0+$12+!(3&#&/'+ 4%35/.$1+6/7%)+8)%'+ 9&'%)+:2-/.$

! !

!

"#$%&'()!*&'&+,)!-&+./01!!!!"#$%&'%(&)&$*+,--.%&#%)+/0+$12+!"(3&##&/'+4%35/.$1+6/7%)+8)%'+ 9&'%)+:2-/.$!++2#.+#'3!4567!!

!!!!

!!8!9!:!8!:!!!-!;!<!:!8!=!"!>!<!?!!!=!"!@!!!

! !

!

!A+#10(3!B#.#,C$C.(!!!89:8:!-&.D+1(0.,!=(E!)#D!F+#10(3!D3D(C$D!%)0/)!)#GC!HCC.!#DDCDDCE!#.E!#II'&GCE!(&!*:!J<!>:K556L4555!M/C'(0N0/#(C!.+$HC'!?*4554OPQRS!!!!!

!!-'C#(0&.!T!9CG0D0&.!U0D(&'3!++

;##"2+<+.2=&#&/'>+ VC'D0&.!6!

?%$2>+ 4P()!2#.+#'3!4567!

8.2-%.2@+(*>+ U01#'3!=0GCDC3!!

,"$1/.&#2@+(*>+ :(CGC!;%C.!

8./A27$+'"3(2.>+ 8S667!

9&)2+.202.2'72>+ "#$%&'()T:W!

!!!!!B:!B!+CDE!B64;EF+64?+%%%S+'D+D/&.D+1(0.,S/&S+X!!!67!:(!B#'XD!9&#E!!=C#$0.,(&.!:I#!-VY4!O@=!"C1S!!5QQ45!Z6O!Y7O!!!7Q!*#1N&+'!9&#E!=&.E&.!<7!4U@!"C1S!5QKPK!77Z!75Z!!

!

!!!!

Certificate No. GB2002687 Registration No. 0044/1

ISO 9001Registered Firm

InternationalAccreditation Board

! !

!

-&.(C.(D!!

G! !BHH,:I+,E?+DB4CDHJ!+ G!

GKG! EDEL4JCME;C,6+!BHH,:I+ G!GKN! !4,4JHJE4+DE+4MJ+?;99J:JECJ+4MJ+8:DCJ!!+M,!+H,?J+ GG!

N! ;E4:D?BC4;DE+ GN!

NKG! DOJ:O;JP+ GN!NKN! Q,CRF:DBE?+ GN!NKS! !B!4,;E,Q;6;4I+,88:,;!,6+ GS!NKT! DB46;EJ+D9+CDE4JE4!+D9+4MJ+4,HPD:4M+?:,94+6DC,6+86,E+ GU!NKU! 6;ER!+4D+D4MJ:+86,E!+,E?+8D6;C;J!+ GU!

S! HJ4MD?D6DFI+ GV!

SKG! 4MJ+,88:,;!,6+9:,HJPD:R+ GV!SKN! ,88:,;!,6+HJ4MD?D6DFI+ GW!SKS! ?;99;CB64;J!+JECDBE4J:J?+ GX!SKT! CDH86;,ECJ+P;4M+4MJ+!J,+?;:JC4;OJ+,E?+:JFB6,4;DE!+ NY!

T! !B!4,;E,Q6J+?JOJ6D8HJE4+DQZJC4;OJ!+ NN!

U! !4,4J+D9+!B!4,;E,Q6J+?JOJ6D8HJE4+;E+4,HPD:4M+ NS!

UKG! 8B:8D!J+ NS!UKN! ?;99;CB64;J!+;E+CD66JC4;EF+?,4,+ NS!UKS! !BHH,:I+D9+!;FE;9;C,E4+;!!BJ!+,E?+8:DQ6JH!+;?JE4;9;J?+ NS!UKT! CM,:,C4J:;!4;C!+D9+,:J,!+6;RJ6I+4D+QJ+!;FE;9;C,E46I+,99JC4J?+ NW!UKU! ,:J,!+D9+8,:4;CB6,:+JEO;:DEHJE4,6+;H8D:4,ECJ+ NW!

[! ,88:,;!,6+9:,HJPD:R+ SG!

[KG! ;E4:D?BC4;DE+ SG![KN! HJ4MD?D6DFI+ SG![KS! DB4CDHJ!+ SG!

V! ,88:,;!,6+D9+!;4J!+ SS!

VKG! HJ4MD?D6DFI+ SS!

W! ,88:,;!,6+D9+8D6;CI+ SW!

WKG! HJ4MD?D6DFI+ SW!WKN! ,88:,;!,6+D9+O;!;DE+,E?+8D6;C;J!+ SX!WKS! CDH8,4;Q;6;4I+CMJCR+D9+DQZJC4;OJ!+ TN!

! !

!

X! M;!4D:I+D9+4MJ+!J6JC4;DE+,E?+JOD6B4;DE+D9+D84;DE!+ TU!

XKG! ;E4:D?BC4;DE+ TU!XKN! ;!!BJ!+,E?+D84;DE!+:J8D:4+NYYW+ TU!XKS! D84;DE!+:J8D:4+NYYX+ TX!XKT! 8:D8D!J?+!8,4;,6+!4:,4JFI+NYYX+ UY!XKU! 9B:4MJ:+MDB!;EF+D84;DE!+NYGG+ UW!XK[! 8:JL!BQH;!!;DE+6DC,6+86,E+NYGN+ [Y!XKV! !BHH,:I+D9+JOD6B4;DE+D9+MDB!;EF+:J\B;:JHJE4+ [Y!

GY! ,88:,;!,6+D9+D84;DE!+ [S!

GYKG! ;E4:D?BC4;DE+ [S!GYKN! !8,4;,6+D84;DE!+ [S!GYKS! MDB!;EF+F:DP4M+D84;DE!+ [[!GYKT! JCDEDH;C+!CJE,:;D!+ [X!GYKU! ,99D:?,Q6J+MDB!;EF+!CJE,:;D!+ VG!GYK[! 6J;!B:J+CJE4:J+D84;DE!+ VN!GYKV! :J4,;6+D84;DE!+ VS!

GG! CBHB6,4;OJ+J99JC4!+,E?+;E4J::J6,4;DE!M;8+QJ4PJJE+J99JC4!+ VU!

GGKG! CBHB6,4;OJ+J99JC4!+ VU!GGKN! ;E4J::J6,4;DE!M;8+QJ4PJJE+J99JC4!+ WN!

GN! HDE;4D:;EF+ WT!

GNKG! 8:D8D!,6!+9D:+HDE;4D:;EF+ WT!

GS! EJ]4+!4J8!+ W[!

GSKG! DOJ:O;JP+D9+8:DCJ!!+ W[!!,EEJ]+,>+:JO;JP+D9+8D6;C;J!^+86,E!+,E?+8:DF:,HHJ!!,EEJ]+Q>+8:D8D!J?+!4:BC4B:J+,E?+CDE4JE4+D9+4MJ+!,+:J8D:4+,EEJ]+C>+,88:,;!,6+D9+MDB!;EF+,66DC,4;DE!+,EEJ]+?>+,88:,;!,6+D9+JH86DIHJE4+,66DC,4;DE!+,EEJ]+J>+,88:,;!,6+D9+O;!;DE+,E?+8D6;C;J!+,EEJ]+9>+,88:,;!,6+D9+D84;DE!+,EEJ]+F>+,88:,;!,6+D9+!;4J!+P;4MDB4+H;4;F,4;DE!!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

6!

G !BHH,:I+,E?+DB4CDHJ!+

!!

GKG EDEL4JCME;C,6+!BHH,:I+!

GKGKG D"$)&'2+/0+4%35/.$1+!"(3&##&/'+6/7%)+8)%'+

")C!"#$%&'()!D+H$0DD0&.!=&/#1!\1#.!DC(D!&+(!()C!DI#(0#1!I1#..0.,!D('#(C,3!N&'!()C!*&'&+,)!&GC'!()C!IC'0&E!455O]45Y6!0.!(C'$D!&N!()C!(3IC!&N!ECGC1&I$C.(!'CF+0'CE!(&!$CC(!1&/#1!/&$$+.0(3!#.E!H+D0.CDD!.CCED^!0(D!D/#1C!#.E!1&/#(0&.!#D!%C11!#D!()C!I&10/0CD!()#(!%011!#II13!(&!C.D+'C!()#(!ECGC1&I$C.(!0D!D+D(#0.#H1CS!!>(!/&.(#0.D!#!G0D0&.!#.E!#!DC'0CD!&N!D('#(C,0/!DI#(0#1!&H_C/(0GCDS!!>(!#1D&!0./1+ECD!I&10/0CD!(&!C.D+'C!()#(!#II'&I'0#(C!D+II&'(0.,!0.N'#D('+/(+'C!0D!EC10GC'CE!#.E!()C!

)#./CES!!")C!"#$%&'()!D+H$0DD0&.!=&/#1!\1#.!)#D!HCC.!I'CI#'CE!0.!/&$I10#./C!%0()!()C!<#(0&.#1!\1#..0.,!\&10/3!`'#$C%&'X!M<\\`RS!![)C'C!/&.D0EC'CE!'C1CG#.(^!%&'X0.,!0.!I#'(.C'D)0I!%0()!.C0,)H&+'0.,!#+()&'0(0CD!(&!E0D/)#',C!()C!E+(3!(&!/&]&IC'#(C!)#D!'CD+1(CE!0.!/'&DD]H&+.E#'3!0DD+CD!HC0.,!#EE'CDDCES!!*&()!=0/)N0C1E!@0D('0/(!-&+./01!#.E!<&'()![#'%0/XD)0'C!@0D('0/(!-&+./01!)#GC!'C/C.(13!/&$I1C(CE!()C!I'&/CDD!&N!ECGC1&I0.,!()C0'!&%.!=&/#1!\1#.D6S!!")C!"#$%&'()!=&/#1!\1#.!0D!CaIC/(CE!(&!HC!#E&I(CE!H3!4567!#.E!%011!'CI1#/C!()C!Ca0D(0.,!=&/#1!\1#.!MWE&I(CE!0.!455OT5QR4S!!`+'()C'!EC(#01CE!,+0E#./C!%011!HC!0./1+ECE!0.!#!10$0(CE!.+$HC'!&N!:+II1C$C.(#'3!\1#..0.,!@&/+$C.(D!%)0/)!%011!D+II&'(!()C!0$I1C$C.(#(0&.!&N!()C!\1#.S!!;./C!0(!0D!#E&I(CE^!I1#..0.,!#II10/#(0&.D!%011!HC!EC(C'$0.CE!0.!#//&'E#./C!%0()!()C!=&/#1!\1#.!+.1CDD!&()C'!$#(C'0#1!/&.D0EC'#(0&.D!M0./1+E0.,!()C!<\\`R!0.E0/#(C!&()C'%0DCS!!

GKGKN C"..2'$+!$%$2+/0+!"#$%&'%()2+?2=2)/-32'$+&'+4%35/.$1+

")C!N&11&%0.,!(#H1C!ECD/'0HCD!()C!/+''C.(!'C1CG#.(!#DIC/(D!&N!D+D(#0.#H1C!ECGC1&I$C.(!0.!"#$%&'()^!#.E!I'CE0/(D!)&%!()CDC!$0,)(!CG&1GC!%0()&+(!0$I1C$C.(#(0&.!&N!()C!=&/#1!\1#.S!!4%()2+GKG>+!"33%.*+/0+(%#2)&'2+@%$%+

;##"2+ R2*+9&'@&'_#+ 6&`2)*+J=/)"$&/'+P&$1/"$+$12+8)%'+

\&I+1#(0&.! >.!4566!()C!'CD0EC.(!I&I+1#(0&.!&N!"#$%&'()!%#D!'C/&'ECE!#D!QO^PK7S!!>(!)#D!HCC.!CD(0$#(CE!()#(!()C!I&I+1#(0&.!&N!"#$%&'()!%011!0./'C#DC!(&!P6^PK7!H3!4546^!#.!0./'C#DC!&N!OS7b^!%0()!$&D(!&N!()C!0./'C#DC!&//+''0.,!#$&.,!()C!&GC'!OZ!#,C!,'&+IS!

>(!0D!+./C'(#0.!)&%!I&I+1#(0&.!$0,)(!/)#.,C!%0()&+(!0$I1C$C.(#(0&.!&N!()C!=&/#1!\1#.S!!!

U&+D0.,! "#$%&'()!)#D!#!)0,)!)&+D0.,!%#0(0.,!10D(!#.E!#!1&%!1CGC1!&N!#NN&'E#H1C!)&+D0.,!D+II13!()#(!)#D!.&(!$C(!()C!H#/X1&,!&N!)&+D0.,!.CCES!!

>(!0D!1CDD!10XC13!()#(!)&+D0.,!&N!()C!'0,)(!(3IC!%011!HC!EC10GC'CE^!&'!()#(!C.&+,)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6!<&'()![#'%0/XD)0'C!*&'&+,)!-&+./01!#E&I(CE!()C0'!=&/#1!\1#.!0.!;/(&HC'!456Z!#.E!=0/)N0C1E!@0D('0/(!-&+./01!#'C!E+C!(&!#E&I(!()C0'!=&/#1!\1#.!&.!6Q!`CH'+#'3!4567!4!"#$%&'()!*&'&+,)!-&+./01!]!=&/#1!\1#.!455O]4566!MWE&I(CE!2+13!455O!#.E!\&10/0CD!:#GCE!0.!2+13!4566R!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

4!

;##"2+ R2*+9&'@&'_#+ 6&`2)*+J=/)"$&/'+P&$1/"$+$12+8)%'+

B&'C!D$#11!)&$CD!#'C!.CCECE!#D!#'C!)&$CD!N&'!()C!C1EC'13S!

#NN&'E#H1C!)&+D0.,!%011!HC!I'&G0ECES!

@CI'0G#(0&.! ")C'C!#'C!DCGC'#1!D$#11!#'C#D!()#(!N#/C!0DD+CD!&N!ECI'0G#(0&.!0.!"#$%&'()S!!!

")C'C!$#3!.&(!HC!EC10GC'3!&N!C.&+,)!C$I1&3$C.(!1#.E!(&!I'&G0EC!D+NN0/0C.(!_&HDS!!J$I1&3$C.(!#.E!/&$$+.0(3!N#/010(0CD!#'C!+.10XC13!(&!HC!0.!()C!'0,)(!1&/#(0&.D!(&!#EE'CDD!ECI'0G#(0&.S!

UC#1()! =CGC1D!&N!)C#1()!#'C!D0$01#'!(&!()C!.#(0&.#1!#GC'#,CS!!U&%CGC'^!()C'C!#'C!D&$C!D$#11!I&/XC(D!&N!)C#1()!ECI'0G#(0&.S!!WE+1(!&HCD0(3!'#(CD!#'C!)0,)!#.E!'#(CD!&N!I)3D0/#1!#/(0G0(3!#'C!1&%S!

[0()&+(!0$I1C$C.(#(0&.!&N!()C!\1#.^!0(!0D!I&DD0H1C!()#(!)C#1()!1CGC1D!%011!EC/10.CS!

;IC.!DI#/C! W(!#!*&'&+,)!%0EC!1CGC1!()C'C!0D!D+NN0/0C.(!&IC.!DI#/C!%0()0.!()C!*&'&+,)^!#1()&+,)!/C'(#0.!DIC/0N0/!I#'(D!&N!()C!*&'&+,)!.CCE!HC((C'!I'&G0D0&.S!!!

>(!0D!+.10XC13!()#(!#EE0(0&.#1!&IC.!DI#/C!%011!HC!I'&G0ECE!%)C'C!0(!0D!.CCECE^!#.E!0(!0D!10XC13!()#(!$&'C!&IC.!DI#/C!%&+1E!HC!1&D(S!

J/&.&$3!/1&DCE!E&%.!&GC'!()C!1#D(!45!3C#'DS!!:(011!)C#G013!0.N1+C./CE!H3!()C!$#.+N#/(+'0.,!DC/(&'^!DC'G0/C!0.E+D('0CD!.&%!#1D&!I1#3!#.!0$I&'(#.(!'&1CS!

")C'C!$#3!.&(!HC!EC10GC'3!&N!C.&+,)!C$I1&3$C.(!1#.E!(&!I'&G0EC!D+NN0/0C.(!_&HD^!#.E!D0(CD!$#3!.&(!HC!I'&G0ECE!0.!()C!'0,)(!1&/#(0&.D!(&!$CC(!DC/(&'#1!.CCEDS!

J$I1&3$C.(! "#$%&'()!)#D!#!1&%!+.C$I1&3$C.(!'#(CS!!U&%CGC'^!I&/XC(D!&N!+.C$I1&3$C.(!#'C!/&./C.('#(CE!0.!/C'(#0.!#'C#D!&N!()C!(&%.S!!

")C'C!$#3!.&(!HC!EC10GC'3!&N!C.&+,)!C$I1&3$C.(!1#.E!(&!I'&G0EC!D+NN0/0C.(!_&HD^!#.E!()0D!$#3!.&(!HC!%C11]1&/#(CE!N&'!#'C#D!&N!)0,)C'!+.C$I1&3$C.(S!

JE+/#(0&.!#.E!F+#10N0/#(0&.D!

:/)&&1D!0.!"#$%&'()!,C.C'#113!IC'N&'$!HC1&%!()C!.#(0&.#1!#GC'#,C^!%0()!)0,)!1CGC1D!&N!IC&I1C!)#G0.,!.&!F+#10N0/#(0&.D!#(!#11!#.E!#!GC'3!1&%!IC'/C.(#,C!%0()!)0,)]1CGC1!F+#10N0/#(0&.DS!

")C!1CGC1!&N!CE+/#(0&.!#.E!F+#10N0/#(0&.D!0D!10XC13!(&!'C$#0.!+./)#.,CES!!>(!0D!I&DD0H1C!()#(!0.D+NN0/0C.(!#EE0(0&.#1!D/)&&1!I1#/CD!%011!HC!I'&G0ECES!

U0D(&'0/!#DDC(D! "#$%&'()!'C(#0.D!#!'#.,C!&N!0$I&'(#.(!)0D(&'0/!H+01E0.,D^!$&.+$C.(D!#.E!-&.DC'G#(0&.!W'C#D^!%)0/)!.CCE!(&!HC!I'&(C/(CES!!>(!)#D!)0,)!#'/)#C&1&,0/#1!I&(C.(0#1S!

>(!0D!$&'C!10XC13!()#(!)0D(&'0/!#DDC(D!%&+1E!HC!ECG#1+CE!&'!1&D(^!#.E!$&'C!10XC13!()#(!.C%!ECGC1&I$C.(D!%&+1E!N#01!(&!0./&'I&'#(C!$C#D+'CD!(&!C.)#./C!()C!DC((0.,!&N!)0D(&'0/!#DDC(DS!

J/&1&,3! "#$%&'()!)#D!(%&!:0(CD!&N!:IC/0#1!:/0C.(0N0/!>.(C'CD(^!$&D(13!0.!#.!+.N#G&+'#H1C!/&.E0(0&.^!#.E!()C'C!#'C!()'CC!&()C'!:::>D!.C#'H3!0.![#'%0/XD)0'CS!!")C'C!#'C!N0GC!=&/#1!<#(+'C!9CDC'GCD^!6O!:0(CD!&N!*0&1&,0/#1!>$I&'(#./C!#.E!N0GC!*0&E0GC'D0(3!W1C'(!:0(CDS!!")C'C!#'C!#1D&!()'CC!D0(CD!&N!0.(C'.#(0&.#1!0$I&'(#./C!.C#'!"#$%&'()S!

>(!0D!+.10XC13!()#(!&II&'(+.0(0CD!N&'!/'C#(0.,!&'!C.)#./0.,!C/&1&,0/#1!.C(%&'XD!%011!HC!'C#10DCE^!#.E!#/(0&.!#(!#!1#.ED/#IC!D/#1C!0D!+.10XC13!(&!HC!(#XC.S!!@CD0,.#(CE!D0(CD!#'C!10XC13!(&!/&$C!+.EC'!0./'C#D0.,!I'CDD+'C!N'&$!ECGC1&I$C.(!&'!$#3!HC!1&D(!&'!ECG#1+CES!!!

[#(C'!F+#10(3! ")C'C!#'C!)0,)!1CGC1D!&N!.+('0C.(!I&11+(0&.!0.!()C!(%&!'0GC'D!E&%.D('C#$!&N!"#$%&'()S!

[#(C'!F+#10(3!0D!10XC13!(&!/&.(0.+C!(&!0$I'&GCS!

[#(C'!D+II13!#.E!%#D(C%#(C'!('C#($C.(!

")C'C!0D!C.&+,)!%#(C'!#G#01#H1C!(&!$CC(!#..+#1!)&+D0.,!,'&%()!&N!6Z7!E%C110.,D!IC'!#..+$!MEI#R!0N!N0((CE!%0()!%#(C'!CNN0/0C./3!$C#D+'CD^!H+(!()C'C!0D!0.D+NN0/0C.(!'CD&+'/C!(&!$CC(!)0,)C'!ECGC1&I$C.(!D/C.#'0&D^!.#$C13!

")C!CNNC/(!&N!.&(!)#G0.,!()C!=&/#1!\1#.!&.!%#(C'!D+II13!#.E!%#D(C%#(C'!0.N'#D('+/(+'C!0D!+./C'(#0.S!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Y!

;##"2+ R2*+9&'@&'_#+ 6&`2)*+J=/)"$&/'+P&$1/"$+$12+8)%'+

67KS7!EI#!#.E!6PPS7!EI#S!!"#$%&'()!%#D(C%#(C'!('C#($C.(!%&'XD!%011!'CF+0'C!0$I'&GC$C.(D!0.!&'EC'!(&!#//&$$&E#(C!()C!I'&I&DCE!ECGC1&I$C.(S!!

W0'!F+#10(3! "#$%&'()!)#D!#.!W0'!A+#10(3!B#.#,C$C.(!W'C#!#(!()C!W7!@&D()011!"%&!?#(CD!/'&DD'&#ED^!%)C'C!.0('&,C.!E0&a0EC!Ca/CCED!#0'!F+#10(3!D(#.E#'ED!!

")C!10XC13!N+(+'C!/)#.,C!0.!#0'!F+#10(3!%0()&+(!0$I1C$C.(#(0&.!&N!()C!\1#.!0D!+./C'(#0.S!

`1&&E!'0DX! "#$%&'()!)#D!HCC.!/1#DD0N0CE!#D!)#G0.,!#!)0,)!I'&H#H010(3!&N!N1+G0#1!N1&&E!'0DX!#.E!#!$CE0+$!I'&H#H010(3!&N!'CD0E+#1!N1&&E0.,!N'&$!()C!&GC'(&II0.,TH'C#/)0.,!&N!N1&&E!ECNC./CDS!!W!

#(!'0DX!&N!N1&&E0.,S!!!

")C!10XC13!/)#.,C!0.!N1&&E!'0DX!%0()&+(!0$I1C$C.(#(0&.!&N!()C!\1#.!0D!+./C'(#0.S!!

-10$#(C!/)#.,C!

J$0DD0&.D!&N!/#'H&.!E0&a0EC!#'C!N#0'13!1&%!0.!"#$%&'()S!!U&%CGC'^!()C!#$&+.(!&N!'C.C%#H1C!C.C',3!,C.C'#(CE!0.!"#$%&'()!0D!1&%S!

;II&'(+.0(0CD!(&!N+'()C'!'CE+/C!C$0DD0&.D!&N!,'CC.)&+DC!,#DCD!%&+1E!HC!1&D(S!

[#D(C! "#$%&'()!)#D!#/)0CGCE!#!$&EC'#(C13!)0,)!'C/3/10.,!'#(C!E+C!(&!0$I'&GC$C.(D!0.!'C/C.(!3C#'DS!

9C/3/10.,!'#(CD!#'C!10XC13!(&!'0DC!#.E!()C!#$&+.(!&N!%#D(C!1#.EN011CE!0D!CaIC/(CE!(&!N#11S!

=#.E!#.E!D&01! ")C'C!0D!#!D)&'(#,C!&N!ECGC1&I#H1C!&IC.!DI#/C!0.!"#$%&'()S!!")C'C!#'C!$0.C'#1!'CDC'GCD!&N!I&(C.(0#1!G#1+CS!!")C!(&%.!0D!D+''&+.ECE!H3!#,'0/+1(+'#1!1#.E^!$+/)!&N!%)0/)!0D!&N!'C1#(0GC13!I&&'!F+#10(3!H+(!D&$C!0D!)0,)C'!F+#10(3S!!"#$%&'()!)#D!#!9C,0&.#113!>$I&'(#.(!?C&1&,0/#1T?C&$&'I)&1&,0/#1!:0(CS!

[0()&+(!()C!\1#.!0(!0D!I&DD0H1C!()#(!$&'C!ECGC1&I$C.(D!%&+1E!/&$C!N&'%#'E!&.!,'CC.N0C1E!1#.E!()#.!&.!I'CG0&+D13!ECGC1&ICE!1#.E!%0()0.!()C!+'H#.!#'C#S!

9C(#01!G0(#10(3!#.E!G0#H010(3!/&+1E!EC/10.C!0.!()C!D)&'(!(C'$!#D!0(!N#/CD!D('&.,!/&$IC(0(0&.!N'&$!()C!'C(#01!I#'XD!!

[0()&+(!()C!\1#.^!0(!0D!10XC13!()#(!()C!

'CE+/C!N+'()C'^!1C#E0.,!(&!/&.(0.+CE!EC/10.CS!

=C0D+'C!#.E!/+1(+'C!

Ja0D(0.,!1C0D+'C!I'&G0D0&.!0.!"#$%&'()!0D!,C.C'#113!#ECF+#(C!(&!$CC(!()C!.CCED!&N!1&/#1!'CD0EC.(DS!!U&%CGC'^!()C'C!0D!#!.CCE!N&'!#!.C%!D%0$$0.,!I&&1!#.E!DI&'(D!)#11^!#.E!#EE0(0&.#1!/#NcD!#.E!'CD(#+'#.(DS!!"#$%&'()!)#D!#!'#.,C!&N!/+1(+'#1T1C0D+'C!#(('#/(0&.DS!!!

>(!0D!1CDD!10XC13!()#(!()C!#EE0(0&.#1!DI&'(D!N#/010(0CD!%&+1E!HC!I'&G0ECE!#.E!1CDD!0./C.(0GC!(&!0$I'&GC!()C!/#Nc!#.E!'CD(#+'#.(!I'&G0D0&.!0.!()C!(&%.!/C.('CS!

"'#.DI&'(! ")C'C!0D!#!ECIC.EC./C!&.!()C!/#'!(&!('#GC1!(&!%&'X!#.E!#!)0,)!1CGC1!&N!&+(]/&$$+(0.,S!!"#$%&'()!)#D!,&&E!/&..C/(0&.D!(&!()C!.#(0&.#1!'&#E!#.E!'#01!('#.DI&'(!.C(%&'XD!#.E!0D!%C11]DC'GCE!H3!#!1&/#1!H+D!.C(%&'XS!!")C'C!0D!/&.,CD(0&.!#(!VC.(+'#!9C(#01!\#'X^!&.!WD)H3!9&#E^!-+$HC'N&'E!9&#E!#.E!&.!1&/#1!'&+(CD!(&!()C!W7M"RS!

"'#.DI&'(!0.N'#D('+/(+'C!0D!10XC13!(&!0$I'&GC!()'&+,)!$C#D+'CD!0.!()C!=&/#1!"'#.DI&'(!\1#.S!

!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Z!

GKGKS C1%.%7$2.&#$&7#+/0+,.2%#+6&`2)*+$/+(2+!&_'&0&7%'$)*+,0027$2@+

"#$%&'()!0D!#!GC'3!D$#11!H&'&+,)!M#II'&a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a!*!#.E!D+$$#'0DCE!0.!:C/(0&.!7SYS!!")C!/)#'#/(C'0D(0/D!&N!DIC/0N0/!#11&/#(CE!D0(CD!#'C!DC(!&+(!0.!W..CaCD!-!#.E!@S!!

GKGKT 8./()23#+:2)%$&'_+$/+,.2%#+/0+8%.$&7")%.+J'=&./'32'$%)+;3-/.$%'72+

")C'C!#'C!()'CC!D0(CD!&N!0.(C'.#(0&.#1!.#(+'C!/&.DC'G#(0&.!0$I&'(#./C!%0()0.!45X$!&N!"#$%&'()S!!")CDC!D0(CD!)#GC!HCC.!ECD0,.#(CE!#D!:IC/0#1!W'C#D!&N!-&.DC'G#(0&.!M:W-R!+.EC'!()C!U#H0(#(D!@0'C/(0GC6!#.E!)#GC!I'&H1C$D!#D!N&11&%DL!! J.D&'D!\&&1!:W-L!G+1.C'#H1C!(&!I&11+(0&.!#.E!.&.].#(0GC!DIC/0CDd! 90GC'!BC#DC!:W-L!E0NN+DC!I&11+(0&.^!Ca/CDD0GC!DCE0$C.(#(0&.^!0.G#D0GC!N'CD)%#(C'!DIC/0CD!

#.E!+'H#.!E0D/)#',Cd! -#..&/X!Ja(C.D0&.!-#.#1!:W-L!$#0.(#0.0.,!#!H#1#./CE!1CGC1!&N!H&#(!('#NN0/!#.E!D+'N#/C!'+.]

&NNS!!

GKGKU 412+,--.%&#%)+9.%325/.`+

V#'0&+D!C.G0'&.$C.(#1^!D&/0#1!#.E!C/&.&$0/!0DD+CD!)#GC!HCC.!0EC.(0N0CE!()'&+,)!'CG0C%0.,!#!%0EC!G#'0C(3!&N!I1#.D!#.E!D('#(C,0CD^!/&11C/(0.,!H#DC10.C!0.N&'$#(0&.!#.E!0EC.(0N30.,!D+D(#0.#H010(3!0DD+CD!#.E!I'&H1C$DS!!")CDC!0DD+CD!)#GC!0.N&'$CE!()C!ECGC1&I$C.(!&N!()C!D+D(#0.#H010(3!#II'#0D#1!N'#$C%&'X^!%)0/)!/&.D0D(D!&N!#!DC(!&N!D+D(#0.#H1C!ECGC1&I$C.(!I&10/3!&H_C/(0GCD!MD+D(#0.#H010(3!&H_C/(0GCDR!#D!DC(!&+(!0.!4%()2+GKNS!!")CDC!&H_C/(0GCD!%C'C!0EC.(0N0CE!N'&$!#!'CG0C%!&N!I1#.D^!D('#(C,0CD!#.E!D+D(#0.#H1C!ECGC1&I$C.(!&H_C/(0GCD!CD(#H10D)CE!#(!0.(C'.#(0&.#1^!.#(0&.#1^!'C,0&.#1^!D+H]'C,0&.#1!#.E!1&/#1!1CGC1DS!!")C!D+D(#0.#H1C!ECGC1&I$C.(!&H_C/(0GCD!0EC.(0N0CE!0.!()C!'CG0C%!#'C!DC(!&+(!0.!EC(#01!0.!W..Ca!WS!!J#/)!&N!()CDC!)#D!HCC.!/&.D0EC'CE!#.E!0(!)#D!HCC.!C.D+'CE!()#(!#11!'C1CG#.(!I&10/3!&H_C/(0GCD!#'C!/&GC'CE!H3!()C!&H_C/(0GCD!0.!()C!D+D(#0.#H010(3!#II'#0D#1!N'#$C%&'XS!!")0D!N'#$C%&'X!)#D!HCC.!+DCE!(&!#II'#0DC!()C!G#'0&+D!C1C$C.(D!&N!()C!D+H$0DD0&.!=&/#1!\1#.^!#DDCDD0.,!()C!10XC13!D+D(#0.#H010(3!CNNC/(D!&N!()C!D+H$0DD0&.!=&/#1!\1#.!H3!#II'#0D0.,!()C!Ca(C.(!(&!%)0/)!()C!D+H$0DD0&.!=&/#1!\1#.!0D!/&.D0D(C.(!%0()!&'!D+II&'(D!C#/)!I&10/3!&H_C/(0GCS!!!4%()2+GKN>+!"#$%&'%(&)&$*+D(A27$&=2#++

! D(A27$&=2#+

6S! "&!$CC(!()C!)&+D0.,!.CCED!&N!()C!%)&1C!/&$$+.0(3^!I'&G0E0.,!#NN&'E#H1C^!EC/C.(^!#II'&I'0#(C!#.E!D+D(#0.#H13!/&.D('+/(CE!)&$CD!0.!#//CDD0H1C!1&/#(0&.DS!

4S! "&!C./&+'#,C!()C!CNN0/0C.(!+DC!&N!1#.E!#.E!D&01S!

YS! "&!'CE+/C!ECI'0G#(0&.^!0./1+E0.,!)C#1()!#.E!0./&$C!ECI'0G#(0&.S!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6!-&+./01!@0'C/(0GC!K4TZYTJJ-!&.!()C!-&.DC'G#(0&.!&N!.#(+'#1!)#H0(#(D!#.E!&N!%01E!N#+.#!#.E!N1&'#!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

7!

ZS! "&!C.D+'C!CF+#1!#//CDD!(&!/&$$+.0(3!DC'G0/CD!#.E!N#/010(0CDS!

7S! "&!C./&+'#,C!CF+#1!#//CDD!(&!CE+/#(0&.^!_&HD!#.E!('#0.0.,S!

OS! "&!C./&+'#,C!#/(0GC!#.E!)C#1()0C'!10NCD(31CD!H3!I'&G0E0.,!#//CDD0H1C!,'CC.!0.N'#D('+/(+'C^!0./1+E0.,!.C(%&'XD!&N!I#()D!#.E!&IC.!DI#/CD^!#.E!N&'$#1!#.E!0.N&'$#1!DI&'(!#.E!'C/'C#(0&.!N#/010(0CDS!

QS! "&!$#XC!/&$$+.0(0CD!D#NC'!H3!'CE+/0.,!/'0$C^!NC#'!&N!/'0$C!#.E!#.(0]D&/0#1!HC)#G0&+'S!

PS! "&!C./&+'#,C!#!E0GC'DC!#.E!/&$IC(0(0GC!C/&.&$3!()#(!%011!I'&G0EC!D+D(#0.#H1C!C/&.&$0/!,'&%()S!

KS! "&!I'&(C/(!#.E!C.)#./C!)0D(&'0/!#DDC(DS!

65S! "&!C./&+'#,C!)0,)!F+#10(3!#.E!1&/#113!E0D(0./(!I1#/CD^!DI#/CD^!H+01E0.,D!#.E!1#.ED/#ICDS!

66S! "&!/&.DC'GC!#.E!C.)#./C!H0&E0GC'D0(3!#.E!,C&E0GC'D0(3^!D0(CD!&N!.#(+'C!/&.DC'G#(0&.!G#1+C!#.E!C/&1&,0/#1!.C(%&'XDS!

64S! "&!$0.0$0DC!N1&&E!'0DXS!

6YS! "&!'CE+/C!C.C',3!/&.D+$I(0&.!H3!C./&+'#,0.,!C.C',3!CNN0/0C./3!#.E!+DC!&N!'C.C%#H1C!C.C',3!D&+'/CDS!

6ZS! "&!C./&+'#,C!()C!'CE+/(0&.^!'C]+DC!#.E!'C/3/10.,!&N!%#D(C!#.E!%#(C'S!

67S! "&!I'&(C/(!#.E!0$I'&GC!C.G0'&.$C.(#1!F+#10(3!0./1+E0.,!0.!'C1#(0&.!(&!#0'^!%#(C'^!1#.E!#.E!.&0DCS!

6OS! "&!$#XC!"#$%&'()!(&%.!/C.('C!()C!)C#'(!&N!()C!H&'&+,)!H3!/'C#(0.,!#!G0H'#.(!#.E!#(('#/(0GC!C.G0'&.$C.(S!

6QS! "&!'CE+/C!()C!.CCE!(&!('#GC1^!'CE+/C!&+(]/&$$+(0.,!#.E!C./&+'#,C!D+D(#0.#H1C!$&ECD!&N!('#.DI&'(S!

6PS! "&!$#XC!HCD(!+DC!&N!()C!Ca0D(0.,!('#.DI&'(!0.N'#D('+/(+'C!#.E!DCCX!0$I'&GC$C.(D!(&!'CE+/C!/&.,CD(0&.!#.E!0$I'&GC!D#NC(3S!

+!

GKGK[ 412+6&`2)*+!&_'&0&7%'$+J0027$#+/0+$12+!"(3&##&/'+6/7%)+8)%'+

")C!D+H$0DD0&.!=&/#1!\1#.!)#D!#!/1C#'!#.E!D('&.,!N&/+D!&.!$CC(0.,!()C!)&+D0.,!.CCED!&N!#11!DC/(0&.D!&N!()C!/&$$+.0(3S!!>(!DCCXD!(&!I'&G0EC!#NN&'E#H1C^!)0,)!F+#10(3!)&$CD!&N!#!$0a!&N!(3ICD!(&!$CC(!#!'#.,C!&N!.CCED^!#.E!'CF+0'CD!()CDC!(&!HC!D+D(#0.#H13!ECD0,.CE!#.E!/&.D('+/(CE!0.!D#NC'!/&$$+.0(0CDS!!")C!D+H$0DD0&.!=&/#1!\1#.!I'&$&(CD!C.C',3!CNN0/0C./3!#.E!()C!,C.C'#(0&.!&N!'C.C%#H1C!#.E!1&%!/#'H&.!C.C',3!0.!.C%!ECGC1&I$C.(DS!![#(C'!CNN0/0C./3!0D!(&!HC!$#a0$0DCE!0.!ECGC1&I$C.(D^!#.E!ECGC1&I$C.(!$+D(!D+II&'(!()C!"#$%&'()![#D(C!:('#(C,3!(&!'CE+/C!%#D(C!#.E!0./'C#DC!'C/3/10.,S!!W!/1C#'!#0$!0D!(&!I'&G0EC!)&$CD!0.!#//CDD0H1C!1&/#(0&.D!(&!$0.0$0DC!()C!.CCE!(&!('#GC1!#.E!$#a0$0DC!()C!+DC!&N!D+D(#0.#H1C!$&ECD!&N!('#.DI&'(S!!*3!I'&$&(0.,!ECGC1&I$C.(!0.!()C!(&%.!/C.('C^!()C!D+H$0DD0&.!=&/#1!\1#.!%011!)C1I!(&!$#XC!+DC!&N!Ca0D(0.,!('#.DI&'(!0.N'#D('+/(+'C^!#.E!0(!#1D&!DCCXD!0$I'&GC$C.(D!(&!D+D(#0.#H1C!('#.DI&'(!0.N'#D('+/(+'C!%)0/)!%011!)C1I!(&!'CE+/C!/&.,CD(0&.!#.E!0$I'&GC!D#NC(3S!!>(!%011!#1D&!D+II&'(!()C!#//CDD0H010(3!&N!/&$$+.0(3!N#/010(0CD!#.E!DC'G0/CD!#.E!D+II&'(D!()C!/'C#(0&.!&N!#!G0H'#.(!#.E!#(('#/(0GC!(&%.!/C.('CS!!")C!D+H$0DD0&.!=&/#1!\1#.!C./&+'#,CD!()C!/'C#(0&.!#.E!0$I'&GC$C.(!&N!,'CC.!#.E!H1+C6!0.N'#D('+/(+'C!10.XD!(&!C./&+'#,C!/3/10.,!#.E!%#1X0.,!()'&+,)&+(!()C!*&'&+,)^!#.E!I#'(0/+1#'13!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6! H#DCE!#DDC(D!D+/)!#D!'0GC'D^!1#XCD^!I&.ED^!/#.#1D^!N1&&E!I1#0.D^!E'#0.#,C!D3D(C$D^!0$I&'(#.(!N&'!/&$$+.0(0CD^!%01E10NC^!#$C.0(3^!N1&&E!'0DX!$#.#,C$C.(!#.E!/10$#(C!/)#.,C!#E#I(#(0&.S!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

O!

HC(%CC.!()C!(&%.!/C.('C!#.E!&()C'!.C0,)H&+')&&ED!#.E!(&!()C!/&+.('3D0EC!HC3&.ES!!WD!%C11!#D!I'&$&(0.,!D+D(#0.#H1C!('#.DI&'(!/)&0/CD!(&!'CE+/C!'C10#./C!&.!()C!/#'!#.E!I'&$&(C!#/(0GC!#.E!)C#1()3!10NCD(31CD^!()CDC!.C(%&'XD!%011!#1D&!/&.('0H+(C!(&!D('C.,()C.0.,!#!E0D(0./(!0EC.(0(3!N&'!"#$%&'()^!#.E!$#3!)C1I!(&!N#/010(#(C!()C!$&GC$C.(!&N!DIC/0CD!#.E!#DD0D(!0.!'CE+/0.,!N1&&E!'0DXS!!")C3!%011!#1D&!/&.('0H+(C!(&!/'C#(0.,!#.!#(('#/(0GC!+'H#.!1#.ED/#ICS!!UC#1()3!10NCD(31CD!%011!#1D&!HC!C./&+'#,CE!()'&+,)!()C!I'&G0D0&.!&N!.C%!N&'$#1!#.E!0.N&'$#1!'C/'C#(0&.!N#/010(0CD!#.E!()C!I'&(C/(0&.!#.E!C.)#./C$C.(!&N!&IC.!DI#/CDS!!")C!D+H$0DD0&.!=&/#1!\1#.!#NN&'ED!D('&.,!I'&(C/(0&.!(&! )0D(&'0/!#DDC(D^!I'&$&(CD!()C0'!C.)#./C$C.(!#.E!'CF+0'CD!ECGC1&I$C.(!(&!HC!D3$I#()C(0/!(&!()CDC!#DDC(DS!!")0D!%011!)C1I!

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

C$I1&3$C.(!D0(CD^!()C!D+H$0DD0&.!=&/#1!\1#.!%011!)C1I!(&!I'&$&(C!()C!'C+DC!&N!I'CG0&+D13!ECGC1&ICE!1#.E!#.E!'CE+/C!()C!+DC!&N!,'CC.N0C1E!1#.E!#.E!#,'0/+1(+'#1!1#.E^!()C'CH3!0.E0'C/(13!)C1I0.,!(&!I'&(C/(!D&01D!#.E!)#H0(#(D!(&!D+II&'(!H0&E0GC'D0(3S!!W.!CNN0/0C.(!+DC!&N!1#.E!%011!HC!D+II&'(CE!H3!()C!'CF+0'C$C.(!N&'!$CE0+$])0,)!EC.D0(3!ECGC1&I$C.(S!!")C!C$I)#D0D!0.!"#$%&'()!)#D!HCC.!(&!H'0.,!N&'%#'E!#D!$+/)!H'&%.N0C1E!1#.E!#D!I&DD0H1C!N&'!ECGC1&I$C.(^!.CGC'()C1CDD!&GC'!()'CC!F+#'(C'D!&N!()C!#'C#!&N!()C!#11&/#(CE!.C%!C$I1&3$C.(!D0(CD!#'C!&.!,'CC.N0C1E!1#.ES!!")C!D+H$0DD0&.!=&/#1!\1#.!CaI10/0(13!'CF+0'CD!()C!I'&(C/(0&.!&N!H0&E0GC'D0(3!#.E!,C&E0GC'D0(3^!#.E!I'&$&(CD!&II&'(+.0(0CD!(&!C.)#./C!H0&E0GC'D0(3!()'&+,)!)#H0(#(!/'C#(0&.!#.E!'CD(&'#(0&.S!!>(!#1D&!'CF+0'CD!ECGC1&I$C.(!(&!/'C#(C!#.E!'C0.N&'/C!10.XD!HC(%CC.!Ca0D(0.,!H0&E0GC'D0(3!D0(CD!#.E!%0()!DC$0].#(+'#1!)#H0(#(DS!!*3!'CF+0'0.,!()C!I'&(C/(0&.!#.E!C.)#./C$C.(!&N!&IC.!DI#/CD!#.E!,'CC.!0.N'#D('+/(+'C!0./1+E0.,!.C(%&'X!NC#(+'CD^!()C!D+H$0DD0&.!=&/#1!\1#.!$#3!)C1I!(&!/&.DC'GC!#.E!C.)#./C!H0&E0GC'D0(3!#.E!C/&1&,0/#1!.C(%&'XD^!H+(!()0D!0D!ECIC.EC.(!&.!()C!F+#10(3!&N!()C!&IC.!DI#/CD!#.E!()C!.#(+'C!&N!#.3!C.)#./C$C.(!%&'XS!!")C!D+H$0DD0&.!=&/#1!\1#.!#EE'CDDCD!N1&&E!'0DX!H3!'CF+0'0.,!I'&I&D#1D!N&'!ECGC1&I$C.(!0.!N1&&E!'0DX!#'C#D!(&!I'&G0EC!#!`1&&E!90DX!WDDCDD$C.(!#.E!(&!0./1+EC!$0(0,#(0&.!$C#D+'CDS!!@CGC1&I$C.(!%011!HC!'CD0D(CE!0.!()CDC!#'C#D!%)C'C!#II'&I'0#(C!#.E!.C/CDD#'3!#.E!()C!\1#.!D(#(CD!()#(!ECGC1&I$C.(!%011!HC!CaIC/(CE!(&!HC!1&/#(CE!&+(D0EC!#'C#D!#(!)0,)!'0DX!&N!N1&&E0.,S!!@CGC1&I$C.(!$+D(!.&(!0./'C#DC!()C!'0DX!&N!N1&&E0.,!C1DC%)C'C!#.E!#!I&10/3!0D!0./1+ECE!(&!$#.#,C!#.E!'CE+/C!N1&&E!'0DXS!!:0(C!#11&/#(0&.D!'CF+0'C!N1&&E!'0DX!(&!HC!#DDCDDCE!#.E!#II'&I'0#(C13!$#.#,CE!(&!'CE+/C!'0DXS!!!!")C!D+H$0DD0&.!=&/#1!\1#.!CaI10/0(13!'CF+0'CD!()C!I'&(C/(0&.!&N!%#(C'!F+#10(3!#.E!'CF+0'CD!()C!F+#10(3!&N!/#.#1D!#.E!'0GC'D!(&!HC!C.)#./CES!!")C!C.)#./C$C.(!&N!H1+C!0.N'#D('+/(+'C!%011!)C1I!(&!D+II&'(!()0D!I&10/3S!!W0'!F+#10(3!%011!HC!I'&(C/(CE!#.E!C.)#./CE!H3!I'&$&(0&.!&N!D+D(#0.#H1C!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Q!

('#.DI&'(!0.N'#D('+/(+'CS!!>$I'&G0.,!_+./(0&.D!&.!()C!W7!$#3!)C1I!(&!0./'C#DC!()C!N1&%!&N!('#NN0/!#(!()CDC!_+./(0&.D^!%)0/)!$#3!)C1I!(&!'CE+/C!#0'!I&11+(0&.!&'!$#3!0./'C#DC!0(!0N!('#NN0/!1CGC1D!'0DC!#D!#!'CD+1(S!!*3!'CF+0'0.,!()C!I'&(C/(0&.!#.E!C.)#./C$C.(!&N!H0&E0GC'D0(3^!()C!D+H$0DD0&.!=&/#1!\1#.!0D!10XC13!(&!/&.('0H+(C!(&!()C!0$I'&GC$C.(!&N!C.G0'&.$C.(#1!F+#10(3!0.!'C1#(0&.!(&!#0'^!%#(C'!#.E!1#.ES!!>(!$#3!#1D&!$#XC!#!/&.('0H+(0&.!(&!'CE+/0.,!.&0DC!()'&+,)!()C!I'&(C/(0&.!#.E!C.)#./C$C.(!&N!&IC.!DI#/CD!#.E!'CE+/0.,!'C10#./C!&.!()C!I'0G#(C!/#'S!!

GKGKV H&$&_%$&/'+H2%#".2#+

")'&+,)!()C!D+D(#0.#H010(3!#II'#0D#1!I'&/CDD^!#!.+$HC'!&N!'C/&$$C.E#(0&.D!N&'!$0(0,#(0.,!()C!I'CE0/(CE!D0,.0N0/#.(!#EGC'DC!CNNC/(D!&N!()C!D+H$0DD0&.!=&/#1!\1#.!)#GC!HCC.!0$I1C$C.(CES!!")CDC!#'C!DC(!&+(!0.!()C!N&11&%0.,!(#H1CS!!W11!'C/&$$C.E#(0&.D!)#GC!HCC.!#//CI(CE!#.E!()C'C!#'C!.&!'CD0E+#1!$0(0,#(0&.!'C/&$$C.E#(0&.D!N&'!()C!G0D0&.!#.E!I&10/0CD!/&.(#0.CE!0.!()C!\1#.S!!4%()2+GKS>+H&$&_%$&/'+.27/332'@%$&/'#+!8/)&7*+ :27/332'@2@+3&$&_%$&/'+V0D0&.! Ja(C.E!()C!#0$!(&!#/)0CGC!D#NC'!10G0.,!/&.E0(0&.D!(&!.C%!)&+D0.,!ECGC1&I$C.(S!

>./1+EC!#!/&$$0($C.(!(&!/&.DC'G0.,!#.E!C.)#./0.,!H0&E0GC'D0(3!#.E!,C&E0GC'D0(3!0.!()C!G0D0&.S!!>./1+EC!#!/&$$0($C.(!(&!'CE+/C!N1&&E!'0DX!#.E!I'&$&(C!/10$#(C!/)#.,C!$0(0,#(0&.!#.E!#E#I(#(0&.S!>./1+EC!#!/&$$0($C.(!(&!I'&$&(0.,!()C!CNN0/0C.(!+DC!&N!'CD&+'/CDS!>./1+EC!#!/1C#'C'!/&$$0($C.(!(&!0$I'&G0.,!()C!F+#10(3!&N!()C!C.G0'&.$C.(!#/'&DD!()C!*&'&+,)S!!>./1+EC!#!/&$$0($C.(!(&!I'&$&(0.,!D+D(#0.#H1C!$&ECD!&N!('#.DI&'(S!>./1+EC!#!/&$$0($C.(!(&!0$I'&G0.,!0.N'#D('+/(+'C!N&'!D+D(#0.#H1C!('#.DI&'(!$&ECDS!!

U?4! >./1+EC!#!'CF+0'C$C.(!N&'!D+D(#0.#H1C!+'H#.!Ca(C.D0&.D!(&!HC!ECD0,.CE!N&'!D#NC(3S!:86! 9CF+0'C!ECGC1&I$C.(D!(&!0./&'I&'#(C!$C#D+'CD!(&!'CE+/C!N1&&E!'0DX!%)C'C!()C'C!#'C!

#II'&I'0#(C!&II&'(+.0(0CDS!\'&$&(C!C.C',3!CNN0/0C./3!$C#D+'CD!0.!'C('&]N0((0.,!&N!Ca0D(0.,!ECGC1&I$C.(S!>./1+EC!D+II&'(0.,!(Ca(!(&!0.E0/#(C!)&%!()C!CNN0/0C.(!+DC!&N!1#.E!0D!(&!HC!#/)0CGCES!

:8Z! 9CF+0'C!ECGC1&I$C.(D!(&!/#I0(#10DC!&.!&II&'(+.0(0CD!N&'!/'C#(0.,TI'&(C/(0.,!#//CDD0H1C!'C/'C#(0&.#1!,'CC.!DI#/CS!9CF+0'C!ECGC1&I$C.(D!(&!/#I0(#10DC!&.!&II&'(+.0(0CD!N&'!0$I'&GC$C.(!0.!H0&E0GC'D0(3!G#1+CS!

:8Q! >./1+EC!#!N&/+D!&.!#'C#D!&N!ECI'0G#(0&.!(&!#EE'CDD!()C!.CCED!&N!ECI'0GCE!#'C#D!N&'!#//CDD!(&!DI&'(!#.E!'C/'C#(0&.!N#/010(0CDS!

J<Y! >./1+EC!'CF+0'C$C.(D!(&!D+II&'(!0.N&'$#1!'C/'C#(0&.!0.!&IC.!DI#/CD!%)C'C!#II'&I'0#(CS!\'&$&(C!&II&'(+.0(0CD!(&!0./'C#DC!/&..C/(0G0(3!&N!&IC.!DI#/CD!#.E!DC/+'C!H0&E0GC'D0(3!,#0.DS!\'&$&(C!&II&'(+.0(0CD!(&!+DC!&IC.!DI#/C!I'&G0D0&.!(&!'CE+/C!N1&&E!'0DXS!9CF+0'C!$C#D+'CD!(&!I'&$&(C!%#1X0.,!#.E!/3/10.,!0.!&IC.!DI#/CD^!()'&+,)!I'&G0D0&.!&N!0.N'#D('+/(+'C^!0$I'&GCE!/&..C/(0G0(3!#.E!D#NC(3!$C#D+'CDS!

J<O! 9CF+0'C!'C,#'E!(&!HC!)#E!(&!()C!N0.E0.,D!&N!()C!Ja(C.D0GC!8'H#.!:+'GC3S!

!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

P!

")C'C!#'C!#!.+$HC'!&N!'CD0E+#1!'C/&$$C.E#(0&.D!N&'!$0(0,#(0.,!I'CE0/(CE!#EGC'DC!0$I#/(D!%)0/)!)#GC!.&(!3C(!HCC.!0./&'I&'#(CE!%0()0.!()C!D+H$0DD0&.!=&/#1!\1#.S!!")CDC!'C1#(C!(&L!

:0(C!#11&/#(0&.D!M'C/&$$C.E#(0&.D!DC(!&+(!0.!W..CaCD!-!#.E!@Rd! :('#(C,0/!:I#(0#1!;H_C/(0GCD!M'C/&$$C.E#(0&.D!DC(!&+(!0.!:C/(0&.!PSYRS!!

GKGKW ,)$2.'%$&=2#+

W1(C'.#(0GCD!(&!()C!I'&I&DCE!D+H$0DD0&.!=&/#1!\1#.!)#GC!HCC.!ECGC1&ICE^!N&'!()C!N&11&%0.,!I&10/3!#'C#DL!! :I#(0#1!D('#(C,3^!&'!E0'C/(0&.D!&N!,'&%()d! =CGC1D!&N!)&+D0.,!,'&%()d! W$&+.(D!&N!C$I1&3$C.(!1#.Ed! \C'/C.(#,C!&N!#NN&'E#H1C!)&+D0.,!'CF+0'CEd! =&/#(0&.!&N!#!.C%!1C0D+'C!/C.('Cd! =&/#(0&.!&N!.C%!'C(#01!DI#/CS!!")C!#1(C'.#(0GCD^!&'!&I(0&.DTD/C.#'0&D^!%)0/)!)#GC!HCC.!ECGC1&ICE!#'C!DC(!&+(!0.!()C!N&11&%0.,!(#H1CDS!!4%()2+GKT>+!"33%.*+/0+#-%$&%)+/-$&/'#+!!-%$&%)+/-$&/'+

!&$2#+$/+@2)&=2.+/-$&/'+ ,--./a&3%$2+7%-%7&$*+

6! 8'H#.!#'C#!#.E!W.XC'!V#11C3! K55!4! 8'H#.!#'C#^!W.XC'!V#11C3^!,&1N!/&+'DC! 4555!Y! 8'H#.!#'C#^!W.XC'!V#11C3^!,'CC.!HC1(!D0(CD! 6P55!Z! 8'H#.!#'C#^!W.XC'!V#11C3^!@+.D(#11!=#.C! 6O55!7! 8'H#.!#'C#^!W.XC'!V#11C3^!-&(&.!=#.C! 65K5!O! 8'H#.!#'C#^!W.XC'!V#11C3^!,&1N!/&+'DC^!@+.D(#11!=#.C^!

-&(&.!=#.C^!,'CC.!HC1(!D0(CD!YQK5!

Q! 8'H#.!#'C#^!W.XC'!V#11C3^!,&1N!/&+'DC^!@+.D(#11!=#.C^!-&(&.!=#.C!

4PK5!

!4%()2+GKU>+M/"#&'_+_./5$1+#72'%.&/#+!!72'%.&/+ ?52))&'_#+-2.+

%''"3+F./5$1+NYY[LNYSG+

W! 4Z5! O555!*! 4O5! O755!-! 475! O475!+4%()2+GK[>+J3-)/*32'$+_./5$1+#72'%.&/#+!!72'%.&/+ F./##+23-)/*32'$+)%'@+.2b"&.232'$#+c1%d+6R!JaIC'0#.!*#DC10.C! 46S54!4R!9C,C.C'#(0&.T\&10/3!;.! Y4SK6!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

K!

Y#R!:)&'(!"C'$!\#D(!"#XC!8I! ZPS76!YHR!=&.,!"C'$!-&$I1C(0&.!9#(CD! OOSZK!ZR!=#H&+'!:+II13!M475!EI#R! 4QSP4!7R!=#H&+'!:+II13!M1#(CD(!)&+DC)&1E!I'&_C/(0&.DR! Y5S6O!!4%()2+GKV>+,00/.@%()2+1/"#&'_+#72'%.&/#+!!72'%.&/+ 62=2)+/0+%00/.@%()2+1/"#&'_+-./=&#&/'+6! 45b!4! 47b!Y! Y5b!!4%()2+GKW>+62&#".2+72'$.2+/-$&/'#+!D-$&/'+ ?2#7.&-$&/'+6! =&/#(0&.!0.!()C!(&%.!/C.('C!4! =&/#(0&.!0.!()C!C#D(!&N!()C!*&'&+,)!Y! =&/#(0&.!&+(D0EC!&N!()C!*&'&+,)!!4%()2+GKX>+:2$%&)+/-$&/'#+!D-$&/'+ ?2#7.&-$&/'+6! "&%.!/C.('C!N0'D(!4! WEE0(0&.#1!'C(#01!DI#/C!#(!VC.(+'#!\#'X!!!")C!'C#D&.D!%)3!()CDC!&I(0&.DTD/C.#'0&D!%C'C!DC1C/(CE!#'C!DC(!&+(!0.!:C/(0&.!65!&N!()0D!'CI&'(S!!!!

GKGKX M/5+$12+,##2##32'$+5%#+B'@2.$%`2'+

")C!D+D(#0.#H010(3!#II'#0D#1!EC(C'$0.CE!()C!10XC13!CNNC/(D!#'0D0.,!N'&$!()C!D+H$0DD0&.!=&/#1!\1#.S!!")0D!#II10CE!1#',C13!(&!()C!G0D0&.^!&H_C/(0GCD!#.E!I&10/0CD^!(&!#!DC'0CD!&N!&I(0&.D!#.E!(&!()C!D0(C!#11&/#(0&.DS!!")C!#II'#0D#1!%#D!E&.C!H3!#DDCDD0.,!C#/)!C1C$C.(!&N!()C!D+H$0DD0&.!=&/#1!\1#.!#,#0.D(!()C!#II'#0D#1!&H_C/(0GCD!0.!(+'.!#.E!$#X0.,!#!1#',C13!F+#10(#(0GC!#DDCDD$C.(^!%0()!'CNC'C./C!#1D&!(&!()C!H#DC10.C!E#(#!N'&$!()C!:/&I0.,!9CI&'(S!!!>.!'CI&'(0.,!()C!'CD+1(D!&N!()C!#II'#0D#1^!()C!N&11&%0.,!D3$H&1D!)#GC!HCC.!+DCE!(&!0.E0/#(C!()C!H'&#E!.#(+'C!&N!()C!I'CE0/(CE!CNNC/(L!!! e! CNNC/(!10XC13!(&!HC!I&D0(0GC!! ]!! CNNC/(!10XC13!(&!HC!.C,#(0GC!! 5! .&!D0,.0N0/#.(!CNNC/(!!! f!! CNNC/(!+.X.&%.!!>N!()C!#II'#0D#1!&H_C/(0GC!%#D!.&(!'C1CG#.(!(&!()C!C1C$C.(!&N!()C!D+H$0DD0&.!=&/#1!\1#.!HC0.,!#II'#0DCE^!.&!D3$H&1!0D!,0GC.S!!B+1(0I1C!D3$H&1D!)#GC!HCC.!+DCE!MCS,S!eeR!(&!0.E0/#(C!#!E0NNC'C.(!D/#1C!&N!0$I#/(!&GC'!(0$C^!&'!%)C'C!()C!0$I#/(D!&N!#.!&I(0&.!#'C!!"#!$%&$'%(()!HC((C'!&'!%&'DC!()#.!&()C'DS!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

65!

!")C!CNNC/(D!%C'C!#1D&!'#(CE!N&'!()C0'!D0,.0N0/#./C!0.!(C'$D!&N!()C!0$I&'(#./C!N&'!#/)0CG0.,!C#/)!#II'#0D#1!&H_C/(0GCS!!JNNC/(D!%C'C!'#(CE!#D!)0,)^!$CE0+$!&'!1&%!D0,.0N0/#./C^!(#X0.,!#//&+.(!&N!#!.+$HC'!&N!N#/(&'DS!!")C!N#/(&'D!%C'CL!! ()C!CaIC/(CE!D/#1C!&N!()C!CNNC/(D!&'!()C!EC,'CC!(&!%)0/)!()C!CNNC/(D!#'C!10XC13!(&!/&.('0H+(C!(&!()C!#/)0CGC$C.(!&N!()C!D+D(#0.#H010(3!&H_C/(0GC!0.!()C!*&'&+,)!&GC'#11d!

()C!/C'(#0.(3!&'!I'&H#H010(3!()#(!()C!CNNC/(!0D!10XC13!(&!&//+'!#D!#!/&.DCF+C./C!&N!()C!=&/#1!\1#.d!

%)C()C'!()C!CNNC/(D!%&+1E!HC!IC'$#.C.(!&'!'CGC'D0H1Cd! %)C()C'!()C!CNNC/(!%011!&//+'!#D!#!E0'C/(!'CD+1(!&N!()C!=&/#1!\1#.!&'!.&(^!0.!&()C'!%&'ED!%)C()C'!()C!\1#.!0D!XC3!N&'!#/)0CG0.,!&'!/&.('&110.,!CNNC/(Dd!

%)C()C'!()C!CNNC/(!0D!$&'C!D('&.,13!ECIC.EC.(!&.!&()C'!0.(C'GC.(0&.D!&'!&()C'!N#/(&'Dd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

/C'(#0.(3^!#.E!()C!F+#10(3!&N!#G#01#H1C!E#(#!/&+1E!0.!D&$C!D0(+#(0&.D!1C#E!(&!DI+'0&+D!#//+'#/3^!%)0/)!D)&+1E!HC!#G&0ECES!

! 2&3/.$%'&$)4!!W!.+$HC'!&N!#DD+$I(0&.D!+.EC'I0.!()C!)&+D0.,!,'&%()!#.E!C$I1&3$C.(!

D/C.#'0&D^!%)0/)!0.('&E+/C!#.!C1C$C.(!&N!+./C'(#0.(3!#H&+(!()C0'!10XC13!CNNC/(!0N!0$I1C$C.(CES!

! 5'6&'1'3%&3/4!!")C'C!#'C!GC'3!NC%!#,'CCE!D+D(#0.#H010(3!()'CD)&1ED!&'!/&.D('#0.(D^!#D!10((1C!

%&'X!)#D!HCC.!E&.C!0.!()C!8g!&.!()0D!0DD+CS!!*C/#+DC!&N!()0D^!0(!0D!.&(!#1%#3D!I&DD0H1C!(&!#DDCDD!()C!D0,.0N0/#./C!&N!#.3!0$I#/(D!%0()!/C'(#0.(3S!

!@CDI0(C!()CDC!10$0(#(0&.D!#.E!+./C'(#0.(0CD^!0(!0D!D(011!I&DD0H1C!(&!E'#%!/&./1+D0&.D!#H&+(!()C!&GC'#11!CNNC/(D!()#(!%011!'CD+1(!N'&$!()C!D+H$0DD0&.!=&/#1!\1#.!(&!45Y6S!!

GKGKGY H&$&_%$&/'+:27/332'@%$&/'#+

W!.+$HC'!&N!/)#.,CD!)#GC!HCC.!$#EC!(&!()C!D+H$0DD0&.!=&/#1!\1#.!#D!#!'CD+1(!&N!'C/&$$C.E#(0&.D!$#EC!N&'!$C#D+'CD!(&!$0(0,#(C!()C!#EGC'DC!CNNC/(D!&N!()C!\1#.!&'!(&!/#I0(#10DC!&.!&II&'(+.0(0CD!N&'!HC.CN0(DS!!!!

GKGKGG H/'&$/.&'_+:27/332'@%$&/'#+

")C!D+D(#0.#H010(3!#II'#0D#1!)#D!ECGC1&ICE!#!DC(!&N!'C/&$$C.E#(0&.D!N&'!$&.0(&'0.,!()C!I'CE0/(CE!#.E!+.N&'CDCC.!0$I#/(D!&N!0$I1C$C.(#(0&.!&N!()C!D+H$0DD0&.!=&/#1!\1#.!#D!I'&I&DCES!!")CDC!#'C!DC(!&+(!#D!#!DC'0CD!&N!0.E0/#(&'D!'C1#(CE!(&!()C!D+D(#0.#H010(3!#II'#0D#1!N'#$C%&'X!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

66!

H#DCE!&.!()C!10XC13!#.E!I&DD0H1C!0$I#/(D!&N!()C!D+H$0DD0&.!=&/#1!\1#.S!!")C!'C/&$$C.ECE!0.E0/#(&'D!D)&+1E!HC!0./&'I&'#(CE!0.(&!()C!W..+#1!B&.0(&'0.,!9CI&'(!N&'!()C!=&/#1!\1#.!#.E!#'C!DC(!&+(!0.!-)#I(C'!66S!!

GKN !4,4JHJE4+DE+4MJ+?;99J:JECJ+4MJ+8:DCJ!!+M,!+H,?J+!"&!E#(C^!()C!D+D(#0.#H010(3!#II'#0D#1!)#D!)#E!#!.+$HC'!&N!0.I+(D!0.(&!()C!I'&/CDD!&N!ECGC1&I0.,!()C!=&/#1!\1#.S!!WD!%C11!#D!0.N&'$#1!E0D/+DD0&.D!%0()!&NN0/C'D!&N!"#$%&'()!*&'&+,)!-&+./01^!()C!#II'#0D#1!)#D!$#EC!N&'$#1!0.I+(D!0.(&!()C!DC1C/(0&.!#.E!'CN0.C$C.(!&N!D0(CD^!ECGC1&I$C.(!$#.#,C$C.(!I&10/3!N&'!DIC/0N0/!D0(CD!#.E!()C!E'#N(0.,!&N!I&10/3S!!-)#I(C'!Q!I'&G0ECD!$&'C!0.N&'$#(0&.!&.!)&%!()C!#II'#0D#1!)#D!0.N1+C./CE!()C!DC1C/(0&.!&N!D0(CD!#.E!E'#N(0.,!&N!ECGC1&I$C.(!$#.#,C$C.(!I&10/3!N&'!DIC/0N0/!D0(CDS!!")C!N&11&%0.,!/)#.,CD!)#GC!HCC.!$#EC!(&!()C!G0D0&.!#.E!I&10/0CD!&N!()C!D+H$0DD0&.!=&/#1!\1#.!#D!#!'CD+1(!&N!()C!N0.E0.,D!#.E!'C/&$$C.E#(0&.D!&N!()C!D+D(#0.#H010(3!#II'#0D#1S!+4%()2+GKGY>+C1%'_2#+$/+O&#&/'+%'@+8/)&7&2#+/0+$12+!"(3&##&/'+6/7%)+8)%'+!V0D0&.! >./1+ECD!#!/&$$0($C.(!(&!/&.DC'G0.,!#.E!C.)#./0.,!H0&E0GC'D0(3!#.E!,C&E0GC'D0(3S!

>./1+ECD!#!/&$$0($C.(!(&!N1&&E!'0DX!$#.#,C$C.(!#.E!'CE+/(0&.!#.E!/10$#(C!/)#.,C!'CD010C./CS!

J.D+'CD!()#(!#11!'CD&+'/CD!#'C!+DCE!CNN0/0C.(13S! :CCXD!(&!I'&(C/(!#.E!0$I'&GC!()C!F+#10(3!&N!()C!C.G0'&.$C.(!#/'&DD!()C!*&'&+,)S! :CCXD!(&!C./&+'#,C!D+D(#0.#H1C!$&ECD!&N!('#.DI&'(!#.E!0$I'&GC!('#.DI&'(!

0.N'#D('+/(+'CS! Ja(C.ED!()C!#0$!(&!/'C#(C!D#NC'!/&$$+.0(0CD!(&!.C%!)&+D0.,!ECGC1&I$C.(!#D!%C11!#D!

Ca0D(0.,S!\&10/3!U?4! >./1+EC!#!'CF+0'C$C.(!N&'!D+D(#0.#H1C!+'H#.!Ca(C.D0&.D!(&!HC!ECD0,.CE!N&'!D#NC(3S!\&10/3!:86! J.C',3!CNN0/0C./3!0D!(&!HC!$#a0$0DCE!0.!.C%!#.E!Ca0D(0.,!ECGC1&I$C.(!

@CGC1&I$C.(!D)&+1E!'CE+/C!N1&&E!'0DX!%)C'C!#II'&I'0#(C!\&10/3!:8Z! 9CF+0'CD!/#I0(#10h#(0&.!&N!&II&'(+.0(0CD!(&!I'&G0EC!#//CDD0H1C!,'CC.!DI#/C!#.E!

0$I'&GC!H0&E0GC'D0(3!0.!:+D(#0.#H1C!@'#0.#,C!:3D(C$D!\&10/3!:8Q! >./1+EC!#!N&/+D!&.!.CCE!N&'!DI&'(!#.E!'C/'C#(0&.!0.!#'C#D!&N!ECI'0G#(0&.!\&10/3!J<Y! \'&$&(CD!'C/'C#(0&.!N&'!)C#1()!0$I'&GC$C.(!()'&+,)!I'&(C/(0&.!#.E!+DC!&N!&IC.!

DI#/CDS! \'&$&(CD!H0&E0GC'D0(3!0$I'&GC$C.(^!N1&&E!'0DX!'CE+/(0&.!#.E!%#1X0.,!#.E!/3/10.,!0.!

&IC.!DI#/CDS!\&10/3!J<O! @CGC1&I$C.(D!#'C!'CF+0'CE!(&!)#GC!'C,#'E!(&!()C!N0.E0.,D!&N!()C!Ja(C.D0GC!8'H#.!

:+'GC3!!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

64!

N ;E4:D?BC4;DE+

!!

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a(C.(^!C$C',0.,!I&10/0CD!#.E!I'&I&D#1D!0$I#/(!+I&.!C.G0'&.$C.(#1^!D&/0#1!#.E!C/&.&$0/!/&.E0(0&.DS!!>(!#1D&!I'&G0ECD!#!$C#.D!&N!0EC.(0N30.,!#.E!#EE'CDD0.,!#.3!#EGC'DC!CNNC/(D!()#(!E'#N(!I&10/0CD!#.E!I'&I&D#1D!$0,)(!)#GC!#.E!$#X0.,!'C/&$$C.E#(0&.D!N&'!$0(0,#(0.,!I&(C.(0#1!#EGC'DC!CNNC/(D!&'!/#I0(#10D0.,!&.!&II&'(+.0(0CD!N&'!HC.CN0(DS!!

NKN Q,CRF:DBE?+!")C!=&/#1!\1#.!&./C!#E&I(CE!%011!HC!#.!0$I&'(#.(!I#'(!&N!()C!ECGC1&I$C.(!I1#.d!0(!DC(D!&+(!()C!

ECGC1&I$C.(!N&'!"#$%&'()S!!!!"#$%&'()!*&'&+,)!-&+./01!)#D!HCC.!0.!()C!I'&/CDD!&N!I'&E+/0.,!#!=&/#1!\1#.!D0./C!<&GC$HC'!455OS!!;GC'!()C!D+HDCF+C.(!D0a!3C#'D^!D+HD(#.(0#1!I'&,'CDD!%#D!$#EC!0.!ECGC1&I0.,!()C!E'#N(!=&/#1!\1#.^!/+1$0.#(0.,!0.!D+H$0DD0&.!&N!()C!455O]454P!=&/#1!\1#.!N&'!Ca#$0.#(0&.!0.!<&GC$HC'!4564S!!WD!#.!0.(C,'#1!I#'(!&N!()C!ECGC1&I$C.(!&N!()C!=&/#1!\1#.^!-&+./01!&NN0/C'D!/#''0CE!&+(!#!:+D(#0.#H010(3!WII'#0D#1!M:WR!&N!()C!C$C',0.,!=&/#1!\1#.^!HC,0..0.,!%0()!()C!I+H10/#(0&.!&N!#!:/&I0.,!9CI&'(!0.!455Q!#.E!N&11&%CE!H3!G#'0&+D!0(C'#(0&.D!&N!()C!#II'#0D#1!&N!CNNC/(D!&N!()C!\1#.!#.E!I+H10/#(0&.!&N!:W!9CI&'(D!#(!()C!#II'&I'0#(C!D(#,CD!0.!()C!\1#.!ECGC1&I$C.(S!!")C!\1#..0.,!>.DIC/(&'!#II&0.(CE!N&'!()C!Ca#$0.#(0&.!)#E!DCGC'#1!#'C#D!&N!/&./C'.^!.&(#H13!&GC'!()C!1#/X!&N!D+0(#H1C!1#.E!+DC!#11&/#(0&.D!N&'!)&+D0.,^!C$I1&3$C.(!#.E!(&%.!/C.('C!+DCDS!!"&!#EE'CDD!()CDC!/&./C'.D!()C!-&+./01!I'&I&DCE!(&!$&E0N3!()C!=&/#1!\1#.!H3!$#X0.,!#EE0(0&.#1!#11&/#(0&.D!#D!%C11!#D!#!DC'0CD!&N!&()C'!#$C.E$C.(D!(&!()C!D+H$0DD0&.!=&/#1!\1#.S!!>.!`CH'+#'3!4564!()C!>.DIC/(&'!/#11CE!#.!JaI1&'#(&'3!BCC(0.,^!N&11&%0.,!%)0/)!)C!0DD+CE!#!.&(C!'C/&$$C.E0.,!()#(!()C!-&+./01!%0()E'#%!()C!=&/#1!\1#.!N'&$!Ca#$0.#(0&.!E+C!(&!/&./C'.D!&GC'!()C!I&(C.(0#1!1#/X!&N!D&+.E.CDDS!!")C!>.DIC/(&'!#1D&!'CNC'C./CE!'C/C.(!1C,#1!/)#11C.,CD!&GC'!()C!?'C#(C'!<&'%0/)!#.E!`&'CD(!UC#()!#E&I(CE!ECGC1&I$C.(!I1#.D!0.!'C1#(0&.!(&!:+D(#0.#H010(3!WII'#0D#1S!!W!'CD&1+(0&.!(&!%0()E'#%!()C!"#$%&'()!=&/#1!\1#.!%#D!$#EC!&.!()C!6K()!B#'/)!456Y!H3!EC/0D0&.!&N!()C!`+11!-&+./01S!!:0./C!()C.^!()C!-&+./01!)#D!%&'XCE!&.!#!$&E0N0CE!=&/#1!\1#.!(&!#EE'CDD!()C!/&./C'.D!0EC.(0N0CE!()'&+,)!()C!Ca#$0.#(0&.!I'&/CDDS!!")C!-&+./01!)#D!$#EC!$&E0N0/#(0&.D!(&!()C!I'CG0&+D!:+H$0DD0&.!=&/#1!\1#.^!0.!I#'(!(&!#EE!.C%13!#11&/#(CE!D0(CD!N&'!)&+D0.,!#.E!C$I1&3$C.(!ECGC1&I$C.(!#.E!(&!$#XC!#$C.E$C.(D!#.E!#EE0(0&.D!(&!\1#.!I&10/0CDS!!")C!-&+./01!0.(C.ED!(&!'C]D+H$0(!()C!\1#.!N&'!Ca#$0.#(0&.!0.!456ZS!!!!")C!-&+./01!)#D!/&$$0DD0&.CE!89:8:!-&.D+1(0.,!=(E!(&!+.EC'(#XC!#!:+D(#0.#H010(3!WII'#0D#1!&N!()C!$&E0N0CE!=&/#1!\1#.^!0./1+E0.,!()C!#II'#0D#1!&N!#11&/#(CE!D0(CDS!!WD!I#'(!&N!()C!I'&/CDD^!#.!+IE#(CE!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

6Y!

:/&I0.,!9CI&'(!%#D!I+H10D)CE!N&'!/&.D+1(#(0&.!0.!:CI(C$HC'!456Y6S!!W!.+$HC'!&N!/&$$C.(D!%C'C!'C/C0GCE!&.!()C!/&.(C.(!&N!()C!:/&I0.,!9CI&'(^!#D!#!'CD+1(!&N!%)0/)!D&$C!#EE0(0&.D!#.E!#$C.E$C.(D!)#GC!HCC.!$#EC!(&!()C!H#DC10.C!E#(#^!()C!I&10/3!'CG0C%^!()C!XC3!0DD+CD!N&'!"#$%&'()!#.E!()C!:W!#II'#0D#1!&H_C/(0GCDS!!

NKS !B!4,;E,Q;6;4I+,88:,;!,6+!")C!&GC'#11!#0$!&N!()C!:+D(#0.#H010(3!WII'#0D#1!M:WR!I'&/CDD!0D!(&!)C1I!(&!C.D+'C!()#(!()C!=&/#1!

%0EC13!+DCE!ECN0.0(0&.!&N!()0D!/&./CI(!0D!%0()&+(!/&$I'&$0D0.,!()C!#H010(3!&N!N+(+'C!,C.C'#(0&.D!(&!$CC(!()C0'!&%.!.CCEDi4S!!:W!DCCXD!(&!C.D+'C!()#(!()C!,&#1!&N!D+D(#0.#H1C!ECGC1&I$C.(^!#D!DC(!&+(!0.!()C!4557!8g!:('#(C,3!N&'!:+D(#0.#H1C!@CGC1&I$C.(Y^!0D!#/)0CGCES!!")0D!D(#(CD!()#(L!!

()C0'!H#D0/!.CCED!#.E!C._&3!#!HC((C'!F+#10(3!&N!10NC^!%0()&+(!/&$I'&$0D0.,!()C!F+#10(3!&N!10NC!&N!N+(+'C!,C.C'#(0&.DS!!`&'!()C!8g!?&GC'.$C.(!#.E!()C!@CG&1GCE!WE$0.0D('#(0&.D^!()#(!,&#1!%011!HC!I+'D+CE!0.!#.!0.(C,'#(CE!%#3!()'&+,)!#!D+D(#0.#H1C^!0..&G#(0GC!#.E!I'&E+/(0GC!C/&.&$3!()#(!EC10GC'D!)0,)!1CGC1D!&N!C$I1&3$C.(d!#.E!#!_+D(!D&/0C(3!()#(!I'&$&(CD!D&/0#1!0./1+D0&.^!D+D(#0.#H1C!/&$$+.0(0CD!#.E!IC'D&.#1!%C11HC0.,S!!")0D!%011!HC!E&.C!0.!%#3D!()#(!I'&(C/(!#.E!C.)#./C!()C!I)3D0/#1!#.E!.#(+'#1!C.G0'&.$C.(^!#.E!+DC!'CD&+'/CD!#.E!C.C',3!#D!CNN0/0C.(13!#D!I&DD0H1CS!!

NKSKG 6&'`#+(2$522'+!"#$%&'%(&)&$*+,--.%&#%)+c!,d+%'@+!$.%$2_&7+J'=&./'32'$%)+,##2##32'$+c!J,d+

>.!4556!()C!J8!#E&I(CE!()C!:('#(C,0/!J.G0'&.$C.(#1!WDDCDD$C.(!@0'C/(0GC!M:JWR!()#(!$#EC!C.G0'&.$C.(#1!#DDCDD$C.(!$#.E#(&'3!N&'!/C'(#0.!I1#.D!#.E!I'&,'#$$CD!I'CI#'CE!H3!I+H10/!#+()&'0(0CDS!!")0D!@0'C/(0GC!#II10CD!(&!I1#.D!#.E!I'&,'#$$CD!()#(!#'C!10XC13!(&!)#GC!#!D0,.0N0/#.(!CNNC/(!+I&.!()C!C.G0'&.$C.(^!0./1+E0.,!0DD+CD!D+/)!#D!H0&E0GC'D0(3^!I&I+1#(0&.^!)+$#.!)C#1()^!N#+.#^!N1&'#^!D&01^!%#(C'^!#0'^!/10$#(0/!N#/(&'D^!$#(C'0#1!#DDC(D^!/+1(+'#1!)C'0(#,C!#.E!1#.ED/#ICS!!")C!I'&G0D0&.D!&N!()C!:JW!@0'C/(0GC!#II13!(&!()C!"#$%&'()!=&/#1!\1#.S!!!")C!\1#..0.,!#.E!-&$I+1D&'3!\+'/)#DC!W/(!455Z!'CF+0'CD!1&/#1!#+()&'0(0CD!(&!/#''3!&+(!#.!:W!&N!#11!C$C',0.,!=&/#1!@CGC1&I$C.(!@&/+$C.(DS!!WD!()C!,+0E#./CZ!CaI1#0.0.,!()0D!'CF+0'C$C.(!$#XCD!/1C#'^!:W!#.E!:JW!#'C!D0$01#'!I'&/CDDCD!()#(!0.G&1GC!#!/&$I#'#H1C!DC'0CD!&N!D(CIDS!!")C!$#0.!E0NNC'C./C!0D!()#(!:JW!N&/+DCD!&.!C.G0'&.$C.(#1!CNNC/(D^!%)C'C#D!:W!0D!/&./C'.CE!%0()!()C!N+11!'#.,C!&N!C.G0'&.$C.(#1^!D&/0#1!#.E!C/&.&$0/!$#((C'DS!!")C!:W!I'&/CDD!(#XCD!()C!:JW!@0'C/(0GC!#.E!0(D!'CF+0'C$C.(D!N+113!0.(&!#//&+.(S!!!

NKSKN 8.2-%.&'_+$12+!"#$%&'%(&)&$*+,--.%&#%)+!:W!N&'$D!#.!0.(C,'#1!I#'(!&N!()C!I'CI#'#(0&.!I'&/CDD!&N!@CGC1&I$C.(!\1#.!@&/+$C.(D!M@\@DR!#D!()C!E0#,'#$!HC1&%!D)&%DS!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6!=&/#1!@CGC1&I$C.(!`'#$C%&'X!:+D(#0.#H010(3!WII'#0D#1!:/&I0.,!9CI&'(^!"#$%&'()!*&'&+,)!-&+./01^!WI'01!455Q!4!;+'!-&$$&.!`+(+'C!M*'+.E(1#.E!-&$$0DD0&.^!6KPQR!Y!:C/+'0.,!()C!`+(+'C^!@CN'#^!B#'/)!4557!Z!:+D(#0.#H010(3!WII'#0D#1!&N!9C,0&.#1!:I#(0#1!:('#(C,0CD!#.E!=&/#1!@CGC1&I$C.(!@&/+$C.(D!M;@\B^!4557R!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

6Z!

9&_".2+NKG>+412+?2=2)/-32'$+8)%'+-.2-%.%$&/'+-./72##+

+

!!!!!!!!!!!!!! !!")C!I'&/CDD!&N!I'CI#'0.,!#.!:W!0D!$#EC!+I!&N!D(#,CD!#.E!DIC/0N0/!(#DXD!#D!EC(#01CE!0.!?&GC'.$C.(!,+0E#./C6S!!")0D!:W!9CI&'(!/&GC'D!()C!DC/&.E!(%&!D(#,CD!&N!()C!I'&/CDD^!:(#,CD!*!#.E!-^!%)0/)!0./1+EC!()C!N&11&%0.,!(#DXDS!!:(#,C!W!%#D!()C!D/&I0.,!D(#,C^!%)0/)!%#D!+.EC'(#XC.!N'&$!W+,+D(!(&!<&GC$HC'!456Y!#.E!0D!/&GC'CE!0.!#!:/&I0.,!9CI&'(4!I+H10D)CE!0.!:CI(C$HC'!456YS!!4%()2+NKG>+!$%_2#+/0+!,+7/=2.2@+(*+$1&#+.2-/.$!

:(#,C!*! @CGC1&I0.,!#.E!'CN0.0.,!&I(0&.D!#.E!#DDCDD0.,!CNNC/(D!

"#DX!*6! "CD(0.,!()C!=&/#1!\1#.!&H_C/(0GCD!#,#0.D(!()C!:W!N'#$C%&'X!

"#DX!*4! @CGC1&I0.,!()C!=&/#1!\1#.!&I(0&.D!

"#DX!*Y! \'CE0/(0.,!()C!CNNC/(D!&N!()C!=&/#1!\1#.!

"#DX!*Z! JG#1+#(0.,!()C!CNNC/(D!&N!()C!=&/#1!\1#.!

"#DX!*7! -&.D0EC'0.,!%#3D!&N!$0(0,#(0.,!#EGC'DC!CNNC/(D!#.E!$#a0$0D0.,!HC.CN0/0#1!CNNC/(D!

"#DX!*O! \'&I&D0.,!$C#D+'CD!(&!$&.0(&'!()C!D0,.0N0/#.(!CNNC/(D!&N!0$I1C$C.(0.,!()C!=&/#1!\1#.!

:(#,C!-! \'CI#'0.,!()C!:+D(#0.#H010(3!WII'#0D#1!9CI&'(!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6!:+D(#0.#H010(3!WII'#0D#1!&N!9C,0&.#1!:I#(0#1!:('#(C,0CD!#.E!=&/#1!@CGC1&I$C.(!@&/+$C.(D!M;@\B^!4557R!4!:+D(#0.#H010(3!WII'#0D#1!&N!=&/#1!\1#.L!:/&I0.,!9CI&'(^!89:8:!-&.D+1(0.,!=(E^!:CI(C$HC'!456Y!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

67!

"#DX!-6! \'CI#'0.,!()C!:W!9CI&'(!

+")0D!:W!9CI&'(!DC(D!&+(!()C!'CD+1(D!&N!D(#,CD!*!#.E!-^!%)0/)!)#GC!HCC.!/#''0CE!&+(!HC(%CC.!;/(&HC'!456Y!#.E!2#.+#'3!4567^!#.E!0./1+ECD!#.!#II'#0D#1!&N!()C!E'#N(!I&10/0CD^!I'&I&DCE!ECGC1&I$C.(!#11&/#(0&.D^!DI#(0#1!&I(0&.D^!)&+D0.,!,'&%()!D/C.#'0&D^!C$I1&3$C.(!1#.E!D/C.#'0&D^!#NN&'E#H1C!)&+D0.,!D/C.#'0&D^!&I(0&.D!N&'!()C!1&/#(0&.!&N!#!.C%!1C0D+'C!/C.('C!#.E!&I(0&.D!N&'!1&/#(0&.!&N!.C%!'C(#01!DI#/CS!!

NKT DB46;EJ+D9+CDE4JE4!+D9+4MJ+4,HPD:4M+!BQH;!!;DE+6DC,6+86,E+!")C!"#$%&'()!D+H$0DD0&.!=&/#1!\1#.!DC(D!&+(!()C!DI#(0#1!I1#..0.,!D('#(C,3!N&'!()C!*&'&+,)!&GC'!()C!IC'0&E!455O]45Y6!0.!(C'$D!&N!()C!(3IC!&N!ECGC1&I$C.(!'CF+0'CE!(&!$CC(!1&/#1!/&$$+.0(3!#.E!H+D0.CDD!.CCED^!0(D!D/#1C!#.E!1&/#(0&.!#D!%C11!#D!()C!I&10/0CD!()#(!%011!#II13!(&!C.D+'C!()#(!ECGC1&I$C.(!0D!D+D(#0.#H1CS!!>(!#1D&!0./1+ECD!I&10/0CD!(&!C.D+'C!()#(!#II'&I'0#(C!D+II&'(0.,!

C.)#./CES!!")C!D+H$0DD0&.!=&/#1!\1#.!0./1+ECD!()C!N&11&%0.,L!! W!:I#(0#1!\&'('#0(^!#!V0D0&.!#.E!:('#(C,0/!:I#(0#1!\'0&'0(0CD! W!:I#(0#1!:('#(C,3!N&'!"#$%&'()! :('#(C,0/!\&10/0CD!/&GC'0.,L!

! "&%.!-C.('C!+DCD!0./1+E0.,!'C(#01^!#.E!J$I1&3$C.(!0./1+E0.,!&NN0/C!! U&+D0.,!!! U0,)!F+#10(3!.#(+'#1!#.E!H+01(!C.G0'&.$C.(!! :+D(#0.#H010(3!

=#.E!+DC!#11&/#(0&.DL!! U&+D0.,!! J$I1&3$C.(!

\'&I&D#1D!N&'!$&.0(&'0.,!#.E!0$I1C$C.(#(0&.!!

NKU 6;ER!+4D+D4MJ:+86,E!+,E?+8D6;C;J!+!")C!,&GC'.$C.(!)#D!I+H10D)CE!()C!<#(0&.#1!\1#..0.,!\&10/3!`'#$C%&'X!MB#'/)!4564R^!%)0/)!DC(D!&+(!I1#..0.,!I&10/0CD!N&'!#/)0CG0.,!D+D(#0.#H1C!ECGC1&I$C.(S!!J$I)#D0D!)#D!HCC.!I1#/CE!&.!()C!0$I&'(#./C!&N!C.D+'0.,!()#(!=&/#1!\1#.!I&10/0CD!/&.('0H+(C!(&!#/)0CG0.,!D+D(#0.#H1C!ECGC1&I$C.(^!0.!(C'$D!&N!I'&$&(0.,!D+D(#0.#H1C!C/&.&$0/!,'&%()S!!")C!"#$%&'()!D+H$0DD0&.!=&/#1!\1#.!)#D!HCC.!I'CI#'CE!0.!/&$I10#./C!%0()!()C!<#(0&.#1!\1#..0.,!\&10/3!`'#$C%&'X!M<\\`RS!!

&0.,!'CN&'$!&N!()C!I1#..0.,!D3D(C$^!()C![CD(!B0E1#.ED!9C,0&.#1!:I#(0#1!:('#(C,3!M[B9::R6!)#D!HCC.!'CG&XCE!+.EC'!()C!=&/#10D$!W/(!4566S!!")C!D+H$0DD0&.!=&/#1!\1#.!'CN1C/(D!()C!<\\`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

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

6O!

!")C!"#$%&'()!=&/#1!\1#.!0D!CaIC/(CE!(&!HC!#E&I(CE!H3!4567!#.E!%011!'CI1#/C!()C!Ca0D(0.,!=&/#1!\1#.!MWE&I(CE!0.!455OT5QR6S!`+'()C'!EC(#01CE!,+0E#./C!%011!HC!0./1+ECE!0.!#!10$0(CE!.+$HC'!&N!:+II1C$C.(#'3!\1#..0.,!@&/+$C.(D!%)0/)!%011!D+II&'(!()C!0$I1C$C.(#(0&.!&N!()C!\1#.S!!;./C!0(!0D!#E&I(CE^!I1#..0.,!#II10/#(0&.D!%011!HC!EC(C'$0.CE!0.!#//&'E#./C!%0()!()C!=&/#1!\1#.!+.1CDD!&()C'!$#(C'0#1!/&.D0EC'#(0&.D!M0./1+E0.,!()C!<\\`R!0.E0/#(C!&()C'%0DCS!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6!"#$%&'()!*&'&+,)!-&+./01!]!=&/#1!\1#.!455O]4566!MWE&I(CE!2+13!455O!#.E!\&10/0CD!:#GCE!0.!2+13!4566R!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

6Q!

S HJ4MD?D6DFI+

!!

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a!W^!#.E!()C!H#DC10.C!C/&.&$0/^!D&/0#1!#.E!C.G0'&.$C.(#1!/&.E0(0&.D!0.!"#$%&'()!#'C!DC(!&+(!0.!W..Ca!*S!!"#H1C!YS6!DC(D!&+(!()C!N'#$C%&'X!&N!&H_C/(0GCD!()#(!)#D!HCC.!+DCE!(&!#II'#0DC!()C!=&/#1!\1#.S!!!4%()2+SKG>+!"#$%&'%(&)&$*+D(A27$&=2#+

+

! D(A27$&=2#+ J'=K+ !/7K+ J7/K+ !J,+$/-&7+


! ! ! !

4S! "&!C./&+'#,C!()C!CNN0/0C.(!+DC!&N!1#.E!#.E!D&01S! ! ! ! B#(C'0#1!#DDC(D!


! ! ! \&I+1#(0&.^!)+$#.!)C#1()!


! ! ! !

7S! "&!C./&+'#,C!CF+#1!#//CDD!(&!CE+/#(0&.^!_&HD!#.E!('#0.0.,S!

! ! ! !


! ! ! U+$#.!)C#1()^!N#+.#^!N1&'#^!1#.ED/#IC!


! ! ! !


! ! ! !

KS! "&!I'&(C/(!#.E!C.)#./C!)0D(&'0/!#DDC(DS! ! ! ! B#(C'0#1!#DDC(D^!/+1(+'#1!)C'0(#,C!


! ! ! B#(C'0#1!#DDC(D^!/+1(+'#1!)C'0(#,C^!1#.ED/#IC!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

6P!

! D(A27$&=2#+ J'=K+ !/7K+ J7/K+ !J,+$/-&7+


! ! ! *0&E0GC'D0(3^!N#+.#^!N1&'#!

64S! "&!$0.0$0DC!N1&&E!'0DXS! ! ! ! -10$#(0/!N#/(&'D^!%#(C'!


! ! ! -10$#(0/!N#/(&'D^!$#(C'0#1!#DDC(D!


! ! ! :&01^!%#(C'^!1#.ED/#IC!


! ! ! W0'^!%#(C'^!D&01^!)+$#.!)C#1()!


! ! ! B#(C'0#1!#DDC(D^!/+1(+'#1!)C'0(#,C!


! ! ! -10$#(0/!N#/(&'D^!#0'^!%#(C'^!)+$#.!)C#1()!


! ! ! -10$#(0/!N#/(&'D^!#0'^!%#(C'^!)+$#.!)C#1()!

+!

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e! CNNC/(!10XC13!(&!HC!I&D0(0GC!! ]!! CNNC/(!10XC13!(&!HC!.C,#(0GC!! 5! .&!D0,.0N0/#.(!CNNC/(!!! f!! CNNC/(!+.X.&%.!!>N!()C!#II'#0D#1!&H_C/(0GC!%#D!.&(!'C1CG#.(!(&!()C!C1C$C.(!&N!()C!\1#.!HC0.,!#II'#0DCE^!.&!D3$H&1!0D!,0GC.S!!B+1(0I1C!D3$H&1D!)#GC!HCC.!+DCE!MCS,S!eeR!(&!0.E0/#(C!#!E0NNC'C.(!D/#1C!&N!0$I#/(!&GC'!(0$C^!&'!%)C'C!()C!0$I#/(D!&N!#.!&I(0&.!#'C!!"#!$%&$'%(()!HC((C'!&'!%&'DC!()#.!&()C'DS!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

6K!

")C!CNNC/(D!%C'C!#1D&!'#(CE!N&'!()C0'!D0,.0N0/#./C!0.!(C'$D!&N!()C!0$I&'(#./C!N&'!#/)0CG0.,!C#/)!#II'#0D#1!&H_C/(0GCS!!JNNC/(D!%C'C!'#(CE!#D!)0,)^!$CE0+$!&'!1&%!D0,.0N0/#./C^!(#X0.,!#//&+.(!&N!#!.+$HC'!&N!N#/(&'DS!!")C!N#/(&'D!%C'CL!! ()C!CaIC/(CE!D/#1C!&N!()C!CNNC/(D!&'!()C!EC,'CC!(&!%)0/)!()C!CNNC/(D!#'C!10XC13!(&!/&.('0H+(C!(&!()C!#/)0CGC$C.(!&N!()C!:W!&H_C/(0GC!0.!()C!*&'&+,)!&GC'#11d!



%)C()C'!()C!CNNC/(!0D!$&'C!D('&.,13!ECIC.EC.(!&.!&()C'!0.(C'GC.(0&.D!&'!&()C'!N#/(&'Dd!#.E! )&%!0$I&'(#.(!()C!&H_C/(0GC!0D!(&!()C!D/&IC!&N!()C!\1#.S!!")C!#DDCDD$C.(!&N!D0,.0N0/#./C!0D!0.E0/#(CE!0.!()C!(#H1CD!0.!()0D!'CI&'(!H3!/&1&+'L!!! <&(!'C1CG#.(!

! <&!D0,.0N0/#./C!

! BCE0+$!D0,.0N0/#./C!

! U0,)!D0,.0N0/#./C!

!")C!(#H1CD!$#XC!#.!#DDCDD$C.(!&N!CNNC/(D!&GC'!D)&'(^!$CE0+$!#.E!1&.,](C'$!(0$CN'#$CDS!!`&'!()0D!I+'I&DC^!()C!:W!)#D!#DD+$CE!()C!D)&'(!(C'$!(&!HC!()C!N0'D(!N0GC!3C#'D!&N!0$I1C$C.(#(0&.!&N!()C!\1#.^!()C!$CE0+$!(C'$!(&!HC!()C!'C$#0.0.,!3C#'D!&N!()C!\1#.!#.E!()C!1&.,!(C'$!(&!HC!HC3&.E!()C!10NC!&N!()C!\1#.S!!")C!:W!)#D!#1D&!#DDCDDCE!()C!10XC13!D0,.0N0/#.(!/+$+1#(0GC!CNNC/(D!&N!()C!=&/#1!\1#.!0.!0(D!C.(0'C(3!#.E!0.!/&$H0.#(0&.!%0()!&()C'!'C1CG#.(!I1#.D!#.E!I'&_C/(D^!#.E!/&.D0EC'CE!()C!0.(C''C1#(0&.D)0I!HC(%CC.!CNNC/(DS!!")C!/&./1+D0&.D!&N!()0D!#'C!DC(!&+(!0.!-)#I(C'!65S!!

SKS ?;99;CB64;J!+JECDBE4J:J?+!W!.+$HC'!&N!E0NN0/+1(0CD!%C'C!C./&+.(C'CE!0.!+.EC'(#X0.,!()C!#II'#0D#1L!! 7%$%S!!W!/&$$&.!I'&H1C$!#NNC/(0.,!:W!0D!()C!#G#01#H010(3!#.E!'C10#H010(3!&N!E#(#S!!W1()&+,)!

E#(#!)#D!HCC.!/&11C/(CE!(&!011+D('#(C!#!.+$HC'!&N!()C!/&.E0(0&.D!#.E!('C.ED!'C1CG#.(!(&!()C!:W!&N!()C!=&/#1!\1#.^!D&$C!E#(#!DC(D!#'C!$&'C!+DCN+1!()#.!&()C'D^!#.E!D&$C!E#(#!DC(D!#'C!X.&%.!(&!HC!&1E^!0./&$I1C(C!&'!+.'C10#H1CS!!>.!D&$C!/#DCD^!.&!E#(#!0D!#G#01#H1CS!!>(!0D!()C'CN&'C!#1$&D(!0$I&DD0H1C!(&!F+#.(0N3!CNNC/(D!%0()!(&(#1!/C'(#0.(3^!#.E!()C!F+#10(3!&N!#G#01#H1C!E#(#!/&+1E!0.!D&$C!D0(+#(0&.D!1C#E!(&!DI+'0&+D!#//+'#/3^!%)0/)!D)&+1E!HC!#G&0ECES!

! 2&3/.$%'&$)4!!W!.+$HC'!&N!#DD+$I(0&.D!+.EC'I0.!()C!)&+D0.,!,'&%()!#.E!C$I1&3$C.(!

D/C.#'0&D^!%)0/)!0.('&E+/C!#.!C1C$C.(!&N!+./C'(#0.(3!#H&+(!()C0'!10XC13!CNNC/(!0N!0$I1C$C.(CES!!>.!I#'(0/+1#'^!()C!(3IC!&N!'CD0EC.(D!MCS,S!#,C!I'&N01CR!%)&!$0,)(!&//+I3!.C%!E%C110.,D!#.E!()C!(3IC!&N!C$I1&3$C.(!MCS,S!DC/(&'R!&II&'(+.0(0CD!()#(!$0,)(!HC!/'C#(CE!H&()!#NNC/(!()C!.#(+'C!&N!0$I#/(D!()#(!$0,)(!'CD+1(^!H+(!#'C!D&$C%)#(!+./C'(#0.S!![)01C!()C!=&/#1!\1#.!#0$D!(&!0.N1+C./C!()C!/)&0/CD!IC&I1C!$#XC!#H&+(!%)C'C!#.E!)&%!()C3!10GC!#.E!%&'X^!+1(0$#(C13!0(!)#D!10((1C!/&.('&1!&GC'!HC)#G0&+'DS!

!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

45!

5'6&'1'3%&3/4!!")C'C!#'C!GC'3!NC%!#,'CCE!D+D(#0.#H010(3!()'CD)&1ED!&'!/&.D('#0.(D^!#D!10((1C!

#D0.,13!HC0.,!&IC'#(0&.#10DCES!!*C/#+DC!&N!()0D^!0(!0D!.&(!#1%#3D!I&DD0H1C!(&!#DDCDD!()C!D0,.0N0/#./C!&N!#.3!0$I#/(D!%0()!/C'(#0.(3S!

!@CDI0(C!()CDC!10$0(#(0&.D!#.E!+./C'(#0.(0CD^!0(!0D!D(011!I&DD0H1C!(&!E'#%!/&./1+D0&.D!#H&+(!()C!&GC'#11!CNNC/(D!()#(!%011!'CD+1(!N'&$!()C!=&/#1!\1#.!(&!45Y6S!!

SKT CDH86;,ECJ+P;4M+4MJ+!J,+?;:JC4;OJ+,E?+:JFB6,4;DE!+!

J.G0'&.$C.(#1!WDDCDD$C.(!&N!-C'(#0.!\1#.D!j!\'&,'#$$CD!4556TZ4TJ-!M()C!:JW!@0'C/(0GCR!#.E!()C!E&$CD(0/!1C,0D1#(0&.!()'&+,)!%)0/)!()C!@0'C/(0GC!)#D!HCC.!('#.DI&DCE!0.(&!1#%!0.!J.,1#.E!#.E![#1CD!M()C!J.G0'&.$C.(#1!WDDCDD$C.(!&N!\1#.D!j!\'&,'#$$CD!9C,+1#(0&.D!455Z! !:(#(+(&'3!>.D('+$C.(!455Z!<&S!6OYYRS!!")C!:W!&N!()C!=&/#1!\1#.!%#D!ECD0,.CE!#.E!+.EC'(#XC.!D&!#D!(&!$CC(!()C!1C,#1!'CF+0'C$C.(D!N&'!()C!C.G0'&.$C.(#1!#DDCDD$C.(!&N!I1#.DS!!")'&+,)&+(!()C!'CI&'(!()C!(C'$! :+D(#0.#H010(3!W :W!I'&/CDD!#D!'CF+0'CE!+.EC'!()C!\1#..0.,!j!-&$I+1D&'3!\+'/)#DC!W/(!455Z!#.E!()C!:('#(C,0/!C.G0'&.$C.(#1!#DDCDD$C.(!I'&/CDD+#D!'CF+0'CE!+.EC'!()C!J+'&IC#.!@0'C/(0GC!#.E!E&$CD(0/!9C,+1#(0&.D!&.!()C!C.G0'&.$C.(#1!#DDCDD$C.(!&N!I1#.D!#.E!I'&,'#$$CDS!!")C!N&11&%0.,!(#H1C!0.E0/#(CD!()C!/&$I&.C.(D!&N!()C!:W!9CI&'(!()#(!$#XC!+I!()C!J.G0'&.$C.(#1!9CI&'(^!#D!'CF+0'CE!H3!E&$CD(0/!#.E!J+'&IC#.!1#%!&.!()C!C.G0'&.$C.(#1!#DDCDD$C.(!&N!I1#.DS!!4%()2+SKN+ !"33%.*+:2b"&.232'$#+/0+!J,+?&.27$&=2+%'@+C/3-)&%'72+/0+!,+:2-/.$+!:2b"&.232'$#+0/.+J'=&./'32'$%)+:2-/.$+ C/3-/'2'$+/0+!,+

:2-/.$+

#R!W.!&+(10.C!&N!()C!/&.(C.(D^!$#0.!&H_C/(0GCD!&N!()C!I1#.!&'!I'&,'#$$C^!#.E!'C1#(0&.D)0I!%0()!&()C'!'C1CG#.(!I1#.D!#.E!I'&,'#$$CDd!

:C/(0&.!4SZ!#.E!4S7!

HR!")C!'C1CG#.(!#DIC/(D!&N!()C!/+''C.(!D(#(C!&N!()C!C.G0'&.$C.(!#.E!()C!10XC13!CG&1+(0&.!()C'C&N!%0()&+(!0$I1C$C.(#(0&.!&N!()C!I1#.!&'!I'&,'#$$Cd!

:C/(0&.!7!#.E!W..Ca!*!

/R!")C!C.G0'&.$C.(#1!/)#'#/(C'0D(0/D!&N!#'C#D!10XC13!(&!HC!D0,.0N0/#.(13!#NNC/(CEd!

:C/(0&.!7SZ!#.E!W..CaCD!*^!-!#.E!@!

ER!W.3!Ca0D(0.,!C.G0'&.$C.(#1!I'&H1C$D!%)0/)!#'C!'C1CG#.(!(&!()C!I1#.!&'!I'&,'#$$C!0./1+E0.,^!0.!I#'(0/+1#'^!()&DC!'C1#(0.,!(&!#.3!#'C#D!&N!I#'(0/+1#'!C.G0'&.$C.(#1!0$I&'(#./C^!D+/)!#D!#'C#D!ECD0,.#(CE!I+'D+#.(!(&!@0'C/(0GCD!QKTZ5KTJJ-!#.E!K4TZYTJJ-d!

:C/(0&.!7S7!

CR!")C!C.G0'&.$C.(#1!I'&(C/(0&.!&H_C/(0GCD^!CD(#H10D)CE!#(!0.(C'.#(0&.#1^!-&$$+.0(3!&'!.#(0&.#1!1CGC1^!%)0/)!#'C!'C1CG#.(!(&!()C!I1#.!&'!I'&,'#$$C!#.E!()C!%#3!()&DC!&H_C/(0GCD!#.E!#.3!C.G0'&.$C.(#1^!/&.D0EC'#(0&.D!)#GC!HCC.!(#XC.!0.(&!#//&+.(!E+'0.,!0(D!I'CI#'#(0&.d!

-)#I(C'!Z!#.E!W..Ca!W!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

46!

:2b"&.232'$#+0/.+J'=&./'32'$%)+:2-/.$+ C/3-/'2'$+/0+!,+:2-/.$+

NR!")C!10XC13!D0,.0N0/#.(!CNNC/(D!&.!()C!C.G0'&.$C.(^!0./1+E0.,!&.!0DD+CD!D+/)!#D!H0&E0GC'D0(3^!I&I+1#(0&.^!)+$#.!)C#1()^!N#+.#^!N1&'#^!D&01^!%#(C'^!#0'^!/10$#(0/!N#/(&'D^!$#(C'0#1!#DDC(D^!/+1(+'#1!)C'0(#,C!0./1+E0.,!#'/)0(C/(+'#1!#.E!#'/)#C&1&,0/#1!)C'0(#,C^!1#.ED/#IC!#.E!()C!0.(C''C1#(0&.D)0I!HC(%CC.!()C!#H&GC!N#/(&'Dd!

-)#I(C'!Q^!:C/(0&.!PS4S6^!:C/(0&.!65S4S4^!:C/(0&.!65SYSY^!:C/(0&.!65SZS4^!:C/(0&.!65SOS4^!:C/(0&.!65SQS4^!-)#I(C'!65!

,R!")C!$C#D+'CD!C.G0D#,CE!(&!I'CGC.(^!'CE+/C!#.E!#D!N+113!#D!I&DD0H1C!&NNDC(!#.3!D0,.0N0/#.(!#EGC'DC!CNNC/(D!&.!()C!C.G0'&.$C.(!&N!0$I1C$C.(0.,!()C!I1#.!&'!I'&,'#$$Cd!

"#H1C!PS4^!W..CaCD!-!#.E!@!

)R!W.!&+(10.C!&N!()C!'C#D&.D!N&'!DC1C/(0.,!()C!#1(C'.#(0GCD!EC#1(!%0()^!#.E!#!ECD/'0I(0&.!&N!)&%!()C!#DDCDD$C.(!%#D!+.EC'(#XC.!0./1+E0.,!#.3!E0NN0/+1(0CD!MD+/)!#D!(C/).0/#1!ECN0/0C./0CD!&'!1#/X!&N!X.&%])&%R!C./&+.(C'CE!0.!/&$I010.,!()C!'CF+0'CE!0.N&'$#(0&.d!

:C/(0&.!65S4S6^!:C/(0&.!65SYS6^!:C/(0&.!65SZS6^!:C/(0&.!65S7S6^!:C/(0&.!65SOS6^!:C/(0&.!65SQS6^!-)#I(C'!Y!

0R!#!ECD/'0I(0&.!&N!$C#D+'CD!C.G0D#,CE!/&./C'.0.,!$&.0(&'0.,!0.!#//&'E#./C!%0()!W'(S!65d!

-)#I(C'!64!

_R!#!.&.](C/).0/#1!D+$$#'3!&N!()C!0.N&'$#(0&.!I'&G0ECE!+.EC'!()C!#H&GC!)C#E0.,D!

:C/(0&.!6S6!

!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

44!

T !B!4,;E,Q6J+?JOJ6D8HJE4+DQZJC4;OJ!+

!!W..Ca!W!DC(D!&+(!()C!'CD+1(D!&N!()C!'CG0C%!&N!I&10/0CD^!I1#.D!#.E!I'&,'#$$CD!()#(!#'C!'C1CG#.(!(&!()C!"#$%&'()!D+H$0DD0&.!=&/#1!\1#.S!!")0D!'CG0C%!)#D!0EC.(0N0CE!()C!C.G0'&.$C.(#1^!D&/0#1!#.E!C/&.&$0/!I&10/3!&H_C/(0GCD!()#(!ECN0.C!D+D(#0.#H1C!ECGC1&I$C.(!I&10/3!0.!()C!/&.(Ca(!&N!"#$%&'()!*&'&+,)S!!")C!N0.E0.,D!&N!()C!'CG0C%!)#GC!HCC.!#DDCDDCE!(&!C.D+'C!()#(!#11!'C1CG#.(!I&10/3!&H_C/(0GCD!#'C!/&GC'CE!H3!()C!:W!#II'#0D#1!N'#$C%&'X^!D&!()#(!0.!+.EC'(#X0.,!()C!:W^!()C!=&/#1!\1#.!0D!(CD(CE!#,#0.D(!#11!'C1CG#.(!I&10/3!&H_C/(0GCD!(&!#II'#0DC!%)C()C'!#.E!(&!%)#(!Ca(C.(!()C!=&/#1!\1#.!%011!#/)0CGC!&'!D+II&'(!()C!#/)0CGC$C.(!&N!()&DC!&H_C/(0GCDS!!")C!'CG0C%!&N!()C!I1#.D!#.E!D('#(C,0CD!0./1+ECE!0.!W..Ca!W!)#D!)0,)10,)(CE!()C!N&11&%0.,!0DD+CD!()#(!.CCE!(&!HC!/&.D0EC'CE!%)C.!E'#%0.,!+I!()C!:+D(#0.#H010(3!WII'#0D#1!N'#$C%&'XL!! W//CDD!(&!&II&'(+.0(0CD^!DC'G0/CD!#.E!N#/010(0CD6d! "&!I'&(C/(!#.E!C.)#./C!()C!.#(+'#1!C.G0'&.$C.(!#.E!H0&E0GC'D0(3!#.E!$#0.(#0.!#.E!

0$I'&GC!1#.ED/#IC!/)#'#/(C'd! "&!I'&(C/(!#.E!C.)#./C!#//CDD!(&!&IC.!DI#/CDd! =0$0(0.,!#.E!#E#I(0.,!(&!/10$#(C!/)#.,Cd! 9CE+/C!/'0$C!#.E!()C!NC#'!&N!/'0$Cd! "#/X1C!ECI'0G#(0&.d! \'&$&(C!#!E0GC'DC!#.E!/&$IC(0(0GC!C/&.&$3d! -'C#(C!C$I1&3$C.(!&II&'(+.0(0CDd! >$I&'(#./C!&N!CE+/#(0&.^!DX011D!#.E!('#0.0.,d! UC#1()!0./1+E0.,!D+/)!E0GC'DC!0DD+CD!#D!I'&$&(0.,!)C#1()3!10NCD(31CD!#.E!'CE+/0.,!)C#1()!

0.CF+#10(0CDd! \'&$&(C!,&&E!ECD0,.!#.E!1&/#1!E0D(0./(0GC.CDDd! \'&G0EC!#NN&'E#H1C^!EC/C.(!#.E!D+D(#0.#H13!/&.D('+/(CE!)&$CD!()#(!$CC(!()C!.CCED!&N!#11!

DC/(0&.D!&N!()C!/&$$+.0(3d! J.D+'C!()#(!'CD&+'/CD!0./1+E0.,!C.C',3^!%#(C'^!1#.E!#.E!D&01!#'C!+DCE!CNN0/0C.(13d! \'&(C/(!#.E!C.)#./C!()C!)0D(&'0/!#.E!/+1(+'#1!C.G0'&.$C.(d! "'#.DI&'(!0./1+E0.,!D+/)!E0GC'DC!0DD+CD!#D!'CE+/0.,!()C!.CCE!(&!('#GC1^!I'&$&(0.,!

#1(C'.#(0GC!$&ECD!&N!('#.DI&'(^!1&/#(0.,!ECGC1&I$C.(!0.!#//CDD0H1C!1&/#(0&.D^!'CE+/0.,!/&.,CD(0&.^!0$I'&G0.,!()C!('#.DI&'(!0.N'#D('+/(+'C!#.E!0$I'&G0.,!'&#E!D#NC(3d!

>$I'&GC!()C!F+#10(3!&N!()C!C.G0'&.$C.(!0./1+E0.,!0.!'C1#(0&.!(&!#0'^!%#(C'^!1#.E!#.E!.&0DCd! \'&(C/(!()C!G0(#10(3!#.E!G0#H010(3!&N!/C.('CDd! 9CE+/C!%#D(C!#.E!I'&$&(C!'C/3/10.,d!#.E! 9CE+/C!N1&&E!'0DX!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6!@CN0.CE!#D!DC'G0/CD!#.E!#//CDD!(&!GC.+CD!N&'!()C!)C#1()!#.E!%C11HC0.,^!D&/0#1^!CE+/#(0&.#1^!DI0'0(+#1^!'C/'C#(0&.#1^!1C0D+'C!#.E!/+1(+'#1!.CCED!&N!()C!/&$$+.0(3S!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

4Y!

U !4,4J+D9+!B!4,;E,Q6J+?JOJ6D8HJE4+;E+4,HPD:4M+

!!

UKG 8B:8D!J++")0D!DC/(0&.!ECD/'0HCD!()C!D0,.0N0/#.(!NC#(+'CD!#.E!/&.E0(0&.D!%0()0.!"#$%&'()!'C1CG#.(!(&!D+D(#0.#H1C!ECGC1&I$C.(!I&10/3!#.E!&H_C/(0GCDS!!>(!I'&G0ECD!#.!&GC'G0C%!&N!()C!D(#(C!&N!()C!C.G0'&.$C.(^!D&/0C(3!#.E!()C!C/&.&$3!0.!()C!*&'&+,)!0.!()C!IC'0&E!I'C/CE0.,!()C!ECGC1&I$C.(!#.E!I+H10/#(0&.!&N!()C!@'#N(!=&/#1!\1#.S!!")C!N+11!H#DC10.C!0.N&'$#(0&.!%)0/)!%#D!+DCE!(&!/&$I01C!()0D!D+$$#'3!0D!,0GC.!0.!W..Ca!*S!!")C!#0$!&N!()0D!DC/(0&.!&N!()C!'CI&'(!0D!(&!)0,)10,)(!#.3!D0,.0N0/#.(!0DD+CD!&'!I'&H1C$D!()#(!#'C!

()C!%#3!0.!%)0/)!()C!D(#(C!&N!()C!C.G0'&.$C.(^!D&/0C(3!#.E!()C!C/&.&$3!$0,)(!/)#.,C!0.!()C!N+(+'CS!!")C!I+'I&DC!0D!(&!DC(!()C!/&.(Ca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j!\'&,'#$$CD!9C,+1#(0&.D!455ZS!!

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

UKS !BHH,:I+D9+!;FE;9;C,E4+;!!BJ!+,E?+8:DQ6JH!+;?JE4;9;J?+!")C!D0,.0N0/#.(!0DD+CD!()#(!)#GC!HCC.!0EC.(0N0CE!N'&$!#!'CG0C%!&N!()C!H#DC10.C!#'C!D+$$#'0DCE!0.!()C!N&11&%0.,!(#H1CS!!")C!(#H1C!#1D&!DC(D!&+(!#.!#DDCDD$C.(!&N!)&%!()CDC!#DIC/(D!#'C!10XC13!(&!CG&1GC!0.!()C!N+(+'C!%0()&+(!0$I1C$C.(#(0&.!&N!()C!=&/#1!\1#.S!+4%()2+UKG>+!"33%.*+/0+(%#2)&'2+@%$%++;##"2+ R2*+9&'@&'_#+ 6&`2)*+J=/)"$&/'+

\&I+1#(0&.! >.!4566!()C!'CD0EC.(!I&I+1#(0&.!&N!"#$%&'()!%#D!'C/&'ECE!#D!QO^PK7S!!>(!)#D!HCC.!CD(0$#(CE!()#(!()C!I&I+1#(0&.!&N!"#$%&'()!%011!0./'C#DC!(&!P6^PK7!H3!4546^!#.!0./'C#DC!&N!OS7b^!%0()!$&D(!&N!()C!0./'C#DC!&//+''0.,!

>(!0D!+./C'(#0.!)&%!I&I+1#(0&.!$0,)(!/)#.,C!%0()&+(!0$I1C$C.(#(0&.!&N!()C!=&/#1!\1#.S!![0()&+(!#!7]3C#'!D+II13!&N!1#.E!N&'!)&+D0.,^!NC%C'!)&$CD!$0,)(!HC!H+01(!0.!"#$%&'()^!H+(!0(!0D!#1D&!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

4Z!

;##"2+ R2*+9&'@&'_#+ 6&`2)*+J=/)"$&/'+

#$&.,!()C!&GC'!OZ!#,C!,'&+IS! I&DD0H1C!()#(!ECGC1&I$C.(D!%011!D(011!/&$C!N&'%#'E!(&!$CC(!()C!.CCE!N&'!.C%!)&+D0.,S!

U&+D0.,! ")C!)&+D0.,!%#0(0.,!10D(!0.!"#$%&'()!)#D!HCC.!/&.D0D(C.(13!)0,)!D0./C!6KKOTKQ^!#1HC0(!%0()!#!EC/10.C!&GC'!()C!I#D(!NC%!3C#'DS!!W!,C.C'#113!1&%!1CGC1!&N!#NN&'E#H1C!)&+D0.,!D+II13!()#(!)#D!.&(!HCC.!D+NN0/0C.(!(&!#EE'CDD!()C!H#/X1&,!&N!.CCE!)#D!#//&$I#.0CE!()0DS!!B&'C!D$#11!)&$CD!#'C!'CF+0'CE!0.!()C!N+(+'C!#.E!/&.D0EC'#(0&.!.CCED!(&!HC!,0GC.!(&!()C!.CCED!&N!#.!#,C0.,!I&I+1#(0&.S!

>(!0D!+./C'(#0.!)&%!()C!I'&G0D0&.!&N!)&+D0.,!$0,)(!/)#.,C!%0()&+(!0$I1C$C.(#(0&.!&N!()C!=&/#1!\1#.S!![0()&+(!#!7]3C#'!D+II13!&N!1#.E!N&'!)&+D0.,^!NC%C'!)&$CD!$0,)(!HC!H+01(!0.!"#$%&'()^!H+(!0(!0D!#1D&!I&DD0H1C!()#(!ECGC1&I$C.(D!%011!D(011!/&$C!N&'%#'E!(&!$CC(!()C!.CCE!N&'!.C%!)&+D0.,S!![0()&+(!()C!\1#.!0(!0D!1CDD!10XC13!()#(!)&+D0.,!&N!()C!'0,)(!(3IC!%011!HC!EC10GC'CE^!&'!()#(!C.&+,)!#NN&'E#H1C!)&+D0.,!%011!HC!I'&G0ECES!

@CI'0G#(0&.! ")C'C!#'C!DCGC'#1!D$#11!#'C#D!()#(!N#/C!0DD+CD!&N!ECI'0G#(0&.!0.!"#$%&'()S!!W!.+$HC'!&N!()CDC!#'C#D!#'C!/&./C.('#(CE!0.!()C!?1#D/&(C!%#'ES!!=&%!0./&$C^!CE+/#(0&.!#.E!('#0.0.,^!1#/X!&N!C$I1&3$C.(!&II&'(+.0(0CD!#.E!)0,)!/'0$C!'#(CD!#'C!()C!$#0.!I'&H1C$DS!

[0()&+(!0$I1C$C.(#(0&.!&N!()C!=&/#1!\1#.^!()C'C!$#3!.&(!HC!EC10GC'3!&N!C.&+,)!C$I1&3$C.(!1#.E!(&!0./'C#DC!_&H!&II&'(+.0(0CD!0.!"#$%&'()!D+NN0/0C.(13S!!>(!0D!#1D&!+.10XC13!()#(!C$I1&3$C.(!&II&'(+.0(0CD!#.E!/&$$+.0(3!N#/010(0CD!%011!HC!ECGC1&ICE!0.!1&/#(0&.D!(&!$CC(!()C!.CCED!&N!ECI'0GCE!/&$$+.0(0CDS!

UC#1()! =CGC1D!&N!)C#1()!#'C!D0$01#'!(&!()C!.#(0&.#1!#GC'#,CS!!U&%CGC'^!()C'C!#'C!D&$C!D$#11!I&/XC(D!&N!)C#1()!ECI'0G#(0&.S!!;HCD0(3!'#(CD!#$&.,D(!#E+1(D!#'C!CD(0$#(CE!(&!HC!()C!)0,)CD(!0.!J.,1#.E^!#.E!'#(CD!&N!I)3D0/#1!#/(0G0(3!#'C!1&%C'!()#.!()C!.#(0&.#1!#GC'#,CS!

[0()&+(!0$I1C$C.(#(0&.!&N!()C!\1#.^!0(!0D!I&DD0H1C!()#(!)C#1()!1CGC1D!%011!N#11!CGC.!1&%C'!#D!&II&'(+.0(0CD!(&!I'&$&(C!/3/10.,!#.E!%#1X0.,!%011!HC!1&D(^!#.E!0(!0D!1CDD!10XC13!()#(!.C%!'C/'C#(0&.#1!N#/010(0CD!%011!HC!EC10GC'CE!(&!D+II&'(!$&'C!#/(0GC!10NCD(31CDS!

;IC.!DI#/C! W!'CG0C%!&N!&IC.!DI#/C!I'&G0D0&.!0.!4566!D)&%CE!()#(!#(!#!*&'&+,)!%0EC!1CGC1!()C'C!0D!D+NN0/0C.(!&IC.!DI#/C!%0()0.!()C!*&'&+,)^!#1()&+,)!/C'(#0.!DIC/0N0/!I#'(D!&N!()C!*&'&+,)!.CCE!HC((C'!I'&G0D0&.S!!!

>(!0D!+.10XC13!()#(!#EE0(0&.#1!&IC.!DI#/C!%011!HC!I'&G0ECE!%)C'C!0(!0D!.CCECE^!#.E!0(!0D!10XC13!()#(!$&'C!&IC.!DI#/C!%&+1E!HC!1&D(!%0()&+(!()C!I'&(C/(0&.!#NN&'ECE!H3!()C!\1#.S!

J/&.&$3!/1&DCE!E&%.!&GC'!()C!1#D(!45!3C#'DS!!U&%CGC'^!%)01C!"#$%&'()!'C$#0.D!)C#G013!0.N1+C./CE!H3!()C!$#.+N#/(+'0.,!DC/(&'^!DC'G0/C!0.E+D('0CD!D+/)!#D!('#.DI&'(^!/&$$+.0/#(0&.!#.E!E0D('0H+(0&.!.&%!#1D&!I1#3!#.!0$I&'(#.(!'&1CS!

[0()&+(!0$I1C$C.(#(0&.!&N!()C!=&/#1!\1#.^!()C'C!$#3!.&(!HC!EC10GC'3!&N!C.&+,)!C$I1&3$C.(!1#.E!(&!0./'C#DC!_&H!&II&'(+.0(0CD!0.!"#$%&'()!D+NN0/0C.(13S!!>(!0D!#1D&!1CDD!10XC13!()#(!()C!D0(CD!%&+1E!HC!0.!()C!'0,)(!I1#/C!(&!$CC(!()C!.CCED!&N!/C'(#0.!DC/(&'D!MCS,S!&NN0/CD^!1&,0D(0/DR!

J$I1&3$C.(! "#$%&'()!)#D!#!1&%!+.C$I1&3$C.(!'#(CS!!U&%CGC'^!I&/XC(D!&N!+.C$I1&3$C.(!#'C!/&./C.('#(CE!0.!/C'(#0.!#'C#D!&N!()C!(&%.!%)0/)!#1D&!CaIC'0C./C!&()C'!N&'$D!&N!ECI'0G#(0&.^!I#'(0/+1#'13!?1#D/&(C!#.E!W$0.,(&.S!!

[0()&+(!0$I1C$C.(#(0&.!&N!()C!=&/#1!\1#.^!()C'C!$#3!.&(!HC!EC10GC'3!&N!C.&+,)!C$I1&3$C.(!1#.E!(&!0./'C#DC!_&H!&II&'(+.0(0CD!0.!"#$%&'()!D+NN0/0C.(13S!!>(!0D!#1D&!+.10XC13!()#(!C$I1&3$C.(!&II&'(+.0(0CD!%011!HC!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

47!

;##"2+ R2*+9&'@&'_#+ 6&`2)*+J=/)"$&/'+

ECGC1&ICE!0.!1&/#(0&.D!(&!$CC(!()C!.CCED!&N!/&$$+.0(0CD!%0()!)0,)C'!+.C$I1&3$C.(S!

JE+/#(0&.!#.E!F+#10N0/#(0&.D!

:/)&&1D!0.!"#$%&'()!,C.C'#113!IC'N&'$!HC1&%!()C!.#(0&.#1!#GC'#,C^!%0()!)0,)!1CGC1D!&N!IC&I1C!)#G0.,!.&!F+#10N0/#(0&.D!#(!#11!#.E!#!GC'3!1&%!IC'/C.(#,C!%0()!)0,)]1CGC1!F+#10N0/#(0&.DS!

")C!1CGC1!&N!CE+/#(0&.!#.E!F+#10N0/#(0&.D!0D!10XC13!(&!'C$#0.!+./)#.,CE!%0()&+(!0$I1C$C.(#(0&.!&N!()C!\1#.S!!U&%CGC'^!0(!0D!I&DD0H1C!()#(!0.D+NN0/0C.(!#EE0(0&.#1!D/)&&1!I1#/CD!%011!HC!I'&G0ECE^!#.E!()C!&II&'(+.0(3!(&!(#XC!#!D('#(C,0/!#II'&#/)!(&!()C!I'&G0D0&.!&N!.C%!D/)&&1!I1#/CD!%011!HC!1&D(S!

U0D(&'0/!#DDC(D! "#$%&'()!)#D!,'&%.!'#I0E13!D0./C!()C!6KO5D!#.E!0D!.&%!/)#'#/(C'0DCE!H3!$&EC'.!ECGC1&I$C.(S!!U&%CGC'^!0(!0D!#1D&!#.!)0D(&'0/!(&%.!()#(!%#D!&./C!()C!/#I0(#1!&N!()C!g0.,E&$!&N!BC'/0#S!!"#$%&'()!D(011!'C(#0.D!#!'#.,C!&N!0$I&'(#.(!)0D(&'0/!H+01E0.,D!#.E!$&.+$C.(D^!%)0/)!.CCE!(&!HC!I'&(C/(CES!!")C'C!0D!#1D&!)0,)!I&(C.(0#1!N&'!HC1&%],'&+.E!#'/)#C&1&,0/#1!ECI&D0(D!(&!D+'G0GC!#D!%C11!#D!N&'!()C!Ca(#.(!)0D(&'0/!H+01E0.,D!(&!'C(#0.!C#'10C'!N#H'0/S!!")C'C!#'C!DCGC.!-&.DC'G#(0&.!W'C#D!%0()0.!"#$%&'()!

[0()&+(!0$I1C$C.(#(0&.!&N!()C!\1#.^!0(!0D!$&'C!10XC13!()#(!)0D(&'0/!#DDC(D!%&+1E!HC!ECG#1+CE!&'!1&D(^!#.E!()C!)0D(&'0/!/)#'#/(C'!0.!()C!*&'&+,)!C'&ECES!!>(!0D!$&'C!10XC13!()#(!.C%!ECGC1&I$C.(D!%&+1E!N#01!(&!0./&'I&'#(C!$C#D+'CD!(&!C.)#./C!()C!DC((0.,!&N!)0D(&'0/!#DDC(DS!

J/&1&,3! "#$%&'()!)#D!(%&!:0(CD!&N!:IC/0#1!:/0C.(0N0/!>.(C'CD(!M:::>R!#(!W1GC/&(C!\&&1D!#.E!BC#E&%D^!#.E!()C'C!#'C!()'CC!&()C'D!.C#'H3!0.![#'%0/XD)0'CS!!B&D(!&N!()C!W1GC/&(C!\&&1D!:::>!0D!/#(C,&'0DCE!#D!)#G0.,!#.!+.N#G&+'#H1C!H+(!'C/&GC'0.,!D(#(+DS!!")C!*&'&+,)!)#D!N0GC!=&/#1!<#(+'C!9CDC'GCD!6O!:0(CD!&N!*0&1&,0/#1!>$I&'(#./C!#.E!N0GC!*0&E0GC'D0(3!W1C'(!:0(CD!M*W:RS!!")C'C!#'C!#1D&!D0(CD!&N!0.(C'.#(0&.#1!0$I&'(#./C!.C#'!"#$%&'()L!J.D&'D!\&&1!:W-^!90GC'!BC#DC!:W-^!-#..&/X!Ja(C.D0&.!-#.#1!:W-S!

[0()&+(!()C!\1#.^!0(!0D!+.10XC13!()#(!&II&'(+.0(0CD!N&'!/'C#(0.,!&'!C.)#./0.,!C/&1&,0/#1!.C(%&'XD!%011!HC!'C#10DCE^!#.E!#/(0&.!#(!#!1#.ED/#IC!D/#1C!0D!+.10XC13!(&!HC!(#XC.S!!@CD0,.#(CE!D0(CD!#'C!10XC13!(&!/&$C!+.EC'!0./'C#D0.,!I'CDD+'C!N'&$!ECGC1&I$C.(!&'!$#3!HC!1&D(!&'!ECG#1+CES!!!

[#(C'!F+#10(3! "%&!'0GC'D^!()C!"#$C!#.E!()C!W.XC'^!N1&%!()'&+,)!()C!H&'&+,)S!![0()0.!#.E!E&%.D('C#$!&N!()C!H&'&+,)^!1CGC1D!&N!.0('#(CD!

(&!0$I'&GC!()C!.+('0C.(!D(#(+D!&N!D+'N#/C!%#(C'D!()'&+,)!()C!*&'&+,)S!

[#(C'!F+#10(3!0D!10XC13!(&!/&.(0.+C!(&!0$I'&GC!%0()&+(!0$I1C$C.(#(0&.!&N!()C!\1#.!#D!#!'CD+1(!&N!&()C'!I&D0(0GC!I&10/0CD!&.!%#(C'!F+#10(3^!$&D(!.&(#H13!()C![#(C'!`'#$C%&'X!@0'C/(0GCS!

[#(C'!D+II13!#.E!%#D(C%#(C'!('C#($C.(!

`0.#1![#(C'!9CD&+'/C!B#.#,C$C.(!\1#.^!()C'C!0D!C.&+,)!%#(C'!#G#01#H1C!(&!$CC(!#..+#1!)&+D0.,!,'&%()!&N!6Z7!E%C110.,D!IC'!#..+$!MEI#R!%0()!CNN0/0C./3!$C#D+'CD^!H+(!()C'C!0D!0.D+NN0/0C.(!'CD&+'/C!%0()0.!()C!D+II13!#'C#!(&!$CC(!()C!)0,)C'!D/C.#'0&D!N&'!ECGC1&I$C.(!/&.D0EC'CE^!.#$C13!67KS7!EI#!#.E!6PPS7!EI#^!CDIC/0#113!()C!)0,)C'!&N!()CDC!(%&!D/C.#'0&DS!!"#$%&'()!%#D(C%#(C'!('C#($C.(!%&'XD!%011!'CF+0'C!F+#10(3!

")C!CNNC/(!&N!.&(!)#G0.,!()C!=&/#1!\1#.!&.!%#(C'!D+II13!#.E!%#D(C%#(C'!0.N'#D('+/(+'C!0D!+./C'(#0.S!!")C!$&D(!10XC13!CNNC/(!0D!()#(!ECGC1&I$C.(!%011!.&(!HC!%C11]I1#..CE!&'!%C11](0$CE^!%)_/)!/&+1E!$#XC!0(!E0NN0/+1(!(&!$CC(!()C!0.N'#D('+/(+'C!.CCED!&N!.C%!ECGC1&I$C.(S!!>(!0D!#1D&!10XC13!()#(!ECGC1&I$C.(D!%&+1E!/&$C!N&'%#'E!&.!D0(CD!()#(!#'C!.&(!%C11]D+0(CE!(&!$#X0.,!()C!HCD(!+DC!&N!Ca0D(0.,!0.N'#D('+/(+'C!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

4O!

;##"2+ R2*+9&'@&'_#+ 6&`2)*+J=/)"$&/'+

0$I'&GC$C.(D!0.!&'EC'!(&!#//&$$&E#(C!()C!I'&I&DCE!ECGC1&I$C.(S!!

&'!I1#/C!#EE0(0&.#1!D('#0.D!&.!.C(%&'XDS!

W0'!F+#10(3! W1()&+,)!"#$%&'()!/+''C.(13!)#D!.&!W0'!A+#10(3!B#.#,C$C.(!W'C#D^!.0('&,C.!E0&a0EC!$0,)(!Ca/CCE!()C!D(#.E#'ED!#(!()C!W7!@&D()011^!"%&!?#(CD!-'&DD'&#EDS!!!

")C!10XC13!N+(+'C!/)#.,C!0.!#0'!F+#10(3!%0()&+(!0$I1C$C.(#(0&.!&N!()C!\1#.!0D!+./C'(#0.S!!")C!10XC13!1&/#(0&.!&N!ECGC1&I$C.(!0D!+.X.&%.!#.E!()C'CN&'C!N+(+'C!('#GC1!I#((C'.D!#'C!+./C'(#0.S!!>$I'&GC$C.(D!(&!D+D(#0.#H1C!('#.DI&'(!0.N'#D('+/(+'C!$#3!D(011!HC!EC10GC'CE!()'&+,)!&()C'!I1#.D!#.E!I'&,'#$$CD!#.E!()C'CN&'C!/#'!('#GC1!$#3!D(011!'CE+/CS!

`1&&E!'0DX! "#$%&'()!)#D!HCC.!/1#DD0N0CE!#D!)#G0.,!#!)0,)!I'&H#H010(3!&N!N1+G0#1!N1&&E!'0DX!#.E!#!)0,)!/&.DCF+C./C!&N!N1+G0#1!N1&&E0.,S!!")C!*&'&+,)!0D!#1D&!0EC.(0N0CE!#D!)#G0.,!#!$CE0+$!I'&H#H010(3!&N!'CD0E+#1!N1&&E0.,!N'&$!()C!&GC'(&II0.,TH'C#/)0.,!&N!N1&&E!ECNC./CD^!%0()!#!)0,)!I'CE0/(CE!/&.DCF+C./CS!!W!

#(!'0DX!&N!N1&&E0.,S!!!

")C!10XC13!/)#.,C!0.!N1&&E!'0DX!%0()&+(!0$I1C$C.(#(0&.!&N!()C!\1#.!0D!+./C'(#0.S!!")C!<\\`!/&.(#0.D!I&10/3!,+0E#./C!&.!$#.#,0.,!N1&&E!'0DX!0.!'C1#(0&.!(&!ECGC1&I$C.(^!#1()&+,)!%0()!/10$#(C!/)#.,C!()C!'0DX!&N!N1&&E0.,!0D!10XC13!(&!0./'C#DC!.CGC'()C1CDDS!

-10$#(C!/)#.,C!

J$0DD0&.D!&N!/#'H&.!E0&a0EC!#'C!N#0'13!1&%!0.!"#$%&'()!/&$I#'CE!%0()!()C!'CD(!&N!:(#NN&'ED)0'C!#.E!J.,1#.E!#D!#!%)&1C^!#.E!)#GC!EC/10.CE!0.!'C/C.(!3C#'DS!!U&%CGC'^!()C!1CGC1!&N!'C.C%#H1C!C.C',3!,C.C'#(CE!0.!"#$%&'()!0D!1&%!/&$I#'CE!(&!:(#NN&'ED)0'C!#D!#!%)&1CS!

[0()&+(!0$I1C$C.(#(0&.!&N!()C!\1#.^!&II&'(+.0(0CD!(&!N+'()C'!'CE+/C!C$0DD0&.D!&N!,'CC.)&+DC!,#DCD!%011!HC!1&D(^!D+/)!#D!()C!/'C#(0&.!&N!#//CDD0H1C!,'CC.!0.N'#D('+/(+'C!.C(%&'XD^!/'C#(0&.!&N!D+D(#0.#H1C!('#.DI&'(!0.N'#D('+/(+'C!#.E!,C.C'#(0&.!&N!'C.C%#H1C!C.C',3!%0()0.!ECGC1&I$C.(S!

[#D(C! "#$%&'()!)#D!#/)0CGCE!#!$&EC'#(C13!)0,)!'C/3/10.,!'#(C!E+C!(&!0$I'&GC$C.(D!0.!'C/C.(!3C#'DS!!>.!4566T64!ZKb!&N!%#D(C!/&11C/(CE!H3!"#$%&'()!*&'&+,)!-&+./01!%#D!DC.(!N&'!'C/3/10.,^!/&$I#'CE!(&!#.!#GC'#,C!&N!Z4b!N&'!J.,1#.E!#D!#!%)&1CS!

[#D(C!$#.#,C$C.(!0D!10XC13!(&!/&.(0.+C!(&!0$I'&GC!0.!"#$%&'()^!()'&+,)!()C!0$I1C$C.(#(0&.!&N!()C![#D(C!:('#(C,3S!!9C/3/10.,!'#(CD!#'C!10XC13!(&!'0DC!#.E!()C!#$&+.(!&N!%#D(C!1#.EN011CE!D)&+1E!N#11S!

=#.E!#.E!D&01! W!D0,.0N0/#.(!I#'(!&N!"#$%&'()!*&'&+,)!0D!#1'C#E3!+'H#.0DCE^!#.E!()C'C!0D!#!D)&'(#,C!&N!ECGC1&I#H1C!&IC.!DI#/CS!!"#$%&'()!)#D!0.!()C!I#D(!HCC.!#.!0$I&'(#.(!#'C#!N&'!$0.C'#1!Ca('#/(0&.^!#.E!D(011!/&.(#0.D!$0.C'#1!'CDC'GCD!&N!I&(C.(0#1!G#1+CS!!")C!(&%.!0D!D+''&+.ECE!H3!#,'0/+1(+'#1!1#.E^!$+/)!&N!%)0/)!0D!&N!'C1#(0GC13!I&&'!F+#10(3!H+(!D&$C!0D!)0,)C'!F+#10(3S!!"#$%&'()!)#D!#!9C,0&.#113!>$I&'(#.(!?C&1&,0/#1T?C&$&'I)&1&,0/#1!:0(C!#(!@&D()011!-)+'/)!A+#''3S!

>(!0D!+./C'(#0.!)&%!1#.E!+DC!$0,)(!/)#.,C!%0()&+(!0$I1C$C.(#(0&.!&N!()C!=&/#1!\1#.S!![0()&+(!#!7]3C#'!D+II13!&N!1#.E!N&'!)&+D0.,^!NC%C'!)&$CD!$0,)(!HC!H+01(!0.!"#$%&'()^!H+(!0(!0D!#1D&!I&DD0H1C!()#(!ECGC1&I$C.(D!%011!D(011!/&$C!N&'%#'E!(&!$CC(!()C!.CCE!N&'!.C%!)&+D0.,S!![0()&+(!()C!\1#.!0(!0D!I&DD0H1C!()#(!$&'C!ECGC1&I$C.(D!%&+1E!/&$C!N&'%#'E!&.!,'CC.N0C1E!1#.E!()#.!&.!I'CG0&+D13!ECGC1&ICE!1#.E!%0()0.!()C!+'H#.!#'C#S!

9C(#01! "#$%&'()!(&%.!/C.('C!/&.D0D(D!&N!#!1#',C!.+$HC'!&N!D$#11!'C(#01!+.0(D^!%)0/)!#'C!1#',C13!

[0()&+(!()C!\1#.^!0(!0D!10XC13!()#(!()C!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

4Q!

;##"2+ R2*+9&'@&'_#+ 6&`2)*+J=/)"$&/'+

&//+I0CE!H3!D$#11!0.ECIC.EC.(!&'!DIC/0#10D(!'C(#01C'D!'#()C'!()#.!1#',C!.#(0&.#1!$+1(0I1C!/)#0.!'C(#01C'DS!!W!.+$HC'!&N!&+(!&N!(&%.!/C.('C!'C(#01!I#'XD!#'C!D0(+#(CE!/1&DC!(&!()C!(&%.!/C.('C!#.E!&//+I3!#!1#',C'!'C(#01!N1&&'!DI#/C!()#.!()C!(&%.!/C.('CS!!")C'C!#'C!

!G0#H010(3!/&+1E!EC/10.C!0.!()C!D)&'(!(C'$!#D!0(!N#/CD!D('&.,!/&$IC(0(0&.!N'&$!()C!'C(#01!I#'XD!!

'CE+/C!D(011!N+'()C'^!1C#E0.,!(&!/&.(0.+CE!EC/10.CS!

=C0D+'C!#.E!/+1(+'C!

Ja0D(0.,!1C0D+'C!I'&G0D0&.!0.!"#$%&'()!0D!,C.C'#113!#ECF+#(C!(&!$CC(!()C!.CCED!&N!1&/#1!'CD0EC.(DS!!U&%CGC'^!()C'C!0D!#.!0EC.(0N0CE!'CF+0'C$C.(!N&'!#!.C%!D%0$$0.,!I&&1!#.E!DI&'(D!)#11S!!")C'C!0D!#1D&!#!.CCE!N&'!#EE0(0&.#1!/#Nc!#.E!'CD(#+'#.(!I'&G0D0&.!0.!()C!(&%.!/C.('CS!!"#$%&'()!)#D!#!'#.,C!&N!#(('#/(0&.D!0./1+E0.,!()C!:.&%E&$C^!"#$%&'()!-#D(1C^!()C!WDDC$H13!9&&$D!#.E!W'(D!-C.('C!#.E!W'(D!-C.('C^!#.E!D)&ID!0.!()C!(&%.!/C.('C!#.E!#(!VC.(+'#!9C(#01!\#'XS!!!

[0()&+(!0$I1C$C.(#(0&.!&N!()C!\1#.^!0(!0D!1CDD!10XC13!()#(!()C!#EE0(0&.#1!DI&'(D!N#/010(0CD!%&+1E!HC!I'&G0ECE!#.E!1CDD!0./C.(0GC!(&!0$I'&GC!()C!/#Nc!#.E!'CD(#+'#.(!I'&G0D0&.!0.!()C!(&%.!/C.('CS!

"'#.DI&'(! ")C'C!0D!#!ECIC.EC./C!&.!()C!/#'!(&!('#GC1!(&!%&'XS!!W!1#',C!I'&I&'(0&.!&N!()C!%&'XN&'/C!&+(]/&$$+(C!N'&$!"#$%&'()!(&!()C0'!C$I1&3$C.(S!!"#$%&'()!)#D!,&&E!/&..C/(0&.D!(&!()C!.#(0&.#1!'&#E!#.E!'#01!('#.DI&'(!.C(%&'XD!#.E!0D!%C11]DC'GCE!H3!#!1&/#1!H+D!.C(%&'XS!!")C'C!0D!/&.,CD(0&.!#(!VC.(+'#!9C(#01!\#'X^!WD)H3!9&#E^!-&$HC'N&'E!9&#E!#.E!&.!1&/#1!'&+(CD!(&!()C!W7M"RS!

"'#.DI&'(!0.N'#D('+/(+'C!0D!10XC13!(&!0$I'&GC!%0()&+(!()C!=&/#1!\1#.!()'&+,)!$C#D+'CD!0.!()C!=&/#1!"'#.DI&'(!\1#.!#.E!()C!"&%.!-C.('C!B#D(C'I1#.S!![#1X0.,!#.E!/3/10.,!0D!10XC13!(&!0./'C#DC^!#.E!D#NC(3!%011!0$I'&GCS!!:/)C$CD!%011!C./&+'#,C!/&$$+(0.,!H3!I+H10/!('#.DI&'(!'#()C'!()#.!/#'^!#.E!()C!)0,)%#3!.C(%&'X!%011!HC!$#.#,CE!(&!'CE+/C!/&.,CD(0&.S!

+")C!H#DC10.C!0.N&'$#(0&.!)#D!HCC.!#.#13DCE!0.!&'EC'!(&!0EC.(0N3!#!.+$HC'!&N!XC3!D+D(#0.#H010(3!0DD+CD!#NNC/(0.,!"#$%&'()S!!")0D!)#D!()C.!HCC.!/&$I#'CE!%0()!()C!&+(/&$CD!0EC.(0N0CE!()'&+,)!()C!I&10/3!'CG0C%^!(&!C.D+'C!()#(!()C!#II'#0D#1!N'#$C%&'X!#1D&!/&GC'D!()C!XC3!D+D(#0.#H010(3!0DD+CD!#'0D0.,!N'&$!()C!I&10/3!'CG0C%S!!4%()2+UKN!10D(D!()C!XC3!D+D(#0.#H010(3!0DD+CD!()#(!)#GC!HCC.!0EC.(0N0CES!!4%()2+UKN>+!"#$%&'%(&)&$*+&##"2#+0/.+4%35/.$1+!

6S! W!,'&%0.,!#.E!#,C0.,!I&I+1#(0&.!4S! =#/X!&N!#NN&'E#H1C!#.E!DIC/0#10D(!)&+D0.,!YS! =0$0(CE!D+II13!&N!1#.E!#.E!H+01E0.,D!N&'!N+(+'C!ECGC1&I$C.(!ZS! @CI'0G#(0&.!)&(DI&(D!7S! >.CF+#10(0CD!0./1+E0.,!)C#1()!#.E!C$I1&3$C.(!OS! UC#1()!I'&H1C$D!#DD&/0#(CE!%0()!&HCD0(3!#.E!1&%!1CGC1D!&N!I)3D0/#1!#/(0G0(3!QS! <CCE!(&!I'&(C/(!#.E!C.)#./C!I#'XD!#.E!&IC.T,'CC.!DI#/CD!PS! <CCE!(&!D+II&'(!E0GC'DC!#.E!/&$IC(0(0GC!C/&.&$3!KS! *C1&%!#GC'#,C!F+#10N0/#(0&.D!65S! W.!)0D(&'0/!C.G0'&.$C.(!()#(!.CCED!I'&(C/(0.,!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

4P!

66S! >$I&'(#.(!.#(+'#1!)#H0(#(D!#.E!&IC.!DI#/CD!()#(!.CCE!/&.DC'G0.,!#.E!C.)#./0.,!64S! U0,)!N1&&E!'0DX!0.!I#'(D!&N!()C!H&'&+,)!6YS! <CCE!(&!(#/X1C!I&11+(0&.^!CDIC/0#113!%#(C'!F+#10(3!6ZS! =&%!1CGC1D!&N!'C.C%#H1C!C.C',3!,C.C'#(0&.!67S! W!(&%.!/C.('C!0.!.CCE!&N!0$I'&GC$C.(!6OS! BCC(0.,!()C!1C0D+'C^!/+1(+'#1^!/&$$+.0(3!#.E!'C/'C#(0&.#1!.CCED!&N!"#$%&'()^!CDIC/0#113!

()&DC!&N!/)01E'C.!#.E!3&+.,!IC&I1C!6QS! W!)0,)!I'&I&'(0&.!&N!1&/#1!IC&I1C!('#GC1!(&!%&'X!H3!/#'!6PS! W!)0,)!I'&I&'(0&.!&N!1&/#1!IC&I1C!&+(]/&$$+(C!N&'!%&'X!6KS! =&/#10DCE!('#NN0/!/&.,CD(0&.!45S! W//CDD0H010(3!#.E!#G#01#H010(3!&N!D+D(#0.#H1C!$&ECD!&N!('#.DI&'(!46S! B#0.(#0.0.,!#.E!C.)#./0.,!1#.ED/#IC!#.E!(&%.D/#IC!/)#'#/(C'!

!+

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a!*!#.E!D+$$#'0DCE!0.!:C/(0&.!7SYS!!")C!/)#'#/(C'0D(0/D!&N!DIC/0N0/!#11&/#(CE!D0(CD!#'C!DC(!&+(!0.!W..CaCD!-!#.E!@S!!

UKU ,:J,!+D9+8,:4;CB6,:+JEO;:DEHJE4,6+;H8D:4,ECJ+!")C'C!#'C!()'CC!D0(CD!&N!0.(C'.#(0&.#1!.#(+'C!/&.DC'G#(0&.!0$I&'(#./C!%0()0.!45X$!&N!"#$%&'()S!!")CDC!D0(CD!)#GC!HCC.!ECD0,.#(CE!#D!:IC/0#1!W'C#D!&N!-&.DC'G#(0&.!M:W-R!+.EC'!()C!U#H0(#(D!@0'C/(0GC6!#.E!#'C!#D!N&11&%DL!! J.D&'D!\&&1!:W-^!%)0/)!0D!6KS7X$!#%#3!N'&$!()C!/C.('C!&N!"#$%&'()d! 90GC'!BC#DC!:W-^!%)0/)!0D!ZS7X$!N'&$!()C!.C#'CD(!I#'(!&N!"#$%&'()!*&'&+,)!#.E!PX$!N'&$!

()C!/C.('C!&N!"#$%&'()d! -#..&/X!Ja(C.D0&.!-#.#1!:W-^!%)0/)!0D!6KX$!#%#3!N'&$!()C!/C.('C!&N!"#$%&'()S4!!-#..&/X!-)#DC!:W-!0D!&GC'!45X$!N'&$!"#$%&'()S!!

UKUKG :&=2.+H2%#2+!,C+!")C!90GC'!BC#DC!0D!#.!+.+D+#113!DC$0].#(+'#1!D3D(C$!0.!#!1#',C13!'+'#1!1#.ED/#IC!E&$0.#(CE!H3!0.(C.D0GC!#,'0/+1(+'CS!![#(C'!F+#10(3!#.E!F+#.(0(3!#'C!G0(#1!(&!()C!J+'&IC#.!0.(C'CD(D^!%)01D(!/&$IC(0(0&.!N&'!%#(C'!'CD&+'/CD!0D!)0,)S!!@0NN+DC!I&11+(0&.!#.E!Ca/CDD0GC!DCE0$C.(#(0&.!#'C!/#(/)$C.(]%0EC!0DD+CD!%)0/)!)#GC!()C!I&(C.(0#1!(&!#NNC/(!()C!D0(CS!!")C!:::>!#DDCDD$C.(!'CI&'(!

&.!#.E!0EC.(0N0CD!()C!N&11&%0.,!0DD+CDL!E'#0.#,C^!0.G#D0GC!N'CD)%#(C'!DIC/0CD^!%#(C'!I&11+(0&.! !#,'0/+1(+'CT'+.]&NN^!%#(C'!I&11+(0&.! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6!-&+./01!@0'C/(0GC!K4TZYTJJ-!&.!()C!-&.DC'G#(0&.!&N!.#(+'#1!)#H0(#(D!#.E!&N!%01E!N#+.#!#.E!N1&'#!4!BW?>-!>.(C'#/(0GC!B#II0.,^!)((ILTT$#,0/SECN'#S,&GS+XT!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

4K!

E0D/)#',CS!!:0,.0N0/#.(!.C%!ECGC1&I$C.(!/&+1E!(#XC!I1#/C!%0()0.!()C!/#(/)$C.(!#D!#!'CD+1(!&N!.C%!)&+D0.,!#.E!C$I1&3$C.(!ECGC1&I$C.(!0.!<&'()][CD(!=C0/CD(C'D)0'C^!:&+()!@C'H3D)0'C!#.E!J#D(!:(#NND!%)0/)!$#3!0$I#/(!+I&.!%#(C'!F+#10(3!#.E!F+#.(0(3S!!")C!/&.(0.+0.,!/'C#(0&.!&N!()C!<#(0&.#1!`&'CD(!%011!1C#E!(&!N+'()C'!/#(/)$C.(!%0EC!/)#.,CD!0.!1#.E!+DCS!!")C!F+#10(3!#.E!0$I&'(#./C!&N!()C!:W-!0D!H#DCE!&.!()C!N&11&%0.,!DIC/0CD!#.E!)#H0(#(DL!! [#(C'!/&+'DCD!&N!I1#0.!(&!$&.(#.C!1CGC1D!%0()!()C!8%&"&3"('0&,1("'$%&$'!,#.E!9%(('$.'3:0;

<%$.%3:'0&,GC,C(#(0&.!N&'!%)0/)!()C!#'C#!0D!/&.D0EC'CE!(&!D+II&'(!#!D0,.0N0/#.(!I'CDC./C, *"!$.0=0$%>0#'"!,=%(('=/!,N&'!%)0/)!()C!#'C#!0D!/&.D0EC'CE!(&!D+II&'(!#!D0,.0N0/#.(!

I'CDC./CS! 90#'$'!,$%/&'%,N&'!%)0/)!()0D!0D!&.C!&N!&.13!N&+'!X.&%.!&+(D(#.E0.,!1&/#10(0CD!0.!()C!8.0(CE!

g0.,E&$S! 90$$"!,60#'0,N&'!%)0/)!()0D!0D!/&.D0EC'CE!(&!HC!&.C!&N!()C!HCD(!#'C#D!0.!()C!8.0(CE!g0.,E&$S! ?"$.%,("$.%,N&'!%)0/)!()C!#'C#!0D!/&.D0EC'CE!(&!D+II&'(!#!D0,.0N0/#.(!I'CDC./CS!!

UKUKN C%''/7`+Ja$2'#&/'+C%'%)+!,C+!")C!I&I+1#(0&.!&N!?".0&'">,&%$%&!,0.!()0D!/+1]EC]D#/!/#.#1!0D!ECIC.EC.(!+I&.!#!H#1#./CE!1CGC1!&N!H&#(!('#NN0/S!>N!()C!/#.#1!0D!.&(!+DCE^!()C!#H+.E#.(!,'&%()!&N!&()C'!#F+#(0/!$#/'&I)3(CD!$#3!D)#EC]&+(!()C!?".0&'">,&%$%&!,+.1CDD!'&+(0.C13!/&.('&11CE!H3!/+((0.,S!!W.!0./'C#DC!0.!'C/'C#(0&.#1!#/(0G0(3!%&+1E!HC!(&!()C!EC('0$C.(!&N!?".0&'">,&%$%&!S!!Ja0D(0.,!E0D/)#',CD!&N!D+'N#/C!%#(C'!'+.]&NN^!I'0./0I#113!N'&$!'&#ED^!/#+DC!D&$C!'CE+/(0&.!0.!%#(C'!F+#10(3S!!")C!F+#10(3!#.E!0$I&'(#./C!&N!()C!:W-!0D!H#DCE!&.!()C!N&11&%0.,!DIC/0CDL!, ?".0&'">,&%$%&!,N&'!%)0/)!()0D!0D!/&.D0EC'CE!(&!HC!&.C!&N!()C!HCD(!#'C#D!0.!()C!8.0(CE!

g0.,E&$S!!

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

8.0(CE!g0.,E&$S,!

UKUKT C%''/7`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h0.,!)#D!$#.3!I'&H1C$DS!-#..&/X!-)#DC!&GC'10CD!/&#1!$C#D+'CD!%)0/)!)#GC!HCC.!ECCI]$0.CES!B0.0.,!N0DD+'CD!/&.(0.+C!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Y5!

(&!#IIC#'!#/'&DD!()C!D0(C!CGC.!()&+,)!$0.0.,!)#D!/C#DCE!#.E!()0D!0D!()&+,)(!(&!EC('0$C.(#113!#NNC/(!D0(C!)3E'&1&,3S!`+'()C'$&'C!()C!+.EC'130.,!:)C'%&&E!:#.ED(&.C!0D!#!$#_&'!#F+0NC'!%0()!%#(C'!#HD('#/(CE!N&'!I+H10/!#.E!0.E+D('0#1!+DCD!#.E!()C!CNNC/(D!&N!()0D!&.!()C!%C(1#.E!NC#(+'CD!&N!()C!-)#DC!#'C!.&(!N+113!+.EC'D(&&ES!!")C!F+#10(3!#.E!0$I&'(#./C!&N!()C!:W-!0D!H#DCE!&.!()C!N&11&%0.,!DIC/0CD!#.E!)#H0(#(DL!! <&'()C'.!W(1#.(0/!%C(!)C#()D!%0()!@.'3%,$/$.%('A,N&'!%)0/)!()C!#'C#!0D!/&.D0EC'CE!(&!D+II&'(!#!

D0,.0N0/#.(!I'CDC./CS! J+'&IC#.!E'3!)C#()D!N&'!%)0/)!()0D!0D!/&.D0EC'CE!(&!HC!&.C!&N!()C!HCD(!#'C#D!0.!()C!8.0(CE!!!

UKUKU M%(&$%$#+:2_")%$&/'#+,##2##32'$+!W!U#H0(#(D!9C,+1#(0&.D!WDDCDD$C.(!%#D!/#''0CE!&+(!0.!45646!(&!0.GCD(0,#(C!()C!I&(C.(0#1!0$I#/(D!&N!ECGC1&I$C.(!#'0D0.,!N'&$!()C!C$C',0.,!=0/)N0C1E!#.E!"#$%&'()!=&/#1!\1#.DS!!")0D!/&./1+ECE!()#(!.&!D0,.0N0/#.(!0$I#/(D!%C'C!10XC13!&.!()C!90GC'!BC#DC!:W-^!()C!-#..&/X!Ja(C.D0&.!-#.#1!:W-!

ECGC1&I$C.(!&N!4K55!)&$CD!%0()0.!"#$%&'()S!!U&%CGC'^!0(!E0E!/&./1+EC!()#(!()C'C!$#3!HC!CNNC/(D!&.!()C!-#..&/X!-)#DC!:W-!#'0D0.,!N'&$!D('#(C,0/!#11&/#(0&.D!%0()0.!"#$%&'()!0SC!()&DC!&N!&GC'!655!E%C110.,D^!#.E!#EG0DCE!()#(!()CDC!%011!.CCE!(&!0./&'I&'#(C!#!G0D0(&'!0$I#/(!D('#(C,3S!!W.!C$#01!/&$$+.0/#(0&.!N'&$!<#(+'#1!J.,1#.E!(&!"#$%&'()!*&'&+,)!-&+./01!&.!65()!2#.+#'3!456Z!#EG0DCE!()#(!()C!+IE#(CE!=&/#1!I1#.!0D!&+(D0EC!()C!h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

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6!U#H0(#(!9C,+1#(0&.D!WDDCDD$C.(L!=0/)N0C1E!@0D('0/(!j!"#$%&'()!*&'&+,)^!B#3!4564!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Y6!

[ ,88:,;!,6+9:,HJPD:R+

!!

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a(C.(!(&!%)0/)!0(!/&$I10CD!%0()!&'!D+II&'(D!C#/)!I&10/3!&H_C/(0GCS!!!

[KN HJ4MD?D6DFI+!V#'0&+D!C.G0'&.$C.(#1^!D&/0#1!#.E!C/&.&$0/!0DD+CD!)#GC!HCC.!0EC.(0N0CE!()'&+,)!'CG0C%0.,!#!%0EC!G#'0C(3!&N!I1#.D!#.E!D('#(C,0CD!M"#DX!W6R^!/&11C/(0.,!H#DC10.C!0.N&'$#(0&.!M"#DX!W4R!#.E!0EC.(0N30.,!D+D(#0.#H010(3!0DD+CD!#.E!I'&H1C$D!M"#DX!WYRS!!")CDC!0DD+CD!)#GC!0.N&'$CE!()C!ECGC1&I$C.(!&N!()C!D+D(#0.#H010(3!&H_C/(0GCDS!!!

[KS DB4CDHJ!+!")C!D+D(#0.#H010(3!&H_C/(0GCD!#'C!10D(CE!0.!4%()2+[KG!HC1&%S!!")C!I+'I&DC!&N!()C!:+D(#0.#H010(3!WII'#0D#1!0D!(&!C.D+'C!()#(!()C!I&10/0CD!#.E!I'&I&D#1D!/&.(#0.CE!0.!#!=&/#1!@CGC1&I$C.(!@&/+$C.(!/&.('0H+(C!(&!()C!I+'D+0(!&N!D+D(#0.#H1C!ECGC1&I$C.(S!!"&!#/)0CGC!()0D^!()C!D+D(#0.#H010(3!&H_C/(0GCD!.CCE!(&!EC#1!%0()!C.G0'&.$C.(#1^!D&/0#1!#.E!C/&.&$0/!0DD+CD!#.E!I'&H1C$DS!!"&!C.D+'C!()#(!()C!D+D(#0.#H010(3!&H_C/(0GCD!/&GC'!C.G0'&.$C.(#1^!D&/0#1!#.E!C/&.&$0/!0DD+CD^!()C3!)#GC!HCC.!/#(C,&'0DCE!0.(&!()CDC!()'CC!D('#.ED!&N!D+D(#0.#H1C!ECGC1&I$C.(S!!U&%CGC'^!$#.3!M0N!.&(!$&D(R!&N!()CDC!&H_C/(0GCD!E&!.&(!N0(!.C#(13!0.(&!&.C!/#(C,&'3^!H+(!D('#EE1C!(%&!&'!#11!()'CCS!!J#/)!&H_C/(0GC!)#D!#1D&!HCC.!#DDCDDCE!#,#0.D(!()C!:JW!@0'C/(0GC!(&!C.D+'C!()#(!#11!C.G0'&.$C.(#1!(&I0/D!'CNC''CE!(&!0.!()C!:JW!@0'C/(0GC!#'C!/&GC'CES!!4%()2+[KG>+!"#$%&'%(&)&$*+D(A27$&=2#++

! D(A27$&=2#+ J'=K+ !/7K+ J7/K+ !J,+$/-&7+


! ! ! !

4S! "&!C./&+'#,C!()C!CNN0/0C.(!+DC!&N!1#.E!#.E!D&01S! ! ! ! B#(C'0#1!#DDC(D!


! ! ! \&I+1#(0&.^!)+$#.!)C#1()!


! ! ! !

7S! "&!C./&+'#,C!CF+#1!#//CDD!(&!CE+/#(0&.^!_&HD!#.E!('#0.0.,S!

! ! ! !

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Y4!


! ! ! U+$#.!)C#1()^!N#+.#^!N1&'#^!1#.ED/#IC!


! ! ! !


! ! ! !

KS! "&!I'&(C/(!#.E!C.)#./C!)0D(&'0/!#DDC(DS! ! ! ! B#(C'0#1!#DDC(D^!/+1(+'#1!)C'0(#,C!


! ! ! B#(C'0#1!#DDC(D^!/+1(+'#1!)C'0(#,C^!1#.ED/#IC!


! ! ! *0&E0GC'D0(3^!N#+.#^!N1&'#!

64S! "&!$0.0$0DC!N1&&E!'0DXS! ! ! ! -10$#(0/!N#/(&'D^!%#(C'!


! ! ! -10$#(0/!N#/(&'D^!$#(C'0#1!#DDC(D!


! ! ! :&01^!%#(C'^!1#.ED/#IC!


! ! ! W0'^!%#(C'^!D&01^!)+$#.!)C#1()!


! ! ! B#(C'0#1!#DDC(D^!/+1(+'#1!)C'0(#,C!


! ! ! -10$#(0/!N#/(&'D^!#0'^!%#(C'^!)+$#.!)C#1()!


! ! ! -10$#(0/!N#/(&'D^!#0'^!%#(C'^!)+$#.!)C#1()!

+

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

YY!

V ,88:,;!,6+D9+!;4J!+

!!

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a!?S+!`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`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aCD!-!#.E!@^!#.E!D+$$#'0DCE!4%()2+VKG!#.E!4%()2+VKN!HC1&%S!!!!W..Ca!-!#1D&!D)&%D!()C!'CD+1(D!&N!()C!:W!&N!()C!D0(CD!%)0/)!)#GC!HCC.!E'&IICE!N'&$!N+'()C'!/&.D0EC'#(0&.^!0./1+E0.,!()C!,'CC.!HC1(!D0(CDS!!>(!D)&+1E!HC!.&(CE!()#(!0.!W..Ca!-^!()C!D0(CD!%)0/)!)#GC!HCC.!E'&IICE!N'&$!N+'()C'!/&.D0EC'#(0&.!E&!.&(!,C.C'#113!IC'N&'$!#D!%C11!0.!()C!#II'#0D#1!#D!()C!D0(CD!%)0/)!)#GC!HCC.!#11&/#(CES!!")C'C!#'C!(%&!'C#D&.D!N&'!()0DS!!`0'D(13^!0.!$#.3!/#DCD!()C!D0(CD!)#GC!HCC.!'C_C/(CE!0.!I#'(!I'C/0DC13!HC/#+DC!()C3!E&!.&(!IC'N&'$!#D!%C11!0.!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

YZ!

D+D(#0.#H010(3!(C'$D!#.E!,C.C'#113!)#GC!$&'C!D0,.0N0/#.(!/&.D('#0.(D!&.!()C$S!!:C/&.E13^!ECGC1&I$C.(!$#.#,C$C.(!I&10/3!)#D!HCC.!E'#N(CE!N&'!()C!#11&/#(CE!D0(CD!(&!#EE'CDD!()C!I'CE0/(CE!CNNC/(D!#.E!()C'CN&'C!$0(0,#(0&.!)#D!HCC.!H+01(!0.(&!()C!I&10/3S!!<&!$0(0,#(0&.!)#D!HCC.!ECGC1&ICE!N&'!()C!D0(CD!%)0/)!)#GC!HCC.!'C_C/(CES!!U&%CGC'^!0(!D)&+1E!HC!.&(CE!()#(!()C!#II'#0D#1!&N!D0(CD!%)0/)!)#GC!HCC.!'C_C/(CE!)#D!/&.(0.+CE!(&!HC!+IE#(CE!#D!.C%!CG0EC./C!&'!&()C'!0.N&'$#(0&.!)#D!/&$C!(&!10,)(S!!")C!$#0.!0DD+CD!()#(!)#GC!#'0DC.!#'C!0.!'C1#(0&.!(&!()C!)0D(&'0/!C.G0'&.$C.(^!N1&&E!'0DX^!H0&E0GC'D0(3^!%#(C'!D+II13^!1&DD!&N!,'CC.N0C1E!1#.E!#.E!DI&'(D!I'&G0D0&.S!!`&'!#1$&D(!#11!()C!#11&/#(CE!D0(CD^!D&$C!'CD0E+#1!'C/&$$C.E#(0&.D!#'C!$#EC!N&'!$0(0,#(0.,!#EGC'DC!CNNC/(D^!#EE'CDD0.,!+./C'(#0.(0CD!&'!N&'!/#I0(#10D0.,!&.!&II&'(+.0(0CD!N&'!HC.CN0(DS!!@C(#01D!&N!()CDC!#'C!,0GC.!0.!W..Ca!-S!!-&1&+'!)#D!HCC.!+DCE!0.!4%()2+VKG!#.E!4%()2+VKN!#.E!0.!()C!(#H1CD!0.!W..CaCD!-!#.E!@S!!")0D!)#D!()C!N&11&%0.,!$C#.0.,L!!C/)/".+ H2%'&'_+! @CGC1&I$C.(!10XC13!(&!'CD+1(!0.!$#_&'!I&D0(0GC!0$I#/(DS!

!! @CGC1&I$C.(!10XC13!(&!'CD+1(!0.!$0.&'!I&D0(0GC!0$I#/(DS!

!! <&!0$I#/(D!&'!.C+('#1!0$I#/(D!

!! @CGC1&I$C.(!/&+1E!'CD+1(!0.!$0.&'!#EGC'DC!0$I#/(D^!&'!$0(0,#(0&.!/&+1E!HC!I&DD0H1C!(&!#11&%!

ECGC1&I$C.(!(&!I'&/CCES!! @CGC1&I$C.(!/&+1E!'CD+1(!0.!$#_&'!#EGC'DC!0$I#/(D!#.E!$0(0,#(0&.!$#3!.&(!HC!I&DD0H1CS!

!!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Y7!

4%()2+VKG>+!"33%.*+/0+!"#$%&'%(&)&$*+,--.%&#%)+/0+1/"#&'_+#&$2#++!&$2+;?+ STG+ STS+ STT+ STV+ STW+ STX+ SUV+ SUW+ SWV+ SXY+ SXX+ TY[+ T[N+ TWW+ TX[+ UYT+ UYV+ UYW+ UYX+ UNG+ UTG+ UUY+ UXG+ UXS+ ?6+ FC+ ,O+U&+D0.,! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee! ee!=#.E!+DC! ee! ]! ee! ee! ee! ee! ee! ]!]! ]!]! ]!]! ee! ]!]! ee! ee! eT]! ee! ee! ! ee! ]! ee! eT]! ee! ]!]! ]!]! ]!]! ]!]!@CI'0G#(0&.! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ]! ! ! !W//CDD!(&!DC'G0/CD!#.E!N#/010(0CD!

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

W//CDD!(&!CE+/#(0&.^!_&HD!#.E!('#0.0.,!

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ]!]! ! ! ! ! ! ! ]]! ]!]! ! ! !

W/(0GC!10NCD(31CD!

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ]!

-'0$C! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !@0GC'DC!#.E!/&$IC(0(0GC!C/&.&$3!

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

U0D(&'0/!#DDC(D!

! ]! ]! e! e! ]! ]! ]! ]! ]! ! ! f! f! ! ! ! ! ! ! ! ]! f! f! ]! ]! ]!

U0,)!F+#10(3!I1#/CD!

! ! ! ! ! e! ! ! ]! ]! ]! ]! ! ! ! ! ! ! ! ! ! ! ]! ]! ]! ]! !

*0&E0GC'D0(3! ! ! ! ! ! ! ! ! ]! ]! e! ]! ! ! ! ! ! ! ! ! ! ]! ]!]! ]!]! ]! ]!]! ]!`1&&E!'0DX! ! ! ! ]! ! ]! ! ]! ]! ]!]! ]! ! ! ! ]! ]!]! ! ! ! ]! ! ! ]! ]!]! ]!]! ! ]!J.C',3! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !999!%#D(C!#.E!%#(C'!

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ]!]!

W0'^!%#(C'^!1#.E^!.&0DC!

f! f! f! f! f! f! f! f! f! ! f! ! f! ! ! ! ! ! ! f! ! f! ! ! f! f! ]!]!

"&%.!/C.('C!

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

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

YO!

!&$2+;?+ STG+ STS+ STT+ STV+ STW+ STX+ SUV+ SUW+ SWV+ SXY+ SXX+ TY[+ T[N+ TWW+ TX[+ UYT+ UYV+ UYW+ UYX+ UNG+ UTG+ UUY+ UXG+ UXS+ ?6+ FC+ ,O+"'#GC1! ! ee! eeS! ee! ! ee! ee! ! ]! ]! ! ]! ! ! ! ! ee! ee! ee! ee! ! ! ! ! ! ! !"'#.DI&'(!0.N'#D('+/(+'C!

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ]!

!4%()2+VKN>+!"33%.*+/0+!,+/0+23-)/*32'$+#&$2#+!!,+/(A27$&=2++++++++++++++++++++++++++++++++!&$2+;?+ JH8G+ JH8N+ JH8V+ JH8W+ JH8X+ JH8GY+ JH8N[+ JH8SY+ JH8SS+ JH8ST+U&+D0.,! ! ! ! ! ! ! ! ! ! !=#.E!+DC! ]!]! ]!]! ]! ]!]! ee! ]! ! k! ]!]! ee!@CI'0G#(0&.! ! ! ! ! ! ! ! ! ! !W//CDD!(&!DC'G0/CD!#.E!N#/010(0CD! ! ! ! ! ! ! ! ! ! !

W//CDD!(&!CE+/#(0&.^!_&HD!#.E!('#0.0.,! ! ! ! ! ! e! ! e! ! e!W/(0GC!10NCD(31CD! ! ! ! ! ! ! ! ! ! ]!-'0$C! ! ! ! ! ! ! ! ! ! !@0GC'DC!#.E!/&$IC(0(0GC!C/&.&$3! ee! e! e! e! e! e! e! e! e! e!U0D(&'0/!#DDC(D! e! ! ! ! ! ! ! ! ! !U0,)!F+#10(3!I1#/CD! ! ! ! ! ! ! ! ! ! !*0&E0GC'D0(3! f! f! f! e! e! e! e! e! f! ]Te!`1&&E!'0DX! ! ! ! ! ! ! ! ! ! !J.C',3! ! ! ! ! ! ! ! ! ! !999!%#D(C!#.E!%#(C'! ! ! ! ! ! ! ! ! ! !W0'^!%#(C'^!1#.E^!.&0DC! f! f! f! f! f! f! f! f! f! f!"&%.!/C.('C! ! ! ! ! ! ! ! ! ! !"'#GC1! ! ! ! ! ! ! ! ! ! !"'#.DI&'(!0.N'#D('+/(+'C! f! ! ! f! f! ! ! ! ! !!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

YQ!

W!.+$HC'!&N!/+$+1#(0GC!0$I#/(D!)#GC!HCC.!0EC.(0N0CE!%)C'C!ECGC1&I$C.(!#(!(%&!&'!$&'C!D0(CD!/&+1E!)#GC!0$I#/(D!%)0/)!%)C.!#/(0.,!(&,C()C'!#'C!10XC13!(&!HC!D0,.0N0/#.(S!!!")CDC!#'C!ECD/'0HCE!0.!()C!N&11&%0.,!(#H1CS!!4%()2+VKS>+C"3")%$&=2+&3-%7$#+%.&#&'_+0./3+%))/7%$2@+#&$2#+!;##"2+ !&$2#+ 6&`2)*+#&_'&0&7%'$+&3-%7$#+:C%#,C!('C#($C.(!/#I#/0(3!

W11! [)01D(!/&$I#'0D&.!&N!/+''C.(!$C#D+'CE!E'3!%C#()C'!N1&%!#,#0.D(!()C!/&.DC.(CE!E'3!%C#()C'!N1&%!0.E0/#(CD!()#(!()C'C!0D!D0,.0N0/#.(!)3E'#+10/!/#I#/0(3!()0D!DC%#,C!%&'XD!()C'C!0D!D&$C!/&./C'.!'C,#'E0.,!()C!/#I#/0(3!&N!()C!N01(C'!I'&/CDDS!!U&%CGC'!D)&+1E!#EE0(0&.#1!('C#($C.(!/#I#/0(3!HC!'CF+0'CE!(&!#//&$$&E#(C!()C!D0,.0N0/#.(!1CGC1D!&N!ECGC1&I$C.(!HC0.,!I'&I&DCE!(&!()C!.&'()!&N!"#$%&'()!()C.!.&!0DD+CD!#'C!C.G0D#,CE!0.!EC#10.,!%0()!N+(+'C!,'&%()!EC$#.ES!

W0'!F+#10(3! YZ6^!YZY^!YZZ^!Y7Q^!75Z^!746!

-&+1E!'CE+/C!#0'!F+#10(3!#(!"%&!?#(CD!/'&DD'&#EDS!!!

:C%C'#,C!0.N'#D('+/(+'C!/#I#/0(3!

YZY^!YKK^!YZZ^!YZ6^!Y7Q^!ZKO^!75Q^!75P^!75K^!746!

B#3!)#GC!#.!0$I#/(!&.!()C!/+''C.(!/#I#/0(3!&N!()C!DC%C'!.C(%&'XS!!U3E'#+10/!$&EC110.,!%011!HC!'CF+0'CE!(&!#DDCDD!()C!0$I#/(D!&N!I'&I&DCE!ECGC1&I$C.(DS!

YZQ^!YZP^!YZK^!Y7P! B#3!#NNC/(!X.&%.!DC%C'!N1&&E0.,!I'&H1C$D!E&%.D('C#$S!

*0&E0GC'D0(3! @=^!?-^!WV^!YPQ^!YK5^!Z5O^!JB\6^!JB\4^!JBQ^!JB\YY!

:+'GC3D!D)&+1E!HC!/#''0CE!&+(!(&!EC(C'$0.C!%)C()C'!%#(C'!G&1CD!&'!&((C'D!#'C!I'CDC.(S!

`1&&E!'0DX! @=^!?-^!WV^!YPQ^!YK5^!Z5O! -&+1E!/&11C/(0GC13!)#GC!#.!0$I#/(!&.!N1&&E!'0DX!()'&+,)!1&DD!&N!1#',C!#$&+.(D!&N!IC'$C#H1C!1#.ES!!U&%CGC'^!()C'C!0D!.&!CG0EC./C!(&!0.E0/#(C!)&%!$+/)!,'CC.N0C1E!1#.E!/&+1E!HC!1&D(!%0()&+(!#.3!#EGC'DC!CNNC/(D!&.!N1&&E!'0DXS!

!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

YP!

W ,88:,;!,6+D9+8D6;CI+

!!

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e! CNNC/(!10XC13!(&!HC!I&D0(0GC!! ]!! CNNC/(!10XC13!(&!HC!.C,#(0GC!! 5! .&!D0,.0N0/#.(!CNNC/(!!! f!! CNNC/(!+.X.&%.!!>N!()C!#II'#0D#1!&H_C/(0GC!%#D!.&(!'C1CG#.(!(&!()C!C1C$C.(!&N!()C!\1#.!HC0.,!#II'#0DCE^!.&!D3$H&1!0D!,0GC.S!!!B+1(0I1C!D3$H&1D!)#GC!HCC.!+DCE!MCS,S!eeR!(&!0.E0/#(C!#!E0NNC'C.(!D/#1C!&N!0$I#/(!&GC'!(0$C^!&'!%)C'C!()C!0$I#/(D!&N!#.!&I(0&.!#'C!!"#!$%&$'%(()!HC((C'!&'!%&'DC!()#.!&()C'DS!!")C!CNNC/(D!%C'C!#1D&!'#(CE!N&'!()C0'!D0,.0N0/#./C!0.!(C'$D!&N!()C!0$I&'(#./C!N&'!#/)0CG0.,!C#/)!#II'#0D#1!&H_C/(0GCS!!JNNC/(D!%C'C!'#(CE!#D!)0,)^!$CE0+$!&'!1&%!D0,.0N0/#./C^!(#X0.,!#//&+.(!&N!#!.+$HC'!&N!N#/(&'DS!!")C!N#/(&'D!%C'CL!! ()C!CaIC/(CE!D/#1C!&N!()C!CNNC/(D!&'!()C!EC,'CC!(&!%)0/)!()C!CNNC/(D!#'C!10XC13!(&!/&.('0H+(C!(&!()C!#/)0CGC$C.(!&N!()C!:W!&H_C/(0GC!0.!()C!*&'&+,)!&GC'#11d!



%)C()C'!()C!CNNC/(!0D!$&'C!D('&.,13!ECIC.EC.(!&.!&()C'!0.(C'GC.(0&.D!&'!&()C'!N#/(&'Dd!#.E! )&%!0$I&'(#.(!()C!&H_C/(0GC!0D!(&!()C!D/&IC!&N!()C!\1#.S!!")C!#DDCDD$C.(!&N!D0,.0N0/#./C!0D!0.E0/#(CE!0.!()C!(#H1CD!0.!()0D!'CI&'(!H3!/&1&+'L!!! <&(!'C1CG#.(!

! <&!D0,.0N0/#./C!

! BCE0+$!D0,.0N0/#./C!

! U0,)!D0,.0N0/#./C!

!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

YK!

WKN ,88:,;!,6+D9+O;!;DE+,E?+8D6;C;J!+!")C!N0.E0.,D!&N!()C!#II'#0D#1!#'C!DC(!&+(!0.!EC(#01!0.!W..Ca!JS!!")C!(#H1C!HC1&%!D+$$#'0DCD!()&DC!N0.E0.,D!N&'!()C!D+H$0DD0&.!=&/#1! !!4%()2+WKG>+!"33%.*+/0+%--.%&#%)+/0+=&#&/'+%'@+-/)&7&2#+!! 6! 4! Y! Z! 7! O! Q! P! K! 65! 66! 64! 6Y! 6Z! 67! 6O! 6Q! 6P!V! e! 5! e! e! e! e! eT5! e! e! e! e! e! f! e! e! e! fTe! e!::6! e! e! e! e! e! e! e! e! e! e! e! ! f! f! e! e! eTf! e!::4! e! e! f! e! eT5! e! e! e! e! e! e! e! e! 5! e! e! e! eT5!J-4! e! e! e! e! e! e! e! e! e! e! f! 5! 5! 5! eTf! e! eTf! eTf!J-Y! ! ! ! e! ! ! e! e! ! ! ! ! ! ! ! e! eTf! e!J-Z! e! e! e! e! e! e! e! e! ! e! f! ! ! ! e! ! e! e!J-6! e! e! e! e! e! ! e! e! 5! e! 5! ! ! ! e! e! e! e!J-O! ! eT]! e! ! e! e! ! e! 5! ! e! e! ! ! e! e! eT]! e!J-Q! e! e! e! ! 5! e! ! e! e! ! e! e! ! ! e! ! eTf! e!J-7! ! e! ! e! e! e! e! e! e! e! e! 5! ! ! e! e! e! e!U?6! e! e! e! e! ! ! e! ! ! e! ! ! ! ! ! ! e! !U?4! e! ! e! e! e! e! 5! ! 5! e! e! e! ! ! e! ! e! !U?Y! e! e! e! e! e! e! e! e! ! e! f! ! e! ! eTf! ! e! e!U?Z! e! ! ! ! ! ! ! ! ! e! ! ! ! ! ! ! ! !U?7! e! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !U?O! e! e! ! ! ! ! ! ! e! e! ! ! ! ! ! ! ! !U?Q! e! ! ! e! ! e! ! ! ! 5! ! ! ! ! 5! ! e! e!J<6! ! ! ! ! ! ! ! ! ! e! ! ! ! ! ! ! ! !J<4! ! e! ! ! ! e! ! ! ! e! 5! ! ! ! ! ! ! !J<Y! ! e! ! ! ! e! ! ! ! e! e! e! ! ! e! ! e! !:8Q! ! e! e! e! ! e! ! ! ! ! ! ! ! ! ! ! ! !J<7! e! ! ! ! ! ! e! e! e! e! ! ! ! ! e! ! e! e!J<O! ! ! ! ! ! ! ! e! e! e! ! ! ! ! ! e! ! !J<Z! ! ! ! ! ! e! ! ! ! e! e! e! ! ! e! ! ! !:86! e! ! ! ! ! e! ! e! ! ! ! ! ! ! eTf! e! eT]! e!:84! e! ! ! ! ! e! e! e! ! 5! ! ! ! ! e! e! eT5! e!:8Y! e! e! ! ! ! e! ! ! ! ! e! ! e! e! e! e! e! !:8Z! ! e! ! ! ! e! ! e! ! ! e! e! ! ! e! e! e! e!:87! ! ! ! ! ! ! ! e! ! ! ! ! ! ! e! ! ! !:8O! ! ! e! e! e! ! ! e! ! ! ! ! ! ! ! ! e! !:8Q! ! ! e! e! e! e! ! e! ! ! ! e! e! ! e! e! e! e!!!

WKNKG ?2#7.&-$&/'+/0+J0027$#+

")C!D+H$0DD0&.!=&/#1!\1#.!)#D!#!/1C#'!#.E!D('&.,!N&/+D!&.!$CC(0.,!()C!)&+D0.,!.CCED!&N!#11!DC/(0&.D!&N!()C!/&$$+.0(3S!!>(!DCCXD!(&!I'&G0EC!#NN&'E#H1C^!)0,)!F+#10(3!)&$CD!&N!#!$0a!&N!(3ICD!(&!$CC(!#!'#.,C!&N!.CCED^!#.E!'CF+0'CD!()CDC!(&!HC!D+D(#0.#H13!ECD0,.CE!#.E!/&.D('+/(CES!!")C!\1#.!I'&$&(CD!C.C',3!CNN0/0C./3!#.E!()C!,C.C'#(0&.!&N!'C.C%#H1C!#.E!1&%!/#'H&.!C.C',3!0.!.C%!ECGC1&I$C.(DS!![#(C'!CNN0/0C./3!0D!(&!HC!$#a0$0DCE^!#.E!ECGC1&I$C.(!$+D(!D+II&'(!()C!"#$%&'()![#D(C!:('#(C,3!(&!'CE+/C!%#D(C!#.E!0./'C#DC!'C/3/10.,S!!@CGC1&I$C.(D!$+D(!HC!ECD0,.CE!(&!/'C#(C!D#NC'!/&$$+.0(0CD^!%)0/)!D)&+1E!)C1I!(&!D+II&'(!#!'CE+/(0&.!0.!/'0$C!#.E!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Z5!

$#3!,&!#!10((1C!%#3!(&!'CE+/C!#.(0]D&/0#1!HC)#G0&+'!#1()&+,)!()0D!0D!#1D&!E'0GC.!H3!#!'#.,C!&N!&()C'!N#/(&'DS!!W!/1C#'!#0$!0D!(&!I'&G0EC!)&$CD!0.!#//CDD0H1C!1&/#(0&.D!(&!$0.0$0DC!()C!.CCE!(&!('#GC1!#.E!$#a0$0DC!()C!+DC!&N!D+D(#0.#H1C!$&ECD!&N!('#.DI&'(S!!*3!I'&$&(0.,!ECGC1&I$C.(!0.!()C!(&%.!/C.('C^!()C!D+H$0DD0&.!=&/#1!\1#.!%011!)C1I!(&!$#XC!+DC!&N!Ca0D(0.,!('#.DI&'(!0.N'#D('+/(+'C^!#.E!0(!#1D&!DCCXD!0$I'&GC$C.(D!(&!D+D(#0.#H1C!('#.DI&'(!0.N'#D('+/(+'C!%)0/)!%011!)C1I!(&!'CE+/C!/&.,CD(0&.!#.E!0$I'&GC!D#NC(3S!!>(!%011!#1D&!D+II&'(!()C!#//CDD0H010(3!&N!/&$$+.0(3!N#/010(0CD!#.E!DC'G0/CD!()'&+,)!I'&$&(0.,!ECGC1&I$C.(!0.!()C!(&%.!/C.('C^!#.E!D+II&'(D!()C!/'C#(0&.!&N!#!G0H'#.(!#.E!#(('#/(0GC!(&%.!/C.('CS!!")C!I'&G0D0&.!&N!D+D(#0.#H1C!('#.DI&'(!/)&0/CD!0D!#1D&!I'&$&(CE!0.!()C!:+D(#0.#H1C!8'H#.!Ja(C.D0&.D^!#D!0D!()C!I'&G0D0&.!&N!/&$$+.0(3!N#/010(0CD!#.E!DC'G0/CD!(&!C.D+'C!#//CDD0H010(3!#.E!'CE+/C!()C!.CCE!(&!('#GC1S!!>.!D+II&'(0.,!D+D(#0.#H1C!('#.DI&'(!0$I'&GC$C.(D^!()C!D+H$0DD0&.!=&/#1!\1#.!C./&+'#,CD!()C!/'C#(0&.!#.E!0$I'&GC$C.(!&N!,'CC.!#.E!H1+C!0.N'#D('+/(+'C!10.XD!(&!C./&+'#,C!/3/10.,!#.E!%#1X0.,!()'&+,)&+(!()C!*&'&+,)^!#.E!I#'(0/+1#'13!HC(%CC.!()C!(&%.!/C.('C!#.E!&()C'!.C0,)H&+')&&ED!#.E!(&!()C!/&+.('3D0EC!HC3&.ES!!:+/)!10.XD!#'C!#1D&!'CF+0'CE!%0()0.!.C%!ECGC1&I$C.(DS!!WD!%C11!#D!I'&$&(0.,!D+D(#0.#H1C!('#.DI&'(!/)&0/CD!(&!'CE+/C!'C10#./C!&.!()C!/#'!#.E!I'&$&(C!#/(0GC!#.E!)C#1()3!10NCD(31CD^!()CDC!.C(%&'XD!%011!#1D&!/&.('0H+(C!(&!D('C.,()C.0.,!#!E0D(0./(!0EC.(0(3!N&'!"#$%&'()^!#.E!$#3!)C1I!(&!N#/010(#(C!()C!$&GC$C.(!&N!DIC/0CD!#.E!#DD0D(!0.!'CE+/0.,!N1&&E!'0DXS!!")C3!%011!#1D&!/&.('0H+(C!(&!/'C#(0.,!#.!#(('#/(0GC!+'H#.!1#.ED/#ICS!!UC#1()3!10NCD(31CD!%011!#1D&!HC!C./&+'#,CE!()'&+,)!()C!I'&G0D0&.!&N!.C%!N&'$#1!#.E!0.N&'$#1!'C/'C#(0&.!N#/010(0CD!#.E!()C!I'&(C/(0&.!#.E!C.)#./C$C.(!&N!&IC.!DI#/CDS!!

D+H$0DD0&.!=&/#1!\1#.!#NN&'ED!D('&.,!I'&(C/(0&.!(&!0(D!)0D(&'0/!#DDC(D!#.E!I'&$&(CD!()C0'!C.)#./C$C.(^!#.E!'CF+0'CD!ECGC1&I$C.(!(&!HC!D3$I#()C(0/!(&!()&DC!#DDC(DS!!")0D!#,#0.!%011!)C1I!(&!/'C#(C!#.!

CE!_&H!&II&'(+.0(0CD!#.E!#!D('&.,C'!C/&.&$3S!!")C!D+H$0DD0&.!=&/#1!\1#.!C./&+'#,CD!C/&.&$0/!,'&%()!H3!I'&(C/(0.,!()C!:('#(C,0/!J$I1&3$C.(!W'C#D!#.E!#11&/#(0.,!.C%!#'C#D!N&'!C/&.&$0/!ECGC1&I$C.(!()#(!#'C!#//CDD0H1C!H3!D+D(#0.#H1C!$&ECD!&N!('#.DI&'(S!!")0D!D)&+1E!)C1I!(&!'CE+/C!ECI'0G#(0&.!H3!0./'C#D0.,!_&H!&II&'(+.0(0CD!0.!"#$%&'()^!I#'(0/+1#'13!0N!E&.C!0.!/&._+./(0&.!%0()!0./'C#D0.,!CE+/#(0&.!#.E!('#0.0.,!I'&G0D0&.!0.!ECI'0GCE!#'C#DS!!")0D!%011!)C1I!(&!'CE+/C!0./&$C!ECI'0G#(0&.!#.E!D)&+1E!#1D&!0.E0'C/(13!D+II&'(!#!'CE+/(0&.!0.!)C#1()!ECI'0G#(0&.S!!")C!0$I'&GC$C.(!&N!#//CDD!(&!/&$$+.0(3!DC'G0/CD!D)&+1E!#DD0D(!0.!()0DS!!*3!(#',C(0.,!'C,C.C'#(0&.!#'C#D!N&'!)&+D0.,!#.E!C/&.&$0/!ECGC1&I$C.(^!()C!D+H$0DD0&.!=&/#1!\1#.!%011!E0'C/(13!#EE'CDD!ECI'0G#(0&.!#.E!)C1I!(&!0$I'&GC!()C!+'H#.!C.G0'&.$C.(S!!W!E0'C/(!#0$!&N!()C!\1#.!0D!(&!'CE+/C!&+(]/&$$+(0.,^!#1()&+,)!()0D!$#3!HC!0./'C#DCE!H3!()C!0$I'&GC$C.(!&N!10.XD!(&!*0'$0.,)#$!#.E!&()C'!0.(C']+'H#.!'&+(CDS!!")C!D+H$0DD0&.!=&/#1!\1#.!CaI10/0(13!'CF+0'CD!ECGC1&I$C.(!(&!$#XC!#.!CNN0/0C.(!+DC!&N!1#.ES!!*3!

C$I1&3$C.(!D0(CD^!()C!D+H$0DD0&.!=&/#1!\1#.!%011!)C1I!(&!I'&$&(C!()C!'C+DC!&N!I'CG0&+D13!ECGC1&ICE!1#.E!#.E!'CE+/C!()C!+DC!&N!,'CC.N0C1E!1#.E!#.E!#,'0/+1(+'#1!1#.E^!()C'CH3!0.E0'C/(13!)C1I0.,!(&!I'&(C/(!D&01DS!!W.!CNN0/0C.(!+DC!&N!1#.E!%011!HC!D+II&'(CE!H3!()C!'CF+0'C$C.(!N&'!$CE0+$])0,)!EC.D0(3!ECGC1&I$C.(S!!")C!C$I)#D0D!0.!"#$%&'()!)#D!HCC.!(&!H'0.,!N&'%#'E!#D!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Z6!

$+/)!H'&%.N0C1E!1#.E!#D!I&DD0H1C!N&'!ECGC1&I$C.(^!.CGC'()C1CDD!&GC'!()'CC!F+#'(C'D!&N!()C!#'C#!&N!()C!#11&/#(CE!.C%!C$I1&3$C.(!D0(CD!0D!&.!,'CC.N0C1E!1#.ES!!")C!D+H$0DD0&.!=&/#1!\1#.!CaI10/0(13!'CF+0'CD!()C!I'&(C/(0&.!&N!H0&E0GC'D0(3!#.E!,C&E0GC'D0(3^!#.E!I'&$&(CD!&II&'(+.0(0CD!(&!C.)#./C!H0&E0GC'D0(3!()'&+,)!)#H0(#(!/'C#(0&.!#.E!'CD(&'#(0&.S!!>(!#1D&!'CF+0'CD!ECGC1&I$C.(!(&!/'C#(C!#.E!'C0.N&'/C!10.XD!HC(%CC.!Ca0D(0.,!H0&E0GC'D0(3!D0(CD!#.E!%0()!DC$0].#(+'#1!)#H0(#(DS!!*3!'CF+0'0.,!()C!I'&(C/(0&.!#.E!C.)#./C$C.(!&N!&IC.!DI#/CD!#.E!,'CC.!0.N'#D('+/(+'C!0./1+E0.,!.C(%&'X!NC#(+'CD^!()C!D+H$0DD0&.!=&/#1!\1#.!$#3!)C1I!(&!/&.DC'GC!#.E!C.)#./C!H0&E0GC'D0(3!#.E!C/&1&,0/#1!.C(%&'XD^!H+(!()0D!0D!ECIC.EC.(!&.!()C!F+#10(3!&N!()C!&IC.!DI#/CD!#.E!()C!.#(+'C!&N!#.3!C.)#./C$C.(!%&'XS!!!!")C!D+H$0DD0&.!=&/#1!\1#.!#EE'CDDCD!N1&&E!'0DX!H3!'CF+0'0.,!I'&I&D#1D!N&'!ECGC1&I$C.(!0.!N1&&E!'0DX!#'C#D!(&!I'&G0EC!#!`1&&E!90DX!WDDCDD$C.(!#.E!(&!0./1+EC!$0(0,#(0&.!$C#D+'CDS!!@CGC1&I$C.(!%011!HC!'CD0D(CE!0.!()CDC!#'C#D!%)C'C!#II'&I'0#(C!#.E!.C/CDD#'3!#.E!()C!\1#.!D(#(CD!()#(!ECGC1&I$C.(!%011!HC!CaIC/(CE!(&!HC!1&/#(CE!&+(D0EC!#'C#D!#(!)0,)!'0DX!&N!N1&&E0.,S!!@CGC1&I$C.(!$+D(!.&(!0./'C#DC!()C!'0DX!&N!N1&&E0.,!C1DC%)C'C!#.E!I&10/3!0D!0./1+ECE!(&!$#.#,C!#.E!'CE+/C!N1&&E!'0DXS!!:0(C!#11&/#(0&.D!'CF+0'C!N1&&E!'0DX!(&!HC!#DDCDDCE!#.E!#II'&I'0#(C13!$#.#,CE!(&!'CE+/C!'0DXS!!!!")C!D+H$0DD0&.!=&/#1!\1#.!CaI10/0(13!'CF+0'CD!()C!I'&(C/(0&.!&N!%#(C'!F+#10(3!#.E!'CF+0'CD!()C!F+#10(3!&N!/#.#1D!#.E!'0GC'D!(&!HC!C.)#./CES!!")C!C.)#./C$C.(!&N!H1+C!0.N'#D('+/(+'C!%011!)C1I!(&!D+II&'(!()0D!I&10/3S!!W0'!F+#10(3!%011!HC!I'&(C/(CE!#.E!C.)#./CE!H3!I'&$&(0&.!&N!D+D(#0.#H1C!('#.DI&'(!0.N'#D('+/(+'CS!!>$I'&G0.,!_+./(0&.D!&.!()C!W7!$#3!)C1I!(&!0./'C#DC!()C!N1&%!&N!('#NN0/!#(!()CDC!_+./(0&.D^!%)0/)!$#3!)C1I!(&!'CE+/C!#0'!I&11+(0&.!&'!$#3!0./'C#DC!0(!0N!('#NN0/!1CGC1D!'0DC!#D!#!'CD+1(S!!*3!'CF+0'0.,!()C!I'&(C/(0&.!#.E!C.)#./C$C.(!&N!H0&E0GC'D0(3^!()C!D+H$0DD0&.!=&/#1!\1#.!0D!10XC13!(&!/&.('0H+(C!(&!()C!0$I'&GC$C.(!&N!C.G0'&.$C.(#1!F+#10(3!0.!'C1#(0&.!(&!#0'^!%#(C'!#.E!1#.ES!!>(!$#3!#1D&!$#XC!#!/&.('0H+(0&.!(&!'CE+/0.,!.&0DC!()'&+,)!()C!I'&(C/(0&.!#.E!C.)#./C$C.(!&N!&IC.!DI#/CD!#.E!'CE+/0.,!'C10#./C!&.!()C!I'0G#(C!/#'S!!

WKNKN H&$&_%$&/'+

")C!N&11&%0.,!'C/&$$C.E#(0&.D!)#GC!HCC.!$#EC!N&'!/)#.,CD!(&!()C!G0D0&.!#.E!I&10/0CD!0.!&'EC'!(&!$0(0,#(C!I'CE0/(CE!#EGC'DC!CNNC/(D!&N!()C!D+H$0DD0&.!=&/#1!\1#.^!&'!(&!/#I0(#10DC!&.!&II&'(+.0(0CD!N&'!HC.CN0(DS!!W11!()CDC!'C/&$$C.E#(0&.D!)#GC!HCC.!(#XC.!&.!H&#'E!#.E!0./&'I&'#(CE!0.(&!()C!D+H$0DD0&.!=&/#1!\1#.S!!!!4%()2+WKN>+H&$&_%$&/'+.27/332'@%$&/'# 8/)&7*+ :27/332'@2@+3&$&_%$&/'+V0D0&.! Ja(C.E!()C!#0$!(&!#/)0CGC!D#NC'!10G0.,!/&.E0(0&.D!(&!.C%!)&+D0.,!ECGC1&I$C.(S!

>./1+EC!#!/&$$0($C.(!(&!/&.DC'G0.,!#.E!C.)#./0.,!H0&E0GC'D0(3!#.E!,C&E0GC'D0(3!0.!()C!G0D0&.S!!>./1+EC!#!/&$$0($C.(!(&!'CE+/C!N1&&E!'0DX!#.E!I'&$&(C!/10$#(C!/)#.,C!$0(0,#(0&.!#.E!#E#I(#(0&.S!>./1+EC!#!/&$$0($C.(!(&!I'&$&(0.,!()C!CNN0/0C.(!+DC!&N!'CD&+'/CDS!>./1+EC!#!/1C#'C'!/&$$0($C.(!(&!0$I'&G0.,!()C!F+#10(3!&N!()C!C.G0'&.$C.(!#/'&DD!()C!*&'&+,)S!!>./1+EC!#!/&$$0($C.(!(&!I'&$&(0.,!D+D(#0.#H1C!$&ECD!&N!('#.DI&'(S!>./1+EC!#!/&$$0($C.(!(&!0$I'&G0.,!0.N'#D('+/(+'C!N&'!D+D(#0.#H1C!('#.DI&'(!$&ECDS!!

U?4! >./1+EC!#!'CF+0'C$C.(!N&'!D+D(#0.#H1C!+'H#.!Ca(C.D0&.D!(&!HC!ECD0,.CE!N&'!D#NC(3S!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Z4!

:86! 9CF+0'C!ECGC1&I$C.(D!(&!0./&'I&'#(C!$C#D+'CD!(&!'CE+/C!N1&&E!'0DX!%)C'C!()C'C!#'C!#II'&I'0#(C!&II&'(+.0(0CDS!\'&$&(C!C.C',3!CNN0/0C./3!$C#D+'CD!0.!'C('&]N0((0.,!&N!Ca0D(0.,!ECGC1&I$C.(S!>./1+EC!D+II&'(0.,!(Ca(!(&!0.E0/#(C!)&%!()C!CNN0/0C.(!+DC!&N!1#.E!0D!(&!HC!#/)0CGCES!

:8Z! 9CF+0'C!ECGC1&I$C.(D!(&!/#I0(#10DC!&.!&II&'(+.0(0CD!N&'!/'C#(0.,TI'&(C/(0.,!#//CDD0H1C!'C/'C#(0&.#1!,'CC.!DI#/CS!9CF+0'C!ECGC1&I$C.(D!(&!/#I0(#10DC!&.!&II&'(+.0(0CD!N&'!0$I'&GC$C.(!0.!H0&E0GC'D0(3!G#1+CS!

:8Q! >./1+EC!#!N&/+D!&.!#'C#D!&N!ECI'0G#(0&.!(&!#EE'CDD!()C!.CCED!&N!ECI'0GCE!#'C#D!N&'!#//CDD!(&!DI&'(!#.E!'C/'C#(0&.!N#/010(0CDS!

J<Y! >./1+EC!'CF+0'C$C.(D!(&!D+II&'(!0.N&'$#1!'C/'C#(0&.!0.!&IC.!DI#/CD!%)C'C!#II'&I'0#(CS!\'&$&(C!&II&'(+.0(0CD!(&!0./'C#DC!/&..C/(0G0(3!&N!&IC.!DI#/CD!#.E!DC/+'C!H0&E0GC'D0(3!,#0.DS!\'&$&(C!&II&'(+.0(0CD!(&!+DC!&IC.!DI#/C!I'&G0D0&.!(&!'CE+/C!N1&&E!'0DXS!9CF+0'C!$C#D+'CD!(&!I'&$&(C!%#1X0.,!#.E!/3/10.,!0.!&IC.!DI#/CD^!()'&+,)!I'&G0D0&.!&N!0.N'#D('+/(+'C^!0$I'&GCE!/&..C/(0G0(3!#.E!D#NC(3!$C#D+'CDS!

J<O! 9CF+0'C!'C,#'E!(&!HC!)#E!(&!()C!N0.E0.,D!&N!()C!Ja(C.D0GC!8'H#.!:+'GC3S!

!WKS CDH8,4;Q;6;4I+CMJCR+D9+DQZJC4;OJ!+

!?&GC'.$C.(!,+0E#./C!'C/&$$C.ED!()#(!()C!:W!D)&+1E!+.EC'(#XC!#!/&$I#(0H010(3!#.#13D0D!HC(%CC.!()C!&H_C/(0GCD!&N!()C!D+H$0DD0&.!=&/#1!\1#.!#.E!()C!:W!#II'#0D#1!&H_C/(0GCDS!!")0D!)#D!HCC.!E&.C!#.E!()C!'CD+1(D!#'C!DC(!&+(!0.!"#H1C!PSZ!HC1&%S!!")C!I+'I&DC!&N!()0D!CaC'/0DC!0D!(&!EC(C'$0.C!%)C()C'!()C!&H_C/(0GCD!&N!()C!D+H$0DD0&.!=&/#1!\1#.!%011!/&.('0H+(C!(&!D+D(#0.#H1C!ECGC1&I$C.(^!#.E!(&!0EC.(0N3!#.3!I&(C.(0#1!0./&$I#(0H010(0CD!HC(%CC.!()C!&H_C/(0GCD!&N!()C!\1#.!#.E!D+D(#0.#H1C!ECGC1&I$C.(!I&10/3!&H_C/(0GCDS!!"&!E&!()0D^!()C!\1#.!&H_C/(0GCD!)#GC!HCC.!/&$I#'CE!%0()!C#/)!&N!()C!:W!#II'#0D#1!&H_C/(0GCD!#.E!#.!#DDCDD$C.(!$#EC!&N!()C!10XC10)&&E!()#(!()C!D+H$0DD0&.!=&/#1!\1#.!%011!/&.('0H+(C!(&!()C!#/)0CGC$C.(!&N!C#/)!&H_C/(0GC!N&'!D+D(#0.#H1C!ECGC1&I$C.(S!+4%()2+WKS>+!$.%$2_&7+#-%$&%)+/(A27$&=2#+/0+#"(3&##&/'+6/7%)+8)%'+ :\6!

'C/&,.0D0.,!()#(!#.!C1C$C.(!&N!N+(+'C!ECGC1&I$C.(!%011!HC!I'&G0ECE!H3!.C0,)H&+'0.,!#+()&'0(0CDS!

:\4! "&!$#XC!"#$%&'()!"&%.!-C.('C!#!I'0&'0(3!N&'!'C,C.C'#(0&.!(&!/'C#(C!#!D#NC!#.E!#(('#/(0GC!I1#/C!N&'!'CD0EC.(D^!H+D0.CDDCD!#.E!G0D0(&'D!H3!D('C.,()C.0.,!#.E!E0GC'D0N30.,!()C!(&%.!/C.('C!&NNC'^!&I(0$0D0.,!'C(#01^!1C0D+'C!#.E!)&+D0.,!ECGC1&I$C.(!&II&'(+.0(0CD!#.E!0./'C#D0.,!0(D!10GC#H010(3!I&D0(0GC!0$#,C!N&'!()C!H&'&+,)S!

:\Y! [&'X0.,!0.!I#'(.C'D)0I!%0()!C/&.&$0/!D(#XC)&1EC'D!(&!/'C#(C!#!E0GC'DC!1&/#1!C/&.&$3^!0./1+E0.,!'C,C.C'#(0&.!&N!C$I1&3$C.(!#'C#D!#.E!I'&G0EC!#II'&I'0#(C!CE+/#(0&.!#.E!('#0.0.,!()#(!%011!I'&G0EC!1&/#1!_&H!&II&'(+.0(0CD!()#(!%011!'CE+/C!()C!.CCE!N&'!'CD0EC.(D!(&!('#GC1!&+(D0EC!&N!()C!*&'&+,)S!

:\Z! "&!N#/010(#(C!()C!I'&G0D0&.!&N!/&.GC.0C.(!#.E!#//CDD0H1C!DC'G0/CD!#.E!/&$$+.0(3!0.N'#D('+/(+'C!#/'&DD!()C!*&'&+,)^!I#'(0/+1#'13!0.!()C!$&D(!ECI'0GCE!.C0,)H&+')&&ED!%)C'C!0.0(0#(0GCD!()#(!I'&G0EC!#EE0(0&.#1!D+II&'(^!0.N&'$#(0&.!#.E!DC'G0/CD!(&!'CD0EC.(D!%011!HC!C./&+'#,CE!#.E!D+II&'(CES!

:\7! "&!I'&G0EC!#!'#.,C!&N!#NN&'E#H1C^!#E#I(#H1C!#.E!)0,)!F+#10(3!)&+D0.,!()#(!$CC(D!()C!.CCED!&N!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

ZY!

"#$%&'()!'CD0EC.(DS!:\O! "&!C.D+'C!()#(!#II'&I'0#(C!0.N'#D('+/(+'C^!0./1+E0.,!>-"^!0D!0.!I1#/C!(&!D+II&'(!()C!EC10GC'3!&N!

ECGC1&I$C.(!#/'&DD!()C!H&'&+,)S!:\Q! "&!C./&+'#,C!#/(0GC!#.E!)C#1()0C'!10NCD(31CD!H3!I'&G0E0.,!#!.C(%&'X!&N!)0,)!F+#10(3^!#//CDD0H1C!

,'CC.!#.E!H1+C!10.X#,CD!#.E!&IC.!DI#/CD!#.E!N&'$#1!0.E&&'!#.E!&+(E&&'!'C/'C#(0&.!N#/010(0CD!()#(!$CC(!0EC.(0N0CE!.CCE!#.E!10.X!.C0,)H&+')&&ED!(&!C#/)!&()C'!#.E!()C!%0EC'!/&+.('3D0ECS!

:\P! "&!I'&(C/(!#.E!C.)#./C!D(#(+(&'3!#.E!.&.]D(#(+(&'3!#'C#D!&N!.#(+'C!/&.DC'G#(0&.^!C/&1&,0/#1!.C(%&'XD!#.E!1#.ED/#IC!G#1+C!&.!()C!E&&'D(CI!&N!"#$%&'()!'CD0EC.(D^!N&'!()C0'!H0&E0GC'D0(3^!,C&1&,0/#1^!)0D(&'0/#1!#.E!G0D+#1!G#1+C!#.E!N&'!()C!&II&'(+.0(0CD!()C3!I'&G0EC!N&'!CE+/#(0&.!#.E!1C0D+'CS!

:\K! "&!I'&(C/(!#.E!C.)#./C!)0D(&'0/!#DDC(D!H3!C.D+'0.,!()#(!I'&I&D#1D!N&'!/)#.,C!'CDIC/(!()C!)0D(&'0/!/)#'#/(C'!&N!()C!H&'&+,)!0./1+E0.,!D('CC(!1#3&+(^!D+'G0G0.,!)0D(&'0/!H+01E0.,D^!D('CC(!N+'.0(+'C^!#'/)#C&1&,3!#.E!&IC.!DI#/CDS!

:\65! "&!/'C#(C!D#NC^!)0,)!F+#10(3!I1#/CD!()#(!EC10GC'!D+D(#0.#H1C!.C0,)H&+')&&ED!#.E!'CN1C/(!]D/#1C!#.E!E&$CD(0/!/)#'#/(C'!+D0.,!#!H1C.E!&N!('#E0(0&.#1!#.E!0..&G#(0GC!

ECD0,.!(C/).0F+CDS!:\66! "&!$0.0$0DC!()C!/#+DCD!#.E!#E#I(!(&!()C!CNNC/(D!&N!/10$#(C!/)#.,C!H3!C./&+'#,0.,!)0,)!

D(#.E#'ED!&N!C.C',3!CNN0/0C./3^!D+D(#0.#H1C!+DC!&N!'CD&+'/CD!#.E!+DC!&N!1&%!/#'H&.T'C.C%#H1C!C.C',3!(C/).&1&,0CDS!

:\64! "&!I'&$&(C!D+D(#0.#H1C!('#.DI&'(!$&ECD!N&'!#11!_&+'.C3D!H3!0$I'&G0.,!%#1X0.,^!/3/10.,!#.E!I+H10/!('#.DI&'(!N#/010(0CD!()'&+,)&+(!()C!*&'&+,)!#.E!(&!.C0,)H&+'0.,!#'C#D!#.E!HC3&.ES!

!4%()2+WKT>+C/3-%$&(&)&$*+/0+#$.%$2_&7+#-%$&%)+/(A27$&=2#+5&$1+!,+/(A27$&=2#+ + !$.%$2_&7+!-%$&%)+8.&/.&$&2#+

!,+D(A27$&=2+ !8G+ !8N+ !8S+ !8T+ !8U+ !8[+ !8V+ !8W+ !8X+ !8GY+ !8GG+ !8GN+

6S! ! ! ! ! ! ! ! ! ! ! ! !

4S! ! ! ! ! ! ! ! ! ! ! ! !

YS! ! ! ! ! ! ! ! ! ! ! ! !

ZS! ! ! ! ! ! ! ! ! ! ! ! !

7S! ! ! ! ! ! ! ! ! ! ! ! !

OS! ! ! ! ! ! ! ! ! ! ! ! !

QS! ! ! ! ! ! ! ! ! ! ! ! !

PS! ! ! ! ! ! ! ! ! ! ! ! !

KS! ! ! ! ! ! ! ! ! ! ! ! !

65S! ! ! ! ! ! ! ! ! ! ! ! !

66S! ! ! ! ! ! ! ! ! ! ! ! !

64S! ! ! ! ! ! ! f! f! ! ! f! !

6YS! ! ! ! ! ! ! ! ! ! ! ! !

6ZS! ! ! ! ! f! ! ! ! ! f! ! !

67S! ! ! ! ! ! ! f! ! ! f! ! !

6OS! ! ! ! ! ! ! ! ! ! ! ! !

6QS! ! ! ! ! ! ! ! ! ! ! ! !

6PS! ! ! ! ! ! ! ! ! ! ! ! !

!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

ZZ!

<&!0./&$I#(0H010(0CD!HC(%CC.!:W!&H_C/(0GCD!#.E!()C!:('#(C,0/!:I#(0#1!;H_C/(0GCD!%C'C!N&+.ES!!W1$&D(!#11!()C!:W!&H_C/(0GCD!%C'C!#EE'CDDCE!0.!()C!:('#(C,0/!:I#(0#1!;H_C/(0GCD^!C.D+'0.,!()#(!()C!D+H$0DD0&.!=&/#1!\1#.!%011!D+II&'(!()C!:W!&H_C/(0GCDS!!;.13!0.!()C!/#DC!&N!()C!&H_C/(0GC!(&!$0.0$0DC!N1&&E!'0DX!%#D!()C'C!.&!/1C#'!0.E0/#(0&.!()#(!()0D!%&+1E!HC!#!I'0&'0(3!N&'!()C!=&/#1!\1#.S!!:('#(C,0/!:I#(0#1!;H_C/(0GCD!:\Q^!:\P!#.E!:\66!$#3!0.E0'C/(13!/&.('0H+(C!(&!'CE+/0.,!N1&&E!'0DX^!H+(!()C'C!0D!.&!CaI10/0(!&H_C/(0GC!(&!E&!D&S!!;H_C/(0GC!:\66!DCCXD!(&!$0.0$0DC!()C!/#+DCD!#.E!#E#I(!(&!()C!CNNC/(D!&N!/10$#(C!/)#.,C^!#.E!()0D!/&+1E!HC!C.)#./CE!H3!0./1+E0.,!#!'CNC'C./C!(&!()C!.CCE!(&!$0.0$0DC!N1&&E!'0DX^!I#'(0/+1#'13!#D!0(!0D!#!D0,.0N0/#.(!0DD+C!N&'!"#$%&'()S!!!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Z7!

X M;!4D:I+D9+4MJ+!J6JC4;DE+,E?+JOD6B4;DE+D9+D84;DE!+

!!

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`&11&%0.,!()0D!%0()E'#%#1^!()C!-&+./01!)#D!HCC.!ECGC1&I0.,!#!.C%!=&/#1!\1#.!%0()!.C%!DC(D!&N!&I(0&.DS!!")CDC!#'C!ECD/'0HCE!0.!:C/(0&.!65!&N!()0D!'CI&'(S!!")C!'C$#0.EC'!&N!()0D!DC/(0&.!ECD/'0HCD!()C!C#'10C'!ECGC1&I$C.(!#.E!CG&1+(0&.!&N!&I(0&.D!+.EC'!()C!%0()E'#%.!=&/#1!\1#.S!!

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e+:2_2'2.%$&/'+[0()0.!()C!+'H#.!#'C#!()C'C!#'C!#!'#.,C!&N!D0(CD!()#(!#'C!/&.D0EC'CE!(&!HC!I&(C.(0#113!D+0(#H1C!N&'!)&+D0.,!#.E!C$I1&3$C.(!ECGC1&I$C.(S!!:C1C/(0GC!'CECGC1&I$C.(!#.E!&NN0/C!I'&G0D0&.!%&+1E!HC!()C!N&/+D!&N!(&%.!/C.('C!'C.C%#1S!!")0D!&I(0&.!#DD+$CE!()#(!W.XC'!V#11C3!/#.!EC10GC'!P55!+.0(DS!!D-$&/'+N>+B.(%'+C/'$%&'32'$+%'@+,'`2.+O%))2*+;'$2'#&0&7%$&/'+")C!U&+D0.,!=#.E!WG#01#H010(3!WDDCDD$C.(!0EC.(0N0CE!()#(!H3!(#X0.,!()C!Ca0D(0.,!W.XC'!V#11C3!=&/#1!\1#.!#11&/#(0&.^!EC.D0(0CD!/&+1E!HC!0./'C#DCE!(&!N+113!#//&$$&E#(C!()C!'C$#0.0.,!'CF+0'C$C.(S!!J$I1&3$C.(!'CF+0'C$C.(D!%&+1E!HC!$C(!&.!#!$0a(+'C!&N!D0(CD!%0()0.!()C!+'H#.!#'C#!N&11&%0.,!()C!&+(/&$C!&N!N+'()C'!%&'XS!!:C1C/(0GC!'CECGC1&I$C.(!#.E!&NN0/C!I'&G0D0&.!%&+1E!HC!()C!N&/+D!&N!(&%.!/C.('C!'C.C%#1S!!D-$&/'+S>+F.22'0&2)@+B.(%'+Ja$2'#&/'#+")0D!&I(0&.!D&+,)(!(&!1&/#(C!)&+D0.,!&.!#!,'CC.N0C1E!D0(C!(&!()C!.&'()!&N!()C!(&%.!H3!Ca(C.E0.,!()C!Ca0D(0.,!W.XC'!V#11C3!=&/#1!\1#.!#11&/#(0&.S!!J$I1&3$C.(!%&+1E!HC!1&/#(CE!&.!,'CC.N0C1E!D0(CD!0.!#.E!#E_#/C.(!(&!Ca0D(0.,!C$I1&3$C.(!#'C#D!/1&DC!(&!()C!W7S!!:C1C/(0GC!'CECGC1&I$C.(!#.E!&NN0/C!I'&G0D0&.!%011!HC!()C!N&/+D!&N!(&%.!/C.('C!'C.C%#1S!!D-$&/'+T>+F.22'0&2)@+%'@+F.22'+Q2)$+B.(%'+Ja$2'#&/'#+")0D!&I(0&.!D&+,)(!(&!1&/#(C!)&+D0.,!&.!,'CC.!HC1(!D0(CD!(&!()C!D&+()!&N!()C!(&%.!0.!()C!@&D()011!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6Q!"#$%&'()!-&'C!:('#(C,3!@CGC1&I$C.(!\1#.!@&/+$C.(!455O]454O!>DD+CD!#.E!;I(0&.D!9CI&'(^!"#$%&'()!*&'&+,)!-&+./01^!B#'/)!455P!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

ZO!

#.E!U&/X1C3!#'C#DS!!")0D!&I(0&.!#DD+$CE!()#(!()C!Ca0D(0.,!P55!+.0(D!#11&/#(CE!#(!W.XC'!V#11C3!/&+1E!HC!EC10GC'CES!!J$I1&3$C.(!%&+1E!HC!1&/#(CE!&.!,'CC.N0C1E!D0(CD!0.!#.E!#E_#/C.(!(&!Ca0D(0.,!C$I1&3$C.(!#'C#D!/1&DC!(&!()C!W7S!!:C1C/(0GC!'CECGC1&I$C.(!#.E!&NN0/C!I'&G0D0&.!%&+1E!HC!()C!N&/+D!&N!(&%.!/C.('C!'C.C%#1S!!")C!&I(0&.!#DD+$CE!()#(!,'CC.!HC1(!'C1C#DC!$#3!HC!#II'&I'0#(C!0.!Ca/CI(0&.#1!/0'/+$D(#./CDS!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

! ! ZQ!

4%()2+XKG>+:2%#/'+0/.+#2)27$&/'+/0+/-$&/'#+!D-$&/'+ :2%#/'+0/.+#2)27$&/'+/0+/-$&/'+ !"#$%&'%(&)&$*+,--.%&#%)+7/332'$#+;I(0&.!6L!8'H#.!-&.(#0.$C.(!j!9C,C.C'#(0&.!

")0D!&I(0&.!)#E!()C!$&D(!I&(C.(0#1!N&'!()C!+'H#.!#'C#!(&!'C$#0.!/&$I#/(S!!>(!/&+1E!EC10GC'!,'&%()!0.!#'C#D!()#(!.CCE!'C,C.C'#(0&.^!#.E!)&+D0.,!#.E!C$I1&3$C.(!%&+1E!HC!I'&G0ECE!0.!#//CDD0H1C!1&/#(0&.DS!!")C!(&%.!/C.('C!%&+1E!HC!0$I'&GCE!()'&+,)!DC1C/(0GC!'CECGC1&I$C.(!#.E!0./'C#DCE!H+D0.CDD!/&.N0EC./CS!!U&%CGC'!()0D!&I(0&.!$#3!1C#E!(&!#!1&DD!&N!,'CC.!DI#/CD^!'CE+/0.,!H0&E0GC'D0(3!#.E!10$0(0.,!&II&'(+.0(0CD!N&'!)C#1()3!10G0.,S!!9CD0EC.(0#1!#$C.0(3!/&+1E!HC!'CE+/CE!#.E!/&.,CD(0&.!/&+1E!,C(!%&'DC^!I#'(0/+1#'13!#'&+.E!VC.(+'#!#D!IC&I1C!('3!(&!#//CDD!'C(#01!N#/010(0CDS!

\&D0(0GC!0$I#/(D!0./1+EC!$0.0$#1!+'H#.!CaI#.D0&.!#.E!#H010(3!(&!+(010DC!Ca0D(0.,!#.E!I1#..CE!DC'G0/CD!#.E!N#/010(0CDS!!@CGC1&I$C.(!%&+1E!#DD0D(!0.!'CE+/0.,!ECI'0G#(0&.!#.E!%&+1E!$0.0$0DC!N1&&E!'0DX!H3!.&(!D0,.0N0/#.(13!#EE0.,!(&!()C!#$&+.(!&N!0$IC'$C#H1C!D+'N#/CDS!!"&%.!/C.('C!'C.C%#1!%&+1E!HC!#/)0CGCE!#.E!0(!%&+1E!'CE+/C!()C!.CCE!(&!('#GC1!#.E!+(010DC!Ca0D(0.,!('#.DI&'(!0.N'#D('+/(+'CS!!")C!$#0.!.C,#(0GC!0$I#/(!%#D!()C!10$0(CE!#H010(3!(&!I'&G0EC!)&+D0.,!.CCED!#.E!(&!I'&G0EC!#!'#.,C!&N!C$I1&3$C.(!D0(CD!E+C!(&!/&.D('#0.(D!&.!()C!D0hC!#.E!D)#IC!&N!D&$C!H'&%.N0C1E!D0(CDS!!")C'C!/&+1E!#1D&!HC!,'C#(C'!I'CDD+'C!(&!ECGC1&I!+'H#.!,'CC.!DI#/CD!#.E!#!D0$01#'!.C,#(0GC!0$I#/(!&.!()C!)0D(&'0/!C.G0'&.$C.(S!

;I(0&.!4L!8'H#.!-&.(#0.$C.(!#.E!W.XC'!V#11C3!>.(C.D0N0/#(0&.!

")0D!&I(0&.!)#D!()C!I&(C.(0#1!N&'!()C!(&%.!(&!'C$#0.!/&$I#/(S!![)01D(!()0D!&I(0&.!%&+1E!0.G&1GC!()C!1&DD!&N!,'CC.N0C1E!1#.E^!0(!%&+1E!I'CGC.(!N+'()C'!,'CC.N0C1E!'C1C#DC!#.E!D&+,)(!(&!CNN0/0C.(13!ECGC1&I!#.!Ca0D(0.,!D0(CS!>(!/#.!EC10GC'!,'&%()!0.!#'C#D!()#(!.CCE!'C,C.C'#(0&.S!!U&+D0.,^!C$I1&3$C.(!#.E!(&%.!/C.('C!N#/010(0CD!%&+1E!HC!I'&G0ECE!0.!#//CDD0H1C!1&/#(0&.DS!!")C!D/#1C!&N!()C!ECGC1&I$C.(!%&+1E!C.D+'C!()C!0./&'I&'#(0&.!&N!#II'&I'0#(C!N#/010(0CD!#.E!#!$0a!&N!)&+D0.,S!!")C!I'&a0$0(3!&N!()C!ECGC1&I$C.(!(&!()C!&IC.!/&+.('3D0EC!%&+1E!I'&G0EC!&II&'(+.0(0CD!N&'!/&$$+.0(0CD!(&!HC!N0(!#.E!)C#1()3S!!")C'C!0D!I&(C.(0#1!(&!0$I'&GC!I+H10/!('#.DI&'(!(&!'CE+/C!/#'!/&$$+(0.,!(&!#.E!N'&$!"#$%&'()S!

\&D0(0GC!0$I#/(D!0./1+EC!$0.0$0D0.,!+'H#.!CaI#.D0&.!#.E!$#X0.,!CNN0/0C.(!+DC!&N!#G#01#H1C!1#.ES!!:&$C!+'H#.!ECGC1&I$C.(!%&+1E!)C1I!(&!(#/X1C!ECI'0G#(0&.^!%)01D(!$&'C!ECGC1&I$C.(!0.!()C!W.XC'!V#11C3!%&+1E!)C1I!(&!$CC(!)&+D0.,!.CCEDS!!")C!&I(0&.!D)&+1E!C.#H1C!CF+#1!#//CDD!(&!/&$$+.0(3!DC'G0/CD!#.E!N#/010(0CD!#.E!#/)0CGC!(&%.!/C.('C!'C.C%#1S!!9C(#0.0.,!#!/&$I#/(!+'H#.!N&'$!%&+1E!'CE+/C!()C!.CCE!(&!('#GC1!#.E!%&+1E!+(010DC!Ca0D(0.,!0.N'#D('+/(+'CS!!>./'C#DCE!ECGC1&I$C.(!#(!W.XC'!V#11C3!D)&+1E!C.#H1C!/&.D0EC'#(0&.!&N!C.C',3!CNN0/0C.(!ECD0,.!#(!()C!&+(DC(S!!<C,#(0GC!0$I#/(D!0./1+EC!0./'C#DCE!N1&&E!'0DX!0.!()C!W.XC'!G#11C3!N1&&EI1#0.!#.E!10$0(CE!D/&IC!(&!I'&G0EC!#!'#.,C!&N!C$I1&3$C.(!D0(CDS!

;I(0&.!YL!?'CC.N0C1E!8'H#.!Ja(C.D0&.D!!

")0D!&I(0&.!0D!.&(!#H&+(!/&.(#0.$C.(!HC/#+DC!0(!%&+1E!1C#E!(&!"#$%&'()!DI'C#E0.,!+I!(&!0(D!H&+.E#'3!&.!,'CC.N0C1E!D0(CDS!!>(!%&+1E^!)&%CGC'^!EC10GC'!%C11]ECD0,.CE!.C%!/&$$+.0(0CD!%0()!,&&E!#//CDD!(&!N#/010(0CD^!()C!(&%.!/C.('C!#.E!()C!/&+.('3D0ECS!!>(!%&+1E!E&!10((1C!(&!'C,C.C'#(C!ECI'0GCE!I#'(D!&N!"#$%&'()!#.E!()C'C!%&+1E!HC!0DD+CD!D+''&+.E0.,!0.N'#D('+/(+'C^!I#'(0/+1#'13!)0,)%#3D!0.(&!#.E!&+(!&N!"#$%&'()!N'&$!()C!.&'()S!!")C'C!0D!

;I(0&.!Y!&NNC'D!,'C#(C'!D/&IC!(&!$CC(!)&+D0.,!.CCED!#.E!(&!/'C#(C!#!E0GC'DC!#.E!/&$IC(0(0GC!C/&.&$3S!!"&%.!/C.('C!'C.C%#1!%&+1E!HC!#/)0CGCE!#.E!()C'C!%&+1E!HC!1CDD!I'CDD+'C!(&!ECGC1&I!+'H#.!,'CC.!DI#/CDS!!>(!%&+1E!#1D&!C.D+'C!C.C',3!CNN0/0C.(!ECD0,.!HC/#+DC!&N!0./'C#DCE!#//&$$&E#(0&.!N&'!ECGC1&I$C.(!#(!W.XC'!V#11C3S!!")C!.C,#(0GC!0$I#/(D!'C1#(C!(&!#EE0(0&.#1!,'CC.N0C1E!1#.E!(#XC!#.E!Ca(C.E0.,!ECGC1&I$C.(!N+'()C'!0.(&!()C!&IC.!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

! ! ZP!

I&(C.(0#1!(&!0$I'&GC!I+H10/!('#.DI&'(!(&!'CE+/C!/#'!/&$$+(0.,!(&!#.E!N'&$!"#$%&'()S!

/&+.('3D0ECS!!>(!E&CD!.&(!'CI'CDC.(!D+/)!#.!CNN0/0C.(!+DC!&N!1#.E!#.E!$#3!0./'C#DC!N1&&E!'0DX!0.!()C!W.XC'!V#11C3!N1&&EI1#0.S!!B&'C!ECGC1&I$C.(!(#X0.,!I1#/C!#%#3!N'&$!()C!(&%.!/C.('C!#.E!$#0.!+'H#.!#'C#!%011!0./'C#DC!()C!.CCE!(&!('#GC1S!!")C'C!$#3!HC!I'CDD+'C!&.!Ca0D(0.,!.#(+'C!/&.DC'G#(0&.!D0(CD!#.E!()C!/)#'#/(C'!#.E!DC((0.,!&N!()C!W$0.,(&.!U#11!/&.DC'G#(0&.!#'C#!#.E!()C!10D(CE!H+01E0.,DS!

;I(0&.!ZL!?'CC.N0C1E!#.E!?'CC.!*C1(!8'H#.!Ja(C.D0&.D!

")0D!&I(0&.!0D!.&(!#H&+(!/&.(#0.$C.(!HC/#+DC!0(!%&+1E!1C#E!(&!"#$%&'()!DI'C#E0.,!0.(&!#E_&0.0.,!E0D('0/(DS!!>(!%&+1E^!)&%CGC'^!EC10GC'!%C11!ECD0,.CE!.C%!/&$$+.0(0CD!%0()!,&&E!#//CDD!(&!N#/010(0CD!#.E!()C!/&+.('3D0ECS!!>(!%&+1E!E&!10((1C!(&!'C,C.C'#(C!ECI'0GCE!I#'(D!&N!"#$%&'()!#.E!()C'C!%&+1E!HC!0DD+CD!D+''&+.E0.,!0.N'#D('+/(+'C^!I#'(0/+1#'13!)0,)%#3D!0.!()C!@&D()011!#'C#!#.E!'&+(CD!(&!#.E!N'&$!()C!('+.X!'&#ED!#.E!()C!(&%.!/C.('CS!!")C'C!0D!I&(C.(0#1!(&!0$I'&GC!I+H10/!('#.DI&'(!(&!'CE+/C!/#'!/&$$+(0.,!(&!#.E!N'&$!"#$%&'()S!

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a(C.E0.,!ECGC1&I$C.(!N+'()C'!0.(&!()C!&IC.!/&+.('3D0ECS!!W!D0,.0N0/#.(!I&0.(!0D!()#(!()C!1#.E!&+(D0EC!()C!+'H#.!#'C#!0.!()C!D&+()!&N!()C!*&'&+,)!0D!#1D&!0.!()C!,'CC.!HC1(S!!U&+D0.,!D0(CD!%&+1E!HC!1&/#(CE!N+'()C'!N'&$!()C!(&%.!/C.('C^!%)0/)!0$I10CD!#EE0(0&.#1!('#GC1!.CCED^!I#'(0/+1#'13!%0()!'C,#'ED!(&!0./'C#DCE!/#'!+DCS!

!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

! ! ZK!

XKS D84;DE!+:J8D:4+NYYX+!`&11&%0.,!/&.D+1(#(0&.!&.!()C!>DD+CD!#.E!;I(0&.D!9CI&'(^!()C!-&+./01!I'&E+/CE!#.!;I(0&.D!9CI&'(6P!0.!`CH'+#'3!455K!%)0/)!0EC.(0N0CE!()C!I'CNC''CE!DI#(0#1!&I(0&.!N&'!1&/#(0.,!N+(+'C!ECGC1&I$C.(S!!")C!&I(0&.D!%)0/)!)#E!HCC.!0EC.(0N0CE!0.!()C!>DD+CD!#.E!;I(0&.D!9CI&'(!(&!N#/010(#(C!,'&%()!H'&+,)(!#!$0aCE!'CDI&.DC^!N'&$!#!'#.,C!&N!'CI'CDC.(#(0&.D!D+/)!()#(!.&!/&.DC.D+D!%#D!CG0EC.(!N&'!#.3!&.C!&I(0&.S!!")C!;I(0&.D!9CI&'(!D(#(CE!()#(^!N'&$!#!I'#,$#(0/!I&0.(!&N!G0C%!#.E!)#G0.,!'C,#'E!(&!()C!N#/(!()#(!0(!0D!,C.C'#113!#//CI(CE!()#(!"#$%&'()!)#D!10$0(CE!&II&'(+.0(0CD!(&!$CC(!#11!.C%!ECGC1&I$C.(!'CF+0'C$C.(D^!()C'C!#IIC#'CE!(&!HC!&.13!&.C!/&$$&.!DC.DC!#II'&#/)^!#.E!()#(!%#D!()#(!/&.D0EC'#(0&.D!'C1#(0.,!(&!ECGC1&I$C.(!&II&'(+.0(0CD!D)&+1E!HC!H#DCE!&.!#!DCF+C.(0#1!#II'&#/)^!)#G0.,!'C,#'E!(&!G0#H010(3!#.E!EC10GC'3!0DD+CDS!!")C!'C#D&.D!N&'!()0D!I'CNC''CE!DI#(0#1!&I(0&.!%C'C!,0GC.!#D!N&11&%DS!!>(!%#D!D(011!,&GC'.$C.(!#.E!'C,0&.#1!I&10/3!()#(!%)C'CGC'!I&DD0H1C!I'CG0&+D13!+DCE!1#.E!D)&+1E!HC!H'&+,)(!0.(&!#/(0GC!+DCS!!")C'CN&'C!/&.D0EC'#(0&.!D)&+1E!N0'D(!HC!,0GC.!(&!+'H#.!/&.(#0.$C.(S!!>N!()0D!/#..&(!HC!D)&%.!(&!EC10GC'!()C!,'&%()!'CF+0'C$C.(D^!()C.!,'CC.N0C1E!+'H#.!Ca(C.D0&.D!D)&+1E!HC!/&.D0EC'CES!!>N!()C'C!D(011!'C$#0.D!#!D)&'(N#11!()C.!()C!&.13!&()C'!&I(0&.!%0()0.!()C!*&'&+,)!%&+1E!HC!?'CC.!*C1(S!!U&%CGC'^!)#G0.,!'C,#'E!(&!()C!D(#(+D!&N!()C!?'CC.!*C1(!#(!.#(0&.#1!#.E!'C,0&.#1!1CGC1^!#!'&H+D(!/#DC!%&+1E!)#GC!(&!HC!$#EC!(&!'C1C#DC!?'CC.!*C1(!1#.E!%0()0.!()C!*&'&+,)!N&'!ECGC1&I$C.(S!!>N!()0D!/&+1E!.&(!HC!D+D(#0.CE!#.E!()C'C!%#D!D(011!#!D)&'(N#11!()C.!()C!&.13!&I(0&.!%&+1E!HC!()#(!()C!'CF+0'CE!ECGC1&I$C.(!%&+1E!)#GC!(&!HC!I'&G0ECE!&+(D0EC!&N!()C!*&'&+,)S!!!")C!;I(0&.D!9CI&'(!DC(!&+(!D/C.#'0&D!N&'!()C!E0D('0H+(0&.!&N!ECGC1&I$C.(!#D!D)&%.!0.!()C!N&11&%0.,!(#H1CS!!4%()2+XKN>+412+#2b"2'$&%)+%--./%71+$/+1/"#&'_+@2)&=2.*+!D-$&/'+ E"3(2.+/0+@52))&'_#+ J3-)/*32'$+

c1%d+:2$%&)+%'@+/00&72#+c3Nd+

! W.XC'!V#11C3!1#.E!0D!EC10GC'#H1C!

W.XC'!V#11C3!0D!.&(!EC10GC'#H1C!

?'CC.!*C1(!1#.E!0D!.&(!G0#H1C!

! !

8'H#.!/&.(#0.$C.(!

6K75! 6K75! 6K75! YY! O7^555!

?'CC.N0C1E! K75! 5! 5! K! 5!?'CC.!HC1(! 5! K75! 5! 5! 5!;+(D0EC!*&'&+,)!

5! 5! K75! 5! 5!

!")C!#EG#.(#,CD!&N!()0D!#II'&#/)!%C'C!0EC.(0N0CE!0.!()C!;I(0&.D!9CI&'(!#DL!! >(!N&/+DCD!ECGC1&I$C.(!0.!()C!CD(#H10D)CE!+'H#.!N#H'0/!&N!()C!*&'&+,)d!! >(!$#a0$0DCD!()C!+DC!&N!Ca0D(0.,!0.N'#D('+/(+'Cd!! >(!D+II&'(D!'C,C.C'#(0&.!&II&'(+.0(0CDd!#.E!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6P!"#$%&'()!-&'C!:('#(C,3!@CGC1&I$C.(!\1#.!@&/+$C.(!;I(0&.D!9CI&'(^!"#$%&'()!*&'&+,)!-&+./01^!`CH'+#'3!455K!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

! ! 75!

>(!#//&'ED!%0()!.#(0&.#1!#.E!'C,0&.#1!,+0E#./C!0.!/&.(#0.0.,!ECGC1&I$C.(!0.!()C!+'H#.!#'C#S!

!XKT 8:D8D!J?+!8,4;,6+!4:,4JFI+NYYX+

!>.!;/(&HC'!455K^!()C!-&+./01!I+H10D)CE!0(D!I'&I&DCE!DI#(0#1!D('#(C,36KS!!")0D!D(#(CE!()#(!'CF+0'C$C.(D!N&'!)&+D0.,^!C$I1&3$C.(!#.E!&NN0/C!ECGC1&I$C.(!%&+1E!HC!#//&$$&E#(CE!%0()0.!()C!*&'&+,)!H&+.E#'3^!()'&+,)!#!/&$H0.#(0&.!&N!DC.D0(0GC!+'H#.!/&.(#0.$C.(!#.E!

#,C!#.E!H0&E0GC'D0(3!#DDC(DS!!WD!()C!)C#'(!&N!()C!*&'&+,)^!()C!(&%.!/C.('C!%&+1E!HC!()C!N&/+D!&N!$0aCE!+DC!'C,C.C'#(0&.!#.E!C/&.&$0/!ECGC1&I$C.(S!!<C%!'C(#01!,'&%()!%&+1E!HC!#//&$$&E#(CE!()'&+,)!(%&!D('#(C,0/!#11&/#(0&.DS!!;NN0/C!,'&%()!%&+1E!#1D&!HC!#//&$$&E#(CE!#.E!0$I'&GC$C.(D!$#EC!(&!()C!I+H10/!'C#1$!0.!&'EC'!(&!0$I'&GC!()C!F+#10(3!&N!()C!G0D0(&'!CaIC'0C./CS!!")C'C!%&+1E!HC!0$I'&GCE!10.X#,CD!(&!()C!&+(!&N!(&%.!'C(#01!I#'XD!D&!()#(!()C!(%&!D)&II0.,!#'C#D!#'C!/&$I1C$C.(#'3!(&!C#/)!&()C'S!!>$I'&GC$C.(D!%&+1E!#1D&!HC!$#EC!(&!XC3!,#(C%#3D!0.(&!()C!(&%.!/C.('CS!!<C%!)&+D0.,!(&!$CC(!()C!.CCED!&N!"#$%&'()!'CD0EC.(D!0.!()C!D)&'(!#.E!$CE0+$!(C'$!%&+1E!HC!I'&G0ECE!%0()0.!()C!Ca0D(0.,!+'H#.!#'C#^!I'0$#'013!&.!I'CG0&+D13!ECGC1&ICE!1#.E!#.E!0.!()C!N&'$!&N!#!D+D(#0.#H1C!+'H#.!Ca(C.D0&.!0.!()C!W.XC'!V#11C3!#D!#!D('#(C,0/!D0(CS!!")0D!ECGC1&I$C.(!%&+1E!EC10GC'!#//CDD!0$I'&GC$C.(D!(&!()C!('#0.!D(#(0&.^!(&%.!/C.('C!#.E!()C!.C%!W/#EC$3!&.!()C!AJB:!D0(C!#.E!'CD(!&N!()C!=C#'.0.,!l&.C!G0#!()C!W.XC'!V#11C3!=0.X!9&#ES!!>.!()C!1&.,C'!(C'$^!D+D(#0.#H1C!D0(CD!&+(D0EC!()C!*&'&+,)!H&+.E#'3!

!!

XKTKG D-$&/'#+0/.+M/"#&'_+?2)&=2.*+

W!:('#(C,0/!U&+D0.,!=#.E!WG#01#H010(3!WDDCDD$C.(!0EC.(0N0CE!#!D0,.0N0/#.(!#$&+.(!&N!1#.E!D+0(#H1C!N&'!)&+D0.,!ECGC1&I$C.(S!!U&%CGC'^!N+'()C'!%&'X!&.!#G#01#H010(3!#.E!#/)0CG#H010(3!%#D!+.EC'(#XC.!0.!()C!"#$%&'()!`+(+'C!@CGC1&I$C.(!#.E!>.N'#D('+/(+'C!:(+E3!()#(!0EC.(0N0CE!/#I#/0(3!%0()0.!()C!+'H#.!#'C#!N&'!#(!1C#D(!#!N+'()C'!Z55!E%C110.,D!()#(!%C'C!/&.N0'$CE!#D!#G#01#H1C!#.E!EC10GC'#H1C!%0()0.!()C!N0'D(!65!3C#'D!&N!()C!I1#.S!!")0D!1CN(!#!'CD0E+#1!'CF+0'C$C.(!&N!#!$0.0$+$!&N!K6P!+.0(D!(&!HC!N&+.E!N'&$!&+(D0EC!()C!+'H#.!#'C#S!!")C!I'&I&DCE!DI#(0#1!D('#(C,3!%#D!(&!DCCX!HC(%CC.!K55!#.E!6675!E%C110.,D!0.!()C!W.XC'!V#11C3S!!")C!I'CNC''CE!#II'&#/)!&N!W.XC'!V#11C3!#.E!H'&%.N0C1E!ECGC1&I$C.(!%&+1E!#DD0D(!0.!'C,C.C'#(0.,!()C!+'H#.!#'C#D!#.E!%#D!HCD(!I1#/CE!(&!EC10GC'!()C!V0D0&.S!!")C!W.XC'!V#11C3!I'&I&D#1!%&+1E!0.(C'.#10DC!('0ID^!I'&G0EC!DC'G0/CD!#.E!N#/010(0CD!&.!D0(C!#.E!0$I'&GC!#//CDD0H010(3!(&!(&%.!/C.('C!#D!#!XC3!I+H10/!('#.DI&'(!.&ECS!!")C!W.XC'!V#11C3!D0(C!)#D!D+D(#0.#H010(3!#EG#.(#,CD!E+C!(&!0(D!1&/#(0&.!/1&DC!(&!XC3!('0I!ECD(0.#(0&.D^!0./1+E0.,!"#$%&'()!'#01%#3!D(#(0&.S!!>(!0D!#1D&!%0()0.!/1&DC!I'&a0$0(3!(&!1&/#1!CE+/#(0&.!N#/010(0CD!()#(!#'C!I'&I&DCE!N&'!

I'&,'#$$CS!!")0D!I'CNC''CE!#II'&#/)!)#D!HCC.!/#''0CE!N&'%#'E!(&!()C!ECGC1&I$C.(!&N!DI#(0#1!)&+D0.,!&I(0&.D!N&'!()C!/+''C.(!GC'D0&.!&N!()C!=&/#1!\1#.!MDCC!DC/(0&.!65S4!&N!()0D!'CI&'(RS!!")C!'C#D&.!&()C'!&I(0&.D!%C'C!'C_C/(CE!%C'C!#D!N&11&%DL!! -&.(#0.!ECGC1&I$C.(!%0()0.!()C!Ca0D(0.,!+'H#.!#'C#S!![)01D(!()0D!/&+1E!EC10GC'!I&D0(0GC!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6K!"#$%&'()!-&'C!:('#(C,3!@CGC1&I$C.(!\1#.!@&/+$C.(!455O]454O!\'&I&DCE!:I#(0#1!:('#(C,3^!"#$%&'()!*&'&+,)!-&+./01^!;/(&HC'!455K!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

! ! 76!

0$I#/(D!D+/)!#D!+(010D0.,!Ca0D(0.,!#.E!I1#..CE!DC'G0/CD!#.E!N#/010(0CD^!0(!%#D!/&.D0EC'CE!()#(!.&(!C.&+,)!EC10GC'#H1C!D0(CD!)#E!HCC.!0EC.(0N0CE!(&!#//&$$&E#(C!#11!&N!()C!'CF+0'CE!)&+D0.,!.+$HC'DS!!>(!%&+1E!D('+,,1C!(&!EC10GC'!()C!D('#(C,3!&N!('#.DI&'(!0$I'&GC$C.(D!0./1+E0.,!#EE0(0&.#1!I#'X0.,!N&'!D(#(0&.^!I+H10/!('#.DI&'(!#//CDD!(&!D(#(0&.!N&'!C#D(!&N!(&%.!#.E!I+H10/!('#.DI&'(!#//CDD!(&!W/#EC$3S!

! =&/#(C!ECGC1&I$C.(!(&!()C!:&+()!&N!()C!(&%.!&.!,'CC.!HC1(S!!")0D!D/&'CE!1CDD!%C11!0.!()C!

"#$%&'()!`+(+'C!@CGC1&I$C.(!#.E!>.N'#D('+/(+'C!:(+E3!#II'#0D#1!&N!D+D(#0.#H010(3!()#.!()C!W.XC'!V#11C3!&I(0&.S!!")0D!#'C#!0D!N+'()CD(!N'&$!()C!(&%.!/C.('C^!#.E!()C'C!#'C!NC%C'!&II&'(+.0(0CD!N&'!#//CDD0.,!()C!(&%.!/C.('C!H3!D+D(#0.#H1C!$&ECD!&N!('#GC1S!!>(!%&+1E!HC!+.10XC13!(&!)#GC!#!D0,.0N0/#.(!I&D0(0GC!0$I#/(!&.!'C,C.C'#(0&.!&N!()C!(&%.!/C.('CS!!>(!%&+1E!D('+,,1C!(&!EC10GC'!()C!D('#(C,3!&N!('#.DI&'(!0$I'&GC$C.(D!0./1+E0.,!#EE0(0&.#1!I#'X0.,!N&'!()C!D(#(0&.^!I+H10/!('#.DI&'(!#//CDD!(&!D(#(0&.!N&'!C#D(!&N!()C!(&%.!#.E!I+H10/!('#.DI&'(!#//CDD!(&!()C!W/#EC$3S!

!XKTKN D-$&/'#+0/.+J3-)/*32'$+6%'@+?2)&=2.*+

")C!\'&I&DCE!:I#(0#1!:('#(C,3!#1D&!0EC.(0N0CE!#!I'CNC''CE!&I(0&.!N&'!()C!1&/#(0&.!&N!C$I1&3$C.(!D0(CDS!!")C!-&+./01!%&+1E!I'&G0EC!Z4!)#!&N!.C%!C$I1&3$C.(!1#.E!()'&+,)!.C%!D0(CD!#.E!'CECGC1&I$C.(!&N!Ca0D(0.,!C$I1&3$C.(!#'C#D!(&!$CC(!0(D!'CF+0'C$C.(S!!<C%!C$I1&3$C.(!1#.E!%&+1E!HC!I'&G0ECE!#(!()C!N&11&%0.,!1&/#(0&.DL!! *0((C'D/&(C!<&'()!MOSY7!)#R! *0((C'D/&(C!:&+()!MKSQ!)#R! BZ4!2+./(0&.!MYSYZ!)#R! W$0.,(&.!J$I1&3$C.(!W'C#!M5SO!)#R! "#$C!V#11C3!J$I1&3$C.(!W'C#!M5SZ!)#R!!")C!'C$#0.0.,!'CF+0'C$C.(!%&+1E!HC!$C(!&.!'CECGC1&I$C.(!&N!Ca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

Ca0D(0.,!CD(#(CD!#D!()C'C!%&+1E!HC!.&!N&/+D!(&!'CECGC1&I!1#.E!()#(!0D!IC'N&'$0.,!I&&'13S!!")0D!/&+1E!1C#E!(&!#.!+.D+D(#0.#H1C!N&'$!&N!ECGC1&I$C.(!%)0/)!%&+1E!'CF+0'C!D0,.0N0/#.(!0.GCD($C.(!0.!.C%!0.N'#D('+/(+'CS!

! 4S!W11!.C%!C$I1&3$C.(!ECGC1&I$C.(!&.!Ca0D(0.,!C$I1&3$C.(!D0(CDS!![)01D(!()0D!%&+1E!

$#XC!HCD(!+DC!&N!I'CG0&+D13!ECGC1&ICE!1#.E^!0(!0D!+.10XC13!(&!HC!EC10GC'#H1C!&GC'!()C!I1#.!IC'0&ES!!>.!D&$C!/#DCD!0(!$#3!.&(!HC!G0#H1C!#(!I'CDC.(!(&!'CECGC1&I!D$#11C'!I#'/C1D!&N!1#.E!#.E!1#.E!#DDC$H13!$#3!HC!'CF+0'CE!%)0/)!%&+1E!(#XC!(0$CS!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

! ! 74!

!XKTKS 8/)&7*+/-$&/'#+

")C!\'&I&DCE!:I#(0#1!:('#(C,3!#1D&!0EC.(0N0CE!#!.+$HC'!&N!&I(0&.D!N&'!#II'&#/)CD!(&!()C!I&10/0CD!%0()0.!()C!\1#.S!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

! ! 7Y!

4%()2+XKS>+:2%#/'#+0/.+#2)27$&'_+/.+.2A27$&'_+-/)&7*+/-$&/'#+!8/)&7*+%.2%+ 8.202..2@+%'@+.2A27$2@+/-$&/'#+ :2%#/'+0/.+#2)27$&'_+/.+.2A27$&'_+/-$&/'+=&/#1!/C.('CD! B./1/../-,0=$'0&,

")C!-&+./01!%011!I'&(C/(!()C!.C(%&'X!&N!Ca0D(0.,!1&/#1!/C.('CD!N'&$!/)#.,CD!&N!+DC!()#(!%&+1E!'CD+1(!0.!()C!1&DD!&N!W6!/&.GC.0C./C!'C(#01!+.0(DS!

=&/#1!/C.('CD!I1#3!#!G0(#1!'&1C^!.&(!&.13!#D!I1#/CD!(&!D)&I!H+(!HC/#+DC!()C3!I'&G0EC!()C!&II&'(+.0(3!N&'!#!%0EC!'#.,C!&N!DC'G0/CD!(&!HC!EC10GC'CE!1&/#113!0.!I1#/CD!()#(!#'C!#//CDD0H13!H3!#!/)&0/C!&N!$C#.D!&N!('#.DI&'(S!!")C3!#'C!I#'(0/+1#'13!0$I&'(#.(!0.!ECI'0GCE!.C0,)H&+')&&ED!#.E!#'C#D!%0()!1&%!1CGC1D!&N!/#'!&%.C'D)0I!#D!'CD0EC.(D!/#.!#//CDD!H#D0/!DC'G0/CD!%0()0.!%#1X0.,!&'!/3/10.,!E0D(#./C!&'!H3!I+H10/!('#.DI&'(S!

8/C/3$/-,0=$'0&,\'&G0EC!.&!I'&(C/(0&.!(&!1&/#1!#.E!.C0,)H&+')&&E!/C.('CDS!

")0D!%&+1E!.&(!I'&G0EC!D+II&'(!N&'!'C(#0.0.,!DC'G0/CD!#.E!N#/010(0CD!N&'!.C0,)H&+')&&ED!#.E!/&+1E!1C#E!(&!#!1&DD!&N!DC'G0/CD!#.E!N#/010(0CDS!

?'CC.!DI#/C! B./1/../-,0=$'0&,")C!-&+./01!%011!I'&(C/(!#.E!D+II&'(!#!E0GC'DC!#.E!$+1(0]N+./(0&.#1!.C(%&'X!&N!,'CC.!DI#/C!#.E!%#(C'D/#IC!

")C'C!#'C!%0ECDI'C#E!1&/#1!ECN0/0C./0CD!0.!#11!(3ICD!&N!&IC.!DI#/C!#.E!()C'CN&'C!()C!-&+./01!$+D(!I'&(C/(!#D!$+/)!Ca0D(0.,!I'&G0D0&.!#D!I&DD0H1CS!!`+'()C'$&'C!()C!CG0EC./C!D+,,CD(D!()#(!#//CDD0H010(3!(&!Ca0D(0.,!&IC.!DI#/C!'CF+0'CD!0$I'&G0.,^!0./1+E0.,!HC((C'!D0,.#,C!(&!'#0DC!I+H10/!#%#'C.CDDS!

8/C/3$/-,0=$'0&,\'&G0EC!.&!I'&(C/(0&.!N&'!,'CC.!DI#/C^!DI&'(!#.E!'C/'C#(0&.S!!!

")0D!/&+1E!1C#E!(&!#!'CE+/(0&.!0.!()C!F+#10(3!#.E!F+#.(0(3!&N!,'CC.!DI#/C^!DI&'(!#.E!'C/'C#(0&.!%)0/)!/&+1E!0$I#/(!&.!)C#1()3!#.E!#/(0GC!/&$$+.0(0CDS!

:I&'(!#.E!'C/'C#(0&.!

B./1/../-,0=$'0&,")C!-&+./01!%011!I'&$&(C!#.E!I'&G0EC!#.!#II'&I'0#(C!.C(%&'X!&N!)0,)!F+#10(3!#//CDD0H1C!DI&'(!#.E!'C/'C#(0&.!

N+(+'C!I&I+1#(0&.S!!")0D!%&+1E!HC!#/)0CGCE!0.!I#'(!H3L! W11&/#(0.,!#!D0(C!N&'!#!.C%!$+1(0]I+'I&DC!/&$$+.0(3!

DI&'(D!/C.('C!#G#01#H1C!#(!#.!#//CDD0H1C!1&/#(0&.!(&%#'ED!()C!C#D(!&N!()C!*&'&+,)!0.!/1&DC!I'&a0$0(3!(&!ECI'0GCE!.C0,)H&+')&&EDS!

:#NC,+#'E0.,!#11!Ca0D(0.,!DI&'(!#.E!'C/'C#(0&.#1!N#/010(0CD^!0./1+E0.,!I1#30.,!I0(/)CD^!N'&$!1&DD!&'!E0DI1#/C$C.(!(&!&()C'D!+DCD!%)C'C!()C'C!0D!#!I'&GC.!#.E!Ca0D(0.,!.CCES!

")0D!%011!)C1I!(&!0$I'&GC!#.E!C.)#./C!&IC.!DI#/C^!DI&'(!#.E!'C/'C#(0&.!N#/010(0CD!#.E!H0&E0GC'D0(3^!#.E!D+II&'(!()C!I'&G0D0&.!&N!/&.GC.0C.(!#.E!#//CDD0H1C!DC'G0/CD!#.E!N#/010(0CDS!

8/C/3$/-,0=$'0&,W.!#1(C'.#(0GC!1&/#(0&.!N&'!#!.C%!/&$$+.0(3!1C0D+'C!/C.('CS!!!

")0D!/&+1E!1C#E!(&!#!1CDD!D+D(#0.#H1C!N&'$!&N!ECGC1&I$C.(!#D!0(!/&+1E!HC!1CDD!#//CDD0H1C!(&!#!,'C#(C'!.+$HC'!&N!IC&I1CS!

@CD0,.! B./1/../-,0=$'0&, ")C!I&10/3!#0$D!(&!'#0DC!()C!D(#.E#'E!&N!.C%!ECGC1&I$C.(!H3!C.D+'0.,!()#(!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

! ! 7Z!

<C%!ECGC1&I$C.(!D)&+1E!HC!ECD0,.CE!(&!#!)0,)!D(#.E#'E!#.E!/&.('0H+(C!(&!()C!/'C#(0&.!&N!#!)0,)!F+#10(3!D+D(#0.#H1C!C.G0'&.$C.(!()#(!%011!0$I'&GC!()C!0$#,C!&N!()C!*&'&+,)S!

ECGC1&IC'D!(#XC!0.(&!/&.D0EC'#(0&.!()C!I'0./0I1CD!&N!D+D(#0.#H1C!ECD0,.S!>.!E&0.,!D&^!"#$%&'()!%011!HC/&$C!#!(&%.!()#(!0D!'C/&,.0DCE!N&'!0(D!)0,)!F+#10(3!(&%.!/C.('C!#.E!D+''&+.E0.,!.C0,)H&+')&&EDS!U0,)!F+#10(3!D+D(#0.#H1C!ECD0,.!%011!#(('#/(!0.GCD($C.(!#.E!G0D0(&'D!#.E!/'C#(C!#!D#(0DN30.,!I1#/C!(&!10GCS!

8/C/3$/-,0=$'0&,D,9C13!&.!.#(0&.#1!I&10/3!#.E!HCD(!I'#/(0/C^!E&!.&(!)#GC!#!1&/#1!I&10/3!

<#(0&.#1!I&10/3!I'&G0ECD!Ca/C11C.(!XC3!I'0./0I1CD!H+(!E&CD!.&(!#11&%!N&'!1&/#1!/0'/+$D(#./CDS!>.!&'EC'!(&!I'&G0EC!$C#.0.,N+1!I&10/0CD!0(!0D!CDDC.(0#1!(&!H#DC!I&10/3!&.!1&/#1!/)#'#/(C'0D(0/DS!

8/C/3$/-,0=$'0&,E,:C(!DIC/0N0/!ECD0,.!D(#.E#'ED!0./1+E0.,!*+01E0.,!N&'!=0NC!#.E!=0NC(0$C!U&$CD!

")CDC!D/)C$CD!I'CDC.(!/'0(C'0#!N&'!.C%!ECGC1&I$C.(!()#(!(#XC!0.(&!#//&+.(!I)3D0/#1^!D&/0#1!#.E!C.G0'&.$C.(#1!/&.D0EC'#(0&.DS!!>(!0D!.&(!/&.D0EC'CE!.C/CDD#'3!(&!'CF+0'C!#E)C'C./C!(&!()C!D/)C$CD!()C$DC1GCD^!#.E!()C!I'0./0I1CD!/#.!HC!/&.GC3CE!0.!H'&#EC'!I&10/3!/'0(C'0#S!!")C3!&.13!#II13!(&!)&+D0.,S!

UC'0(#,C! B./1/../-,0=$'0&,")C!-&+./01!%011!D#NC,+#'E!#.E!I'&$&(C!C.)#./C$C.(!&N!)0D(&'0/!#DDC(D!#.E!()C!/)#'#/(C'!#.E!DC((0.,!&N!#'C#D!&N!#/X.&%1CE,CE!0$I&'(#./C^!0./1+E0.,!D(#(+(&'013!#.E!1&/#113!10D(CE!H+01E0.,D^!/&.DC'G#(0&.!#'C#D^!D/)CE+1CE!#./0C.(!$&.+$C.(D!#.E!#'/)#C&1&,0/#1!'C$#0.DS!

")0D!I&10/3!DCCXD!(&!C.D+'C!()#(!D0(CD!#.E!#'C#D!&N!D0,.0N0/#.(!)C'0(#,C!G#1+C!#'C!D#NC,+#'ECE!N&'!()C!N+(+'C!#.E!%)C'C!I&DD0H1C!C.)#./CE^!#D!I#'(!&N!%0EC'!'C,C.C'#(0&.!I'&I&D#1DS!-&.DC'G#(0&.!#'C#D^!D(#(+(&'013!10D(CE!H+01E0.,D!#.E!D/)CE+1CE!$&.+$C.(D!#'C!#1'C#E3!I'&(C/(CE!H3!1C,0D1#(0&.!#.E!()C'C!0D!()C'CN&'C!&.13!#!.CCE!(&!0.('&E+/C!I&10/3!N&'!0DD+CD!()#(!#'C!.&(!/&GC'CE!H3!1C,0D1#(0&.!&'!)0,)C'!1CGC1!I&10/3!()#(!)#GC!HCC.!0EC.(0N0CE!#D!1&/#113!0$I&'(#.(S!

8/C/3$/-,0=$'0&,9C13!&.!.#(0&.#1!I&10/3^!E&!.&(!)#GC!#!1&/#1!I&10/3!

<#(0&.#1!I&10/3!/#.!&.13!I'&G0EC!GC'3!H'&#E!,+0E0.,!I'0./0I1CD!#.E!'CF+0'CD!1&/#1!I1#..0.,!#+()&'0(0CD!(&!E'#N(!1&/#1!I&10/0CD!(&!EC#1!%0()!1&/#1!/0'/+$D(#./CDS!

-&.DC'G#(0&.!#'C#D!

B./1/../-,0=$'0&,@CGC1&I$C.(!%0()0.!&'!#NNC/(0.,!()C!DC((0.,!&N!#!/&.DC'G#(0&.!#'C#!%011!&.13!HC!IC'$0((CE!%)C'C!0(!I'CDC'GCD!&'!C.)#./CD!()C!DIC/0#1!/)#'#/(C'!#.E!

ECN0.CE!0.!()C!/&.DC'G#(0&.!#'C#!/)#'#/(C'!#II'#0D#1DS!!

")0D!I&10/3!DCCXD!(&!I'CDC'GC!#.E!C.)#./C!()C!DIC/0#1!/)#'#/(C'!#D!ECN0.CE!0.!()C!/)#'#/(C'!#II'#0D#1D^!()'&+,)!DC.D0(0GC!ECGC1&I$C.(^!C.)#./C$C.(!I'&_C/(D!#.E!#II'&I'0#(C!$#.#,C$C.(S!")C!-&+./01!0D!/&$$0((CE!(&!I'CI#'0.,!#!$#.#,C$C.(!I1#.!N&'!C#/)!/&.DC'G#(0&.!#'C#!(&!0EC.(0N3!()C!HCD(!%#3!&N!I'CDC'G0.,!#.E!C.)#./0.,!()C0'!DIC/0#1!/)#'#/(C'S!!

8/C/3$/-,0=$'0&,D,9C13!&.!.#(0&.#1!I&10/3^!E&!.&(!)#GC!#!1&/#1!I&10/3!

<#(0&.#1!I&10/3!/#.!&.13!I'&G0EC!GC'3!H'&#E!,+0E0.,!I'0./0I1CDS!>N!()C!-&+./01!#.(0/0I#(CD!#!.CCE!(&!#/(!0.!#!DIC/0N0/!%#3!(&!'CDI&.E!(&!1&/#1!/0'/+$D(#./CD!.#(0&.#1!I&10/3!%&+1E!.&(!I'&G0EC!D+NN0/0C.(!EC(#01!(&!,+0EC!()0D!0.!#!$C#.0.,N+1!%#3S!=&/#1!I&10/0CD!%&+1E!C.#H1C!()0D!1&/#1!0.(C'I'C(#(0&.!(&!HC!I'&G0ECES!

8/C/3$/-,0=$'0&,E,U#GC!()C!D#$C!I&10/3!N&'!#11!/&.DC'G#(0&.!#'C#D!

")C!/&.DC'G#(0&.!#'C#!/)#'#/(C'!#II'#0D#1D!)#GC!ECN0.CE!%)#(!0D!DIC/0#1!#.E!1&/#113!

E0NNC'C.(!0.!&'0,0.^!/)#'#/(C'^!#IIC#'#./C!#.E!/+''C.(!+DC!#.E!()C!#II10/#(0&.!&N!#!D(#.E#'E!I&10/3!N&'!#11!&N!()C$!%&+1E!HC!0.#II'&I'0#(CS!>(!%&+1E!.&(!C.#H1C!()C!-&+./01!(&!+DC!#!E0NNC'C.(!#II'&#/)!(&!ECGC1&I$C.(!&'!$#.#,C$C.(!0N!#!/&.DC'G#(0&.!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

! ! 77!

#'C#!EC$#.ECE!0(S!")C!(&%.!/C.('C!/&.DC'G#(0&.!#'C#D!0.!I#'(0/+1#'!#'C!D+H_C/(!(&!$&D(!I'CDD+'C!N&'!/)#.,C!#.E!%&+1E!HC.CN0(!N'&$!DIC/0N0/!,+0E0.,!I'0./0I1CDS!

:+D(#0.#H1C!'CD&+'/C!$#.#,C$C.(!#.E!/10$#(C!/)#.,C!

B./1/../-,0=$'0&,")C!-&+./01!%011!#/(0GC13!I'&$&(C!ECGC1&I$C.(!%)0/)!+(010DCD!'CD&+'/CD!0.!#.!CNN0/0C.(!#.E!D+D(#0.#H1C!%#3S!<C%!ECGC1&I$C.(!%011!.CCE!(&!EC$&.D('#(CL! JNN0/0C.(!+DC!&N!1#.E!#.E!H+01E0.,Dd! U0,)!D(#.E#'ED!&N!C.C',3!CNN0/0C./3d! U0,)!%#(C'!CNN0/0C./3!D(#.E#'ED!#.E!/&.DC'G#(0&.!H3!

'CF+0'0.,!.C%!)&$CD!(&!$CC(!&'!Ca/CCE!()C!-&EC!N&'!:+D(#0.#H1C!U&$CD!#.E!&NN0/CD!(&!$CC(!()C!*9JJWB!&NN0/CD!D/#1CS!

9CE+/CD!()C!/&.D+$I(0&.!#.E!+DC!&N!C.C',3^!I#'(0/+1#'13!N'&$!.&.]'C.C%#H1C!'CD&+'/CD!H3!C.D+'0.,!()#(!#11!.C%!)&$CD!$CC(!#(!1C#D(!()C!.#(0&.#1!#.E!'C,0&.#1!(#',C(D!DC(!&+(!0.!()C!-&EC!N&'!:+D(#0.#H1C!U&$CD!N&'!4565^!456Y!#.E!456Od!

-&.D0EC'D!&II&'(+.0(0CD!(&!0./&'I&'#(C!'C.C%#H1C!C.C',3!D&+'/CD!#II'&I'0#(C!(&!()C!*&'&+,)d!

B0.0$0DCD!0$I#/(!&.!E'#0.#,C!D3D(C$D^!+D0.,!#II'&I'0#(C!:8@:!%)C'C!I'#/(0/#1S!

>.!#EE0(0&.^!ECGC1&I$C.(!%011!HC!'CF+0'CE!(&!/&.('0H+(C!(&%#'ED!()C!"#$%&'()![#D(C!:('#(C,3!()'&+,)!$#a0$0D0.,!D+D(#0.#H1C!#.E!'C.C%#H1C!'CD&+'/CD!I'&G0E0.,!D0(C!%#D(C!$#.#,C$C.(!I1#.D!#D!#II'&I'0#(C!#.E!0./&'I&'#(0.,!D+0(#H13!1&/#(CE!&.!D0(C!N#/010(0CDS!

")0D!%011!)#GC!#!I&D0(0GC!0$I#/(!&.!()C!1&/#1!C/&.&$3!H3!I'&$&(0.,!()C!+DC!&N!1&/#1!1#H&+'S!!>(!%011!'CE+/C!0$I#/(!&N!ECGC1&I$C.(!H3!I'&$&(0.,!C.C',3!CNN0/0C.(!H+01E0.,D!#.E!#!D+D(#0.#H1C!10G0.,!C.G0'&.$C.(S!!>(!%011!I'CDC'GC!G#1+#H1C!H0&E0GC'D0(3!#.E!)C'0(#,C!#DDC(DS!!9CE+/0.,!()C!#$&+.(!&N!%#D(C!%011!)C1I!(&!$0.0$0DC!()C!0$I#/(!&N!

#.E!)0D(&'0/!#DDC(DS!

8/C/3$/-,0=$'0&,D,:C(!DIC/0N0/!D(#.E#'ED!

<&!CG0EC./C!(&!D+II&'(!()0DS!

8/C/3$/-,0=$'0&,E,9C13!&.!.#(0&.#1!I&10/3^!E&!.&(!)#GC!#!1&/#1!I&10/3!

<#(0&.#1!I&10/3!D(#(CD!()#(!ECD0,.!#.E!1#3&+(!&N!.C%!ECGC1&I$C.(!D)&+1E!D+II&'(!D+D(#0.#H1C!%#D(C!$#.#,C$C.(S!!")C!-&'C!:('#(C,3!0D!%C11!I1#/CE!(&!E&!()0D!#(!#!1&/#1!1CGC1S!

B0.C'#1D!D#NC,+#'E0.,!

B./1/../-,0=$'0&,[)C.!/&.D0EC'0.,!I'&I&D#1D!N&'!.&.]$0.C'#1!ECGC1&I$C.(^!()C!-&+./01!%011!)#GC!'C,#'E!(&!D('#(C,0/!$0.C'#1!

=&/#1!$0.C'#1!'CD&+'/CD!#'C!0$I&'(#.(!(&!()C!1&/#1!C/&.&$3!#.E!D#NC,+#'E0.,!$0.C'#1!'CDC'GCD!%011!/&.('0H+(C!(&%#'ED!$#0.(#0.0.,!/&.D('+/(0&.!$#(C'0#1D!#.E!_&HDS!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

! ! 7O!

#11&/#(0&.D^!$0.C'#1!D#NC,+#'E0.,!#'C#D!#.E!$0.C'#1!/&.D+1(#(0&.!#'C#D!0.!&'EC'!(&!#G&0E!D(C'010D#(0&.!&N!()CDC!'CD&+'/CDS!-&.D0EC'#(0&.!%011!#1D&!HC!,0GC.!(&!$0.C'#1!'CD&+'/CD!%0()!/'&DD!H&+.E#'3!0$I10/#(0&.DS!8/C/3$/-,0=$'0&,9C13!&.!.#(0&.#1!I&10/3!#.E!:(#NN&'ED)0'C!B0.C'#1D!-&'C!:('#(C,3^!E&!.&(!)#GC!#!1&/#1!I&10/3S!

")0D!%&+1E!HC!/&.('#'3!(&!.#(0&.#1!I&10/3!#D!E0D('0/(D!.CCE!(&!$#XC!'CNC'C./C!(&!$0.C'#1!D#NC,+#'E0.,!#'C#D!#.E!D)&+1E!0./1+EC!$0.C'#1!D#NC,+#'E0.,!I&10/0CD!0.!()C0'!ECGC1&I$C.(!I1#.!E&/+$C.(DS!

:+D(#0.#H1C!('#.DI&'(!

B./1/../-,0=$'0&,")C!*&'&+,)!-&+./01!%011!DCCX!(&!0$I'&GC!()C!D+D(#0.#H010(3!&N!"#$%&'()^!0$I'&GC!#//CDD0H010(3!(&!#.E!HC(%CC.!/&$$+.0(0CD^!DC'G0/CD^!N#/010(0CD!#.E!C$I1&3$C.(!&II&'(+.0(0CD!()'&+,)!%&'X0.,!0.!I#'(.C'D)0I!(&!C./&+'#,C!

:$#'(C'!"'#GC1!!

J.D+'0.,!()C!/&.D('+/(0&.!&N!()C!W.XC'!V#11C3!=0.X!9&#E!#.E!()C!W$0.,(&.!=0.X!9&#Ed!

J.D+'0.,!()C!/&.D('+/(0&.!&N!#!I#'X!#.E!'0EC!N#/010(3!#D!I#'(!&N!()C!W.XC'!V#11C3!ECGC1&I$C.(!

:CCX!(&!'CE+/C!/&.,CD(0&.!#'&+.E!()C!(&%.!/C.('C!#.E!()C!VC.(+'#!#.E!2&113!:#01&'!9C(#01!\#'XD!H3!I'&$&(0.,!#.E!C./&+'#,0.,!+DC!&N!0$I'&GCE!D+D(#0.#H1C!('#.DI&'(!10.XD!HC(%CC.!()C$!#.E!(&!()C!%0EC'!(&%.!

\'&$&(C!0.(C,'#(CE^!D#NC^!DC/+'C!#.E!/&.GC.0C.(!('#.DI&'(!.C(%&'XD!0./1+E0.,!/3/1C%#3!#.E!N&&(%#3D!

\'&$&(C!$C#D+'CD!()#(!$#XC!HCD(!&N!+DC!&N!()C!Ca0D(0.,!('#.DI&'(!.C(%&'X!

:C/+'C!)0,)%#3!0$I'&GC$C.(D!(&!#//&$$&E#(C!'CD0E+#1!('#NN0/!

9CF+0'C!.C%!ECGC1&I$C.(D!(&!I'&E+/C!('#GC1!I1#.D! >$I'&G0.,!D+D(#0.#H1C!('#.DI&'(!/)&0/CD!N'&$!

"#$%&'()!(&!@'#3(&.!B#.&'!\#'X!()'&+,)!_&0.(!%&'X0.,!

")C!I&10/3!%011!#DD0D(!0.!'CE+/0.,!/&.,CD(0&.!#.E!0./'C#D0.,!()C!1CGC1!&N!+DC!&N!$&'C!D+D(#0.#H1C!N&'$D!&N!('#GC1S!!>(!%011!#DD0D(!0.!$#X0.,!1&/#1!.C0,)H&+')&&ED!$&'C!#(('#/(0GC!#.E!D#NCS!

8/C/3$/-,0=$'0&, [)01D(!0(!%&+1E!HC!ECD0'#H1C!(&!$#XC!0$I'&GC$C.(D!(&!'#01!#.E!H+D!DC'G0/CD!#.E!(&!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

! ! 7Q!

W!I+H10/!('#.DI&'(!&.13!D('#(C,3! C./&+'#,C!/3/10.,!#.E!%#1X0.,^!()C!)0,)!1CGC1!&N!0.GCD($C.(!'CF+0'CE!#.E!()C!1#/X!&N!I+H10/!N+.E0.,!$#XCD!EC10GC'3!E0NN0/+1(S!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

7P!

>.!#11!I&10/3!#'C#D!0.!()C!#H&GC!(#H1C!Ca/CI(!(%&^!()C!I'CNC''CE!&I(0&.!)#D!HCC.!/#''0CE!N&'%#'E!0.(&!()C!ECGC1&I$C.(!&N!I&10/3!0.!()C!/+''C.(!=&/#1!\1#.S!!")C!(%&!I'CNC''CE!&I(0&.D!%)0/)!)#GC!/)#.,CE!D10,)(13!#'C!0.!()C!#'C#D!&N!DI&'(!#.E!'C/'C#(0&.!#.E!D+D(#0.#H1C!('#.DI&'(^!#D!N&11&%DL!! ")C!/+''C.(!I&10/3!&.!DI&'(!#.E!'C/'C#(0&.!E&CD!.&(!DIC/0N3!()#(!()C!.C%!/&$$+.0(3!DI&'(D!

/C.('C!D)&+1E!HC!I'&G0ECE!0.!()C!C#D(!&N!()C!*&'&+,)S!!")C!'C#D&.!N&'!()0D!0D!()#(!()C!-&+./01!DCCXD!(&!EC10GC'!#!DI&'(D!/C.('C!0.!#!1&/#(0&.!#//CDD0H1C!N&'!#11^!.&(!_+D(!N&'!()&DC!0.!()C!C#D(!&N!()C!*&'&+,)S!!")C'C!#'C!.&!D0(CD!/+''C.(13!#G#01#H1C!#.E!()C'CN&'C!()C!I&10/3!0D!.&(!DIC/0N0/!#H&+(!()C!Ca#/(!1&/#(0&.S!

! ")C!I&10/3!&.!D+D(#0.#H1C!('#.DI&'(!E&CD!.&(!'CF+0'C!()C!/&.D('+/(0&.!&N!()C!W.XC'!V#11C3!

=0.X!9&#E^!()C!W$0.,(&.!=0.X!9&#E^!#!I#'X!#.E!'0EC!N#/010(3!#D!I#'(!&N!()C!W.XC'!V#11C3!ECGC1&I$C.(^!.&'!E&CD!0(!DCCX!(&!'CE+/C!/&.,CD(0&.!#'&+.E!()C!(&%.!/C.('C!#.E!()C!VC.(+'#!#.E!2&113!:#01&'!9C(#01!\#'XDS!!")C!'C#D&.D!N&'!()0D!#'C!#R!()C!W.XC'!V#11C3!=0.X!9&#E!%&+1E!.&(!HC!G0#H1C!N&'!()C!#$&+.(!&N!)&+D0.,!()#(!/&+1E!HC!EC10GC'CEd!HR!%&'X!)#D!#1'C#E3!HCC.!/#''0CE!&+(!H3!:(#NN&'ED)0'C!-&+.(3!-&+./01!(&!#EE'CDD!/&.,CD(0&.!#'&+.E!()C!'C(#01!I#'XDd!#.E!/R!W.XC'!V#11C3!ECGC1&I$C.(!%&+1E!0./1+EC!$C#D+'CD!(&!#11CG0#(C!/&.,CD(0&.!0.!()C!(&%.!/C.('CS!

!XKU 9B:4MJ:+MDB!;EF+D84;DE!+NYGG+

!>.!`CH'+#'3!4566^!()C!-&+./01!I'&E+/CE!#!/&.D+1(#(0&.!I#IC'!&.!)&+D0.,!I&10/345S!!")0D!DC(!&+(!#!I&10/3!N&'!)&+D0.,!EC10GC'3!%)0/)!D(#(CE!()#(!#!$0.0$+$!&N!K55!E%C110.,D!%011!HC!I'&G0ECE!#D!#!D+D(#0.#H1C!+'H#.!.C0,)H&+')&&E!(&!()C!.&'()!C#D(!&N!()C!(&%.!/C.('C!0.!()C!W.XC'!V#11C3S!!")C!'C$#0.0.,!%011!HC!I'&G0ECE!%0()0.!()C!Ca0D(0.,!+'H#.!#'C#S!!>.!#EE0(0&.^!()C!I&10/3!I'&I&DCE!()#(!()C!-&+./01!%&+1E!%&'X!/1&DC13!%0()!.C0,)H&+'0.,!#+()&'0(0CD!(&!C.D+'C!0N!N+'()C'!)&+D0.,!0D!

()#(!()C!0.N'#D('+/(+'C!.CCED!#'0D0.,!N'&$!()#(!ECGC1&I$C.(!%0()0.!"#$%&'()!#'C!0EC.(0N0CE!#.E!

0.!0EC.(0N0CE!H'&#E!1&/#(0&.D!(&!()C!C#D(!&N!()C!(&%.!&'!(&!()C!.&'()!&N!()C!(&%.!#D!I#'(!&N!()C!D+D(#0.#H1C!+'H#.!.C0,)H&+')&&E!0.!()C!W.XC'!V#11C3S!!")C!"#$%&'()!`+(+'C!@CGC1&I$C.(!#.E!>.N'#D('+/(+'C!:(+E346^!/#''0CE!&+(!_&0.(13!%0()!=0/)N0C1E!@0D('0/(!#.E!<&'()![#'%0/XD)0'C!*&'&+,)!-&+./01D^!Ca#$0.CE!&I(0&.D!N&'!EC10GC'0.,!#!N+'()C'!K55!E%C110.,D!&+(D0EC!()C!+'H#.!#'C#S!!>.!0EC.(0N30.,!&I(0&.D^!()C!:(+E3!#1D&!(&&X!0.(&!#//&+.(!()C!.CCE!(&!I'&G0EC!N&'!#!N+'()C'!O55!E%C110.,D!%)0/)!'CI'CDC.(CE!#!45b!N1Ca0H010(3!#11&%#./CS!!>.!&'EC'!(&!ECN0.C!I&(C.(0#1!,'&%()!&I(0&.D^!()C!N&11&%0.,!/&.D0EC'#(0&.D!)#GC!HCC.!(#XC.!0.(&!#//&+.(L!! ")C!#$&+.(!&N!1#.E!'CF+0'CE!(&!#//&$$&E#(C!0EC.(0N0#H1C!N+(+'C!E%C110.,!'CF+0'C$C.(Dd!! ")C!DCF+C.(0#1!#II'&#/)!(&!()C!1&/#(0&.!&N!D('#(C,0/!,'&%()!ECN0.CE!0.!"#$%&'()!*&'&+,)!

!E'#N(!-&'C!:('#(C,3!;I(0&.D!@&/+$C.(d! ")C!Ca0D(C./C!&N!XC3!C.G0'&.$C.(#1!/&.D('#0.(D!(&!I'&G0EC!#.!0.0(0#1!D0CGC!&N!I&(C.(0#1!D0(C!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!45!"#$%&'()!-&'C!:('#(C,3!@CGC1&I$C.(!\1#.!@&/+$C.(!455O]454O!U&+D0.,!\&10/3!-&.D+1(#(0&.^!"#$%&'()!*&'&+,)!-&+./01^!`CH'+#'3!4566!46!"#$%&'()!`+(+'C!@CGC1&I$C.(!#.E!>.N'#D('+/(+'C!:(+E3^!@'0GC'D!2&.#D^!2+13!455K!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

7K!

&I(0&.Dd!#.E! :0(CD!0EC.(0N0CE!0.!Ca0D(0.,!T!C$C',0.,!:U=WWD!'C1#(0.,!(&!()C!D(+E3!#'C#S!!*#DCE!&.!()C!#H&GC^!#!(&(#1!&N!DCGC.!I&(C.(0#1!,'&%()!&I(0&.D!%C'C!0EC.(0N0CE^!(%&!0.!"#$%&'()!#.E!()C!'C$#0.EC'!0.!=0/)N0C1E!#.E!<&'()![#'%0/XD)0'CS!!`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`]!=#.E!#(!B01C!;#X!M0.!=0/)N0C1ER! ?'&%()!;I(0&.!?L!=#.E!<&'()!&N!\C''3/'&N(D!M0.!=0/)N0C1ER!![)C.!#DDCDDCE!#,#0.D(!H&()!()C!/+''C.(!D0(+#(0&.!#.E!()#(!%)0/)!/&+1E!Ca0D(!N&11&%0.,!()C!I'&G0D0&.!&N!#II'&I'0#(C!I)3D0/#1!#.E!/&$$+.0(3!0.N'#D('+/(+'C!0$I'&GC$C.(D^!;I(0&.!J!IC'N&'$CE!()C!HCD(^!N&11&%CE!H3!;I(0&.!`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l&.C!#.E!(&%.!/C.('CS!!")0D!%011!'CE+/C!/&.,CD(0&.!(&!()C!.&'()!&N!()C!(&%.!/C.('CS!!W!D+D(#0.#H1C!+'H#.!.C0,)H&+')&&E!()#(!DCCXD!(&!$#a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`#hC1C3^!%)0/)!0D!I#'(!&N!()C!"#$%&'()!U&+D0.,!B

^!()C!$&D(!#II'&I'0#(C!1&/#(0&.D!%&+1E!C0()C'!HC!(&!()C!C#D(!&N!"#$%&'()!&'!(&!()C!.&'()^!I#'(0/+1#'13!0N!()C!#II'&I'0#(C!10.XD!(&!W.XC'!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

O5!

V#11C3!%C'C!$#ECS!!")C!4565!W..+#1!B&.0(&'0.,!9CI&'(!0EC.(0N0CE!#!)&+D0.,!D+II13!0.!Ca/CDD!&N!K!3C#'D!%0()0.!"#$%&'()!#.E!()C'CN&'C!N+(+'C!,'&%()!0.!.C0,)H&+'0.,!#+()&'0(0CD!0D!.&(!CaIC/(CE!(&!HC!'CF+0'CE!+.(01!#N(C'!4545S!!")C!I'CNC''CE!&I(0&.!0D!(&!I'0&'0(0DC!ECGC1&I$C.(!%0()0.!"#$%&'()!+'H#.!#'C#!#.E!()C!&.!()C!W.XC'!V#11C3!#11&/#(0&.^!#.E!(&!I+'D+C!E0D/+DD0&.D!%0()!.C0,)H&+'0.,!#+()&'0(0CD!D+HDCF+C.(13!(&!

")0D!&I(0&.!)#D!HCC.!/#''0CE!N&'%#'E!(&!()C!/+''C.(!GC'D0&.!&N!()C!=&/#1!\1#.^!#.E!)#D!0.N&'$CE!()C!ECGC1&I$C.(!&N!()C!DI#(0#1!)&+D0.,!&I(0&.D!ECD/'0HCE!0.!:C/(0&.!KS4!&N!()0D!:W!9CI&'(S!!U&%CGC'^!()C!DI#(0#1!)&+D0.,!&I(0&.D!0.!()C!/+''C.(!=&/#1!\1#.!I'&,'CDDCE!()C!&I(0&.D!N'&$!()C!"'#.DI&'(!#.E!>.N'#D('+/(+'C!:(+E3!#.E!ECGC1&ICE!()C$!(&!'CN1C/(!/)#.,0.,!/0'/+$D(#./CDS!!>.!I#'(0/+1#'^!0(!E0E!.&(!/&.D0EC'!D0(CD!&+(D0EC!&N!()C!*&'&+,)^!#.E!0(!0./1+ECE!D&$C!#EE0(0&.#1!D0(CD!%0()0.!()C!*&'&+,)!()#(!)#GC!D0./C!HCC.!I'&I&DCE!N&'!ECGC1&I$C.(S!!")0D!0D!HC/#+DC!()C!I'CDD+'C!N&'!.C%!)&+D0.,!ECGC1&I$C.(!)#D!0./'C#DCES!!`+'()C'$&'C^!()C!<#(0&.#1!\1#..0.,!\&10/3!`'#$C%&'X!M<\\`R!'CF+0'CD!()C!-&+./01!(&!$#a0$0DC!&II&'(+.0(0CD!%0()0.!0(D!&%.!H&+.E#'3^!%)01C!H#1#./0.,!I&10/3!/&.D0EC'#(0&.D!#.E!()C!&H_C/(0GCD!&N!()C!<\\`S!!")C!'C#D&.D!N&'!/&.D0EC'#(0&.!&N!()CDC!#EE0(0&.#1!D0(CD!%0()0.!()C!DI#(0#1!&I(0&.D!#'C!ECD/'0HCE!0.!:C/(0&.!KS4S6!&N!()0D!'CI&'(S!!

XK[ 8:JL!BQH;!!;DE+6DC,6+86,E+NYGN+!>.!2+.C!4564^!()C!-&+./01!I+H10D)CE!()C!\'C]:+H$0DD0&.!GC'D0&.!&N!()C!=&/#1!\1#.!455P]454PS!!")C!I'CNC''CE!&I(0&.D!DC(!&+(!0.!()0D!E&/+$C.(!%C'CL!! "&!DCCX!EC10GC'3!&N!7755!.C%!E%C110.,D^!&N!%)0/)!Z755!%&+1E!HC!EC10GC'CE!0.!()C!+'H#.!#'C#!

#.E!W.XC'!V#11C3^!#.E!6555!%&+1E!HC!D&+,)(!&+(D0EC!&N!()C!*&'&+,)d! "&!DCCX!#!$0.0$+$!&N!YO!)C/(#'CD!&N!#EE0(0&.#1!C$I1&3$C.(!1#.E! ")C!:('#(C,0/!J$I1&3$C.(!W'C#D!/&$I'0DCE!()C!N&11&%0.,d!

! *0((C'D/&(C!M*&.C)011!9&#E^!-#'E0.#1\&0.(^!*0((C'D/&(C:&+()R!! "#$C!V#11C3!J$I1&3$C.(!W'C#!MUCE,0.,!=#.C^!"%&!?#(CD^!"#$C!V#11C3

!>.E+D('0#1!JD(#(CR!! W$0.,(&.!J$I1&3$C.(!W'C#!! =0/)N0C1E!9&#E!J$I1&3$C.(!W'C#!! -C.(+'0&.!\#'X!J$I1&3$C.(!W'C#!! 9C1#3!\#'X!J$I1&3$C.(!W'C#!

!")C!'CE+/(0&.!0.!()C!#$&+.(!&N!C$I1&3$C.(!1#.E!D&+,)(!#.E!()C!D0(CD!0EC.(0N0CE!%C'C!0.!'CDI&.DC!(&!()C!J$I1&3$C.(!=#.E!9CG0C%!I+H10D)CE!H3!()C!-&+./01!0.!2#.+#'3!4564S!!

XKV !BHH,:I+D9+JOD6B4;DE+D9+MDB!;EF+:J\B;:JHJE4+!`'&$!()C!>DD+CD!#.E!;I(0&.D!D(#,C!0.!455P!()'&+,)!(&!()C!U&+D0.,!\&10/3!-&.D+1(#(0&.!0.!4566^!C#/)!D(#,C!&N!()C!ECGC1&I$C.(!&N!()C!=&/#1!\1#.!)#D!0EC.(0N0CE!#!)&+D0.,!'CF+0'C$C.(!&N!4K55!.C%!E%C110.,D!(&!HC!I'&G0ECE!%0()0.!()C!*&'&+,)S!!")0D!N0,+'C!%#D!(#XC.!N'&$!()C!M.&%!%0()E'#%.R!9C,0&.#1!:I#(0#1!:('#(C,3^!#1()&+,)!()C!>DD+CD!#.E!;I(0&.D!9CI&'(!0.!455P!.&(CE!()#(!()C'C!$#3!HC!#!.CCE!(&!#//&$$&E#(C!)0,)C'!1CGC1D!&N!,'&%()!#.E!I'CE0/(CE!()#(!()C'C!$#3!HC!#!.CCE!(&!#//&$$&E#(C!7755!.C%!)&$CDS!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

O6!

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a(C.ECE!(&!45Y6!()C!&H_C/(0GC13!#DDCDDCE!.CCE!0D!()C'CN&'C!O^475!E%C110.,DS!!4%()2+XKT>+!"33%.*+/0+J=/)"$&/'+/0+M/"#&'_+:2b"&.232'$+%'@+!-%$&%)+!$.%$2_*++!$%_2+&'+6/7%)+8)%'+-./72##+

M/"#&'_+.2b"&.232'$+%'@+#$.%$2_*+

:2%#/'+0/.+71/&72+/0+1/"#&'_+.2b"&.232'$+%'@+#$.%$2_*+

>DD+CD!#.E!;I(0&.D!\#IC'!455P!

\1#.!N&'!4K55!.C%!E%C110.,D! `0,+'C!(#XC.!N'&$!9C,0&.#1!:I#(0#1!:('#(C,3!

;I(0&.D!9CI&'(!455K! \1#.!N&'!4K55!.C%!E%C110.,D^!%0()!#!DCF+C.(0#1!#II'&#/)!(&!1&/#(0.,!)&+D0.,L!+'H#.!/&.(#0.$C.(!N&11&%CE!H3!,'CC.N0C1E!ECGC1&I$C.(S!

>(!%#D!D(011!,&GC'.$C.(!#.E!'C,0&.#1!I&10/3!()#(!%)C'CGC'!I&DD0H1C!I'CG0&+D13!+DCE!1#.E!D)&+1E!HC!H'&+,)(!0.(&!#/(0GC!+DCS!!")C'CN&'C!/&.D0EC'#(0&.!D)&+1E!N0'D(!HC!,0GC.!(&!+'H#.!/&.(#0.$C.(S!!>N!()0D!/#..&(!HC!D)&%.!(&!EC10GC'!()C!,'&%()!'CF+0'C$C.(D^!()C.!,'CC.N0C1E!+'H#.!Ca(C.D0&.D!D)&+1E!HC!/&.D0EC'CES!!>N!()C'C!D(011!'C$#0.D!#!D)&'(N#11!()C.!()C!&.13!&()C'!&I(0&.!%0()0.!()C!*&'&+,)!%&+1E!HC!?'CC.!*C1(S!!"&!$CC(!#.3!'C$#0.0.,!D)&'(N#11^!()C!&.13!&I(0&.!%&+1E!HC!()#(!ECGC1&I$C.(!%&+1E!)#GC!(&!HC!I'&G0ECE!&+(D0EC!&N!()C!*&'&+,)S!!

\'&I&DCE!:I#(0#1!:('#(C,3! \1#.!N&'!#(!1C#D(!4K55!.C%!E%C110.,D^!%0()!H'&%.N0C1E!ECGC1&I$C.(!%0()0.!()C!(&%.!#.E!,'CC.N0C1E!ECGC1&I$C.(!#(!W.XC'!V#11C3S!

")0D!%&+1E!#DD0D(!0.!'C,C.C'#(0.,!()C!+'H#.!#'C#D!#.E!%#D!HCD(!I1#/CE!(&!EC10GC'!()C!V0D0&.S!!")C!W.XC'!V#11C3!I'&I&D#1!%&+1E!0.(C'.#10DC!('0ID^!I'&G0EC!DC'G0/CD!#.E!N#/010(0CD!&.!D0(C^!0$I'&GC!#//CDD0H010(3!(&!()C!(&%.!/C.('C^!0D!/1&DC!(&!XC3!('0I!ECD(0.#(0&.D^!0D!/1&DC!(&!I'&I&DCE!1&/#1!CE+/#(0&.!N#/010(0CDS!!!

`+'()C'!U&+D0.,!;I(0&.D!4566!

\1#.!N&'!#(!1C#D(!4K55!.C%!E%C110.,D^!I'&G0E0.,!#!$0.0$+$!&N!K55!#(!W.XC'!V#11C3!#.E!()C!'C$#0.EC'!%0()0.!()C!+'H#.!#'C#S!!W.3!N+'()C'!'CF+0'CE!)&+D0.,!%011!HC!I'&G0ECE!

")C!W.XC'!V#11C3!D0(C!%#D!()C!$&D(!D+D(#0.#H1C!&I(0&.!%0()0.!()C!*&'&+,)!H&+.E#'3^!I'&G0E0.,!()#(!()C!.C/CDD#'3!0.N'#D('+/(+'C!#.E!10.X#,CD!#'C!EC10GC'CES!!>(!%&+1E!C.#H1C!()C!I'&G0D0&.!&N!#!\#'X!#.E!90EC!N#/010(3^!%&+1E!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

O4!

!$%_2+&'+6/7%)+8)%'+-./72##+

M/"#&'_+.2b"&.232'$+%'@+#$.%$2_*+

:2%#/'+0/.+71/&72+/0+1/"#&'_+.2b"&.232'$+%'@+#$.%$2_*+

&+(D0EC!()C!*&'&+,)S! $#a0$0DC!0.(C'.#1!('0ID!#.E!%&+1E!'CE+/C!/&.,CD(0&.S!

\'C]:+H$0DD0&.!=&/#1!\1#.!4564!

:CCX!EC10GC'3!&N!7755!.C%!E%C110.,D^!&N!%)0/)!Z755!%&+1E!HC!EC10GC'CE!0.!()C!+'H#.!#'C#!#.E!W.XC'!V#11C3!#.E!6555!%&+1E!HC!D&+,)(!&+(D0EC!()C!*&'&+,)S!

>./'C#DC!&N!)&+D0.,!'CF+0'C$C.(!%#D!0.!'CDI&.DC!(&!()C!:&+()C'.!:(#NN&'ED)0'C!@0D('0/(!U&+D0.,!<CCED!:(+E3!I+H10D)CE!0.!4564^!(#X0.,!()C!$0E]I&0.(!&N!#!'#.,C!'C/&$$C.ECE!H3!()C!D(+E3S!

+!!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

OY!

GY ,88:,;!,6+D9+D84;DE!+

!!

GYKG ;E4:D?BC4;DE+!")C!:W!0D!'CF+0'CE!(&!#II'#0DC!()C!0$I#/(D!&N!()C!D+H$0DD0&.!=&/#1!\1#.!#.E!&N!'C#D&.#H1C!#1(C'.#(0GCD!(&!0(S!!>.!ECGC1&I0.,!()C!=&/#1!\1#.^!#!.+$HC'!&N!E0NNC'C.(!(3ICD!&N!&I(0&.D!)#GC!HCC.!/&.D0EC'CES!!")CDC!N#11!0.(&!()C!N&11&%0.,!/#(C,&'0CDL!! :I#(0#1!&I(0&.Dd! U&+D0.,!,'&%()!&I(0&.Dd! J$I1&3$C.(!D/C.#'0&Dd! WNN&'E#H1C!)&+D0.,!D/C.#'0&Dd! =C0D+'C!/C.('C!&I(0&.Dd! 9C(#01!&I(0&.DS!![0()0.!C#/)!,'&+I!&N!&I(0&.D!&'!D/C.#'0&D^!DCGC'#1!E0NNC'C.(!&I(0&.DTD/C.#'0&D!)#GC!HCC.!ECGC1&ICES!!J#/)!&N!()CDC!)#D!HCC.!#II'#0DCE!#,#0.D(!()C!:W!&H_C/(0GCD!&N!()C!#II'#0D#1!N'#$C%&'XS!!W!ECD/'0I(0&.!&N!()C!&I(0&.DTD/C.#'0&D^!()C!'C#D&.D!N&'!DC1C/(0.,!()C!#1(C'.#(0GCD!EC#1(!%0()!#.E!()C!N0.E0.,D!&N!()C!#II'#0D#1!#'C!DC(!&+(!0.!()C!N&11&%0.,!DC/(0&.DS!!!!

GYKN !8,4;,6+D84;DE!+!

GYKNKG ?2#7.&-$&/'+/0+!-%$&%)+D-$&/'#+

")C!N&11&%0.,!&I(0&.D!)#GC!HCC.!ECGC1&ICE!#D!#1(C'.#(0GCD!(&!()C!I'&I&DCE!DI#(0#1!D('#(C,3S!!")CDC!DI#(0#1!&I(0&.D!DC1C/(!E0NNC'C.(!/&$H0.#(0&.D!&N!D0(CD!(&!EC10GC'!()C!.C%!)&+D0.,!ECGC1&I$C.(^!'CD+1(0.,!0.!E0NNC'C.(!#II'&#/)CD!(&!1&/#(0.,!ECGC1&I$C.(!#'&+.E!()C!*&'&+,)S!!D-$&/'+G>+B.(%'+%.2%+%'@+,'`2.+O%))2*+")0D!&I(0&.!%#D!/)&DC.!#D!0(!%#D!()C!I'&I&DCE!D('#(C,3!%0()0.!()C!%0()E'#%.!=&/#1!\1#.!#.E!%#D!0.!10.C!%0()!()C!#E&I(CE!=&/#1!\#II'#0D#1!#'C!H+01(!&.!()0DS!!D-$&/'+N>+B.(%'+%.2%^+,'`2.+O%))2*+%'@+$12+F/)0+C/".#2+")0D!H+01ED!&.!&I(0&.!6!#.E!0D!DCC.!#D!CaI#.E0.,!()C!H&'&+,)!(&!()C!C#D(S!!>(!%#D!#,'CCE!#(!#!-#H0.C(!$CC(0.,!&N!()C!-&+./01!0.!B#3!456Y!(&!1&&X!#(!&I(0&.D!&N!E0DI&D#1!N&'!()C!?&1N!-&+'DC^!&.C!&I(0&.!HC0.,!N&'!)&+D0.,!ECGC1&I$C.(S!!")C'CN&'C!()0D!0D!#!'C#D&.#H1C!&I(0&.!(&!/&.D0EC'S!!")C!?&1N!-&+'DC!0D!/1&DC!(&!Ca0D(0.,!C$I1&3$C.(!#'C#DS!!>(!0D!'C$&GCE!N'&$!()C!"&%.!-C.('C^!H+(!D+D(#0.#H1C!('#.DI&'(!10.X#,CD!)#GC!()C!I&(C.(0#1!(&!HC!0$I'&GCES!!D-$&/'+S>+B.(%'+%.2%^+,'`2.+O%))2*+%'@+_.22'+(2)$+)/7%$&/'#+")0D!0D!DCC.!#D!CaI#.E0.,!()C!H&'&+,)!(&!()C!D&+()S!!?'CC.!HC1(!)#D!HCC.!/&.D0EC'CE!#D!()C'C!0D!#/(0GC!I'&$&(0&.!&N!D&$C!D0(CD!N'&$!1#.E&%.C'DS!!")C!D0(CD!#'C!EC(#(/)CE!N'&$!()C!(&%.!/C.('C!#.E!.&!1#',C!C$I1&3$C.(!#'C#D!#'C!/1&DC!H3S!!")C'C!#'C!H0&E0GC'D0(3!#.E!,C&E0GC'D0(3!D0(CD!%0()0.!()C!?'CC.!*C1(^!#D!%C11!#D!1#.EN011!#.E!$0.C'#1!D#NC,+#'E0.,!D0(CD!#.E!0.!$#.3!#'C#D!()C!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

OZ!

(&I&,'#I)3!&N!()C!1#.E!%&+1E!HC!GC'3!/)#11C.,0.,!(&!ECGC1&IS!!W!DCI#'#(C!?'CC.!*C1(!'CG0C%44!)#D!HCC.!/#''0CE!&+(!%)0/)!#DDCDDCD!()C!"#$%&'()!?'CC.!*C1(!#,#0.D(!()C!N0GC!I+'I&DCD!ECN0.CE!0.!()C!<\\`S!!D-$&/'+T>+B.(%'+%.2%^+,'`2.+O%))2*+%'@+?"'#$%))+6%'2+")0D!0D!DCC.!#D!CaI#.E0.,!()C!H&'&+,)!(&!()C!%CD(S!!@+.D(#11!=#.C!)#D!)0D(&'0/!I1#..0.,!IC'$0DD0&.!N&'!C$I1&3$C.(!+DC!()#(!%#D!0$I1C$C.(CE!H+(!.CGC'!/&$I1C(CES!!")C!<\``!D(#(CD!()#(!C$I1&3$C.(!1#.E!.&(!/&$0.,!N&'%#'E!D)&+1E!HC!/&.D0EC'CE!N&'!N+(+'C!)&+D0.,!&I(0&.DS!!")0D!#'C#!0D!/1&DC!(&!Ca0D(0.,!C$I1&3$C.(!#'C#D^!'C(#01!ECD(0.#(0&.!#.E!()C!(&%.!/C.('CS!!:+D(#0.#H1C!('#.DI&'(!10.X#,CD!)#GC!()C!I&(C.(0#1!(&!HC!0$I'&GCE!H3!+(010D0.,!Ca0D(0.,!I+H10/!'0,)(D!&N!%#3^!/3/1C!%#3D!#.E!$#X0.,!HCD(!+DC!&N!()C!H+D!DC'G0/C!DC'G0.,!()C!.C#'H3!'C(#01!I#'XDS!!!D-$&/'+U>+B.(%'+%.2%^+,'`2.+O%))2*+%'@+C/$/'+6%'2+")0D!0D!DCC.!#D!CaI#.E0.,!()C!H&'&+,)!(&!()C!.&'()!%CD(S!!-&(&.!=#.C!0D!#!D0(C!#/(0GC13!I'&$&(CE!#.E!%&+1E!N011!()C!+'H#.!#'C#!(&!()C!*&'&+,)!H&+.E#'3S!!>(!%&+1E!#11&%!N&'!)&+D0.,!ECGC1&I$C.(!%)0/)!0D!/1&DC!(&!Ca0D(0.,!C$I1&3$C.(!#'C#D!#.E!#1D&!/1&DC!(&!()C!(&%.!/C.('CS!!D-$&/'+[>+B.(%'+%.2%^+,'`2.+O%))2*^+F/)0+C/".#2^+_.22'+(2)$+#&$2^+?"'#$%))+6%'2+%'@+C/$/'+6%'2+")0D!0D!DCC.!#D!CaI#.E0.,!()C!H&'&+,)!0.!#11!E0'C/(0&.DS!!D-$&/'+V>+B.(%'+%.2%^+,'`2.+O%))2*^+F/)0+C/".#2^+?"'#$%))+6%'2+%'@+C/$/'+6%'2+")0D!&I(0&.!%&+1E!'C(#0.!()C!,'CC.!HC1(S!!")C!?'CC.!*C1(!9CG0C%!M456ZR!D)&%CE!()#(!()C'C!%C'C!.&!Ca/CI(0&.#1!/0'/+$D(#./CD!(&!'C1C#DC!()C!?'CC.!*C1(!N&'!ECGC1&I$C.(S!!")C!:0(C!:C1C/(0&.!(C/).0/#1!I#IC'!D)&%CE!()#(!()C!0.N'#D('+/(+'C!'CF+0'C$C.(D!&.!,'CC.!HC1(!D0(CD!#'C!)0,)S!!>.!#EE0(0&.!(&!()0D!&()C'!D0(CD!#'C!HC((C'!1&/#(CE!0.!'C1#(0&.!(&!C$I1&3$C.(!#'C#D!#.E!()C!(&%.!/C.('CS!!")C!,'CC.!HC1(!D0(CD!,C.C'#113!IC'N&'$CE!'C1#(0GC13!I&&'13!0.!()C!#II'#0D#1!&N!D0(CDS!!")C!&I(0&.D!#'C!D+$$#'0DCE!0.!()C!N&11&%0.,!(#H1CS! 4%()2+GYKG>+!"33%.*+/0+#-%$&%)+/-$&/'#+!!-%$&%)+/-$&/'+

!&$2#+$/+@2)&=2.+/-$&/'+ ,--./a&3%$2+7%-%7&$*+

6! 8'H#.!#'C#!#.E!W.XC'!V#11C3! K55!4! 8'H#.!#'C#^!W.XC'!V#11C3^!,&1N!/&+'DC! 4555!Y! 8'H#.!#'C#^!W.XC'!V#11C3^!,'CC.!HC1(!D0(CD! 6P55!Z! 8'H#.!#'C#^!W.XC'!V#11C3^!@+.D(#11!=#.C! 6O55!7! 8'H#.!#'C#^!W.XC'!V#11C3^!-&(&.!=#.C! 65K5!O! 8'H#.!#'C#^!W.XC'!V#11C3^!,&1N!/&+'DC^!@+.D(#11!=#.C^!

-&(&.!=#.C^!,'CC.!HC1(!D0(CD!YQK5!

Q! 8'H#.!#'C#^!W.XC'!V#11C3^!,&1N!/&+'DC^!@+.D(#11!=#.C^!-&(&.!=#.C!

4PK5!

!!")C!

.CCED!&+(D0EC!&N!()C!*&'&+,)!0D!()C!'CDI&.D0H010(3!&N!.C0,)H&+'0.,!1&/#1!#+()&'0(0CD!#.E!#.3!0EC.(0N0CE!D0(CD!D)&+1E!HC!#11&/#(CE!#.E!#II'#0DCE!%0()0.!()C!.C0,)H&+'0.,!=&/#1!\1#.DS!!")0D!)#D!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!44!?'CC.!*C1(!9CG0C%!456Z^!"#$%&'()!*&'&+,)!-&+./01!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

O7!

)#IIC.CE!0.!=0/)N0C1E!MDCC!DC/(0&.!65S6S4!&N!()0D!'CI&'(RS!!<&'()![#'%0/XD)0'C!)#D^!(&!E#(C^!.&(!0EC.(0N0CE!&'!#11&/#(CE!#.3!D0(C!(&!$CC(!"#$%&'CDIC/(0GC!=&/#1!\1#.D!()C!'CF+0'C$C.(!(&!$CC(!)&+D0.,!.CCED!#'0D0.,!N'&$!"#$%&'()!)#D!HCC.!#DDCDDCES!!

GYKNKN ?2#7.&-$&/'+/0+J0027$#+/0+!-%$&%)+D-$&/'#+

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aIC'0C./CE^!H+(!()C'C!0D!.&!E#(#!(&!_+E,C!()0D!%0()!#.3!EC,'CC!&N!/C'(#0.(3S!!")C!ECGC1&I$C.(!&N!()C!,&1N!/&+'DC!D0(C!%&+1E!0.G&1GC!()C!1&DD!&N!N&'$#1!'C/'C#(0&.#1!N#/010(0CD^!%)0/)!E&CD!.&(!D+II&'(!()C!&H_C/(0GC!&N!I'&$&(0.,!#/(0GC!10NCD(31CDS!!U&%CGC'!#D!()C!EC/0D0&.!(&!/1&DC!#.E!E0DI&DC!&N!()C!,&1N!/&+'DC!)#D!HCC.!$#EC^!()0D!1&DD!0D!0.CG0(#H1C!#.E!()C!N#/010(0CD!%011!HC!1&D(!'C,#'E1CDDS!!")C!)0,)C'!()C!)&+D0.,!.+$HC'D^!()C!$&'C!I&DD0H1C!0(!HC/&$CD!()#(!#EGC'DC!0$I#/(D!%011!HC!DCC.!&.!)0D(&'0/!#DDC(D^!I#'(0/+1#'13!()C!DC((0.,!&N!#DDC(D!0N!.&(!()C!#DDC(D!()C$DC1GCDS!!")C'C!#'C!&II&'(+.0(0CD!(&!C.)#./C!)0D(&'0/!#DDC(D!0.!()C!+'H#.!#'C#^!H+(!()C!@+.D(#11!=#.C!D0(C!)#D!()C!I&(C.(0#1!N&'!#EGC'DC!0$I#/(D!&.!ECD0,.#(CE!#.E!+.ECD0,.#(CE!)0D(&'0/!#DDC(D^!#.E!()C!,&1N!/&+'DC!)#D!()C!I&(C.(0#1!N&'!#EGC'DC!0$I#/(D!&.!+.ECD0,.#(CE!0.E+D('0#1!IC'0&E!#DDC(D!M()C!W$0.,(&.!-&110C'3!/&$I1Ca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`&'!()C!,'CC.!HC1(!D0(CD^!$#_&'!0.GCD($C.(!0.!%#(C'!0.N'#D('+/(+'C!0D!10XC13!(&!HC!'CF+0'CES!!;I(0&.D!6!#.E!7!I'CDC.(!1C#D(!'0DX!&N!#EGC'DC!C.G0'&.$C.(#1!0$I#/(D!%)01C!&I(0&.D!Y!#.E!O!I'CDC.(!()C!,'C#(CD(S!!")C!$&'C!D0(CD!()#(!#'C!#11&/#(CE!&.!()C!CE,C!&N!"#$%&'()^!()C!$&'C!()0D!%&+1E!1C#E!(&!0./'C#DCE!('#GC1!E0D(#./CD!(&!#//CDD!(&%.!/C.('C!N#/010(0CD!#.E!DC'G0/CDS!!@C10GC'3!&N!)0,)!1CGC1D!&N!)&+D0.,!,'&%()!0D!#1D&!10XC13!(&!0./'C#DC!()C!.CCE!N&'!&+(]/&$$+(0.,S!!;I(0&.!O!IC'N&'$D!1C#D(!%C11!0.!(C'$D!&N!'CE+/0.,!()C!.CCE!(&!('#GC1S!!")C!,'CC.!HC1(!D0(CD!#'C!10XC13!(&!0./'C#DC!/&.,CD(0&.!&.!()C!W76!#.E!#!.C%!'&#E!$#3!HC!'CF+0'CE!(&!#EE'CDD!()0DS!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

OO!

!<&.C!&N!()C!&I(0&.D!%&+1E!EC10GC'!"#$%&'( S!!")C'C!0D!#!D10,)(!E0NNC'C./C!HC(%CC.!()C!&I(0&.D!0.!()#(!()C!)0,)C'!()C!&GC'#11!1CGC1!&N!)&+D0.,!,'&%()!()C!$&'C!#NN&'E#H1C!)&+D0.,!%&+1E!HC!I'&G0ECE^!H+(!()C!E0NNC'C./C!HC(%CC.!()C!&I(0&.D!0D!$0.0$#1!#.E!.&.C!&N!()C!&I(0&.D!0D!D0,.0N0/#.(13!HC((C'!()#.!#.3!&()C'DS!!")C!)0,)C'!()C!&GC'#11!1CGC1!&N!

)&+D0.,!.CCES!!

GYKS MDB!;EF+F:DP4M+D84;DE!+!

GYKSKG ?2#7.&-$&/'+/0+M/"#&'_+F./5$1+D-$&/'#+

-&.D+1(#./3!N0'$!<#()#.0C1!=0/)N0C1E!j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

)C#ED)0I!'#(CD!%011!$C#.!N&'!N+(+'C!1CGC1D!&N!)&+DC)&1E!,'&%()d! J$I1&3$C.(]1CE!N#/(&'D!M:/C.#'0&D!`]UR! !%)#(!1CGC1D!&N!)&+D0.,!#'C!.CCECE!(&!D+D(#0.!

E0NNC'C.(!CD(0$#(CD!&N!C$I1&3$C.(!/)#.,Cd!#.E^! \&10/3TD+II13]1CE!N#/(&'D!M:/C.#'0&D!>]2R! !)&%!I#D(!('C.ED!&N!EC10GC'3!#'C!10XC13!(&!HC!

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

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!4Y!:&+()C'.!:(#NN&'ED)0'C!@0D('0/(D!U&+D0.,!<CCED!:(+E3!#.E!:UBW!8IE#(C!`0.#1!9CI&'(^!<#()#.0C1!=0/)N0C1E!#.E!\#'(.C'D^!B#3!4564!4Z!>$I10/#(0&.D!&N!()C!4566]H#DCE!-=?!U&+DC)&1E!\'&_C/(0&.DL!=0/)N0C1E^!"#$%&'()!#.E!-#..&/X!-)#DC!U&+D0.,!9CF+0'C$C.(!8IE#(C^!<#()#.0C1!=0/)N0C1E!#.E!\#'(.C'D^!B#3!456Y!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

OQ!

!")C!I'CG0&+D!:W!9CI&'(!&N!`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

%''"3+F./5$1+NYY[LNYSG+ H&'"#+GWXW+ ?&002.2'72+0./3+

@.%0$+8)%'+W! 4Z5! O555! Z654! ]475!*! 4O7! OO47! ZQ4Q! eYQ7!-! 475! O475! ZY74! 5!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!47!:&+()]C#D(!:(#NN&'ED)0'C!U&+D0.,!<CCED!:(+E3!UJ#@9;;B!8IE#(C!9CI&'(^!<#()#.0C1!=0/)N0C1E!#.E!\#'(.C'D^!;/(&HC'!456Z!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

OP!

GYKSKN ,##"3-$&/'#+

")C!D+H$0DD0&.!=&/#1!\1#.!0EC.(0N0CD!#!.CCE!N&'!4555!#EE0(0&.#1!E%C110.,D!(&!HC!I'&G0ECE!&+(D0EC!

.CCEDS!!%011!HC!I'&G0ECE!%0()0.!<&'()![#'%0/XD)0'C^!E0D('0H+(CE!#/'&DD!()C!H&'&+,)S!!>(!0D!)&ICE!()#(!()C!N+'()C'!6^555! !%011!HC!I'&G0ECE!%0()0.!()C!%0EC'!?'C#(C'!*0'$0.,)#$!#.E!:&10)+11!=&/#1!J/&.&$0/!\#'(.C'D)0I!#'C#!M?*:=J\RS!!W(!()0D!D(#,C!0(!0D!.&(!X.&%.!%)C'C!#.3!ECGC1&I$C.(!&GC'!#.E!#H&GC!()C!(#',C(!&N!Z^475!$0,)(!HC!1&/#(CE!%0()0.!"#$%&'()S!!"&!$CC(!#EE0(0&.#1!)&+D0.,!.CCED!#H&GC!()C!D+H$0DD0&.!=&/#1!

Z^475!E%C110.,D^!N+'()C'!1#.E!N&'!ECGC1&I$C.(!%011!.CCE!(&!HC!#11&/#(CES!!>(!0D!I&DD0H1C!()#(!()C!@+.D(#11!=#.C!D0(C!$0,)(!HC!Ca(C.ECE!&'!()#(!()C!/#I#/0(3!&N!W.XC'!V#11C3!0./'C#DCE!0N!#!D+0(#H1C!('#.DI&'(!I#/X#,C!0D!I'&I&DCEd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a&3%$2+7%-%7&$&2#+8'H#.!#'C#! Z55!W.XC'!V#11C3! 755!?&1N!/&+'DC!D0(CD! 6655!@+.D(#11!=#.C!D0(CD! Q55!?'CC.!HC1(!D0(CD! K55! !DI10(!HC(%CC.!DCGC'#1!D0(CD!!!

GYKSKS !"33%.*+/0+9&'@&'_#+

W11!()C!)&+D0.,!,'&%()!&I(0&.D!%&+1E!'CD+1(!0.!()C!IC'$#.C.(!1&DD!&N!,'CC.N0C1E!#.E!#,'0/+1(+'#1!1#.ES!!")C!)0,)C'!()C!)&+D0.,!.+$HC'D!()C!,'C#(C'!()C!#'C#!&N!,'CC.N0C1E!1#.E!()#(!%011!HC!1&D(S!!@C10GC'0.,!#!)0,)C'!(#',C(!()#.!0.!()C!D+H$0DD0&.!=&/#1!\1#.!$#3!'CD+1(!0.!()C!1&DD!&N!,'CC.!HC1(!1#.E^!%)0/)!%&+1E!#NNC/(!()C!DC((0.,!&N!"#$%&'()S!!")C'C!%&+1E!HC!()C!D#$C!1&DD!&N!#//CDD0H1C!,'CC.!DI#/C!+.EC'!C#/)!&N!()C!)&+D0.,!,'&%()!D/C.#'0&DS!!=&DD!&N!,'CC.N0C1E!1#.E!/&+1E!/&.('0H+(C!(&!#EGC'DC!CNNC/(D!&.!N1&&E!'0DX^!H3!'CE+/0.,!()C!#'C#!&N!IC'$C#H1C!1#.E!0.!"#$%&'()^!=0/)N0C1E!#.E!<&'()![#'%0/XD)0'C!#.E!0./'C#D0.,!()C!'#(C!&N!'+.]&NN!N'&$!()C!1#.ES!!U&%CGC'^!()C!10XC10)&&E!#.E!D0,.0N0/#./C!&N!CNNC/(D!#'C!+./C'(#0.S!!")C'C!#'C!G#'0&+D!I&10/0CD!0.!()C!D+H$0DD0&.!=&/#1!\1#.!(&!$0(0,#(C!N1&&E!'0DX^!%)0/)!%011!)C1I!(&!'CE+/C!()C!10XC10)&&E!&N!#.3!#EGC'DC!CNNC/(DS!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

OK!

*0&E0GC'D0(3!0D!10XC13!(&!HC!#EGC'DC13!#NNC/(CE!H3!ECGC1&I$C.(S!!")C!)0,)C'!()C!)&+D0.,!(#',C(^!()C!,'C#(C'!()C!I'CDD+'C!&.!H0&E0GC'D0(3^!H&()!()'&+,)!)#H0(#(!1&DD!#.E!()'&+,)!()C!CNNC/(D!&N!)+$#.!#/(0G0(3!&.!)#H0(#(D!()#(!#'C!.&(!1&D(S!!W11!()C!:+D(#0.#H1C!8'H#.!Ja(C.D0&.!D0(CD!)#GC!/&.D('#0.(D!#.E!)#GC!()C!I&(C.(0#1!N&'!#EGC'DC!0$I#/(D!&.!H0&E0GC'D0(3S!!")C!,'CC.!HC1(!D0(CD!)#GC!I#'(0/+1#'13!D0,.0N0/#.(!H0&E0GC'D0(3!/&.D('#0.(DS!!")C'C!#'C!G#'0&+D!I&10/0CD!%0()0.!()C!D+H$0DD0&.!=&/#1!\1#.!()#(!#EE'CDD!H0&E0GC'D0(3!0$I#/(D!#.E!I'&$&(C!C.)#./C$C.(D!%)C'C!I&DD0H1C^!%)0/)!%011!)C1I!(&!'CE+/C!()C!10XC10)&&E!&N!#EGC'DC!CNNC/(DS!!")C!)0,)C'!()C!)&+D0.,!.+$HC'D^!()C!$&'C!I&DD0H1C!0(!HC/&$CD!()#(!#EGC'DC!0$I#/(D!%011!HC!DCC.!&.!)0D(&'0/!#DDC(D^!I#'(0/+1#'13!()C!DC((0.,!&N!#DDC(D!0N!.&(!()C!#DDC(D!()C$DC1GCDS!!U0D(&'0/!1#.ED/#ICD!$#3!/&$C!+.EC'!I'CDD+'C!N&'!ECGC1&I$C.(!%0()!)0,)C'!)&+D0.,!.+$HC'D^!0./1+E0.,!&.C!&N!()C!,'CC.!HC1(!D0(CDS!![0()!()C!)0,)CD(!)&+D0.,!,'&%()!&I(0&.^!0(!HC/&$CD!$&'C!10XC13!()#(!$#_&'!0.GCD($C.(!0.!%#(C'!0.N'#D('+/(+'C!%011!HC!'CF+0'CE^!#.E!()C'C!0D!,'C#(C'!I&(C.(0#1!N&'!#EGC'DC!0$I#/(D!&.!#0'!F+#10(3S!!U0,)C'!)&+D0.,!(#',C(D!#'C!10XC13!(&!0./'C#DC!()C!.CCE!(&!('#GC1!HC/#+DC!()C!#EE0(0&.#1!,'&%()!/&+1E!.&(!HC!#//&$$&E#(CE!%0()0.!()C!+'H#.!#'C#S!!W!)0,)C'!)&+D0.,!(#',C(!0D!#1D&!10XC13!(&!0./'C#DC!()C!1CGC1!&N!&+(]/&$$+(0.,S!!<&.C!&N!()C!&I(0&.D! #H1C!)&+D0.,S!!

GYKT JCDEDH;C+!CJE,:;D!+!

GYKTKG ?2#7.&-$&/'+/0+J7/'/3&7+!72'%.&/#+

"#$%&'()!*&'&+,)!-&+./01!/&$$0DD0&.CE!<#()#.0C1!=0/)N0C1E!#.E!\#'(.C'D!(&!+.EC'(#XC!D(#,C!4!&N!()C0'!J$I1&3$C.(!=#.E!9CG0C%!N&'!()C!*&'&+,)S!!:(#,C!4!DIC/0N0/#113!1&&XD!#(!EC$#.E!N&'!.C%!C$I1&3$C.(!1#.ES!!")0D!J$I1&3$C.(!=#.E!9CG0C%4O!ECGC1&ICE!#!.+$HC'!&N!D/C.#'0&D!N&'!EC$#.E^!H#DCE!&.!H#DC10.C!E#(#!N&'!"#$%&'()^!1&/#1!I1#..0.,!I&10/3^!I#D(!('C.ED!#.E!C/&.&$0/!#DI0'#(0&.DS!!")C!N&11&%0.,!D/C.#'0&D!%C'C!ECGC1&ICES!! !72'%.&/+Gd+Ja-2.&%'+J7/'/32$.&7+H/@2)+Z/(+F./5$1>+Q%#2)&'2+

")C!1#(CD(!1&/#1!#'C#!H#DCE!C/&.&$C('0/!_&H!N&'C/#D(D!%C'C!&H(#0.CE!N&'!"#$%&'()!*&'&+,)!N'&$!JaIC'0#.!*+D0.CDD!:('#(C,0CD!0.!:CI(C$HC'!456YS!!")CDC!#'C!%0EC13!'C/&,.0DCE!#D!#!G#1+#H1C!0.I+(!#.E!/#.!0.E0/#(C!()C!H'&#E!D/#1C!#.E!E0'C/(0&.!&N!C/&.&$0/!,'&%()!0.!E0NNC'C.(!DC/(&'D!(&!)C1I!#DDCDD!N+(+'C!C$I1&3$C.(!DI# ]'C,0&.#1!C/&.&$0/!$&EC1!(#XCD!#//&+.(!&N!()C!Ca0D(0.,!C/&.&$0/!D('+/(+'C!&N!C#/)!=&/#1!W+()&'0(3!MH'&XC.!E&%.!H3!C/&.&$0/!DC/(&'R!#.E!()C!)0D(&'0/#1!'C1#(0&.D)0I!HC(%CC.!()C!'C,0&.#1!IC'N&'$#./C!&N!#.!0.E+D('3!#.E!()C!IC'N&'$#./C!&HDC'GCE!#(!()C!=&/#1!W+()&'0(3!1CGC1S!!")C!N&'C/#D(D!&N!_&H!,'&%()!H3!DC/(&'!'CN1C/(!'C/C.(!('C.ED!#.E!C/&.&$0/!,'&%()!I'&_C/(0&.D!#(!.#(0&.#1!#.E!'C,0&.#1!1CGC1^!#.E!)&%!C/&.&$0/!DC/(&'D!0.!"#$%&'()!)#GC!

D!,'&%()!0.!()C!I#D(S!!")CDC!N&'C/#D(D!#1D&!'CN1C/(!()C!/+''C.(!I&D(]'C/CDD0&.!C/&.&$0/!/10$#(CS!!")C3!#'C!.&(!/&.D('#0.CE!H3!C0()C'!1#H&+'!D+II13!&'!1#.E!#G#01#H010(3S!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!4O!J$I1&3$C.(!=#.E!9CG0C%! !:(#,C!4^!<#()#.0C1!=0/)N0C1E!#.E!\#'(.C'D^!@C/C$HC'!456Y!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Q5!

!72'%.&/+Nd+Z/(+F./5$1>+:2_2'2.%$&/'<8/)&7*+D'+W.!#1(C'.#(0GC^!_&H]H#DCE!CD(0$#(C!&N!N+(+'C!.CCED!%#D!/&$I01CE!%)0/)!%#D!(C'$CE!()C!

]%0()!()C!?'C#(C'!*0'$0.,)#$!#.E!:&10)+11!=J\S!!")C!I'0&'0(0CD!&N!"#$%&'()!*&'&+,)!-&+./01!'CN1C/(!()&DC!&N!H&()!=J\D!0.!()#(!()C'C!0D!#!N&/+D!&.!#!,'&%()!0.!H+D0.CDD!#.E!I'&NCDD0&.#1!DC'G0/CD^!C.G0'&.$C.(#1!#.E!H+01E0.,!(C/).&1&,0CD!#.E!,C.C'#1!$#.+N#/(+'0.,!0.!&'EC'!(&!

!! S%d+!1/.$+42.3+8%#$+4%`2+B-+C/'$&'"2#+

")0D!D/C.#'0&!D0$I13!#DD+$CD!()#(!N+(+'C!ECGC1&I$C.(!'#(CD!&N!C$I1&3$C.(!DI#/C!+I!(&!45Y5!%011!HC!D0$01#'!(&!()&DC!()#(!)#GC!&//+''CE!0.!"#$%&'()!&GC'!()C!1#D(!66!3C#'D!M()C!IC'0&E!N&'!%)0/)!#!$&'C!EC(#01CE!H'C#XE&%.!&N!*]/1#DD!+DCD!0D!#G#01#H1CRS!WD!()0D!IC'0&E!/&GC'CE!H&()!D('&.,!C/&.&$0/!,'&%()!#.E!'C/CDD0&.^!0(!/&+1E!I'&G0EC!#!'C#D&.#H1C!H#D0D!N&'!N+(+'C!I1#..0.,S!

! !72'%.&/+S(d+6/'_+42.3+C/3-)2$&/'+:%$2#+

")0D!EC$#.E!CD(0$#(C!0D!#1D&!H#DCE!H'&#E13!&.!I#D(!/&$I1C(0&.!'#(CD!0.!()C!*&'&+,)^!H+(!%0()!#E_+D($C.(D!(&!'CN1C/(!()C!I&(C.(0#1!N&'!)0,)C'!,'&%()!H#DCE!&.!1&.,C'!(C'$!I#D(!('C.ED^!D('C(/)0.,!H#/X!(&!6KKQT6KKPS!

+ !72'%.&/+Td+?.%0$+6/7%)+8)%'+M/"#&'_+4%._2$+cNUY+@-%d+

")0D!D/C.#'0&!CD(0$#(CD!()C!C$I1&3$C.(!DI#/C!'CF+0'C$C.(!()#(!%&+1E!'CD+1(!N'&$!#.(0/0I#(CE!)&+D0.,!#.E!)C./C!I&I+1#(0&.!,'&%()!0.!"#$%&'()^!D0./C!()0D!/&+1E!0$I#/(!

!! !72'%.&/+Ud+6%(/".+!"--)*+Q%#2@+/'+C6F+NYGGL(%#2@+c&'$2.&3d+1/"#21/)@+-./A27$&/'#+

>.!B#3!456Y!<=\!+.EC'(&&X!#!I#'(0#1!+IE#(C4Q!(&!()C!4564!U&+D0.,!<CCED!:(+E3!E0D/+DDCE!#H&GC!(&!$&EC1!()C!0$I10/#(0&.D!&N!()C!1#(CD(!4566]H#DCE!M0.(C'0$R!-=?!)&+DC)&1E!I'&_C/(0&.DS!!")C!H#DC10.C!D/C.#'0&!0./&'I&'#(CE!+IE#(CE!:+H]<#(0&.#1!\&I+1#(0&.!\'&_C/(0&.D!E#(#!#1&.,D0EC!'CG0DCE!E#(#!&.!/&$$+(0.,^!)C#ED)0I!'#(CD!#.E!+.C$I1&3$C.(S!!")C!'CG0DCE!H#DC10.C!I'&_C/(0&.!0.E0/#(CE!I&I+1#(0&.!,'&%()!&N!QÔP7!&GC'!()C!IC'0&E!&N!4566]Y5d!#DD&/0#(CE!)&+DC)&1E!,'&%()!&N!ZÔO7!#.E!#!)&+D0.,!'CF+0'C$C.(!&N!477!EI#!M47K!EI#!4566]4PRS!")C!.+$HC'!&N!_&HD!#DD&/0#(CE!%0()!()0D!,'&%()!CF+#11CE!745^!&'!4Q!IC'!#..+$S!

!")C!I'CNC''CE!&I(0&.!N&'!()C!D+H$0DD0&.!=&/#1!\1#.!N&'!C$I1&3$C.(!1#.E!'CF+0'C$C.(D!0D!Y4!)C/(#'CD^!&N!%)0/)!6P!)C/(#'CD!%&+1E!HC!D&+,)(!%0()0.!()C!*&'&+,)!H&+.E#'3!#.E!6Z!)C/(#'CD!%&+1E!HC!D&+,)(!&+(D0EC!()C!*&'&+,)S!!")0D!%#D!/)&DC.!HC/#+DC!0(!%#D!NC1(!(&!I'&G0EC!C.&+,)!C$I1&3$C.(!1#.E!(&!HC!0.!H#1#./C!%0()!()C!)&+D0.,!,'&%()!(#',C(S!!`+'()C'$&'C!0(!I'&G0ECD!#!,&&E!N0(!%0()!'C,C.C'#(0&.!I&10/3!#.E!#11&%D!#!I'&#/(0GC!#II'&#/)!(&!H'0.,0.,!.C%!H+D0.CDD!0.(&!()C!*&'&+,)S!!")0D!#$&+.(!&N!C$I1&3$C.(!1#.E!0D!/&.D0EC'CE!(&!HC!D+NN0/0C.(13!/1&DC!(&!D/C.#'0&!4!M'C,C.C'#(0&.TI&10/3!&.R!.&(!(&!$C'0(!DCI#'#(C!#II'#0D#1!#D!#.!&I(0&.S!!<=\!CD(0$#(CE!,'&DD!C$I1&3$C.(!1#.E!'CF+0'C$C.(D!N&'!&NN0/CD^!0.E+D('3!#.E!1&,0D(0/D!#DD&/0#(CE!%0()!C#/)!&N!()CDC!D/C.#'0&D^!#.E!()0D!0D!DC(!&+(!0.!()C!N&11&%0.,!(#H1CS!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!4Q!<=\!MB#3!4564RL!>$I10/#(0&.D!&N!()C!4566]H#DCE!-=?!U&+DC)&1E!\'&_C/(0&.D! !=0/)N0C1E^!"#$%&'()!#.E!-#..&/X!-)#DC!U&+D0.,!9CF+0'C$C.(!8IE#(C!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Q6!

!4%()2+GYKT>+J3-)/*32'$+#72'%.&/#+!!72'%.&/+ F./##+23-)/*32'$+)%'@+.2b"&.232'$#+c1%d+6R!JaIC'0#.!*#DC10.C! 46S54!4R!9C,C.C'#(0&.T\&10/3!;.! Y4SK6!Y#R!:)&'(!"C'$!\#D(!"#XC!8I! ZPS76!YHR!=&.,!"C'$!-&$I1C(0&.!9#(CD! OOSZK!ZR!=#H&+'!:+II13!M475!EI#R! 4QSP4!7R!=#H&+'!:+II13!M1#(CD(!)&+DC)&1E!I'&_C/(0&.DR! Y5S6O!!!

GYKTKN D=2.%))+9&'@&'_#+/0+,--.%&#%)+/0+J3-)/*32'$+!72'%.&/#+

*3!DCCX0.,!)0,)C'!#$&+.(D!&N!C$I1&3$C.(!1#.E^!D/C.#'0&!YH^!#.E!(&!#!1CDDC'!Ca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

GYKU ,99D:?,Q6J+MDB!;EF+!CJE,:;D!+!

GYKUKG ?2#7.&-$&/'+/0+!72'%.&/#+

"#$%&'()!*&'&+,)!-&+./01!)#D!ECGC1&ICE!.0.C!E0NNC'C.(!D/C.#'0&D!N&'!#NN&'E#H1C!)&+D0.,S!!")CDC!%C'C!E'#%.!+I!0.!#!/10C.(]D0EC!%&'XD)&I!&.!45()!`CH'+#'3!456Z!#.E!#'C!DC(!&+(!0.!#!'CI&'(4P!&N!#!G0#H010(3!#DDCDD$C.(!N&'!"#$%&'()!0./1+E0.,!)&+D0.,!G0#H010(3!#DDCDD$C.(S!!")'CC!E0NNC'C.(!1CGC1D!&N!#NN&'E#H1C!)&+D0.,!#'C!I'&I&DCE^!#.E!%0()0.!C#/)!&N!()&DC!()'CC!1CGC1D!#'C!()'CC!E0NNC'C.(!I'&I&D#1D!N&'!()C!(3IC!&N!#NN&'E#H1C!)&+D0.,!(&!HC!I'&G0ECES!!")C!()'CC!1CGC1D!&N!#NN&'E#H1C!)&+D0.,!#'C!45b^!47b!#.E!Y5bS!!")C!()'CC!(3ICD!&N!#NN&'E#H1C!)&+D0.,!#'C!D&/0#1!'C.(CE^!0.(C'$CE0#(C!#.E!D)#'CE!&%.C'D)0IS!!")C!'C#D&.!()CDC!D/C.#'0&D!%C'C!/)&DC.!0D!HC/#+DC!()C3!'CI'CDC.(!#!'#.,C!&N!G0#H1C!#.E!I'#/(0/#1!#II'&#/)CD!(&!#NN&'E#H1C!)&+D0.,!I'&G0D0&.S!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!4P!"#$%&'()!*&'&+,)!-&+./01![)&1C!\1#.!V0#H010(3!WDDCDD$C.(^!`CH'+#'3!456Z!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Q4!

!")C!:W!)#D!#II'#0DCE!()C!()'CC!E0NNC'C.(!D/C.#'0&D!&N!1CGC1D!&N!#NN&'E#H1C!)&+D0.,!I'&G0D0&.^!H+(!.&(!()C!E0NNC'C.(!(3ICD!&N!#NN&'E#H1C!)&+D0.,!HC/#+DC!()0D!%011!.&(!I'&E+/C!#.3!E0NNC'C.(!'CD+1(D!%)C.!Ca#$0.CE!#,#0.D(!()C!#II'#0D#1!N'#$C%&'XS!!")C!&I(0&.D!N&'!#NN&'E#H1C!)&+D0.,!#II'#0DCE!0.!()C!:W!#'C!()C'CN&'C!#D!DC(!&+(!0.!()C!N&11&%0.,!(#H1CS!+4%()2+GYKU>+,00/.@%()2+1/"#&'_+#72'%.&/#+!!72'%.&/+ 62=2)+/0+%00/.@%()2+1/"#&'_+-./=&#&/'+6! 45b!4! 47b!Y! Y5b!!!

GYKUKN D=2.%))+9&'@&'_#+/0+,--.%&#%)+/0+,00/.@%()2+M/"#&'_+!72'%.&/#+

<&.C!&N!()C!D/C.#'0&D!%&+1E!$CC(!()C!0EC.(0N0CE!.CCE!N&'!6PY!#NN&'E#H1C!)&$CD!IC'!#..+$S!!:/C.#'0&!Y!%&+1E!I'&G0EC!()C!)0,)CD(!1CGC1!&N!#NN&'E#H1C!)&$CD!IC'!#..+$!MPY!EI#R!#.E!()C'CN&'C!0D!()C!HCD(!IC'N&'$0.,!D/C.#'0&S!!")0D!%011!)C1I!(&!0$I'&GC!#//CDD!(&!)&+D0.,!N&'!I&&'C'!$C$HC'D!&N!()C!/&$$+.0(3!#.E!$#3!0.E0'C/(13!)C1I!(&!0$I'&GC!CF+#10(3!&N!#//CDD!(&!C$I1&3$C.(S!!

GYK[ 6J;!B:J+CJE4:J+D84;DE!+!

GYK[KG ?2#7.&-$&/'+/0+62&#".2+C2'$.2+D-$&/'#+

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

GYK[KN D=2.%))+9&'@&'_#+/0+,--.%&#%)+/0+62&#".2+C2'$.2+D-$&/'#+

W11!&I(0&.D!%011!0./'C#DC!N&'$#1!DI&'(!#.E!'C/'C#(0&.!N#/010(0CD!#.E!%011!C./&+'#,C!#/(0GC!#.E!)C#1()0C'!10NCD(31CD!#.E!)C1I!(&!'CE+/C!)C#1()!ECI'0G#(0&.S!!W!1&/#(0&.!0.!()C!(&%.!/C.('C!%&+1E!HC!$&D(!#//CDD0H1C!(&!()C!,'C#(CD(!.+$HC'!&N!'CD0EC.(D!#.E!%011!0./'C#DC!#/(0G0(3!0.!()C!(&%.!/C.('C!#.E!/&.('0H+(C!(&!0(D!G0(#10(3S!!>(!0D!#1D&!10XC13!(&!$#a0$0DC!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

QY!

()C!+DC!&N!D+D(#0.#H1C!$&ECD!&N!('#GC1!0.(&!()C!(&%.!/C.('C!#.E!$#XC!()C!HCD(!+DC!&N!Ca0D(0.,!('#.DI&'(!0.N'#D('+/(+'CS!!")C!0$I#/(!&N!#!1&/#(0&.!0.!()C!C#D(!&N!()C!*&'&+,)!%011!'CF+0'C!.C%!('#.DI&'(!0.N'#D('+/(+'C!(&!HC!I'&G0ECE^!#.E!)&%!D+D(#0.#H1C!()0D!0D!%011!ECIC.E!&.!%)#(!0.N'#D('+/(+'C!0D!I'&G0ECE!#D!I#'(!&N!()C!ECGC1&I$C.(S!!")C!0$I#/(!&N!#!1&/#(0&.!&+(D0EC!&N!()C!*&'&+,)!%&+1E!ECIC.E!&.!%)C'C!()C!/C.('C!%&+1E!HC!I'&G0ECE!%)0/)!0D!+.X.&%.S!!")C'C!#'C!)0D(&'0/!#DDC(D!#.E!#'C#D!&N!H0&E0GC'D0(3!G#1+C!0.!()C!C#D(!&N!()C!*&'&+,)!#.E!()C'CN&'C!#EGC'DC!0$I#/(D!#'C!I&DD0H1CS!!U&%CGC'^!()C!10XC10)&&E!#.E!D0,.0N0/#./C!&N!#.3!0$I#/(D!%011!ECIC.E!%)C'C!()C!1C0D+'C!/C.('C!%&+1E!HC!1&/#(CE^!%)0/)!0D!.&(!X.&%.S!!=#',C!I#'(D!&N!()C!?&1N!-&+'DC!D0(C!#'C!#NNC/(CE!H3!N1&&E!'0DX!#.E!()C'CN&'C!#EGC'DC!CNNC/(D!#'C!I&DD0H1C!0N!()0D!%#D!()C!/)&DC.!1&/#(0&.S!!W!(&%.!/C.('C!1&/#(0&.!0D!10XC13!(&!HC!+.#NNC/(CE!H3!N1&&E!'0DX!&'!H0&E0GC'D0(3!/&.D('#0.(D^!H+(!$#3!)#GC!#EGC'DC!0$I#/(D!&.!)0D(&'0/!#DDC(D^!#1()&+,)!()0D!0D!ECIC.EC.(!&.!()C!DIC/0N0/!1&/#(0&.!%)0/)!0D!+.X.&%.S!!")C!0$I#/(!&N!#!1&/#(0&.!&+(D0EC!&N!()C!*&'&+,)!&.!)0D(&'0/!#DDC(D^!H0&E0GC'D0(3!#.E!N1&&E!'0DX!%011!ECIC.E!&.!()C!DIC/0N0/!1&/#(0&.!%)0/)!0D!+.X.&%.S!!

GYKV :J4,;6+D84;DE!+!

GYKVKG ?2#7.&-$&/'+/0+:2$%&)+D-$&/'#+

")C!D+H$0DD0&.!=&/#1!\1#.!I'&I&DCD!N&/+D0.,!'C(#01!ECGC1&I$C.(!0.!()C!(&%.!/C.('C!HCN&'C!#.3!#EE0(0&.#1!&+(]&N](&%.!'C(#01!I'&G0D0&.S!!U&%CGC'^!0(!0D!0.NC''CE!()'&+,)!()C!=&/#1!\1#.!/&.D+1(#(0&.D!()#(!()C'C!0D!#!ECD0'C!#$&.,!D&$C!D(#XC)&1EC'D!(&!0./'C#DC!()C!'C(#01!N1&&'DI#/C!#(!()C!Ca0D(0.,!&+(]&N]/C.('C!'C(#01!I#'XDS!!")C'CN&'C!()C!:W!)#D!ECGC1&ICE!(%&!&I(0&.D!N&'!#EE0(0&.#1!'C(#01!I'&G0D0&.!(&!'CN1C/(!()CDC!(%&!I&D0(0&.DS!!4%()2+GYKV>+:2$%&)+/-$&/'#+!D-$&/'+ ?2#7.&-$&/'+6! "&%.!/C.('C!N0'D(!4! WEE0(0&.#1!'C(#01!DI#/C!#(!VC.(+'#!\#'X!!<&!#DD+$I(0&.D!)#GC!HCC.!$#EC!#H&+(!)&%!#EE0(0&.#1!'C(#01!DI#/C!$0,)(!HC!EC10GC'CE!#(!VC.(+'#!\#'XS!!")0D!/&+1E!HC!E&.C!H3!0.(C.D0N30.,!I'&G0D0&.!&.!()C!Ca0D(0.,!D0(C^!&'!0(!$0,)(!HC!EC10GC'CE!H3!Ca(C.E0.,!#.E!C.1#',0.,!()C!Ca0D(0.,!D0(CS!!

GYKVKN D=2.%))+9&'@&'_#+/0+,--.%&#%)+/0+:2$%&)+D-$&/'#+

*&()!&I(0&.D!%011!D+II&'(!()C!/'C#(0&.!&N!#EE0(0&.#1!'C(#01!C$I1&3$C.(!%)0/)!%011!/&.('0H+(C!(&!C/&.&$0/!,'&%()S!!\'0&'0(0D0.,!'C(#01!I'&G0D0&.!0.!()C!(&%.!/C.('C!%011!D+II&'(!C/&.&$0/!#/(0G0(3!()C'C!#.E!%011!C.)#./C!()C!G0(#10(3!&N!()C!(&%.!/C.('CS!!>(!%011!#1D&!I'&G0EC!()C!,'C#(CD(!#//CDD!(&!DC'G0/CD!#.E!N#/010(0CD!N&'!()C!,'C#(CD(!.+$HC'!&N!'CD0EC.(D^!I#'(0/+1#'13!N&'!()&DC!%0()&+(!#//CDD!(&!#!/#'S!!\'&G0E0.,!#EE0(0&.#1!'C(#01!DI#/C!#(!VC.(+'#!\#'X!0D!10XC13!(&!'CE+/C!()C!G0H'#./3!&N!()C!(&%.!/C.('C!#.E!#//CDD!(&!DC'G0/CD!#.E!N#/010(0CD!0N!(&%.!/C.('C!D)&ID!#'C!1&D(S!!\'0&'0(0D0.,!'C(#01!I'&G0D0&.!0.!()C!(&%.!/C.('C!%011!'CE+/C!()C!.CCE!(&!('#GC1!H3!D+II&'(0.,!$+1(0]I+'I&DC!('0ID!(&!(&%.!/C.('C!N#/010(0CD^!#.E!%011!$#a0$0DC!()C!+DC!&N!D+D(#0.#H1C!$&ECD!&N!('#.DI&'(!0.(&!()C!(&%.!/C.('CS!!\'&G0E0.,!#EE0(0&.#1!'C(#01!DI#/C!#(!VC.(+'#!\#'X!%011!0./'C#DC!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

QZ!

()C!.CCE!(&!('#GC1^!I#'(0/+1#'13!0N!(&%.!/C.('C!D)&ID!#'C!1&D(S!!W1()&+,)!#//CDD0H1C!H3!N&&(!#.E!H+D^!()C!'C(#01!I#'XD!#'C!10XC13!$#0.13!(&!C./&+'#,C!+DC!&N!()C!I'0G#(C!/#'S!!*&()!&I(0&.D!%011!D+II&'(!()C!+DC!&N!Ca0D(0.,!('#.DI&'(!0.N'#D('+/(+'CS!!\'&G0E0.,!#EE0(0&.#1!'C(#01!DI#/C!#(!VC.(+'#!\#'X!$#3!/'C#(C!/&.,CD(0&.!&.!'&#ED!0.!()C!#'C#^!#1()&+,)!()C!D0,.0N0/#./C!&N!#.3!0$I#/(D!%011!ECIC.E!&.!#.3!$0(0,#(0&.!%)0/)!0D!I+(!0.!I1#/CS!!\'0&'0(0D0.,!'C(#01!I'&G0D0&.!0.!()C!(&%.!/C.('C!%011!)C1I!(&!C./&+'#,C!()C!+DC!&N!I'CG0&+D13!ECGC1&ICE!1#.ES!!\'&G0E0.,!#EE0(0&.#1!'C(#01!DI#/C!#(!VC.(+'#!\#'X!$#3!&'!$#3!.&(!0.G&1GC!()C!+DC!&N!,'CC.N0C1E!1#.E^!ECIC.E0.,!&.!)&%!()C!#EE0(0&.#1!DI#/C!%&+1E!HC!I'&G0ECES!!>N!,'CC.N0C1E!1#.E!%C'C!(&!HC!+DCE!(&!I'&G0EC!()C!#EE0(0&.#1!'C(#01!DI#/C^!#EGC'DC!0$I#/(D!&.!N1&&E!'0DX!#'C!I&DD0H1C!#D!1#',C!I#'(D!&N!()C!'C(#01!I#'XD!#'C!%0()0.!N1&&E!h&.C!YS!!")C!(&%.!/C.('C!0D!$+/)!1CDD!/&.D('#0.CE!H3!N1&&E!'0DX!#.E!()C'CN&'C!#EGC'DC!CNNC/(D!#'C!+.10XC13S!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

Q7!

GG CBHB6,4;OJ+J99JC4!+,E?+;E4J::J6,4;DE!M;8+QJ4PJJE+J99JC4!+

!!

GGKG CBHB6,4;OJ+J99JC4!+!")C!:JW!@0'C/(0GC!'CF+0'CD!#DDCDD$C.(!&N!#.!#EE0(0&.#1!1CGC1!&N!0$I#/(D!0.!#EE0(0&.!(&!

DC/&.E#'3^!/+$+1#(0GC^!D3.C',0D(0/^!D)&'(^!$CE0+$!#.E!1&.,]#II'&#/)!)#D!HCC.!(#XC.!(&!0EC.(0N30.,!D+/)!0$I#/(DS!!W!.+$HC'!&N!E0NNC'C.(!(3ICD!&N!0$I#/(!#'C!DC(!&+(!0.!J+'&IC#.!-&$$0DD0&.!,+0E#./CL!! DCI#'#(C!ECGC1&I$C.(D!/#+D0.,!()C!D#$C!0$I#/(! !/+$+1#(0GCd! E0NNC'C.(!0$I#/(D!#/(0.,!(&,C()C'!&.!#!'C/CI(&'!CS,S!#0'!I&11+(0&.!#.E!1#.E!(#XC! !/+$+1#(0GCd! I1#.!0$I#/(D!%)0/)!,0GC!'0DC!(&!&()C'!0.E0'C/(!0$I#/(D! !DC/&.E#'3d!#.E! E0NNC'C.(!0$I#/(D!%)0/)!(&,C()C'!,0GC!'0DC!(&!3C(!#.&()C'!0$I#/(! !/+$+1#(0GC!#.E!

DC/&.E#'3S!!")C'C!0D!()C'CN&'C!#!.CCE!(&!/&.D0EC'!H&()!DC/&.E#'3!#.E!/+$+1#(0GC!0$I#/(D!0.!()C!#II'#0D#1S!!:C/&.E#'3!0$I#/(D!%C'C!/&.D0EC'CE!#D!#.!0.(C,'#1!I#'(!&N!()C!$#0.!#II'#0D#1!%&'X^!#.E!()0D!0D!0.E0/#(CE!0.!()C!#II'#0D#1!$#('0/CD!0.!W..CaCD!-!(&!`!%)C'C!0$I#/(D!#'C!C0()C'!E0'C/(!&'!0.E0'C/(!0SCS!DC/&.E#'3S!!-C'(#0.!&()C'!#(('0H+(CD!#'C!/&$$&.!(&!#11!(3ICD!&N!0$I#/(L!()CDC!#'C!(0$CD/#1CD!M0SCS!D)&'(^!$CE0+$!#.E!1&.,](C'$!0$I#/(DR^!'CGC'D0H010(3!M0SCS!IC'$#.C.(!&'!(C$I&'#'3!0$I#/(DR!#.E!%)C()C'!()C!0$I#/(D!#'C!I&D0(0GC!&'!.C,#(0GCS!!")CDC!#(('0H+(CD!%C'C!#1D&!#11!/&.D0EC'CE!#D!0.(C,'#1!#DIC/(D!&N!0$I#/(!#DDCDD$C.(^!#.E!()0D!0D!D0$01#'13!0.E0/#(CE!0.!()C!#II'#0D#1!$#('0/CD!0.!W..CaCD!-!(&!`S!!-+$+1#(0GC!0$I#/(D!#'C!E0D/+DDCE!0.!()0D!DC/(0&.!&N!()C!:W!9CI&'(S!!!!")C'C!#'C!(%&!(3ICD!&N!D0(+#(0&.!()#(!/&+1E!,0GC!'0DC!(&!/+$+1#(0GC!0$I#/(DL!!

()C!D#$C!CNNC/(!#'0D0.,!N'&$!(%&!&'!$&'C!E0NNC'C.(!D&+'/CDd!#.E! E0NNC'C.(!CNNC/(D!%)C'C!()C'C!0D!#!'C1#(0&.D)0I!HC(%CC.!()C!CNNC/(D!#.E!I&(C.(0#113!#.!0.(C'#/(0&.S!

!:3.C',0D(0/!CNNC/(D!#'C!#!(3IC!&N!/+$+1#(0GC!0$I#/(S!!")CDC!#'C!CNNC/(D!%)C'C!()C!/+$+1#(0GC!0$I#/(!$#3!HC!,'C#(C'!&'!D$#11C'!()#.!()C!D+$!&N!()C!DCI#'#(C!CNNC/(DS!!-+$+1#(0GC!0$I#/(D!%C'C!/&.D0EC'CE!0.!()C!#II'#0D#1!0.!(%&!%#3DL!! ()C!I&(C.(0#1!N&'!E0NNC'C.(!ECGC1&I$C.(D!(&!,0GC!'0DC!(&!()C!D#$C!(3IC!&N!CNNC/(d!#.E! ()C!I&(C.(0#1!N&'!0.(C'#/(0&.!HC(%CC.!E0NNC'C.(!(3ICD!&N!CNNC/(S!!>.!&'EC'!(&!#DDCDD!()C!/+$+1#(0GC!0$I#/(D!#'0D0.,!N'&$!#11!I&(C.(0#1!ECGC1&I$C.(D!+.EC'!()C!=&/#1!\1#.^!()C!#II'#0D#1!/&.D0EC'CE!()C!&GC'#11!CNNC/(!&N!()C!D+H$0DD0&.!=&/#1!\1#.!#D!#!%)&1C!&.!C#/)!&N!()C!:W!&H_C/(0GCDS!!")C!'CD+1(D!&N!()0D!#'C!DC(!&+(!#H&GC!0.!-)#I(C'!PS!!")C!#II'#0D#1!()C.!/&.D0EC'CE!()C!I&(C.(0#1!N&'!CNNC/(D!#'0D0.,!N'&$!&()C'!I1#.D!#.E!I'&,'#$$CD!%)0/)!0.!/&$H0.#(0&.!%0()!CNNC/(D!#'0D0.,!N'&$!()C!D+H$0DD0&.!=&/#1!\1#.!$#3!,0GC!'0DC!(&!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

QO!

D0,.0N0/#.(!0$I#/(DS!!")C!'CD+1(D!&N!()C!'CG0C%!&N!&()C'!I1#.D!#.E!I'&,'#$$CD!#.E!()C0'!I&(C.(0#1!(&!,0GC!'0DC!(&!/+$+1#(0GC!CNNC/(D!0D!DC(!&+(!HC1&%S!!,")C!D0a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

GGKGKG E/.$1+P%.5&7`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aIC/(CE!()#(!&GC'!()C!I1#.!IC'0&E^!$&'C!()#.!75b!&N!()C!)&+D0.,!#.E!C$I1&3$C.(!'CF+0'C$C.(D!%011!HC!I'&G0ECE!0.!&'!#E_#/C.(!(&!()C!B#'XC(!"&%.D!#.E!()C0'!#DD&/0#(CE!DC((1C$C.(DS!!*C(%CC.!455O!#.E!454P!#(!1C#D(!YÔ75!E%C110.,D!M.C(R!%011!HC!ECGC1&ICES!!")C!EC10GC'3!&N!755!+.0(D! N'&$!()C!(&(#1!/#.!/&$$C./C!#(!#.3!(0$CS!!\&1CD%&'()!j!@&'E&.!%011!EC10GC'!ZZ5!.C%!E%C110.,D!&GC'!()C!\1#.!IC'0&ES!!")C!H'&#E!1&/#(0&.!&N!,'&%()!%011!HC!(&!()C!D&+()!#.E!C#D(!&N!()C!DC((1C$C.(D!D+H_C/(!(&!()C'C!HC0.,!.&!+.#//CI(#H1C!C.G0'&.$C.(#1!0$I#/(D!N'&$!D+'N#/C!$0.0.,!#.E!()#(!G0#H1C!#.E!I'#/(0/#H1C!/&#1!'CDC'GCD!#'C!D#NC,+#'ECES!!=#.E!(&!()C!%CD(!&N!\&1CD%&'()!j!@&'E&.!D)#11!'C$#0.!CDDC.(0#113!+.ECGC1&ICE!0.!&'EC'!(&!$#0.(#0.!()C!DCI#'#(0&.!HC(%CC.!"#$%&'()!#.E!()C!DC((1C$C.(D!&N!\&1CD%&'()!j!@&'E&.S!!W.3!I'&I&D#1D!%011!HC!CaIC/(CE!(&!$#0.(#0.!()C!DCI#'#(0&.!HC(%CC.!()C!+'H#.!#'C#!&N!"#$%&'()!#.E!()C!DC((1C$C.(D!&N!\&1CD%&'()!#.E!@&'E&.S!!")C!-&'C!:('#(C,3!#1D&!$#XCD!'CNC'C./C!(&!*0'/)!-&II0/C!*+D0.CDD!\#'X^!&.!()C!D0(C!&N!()C!N&'$C'!*0'/)!-&II0/C!-&110C'3!(&!()C!D&+()!&N!@&'E&.^!%)0/)!0D!#!1#',C!1&,0D(0/D!D0(CS!!*0'/)!-&II0/C!\)#DC!4!0D!+.EC'!/&.D('+/(0&.^!1&/#(CE!D&+()!&N!()C!W7!.C#'!@&'E&.S!!>.!#EE0(0&.^!B>9W!"C/).&1&,3!\#'X^!#.!J.(C'I'0DC!l&.C^!D&+()!#1&.,!()C!W7!%011!HC!/&$0.,!&.!D('C#$!%0()0.!()C!.Ca(!3C#'!&'!D&!%0()!#!.+$HC'!&N!#DD&/0#(CE!_+./(0&.!0$I'&GC$C.(D!&.!()C!W7S!!")0D!0D!.&'()!&N!<+.C#(&.!&.!()C!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!4K!-&'C!:('#(C,3^!<&'()![#'%0/XD)0'C!*&'&+,)!-&+./01^!;/(&HC'!456Z!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

QQ!

W7S!!")C'C!0D!#1D&!()C!*0'$0.,)#$!>.(C'$&E#1!`'C0,)(!"C'$0.#1!M*>`"R!#(!*0'/)!-&II0/CS!!>(!%011!#1D&!)#GC!#!%#D(C!('#.DNC'!'C/3/10.,!/C.('C!'+.!H3![#'%0/XD)0'C!-&+.(3!-&+./01^!/#(C'0.,!N&'!%0EC'!()#.!1&/#1!.CCEDS!!90&$.'#"$'0&,$0,3">"(%$'+/,/11/3$!,!>(!0D!10XC13!()#(!#11!()C!ECGC1&I$C.(D!0EC.(0N0CE!#H&GC!%011!/&.('0H+(C!(&!#.!0./'C#DC!0.!('#NN0/!&.!()C!W7!#.E!+D0.,!_+./(0&.!65!&N!()C!BZ4S!!U&%CGC'^!()0D!0D!.&(!I'CE0/(CE!(&!,0GC!'0DC!(&!/+$+1#(0GC!CNNC/(D!0.!/&$H0.#(0&.!%0()!()C!"#$%&'()!=&/#1!\1#.^!I#'(0/+1#'13!0.!G0C%!&N!()C!/&$$0($C.(D!0.!W!:('#(C,3!N&'!()C!W7!MDCC!HC1&%RS!!

GGKGKN 6&710&2)@+?&#$.&7$+6/7%)+8)%'+!")C!=&/#1!\1#.L!:('#(C,3Y5!0EC.(0N0CD!#!*'&#E!@CGC1&I$C.(!=&/#(0&.!(&!()C!.&'()!&N!()C!W.XC'!V#11C3!#11&/#(0&.^!.&'()!&N!()C!*7ZKY!#.E!C#D(!&N!()C!'#01%#3!10.C!10.X0.,!"#$%&'()!%0()!*+'(&.]&.]"'C.(S!!>.!()C!*'&#E!@CGC1&I$C.(!=&/#(0&.!0EC.(0N0CE!(&!()C!.&'()!&N!"#$%&'()^!#!D+D(#0.#H1C^!D#NC^!%C11!ECD0,.CE!$0aCE!+DC!ECGC1&I$C.(!&N!#II'&a0$#(C13!6^555!E%C110.,D!%011!HC!EC10GC'CE!H3!454K!0./1+E0.,L!!6S! W!'#.,C!&N!)&+D0.,!0.!#//&'E#./C!%0()!ECGC1&I$C.(!$#.#,C$C.(!I&10/0CD!#.E!)#G0.,!

'C,#'ED!(&!.CCED!#'0D0.,!%0()0.!"#$%&'()!*&'&+,)d!4S! \'&G0D0&.!N&'!&IC.!DI#/C^!DI&'(!#.E!'C/'C#(0&.!N#/010(0CD!#.E!0./&'I&'#(0.,!I1#30.,!I0(/)CD^!

#$C.0(3!,'CC.!DI#/C^!CF+0IICE!I1#3^!#11&($C.(Dd!YS! =#.ED/#I0.,!#.E!,'CC.!0.N'#D('+/(+'C!I'&G0D0&.!0./1+E0.,!()C!'C(C.(0&.!&N!F+#10(3!

)CE,C'&%D!#.E!D0,.0N0/#.(!('CCD^!#.E!()C0'!0./&'I&'#(0&.!0.(&!()C!1#.ED/#IC^!#.E!()C!#11&%#./C!N&'!D0,.0N0/#.(!('CC!/#.&I3!/&GC'd!

ZS! W!/1C#'!D('#(C,3!N&'!EC10GC'0.,!10.XD!(&!"#$%&'()^!#.E!D)&%0.,!)&%!()CDC!%011!HC!0./&'I&'#(CE!0.(&!#.!0.(C,'#(CE!&IC.!DI#/C!#.E!,'CC.!0.N'#D('+/(+'C!.C(%&'Xd!

7S! \'&(C/(0&.!&N!1&/#1!#'C#D!#.E!)#H0(#(D!&N!H0&1&,0/#1!0.(C'CD(d!OS! ")C!I'&G0D0&.!&N!I+H10/!('#.DI&'(!(&!DC'GC!()C!D0(CL!#11!ECGC1&I$C.(!D)&+1E!HC!%0()0.!Y75$!

&N!#!H+D!D(&Id!QS! ")C!I'&G0D0&.!&N!ICECD('0#.!#.E!/3/10.,!'&+(CD!()'&+,)&+(!()C!D0(C^!10.X0.,!(&!()C!,'CC.!

0.N'#D('+/(+'C!.C(%&'X!#.E!(&!DC((1C$C.(D^!DC'G0/CD!#.E!N#/010(0CD!HC3&.E!()C!D0(C!H&+.E#'0CD!0./1+E0.,!D#NC!/'&DD0.,!I&0.(Dd!

PS! VC)0/+1#'!#//CDD!()#(!0D!0.(C,'#(CE!%0()!()C!W.XC'!V#11C3!#.E!W$0.,(&.!10.XD!I'&I&DCE!%0()0.!"#$%&'()!*&'&+,)d!

KS! ")C!I'&G0D0&.!#.E!$#0.(C.#./C!&N!D+D(#0.#H1C!E'#0.#,C!D3D(C$D!#.E!N1&&E!$0(0,#(0&.!$C#D+'CDd!

65S! WE)C'C./C!(&!#11!&()C'!I&10/0CD!0.!()C!=&/#1!\1#.S!!")C!ECGC1&I$C.(!D)#11!/#+DC!.&!/&#1CD/C./C!%0()![0,,0.(&.!G011#,C!#.E!D)#11!.&(!/&$$C./C!I'0&'!(&!CDDC.(0#1!0.N'#D('+/(+'C!HC0.,!EC10GC'CE!#(!#.!#II'&I'0#(C!D(#,CS!!`+'()C'!/&.D0EC'#(0&.!&N!1#.E!(&!()C!<&'()!&N!"#$%&'()!*&'&+,)!%011!HC!/&.D0EC'CE!()'&+,)!()C!=&/#1!\1#.!W11&/#(0&.D!E&/+$C.(S!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Y5!=0/)N0C1E!@0D('0/(!=&/#1!\1#.L!:('#(C,3!MJ0\!-)#.,CDR^!=0/)N0C1E!@0D('0/(!-&+./01^!2#.+#'3!456Z!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

QP!

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a(C.(S!!>(!0D!'C/&$$C.ECE!()#(!()C!W.XC'!V#11C3!D0(C!(#XCD!#!D0$01#'!#II'&#/)!(&!HC!/&$I#(0H1C!%0()!D+''&+.E0.,!/&+.('3D0ECS!!!!")C'C!0D!I&(C.(0#1!(&!I&D0(0GC13!0./'C#DC!()C!.+$HC'!#.E!E0GC'D0(3!&N!H0&E0GC'D0(3!)#H0(#(DS!!U&%CGC'!()C'C!0D!,'C#(C'!I&(C.(0#1!N&'!)#'$!(&!()C!%#(C'/&+'DCS!!@CGC1&I$C.(!&N!()C!W.XC'!V#11C3!D0(C!0D!10XC13!(&!'CD+1(!0.!#EGC'DC!0$I#/(D!&.!H0&E0GC'D0(3^!0./1+E0.,!&.!%#(C'%#3DS!!>(!0D!'C/&$$C.ECE!()#(!()C!I&10/3!&.!:('#(C,0/!8'H#.!Ja(C.D0&.D!HC!#$C.ECE!(&!'CF+0'C!ECGC1&I$C.(!#(!()0D!D0(C!(&!I'&(C/(!#.E!C.)#./C!H0&E0GC'D0(3S!!

GGKGKS 6/7%)+J'$2.-.&#2+8%.$'2.#1&-+!$.%$2_*+0/.+F./5$1+!")C!?'C#(C'!*0'$0.,)#$!#.E!:&10)+11!=&/#1!J.(C'I'0DC!\#'(.C'D)0I!M?*:=J\R!I'&E+/CE!#!:('#(C,3!N&'!?'&%()Y6!0.!B#3!456YS!!")C!D('#(C,3!0.E0/#(CD!()#(!?*:=J\!%#.(D!(&!D0,.0N0/#.(13!0$I'&GC!()C!F+#10(3!#.E!'C10#H010(3!&N!/&..C/(0G0(3!H&()!%0()0.!()C!=J\^!#.E!N'&$!()C!=J\!(&!()C!'C,0&.T.#(0&.T%&'1ES!!9&#E^!'#01^!#0'!#.E!E0,0(#1!/&..C/(0G0(3!#'C!DCC.!#D!HC0.,!XC3!/&$I&.C.(D!&N!()C!$0a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d!()C!N1#,D)0I!I'&,'#$$CD!HC0.,!()C!-0(3!-C.('C!J.(C'I'0DC!l&.C!MJlR!#.E!J.(C'I'0DC!*C1(!MJ*R!%0()!()C!BZ4!J/&.&$0/!?#(C%#3!M_+./(0&.!O!&N!()C!BZ4R!#(!0(D!)C#'(S!!J*!#0$D!(&!/'C#(C!()C!N'#$C%&'X!N&'!()C!/'C#(0&.!&N!&GC'!47^555!_&HD!()'&+,)!()C!10NC(0$C!&N!()C!J*S!!W/(0&.!N&'!()C!BZ4!J/&.&$0/!?#(C%#3!0./1+ECL!! J#'13!#.E!H&1E!0.GCD($C.(!0.!1&/#1!/&..C/(0G0(3^!0./1+E0.,!.C%!$&ECD!&N!'#I0E!('#.D0(!(&!

/'C#(C!#!,C.+0.C13!/&..C/(CE!.C(%&'X! >.GCD(0.,!0.!,'CC.!0.N'#D('+/(+'C!#D!#!G0(#1!C/&.&$0/!#DDC(! "#',C(0.,!0.GCD($C.(!0.!2+./(0&.!:0a!&N!()C!BZ4!(&!N#/010(#(C!()C!,'&%()!&N!*0'$0.,)#$!

W0'I&'(^!()C!<J-!#.E!*0'$0.,)#$!*+D0.CDD!\#'XS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Y6!@C10GC'0.,!?'&%()^!?'C#(C'!*0'$0.,)#$!#.E!:&10)+11!=&/#1!J.(C'I'0DC!\#'(.C'D)0I^!B#3!456Y!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

QK!

@C10GC'0.,!$#.#,CE!,'&%()!#'&+.E!N&+'!XC3!1&/#(0&.D^!.#$C13!<&'()!:&10)+11^!:&10)+11!"&%.!-C.('C^!*13()C!V#11C3!*+D0.CDD!\#'X!#.E!()C!U+H!%)0/)!0./1+ECD!()C!<J-^!#0'I&'(^!*0'$0.,)#$!*+D0.CDD!\#'X!#.E!()C!I'&I&DCE!U0,)!:ICCE!9#01!D(#(0&.S!

!?*:=J\!%011!I'0&'0(0DC!'#0D0.,!()C!F+#10(3!&N!10NC!N&'!#11!()C!=J\mD!'CD0EC.(D^!%0()!#//CDD!(&!)0,)!

/&.D0EC'#H1C!#.E!G#'0CE!.#(+'#1!#DDC(D!#.E!E0NNC'C.(!1&/#1!/C.('CDS!!")'&+,)!()C!-'C#(0GC!-0(3!\#'(.C'D)0I!?*:=J\!%011!C./&+'#,C!I#'(0/0I#(0&.!0.!(H+01E0.,!#!D('&.,!D)#'CE!DC.DC!&N!0EC.(0(3!#.E!I+'I&DC!#.E!0./'C#D0.,!C.,#,C$C.(!0.!/0G0/!10NCS!!90&$.'#"$'0&,$0,3">"(%$'+/,/11/3$!,!")C!0$I'&GC$C.(!&N!('#.DI&'(!0.N'#D('+/(+'C!/&$H0.CE!%0()!0.GCD($C.(!C.(C'I'0DC!0.!*0'$0.,)#$!#.E!:&10)+11!0D!10XC13!(&!0./'C#DC!()C!1CGC1!&N!&+(]/&$$+(0.,!N'&$!"#$%&'()!0.!

&.!()C!E0NNC'C./C!&N!1&/#1!/C.('CD!#.E!C./&+'#,0.,!/+1(+'#1!I#'(0/0I#(0&.!%011!#EE!(&!CNN&'(D!0.!"#$%&'()!(&!/'C#(C!#!D('&.,!1&/#1!0EC.(0(3!#.E!G0H'#.(!#.E!#(('#/(0GC!(&%.!/C.('CS!!

GGKGKT M&_1+!-22@+:%&)+!

")C!N0'D(!M\)#DC!;.CR!'+.D!N'&$!.C#'!_+./(0&.!K!&N!()C!BZ4!#.E!('#GC1D!.&'()!.C#'!B0EE1C(&.^!I#DDCD!#H&+(!4X$!%CD(!&N!U&I%#D!#.E!DX0'(D!()C!C#D(C'.!CE,C!&N!=0/)N0C1ES!!")C!DC/&.E!M\)#DC!4R!H'&#E13!N&11&%D!()C!10.C!&N!()C!BZ4!N'&$!()C!BO!"&11!(&%#'ED!WD)H3!EC!1#!l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

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Y4!*0'$0.,)#$!#.E!>.(C'/)#.,CL!-&..C/(0&.D!(&!=&.E&.^!B#./)CD(C'^!=CCED!#.E!*C3&.E^!U:4!=(E^!2+13!456Y!YY!=&.E&.][CD(!B0E1#.ED!J.G0'&.$C.(#1!:(#(C$C.(^!U:4!=(E^!<&GC$HC'!456Y!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

P5!

'CD0EC.(0#1!I'&IC'(0CD!%011!HC!EC$&10D)CE^!#.E!D&$C!'CD0EC.(D!%011!CaIC'0C./C!#$C.0(3!CNNC/(D!E+'0.,!/&.D('+/(0&.!#.E!&IC'#(0&.^!E+C!(&!.&0DC!#.E!G0D+#1!CNNC/(DS!!8DC'D!&N!()C!UC#'(!&N!J.,1#.E![#3^!%)0/)!I#DDCD!()'&+,)!@'#3(&.!*#DDC((!%011!HC!#NNC/(CE!#D!#!'CD+1(!&N!.&0DC!#.E!G0D+#1!CNNC/(D!#.E!0./'C#DCE!('#NN0/!#DD&/0#(CE!%0()!/&.D('+/(0&.S!!>.!()C!U0.(D!#'C#^!'CD0EC.(D!&N!*'&/X)+'D(!=#.C!%011!HC!D+H_C/(!(&!#.!0D&1#(0&.!CNNC/(!E+'0.,!()C!/&.D('+/(0&.!IC'0&E!E+C!(&!()C!(C$I&'#'3!/1&D+'C!&N!()C!'&#E!/&..C/(0.,!()C!#'C#!(&!()C!'CD(!&N!()C!U0.(D!/&$$+.0(3!#.E!(&!D/)&&1D!#(![)0((0.,(&.!#.E!=0/)N0C1ES!!>.!()C![CCN&'E!#'C#^!/&.D('+/(0&.!%&'XD!#(![#(10.,!:('CC(!%011!,0GC!'0DC!(&!#!(C$I&'#'3!#$C.0(3!CNNC/(!&.!()C!'CD0EC.(D!&N!N0GC!I'&IC'(0CD^!#D!#!'CD+1(!&N!0./'C#DCD!0.!/&.D('+/(0&.!('#NN0/!#.E!G0C%D!&N!/&.D('+/(0&.!#/(0G0(0CDS!!@+'0.,!&IC'#(0&.^!.&0DC!#.E!G0D+#1!CNNC/(D!%011!#NNC/(!()C!DC((0.,!&N!U0.(D!V011#,C^!U&'D1>.,1C3)011!`#'$^!9&+.E)011![&&ES!!W'/)#C&1&,0/#1!#DDC(D!%011!HC!IC'$#.C.(13!'C$&GCE!#.E!.&.]ECD0,.#(CE!H+01(!)C'0(#,C!#DDC(D!%011!HC!EC$&10D)CES!!:&$C!)0D(&'0/!1#.ED/#IC!NC#(+'CD!%011!HC!DCGC'CE!#.E!IC'$#.C.(13!'C$&GCE!0./1+E0.,!)CE,C'&%D!#(!()C!B0EE1C(&.!JD(#(C!H&+.E#'3!#.E!#./0C.(!%&&E1#.E!1&D(^!I'0$#'013!#(!()C!9&&XC'3!#.E!9&+.E)011![&&ES!+")C!(C$I&'#'3!I'CDC./C!&N!/&.D('+/(0&.!%&'XD!#.E!/)#.,CD!(&!()C!Ca0D(0.,!1#.EN&'$!#.E!GC,C(#(0&.!I#((C'.D!%011!D0,.0N0/#.(13!#NNC/(!()C!/)#'#/(C'!#.E!#IIC#'#./C!&N!()C!1&/#1!1#.ED/#ICS!!@+'0.,!&IC'#(0&.^!()C!CNNC/(!&N!()C!I'&_C/(!&.!()C!/)#'#/(C'!#.E!#IIC#'#./C!&N!()C!1&/#1!1#.ED/#IC!%011!D+HD(#.(0#113!'CE+/C!&GC'!(0$C!#D!$0(0,#(0&.!I1#.(0.,!$#(+'CDS!!:0,.0N0/#.(!CNNC/(D!%011!'C$#0.!0.!D&$C!I#'(D!&N!()C!1&/#1!1#.ED/#IC!E+C!(&!()C!I'CDC./C!&N!C.,0.CC'CE!1#.EN&'$D^!0.N'#D('+/(+'C!#.E!&GC')C#E!10.C!CF+0I$C.(S!!@+'0.,!&IC'#(0&.!()C!U0.(D!/+((0.,^!B01E0(/)![&&E!C$H#.X$C.(!#.E!()C!?#11&%D!*'&&X!#.E!*1#/X!*'&&X!G0#E+/(D!%011!/&.(0.+C!(&!#NNC/(!G0C%D!0.!()C!1&/#1!#'C#S!!")C!G0D+#1!CNNC/(D!&N!()C!I'&_C/(!%011!'CE+/C!&GC'!(0$C!#D!I1#.(0.,!$#(+'CDS!+W.!0./'C#DC!0.!('#NN0/!E+'0.,!/&.D('+/(0&.!%011!1C#E!(&!#EE0(0&.#1!/&.,CD(0&.!#.E!EC1#3D!#(!()C!_+./(0&.D!&N!()C!WYP!=&.E&.!9&#ETWZ7Y!"#$%&'()!9&#ETWZZO!=&.E&.!9&#E^!()C!WYPTW76ZPTW745O!=&.E&.!9&#E!#.E!()C!W7TW764Q!*0'$0.,)#$!9&#ETW76ZPS!!@+'0.,!/&.D('+/(0&.^!0./'C#DCD!0.!('#NN0/!%011!#NNC/(!ICECD('0#.D^!/3/10D(D!#.E!)&'DC!'0EC'D!+D0.,!D&$C!1&/#1!'&#ED!0./1+E0.,!@'#3(&.!=#.C^![#(10.,!:('CC(^!()C!WZ7Y!#.E!`1#(D!=#.CS!"%&!I+H10/!'0,)(D!&N!%#3!%011!HC!(C$I&'#'013!E0GC'(CES!!-&.D('+/(0&.!GC)0/1CD!%011!&IC'#(C!#1&.,D0EC!N&+'!I+H10/!'0,)(D!&N!%#3!%)0/)!%011!#NNC/(!()C!C._&3$C.(!&N!()CDC!'&+(CDS!!<0.C!I+H10/!'0,)(D!&N!%#3!%011!HC!IC'$#.C.(13!'C#10,.CE^!/#+D0.,!0./'C#DCD!0.!_&+'.C3!(0$CDS!!")C!:+D(#0.#H010(3!:(#(C$C.(!N&'!U:4!\)#DC!4YZ!I'CE0/(D!()#(!.&0DC!0$I#/(D!#'C!10XC13!(&!#NNC/(!'CD0EC.(D!#(!G011#,CD!#1&.,!()C!'&+(C!0./1+E0.,!g0.,DH+'3^!%)01C!#.!CD(0$#(CE!D0a!E%C110.,D!%&+1E!.CCE!(&!HC!EC$&10D)CE!#(![)#(C1C3S!!90GC'!/'&DD0.,D!%&+1E!'CF+0'C!#.!C1CG#(CE!#10,.$C.(^!#.E!#(!()CDC!1&/#(0&.D!0$I#/(D!%&+1E!HC!$&'C!10XC13S!!`&'!Ca#$I1C^!()C!/'&DD0.,!&N!()C!"#$C!V#11C3!.C#'!g0.,DH+'3!#.E!&N!()C!W.XC'!V#11C3!.C#'!\&1CD%&'()!%&+1E!'CD+1(!0.!D&$C!G0D+#1!0$I#/(D!#(!/&+.('3!I#'XD!0.!()CDC!1&/#(0&.D^!#1()&+,)!()C!'&+(C!%#D!#10,.CE!)C'C!(&!C.D+'C!()#(!E0'C/(!0$I#/(D!&.!W1GC/&(C!\&&1D!:::>!%&+1E!HC!#G&0ECES!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!YZ!:+D(#0.#H010(3!:(#(C$C.(^!"C$I1C]J9B^!2+13!456Y!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

P6!

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

GGKGKU ,+!$.%$2_*+0/.+$12+,U+!Ja0D(0.,!1CGC1D!&N!('#NN0/!#1&.,!/C'(#0.!I#'(D!&N!()C!'&+(C!#'C!)C#G3!()'&+,)&+(!()C!E#3^!I#'(0/+1#'13!#'&+.E!-#..&/X^!=0/)N0C1E^!"#$%&'()^!<+.C#(&.TU0./X1C3!#.E!B#,.#!\#'XS!![0()&+(!D+0(#H1C!0.GCD($C.(^!I1#..CE!)&+D0.,!#.E!C$I1&3$C.(!,'&%()!#1&.,!()0D!DC/(0&.!&N!()C!W7!%011!Ca#/C'H#(C!()CDC!/&.,CD(0&.!0DD+CD^!#D!%C11!#D!/'C#(0.,!.C%!I'CDD+'C!I&0.(DS!!")C!&H_C/(0GCD!&N!()C!D('#(C,3Y7!#'C!()C'CN&'CL!! "&!C.D+'C!()#(!()C!W7!0D!N0(!N&'!I+'I&DC!0.!(C'$D!&N!0(D!/#I#/0(3!#.E!D#NC(3^!H&()!.&%!#.E!0.!

()C!N+(+'CS! "&!#11&%!()C!W7!(&!I1#3!0(D!N+11!#.E!I'&IC'!'&1C!0.!D+II&'(0.,!#.E!N#/010(#(0.,!C/&.&$0/!

#/(0G0(3!#.E!,'&%()!#(!#!1&/#1!#.E!.#(0&.#1!1CGC1S! "&!I'&$&(C!#.E!N#/010(#(C!#//CDD!(&!1C0D+'C!#.E!(&+'0D$!%0()0.!()C!#'C#!/&GC'CE!H3!()C!

D('#(C,3S! "&!#DD0D(!0.!0EC.(0N30.,!I'0&'0(3!0$I'&GC$C.(D!#1&.,!()C!W7!/&''0E&'!()#(!#'C!.CCECE!(&!

N#/010(#(C!#.E!C.#H1C!,'&%()^!'CE+/C!/&.,CD(0&.^!0$I'&GC!D#NC(3^!0$I'&GC!#0'!F+#10(3!#.E!EC10GC'!#!D+D(#0.#H1C!('#.DI&'(!D3D(C$S!

"&!'CE+/C^!%)C'C!I&DD0H1C^!()C!0$I#/(!&N!('#NN0/!&.!/&$$+.0(0CD!#1&.,!()C!W7S!!")C'C!#'C!X.&%.!/#I#/0(3!0DD+CD!#(!()C!B+/X1C3!-&'.C'!#.E![#11!>D1#.E!_+./(0&.D!(&!()C!D&+()!C#D(!&N!=0/)N0C1E^!#.E!0.!()C!@&'E&.T?'C.E&.!#'C#!HC(%CC.!"#$%&')(!#.E!W()C'D(&.CS!!")C!('#NN0/!N1&%!&.!()C!W7!(&!()C!%CD(!&N!_+./(0&.!65!&N!()C!BZ4^!()C'C!#'C!0.!Ca/CDD!&N!44^555!GC)0/1CD!IC'!E#3S!!90&$.'#"$'0&,$0,3">"(%$'+/,/11/3$!,![)C.!0$I1C$C.(CE^!()C!D('#(C,3!0D!10XC13!(&!,0GC!'0DC!(&!0$I'&GC$C.(D!0.!/&.,CD(0&.!&.!()C!W7^!%)0/)!%011!D+II&'(!()C!)&+D0.,!#.E!C$I1&3$C.(!,'&%()!I'&I&DCE!0.!()C!"#$%&'()!=&/#1!\1#.^!#1()&+,)!()0D!0D!.&(!CaIC/(CE!(&!1C#E!(&!/+$+1#(0GC!CNNC/(D!%0()!()C!=&/#1!\1#.S!!

GGKGK[ !$%00/.@#1&.2+6/7%)+4.%'#-/.$+8)%'+!")C!:(#NN&'ED)0'C!=&/#1!"'#.DI&'(!\1#.YO!M="\R!)#D!#!'#.,C!&N!&H_C/(0GCDL!!! :+II&'(0.,!,'&%()!#.E!'C,C.C'#(0&.! B#0.(#0.0.,!()C!)0,)%#3!.C(%&'X!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Y7!W!:('#(C,3!N&'!()C!W7!4566]454O^!W7!"'#.DI&'(!=0#0D&.!?'&+I^!`CH'+#'3!4564!YO!:(#NN&'ED)0'C!=&/#1!"'#.DI&'(!\1#.!4566^!:(#NN&'ED)0'C!-&+.(3!-&+./01^!B#'/)!4566!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

P4!

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gCCI!()C!)0,)%#3!D#NC!#.E!DC'G0/C#H1C!%)01D(!#/)0CG0.,!G#1+C!N&'!$&.C3S! 9CE+/C!D&/0#1!Ca/1+D0&.!N#/CE!H3!'CD0EC.(DS!

D0(CD^!DC'G0/CD!#.E!N#/010(0CDS! >$I'&GC!()C!DX011D!&N!#11!'&#E!+DC'DS! >$I'&GC!()C!/+''C.(!'&#E!D#NC(3!'C/&'ES! "#/X1C!/'0$C^!NC#'!&N!/'0$C^!#.E!#.(0]D&/0#1!HC)#G0&+'!&.!()C!)0,)%#3!.C(%&'XS! >$I'&GC!()C!'CD010C./C!&N!()C!)0,)%#3!.C(%&'X!(&!CGC.(D!()#(!I&DC!D#NC(3!()'C#(D!(&!

)0,)%#3!+DC'DS! 9CE+/C!C$0DD0&.D!N'&$!'&#E!('#.DI&'(S! 9CDI&.E!(&!/+''C.(!#.E!N+(+'C!/10$#(0/!/&.E0(0&.DS! >$I'&G0.,!)C#1()!#.E!F+#10(3!&N!10NC! J./&+'#,C!#/(0GC!('#GC1S!

10NCS! B0.0$0DC!()C!0$I#/(!&N!('#.DI&'(!&.!()C!C.G0'&.$C.(S! J.)#./C!()C!C.G0'&.$C.(!()'&+,)!()C!$#.#,C$C.(!#.E!$#0.(C.#./C!&N!()C!)0,)%#3!

.C(%&'XS!!90&$.'#"$'0&,$0,3">"(%$'+/,/11/3$!,!>.!/&$H0.#(0&.!%0()!()C!"#$%&'()!=&/#1!\1#.^!()C!="\!%011!)C1I!(&!0$I'&GC!#//CDD!(&!CE+/#(0&.^!('#0.0.,!#.E!_&HD^!%011!'CE+/C!/&.,CD(0&.!#.E!0$I'&GC!#0'!F+#10(3^!C./&+'#,C!#!D)0N(!(&!$&'C!D+D(#0.#H1C!N&'$D!&N!('#.DI&'(!#.E!D+II&'(!0$I'&GC$C.(D!(&!('#.DI&'(!0.N'#D('+/(+'C^!(#/X1C!ECI'0G#(0&.!#.E!C.#H1C!C/&.&$0/!,'&%()S!!

GGKN ;E4J::J6,4;DE!M;8+QJ4PJJE+J99JC4!+!")C!:JW!@0'C/(0GC!'CF+0'CD!()C!#II'#0D#1!(&!/&.D0EC'!()C!0.(C''C1#(0&.D)0I!HC(%CC.!()C!D0,.0N0/#.(!CNNC/(D!&N!()C!D+H$0DD0&.!=&/#1!\1#.S!!")0D!)#D!HCC.!E&.C!#D!#.!0.(C,'#1!I#'(!&N!()C!#II'#0D#1!&N!()C!I&10/0CD!#.E!&I(0&.D^!#.E!Ca#$I1CD!&N!()0D!/#.!HC!N&+.E!()'&+,)&+(!/)#I(C'D!Q^!P!#.E!65!#.E!W..CaCD!-!(&!`!&N!()0D!'CI&'(S!!")C!$#0.!0.(C''C1#(0&.D)0ID!N&+.E!()'&+,)!()C!#II'#0D#1!#'C!)0,)10,)(CE!HC1&%S!!\'&(C/(0&.!#.E!C.)#./C$C.(!&N!,'CC.!DI#/CD!#.E!/&..C/(0G0(3!%011!HC!&N!HC.CN0(!(&!)+$#.!)C#1()!#.E!F+#10(3!&N!10NC^!C./&+'#,0.,!#/(0GC!10NCD(31CD!#.E!)C1I0.,!(&!I'&$&(C!D+D(#0.#H1C!('#GC1!H3!C./&+'#,0.,!IC&I1C!(&!%#1X!&'!/3/1C!'#()C'!()#.!+D0.,!()C!/#'S!!>(!/#.!#1D&!)C1I!(&!D+II&'(!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

PY!

H0&E0GC'D0(3!I'&(C/(0&.!#.E!0$I'&GC$C.(!H3!C.D+'0.,!/&..C/(0G0(3!#.E!I'&(C/(0&.!&N!,'CC.!#.E!H1+C!0.N'#D('+/(+'CS!!")0D!%011!#1D&!)C1I!(&!I'&(C/(!1#.ED/#IC!F+#10(3!#.E!()C!DC((0.,!&N!"#$%&'()S!!!!\'&(C/(0&.!#.E!C.)#./C$C.(!&N!)0D(&'0/!NC#(+'CD!#.E!#DDC(D!%011!/&.('0H+(C!(&!$#0.(#0.0.,!1#.ED/#IC!F+#10(3!0.!"#$%&'()^!/&.('0H+(0.,!(&!I'CDC'G0.,!0(D!E0D(0./(0GC!F+#10(3!#.E!D+II&'(0.,!(&+'0D$!#.E!()C!G0D0(&'!C/&.&$3S!!9CE+/0.,!()C!#$&+.(!&N!%#D(C!.CCE0.,!('C#($C.(!#.E!E0DI&D#1!%011!)C1I!(&!'CE+/C!#0'!C$0DD0&.D!N'&$!()C!('#.DI&'(!#.E!$#.#,C$C.(!&N!%#D(C^!0./1+E0.,!,'CC.)&+DC!,#D!C$0DD0&.D^!#1()&+,)!0(!$#3!'CE+/C!()C!#$&+.(!&N!'C.C%#H1C!C.C',3!,C.C'#(CE!N'&$!%#D(CS!!>(!$#3!#1D&!C./&+'#,C!$&'C!I'+EC.(!+DC!&N!.#(+'#1!'CD&+'/CD!H3!'C+D0.,!%#D(C!#D!#!'CD&+'/C!#.E!'CE+/0.,!()C!#$&+.(!&N!G0',0.!'CD&+'/CD!/&.D+$CES!!-)#.,CD!0.!#0'!F+#10(3!/#.!)#GC!D0,.0N0/#.(!/&.DCF+C./CD!N&'!)+$#.!)C#1()!#.E!H0&E0GC'D0(3^!#.E!0$I'&GC$C.(D!0.!#0'!F+#10(3!#'0D0.,!N'&$!$&'C!D+D(#0.#H1C!('#.DI&'(!I#((C'.D!%011!HC.CN0(!)+$#.!)C#1()!#.E!G+1.C'#H1C!DIC/0CD!#.E!C/&D3D(C$DS!!-)#.,CD!0.!%#(C'!F+#10(3!#1D&!)#GC!()C!I&(C.(0#1!(&!D0,.0N0/#.(13!#NNC/(!DIC/0CD!#.E!C/&D3D(C$DS!!*3!I'&$&(0.,!%#(C'!CNN0/0C./3^!()C!D+H$0DD0&.!=&/#1!\1#.!%011!)C1I!(&!C.D+'C!I'+EC.(!+DC!&N!.#(+'#1!'CD&+'/CD!#.E!)C1I!(&!D#NC,+#'E!%#(C'!F+#10(3^!%0()!HC.CN0(D!N&'!C/&D3D(C$DS!!>(!%011!#1D&!HC.CN0(!()C!C/&.&$3!H3!'CE+/0.,!()C!/&D(!&N!%#(C'!('C#($C.(S!!`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

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

PZ!

GN HDE;4D:;EF+

!GNKG 8:D8D!,6!+9D:+HDE;4D:;EF+

WD!'CF+0'CE!H3!()C!:JW!@0'C/(0GC^!#!.+$HC'!&N!'C/&$$C.E#(0&.D!#'C!$#EC!N&'!0.E0/#(&'D!(&!$&.0(&'!()C!10XC13!D0,.0N0/#.(!0$I#/(D!&N!()C!=&/#1!\1#.S!!")CDC!#'C!DC(!&+(!0.!"#H1C!64S6!/&''CDI&.E0.,!(&!()C!'C1CG#.(!0$I#/(D!0EC.(0N0CE!#.E!D+$$#'0DCE!0.!()C!I'C/CE0.,!/)#I(C'D!&N!()0D!'CI&'(S!!;.C!&N!()C!#0$D!&N!$&.0(&'0.,!#D!DIC/0N0CE!H3!()C!:JW!@0'C/(0GC!0D!(&!0EC.(0N3!+.N&'CDCC.!#EGC'DC!CNNC/(D!0.!&'EC'!(&!HC!#H1C!(&!(#XC!#II'&I'0#(C!'C$CE0#1!#/(0&.S!!"&!C.#H1C!()0D!(&!HC!E&.C^!'C/&$$C.E#(0&.D!#'C!#1D&!$#EC!0.!"#H1C!64S6!N&'!$&.0(&'0.,!I&(C.(0#1!D+D(#0.#H010(3!0$I#/(D!()#(!#'C!.&(!CaIC/(CE!(&!&//+'!#D!N&'CDCC.!H3!()C!#II'#0D#1S!!!W.!W..+#1!B&.0(&'0.,!9CI&'(!%011!HC!I'&E+/CE!(&!$&.0(&'!()C!0$I1C$C.(#(0&.!&N!()C!=&/#1!\1#.^!#.E!()C!'C/&$$C.E#(0&.D!,0GC.!HC1&%!N&'!$&.0(&'0.,!D)&+1E!HC!0./&'I&'#(CE!%0()0.!()0DS!!4%()2+GNKG>+H/'&$/.&'_+:27/332'@%$&/'#+!!"#$%&'%(&)&$*+D(A27$&=2#+ :27/332'@2@+&'@&7%$/.#+

6S!"&!$CC(!()C!)&+D0.,!.CCED!&N!()C!%)&1C!/&$$+.0(3^!I'&G0E0.,!#NN&'E#H1C^!EC/C.(^!#II'&I'0#(C!#.E!D+D(#0.#H13!/&.D('+/(CE!)&$CD!0.!#//CDD0H1C!1&/#(0&.DS!

U&+D0.,!/&$I1C(0&.D!<+$HC'!&N!#NN&'E#H1C!)&$CD!/&$I1C(CE!*+01E0.,!N&'!=0NC!#DDCDD$C.(D!<C(!#EE0(0&.#1!?3ID3!#.E!"'#GC11C'!I0(/)CD!<+$HC'!&N!.C%!E%C110.,D!D+0(#H1C!N&'!C1EC'13!IC&I1C!

4S!"&!C./&+'#,C!()C!CNN0/0C.(!+DC!&N!1#.E!#.E!D&01S!

"&(#1!#$&+.(!&N!#EE0(0&.#1!C$I1&3$C.(!1#.E!&.!I'CG0&+D13!ECGC1&ICE!1#.E!U&+D0.,!/&$I1C(0&.D!&.!I'CG0&+D13!ECGC1&ICE!1#.E!UC/(#'CD!&N!&IC.!DI#/C!1&D(!

YS!"&!'CE+/C!ECI'0G#(0&.^!0./1+E0.,!)C#1()!#.E!0./&$C!ECI'0G#(0&.S!

<+$HC'!&N!IC&I1C!0.!:+IC'!;+(I+(!W'C#D!0.!()C!1&%CD(!45b!'#.XCE!0.!)C#1()!D+H]E&$#0.!<+$HC'!&N!IC&I1C!0.!:+IC'!;+(I+(!W'C#D!0.!()C!1&%CD(!45b!'#.XCE!0.!$#(C'0#1!%C11]HC0.,!D+H]E&$#0.!

ZS!"&!C.D+'C!CF+#1!#//CDD!(&!/&$$+.0(3!DC'G0/CD!#.E!N#/010(0CDS!

<+$HC'!&N!IC&I1C!.&(!%0()0.!6X$!&NL! ?\! \&D(!&NN0/C! :+IC'$#'XC(!

7S!"&!C./&+'#,C!CF+#1!#//CDD!(&!CE+/#(0&.^!_&HD!#.E!('#0.0.,S!

8.C$I1&3$C.(!'#(C!<+$HC'!&N!IC&I1C!0.!:+IC'!;+(I+(!W'C#D!0.!()C!1&%CD(!45b!'#.XCE!0.!CE+/#(0&.!D+H]E&$#0.!

OS!"&!C./&+'#,C!#/(0GC!#.E!)C#1()0C'!10NCD(31CD!H3!I'&G0E0.,!#//CDD0H1C!,'CC.!0.N'#D('+/(+'C^!0./1+E0.,!.C(%&'XD!&N!I#()D!#.E!&IC.!DI#/CD^!#.E!N&'$#1!#.E!0.N&'$#1!DI&'(!#.E!'C/'C#(0&.!N#/010(0CDS!

=C.,()!&N!.C%!/3/1C!I#()D!=C.,()!&N!.C%!I+H10/!N&&(I#()D!<+$HC'!#.E!(3IC!&N!.C%!DI&'(!N#/010(0CD!=&DD!&N!I1#30.,!I0(/)CD!=&DD!&N!#//CDD0H1C!&IC.!DI#/C!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

P7!

!"#$%&'%(&)&$*+D(A27$&=2#+ :27/332'@2@+&'@&7%$/.#+

QS!"&!$#XC!/&$$+.0(0CD!D#NC'!H3!'CE+/0.,!/'0$C^!NC#'!&N!/'0$C!#.E!#.(0]D&/0#1!HC)#G0&+'S!

<+$HC'!&N!/'0$CD^!H3!/#(C,&'3!

PS!"&!C./&+'#,C!#!E0GC'DC!#.E!/&$IC(0(0GC!C/&.&$3!()#(!%011!I'&G0EC!D+D(#0.#H1C!C/&.&$0/!,'&%()S!

<C%!C$I1&3$C.(!N1&&'DI#/C!<+$HC'!&N!G0D0(&'D!(&!(&%.!/C.('C!#(('#/(0&.D!

KS!"&!I'&(C/(!#.E!C.)#./C!)0D(&'0/!#DDC(DS! <+$HC'!&N!10D(CE!H+01E0.,!#.E!/&.DC'G#(0&.!#'C#!/&.DC.(!#II10/#(0&.D!#.E!&+(/&$C!

65S!"&!C./&+'#,C!)0,)!F+#10(3!#.E!1&/#113!E0D(0./(!I1#/CD^!DI#/CD^!H+01E0.,D!#.E!1#.ED/#ICDS!

<+$HC'!&N!I1#..0.,!#II10/#(0&.D!0.!()C!?'CC.!*C1(!

66S!"&!/&.DC'GC!#.E!C.)#./C!H0&E0GC'D0(3!#.E!,C&E0GC'D0(3^!D0(CD!&N!.#(+'C!/&.DC'G#(0&.!G#1+C!#.E!C/&1&,0/#1!.C(%&'XDS!

-)#.,C!0.!#'C#D!&N!H0&E0GC'D0(3!0$I&'(#./C^!0./1+E0.,!&.!W1GC/&(C!\&&1D!:::>!=C.,()!&N!.C%!,'CC.TH1+C!0.N'#D('+/(+'C!.C(%&'XD!

64S!"&!$0.0$0DC!N1&&E!'0DXS! <+$HC'!&N!I1#..0.,!IC'$0DD0&.D!,'#.(CE!/&.('#'3!(&!J.G0'&.$C.(!W,C./3!#EG0/C!&.!N1&&E0.,!<+$HC'!&N!I'&IC'(0CD!N1&&ECE!IC'!#..+$!

6YS!"&!'CE+/C!C.C',3!/&.D+$I(0&.!H3!C./&+'#,0.,!C.C',3!CNN0/0C./3!#.E!+DC!&N!'C.C%#H1C!C.C',3!D&+'/CDS!

B[!&N!.C%!'C.C%#H1C!C.C',3!,C.C'#(0.,!/#I#/0(3!J1C/('0/0(3!#.E!,#D!/&.D+$I(0&.!IC'!/#I0(#!

6ZS!"&!C./&+'#,C!()C!'CE+/(0&.^!'C]+DC!#.E!'C/3/10.,!&N!%#D(C!#.E!%#(C'S!

W$&+.(!&N!%#D(C!,C.C'#(CE!H3!%#D(C!D('C#$!b!&N!$+.0/0I#1!%#D(C!'C/3/1CE!\C'!/#I0(#!%#(C'!/&.D+$I(0&.!

67S!"&!I'&(C/(!#.E!0$I'&GC!C.G0'&.$C.(#1!F+#10(3!0./1+E0.,!0.!'C1#(0&.!(&!#0'^!%#(C'^!1#.E!#.E!.&0DCS!

<+$HC'!&N!WABWD!<+$HC'!&N!I1#..0.,!IC'$0DD0&.D!,'#.(CE!/&.('#'3!(&!J.G0'&.$C.(!W,C./3!#EG0/C!&.!%#(C'!F+#10(3!UC/(#'CD!&N!#,'0/+1(+'#1!1#.E!1&D(^!H3!,'#EC!

6OS!"&!$#XC!"#$%&'()!(&%.!/C.('C!()C!)C#'(!&N!()C!H&'&+,)!H3!/'C#(0.,!#!G0H'#.(!#.E!#(('#/(0GC!C.G0'&.$C.(S!

"&(#1!#$&+.(!&N!/&$I1C(CE!N1&&'DI#/C!N&'!(&%.!/C.('C!+DCD!0.!()C!(&%.!/C.('C!"&(#1!#$&+.(!&N!/&$I1C(CE!N1&&'DI#/C!N&'!(&%.!/C.('C!+DCD!&+(D0EC!()C!(&%.!/C.('C!V#/#.(!'C(#01!N1&&'DI#/C!0.!()C!(&%.!/C.('C!

6QS!"&!'CE+/C!()C!.CCE!(&!('#GC1^!'CE+/C!&+(]/&$$+(0.,!#.E!C./&+'#,C!D+D(#0.#H1C!$&ECD!&N!('#.DI&'(S!

<+$HC'!&N!H+D!'&+(CD!=C.,()!&N!.C%!/3/1C!I#()D!=C.,()!&N!.C%!I+H10/!N&&(I#()D!<+$HC'!&N!&+(]/&$$+(C'D!<+$HC'!&N!IC&I1C!('#GC110.,!$&'C!()#.!7X$!(&!%&'X!"'#GC1!(&!%&'X!H3!$&EC!

6PS!"&!$#XC!HCD(!+DC!&N!()C!Ca0D(0.,!('#.DI&'(!0.N'#D('+/(+'C!#.E!DCCX!0$I'&GC$C.(D!(&!'CE+/C!/&.,CD(0&.!#.E!0$I'&GC!D#NC(3S!

<+$HC'!&N!.C%!H+D!DC'G0/CD!<+$HC'!&N!'&#E!('#NN0/!#//0EC.(D!<&'$#10DCE!EC1#3!&.!XC3!'&#ED!

!!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

PO!

GS EJ]4+!4J8!+

!!

GSKG DOJ:O;JP+D9+8:DCJ!!+!")C!.Ca(!D(#,CD!&N!()C!I'&/CDD!#'C!&+(10.CE!0.!`0,+'C!4S6!0.!:C/(0&.!4SYS4S!!")C!:W!N&'$D!#.!0.(C,'#1!I#'(!&N!()C!I'CI#'#(0&.!&N!()C!=&/#1!\1#.S!!>(!%011!/&.(0.+C!(&!HC!I'CI#'CE!#1&.,D0EC!()C!=&/#1!\1#.!#.E!/&.D+1(#(0&.!&.!()C!:W!%011!HC!I#'(!&N!()C!%0EC'!/&.D+1(#(0&.!&.!()C!=&/#1!\1#.!0(DC1NS!!")C!D+H$0DD0&.!=&/#1!\1#.!0D!(&!HC!D+H$0((CE!0.!`CH'+#'3!4567!(&!()C!:C/'C(#'3!&N!:(#(C!N&'!Ca#$0.#(0&.!H3!()C!\1#..0.,!>.DIC/(&'#(CS!!`&11&%0.,!()0D^!#.!Ja#$0.#(0&.!0.!\+H10/!%011!(#XC!I1#/C!E+'0.,!4567^!#.E!0N!N&+.E!D&+.E^!()C!=&/#1!\1#.!%011!HC!#E&I(CE^!D+H_C/(!(&!#.3!$&E0N0/#(0&.D!#EG0DCE!H3!()C!>.DIC/(&'S!

89:8:!-;<:8="><?!="@! "WB[;9"U!*;9;8?U!-;8<->=

PQ!

!!

Date post:	12-Mar-2022
Category:	Documents
Upload:	others
View:	0 times
Download:	0 times

0+$12+!(3&#&/'+ 4%35/.$1+6/7%)+8)%'+ 9&'%)+:2-/.$

Documents