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

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

!!!!!!!!!

!

!

!

!

!

!

!!

!

!

!!!

!

"!#$%&'(#)*+$!,-./,00)!/,1)*2,0!,!3/$#)0!0(%451(#)0!)$!'67,1!.,00$)18!9/&.)1!,!:)!0$#(,:):,!#$%$!&%!3$:$;!<$%./,,':,/!%,1=$/!$0!>,($0!:,!<$%&'(#)*+$!,!$0!./$#,00$0!:,!#$%&'(#)*+$!3$/')?0,!(':(0.,'0@7,1!.)/)!0,!.)00)/!:,!&%)!#$'0#(A'#()!('9A'&)8!B&,!'+$!B&,03($')!$0!>,($08!.)/)!&%)!#$'0#(A'#()!#/63(#)8!B&,!0&.,/,!$0!./,#$'#,(3$0!,-(03,'3,0!,!#).3,!)!

#$%.1,-(:):,!:,!:(%,'02,0!,'7$17(:)0;!C00,!./$#,00$!,:&#)3(7$!')!@/,)!:)!<$%&'(#)*+$!D!.)/3,!:$!./$#,00$!%)($/!:,!,:&#)*+$!.)/)!$!:,0,'7$17(%,'3$!:,!3$:)0!)0!.$3,'#()1(:):,0!:)!

.,00$)!D!E!:,'$%('):$!F,(3&/)!</63(#)!:)!<$%&'(#)*+$;!

F,/!E!.,/#,4,/!,!G&19)/8!E!:,0#$4/(/!)0!/,./,0,'3)*2,0!:)!/,)1(:):,!,8!0(%&13)',)%,'3,8!0(3&@?1)0!'&%)!:,3,/%('):)!7(0+$!:,!3$3)1(:):,;!"!:(H(#&1:):,!:,!G&19)%,'3$!:,!%&(3)0!.,00$)0!

#$'0(03,!,%!$43,/!%&(3$0!!:):$08!.$/!,-,%.1$8!)3/)7E0!:,!G$/')(0!,!3,1,G$/')(08!,!'+$!0)4,/!$&!!#$'0,9&(/!,'#)(-@?1$0!',00)!7(0+$!:,!3$3)1(:):,8!:,!#$'G&'3$;!C00)!!

H)13)!:,!7(0+$!#$'3/(4&(!.)/)!B&,!,00,0!:):$0!.,/%)',*)%!0$13$08!'+$!

!

!

IJ$&3$/!,%!<(A'#()0!:)!<$%&'(#)*+$8!./$H,00$/!:)!C0#$1)!:,!<$%&'(#)*+$!,!"/3,0!:)!K'(7,/0(:):,!:,!L+$!M)&1$!D!C<"NKLM!D8!:$!('03(3&3$!>,3$:(03)!,!:$!<$1E9($!L)'3)!</&O;!

!

PQ!

('3,/1(9):$0!,8!.$/!(00$8!'+$!)./$7,(3):$08!0,':$!,0B&,#(:$0!(%,:()3)%,'3,;!"!H$/%)!:,!/,1)*+$!B&,!$0!>,($0!,03)4,1,#,%!#$%!$!.R41(#$!H)#(1(3)!,00)!:,0('3,9/)*+$!:,!:):$08!,00)!'+$?('#$/.$/)*+$!'&%!#$'G&'3$!#$,/,'3,8!3$3)1(O)'3,!,!$/9)'(O):$;!!

C:&#)*+$?1,(3&/)!#/63(#)!E!).%/,"0*##"%1*%0"(#2'(2*%'3)#2*%("%#4#2*.'%1*%5'+",*#8!&%!./$#,00$!$':,!0,!,'3/,1)*)%!)!:,#$:(H(#)*+$!D!)!.,/#,.*+$!:,!%&':$!D!,!)!7)1$/)*+$!D!)!B&)1(H(#)*+$!:)!.,/#,.*+$!D8!%(03&/)':$?0,!)!:,#$:(H(#)*+$!,!)!)7)1()*+$;!

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

9/&.$;!!

"!0$#(,:):,!$/9)'(O)!)19&%)0!('03V'#()0!:,!,:&#)*+$!.)/)!)!1,(3&/)!#/63(#)8!#$%$!)!,0#$1)8!,!('#,'3(7)!$&3/$0!,0.)*$0!$':,!,00,!./$#,00$!0,!$/9)'(O)8!!:,!H$/%)!%,'$0!0(03,%@3(#)8!#$%$!,%!('03(3&(*2,0!/,1(9($0)08!$/9)'(O)*2,0!#$%&'(3@/()08!#1&4,0!:,!0,/7(*$!$&!#$%&'(:):,0!:,!4)0,;!L+$!,0.)*$0!:(H,/,'#():$08!.,/%,):$0!.$/!(:,$1$9()0!/,./$:&3$/)0!,!3/)'0H$/%):$/)08!!%)0!B&,!/,)1(O)%8!')!./@3(#)8!)!$/9)'(O)*+$!W$H(#()1,!0(03,%@3(#)!:$!!0)4,/;!

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

!

PY!

#$%&'(:):,;!"!,:&#)*+$!.)/)!)!#$%&'(#)*+$!E!)!4&0#)!:,!'$7$0!#$'3,R:$08!:,!'$7)0!/,1)*2,08!:,!'$7)0!H$/%)0!:,!,-./,00)/!,00,0!#$'3,R:$0!,!,00)0!/,1)*2,0;!

Z@!58,4"#%*#28=4"#%1*%+*42),'%0,:240'8!:,.,':,':$!:$!9/)&!:,!$/9)'(O)*+$!:$!9/&.$!,!:$!./$G,3$!.$163(#$!:,00,!%,0%$!9/&.$;!"!#$'0#(,'3(O)*+$!E!&%)!./(%,(/)!,3).)!:,!#$%./,,'0+$8!:,!:,07,':)%,'3$!:)!/,)1(:):,8!B&,!#)%('=)!G&'3$!)!$&3/$!%$%,'3$X!$!:)!$/9)'(O)*+$!:$!9/&.$8!:)!%$4(1(O)*+$8!7(0)':$!)!&%!3,/#,(/$!$4G,3(7$8!B&,!0,/()!)!)*+$!:,!%&:)'*)8!'$!(':(76:&$8!'$!9/&.$8!)3E!')!0$#(,:):,!#$%$!&%!3$:$;!

"!1,(3&/)!#/63(#)!9)'=)!)!0&)!%)($/!:(%,'0+$!B&)':$!,03@!('0,/(:)!,%!!&%!./$G,3$!.$163(#$!:,H('(:$8!#$%!,03/)3E9()0!):,B&):)0!,!$/9)'(O)*+$!!,H(#(,'3,!7(0)':$!)!&%)!#$'0,#&*+$!:,!$4G,3(7$0!)!1$'9$8!%E:($!,!#&/3$!!./)O$0;!

"!B&,03+$!:)!)'@1(0,!:$0!>,($0!E!%)(0!#$%.1,-)!:$!B&,!.)/,#,!S!./(%,(/)!7(03);!M)/)!)!%)($/!.)/3,!:)0!.,00$)08!$0!&*4"#%1*%>".)(40'67"%#4=(4;40'.%."1*,(41'1*9%1*#+).?,'.*(2"8!'$7(:):,8!H)0#6'($8!+'@*,8!/,1)*+$!:('V%(#)!#$%!$!%&':$;!T0!>,($0!)00&%,%!&%)!:(%,'0+$!.$0(3(7)8!'$!0,&!#$'G&'3$;![&)':$!=@!#/63(#)08!0+$!0&.,/H(#()(08!,0.$/@:(#)08!%$%,'3V',)08!'+$!,03/&3&/)(0;!T0!>,($0!:,!<$%&'(#)*+$!/',*0*.%2,'(#/',*(2*#8!,7(:,'3,08!!'+$!./$41,%@3(#$0;!

"6!0,!%)'(H,03)!)!H$/*)!:$0!>,($08!B&,!/,./,0,'3)%!*%'/,*#*(2'.%).%."1"%1*%541'%1*#*385*+!D!,!W.$0067,1W8!)$!%,'$0!,%!.)/3,!D!,!B&,!,*#/"(1*.%'%(*0*##41'1*#%*%*A/*02'245'#%/*,0*?41'#%0"."%,*'4#B!J()'3,!:,00)!H)0#(')*+$!,!:)!).)/,'3,!3/)'0.)/A'#()!:$0!>,($08!$0!('3,1,#3&)(0!#=,9)%!#$%!$!:(0#&/0$!#/63(#$;!

"!.)1)7/)!#/63(#)!9,/)!/,0(03A'#()08!.$/B&,!#$03&%)!3/)4)1=)/!#$%!$!/)#($')18!#$%!)!159(#)8!)!(:,$1$9()8!,0B&,#,':$!:(%,'02,0!#$%$!$!1R:(#$8!$!1)O,/8!$!#$3(:()'$8!$!./)O,/8!)!)1,9/()8!H&':)%,'3)(0!')!.$03&/)!#$%!B&,!$0!>,($0!0,!/,1)#($')%!#$%!$!,0.,#3):$/;!

T!('3,1,#3&)1!B&,/!,'0(')/8!,:&#)/U!$0!:$'$0!:$0!>,($08!:(7,/3(/8!,'3/,3,/;!C03)!.$03&/)!E!.,/#,4(:)!#$%$!%)(0!0(%.@3(#)!,!):,B&):)8!,!%,'$0!./,3,'0($0);!"!/,0.$03)!E!:):)!#1)/)%,'3,!')!/,1)*+$!:$0!,0.,#3):$/,0!#$%!)!3,1,7(0+$!#$%,/#()1!,!#$%!)0!\]0!C:&#)3(7)0!$&!#$%!./$9/)%)*2,0!W#&13&/)(0W!%)(0!,/&:(3)0;!"!\]!C:&#)3(7)!3,/%(')!H)1)':$!.)/)!$0!%,0%$0!0,9%,'3$0!:,!.R41(#$!B&,!./$:&O,%!)0!%,'0)9,'0;!

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

!

!P_!

T!3/)4)1=$!#$%!1(:,/)'*)0!:,!3/)4)1=):$/,08!#$%!9/&.$0!/,1(9($0$0!,!!#$%!)19&'0!0,3$/,0!,:&#)#($')(0!E!:,1(#):$8!.$/B&,!./,#(0)%$0!/,0.$':,/8!)'3,0!:,!3&:$8!S0!./,$#&.)*2,0!:,00,0!9/&.$0U!'+$!)0!.$:,%$0!(9'$/)/8!!',%!,'H/,'3)/!#$%$!('#$'0,B`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

L,!.)/)!)!%)($/()!:)!.$.&1)*+$!$!./$41,%)!,03@!,%!B&,!)!\]!'+$!E!7(03)!#$%$!./$41,%)8!.)/)!,03,0!9/&.$0!%)(0!#$'0#(,'3,08!$!3/)4)1=$!E!$!:,!;'@*,%'%0,:240'%1'%0,:240'8!:,0)/%)/!$0!,0.6/(3$0!:()'3,!:$0!>,($08!0&.,/)':$!)!:(%,'0+$!/)#($')18!)!R'(#)!'$/%)1%,'3,!:,0,'7$17(:);!

C:&#)/!.)/)!$0!>,($0!E8!,%!06'3,0,8!/,"?+*.'24@',%"%D)*%(7"%$%54#2"%%0"."%/,"?+*.'%*%1*#41*"+"=4@',%"%D)*%#E%$%54#2"%0"."%41*"+"=4'8!0,%!.,/:,/!)0!:(%,'02,0!:,!1)O,/8!:,!)1,9/()8!:,!,'3/,3,'(%,'3$!,!:,!%$:,/'(:):,8!H&':)%,'3)(0!.)/)!$!=$%,%!./,:$%(')'3,%,'3,!&/4)'$!,!0$1(3@/($!:,!!=$G,;!

C:&#)/!.)/)!)!#$%&'(#)*+$8!)1E%!:,!)G&:)/!)!#$%./,,':,/!)0!'$7)0!#$:(H(#)*2,08!)0!0&3(1,O)0!:)!(%)9,%8!:)!%R0(#)8!:)!)/3(#&1)*+$!,'3/,!$!7,/4)18!$!7(0&)1!,!$!,0#/(3$8!.,/%(3,!,'3,':,/!$!:(')%(0%$!:)!3,#'$1$9()8!:)0!/,:,0!,%./,0)/()(0!B&,!,03+$!.$/!3/@08!3)'3$!)$!'67,1!:$!!"#$%"#&!#$%$!:$!'()*%"#&8!,!)0!)/3(#&1)*2,0!#$%,/#()(08!,%./,0)/()(08!H(')'#,(/)0!,!.$163(#)0!:$!#$%.1,-$!:,!#$%&'(#)*+$;!

C:&#)/!3)%4E%!.$00(4(1(3)!)!#$%./,,'0+$!:$!#$'3,R:$!7,(#&1):$8!:$!#$'3,R:$!,-.16#(3$?(%.16#(3$8!:$!:,!,7)0+$?,'3/,3,'(%,'3$?H(#*+$!,!:$!W/,)1W8!:)!7('#&1)*+$!#$%!$!#$3(:()'$8!:$!159(#$!,!:$!

)H,3(7$8!:$!#$'G&'3&/)1!,!:$!,03/&3&/)1;!

C:&#)/!.)/)!)!#$%&'(#)*+$!E!$/(,'3)/!.)/)!)'@1(0,0!%)(0!#$,/,'3,08!#$%.1,-)0?#$%.1,3)08!$!B&,8!)$!%,0%$!3,%.$8!)G&:)!)!,-./,00)/!/,1)*2,0!%)(0!/(#)0!:,!0,'3(:$!,'3/,!)0!.,00$)08!$0!9/&.$0!,!)!0$#(,:):,!#$%$!&%!3$:$;!a!&%)!,:&#)*+$!.)/)!'$7)0!/,1)*2,0!0(%451(#)0!,!.)/)!'$7)0!,-./,002,0!:$!0,/!0$#()18!'+$!05!.)/)!)'@1(0,0!3,5/(#)0;!

C:&#)/!.)/)!)!#$%&'(#)*+$!E!&%!./$#,00$!B&,!./,#(0)!0,/!):).3):$!)!#):)!,3).)!:$!#/,0#(%,'3$!H(0($159(#$8!#&13&/)18!,!:,!)#$/:$!#$%!#):)!9/&.$!0$#()1;!a!&%!./$?G,3$!B&,!,'7$17,!)!,0#$1)!,!3$:)0!)0!('03V'#()0!0$#()(0!B&,!0,!./,$#&.)%!,%!3$/')/!)!0$#(,:):,!%)(0!G&03)!,!%)(0!=&%)');!a!&%)!.)/3,!

0(9'(H(#)3(7)!:,!&%!./$#,00$!

!

Pb!

,:&#)3(7$!%)($/8!B&,!E!$!:,!3$/')/!$0!#(:):+$0!,0#1)/,#(:$08!:,!$1=$0!)4,/3$0!.)/)!&%)!0$#(,:):,!%,1=$/8!B&,!0,!./$#&/)!/,1)#($')/!,!('3,/)9(/!:,!H$/%)!%)(0!#$'0#(,'3,!,!#$%!,-./,002,0!%)(0!#$?.)/3(#(.)3(7)0;!

T!#$'=,#(%,'3$!:$0!>,($0!:,7,!#$%.1,3)/?0,!#$%!)*2,0!#$'#/,3)0!,!.$0067,(0!,%!#):)!,3).)X!:,0:,!)!)*+$!,0.,#6H(#)!:,!%)'&0,($!:$0!#5:(9$08!:)!4&0#)!:,!'$7)0!,-./,002,08!:)!./$:&*+$!,!,-./,00+$!:)0!#1)00,0!0&4)13,/')0!D!1,(3&/)!,!)*+$!#/63(#)!D!)3E!)!('0,/*+$!:,00)!1,(3&/)!)3(7)!'&%!#$'3,-3$!,:&#)3(7$!%)(0!)4/)'9,'3,!D!)!0,/7(*$!:,!&%)!7(0+$!:,!3$3)1(:):,8!:,!%,1=$/()!:)!0$#(,:):,!D!,!'&%!#$'3,-3$!.$163(#$!:,!)3&)*+$!.)/)!/,H$/*)/!,00)!%&:)'*);!

M$/!(00$!E!H&':)%,'3)1!B&,!)!C:&#)*+$!.)/)!)!<$%&'(#)*+$!0,!)/3(#&1,!#$%!)0!('03V'#()0!.$163(#)0!B&,!,03+$!/,)1%,'3,!)!0,/7(*$!:)!3/)'0H$/%)*+$!:,%$#/@3(#);!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

Pc!