Rapporto annuale 2013

LIFT – Un'opportunità per i giovani, la scuola media e le aziende ticinesi

Progetto LIFT • NSW / RSE • Schläflistrasse 6 • 3013 Berna (Svizzera)

tel. +41 31 318 55 70 • lift@nsw-rse.ch • www.progetto-lift.ch

!

!

"#$%&''$!()*+!,&#!-!%-$./0-!1!2/,,$#'$!/003/4&!5678!!

")09-:&!

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

0# 12,2)"3.",4,-5,/6-2)"3."$%&'"-67"08!9"

9# $%&'"("4.:2,"3;.-:.6/6"088<"("08!=""

># ?,*2,"36.":.2."$%&'","@.-6"08!9"

<# 1ABB6::."6":@.36".-"14.556*,"*)/,-3,"6"'.B.-)""

C# 1ABB6::."6":@.36".-"14.556*,"2636:B,""

D# EA-2."3."4.:2,"7)B,7."("'6:2./)-.,-56"3.":BA)76"6"3.226"

D#!# "'6:2./)-.,-5,":BA)7,F"1267.)"G677)-."

D#0# '6:2./)-.,-5,"3."A-,"3.22,F"HIHJ"K2*,3)22)"6",3,22,2)"3,7"2636:B)L"

=# M.2)*-)":A7"@)77)N"AO"6:6+A.2)"O*6::)"7;.-:.6/6"36."O,*2-6*"7)B,7."

P# E,*26-,*.,2)":)B.,76"

!8# M.,::A-2)"3677,"4,7A2,5.)-6"08!9"6@@622A,2,"3,7"Q)22#"$,*:"G,756*"3677;%R&&E""

!!# M,OO)*2)"3."4,7A2,5.)-6"367"$%&'"7):,--6:6":4)72,"3,77,"Q)22#"Q6-.5"JS+6*"J,:O)5T"

UVE"$):,--,"K2*,3)22)"6",3,22,2)"3,7"@*,-B6:6L"

!0# 1):26+-)"

!

;44&%/'-<!

1.2."$%&'""

EAWW7.B,5.)-."6",*2.B)7."3."+.)*-,76"08!9"$%&'"

&*6BB622,":B)7,:2.B,"O*)+622)"$%&'"7)B,76"

"

!

!

!

!

!

!

G6*-,T"+.A+-)"08!>"

0

7= ()*+!1!$#%/0-%#/>>/!

X"+*,5.6",77;./O6+-)"6",77,"B)77,W)*,5.)-6"6@@.B,B6"3."2A22."."O,*2-6*"./O7.B,2.".-"$%&'"BY6"ZA6:2)"O*)+622)"64)746"O):.2.4,/6-26"6":2,W.7/6-26#""[A6:2.",22)*.":)-)"3A-ZA6",::)B.,2.",77,"*.A:B.2,"3."$%&'"-67"08!9F""• (/!?@3/9#/!()*+!AB.-CC&#/!'&9&?:/D!#$>/09/!&!-'/4-/0/E!

%"B)77,W)*,2)*."O*.-B.O,7.F"" !

- E*)@#"V/#"I,*.)"4)-"?*,-,BYT"3.*622)*6":2*,26+.B)T""- \6*-6*"Q.B]T"*6:O)-:,W.76"3677,"+6:2.)-6")O6*,5.)-,76"6"3677,"B))*3.-,5.)-6"+7)W,76"3."$%&'"

K@.-)","+.A+-)"08!9LT"- J,W*.67,"\,7:6*T"*6:O)-:,W.76"3677,"+6:2.)-6")O6*,5.)-,76"6"3677,"B))*3.-,5.)-6"+7)W,76"3."

$%&'"K3,"+.A+-)"08!9LT"

- I,22Y.,:"U6Y7T".-B,*.B,2)"3.":):26-6*6"7)":4.7AOO)")O6*,5.)-,76"6":2*,26+.B)T""- I,:B.,"M^@6-,BY2T"B))*3.-,5.)-6"14.556*,"2636:B,T"- HA36"I_2*,7T"B))*3.-,5.)-6"14.556*,"*)/,-3,"6"'.B.-)T"

- U,-:*A63."U)22.-+6*T",BB)/O,+-,/6-2)"`":4.7AOO)T"- H--,"M)-6*"6"aA7.,"12AB].T":6+*62,*.6"- b)*,"$6Y/,--T":2,+.:2,"6":6+*62,*.,"G6*-,T"*,BB)72,"3,2."`"*.B6*B,"@)-3."

$,":ZA,3*,",77,*+,2,F""- $A3."&ABY:T",BZA.:.5.)-6`,BB)/O,+-,/6-2)"*6+.)-6"3."cA*.+)T""- H:2*.3"J/^*T"/)3A7."3.",BB)/O,+-,/6-2)T"- H-2)-.,"I6-367.-T"B)*:."3;.-2*)3A5.)-6"O6*"."O,*2-6*"7)B,7.T"14.556*,"2636:B,T""- $,*,"E6:267,BB.T",3,22,/6-2)"367"/,26*.,76".-".2,7.,-)"6":):26+-)".-"'.B.-)T"- M6-,2)"J.,B)/622.T"B)-2,W.7.2d"`",//.-.:2*,5.)-6"367"O6*:)-,76T""- &*,-B)"e*,22.+6*T".-@)*/,2.B,T"/,26*.,76T":)@2N,*6"6":.2)".-26*-62T"- a^*+6-"I^776*T":AOO)*2)"-677;A2.7.55)"36+7.":2*A/6-2.".-@)*/,2.B."O6*"7,"B))*3.-,5.)-6"36."O):2."

3."7,4)*)T""- Q)22#"$,*:"G,756*T"4,7A2,5.)-6":B.6-2.@.B,"

"• (&!?@3/9#&!4$:/4-!9&-!?-'-!()*+!-0!'3''/!4/!B.-CC&#/D!

;!'3''-!4$#$!./!30!%#/09&!%#/C-&!,&#!-4!4$#$!->,&%0$D!4/!4$#$!,/#'&:-,/C-$0&!&!-4!4$#$!

?$?'&%0$=!

!

!

!

!

!

!

!

!

!

!

!

!

!

!"#$%&'"(&)"*+$%,+(-%*".%&'"(/012(

!"#$%&'"(#$*+$"3%4+(5&6%$+$&(789:;8<(

(

=66%'%#$*+.%&'"( 5&&*>%'+.%&'"(8,%.."*+($">"#4+("(;&6+'>%+(:(2%4%'&((

8&#$"3'&(*"3%&'+?"(((

@+?A$+.%&'"(

B+'>+$%("#$"*'%((8&#$"3'&(+?()*&3"$$&(

=4CA%#%.%&'"(=44&6)+3'+6"'$&(8"'#%D%?%..+.%&'"(

;"$"(

8"3*"$+*%+$&(0'E&*6+$%4+(1%'+'."(

=4CA%#%.%&'"(=44&6)+3'+6"'$&(8"'#%D%?%..+.%&'"(

=##&4%+.%&'"(789(:(;8<(F*3+'%..+.%&'"(&6D*"??&(

((

9

5= B'/'$!9-!/./0C/>&0'$!9-!()*+!0&4!5678!

$;,--)" 08!9" Y," O)*2,2)" -A/6*):." B,/W.,/6-2." ,77;.-26*-)" 367" O*)+622)" $%&'T" 2,-2)" -677," :A,"6:O,-:.)-6T".7"B)-:)7.3,/6-2)"36776",BZA.:.5.)-.T"ZA,-2)".-"B6*26":@.36#"

H" 7.4677)" .-26*-)T" f" -6B6::,*.)" /6-5.)-,*6" BY6" 3," +.A+-)" 08!9T" \6*-6*" Q.B]T" *6:O)-:,W.76" 367"O*)+622)"@.-"3,77;.-.5.)T"f",-3,2)".-"O6-:.)-6#"J,W*.67,"\,7:6*T"@.-)",77)*,"B))*3.-,2*.B6"O6*"7,"14.556*,"2636:B,T"7;Y,"*./O.,55,2)#"Q."B)-:6+A6-5,T".-"6:2,26T"B."Y,"*,++.A-2)"A-,"-A)4,"B))*3.-,2*.B6T"I,:B.,"MA6@6-,BY2T" O6*" ZA6:2," *6+.)-6" 7.-+A.:2.B,#" ?)-2.-A,-3)" ,"/,-26-6*6" 7," 7.-6,"3.:6+-,2," @.-)" 7.T" :.,"-677,"+A.3,"367"B6-2*)"3."B)/O626-56":.,"-677,"B))*3.-,5.)-6"14.556*,"2636:B,T")+-A-)"Y,",OO)*2,2)".7"O*)O*.)" 2)BB)T" B)7)*,-3)" B):g" A-" O);" 3.@@6*6-26/6-26" 76" ,5.)-." O*)@6::.)-,7." .-2*,O*6:6" 6"3.-,/.55,-3)"3.@@6*6-26/6-26",7BA-6"O,*2."367"O*)+622)#"

%7"08!9"Y,"O6*/6::)T":)O*,22A22)"-677,":6B)-3,"/62dT"7;6/6*+6-5,"3."A-"+*AOO)":2*,26+.B)",77;.-26*-)"367"B6-2*)"3."B)/O626-56"BY6"*.@76226T":.,","7.4677)"ZA,-2.2,2.4)":.,"ZA,7.2,2.4)T":A77;,-2.B.O,5.)-6"36776"O)::.W.7.2d" 6" :A77," @,22.W.7.2d" 3677," O*)::./," @,:6" 367" O*)+622)" K08!<h08!=L#" ?):gT" 7;.-.5.)" 3." A-"./O)*2,-26"7,4)*)"*.@76::.4)",22)*-)",77,"3.*65.)-6"BY6"36:.36*6*6//)"3,*6","ZA6:2,"O*)::./,"@,:6T"7,"O*)@6::.)-,7.55,5.)-6"36776"O*6:2,5.)-."O*)O):26",."O,*2-6*"6" 7," *.B6*B,"3."-A)4."O,*2-6*" @.-,-5.,*."Y,--)" @)*26/6-26"/)W.7.2,2)" .7" +*AOO)"367" B6-2*)"3." B)/O626-56T"W,:,2)","G6*-,"6" B)**.:O)-3)-)",77," -A)4," :2*,26+.," :2,W.7.2," 3,77," :ZA,3*,#" b67" O*)7A-+,/6-2)" 3." ZA6:2," :2*,26+.,T" A-" -A)4)"O*)+622)" 3." O,*26-,*.,2)" :)B.,76" f" :2,2)" O*)O):2)" ,776" ,5.6-36" BY6" 36:.36*,-)" :):26-6*6" $%&'"@.-,-5.,*.,/6-26"63"6::6*6T"+*,5.6","ZA6:2)":):26+-)T" *.B)-):B.A26"6" *.4,7)*.55,26"-67" 7)*)" ./O6+-)":)B.,76"6"*6:O)-:,W.76#""

H464,/)"@.::,2)"B)/6")W.622.4)"3.",**.4,*6",":):26-6*6"=8"O*)+622."7)B,7.",77,"@.-6"3677;,--)"08!9#"b67"3.B6/W*6" 08!9T" $%&'" *.A-.4," =9" O*)+622." 7)B,7." .-" 2)2,76#" '*," ZA6:2." =9" O*)+622.T" <P" :)-)" :.2A,2." .-"14.556*,"2636:B,T"!P".-"M)/,-3.,"6":.,/)":2,2."/)72)"@67.B."3.",BB)/O,+-,*6"76"O*./6"<":BA)76"2.B.-6:."-677)" :2,*2" 367" 7)*)" O*)+622)" 7)B,76#" $%&'" f" B):gT" 3,7" 08!9T" O*)O):2)" 6" :4.7AOO,2)" :A77;.-:.6/6" 367"26**.2)*.)" 67462.B)T" -6776" 9" 7.-+A6" -,5.)-,7.#" ?.*B," !888" +.)4,-." -6" Y,--)" O)2A2)" W6-6@.B.,*6"ZA6:2;,--)"6":.":)-)"*6B,2.".-"B.*B,"!988",5.6-36#"[A6:26"B.@*6T"O.i"-67"3622,+7.)"6"/6+7.)":O.6+,26T":."2*)4,-)"-677," 4,7A2,5.)-6"6@@622A,2,"O6*" 7;,--)"08!9"3,7"Q)22#" $,*:"G,756*"3677;%:2.2A2)"A-.46*:.2,*.)"@636*,76"O6*"7,"@)*/,5.)-6"O*)@6::.)-,76"K%R&&EL#""

M.+A,*3)",77;)22./.55,5.)-6"36776"O*6:2,5.)-."O*)O):26",."-):2*."O,*2-6*" 7)B,7.T" .-":6+A.2)","3.@@6*6-2."*.BY.6:26" 36776" :BA)76T" 3.46*:." 3)BA/6-2." :)-)" :2,2." *.O*)3)22." )" *.4.:.2,2.#" %-)72*6T" A-" -A)4)" :.2)".-26*-62"f"3.:O)-.W.76"-6776"9"7.-+A6"-,5.)-,7.#"H7"@.-6"3."O*):6+A.*6"ZA6:2)"7,4)*)"3."A-.@)*/,5.)-6"6"3."B)6*6-5,",22)*-)",7"O*)+622)T",WW.,/)",-BY6"*.67,W)*,2)"."@7S6*"3."O*6:6-2,5.)-6"367"O*)+622)T"B):g"BY6",WW.,-)"2A22."7,":26::,"+*,@.B,#""$;.-:.6/6"367"/,26*.,76"O*)O):2)",."O,*2-6*"7)B,7."f":2,2)"2*,3)22)"6" ,3,22,2)" .-" .2,7.,-)" O6*" ." -):2*." O,*2-6*" 2.B.-6:.#" I6-5.)-.,/)" ,-B)*," BY6" ,WW.,/)" .-.5.,2)" A-"./O)*2,-26" 7,4)*)" 3." 3.-,/.55,5.)-6" +*,@.B," 367" /)3A7)" 3;,BB)/O,+-,/6-2)T" .-.5.,7/6-26" O6*"ZA677)"O*)O):2)",."O,*2-6*":4.556*."2636:BY.#"1O6*.,/)"BY6"O)2*d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d"O6*/6226*6"3.":6/O7.@.B,*6"7;)*+,-.55,5.)-6"6"7;,//.-.:2*,5.)-6"36."O):2."3."7,4)*)":622./,-,7."36+7.",77.64."$%&'#"1O6*.,/)"BY6":,*d")O6*,5.)-,76"-67"08!>#"

14.7AOO,*6" 7," *626" *6:2," A-," 36776" ,22.4.2d" B6-2*,7." BY6" O6*/6226" 3." ,::6:2,*6" 76" W,:." 367" O*)+622)T"B)-2.-A,-3)" ," :4.7AOO,*6" 76" :A6" O)::.W.7.2d" 6" .7" :A)" B,/O)"3;,5.)-6#"[A6:2;,--)" f" :2,2)" @*A22A):)T"B)-:.36*,-3)"BY6T"3,"A-,"O,*26"76"B)77,W)*,5.)-."6:.:26-2.":)-)":2,26"B)-:)7.3,26"6"BY6"3,77;,72*,"-6":)-)" :2,26" .-.5.,26" 3." -A)46#" E6*" @,*6" B.j" :)-)" :2,26" :4)726" 3.@@6*6-2." ,5.)-.F" B)/6" 7," 2*,:/.::.)-6"36776"-6N:76226*")",-B)*,"7;)*+,-.55,5.)-6"36+7.".-B)-2*."*6+.)-,7."O*)O):2.",."-):2*."O,*2-6*"7)B,7."A-,"

>

)" 3A6" 4)726" 7;,--)#" H." -):2*." O,*26-6*T" 6" ," 2A226" 76" O6*:)-6" .-26*6::,26" 3,7" 26/," 3677;.-:6*./6-2)T")@@*.,/)",-BY6"A-" .-B)-2*)"-,5.)-,76",--A,76","G6*-,#"[A6:2;,--)",WW.,/)",4A2)" 7,"O)::.W.7.2d"3.":4)7+6*6"ZA6:2)".-B)-2*)"-6+7.":2,W.7."3677,"1V?k"K:6+*62,*.,2)"3.":2,2)"3677;6B)-)/.,L#"

!

"!"#$%&'(%&)"%&*+",#&-#.&/"+.+012&),"344#"3&54"+436,0#& & & & &

7+8",39+&:+953"2&;35<#.5+8,93&=39&<"#6344#&

""

!

<

8= ()*+!1!.-?'/!9F-0?-&>&!566G!1!567H!!

!

Pre

limin

ari

Follo

wU

p

Con

cett

iPr

elim

inar

iCon

tatt

i

Espa

nsio

ne in

Tic

ino

Acc

omp

agm

anen

toa

lun

go

term

ine

Ban

ca d

ati /

acc

ompa

gnam

ento

/ s

oste

gno

Sos

tegn

oG

aran

zia

di q

ualit

à /

valu

tazi

one

Rete

di l

avor

oG

estio

ne q

ualif

icat

a

Gar

anzi

a d

ei f

inan

ziam

enti

a lu

ng

o te

rmin

e n

ei c

anto

ni e

nei

com

un

i

20

05

/ 0

620

15 -

2018

Finanziamento

NSW

/ R

SE

NSW

/ R

SE,

Ber

n Kirch

gem

. ZH

Can

tone

2/3

Kirch

gem

. BE

Fond

azio

ni 1

/3BBT

, Ber

n

Zür

ich

/ G

latt

brug

g /

Hal

den

Zür

ich

/ Brü

tisel

len

/ Bru

ggw

iese

n

Valu

tazi

one

20

10

- 2

01

1

SG

G,

Zür

ich

Mer

cato

r Sch

wei

z, Z

üric

hBin

ding

Stif

tung

altr

e fo

ndaz

ioni

o o

rgan

izza

zion

i

20

07

- 2

00

9

NSW

/ R

SE,

Ber

n Kirch

gem

. BE

SG

G,

ZH

Sch

iller

Stif

tung

Ko

hler

Fried

rich

Stif

tung

BBT

, Ber

n

Am

plia

men

to a

48

sed

i in

11

can

ton

i

vede

re la

car

ta L

IFT

Pro

get

to p

ilota

in 4

sed

i

NSW

/ R

SE,

Ber

n BBT

, Ber

n

Man

uali,

con

trat

ti, m

odel

li

Valu

tazi

one

Valu

tazi

one

Svilu

ppo

man

uale

, co

ntra

tti,

mod

elli

di r

ete

/ in

cont

ri /

sca

mbi

o

Espa

nsio

ne in

Svi

zzer

a Ro

man

da

Ber

n W

est

/ Sch

wab

gut

Ber

n /

Wab

ern

/ M

orill

on

Con

trib

uti c

anto

nali

Am

plia

men

to a

80

- 1

00

sed

i Gar

anzi

a a

lun

go

term

ine

di u

n "

cen

tro

di

com

pet

enza

LIF

T"

Seg

uir

e u

na

Follo

wU

p s

iste

mat

ica

NSW

/ R

SE,

Ber

n BBT

, Ber

n SG

G,

Zür

ich

20

12

- 2

01

4

Valu

tazi

one

Ult

erio

ri a

llarg

amen

ti e

gar

anzi

e d

i sos

ten

ibili

tàso

no fat

ti ne

llo s

peci

fico

in r

elaz

ione

alle

dom

ande

e a

i bis

ogni

(Agg

lom

eraz

ione

/ r

egio

ne li

ngui

stic

a /

situ

azio

ne m

igra

toria

ecc)

C

I= J/#'/!9&-!?-'-!()*+!/!K-0&!5678!

H77,"@.-6"3677;,--)"08!9"$%&'",464,"=9":.2."7)B,7.F"

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

E*)+*6::.)-6"367"-A/6*)"36.":.2."7)B,7."$%&'"3,77;.-.5.)"367"O*)+622)"F"

!

LM-&''-.-!9/!#/%%-30%&#&!#-%3/#9$!/4!03>&#$!9&-!?-'-!4$:/4-!()*+D!566N!O!567I! " "

2&%-$0&!

"#$%&''$!

,-4$'/!566N!O!

566P!

*-0&!5676! *-0&!5677! *-0&!5675! *-0&!5678! *-0&!567I!

G6*-,"`"&M"K,77#L"" 0" 9" C" D" P" !0"1k"`"HJ"`"G$"`"G1" 8" 9" D" =" !8" !0"cA*.+)"6"3.-2)*-." 0" 9" C" !=" 09" 0D"1J"`"'J"`"JM" 8" !" 9" !8" !<" 08"14.556*,"B6-2*,76" 8" !" 0" 0" 9" >"

M)/,-3.,`'.B.-)" 8" 8h9" >" !8" !=" 0<"

+$'/4&! I! 77! 5H! GG! QH! 766!

! ! ! ! ! ! !

R3>&#$!&KK&''-.$!9&-!?-'-!4$:/4-!()*+D!566N!O!567I! " " "

2&%-$0&!

"#$%&''$!

,-4$'/!566N!O!

566P!

*-0&!5676! *-0&!5677! *-0&!5675!! *-0&!5678! *-0&!567I!

G6*-,"`"&M"K,77#L" 0" 9" C" C" =" !!

1k"`"HJ"`"G$"`"G1" 8" !" >" =" !!" !!

cA*.+)"6"3.-2)*-." 0" C" !C" 0!" 0>" !!

1J"`"'J"`"JM" 8" >" =" !9" !<" !!

14.556*,"B6-2*,76" 8" 8" 8" 8" !" !!

M)/,-3.," 8" !" !9" !C" !P" !!

'.B.-)" 8" 8" 8" 8" <" !!

+$'/4&! I! 7G! IQ! NI! H8! !!

!

D

G= B3::&??-!&!?K-9&!-0!B.-CC&#/!#$>/09/!&!+-:-0$!!

B3::&??-!&!?K-9&!-0!B.-CC&#/!#$>/09/!&!+-:-0$!

$%&'"Y,")226-A2)"36."WA)-.":ABB6::.".-"M)/,-3.,"6"'.B.-)"3A*,-26"7;,--)"08!9#"%7"2A22)"B)-:)7.3,-3)"76"B)-):B6-56T"7;)22./.55,5.)-6"36776"O*6:2,5.)-."O*)O):26",."3.@@6*6-2."O,*2-6*"6"7;,BB6-2A,5.)-6"3677,":6-:.W.7.55,5.)-6" 6" 3677;.-@)*/,5.)-6T" ?.j" Y," O6*/6::)T" .-)72*6T" 3." @.*/,*6" -A)4." B)-2*,22.T" .-"O,*2.B)7,*6")72*6"J)22,*3)"3)46"<":BA)76"2.B.-6:."Y,--)"*,++.A-2)".7"O*)+622)".-"O*./,46*,#"

"/#'&0/#-/'-!&!:$44/M$#/C-$0-!

$%&'"-)-"O)2*6WW6":4.7AOO,*:."6"O6*/6226*6",."+.)4,-."BY6"4."O,*26B.O,-)"3.":6-:.W.7.55,*:.",7"/)-3)"O*)@6::.)-,76":6-5,"A-"B)-:.36*,W.76":):26+-)"367":A33622)"/)-3)#"%-@,22.T"A-"./O)*2,-26"7,4)*)"3."*.B6*B,"6" B)-:)7.3,/6-2)"36776" B)77,W)*,5.)-." B)-"36776" ,5.6-36"6T" .-" :6-:)"O.i" 7,*+)T" B)-"+7." ,22)*."./O7.B,2." -677," :@6*," O*)@6::.)-,76" f" B6-2*,76" O6*" 76" :BA)76" O,*2-6*#" XT" .-@,22.T" 6::6-5.,76" BY6" )+-.":BA)7," :." B*6." 7," O*)O*.," *626" 3." O,*2-6*" 26-6-3)" B)-2)" 36776" :O6B.@.B.2d" 7)B,7.T" 367" B)-26:2)" 6" 36776"O)::.W.7.2d"3."B.,:BA-)#"H-B)*,"ZA6:2;,--)"76":BA)76"4)36:.T"O.i"-677)":O6B.@.B)"ZA6776"7):,--6:.T"Y,--)"O)2A2)"W6-6@.B.,*6"367" :):26+-)T"6"3677;./O)*2,-26" :6*W,2).)T"3677," B,/6*,"4)36:6"3." B)//6*B.)"6"3677;.-3A:2*.,T" O*6:6-26" -677," *.B6*B," ,22.4," 3." A-" B6*2)" 2.O)" 3." O):2." 3." 7,4)*)" :622./,-,7." 6" -677,"*.@76::.)-6" O.i" +7)W,76" ,22)*-)" ,77," B))*3.-,5.)-6" 3." ZA6:2." A72./.#" b677)" :26::)" /)3)" 7," :BA)7," 3."?Yl26,A"3;k6m"W6-6@.B.,"367"O*65.):)":):26+-)"3677,"+.)4,-6"B,/6*,".-26*-,5.)-,76"3."E,S:"3;V-Y,A2T"O*6:6-26"3,77;.-.5.)"3."ZA6:2)"O*)+622)" 7)B,76#"1)-)":2,26",44.B.-,26",72*6"B,/6*6" .-26*-,5.)-,7."O6*":)-3,*6"76"O)::.W.7.2d"3."A-":):26+-)"3,"O,*26"7)*)"K,*2.B)7.T".-3.*.55.T"6BB#L#"X":2,2,"B)-2,22,2,",-BY6"7,"B,/6*,"3."B)//6*B.)"6"3677;.-3A:2*.,"@*.W)*+Y6:6"7,"ZA,76"Y,"O6*/6::)"7,"OAWW7.B,5.)-6"3."A-",*2.B)7)","O*)O):.2)"3."$%&'"-67":A)"+.)*-,76T"VBY)#"b677,"*6+.)-6"3677,"G*)S6T" 7,"?kMVG"KB)/A-.2d"*6+.)-,76"3677," G*)S6L" Y," :):26-A2)" .7" O*)+622)" 7)B,76" 3." E,S6*-6" B*6,-3)" A-," 7.:2,T" B)-" 7," *6:O)-:,W.76" 367"O*)+622)T"36776",5.6-36"BY6"O)2*6WW6*)"O)26-5.,7/6-26",BB)+7.6*6"36."+.)4,-.#"J*,5.6","ZA6:2;,5.)-6"9",5.6-36":)-)"3.46-A26"O,*2-6*#"%-"n,776:6T".7"B.B7)"3;)*.6-2,/6-2)"3."I)-2Y6S"Y,"O)2A2)"W6-6@.B.,*6"367":):26+-)"3."A-"B7AW":6*4.B6"BY6"Y,"O)2A2)"O*)O)**6"36776",5.6-36"BY6",BB)+7.6*,--)"."+.)4,-."O6*"7," 7)*)"O*./,"6:O6*.6-5,"3."9"/6:.#" %-@.-6T"-67"?,-2)-"J.-64*,T" 7,":)B.62d"+.-64*.-,"3;A2.7.2d"OAWW7.B,"36:.36*,T" -677," /.:A*," 367" O)::.W.76T" @,*" ,OO*)@.22,*6" 76" :BA)76" O,*2-6*" 3677," 7)*)" +*,-36" *626"O*)@6::.)-,76#"

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f" B)-B*62.55,2,T" !!"/6/W*." 3." ZA6:2," ,::)B.,5.)-6"36:.36*,-)T" .-"@A-5.)-6" 36776" O)::.W.7.2dT" :):26-6*6" B)-B*62,/6-26" A-" O*)+622)" 7)B,76" :.2A,2)" -677," 7)*)" *6+.)-6"+6)+*,@.B,#"

)0K$#>/C-$0&D!?&0?-M-4-CC/C-$0&!&!$''->-CC/C-$0&!9&44&!,#&?'/C-$0-!

R-)" 36." B)/O.2." B6-2*,7." 367" B6-2*)" 3." B)/O626-56" W,:,2)" ," G6*-," B)/O*6-36" 2A22)" .7" 7,4)*)"3;.-@)*/,5.)-6" 6" :6-:.W.7.55,5.)-6" ," O*)O):.2)" 367" O*)+622)" O*6::)" 76" ,A2)*.2d" B)/O626-2." 6".-26*6::,26T"/,",-BY6"B)-"7)":B)O)"3."*,++.A-+6*6"O.i"O6*:)-6"O)::.W.7.#"

G6-6@.B.,*6"367":):26+-)"3677,":2,/O,T":O6B.,7/6-26"," 7.4677)" 7)B,76T"O6*"@,*"B)-):B6*6" .7"O*)+622)"f":6/O*6"A2.76"6"W6-46-A2)#"[A6:2;,--)":)-)":2,2."*6,7.55,2."3.46*:.",*2.B)7."BY6":)-)","3.:O):.5.)-6":A7"-):2*)":.2)".-26*-62#"

16/O*6" ZA6:2;,--)" ,WW.,/)" O)2A2)" 6::6*6" O*6:6-2." 3A*,-26" 3.@@6*6-2." /,-.@6:2,5.)-.T" ,-BY6":B)7,:2.BY6T" ,7" @.-6"3." O*6:6-2,*6" .7" O*)+622)#" %-"ZA6:2)"/)3)"f" :2,2)"O)::.W.76" 6:O)**6" $%&'" ,"36+7.",77.64." 3677;UVE" n,A3" B)/6" OA*6" ," 36." O*)@6::.)-.:2." 3677;.-:6*./6-2)" O*)@6::.)-,76" .-" @)*/,5.)-6"B)-2.-A,"3677;VV1E"3."$):,--,#"%-)72*6",WW.,/)"O,*26B.O,2)",776"+.)*-,26"O*)O):26"3,77;k&H1",22)*-)"

=

,7"26/,"3677,"4.)76-5,"2*,"."+.)4,-.T"26-A26:.".-"-)46/W*6","J.-64*,T"6":.,/)".-26*46-A2.".-"A-"/)3A7)"3,7" 26/," o$;.-:6*./6-2)" O*)@6::.)-,76" 36." +.)4,-.F" A-" /62)3)" 3." O*646-5.)-6" 3677," 4.)76-5,pq#" %7"O*)+622)"f":2,2)"O*6:6-2,2)",-BY6"3A*,-26"7,"B)-@6*6-5,"36.":6+*62,*.,2."+6-6*,7."BY6"Y,",4A2)"7A)+)"-677;)22)W*6"3."ZA6:2;,--)","&*.W)*+)#"

$," 4,7A2,5.)-6" B)-2.-A," 367" O*)+622)" *.46:26" A-" *A)7)" B6-2*,76#" %7" Q*#" $,*:" G,756*" 3677;%R&&E" 4,7A2,"*6+)7,*/6-26" .7" O*)+622)T" 7," 26*5," 4,7A2,5.)-6"f" .-" B)*:)"3." 67,W)*,5.)-6#"H"A-" 7.4677)" O.i" 7)B,76T" 7,"O*)@6::)*6::,"Q6-.5"JS+6*"J,:O)5"3677;UVE"3." $):,--,"Y,"B)-:6+-,2)" 7," :A,"4,7A2,5.)-6"6@@622A,2,"O*6::)"36."+.)4,-."7):,--6:."6"367"7)*)"*6:O)-:,W.76"$%&'"BY6"Y,--)"O,*26B.O,2)",7"O*)+622)"-67"08!0#"%7":A)"*,OO)*2)"B)/O762)"f"3.:O)-.W.76":A7"-):2*)":.2)".-26*-62"6"A-,"46*:.)-6"*.,::A-2,":."2*)4,"-6+7.",776+,2."3."ZA6:2)"*,OO)*2)",--A,76#"

(&!:$44/M$#/C-$0-!:$0!4&!?:3$4&!?&:$09/#-&<!

O!"#$%&'!M.+A,*3)" 7," 14.556*,"M)/,-3,T" :)-)"3,"-)2,*6"3.46*:." B,/W.,/6-2.#" $," :.2A,5.)-6"3677;,--)" :B)*:)"-67" ?,-2)-" n,A3" :." f" 64)7A2," O):.2.4,/6-26#" %-" 6@@622.T" .7" Q.O,*2./6-2)" 3677," @)*/,5.)-6T" 3677,"+.)46-2i" 6" 3677," BA72A*,T" ,77," @.-6" 3677;,--)" :B)*:)" Y," 2)72)" 7," O*).W.5.)-6" 3." B)77,W)*,*6" B)-" .7"O*)+622)" O6*" 76" :BA)76" :6B)-3,*.6T" O)-6-3)" 36776" B)-3.5.)-.r" 7," O.i" ./O)*2,-26" *.+A,*3," +7." ,--.":B)7,:2.B." BY6" O)::)-)" O,*26B.O,*6" ,7" O*)+622)#" %-" +6-6*,76T" 76" :BA)76" :4.7AOO,-)" $%&'" 3A*,-26" +7."A72./."2*6",--."3677,":BA)7,"3677;)WW7.+)T"3A-ZA6"3,7"Ps",77;!!s",--)"U,*/)1#"$6"3.*622.46"367"B,-2)-6"3.B)-)" BY6" :)7)" +7." ,77.64." 367" !8s" 6" 3677;!!s" ,--)" U,*/)1" O)::)-)" O,*26B.O,*6" ," $%&'#" H7" @.-6" 3."@,B.7.2,*6"+7.":B,/W.T"7,"2*,:O,*6-5,"6"7,"B)6*6-5,","7.4677)"36."3.@@6*6-2."O*)+622."4)36:.T"f":2,2)"B*6,2)"A-" B)/.2,2)" 3." O.7)2,++.)" -67" ZA,76" :)-)" O*6:6-2." $%&'T" 76" :BA)76T" 7," 3.*65.)-6" O63,+)+.B," 367"3.O,*2./6-2)T" 7;)*.6-2,/6-2)"O*)@6::.)-,76"6" 7,"B,/6*,"3."B)//6*B.)"6"3677;.-3A:2*.,"4)36:6#"1A776"!0" :BA)76" 4)36:." BY6" ,464,-)" @.*/,2)" A-," B)-46-5.)-6" 3." B)77,W)*,5.)-6" B)-" $%&'" =" :BA)76T" BY6",464,-)"+.d".-.5.,2)".7"O*)+622)"O*./,"7,"O*).W.5.)-6"3."B)77,W)*,5.)-6T"Y,--)"*.B)/.-B.,2)"$%&'#"E6*"76",72*6" :BA)76T" A-," :." f" *.2.*,2," O6*BY_" 3,7" 08!<" :,*d" :)7)" A-," :BA)7," 676/6-2,*6" 6" 76" A72./6" 2*6"36:.36*,-)" 46*.@.B,*6" 76" O)::.W.7.2d" 3." ,22A,5.)-6" 3," ZA." ,77," @.-6" 3677;,--)" :B)7,:2.B)#" %-)72*6T" 3A6"-A)46" :BA)76T" ZA6776" 3." E,S6*-6" 6" 3." ?)OO62T" Y,--)" *,++.A-2)" $%&'" ZA6:2;,--)" 6" ,72*6" :." :)-)"/):2*,26" .-26*6::,26#" $;.-:.6/6" 3." 2A226" 76" :BA)76" O,*2-6*" :." 2*)4,-)" :A7" -):2*)" :.2)" .-26*-62F"NNN#O*)t62h7.@2#BY#""

b67" ?,-2)-" &*.W)*+)T" .7" B.B7)" 3." )*.6-2,/6-2)" K?kL" 3." I,*7S" OA*2*)OO)" Y," 36B.:)" 3." *)/O6*6" 7,"B)77,W)*,5.)-6"B)-".7"O*)+622)T".7"?k"3."1,*.-6")46:2".-46B6"B)-2.-A,","O*)O)**6"$%&'",+7.",77.64."3677,"B7,::6" 3." :4.7AOO)#" 1.,/)" B)-26-2." 3." O)26*" B)-2,*6" 2*," 76" -):2*6" @.7,T" 3," +6--,.)" 08!9T" .7" ?k" 3."J*ASf*6T"*,++*AOO,-26"."B.B7."3."GA776"6"3."')A*"36"'*u/6#"

E6*" .7"n,776:6T" .7"?k"3."I)-2Y6:"Y,",OO*)@.22,2)"3677;,--)"08!9"O6*" .-@)*/,*6" ."O,*2-6*"O)26-5.,7."6"./O)*2,-2." 3677;,22A,5.)-6" 367" O*)+622)" -677)" :2,W.7./6-2)#" U,--)" O)2A2)" W6-6@.B.,*6" 367" :):26+-)"./O)*2,-26"367"B7AW":6*4.B6"o$.)-;:"B7AWq"BY6"Y,"O6*/6::)"7)*)"3."2*)4,*6"."O):2."3."7,4)*)":622./,-,7."-6B6::,*."O6*"@,*":."BY6"."+.)4,-."O,*26B.O,-2.",7"O*)+622)"O)::,-)",-3,*6".-",5.6-3,"3,"+6--,.)"08!>#"

H" 76" $)B76T" .7" O*)+622)" B)-2.-A," ," :4.7AOO,*:." W6-6T" ." +.)4,-." BY6" -6" W6-6@.B.,-)" :)-)" B)-26-2." 63"6-2A:.,:2.T"-6"f" 7,"O*)4," 7;,*2.B)7)",OO,*:)":A77;%/O,*2.,7",77," @.-6"3677;,--)":B)7,:2.B)"K463.",776+,2.L#"1)-)":2,2."@,22.",7BA-.",++.A:2,/6-2.T" .-"/)3)"O,*2.B)7,*6"*.+A,*3)",77;,/W.2)"-67"ZA,76":.":4)7+)-)"."/)3A7.T"O6*"@,*":."BY6"."+.)4,-.":.":6-2,-)"O.i","7)*)",+.)","O,*7,*6",O6*2,/6-26"6"O):.2.4,/6-26"36776"7)*)" 6:O6*.6-56" .-" ,5.6-3,#" H72*6" :BA)76" -6)B,:2677,-6" Y,--)" :)776B.2,2)" .7" B6-2*)" 3." B)/O626-56T"36:.36*,-3)T" -677," /.:A*," 36776" O)::.W.7.2d" 6" 36776" *.:)*:6" 3.:O)-.W.7.T" ,22A,*6" $%&'#" 1O6*.,/)" BY6"ZA6:2."36:.36*.":."O)::,-)"B)-B*62.55,*6"-67"08!>#"

H"Q67_/)-2T"7;6:O6*.6-5,"f":2,2,"O):.2.4,"O6*"."+.)4,-."3677,"B7,::6",267.6*#"%-"6@@622.T"2*,"."O,*26B.O,-2.T"2A22."Y,--)"2*)4,2)"A-"O):2)"3.",OO*6-3.:2,2)"-677;,5.6-3,"BY6"7.",464,",BB)72.#"$,"-A)4,"4)7_6".:B*.22,".-"ZA6:2,"B7,::6",267.6*"W6-6@.B6*d"3."-A)4)"367"O*)+622)"ZA6:2;,--)#"

P

%-@.-6T","7.4677)"+.-64*.-)T"."0",77.64."367"B.B7)"3;)*.6-2,/6-2)"3."$,"J)76226"BY6",464,-)"B)/.-B.,2)".7"O*)+622)"7;,--)":B)*:)"7;Y,--)"B)-2.-A,2)"O):.2.4,/6-26"ZA6:2;,--)#"E6*"7;.-.5.)"3677;,--)":B)7,:2.B)"08!9h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d" +.-64*.-," 3;A2.7.2d"OAWW7.B,",7"@.-6"3."O)26*",OO*)@.22,*6"/6+7.)"36776"7)*)"*.:)*:6#"

h"()*+%',+"M.+A,*3)",7"'.B.-)T"3,"/,++.)"08!9"<":BA)76"KG,76*-,T"n.+,-677)T"J*,46:,-)T"M.4,"1,-"n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k?1'T" 3." H%'%" K,::)B.,5.)-6" .-3A:2*.6" 2.B.-6:.L" 6" 3677," B,/6*," 3." B)//6*B.)"2.B.-6:6#" [A6:2." A72./." @,B.7.2,-)" ." B)-2,22." 2*," 7," :BA)7," 6" 76" ,5.6-36" +*,5.6" ,776" 7)*)" B)-):B6-56" 6"B)-2,22."-67"/)-3)"O*)@6::.)-,76#"k?1'"6"H%'%":)-)":2,2."O*6:6-2."+.d"3,."O*./.".-B)-2*."367"B)/.2,2)"3."O.7)2,++.)"6"B)-2.-A,-)","O,*26B.O,*6",776":63A26#"

[A6:2;,--)"9>"+.)4,-."367"9s",--)"3.":BA)7,"/63.,T"*.O,*2.2."-6776"<":BA)76"O,*2-6*T"Y,--)"O*6:)"O,*26",7"O*)+622)#"E6*"B6*2."7;6:O6*.6-5,"B)-B*62,".-",5.6-3,"f"+.d".-.5.,2,","@.-6"08!9T"+7.",72*.".-46B6"Y,--)".-.5.,2)"," .-.5.)"08!>#" %"O*./."*.2)*-.T":.,"3,"O,*26"36776",5.6-36":.,"3,"O,*26"36+7.",77.64.T":)-)"/)72)".-B)*,++.,-2.#"

H-BY6":6")+-."O*)+622)"f".-3.O6-36-26T":."f"B6*B,2)"3.",46*6"A-,"B6*2,"B)6*6-5,"6"A-.2d#"?):g"7;.-.5.)"A@@.B.,76"f":2,2)"A+A,76"O6*"2A226"6"<"76":BA)76T":6226/W*6"08!9T"O*)O)-6-3)"A-,"B)-@6*6-5,":2,/O,"3)46"+.)*-,7.T"26764.:.)-6"6"*,3.)"6*,-)"O*6:6-2."O6*"OAWW7.B.55,*6".7"7,-B.)"367"O*)+622)#"

Q,"-)2,*6",-B)*," BY6" .7" @)-3)"3677," @)*/,5.)-6"O*)@6::.)-,76" 2.B.-6:6"Y,",BB)*3,2)"A-" ./O)*2,-26":):26+-)"@.-,-5.,*.)"O6*"."O*)::./."9",--.#"

%-@.-6T" *.B)*3.,/)" BY6" 7;.-:.6/6" 367"/,26*.,76" O*)O):2)" ,776" :BA)76" O,*26B.O,-2." f" :2,2)" 2*,3)22)" 6",3,22,2)" .-" .2,7.,-)T" ,7" @.-6" 3." ,::.BA*,*6" 7;,22A,5.)-6" 6" 7)" :4.7AOO)" 3." ZA6:2." -A)4." O*)+622." 7)B,7."2.B.-6:.#"

"

>?=3&*@4"+9A&0##"=,.+B,#.3&C-,BB3"+&"#(+.=+&D&E,0,.#&

"

!

!8

N= B3::&??-!&!?K-9&!-0!B.-CC&#/!'&9&?:/!!

B.-43,,$!&!/:@3-?-C-$0&!9&-!,#$%&''-!4$:/4-!

QA*,-26" 7;,--)"08!9",WW.,/)" 7,4)*,2)"3."-A)4)" .-" 2A22," 7,"14.556*," 2636:B,",7" @.-6"3.",BZA.:.*6"36."-A)4." O*)+622." 7)B,7." 6" )++." O)::.,/)" ,BB)+7.6*6" B)-" O.,B6*6" 36776" -A)46" :BA)76#" b677," *6+.)-6"5A*.+Y6:6"6"-67"-)*3h)46:2"3677," 14.556*,"O)::.,/)"B)-2,*6" :A7" :):26+-)"3." $A3."&ABY:"6"U,-:*A63."U)22.-+6*"BY6":;./O6+-,-)"O6*"7)":4.7AOO)"367"O*)+622)#"%"*.:A72,2."6"76":2*,26+.6":)-)"3.:BA::."3A*,-26"76"*.A-.)-."*6+)7,*."O6*"@,*",4,-5,*6".7"O*)+622)".-"/,-.6*,"B)6*6-26#"

$," B*6:B.2," f" :2,2," O.i" ./O)*2,-26" -677," *6+.)-6" 5A*.+Y6:6T" 3)46" 3.46*:6" :BA)76" :." :)-)" ,++.A-26" ,"$%&'F"7,":BA)7,":6B)-3,*.,"3."n)7]62:N.7T"7)":2,W.7./6-2)"3."V776-W6*+"R-26*6:"&A*22,7","k267@.-+6-"6","\.-26*2YA*" 7," :BA)7," :6B)-3,*.," $.-3W6*+#" b67" ?,-2)-" 'A*+)4.," ,-BY6" V:BY.7])-" 6" I^-:26*7.-+6-"Y,--)"*,++.A-2)".7"O*)+622)#"

X" :2,2)" O6*" -)." A-" O.,B6*6" O)26*" 6:26-36*6" .7" O*)+622)" ," 36776" -A)46" *6+.)-." -677;H72)O.,-)#" b67"?,-2)-"G6*-,"B)-" 7,":BA)7,"GABYY)75"3."'Y)A-6T" 76":BA)76"J:26.+Y)@"6"E6:2,7)55."3."GA*+3)*@"Y,--)".-26+*,2)" .7" O*)+622)" 6" -67" ?,-2)-" H*+)4.," f" -,2)" A-" -A)4)" O*)+622)" 7)B,76" ," R-26*:.++6-2Y,7#"$;,BZA.:.5.)-6"3."-A)46":BA)76"-677;H72)O.,-)T".-"/)3)"O,*2.B)7,*6"-67"?,-2)-"G6*-,T"B)-2.-A,"O6*BY_"B)-:.36*.,/)"BY6"B6"-6":.,",-B)*,"W.:)+-)#"1AOO)-.,/)"BY6"."O)BY."*.:B)-2*."367"O*)+622)".-"ZA6:2,"*6+.)-6":.,"3)4A2)","-A/6*):6"*.@)*/6"6"/.:A*6"3."6B)-)/.,"BY6":.":)-)":A::6+A.26"6"BY6":." @,--)",-B)*,":6-2.*6")++.#"

1.,/)" @67.B." 3." O)26*" :):26-6*6" A-" O*./)" O*)+622)" 7)B,76" -67" ?,-2)-" 14.22)" O.i" O*6B.:,/6-26" ,"e^::-,BY2#"1O6*.,/)"3.":4.7AOO,*B."A726*.)*/6-26".-"ZA6:2,"*6+.)-6#"

?)/6",--A-B.,2)"-67"*,OO)*2)",--A,76"08!0T",WW.,/)",BB)72)"A-,"-A)4,":BA)7,"-67"b)*3h)46:2"3677,"14.556*,T" ," $,A@6-2,7#" [A6:2)" O*)+622)" 7)B,76" f" .7" @*A22)" 3." A-" 7,4)*)" ,"/)-26" 63" .7" *.:A72,2)" 36776"O*6:6-2,5.)-."367"O*)+622)",77;,::)B.,5.)-6"3."O*)/)5.)-6"6B)-)/.B,"3."$,A@6-2,7#"

)0K$#>/C-$0&D!?&0?-M-4-CC/C-$0&!&!>&??/!-0!#&'&!

H7" @.-6" 3." :4.7AOO,*6" 7," -):2*," *626" 3." B)-2,22." 6" 3." @,*" B)-):B6*6" .7" O*)+622)T" 7;_ZA.O6" $%&'" Y,"O,*26B.O,2)" ," 3.46*:6" /,-.@6:2,5.)-." B)/6" B)-@6*6-56T" :,7)-." 3." O*)@6::.)-.T" .-B)-2*." B,-2)-,7.#"%-)72*6" f" :2,2)" -6B6::,*.)" ,@@*)-2,*6" .7" 26/," 36776" 3.@@6*6-2." *.@)*/6" .-" )O6*," .-" B6*2." B,-2)-.#" E6*"O*6:6-2,*6" $%&'" .-" -A)46" *6+.)-." ,WW.,/)" 7,4)*,2)" O6*" @,*7)" ,OO,*.*6" .-" 3.@@6*6-2." /63.," B)/6" 76"*.4.:26":B)7,:2.BY6"B,-2)-,7."6"3.46*:."+.)*-,7."7)B,7."6"*6+.)-,7.".-"14.556*,"2636:B,#"

J7.".-B)-2*."*6+.)-,7.":6/6:2*,7.":)-)"36+7."646-2."B6-2*,7."O6*"7,"/6::,".-"B)-2,22)"36776":BA)76"$%&'#"J7." :B,/W." 3." 6:O6*.6-56" :." *.467,-)" 6::6*6" A-" OA-2)" ./O)*2,-26" O6*" .7" WA)-" @A-5.)-,/6-2)" 36."O*)+622."63"f"/)72)",OO*655,2)"3,776":BA)76#"%-"/,++.)":)-)":2,2.")*+,-.55,2."2*6".-B)-2*." .-"14.556*,"2636:B,#" V::." :)-)" :2,2." *.O*)O):2." ," -)46/W*6T"/6:6" 3A*,-26" .7" ZA,76" :." f" :4)72)" ,-BY6" 7;.-B)-2*)"-,5.)-,76","G6*-,#"[A6:2)".-B)-2*)"Y,"/6::)"7;,BB6-2)":A77)":B,/W.)"3."6:O6*.6-56"2*,"."O,*26B.O,-2.T"76".-@)*/,5.)-."367"B6-2*)"3."B)/O626-56"$%&'T"7)":4.7AOO)"36."O*)+622."7)B,7."6"76":@.36"O6*".7"@A2A*)#"

%"/)/6-2."3."3.:BA::.)-6T"BY6":)-)"7;676/6-2)"B6-2*,76"3."ZA6:2.".-B)-2*.T":)-)")*.6-2,2.".-"@A-5.)-6"36776" O*6)BBAO,5.)-." 6" 36776" :A++6:2.)-." 36776" :BA)76#" [A6:2;,--)" .7" OA-2)" O.i" 3.:BA::)" f" :2,2)" .7"O*)B6::)"3." ,BZA.:.5.)-6"36."O):2." 3." 7,4)*)#" $," *.B6*B,"3677;,5.6-3,",3,22,T" 7;,BB)/O,+-,/6-2)"36."O):2."3." 7,4)*)"6" 7;)226-./6-2)" *6+)7,*6"3." B6*2.@.B,2."O6*"+7." ,77.64." $%&'" *./,-+)-)" 26/." ./O)*2,-2.#"16B)-3)" 76" :BA)76T" A-," 36776" :@.36" /,++.)*." f" .7" @.-,-5.,/6-2)" 36776" )*6" $%&'#" I)726" :BA)76" :)-)":)22)/6::6","36776"O*6::.)-."O6*"*.3A**6"."B):2."6":O6::)"Y,--)","3.:O):.5.)-6"A-"WA3+62"7./.2,2)"O6*"$%&'#"'A22,4.,"f":6/O*6":)33.:@,B6-26"B):2,2,*6"BY6"36776":)7A5.)-.":."2*)4,-)":6/O*6#"

b67" 08!9" B." :)-)" ,**.4,26" /)726" *.BY.6:26" O6*" 36." /)/6-2." 3;.-2*)3A5.)-6" ,." /)3A7." 3.",BB)/O,+-,/6-2)#"$;_ZA.O6"3."$%&'"B)/O):2,"3,"H-2)-.,"I6-367.-"6"H:2*.3"J/^*T"Y,",-./,2)"/)72."3."ZA6:2." .-B)-2*."3A*,-26" ."ZA,7." :." 2*,22,4,"O*.-B.O,7/6-26"3."BY.,*.*6" ." *A)7."36."3.@@6*6-2.",22)*.T"3."

!!

*.:O)-36*6" ,776" 3)/,-36" 6" ,." W.:)+-." 36." O,*26B.O,-2.#" %-)72*6T" 76" 765.)-."/6::6" ," 3.:O):.5.)-6" 36."*6:O)-:,W.7."36."/)3A7.":)-)":2,26"*.4.:26#"

k72*6" ,." B)*:." 3;.-2*)3A5.)-6",."/)3A7." :.,/)" :2,2." :)776B.2,2." .-"3.46*:6" *6+.)-." O6*"36+7." .-B)-2*." 3.":B,/W.)" 3;6:O6*.6-56" *.+A,*3)" ,." O):2." 3." 7,4)*)" :622./,-,7.#" ?):." -67" 08!9" :)-)" :2,2." )*+,-.55,2.",7BA-.".-B)-2*."3."ZA6:2)"2.O)#"

%-@.-6T"A-)"36+7.",:O622."BY6"O.i"/."Y,"6-2A:.,:/,2)"3,"ZA,-3)"Y)"*,++.A-2)"$%&'T"f" 7;./O6+-)"6" 7,"/)2.4,5.)-6" 36776" :BA)76" O,*26B.O,-2." ,7" O*)+622)#" 16-5," .7" :):26+-)" 6" 7;6-2A:.,:/)" 36776" O6*:)-6"7)B,7.T" A-" :./.76" O*)+622)" :,*6WW6" ./O)::.W.76" 3," ,22A,*6#" 1O6*)" BY6" -67" 08!>" O)2*j" B)-2.-A,*6" ,3",BB)/O,+-,*6"6":):26-6*6".":.2."6:.:26-2.#"n)**6.",-BY6".-26+*,*6",72*6":BA)76"-67"O*)+622)"$%&'"6":)-)")22./.:2,"*.:O622)","ZA6:2,"O*):O622.4,#"

*+50,+&;F$3.+014A&0##"=,.+B,#.3&C-,BB3"+&43=350+&

"

!

!

!0

Q= "30'-!9-!.-?'/!4$:/4-!1!+&?'->$0-/0C&!9-!?:3$4&!&!9-''&!

!

Q=7= +&?'->$0-/0C/!9-!30/!?:3$4/<!B'&4-$!S&44$0-!

%-"@)*/,":O6*./6-2,76"f":2,2)"O*)O):2)"-677,"-):2*,":636T","O,*2.*6"3,77)":B)*:)":6226/W*6T".7"O*)+622)"$%&'#"

V;"A-"O*)+622)T"+.d":4.7AOO,2)"B)-":ABB6::)"3,",--.","7.4677)":4.556*)T"BY6":."O*6@.++6"3."3,*6",+7.",77.64."3."26*5,"7;)OO)*2A-.2d"3."O*6O,*,*6"7,"7)*)"6-2*,2,"-67"/)-3)"367"7,4)*)#"$,"O)::.W.7.2d"3.",36*.*6","ZA6:2,":O6*./6-2,5.)-6"4.6-6":2,W.7.2,".-"A-"B)-2,22)"3.*622)"2*,"+6-.2)*."6"3)B6-2."3."B7,::6"6-2*)"7,"@.-6"3677,":6B)-3,"/63.,#"

k22./."."*.:A72,2.":.-"ZA.")226-A2.#"%"+.)4,-."O,*26B.O,-2."Y,--)":,OA2)"@,*:.",OO*655,*6"3,."3,2)*."3."7,4)*)"-67"B)*:)"36+7.":2,+6"6@@622A,2.".7"/6*B)763g"O)/6*.++.)")".7":,W,2)"/,22.-,#"EA*6"6@@.B,B.":)-)":2,2."."/)/6-2."@)*/,2.4.":4)72."O6*"A-;)*,":622./,-,76"6"BY6"Y,--)"O6*/6::)",."+.)4,-."3."./O,*,*6","*67,5.)-,*6"6","B)/O)*2,*:.".-"/)3)",OO*)O*.,2)":A."O):2."3."7,4)*)T"/.+7.)*,-3)"76"7)*)"B)/O626-56"O6*:)-,7."6":)B.,7.#"

Q.":6+A.2)"A-,"76226*,"*.B64A2,"3,"A-,"-):2*,",77.64,",7"26*/.-6"367"O*./)":2,+6F"

oV+*6+.)"3.*622)*"G677)-.T"

"B)-"*.@6*./6-2)",77)":2,+6"3."J#"O*6::)"."-):2*."A@@.B."f"3,")::6*4,*6"ZA,-2)":6+A6#"

?)/;6*,"3,",:O622,*:.".7"O*./)"+.)*-)":."f"O*6:6-2,2,"OA-2A,76"6"BA*,2,"-677;,:O622)"/,"/)72)"BY.A:,".-":_":26::,#"X":2,2,"O*6:6-2,2,","2A22." ."B)776+Y."6" 76"f":2,2)",@@.3,2)"3,":AW.2)"A-":6/O7.B6" .-B,*.B)"BY6"B)-:.:264,"-67"O*6-36*6"-)2,"3."2A22."."3)::.6*"B7.6-2.",O6*2."O6*"O).T".-":6+A.2)T"36B.36*6".-"ZA,76"B,:)"O*)B636*6"B)-"A-;,*BY.4.,5.)-6T":B*.46*6"O6*".-@)*/,*:.":A77)":2,3.)"3677,"O*,2.B,")",72*)#"

Q,"ZA677,"O*./,"4)72,".-"O)."J#":."f",O6*2,"/):2*,-3)B.".7":A)":O)-2,-6)"/)3)"3;6::6*6#"

?*63)"O*)O*.)"3."O)26*",@@6*/,*6"BY6"3)O)"A-"O,.)"3."4)726" @,B64,"O,*26"3677;)*+,-.B)"6" .-26*,+.4,"B)-"."B)776+Y.":6-5,",7BA-,"3.@@.B)72d#"

1)-)"/)72)":)33.:@,22,"367"O6*B)*:)"@,22)"3,"J#"BY6"2*)4)"A-,"*,+,55,":46+7.,T",22.4,T"4)76-26*):,"BY6"Y,":4)72)")+-."B)/O.2)"K6"ZA,7BA-)"-6//6-)"2*)OO)":6/O7.B6L"3,"46*,":6+*62,*.,#"

%-",7BA-."B,:."/."Y,",33.*.22A*,":2AO.2,"3,-3)":6+A.2)"(":6-5,".:2*A5.)-6",7BA-,"(".-"/)3)"7)+.B)",3"A-"O*)B6::)"3."7,4)*)#"

E6*"6-2*,*6"3."O.i"-677)":O6B.@.B)"O)::)"3.*6"BY6":."f")BBAO,2,"3.F"

h H*BY.4.,5.)-6"3."3)BA/6-2.r"h H776:2./6-2)"3."@,22A*6"O,*26-3)"3,"W)77622.-."3."B)-:6+-,"/6*B6r"h ?)**65.)-6"3."W)556"3."B)-2*,22."3."7,4)*)"K3,7"OA-2)"3."4.:2,"3677,"7.-+A,".2,7.,-,L"h J6:2.)-6"3."@,22A*6":B)O6*26"6"*67,2.4."*.BY.,/."3."O,+,/6-2)r"h J6:2.)-6"3."B,*2)26BY6"3."H::)B.,5.)-6"K*6+.:2*,*6"-A)4.".:B*.22.Lr"h kO6*,5.)-."O):2,7.#"

E6*" B)-B7A36*6T" B)/6" +.d" Y)" 3622)" ," I#T" :)-)" B6*2," BY6" O)2*d" 3.46-2,*6" A-;)22./," :6+*62,*.,T"O6*2,-2)" 76" ,A+A*)" 3." 2*)4,*6" (" ,-BY6" -67" O6*B)*:)" :B)7,:2.B)" (" 7," +.A:2," /)2.4,5.)-6" O6*" O)26*"*,++.A-+6*6" ." :A)." )W.622.4." 6" 3.46-2,*6" A-" 3)/,-." A-;,3A72," @67.B6" 3677," :A," :B672," O*)@6::.)-,76T"ZA,7A-ZA6"ZA6:2,",77,"@.-6":."*.4676*d"6::6*6#"

?)-"."/.6."/.+7.)*.":,7A2.#"

G(<"353&013&1+&+00#94#&?.&+99,3-#&=399+&C0?#9+&*3=,+q&

&

!

!9

Q=5= +&?'->$0-/0C/!9-!30/!9-''/<!;T;U!A'#/93C-$0&!&!/9/''/>&0'$!9/4!'&9&?:$E!

U)" O)2A2)" B)-):B6*6" .7" O*)+622)" $%&'" O6*" ." +.)4,-." -677," O*./,46*," 367" 08!0" 3A*,-26" A-," B6-,"B)//6*B.,76#" &.-"3," :AW.2)" 7;.36,",77,"W,:6"367"O*)+622)",464,":6-:)"O6*"/6#" $;,OO*)BB.)"O*,2.B)"6"7;6-2*,2,",-2.B.O,2,"36."+.)4,-."-67"/)-3)"367" 7,4)*)"/."Y,--)"B)-4.-2)#"1.BB)/6"7,"-):2*,",5.6-3,"3,"A-"+*,-36"4,7)*6",7"7,4)*)"36."+.)4,-."6":."/):2*,",O6*2,"O6*"ZA,-2)"*.+A,*3,"76"ZA6:2.)-.":)B.,7.T"Y)" 3.:BA::)" 3677;.36," B)-" .7" -):2*)" B,O):ZA,3*,#" $6" O6*:)-6" O.i" ./O)*2,-2." O6*" 7," *6,7.55,5.)-6" 3."ZA6:26" .366" :)-)T" .-" 6@@622.T" B)7)*)" BY6" .-" :6+A.2)" 7,4)*6*,--)" 3.*622,/6-26" B)-" ." +.)4,-." 6" BY6"364)-)" ,BB)/O,+-,*7.#" 16-5," 7," 7)*)" B)-4.-5.)-6" 6" /)2.4,5.)-6" ." /.+7.)*." O*)+622." *6:2,-)"OA*,/6-26"26)*.B.#" %7" B,O):ZA,3*,"f":2,2)" .//63.,2,/6-26"3;,BB)*3)"O6*BY_"B)-):B6" 7,":.2A,5.)-6"36."+.)4,-."4.:2)"BY6"6*,",77,"*.B6*B,"3."A-"O):2)"3;,OO*6-3.:2,2)"O6*".7"@.+7.)#"

Q)O)"ZA6:2," .-BY.6:2," .-26*-,T",WW.,/)":6+-,7,2)" 7,"-):2*,"4)7)-2d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g" :B)-):B.A2)T" f" @)-3,/6-2,76#" E6*" ."+.)4,-.T".7"@,22)"3."6::6*6"O*6:.":6*.,/6-26T"f"./O)*2,-26#""

?.j" f" A+A,7/6-26" 46*)" O6*" ZA,-2)" *.+A,*3," 7," 4,7A2,5.)-6" 367" 7,4)*)" :4)72)T" :)22)" @)*/," 3."B)/O7./6-2)")":)22)" @)*/,"3."B*.2.B,"B):2*A22.4,#"1)-)":2,2)"/)72)"B)7O.2)"-67"4636*6"BY6" .7"-):2*)"O*./)",77.64)"$%&'"Y,"*.B64A2)"O6*"7,"O*./,"4)72,"36."B)/O7./6-2."3,"O,*26"3."A-",3A72)"-677,"-):2*,",5.6-3,#" $,"/)2.4,5.)-6" .-3)22," 3," ZA6:2)" @,22)" :." f" :6-2.2," 6" Y," ,4A2)" 36+7." 6@@622."/)72)" O):.2.4.":A77," :A," O6*@)*/,-B6" :B)7,:2.B,T" :6B)-3)" .7" :A)" O*)@6::)*6#" H7" 7,4)*)T" ." +.)4,-." B,O.:B)-)" O6*BY_"364)-)"./O,*,*6"/6+7.)"B6*26"B):6",":BA)7,"6"B)/6"O)::)-)",OO7.B,*6"ZA6:26"B)-):B6-56".-"@A2A*)#"$,"26)*.,T","4)726".-B)/O*6-:.W.76T"3.46-2,"3."B)7O)"A-,"*6,72d"BY6"Y,":6-:)#"

J*,5.6",77,"OA-2A,7.2dT"7;.-26+*.2dT"7;,@@.3,W.7.2d"6"7;./O6+-)"-)-"B;6*,",::)7A2,/6-26"-6::A-,"B*.2.B,"3,"@,*6",7"+.)4,-6"$%&'#"H7"B)-2*,*.)T"B.":,*6WW6"O.,B.A2)"26-6*6" .7"+.)4,-6",-B)*,"ZA,7BY6"/6:6"/,"Y,"4)7A2)"O*)4,*6",72*6"O*)@6::.)-.#"?):,"BY6"3)464,"6::6*6"*.:O622,2,#"

%-" :6+A.2)T" ,WW.,/)" O)2A2)" ,BB)+7.6*6" 6" B)-):B6*6" A-," /655," 3)55.-," 3." :2A36-2." -677," -):2*,",5.6-3," 6" :.,/)" :2,2." B)/O762,/6-26" :)33.:@,22.#" HWW.,/)" O)2A2)" @)*-.*6" ," B.,:BA-)" A-," WA)-,"*6@6*6-5,"3,".-B7A36*6"-67"7)*)"3)::.6*"3."B,-3.3,2A*,"O6*"7,"*.B6*B,"3.",OO*6-3.:2,2)#"

[A6:2,"6:O6*.6-5,"O):.2.4," B."Y,"O)*2,2." ,"O*)O)**6"O6*" .7" @A2A*)"3A6"O):2."3." 7,4)*)" :622./,-,7.T" .-"/,-.6*," BY6" .-" B.,:BA-,"36776"-):2*6"3A6" :ABBA*:,7." ,"R:26*"OAj"6::6*6" ,BB)72)" A-)" :2A36-26" $%&'#"b)-"6:B7A3.,/)"3." *.O*6-36*6T" .-" @A2A*)T"A-)":2A36-26"$%&'"B)/6",OO*6-3.:2," :6"B.j"f"36:.36*.)"3."6-2*,/W."76"O,*2.#"X"A-",72*)"4,-2,++.)"3."$%&'F"O)::.,/)"B)-):B6*6"."+.)4,-."3A*,-26"ZA6:2."2*6"/6:.".-",5.6-3,T"B.j"B."O6*/6226"3."3626*/.-,*6"/6+7.)":6":)-)"ZA,7.@.B,2."O6*"7,"O*)@6::.)-6#"

b)-"O)::)"BY6"*,BB)/,-3,*6",3",72*6",5.6-36"3."O,*26B.O,*6","ZA6:2)"O*)+622)#"$%&'"f"A-"O*)+622)"@)*/.3,W.76"BY6":6*46","2A22."6"BY6"B)-):B6":)7)"4.-B6-2.#"

H+.#&I3"493A&=,"344#"3&63.3"+93&3&=,"344#"3&+66,?.4#A&>*>7&>7A&J543"&

"

!

!>

H= 2-'$#0$!?34!K$44$V!3,!&?&%3-'$!,#&??$!4F-0?-&>&!9&-!,/#'0&#!4$:/4-!

$;.-:.6/6"36."*6:O)-:,W.7."7)B,7."3."2A226"76":BA)76"O,*2-6*"367"O*)+622)"$%&'"f":2,2)".-26**)+,2)",".-.5.)",--)"08!>T",7"@.-6"3."O)26*"@,*6".7"OA-2)","O*)O):.2)"367"7)*)"O*)+622)"7)B,76T"/,",-BY6"B)-"7)":B)O)"3." .36-2.@.B,*6" ." OA-2." 3." @)*5," 3." )+-." O*)+622)" 6T" :)O*,22A22)T" .-3.4.3A,*6" 76" /.+7.)*.6" 3," @,*6#"'*)4.,/)" ./O)*2,-26" .-:6*.*6" ZA." 76" O*.-B.O,7." )::6*4,5.)-.T" .7" 2A22)" :6-5," O*626:6" :B.6-2.@.BY6" )" 3."6:,A:2.4.2d#"?)-B6*-6-26" ." OA-2." O):.2.4.T" :2./)7,-2." 6" .-B)*,++.,-2." *.467,2." 3," A-" WA)-" -A/6*)" 3." O,*2-6*T" 7,"/,++.)*,-5,"3."7)*)"Y,"O):2)"7;,BB6-2)":A77,"ZA,7.2d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f"7)":B)O)T"ZA,7BY6"4)72,T".7"O):2)"3."7,4)*)":622./,-,76":."2*,:@)*/,".-"O):2)"3.",OO*6-3.:2,2)#"R-"WA)-"-A/6*)"3."O,*2-6*".-26**)+,2."B)-:.36*,"O):.2.4." ."3.@@6*6-2."76+,/."6"B)--6::.)-."B*6,26"6":):26-A26"3,7"B6-2*)"3."B)/O626-56"KB7AW":6*4.B6T"B,/6*,"3."B)//6*B.)T"vL#"M.+A,*3)",776":@.36"3,"*,BB)+7.6*6T")"76"3.@@.B)72d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d"O,*2.*6")"7,:B.,*6".7":A)"*A)7)#"X"6::6-5.,76"A-"7,4)*)"3.",-2.B.O,5.)-6","ZA6:2)"7.4677)T"@,B6-3)".-"/)3)"BY6".7"O*)+622)"-)-"6:.:2,"A-.B,/6-26"+*,5.6",7"7,4)*)"3."A-,"O6*:)-,#"%-)72*6T","4)726T"2*,"7,"O6*:)-,"*6:O)-:,W.76"367"O*)+622)T"ZA677,"36."/)3A7."6"ZA677,"36."O):2."3."7,4)*)":622./,-,7.T"7,"3.:2.-5.)-6"-)-"f":6/O*6"64.36-26"6","4)726"3646"6::6*6"BY.,*.2,#"H"O*)O):.2)"36."/)3A7."3.",BB)/O,+-,/6-2)T"4.:2)" 7;626*)+6-6.2d"36."+*AOO.T":)776B.2,*6" 7;.-26*6::6T"7," /)2.4,5.)-6" 6" 7," O*6:6-5," 36." +.)4,-." -)-" f" :6/O*6" @,B.76#" G.:)+-," .36,*6" 36+7." ,72*." /)3." 3."O*)B636*6"O6*",BB)/O,+-,*6",7"/6+7.)"ZA6:2."*,+,55.#"%-@.-6T" ,-BY6" :6" -)-" f" :2,2)" /6-5.)-,2)" 3,77," /,++.)*,-5,T" .7" 26/," 367" :):26+-)" +6*,*BY.B)"K3.*65.)-6" 3677," :BA)7,"/," :O6B.,7/6-26" .7" :):26+-)" B,-2)-,76L" f" )++622)" 3." 3)/,-36" 3," O,*26" 3.",7BA-.T":O6B.,7/6-26".-"O*64.:.)-6"3677,"O6*6--.55,5.)-6"367"O*)+622)#""!

!<

P= "/#'&0/#-/'$!?$:-/4&!

%7" 08!9" Y," O6*/6::)" 7," -,:B.2," 3." A-" -A)4)" O*)+622)#" %-" 6@@622.T" ,7" @.-6" 3." O6*6--.55,*6" .7"@A-5.)-,/6-2)" 3." $%&'" 6" O*):6+A.*6" 7," B)77,W)*,5.)-6" B)-" +7." ,22)*." 367" /)-3)" 6B)-)/.B)" 6".-3A:2*.,76T" .7" B6-2*)" 3." B)/O626-56" O*)O)-6" ," ./O*6:6T" B7AW" :6*4.B6" 6" @)-3,5.)-." .-26*6::,26" 3."./O6+-,*:."-67"O*)+622)":)22)"@)*/,"3."A-"O,*26-,*.,2)":)B.,76#"

Q.46-2,*6"O,*2-6*":)B.,76"O6*/6226"7)*)"3."/):2*,*6"7,"7)*)"*6:O)-:,W.7.2d":)B.,76"63"62.B,"/,",-BY6"3."/):2*,*6".7"7)*)":):26+-)",."+.)4,-.".-26-3)-)".-.5.,*6"A-",OO*6-3.:2,2)"6"BY6",::.BA*6*,--)"B):g".7"*.B,/W.)"6B)-)/.B)"6"O*)@6::.)-,76#!

V::6*6" O,*2-6*" :)B.,76" 3." $%&'" ./O7.B," :):26-6*6" @.-,-5.,*.,/6-26" .7" O*)+622)" .-" A-)" 36." 3A6"/)3."O)::.W.7.#"R-" B)-2*.WA2)" ,--A)" 3." !8;888?U&" 36@.-.:B6" .7" O,*26-,*.,2)" :)B.,76" %b'VJMHc%kbV" BY6" :):2.6-6"7;,BZA.:.5.)-6" 6" 7)" :4.7AOO)"36." O):2." 3." 7,4)*)" :622./,-,7.#" ?)-B*62,/6-26" ZA6:2)" 2.O)" 3." :):26+-)"O6*/6226" ,7" B6-2*)" 3." B)/O626-56" 3." :6-:.W.7.55,*6" 76" ,5.6-36" O*6:6-2." .-" 14.556*," ," O*)O):.2)" 367"O*)+622)"$%&'T"@,4)*6-3)"B):g".7"-62N)*].-+"2*,"76",5.6-36"BY6",BB)7+)-)"+.)4,-."$%&'#"R-"B)-2*.WA2)",--A,76" 3." <;888?U&" 36@.-.:B6" .7" O,*26-,*.,2)" 1REEkM'k" BY6" O6*/6226" 3." )22./.55,*6"7;,BB)/O,+-,/6-2)" 6" .7" /)-.2)*,++.)" 36." +.)4,-." BY6" O,*26B.O,-)" ,7" O*)+622)#" ?)-B*62,/6-26"ZA6:2)":):26+-)"O6*/6226"7,"@)*/,5.)-6"B)-2.-A,"36."*6:O)-:,W.7."36."/)3A7."3;,BB)/O,+-,/6-2)T"B):g" B)/6" 7)" :4.7AOO)" 367" /,26*.,76" O63,+)+.B)" B*6,2)" 3,7" B6-2*)" 3." B)/O626-56" 6" O*)O):2)" ,."O,*2-6*"7)B,7.#"

H776",5.6-36"BY6"3.46-2,-)"O,*2-6*":)B.,7."367"O*)+622)T"f":O63.2)"A-"B6*2.@.B,2)"6".7"7)*)"./O6+-)"OAj"6::6*6"B)/A-.B,2)",77;.-26*-)"B)/6",77;6:26*-)#"%7"B6-2*)"3."B)/O626-56".-:6*.*d"2A22."."O,*2-6*":)B.,7.":A7":A)":.2)".-26*-62#"

R-,"W*)BYA*6T".-"@*,-B6:6"6"2636:B)T"BY6"36:B*.46".-"/,-.6*,"3622,+7.,2,"ZA6:2)"O*)+622)"f"3.:O)-.W.76"O*6::)".7"B6-2*)"3."B)/O626-56#"

!

!

!C

!

76= 2-/??30'$!9&44/!./43'/C-$0&!5678!&KK&''3/'/!9/4!W$''=!(/#?!S/4C&#!

9&44F)X**"!!

?)-"ZA6:2,"4,7A2,5.)-6")::6*4.,/)"BY6"B.*B,".7"<8w"36."+.)4,-.",46-2."O,*26B.O,2)",7"O*)+622)"$%&'"Y,"2*)4,2)" A-"O):2)" 3." ,OO*6-3.:2,2)#" '*," 3." 6::.T" 7,"/62d" Y," B)/.-B.,2)" A-," @)*/,5.)-6"3." 2.O)"H&?T"7;,72*,"/62d"A-,"3."2.O)"?&E#"?.*B,".7"08w"3."+.)4,-."Y,--)"O*):6+A.2)"7,"7)*)":B)7,*.2d"B)-"A-"36B./)",--)"6".7"Cw"f",-B)*,":6-5,"A-,":)7A5.)-6"3."@)*/,5.)-6"O*)@6::.)-,76#"

H" 7.4677)"B,-2)-,76T","cA*.+)T"+7.",77.64.",46-2."O,*26B.O,2)",7"O*)+622)":."3.:2.-+A)-)"O.i"-622,/6-26"*.:O622)",."7)*)"B)/O,+-.".-26+*,-3)"O.i"@,B.7/6-26"A-,"@)*/,5.)-6"O*)@6::.)-,76#"J7.",77.64."W6*-6:."6" 2A*+)4.6:." BY6" Y,--)" O,*26B.O,2)" ," $%&'T" Y,--)" 2*)4,2)" 36776" :)7A5.)-." :./.7." ," ZA6776" 36." 7)*)"B)/O,+-."BY6"-)-"Y,--)"W6-6@.B.,2)"3."A-"O*)+*,//,":O6B.@.B)#"'A22,4.,T"ZA6:26"B)/O,*,5.)-.":)-)"3,"O*6-36*6"B)-"O*6B,A5.)-6T"O).BY_"76"B,26+)*.6","4)726"-)-":)-)"W6-"36@.-.26#"

E)::.,/)"B)/A-ZA6"B):2,2,*6"BY6".7"O*)+622)"$%&'"Y,"A-"6@@622)"O):.2.4)":A+7.",77.64.#"E6*"B)7)*)"BY6":)-)" .-26+*,2."-67"O*)+622)T"6::6-3)":)O*,22A22)",77.64." BY6" .-B)-2*,-)"36776"3.@@.B)72d" :B)7,:2.BY6")":)B.,7.T" .7" @,22)" 3." )226-6*6" 36." *.:A72,2." B)/O,*,2.4,/6-26" :./.7." ,77;.-:.6/6" 36+7." ,77.64." W6*-6:." )"2A*+)4.6:." OAj" 6::6*6" B)-:.36*,2)" B)/6" A-," *.A:B.2,#" H" cA*.+)T" ." *.:A72,2." :)-)" ,-B)*," O.i" O*)4,-2."O6*BY_"."+.)4,-."$%&'"2*)4,-)"O.i"@,B.7/6-26"A-",OO*6-3.:2,2)"*.:O622)",+7.",72*.",77.64."367"B,-2)-6#"

H7" @.-6" 3." O)26*" @,*6" 36." B)-@*)-2." O.i" ,@@.3,W.7." B)-" 76" :2,2.:2.BY6" B,-2)-,7." 3677," @)*/,5.)-6"O*)@6::.)-,76T"36."-A)4."3,2.":,*,--)"*,BB)72."ZA6:2;,--)#"

%7" *,OO)*2)" B)/O762)" 3677," 4,7A2,5.)-6" 3677;%R&&E" K.-" 2636:B)L" OAj" 6::6*6" :B,*.B,2)" 3,7" -):2*)" :.2)".-26*-62"3,77,"O,+.-,"oQ)N-7),3q#"

!D

77= 2/,,$#'$!9-!./43'/C-$0&!9&4!()*+!4$?/00&?&!?.$4'/!9/44/!W$''=!W&0-C!

UY%&#!U/?,$CD!Z["!($?/00/!!

"#&.&0-#&!-!,#$M4&>-!9-!'#/0?-C-$0&!'#/!-4!?&:$09/#-$!7!&!-4!>$09$!,#$K&??-$0/4&<!

./43'/C-$0&!9&4!,#$%&''$!()*+!($?/00/!5677O5675D!"#$K=!W#!W&0-C!UY%&#!U/?,$CD!Z["!\/39!

%7" O*)+622)" $%&'" $):,--," Y," 4.:2)" 7," 7AB6" .7" O*./)" +.)*-)" 3677;,--)" :B)7,:2.B)" 08!!" :)22)" @)*/," 3."O*)+622)"O.7)2,"*,++*AOO,-26"2*6":2,W.7./6-2.":B)7,:2.B."3677,"*6+.)-6"7):,--6:6#"$,":A,"4,7A2,5.)-6"f":2,2," *6,7.55,2," 3A*,-26" .7" O*./)" ,--)" ZA.-3." -67" 08!!h08!0" 6" :." .-26+*," .-" A-" O*)B6::)" 3." 2.O)"@)*/,2.4)" O*.4.76+.,-3)" A-" O,*,3.+/," .-26*O*62,2.4)" -677," O*):O622.4," ZA,7.2,2.4,#" b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h:2*A22A*,26T"A-,"," .-.5.)"O*)+622)"6" 7;,72*,",77," @.-6#"$;62d"/63.,"36+7.",77.64." .-26*4.:2,2."f"3."!>",--.#"E6*"/,-26-6*6"7;,-)-./,2)T"."-)/."36."+.)4,-.":)-)"@.22.5.#"

U-$./0-!-0'&#.-?'/'-!&!/>M-'-!4/.$#/'-.-!!

H-BY6" :6" 7)" :2A3.)" f" 7./.2,2)" -67" 26/O)T" ." O*./." *.:A72,2." :)-)" .-B)*,++.,-2." :A" O.i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oH77;.-.5.)"O6-:,4)" BY6"-)-"/." :,*6WW6"O.,B.A2)"ZA6:2)" 7,4)*)"/,"-)#"I." O.,B6"O6*BY_" B." :)-)" 2,-26" B):6"3," @,*6q" KI,*B67L#" H7" B)-2*,*.)T" 1,7./" :." f" *6:)" B)-2)"36776"3.@@.B)72d"BY6"B)/O)*2,"7,4)*,*6".-"A-"B,-2.6*6#"k72*6","A-"B)-@*)-2)"B)-".7"/)-3)"O*)@6::.)-,76T"6"76":A6"6:.+6-56T" .7" +.)4,-6"f"O)*2,2)"," *.@76226*6" .-"/,-.6*,"O.i" B)-B*62,"," B):,",/,"6" B):,"-)-",/,"@,*6#"14.7AOO,"A-,"/.+7.)*6"B)-):B6-5,"3." :6T"O*./,"2,OO,"-67"O*)B6::)"3.")*.6-2,5.)-6":B)7,:2.B,"6"O*)@6::.)-,76#"%" +.)4,-." ,22*.WA.:B)-)" A-" -A)4)" :.+-.@.B,2)" ,77," :BA)7," +*,5.6" ,7" 7)*)" B).-4)7+./6-2)" :A7" O):2)" 3."7,4)*)":622./,-,76#" %7" B,/W.,/6-2)"3." *,OO)*2)"4.:hdh4.:",77,":BA)7,":."B)-B*62.55," 2*,/.26"36."-A)4.")W.622.4." -6+7." ,77.64.F" 7," 4)7)-2d" 3."/.+7.)*,*6" .7" 7)*)" B)/O)*2,/6-2)T" 3." B)-:,B*,*:."/,++.)*/6-26",+7." :2A3." )" 3." .-46:2.*:." -67" 7)*)" ,OO*6-3./6-2)#" HWW.,/)" *.764,2)" .-" B.-ZA6" +.)4,-." 7," 4)7)-2d" 3."

b)/6"K@.22.5.)L" V2d" H/W.2)"7,4)*,2.4)"

$.,/" !9",--." V3.7.5.,"6"B):2*A5.)-6"

I,*B67" !>",--." %-3A:2*.,"6"/6BB,-.B,"

b,4.3" !<",--." V7622*.B.2dT"67622*)-.B,"

k:B,*" !9",--." ?)//6*B.)"6"46-3.2,"

1,7./" !>",--." V3.7.5.,"6"B):2*A5.)-6"

',*.Z" !>",--." ?)//6*B.)"6"46-3.2,"

\.7.,/"" !>",--." ?)//6*B.)"6"46-3.2,"

!=

/.+7.)*,*6":.," ." 7)*)" *.:A72,2." :B)7,:2.B." :.," .7" 7)*)"B)/O)*2,/6-2)#" %-"3A6"3." 7)*)"ZA6:2,"4)7)-2d":."f"B)-B*62.55,2,"B)-"A-",A/6-2)"36."7)*)"*.:A72,2.":B)7,:2.B.#"

b)2.,/)"BY6"+7.":B,/W."2*,"O,*.",OO,.)-)"B)/6"/)/6-2."BY.,46"367"O*)+622)"$%&'"$):,--,#"%"+.)4,-."O)::)-)" B):g" B)-3.4.36*6" 76" 7)*)" 6:O6*.6-56T" /," ,-BY6" ./O,*,*6" 3," ZA6776" 36+7." ,72*.#" ?.j" f".-26*6::,-26"O6*"./O,*,*6","B)-):B6*6"36."-A)4." 7,4)*."6":@,2,*6",7BA-."/.2."6"O*6+.A3.5.#" %-"6@@622.T" ."+.)4,-." Y,--)" :O6::)" 26-36-5," ," .+-)*,*6" 76" O)::.W.7.2d" )@@6*26" 3," -A/6*):." /6:2.6*.#"$;.-ZA,3*,/6-2)" 6" .7" :):26+-)" @)*-.2)" 3,." B))*3.-,2)*." :B)7,:2.B." :)-)" ./O)*2,-2.#" %7" B))*3.-,2)*6":B)7,:2.B)" .-26*O*62,"2*6"*A)7.F"ZA677)"367"B))*3.-,2)*6"2*," ."3.@@6*6-2.",22)*.T"ZA677)"3677;,-./,2)*6"6"ZA677)"3677;,BB)/O,+-,2)*6#"%"+.)4,-."*.6:B)-)","B):2*A.*6"A-,"B)-2.-A.2d"2*,".7"/)-3)"3677,":BA)7,"6"ZA677)"O*)@6::.)-,76F"

I,*B67"oG6Y".7"@,22)"f"BY6".-@,22.")++."/."/)2.4)"+.d"3."O.i"O6*BY_"/."3.B)"BY6"fT"f"W677)"+A,*3,*6"2,-2."7,4)*."/,"/."3.B)"BY6":6"-)-"Y)".7"/.)"B6*2.@.B,2)T",7"-)-)",--)T":6"-)-"7,4)*)",WW,:2,-5,T"6":6"364)"*.@,*6"6"BY6"-)-"O)::)",46*6".7"/.)"B6*2.@.B,2)",77,"@.-6"3677;,--)T"B)-):B6*6"2,-2."7,4)*."f"A-" W6-6" /," 3)O)" OAj" 6::6*6" BY6" -)-" O)2*j" 6::6*6" ,::A-2)" -_" -.6-26" O6*BY_" -)-" ,4*j" .7"B6*2.@.B,2)#"[A.-3."/."/)2.4,",-BY6"O6*"7,":BA)7,#q""

E6*/6226*6","36." +.)4,-." .-"3.@@.B)72,T" 6"3A-ZA6" B)-" 7;,446-.*6" .-B6*2)T" 3." 3.46-2,*6",A2)*." 367" 7)*)"@A2A*)"B.":6/W*,"A-)"36."OA-2."@)*2."367"O*)+622)#"%"+.)4,-.":)-)"O*)-2."," ./O6+-,*:."-67" 7)*)"@A2A*)":B)7,:2.B)"O6*".7"7)*)",446-.*6"O*)@6::.)-,76#"%7"O*)+622)"$%&'"$):,--,"O6*/6226"3."B)/O762,*6"7;)@@6*2,"+.d"6:.:26-26"6::6-3)"O*),22.4)"6":):26-6-3)" 7)":4.7AOO)"36776"B)/O626-56"2*,:46*:,7."/,",-BY6T"6":)O*,22A22)T"7;67,W)*,5.)-6"3."A-"O*)+622)"3."4.2,"-67"+.)4,-6#"

%"W6-6@.B."367"O*)+622)"$%&'":6/W*,-)")72*6O,::,*6"7,":@6*,":B)7,:2.B,"6"O*)@6::.)-,76#"Q.46*:."+.)4,-."Y,--)" 64.36-5.,2)" A-" B,/W.,/6-2)" -677," 7)*)" 3.-,/.B," @,/.+7.,*6" 3)O)" 7," 7)*)" ./O7.B,5.)-6" -67"O*)+622)"$%&'#"1."2*,22,"3."A-"676/6-2)",7"ZA,76"-)-",464,/)"O6-:,2)"O*./,"3."/6226*6".-",22)"ZA6:2,"4,7A2,5.)-6"6"BY6"/6*.2,"3."6::6*6",OO*)@)-3.2)#"

$," B)77,W)*,5.)-6" 6" 76" :.-6*+.6" B)-" .7" /)-3)" O*)@6::.)-,76" :)-)" :2,26" 7;)++622)" 3." A-;,226-5.)-6"O,*2.B)7,*6#" V::." :." :)-)" *6,7.55,2." ," 3A6" 7.4677.#" E*./,*.,/6-26" ZA677)" 3677;.-:6*./6-2)" -677;,/W.2)"O*)@6::.)-,76",7"3."7d"367"O*)+622)"$%&'"$):,--,#"E.i"3677,"/62d"36."+.)4,-.":6+A.2.":."f"4.:2,")@@*.*6"7,"O)::.W.7.2d" 3." B)-2.-A,*6T" :)22)" A-x,72*," @)*/,T" .7" 7)*)" /6:2.6*6" O*6::)" .7" 7)*)" 3,2)*6" 3." 7,4)*)"K)OO)*2A-.2d" O*)@6::.)-,76" 3A*,-26" 76" 4,B,-56T" O):2)"3." ,OO*6-3.:2,2)L#" 16B)-3,*.,/6-26T" ," 7.4677)"36776"B)77,W)*,5.)-."2*,".7"/)-3)":B)7,:2.B)"6"ZA677)"O*)@6::.)-,76T".7"7,4)*)"/6::)".-",22)"B)-"."3,2)*."f" :6/O*6" :2,2)" B)-3)22)" 3,." B))*3.-,2)*." :B)7,:2.B." BY6" Y,--)" O)2A2)" B)-2,*6" :A77," O6*:)-," 3."*.@6*./6-2)",77;.-26*-)"3677,"3.22,#"%-)72*6"36."B)-2,22.":.":)-)"B)-:)7.3,2.".-"4.:2,"3."2*)4,*6"36."O):2."3.":2,+6" ,+7." ,77.64." K@A)*." 3,7" O*)+622)" $%&'" $):,--,L#" ?)-" .7" 26/O)" :." 3)4*d" :4.7AOO,*6" A-," *626" 3."B)-2,22."O6*"O6*/6226*6".7"76+,/6"2*,"."3A6"A-.46*:.#"

%7"O*)+622)"f":2,2)"B)-3)22)"3,"36."B))*3.-,2)*.":B)7,:2.B."/)72)"./O6+-,2."6"/)2.4,2.#"16"@.-"ZA.":."f"2*,22,2)"3."A-"O*)+622)"O.7)2,"36:2.-,2)","A-"-A/6*)" 7./.2,2)"3.",77.64.T"f" ./O)*2,-26"-)2,*6"BY6" 7,"/6::,".-",22)"367"O*)+622)","7A-+)"26*/.-6"B)/O)*26*d"A-".-46:2./6-2)"3."26/O)"6"3."36-,*)"3,"-)-":)22):2./,*6#" %7" :):26+-)" .:2.2A5.)-,76" *6:2," O*63)/.-,-26" O6*" O6*/6226*6" 7," O6*6--.55,5.)-6" 367"O*)+622)#"1)7764.,/)"7;./O)*2,-5,"3."A-"7,4)*)","7A-+)"26*/.-6",7"@.-6"3."-)-"B)**6*6".7"*.:BY.)"BY6"+7.":@)*5."@,22."@.-)",3")*,":B)/O,.,-)"B)-"7,"@.-6"367"O*)+622)#"%-"6@@622.T"O.i"."+.)4,-."Y,--)"367"26/O)","3.:O):.5.)-6" O6*" O*6O,*,*6" 7," 7)*)" 2*,-:.5.)-6T" ,22*,46*:)" A-" O*)B6::)" 3." ,-2.B.O,5.)-6" BY6" O,::,"3,77;.-.5.,5.)-6" 6" 7," :B)O6*2,T" O.i" O)2*,--)" :4.7AOO,*6" 36+7." :2*A/6-2." O6*" 2*,:@)*/,*7," .-"A-;6:O6*.6-5,"O):.2.4,#""

!P

75= B$?'&%0$!

E6*"7x,--)"08!9T".7"O*)+622)"$%&'"O6*"."+.)4,-."*.-+*,5.,"B,7)*):,/6-26"367":):26+-)"@.-,-5.,*.)"6".36)7)+.B)".":6+A6-2."O,*2-6*"6"@)-3,5.)-.F"""

"""""""""""

• &)-3,5.)-6"RG1"O6*"76"ZA6:2.)-.":)B.,7."6"7,"@)*/,5.)-6"• &)-3,5.)-6"I,.)*6:"• aA7.A:"Gy*"&)A-3,2.)-"• &)-3)"3."7)226*.,"367"?,-2)-"H*+)4.,""• ?Y.6:,"?,22)7.B,"M6+.)-6"3."G6*-,"• &)-3,5.)-6"?7,A36"6"J.A7.,-,"• &)-3,5.)-6"O*):O622.46"1N.::"$.@6"• Q.O,*2./6-2)":)B.,76"3677,"B.22d"3."cA*.+)""• &)-3,5.)-6"E,7,2.-"

"R-"+*,-36"*.-+*,5.,/6-2)"O6*".7":):26+-)"/)*,76"4,",.":6+A6-2."O,*2-6*F""

• 16+*62,*.,2)"3.":2,2)"3677;6B)-)/.,T"1V?k"• ?)-@6*6-5,":4.556*,"36+7."A@@.B."3677,"@)*/,5.)-6"O*)@6::.)-,76T"?1&E"• ?)-@6*6-5,":4.556*,"36."3.*622)*."B,-2)-,7."3677,"OAWW7.B,"63AB,5.)-6"• R-.)-6":4.556*,"36776",*2."6"/6:2.6*.T"R1HI""• ?,/6*,"4)36:6"3."B)//6*B.)"6"3677;.-3A:2*.,T"?n?%"• ?,/6*,"3."B)//6*B.)"6"3677;.-3A:2*.,"@*.W)*+Y6:6T"??%&"• J.)4,-6"B,/6*,".-26*-,5.)-,76"6B)-)/.B,"3."E,S:"3;V-Y,A2T"a?%"• H::)B.,5.)-6".-3A:2*.6"2.B.-6:.T"H%'%"• ?,/6*,"3."B)//6*B.)"B,-2)-6"'.B.-)T"?Bh'."• k*+,-.55,5.)-6"B*.:2.,-)":)B.,76"2.B.-6:6T"k?1'"

"%7"O*)+622)"$%&'"O6*"."+.)4,-."*.-+*,5.,"O6*"7,"O*)@.BA,"B)77,W)*,5.)-6F"""

• %"26,/"$%&'"7)B,7."3."2A22,"7,"14.556*,""• $6"./O*6:6"6"76"EI%".-"14.556*,"O6*"."O):2."3."7,4)*)":622./,-,7."• %:2.2A2)"A-.46*:.2,*.)"@636*,76"O6*"7,"@)*/,5.)-6"O*)@6::.)-,76"%R&&E"c)77.])@6-"• %--)4,+6"14.556*,"M)/,-3,"%1M"• &)-3)"3677,"@)*/,5.)-6"O*)@6::.)-,76"2.B.-6:6"KB)-2*.WA2."@.-,-5.,*."O6*"76":BA)76"2.B.-6:6L"

"""

08

;44&%/'-<!

"

B-'-!()*+!AK-0&!/00$!5678E!

""J/0'$0&! B-'-! ($:/4-']!

B.-CC&#/!#$>/09/!

&M" ?SB76"3x)*.6-2,2.)-"36"1,*.-6hkA6:2" H4*Sh:A*hI,2*,-"&M" ?k"36"7,"J*ASf*6" GA776"JV" ?SB76"3x)*.6-2,2.)-"36"7,"J)76226" I6S*.-"aR" ?)77f+6"36"Q67_/)-2" Q67_/)-2"bV" ?6*B76":B)7,.*6"$6"$)B76T"BSB76"9" $6"$)B76"nQ" V2,W7.::6/6-2":6B)-3,.*6"3xk77)-" k77)-"nQ" V2,W7.::6/6-2":B)7,.*6"3A"E,S:"3xV-Y,A2" ?Y,26,Ah3xk6m"nQ" V2,W7.::6/6-2":6B)-3,.*6"36"G6m" G6m"nQ" E*)t62"$%&'"$,A:,--6" $,A:,--6"nQ" V2,W7.::6/6-2":6B)-3,.*6"HOO76:hG.f*6" HOO76:"nQ" VE1"$,"1,**,5" $,"1,**,5"nQ" VE1"E,S6*-6" E,S6*-6"nQ" V2,W7.::6/6-2":6B)-3,.*6"36"?)OO62" ?)OO62"n1" ?k"36"I)-2Y6S" I)-2Y6S"" " "+-:-0$!

'%" 1BA)7,"I63.,"3."M.4,"1,-"n.2,76" M.4,"1,-"n.2,76"'%" 1BA)7,"I63.,"3."I)*W.)"%-@6*.)*6" I)*W.)"%-@6*.)*6"'%" 1BA)7,"I63.,"3."G,76*-," G,76*-,"'%" 1BA)7,"I63.,"3."J*,46:,-)" J*,46:,-)"'%" 1BA)7,"/63.,"3."n.+,-677)" n.+,-677)"" " "JM" M6,7:BYA76"M)46*63)" M)46*63)"" " "B.-CC&#/!'&9&?:/!

HJ" 16]A-3,*:BYA76"G.**" G.**"HJ" 1BYA76"H,*,A" H,*,A"HJ" 1BYA76"I6-5.]6-" I6-5.]6-"HJ" 1BYA76"G,36-" G,36-"HJ" 1BYA76"b6A6-Y)@" b6A6-Y)@"HJ" kW6*:2A@6"R-26*:.++6-2Y,7" R-26*:.++6-2Y,7"GV" 1BYA76"\,W6*-" \,W6*-"GV" 1BYA76-"M.++.:W6*+" M.++.:W6*+"GV" 1BYA76"IA*.hJ^/7.+6-" J^/7.+6-"GV" 16]A-3,*:2A@6"%"c)77.])@6-" c)77.])@6-"GV" 1BYA76"$S::" $S::"GV" 1BYA7]*6.:"G*6.26-*,.-h$)**,.-6" G6*-"GV" kW6*:2A@6"GA*+3)*@" GA*+3)*@"GV" kW6*:2A@6"'YA-" 'YA-"1J" M6,7:BYA76"V-+67N.6:"G*A++6-" 12#"J,776-"1J" kW6*:2A@6"1)--6-Y)@" \.7"

0!

1J" 16]A-3,*:BYA76"VW-,2he,OO67" VW-,2he,OO67"1J" 1BYA76"12#"I,*+*62Y6-" 12#"I,*+*62Y6-"1k" e*6.::BYA76"G.W6*.:2" G.W6*.:2"1k" kW6*:2A@6"\,::6*,/2"k:2" Q6*6-3.-+6-"1k" e*6.::BYA76"G6BYWA*+" k6-:.-+6-"1k" kW6*:2A@6-:BYA76"G6$)16" G677,BY"'J" 16]A-3,*:BYA76"J*6-5:2*,::6" H/*.:N.7"'J" 16]A-3,*:BYA76"H,3)*@" H,3)*@"'J" 16]A-3,*:BYA7+6/6.-36"H*W)-" H*W)-"'J" n)7]::BYA7+6/6.-36"\.+)72.-+6-" \.+)72.-+6-"'J" 16]A-3,*:BYA7+6/6.-36"&*,A6-@673" &*,A6-@673"'J" 1BYA76"\y-+." \y-+."'J" 1BYA76"G.:BY)@:5677" G.:BY)@:5677"'J" 16]A-3,*:BYA76"1.*-,BY" 1.*-,BY"'J" eaEQ"I^-:26*7.-+6-" I^-:26*7.-+6-"'J" 16]A-3,*:BYA76"V:BY7.])-" V:BY7.])-"cU" 16]A-3,*:BYA76"G*A++N.6:6-" G*^22.:6776-"cU" 16]A-3,*:BYA76"U,736-" J7,22W*A++"cU" kW6*:2A@6-:BYA76"\y36-:N.7" \y36-:N.7"cU" 16]A-3,*:BYA76"\625.])-h166+*yW6-" \625.])-"cU" 1BYA76"$625." c^*.BY"cU" 1BYA76"H37.:N.7" H37.:N.7"cU" 1BYA76"J7,22@6736-" J7,22@6736-"cU" 16]A-3,*:BYA76"M^/7,-+hkW6*+7,22" M^/7,-+"cU" 16]A-3,*:BYA76"G^7,BY" G^7,BY"cU" 16]A-3,*:BYA76"b.636*+7,22" b.636*+7,22"cU" 16]A-3,*:BYA76"\,73" \,73"cU" $,A@W,Y-56-2*A/"12,32"c^*.BY" c^*.BY"cU" 1BYA76"Iz-BY,72)*@" Iz-BY,723)*@"cU" 16]A-3,*:BYA76"M^2." M^2."cU" 1BYA76"U)/W*6BY2.])-" U)/W*6BY2.])-"cU" 16]A-3,*:BYA76"Q^W6-3)*@h1BYN6*56-W,BY" Q^W6-3)*@"cU" 16]A-3,*:2A@6"R:26*" R:26*"cU" 16]A-3,*:BYA76"G,::6*:3)*@" G,::6*:3)*@"cU" 1BYA76"',--hQ^*-26-" ',--hQ^*-26-"cU" 1BYA76"U.-N.7" U.-N.7"cU" 1BYA76"k62N.7",/"166" k62N.7",/"166"cU" 16]A-3,*:BYA76"R-26*6:"&A*22,7" k267@.-+6-"cU" 16]A-3,*:BYA76"n)7]62:N.7" n)7]62:N.7"cU" 16]A-3,*:BYA76"$.-3W6*+" \.-26*2YA*"

00

"3MM4-:/C-$0-!&!/#'-:$4-!9-!%-$#0/4&!5678!()*+!

"")'/4-/0$!

• J.)*-,76"367"E)O)7)T"G9&KGLE&6,?54#&<3"&,9&<,+.#&=399+&<"#$355,#.3&6,?54+T"!0":6226/W*6"08!9"• ?)**.6*6"367"'.B.-)T"*3=,3M&J.&KGLE&<3"&01,&5,&4"#-+&,.&=,$$,0#94NT"!0":6226/W*6"08!9"• $,"M6+.)-6T"J.&+503.5#"3&-3"5#&,9&9+-#"#T"16226/W*6"08!9"• %7"$,4)*)T"J.&<3"0#"5#&,..#-+4,-#&<3"&3.4"+"3&.39&(#.=#&=39&9+-#"#T"!P":6226/W*6"08!9"• H5.)-6T"J.&K,$4&<3"&,&"+6+BB,&=3993&*3=,3T"!>")22)W*6"08!9"

$.-]F"NNN#tA+6-3O*)t6]2h7.@2#BY`O*)+622)h7.@2`3)N-7),3`3)N-7),3:{.`:2,/O,`08!9{12,/O,"{$%&'{%#O3@"""*#/0:&?&<!

• $6"I,2.-T"J.& =,"3043?"& +<<3993& N& 9O+,=3M& 935& 0+5& =O@9P-35& 3.& =@",-3& 5#0,+93& +?6(3.43.4T" 08"t,-4.6*"08!9"

• I.+*):"I,+,5.-6T"K,$4M&?.&0#?<&=3&<#?03&<#?"&935&Q3?.35T"0="t,-.46*"08!9"• M_:)-,-B6"I6-:A67"36" 7;VB)76"4,7,.:,--6T"!"#Q34&K,$4A&<+553"3993&3.4"3& 9O@0#93&34& 9O3.4"3<",53T"

I,*:"08!9"• VBY)"??%&`U%e&T"!"#Q34&K,$4M&J.&<#.4&3.4"3&9O@0#93&34&935&3.4"3<",535T"aA-."08!9"• $;%/O,*2.,7T"K3&4"3(<9,.&=?&<"3(,3"&<34,4&8#?9#4T"<"tA.7762"08!9"• I6-:A67"36"7,"?n?%T"J.3&01+.03&<#?"&935&Q3?.35A&935&@0#935&34&935&3.4"3<",535T"H)|2"08!9"• E,-)*,/,T"!"#Q34&KGLEM&!9+03&=3&4"+-+,9&138=#(+=+,"3&3.&6?,53&=3&<+553"3993&-3"5&9+&-,3&+04,-3T"

<`98!9"• '*.WA-6"36"J6-f46T"J.&3(<9#,&=P5&93&/R093&<#?"&<"@-3.,"&9+&-,#93.03T"!C"-)46/W*6"08!9"

$.-]F"Y22OF``tA+6-3O*)t6]2h7.@2#BY`O*)t62h7.@2`3)N-7),3`3)N-7),3:{@`,*BY.46:{36{O*6::6`08!9{"E*6::6{$%&'{&#O3@""+&9&?:$!

• cA6*BY6*"kW6*7,6-36*T"*,4&=3(&SK,$4O&,.5&>"83,459383.T"9!#a,-A,*"08!9"• J6/6.-36"c)77.])@6-T"G(&T"3..<?.U4M&V?63.=<"#Q3U4&KGLET"a,-A,*"08!9"• M6+.)-"R:26*T"*6+.)#BYT"W+9#.&+"83,434&Q34B4&,(&K+63"T"0!#&6WA*,*"08!9"• 1BYNS56*"J6N6*W6T"*,4&KGLE&B?"&K31"543993T"&6W*A,*"08!9"• $.)-"I,+,5.-T"H+.5&;?=#9$&H#44,.63"&3.6+6,3"4& 5,01& $F"& V?63.=9,013&X&:3"43&-3"(,4439.&?.=&

C39854-3"4"+?3.&501+$$3.T"Iy*5"08!9"• n6*W,-3"1BYA776.26*.--6-"A-3"1BYA776.26*"G6*-T"E"+.5,4&Y%Z[&X&V?63.=<"#Q3U4&KGLET"HO*.7"08!9"• \.76*"b,BY*.BY26-T":36&,.&=,3&T3"?$5\394&3"93,0143".T"0<#"HO*.7"08!9"• H,*+,A6*"c6.2A-+T"*,4&=3(&!"#Q3U4&K,$4&\,"=&,.&]3?3.1#$&=3"&C01F93"&B?(&C4,$4T"0<#"I,."08!9"• G.73A-+"1BYN6.5T"',.&K,$4&,.&=,3&^?U?.$4A&+83"&6+"&.,014&5#&83_?3(T"aA-."08!9"• G6)W,BY26*T"T3"?$5\+19M&*@9+.,3&\,99&93".3.A&\,3&(+.&5,01&(34B634T"HA:+,W6"!9`!9T"0=#"aA-."

08!9"• G^-3-6*"',+W7,22T"*,4&=3(&SK,$4O&B?"&K31"543993T"0<#"aA7."08!9"• G.676*"',+W7,22T"),3&T"F0U3&B?"&>"83,45\394T"!<#"HA+A:2"08!9"• G6*-6*"c6.2A-+T"C,384U9`5593"&501.?<<3".&,.&,1"3"&L"3,B3,4T"!P#"HA+A:2"08!9"• 1BYA7W7,22"HJ`1kT"',.&G.436"+4,#.5a&?.=&!"`-3.4,#.5<"#Q3U4&54+"434&=?"01T"!C`08!9"• J6N6*W656.2A-+T"1BYA76"n)7]6-2:N.7T"',.&#<4,(+93"&b83"6+.6&-#.&=3"&C01?93&,.5&T3"?$59383.T"

0=#"HA+A:2"08!9"• 12,32"\.77T"G.&=3"&:3"U54+44A&54+44&,.&=3"&T+=,T"0D#"16O26/W6*"08!9"• E,-)*,/,T"V?63.=<"#Q3U4&K,$4M&)3"&:#013.+"83,45<9+4B&+95&T"F0U3&,.&=,3&T3"?$5\394T"<`08!9"• U.-26*2YA*+,AT")3"&K,$4&.,((4&=,3&C01F93"&(,4T"!!#"Q656/W6*"08!9"

$.-]F"Y22OF``tA+6-3O*)t6]2h7.@2#BY`3)N-7),3`3)N-7),3:{3`O*6::6,*BY.4`08!9{E*6::6{$%&'{Q#O3@"

!

09

*#&::&''/!?:$4/?'-:/!,#$%&''$!()*+!4$:/4&!

!

!