2<3'0'5+&*+'$%.)/01%&05 *1k8'5'+'/0./6.+,%.(%+7*0<. *0<.67//<.47*'0.*&%*5.'0.1'+?. *0<.'33%<'*+%7?.*<h*1%0+. +/.+,%.1'+?B.P%.&%1/33%0<. +,*+.?/8.*44&/*1,.+,%.)'+?./6. P%]].)'+?.+/.7%*&0.3/&%.*]/8+. +,%'&.&%7*+'/05,'4.('+,.+,%.F>. E%4*&+3%0+./6.C'5,.*0<.P'7<7'6%. ('+,.(,/3.+,%?.,*$%.4*&+0%&%<. +/.5%+.*5'<%.*.IGHH.*1&%. ('7<7'6%.4&%5%&$%.0/&+,./6.+,%'&. 1/3380'+?B.
+/.)*&+,*-%@.]8+.]%.&%'06/&1%<. ]?.+,%.-*+%(*?.5'-0*-%.'0+/. +/(0@.*0<.+,%.0%+(/&;./6.5'-05. +,*+.<'&%1+.?/8.+,&/8-,/8+.+,%. 1/3380'+?B.M,'5.5?5+%3./6. (*?6'0<'0-.5'-0*-%.5,/87<. 4&/$'<%.*.1/34&%,%05'$%. *0<.1//&<'0*+%<.%<81*+'/0*7. *0<.<'&%1+'/0*7.'06/&3*+'/0*7. 0%+(/&;.+,*+.&%7*+%5.(%77.+/. 3/+/&'5+.*+.,'-,(*?.+&*66'1. 54%%<.*0<.%75%(,%&%.'0.+,%. 0%+(/&;.+/.4%<%5+&'*05.(*7;'0-. </(0.*.+&*'7./&.5'<%(*7;B.bC/&. 3/&%.'06/&3*+'/0.$'%(.4*&+.!Bc
/&.%$%0+.7/1*+'/05@.4/55']7?.5/3%./6.+,%.4*&;. 6*1'7'+'%5.1/87<.]%.5%+.84.6/&./$%&0'-,+.1*34'0-. /&.=R.*&%*5@.4/55']7?.5/3%./6.+,%.4*&;5.3'-,+. ]%.85%<.*.7/1*+'/0.6/&.5/3%.6%5+'$*7.4&/-&*35@. (,'1,.(/87<.%01/8&*-%.$'5'+/&5.+/.+&*$%7.3/&%. +,&/8-,/8+.+,%.1/3380'+?.<8&'0-.+,%'&.5+*?.'0. )*&+,*-%B
:*&+0%&5.5,/87<.,%74.('+,. +,%.&%$'+*7'9*+'/0./6.+,%. 4*&;5B
Q>>FN`.:,*5'0-
)#L)N=L`.M,%.'34&/$%3%0+./6.+,%.4*&;. 5?5+%3.'5.-/'0-.+/.+*;%.3*0?.?%*&5.+/.*1,'%$%B. 2.5?5+%3*+'1.47*0.+,*+./8+7'0%5.(,*+.+*5;5. 0%%<.+/.]%.'347%3%0+%<.]%6/&%./+,%&5.1*0.]%. Q>>FN`.=%-'/0*7. 5+*&+%<.('77.5*$%.+,%.1'+?.3/0%?.*0<.+'3%B.>81,. *.4,*5%<.47*0.5,/87<.]%.<%$%7/4%<.]?.+,%. P*?6'0<'0:*&;5.2<$'5/&?.)/33'++%%.*6+%&.+,%.$'5'/0.47*0. )#L)N=L`.M,%.1'+?./6. Q>>FN`. '5.&*+'6'%<B.M,'5.4,*5%<.47*0.,/(%$%&.385+.]%. )*&+,*-%.,*5.3*0?.187+8&*7@. &%$'%(%<.4%&'/<'1*77?.+/.;%%4.'+.84.+/.<*+%./&.'+. ,'5+/&'1@.*0<.*&1,'+%1+8&*7l.4*&;5. 211/33/<*+'/0./6.. . ('77.]%1/3%./8+<*+%<.*0<.8085*]7%B *0<.7*0<51*4%5@.]?(*?5@.*0<. ......)&/(<5 =N)#AANLE2MQ#L`.P%.&%1/33%0<.+,*+. 1'$'1.'05+'+8+'/0*7.+&%*58&%5. )#L)N=L`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k8'&%.7/0-. +,%&%6/&%@.381,./6.+,%.]%*8+?. P%.*&%.1/01%&0.+,*+.+,%.1'+?. +%&3.4&%4*&*+'/0./6.47*00'0-.]%-'0.'33%<'*+%7?B. *0<.5'-0'6'1*01%./6.)*&+,*-%.'5. '5.0/+.8+'7'9'0-.'+5.4*&;5.5?5+%3. P%.%01/8&*-%.+,%.<%$%7/43%0+./6.48]7'1_ 0/+.3*<%.*44*&%0+B +/.+,%'&.6877%5+.<8&'0-.+,%5%. 4&'$*+%.4*&+0%&5,'45.+,*+.1*0.1/3%.+/-%+,%&. =N)#AANLE2MQ#L`.P%. 6%5+'$*75B *0<./01%.+,%.$'5'/0.47*0.'5.5%+@.<'51&%+%.4/&+'/05. 4&/4/5%.*.5?5+%3./6.(*?6'0<'0-. =N)#AANLE2MQ#L`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
C'-B.HB"
C'-B.HBK
25.4%/47%.+&*$%7.+,&/8-,. +,%.&%-'/0@.5/3%+,'0-. *5.5'347%.*5.*.6*&3%&5. 3*&;%+.1/87<.5%&$%.*5.*. 7*0<3*&;B
M,%.1'+?./6.)*&+,*-%. 5,/87<.1/05'<%&.'+5. -&/(+,.*5.5/3%+,'0-.+,*+. ,*44%05./$%&.5%$%&*7. -%0%&*+'/05B.:7*0+'0-. *.5%%<.+/<*?.3'-,+. ]%.,*&$%5+%<.]?.68+8&%. -%0%&*+'/05B
C'-B.HBZ
I"