Page 1


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

!


,%!-.%-/0".,10-2%%3

$%4."4.0

!"#$%&'()"*'+%",$%&++-%.+$#/-+.%,$%,%0*#)1%'+2+'+-)+%3(% "#/"4#/"3%(*'%5('32(4#(%(2%$"('3%)(*'$+$6%

1&203#3

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

+= B#$#3A% >>>6)"+4$+,6,'3$6,)6*1C$"('3)(*'$+$

L<)#0;&0(6<>(/?6);6$(:#3;7< O06?*;%(:#3;7< :;7;)6$(:#3;7< P*&)&706?*C L$$23)06);&< P0;<)(K6F;<7 K60F#);<7(6<>(1&''2<;%6);&<( 1206);<7(6<>(1&<3#0@6);&< :06B;<7(6<>(P6;<);<7 80)(J;3)&0C 1#06';%3(6<>(/%2$?)20# Q63*;&<A(R#E);$#3(6<>(S#B#$$#0C R*#6)0#A(1&3)2'#(6<>(/%0##< P&0)5&$;&(1&203#3 L<)#0<6);&<6$(1&203#3 R6;$&0(K6>#(R06;<;<7 T&&F;<7(R#0'3(6<>(1&<>;);&<3

(U (!V (!W (+, (++ (+V (+U (+W (., (.. (.V (.U (.W (V, (V+ (VV (VU

.= @#-.%<(*'%$"('3%)(*'$+%,-.%'+,.%3"+% 2*44%)(*'$+%.+$)'#53#(-%,-.%)"+)1%,44% $)"+.*4+.%.,3+$%,-.%3#8+$

V=

+

?+4+)3%<(*'%)"($+-%.,3+%,-.%&((1% &<%5,<#-/%$+)*'+4<%>#3"%.+&#3%('% )'+.#3%),'.

8$)#0<6);@#$CA(C&2(%6<(%6$$(,,VV(+,X(Y!V(U.!!(&0(?&?(;<(6<>(23(6)(1*#$3#6(1&$$#7#(&5(80)(9(:#3;7<(ZK&<(-(R*203A([6'(-(U?'A(Q0;A([6'(-(Y?'\

.


!,5-0./65-!1.,-/07

!,"8"-.% 0./65-!1.,-/0

1*#$3#6(1&$$#7#(&5(80)(9(:#3;7<A(16'4#0B#$$(1&$$#7#(( &5(80)3(6<>(";'4$#>&<(1&$$#7#(&5(80)(60#()*0##(&5()*#(( 3;E(1&$$#7#3()*6)('6F#(2?()*#(?0#3);7;&23(^<;@#03;)C(&5()*#(( 80)3(_&<>&<=(/&'#(B#$$HF<&B<(706>26)#3(&5()*#(1&$$#7#3( ;<%$2>#(8<;3*(`6?&&0A(a2#<);<(T$6F#A(P#)#0(:&;7A(( 8$6<(b;%F'6<(6<>(Q$&0#<%#("#$3%*()&(<6'#(6(5#B=

8$$(&5(&20(3*&0)(%&203#3(60#(%&&0>;<6)#>(6<>(>#$;@#0#>(6)( 1*#$3#6(1&$$#7#(&5(80)(9(:#3;7<=(/&'#(%&203#3(0#e2;0#()*#( 3?#%;6$;3)(0#3&20%#3(6<>(56%;$;);#3(6)(16'4#0B#$$(1&$$#7#(( &5(80)3(6<>(";'4$#>&<(1&$$#7#(&5(80)= P$#63#(%*#%F()*#(%&203#($&%6);&<(B*#<(4&&F;<7(&<$;<#= % & / 5

Q&0(<#60$C(+Y(C#603A(B#(*6@#(4##<(>#$;@#0;<7(3*&0)(%&203#3( ;<(_&<>&<()&(3)2>#<)3(50&'(6$$(&@#0()*#(B&0$>=("#(60#(F<&B<( 7$&46$$C(5&0()#6%*;<7(%&203#3()*6)(60#(32;)64$#(5&0(?#&?$#(( &5(6<C(67#A(64;$;)C(6<>(6@6;$64;$;)CG(&20(5$#E;4$#(6??0&6%*(( )&()#6%*;<7('#6<3()*6)(?#&?$#(%6<(3)2>C(B;)*(23(6)(6();'#(( )*6)(32;)3()*#'=("#(60#(6$3&(64$#()&(>#$;@#0(%&203#3(6)()*0##( 1&$$#7#3(6%0&33(_&<>&<('6F;<7(52$$(23#(&5(3?#%;6$;3)A( #3)64$;3*#>(56%;$;);#3=(/'6$$(%$633(3;c#3A(%&2?$#>(B;)*(3#%&<>( )&(<&<#(56%;$;);#3(6<>(#E%#$$#<)A(32??&0);@#()2;);&<('#6<3()*6)( C#60H&<HC#60A(B#(B#$%&'#('&0#(6<>('&0#(3)2>#<)3(;<)&(&20( 3*&0)(%&203#(6$2'<;=

! ()

0 (/ 8-

) ( ' '

$

./

"#

'

.!

%

, + ( *

+ '

&

/ ' ./ ) ( , *

'

5 ")

7 / 3 2

6

&

$

.4

+

56 +

4

0

1

* () 1 . 0 3 #

0

" 1 " % /

("

./

2

7

)

-

#

!

6

%

! ,

/

3

.

#

($

)

0

$

/

'

,

./

/

#

#

%

(0

4

.1

%

!"#$%&'()

0

./

.-

'

.3

%

$

-

(%

+

/

)

/

-

!

6

)

()

(

*

,

+

,

$

+

#

*

)

()

'

'

(

&

"

.5

&

& %

7

%

()

/

%

7 * () 2 ) 0 / "

$

'

0

.0 /

$

)

()

"

0

#

&

"

%

!

$

2

0

&

.6

)

(/

#

"

!

0

(

)

'

(.

&

-

%

*

#

.

0

.

"

()

-

"

-

&

!

+

/

,

7

"

,

-

.

#

,

$

&

$ *+

"#

*

&

#&'+"),"--

1

"#(60#(6$3&(?0&2>()&(&55#0(P&0)5&$;&(%&203#3(5&0()*&3#( %&<3;>#0;<7(6(0#B60>;<7(#>2%6);&<(;<()*#(80)3(63(B#$$(63( %&203#3(5&0()*#(C&2<7#0(%0#6);@#I3(6'&<7(23=(P$#63#(3##( ?67#(V+(5&0(#E?#0)$C()6;$&0#>(%&203#3(5&0()*&3#(67#>(!!( 6<>(&@#0=

Q&0('&0#(;<5&0'6);&<A(?$#63#(7&()&(

!

"

5

5,#/)#!

d20(&2)3)6<>;<7(;<)#0<6);&<6$(0#?2)6);&<(*63(#<64$#>(23()&( 32%%#3352$$C(>#$;@#0(&20(3*&0)(%&203#3(#$3#B*#0#(;<()*#( B&0$>=(/;<%#(d%)&4#0(+,!!A(B#(*6@#(4##<()#6%*;<7(6(*;7*$C( ?&?2$60(?&0)5&$;&(&5(%&203#3(;<()*#(K;>>$#(M63)(63(B#$$(63( &55#0;<7(3)2>#<)3()*#(&??&0)2<;)C()&(3)2>C('&<)*($&<7(%&203#3( 6%0&33(:26$(1;);#3=

V

"!"#(%$."!.-

(BBB=%*#$3#6=6%=2F]3*&0)%&203#3

1*#$3#6(1&$$#7#(( &5(80)(9(:#3;7< !U(S&*<(L3$;?(/) _&<>&<(/"!P(VS^

16'4#0B#$$(1&$$#7#(&5(80)3 P#%F*6'(b> _&<>&<(/MY(W^Q

J&B()&(7#)()&(1*#$3#6f g((TC(R06;<f(i62E*6$$(6<>(i;%)&0;6(60#()*#(( ( <#60#3)()06;<(3)6);&<3= g((TC(T23f(R*#(5&$$&B;<7(423#3(3)&?(<#60(&0(( ( 60&2<>()*#(%&$$#7#f(+A(1!,A(.UA(WXA(WWA(( ( !WYA(V.U= g((TC(R24#f(P;'$;%&A(i62E*6$$A("#3)';<3)#0(( ( &0(i;%)&0;6()24#(3)6);&<3(60#(6$$(B;)*;<(( ( B6$F;<7(>;3)6<%#= g((P60F;<7f(R*#0#(;3(<&(?60F;<7(6@6;$64$#(6)()*#(( ( 1&$$#7#(6<>(&<$C($;';)#>('#)#0#>(?60F;<7(;<(( ( )*#(<#;7*4&20;<7(3)0##)3=("*#0#(?&33;4$#(;)I3(( ( 6>@;3#>()*6)(C&2()06@#$()&()*#(%&$$#7#(4C(( ( ?24$;%()06<3?&0)=

J&B()&(7#)()&(16'4#0B#$$f g((TC(R06;<f(8()06;<(50&'(_&<>&<(T0;>7#A(( ( i;%)&0;6A(&0(T$6%F50;603(3)6);&<(B;$$()6F#(C&2()&(( ( P#%F*6'(bC#(&0(:#<'60F(J;$$(B*;%*(60#(4&)*(( ( 6??0&E;'6)#$C(!Y(';<2)#3I(B6$F(50&'()*#(( ( '6;<(P#%F*6'(b&6>(3;)#=(R*#()06;<(N&20<#C(( ( )6F#3(6??0&E;'6)#$C(!,(';<3= g((TC(T23f(R*#(5&$$&B;<7(423#3(3)&?(<#60(&0(( ( 60&2<>()*#(%&$$#7#f(!+A(.YA(.UA(V.UA(!X!= g((TC(R24#f(R*#(5&$$&B;<7(2<>#070&2<>(3)6);&<3(( ( B;$$(40;<7(C&2(B;)*;<(#63C(0#6%*(&5(( ( ( 16'4#0B#$$=(M$#?*6<)(9(163)$#f()*#<(T23(!+(( ( &0(!X!A(h#B(10&33(O6)#f(T23(.U(&0(!X!A(( ( d@6$f()*#<(T23(.U(&0(V.UA(i62E*6$$f()*#<(( ( T23(.U]V.U g((P60F;<7f(1200#<)$C()*#0#(60#(<&(?60F;<7(( ( 0#3)0;%);&<3(&<()*#(0#3;>#<);6$(3)0##)3(<#60(( ( 4&)*(%&$$#7#(3;)#3=

Q&0('&0#(;<5&0'6);&<A(?$#63#(7&()&(

";'4$#>&<(1&$$#7#(&5(80) K#0)&<(J6$$(b> _&<>&<(/"![(.a8

%

(BBB=%*#$3#6=6%=2F]3*&0)%&203#3]$&%6);&<3

J&B()&(7#)()&(";'4$#>&<f g((TC(R06;<f(";'4$#>&<('6;<$;<#(3)6);&<(;3(( ( 3#0@#>(4C(&@#0$6<>()06;<3(50&'("6)#0$&&A(( ( _&<>&<(T0;>7#(6<>(10&C>&<=(R*#(%&$$#7#(( ( ;3(6??0&E;'6)#$C(!Y(';<2)#3(B6$F= g((TC(T23f(Q0&'(";'4$#>&<('6;<$;<#(3)6);&<(( ( %6)%*(!U.(&0(!UV()&B60>3(K&0>#<(6<>(( ( 6$;7*)(6)(h#$3&<(J&3?;)6$(&<(`;<73)&<(b&6>= g((TC(R24#f(";'4$#>&<(/)6);&<(Z:;3)0;%)(_;<#\A(( (((((/&2)*(";'4$#>&<(Zh&0)*#0<(_;<#\ g((TC(R06'f(:;0#%)(50&'(10&C>&<()&(";'4$#>&<(( ((((('6;<$;<#(3)6);&<=(:2<>&<6$>(b&6>(;3()*#(( ( <#60#3)(3)&?()&()*#(1&$$#7#= g((P60F;<7f(K#)#0(?60F;<7(;3(6@6;$64$#(;<()*#(( ( 0&6>3(60&2<>(K#0)&<(J6$$(b&6>=

Y


L<)#0;&0(6<>(/?6);6$(:#3;7<(P6)*B6C3j

L<)#0;&0 :#%&06);&<

L<)0&>2%);&<( )&(L<)#0;&0 :#%&06);&<(6<>(( :#3;7<

L<)#0;&0( :#3;7<(K&>2$#(d<#

14."81%8-946 0:9.19#-6"01;4

L<)#0;&0(( :#%&06);&<(;<( P06%);%#

L<)#0;&0(( :#3;7<(K&>2$#RB&

L<)#0;&0(( :#3;7<(K&>2$#(R*0##

Q2)20#(P&33;4;$;)#3

L<)#0;&0(:#3;7<(( K&>2$#(d<# P60)(d<#(6<>(P60)(RB&

/#@#06$(&5(&20(?0#@;&23(3)2>#<)3( *6@#(7&<#(&<()&(3#)(2?()*#;0(&B<( 423;<#33#3A(76;<#>(50##$6<%#(6<>( ;<(*&23#(67#<%C(B&0F(&0('&@#>( &<()&(>#70##($#@#$(3)2>C=

RdPH^P(Dd^b(/`L__/("LRJ(RJM/M(1d^b/M/

:b8"LhO R#%*<;%6$(:06B;<7(( 5&0(L<)#0;&0(:#3;7<

80%*;)#%)206$(:06B;<7(( 5&0(:#3;7<#03 PbdQM//Ldh8_(:MiM_dPKMhR

18:(Z1dKP^RMb(8L:M:(:M/LOh\ i#%)&0B&0F3

L<)0&>2%);&<()&(82)&18:

.:/(K6EH.:(K&>#$;<7

L<)0&>2%);&<()&(/F#)%*^? .:/(K6E(( _;7*);<7(6<>(b#<>#0;<7

U

1&<)#'?&060C(80%*;)#%)20#(6<>( L<)#0;&0(:#3;7<(;<(_&<>&< L<)#0;&03(B;)*(/)C$#

Q0##*6<>(P#03?#%);@#( :06B;<7(5&0(:#3;7<#03

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

"*#)*#0(C&2(60#($&&F;<7()&(%*6<7#(%60##0(6<>(#<)#0()*#( #E%;);<7(B&0$>(&5(L<)#0;&0(6<>(/?6);6$(:#3;7<A(&0(C&2(60#( 6$0#6>C(?06%);3;<7(6<>(B;3*()&()&?(2?(C&20(3F;$$3A(B#(B;$$(*6@#( B*6)(C&2(<##>= 1&0#(1&203#3 R*0&27*(#E?#0)()2;);&<(50&'($#6>;<7(L<)#0;&0(:#3;7<#03(6<>( :#%&06)&03A(B#(&55#0(6(32;)#(&5('&>2$60A(%&0#(%&203#3()*6)( )6F#(;<)&(6%%&2<)(@60C;<7($#@#$3(&5(64;$;)C(6<>(#E?#0;#<%#=(( (

JL/RdbD J;3)&0C(&5(80%*;)#%)20#(( 6<>(L<)#0;&0(:#3;7<

L<)#0;&0(:#3;7<(6<>(L<)#0;&0(:#%&06);&<(3*&0)(%&203#3(60#(( )B&(&5()*#('&3)(?&?2$60(60#63(B#(60#(F<&B<(5&0=(d20($&<7H 3)6<>;<7(#E?#0;#<%#(;<()*;3(5;#$>(*63(3##<(1*#$3#6(1&$$#7#(( &5(80)(9(:#3;7<(#E?6<>(;)3(3*&0)(%&203#(?&0)5&$;&(3)#6>;$C( 6<>(B#(0#72$60$C(B#$%&'#(3)2>#<)3(B*&()06@#$(50&'(6$$(&@#0( )*#(B&0$>()&(3)2>C=

L<)0&()&(T23;<#33(K6<67#'#<)(( 5&0(L<)#0;&0(:#3;7<#03

_;7*);<7(5&0(( b#3;>#<);6$(L<)#0;&03

1&$&20(5&0(( L<)#0;&0(:#3;7<

K&>#$(K6F;<7( 5&0(:#3;7<#03

L<)0&>2%);&<()&(( Q20<;)20#(:#3;7<

:#3;7<;<7(T#3?&F#(( Q;))#>(Q20<;)20#

`;)%*#<(6<>(T6)*0&&'(( P$6<<;<7(6<>(:#3;7<

L<)0&>2%);&<()&(_6<>3%6?#(( 80%*;)#%)20#

R*#3#(%&0#(%&203#3(6$$&B(6(3'&&)*(6<>(32??&0)#>( ?0&70#33;&<()*0&27*()*#'A(B*;%*(B;$$(60'(3)2>#<)3(B;)*(6$$(( )*#(?06%);%6$(3F;$$3(6<>(F<&B$#>7#()*#C(<##>()&(B&0F(;<(( )*#;0(%*&3#<(;<)#0;&03(;<>23)0C=( R*#(?6)*B6C3(&??&3;)#(3*&B()*#(@60;&23(0&2)#3(C&2(%6<(5&$$&B=( jP$#63#(<&)#()*6)()*#3#(60#(3277#3)#>(0&2)#3(&<$C(6<>(B#(60#(*6??C()&(>;3%233(C&20(?#03&<6$( >#@#$&?'#<)(<##>3A(;>#<);5C(B*;%*(#<)0C(?&;<)(B&2$>(4#(4#3)(5&0(C&2(6<>('6F#()6;$&0#>(%&203#( 3277#3);&<3(6%%&0>;<7$C=(P$#63#(%&<)6%)(%%B3*&0)%&203#3k60)3=6%=2FA(%6$$(,,VV(+,X(Y!V(U.!!(( &0(@;3;)()*#(/*&0)(1&203#(d55;%#(6)(1*#$3#6(1&$$#7#(&5(80)(9(:#3;7<=

^046<(O60>#<(:#3;7<

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];<)#0;&0H6<>H3?6);6$H>#3;7<

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];<)#0;&0H6<>H3?6);6$H>#3;7<

X


$%8" $%/80"0 L<)#0;&0(:#3;7<(-(K&>2$#(d<#

L<)#0;&0(:#%&06);&<

"#I$$(72;>#(C&2()*0&27*(463;%(>06B;<7( 6<>(?0#3#<)6);&<()#%*<;e2#3A(6<>(;<)0&>2%#(C&2( )&()*0##H>;'#<3;&<6$()*;<F;<7(6<>(6<6$C3;3A(@;6( $#%)20#3A(B&0F3*&?3(6<>(>#'&<3)06);&<3=(D&2I$$( %&'?$#)#(6(>#3;7<(?0&N#%)A(>#@#$&?(?06%);%6$( 3F;$$3(6<>($#6@#(B;)*()*#(%&<5;>#<%#()&(B&0F(&<(( 6(>#3;7<(3%*#'#(6$&<#=(85)#0(%&'?$#);<7()*;3( %&203#A(C&2(%6<(23#(K&>2$#3(RB&(6<>(R*0##(63( 520)*#0(3)#?3()&B60>3(?2032;<7(C&20(%60##0(&0( 6??$C;<7(5&0(52$$H);'#(%&203#3= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l!U[Y

Q&0()*&3#(;<)#0#3)#>(;<(2<>#03)6<>;<7()*#( >#%&06);&<(?0&%#33A(3)2>C;<7(6<(L<)#0;&0(:#3;7<( '&>2$#(&0(5&$$&B;<7(6(%60##0(;<(;<)#0;&0(>#%&06);&<=( ( _#60<()&(%0#6)#(%&<%#?)(4&60>3A(?$6<3(6<>( #$#@6);&<3()&(3%6$#A(6<3B#0(6(>&'#3);%(?0&N#%)( 40;#5(4C(>#3;7<;<7(6(0&&'(-(6<>(?60);%;?6)#(;<(6( 70&2?(%0;);e2#(B*#0#(C&2I$$(*&<#(C&20(?0#3#<)6);&<( 3F;$$3=(D&2I$$($#6@#(B;)*(F<&B$#>7#(&5(?$6<<;<7A( )*#(463;%(3%6$#(>06B;<7(&5(?$6<3(6<>(#$#@6);&<3A( 63(B#$$(63(%&$&20A('6)#0;6$3(6<>(5;<;3*#3= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l!U[Y

L<)#0;&0(:#3;7<(-(K&>2$#(RB&

L<)#0;&0(:#%&06);&<(;<(P06%);%#

D&2('6C(*6@#(%&'?$#)#>(K&>2$#(d<#(&0(4#(6)(( 6<(#e2;@6$#<)($#@#$=(M;)*#0(B6CA(C&2I$$(*&<#(C&20( 6<6$C);%6$(3F;$$3(6<>(>#@#$&?(6(?#03&<6$(>#3;7<( '#)*&>&$&7C(B*;$#(3)2>C;<7(>#3;7<(0#5#0#<%#3A( ;'?0&@;<7(C&20()#%*<;%6$(>06B;<7(6<>(56%;<7()*#( %*6$$#<7#3(&5(>#3;7<;<7(5&0()*#(%&''#0%;6$( #<@;0&<'#<)=(D&2I$$($#6@#(64$#()&(B&0F($&7;%6$$C( )*0&27*()*#(>#3;7<(?0&%#33()&()*#(>#3;7<H3%*#'#( 3)67#A(6<>(?0#3#<)(C&20(B&0F(?0&5#33;&<6$$C=( D&2I$$(6$3&(*6@#(%&'?$#)#>(6(%&''#0%;6$(?0&N#%)=( ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(l!U[Y

Q&0()*&3#(B*&I@#()6F#<(6<(L<)#0;&0(:#3;7<(( %&203#(6<>(B6<)()&(>#@#$&?(2<>#03)6<>;<7(&5(( )*#(>#%&06);&<(?0&%#33(5&0(>&'#3);%(;<)#0;&03= ( 1&'?$#)#(6($;@#(?0&N#%)(50&'(3;)#(320@#C()&( 0#6$;36);&<=(D&2I$$(?0&>2%#(?$6<3A($6C&2)3(6<>( #$#@6);&<3(6$&<7(B;)*(3%6$#(>06B;<73A(%0#6)#(6( >#%&06);&<(3%*#'#(B;)*(6('&&>(4&60>(6<>(#E?$&0#( 3&5)(520<;3*;<73(6<>(5;<;3*#3=(D&2I$$($#6@#(5##$;<7( %&<5;>#<)(6<>(#<#07;3#>(0#6>C()&(6>>0#33(C&20( <#E)(?0&N#%)= ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(l!U[Y

L<)#0;&0(:#3;7<(-(K&>2$#(R*0##

L<)0&>2%);&<()&(L<)#0;&0(:#%&06);&<(6<>(:#3;7<

D&2('6C(*6@#(%&'?$#)#>(K&>2$#3(d<#(6<>(( RB&(&0(4#(6<(;<)#0<6);&<6$(3)2>#<)(;<)#0#3)#>(;<( ?06%);3;<7(;<()*#(^`=(^3;<7(6($;@#(?0&N#%)(&0(6<( ;'67;<60C(&<#A(C&2I$$(3*60?#<(C&20(>06B;<7A( ?0#3#<)6);&<A('&>#$H'6F;<7(6<>(6<6$C);%6$(3F;$$3A( 6<>(0#%#;@#(6>@;%#(&<(%600C;<7(&2)(633;7<'#<)3=( TC()*#(#<>A(C&2I$$(F<&B(*&B()&(3#)(2?(6(>#3;7<( ?06%);%#A()6F#(6(?0&N#%)(%&<5;>#<)$C(50&'(40;#5(( )&(6??&;<);<7(6(42;$>#0A(6<>($&&F(5&0(6(N&4= ( _#@#$(-(L<)#0'#>;6)#]8>@6<%#> ( P0;%#(-(l!X[Y

Q&0(6<C&<#(?633;&<6)#(64&2)(;<)#0;&0(>#3;7<( B*&I3(>06B<()&(;<)#0;&0(3)C$#('676c;<#3=( ( :20;<7(6(3#0;#3(&5(B&0F3*&?3A(C&2I$$($#60<( *&B()&(?$6<(6(>&'#3);%(3?6%#()&(3%6$#=(D&2I$$( ?0&>2%#(>06B;<73A('&&>4&60>3(6<>(%&$&20( ?6$#))#3A(>;3%&@#0;<7()*#(463;%3(&5(3&5)(520<;3*;<73A( *60>(5;<;3*#3(6<>(3)C$#=(D&2I$$($#6@#(64$#()&(%0#6)#( 6(>#3;7<(3%*#'#(5&0(6(>&'#3);%(3?6%#()*6)(B&0F3( @;326$$C(6<>(?06%);%6$$CA(B;)*(6<(2<>#03)6<>;<7(( &5()*#(;<)#0;&0(>#%&06);&<]>#3;7<(?0&%#33= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lUY,

W

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

L<)#0;&0(:#3;7<(K&>2$#(d<#(-(P60)(d<# P60)(d<#(B;$$(60'(C&2(B;)*()*#(4#7;<<;<73(&5(6( 06<7#(&5(>#3;7<H0#$6)#>(3F;$$3=(8<>(C&2I$$(*6@#( 42;$)()*#(%&<5;>#<%#()&(3)60)(6??$C;<7(C&20(3F;$$3( )&(C&20(&B<(>&'#3);%(>#3;7<(3%*#'#= ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(lUY, L<)#0;&0(:#3;7<(K&>2$#(d<#(-(P60)(RB& T2;$>;<7(&<(P60)(d<#A(C&2I$$(>#@#$&?(C&20( F<&B$#>7#(6<>(6(<2'4#0(&5(<#B(3F;$$3=(D&2I$$( $#6@#(B;)*(6(?&0)5&$;&(C&2(%6<(3*&B(52)20#(%$;#<)3( 6<>('6C(?0&70#33()&(K&>2$#3(RB&(6<>(R*0##= ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(lUY,

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];<)#0;&0H6<>H3?6);6$H>#3;7<

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];<)#0;&0H6<>H3?6);6$H>#3;7<

[


:8%<"001%49# 6"="#%:&"4. L<)0&>2%);&<()&(T23;<#33(K6<67#'#<)(5&0( L<)#0;&0(:#3;7<#03 ";$$(32;)(?0&5#33;&<6$(&0(?&)#<);6$(;<)#0;&0( >#3;7<#03(F##<()&(76$@6<;3#()*#;0(423;<#33#3( )*0&27*('60F#);<7(6<>('6<67#'#<)=(O0&B( %&<5;>#<%#(;<(%*607;<7(5&0(%0#6);@#();'#A( '6<67;<7(?0&N#%)3(6<>(56%;<7()*#(%$;#<)(63(( 6(>#3;7<#0= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l+[Y _;7*);<7(5&0(b#3;>#<);6$(L<)#0;&03 _#60<(*&B()&(23#(<6)206$(6<>(60);5;%;6$($;7*);<7(( ;<(;<)#0;&03(6<>(3?#6F()&(%&<)06%)&03(6<>(%$;#<)3( B;)*(%&<5;>#<%#=(Q&0(>#3;7<(?0&5#33;&<6$3A(&0( 3)2>#<)3(F##<()&(>#3;7<(6($;7*);<7(3%*#'#= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.Y, L<)0&>2%);&<()&(Q20<;)20#(:#3;7< L>#6$(5&0(>#3;7<(?0&5#33;&<6$3(F##<()&(6>>(3F;$$3( 6<>(4#7;<<#03(B;)*(463;%()#%*<;%6$(>06B;<7(3F;$$3( 6<>(>#3;7<(?0;<%;?$#3(F<&B$#>7#=(D&2I$$($#60<( 64&2)()*#(?0&%#33#3A('6)#0;6$3(6<>(5;<;3*#3(6<>( $#6@#(64$#()&(>#3;7<(3;'?$#(50##3)6<>;<7( 520<;)20#(C&203#$5= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(l.[Y

K&>#$(K6F;<7(5&0(:#3;7<#03

1&$&20(5&0(L<)#0;&0(:#3;7<

:#@#$&?(C&20('&>#$('6F;<7(3F;$$3()&(%&''2<;%6)#(

"6<)()&(>#@#$&?(C&20(%&$&20(6B60#<#33(6<>( F<&B$#>7#A(';E();<)3A(3*6>#3(6<>()&<#3(-(6<>( %0#6)#(6(%&$&20(?6$#))#n(D&2I$$($#6@#(B;)*(6$$( )*#3#(3F;$$3A(6<>(6(70#6)#0(2<>#03)6<>;<7(&5( %&$&20H)*#&0C(%&<%#?)3= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.Y,

;>#63()*0&27*(.:(6<>($#6@#(B;)*()*#(64;$;)C()&( '6F#('&>#$3(&5(e26$;)C=(P#05#%)(5&0(;<)#0;&0( >#3;7<#03A(60%*;)#%)3A(6<>(60)(6<>(>#3;7<(3)2>#<)3= (

_#@#$(-(L<)#0'#>;6)#

(

P0;%#(-(lY+Y

:#3;7<;<7(T#3?&F#(Q;))#>(Q20<;)20# L<)0&>2%);&<()&(_6<>3%6?#(80%*;)#%)20# L>#6$(5&0(>#3;7<(?0&5#33;&<6$3(#67#0()&(6>>(3F;$$3A( 6<>(4#7;<<#03(;<)#0#3)#>(;<(>#3;7<;<7(2<;e2#( 520<;)20#=(_#6@#(64$#()&(%&''2<;%6)#(C&20(>#3;7<3( 3&()*6)(C&2(%6<(42;$>(?;#%#3()&(C&20(3?#%;5;%6);&<= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# h#Bm ( P0;%#(-(lVVY `;)%*#<(6<>(T6)*0&&'(P$6<<;<7(6<>(:#3;7< P#05#%)(5&0(?06%);3;<7(;<)#0;&0(>#3;7<#03A(60%*;)#%)3( 6<>(?0&?#0)C(>#@#$&?#03A(6<>(6<C&<#(;<)#0#3)#>(;<( ;<@#3);76);<7(<#B(;>#63(5&0()*#;0(*&'#=(_#6@#(64$#( )&()06<3$6)#(%$;#<)3I(40;#53(;<)&(5#63;4$#(>#3;7<( ?0&?&36$3(5&0(F;)%*#<3(6<>(46)*0&&'3= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(l.[Y(

!,

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];<)#0;&0H6<>H3?6);6$H>#3;7<

:&;<7(2?(D&20(J&'#( R*#(?#05#%)()63)#0(5&0(6<C&<#()*;<F;<7(&5(3)2>C;<7( )&(4#%&'#(6($6<>3%6?#(60%*;)#%)A(&)*#0(;<)#0#3)#>( 3)2>#<)3(6<>(>#3;7<(?0&5#33;&<6$3=(D&2I$$(B&0F( &<(C&20(&B<(>#3;7<(?0&N#%)(6<>(@;3;)(3&'#(<&)64$#( _&<>&<($6<>3%6?#(3?6%#3= ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(lVVY

P$6<(6<(;<)#0;&0(>#3;7<(?0&N#%)(6<>(>#@#$&?(C&20( 2<>#03)6<>;<7(&5()*#(0#5204(?0&%#33=(L>#6$(5&0( ?0&?#0)C(&B<#03(&0(>#@#$&?#03(F##<()&(6>>(@6$2#( )&()*#;0(?0&?#0)C(6<>(76;<(%&<5;>#<%#(;<(>#6$;<7( B;)*()06>#3?#&?$#]?$6<<#03= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l+[Y

^046<(O60>#<(:#3;7< J6@#(6<(;'?0&@#'#<)(&0(0#>#3;7<(?0&N#%)(;<( ';<>n(_#60<(*&B()&(%0#6)#(6(%&<%#?)(?$6<A( ;<%$2>;<7(;>#63(5&0(*60>(6<>(3&5)($6<>3%6?;<7A(( 6(3;)#(320@#C(6<>(6<(&2)$;<#H?$6<);<7(?$6<=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lVVY

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];<)#0;&0H6<>H3?6);6$H>#3;7<

!!


,10.%85

689!14;

$%&:/."8 916"6-6"01;4

14."81%8-6"01;4-0,%8.$%/80"0-14-.,"-&166#"-"90.

J;3)&0C(&5(80%*;)#%)20#(6<>(L<)#0;&0(:#3;7<

R#%*<;%6$(:06B;<7(5&0(L<)#0;&0(:#3;7<

i#%)&0B&0F3

R*#(%*6<%#()&(#E?#0;#<%#(_&<>&<I3(&4N#%)3A( 42;$>;<73A(;<)#0;&03(6<>(60)B&0F3()*0&27*(<#B( #C#3(-(6<>(76;<(6(2<;e2#(2<>#03)6<>;<7(&5()*#( *;3)&0C(&5(60%*;)#%)20#(6<>(;<)#0;&0(>#3;7<=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lVVY

:#@#$&?(;<H>#?)*(2<>#03)6<>;<7(&5()*#(?0&%#33#3( 6<>(3?6);6$(%&<3;>#06);&<3(;<@&$@#>(;<(?0&>2%;<7( ;<)#0;&0(>#3;7<(>06B;<73=(L>#6$(5&0(42>>;<7( ;<)#0;&0(>#3;7<#03(6<>(6(7&&>(3)60);<7(?&;<)(;5(C&2( B6<)()&(?0&70#33(&<()&(23;<7(18:(?0&706''#3= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.[Y

d<#(5&0(3)2>#<)3A(&0(?0&5#33;&<6$3(B&0F;<7(( ;<(>#3;7<H463#>(?06%);%#(-()627*)(&<(6(K6%=(( _#6@#(B;)*(6(3&$;>(70&2<>;<7(;<(i#%)&0B&0F3A( *6@;<7(?0&>2%#>(>;7;)6$(;'67#3(;<%$2>;<7(?$6<3A( #$#@6);&<3A(3#%);&<3(6<>(?#03?#%);@#(@;#B3=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lYY,

80%*;)#%)206$(:06B;<7(5&0(:#3;7<#03

L<)0&>2%);&<()&(/F#)%*^?

8$3&(5&0(?0&3?#%);@#]%200#<)(3)2>#<)3A(( 60%*;)#%)3(&0()*&3#(0#5204;3*;<7(?0&?#0);#3=(( 8(%*6<%#()&(?0&>2%#(C&20(&B<(#E6'?$#3A( ;<%$2>;<7(?$6<3A(3#%);&<3(6<>(#$#@6);&<3A(( 6<>(23#('63)#0(>065);<7(#e2;?'#<)= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(l.Y,

Q&0(>#3;7<(?0&5#33;&<6$3(B*&(B6<)()&('6F#( 6%%206)#(.:('&>#$3(&0(@;326$;3#(3?6%#(&<(6( %&'?2)#0A(6<>(6<C&<#(B*&(%0#6)#3(706?*;%3(5&0( ?0#3#<)6);&<3=(D&2I$$(?0&>2%#(6%%206)#('&>#$3A( 3)0;F;<7(706?*;%3(6<>(6(3#0;#3(&5(>;7;)6$(;'67#3=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.+Y

D+%,'+%.+4#/"3+.%3(%&+%3,1#-/%(*'%E-3+'#('%,-.%?5,3#,4%F+$#/-% $"('3%)(*'$+$%3(%(*'%$3*.+-3$%&,$+.%#-%3"+%G#..4+%7,$36%H44% (*'%)(*'$+$%,'+%3,*/"3%3(%3"+%+:,)3%$,8+%$3,-.,'.%,$%#-%3"+% IJ%&<%(*'%K(-.(-L&,$+.%3*3('$=%,44%(2%>"(8%,'+%5',)3#)#-/% #-.*$3'<%5'(2+$$#(-,4$6%M*'%2()*$+.%5('32(4#(%(2%$"('3% )(*'$+$%,'+%)*''+-34<%3,*/"3%#-%F*&,#%,-.%5'(9#.+%,44%3"+% 5',)3#),4%$1#44$%,-.%1-(>4+./+%-++.+.%3(%5*'$*+%,%),'++'%% #-%E-3+'#('%F+$#/-=%3(5%*5%+:#$3#-/%$1#44$%('%3'<%$(8+3"#-/% )(854+3+4<%-+>6

Q0##*6<>(P#03?#%);@#(:06B;<7(5&0(:#3;7<#03

.:/(K6EH.:(K&>#$;<7(

Q&0(6<C&<#(<#B()&(>06B;<7A(?#0*6?3(B*&I3( '6;<$C(B&0F#>(&<(6(%&'?2)#0A(6<>()*&3#(B;)*( 3&'#(56';$;60;)C($&&F;<7(5&0(6('&0#(;<)#<3;@#( #E?#0;#<%#=(D&2I$$(?0&>2%#(3F#)%*#3(&5(C&20( ;>#63(6<>(#E?$&0#(0#<>#0;<7()#%*<;e2#3= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(l.Y,

Q&0()*&3#(;<)#0#3)#>(;<(%&''2<;%6);<7(;<(6(0#6$H );'#(.:(#<@;0&<'#<)=(D&2I$$('6F#('&>#$3('&0#( ?*&)&0#6$;3);%A(>#3;7<(.:(#<@;0&<'#<)3(B;)*( 0#6$;3);%($;7*);<7(6<>($#6@#(%6?64$#(&5(.:('&>#$$;<7=( ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lU.,

1&<)#'?&060C(80%*;)#%)20#( 6<>(L<)#0;&0(:#3;7<(;<(_&<>&< 8(%&203#(64&2)()*#(0#%#<)(*;3)&0C(&5(_&<>&<I3( 42;$)(#<@;0&<'#<)(5&0(6<C&<#(B;)*(6<(;<)#0#3)=( T2;$>(C&20(F<&B$#>7#(&5()*#(324N#%)(6<>($#60<( 64&2)(F#C(?0&N#%)3()*6)(*6@#(3*6?#>()*#(%;)C=(( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.[Y L<)#0;&03(B;)*(/)C$# T2;$>(2<>#03)6<>;<7(&5(*&B('&>#0<H>6C(;<)#0;&03( 60#(%&<3)02%)#>A(B*;$#(;<%0#63;<7(C&20(F<&B$#>7#( &5(>#3;7<(>#)6;$=(Q&0(6<C&<#(3)2>C;<7(&0(;<)#<>;<7( )&(3)2>C(L<)#0;&0(:#3;7<A(&0(F##<()&(42;$>(F<&BH $#>7#(&5(;<)#0;&0(>#3;7<(6<>(3)C$#(*;3)&0C=( ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(l.[Y

14."81%8-6"01;4-%:"4"="414;0

.:/(K6E(-(_;7*);<7(6<>(b#<>#0;<7 Q&0()*&3#(;<)#0#3)#>(;<(%&'?2)#0(706?*;%3(6<>( &)*#0(?0&5#33;&<6$3(-(#<*6<%#(C&20($;7*);<7( 6<>(0#<>#0;<7(3F;$$3=(:#@#$&?(6<(;<H>#?)*( 2<>#03)6<>;<7A(6<>($#60<()&(%0#6)#(6%%206)#( 3%#<#3(5&0(?*&)&0#6$;3);%(0#<>#03A(*;7*H0#3&$2);&<( 0#<>#03(5&0(?0;<)(6<>(*;7*He26$;)C(0#<>#03(5&0( 6<;'6);&<(B6$F)*0&27*3= ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(lU.,

H3%$+9+',4%5(#-3$%3"'(*/"(*3%3"+%<+,'=%>+%,'+%.+4#/"3+.%3(% >+4)(8+%5(3+-3#,4%#-3+'#('%.+$#/-%,-.%#-3+'#('%.+)(',3#(-% $3*.+-3$%3(%3"+%N(44+/+6%M9+'%,%)(*54+%(2%"(*'$=%9#$#3('$%>#44% "+,'%2'(8%(*'%4+,.#-/%E-3+'#('$%3*3('$%,-.%5'+9#(*$%$"('3% )(*'$+%$3*.+-3$=%>"(%,'+%(-%",-.%3(%,-$>+'%0*+$3#(-$%,-.% $",'+%+:5+'#+-)+$6%O4+,$+%1++5%,-%+<+%(-%(*'%>+&$#3+%2('% M5+-%79+-#-/%.,3+$%,-.%3#8+$6

L<)0&>2%);&<()&(82)&18: Q&0(4#7;<<#03(B*&(B6<)()&($#60<()*;3($#6>;<7(+:( 6<>(.:(18:()&&$A(?$23(;<)#0;&0(>#3;7<#03(6<>( 60%*;)#%)3=(TC()*#(%&203#I3(#<>A(C&2I$$(4#(64$#()&( ?0&>2%#(6%%206)#()#%*<;%6$(>06B;<73=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lU.,

!+

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];<)#0;&0H6<>H3?6);6$H>#3;7<

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];<)#0;&0H6<>H3?6);6$H>#3;7<

!.


O06?*;%(:#3;7<(P6)*B6C3j

O06?*;%(:#3;7<(( K&>2$#(d<#(L<)0&>2%);&<()&( O06?*;%(:#3;7<

;89:,1$-6"01;4

O06?*;%(:#3;7<( K&>2$#(RB&(-( L<)#0'#>;6)#( O06?*;%(:#3;7<

O06?*;%(:#3;7<(( K&>2$#(R*0## L<(P06%);%#

Z1&'?$;'#<)60C(O06?*;%(:#3;7<(3*&0)(%&203#3(4#$&B\

_#))#0?0#33 P*C3;%6$(( RC?&706?*C

M>;)&0;6$( :#3;7<

RC?&706?*C 6<>(82)*&03*;?

RdPH^P(Dd^b(/`L__/("LRJ(RJM/M(1d^b/M/

:LOLR8_(:M/LOh L<)0&>2%);&<()&(( :;7;)6$(:#3;7<

L$$23)06)&0(T63;%(M33#<);6$3

:;7;)6$(P&0)5&$;&( :#3;7<(5&0(10#6);@#3

L<:#3;7<(-( T63;%(M33#<);6$3

(L<:#3;7<(-( :#@#$&?;<7(D&20(/F;$$3

"&0>P0#33(-( "#43;)#3(K6>#(M63C(

P*&)&3*&?(-( T63;%(M33#<);6$3

P*&)&3*&?(:#@#$&?;<7(D&20(/F;$$3

P*&)&3*&?(5&0( "#4(:#3;7<

:0#6'B#6@#0(( "#4(:#3;7<

T2;$>;<7("#43;)#3(( ";)*(JRK_(6<>(1//

K6<67;<7( "#4(P0&N#%)3

K8b`MRLhO(8h:(1dKK^hL1RLdh /&%;6$(K#>;6f(( :;7;)6$(K60F#);<7

P0&'&);<7(D&203#$5(( 6<>(D&20(L>#63

"0;);<7(6(( :#3;7<(T0;#5

80)(:;0#%);&<

10#6);@#(R*;<F;<7

T023*(2?(D&20( O06''60

T23;<#33(/F;$$3(5&0( 10#6);@#3(

K6<67;<7(10#6);@;)C( ;<(:#3;7<

P0&&50#6>;<7(

PbLhR(K8`LhO

L<)0&>2%);&<(( )&(P0;<)'6F;<7

L__^/Rb8RLdh L<)0&>2%);&<(( )&(L$$23)06);&< 1&';%(T&&F(80)

!V

T&&F(( L$$2306);&<

:#3;7<;<7(6<> K6F;<7(T&&F3

/%0##<(P0;<);<7

P0;<)'6F;<7(d?#<( /)2>;&(-(M)%*;<7

PJdRdOb8PJD 8<;'6);&<(( "&0F3*&?

L<)0&>2%);&<( )&(P*&)&706?*C(

O#));<7()*#(K&3)(Q0&'( D&20(:;7;)6$(16'#06

P&0)06;)( P*&)&706?*C

8$)#0<6);@#(( P*&)&706?*;%(P0;<);<7

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

_607#(Q&0'6)( T$6%F(6<>("*;)#( P*&)&706?*C

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]706?*;%H>#3;7<

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

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

jP$#63#(<&)#()*6)()*#3#(60#(3277#3)#>(0&2)#3( &<$C(6<>(B#(60#(*6??C()&(>;3%233(C&20(?#03&<6$( >#@#$&?'#<)(<##>3A(;>#<);5C(B*;%*(#<)0C(?&;<)( B&2$>(4#(4#3)(5&0(C&2(6<>('6F#()6;$&0#>(%&203#( 3277#3);&<3(6%%&0>;<7$C=(( ( P$#63#(%&<)6%)(%%B3*&0)%&203#3k60)3=6%=2FA(%6$$( ,,VV(+,X(Y!V(U.!!(&0(@;3;)()*#(/*&0)(1&203#( d55;%#(6)(1*#$3#6(1&$$#7#(&5(80)(9(:#3;7<=

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]706?*;%H>#3;7<

!Y


;89:,1$-6"01;4 O06?*;%(:#3;7<(K&>2$#(d<#(-(( L<)0&>2%);&<()&(O06?*;%(:#3;7< 8<(;<)0&>2%);&<()&(@60;&23(706?*;%(>#3;7<( 3%#<60;&3(5&0(%&'?$#)#(4#7;<<#03(&0(6<C&<#( %20;&23()&($#60<('&0#= ( "#I$$(?$6%#(#'?*63;3(&<(>06B;<7(63(6('#6<3( )&(7#<#06)#(;>#63(e2;%F$C=(8<>(3#)(?0&N#%)3()*6)( )#6%*(C&2(#@#0C)*;<7(50&'($6C&2)A(3#e2#<);6$( ;'67#0C(6<>(;$$23)06);&<()&($&7&3A(406<>;<7A( )C?&706?*CA(%&$$64&06);&<(6<>(?0#3#<)6);&<=(D&2I$$(( 76;<(70#6)#0(2<>#03)6<>;<7(&5()*#(?0&%#33#3(6<>( )#%*<;e2#3(;<@&$@#>A(6<>(B&0F()&(40;#53(6<>(>#6>H $;<#3(;<>#?#<>#<)$C(6<>(%&$$64&06);@#$C= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lVVY O06?*;%(:#3;7<(K&>2$#(RB&(-(( L<)#0'#>;6)#(O06?*;%(:#3;7< 8(%&203#()&('6F#(C&2()*;<F(64&2)()*#(>#3;7<( %*&;%#3(C&2('6F#(6<>(*#$?()&(>#@#$&?(C&20(( %&0#(3F;$$3A(?#0*6?3(50&'(K&>2$#(d<#=( ( R6F;<7(0;3F3()&(>#@#$&?(6(?#03&<6$(@&;%#( 6<>(3)C$#A(C&2I$$(23#(6(06<7#(&5(%0#6);@#(&2)$#)3A( ;<%$2>;<7()C?&706?*CA(5;$'A(;$$23)06);&<(6<>( 6<;'6);&<=(D&2I$$(6$3&(%2$);@6)#(C&20(%0;);%6$(#C#( 6<>(6>>(<2'#0&23(?0&N#%)3A(B*;%*(>#'&<3)06)#( C&20(@;326$()*;<F;<7(6<>(64;$;)C()&(?0#3#<)( %&<%#?)3A()&(C&20(?&0)5&$;&=( ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(lVVY O06?*;%(:#3;7<(K&>2$#(R*0##(-(( O06?*;%(:#3;7<(L<(P06%);%# 8??$C;<7(5&0(6(706?*;%(>#3;7<(N&4(&0(5&0(?&3)H 706>26)#(3)2>C(;<(i;326$(1&''2<;%6);&<n( Me2;?(C&203#$5(B;)*()*#(3F;$$3()&(%&<5;>#<)$C( 6<3B#0(6(?0&5#33;&<6$(>#3;7<(40;#5=(:;3%&@#0( >;55#0#<)(B6C3(&5(B&0F;<7(6<>(5&0';<7(;>#63A( 23;<7(%&<%#?)3()&(;<5&0'(6<>(%0#6)#(6(@;326$( $6<7267#A(B*;$#(%&'?$#);<7(?0&N#%)3(7#60#>( )&B60>3()C?&706?*;%($&7&)C?#3A(3C'4&$3(6<>( ;>#<);)C=(85)#0()*#(%&203#A(C&2I$$(5##>(#@#0C)*;<7( C&2($#60<(;<)&(C&20(B&0FA(;<%$2>;<7(6(<2'4#0(( &5(23#52$()#%*<;e2#3(5&0(?0#3#<);<7(?0&N#%)3=( ( _#@#$(-(L<)#0'#>;6)#]8>@6<%#> ( P0;%#(-(lVVY

!U

M>;)&0;6$(:#3;7<

_#))#0?0#33(-(P*C3;%6$(RC?&706?*C

S23)(0;7*)(5&0()*&3#($&&F;<7(5&0(6(70&2<>;<7(;<( #>;)&0;6$(>#3;7<(5&0(?0;<)=(D&2I$$(N&;<)$C(?0&>2%#(( 6(3'6$$(?24$;%6);&<(-(6<>(42;$>(6<(2<>#03)6<>;<7( &5()*#(>#3;7<(?0&%#33(50&'(06B(%&<)#<)()&( ?0;<)#>('6))#0= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.[Y

8(%&203#(5&0(643&$2)#(4#7;<<#03()&(6>@6<%#>( )C?&706?*#03=(_#60<(64&2)()*#(_#))#0?0#33( ?0;<)'6F;<7(?0&%#33(6<>(;)3(0#$6);&<3*;?( B;)*()C?&706?*C(-(6<>($#6@#(B;)*(6(3#0;#3(&5( ?0;<)#>()C?&706?*;%(?;#%#3(5&0(C&20(?&0)5&$;&=(( ( _#@#$(-(8$$(B#$%&'# ( P0;%#(-(lY+Y

RC?&706?*C(6<>(82)*&03*;?

:#3;7<;<7(6<>(K6F;<7(T&&F3

L>#6$(5&0(706?*;%(>#3;7<#03(F##<()&(2<;)#( )C?&706?*;%(>#3;7<(6<>(62)*&0;<7(23;<7(6(( ?$6C52$(6<>(#E?#0;'#<)6$(*6<>3H&<(6??0&6%*=(( TC()*#(#<>(C&2I$$(*6@#(B0;))#<(6<>(>#3;7<#>(( 6(3#0;#3(&5(?&0)5&$;&HB&0)*C(?0&N#%)3=( ( _#@#$(-(L<)#0'#>;6)# h#Bm ( P0;%#(-(l.Y,

L<)#0#3)#>(;<(@;326$(60)3(6<>(#E?$&0;<7(C&20(B&0F( )*0&27*()*#(4&&F'6F;<7(?0&%#33n(:#$@#(;<)&()*#( 4&&FI3(?&33;4;$;);#3(63(6<(6$)#0<6);@#('#>;2'()&( %&''2<;%6)#(C&20(;>#63(B*;$#('6F;<7(>;55#0#<)( 4&&F3()&(32;)(C&20(?06%);%#= ( _#@#$(-(L<)#0'#>;6)# h#Bm ( P0;%#(-(l.Y,

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]706?*;%H>#3;7<

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]706?*;%H>#3;7<

!X


61;1.9# 6"01;4

61;1.9# 6"01;4 L<)0&>2%);&<()&(:;7;)6$(:#3;7<

L$$23)06)&0(-(T63;%(M33#<);6$3

K6<67;<7("#4(P0&N#%)3

:;3%&@#0()*#(%6?64;$;);#3(&5(8>&4#(P*&)&3*&?A( L$$23)06)&0(6<>(L<:#3;7<=(O6;<(6<(2<>#03)6<>;<7( &5(>#3;7<(?0;<%;?$#3A()*#(>C<6';%3(&5(%&'?&3;);&<( 6<>(%&$&20A(6<>()*#()#%*<;%6$(;332#3(60&2<>(?0;<)( 6<>(B#4(>;3)0;42);&<=(Q&0(>#3;7<(3)2>#<)3A(*&'#( 23#03(&0(?0&5#33;&<6$3=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lU.,

L>#6$(5&0()*&3#(F##<()&(2<>#03)6<>(8>&4#( L$$23)06)&0I3(F#C(5#6)20#3(6<>()*#(4#3)(B6C()&( %0#6)#(60)B&0F=(8(*6<>3H&<(%&203#(B*;%*(B;$$( 3##(C&2(76;<;<7(3F;$$3A(6<>(%0#6);<7(6('&<)67#( 5&0(0#5#0#<%#= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.+Y

Q&0(>#3;7<#03(&0(%$;#<)3(64&2)()&(3)60)(6(B#4( ?0&N#%)(&0(423;<#33=("#I$$(60'(C&2(B;)*()*#(( 3F;$$3()&('6<67#(6(B#4(?0&N#%)A(6<>(6(70#6)#0( 2<>#03)6<>;<7(&5()*#(>#3;7<#0]%$;#<)(0#$6);&<3*;?=( ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(lV+Y :;7;)6$(P&0)5&$;&(:#3;7<(5&0(10#6);@#3

:0#6'B#6@#0("#4(:#3;7< L<:#3;7<(-(T63;%(M33#<);6$3( P#05#%)(5&0(C&2(;5(C&2I0#(K6%(&0(P1(%&'?#)#<)( 6<>(B6<)()&(4#%&'#(?0&5;%;#<)(;<()*;3(?&B#052$( ?67#H$6C&2)(?0&706''#=(ME?#%)()&(?0&>2%#( @60;&23(#E6'?$#3(&5(%0#6);@#(B&0F(0#$#@6<)()&( C&20(N&4(&0(%&203#=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lV+Y

8<(6$$H0&2<>(;<)0&>2%);&<()&(B#4(>#3;7<A(23;<7( B#4(62)*&0;<7(6<>(#>;);<7(3&5)B60#()*6)(?0&@;>#3( @;326$(6<>(%&>#H$#@#$(%6?64;$;);#3(5&0(%0#6);<7( 3)6<>60>3H463#>(B#43;)#3(6<>(>#3;7<3=(Q&0( 6<C&<#(;<)#0#3)#>(;<(>#3;7<;<7(6<>(42;$>;<7( B#43;)#3=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.+Y

L<:#3;7<(-(:#@#$&?;<7(D&20(/F;$$3

T2;$>;<7("#43;)#3(";)*(JRK_(6<>(1//

Q&0(6<C&<#($&&F;<7()&(>#@#$&?()*#;0(L<:#3;7<( ?0&5;%;#<%CA(B*#)*#0(6(?0&5#33;&<6$(&0(5&$$&B;<7( &<(50&'(T63;%(M33#<);6$3=(";$$(?0&@;>#(6<(&@#0H @;#B(&5()*#(6>@6<%#>(5#6)20#3A(;<%$2>;<7()*#( %&'?$#E(T#c;#0()&&$3=( ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(lV+Y

"6<)()&(42;$>A('6<;?2$6)#(6<>('6<67#(6( ?0&5#33;&<6$(B#43;)#(23;<7(463;%(6<>(;<)#0'#>;6)#( JRK_(6<>(1//n(D&2I$$($#6@#(B;)*()*#(%&<5;>#<%#( )&(>&()*;3(50&'(3%06)%*= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lYY,

T2;$>()*#(3F;$$3(<##>#>()&(?$6<A(>#3;7<A( &076<;3#(6<>(?0&'&)#(6(>;7;)6$(?&0)5&$;&=(( L>#6$(5&0(?*&)&706?*#03A(60);3)3A(;$$23)06)&03A( 706?*;%(>#3;7<#03(6<>(&)*#03($&&F;<7()&(( ?0#3#<)(B&0F(>;7;)6$$C(&0(&<$;<#= ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(lV+Y

P*&)&3*&?(5&0("#4(:#3;7< P*&)&3*&?(-(T63;%(M33#<);6$3 _;))$#(&0(<&(P*&)&3*&?(F<&B$#>7#n("#I$$( >#'C3);5C(3&'#(&5()*#()&&$3A()#%*<;e2#3(6<>( )#0';<&$&7CA(6<>(*6@#(C&2(%0#6);<7(6<>(#>;);<7( >;7;)6$(;'67#3(5&0(6('&<)67#(C&2(%6<(23#(5&0( ;<3?;06);&<(65)#0B60>3=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lV+Y

S(>%8('+%3",-%+9+'=%3"($+%#-%8($3%)'+,3#9+%#-.*$3'#+$%*$+% $(8+%2('8%(2%.#/#3,4%5,)1,/+$6%F#/#3,4%.+$#/-%$1#44$%5'(9#.+% ,-(3"+'%8+,-$%3(%$"(>),$+=%+.#3%,-.%8,'1+3%<(*'%>('1%3(% $"(>%#3%#-%3"+%&+$3%5($$#&4+%4#/"36%

"&0>P0#33(-("#43;)#3(K6>#(M63C( P*&)&3*&?(-(:#@#$&?;<7(D&20(/F;$$3( Q&$$&B3(&<(50&'(T63;%(M33#<);6$3(-(5&0()*&3#( B;)*(6(3&2<>(7063?(6<>(2<>#03)6<>;<7(&5(4;)'6?( %*606%)#0;3);%3(6<>()*#(P*&)&3*&?(#<@;0&<'#<)=( D&2I$$(%0#6)#(%&'?$#E(%&'?&3;);&<3(23;<7()*#( ?#<A(%*6<<#$3A('63F3(6<>('&0#= ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(lV+Y

H44%3"+$+%$"('3%)(*'$+$%,'+%3,*/"3%#-%8(.+'-=%#-$5#'#-/% 2,)#4#3#+$%,-.%>+%",9+%.+4#&+',3+4<%1+53%(*'%)4,$$%$#T+$%$8,44% $(%<(*%),-%/,#-%3"+%8($3%2'(8%(*'%+:5+'3%3*3('$6 !W

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

Q&0()*&3#(F##<()&(%0#6)#()*#;0(5;03)(B#43;)#(6<>( 2?706>#()*#;0(706?*;%(>#3;7<(3F;$$3()&(;<>23)0C( 3)6<>60>=(D&2I$$(76;<()*#(%&<5;>#<%#()&(B&0F( 5$#E;4$C(B;)*(P*&)&3*&?()&&$3()&(%0#6)#(3)C$;3*( B#4(706?*;%3= ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(l.+Y

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]>;7;)6$H>#3;7<

_&&F;<7(5&0(6(50##A(&<$;<#(6??0&6%*()&(%0#6);<7( 6(B#43;)#A(B;)*&2)($#60<;<7(%&>#n("#I$$(;<)0&>2%#( C&2()&(d?#<(/&20%#(1&<)#<)(K6<67#'#<)( /C3)#'3(Z1K/\A(60';<7(C&2(B;)*(3F;$$3(6<>( F<&B$#>7#(64&2)("&0>P0#33I3(5#6)20#3=( ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(l.+Y

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]>;7;)6$H>#3;7<

![


:,%.%;89:,5 E2%3"+'+%>,$%+9+'%,%3#8+%3(%5*3%<(*'$+42%#-%3"+%5#)3*'+%% Q%#3R$%-(>U%O"(3(/',5"<%#$%,%$*&;+)3%,'+,%5,)1+.%2*44%(2%% -+>%,-.%+:)#3#-/%5"<$#),4%,-.%.#/#3,4%,.9,-)+8+-3$%,-.%% (*'%$"('3%)(*'$+$%>#44%,44(>%<(*%3(%+:54('+%3"+8%,3%<(*'% (>-%5,)+6%H4(-/%>#3"%N,8&+'>+44%N(44+/+%(2%H'3$=%3"+$+% )(*'$+$%),-%/#9+%<(*%#-$#/"32*4%$1#44$%#-%"(>%3(%*$+%<(*'% ),8+',=%,-.%.+9+4(5%<(*'%5"(3(/',5"$6 L<)0&>2%);&<()&(P*&)&706?*C L5(C&2I0#(F##<()&(>#@#$&?(6()*&0&27*(7063?(&5( ?*&)&706?*CA()*;3(&@#0@;#B(B;$$(#<64$#(C&2()&( 76;<(%&<)0&$(&5(C&20(?*&)&706?*3(6<>(2<>#03)6<>( *&B(;'67#3(60#(7#<#06)#>(;<(6(%6'#06=( ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lV+Y O#));<7()*#(K&3)(Q0&'(D&20(:;7;)6$(16'#06 Q&0()*&3#(;<)#0#3)#>(;<($#60<;<7(*&B()&()6F#( 4#))#0(?;%)20#3=(R*#(%&203#(B;$$(60'(C&2(B;)*( #<*6<%#>(2<>#03)6<>;<7(&5(6(>;7;)6$(%6'#06I3( 52<%);&<3(6<>(3#));<73A(6<>(C&2I$$($#6@#(B;)*( <2'#0&23(;'67#3= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l+[Y P&0)06;)(P*&)&706?*C 8(&<#H>6C(B&0F3*&?(5&0(6<C&<#(;<)#0#3)#>(;<( )6F;<7(?&0)06;)(?*&)&706?*3(6<>(>#@#$&?;<7()*#( 0#$#@6<)(3F;$$3=(D&2I$$($#6@#(B;)*(6(06<7#(&5( ?&0)06;)(?*&)&706?*3(0#?0#3#<);<7(>;55#0#<)( '&&>3(6<>(5##$;<73A()6F#<(;<(@60;&23($&%6);&<3=(( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l![Y 8$)#0<6);@#(P*&)&706?*C(P0;<);<7 10#6)#(6(06<7#(&5(?0;<)3(23;<7(*;3)&0;%(?0&%#33#3=( Q&0()*&3#(563%;<6)#>(B;)*(#60$C(?*&)&706?*CA(6( ?0&5#33;&<6$(3#60%*;<7(5&0(6(>;55#0#<)($&&F(&0( )*&3#(B&0F;<7(;<(&0(3)2>C;<7(%&<3#0@6);&<=( ( _#@#$(-(8$$($#@#$3(B#$%&'# ( P0;%#(-(lV+Y

+,

_607#(Q&0'6)(T$6%F(6<>("*;)#(P*&)&706?*C Q&0(6<C&<#(5##$;<7()*#($;';)6);&<3(&5('#>;2'H 5&0'6)(?*&)&706?*C=(D&2I$$($#6@#(64$#()&(23#($607#H 5&0'6)(%6'#063(6<>(5;$'A(63(B#$$(63(B;)*()*#(64;$;)C( )&(#E?&3#A(?0&%#33(6<>(?0;<)(C&20(&B<(;'67#3= ( _#@#$(-(L<)#0'#>;6)#]8>@6<%#> ( P0;%#(-(lV+Y

Q&0(K&0#(L<5&0'6);&<A(&0()&(4&&F(%&203#3A(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]?*&)&706?*C

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]?*&)&706?*C

+!


1##/0.89.1%4 E44*$3',3#(-%#$%,%$*&;+)3%,'+,%3",3%)(-3#-*+$%3(%+:)#3+%(*'% $3*.+-3$%,-.%,44(>$%3"+8%3(%+:54('+%3"+%2*-%>('4.%(2%)(8#)% &((1%,'3%,-.%&((1%#44*$3',3#(-6%% D+%(22+'%)(*'$+$%2('%,44%4+9+4$%(2%,&#4#3<%3",3%),-%/#9+%<(*% 3"+%(55('3*-#3<%3(%$8((3"4<%5'(/'+$$%2'(8%&+/#--+'%3(% #-3+'8+.#,3+%$3,/+%Q%>"+3"+'%<(*%,'+%#44*$3',3#-/%2('%4+#$*'+% ('%5'(2+$$#(-,4%'+,$(-$6 L<)0&>2%);&<()&(L$$23)06);&< Q&0(6<C&<#(B;)*(3&'#(>06B;<7(#E?#0;#<%#( ;<)#0#3)#>(;<($#60<;<7(6<>(#E?$&0;<7()*#(#33#<);6$3=( :#@#$&?(C&20(>06B;<7(3F;$$3('6F;<7(B&0F()*6)(( B;$$(3;7<;5;%6<)$C(%&<)0;42)#()&(6(?&0)5&$;&(5&0( %&203#(6??$;%6);&<3A(6<>(B*;%*(&2)$;<#3(>;@#03#( ;$$23)06);@#(40;#53= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.[Y T&&F(L$$23)06);&< Q&0()*&3#(;<)#0#3)#>(;<(;$$23)06);<7(%*;$>0#<I3 4&&F3A(4&&F(N6%F#)3(&0('676c;<#3(B*&(B6<)( )&()6F#(6(>06B;<7H463#>(%&203#=(_#6@#(B;)*(6( ?&0)5&$;&(C&2(%6<(3*&B(6(?24$;3*#0A(;<%$2>;<7(( 6(%&'?$#)#>(>2''C= ( _#@#$(-(L<)#0'#>;6)#]8>@6<%#> ( P0;%#(-(lVXY 1&';%(T&&F(80) "6<)()&('6F#(%&';%3(&0(6>>()&(?&0)5&$;&3(5&0( 5&2<>6);&<A(;$$23)06);&<(6<>(6<;'6);&<(%&203#( 6??$;%6);&<3n(_#60<(64&2)(%*606%)#0A(3%#<60;&(( 6<>(3)&0C)#$$;<7(63(C&2(>#@#$&?(C&20(;>#63(;<)&(( 6(0#3&$@#>(3)&0C(6<>(B#$$H5;<;3*#>(3#e2#<%#(( &5(;'67#3= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lVVY

++

8<;'6);&<(:06B;<7( Q&0(6<;'6);&<(3)2>#<)3(6<>(6<C&<#($&&F;<7(( )&(42;$>(?&0)5&$;&3(5&0(%&203#(6??$;%6);&<3=(( Q&%23;<7(&<()*#(#33#<);6$(;<70#>;#<)3(&5(6<;'6);&<A( C&2I$$($#6@#(B;)*(6<(#<*6<%#>(@;326$(6B60#<#33( 6<>(64;$;)C()&(0#6>(4&>C($6<7267#= ( _#@#$(-(L<)#0'#>;6)# h#Bm ( P0;%#(-(l.Y,

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];$$23)06);&<

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];$$23)06);&<

+.


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lV.Y /%0##<(P0;<);<7( 8<(;<)#<3;@#(N&20<#C()*0&27*()*#(0#B60>;<7( ?0&%#33#3(&5(*6<>(?0;<);<7(&<()&(?6?#0=(Q&0( ?06%);3;<7(60);3)3]>#3;7<#03];$$23)06)&03A(6<>( )*&3#(64&2)()&(3)60)(-(&0(B*&I@#(N23)(5;<;3*#>(-( 3)2>C;<7=(D&2I$$($#6@#(B;)*(B&0F(>#'&<3)06);<7( '6<C()#%*<;e2#3(6<>(?0&%#33#3= ( 8$$(_#@#$3("#$%&'# ( P0;%#(-(lV.Y P0;<)'6F;<7(d?#<(/)2>;&(-(M)%*;<7 T2;$>(6(4&>C(&5(B&0F(;<(&<#(&5()*#(^`I3(4#3)( ?0;<)'6F;<7(3)2>;&3A(50##()&(#E?#0;'#<)A(?0;<)(6( 3'6$$(#>;);&<(&0(3;'?$C(42;$>(2?(3F;$$3=(Q&0(60);3)3( 6<>(>#3;7<#03(B;)*(3&'#(#)%*;<7(#E?#0;#<%#=( ( _#@#$(-(L<)#0'#>;6)# h#Bm ( P0;%#(-(lV.Y _#))#0?0#33(-(P*C3;%6$(RC?&706?*C 8(%&203#(5&0(643&$2)#(4#7;<<#03()&(6>@6<%#>( )C?&706?*#03=(_#60<(64&2)()*#(_#))#0?0#33( ?0;<)'6F;<7(?0&%#33(6<>(;)3(0#$6);&<3*;?( B;)*()C?&706?*C(-(6<>($#6@#(B;)*(6(3#0;#3(&5( ?0;<)#>()C?&706?*;%(?;#%#3(5&0(C&20(?&0)5&$;&=(( ( _#@#$(-(8$$(B#$%&'# ( P0;%#(-(lY+Y

+V

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]?0;<)'6F;<7

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]?0;<)'6F;<7

+Y


&983".14;-946$%&&/41$9.1%4 D+%*-.+'$3,-.%3",3%#3%),-%&+%.#22#)*43%3(%5'(8(3+=%8,'1+3% ,-.%)(88*-#),3+%#.+,$%,-.%3,-/#&4+%5'(.*)3$%,-.%3",3R$% >",3%>+%",9+%.+9+4(5+.%3"+%2(44(>#-/%)(854#8+-3#-/%% ',-/+%(2%$"('3%)(*'$+$6%D"+3"+'%<(*%>,-3%3(%.+9+4(5%<(*'% )(5<>'#3#-/%$1#44$%2('%5'#-3%('%>+&=%+$3,&4#$"%-+>%>,<$%(2% 3"#-1#-/%)'+,3#9+4<%('%"(-+%,%.+$#/-%&'#+2%Q%>+%3"#-1%3",3%>+% ",9+%(-+%('%8('+%)(*'$+$%2('%+9+'<(-+6 T23;<#33(/F;$$3(5&0(10#6);@#3

80)(:;0#%);&<

P0&&50#6>;<7

"&0F(;<(6(%0#6);@#(5;#$>(6<>(B6<)()&(;'?0&@#(C&20( 423;<#33(3F;$$3(3&(C&2(%6<(4&&3)(0#@#<2#n(D&2I$$( $#6@#(64$#()&('60F#)(C&203#$5(6<>(*6@#(%0#6)#>(6( ?#03&<6$(6%);&<(?$6<(B;)*(C&20()2)&0=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lV+Y

L'?0&@#(C&20(%0#6);@#(3F;$$3(6<>(?&B#03(&5(( $6)#06$()*;<F;<7(B*;$#($#60<;<7()*#(?0;<%;?$#3(&5( 60)(>;0#%);&<A(%&'?$#);<7(40;#53(6<>(>#$;@#0;<7( %0#6);@#(%&<%#?)3=(Q&0()*&3#(;<('60F#);<7A( 6>@#0);3;<7A(PbA(36$#3A(406<>('6<67#'#<)A( #>;)&0;6$A(563*;&<A(>#3;7<(&0(?*&)&706?*C=( ( 8$$(_#@#$3("#$%&'# ( P0;%#(-(lV+Y

M33#<);6$(5&0(6<C&<#(%*#%F;<7(>&%2'#<)3(&<(( 6(?0&5#33;&<6$(463;3=(R*#(?0&&50#6>;<7(3F;$$3(( 6<>()#%*<;e2#3(C&2I$$($#60<(B;$$('6F#(6$$()*#( >;55#0#<%#(B*#<(;)(%&'#3()&(76;<;<7(&0($&3;<7( %0#>;4;$;)C(6)(B&0F=( ( 8$$(_#@#$3("#$%&'# ( P0;%#(-(l![Y

P0&'&);<7(D&203#$5(6<>(D&20(L>#63

T023*(2?(D&20(O06''60 R*#(%&203#(5&0(6<C&<#(B*&(?0&'&)#3(6(423;<#33] &076<;36);&<(&0(?0#3#<)3(50##$6<%#(B&0F=(_#60<( )&('6F#(C&203#$5(6))06%);@#()&(&)*#03(4C(6??$C;<7( 6(%&'4;<6);&<(&5(;<5$2#<%;<7()#%*<;e2#3(463#>( &<(3&2<>(?3C%*&$&7;%6$()*#&0;#3=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l![Y 10#6);@#(R*;<F;<7

"0;);<7(6(:#3;7<(T0;#5 _#60<(64&2)()*#(>&%2'#<)(6)()*#(*#60)(&5()*#( >#3;7<(?0&%#33A(6<>(*&B(;)(%6<(>0;@#(6(>#3;7<( ?0&N#%)I3('6<67#'#<)=(/2;)3(?0&5#33;&<6$3(;<(6$$( >;3%;?$;<#3A(;<%$2>;<7(406<>;<7A(706?*;%3A(;>#<);)CA( ?6%F67;<7(&0(B#4H0#$6)#>(60#63=( ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(l![Y

8<(;>#6$(0#50#3*#0(;5(C&2($#60<)(706''60(6($&<7( 67&(&0(<&)(e2;)#(#<&27*(B*;$#($#60<;<7(M<7$;3*(63( 6(5&0#;7<($6<7267#=(J6@;<7(0#>;3%&@#0#>()*#(02$#3A( C&2I$$(5##$('&0#(%&<5;>#<)(64&2)(N23);5C;<7(C&20( 706''6);%6$(>#%;3;&<3=(( ( 8$$(_#@#$3("#$%&'# ( P0;%#(-(l![Y /&%;6$(K#>;6f(:;7;)6$(K60F#);<7

_#60<()&()06;<(C&20(406;<()&()*;<F('&0#(%0#6);@#$C( 23;<7(@;326$A($&7;%6$(6<>(;<)2;);@#()#%*<;e2#3A( B*6)#@#0(C&20(46%F70&2<>=(";$$(#3?#%;6$$C(32;)( )*&3#(;<(>#3;7<A(406<>('6<67#'#<)A(36$#3A( '60F#);<7A(6>@#0);3;<7(&0(Pb=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l![Y K6<67;<7(10#6);@;)C(;<(:#3;7<

10#6);@#(1&?CB0;);<7 _#60<()*#()0;%F3(&5()*#(%&?CB0;)#0I3()06>#(-(( B0;)#(#55#%);@#(*#6>$;<#3A()6;$&0(%&?C()&(>;55#0#<)( 62>;#<%#3(6<>(#<%&2067#(0#6>#03()&(3);%F(B;)*( C&2=(L>#6$(;5(C&2(B&0F(;<('60F#);<7A(>#3;7<(&0( %&0?&06)#(%&''2<;%6);&<3=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lV+Y

ME?$&0#()*#(6>@6<)67#3(&5(23;<7(3&%;6$('#>;6( ?$6)5&0'3(6<>(>;7;)6$('60F#);<7(6)(B&0F=(( _#6@#(B;)*('&0#(2<>#03)6<>;<7(&5()*#(324N#%)A( 6<>(*6@;<7(>#@;3#>(6<(6%);&<(?$6<()&('6)%*(( C&20(B&0F5$&B=(/2;)3(%0#6);@#(6<>(60)3H463#>( ;<>;@;>26$3= ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(l![Y

8()B&H>6C(%&203#()&(>#@#$&?(C&20(2<>#03)6<>;<7( &5(>#3;7<('6<67#'#<)I3(0&$#(;<(%&''#0%#=(( D&2I$$($#6@#(64$#()&('6<67#(>#?60)'#<)6$( 0#$6);&<3*;?3(6<>(?0#3#<)(6<>(>#5#<>(%0#6);@#( ;>#63=(Q&0(6<C&<#('6<67;<7(%0#6);@;)C(;<(>#3;7<A( ;<%$2>;<7(>#3;7<('6<67#03=( ( 8$$(_#@#$3("#$%&'# ( P0;%#(-(l+[Y

+U

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]'60F#);<7H6<>H%&''2<;%6);&<

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]'60F#);<7H6<>H%&''2<;%6);&<

+X


$/89.14;-946$%40"8=9.1%4

21."-01>"6 $%/80"0

N*',3#-/%",$%&++-%9#+>+.%,$%,-%,'3%2('8%#-%#3R$%(>-%'#/"36%% D"+3"+'%<(*%>,-3%3(%4+,'-%"(>%3(%&'#-/%<(*'%+:"#&#3#(-% )(-)+53%3(%4#2+=%('%4+,'-%"(>%3(%5',)3#),44<%8,1+%<(*'% ,'3L>('1%4((1%,3%#3R$%&+$3%Q%>+%",9+%3"+%)(*'$+%2('%<(*6% N(-$+'9,3#(-%#$%,-%+9+'L#-)'+,$#-/4<%5(5*4,'%,'+,%,$%>+% ,55'+)#,3+%3",3%-(>%#$%3"+%3#8+%3(%5'+$+'9+%3(.,<R$%,'3%2('+9+'6

D#3"%(9+'%WXX%$"('3%)(*'$+$%3(%)"(($+%2'(8=%>+%1-(>% #3%),-%&+%",'.%3(%.+)#.+%>",3%3(%$3*.<6%79+-%#2%<(*%",9+% .+)#.+.=%#3%),-%$(8+3#8+$%&+%.#22#)*43%3(%8*$3+'%*5%3"+% )(*',/+%3(%;*$3%&((1%<(*'%54,)+%(-%,%)(*'$+6%

L<)0&>2%);&<()&(1206);<7(80)(ME*;4;);&<3

L<)0&>2%);&<()&()*#(80)(K60F#)

10#6)#(6(%&'?0#*#<3;@#(?0&?&36$(5&0(C&20(&B<( %206)&0;6$(?0&N#%)A(6<>(&076<;3#(;)=(L>#6$(;5(C&2( B6<)()&(B6<)()&(6??$C(5&0(76$$#0C(;<)#0<3*;?3A( 3)2>C(%206);<7(&0('6F#(?0&?&36$3()&(@#<2#3(;<( C&20(B&0F= ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(lVVY

_#60<(64&2)()*#(60)(B&0$>I3(3)02%)20#3(6<>( #%&<&';#3A(B*#)*#0(63(6(%&$$#%)&0A(60);3)(&0( B0;)#0A(&0()&(?2032#(6(0#$#@6<)(%60##0=(D&2I$$(( 76;<(2<>#03)6<>;<7(&5(%&<)#'?&060C(60)I3( 0#$6);@#(@6$2#A(?$23(F#C(60);3)3A('&@#'#<)3A(( ;>#63(6<>(;<3);)2);&<3= ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(l.Y,

1206);<7(1&<)#'?&060C(80)(( ZME?#0;#<%#(b#e2;0#>\ Q&0()*&3#(B;)*(6)($#63)(6(T8(&0(0#$#@6<)( e26$;5;%6);&<(;<(80)A(&0(#E?#0;#<%#(&5(?06%);3;<7( 6<>(>;3?$6C;<7(60)=(:#@#$&?(6<>(%0;);%6$$C(6>>0#33( C&20(?06%);%#A($#6@;<7(B;)*(6(5#63;4$#(?0&N#%)( ?0&?&36$()&()6F#(520)*#0= ( _#@#$(-(L<)#0'#>;6)#]8>@6<%#>( h#Bm ( P0;%#(-(lVVY

ME*;4;);&<(:#3;7<(6<>(:#$;@#0C 8(&<#H>6C(%&203#()*6)(B;$$(#<64$#(C&2()&(&076<;3#( 6<(#E*;4;);&<(50&'(3)60)()&(5;<;3*=(";$$(32;)(60);3)3A( %065)3?#&?$#(6<>(6<C&<#(#67#0()&($#60<(64&2)()*#( ?06%);%6$(3;>#(&5(#E*;4;);&<3=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l![Y 80)(J6<>$;<7(6<>(L<3)6$$6);&<

1&''2<;)C(80)(P0&N#%)(K6<67#'#<) Q&0(6<C&<#(%&<3;>#0;<7(?2));<7(&<(#E*;4;);&<3A( #@#<)3(6<>(&)*#0(%&''2<;)C(@;326$(60)3( ?0&N#%)3=(_#60<()&(>#@#$&?(C&20(?0&N#%)A(B*;$#( #<767;<7(6<>(B&0F;<7(B;)*(%&''2<;)C('#'4#03A( #3?#%;6$$C()*#(C&2<7=( ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)#( h#Bm ( P0;%#(-(lVVY

Q&0()*&3#(B&0F;<7(;<('23#2'3(6<>(76$$#0;#3(63( B#$$(63(60);3)3(6<>(3)2>#<)3=(D&2I$$($#6@#(B;)*()*#( 3F;$$3()&(*6<7(6(3'6$$(#E*;4;);&<A(?$23(6B60#<#33( &5(*&B()&(?6%FA('&@#(6<>(;<3)6$$(60)B&0F3=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.Y, L<)0&>2%);&<()&(P6?#0(1&<3#0@6);&< L<)#0#3)#>(;<($#60<;<7('&0#(64&2)()*#(( %&<3#0@6);&<(&5(?6?#0H463#>(%2$)206$(60)#56%)3n(( O6;<(;<3;7*)(;<)&(*&B()*#C(%6<(4#%&'#(>6'67#>( 6<>()*#()#%*<;e2#3(5&0(>#6$;<7(B;)*()*;3=(( D&2I$$($#6@#(B;)*(6(3'6$$(60)B&0F('&2<)#>( 6%%&0>;<7()&(?6?#0H%&<3#0@6);&<(?0&%#>20#3= ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(lV.Y

+W

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]%206);<7H6<>H%&<3#0@6);&<

!",3R$%>"<%>+R'+%54+,$+.%3(%(22+'%'+.*)+.%)($3=%'+.*)+.% )(88#38+-3%&#3+L$#T+.%)(*'$+$%3(%"+45%<(*%8,1+%*5%<(*'% 8#-.6%!"+'+R$%)+'3,#-4<%-(%'+.*)3#(-%#-%0*,4#3<%('%#-$5#',3#(-% #-%3"+$+%3,$3<%4#334+%8('$+4$%&+),*$+%+:,)34<%3"+%$,8+%3*3('$% 3+,)"%3"+8%,$%(*'%4(-/+'%$"('3%)(*'$+$6 M*'%&#3+L$#T+.%)(*'$+$%4,*-)"+.%#-%YXZZ%,-.%",9+%&++-%9+'<% 5(5*4,'%>#3"%3"($+%4((1#-/%3(%4+,'-%-+>%$1#44$%0*#)14<%('%;*$3% '+4,:%&,)1%#-3(%+.*),3#(-6%% @('%YXZY%Q%YXZW%>+%,'+%(22+'#-/%3"'++L"(*'%)(*'$+$%#-%3"+% 2(44(>#-/%$*&;+)3$A % % % % % % %

Q%H'3%[#$3('<% Q%E-3+'#('%F+)(',3#(Q%E-3+'#('%F+$#/-% Q%O,#-3#-/% Q%O"(3(/',5"<% Q%?)*453*'+% Q%D+&$#3+%F+$#/-%

M*'%?"('3%N(*'$+%3+,8%,'+%,4>,<$%(-%",-.%3(%,.9#$+%,-.% $*55('3%<(*%>#3"%,-<%0*+$3#(-$%,-.%0*+'#+$%,&(*3%)(*'$+$% Q%&+3>++-%*$%>+%",9+%8('+%3",-%Z\%<+,'$R%+:5+'#+-)+%#-% "+45#-/%$3*.+-3$%>#3"%3"+#'%)(*'$+%.+)#$#(-$6 O4+,$+%)"+)1%&#3+L$#T+.%)(*'$+%.,3+$%(-%(*'%>+&$#3+6

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]4;)#H3;c#H%&203#3

+[


:06B;<7(6<>(P6;<);<7(P6)*B6C3j

:06B;<7(6<>(P6;<);<7(-( (/)67#(d<#

:06B;<7(6<>(P6;<);<7(/)67#(RB&

:06B;<7(6<>(P6;<);<7(/)67#(R*0##(

P&0)06;)(( :06B;<7(6<>(P6;<);<7

Q0;>6C(( :06B;<7(6<>(P6;<);<7(

689!14; 946-:914.14;

/6)20>6C(( :06B;<7(6<>(P6;<);<7( :06B;<7(P6)*B6C3j

L<)0&>2%);&<()&(:06B;<7

ME?#0;'#<)6$ :06B;<7

_;5#(:06B;<7

:06B;<7( L<(R*#(1;)C RdPH^P(Dd^b(/`L__/

P6;<);<7(P6)*B6C3j 8bR(JL/RdbD

_;5#(P6;<);<7 ME?#0;'#<)6$(( P6;<);<7(

10;);%6$(R*#&0C(;<( 1&<)#'?&060C(80)( P06%);%#

R*#(J;3)&0C(&5(80)(( /)67#(d<#

L<)0&>2%);&<()&(( 80)(J;3)&0C

R*#(J;3)&0C(&5(80)(( /)67#(RB&

L<)0&>2%);&<()&(P6;<);<7 PdbRQd_Ld(PbMP8b8RLdh

.,

"6)#0%&$&20 P6;<);<7

P0#HQ&2<>6);&< P&0)5&$;&(P0#?606);&<

d;$(P6;<);<7

K6(P&0)5&$;&( P0#?606);&<

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

P&0)5&$;&(P0#?606);&<( 8)(1*#$3#6(!Wo

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]>06B;<7H6<>H?6;<);<7

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

jR*#(P6)*B6C3(&??&3;)#(3*&B()*#(@60;&23( 0&2)#3(C&2(%6<(5&$$&B=(P$#63#(<&)#()*6)()*#3#( 60#(3277#3)#>(0&2)#3(&<$C(6<>(B#(60#(*6??C( )&(>;3%233(C&20(?#03&<6$(>#@#$&?'#<)(<##>3A( ;>#<);5C(B*;%*(#<)0C(?&;<)(B&2$>(4#(4#3)(5&0(C&2( 6<>('6F#()6;$&0#>(%&203#(3277#3);&<3(6%%&0>;<7$C=( P$#63#(%&<)6%)(%%B3*&0)%&203#3k60)3=6%=2FA(%6$$( ,,VV(+,X(Y!V(U.!!(&0(@;3;)()*#(/*&0)(1&203#( d55;%#(6)(1*#$3#6(1&$$#7#(&5(80)(9(:#3;7<=

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]>06B;<7H6<>H?6;<);<7

.!


689!14; 946-:914.14;

98.-,10.%85

:06B;<7(6<>(P6;<);<7(-(/)67#(d<#(

P&0)06;)(:06B;<7(6<>(P6;<);<7

L<)0&>2%);&<()&(P6;<);<7

"6<)()&(76;<(6(70#6)#0(2<>#03)6<>;<7(&5(60)n( P#0*6?3(C&2I0#()*;<F;<7(&5(6??$C;<7(5&0(520)*#0( 3)2>Cn(:;3%&@#0(6<>(#E?$&0#(>;55#0#<)()#%*<;e2#3( 6<>(6??0&6%*#3(B*;$#(%0#6);<7(6(4&>C(&5(B&0F= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lVVY

Q&0(6<C&<#(B*&I3(>&<#(6($;))$#(?6;<);<7(6<>( >06B;<7(6<>(56<%;#3(6(?#03&<6$(?0&N#%)()&( #<*6<%#()*#;0(?&0)5&$;&A(&0(63(6<(;<)#0#3)=(( D&2I$$($#6@#(64$#()&(%0#6)#(6(?#03&<I3($;F#<#33A( *6@;<7(#<*6<%#>(C&20(?&0)06;)20#(3F;$$3= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(l.[Y

8(70#6)(3)60);<7(?&;<)(5&0(6(?&0)5&$;&(6<>]&0(;5( C&2I0#(6??$C;<7(5&0(6($&<7#0(%&203#=(D&2I$$($#6@#( B;)*(B&0F(>#'&<3)06);<7(@60;&23(?6;<);<7( )#%*<;e2#3(6<>(6??0&6%*#3A(6$&<7(B;)*()*#(3F;$$3( )&(?6;<)(;<>#?#<>#<)$C= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.[Y

:06B;<7(6<>(P6;<);<7(-(/)67#(RB& L<)0&>2%);&<()&(:06B;<7

d;$(P6;<);<7

:#@#$&?(C&20()#%*<;%6$(3F;$$3(6<>(6??0&6%*#3(( )&(>06B;<7(6<>(?6;<);<7A(63(B#$$(63(%600C;<7(&2)( ;<>#?#<>#<)(0#3#60%*(;<(6(3)02%)20#>A(32??&0);@#( #<@;0&<'#<)=(D&2I$$(42;$>(6(40&6>(6??0#%;6);&<(&5( 60)(?06%);%#(6<>(6(4&>C(&5(B&0F=( ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(lVVY

`##<()&($#60<(>06B;<7(3F;$$3A(0#6%e26;<)(C&203#$5( B;)*(+:(@;326$(#E?$&06);&<(&0(42;$>(6(?&0)5&$;&n( D&2I$$($#6@#(64$#()&(%0#6)#(%&*#0#<)(>06B;<73A( *6@;<7(#E?#0;#<%#>(6(40&6>(';E(&5('#>;6=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.Y,

T2;$>(C&20(3F;$$3(6<>(%&<5;>#<%#(;<(?6;<);<7(( B;)*(&;$3=("#I$$()*0&B($;7*)(&<()*#('6)#0;6$3(6<>( ?0&%#33#3A(6<>(C&2I$$($#6@#(B;)*(6(4&>C(&5(B&0F( 6$&<73;>#(;<%0#63#>(6B60#<#33(&5(?6;<);<7I3( >;@#03#(%&<%#?)3= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(l.[Y

:06B;<7(6<>(P6;<);<7(-(/)67#(R*0##

_;5#(:06B;<7

1&<3&$;>6)#(C&20(#E?#0;#<%#A($#60<;<7(6<>(2<>#0( 3)6<>;<7(&5(60)=(D&2I$$(#<767#(;<(;<>#?#<>#<)( ?06%);%#(32??&0)#>(4C(B&0F3*&?3(6<>(%&<)#E)26$( 3)2>;#3(6<>(F<&B('&0#(64&2)(C&20(&B<(>;0#%);&<( 6<>(;<)#0#3)3(4C()*#(#<>= ( _#@#$(-(L<)#0'#>;6)#]8>@6<%#> h#Bm ( P0;%#(-(lVVY

Q&0(4#7;<<#03A(6<>()*&3#($&&F;<7()&(?06%);3#( )*#;0(5;720#(>06B;<7(6<>]&0(6??$C(5&0(Q&2<>6);&<( &0(T8(%&203#3=(:#@#$&?(C&20(&43#0@6);&<6$(3F;$$3( ;<(6<(&?#<A(32??&0);@#(#<@;0&<'#<)(B*;$#(42;$>;<7( %&<5;>#<%#(64&2)(>06B;<7()*#(5;720#(6<>(;)3( #<@;0&<'#<)=( ( 8$$($#@#$3(B#$%&'# ( P0;%#(-(l.[Y

O0&B(70#6)#0(%&<5;>#<%#(;<(>06B;<7(6<>(?6;<);<7( )*#(*2'6<(5&0'()&(6>>(B&0F()&(C&20(?&0)5&$;&(&0( 63(6(<#B(;<)#0#3)=(D&2I$$(%0#6)#(6(4&>C(&5(B&0F( >#'&<3)06);<7(C&20(;'67;<6);@#(#E?$&06);&<(&5(( )*#(324N#%)= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(l.[Y

_;5#(P6;<);<7

Q0;>6C(:06B;<7(6<>(P6;<);<7 ME?#0;'#<)6$(:06B;<7

ME?#0;'#<)6$(P6;<);<7

Q&0(3)2>#<)3(B;)*(#<&27*(#E?#0;#<%#()&(B&0F( &<()*#;0(&B<(;<;);6);@#A($&&F;<7()&(>#@#$&?(B;)*( 72;>6<%#(50&'(6()2)&0]60);3)=(M<%&2067#>()&( %2$);@6)#(C&20(&B<(B&0F;<7('#)*&>3A(&@#0(3;E( Q0;>6C3(C&2I$$(70&B(;<(%&<5;>#<%#(6<>(;>#<);)C(( 63(6<(60);3)= ( _#@#$(-(L<)#0'#>;6)#]8>@6<%#> ( P0;%#(-(lUYY

ME?6<>(C&20()*;<F;<7(4#C&<>(>06B;<7I3( %&<@#<);&<6$()&&$3(6<>()*#()B&H>;'#<3;&<6$( ;'67#A(63(B#$$(63(;'?0&@;<7(C&20()#%*<;%6$(3F;$$3=( Q&0(?06%);3;<7(60);3)3(&0()*&3#(42;$>;<7(?&0)5&$;&3( 5&0(%&203#(6??$;%6);&<3= ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(l.Y,

/)60);<7(B;)*()*#(3);$$($;5#A(C&2I$$('&@#(e2;%F$C(&<( )&(3#$5H>;0#%)#>(B&0F(-(70&B;<7(%&<5;>#<%#(6)( 5&0';<7(;>#63(6<>(23;<7(6(06<7#(&5('6)#0;6$3()&( %0#6)#(6(?6;<);<7=(D&2I$$(<##>(3&'#(80)(6<>( :#3;7<(#E?#0;#<%#=( ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(l.Y,

/6)20>6C(:06B;<7(6<>(P6;<);<7

:06B;<7(;<()*#(1;)C

"6)#0%&$&20(P6;<);<7

Q&0(3)2>#<)3(B;)*(#<&27*(#E?#0;#<%#()&(B&0F( &<()*#;0(&B<(;<;);6);@#A($&&F;<7()&(>#@#$&?(B;)*( 72;>6<%#(50&'(6()2)&0]60);3)=(M<%&2067#>()&( %2$);@6)#(C&20(&B<(B&0F;<7('#)*&>3A(&@#0(5&20( /6)20>6C3(C&2I$$(70&B(;<(%&<5;>#<%#(6<>(;>#<);)C( 63(6<(60);3)= ( _#@#$(-(L<)#0'#>;6)#]8>@6<%#> h#Bm ( P0;%#(-(lVVY

_&&F;<7()&(76;<(%&<5;>#<%#(;<(>#?;%);<7($6<>( 6<>(%;)C3%6?#3(B;)*(463;%('6)#0;6$3n(M<*6<%#( C&20(?&0)5&$;&(&0(23#()&(3)60)(B&0F(;<(C&20(3)2>;&=( D&2I$$($#6@#(64$#()&(>06B(2046<(3%#<#3(50&'( &43#0@6);&<= ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(l.Y,

Q&0()*&3#(B*&I@#(<#@#0(?6;<)#>(4#5&0#(&0(*6@#( ?6;<)#>(6)(*&'#=(D&2I$$($#6@#(64$#()&(3)0#)%*( ?6?#0A(6??$C(%&$&20(B63*#3(6<>(23#(?6;<)()&( 40;<7(&2)()*#(52$$()06<3$2%#<)(e26$;)C(&5()*#( B6)#0%&$&20('#>;2'=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.[Y

.+

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]>06B;<7H6<>H?6;<);<7

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l.[Y R*#(J;3)&0C(&5(80)(-(/)67#(d<# R06@#$(50&'()*#(!X,,3()&()*#(80)(h&2@#62( ?#0;&>A($#60<;<7(64&2)()*#(;'?&0)6<%#(&5(&0;7;<6$( 60)B&0F(6<>(60);3);%(;<5$2#<%#(&<('&>#0<($;5#A(( &<($&%6);&<(;<(_&<>&<I3(76$$#0;#3=(L>#6$(;5(C&2I0#( %&<3;>#0;<7(520)*#0(3)2>C(&0(6(0#$6)#>(%60##0=( ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(l.[Y R*#(J;3)&0C(&5(80)(-(/)67#(RB& R06@#$(50&'()*#(3)60)(&5()*#(+,)*(%#<)20C()&()&>6CA( $#60<;<7(64&2)(&0;7;<6$('&>#0<(60)B&0F3I( ;'?&0)6<%#A(*;3)&0C(6<>(%2$)206$(%&<<#%);&<3A(6<>( #<0;%*;<7(C&20(76$$#0C(#E?#0;#<%#3=(L>#6$(;5(C&2I0#( %&<3;>#0;<7(520)*#0(3)2>C(&0(6(0#$6)#>(%60##0=( ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(l.[Y 10;);%6$(R*#&0C(;<(1&<)#'?&060C(80)(P06%);%#( Q&0(60);3)3(6<>(3)2>#<)3(F##<()&(#E?$&0#()*#( )*#&0#);%6$(63?#%)3(&5()*#;0(B&0F=(D&2I$$($#6@#( B;)*()*#(64;$;)C()&(%0;);%6$$C(>;3%233(6<>(#@6$26)#( 60)A(6<>(?$6%#(C&20(3)2>;&(?06%);%#(;<(%&<)#E)= ( _#@#$(-(L<)#0'#>;6)#( ( P0;%#(-(lVVY

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]60)H*;3)&0C

..


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lV.Y .:("&0F3*&?(:#3;7<(6<>(K6F# :;3%&@#0(6(06<7#(&5(.:H'6F;<7(?0&%#33#3A( '6)#0;6$3A('6%*;<#3(6<>()&&$3A(%0#6);<7(6)($#63)(&<#( 3'6$$H3%6$#(.:(&4N#%)=(Q&0(3)2>#<)3(&<(80)(6<>( :#3;7<(%&203#3A(&0(6<C&<#(F##<()&(7#)(%0#6);@#=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lV.Y /)&<#(160@;<7(/%2$?)20# Q&0()*&3#(;<)#0#3)#>(;<(.:(B&0F(6<>(5;7206);@#(&0( 643)06%)(3%2$?)20#=(_#60<(*&B()&('6F#(3%2$?)20#( ;<(3)&<#(6<>(?$63)#0(23;<7(6(@60;#)C(&5()&&$3()&(%2)( )*#(;<;);6$(5&0'A(B*;$#(76;<;<7(40&6>#0(F<&B$#>7#( &5()*#(324N#%)= ( _#@#$(-(T#7;<<#0( ( P0;%#(-(lV+Y /)2>;&(1#06';%3 "*#)*#0(;)I3(C&20(5;03)();'#(&0(C&2I0#(6<( #E?#0;#<%#>(%#06';%;3)A(C&2I$$(%0#6)#(%#06';%( ?;#%#3(;<(1*#$3#6I3(;'?0#33;@#(56%;$;);#3(( 6<>(2<>#03)6<>()*#(463;%(?0;<%;?$#3(4C()*#( %&203#I3(#<>= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lV.Y

.V

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]%#06';%3H6<>H3%2$?)20#

"#$>;<7(5&0(80);3)3 Q&0(60);3)3(&0(3)2>#<)3(F##<()&(#E?$&0#(B#$>;<7I3( ?&33;4;$;);#3(;<(60)=(D&2I$$($#6@#(B;)*(70#6)#0( 2<>#03)6<>;<7(&5()*#3#A(63(B#$$(63(6<(6??0#%;6);&<( &5()*#()#%*<;e2#3(;<@&$@#>=(D&2I$$(6$3&(*6@#( >#@#$&?#>(B#$>;<7(3F;$$3= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lV.Y

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]%#06';%3H6<>H3%2$?)20#

.Y


<90,1%4?-."@.1#"0-946-A"!"##"85

<90,1%4?-."@.1#"0-946-A"!"##"85 Q63*;&<(6<>(R#E);$#3(P&0)5&$;& _#60<(*&B()&(%&'?$#)#(6(563*;&<(>#3;7<(?0&N#%)A( B*;$#(42;$>;<7(6(?&0)5&$;&(&5(B&0F=(8(?#05#%)( )63)#0(5&0(6<C&<#(;<)#0#3)#>(;<()*#(324N#%)A( ;<%$2>;<7()*&3#(?$6<<;<7()&(6??$C(5&0(6%%#33A( 5&2<>6);&<(&0(>#70##(%&203#3= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# h#Bm ( P0;%#(-(l.[Y :;7;)6$(P6))#0<(:#3;7<(6<>(P0;<) L<)0&>2%#(C&203#$5()&(>;7;)6$(?0;<)#>H)#E);$#( )#%*<;e2#3(B*;$#($#60<;<7()*#(>;55#0#<%#3( 4#)B##<(8>&4#(P*&)&3*&?(6<>(L$$23)06)&0=( D&2I$$($#6@#(64$#()&(%0#6)#(?6))#0<(0#?#6)3(( 23;<7(4&)*(?0&706'3A(6<>('6C(7&(&<()&(%0#6)#( C&20(&B<(>#3;7<3= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lY+Y L<)0&>2%);&<()&(R#E);$#(P0;<)(:#3;7< _#60<(6(<#B(%065)(B*#)*#0(63(6(*&44C(&0(6(3F;$$( >;@#03;5;%6);&<(-()06<35&0';<7(C&20(&B<(>06B<(&0( 5&2<>(;'67#3=(D&2I$$($#6@#(B;)*(6(06<7#(&5(?0;<)#>( 36'?$#3(6<>(6)($#63)(&<#(?;#%#(&5(3#$5H>#3;7<#>( 6<>(?0;<)#>(B&0F= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lV.Y R#E);$#(:#3;7<(6<>(P0;<)("&0F3*&?

!"#$%#$%,%4,'/+%$*&;+)3%,'+,%3",3%)(8&#-+$%)4,$$#)%24,#'%,-.% "#/"%0*,4#3<%3+)"-#),4%+.*),3#(-6%@,$"#(-%F+$#/-%,-.% E44*$3',3#(-=%!+:3#4+%F+$#/-%,-.%O'#-3%,-.%D,445,5+'%F+$#/-%% ,'+%$(8+%(2%>",3R$%(-%(22+'%#-%3"+%'+-(>-+.%N"+4$+,%N(44+/+% (2%H'3%]%F+$#/-%$3*.#($6%_+>+44+'<%#$%,-%+:)#3#-/%,'+,%3",3% ,44(>$%<(*%3(%8,1+%,%&+$5(1+%5#+)+=%('%&(($3%+:#3#-/%$1#44$6

.U

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]563*;&<H)#E);$#3H6<>HN#B#$$#0C

8(5640;%(>#3;7<(B&0F3*&?(?#05#%)(5&0()*&3# ;<)#0#3)#>(;<(3)2>C;<7()&B60>3()#E);$#(>#3;7< %60##03=(D&2I$$(?0&>2%#(?&0)5&$;&H3)6<>60> ?0;<)#>(5640;%3(6<>(?0&>2%)3(23;<7(?0;<)0&&' 56%;$;);#3A(>#@#$&?;<7(6<(6??0#%;6);&<(&5(%&$&20A )#%*<;e2#3(6<>(>C#3= ( _#@#$(-(T#7;<<#0]L''#>;6)# ( P0;%#(-(lV.Y

R#E);$#(8%%#33&0;#3

S#B#$$#0C(-(K;E#>(K#>;6(R#%*<;e2#3

Q&0(6<C&<#(B;)*(6($&@#(&5(563*;&<(B*&(B6<)3()&( '6F#(3)6)#'#<)()#E);$#(6%%#33&0;#3(;<3?;0#>(4C( F#C(3#63&<6$()0#<>3=(10#6)#(6(?&0)5&$;&(&5(>06BH ;<73A(<#B(3F;$$3(6<>(6<(6%%#33&0C()&(4#(?0&2>(&5= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(l.[Y

Q&0(4#7;<<#03A(?&)#<);6$(3)2>#<)3(&0()*&3#(;<( ?06%);%#=(:#@#$&?(N#B#$$#0CH>#3;7<(6<>('6F;<7( 3F;$$3(63(C&2(%0#6)#(6)($#63)(&<#(?;#%#(&5(2<;e2#( N#B#$$#0C(23;<7(0#%C%$#>(6<>(5&2<>('6)#0;6$3A( ;<%$2>;<7('#)6$3A()#E);$#3A(P#03?#E(6<>(B&&>= ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(lV.Y

`<;));<7A(10&%*#)(6<>(K6%06'p /;$@#0(S#B#$$#0C Q&0(6<C&<#(;<)#0#3)#>(;<($#60<;<7(%&<3)02%)#>( )#E);$#()#%*<;e2#3A(;<%$2>;<7()*&3#($&&F;<7()&( #<*6<%#(?&0)5&$;&3(5&0(T8(&0(K8(%&203#(6??$;%6H );&<3=(L)I$$(#<64$#(C&2()&(6>>(;<)#0#3)()&(52)20#( ?0&N#%)3A(6<>(C&2I$$($#6@#(B;)*(@60;&23(36'?$#3=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.[Y

"6$$?6?#0(P0;<)(6<>(:#3;7<

10#6)#()*0##(&0(5&20(#E6'?$#3A(6<>(>#@#$&?(( 3F;$$3(B*;%*(%&2$>($#6>(C&2(;<()*#(>;0#%);&<(&5( 3;$@#03';)*;<7(&0(3%2$?)20#=(P#05#%)(5&0(6<C&<#( ;<)#0#3)#>(;<(N#B#$$#0C(>#3;7<A(B*#)*#0(63(6( *&44C(&0(?0&5#33;&<= ( _#@#$(-(8$$($#@#$3(B#$%&'# ( P0;%#(-(lV.Y

T#($#>()*0&27*()*#(?0&%#33(&5(%0#6);<7(6(0#?#6)( 7#&'#)0;%(?0;<)A(6<>($#6@#(B;)*(6)($#63)(&<#( )B&H'#)0#($#<7)*(&5(?0;<)#>(B6$$?6?#0=(Q&0( 6'6)#203(6<>(>#3;7<#03(;<)#0#3)#>(;<(463;%(( 3%0##<(?0;<);<7(&<()&(B6$$?6?#0= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lV.Y

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]563*;&<H)#E);$#3H6<>HN#B#$$#0C

.X


.,"9.8"?-$%0./&" 946-0$8""4

.,"9.8"?-$%0./&" 946-0$8""4 1&3)2'#(6<>(/#)(:#3;7<(5&0(Q;$'(6<>(R*#6)0# L>#6$(;5(C&2I0#()*;<F;<7(64&2)(6(52)20#(;<(%&3)2'#(( &0(3#)(>#3;7<(5&0()*#6)0#(&0(5;$'=(_#6@#(B;)*(( B&0F(;<%$2>;<7(6(3%6$#('&>#$A(3F#)%*#3(6<>( ;$$23)06);&<3A(6<>()*#(64;$;)C()&(23#(F#C(?&;<)3( 50&'(6()#E)()&(40;<7(%*606%)#03(6<>(3#));<73()&($;5#= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.[Y P2??#)(K6F;<7 8<(;<)0&>2%);&<()&()*#(B&0$>(&5(?2??#)0C(5&0( )*&3#(;<)#0#3)#>(;<(?#05&0'6<%#(60)(6<>(>#3;7<=( _#60<(*&B()&(%&<3)02%)(6(0&>(&0(3)0;<7(?2??#)A( 2<>#03)6<>()*#(?0&%#33(6<>(>#@#$&?('&>#$$;<7( 6<>(3%2$?);<7()#%*<;e2#3= ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(l.[Y K63F(K6F;<7 L>#6$(5&0(6<C&<#(;<)#0#3)#>(;<(?#05&0'6<%#(60)( 6<>(>#3;7<=(D&2I$$($#6@#(B;)*(6(3#)(&5(>#3;7<3A( )#%*<;%6$(>06B;<73(6<>(3F#)%*#3()&B60>3()*#( 0#6$;36);&<(&5(6)($#63)()B&('63F3A(*6@;<7($#60<)( 64&2)(%*606%)#0(6<>(<6006);@#(>#@#$&?'#<)= ( _#@#$(-(T#7;<<#0 h#Bm ( P0;%#(-(l.[Y 1&03#)(K6F;<7 8(56<)63);%(&??&0)2<;)C()&('6F#(6(463;%(<&<H ?#0;&>(%&03#)A($#60<;<7()*#(?0&%#33(50&'(3)60)(( )&(5;<;3*A(6<>(6$$()*#(633&%;6)#>(3F;$$3(6$&<7()*#(( B6C=(P#05#%)(5&0(563*;&<(3)2>#<)3(6<>(6<C&<#( 563%;<6)#>(4C(%&03#)3= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lV.Y

!,*/"3%&+3>++-%3"+%&+$5(1+%2,)#4#3#+$%,3%D#8&4+.(-%N(44+/+% (2%H'3%,-.%N"+4$+,%N(44+/+%(2%H'3%]%F+$#/-=%3"+%)(*'$+$%(-% 3"+$+%5,/+$%,'+%$3*.#+.%&<%8,-<%.#22+'+-3%/'(*5$%(2%5+(54+6% D"+3"+'%<(*%,'+%>('1#-/%#-%3"+%#-.*$3'<%,-.%1++-%3(%&'*$"% *5%(-%,-#8,3#(-%$1#44$=%('%$#854<%>,-3%3(%'+4,:%#-3(%,%54,<=% 3"+%$3,/+%#$%<(*'$6

.W

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3])*#6)0#H%&3)2'#H6<>H3%0##<

P#0;&>(6<>(R*#6)0;%6$(J6)(K6F;<7( :;3%&@#0(?#0;&>(6<>()*#6)0;%6$(';$$;<#0CI3(463;%( '#)*&>3(6<>()#%*<;e2#3A(6<>()*#(;<)#0?0#)6);&<( &5(*6)(>#3;7<(5&0(5;$'(6<>()*#6)0#=(D&2I$$('#6320#A( %2)A(3#B(6<>('6F#(?6))#0<3()&(%&<3)02%)(6)($#63)( &<#(*;3)&0;%6$(*6)=( ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lV.Y

Q&0(K&0#(L<5&0'6);&<A(&0()&(4&&F(%&203#3A(7&()&(

:;7;)6$(/#)(:#3;7< "&0F;<7(;<(3#)(&0(?0&>2%);&<(>#3;7<n("6<)()&( $#60<(*&B()&(23#(i#%)&0B&0F3()&(>;7;);3#(C&20( ?06%);%#n(D&2I$$($#6@#(B;)*(6(%&'?0#*#<3;@#( F<&B$#>7#(&5(*&B(i#%)&0B&0F3(;3(23#>()&( ?0&>2%#(>065)3(6<>(+:(706?*;%3=( ( _#@#$(-(T#7;<<#0 ( P0;%#(-(l.+Y 85)#0(M55#%)3(-(K&);&<(O06?*;%3(6<>(( i;326$(M55#%)3 :#@#$&?()*#(3F;$$3()&(%0#6)#();)$#(3#e2#<%#3(5&0( @;>#&A(6<>(6<;'6)#>($&7&3(5&0(B#43;)#3(50&'( 3%06)%*(B;)*(8>&4#(85)#0(M55#%)3=(Q&0(@;>#&( 60);3)3A(5;$''6F#03A(706?*;%3(?0&5#33;&<6$3(6<>( 4#7;<<#03(56';$;60(B;)*(8>&4#(706?*;%3(3&5)B60#= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# h#Bm ( P0;%#(-(l.+Y

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3])*#6)0#H%&3)2'#H6<>H3%0##<

.[


:%8.<%#1% $%/80"0

:%8.<%#1% :%8.<%#1% :%8.<%#1% $%/80"0-))*)B $%/80"0-)E*)F $%/80"0-)CD 1&<)#'?&060C(80)(6<>(:#3;7<( "&0F3*&?(5&0(!!(-(!Y(D#60(d$>3

P0#HQ&2<>6);&<(P&0)5&$;&(P0#?606);&<( 6)(1*#$3#6A(16'4#0B#$$(&0(";'4$#>&<

Q&0()*&3#(4#)B##<(!!(6<>(!Y(B*&(B6<)()&($#60<( 64&2)(60);3);%(?0&%#33#3A()#%*<;e2#3(6<>(5&0'6)3=( ME?$&0#(C&20(%0#6);@;)CA(?#0*6?3(6>>;<7(B&0F()&( C&20(O1/M(?&0)5&$;&(B*;$#(>#@#$&?;<7(6(3F#)%*H 4&&F(6<>(C&20(64;$;)C()&(B0;)#(64&2)(C&20(B&0F= ( _#@#$(-(T#7;<<#0 ( P0;%#(-(lVVY

Q&0(!U-![(C#60H&$>3(F##<()&(42;$>(2?(#E?#0;H #<%#A(?&0)5&$;&3(&0()#%*<;e2#3(4#5&0#(6??$C;<7( 5&0(520)*#0(3)2>C=(ME?#0;#<%#()*#(Q&2<>6);&<( %&203#(#<@;0&<'#<)(B*;$#(#E?$&0;<7(>;55#0#<)( 6??0&6%*#3()&(>06B;<7A(6<>(%0#6);<7(B&0F= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lVVY

P&0)5&$;&(P0#?606);&<(!Wo 8<C&<#(;<)#0#3)#>(;<(6??$C;<7()&(6(5&2<>6);&<(( &0(T8(%&203#(&0(6>>;<7()&(6(?&0)5&$;&=(( D&2I$$(>#@#$&?(6(4&>C(&5(B&0F(-(;'?0&@;<7(C&20( )#%*<;%6$(3F;$$3(;<(<2'#0&23(60#63(-(6<>(0#%#;@#( 6>@;%#(&<(;<)#0@;#B()#%*<;e2#3=( ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lVVY K8(P&0)5&$;&(P0#?606);&<

P0#HQ&2<>6);&<(:06B;<7 ";$$(32;)(!U-![(C#60H&$>3(3)2>#<)3($&&F;<7()&( #E?#0;#<%#(Q&2<>6);&<(%&203#(>06B;<7('#)*&>3( 4#5&0#(3)60);<7(&0(6??$C;<7(5&0(&<#=(D&2I$$(>#@#$&?( 6(40&6>#0(6??0&6%*()&(>06B;<7(B*;$#(>;3%&@#0;<7( 50#3*(B6C3()&(;<)#0?0#)(6<>(%&''2<;%6)#(;>#63= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lVVY

Q&0(6<C&<#(%&<3;>#0;<7(3)2>C;<7(Q;<#(80)(6)(K8( $#@#$A(&0(60);3)3(&0(>#3;7<#03(F##<()&(>#@#$&?( )*#&0#);%6$(F<&B$#>7#=(D&2I$$($#6@#(2<>#03)6<>;<7( )*#(0#$6);&<3*;?(4#)B##<(%&<)#'?&060C(60)()*#&0C( 6<>(C&20(&B<(?06%);%#=( ( _#@#$(-(L<)#0'#>;6)# ( P0;%#(-(lVVY P&0)5&$;&(P0#?606);&<(1&<32$)6<%C

P0#HQ&2<>6);&<(P6;<);<7 ";$$(32;)(!U-![(C#60H&$>3(3)2>#<)3($&&F;<7()&( #E?#0;#<%#(Q&2<>6);&<(%&203#(?6;<);<7('#)*&>3( 4#5&0#(3)60);<7(&0(6??$C;<7(5&0(&<#=(D&2I$$(>#@#$&?( 50#3*(B6C3()&(;<)#0?0#)(6<>(%&''2<;%6)#(;>#63( )*0&27*(?6;<);<7= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lVVY P0#HQ&2<>6);&<(P*&)&706?*C 8<C(!U-![(C#60H&$>(3)2>#<)(F##<()&(42;$>(( 6(?*&)&706?*C(?&0)5&$;&(B*;$#(#E?#0;#<%;<7( >;55#0#<)()#%*<;e2#3=(ME?#0;'#<)(6<>()6F#( 6>@6<)67#(&5(#E%#$$#<)(56%;$;);#3A($#6@;<7(B;)*( B&0F(>#'&<3)06);<7()*#(06<7#(&5(6??0&6%*#3( C&2I@#(#E?#0;#<%#>= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lVVY

D+%",9+%.+9+4(5+.%,%2()*$$+.%',-/+%(2%5('32(4#(%)(*'$+$%% 3(%/#9+%<(*%3"+%&+$3%5($$#&4+%$3,'3%#-%<(*'%H'3$%+.*),3#(-6%% M'%5+'",5$%<(*R'+%4((1#-/%3(%'+2#-+%,-.%('/,-#$+%<(*'%)*''+-3% 5('32(4#(%,-.%>(*4.%4#1+%3(%4+,'-%,%-+>%>,<%(2%+:5'+$$#-/%<(*'% #.+,$^%!"+$+%*-#0*+%)(*'$+$%-(3%(-4<%),3+'%2('%,.*43$%,-.% <(*-/%,.*43$=%&*3%,4$(%3"+%<(*-/%)'+,3#9+R$%,8(-/%*$6%!,*/"3% ,)'($$%3"+%3"'++%)(44+/+$=%3"+<%,'+%3"+%5+'2+)3%"(4#.,<%2#44+'6%

V,

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

_&&F;<7(5&0(3&'#(;<>;@;>26$(72;>6<%#(B;)*(C&20( ?&0)5&$;&n("*C(<&)(%&<)6%)(23()&(6006<7#(6( %&<32$)6<%C(3#33;&<(3&()*6)(B#(%6<()6;$&0(6(&<#H )&H&<#(?&0)5&$;&(?0#?606);&<(?0&706''#()&('##)( C&20(?#03&<6$(0#e2;0#'#<)3=(/#33;&<3(3)60)(50&'( lV[Y=,,(5&0(6<(;<;);6$(%&<32$)6);&<(B;)*(&<#(&5( &20()2)&03=(Q&0(520)*#0(;<5&0'6);&<(?$#63#(%&<)6%)( &20(R6;$&0(K6>#()06;<;<7()#6'= ( _#@#$(-(8$$(_#@#$3("#$%&'# h#Bm ( P0;%#(-(Q0&'(lV[Y

P0#HQ&2<>6);&<(O06?*;%(:#3;7< Q&0(!U-![(C#60H&$>3(;<)#0#3)#>(;<(6??$C;<7(5&0( Q&2<>6);&<(%&203#3=(:#@#$&?()#%*<;%6$(3F;$$3A( @;326$(3#<3;);@;)C(6<>(#E?#0;#<%#()*#(Q&2<>6);&<( %&203#(#<@;0&<'#<)=(D&2I$$(6$3&(6<3B#0(6(40;#5( B;)*(6(706?*;%(>#3;7<(3&$2);&<= ( _#@#$(-(T#7;<<#0]L<)#0'#>;6)# ( P0;%#(-(lVVY

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]?&0)5&$;&

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3]?&0)5&$;&

V!


14."849.1%49#$%/80"0 d0;#<)6);&<(1&203#3

/)2>C(840&6>(P0&706''#3

/)2>C(840&6>(/2''#0(/%*&&$3(

L<)#706)#>(/)2>C(840&6>(P0&706''#3

:26$(1;)C(P0&706''#3

d0;#<)6);&<(%&203#3(60#(#E%;);<7(&??&0)2<;);#3( 5&0(;<)#0<6);&<6$(3)2>#<)3=(M6%*(%&203#(?0#?60#3( C&2(5&0(C&20($&<7H)#0'(?#0;&>(&5(3)2>C(6<>( ;<%$2>#3()2)&0;6$3A(3)2>;&H463#>(?0&N#%)3(6<>( 0#3#60%*()0;?3=

/)2>#<)3(50&'(6$$(60&2<>()*#(B&0$>(3)2>C(6)( 16'4#0B#$$A(1*#$3#6(6<>(";'4$#>&<(1&$$#7#3( &5(80)(9(:#3;7<=(T2)(B*;$#(3&'#(#<0&$(&<(52$$H );'#(%&203#3(&)*#03A(4C(<#%#33;)C(#<N&C(40;#5#0( @;3;)3=(8)(11"(B#(&55#0(/)2>C(840&6>(1&203#3( &5(@60C;<7($#<7)*3()&(6%%&''&>6)#(>;55#0#<)( 3)2>C('&>#3=

_62<%*#>(;<(+,!+A(11"(<&B(&55#0(6<(#E%;);<7( 06<7#(&5(/)2>C(840&6>(/2''#0(/%*&&$3f

L<)#0<6);&<6$(/)2>#<)3(%6<(6$3&(3)2>C(&<('6<C(( &5()*#(>#70##(?0&706''#3(5&0(&<#(&0('&0#( 3#'#3)#03(63(;<>#?#<>#<)(3)2>#<)3=(Q&0('&0#( ;<5&0'6);&<(@;3;)(BBB=60)3=6%=2F]3)2>C640&6>

R*#(:26$(1;)C(/2''#0(?0&706''#3(60#(6(06<7#( &5(?06%);%6$(>#3;7<(%&203#3()*6)(%&''#<%#(;<( _&<>&<(6)(1*#$3#6(1&$$#7#(&5(80)(9(:#3;7<(6<>( #<>(;<(#;)*#0G(K;$6<A(&0(T60%#$&<6=(d20(?60)<#03( ;<()*#3#(?0&H706''#3(60#(6$$(%&$$#7#3(B;)*( &2)3)6<>;<7(0#?2)6);&<3(463#>(;<(%;);#3(56'&23( 5&0()*#;0(%2$)20#(6<>(%0#6);@;)C=(R*#3#(2<;e2#( %&203#3(60#()*#(?#05#%)(&??&0)2<;)C(5&0(C&2()&( >#@#$&?(C&20(3F;$$3(B*;$3)(#E?$&0;<7(6$$()*6)( M20&?#(*63()&(&55#0=(( ( _&<>&<(](K;$6<(1&203#3

d0;#<)6);&<()&(Q&2<>6);&<f 16'4#0B#$$A(1*#$3#6(9(";'4$#>&< d0;#<)6);&<()&(T8f 16'4#0B#$$A(1*#$3#6(9(";'4$#>&< d0;#<)6);&<()&(K8f 16'4#0B#$$A(1*#$3#6(9(";'4$#>&< d0;#<)6);&<()&(L<)#0;&0(:#3;7<f( 1*#$3#6 ( ( ( (

d0;#<)6);&<(1&203#3(d55;%#f BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3( Rf(,,VV(+,X(Y!V(U.!V Mf(%%B&0;#<)6);&<k60)3=6%=2F

16'4#0B#$$(1&$$#7#(&5(80)3f -(1&<)#'?&060C(80)(R*#&0C -(1&<3#0@6);&< -(Q;<#(80)(/)2>;#3(;<(_&<>&< -(P*&)&706?*C

/#'#3)#0(/)2>C(840&6>(P0&706''#3 d20(/#'#3)#0(/)2>C(840&6>(?0&706''#(( ;3(6;'#>(6)(^<>#0706>26)#3($&&F;<7(5&0(6( 32??&0);@#(3)2>C(640&6>(?0&706''#=(R*#( 5&$$&B;<7(%&203#3(60#(6@6;$64$#(6)(11"f _&<>&<(1&<)#'?&060C(80)(R*#&0C 16'4#0B#$$(1&$$#7#(&5(80)3 O06?*;%(:#3;7<(1&''2<;%6);&< P60)(&5()*#(_&<>&<(:#3;7<(P0&706''#(( 6)(1*#$3#6(1&$$#7#(&5(80)(6<>(:#3;7<( L<)#0;&0(6<>(/?6);6$(:#3;7<

1*#$3#6(1&$$#7#(&5(80)(9(:#3;7<f -(:;7;)6$(R#E);$#(:#3;7< -(O06?*;%(:#3;7<(1&''2<;%6);&< -(L<)#0;&0(/?6);6$(:#3;7< -(_&<>&<(1&<)#'?&060C(80)(/)2>;#3 ";'4$#>&<(1&$$#7#(&5(80)f -(1&<)#'?&060C(/%2$?)20# -(:06B;<7f(_&%6);&<A(_6<>3%6?#(6<>(12$)206$(( ((((1 &<)#E) -(R*#6)0#(6<>(/%0##<f(1&3)2'#(:#3;7< -(R*#6)0#(6<>(/%0##<f(/#)(:#3;7< ( ( ( (

/)2>C(840&6>(d55;%#f BBB=%*#$3#6=60)3=6%=2F]%&203#3]3)2>C640&6> Rf(,,VV(+,X(Y!V(++V[ Mf(3)2>C640&6>k%*#$3#6=60)3=6%=2F

P60)(&5()*#(_&<>&<(:#3;7<(P0&706''#(( 6)(1*#$3#6(1&$$#7#(&5(80)(6<>(:#3;7<

M<7$;3*(P$23(P0&706''#3 M<7$;3*(P$23(%&'4;<#3(5;@#(3#33;&<3(&5(M<7$;3*( $6<7267#()2;);&<(6)()*#(_6<7267#(1#<)0#(B;)*( )B&(3#33;&<3(&5(6(?06%);%6$(%&$$#7#(&?);&<(#6%*( B##F=(1*&&3#(50&'()*#(5&$$&B;<7f -(:;7;)6$(P*&)&706?*Cf(16'4#0B#$$ -(80)(6<>(:#3;7<f(1*#$3#6 -(:;7;)6$(O06?*;%(:#3;7<f(1*#$3#6 -(L<)0&>2%);&<()&(L<)#0;&0(:#3;7<f(1*#$3#6 -(8>@6<%#>(L<)#0;&0(:#3;7<f(1*#$3#6 -(K60F#);<7(6<>(1&''2<;%6);&<f(1*#$3#6 -(Q;$'HK6F;<7f(16'4#0B#$$ -(:#3;7<;<7(6<>(K6F;<7(.:(80)f(16'4#0B#$$(

-(L<)#0;&0(:#3;7<("&0F3*&? -(L<)#0;&0(:#3;7<(8>@6<%#> -(R*#6)0#(1&3)2'#("&0F3*&?

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];<)#0<6);&<6$

R*#(%&203#(5##3(3)6)#>(6??$C()&(4&)*(^`(6<> ;<)#0<6);&<6$(3)2>#<)3=("*#<('6F;<7(C&20( 4&&F;<7(?$#63#(;<%$2>#(C&20(%&<)6%)(>#)6;$3(;<(( )*#(^`=(P$#63#(0#6>()*#(4&&F;<7()#0'3(6<>( %&<>;);&<3(%60#52$$C(4#5&0#(4&&F;<7(C&20(%&203#= _6<7267# 8$$(&20(%&203#3(60#()627*)(;<(M<7$;3*=("#(#E?#%) 3)2>#<)3()&(*6@#(6(7&&>(2<>#03)6<>;<7(&5(4&)*( 3?&F#<(6<>(B0;))#<(M<7$;3*=(83(6(72;>#$;<#A( 3)2>#<)3(3*&2$>(*6@#(6%*;#@#>(LM_R/($#@#$(V=Y( &0(64&@#=(P$#63#(<&)#A()*;3(>&#3(<&)(6??$C()&( M<7$;3*(P$23(%&203#3= /)2>#<)(i;3;)&0(i;36

-(1&<)#'?&060C(RC?&706?*;%(:#3;7< -(O06?*;%(:#3;7<(i;326$(1&''2<;%6);&< -(R*#6)0#(/#)(:#3;7<(5&0(/)67# ( ( ( (

/*&0)(1&203#(d55;%#f BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3 Rf(,,VV(+,X(Y!V(+!,V Mf(%%B3*&0)%&203#3k60)3=6%=2F

R*#(_6<7267#(1#<)0#(6)(^<;@#03;)C(&5()*#(80)3( _&<>&<(&55#03(;<)#0<6);&<6$(3)2>#<)3(6(06<7#(&5( %&203#3=(Q&0(520)*#0(;<5&0'6);&<(6<>(52$$(%&203#( >#3%0;?);&<3A(?$#63#(%&<)6%)()*#(&55;%#(>;0#%)$Cf ( ( R*#(_6<7267#(1#<)0#f ( BBB=60)3=6%=2F]$6<7267#%#<)0#( ( Rf(,,VV(+,X(Y!V(+.,[ ( Mf($6<7267#H%#<)0#k60)3=6%=2F

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

Q##3

_&<>&<(](T60%#$&<6

R*#(_6<7267#(1#<)0#

V+

P06%);%6$(L<5&0'6);&<

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

/)2>#<)3(B*&(4&&F(&<()&(/*&0)(1&203#3(60#(( <&)(6$B6C3(#$;7;4$#(5&0(6(3)2>#<)(@;3;)&0(@;36=(( "#(3)0&<7$C(0#%&''#<>(C&2(%&<)6%)()*#(T0;);3*( M'4633C(;<(C&20(&B<(%&2<)0C(4#5&0#(4&&F;<7(6( %&203#=(L5(C&20(@;36(6??$;%6);&<(;3(>#%$;<#>(C&2( '6C(<&)(4#(#<);)$#>()&(6()06<35#0(&0(0#52<>=(( L5(C&2(*6@#(6<C(%&<%#0<3(?$#63#(%&<)6%)f ( ( ( (

/*&0)(1&203#(d55;%#( BBB=60)3=6%=2F];<)#0<6);&<6$ Rf(,,VV(+,X(Y!V(+!,V

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3];<)#0<6);&<6$

V.


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g(6<C)*;<7(50&'(6(&<#( >6C(%&203#()&()B&HB##F(%&203#3(;<(3?#%;6$;3)( 324N#%)(60#63(g(?&?2$60(324N#%)3A(;<%$2>#( L<)#0;&0(:#3;7<A(Q63*;&<A(O06?*;%(:#3;7<A( _#))#0?0#33A(6<>(80)(J;3)&0C=("#(*60<#33()*#( #E?#0);3#(6<>(0#3&20%#3(&5()*0##(B&0$>H%$633( %&$$#7#3A(<&)(5&07#));<7(_&<>&<I3('23#2'3A( 76$$#0;#3(6<>(#E*;4;);&<3=(

VV

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3])6;$&0H'6>#H)06;<;<7

163#(/)2>C L<(S6<260C(+,!+A(b;%*60>(/$##A(Pb(9(K#>;6( b#$6);&<3(K6<67#0(6)()*#(:#?60)'#<)(&5( M%&<&';%(:#@#$&?'#<)(%&<)6%)#>(23()&(>#3;7<( 6<>(>#$;@#0(3&'#(4#3?&F#(1&?CB0;);<7()06;<;<7=

Q&0(6$$(R6;$&0(K6>#(R06;<;<7A(P0&706''#3(6<>( R&203(6<>(R#6'(T2;$>;<7(:6C3A(?$#63#(%&<)6%)f K60C(`;#$CA(T23;<#33(:#@#$&?'#<)(K6<67#0 Rf(,,VV(+,X(Y!V(UYU, Mf(%%B)06;<;<7k60)3=6%=2F

qL(*6>(*#60>(64&2)(R6;$&0(K6>#(R06;<;<7(6)( 1*#$3#6(1&$$#7#(&5(80)(9(:#3;7<(@;6(B&0>(&5( '&2)*=(85)#0(40;#5;<7()*#(1&$$#7#(&<(&20( 0#e2;0#'#<)3A(L(0#%#;@#>(6(4#3?&F#(%&203#( &2)$;<#(50&'()*#()2)&0(6<>(4&&F#>()*#(3#33;&<=(( R*#(B*&$#(?0&%#33(B63(@#0C(#55;%;#<)=(8$$()*#( 6))#<>##3(&<()*#(%&203#(5&2<>(;)(*;7*$C(#<N&CH 64$#A(;<5&0'6);@#(6<>(#E)0#'#$C(4#<#5;%;6$()&(( )*#(B&0F(B#(>&=(R*#(4;77#3)(4#<#5;)3(5&0(23(( B#0#()*#(*;7*(e26$;)C(&5()*#()06;<;<7(6<>()*#(#63#( &5()*#(>#@#$&?'#<)(?0&%#33=("#(B&2$>(23#( 1*#$3#6(676;<(5&0(4#3?&F#()06;<;<7=r

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3])6;$&0H'6>#H)06;<;<7

VY


2%%314;-."8&0-946-$%461.1%40 P$#63#(0#6>()*#()#0'3(6<>(%&<>;);&<3(4#5&0#(( '6F;<7(6(4&&F;<7=(

!( ( !=!=!( ( ( ( ( ( ( ( ( ( ( !=!=+( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( !=!=.( ( ( ( ( ( ( ( ( ( ( ( ( !=+( ( ( ( ( ( !=.( ( ( ( ( ( ( ( !=V( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (

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f(Z!=V=!\(B#(;332#(( C&2(B;)*(B0;))#<(6%%#?)6<%#(&5(6(4&&F( ;<7(5&0'G(&0(Z!=V=+\(B#(<&);5C(C&2()*6)(( B#(60#(64$#()&(?0&@;>#()*#(%&203#A(( B*;%*#@#0(;3()*#(#60$;#0A(6)(B*;%*(?&;<)(( 6(%&<)06%)(3*6$$(%&'#(;<)&(#E;3)#<%#(( 4#)B##<(23=

+( ( +=!( ( ( ( ( ( ( ( ( (

Q##3 Q2$$(?6C'#<)(&5()*#(%&203#(5##3(( '23)(4#(0#%#;@#>(?0;&0()&(%&''#<%#H( '#<)(&5()*#(%&203#=(D&20(?$6%#(&<(( )*#(%&203#(%6<<&)(4#(72606<)##>(2<);$(( 52$$(?6C'#<)(;3(0#%#;@#>=

VU

+=+( (

8$$(5##3(3)6)#>(60#(;<%$23;@#(&5(i8R=

.( ( ( ( ( ( ( (

( ( ( ( ( ( ( (

K;<;'2'(67#(0#e2;0#'#<)f "#(%6<<&)(6%%#?)(4&&F;<73(50&'(( 3)2>#<)3(2<>#0(!W(C#603(&5(67#(#E%#?)(( 5&0(&<()*&3#(%&203#3(3?#%;5;%6$$C($;3)#>(( 63(4#;<7(5&0(C&2<7#0(67#(70&2?3=(D&2(( %&<5;0'()*6)(C&2(60#(!W(C#603(&5(67#(( &0(&@#0=(L5()*;3(?0&@#3()&(4#(;<%&00#%)(B#(( '6C()#0';<6)#(&20(670##'#<)(B;)*(C&2=

V( ( V=!( ( ( ( ( ( ( ( ( ( ( ( V=+( ( ( ( V=.( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( V=V( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (

K#)*&>3(&5(?6C'#<) Q##3(%6<(4#(?6;>(4C(%0#>;)(&0(>#4;)(( %60>(4C(?&3)A(56E(&0(&<$;<#=(P6C'#<)(4C(( %*#e2#(;3(6$3&(6%%#?)#>(#E%#?)(;<()*#(( )B&(B##F3(?0;&0()&()*#(%&203#I3(3)60)(( >6)#=(P$#63#('6F#(6$$(%*#e2#3(?6C64$#(( )&(_&<>&<(80)3%&'(_;';)#>= Q##3(%6<(4#(?6;>(4C(%63*(;5(?6C'#<)( ;3('6>#(;<(?#03&<= P6C'#<)(4C(46<F(#$#%)0&<;%()06<35#0( 46<F#0I3(>065)(&0(6(?6C'#<)(B*;%*(( ;3(3#<)(5&0(%&$$#%);&<(60#(6%%#?)#>(( 5&0(^`(6<>(&@#03#63(0#3;>#<)3=(P$#63#(( 6>>(l.,()&(C&20(5##(5&0()*#(6>>;);&<6$(( 46<F(%*607#3()&(4#('6>#()&(23(6<>(( ?0&@;>#(23(B;)*()*#(()06<36%);&<(0#5#0H( #<%#(<2'4#0=(d20(46<F(>#)6;$3(60#(( 6@6;$64$#(&<(0#e2#3)= L5(C&20(%&'?6<C(&0(&076<;36);&<(;3(( ?6C;<7(5&0()*#(%&203#(5##3(6<>(B&2$>(( ?0#5#0()&(4#(;<@&;%#>A(?$#63#(B0;)#()&(( 23(&<(C&20(%&'?6<CI3(*#6>#>(?6?#0(( 6<>(3#<>(6(%&'?6<C(?20%*63#(&0>#0(( B;)*(C&20(4&&F;<7(5&0'=(P6C'#<)(;3(( 0#e2;0#>(B;)*;<(.,(>6C3(&5()*#(>6)#(&5(( )*#(;<@&;%#(&0(63(3?#%;5;#>=(D&20(?$6%#(( &<()*#(%&203#(;3(<&)(%&<5;0'#>(( 2<);$(52$$(?6C'#<)(*63(4##<(0#%#;@#>=

Y( ( Y=!( ( ( ( ( ( ( ( ( ( ( ( ( ( Y=+( ( ( ( ( (

P6C'#<)(4C(%63* L5(C&2(B;3*()&(?6C(5&0(C&20(%&203#(;<(( %63*A(6<>()*#(6'&2<)(;3(&@#0(lY,,A(( C&2(B;$$(4#(0#e2;0#>()&(?0&@;>#(?*&)&( L:(6)()*#();'#(&5(4&&F;<7=(R*;3(L:(( 3*&2$>(4#(#;)*#0(6(>0;@;<7($;%#<%#(&0(( ?633?&0)A(B*;%*(B#(B;$$(?*&)&%&?C(6<>(( 6))6%*(6(%&?C()&(C&20(4&&F;<7(5&0'= L5(C&2(3243#e2#<)$C(0#e2;0#(6(0#52<>(( Z2<>#0()*#()#0'3(&5(&20(4&&F;<7(%&<>;H( );&<3A(?&;<)3(W(6<>([\(C&2(B;$$(<##>()&((

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

( ( ( ( ( ( (

( ( ( ( ( ( (

40;<7()*#(36'#(?*&)&706?*;%(L:()&(( %&$$#%)()*#(%63*(0#52<>=(R*;3(B;$$(4#(( %*#%F#>(676;<3)()*#(&0;7;<6$(L:(( ?0&@;>#>(4#5&0#(6<C(%63*(;3(0#52<>#>=(( P$#63#(<&)#()*6)(%63*(0#52<>3(%6<(&<$C(( 4#(%&$$#%)#>(&<(B##F>6C3(4#)B##<(( !,6'(6<>(V?'=

U( ( U=!( ( ( ( ( ( U=+( ( ( ( ( ( ( ( ( ( U=.( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (

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d55;%#=

X( ( X=!( ( ( ( ( ( ( ( ( ( X=+( ( ( ( ( ( ( ( ( ( ( ( X=.( ( ( ( ( ( ( ( ( ( ( (

d@#03#63(6??$;%6);&<3 83(B#('6C(<##>()&(%&<)6%)(C&2(;<()*#(( )B&(B##F3(?0;&0()&()*#(%&203#(3)60)(( >6)#A(?$#63#(#<320#(C&2(;<%$2>#(C&20(( %&<)6%)(>#)6;$3(;<()*#(^`(B*#<('6F;<7(( C&20(4&&F;<7= P$#63#(#<320#()*6)(C&20(?$6%#(;3(( %&<5;0'#>(6<>()*#(%&203#(;3(02<<;<7(( 4#5&0#(C&2('6F#(6<C()06@#$(6006<7#H( '#<)3=("#(60#(<&)($;64$#(5&0()06@#$(&0(( 6%%&''&>6);&<(%&3)3(;<(6%%&0>6<%#(( B;)*(1$623#(!,=V= Q##3(60#(?6C64$#(;<(OTP(6<>(;<()*#(( #@#<)(&5(6(0#52<>A(C&2(B;$$(4#(0#52<>#>(( ;<(OTP=(_&<>&<(80)3%&'(_;';)#>(B;$$(( <&)(4#($;64$#(5&0(6<C($&33#3(;<%200#>(( 63(6(0#32$)(&5(%200#<%C(5$2%)26);&<3(( &0(#E%*6<7#3=

W( ( W=!( ( ( ( ( ( ( ( ( (

i;363 L5(C&2(>&(<&)(*&$>(6(^` ]M^]MM8(( ?633?&0)(C&2(B;$$(<##>(6(@;36()*6)(( 6$$&B3(C&2()&(3)2>C(*#0#(;<(&0>#0()&(( )6F#(&<#(&5(&20(%&203#3=(Q&0(;<5&(?$#63#( 3##()*#(J&'#(d55;%#(B#43;)#(6)(BBB=(

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3])#0'3H6<>H%&<>;);&<3

( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( W=+( ( ( ( ( ( ( ( ( ( ( ( W=.( ( ( ( ( ( ( ( ( ( ( ( ( (

2F@;363=7&@=2F=(L)(;3(C&20(0#3?&<3;4;$;)C(( )&(>#)#0';<#(*&B(560(;<(6>@6<%#(C&2(( <##>()&(6??$C(5&0(6(@;36A(6<>()&(6$$&B( 3255;%;#<)();'#()&(&4)6;<(6(@;36=("#(B;$$(( <&)(6$$&B(C&2()&(N&;<()*#(%&203#(;5(C&2(( >&(<&)(*6@#(6(@;36()*6)(6$$&B3(C&2()&(( 3)2>CA(6<>(;<()*#3#(%;0%2'3)6<%#3A(C&2(( B;$$(<&)(4#(#$;7;4$#(5&0(6<C(0#52<>(&5(( C&20(%&203#(5##3= L5(C&2(%6<<&)(6))#<>(6(%&203#(4#%623#(( C&2(*6@#(<&)(&4)6;<#>(6(@;36()&(#<)#0(( )*#(^`(<&(0#52<>(B;$$(4#(&55#0#>(( 6$)*&27*(B#I$$(&55#0(C&2(6()06<35#0(( Z324N#%)()&()*#(%&<>;);&<3(%&<)6;<#>( ;<(%&<>;);&<(!+\(;5(C&20(@;36(;3(>#$6C#>= D&2(B;$$(<##>()&(?0#3#<)(C&20((?633?&0)A(( ;<%$2>;<7(@;36A()&()*#(/*&0)(1&203#(d55;%#(( 6)($#63)(+(B&0F;<7(>6C3(;<(6>@6<%#(&5(( )*#(3)60)(&5(C&20(%&203#=(L<(&)*#0(B&0>3A(( ;5(C&20(%&203#(3)60)3(&<(6(K&<>6CA(( C&2('23)(?0#3#<)(C&203#$5(4C()*#(( R*203>6C(4#5&0#=

[( ( [=!( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( [=+( ( ( ( [=+=!(( ( ( ( ( ( ( ( ( ( ( ( ( ( (

16<%#$$6);&<3(4C(C&2 "*#0#(C&2(60#(6<(;<>;@;>26$(<&)(6(( %&'?6<C((6<>(C&2(4&&F(C&20(%&203#(( &)*#0B;3#()*6<(;<(?#03&<A(C&2(*6@#()*#(( 0;7*)()&(%6<%#$(C&20(4&&F;<7(B;)*;<(X(( >6C3(3)60);<7(&<()*#(>6C(65)#0()*#(( %&<)06%)(4#)B##<(23(%&'#3(;<)&(5&0%#(( ;<(6%%&0>6<%#(B;)*(%&<>;);&<(!=V(( Z1&<)06%)(:6)#\(2<$#33()*#(1&<)06%)(( :6)#(;3($#33()*6<(X(>6C3(?0;&0()&()*#(( %&''#<%#'#<)(&5(C&20(%&203#(;<(B*;%*(( %63#(C&2('6C(%6<%#$(6)(6<C();'#(2?()&( )*#(%&''#<%#'#<)(&5(C&20(%&203#=(( "*#0#(C&2(%6<%#$(C&20(4&&F;<7(;<(( 6%%&0>6<%#(B;)*()*;3(%&<>;);&<([=!(( C&2I$$(4#(#<);)$#>()&(6(52$$(0#52<>(&5(6<C(( ?6C'#<)3(C&2(*6@#('6>#(;<(0#3?#%)(&5(( )*#(%&203#= L<(6>>;);&<()&()*#(3)6)2)&0C(%6<%#$$6);&<(( 0;7*)3(3#)(&2)(;<(%&<>;);&<(( R*#(5&$$&B;<7(6??$Cf(Z[=+=!\(B*#0#(C&2(( %6<%#$(C&20(?$6%#(&<(6(%&203#('&0#(( )*6<(X(>6C3(65)#0()*#(1&<)06%)(:6)#(42)(( 2?()&(&<#('&<)*(4#5&0#()*#(%&203#(( 3)60)(>6)#A(C&2(B;$$(4#(#<);)$#>()&(( 0#52<>(&5()*#(%&203#(5##3A($#33(6<(( 6>';<;3)06);@#(%*607#(&5(l.,()&(%&@#0(( &20(%&3)3=(

[=+=+(( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( [=.( ( ( ( ( ( [=V( ( ( ( ( (

"*#0#(C&2(%6<%#$(C&20(?$6%#(&<(6(( %&203#('&0#()*6<(X(>6C3(65)#0()*#(( 1&<)06%)(:6)#(42)(B;)*;<(&<#('&<)*(&5(( )*#(%&203#(3)60)(>6)#(C&2(B;$$(<&)(4#(( #<);)$#>()&(6<C(0#52<>(2<$#33(6(0#?$6%#H( '#<)(3)2>#<)(%6<(4#(5&2<>(5&0(C&20(( ?$6%#=(L5(6(0#?$6%#'#<)(3)2>#<)(;3(5&2<>(( C&2I$$(4#(#<);)$#>()&(6(0#52<>(&5()*#(( %&203#(5##3A($#33(6<(6>';<;3)06);@#(( %*607#(&5(l.,= L5(C&2(*6@#(4&&F#>(6(%&203#(B;)*;<(&<#(( '&<)*(&5(;)3(3)60)(>6)#(%&<>;);&<3([=+=!(( 6<>([=+=+(B;$$(6??$C= 16<%#$$6);&<(0#e2#3)3('23)(4#('6>#(;<(( B0;);<7=(h&)#()*6)(0#52<>3(%6<()6F#(2?(( )&(.(B##F3()&(?0&%#33=

!,( ( !,=!( ( ( ( ( ( ( !,=+( ( ( ( ( ( ( !,=.( ( ( ( ( ( ( ( ( ( ( !,=V( ( ( ( ( ( ( ( ( ( ( ( (

16<%#$$6);&<3(4C(23 P$#63#(<&)#()*6)(%&203#3(*6@#(';<H( ;'2'(6))#<>6<%#($#@#$3(6<>('6C(4#(( %6<%#$$#>(;5()&&(5#B(4&&F;<73(60#(( 0#%#;@#>= "#(0#3#0@#()*#(0;7*)()&f(6'#<>(&0( %6<%#$(%&203#3(Z!,=+=!\A(%*6<7#( %&203#($&%6);&<(Z!,=+=+\A(3243);)2)#( $#%)20#03(6<>()2)&03(Z!,=+=.\= L5(B#(%6<%#$(6(%&203#(B#I$$(#<>#6@&0( )&(7;@#(C&2(6)($#63)(!(B##FI3(<&);%#(6<>(( C&2(B;$$(*6@#()*#(&?);&<(&5()06<35#00;<7(( )&(6<&)*#0(%&203#(&0(&5(*6@;<7(6(52$$(( 0#52<>(&5()*#(5##3(B*;%*(B#I$$(0#)20<()&(( C&2(B;)*;<(.(B##F3= "#(B;$$(<&)(4#($;64$#(5&0(6<C($&33#3(( Z;<%$2>;<7A(42)(<&)($;';)#>()&A()06@#$( 6<>(6%%&''&>6);&<(%&3)3\(60;3;<7(( 63(6(%&<3#e2#<%#(&5(6<C('&>;5;%6);&<(( &0(%6<%#$$6);&<(&5(%&203#3(&0();'#H( )64$;<7(%&<3)06;<)3(63(3#)(&2)(64&@#(( 6<>(4#C&<>()*#(%&3)(&5()*#(%&203#(5##=

!!( ( ( ( ( ( ( ( ( (

1$633(?&3)?&<#'#<)(4C(23(L5(6(%$633(;3(( ?&3)?&<#>(5&0(0#63&<3(5&0(B*;%*(B#(60#(( 0#3?&<3;4$#A(;<%$2>;<7(3)655(;$$<#33A(B#(( B;$$('6F#(#@#0C(0#63&<64$#(#55&0)()&(( 0#3%*#>2$#()*#(%$633(&0()&(6>>()*#(( ';33#>(*&203(&<()&()*#(0#'6;<;<7( %&203#(%$633#3=("#(6?&$&7;3#(5&0()*;3(( ;<%&<@#<;#<%#(6<>(207#(C&2()&(0;<7()*#(( /*&0)(1&203#(d55;%#(;5(C&2(*6@#(6<C(( %&<%#0<3=

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

( ( ( ( ( ( ( ( ( (

!+( ( !+=!( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( !+=.( ( ( ( ( !+=V( ( ( !+=Y( ( ( !+=U( ( (

R06<35#03 D&2('6C()06<35#0(&<)&(6<&)*#0(%&203#(( 2?()&(&<#('&<)*(4#5&0#()*#(%&203#(( 3)60)(>6)#=(^<>#0()*#3#(%;0%2'3)6<%#3A(( C&2(B;$$(4#(?#0';))#>()&()06<35#0(( 324N#%)()&(6<(6>';<;3)06);@#(%*607#(&5(( l.,()&(%&@#0(&20(%&3)3=(Z!+=+=!\(L5(( C&2(B;3*()&()06<35#0(B;)*;<(&<#('&<)*(( &5()*#(%&203#(3)60)(>6)#(C&2(B;$$(<&)(4#(( ?#0';))#>()&()06<35#0(2<$#33(6(0#?$6%#H( '#<)(3)2>#<)(%6<(4#(5&2<>(5&0(C&20(( ?$6%#=(Z!+=+=+\(L5(6(0#?$6%#'#<)(( 3)2>#<)(;3(5&2<>(?0;&0()&()*#(%&203#(( 3)60)(>6)#A(C&2(B;$$(4#(?#0';))#>()&(( )06<35#0(324N#%)()&(6<(6>';<;3)06);@#(( %*607#(&5(l.,= L5(C&2(*6@#(4&&F#>(6(%&203#(B;)*;<(&<#(( '&<)*(&5(;)3(3)60)(>6)#(%&<>;);&<3(( !!=+=!(6<>(!+=+=+(B;$$(6??$C= /)2>#<)3(%6<()06<35#0(6('6E;'2'(&5(( )B&();'#3= R06<35#0(0#e2#3)3('23)(4#('6>#(( ;<(B0;);<7= D&2('6C(<&)()06<35#0()&(6<&)*#0(( %&203#(&<%#(C&20(%&203#(*63(3)60)#>=

!.( ( !.=!( ( ( ( ( ( ( !.=+( ( ( ( ( ( ( !.=.( ( (

/243);)2);&<3 L5(C&2(60#(2<64$#()&(6))#<>(6(%&203#(( C&2(60#(?#0';))#>()&()06<35#0(C&20(( ?$6%#()&(6(3243);)2)#(3)2>#<)(2?()&(&<#(( B##F(4#5&0#()*#(3)60)(>6)#= "#('23)(4#(<&);5;#>(;<(B0;);<7(&5()*#( 3243);)2)#(3)2>#<)I3(<6'#(6<>()*#0#(( ;3(6(l.,(6>';<;3)06);&<(%*607#( 5&0(#6%*(3243);)2);&<= /243);)2);&<3(%6<<&)(4#(6%%#?)#>(65)#0(( )*#(%&203#(*63(3)60)#>=

!V( ( !V=!( ( ( ( ( ( ( !V=+( ( ( ( ( ( ( !V=.( ( ( ( (

h&<H6))#<>6<%#f h&<H6))#<>6<%#(6)(%$633#3(>2#()&(( ;$$<#33(&0(5&0(?#03&<6$(&0(?0&5#33;&<6$(( 0#63&<3(>&#3(<&)(7;@#(0;3#()&( )*#(0;7*)(( )&(0#52<>3A(#E)06()2;);&<(&0(6()06<35#0= J&B#@#0A(;<(32%*(6<(#@#<)(B#(B;$$(( %&<3;>#0(6$$()*#(%;0%2'3)6<%#3(6<>()6F#(( 32%*(6%);&<()*6)(B#(%&<3;>#0()&(4#(56;0(( 6<>(0#63&<64$#= P$#63#(<&)#()*6)(;5(6$)#0<6);@#(&?);&<3(( 60#(&55#0#>()*#0#('6C(4#(6<(6>>;);&<6$(( %*607#=

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3])#0'3H6<>H%&<>;);&<3

VX


2%%314;-."8&0-946-$%461.1%40 !Y( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (

( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (

M@#<)3(&2)3;>#(&20(%&<)0&$f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e2;?'#<)=

!U( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (

( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (

1#0);5;%6)#3 R&(6%*;#@#(6(%#0);5;%6)#(&5(6))#<>6<%#(( C&2('23)(6))#<>(6)($#63)(W,s(&5()*#(( %&203#=(D&2(B;$$(4#(?0#3#<)#>(B;)*(6(( %#0);5;%6)#(6)()*#(#<>(&5()*#(%&203#=(R*#(( <6'#(7;@#<(&<()*#(4&&F;<7(5&0'(B;$$(4#(( )*#(&<#()*6)(6??#603(&<()*#(%#0);5;%6)#=(( ";)*()*#(#E%#?);&<(&5()*#(/)2>C(840&6>(( ?0&706''#3(;)(;3(<&)(5#63;4$#(()&(( #E6';<#(6<>(706>#(C&20(B&0F=(R*#0#( 5&0#()*#(%#0);5;%6)#(&5(6))#<>6<%#(;3(<&)(( 6(e26$;5;%6);&<=(L5(C&2(';33()*#($63)(( 3#33;&<(>2#()&(0#63&<3(5&0(B*;%*(B#(( 60#(<&)(0#3?&<3;4$#()*#<(6(0#?$6%#'#<)(( %#0);5;%6)#(%6<(4#(3#<)(6$)*&27*(C&2(( '6C(4#(0#e2;0#>()&(?0&@;>#(6((3)6'?#>(( 6>>0#33#>(#<@#$&?#(5&0()*;3(3#0@;%#=(L5(( 5&0(6<C(0#63&<(C&2(>&(<&)(0#%#;@#(6(( %#0);5;%6)#(5&0(0#63&<3()*6)(B#(60#( 0#3?&<3;4$#(5&0()*#<(6(0#?$6%#'#<)(B;$$(( 4#(3#<)(;<()*#(?&3)(50##(&5(%*607#(&<%#(( C&20(6))#<>6<%#(*63(4##<(@#0;5;#>(4C(( )*#(%&203#(0#7;3)#0(&0()2)&0=(D&2('6C(( 6$3&(%&$$#%)(6(%#0);5;%6)#(50&'()*#(/*&0)(( 1&203#(d55;%#(B;)*(?0;&0(6006<7#'#<)=(( b#?$6%#'#<)(%#0);5;%6)#3(%6<(4#(( ?0&>2%#>(2?()&(&<#(C#60(65)#0(%&'?$#H( );&<(&5(C&20(%&203#(42)(B;$$(;<%20(6(5##(( &5(l.,=

VW

!X( ( !X=!( ( ( !X=+( ( ( ( ( ( ( !X=.( ( ( !X=V( ( ( ( ( ( (

K6)#0;6$3(6<>(#e2;?'#<) R*#(%&203#(5##(;<%$2>#3()*#(%&3)(&5(( 463;%('6)#0;6$3(B*;%*(B;$$(4#(?0&@;>#>= P$#63#(3##()*#(%&203#(>#3%0;?);&<(;<(( &20(40&%*20#(6<>(B#43;)#(5&0(>#)6;$3(&5(( )*#(6>>;);&<6$('6)#0;6$3(B*;%*(C&2(( B;$$(<##>= Q6;$20#()&(40;<7()*#(0#e2;0#>('6)#0;6$3(( B;$$(>#$6C(C&20(?0&70#33(&<()*#(%&203#3= ^<$#33(&)*#0B;3#(670##>(;<(6>@6<%#A(( )*#(%&203#(56%;$;);#3(60#(&<$C(6@6;$64$#(( 5&0(23#(>20;<7()*#(%&203#(*&203(6<>(<&)(( 6)(&)*#0();'#3=

!W( ( ( ( ( ( ( ( ( ( ( ( ( ( (

( ( ( ( ( ( ( ( ( ( ( ( ( ( (

M<7$;3* 8$$(%$633#3(60#()627*)(;<(M<7$;3*=(( 8??$;%6<)3(B*&3#(5;03)($6<7267#(;3(<&)(( M<7$;3*(3*&2$>(<&)#()*6)()*#C(60#(( 0#e2;0#>()&(4#(?0&5;%;#<)(;<(B0;))#<(6<>(( 3?&F#<(M<7$;3*(6<>(4#(64$#()&(?60);%;H( ?6)#(;<(70&2?(>;3%233;&<3(6<>(?0#3#<H( )6);&<3(;<(M<7$;3*=(83(6(72;>#$;<#(B#(( B&2$>(#E?#%)(C&2()&(*6@#(6<(LM_R/(( 3%&0#(&5(V=Y(5&0(?06%);%6$(%&203#3(6<>(( U=,(5&0($#%)20#(%&203#3=(^<;@#03;)C(&5(( )*#(80)3(_&<>&<(6$3&(&55#03(M<7$;3*(( %&203#3(5&0(&@#03#63(3)2>#<)3(( Z?$#63#(%6$$(,,VV(+,X(Y!V(X+U!(( 5&0('&0#(;<5&\=(

![( ( ( ( ( ( ( ( ( ( ( (

( ( ( ( ( ( ( ( ( ( ( (

/)2>#<)(%&<>2%) /)2>#<)3(60#(#E?#%)#>()&(%&<>2%)(( )*#'3#$@#3(;<(6(?0&5#33;&<6$('6<<#0(( 6<>()&(0#%&7<;3#()*6)(&)*#0(3)2>#<)3(( 6$3&(0#e2;0#(32??&0)(6<>(633;3)6<%#=(( L5(6(3)2>#<)(4#%&'#3(?#03;3)#<)$C(( >;302?);@#(B#(0#3#0@#()*#(0;7*)()&(&55#0(( 6(@#046$(&0(B0;))#<(B60<;<7(6<>A(;5()*;3(( >&#3(<&)(0#3&$@#()*#(3;)26);&<A(B#('6CA(( 6)(&20(>;3%0#);&<A(0#e2;0#()*#(3)2>#<)()&(( $#6@#()*#(%&203#(6<>(B#('6C(#E%$2>#(( )*#(3)2>#<)(50&'(&20(?0#';3#3=

+,( ( ( (

( ( ( (

T6<F(*&$;>6C3 h&0'6$$C()*#0#(60#(<&(K&<>6C(%$633#3(( &<(46<F(*&$;>6C(B##F#<>3A(?24$;3*#>(( %&203#(>6)#3(0#5$#%)()*;3=

+!( ( ( ( ( (

b#%&0>;<7 :2#()&(%&?C0;7*)A(6<>()&(0#3?#%)(&)*#0(( ?60);%;?6<)3A()*#(23#(&5(62>;&(6<>]&0((

Q&0('&0#(;<5&0'6);&<A(&0()&(4&&F(%&203#3A(?$#63#(7&()&(

( (

( (

@;326$(0#%&0>;<7(;3(<&)(?#0';))#>(>20;<7(( 6<C(%&203#=

++( ( ( ( (( ( ( ( (

( ( ( ( ( ( ( ( (

J#6$)*(6<>(/65#)C /)2>#<)3(60#(63F#>()&(B#60(6??0&?0;6)#(( %$&)*;<7(6<>(5&&)B#60()&(?06%);%6$(( %$633#3=(R*;3(B;$$(4#(>;3%233#>(B;)*(C&2( &<()*#(5;03)(>6C(&5(C&20(%&203#(&0(#$3#(( B;$$(4#(0#5#00#>()&(;<()*#('6)#0;6$3($;3)=(( /)2>#<)3(B*&(56;$()&(%&'?$C(B;)*(*#6$)*(( 6<>(365#)C(02$#3(B;$$(4#(2<64$#()&(( ?60);%;?6)#(;<(?06%);%6$(%$633#3=

+.( ( ( ( ( (

( ( ( ( ( (

1&203#($&%6);&<f D&2(B;$$(4#(6>@;3#>(&5(C&20(%&203#(( $&%6);&<(;<(C&20(4&&F;<7(%&<5;0'6);&<(( $#))#0=(P$#63#(4#(6>@;3#>()*6)(%&203#(( $&%6);&<3('6C(&%%63;&<6$$C(%*6<7#(>2#(( )&(&?#06);&<6$(0#63&<3=

1&$&?*&<f 80)(:;0#%);&<(6<>(:#3;7<f L<@#<)&0C(/)2>;&A(_&<>&< BBB=;<@#<)&0C3)2>;&=%&=2F P*&)&706?*Cf( _2%C(16'?4#$$ BBB=$2%CH%6'?4#$$=%&=2F 1&?CB0;);<7f( Q;&<6(_6B0;#( BBB=)*#%&?C%6)=%&=2F :;3%$6;'#0f(R*;3(?24$;%6);&<(>#3%0;4#3()*#(%&203H #3(02<(4C()*#(/*&0)(1&203#3(d55;%#A('6;<)6;<#>( 4C(_&<>&<(80)3%&'(_)>=(M@#0C(%60#(*63(4##<( )6F#<()&(#<320#(6%%206%C(42)(%*6<7#3('6C(*6@#( )&(4#(;<)0&>2%#>(65)#0(?24$;%6);&<A(3;<%#(;)(;3()*#( ?&$;%C(&5()*#(/*&0)(1&203#3(d55;%#()&(%&<3)6<)$C( 0#@;#B(;)3(?0&@;3;&<(&5(%&203#3(63(B#$$(63()*#( ?#05&0'6<%#(6<>(%&<)#<)(&5(;<>;@;>26$(%&203#3=( P0&3?#%);@#(3)2>#<)3(3*&2$>(4#(6B60#(&5()*;3(6<>( 60#(;<@;)#>()&(@#0;5C(>#)6;$3(4C(#<e2;0C()&()*#(( /*&0)(1&203#3(d55;%#=(R*;3(?24$;%6);&<(;3(;332#>( 63(6(7#<#06$(72;>#()&(;)3(%&203#3(6<>(56%;$;);#3G(( ;)(5&0'3(<&(?60)(&5(6(%&<)06%)=(R*#(/*&0)(1&203#3( d55;%#(0#3#0@#3()*#(0;7*)()&('6F#(32%*(%*6<7#3( 63('6C(4#(6??0&?0;6)#(5&0(0#63&<3(&5(&?#06);&<6$( #55;%;#<%C(&0(>2#()&(%;0%2'3)6<%#3(;<%$2>;<7( ;<>23)0;6$(6%);&<A(4#C&<>(;)3(%&<)0&$=

(BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3])#0'3H6<>H%&<>;);&<3


<%#6-%/.5%/8-</./8" T&&F(<&B(6<>(36@#(!,s(&<(6$$(( 3*&0)(%&203#3= a2&)#(Qd_:d^R!,(B*#<(4&&F;<7( &<$;<#(&0(&<()*#()#$#?*&<#= BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3 ,,VV(+,X(Y!V(U.!!= 1&<>;);&<3(6??$CA(%&<)6%)(23(5&0('&0#(;<5&0'6);&<=

1&<)6%)(^3 /*&0)(1&203#(d55;%# 1*#$3#6(1&$$#7#(&5(80)(9(:#3;7< !U(S&*<(L3$;?(/) _&<>&<(/"!P(VS^ Rf(,,VV(+,X(Y!V(U.!! BBB=%*#$3#6=60)3=6%=2F]3*&0)%&203#3 Mf(%%B3*&0)%&203#3k60)3=6%=2F Q6%#4&&Ff(BBB=56%#4&&F=%&'] %*#$3#6%&$$#7#&5=60)=6<>=>#3;7<=3*&0)%&203#3 RB;))#0f(k1*#$/*&0)1&203#

/*&0)(1&203#3(;<(80)(6<>(:#3;7<( 16'4#0B#$$A(1*#$3#6(9(";'4$#>&<

0,%8. - $%/80"0 '()'G - - '()+


Short Course Brochure 2012 - 2013 Chelsea College of Art and Design, London.  

Short Course Brochure 2012 - 2013 Chelsea College of Art and Design, London. Evening, Weekend and Daytime courses in Interior Design, Graphi...

Advertisement
Read more
Read more
Similar to
Popular now
Just for you