(A64+%+".T6?+/'6#-26FE).+-"6+%6+".%&.3E).)$+*'-2+HE-#"(+,-E$F)6%6A+ #-+H6'2()%*-?+2.E)63.7+D6g$&(F8+,'-F6&"(+*'.*+,'6F.+U'"-F+F-'$+K9L+(+`.3*.2$+#$?-+3'6F6".+ $-,=6+"()6+(F.-+,'-E.2"(+*.'.*&6'8+(+&-+2.&-+)6'+%6+-#+?'$2()%*-@.26'J.)#V."%*6+,'63E.*6+,'6F.+ (%&-*$+"()6+%&(2.E-+"(*$#.+K#.*.*-8+#.".%+%6+%(&$.A().+F()6").+)6'+&.+,'63E.*.+,-%&.)6+3.V".+*.-+ 3'.&.+2.+(2E.2+6"6'?6".&.+(2+$'&.+B8-*J$2B$%$+".+s.,.#L7 Q+k+Q+@+m+k+/.+&(F6+$+%362(+&'6J.+'6.E"-+(%*.2.&(+".+%*'-F"-+2".G6")6+1$".3.+(+")6?-3-?+$T=.7+ /,-F(")$=(+1$".3+".F6=6+%6+$%,-'6#J.+%+I.)"-F8+.E(+)6+'62$E&.&+&6+$%,-'6#J6+2.+H-#$".3E)6+"6@ ?.&(3."7+X.(F68+".+$T=$+1$".3.+"6+,-%&-)(+"(*.*.3+36E(*(+?'.#KwL8+2.+T&-+"6F.+"(&(+$3)6&.8+.+T&-+J(+ E-?(G"-+%E()6#(E-8+(F.)$=(+".+$F$+#$J-*-+(+,'-%&'."-+,-#$".3%*-+2.E6g67+U'"-+F-'6+)68+(%&(".8+J(E-+ ,'-%&-'+("&6'6%.+?'G*6+*-E-"(2.A()6+(+*-E-"().E(2.A()68+.E(+$+,'-F()6")6"(F+#'$T&36"(F+,'(E(*.F.+%36+ )6+#-TE-+$+,(&.")68+?6-,'-F6&".+2.&3-'6"-%&+"()6+,'$V.E.+,-%6J"6+V(3-&"6+F-?$="-%&(7+I.2E-?+ 2.+&-+)6+)6#"-%&.3."4+U'"-+F-'6+)6+2.&3-'6"(+J.26"+(2+*-)6?+%6+"6F.+*$#.+%&(=(8+#-*+)6+a$'%*.+ ,'(%&$,.G"().+F-'%*(F+,$&63(F.7+0+&'6J.+,-*$T.&(+2.F(%E(&(+H-'.)")6+*-)6+".+%3-F+2.3'T6&*$+"6+J(+ (F.E-+k+I-&&6'#.Fw+0E(8+I-&&6'#.F+)6+-&3-'6"+-A6."$8+#.*E68+(+%3()6&$8+$T=6+1$".3.+(+U'"-+F-'6+ %$+2.&3-'6"(7+X6,-3-E)".+$%,-'6#J.+2.+1$".3+%E()6#(+(+-"#.+*.#.+)6+$+,(&.")$+H-"(E)6+k+-"-+)6+2.+ '.2E(*$+-#+1$".3.+(+U'"-?+F-'.+-&3.'.E-+#$J("6+.S'(G*-?+*-"&("6"&.8+.+,E-#".+#6E&.+,-%&.E.+)6+ ?$%&-+".%6E)6"-+,-#'$G)67+!%&(".8+(+1$".3+(F.+3'E-+'.23()6"$+#6E&$8+.E(+)6+-".+J62+2".G6").7+H'(F)6'+ 1$".3.+#-J'-+,-*.2$)6+#.+2.+,-&,$"$+,'-F6&"$+3.E-'(2.A()$+F-'.+,-%&-).&(+%("6'?().+3'()6#"-%&(+ 2.E6g.+%+F.'(&(F"-F+-&3-'6"-T=$8+.+$+%E$G.)$+1$".3.+&.*3-+T&-+$-,=6+"6+,-%&-)(7+;(2.'"-%&+&-?+ #$".3%*-?+%E$G.).+".?E.T.3.+%6+)-T+(+&(F6+T&-+1$".3+$+-#"-%$+".+6$'-,%*-+*-,"-+-&3.'.+#.E6*-+ #$JE)6+2.E6g6+"6?-+I.)".7 s.+?6-,'-F6&"6+-%-J("6+/'6#-26FE).+3.V"-+)6+)-T+"6T&-4+-"-+)6+2.+'.2E(*$+-#+e)6#(")6"-?+`'.@ E)63%&3.+#-J'-+,-E-V6"-+$+-#"-%$+".+c.&("%*$+0F6'(*$+K2.$2(F.")6+02-'%*(>+(+`.".'%*(>+-&-*.+ -#+%&'."6+t,.")-E%*6+(+H-'&$?.E.+2.&-+)6+,-%36+'.2$FE)(3-L8+#-*+)6+,-E-V.)+e)6#(")6"-?+`'.E)63%&3.++ ,-3-E)"()(+$+-#"-%$+".+0"?E-.F6'(*$4+(+-".+2.,'.3-+E.*-+#-E.2(+$+2-"$+,.%.&"(>+3)6&'-3.+$2+)-T+ E.*T(+,-3'.&.*+,$&6F+q#-J'(>+2.,.#"(>+3)6&'-3.r+KN6%&6'E(6%L7 l+k+1'$?.+J(&".+-#'6#"(A.+/'6#-26FE).+-#"-%(+%6+".+G(")6"(A$+#.+)6+-".+&'.#(A(-".E"-+,-,'(T&6+ %$*-J.+<($"92$%)+B&<+(+7$<$%&+9&EB&<+%(E.8+$2+a$'%*$+*.-+%&.E"-+,'(%$&"-?+G(FJ6"(*.+$+-#"-%$+".+ e)6#(")6"-+`'.E)63%&3-+(+I$%()$7 .L+,'-JE6F+a$'%*6+*.-+qJ-E6%"(*.+".+;-%,'-$r+-#E$G."+)6+2.+F-?$="-%&+'$%*-?+(2J().").+".+ -&3-'6"-+/'6#-26FE)6 JL+ '$%*-+ ".%&-).")6+ -*-+ ,'-J().").+ $+ U'"-+ F-'68+ a)6%".A6+ (+ -&3-'6"-+ /'6#-26FE)6+ ,'.*&(G*(+ ,'6#%&.3E).)$+*-"&("$(&6&+-#+PP7+%&7 AL+J'(&."%*.+".%&-).").+$+PB7+(+PC7+%&7+#.+%6+-%&3.'(+!F,6'().E"(+,$&+%+$,-'(T&(F.+$+5(J'.E&.'$8+ ".+D.E&(8+".+U(,'$+(+$+i?(,&$+*.-+3E.%&(&(+J'(&."%*(+,'(%&$,+!"#()(7


('

)"%.-"!06"-&<'&M.B.M1LB!-1!ML&UTEV&0C>CQ.2.&-BL/CGLK>2. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.TN(ZN

!"#$+#$H-E-V.)+/'6#-26FE).+$+-#"-%$+".+6$'-,%*6+,'63E.*68+F-%&"6+#'V.36+(+ ,6"6&'.A()%*6+,'.3A6 2343567$89$:"#$+#+A&6&?3"1!%#/&8#96"31-1&/0&(-1031#-%&4(*#14%#$63*#B19&()0#1

/%?3$#1'14#0#)%3<'"(*#14%3$<#

56-,'-F6&".+$E-?.+/'6#-26FE).+"6+-#E(*$)6+%6+%.F-+2".G6")6F+%3-)6+,'->-#"-%&(M&'."2(&.8+ "6?-+)6+-"-+$)6#"-+(+(%>-#(T&6+,'-F6&"-M%,-)"(>+S$"*A().+3(T6F-%&"(>+26F.E).+K$"$&.'+/'6#-26@ FE).8+.E(+(+(23."+")6?.L8+*.-+(+,6"6&'.A()%*(>+,'.3.A.8+,'36"%&36"-+$+-#"-%$+".+6$'-,%*-+*-,"-


(#

P+k+!.*-+$+2".&"-+,-36=."(F+#(F6"2().F.8+6$'-,%*(+,'-%&-'+%.+/'6#-26FE)6F+-#E(*$)$+&'(+J(&"6+ ,'63E.*6 .L+K.L+k+,'3.+,-362$)6+_("%*(+2.E)63+%.+;()6E(F+F-'6F+K/."*&+H6&6'J$'?@;)6E-F-'%*L7+!.*-+,6@ '(S6'"-+,-E-V6".8+-3.+)6+,'63E.*.+2.)6#"-+%+*.".E(F.+(+V6E)62"(G*-F+,'$?-F+3.V".+2.+V(3-&"-%&+ %)636'"-?+#()6E.+I$%*6+_6#6'.A()67+D6g$&(F8+,'63E.*.+"6F.+"(+F6g$".'-#"-8+"(&(+F6g$*-"&("6"@ &.E"-+2".G6")67+b%(F+&-?.8+&.+,'63E.*.+".+0'*&(*$+2.%.#.+"6+3-#(+"(*$#.8+G(F6+)6+")62(".+3.V"-%&+ J(&"-+$F.")6".7+H'(+&-F6+&'6J.+%,-F6"$&(+#.+)6+2J-?+*E(F.&%*(>+'.2E-?.+636"&$.E"-+-&3.'.")6+ %)636'"-F-'%*-?+,$&.+i$'-,.@0F6'(*.+".+0'*&(*$+)-T+%&3.'+J$#$="-%&(7 JL+KJL+k+*.3*.%*.+,'63E.*.+K5'$2().@026'J.)#V."L+?E.3".+)6+,-362"(A.+#()6E.+.2()%*-?+;.E*.".+(+ !'.".+%.+/'6#-26FE)6F8+T&-+2".G(+#.+(F.+(+F6g$".'-#"-+(+F6g$*-"&("6"&.E"-+2".G6")67+/$'.F%*(+ ,'()63-)+$+5'$2()(+KClBFL+*E)$G".+)6+,'-F6&".+(+?6-%&'.&6T*.+&-G*.+".+&-)+,-362"(A(7 AL+KAL+k+,'63E.*.+/'6#-26FE)6+KH'.3(+c63."&L+k+H6'2()%*(+2.E)63+,-*E.,.+%6+%.+2-"-F+HE-#"-?+ ,-E$F)6%6A.+*-)(+%6+-#+(2'.6E%*-?+D'&3-?+F-'.+,'6*-+[-'#.".+k+c(&."().+@+b'-"&6%.+(+i$S'.&.+(+ a(?'(%.+".%&.3E).+#-+H6'2()%*-?+2.E)63.7+!+-3.+,'63E.*.+(F.+F6g$".'-#"-8+.E(+"6+(+F6g$*-"&("6"@ &.E"-+2".G6")68+J.'6F+"6+$+%F(%E$+#.+%6+-#"-%(+".+#3.+*-"&("6"&.7+D6g$&(F8+V(3-&"-+)6+2".G6")6+ -36+,'63E.*6+".)36=68+)6'+%6+-"-+-&3.'.+,'(F-'%*-)+02()(8+%36+#-+I$%*6+_6#6'.A()6+".+1.E(%&-*$7 9+k+^6E(*-+,-&6"A().E"-+2".G6")6+(F.)$+".+/'6#-26FE)$+&237+F-%&"6+#'V.367+a-+%$+-"6+*-)6+ %3-)(F+*-,"-F+*.-+F6g$,'-%&-'(F.+(2E.26+".+#3.+.*3.&-'().8+(".G6+,-362.".+"6*(F+3'.&(F.+(E(+ &)6%".A(F.8+*-)(+%6+$+*'(2"(F+%(&$.A().F.+F-?$+JE-*('.&(+2.+,-F-'%*(+,'-F6&7+D6g$&(F8+F-%&"6+ #'V.36+F-?$+$36E(*6+$F.")(&(+&.)+"6#-%&.&.* .L+,'-%&-'(+F-?$=6?+,-F-'%*-?+2.,'()6G.3."). JL+F.'-*."%*(+F-%&+K".+G(&.3-F+26FE)-3(#$+,'.3A(+%$+%>6F.&(2('."(L4+X.#.'M0E+f-%6(".@U.%.@ JE."A.+9+k+S'."A$%*-@T,.")-E%*(+F-%&+KD.'%6(EE6@;-'#6.$d8+;.'A6E-".@;(EJ.-+(+U.#(2L8+Q+k+#."%*(+ F-%&+K0.'>$%@I("?*-J("?Mi%J)6'?L8+l+k+")6F.G*(+F-%&+K`(6E%*(+*.".E+(+*-,"6".+362.L8+<+k+%)636'@ "(+&.E()."%*(+F-%&+K56"-3.@^6"6A().L8+h+k+?'G*(+F-%&+K/-E$"@!?$F6"(&%.L8+j+(+B+k+&$'%*(+F-%&-3(+$+ i$'-,%*-)+a$'%*-)+(+!%&."J$E@0"&.EZ.8+C+k+(2'.6E%*(+F-%&+Kf.(S.@iE.&L8+P:+k+6?(,.&%*(+F-%&+K0E6*@ %."#'(.@`$%6('Mf$'?>.#.L8+PP+k+&$"(%*(+F-%&+KD6"26EM;$'?(J.@/S.dM5.J6%L Q+k+D6g$+,-&6"A().E"6+F-%&"6+#'V.36+F-?$=6+)6+$J'-)(&(+(+0EV('+K!L8+*-)(+?'."(G(+%.+s.,.#"-F+ /.>.'-F8+.E(+)6+&.)+F-%&+$,(&."+2J-?+)-T+$3()6*+"6'()6T6"-?+%&.&$%.+s.,.#"6+/.>.'68+.+,'-JE6F+ %$+(+,'-F6&"(A6+(+E$*67+!!+k+T36#%*(+F-%&+K5x&6J-'?@/&-A*>-EFL+)6+2.,'.3-+$,(&."+-3(%"-+-+&-F6+ ?#)6+ J(+ #-TE-+ #-+ 2.,'()6G.3.").4+ &.)+ F-%&+ F-V6+ S$"*A(-"('.&(+ %.F-+ $+ %E$G.)$+ .*-+ -"-+ 2.>3.&(+ #."%*6+-&-*68+.+$+%E$G.)$+2.,'()6G.3.").+/*.?6'''.*.+k+F-%&".+)6+$E-?.+t36#%*6+J6%,'6#F6&".7+ !!!+k+(+'6.E".+F-%&".+$E-?.+0EJ."()6+)6+$,(&".4+-".8+(%&(".8+(2E.2(+".+-J.+'$J".+,-#'$G).+b&'."&%*(>+ 3'.&.8+ .E(+ %$+ F-?$="-%&(+ -2J(E)"-?+ 2.,'()6G.3.").+ &.*36+ #.+ 636"&$.E".+ F-%&".+ $E-?.+ 0EJ."()6+ K1'.G@/.'."#.L+2.,'.3-+"6+#-E.2(+$+-J2('7+H'(+%36F$+&-F68+#.*.*-8+"6+%F()6+%6+,'6&)6'.3.&(8+"6?-+ 3-#(&(+'.G$".+(++-+&-F6+#.+E(+".+*'.)")(F+&-G*.F.+F-%&"(>+,'.3.A.+,-%&-)6+-#?-3.'.)$=6+E$*6+%.+ F6g$%-J"(F+,'-F6&"(F+%,-)"(A.F.8+(+#.+E(+#$V(".+F-?$=6?+&'.).").+,-F-'%*-?+2.,'()6G.3.").+ -,'.3#.3.+"6*6+"-36+("36%&(A()67+s.&-+&'6J.+,-#%)6&(&(4+2.+3'()6F6+2.&3-'6"-%&(+/$6%*-?+*.".E.+k+ 2J-?+0'.,%*-@(2'.6E%*(>+'.&-3.+*-,"6"(+i?(,.&+"()6+,'6$26-+F-%&"$+$E-?$8+.+,-?-&-3-+"6+!2'.6E8+ "6?-+)6+#)6E-&3-'"-+(+J62+,'-JE6F.+#(-+%3)6&%*-?+,'-F6&.+,'6J.G6"+".+,'.3.A+-*-+0S'(*67+ l+k+5E.3"(+6$'-,%*(+(2E.2"-@$E.2"(+,'.3A(+$+-#"-%$+".+/'6#-26FE)64+.+k+S'."A$%*(8+J+k+&.E()."@ %*-@.$%&'()%*-@")6F.G*(8+ A+ k+ >'3.&%*-MF.g.'%*-@F-'.3%*-@F.'(G*(8+ #+ k+ $*'.)("%*-@J)6E-'$%*-@ '$%*(8+6+k+%'6#-26F"-@,6'2()%*(+K,-*E.,.+%6+%.+HE-#"(F+,-E$F)6%6A-FL8+S+k+6?(,.&%*-@%$#."%*(8+ ?+k+E(J()%*-@"(?6'%*-MG.#%*(+K%+'6E.&(3"-+F.E(F+2".G6")6FL7

7#@./8@.)"%.-"!06"-&<906H(,&W6'X,&Y&Z%6'[%=%&

K+O>+5&34506D:967::::6;0-14<96=150"'>0



()

750.!*!.,* &\&!41LB.M1!34.&OI!1L>2-M.&5!>2LQ4!J. -*5!"01"!#.

?.%G,&9$.53.0#)9,1,&.0#)+53#.9,9'.53.9'#)K"3&.0#'2#,+.U)8#'/'*".^&3O'"3.EFFH.$.&,/",-).23'2#,453. #,7).G,9K32.0G,&)#,&5,.).'#2,&)1,8)53."3.)&"3#,9")-&'2.-'h3&5,.&,/",-&'2./,",@.A)G5.'-'2.#,7,.&)53.0'$%)"). #,7$.$.0#'2#,+$D.53#.1,."'.0'/"'53.#3G3-,&"&).0#)#$%&)8)D.-3d.$0$")").&,.&532'-3.+'2$d&'/").).0'",9&$"). %)","3G53.&,.0#,9")%&$.0#)+53&$.$.&,/",-)@

D'#02&0%.0#-&-#'&E0 O%*+1(*+#$& 1& 8(,-(*D1(*+#$& "1,& #$& 'L1/$%#6 .C,-&(*"*&C,#1&.$&L1+1&D*+#$&C($*/10*+&1&1+,6 0*/10*+& ,"& .*D$& 170$")$& +*./*0+,-& .*/*B& 8,.*,&#$&C,#1&/($)*&'L1+1/1&"*&)1.D,&8,./1-%1& [$%#$+1& M1%#<& !8,(*)*& (*L'+*%+,-& 8(,-(*D*& U1M(,.,d/& j+$J,/$& D1#$+#*& ,0*C0'& /0("+#'& 1& L1+1& +*./*0+1& 8(,M$.& '& 8,/8'+,./1& C($*/106 +1D& 1& 1+/$*C/10+1D<& O(,-(*D& U3& j+$J,/$& D,[$& .$& 8($/./*01/1& C*,& "1-1/*%+*& )1%#$[+16 M*& 7*& 8(1C'8%#*+#$& 1& ,(-*+17*M1#'& 1+d,(D*M16 #*B& 170,Q$+#$& D'%/1D$"1#*%+1K& .*"([*#*B& /$&

"1#$%#$+#$& )1%#$[+1M$& .& "('-1D& C,(1.+1M1D*& GU1M(,.,d/& jdfM$B& :;>>I<& 4C,& .$& C,(1./1& +*& /*)%$/& (*L'+*%1D*& .& $C(*+,D& ,.#$/%#101D& +*& ","1(& +#$-,0*& d'+CM1,+*%+,./& #$& /1D& 0$9*& GS1C18$"1#*B& :;>>I<& j+$J,/$& "1,& #$& 8*C$/*& 8(,-(*D*&U3&jdfM$&1&",./'8*+&#$&2C,%*D*& GT1"1#1+& C'/*CB& :;>;IB& *& 8,./,#1& 1& C*,& ,+%1+$& 0$(71#*& '& .C%,8'& '.%'-$& S1+",V.& T10$& C*,& V$)6*8%1C*M1#*&GS1+",V.&T10$B&:;>>I<&T*C,& #$&7*C%#'L1/1&C*C,&j+$J,/$&D,[$&8,./*/1&1+6 /$(*C/10+1&$%$C/(,+1LC1&'L1/$%#.C1&(,C,0+1C&C,#1& +$&.%'[1&.*D,&7*&81.*+#$&8(18($D*B&0$9&1&7*& 170,Q$+#$&+*./*0$<


($

-*5!"01"!#.'&K-&.!*!.,*&\&!41LB.M1!34.&OI!1L>2-M.&5!>2LQ4!J. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.ZL(ZH

!"#$%#$/$G6E)6+,'-?'.F.+D/+b"6X-&6+9::j

#-&-#'&0!0-,.',"-#20)(,/.+ O(1&8,C($/*+#'&8(,-(*D*&,/0*(*&.$&",C'6 D$+/& [1$%?11T' \U#3A%X"#<)& +*./*0C*& 3)#:<& J*& 3%1M1& ><& 01"%#10*& #$& 8,"#$%*& U#3A%X"#<%& +*& +#$+$& "1#$%,0$& k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

D12*& +*& 8,0$7+1M'& 0,"1& ",& ,"($Q$+$& +*6 ./*0+$&#$"1+1M$< e*"1& %*C2$& 170$")$& +*./*0+,-& .*/*B& +*6 ./*0+*&#$"1+1M*&.*"([1&($7)"#<>&1&01&*$7)"#: <%<&J*1D$B&+*&($7)"#<#&+*81.*+1&.'&,.+,0+1& 8,"*M1& ,& +*./*0+,D& .*/'B& ",C& #$& +*& 01&: *$7)"#<)F)& ,81.*+& /1#$C& +*./*0+,-& .*/*& 8,& $/*8*D*&G.%<&gI<

!"#$)#$!"&6'.*&(3"(+(236#J6"(+,E."


-*5!"01"!#.'&K-&.!*!.,*&\&!41LB.M1!34.&OI!1L>2-M.&5!>2LQ4!J. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.ZL(ZH

!"#$*#$/&'$*&$'.+".%&.3"6+&6F6 ($7)"#<%' 1' 01&*$7)"#<%& +1.'& +12/*& "('-,& +$-,&l8*81(m&+*&C,#1&.$&812$&/$C./&1&.D1#$2/*& D'%/1D$"1#*%+$&.*"([*#$<&]*&(*7%1C'&,"&8(,6 -(*D*&S,("B&j+$J,/$&+$D*&21(,C'&D,-'96 +,./& '($Q10*+#*& /$C./*B& *%1& 1D*& D,-'9+,./& #$"+,./*0+,-& (*7D#$2/*+#*& ,)#$C*/*& G/$C./B& .%1C*B&70'CB&01"$,B&,)%1M1€I&1&M(/*+#*&)1%,&-"#$& +*& 8,0(21+1& ($7)"#<%B& 8*& L*C& 1& 8($C%*8*+#*& ,)#$C/*& #$"+,-& 8($C,& "('-,-<& O($D*& 1.C'6 ./0'& *'/,(1M$B& j+$J,/$& #$& d'+CM1,+*%+1#1& '& 170$")1& +*./*0+,-& .*/*& +$-,& O,V$(O,1+1/<& J*1D$B& O,V$(O,1+/& '& 8(*01%'& ,D,-'9*0*& %1+$*(+,&0,Q$+#$&+*./*0+,-&.*/*B&,"&.%*#"*& ",& .%*#"*B& *& /*"*& 'L$+1C& -')1& 8,L$/+'& D16 .*,&1%1&1"$#'B&/$&7*&0(1#$D$&8(,#$CM1#$&17%*-*L& +$D*& D,-'9+,./& '($Q10*+#*& 1%1& ,)%1C,0*+#*& ,)#$C*/*&+*&.%*#"'<&!.8,($")$&(*"1B&0,Q$+#$& .*/*&8,D,9'&8(,-(*D*&j+$J,/$&012$&8,"6 .#$9*&+*&(*"&.&l8*D$/+,D&8%,L,Dm<

((

!"#$+#$H'(F)6'+*-'(T&6").+F$E&(F6#().E"(>+ %.#'V.). 1&01#"$%7\01T)@#D)S&7*&%*C2'&"$D,+./(*M1#'& ,+,-*&2/,&.$&/'D*L1<&5*C%$B&/1#$C&+*./*0+,-& .*/*&'&"+$0+,#&8(18($D1&+$&.*./,#1&.$&,"&',6 )1L*#$+,-& ,81.*& *C/10+,./1B& 0$9& #$& ,+& .*D& 1+/$(*C/10+1&8(,./,(&7*&170,Q$+#$&.*/*<& !& +*./*01& -$,-(*f#$& D,-'9+,./1& 8(,-(*6 D*& 8,.$)+,& ",%*7$& ",& 17(*[*#*& '& (*"'& .& -$,-(*d.C,D& C*(/,D<& 30*C'& .%1C'B& 8*& /*C,& 1& C*(/'& D,[$& .$& 8,./*01/1& C*,& 8,7*"1+'B& /,& #$./&,)#$C/&C,#1&.$&+$&D,[$&012$&8,D1M*/1&8,& $C(*+'B&/*"*&'L1/$%#&1%1&'L$+1C&D,[$&+$.D$6 /*+,&","*0*/1&.0,#$&,7+*C$&1%1&M(/*/1&8,&C*(/1<& J*&8(1D#$(B&'&7*"*M1D*&8,0$710*+#*&'L$+1M1& D,-'&8,D1M*+#$D&D12*&8(1"('[1/1&,"-,0*(*6 #'91&+*710&+*&D#$./'&+*&C*(/1&G.%<&YI<

&]*&(*7%1C'&,"&0$91+$&.%1L+1K&8(,-(*D*&7*& )1%#$[$+#$B& '& j+$J,/$6'& D,[$& .$& +*& 1./,D& (*"+,D&8(,./,('&1&M(/*/1&1&81.*/1&L1D$&8,./*#$& -,/,0,&'.8#$2+*&7*D#$+*&7*&2C,%.C'&8%,L'& b*,& 1& 0$91+*& jdfM$& 8(,-(*D*B& j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j+$J,/$&*%*/*&7*&81.*+#$&1&M(/*+#$< ',L1/1&1C,+*&8(,-(*D*&O,V$(O,1+/B&2/,&7+*6 J*&C(*#'&0*%#*&+*8,D$+'/1&C*C,&j+$J,6 L1& "*& #$& 8($7$+/*M1#*& 'D$/+'/*& '& j+$J,/$& /$& 1D*& #,2& +17& C,(1.+1K& D,-'9+,./1B& *%1& +#1K& ",C'D$+/<&!&17),(+1C'&-113*'\I3)$#&+*%*71&.$&


(%

-*5!"01"!#.'&K-&.!*!.,*&\&!41LB.M1!34.&OI!1L>2-M.&5!>2LQ4!J. \]^\V;_!`W.[^VWa^Ob.(.BV^R.EcEFNND.ZL(ZH

!"#$,#$s.#.&.*+,'(#'$V(3.").+$+,'-?'.F$+b"6X-&6 #,2&*'/,(1M*&+1#$&1.C'2*%*&'&+*./*0+,#&8(*C.1<& O,.$)+,& .$& L1+1& 7*+1D%#10*& '8,(*)*& D($[6 +,-& 8,0$710*+#*& -"#$& )1& 'L$+1M1& +*& 7*.%,6 +1D*& .0,#1K& (*L'+*%*& D,-%1& 8(*/1/1& .0$& 2/,& 'L1/$%#&812$&1%1&"$D,+./(1(*&+*&-%*0+,D&(*L'6 +*%'<&]*/1DB&.+1D*+#$&70'C*&1&01"$*&8,D,9'& V$)&C*D$($B&C*,&1&8,0$710*+#$&7*"*/*C*&.& 8(,-(*D,D&U3&j'/%,,C<

!"#$-#$U'&6V+(2'.g6"+$+b"6X-&6@$

R'"'91& "*& (*./$& 8,/($)*& 7*& '8,(*),D& P^W6*& '& +*./*0+,D& 8(,M$.'B& *& ,C('[$+1& .D,&.*&.0$&012$&1+d,(D*M1#*&1&,8/$($9$+1&.0$& )(,#+1#1D&,)0$7*D*B&/*"*&+$D*&.'D+#$&"*& )1& .0*C1& 'L1/$%#& /($)*,& 1D*/1& (*"1& ,%*C2*+#*& (*"*&.0,#'&j+$J,/'&)1%#$[+1M'B&*&D,["*&)1& 1K&'&)%1.C,#&)'"'9+,./1&D,-%1&8,0$7*/1&1&"1#$6 %1/1&+*./*0+$&D*/$(1#*%$<

!"#$/#$`-'(T&6")6+,'-?'.F.+b"6X-&6+2.+ ,-,$").3.")6+7,#S+#-*$F6".&.


(!

&*+'&(,'!(,0+0+4"#(+8 T1"1#1+& C'/*CB& :;>;B& K//8=nn%1"1#*C(*%#<V,("8($..<M,Dn:;>;n;gn;?nD1M(,.,d/6,dfM$6,+$+,/$6 ",./'8*+67*6.C,%$n&G>Y<Y<:;>><I U1M(,.,d/& jdfM$B& K//8=nn,dfM$<D1M(,.,d/<M,DnK(6K(n,+$+,/$6K$%8n,.+,0+167*"*M16'68(,-(*6 D'6,+$+,/$6:;>;6i4>;>?:EEE?<*.8a}^WW~Y•,(1-1+~i4;>;gX;:gg•tW,M:Y@:X;g:E& G>Y<Y<:;>><I H,"1L& C(,7& j+$J,/$& :;;XB& K//8=nn81%:<D.M,DD'+1/_<+$/nO,(/*%.n;n.*"(7*#n1+"$a<K/D%& G>Y<Y<:;>><I S1C18$"1#*B&K//8=nnK(<V1C18$"1*<,(-nV1C1nU1M(,.,d/tj+$J,/$&G>Y<Y<:;>><I S1+",V.&T10$B&:;>>B&K//8=nn$a8%,($<%10$<M,Dn,dfM$6V$)6*88.&G>?<Y<:;>><I &&

-*5!"01"!#.9.0#'*@.23'2#@.).0'-@ VV)6fj6KN42+501 4F,0&2$654'J0)N0J>+G-,0&2)*+,



0O1C0!-

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

(*

1.23.4& @&']'^&(Y_'[$.>WW@.7)'C 7")&!08-&,"!.-&<0

S-&-4+<"&/#+@./-"#)./R

3%#$"$9*& 8,./*#*& '& +*2$D& ,)1%*.C'& W*16 8$1#*&)1,&#$&J*/1,+*%&O*%*M$&U'.$'DB&#$"*+& ,"& 8$/& +*#0$91K& D'7$#*& +*& .01#$/'& 1& 0$%1C,& .C%*"12/$& C1+$.C$& 8,01#$./1<& O($D*& 8(1L1& 0,6 "1L*&'&D'7$#'B&8($C,&F;;&;;;&17%,[*C*&+$6 8(,M#$+#10$& 0(1#$"+,./1& 8($+$.$+,& #$& +*C,+& 7*0(2$/C*& b1+$.C,-& -(*Q*+.C,-& (*/*& +*& W*#0*+& 8,& +*($")1& u*+-6C*1& r$C*<& R1%1& .'& 8,/($)+1& 7*/,& #$(& #$& +,0*6./*(*& e$8')%1C*&

b1+*& D,(*%*& 1D*/1& 8,01#$.+1& %$-1/1D1/$/B& 8*& D*C*(& D,(*%*& 'C(*./1& 1& C,D*"19& /'Q$& 8,016 #$./1<&W*C,&#$&C,%$C/10+*&D$D,(1#*&+*#0$9$-& +*(,"*&+*&8%*+$/1&8($.$%#$+*&+*&,0*#&8*M1fL6 C1&,/,L19&'&#$"+,D&"*+'B&+*&/(1&0$%1C*&(*/+*& )(,"*&1&7*D,/*+*&/$C&'&.%*D'&1&+,01+.C1&8*6 81(<&])1(C*&#$&)1%*&/,%1C*&"*&#$&7*&+#$71+&.D#$6 2/*#& )1%,& 8,/($)+,& 17-(*"1/1& ,-(,D*+& D'7$#& +*&C(*#'&-(*"*B&*%1&,8$/&'&.0*C,D&/($+'/C'& D,[$&)1/1&17%,[$+,&/$C&>;A&,0$&7)1(C$B&/,%1C*& #$&+#$71+*&0$%1L1+*< j)1%*7*C&.$&')(7,&8($/0,(1,&'&/(L*+#$&#$(& .$& D'7$#& 7*/0*(*,& 7*& .*/& 0($D$+*<& 3/*%1& .D,& .*D,& C,"& +$C,%1M1+$& 17%,[*C*B& 8,8'/& 70,+*&,"&.%,+,0*L$&C,#$&#$&/*C,&f+,&1./C*+,& "*&.$&L1+1%,&"*&#$&+*8(*0%#$+,&,"&.01%$+1K&+1/1<&

!"#$%#$X-=".+&'V"(A.+$+a.(,6()$7+I.#(+3(%-*(>+#"63"(>+&6F,6'.&$'.8+&'V"(A6+%$+-&3-'6@ "6+(%*E)$G(3-+"-=$7


%'

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

+1&D1(1.1B&*%1&+*#'8$L*/%#101#1&#$&)1,&*$#"T8'$19>' L1#1& .D,& D1(1.& 7*D1#$+1%1& 7*& +$,8(*+1& #*0+1& S^<& ($#"T8' $19>& (*"1& .$& /*C,& "*& .$& ,)1L*+& /,d'& G.1(& ,"& .,#$I& ,./*01& "*& .$& '8%#$.+#101& 1& '.D("1<&]*/1D&.$&/*C*0&8%#$.+10&8$L$&'&"'6 ),C,D& '%#'& 1& 8'+1& .$& .D("%#101D& C1.$%1D& 7$6 %#$DB& %'C,DB& L$2+#*C,DB& .$7*D,D& 1& +$C1D& "('-1D& +$"$f+1(*+1D& 7*L1+1D*<& J*& +,9+,#& /([+1M1&)1%1&.'&1&1D8(,0171(*+1&2/*+",01&-"#$&.$& L,0#$C& D,[$& ,212*/1B& 8(,"*0*%*& .$& /*#0*+6 .C*&8,86-%*7)*B&D*.*[$&./,8*%*B&+'"1%$&.'& .$& (*7+$& 0,9+$& 8,.%*./1M$<& J,9+$& /([+1M$& 7*/0*(*#'&.$&,C,&Y=;;&'#'/(,B&*%1&D1&.D,&.$& D+,-,&(*+1#$&0(*/1%1&'&+*2'&2C,%'&'&R*%1#'&k& .'/(*"*+&.D,&+*8,C,+&C($/*%1&170*+&-(*"*<

S-&-4+<"&/#+@./-"#)./R

W'&.'&#,2&)1%$&1&($7)*(1#$&,"&)(,+M$B&+*C1/&,"& [*"*&1&'C(*.+$&C'-%1M$&,"&.%,+,0*L$&7*&C,#$& #,2&1&"*+*.&+1#$&#*.+,&C*C,&.'&+*8(*0%#$+$<& j)$9*%1& .D,& .1& "*& 9$D,& .$& 0(*/1/1& '& D'7$#& +*&C(*#'&+*2$-&),(*0C*&1&8,.0$/1/1&D'&L1/*0& "*+B&*%1&8(,D#$+$&'&(*.8,($"'&,"-,"1%$&.'& ,0'&+*2'&[$%#'&7*&+$C'&"('-'&8(1%1C'<& J*C,+&8,0(*/C*&'&-(*"&,"%'L1%1&.D,&,)16 91&#$"+'&,"&/*#8$2C1K&+,9+1K&/([+1M*<&J,9+$& /([+1M$&/181L+$&.'&7*&,0*#&,/,CB&*&+*./*%$&.'& C*,&8,.%#$"1M*&+$17"([101K&"+$0+1K&/$D8$(*6 /'(*&C,#$&)$7&8(,)%$D*&",.1['&@;&‚^&'7&0%*6 -'&1&8($C,&F;A<&W*C,&.$&[10,/&'%1M$&'./0*(1& 8(1%*-,"1,&1&8($.$%1,&'&D+,-,&'-,"+1#$&+,91<& J*#0*[+1#*&./0*(&+,9+1K&/([+1M*&#$&K(*+*B&+*& .0*C,D&'-%'&.*&2/*+",0*&21(1%1&.'&.$&+$,)1L6

!"#$)#$D$26)+,-&'6%.+(+-%"-3".+T*-E.+$"(T&6".+$+36E(*-F+,-&'6%$+PCCC7+?-#("67+e+ %,6A().E"-+*-"%&'$('."-)+,'-%&-'()(+$+F$26)$+F-?$=6+)6+-%)6&(&(+,-&'6%+).G("6+j7Q+%&$,@ ").+,-+I(A>&6'$7


ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

7(=*106.,)*5"0&0>*4$&(0/*.6")#

+#$D&"1#$%'&,/,C*<&O%*+1+$&+$,)1L+1K&,)%1C*& )1%$& .'& 8($C(10$+$& 2'D,D& /70<& )$/$%& 8*%D1<& |0*C*+#$& +#$71+1K& ),)1M*& 0(%,& #$& 8,8'%*(+,& +*&W*#0*+'B&1*C,&17*710*&,01.+,./B&*&",C*7*6 +*&#$&8,0$7*+,./&.&+*./*+C,D&(*C*&["(1#$%*<& e$C%1& .'& +*D& "*& #$& 8,.$)+,& 0,%1& (*"+1LC*& C%*.*&1&"*&.$&D,[$&C'81/1&+*&D+,-,&D#$./*& '&-(*",01D*&1%1&'7&M$./'<&O(1D*D%#10,B&*%1&+$& K0*%*<& ]*& +$C,%1C,& .*/1& ./1-%1& .D,& ",& -(*"19*& S'd,+-*&1&U'7$#*&E:>&+*./*%,-&'&.8,D$+& 8,/($.*& C,#1& #$& 8,-,"1,& W*#0*+& :><& ('#+*& >EEE<& U#$./,& $81M$+/(*& 8,/($.*B& ,.+,0+*& 2C,%*B&8($/0,($+*&#$&'&#"'*#$>&D'7$#<&e*7(,6 0*+$& */%$/.C$& ./*7$B& '+12/$+*& -%*0+*& 2C,%6

S-&-4+<"&/#+@./-"#)./R

l3& 0*2$& "$.+$& ./(*+$& #$& W*,_'*+B& +$& 7+*D&C,%1C,&1D*&./*+,0+1C*B&*%1&+*&W*#0*+'& #$"0*&"*&1D*&./*/'.&-(*"*m<&H,"1/$%#1M*&8'/*& ,"%'L1%*&+*.&#$&'7&8,D,9&D1C(,d,+*&'&*'/,6 )'.'&'8,7+*/1&.&+$C1D&,)1%#$[#1D*&.#$0$(+,-& "1#$%*&,/,C*<&R(,#C*D*&.$&+1#$&7*D*(*%*B&*%1& W*,_'*+&)(,#1&,C,&8,%*&D1%1#'+*&./*+,0+1C*& 1& './0*(1& .$& +*./*0%#*,& +*& W*18$1& '& #$"+,D& C,+/1+'1(*+,D&)$/,+.C,D&8,/$7'<&O,.0'"*& 7-(*"$& 1& '%1M$B& C*,& "10,0.C1& D(*01+#*C& C,#1& -'/*& $+$(-1#'& L*C& /(1& +'C%$*(+$& $%$C/(*+$<& 50*&.*/*&C*.+1#$&012$&+1.D,&)1%1&'&-(*".C,D& 8,"('L#'B& *%1& .*D,& 7*/,& #$(& .D,& .C($+'%1& '& '+'/(*2+#,./&1&7*8,L$%1&'.8,+&8($D*&.($"126

%#

!"#$*#$X6-J(G"6+S-'F.A()6+".+'&$+Y6>E($+".%&.E6+%$+'.#-F+F-'.+(+.&F-%S6'(E().+$+'.2@ #-JE)$+-#+9<+F(E()$".+?-#(".7


%"

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

.C*& 7-(*"*& C,#*& #$& 17-%$"*%*& C*,& "*& #$& ,"& C*(/,+*B& (*7)*M*+$& L$%1L+$& /(*L+1M$B& .0$& #$& 'C*710*%,& +*& (*7,(+'& .+*-'& 8,/($.*& ,"& X<g& ./'8+#*& 8,& e1MK/$('<& 5*+*.& D'7$#& 1D*& .$"*D& /$D*/.C1K& M#$%1+*B& C1+,& /$& 8(,./,(1#'& -"#$&.$&'7&8,D,9&.%,[$+$&K1"(*'%1C$&D,[$& 17&8(0$&('C$&,.#$/1/1&8,/($.&,/8(1#$&>>&-,"1+*& C,#1&#$&(*7('21,&-(*"19&S'd,+-B&*%1&C,#1&0#$(,6 #*/+,&+$&D,[$&",L*(*/1&./(*K&1&8*+1C'&/$&+,91& C*"*&#$&8,-1+'%,&-,/,0,&g&;;;&%#'"1< J*./*01%1& .D,& 8'/,0*+#$<& H,[+#*& ",& (/*& h$K%1'& +*& .#$0$('& ,/,C*& /(*#*%*& #$& +$C,%1C,& .*/1<&J*&W*#0*+'&#$&8,.0$&+,(D*%+,&.0*&0,6 71%*& 1& 8(,./,(1#$& C%1D*/171(*/1& +*& +$8,"+,2%#16 01K&>?&",&:;&‚^B&/*C,&"*&#$&8(1&1.C(1M*0*+#'& +*& 8*(C1(*%12/'& h$K%1'& N$,8*(C*& '.%1#$"1,& 0$9&',)1L*#$+1&/$D8$(*/'(+1&2,C<&j.#$9*#&#$& #$"+*C&,+,D&'%*.C'&+*&0(%,&-(1#*+1&)*7$+&'& /,8%1M*D*<&jC,&+*.&#$&)1%,B&8($D*&8(,M#$+1B& ,C,&@;&8*(C1(*+1K&*'/,)'.*&k&,0*#&>&X;;&D& "'-*L*C& (/& #$"+,& #$& ,"& +*#8,8'%*(+1#1K& /'(16 ./1LC1K& "$./1+*M1#*& +*& W*#0*+'<& 4%1& /$C& C*"& .D,& 01"#$%1& C,%,+'& ,"& +$C,%1C,& ./,/1+*& %#'6 "1& C*C,& ./(8%#10,& L$C*& .0,#& ($"& +*& .%1C*+#$& 1.8($"&./1#$+$&lq'$$+s.&K$*"mB&.K0*/1%1&.D,& "*& +1& (*"+1& "*+& 8(1#$8,"+$B& +1/1& +$17"([10,& 0('9$&0(1#$D$&+1#$&8,D,-%,&+*2$D&8%*+'&"*& )*($D&D*%,&17)#$-+$D,&/'(1./1LC$&-'[0$< h$K%1'&#$&(/&+*./*,&/$C/,+.C1D&17"17*+#$D& 17& D,(*& 8(1#$& :Y& D1%1#'+*& -,"1+*<& J$,)1L+$& d,(D*M1#$& .& "+*& D,(*& ,"#$"+,D& .'& ,./*%$& 17%,[$+$&C121B&.'+M'&1&0*%,01D*&C,#$&.'&17($76 )*(1%$& ",1./*& +$0#$(,#*/+$& ,)%1C$<& 3/1#$+$& '& ,)%1C'& -%#10*B& .01#$9*B& "10,0.C1K& M18$%*B& 8*& 1& -%*0$&$+-%$.C$&C(*%#1M$&G1*C,&+*D&+1.'&7+*%1& ($91& /,L+,& C,#$I& (*7)*M*+$& .'& 8,.0'"*& 8,& ,0,D&C(*#,%1C'&),#$&.$+d*<&R17*(+,./&,)%1C*& #,2&#$&012$&./0*(*%*&,.#$9*#&C*,&"*&.$&+*%*6 71D&'&M(/*+,D&f%D'<&j0"#$&#$&"10&17-')1,&M16 8$%'B&,+"#$&#$&,./*%*&"10,0.C*&($8*&17&8(1L$& lO,0'M168,/$-+1ƒB& 1& /*C,& ($",DB& *& .0$& 8(,6 2*(*+,& 0$.$%1D& (*7+,),#+1D& C12,)(*+1D*&

C,#1&.'&/'(1./1D*&.%'[1%1&C*,&7*C%,+&,"&.'+M*<& O($"0$L$(&.D,&.$&0(*/1%1&'&+*2$&8($+,912/$<& j%1D81#*"*&#$&8(10$"$+*&C(*#'B&,.0,#$+$&.'& "01#$&D$"*%#$&1&.'/(*"*+&.$&C($/*%,&+*&"0,"6 +$0+'&$C.C'(71#'&+*&1./,L+1&"1,&,/,C*<

&5,.3!&0,"1-"! P./,L+*&,)*%*&W*#0*+*&.0$&#$&,+,&2/,&7*6 8*"+*&+1#$<&5,C&#$&7*8*"&,/,C*&+171+*&1&0$6 %1C1&D(*01+#*C&-"#$&[101&0$91+*&,"&:g&D1%1#'+*& ./*+,0+1C*&,0,-&,/,C*&D*+#$-&,"&i(0*/.C$B& 1./,L+*&,)*%*&#$&.*./*0%#$+*&,"&8'./1K&%1/1M*& +*"&,M$*+,DB&-'./1K&.'8/(,8.C1K&8(*2'D*&1& )$.C(*#+1K&8%*[*&+*&C,#1D*&+1C*"&+$D*&%#'6 "1<& P./,L+*& ,)*%*& #$& 1& .0,#$0(.+1& )$"$D& #$(& /*#d'+1& '& ,0,D& "1#$%'& .01#$/*& '01#$C& '"*(*#'& +*& 1./,L+'& ,)*%'& 1& -,/,0,& +1C*"& +$& 17"([$& ",0,%#+,&"'-,&"*&./1-+'&'&7*8*"+'&+171+'<& O($C,&./,/1+'&8%*+1+.C1K&0(K'+*M*&,0"#$&",6 .1[$& g;;;& D$/*(*B& *& +*#0121& 0(K& L*C& g& EY:& D<& ]1D1& #$& 8($C(10$+& .+1#$-,D& 1& '.%1#$"& ,"6 )%#$.C*&.'+M*&17-%$"*&C*,&"*&#$&,"&[*"*B&8*& .$&7*/,&1&7,0$&])&'23)"#")&6&h'&3K*+<&l\*./& ^,*./& i1-KV*_ƒ& 01#'-*& 1./,L+,D& ,)*%,D& 1& '8(*0,&#$&/,%1C,&21(,C*&"*&.$&'.81#$&.D#$./1/1& +*& '.C,D& 8(,./,('& 17D$Q'& ,)(*.%1K& %1/1M*& 1& "'),C,-&,M$*+*<&H(%,&#$&"*%$C,&,"&8,1D*6 +#*&*'/,M$./$B&8*&#$&+*2*&0,[+#*&17&i'*%1$+*& ",&h1%*+*&/(*#*%*&8($C,&"0*&.*/*< O($D*&%$-$+"1B&'&"*0+*&0($D$+*&8,-%*6 01M*&+*(,"*&W('C'&8(,%*71,&#$&1./,L+,D&,)*6 %,D& W*#0*+*& 1& +*& #$"+,D& D#$./'& '-%$"*,& "10%#1& C%*+*M& 1& +*)'#*%'& (#$L1M'& C*C,& 17)1#*#'& +*&*7'(+1&O*M1fC<&!701C+',&#$&lW*(,C,{ƒ&GH$6 %1L*+./0$+,{IB&/$&,"&/*"*&,0*#&8($"1,&+,.1&/*#& +*710<&e1#$C*&T1V'&17"')1%*& #$&.'(,0&C*+#,+& +*&D#$./'&-"#$&.$&"'),C,&8,"&7$D%#,D&.'6 "*(*#'&"01#$&C,+/1+$+/*%+$&8%,L$<&P&/*C,&8,6 .%#$"+#1K&:;;&D1%1#'+*&-,"1+*&(1#$C*&./(8%#10,& ($7)*(1&./1#$+$B&*&C,+/1+$+/1&1KB&.'"*(*#'91&.$B& '7"1['<&j"&.1%+,-&8(1/1.C*&.'"*(*&"0*&C,+/16 +$+/*&./1#$+$&.'&8,./*%$&D(*D,(&1&[*"B&*&'&


%)

S-&-4+<"&/#+@./-"#)./R

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

!"#$+#$!%&-G".+-J.E.+a.)3.".+(+,-2".&.+E(&(A.+U("?%>$6(7 #$"+,#& ,"& ./1#$+*& 1& "*%#$& .$& C(1#$& %1M$& 8,-%*6 01M$&C,#1&-%$"*&"*%$C,&'&+$",-%$"&C*+#,+*<& J*& D#$./'& -"#$& #$& +$C*"& "*0+,& C(,L1,& 8,6 -%*01M*&1712%1&.D,&17&*'/,)'.*&1&+*./*01%1&"1#$6 %,D&8#$21M$B&*&"1#$%,D&0,71%1D*&C(,7&"'),C$& -'"'($<&!&#$"+,#&,"&-'"'(*&C(1,&.$&1&i(*D& 0#$L+,-&8(,%#$9*B&)'"1./1LC1&K(*D&8,.0$9$+& :Y;6,(1M1&(*"+1C*&C,#1&.'&8,-1+'%1&8(,)1#*#'91& 8'/&17D$Q'&1./,L+$&1&7*8*"+$&,)*%$&,/,C*<& !.*D%#$+,& 70,+,& '& K(*D'& #$"+1D& 70,+,D& +*#*0%#'#$& ",%*7*C& #'/(*B& 1& #$"+1D& ",%*7*C& +,91<&J$2/,&"*%#$&,"&K(*D*&'%*71&.$&'&+*#'[1& "1,&C*+#,+*&C,#1&.$&7,0$&W'+$%&"$0$/&7*0,#*& 1%1& 5$0$/& 7*0,#*& +*D,/*+,-& 7D*#*<& 3/1#$+$& .$&,0"#$&8(1)%1[*0*#'&+*&.*D,&+$C,%1C,&D$6 /*(*B&*&1&'&8,"+$&'01#$C&0%*"*&)%*-1&.'D(*C<& 30'"*& ',C,%,& +*& %1/1M*D*& C(1%$& .'& .$& ./*7$&

C,#$&.'&01#'-*%$&1&+$./*#*%$&'&01.1+*D*<&]0,6 +,&'&K(*D'&+*#*01%,&#$&",%*7*C&+,91B&8*&.D,& +*./*01%1& 8($D*& D'7$#'& [*"*& 1& D(*D,(*& '& )%171+1<& 4& '+'/(*& +*(*+L*./1& )'"$& 1& 7$%$+1& 7D*#$01& +*& 8(,"*#'<& ^1#$+*& 6& 8(*0*& .1/+1M*B& ",& /(1& D1%1#'+*& ",%*(*<& O,"'7$/+$& W*#0*+C$& C(*#& .0*C,-& 0$9$-& 17%,2C*& +'/C*#'& /$& +*('6 C01M*D*&1&8(./$+#$D&,"&[*"*&6&lP.&d,%&-,,"& ('MC{ƒ&5*&.*D&7+*,&C*C0*&D$&.($9*&L$C*B& D,["*& )1K& 1& C'81,& C,#1<& j0*C,& .*D& 0$L$(& 8(,0$,&+*&",D,(,"*LC,#&.0$L*+,./1&7*&/'6 (1./$&'&C,#,#&.'&D$&",0$%1&+*&8,7,(+1M'B&,)'6 C%1& '& ('[1L*./'& +,2+#'& 1& /#$(*%1& "*& +,.1D& +*& %$Q1D*&%,C*%+'&",D,(,/C1+#'&C,#*&D$&21)*%*& 8*%D1+1D& %129$D<& J*C,+& /,-*B& +1& )%#$2/*0*& .0#$/%*&-(*"*&i'*%1$+*&+*&D,D&8(,7,('&+1.'& D1&.D$/*%*&"*&7*.81D<


%$

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

!"#$,#$X.A(-".E"(+,.'*+a.'-*-

6.-)","#0#(<&0 !&W*18$1&.D,&./1-%1&C*.+,&+*0$L$(&"('-,-& "*+*B&1&/$C&+*C,+&-,/,0,&"0*&/#$"+*&8,&8(01& 8'/&.D,&'-%$"*%1&-(*"&C*C,&.#*#1&.0,D&.0,6 #,D&.+*-,D&+,9+1K&($C%*D*&1&#*C1K&.0#$/*%*<& J*#0121& +$),"$(& ,"& .01KB& W*18$1& >;>& "17*,& .$& '& 01.1+'& ,"& 8,%*& C1%,D$/(*& 1& 17-%$"*,& #$& C*,&"10,0.C1& .0#$/1,+1C& C,#1& '&.0$D1(& ,"*216 %#$&7+*C,0$&[10,/*&.*&]$D%#$<&P8*CB&+*2&+,01& .D#$2/*#& )1,& #$& '& 8(*0,#& 8(*0M*/,#& C1+$.C,#& L$/0(/1& '.C1K& '%1L1M*B& %*D81,+*& 1& ,(,+'%1K& %16 D$+1K& 7-(*"1M*& .*& .*C(10$+1D& "0,(12/1D*<& H,"1/$%#1M*& K,./$%*& ,"0$%*& +*.& #$& ",& +*2$& 7-(*"$<& !2%1& .D,& 1& +*& ./')12/'& .($%1& +*2$& +,0$& .'.#$"$B& L$/0$(,L%*+'& /*#0*+.C'& ,)16 /$%#<& J*& "('-,D& C*/'& )1,& #$& .%*"*C& ./*+L19&

.& 8,-%$",D& +*& +,9+'& /([+1M'& W,+-K'*<<& 3D#$./1%1&.D,&.$&8,&.,)*D*&1&'-*.1%1&.0#$/%*<& b(,7&8,%',"2C(1+'/$&8(,7,($&'%*71%1&.'&70'6 C,01& 1& D1(1.1& `,(D,7$<& !)(7,& .*D& 7*.8*,B& +$.1-'(*+&,C,&/,-*&'&C,#$D&#$&/,L+,&/($+'/6 C'&.*+&7*D1#$+1,&#*0'< ]),-& 8($)'C1(*+,./1& *01,+*B& 8,0(*/*C& C'91& ,"-,Q$+& #$& 7*& /(1& "*+*<& !7& 8,.#$/& 7,6 ,%,2C,D& 0(/'& G#$"+,D& ,"& +$C,%1M1+$& '& .016 #$/'&C,#1&1D*&8*+"$IB&)$.C,+*L+$&2$/+#$&8,& -(*"'&1&7*)*0+$&0,[+#$&D$/(,,DB&#$"*+&"*+& ,"%'L1%1&.D,&8,.#$/1/1&8,7+*/'&8%*['&`'%,+-B& .*/& 0($D$+*& 0,[+#$& 0%*C,D& ,"& W*18$1#*<& H%*C&#$&)1,&C(M*/B&*%1&0$9&+*C,+&+$C,%1C,&./*6 +1M*& '& 0*-,+'& #$& ,./*%,& /$C& +$C,%1C,& %#'"1& 1& 8,./*%*&#$&/,&8(*0*&8*+,(*D.C*&0,[+#*&C(,7& .#$0$(&W*#0*+*<&!7&8,C,#1&7+*/1[$%#+1&8,-%$"&


%(

S-&-4+<"&/#+@./-"#)./R

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

!"#$-#$HE.V.+_$E-"?8+,-2".&-+*$,.E(T&6+(+%$'S6'%*-+-#'6#(T&6+".+%)636'-(%&-G"-F+a.)3."$7 .'8'/+1C*&G)1#$%*M&#$&18*C&(1#$/C,./I&1&8,/*#+,& '81(*+#$&8(./,DB&+*&8(,7,(1D*&0%*C*&17D#$6 +#10*%*&.'&.$&.$%*B&1+"'./(1#.C*&8,./(,#$+#*&1& )($['%#M1<&P.C(M*%1&.D,&.$&'&`'%,+-'B&-(*"19'& '&C,#$D&.'&.$&>?EY<&1.C(M*%1&#*8*+.C1&1D8$6 (1#*%+1&0,#+1M1&C*C,&)1&8(18,#1%1&,0*#&,/,C&.0,D& +*M1,+*%+,D& *(K18$%*-'<& !.8*0*+1& -(*"19& C*,& '& .01D& 8(,01+M1#*D*& +*& .01#$/'& )1,& #$& )$7&1C,-*&+*&M$./1<&W$C&.$&17&,)%1[+#1K&C*f9*& L'%*& )'C*& %#'".C1K& -%*.,0*<& !& -%*0+,#& '%1M1& )1%,&#$&+$C,%1C,&2/*+",0*&.&,8($D,D&7*&8%*6 ['B&*%1&8(,"*0*L1&.'&+$-"#$&8,/(*[1%1&7*C%,+& ,"&#*C,-&.'+M*< P&8%*[*&+*.&#$&",L$C*%*&8,/8'+,&8(*7+*<& b1%,D$/*(.C1&['/1&81#$.*C&01/%*,&#$&0#$/*(&1&,26 /(,& -*& 7*)*"*,& '& %1M$& 1& ,L1<& J*D*7*%1& .D,& .$&d*C/,(,D&Y;B&*&'&(,C'&,"&+$C,%1C,&D1+'/*&

+*2*&,)'9*&1&,"#$9*&+$./*%1&.'&7*/(8*+1&'&+*6 +,.1D*&81#$.C*<&O,/(L*%1&.D,&'&/,8%1&O*M1fCB& *%1&')(7,&.$&,"&+$C'"&8,#*01,&.8*.1%*M&1&8,6 L$,&01C*/1&+*&+*.<&P7-%$"*&"*&,0"#$&+1#$&",6 70,%#$+,&8%10*/1&"*%#$&,"&+$C,%1C,&D$/*(*&,"& ,)*%$B&*&+*&"('-1D&8%*[*D*&+1#$&",70,%#$+,& +1&C'8*+#$<&J$&7+*D&#$&%1&/,&./(*K&,"&"'K,0*& C,#1& [10$& '& 0,"1& 1%1& L1+#$+1M*& "*& .'& W*#0*+M1& %,21&8%10*L1B&+,&,0"#$&+1#$&)1%,&",70,%#$+,&l(16 .C1(*/1ƒ&,"%*.C,D&'&"'),C'&0,"'<&O(*01%*&.'& #*.+*&7*&.0$<&U,["*&#$&1&/*C,&),%#$B&#$(&+*6 C,+& "0*"$.$/*C& D1+'/*& )(LC*+#*& '& 8%19*C'& +*&.01D*&.'&.$&8,#*01%$&,8$C,/1+$&,"&.'+M*<& `*C/,(&Y;&+1#$&)1,&,"&0$%1C$&8,D,91&1&C($+'%1& .D,&+*/(*-B&"[$8,0*&8'+1K&.%,),"+,-&0($6 D$+*&1&/*#0*+.C,-&81#$.C*<&Z$"+'&C(*/C'&0,6 [+#'&"*%#$&1&)1%1&.D,&+*/(*-&'&W*18$1#'<


S-&-4+<"&/#+@./-"#)./R

%%

!"#$/#$a'?+%E-J-#68+a.(,6(7 ](*C,8%,0& #$& 8,%1#$/*,& C*.+,& +*0$L$(<& O,.%#$"+#$& +,0L19$& .& %1C,D& u*+-6C*1& r$C*& ,./*01%1&.D,&8(,.#*M1D*&+*&'%1M1B&*&7*/1D&.$& 'C(M*%1&+*&*'/,)'.&C,#1&#$&0,71,&8($D*&7(*L6 +,#& %'M1<& W*,_'*+& 1+/$(+*/1,+*%& *1(8,(/& ,"16 .*,& #$& +$,)1L+1D& ($",D& 1& .8,C,#$D<& !7%$6

/#$%1&.D,B&*&'&"*%#1+1&.$&01"1,&W*18$1&>;>&L1#$& .0#$/%,&#$&+#$[+,&,)*.#*0*%,&C*+#,+&W*(,C*B& h$K%1'B&D'7$#&8,/($.*&1&`'%,+-&8%*['&+*&C,6 #,#&.'&(1#$/C$&C'8*L$&+*8,C,+&7*D1#$+1%1&",6 )(,9'"+1&/*#0*+.C1&"'K,01<

7")&!08-&,"!.-&<9&,/)/"3&" d4+-10E'>&6+.'N4>96Q1&1+.+'2+5J+6,0"4,0"&L>&6E0>(2"4" /01(2&3456"1-678967::::6;0-14<96=150"'>0964F,0&2$6,*5&"0JG-4+-)#,E)!1


!4NC&M.B1!J.

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

%!

6.6&505,"!.-!&+,-"0)40?@AAB0;06)-&0)*=($,",&'0 C).105,"!.-!&#"90#(<"!5,"-"0&05,"7C*!&401*%&!&8"06.0:(6"!&1"7" (&)*+ ,-"#).#/0"

d8R"#,-."

A-"9J:#:+ *:'/#/F:

]*-($)*LC*&&&&&&&&&&&&&

g>X<F@:

>;:<XYg

>gE<Eg?

b(*81+.C,67*-,(.C*

>gg<;F@

@:<gXE

F:<FYE

31.*LC,6D,.%*0*LC*&&&&&&&&&&&&&&&&

>X:<EXX

Fg<FE:

E@<;:X

b*(%,0*LC*&&&&&&&&&&&&&&&&&&

>:?<X@E

@?<@>g

F?<gYF

H*(*["1+.C*&&&&&&&&&&&&&&&&&&

>XF<;@F

YF<;XF

XF<YEF

b,8(10+1LC,6C(1[$0*LC*&&&&

>>Y<Y?:

g?<g::

Yg<>;Y

R#$%,0*(.C,6)1%,-,(.C*&&&&&&&&

>>E<X@g

@><@E:

YF<YFX

O(1D,(.C,6-,(*+.C*&&&&&&&&&&&&&&&

:EF<>:g

>>X<F:X

>EY<;FF

T1LC,6.$+#.C*&&&&&&&&&&&&&&&&&&&&&

Y><;::

>E<EEE

@F<:F?

H1(,01/1LC,68,"(*0.C*&&&&&&&&&&

?@<Y?F

:E<E>;

g?<>Eg

O,[$2C,6.%*0,+.C*&&&&&&&&&&

X?<;g>

:X<;:E

gY<;@:

R(,".C,68,.*0.C*&&&&&&&&&&&&&&&&&&&

>Y?<YYE

Yg<>>F

F@<;?;

]*"*(.C*&&&&&&&&&&&&&&&&&&&&&&

>X;<gE?

F><gF;

>g@<?XF

j.#$LC,6)*(*+#.C*&&&&&&&&&&&&&

g;@<?EE

>>;<E:>

>g?<F?>

r1)$+.C,6C+1+.C*&&&&&&&&&&&&&&&&

>;E<g:;

@><FYE

E:<g@g

H'C,0*(.C,6.(1#$D.C*&&&&&&&&&&&&&&

>?;<>>X

F:<FXg

XF<X@;

38%1/.C,6"*%D*/1+.C*&&&&&&&&&&&&

@YY<:@:

>YF<;?;

:YY<;YF

P./*(.C*&['8*+1#*&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&

:;?<@@;

XE<gXX

>g@<:Y>

5')(,0*LC,6+$($/0*+.C*&&&&&&&&&&&&&&&

>::<X?g

@:<;XX

F@<EE@

U$Q1D'(.C*&&&&&&&&&&&&&&&&&&&&&&

>>@<@>@

gY<EEE

@g<Xgg

N(*"&]*-($)&&&&&&&&&&&&&&&&

XE:<?XY

g;@<F?>

g?F<E@@

]31[23OK1

K3P\P3O\P

131P_3PKP

X86"#/*"

!:68J7/0"+^&."-,0"+++++++++++++++++

!23-'4+H-,(%+%&."-3"(T&3.+9:PP78+>&&,4MMNNN7#2%7>'M+Kl7j79:PP7L

0#$1)2.3$14


!23-'4+/,636A8+178+9:PP4+H'-%&-'"6+2".G.)*6+#6F-?'.S%*(>+'6%$'%.+(+,-&6"A().E.+`'.,("%*-@2.?-'%*68+^.'.V#("%*6+(+D6g(F$'%*6+ V$,."()68+#-*&-'%*(+'.#8+56-?'.S%*(+-#%)6*+H'('-#-%E-3"-@F.&6F.&(G*-?+S.*$E&6&.8+s.?'6J

%*7./)"25#&0)*5()5&0-")":%&!5#*0:(6"!&1*0?@@AB0

%& M.B1.&EC3CB!

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))


ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

%*

%*7./)"25#&0)*5()5&0-")":%&!5#*0:(6"!&1*0?@@AB0 ,(7"30$*/*!%*' WPO&D&k&17(*71/,&8,0,%#+1&"$D,-(*d.C1&($.'(.1B&WPO&E&k&8,0,%#+1&"$D,-(*d.C1&($.'(.1B&WPO&F&k&",)(1& "$D,-(*d.C1&($.'(.1B&WPO*G&k&.%*)1&"$D,-(*d.C1&($.'(.1B&WPO&H&k&0(%,&.%*)1&"$D,-(*d.C1&($.'(.1B&WPO& I&k&17(*71/,&.%*)1&"$D,-(*d.C1&($.'(.1 T#'".C1& 8,/$+M1#*%& 1D*& 0*[+'& '%,-'& '& 'C'8+,D& (*70,#'& 1& G($I0*%,(17*M1#1& 8(,./,(*B& *& 8(,D#$+$& '& +#$-,01D&,)1%#$[#1D*&'/#$L'&+*&.0$'C'8+$&"('2/0$+$&,"+,.$&1&./('C/'('<&5'-,-,"12+#1&+$8,0,%#+1&"$6 D,-(*d.C1&8(,M$.1&'&i(0*/.C,#&($7'%/1(*%1&.'&8,./,#$91D&"$D,-(*d.C1D&($.'(.1D*< b(*#+#1&7*8*"+1B&1./,L+1&1&#'[+1B&'-%*0+,D&('(*%+1B&8(,D$/+,&17,%1(*+1#1&1&-,.8,"*(.C1&.%*)1#$&(*701#$+1& "1#$%,01&H*(*["1+.C$&['8*+1#$&1D*#'&.%*)$B&,"+,.+,&0(%,&.%*)$&"$D,-(*d.C$&($.'(.$&1&8,/$+M1#*%$B&2/,& #$&1&,L$C10*+,&.&,)71(,D&+*&"'-,/(*#+,&1.$%#*0*+#$&D%*",-B&01/*%+,-&1&(*"+,6.8,.,)+,-&C,+/1+-$+/*& 8($D*&,891+.C1D&M$+/(1D*&'&['8*+1#1B&*%1&1&170*+&+#$<&]*,./*%*&,./*(#$%*&1&'-%*0+,D&.%*)1#$&,)(*7,0*+*& 8,8'%*M1#*&+$&D,[$&)1/1&+,.1/$%#&)1%,&C*C0$&"$D,-(*d.C$&,)+,0$B&+1/1&D,[$&8(10'91&1+0$./1M1#$<& J*.$%#.C*&(*71+*&"*#$&"')%#1&'01"&'&./*+#$&"$D,-(*d.C1K&($.'(.*&1&8,/$+M1#*%*&H*(*["1+.C$&['8*+16 #$<&N,/,0,&/($91+*&+*.$%#*⋙BFAI&8(18*"*&/18'&`&k&17(*71/,&.%*)1&"$D,-(*d.C1&($.'(.1&G/*)<&>I<&e1#$L&#$& ,&+*.$%#1D*&C,#*&.$&+*%*7$&'+'/*(&"$D,-(*d.C1&($-($.10+1K&,891+*<&4C,&+#1D*&8(1","*D,&+*.$%#*&.*& .%*)1D&1&0(%,&.%*)1D&($.'(.1D*&G/18&5&1&\IB&/*"*&D,[$D,&7*C%#'L1/1&C*C,&L*C&?FB@&8,./,&l0*(*["1+.C1Km& +*.$%#*& 1D*& .%*)& %#'".C1& 8,/$+M1#*%<& b*,& .0,#$0(.+*& (*70,#+*& #$7-(*& k& "$D,-(*d.C*& 1& -,.8,"*(.C*B& 1./1L$&.$&-(*"&H*(*["1+&.&,C,%+1D&+*.$%#1D*B&C,#1&9$&7*.1-'(+,&1&'&)'"'9+,./1&)1/1&+,.1/$%#1&M#$%,C'8+,-& (*70,#*&['8*+1#$<&3&+*#0$91D&.$&1+"$C.,D&"$D,-(*d.C1K&($.'(.*&17"0*#*&8(1-(*".C,&+*.$%#$&i(*291M*& G>F@BFFIB&C,#$&#$&+*./*%,&17"0*#*+#$D&17&-(*"*&H*(*["1+*&>E?><&-,"1+$&/$&.*D&-(*"&H*(*["1+&G??B?XI<& O,0,%#+$&"$D,-(*d.C$&($.'(.$&G/18&RI&1D*#'&#,2&1&-(*",01&P0*+$MB&T'")($-B&J,01&U*(,d&1&H*(*["1+.C$& W,8%1M$<&]*&H*(*["1+.C'&#$&['8*+1#'&.8$M1fL+,&"*&#$&7),-&",)(,&(*701#$+,-&8(,D$/+,-&.'./*0*&1&.'6 ./*0*&#*0+,-&8(1#$0,7*&"+$0+*&M1(C'%*M1#*&0(%,&#*C&,)%1C&8(,./,(+$&D,)1%+,./1&./*+,0+12/0*&8*&17&,01K& ,891+.C1K&.($"12/*&+1#$&7*)1%#$[$+,&7+*L*#+1#$&1.$%#*0*+#$&./*+,0+12/0*<

&'(#$;'-)+(+$#(-+?'.#-3.M-,=(".+(+".%6E).+^.'.V#("%*6+V$,."()6+,'6F.+&(,-3(F.+ +++++++#6F-?'.S%*(>+'6%$'%. c>I+ /':&

aI>A

4

17(*71/,&8,0,%#+1&"$D,-(*d.C1&($.'(.1

R

8,0,%#+1&"$D,-(*d.C1&($.'(.1

^

",)(1&"$D,-(*d.C1&($.'(.1

5

.%*)1&"$D,-(*d.C1&($.'(.1

\

0(%,&.%*)1&"$D,-(*d.C1&($.'(.1

`

17(*71/,&.%*)1&"$D,-(*d.C1&($.'(.1

e5!5XC>fAd5+X;I5f>E5+GCH $&"')./Y)6R/#:

Q

#",:7*"

Q

6

6

:

;BX

>

gBF

E

g

g

>;BX

g;

>;

>;

gYBX

?g

:XBF

?

:?BF

?Y

:?B:

F

:>B@

E:

g;BF

&=-.)' /,636A8+178+9:PP4+H'-%&-'"6+2".G.)*6+#6F-?'.S%*(>+'6%$'%.+(+,-&6"A().E.+`'.,("%*-@2.?-'%*68+ ^.'.V#("%*6+(+D6g(F$'%*6+V$,."()68+#-*&-'%*(+'.#8+56-?'.S%*(+-#%)6*+H'('-#-%E-3"-@F.&6F.&(G@ *-?+S.*$E&6&.8+s.?'6J

-.5"$#'$)&3+#+4


!'

/CE.P.42.

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

)`,&/BQ.34C&4.12LJ.42L& !G&ELCEB.N!2L Oje\uB&E<6>><;Y<:;>>< J*/#$M*+#*&17&-$,-(*f#$&,"([*0*#'&.$&,"&>EE@<&-,"1+$<&j"&8,C($/*+#*&+*/#$M*+#*B&2C,6 %$6",D*91+1&"([*0+1K&+*/#$M*+#*&)1%$&.'=&>EE@<&-,"1+$&jr&„e<&b*/*%1+19&Z$($/,0…B&j8*/1#*B& >EEY<&-,"1+$&3r&"(<&4+/'+*&R*(M*B&^(1C0$+1M*B&>EEF<&-,"1+$&N1D+*71#*&H*(*["1+&G+*/#$M*6 +#$&,"([*+,&'&W(*C,29*+'IB&>EEX<&-,"1+$&3($"+#*&2C,%*&R,%&1&j.+,0+*&2C,%*&3$%M*B&>EE?<& -,"1+$& PPP<& 1& PH<& jr& H'C,0*(B& >EEE<& -,"1+$& jr& 4+/'+& U1K*+,019B& J,0*& b*8$%*B& R*/(1+*B& :;;;<& -,"1+$& N1D+*71#*& 4+/'+*& H(*+L19*B& r1)$+1CB& :;;><& -,"1+$& N1D+*71#*& R$(+*("1+*& `(*+C,8*+*B&j-'%1+B&:;;:<&-,"1+$&jr&`1%18*&T'C*.*B&b*2/$%&3/*(1B&:;;g<&-,"1+$&jr&Z,[$& r'(*+*B&H12+#*+B&:;;@<&-,"1+$&jr&,M*&O$/(*&O$(1M$B&U*C*(.C*B&:;;Y<&-,"1+$&jr&R1,-(*"& +*&U,('B&:;;F<&-,"1+$&jr&4+/'+*&U1K*+,019*B&j.1#$CB&:;;X<&-,"1+$&jr&Z,.18&O'8*L19B& jD12B&:;;?<&-,"1+$&jr&30$/1&U*(/1+&+*&U'(1B&:;;E<&-,"1+$&jr&O(1D,2/$+B&:;>;<&-,"1+$&N16 D+*71#*&U*/1#$&4+/'+*&e$%#C,019*B&H1+C,0M1B&*&,0$&-,"1+$&"([*0+,&+*/#$M*+#$&17&-$,-(*f#$& ,"([*+,&#$&,"&E<&",&>><&.01)+#*&'&O,($L'B&'&jr&O,($L< O,.$)+,./&,0,-,"12+#$-*&+*/#$M*+#*&)1%*&,(-*+17*M1#*&"0*#'&"([*0+1K&+*/#$M*+#*B&17&-$,6 -(*f#$&1&8,01#$./1B&'&1./,D&D#$./'&1&'&1./,&0(1#$D$B&2/,&#$&)1,&8,.$)*+&17*7,0&7*&2C,%'6",D*916 +*<&!L$+1M1&1&"#$%*/+1M1&jr&O,($L&)$.8(1#$C,(+,&.'&,)*01%1&8(18($D$&1&,D,-'91%1&"*&,)*&+*/#$6 M*+#*&8(,0$"$D,&+*&0(%,&01.,C,#&(*71+1<&J*&"([*0+,&+*/#$M*+#$&17&-$,-(*f#$&)1%,&#$&8,70*+,& >@@&'L$+1C*&GXY&17&,.+,0+1K&2C,%*&1&FE&17&.($"+#1K&2C,%*I&1&>>F&D$+/,(*<&O,&"0,#$&8,70*+1K& 'L$+1C*&17&,.+,0+1K&2C,%*&7*&"([*0+,&+*/#$M*+#$&8(18($D*%1&.'&D$+/,(1&P0*+*&R*%*2C,&Gjr& N,(+#*&H$[1M*B&e1#$C*IB&5*+1#$%*&R*(19&Gjr&W(+.C,B&]*-($)IB&3/#$8*+&u$)(*#$M&Gjr&U*(1#*& R1./(1M*B& U*(1#*& R1./(1M*IB& H$%#C,& `$($+L*C& Gjr& H%*"1D1(*& J*7,(*B& O*71+B& Or& 30$/1& O$/*(& '& r'D1IB& b.$+1#*& b('219& Gjr& e$D$/$B& ]*-($)IB& 3*+#*& O,.*0$M& GPP<& jr& H*(*["1+B& H*(*[6 "1+IB&T#')1M*&W,8,%+#*C&Gjr&Z,[$&r'(*+*B&H12+#*+I&1&Z*.+*&H12+19&Gjr&5'),0*MB&b*(%,0*MI<&& O,&"0,#$&8,70*+1K&'L$+1C*&17&.($"+#1K&2C,%*&7*&"([*0+,&+*/#$M*+#$&8(18($D*%1&.'&D$+/,(1& P0*+C*&R'C*L&G3($"+#*&2C,%*&b'/1+*IB&4+"($*&u'(C,019&Gb%*.1L+*&-1D+*71#*B&]*-($)IB&P01%*& 5$+"$(&GN1D+*71#*&5')(,0+1CIB&5(*[$+*&N%*D'71+*6O$(19&GPH<&-1D+*71#*&lU*(C,&U*('%19mB& 38%1/IB& 5*(C,& b*+#'K& GpHP<& -1D+*71#*B& ]*-($)IB& N,(*+C*& U*(C,019& GP<& -1D+*71#*B& ]*-($)IB& b*(D$+&b'+,0196U*(/19&GO(0*&-1D+*71#*&H*(*["1+IB&U*(1#*&W($82$&GH<&-1D+*71#*B&]*-($)I&1& H1M*&O,")$02$C&G3($"+#*&2C,%*&b,(L'%*IB&8,&/(,#$&'L$+1C*&i(0,#$&N(,d$%+1C&GN1D+*71#*&4+6 "(1#$&U,K,(,01L19*&e1#$C*IB&J1"1#*&U$2/(,019&GH<&-1D+*71#*B&]*-($)IB&5*0,(C*&O$%C,&G3($"6 +#*&2C,%*&]%*/*(I&1&4+/,+1,&H()*/,019&GPPP<&-1D+*71#*B&38%1/IB&*&L*C&L$/0$(,&'L$+1C*&5')(*0C*& b'/+#*C&G3($"+#*&2C,%*&P0*+$MI< O($D*& 8(*01%1D*& +*/#$M*+#*& 17& -$,-(*f#$B& ,0$& -,"1+$& ['8*+1#.C*& 8,0#$($+./0*& D,-%*& .'&8($"%,[1/1&5([*0+,D&8,0#$($+./0'&'L$+1C$&.&/(1&+*#),%#*&($7'%/*/*B&,.1D&8,0#$($+./*0*& j.#$LC,6)*(*+#.C$B&O(1D,(.C,6-,(*+.C$&1&38%1/.C,6"*%D*/1+.C$&['8*+1#$&C,#*&.'&D,-%*&",6 ./*01/1&",C'D$+/*M1#'&'L$+1C*&.&8$/&+*#),%#1K&($7'%/*/*&+*&['8*+1#.C,D&+*/#$M*+#'&/$&8,0#$6 ($+./0*&N(*"*&]*-($)*&C,#$&#$&D,-%,&",./*01/1&",C'D$+/*M1#'&'L$+1C*&.*&.$"*D&+*#),%#1K& ($7'%/*/*<&5([*0+,&8,0#$($+./0,&7*8(1D1%,&#$&",C'D$+/*M1#'&7*&X@>&8($"%,[$+1C*&1&+*C,+&


ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

!#

!"#$%#$;'-)+$G6"(*.+".+PB7+#'V.3"-F+X.&)6A.")$+(2+?6-?'.R)6+,-+V$,."().F. '01"*&'&/$./,0$&.*./*01%,&%#$./01M$&C,+*L+,-&8,($/C*<&O($D*&)(,#'&),",0*B&*&.'C%*"+,&C0,/1& ,",)($+,#&,"&U1+1./*(./0*&7+*+,./1B&,)(*7,0*+#*&1&28,(/*B&5([*0+,&#$&8,0#$($+./0,&8,70*%,& +*&"([*0+,&+*/#$M*+#$&>@@&'L$+1C*&,.+,0+1K&1&.($"+#1K&2C,%*&17&>?&['8*+1#*&1&N(*"*&]*-($6 )*<& j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r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gI<


!"

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

!"#$)#$e#(-+$G6"(*.+(2+,-)6#("(>+V$,."().+".+PB7+#'V.3"-F+X.&)6A.")$+(2+?6-?'.R)6+$+ *.&6?-'()(+-%"-3"(>+T*-E. P&,0$&-,"1+$&'L$+1M1&.'&+*&"([*0+,D&+*/#$M*+#'&(#$2*0*%1&/$./&'&C,#$D'&.'&D,-%1&,.0,6 #1/1&X;&),",0*&1&8(*C/1L+1&(*"&'&C,#$D'&.'&D,-%1&,.0,#1/1&g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gY&.*/1&-,"12+#$B&+,&/,&1K&+1#$&.8(1#$L1%,& '&,./0*($+#'&170(.+1K&($7'%/*/*&+*&['8*+1#.C1D&+*/#$M*+#1D*&1&8%*.D*+'&+*&"([*0+,&+*/#$M*6 +#$B&(*0+,8(*0+,&.&'L$+1M1D*&,891K&-1D+*71#*<&J$C1&,"&/1K&'L$+1C*B&'7&"([*0+,&+*/#$M*+#$&


ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

!)

!"#$*#$e#(-+$G6"(*.+(2+,-)6#("(>+V$,."().+".+PB7+#'V.3"-F+X.&)6A.")$+(2+?6-?'.R)6+$+ *.&6?-'()(+%'6#")(>+T*-E. 17&-$,-(*f#$B&.'"#$%,0*%1&.'&1&+*&"('-1D&"([*0+1D&1%1&D$Q'+*(,"+1D&+*/#$M*+#1D*B&8(1D#$(1M$& 'L$+1C&b(1./1#*+&U*D19B&.'"#$%,0*,&#$&1&+*&8*(*,%1D81#*"1< U*C.1D*%+1&)(,#&),",0*&'&8(*C/1L+,D&(*"'&,./0*(1%1&.'&"('-,8%*.1(*+1&'L$+1C&'&8$/,D&(*6 7($"'&1&"([*0+1&8(0*C&'&.$"D,D&(*7($"'<&J*#),%#1&8(,.#$L+1&($7'%/*/&'&8(*C/1L+,D&(*"'B&C*,& 1&'&/$./'B&,./0*(1%1&.'&'L$+1M1&.$"D1KB&*&+*#.%*)1#1&'L$+1M1&,.D1K&(*7($"*<&!&8(*C/1L+,D&(*"'& 7*&8$/1&(*7($"&8(,0#$(*0*+*&#$&0#$2/1+*&L1/*+#*&.*"([*#*&,89$&C*(/$&'7&8,D,9&8(1%,[$+,-&/'6 D*L*&G8(1(,"+,6-$,-(*d.C1&1&"('2/0$+,6-$,-(*d.C1&$%$D$+/1IB&17(*L'+*0*+#$&($%*/10+$&01.1+$& +*&7*"*+,D&8(,f%'B&8(1D#$+*&D#$(1%*&C*(/$&1&,"($Q10*+#$&-$,-(*d.C,-&.D#$2/*#*&,"*)(*+1K& +*.$%#*&'&,"+,.'&+*&7*"*+,&+*.$%#$&8($D*&./(*+*D*&.01#$/*<&!&8(*C/1L+,D&(*"'&7*&2$./1& (*7($"&8(,0#$(*0*+*&#$&0#$2/1+*&*+*%17$&/$D*/.C$&C*(/$&1&8,0$710*+#$&.*"([*#*&/$D*/.C$&.*& .*"([*#$D& ,89$& -$,-(*d.C$& C*(/$B& *+*%17*& C0*+/1/*/10+1K& 8,C*7*/$%#*& 1& 17(*"*& ./'8L*./,-& "1#*-(*D*<&!7&17(*"'&./'8L*./,-&"1#*-(*D*B&'&8(*C/1L+,D&(*"'&7*&.$"D1&(*7($"&8(,0#$(*6 0*+*&#$&0#$2/1+*&17(*"$&/$D*/.C1K&C*(*/*&G8(,./,(+1&(*.8,($"&8,/($.*&'&,"*)(*+1D&"([*0*6 D*&Z'[+$&1&Z'-,1./,L+$&\'(,8$B&C*(/*&17,.$1./*I&/$&*+*%17*&17(*Q$+1K&/$D*/.C1K&C*(*/*<&!& 8(*C/1L+,D&(*"'&7*&,.D1&(*7($"&8(,0#$(*0*+$&.'&C*(/,-(*d.C$&0#$2/1+$&,"+,.+,&8,./1-+'9*& 17&+*./*0+$&/$D$&-12157)9*T)'T)7$)&G1D$+,0*/1&1&(*7%1C,0*/1&$%$D$+/$&.*"([*#*&/,8,-(*d.C$& C*(/$B&L1/*/1&1&*+*%171(*/1&.*"([*#&/,8,-(*d.C$&C*(/$B&,"($"1/1&C,,("1+*/$&1&+*"D,(.C'&01.1+'&


!$

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

!"#$+#$H'-%)6G"(+J'-)+J-#-3.+-%&3.'6"+$+,-)6#("(F+*.&6?-'().F.+".+PB7+#'V.3"-F+ X.&)6A.")$+(2+?6-?'.R)6+ 7*"*+1K& D#$./*B& ,"($Q10*+#$& *71D'/*B& 8($8,7+*0*+#$& 8(,f%*& 1& 17(*L'+*0*+#$& C,$fM1#$+/*& (*70$"$+,./1I<& J*& /$D$%#'& 8,./1-+'9*& ,./0*($+1K& '& 8(*C/1L+,D& (*"'& 7*& ,.D1& (*7($"& D,6 [$D,&17($91&.'-$./1#'&7*&C,($CM1#'&8,'L*0*+#*&,0$&+*./*0+$&/$D$&#$(&#$&$01"$+/+,&"*&.'& +$C1& 'L$+1M1& 1D*%1& /$2C,9*& '& "1#$%'& 8(*C/1L+,-& (*"*& C,#1& .$& ,"+,.1& +*& 1D$+,0*+#$& $%$D$6 +*/*& /,8,-(*d.C$& C*(/$& /$& '& ,"($Q10*+#'& C,,("1+*/*& 1& +*"D,(.C$& 01.1+$& 7*"*+1K& D#$./*I<& !& 8(*C/1L+,D& (*"'& 7*& 8(01& (*7($"& 8(,0#$(*0*+*& #$& C*(/,-(*d.C*& 0#$2/1+*& L1/*+#*& 1& *+*%17$& ,89$&C*(/$B&8%*+*&-(*"*&1&1.#$LC*&/,8,-(*d.C$&C*(/$&D#$(1%*&>&=&Y;&;;;<&!&8(*C/1L+,D&(*"'& 7*&"('-1&(*7($"&8(,0#$(*0*+*&#$&0#$2/1+*&8(1D#$+$&./*/1./1LC1K&1&-$,-(*d.C1K&-(*f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e$8')%1C$&i(0*/.C$B&17(*"*&1&*+*%17*&/$D*/.C$&C*(/$&/$&./'8L*./,-&"1#*-(*D*< !L$+1M1& .($"+#1K& 2C,%*& C,#1& .'& ,.0,#1%1& 8(0*& /(1& D#$./*& ,./0*(1%1& .'& 8(*0,& 17(*0+,-& '81.*& +*&./'"1#.C$&8(,-(*D$&+*&N$,-(*d.C,D&,".#$C'&OU`6*&30$'L1%12/*&'&]*-($)'&1&+*&j"#$%'& 7*& -$,-(*f#'& 30$'L1%12/*& '& ]*"('<& !L$+1M1& C,#1& .'& .'"#$%,0*%1& +*& "([*0+,D& +*/#$M*+#'& 17&


ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

!(

!"#$,#$I.2E(*6+$+,-%&(?"$=(F.+$+,-)6#("(F+*.&6?-'().F.+".&)6A.").+".+PB7+#'V.3"-F+ X.&)6A.")$+(2+?6-?'.R)6 -$,-(*f#$&'&C*/$-,(1#1&.($"+#1K&2C,%*B&*&+1.'&,.0,#1%1&8(0*&/(1&D#$./*B&./$C%1&.'&8(*0,&+*&",6 "*/+$&),",0$&7*&'81.&+*&./'"1#.C$&8(,-(*D$&+*&N$,-(*d.C,D&,".#$C'&OU`6*&30$'L1%12/*& '& ]*-($)'& 1& +*& j"#$%'& 7*& -$,-(*f#'& 30$'L1%12/*& '& ]*"('<& J*& /$D$%#'& ($7'%/*/*& "([*0+1K& +*/#$M*+#*&17&-$,-(*f#$&'&8,.%#$"+#$&L$/1(1&-,"1+$&G.'"#$%,0*+#$&+*&D1+1D*%+,&/(1&"([*0+*& +*/#$M*+#*& 1& )*($D& #$"+,D& ,.0,#$+,& #$"+,& ,"& 8(0*& /(1& D#$./*I& .*./*01/& 9$& .$& ,%1D81#.C1& /1D&C,#1&9$&8($"./*0%#*/1&e$8')%1C'&i(0*/.C'&+*&($-1,+*%+,#&-$,-(*d.C,#&,%1D81#*"1&'&R(+'B& e$8')%1C*&u$2C*B&'&C,%,0,7'&:;>><&-,"1+$<&!L$+1M1&C,#1&.'&,.0,#1%1&8(0*&/(1&D#$./*B&'7&8(16 7+*+#*&",)1%1&.'&1&+*-(*"$&8*&,0,D&8(1%1C,D&7*K0*%#'#$D,&.01D&.8,+7,(1D*&1&",+*/,(1D*& >?<&"([*0+,-&J*/#$M*+#*&17&-$,-(*f#$B&*&/,&.'&)1%1&\/+,-(*d.C1&D'7$#&P./($&'&O*71+'B&5([*0+1& *(K10&'&O*71+'B&4(K$,%,2C1&D'7$#&P./($&'&O'%1B&]*01L*#+1&D'7$#&O,($2/1+$&'&O,($L'B&P./(**%d& "<,<,<& O,($LB& U1K& "<,<,<& O,($LB& !.%'-*& O,($LB& W'(1./1LC*& 7*#$"+1M*& N(*"*& O,($L*B& W'(16 ./1LC*&7*#$"+1M*&P./*(.C$&['8*+1#$B&P./*(.C*&['8*+1#*B&!($"&-(*",+*L$%+1C*&N(*"*&O,($L*B& N(*"& O,($LB& ]"(*01& -(*"& O,($LB& O%*0*& T*-'+*& O,($LB& U*/1M*& i(0*/.C*B& j-(*+*C& D*/1M$& K(0*/.C$&38%1/B&U,7*1C&C+#1-*B&q'$./,(&"<,<,<B&H$()'DB&J*C%*"*&R,2C,019&38%1/&1&i(0*/.C,& -$,-(*d.C,&"('2/0,< J*&>?<&"([*0+,D& J*/#$M*+#'&17&-$,-(*f#$& 'L$+1M1& .'&,./0*(1%1& 170(.+$&($7'%/*/$<&!7&176 0(.+*&8,./1-+'9*&'&7+*+#'&1&-$,-(*d.C1D&0#$2/1+*D*B&'L$+1M1&.'&.$&1.C*7*%1&1&'&,"-,#+1D&


!%

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

0(1#$"+,./1D*&#$(&#$&012$&'L$+1C*&'C*7*%,&(*7($"+1D&8,0#$($+./01D*&+*&+$,8(*0"*+,&",6 "1#$%#$+$&1D&),",0$<&W1&.'&'L$+1M1&/1#$C,D&.0$L*+,-&8(,-%*2$+#*&8,)#$"+1C*&8,.$)+,&8,6 K0*%#$+1&,"&5([*0+,-&8,0#$($+./0*&7*&+*/#$M*+#$&17&-$,-(*f#$<&O,.$)+,&8,K0*%'&7*.%'['#'& 1&'L$+1M1&1&+#1K,01&D$+/,(1&C,#1&'&8,.%#$"+#1K&8$/&-,"1+*&C,+/1+'1(*+,&.'"#$%'#'&+*&"([*0+1D& +*/#$M*+#1D*B&*&D$Q'&/1D&.$&'L$+1M1D*&17"0*#*#'=&b*(%,&T'-,D$(&G8$/&.'"#$%,0*+#*B&"([*0+1& 8(0*C&:;;E<B&:;>;<&1&:;>><IB&4%)$(/&rC$-(,&GL$/1(1&.'"#$%,0*+#*B&"([*0+1&8(0*C&:;>;<&1&:;>><B& "('-,&D#$./,&:;;E<B&/($9$&D#$./,&:;;?<IB&b*/*(1+*&O*0%$C&GL$/1(1&.'"#$%,0*+#*B&"([*0+*&8(6 0*C1+#*&:;;?<&1&:;;E<B&"('-,&D#$./,&:;>><IB&P0*+&R$("*%,019&GL$/1(1&.'"#$%,0*+#*B&"([*0+1&8(6 0*C&:;;?<B&"('-,&D#$./,&:;>><IB&T'C*&^1-%$(&G8$/&.'"#$%,0*+#*B&:;>><&/($9$&D#$./,I&1&U*(/*& R*+,[19&GL$/1(1&.'"#$%,0*+#*B&"('-,&D#$./,&:;;X<B&/($9$&D#$./,&:;;?<I< 3*./*0+1&"1,&8(,-(*D*&"([*0+,-*&J*/#$M*+#*&17&-$,-(*f#$&#$&1&/$($+.C1&17%*7*C<&j0$&-,6 "1+$&.'"1,+1M1&"([*0+,-&+*/#$M*+#*&17&-$,-(*f#$&'8,7+*%1&.'&3*0'"(1#'B&!D*-B&J,01-(*"B& O,($LB&T1D.C1&C*+*%&1&e,01+#<&5([*0+,D&8,0#$($+./0'B&*&8,.$)1M$&2C,%16",D*91+'&0(%,&/$2C,& #$&,(-*+171(*/1&/$($+.C1&17%*7*C&#$(&#$&8,.%#$"+#1K&-,"1+*&+*/#$M*+#'&17&-$,-(*f#$B&7),-&(*M16 ,+*%17*M1#$&/(,2C,0*B&/(*#*+#$&.C(*9$+,&7*&8,%*&"*+*<&P&,01D&8'/$D&*8$%1(*D,&+*&,(-*+17*6 /,($&+*/#$M*+#*&C,#1&,.1-'(*0*#'&f+*+M1#.C'&8,"(2C'&"*&8,C'2*#'&,.1-'(*/1&.($"./0*&1&7*&/*#& .$-D$+/B&"*&+*D&0(*/$&,"'7$/1&"*+&7*&8(,0$")'&+*/#$M*+#*&#$(&/*#&"*+&1D*D&8,.$)+'&0*[6 +,./&'&,./0*($+#'&/$D$%#+1K&0(1#$"+,./1&,"-,#*&1&,)(*7,0*+#*&'&e$8')%1M1&i(0*/.C,#B&*&/,&.'=&& 7+*+#$B&.,%1"*(+,./B&,"-,0,(+,./&1&1"$+/1/$/<&!L$+1M1&.'&1&,0$&-,"1+$&8,C*7*%1&01.,C'&(*71+'& 7+*+#*&1&0#$2/1+*B&8,.$)+,&.'&.$&1.C*7*%1&'&,"-,0,(+,./1&1&.,%1"*(+,./1B&./,-*&1D&,D,-'91D,& "*&2/,&),%#$&'8,7+*#'&1&8(,./,(+1&1"$+/1/$/&e$8')%1C$&i(0*/.C$< O($".#$"+1M*&"([*0+,-&8,0#$($+./0*&7*&+*/#$M*+#$&17&-$,-(*f#$

".604$)#.'


0B!M.G!

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

!!

>C0.B

\&]Y6%a]%b^$&W6'c#'a]&%& a$($c=7'a] [#-'53.b$#9D.[3G3&,.b$#9.i,#)d

^0d)&,.j'0,#D.b$#)/")%9,.1,537&)8,.^0d)&3.j'0,#D. j'0,#D.EFNF@D.NLk./"#@ U,+,-(*f#*&J#"+%*K*-&%.1-.',+*"%#<7#1-* .*1+$+<0(#1-&C(,+,%,2C1&8(1C*7'#$&(*70,#&T,6 8*(*&1&,/,C*&e*)*<&e1#$/C1&.'&,/,M1&C,#1&1D*#'& .0,#$&0%*./1/$&D,+,-(*f#$B&*&#,2&D*+#$&#$&/'6 (1./1LC1K& D,+,-(*f#*& C,#1& 8(1C*7'#'& 8,#$"1+$& "1#$%,0$&,/,C*B&./,-*&.$&e*)%#*+1&1&T,8*(*+1& D,-'& 8($"./*01/1& /*C,0,D& 0(1#$"+,D& C+#16 -,D&D+,-1D&/'(1./1D*&1&7*%#')%#$+1M1D*&'&/*#& C0*(+$(.C1&,/,C< 4'/,(1&,0$&D,+,-(*f#$&.'&",C/,(&7+*+,6 ./1B&.0$'L1%12+1&8(,d$.,(B&-$,-(*d&i(0,#$&W'(C& C,#1&#$&.0,#&[10,/+1&1&(*"+1&01#$C&0$%1C1D&"1#$%,D& 8,.0$/1,&/'(17D'&(*"$91&+*&`*C'%/$/'&7*&/'(16 7*D&1&D$+*"[D$+/&'&j8*/1#1B&/$&8(,d$.,(1M*& -$,-(*f#$&i$%$+*&W'(C&r*(19&C,#*&#$&('C,81.& ($01"1(*%*&1&,.0#$[1%*&+,01D&8,"*M1D*<& J*C%*"+1M1&j891+*&T,8*(&1&W'(1./1LC*&7*#$"+1M*&j891+$&T,8*(&8($"./*01%1&.'&D,+,-(*f#'&'& 8,0,"'&./,/$&-,"1+$&,(-*+171(*+,-&)*0%#$+#*&/'(17D*&'&T,8*('B&>:<&C,%,0,7*&:;>;<&-,"1+$< b+#1-*&#$&+*C,+&'($"+1LC$&8(18,D$+$&1&8($"-,0,(*&8,"1#$%#$+*&'&,.*D&8,-%*0%#*<&W$C./&#$& 81.*+&./('L+,B&'7&'0*[*0*+#*&.01K&8(*01%*&./('C$B&+*&./,/1+#*C&./(*+1M*<&U,+,-(*f#*&.*"([1& >X&/*)%1M*B&gg&.%1C$&1&L*C&Y:&0(%,&0(1#$"+$&1&,"*)(*+$&d,/,-(*f#$&,/,C*&e*)*B&*%1&1&+#$-,01K& [1/$%#*&C,#1&.'&)1%1&81,+1(1&/'(1./1LC,-&(*70,#*&T,8*(*&1&M#$%,C'8+,-&,/,C*<&4'/,(1&.'&C,(1./1%1& )(,#+$&",./'8+$&170,($&1&%1/$(*/'('&/$&.'&.0$&($%$0*+/+$&8,"*/C$&,)(*"1%1&1&8($/,L1%1&'&0(1#$"*+& /$C./&C,#1&9$&L1/*/$%#*&'8,7+*/1&.&8(1(,"+,&6&-$,-(*d.C1D&,)1%#$[#1D*&C*,&1&"('2/0$+,&6-$,-(*d6 .C1D&d*C/,(1D*&C,#1&.'&'/#$M*%1&+*&/'(1./1LC1&(*70,#&T,8*(*<& !0,"+1&"1,&D,+,-(*f#$&",+,.1&M#$%,01/1&8(1C*7&,/,C*&e*)*&C*,&"1#$%*&C0*(+$(.C1K&,/,C*B& .&,.0(/,D&+*&8(,D$/+,6/'(1./1LC1&8,%,[*#<&W*C,Q$(&#$&1.M(8+,&,81.*+&-$,-(*d.C1&.D#$2/*#&1& 8,%,[*#&T,8*(*&8($D*&,./*%1D&(*8.C1D&+*.$%#1D*&C*,&1&8($D*&$D1/10+,D&/'(1./1LC,D&/([12/'& .'.#$"+1K&"([*0*<& O,-%*0%#$& l\%$D$+/1& 8(1(,"+$& ,.+,0$& ,/,C*& e*)*m& /$D$%#1/,& ,81.'#'& 1& ,)#*2+#*0*#'B& ($6 %#$d+*B&C%1D*/.C*B&K1"(,-(*d.C*&1&0$-$/*M1#.C*&,)1%#$[#*&,/,C*&C,#*&.'&,"&17+1D+,-&7+*L$+#*&& '&/'(1./1LC,#&0*%,(17*M1#1&e*)*<&e*7+,0(.+$&/$D*/.C$&C*(/$&G-$,D,(d,%,2C$B&D,(d,%,2C$B&C%16 D*/,%,2C$&1&0$-$/*M1#.C$I&'7&8($-%$"+$&C%1D*"1#*-(*D$&D,+,-(*f#'&L1+$&#,2&0(#$"+1#,D<& 4'/,(1&'&8,-%*0%#'&lj.+,0+1&"('2/0$+,6-$,-(*d.C1&d*C/,(1m&-,0,($&,&8(,2%,./1&1&8,01#$.+,D& +*.%1#$Q'B&7*/1D&,&C'%/'(+,68,01#$.+,D&+*.%1#$Q'B&+*(,"+1D&+,2+#*D*B&,)1L*#1D*&/$&D*+16 d$./*M1#*D*&C,#$&.'&1&"*+*.&"1,&/'(1./1LC$&8,+'"$<&b+#1-*&8(1C*7'#$&1&"$D,-(*d.C*&,)1%#$[#*& ,/,C*&6&.'./*0+,&,"&8(0,-&",&8,.%#$"+#$-&8,81.*< J*#0$91&"1,&D,+,-(*f#$&,81.'#$&(*70,#&/'(17D*&,"&+#$-,01K&8,L$/*C*&",&"*+*.<&W'(1./1L6 C1&(*70,#&T,8*(*&8(1C*7*+&#$&$/*8+,=&(*7",)%#$&",&P<&.0#$/.C,-&(*/*B&(*7",)%#$&17D$Q'&"0*& .0#$/.C*&(*/*B&(*7",)%#$&+*C,+&PP<&.0#$/.C,-&(*/*&1&(*7",)%#$&+*C,+&,.*D,./*%#10*+#*&e$8'6


!&

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

)%1C$&i(0*/.C$<&T,8*(&C*,&/'(1./1LC,&D#$./,&0$9&./,/1+#*C&-,"1+*&8(10%*L1&./(*+$&1&",D*9$& -,./$<&4'/,(1&.'&L1/*/$%#1D*&8,"*./(%1&D+,-,&./*(1K&",C'D$+*/*&1&d,/,-(*f#*&17&C,#1K&.$&12L16 /*0*&C,+/1+'1(*+&(*70,#&/'(17D*&#,2&,"&>E;E<&-,"1+$&C*"*&#$&7*)1%#$[$+&8(01&%,8*(.C1&/'(1./< O,-%*0%#$&lJ$C1&'L1+M1&/'(1./1LC$&0*%,(17*M1#$m&-,0,(1&,&-(*"1/$%#.C,#&1&1+d(*./('C/'(+,#&/(*+6 .d,(D*M1#1&+*.$%#*B&/$&,&8(,D#$+*D*&C,#$&8(,17%*7$&17&/'(1./1LC,-&(*70,#*&C,#1&.$&,"(*[*0*#'& +*&./*+,0+12/0,&1&+#$-,0$&"#$%*/+,./1<&4'/,(1&+*8,.%#$/C'&'8'9'#'&+*&($.'(.$&C,#1&.$&/$C&'& +,01#$&0(1#$D$&C,(1./$B&*%1&1&+*&8,/$+M1#*%+$&($.'(.$&C,#1&)1&')'"'9$&D,-%1&,),-*/1/1&&/'(1./1LC'& 8,+'"'&T,8*(*< b+#1-*&1D*&.*[$/*C&+*81.*+&+*&K(0*/.C,DB&$+-%$.C,D&1&+#$D*LC,D&#$71C'<&j8($D%#$+*& #$&8,81.,D&%1/$(*/'($&1&"('-1K&170,(*&8,"*/*C*B&/$&8,81.,D&8(1%,-*B&.%1C*&1&d,/,-(*f#*<&R,-*/1& 8(1%,-&d,/,-(*f#*&'8,7+*#$&L1/*/$%#*&.&8($%1#$81D&1&#$"1+./0$+1D&C(*#,)(*71D*&e*)*&C,#1&8(16 0%*L1&8,.#$/1/$%#$&012$&,"&#$"+,-&./,%#$9*<&]),-&.0,#$&C0*%1/$/$&,0*&#$"1+./0$+*&D,+,-(*f#*& D,[$& )1/1& C,(1.+*& -$,-(*fD*B& /'(1./1LC1D& "#$%*/+1M1D*B& /'(1./1D*& C*,& 1& .01D*& C,#$& 7*+1D*& (*70,#&/'(17D*&+*&,/,C'&e*)'&1&+#$-,0,D&+*.$%#'&T,8*('<&&

0"+1$)*"+5708'0


0B!M.G!

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

!*

Ud1C&2L&0C3!2L-1& CMC>!d.eV R@.<'&,G7.[$2:3/

<)/0$"D.a,2#3PD.EFNN@D.NIk./"#@ b+#1-*& ^$1' A%' 21D#A%*$' 1T13#Y)_& K(0*/.C1& #$& 8(1#$0,"& $+-%$.C,-& 170,(+1C*& `.)$' #*' L"D#71"F%"$)3' =#*$178_& *'/,(*& Z<& 5,+*%"*& i'-K$.*<& !($"+1M*& K(0*/.C,-& 17"*+#*& #$./& R,(+*& `†(./6R#$%12B& ($",01/*& 8(,d$.,(1M*& +*& N$,-(*d.C,D&,".#$C'B&O(1(,",.%,0+,6D*/$6 D*/1LC,-&d*C'%/$/*B&30$'L1%12/*&'&]*-($)'< j"-,0,(& +*& 81/*+#$& 17& +*.%,0*& -%*.1& "*& #$& /,& 0(./*& 8,01#$./1& C,#*& /$[1& (*7'D1#$0*+#'& [10,/*B& (*"*& 1& D12%#$+#*& %#'".C1K& )19*& '& ,"6 +,.'& +*& ,./*%'& 8(1(,"'& C(,7& 8(,D#$+$& C,#$& ",+,.1&0(1#$D$<&U$Q'/1DB&1*C,&.$&,0*&.*[$6 /*&"$f+1M1#*&8,#*0%#'#$&0$9&+*&8,L$/C'&8(0,-& 8,-%*0%#*B&M1#$%*&#$&C+#1-*&8,C'2*#&"*&.$&2/,& #*.+1#$&,"($"1&1&21($D&L1/*/$%#./0'&8(1)%1[1&,0,& ($%*/10+,&+,0,&8,"('L#$&1./(*[10*+#*< b+#1-*& #$& C,+M181(*+*& '& .$"*D& 8,-%*0%#*& '& C,#1D*& .$& "$/*%#+,& (*.8(*0%#*& ,& (*70,#'& 8,01#$./1&,C,%12*&C*,&7+*+./0$+,-&8,"('L#*B& /$D*D*& 1& 81/*+#1D*& C,#*& ,C'81(*#'& *'/,($<& O,.$)+'&0(1#$"+,./&C+#1-$&L1+1&/,&2/,&+*&#$"+,D&D#$./'&",+,.1&8($-%$"&0$%1C,-&)(,#*&",.*6 "*2+#1K&1./(*[10*+#*&+*&/$D'<&&& O(0,&8,-%*0%#$&N%E"#7)"A%'21D#A%*$#'1T13#Y)B&C*,&2/,&.*D&+*.%,0&.'-$(1(*B&)*01&.$&&"$f+16 (*+#$D&8,"('L#*B&*%1&1&C%#'L+1D&81/*+#1D*&C,#1D*&.$&8,0#$.+1L*(1&,C,%12*&)*0$<&J#1K,0&,"*)1(& /$D*&D,[$&.$&8,"1#$%1/1&'&/(1&0(%,&21(,C$&C*/$-,(1#$=&G>I&'/#$M*#&,C,%12+1K&d*C/,(*&+*&%#'".C'& 8,01#$./c& G:I& 8(,D#$+$& ,C,%12*& '7(,C,0*+$& %#'".C1D& "#$%,0*+#$D& 1& D+,-1& +*L1+1& C*C,& .$& ,+$& ,"(*[*0*#'& +*& /1#$C& 8(,D#$+$& '& %#'".C1D& "('2/01D*c& Gg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fB& f%,7,fB&*+/(,8,%,71&1&)1,%,71<&3&,)71(,D&"*&.8$C/*(&/$D*&8,01#$./1&,C,%12*&/,%1C,&L$./,&8($%*71& ',)1L*#$+$&-(*+1M$&17D$Q'&./('C*B&+1#$&'01#$C&#$"+,./*0+,&8,0'91&#*.+'&%1+1#'&(*7"0*#*+#*& D$Q'& 8,#$"1+1D& 7+*+./0$+1D& 8,"('L#1D*<& W*C,& #$& 8(1D#$(1M$B& 0(%,& /$2C,& ,"($"1/1& -(*+1M'& 17D$Q'&K1./,(1#.C$&-$,-(*f#$&1&8,01#$./1&,C,%12*< P*C,&#$&8,01#$./&,C,%12*&#$"+,&,"&+*#+,01#1K&7+*+./0$+1K&8,"('L#*&GC*,&"1.M18%1+*&7*8,6 L$%*&#$&C(*#$D&:;<&./,%#$9*I&81/*+#*&C,#*&8,./*0%#*#'&1./(*[10*L1&7*8(*0,&.'&0(%,&./*(*&/$&.'& 7*,C'8%#*%*& D1.%1,M$& #,2& ,"& *+/1C$<& !& 8,-%*0%#'& 07%$%S%' 21D#A%*$#' 1T13#Y)& *'/,(& .8,D1+#$& +$C$&,"&+*#0*[+1#1K&D1.%1,M*B&,"&./*(1K&+*(,"*&",&D,"$(+1K&0($D$+*<&i$(,",/&#$&8(01&-(L6 C1& 8,0#$.+1L*(& C,#1& #$& 7*)1%#$[1,& +17& 7+*L*#+1K& 8(,D#$+*& '& 8(1(,"+,D& ,C,%12'& '7(,C,0*+1K& %#'".C1D&"#$%,0*+#$D&1&1701#$./1,&,&+#1K,01D&+$-*/10+1D&8,.%#$"1M*D*<&O%*/,+&#$&/*C,Q$(&)1,&


&'

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

.0#$./*+&D+,-1K&8(,)%$D*&8,0$7*+1K&.&,C,%12$D&/$&#$&.*0#$/$&,&+#1D*&'0(./1,&'&.0,#*&(*76 D*/(*+#*&,&1"$*%+1D&"([*0*D*&'&N7X)D#'1&''R)T1"#F)<&5*%#$&*'/,(&+*0,"1&C1+$.C,-&f%,7,d*& U$+M1#*&GC,#1&#$&,81.*,&"$d,($./*M1#'&'&.0,#,#&7$D%#1IB&1.%*D.C,-&f%,7,d*&P)+&bK*%"'+*&GC,#1& .$&'&.0,#1D&"#$%1D*&)*01,&1&'/#$M*#$D&,C,%12*&+*&%#'".C'&8,01#$./I&8*&",&.($"+#,0#$C,0+1K& 81.*M*&/$&7+*+./0$+1C*&(*+,-&:;<&./,%#$9*&8,8'/&8(18*"+1C*&d(*+M'.C$&2C,%$&I")3)&GT'M1$+& `$)0($B&`$(+*+"&R(*'"$%B&U*(M&R%,MK&1&"(<I< W($9$&8,-%*0%#$&8,.0$9$+,&#$&+*./*+C'&1&(*70,#'&8,01#$./1&,C,%12*&'&3456'B&-"#$&#$&,+,& 8(01&8'/&'./(,#$+,&C*,&7*.$)+*&.')"1.M18%1+*&8,01#$./1<&j"&>EF;61K&8,01#$./&,C,%12*&+*(*.%*& #$&,"&D*%$&.C'81+$&7+*+./0$+1C*&(*.8(2$+1K&"1%#$D&*C*"$D.C,-&.01#$/*&",&7*#$"+1M$&,"& 012$&/1.'9*&8(18*"+1C*B&,(-*+171(*+$&'&+$C,%1C,&'"('[$+#*&/$&",&)(7,&(*./'9$-&C,(8'.*&/$C6 ./,0*&.*)(*+1K&'&C+#1-$&1%1&L%*+C$<&P*C,&#$&C*,&*C*"$D.C*&"1.M18%1+*&8,01#$./&,C,%12*&+*#8(1#$& ./*.*%*&'&3456'&1&'&"('-1D&"1#$%,01D*&.01#$/*&./0*(*#'&D+,-1&'0*[$+1&7+*+./0$+1M1<&u$/0(/,& 8,-%*0%#$&",+,.1&'8(*0,&8($-%$"&(*",0*&+*81.*+1K&'&-%*0+1D&($-1#*D*&170*+&3456*B&,"+,6 .+,&17&b*+*"$B&\'(,8$B&3($",7$D%#*B&P+"1#$B&Z'[+$&471#$&1&Z'-,1./,L+$&471#$B&P./,L+$&471#$B& 4'./(*%*71#$&1&8*M1fLC1K&,/,C*B&4d(1C$&1&T*/1+.C$&4D$(1C$< u1+#$+1M*&"*&%#'".C,&"#$%,0*+#$&"*+*.&+*"1%*71&8,#$"1+$&$C,.'./*0$&/$&.$&+*#L$29$&8(,6 /$[$&C(,7&L1/*0'&)1,.d$('&/(*+.M$+"1(*#'91&"([*0+$&-(*+1M$B&8,/*C+'%*&#$&8,/($)'&7*&8(,'6 L*0*+#$D&8,01#$./1&,C,%12*&+*&8%*+$/*(+,#&(*71+1<&30#$/.C*&#$&8,01#$./&,C,%12*&+*#,)'K0*/+1#1& 8(1./'8&,0,#&/$D*/1M1&C,#1&8,/$+M1#*%+,&D,[$&17)(1.*/1&0$91+'&-(*+1M*&1&8,+'"1/1&C,(1.+$&D$6 Q'+*(,"+$&'.8,($")$<&O1.*/1&-%,)*%+'&8,01#$./&,C,%12*&8($"./*0%#*&0$%1C1&17*7,0&#$(&+1#$&#$"6 +,./*0+,&+*8(*01/1&.1+/$7'&1&8,+'"1/1&,"-,0,($&C,#1&.'&,89$&8(1D#$+#101<&U$Q'/1DB&i'-K$.&'& 8$/,D&8,-%*0%#'&8($"./*0%#*&7+*+./0$+1C$&C,#1&.'&.$&'+*/,L&/,D$&,C'2*%1&'&81.*+#'&,0*C,& ,8.$[+1K&(*",0*&G8,8'/&Z*($"&51*D,+"*B&P*+&31DD,+.*B&^%10$&O,+/1+-*&1&"(<I< b,#1&.'&.%#$"$91&C,(*M1&8,01#$./1&,C,%12*}&4'/,(&(*.8(*0%#*&,&+$C,%1C,&/$D*&7*&C,#$&.D*/(*& "*&9$&)1/1&D$Q'&+*#0*[+1#1D*&7*&,C,%12&1&$+01(,+D$+/*%17*D&'&8($"./,#$91D&"$.$/%#$91D*<& O,.$)+,& 1./1L$& 8,(*./& ./*+,0+12/0*B& .0$& D*+#'& C,+/(,%'& %,C*%+1K& 7*#$"+1M*& +*"& 0%*./1/1D& ,C,%121D*B&8,01#$./&$+$(-1#$&1&$+$(-$/.C1K&($.'(.*&/$&-')1/*C&)1,(*7+,%1C,./1< O,.%#$"+#$&8,-%*0%#$&.*./,#1&.$&,"&.'-$./1#*&7*&8(,'L*0*+#$&1&1./(*[10*+#$&8,01#$./1&,C,%12*& /$&7*&81.*+#$&,&+#,#<&b*C,&*'/,(&+*0,"1B&+*D1#$+#$+,&#$&.01D*&,+1D*&C,#1&.'&7*1+/$($.1(*+1& 7*&8($"D$/B&*%1&1D&#$&,+&#,2&($%*/10+,&+$8,7+*/<& O,-,0,(&C+#171&+*81.*%1&.'&R,(+*&`†(./6R#$%12B&U*(1+&^01/*+,019&1&i(0,#$&O$/(19&'&C,#$D& '8,7+*#'&L1/*/$%#./0,&.&(*70,#$D&1&.'0($D$+1D&./*+#$D&8,01#$./1&,C,%12*&'&i(0*/.C,#<&4'/,(1& 8,-,0,(*&.%*['&.$&"*&#$&"*+*.&8,01#$./&,C,%12*&1&C,"&+*.&0(%,&"1+*D1L+,&1+/$("1.M18%1+*(+,& 7+*+./0$+,1./(*[10*LC,&8,"('L#$B&*&D$Q'&"1.M18%1+*D*&+,.1/$%#1M*D*&1./(*[10*+#*&.0*C*C,& .$& 1./1L'& -$,-(*f#*& 1& 8,01#$./<& 5$0$"$.$/1K& -,"1+*& :;<& ./,%#$9*& 8,C($+'/1& .'& 7+*+./0$+1& 8(,#$C/1&+*&/$D'B&*&#*L*+#$&D($[$&1./(*[10*L*&1&./0*(*+#$&C,(8'.*&(*",0*&",0$%1&.'&1&",&1+6 ./1/'M1,+*%171(*+#*&8,01#$./1&,C,%12*&8,L$/C,D&:><&./,%#$9*<&J*&N$,-(*d.C,D&,".#$C'B&O(1(,6 ",.%,0+,6D*/$D*/1LC,-&d*C'%/$/*&1&j".#$C'&7*&8,01#$./B&`1%,7,d.C,-&d*C'%/$/*&30$'L1%12/*&'& ]*-($)'B&8(01&#$&8'/*&'&i(0*/.C,#&8,C($+'/*&+*./*0*&8,01#$./1&,C,%12*<&J*"*%#$B&*'/,(1&",+,6 .$&8($-%$"&L*.,81.*&'.D#$($+1K&+*&,0'&8(,)%$D*/1C'B&8,81.&C+#1-*&8($0$"$+1K&+*&K(0*/.C1& #$71C& /$& 8,"*/C$& ,& 7+*+./0$+,#& 8(,"'CM1#1<& H*[*+& ",8(1+,.& C+#171& L1+1& 1.M(8+*& )1)%1,-(*f#*& (*",0*&",D*91K&7+*+./0$+1C*B&C,#'&.'&*'/,(1&8,-,0,(*&8(1C'81%1&1&/$D*/.C1&C,+M181(*%1< b+#1-*&8($"./*0%#*&#$"*+&,"&C%#'L+1K&+*.%,0*&17&8,"('L#*&8,01#$./1&,C,%12*&C,#1&#$&,)#*0%#$+& +*&K(0*/.C,D&#$71C'&/$&L1+1&0(1#$"*+&",8(1+,.&.8,7+*#1&1&(*7'D1#$0*+#'&,0$&/$D*/1C$<&O(16 D*(+,&#$&+*D1#$+#$+*&,.1-'(*0*+#'&/$D$%#+$&%1/$(*/'($&7*&01.,C,2C,%.C'&+*./*0'&17&C,%$-1#*& 01D#A%*$'1T13#Y)B&LT1.#*$17#A)&1&=#*$17#A*T)'5%157)EA)B&+,&7),-&.0,#$&.0$,)'K0*/+,./1&1&1+6 d,(D*/10+,./1&7*.1-'(+,&.$&D,[$&8($8,('L1/1&.01D*&C,#1&.'&7*1+/$($.1(*+1&7*&'8,7+*0*+#$&.& ,01D&D%*"1D&1&0(%,&"1+*D1L+1D&7+*+./0$+1D&8,"('L#$D<

7$1$)&7$#.9


C5>2L14!JL

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

&#

`:@<'(%c=7%f$&g%[']$& 0#'*@.7#@./8@.0H]6%f$&4'['aH#@ O,./,#1& #$"+*& D'"(*& /*%1#*+.C*& 17($C*& GH3' F)%*$71' <.%' F#' %&><)' %a' #3' F#1' *%<1"&1' 2)&7%I&8($D*&C,#,#&'L1/$%#&C,#1&",)(,&1&C0*%16 /$/+,&8,'L*0*&8,./*#$&'L$+1C,0&"('-1&,/*M<& W*C,&1&D1B&8,.%1#$&012$&-,"1+*&,"&8(0,-&.'6 .($/*&.&+*./*0,D&+*&N$,-(*d.C,D&,".#$C'B& .&+,./*%-1#,DB&*%1&1&.0$&,)#$C/10+1#$B&.*-%$"*6 0*D,&+*&,.,)$&C,#$&.'&,)1%#$[1%$&+*2&[10,/<& j.,)1/,& 8(1.#$9*D,& .$& ,.,)*& G,"& C,#1K& .'& +$C$& +*[*%,./& 0$9& 1& +*& "('-,#& ,)*%1& [10,/*I& C,#$&.'&'&+*.&'.*"1%$&1+/$($.&8($D*&-$,-(*6 f#1&1&8,.1#*%1&'&+*.&C%1M'&1&%#')*0&8($D*&-$,6 -(*d.C,D& +*L1+'& .*-%$"*0*+#*& 1& .K0*9*+#*& 8(,./,(+$&./0*(+,./1<&W*C,&7*.1#*+$&C%1M$B&+*& 8%,"+,#&7$D%#1B&D+,-$&.'&,.,)$&+$.$)1L+,&1&.0*C,"+$0+,&(,.1%$&+,01D&.8,7+*#*D*&1&.#$D$& #$&"*0*%,&8(0$&8%,",0$B&C,#1&1&"*+*.&#,2&'01#$C&.*7(1#$0*#'&1&(*./'<&W*C,&#$B&+*&+$C1&8,.$)*+& +*L1+B&"'K,0+1&(,"1/$%#&D+,-,)(,#+1K&./'"$+/.C1K&-$+$(*M1#*&N$,-(*d.C,-&,".#$C*B&8,./*%*& 1&.01D*&"(*-*&O(,d$.,(1M*&O$/(1M*&J,0,.$%6|1M<&R1%*&#$&/,&,.,)*&C,#*&+*.&#$&8(0*&'0$%*&'& .01#$/&-$,-(*d.C$&7+*+,./1B&,.,)*&+*&L1#$D&.D,&.$&8(0,D&.*./*+C'&'&0$%1C,#&1&./*(,#&*%&: F#<#B&D$Q'.,)+,&'8,7+*0*%1&1&/*C,&'%*71%1&'&D*-1L+1&.01#$/&-$,-(*f#$<&O(,d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b(C,D<& e,Q$+*&#$&>g<&.01)+#*&"*%$C$&>Eg><&-,"1+$B&+*&L$/(+*$./'&,)%#$/+1M'&D*(1#*+.C,-&'C*7*+#*& '&`*/1D1B&'&.%1C,01/,D&D#$./'&6&5(*-1&R*29*+.C,#B&-"#$&.$&./*+,0+12/0,&GC,#$-&#$&/$&>Eg><& -,"1+$&8,81.,D&'/0(Q$+,&L*C&>;??I&0#$C,01D*&)*01%,&8,%#,8(10($",DB&./,L*(./0,D&1&(1)*(6 ./0,DB&'&D#$./'&-"#$&.$&7*2/19$+*&8%,"+*&",%1+*&21(1&8($D*&#'-'&,/,C*<&J*C,+&7*0(2$+,-& ,.+,0+,-&1&-1D+*71#.C,-&,)(*7,0*+#*B&'L1/$%#.C'&2C,%'&8,%*71&1&7*0(2*0*&'&e1#$M1B&*&+*C,+& /,-*&7*8,2%#*0*&.$&'&,C,%1M1&5$%+1M*<&3/'"1#&-$,-(*f#$&7*0(2*0*&>EYE<&-,"1+$&'&]*-($)'B& +*&L1#$D&#$&D*/1L+,D&d*C'%/$/'&#$"*+*$./&-,"1+*&C*.+1#$&D*-1./(1(*%*B&*&>EX?<&-,"1+$&8,6 ./*%*&#$&8(0*&[$+*&k&",C/,(&-$,-(*f#$<&]+*+./0$+*&C*(1#$(*&8(,d$.,(1M$&J,0,.$%6|1M&0$7*+*& #$&'7&N$,-(*d.C1&,".#$C&O(1(,",.%,0+,6D*/$D*/1LC,-&d*C'%/$/*B&+*#8(1#$&C*,&*.1./$+/1M*B&*& C*.+1#$&#$&17*)(*+*&'&+*./*0+*&70*+#*&",M$+/1M$&1&170*+($"+$&8(,d$.,(1M$<&J*&j".#$C'&8,6

S-&-4+>."#+D"$)'"L&>;<>;<:;;X<

Q%f


&"

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

0#$($+1&.'&#,#&C(,7&-,"1+$&D+,-1&C,%$-1#1B&D$Q'&C,#1D*&#$&.&+*#012$&%#')*01&1&8$L*/*&8($"*0*%*& C*"1D%'T)7$157)EA%'G!D1&'>'5%157)9*T1'21@")D)"A%'T)7)$)J;'-%F)$*T>'T)7$157)EA>'#''4%5#: 1")3">'5%157)EA>'4>*#A%<&O($"*0*+#*&17&-$,-(*f#$&)1%*&.'&'C%,8%#$+*&'&#$"*+&21(1&-$,-(*d.C1& C,+/$C./&1&8,C*710*%*&.'&"*&#$&C*(/,-(*f#*&#$"*+&,"&/$D$%#+1K&-$,-(*d.C1K&C,%$-1#*B&*&'&N$6 ,-(*f#1&e'.1#$&D,-%1&.D,&.8,7+*/1&+$&.*D,&0$%1L1+'&1&7+*L*#&/$&7$D%#$B&0$9&.D,&7*#$"+,&.& O(,d$.,(1M,DB&)1%1&.0#$",M1&8,01#$.+1K&D1#$+*&+*&/,D&8(,./,('<&30*C,&#$&8($"*0*+#$&+,.1%,& .*&.,),D&1&#$"+'&,.,)+'&M(/1M'B&)*($D&#$"*+&8,.$)*+&"$/*%#B&C*,&8,.%#$"1M'&D+,-,)(,#+1K& .'.($/*&1&8'/,0*+#*&O(,d$.,(1M$B&C,#1D&.D,&/'&e'.1#'&#,2&012$&7*0,%#$%1&1&,/C(1%1&+#$71+&l%#'".C1m& %1C<& e,"+1&,/,C&b(C&)1,&#$&1&/(*"1M1,+*%+,&,"($"12/$&/$($+.C$&+*./*0$&./'"$+*/*&8(0$&-,"1+$<& W,&#$&)1,&+*2&8(01&","1(&.&/$($+.C,D&+*./*0,DB&*%1&1&8(0,&C,D8%$C.+,&-$,-(*d.C,&.*-%$6 "*0*+#$&8(,./,(*<&]*K0*%#'#'91&O(,d$.,(1M1&D,-%1&.D,&7($%1#1D&,L1D*&.*-%$"*0*/1B&8(1D#$(1M$& '/#$M*#&)'($&+*&(*.8,"#$%'&+*.$%#$+,./1B&(*7%1L1/$&#$71L+$&.$-D$+/$&,/,C*B&-%*-,%#*2C'&)*6 2/1+'&1%1&.D,&.$&D,-%1&'&)$7)(,#+1D&.'K,71"1D*&"101/1&*'/,K/,+,#&0#$C,0#$L+,#&'D#$/+,./1<& T#')*0&8($D*&b(C'&01"%#10*&#$B&0$9&,"&8(01K&(*",0*B&1&'&7+*+./0$+,#&)1,-(*f#1&8(,d$.,(1M$& J,0,.$%6|1M<&j.,)1/,&1./1L$D&L%*+C$&0$7*+$&7*&/,8,+1D$&,/,C*&b(C*&C,#$&#$B&8,+,0+,&C*,& 8(0*&'&i(0*/.C,#B&-$,-(*d.C1&.*-%$"*0*%*&1&8(,'L*0*%*<&O(,d$.,(1M*&'C*7'#$&+*&0(1#$"+,./& /,8,+1D*&8,#$"1+1K&+*.$%#*&C,#$&<<<$7%?)'21$7)X#$#'>'271Y31*$#;'>'%$#F131YT1F'@")S%"A>;')3#' 21D%@)"1'*'S#$)D#F'5%157)9*T#F'#'&7>Y$D%"1:21D#A%*"#F'T1F23%T*1F<&H(1#$"+,./&,)#*0%#$6 +1K&(*",0*&,&/,8,+1D1#1&,/,C*&b(C*&%$[1&'&,/C(10*+#'&1&8,/0(Q10*+#'&/(1#'&(*7%1L1/1K&.%,#$0*&G8($6 "(,D*+.C1B&(,D*+.C1&1&.%*0$+.C1I&/,8,+1D*&+*&,/,C'&b(C'&1&'&+#1K,0,#&(*21($+,./1&+*&,/,C'& C*,&8,.%#$"1M'&(*7%1L1/1K&.D#$(,0*&1&0*%,0*&",.$%#*0*+#*&+*&b(C<&j/,C&b(C&#$&1&/$D*&",C/,(.C$& "1.$(/*M1#$<&!&+#,#&O(,d$.,(1M*&8(,'L*0*&.,M1#*%+,6-$,-(*d.C$&/(*+.d,(D*M1#$&,/,C*&G>EX?<IB& *%1&#$&'&,)#*0%#$+,#&C+#171&C*,&8,.$)+,D&17"*+#'&b(LC,-&7),(+1C*&1&'&17"*+#'&3*0$7*&-$,6 -(*d.C1K&"('2/*0*&i(0*/.C$B&"1.$(/*M1#*&'8,/8'+#$+*&.'0($D$+1D&8(,D#$+*D*&17*70*+1D*& -(*"+#,D&W1/,0,-&G"*+*.&b(LC,-I&D,./*&C,#1D*&",C*7'#$&+*#+,01#$&8(,D#$+$&+*&b(C'&1&.& 8(*0,D& *'/,(1M*& +*-%*2*0*& "*& #$& b(C& 17-')1,& ,)1%#$[#*& ,/,C*{& !& +*0$"$+1& (*"& 'C%,8%#$+1& .'&1&(*+1#1&(*",01&,&-$,-(*d.C,D&8,%,[*#'&b(C*<&]*+1D%#101&.'&1&(*",01&,&8,"('L#'&5,)(1+#*&1& O'+/*B&-"#$&#$&+*-%*.*C&+*&"$D,-(*d.C,#&8(,)%$D*/1M1B&*&'&L%*+C'&,&"$D,-(*d.C,D&(*70,#'& O'+/*& ,)#*2+#$+1& .'& "$D,-(*d.C1& ,"+,.1& 1& 8(,D#$+$& 17D$Q'& .*D,-& -(*"*& b(C*& 1& O'+/*& C(,7&8(,2%,./<&!&.0,#1D&C*(/,-(*d.C1D&(*",01D*&8(,d$.,(1M*&J,0,.$%6|1M&)*01%*&.$&8($/$[6 +,&1./*C+'/1D&K(0*/.C1D&C*(/,-(*fD*& pHP<&1&pHPP<&./,%#$9*B&,.,)1/,& 3/#$8*+,D& N%*0*L$D& 1&+#$-,0,D&C*(/,D&i(0*/.C$&17&>FXg<&-,"1+$B&C,#,#&#$&D*/$D*/1LC1D&8,./'8M1D*&8(1)%1[+,& ,"($"1%*&D#$(1%,B&C,#$&.$&1&"*+*.&'71D*&D#$(,"*0+1D&7*&/'&C*(/'<&]*&+*.&./'"$+/$&1&.*"*2+#$& 8(,.0#$/+$&"#$%*/+1C$&+$7*,)1%*7*+&#$&1&"*+*.&L%*+*C&,&O(,)%$D*/1M1&8,L$/+,-&D$(1"1#*+*B& '&C,#$D'&#$&,)(*Q$+*&8,01#$./&+*./*+C*&1&8(1D#$+*&(*7%1L1/1K&8,L$/+1K&D$(1"1#*+*&+*&+*21D& C*(/*D*B&+#1K,01&D$Q'.,)+1&D*/$D*/1LC1&.',"+,.1&1&D,"$%1&8($(*L'+*0*+#*<&!&.0,#1D&($-16 ,+*%+1D&(*",01D*&O(,d$.,(1M*&.$&)*01%*&8,"('L#$D&)102$-&3,0#$/.C,-&3*0$7*B&*&,.,)1/,&#$& 7+*L*#*+&(*"&,&b*7*K./*+'&'&C,#$D'&.$&D,[$&12L1/*/1&1&O(,d$.,(1L1+,&,.,)+,&8,7+*0*+#$&1& ),(*0*C&'&/,#&"([*01<&!&($-1,+*%+,#&D,+,-(*f#1&P+"1#$&1&+*C,+&L$/("$.$/&-,"1+*&,"&,)#*0%#16 0*+#*B&'/$D$%#$+$&.'&1&8,/0(Q$+$&8,./*0C$&,&./*+,0+12/0'&1&D,-'9+,./1D*&-,.8,"*(.C,-& (*70,#*&P+"1#.C,-&8,/C,+/1+$+/*B&C,#1&.'&7*&,+,&0(1#$D$&)1%$&8,D*%,&1&'/,81./1LC$<&


ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

&)

3& (*",29'& 0$.$%1D,& .$& 1& ,"& .(M*& L$./1/*D,& 01.,C'& ,)%#$/+1M'& [10,/*& 1& (*"*& "(*-$& +*D& O(,d$.,(1M$B&C,#*&#$&'01#$C&.$)$&+$.$)1L+,&"*0*%*&'&.0,#1D&8($"*0*+#1D*B&C,#*&#$&,"&+*.& /(*[1%*&(*7'D1#$0*+#$&+*'L$+,-&1&8(1D#$+'&+*&C,+C($/+'&-$,-(*d.C'&./0*(+,./B&C,#*&+*.&#$& 8'/$D&)1%#$[+1M*&8,/1M*%*&+*&($",01/,./&8,K*Q*+#*&8($"*0*+#*&1&8(18($D*+#*&1.81/*B&C,#*&#$&'& +*.&0#$(,0*%*&1&K(*)(1%*&+*.&L*C&'&/($+'/M1D*&C*"*&+1&.*D1&+1.D,&0#$(,0*%1&'&.$)$<& !&"#$%*/+,./1&O(,d$.,(1M$&.1-'(+,&.$&,./0*(1%*&N,$/K$,0*&($L$+1M*&"*&'C,%1C,&.$&8,#$"16 +*M&8($D*&8,#$"1+M'&,"+,.1&C*,&8($D*&,+,D$&2/,&/($)*&1&2/,&D,[$&)1/1B&,+"*&9$&8,#$"1+*M& 8,./*/1&,+,&2/,&/($)*&1&2/,&D,[$&)1/1<&J*"*D,&.$B&O(,d$.,(1M$B&"*&H*.&+1.D,&'&/,D$&17+$0#$6 (1%1<&jL$C'#$D,&"*&9$&H*D&N$,-(*d.C1&,".#$C&8,.0$/1/1&1&/1.C*/1&#$"*+&8(1-,"+1&7),(+1C&1&"*& 9$D,&17&H*2$-&8$(*&)'"'9$&-$+$(*M1#$&+*'L*0*/1&17&H*2$&C+#1-$&,&C*(/,-(*f#1€&7*/,&[$%1D,& H*D&"*&,0*&+*2*&,L$C10*+#*&1&,./0*(1/$<&H10*.{&4"&D'%/,.&*++,.{

#$7%+")5$7-$/


&$

C5>2L14!JL

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

A:@<'(%c=7%f$&g%[']$& 0#'*@.7#@./8@./6$<Y]%=&NH#H]$6 !&.(8+#'&:;>><&+*0(2*0*&.$&X;&-,"1+*&[16 0,/*&'-%$"+,-&K(0*/.C,-&-$,-(*d*&8(,d<&"(<& 5(*-'/1+*&`$%$/*(*<&W$2C,&#$&,&,0,D$&.0$6 ./(*+,D&L,0#$C'&1&7+*+./0$+1C'B&,&L1#$D&)1& .$&[10,/'&1&(*"'&D,-%*&+*81.*/1&,)1D+*&C+#16 -*B&"*/1&C(*/C'&1+d,(D*M1#'<&3/0*(*%*LC1&*D6 )1#$+/&C,#1&#$&,+&-,"1+*D*&./0*(*,B&1.8(0*&'& O,"(*01+1B&*&C*.+1#$&8'/$D&L*.,81.*&li(0*/6 .C1& 7$D%#,81.m& G"*+*.& lU$(1"1#*+1mIB& 1D*,& #$& 7+*L*#+'&'%,-'&'&,"%'C*D*&D+,-1K&D%*"1K& %#'"1& 8(1& ,"%'M1& 17),(*& D#$./*& ./'"1(*+#*& +*& U*('%19$0,D& /(-'& >E<& U+,-1D*& ,"& +#1KB& 8*& 1&D$+1B&)1,&#$&D$+/,(&8(1&81.*+#'&"18%,D.C1K& (*",0*<& W$D'& ,& 8,01#$.+,6-$,-(*d.C,D& (*70,#'&5(+#*&.*D&'8(*0,&+*&.'-$./1#'&8(,6 d$.,(*&`$%$/*(*B&,"*)(*,&0$9&'&8(01D&"*+16 D*&./'"1#*<&O(,d$.,(&D$&8,./'8+,&'0,"1,&'& ./('L+1& (*"& /$& .*D& ')(7,& ,/C(1,& 0(1#$"+,./1& +#$-,0$& ),-*/$& C+#1[+1M$B& C,#'& 1& "*+*.& ,)1%+,& C,(1./1D&'&(*"'<&!&/($+'M1D*&8,.'")$&1&0(*9*+#*&C+#1-*B&*&/,&#$&)1%,&.0*C1&/#$"*+B&1D*%1&.D,& (*.8(*0$&,&8(,L1/*+,D$<&O,./'8+,&.'&.$&(*7-,0,(1&21(1%1&1&+*&"('-$&/$D$B&2/,&+*D&#$&,./*,& ,)1L*#&1&",&"*+*2+#1K&"*+*<&J*&/*#&+*L1+&.*D&8'+,&+*'L1,&+$&.*D,&,&./('M1B&+$-,&1&,&[10,/'<& U,-'&.%,),"+,&C*7*/1&C*C,&#$&O(,d$.,(&)1/+,&'/#$M*,&+*&D,#$&.*7(1#$0*+#$&8*&1&d,(D1(*+#$& ,.,)+,./1& /$& 8,./*,& D,#1D& 'L1/$%#$D& '& +*#),%#$D& .D1.%'& /$& (1#$L1<& 3/(*./& 7*& "#$%*/+,./1D*& C,#1D*&.$&)*01,&8($+1,&#$&1&+*&.0,#'&"#$M'&k&C9$(&O$/('B&C,#*&.$&'.D#$(1%*&+*&+*C%*"+12/0,B& 8,01#$./&'D#$/+,./1&1&$/+,%,-1#'&/$&+*&.1+*&O$/(*B&C,#1&#$&C*,&-$,-(*d&1&"('2/0$+1&"#$%*/+1C&+*6 ./*01,&/$D$%#+'&,L$0'&./('C'&1&*C/101./1LC'&"#$%*/+,./<&O(,d$.,(&#$&'/#$M*,&1&+*&)(,#+$&"('-$& .'(*"+1C$B&8(1#*/$%#$B&./'"$+/$B&C,%$-$B&*&L$./,&.0,#1D&#*0+1D&1./'81D*&1&+*&21('&#*0+,./&/$& +*&,+$&C,#1&",+,.$&,"%'C$<&]),-&/,-*&-*&D+,-1&.D*/(*#'&l[10'9,D&1+./1/'M1#,DmB&L,0#$C,D& C,#1&#$&8(,[101,&+$C,%1C,&[10,/*&'&,01K&X;&-,"1+*<&P*C,&.$&+$C1&.&/1D$&+$9$&.%,[1/1B&C*,&2/,& .$&1&.&D+,-1D&+#$-,01D&./*0,01D*&C(,7&[10,/&+1.'&.%*-*%1B&/$C&9$&)'"'9$&-$+$(*M1#$&8,./*/1& .0#$.+$&0*[+,./1&+#$-,0,-&7+*+./0$+,-B&./('L+,-&1&#*0+,-&"#$%,0*+#*B&C,#$&9'&'&+*./*0C'& /$C./*&+*./,#*/1&8(1C*7*/1&'&+*#C(*91D&D,-'91D&M(/*D*< O(,d<&"(<&5(*-'/1+&`$%$/*(&.$&(,"1,&>;<&.(8+#*&>E@><&'&H$%1C,D&j/,C'&G"*+*.&,891+*&T$6 -(*"B&b,8(10+1LC,6C(1[$0*LC*&['8*+1#*IB&'&,)(/+1LC,#&,)1/$%#1&8,"(1#$/%,D&17&.'.#$"+$&5,+#$& 5')(*0$&G'&U$Q1D'(#'I<&O,&7*0(2$/C'&-1D+*71#$&'&H*(*["1+'B&'81.*,&#$&./'"1#&-$,-(*f#$&+*& N$,-(*d.C,D& ,".#$C'& O(1(,",.%,0+,6D*/$D*/1LC,-& d*C'%/$/*& 30$'L1%12/*& '& ]*-($)'<& J*6 C,+& 7*0(2$/C*& ./'"1#*& -$,-(*f#$& (*"1,& #$& C*,& 8(,d$.1,+*%+1& +,01+*(& 1& "#$%*/+1C& '& C'%/'(1& '& u*C,0M'&G>EFY<6>EX:<I&1&b,8(10+1M1&G>EX;<B&>EXg<6>E?g<I<&!&.($"1+*D*&'&C,#1D*&#$&"#$%,0*,&


ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

&(

C*,&+,01+*(&1&"#$%*/+1C&'&C'%/'(1&,./*01,&#$&7+*/+1&/(*-=&,.+10*+#$&e*"1,&u*C,0M*&G>EFX<IB& C'%/'(+,68(,.0#$/+,-& "('2/0*& ](1+.C1& G>EX;<IB& 8,C($/*+#$& 8$(1,"1C*& lb*#C*0.C1& C,%$+"*(m& G>EX;<IB&lO,"(*0.C1&7),(+1Cm&G>EXY<IB&lU'7$#.C1&0#$.+1Cm&G>EX?<IB&U'7$#*&8($K(*+$&'&8,"'6 7$9'&lO,"(*0C*m&G>E?:<I&1/"< H$9&#$&"18%,D.C1D&(*",D&,&1+"'./(1#1&U$Q1D'(#*&G>EFY<I&8,C*7*,&.C%,+,./&)*0%#$+#'&1+"'6 ./(1#.C,D&-$,-(*f#,D&C,#'&#$&(*701,&C(,7&1./(*[10*LC1&(*"&+*&",C/,(.C,#&"1.$(/*M1#1&lP+"'./(1#*& '&$C,+,D.C,6-$,-(*d.C,#&./('C/'(1&O,"(*01+$m&G>E?:<I&,)(*+#$+,#&+*&N$,-(*d.C,D&,".#$6 C'&OU`6*<&51.$(/*M1#*&#$&>E?@<&,)#*0%#$+#*&C*,&C+#1-*&/$&#$&+#,D$&'"*(1,&/$D$%#$&7+*+./0$6 +,D& )*0%#$+#'& 1+"'./(1#.C,D& -$,-(*f#,D& '& i(0*/.C,#& (*7(*"1021& D$/,",%,-1#'& 1./(*[10*+#*& 1+"'./(1#.C$&-$,-(*f#$&+*&8(1D#$('&O,"(*01+$<&3/,-*&#$&1&(*7'D%#10,&2/,&#$&8($'7$,&8($"*6 0*+#*&17&8($"D$/*&P+"'./(1#.C*&-$,-(*f#*&+*&N$,-(*d.C,D&,".#$C'&OU`6*B&*&/*#&#$&C,%$-1#& (*701,&/$&8($"*0*,&",&,"%*.C*&'&D1(,01+'<&j.1D&/,-*&8($"*0*,&#$&1&+17&"('-1K&8($"D$/*&+*& ","18%,D.C,D&G!0,"&'&-$,-(*f#'B&!0,"&'&./*/1./1C'B&N$,-(*f#*&4d(1C$I&1&8,.%1#$"18%,D.C,D& ./'"1#'&GP+"'./(1#*&'&8(,./,(+,D&8%*+1(*+#'I<&J*&N$,-(*d.C,D&,".#$C'&#$&8,L$,&(*"1/1&C*,& 7+*+./0$+1&*.1./$+/&G>E?g<I&/$&#$&+*8($",0*,&'&70*+#*=&",M$+/&G>E?g<IB&170*+($"+1&8(,d$.,(& G>E??<IB& ($",01/1& 8(,d$.,(& G>EEg<I& 1& ($",01/1& 8(,d$.,(& '& /(*#+,D& 70*+#'& G>EEE<I<& J*& .0,D& D*/1L+,D& j".#$C'& )1,& #$& 8($"./,#+1C& ]*0,"*& 7*& -$,-(*f#'& 1& 8(,./,(+,& '($Q$+#$& G>EE;<6 >EEY<I&1&]*0,"*&7*&($-1,+*%+'&-$,-(*f#'&1&D$/,"1C'&G>EEE<6:;;:<IB&/$&8(,L$%+1C&j".#$C*& G>EE?<6>EEE<IB& *& )1,& #$& 1& 0,"1/$%#& 8,.%1#$"18%,D.C,-& ./'"1#*& N$,-(*d.C,-& ,".#$C*& OU`6*<& R1,&#$&D$+/,(&8(1&17(*"1&@&",C/,(.C$&"1.$(/*M1#$B&Y&D*-1./*(.C1K&(*",0*&/$&,C,&F;&"18%,D.C1K& (*",0*& +*& N$,-(*d.C,D& ,".#$C'& OU`6*<& j)+*2*,& #$& 1& "'[+,./1& 8(,"$C*+*& 7*& f+*+M1#$& G:;;:<6:;;@<I&1&"$C*+*&G:;;@<6:;;F<I&O(1(,",.%,0+,6D*/$D*/1LC,-&d*C'%/$/*&'&]*-($)'B&*& .& 8,/,+#$& #$& "'[+,./1& ,/12*,& '& D1(,01+'<& b*,& "$C*+& #$& "*,& 7+*L*#*+& ",8(1+,.& 17-(*"+#1& 1& (*70,#'&OU`6*&GC*D8'.&+*&i,(0*/,0M'&1/"<I< e*701,&#$&7*8*[$+'&.'(*"+#'&.&"('-1D&7+*+./0$+1D&.($"12/1D*&'&/*"*2+#,#&Z'-,.%*01#1& GU*(1),(B& T#')%#*+*B& 3*(*#$0,B& R$,-(*"B& 3C,8#$I& /$& D$Q'+*(,"+'& .'(*"+#'& GO$L'KB& R'6 "1D8$2/*B& T,"7B& j./(*0*B& b(*C,0B& N‡//1+-$+B& U†+MK$+€I<& 3'"#$%,0*,& #$& +*& 8($C,& E;& 7+*+./0$+1K& .C'8,0*& G,"& C,#1K& #$& Y;6*C& )1%,& D$Q'+*(,"+,-& C*(*C/$(*IB& )1,& #$& 0,"1/$%#& /(1& 7+*+./0$+*& 8(,#$C/*& U1+1./*(./0*& 7+*+,./1B& ,)(*7,0*+#*& 1& 28,(/*& e$8')%1C$& i(0*/.C$& /$& "0*&D$Q'+*(,"+*&7+*+./0$+*&8(,#$C/*<&W*C,Q$(&#$&1+1M1(*,&1&,(-*+171(*,&+$C,%1C,&",D*6 91K&1&D$Q'+*(,"+1K&7+*+./0$+1K&.C'8,0*<&J#$-,0&7+*+./0$+,61./(*[10*LC1&(*"&",2*,&#$&",& 17(*[*#*&'&,)#*0%#10*+#'&>Y&7+*+./0$+1K&C+#1-*&1&8($C,&./,/1+'&7+*+./0$+1K&(*",0*&1&8,-%*0%#*& 7+*+./0$+1K&C+#1-*B&,"&C,#1K&#$&7+*/*+&"1,&'&1+,7$D+1D&7+*+./0$+1D&L*.,81.1D*<&J*#7+*6 L*#+1#1&(*",01&8(,d<&"(<&.M<&5(*-'/1+*&`$%$/*(*&M1/1(*+1&.'&'&1+,7$D+,#&1&",D*9,#&7+*+./0$+,#& %1/$(*/'(1&17&-$,-(*f#$&1&C'%/'(+$&/$&-,.8,"*(.C$&8,01#$./1<&5,8(1+,.&(*70,#'&-$,-(*d.C$&./('6 C$&#$&"*,&C*,&/*#+1C&G>E?@<6>E?F<I&1&8($".#$"+1C&G>E?F<6>E??<I&3*0$7*&-$,-(*d.C1K&"('2/*0*& i(0*/.C$&C*,&'($"+1C&7+*+./0$+,-&L*.,81.*&N$,-(*d.C,-&-%*.+1C*&G>E?Y<6>E?E<I&1&D'%/16 "1.M18%1+*(+,-&7+*+./0$+,-&L*.,81.*&O,"(*01+*&G,"&:;;:<&",&"*+*.IB&/$&C(,7&'($Q10*+#$& )(,#+1K&C+#1-*&1&7),(+1C*&1/"< ]*&.0,#&(*"&#$&+*-(*Q10*+&,"&D*/1L+$&./('C$&G+*-(*"*&7*&7+*+,./&N$,-(*d.C,-&"('2/0*& '& ]*"('& k& :;;F<IB& ",)10*,& #$& 1& +*-(*"$& +*& %,C*%+,D& +10,'& GH1(,01/1M*B& b,8(10+1M*B& 5,+#*&


&%

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

5')(*0*IB&($-1,+*%+,D&+10,'&G+*-(*"*&7*&[10,/+,&"#$%,&b,8(10+1LC,6C(1[$0*LC$&['8*+1#$&6& :;;Y<IB&"([*0+,D&+10,'&Ge$"&5*+1M$&K(0*/.C$&.&%1C,D&e'Q$(*&R,2C,019*&6&:;;:<B&"([*0+*& +*-(*"*& 7*& 8,8'%*(17*M1#'& 7+*+,./1& 6& :;;g<B& +*-(*"*& i4]!& lZ,.18& Z'(*#& 3/(,..D*_$(m& k& :;;g<I&/$&+*&D$Q'+*(,"+,D&+10,'&G'&R'"1D8$2/1&#$&8(,-%*2$+&01/$7,D&'+10$(7*%+$&C'%/'($& k&:;>><I<&b*,&#$"+,&,"&#*0+1K&8(17+*+#*&7*&+#$-,0&.0$'C'8+1&(*"&0*%#*&1./*C+'/1&17),(&7*& L%*+*&.'(*"+1C*&i(0*/.C$&*C*"$D1#$&7+*+,./1&1&'D#$/+,./1&G:;;F<I< W($)*&1./*C+'/1&1&0*[+'&'%,-'&8(,d<&"(<&5(*-'/1+*&`$%$/*(*&'&8,8'%*(17*M1#1&-$,-(*f#$&1&8,6 01#$./1B&8(0$+./0$+,&C(,7&+*C%*"+12/0,&G>EE@<&8,C($+',&L*.,81.&7*&8,8'%*(17*M1#'&-$,-(*f#$& 1& 8,01#$./1& li(0*/.C1& 7$D%#,81.& 6& :;;:<& 8($1D$+,0*+& '& lU$(1"1#*+1mB& *& C,#$D'& #$& ",& "*+*.& -%*0+1&'($"+1CIB&./('L+1&(*"&G)(,#+1&L%*+M1&1&012$&"$.$/*C*&C+#1-*IB&8($"*0*+#*&G012$&./,/1+*I& 1&(*"&+*&'"[)$+1M1D*&G'($"+1C&.$(1#$&'"[)$+1C*&7*&,.+,0+'&1&.($"+#$&2C,%$B&*'/,(&"0*"$6 .$/*C&-$,-(*d.C1K&'"[)$+1C*&1&8(1('L+1C*I<&j.1D&'&-$,-(*f#1B&"*,&#$&",8(1+,.&-,.8,"*(.C,#& 8,01#$./1B& C'%/'(+,#& 8,01#$./1B& *& )*01,& .$& 1& %1/$(*(+1D& (*",D<& j)+*2*,& #$& 1& 1./*C+'/$& #*0+$& "'[+,./1&G,"&L%*+./0*&'&.*),(.C,D&,"),('&",&8($".#$"+1C*&-(*".C,-&01#$9*&'&b,8(10+1M1IB&*& )1,&#$&,)+,01/$%#&U*/1M$&K(0*/.C$&'&b,8(10+1M1&G>EE;<IB&0$%1C1&D$2/*(&5('[)$&R(*9*&K(0*/.C,6 -*&7D*#*&G:;;F<6:;>><I&1/"<&b*,&2/,&.$&D,[$&01"#$/1B&D+,-,&#$&/,-*&8(,d$.,(&`$%$/*(&(*"1,& G1&+*8(*01,I&7*&"('-$B&+$.$)1L+,&8,D*['91&1&./0*(*#'91<&j&+#$D'&.*D,D$&+*#),%#$&-,0,($& "#$%*&C,#*&#$&./0,(1,&1&+*"*D,&.$&"*&9$&1K&'&-,"1+*D*&C,#$&",%*7$&)1/1&#,2&8'+,< !7&X;<&(,Q$+"*+&[$%1D&8(,d$.,('&`$%$/*('&",)(,&7"(*0%#$&1&D+,-,&-,"1+*&8%,",+,.+,-& (*"*& .& 8'+,& ,./0*($+#*& '& "*%#+#$D& [10,/'<& b,%1C,& D1& #$& 8,7+*/,B& 8%*+,0*& 1D*& +*8($/$C& 1& 0#$('#$D&C*C,&9$&1K&0$91&"1,&')(7,&,./0*(1/1B&7*8(*0,&.*D&.1-'(*+&'&/,&#$(&.*D&.$&+$)(,#$+,& 8'/*&'0#$(1,&'&+#$-,0'&+$1.M(8+'&$+$(-1#'B&,8/1D17*D&1&7+*+#$<

!"#(9+)3+%"0:


C5>2L14!JL

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

&!

A:@<'(%c=7%f$&g%[']$& 0#'*@.7#@./8@..('#X&K$#%h O(,d<& U*%19*& 8(01& 8'/*& '8,7+*,& .*D& #,2& C*,&"#$L*C&'&(,"+,D&U$Q1D'(#'&+*&#$"+,D& ,)1/$%#.C,D& "('[$+#'B& *& '& 8*D9$+#$& D1& .$& '($7*%*&+#$-,0*&8,#*0+,./&C*,&-,(,./*.+,-B& M(+,-B&0$%1C,-&L,0#$C*<&W,C,D&[10,/*B&'8,6 7+*0*#'91&4",%d,0&(*"&1&"#$%*B&.8,7+*,&.*D& 7*8(*0,& 8(*0'& 0$%1L1+'& 1& ,+'& /,8%'& %#'".C'& 21(1+'&,0,-&1+/(1-*+/,-&L,0#$C*<&5*+*.B&C*,& +#$-,0& *.1./$+/B& 7*8(*0,& +1.*D& .'2/1+.C1& 8(,D1#$+1,& /(1"$.$/& -,"1+*& ./*(,& D12%#$+#$B& #$(&-*&1&"*%#$&8$(M181(*D&C*,&0$%1C,-&L,0#$C*& '&8'+,D&.D1.%'&/$&(1#$L1<&J*&8,L$/C'&./'"1#*& +*&-$,-(*f#1&7*8,L$%*&#$&1&D,#*&8(0*&.'(*"6 +#*& .& 8(,d<& U*%19$D& +*& '"[)$+1C'& C,%$-1#*& O(,D$/+*&-$,-(*f#*&8,"&+*.%,0,D&N$,8(,6 D$/+*&,)1%#$[#*&.01#$/*&G>EE?<I<&W*"*&+1.*D& +1&.%'/1,&"*&9'&#$"+,-&"*+*&)1/1&*.1./$+/&8(,d<& U*%19*&/$&"*&9$&+*.&/*&C+#1-*&/,%1C,&8,0$7*/1<&b+#1-$&1&(*7+,(*7+1&8(,#$C/1&C,#1&.'&'.%1#$"1%1& .*D,&.'&8(,"')1%1&+*2&,"+,.B&*%1&,+,&2/,&#$&",D1+1(*%,&G1&2/,&9'&7*'01#$C&8*D/1/1I&#$&+#$-,0*& +$.$)1L+,./B&%#'".C,./&1&8(1#*/$%#./0,&+*&.0*C,D&C,(*C'B&'&.0*C,#&(1#$L1<&]+*C,01/,&#$&"*&,0$& :;>><&-,"1+$&X;6/1&(,Q$+"*+&.%*0$&"0,#1M*&-$,-(*d*&1&0$%1C*&8(1#*/$%#*B&D$+1&/*C,&0*[+$&,.,6 )$<&!7&,M*B&8(,d<&U*%19&#$&7*.1-'(+,&8,8'+1,&#,2&#$"+,&","*/+,&D#$./,&C*,&[10,/+1&D$+/,(< 5,& ./*/'.*& ($",01/,-& .0$'L1%12+,-& 8(,d$.,(*& '& /(*#+,D& 70*+#'& /(+,01/& #$& 8'/B& *& 0(%,& .'& (1#$/C1&,+1&C,#1&-*&8,+,0$&"0*&8'/*<&O(,d<&U*%19&#$&./*/'.&($",01/,-&8(,d$.,(*&8(01&8'/*&./$C*,& :<&,['#C*&>EEE<&-,"1+$&'&8,%#'&-$,7+*+,./1B&8(1(,"+,-&7+*+./0$+,6+*./*0+,-&8,"('L#*B&*& 17),(,D&,"&g;<&%18+#*&:;;F<&1&8,&"('-1&8'/*&'&8,%#'&/$K+,%,-1#*&8(,D$/*&1&/(*+.8,(/B&/$K+1LC,-& 7+*+./0$+,6+*./*0+,-&8,"('L#*<&j)*&.'&70*+#*&8,/0(Q$+*&.&/(*#+,D&"18%,D,D&,"&./(*+$& 3$+*/*&30$'L1%12/*&'&]*-($)'<&P&"*+*.&'&2*%1&8,L$./,&C*[$&"*&-*&C*,&R,.*+M*&+1.'&,7)1%#+,& .K0*9*%1&8*&#$&D,(*,&",C/,(1(*/1&"0*&8'/*< !7&2*%'&0$7*+&#$&"*/'D&+#$-,0,-&(,Q$+#*B&8(01&/(*0*+#&>E@>B&1*C,&.D*/(*D&"*&.$&/*"*& (,"1,&1/$C*C,&,7)1%#*+&1&'8,(*+&7+*+./0$+1C<&O(,d<&U*%19&(,Q$+&#$&'&Z*#M'B&*%1&#$&0$91+'&[10,/*& 8(,0$,& '& 3$.0$/*D*& '7& C,#$& #$& 17(*71/,& 0$7*+<& H$7'& .& /1D& -(*",D& 1& )(,#+1D& 8(1#*/$%#1D*& 17&"#$/1+#./0*&,"([*0*B&8,8'/&8(*0,-&.$.0$L*+1+*B&,"%*.M1D*&+*&8,7+*/1&.$.0$/.C1&.*#*D& .0*C,-&L$/0(/C*<& N1D+*71#'&#$&7*0(21,&'&]*-($)'&G+*.$%#'&8,C(*#&3$.0$/*I&>EF;<&-,"1+$B&*&./'"1#&-$,-(*6 f#$&+*&N$,-(*d.C,D&,".#$C'&+*&O(1(,",.%,0+,6D*/$D*/1LC,D&d*C'%/$/'&30$'L1%12/*&'&]*6 -($)'&>EFY<&-,"1+$<&J*&1./,D&#$&d*C'%/$/'&D*-1./(1(*,&>EX;<&-,"1+$&+*&/$D1&l`'+CM1,+*%+*&


&&

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

/18,%,-1#*&.$,.C1K&+*.$%#*&7*-($)*LC$&($-1#$m<&5,C/,(1(*,&#$&>EXE<&-,"1+$B&*&/$D*&",C/,(.C$& "1.$(/*M1#$& )1%*& #$& l^$+/(*%+$& d'+CM1#$& 1& 8(,D$/+$& 0$7$& +*.$%#*& 3($"12+#$& i(0*/.C$m<& N,6 "1+$& >EEF<& ,)(*+1,& #$& +*& `*C'%/$/'& 8(,D$/+1K& 7+*+,./1& 1& "('-'& "1.$(/*M1#'& 8,"& +*.%,0,D& lO(1#$0,7+*&8,/(*[+#*&'&D$Q'D#$.+,D&M$./,0+,D&8'/+1LC,D&%1+1#.C,D&8(,D$/'m&1&./$C*,& 7+*+#$&",C/,(*&/$K+1LC1K&7+*+,./1B&8,%#$&W$K+,%,-1#*&8(,D$/*&1&/(*+.8,(/<&]*1./*&.$&(1#$/C,& C,#1&7+*+./0$+1C&/1D$&D,[$&8,K0*%1/1< N,"1+$&>EFF<&7*8,.%1,&.$&+*&4-(*(+,D&1+./1/'/'&'&]*-($)'B&*&>EX><&8($2*,&#$&+*&H12'& 2C,%'&7*&M$./,0+1&.*,)(*9*#<&j"&>E?;<&7*8,.%$+&#$&'&70*+#'&*.1./$+/*&+*&]*0,"'&7*&-$,6 -(*f#'&1&8(,./,(+,&'($Q$+#$&N$,-(*d.C,-&,".#$C*&OU`6*&30$'L1%12/*&'&]*-($)'&.&8,%*&(*"6 +,-&0($D$+*&1&"('-,D&8,%,01M,D&(*"+,-&0($D$+*&+*&`*C'%/$/'&8(,D$/+1K&7+*+,./1<&j"&><& .(8+#*&>EEF<&-,"1+$&(*"1&.*D,&+*&`O]6'&.&8'+1D&(*"+1D&0($D$+,D<&b*"*&7)(,#1D,&.*D,& -,"1+$& (*"*& +*& `*C'%/$/'& 8(,D$/+1K& 7+*+,./1& 7*C%#'L+,& .& :;>><6,D& -,"1+,DB& ",%*71D,& ",&'C'8+,&l,C('-%1Km&@;&-,"1+*&(*"*<&W,&7+*L1&8($"*0*/1&@;&'81.*+1K&-$+$(*M1#*&/1.'9*D*& ./'"$+*/*<&J$C,%1C,&./,/1+*&.($/+1C*&#$&"18%,D1(*%,&8,"&D$+/,(./0,D&8(,d<&U*%19*B&*&/(1"$6 .$/*C&8,.%1#$"18%,D*+*/*&1&",C/,(*+*/*&D,[$&.$&8,K0*%1/1&"*&.'&7*&0,"1/$%#*&1D*%1&l0$%1C,-& L,0#$C*m< J#$-,0& 0$%1C& 7+*+./0$+1& ,8'.& /$2C,& #$& .'D1(*/1& 1& 8,)(,#*/1B& /1D& 012$& 2/,& #$& ,)#*0%#10*,& (*",0$&17&012$&8,"('L#*<&j)#*01,&#$&?;6*C&7+*+./0$+1K&1&g;6*C&./('L+1K&(*",0*&17&8,%#*&N$6 ,-(*f#$&1&W$K+,%,-1#$&8(,D$/*&1&/(*+.8,(/*B&/$&(*"1,&+*&012$&,"&:;&7+*+./0$+1K&8(,#$C*/*<& 3'"#$%,0*,&#$&+*&8($C,&Y;&",D*91K&1&D$Q'+*(,"+1K&7+*+./0$+1K&1&./('L+1K&.C'8,0*<&P7(*"1,& #$&C*,&*'/,(&1&C,*'/,(&012$&'"[)$+1C*B&8')%1C*M1#*B&.C(18/1&1&C+#1-*B&1&/,&8,+*#012$&.&8(1#*/$%#1D*& .&-$,-(*f#$=&5<&`$%$/*(,DB&P<&^(C0$+L19$DB&Z<&e1Q*+,019$DB&]<&3/18$(.C1DB&7*/1D&4<&W,8,6 %1+1C,DB&5<&R,[1L$019$DB&5<&R*"*+#C,D&1&"('-1D*<& !7&+*./*0+1&(*"&8(,d<&U*%19*&0$['&.$&)(,#+1&C,%$-1#1&C,#$&#$&,.D1.%1,B&17(*"1,&1D&8(,-(*D&1& '0$,&'&./'"1#&8(,D$/*<&Z,2&+*&H12,#&2C,%1&7*&M$./,0+1&.*,)(*9*#&0,"1,&#$&C,%$-1#&lO(,D$/+*& -$,-(*f#*m& C,#1& #$& 0($D$+,D& 8,./*,& 1& +#$-,0& 7+*+./0$+1& 7*2/1/+1& 7+*C<& J*& -$,-(*d.C,D& ,".#$C'&OU`6*&8($"*0*,&#$&+*&","18%,D.C,D&./'"1#'&C,%$-1#$&l4-(*(+*&-$,-(*f#*m&1&lW$,6 (1#.C$&,.+,0$&.,M1#*%+$&-$,-(*f#$mB&*&+*&8,.%1#$"18%,D.C,D&./'"1#'&C,%$-1#&l4-(*(+1&8(,./,(1& 1&8(,./,(+,&'($Q$+#$m<&J*&`*C'%/$/'&8(,D$/+1K&7+*+,./1&&8($"*#$&+*&","18%,D.C,D&./'"1#'& C,%$-1#$& lO(,D$/+*&-$,-(*f#*m&1&",+$"*0+,& lO(,D$/+*&./(*/$-1#*&i(0*/.C$&1&.0#$/.C1&8(,6 D$/+1&/,C,01mB&/$&+,0,8$L$+1&C,%$-1#&lO(,D$/+1&C,(1",(1&1&/$(D1+*%1m<&J*&8,.%1#$"18%,D.C,D& ./'"1#'&8($"*0*,&#$&C,%$-1#$&l3/(*/$-1#*&(*701/C*&8(,D$/*&'&i(0*/.C,#mB&,"+,.+,B&l3/(*/$-1#6 .C,&8%*+1(*+#$&8(,D$/*m&1&lN$,8(,D$/+*&*+*%17*&.0#$/.C1K&8(,D$/+1K&/,C,0*m<&j(-*+17*/,(& #$&1&0,"1/$%#&^$+/(*&8(,D$/+,-&./'"1#*&38%1/&'&,C01('&`*C'%/$/*&8(,D$/+1K&7+*+,./1&G>EEF<IB& *&8($"*0*,&#$&+*&./'"1#'&8(,D$/*&'&r1)$+1C'B&N,.819'B&/$&+*&./'"1#'&-$,-(*f#$&+*&`1%,7,d6 .C,D&d*C'%/$/'&'&]*"('B&`1%,7,d.C,D&d*C'%/$/'&'&T#')%#*+1B&O$"*-,2C,D&d*C'%/$/'&'&j./(*01& 1&"('-"#$< r1($91&/*"*2+#$&7+*+./0$+$&.8,7+*#$&)1,&#$&+*&)(,#+1D&1+,7$D+1D&.8$M1#*%1./1LC1D&./'6 "1#.C1D&),(*0M1D*&+*&N$,-(*d.C,D&1+./1/'/'&W$MK+1.MK$&i,MK.MK'%$&'&U†+MK$+'&G>EF?<IB& +*&$C,+,D.C,6-$,-(*d.C,D&1+./1/'/'&30$'L1%12/*&'&U†+MK$+'&G>EX?<I&1&+*&]*0,"'&7*&($-16 ,+*%+'&-$,-(*f#'&30$'L1%12/*&\‡/0,.&T,(*+"&'&R'"1D8$2/1&G>E?E<I<&H,"1,&#$&+$C,%1C,&7+*+6


ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

&*

./0$+1K&8(,#$C*/*&'&4-(*(+,D&1+./1/'/'&1&P+./1/'/'&8(,D$/*&1&0$7*&'&]*-($)'B&*&)1,&#$&1&+*& L$%'&,8.$[+,-&7+*+./0$+,-&8(,#$C/*&lO,0$710*+#$&8(,D$/+1K&.'./*0*&e$8')%1C$&i(0*/.C$& 1&`$"$(*M1#$&R,.+$&1&i$(M$-,01+$m<&e$M$+7$+/&#$&+17*&7+*+./0$+1K&L%*+*C*&'&L*.,81.1D*& 1&7),(+1M1D*&.*&.*0#$/,0*+#*&/$&#$&($M$+7$+/&+$C,%1C,&./(*+1K&7+*+./0$+1K&8(,#$C*/*<&e$6 M$+7$+/&#$&012$&7+*+./0$+1K&8(1%,-*&'&L*.,81.1D*&4M/*&N$,-(*8K1M*&^(,*/1M*B&N$,-(*d.C1& -%*.+1C&1&P^W3<&R1,&#$&7*D#$+1C&-%*0+,-&'($"+1C*&L*.,81.*&3'0($D$+1&8(,D$/&G>EX?6>E?;IB& -%*0+1&'($"+1C&L*.,81.*&4M/*&N$,-(*8K1M*&^(,*/1M*&G>EE@6>EEYIB&/$&-%*0+1&'($"+1C&L*.,816 .*&O(,D$/&k&W(*dfM6W(*dfM,&C,#1&17%*71&'&]*-($)'B&O,(/,(,['&1&W(./'<& R1,& #$& /*C,Q$(& 1& L%*+& '($"+12/0*& N$,-(*d.C,-& -%*.+1C*B& ]),(+1C*& (*",0*& 7+*+./0$+,-& .C'8*& le$0*%,(17*M1#*& -$,8(,D$/+,-& 8,%,[*#*& i(0*/.C$& 1& R,.+$& 1& i$(M$-,01+$& '& 1+/$($6 .'&,)1#'&"([*0*mB&]),(+1C*&(*",0*&J*'L+,-&.C'8*&lU#$./,&1&'%,-*&R,.+$&1&i$(M$-,01+$&1& i(0*/.C$&'&$'(,8.C1D&/(*+.8,(/+1D&1&C,D'+1C*M1#.C1D&C,(1",(1D*m&/$&L%*+&e*"+,-&,"),(*& 7+*+./0$+,-&.C'8*&li(0*/.C*&+,0*&$'(,8.C*&"([*0*m&1&]+*+./0$+,-&,"),(*&lP<&K(0*/.C,-& -$,-(*d.C,-&C,+-($.*m<& &O(,d<&U*%19&L%*+&#$&]+*+./0$+,-&.*0#$/*&7*&8(,D$/&i4]!B&i(0*/.C,-&-$,-(*d.C,-&"('26 /0*B& i(0*/.C,-& .,M1,%,2C,-& "('2/0*B& i(0*/.C,-& "('2/0*& 8(,D$/+1K& 1+[$+#$(*B& i(0*/.C,-& 7+*+./0$+,-&"('2/0*&7*&8(,D$/B&/$&"('-1K&7+*+./0$+1K&1&./('C,0+1K&'"('-*<&j"&>Y<&,['#C*& :;;?<&8,+,.+,&+,.1&1&/1/'%'&8'+,8(*0+,-&L%*+*&5('[)$&R(*9*&K(0*/.C,-*&7D*#*<& ]*&C(*#&/($)*&1./*C+'/1&17+1D+,&0*[+'&'%,-'&8(,d<&U*%19*&'&,L'0*+#'B&8,8'%*(17*M1#1&1&.0,6 #$0(.+,D&l)(*+"1(*+#'m&-$,-(*f#$&'+'/*(&`*C'%/$/*&8(,D$/+1K&7+*+,./1&L1+$91&L0(./1&D,./& 17D$Q'&/$K+1LC1K&7+*+,./1&1&-$,7+*+,./1<&!8(*0,&/*C0*&),-*/*&1&1.8($8%$/$+*&7+*+./0$+*& 8,01#$./&1&D,[$&'L1+1/1&7+*+,./&),-*/1#,D&1&'&8'+,D&.D1.%'&1+/$("1.M18%1+*(+,D< ]*&X;<&(,Q$+"*+&[$%1D&.0,D&G[10,/+,DI&D$+/,('B&0$%1C,D&8(,d$.,('&U*%19'&",)(,&7"(*06 %#$&1&#,2&D+,-,&-,"1+*&8%,",+,.+,-&(*"*<&!&8(0,D&($"'&8,"&/1D&D1.%1D&+*&+*2&7*#$"+1LC1& 8(,#$C/& k& +,0,& 1& ",8'+#$+,& 17"*+#$& C+#1-$& lN$,8(,D$/+*& ,)1%#$[#*& .01#$/*m& G.& ","*/C,D& 0$7*+1D& 7*& i(0*/.C'I& C,#*& 9$& .*D,& +*./*01/1& ",)(,& 'K,"*+& 8'/& 8(,D$/+$& -$,-(*f#$& +*& `*C'%/$/'&8(,D$/+1K&7+*+,./1B&*%1&1&.0*&,+*&'-,"+*&+$d,(D*%+*&"('[$+#*&)$7&C,#1K&)1&G7+*+6 ./0$+1I& [10,/& )1,& .'K,8*(*+& 1& 1.8(*7*+<& 3/,-*& H*D& 8(,d$.,($& U*%19'& [$%1D& 1& "*& #,2& 012$& '[10*/$&'&.0,#$&/(1&./(*./1=&%,0'B&01+,-(*"'&1&D,('&8,+*#012$&.&,)1/$%#1B&C9$(1D*B&8(1#*/$%#1D*B&/$& "*&H*.&+1C*"*&+$&,./*0$&,8/1D17*DB&K'D,(B&%#'".C,./&1&D*%,&),.*+.C$&/0(",-%*0,./1&C,#*& H*.&#$&1&,)%1C,0*%*&'&0$%1C,-&L,0#$C*<&3($/*+&H*D&.$"*D"$.$/1&(,Q$+"*+{

3+%$"),+7+%$"


*'

ELCEB.N-M!&SCB!GC41&@&5BC2&898:))


ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

*#

LBB.1.&JCBB!EL %:)$&"W,0/+N)&/?)#-+KY12KK $649":$#"&#)$5(#$8&!")47+&1)$;4!4)&;",$1<&oL4J&*&6(L46(L4J&>4

g+X.+%&'7+hB7+(+%&'7+hC7+&'6J.)$+J(&(+%E)6#6=6+%E(*67

!%,'(G.3.F-+%6+G(&.&6E)(F.+(+.$&-'(F.7 e'6#"(T&3-


*"

O0O1L&-OB./4!J!K. ELCEB.N-M!&SCB!GC41&@&5BC2&898:))

O0O1L&-OB./4!J!K. N$,-(*d.C1& K,(17,+/& ,)#*0%#'#$& ./('L+$& (*",0$& 17& -$,-(*f#$& 1& .(,"+1K& 7+*+./0$+1K& 8,6 "('L#*&C*,&1&1+/$("1.M18%1+*(+$&(*",0$<&u*.,81.&17%*71&"0*&8'/*&-,"12+#$<&!($"+12/0,&8(1D*& ('C,81.$&/1#$C,D&M1#$%$&-,"1+$<&!&8(*01%'&.$&,)#*0%#'#'&(*",01&+*&K(0*/.C,D&#$71C'<&e'C,81.& /($)*&,)%1C,0*/1&8($D*&17-%$"'&,)#*0%#$+1K&L%*+*C*&'&N$,-(*d.C,D&K,(17,+/'<&u%*+*C&/($)*& +*81.*/1&'&+*#C(*9$D&,)%1C'&2/,&-*&#*.+,9*&17%*-*+#*&",8'2/*<&W$C./&/($)*&)1/1&#*.*+B&.*[$/& 1&-(*D*/1LC1&1.8(*0*+<&!7&/$C./&L%*+C*&8(1%*[$&.$&1&.*[$/*C&G+$C,%1C,&($L$+1M*I<&301&(*",01& 8,"%1#$['&./('L+,#&($M$+71#1< j8.$-& ('C,81.*& L%*+C*& k& (*L'+*#'91& )1%#$2C$B& %1/$(*/'('B& /*)%1M$B& -(*fLC$& 8(1%,-$& k& +$& .D1#$&8($%*71/1&:?&?;;&7+*C,0*&G>F&./(<IB&,"&C,#1K&+*&.0*C,#&./(*+1M1&>&?;;&.%,0+1K&D#$./*⋙& ($"*C*&.*&F;&.%,0+1K&D#$./*&'&($/C'&8(1&L$D'&.$&(*L'+*#'&1&(*7D*M1&D$Q'&(#$L1D*I<&e*",01& .$&2*%#'&'&"0*&1.8(1+/*+*&8(1D#$(C*&4@&d,(D*/*&1&^56'&G8(,-(*D&U3&S,("B&d,+/&W1D$.&J$V& e,D*+&>:I< N(*fLC$&8(1%,-$&G-(*fC,+$B&d,/,-(*f#$B&/*)%1M$&1/"<I&.&+'D$(*M1#,D&0*%#*&8(1($"1/1&C*,&8,6 .$)+1&",C'D$+/&8($D*&./*+"*("+1D&+*L1+1D*&(*L'+*%+$&17(*"$&1&8(1%*-,"1/1&21(1+'&-(*fLC,-& 8(1%,-*& +*& X;& DD& 1%1& >@;& DD& '& ZO\N& 1%1& WP``& d,(D*/'& D1+1D*%+$& ($7,%'M1#$& ,"& g;;& "81<& N(*fLC1&8(1%,71&+$&./*0%#*#'&.$&'&/$C./&L%*+C*B&0$9&8($"01Q$+,&D#$./,&7*&-(*fLC1&8(1%,-&/($6 )*&,7+*L1/1&($"+1D&)(,#$D&1&+*.%,0,D&'&17"0,#$+,D&($/C'<&P.8,"&-(*fLC,-&8(1%,-*&+*0,"1& .$&.C(*9$+1M*&l3%<mB&($"+1&)(,#&8(1%,-*&8($D*&($",.%1#$"'&'&(*"'B&/$&C(*/*CB&*%1&1+d,(D*/10*+& +*.%,0<&P./,&0(1#$"1&1&7*&/*)%1M$=&'&17"0,#$+,D&($/C'&+*0$./1&($"+1&)(,#B&+*.%,0&1&170,(&/*)%1M$<& P7+*"&/*)%1M$&+*0,"1&.$&.C(*9$+1M*&lW*)<mB&($"+1&)(,#&/*)%1M$&8($D*&($",.%1#$"'&'&(*"'B&/$& C(*/*CB&*%1&1+d,(D*/10*+&+*.%,0<&P.8,"&/*)%1M$&+*0,"1&.$&170,(<&!&.%'L*#'&8($'71D*+#*&8(1%,-*& 17&"('-,-&170,(*&*'/,(1&.'&.*D1&"'[+1&,.1-'(*/1&",8'2/$+#$<&O(1D*#'&.$&('C,81.1&8(18($D%#$+1& .'C%*"+,&'8'/*D*&.'(*"+1M1D*&N$,-(*d.C,-&K,(17,+/*<& T1/$(*/'(*&.$&M1/1(*&8($D*&K*(0*(".C,D&.'./*0'<&b,(12/$+*&%1/$(*/'(*&M1/1(*&.$&'+'/*(&/$C6 ./*&/*C,&"*&.$&'&7*-(*"1&+*0$"$&8($71D$&*'/,(*&1&-,"1+*&17"*+#*c&+*&8(1D#$(=&G3/(*[1L19B& >EEgI&/$&)(,#&./(*+1M$&'C,%1C,&.$&(*"1&,&M1/*/'&G3/(*[1L19B&>EEgB&gXI<&4C,&(*"&1D*&"0*&*'/,(*B& /($)*&+*0$./1&,)*B&+*&8(1D#$(=&GW'(C&1&U1(C,019B&>EEgI<&!&.%'L*#'&7*#$"+1LC,-&(*"*&/(,#1M$&1%1& 012$&*'/,(*B&'&/$C./'&.$&+*0,"1&8($71D$&8(0,-&*'/,(*&1&.C(*9$+1M*&l1&"(<m&&7*&"('-$&*'/,($B& +*&8(1D#$(=&GN(*K*D&1&"(<B&:;;;I<&!C,%1C,&.$&M1/1(*&012$&L%*+*C*&#$"+,-&*'/,(*&17&1./$&-,"1+$& 17"*+#*B&/*"*&.$&'7&-,"1+'&+*0,"$&1&.%,0*&8,&*)$M$"+,D&($"'&G+8(<&:;;;*B&:;;;)&1/"<I<& b*"*&.$&+*0,"1&012$&(*",0*&'&C,+/1+'1/$/'&C,(1./1&.$&lcm&G`(1-*+,019B&>EE>c&J$#*2D19&1&R*219B& :;;YI<&30$&($d$($+M$&'&/$C./'&+*0,"$&.$&C*,&1&8(01&8'/B&,"+,.+,&+$&C,(1./$&.$&,)%1M1&8,8'/& l1)1"<mB&l,8<&M1/<m&1&.%1L+,<&J*&C(*#'&/$C./*&8(1%*[$&.$&8,81.&%1/$(*/'($&G)1)%1,-(*f#*I&8,($"*+& 8($D*&*)$M$"+,D&($"'&8($71D$+*&*'/,(*&1&C(,+,%,2C1D&($",D&7*&(*",0$&1./,-&*'/,(*<&j06 "#$&.$&+*0,"$&.01&*'/,(1&8,#$"1+$&($d$($+M$<&!&.%'L*#'&7*#$"+1LC,-&(*"*&012$&*'/,(*B&'&8,816 .'&%1/$(*/'($&.$&+$&C,(1./1&,)%1C&l1&.'(*"+1M1mB&+$-,&.$&+*0,"$&.01&*'/,(1<&]*&D($[+,&",./'8+$& (*",0$&8,/($)+,&#$B&+*C,+&",./'8+1K&,.+,0+1K&($d$($+M1&G+*.%,0*B&*'/,(*&1/"<IB&+*0$./1&170,(& GK//8=nnI&1&"*/'D&'L1/*0*+#*<&J*710&C+#1-$B&7),(+1C*B&L*.,81.*&1&8')%1C*M1#*&812$&.$&'&T>7@#D>< !($"+12/0,B&-%*0+1&1&/$K+1LC1&'($"+1C&8(1"([*0*#'&',)1L*#$+,&8(*0,&+*&.1/+1#$&17D#$+$&/$C6 ./*B&/*)%1M*&1&+*L1+&-(*fLC$&8($7$+/*M1#$B&*%1&"*&/,&)1/+,&+$&'/#$L$&+*&.*"([*#&1&.D1.*,&L%*+C*<& !7&L%*+*CB&*'/,(1&.'&"'[+1&",./*01/1&8,"*/C$&,&70*+#'&1&C,+/*C/&*"($.'&G'./*+,0'&7*8,.%$+#*&& .&*"($.,D&1%1&C'9+'&*"($.'c&*"($.'&$%$C/(,+1LC$&8,2/$I<


*)

O0O1L&G.&J!1!B.42Li

$&,*)",()"' b#$=$^&Y&b$a'W%aYi !"#$"%&'()&'D::C$6d4+-10#!n6+E6T42&-&+J6g6T4.&'*+541&J-606S(<.&'*&#2&J496!"#$%&'()*+,*"$-&'()*.$&/('6pa6?7@96 CFDC)601",2)34),5/$6$#$)*,7(8%+)0#,.9:+/;)6$&,<(&$=)0>;)?",2)&#+&'$)9/9%$")*,7(8%$@)$)ABCA)<$*(/$D(29)"$7$)9)&#+&'9E; %*+,-&'.)&'/0"(.1234"%,5&'3)&'6"(,78&'9)&'D::p$6q(0J"&"0"&54F-4+,+1#!+2+-&*0260J.6rJ5&1+J,4J"02F!&'"+1&*026 V,#0*"6+J6"!46r*+2+-&*026S+&26_4#"!s6I+1"!H4'"41J6]1+0"&096!"#$%&'()*+,*"$-&'()*.$&/('6pB6?7@96aFDC)

b#$=$^&Y&"F'6=%^Y&6$('[$i .1(8:,;,-&'#)&'788p$6=150"'>06g6#+,+1'>06Y4,2N096($6FE)G"#$%&'()*+,*"$-&'()',/*"+&H)*+,*"$I2$)9)-9/'D(2()"$5#,B 2$)!"#$%&'+H)5?,"/(')"$7,#$6?(1)66"6"*#,$&'+)@96;0-14<967D)6&67Z)62&'"+#0.06788C)96=150"'>+6-4+-10E'>+6.1(O"5+96 ;0-14<967:DF77A)

W'<#$[#7H&Y&^=7%"%i $%"<"#;,-&'<)&'788p$6Q1+,N4J46(#105J+F"41&"+1&N02J+-6('"1+N06=150"'>46787BF788D96($6!"#$%&'+)J9<$/(2+)'",5) &%,.2+K$6?(1)6<,(*5"=,-&'/)@96j>+2'>06>JN&-096;0-14<967DZF7AB)

^=7%<$i .1(8:,;,-&'#)&'788p$6L,:,"&'$)*+,*"$I2$)&#(2+%$H)0"+*(,/$./$)<,:,"&'$)*+,*"$I2$)&#(2+%$;96j>+2'>06>JN&-096 ;0-14<) >(8!8<&'3)&'8.!?*(1!&'>)'4)&'10#3(,9>"&'4)'")&'D:::$6M)N+,*"$<GO),-)!+"(%$*+H)L,P+"@)Q9.%9"+)R)SD,/,:O96 ^1J+2.96R+J.+J)

b#$=$^&=$&%=]H6=H]&a]6$=%f%i /8(,;,-&'4)&'Q+'"+N&62&6.0J0'6_02,0*&N0k96!""#$%%HHH)-4+-10[N0)!16J+5+'"&)0'#k&.mJ+5+'"&tD:Du&.m#1+N4>"0t:6 ?D8):D)D::A)@

&=-.)&' WYF#%^$f%7Hi L,<(&)&%$/,#/(8%#$@)'9K$/&%$#$)()&%$/,#$)T>E),J92'$)CUU>EH)&%$/,#/(8%#,)<"+:$)&<,.9)()&%$",&%(@)<,)/$&+.2(:$@) S"0"&'"&L>06&Y5N4O30677pa96_;S96;0-14<96D::Z)

%=]H6=H]&a]6$=%f$i& /0"&''4v'6d2+''01n6+E6VJ"41J4"6h41,'96788A6g6D::B96!""#$%%HHH),0"&''4)J4"%[24'%-2+''01n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

."+-10/%#( )(#.6&5&05*0(6(<(1(0!"0"%)*5('

!(=81.$*'>"*>(8/.$*'9(051=*&'>"*>(8/.$,'!*(,+*#1&'>%8=#,'0("9#,$&' /01(2&3456"1-67896#)#)6C8C967::::6;0-14<96=150"'>096 "42)6?:7@6AB68C6A:D96"42)%E0>')6?:7@6AB68C6AC7964F,0&2$6!-.G-4+-)#,E)!1


|$%1/$&%1&,".*"*&($",01/,&8(1D*/1&L*.,81.&N\jNe4`3bP&ijeP]jJW&G,7+*L1/$&C(1[19$D&C'91M'I 8,2*%#1/$&.%#$"$9$&8,"*/C$&+*&*"($.'&&iN56*=

^&."-,0)+$:)$&"W,0)+'&8V-.)B&N$,-(*d.C1&K,(17,+/B <"&87/R:.+-&$+K[L+6363+P[PB&>;;;;&]*-($)B&i(0*/.C*B& /$%<&G;>I&@?&EY&@;:B&/$%<nd*C.<&G;>I&@?&EY&@Y>B &#3#'")'

$6D*1%=&N$'h$:)$369W3N&

b'8*M&

&&&&&&&&&&&&&&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

!%1M*&1&C'9+1&)(,#& &&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< R(,#&8,2/$&1&D#$./,&&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< U*/1L+1&)(,#&

&&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

\'N)$>F'\'01$2#*'\'0%S)$'G@)'#"*$#$><#A%J'\',&&&<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<&&&&& !C,%1C,&[$%1/$&+*('L1/1&1n1%1&6)*:'/#:+,-"&:+J&)*:.:+%:)$&"W,0)$+N)&/?)#-"+G,7+*L1/$&C(1[19$D&C'91M'I 8,8'+1/$&8(1%,[$+'&/*)%1M'<&(/J7/)$&"`*"+*:+'),-86#"+#"+6)&-"78+iii3$:)$&"`*"3N&3 J*('L'#$D&.%#$"$9$&,-"&:+J&)*:.:+6%157)9*T15'.17#@1"$),

(&)*Y$)'/V-:

b,%1L1+*



!"#$%"&'()*"#+&,)"-$.&.%$/"0

Q1+'"+1J06+<&2N4UN06(1<0J+-6'&'"4,06S^_F06

#*)#1(2%(345&0$6".

/+-(3J+'"&614-&+J02J+-610Y5+N06=150"'>46J06#1&,N41(6VQ^6#14>+-10J&LJ+-6#1+-10,06/0`01'>0F=150"'>06D::a)FD:7Z)66

)",(*".&5"*47

b010>"41&'"&>46cZde6#+2+U0N06S14.+Y4,2N0

*$3."&%".1(

/S6fJ4I+"46g6&J"410>"&5J06(L&"42N'>06<&2N4UJ&*0

!")4.&8*4#".(*47 h0N50J6VV)6.&+

M.B1.&EC3CB!i ^PZ\J4=+7*&8(*0+$&,.,)$&g;&C+ 7*&f71LC$&,.,)$&:Y&C+

_4,+-10E'>&614'(1'&6P010U.&J'>46U(#0J&N46D::7)


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.