$0 !12!'- $! 3 ( - 451 $45!6 ( % % . & 7

!

!!!

"##$##%$&'!()!*+,*-$#!#.//(+'$0!12!'-$!3(-451$45!6(%%.&7'2!8(+9!:+(;+5%%$!

!!!!

<*'(1$+!=>??!!

!!!!

@%/4$%$&'7&;!";$&*2!!7%5!C.+54!D$E$4(/%$&'!F(.&05'7(&!$50!";$&*2!!G$15!D$E$4(/%$&'!

!

!!!

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

<&$!()!'-$!68:!/+7(+7'7$#!J7'-7&!'-$!$0.*5'7(&!#$*'(+!7#!P5+42!6-740-((0!D$E$4(/%$&'!HP6DI!#7&*$!'-7#!5+$5!/+(E70$#!5!)(.&05'7(&!)(+!'-$!*-740Q#!4$5+&7&;!5&0!#(*754!#9744#!45'$+!(&L!!G-$!/+(;+5%%$!-5#!5!/+$#$&*$!7&!R>!*+,*-$#!7&!3.#-1.*9+70;$!5&0M!7&!5007'7(&!'(!5##7;&7&;!'$5*-$+!5##7#'5&'#M!54#(!07#'+71.'$0! $0.*5'7(&54! '(2#! 5&0! %5'$+754#! 7&! S$/'$%1$+! =>??! 5&0! 5##7#'$0! 7&! 7&)+5#'+.*'.+54!+$/57+#!5&0!*(&#'+.*'7(&!5'!'-$!*+,*-$#L!!!

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

V7445;$#!5##$##$0!G#.E.45&$!!6(''(&054$!!D7&;4$2!D54$!3!!D7&;4$2!D54$!!!3$4)5#'!!W.'7&;'(&!!X.#'7*5!!X.#'7*5!!Y515+-.4$!!Z7405+$!"!!Z7405+$!"!!7442054$!7442054$!!.04(J!!3.47&;'(&!!@#47&;'(&!!8-7'$!67'2!!3.47&;'(&!![($9&(;\S()75!!S(%$+#$'!!P07&1.+;!!!]$J!F(+$#'!!

].%1$+!()!P6D#!5##$##$0!/$+!J5+0!85+0!?=!^!?!!85+0!=>!^!?!!85+0!==!^!=!!85+0!=_!^!_!85+0!=`!^!a!!85+0!R>!^_!!85+0!R=!^?!!85+0!R_!^?!!85+0!R`!^=!!F(.+!P6D#!&$E$+!#'7/.45'$0!'-$!J5+0#!'-$2!5+$!7&!!!

C5&;5&$!V$+#5744$#!Y%50795$!V(&5&7!!

O$&$+54!!"#$%&'(&)*+%&"%%$%%$,&

3(&5&7M! Y5#.&;.4(M! Y5%(;(9(12$M! Y7#-! Y(&-45-47M! :).95&7! C7N74$! 6+$*-$M! W$&&5! :+$\S*-((4M! W5//2!W(%$#!:+$\S*-((4M!]'#-.N$95&7!6+$*-$M!Y5b7%25&;!:$\S*-((4!6+$*-$M!Y545%.4$!D52!65+$M!G7/).N$&7!:+$!S*-((4M! W7&'$95&7! 6+$*-$M! W.%.45&7! :+$\S*-((4M! .04(J! 6+$*-$! M! 359$45&7!Y515&5M! 3.%E7M! F57'-! 6+$*-$M!$1('#7#5&;M!"&;$4(!6+$*-$!Y$+'(0$#M!X51.45&7M!G#79$07!5&0!C5&;5&$!V$+#5744$#!Y%50795$!V(&5&7L!!

*'##-./01&%'2/'3$2'.'#/2&%0"0-%&

G-$!%5c(+7'2!()! '-$!P6D#! +$*(+0$0!-7;-! +5'$#!()!.&$%/4(2%$&'M! '-(#$!P6D#!54(&;! '-$!Z+.;$+!5&0!;5%$!/5+9#!+$*(+0$0!$%/4(2%$&'!12!;5%$!(0;$#!5&0!'-$!Z+.;$+!:5+9M!54'-(.;-!.&$%/4(2%$&'!7#!#'744!5!-.;$!*-544$&;$L!!@&!#(%$!5+$5#!'-$!2(.'-!%59$!./!_>d!()!'-$!/(/.45'7(&!5&0!.&$%/4(2$0L!"&('-$+!*-544$&;$!7#!'-$!#*5+*7'2!()!J5'$+L!

45$./.6&7/#$%&'(&)*+8&

G-$! 5E$+5;$! (/$&7&;! '7%$#! 5+$! $7;-'! -(.+#! /$+! 052M! )7E$! 052#! 5!J$$9! HY(&052\! F+7052IL!Y(#'! P6DS! 5+$!*4(#$0!0.+7&;!#*-((4!-(47052#L!Y%50795$!5&0!G#79$07!P6D#! 7&![($9&(;!5+$!'-$!(&42!P6D#!5##$##$0M!J-7*-!5+$!(/$&!0.+7&;!#*-((4!-(47052#L!

@&)(+%5'7(&!51(.'!*-740+$&!85"2$9:''#&":$"%&'(&)*+%&

"44!P6D#!+$*(+0$0!47%7'$0!#/5*$!5&0!-7;-!&.%1$+#!()!*-740+$&!(**./27&;!47%7'$0!#/5*$!

;6$&6:'-5%&

C5&;$!)+(%!>!\!a!?T=!2$5+#!

!-#<$:&'(&2=/>,:$.&".,&5:"20/0/'.$:%&"0&$"2=&)*+&"%%$%%$,&

3(&5&7!\!_!/+5*'7'7(&$+#!5&0!a>!*-740+$&!Y5#.&;.4(!\!_!/+5*'7'7(&$+#!5&0!ae!*-740+$&!!Y5%(;(9(12$!\!=!/+5*'7'7(&$+#!5&0!_>!*-740+$&!

Y7#-!Y(&-45-47!\!=!/+5*'7'7(&$+#!5&0!ef!*-740+$&!:).95&7!C7N74$!6+,*-$!\!R!/+5*'7'7(&$+#!5&0!fR!*-740+$&!W$&&5!:+$\S*-((4!\!R!/+5*'7'7(&$+#!5&0!?à!*-740+$&!W5//2!W(%$#!\!a!/+5*'7'7(&$+#!5&0!?à!*-740+$&!]'#-.N$95&7!6+$*-$!\f!/+5*'7'7(&$+#!5&0!=_f!*-740+$&!Y5b7%25&;!:$\S*-((4!6+,*-$!\!!f!/+5*'7'7(&$+#!5&0!RRR!*-740+$&!Y545%.4$!D52!65+$!\!a!/+5*'7'7(&$+#!5&0!?R?!*-740+$&!G7/).N$&7!:+$!S*-((4!\!_!/+5*'7'7(&$+#!5&0!=?`!*-740+$&!W7&'$95&7!6+,*-$!\!a!/+5*'7'7(&$+#!5&0!?`R!*-740+$&!W.%.45&7!:+$\S*-((4!\!a!/+5*'7'7(&$+#!5&0!?a>!*-740+$&!.04(J!*+,*-$!\!_!/+5*'7'7(&$+#!5&0!?a>!*-740+$&!!359$45&7!\!R!/+5*'7'7(&$+#!5&0!aR!*-740+$&!Y515&5!\!a!/+5*'7'7(&$+#!5&0!?>=!*-740+$&!3.%E7!\!=!/+5*'7'7(&$+#!5&0!R>!*-740+$&!F57'-!6+,*-$!\!_!/+5*'7'7(&$+#!5&0!e=!*-740+$&!$1('#7#5&;!\!=!/+5*'7'7(&$+#!5&0!aR!*-740+$&!"&;$4(!6+,*-$!Y$+'(0$#!\!=!/+5*'7'7(&$+#!5&0!Ka!*-740+$&!X51.45&7!\!_!/+5*'7'7(&$+#!5&0!??=!*-740+$&!G#79$07!\!=!/+5*'7'7(&$+#!5&0!`?!*-740+$&!C5&;5&$!\!=!/+5*'7'7(&$+#!5&0!R>!*-740+$&!V$+#5744$#!\!R!/+5*'7'7(&$+#!5&0!R?!*-740+$&!Y%50795$!\!=!/+5*'7'7(&$+#!5&0!a?!*-740+$&!V(&5&7!\!f!/+5*'7'7(&$+#!5&0!==`!*-740+$&!!

!"#$&'(&)*+&! !-#<$:& '(&?:"20/0/'.$:%&!

!-#<$:& '(&2=/>,:$.&!

!-#<$:&'(& 2=/>,:$.&5$:&5:"20/0/'.$:&!

3(&5&7!! _!! a>!! f!!

Y5#.&;.4(!! _!! ae!! K!!

Y5%(;(9(12$!! =!! _>!! =_!!

Y7#-!Y(&-45-47!! =!! ef!! RK!!

:).95&7!C7N74$!6+$*-$!! R!! fR!! a?!!

W$&&5!:+$\S*-((4! R!! ?à!! `f!!

W5//2!-(%$#!! a!! ?à!! a?!!

]'#-.N$95&7!6+$*-$!! f!! =_f!! R=!!

Y5b7%25&;!:$\S*-((4!6+$*-$!! f!! RRR!! a=!!

Y545%.4$!D52!65+$! a!! ?R?!! aR!!

G7/).N$&7!:+$!S*-((4! _!! =?`!! aR!!

W7&'$95&7!6+$*-$!! a!! ?`R!! a?!!

W.%.45&7!:+$\S*-((4! a!! ?a>!! R_!!

.04(J!*+,*-$!! _!! ?a>!! =f!!

359$45&7!! R!! aR!! ?a!!

Y515&5!! a!! ?>=!! =`!!

3.%E7!! =!! R>!! ?_!!

F57'-!6+$*-$!! _!! e=!! ?a!!

$1('#7#5&;!! =!! aR!! ==!!

"&;$4(!6+$*-$!Y$+'(0$#!! =!! Ka!! ae!!

X51.45&7!! _!! ??=!! ==!!

G#79$07!! =!! `?!! R?!!

C5&;5&$!! =!! R>!! ?_!!

V$+#5744$#! R!! R?!! ?>!!

Y%50795$!! =!! a?!! =?!!

V(&5&7!! f!! ==`!! =f!!

!

!

@&)(+%5'7(&!51(.'!'-$!#'5))!H7&*4.07&;!68:!/5+'7*7/5&'#I!80"((95'%/0/'.%&"0&)*+%&

Y(#'! P6DS! 5+$!(/$+5'7(&54!J7'-! )(.+!07))$+$&'!/(#7'7(&#M! 7L$L! /+7&*7/54M! /+5*'7'7(&$+T'$5*-$+M! *((9T*4$5&$+!5&0!5!;5+0$&$+L!!

$.,$:&

G-$!;$&0$+!*(%/(#7'7(&!5'!544!P6D#!5##$##$0!7#!%57&42!)$%54$L!!8-$+$!'-$+$!7#!5!%54$!%$%1$+!()!'-$!#'5))M!'-$!c(1!()!'-$!%54$#!5+$!%57&42!'(!0(!;5+0$&!J(+9L!

A/6=$%0&$,-2"0/'.&

G-$!5E$+5;$!$0.*5'7(&!+$*(+0$0!5'!544!P6D#!7#!O+50$!?=M!J7'-!5!)$J!+$*(+07&;!]gF!$E$4!a\_L!

)*+&B-">/(/2"0/'.%&

F7E$! P6D#! +$*(+0$0! &(! )(+%54! '+57&7&;! 7&! P6DL! ! G-+$$! ()! '-$! )7E$! +$*(+0$0! '+57&7&;! 7&! 6(%/.'$+! S9744#M!3.#7&$##!Y5&5;$%$&'!5&0!6$+'7)7*5'7(&!'-+(.;-!'-$!:$&+$5*-!/+(;+5%%$L!

C'>-.0$$:9%">":1&

GJ$&'2\'J(!P6D#!(/$+5'$!J7'-!E(4.&'$$+#!5&0!'-$!+$%57&7&;!)(.+!#/$59!()!#545+7$0!#'5))L!

7:"/./.6&:$2$/D$,&/.&0=$&>"%0&1$":&

F7E$!P6D#!-5E$!1$$&!'+57&$0!7&!'-$!45#'!2$5+M!#7N!P6D#!&$E$+!+$*$7E$0!'+57&7&;M!5&0!'-$!+$#'!-5E$!$7'-$+!1$$&!/5+'75442!'+57&$0M!5''$&0$0!J(+9#-(/#!(+!*(.+#$#!479$!"3PG!

!-#<$:&'(&*%?&5":0/2/5".0%&/.&0=$&2:F2=$&

<&42!'-+$$!P6D#!0(!&('!-5E$!68:#!5##7#'7&;!7&!'-$7+!*+,*-$#L!<&!5E$+5;$!$5*-!P6D!-5#!'-+$$!68:#!5##7#'7&;!J7'-!'-$7+!(/$+5'7(&L!"4'(;$'-$+!'-$+$!5+$!e=!68:#!J(+97&;!7&!'-$!P6D#!J-7*-!J$+$!5##$##$0L!

+'&0=$&*%?%&-.,$:%0".,&0=$/:&:'>$%&G&+$(/.$92'##$.0%&(:'#&0=$&)*+%(&

G-$2!54J52#!*(%$!'(!5##7#'!$#/$*75442!J7'-!+$/57+#!!h$#M!/+$#$&'42!7&!'-$!/+(*$##!()!$+$*'7&;!5!/7'!'(74$'!64$5&$+M!7&#70$!5&0!5+(.&0!'-$!1.7407&;!<1$2#!*(&'+5*'!+$U.7+$%$&'#!h$#!5&0!'-$2!5##7#'!7&!J-5'$E$+!!'-$!#*-((4!5#9#!'-$%!'(!0(!2$#!'-$2!.&0$+#'5&0!'-$7+!0.'7$#!5&0!5170$!12!'-$%!h$#!'-$2!5##7#'!J7'-!'$5*-7&;!5&0!%(&7'(+!/452!'7%$!h$#!'-$2!5##7#'!7&!'-$!4$5+&7&;!5&0!'$5*-7&;!5+$5#!()!/+$\#*-((4!*45##$#!h$#!'-$2!*(%$!'(!J(+9!(&!'7%$M!(1$2!544!+.4$#!5**(+07&;!'(!'-$7+!*(&'+5*'!G-$2!.&0$+#'5&0!5&0!/$+)(+%!5**(+07&;!'(!'-$7+!c(1!0$#*+7/'7(&!2$#M!'-$2!-$4/!(.'!7&!'-$!5+$5#!J-$+$!'-$2!-5E$!1$$&!5##7;&$0!7&!'-$!*45##+((%!5&0!'-$!*-740+$&!i#.5442!*(%$!(&!+$U.$#'!G-$2!*(%$!J-$&!'-$+$!7#!5!&$$0!](!'-$2!*(%$!45'$!5&0!)574!'(!#'7*9!'(!'-$7+!*(&'+5*'!G-$2!5##7#'!5#!;+(.&0#!%5&!5&0!*4$5&7&;!7&!;$&$+54!Y(#'!()!'-$!'7%$!'-$2!-$4/!J-$+$!7'!7#!&$$0$0!h$#M!'-(#$!5##7;&$0!'(!-$4/M!.#.5442!*(%$!'(!)7N!5&0!+$/57+!J-$+$!&$$0$0!h$#!'-$!*(%/42!J7'-!!'-$7+!c(1!0$#*+7/'7(&!

G-$2!+$;.45+42!*(%$!'(!'-$!*+,*-$!'(!5##7#'!'-$!#'5))!7&!'$5*-7&;!'-$!970#!

h$#M!'-$2!5##7#'!7&!*45##+((%!4$##(&#!

@&#'7'.'7(&54!5++5&;$%$&'#!+"0$&2$.0:$%&)$:$&$%0"<>/%=$,&

Y(#'!P6D#!J$+$!$#'5147#-$0!7&!'-$!45'$!&7&$'7$#!5&0!'-+(.;-!'(!=>??L!G-+$$!P6D#!070!&('!+$*(+0!'-$!05'$#!'-$7+!*$&'+$#!J$+$!$#'5147#-$0L!G-$!(40$#'!P6D!J5#!$#'5147#-$0!7&!?Kf_L!

J$6/%0$:$,!

GJ$&'2\(&$!P6D#!5+$! +$;7#'$+$0!5#!]:<#!J7'-!5! +$;7#'+5'7(&!&.%1$+L! !G-$!+$%57&7&;! )7E$!-5E$!+$;7#'$+$0!5&0!J57'7&;!)(+!'-$7+!+$;7#'+5'7(&!&.%1$+L!

*"5"2/01&0'&#"."6$!

i&0$+#'((0! *5/5*7'2! 7&! '$+%#!()! #/5*$M!-7;-47;-'7&;! '-$! 45*9!()! #/5*$! )(+! '-$!5%(.&'!()! *-740+$&M!('-$+#!+$*(+0$0!45+;$!(/$&!#/5*$!)(+!*-740+$&!'(!/452L!GJ(!P6D#!.&0$+#'((0!j*5/5*7'2!'(!%5&5;$Q!7&!'$+%#!()!#'5))!#-(+'5;$!5&0!(E$+*+(J0$0!*45##+((%#L!

4).$:95:/.2/5">!G-$!P6D#!&$E$+!#/$*7)7$0! 7&!'$+%#!()!(J&$+!(+!/+7&*7/54M!1.'!$5*-!(&$! 7&07*5'$0!'-5'!'-$+$!7#!5!/$+#(&!7&!*-5+;$L!

7:"/./.6&,$0"/>%&'(&').$:95:/.2/5">!

GJ(!P6D#!7&07*5'$0!&(!)(+%54!'+57&7&;M!G-+$$!P6D#!-5E$!]gF!$E$4!aM!GJ(!P6DS!-5E$!]gF!$E$4!_M!<&$!P6D!-5#!]gF! $E$4! `M! S7N! P6D#! 7&07*5'$0!U.547)7*5'7(&! '-+(.;-!J(+9#-(/#!5&0!*$+'7)7*5'7(&! '-+(.;-!:$&+$5*-M!<&$!7&07*5'$0!5!/+$\#*-((4!'$5*-$+#!07/4(%5!5&0!5&('-$+!7&07*5'$0!5&!P0.*5+$!D7/4(%5M!<&$!P6D!7&07*5'$0!5!1.#7&$##!%5&5;$%$&'!D7/4(%5!!

K"."6$#$.09&6'D$:./.6&<',1(&

<&42!(&$!PD6!7&07*5'$0!&(!%5&5;$%$&'!1(5+0!7&!/45*$L!

K"."6$#$.0&0:"/./.6!

F(.+!P6D#!7&07*5'$0!'+57&7&;!()!Y5&5;$%$&'T3(5+0L!

+$0"/>%&'(&#"."6$#$.0&0:"/./.6!

](!0$'574#!()!'+57&7&;!J$+$!#/$*7)7$0L!

S'+.*'.+54!5##$##%$&'&++$$%%22:://5500//''..&&''((&&))**++&&((""22//>>//0011&&

=?!P6D#!(/$+5'$!)+(%!5!#$/5+5'$!)+$$!#'5&07&;!#7'$!a!P6D#!(/$+5'$!)+(%!5!*(%%.&7'2!1.7407&;!!?!P6D!(/$+5'$#!)+(%!5!/+7E5'$!-(%$!

L-/>,/.6&2'.,/0/'.&

<&$!P6D!0($#!&('!-5E$!5!#'+.*'.+$!(&!'-$7+!)+$$!#'5&07&;!#7'$!a! #'+.*'.+$#! 5+$! 7&! 5&! $N*$44$&'! *(&07'7(&M! a! 7&! 5! ;((0! *(&07'7(&M! ??! 7&! 5! )57+! *(&07'7(&M! _! 7&! 5! /((+!*(&07'7(&M!5&0!'-$!(&$!(/$+5'7&;!)+(%!5!/+7E5'$!-(%$!&$E$+!;5E$!5&!7&07*5'7(&!()!'-$!*(&07'7(&#L!3.7407&;!+$/57+!+$U.7+$%$&'#!Y(#'!()!'-$!1.7407&;#!+$U.7+$!+$/57+#!'(!J7&0(J#M!0((+M!+(()#!5&0!)4((+#L!!!<'-$+!D$'574#!()!C$/57+!7&*4.0$!

:57&'7&;!D7E7#7(&!()!'-$!J544!$#/$*75442!'-(#$!(/$+5'7&;!)+(%!*(%%.&7'2!*$&'+$#!65+/$'#!:45#'$+7&;!()!*+5*9#!7&!'-$!J544#!<J&!1.7407&;!&$$0#!'(!1$!$+$*'$0M!$E$&!'-(#$!(/$+5'7&;!)+(%!*(%%.&7'2!*$&'+$#!J7#-!'(!-5E$!'-$7+!(J&!1.7407&;!O$&$+54!%59$(E$+!()!1.7407&;#!5&0!).+&7#-$0!

!-#<$:9015$&".,&2'.,/0/'.&'(&0'/>$0%&GJ(!P6DS!(/$+5'$!J7'-(.'!5&2!'(74$'#!

"44!'(74$'#!5''5*-$0!'(!'-$!P6D#!5+$!/7'!45'+7&$#L!!<&$!P6D!-5#!/7'!45'+7&$#!5&0!)4.#-!'(74$'#!=! P6D! G(74$'#! 5+$! 7&! 5&! $N*$44$&'! *(&07'7(&M! a! 7&! 5! ;((0! *(&07'7(&M! _! 7&! 5! )57+! *(&07'7(&M! `! 7&! 5! /((+!*(&07'7(&M! `! P6D#!;5E$!&(! 7&07*5'7(&!()! '-$!*(&07'7(&!()! '-$7+! '(74$'#!5&0!?!P6D! 7&07*5'$0! '-5'!5!&$J!/7'!%.#'!1$!$+$*'$0!$E$&!'-(.;-!'-$2!-5E$!(&$L!

8$2-:/01&($.2/.6&".,&2'.,/0/'.&

?f! 6$&'+$#! 5+$! )$&*$0M! a! 7&07*5'$0! '-5'! '-$! #$*.+7'2! )$&*$#! 5+$! 7&! 5&! $N*$44$&'! *(&07'7(&M! =! 7&! 5! ;((0!*(&07'7(&M!e!7&!5!)57+!*(&07'7(&M!a!7&!5!/((+!*(&07'7(&M!?!070!&('!7&07*5'$!'-$!*(&07'7(&!()!'-$!#$*.+7'2!)$&*$L!

!

F$&*7&;!+$U.7+$%$&'#!k!+$/57+#!

S$E$&!P6D!)$&*$#!+$U.7+$!+$/57+M!=!&$$0!5!&$J!;5'$L!

F$&*7&;!+$U.7+$%$&'#!\!&$J!??!P6D#!&$$0!&$J!)$&*7&;!5&0!?!P6D!-5#!'-$!%5'$+754#M!'-$!)$&*$!c.#'!&$$0#!'(!1$!$+$*'$0L!*''M&='-%$!"E57451747'2!?R!P6D#!-5E$!5!*((9!-(.#$!(&!'-$!/+$%7#$#L!?!P6D!*((9#!(E$+!5&!(/$&!)7+$L!6((9!-(.#$!*(&07'7(&!5&0!+$/57+#!&$$0$0!a!6((9!-(.#$#!5+$!7&!5&!$N*$44$&'!*(&07'7(&M!?!7&!5!;((0!*(&07'7(&M!a!7&!)57+!*(&07'7(&M!=!7&!5!/((+!#'5'$!5&0!=!;5E$!&(!7&07*5'7(&L!?R!P6D#!\!*((9-(.#$!&$$0#!'(!1$!1.74'!.+;$&'42!R!P6D#!+$U.7+$!+$/57+#!5&0!+$&(E5'7(&#!H45+;$+!#/5*$IM!7&*4.07&;!'747&;M!'-$!+(()M!#'(E$#!5&0!#7&9#L!%"0$:!"E57451747'2!<&!=!P6D!#7'$!'-$+$!7#!&(!J5'$+!5E574514$L!!R!-5E$!$N*$44$&'!J5'$+!5E57451747'2M!_!;((0!J5'$+!5E57451747'2M!?!)57+!5E57451747'2M!?_!/((+!J5'$+!5E57451747'2L!C57&J5'$+!-5+E$#'7&;!f!P6D#!-5+E$#'!+57&J5'$+L!](L!()!'5&9#!?a!P6D#!-5E$!&(!'5&9#L!!!C$/57+!+$U.7+$%$&'#!?a!P6D#!$N/+$##$0!'-$!&$$0!)(+!&$J!'5&9#!'(!1$!$+$*'$0M!?!P6D!&$$0#!5&!$N'+5!'5&9M!=!P6D#!&$$0!5!J5'$+!'5&9!'+.*9!(+!5&!$N'+5!'5&9M!?!P6D!&$$0#!5&!$N'+5!#'5&0!)(+!5!'5&9M!?!P6D!&$$0#!&$J!'5/!#J7'*-$#M!?!P6D!&$$0#!5&!$N'+5!'5&9L!!

F((0!#$*.+7'2!.'',&6":,$.&O$%9!'&

?R!P6D#!-5E$!)((0!;5+0$&#!J-7*-!5+$!)$&*$0!5&0!E5+2!7&!#7b$L!

0%&0=$:$&"&6":,$.$:!

?e!P6D#!-5E$!+$*(+0$0!5!;5+0$&$+!5#!/5+'!()!'-$!#'5))L!

%="0&/%&0=$&('',&-%$,&(':&

?>! P6D#! .#$! '-$! /+(0.*$! )+(%! '-$! ;5+0$&! '(! *5'$+! 5&0! )$$0! '-$! *-740+$&L! ! =! P6DSM! 54#(! *5'$+! )(+! '-$!*-740+$&!5&0!#$44!'(!'-$!*(%%.&7'7$#L!!<&$!P6D!-5#!5!;5+0$&!)$&*$0!1.'!-5#!0(&$!&(!/45&'7&;!'(!05'$L!

.'',&5"2M%&5:'D/,$,&(':&0=$&2=/>,:$.!

?>!P6D#!+$*$7E$!$7'-$+!)((0!/5*9#!(+!%(&$2!)+(%!S(*754!D$E$4(/%$&'L!

+'$%&)*+&5:'D/,$&('',(!

=R!P6DS!/+(E70$!)((0!)(+!'-$!*-740+$&!7&!'-$!)(+%!()!%$54#L!

!'&'(&#$">%&5$:&,"1&

e!P6D#!/+(E70$!a!%$54#!/$+!052M!K!P6D#!/+(E70$!R!%$54#!/$+!052M!e!P6D#!/+(E70$!=!%$54#!/$+!052M!5'!?!P6D!'-$!*-740+$&!1+7&;!'-$7+!(J&!%$54#M!5'!=!P6D#!&(!%$54#!5+$!/+(E70$0L!

!'&'(&2=/>,:$.&($,&

G-$!5%(.&'!()!*-740+$&!)$0!'-+(.;-!$5*-!P6D!E5+2!)+(%!R>!\!RR=!/$+!*+,*-$L!

.'',&%-55>/$,&<1!

S/5+M! S-(/+7'$M! S(*754! S$+E7*$M! '-$! /5+$&'#M! 3(b7M!Y5&0b(E(!D7#'+71.'(+#M!Y.b7%-4(/$!65)lM! :7*9! &!:52M!3.b5!5&0!Y$'+(L!!

+'&1'-&$D$:&.'0&="D$&('',&0'&($$,(!

?>!P6D#!#'5'$0!'-5'!'-$2!&$E$+!+.&!(.'!()!)((0M!?P6D!%$&'7(&$0!'-5'!'-$2!+.&!(.'!()!)((0!J-$&!#(*754!#$+E7*$#!0(!&('!#.//42M!5&0!'-$!+$#'!#570!j2$#!'-$2!0(M!#(%$'7%$#Q!+.&!(.'!()!)((0L!

40=$:&('',%0-((&5:'D/,$,&

?K!P6DS!/+(E70$!)+.7'#!5&0!#(%$!54#(!/+(E70$!#&5*9#M!17#*.7'#!2(;-.+'M!%749!5&0!$;;#L!

6+,*-$!#$'./!!;:$&0=$:$&,$%/6."0$,&5>"1&":$"%&(&

h$#M! =_! P6D#! -5E$! 0$#7;&5'$0! 5+$5#! )(+! ! "+'#M! )5&'5#2M! *(&#'+.*'7(&M! *(;&7'7E$M! &.%1$+#M! ! 3((9#! )(+!45&;.5;$M!%.#7*!5&0!(.'#70$!/452M!#(%$!%(+$!'-5&!('-$+#L!

*'.,/0/'.&".,&%/1$&'(&0=$&5>"1&":$"!

G-$!%5c(+7'2!()!'-$!P6D#!.&0$+#'((0!'-7#!U.$#'7(&!5#!"#$%&'()*+#&,#+5&0!&('!#(!%.*-!*,-.%)#/,*+"#$+#&,#-L! ! W(J$E$+! (&$! *5&! ;5'-$+! '-5'! '-$! 0$#7;&5'$0! /452! 5+$5#! 5+$! ;$&$+5442! #%544M! 5&0! &('! )7N$0! (+!/$+%5&$&'!5+$5#L!

0%&0=$:$&"&,$0"/>$,&:'-0/.$&0="0&/%&('>>')$,(!

P5*-! P6D! 7&07*5'$! 5! #'+.*'.+$! 052!%57&42!%(+&7&;#! )(*.#7&;! (&! 5##$%142M! -$54'-! +(.'7&$! 5&0! 4$##(&#L!!S(%$! 54#(! 0(! &$J#! 7&! '-$! %(+&7&;! 5#! J$44! 5#! 0$E('7(&#L! ! Y70052! 7#! #'+.*'.+$0! 5+(.&0! 4.&*-! 5&0! '-$!

")'$+&((&#!5+$!.#$0!)(+!)+$$!/452!(+!#4$$/!0$/$&07&;!(&!'-$!5;$!;+(./L!

0%&0=$:$&%-((/2/$.0&#"0$:/">%&(!

=_!P6D#!7&07*5'$0!'-5'!'-$+$!7#!7&#.))7*7$&'!4$5+&7&;!5&0!/4527&;!%5'$+754#L!

0.,/2"0$&)=/2=&#"0$:/">%&":$&.$$,$,!

Y5''+$##$#M! 145&9$'#M! *-57+#! 5&0! '514$#M! *5+/$'M! c.&;4$! c7%#M! #J7&;M! J-$$4#M! /.bb4$#M! $0.*5'7(&54! '(2#M!0(44#M!'$002!1$5+#M!*(&#'+.*'7(&!'(2#M!#(**$+!1544#M!'.&&$4#M!*+52(&#L!

0%&0=$:$&%0':"6$&0'&%0':$&#"0$:/">%!

?e!P6D#!-5E$!&(!#'(+5;$!#/5*$M!K!P6D#!-5E$!$7'-$+!?!*./1(5+0M!5!1((9#-$4)M!5!/7&\./!1(5+0!(+!'(2!1(N$#M!1.'!&$E$+!$E$+2'-7&;!(+!$&(.;-L!

?>$"%$&/.,/2"0$&%0':"6$&.$$,$,&

G-$!%57&!#'(+5;$!&$$0#!+$*(+0$0!12!544!P6DS!5+$!3((9#-$4E$#M!'(2!1(N$#M!P5#$4#M!/7&./!1(5+0#!*./1(5+0#!5&0!#*+$$&#L!

+'&0=$1&#"M$&0'1%&(:'#&)"%0$!

=R!P6D#!+$*2*4$!J5#'$!)(+!'(2#L!

&

+$0"/>&)="0&/%&2:$"0$,&(:'#&)"%0$!

-(.#$#M! *5+#M! 1544#M! #'(E$#M! /57&'7&;! #-$$'#M! #-$4E$#M! *-57+#M! '514$#M! *(&#'+.*'7(&! 14(*9#M! %.#7*54!7&#'+.%$&'#M!/$&*74!-(40$+#M!)74$#M!%5#9#M!5&7%54#M!/$(/4$M!'+$$#!5&0!1(J4#L!

W$54'-!5&0!#5)$'2!!./:%0&"/,&M/0&"D"/>"<>$&

?>!P6D#!-5E$!)7+#'!"70!97'#L!

2/%0&'(&$#$:6$.21&.-#<$:%&"D"/>"<>$!

?R!P6DS!-5#!5!47#'!()!$%$+;$&*2!&.%1$+#M!#(%$!(&42!-5E$!'-$!&.%1$+#!()!'-$!5%1.45&*$!(+!PYSM!J-74$!('-$+#!7&07*5'$0!12!5!#7%/4$!2$#!J7'-(.'!0$'5747&;L!

;:$&0$"2=$:%9D'>-.0$$:%&0:"/.$,&/.&(/:%0&"/,!

e!*$&'+$#!-5E$!*$+'57&!'+57&7&;!7&!)7+#'!570M!(&$!7&07*5'$0!'-5'!(&42!'-$!/+7&*7/54!J5#!'+57&$0L!

"J5+$&$##!A0C9;0+8&

`! P6D#! 0(! &('! '$5*-!W@V! 5&0!"@DS!5J5+$&$##M! '-$! +$%57&7&;!=>! )(*.#!(&! '$5*-7&;! *-740+$&!51(.'! '-$!05&;$+#!()!'(.*-7&;!#/744$0!14((0!(+!'-$!14((0!()!'-$7+!)+7$&0#M!/+$E$&'7(&!7#!54#(!'5.;-'L!

!-0:/0/'.!

G-$!*-740+$&!5+$!'5.;-'!51(.'! )((0!J-7*-!5+$!-$54'-2!5&0!;((0!)(+!'-$%!$L;L! )+.7'!5&0!E$;$'514$#M!'-$!*-740+$&!5+$!54#(!514$!'(!70$&'7)2!&.'+7'7(.#!)((0#L!

%"0$:&".,&%"./0"0/'.&

G-$!*-740+$&!5+$!'5.;-'!;$&$+54!-2;7$&$!5&0!*4$5&47&$##M!'-$!%57&!)(*.#!7&!544!'-$!P6DS!7#!J5#-7&;!-5&0#!5)'$+!'(74$'!+(.'7&$L!85'$+!7#!54#(!%(&7'(+$0L!

*=/>,:$.S%&:/6=0%!

G-$!%57&!)(*.#!5'!544!'-$!P6D#!5+$!'-$!+7;-'!'(!$0.*5'7(&M!4(E$!5&0!/+('$*'7(&L!!<&$!P6D!54#(!*+$5'$0!'-$7+!(J&!/(#'$+#!0$/7*'7&;!'-$!+7;-'#!()!*-740+$&L!

O$&$+54!*(%%$&'#!5&0!)$$015*9!!S.++(.&07&;!()!'-$!*+,*-$!5&0!7&#70$!'-$!1.7407&;!7#!)57+42!*4$5&L!

"!1.7407&;!&$$0#!'(!1$!$+$*'$0M!5'!'-$!%(%$&'!'-$7+!*+,*-$!7#!.&0$+!5!'+$$L!

G-$!/452+((%! 7#!E$+2!0.#'2M! 7)! '-$!#.++(.&07&;!5+$5#!*(.40!1$!/5E$0M! '-$&!'-$!+((%!J(.40!1$!;((0!'(!J(+9!7&L!

G-$!*+,*-$!J5#!$#'5147#-$0!'-+$$!0$*50$#!15*9M!1.'!7'!4((9#!479$!5!%(&'-!(40M!'-$!1.7407&;M!#.++(.&07&;M!7&#70$!'-$!1.7407&;!&$$0#!5&!$N'+$%$!%59$(E$+L!G-$!*+,*-$!0($#!&('!-5E$!'-$7+!(J&!#'+.*'.+$!#7&*$!'-$2!.#$!'-$!*(%%.&7'2!*$&'+$M!1.'!'-$2!-5E$!'-$7+!(J&!#'5&0!J7'-!/452!5+$5!H(.'#70$IL!!X.#'!.&0$+!*(&#'+.*'7(&M!1.'!'-$2!0(&'!-5E$!$&(.;-!).&0#!'(!1.740!5!*+,*-$L!!G-$!*$&'$+!J-7*-!'-$2!5+$!.#7&;!7#!'(!#%544!)(+!'-$!5%(.&'!()!*-740+$&M!'-$!970#!*5&&('!%(E$!)+$$42M!5&0!'-$2!0(&'!-5E$!(.'#70$!/452!#'+.*'.+$#L!W$&&5!:+$\S*-((4!7#!5!J$44\)$&*$0!*+,*-$M!;((0!7&)+5#'+.*'.+$!)+(%!*45##+((%#!'(!/452!5+$5L!G-$2!-5E$!5!45+;$!&.%1$+!()!4$5+&$+#!5&0!5+$!#-(+'!()!)5&'5#2!'(2#L!

6+,*-$! 7#! #7'.5'$0! 54(&;! '-$! S517\#5&0! ;5%$! +$#$+E$#M! %(#'! '(.+7#'#! )+(%! 51+(50! 0(&5'$! '(2#! 5&0!$U.7/%$&'!'(!'-$!#*-((4L!!G-$2!54#(!+$*$7E$!#(%$!)((0!)+(%!'-$!;5%$!4(0;$L!!G-$!P6D!#$+E7*$#!5!'('54!()!?=e_!-(.#$-(40#!J7'-!5!'('54!/(/.45'7(&!()!```K!7&-517'5&'#L!G-$!*+,*-$! 7#!#7'.5'$0!&$N'!'(!'-$!%57&!+(50!5&0!'-$!*47&7*!54#(!J-$+$!#5)$'2!7#!&('!5'!+7#9L! !G-$!*+,*-$!-5E$! $&(.;-!J5'$+M! $&(.;-! (.'#70$! /452! #'+.*'.+$#! 5&0! 54#(! '-$2! -5E$! $&(.;-! #/5*$0! *45##+((%#!J7'-!*5/5*7'2!'(!%5&5;$!'-$!*+,*-$L!

G-$! *+,*-$! 7#! J$44! %(&7'(+$0M! J7'-! $N*$44$&'! 7&)+5\#'+.*'.+$! J-$&! 7'! *(%$#! '(! /452! 5+$5! H(.'#70$! 5&0!7&#70$I! '(;$'-$+!J7'-! '-$! *45##+((%#!-5E$! 45+;$! #/5*$L! G-$2!-5E$!$&(.;-!J5'$+! 5&0! '$5*-$+#! 54#(M! '-$7+!(&42!*(&*$+&!7#!'(2#L!G-$!P6D! #$'!./! 7#! &$5'!J7'-!-.;$! #/5*$! )(+!(.'#70$!/452L! ! G-$+$! 7#! 5!0$#7;&5'$0!07&7&;!5+$5L! !G-$!P6D!5//+$*75'$! '-$! #.//(+'! ()! '-$! 68:L! ! G-$+$! 7#! 5! #-(+'5;$! ()! '$5*-$+#! 5&0! *45##+((%#L! ! G-$+$! 5+$! f`=!-(.#$-(40#!7&!Z7405+$!J7'-!5!/(/.45'7(&!()!ae?eL!

G-$! #*-((4! 7#! (E$+\*+(J0$0M! #/5*$! 7#! E$+2! 47%7'$0M! 5&0! '-$! P6D! 5**(%%(05'$#! 5! 45+;$! &.%1$+! ()!*-740+$&M! '-$2! -5E$! $0.*5'7(&54! '((4#M! 1.'! 0.$! '(! #/5*$! 5+$! .&514$! '(! %59$! $))7*7$&'! .#$! ()! '-$! '((4#M!&$7'-$+!(&!'-$!J544#M!(+!*+$5'$!/452!*(+&$+#L!!G-$+$!7#!&(!07&7&;!5+$5M!*45##$#!5+$!.#$0!5#!07&7&;!5+$5#L!G-$!*+,*-$!J5#!$#'5147#-$0!7&!?KfKM!5&0!'-$!1.7407&;!J5#!$+$*'$0!)7E$!2$5+#!45'$+M!#7&*$!'-$&!&(!*-5&;$#!-5E$!1$$&!%50$!'(!'-$!1.7407&;!5&0!&(J!'-$!+(()! 4$59#M!*+5*9#! 47&7&;!'-$!J544!5&0!/('-(4$#!(&!'-$!)4((+L!!G-$!*(&07'7(&!()!'-$!*+,*-$!7#!&('!./!'(!#*+5'*-M!5//+(N7%5'$42!'-$!J-(4$!*+,*-$!&$$0#!+$&(E5'7&;L!

G-7#!7#!5!J$44\0$E$4(/$0!*+,*-$!J-$+$!'-$!*45##+((%#M!/452;+(.&0!5&0!*((9!-(.#$!5+$!544!&$5'!5&0!7&!5!;((0! *(&07'7(&L! ! G-$! *+,*-$! 7#! J$44! +$*(%%$&0$0! )+(%! %$M! #7&*$! 7'! -5#! $E$+2'-7&;M! )+(%! #'5))! '(! '-$!)$&*7&;!()!'-$!*+,*-$M!'-$!*+,*-$!-5#!5!;((0!#$*.+7'2!#2#'$%L!8$44!1.740!#'+.*'.+$!7&!&$$0!()!5!%59$(E$+L!

G-$!+(()!()!'-$!*+,*-$!7#!7&!5!150!*(&07'7(&!5&0!*5&!1$!5!;+$5'!-5b5+0!'(!'-$!*-740+$&L!

"!!J$44\1.74'!#'+.*'.+$M!J-7*-!&$$0#!5!%59$(E$+!5&0!7&#70$!/452+((%#L!

G-$!*+,*-$! 7#!5''5*-$0!'(!5!/+7E5'$!-(%$! 7&!5!E$+2!#%544! +((%M!'-7#!*5&!1$!-5b5+0(.#!'(!970#!-$54'-! 7&!;$&$+54L!

G-$!1.7407&;!7#!7&*(%/4$'$M!7)!*(%/4$'$0!'-7#!J744!*+$5'$!%(+$!/452+((%#L!G-$!/+5*'7'7(&$+!%.#'!1$!5##7#'$0!'(!./;+50$!-$+!U.547)7*5'7(&#!5#!5!/+$#*-((4!'$5*-$+L!

G-$!1.7407&;! 7#!&('! 7&!5!;((0!*(&07'7(&!#7&*$! 7'!J5#!1.74'!?_!2$5+#!5;(M! '-$!*45##$#!5+$!&('!#/5*7(.#!)(+!*-740+$&!'(! 4$5+&! 7&M!'-$+$!5+$!&(!*-57+#M!/((+!*((97&;!5+$5L! !G-$!*+$*-$!0($#!-5E$!$&(.;-!J5'$+!1.'!'-$!;5+0$&!7#!&('!17;!$&(.;-!0.$!'(!)$&*7&;!/+(14$%#!5&0!54#(!'-$!#./$+E7#7(&!()!'-$!*-740+$&!7#!&('!#'514$L!@'!7#!5!J$44!1.74'!*+,*-$!'-5'!&$$0#!'(!1$!./;+50$0!5&0!+$).+&7#-$0L!

:452+((%!'(!#%544!)(+!`?!970#L!

G-$!*+,*-$!7#!5''5*-$0!'(!'-$!*-.+*-!5&!(J&!1.7407&;!&$$0#!'(!1$!$+$*'$0L!

G-$!/452+((%!7#!$N'+$%$42!#%544!)(+!R?!970#!'-7#!*5&!$N/(#$!'-$!970#!'(!7&)$*'7(.#!07#$5#$#L!

G-$2!/452+((%!7#!'((!#%544!)(+!a?!970#L!G-$!*((9!-(.#$!7#!&('!).&*'7(&54M!1$*5.#$!'-$2!-5E$!'(!/+$/5+$!)((0!7&!45+;$+!/('#M!'-$2!5+$!*(%/$44$0!'(!*((9!(.'#70$!(&!J((0!)7+$M!'-7#!1$*(%$#!7%/(##714$!0.+7&;!+57&2!052#L!

*'.2>-%/'.&35#$0!(&!'-$! 7&)(+%5'7(&!;7E$&!12!$5*-!*+,*-$M! '-$! 7&07E70.54!&$$0#!()!'-$! 7&#'7'.'7(&!*5&!1$!500+$##$0L!G-$!68:!7&'$&0#!'(!07+$*'!%5&2!()!'-$!7##.$#!'(!'-$!D$/5+'%$&'!()!S(*754!D$E$4(/%$&'!5&0!D$/5+'%$&'!()!P0.*5'7(&! )(+! 5007'7(&54! #.//(+'M! 7&'$+E$&'7(&!5&0! *(4451(+5'7(&!J7'-! '-$!68:!P6D!/+(;+5%%$L!G-$!9$2!)(*.#!5+$5#!()!'-$!68:!;(7&;!)(+J5+0!7&*4.0$!

• "007'7(&54!'+57&7&;!7&!P6D!)(+!/+5*'7'7(&$+#!7&*4.07&;!68:!/5+'7*7/5&'#!• @%/4$%$&'!5!/+(;+5%%$!'(!*+$5'$!5J5+$&$##!7&!'-$!*(%%.&7'2!51(.'!6-740+$&Q#!C7;-'#!• "##7#'!7&!0$E$4(/7&;!'-$!&$*$##5+2!/452!$U.7/%$&'T5+$5#!+$U.7+$0!5'!*+,*-$#!• @%/+(E$! *(&07'7(&! ()! '-$! *+,*-$#L! @&)+5#'+.*'.+54! +$/57+#! 5&0! %57&'$&5&*$! 5&0! J-$+$! /(##714$!

*(&#'+.*'7(&M!$#/$*75442!)(*.##7&;!(&!J5'$+!5&0!#5&7'5'7(&L!• F((0!#$*.+7'2!k!*(&'7&.$!/+(E707&;!#.//(+'!'(!#*-((4!)((0!;5+0$&#!• @&#'7'.'7(&54!5++5&;$%$&'#!k!5##7#'!7&!+$;7#'+5'7(&!()!#*-((4#!• D$E$4(/!#'+(&;$+!/5+'&$+#-7/#!J7'-!544!+$4$E5&'!#'59$-(40$+#!

$0 !12!'- $! 3 ( - 451 $45!6 ( % % . & 7

Documents