Increasing student learning

!"#$%#&'()*%+,-../%.0%1&2/),%$003)4'% $55/)67%1./),8%965.4:% !

%

!

!

!

!

!

!

!"#$%&'(")*+,-.%",*/%&$"(")* ;63,-64%<.*&'%14.=43>%)*%9).%76%?3*6)4.@%<43A)/% "#$%&!"%'()&*%$+! ,%$-./.!0-!1'-2%'3%!

4%5)6%!1%7%! "%.8!9-(-/)! !

!

!

!

+7

:/8!; !<=;>!

! ! !

!

!

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

!

!

! ?-!@%)$.!$36-!7%!23A-!+B-C3/$!7#/(6+!7%!%)'!/.A3+%'!D'%E-++%'!:/'6!D-7-'+%(!E%'!#3+! /++3+7/(C-F!2)3./(C-F!B/73-(C-F!/(.!E--.5/C6!7#'%)2#!7#-!/(/$8+3+!/(.!@'373(2!%E!7#3+!

'-B%'7G!?-!@%)$.!/$+%!$36-!7%!7#/(6!7#-!E/C)$78!/7!7#-!H"IJ!I)+63(!,C#%%$!%E!D)5$3C! JEE/3'+K!D'%E-++%'+!9%5-'7!L-(+-(F!:-'-.37#!D#3$$3B+F!,/'/#!9-5-'F!J/'%(!D/(%E+68F!/(.! :/'6!M$-3N/(!E%'!7#-3'!/.A3C-!/(.!E--.5/C6G!?-!@%)$.!$36-!7%!/C6(%@$-.2-!9%$E! ,7'/)5#//'!E'%N!7#-!H"IJ!,C#%%$!%E!O.)C/73%(!E%'!+#/'3(2!#3+!6(%@$-.2-!/5%)7!

-.)C/73%(!3(!P'/Q3$G!! ! ?-!/'-!/$+%!A-'8!7#/(6E)$!7%!P/'5/'/!P')(+F!I-/.!OC%(%N3+7!E%'!7#-!I/73(!JN-'3C/(!/(.!

7#-!"/'355-/(!9-23%(!/7!7#-!?%'$.!P/(6F!/(.!"/'$/!"/+7'%!/(.!4/7/$3(%!D%(7)/$!/7!7#-! ,-C'-7/'3/!:)(3C3B/$!.-!O.)C/RS%!%E!93%!.-!L/(-3'%F!E%'!7')+73(2!)+!7%!C%(.)C7!7#3+! /(/$8+3+!/(.!B'%A3.3(2!)+!@37#!3(E%'N/73%(!/(.!A/$)/5$-!E--.5/C6G!! ! ?-!@%)$.!/$+%!$36-!7%!7#/(6!7#-!0-B/'7N-(7!%E!D)5$3C!D%$3C8!+7/EEF!-+B-C3/$$8!0/(!

T8-(%63F!E%'!#3+!/N/Q3(2!.3+B%+373%(!/(.!B/73-(C-!#-$B3(2!)+!@37#!3NB%'7/(7!$%23+73C+G! ! ! !

<!!

!

!

/01()!&2!3&%-)%-.! !

!

!

!

45)#6-78)!96,,0:;!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!=! >%-:&*6#-7&%!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!?! "$3-(7!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!U! ,7/7-!%E!O.)C/73%(!3(!P'/Q3$!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!U! 93%!.-!L/(-3'%!V-/C#-'!P%()+!D'%2'/N!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!W! 487*)%#)!2:&,!/)0#@):!A&%6.!B:&+:0,.!C&:(*'7*)!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!D! ,)NN/'8!%E!7#-!OA3.-(C-!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!;;!

V-/C#-'!P%()+!D'%2'/N+!3(!P'/Q3$!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!;<!

480(60-7&%!&2!-@)!36::)%-!B:&+:0,!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!=?!

0-+C'3B73%(!%E!0/7/!H+-.!3(!7#-!J(/$8+3+!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!;U! OA/$)/73%(!%E!,7).-(7!I-/'(3(2!X!93%!:)(3C3B/$!,8+7-N!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!;Y! !"#$"%&&'#()#*)+%&,)-.#"%&)////////////////////////////////////////////////////////////////////////////////////////////////////////)01! !"#$"%&&'#()#*)!"#2#,'#()34,%&)///////////////////////////////////////////////////////////////////////////////////////////////)05! !"#$"%&&'#()#*)6'$7)-.7##8)9("#882%(,)/////////////////////////////////////////////////////////////////////////////////////):;!

-<224"=)#*)>'(?'($&)@)3'#)A<('.'B48)-=&,%2)///////////////////////////////////////////////////////////////////////////):;!

OA/$)/73%(!%E!P%()+!D'%2'/N!0-+32(!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!<;! !#&','C%)D&B%.,&)#*),7%)E#(<&)!"#$"42)F%&'$()/////////////////////////////////////////////////////////////////////////):0!

G#(.%"(&)H',7),7%)E#(<&)!"#$"42)F%&'$()////////////////////////////////////////////////////////////////////////////////)::!

-<224"=)#*)9C48<4,'#()4(?)G#(.%"(&)I)E#(<&)!"#$"42)//////////////////////////////////////////////////////////)J;!

3:7-):70!2&:!B&(7#;!480(60-7&%!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!?=!

OEE-C73A-(-++!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!>;! "%+7!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!>;!

OZ)378!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!>;!

[-/+353$378K!D%$373C/$!/(.!D'/C73C/$!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!>;!

B&(7#;!EF-7&%.!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!?G! KB,'#()0)I)>8%L'M'8',=)'()+4"$%,)-%,,'($)//////////////////////////////////////////////////////////////////////////////////////)JJ! KB,'#():)I)><",7%")3%&%4".7)3%$4"?'($)N(%O<',=)//////////////////////////////////////////////////////////////////////)JP! KB,'#()J)I)+4"$%,),7%)B"#$"42),#)&2488)&.7##8&)///////////////////////////////////////////////////////////////////////)JP! KB,'#()P)I)E#(<&)4,),7%),%4.7%")8%C%8)///////////////////////////////////////////////////////////////////////////////////////)JQ! ,)NN/'8!%E!TB73%(+!GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG!>\!

3&%#(6.7&%.!0%*!H)#&,,)%*0-7&%.!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!IJ! C&:$.!37-)*!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!I?!

"FF)%*7#).! KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK<KKKK<IL! *$M2!

! !

!

! >!

!

U!!

!

!

45)#6-78)!96,,0:;! !

!

!

!

V#-!,-C'-7/'3/!:)(3C3B/$!.-!O.)C/RS%!%E!93%!.-!L/(-3'%!/(.!V#-!?%'$.!P/(6!/+6-.!7#-!

'-+-/'C#!7-/N!7%!3(A-+732/7-!7#-!3NB/C7+!%E!/!7-/C#-'!5%()+!B'%2'/N!7#/7!@/+!

3NB$-N-(7-.!3(!93%!.-!L/(-3'%!3(!<==\G!M(%@(!/+!7#-!D']N3%!J()/$!.-!0-+-NB-(#%) ^J(()/$!D-'E%'N/(C-!J@/'._F!7#-!B'%2'/N!/@/'.+!7-/C#-'+!/(.!+C#%%$!+7/EE!/!5%()+!3E! 7#-3'!+C#%%$!'-/C#-+!/!B'-`.-7-'N3(-.!B-'E%'N/(C-!2%/$G!V#-!%5*-C73A-!%E!7#-!B'%2'/N! 3+!7%!3(C'-/+-!+7).-(7!$-/'(3(2!58!/..3(2!/!A/'3/5$-!C%NB%(-(7!7%!7-/C#-'!/(.!+7/EE!B/8!

7#/7!-(C%)'/2-+!7#-N!7%!3NB'%A-!7#-!Z)/$378!%E!7#-!-.)C/73%(/$!-(A3'%(N-(7G! !

H+3(2!/!C%N53(/73%(!%E!7-+7!+C%'-+!/(.!7#-!+C#%%$a+!B'%N%73%(!^B/++3(2_!'/7-F!/(!3(.-b!

N-/+)'-!%E!B-'E%'N/(C-!3+!C'-/7-.!/(()/$$8!E%'!-/C#!+C#%%$G!V#-!2%/$!E%'!'-C-3B7!%E!7#-!

5%()+!3+!+-7!E%'!-/C#!+C#%%$!-A-'8!8-/'!5/+-.!%(!/!B-'C-(7/2-!3(C'-/+-!E'%N!7#-! +C#%%$a+!B'-A3%)+`8-/'!B-'E%'N/(C-G!V#-!B'%2'/N!#/+!(%!3(.3A3.)/$!7-/C#-'`$-A-$! /++-++N-(7!%'!B/8N-(7G! !

E6:!0%0(;.7.!2&6%*!.7+%727#0%-!7,F:&8),)%-.!7%!.-6*)%-!F):2&:,0%#)!0,&%+!

F0:-7#7F0-7%+!.#@&&(.G!! !

V#-!C$-/'-+7!-A3.-(C-!E%'!3(C'-/+-.!B-'E%'N/(C-!@/+!3(!7-+7!+C%'-+G!:/7#-N/73C+!7-+7! +C%'-+!/N%(2!E3E7#!2'/.-'+!'%+-!;;c!3(!7#-!E3'+7!8-/'!%E!7#-!B'%2'/N!/(.!3(C'-/+-.!/!

7%7/$!%E!;Wc!58!7#-!7#3'.!8-/'G!T$.-'!C#3$.'-(!/$+%!+/@!2/3(+G!43(7#!2'/.-'+!/C#3-A-.!/!

Yc!3(C'-/+-!3(!N/7#!/(.!/!Wc!3(C'-/+-!3(!D%'7)2)-+-!5-7@--(!<==W!/(.!<=;;G!! !

V#-!3NB'%A-N-(7+!3(!7-+7!+C%'-+!/'-!+32(3E3C/(7!-A-(!@#-(!C%(7'%$$3(2!E%'!C$/++!+3Q-F! +%C3%-C%(%N3C!+7/7)+F!/(.!+3Q-!%E!7#-!+C#%%$G!?#-(!C%NB/'-.!@37#!+C#%%$+!3(!93%!7#/7! @-'-!(%7!B/'7!%E!7#-!B'%2'/NF!+7).-(7+!%E!B/'73C3B/73(2!+C#%%$+!B-'E%'N-.!+32(3E3C/(7$8!

5-77-'G!d7!3+!3NB%'7/(7!7%!(%7-!7#/7!7#-!:)(3C3B/$378!%E!93%!3+!)(.-'7/63(2!()N-'%)+! %7#-'!-EE%'7+!7%!3NB'%A-!-.)C/73%(F!/(.!7#)+!@-!C/((%7!C%(C$).-!7#/7!/$$!B'%2'-++!3+!.)-!

7%!7#-!5%()+!B'%2'/N!/$%(-G!T)'!E3(.3(2+F!#%@-A-'F!3(.3C/7-!7#/7!7#-!B%$3C3-+!/'-!2%3(2!

3(!7#-!C%''-C7!.3'-C73%(!/(.!7#/7!7#-!5%()+!B'%2'/N!C/(!-A-(!5-!)B2'/.-.!7%!3(C'-/+-!

37+!B%+373A-!-EE-C7+G! ! ?-!-b/N3(-!7#-!.-+32(!%E!7#-!5%()+!B'%2'/N!/(.!B'-+-(7!-A3.-(C-!'-2/'.3(2!37+!

-EE3C/C8G!P/+-.!%(!%)'!-A/$)/73%(!@-!E3(.!7#/7!7#3+!B'%2'/N!3+!@-$$!.-+32(-.!5-C/)+-!37!

C'-/7-+!/(!/.-Z)/7-!3(C-(73A-!7%!3NB'%A-!-.)C/73%(/$!Z)/$378G!!V#-!/(()/$!2%/$+!/'-!+-7! !

;!

/BB'%B'3/7-$8F!@37#!/!(-/'`3.-/$!$36-$3#%%.!%E!5%()+!/77/3(N-(7!E%'!/$$!+C#%%$+G!?-!/$+%!

E3(.!7#/7!7#-!5%()+!3+!'-@/'.3(2!+C#%%$+!7#/7!/'-!/C7)/$$8!3(C'-/+3(2!+7).-(7!$-/'(3(2!/+!

N-/+)'-.!58!#32#!+C#%%$!-('%$$N-(7!'/7-+G!?-!2%!%(!7%!C%(+3.-'!+%N-!B%7-(73/$! @-/6(-++-+!7#/7!N/8!7#'-/7-(!7#-!-EE-C73A-(-++!%E!7#-!B'%2'/NG!V#-!5%()+!.-+32(!3+! (%7!%B73N/$F!/+!@-!E%)(.!-A3.-(C-!%E!E'--!'3.3(2F!+%C3%-C%(%N3C!-Z)378!B'%5$-N+F!/(.!

A)$(-'/53$378!7%!'/(.%N!A/'3/73%(!3(!7#-!Z)/$378!%E!+7).-(7+G!! ) P/+-.!%(!%)'!-A/$)/73%(F!%)'!7-/N!'-C%NN-(.+!'-7/3(3(2!7#-!5%()+!B'%2'/NG!?-!/$+%!

'-C%NN-(.!/!()N5-'!%E!N%.3E3C/73%(+!7%!3NB'%A-!37F!3(!%'.-'!7%!/..'-++!7#-! @-/6(-++-+!3.-(73E3-.G!T)'!'-C%NN-(./73%(+!/'-!.3A3.-.!3(7%!+#%'7F!N-.3)N!/(.!$%(2` 7-'N!.3A3+3%(+F!'-E$-C73(2!;`<!8-/'F!<`Y!8-/'F!/(.!2'-/7-'!7#/(!Y`8-/'!73N-E'/N-+G!J+!7#-!

E-.-'/$!2%A-'(N-(7!%E!P'/Q3$!#/+!C%NN377-.!7%!.%)5$-!-.)C/73%(!+B-(.3(2!58!<=<=F!%)'! $%(2`7-'N!2%/$+!C%3(C3.-!@37#!7#3+!W`8-/'`$%(2!5).2-7!-bB/(+3%(G! ! ?-!'-C%NN-(.!7#/7!7#-!,-C'-7/'3/!:)(3C3B/$!.-!O.)C/RS%!C%(+3.-'!7#-!E%$$%@3(2! /.*)+7N-(7+!/(.!(-@!C%NB%(-(7+K! !

>%!-@)!.@&:-!-):,!N=OG!;)0:.P! • d(7'%.)C-!E$-b353$378!3(!7/'2-7!+-773(2!E%'!#32#`B-'E%'N3(2!+C#%%$+G! • "%(.)C7!E)'7#-'!'-+-/'C#!%(!-Z)378!3++)-+G! • D-'E%'N!C%(73()%)+!-A/$)/73%(!%E!7#-!B'%2'/N!/(.!N%(37%'3(2!%E!$%(2`7-'N! -b7-'(/$!N-/+)'-+!+)C#!/+!#32#!+C#%%$!-('%$$N-(7!3(!%'.-'!7%!N-/+)'-!'-/$` @%'$.!-.)C/73%(/$!3NB/C7+G! • 0-+32(!7-/C#-'`$-A-$!N-/+)'-N-(7!+8+7-N+G! >%!-@)!,)*76,!-):,!N?OQ!;)0:.P!!

• d(7'%.)C-!/!+-C%(./'8!3(.3A3.)/$!5%()+!5/+-.!%(!/..373%(/$!N-/+)'-+!/7!7#-!

7-/C#-'!$-A-$G!V#3+!5%()+!@3$$!/$$%@!7-/C#-'+!7%!'-C-3A-!/(!/..373%(/$!+)N! 3(.-B-(.-(7!%E!+C#%%$!B-'E%'N/(C-!/(.!+#%)$.!C%N5/7!E'--!'3.3(2!3++)-+G! • "%(.)C7!'/(.%N!-bB-'3N-(7+!%E!3(.3A3.)/$!7-/C#-'!B-'E%'N/(C-!N-/+)'-+!

7#'%)2#!.3EE-'-(7!C%N53(/73%(+!%E!7#-!7#'--!N-/+)'-+K!C$/++'%%N!%5+-'A/73%(+F! +)B-'A3+%'!-A/$)/73%(+F!/(.!7-/C#-'!7-+7+G!!

• D-'E%'N!C%(73()%)+!-A/$)/73%(!%E!7#-!B'%2'/N!/(.!$%(2`7-'N!-b7-'(/$!

N-/+)'-+G! !

>%!-@)!(&%+!-):,!NQR!;)0:.P! • JE7-'!7#-!-bB-'3N-(7!3+!-A/$)/7-.F!7#-!3(.3A3.)/$!5%()+!B'%2'/N!+#%)$.!5-!E)$$8!

3(7'%.)C-.!)+3(2!7#-!N%+7!-EE-C73A-!C%N53(/73%(!%E!N-/+)'-+F!3E!/(8!3+!E%)(.G! • "%(73()%)+!-A/$)/73%(!%E!7#-!B'%2'/N!/(.!$%(2`7-'N!-b7-'(/$!N-/+)'-+G! <!!

!

!

>%-:&*6#-7&%!! !

!

!

! "%)(7'3-+!/$$!%A-'!7#-!@%'$.!#/A-!'-/$3Q-.!7#/7!-.)C/73%(!3+!6-8!E%'!-C%(%N3C!2'%@7#! /(.!3NB'%A3(2!7#-!@-$$5-3(2!%E!C373Q-(+G!4/73%(+!@#-'-!+7).-(7+!#/A-!5-77-'!C%2(373A-! +63$$+F!/+!N-/+)'-.!3(!3(7-'(/73%(/$!7-+7+F!7-(.!7%!#/A-!#32#-'!'/7-+!%E!-C%(%N3C!2'%@7#G;! ,7).3-+!#/A-!/$+%!E%)(.!7#/7!8-/'+!%E!+C#%%$3(2!/'-!B%+373A-$8!'-$/7-.!7%!B'%.)C73A378!/(.!

-C%(%N3C!%)7C%N-+G<!! !!

JN%(2!7#-!E/C7%'+!7#/7!C%(7'35)7-!7%!/!C#3$.a+!-.)C/73%(F!7-/C#-'+!#/A-!5--(!E%)(.!7%!

5-!%(-!%E!7#-!5322-+7!.-7-'N3(/(7+!%E!+7).-(7!$-/'(3(2G>!d(!<=;=F!O'3C!e/()+#-6!/(.! ,7-A-(!93A63(!E%)(.!7#/7!f%A-'!7#-!C%)'+-!%E!/!+3(2$-!+C#%%$!8-/'F!+7).-(7+!@37#!/!B%%'!

7-/C#-'!N/+7-'!g=!B-'C-(7!%'!$-++!%E!7#-!C)''3C)$)N!E%'!7#/7!2'/.-Gh!d(!/..373%(F! f+7).-(7+!@37#!/!2'-/7!7-/C#-'!/.A/(C-!;Gg!2'/.-!$-A-$+!%'!N%'-GhU!?3$$3/N!IG!,/(.-'+! /(.!L)(-!"G!93A-'+!E%)(.!7#/7!/!f7-/C#-'a+!3NB/C7!%(!+7).-(7!$-/'(3(2!%)7C%N-+!3+!

C)N)$/73A-!/(.!$%(2!$/+73(2G!J(!3(-EE-C73A-!7-/C#-'!B%7-(73/$$8!'-.)C-+!/!+7).-(7a+!

B-'E%'N/(C-!E%'!8-/'+i!+-A-'/$!3(-EE-C73A-!7-/C#-'+!3(!/!'%@!N/8!C%NB%)(.!+)C#!/(!

-EE-C7Ghg!d(!E/C7F!7#-!7%B!;gc!%E!7-/C#-'+!C/(!+32(3E3C/(7$8!'/3+-!-(.`%E`8-/'!7-+7!+C%'-+! /(.!3(C'-/+-!/!+7).-(7a+!C)N)$/73A-!$3E-73N-!-/'(3(2+!58!j<gF===GY! !

P'/Q3$a+!2%A-'(N-(7!)(.-'+7/(.+!7#/7!3E!37!@/(7+!7%!+)+7/3(!37+!2'%@7#!%E!7#-!$/+7!7@%! .-C/.-+F!37!N)+7!N/6-!3NB'%A-N-(7+!7%!7#-!5/+3C!-.)C/73%(!%E!37+!$/5%'!E%'C-G!T(-!%E! 7#-!N%+7!-EE-C73A-!@/8+!7%!.%!7#/7!3+!E3(.3(2!/(.!B'%N%73(2!B'%2'/N+!7#/7!C/(!3NB'%A-!

7-/C#-'!Z)/$378G!V#3+!'-B%'7!-A/$)/7-+!%(-!+)C#!B'%2'/NF!7#-!D']N3%!J()/$!.-!

0-+-NB-(#%!^J(()/$!D-'E%'N/(C-!J@/'._F!@#3C#!@/+!$/)(C#-.!58!7#-!93%!.-!L/(-3'%!

N)(3C3B/$!+C#%%$!.3+7'3C7!3(!<==\G! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ;

!O'3C!JG!e/()+#-6!/(.!I).2-'!?%-++N/(F!k0%!5-77-'!+C#%%$+!$-/.!7%!N%'-!2'%@7#l!"%2(373A-!+63$$+F! -C%(%N3C!%)7C%N-+!/(.!C/)+/73%(Fm!R#<"(48)#*)9.#(#2'.)S"#H,7!;WF!(%G!U!^0-C-N5-'!<=;<_K!<YW`><;G!! < !9%5-'7!LG!P/''%!/(.!L%(2`?#/!I--F!fJ!(-@!./7/!+-7!%E!-.)C/73%(/$!/77/3(N-(7!3(!7#-!@%'$.F!;\g=`<=;=Fh! T4,'#(48)E<"%4<)#*)9.#(#2'.)3%&%4".7F!4%G!@;g\=<!^<=;=_G! > !L%(/#!OG!9%C6%EEF!fV#-!3NB/C7!%E!3(.3A3.)/$!7-/C#-'+!%(!+7).-(7!/C#3-A-N-(7K!OA3.-(C-!E'%N!B/(-$! ./7/Fh!D2%"'.4()9.#(#2'.)3%C'%HF!<==UK!<UW`<g<G! U !O'36!JG!e/()+#-6F!,7-A-(!1G!93A63(F!0/A3.![32$3%!/(.!P'3/(!L/C%5F!f1-(-'/$3Q/73%(+!/5%)7!)+3(2!A/$)-` /..-.!N-/+)'-+!%E!7-/C#-'!Z)/$378Fh!D2%"'.4()9.#(#2'.)3%C'%H!;==F!(%G!<!^<=;=_K!<YW`<W;G! g !?3$$3/N!IG!,/(.-'+!/(.!L)(-!"G!93A-'+F!k")N)$/73A-!/(.!9-+3.)/$!OEE-C7+!%E!V-/C#-'+!%(![)7)'-!,7).-(7!

JC/.-N3C!JC#3-A-N-(7Fm!U('C%"&',=)#*)+%((%&&%%V)W48<%@D??%?)3%&%4".7)4(?)D&&%&&2%(,)G%(,%"F!;\\YG! Y !9/*!"#-778F!L%#(!4G!['3-.N/(!/(.!L%(/#!OG!9%C6%EEF!fV#-!$%(2`7-'N!3NB/C7+!%E!7-/C#-'+K!V-/C#-'!A/$)-` /..-.!/(.!+7).-(7!%)7C%N-+!3(!/.)$7#%%.Fh!T4,'#(48)E<"%4<)#*)9.#(#2'.)3%&%4".7F!<=;;K!4%G!@;WY\\G!!

!

>!

3(7)%-! !

V#3+!'-B%'7!#/+!5--(!B'-B/'-.!E%'!7#-!9)#:)-0:70!S6%7#7F0(!*)!4*6#0TU&!^:)(3C3B/$! ,-C'-7/'8!%E!O.)C/73%(_!%E!93%!.-!L/(-3'%!/7!7#-!'-Z)-+7!%E!7#-!C&:(*!A0%$G!!V#-! ,-C'-7/'3/!:)(3C3B/$!3+!%(-!%E!7#-!$/'2-+7!(-7@%'6+!%E!B)5$3C!+C#%%$+!3(!P'/Q3$F! /.N3(3+7-'3(2!N%'-!7#/(!;F===!+C#%%$+!3(!93%!.-!L/(-3'%!@37#!W==F===!+7).-(7+!E'%N! B'-+C#%%$!7#'%)2#!(3(7#!2'/.-G!V#-!,-C'-7/'3/!:)(3C3B/$!.-A-$%B+F!C%%'.3(/7-+!/(.!

3NB$-N-(7+!-.)C/73%(/$!B%$3C3-+!@37#3(!7#-!C378!@37#!/!<=;<!5).2-7!%E!j<!53$$3%(!HG,G! .%$$/'+GW! !

V#-!?%'$.!P/(6!3+!/(!3(7-'(/73%(/$!E3(/(C3/$!3(+737)73%(!@37#!7#-!N3++3%(!%E!'-.)C3(2!

B%A-'78!@%'$.@3.-G!d7!B'%A3.-+!7-C#(3C/$!/(.!E3(/(C3/$!/++3+7/(C-!B'3N/'3$8!7%!.-A-$%B3(2!

C%)(7'3-+!/(.!#/+!/!N-N5-'+#3B!%E!;nn!C%)(7'3-+G!?37#3(!7#-!?%'$.!P/(6F!7#-!

0-B/'7N-(7!%E!O.)C/73%(!E%'!7#-!I/73(!JN-'3C/!/(.!7#-!"/'355-/(!9-23%(!^IJ"!9-23%(_!

E%'N+!B/'7(-'+#3B+!@37#!I/73(!JN-'3C/(!2%A-'(N-(7+!7%!B'%A3.-!E3(/(C3/$F!B%$3C8F!/(.! %'2/(3Q/73%(/$!/++3+7/(C-!7%!3NB'%A-!-.)C/73%(/$!%)7C%N-+G! !

V#-!?%'$.!P/(6!#/+!/!$%(2+7/(.3(2!B/'7(-'+#3B!@37#!7#-!P'/Q3$3/(!2%A-'(N-(7!/(.!7#-! ,-C'-7/'3/!:)(3C3B/$G!J+!B/'7!%E!/!N)$73`8-/'!'-+-/'C#!B'%2'/NF!7#-!?%'$.!P/(6!3+!

-A/$)/73(2!7-/C#-'!Z)/$378!3(!7#-!'-23%(G!V#-!?%'$.!P/(6!#/+!/+6-.!%)'!'-+-/'C#!7-/N!7%! @%'6!@37#!7#-!,-C'-7/'3/!:)(3C3B/$!.-!O.)C/RS%!3(!%'.-'!7%!-A/$)/7-!7#-!-EE-C73A-(-++! %E!7#-!D']N3%!J()/$!.-!0-+-NB-(#%!/(.!%EE-'!B%$3C8!'-C%NN-(./73%(+!E%'!7#-!

B'%2'/NG! !

9-0-)!&2!4*6#0-7&%!7%!A:0V7(!! !

TA-'!7#-!$/+7!7@%!.-C/.-+F!P'/Q3$!#/+!N/.-!/!'-N/'6/5$-!-(7'/(C-!%(7%!7#-!@%'$.!+7/2-! @37#!%(-!%E!7#-!@%'$.a+!E/+7-+7!2'%@3(2!-C%(%N3-+!/(.!3+!(%@!7#-!+3b7#!$/'2-+7!C%)(7'8!

3(!7#-!@%'$.!3(!7-'N+!%E!2'%++!.%N-+73C!B'%.)C7G!n!J+!37+!2'%@7#!C%(73()-+F!7#-'-!3+!/(!

-C%(%N3C!(-C-++378!E%'!/(!-.)C/7-.!$/5%'!E%'C-!7#/7!C/(!E3$$!7#-!7-C#(3C/$!/(.!+-'A3C-` +-C7%'!*%5+!C'-/7-.!58!/!5)'2-%(3(2!N3..$-C$/++G!!d(!;\nn!P'/Q3$!/BB'%A-.!37+!C)''-(7!

C%(+737)73%(F!@#3C#!2)/'/(7--+!)(3A-'+/$!C#3$.#%%.!-.)C/73%(!/+!/!5/+3C!'32#7G!\! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

W

!f,-C'-7o'3/!/B'-+-(7/!T'R/N-(7%!B/'/!<=;<!(/!"pN/'/!.-!q-'-/.%'-+Fh!!"%*%',<"4)?#)3'#)?%)R4(%'"#V) -A>)@)-%."%,4"'4)A<('.'B48)?%)>4X%(?4F!TC7%5-'!<;!<=;;F! #77BKrr@@@G'3%G'*G2%AG5'r@-5r+NEr-b35-C%(7-).%l/'73C$-`3.s<<>;W>n!^/CC-++-.![-5')/'8!gF!<=;>_G!! n !V#-!?%'$.!P/(6F!f?%'$.!0-A-$%BN-(7!d(.3C/7%'+!`!10D!^C)''-(7!H,j_Fh!<=;>F! #77BKrr./7/G@%'$.5/(6G%'2r3(.3C/7%'r4tG10DG:MVDG"0r!^/CC-++-.![-5')/'8!gF!<=;>_G! \ !!!I35'/'8!%E!"%(2'-++F!k"#3$.'-(a+!932#7+K!P'/Q3$Fm!<==\F!#77BKrr@@@G$%CG2%Ar$/@r#-$BrC#3$.` '32#7+r5'/Q3$GB#B!^/CC-++-.![-5')/'8!WF!<=;>_G!

U!!

!

O.)C/73%(!3+!E'--!/7!/$$!2'/.-!$-A-$+!)(73$!#32#-'!-.)C/73%(F!/(.!3+!N/(./7%'8!E%'!C#3$.'-(! /2-+!Y!7#'%)2#!;U!^2'/.-+!;!7#'%)2#!\_G!! !

O.)C/73%(!3(!P'/Q3$!3+!$/223(2!5-#3(.!%7#-'!I/73(!JN-'3C/(!/(.!TO"0!C%)(7'3-+!/CC%'.3(2!

7%!3(7-'(/73%(/$!7-+7+!+)C#!/+!7#-!D'%2'/N!E%'!d(7-'(/73%(/$!,7).-(7+!J++-++N-(7!^Dd,J_/!

J$7#%)2#!P'/Q3$a+!Dd,J!+C%'-+!3NB'%A-.!+32(3E3C/(7$8!E'%N!<===!7%!<==\!3(!'-/.3(2F!N/7#! /(.!+C3-(C-F!P'/Q3$!C%(73()-+!7%!+C%'-!5-$%@!TO"0!/A-'/2-G!:%'-!7#/(!#/$E!%E!P'/Q3$3/(! +7).-(7+!.%!(%7!'-/C#!/!$-A-$!%E!'-/.3(2!C%NB'-#-(+3%(!3(!@#3C#!7#-8!C/(!N/(/2-!5/+3C! '-/.3(2!7/+6+!+)C#!/+!$%C/73(2!B3-C-+!%E!3(E%'N/73%(!/(.!'-C%2(3Q3(2!N/3(!3.-/+G!d(!TO"0!

C%)(7'3-+!%(!/A-'/2-F!n;c!%E!+7).-(7+!C/(!B-'E%'N!7#-+-!7/+6+G!"%NB/'-.!@37#!7#-! %7#-'!(3(-!I/73(!JN-'3C/(!C%)(7'3-+!7#/7!B/'73C3B/7-.!3(!Dd,J!<==\F!P'/Q3$!+C%'-.!+-C%(.` 7%`$/+7!3(!:/7#!/(.!9-/.3(2G;=! !

P'/Q3$!E/C-+!N/(8!C#/$$-(2-+!3(!7#-!.-$3A-'8!%E!-.)C/73%(G!JN%(2!37+!B'3N/'8!B'%5$-N+! /'-!7-/C#-'!/(.!+7).-(7!/5+-(7--3+NF!$%@!'-+B-C7!E%'!7#-!7-/C#3(2!B'%E-++3%(F!/(.!$%@! $-/'(3(2!'/7-+G;;!H(.-'+7/(.3(2!7#-!(-C-++378!E%'!Z)/$378!-.)C/73%(!3(!%'.-'!7%!N/3(7/3(!

7#-3'!-C%(%N3C!.-A-$%BN-(7F!7#-!P'/Q3$3/(!2%A-'(N-(7!#/+!N/.-!/!C%NN37N-(7!7%! .'/N/73C/$$8!3(C'-/+-!37+!C)''-(7!+B-(.3(2!%(!-.)C/73%(G!d(!L)(-!<=;<!7#-!4/73%(/$! "%(2'-++!%E!P'/Q3$!B/++-.!/!53$$!7%!'/3+-!-.)C/73%(!+B-(.3(2!E'%N!/5%)7!gc!%E!2'%++! .%N-+73C!B'%.)C7!^10D_!7%!;=c!%E!10D!58!<=<=F!@#3C#!@%)$.!5-!7#-!#32#-+7!B-'C-(7/2-!

3(!7#-!@%'$.G;<!T(!/A-'/2-F!B)5$3C!-bB-(.37)'-!%(!-.)C/73%(!3(!TO"0!C%)(7'3-+!3(!<=;;! @/+!gc!%E!(/73%(/$!10DF!/+!C/(!5-!+--(!3(![32)'-!;G;>! ! ! ! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ;=

!Dd,JF!TO"0F!!N-D):;;5)3%&<8,&Y)Z74,)-,<?%(,&)[(#H)4(?)G4()F#)I)-,<?%(,)!%"*#"24(.%)'()3%4?'($V) A4,7%24,'.&)4(?)-.'%(.%)\W#8<2%)N]!^D/'3+K!T'2/(3Q/73%(!E%'!OC%(%N3C!"%%B-'/73%(!/(.!0-A-$%BN-(7F! <=;=_G! ;; !TO"0F!G"%4,'($)9**%.,'C%)+%4.7'($)4(?)^%4"('($)9(C'"#(2%(,&Y)>'"&,)3%&<8,&)*"#2)+D^N-!^D/'3+K! T'2/(3Q/73%(!E%'!OC%(%N3C!"%%B-'/73%(!/(.!0-A-$%BN-(7F!<==\_G!!

TO"0F!KC%"C'%H)#*)G#<(,"=)3%&<8,&)'()+D^N-Y)E"4X'8!^D/'3+K!T'2/(3Q/73%(!E%'!OC%(%N3C!"%%B-'/73%(!/(.!

0-A-$%BN-(7F!<==\_G!! ;< !J(2-$%!q/(#%(3F!f"%N3++S%!O+B-C3/$!0-+73(/./!J!D'%E-'3'!D/'-C-'!J%!D'%*-7%!0-!I-3!4GT!nG=>gF!0-!<=;=!

X!D$/(%!4/C3%(/$!0-!O.)C/RS%!`!D/'-C-'!9-E%'N)$/.%Fh!G424"4)?#&)F'B<,4?#&F!L)(-!<YF!<=;<F! #77BKrr@@@GC/N/'/G2%AG5'rB'%B%+3C%-+?-5rB'%BuN%+7'/'3(7-2'/i*+-++3%(3.s=nPOWPP0U<nYg0gOUYW<P >g>W"Y0"<U[G(%.-;lC%.7-%'s;=;<;;;vE3$-(/N-sD/'-C-'`DIn=>g;=`<Y`=Y`<=;<!^/CC-++-.![-5')/'8!>F! <=;>_G) ;> !TO"0F!9?<.4,'#()4,)4)S84(.%):;0:Y)K9GF)N(?'.4,#"&!^D/'3+K!T'2/(3Q/73%(!E%'!OC%(%N3C!"%%B-'/73%(!/(.!

0-A-$%BN-(7F!<=;<_G!!

!

g!

[32)'-!;K!D)5$3C!-bB-(.37)'-!%(!-.)C/73%(!/+!/!B-'C-(7/2-!%E!10D!^<=;;_;U!

4%'@/8! dC-$/(.!

0-(N/'6!

P-$23)N! ,@-.-(! d+'/-$!

[3($/(.!

O+7%(3/! ['/(C-!

4-@!w-/$/(.! ,@37Q-'$/(.!

P'/Q3$! d'-$/(.!

J)+7'3/!

H(37-.!,7/7-+!

H(37-.!M3(2.%N! D%$/(.!

TO"0!/A-'/2-! ,$%A-(3/!

4-7#-'$/(.+! e)(2/'8!

M%'-/!

D%'7)2/$! :-b3C%! "/(/./! d7/$8! ,B/3(! "#3$-!

1-'N/(8!

9)++3/(![-.-'/x%(!

"Q-C#!9-B)5$3C! J)+7'/$3/! ,$%A/6!9-B)5$3C! L/B/(! d(.%(-+3/!

W!&2!XYB!

!

nG=!

WG=!

YG=! gG=!

UG=! >G=! <G=! ;G=! =G=!

!

T(-!C#/$$-(2-!7#/7!P'/Q3$!E/C-+!@#-(!7'83(2!7%!N/6-!-.)C/73%(/$!'-E%'N+!3+!37+!#32#$8! .-C-(7'/$3Q-.!-.)C/73%(/$!+8+7-NF!@#3C#!#/+!(%!.3'-C7![-.-'/$!/.N3(3+7'/73%(G!V#-'-!3+!/! +7/7-!+8+7-N!%E!-.)C/73%(!7#/7!-/C#!%E!P'/Q3$a+!<Y!+7/7-+!/.N3(3+7-'+!%(!37+!%@(G!d(! /..373%(F!()N-'%)+!C373-+!/.N3(3+7-'!/!N)(3C3B/$!+8+7-N!%E!-.)C/73%(!3(.-B-(.-(7!%E! 7#-!+7/7-!+8+7-NG!D'3A/7-!+C#%%$3(2!3+!/$+%!/A/3$/5$-F!/(.!.)-!7%!7#-!'-$/73A-$8!B%%'!

Z)/$378!%E!B)5$3C!-.)C/73%(F!/!2'-/7!N/*%'378!%E!)BB-'!/(.!)BB-'`N3..$-!C$/++!E/N3$3-+! +-(.!7#-3'!C#3$.'-(!7%!B'3A/7-!+C#%%$+G;g!?#3$-!7#-!.-C-(7'/$3Q-.!+7')C7)'-!C/(!B%+-!/!

C#/$$-(2-!E%'!(/73%(`@3.-!'-E%'NF!37!3+!/$+%!/(!/.A/(7/2-!E%'!+C#%%$!+8+7-N+!7#/7!@/(7!7%!

B3$%7!(-@!/(.!3((%A/73A-!-.)C/73%(/$!B'%2'/N+G!?37#%)7![-.-'/$!/)7#%'378F!+C#%%$! +8+7-N+!C/(!5-!E$-b35$-!@37#!B'%2'/NN/73CF!/.N3(3+7'/73A-F!/(.!B%$3C8!C#/(2-+G!! !

V#3+!E$-b353$378!3+!@#/7!#/+!/$$%@-.!7#-!93%!N)(3C3B/$!+C#%%$!+8+7-N!7%!3(7'%.)C-!/! ()N5-'!%E!'-E%'N+!7/'2-73(2!7#-!Z)/$378!%E!-.)C/73%(G!d(!<==\!7#-!,-C'-7/'3/!:)(3C3B/$! .-!O.)C/RS%!3.-(73E3-.!7#/7!;gc!%E!C#3$.'-(!^<nF===!+7).-(7+_!5-7@--(!E%)'7#!/(.!+3b7#!

2'/.-!@-'-!E)(C73%(/$$8!3$$37-'/7-!3(!93%!N)(3C3B/$!+C#%%$+G!V#-'-!@/+!/$+%!/!$/2!3(! +7).-(7!$-/'(3(2!%E!D%'7)2)-+-!/(.!N/7#!5-7@--(!+-C%(.!/(.!(3(7#!2'/.-+!3(!B)5$3C! +C#%%$+G;Y!V#3+!3(E%'N/73%(!$-.!7#-!N)(3C3B/$378!7%!-N5/'6!%(!+-A-'/$!B%$3C8!-EE%'7+!7%!

3NB'%A-!+7).-(7!$-/'(3(2F!3(C$).3(2!7#-!7-/C#-'!5%()+!B'%2'/NG!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ;U

!TO"0F!9?<.4,'#()4,)4)S84(.%):;0:YK9GF)N(?'.4,#"&!^D/'3+K!TO"0F!<=;<_G! !!:/'73(!"/'(%8F!G<M4_&)4.4?%2'.)4?C4(,4$%Y)Z7=)&,<?%(,&)'()G<M4)?#)M%,,%")'()&.7##8!^,7/(E%'.!

H(3A-'+378!D'-++F!<==W_G!! ;Y !D'-E-37)'/!.%!93%!.-!L/(-3'%F!fD$/(%!O+7'/7&23C%!./!D'-E-3')'/!.%!93%!.-!L/(-3'%!<==\`<=;<Fh!<==\F! #77BKrr<==G;U;GWnGW\r.$+7/73Cr;=;;<r<;;YWY>r0I[O`<>UW<=GB.ErB$/(-*/N-(7%u-+7'/7-23C%u+37-GB.E! ^/CC-++-.![-5')/'8!>F!<=;>_G! ;g

Y!!

!

!

H7&!*)!Z0%)7:&!/)0#@):!A&%6.!B:&+:0,! ! d(!<==\F!7#-!N)(3C3B/$!2%A-'(N-(7!%E!93%!.-!L/(-3'%!3(7'%.)C-.!7#-!D']N3%!J()/$!.-!

0-+-NB-(#%!^J(()/$!D-'E%'N/(C-!J@/'._!B'%2'/N!3(!7#-!93%!N)(3C3B/$!+C#%%$!.3+7'3C7G! V#-!B'%2'/N!'-@/'.+!7-/C#-'+F!+7/EE!/(.!B'3(C3B/$+!58!B/83(2!7#-N!/(!/(()/$!5%()+!%E! %(-`N%(7#a+!+/$/'8!3E!7#-3'!+C#%%$!'-/C#-+!/!B'-`.-7-'N3(-.!B-'E%'N/(C-!2%/$G!J+!3(!

N%+7!C%)(7'3-+F!7-/C#-'!+/$/'3-+!3(!P'/Q3$!/'-!7'/.373%(/$$8!.-7-'N3(-.!58!+-(3%'378G;W!V#-! %5*-C73A-!%E!7#-!93%!5%()+!B'%2'/N!3+!7%!/..!/!C%NB%(-(7!7%!7-/C#-'!B/8!7#/7!C#/(2-+!

7#-!3(C-(73A-!+7')C7)'-F!-(C%)'/23(2!/$$!7-/C#-'+!7%!3NB'%A-!7#-!Z)/$378!%E!7#-3'!7-/C#3(2! /(.!B-'E%'N/(C-!%E!7#-3'!+7).-(7+!'-2/'.$-++!%E!+-(3%'378G!d(!/..373%(F!7#-'-!3+!/!

N3(3N)N!/77-(./(C-!'-Z)3'-N-(7!E%'!7-/C#-'+!3(!%'.-'!7%!'-C-3A-!7#-!5%()+F!@#3C#!3+! .-+32(-.!7%!3(C'-/+-!7-/C#-'!/77-(./(C-G! !

V#-!D']N3%!J()/$!)+-+!3(.-b!N-/+)'-+F!7#-!d0OP!/(.!7#-!d0O!93%F!7%!N%(37%'!+7).-(7!

B-'E%'N/(C-!3(!B)5$3C!+C#%%$+G!V#-!d0OP!/(.!d0O!93%!/'-!5/+-.!%(!/!E%'N)$/!7#/7!

N)$73B$3-+!(/73%(/$!%'!N)(3C3B/$!7-+7!+C%'-+!/(.!7#-!+C#%%$a+!B'%N%73%(!'/7-G;n!!V#-! d(.-b!%E!P/+3C!O.)C/73%(!0-A-$%BN-(7!^d0OP_!3+!C/$C)$/7-.!-A-'8!%7#-'!8-/'!)+3(2!D'%A/!

P'/+3$!7-+7!+C%'-+G![%'!N%'-!C%(73()%)+!N%(37%'3(2F!7#-!93%!:)(3C3B/$378!)+-+!D'%A/!93%F! /!N)(3C3B/$!7-+7!7#/7!/$$%@+!7#-N!7%!C%NB)7-!d0O!93%!-A-'8!8-/'G!V#-!N)(3C3B/$378!)+-+!

7#-!d0O!93%!/+!37+!3(.-b!-A-'8!8-/'!/(.!C%N53(-+!37!@37#!7#-!d0OP!@#-(!5%7#!/'-! /A/3$/5$-G!D'%A/!P'/+3$!/(.!D'%A/!93%!5%7#!7-+7!:/7#!/(.!D%'7)2)-+-G!D'%A/!P'/+3$!7-+7+!

E3E7#!/(.!(3(7#!2'/.-+!/(.!D'%A/!93%!7-+7+!7#3'.F!E%)'7#F!+-A-(7#!/(.!-32#7#!2'/.-+G;\!!

V#-!C%N53(/73%(!%E!7-+7!+C%'-+!/(.!B'%N%73%(!'/7-+!3+!+#%@(!3(![32)'-!<G! !

[32)'-!<K!e%@!7#-!d0OPrd0O!93%!3(.-b-+!/'-!C/$C)$/7-.!! !

V-+7! ,C%'-+!

D'%N%x%(!

9/7-+!

d0OP!%'! d0O!93%!

! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ;W

!J$5-'7%!9%.'32)-QF!"/'$!LG!0/#$N/(!/(.!L/N3$!,/$N3F!N((#C4,'#()*#")G#2B%,','C%(%&&)'()E"4X'8! ^?/+#3(27%(F!0G"GK!?%'$.!P/(6!D)5$3C/73%(+F!<==n_G! ;n !D'%N%73%(!'/7-+!/'-!7#-!B-'C-(7/2-!%E!+7).-(7+!B'%N%7-.!7%!7#-!E%$$%@3(2!2'/.-F!/$+%!6(%@(!/+!B/++!%'!

B/++3(2!'/7-+G! "#!d(+737)7%!4/C3%(/$!.-!O+7).%+!-!D-+Z)3+/+!O.)C/C3%(/3+!J(y+3%!V-3b-3'/!^d4OD_F!D'%A/!P'/+3$!-!,/-5F!<=;;F! #77BKrrB'%A/5'/+3$G3(-BG2%AG5'r!^/CC-++-.![-5')/'8!>F!<=;>_G! ,-C'-7/'3/!:)(3C3B/$!.-!O.)C/RS%!^,:O_F!D'%A/!93%F!<=;;F! #77BKrr@@@G'3%G'*G2%AG5'r@-5r+N-r-b35-C%(7-).%l/'73C$-`3.s;;U<gU\!^/CC-++-.![-5')/'8!;!<=;>_G!

!

W!

!

V#-!B-'E%'N/(C-!2%/$+!E%'!+C#%%$+!/'-!+-7!-/C#!8-/'!58!7#-!N)(3C3B/$378!5/+-.!%(!/!

C-'7/3(!B-'C-(7/2-!3(C'-/+-!E'%N!7#-!B'-A3%)+!8-/'a+!B-'E%'N/(C-G!!J+!+#%@(!3(!V/5$-!;F! 7#-!2%/$+!.-C'-/+-!B'%2'-++3A-$8i!7#-!$%@-'!7#-!B'-A3%)+!/A-'/2-!+C%'-!/!+C#%%$!#/+F!7#-!

5322-'!7#-!3(C'-/+-!-bB-C7-.G!J5%A-!/!C-'7/3(!7#'-+#%$.F!7#-!2%/$!3+!7#/7!7#-!+C#%%$!

N/3(7/3(+!7#-3'!+C%'-F!/(.!(%!3(C'-/+-!3+!-bB-C7-.G! !

V/5$-!;K!D-'C-(7/2-!3(C'-/+-!3(!d0OPrd0O!93%!'-Z)3'-.!E%'!5%()+!/77/3(N-(7! ! !

V/'2-7!3(C'-/+-!E'%N!B'-A3%)+!

8-/'!B-'E%'N/(C-!^3(!c_!

D'-A3%)+!B-'E%'N/(C-! ;+7`g7#!2'/.-+! Y7#`\7#!2'/.-+! ^d0OPrd0O!93%_! =<D!&:!(&'):!

<Wc!

<;c!

G<J!O!G<D!

<<c!

;Wc!

?<J!O!?<D!

;Wc!

;>c!

I<J!O!I<D!

;<c!

\c!

[<J!O![<D!

Wc!

gc!

Q<J!O!Q<I!

<c!

:/3(7/3(!

Q<[!&:!,&:)!

:/3(7/3(!

!

! !

V#-!,-C'-7/'3/!:)(3C3B/$!.-!O.)C/RS%!@/(7+!7%!-A/$)/7-!7#-!-EE-C73A-(-++!%E!7#-!D']N3%!

J()/$!%(!3NB'%A3(2!+7).-(7!B-'E%'N/(C-G!d(!7#3+!'-B%'7!@-!-b/N3(-!7#-!B'%2'/Na+!

-EE-C73A-(-++!3(!37+!C)''-(7!E%'N!/(.!'-A3-@!@#/7!.-+32(!-$-N-(7+!N/8!/EE-C7!37+!

-EE-C73A-(-++G!d(!/..373%(F!@-!C%(+3.-'!3E!7#-'-!/'-!N%.3E3C/73%(+!7#/7!@%)$.!N/6-!7#-!

B'%2'/N!N%'-!-EE-C73A-!/7!3(C'-/+3(2!+7).-(7!B-'E%'N/(C-G![3(/$$8F!5/+-.!%(!%)'! /(/$8+3+!%E!7#-!-b3+73(2!B'%2'/N!/(.!/++-++N-(7!%E!B%7-(73/$!3NB'%A-N-(7+F!@-!

'-C%NN-(.!C%(73()/73%(!%E!7#-!B'%2'/N!/(.!@-!-A/$)/7-!B%7-(73/$!N%.3E3C/73%(+!7#/7! @%)$.!5-77-'!/C#3-A-!7#-!N)(3C3B/$378a+!2%/$!%E!3(C'-/+3(2!+7).-(7!$-/'(3(2G!

!

n!!

!

!

!

487*)%#)!2:&,!/)0#@):!A&%6.!B:&+:0,.!C&:(*'7*)! !

!

!

!

TA-'!7#-!$/+7!7@-(78!8-/'+F!+-A-'/$!C%)(7'3-+!#/A-!3NB$-N-(7-.!7-/C#-'!5%()+!

B'%2'/N+!7%!3(C'-/+-!7-/C#-'!-EE-C73A-(-++!/(.!+7).-(7!B-'E%'N/(C-G!T)7!%E!7#-!+-A-'/$! /77-NB7+!/7!3NB$-N-(73(2!5%7#!3(.3A3.)/$!/(.!2'%)B!5%()+!B'%2'/N+!3(!7#-!H(37-.! ,7/7-+F!-A/$)/73%(+!#/A-!+#%@(!(%!3(C'-/+-!3(!+7).-(7!$-/'(3(2G!<=!!V#-+-!B'%2'/N+!#/A-! /$+%!(%7!+#%@(!-A3.-(C-!%E!B%+373A-!C#/(2-+!3(!+7).-(7!%'!7-/C#-'!5-#/A3%'G! !

V#-!3(7-'(/73%(/$!-A3.-(C-!E%'!7-/C#-'!3(C-(73A-!B/8!B'%2'/N+!3+!N%'-!B'%N3+3(2G! D'%2'/N+!#/A-!5--(!3NB$-N-(7-.!3(!d+'/-$!/(.!+-A-'/$!.-A-$%B3(2!C%)(7'3-+!3(C$).3(2! d(.3/F!M-(8/F!P'/Q3$!/(.!"#3$-F!@37#!B%+373A-!'-+)$7+!3(!7#-!N-/+)'-N-(7+!)+-.G!V#-!

B'%2'/N+!@37#!5%()+-+!/7!7#-!3(.3A3.)/$!7-/C#-'!$-A-$!-A/$)/7-.!3(!d(.3/!/(.!d+'/-$! +#%@-.!B%+373A-!3NB/C7+!%(!+7).-(7!7-+7!+C%'-+G<;!d(!d(.3/F!/E7-'!E3A-!8-/'+!3(!7#-!

B'%2'/NF!+7).-(7+!+C%'-.!=GgU!/(.!=G>g!+7/(./'.!.-A3/73%(+!#32#-'!3(!N/7#!/(.! $/(2)/2-!7-+7+F!'-+B-C73A-$8F!C%NB/'-.!7%!+7).-(7+!3(!C%(7'%$!+C#%%$+!^@#3C#!.3.!(%7! #/A-!/!7-/C#-'!5%()+!B'%2'/N_G![)'7#-'N%'-F!7#-+-!+7).-(7+!/$+%!+C%'-.!=Gg<!/(.!=G>g! +7/(./'.!.-A3/73%(+!#32#-'!3(!+C3-(C-!/(.!+%C3/$!+7).3-+F!@#3C#!@-'-!(%7!3(C$).-.!3(!7#-!

5%()+!B/8N-(7+G<<!!dNB'%A-.!+7).-(7!$-/'(3(2!3(!+)5*-C7+!(%7!/++%C3/7-.!@37#!7#-!5%()+! +)22-+7+!/(!%A-'/$$!3NB'%A-N-(7!3(!$-/'(3(2F!/(.!(%7!%($8!3(!7#-!7-+7-.!+)5*-C7+G! !

OA/$)/73%(+!%E!B'%2'/N+!3NB$-N-(7-.!)+3(2!2'%)B!5%()+-+!7%!7-/C#-'+!/$+%!+#%@!/(!

3(C'-/+-!3(!+7).-(7!'-+)$7+G!V#-!2'%)B!5%()+!B'%2'/N+!3(!d(.3/!/(.!M-(8/!-A/$)/7-.! +7).-(7!7-+7!+C%'-+!/(.!#/.!B%+373A-!'-+)$7+F!5)7!%(!/A-'/2-!7#-+-!@-'-!+N/$$-'!7#/(!7#-!

'-+)$7+!%E!B'%2'/N+!7#/7!C%N53(-.!+7).-(7!7-+7!+C%'-+!@37#!%7#-'!+7).-(7!B-'E%'N/(C-!

N-/+)'-+F!+C#%%$!%'!7-/C#-'!N-/+)'-+F!@#3C#!@-'-!C/''3-.!%)7!3(!P'/Q3$F!d+'/-$!/(.! "#3$-G<>!V#-!B'%2'/N!C/''3-.!%)7!3(!J(.#'/!D'/.-+#F!d(.3/F!@/+!C%(.)C7-.!/+!/!B3$%7!@37#! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! <=

!:/77#-@!1G!,B'3(2-'F!-7!/$GF!fV-/C#-'!D/8!E%'!D-'E%'N/(C-K!ObB-'3N-(7/$!OA3.-(C-!E'%N!7#-!D'%*-C7!%(! d(C-(73A-+!3(!V-/C#3(2!^DTd4V_Fh!-#.'%,=)*#")3%&%4".7)#()9?<.4,'#(48)9**%.,'C%(%&&F!<=;;G! 9%$/(.!1G!['8-'F!fV-/C#-'!3(C-(73A-+!/(.!+7).-(7!/C#3-A-N-(7K!OA3.-(C-!E'%N!(-@!8%'6!C378!B)5$3C! +C#%%$+Fh!T4,'#(48)E<"%4<)#*)9.#(#2'.)3%&%4".7F!4%G!@;Yng=!^<=;;_G! :/77#-@!1G!,B'3(2-'F!-7!/$GF!fV-/N!D/8!E%'!D-'E%'N/(C-K!ObB-'3N-(7/$!OA3.-(C-!['%N!7#-!9%)(.!9%C6!

D3$%7!D'%*-C7!%(!V-/N!d(C-(73A-+Fh!9?<.4,'#(48)9C48<4,'#()4(?)!#8'.=)D(48=&'&F!<=;<G! <; !q3C7%'!I/A8F!fD-'E%'N/(C-!B/8!/(.!7-/C#-'+z!-EE%'7F!B'%.)C73A378!/(.!2'/.3(2!-7#3C+Fh!D2%"'.4() 9.#(#2'.)3%C'%H!\\F!(%G!g!^<==\_K!;\W\`<=;;G! << !M/'7#36!:)'/$3.#/'/(F!fI%(2`V-'N!OEE-C7+!%E!V-/C#-'!D-'E%'N/(C-!D/8K!ObB-'3N-(7/$!OA3.-(C-!E'%N! d(.3/Fh!A'2%#F!<=;;G! <> !D/)$!1$-@@-F!4/)N/(!d$3/+!/(.!:3C#/-$!M'-N-'F!fV-/C#-'!d(C-(73A-+Fh!D2%"'.4()9.#(#2'.)R#<"(48F!<=;=K! <=g`<<WG! q3C7%'!I/A8F!fOA/$)/73(2!7#-!-EE-C7!%E!7-/C#-'+z!2'%)B!B-'E%'N/(C-!3(C-(73A-+!%(!B)B3$!/C#3-A-N-(7Fh!R#<"(48)#*) !#8','.48)9.#(#2=F!<==<K!;<nY`;>;WG!

!

\!

+%N-!+C#%%$+!#/A3(2!/!2'%)B!5%()+!B'%2'/NF!%7#-'!+C#%%$+!#/A3(2!3(.3A3.)/$!5%()+!

B'%2'/N+!/(.!E3(/$$8!/!2'%)B!%E!C%(7'%$!+C#%%$+!@37#!(%!5%()+!B'%2'/NG!V#-!3(.3A3.)/$!

5%()+!B'%2'/N!#/.!7#-!3NB'-++3A-!'-+)$7+!.-+C'35-.!/5%A-F!/(.!-A-(!7#%)2#!7#-!2'%)B! 5%()+!/$+%!#/.!B%+373A-!'-+)$7+F!7#-+-!@-'-!+N/$$-'!/(.!.3+/BB-/'-.!@37#!73N-G<U!d(!

N)C#!%E!7#-!-A3.-(C-!@#-'-!B'%2'/N+!@-'-!3(-EE-C73A-F!5%()+-+!@-'-!+N/$$!/(.!N%+7!

7-/C#-'+!%57/3(!7#-!/@/'.F!+%!3(+7-/.!%E!'-@/'.3(2!7#-!5-+7F!7#-!B'%2'/N+!-(.-.!)B! 5-C%N3(2!/!2-(-'/$3Q-.!3(C'-/+-!3(!+/$/'3-+!@37#!(%!+32(3E3C/(7!-EE-C7!%(!7-/C#-'!

5-#/A3%'G<g!V/5$-!<!B'-+-(7+!/!+)NN/'8!%E!-A/$)/73%(+!%E!+%N-!%E!7#-+-!B'%2'/N+G! !

V/5$-!<K!"%NB/'3+%(!%E!7-/C#-'!5%()+!B'%2'/N+!/C'%++!C%)(7'3-+! !

D'%2'/N!

:-/+)'-!

D'%2'/N+!/7!7#-!3(.3A3.)/$!7-/C#-'!$-A-$!!

H,F!4/+#A3$$-F!V4! ,7).-(7!7-+7!+C%'-+! ^,B'3(2-'!<=;=_! d(.3/F!J(.#'/! ,7).-(7!7-+7!+C%'-+!

D'/.-+#! ^:)'/$3.#/'/(!<=;<_! d+'/-$!! ,7).-(7!7-+7!+C%'-+! ^I/A8!<==\_! /(.!%7#-'!N-/+)'-+!

1'%)B!D'%2'/N+!/7!7#-!+C#%%$!$-A-$!

H,F!4-@!t%'6!"378!! ,7).-(7!7-+7!+C%'-+! ^['8-'!<=;;_!

H,F!J)+73(F!V{!! ,7).-(7!7-+7!+C%'-+! ^,B'3(2-'!<=;<_! d(.3/F!J(.#'/! ,7).-(7!7-+7!+C%'-+!

D'/.-+#! ^:)'/$3.#/'/(!<=;<_!

M-(8/!! ,7).-(7!7-+7!+C%'-+! ^1$-@@-F!d$3/+F! M'-N-'!<=;=_!

,3Q-!%E!P%()+!!

9-+)$7!%E!OA/$)/73%(!

\=`<W=c!!

4%!+32(3E3C/(7!-EE-C7!%(!+7).-(7!B-'E%'N/(C-G!!

>>`g=c!

D%+373A-!-EE-C7!%(!+7).-(7!B-'E%'N/(C-G!!

V#-!/(()/$!2'%++!-EE-C7!%E!7#-!B'%2'/N!@/+!=G;YU!,0!3(!

N/7#!/(.!=G;=g!,0!3(!$/(2)/2-G! D%+373A-!-EE-C7!%(!+7).-(7!B-'E%'N/(C-G! d(C'-/+-.!$/(2)/2-!/(.!N/7#!7-+7!+C%'-+!;=c!/(.!UcG!

^c!%E!N%(7#$8!+/$/'8_!

>=`Wgc!

<gG<`YUGnc! >Wc! >>`g=c!

<;`U>c!

P'/Q3$F!D-'(/N5)C%! ^P')(+F![-''/Q!<=;>!

E%'7#C%N3(2_!

,7).-(7!7-+7!+C%'-+! U=`n=c! /(.!%7#-'!N-/+)'-+!

d+'/-$!! ^I/A8!<==<_!

,7).-(7!7-+7!+C%'-+! ;=`U=c! /(.!%7#-'!N-/+)'-+!

"#3$-!! ^9/)F!"%(7'-'/+! <=;<_!

,7).-(7!7-+7!+C%'-+! /(.!+C#%%$!

N-/+)'-+!

UGW`WG<c!

4%!+32(3E3C/(7!-EE-C7!%(!+7).-(7!B-'E%'N/(C-G!!

4%!3(C'-/+-!3(!N/7#!/(.!'-/.3(2!+C%'-+G! 4%!+32(3E3C/(7!-EE-C7!%(!+7).-(7!B-'E%'N/(C-G!!

4%!-EE-C7!%(!7-/C#-'!B'/C73C-+G! D%+373A-!-EE-C7!%(!+7).-(7!B-'E%'N/(C-G!!

V#-!/(()/$!2'%++!-EE-C7!%E!7#-!B'%2'/N!@/+!=G=nY!,0!3(!

N/7#!/(.!=G=U>!,0!3(!$/(2)/2-G! 4%!$/+73(2!-EE-C7+!%(!+7).-(7!B-'E%'N/(C-G!! d(!7#-!+-C%(.!8-/'F!3(C'-/+-!3(!+7).-(7+a!7-+7!+C%'-+! =G;U!,0!#32#-'!7#/(!3(!7#-!C%NB/'3+%(!+C#%%$+F!5)7!7#-!

3(C'-/+-!/BB-/'+!7%!#/A-!E/.-.!58!7#-!7#3'.!8-/'G!!

4%!$/+73(2!-EE-C7!%(!+7).-(7!B-'E%'N/(C-G!! ,32(3E3C/(7!3NB'%A-N-(7!3(!+7).-(7!B'%N%73%(!'/7-+! /(.!.-C'-/+-!3(!.'%B%)7!'/7-+G!,32(3E3C/(7!3(C'-/+-!3(!

7-+7!+C%'-+!3(!7#-!E3'+7!7@%!8-/'+!%E!7#-!B'%2'/NG!V#-+-!

'-+)$7+!E/.-.!%)7!7#-'-/E7-'G! D%+373A-!-EE-C7!%(!+7).-(7!B-'E%'N/(C-G!!

93+-!3(!7-+7+!/77-NB7-.!/(.!B/++-.F!/(.!7-+7!+C%'-+!

3(C'-/+-.!%(!/A-'/2-!58!=G;\!,0!E%'!N/7#!/(.!-(2$3+#G!!

D%+373A-!-EE-C7!%(!+7).-(7!B-'E%'N/(C-G!! d(C'-/+-.!$/(2)/2-!/(.!N/7#!7-+7!+C%'-+!=G;U!7%!=G<Y! /(.!=G;Y!7%!=G<g!,0!

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

V%No+!9/)!/(.!0/(7-!"%(7'-'/+F!fV%)'(/N-(7!3(C-(73A-+!E%'!7-/C#-'+K!-A3.-(C-!E'%N!/!+C/$-.`)B!3(7-'A-(73%(!

3(!"#3$-Fh!9.#(#2'.)F%C%8#B2%(,)4(?)G<8,<"48)G74($%F!<=;<K!<;\`<UYG! <U !,--![%%7(%7-!<<G! <g !J$-*/(.'/!:3Q/$/!/(.!D3$/'!9%N/2)-'/F!f,3+7-N/+!.-!3(C-(73A%+!-(!-.)C/C3%(!8!$/!-bB-'3-(C3/!.-$!,4O0!-(! "#3$-Fh!G%(,"#)?%)9.#(#2`4)DB8'.4?4!^H(3A-'+3./.!.-!"#3$-_!n<!^<===_G!!

! ;=! !

96,,0:;!&2!-@)!487*)%#)! !

I37-'/7)'-!'-2/'.3(2!7-/C#-'!5%()+!B'%2'/N+!3(7-'(/73%(/$$8!+#%@+!N3b-.!-A3.-(C-G!V#3+!

3+!7%!5-!-bB-C7-.!5-C/)+-!7#-!+-773(2F!/.N3(3+7'/73%(F!/(.!B/8N-(7!/'-!.3EE-'-(7!3(!-/C#!

C/+-F!'-.)C3(2!2-(-'/$3Q/53$378G!! ,%N-!6-8!E3(.3(2+!/'-K! ` P%()+-+!23A-(!/CC%'.3(2!7%!3(.3A3.)/$!7-/C#-'!B-'E%'N/(C-!/'-!N%'-!-EE-C73A-!

7#/(!/7!7#-!+C#%%$!$-A-$G! ` P%()+!B'%2'/N+!/'-!N%'-!-EE-C73A-!3(!.-A-$%B3(2!C%)(7'3-+!7#/(!7#-3'!.-A-$%B-.!

C%)(7-'B/'7+G! ` [%'!/!5%()+!B'%2'/N!7%!5-!-EE-C73A-F!7-/C#-'+!N)+7!B-'C-3A-!/!'-/$3+73C!$36-$3#%%.! %E!%57/3(3(2!7#-!5%()+G!V#-!+#/'-!%E!7-/C#-'+!/@/'.-.!+#%)$.!5-!C$%+-+7!7%!g=c!

7%!3(.)C-!7#-!N%+7!-EE%'7G!dE!7-/C#-'+!/'-!/$N%+7!C-'7/3(!7#/7!7#-8!@3$$!%57/3(!7#-! /@/'.F!%'!3E!7#-8!/'-!/$N%+7!C-'7/3(!7#/7!7#-8!@3$$!(%7!%57/3(!7#-!/@/'.F!7#-!

B'%2'/N!@3$$!(%7!C#/(2-!7#-3'!5-#/A3%'G<Y! ` D'%2'/N+!7#/7!5/+-.!7#-!/@/'.!%(!A/$)-`/..-.!N-/+)'-+F!/CC%'.3(2!7%!B'-A3%)+!

B-'E%'N/(C-F!@-'-!N%'-!-EE-C73A-G!!

J!C%(C-'(!7#/7!B%$3C8N/6-'+!+#%)$.!C%(+3.-'!@#-(!.-+32(3(2!/(.!3NB$-N-(73(2!7-/C#-'!

5%()+!B'%2'/N+!3+!7#-!B%++353$378!%E!)(3(7-(.-.!C%(+-Z)-(C-+!+)C#!/+!7-/C#3(2!7%!7#-!

7-+7F!C#-/73(2!%'!2/N3(2G!:%+7!B'%2'/N+!N-/+)'-!+7).-(7!B-'E%'N/(C-!58!)+3(2! +7).-(7!7-+7!+C%'-+F!@#3C#!N/8!2-(-'/7-!B-'A-'+-!5-#/A3%'!+)C#!/+!+-$-C73(2!+7).-(7+!%'!

B'-A-(73(2!C-'7/3(!+7).-(7+!E'%N!7/63(2!7#-!+7/(./'.3Q-.!7-+7+G!V#-!3(.3C/7%'+!)+-.!7%! .-7-'N3(-!7#-!/@/'.!N)+7!C%N53(-!A/'3%)+!C'37-'3/!^3(.3C/7%'+!+)C#!/+!7-+7!+C%'-+F! B-'E%'N/(C-!-A/$)/73%(+F!/(.!/77-(./(C-!/(.!B'%N%73%(!'/7-+_!3(!%'.-'!7%!N3(3N3Q-! '/(.%N!A/'3/73%(!/(.!C%(+3.-'!7#-!C%NB$-b378!%E!7#-!-.)C/73%(/$!B'%C-++G!! !

J..373%(/$$8F!7#-!+7')C7)'-!%E!7#-!5%()+!N)+7!C%''-C7!B%++35$-!53/+-+!/(.!5-!N%(37%'-.!

C$%+-$8!7%!/A%3.!.3+C'3N3(/73(2!/2/3(+7!+7).-(7+!@37#!$-/'(3(2!.3+/53$373-+G!J(!-EE-C73A-!

B'%2'/N!+#%)$.!/$+%!5/$/(C-!+C#%%$!/(.!3(.3A3.)/$!3(C-(73A-+F!B'%N%73(2!/!C%%B-'/73A-!

C)$7)'-G!J$$!7-/C#-'+!%'!+C#%%$+!+#%)$.!5-!-$3235$-F!5)7!7%!-(C%)'/2-!-b7'/!-EE%'7!%($8!/!

2'%)B!%E!7#-N!+#%)$.!'-C-3A-!7#-!/@/'.G<W!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! <Y

!P/'5/'/!P')(+F!0-%(![3$N-'!/(.!e/''8!J(7#%(8!D/7'3(%+F!A4a'($)&.7##8&)H#"aY)T%H)%C'?%(.%)#() 4..#<(,4M'8',=)"%*#"2&!^?/+#3(27%(F!0G"GK!?%'$.!P/(6!D)5$3C/73%(+F!<=;;_G! <W !q3C7%'!I/A8F!fH+3(2!B-'E%'N/(C-`5/+-.!B/8!7%!3NB'%A-!7#-!Z)/$378!%E!7-/C#-'+Fh!+7%)*<,<"%)#*).7'8?"%(! ;WF!(%G!;!^<==W_K!nW`;=\G!

!

;;!

d(.3A3.)/$`$-A-$!B'%2'/N+!@#-'-!7-/C#-'+!C%NB-7-!E%'!/!$3N37-.!()N5-'!%E!/@/'.+!

32(%'-!7#-!3(7-'.-B-(.-(C-!7#/7!3+!(-C-++/'8!3(!7#-!$-/'(3(2!B'%C-++!/(.!C'-/7-!/!

C%NB-7373A-!C$3N/7-!3(+7-/.!%E!C)$73A/73(2!C%%B-'/73%(G!J(%7#-'!B'%5$-N!3+!7#-!.3EE3C)$78!

3(!3.-(73E83(2!7-/C#-'!3(.3A3.)/$!B-'E%'N/(C-F!/+!+7).-(7!B-'E%'N/(C-!3+!/(!3NB-'E-C7!

B'%b8G<n!! !!

/)0#@):!A&%6.!B:&+:0,.!7%!A:0V7(! ! d(373/$!/(/$8+3+!58!V#3/2%!.-!I)C-(/!"%-$#%!)+3(2!P'/Q3$3/(!(/73%(/$!7-+7!+C%'-+!+#%@+!

7#/7!7#-!D']N3%!#/+!/!B%+373A-!/(.!+32(3E3C/(7!3NB/C7!%(!+7).-(7!$-/'(3(2!3(!93%!.-!

L/(-3'%!N)(3C3B/$!+C#%%$+G!e-!E3(.+!7#/7!7-+7!+C%'-+!3(C'-/+-.!E%'!5%7#!2'/.-+!7-+7-.F! E3E7#!/(.!(3(7#!2'/.-+F!@37#!/!$/'2-'!-EE-C7!E%'!E3E7#!2'/.-!+7).-(7+G!"%-$#%!C%NB/'-.!

7-+7!+C%'-+!5-E%'-!/(.!/E7-'!7#-!B'%2'/N!E%'!93%!N)(3C3B/$!+C#%%$+!@37#!+C#%%$+!E'%N! N)(3C3B/$373-+!/.*/C-(7!7%!93%G<\!! !

J!'32%'%)+!/(/$8+3+!58!P/'5/'/!P')(+!/(.!"$/).3%![-''/Q!%E!/!+3N3$/'!7-/C#-'!5%()+!

B'%2'/N!3(!D-'(/N5)C%!,7/7-F!P'/Q3$F!-b/N3(-+!5%7#!C$/++'%%N!%5+-'A/73%(!./7/!/(.!

7-+7!+C%'-+G!V#-!'-+-/'C#-'+!E3(.!7#/7!7#-!B'%2'/N!2-(-'/7-.!+32(3E3C/(7!/(.!+)+7/3(-.!

3(C'-/+-!3(!+7).-(7!B'%N%73%(!'/7-+!/(.!/!$/'2-!.-C$3(-!3(!.'%B%)7!/(.!'-7-(73%(!'/7-+G! d(!/..373%(F!.)'3(2!37+!E3'+7!7@%!8-/'+F!7#-!B'%2'/N!3(C'-/+-.!+7).-(7!7-+7!+C%'-+!E%'!

N%+7!2'/.-+!/(.!+)5*-C7+F!5)7!7#-+-!@-'-!(%7!+)+7/3(-.!%A-'!73N-G!P')(+!/(.![-''/Q!/$+%!

E3(.!7#/7!7#-!3NB/C7!%E!7#-!B'%2'/N!3+!+N/$$-'!E%'!532!+C#%%$+F!+)22-+73(2!7#-!B'-+-(C-!%E! E'--!'3.3(2G!V#-!B'%2'/N!/$+%!#/+!.3EE-'-(7!3NB/C7+!%(!+7).-(7+!/CC%'.3(2!7%!7#-3'!

C#/'/C7-'3+73C+F!#/A3(2!7#-!$/'2-+7!B%+373A-!-EE-C7+!%(!+7).-(7+!@37#!$-++!E/A%'/5$-!

5/C62'%)(.+G![3(/$$8F!7#-8!E%)(.!7#/7!7#-!5%()+!B'%2'/N!#/+!5--(!'-C-3A-.!@-$$!58! .3'-C7%'+!/(.!7-/C#-'+!/(.!7#/7!3(!+)CC-++E)$!+C#%%$+F!7-/C#-'+!+B-(7!N%'-!73N-!

7-/C#3(2F!@-'-!/5$-!7%!N/3(7/3(!7#-!+7).-(7+a!3(7-'-+7!$%(2-'!/(.!@-'-!%)7+3.-!%E!7#-!

C$/++'%%N!$-++!73N-G>=!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! <n

!9%5-'7!L/N-+!1%'.%(F!V#%N/+!LG!M/(-!/(.!,7/32-'!0%)2$/+F!N?%(,'*='($)%**%.,'C%),%4.7%"&)<&'($) B%"*#"24(.%)#(),7%)b#MF!^?/+#3(27%(F!0G"GK!P'%%63(2+!d(+737)73%(F!<==Y_G! <\ !V#-!.3EE-'-(C-+`3(`.3EE-'-(C-+!N-7#%.%$%28!C%NB/'-+!B'-!/(.!B%+7!3(7-'A-(73%(!7'-(.+!3(!/!7'-/7N-(7!

2'%)B!@37#!/!C%NB/'3+%(!2'%)BG!d(!7#3+!C/+-!"%-$#%!C%NB/'-.!B'-!/(.!B%+7!3(7-'A-(73%(!7'-(.+!3(!93%!

N)(3C3B/$!+C#%%$+!@37#!N)(3C3B/$!+C#%%$+!E'%N!/.*/C-(7!N)(3C3B/$373-+G! V#3/2%!.-!I)C-(/!"%-$#%F!fP|()+!B%'!0-+-NB-(#%!.-!D'%E-++%'-+K!J(o$3+-!./!ObB-'3](C3/!"/'3%C/Fh! :%(%2'/E3/!.-![3(/$!.-!")'+%F!0-B/'7/N-(7%!.-!OC%(%N3/F!D%(73EyC3/!H(3A-'+3./.-!"/7}$3C/!.%!93%!.-!

L/(-3'%!^DH"`93%_!^<=;<_G!! >= !!P/'5/'/!P')(+!/(.!"$/).3%![-''/QF!!4='($)+%4.7%"&),#)!%"*#"2Y)3%&<8,&)#*)4)+%4.7%")E#(<&)!"#$"42)'() !%"(42M<.#V)E"4X'8F![%'7#C%N3(2!^V#-!?%'$.!P/(6F!<=;>_G!

! ;<! !

480(60-7&%!&2!-@)!36::)%-!B:&+:0,! !

!

!

! ! ?-!-A/$)/7-!7#-!-EE-C73A-(-++!%E!7#-!D']N3%!J()/$!.-!0-+-NB-(#%!/7!3(C'-/+3(2! +7).-(7!B-'E%'N/(C-G!V%!5-23(F!%)'!/(/$8+3+!N)+7!C%(+3.-'!7#-!$3N37/73%(+!%E!%)'!./7/! /(.!7#-!C%NB$-b!C%(7-b7!3(!@#3C#!7#-!B'%2'/N!@/+!3(7'%.)C-.G! ! d(!<==\F!93%!-$-C7-.!/!(-@!:/8%'/$!/.N3(3+7'/73%(!7#/7!#/+!5--(!#32#$8!/C73A-!3(!

3(+737)73(2!(-@!B'%2'/N+!7%!3(C'-/+-!-.)C/73%(/$!Z)/$378G!d(!/!!"#"$%&#$&#'(&)$%*+& !"#$"%&'()*+(&,-./.!%0.)1(*%2(%02#(.-)"#3,/+3(%-(%//+0+"%).#-(!"#$"%&(4#"(2),3+-)2( !"#$%&''$()"*+,$-./#0)1#2$,)$34)')/&56#7!/(.!/!B'%2'/N!7#/7!B'%A3.-+!+B-C3/$!E)(.3(2!7%!

B/'73C)$/'$8!$%@`3(C%N-!+C#%%$+!^O+C%$/+!.%!JN/(#S_F!/N%(2!%7#-'!B'%2'/N+G!! !

P-C/)+-!%E!7#-!A/'3-78!%E!+3N)$7/(-%)+!B'%2'/N+F!%)'!/(/$8+3+!3+!)(/5$-!7%!.-N%(+7'/7-!

7#/7!7#-!5%()+!B'%2'/N!3+!+%$-$8!'-+B%(+35$-!E%'!7#-!3(C'-/+-!3(!B-'E%'N/(C-!/E7-'!<==\G! J+!/!C%(+-Z)-(C-F!@-!E3'+7!C%(+3.-'!7#-!C%N53(-.!-EE-C7!%E!/$$!B%+7`<==\!93%!N)(3C3B/$!

B'%2'/N+!%(!7-+7!+C%'-+!/(.!%7#-'!-.)C/73%(/$!3(.3C/7%'+G!!?-!7#-(!E%C)+!+B-C3E3C/$$8!%(!

7#-!5%()+!B'%2'/N!/(.!B'-+-(7!-A3.-(C-!'-2/'.3(2!37+!-EE3C/C8G![3(/$$8F!@-!C%(+3.-'! +%N-!B%7-(73/$!@-/6(-++-+!7#/7!N/8!7#'-/7-(!7#-!-EE-C73A-(-++!%'!-Z)378!%E!7#-!

B'%2'/NG! ! d.-/$$8F!7%!-A/$)/7-!7#3+!B'%2'/N!@-!@%)$.!C%NB/'-!+C#%%$+!7#/7!/'-!+3N3$/'!3(!/$$! /+B-C7+!/(.!.3EE-'!%($8!%(!@#-7#-'!7#-8!B/'73C3B/7-!3(!7#-!5%()+!B'%2'/N!%'!(%7G! H(E%'7)(/7-$8F!/$$!N)(3C3B/$!+C#%%$+!3(!93%!/'-!B/'73C3B/73(2F!+%!7#-'-!3+!(%!B-'E-C7!

C%(7'%$!2'%)B!7%!C%NB/'-!/2/3(+7G! !

13A-(!7#3+!$3N37/73%(F!@-!)+-!+7/7-!+C#%%$+!@37#3(!93%!/+!/!C%NB/'3+%(!2'%)BG>;!!,7/7-! +C#%%$+!/'-!3(!7#-!+/N-!/'-/+!/+!N)(3C3B/$!+C#%%$+!/(.!5%7#!#/A-!5-(-E377-.!E'%N! P'/Q3$a+!E-.-'/$!-.)C/73%(/$!3(A-+7N-(7+!%A-'!7#-!$/+7!E-@!8-/'+G!,7/7-!+C#%%$+!/'-!(%7!

B/'7!%E!7#-!N)(3C3B/$!+C#%%$a+!-.)C/73%(/$!B'%2'/N+!+3(C-!<==\F!#%@-A-'F!+%!7#-8!

B'%A3.-!/!+-(+35$-!C%NB/'3+%(!7#/7!3+%$/7-+!7#-!3NB/C7!%E!7#-!B%+7`<==\!N)(3C3B/$!

B'%2'/N+G!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! >;

!J(%7#-'!B%++35$-!+%$)73%(!3+!7%!)+-!N)(3C3B/$!+C#%%$+!5-E%'-!3NB$-N-(7/73%(!%E!7#-!B'%2'/N!/+!/!

5/+-$3(-G!V#3+!3+!B'%5$-N/73C!5-C/)+-!@-!#/A-!(%!./7/!5-E%'-!<==W!/(.!#/A-!A-'8!$3N37-.!./7/!E%'!<==nF! 23A3(2!)+!A-'8!$377$-!3(E%'N/73%(!/5%)7!7#-!B/+7!7'-(.G!!

!

;>!

,7/7-!+C#%%$+!/'-!(%7!/!B-'E-C7!C%(7'%$!5-C/)+-!7#-8!.3EE-'!E'%N!N)(3C3B/$!+C#%%$+!%(!

C-'7/3(!E/C7%'+!3(C$).3(2!C)''3C)$)NF!/A-'/2-!7-+7!+C%'-+F!/(.!/A-'/2-!+%C3%-C%(%N3C! +7/7)+G!V%!/CC%)(7!E%'!7#-+-!3++)-+F!@-!-b/N3(-!7#-!.3EE-'-(C-!5-7@--(!7#-!B'%2'-++3%(! %E!+C%'-+!E%'!N)(3C3B/$!/(.!+7/7-!+C#%%$+F!C%NB/'3(2!-/C#!2'%)B!7%!37+!B'-A3%)+!

B-'E%'N/(C-!)+3(2!/!.3EE-'-(C-!3(!.3EE-'-(C-+!N-7#%.G!V#3+!/$$%@+!)+!7%!B'%A3.-!/!

'-/+%(/5$-!-A/$)/73%(!%E!7#-!3NB/C7!%E!7#-!B%+7`<==\!B'%2'/N+G><! !

Y).#:7F-7&%!&2!Y0-0!\.)*!7%!-@)!"%0(;.7.! !

T)'!/(/$8+3+!)73$3Q-+!7-+7!+C%'-+F!B'%N%73%(!'/7-+F!/(.!#32#!+C#%%$!-('%$$N-(7!./7/!/+!

N/*%'!3(.3C/7%'+!%E!+7).-(7!B-'E%'N/(C-G!?-!/$+%!3(7'%.)C-!N-/+)'-+!%E!+%C3%-C%(%N3C! +7/7)+F!()N5-'!%E!7-/C#-'+!@37#3(!/!+C#%%$F!/(.!3(E%'N/73%(!%(!+C#%%$!5%()+!/77/3(N-(7!

3(!%'.-'!7%!-A/$)/7-!7#-!C#/'/C7-'3+73C+!%E!/@/'.-.!+C#%%$+G>>! !

4/73%(/$!7-+7!+C%'-+!/'-!E'%N!7#-!D'%A/!P'/+3$F!/!:/7#!/(.!D%'7)2)-+-!7-+7!7/6-(!-A-'8! %7#-'!8-/'!58!/$$!+7).-(7+!3(!E3E7#!/(.!(3(7#!2'/.-G!D'%N%73%(!'/7-+!/'-!%57/3(-.!E'%N! 7#-!4/73%(/$!d(+737)7-!%E!O.)C/73%(/$!,7).3-+!/(.!+#%@!7#-!B'%B%'73%(!%E!+7).-(7+!@#%!

B/++!7%!7#-!(-b7!2'/.-!-/C#!8-/'G>U!e32#!+C#%%$!-('%$$N-(7!'/7-+!3(C$).-!-('%$$N-(7!3(!

B'%E-++3%(/$!+C#%%$+!/(.!/'-!C%NB)7-.!E'%N!/(!/(()/$!C-(+)+!%E!+7).-(7+!C/$$-.!7#-!

"-(+%!O+C%$/'G! ! ?-!/$+%!#/A-!7-+7!+C%'-!./7/!/A/3$/5$-!E'%N!7#-!D'%A/!93%F!/!:/7#!/(.!D%'7)2)-+-!7-+7!

7/6-(!58!7#3'.F!E%)'7#F!+-A-(7#!/(.!-32#7#!2'/.-!+7).-(7+!%($8!3(!93%a+!N)(3C3B/$! +C#%%$+G!?-!.3.!(%7!)+-!D'%A/!93%F!#%@-A-'F!5-C/)+-!37!+7/'7-.!7#-!+/N-!8-/'!/+!7#-!

B'%2'/N!/(.!3+!%($8!7/6-(!58!+7).-(7+!3(!N)(3C3B/$!+C#%%$+F!+%!@-!#/A-!(%!5/+-$3(-!./7/! %'!C%NB/'3+%(!2'%)BG!V/5$-!>!+)NN/'3Q-+!7#-!./7/!)+-.!3(!%)'!/(/$8+3+G!! ! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ><

!?-!)+-!7#-!.3EE-'-(C-`3(`.3EE-'-(C-+!N-7#%.!C%NB/'3(2!B'-`!/(.!B%+7`3(7-'A-(73%(!7'-(.+!3(!N)(3C3B/$! +C#%%$+!@37#!+7/7-!+C#%%$+!/+!/!C%NB/'3+%(!2'%)BG!! >> !,%C3%-C%(%N3C!+7/7)+!3+!C/$C)$/7-.!E'%N!/!Z)-+73%((/3'-!%(!2%%.+!%@(-'+#3B!7#/7!+7).-(7+!/(+@-'!@37#!

7#-!D'%A/!P'/Q3$!^+--!JBB-(.3b!;_G! [%'!/!N%'-!.-7/3$-.!.-+C'3B73%(!%E!7#-!A/'3/5$-+!)+-.F!'-E-'!7%!JBB-(.3b!;G! >U !d(+737)7%!4/C3%(/$!.-!O+7).%+!-!D-+Z)3+/+!O.)C/C3%(/3+!

! ;U! !

V/5$-!>K!0/7/!)73$3Q-.!E%'!/(/$8+3+! ! !

!

!

!

<==W!

D'%A/!P'/+3$!/!

{!

!

{!

!

{!

D'%N%73%(!9/7-+!/!

{!

{!

{!

{!

{!

P%()+!1%/$+!/(.!J@/'.-.!,C#%%$+!5!

!

!

{!

{!

{!

e32#!+C#%%$!O('%$$N-(7!/!

{!

{!

{!

{!

!

0/7/+-7)

/

t-/'! <==n! <==\! <=;=!

<=;;!

5

!:)(3C3B/$!/(.!+7/7-!+C#%%$+G!!!!!!! !:)(3C3B/$!+C#%%$+!%($8!

!

d(!%'.-'!7%!-+7/5$3+#!3E!./7/!E'%N!<==\!+#%)$.!5-!C%(+3.-'-.!B'-`!%'!B%+7`B'%2'/NF!@-! %5+-'A-.!#%@!7#-!B'%2'/N!@/+!3NB$-N-(7-.G!J$7#%)2#!37!@/+!%EE3C3/$$8!3(+737)7-.!3(!7#-!

N3..$-!%E!7#-!<==\!+C#%%$!8-/'F!7-/C#-'+!E3'+7!$-/'(-.!%E!7#-!B'%2'/N!/7!7#-!5-23((3(2!%E! 7#-!8-/'G>g!J+!/$$!%E!%)'!3(.3C/7%'+!/'-!N-/+)'-.!/7!7#-!-(.!%E!7#-!+C#%%$!8-/'F!+C#%%$+!

N/8!#/A-!#/.!/!E)$$!8-/'!7%!/./B7!7#-3'!B-'E%'N/(C-!7%!7#-!B'%2'/NG!!?-!7#-'-E%'-!

C%(+3.-'!5%7#!<==\!/(.!<=;;!N-/+)'-+!/+!B%+7`B'%2'/N!3(.3C/7%'+G![32)'-!>!5-$%@! +#%@+!7#-!73N-$3(-!%E!7#-!3NB$-N-(7/73%(!%E!7#-!B'%2'/N!/(.!@#-(!7#-!./7/!@-'-!

C%$$-C7-.G!!

[32)'-!>K!V3N-$3(-!%E!7-+7+!/(.!B'%2'/N!3NB$-N-(7/73%(

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! >g

!T(![-5')/'8!;>F!<==\!7-/C#-'+!N-7!@37#!"$/).3/!"%+73(F!7#-!:)(3C3B/$!,-C'-7/'8!%E!O.)C/73%(F!@#-'-!

7#-8!@-'-!3(E%'N-.!%E!7#-!5%()+!B'%2'/NG!! ,3(.3C/7%!O+7/.)/$!.%+!D'%E3++3%(/3+!.-!O.)C/RS%!.%!9L!^,ODO_F!-%B%),%C%)4<?'c(.'4).#2)4)-%."%,d"'4) A<('.'B48)?%)9?<.4ef##)(#)?'4)0J)?%)*%C%"%'"#Y)W%b4)#)"%&<8,4?#)?#)%(.#(,"#F![-5')/'8!;WF!<==\F! #77BKrr@@@G+-B-'*G%'2G5'rA-'u(%73C3/GB#BlC%.u(%73C3/sgWY!^/CC-++-.!:/'C#!;F!<=;>_G!

!

;g!

480(60-7&%!&2!9-6*)%-!])0:%7%+!^!H7&!S6%7#7F0(!9;.-),! !

J+!.-+C'35-.!/5%A-F!5-C/)+-!7#-!93%!,-C'-7/'8!%E!O.)C/73%(!3NB$-N-(7-.!/!()N5-'!%E! B'%2'/N+!3(!<==\F!@-!C/((%7!B'%A-!7#/7!/(8!B/'73C)$/'!C#/(2-!3(!-.)C/73%(/$!3(.3C/7%'+!

3+!+%$-$8!/77'35)7/5$-!7%!7#-!5%()+!B'%2'/NG!V#-!3(.3C/7%'+!-A/$)/7-.!3(!7#3+!+-C73%(~ 7-+7!+C%'-+F!B'%N%73%(!'/7-+F!/(.!#32#!+C#%%$!-('%$$N-(7~3(.3C/7-!B'%2'-++!C/)+-.!58! +8+7-N`@3.-!C#/(2-+!3(!7#-!93%!N)(3C3B/$378G! !

V-+7!+C%'-+!/(.!B'%N%73%(!'/7-+!/'-!N-/+)'-+!)+-.!58!7#-!:)(3C3B/$!,-C'-7/'8!%E! O.)C/73%(!7%!/@/'.!7#-!5%()+G!P-C/)+-!5%()+!B'%2'/N+!#/A-!7#-!B%7-(73/$!7%!3(.)C-!

7-/C#3(2!7%!7#-!7-+7!%'!C#-/73(2F!@-!/$+%!3(7'%.)C-!/(!-b7-'(/$!3(.3C/7%'!%E!/C/.-N3C! B-'E%'N/(C-!7#/7!3+!(%7!)+-.!3(!/@/'.3(2!7#-!5%()+K!#32#!+C#%%$!-('%$$N-(7F!@#3C#!

3(C$).-+!#32#!+C#%%$!/(.!B'%E-++3%(/$!+C#%%$G!e32#!+C#%%$!3(!P'/Q3$!3+!/A/3$/5$-!/7!(%!C%+7!

5)7!3+!(%7!N/(./7%'8G!?-!)+-!37!/+!/(!3(.3C/7%'!%E!/C/.-N3C!B-'E%'N/(C-!5-C/)+-!@-! #8B%7#-+3Q-!7#/7!+7).-(7+!@#%!/'-!$-++!B'-B/'-.!@3$$!(%7!5-!'-/.8!7%!7/6-!%(!/!#32#-'! $-A-$!%E!+C#%%$3(2G>Y!dE!93%a+!N)(3C3B/$!-.)C/73%(/$!B'%2'/N+!/'-!+)CC-++E)$F!@-!@%)$.!

-bB-C7!7%!+--!/!C%''-+B%(.3(2!'3+-!3(!#32#!+C#%%$!-('%$$N-(7G!! !

B:&+:)..7&%!&2!/).-!9#&:).! !

[%$$%@3(2!7#-!B%$3C8!C#/(2-+!7#/7!3(C$).-.!3NB$-N-(7/73%(!%E!7#-!5%()+!B'%2'/N!3(! <==\F!@-!%5+-'A-!/(!3(C'-/+-!3(!7-+7!+C%'-+!3(!/$$!2'/.-+!/(.!/$$!+)5*-C7+!E'%N!B'-`!7%!

B%+7`B%$3C8!C#/(2-G!V#-!5322-+7!3(C'-/+-!E%'!E3E7#!2'/.-'+!%CC)'+!.)'3(2!7#-!E3'+7!8-/'!%E! 7#-!B'%2'/N!3(!<==\F!@#3$-!7#-!5322-+7!3(C'-/+-!E%'!7#-!(3(7#!2'/.-'+!%CC)'+!3(!<=;;F! @#3C#!C%)$.!3(.3C/7-!7#-!B'%2'/N!%($8!#/+!/(!-EE-C7!3(!7#-!E3'+7!E-@!8-/'+G!J+!@-!%($8! #/A-!7@%!8-/'+!%E!./7/!/E7-'!7#-!3NB$-N-(7/73%(!%E!7#-!B'%2'/N+!/(.!7#-!3(C'-/+-!3(!

(3(7#!2'/.-!/BB-/'+!%($8!3(!<=;;F!$/7-'!/(/$8+3+!@3$$!5-!(--.-.!7%!C%(E3'N!3E!7-+7!+C%'-+!

C%(73()-!3(C'-/+3(2!/E7-'!7#-!E3'+7!E-@!8-/'+!%'!(%7G! !

[3E7#!2'/.-'+!3(C'-/+-.!7#-3'!+C%'-+!3(!N/7#!/(.!D%'7)2)-+-!58!/(!/A-'/2-!%E!WGWc! 5-7@--(!<==W!/(.!<=;;F!/(.!(3(7#!2'/.-'+!3(C'-/+-.!7#-3'!/A-'/2-!+C%'-!>G>c!%A-'!7#-! +/N-!B-'3%.G>W![32)'-+!U!/(.!g!+#%@!7#-!.3+7'35)73%(!%E!+C%'-+!/N%(2!+7).-(7+!E%'!-/C#!

8-/'G! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! >Y

!?-!#/A-!-A3.-(C-!%E!7#3+!-EE-C7!/7!7#-!+C#%%$!$-A-$K!+C#%%$+!@37#!/(!/A-'/2-!+C%'-!;=!B%3(7+!#32#-'!#/A-! %(!/A-'/2-!;c!N%'-!+7).-(7+!-('%$$!3(!#32#!+C#%%$!^+--!JBB-(.3b!U_G! >W !T(!/A-'/2-F!-A-'8!8-/'!%E!7#-!B'%2'/N!3(C'-/+-.!(3(7#!2'/.-!7-+7!+C%'-+!58!=G=W!+7/(./'.!.-A3/73%(+!3(!

D%'7)2)-+-!/(.!=G=n!+7/(./'.!.-A3/73%(+!3(!:/7#G!d7!3(C'-/+-.!E3E7#!2'/.-!+C%'-+!58!=G;Y!+7/(./'.! .-A3/73%(+!3(!D%'7)2)-+-!/(.!=G<<!+7/(./'.!.-A3/73%(+!3(!:/7#G!

! ;Y! !

B:&F&:_&%!&2!.-6*)%-.!

[32)'-!UK!03+7'35)73%(!%E!g7#!2'/.-!:/7#!+C%'-+!3(!N)(3C3B/$!+C#%%$+!X!d(C'-/+-!3(!7-+7! +C%'-+!/E7-'!7#-!3NB$-N-(7/73%(!%E!7#-!B'%2'/N+! ! ;=c! \c! nc!

Wc! Yc! gc!

Uc! >c! <c! ;c! =c!

<==W! <==\! <=;;!

>g! Yg! \g! ;<g! ;gg! ;ng! <;g! <Ug! <Wg! >=g! >>g! >Yg! >\g! U<g! Ugg! S0-@!.#&:)!

!

B:&F&:_&%!&2!.-6*)%-.!

!

7# [32)'-!gK!03+7'35)73%(!%E!\ !2'/.-!:/7#!+C%'-+!3(!N)(3C3B/$!+C#%%$+!X!d(C'-/+-!3(!7-+7! +C%'-+!/E7-'!7#-!3NB$-N-(7/73%(!%E!7#-!B'%2'/N+!! ! ;=c! \c! nc!

Wc! Yc! gc!

Uc! >c! <c! ;c! =c!

<==W! <==\! <=;;!

>g! Yg! \g! ;<g! ;gg! ;ng! <;g! <Ug! <Wg! >=g! >>g! >Yg! >\g! U<g! Ugg! S0-@!.#&:)!

!

!

d(!%'.-'!7%!+--!#%@!+32(3E3C/(7!7#-+-!2/3(+!/'-F!@-!7-+7-.!7#-!C#/(2-!3(!N)(3C3B/$! +C#%%$+!/2/3(+7!7#-!C#/(2-!3(!%)'!+7/7-!+C#%%$!C%NB/'3+%(!2'%)BG!V#-!%5+-'A-.!3(C'-/+-!

3(!N)(3C3B/$!7-+7!+C%'-+!3+!5322-'!E%'!N)(3C3B/$!+C#%%$+!7#/(!E%'!+7/7-!+C#%%$+!%A-'!7#-! <==W`<=;;!B-'3%.G!,7/73+73C/$!7-+7+!C%(E3'N!7#/7!7#-+-!C#/(2-+!/'-!+32(3E3C/(7G>n![32)'-+!Y! /(.!W!5-$%@!+#%@!7#-!C#/(2-!3(!+C%'-+!E%'!5%7#!N)(3C3B/$!/(.!+7/7-!+C#%%$+G!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! >n ![%'!/!N%'-!.-7/3$-.!.-+C'3B73%(!%E!7#3+!/(/$8+3+F!'-E-'!7%!JBB-(.3b!<G! !

;W!

[32)'-!YK!d(C'-/+-!3(!g7#!2'/.-!7-+7!+C%'-+!^N)(3C3B/$!A+G!+7/7-!+C#%%$+_! ! !

S0-@![-@!+:0*)!

B&:-6+6).)![-@!+:0*)! ! ! <U=! ! <>=! ! <<=! ! <;=! ! <==! !

<U=! <>=! <<=! <;=! <==! ;\=!

;\=!

! ;n=! !

;n=!

;W=! <==W!

<==n!

<==\!

<=;=!

N)(3C3B/$!

<=;;!

;W=! <==W!

<==n!

+7/7-!

<==\!

N)(3C3B/$!

<=;=!

<=;;!

+7/7-!

! !

7# [32)'-!WK!d(C'-/+-!3(!\ !2'/.-!7-+7!+C%'-+!^N)(3C3B/$!A+G!+7/7-!+C#%%$+_! ! !

S0-@!D-@!+:0*)!

B&:-6+6).)!D-@!+:0*)! ! ! <W=! ! <Y=! ! ! <g=! ! ! <U=! ! <>=! ! ! <<=!

<W=! <Y=! <g=! <U=! <>=! <<=! ! <==W!

<==n!

!

!

<==\!

<=;=!

N)(3C3B/$!

<=;;!

<==W!

<==n!

+7/7-!

<==\!

N)(3C3B/$!

<=;=!

<=;;!

+7/7-!

!

d(!/..373%(!7%!7-+73(2!3E!7#-'-!@-'-!3(C'-/+-+!3(!7-+7!+C%'-+!%A-'/$$F!@-!/$+%!@/(7-.!7%!

-A/$)/7-!3E!7#-!3(C'-/+-+!@-'-!-bB-'3-(C-.!-Z)37/5$8!/C'%++!+C#%%$+!%E!.3EE-'-(7!/A-'/2-! +%C3%-C%(%N3C!+7/7)+G!J$7#%)2#!(%7!+#%@(!#-'-!2'/B#3C/$$8F!@-!E3(.!7#/7!7#-!3(C'-/+-!3(!

7-+7!+C%'-+!3+!$/'2-'!E%'!+C#%%$+!@37#!$%@!+%C3%-C%(%N3C!+7/7)+!+7).-(7+!7#/(!E%'!+C#%%$+! @37#!#32#!+%C3%-C%(%N3C!+7/7)+!+7).-(7+G>\!V#3+!+%N-@#/7!+)'B'3+3(2!'-+)$7!3+!$36-$8!.)-!

7%!%7#-'!B'%2'/N+!+B-C3E3C/$$8!E%C)+-.!%(!$%@!+%C3%-C%(%N3C!+C#%%$+G!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

![%'!/!N%'-!.-7/3$-.!.-+C'3B73%(!%E!7#3+!/(/$8+3+F!'-E-'!7%!JBB-(.3b!<G!

>\

! ;n! !

B:&+:)..7&%!&2!B:&,&-7&%!H0-).! !

D'%N%73%(!'/7-+!/'-!)+-.!7%!2/)2-!+7).-(7!B-'E%'N/(C-!5-C/)+-!7#-8!3(.3C/7-!7#-!

B'%B%'73%(!%E!+7).-(7+!7#/7!/C#3-A-.!%E!7#-!N3(3N)N!$-A-$!%E!$-/'(3(2!'-Z)3'-.!7%!B/++!

7%!7#-!(-b7!2'/.-G!?-!-A/$)/7-!7#-!C#/(2-!3(!B'%N%73%(!'/7-+!5-E%'-!/(.!/E7-'!

3NB$-N-(7/73%(!%E!7#-!(-@!N)(3C3B/$!B'%2'/N+F!/+!+#%@(!3(![32)'-!n!5-$%@GU=!! !

[32)'-!nK!JA-'/2-!B'%N%73%(!'/7-+!3(!N)(3C3B/$!+C#%%$+!58!8-/'!X!,32(3E3C/(7!.'%B!3(! <==\!!

B:&,&_&%!:0-).!NWP!

!

;==! \n! \Y! \U! \<! \=! nn! nY! nU! n<! n=! <==W!

<==n!

<==\!

<=;=!

<=;;!

!

! ?-!C/(!+--!/!N/*%'!C#/(2-!3(!7#-!7'-(.!%E!B'%N%73%(!'/7-+!3(!<==\G!J$7#%)2#!@-!+--!/(!

3(C'-/+-!5-7@--(!<==\!/(.!<=;;F!@-!C/((%7!/77'35)7-!7#-!3(C'-/+-!7%!7#-!C%N53(-.!

-EE-C7!%E!7#-!(-@!-.)C/73%(/$!B'%2'/N+!5-C/)+-!%E!/!N/*%'!B%$3C8!C#/(2-!'-2/'.3(2!

B'%N%73%(!7#/7!@/+!/$+%!3(+737)7-.!3(!<==\G!P-E%'-!7#3+!C#/(2-F!+7).-(7+!@-'-!B'%N%7-.!

7%!7#-!(-b7!2'/.-!/)7%N/73C/$$8!/(.!C%)$.!%($8!5-!'-7/3(-.!3(!E3E7#!/(.!(3(7#!2'/.-+G!d(! <==\!7#3+!B%$3C8!@/+!/5%$3+#-.!/(.!'-B$/C-.!@37#!/!+8+7-N!@#-'-!+7).-(7+!C%)$.!5-!

'-7/3(-.!/7!/(8!2'/.-!3E!7#-8!.%!(%7!'-/C#!/!N3(3N)N!$-A-$!%E!$-/'(3(2G!! ! ?-!#8B%7#-+3Q-!7#/7!7#-!+32(3E3C/(7!.'%B!3(!B'%N%73%(!'/7-+!+--(!3(!<==\!3+!/!.3'-C7!

'-+)$7!%E!7#3+!B%$3C8!C#/(2-!/+!+C#%%$+!@-'-!(%@!/5$-!7%!'-7/3(!+7).-(7+!/7!/(8!2'/.-G! [%$$%@3(2!7#3+!.'%BF!7#-!3(C'-/+-!+--(!/E7-'!<==\!N/8!5-!%($8!/!'-/.*)+7N-(7!7%!7#-!

(-@!+8+7-NF!/(.!(%7!/!B/'73C)$/'!'-+)$7!%E!7#-!(-@!-.)C/73%(/$!B'%2'/N+G!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

U=

![%'!/!N%'-!.-7/3$-.!.-+C'3B73%(!%E!7#3+!/(/$8+3+F!'-E-'!7%!JBB-(.3b!>G!

!

;\!

B:&+:)..7&%!&2!`7+@!9#@&&(!4%:&((,)%-! !

d(!/..373%(!7%!7-+7!+C%'-+!/(.!B'%N%73%(!'/7-+F!#32#!+C#%%$!-('%$$N-(7!^3(C$).3(2!

B'%E-++3%(/$!+C#%%$!-('%$$N-(7_!C/(!+-'A-!/+!/!+)BB$-N-(7/'8!3(.3C/7%'!%E!/C/.-N3C! +)CC-++G!e32#!+C#%%$!3+!(%7!N/(./7%'8!3(!P'/Q3$F!5)7!37!3+!%EE-'-.!/7!(%!C%+7F!+%!3(C'-/+-+!

3(!-('%$$N-(7!N/8!3(.3C/7-!+%N-!.-2'--!%E!5-77-'!B'-B/'-.(-++!E'%N!B'3N/'8!+C#%%$3(2G! P-C/)+-!#32#!+C#%%$!-('%$$N-(7!3+!(%7!)+-.!3(!.-7-'N3(3(2!@#3C#!+C#%%$+!'-C-3A-!7#-!

5%()+F!7#-'-!3+!(%!3(C-(73A-!E%'!+C#%%$+!7%!/'73E3C3/$$8!N/(3B)$/7-!-('%$$N-(7!()N5-'+G!d7!

3+!/$+%!/!$%(2-'`7-'N!3(.3C/7%'!%E!/C/.-N3C!B-'E%'N/(C-!7#/(!7-+7!+C%'-+!%'!B'%N%73%(! '/7-+F!/$$%@3(2!)+!7%!-A/$)/7-!3E!7#-!-EE-C7!%E!7#-!(-@!B'%2'/N+!%(!+7).-(7!$-/'(3(2!3+! $/+73(2G! ! ?-!E3(.!7#/7!#32#!+C#%%$!-('%$$N-(7!+7-/.3$8!3(C'-/+-+!/E7-'!<==\GU;!e32#!+C#%%$!

-('%$$N-(7!3(!N)(3C3B/$!+C#%%$+!.3.!(%7!3(C'-/+-!+32(3E3C/(7$8!5-7@--(!<==W!/(.!<==nF! 5)7!3(C'-/+-.!58!YG=c!5-7@--(!<==\!/(.!<=;=G!V#-!-.)C/73%(/$!B'%2'/N+!3NB$-N-(7-.!

3(!<==\!+--N!7%!5-!/++%C3/7-.!@37#!3(C'-/+-.!#32#!+C#%%$!-('%$$N-(7!E'%N!N)(3C3B/$! +C#%%$+!%A-'!7#3+!73N-!B-'3%.GU<! !

96,,0:;!&2!a7%*7%+.!O!H7&!S6%7#7F0(!9;.-),! !

13A-(!%)'!'-+)$7+!E'%N!7#-+-!7-+7+F!@-!C%(C$).-!7#/7!7#-!C%N53(-.!-EE-C7!%E!7#-!

-.)C/73%(/$!B'%2'/N+!3(+737)7-.!3(!<==\!3+!#/A3(2!/!B%+373A-!3NB/C7!%(!7-+7!+C%'-+!/(.! #32#!+C#%%$!-('%$$N-(7G!?-!/$+%!+)+B-C7!7#/7!37!3+!#/A3(2!/!B%+373A-!-EE-C7!%(!B'%N%73%(! '/7-+F!5)7!.)-!7%!+32(3E3C/(7!B%$3C8!C#/(2-!%A-'!7#-!+/N-!B-'3%.F!@-!C/((%7!C%(C$).-!

7#/7!7#-!C#/(2-!3+!+%$-$8!.)-!7%!7#-!-.)C/73%(/$!B'%2'/N+G!V#-+-!'-+)$7+!/'-!A-'8!

-(C%)'/23(2!E%'!7#-!:)(3C3B/$!,-C'-7/'8!%E!O.)C/73%(a+!B'%2'/N+F!/+!7#-8!/BB-/'!7%!5-!

'-+)$73(2!3(!7#-!.-+3'-.!C#/(2-+!3(!-.)C/73%(/$!3(.3C/7%'+G!J+!/$$!%E!7#-+-!-.)C/73%(/$!

B'%2'/N+!@-'-!3(+737)7-.!3(!<==\F!@-!C/((%7!3+%$/7-!7#-!3NB/C7!%E!7#-!5%()+!B'%2'/N! /$%(-G!! ! ! !

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

U;

!T)'!./7/!E%'!7#3+!/(/$8+3+!/'-!$3N37-.!5-C/)+-!(%7!/$$!+7).-(7+!C%NB$-7-!7#-!C-(+)+!/(.!5-C/)+-!7#-!

B'%B%'73%(!%E!(3(7#!2'/.-'+!-('%$$3(2!3(7%!#32#!+C#%%$+!.'%BB-.!+32(3E3C/(7$8!5-7@--(!<==n!/(.!<==\G!J+! @-!C/((%7!-bB$/3(!7#-!C/)+-!%E!7#3+!.'%BF!@-!.%!(%7!/CC%)(7!E%'!37!3(!%)'!/(/$8+3+i!(-A-'7#-$-++!37!@-/6-(+! %)'!C%(C$)+3%(!/+!@-!%($8!C%(+3.-'!7#-!7'-(.+!B'-!/(.!B%+7!.'%B!3(!%)'!/(/$8+3+G!^+--!JBB-(.3b!U_G! U< ![%'!/!N%'-!.-7/3$-.!.-+C'3B73%(!%E!7#3+!/(/$8+3+F!'-E-'!7%!JBB-(.3b!UG!

! <=! !

480(60-7&%!&2!A&%6.!B:&+:0,!Y).7+%! !

13A-(!7#/7!7#-!-A3.-(C-!E'%N!7-+7!+C%'-+!/(.!#32#!+C#%%$!-('%$$N-(7!.%-+!(%7!B'%A3.-!

3(E%'N/73%(!/5%)7!7#-!5%()+!B'%2'/N!+B-C3E3C/$$8F!3(!7#3+!+-C73%(!@-!/77-NB7!7%!-A/$)/7-! /+B-C7+!%E!7#-!5%()+!/$%(-G!) ! ['%N!%)'!$37-'/7)'-!'-A3-@F!@-!#/A-!3.-(73E3-.!6-8!C%NB%(-(7+!7#/7!+)CC-++E)$!7-/C#-'!

3(C-(73A-!B'%2'/N+!+#/'-G!V#-+-!3(C$).-!)+3(2!A/$)-`/..-.!N-/+)'-+F!C%N53(3(2!

A/'3%)+!-A/$)/73A-!C'37-'3/F!/(.!+-773(2!2%/$+!+%!7#/7!7#-!$36-$3#%%.!%E!%57/3(3(2!7#-!

5%()+!3+!(-/'!g=cG!d(!/..373%(F!/(!3.-/$!B'%2'/N!/CC%)(7+!E%'!)(3(7-(.-.!C%(+-Z)-(C-+! +)C#!/+!7-/C#3(2!7%!7#-!7-+7!/(.!C#-/73(2G!?-!-A/$)/7-!3E!7#-!93%!N)(3C3B/$!5%()+!

B'%2'/N!3(C$).-+!7#-+-!C%NB%(-(7+F!/(.!)+-!E3(.3(2+!E'%N!%)'!./7/!/(/$8+3+!7%!+)BB%'7! %)'!C%(C$)+3%(+G! !

B&.7-78)!".F)#-.!&2!-@)!A&%6.!B:&+:0,!Y).7+%!

V#-!5%()+!B'%2'/N!)+-+!7@%!N-/+)'-+!%E!+7).-(7!$-/'(3(2F!7-+7!+C%'-+!/(.!B'%N%73%(! '/7-+F!5%7#!/7!7#-!+C#%%$!$-A-$G!J$7#%)2#!7#-+-!/'-!(%7!A/$)-`/..-.!N-/+)'-+!5-C/)+-!

7#-8!.%!(%7!C%NB/'-!7#-!+/N-!+7).-(7!7%!#3+!%'!#-'!%@(!B-'E%'N/(C-!/7!7@%!.3EE-'-(7!

B%3(7+!3(!73N-F!7#-8!/'-!+3N3$/'!3(!7#/7!-/C#!8-/'!/!+C#%%$!3+!-A/$)/7-.!/2/3(+7!37+!%@(!

B-'E%'N/(C-!7#-!B'-A3%)+!8-/'G!! !

V#-!N)(3C3B/$378!)+-+!/(!3(.-b!7#/7!C%N53(-+!7@%!-A/$)/73A-!C'37-'3/F!7-+7!+C%'-+!/(.!

B'%N%73%(!'/7-+G!V#-!3(.-b!/22'-2/7-+!7#-+-!N-/+)'-+!7%!C'-/7-!/!+C#%%$`@3.-!/A-'/2-G!!

V#-!)+-!%E!7#-!3(.-b!3+!3(7-(.-.!7%!'-.)C-!5-#/A3%'+!58!7-/C#-'+!%'!+C#%%$! /.N3(3+7'/7%'+!7#/7!@%)$.!/C#3-A-!7#-!5%()+!@37#%)7!B%+373A-$8!5-(-E3773(2!+7).-(7+G! V#-+-!5-#/A3%'+!C%)$.!3(C$).-!#%$.3(2!5/C6!$%@!B-'E%'N3(2!+7).-(7+!+%!7#/7!7#-8!.%!(%7!

7/6-!7#-!7-+7!%'!B'%N%73(2!+7).-(7+!7%!/(%7#-'!2'/.-!@#-(!7#-8!/'-!(%7!'-/.8G!P8!

3(.-b3(2!7#-+-!7@%!N-7'3C+!7%2-7#-'F!7#-!N)(3C3B/$378!C/(!-EE-C73A-$8!'-.)C-!/'73E3C3/$! .3+7%'73%(!%E!-37#-'!N-/+)'-!5-C/)+-!7#-8!/'-!N)7)/$$8!-bC$)+3A-GU>!!! !

V#-!$36-$3#%%.!%E!%57/3(3(2!7#-!5%()+!3+!C$%+-!7%!g=cF!@#3C#!/CC%'.3(2!7%!7#-!$37-'/7)'-!

'-A3-@!3+!7#-!3.-/$!B'%B%'73%(G!V#-!E3'+7!8-/'!%E!7#-!B'%2'/NF!/+!+#%@(!3(!V/5$-!UF!%($8! >=c!%E!7#-!+C#%%$+!%57/3(-.!7#-!5%()+!/(.!3(!7#-!7@%!E%$$%@3(2!8-/'+!/!$377$-!%A-'!#/$E!%E! +C#%%$+!/C#3-A-.!7#-3'!2%/$G!V#-!B'%B%'73%(!%E!+C#%%$+!5-3(2!/@/'.-.!+7/53$3Q-.!/'%)(.! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

U>

!9-8(/$.%![-'(/(.-+F!f (.3C-!.-!0-+-(A%$A3N-(7%!./!O.)C/RS%!Po+3C/!^d0OP_Fh!d(+737)7%!4/C3%(/$!.-!

O+7).%+!-!D-+Z)3+/+!O.)C/C3%(/3+!J(y+3%!V-3b-3'/!^d4OD_F!:3(3+7&'3%!./!O.)C/RS%!P'/+3$!^<==W_G)

!

<;!

ggc!@#-(!7#-!B'%2'/N!'-/C#-.!E)$$!-EE-C7G!V#3+!B'%B%'73%(!3(.3C/7-+!#%@!#/'.!37!3+!E%'! +C#%%$+!7%!'-/C#!7#-3'!2%/$+G!d7!/BB-/'+!7#/7!7#-!2%/$+!/'-!@-$$!+-7!5-C/)+-!7#-8!/'-!(%7!

7%%!.3EE3C)$7!%'!7%%!-/+8!7%!'-/C#G!! !

V/5$-!UK!4)N5-'!/(.!B-'C-(7/2-!%E!+C#%%$+!/@/'.-.!-/C#!8-/'!X!I36-$3#%%.!%E!%57/3(3(2!

7#-!5%()+!3+!(-/'!g=c! ! !

<==\!

<=;=!

<=;;!

4)N5-'!%E!+C#%%$+!/@/'.-.!

<nY!

ggn!

g>>!

4)N5-'!%E!+C#%%$+!(%7!/@/'.-.!

Yn=!

U;=!

U<U!

V%7/$!()N5-'!%E!B/'73C3B/73(2!+C#%%$+!

\YY!

\Yn!

\gW!

<\GYc!

gWGYc!

ggGWc!

c!/@/'.-.!

!

3&%#):%.!'7-@!-@)!A&%6.!B:&+:0,!Y).7+%!

J$7#%)2#!7#-!5%()+!+--N+!@-$$!.-+32(-.!5-C/)+-!37!#/+!7#-!6-8!C%NB%(-(7+!N-(73%(-.! /5%A-F!7#-!5%()+!N32#7!/$+%!#/A-!(-2/73A-!-EE-C7+!7#/7!+#%)$.!5-!/..'-++-.G!!JN%(2!

7#-+-!B%7-(73/$!B'%5$-N+!/'-!7-/C#3(2!7%!7#-!7-+7!/(.!C#-/73(2F!N/(3B)$/73%(!%E! B'%N%73%(!'/7-+F!C-'7/3(78!%E!%)7C%N-F!(%(`%B73N/$!7/'2-7!+-773(2F!E'--!'3.3(2F!3(-Z)378!

3(!5%()+!/C#3-A-N-(7F!/(.!A/'3/53$378!3(!C%#%'7+G!! !

G#(.%"()0Y)+%4.7'($),#),7%)+%&,)4(?)G7%4,'($) ,C#%%$+!7#/7!3(C'-/+-!7-+7!+C%'-+!/(.!B'%N%73%(!'/7-+!/'-!'-@/'.-.!@37#!7#-!5%()+G!?-! /'-!C%(C-'(-.!7#/7!7#-!5%()+!B'%2'/N!N/8!5-!C/)+3(2!)(3(7-(.-.!5-#/A3%'+!5-C/)+-!

7-+7!+C%'-+!/(.!B'%N%73%(!'/7-+!C/(!5-!/'73E3C3/$$8!N/(3B)$/7-.G!dE!+C#%%$+!/'-!E%C)+3(2! %($8!%(!7-+7-.!+)5*-C7+F!C%(C-(7'/73(2!%(!B'-B/'3(2!+7).-(7+!E%'!7#-!7-+7F!%'!

N/(3B)$/73(2!+7).-(7!/(+@-'+F!7#-!5%()+!C%)$.!'-@/'.!+C#%%$+!7#/7!/'-!(%7!7')$8!

3(C'-/+3(2!+7).-(7!B-'E%'N/(C-G!H(E%'7)(/7-$8F!23A-(!%)'!./7/F!@-!/'-!(%7!/5$-!7%! .3'-C7$8!7-+7!3E!7-/C#-'+!/'-!/'73E3C3/$$8!N/(3B)$/73(2!7-+7!+C%'-+!3(!7#3+!@/8G! !

V%!/CC%)(7!E%'!7#3+!3++)-F!@-!7-+7!/(!-b7-'(/$!N-/+)'-!%E!+7).-(7!B-'E%'N/(C-!7#/7! +#%)$.!(%7!5-!3(E$)-(C-.!58!7-/C#3(2!7%!7#-!7-+7!%'!C#-/73(2G!J+!B'-A3%)+$8!N-(73%(-.F! @-!)+-!#32#!+C#%%$!-('%$$N-(7!/+!/!B'%b8!E%'!+7).-(7!$-/'(3(2G!?-!-A/$)/7-!3E!7#-!5%()+!

3+!'-@/'.3(2!+C#%%$+!7#/7!+#%@!3(C'-/+-.!B-'E%'N/(C-!/+!-A3.-(C-.!58!#32#!+C#%%$!

-('%$$N-(7F!/+!+#%@(!3(![32)'-!\G!! ! ! ! ! <<! !

[32)'-!\K!D-'C-(7/2-!%E!+7).-(7+!-('%$$3(2!3(7%!#32#!+C#%%$!X!J@/'.-.!+C#%%$+!#/A-! #32#-'!B-'C-(7/2-!%E!#32#!+C#%%$!-('%$$N-(7!

B:&F&:_&%!&2!D-@!+:0*):.!!)%:&((7%+!

7%-&!@7+@!.#@&&(!NWP!

Wgc! W=c!

Ygc! Y=c! ggc! g=c!

Ugc! U=c! <==\! ,C#%%$+!(%7!/@/'.-.!

<=;=! ,C#%%$+!/@/'.-.!

! ! ?-!E3(.!7#/7!+C#%%$+!7#/7!%57/3(!7#-!5%()+!3(!/!23A-(!8-/'!#/A-!%(!/A-'/2-!YGYc!N%'-! +7).-(7+!-('%$$!3(7%!#32#!+C#%%$!7#-!E%$$%@3(2!8-/'F!C%NB/'-.!7%!+C#%%$+!@37#!+3N3$/'! $-A-$+!%E!+%C3%-C%(%N3C!+7/7)+!/(.!7-+7!+C%'-+!7#/7!.3.!(%7!%57/3(!7#-!5%()+GUU! [)'7#-'N%'-!+C#%%$+!7#/7!%57/3(-.!7#-!5%()+!%(-!8-/'!/(.!(%7!/(%7#-'!#/A-!Yc!N%'-! +7).-(7+!-('%$$3(2!3(7%!#32#!+C#%%$!7#-!8-/'!7#-8!%57/3(-.!7#-!5%()+G!J$7#%)2#!@-!

C/((%7!')$-!%)7!7#-!B%++353$378!%E!C#-/73(2~+)C#!/+!23A3(2!%'!C#/(23(2!/(+@-'+~7#3+!

E3(.3(2!3(.3C/7-+!7#/7!7#-!5%()+!3+!3.-(73E83(2!/(.!'-@/'.3(2!+C#%%$+!7#/7!/'-!7')$8!

3(C'-/+3(2!+7).-(7!$-/'(3(2G!! !

G#(.%"():Y)A4('B<84,'#()#*)!"#2#,'#()34,%&) J(%7#-'!)(3(7-(.-.!5-#/A3%'!C%)$.!5-!7#-!N/(3B)$/73%(!%E!B'%N%73%(!'/7-+G!,C#%%$+! /77-NB73(2!7%!/'73E3C3/$$8!5%%+7!7-+7!+C%'-+!C%)$.!'-7/3(!@-/6!+7).-(7+!3(!%'.-'!7%!

B'-A-(7!7#-N!E'%N!7/63(2!7#-!7-+7G!J$7#%)2#!7#-!5%()+!B'%2'/Na+!C)''-(7!+7')C7)'-! /77-NB7+!7%!B'-A-(7!7#3+!5-#/A3%'!58!3(C$).3(2!B'%N%73%(!'/7-+!3(!37+!N-7#%.%$%28F!37!3+! +73$$!7#-%'-73C/$$8!B%++35$-!7%!N/(3B)$/7-!B'%N%73%(+!7%!'/3+-!7-+7!+C%'-+G!,3(C-!7#-!5%()+!

3+!/@/'.-.!5/+-.!%(!/!+C#%%$`@3.-!B'%N%73%(!/A-'/2-F!+C#%%$+!C%)$.!'-7/3(!#32#! ()N5-'+!%E!+7).-(7+!3(!2'/.-+!*)+7!5-E%'-!7#-!7-+7F!5)7!B'%N%7-!+7).-(7+!/7!)()+)/$$8! #32#!'/7-+!3(!%7#-'!2'/.-+G!V#3+!@%)$.!'-+)$7!3(!/!(%'N/$!+C#%%$`@3.-!/A-'/2-G!dE!+C#%%$+! @-'-!.%3(2!7#3+F!@-!@%)$.!-bB-C7!7%!+--!/!#32#!()N5-'!%E!+7).-(7+!'-7/3(-.!3(!E%)'7#! /(.!-32#7#!2'/.-+G![32)'-+!;=!/(.!;;!+#%@!7#-!B'%2'-++3%(!%E!B'%N%73%(!'/7-+!E%'!-/C#!

2'/.-F!/$$%@3(2!)+!7%!.-7-'N3(-!3E!+C#%%$+!/.%B7-.!7#3+!+7'/7-28G! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

![%'!/!N%'-!.-7/3$-.!.-+C'3B73%(!%E!7#3+!/(/$8+3+F!'-E-'!7%!JBB-(.3b!gG!

UU

!

<>!

[32)'-!;=K!D'%N%73%(!'/7-+!3(!2'/.-+!;!7#'%)2#!g!X!4%!-A3.-(C-!%E!B'%N%73%(!'/7-!

N/(3B)$/73%(!5-7@--(!U7#!/(.!g7#!2'/.-+!!

B:&,&_&%!:0-).!NWP!

;==! \g! \=!

;+7!7%!<(.!

ng!

<(.!7%!>'.!

n=!

>'.!7%!U7#!

Wg!

U7#!7%!g7#!

W=!

Yg! <==W!

<==n!

<==\!

<=;=!

<=;;!

!

[32)'-!;;K!D'%N%73%(!'/7-+!3(!2'/.-+!g!7#'%)2#!\!X!4%!-A3.-(C-!%E!B'%N%73%(!'/7-!

N/(3B)$/73%(!5-7@--(!n7#!/(.!\7#!2'/.-+! ! ;==!

B:&,&_&%!:0-).!NWP!

!

\g!

! \=! g7#!7%!Y7#! ! ng!

Y7#!7%!W7#! ! n=!

W7#!7%!n7#! !

Wg! ! n7#!7%!\7#!

W=! !

Yg! ! <==W! <==n! <==\! <=;=! <=;;! ! ! ?-!C/(!+--!7#/7!7#-!-A%$)73%(!%E!B'%N%73%(!'/7-+!3+!(%7!.3EE-'-(7!E%'!7-+7`7/63(2!2'/.-+! /(.!%7#-'!2'/.-+G!?-!C%(E3'N!7#3+!%5+-'A/73%(!58!')((3(2!/!+7/73+73C/$!7-+7!7%!+#%@!7#/7!

'-7-(73%(!'/7-+!3(!E%)'7#!/(.!-32#7#!2'/.-+!/'-!(%7!+32(3E3C/(7$8!#32#-'!7#/(!'-7-(73%(! '/7-+!3(!%7#-'!2'/.-+GUg!V#-+-!'-+)$7+!3(.3C/7-!7#/7!+C#%%$+!/'-F!%(!/A-'/2-F!(%7!/.%B73(2! /!+7'/7-28!%E!B'%N%73%(!'/7-!N/(3B)$/73%(G! ! ) ) ) !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

![%'!/!N%'-!.-7/3$-.!.-+C'3B73%(!%E!7#3+!/(/$8+3+F!'-E-'!7%!JBB-(.3b!>G!

Ug

! <U! !

G#(.%"()JY)G%",4'(,=)#*)K<,.#2%) T)'!./7/!+#%@!7#/7!-/C#!8-/'F!/5%)7!g=c!%E!+C#%%$+!%57/3(!7#-!5%()+G!?-!/'-!

C%(C-'(-.F!#%@-A-'F!7#/7!7#-!+/N-!+C#%%$+!/'-!%57/3(3(2!7#-!5%()+!-/C#!8-/'G!dE!7#3+! @/+!7#-!C/+-F!7-/C#-'+!/(.!+7/EE!@%)$.!(%7!#/A-!/(!3(C-(73A-!7%!C#/(2-!7#-3'!5-#/A3%'!

5-C/)+-!7#-8!@%)$.!6(%@!7#/7!-37#-'!+)CC-++!%'!E/3$)'-!@/+!/++)'-.G!V%!7-+7!7#3+F!@-! /(/$8Q-.!7#-!B'%B%'73%(!%E!+C#%%$+!7#/7!@-'-!(-A-'!/@/'.-.F!/@/'.-.!%(C-F!7@3C-F!%'!

7#'--!73N-+!3(!7#-!7#'--`8-/'!#3+7%'8!%E!7#-!B'%2'/NF!/+!+#%@(!3(!V/5$-!gG!) !

V/5$-!gK!V%7/$!()N5-'!/(.!B-'C-(7/2-!%E!B/'73C3B/73(2!+C#%%$+!/@/'.-.!X!:/*%'378!%E! +C#%%$+!/'-!3NB/C7-.!58!7#-!B'%2'/N! ! !

D-'C-(7/2-!%E!,C#%%$+!J@/'.-.!V#'--!V3N-+!

D-'C-(7/2-!%E!,C#%%$+!J@/'.-.!V@3C-!

D-'C-(7/2-!%E!,C#%%$+!J@/'.-.!T(C-!

D-'C-(7/2-!%E!,C#%%$+!4-A-'!J@/'.-.!!

V%7/$!D/'73C3B/73(2!V#'--!t-/'+!

D-'C-(7/2-!

WG;c!

U<GWc! >\GYc! ;>GYc! ;==c!

4)N5-'!%E!+C#%%$+!

Yn!+C#%%$+! >\n!+C#%%$! >Y\!+C#%%$+! ;<=!+C#%%$+! \gg!+C#%%$+!

!

T)7!%E!7#-!\gg!+C#%%$+!7#/7!B/'73C3B/7-.!3(!7#-!B'%2'/N!.)'3(2!37+!7#'--!E3'+7!8-/'+F!%($8! ;>GYc!%E!+C#%%$+!#/A-!(-A-'!'-C-3A-.!7#-!/@/'.G!J(!/..373%(/$!WG;c!%E!+C#%%$+!'-C-3A-.!

7#-!/@/'.!-A-'8!8-/'F!/(.!7#-!'-N/3(3(2!+C#%%$+!@-'-!/@/'.-.!%(C-!%'!7@3C-G!V#3+! +)22-+7+!7#/7!7#-!B'%2'/N!3+!'-/C#3(2!B'/C73C/$$8!/$$!+C#%%$+!/(.!7#/7!/$$!+C#%%$+!#/A-!/(!

3(C-(73A-!7%!3NB'%A-G! ! !

G#(.%"()PY)T#(@KB,'248)+4"$%,@-%,,'($) J+!-bB$/3(-.!3(!7#-!B'-+-(7/73%(!%E!7#-!B'%2'/NF!7#-!2%/$+!E%'!-/C#!+C#%%$!/'-!5/+-.!%(!

7#-!B'-A3%)+!8-/'a+!+C%'-G!V#-!2%/$+!.-C'-/+-!B'%2'-++3A-$8F!+%!+C#%%$+!@37#!7#-!$%@-+7!

3(373/$!+C%'-+!/'-!'-Z)3'-.!7%!3(C'-/+-!B-'E%'N/(C-!58!/5%)7!<gcF!@#3$-!+C#%%$+!@37#!7#-! #32#-+7!3(373/$!+C%'-+!(--.!7%!N/3(7/3(!7#-3'!B-'E%'N/(C-!$-A-$G!d.-/$$8F!37!@%)$.!5-!

-Z)/$$8!.3EE3C)$7!7%!3(C'-/+-!$%@!+C%'-+!58!<gc!/+!37!3+!7%!N/3(7/3(!#32#!+C%'-+F!5-C/)+-!

7#3+!@%)$.!-(C%)'/2-!-EE%'7!%(!7#-!B/'7!%E!7-/C#-'+!/(.!/.N3(3+7'/7%'+!'-2/'.$-++!%E! B'-A3%)+!B-'E%'N/(C-G!?-!7-+7!3E!7#-!7/'2-7!+-773(2!3(!7#-!C)''-(7!B'%2'/N!3+! /BB'%B'3/7-!58!$%%63(2!/7!7#-!/53$378!%E!+C#%%$+!7%!/C#3-A-!7#-!5%()+!/CC%'.3(2!7%!7#-3'!

B'-A3%)+!+C%'-F!/+!+#%@(!3(![32)'-!;<!5-$%@G! ! ! !

!

<g!

W!&2!.#@&&(.!-@0-!&1-07%)*!

-@)!1&%6.!

[32)'-!;<K!D'%B%'73%(!%E!+C#%%$+!%57/3(3(2!7#-!5%()+!3(!<=;=!/CC%'.3(2!7%!B'-A3%)+!+C%'-! ^<==\_!X!,3N3$/'!/53$378!%E!/C#3-A3(2!5%()+!/7!/(8!$-A-$!%E!B-'E%'N/(C-! !

W=!

Y=! g=!

U=! >=! <=! ;=! =!

5-$%@!<=g!

5-7@--(!<=g! 5-7@--(!<;g! /5%A-!<<g! /(.!<;g! /(.!<<g!

"8):0+)!,0-@!.#&:)!7%![-@!+:0*)!7%!GJJD!

!

! ?-!C/(!+--!7#/7!/C#3-A-N-(7!%E!7#-!5%()+!3+!+7/5$-!/C'%++!C/7-2%'3-+!%E!B'-A3%)+!+C%'-F! @#3C#!3+!C%(E3'N-.!58!/!+7/73+73C/$!/(/$8+3+!7#/7!+#%@+!7#/7!B'-A3%)+!+C%'-!3+!(%7!/! .-7-'N3(/(7!%E!5%()+!%57/3(N-(7GUY!?-!C%(C$).-!7#/7!7#-!7/'2-7!+C%'-+!E%'!+C#%%$+!/'-! @-$$!+-7F!/+!3+!37!3+!-Z)/$$8!.3EE3C)$7!7%!/C#3-A-!7#-!5%()+!/7!/(8!$-A-$!%E!B'-A3%)+! /C#3-A-N-(7G! !

G#(.%"()QY)>"%%)3'?'($) J+!7#-!5%()+!3+!.3+7'35)7-.!/7!7#-!+C#%%$!$-A-$F!/(.!(%7!5/+-.!%(!7#-!B-'E%'N/(C-!%E! 3(.3A3.)/$!7-/C#-'+F!7#-'-!3+!/!B%7-(73/$!C%(C-'(!@37#!E'--!'3.3(2G!V-C#(3C/$$8!.-E3(-.F! E'--!'3.3(2!3+!@#-(!3(.3A3.)/$+!-b-'7!$-++!-EE%'7!5-C/)+-!7#-8!'-$8!%(!7#-!-EE%'7+!%E!%7#-'+!

7%!/C#3-A-!/!2%/$G!?-!/'-!/$+%!C%(C-'(-.!7#/7!3(.3A3.)/$+!@#%!C/((%7!+--!/!.3'-C7!

C%((-C73%(!5-7@--(!7#-3'!-EE%'7!/(.!/C#3-A-N-(7!%E!7#-!'-@/'.!@3$$!5-!$-++!N%73A/7-.!

7%!@%'6!#/'.G!?-!)+-!7#-!7-'N!E'--!'3.3(2!$%%+-$8!7%!.-+C'35-!5%7#!B#-(%N-(/G!! ! ['--!'3.3(2!3+!/!B/'73C)$/'!C%(C-'(!3(!$/'2-'!+C#%%$+F!/+!7#-!5%()+!/A-'/2-+!7#-!

B-'E%'N/(C-!%E!N%'-!C$/++-+F!/(.!'-.)C-+!7#-!3NB/C7!%E!/(8!3(.3A3.)/$!7-/C#-'!%(!7#-! +C#%%$`@3.-!/A-'/2-G!V%!7-+7!E%'!E'--'3.3(2F!@-!)+-!7#-!()N5-'!%E!C$/++-+!7/63(2!7#-!

D'%A/!P'/+3$!/+!/!B'%b8!E%'!7#-!()N5-'!%E!7-/C#-'+!3(!7#-!+C#%%$G!?-!-A/$)/7-!7#-! $36-$3#%%.!7#/7!+C#%%$+!/C#3-A-!7#-!5%()+!/CC%'.3(2!7%!7#-!()N5-'!%E!C$/++-+!7/63(2!7#-!

7-+7F!/+!+#%@(!3(![32)'-!;>G! ! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

UY

![%'!/!N%'-!.-7/3$-.!.-+C'3B73%(!%E!7#3+!/(/$8+3+F!'-E-'!7%!JBB-(.3b!gG!

! <Y! !

W!&2!.#@&&(.!-@0-!&1-07%)*!

-@)!1&%6.!

[32)'-!;>K!,C#%%$+z!/53$378!7%!%57/3(!7#-!5%()+!58!()N5-'!%E!C$/++-+!7/63(2!7#-!7-+7!X! ,N/$$-'!+C#%%$+!/'-!N%'-!$36-$8!7%!/C#3-A-!7#-!5%()+! n=!

Y=!

U=!

<==\!

<=! =!

<=;;! ;!

<!

>!

U!

g!%'!N%'-!

b6,1):!&2!#(0..).!-0$7%+!-@)!-).-!7%!-@)!.#@&&(!

! ! ?-!%5+-'A-!7#/7!+N/$$!+C#%%$+!/'-!N%'-!$36-$8!7%!%57/3(!7#-!5%()+!7#/(!$/'2-!+C#%%$+G! V#3+!E3(.3(2!3+!C%(E3'N-.!58!/!+7/73+73C/$!7-+7!7#/7!+#%@+!7#/7!$/'2-!+C#%%$+!/'-!$-++!$36-$8!

7%!/C#3-A-!7#-!5%()+F!#%$.3(2!+%C3%-C%(%N3C!+7/7)+!C%(+7/(7GUW!d(!<=;;F!+C#%%$+!@37#!

E3A-!%'!N%'-!C$/++-+!7/63(2!7#-!7-+7!/'-!%(!/A-'/2-!;<c!$-++!$36-$8!7%!%57/3(!7#-!5%()+!

C%NB/'-.!7%!+C#%%$+!@37#!%($8!%(-!C$/++G!V#3+!E3(.3(2!3+!C%(+3+7-(7!@37#!@#/7!@-!@%)$.!

-bB-C7!7%!%5+-'A-!3E!E'--'3.3(2!@/+!N%'-!B'-A/$-(7!3(!$/'2-'!+C#%%$+G!V#3+!-EE-C7!3+! +N/$$-'!3(!<=;;!7#/(!3(!<==\F!5)7!+73$$!/!C%(C-'(G! !

G#(.%"()1Y)N(%O<',=)'()E#(<&)D.7'%C%2%(,) J(%7#-'!B%7-(73/$!@-/6(-++!%E!7#-!5%()+!B'%2'/N!3+!7#/7!+C#%%$+!@37#!+7).-(7+!%E! .3EE-'-(7!+%C3%-C%(%N3C!+7/7)+!N/8!(%7!#/A-!-Z)/$!/53$378!7%!%57/3(!7#-!5%()+G!V#3+!

C%)$.!5-!B'%5$-N/73C!3E!37!3+!B/'73C)$/'$8!.3EE3C)$7!E%'!+C#%%$+!@37#!$%@`+%C3%-C%(%N3C! +7).-(7+!7%!/C#3-A-!7#-3'!2%/$+F!/+!7-/C#-'+!3(!7#-+-!+C#%%$+!@3$$!5-!$-++!N%73A/7-.G!V#3+! @%)$.!'-+)$7!3(!7#-!5%()+!B'%2'/N!#/A3(2!/!.3EE-'-(7!-EE-C7!%(!+7).-(7+!.-B-(.3(2!%(!

7#-3'!+%C3%-C%(%N3C!+7/7)+G!?-!.3A3.-!7#-!+C#%%$+!3(7%!E%)'!2'%)B+!5/+-.!%(!7#-! /A-'/2-!+%C3%-C%(%N3C!+7/7)+!%E!7#-3'!+7).-(7+!/(.!C%NB/'-!7#-!/53$378!%E!-/C#!%E!7#-+-!

2'%)B+!7%!%57/3(!7#-!5%()+F!/+!+#%@(!3(![32)'-!;U!5-$%@G! ! ! ! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

UW

![%'!/!N%'-!.-7/3$-.!.-+C'3B73%(!%E!7#3+!/(/$8+3+F!'-E-'!7%!JBB-(.3b!gG!

!

<W!

W!.#@&&(.!-@0-!&1-07%)*!-@)!

1&%6.!

[32)'-!;UK!,C#%%$+z!/53$378!7%!2-7!7#-!5%()+!58!+%C3%-C%(%N3C!+7/7)+!3(!<=;;!X!93C#-'! +C#%%$+!/'-!N%'-!$36-$8!7%!%57/3(!7#-!5%()+!

W=!

Y=! g=!

U=! >=! <=! ;=! =!

;+7!Z)/'x$-K!! <(.!Z)/'x$-K! >'.!Z)/'x$-K! U7#!Z)/'x$-K! D%%'-+7!+C#%%$+! D%%'-'!+C#%%$+! 93C#-'!+C#%%$+! 93C#-+7!+C#%%$+!

!

!

J+!N-(73%(-.!3(!7#-!5-23((3(2!%E!7#3+!-A/$)/73%(F!@-!#8B%7#-+3Q-!7#/7!7#-!B'%2'/N!#/.! (%7!'-/C#-.!37+!E)$$!B%7-(73/$!3(!<==\F!7#)+!@-!%($8!C%(+3.-'!<=;;!./7/!E%'!$36-$3#%%.!%E! 5%()+!/77/3(N-(7GUn!!J+!+#%@(!3(![32)'-!;U!/5%A-!/(.!C%(E3'N-.!58!/!+7/73+73C/$!7-+7F! +C#%%$+!@37#!7#-!$%@-+7!/A-'/2-!+%C3%-C%(%N3C!+7/7)+!/'-!;Wc!$-++!$36-$8!7%!%57/3(!7#-!

5%()+!7#/(!+C#%%$+!@37#!7#-!#32#-+7!/A-'/2-!+%C3%-C%(%N3C!+7/7)+GU\!V#3+!@%)$.!

3(.3C/7-!7#/7!7#-!5%()+!B'%2'/N!3+!(%7!-Z)37/5$-!/(.!3+!.3+B'%B%'73%(/7-$8!5-(-E373(2! +C#%%$+!@37#!+7).-(7+!E'%N!N%'-!/.A/(7/2-.!5/C62'%)(.+G!V#-'-!3+!7#-!B%++353$378F! #%@-A-'F!7#/7!B%%'-'!+C#%%$+!@3$$!/C7)/$$8!5-!N%'-!3(C-(73A3Q-.!58!7#-!B'%2'/N!5-C/)+-!

7#-3'!$36-$3#%%.!%E!%57/3(3(2!7#-!5%()+!3+!C$%+-'!7%!7#-!3.-/$!'/7-!%E!g=cF!5-(-E3773(2!

7#-+-!+7).-(7+!N%'-G! !

G#(.%"()gY)W4"'4M'8',=)'()G#7#",&) V#-!N3b!%E!+7).-(7+!3(!7-'N+!%E!B-'E%'N/(C-!3(!/(8!23A-(!C$/++!A/'3-+!E'%N!8-/'!7%!8-/'G! V#3+!'/(.%N!A/'3/53$378!3(!C%#%'7+F!/$+%!C/$$-.!(%3+-F!3+!3NB%'7/(7!7%!C%(+3.-'!5-C/)+-!37!

C/(!(-2/73A-$8!/EE-C7!7-/C#-'!N%73A/73%(G!dE!7-/C#-'+!E--$!7#/7!7#-3'!/53$378!7%!2-7!7#-!

5%()+!.-B-(.+!%($8!%(!7#-!'/(.%N!/++%'7N-(7!%E!2%%.!%'!5/.!+7).-(7+!7#-8!'-C-3A-!

7#/7!8-/'F!7#-8!@3$$!5-!$-++!N%73A/7-.!7%!B-'E%'NG!?-!@%)$.!-bB-C7!7#3+!7%!5-!N%+7!

B'%5$-N/73C!3(!+N/$$!+C#%%$+F!@#-'-!-/C#!+7).-(7!#/+!/!2'-/7-'!-EE-C7!%(!7#-!/A-'/2-! +C%'-!%E!7#-!+C#%%$G!V#3+!C%)$.!/$+%!5-!/(!3++)-!@#-(!/!+C#%%$!#/+!'-/C#-.!/!#32#!$-A-$!%E! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Un

!?-!C%NB/'-.!<==\!/(.!<=;;!./7/!/(.!7#-!7'-(.!3+!+3N3$/'F!5)7!3(!<==\!+C#%%$+!@37#!$%@-+7!/A-'/2-! +%C3%-C%(%N3C!+7/7)+!#/A-!/(!)()+)/$$8!#32#!$36-$3#%%.!%E!%57/3(3(2!7#-!5%()+G!d7!3+!B'%5/5$8!5-C/)+-!%E! /..373%(/$!B'%2'/N+!7/'2-7-.!7%!7#-+-!+C#%%$+!+)C#!/+!7#-!O+C%$/+!.%!JN/(#/!7#/7!E/C3$37/7-.!/(!

3NB'%A-N-(7!3(!B-'E%'N/(C-F!3(C'-/+3(2!d0OP!-/'$3-'!7#/(!(%(`7/'2-7-.!+C#%%$+G! U\ ![%'!/!N%'-!.-7/3$-.!.-+C'3B73%(!%E!7#3+!/(/$8+3+F!'-E-'!7%!JBB-(.3b!gG!

! <n! !

B-'E%'N/(C-!/(.!7#-8!/'-!7'83(2!7%!N/3(7/3(!7#-3'!3(.-bF!5-C/)+-!/!'/(.%N!(-2/73A-!

A/'3/73%(!C%)$.!5/'!7#-N!E'%N!'-C-3B7!%E!7#-!5%()+G! ! ?-!E3(.!7#/7!E%'!+N/$$!+C#%%$+F!'/(.%N!A/'3/53$378!3+!%($8!/!+32(3E3C/(7!B'%5$-N!E%'! +C#%%$+!@37#!$-++!7#/(!;Y!+7).-(7+!3(!7#-!7-+7`7/63(2!2'/.-Gg=!I-++!7#/(!;c!%E!+C#%%$+!/'-! +N/$$!-(%)2#!7%!-(C%)(7-'!7#3+!B'%5$-NF!+%!37!3+!(%7!/!N/*%'!C%(C-'(G! ! d(!7#-!C/+-!%E!#32#`B-'E%'N3(2!+C#%%$+F!#%@-A-'F!A/'3/53$378!N/8!5-!/(!3NB%'7/(7!3++)-G! P-C/)+-!7#-+-!+C#%%$+!/'-!7'83(2!7%!N/3(7/3(!7#-3'!3(.-bF!'/(.%N!A/'3/73%(!C/(!.-C3.-! @#-7#-'!7#-8!2-7!7#-!5%()+!%'!(%7G!?-!N%.-$-.!7#3+!B%7-(73/$!B'%5$-N!58!2'/B#3(2! #%@!N)C#!A/'3/53$378!/!+C#%%$!@%)$.!-bB-'3-(C-!%(!/A-'/2-!58!+3Q-!%E!7#-!+C#%%$F!/+! +#%@(!3(![32)'-!;g!5-$%@G! !

[32)'-!;gK!OEE-C7!%E!'/(.%N!A/'3/53$378!%(!+C#%%$+a!/A-'/2-!+C%'-!X![%'!N%+7!+C#%%$+!7#-!

A/'3/53$378!3+!5-$%@!>!B%3(7+!

!

J+!+#%@(!58!7#-!A-'73C/$!$3(-!%(!7#-!2'/B#F!@-!-bB-C7!N%+7!+C#%%$+!7%!-bB-'3-(C-!/!

N/b3N)N!%E!B$)+!%'!N3()+!7#'--!B%3(7+!%(!7#-!D'%A/!P'/+3$!E'%N!'/(.%N!A/'3/73%(F! @#3C#!-Z)/$+!/5%)7!=G;!B%3(7!3(!7#-!d0OPG!V#3+!'/(2-!/CC%)(7+!E%'!/5%)7!n=c!%E!B%7-(73/$! '/(.%N!A/'3/73%(Gg;! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! g=

![%'!/!N%'-!.-7/3$-.!.-+C'3B73%(!%E!7#3+!/(/$8+3+F!'-E-'!7%!JBB-(.3b!YG! !,--!E%%7(%7-!g=G!

g;

!

<\!

96,,0:;!&2!480(60-7&%!0%*!3&%#):%.!^!A&%6.!B:&+:0,!

P/+-.!%(!%)'!-A/$)/73%(!%E!C%NN%(!C#/'/C7-'3+73C+!E'%N!%)'!$37-'/7)'-!'-A3-@F!@-!E3(.!

7#/7!7#3+!B'%2'/N!3+!@-$$!.-+32(-.G!?-!.%!(%7!E3(.!-A3.-(C-!%E!7-/C#3(2!7%!7#-!7-+7F! C#-/73(2F!%'!N/(3B)$/73%(!%E!B'%N%73%(!'/7-+G!d(!/..373%(F!@-!E3(.!7#/7!7#-!5%()+!3+!

'-@/'.3(2!+C#%%$+!7#/7!/'-!/C7)/$$8!3(C'-/+3(2!+7).-(7!$-/'(3(2!/+!N-/+)'-.!58!#32#! +C#%%$!-('%$$N-(7!'/7-+G!V#-!7/'2-7!3(C'-/+-+!%(!7#-!3(.-b!/'-!+-7!/BB'%B'3/7-$8F!@37#!/!

(-/'`3.-/$!$36-$3#%%.!%E!5%()+!/77/3(N-(7F!/(.!/$N%+7!\=c!%E!N)(3C3B/$!+C#%%$+!#/A-!

'-C-3A-.!7#-!5%()+!/7!$-/+7!%(C-G!V#-!5%()+!.-+32(F!#%@-A-'F!3+!(%7!%B73N/$F!/+!@-!

E%)(.!-A3.-(C-!%E!2:))!:7*7%+F!.&#7&)#&%&,7#!)c67-;!F:&1(),.F!/(.!86(%):017(7-;!-&! :0%*&,!80:70-7&%G!d(!7#-!E%$$%@3(2!+-C73%(+!@-!@3$$!N/6-!B%$3C8!'-C%NN-(./73%(+!7%! /..'-++!7#-+-!B'%5$-N+G!!

!

! >=! !

!

!

3:7-):70!2&:!B&(7#;!480(60-7&%! !

!

!

!

J$7#%)2#!%)'!-A/$)/73%(!%E!7#-!C)''-(7!B'%2'/N!+#%@+!+32(3E3C/(7!/(.!B'%N3+3(2!'-+)$7+F! 7#-'-!/'-!/!()N5-'!%E!C%(C-'(+!@-!3.-(73E3-.F!B/'73C)$/'$8!3(!7#-!/'-/+!%E!E'--!'3.3(2F! 3(-Z)378F!/(.!'/(.%N!A/'3/53$378G!d(!%'.-'!7%!/..'-++!7#-+-!C%(C-'(+F!@-!C%(+3.-'!/! ()N5-'!%E!B%$3C8!%B73%(+!7#/7!C%)$.!B%7-(73/$$8!3NB'%A-!7#-!B'%2'/NG!!?-!-A/$)/7-!7#-! $36-$8!%)7C%N-+!%E!-/C#!%B73%(!/CC%'.3(2!7%!E%)'!C'37-'3/K!-EE-C73A-(-++F!C%+7F!-Z)378F!/(.!

E-/+353$378!3(!B%$373C/$!/(.!B'/C73C/$!7-'N+G!

422)#-78)%)..!

V#-!E3'+7!C'37-'3%(!3+!-EE-C73A-(-++!3(!3(C'-/+3(2!+7).-(7!$-/'(3(2G!?-!-b/N3(-!3E!-/C#! %B73%(!@%)$.!3(C'-/+-!$-/'(3(2!/+!C%NB/'-.!7%!7#-!C)''-(7!B'%2'/NG!?-!-+B-C3/$$8!

E%C)+!%(!7#-!A/'3/53$378!/(.!E'--!'3.3(2!C%(C-'(+!@-!3.-(73E3-.!3(!7#-!/(/$8+3+G!?-!/$+%!

C%(+3.-'!7#-!E3(.3(2!E'%N!%)'!$37-'/7)'-!'-A3-@!7#/7!3(.3A3.)/$!5%()+-+!/'-!N%'-!

-EE-C73A-!7#/(!+C#%%$`$-A-$!3(C-(73A-+G!

3&.-!

V#-!+-C%(.!C'37-'3%(!3+!7#-!7%7/$!C%+7!%E!7#-!B'%B%+-.!B%$3C8!%B73%(G!?-!-+73N/7-!7#-!

C%+7+!/++%C3/7-.!@37#!-/C#!%B73%(!/(.!3E!37!@%)$.!3(C'-/+-F!.-C'-/+-F!%'!N/3(7/3(!C)''-(7! +B-(.3(2!$-A-$+G!!

4c67-;!

V#-!7#3'.!C'37-'3%(!3+!-Z)378F!@#3C#!C%(+3.-'+!3E!-/C#!%B73%(!#/+!-Z)/$!3NB/C7+!E%'! .3EE-'-(7!2'%)B+!%E!+7).-(7+G!V#-!B%$3C8!B'%B%+/$+!/'-!/(/$8Q-.!E%'!3E!7#-8!@%)$.!

3(C'-/+-F!.-C'-/+-F!%'!N/3(7/3(!7#-!-Z)378!$-A-$+!%E!7#-!C)''-(7!B'%2'/NG!

a)0.717(7-;d!B&(7-7#0(!0%*!B:0#-7#0(!

V#-!E3(/$!C'37-'3/!/'-!B%$373C/$!/(.!B'/C73C/$!E-/+353$378G!D%$373C/$!E-/+353$378!-A/$)/7-+!#%@!

3(7-'-+7!2'%)B+F!+)C#!/+!7-/C#-'a+!)(3%(+F!@3$$!'-/C7!7%!-/C#!B%$3C8!B'%B%+/$G!!D'/C73C/$!

E-/+353$378!#/+!7%!.%!@37#!#%@!-/+8!37!@%)$.!5-!7%!3NB$-N-(7!/(.!N/3(7/3(!7#-!B'%B%+/$!

23A-(!7#-!C)''-(7!+7')C7)'-!%E!7#-!+C#%%$!+8+7-NG!D'/C73C/$!E-/+353$378!3+!3(.3+B-(+/5$-!E%'! /(!%B73%(!7%!5-!A3/5$-G!!

! !

!

!

>;!

!

B&(7#;!EF-7&%.! !

!

!

! ?-!3(373/$$8!C%(+3.-'-.!7#-!B%++353$378!%E!C%(73()3(2!7#-!B'%2'/N!@37#!(%!C#/(2-+G!V#3+!

N-/(+!N/3(7/3(3(2!7#-!+3Q-F!+7')C7)'-F!/(.!5).2-7!%E!7#-!C)''-(7!5%()+!B'%2'/NG! !

T)'!-A/$)/73%(!%E!7#-!B'%2'/N!+#%@+!7#/7!37!3+!#/A3(2!+)5+7/(73/$!5-(-E37+!E%'!+7).-(7+!3(!

N)(3C3B/$!+C#%%$+F!@#3C#!-/'(+!37!B%+373A-!N/'6+!3(!-EE-C73A-(-++G!d(!7-'N+!%E!C%+7F!7#-!

B'%2'/N!3+!/$'-/.8!3NB$-N-(7-.F!5)7!'-Z)3'-+!%(2%3(2!/.N3(3+7'/73%(!/(.!5%()+!B/8%)7!

C%+7+!7#/7!@-!-bB-C7!7%!'-N/3(!+7/5$-!5-C/)+-!7#-!B'%B%'73%(!%E!+C#%%$+!/@/'.-.!+--N+!

7%!#/A-!+7/53$3Q-.!/E7-'!7#-!E3'+7!8-/'G!T)'!/(/$8+3+!+#%@+!7#/7!37+!-EE-C7+!/'-!(%7!

-Z)37/5$-!/C'%++!+%C3%-C%(%N3C!+7/7)+G!d(!5%7#!E-/+353$378!C'37-'3/!7#-!B'%2'/N!3+!

B%+373A-$8!'/7-.!5-C/)+-!37!3+!/$'-/.8!3NB$-N-(7-.!/(.!E)(C73%(3(2G! !

P-C/)+-!@-!E%)(.!7#/7!7#-!B'%2'/N!#/+!C-'7/3(!@-/6(-++-+!7#/7!C/(!5-!/..'-++-.F!@-!

C%(+3.-'-.!N)$73B$-!B%$3C8!%B73%(+!3(!%'.-'!7%!N/6-!'-C%NN-(./73%(+!7#/7!C%)$.!

3NB'%A-!7#-!5%()+!B'%2'/NG!V#-+-!B%$3C8!%B73%(+!/'-!3(+B3'-.!58!%)'!$37-'/7)'-!'-A3-@! %E!%7#-'!5%()+!B'%2'/N+!/+!@-$$!/+!3(7-'A3-@+!@37#!-.)C/73%(!-bB-'7+G!J+!+--(!3(![32)'-! ;Y!5-$%@F!7#-!%B73%(+!7#/7!@-!-A/$)/7-.!C/(!5-!C$/++3E3-.!/CC%'.3(2!7%!7#-!B'%2'/N! @-/6(-++!37!7'3-+!7%!%A-'C%N-K!'/(.%N!A/'3/53$378!3(!C%#%'7+F!3(-Z)378!/(.!E'--!'3.3(2G!! !

[32)'-!;YK!!D%++35$-!%B73%(+!7%!3NB'%A-!7#-!B'%2'/N!

!"#$%"&&

!"#$%&

!"#$"%$&$'(

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

!"#$%&'(

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

!"##$%&'&()!

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

• !"#$$%&&'(&)$*%+#,-&.!!

• !"#$%&'()%*$&+,"+-').!

• !"#$%"&'(")(!

• !"#$%`!""#"$%#!&'(#&! !

! ><! !

!

V#-!%B73%(+!@-!-b/N3(-.!3(!.-B7#!@-'-!E$-b353$378!3(!2%/$!+-773(2!E%'!#32#!B-'E%'N3(2! +C#%%$+F!E)'7#-'!'-+-/'C#!3(7%!7#-!C/)+-+!%E!3(-Z)378F!7/'2-73(2!7#-!B'%2'/N!7%!+N/$$! +C#%%$+!/(.!3(C%'B%'/73(2!/(!3(.3A3.)/$!7-/C#-'!C%NB%(-(7!7%!7#-!5%()+G!! !

P-C/)+-!7#-!B'%2'/N!+--N+!7%!5-!@%'63(2!-EE-C73A-$8!/(.!/C#3-A3(2!37+!2%/$+!-bC-B7!E%'! +%N-!+B-C3E3C!@-/6(-++-+F!@-!.%!(%7!2%!3(7%!.-7/3$!%(!/!()N5-'!%E!%7#-'!%B73%(+!7#/7! @-!7#%)2#7!%E!5-E%'-!@-!C%(.)C7-.!7#-!B'%2'/N!-A/$)/73%(G!V#-+-!%B73%(+!3(C$).-!

-$3N3(/73(2!7#-!5%()+!B'%2'/NF!C#/(23(2!7#-!3(.-b!)+-.!E%'!N-/+)'3(2!+C#%%$!

B-'E%'N/(C-F!/..3(2!%7#-'!N-/+)'-+!%E!+7).-(7!$-/'(3(2F!/(.!3(C$).3(2!+7).-(7+!3(!7#-!

B'3Q-G![%'!7#-!+/6-!%E!5'-A378F!@-!#/A-!-bC$).-.!E)$$!C%(+3.-'/73%(!%E!7#-+-!%B73%(+!/+!

7#-'-!/BB-/'+!7%!5-!(%!*)+73E3C/73%(!E%'!3NB$-N-(73(2!7#-N!3(!7#-!C)''-(7!B'%2'/NG! !

EF-7&%!=!^!a()5717(7-;!7%!/0:+)-!9)--7%+!

V#-!C)''-(7!B-'E%'N/(C-!3(.-b!/BB-/'+!7%!5-!@%'63(2!@-$$!/(.!%)'!-A/$)/73%(!E3(.+!(%! *)+73E3C/73%(!E%'!C#/(23(2!37G!V#-'-!3+!/!B%7-(73/$!3++)-F!#%@-A-'F!@37#!+C#%%$+!7#/7!#/A-!

B-'E%'N-.!@-$$!-(%)2#!7%!'-/C#!7#-!B%3(7!7#/7!7#-8!/'-!%($8!7'83(2!7%!N/3(7/3(!7#-3'! +C%'-+G!V#-+-!+C#%%$+!/'-!+)5*-C7!7%!A/'3/53$378!3++)-+!5-C/)+-!/(8!'/(.%N!(-2/73A-!

A/'3/73%(!@3$$!N/6-!7#-N!3(-$3235$-!E%'!7#-!5%()+G!T(-!@/8!7%!/..'-++!7#3+!3++)-!@%)$.!

5-!+-773(2!7#-!2%/$!/+!/!'/(2-!%E!+C%'-+!E%'!#32#!B-'E%'N3(2!+C#%%$+!7'83(2!7%!N/3(7/3(!

7#-3'!3(.-bG!?-!E3(.!7#/7!/(!%B73N/$!'/(2-!@%)$.!/$$%@!E%'!/!.-C'-/+-!%E!)B!7%!7#'--!

B%3(7+F!%'!=G;!3(!7#-!3(.-bG! ! "%+7!E%'!7#3+!%B73%(!3+!(-2$3235$-!5-C/)+-!37!@%)$.!3(A%$A-!/!+3NB$-!/.*)+7N-(7!3(!7#-!

C/$C)$/73%(!%E!5%()+-+F!/$7#%)2#!7#-'-!3+!/!B%++353$378!%E!/!+$32#7!3(C'-/+-!3(!7#-!()N5-'! %E!+C#%%$+!/@/'.-.!/7!7#-!N/'23(G!OZ)378!@%)$.!5-!3(C'-/+-.!5-C/)+-!C-'7/3(!+C#%%$+!

7#/7!@%)$.!#/A-!5--(!.-(3-.!7#-!5%()+!%($8!5-C/)+-!%E!'/(.%N!A/'3/73%(!@3$$!(%@!5-! /5$-!7%!/C#3-A-!37G!V#3+!3+!/!'-$/73A-$8!N3(%'!7-C#(3C/$!C#/(2-F!+%!B%$373C/$!E-/+353$378!@%)$.!

5-!B%+373A-G!I36-@3+-F!7#3+!%B73%(!3+!5-!B'/C73C/$$8!E-/+35$-!5-C/)+-!37+!3NB$-N-(7/73%(! @%)$.!5-!'-$/73A-$8!+3NB$-G! !

!

!

OEE-C73A-(-++!

[$-b353$378!3(!V/'2-7!,-773(2!

e32#!

"%+7!

OZ)378!

[-/+353$378K! [-/+353$378K! D%$373C/$!

D'/C73C/$!

H(C#/(2-.! :%'-! t-+! %'!4-2$3235$-! -Z)37/5$-!

t-+!

>>!

EF-7&%!G!^!a6:-@):!H).)0:#@!H)+0:*7%+!>%)c67-;! ?-!E3(.!-A3.-(C-!%E!7#-!B'%2'/N!#/A3(2!.3EE-'-(7!-EE-C7+!E%'!+C#%%$+!/CC%'.3(2!7%!7#-! +%C3%-C%(%N3C!+7/7)+!%E!7#-3'!+7).-(7+G!?-!.%!(%7!6(%@!@#8!+C#%%$+!@37#!+7).-(7+!@37#!

N%'-!/.A/(7/2-.!5/C62'%)(.+!#/A-!/!#32#-'!$36-$3#%%.!%E!/C#3-A3(2!7#-3'!+C#%%$+a!2%/$+G! [)'7#-'!'-+-/'C#!-b/N3(3(2!7#-!B%++35$-!C/)+-+!%E!7#3+!3++)-!3+!(--.-.!7%!E3(.!7#-! %B73N/$!@/8!7%!7/C6$-!7#3+!3++)-G!! ! [)'7#-'!'-+-/'C#!N/8!3(C$).-!/(!/(/$8+3+!%E!7#-!'-+%)'C-+!-/C#!+C#%%$!+B-(7!7%!7'8!7%! /C#3-A-!37+!2%/$F!3(7-'A3-@+!@37#!+C#%%$!B'3(C3B/$+!7%!6(%@!#%@!7#-!B'%2'/N!@/+!

'-C-3A-.!3(!7#-3'!+C#%%$F!/(.!#%@!7#-8!3NB'%A-.!7#-3'!B-'E%'N/(C-!/E7-'!<==\F!/N%(2! %7#-'!7%B3C+G!V#3+!63(.!%E!'-+-/'C#!@3$$!'-Z)3'-!/..373%(/$!'-+%)'C-+F!5)7!B'%5/5$8!(%7!/! +32(3E3C/(7!B%'73%(!%E!7#-!:)(3C3B/$378a+!5).2-7!E%'!-.)C/73%(G!V#-!'-+-/'C#!@3$$!/$$%@!

7#-!:)(3C3B/$378!7%!N/6-!/.*)+7N-(7+!7%!7#-!B'%2'/NF!3(C'-/+3(2!37+!-EE-C73A-(-++G! 9-+-/'C#!37+-$E!+#%)$.!(%7!'/3+-!%BB%+373%(!E'%N!.3EE-'-(7!B/'73-+!/(.!@3$$!(%7!3(7-'')B7!

7#-!C)''-(7!+8+7-N!%E!-.)C/73%(!+%!37!3+!/!E-/+35$-!%B73%(G!! !

!

OEE-C73A-(-++!

"%+7!

[)'7#-'!9-+-/'C#!%E!d(-Z)378! d++)-!

e32#!

I%@!

OZ)378! :%'-!

-Z)37/5$-!

[-/+353$378K! [-/+353$378K! D%$373C/$!

D'/C73C/$! t-+!

t-+!

!

EF-7&%!?!^!/0:+)-!-@)!F:&+:0,!-&!.,0((!.#@&&(.! ?-!E3(.!-A3.-(C-!7#/7!$/'2-!+C#%%$+!/'-!A)$(-'/5$-!7%!7-/C#-'+!E'--!'3.3(2!%(!7#-!-EE%'7+! %E!7#-3'!C%$$-/2)-+G!V-/C#-'+!3(!7#-+-!+C#%%$+!N/8!(%7!+--!/!.3'-C7!C%((-C73%(!5-7@--(!

7#-3'!-EE%'7!/(.!%57/3(3(2!7#-!5%()+F!+%!7#-8!N/8!5-!$-++!$36-$8!7%!3NB'%A-!7#-!Z)/$378!%E! 7#-3'!7-/C#3(2G![%'!7#3+!'-/+%(F!@-!C%(+3.-'-.!3E!$/'2-!+C#%%$+!+#%)$.!5-!-$3N3(/7-.!E'%N! 7#-!B'%2'/N!-(73'-$8G!V#3+!/BB'%/C#!@%)$.!N/3(7/3(!7#-!B'%2'/N!3(!7#-!+C#%%$+!@#-'-!37!

3+!N%+7!-EE-C73A-!5)7!'-.)C-!7#-!%A-'/$$!C%+7!%E!7#-!B'%2'/N!58!.-C'-/+3(2!7#-!()N5-'! %E!+C#%%$+!B/'73C3B/73(2G) !

J$7#%)2#!7#3+!%B73%(!#/+!7#-!B%7-(73/$!7%!+/A-!N%(-8!58!%($8!3NB$-N-(73(2!7#-!B'%2'/N! @#-'-!37!3+!5-!N%+7!-EE-C73A-F!37!'/3+-+!/!()N5-'!%E!%7#-'!C%(C-'(+G!d7!3+!$36-$8!7%!5-!

-Z)37/5$-!3E!7#-!E)(.+!+/A-.!/'-!)+-.!E%'!%7#-'!B'%2'/N+!7#/7!7/'2-7!7#-!+C#%%$+!7#/7!/'-! $-E7!%)7G!V#3+!%B73%(!3+!B%$373C/$$8!)(E-/+35$-!5-C/)+-!$/'2-!+C#%%$+!#/A-!$/'2-!()N5-'+!%E! 7-/C#-'+!@#%!N/8!%BB%+-!5-3(2!-$3N3(/7-.!E'%N!/!B%7-(73/$$8!$)C'/73A-!5%()+G!d(! /..373%(F!3(7'%.)C3(2!/!7/'2-7-.!B'%2'/N!@%)$.!/..!/(!3(C-(73A-!E%'!$/'2-!+C#%%$+!7%! +#'3(6F!B%7-(73/$$8!@/+73(2!E3b-.!'-+%)'C-+!$36-!C$/++'%%N!+B/C-G!

! >U! !

!

OEE-C73A-(-++!

V/'2-7!B'%2'/N!

e32#!

"%+7! ,/A3(2+!

OZ)378! [-/+353$378K! [-/+353$378K! D%$373C/$!

D'/C73C/$! t-+!

4%!

4%!

EF-7&%!I!^!A&%6.!0-!-@)!-)0#@):!()8)(! d(!/(8!23A-(!+C#%%$F!7-/C#-'!Z)/$378!A/'3-+!E'%N!%(-!C$/++'%%N!7%!/(%7#-'G!OA-(!3(!/! #32#`B-'E%'N3(2!+C#%%$F!37!3+!+73$$!B%++35$-!7%!#/A-!B%%'!7-/C#-'+!@#%!C/(!#/NB-'! +7).-(7+a!/53$378!7%!$-/'(G!V#-!C)''-(7!5%()+!B'%2'/Na+!+7')C7)'-F!@#3C#!3+!/7!7#-!+C#%%$` $-A-$F!.%-+!(%7!C/B7)'-!.3EE-'-(C-+!3(!3(.3A3.)/$!7-/C#-'!-EE-C73A-(-++G!e-7-'%2-(-%)+!

7-/C#-'!Z)/$378!C/(!%($8!5-!C/B7)'-.!3E!7#-!B'%2'/N!3(C%'B%'/7-+!/!N-7'3C!/7!7#-!

3(.3A3.)/$!C$/++'%%N!$-A-$F!@#3C#!@%)$.!'-Z)3'-!-A/$)/73%(+!E%'!7-/C#-'+!%E!/$$!2'/.-+! /(.!+)5*-C7+G!J..373%(/$$8F!5%()+-+!/7!7#-!7-/C#-'!$-A-$!-$3N3(/7-!7#-!B%++353$378!%E!E'--!

'3.3(2G!! ! [%'!7#3+!B%$3C8!%B73%(F!@-!#/A-!+7')C7)'-.!7#-!7-/C#-'`$-A-$!5%()+!7%!C%NB$-N-(7!7#-!

C)''-(7!5%()+!+7')C7)'-G!P8!/..3(2!/!7-/C#-'`$-A-$!B%'73%(!7%!7#-!/@/'.F!37!-bB$%37+!7#-!

5-(-E37+!%E!3(.3A3.)/$!$-A-$!3(C-(73A-+F!5)7!58!'-7/3(3(2!7#-!C)''-(7!+7')C7)'-F!37!/$+%!7/B+!

7#-!C%$$/5%'/73A-!5-(-E37+!%E!7#-!+C#%%$`@3.-!5%()+G!V#-!+C#%%$`$-A-$!B%'73%(!3+! /BB'%B'3/7-.!/CC%'.3(2!7%!7#-!C)''-(7!N-7#%.%$%28F!@#3$-!7#-!7-/C#-'`$-A-$!B%'73%(! @%)$.!5-!.3+7'35)7-.!/CC%'.3(2!7%!-/C#!7-/C#-'a+!B-'E%'N/(C-!%(!/!(-@!/++-++N-(7!

N-7#%.%$%28G!!V-/C#-'+!@#%!.%!(%7!-/'(!7#-!3(.3A3.)/$!5%()+!@3$$!+--!(%!3NB/C7!3(!7#-! /N%)(7!%E!7#-3'!+C#%%$`$-A-$!5%()+G!J!7-/C#-'!C/(!-/'(!5%7#!7#-!3(.3A3.)/$!/(.!+C#%%$!

B%'73%(+!%E!7#-!5%()+F!-37#-'F!%'!(%(-!/7!/$$G!V#3+!+7')C7)'-!3+!.-B3C7-.!3(!V/5$-!YG! !

V/5$-!YK!D%++35$-!7-/C#-'!5%()+!+7')C7)'-! ! !

V-/C#-'!-A/$)/73%(! +)EE3C3-(7!

V-/C#-'!-A/$)/73%(!(%7! +)EE3C3-(7!

,C#%%$!2%/$!'-/C#-.!

V-/C#-'!'-C-3A-+!5%7#!B%'73%(+!%E! 7#-!5%()+G! V-/C#-'!'-C-3A-+!%($8!+C#%%$!

B%'73%(!%(!7#-!5%()+G!

,C#%%$!2%/$!(%7!'-/C#-.!

V-/C#-'!'-C-3A-+!%($8!7-/C#-'!

B%'73%(!%E!7#-!5%()+G! 4%!5%()+G!

! !

0-+32(3(2!/(!3(.3A3.)/$!7-/C#-'!/++-++N-(7!C%)$.!'-Z)3'-!/!E)$$!'-B%'7!3(!37+-$EG!P-C/)+-!

37!2%-+!5-8%(.!7#-!+C%B-!%E!%)'!B'%*-C7F!@-!2/7#-'-.!3(E%'N/73%(!E'%N!.3EE-'-(7!

-.)C/73%(/$!+8+7-N+!@%'$.@3.-!/(.!B'%B%+-!)+3(2!N-7#%.+!7#/7!#/A-!5--(!7#-!N%+7!

'-$3/5$-!/(.!A/$3.Gg<!V#-!7-/C#-'!-A/$)/73%(+!7#/7!@-!C%(+3.-'!/'-!7#'--!.3'-C7!N-/+)'-+! %E!7-/C#-'!B-'E%'N/(C-F!/(.!%(-!B'%b8!%E!7-/C#-'!B-'E%'N/(C-F!@#3C#!3+!+7).-(7!

B-'E%'N/(C-G!V-/C#-'+!3(!$/'2-!+C#%%$+F!@#%!/'-!B'%(-!7%!E'--!'3.3(2!%(!7#-!-EE%'7+!%E! %7#-'!7-/C#-'+F!@%)$.!5-!N%73A/7-.!58!/!B%'73%(!%E!5%()+!7#/7!3+!C%NB$-7-$8! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! g<

!,/(73/2%F!DGF!/(.![G!P-(/A3.-+F!kV-/C#-'!OA/$)/73%(K!/!C%(C-B7)/$!E'/N-@%'6!/(.!-b/NB$-+!%E!C%)(7'8!

B'/C73C-+Fm!TO"0`:-b3C%!?%'6+#%B!ÄV%@/'.+!/!V-/C#-'!OA/$)/73%(!['/N-@%'6!3(!:-b3C%K!d(7-'(/73%(/$!

D'/C73C-+F!"'37-'3/!/(.!:-C#/(3+N+aF!:-b3C%!"378F!<==\G!

!

>g!

3(.-B-(.-(7!%E!7#-3'!C%$$-/2)-+a!-EE%'7G!V#-!E%)'!B-'E%'N/(C-!N-/+)'-N-(7+!/'-K! C$/++'%%N!%5+-'A/73%(+F!+)B-'A3+%'!-A/$)/73%(+F!7-/C#-'!7-+7+!/(.!A/$)-`/..-.!

N-/+)'-+G! !

• V-/C#-'!J++-++N-(7K!"$/++'%%N!T5+-'A/73%(+!!

J!C$/++'%%N`$-A-$!N-/+)'-!7#/7!C/(!3.-(73E8!7-/C#-'!Z)/$378!3+!C$/++'%%N! %5+-'A/73%(+!-A/$)/7-.!58!/!7#3'.`B/'78!-b7-'(/$!7%!7#-!+C#%%$G!"$/++'%%N! %5+-'A/73%(+!C/(!C/B7)'-!7-/C#-'`+7).-(7!3(7-'/C73%(+!/(.!Z)/$37/73A-!/+B-C7+!%E! 7-/C#3(2!7#/7!7-+7+!/'-!3(C/B/5$-!%E!N-/+)'3(2Gg>! !

V#-!C$/++'%%N!%5+-'A/73%(+!@%)$.!5-!C%(.)C7-.!E%'!-/C#!7-/C#-'!%(C-!/!8-/'G! V-/C#-'+!@%)$.!5-!'-C%'.-.!7-/C#3(2!/!C$/++!3(!7#-!N%+7!(%(`.3+')B73A-!@/8!

B%++35$-G!V'/3(-.!-b7-'(/$!%5+-'A-'+!@%)$.!7#-(!+C%'-!7#-!'-C%'.3(2+!)+3(2!/!

B'-.-E3(-.!7-NB$/7-G! !

•

V-/C#-'!J++-++N-(7K!V-/C#-'!OA/$)/73%(+!58!,)B-'A3+%'+!

d(C%'B%'/73(2!/(!-A/$)/73%(!B-'E%'N-.!58!7#-!+C#%%$!.3'-C7%'!/(.!7#-!7-/C#-'a+! .3'-C7!+)B-'A3+%'!-A-'8!8-/'!)+3(2!/!+7/(./'.3Q-.!7-NB$/7-F!/..+!A/$)/5$-!(-@!

3(E%'N/73%(!7%!7#-!/++-++N-(7G!!03'-C7%'+!/(.!+)B-'A3+%'+!#/A-!./3$8!C%(7/C7!@37#! +7).-(7+!/(.!7-/C#-'+!/(.!+--!7#-!%(`7#-`2'%)(.!3NB/C7+!7#/7!7-/C#-'+!/'-!#/A3(2G! V#3+!.3'-C7!E--.5/C6!/$$%@+!7#-N!7%!N/6-!*).2N-(7+!%E!Z)/$378!7#/7!(%5%.8!-$+-!3+!

C/B/5$-!%E!N/63(2G!03'-C7!-A/$)/73%(!3+!/!.%)5$-`-.2-.!+@%'.F!#%@-A-'F!/(.! +)B-'A3+%'!-A/$)/73%(+!/'-!A)$(-'/5$-!7%!53/+F!E/A%'373+NF!/(.!3(7-'(/$!B%$373C/$!

N/(-)A-'3(2G! !

J$7#%)2#!+)B-'A3+%'!-A/$)/73%(+!#/A-!7#-3'!E$/@+F!7#-8!@%)$.!B'%A3.-!7-/C#-'`$-A-$! ./7/!7#/7!C%)$.!5-!A-'8!)+-E)$F!-+B-C3/$$8!3E!7#-!-A/$)/73%(+!/'-!)+-.!B'%B-'$8!/(.!

B'%E-++3%(/$$8G!! !

•

V-/C#-'!J++-++N-(7K!V-/C#-'!V-+7+!!

J(%7#-'!%B73%(!E%'!.3'-C7!3(.3A3.)/$!-A/$)/73%(+!%E!7-/C#-'+!3+!)+3(2!7-+7+!7%!2/7#-'! ./7/!%(!7#-!7-/C#-'+!7#-N+-$A-+G!V#3+!%B73%(!@%)$.!'-Z)3'-!7-/C#-'+!7%!7/6-!/!7-+7! %(!7#-3'!6(%@$-.2-!%E!7#-!C%(7-(7!7#-8!7-/C#!/+!@-$$!/+!B-./2%23C/$!B'/C73C-+! /BB'%B'3/7-!E%'!7#-3'!2'/.-!$-A-$+G!V-/C#-'+!@%)$.!7/6-!7#-!7-+7!-A-'8!C-'7/3(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! g>

!9%5-'7!"G!D3/(7/F!P'3.2-7!MG!e/N'-!/(.!L%+-B#!DG!J$$-(F!kV-/C#-'`,7).-(7!9-$/73%(+#3B+!/(.!

O(2/2-N-(7K!"%(C-B7)/$3Q3(2F!:-/+)'3(2F!/(.!dNB'%A3(2!7#-!"/B/C378!%E!"$/++'%%N!d(7-'/C73%(+Fm! 64(?M##a)#*)"%&%4".7)#()&,<?%(,)%($4$%2%(,F!<=;<K!>Yg`>nYG!

! >Y! !

()N5-'!%E!8-/'+!%'!@#-(!7#-8!C#/(2-!7#-!2'/.-!%'!+)5*-C7!7#/7!7#-8!7-/C#G!V-+73(2!

7-/C#-'+!%EE-'+!/(!/.A/(7/2-!3(!7-'N+!%E!B'%A3.3(2!/!(-@!+%)'C-!%E!./7/!7#/7!3+!

C$-/'$8!73-.!7%!7-/C#-'a+!3(.3A3.)/$!/53$378G!d7!/$+%!/$$%@+!E%'!C%NB/'3+%(!5-7@--(!

7-/C#-'+!/(.!+C#%%$+!7#/7!3+!(%7!B%++35$-!@37#!Z)/$37/73A-`E%C)+-.!N-/+)'-+G!V-+7+!

C%)$.!/++)N-!7#/7!/$$!7-/C#-'+!+#%)$.F!#%@-A-'F!5-!)+3(2!7#-!+/N-!B-./2%23C/$!

B'/C73C-+!/(.!.%!(%7!C/B7)'-!/(8!Z)/$37/73A-!./7/!%(!7-/C#-'`+7).-(7!3(7-'/C73%(G! !

• V-/C#-'!J++-++N-(7K!q/$)-`J..-.!:-/+)'-+!%E!,7).-(7!I-/'(3(2! q/$)-`/..-.!N-/+)'-+!/77-NB7!7%!3+%$/7-!7#-!-EE-C7!%E!/!+3(2$-!7-/C#-'!%(!/!+7).-(7!

58!C%NB/'3(2!7#-!+7).-(7a+!B-'E%'N/(C-!5-E%'-!/(.!/E7-'!7#-!C$/++G!V#3+!'-Z)3'-+!

7-+73(2!/!+7).-(7!7%!-+7/5$3+#!B-'E%'N/(C-!$-A-$+!B'-`!/(.!B%+7`C$/++G!V%!3(C$).-!

A/$)-`/..-.!N-/+)'-+!/7!7#-!7-/C#-'!$-A-$!E%'!/$$!7-/C#-'+!@%)$.!'-Z)3'-!3(7'%.)C3(2! +7).-(7!7-+7+!E%'!/$$!2'/.-+!/(.!/$$!+)5*-C7+!-A-'8!8-/'G! !

OA/$)/73(2!-/C#!7-/C#-'!7%!3(C%'B%'/7-!/(!3(.3A3.)/$!$-A-$!5%()+!-(#/(C-+!7#-!

-EE-C73A-(-++!%E!7#-!B'%2'/N!58!'-.)C3(2!E'--!'3.3(2G!OZ)378!@%)$.!$36-$8!(%7!5-!

3NB/C7-.F!/+!7#3+!N-/+)'-!+#%)$.!(%7!#/A-!/(8!.3+B'%B%'73%(/7-!-EE-C7+!%(!.3EE-'-(7!

63(.+!%E!+7).-(7+G)) ) O/C#!N-/+)'-!'-Z)3'-+!3(C)''3(2!3(!/..373%(/$!-bB-(+-+F!+%N-!$/'2-!-(%)2#!7%!N/6-!7#-!

N-/+)'-!)(B'/C73C/$G!H+3(2!'-C%'.-.!C$/++'%%N!%5+-'A/73%(!$-A-'/2-+!7-C#(%$%28!7%!

'-.)C-!7#-!C%+7!%E!%5+-'A/73%(+G!"%(7'/C73(2!%)7!7#%)+/(.+!%E!C$/++'%%N!%5+-'A/73%(+!

E%'!/$$!N)(3C3B/$!+C#%%$+F!#%@-A-'F!@%)$.!3(C)'!+32(3E3C/(7!/..373%(/$!-bB-(+-G!03'-C7%'! /(.!+)B-'A3+%'!-A/$)/73%(+!3(A%$A-!+%N-!/..373%(/$!-bB-(+-!3(!7#-!E%'N!%E!73N-!

C%(.)C73(2!7#-!-A/$)/73%(+F!5)7!@%)$.!B'%5/5$8!(%7!'-Z)3'-!+32(3E3C/(7!/..373%(/$!

-bB-(+-+!3E!7#-8!/'-!C/''3-.!%)7!%($8!%(C-!/!8-/'G!V-/C#-'!7-+7+!@%)$.!'-Z)3'-!+32(3E3C/(7! /..373%(/$!-bB-(+-+!3(!C'-/73(2F!)B./73(2F!/(.!/.N3(3+7-'3(2!7#-!7-+7+F!#%@-A-'F!7#-!

N)(3C3B/$!+C#%%$!+8+7-N!3+!$/'2-!-(%)2#!7#/7!'-7)'(+!7%!+C/$-!C%)$.!N/6-!7#-!/A-'/2-!

C%+7!'-/$3+73CG!V-+73(2!/$$!+)5*-C7+!/(.!2'/.-+!@%)$.!/$+%!/..!/!$/'2-!-bB-(+-!3(!7-'N+!%E! /..373%(/$!7-+7!C'-/73%(!/(.!/.N3(3+7'/73%(F!/(.!@%)$.!'-+)$7!3(!/!$%++!%E!C$/++!73N-! /A/3$/5$-!7%!7#-!7-/C#-'G!V#-!C%+7+!%E!7#-+-!/..373%(/$!7-+7+!@%)$.!5-!A-'8!$/'2-!/(.! )(B'/C73C/$G!! ! d(!7-'N+!%E!B%$373C/$!E-/+353$378F!3(+7/$$3(2!/(!3(.3A3.)/$!7-/C#-'!/++-++N-(7!N/8!5-! .3EE3C)$7!5-C/)+-!7-/C#-'+!#3+7%'3C/$$8!#/A-!%BB%+-.!-A/$)/73%(+GgU!d(!/..373%(F! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! gU!

1'3(.$-F!:-'3$--!,-''3$$F!k0-+B37-!7#-!%..+K!V#-!C%(7-(73%)+!B%$373C+!%E!-.)C/73%(!'-E%'NF!D'3(C-7%(! !

H(3A-'+378!D'-++F!m!<==UG

! !

>W!

+)B-'A3+%'+!N/8!%5*-C7!7%!7#-!/..373%(/$!5)'.-(!%E!C%(.)C73(2!-A/$)/73%(+!/(.!7-/C#-'+! @3$$!$36-$8!%BB%+-!/(8!N-/+)'-!7#/7!'-Z)3'-+!/(!/..373%(/$!73N-!C%NN37N-(7G! 4-A-'7#-$-++F!5-C/)+-!7#3+!B%'73%(!%E!5%()+!3+!(%7!7/63(2!/(8!N%(-8!/@/8F!5)7!'/7#-'! %EE-'3(2!/..373%(/$!3(C-(73A-F!37!N/8!5-!-/+3-'!7%!C%(A3(C-!7-/C#-'+!7%!*%3(G!dE!7#-'-!3+!/! +32(3E3C/(7!%BB%+373%(!7%!7#3+!N-/+)'-F!B/'73C3B/73%(!3(!7#3+!B%'73%(!%E!5%()+!C%)$.!-A-(!

5-!N/.-!A%$)(7/'8G)) ) "$/++'%%N!%5+-'A/73%(+F!+)B-'A3+%'!-A/$)/73%(+!/(.!7-/C#-'!7-+7+!/BB-/'!7%!5-!

B'/C73C/$$8!E-/+35$-F!/+!7#-8!+#%)$.!(%7!3(7-'')B7!7#-!'-2)$/'!+C#%%$3(2!+C#-.)$-G! d(7'%.)C3(2!7-+7+!/7!/$$!2'/.-+!/(.!+)5*-C7+!N/8!5-!N%'-!.3+')B73A-!/(.!$-++!B'/C73C/$$8!

E-/+35$-G! !

O/C#!%(-!%E!7#-!3(.3A3.)/$!/++-++N-(7!N-/+)'-+!B'%A3.-+!A/$)/5$-!3(E%'N/73%(!

'-2/'.3(2!7-/C#-'!Z)/$378!/(.!B-'E%'N/(C-K!"$/++'%%N!%5+-'A/73%(+!C%(7'35)7-!

3(E%'N/73%(!%(!7#-!B-'E%'N/(C-!%E!7#-!7-/C#-'!3(!7#-!C$/++'%%Ni!+)B-'A3+%'!-A/$)/73%(+! /..!N%'-!C%(7-b7!/5%)7!7#-!+C#%%$!-(A3'%(N-(7!/(.!)73$3Q-!/!$%(2-'!73N-!E'/N-!E%'! /++-++N-(7i!7-/C#-'!7-+7+!B'%A3.-!3(E%'N/73%(!%(!7-/C#-'`+B-C3E3C!B'-B/'-.(-++i!/(.!

A/$)-`/..-.!N-/+)'-+!/77-NB7!7%!3+%$/7-!'-+)$7+G!H+3(2!/!C%N53(/73%(!%E!7#-+-!

N-/+)'-+!@3$$!/$$%@!7#-!N)(3C3B/$378!7%!7/6-!/.A/(7/2-!%E!+-A-'/$!3(B)7+!/7!%(C-F! C'-/73(2!/!N%'-!C%NB$-7-!/++-++N-(7!%E!7-/C#-'+G!!! !

V#-'-!3+!$-++!'%%N!E%'!N3+7/6-F!53/+F!/(.!./3$8!A/'3/53$378!@#-(!N%'-!7#/(!%(-!78B-!%E! /++-++N-(7!3+!)73$3Q-.G!P-C/)+-!%E!7#3+F!/!C%N53(/73%(!%E!N)$73B$-!N-/+)'-+!3+!N%'-!

B%$373C/$$8!E-/+35$-!7#/(!)73$3Q3(2!%($8!%(-!78B-!%E!N-/+)'-F!/+!7-/C#-'+!@3$$!$36-$8!

'-C%2(3Q-!7#/7!7#-!C%N53(/73%(!N%'-!/CC)'/7-$8!C/B7)'-+!7#-3'!B-'E%'N/(C-!7#/(!/(8!

3(.3A3.)/$!/++-++N-(7!@%)$.G!! ! ! !

OEE-C73A-(-++!

"%+7!

OZ)378!

"$/++'%%N!%5+-'A/73%(+!

e32#!

:-.3)N!!

4-)7'/$!

[-/+353$378K! [-/+353$378K! D%$373C/$!

D'/C73C/$!

4%! t-+!

,)B-'A3+%'!-A/$)/73%(+!

e32#!

I%@!

4-)7'/$!

T6/8!

t-+!

V-/C#-'!7-+7+!

e32#!

e32#!

4-)'/$!

4%!

t-+!

q/$)-`J..-.!:-/+)'-+!

H(6(%@(!

q-'8!#32#!

4-)7'/$!

4-)7'/$!

4%!

!

J(!3NB%'7/(7!C%(+3.-'/73%(!#/+!7%!.%!@37#!7-/C#-'!7'/3(3(2G!J!C%NN%(!/'2)N-(7!N/.-! /2/3(+7!5%()+-+F!@#-7#-'!/7!7#-!+C#%%$!%'!3(.3A3.)/$!$-A-$F!3+!7#/7!B'%5$-N+!@37#!

7-/C#3(2!/'-!(%7!B'%5$-N+!@37#!N%73A/73%(F!5)7!'/7#-'!B'%5$-N+!@37#!.-$3A-'8G!V#-! /'2)N-(7!3+!7#/7!7-/C#-'+!7'8!-b7'-N-$8!#/'.!5)7!+3NB$8!.%!(%7!#/A-!7#-!7'/3(3(2!

(-C-++/'8!7%!-Z)3B!7#-N!@37#!7#-!+63$$+!7%!B'%B-'$8!7-/C#!+7).-(7+G!d(!/!+37)/73%(!@#-'-! ! >n! !

7-/C#-'+!/'-!(%7!B'%B-'$8!7'/3(-.F!/!5%()+!@%)$.!5-!E)73$-!5-C/)+-!7-/C#-'+!#/A-!(%7!

5--(!23A-(!7#-!+63$$+!7%!'-/C#!7#-!2%/$+F!'-2/'.$-++!%E!N%73A/73%(G!! !

V#-!/N%)(7!%E!7'/3(3(2!C)''-(7$8!%EE-'-.!7%!7-/C#-'+!@37#3(!7#-!93%!:)(3C3B/$!+C#%%$! .3+7'3C7!3+!+32(3E3C/(7F!5)7!C%)$.!5-!N%'-!-EE-C73A-!@#-(!C%N53(-.!@37#!B%$3C8!%B73%(+!

7#/7!3(C$).-!7-/C#-'!-A/$)/73%(+G!V#3+!C%N53(/73%(!C%)$.!/$$%@!E%'!7'/3(3(2!7%!5-!

7/'2-7-.!7%!7-/C#-'+!/CC%'.3(2!7%!7#-3'!@-/6(-++-+F!/(.!3+!/(%7#-'!/+B-C7!7#/7!3(C'-/+-+!

7#-!-EE-C73A-(-++!%E!3(.3A3.)/$!7-/C#-'!-A/$)/73%(+G!! !

96,,0:;!&2!EF-7&%.! !

V/5$-!W!5-$%@!+)NN/'3Q-+!7#-!B%$3C8!%B73%(+!B'-+-(7-.!/5%A-G!V#3+!7/5$-!+3NB$3E3-+!7#-!

-A/$)/73%(+!/5%A-!58!C%(A-'73(2!%)'!-A/$)/73%(+!%E!C'37-'3/!3(7%!/(!%A-'/$$!C#-C6N/'6+!

E%'!B%+373A-!/(.!C'%++-+!E%'!(-2/73A-G! !

V/5$-!WK!,)NN/'8!7/5$-!%E!%B73%(+!-A/$)/7-.! !

EF-7&%.! ;G

[$-b353$378!3(!V/'2-7!,-773(2!

<G

[)'7#-'!9-+-/'C#!%E!d(-Z)378!d++)-!

>G

V/'2-7!D'%2'/N!7%!,N/$$!,C#%%$+!

UG

d(.3A3.)/$!V-/C#-'!P%()+! `!!"$/++'%%N!T5+-'A/73%(! `!!,)B-'A3+%'!OA/$)/73%(+! `!!V-/C#-'!V-+7+! `!!q/$)-`/..-.!:-/+)'-+!

!

E8):0((!480(60-7&%!

‫!ݱ‬ ‫!ݱ‬ ‫!ݵ‬ ‫!ݱ‬ ‫!ݱ‬ ‫!ݱ‬ ‫!ݱ‬ ‫!ݵ‬

>\!

3&%#(6.7&%.!0%*!H)#&,,)%*0-7&%.! !

!

!

!

P/+-.!%(!%)'!-A/$)/73%(!%E!7#-!C)''-(7!B'%2'/N!/(.!37+!3NB/C7+!%(!+7).-(7!B-'E%'N/(C-!

N-/+)'-+F!@-!'-C%NN-(.!'-7/3(3(2!7#-!B'%2'/N!/+!3+!/(.!C%N53(3(2!37!@37#!(-@!

-$-N-(7+G![32)'-!;W!5-$%@!+)NN/'3Q-+!%)'!'-C%NN-(./73%(+G! !

[32)'-!;WK!,)NN/'8!%E!'-C%NN-(./73%(+!

9@&:-!/):,!N=OG!;)0:.P! d(7'%.)C-!Å-b353$378!3(!2%/$! S)*76,!/):,!N?OQ!;)0:.P! +-Ç(2!E%'!+C#%%$+! ]&%+!/):,!NQR!;)0:.P! d(7'%.)C-!3(.3A3.)/$!

N/3(7/3(3(2!#32#!

7-/C#-'!5%()+!@37#!'/(.%N! B-'E%'N/(C-G! [)$$8!3(7'%.)C-!3(.3A3.)/$!

-bB-'3N-(7+!%E!.3É-'-(7! [)'7#-'!'-+-/'C#!%(!-Z)378! C%N53(/x%(+!%E!3(.3A3.)/$` 7-/C#-'!5%()+!@37#!N%+7!

3++)-+G! -É-CxA-!C%N53(/x%(!%E! $-A-$!N-/+)'-+G! N-/+)'-+G! :%(37%'!$%(2`7-'N!-b7-'(/$! "%(x()-!-A/$)/x(2!7#-!

N-/+)'-+G! "%(x()-!-A/$)/x(2!7#-!

B'%2'/N!/(.!N%(37%'3(2!

B'%2'/N!/(.!N%(37%'3(2!

0-+32(!7-/C#-'!$-A-$! $%(2`7-'N!-b7-'(/$! $%(2`7-'N!-b7-'(/$!

N-/+)'-N-(7!+8+7-N+G! N-/+)'-+G! N-/+)'-+G!

! ?-!E3(.!7#/7!7#3+!B'%2'/N!3+!@-$$!.-+32(-.!/(.!3+!'-@/'.3(2!+C#%%$+!7#/7!/'-!/C7)/$$8!

3(C'-/+3(2!+7).-(7!$-/'(3(2G!?-!5-$3-A-!7#/7!7/'2-7+!/'-!+-7!/BB'%B'3/7-$8F!@37#!/!(-/'` 3.-/$!$36-$3#%%.!%E!5%()+!/77/3(N-(7F!/(.!/$N%+7!/$$!+C#%%$+!#/A-!'-C-3A-.!7#-!5%()+!/7! $-/+7!%(C-F!+)22-+73(2!7#/7!(%!2'%)B!%E!+C#%%$+!3+!$-E7!%)7G!! ! ?-!#/A-!3.-(73E3-.!/'-/+!%E!7#-!B'%2'/N!7#/7!C/(!5-!3NB'%A-.G!T)'!-A3.-(C-!+#%@+!7#/7! #32#!B-'E%'N3(2!+C#%%$+!N/8!#/A-!B'%5$-N+!N/3(7/3(3(2!/!#32#!+C%'-!.)-!7%!'/(.%N! A/'3/73%(G!V#3+!C%)$.!'-.)C-!N%73A/73%(!/N%(2!7-/C#-'+!@#%!B-'C-3A-!7#/7!@#-7#-'!7#-8!

2-7!7#-!5%()+!%'!(%7!3+!C%NB$-7-$8!'/(.%NG!T)'!-A/$)/73%(!/$+%!E%)(.!-A3.-(C-!E%'!E'--!

'3.3(2!3(!$/'2-'!+C#%%$+G!V#3+!C%)$.!#/A-!/!+3N3$/'!.-N%73A/73(2!-EE-C7!3E!+%N-!7-/C#-'+!

E--$!7#-8!.%!(%7!#/A-!7%!7'8!E%'!7#-!5%()+F!%'!3E!7#-8!.%!7'8F!7#/7!7#-8!/'-!)($36-$8!7%!

C/)+-!/!C#/(2-!3(!7#-3'!+C#%%$a+!/A-'/2-!+C%'-G!J(!/..373%(/$!C%(C-'(!E'%N!7#-!$37-'/7)'-!

'-A3-@!3+!7#-!#-7-'%2-(-378!%E!7-/C#-'+!@37#3(!/!+C#%%$F!@#3C#!3+!(%7!C/B7)'-.!@37#!7#-! !

U=! !

C)''-(7!5%()+!+7')C7)'-!/7!7#-!+C#%%$!$-A-$G!?-!/'-!/$+%!C%(C-'(-.!7#/7!7#-!5%()+! /BB-/'+!#/'.-'!7%!/C#3-A-!E%'!7#-!$%@-+7!+%C3%-C%(%N3C!+7/7)+!+C#%%$+G! !

T)'!'-C%NN-(./73%(+!E%C)+!%(!/..'-++3(2!7#-!B'%5$-N+!@-!3.-(73E3-.!%A-'!/!N)$73`8-/'!

B-'3%.G!?-!#/A-!.3A3.-.!%)'!'-C%NN-(./73%(+!3(7%!+#%'7F!N-.3)NF!/(.!$%(2!7-'N! C/7-2%'3-+F!'-E$-C73(2!;!7%!<!8-/'F!>!7%!Y!8-/'F!/(.!2'-/7-'!7#/(!Y!8-/'!73N-E'/N-+G!J+!7#-!

E-.-'/$!2%A-'(N-(7!%E!P'/Q3$!#/+!+-7!7#-!2%/$!%E!.%)5$3(2!-.)C/73%(!+B-(.3(2!58!<=<=F! %)'!$%(2`7-'N!2%/$+!C%3(C3.-!@37#!7#3+!W`8-/'`$%(2!5).2-7!-bB/(+3%(G! !

T)'!.@&:-O-):,!'-C%NN-(./73%(+!/'-K!N%.3E83(2!#%@!2%/$+!/'-!+-7!58!3(7'%.)C3(2! '/(2-+!%E!/C#3-A-N-(7!E%'!#32#!B-'E%'N3(2!+C#%%$+F!E)'7#-'!'-+-/'C#!%(!-Z)378!3++)-F! C%(73()%)+!-A/$)/73%(!%E!7#-!B'%2'/N!N%(37%'3(2!$%(2`7-'N!-b7-'(/$!N-/+)'-+F!/(.! .-+32(3(2!7-/C#-'!$-A-$!B-'E%'N/(C-!N-/+)'-N-(7!+8+7-N+G!!J..373%(/$$8F!7#-'-!/'-! +32(3E3C/(7!7'/3(3(2!'-+%)'C-+!/$'-/.8!/A/3$/5$-!7%!7-/C#-'+!3(!93%F!/(.!@-!'-C%NN-(.!

7#/7!7#-!:)(3C3B/$378!N/3(7/3(!37+!C)''-(7!-EE%'7+!3(!7#3+!/'-/G! !

T)'!E3'+7!+#%'7`7-'N!'-C%NN-(./73%(!3+!3(+737)73(2!'/(2-+!%E!/C#3-A-N-(7!E%'!#32#!

B-'E%'N3(2!+C#%%$+!7#/7!#/A-!'-/C#-.!7#-!B%3(7!3(!B-'E%'N/(C-!@#-'-!7#-8!/'-!(%! $%(2-'!3(C'-/+3(2!7#-3'!+C%'-F!5)7!%($8!N/3(7/3(3(2!37G!P-C/)+-!7#-+-!+C#%%$+!/'-!

A)$(-'/5$-!7%!'/(.%N!A/'3/53$378!3(!+7).-(7!Z)/$378!7#/7!C%)$.!C/)+-!7#-3'!+C%'-+!7%! .-C'-/+-!7#'%)2#!(%!E/)$7!%E!7#-!7-/C#-'+F!3(+7-/.!%E!E%'C3(2!7#-+-!+C#%%$+!7%!N/3(7/3(!

7#-3'!+C%'-!/7!/!+-7!$-A-$F!7#-8!+#%)$.!5-!/$$%@-.!/!C-'7/3(!.-C'-/+-!3(!B-'E%'N/(C-G! ['%N!%)'!/(/$8+3+F!n=c!%E!7#-!A/'3/73%(!@3$$!5-!/CC%)(7-.!E%'!@37#!/!'/(2-!%E!=G;!3(!7#-! d0OP!%'!d0O!93%!+C%'-+G!,C#%%$+!+C%'3(2!/5%A-!YGg!3(!$%@-'!2'/.-+!/(.!YG=!3(!#32#-'!

2'/.-+!@%)$.!#/A-!7%!N/3(7/3(!7#-3'!5-+7!+C%'-!N3()+!=G;!7%!5-!/5$-!7%!%57/3(!7#-!

5%()+G!! !

J$+%!3(!7#-!+#%'7`7-'N!@-!'-C%NN-(.!E)'7#-'!'-+-/'C#!%E!7#-!C/)+-+!%E!3(-Z)378!3(!

5%()+!/C#3-A-N-(7!58!+C#%%$+!@37#!C#3$.'-(!E'%N!.3EE-'-(7!+%C3%!-C%(%N3C!2'%)B+G!! ! d(!%'.-'!7%!B'%A3.-!%(2%3(2!+)BB%'7!E%'!7#-!B'%2'/NF!@-!'-C%NN-(.!7#/7!7#-!,-C'-7/'3/! :)(3C3B/$!-A/$)/7-!7#-!B'%2'/N!%(!/!'-2)$/'!5/+3+!)73$3Q3(2!(%7!%($8!N-7'3C+!7#/7!/'-! )+-.!E%'!7#-!5%()+F!5)7!/$+%!-b7-'(/$!3(.3C/7%'+!+)C#!/+!-('%$$N-(7!3(!#32#!+C#%%$!/(.! )(-NB$%8N-(7!'/7-+G!!! !

[3(/$$8F!3(!7#-!+#%'7!7-'N!@-!'-C%NN-(.!7#/7!7#-!:)(3C3B/$378!.-+32(!7#-!.3EE-'-(7!

N-/+)'-+!%E!3(.3A3.)/$!7-/C#-'!/++-++N-(7K!C$/++'%%N!%5+-'A/73%(+F!+)B-'A3+%'!

!

U;!

-A/$)/73%(+!/(.!7-/C#-'!7-+7+G!V#-!N-/+)'-+!@3$$!5-!7-+7-.!3(!7#-!N-.3)N`7-'N!/(.!E)$$8!

3NB$-N-(7-.!3(!7#-!$%(2`7-'NG! ! d(!7#-!,)*76,!-):,F!@-!'-C%NN-(.!7#/7!7#-!,-C'-7/'3/!:)(3C3B/$!3(7'%.)C-!/(!

3(.3A3.)/$!7-/C#-'!$-A-$!5%()+!7%!5-(-E37!E'%N!5%7#!7#-!C%%B-'/73A-!/+B-C7!%E!7#-!+C#%%$! $-A-$!5%()+!/(.!7#-!-EE3C/C8!%E!7#-!3(.3A3.)/$!$-A-$!5%()+G!13A-(!7#/7!@-!.%!(%7!6(%@! @#3C#!N-/+)'-+!@%)$.!5-!N%+7!-EE-C73A-!3(!7#3+!C%(7-b7F!@-!+)22-+7!-bB-'3N-(73(2!@37#! .3EE-'-(7!C%N53(/73%(+!%E!3(.3A3.)/$!$-A-$!/++-++N-(7+G!V#3+!@%)$.!B'%A3.-!'3C#-'!./7/!

'-2/'.3(2!7-/C#-'!Z)/$378G!?-!'-C%NN-(.!-bB-'3N-(73(2!@37#!7#-!E%$$%@3(2!

C%N53(/73%(+!%E!B'%2'/N!N-/+)'-+!^E)$$8!.-+C'35-.!3(!7#-!D%$3C8!TB73%(+!+-C73%(_F! '/(.%N$8!/++32(-.!7%!.3EE-'-(7!+C#%%$+F!@37#!'-B-/7-.!E%$$%@!)B!/(/$8+-+!7%!N-/+)'-!

7#-3'!3NB/C7K! !

;G <G >G UG gG

V-/C#-'!7-+7+!Ñ!03'-C7%'!/(.!+)B-'A3+%'!-A/$)/73%(+!

03'-C7%'!/(.!+)B-'A3+%'!-A/$)/73%(+!Ñ!"$/++'%%N!%5+-'A/73%(!

V-/C#-'!7-+7+!Ñ!"$/++'%%N!%5+-'A/73%(+!

V-/C#-'!7-+7+!Ñ!"$/++'%%N!%5+-'A/73%(!Ñ!03'-C7%'!/(.!+)B-'A3+%'!-A/$)/73%(+!

4%!/..373%(/$!-A/$)/73%(!N-/+)'-!

V#-!-bB-'3N-(7+!@3$$!/$$%@!7#-!,-C'-7/'3/!:)(3C3B/$!7%!E3(.!7#-!N%+7!-EE-C73A-!

C%N53(/73%(!58!C%NB/'3(2!+7).-(7!B-'E%'N/(C-!5-7@--(!7#-!2'%)B+G!?37#!%A-'!;F===! +C#%%$+F!7#-!N)(3C3B/$378!#/+!7#-!+C/$-!7%!3NB$-N-(7!7#-+-!-bB-'3N-(7+G!V#-+-!

-bB-'3N-(7+!@3$$!B'%A3.-!/!5/+3+!@37#!@#3C#!7%!B)'+)-!%)'!$%(2`7-'N!'-C%NN-(./73%(+G! ! d(!7#-!(&%+!-):,F!@-!'-C%NN-(.!7#/7!7#-!,-C'-7/'3/!:)(3C3B/$!3NB$-N-(7!7#-!N%+7!

-EE-C73A-!E%'N!%E!3(.3A3.)/$!/++-++N-(7!/(.!B/8N-(7!+8+7-N`@3.-F!E)$$8!3(7'%.)C3(2!7#-!

3(.3A3.)/$!7-/C#-'!5%()+G!V#3+!$%(2`7-'N!'-C%NN-(./73%(!+#%)$.!%($8!5-!B)'+)-.!3E!7#-!

N-.3)N`7-'N!-bB-'3N-(7!N%.)$-+!+#%@!B%+373A-!3NB/C7+!%(!+7).-(7!B-'E%'N/(C-G!! ! d(!/$$!7#'--!B-'3%.+!@-!'-C%NN-(.!N%(37%'3(2!#32#!+C#%%$!-('%$$N-(7!'/7-+!/(.!

B%7-(73/$$8!/..3(2!H(3A-'+378!-('%$$N-(7!'/7-+!/(.!-NB$%8N-(7!$-A-$+!/+!-b7-'(/$!

N-/+)'-+!%E!B'%2'/N!-EE-C73A-(-++G!V#-+-!./7/!C%)$.!+32(/$!$%(2`7-'N!-EE-C7+!%E!7#-!

B'%2'/NG!! !

T)'!$%(2`7-'N!'-C%NN-(./73%(+!C%3(C3.-!@37#!7#-!<=<=!2%/$!%E!3(C'-/+3(2!7#-![-.-'/$!

-.)C/73%(!5).2-7F!@#3C#!@3$$!B'%A3.-!7#-!E)(.+!E%'!7#-!/..373%(/$!-bB-(+-!'-Z)3'-.!E%'!

3(.3A3.)/$!$-A-$!5%()+-+G! ! ! ! !

U<! !

!

C&:$.!37-)*! !

!

!

!

P/''%F!9%5-'7!LGF!/(.!L%(2`?#/!I--G!fJ!(-@!./7/!+-7!%E!-.)C/73%(/$!/77/3(N-(7!3(!7#-! @%'$.F!;\g=`<=;=Gh!T4,'#(48)E<"%4<)#*)9.#(#2'.)3%&%4".7F!(%G!@;g\=<!^<=;=_G! P')(+F!P/'5/'/F!/(.!"$/).3%![-''/QG!!4='($)+%4.7%"&),#)!%"*#"2Y)3%&<8,&)#*)4)+%4.7%") E#(<&)!"#$"42)'()!%"(42M<.#V)E"4X'8/![%'7#C%N3(2F!V#-!?%'$.!P/(6F!<=;>G! P')(+F!P/'5/'/F!0-%(![3$N-'F!/(.!e/''8!J(7#%(8!D/7'3(%+G!A4a'($)&.7##8&)H#"aY)T%H) %C'?%(.%)#()4..#<(,4M'8',=)"%*#"2&/!?/+#3(27%(F!0G"GK!?%'$.!P/(6!D)5$3C/73%(+F! <=;;G! "/'(%8F!:/'73(G!G<M4_&)4.4?%2'.)4?C4(,4$%Y)Z7=)&,<?%(,&)'()G<M4)?#)M%,,%")'()&.7##8/! ,7/(E%'.!H(3A-'+378!D'-++F!<==WG! "#-778F!9/*F!L%#(!4G!['3-.N/(F!/(.!L%(/#!OG!9%C6%EEG!fV#-!$%(2`7-'N!3NB/C7+!%E! 7-/C#-'+K!V-/C#-'!A/$)-`/..-.!/(.!+7).-(7!%)7C%N-+!3(!/.)$7#%%.Gh!T4,'#(48) E<"%4<)#*)9.#(#2'.)3%&%4".7F!<=;;K!4%G!@;WY\\G! "%-$#%F!V#3/2%!.-!I)C-(/G!fP|()+!B%'!0-+-NB-(#%!.-!D'%E-++%'-+K!J(o$3+-!./!

ObB-'3](C3/!"/'3%C/Gh!:%(%2'/E3/!.-![3(/$!.-!")'+%F!0-B/'7/N-(7%!.-!OC%(%N3/F! D%(73EyC3/!H(3A-'+3./.-!"/7}$3C/!.%!93%!.-!L/(-3'%!^DH"`93%_F!<=;<G! [-'(/(.-+F!9-8(/$.%G!h(?'.%)?%)F%&%(C#8C'2%(,#)?4)9?<.4ef#)Ed&'.4)\NF9E]/!d(+737)7%!

4/C3%(/$!.-!O+7).%+!-!D-+Z)3+/+!O.)C/C3%(/3+!J(y+3%!V-3b-3'/!^d4OD_F!:3(3+7&'3%! ./!O.)C/RS%!P'/+3$F!<==WG! ['8-'F!9%$/(.!1G!fV-/C#-'!3(C-(73A-+!/(.!+7).-(7!/C#3-A-N-(7K!OA3.-(C-!E'%N!(-@!8%'6!

C378!B)5$3C!+C#%%$+Gh!T4,'#(48)E<"%4<)#*)9.#(#2'.)3%&%4".7F!(%G!@;Yng=!^<=;;_G! 1$-@@-F!D/)$F!4/)N/(!d$3/+F!/(.!:3C#/-$!M'-N-'G!fV-/C#-'!d(C-(73A-+Gh!D2%"'.4() 9.#(#2'.)R#<"(48F!<=;=K!<=g`<<WG! 1%'.%(F!9%5-'7!L/N-+F!V#%N/+!LG!M/(-F!/(.!,7/32-'!0%)2$/+G!N?%(,'*='($)%**%.,'C%) ,%4.7%"&)<&'($)B%"*#"24(.%)#(),7%)b#M/!?/+#3(27%(F!0G"GK!P'%%63(2+!d(+737)73%(F! <==YG! 1'3(.$-F!:-'3$--!,-''3$$G!0-+B37-!7#-!%..+K!V#-!C%(7-(73%)+!B%$373C+!%E!-.)C/73%(!'-E%'NG! !"'(.%,#()U('C%"&',=)!"%&&F!<==UG! ! e/()+#-6F!O'3C!JGF!/(.!I).2-'!?%-++N/(G!f0%!5-77-'!+C#%%$+!$-/.!7%!N%'-!2'%@7#l! "%2(373A-!+63$$+F!-C%(%N3C!%)7C%N-+!/(.!C/)+/73%(Gh!R#<"(48)#*)9.#(#2'.)S"#H,7! ;WF!(%G!U!^0-C-N5-'!<=;<_K!<YW`><;G! !

U>!

e/()+#-6F!O'36!JGF!,7-A-(!1G!93A63(F!0/A3.![32$3%F!/(.!P'3/(!L/C%5G!f1-(-'/$3Q/73%(+!/5%)7! )+3(2!A/$)-`/..-.!N-/+)'-+!%E!7-/C#-'!Z)/$378Gh!D2%"'.4()9.#(#2'.)3%C'%H!;==F! (%G!<!^<=;=_K!<YW`<W;G! d(+737)7%!4/C3%(/$!.-!O+7).%+!-!D-+Z)3+/+!O.)C/C3%(/3+!J(y+3%!V-3b-3'/!^d4OD_G!!"#C4) E"4&'8)%)-4%M/!<=;;G!#77BKrrB'%A/5'/+3$G3(-BG2%AG5'r!^/CC-++-.![-5')/'8!>!<=;>_G! I/A8F!q3C7%'G!fOA/$)/73(2!7#-!-EE-C7!%E!7-/C#-'+z!2'%)B!B-'E%'N/(C-!3(C-(73A-+!%(!B)B3$! /C#3-A-N-(7Gh!R#<"(48)#*)!#8','.48)9.#(#2=F!<==<K!;<nY`;>;WG! I/A8F!q3C7%'G!fD-'E%'N/(C-!B/8!/(.!7-/C#-'+z!-EE%'7F!B'%.)C73A378!/(.!2'/.3(2!-7#3C+Gh! D2%"'.4()9.#(#2'.)3%C'%H!\\F!(%G!g!^<==\_K!;\W\`<=;;G! I/A8F!q3C7%'G!fH+3(2!B-'E%'N/(C-`5/+-.!B/8!7%!3NB'%A-!7#-!Z)/$378!%E!7-/C#-'+Gh!+7%) *<,<"%)#*).7'8?"%(!;WF!(%G!;!^<==W_K!nW`;=\G! I35'/'8!%E!"%(2'-++G!f"#3$.'-(a+!932#7+K!P'/Q3$Gh!<==\G! #77BKrr@@@G$%CG2%Ar$/@r#-$BrC#3$.`'32#7+r5'/Q3$GB#B!^/CC-++-.![-5')/'8!W!<=;>_G! :3Q/$/F!J$-*/(.'/F!/(.!D3$/'!9%N/2)-'/G!f,3+7-N/+!.-!3(C-(73A%+!-(!-.)C/C3%(!8!$/!

-bB-'3-(C3/!.-$!,4O0!-(!"#3$-Gh!G%(,"#)?%)9.#(#2`4)DB8'.4?4!^H(3A-'+3./.!.-! "#3$-_!n<!^<===_G! :)'/$3.#/'/(F!M/'7#36G!fI%(2`V-'N!OEE-C7+!%E!V-/C#-'!D-'E%'N/(C-!D/8K!ObB-'3N-(7/$!

OA3.-(C-!E'%N!d(.3/Gh!A'2%#F!<=;;G! TO"0G!G"%4,'($)9**%.,'C%)+%4.7'($)4(?)^%4"('($)9(C'"#(2%(,&Y)>'"&,)3%&<8,&)*"#2)+D^N-/!

D/'3+K!T'2/(3Q/73%(!E%'!OC%(%N3C!"%%B-'/73%(!/(.!0-A-$%BN-(7F!<==\G! ~G!9?<.4,'#()4,)4)S84(.%):;0:YK9GF)N(?'.4,#"&/!D/'3+K!T'2/(3Q/73%(!E%'!OC%(%N3C! "%%B-'/73%(!/(.!0-A-$%BN-(7F!<=;<G! ~G!KC%"C'%H)#*)G#<(,"=)3%&<8,&)'()+D^N-Y)E"4X'8/!D/'3+K!T'2/(3Q/73%(!E%'!OC%(%N3C! "%%B-'/73%(!/(.!0-A-$%BN-(7F!<==\G! TO"0F!Dd,JG!!N-D):;;5)3%&<8,&Y)Z74,)-,<?%(,&)[(#H)4(?)G4()F#)I)-,<?%(,)!%"*#"24(.%) '()3%4?'($V)A4,7%24,'.&)4(?)-.'%(.%)\W#8<2%)N]/!D/'3+K!T'2/(3Q/73%(!E%'!

OC%(%N3C!"%%B-'/73%(!/(.!0-A-$%BN-(7F!<=;=G! D3/(7/F!9%5-'7!"GF!P'3.2-7!MG!e/N'-F!/(.!L%+-B#!DG!J$$-(G!fV-/C#-'`,7).-(7!9-$/73%(+#3B+! /(.!O(2/2-N-(7K!"%(C-B7)/$3Q3(2F!:-/+)'3(2F!/(.!dNB'%A3(2!7#-!"/B/C378!%E! "$/++'%%N!d(7-'/C73%(+Gh!64(?M##a)#*)"%&%4".7)#()&,<?%(,)%($4$%2%(,F!<=;<K! >Yg`>nYG!

!

UU! !

D'-E-37)'/!.%!93%!.-!L/(-3'%G!fD$/(%!O+7'/7&23C%!./!D'-E-3')'/!.%!93%!.-!L/(-3'%!<==\` <=;<Gh!<==\G!#77BKrr<==G;U;GWnGW\r.$+7/73Cr;=;;<r<;;YWY>r0I[O` <>UW<=GB.ErB$/(-*/N-(7%u-+7'/7-23C%u+37-GB.E!^/CC-++-.![-5')/'8!>!<=;>_G! 9/)F!V%No+F!/(.!0/(7-!"%(7'-'/+G!fV%)'(/N-(7!3(C-(73A-+!E%'!7-/C#-'+K!-A3.-(C-!E'%N! /!+C/$-.`)B!3(7-'A-(73%(!3(!"#3$-Gh!9.#(#2'.)F%C%8#B2%(,)4(?)G<8,<"48)G74($%F! <=;<K!<;\`<UYG! 9%C6%EEF!L%(/#!OG!fV#-!3NB/C7!%E!3(.3A3.)/$!7-/C#-'+!%(!+7).-(7!/C#3-A-N-(7K!OA3.-(C-!

E'%N!B/(-$!./7/Gh!D2%"'.4()9.#(#2'.)3%C'%HF!<==UK!<UW`<g<G! 9%.'32)-QF!J$5-'7%F!"/'$!LG!0/#$N/(F!/(.!L/N3$!,/$N3G!N((#C4,'#()*#")G#2B%,','C%(%&&)'() E"4X'8/!?/+#3(27%(F!0G"GK!?%'$.!P/(6!D)5$3C/73%(+F!<==nG! ,/(.-'+F!?3$$3/N!IGF!/(.!L)(-!"G!93A-'+G!f")N)$/73A-!/(.!9-+3.)/$!OEE-C7+!%E!V-/C#-'+!%(! [)7)'-!,7).-(7!JC/.-N3C!JC#3-A-N-(7Gh!U('C%"&',=)#*)+%((%&&%%V)W48<%@D??%?)

3%&%4".7)4(?)D&&%&&2%(,)G%(,%"F!;\\YG! ,/(73/2%F!DGF!/(.![G!P-(/A3.-+G!ÖV-/C#-'!OA/$)/73%(K!/!C%(C-B7)/$!E'/N-@%'6!/(.!

-b/NB$-+!%E!C%)(7'8!B'/C73C-+GÖ!K9GF@A%L'.#)Z#"a&7#B)i+#H4"?&)4)+%4.7%") 9C48<4,'#()>"42%H#"a)'()A%L'.#Y)N(,%"(4,'#(48)!"4.,'.%&V)G"',%"'4)4(?)

A%.74('&2&jF!:-b3C%!"378F!<==\G! f,-C'-7o'3/!/B'-+-(7/!T'R/N-(7%!B/'/!<=;<!(/!"pN/'/!.-!q-'-/.%'-+Gh!!"%*%',<"4)?#) 3'#)?%)R4(%'"#V)-A>)@)-%."%,4"'4)A<('.'B48)?%)>4X%(?4/!<=;;!<;`TC7%5-'G! #77BKrr@@@G'3%G'*G2%AG5'r@-5r+NEr-b35-C%(7-).%l/'73C$-`3.s<<>;W>n!^/CC-++-.!

[-5')/'8!g!<=;>_G! ,-C'-7/'3/!:)(3C3B/$!.-!O.)C/RS%!^,:O_G!!"#C4)3'#/!<=;;G! #77BKrr@@@G'3%G'*G2%AG5'r@-5r+N-r-b35-C%(7-).%l/'73C$-`3.s;;U<gU\G! ^/CC-++-.![-5')/'8!;!<=;>_G! ,3(.3C/7%!O+7/.)/$!.%+!D'%E3++3%(/3+!.-!O.)C/RS%!.%!9L!^,ODO_G!-%B%),%C%)4<?'c(.'4).#2) 4)-%."%,d"'4)A<('.'B48)?%)9?<.4ef##)(#)?'4)0J)?%)*%C%"%'"#Y)W%b4)#)"%&<8,4?#)?#) %(.#(,"#/!<==\!;W`[-5')/'8G! #77BKrr@@@G+-B-'*G%'2G5'rA-'u(%73C3/GB#BlC%.u(%73C3/sgWY!^/CC-++-.!:/'C#!;! <=;>_G! ,B'3(2-'F!:/77#-@!1GF!-7!/$G!fV-/C#-'!D/8!E%'!D-'E%'N/(C-K!ObB-'3N-(7/$!OA3.-(C-!E'%N! 7#-!D'%*-C7!%(!d(C-(73A-+!3(!V-/C#3(2!^DTd4V_Gh!-#.'%,=)*#")3%&%4".7)#() 9?<.4,'#(48)9**%.,'C%(%&&F!<=;;G! ,B'3(2-'F!:/77#-@!1GF!-7!/$G!fV-/N!D/8!E%'!D-'E%'N/(C-K!ObB-'3N-(7/$!OA3.-(C-!['%N! 7#-!9%)(.!9%C6!D3$%7!D'%*-C7!%(!V-/N!d(C-(73A-+Gh!9?<.4,'#(48)9C48<4,'#()4(?) !#8'.=)D(48=&'&F!<=;<G! !

Ug!

V#-!?%'$.!P/(6G!f?%'$.!0-A-$%BN-(7!d(.3C/7%'+!`!10D!^C)''-(7!H,j_F!Gh!<=;>G! #77BKrr./7/G@%'$.5/(6G%'2r3(.3C/7%'r4tG10DG:MVDG"0r!^/CC-++-.![-5')/'8!>! <=;>_G! q/(#%(3F!J(2-$%G!f"%N3++S%!O+B-C3/$!0-+73(/./!J!D'%E-'3'!D/'-C-'!J%!D'%*-7%!0-!I-3!4GT! nG=>gF!0-!<=;=!X!D$/(%!4/C3%(/$!0-!O.)C/RS%!`!D/'-C-'!9-E%'N)$/.%Gh!G424"4) ?#&)F'B<,4?#&/!<=;<!<Y`L)(-G! #77BKrr@@@GC/N/'/G2%AG5'rB'%B%+3C%-+?-5rB'%BuN%+7'/'3(7-2'/i*+-++3%(3.s=n POWPP0U<nYg0gOUYW<P>g>W"Y0"<U[G(%.-;lC%.7-%'s;=;<;;;vE3$-(/N-sD/'C-'`DIn=>g;=`<Y`=Y`<=;<!^/CC-++-.!<=;>!>`[-5')/'8_G! !

!

UY! !

!""#$%&'#()*+,-.#*/0*1/$2#$2(* #

#

#

# !""#$%&3*4)*56#(#$2,2&/$*/0*7,6&,-.#(#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#!"# %&'(&)*+,-#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#!.# /01+#02#302,1'431(02#05#16+#,03(0+30207(3#(28+9#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#!:# ;4*1(30**(2+&'(1<#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#=># ?,+#05#16+#,30'+#(2#@AA"#10#7+&,4'+#16+#B*0)&*#*+C+*#05#,3600*,#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#=@# !""#$%&3*8)*56/96#((&/$*/0*+#(2*:'/6#(#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#=D# >$;08+*#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#=D# @$E477&'<#05#'+,4*1,#&28#(21+'F'+1&1(02#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#=!# !"# $%%&'()*&+&,,#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#-.# /"# $01)(2#!+3#45&&#5)3)+6#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#--# D$G+B'+,,(02,#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#=H# !""#$%&3*;)*56/96#((&/$*/0*56/</2&/$*=,2#(#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#H># >$I'0701(02#'&1+,-#C&*4+,#JKL#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#H># @$MN1+,1,#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#H># !""#$%&3*>)*56/96#((&/$*/0*:#'/$%,6?*@%A',2&/$*@$6/..<#$2#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#HD# >$I4'F0,+#05#16+#&2&*<,(,#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#HD# @$I'+*(7(2&'<#0),+'C&1(02,#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#HD# D$;08+*#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#H!# !$G+,4*1,#&28#(21+'F'+1&1(02#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#H=# =$M+,1,#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#H"# !""#$%&3*B)*C/$A(*D#(&9$*!$,.?(&(#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#"A# >$;08+*#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#"A# !"# 7+!82,),#9%#(:&#8)+;#/&(<&&+#6&(()+6#(:&#/9+1,#!+3#:)6:#,':998#&+5988=&+(#"""""#>?# /"# 7+!82,),#9%#(:&#8);&8):993#9%#9/(!)+)+6#(:&#/9+1,#""""""""""""""""""""""""""""""""""""""""""""""#>?# '"# @&965!A:)'!8#B&,(#9%#7<!53#C),(5)/1()9+#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#>D# @$G+,4*1,#&28#(21+'F'+1&1(02#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#"@# !"# 7+!82,),#9%#(:&#8)+;#/&(<&&+#6&(()+6#(:&#/9+1,#!+3#:)6:#,':998#&+5988=&+(#"""""#>E# /"# 7+!82,),#9%#(:&#8);&8):993#9%#9/(!)+)+6#(:&#/9+1,#""""""""""""""""""""""""""""""""""""""""""""""#>E# '"# @&965!A:)'!8#B&,(#9%#7<!53#C),(5)/1()9+#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#>F# D$G+B'+,,(02#04F41#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#"=# !""#$%&3*E)*=,$%/<*7,6&,-&.&2?*F*+G#/6#2&',.*!$,.?(&(#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#".# >$I4'F0,+#05#16+#&2&*<,(,#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#".# @$O,,47F1(02,#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#".# D$;08+*#JP+21'&*#*(7(1#16+0'+7L#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#".# !$OFF*(3&1(02-#>,1#Q,1(7&1(02#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#.A# =$OFF*(3&1(02-#@28#+,1(7&1(02#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#.># # !

!"#

!""#$%&3*4)*56#(#$2,2&/$*/0*7,6&,-.#(* #

#

#

# O**#05#04'#C&'(&)*+,#&'+#&BB'+B&1+8#&1#16+#,3600*#*+C+*$#

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

!

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

!

!:#

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

=16#B'&8+# @AA"# $A>">```# N$AA>"```# N$AAD>```# @$"K#

@AA:# $ADD"```# N$AA@.```# N$AA@:```# >$.K#

:16#B'&8+# @A>># A$AA=.# N$AA>=```# N$AA>=```# A$.K#

@AA"# N$AA:"```# N$AAA!```# N$AAA.```# A$!K#

@AA:# N$A>=>``# N$AAA:```# N$AA@:```# A$.K#

@A>># N$A>=H```# N$AAA!``# N$AAA!``# A$@K#

```-#,(B2(5(3&21#&1#&#::K#*+C+*S#``-#,(B2(5(3&21#&1#&#:=K#*+C+*#

G+,4*1#&1#16+#,3600*#*+C+*-#

# &C+'&B+#,30'+#(2#=16#B'&8+# &C+'&B+#,30'+#(2#:16#B'&8+# &C+'&B+#,03(0+30207(3#,1&14,# G@#

&C+'&B+#247)+'#05# 7(,,(2B#&2,W+',# N$@!`# A$AD!```# N$A@@```# >"$DK#

```-#,(B2(5(3&21#&1#&#::K#*+C+*S#`-#,(B2(5(3&21#&1#&#:AK#*+C+*#

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

=A# !

!

M0#36+3Z#16(,#*&,1#6<F016+,(,#W+#*00Z#&1#16+#C&'(&)(*(1<#05#247)+'#(5#7(,,(2B#&2,W+',# W(16(2#,3600*,#C+',4,#)+1W++2#,3600*,S#)<#<+&'$# # %&'(&23+#05#247)+'#05#7(,,(2B#&2,W+',#(2#16+#,03(0+30207(3#\4+,1(022&('+# # W(16(2#,3600*#C&'(&23+# )+1W++2#,3600*,#C&'(&23+#

@AA"# A$@H# >$A!#

@AA:# >$H!# !$D=#

@A>># >$@:# D$.>#

# M6+#)+1W++2#,3600*#C&'(&23+#(,#&*W&<,#D#10#!#1(7+,#)(BB+'#16&2#16+#W(16(2#,3600*# C&'(&23+S#W6(36#3025('7,#04'#6<F016+,(,#16&1#&#6(B6#*+C+*#05#7(,,(2B#&2,W+',#(,#'+*&1+8# 10#,3600*N,F+3(5(3#C&'(&)*+,#016+'#16&2#,03(0+30207(3#,1&14,#&28#&C+'&B+#,30'+S#W6(36# W+#1&Z+#(210#&330421#(2#04'#,148<$#

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

X,,4+,#05#74*1(30**(2+&'(1<#&*,0#&'(,+#W6+2#W+#(21+'&31#742(3(F&*#W(16#016+'#C&'(&)*+,S#&,# 742(3(F&*#(,#+\4&*#10#>#(2#:AK#05#3&,+,#J7+&2(2B#16&1#:AK#05#04'#8&1&#307+,#5'07# 742(3(F&*#,3600*,L$#a0'#+9&7F*+S#(5#W+#307F41+#16+#C&'(&23+#(25*&1(02#5&310'#&51+'# '+B'+,,(2B#16+#,30'+#02#>@AA:S#>@A>>S#742(3(F&*#&28#16+#(21+'&31(02#05#742(3(F&*#W(16#16+# <+&',#C&'(&)*+,S#W+#5(28# 7,6&,-.#* 7JK* 742(3(F&*`@A>># !"$@=# >@A>># !H$=# 742(3(F&*`@AA:# !!$D@# >@AA:# !D$="# 742(3(F&*# @$D@# ;+&2#%Xa# DH$":#

4L7JK* A$A@>>H@# A$A@>=AH# A$A@@=H># A$A@@:=# A$!DA!@!# ##

# # !

=>#

b'#W(16#16+#)+50'+c&51+'#8477(+,-# 7,6&,-.#* 7JK* 742(3(F&*`&51+'# DD$.H# &51+'# D@$>@# 742(3(F&*# @$D@# ;+&2#%Xa# @@$""#

4L7JK* A$A@:=D=# A$AD>>D# A$!DA!@!# ##

# _6+2#F0,,()*+S#W+#4,+8#aN1+,1#10#36+3Z#16&1#16+#307)(2+8#+55+31#05#(21+'&31(02#C&'(&)*+,# W&,#,(B2(5(3&21$#

M(#*/0*2G#*('/6#*&$*8NNO*2/*<#,(A6#*2G#*9./-,.*.#P#.*/0*('G//.(* X2#04'#'+B'+,,(02,S#W+#,07+1(7+,#4,+#16+#,3600*[,#,30'+#(2#@AA"#10#&330421#50'# 8(55+'+23+,#)+1W++2#,3600*[,#*+C+*#(28+F+28+21*<#05#16+#F'0B'&7$#E3600*#*+C+*S# 60W+C+'S#C&'(+,#&#*01#5'07#02+#<+&'#10#&2016+'S#W6(36#7&Z+#16+#,30'+#(2#@AA"#&2# (7F+'5+31#7+&,4'+#05#16+#B*0)&*#,3600*#*+C+*$## X28++8S#(5#W+#*00Z#&1#16+#30''+*&1(02#)+1W++2#7&16#,30'+,#(2#:16#B'&8+#(2#@AA"S#@AA:#&28# @A>>#(1#(,#02*<#&'0428#".K-# ,30'+# @AA"#

#,30'+#@AA"# ,30'+#@AA:# ,30'+#@A>>#

,30'+# @AA:# ># ## A$.A# ># A$""# A$"H#

,30'+# @A>># ## ## >#

# O28#16+#8(55+'+23+#05#,30'+#)+1W++2#02+#<+&'#&28#16+#016+'#6&,#&#,1&28&'8#8+C(&1(02#05# &'0428#>D$=$# %&'(&)*+# ,30'+#@AA:#N#,30'+#@AA"# ,30'+#@A>>#N#,30'+#@AA:# #

#

=@# !

!

*

E18$# b),# ;+&2# ]+C# ;(2# ;&9# HHD# @$!:# >@$H@# N!!$AD# !H$HH# HHH# >>$@:# >!$!A# N!:$A.# ">$D"#

!""#$%&3*8)*56/96#((&/$*/0*+#(2*:'/6#(* #

#

#

#

4Q R/%#.* !""#$%&'#(#))* <U<+&'S#,U,3600*# !!"#$!!!! ! ! !!! ! ! !! !!""# ! !! !!"## ! ! !! !"#$%$&'( ! !! !"#$%$&'( ! !!""# !!# !!! !"#$%$&'( ! !!"## ! ! !! !"#$%$& ! !! !"#$$!!"#$ ! !! !"! ! !! !"!!!"!!"#$ ! !# a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d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c&51+'#(2,1+&8#05#@AA"c@AA:c@A>>#10#7+&,4'+#16+#+C0*41(02#05#,30'+,S# W6(36#3&4,+,#,07+#*0,,#(2#&334'&3<S#)41#&**0W,#4,#10#(21+'F'+1#16+#'+,4*1,#70'+#+&,(*<# W6(*+#'+843(2B#74*1(30**(2+&'(1<#(,,4+,$#_+#&*,0#3021'0*#50'#16+#+55+31#05#,3600*#,(Y+S# &C+'&B+#247)+'#05#,148+21,#F+'#3*&,,S#,6(51#,148+21,#&'+#&11+28(2BS#&28#,03(0+30207(3# ,1&14,#02#1+,1#,30'+,$## !

=D#

_+#4,+#'&2807#+55+31,#10#302,(8+'#16+#F0,,()(*(1<#16&1#+&36#,3600*#7&<#201#6&C+#16+# ,&7+#)&,+*(2+#50'#&C+'&B+#,30'+S#7+&2(2B#16&1#16+<#6&C+#&#8(55+'+21#dA$## OB&(2#W+#'42#16(,#'+B'+,,(02#50'#16+#&C+'&B+#7&16#,30'+#&28#I0'14B4+,+#,30'+#(2#=16#&28# :16#B'&8+S#&28#3021'0*#50'#6+1+'0,Z+8&,1(3(1<$# #

8Q :A<<,6?*/0*6#(A.2(*,$%*&$2#6"6#2,2&/$* ,Q @00#'2&P#$#((* P0+55(3(+21,#05#16+#'+B'+,,(02,#50'#+55+31(C+2+,,-# # # 742(3(F&*# 742(3(F&*`>@AA:# 742(3(F&*`>@A>># I'0)&)(*(1<#16&1#742(3(F&*`>@AA:#&28# 742(3(F&*`>@A>>#6&C+#16+#,&7+# 30+55(3(+21#

=16#B'&8+# :16#B'&8+# ;&16# F0'14B4+,+# 7&16# F0'14B4+,+# F8NQSTTT* F4BQOTTT* BQETT* SQSTTT* J=$@L# J!$@L# J@$.L# J@$=L# 88Q4TTT* 4UQOTTT* N!$A# D$.# J=$HL# J=$!L# J@$!L# J@$:L# 8OQBTTT* 4OQSTT* SQSTTT* 4NQ4TTT* JH$AL# JH$HL# J@$"L# JD$AL# D.K#

:AK#

AK#

=K#

```-#,(B2(5(3&21#&1#16+#::K#*+C+*S#``-#,(B2(5(3&21#&1#16+#:=K#*+C+*S#,1&28&'8#+''0'#(2#F&'+216+,+,#

a(',1S#W+#3&2#,++#16&1#742(3(F&*#,3600*,#02#&C+'&B+#6&C+#*0W+'#,30'+,#16&2#,1&1+#,3600*,# (2#=16#B'&8+#&28#6(B6+'#,30'+,#16&2#,1&1+#,3600*,#(2#:16#B'&8+$## _+#&*,0#,++#16&1#&C+'&B+#1+,1#,30'+,#(2#742(3(F&*#,3600*,#307F&'+8#10#,1&1+#,3600*,#&'+# (23'+&,(2B#5'07#@AA"#10#@A>>S#W6(36#,60W,#16&1#2G#*$#I*<A$&'&",.*"/.&'&#(* &<".#<#$2#%*&$*8NNS*I#6#*#00#'2&P#*,2*&$'6#,(&$9*2#(2*('/6#(*0/6*-/2G*5/62A9A#(#*,$%* <,2G$## a0'#=16#B'&8+S#1+,1#,30'+,#(2#@AA:#&'+#,(B2(5(3&21*<#6(B6+'#16&2#1+,1#,30'+,#(2#@AA"S#)41# 1+,1#,30'+,#(2#@A>>#&'+#201#,(B2(5(3&21*<#8(55+'+21#5'07#1+,1#,30'+,#(2#@AA:$#M6(,#304*8# (28(3&1+#&#F6&,+N(2#F6+207+202S#W6+'+#16+#2+W#F0*(3(+,#(23'+&,+8#,148+21#*+&'2(2B# W6+2#16+<#W+'+#(7F*+7+21+8#&28#,30'+,#'+7&(2#,1&)*+#&51+'W&'8,$#;0'+#8&1&#(2#16+# 5414'+#W04*8#)+#2++8+8#10#3025('7#16(,#6<F016+,(,$# a0'#:16#B'&8+S#16+'+#,++7#10#)+#20#,(B2(5(3&21#8(55+'+23+#05#,30'+,#)+1W++2#@AA"#&28# @AA:S#&28#&#,(B2(5(3&21#(23'+&,+#(2#@A>>$#M6(,#304*8#(28(3&1+#16&1#16+#2+W#F0*(3(+,#8(8#201# &55+31#:16#B'&8+#(77+8(&1+*<#&28#16&1#16+#36&2B+#100Z#70'+#1(7+#10#0334'$## =!# !

!

M6+#F'0B'+,,#7&8+#3&2#)+#7+&,4'+8#'+*&1(C+#10#,1&28&'8#8+C(&1(02#05#1+,1#,30'+,$# Q55+31(C+2+,,#05#16+#F'0B'&7#(2#'&(,(2B#1+,1#,30'+,#'+*&1(C+#10#,1&28&'8#8+C(&1(02# # =16#B'&8+# :16#B'&8+# # 7&16# F0'14B4+,+# 7&16# F0'14B4+,+# E30'+#,1&28&'8#8+C(&1(02S#&C+'&B+#0C+'#16+#D# <+&',#J(2#F0(21,L# !!# !D# !.# !"# I'0B'+,,#5'07#@AA"#10#@A>>#J(2#F0(21,L# @:# @># >@# >A# I'0B'+,,#(2#1+'7,#05#,1&28&'8#8+C(&1(02#5'07# @AA"#10#@A>># A$HH# A$!:# A$@=# A$@># R+&'*<#F'0B'+,,#(2#1+'7,#05#,1&28&'8#8+C(&1(02# J&C+'&B+#02#16+#D#<+&',#05#16+#F'0B'&7L# A$@@# A$>H# A$A.# A$A"# # M6+#F'0B'&7#(23'+&,+8#1+,1#,30'+,#)<#A$A"#,1&28&'8#8+C(&1(02#(2#:16#B'&8+#&28#)<#&'0428# A$@#,1&28&'8#8+C(&1(02#(2#=16#B'&8+#02#&C+'&B+#)<#<+&'$## -Q @VA&2?*,$%*K6##*6&%&$9* !""#$%*3"*)$4335*)&6#*3(*%#)%*)$31#)*&($1#.)#* E(Y+#30+55(3(+21,#05#16+#'+B'+,,(02,#50'#+\4(1<-# # # ,(Y+`742(3(F&*#

7&16#

=16#B'&8+# F0'14B4+,+#

ND$A# J@$>L# NA$># J@$!L#

F;QNT* J>$HL# A$@# J@$AL#

:16#B'&8+# 7&16# F0'14B4+,+# FEQBTTT* J>$"L# 8Q8T* J>$@L#

F>QETTT* J>$!L# >$@# E(Y+`742(3(F&*#`&51+'# J>$>L# ```-#,(B2(5(3&21#&1#16+#::K#*+C+*S#`-#,(B2(5(3&21#&1#16+#:AK#*+C+*S#,1&28&'8#+''0'#(2#F&'+216+,(,#

e*0)&**<S#16+#(23'+&,+#(2#1+,1#,30'+,#&51+'#(7F*+7+21&1(02#05#16+#F0*(3(+,#(2#742(3(F&*# ,3600*,#,++7,#10#)+#302,(,1+21#&3'0,,#,3600*#,(Y+$## !""#$%*3"*)3$&3#$3(37&$*)%.%,)*3(*%#)%*)$31#)*&($1#.)#* E03(0+30207(3#30+55(3(+21,#50'#16+#+\4(1<#'+B'+,,(02,-# =16#B'&8+# :16#B'&8+# 7&16# F0'14B4+,+# 7&16# F0'14B4+,+#

# # ,+,# 742(3(F&*`,+,# 742(3(F&*`,+,`&51+'#

4>QBTTT* J@$HL# A$!# J@$HL# F4SQOTTT* J!$DL#

44QETTT* J@$DL# @$:# J@$DL# F88QNTTT* JD$=L#

8;Q8TTT* JD$:L# N>$A# JD$:L# F4;QUTTT* JD$!L#

4OQ>TTT* J@$:L# A$.# JD$AL# FEQ8T* JD$DL#

```-#,(B2(5(3&21#&1#&#::K#*+C+*S#`-#,(B2(5(3&21#&1#16+#:AK#*+C+*S#,1&28&'8#+''0',#(2#F&'+216+,(,#

!

==#

O330'8(2B#10#16+,+#'+,4*1,S#,03(0+30207(3#,1&14,#1+28,#10#)+#F0,(1(C+*<#30''+*&1+8#W(16# 1+,1#,30'+,$#E3600*,#W(16#'(36+'#,148+21,#02#&C+'&B+#,30'+#&)041#>H$"#F0(21,#6(B6+'#16&2# F00'#,3600*,$# M6+#,1&1(,1(3&**<#,(B2(5(3&21#2+B&1(C+#30+55(3(+21#05#742(3(F&*`,+,`&51+'#(28(3&1+,S# 60W+C+'S#16&1#16+#2+W#F0*(3(+,#&8C&21&B+8#,3600*,#W(16#F00'+'#,148+21,#(2#1+'7,#05#1+,1# ,30'+#(23'+&,+$#M6+#2+W#F0*(3(+,#,++7#10#B(C+#&2#&),0*41+#&8C&21&B+#10#F00'+'#,148+21,# (2#=16#B'&8+S#&28#10#F&'1(&**<#'+843+#16+#B&F#)+1W++2#16+7#&28#'(36+'#,148+21,#(2#:16# B'&8+$##

;Q =#96#((&/$(** @00#'2&P#$#(()* 8.%4*9%4*21./#* Random-effects GLS regression Group variable: id_escola R-sq: within = 0.7187 between = 0.4285 overall = 0.5620 corr(u_i, X)

= 0 (assumed)

##

Average math score 5th grade

P0+5$#

12009 12011 municipal Municipal*12009 Municipal*12011 Morning shift proportion Number of students by class Socioeconomic status Number of classes _cons

# #

=H# !

!

Number of obs Number of groups Obs per group: min avg max Wald chi2(9) Prob > chi2

*

G0)4,1# E18$# Q''$#

##

= = = = = = =

2231 811 1 2.8 3 3901.77 0.0000

##

Y#

## h:=K# IfgYg# P025$#

## X21+'C&*i#

A$!H># =$:D!# N@A$."!# @@$>>=# @"$=A:# NA$..=#

=$H!># =$:>A# =$>:># =$HD.# =$:H@# >$>">#

A$A.A# >$AAA# N!$A@A# D$:@A# !$H>A# NA$"HA#

A$:D=# A$D>=# A$AAA# A$AAA# A$AAA# A$!=A#

N>A$=:H# N=$H!:# ND>$A!.# >>$AH!# >=$.@=# ND$>.A#

>>$=>.# >"$=>"# N>A$H::# DD$>HH# D:$>:!# >$!A:#

NA$A>"# >!$>>># NA$AHH# @>"$!:"#

A$AHH# A$:=@# A$D>A# =$HA@#

NA$@=A# >!$.@A# NA$@>A# D.$.@A#

A$.AA# A$AAA# A$.D@# A$AAA#

NA$>!"# >@$@!=# NA$H"D# @AH$=>H#

A$>>D# >=$:".# A$=!@# @@.$!""#

:31%,2,#)#*9%4*21./#* Random-effects GLS regression Group variable: id_escola R-sq: within = 0.6294 between = 0.4852 overall = 0.5152 corr(u_i, X)

Number of obs Number of groups Obs per group: min avg max Wald chi2(9) Prob > chi2

= 0 (assumed)

Average portuguese score 5th grade

## P0+5$#

12009

NA$>"H# =$H@"# N>=$H:=# >.$HH@# >"$:D@# NA$"H># A$AD!# >!$D..# NA$>>=# >:=$AHH#

12011 municipal Municipal*12009 Municipal*12011 Morning shift proportion Number of students by class Socioeconomic status Number of classes _cons

G0)4,1# E18$#Q''$# =$!>"# H$=AD# !$@>=# =$!D># H$==!# >$A!H# A$A=.# A$.!@# A$@""# !$H!H#

## Y#

= = = = = = =

2231 811 1 2.8 3 2979.75 0.0000

## ## IfgYg# h:=K#P025$#

NA$ADA# A$."A# ND$"@A# D$!!A# @$"!A# NA$"DA# A$=:A# >"$A.A# NA$!>A# !>$::A#

A$:"!# A$D."# A$AAA# A$AA># A$AAH# A$!H"# A$==H# A$AAA# A$H":# A$AAA#

## X21+'C&*i#

N>A$":@# N"$>>.# N@D$:=H# .$A>"# =$A.=# N@$.>># NA$A":# >@$"D.# NA$H="# >.=$:HA#

>A$!!># >.$D"D# N"$!D=# @:$DA"# DA$"".# >$@:A# A$>!"# >H$AD:# A$!@.# @A!$>"@#

8.%4*;%4*21./#* Random-effects GLS regression Group variable: id_escola R-sq: within = 0.3020 between = 0.6676 overall = 0.5669 corr(u_i, X)

Number of obs Number of groups Obs per group: min avg max Wald chi2(9) Prob > chi2

= 0 (assumed)

Average math score 9th grade

## P0+5$#

12009

:$DAD# :$!."# =$H!D# ND$:H:# :$:A.# .$!>:# NA$>".# @D$!::# A$""A# @DA$@>:#

12011 municipal Municipal*12009 Municipal*12011 Morning shift proportion Number of students by class Socioeconomic status Number of classes _cons

* #

G0)4,1# E18$#Q''$# @$.A@# @$."># @$.@!# @$!DA# @$H=A# >$:A.# A$A.># @$@A!# A$!=H# D$>>@#

## Y# D$D@A# D$DAA# @$AAA# N>$HDA# D$"!A# !$!>A# N@$@>A# >A$HHA# >$H:A# "D$::A#

## IfgYg# A$AA># A$AA># A$A!H# A$>A@# A$AAA# A$AAA# A$A@"# A$AAA# A$A:># A$AAA#

= = = = = = =

1328 474 1 2.8 3 876.35 0.0000

## h:=K#P025$# D$.>># D$.=:# A$>A.# N.$"DA# !$">!# !$H.A# NA$DD"# >:$>":# NA$>@D# @@!$>@A#

## X21+'C&*i# >!$":H# >=$>>=# >>$>":# A$":D# >=$>AD# >@$>=.# NA$A@A# @"$.>.# >$HHD# @DH$D>"#

*

!

="#

:31%,2,#)#*;%4*21./#* Random-effects GLS regression Group variable: id_escola R-sq: within = 0.3037 between = 0.6389 overall = 0.5497 corr(u_i, X)

Number of obs Number of groups Obs per group: min avg max Wald chi2(9) Prob > chi2

= 0 (assumed)

Average portuguese score 9th grade 12009 12011 municipal Municipal*12009 Municipal*12011 Morning shift proportion Number of students by class Socioeconomic status Number of classes _cons

## G0)4,1# P0+5$# E18$#Q''$# "$D@!# D$AD"# N>$@A># A$">"# :$:@:# @$=>.# >$@=A# @$"@.# A$D>"# A$H"=# "$"@># >$:>@# NA$>HD# A$A."# @A$H.@# >$H=.# A$=AA# A$D"!# @@A$=@:# D$AH=#

= = = = = = =

1328 474 1 2.8 3 1045.71 0.0000

## ## ## ## Y# IfgYg# h:=K#P025$# X21+'C&*i# @$!>A# A$A>H# >$D"@# >D$@"H# N>$H.A# A$A:!# N@$HAH# A$@AD# D$:!A# A$AAA# !$::!# >!$.HD# A$!HA# A$H!"# N!$A:"# H$=:"# A$!"A# A$HD:# N>$AA"# >$H!># !$A!A# A$AAA# D$:"!# >>$!H:# N>$."A# A$AH># NA$DDD# A$AA.# >@$!.A# A$AAA# >"$!D!# @D$:D># >$D!A# A$>.># NA$@D!# >$@D!# ">$:!A# A$AAA# @>!$=@># @@H$=D"#

@VA&2?*,$%*K6##*=&%&$9* 8.%4*9%4*21./#* Random-effects GLS regression Group variable: id_escola R-sq: within = 0.6532 between = 0.4465 overall = 0.5414 corr(u_i, X)

= 0 (assumed)

Average math score 5th grade After municipal Municipal*after Morning shift proportion Number of classes (size) Size*after Size*municipal Size*municipal*after Number of students by class Ses*after Socioeconomic status (ses) Ses*municipal Ses*municipal*after _cons

=.# !

!

Number of obs Number of groups Obs per group: min avg max Wald chi2(16) Prob > chi2

= = = = = = =

2231 811 1 2.8 3 4189.37 0.0000

## G0)4,1# ## ## ## ## P0+5$# E18$#Q''$# Y# IfgYg# h:=K#P025$# X21+'C&*i# N>=$>H# :$:"# N>$=@# A$>D# ND!$"A# !$D"# N>A$".# .$."# N>$@@# A$@@# N@.$>"# H$HA# !D$D"# >A$A># !$DD# A$AA# @D$"=# HD$AA# >$>># >$@:# A$.H# A$D:# N>$!># D$HD# @$HH# @$A:# >$@"# A$@A# N>$!!# H$"=# A$>:# @$DH# A$A.# A$:!# N!$!=# !$.@# N@$:"# @$>@# N>$!A# A$>H# N"$>D# >$>:# NA$A"# @$!A# NA$AD# A$:.# N!$".# !$H!# NA$>># A$A"# N>$=.# A$>># NA$@=# A$AD# @@$@!# !$>=# =$D=# A$AA# >!$>A# DA$D.# >!$=@# @$HD# =$=@# A$AA# :$DH# >:$H.# A$!@# @$H@# A$>H# A$."# N!$"@# =$=H# N>:$"A# !$D@# N!$=H# A$AA# N@.$>H# N>>$@D# @A:$.># .$.># @D$.@# A$AA# >:@$=!# @@"$A"#

:31%,2,#)#*9%4*21./#* Random-effects GLS regression Group variable: id_escola R-sq: within = 0.6121 between = 0.4924 overall = 0.5197 corr(u_i, X)

Number of obs Number of groups Obs per group: min avg max Wald chi2(16) Prob > chi2

= 0 (assumed)

Av. Portuguese score 5th After municipal Municipal*after Morning shift proportion Number of classes (size) Size*after Size*municipal Size*municipal*after Number of students by class Ses*after Socioeconomic status (ses) Ses*municipal Ses*municipal*after _cons

P0+5$# G0)4,1#EQ$# N>H$"@@# .$">@# N.$A=D# "$!="# D"$@!H# .$"=># A$A"A# >$A.D# @$=D@# >$=::# A$>!@# >$:=H# N@$:.!# >$HD@# A$>=@# >$:.=# NA$AA@# A$A=.# @D$==A# D$D.@# >>$H"@# @$@""# @$:>"# @$D>># N@@$A@"# D$=>@# >..$.H@# "$D:@#

= = = = = = =

2231 811 1 2.8 3 3749.25 0.0000

Y# IfgYg# h:=K#P025$# X21+'C&*i# N>$:@A# A$A==# NDD$":"# A$D=!# N>$A.A# A$@.A# N@@$HH:# H$=HD# !$@HA# A$AAA# @A$A:!# =!$D:"# A$AHA# A$:!:# N@$A=D# @$>:@# >$=.A# A$>>D# NA$HA># =$HH=# A$A"A# A$:!@# ND$H:># D$:"H# N>$.DA# A$AH.# NH$>.D# A$@>H# A$A.A# A$:D:# ND$"D.# !$A!@# NA$A!A# A$:"A# NA$>>=# A$>>># H$:HA# A$AAA# >H$:@># DA$>":# =$>DA# A$AAA# "$@A:# >H$>D=# >$@HA# A$@A"# N>$H>@# "$!!"# NH$@"A# A$AAA# N@.$:A:# N>=$>!!# @=$==A# A$AAA# >"!$D"D# @AD$D=A#

*

8.%4*;%4*21./#* Random-effects GLS regression Group variable: id_escola R-sq: within = 0.1075 between = 0.6116 overall = 0.4857 corr(u_i, X)

= 0 (assumed)

Average math score 9th After municipal Municipal*after Morning shift proportion Number of classes (size) Size*after Size*municipal Size*municipal*after Number of students by class Ses*after Socioeconomic status (ses) Ses*municipal Ses*municipal*after _cons

!

Number of obs Number of groups Obs per group: min avg max Wald chi2(16) Prob > chi2

= = = = = = =

1328 474 1 2.8 3 833.74 0.0000

P0+5$# G0)4,1#EQ$# Y# IfgYg# h:=K#P025$# X21+'C&*i# >H$@""# !$D!!# D$"=A# A$AAA# "$"HD# @!$":A# @!$H@"# =$!!:# !$=@A# A$AAA# >D$:!"# D=$DA"# N@$A!=# !$D:># NA$!"A# A$H!># N>A$H=@# H$=H># H$:.=# >$::=# D$=AA# A$AAA# D$A"H# >A$.:=# !$>""# >$HA># @$H>A# A$AA:# >$A!A# "$D>=# N@$A>A# >$A!=# N>$:@A# A$A==# N!$A=.# A$AD:# NH$!"@# >$H:D# ND$.@A# A$AAA# N:$":A# ND$>=!# @$@@!# >$>HA# >$:@A# A$A==# NA$A!:# !$!:.# NA$D@.# A$A..# ND$"!A# A$AAA# NA$=AA# NA$>=H# >>$:@"# @$H!!# !$=>A# A$AAA# H$"!H# >"$>A.# @D$>=!# D$:>@# =$:@A# A$AAA# >=$!."# DA$.@># N>$A!:# D$:A"# NA$@"A# A$"..# N.$"A"# H$HA.# N>D$.A.# D$D:@# N!$A"A# A$AAA# N@A$!==# N"$>HA# @@=$:"D# =$A!A# !!$.!A# A$AAA# @>H$A:=# @D=$.=A# =:#

* :31%,2,#)#*;%4*21./#* Random-effects GLS regression

Number of obs

=

1328

Group variable: id_escola

Number of groups

=

474

R-sq:

= 0.2824

Obs per group: min =

1

between = 0.6436

avg =

2.8

overall = 0.5531

max =

3

Wald chi2(16)

=

1180.46

Prob > chi2

=

0.0000

within

corr(u_i, X)

= 0 (assumed)

##

Average portuguese score 9th grade

P0+5$#

After municipal Municipal*after Morning shift proportion Number of classes (size) Size*after Size*municipal Size*municipal*after Number of students by class Ses*after Socioeconomic status (ses) Ses*municipal Ses*municipal*after _cons

* #

HA# !

!

*

G0)4,1# E18$# Q''$#

##

##

Y#

IfgYg#

## h:=K# P025$#

## X21+'C&*i#

>>$H!A# @D$A=.# !$.HH# H$@@D# D$>=D# NA$..A# N!$=.A# >$>"@#

!$!.A# @$HAA# !$=>=# =$>>A# !$!>A# >$>AA# >$:H"# D$>HA# >$@=!# @$=@A# >$A>=# NA$."A# >$D!:# ND$!AA# >$>>@# >$A=A#

A$AA:# A$AAA# A$@"A# A$AA@# A$A>@# A$D.H# A$AA># A$@:@#

@$.=:# >!$@A:# ND$"".# @$DH"# A$H:H# N@$.H:# N"$@@!# N>$AA.#

@A$!@A# D>$:A.# >D$=>A# >A$A".# =$H>># >$>>A# N>$:DH# D$D=@#

NA$>."# .$@"># >"$!A:# A$.@.# NH$@@A# @>=$@"@#

A$A.:# N@$>>A# @$=!:# D$@!A# @$.="# H$A:A# D$A!!# A$@"A# D$DAH# N>$..A# !$>:=# =>$D>A#

A$AD=# A$AA># A$AAA# A$".H# A$AHA# A$AAA#

NA$DH># D$@"=# >>$.A:# N=$>D:# N>@$H::# @A"$A!:#

NA$A>D# >D$@H.# @D$AA.# H$":!# A$@=:# @@D$!:=#

!""#$%&3*;)*56/96#((&/$*/0*56/</2&/$*=,2#(** #

#

#

#

4Q 56/</2&/$*6,2#()*P,.A#(*WXY* 0/6*<A$&'&",.*('G//.(* * * * * * * ,1 28 28 '8 '8 16 16 16 16 16 16 16 16 16 * > #10#@ ## @ #10#D ## D #10#! ## ! #10#= ## = #10#H ## H #10#" # " #10#. ## .16#10#:16## 8NNO* :H$=# .H# :=$># :"$D# .H$D# :=# :=$H# :!$!# 8NNU* :H$H# .D$.# :H# :H$D# .A$:# :!$@# :D$.# ..$=# 8NNS* :=$.# .A$=# .:$"# :A$:# H.$D# "=$"# "D$D# .A$@# 8N4N* :H$=# ".$D# .H$H# :>$:# "D$!# ""$"# .A$H# .H$!# 8N44* :H$"# .@$D# :A$># :D$@# .D$"# .=$># ..$># :@$D# #

8Q +F2#(2(* <37=.1&)3(*3"*%#)%>%.?&(2*21./#@)*=1373%&3(*1.%#)*A&%4*%4#*.'#1.2#*=1373%&3(*1.%#*3"* &(*%4#*#/,$.%&3(*$-$5#* # 8(55+'+23+#W(16#16+#&C+'&B+#F'0701(02#'&1+#(2#*0W+'#0'#6(B6+'# B'&8+,# # @A>A# @A>># #!16#10#=16#B'&8+# @$A@```# >$:A```# .16#10#:16#B'&8+# !$A=```# @$:A```# # _+#307F&'+#&C+'&B+#F'0701(02#'&1+,#10#16+#1+,1N1&Z(2B#B'&8+S#W6(36#(,#F'0701(02#5'07# !16#10#=16#0'#.16#10#:16S#W(16#16+#&C+'&B+#F'0701(02#'&1+#50'#16+#+843&1(02#3<3*+S#W6(36#(,# >,1#16'04B6#=16#50'#F'(7&'<#+843&1(02#&28#H16#16'04B6#:16#50'#7(88*+#,3600*#+843&1(02$# _+#3&2#,++#16&1#F'0701(02#'&1+,#j4,1#)+50'+#1+,1N1&Z(2B#B'&8+,#&'+#,(B2(5(3&21*<#6(B6+'# 16&2#16+#&C+'&B+#F'0701(02#'&1+,#(2#16+#,&7+#B'04F#05#B'&8+,$# <37=.1&)3(*3"*%4#*=1321#))&3(*3"*%#)%*%.?&(2*21./#@)*=1373%&3(*1.%#)*A&%4*%4#* .'#1.2#*=1321#))&3(*3"**=1373%&3(*1.%#)*&(*%4#*#/,$.%&3(*$-$5#* # 8(55+'+23+#W(16#16+#&C+'&B+#F'0B'+,,(02#05# F'0701(02#'&1+,#(2#*0W+'#0'#6(B6+'#B'&8+,# # @AA:#10#@A>A# @A>A#10#@A>># # F'0B'+,,(02#(2#F'0701(02#'&1+-#!16#10#=16# >$@=```# NA$A># B'&8+## F'0B'+,,(02#(2#F'0701(02#'&1+-#.16#10#:16# A$>H# N>$@!``# B'&8+## # !

H>#

_+#0),+'C+#16&1#16+#(23'+&,+#(2#!16#10#=16#B'&8+#F'0701(02#'&1+#(,#)(BB+'#16&2#16+# &C+'&B+#F'0B'+,,(02#05#F'0701(02#'&1+,#5'07#>,1#10#=16#B'&8+#5'07#@AA:#10#@A>A#&28# +\4(C&*+21#10#(1#5'07#@A>A#10#@A>>$# a0'#.16#10#:16#B'&8+S#16+#F'0B'+,,(02#05#16+#F'0701(02#'&1+#(,#,(7(*&'#10#16+#&C+'&B+# F'0B'+,,(02#)+1W++2#@AA:#&28#@A>A#&28#,7&**+'#)+1W++2#@A>A#&28#@A>>$#O,#16+# F'+C(04,#1+,1#,60W+8#4,#16&1#16+#F'0701(02#'&1+#5'07#.16#10#:16#B'&8+#(,#,1(**#,(B2(5(3&21*<# )(BB+'#16&2#16+#016+'#F'0701(02#'&1+,S#16(,#'+,4*1#(,#201#&2#(,,4+$#

H@# !

!

#

!""#$%&3*>)*56/96#((&/$*/0*:#'/$%,6?*@%A',2&/$*@$6/..<#$2** #

#

#

#

4Q 5A6"/(#*/0*2G#*,$,.?(&(* _+#W&21#10#7+&,4'+#(5#16+#F'0B'&7#&55+31+8#+843&1(02&*#(28(3&10',#016+'#16&2#1+,1# ,30'+,#&28#F'0701(02#'&1+,$#_+#&*,0#W&21#10#,++#(5#16+#(23'+&,+#(2#1+,1#,30'+,#84+#10#16+# F'0B'&7#(,#'+*&1+8#10#&#'+&*#(23'+&,+#(2#,148+21#*+&'2(2BS#0'#(5#(1#(,#84+#10#1+&36(2B#10#16+# 1+,1#0'#36+&1(2B#)+6&C(0',$## b4'#6<F016+,(,#(,#16&1#(5#,148+21#*+&'2(2B#(23'+&,+,#(2#F'(7&'<#+843&1(02S#,148+21,#W(**# )+#70'+#*(Z+*<#10#+2'0**#(2#6(B6#,3600*#+843&1(02S#W6(36#(,#201#7&28&10'<#(2#T'&Y(*$#_+# *00Z#&1#16+#F'0F0'1(02#05#:16#B'&8+',#5'07#+&36#,3600*#16&1#+2'0**#(2#6(B6#,3600*#0'# F'05+,,(02&*#,3600*#16+#2+91#<+&'#&28#&2&*<Y+#16+#F'0B'+,,(02#05#16(,#F'0F0'1(02#0C+'# 1(7+$#e(C+2#16&1#W+#6&C+#3+2,4,#8&1&#5'07#@AA"#10#@A>>S#W+#6&C+#(250'7&1(02#&)041# 6(B6#,3600*#+2'0**7+21#5'07#@AA"#10#@A>A$##

8Q 56#.&<&$,6?*/-(#6P,2&/$(* a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

,1&1+#,3600*,# 3+2,4,# F'0C&#)'&,(*# =!@"# D>@=# =D"D# H@A.# !"=:# =>.!#

742(3(F&*#,3600*,# 3+2,4,# F'0C&#)'&,(*# !@A=@# D@A"H# !:=:"# =H"@D# D:>"!# !>""D#

# P+2,4,#8&1&#7&<#164,#201#&334'&1+*<#8+,3'()+#16+#,148+21#F0F4*&1(02S#&28#16+# F'0F0'1(02#05#6(B6#,3600*#+2'0**7+21#W+#307F41+#7&<#201#)+#+9&31$# T<#*00Z(2B#&1#16+#&C+'&B+#F'0F0'1(02#05#6(B6#,3600*#+2'0**7+21#(2#,1&1+#&28#742(3(F&*# ,3600*,#)<#<+&'S#W+#5(28#16&1#16+#F'0F0'1(02#05#:16#B'&8+',#5'07#,1&1+#,3600*,#B0(2B#10# ,+3028&'<#+843&1(02#(,#7436#*0W+'#16&2#16+#F'0F0'1(02#5'07#742(3(F&*#,3600*,$#_+#

!

HD#

&*,0#,++#16&1#16+'+#(,#&#8'0F#(2#6(B6#,3600*#+2'0**7+21#5'07#742(3(F&*#,3600*,#)+1W++2# @AA.#&28#@AA:S#W6(36#W+#3&2201#+9F*&(2$#

"6/"/6[/$*/0*G&9G*('G//.*#$6/..<#$2*

56/"/6[/$*/0*G&9G*('G//.*#$6/..<#$2*&$*(2,2#*,$%* <A$&'&",.*('G//.(* .AK# "=K# "AK# H=K# HAK# ==K# =AK# !=K# !AK# D=K# DAK# @AA"#

742(3(F&*#,3600*,# ,1&1+#,3600*,#

@AA.#

@AA:#

@A>A#

M6+#8'0F#(2#6(B6#,3600*#+2'0**7+21#0334''+8#)+50'+#16+#)024,#F'0B'&7#W&,#54**<# +55+31(C+S#,0#W+#3&2#&,,47+#16(,#8'0F#(,#201#'+*&1+8#10#16+#F'0B'&7$#M0#&C0(8#1&Z(2B#16(,# 8'0F#(210#&330421#(2#04'#&2&*<,(,#W+#307F&'+#16+#+C0*41(02#05#16+#6(B6#,3600*# +2'0**7+21#F'0F0'1(02#)+50'+#16(,#8'0F#&28#&51+'#16(,#8'0F$#M6+,+#(,,4+,#'+843+#16+# C&*(8(1<#05#04'#&2&*<,(,#50'#16(,#F&'1$#

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

!

#

742(3(F&*#,3600*,$#_+#16+2#307F&'+#16+#1(7+#30+55(3(+21,#05#+&36#'+B'+,,(02S#10#,++#(5# 16+#F'0B'&7#(23'+&,+,#,+3028&'<#+843&1(02#+2'0**7+21#0C+'#1(7+$# _+#4,+#&#ekE#'+B'+,,(02#10#30''+31#6+1+'0,Z+8&,1(3(1<$# !+,&%-*.(/*01##*1&/&(2*

!"#!!!! ! !!! ! !! !"#$ ! ! !! !!"#$#%&' ! !! !"#$%$&'( ! !"#$ ! !! !"! ! !! !"!!!"!!"#$#

!!!! !"! ! !"#$ ! !! !"!!!"!!"#$ ! !"#$ ! !! !"! ! !"#$%$&'( ! !! !"!!!"!!"#$ ! !"#$%$&'(# !!!!" !"! ! !"#$%$&'( ! !"#$ ! !!! !!!!!"!!"#$ ! !"#$%$&'( ! !"#$ ! !#

_+#W&21#10#1+,1#(5#,03(0+30207(3#,1&14,#&28#,3600*#,(Y+#&55+31,#16+#(7F&31#16&1#16+# F'0B'&7#6&,#02#16+#+C0*41(02#05#6(B6#,3600*#+2'0**7+21$##

>Q =#(A.2(*,$%*&$2#6"6#2,2&/$* !""#$%&'#(#))* P0+55(3(+21,#05#16+#'+B'+,,(02#50'#+55+31(C+2+,,#)+50'+#&28#&51+'#@AA:# #

@AA"N@AA.# @AA:N@A>A#

;42(3(F&*# 742(3(F&*`1(7+#

Q4>BTTT# J$A>"L#

N$A@H# J$A""L#

$A>@# J$AA=L#

Q4E;TTT# J$A@.L#

```-#,(B2(5(3&21#&1#&#::K#*+C+*S#,1&28&'8#+''0',#(2#F&'+216+,(,#

a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

*

!

H=#

!+,&%-*.(/*01##*1&/&(2* P0+55(3(+21,#05#16+#+\4(1<#'+B'+,,(02#)+50'+#&28#&51+'#@AA:# #

)+50'+#

&51+'#

742(3(F&*`,+,#

FQ4NSTTT* J$A>>L#

Q4B4TTT* J$A=HL#

742(3(F&*`1(7+`,+,#

FQ4;BTTT# J$A@DL#

FQ4OTT# J$A@HL#

742(3(F&*`,(Y+#

QN4ETTT* J$AA=L#

N$A=D# J$AD.L#

N$AA@# J$AAHL#

$A@=# J$A>.L#

742(3(F&*`1(7+`,(Y+#

``-#,(B2(5(3&21#&1#&#:=K#*+C+*S#,1&28&'8#+''0',#(2#F&'+216+,(,#

b2#02+#6&28S#W+#3&2#,++#16&1#16+#247)+'#05#3*&,,+,#(2#:16#B'&8+#(2#16+#,3600*#6&,# &*70,1#20#(7F&31#02#16+#F'0F0'1(02#05#,148+21,#5'07#742(3(F&*#,3600*,#B0(2B#10# ,+3028&'<#+843&1(02#&28#16&1#16(,#(7F&31#80+,#201#36&2B+#W(16#1(7+$#b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

*

HH# !

!

*

BQ +#(2(* !""#$%&'#(#))* a'07#@AA"#10#@AA.#

Cross-sectional time-series FGLS # regression # Coefficients:

generalized least squares

Panels:

heteroskedastic

Correlation: no autocorrelation Estimated covariances = Estimated autocorrelations = Estimated coefficients =

Proportion of secondary education enrollment time municipal Municipal*time Socioeconomic status Number of classes _cons

P0+5$# NA$AA.# A$>!=# A$A>@# A$A!D# A$AAD# A$H>>#

### ## ## ##

## ## 368 0 6

### ## ## ##

### ## ## ##

Number of obs Number of groups Obs per group: min avg max Wald chi2(5) Prob > chi2

E18$#Q''$# A$A@A# A$A>"# A$A@A# A$AA@# A$AAA# A$A>"#

Y#

IfgYg#

NA$!@A# .$=:A# A$H@A# @>$::A# "$A@A# DH$A=A#

= = = = = = =

748 368 1 2.032609 3 1256.27 0.0000

h:=K#3025$# X21+'C&*i#

A$H""# A$AAA# A$=DH# A$AAA# A$AAA# A$AAA#

NA$A!"# A$>>@# NA$A@"# A$AD:# A$AA@# A$=""#

A$AD># A$>".# A$A=># A$A!"# A$AA!# A$H!!#

# a'07#@AA:#10#@A>A# Cross-sectional time-series FGLS # regression # Coefficients: generalized least squares Panels: heteroskedastic ## Correlation: no autocorrelation ## Estimated covariances = 338 Estimated autocorrelations = 0 Estimated coefficients = 6

Proportion of secondary education enrollment time municipal Municipal*time Socioeconomic status Number of classes _cons

P0+5$# NA$>A@# NA$@H!# A$>HD# A$A"=# NA$AA@# A$"HH#

E18$#Q''$# A$A@.# A$A""# A$A@.# A$AA!# A$AA># A$A""#

### ### ## ## ## ## ## ## Number of obs Number of groups Obs per group: min avg max Wald chi2(5) Prob > chi2

Y# ND$H.A# ND$!@A# =$.HA# @>$DAA# ND$@AA# :$:DA#

IfgYg# A$AAA# A$AA># A$AAA# A$AAA# A$AA># A$AAA#

### ## ## ## = = = = = = =

639 338 1 1.890533 3 2318.91 0.0000

h:=K#3025$# X21+'C&*i# NA$>=H# NA$!>H# A$>A:# A$AH.# NA$AAD# A$H>=#

NA$A!.# NA$>>D# A$@>.# A$A.@# NA$AA># A$:>.#

#

!

H"#

!+,&%-*.(/*01##*1&/&(2* From 2007 to 2008 Cross-sectional time-series FGLS regression # # Coefficients: generalized least squares Panels: heteroskedastic ## Correlation: no autocorrelation ## Estimated covariances = 368 Estimated autocorrelations = 0 Estimated coefficients = 12

Proportion of secondary education enrollment Time since 2007

P0+5$# NA$A"@# A$>!># A$A=D# A$>DA# NA$A>:# A$>@=# A$AAH# A$A>H# NA$>A:# NA$>D=# A$AA@# A$HDD#

municipal Municipal*time Socioeconomic status (ses) Number of classes (size) Ses*time Size*time Size*municipal Ses*municipal Ses*municipal*time Size*municipal*time _cons

#

H.# !

!

#

E18$#Q''$#

### ## ## ##

### ## ## ##

Number of obs Number of groups Obs per group: min avg max Wald chi2(11) Prob > chi2

Y#

A$A@D# ND$A:A# A$A>=# :$>.A# A$A@!# @$@"A# A$A>># >@$A!A# A$AA=# N!$>HA# A$A@D# =$!DA# A$AAH# >$A=A# A$AA=# D$=!A# A$A>># N>A$A!A# A$A@D# N=$":A# A$AAH# A$D!A# A$A>=# !>$!DA#

IfgYg# A$AA@# A$AAA# A$A@D# A$AAA# A$AAA# A$AAA# A$@:!# A$AAA# A$AAA# A$AAA# A$"DH# A$AAA#

= = = = = = =

### ## ## ## 748 368 1 2.032609 3 3221.49 0.0000

h:=K#3025$# X21+'C&*i# NA$>>.# A$>>># A$AA"# A$>A:# NA$A@.# A$A.A# NA$AA=# A$AA"# NA$>D># NA$>.># NA$A>A# A$HAD#

NA$A@H# A$>"># A$A::# A$>=># NA$A>A# A$>"A# A$A>.# A$A@=# NA$A..# NA$A:A# A$A>!# A$HHD#

# From 2009 to 2010 Cross-sectional time-series FGLS regression # # Coefficients: generalized least squares Panels: heteroskedastic ## Correlation: no autocorrelation ## Estimated covariances = 338 Estimated autocorrelations = 0 Estimated coefficients = 12

Proportion of secondary education enrollment Time since 2009

P0+5$# NA$>A@# NA$A:@# A$>!A# NA$>DH# A$AD=# A$>H:# NA$A>:# NA$A=D# A$>=># NA$>H"# A$A@=# A$!==#

municipal Municipal*time Socioeconomic status Number of classes _cons time municipal Municipal*time Socioeconomic status Number of classes _cons

E18$#Q''$# A$A=@# A$>AH# A$A=@# A$A=!# A$AD"# A$A@H# A$A>.# A$AD.# A$A=H# A$A@H# A$A>.# A$AA.#

### ### ## ## ## ## ## ## Number of obs Number of groups Obs per group: min avg max Wald chi2(11) Prob > chi2

Y# N>$:=A# NA$."A# @$H"A# N@$=>A# A$:@A# H$=DA# N>$ADA# N>$!@A# @$"AA# NH$D=A# >$DHA# ==$@.A#

IfgYg# A$A=># A$D."# A$AA"# A$A>@# A$D=H# A$AAA# A$DA!# A$>="# A$AA"# A$AAA# A$>"D# A$AAA#

### ## ## ## = = = = = = =

639 338 1 1.890533 3 21409.75 0.0000

h:=K#3025$# X21+'C&*i# NA$@A!# NA$DA># A$AD"# NA$@!D# NA$AD:# A$>>.# NA$A=!# NA$>@"# A$A!># NA$@>:# NA$A>># A$!D:#

A$AA># A$>>H# A$@!@# NA$ADA# A$>A.# A$@@A# A$A>"# A$A@A# A$@HA# NA$>>H# A$AHA# A$!">#

#

#

#

!

H:#

!""#$%&3*B)*C/$A(*D#(&9$*!$,.?(&(** #

#

#

#

4Q R/%#.* ,Q !$,.?(&(*/0*2G#*.&$\*-#2I##$*9#22&$9*2G#*-/$A(*,$%*G&9G*('G//.*#$6/..<#$2* _+#*00Z#&1#16+#F'0F0'1(02#05#,+3028&'<#+843&1(02#+2'0**7+21#&51+'#742(3(F&*#F'(7&'<# ,3600*-# !"#!!!! ! !!! ! ! !! !"#$% ! !! !"#$%!!!!!!"#$%!!"!!""# ! !! !"! ! !! !"!!!"!!"#$ ! !#

O28#W(16#5(9+8#+55+31,# !!"#!! ! !! ! ! !! !!"#$% ! !! !!"#$ ! !#

_+#W&21#10#Z20W#(5#,3600*,#16&1#0)1&(2+8#16+#)024,#&'+#8(55+'+21#5'07#16+#,3600*,#16&1# 8(8#201#0)1&(2#16+#)024,#(2#1+'7,#05#,148+21#041307+S#3021'0**(2B#50'#16+#*+C+*#05#16+# ,3600*#)+50'+#16+#(7F*+7+21&1(02#05#16+#F'0B'&7#J,30'+#(2#:16#B'&8+#(2#@AA"LS# ,03(0+30207(3#,1&14,S#&28#,3600*#,(Y+$#^(B6#,3600*#+2'0**7+21#(,#201#(23*48+8#(2#16+# 50'74*&#50'#)024,#&36(+C+7+21#&28#(,#16+#,148+21#041307+#302,(8+'+8#6+'+$# O,#16+#5(',1#)024,#W&,#8(,1'()41+8#(2#@AA:#&28#W+#02*<#6&C+#8&1&#02#6(B6#,3600*# +2'0**7+21#421(*#@A>AS#16(,#'+B'+,,(02#1&Z+,#(210#&330421#@AA:#&28#@A>A#'+,4*1,#02*<$# O2016+'#*(7(1&1(02#05#16(,#'+B'+,,(02#(,#16+#4,+#05#16+#,30'+#(2#@AA"S#W6(36#(,#&,,47+8#10# 8+,3'()+#16+#*+C+*#05#16+#,3600*#(28+F+28+21*<#05#16+#+55+31#05#16+#F'0B'&7S#)41#(,#&2# (7F+'5+31#+,1(7&1(02#&,#16+#*+C+*#05#,3600*,#C&'(+,#&#*01#5'07#02+#<+&'#10#&2016+'#J,++# OFF+28(9#>L$# _+#&*,0#4,+#16+#5(9+8#+55+31,#'+B'+,,(02#10#,++#(5#,3600*,#16&1#0)1&(2+8#16+#)024,#02+# <+&'#&28#201#16+#016+'#6&8#&#36&2B+#(2#16+#F'0F0'1(02#05#16+('#:16#B'&8+',#W60#+2'0**+8# (210#6(B6#,3600*#16+#<+&'#&51+'#)024,#0)1&(27+21$#_+#4,+#16+#1(7+#C&'(&)*+#10#3021'0*# 50'#16+#B*0)&*#(23'+&,+#(2#)024,#&36(+C+7+21#&28#6(B6#,3600*#+2'0**7+21#)+1W++2#@AA:# &28#@A>A$# -Q !$,.?(&(*/0*2G#*.&\#.&G//%*/0*/-2,&$&$9*2G#*-/$A(* X2#16(,#F&'1S#W+#W&21#10#7+&,4'+#16+#(25*4+23+#05#3021+914&*#5&310',#JF'+C(04,#,30'+S# ,03(0+30207(3#,1&14,#&28#,3600*#,(Y+L#02#16+#&)(*(1<#05#,3600*,#10#B+1#16+#)024,S#B(C+2# 16&1S#(8+&**<S#)024,#&36(+C+7+21#,604*8#02*<#8+F+28#02#16+#F'0B'+,,(02#16+#,3600*# 7&8+$# "A# !

!

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bkE#'+B'+,,(02,$# B.12#%*)#%%&(2* !"#$% !"#$% ! ! !! ! !! !"#$%&'(!!"#$%!!!!!!"#$% ! ! !! !"#$%&'(!!"!"#!!!!!!"#$% ! ! !! !"!!!"!!"#$ ! ! !! !"! ! !# O28#(1,#bk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c0'#,3600*#,(Y+#(2#@AA:#&28#@A>>$## 'Q ]#/96,"G&',.*+#(2*/0*!I,6%*D&(26&-A2&/$** _+#4,+#,3600*,[#*03&1(02#&28#8&1&#02#)024,#0)1&(27+21#10#7&F#16+#8(,1'()41(02#05# ,3600*,#16&1#2+C+'#0)1&(2#16+#)024,#&28#16+#8(,1'()41(02#05#,3600*,#16&1#W+'+#&W&'8+8# &1#*+&,1#02+$#_+#F+'50'7#16(,#1+,1#10#7&Z+#,4'+#16&1#)024,#&36(+C+7+21#(,#201# 8(,F'0F0'1(02&1+*<#3023+21'&1+8#(2#02+#&'+&#0C+'#&2016+'$# !

">#

8Q =#(A.2(*,$%*&$2#6"6#2,2&/$* !$,.?(&(*/0*2G#*.&$\*-#2I##$*9#22&$9*2G#*-/$A(*,$%*G&9G*('G//.*#$6/..<#$2* P0+55(3(+21,#(2#16+#'+B'+,,(02#W(16(2#742(3(F&*#,3600*,# 30+55(3(+21#

ekE#'+B'+,,(02# a(9+8#+55+31,#

)024,#

QNEETTT# J$AA>L#

QNENTTT# J$A>!L#

```-#,(B2(5(3&21#&1#&#::K#*+C+*S#,1&28&'8#+''0',#(2#F&'+216+,(,#

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b88#'&1(0,#05#16+#*0B(,1(3#'+B'+,,(02#05#*(Z+*(6008#05#0)1&(2(2B#16+#)024,#02#F'+C(04,# ,30'+# #

b88#'&1(0,#

I'+C(04,#,30'+#=16#B'&8+#

>$A#

I'+C(04,#,30'+#:16#B'&8+#

QSUT#

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

!

!+,&%-*.(/*01##*1&/&(2* b88#'&1(0,#05#16+#*0B(,1(3#'+B'+,,(02#02#)024,#50'#+&36#<+&'# #

@AA:#

@A>>#

,3600*#,(Y+#

NQE;TTT*

NQUSTT*

,+,#

>$@>#

4QSOTTT*

```-#,(B2(5(3&21#&1#16+#::K#*+C+*S#``-#,(B2(5(3&21#&1#&#:=K#*+C+*#

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a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

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

"!#$%!%&&'()%)!%*(&+',!"!)-+,.+/.!.%0'+-'1,!2/13!3%+,!4%,-%/5!

!

"D#

](,1'()41(02#05#,3600*,#2+C+'#&W&'8+8#J10FL#&28#,3600*,#&W&'8+8#023+#0'#70'+# J)01107L#

# #

"!# !

!

*

K915'&H#75=!LM=#3&#C!39,# #

;Q =#96#((&/$*/A"A2* ^&$\*-#2I##$*9#22&$9*2G#*-/$A(*,$%*G&9G*('G//.*#$6/..<#$2* Cross-sectional time-series FGLS regression Coefficients: generalized least squares ## Panels: heteroskedastic ## Correlation: no autocorrelation ## Estimated covariances = 306 Estimated autocorrelations = 0 Estimated coefficients = 5

Proportion of secondary education enrollment

P0+5$#

Bonus(=1 if obtained) Average score in 9th grade in 2007 Socioeconomic status School size _cons

##

##

## ## ##

E18$#Q''$#

##

## ## ## ## ## ## Number of obs = Number of groups = Obs per group: min = avg = max = Wald chi2(4) = Prob > chi2 =

Y#

IfgYg#

451 306 1 1.473856 2 2751.86 0.0000

h:=K#3025$# X21+'C&*i#

A$AHH#

A$AA># !"$=!A#

A$AAA#

A$AHD#

A$AH:#

A$AAA# A$A>.# NA$AAH# A$=""#

A$AAA# D$":A# A$AAD# H$@!A# A$AA># N.$=!A# A$A>H# D=$.!A#

A$AAA# A$AAA# A$AAA# A$AAA#

A$AAA# A$A>D# NA$AA"# A$=!=#

A$AAA# A$A@!# NA$AA!# A$HA.#

# Fixed-effects (within) regression Group variable: id_escola

Number of obs Number of groups

= =

465 315

R-sq:

Obs per group: min = avg = max =

1 1.5 2

within = 0.3054 between = 0.0745 overall = 0.1084

corr(u_i, Xb)

F(2,148) Prob > F

= -0.0159

Proportion of secondary education enrollment

P0+5$# A$AHA# A$A>"# ND!$=AA#

Bonus(=1 if obtained) year _cons

E18$# Q''$# A$A>!# A$A>@# @D$=>>#

Y#

= =

IfgYg# !$@HA# >$!:A# N>$!"A#

A$AAA# A$>D"# A$>!!#

32.54 0.0000

h:=K# P025$# A$AD@# NA$AAH# N.A$:H>#

X21+'C&*i# A$A..# A$A!># >>$:H>#

# #

*

!

"=#

^&\#.&G//%*/0*]#22&$9*2G#*C/$A(* C$$31/&(2*%3*=1#'&3,)*)$31#D* Logistic regression

Number of obs Wald chi2(4) Prob > chi2 Pseudo R2

Log pseudolikelihood = -138.21735

Bonus Previous average score in 5th grade Previous average score in 9th grade Number of classes (average 2009/2011) Socioeconomic status (average 2009/2011) _cons

## b88,#G&1(0#

G0)4,1# ## E18$#Q''$# Y#

## IfgYg#

= = = =

217 6.46 0.1671 0.0247

## h:=K#P025$#

## X21+'C&*i#

>$AA#

A$A>#

NA$@H#

A$":#

A$:"#

>$A@#

A$:.#

A$A>#

N>$"=#

A$A.#

A$:=#

>$AA#

>$@=#

A$@D#

>$@!#

A$@@#

A$..#

>$":#

>$AH# A$H"# =D"$!:# @A!!$!.#

A$>A# >$H=#

A$:@# A$>A#

A$D># D$H"# A$D># :@:@==$HA#

# Linear regression

Bonus Previous average score in 5th grade Previous average score in 9th grade Number of classes (average 2009/2011) Socioeconomic status (average 2009/2011) _cons

Number of obs F( 4, 212) Prob > F R-squared

= = = =

217 1.76 0.1376 0.0320

## P0+5$#

G0)4,1# E18$#Q''$#

## Y#

## IfgYg#

## ## h:=K#3025$# X21+'C&*i#

NA$AA>#

A$AAD#

NA$@=A#

A$.A!#

NA$AAH#

A$AA=#

NA$AA=#

A$AAD#

N>$":A#

A$A"=#

NA$A>>#

A$AA>#

A$A=A#

A$AD.#

>$DAA#

A$>:!#

NA$A@H#

A$>@H#

A$A>># >$:>:#

A$>!@# A$.@"#

A$A.A# @$D@A#

A$:D=# A$A@>#

NA$@H.# A$@:A#

A$@:># D$=!.#

# C$$31/&(2*%3*)3$&3#$3(37&$*)%.%,)*.(/*)$4335*)&6#D* In 2009 Logistic regression# # # Log pseudolikelihood = -521.23419

Bonus Socioeconomic status Number of classes _cons

# # "H# !

!

Number of obs # # Wald chi2(2) Prob > chi2 Pseudo R2

= = = =

#

873 40.79 0.0000 0.0572

## G0)4,1# ## ## ## ## b88,#G&1(0# E18$#Q''$# Y# IfgYg# h:=K#P025$# X21+'C&*i# >$>@># A$@@"# A$="A# A$="># A$"==# >$HH"# A$H@=# A$A!"# NH$DAA# A$AAA# A$=!A# A$"@D# >$":@# A$D"@# @$.>A# A$AA=# >$>:D# @$H:D#

# Linear regression

Number of obs F( 2, 870) Prob > F R-squared

## Bonus

G0)4,1#

P0+5$#

Socioeconomic status Number of classes _cons

##

##

= = = =

##

873 26.87 0.0000 0.0538

##

E18$#Q''$# Y# IfgYg# h:=K#P025$# X21+'C&*i# A$A@># A$A!!# A$!"A# A$HD:# NA$AHH# A$>A.# NA$A"=# A$A>A# N"$@"A# A$AAA# NA$A:=# NA$A=!# A$==@# A$ADH# >=$>HA# A$AAA# A$!.># A$H@!#

# In 2011# #

Logistic regression

Log pseudolikelihood = -590.49409

Bonus Socioeconomic status Number of classes _cons

# Number

of obs # Wald chi2(2) Prob > chi2 Pseudo R2

= = = =

878 16.18 0.0003 0.0141

## G0)4,1# ## ## ## ## b88,#G&1(0# E18$#Q''$# Y# IfgYg# h:=K#P025$# X21+'C&*i# >$:HH# A$D."# D$!!A# A$AA># >$DD"# @$.:A# A$..:# A$A=@# N@$A>A# A$A!=# A$":D# A$::"# >$.H!# A$D>H# D$H"A# A$AAA# >$DD"# @$HAA#

# Linear regression

Bonus Socioeconomic status Number of classes _cons

Number of obs F( 2, 875) Prob > F R-squared

## P0+5$#

G0)4,1# E18$#Q''$# A$>H># A$A!H# NA$A@.# A$A>D# A$H=A# A$AD:#

= = = =

878 9.04 0.0001 0.0190

## ## ## ## Y# IfgYg# h:=K#P025$# X21+'C&*i# D$=DA# A$AAA# A$A"@# A$@=># N@$A.A# A$AD.# NA$A=!# NA$AA@# >H$"!A# A$AAA# A$="D# A$"@H#

# #

#

#

!

""#

!""#$%&3*E)*=,$%/<*7,6&,-&.&2?*F*+G#/6#2&',.*!$,.?(&(* #

#

#

4Q 5A6"/(#*/0*2G#*,$,.?(&(* X2#16(,#&2&*<,(,S#W+#&2&*<Y+#16+#F0,,()(*(1<#05#'&2807#C&'(&)(*(1<#(2#,3600*,-#80+,#16+# &C+'&B+#,30'+#50'#,3600*,#8+F+28#02#16+#\4&*(1<#05#,148+21,#16&1#<+&'l#X5#&#,3600*# '&2807*<#B+1,#&#*&'B+#B'04F#05#F00'NF+'50'7(2B#,148+21,S#304*8#160,+#,148+21,#7&Z+#(1# (7F0,,()*+#50'#1+&36+',#10#B+1#&#)024,S#'+B&'8*+,,#05#+550'1l##M6(,#'&2807#C&'(&)(*(1<S#0'# m20(,+nS#(,#70,1#051+2#,++2#W(16#,7&**#,&7F*+#,(Y+,S#W6(36#&'+#F0,,()*+#(2#C+'<#,7&**# ,3600*,$#

8Q !((A<"2&/$(* _+#6<F016+,(Y+#16&1#1+,1#,30'+,#&'+#20'7&**<#8(,1'()41+8#JW6(36#(,#3025('7+8#)<#&#oNo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

;Q R/%#.*W1#$26,.*.&<&2*2G#/6#<Y* M6+#&C+'&B+#,30'+#50'#16+#,3600*#(,## !" !

! !!! !!

!

#

_6+'+#E#(,#&2#(28(C(84&*#,30'+S#&#'&2807#C&'(&)*+#05#20'7&*#8(,1'()41(02#&3'0,,#&**# ,148+21,S#W(16#&#7+&2#05#p#&28#&#C&'(&23+#05#q@S#&28#/#(,#16+#247)+'#05#,148+21,#1&Z(2B# 16+#1+,1#(2#16+#,3600*$# _+#&,,47+8#(28(C(84&*#1+,1#,30'+,#&'+#(28+F+28+21#05#+&36#016+'S#,0#16+#,47#05#E(#(,#&# '&2807#C&'(&)*+#05#20'7&*#8(,1'()41(02#100$# M6+#+9F+31+8#C&*4+#05#OC#(,#p#&28#(1,#C&'(&23+#(,-# !"# !" ! ! !" ! ! !! !" !! #

".# !

!

!"# !" ! ! ! ! !"# !" ! ! ! ! ! ! !"# !" ! ! !! !

! !!! !! !

!

!

!

!! !

! !!! !!

! !!

!

! ! ! !! !

!

!!!

!! !! # !!!

!

!

! !

!!!

!!

!#

!!! !

! !"# !" ! ! !"# !

!"# !" !

!

!

!!

!"# !" !

!! #

!

!! # !!!

! ! !!! !! # !!

!! ! # !!

!"# !" !

!! * !

E0#16+#,1&28&'8#8+C(&1(02#05#16+#&C+'&B+#,30'+#05#&#,3600*#5'07#02+#,148+21#F0F4*&1(02# 10#&2016+'#8+F+28,#02#(1,#,(Y+#&28#02#16+#,1&28&'8#8+C(&1(02#05#(28(C(84&*#,30'+,-# !" !" !

! !

*

O#,3600*#!#1(7+,#)(BB+'#16&2#&2016+'#W(**#6&C+#6&*5#16+#,1&28&'8#8+C(&1(02#(2#&C+'&B+# ,30'+#05#&#,7&**+'#,3600*$# X2#04'#3&,+S#,3600*#,(Y+#J0'#70'+#+9&31*<S#,(Y+#05#16+#3060'1#1&Z(2B#16+#1+,1L#C&'(+,#5'07# @A#10#D=A#,148+21,#&FF'09(7&1+*<S#W6(36#7+&2,#16+#,1&28&'8#8+C(&1(02#05#&C+'&B+# ,30'+,#(2#16+,+#,3600*,#W(**#B0#5'07#@AK#05#q#10#=K#05#q#50'#16+#,3600*,#W(16#16+#)(BB+,1# 3060'1$# M0#16+2#,++#(5#16(,#C&'(&23+#3&2#6&C+#&2#(7F&31#02#16+#&)(*(1<#05#,3600*,#10#B+1#16+#)024,S# W+#2++8#10#+,1(7&1+#q#&28#307F&'+#(1#10#16+#7&B2(148+#05#,30'+,#F'0B'+,,(02#5'07#02+# <+&'#10#&2016+'$# X5#W+#W&21#:=K#3025(8+23+#16&1#16+#F'0B'+,,#(2#1+,1#,30'+,#(,#)(B#+204B6#16&1#(1#3&2201# )+#307F*+1+*<#7&,Z+8#)<#16+#C&'(&)(*(1<#(2#3060'1,[#\4&*(1<-# !"#$"%&& ! !!!" ! !"!!"!#

!

":#

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

! ! !!!" !

! !

#

! # !"#$"%&&

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

>Q !"".&',2&/$)*4(2*@(2&<,2&/$* _+#2++8#10#5(28#&2#+,1(7&1(02#05#q$#M6+#,1&28&'8#8+C(&1(02#05#,30'+,#JqL#(,#+\4&*#10-## E1&28&'8#8+C(&1(02#05#(28(C(84&*#1+,1#,30'+,# # @AA"# @AA:# @A>>#

;&16#=16# B'&8+# !@$"# !!$H# !!$=#

I0'14B4+,+#=16# B'&8+# !>$.# !=$># !!$:#

;&16#:16# B'&8+# !"$H# !"$"# !:$:#

I0'14B4+,+#:16# B'&8+# !H$!# !H$.# !.$H#

O28#16+#&C+'&B+#F'0B'+,,(02#(2#1+,1#,30'+,#&1#16+#,3600*#*+C+*-# OC+'&B+#(23'+&,+#(2#,3600*,[#1+,1#,30'+#)<#F+'(08#&28#1+,1# # a'07#@AA"#10#@AA:# a'07#@AA:#10#@A>>#

;&16#=16# B'&8+# @@$H# >@$@#

I0'14B4+,+#=16# B'&8+# >:$># H$!#

;&16#:16# B'&8+# @$D# >@$.#

I0'14B4+,+#:16# B'&8+# >># =$"#

X5#W+#W&21#/#)(B#+204B6#10#)+#:=K#3025(8+21#16&1#16+#F'0B'+,,#16+#,3600*#7&8+#(2#(1,# 1+&36(2B#JW6(36#W&,#'+5*+31+8#)<#&2#(23'+&,+#(2#1+,1#,30'+,#W(16(2#16+#,3600*LS#W+#2++8## ! ! !!!" !

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

_(16#q#&'0428#=A#&28#(5#W+#W&21#10#201(3+#&#F'0B'+,,#05#>A#F0(21,S#(1#7+&2,-# ! ! !!!" !

!"! ! !"# !"!

P4''+21*<S#@=K#05#,3600*,#(2#16+#F'0B'&7#6&C+#&#3060'1#05#*+,,#16&2#:=#,148+21,S#W6(36# 7+&2,#8BX*/0*('G//.(*(G/A.%*-#*'/$'#6$#%*-?*2G#*$/&(##3&4,+8#)<#16+#C&'(&)(*(1<#05# ,148+21,S#&28#<,?*$/2*-#*,-.#*2/*9#2*2G#*-/$A(*#P#$*2G/A9G*2G#&6*2#,'G&$9*VA,.&2?* &<"6/P#%$#

.A# !

!

BQ !"".&',2&/$)*8$%*#(2&<,2&/$* T41#16&1[,#&#W0',1#3&,+#,3+2&'(0$#X2#'+&*(1<S#,148+21,[#*+C+*#7(B61#)+#C+'<#6+1+'0B+2+04,# (2#>,1#B'&8+#)41#16+#,3600*[,#\4&*(1<#05#1+&36(2B#6&'702(Y+,#,148+21,[#*+C+*$#E0#04'#1'4+#q# (,#16+#02+#W+#B+1#)<#*00Z(2B#&1#W(16(2N,3600*#C&'(&23+#05#,30'+,#J0)1&(2+8#W(16#91'+B# ,30'+S#(J,3600*#(8LL-# OC+'&B+#,1&28&'8#8+C(&1(02#05#(28(C(84&*#1+,1#,30'+,#W(16(2#,3600*,# _(16(2N,3600*#q# ;&16#=16# I0'14B4+,+#=16# ;&16#:16# I0'14B4+,+#:16# B'&8+# B'&8+# B'&8+# B'&8+# @AA"# >=$:# >=$H# @>$!# >.$"# @AA:# >H$@# >=$># @A$D# >:# @A>># >H$!# >!$"# @@$:# @A$=# # E0#6+'+#W+#3&2#,++#16&1#W(16(2#,3600*,#C&'(&23+#)+1W++2#,148+21,#(,#3*0,+'#10#@A#F0(21,$# X5#W+#'+80#04'#&2&*<,(,#W+#5(28# ! ! !!!"!

!" ! ! ! !"!!"# !"

b2*<#D#,3600*,#6&C+#*+,,#16&2#>H#,148+21,S#7+&2(2B#16&1#&*70,1#,..*('G//.(*(G/A.%*$/2* -#*'/$'#6$#%*-?*2G#*"6/-.#<*/0*P,6&,$'#*&$*&2(*'/G/62#0),34'(2B#16+#F'0B'+,,#(1#6&,# 7&8+#(2#1+'7,#05#,30'+,$# M6+#C&'(&)(*(1<#(2#3060'1#(,#&2#(,,4+S#60W+C+'S#W6+2#16+#F'0B'+,,#W+#W&21#10#7+&,4'+#(,# 24**S#7+&2(2B#16&1#16+#,3600*#6&,#10#7&(21&(2#(1,#,30'+$#X2#16&1#3&,+S#&2<#2+B&1(C+# C&'(&1(02#W(**#)+#F'0)*+7&1(3#)+3&4,+#(1#W(**#F'06()(1#16+#,3600*#5'07#)024,#&36(+C+7+21# '+B&'8*+,,#05#1+&36+'#+550'1$#

!

.>#

>=A#

@=A#

>@A#

@AA#

:A#

>=A#

HA#

>AA#

DA#

=A#

A#

A# >A# @A# DA# !A# =A# HA# "A# .A# :A# >AA# >>A# >@A# >DA# >!A# >=A# >HA# >"A# >.A# 247)+'#05#,3600*,# *(7(1#05#+r+3sC+2+,,#

# #

.@# !

!

$A<-#6*/0*(2A%#$2(*&$*2G#*'/G/62*

C&'(&23+#(2#&C+'&B+#,30'+#50'#,(B7&U@A# C&'(&23+#(2#&C+'&B+#,30'+#50'#,(B7&U=A#

P,6&,$'#*/0*2G#*,P#6,9#*('/6#*

$A<-#6*/0*('G//.(*/0*2G&(*(&_#*

H/&(#*&$*(<,..*('G//.(`*,P#6,9#*('/6#*