casey food hub report

50
"#$%&'() *+,&(' -'. /+#$00+'.-1&$', 2$3 *+4+5$%0+'1 $2 - 67$$. 89:; &' 1<+ =&1> $2 =-,+> 7?@AB /CDE/F "# $%&'( )*") +&,-%&,. /01 234( 4(, 5674&%83%9 :;;. <6=7 >,42;&? :;&1

Upload: josh-brown

Post on 11-Mar-2016

231 views

Category:

Documents


2 download

DESCRIPTION

VicHealth and City of Casey co-funded an alliance of social enterprises and non-profits, led by Eaterprises Australia, to explore critical factors relating to the feasability of a "food hub" in Casey. Food Hubs are a rapidly developing innovative area with the wider goal of making it eaisre for people to access fresh and seasonal food by becoming the "missing middle man" in local food infrastructure.

TRANSCRIPT

!

!!

"#$%&'()!*+,&('!-'.!/+#$00+'.-1&$',!2$3!

*+4+5$%0+'1!$2!-!67$$.!89:;!&'!1<+!=&1>!$2!=-,+>!

!!!

7?@AB!/CDE/F!"#!$%&'(!)*")!!!

+&,-%&,.!/01!!!!!!!

!234(!4(,!5674&%83%9!:;;.!<6=7!>,42;&?!!

!

!!!!

:;&1!!

!

!

F-:5+!$2!=$'1+'1,!!

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

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

O! &*+K&E&EK(+(9FFG(B$I(:(%B!(#FE#!/%(...........................................................................................(P!0#$! :3,:12&!1;!5)&!;116!)3%!#######################################################################################################################################!<!0#"! 23//&25&6!6&2./'!#######################################################################################################################################################!=!

!

/012(L4(M5616(%7(917Q(B616N(R! E!"%()%!/)(9F,(+(9FFG(B$I(...............................................................................................................(3L!8#$! +!(+2&!;1,!;3,5)&,!6&>&41:*&'5!###################################################################################################################!$"!8#"! ,&;.'.'/!5)&!6&2./'!###############################################################################################################################################!$0!8#0! 25+-&)146&,!&'/+/&*&'5!?!+!25&&,.'/!(1**.55&&!#################################################################################!$@!

S! #,&%&#+T(9+#%F,)(9F,(9!+)&I&T&%-(.................................................................................................(3U!@#$! 6.,&(5.1'2!1;!5)&!;116!)3%!###############################################################################################################################!$7!@#"! *+,-&5!+'+4A2.2!#####################################################################################################################################################!$<!!"#"$! %&'()*+&,-./+&+0/,-.,0+11-.2,3'&+,4&'()*+,1'*5116,"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",$7!!"#"#! 8)0/'3+&,(+35.(,5.(,5**+00,9'&,1'*51,9''(,"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",##!!"#":! ;**+00,/',9&+0<,9''(,9'&,=)1.+&5>1+,*'33).-/-+0,"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",#?!!"#"?! @''(,A+&=-*+,5.(,B<'1+051+,""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",#C!

@#0! (1*:&5.51,2!B!(144+%1,+51,2!##########################################################################################################################!"C!@#8! %32.'&22!*16&4!########################################################################################################################################################!"7!!"?"$! D)0-.+00,E99+&-.2F,%&'()*/0,G,A+&=-*+0,"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",#H!!"?"#! E4+&5/-'.0,"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",#I!!"?":! D)0-.+00,J./-/6F,EK.+&0<-4,G,L'=+&.5.*+,""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",:#!

V! F/%&FE)(........................................................................................................................................................(OU!U! ,!9!,!E#!)(................................................................................................................................................(OP!P! +//!EG&#!)(.................................................................................................................................................(RW!+::&'6.D!$E!23**+,A!1;!6&2-51:!%&'()*+,-.'/!##################################################################################################!8F!+::&'6.D!"E!25+-&)146&,!.'5&,>.&9!23**+,A!#######################################################################################################!8$!I"$"$! A3511+&,2&'K+&0,""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",?$!I"$"#! M5&2+&,L&'K+&0,""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",?:!I"$":! J5/+&0,N,O&,5.(,O&0,850+6,"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",?!!I"$"?! J5/+&0,N,P'-.2,-/,Q')2<,"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""",?!!

!=&1-1&$'G!B-3,+')!HI)!8&55)!"I!/$,+)!@I)!J!"<&+5.,)!/I!KLMNLO)!"#$%&'()!*+,&('!-'.!/+#$00+'.-1&$',!2$3!*+4+5$%0+'1!$2!-!7$$.!89:!&'!1<+!=&1>!$2!=-,+>)!C-1+3%3&,+,!P&1<!1<+!A9,13-5&-'!7$$.!89:,!@+1P$3Q!

!

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• U9.,&4%?,!%!-&,83L39%&0!39M,743J%43;9!%9.!';97684%43;9!%=;64!4(,!D%7,0!';94,K4![!2(%4!37!4(,!9,,.!

%9.!2(%4!%&,!4(,!;--;&469343,7W!• @94&;.6',!4(,!3.,%!%9.!,K-8;&,!4(,!-;4,943%8!;E!%!PE;;.!(6=Q!%7!%9!394,&M,943;9!4;!&,7(%-,!4(,!8;'%8!

E;;.!7074,LW!!• Z,M,8;-!%!L,4(;.;8;J0!%9.!&,7;6&',7!4(%4!'%9!%87;!=,!67,.!E;&!&,-83'%=8,!-&;',77!39!;4(,&!&,J3;97W!

%9.!• @94&;.6',!%!D;9',-4!:;;.!<6=!E;&!D%7,0B!4;!743L68%4,!.37'6773;9!%9.!E6&4(,&!%'43;9R!!!"#$%=%'5$9*2,+%"%/"+,@%/'2+*.,#"$*'2+%"2.%+533,+$,.%-"$)A":+%('#%(5#$),#%.,B,9'-7,2$%'(%"%C''.%D50%*2%E"+,:?%%!:&;L!4(,!7';-39J!-&;O,'4B!4(,!-&;O,'4!4,%L!76JJ,747!4(%4!4(,&,!37!%!74&;9J!'%7,!E;&!4(,!.,M,8;-L,94!;E!%!:;;.!<6=!%9.N;&!%77;'3%4,.!%'43M343,7!39!4(,!D340!;E!D%7,0B!=%7,.!;91!• 5!'8,%&80!3.,943E3,.!9,,.!G%9.!;--;&469340I!E;&!394,&M,943;9!39!4(,!D%7,0!E;;.!7074,LW!• <3J(!8,M,87!;E!394,&,74!%9.!,9J%J,L,94!39!4(,!3.,%!;E!%!:;;.!<6=!%9.!4(,!';9',-4!'3&'68%4,.W!!• +&;M,9!76'',77!;E!4(,!L;.,8!;M,&7,%7!%9.!%9!%&&%0!;E!;-43;97!E;&!%.%-4%43;9!4;!8;'%8!';94,K4W!%9.!•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

!

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• @9M,743J%4,!%9.!%9%807,!4(,!7-,'3E3'!L%&?,4!.,L%9.![!2(,&,!37!4(,!9,,.B!2(;!2388!34!7,&M,W!• Z,M,8;-!%9.! 74&,9J4(,9! 4(,!9,42;&?!;E! ';LL344,.!%9.!,9J%J,.! 74%?,(;8.,&7!2(;!'%9! 7,,!%! &,%8!

=,9,E34!E;&!4(,LW!• :%'3834%4,!4(,!?,0!74%?,(;8.,&7!4;!&,E39,!4(,!.,73J9!394;!%!2;&?%=8,!%9.!&,%83743'!-&;-;7%8W!!• U9.,&4%?,!%!E,%73=38340!%77,77L,94!%9.!&,E39,!4(,!-&;-;7%8!%7!9,',77%&0W!!• @.,943E0! .37'&,4,! P.;F%=8,Q! -&;O,'47! 4(%4! -&;M3.,! -&%'43'%8! %9.! M373=8,! .,L;974&%43;97! ;E! 4(,!

3L-;&4%9',!;E!%!8;'%8!E;;.!,';9;L0B!%9.!2(3'(!'%9!E,,.!394;!4(,!8%&J,&!J;%8!;E!,74%=837(39J!%!:;;.!<6=W!%9.!4(,&,=0!

• Z,M,8;-! %9.! 74&,9J4(,9! 4(,! P8;'%8! E;;.! ,';7074,LQ! 4(%4! =;4(! 39'&,%7,7! .,L%9.! E;&! (,%84(0B!7674%39%=8,B!8;'%8!E;;.!%9.!,9%=8,7!34!4;!=,!L,4R!

!S(,!';94396,.!,&;73;9!39!E%&L!M3%=38340B!39'&,%739J!E;;.!397,'6&340B!,9,&J0!%9.!,9M3&;9L,94%8!';974&%3947!%9.! 8;'%8! ,';9;L3'! .,M,8;-L,94! %&,! %88! '&343'%8! '(%88,9J,7B! %9.! L,%9! 4(%4! 4(,&,! 37! %9! ,8,L,94! ;E!6&J,9'0! 39! .,M,8;-39J! E;;.! 7074,L! 394,&M,943;97R! S(37! &,-;&4! 4(,&,E;&,! ;EE,&7! 4(&,,! -&;O,'4!.,M,8;-L,94!-%4(2%07B!,%'(!-&;J&,773M,80!%'',8,&%439J! 4(,!-&;',77,7!9,,.,.! 4;!.,83M,&!-&%'43'%8! %9.!4%9J3=8,!;64';L,7! 39! 4(,!D340!;E!D%7,0R!<;2,M,&B! %88!;-43;97!%87;!,L=,.!%! ';973.,&,.B! J&;69.,.!%9.!74&%4,J3'!%--&;%'(!E;&!=638.39J!4(,!9,',77%&0!9,42;&?7B!76--;&4!%9.!%!74&;9J!&,%83743'!=6739,77!'%7,!4(%4!39'&,%7,7!4(,!'(%9',7!;E!%!76'',77E68!394,&M,943;9R!!S(&,,!;-43;97!E;&!-&;J&,773;9!;E!%!D%7,0!:;;.!<6=!%&,!;64839,.!=,8;21!

\-43;9! "1! +&;J&,77! %7! ;64839,.! 39! 4(,! U93M,&7340! ;E! $,8=;6&9,! %'43;9! &,7,%&'(! -&;-;7%81! ,9J%J,!74%?,(;8.,&7W!%9%807,!L%&?,4!.,L%9.W!&,E39,!';9',-4!%9.!69.,&4%?,!E,%73=38340!%77,77L,94R!

\-43;9! )1! @9'86.,! -&%'43'%8! %9.! 4%9J3=8,! %'43M343,7! 4;! 74&,9J4(,9! %2%&,9,77B! .,L%9.! %9.! 4;! -38;4! N!,74%=837(!';L-8,L,94%&0!;&!-%&43%8!,8,L,947!;E!4(,!:;;.!<6=R!• 5'',7739J!394,&9%43;9%8!,K-,&437,!%9.!,K-,&3,9',!39!3L-8,L,94%43;9W!• U9.,&74%9.39J!4(,!'&343'%8!9,,.7!%9.!394,&,747!;E!4(,!L;74!M689,&%=8,!';LL69343,7W!%9.!• Z,M,8;-39J! 4(,!L%&?,4! %9.! -%&49,&7(3-7! 4(%4!2;68.! =,! 9,',77%&0! E;&! %! M3%=8,! :;;.!<6=! 4(&;6J(!

-38;47!;E!?,0!';L-;9,947!,RJR!4,L-;&%&0!E;;.!M%97!39!-;4,943%8!&,74%6&%94!734,7W!.,M,8;-L,94!;E!%!8;'%8!8%=,8!N!=&%9.39J!74&%4,J0W!%9.N;&!4&3%87!;E!;9839,!%JJ&,J%43;9!%9.!.374&3=643;9!7074,L7R!!

\-43;9!]1!+&3;&3437,!&%-3.!3L-8,L,94%43;9!234(!%9!%'',8,&%4,.!E,%73=38340!746.0!%9.!=6739,77!'%7,R!!F),% G*/D,"9$)% (52.,.% "/$*'2% #,+,"#/)% -#'4,/$@% 0,*23% 9,.% 0:% $),% G*/$'#*"2% H/';I22'B"$*'2% J"0% "$% $),%K2*B,#+*$:%'(%L,90'5#2,@%*+%/'77,2/*23%7*.;=>&=%"2.%A*99%-#'3#,++%M-$*'2%&?%%%N..*$*'2"9%#,+'5#/,+%A'59.%0,%#,O5*#,.%$'%,2"09,%M-$*'2%=%"2.P'#%$'%"//,9,#"$,%$'%M-$*'2%Q?%

! "!

D-31!NG!F<+!"1$3>!"$!7-3!S!"#$%&'(!-!=-,+>!7$$.!89:!

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`IR!:;;.!<6=7!%&,!=,39J!,74%=837(,.!%&;69.!4(,!2;&8.!4;!-&;M3.,!%! PL37739J!L3..8,!L%9Q! 39!8;'%8! E;;.! 39E&%74&6'46&,R! S(,0!L%?,! 34! ,%73,&! E;&! E%&L,&7! 4;! 7,88! 394;! 8;'%8!L%&?,47! %9.! E;&! -,;-8,! 4;!%'',77!E&,7(B!7,%7;9%8!E;;.R!!S(,!-&;O,'4!2%7!,74%=837(,.!39!&,';J9343;9!4(%4!2(38,!4(,&,!37!23.,7-&,%.!%9.!39'&,%739J!%'43M340!%&;69.!8;'%8! E;;.! 39! C3'4;&3%! %9.! 5674&%83%B! L%90! '6&&,94! 394,&M,943;97! %&,! 7L%88B! &,L%3939J! 93'(,! %9.! M,&0!M689,&%=8,! G3R,R! ;E4,9! &,83%94! ;9! 4(,! ,EE;&47! ;E! ;9,! ?,0! -,&7;9IR! V3L38%&80B! 4(,&,! %&,! ';974&%3947! 4;!-&;.6',&!39M;8M,L,94!39!L;&,!8;'%8!N!&,J3;9%8!7%8,7B!76'(!%7!8%'?!;E!7'%8,!%9.!39';97374,9'0!;E!.,L%9.B!2(3'(! 8,%.7! 4;! 73J93E3'%94! ,K4&%! ';747! G4;;!L6'(!(%778,I!;E!=,39J! 39M;8M,.R!$6'(! 8;'%8! N! &,J3;9%8! E;;.!%'43M340!39!5674&%83%!'%9!=,!'(%&%'4,&37,.!%7!S3,&!"!39!:3J6&,!"F"R!!7&(93+!NVNG!F&+3,!$2!1<+!7$$.!">,1+0!V!A!D5-#+!2$3!7$$.!89:,WN!

!"#$%&'(")(*+$,-#'.#$/0(1""2(345./650(&%2(7"66#%,.4(8/9/'":6/%.(;33<=(>?@>ABCB?("%',%/(DDDE*+8/9!"#$%&'E-"6(

F"'#6/(>0(;55#/(?(G(1&''(>B??( >H?(

+/"+$&:I,-(2,5.&%-/J(,%-$/&5/E(*5(,%2,-&./2(,%(),+#$/(>0(.I/(6"5.(%".&K'/(5I,).(,5(.I/('"55(")(.$&%5A:&$/%-4(D/("K5/$9/(&5(&(-"%5#6/$(6"9/5()$"6(.I/(,%%/$(5:I/$/5(")(.I/(2,&+$&60(DI,-I($/:$/5/%.(:/$A(

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

!"#$%&'()'*+&'*"&%,'-.'/+&'!--0'12,/&3'

!"#$%&'()*+%,-&(.&/012%*,1+-&(.&31,'(0,1045#61,(0&7%0+%*&.(*&!0+%$*#+%6&8$*1')9+)*#9&:-,+%",;&!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!>/R!S(,!40-,7!;E!&,8%43;97(3-7!39!S3,&!)Q7!PV4&%4,J3'!+%&49,&7Q!'%9!%87;!=,!.,7'&3=,.!%7!M%86,F'(%39!G&%4(,&!4(%9!

! )!

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aIR!!5! 7';-39J! -&;',77! &,M3,2,.! .;'6L,94%43;9! ;6483939J! '(%88,9J,7! %9.! '6&&,94! 74&%4,J3,7! 39! D%7,0! %9.!69.,&4;;?! -&,83L39%&0! ';97684%43;97! 234(! D%7,0! D;69'38! 74%EEB! J&;2,&7! %9.! E;;.! &,83,E! %J,9'3,7R! S(,!E39.39J7!2,&,!E6&4(,&!.,M,8;-,.!39!%!74%?,(;8.,&!2;&?7(;-B!2(3'(!39E;&L,.!%!';9',-4!-%-,&!4(%4!2%7!'3&'68%4,.!E;&!E6&4(,&!39-64R!S(37!&,-;&4!76LL%&37,7!4(,!7';-39J!-&;O,'4Q7!%'43M343,7!%9.!E39.39J7!G+%&4!"IB!%9.!-&;M3.,7!.37'6773;9!%9.!;-43;97!E;&!4(,!9,K4!74,-7!G+%&4!)IR!!

L *+,&('!=$',&.+3-1&$',!S!X<$!U+'+2&1,W!!S(,&,!%&,!73K!'&343'%8!;=O,'43M,7!4;!=,!';973.,&,.!39!4(,!.,73J9!;E!%!74&%4,J3'!394,&M,943;9!39!D%7,0Q7!8;'%8!E;;.!7074,L1!• @9'&,%7,.!E&634!%9.!M,J,4%=8,!';976L-43;9!N!(,%84(0!,%439J!E;&!D%7,0!&,73.,947W!• \--;&469343,7! E;&! 7?388! .,M,8;-L,94B! ';LL69340! 394,&%'43;9! %9.! O;=! '&,%43;9! 4(&;6J(! '&,%43;9! ;E!

8;'%8!7;'3;F,';8;J3'%8!,94,&-&37,7W!• /,44,&!L%&?,439J!;648,47!%9.!E%3&!-&3',7!E;&!-&;.6',&7W!• @9'&,%7,.!L%394,9%9',!;E!E;;.!.;88%&!39!D%7,0!G8;'%8!,';9;L0IW!• b,.6',.!;38!N!,L3773;97!39!D%7,0!&,73.,947Q!E;;.!76--80!'(%39!G&,7383,9',!%9.!&,.6',.!M689,&%=38340!4;!

4(,!%943'3-%4,.!3L-%'47!;E!-,%?!;38IW!!• V4&,9J4(,9!'6846&%8!';99,'43;97!%9.!M%8639J!;E!E%&L39J![!39'86.39J!'6846&%8!(,&34%J,!%9.!-&3.,R!!S(,!7';-39J!-&;',77!&,M3,2,.!.;'6L,94%43;9!;6483939J!'(%88,9J,7!%9.!'6&&,94!74&%4,J3,7! 39!D%7,0!%9.!69.,&4;;?!-&,83L39%&0!';97684%43;97!234(!D%7,0!D;69'38!74%EEB!J&;2,&7!%9.!E;;.!&,83,E!%J,9'3,7R!!!D;97684%43;9!39M;8M,.!4(,!E;88;239J!%'43M343,71!"R /,9'(L%&?39J! [! .,7?4;-! &,M3,2! ;E! &,8,M%94! .;'6L,94%43;9! 4;! 3.,943E0! ?,0! 3776,7! %9.! -&3;&340!

;64';L,7!4(%4!7(;68.!=,!7;6J(4R!)R @94,&M3,27![!-&,83L39%&0!74%?,(;8.,&!3.,943E3'%43;9!%9.!,9J%J,L,94!4(&;6J(!E%',F4;FE%',!394,&M3,27!

%9.!-(;9,!.37'6773;97B!4;!J,4!%!7,97,!;E!2(%4!9,,.7!%!E;;.!(6=!';68.!-;4,943%880!L,,4!E;&!.3EE,&,94!J&;6-7R!

]R D%7,! V46.3,7! [! -&,-%&%43;9! ;E! %! 7634,! ;E! :;;.! <6=! ,K%L-8,7! 4;! ,K-;7,! 74%?,(;8.,&7! 4;! 4(,!-;773=38343,7R!

XR c;&?7(;-![!2;&?!234(!?,0!74%?,(;8.,&7!4;!'8%&3E0!-&3;&340!E69'43;97!%9.!';973.,&%43;97R!

! ]!

LIN U+'#<0-3Q&'(!!5! &,M3,2!;E!.;'6L,94%43;9!-&;M3.,.!=0! 4(,!D;69'38! 3.,943E3,.!?,0! 3776,7!-%&43'68%&80! %&;69.1! 83M39J! 39!D%7,0W!2;&?39J!39!D%7,0W!%J&3=6739,77!%9.!;--;&469343,7!4;!39'&,%7,!4(,!8;'%8!E;;.!,';9;L0R!5!&%9J,!;E!.;'6L,94%43;9!%87;!;64839,.!,K37439J!-&;O,'47!%9.!%'43M343,7!%3L39J!4;!%L,83;&%4,!4(,7,!3776,7R!S(,!?,0!-;3947!E&;L!4(37!.;'6L,94%43;9!%&,!76LL%&37,.!39!5--,9.3K!"R!!!c(38,! 4(,! =,9'(L%&?39J! ,K,&'37,! 39! D%7,0! &,39E;&',.! 4(%4! %88! 4(,! 3.,943E3,.! '&343'%8! ;=O,'43M,7! %&,!3L-;&4%94B!4(,&,!%&,!4(&,,!4(%4!'8,%&80!,L,&J,!%7!"#$%&#'!"#$(#$)$*+R!S(,7,!4(&,,!%&,!';973.,&,.!4;!=,!;E!,T6%8!3L-;&4%9',!39!E6&4(,&!E&%L39J!;E!4(,!E;;.!(6=B!=,'%67,!%!76'',77E68!394,&M,943;9!4(%4!74&,9J4(,97!4(,7,!2388!'&,%4,!%!74&;9J!E;69.%43;9!E;&!E6&4(,&!399;M%43;9!%9.!%'43M343,7!4;!L,,4!4(,!;4(,&!;=O,'43M,7R!!F-:5+!LVNG!=3&1&#-5!E:T+#1&4+,!$2!1<+!=-,+>!7$$.!89:!

=3&1&#-5!E:T+#1&4+! /-1&$'-5+!S!P<>!-!%3&0-3>!#$'#+3'W!

/,44,&!L%&?,439J!;648,4!%9.!E%3&!-&3',7!E;&!-&;.6',&7!

/,44,&!L%&?,439J!;648,47!%9.!E%3&!-&3',7!E;&!-&;.6',&71!39'&,%7,!M3%=38340!;E!8;'%8!E%&L39J!=6739,77,7!M%8639J!4(,!=,9,E347!;E!6&=%9!-&;K3L340!

<,%84(0!,%439J!E;&!&,73.,947![!L;&,!E&634!%9.!M,J,4%=8,7!

!

<,%84(0!,%439J!E;&!&,73.,9471!(,%84(!%9.!E;;.!7,'6&340!';9',&97!;E!4(,!%&,%!%&,!-%&%L;694B!234(!(3J(,&!4(%9!%M,&%J,!;=,7340!%9.!-;;&!-(073'%8!%'43M340!';6-8,.!234(!(;6739J!74&,77B!,L-8;0L,94!M689,&%=38340!%9.!39'&,%739J!E;;.!74&,77!

V?388!.,M,8;-L,94B!';LL69340!394,&%'43;9!%9.!O;=!'&,%43;9!4(&;6J(!9,2!8;'%8!,94,&-&37,7!

V?388!.,M,8;-L,94B!';LL69340!394,&%'43;9!%9.!O;=!'&,%43;9!4(&;6J(!9,2!8;'%8!,94,&-&37,71!;--;&469343,7!E;&!&,F7?38839J!%9.!,94,&-&37,!.,M,8;-L,94!%7!%!P7-&39J=;%&.Q!E;&!O;=7B!4&%3939J!%9.!399;M%43M,!E;;.!7074,L!,94&,-&,9,6&7!

!S(,!;4(,&!4(&,,!'&343'%8!;=O,'43M,7!&,L%39!3L-;&4%94!=64!%&,!L;&,!83?,80!4;!=,!E8;2F;9!;&!7,';9.%&0!E;'3!39!4(37!-&;O,'4!3R,R!3E!4(,!E3&74!4(&,,!%&,!76'',77E6880!%..&,77,.!4(,!;--;&469343,7!4;!L,,4!4(,7,!2388!J&;2R!• d,,-39J!E;;.!.;88%&!39!D%7,0!8;'%8!,';9;L0W!• D6846&%8!';99,'43;97!%9.!-,;-8,!M%8639J!E%&L,&7W!%9.!• b,.6',.!M689,&%=38340!4;!-,%?!;38!%9.!&,.6',.!,L3773;97!39!D%7,0!&,73.,947Q!E;;.!76--80!'(%39R!!!

LIL =$',951-1&$'!!S(,! %3L!;E! 4(,! )9.! -%&4! ;E! 4(,! ';97684%43;9!2%7! 4;! ,K-8;&,! 4(,! '(%88,9J,7! %9.!;--;&469343,7! 39! D%7,0!4(&;6J(!%!&%9J,!;E!.3EE,&,94!-,&7-,'43M,7R!S(37!-&;',77!%87;!';LL,9',.!4(,!.,M,8;-L,94!;E!%!.3M,&7,!74%?,(;8.,&! 9,42;&?!234(! -;4,943%8! 394,&,747! 39! 4(,! -&;O,'4R! 5! 7,&3,7! ;E! ';94%'47! %9.! 394,&M3,27!2,&,!67,.!4;1!!• @.,943E0!394,&,74,.!74%?,(;8.,&7B!39'86.39J!-;4,943%8!8;'%8!8,%.,&7W!!• @94&;.6',!;6&7,8M,7!%9.!4(,!-&;O,'4!4;!4(,LW!!• e,4!%!=%73'!69.,&74%9.39J!%=;64!2(%4!4(,0!7,,!%7!'(%88,9J,7!%9.!;--;&469343,7!39!4(,!%&,%W!• :;'67!4(39?39J!P2(%4Q7!0;6&!=3J!3.,%![!2(%4!2;68.!0;6!83?,!4;!7,,!(%--,9fQ!• HK-8;&,!2(%4!;&!2(;!,87,!2,!7(;68.!?9;2!%=;64!;&!';94%'4W!%9.!• @9M34,!E;&!E6&4(,&!-%&43'3-%43;9!N!39M;8M,L,94!G39343%880!39!4(,!2;&?7(;-!;9!#4(!56J674IR!!S(,!';94%'47!L%.,!%&,!=0!9;!L,%97!';L-&,(,973M,R!S(37!74%J,!;E!4(,!';97684%43;9!2%7!73L-80!L%?39J!';94%'4!234(!%!'&;77F7,'43;9!;E!-;4,943%880!394,&,74,.!74%?,(;8.,&7!4;!J,4!%9!69.,&74%9.39J!;E!'(%88,9J,7!%9.! ;--;&469343,7! E&;L! .3EE,&,94! -,&7-,'43M,7R! :&;L! 4(,7,! .37'6773;97B! %! 73J93E3'%94! 96L=,&! ;E! ;4(,&!

! X!

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g! g!K!E%',F4;FE%',!

"!K!-(;9,!g!K!h,7!%9.!2;&?7(;-!%44,9.%9',!Gg!%&,%7!%'&;77!D;69'38I!

:%&L,&7!N!e&;2,&7!

"i! #!K!E%',F4;FE%',!!i!K!=&3,E!-(;9,!!"!K!4;!E;88;2F6-!!

g!K!h,7!%9.!2;&?7(;-!%44,9.%9',!]!K!h,7!=64!'%9Q4!L%?,!2;&?7(;-!]!K!D6&3;67!.,4%'(L,94B!?,,-!L,!39!4(,!8;;-!]!K!J;;.!86'?!=64!9;4!%!-&3;&340!E;&!L,!G4;;!=3JW!&,43&39J!N!;9!2%0!;64W!%8&,%.0!7,8839J!.3&,'4I!

:;;.!&,83,E! i! ]!K!E%',F4;FE%',!"!K!-(;9,!)!K!,K4&%!G2;&.!;E!L;64(I!

X!K!h,7!%9.!2;&?7(;-!%44,9.%9',!"!K!h,7!=64!'%9Q4!L%?,!2;&?7(;-!

\4(,&! ]j! )!K!E%',F4;FE%',!"!K!-(;9,!]FX!.&;-F397!

)!K!h,7!%9.!2;&?7(;-!%44,9.%9',!)!K!';6&4,;67!=64!.6=3;67!G';9',&9!%=;64!';L-,4343;9fI!!)!K!-;4,943%8!E6&4(,&!,9J%J,L,94!G3R,R!'6&&,9480!9;4!=6039J!8;'%8!-&;.6',!=64!-;4,943%8I!

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• V;L,! E%&L,&7!%&,!%8&,%.0!J,4439J!=,9,E347! E&;L!7,8839J!L;&,!

.3&,'480!%9.!8;'%880R!!• S(,0! 7%2! ;--;&469343,7! 39! ';;&.39%439J! L%&?,439J! %9.!

.374&3=643;9B! %9.! 4(,&,! %&,! ;4(,&! %&,%7! 4;;! 2(,&,! 34! 2;68.!L%?,!7,97,!4;!7(%&,!4(,!8;%.R!

• 5! ?,0! ';973.,&%43;9! 37! 4(%4! %90! -&;-;7%8! .;,79Q4! 69.,&L39,!

,-*!.(/01!2#(3!%(#*!$4!3*!5&1!+/#*!%&#6*)7!!,89:*!;**<!+*00$<2!)(!)5*!+&%*!=>?!2#(.*#+!(<!)5*!35(0*+&0*!40((#!4(#!@A!'*&#+B!8!3(/01<9)!3&<)!)(!0*&:*!)5*%!$<!)5*!0/#.57!!,-5'C!8!2/*++!3*!D/+)!0(:*!+**$<2!)5*!+)/44!2#(3!E!E7!

! g!

,K37439J!76--80!'(%99,87!%9.!4(%4!34!37!7,97343M,!4;!,K37439J!&,8%43;97(3-7R!• VL%88!J&;2,&7!4;8.!67!%=;64!4(,!'(%9J,7!%9.!&,.6'39J!&,46&97!E&;L!4(,!2(;8,7%8,!L%&?,4B!&%9J39J!

E&;L! %..343;9%8! 4&%M,8! 43L,! %77;'3%4,.! 234(! 4(,! L;M,! ;E! 4(,! L%&?,47! 4;! H--39J! 4;! 3&&,J68%&! N!69&,83%=8,!-%0L,947R!

• S(,! 74&,9J4(7! ;E! '6&&,94! &,8%43;97(3-7! 2,&,! &,';J937,.B! %7! 2,&,! 4(,! -;4,943%8! ;--;&469343,7! 39!L%&?,47!&,8%4,.!4;!4(,!J&;239J!6&=%9!-;-68%43;9R!

• V;L,!2,&,9Q4!394,&,74,.!39!9,2!7%8,7!'(%99,87B!-%&43%880!=,'%67,!4(,0!2,&,!43&,.!%9.!%8L;74!&,%.0!4;!&,43&,R!\4(,&7!2,&,!7?,-43'%8!%7!4;!2(,4(,&!%904(39J!,87,!';68.!2;&?R!

• S(,!(%&.!2;&?!39M;8M,.!39!L%&?,4!J%&.,939J!2%7!7,,9!%7!%!';974&%394!39!%44&%'439J!0;69J!E%&L,&7!;&!-&;M3.39J!O;=7!E;&!8;'%8!';LL69343,7R!

• V;L,! J&;2,&7! %44%'(,.! 394&3973'! M%86,! 4;! 4(,3&! &;8,B! 39! %..343;9! 4;! 4(,! 9,',77340! 4;! &69! %! M3%=8,!P=6739,77QR!!

!!J"#3,#% 3#'A,#R% $:-*/"99:% (,A,#% 9*2,+% T7":0,% =;QU@% +50+$"2$*"9% "7'52$+% '(% -#'.5/,@% *2$,2+*(:*23% "2.%,W-"2.*23%$'%+$":%/'7-,$*$*B,?%L'+$9:%+,99*23%$)#'53)%+5-,#7"#6,$+%"2.%A)'9,+"9,%TC''$+/#":U?%!S(,!8%&J,&!J&;2,&7!&%37,.!L%90!;E!4(,!7%L,!394,&,747!%9.!';9',&97!%7!4(,!7L%88,&!;9,7R!@9!%..343;91!• S(,!?,0!.3EE,&,9',!2%7! 4(%4! 4(,0!9,,.! 4;!L;M,!J&,%4,&!=68?!;E! 4(,! 7%L,! 4(39J!%4! 4(,! 7%L,! 43L,B!

2(3'(!39'&,%7,7!4(,!3L-;&4%9',!;E!4(,3&!&,8%43;97(3-7!234(!%J,947!%4!4(,!2(;8,7%8,!L%&?,47!%9.!4(,!76-,&L%&?,47R!!

• :%&L,&7!L%&?,47!2,&,! 7,,9! =0! 7;L,! %7! %! -;4,943%8! ;--;&469340!=64!4(,0!2;68.!9,,.!4;!=,!L6'(!L;&,!E&,T6,94!N!&,J68%&R!!

• P:%3&!-8%0Q!39!-&3'39J!37!7,,9!%7!3L-;&4%94B!4(%4!,M,&0;9,!37!J,4439J!4(,!7%L,!;EE,&![!,M,9!3E!34!2%7!=%.R)!

• S(,&,!2%7!%! 7,97,!;E!.,83'%4,!=%8%9',!=,42,,9!';L-,4343;9!%9.!';;-,&%43;9! =,42,,9! E%&L,&7B! 234(! ^E%&L,&7! %&,! 76'(!39.3M3.6%83747_!4(&;6J(!4;!^4(,!-,;-8,!%&;69.!(,&,!J,4!%8;9JB!2,!'%9!J,4!;&J%937,.!%9.!%'43M,!2(,9!2,!2%94!7;L,4(39J!.;9,_R!

• 5!J&;2,&! ';973.,&39J!;--;&469343,7! 7%2!-;4,943%8! E;&!J&;2,&7! 4;!J&;6-! 4;J,4(,&! %9.! 7,88! -&;.6',! ^L%0=,! 39! ;9,! 74;&,! 2,! ';68.!7,88!.3&,'4!4;!-6=83'_R!!!

• S(,&,!2%7!';9',&9!N!E&674&%43;9!%=;64!=%&&3,&7!2(,9!E%&L,&7!%'46%880!4&0!4;!7,4!6-!%84,&9%43M,!76--80!'(%397! 4(,L7,8M,7! [! 7(;-7B!L%&?,47! ,4'B!234(! %! 76JJ,743;9! 4(%4! 76--;&439J! E%&L,&! ,EE;&47! G&%4(,&!4(%9!3L-;739J!7;L,4(39JI!';68.!=,!,EE,'43M,R!

•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k)*!E%L380!L,%8![!9;!';;?39JB!9;!.37(,7B!,M,&0;9,Q7!E688_R!5!-&3;&340!E;&!E6&4(,&!2;&?!2;68.!=,!4;!%'46%880!,K-8;&,!4(,!L;43M%43;97!%9.!=,(%M3;6&7!;E!4(37!J&;6-!G39!4(,3&!;29!2;&.7IR!V;L,!?,0!-;39471!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)!S(,&,!2,&,!42;!-&;.6',&7!4(%4!&%37,.!4(,!3776,!;E!P=8%'?F=%8839JQ![!2(,&,!7;L,;9,!4&3,7!4;!;-,9!4(,3&!.;;&7!%9.!7,887!L;&,!.3&,'480!%9.!4(,0!%&,!;74&%'37,.!=0!;4(,&!J&;2,&7!%7!2,88!%7!=6739,77,7!6-!%9.!.;29!4(,!76--80!'(%39!69438!4(,0!%&,!69%=8,!4;!;-,&%4,R!

,)5*!&1:&<)&2*!(4!+/"*#%&#6*)+!$+!)5&)!)5*'!.&<!+5$4)!"#(1/.)B!'(/!%$25)!2*)!FAAGFHA!;/<.5*+!)5#(/25!)5*!%&#6*)+B!IBAAA!)5#(/25!)5*!+/"*#%&#6*)+7!!,)5*!#*&+(<!3*!1(<9)!#*&00'!+*00!1$#*.)!$+!&!J/&<)$)'!)5$<2!K!1(<9)!5&:*!&00!1&'!)(!2(!+*00$<27E!!^2,!.;9Q4!2%94!4;!8;7,!;6&!9%L,B!2,Q&,!-&;6.!;E!2(%4!2,!-&;.6',_!!!

! i!

• :&;L!%!964&343;9%8!-,&7-,'43M,B!4(,!7346%43;9!37!';973.,&,.!^.3&,B!=64!69.,&74%9.%=8,_!-%&43%880!.6,!4;!%!J,9,&%43;9%8!8%'?!;E!?9;28,.J,!%9.!7?3887!E;&!';;?39JR!!

• S(,!-;773=38340!;E!%!P&,4%38!L%&?,4Q!39!D%7,0!347,8E!2%7!76JJ,74,.!E;&!39'&,%7,.!%'',773=38340R!• Z3EE,&39J! =60,&! =,(%M3;6&! %4! .3EE,&,94!L%&?,47! 76JJ,747! 4(%4! .3EE,&,94! ';976L,&7! %&,! 6739J! 4(,L!

G,RJR!=%&J%39!(69439J!%4!7;L,B!=6039J!,K-,973M,!(,&=7!%4!;4(,&7IR!• S6880Q7!39!$4!H83l%!2%7!3.,943E3,.!%7!%!-;4,943%8!L;.,8!;E!%9!;648,4!4(%4!7(;2'%7,.!8;'%8!-&;.6',!=64!

L%.,! 34! %88! %M%38%=8,! -,&L%9,9480! 39! ;9,! -8%',R!>/R! D&%9=;6&9,!$%&?,47! G;9!<3J(! V4I! 37! %! 9,237(!,74%=837(L,94! 4(%4! 37!L%&?,439J! 8;'%8! -&;.6',! %9.! =6039J! 7;L,! .3&,'480! E&;L! -&;.6',&7R! @4! (%7! %!.,83B!.&0!E;;.7!,4'R!%9.!2%7!L,943;9,.!=0!%!96L=,&!;E!J&;2,&7!%7!%!-8%',!4(%4!2388!G%9.!.;,7I!=60!.3&,'480!E&;L!4(,LR!!

!<'*23%*$%$'53)%Z%9'A;1H1%3#'5-@%A*$)%-''#%-):+*/"9%"2.P'#%(*2"2/*"9%"//,++%$'%),"9$):%(''.%"+%A,99%"+%9*7*$,.%$#"*2*23%"2.%,7-9':7,2$%'--'#$52*$*,+?%N%T/59$5#"99:%"2.%9*235*+$*/"99:U%.*B,#+,%3#'5-%A)'%"#,%0,/'7*23%*2/#,"+*239:%B*+*09,%*2%.,7"2.%('#%(''.%#,9*,(%"2.%$),%2570,#+%'(%7"92'5#*+),.%/)*9.#,2%*2%+/)''9+?%!• b,-&,7,94%43M,7!;E!E;;.!&,83,E!%J,9'3,7!,L-(%737,.!4(%4!4(,0!%&,!9;4!'6&&,9480!L,,439J!.,L%9.!E;&!

,L,&J,9'0! E;;.! %9.! 4(%4! 34! 37! 39'&,%739JR! $6'(! %77374%9',! 37! '6&&,9480! -&;M3.,.! 39! 4(,! E;&L! ;E!M;6'(,&7!G&,.,,L%=8,!%4!D;8,7!%9.!V%E,2%0IB!234(!E;;.!-%&',87!;E4,9!=,39J!%77,L=8,.!%9.!-&;M3.,.!=0!D(6&'(,7R!!

• S(,&,!37!J,9,&%880!%!8%'?!;E!7-%',!%9.!E%'38343,7!4;!76--80!-,&37(%=8,!E;;.R!S(,0!7-,'3E3'%880!3.,943E3,.!69L,4! .,L%9.! E;&! ';;?,.!L,%87! N!L,%8! -&;J&%L7! G=&,%?E%74B! 869'(! %9.!.399,&IB! (3J(83J(439J! 4(,!8%'?!;E!-8%',7!4;!7,9.!-,;-8,!2(;!O674!9,,.!7;L,4(39J!4;!,%4R!!

• 59!%&&%0!;E!D(6&'(!-&;J&%L7!%9.!%!9,2! G76'',77E68I! V4C+! 7;6-!M%9!2,&,! 3.,943E3,.!%7!67,E68! %9.!-;7343M,B!=64!34!2%7!E,84!4(%4!4(,0!2,&,!%!8;9J!2%0!E&;L!L,,439J!4(,!J&;239J!9,,.R!!

• S(,&,! 37! 9;2(,&,! E;&! E%L383,7! 4;! J,4! %EE;&.%=8,! (,%84(0! L,%87R! ^$%.D%-! D%E,7_! G&69! =0! $3773;9!5674&%83%! %7! -%&4! ;E! %9! ,L-8;0L,94! -&;J&%LI!2,&,! &%37,.! %7! ,K'3439J!L;.,87! E;&! 4&%3939J! -,;-8,B!'%&39J!E;&!-,;-8,!234(!L,94%8!3889,77!%7!2,88!%7!-&;M3.39J!%EE;&.%=8,!%9.!%'',773=8,!L,%87R!!

• @4!2%7!%87;!,L-(%737,.!4(%4!4(,&,!^2;68.!9,,.!4;!=,!L;&,!4(%9!;9,![!34Q7!M,&0!(%&.!4;!J,4!%&;69.!(,&,B!-%&43'68%&80!9;&4(!4;!7;64(R_!

!S(&,,!;4(,&!?,0!3776,7!3.,943E3,.!39!&,8%43;9!4;!E;;.!&,83,E!;&!;4(,&!E;;.!-&;J&%L7!2,&,1!• S(,!^&,%8!8%'?!;E!;8.!=6384!39E&%74&6'46&,!;64!(,&,B!4(,&,!%&,!9;!;=M3;67!-8%',7!;&!%.,T6%4,!-&,L37,7!

4;!4%?,!;M,&_W!• 5!(3J(!8,M,8!;E!';9E673;9!%=;64!&,J68%43;9!%9.!4(,!:;;.!5'4!234(!-,;-8,!=,39J!M,&0!6976&,!2(%4!'%9!

=,! .;9,! %9.! (;2! G-;4,943%880! ,34(,&! 3L-,.39J! %'43M340! ;&! 8,%.39J! 4;! &37?0! ;&! %''3.,94%880! 388,J%8!%'43;97IW!%9.!

• S(,! 3L-;&4%9',! ;E! %M;3.39J! 7(%L,! N! 743JL%! ;E! %'',7739J! E;;.! [! ,M,9! 39! ,L,&J,9'0! 7346%43;97R!5J,9'3,7!&,O,'4,.!76-,&L%&?,4!M;6'(,&7!4(%4!2,&,!P=&%9.,.Q!E;;.!&,83,E!G=&3J(4!0,88;2I!=,'%67,!;E!4(,! ,L=%&&%77L,94! 34! 2;68.! '%67,! -,;-8,! %4! 4(,! '(,'?;64R! @4! 2%7! 3L-;&4%94! 4(%4! -,;-8,! ';68.!%'',77!L,%87!%9.!E;;.!234(;64!4(,3&!7346%43;9!=,39J!3.,943E3%=8,R!!

!V'(;;87! 2,&,! %87;! 3.,943E3,.! %7! -;4,943%880! 3L-;&4%94! .374&3=643;9! -;394! E;&! E&,7(! -&;.6',! %7! -%&,947!G,M,9! 4(;7,!234(;64! '%&7!;&! 4&%97-;&4! %'',77I! %&,!676%880! 4(,&,! 423',!%!.%0R!c,!2,&,! 4;8.!;E! ,K37439J!39E;&L%8! 9,42;&?7!2(,&,! .;9%4,.! E;;.!2%7!=,39J!L;M,.! 4(&;6J(! 7'(;;87! G=0!;4(,&! E%L383,7I! 4;! (,8-!4(;7,!4(%4!2,&,!74&6JJ839J!234(!E;;.!%'',77R!!!!!

! m!

LIY =-,+!"19.&+,!!5!7,&3,7!;E!'%7,!746.3,7!2,&,!-&,-%&,.!4;!7(;2'%7,!%!&%9J,!;E!;-43;97!E;&!E;;.!(6=!%'43M343,7B!=%7,.!;9!L;.,87!E&;L!%&;69.!5674&%83%!%9.!;4(,&!-%&47!;E!4(,!2;&8.R!S(,!'%7,!746.3,7!2,&,!;&J%937,.!=0!4(,3&!E69'43;97!G%7!7(;29!39!:3J6&,!)F"IR!$;&,!.,4%38!;9!,%'(!;E!4(,7,!'%7,!746.3,7!'%9!=,!.;298;%.,.!E&;L!222R,%4,&-&37,7R';LR%6N'%7,F746.3,7FE;;.F(6=7R!!!7&(93+!LVNG!7$$.!89:!=-,+!"19.&+,!

!!!

LIZ "1-Q+<$5.+3!X$3Q,<$%!!S(,!';97684%43;9!%9.!394,&M3,27!3.,943E3,.!%!M%&3,40!;E!394,&,74,.!74%?,(;8.,&7B!2(;!4(,9!%44,9.,.!%!2;&?7(;-!39!56J674!)*""R!+%&43'3-%947!39!4(,!2;&?7(;-!,K-8;&,.!'(%88,9J,7!%9.!;--;&469343,7!39!D%7,0B!2,&,!394&;.6',.!4;!%!M%&3,40!;E!E;;.!(6=!L;.,87W!%9.!,K-8;&,.!';973.,&%43;97!E&;L!4(,!-,&7-,'43M,!;E!4(,!E;6&!P%&'(,40-,Q!74%?,(;8.,&!J&;6-7R!!!

! `!

S%=8,!)F)!76LL%&37,7!4(,!?,0!;=O,'43M,7!%9.!3.,%7!;E!394,&,74!4(%4!2,&,!&,-;&4,.!%4!4(,!,9.!;E!4(,!7,773;9R!S(,!L;&,!.,4%38,.!2;&?!;9!.3EE,&,94!74%?,(;8.,&!-,&7-,'43M,7!2%7!67,.!4;!7(%-,!%9.!.,M,8;-!4(,!';9',-47!G.,7'&3=,.!=,8;2IR!!7&(93+!LVLG!"1-Q+<$5.+3!X$3Q,<$%!

E:T+#1&4+,!! H+>!&.+-,!• 5..&,7739J!E;;.!397,'6&340!• /638.39J!';LL69340!N!7;'3%8!39'8673;9!• V?3887!%9.!?9;28,.J,!• A;=!'&,%43;9!• :646&,!-&;;E39J!N!&,7383,9',!• :%3&!-&3',!E;&!E%&L,&7![!>\S!PD<H5+Q![!70L=3;737!!• D;99,'4!';LL69340!4;!8;'%8!E;;.!!• $%4'(!6-!8;'%8!.,L%9.!234(!8;'%8!76--80!• H%70!%'',77!';9M,93,9',!• H.6'%439J!';LL69340!9;4!4;!4%?,!E;;.!E;&!J&%94,.!• H9';6&%J39J!&,73.,947!4;!4%?,!&,7-;973=38340!E;&!

2,88=,39J!%9.!964&343;9!!• b,%880!8;;?!7,&3;6780!%4!4(,!,';9;L3'!^'&69'(_!!• H.6'%4,!';LL69340!%=;64!4(,!&37?7!n!(;2!4(,!

L%&?,4!37!E%3839J!!

• D,94&%8!-8%',!• Z;%=8,!• <3J(80!,94,&-&3739J!!• $674!=,!';LL,&'3%880!&;=674B!;4(,&237,!7;'3%8!

;=O,'43M,7!2388!=,!.3EE3'684!4;!%'(3,M,!• Z09%L3'!%9.!.3M,&7,!!• 5EE;&.%=8,B!';74!,EE,'43M,!• /6.J,4!n!-&,L36L!&%9J,!,RJR!.3EER!-%'?%J39J!• \9,!74;-!7(;-1!!b,74%6&%947!,4'!%--&,'3%4,7!(%M39J!

76--83,&!;9!4(,!=%'?!.;;&B!.;,79Q4!2%94!4;!(%M,!4;!7;6&',B!E%&L,&!.;,79Q4!2%94!4;!'(%7,!&,74%6&%947R!

• :,%73=8,!E;&!7L%88,&!@e57N39.,-,9.,94!J&;',&7B!=6739,77,7B!'%E,7!

• D%E,7!%9.!&,74!'%9!839?!4;!L%&?,439J!!• D&,.34!L;.68,7NL%9%J,L,94!&,T63&,.!• V'(;;87![!-;4,943%8!';88,'43;9!-;3947!• :34!234(!;9839,!;&.,&39J!7074,L7Q!839?39J!;9839,B!

3-(;9,!%--7!,4'!• :;;.!L38,7!.%4%!

Y ?0-(&'&'(!-!7$$.!89:!S!1<+!=$'#+%1!!F),%E'2/,-$%!"-,#%,W-9'#,.%$),%2,,.@%*2$,#,+$%"2.%/'77*$7,2$%$'%(5#$),#%.,B,9'-7,2$%'(%"%C''.%D50%*2%E"+,:?%%!S(37!7,'43;9!76LL%&37,7!4(,!-&;-;7,.!:;;.!<6=!';9',-4!%9.!O6743E3'%43;9!E;&!,8,L,947!;E!4(,!.,73J9R!!

YIN D93%$,+!$2!1<+!7$$.!89:!!!:;;.!<6=7!%&,!%!.09%L3'!%9.!,M;8M39J!';9',-4!%9.!4(,!-6&-;7,!N!.,E39343;9!'%9!&%9J,!E&;L!%!9%&&;2!E;'67!;9!L%&?,4!,EE3'3,9'0B!4;!%!=&;%.,&!M373;9!4(%4!,9';L-%77,7!%!(,%84(0!E;;.!7074,L!%9.!.3M,&73E3,.!E;;.!'6846&,!G$;&8,0!,4!%8!G)**`IB!'34,.!39!<;&74!,4!%8!G)*""IIR!!!S(,! -6&-;7,! ;E! 4(,! :;;.! <6=! L674! =,! ,74%=837(,.B! 7;! 4(%4! .,M,8;-L,94! %9.! %--83'%43;9! L,,4! 4(37!-6&-;7,R! :3J6&,! )F"! 76LL%&37,7! 4(,!L%39! E69'43;97!;E! :;;.!<6=7! G234(! %77;'3%4,.! '%7,! 746.3,7IR! S(37!74&6'46&,!2%7!67,.!39!4(,!7';-39J!746.0!4;!,K-8;&,!E69'43;97!;E!394,&,74!E;&!%!:;;.!<6=!39!D%7,0R!!!S(,0! 39'86.,! %! 96L=,&! ;E! ,K%L-8,7! 2(,&,! 4(,! ';&,! E;'67! 37! ;9! ^%! ',94&%880! 8;'%4,.! E%'38340! 234(! %!=6739,77!L%9%J,L,94! 7074,L!4(%4! E%'3834%4,7! 4(,!%JJ&,J%43;9B! 74;&%J,B!-&;',7739JB!.374&3=643;9!%9.N;&!L%&?,439J!;E!8;'%880!;&!&,J3;9%880!-&;.6',.!E;;.!-&;.6'47_!GUVZ5!)*""IR!S(,!';97684%43;97!76JJ,74!4(%4!4(,&,!37!%!&;8,!39!D%7,0!E;&!%!:;;.!<6=!4(%4!.;,7!E68E38!4(37!E69'43;9B!%7!34!37!%!?,0!74&%4,J0!E;&!39'&,%739J!4(,!M3%=38340!;E!7L%88!%9.!L,.36LF73l,.!E%&L,&7R!$;.,87!234(!74&;9J!%--%&,94!-;4,943%8!E;&!%--83'%43;9!39!D%7,0!39'86.,!4(,!8<)*#:&0*!=((1!L/;!%9.!4(,!M(.&0!=((1!L/;!39!D(%&8;44,7M388,R!!

! #!

S(,&,!37!%87;!394,&,74!39!D%7,0!E;&!%!:;;.!<6=7!4(%4!%87;!E68E38!%!M%&3,40!;E!;4(,&!E69'43;97B!76'(!%71]!• 5!&,4%38F;&3,94,.!E;;.!(6=!'%9!=&39J!4;J,4(,&!L6843-8,!-&;.6',&7!%9.!=,';L,!%!.,97,&!&,4%38!734,!

;&!-;4,943%880!%!0,%&F&;69.!E%&L,&7Q!L%&?,4W!• U&=%9!E;;.!(6=7!'%9!39'&,%7,!4(,!-&,7,9',!;E!8;'%880!-&;.6',.!E;;.B!,.6'%439J!';976L,&7!%=;64!

4(,3&!E;;.!7;6&',7B!8;'%8!E%&L,&7B!%9.!E;;.!-&;',77;&7W!• :;;.! (6=7! '%9! 7,&M,! %7!L3'&;FE;;.! ,94,&-&37,! 39'6=%4;&7B! ,9%=839J! 9,2! 74%&4F6-! =6739,77,7! =0!

&,.6'39J!=%&&3,&7! 4;!,94&0! G,RJR! 7(%&,.! 39E&%74&6'46&,!76'(!%7!';LL,&'3%8!?34'(,97!%9.! E;;.!7%E,40!&,J68%43;9!';L-83%9',I!!%9.!E%'3834%439J!%'',77!4;!8;'%8!%9.!&,J3;9%8!L%&?,47W!

• 5! E;'67! ;9! 7;'3%8! O6743',! '%9! 39'&,%7,! %'',77! 4;! (,%84(0! E;;.! E;&! -%&43'68%&! J&;6-7! ;E! &,73.,947W!%9.N;&!

• >;.,7!E;&!7;'3%8!394,&%'43;9B!%9.!4&%3939J!%9.!,.6'%43;9B!39'86.39J!-%&49,&7(3-7!234(!S5:H7!%9.!N!;&!O;=!7,&M3',!-&;M3.,&7R!

!@4!37!&,%7;9%=80!'8,%&!E&;L!4(,!7';-39J!746.0!4(%4!4(,!-6&-;7,!;E!%!:;;.!<6=!39!D%7,0!37!L;&,!%83J9,.!4;!4(,!=&;%.,&!.,E39343;9![! 347! 74&%4,J3'!;=O,'43M,! 37! 4;! ^'&,%4,! %! M3&46;67! '0'8,!;E! 39'&,%739J!.,L%9.! E;&!&,J3;9%8!E;;.!2(3'(!39!46&9!76--;&47!4(,!-&;.6',&7!;E!E;;.B!,9%=839J!964&3,947!%9.!2%74,!4;!=,!&,'0'8,.!4;!4(,!9,%&=0!-&;.6',&7!GE%&L7!%9.!L%&?,4!J%&.,97I!%9.!-&;J&,773M,80!=638.!7;38!E,&438340R!S(37!;=O,'43M,!39! 46&9!.,-,9.7!;9! '&,%439J! %9.!96&46&39J!-! /59$5#,% '(% 9'/"9% (''.)! 7;! 4(%4!;M,&! 43L,!L;&,! %9.!L;&,!D%7,0! &,73.,947! &,J%&.! 4(,! -&%'43',! ;E! P,%439J! 8;'%8! %9.! 7,%7;9%8Q! %7! 73L-80! 4(,! 9;&L_! Go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

YIL "9((+,1+.!*+,&('!!F),%+533,+$,.%.,+*32%*2/95.,+%"%+5*$,%'(%/'7-9,7,2$"#:%(52/$*'2+%$)"$%#,+-'2.%$'%$),%/#*$*/"9%2,,.+%"2.%/'2/,#2+%P% *2$,#,+$+% *.,2$*(*,.% *2% $),%/'2+59$"$*'2+?% I$%'5$9*2,+%"2%'--'#$52*$:% ('#%.*B,#+,% (52/$*'2+% $'% 0,% /';9'/"$,.@% "99'A*23% /#'++;+50+*.*+"$*'2% $'% *2/#,"+,% $),% B*"0*9*$:% '(%,"/)?%%%59!3L%J39,.!:;;.!<6=!37!;64839,.!39!L;&,!.,4%38!39!4(,!D;9',-4!+%-,&RX!S(,!3.,%!&,7-;9.7!4;!4(,!4(&,,!';&,!;=O,'43M,7!3.,943E3,.!E;&!4(,!D%7,0!:;;.!<6=1!• /,44,&!L%&?,439J!;648,4!%9.!E%3&!-&3',7!E;&!-&;.6',&7W!• <,%84(0!,%439J!E;&!&,73.,947![!L;&,!E&634!%9.!M,J,4%=8,7W!%9.!!• V?388!.,M,8;-L,94B!';LL69340!';99,'43;9!%9.!O;=!'&,%43;9!4(&;6J(!9,2!8;'%8!,94,&-&37,7R!!d,0!E,%46&,7!;E!4(,!';9',-4!:;;.!<6=!%&,!7(;29!39!:3J6&,!]F"R!S(,0!%&,!=%7,.!234(39!%!L6843F-6&-;7,!2%&,(;67,B! -&;M3.39J! %!-,&L%9,94!-(073'%8! -8%',! E;&! %JJ&,J%43;9B!L%&?,439J! %9.!.374&3=643;9!;E! 8;'%8!%9.!&,J3;9%8!-&;.6',R!S(,!3.,%!2;68.!=,!4;1!!• /60! &,J3;9%8! -&;.6',! %9.! %'4! %7! %! =&;?,&! 394;! 8;'%8! 7%8,7! '(%99,87B! -;4,943%880! 69.,&9,%4(! %9!

;M,&%&'(39J!D%7,0!N!/6903-!=&%9.W!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!]!5.%-4,.!E&;L!<;&74!,4!%8R!G)*""IB!-!)"*!X!5M%38%=8,!E&;L1!(44-1NN222R,%4,&-&37,7R';LR%6N3L%J3939JF%F'%7,0FE;;.F(6=N!!

!"*!

• 53L! E;&! &,J68%&! %9.! 73J93E3'%94! -6&'(%7,! E&;L! J&;2,&7! F! 234(! %9! 39343%8! E;'67! ;9! 7L%88! N!L,.36L!E%&L,&7!G-;4,943%8!4;!=60!%88!-&;.6',!%9.!&,-8%',!4&3-7!4;!4(,!2(;8,7%8,!L%&?,4IW!

• +&;M3.,!;--;&469343,7!E;&!';F8;'%43;9!;E!E%'38343,7!4;!76--;&4!';L-8,L,94%&0!,94,&-&37,7B!,RJR!?34'(,9!%9.! -&;',7739J! E%'38343,7! ;9! 734,! 4;! 46&9! J8647! %9.! 7,';9.7! 394;! T6%8340! -&;',77,.! -&;.6'47! G,RJR!'(649,0I!%9.!-&,-%&,.!L,%87!G7;8.!E&,7(!%9.!E&;l,9IB!O63',7!,4'Rg!

!7&(93+!YVNG!!=-,+>!7$$.!89:!V!E91,&.+![&+P!

Separated tra! c " ow of cars and trucks. The ‘Back’ is set up for e! cient and clear wholesale functions, designed for easy truck access and produce movement. Also room to park for those that want to come inside

Children’s play area and kitchen garden at front left to attract attention from the road ‘what’s that mum?’.

Simple shed construction with roof mounted solar panels and bold street frontage

Drive-through for quick, simple, tasty and nutritious meals – prepared inside from fresh local produce. Or park and come on in. Produce and meal specials are advertised on large black boards

A Food Hub for Casey - concept sketchesThese computer modeled architectural sketches have been created to illustrate how a Food Hub at Casey could be simply designed to provide a mix of services for farmers and the general community. These designs are intended as ‘conversation starters’. A # nal Casey Food Hub design could end up being many times larger or much smaller depending upon the needs and desires for the local community.

!!D&343'%8!3776,7!3.,943E3,.!39!E;;.!%'',77!2,&,1!';L-,439J!234(!E%74!E;;.!%9.!,9,&J0!.,97,!-&,F-%'?%J,.!L,%87! E;&! 43&,.! %9.! '%&F.,-,9.,94! E%L383,7! %9.!%!9,,.! E;&! %'',773=8,! %9.! &,J68%&!L,%87! E;&! '83,947!;E!E;;.!&,83,E!7,&M3',7R!S(,!-&;-;7%8!76JJ,747!394,J&%439J1!• 5!(,%84(0!PE%74!E;;.Q!;648,4B!;EE,&39J!734F.;29B!4%?,F!%2%0!%9.!.&3M,F4(&;6J(!L,%8!;-43;97W!• /&%9.,.!4;!%44&%'4!P%7-3&%43;9%8Q!,%4,&7![!E%74B!'8,%9B!T63'?B!4%740!%9.!';;8W!• 5'',773=8,!4;!%88B!234(!E8,K3=38340!39!-%0L,94!3R,R!'%7(B!M;6'(,&7B!M;8694,,&!43L,!,4'W!• V3L-83'340![!,.6'%43;9%8!4(&;6J(!-&;M373;9!;E!4%740!L,%87!4(%4!0;6!';68.!%87;!';;?!%4!(;L,R!!S(,! 4(3&.! ';&,! E69'43;9! 39'86.,7! ,94,&-&37,! %9.! ,L-8;0L,94! -%4(2%07! 39! '%4,&39J! %9.! (;7-34%8340W!2%&,(;6739J!%9.!.374&3=643;9!GE;&!,K%L-8,I!234(39!4(,!;-,&%43;97!%9.!=6739,77!L;.,8!;E!4(,!<6=R!S(37!';L-;9,94!=&39J7!7;'3%8!O6743',!%9.!8;'%8!,';9;L3'!;64';L,7B!%7!2,88!%7!%!-;4,943%8!39';L,!74&,%L!E;&!4(,!:;;.!<6=R!@4!';68.!39'86.,1!• +%&49,&7(3-!234(!S5:H!4;!;EE,&!',&43E3'%43;9!39!G,RJRI!2%&,(;6739J!n!E;&?83E4!.&3M39JW!'%4,&39J!n!E;;.!

-&,-%&%43;9W!(;&43'6846&,W!=6739,77!.,M,8;-L,94!,4'R!• e;M,&9L,94!4&%3939J!76=73.0!4;!76--;&4!7,4F6-!%9.!-;4,943%880!;9J;39J!;-,&%43;9%8!';747! G234(;64!

=,39J!7;8,!E69.39J!7;6&',IW!%9.!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!g!,RJR!4(,!:;;.!D;99,'4!.374&3=643;9!2%&,(;67,!39!/&37=%9,!(%7!&,',9480!%..,.!%!';LL,&'3%8!?34'(,9!4;!;-,9!6-!;--;&469343,7!39!'%4,&39JW!-&,7,&M%43;9!;E!76&-867W!7%8,!;E!-&;',77,.!E;;.7!,4'R!!

!""!

• 53L39J!4;!=638.!8;'%8!'%-%=38340!39!%88!%7-,'47!;E!E;;.!7074,LB!%9.!,M,&0=;.0!';L39J!4(&;6J(!4&%3939J!-&;J&%L7!J,47!=%73'!P?34'(,9!J%&.,9Q!,K-,&3,9',R!

!7&(93+!YVLG!=-,+>!7$$.!89:!V!\'.+3!1<+!/$$2!

Commercial kitchen for processing gluts and seconds into higher-value products and preparing tasty, a! ordable meals for the café. Potential to share or rent facilities with local businesses.

Premium produce, with stories of producers highlighted, is available for purchase. This could include the best of fresh, value-added processed products and prepared meals to take with you.

Restaurant serves healthy, simple and tasty meals – quick and easy but really good.

Warehouse space and coolroom for aggregation and storage of produce. Much of this goes back out ‘wholesale’ to local businesses. Operations supported through training and employment programs.

Inside the Food Hubconcept sketch:

!!S(,!L;.68,7!.,7'&3=,.!%=;M,!&,E8,'4!693T6,!7,47!;E!%'43M343,7!%9.!7?3887!E;&!3L-8,L,94%43;9R!D;F8;'%439J!4(,L! %7! ';99,'4,.! -%&47! ;E! 8%&J,&! ,94340! %9.! ;-,&%43;9! 2;68.! %88;2! E;&! L646%8! 76--;&4B!394,&.,-,9.,9',! %9.! '&;77F76=73.37%43;9R! <;2,M,&B! 74%J,.! .,M,8;-L,94! 2;68.! =,! %.M37%=8,! 7;! 4(%4!,%'(!%..343;9%8!,94,&-&37,!=638.7!;9!,74%=837(,.!E,%73=38340!;E!-&,M3;67!74%J,7R!S(37! 37! E6&4(,&!.37'677,.!=,8;2R!

!")!

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gR!!V,'43;9!i!;64839,7!4(,!.,M,8;-L,94!-%4(2%0!4(%4!(%7!%8&,%.0!&,',3M,.!E69.39J!G4(&;6J(!C3'<,%84(I!%9.!3.,943E3,7!;-43;97!E;&!';L-8,L,9439J!4(37!2;&?!-&;J&%L!234(!%!L;&,!394,97,!E;'67!;9!3L-8,L,94%43;9!%9.N;&!%'',8,&%4,.!-&;O,'4!.,M,8;-L,94R!!

Z @+R1!"1+%,!2$3!-!7$$.!89:!!!F),% /)"99,23,+% ("/*23% -,#*;5#0"2% /'7752*$*,+@% /'52/*9+% "2.% ,/'2'7*,+% "#,% 52.,2*"09,% "2.%C''.%D50+% "#,% -#'B,2% *2$,#2"$*'2"99:% "+% ,((,/$*B,% *2$,#B,2$*'2+% $'% +/"9,;5-% "2.% +$#,23$),2%9'/"9%(''.%,/'2'7*,+?%%

ZIN A!=-,+!2$3!7931<+3!*+4+5$%0+'1!!!S(,&,!37!76EE3'3,94!394,&,74!%9.!%!'%7,!E;&!4(,!.,M,8;-L,94!;E!%!:;;.!<6=!%9.N;&!%77;'3%4,.!%'43M343,7!39!4(,!D340!;E!D%7,0B!=%7,.!;91!• 5!'8,%&80!3.,943E3,.!9,,.!G%9.!;--;&469340I!E;&!394,&M,943;9!39!4(,!D%7,0!E;;.!7074,LW!• <3J(!8,M,87!;E!394,&,74!%9.!,9J%J,L,94!39!4(,!3.,%!;E!%!:;;.!<6=!%9.!4(,!';9',-4!'3&'68%4,.W!!• +&;M,9!76'',77!;E!4(,!L;.,8!;M,&7,%7!%9.!%&&%0!;E!;-43;97!E;&!%.%-4%43;9!4;!8;'%8!';94,K4W!%9.!• D8,%&!';LL34L,94!;E!E6&4(,&!E69.39J!E&;L!%!-&;O,'4!-%&49,&!GC3'<,%84(IR!!c(38,! 4(,! ';97684%43;97! &,M,%8,.! .3M,&7,! ;-393;97! %7! 4;! 4(,!2%0! E;&2%&.! G%9.! 4(,! ;--;&469343,7! %9.!';974&%3947!4;!'(%9J39J!4(39J7IB!4(,&,!2%7!%!(3J(!8,M,8!;E!%J&,,L,94!%=;64!4(,!'(%88,9J,7!=,39J!E%',.!39!4(,! %&,%! %9.! %! 7,97,! ;E! &;;L! G9,,.I! E;&! .3EE,&,94! %9.! =;8.! %--&;%'(,7R! V3L38%&80B! 4(,&,! 37! =&;%.!%J&,,L,94! 4(%4! 4(,! -,&3F6&=%9! 394,&E%',! 7(;68.! -&,7,94! 7-,'3E3'! ;--;&469343,7! E;&! .,M,8;-L,94! ;E! %!E%3&,&!%9.!L;&,!7674%39%=8,!E;;.!7074,L!39!D%7,0R!!S(,!';9',-4!-%-,&!G%9.!7';-39J!746.0I!(%7!J,9,&%4,.!%!(3J(!8,M,8!;E!394,&,74!39!4(,!3.,%!;E!%!:;;.!<6=!39!D%7,0R!@4!2%7!'3&'68%4,.!4;!-%&43'3-%947!39!4(,!7';-39J!746.0B!%9.!%!=&;%.,&!9,42;&?B!E;&!&,7-;97,7!%9.!E;88;2F6-! ';9M,&7%43;97R! S(,! ';9',-4! (%7! %87;! =,,9! .37'677,.! 4(&;6J(! %! M%&3,40! ;E! E;&%Bi!%9.! 4(,!5674&%83%9! :;;.! <6=7! >,42;&?! (%7! =,,9! %--&;%'(,.! =0! %! 96L=,&! ;E! ;4(,&! 8;'%8! ';69'387! %9.! ;4(,&!J&;6-7!%&;69.!5674&%83%!234(!%!M3,2!4;!,K-8;&39J!73L38%&!%--&;%'(,7R!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!i!39'86.39J1!:;;.!5883%9',!:&634!n!C,J,4%=8,!c;&?7(;-W!<,%&4!:;69.%43;9!:;;.!V,97343M,!+8%9939J!%9.!U&=%9!Z,73J9!c;&?7(;-7W!V5!<,%84(!39!588!+8%9939J!:;&6LW!%9.!4(,!C3'4;&3%9!VH!/3;&,J3;9%8!+,&L%'6846&,!';9E,&,9',R!

!"]!

@4! 37! ,M3.,94! E&;L! 4(,! 8,M,8! ;E! -%&43'3-%43;9! %9.! 394,&,74! 4(%4! 4(,! 3.,%! (%7! P4&%'43;9Q! %9.! 37!2;&4(0! ;E!E6&4(,&! .,M,8;-L,94R! V;L,! 8;'%8! 74%?,(;8.,&7! (%M,! ,K-&,77,.! %! M,&0! (3J(! 8,M,8! ;E! 394,&,74! %9.!';LL34L,94! 4;! ';9439639J! 4(,! .,M,8;-L,94! ;E! 4(,! -&;O,'4! G,RJR! C3'<,%84(! E69.39J! ';LL34L,94! %9.!,K-&,773;97!;E!394,&,74!39!E6&4(,&!-%&43'3-%43;9IR!!!:;;.!<6=7!%&,!-&;M39J!4;!=,!(3J(80!76'',77E68!394,&M,943;97!;M,&7,%7!%9.!%&,!%44&%'439J!%!J&,%4!.,%8!;E!E;'67! ;9! 69.,&74%9.39J! (;2! 4(,0!2;&?B! 2(%4! '%9! =,! 8,%&9,.! %9.! (;2! -&%'43',! N! ,K-,&3,9',! '%9! =,!%--83,.! ,87,2(,&,R! c,! 9;4,! 4(%4! 4(37! '8,%&! .,L;974&%43;9! ;E! ,EE,'43M,9,77! ;M,&7,%7! .;,7! 9;4!%64;L%43'%880!4&%978%4,!394;!4(,!5674&%83%9!;&!D%7,0!';94,K4B!2(3'(!2388!%EE,'4!4(,!.,M,8;-L,94!-%4(2%0!G7,,!S%=8,!XF"I!%9.!L%?,!'%&,E68!';973.,&%43;9!%9.!.,73J9!'&343'%8!4;!4(,!76'',77!;E!E6&4(,&!2;&?R!!!c(38,!%--8039J!%9.!%.%-439J!4(37!?9;28,.J,!4;!D%7,0!L674!=,!.;9,!234(!'%&,!%9.!.,4%38,.!%44,943;9!4;!4(37!693T6,!';94,K4B! 76'',77! 39!.;39J! 7;!%9.! 4(,!.,L;974&%43;9!;E!%!M3%=8,!L6843FE69'43;9%8! :;;.!<6=!2;68.!(%M,!73J93E3'%94!3L-83'%43;97!%'&;77!5674&%83%Q7!E;;.!7074,L7R!!!

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• @9M,743J%4,!%9.!%9%807,!4(,!7-,'3E3'!L%&?,4!.,L%9.![!2(,&,!37!4(,!9,,.B!2(;!2388!34!7,&M,W!• Z,M,8;-!%9.! 74&,9J4(,9! 4(,!9,42;&?!;E! ';LL344,.!%9.!,9J%J,.! 74%?,(;8.,&7!2(;!'%9! 7,,!%! &,%8!

=,9,E34!E;&!4(,LW!• :%'3834%4,!4(,!?,0!74%?,(;8.,&7!4;!&,E39,!4(,!.,73J9!394;!%!2;&?%=8,!%9.!&,%83743'!-&;-;7%8W!!• U9.,&4%?,!%!E,%73=38340!%77,77L,94!%9.!&,E39,!4(,!-&;-;7%8!%7!9,',77%&0W!%9.!• Z,M,8;-! %9.! 74&,9J4(,9! 4(,! P8;'%8! E;;.! ,';7074,LQ! 4(%4! =;4(! 39'&,%7,7! .,L%9.! E;&! (,%84(0B!

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

!"X!

V39',!.,M,8;-L,94!;E!4(,!'%7,!746.3,7!%9.!';9',-4!-%-,&B!4(,!-&;O,'4!4,%L!(%7!=,';L,!%2%&,!;E!4(,!N)("!O(%%/<$)'!=((1!O*<)#*!GV4;-!D:DI!39!S;&;94;B!2(3'(!%--,%&7!4;!=,!%!2;&?39J!,K%L-8,!;E!7;L,!;E!4(,! 709,&J3,7! %9.! -;4,943%8! '&;77F76=73.37%43;97! 76JJ,74,.! 39! 4(,! -&;-;7,.! :;;.! <6=! L;.,8R! S(,!.,7'&3-43;9!39!/;K!XF"!;64839,7!?,0!E,%46&,7!;E!4(,!V4;-!D:D!234(!-;4,943%8!&,8,M%9',!4;!4(,!D%7,0!:;;.!<6=R!S(37!37!%9!,9';6&%J39J!%9%8;J6,!4;!4(,!%L=343;67!(0=&3.!:;;.!<6=!';9',-4!;64839,.!39!4(,!';9',-4!-%-,&B!%7! 34! &,E8,'47!L%90!;E! 4(,! 4(;6J(47!%9.!(;-,7!;E!-%&43'3-%947! 39! 4(,!7';-39J!746.0![! 4(%4! 4(,&,!L3J(4!=,!&;;L!E;&!%!73J93E3'%94!P239F239Q!E;&!E%&L,&7B!=6739,77,7!%9.!,%4,&7!39!D%7,0R!

!S(,&,!%&,!4(&,,!?,0!';973.,&%43;97!%&3739J!E&;L!E,,.=%'?!4;!4(,!';9',-4!-%-,&!G%7!2,88!%7!';97684%43;97I!4(%4!7(;68.!39E;&L!4(,!9,K4!74,-71!• @4! 37! 3L-;&4%94! 4;! L%394%39! %! E;'67! ;9! 4(,! L6843F-6&-;7,! %7-3&%43;97! ;E! 4(,! :;;.! <6=R! 5! ?,0!

'(%88,9J,! 2388! =,! (;8.39J! 4(,! 7-%',! E;&! %9! 394,J&%4,.! ';9M,&7%43;9! 2(38,! &,E3939J! %9.! L,,439J!7-,'3E3'!9,,.7!;E!.3EE,&,94!74%?,(;8.,&7R!

• S(,&,! %&,! -;773=38343,7! E;&! 74%J39J! 4(,! .,M,8;-L,94! %9.! 2;&?39J! 6-! 4(,! .3EE,&,94! E69'43;97!7,T6,943%880R!S(,&,!37!-;4,943%8!4;!.,M,8;-!%!8;J3'%8!-&3;&3437%43;9!;E!';L-;9,947!39!839,!234(!-6&-;7,!;E!4(,!:;;.!<6=R!

• \-,99,77! 4;! 4(,! -;773=38340! 4(%4! %! -(073'%8! (6=! L%0! 9;4! =,! 9,',77%&0! 39! 4(,! E3&74! 3974%9',B!-%&43'68%&80! 39!&,8%43;9!4;!-;773=38343,7! E;&!%JJ&,J%43;9B!.374&3=643;9!%9.!L%&?,439J!;E! 8;'%8!-&;.6',R!S(,&,! %&,! ;--;&469343,7! 4;! P=34,! ;EEQ! 7L%88,&! -3,',7! %9.! J,4! 4(,L! 2;&?39J! 39.,-,9.,9480! G,RJR!8%=,8839JB! -&;L;43;9! ;E! E%&L,&7B! 7;E42%&,! .,M,8;-L,94! E;&!2(;8,7%8,! ;&.,&39JI! 7;! 4(%4! 4(,&,! 37! %!76--;&43M,!PE;;.!,';7074,LQ!39!D%7,0!3E!N!2(,9!&,%.0!E;&!%!-(073'%8!:;;.!<6=Rm!!

!5! 96L=,&! ;E! 4(,! ?,0! E%'4;&7! 4(%4! 2388! %EE,'4! 4(,! E39%8! :;;.! <6=! .,73J9! -&;-;7%8! (%M,! =&;%.,&!3L-83'%43;97! E;&! -;83'0! %9.!-&%'43',! 39! 4(,!D340!;E! D%7,0R! :;&! ,K%L-8,B! S%=8,!XF"!;64839,7! %&,%7!2(,&,!D%7,0!(%7!%--%&,94!%.M%94%J,7!N!;--;&469343,7! 39!.,M,8;-L,94!;E!%! &,J3;9%8! E;;.!7074,LR!Z,M,8;-39J!%'43M343,7! 4(%4! &,7-;9.! 4;! 4(37! ';94,K4! 2;68.! (%M,! =,9,E347! E;&! 74&,9J4(,939J! 4(,! 8;'%8! E;;.! 7074,LB!&,J%&.8,77!;E!2(,4(,&!%!:;;.!<6=!37!76=7,T6,9480!,74%=837(,.!;&!9;4R!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!m!,RJR!74%?,(;8.,&!';LL,94!^@!%L!9;4!76&,!4(%4!%9!%.,T6%4,!'%7,!(%7!=,,9!L%.,!E;&!2(0!4(,!,K37439J!;648,47!E;&!E&,7(!n!(,%84(0!E;;.B!%&,!9;4B!%9.!'%99;4B!%'(3,M,!4(,!J;%87!&,T63&,.R!@4!37!J;39J!4;!=,!L6'(!L;&,!,EE3'3,94!4;!L;.3E0!,K37439J!-&;M3.,&7B!,7-,'3%880!4(,!$%&?,4!%4!Z%9.,9;9J!G%9.!4(,&,!L%0!=,!7L%88,&!L%&?,47!,87,2(,&,!39!4(,!7(3&,I!4(%9!4;!,74%=837(!%9.!L%394%39!%9!%84,&9%43M,!F!3E!34!(%7!4(,!'%-%'340!4;!%'(3,M,!4(,!&,T63&,.!J;%87_!

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

!"g!

F-:5+!ZVNG!D-1<P->,!2$3!=-,+>!7$$.!89:!

A.4-'1-(+,!2$3!=-,+>! =<-55+'(+,! /+,%$',+!@9'&,%739J!394,&,74!39!E%&L,&7Q!L%&?,47B!.3&,'4!7%8,7!,4'!!

$%90!394,&9%43;9%8!E;;.!(6=7!%&,!.,M,8;-,.!39!&,7-;97,!4;!%9!39%=38340!4;!L,,4!(3J(!.,L%9.!E;&!8;'%8!E;;.![!,K4,94!;E!.,L%9.!39!D%7,0!L%0!=,!8,77!2,88F.,M,8;-,.!

• 577,77!8,M,8!;E!.,L%9.!• 5'43M,80!,9J%J,!';LL69340!4;!39'&,%7,!

%2%&,9,77!%9.!.,L%9.!!

Z3M,&7,!%J&3'6846&%8!'%-%=38340!%9.!(3J(!-&;.6'43M340!!

Z37,9'(%94L,94!N!.37,9E&%9'(37,L,94!;E!L%90!39!4(,!E%&L39J!';LL69340![!8;2!,K-,'4%43;97B!8,M,87!;E!4&674B!';LL34L,94!4;!74%0!

• @9M,743J%4,!%9.!69.,&74%9.!4(,!9,,.7!%9.!394,&,747!;E!E%&L,&7!

• V4&;9J!E;'67!;9!4(,!9,,.7!%9.!394,&,747!;E!-&;.6',&7!234(!394,&,74!N!';LL34L,94!!

• +&;M3.,!;--;&469343,7!E;&!9,42;&?7!%9.!4&674!4;!.,M,8;-!%'&;77!=&;%.,&!J&;6-!;M,&!43L,!

• :;'67!;9!%44&%'439J!9,2!E%&L,&7!4(%4!%&,!394,&,74,.!%9.!';LL344,.!4;!.,M,8;-39J!8;'%8!E;;.!7074,L!

U&=%9!%9.!%J&3'6846&%8!-&;K3L340!!

o3448,!&,8%43;97(3-!;&!7(%&,.!'6846&,!=,42,,9!4(,!6&=%9!%9.!E%&L39J!';LL69340!

• @9'&,%7,.!%2%&,9,77!%9.!-&;L;43;9!;E!8;'%8!E%&L39J!4;!6&=%9!';976L,&7!

• >,42;&?!%9.!&,8%43;97(3-!.,M,8;-L,94!;--;&469343,7!%9.!',8,=&%43;9!;E!%J&3'6846&%8!%'43M340!

!

ZIY "1-Q+<$5.+3!C'(-(+0+'1!S!A!"1++3&'(!=$00&11++!!5! -&3;&340! 4%7?! 39! 4(,! 9,K4! -(%7,! 2;68.! =,! %! .,4%38,.! ';LL693'%43;97! %9.! 74%?,(;8.,&! ,9J%J,L,94!-8%9R!!S(,!'&343'%8!;=O,'43M,7!(,&,!%&,1!!• /638.39J!%!.,,-,&!69.,&74%9.39J!;E!4(,!9,,.7!;E!-;4,943%8!'674;L,&7B!-&;M3.,&7!%9.!=,9,E3'3%&3,7!;E!

4(,!:;;.!<6=W!• D&,%439J!%!-;7343M,!,K-,&3,9',!;E!';88%=;&%43M,!2;&?39JB!4(,&,=0!!• e,9,&%439J! 4&674F=%7,.! &,8%43;97(3-7B! 8%039J! 4(,! E;69.%43;97! ;E! 4(,! PE;;.! (6=Q! 9,42;&?! %9.!

%'(3,M39J!(3J(!8,M,87!;E!^=60F39_!%L;9J74!?,0!74%?,(;8.,&7W!%9.!• :%'3834%439J! 4(,! ?,0! 74%?,(;8.,&7! 4;! &,E39,! 4(,! .,73J9! 394;! %! 2;&?%=8,! %9.! &,%83743'! -&;-;7%8! 4(%4!

2;&?7!E;&!4(,LR!!!!c(38,!4(,!7';-39J!746.0!(%7!39M;8M,.!39343%8!74%?,(;8.,&!%9%80737!%9.!,9J%J,L,94B!34!37!'&6'3%8!39!4(,!9,K4!74%J,!4(%4!4(,!-&;',77!';94396,7!4;!%44&%'4!%9.!,9J%J,!L;&,!%9.!.3M,&7,!394,&,74,.!-%&43,7R!!@4!2;68.!=,!%!L374%?,!4;!9%&&;2!39M34%43;97!E;&!39F.,-4(!39M;8M,L,94!;980!4;!4(,!-,;-8,!2(;!(%M,!7(;29!394,&,74!7;!E%&R!!S(,!E3&74!74,-!2;68.!=,!4;!4(&;2!4(,!9,4!23.,!4;!3.,943E0!2(;!,87,!L%0!=,!394,&,74,.!39!-&;M3.39J!39-64!;&!=,';L39J! 39M;8M,.R!!S(,!-&;O,'4!9,,.7! 4;!.,M,8;-!%9.!74&,9J4(,9! 4(,!9,42;&?!;E!';LL344,.!%9.!,9J%J,.!74%?,(;8.,&7!2(;!'%9!7,,!%!&,%8!=,9,E34!E;&!4(,LW!34!%87;!9,,.7!4;!?,,-!4(,!';9M,&7%43;9!;-,9!234(!4(;7,!2(;!%&,!6976&,!;&!7',-43'%8!%=;64!4(,!-&;O,'4R!!!!!!!!!S(,&,! 2;68.! =,! %9! ;-43;9! 4;! E;&L! %! 74%?,(;8.,&! &,E,&,9',! J&;6-! G:69'43;91! 76--;&4B! J63.%9',B!9,42;&?7B! -&;L;43;9B! ,K-,&437,I! %9.! E;&! &,%7;97! ;64839,.! %=;M,B! 34! L%0! =,! %--&;-&3%4,! 4;! ?,,-! 4(,!L,L=,&7(3-!;-,9!G3R,R!%7!;--;7,.!4;!39M34,!;980B!L%?,!34!;-,9!E;&!-,;-8,!2(;!7(;2!%9!%'43M,!394,&,74!39!4(,!-&;O,'4!4;!O;39IR!!!V;L,!;E!4(,!J&;6-7!34!2;68.!=,!3L-;&4%94!4;!,9J%J,!%&,1!!• S(,!D(%L=,&!;E!D;LL,&',!%9.!4(,!E688!&%9J,!;E!&,J3;9%8!=6739,77,7! 39M;8M,.! 39!4(,!E;;.!76--80!N!

E;;.!M%86,!'(%397W!

!"i!

• :%&L,&7B!J&;2,&7!%9.!;4(,&!-&3L%&0!-&;.6',&7W!• S&%97-;&4!-&;M3.,&7B!2(;8,7%8,&7!%9.!;4(,&!.374&3=64;&7W!!• :;;.!-&;',77;&7B!L%96E%'46&,&7!%9.!;4(,&!M%86,F%..,&7W!• b,4%38!;648,47!%9.!&,74%6&%947W!!!• c%74,!&,'0'8,&7W!!• HL-8;0L,94!%9.!S&%3939J!-&;M3.,&7!76'(!%7!A;=!V,&M3',7!5674&%83%!%9.!5M;D%&,W!!• H.6'%43;9!-&;M3.,&7B!-%&43'68%&80!S5:H7!=64!%87;!693M,&7343,7!%9.!7'(;;87W!!• <;7-34%87!%9.!;4(,&!397434643;97!234(!8%&J,!E;;.!7,&M3',!';94&%'47W!!• S(,!'%4'(L,94!L%9%J,L,94!%64(;&340!GD$5IW!!• H9M3&;9L,94%8!%9.!';LL69340!J&;6-7W!!• o;'%8!7,&M3',!'86=7!%9.!'(%&34%=8,!;&J%937%43;97W!%9.!!• e;M,&9L,94!7,&M3',!-&;M3.,&7!%9.!;4(,&!74%4,!%J,9'3,7R!

!"m!

!

] =3&1&#-5!7-#1$3,!2$3!7+-,&:&5&1>!!

]IN *&3+#1&$',!$2!1<+!7$$.!89:!!:&;L!4(,!;647,4!;E!4(,!7';-39J!746.0B!34!(%7!=,,9!'8,%&!4(%4!4(,!-&;-;7,.!:;;.!<6=!2;68.!(%M,!%!=&;%.!74&%4,J3'! M373;9! 4(%4! ,9';L-%77,7! %! (,%84(0! E;;.! 7074,LB! .3M,&73E3,.! E;;.! '6846&,! %9.! ,9M3&;9L,94%8!7674%39%=38340!%7!2,88!%7! 3L-&;M,.!,';9;L3'!;--;&469343,7! E;&! E%&L,&7!%9.! 4(,! &,J3;9R`!S(,!-&;',77! 4;!.%4,!(%7!%EE3&L,.!4(,!9,',77340!%9.!';LL34L,94!4;!4(37!M373;9B!2(3874!%87;!'8%&3E039J!%9.!';97;83.%439J!4(,! -&3;&340! E;'67! -;3947! ;E! E%&L,&! M3%=38340W! %'',77! 4;! (,%84(0! E;;.! %9.! ,L-8;0L,94! N! ,';9;L3'!.,M,8;-L,94R!!!5!'8,%&!74%4,L,94!;E!4(,!M373;9!%9.!L3773;9!;E!4(,!-&;O,'4!2388!=,!'&343'%8!4;!%44&%'439J!%9.!L;43M%439J!4(,!&3J(4!-,;-8,!%9.!&,7;6&',7R! @4! 37!%87;!,77,943%8!E;&!=638.39J!%!74&;9J!9,42;&?!;E!';LL344,.!-,;-8,!234(!76EE3'3,94!=60F39!4;!L%?,!34!(%--,9![!-,;-8,!%&,!&3J(4E6880!'%643;67!%=;64!2(,&,!4(,0!-64!4(,3&!43L,!%9.!,9,&J0R!!!b,';J93739J! 4(%4!%! 8;4!L;&,! 39E;&L%43;9! 37! &,T63&,.B! %9.! 4(%4!.,M,8;-39J!%! M373;9!%9.!L3773;9! E;&! 4(,!-&;O,'4!2;68.!=,!%!',94&%8! 4%7?! E;&! 4(,!V4,,&39J!D;LL344,,B!7;L,!?,0!-%&%L,4,&7!(%M,!,L,&J,.!4(%4!9,,.!4;!=,!E&;94!;E!L39.!39!-&;J&,7739J!4(37!-&;O,'4R!!5!E;;.!(6=!37B!=0!347!M,&0!9%46&,B!%!73J93E3'%94!394,&M,943;9R!@4!37!9;4!O674!%9!%..343;9!4;!4(,!7074,L!4(%4!';94396,7!4;!2;&?!39!%!73L38%&!2%0B!=64!%!&,%7;9%=80!E69.%L,94%8!'(%9J,!4;!4(,!2%0!4(,!8;'%8N&,J3;9%8!E;;.!7074,L!%'46%880!2;&?7R!@4!2388!;-,9!6-!;--;&469343,7!E;&!7;L,!%9.!'(%88,9J,!,74%=837(,.!%.M%94%J,7!E;&!;4(,&7R!!S(,&,!37!9;!E;;.!234(;64!E%&L,&7R!!@E!4(,!;=O,'43M,!37!4;!39'&,%7,!&,7383,9',!;E!4(,!&,J3;9%8!E;;.!7074,LB!6&J,94!%44,943;9!9,,.7!4;!E3&74!J;!4;!4(,!9,,.7!;E!4(,!&,J3;9Q7!'6&&,94!%9.!E646&,!E%&L,&7R! ! !5!&,7383,94!7074,L!37!%!.3M,&7,!7074,LB!%9.!;9,!4(%4! 37!9;4!,K',773M,80!.,-,9.,94!;9!739J8,!&,7;6&',7!;&!L%&?,47R!!S(,&,E;&,B! &,7-;9.39J! 4;! 4(,! 7-,'3E3'! 9,,.7! ;E! .3M,&7,! G39'86.39J! 7L%88I! E%&L,&7B! 234(! %! 8;9JF4,&L!';LL34L,94!4;!4(,!7674%39%=38340!;E!4(,3&!E%&L!%9.!4(,!&,J3;9!F!37!'&343'%8R!!<;2,M,&B!4(,!L6843-8,!-;4,943%8!=,9,E347!%&,!L;&,!83?,80!4;!=,!&,%837,.!3E!4(,!E69'43;97!%&,!.,73J9,.!%9.!,74%=837(,.!234(! 4(,! =&;%.,&! (,%84(B! 7674%39%=38340B! %9.! E;;.! 7,'6&340! J;%87! 39!L39.! E&;L! 4(,! ;647,4R!Z,73J939J!7;8,80!234(!4(,!394,&,747!;E!4(,!E%&L,&7!G;&!%90!;4(,&!74%?,(;8.,&!J&;6-I!39!L39.B!%9.!8,%M39J!4(,!&,74!4;!^%..!;9_!8%4,&!37!83?,80!4;!'64F;EE!-;4,943%8!709,&J3,7!%9.!&,.6',!;M,&%88!8;9JF4,&L!3L-%'4R!@9!%..343;9B! 34! &697!4(,!&37?!;E!4(,!-&;O,'4!=,39J!-,&',3M,.!=0!9;9FE%&L,&!74%?,(;8.,&7!%7!%9! 394,&M,943;9!4(%4!37!'%4,&39J!7;8,80!;&!L%3980!4;!4(,!9,,.7!%9.!394,&,747!;E!O674!;9,!7,'4;&!;E!4(,!E;;.!7074,L!G%8=,34!%!M,&0!3L-;&4%94!;9,IR!S(37!2;68.!-;4,943%880!'&,%4,!699,',77%&0!.3M373;9B!%9.!L%0!69.,&L39,!4(,!M34%880!3L-;&4%94!;=O,'43M,!;E!=638.39J!4&674!%9.!,EE,'43M,B!'&;77F7,'4;&%8!9,42;&?7R!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!`!:;;.!<6=7!(%M,!73J93E3'%94!-;4,943%8!E;&!O;=!'&,%43;9!%9.!8;'%8!,';9;L3'!.,M,8;-L,94!G:;;.!<6=7!39!4(,!UV5!(%M,!%9!%M,&%J,!%996%8!7%8,7!;E!9,%&80!UVk"!L3883;9!%9.!%9!%M,&%J,!;E!"]!O;=7I!G<;&74!,4!%8!)*""B!-)"*IR!S(,!E8;2F;9!3L-%'47!;9!,L-8;0L,94!'%9!%87;!=,!73J93E3'%94B!234(!746.3,7!39!4(,!UV5!76JJ,7439J!4(%4!E%&L,&7!2(;!7,88!8;'%880!%9.!&,J3;9%880!,L-8;0!"]!E688F43L,!2;&?,&7!-,&!k"!L3883;9!&,M,96,!,%&9,.B!';L-%&,.!4;!4(;7,!2(;!.;9p4!2(3'(!,L-8;0!4(&,,!2;&?,&7!E;&!,M,&0!k"!L3883;9!39!&,M,96,!,%&9,.!G$,&&3J%9B!'34,.!39!:39l!G)*""IIR!

!"`!

@94,&9%43;9%8! ,K-,&3,9',!234(! E;;.!(6=!.,M,8;-L,94! 7(;27! 4(%4! 4(,&,! 37! %!23.,! &%9J,!;E! ;-43;97! E;&!=6739,77!L;.,87!%9.! 74&%4,J3,7! 4(%4! '%9!=,!67,.! 4;!%'(3,M,!%!M3%=8,!;64';L,R! ! !$%90!(%M,!%--83,.!%!M,&0! 4(;6J(4E68! %9.! 4%&J,4,.! %--83'%43;9! ;E! =;4(! ';L-,4343M,! %9.! ';88%=;&%43M,! ;--;&469343,7B! %9.!23.,7-&,%.!394,J&%43;9!;E!9,2!;--;&469343,7!%&3739J!234(!4(,!(0=&3.!';9',-4!;E!7;'3%8!,94,&-&37,R!S(,7,!;--;&469343,7!%&,!E6&4(,&!.37'677,.!=,8;2R!!

]IL ^-3Q+1!A'-5>,&,!!57!;64839,.!39!V,'43;9!)R)!D;97684%43;97B!4(,!L%&?,4!&,7,%&'(!69.,&4%?,9!39!4(37!-&;O,'4!2%7!%4!%!8,M,8!;E!7';-39J!;980R!$6'(!L;&,!.,4%38,.!&,7,%&'(! 394;!L%&?,4!7,JL,947B!.,L%9.!%9.!=%&&3,&7! 37!&,T63&,.!4;!,K-8;&,!4(,!E,%73=38340!;E!%!7-,'3E3'!:;;.!<6=!-&;-;7%8R!!!S(,!L;74!'&343'%8!E%'4;&!39!%77,7739J!4(,!M3%=38340!;E!%!:;;.!<6=!37!2(,4(,&!.,L%9.N9,,.!E;&!347!7,&M3',7!37!J&,%4,&!4(%9!76--80R!:;&!,K%L-8,B!4(,!'8,%&!';94,K4!;E!L;74!:;;.!<6=7!394,&9%43;9%880!37!4(%4!.,L%9.!E;&! 8;'%8! E;;.! 37!2,88!;6474&3--39J!,K37439J! 76--80B! 7;! 4(,&,! 37!%! '8,%&80!,74%=837(,.!9,,.! E;&!L;&,R!S(,!.,73J9! %9.! 3L-8,L,94%43;9! -&;',77! ;E! %! :;;.!<6=! E;&! D%7,0!L%0! 9,,.! 4;! %'';694! E;&! %! 8,77!L%46&,!';976L,&!-&;E38,!%9.N;&! 39'86.,B!%7!-&,M3;6780!76JJ,74,.B!74&;9J!';L-;9,947!;E!L%&?,439JB!,.6'%43;9!%9.!%2%&,9,77F&%3739J!%L;9J74!-;4,943%8!'674;L,&7R!!S(37!-&;O,'4!(%7!E;6&!.3EE,&,94!%7-,'47!;E!.,L%9.!4;!';973.,&B!234(!M%&039J!8,M,87!;E!39E;&L%43;9!N!,M3.,9',!&,J%&.39J1!• +&;.6',&!394,&,74!39!39'&,%739J!7%8,7!;E!8;'%8!E;;.W!• D;976L,&!394,&,74!39!;&!.,L%9.!E;&!8;'%8!E;;.W!• >,,.!E;&!3L-&;M,.!%'',77!4;!E&,7(B!8;'%8!-&;.6',W!• @94,&L,.3%4,!.,L%9.!,RJR!E;&!%!2(;8,7%8,!E69'43;9!E;&!39.,-,9.,94!76-,&L%&?,47W!&,74%6&%947R!!UVZ5!G)*""I!&,7,%&'(!(%7!7(;29!4(,!.3M,&7,!&%9J,!;E!.3&,'4!%9.!39.3&,'4!=60,&7!4(%4!(%M,!=,,9!4%&J,4,.!=0!E;;.!(6=7!39!4(,!UV5R!V;L,!;E!4(,7,!L%0!9;4!=,!%--83'%=8,!39!D%7,0B!=64!:3J6&,!gF"!.;,7!39.3'%4,!%!23.,!&%9J,!;E!-;4,943%8!'674;L,&!7,JL,947!%9.!L%&?,4!;--;&469343,7R!!!

!"#!

7&(93+!]VNG!D$,,&:5+!7$$.!89:!=9,1$0+3,!K\"*A!LMNNO!

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

!!

]ILIN D3$.9#+3!&'1+3+,1!&'!,+55&'(!0$3+!%3$.9#+!5$#-55>!!N%C''.%D50%A*99%2,B,#%7,,$% $),%2,,.+%'(%"99% ("#7,#+%"2.%+)'59.2Y$% $#:% $'?%F),%-#*'#*$:% *+% $'%*.,2$*(:%"%/'#,%3#'5-%('#%A)'7%*$%#,"99:%7"$$,#+?%!Z3EE,&,94! E%&L,&7! 2388! (%M,! .3EE,&,94! 9,,.7B! %9.! 34Q7! 3L-;&4%94! 9;4! 4;! L%?,! -&,L%46&,! %776L-43;97!%=;64!2(;!2388!=,!394,&,74,.R!!S(,!7%L-8,!;E!-&;.6',&7!%'',77,.!4(&;6J(!4(,!';97684%43;97!76JJ,74,.!%!74&;9J! 394,&,74! 39! 39'&,%7,.!;--;&469343,7! 4;! 7,88! -&;.6',! 8;'%880B! %8;9J73.,! %!23.,! %&&%0! ;E! -,&',3M,.!=%&&3,&7! 4;! .;39J! 7;R! V;L,! -&;.6',&7! (%.! .;6=47! %=;64! 4(,! M%86,! %9.! E,%73=38340! ;E! .,M,8;-39J!';88%=;&%43M,!L%&?,439J!%9.!.374&3=643;9!%--&;%'(,7B!;&!394,&M,939J!39!4(,!&,J3;9%8!.374&3=643;9!7074,LR!D;973.,&%43;97B!';9',&97!%9.!8,M,8!;E!394,&,74!M%&3,.!%L;9J74!-&;.6',&7!E&;L!M,&0!?,,9!4;!7',-43'%8R!!!@9!%.M3',!;9!:;;.!<6=! E,%73=38340!%77,77L,947B! 34!(%7!=,,9!76JJ,74,.! 4(%4!-&;-;9,947!,9J%J,!234(!%88!74%?,(;8.,&7! 4;!L%394%39! %! 76--;&43M,! ,9M3&;9L,94! G:%L380:%&L,.! )*"*IB! %9.! 4(,&,=0! =638.! 8,M,87! ;E!4&674R!e3M,9!,K37439J! 4,973;97! &,8%439J! 4;! 4(,! E646&,!;E!%J&3'6846&,! 39! 4(,! &,J3;9B!%!';94396,.!;-,9!%9.!39'8673M,!,9J%J,L,94!37!%!7,973=8,!74&%4,J0R!!<;2,M,&B!%!'&343'%8!E%'4;&!39!4(,!E39%8!:;;.!<6=!.,73J9!2388! =,! 4;!9;4! 4&0! 4;!L,,4! 4(,!9,,.7!;E! %88! E%&L,&7! 39!4(,!&,J3;9B!=64!4;!E;'67!;9!4(;7,!4(%4!(%M,!%!8;9JF4,&L!394,&,74! 39! 4(,! &,J3;9! %9.! %! ';LL34L,94! 4;!7674%39%=8,! %9.! (,%84(0! E;;.! 7074,L7R! S(,! -34E%887! ;E!%44,L-439J! 4;! .&%2! 4;;! 8%&J,F! %! ';%8343;9! 2,&,!3.,943E3,.! 39!4(,!'%7,!746.0!;9!&,J3;9%8!=&%9.39J!G?(<!L$*#! $<!\*#%&<'IR!S(37!J&;6-! 3.,943E3,.!%!?,0! 8,%&939J!%=;64!2;&?39J!E3&74!234(!%!7L%88,&!J&;6-!234(!';LL;9!M%86,7! %9.! 394,&,747B! &%4(,&! 4(%9! %44,L-439J! 4;!.,M,8;-! %! ';88%=;&%43M,! L%&?,439J! ,K,&'37,! =,42,,9!

7&(93+!]VLG!@90:+3!$2!7$$.!89:!"9%%5&+3,!K\"*A!LMNNO!

!)*!

J&;6-7! 4(%4! E,,8! 74&;9J80! .37439'4! G,RJR! 7L%88! .3M,&7,!L%&?,4! J%&.,9,&7! %9.! 8%&J,! .%3&0! -&;.6',&7W! ;&!-&;.6',&7! 4(%4! 76--;&4! e$! -&;.6'4! %9.! 4(;7,! 4(%4!.;9Q4I!Gb,J3;$%&?,4!)**`IR!!:3J6&,! gF)! &,34,&%4,7! 4(37! 76JJ,743;9B! 39.3'%439J! 4(%4!4(,! 8%&J,! -&;-;&43;9! ;E! :;;.! <6=7! 4(%4! (%M,! E,2,&!4(%9!)*!;&!E,2,&!4(%9!X*!76--83,&7R!!!

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

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

,, -. - -/.

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

!:6&4(,&!%9%80737! 37! &,T63&,.! 4;! '8,%&80! 3.,943E0! 4(,! 7,JL,94!;E!-&;.6',&7!234(!,9;6J(!';LL;9!M%86,7!%9.!9,,.7!4;!2;&?!4;J,4(,&B!7;!4(%4!%!74&;9J!';88%=;&%43M,!9,42;&?!'%9!=,!.,M,8;-,.R!5!-&3;&340!E;&!4(,!9,K4!74%J,!37!4;!3.,943E0!%9.!%44&%'4!4(,!E%&L,&7!4(%4!%&,!394,&,74,.!,9;6J(!4;!(,8-!L%?,!34!(%--,9!%9.!E;'67!;9!.,M,8;-39J!%!L;.,8!4(%4!L,,47!4(,3&!9,,.7R!@.,%880!4(37!-&;',77!2388!8,%.!4;!4(,!,L,&J,9',!;E!74&;9J!8,%.,&7!234(!,9;6J(!P7?39!39!4(,!J%L,Q!4(%4!4(,0!%&,!238839J!4;!-,&7,M,&,!39!=&39J39J!4(,!:;;.!<6=!4;!83E,R!!S(,!7';-39J!746.0!2%7!;980!%=8,!4;!%'',77!%!M,&0!(3J(!8,M,8!;E!.%4%!%=;64!E%&L,&7!%9.!E;;.!-&;.6'43;9!39!4(,!&,J3;9R!5!.,4%38,.!76&M,0!2;68.!,9%=8,! 3.,943E3'%43;9!;E!?,0!'(%&%'4,&3743'7!&,T63&,.!4;! 39E;&L!%90!E;;.!7074,L! 394,&M,943;9! G<6=!;&!;4(,&237,IR!S(37!76&M,0!';68.!=,!%.%-4,.! E&;L!4(,!,K4,973M,!76&M,0!.,73J9! %9.! .,M,8;-L,94! 4(%4! 4;;?! -8%',! 39! C,&L;94! 234(! L;.3E3'%43;97! %7! &,T63&,.! E;&! 5674&%83%R! 5!76&M,0!;E!4(37!?39.!2;68.!-&;M3.,!39E;&L%43;9!4(%4!(%7!67,!2,88!=,0;9.!4(,!:;;.!<6=!-&;O,'4!%9.!';68.!%87;!=,!67,.!4;!39E;&L!;4(,&!7,&M3',7!4;!E%&L,&7!39!4(,!&,J3;9R!!F-:5+!]VNG!D3$.9#+3!"934+>!V!D$1+'1&-5!?'2$30-1&$'_!

:%&L,&7!%9.!E%&L7!• c(;!%&,!4(,!E%&L,&7![!%J,B!

(;2!8;9J!E%&L39JB!394,943;9!4;!';94396,!

• :%&L!73l,!%9.!-&;.6'43M,!%&,%!• :%&L!39';L,![!73l,!%9.!

-&;-;&43;9!;E!4;4%8!39';L,!• :%&L!8%=;6&!!

+&;.6'47!• +&;.6'4!'%4,J;&3,7!• $;74!73J93E3'%94!E%&L!

,94,&-&37,7B!39E;&L%43;9!;9!7%8,7B!%L;6947!-&;.6',.!%9.!.,E3939J!E,%46&,7!G,RJR!-,743'3.,FE&,,B!E&,,!&%9J,B!@+$I!

D6&&,94!L%&?,439J!74&%4,J3,7!• Z3&,'4!4;!';976L,&!• Z3&,'4!4;!2(;8,7%8,!• c(;8,7%8,!.374&3=64;&!• Z3&,'4!4;!&,4%38!G2(;!N!

2(,&,fI"*!• \4(,&!

$%&?,4!'(%&%'4,&3743'7!• Z,7'&3=,!4(,!-;7343M,!%9.!

9,J%43M,!%7-,'47!;E!.3EE,&,94!L%&?,47!

\--;&469343,7!%9.!=%&&3,&7!E;&!-&;.6'43;9!,K-%973;9!• D;68.!0;6!-&;.6',!L;&,!E;&!

4(,!8;'%8!L%&?,4!3E!4(,&,!2,&,!-&;E34%=8,!;--;&469343,7f!

c(3'(!L%&?,439J!%84,&9%43M,7!2;68.!-&,7,94!4(,!L;74!M%86,!4;!0;6&!E%&L!,RJR!';88%=;&%43M,!L%&?,439J!%9.!.374&3=643;9W!L6843FE%&L!DV5W!3L-&;M,.!74;&%J,!!

c;68.!0;6!=,!238839J!N!%=8,!4;!';94&3=64,!&,7;6&',7!4;!%!L6843FE%&L!M,946&,f!

c;68.!0;6!83?,!4;!8,%&9!L;&,!%=;64!-;773=8,!L;.,87!%9.!;--;&469343,7f!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#!5.%-4,.!E&;L!@94,&M%8,!D,94,&!G)**`IB!C,&L;94!:%&L!+&;.6',&!V6&M,0B!(44-1NN222R394,&M%8,R;&JN-&;J&%L7N%J&3'6846&%8q.,M,8;-L,94N.;'6L,947NV6&M,0+&,83Lb,-;&4R-.E!!"*!D;88,'439J!4(37!39E;&L%43;9!(,&,!2388!76--;&4!L%--39J!;E!';L-,434;&7!N!';88%=;&%4;&7!39!V,'43;9!XR)Rg!

!)"!

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• S&%97-%&,9'0!%9.!%'';694%=38340!%&;69.!-&3'39J!%9.!E39%9'3%8!L%9%J,L,94W!!• V4&;9J! E%'3834%43;91!234(! %!L%9%J,L,94! 74&6'46&,! %9.! 7408,! 4(%4! &,';J937,7! 4(,! 4,973;97! %9.! &37?7!

%9.!';97'3;6780!=638.7!%!'6846&,!;E!39'&,%739J!4&674!%9.!';;-,&%43;9W!%9.!• 5=38340! 4;! -&;M3.,! 74&;9J,&! =,9,E347! E;&! -%&43'3-%439J! E%&L,&7! 4(%9! 4(,! -,&',3M,.! &37?7! ;E! =,39J!

39M;8M,.R!!>/R!5!'&343'%8! 76'',77! E%'4;&! 39! 42;!;E! 4(,!'%7,! 746.0!(6=7!(%7!=,,9! 4(,! 394&;.6'43;9!;E!-&;',77,7! E;&!-&;.6'43;9!-8%9939J! %L;9J74! -%&43'3-%439J! E%&L,&7B! 4;! &,.6',! J8647! %9.! 7(;&4%J,7! %9.! ';88%=;&%43M,80!-&;M3.,! %!L;&,! =%8%9',.! %9.! 74%=8,! 76--80! ;E! -&;.6',R! b,';J93739J! M%&3%43;97! 39! 8%9.! '%-%=38340B! 4(37!399;M%43;9!';68.!=,!%!73J93E3'%94!&,7-;97,!4;!4(,!';9',&9!,K-&,77,.!=0!7;L,!%=;64! P(;2!L6'(!',8,&0!%9.!%7-%&%J67!'%9!-,;-8,!,%4f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c(38,!4(37!2388!=,!,K-8;&,.!L;&,!.,,-80! 39!4(,!E,%73=38340!746.0B! 34! 7,,L7! 83?,80! 4(%4! 4(,! E;'67! 7(;68.! 39343%880! =,! ;9! 7L%88! 4;! L,.36L! 73l,.! J&;2,&7B! 2(;! %&,!%44,L-439J!4;!.3EE,&,943%4,!4(,L7,8M,7!;9!7674%39%=38340!J&;69.7!%9.!4(,&,E;&,!2388!=,9,E34! E&;L!=,39J!7-,'3E3'%880!3.,943E3,.!39!4(,!L%&?,4-8%',R!!S(,! ';97684%43;97! %87;! &,M,%8,.! 73J93E3'%94! (374;&3'%8! 4,973;97! 39! 4(,! &,8%43;97(3-! ;E! 4(,! %J&3'6846&%8!';LL69340! 4;! 4(,!';69'38! %9.!;4(,&! 8,M,87!;E! J;M,&9L,94B!234(! 83448,! E%34(! 39! 4(,! &,%8! ';LL34L,94! 4;!L%394%3939J! %9.! 76--;&439J! %9! %J&3'6846&%8! 8%9.7'%-,R! V3L38%&80B! %! 96L=,&! ;E! -%&43'3-%947! ,K-8%39,.! %!7,943L,94! ;E! E%&L,&7! =,39J! 4(2%&4,.! 39! -&,M3;67! %44,L-47! 4;! ';94&3=64,! 4;! E;;.! 7,'6&340! ;&! 39'&,%7,!39E86,9',! %8;9J! 4(,! E;;.! 76--80! %9.! M%86,! '(%397! G3R,R! 4(&;6J(! .3&,'4! L%&?,439J! ;&! ;9F734,! &,4%38I!%--,%&,.!39!%!96L=,&!;E!394,&M3,27![!^3E!)5*'!2%94!4(37!4;!(%--,9!)5*'!9,,.!4;!J,4!;64!;E!4(,!2%0_R!:;&!4(,!-&;-;7%8!4;!-&;J&,77!76'',77E6880B! 34! 37!'&343'%8!4(%4!4(,!D;69'38! G%9.!';97684%947!N!693M,&7340I!-8%0!%!E%'3834%43M,!&;8,B!4;!J,9639,80!'&,%4,!%!7-%',!E;&!4(,!';LL69340!4;!.,M,8;-!%9!394,&M,943;9!4(,0!4&674!%9.!;29R!!

!))!

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i"! '674;L,&7! 7-;?,9! 4;! %4! 4(,!GL;94(80I!D%7,0F/,&23'?!E%&L,&7Q!L%&?,4B!gm!7%3.!4(,0!';L,!4;!,M,&0!L%&?,4!%9.!g*Y!J;!4;!%!L%&?,4!L;&,! 4(%9!;9',!%!L;94(R!S(37!L,%97! 4(,0! 4&%M,8! E6&4(,&!%E3,8.! 4;!%'',77! 4(,! E;;.! 4(,0!2%94B! 76'(!%7!%44,9.39J! ;4(,&! L%&?,47! GgmY! +%?,9(%LW! "g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kX*)! E;&493J(4! G+%8,&L;!,4R! %8! )**`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bHV!:%3&! :;;.! G$,8=;6&9,IR! ! @9! 4(,3&! 7-,'3E3'! ';94,K4B! 4(,7,!L;.,87!(%M,!=,,9! 7(;29! 4;! =,! 76'',77E68! 39! 39'&,%739J! (;67,(;8.! ';976L-43;9! ;E! E&634! %9.! M,J,4%=8,7! 2(38,!39'&,%739J!4(,!&,46&9!-&;M3.,.!4;!E%&L,&7R!:;&!,K%L-8,B!%!&,',94!PV;'3%8!b,46&9!;9!@9M,74L,94Q!746.0!;E!:;;.!D;99,'4!/&37=%9,!E;69.!4(%4!g*Y!;E!:;;.!D;99,'4!/&37=%9,!76=7'&3=,&7!-&,-%&,!%9!%..343;9%8!;9,!;&!L;&,!(,%84(0!L,%87!739',!=,';L39J!76=7'&3=,&7!G:3J6&,!gF]I!GVC5!)*""IR!!

!)]!

7&(93+!]VYG!?'#3+-,+.!#$',90%1&$'!$2!23+,<!%3$.9#+!23$0!7$$.!=$''+#1!,9:,#3&%1&$'!

!

S(,!746.0!GVC5!)*""I!%87;!E;69.!4(%4!:D/!.,83M,&7! %9! 39.3'%43M,! Vb\@! ;E! "iR`]1"!=%7,.! ;9! 4(,! ;64';L,7! J,9,&%4,.! E&;L!4(,! 39M,74L,94! E;&! 4(,! )*"*! E39%9'3%8!0,%&R! S(%4! 37! E;&! ,M,&0! k"! 39M,74,.B!%--&;K3L%4,80! k"iR`]! ;E! 7;'3%8! M%86,! 37!'&,%4,._R!$;&,!7-,'3E3'%8801!• 59! 39M,74L,94! ;E! k)"]?! 394;! :D/!

&,76847! 39! k]RXL! ;E! %..343;9%8! M%86,!'&,%4,.! E;&! 74%?,(;8.,&7B! ,7-,'3%880!E%&L,&7!%9.!76=7'&3=,&7R!

• S(,!7;'3%8!&,46&97!O674!4;!E%&L,&7!%&,!%8L;74! 4(&,,! 43L,7! 4(,! ;&3J39%8!39M,74L,94R!

• \M,&! igY! ;E! M%86,! 37! '&,%4,.!=,42,,9!)*")!%9.!)*"XR!

• >;! %..343;9%8! 39M,74L,94! 2%7!&,T63&,.! E&;L! )*""! 4;! )*"X! 4;!%'(3,M,!4(,7,!'(%9J,7R!

!!S(,!L;74!,9J%J,.! 76=7'&3=,&7![! 4(,! PD340!D;67397Q!2(;! E;&L! 4(,!=%'?=;9,!;E! :;;.!D;99,'4Q7!693T6,!.374&3=643;9!L;.,8![!3.,943E3,.!L6843-8,!=,9,E347!;E!7;6&'39J!4(,3&!E&,7(!-&;.6',!4(&;6J(!:;;.!D;99,'4B!%7!7(;29!39!:3J6&,!gFX!GVC5!)*""IR!!

!)X!

!7&(93+!]VZG!U+'+2&1,!$2!7$$.!=$''+#1!

!!

@E! 4(,! E,%73=38340!%77,77L,94!,74%=837(,.!4(%4! 4(,&,! 37!%!73J93E3'%94!-;4,943%8!';976L,&!.,L%9.! E;&! 4(37!7,&M3',! 39! D%7,0B! 34! ';68.! =,! ';973.,&,.! %7! %9! ,%&80! ,94,&-&37,! E;&! 4(,! <6=R! <;2,M,&B! =%7,.! ;9! 4(,!';97684%43;97! 4;! .%4,B! 4(,&,! %&,! &,%7;97! 4;! 4%?,! %! '%643;67! %--&;%'(! 4;! 4(,7,! 40-,7! ;E! 7'(,L,7! %9.!-,&(%-7!E;'67!%4!8,%74!39343%8!%44,943;9!,87,2(,&,R!:;&!,K%L-8,1!• +&;K3L340! 4;! 4(,!%J&3'6846&%8!%&,%! G39!D%7,0!%9.!9,3J(=;6&39J!L693'3-%8343,7I!L,%97! 4(%4! 4(,&,!%&,!

7;L,!G%8=,34!9;4!L%90I!-&;.6',&7!%8&,%.0!7,8839J!.3&,'480!4;!';976L,&7!M3%!=;K!7'(,L,7R!!• @4! 37! %! .37439'4! 93'(,! ;E! 4(,!L%&?,4! 4(%4! -&,E,&7! 4;! (%M,! %! 7,%7;9%8! =;K! &%4(,&! 4(,9! '(;;7,! 4(,3&!

-&;.6',R! c34(! %! E;'67! ;9! '%4%80739J! %! .3EE,&,94! 7'%8,! ;E! &,J3;9%8! E;;.! 7074,LB! 4(,&,! L%0! =,!73J93E3'%94!83L34%43;97!4;!%!74&%4,J0!4(%4!E;'67,7!4;;!L6'(!;9!4(37!93'(,!7,JL,94R!

• +%'?39J!=;K,7! E;&!(;67,(;8.7!2;68.!=,!%!73J93E3'%94! 8%=;6&! &,T63&,L,94!;E!%90!(6=!;-,&%43;97R! @E!.,73J9,.!%7!%9!,L-8;0L,94!%9.!4&%3939J!;--;&469340B! 34!'%9!.&%2!%9! 39';L,!74&,%L! 394;!4(,!<6=!%9.!2;68.!=,!2;&4(!';973.,&39JR!@E!9;4B!34!2;68.!=,!%!73J93E3'%94!;-,&%439J!,K-,97,!%4!4(,!;647,4R!

• S(,! P'(6&9Q! ;E! '674;L,&7! 4(&;6J(! 4(,7,! 7'(,L,7! '%9! L%?,! '%7(FE8;2! '(%88,9J39J! E;&! %! 74%&4F6-!,94,&-&37,R!

!S(,&,! %&,! 2%07! 4(%4! 4(,! <6=! ';68.! 76--;&4! ;4(,&! ,K37439J! %9.! ,L,&J39J! ,94,&-&37,7! 4;! E%'3834%4,!(;67,(;8.!%'',77!4;!E&,7(!8;'%8!-&;.6',R!:;&!,K%L-8,B!V,'43;9!gR)RX!.,7'&3=,7!4(,!-;773=38340!E;&!%!<6=!4;!-&;M3.,!%!2(;8,7%8,!E69'43;9!4;!8;'%8!=6739,77,7B!39.,-,9.,94!76-,&L%&?,47!,4'R!@E!34!.3.!7;B!34!';68.!%87;!-;4,943%880!76--80!4;!;4(,&!';LL69340!E;;.!,94,&-&37,7!4(%4!E;'67,.!;9!(;67,(;8.!.,83M,&3,7R!!!!

]ILIY A##+,,!1$!23+,<!2$$.!2$3!495'+3-:5+!#$009'&1&+,!!Z,L%9.! E;&! 3L-&;M,.! %'',77! 4;! E&,7(! E;;.! E;&! M689,&%=8,! ';LL69343,7! (%7! =,,9! '8,%&80! %&43'68%4,.!4(&;6J(!,L,&J,9'0!E;;.!-&;M3.,&7!%9.!';69'38!&,7,%&'(R!D%7,0!(%7!%!73J93E3'%94!-&;-;&43;9!;E! 8;2FVHV!

!)g!

&,73.,947!2(;!%&,!83?,80!4;!=,!M689,&%=8,!4;!E;;.!397,'6&340!%9.!E;&!2(;L!%EE;&.%=38340!%9.!,%70!4;!E&,7(B!(,%84(0!-&;.6',!37!83?,80!4;!=,!%!?,0!E%'4;&!39!2(,4(,&!4(,0!'%9!,%4!34R!D%7,0Q7!-;-68%43;9!(%7!%87;!=,,9!3.,943E3,.!%7!-%&43'68%&80!M689,&%=8,!4;!,';9;L3'!78;2F.;29!%9.!39'&,%739J!-,4&;8!-&3',7!G=;4(!;E!2(3'(!%&,! 83?,80! 39! ';L39J! 0,%&7IB!L%?39J! D%7,0Q7! PM689,&%=8,! ';LL69343,7Q! -;4,943%880! 8%&J,&! 4(%9! 4(,0! %&,!9;2R!!5!'&343'%8!%&,%!E;&!39M,743J%43;9!37!2(,4(,&B!%9.!(;2B!%!:;;.!<6=!'%9!394&;.6',!76--80!%9.!M%86,!'(%39!394,&M,943;97! %9.! 399;M%43M,! =6739,77! 74&6'46&,7! G7,,! V,'43;97! iRXR]R)! %9.! i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gF)R!!F-:5+!]VLG!*&3+#1!-'.!?'.&3+#1!"+34&#+,!1$![95'+3-:5+!=$009'&1&+,!

*&3+#1! ?'.&3+#1!b,74%6&%94! N! '%Er! -&;M3.39J! %'',77! 4;! %EE;&.%=8,! %9.!(,%84(0! L,%87B! 234(! ?34'(,9! 76--8,L,94,.! 4(&;6J(!7,';9.FJ&%.,! ;&! '8;7,! 4;! 67,F=0! -&;.6',! 4(%4! L3J(4!;4(,&237,!=,!2%74,.!

V?388!.,M,8;-L,94B!,L-8;0L,94!%9.!4&%3939J!-&;J&%L7!N!;--;&469343,7!

5! &%9J,! ;E! -;4,943%8! -%0L,94! ;-43;97! 39'86.39J!M;8694,,&W! L,L=,&7(3-W! %'',-439J! M;6'(,&7! E&;L!,L,&J,9'0!E;;.!-&;M3.,&7!

+;4,943%8! 76--;&4! %9.! 39'6=%4;&! E;&! %!23.,! M%&3,40!;E!P7,%7;939J7Q! ,RJR! 39.,-,9.,94! 7;'3%8! %9.! ';LL,&'3%8!,94,&-&37,7! 4(%4! %&,! %=8,! 4;! 3L-&;M,! %'',77! 4;!%EE;&.%=8,B!(3J(!T6%8340!-&;.6',!

!V4%J,!)!-&,7,947! %9!;--;&469340! 4;! 39'&,%7,!69.,&74%9.39J!;E! 4(,!9,,.7!;E! .3M,&7,B!L6843'6846&%8! %9.!.37%.M%94%J,.!';LL69343,7! 39!D%7,0B!7;!4(%4!4(,!:;;.!<6=!.,73J9!4%?,7!%'';694!;E!(;2!34!L3J(4!=;4(!.3&,'480!%9.!39.3&,'480!3L-&;M,!E;;.!%'',77!39!4(,!&,J3;9R!!!S(,&,!37!%9!39'&,%739J!%L;694!;E!%'43M340!4;!.,M,8;-!7;'3%8!;&!';LL69340!,94,&-&37,7!4(%4!3L-&;M,!E&,7(!E;;.!%'',77!E;&!E;;.!397,'6&,!';LL69343,7B!39'86.39J!%'43M343,7!39!D%7,0!76'(!%7!4(,!$069%!D;LL69340!$%&?,4R!S(,!-&;-;7,.!:;;.!<6=!';68.!(,8-!;M,&';L,!?9;29!'(%88,9J,7!4;!';LL69340!E;;.!,94,&-&37,7!GD:H7I! 76'(! %7! M;8694,,&! &69! ';LL69340! L%&?,47R! :;&! ,K%L-8,B! E,%73=38340! 746.3,7! E;&! E;;.! %'',77!,94,&-&37,7! 39! 4(,!>;&4(! %9.!c,74,&9!L,4&;-;834%9! &,J3;97! 9;4,! 4(,! '(%88,9J,7! E%',.! =0! 4(,7,! 7L%88!,94,&-&37,7! 39!&..*++$<2!4((1!&)!&!#*&+(<&;0*!"#$.*!%9.! 39!J,4439J!%904(39J! 83?,!)5*!*.(<(%$*+!(4!+.&0*!#*J/$#*1! )(! .(:*#! .(+)+! G,M,9!234(!L;74! 3E! 9;4! %88! 8%=;6&! =,39J! M;8694%&0IR! :;&! ,K%L-8,B! 4(,! E39%9'3%8!%77,77L,947!69.,&4%?,9!39!H9937!n!D(&374,97,9!G)*""%I!'8,%&80!7(;2!4(%4!%!J&;6-!;E!73K!L%&?,47!';747!8,77! 4;! &69! 4(%9! 42;! L%&?,47! %9.! 4(%4! ,';9;L3,7! ;E! 7'%8,! 39'&,%7,! 4(,! E39%9'3%8! 7674%39%=38340! ;E!';LL69340!L%&?,47R!!!5! :;;.!<6=!234(! %!2(;8,7%839J! E69'43;9! G7,,! =,8;2I!2;68.! =,!2,88F-;7343;9,.! 4;! -&;M3.,! 4(37! '&343'%8!76--;&4! 4;! %!23.,! &%9J,! ;E! ';LL69340! ,94,&-&37,7R! @E! ,74%=837(,.!234(! %! '8,%&! ,4(;7! %9.!L%9.%4,! ;E!8,M,&%J39J!(3J(,&!M%86,!L%&?,47!4;!,9%=8,!3L-&;M,.!8;'%8!E;;.!7,'6&340B!4(,!<6=!';68.!-&;M3.,!%!L6'(!L;&,!.,.3'%4,.! 7,&M3',! 4;!D:H7B! %7!2,88! %7!-&;M3.39J! 4(,!9,',77%&0!,';9;L3,7!;E! 7'%8,! 4;!L%?,! 4(,L!M3%=8,R!S(,&,!2;68.!=,!-;773=38343,7!4;!7(%&,!M,(3'8,7B!,T63-L,94!,4'R!!!5!76JJ,74,.!399;M%43M,!E,%46&,!;E!4(,!-&;-;7,.!:;;.!<6=!2;68.!=,!4(,!394,J&%43;9!;E!P7,';9.7Q!394;!4(,!76--80!'(%39B!-%039J!E%&L,&7!E;&!4(,L!G%8=,34!%!8;2,&!-&3',I!%9.!4(,9!L;M39J!4(,L!394;!E;;.!-&;',7739J!N! -&,-%&%43;9W! ;EE,&39J! 4(,L! 4;! ';LL69340! E;;.! ,94,&-&37,7! %4! %! &,.6',.! &%4,! ;&! -%7739J! ;9! 4;!

!)i!

,L,&J,9'0! E;;.! '(%99,87R! /0! %88;239J! %! &%9J,! ;E! -&;.6',! 4;! =,! .,83M,&,.! %9.! &,.3&,'4,.! E&;L! ;9,!E%'38340B!4(,!,K4&%!';747!;E!L;M39J!34!'%9!=,!%88,M3%4,.!%9.!%!J&,%4!.,%8!;E!2%74,!-;4,943%880!%M;3.,.R!!>/R!5!:;;.!<6=!2;68.!=,!6983?,80!4;!E;'67!;9!&,-%'?39J!N!.374&3=6439J!.;9%4,.!E;;.!4;!,L,&J,9'0!E;;.!-&;M3.,&7B!%7!4(,!PL%&?,4!93'(,Q!%9.!=6739,77!L;.,8!!E;&!.;39J!4(37!(%7!=,,9!2,88F.,M,8;-,.!=0!'(%&343,7!76'(!%7!C3'b,83,E!:;;./%9?B!V,';9./34,!%9.!:%&,V(%&,R!S(,&,!L%0!=,!=,9,E347! 4;! E%&L,&7!;E! 4(,!:;;.!<6=!%'',-439J!.;9%4,.!E;;.!%8;9J73.,!;4(,&!.,83M,&3,7!G;9,!74;-!.&;-I!,RJR!4%?39J!-&,L36L!%9.!7,';9.7!G-%3.!E;&I!%7!2,88!%7!%88;239J!.;9%43;97R!@4!37!L;74!83?,80!4(%4!.;9%43;97!2;68.!4(,9!=,!';97;83.%4,.!E;&!';88,'43;9! =0! ;&! .,83M,&0! 4;! ,L,&J,9'0! E;;.! -&;M3.,&7R! b,8%43M,! -&;K3L340! 4;! %! :;;.V(%&,! ;&! 73L38%&!,L,&J,9'0!E;;.!;-,&%43;9!';68.!=,!';973.,&,.!39!4(,!E,%73=38340!74%J,R!!

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• c(;8,7%8,! 7%8,7! -&;M3.,! E%&L,&7!234(! %! (3J(,&! &,46&9! ';L-%&,.! 4;! 4(,! DV5N=;K! 7'(,L,!=,'%67,!

4(37! =6739,77! 37! 8,77! 8%=;6&! 394,973M,B! ,M,9! 4(;6J(! 4(,! 2(;8,7%8,! L%&?,4! .,L%9.7! %! 8;2,&! -&3',!-;394! 4(%9! 4(,!(;67,(;8.!L%&?,4R! @9! 347! E3&74! 0,%&! ;E!2(;8,7%8,! ;-,&%43;97B! 4(,! @94,&M%8,!<6=!(%.!kXgB***!39!7%8,7B!;E!2(3'(!`gY!2%7!&,46&9,.!4;!E%&L,&7!GV'(L3.4!,4R!%8R!)*""IR!

• H9%=839J!4(,!,';9;L3,7!;E!7'%8,!%9.!4(,!,EE3'3,9'3,7!;E!L,,439J!4(,!9,,.7!;E!8%&J,&!=60,&7B!L,%97!4(%4!4(,!:;;.!<6=!';68.!4%?,!J&,%4,&!%L;6947!;E!-&;.6',!E&;L!8;'%8!J&;2,&7R!

• S(,! :;;.! <6=! 7(;68.! %3L! 4;! 76--;&4! 4(,! .,M,8;-L,94! ;E! %! .3M,&7,! 8;'%8! E;;.! 7074,LB! 9;4!69.,&L39,!,K37439J!,94&,-&,9,6&7B! 8,%.,&7!%9.!8;'%8!=6739,77,7R!:;'6739J!;9!2(;8,7%8,!E3&74!2;68.!,9%=8,! 4(,! :;;.! <6=! 4;! E;'67! 4(,! ,EE;&4! ;9! 76--;&439J! ,K37439J! 8;'%8! =6739,77,7! G:nC! 7(;-7B!39.,-,9.,94! 76-,&L%&?,47! ,4'I! %7! 2,88! %7! ';LL69340! ,94,&-&37,7! 76'(! %7! ';;-7W! =;K! 7'(,L,7W!';LL69340!L%&?,47W!L;=38,!E;;.!M%97!,4'R!!

!

]IY =$0%+1&1$3,!`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

!)m!

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gR)RXB!'%&,!2;68.!9,,.!4;!=,!4%?,9!4;!9;4!69.,&L39,!,K37439J!8;'%8!E;;.!76--80!'(%397B! 76'(! %7! =;K! 7'(,L,7! %9.! .3&,'4! 7%8,7R! /;4(! 4(,! o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gFgR!!7&(93+!]V]G!=$0%+1&1$3,!-'.!=$55-:$3-1$3,!

X<$!,<$95.!1<+!7$$.!89:!#$0%+1+!P&1<W! X<$!,<$95.!1<+!7$$.!89:!,9%%$31W!• +&;.6',!=60,&7!N!7074,L7!4(%4!.;!9;4!-%0!

E%&L,&7!,9;6J(!4;!O6743E0!';94396,.!E%&L39J!;&!3L-&;M,.!7674%39%=38340!-&%'43',7!

• +&,.;L39%9480!69(,%84(0!E;;.!;648,47!

• \4(,&!E;;.!7074,L!,94&,-&,9,6&71!E%&L,&7!L%&?,47W!';;-7W!=;K!7'(,L,7!

• o;'%880!;29,.!&,4%38,&7W!'%E,7W!&,74%6&%947W!L%&?,47![!4(;7,!4(%4!'%9!-;4,943%880!L%?,!8;'%8!E;;.!%M%38%=8,!4(&;6J(!,K37439J!39E&%74&6'46&,!

• D;LL69340!E;;.!,94,&-&37,7!3L-&;M39J!E;;.!%'',77!39!M689,&%=8,!';LL69343,7!

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gR)R]B!4(,!'6&&,94!:;;.!<6=!-&;-;7%8!2;68.!9;4!P';L-,4,Q!234(!,L,&J,9'0!E;;.!.374&3=643;9!;&J%937%43;97B!=64!';68.!-;4,943%880!-&;M3.,!%!7;6&',!;E!E;;.!E;&!&,F.374&3=643;9R!!

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

]IZIN U9,&'+,,!E22+3&'(G!D3$.9#1,!J!"+34&#+,!!S(,! =6739,77! ;EE,&39J! '%99;4! =,! .,E39,.! %90! L;&,! 7-,'3E3'%880! 69438! 4(,! L%&?,4! %9%80737! (%7! =,,9!';9.6'4,.R!/%7,.!;9! 4(,!'6&&,94! ';9',-4! N!-&;-;7%8B! 4(,! 39';L,!J,9,&%439J!%7-,'47!;E! 4(,!:;;.!<6=!';68.!39'86.,!,8,L,947!76'(!%71!

!)`!

• V%8,7!4;!';976L,&7!N!(;67,(;8.7!.3&,'480!;&!M3%!.&;-!-;3947!%4!=6739,77,7!%9.!';9M,93,94!8;'%43;97!G,RJR!L6843FE%&L,&7!DV5IW!

• c(;8,7%8,!7%8,7!4;!&,74%6&%947W!E;;.!7,&M3',W!39.,-,9.,94!&,4%38,&7W!• +&,-%&,.!L,%87B!';;?,.!;9F734,B!2(3'(!';68.!E;&L!-%&4!;E!%!.,.3'%4,.!'%4,&39J!%&LW!• +&,-%&%43;9!%9.!7%8,!;E!-&;',77,.!E;;.7W!• o,%7,!;E!7(%&,.!E%'38343,7!G,RJR!';LL,&'3%8!?34'(,9I!4;!;4(,&!=6739,77,7W!%9.!• +&;M373;9!;E!4&%3939J!%9.!O;=!7,&M3',7!';94&%'47R!!59! 3L-;&4%94! ';973.,&%43;9! 39! E;'6739J! 4(,! -&;.6'47! %9.! 7,&M3',7! 2388! =,! 7-,'3E039J! 4(,! 9%46&,! ;E!.,L%9.!E&;L!.3&,'4!%9.N;&!2(;8,7%8,!'674;L,&7R!:3J6&,!gFi!7(;27!4(,!&%9J,!;E!E;;.!-&;.6'47!;EE,&,.!=0! .3EE,&,94! :;;.! <6=7! %'&;77! 4(,! UV5B! 7(;239J! 4(,! 8%&J,! L%O;&340! 234(! %! E;'67! ;9! 74%-8,! E;;.7B!39'86.39J!E&,7(!-&;.6',B!,JJ7B!.%3&0B!L,%4N-;684&0!,4'R!!7&(93+!]VaG!D3$.9#1!=-1+($3&+,!$2!7$$.!89:,!K\"*A!LMNNO!!!!!!!!!!"##$!%&#$'()!*+),-#&.,/!011,&,$!23!4'2/!

!"#$"%&##' !S(,! &%9J,! ;E! E;;.! -&;.6'47! '6&&,9480! -&;.6',.! 39! 4(,! &,J3;9!L,%9! 4(%4! 4(,! ;-43;97! %&,! 23.,! ;-,9B!.,-,9.39J! ;9! L%&?,4! .,L%9.R! :6&4(,&B! %7! 76JJ,74,.! 39! gR)R"B! 4(,&,! 2;68.! =,! ;--;&469343,7! 4;!69.,&4%?,! -&;.6'43;9! ';;&.39%43;9! 234(! %! -%&43'3-%439J! J&;6-! ;E! E%&L,&7! 4;! L,,4! 3.,943E3,.! L%&?,4!.,L%9.R!!!!

]IZIL E%+3-1&$',!

^?_?=?& `,359"$*'2%V%J*/,2/*23%!S(,&,! 37!%! &%9J,!;E! 8,J%8! &,T63&,L,947! 4(%4!2;68.!9,,.! 4;!=,!%44,9.,.! 4;! 39!,74%=837(L,94!;E!%!:;;.!<6=R!! 590! =6739,77G7I! 2;68.! 9,,.! 4;! L,,4! %! &%9J,! ;E! &,J68%4;&0! &,T63&,L,947! ';LL;9! 4;! %88! 9,2!=6739,77,7! F! ,L-8;0,,! ;=83J%43;97W! \''6-%43;9%8! <,%84(! %9.! V%E,40! ,4'R! S(,! <6=!2;68.! %87;! 9,,.! 4;!7,'6&,!&,8,M%94!3976&%9',!%9.!39.,L9340R!!S(,!M,96,N=638.39J!2;68.!9,,.!4;!=,!&,J374,&,.!%9.!%77,77,.!';L-83%94!%7!2,88!%7!4(,!%77;'3%4,.!=6739,77G7I!234(39R!!!!

!)#!

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c34(;64! %! M%83.! E;;.! 7%E,40! -8%9! 4(,! =6739,77! '%9! =,';L,! 83%=8,R!! >;4,! 4(%4! 4(,!e;;.! V%L%&34%9! 5'4!)**)!2;68.!;980!=,!&,8,M%94! 39!M,&0!7-,'3E3'!%9.!83?,80!L%&J39%8!%'43M343,7B!76'(!%7!4(,!.;9%43;9!;E!%90!697;8.!E;;.!G4(37!-&;4,'47!.;9;&7!3E!E;;.!4(%4!37!.;9%4,.!37!697%E,!=64!.;9%4,.!E;;.!8;7,7!4(37!-&;4,'43;9!3E!34!37!7;8.IR!!!c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c(38,!2,!4(39?! 34!6983?,80!4(%4!4(,!:;;.!<6=!2;68.!%'4!%7!%!76--83,&!4;!4(,7,!L%O;&!&,4%38!;648,47B! 34![!%9.!347!76--83,&7!F!2388!9,M,&4(,8,77!(%M,!4;!';L-80!234(!%88!&,8,M%94!%9.!%--83'%=8,!&,J68%43;97R!57!4(,!(6=!=,';L,7!;-,&%43;9%8!%9.!J&;27B!2,!2;68.!&,';LL,9.!4(%4!4(,!=6&.,9!;E!&,J68%4;&0!';L-83%9',!=,!'8;7,80!L;934;&,.B!%9.!%!.3%8;J6,!;-,9,.!234(!4(,!&,8,M%94!J;M,&9L,94!.,-%&4L,947!4;!.,4,&L39,!2(,4(,&! ',&4%39! &,J68%43;97! L%0! =,! ,K',773M,80! 3L-,.39J! 4(,! 76'',77E68! ,K-%973;9! ;E! %! 8;'%8! E;;.!,';9;L0R!!!@9!4(37!&,7-,'4B!2,!9;4,!4(%4!%!E%'4;&!'&343'%8!4;!4(,!76'',77!;E!7,M,&%8!:;;.!<6=7!39!>;&4(!5L,&3'%!(%7!=,,9!4(,!7,'6&39J!;E!-&;'6&,L,94!';94&%'47! 4;!76--80!74%4,F&69!%9.!74%4,FE69.,.! 397434643;97B!76'(!%7!(;7-34%87B! 7'(;;87B! %9.! %J,.! '%&,! E%'38343,7R! \E! 4(,! D(%&8;44,7M388,! o;'%8! :;;.! <6=Q7! "**! =6739,77! %9.!397434643;9%8! '674;L,&7B! E;&! ,K%L-8,B! Xg! %&,! -6=83'! 7'(;;87R! D8,%&80! 76'(! J;M,&9L,94! -&;'6&,L,94!';94&%'47! '%9! =,! %! M34%8! 2%0! 39! 2(3'(! 4(,! M3%=38340! ;E! :;;.! <6=7! '%9! =,! 7,'6&,.R! e;39J! E;&2%&.B! 2,!2;68.!7,,!34!%7!4(,!&;8,!;E!4(,!5674&%83%9!:;;.!<6=7!>,42;&?B!39!-%&49,&7(3-!234(!;-,&%43;9%8!E;;.!(6=7!4(,L7,8M,7B! 4;! ,9J%J,!234(! %88! 43,&7! ;E! J;M,&9L,94! 4;! ,976&,! 4(%4! &,J68%4;&0! E&%L,2;&?7! '%9! ,9%=8,!73L38%&!;64';L,7!39!4(37!';694&0R!!

^?_?=?= J'/"$*'2%V%I2(#"+$#5/$5#,%S(,!4(&,,!';&,!L;.68,7!%&,!%!74%&439J!-;394!E;&!.37'6773;9!;E!4(,!40-,!;E!:;;.!<6=!4(%4!L3J(4!7634!D%7,0Q7!J&;2,&7!%9.!,%4,&7R!S(,!';9',-4!L;.,8!2,!(%M,!;64839,.!2;68.!(%M,!&,T63&,L,947!E;&!-(073'%8!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""!N**!(44-1NN222RE&,7('%&,R';LR%6N(;L,R!@9!%..343;9B!c;;82;&4(7!(%7!347!;29!%''&,.34%43;9!-&;',77!E;&!347!%--&;M,.!76--83,&7R!!

!]*!

39E&%74&6'46&,!;E!76EE3'3,94!.3L,973;97!4;!,9%=8,!%.,T6%4,!2%&,(;6739J!%9.!74;&%J,!'%-%'340B!39'86.39J!%!';;8F&;;LB!%9.!76EE3'3,94!&,7;6&',7!E;&!%..343;9%8!,94,&-&37,7!;-,&%439J!234(39!4(,!E%'38340!,RJR1!• <,%84(0!E%74FE;;.!7408,!&,74%6&%94W!• +&;',7739J!E%'38343,7!E;&!-%'?%J,.!N!;9F7;8.!E;;.W!• S&%3939J!;&!.,L;974&%43;9!L%&?,4!J%&.,9W!%9.!!• H.6'%43;9%8!E%'38343,7!N!;EE3',7R!!!@E! 4(,!-&;O,'4!2,&,! 74%J,.!234(! 4(,!2%&,(;6739J! %9.!.374&3=643;9!.,M,8;-,.!%7! 4(,! E3&74! E69'43;9B! 4(,!39343%8!'%-34%8!&,T63&,L,94!2;68.!=,!4(,!8,%739J!;&!-6&'(%739J!;E!8%9.!%9.!%!2%&,(;67,!4;!,74%=837(!4(,!<6=R!V,';9./34,Q7!.374&3=643;9!',94&,! 39!d,9739J4;9!'%9!=,!67,.!%7!%!J63.,!4;!4(,!,74%=837(L,94!';747!E;&!%!=%73'!2%&,(;67,!%9.!.374&3=643;9!;-,&%43;9R")!@4!37!%!Xi*7TL!7-%',!234(!%!i*!-%88,4!';;8!&;;LR!S(,!8,%7,! ;E! 2%&,(;67,! 37! km*B***! -%! G=64! 4(37! 37! E;&! %! 734,! 39! d,9739J4;9B! %9.! ';LL,&'3%8! &%4,7! E;&!';L-%&%=8,! E%'38340!L%0! =,! '(,%-,&! 39! D%7,0IR! S(,3&! iXF-%88,4! ';;8! &;;L!2%7! %=;64! k`*B***! %9.! 4(,!=638.39J!&69939J!';747!%&,!%--&;KR!k"`**!-,&!L;94(!G,8,'4&3'340B!2%4,&!,4'IR !54!8,%74!;9,!4&6'?!2;68.!=,!&,T63&,.!E;&!.,83M,&3,7!%9.!-;4,943%8!-3'?F6-!E&;L!E%&L,&7R!S(,!73l,!;E!4(37!39343%8!M,(3'8,B!%9.!&,T63&,L,947!E;&!&,E&3J,&%43;9B!2;68.!.,-,9.!;9!4(,!39343%8!=6739,77!L;.,8!G,RJR!E&634!%9.!M,J!;980!;&!%!=&;%.,&!&%9J,!;E!-&;.6'47IR! @E! 4(,! 39343%8!=6739,77!2,&,!E;'67,.!;9!E&,7(!-&;.6',B! 34!L%0!=,!-;773=8,!4;!74%&4!234(!%!9;9F&,E&3J,&%4,.!7,';9.!(%9.!4&6'?!%7!-3'46&,.!=,8;2R!!5!7,';9.F(%9.!8;2!?L!4&6'?!';747!k]*FX*B***R!S(37!4&6'?!'%9!=,!.&3M,9!;9!%!9;&L%8!'%&!83',9',W!34!'%9!'%&&0!73K!-%88,47!%9.!(%7!%9!,';9;L3'%8!%9.!&,83%=8,!46&=;!.3,7,8!,9J39,R!5!(%9.!;-,&%4,.!-%88,4!O%'?!'%9!83E4!;9,!8%&J,!-%88,4!%9.!;EE8;%.!34!E&;L!%!4&6'?!;94;!%!-%M,.!76&E%',!GH9937!n!D(&374,97,9!)*"*%IR!!@E!%!';LL,&'3%8!?34'(,9!2,&,!4;!=,!%..,.!4;!4(,!-&;-;7%8B!4(37!2;68.!-&;=%=80!';74!%&;69.!k)g*B***!4;!,74%=837(!G=%7,.!;9!4(,!&,',9480!;-,9,.!?34'(,9!%4!:;;.!D;99,'4!39!/&37=%9,IR!

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

!

!

!

!

!

"!#$%&'()*+'(!,&-!./!012%.!,3.$!0*$!&'$!43%021$(!+5&6$!%&#0#!789):9;999<! ! =*3#!012%.!%+'!5$!(136$'!&'!+!'&1/+,!%+1!,3%$'%$>!30!%+'!%+11?!#3@!4+,,$0#!+'(!*+#!+'!$%&'&/3%+,!+'(!1$,3+5,$!0215&!(3$#$,!$'A3'$<!"!*+'(!&4$1+0$(!4+,,$0!B+%.!%+'!,3C0!&'$!,+1A$!4+,,$0!+'(!&CC,&+(!30!C1&/!+!012%.!&'0&!+!4+6$(!#21C+%$<! ! =*$!$/40?!4+,,$0!%+'!5$!43%.$(!24!0*$!C&,,&-3'A!-$$.<! ! "!4+,,$0!B+%.!%&#0#!+1&2'(!7D99<!

(#$2,3(/2!(4/&)2"&3.$4(1441&)*2$)$"3( !

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

(((((((((

!

!o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• <3J(!-&;E38,!%9.!M373=8,!8;'%43;9!4;!.&%2!-%7739J!4&%EE3'!G4&039J!4;!';L-,4,!234(!E%74!E;;.IW!• c,88F8;'%4,.!4;!,9';6&%J,!%'43M,!4&%M,8!%9.!'%4,&!E;&!4(;7,!2(;!.;9Q4!(%M,!%!'%&W!• +;4,943%8!4;!';F8;'%4,!234(!;4(,&!E%'38343,7!4(%4!.&%2!4&%EE3'!E&;L!4(,!4%&J,4!L%&?,4B!76'(!%7!7-;&439J!

%9.!&,'&,%43;9%8!E%'38343,7W!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!")!S(37!37!%--&;K3L%4,80!4(,!7%L,!7'%8,!G783J(480!8%&J,&I!%7!4(,!@94,&M%8,!:;;.!<6=B!2(3'(!37!&,E,&&,.!4;!,K4,973M,80!4(&;6J(;64!4(37!&,-;&4R!@4!39343%880!;-,&%4,.!E&;L!%!8,%7,.!XB]**!7T6%&,!E;;4!G]##!7T6%&,!L,4,&I!2%&,(;67,!7-%',!%9.!-6&'(%7,.!%!2%8?F39!';;8,&!%9.!%!.,83M,&0!M%9!G39!7-&39J!)**`IR!@9!)**#B!34!L;M,.!4;!%9!;29,.!=638.39J!%4!4(,!@94,&M%8,!D,94&,B!2(3'(!37!783J(480!7L%88,&!=64!(%7!;4(,&!%.M%94%J,7!GV'(L3.4!,4R!%8R!)*""I!

!]"!

• $%394%39!'8,%&!%'',77!E;&!4&6'?7W!%9.!• @L-%'47! ;E! 39'&,%739J! 4&%EE3'! 3E! 39! %! 76=6&=%9! %&,%! %9.! .3EE3'6843,7! ;E! %44&%'439J! '674;L,&7! 3E! 39! %9!

39.674&3%8!%&,%R!!D;973.,&%43;9! 7(;68.! =,! J3M,9! 4;! 2(,4(,&! N! (;2! 4(,7,! ';747! ';68.! =,! &,.6',.! ;&! 76=73.37,.! =0!76--;&4,&7! ;E! 4(,! -&;O,'4R! S(,&,! %&,! 83?,80! 4;! =,! ;--;&469343,7! E;&! 4(,! D;69'38! ;&! %! 8;'%8! =6739,77! 4;!-&;M3.,! 39F?39.!76--;&4! 4;!4(,!-&;O,'4! 4(&;6J(!-&;M373;9!;E!%9!,K37439J! E%'38340W! &,.6',.!&,947!;&!&%4,7W!76--;&4!234(!-8%9939J!%9.!l;939J!'(%88,9J,7!,4'R!c(38,!4(37!2388!=,!,K-8;&,.!,K4,973M,80!39!+%&4!/!;E!4(,!E,%73=38340!746.0B!4(,!D;69'38!37!-&;=%=80!39!4(,!=,74!-;7343;9!4;!74%&4!';973.,&39J!%9.!%77,7739J!-;4,943%8!734,!;-43;97!3LL,.3%4,80R!S(,&,!L%0!=,!-&;-,&43,7!4(%4!%&,!';69'38!;29,.!%9.N;&!;-,&%4,.!4(%4!2;68.!7634! %! :;;.! <6=B! ;&! 4(,&,! L%0! =,! 734,7! 4(%4! 2;68.! =,! 7634%=8,! =64! &,T63&,! &,l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l;939J! %9.! -8%9939J! %--&;M%87! E;&! ;-,&%439J! %! .3M,&7,! E%'38340B!,74%=837(39J!4(,!L;74!%--&;-&3%4,!l;9,!;&!734,!';68.!=,!'(%88,9J39J!%9.!7(;68.!=,!-&3;&3437,.!%7!7;;9!%7!%!.,73J9!(%7!=,,9!.,'3.,.R!!!59;4(,&!';973.,&%43;9!2;68.!=,!;-43;97!;E!6739J!,K37439J!E%'38343,7!;&!;4(,&!&,7;6&',7!G,RJR!4&6'?7I!;29,.!=0!';69'38!;&!;4(,&!-;4,943%8!-%&49,&7B!-;4,943%880!8,%7,.!;&!-&;M3.,.!39F?39.!4;!4(,!-&;O,'4!39!4(,!,%&80!74%J,7R!!S(37!2;68.!%88;2!E69'43;97!4;!=,!-38;4,.!;&!39343%4,.!-&3;&!4;!.,M,8;-L,94!;E!%!-,&L%9,94!734,R!!!

^?_?=?Q HW,/5$*'2%E'+$+%!@9!%..343;9!4;!4(,!';747!%77;'3%4,.!234(!7,4439J!6-!%9.!&69939J!4(,!-(073'%8! E%'38343,7!4(,&,!2;68.!=,!%!2(;8,! &%9J,! ;E! ;4(,&! ';747! %77;'3%4,.! 234(! ,K,'643;9R! ! S(,7,! %&,! ;=M3;6780! M,&0! .,-,9.,94! ;9! 4(,!7-,'3E3'!.,73J9!%9.!2388!39'86.,!4(39J7!83?,!8,J%8!';747!%77;'3%4,.!234(!7,4439J!6-!%!9,2!,94340W!L%&?,439JB!=&%9.39J!%9.!73J9%J,W!@S!%9.!;4(,&!=%73'!=6739,77!7074,L7R!!S(,7,!2;68.!=,!';973.,&,.!39!4(,!E,%73=38340!746.0R!!!V,'43;9!iR)!%87;!76JJ,747!(;2!7;L,!;E!4(,7,!';747!N!%'43M343,7!';68.!=,!.,M,8;-,.!%9.!-38;4,.!%(,%.!;E!4(,!,74%=837(L,94!;E!%!-(073'%8!:;;.!<6=B!2(3'(!2;68.!J3M,!%!7;83.!69.,&74%9.39J!;E!;9J;39J!';747!%9.!&,T63&,L,947R!

^?_?=?_ a'#6('#/,%!S(,! 2;&?E;&',! E;&! %! :;;.! <6=! 2;68.! =,! (3J(80! .,-,9.,94! ;9! 4(,! 7-,'3E3'! =6739,77! L;.,8B! 2(3'(!,94,&-&37,7! ';LL,9',.! E3&74! %9.! %4! 2(%4! 7'%8,B! (;2! 34! 2%7! &69B! %9.! 4(,! ,K4,94! ;E! ,L-8;0L,94! %9.!4&%3939J! -&;J&%L7R! S(37! 2388! 9,,.! 4;! =,! ';973.,&,.! '%&,E6880! 39! 4(,! E,%73=38340! 746.0R! ! V;L,! 4(39J7! 4;!';973.,&! 39'86.,1! 4(,! 9,,.! 4;! =638.39J! 74&;9J! 8;'%8! 9,42;&?! ;E! -&;-;9,947! %9.! 8,%.,&7W! %! '8,%&! %9.!4&%97-%&,94! J;M,&9%9',! %9.! ;29,&7(3-! L;.,8! 4;! L;=3837,! M;8694%&0! %9.! 39F?39.! ';94&3=643;97W!.,M,8;-39J! &,8%43;97(3-7! 234(! ,.6'%43;9B! 4&%3939J! %9.! ,L-8;0L,94! ;&J%937%43;97W! %9.! ,%&80!';973.,&%43;9! ;E! P7(;M,8! &,%.0Q! %7-,'47B! 234(! %! M3,2! 4;! '%-46&39J! 743L6867! 39M,74L,94! G4%&J,4,.! %4!,L-8;0L,94!;64';L,7!E;&!4(,!&,J3;9I!3E!34!=,';L,7!%M%38%=8,R!!S(,7,!%&,!.37'677,.!L;&,!E6880!=,8;2R!!

!!59! ;-,&%43;9! ;E! 4(37! 40-,! 37! 83?,80! 4;! =,9,E34! E&;L! '(%&37L%43'! 8,%.,&7! %9.N;&! %L=%77%.;&7B! 2(;! %&,!'%-%=8,!;E!=638.39J! 4&674!%9.!&,8%43;97(3-7!234(!%!23.,!M%&3,40!;E!-,;-8,R!S(,!<6=! 37!L;74! 83?,80! 4;!=,!

!])!

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c;&?E;&',!';747!2;68.!=,!73J93E3'%94! 4;! 4(,!M3%=38340!;E! 4(,!,94,&-&37,B!,7-,'3%880! 39! 4(,!,74%=837(L,94!-(%7,B! %9.! ;--;&469343,7! 4;! 8,M,&%J,! ;4(,&!2;&?E;&',! ';94&3=643;97!2388! =,! 3L-;&4%94R! S(,7,! 39'86.,1!M;8694,,&7W!,L-8;0L,94!%9.!4&%3939J!-&;J&%L7W!39F?39.!';94&3=643;97!E&;L!8;'%8!=6739,77,7!,4'R!\9,!;E!4(,! L;74! '&343'%8! E%'4;&7! 39! L;=383739J! 4(,7,! (6L%9! &,7;6&',! ';94&3=643;97! 2388! =,! '8%&340! 39! 4(,!J;M,&9%9',!%9.!;29,&7(3-!L;.,8!GgRXR]IR!!5!?,0!3.,%!4(%4!(%7!,L,&J,.!39!4(,!7';-39J!37!4(,!;--;&469340!4;!';;&.39%4,!4(,!(6=Q7!;-,&%43;97!234(!4&%3939J!%9.!,L-8;0L,94!-&;J&%L7R!S(37!2;68.!(%M,!%!.6%8!=,9,E34!;E!-&;M3.39J!4&%3939J!;--;&469343,7!E;&! 8;'%8! -,;-8,! 39! %! &%9J,!;E! E3,8.7! G,RJR!2%&,(;6739JW! E;;.!-&,-%&%43;9! %9.!(%9.839JW! %.L39374&%43;9!%9.!;-,&%43;97I!%9.!-;4,943%8!39';L,!74&,%L!E;&!4(,!<6=R!S(37!L;.,8!(%7!=,,9!-&;M,9!39!;4(,&!E%'38343,7!,RJR!5M;D%&,!D;LL69340!Z374&3=643;9!D,94&,! 39!Z%9.,9;9J!%9.!';68.!J&,%480! ';94&3=64,! 4;!,94,&-&37,!M3%=38340!G3R,R!7;L,!';L-;9,947!;E!4(,!2;&?E;&',!=,';L,!%9!39';L,!74&,%L!&%4(,&!4(%9!%!';74IR!S(,!9,K4!74,-!39!.,M,8;-39J!4(37!-;773=38340!37!4;!,9J%J,!8;'%8!4&%3939J!%9.!,L-8;0L,94!;&J%937%43;97!N!39.3M3.6%87!39!4(,!9,K4!74%J,!;E!4(,!-&;-;7%8Q7!.,M,8;-L,94R!!>/R! S(,! '6&&,94! ,';9;L3'! '83L%4,! L%0! 7,,! 4(,! %99;69',L,94! ;E! J;M,&9L,94! E69.7! 4;! 743L68%4,!,L-8;0L,94!%9.!4&%3939J!4(&;6J(!P7(;M,8!&,%.0Q!-&;O,'47B!%7!39!)**`N*#R!+&,-%&%43;9!E;&!4(37!-;773=38340!2;68.!-;4,943%880!-;7343;9!4(,!:;;.!<6=!-&;O,'4!2,88!39!;=4%3939J!76'(!E69.7R!

]IZIY U9,&'+,,!C'1&1>G!EP'+3,<&%!J!b$4+3'-'#+!!!

5!'&343'%8!%7-,'4!;E!4(,!=6739,77!L;.,8!37!(;2!4(,!:;;.!<6=!37!;29,.B!J;M,&9,.!%9.!L%9%J,.R!S(37!2388!=,! 3L-;&4%94! 4;! (;2! 4(,! -&;O,'4! 37! E69.,.B! 2(,4(,&! 34! 37! E39%9'3%880! M3%=8,! %9.! 4(,! ,K4,94! 4;! 2(3'(!,EE,'43M,!'&;77F76=73.37%43;9!=,42,,9!-&;J&%L7!37!-;773=8,R!!!S(,!;29,&7(3-!%9.!J;M,&9%9',!;E!4(,!:;;.!<6=!2388!9,,.!4;!=,!%9!%7-,'4!E;&!';973.,&%43;9!4(&;6J(;64!4(,!L%&?,4!%77,77L,94B!.,73J9!-&;',77,7!%9.!E,%73=38340!746.0![!34!'%99;4!=,!.,4,&L39,.!69438!34!37!'8,%&!2(;!37!39M;8M,.!G3R,R!2(;!74,-7!E;&2%&.!4;!=,';L,!-%&49,&7!N!.&3M,&7!;E!4(,!-&;O,'4IR!!!

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

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"]!@E!4(,&,!2,&,!&,7;6&',7!4;!76--;&4!76'(!%!-;7343;9!,%&80B!4(37!-,&7;9!';68.!=,!3974&6L,94%8!39!';9.6'439J!4(,!-&;.6',&!76&M,0!%9.!9,42;&?!N!4&674!.,M,8;-L,94!39!4(,!&,J3;9R!

!]]!

7&(93+!]VcG!C,1-:5&,<&'(!C'1&1>!K\"*A!LMNNO!!!!!"#$%!&'($)*+*)(!,)-*-.!/0'!,1-$23*14*)(!562!

!"#$%&$%"%'$()#**+)#,%)*$-."/0/"-)1%.2)/")%(#.31/(,/"-)456)*7)#,%)7**2),'3()!

!) 8&$*7/#)*$)&'31/9)(%9#*$)/":*1:%;%"#)!"#$"%&##'

!T<)#*"#*<*/#+!)((6!)5*!(#2&<$+$<2!0*&1!$<!*+)&;0$+5$<2!]A^!(4!)5*!=((1!L/;+E!_!(/)!(4!FF!(4!)5*!`.(%;$<&)$(<9!

*<)$)$*+!$<.0/1*1!"/;0$.!+*.)(#!&<1!<(<G"#(4$)!(#2&<$+&)$(<+E!

!5!c,87(!%9%80737!;E!:;;.!<6=7!;64839,.!7;L,!;E!4(,!-&;7!%9.!';97!;E!.3EE,&,94!.&3M39J!,94343,7B!7(;29!39!S%=8,! gF]R! @4! ,L-(%737,7! 4(,! -;4,943%8! 74&,9J4(! ;E!4(,! L3K! ;E! ,94343,7! 39M;8M,.B! =64! %87;! 7;L,!2,%?9,77,7!N!&37?7!4;!2%4'(!;64!E;&R!!!b37?7! 4;! %! -&3L%&380! -6=83'! 7,'4;&! N! ;6473.,! .&3M,9!,74%=837(L,94! 39'86.,! %! 4,9.,9'0! 4;2%&.7! %9!P3L-;7,.! 7;8643;9Q! 4(%4! L%0! 9;4! =,! 76EE3'3,9480!;29,.! =0! 76--;7,.! =,9,E3'3%&3,7! %9.! %! 8%'?! ;E!E8,K3=38340! 4;! '(%9J39J! .,L%9.! %9.! L%&?,4!;--;&469343,7R! S(,7,! &37?7! 7(;68.! =,! ';973.,&,.!E;&,L;74! 39! .,M,8;-L,94! ;E! 4(,! 9,K4! 74,-7B! %9.!-%&43'68%&80! 4(,! E;'67! ;9! .,M,8;-39J! .,,-! %9.!J,9639,! 74%?,(;8.,&! -%&43'3-%43;9! %9.! L%&?,4!%9%80737R!

!\9! 4(,!;4(,&! (%9.B! .37439'4! %.M%94%J,7!;E! -6=83'! 7,'4;&! 39M;8M,L,94! %4! 4(,!;647,4! 39'86.,!-6=83'! %9.!-&;L39,94!76--;&4B!%'',77!4;!E69.7!%9.!4(,!-;4,943%8!4;!%.%-4!-&;'6&,L,94!-;83'3,7!E;&!73J93E3'%94!,%&80F%.;-4,&!:;;.!<6=!'674;L,&7R!!F-:5+!]VYG!D3$,!-'.!=$',!$2!*&22+3+'1!C,1-:5&,<&'(!C'1&1&+,!K^$3(-'!+1!-5!LMMdO!

15

Fig. 3: SWOT Analysis of Proposed Models

Retail-led Public Sector-led Producer Entrepreneur-led

Producer Cooperative-led

Wholesaler-led

Strengths Retail provides expertise Hub has common goal

Public stakeholder support / expertise Open to funding

Individual commitment Simple management structures Entrepreneurial attitude

Broad expertise base Constituents able to do what they do best. Broad resource base

Strong experience and understanding of market Good reputation Well-developed infrastructure

Weaknesses Producer may be over -reliant on retailer

‘Imposed Solution’ Liable to: inappropriate financing/lack of emphasis on financial viability; Inappropriate internal expertise; Lack flexibility to respond to market change

Narrow expertise base Can lack financial resources Business ambition often reflects personal ambition

Relies on true cooperation including shared priorities Can suffer from management ‘by consensus’

May lack understanding of sustainability / production issues May ‘cherry pick’ range Usually not commodity focused

Distinguishing Opportunities

Public sector support acts as PR/advertising Set up to meet public sector needs (e.g. procurement)

Stakeholder respect for producer entrepreneurs

Able to engage in existing supply relationships

General Opportunities

Can tap into unmet demand for local food products from consumers Can provide environmental / social / economic benefits to localities Can assist food providers in developing positive PR

Distinguishing Threats

Retailer can switch hub/withdraw from local range Market with retailer may be limited

Changing demand

General Threats The development of other forms of local supply arrangements Market / Consumer demand downturn Supply problems due to localised supply base

!!

^?_?Q?= J,3"9%1$#5/$5#,%!5! -&;O,'4! ;E! 4(37! 40-,! 2388! 9;4! =,! M3%=8,! 698,77! 34! 37! P;29,.Q! =0! 4(,! ';LL69340! 39! 2(3'(! 34! 7347R! @4! 37!9,',77%&0! 4;! 4%?,! 4(,! 43L,! 4;!=638.! 74&;9J!9,42;&?7!234(!%! '8,%&!,L;43;9%8! G%9.!-;4,943%880! E39%9'3%8I!39M,74L,94!39!L%?39J!34!(%--,9R!S(37!';LL69340!;E!394,&,74!2;68.!9,,.!4;!(%M,!';973.,&%=8,!39-64!394;!4(,!.,'3.,.!;29,&7(3-!%9.!J;M,&9%9',!L;.,8R!S(,!.37'6773;9!-&;M3.,.!=,8;2!-&;M3.,7!%9!;64839,! E;&!E6&4(,&!.,M,8;-L,94!4(&;6J(!%!E,%73=38340!746.0!%9.!';97,T6,94!=6739,77!'%7,!.,M,8;-L,94R!!

!]X!

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gF`IR!<;2,M,&B! 34! 37! 3L-;&4%94! 4;! 9;4,! 4(%4! L;74! %3L! 4;! 76--;&4! 4(,L7,8M,7! E39%9'3%880! 4(&;6J(! 4&%.,! N!=6739,77!;-,&%43;97!GE69.39J!4(&;6J(!P:;;.!<6=!V,&M3',7Q!39!:3J6&,!gF`IR!HK-,&3,9',!39!4(,!UV!(%7!=,,9!4(%4B!%84(;6J(!4(,0!;E4,9!(%M,!E39%9'3%8!;&!39F?39.!76--;&4!E&;L!J;M,&9L,94!%9.N;&!-(38%94(&;-3'!E69.7!39!4(,3&!74%&4F6-!-(%7,7B!4(,0!'%9!;E4,9!%'(3,M,!E39%9'3%8!M3%=38340!39!4(,3&!;29!&3J(4!;M,&!43L,R!!

!7&(93+!]VdG!7$$.!89:!79'.&'(!K@b7@!LMNN)!%adO!

!"#$%&$'()$&%%*$(+,-$.)/)01)*$2%1'3$&+4*042$$'%$,)204$%5).6'0%4-7"#$%&$'()$&%%*$(+,-$/+..)4'89$.)/)01)$2%1'3$&+4*042

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

!!

!+;773=38343,7!E;&!%!D%7,0!:;;.!<6=!39'86.,1!• D9:5&#G!.&3M,9B!E69.,.!%9.!&69!-&3L%&380!4(&;6J(!

';69'38!;&!;4(,&!J;M,&9L,94!!• D3&4-1+G!,74%=837(!';LL,&'3%8!=6739,77!L;.,8B!&69!%7!

7,-%&%4,!,94340!E;&!-&3M%4,!-&;E34!!• D9:5&#V%3&4-1+G!7-,'3E3'%43;97!E;&!-6=83'!=,9,E34!%9.!

%--&;-&3%4,!';94&3=643;97!4;!J63.,!-&3M%4,!,94340!4(%4!;-,&%4,7!4(,!:;;.!<6=!!

• @$'V%3$2&1G!&69!%7!;&!=0!%!9;9F-&;E34!;&J%937%43;9B!,9%=839J!76--;&4!4(&;6J(!J&%947!%9.!.;9%43;97!!

• =$$%+3-1&4+G!;29,.!=0!L,L=,&7!4(%4!=,9,E34!E&;L!4(,!(6=!G39'8R!E%&L,&7!%9.!N!;&!'674;L,&7I!!

• "$#&-5!+'1+3%3&,+G!,74%=837(,.!%7!%!=6739,77!,94340!234(!7;'3%8N,9M3&;9L,94%8!L3773;9B!L%39!39';L,!4(&;6J(!4&%.39JR!+&;E347!%&,!8%&J,80!&,39M,74,.!39!4(,!

7&(93+!]V_G!B+(-5!"1-19,!K\"*A!LMNNO!!"#$%&'($()*&+,&-++.&/)0*&

!"#$"%&##'

!!

S(,!L%O;&340!;E!:;;.!<6=7!%&,!9;9F-&;E34!;&!';;-,&%43M,!74&6'46&,7R!!

!]g!

7;'3%8!;64';L,!7;6J(4!G,RJR!3L-&;M,.!E;;.!;64';L,7!39!D%7,0I"X!

!

7&(93+!]VNMG!D3$,!-'.!=$',!$2!B+(-5!"139#193+,!!

! A.4-'1-(+,! *&,-.4-'1-(+,! CR-0%5+,!>;9F-&;E34! • >;4FE;&F-&;E347!(%M,!39=6384!

7%E,J6%&.7!E;&!J;M,&9%9',!4(%4!39'86.,!(%M39J!;&J%937%43;9%8!';97434643;97B!;-,&%43;97!J;M,&9,.!=0!D;LL344,,7!;E!$%9%J,L,94!%9.!0,%&80!-6=83'!%6.347R!!

• +,;-8,!L;&,!83?,80!4;!M;8694,,&!E;&!9;4FE;&F-&;E347!%7!;--;7,.!4;!E;&F!-&;E34!,94343,7!;&!,M,9!74&6'46&,7!83?,!';F;-,&%43M,7!2(,&,!;29,&7(3-!37!9;4!'8,%&80!69.,&74;;.R"g!!

• S(,&,!%&,!E69.39J!7;6&',7!4(%4!%&,!;980!%M%38%=8,!4;!9;9F-&;E347!,RJR!L%90!-(38%94(&;-3'!E69.7R!!

• b,.6',.!%'',77!4;!;4(,&!E69.39J!74&,%L7!,RJR!-&3M%4,!39M,74L,94!!

• >,,.!4;!E3&L80!,L=,.!P=6739,77!E;'67,.Q!L39.7,4!%9.!-&;',77,7!4;!%'(3,M,!E39%9'3%8!7674%39%=38340!

@94,&M%8,W!o;'%8!:;;.!<6=!!V,';9./34,!

D;;-,&%43M,! • V4&;9J!=60F39!%9.!';LL34L,94!E&;L!L,L=,&7!

• D8,%&!7(%&,.!;29,&7(3-!,9';6&%J,7!4&%97-%&,9'0!%9.!?,,-7!=6739,77!%'';694%=8,!

• D%9!=,!6923,8.0!.,'373;9!L%?39J!-&;',77,7!%9.!.3EE3'6840!%J&,,39J!.3&,'43;9!

• c(,&,!.3EE,&,94!J&;6-7!;E!L,L=,&7!(%M,!.3EE,&,94!394,&,747B!'%9!,9.!6-!9;4!7,&M39J!%90!

\?8%(;L%!:;;.!D;;-W!+&;.6',&!D;;-7!

V;'3%8!,94,&-&37,!

• D;L=39,7!=,9,E347!;E!=6739,77!74&6'46&,!234(!74&;9J!';LL34L,94!4;!7;'3%8!;64';L,R!

• $%0!=,!-;773=8,!4;!%67-3',!E69.7!4(&;6J(!%9!;M,&%&'(39J!9;9F-&;E34!;&J%937%43;9R!

• >;!8,J%8!74&6'46&,!39!5674&%83%!0,4!4;!76--;&4!4(,7,!,94,&-&37,7B!2(3'(!L,%97!74388!76=O,'4!4;!39';L,!%9.!-%0&;88!4%K!G6983?,!9;9F-&;E347I!

• C,&0!.3EE3'684!G3L-;773=8,fI!4;!%'(3,M,!Zeb!74%467!%9.!4%KF.,.6'43=38340!;9!.;9%43;97R!

:;;.!D;99,'4W!H%4,&-&37,7!!5M;D%&,!!

+&3M%4,!E;&F-&;E34!

• +;4,943%8!4;!&%37,!'%-34%8!N!39M,74L,94!E69.7!3E!4(,&,!37!%!'8,%&!83?,83(;;.!;E!E39%9'3%8!&,46&97!

• +&,776&,!4;!L%?,!%!-&;E34!83?,80!4;!&,.6',!&,46&9!4;!E%&L,&7!%9.N;&!76=73.37,.!%'',77!4;!(,%84(0!E;;.!

56773,!:%&L,&7!Z3&,'4W!h%&&%!C%88,0!:&,7(!GfI!

!+,9.39J!.,M,8;-L,94!;E!4(,!74%?,(;8.,&!9,42;&?!%9.!-%&49,&7!E;&!4(,!-&;O,'4B!4(,!=&;%.,&!J;%87!;E!4(,!:;;.!<6=!G;64839,.!39!V,'43;97!]R"!%9.!gR"IB!L%?,!34!83?,80!4(%4!%!7,973=8,!74%&439J!-;394!E;&!%!D%7,0!:;;.!<6=!=6739,77!74&6'46&,!2;68.!=,1!• @4!'8,%&80!,L=,.7!4(,!L;&,F4(%9F-&;E34!L;43M%43;97!G3R,R!37!9;4!%!-6&,80!E;&F-&;E34!;-,&%43;9IW!!• @4! 37! -;7343;9,.! 4;! %'',77! E69.39J! %9.! '%-34%8! E&;L! %! 23.,! &%9J,! ;E! 7;6&',7! G.3M,&7340! ;E! 39';L,!

74&,%L7I![!7,,!:3J6&,!gF`W!%9.!!• 53L7!E;&!E39%9'3%8!7,8EF76EE3'3,9'0!%E4,&!%9!39343%8!74%&4F6-!-,&3;.R!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"X!D;LL69340!:;;.!H94,&-&37,7!GD:H7I!%&,!%9!39'&,%739J80!';LL;9!'%4,J;&0!;E!7;'3%8!,94,&-&37,B!234(!%!-%&43'68%&!E;'67!;9!.,83M,&39J!(,%84(0B!7674%39%=8,!%9.!&,7383,94!8;'%8!E;;.!7074,L7R!S(,0!4,9.!4;!=,!E;;.!=6739,77,7!4(%4!%&,!8;'%880!;29,.B!,L-8;0!8;'%87B!%9.!67,!L;7480!8;'%8!J;;.7!%9.!7,&M3',7R!b,7,%&'(!(%7!E;69.!4(%4!D:H7!J,9,&%4,!42;!4;!E;6&!43L,7!%7!L%90!8;'%8!O;=7!-,&!.;88%&!;E!7%8,7!4(,9!9;9F8;'%880!;29,.!=6739,77,7!%9.!';973.,&%=80!L;&,!39';L,!%9.!2,%84(!E;&!4(,3&!';LL69343,7!GV(6L%9!,4!%8B!)*""I!"g!H9937!n!D(&374,97,9!)*"*G5IB!-"X!

!]i!

@4!7,,L7!83?,80!4(%4!%!9;9F-&;E34!;&!7;'3%8!,94,&-&37,!L;.,8!2;68.!=,!L;74!7634%=8,!%4!4(,!;647,4!%9.!4;!,74%=837(!%!M3%=8,!,94,&-&37,R!!!\9',! ;-,&%43;9%8B! 4(,&,! '%9! =,! '(%9J,7!4;!4(,!E;&L%8!74&6'46&,!.,-,9.39J!;9!4(,!394,&,747! %9.! ';LL34L,94! ;E! 4(,!-%&43'3-%947! G7,,!/;K!)I!%9.! 4(,! &%9J,!;E!E69'43;97!N!;-,&%43;97!N!-%&49,&7!39M,74,.!39!4(,!:;;.!<6=!G7,,!/;K!"IR!!!

^?_?Q?Q `,B,25,%L'.,9%!:;88;239J! ,74%=837(L,94B! 4(,! ';&,!%JJ&,J%43;9B! .374&3=643;9! %9.! L%&?,439J!E69'43;97! ;E! %! :;;.! <6=! %&,! 4(,! L;74!-&;M,9! 4;! -;4,943%880! ,9%=8,! E39%9'3%8!39.,-,9.,9',! %9.! %4! 4(37! -;394! 34! 7,,L7!83?,80! 4(%4! 4(,0! 7(;68.! %3L! 4;! .;! 7;R!<;2,M,&B! 4(,! -&;-;7,.! :;;.!<6=!2;68.!%87;!(%M,!%!L;&,!.3&,'4!';99,'43;9!4;!%!=&;%.,&!7;'3%8!L3773;9!;E!3L-&;M39J!(,%84(0!E;;.!%'',77!4;!4(,!';LL69340R!S(37!L,%97!4(%4!%!74%9.%&.!;-,&%439J!%776L-43;9!;E!-&,L36L!-&3',!-;3947!E;&!T6%8340B!E&,7(B!8;'%8!E;;.!'%99;4!=,!4(,!;980!';L-;9,94!;E!4(,!&,M,96,!L;.,8R!!@4! 7(;68.! =,! 9;4,.! 4(%4! 7,4439J! 4(,! &3J(4! -&3',! -;3947! 4;! .,83M,&! (3J(,&! &,46&97! E;&! E%&L,&7! %7!2,88! %7!L%?39J! 4(,! :;;.! <6=! ';L-,4343M,! %9.! M3%=8,! '%9! =,! '(%88,9J39JB! (;2,M,&! 4&%97-%&,94! -&;',77,7! E;&!.;39J! 7;! %9.! ;29,&7(3-! 39! 4(,! ;64';L,! '&,%4,! %! M,&0! .3EE,&,94! ,9M3&;9L,94! E&;L! 4&%.343;9%8!9,J;43%43;97!234(!%!2(;8,7%8,&R"i!!S(,! -&;-;7%8! 39! 4(,! D;9',-4! +%-,&! 39'86.,.! %! 96L=,&! ;E! -;773=8,! %M,96,7! E;&! 399;M%43M,! &,M,96,!L;.,87!4(%4!%88;2!E;&!'&;77F76=73.37%43;9!=,42,,9!,94,&-&37,7R!S(,!';F8;'%43;9!;E!';L-8,L,94%&0!7;'3%8!,94,&-&37,7! G39!%..343;9! 4;! 4(,! 74%9.%&.!%JJ&,J%43;9B!.374&3=643;9! E69'43;97I! ';68.!-;4,943%880!,9(%9',!4(,! E39%9'3%8!M3%=38340! G7,,!V,'43;9!gRiIB!-%&43'68%&80! 3E! 4(,7,!%&,!%=8,! 4;!%44&%'4!.3EE,&,94! E69.39J!-;;87R!V;L,!;E!4(,!399;M%43M,!,8,L,947!E8%JJ,.!39!4(,!';9',-4!-%-,&!%9.!.37'6773;9!%=;M,!39'86.,1!• E'+V,1$%!$915+1!2$3!2-30+3,G!7%8,!%9.!.,83M,&0!;E!=;4(!-&,L36L!%9.!3L-,&E,'4!-&;.6',W!!• =<$&#+!$2!$P'+3,<&%!0$.+5!#3&1&#-5G!(6=!;M,&(,%.7!?,-4!4;!L393L6L!7;!E%&L,&7!J,4!'8;7,!4;!&,4%38!

-&3',W!• \,+!$2!,+#$'.,!39!L,%87!4;!?,,-!';747!8;2,&!GE%&L,&!J,47!-%3.!=64!8,77IW!• =3$,,V,9:,&.&,-1&$'!;E!;-,&%43;9%8!';747!4(&;6J(!4&%3939J!%9.!,L-8;0L,94!-&;J&%L7W!• /-'(+! $2! #9,1$0+3! %->0+'1! $%1&$',G! L,L=,&7(3-! '%&.7! ;&! M;6'(,&7! G4(%4! .;! 9;4! 3.,943E0!

,L,&J,9'0!&,83,E!E&;L!;4(,&!'674;L,&7IW!%=38340!4;!M;8694,,&!%9.!&,',3M,!&,.6',.!-&3',!E;;.W!%9.!• D$1+'1&-5!1$!,9:,&.&,+!4+'9+!`!3+'1!4(&;6J(!-6=83'!7,'4;&!;&!8;'%8!=6739,77!,9J%J,L,94R!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"i!54!4(,!74%&4!;E!4(,!DV5B!74%EE!%9.!E%&L,&7!%J&,,.!4(%4!4(,!-&3',7!E%&L,&7!2,&,!-%3.!E;&!4(,3&!'&;-7!2,&,!(3J(!39!';L-%&37;9!4;!&,J68%&!2(;8,7%8,!L%&?,4!-&3',7R!<;2,M,&B!E%&L,&7!'(;7,!4;!&,.6',!-&;.6',!-&3',7!4;!=,44,&!&,E8,'4!4(,!L%&?,4!9,,.7!%9.!(,8-!4(,!@94,&M%8,!:;;.!<6=!=,';L,!,';9;L3'%880!M3%=8,!;M,&!43L,R!S(,0!%J&,,.!6-;9!%!-&3',!8374!4(%4!37!8,77!4(%9!4(,!;&3J39%8!-&3',7!=64!74388!-&;E34%=8,!%9.!E%3&!%9.!4(,0!(%M,!&;;L!4;!&,9,J;43%4,!4(37!-&3',!8374!39!4(,!E646&,!%7!4(,0!7,,!4(,!9,,.!4;!.;!7;R!S(,!';88%=;&%43M,!%87;!%J&,,.!4;!783J(480!39'&,%7,!4(,!-&;-;&43;9!;E!J&;77!&,M,96,!4(%4!';M,&7!=6739,77!;M,&(,%.!';747!E&;L!]*Y!4;!]gY!4;!';M,&!;-,&%43;9%8!';747!E;&!=6739,77!L%&?,439JB!7%8,7B!-&;.6'4!%JJ&,J%43;9!%9.!-%'?%J39JB!%9.!.374&3=643;9!4;!734,7R!GV'(L3.4!,4!%8!)*""I !

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a#2&<$.+! RHAAXS! 5&:*! +/..*++4/00'! )#&<+$)$(<*1! )(! 4&#%*#G(3<*1!.(("*#&)$:*+!RN.5%$1)!*)E!&0E!HAFFS!!

!]m!

\9',!%!&,E39,.!.,73J9!(%7!=,,9!%J&,,.B!%!.,4%38,.!E,%73=38340!%77,77L,94!2388!=,!&,T63&,.!4;!.,4,&L39,!2(,4(,&!%!-&;-;7,.!:;;.!<6=!'%9!L%?,!,9;6J(!L;9,0!4;!7674%39!;-,&%43;97!%9.!2(%4!E69.39J!74&,%L7!%&,! &,T63&,.R! S(,! E,%73=38340! 746.0! ';M,&,.! 39! 4(,! &,7,%&'(! -&;O,'4! G7,,! V,'43;9! iR"I! 39'86.,7! .,4%38,.!E39%9'3%8!L;.,8839J!;9!4(,!&,E39,.!N!-&;-;7,.!:;;.!<6=!L;.,8R!!5!76JJ,74,.!399;M%43M,!E,%46&,!;E!4(,!-&;-;7,.!:;;.!<6=!2;68.!=,!4(,!394,J&%43;9!;E!P7,';9.7Q!394;!4(,!76--80!'(%39B!-%039J!E%&L,&7!E;&!4(,L!G%8=,34!%!8;2,&!-&3',I!%9.!4(,9!L;M39J!4(,L!394;!E;;.!-&;',7739J!N! -&,-%&%43;9W! ;EE,&39J! 4(,L! 4;! ';LL69340! E;;.! ,94,&-&37,7! %4! %! &,.6',.! &%4,! ;&! -%7739J! ;9! 4;!,L,&J,9'0! E;;.! '(%99,87R! /0! %88;239J! %! &%9J,! ;E! -&;.6',! 4;! =,! .,83M,&,.! %9.! &,.3&,'4,.! E&;L! ;9,!E%'38340B!4(,!,K4&%!';747!;E!L;M39J!34!'%9!=,!%88,M3%4,.!%9.!%!J&,%4!.,%8!;E!2%74,!-;4,943%880!%M;3.,.R!!d,0!-;3947!4;!9;4,!%=;64!;=4%3939J!E69.39J!E;&!4(,!D%7,0!:;;.!<6=!-&;O,'4!%&,1!• 5!73J93E3'%94!-&;-;&43;9!;E!4(,!E,%73=38340!746.0!'%9!=,!';L-8,4,.!4(&;6J(!4(,!C3'<,%84(!@99;M%43;9!

e&%94!4;!4(,!U93M,&7340!;E!$,8=;6&9,!G%8&,%.0!';LL344,.IR!!• S(,!J;M,&9%9',!%9.!;29,&7(3-!L;.,8!2388!=,!73J93E3'%94!39!7,'6&39J!-;4,943%8!39M,74L,94!%9.!

E6&4(,&!J&%94!E69.39JR!• S(&;6J(!4(,!-6=83'!,9J%J,L,94B!.,73J9!-&;',77!%9.!E,%73=38340!746.0!%!74&;9J!9,42;&?!;E!8;'%8!

-&;-;9,947!2388!=,!.,M,8;-,.R!S(37!37!83?,80!4;!;-,9!6-!%M,96,7!E;&!-;4,943%8!39M,74L,94B!39'86.39J!4(&;6J(!9,2!L,'(%937L7!76'(!%7!'&;2.FE69.39J!%9.!V8;2!$;9,0R"m!

• V,'43;9!iR)!.37'677,7!-;773=38343,7!4;!.,M,8;-!%9.!,74%=837(!';L-8,L,94%&0!%'43M343,7!=,E;&,!4(,!'%-34%8!39E&%74&6'46&,!N!39M,74L,94!37!&,T63&,.R!S(,7,!2;68.!%87;!';94&3=64,!4;!M373=38340!%9.!=&;%.!,9J%J,L,94!234(!4(,!-&;O,'4B!-;4,943%880!743L68%439J!E69.39J!';94&3=643;97R!

• S(,&,!2;68.!=,!;--;&469343,7!E;&!4(,!D;69'38!;&!8;'%8!=6739,77,7!N!-(38%94(&;-3747!4;!73J93E3'%9480!&,.6',!4(37!';74!=6&.,9!;E!,74%=837(39J!4(,!<6=!4(&;6J(!67,!;E!%!-6=83'B!.;9%4,.!;&!P-,--,&';&9!&,94Q!E%'38340R!!!

a E%1&$',!!S(,! \-43;97! 7,'43;9! (%7! =,,9! &,L;M,.! %7! 4(37! 39E;&L%43;9! 37! =,39J! 67,.! 4;! 7(%-,! 4(,! 9,2! -&;O,'4R!:6&4(,&! 39E;&L%43;9!2388! =,! -6=837(,.! %7! 34! =,';L,7! %M%38%=8,! ;9! 4(,! 5674&%83%9! :;;.!<6=7! >,42;&?B!H%4,&-&37,7!%9.!C3'4;&3%9!H';F@99;M%43;9!o%=!2,=734,7R!!@UI!?'!-55!$%1&$',!1<+!2&3,1!,&R!0$'1<,!&,!,%+'1!9'.+31-Q&'(!.+1-&5+.!0-3Q+1!-'-5>,&,!-'.!+,1-:5&,<&'(!1<+!.+(3++!$2!.+0-'.!2$3!7$$.!89:!,+34&#+,I!F<&,!,1-(+!&,!#3&1&#-5!-,!&1!%3$4&.+,!-!,$5&.!%5-12$30!2$3!-'>!$2!1<+!1<3++!$%1&$',)!-,!P+55!-,!&.+'1&2>&'(!-'.!-#1&4-1&'(!Q+>!,1-Q+<$5.+3,!`!%3$T+#1!%-31'+3,I!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"m!V8;2!$;9,0!37!%!L;M,L,94!4;!;&J%93l,!39M,74;&7!%9.!.;9;&7!4;!74,,&!9,2!7;6&',7!;E!'%-34%8!4;!7L%88!E;;.!,94,&-&37,7B!;&J%93'!E%&L7B!%9.!8;'%8!E;;.!7074,L7R!V8;2!$;9,0!4%?,7!347!9%L,!E&;L!4(,!V8;2!:;;.!L;M,L,94!%9.!%3L7!4;!.,M,8;-!4(,!&,8%43;97(3-!=,42,,9!'%-34%8!L%&?,47!%9.!-8%',B!39'86.39J!7;'3%8!'%-34%8!%9.!7;38!E,&438340R!V8;2!$;9,0!37!76--;&439J!4(,!J&%77F&;;47!L;=383l%43;9!;E!8;'%8!E;;.!7074,L7!4(&;6J(!9,42;&?!=638.39JB!';9M,939JB!-6=837(39JB!%9.!39'6=%439J!394,&L,.3%&0!74&%4,J3,7!%9.!74&6'46&,7!;E!E69.39J!G(44-1NN,9R23?3-,.3%R;&JN23?3NV8;2q$;9,0I!!!

!]`!

c /+2+3+'#+,!!

/6&97B!DR!%9.!@9J837B!5R!G)**mIB!P$,%76&39J!E;;.!%'',77!39!$,8=;6&9,1!5'',77!4;!(,%84(0!%9.!E%74!E;;.7!=0!'%&B!=67!%9.!E;;4!39!%9!6&=%9!L693'3-%8340!39!$,8=;6&9,QB!<,%84(!%9.!+8%',B!-i!

DD!G)**`IB!A;394!V6=L3773;9!4;!4(,!+%&83%L,94%&0!39T63&0!394;!7674%39%=8,!.,M,8;-L,94!;E!%J&3=6739,77!39!;64,&!76=6&=%9!$,8=;6&9,B!D340!;E!D%7,0!%9.!D%&.39%!V(3&,!D;69'38R!

D;D!G)*"*%IB!H';9;L3'!/688,439![!:,=&6%&0!)*"*B!D340!;E!D%7,0!

D;D!G)*"*=IB!V6=L3773;9!4;!e&;24(!5&,%7!564(;&340B!D340!;E!D%7,0!

D;D!G)*""IB!V6=L3773;9!4;!4(,!@9T63&0!394;!o3M,%=38340!\-43;97!39!\64,&!V6=6&=%9!$,8=;6&9,B!D340!;E!D%7,0!

H9937B!DR!n!D(&374,97,9B!+R!G)*"*%IB!b(#)5*#<!c*2$(<!=((1!d$+)#$;/)$(<!O(%%/<$)'!T<)*#"#$+*!=*&+$;$0$)'!V46.0B!D6843M%439J!D;LL69340!

:%L380:%&L,.!G)*"*IB!/6739,77!;E!:;;.!<6=71!+8%9939J!V6'',77E68!b,J3;9%8!+&;.6',!5JJ&,J%43;9!:%'38343,7B!>%43;9%8!e;;.!:;;.!>,42;&?!c,=39%&B!(44-1NN9JE9R;&JN&,7;6&',7N9JE9F'8674,&F'%887N4(,F=6739,77F;EFE;;.F(6=7N/6739,77Y)*;EY)*:;;.Y)*<6=7Y)*783.,7R-.E!!

:39lB!V!G)*""IB!<0-,&F8;'%8!L%&?,47!-&;M3.,!=3J!,';9;L3'!=;;74B!S(,!V%9!:&%9'37';!D(&;93'8,B!(44-1NN222R7EJ%4,R';LN'J3F=39N%&43'8,R'J3fEsN'N%N)*""N")N)iN/UDC"$D:o/RZSot3Kll"?i*h?&ZH!

<;&74B!$RB!b39J74&;LB!HRB!S0L%9B!VRB!c%&.B!$R!dRB!c,&9,&B!CRB!n!/;&9B!/R!G)*""IR!S;2%&.!%!L;&,!,K-%973M,!69.,&74%9.39J!;E!E;;.!(6=7R!e(/#<&0!(4!W2#$./0)/#*B!=((1!N'+)*%+B!&<1!O(%%/<$)'!d*:*0("%*<)B!HG"IB!)*#[))gR!(44-1NN.KR.;3R;&JN"*Rg]*XNO%E7'.R)*""R*)"R*"m!

o%&7,9B!d!G)*""IB!D%7,!V46.3,71!:;;.!<6=7B!H%4,&-&37,7!5674&%83%!234(!4(,!5674&%83%9!:;;.!<6=7!>,42;&?B!(44-1NN222R,%4,&-&37,7R';LR%6N2-F';94,94N6-8;%.7N)*""N*#ND%7,FV46.3,7F:;;.F<6=FV,-4F)*""R-.E!!

o%&7,9B!dRB!$67(39B!VRB!<388BV!n!b;7,B!>R!G)*""IB!8%&2$<$<2!W!O&+*'!=((1!L/;B!H%4,&-&37,7!5674&%83%!234(!4(,!5674&%83%9!:;;.!<6=7!>,42;&?B!(44-1NN222R,%4,&-&37,7R';LR%6N3L%J3939JF%F'%7,0FE;;.F(6=N!

o%&7,9B!dRB!b;7,B!>R!n!<388B!VR!G)*""IB!=((1!L/;!N.("$<2![*)5(1(0(2'B!H%4,&-&37,7!5674&%83%!234(!4(,!5674&%83%9!:;;.!<6=7!>,42;&?B!(44-1NN222R,%4,&-&37,7R';LR%6N2-F';94,94N6-8;%.7N)*""N")N:;;.F<6=FV';-39JF$,4(;.;8;J0FZ,'F)*""R-.E!!

o,M?;,B!DR!uRB!n!c%?,E3,8.B!VR!G)*""IB!S(,!D;LL69340!:;;.!D,94&,1!D&,%439J!7-%',!E;&!%!O674B!7674%39%=8,B!%9.!(,%84(0!E;;.!7074,L!R!e(/#<&0!(4!W2#$./0)/#*B!=((1!N'+)*%+B!&<1!O(%%/<$)'!d*:*0("%*<)E!5.M%9',!;9839,!-6=83'%43;9R!(44-1NN.KR.;3R;&JN"*Rg]*XNO%E7'.R)*""R*)"R*")!

o39.7%0!n!V8%L%!G)*")IB!U/$01$<2!N/..*++4/0!=((1!L/;+f!W!U/+$<*++!Y0&<<$<2!\/$1*!4(#!W22#*2&)$<2!&<1!Y#(.*++$<2!M(.&0!=((1!$<!800$<($+B!@8839;37!Z,-%&4L,94!;E!D;LL,&',!%9.!H';9;L3'!\--;&469340W!U93M,&7340!;E!@8839;37!/6739,77!@99;M%43;9!V,&M3',7W!@8839;37!Z,-%&4L,94!;E!5J&3'6846&,!%9.!:%L380:%&L,.R;&JB!%M%38%=8,!(44-1NN222RE%L380E%&L,.R;&JN2-F';94,94N6-8;%.7N)*")N*"N@8839;37:;;.<6=e63.,FE39%8R-.E!!

$;&8,0B!5RB!$;&J%9B!VR!n!$;&J%9B!d!G)**`IB!:;;.!<6=71!S(,!P$37739J!$3..8,Q!;E!4(,!o;'%8!:;;.!@9E&%74&6'46&,f!/b5VV!D,94&,B!D%&.3EE!U93M,&7340B!)**`!

>e:>!G)*""IB!:;;.!<6=71!C3%=8,!b,J3;9%8!Z374&3=643;9!V;8643;97B!>%43;9%8!e;;.!:;;.!>,42;&?!c,=39%&B!(44-1NN9JE9R;&JN&,7;6&',7N9JE9F'8674,&F'%887NE;;.F(6=7FM3%=8,F&,J3;9%8F.374&3=643;9F7;8643;97!!

+%8,&L;!DHB!c%8?,&!duB!<388!+B!$'Z;9%8.!A!G)**`IB!S(,!';74!;E!(,%84(0!E;;.!39!&6&%8!C3'4;&3%B!b6&%8!%9.!b,L;4,!<,%84(!`1!"*mXR!G\9839,IB!)**`B!%M%38%=8,!E&;L!(44-1NN222R&&(R;&JR%6!

!]#!

b,J3;$%&?,4!G)**`IB!b,J3;$%&?,41!e63.,839,!E;&!D;;-,&%43M,!b,J3;9%8!$%&?,439JB!oU/c!o%9.,7%974%84!Ev&!UL2,84B!$,7769J,9!69.!>%46&7'(64l!/%.,9Fcv&44,L=,&JB!%M%38%=8,!E&;L!(44-1NN222R%8-39,F7-%',R;&JN6-8;%.7NL,.3%Nb,J3;$%&?,4qe63.,839,q';L-8,4,qH>R-.EB!%'',77,.!")!A%96%&0!)*")!

V'(L3.4B!$R!DRB!d;8;.397?0B!AR!$RB!Z,V374;B!SR!+RB!%9.!D;94,B!:R!DR!G)*""IR!@9'&,%739J!E%&L!39';L,!%9.!8;'%8!E;;.!%'',771!5!'%7,!746.0!;E!%!';88%=;&%43M,!%JJ&,J%43;9B!L%&?,439JB!%9.!.374&3=643;9!74&%4,J0!4(%4!839?7!E%&L,&7!4;!L%&?,47R!A;6&9%8!;E!5J&3'6846&,B!:;;.!V074,L7B!%9.!D;LL69340!Z,M,8;-L,94B!"GXIB!"gm["mgR!(44-1NN.KR.;3R;&JN"*Rg]*XNO%E7'.R)*""R*"XR*"m!

V(6L%9B!$!G)*""IB!D;LL69340!:;;.!H94,&-&37,1!o;'%8!V6'',77!39!4(,!c;&8.!$%&?,4-8%',B!/6739,77!5883%9',!E;&!o;'%8!o3M39J!H';9;L3,7!G/5ooHI!%9.!4(,!c%88%',!D,94,&!%4!c39&;'?!@94,&9%43;9%8!!

V8%L%!n!o39.7%0!G)*")IB!/638.39J!V6'',77E68!:;;.!<6=71!5!/6739,77!+8%9939J!e63.,!E;&!5JJ&,J%439J!%9.!+&;',7739J!o;'%8!:;;.!39!@8839;37B!@8839;37!Z,-%&4L,94!;E!D;LL,&',!%9.!H';9;L3'!\--;&469340B!U93M,&7340!;E!@8839;37!/6739,77!@99;M%43;9!V,&M3',7B!@8839;37!Z,-%&4L,94!;E!5J&3'6846&,B!:%L380:%&L,.R;&JB!(44-1NN222RE%L380E%&L,.R;&JN2-F';94,94N6-8;%.7N)*")N*"N@8839;37:;;.<6=e63.,FE39%8R-.E!!

VC5!G)*""IB!:;;.!D;99,'4!/&37=%9,1!V;'3%8!b,46&9!;9!@9M,74L,941!d,0!:39.39J7B!V;'3%8!C,946&,7!5674&%83%!D;9768439JR!

UVZ5!G)*""IB!b,J3;9%8!:;;.!<6=71!U9.,&74%9.39J!4(,!V';-,!%9.!V'%8,!;E!:;;.!<6=!\-,&%43;97B!+&,83L39%&0!E39.39J7!E&;L!%!>%43;9%8!V6&M,0!;E!b,J3;9%8!:;;.!<6=7B!UVZ5!5J&3'6846&%8!$%&?,439J!V,&M3',!C:$5!G)*"*IB!$%&?,4!b,7,%&'(!+&;O,'4!b,-;&4B!C3'4;&3%9!:%&L,&7Q!$%&?,47!577;'3%43;9!!

!X*!

!

d A%%+'.&#+,!

A%%+'.&R!NG!"900-3>!$2!*+,Q1$%!U+'#<0-3Q&'(!!B&4&'(!&'!=-,+>!!O&+*'!5&+!&!#*0&)$:*0'!0(3G$<.(%*!&<1!0(3G+6$00*1!.(%%/<$)'!3$)5!5$25!%(#)2&2*!#*"&'%*<)+E!W+!+/.5!$)!$+!&<!&)G#$+6!.(%%/<$)'!&<1!:/0<*#&;0*!)(!*.(<(%$.!#*.*++$(<!&<1!"*)#(0!"#$.*!$<.#*&+*+!RO(O!HAFA;S!!e&;239J!E%74!%9.!M,&0!0;69J!• b%-3.!-;-68%43;9!39'&,%7,1!"gXB***!G"##mIW!)g"B***!G)*""IW!,K-,'4,.!Xg*B***!=0!)*]i!GD;D!)*""B!

-""I!• o%&J,74!-;-68%43;9!;E!'(38.&,9!;E!%88!';69'387!39!C3'!GD;D!)*""B!-""I!@9'&,%739J!74&,77!• +;'?,47!;E!73J93E3'%94!.37%.M%94%J,!GD;D!)*""B!-"iI!• g)RgY!;E!(;67,(;8.7!(%M,!L;&4J%J,B!"]RXY!(;67,(;8.7!39!L;&4J%J,!74&,77R!"mRgY!;E!(;67,(;8.7!

&,9439J![!#*Y!;9!&,94%8!%77374%9',!GD;D!)*""B!-"`F"#I!• HK4&,L,!'%&!.,-,9.,9',1!iXY!;E!(;67,(;8.7!(%M,!)!;&!L;&,!'%&7B!wgY!(%M,!9;!'%&!GD;D!)*""B!-"gI!H%439J!=%.80!• #gY!;E!%.6847!9;4!,%439J!,9;6J(!M,J,4%=8,7B!gmY!;E!%.6847!9;4!,9;6J(!E&634!GD;D!)*""B!-"iI!• \980!XY!;E!&,73.,947!'%9!2%8?!4;!E;;.!234(39!`!L3964,7!G/6&97!n!@9J8377!)**mB!-iI!• <3J(!&%4,7!;E!;=,7340B!.3%=,4,7!%9.!39%.,T6%4,!-(073'%8!%'43M340!!X$3Q&'(!&'!=-,+>!!W!#*&+(<&;0*!&<1!&.5$*:&;0*!(;D*.)$:*!$+!)(!.#*&)*!(<*!D(;!4(#!*:*#'!5(/+*5(01!R*Q$+)$<2!&<1!<*3S!;'!HA@IB!)()&0$<2!"2%"..*$*'2"9%&>=@b>>%4'0+%*2%$),%2,W$%=^%:,"#+%)(!+*#:$.*!&!#*+$1*<)!0&;(/#!4(#.*!(4!HHABAAA!"*("0*!RO(O!HAFFB!"FHS!!>,,.!8;47!L;&,!O;=7!39!D%7,0!%9.!39'&,%7,.!.3M,&7340!• S3L,F-;;&!%9.!'%&F=;69.1!%8L;74!mgY!;E!8%=;6&!E;&',!8,%M,!D%7,0!4;!J;!4;!2;&?!,M,&0!.%0B!L;&,!

4(%9!m*Y!;E!4(,L!.&3M,!G%9;4(,&!"`Y!-%77,9J,&7I!GD;D!)*""B!-")I!• C689,&%=8,1!=3JJ,74!,';9;L3'!7,'4;&7!%&,!L%96E%'46&39JB!';974&6'43;9!%9.!2(;8,7%8,!%9.!&,4%38!

4&%.,R!e&;24(!(%7!=,,9!L;74!74&;9J80!39!-;-68%43;9F8,.!7,'4;&7!GD;D!)*""B!-]XW!D;D!)*"*%B!-]I!!• o;47!;E!7L%88!=6739,77,7!GX`Y!%&,!39!';974&6'43;9!;&!-&;-,&40!%9.!=6739,77!7,&M3',7IB!=64!%87;!%!8;4!;E!

L3'&;!N!(;L,F=%7,.!=6739,77,7!GD;D!)*"*%B!-gI!!A(3&:9,&'+,,!&'!=-,+>!!+&3L,!-&;.6'43;9!';9.343;97!• D%7,0![!%9.!9,3J(=;6&39J!D%&.393%![!(%M,!(3J(80!-&;.6'43M,!%J&3'6846&%8!8%9.!%9.!&,'0'8,.!2%4,&!

G,K37439J!%9.!-;4,943%8I!• <;&43'6846&%8!-&;.6'43;9!37!74&%4,J3'%880!3L-;&4%94!G';973.,&%=8,!';94&3=643;97!4;!4;4%8!C3'4;&3%9!

-&;.6'43;9!;E!7;L,!-&;.6'47I!GDD!)**`I!• S(,!M,J,4%=8,!39.674&0!%8;9,!2%7!2;&4(!kX#!L3883;9!4;!D%7,0!39!)**i![!9;4!39'86.39J!%90!E8;2F;9!

M%86,!GDD!)**`B!-X`IR!!

!X"!

!

A%%+'.&R!LG!"1-Q+<$5.+3!?'1+34&+P!"900-3>!

dININ "0-55+3!(3$P+3,!!!:;&!4(,!7L%88,&!J&;2,&7B!4(,!?,0!';L-%&37;9!-;3947!2,&,!4(,!2(;8,7%8,!L%&?,47!%9.!E%&L,&7Q!L%&?,47!%7!4(,7,!%&,!4(,!L%39!'6&&,94!76--80!'(%397!E;&!4(,3&!-&;.6',R!!"$0+!2-30+3,!-3+!-53+-.>!(+11&'(!:+'+2&1,!23$0!,+55&'(!0$3+!.&3+#15>!-'.!5$#-55>!!!c,!7-;?,!4;!;9,!7L%88!J&;2,&!2(;!2%7!7,8839J!%!8%&J,!.3M,&7340!G"gF)*!839,7I!4(&;6J(!E%&L,&7!L%&?,47R!59;4(,&!4;8.!67!4(%4!4(,0!J&;2!L;&,!=,'%67,!;E!4(,!E%&L,&7!L%&?,471!^c,!-&,7,94!34!2,88![!34!8;;?7!J;;.B!4%74,7!J;;.![!-,;-8,!';L,!=%'?!E;&!34_R!!!S(37!E%&L,&!%87;!7%3.!4(%4!7,8839J!4(&;6J(!E%&L,&7!L%&?,47!L,%94!4(,&,!2%7!L6'(!8,77!2%74,!=,'%67,!34!.3.9Q4!L%44,&B!E;&!,K%L-8,B!3E!4(,!^'%&&;47!2,&,!%!=34!'6&80_R!!@9!4(,3&!,K-,&3,9',!4(,0!';68.!J,4!%!=,44,&!-&3',!4(&;6J(!4(,!E%&L,&Q7!L%&?,4!%9.!34!37!=,';L39J!%!73J93E3'%94!39';L,!74&,%LR!!!S;!74%&4!234(!4(;6J(!34!2%79Q4!%=;64!4(,!L;9,0!E;&!4(,L![!^@!8;M,!4(,!L%&?,47![!(%M,!%!&,%8!-%773;9!E;&!34_R!!!59;4(,&!4;8.!671!^c,!,9O;0!4(,!L%&?,47B!-,;-8,!8;M,!;6&!-&;.6',![!2,!(%M,!J&,%4!7;387!%9.!0;6!'%9!4%74,!34x_!<;2,M,&!4(,0!7%3.!4(,0!2,&,!9;4!J&;239J!%7!L6'(!%7!4(,0!';68.![!;980!2(%4!4(,0!'%9!7,881!^2,!';68.!J&;2!L;&,!3E!2,!(%.!76&,!L%&?,4_R!!S(,0!%87;!4;8.!67!4(%4!4(,0Q&,!74%&439J!4;!J,4!-3'?,.!6-!=0!&,74%6&%947!4(%4!(%.!E;69.!4(,L!39343%880!%4!4(,!E%&L,&7!L%&?,47![!^4(,0!8;M,!;6&!-&;.6',_R!!c,!2,&,!%87;!4;8.!%=;64!;4(,&!&,%7;97!2(0!E%&L,&Q7!L%&?,47!%&,!J;;.!3R,R!4(%4!4(,0!-8%0!%!&;8,!%7!%!^%!';LL69340!(6=B!34Q7!7;'3%8B!34Q7!%=;64!J,4439J!4;!?9;2!4(,!74%88F(;8.,&7!%9.!'674;L,&7R!\E!';6&7,!E;&!4(,!-&;.6',&7!34Q7!%=;64!L;9,0!4;;B!=64!L;74!;E!4(,L!&,%880!,9O;0!4(,!394,&%'43;9_R!!!F<+>!,-P!$%%$319'&1&+,!&'!#$$3.&'-1&'(!0-3Q+1&'(!-'.!.&,13&:91&$')!-'.!1<+3+!-3+!$1<+3!-3+-,!1$$!P<+3+!&1!P$95.!0-Q+!,+',+!1$!,<-3+!1<+!5$-.!!c,!2,&,!4;8.!4(%4!L%&?,439J!4%?,7!43L,!%9.!4(%4!4(37!43L,!7-,94!L%&?,439J!%9.!7,8839J!37!43L,!;EEFE%&L!F!3E!7;L,;9,!'%9!';;&.39%4,!4(37!%9.!7(%&,!4(,!';747!4(,&,!%&,!=3J!;--;&469343,7R!V;L,!E%&L,&7!(%M,!4%8?,.!%=;64!';97;83.%439J![!4&039J!4;!;&J%937,!4;J,4(,&!4;!7,88!L;&,!.3&,'480B!=64!34!';L,7!.;29!4;!2(;!2388!.;!%88!4(,!2;&?B!%.L39B!;&J%937%43;9!,4'R!!S(,!39'&,%739J!'(%88,9J,7!;E!E;;.!7%E,40!&,T63&,L,947B!%''&,.34%43;9!2,&,!%87;!&%37,.!%7!-;773=8,!%&,%7!%!E;;.!(6=!';68.!';;&.39%4,!;&!%77374!234(R!!/&;?,&39J!%9.!%'',77!4;!9,2!L%&?,47!2%7!7,,9!%7!;9,!;E!4(,!?,0!-;4,943%8!=,9,E347R!!!S(,!&,8;'%43;9!;E!4(,!2(;8,7%8,!L%&?,4!4;!H--39J!2%7!7,,9!=0!7;L,!%7!%9!;-,939J!E;&!9,2!%--&;%'(,7B!;&!-64!L;&,!.3&,'480!^H--39J!37!%!kYyzk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

!X)!

!+,;-8,!,L-(%737,.!4(,!3L-;&4%9',!;E!&,7-,'439J!,K37439J!39E&%74&6'46&,B!-,;-8,!%9.!J&;6-7!%9.!L%?39J!76&,!4(%4!%90!-&;-;7%8!.;,79Q4!69.,&L39,!,K37439J!&,7-;97,7!%9.!8;'%8!76--80!'(%99,87!GD&%9=;6&9,!$%&?,47B!8;'%8!:nC!;648,47I!234(!2(;L!4(,&,!%&,!8;9JF74%9.39J!&,8%43;97(3-7R!!c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c(38,!L%90!;E!4(;7,!%&,!.37%--,%&39JB!4(,0!2;68.9Q4!2%94!4;!8,%M,!4(,L!39!4(,!86&'(R!!VL%88!J&;2,&7!4;8.!67!%=;64!4(,!'(%9J,7!%9.!&,.6'39J!&,46&97!E&;L!4(,!2(;8,7%8,!L%&?,41!• \9,!76JJ,74,.!4(%4!7L%88!J&;2,&7!'%9Q4!%EE;&.!4;!=,!39!4(,!{2(;8,7%8,a!L%&?,4![!"!4&6'?B!"!.&3M,&B!)!

(;6&7!4&%M,8![!E;&!L,.36LF73l,.!-&;.6',&7!4(,&,!%&,!%.M%94%J,7!4;!76-,&L%&?,47!39!4(%4!4(,0!-%0!L;&,B!-%0!;9!43L,!%9.!%82%07!-%0!G9;4!9,',77%&380!4(,!'%7,!,87,2(,&,IR!

• 59;4(,&!4;8.!67!4(%4!4(,0!67,.!4;!=,!%=8,!4;!J,4!%!J;;.!-&3',!%4!4(,!P,.J,!;E!7,%7;9Q!-&;.6',B!2(3'(!';M,&,.!4(,L!E;&!;4(,&!43L,7!2(,9!4(,&,!2%7!;M,&76--80R!<;2,M,&!4(,0!&,E8,'4,.!4(%4!4(37!2%7!9;!8;9J,&!4(,!'%7,!!F!^4(,0!O674!J,4!34!E&;L!|8.!7;!4(,&,!37!9,M,&!%!(3J(,&!-&3',!E;&!34_R!!

!F<+!,13+'(1<,!$2!#933+'1!3+5-1&$',<&%,!P+3+!3+#$('&,+.)!-,!P+3+!1<+!%$1+'1&-5!$%%$319'&1&+,!&'!0-3Q+1,!3+5-1+.!1$!1<+!(3$P&'(!93:-'!%$%95-1&$'I!!\9,!J&;2,&!7-,'3E3'%880!L,943;9,.!4(,!694%--,.!;--;&469340!;E!J&;239J!-;-68%43;9!39!4(,!%&,%B!74%439J!4(%4!(,!8;'%4,.!(,&,!E;&!%'',77!4;!+%?,9(%LB!D&%9=;6&9,!6&=%9!%&,%7B!%7!2,88!%7!39'&,%739J!(;67,7!39!d;;!c,,!b6-R!S2;!E%&L,&7!2(;!%&,!%'43M,80!-6&7639J!4(,7,!;--;&469343,7!%87;!9;4,.!,K37439J!&,8%43;97(3-7!234(!;4(,&!J&;2,&7!^394,&,74,.!39!4(37!?39.!;E!4(39J_!39!9,3J(=;6&39J!%&,%7!,RJR!D%&.393%B!:&%9?74;9B!$;&939J4;9!%9.!$4!H83l%R!\9,!E%&L,&!2,!7-;?,!4;!2%7!T634,!'8,%&!;9!2(0!%!:;;.!<6=!2%79Q4!39!(37!394,&,747!^2,Q&,!;94;!4(37!%9.!2,!74;--,.!7,8839J!4(&;6J(!4(,!2(;8,7%8,!L%&?,47!0,%&7!%J;R!$0!E;'67!9;2!37!L%?39J!76&,!L0!.3&,'4!'674;L,&7!.;9Q4!2%94!4;!=60!E&;L!%90;9,!=64!L,!R!R_!!"$0+!P+3+';1!&'1+3+,1+.!&'!'+P!,-5+,!#<-''+5,)!%-31&-55>!:+#-9,+!1<+>!P+3+!1&3+.!-'.!-50$,1!3+-.>!1$!3+1&3+I!E1<+3,!P+3+!,Q+%1&#-5!-,!1$!P<+1<+3!-'>1<&'(!+5,+!#$95.!P$3Qe!!\9,!4;8.!671!^@4Q7!&,%880!(%&.!2;&?!%9.!2,Q&,!J,4439J!;8.R!>;9,!;E!4(,!?3.7!2%947!4;!4%?,!;M,&!R!R!=,!J&,%4!3E!2,!2,&,!&,l;9,.!%9.!';68.!&,43&,!&3'(!R!R!=64!9;!&,%880B!@!.;9Q4!?9;2!2(%4!2388!(%--,9!2(,9!2,!74;-_R!!59;4(,&!7%3.!4(%4!4(,0!%&,!83?,80!4;!^7,88!-&,440!7;;9_R!!S(,0!2,&,!%!=34!&,J&,4E68!4(%4!34!2;68.!-&;=%=80!,9.!6-!234(!';27!;&!(;&7,71!^9;!;9,!2;68.!'&;-!34R!c,Q&,!;9!Z,8L;&,!-,%40F'8%0B!(%79Q4!=,,9!-8;6J(,.B!J&,%4!7;38_R!!!S(,&,!2%7!%!E%3&!=34!;E!7?,-43'37L!%=;64!2(,4(,&!%904(39J!9,2!2;68.!2;&?R!:;&!,K%L-8,B!;9,!J&;2,&!4;8.!67!%=;64!4(,!E%&L,&7Q!';;-7!4(%4!2,&,!4&3,.!39!4(,!m*7!%9.!.3.9Q4!&,%880!2;&?R!!<,!7-,'68%4,.!4(%4!4(37!2%7!=,'%67,!E%&L,&7!%&,!39.3M3.6%83747!%9.!-,&(%-7!7;L,!.;9Q4!&,%880!83?,!.,%839J!234(!-,;-8,!G;&!,%'(!;4(,&IR!<,!4(;6J(4!4(%4!DV57!%&,!9;4!&,%880!-&%'43'%8!,RJR!-6=83'!83%=38340!;E!(%M39J!-,;-8,!;9!0;6&!E%&L7R!!!F<+!<-3.!P$3Q!&'4$54+.!&'!0-3Q+1!(-3.+'&'(!P-,!,++'!-,!-!#$',13-&'1!&'!-113-#1&'(!>$9'(!2-30+3,!$3!%3$4&.&'(!T$:,!2$3!5$#-5!#$009'&1&+,!!

!X]!

c(,9!%7?,.!%=;64!%M%38%=38340!;E!8%=;6&!E&;L!9,3J(=;6&39J!%&,%7B!%!L%&?,4!J%&.,9,&!7%3.!^V;L,!;E!4(37!2;&?!37!&,%880!(%&.![!%9.!=8;;.0!=;&39JR!56773,7!%&,!8%l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c,!%7?,.!;9,!E%&L,&!2(0!4(,0!2,&,!74388!.;39J!34!3E!34!2%7!7;!(%&.!R!R!^c(0f!@!J6,77!2,!O674!8;M,!7,,39J!4(,!746EE!J&;2!R!R_!S(37!7%L,!J&;2,&!76JJ,74,.!%!?,0!-&3;&340!2%7!%=;64!J&;239J!8;'%8!E;;.!'6846&,!4(&;6J(!7'(;;87!%9.!';LL69340!J%&.,97![!4,%'(39J!?3.7!%=;64!J%&.,939J!%9.!';;?39J!%9.!%--&,'3%439J!E;;.!%9.!-&;M3.39J!%'',77!G';LL69340!J%&.,97I!E;&!-,;-8,!4;!L,,4!4(,3&!9,,.7R!!

dINIL B-3(+3!b3$P+3,!!!S(,!8%&J,&!J&;2,&7!&%37,.!L%90!;E!4(,!7%L,!394,&,747!%9.!';9',&97!%7!4(,!7L%88,&!;9,7R!!!F<+!Q+>!.&22+3+'#+!P-,!1<-1!1<+>!'++.!1$!0$4+!(3+-1+3!:95Q!$2!1<+!,-0+!1<&'(!-1!1<+!,-0+!1&0+!2(3'(!39'&,%7,7!4(,!3L-;&4%9',!;E!4(,3&!&,8%43;97(3-7!234(!%J,947!%4!4(,!2(;8,7%8,!L%&?,47!%9.!4(,!76-,&L%&?,47R!!S(,!&,8%43;97(3-!234(!4(,!76-,&L%&?,47!37!3L-;&4%94!E;&!8%&J,!J&;2,&7!=,'%67,!^4(,!%.M%94%J,!;E!76-,&L%&?,47!37!4(%4!4(,0!'%9!7(3E4!-&;.6'4B!0;6!L3J(4!J,4!"**F")*!=69'(,7!4(&;6J(!4(,!L%&?,47B!iB***!4(&;6J(!4(,!76-,&L%&?,47_R!@4!2%7!&,';J937,.!4(%4!4(,0!=&;6J(4!.;29!4(,!2(;8,7%8,!-&3',B!=64!4(%4!4(,0!-%3.!=,44,&!4(%9!4(,!2(;8,7%8,&7R!!S(,3&!3L-%'4!;9!4(,!E&634,&,&7!2%7!%87;!L,943;9,.1!^:&634,&,&7!%&,!(6&439J!%!8;4B!=64!4(%4!L%?,7!4(,L!(%&.,&!4;!.,%8!234(_R!!\9,!7%3.1!^@!83?,!76-,&L%&?,47!=,'%67,!@!?9;2!2(%4!-&3',!@QL!J,4439J!%9.!@!J,4!-%3.!39!m!.%07_R!!!!!7-30+3,!0-3Q+1,!P+3+!,++'!:>!,$0+!-,!-!%$1+'1&-5!$%%$319'&1>!:91!1<+>!P$95.!'++.!1$!:+!09#<!0$3+!23+f9+'1!`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c,!2,&,!4;8.!^3E!

!XX!

4(,&,!%&,!(%8E!%!.;l,9!.374&3=643;9!',94&,7!4(,0Q88!%88!(%M,!.3EE,&,94!-&3',7B!(;2!'%9!2,!=,!76&,!2(,&,!2,!7(;68.!=,!7,8839Jf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m*7R!!@9!';94&%74B!%9;4(,&!8%&J,!J&;2,&!,L-(%737,.!4(%4!L%90!;E!^4(,!-,;-8,!%&;69.!(,&,!J,4!%8;9J_B!76JJ,7439J!4(%4!4(,0!J,4!%'43M,!%9.!;&J%937,.!2(,9!4(,0!2%94!7;L,4(39J!.;9,!G%9.!-&;-,&80I!234(!&,E,&,9',!4;!4(,!&,'0'8,.!2%4,&!,K4,973;9R!!A!(3$P+3!#$',&.+3&'(!$%%$319'&1&+,!,-P!%$1+'1&-5!2$3!(3$P+3,!1$!(3$9%!1$(+1<+3!-'.!,+55!%3$.9#+!g0->:+!&'!$'+!,1$3+!P+!#$95.!,+55!.&3+#1!1$!%9:5&#h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c,!2,&,!4;8.!;E!%9!3974%9',!2(,&,!7;L,;9,!G9;2!l;9,.!UeuI!(%.!4&3,.!4;!.;!4(37!%9.!(%.!L,4!234(!7;!L%90!&,74&3'43;97!%9.!;=74%'8,7!4(%4!4(,0!(%.!J3M,9!6-!%9.!234(.&%29!4(,3!%--83'%43;9R!!\9,!';LL,94,.!4(%4!-&;K3L340!4;!4(,!^-,&3F6&=%9!%&,%7!7,,L!83?,!%9!;--;&469340_R!!!59;4(,&!7%3.!4(%4!4(,!=,74!4(39J!4(%4!';68.!(%--,9!2;68.!=,!L;&,!,L-(%737!;9!';LL69340!-8;47B!6&=%9!E%&L7B!%9.!J&,%4,&!%'',77!4;!7-%',!E;&!-&;.6'43;9R!!A!'90:+3!$2!(3$P+3,!K:$1<!,0-55!-'.!5-3(+O!0+'1&$'+.!#<-55+'(+,!-3$9'.!5-:$93I!!\9,!J&;2,&!4;8.!67!4(%4!4(,!8%=;6&!';747!%&,!4(,!=3JJ,74!F!E,&43837,&!%9.!4&%97-;&4!%87;!73J93E3'%94!=64!34Q7!4(,!8%=;6&!';747!4(%4!L,%9!^0;6!(%M,!4;!J,4!=3JJ,&!4;!76&M3M,_R!!S(,0!%87;!%7-3&,.!4;!76--;&439J!E688F43L,!2;&?,&7!4(%4!0;6!?,,-!;9B!&,8%439J!%!';97374,94!8%=;6&!E;&',!4;!%.M%94%J,7!;E!=,39J!%=8,!4;!J&;2!%88!0,%&!&;69.!G.&0!E%&LIR!

!Xg!

!59;4(,&!4;8.!67!4(%4!4(,0!(%M,!i*F`*!-;7343;97!8;'%880!G(,&,IB!=64!,L-8;0,,7!%&,9Q4!8;'%8!F!4(,0!';L,!E&;L!%88!;M,&!$,8=;6&9,R!^573%97!%&,!4(,!=,74B!4(,0!2%94!4;!2;&?B!%&,!(%--0!4;!O674!.;!4(,!O;=R!<%M,!(%.!4&;6=8,!234(!;4(,&7B!'64439J!';&9,&7!F!O674!9;4!.;39J!2(%4!%7?,.!!F<+!%+,1!-'.!.&,+-,+!#$'#+3',!$2!<-4&'(!1$$!09#<!$2!1<+!,-0+!#3$%!&'!1<+!,-0+!-3+-!P+3+!3-&,+.I!!!

dINIY C-1+3,!S!^3!-'.!^3,!=-,+>!!S(,!74;&0!;E!$&!%9.!$&7!D%7,0!2%7!4;8.!&,-,%4,.80!4(&;6J(;64!4(,!394,&M3,27![!4(,0!%&,!%--%&,9480!M,&0!2,88!?9;29!-,;-8,x!S(,3&!=3&4(!(%7!=,,9!4&%',.!4;!%!D;69'38!.;'6L,94B!=64!4(,3&!7-&,%.!394;!';LL;9!8,K3';9!G69.,&!M%&3;67!9%L,7I!37!3&&,E64%=8,R!S(,0!%&,!%!';6-8,!234(!42;!?3.7B!%!8%&J,!L;&4J%J,B!42;!O;=7B!42;!'%&7!%9.!83448,!43L,R!o3?,80!4;!=,!69.,&!L;&,!E39%9'3%8!74&,77!4(%9!4(,0Q&,!8,4439J!;9B!4(,0!%&,!767-,'4,.!4;!9;4!';;?!4(%4!;E4,9!^34Q7!.3EE3'684!4;!';694,&%'4!$%''%7!k)*!E%L380!L,%8![!9;!';;?39JB!9;!.37(,7B!,M,&0;9,Q7!E688_R!:&;L!%!964&343;9%8!-,&7-,'43M,B!4(,!7346%43;9!37!';973.,&,.!^.3&,B!=64!69.,&74%9.%=8,_!2(38,!%!96L=,&!;E!394,&M3,2,,7!%87;!3.,943E3,.!%!J,9,&%43;9%8!8%'?!;E!?9;28,.J,!%9.!7?3887!E;&!';;?39J!%7!%!83?,80!';94&3=64;&!4;!4(,!-&;=8,LR!@9!4(37!39343%8!';97684%43;9!9;!,EE;&4!(%7!=,,9!L%.,!4;!%'46%880!4%8?!4;!$&!%9.!$&7!D%7,0B!=64!4(37!2;68.!=,!%!-&3;&340!E;&!E6&4(,&!2;&?R!!:&;L!%!D;69'38!-,&7-,'43M,B!4(,!-;773=38340!;E!%!P&,4%38!L%&?,4Q!39!D%7,0!347,8E!7,,L,.!E,%73=8,!234(!%!76JJ,743;9!4(%4!E%&L,&7Q!L%&?,47!%&,!4;;!=;643T6,B!,K-,973M,B!39%'',773=8,!E;&!L;74R!<;2,M,&B!;9,!;E!4(,!E%&L,&7!3.,943E3,.!.3EE,&,94!=60,&!=,(%M3;6&!%4!.3EE,&,94!L%&?,47!2(3'(!76JJ,747!4(%4!%!&%9J,!;E!';976L,&!%&,!6739J!4(,L!^@!9;43',!4(,!.3EE,&,9',!39!2(%4!J,47!=;6J(4!%4!.3EE,&,94!L%&?,47![!+%?,9(%L!37!L0!P-6L-?39!L%&?,4Q!=,'%67,!-,;-8,!8;;?39J!E;&!%EE;&.%=8,!74%-8,7!N!E388,&7B!2(,&,%7!D%68E3,8.!%9.!d39J74;9!%&,!L;&,!(,&=7!%9.!(3J(!M%86,!746EER_!!59;4(,&!394,&M3,2,,!=&;6J(4!;6&!%44,943;9!4;!%!)*"*!746.0!GE&;L!4(,!C3'4;&3%9!:%&L,&7!$%&?,47!577;'3%43;9I!4(%4!7-;?,!4;!"i"!'674;L,&7!;E!4(,!D%7,0F/,&23'?!E%&L,&7Q!L%&?,4R!\E!4(,LB!gm!7%3.!4(,0!';L,!4;!,M,&0!L%&?,4B!g*Y!J;!4;!%!L%&?,4!L;&,!4(%9!;9',!%!L;94(!2(3'(!L,%97!4(,0!J;!4;!;4(,&!L%&?,47!GgmY!+%?,9(%LW!"gY!+,%&',.%8,W!$;&939J4;9!,4'IR!S(,&,!37!L;&,!.,4%38,.!%9%80737!39!4(37!746.0!4(%4!76JJ,747!%!8%4,94!.,L%9.!E;&!L;&,!8;'%8!-&;.6',!;648,47!39!4(,!%&,%R!!\9,!394,&M3,2,,!3.,943E3,.!S6880Q7!39!$4!H83l%!%7!%!L;.,8!;E!%9!;648,4!4(%4!2;68.!-;4,943%880!=,!J;;.B!-&;M3.39J!(3J(!T6%8340!E&,7(!-&;.6',B!L,%4!N!=64'(,&B!.,83B!E8;2,&7!,4'![!7(;2'%739J!8;'%8!-&;.6',!=64!L%?39J!34!%88!%M%38%=8,!-,&L%9,9480!39!;9,!-8%',R!@4!7(;68.!=,!9;4,.!4(%4!4(,!D&%9=;6&9,!$%&?,47!G;9!<3J(!V4I!37!%!9,237(!,74%=837(L,94!4(%4!37!L%&?,439J!P8;'%8Q!-&;.6',!%9.!=6039J!7;L,!.3&,'480!E&;L!-&;.6',&7R!@4!(%7!%!.,83B!.&0!E;;.7!,4'!%9.!2%7!L,943;9,.!=0!%!96L=,&!;E!J&;2,&7!%7!%!-8%',!4(%4!2388!G%9.!.;,7I!=60!.3&,'480!E&;L!4(,LR!!

!

dINIZ C-1+3,!S!*$&'(!&1!F$9(<!!b,-&,7,94%43M,7!;E!E;;.!&,83,E!%J,9'3,7!,L-(%737,.!4(%4!4(,0!%&,!9;4!'6&&,9480!L,,439J!.,L%9.!E;&!,L,&J,9'0!E;;.!%9.!4(%4!34!37!39'&,%739JR!$6'(!%77374%9',!37!'6&&,9480!-&;M3.,.!39!4(,!E;&L!;E!M;6'(,&7!GD;8,7!%9.!V%E,2%0IB!234(!E;;.!-%&',87!;E4,9!=,39J!%77,L=8,.!%9.!-&;M3.,.!=0!D(6&'(,7R!c(38,!J;M,&9L,94!E69.,.!%J,9'3,7!'%9!-&;M3.,!7;L,!,L,&J,9'0!E;;.!E&;L!4(,!^=%'?F6-!'6-=;%&._!GL6,783!=%&7!%9.!;&%9J,!O63',IB!4(,&,!37!J,9,&%880!%!8%'?!;E!7-%',!%9.!E%'38343,7!4;!76--80!-,&37(%=8,!E;;.R!S(,0!7-,'3E3'%880!3.,943E3,.!69L,4!.,L%9.!E;&!';;?,.!L,%87!N!L,%8!-&;J&%L7!G=&,%?E%74B!869'(!%9.!.399,&IB!(3J(83J(439J!4(,!8%'?!;E!-8%',7!4;!7,9.!-,;-8,!2(;!O674!9,,.!7;L,4(39J!4;!,%4R!\9,!.,7'&3=,.!'3&'6L74%9',7!39!2(3'(!4(,0!-&;M3.,!$'Z;9%8.Q7!M;6'(,&7!O674!4;!J,4!7;L,4(39J!39!-,;-8,Q7!74;L%'(7!7;!4(,0!'%9!(%M,!%!67,E68!';9M,&7%43;9!%9.!-&;M3.,!&,E,&&%87IR!59!%&&%0!;E!D(6&'(!-&;J&%L7!%9.!%!9,2!

!Xi!

G76'',77E68I!V4C+!7;6-!M%9!2,&,!3.,943E3,.!%7!67,E68!%9.!-;7343M,B!=64!34!2%7!E,84!4(%4!4(,0!2,&,!%!8;9J!2%0!E&;L!L,,439J!4(,!J&;239J!9,,.R!!!584(;6J(!7;L,!7'(;;87!E,,.!?3.7!G234(!D&%9=;6&9,!c,74!+&3L%&0!=,39J!3.,943E3,.!%7!(%M39J!8,%.39J!-&;J&%L7![!39'86.39J!.;9%4,.!E;;.!E&;L!8;'%8!J&;2,&7!%9.!=6739,77,7IB!4(,&,!37!9;2(,&,!E;&!E%L383,7!4;!J,4!%EE;&.%=8,!(,%84(0!L,%87R!^$%.D%-!D%E,7_!G&69!=0!$3773;9!5674&%83%!%7!-%&4!;E!%9!,L-8;0L,94!-&;J&%LI!2,&,!&%37,.!%7!,K'3439J!L;.,87!E;&!4&%3939J!-,;-8,B!'%&39J!E;&!-,;-8,!234(!L,94%8!3889,77!%7!2,88!%7!-&;M3.39J!%EE;&.%=8,!%9.!%'',773=8,!L,%87R!\9,!394,&M3,2,,!7%3.!^4(,&,!37!%!8;4!;E!394,&,74!39!';LL69340!?34'(,97B!39'86.39J!&6L=839J7!E&;L!'(6&'(,7B!=64!34!9,M,&!T634,!(%--,97_R!!c,!2,&,!4;8.!;E!%!-&,M3;67!';LL69340!?34'(,9!39!D&%9=;6&9,!E,,.39J!"**!-,;-8,!%!93J(4!%9.!4&%3939J!c3883%L!59J8377!746.,947!%4!4(,!7%L,!43L,B!2(3'(!2%7!%--%&,9480!M,&0!76'',77E68B!69438!4(,!;9,F;EE!-;8343'%8!.;9%43;9!.&3,.!6-R!@4!2%7!%87;!,L-(%737,.!4(%4!4(,&,!^2;68.!9,,.!4;!=,!L;&,!4(%9!;9,![!34Q7!M,&0!(%&.!4;!J,4!%&;69.!(,&,B!-%&43'68%&80!9;&4(!4;!7;64(IR!!S(&,,!;4(,&!?,0!3776,7!3.,943E3,.!39!&,8%43;9!4;!E;;.!&,83,E!;&!;4(,&!E;;.!-&;J&%L7!2,&,1!• S(,!^&,%8!8%'?!;E!;8.!=6384!39E&%74&6'46&,!;64!(,&,B!4(,&,!%&,!9;!;=M3;67!-8%',7!;&!%.,T6%4,!-&,L37,7!

4;!4%?,!;M,&_W!• 5!(3J(!8,M,8!;E!';9E673;9!%=;64!&,J68%43;9!%9.!4(,!:;;.!5'4!234(!-,;-8,!=,39J!M,&0!6976&,!2(%4!'%9!

=,!.;9,!%9.!(;2!G-;4,943%880!,34(,&!3L-,.39J!%'43M340!;&!8,%.39J!4;!&37?0!;&!%''3.,94%880!388,J%8!%'43;97IW!%9.!

• S(,!3L-;&4%9',!;E!%M;3.39J!7(%L,!N!743JL%!;E!%'',7739J!E;;.![!,M,9!39!,L,&J,9'0!7346%43;97R!5J,9'3,7!&,O,'4,.!76-,&L%&?,4!M;6'(,&7!4(%4!2,&,!P=&%9.,.Q!E;;.!&,83,E!G=&3J(4!0,88;2I!=,'%67,!;E!4(,!,L=%&&%77L,94!34!2;68.!'%67,!-,;-8,!%4!4(,!'(,'?;64R!@4!2%7!3L-;&4%94!4(%4!-,;-8,!';68.!%'',77!L,%87!%9.!E;;.!234(;64!4(,3&!7346%43;9!=,39J!3.,943E3%=8,R!!

!V'(;;87!2,&,!%87;!3.,943E3,.!%7!-;4,943%880!3L-;&4%94!.374&3=643;9!-;394!E;&!E&,7(!-&;.6',!%7!-%&,947!G,M,9!4(;7,!234(;64!'%&7!;&!4&%97-;&4!%'',77I!%&,!676%880!4(,&,!423',!%!.%0R!c,!2,&,!4;8.!;E!,K37439J!39E;&L%8!9,42;&?7!2(,&,!.;9%4,.!E;;.!2%7!=,39J!L;M,.!4(&;6J(!7'(;;87!G=0!;4(,&!E%L383,7I!4;!(,8-!4(;7,!4(%4!2,&,!74&6JJ839J!234(!E;;.!%'',77R!