The Psychiatrist who cured the Scientologist

!"#$%&'"&()*"+$"+,-.)"/0"1-2*.+3"4(&&(-/"-.'"5$(3"6$2"+,*(2"&$7*"-.'"%.'*23+-.'(.8 +,2$%8,"+,*"+$%8,"-.'"8$$'"+(/*39 :...

Author: Aaron David Gottfried

10 downloads 335 Views 4MB Size Report

This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!

Report copyright / DMCA form

DOWNLOAD PDF

!"#$%&'"&()*"+$"+,-.)"/0"1-2*.+3"4(&&(-/"-.'"5$(3"6$2"+,*(2"&$7*"-.'"%.'*23+-.'(.8 +,2$%8,"+,*"+$%8,"-.'"8$$'"+(/*39

:,-.)"0$%"+$"/0";30<,(-+2(3+=">29"?9";$#*2= 6$2",*2",*&1"-.'"12$6*33($.-&(3/9

@.'"+,-.)3"+$"A,2(3+(.*"B$2+$."6$2",*2",*&1"-.'"-'7(<*9

!

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

./01$*'"*2'3#$3#4 25/6#$%*73$899888888888888899*++

***********************************************************25/6#$%*.&'88888888888888*****+: *************************************************************25/6#$%*.5%$$8889888888888889+; ***********************************************************25/6#$%*<'=%8888888888888899**>**25/6#$%*; 25/6#$%*.&$3#J)'3$888988888888899*+C: 25/6#$%*.&$3#J)#&'*8888888888889**+-+ 25/6#$%*.&$3#J)#5%$$*8888888888889*+-25/6#$%*.&$3#J)"'=%*88888888888899**+-;

"

K$(?L/#?'3 M3*1'@?3E*N$N'%J*'"O P?4/*QLR5$%4'3 !3( S$##*.%/@'1#/

#

25/6#$%*+

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

V

25/6#$%*>

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

Z

)'2+S3;$?23;3?$;.($?2*';3;>$(&*$).6;7$=9.=*9214$5$&'7$'$/'223;>$.6($)3(&$01$/93*;7,$'$1*'9$ .9$,.$*'923*94$%&*1$,(.2*$,.0*$0.;*1$

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

]

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

_

0'7*$0*$/**2:$)*22:$/6?+*7$6=$*;.6>&$(.$;**7$'$,=*?3'23,(4$5$)',$;.)$.//3?3'221$'$73//3?62($ ?',*$';7$3($.;21$(..+$'$)**+$.9$,.$(.$>*($(&3,$)'14

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`.7$(.$?.0*$93>&($(&*;$ ';7$(&*9*$';7$93=$01$&*'9($.6($';7$,*;7$0*$7**=$3;(.$&*224$<($2*',($3;$&*22$1.6$-*2.;>$ )3(&$'22$(&*$.(&*9,4$O.)$2.;>$?.627$5$-*$'0.;>,($=*.=2*$)&.$)';(*7$(.$238*\

ab

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

aa

0*4$5$)',$*0-'99',,*7$-*?'6,*$(&3,$)',;H($23+*$0*:$-6($5$?.627;H($/**2$';1$.(&*9$)'14$5$ ?.627$.;21$/**2$01$';J3*(1$';7$;60-;*,,$3;,37*4$5$K6,($)';(*7$(.$-*$')'1$/9.0$=913;>$ *1*,G$5$0';'>*7$(.$*,?'=*$(&*,*$*1*,$./$K67>0*;($-1$2*'83;>$,?&..2G$5$?.627$;.($7*'2$)3(&$ ,?&..2$';10.9*$';7$5$737$;.($>.:$,.$5$)',$>38*;$01$?9*73(,$)3(&$(&*$&*2=$./$01$ ?.6;,*2.94$%&3,$).627$*;'-2*$0*$(.$,('9($/9*,&$;*J($1*'9$';7$=6($'22$./$(&3,$-*&3;7$0*4$5$ +;*):$&.)*8*9$(&'($5$).627$;.($-*$'9.6;7$?.0*$;*J($/'224

a!

25/6#$%*:

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a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

a"

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

0*$-.1'2$(*&-.$13$)*3-4

5$6&'-&37$"6$&'$*8*%9-1"'4

:)1;.-*'*($,7$<1;.-*'1';4

=>*)7-.1';$&'7,"(7$#&'-34$

?"$+&--*)$."#$(13.*&)-*'1';4

@3$"'<7$#.&-$#*$-.1'2A

@3$-.*$,*3-$6")$93$&-$-.*$-1+*4

$$$c8*91$;3>&($5$&'7$'?&*,$';7$='3;,$)&3?&$)',$/.22.)*7$-1$';J3*(1$'-.6($(&*$=9*,*;(:$ '-.6($(&*$/6(69*:$.9$'-.6($)&'(*8*94$%&*$';J3*(1$(&'($).627$;.90'221$+**=$,.0*.;*$ ')'+*$)',$.6()*3>&*7$-1$'$(9*0*;7.6,$;**7$(.$*,?'=*$/9.0$9*'23(14$5$)',$;*8*9$'$ ,6-,(';?*$6,*9$';7$>*((3;>$796>,$).627$('+*$,.0*$*//.9(4$%&3,$';J3*(1$;*8*9$+*=($0*$ ')'+*$-*?'6,*$5$,2*=($(.$*,?'=*4$A1$,2**=$)',$01$.;21$,'28'(3.;4$F3>&(0'9*,$)*9*$01$

a#

9*'23(1$)3(&$*8*91$)'+3;>$,*?.;7G$(&*1$)*9*$;.($3;$01$79*'0,4$5(H,$'0'W3;>$&.)$06?&$ .;*$?';$,2**=$)3(&$,.0*$7*(*903;'(3.;4

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

aM

@O00\$O.)$7.$1.6$/**2\$E&*$).627$',+$'>'3;4 @F.($8*91$>..74D$5$0.';*74 @N&:$&.)$737$1.6$,2**=\D @N+4D

$$$O*9$9*'2$9*',.;$/.9$?&*?+3;>$.;$0*$)',;H($(.$,**$3/$5$)',$/**23;>$.+'1G$3($)',$(.$0'+*$ ,69*$5$)',$'238*4$d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

aV

@O'8*$1.6$&*'97$(&*$,'13;>:$R(&3,$(..$,&'22$=',,\H @[*,4D @5($)322$1.6$+;.)4$F.(&3;>$,('1,$?.;,(';($3;$(&3,$6;38*9,*4$c8*91(&3;>$?&';>*,4$[.6$ ).;H($/**2$23+*$(&3,$/.9*8*94$[.6$K6,($&'8*$(.$&.27$.;$';7$(91$(.$.8*9?.0*$(&3,4D @Y6($5$7.;H($/**2$23+*$3(,$>.3;>$')'14D$5$(&.6>&($3($)',$>*((3;>$).9,*4 $@[.6$&'8*$(.$(96,($0*4$[.6$9*0*0-*9$)&*;$5$)',$,3?+$)&*;$1.6$)*9*$1.6;>*9\$T01$ 0.(&*9$&'7$?.03;>$';7$>.3;>$(93'2,$)3(&$AEU4$5$)',$,.$,3?+$';7$5$?.627;H($0.8*4$5$ )';(*7$(.$73*$*8*917'14$5$).627$=9'1$(.$`.7$*8*91$;3>&($(&'($&*$K6,($('+*$0*4$Y6($1.6$ +;.):$5H0$>2'7$&*$737;H($-*?'6,*$(&3;>,$,('9(*7$(.$>*($-*((*94$%&3;>,$)322$/.9$1.6$(..4D $$5($,.6;7*7$/'39$*;.6>&:$';7$3($)',$,.0*(&3;>$(&'($?.627$23/($01$,=393(,$'$23((2*4$%&*;$01$ 03;7$).627$(&3;+$)*22:$,&*$?.627;H($+322$&*9,*2/:$,&*$&'7$'$/'0321$(.$238*$/.9:$';7$,&*$&'7$ +37,$)&.$;**7*7$&*94$c8*;$3/$,&*$)';(*7$(.$+322$&*9,*2/:$,&*$&'7$;.$*J?6,*$(.$7.$,.4$ e*.=2*$7*=*;7*7$.;$&*94$Q&'($';7$)&.$737$5$&'8*:$9*'221\$%&3,$)',$01$()3,(*7$ 9'(3.;'23W'(3.;$(&'($,('9(*7$(.$,3;+$3;4$%&*$';J3*(1$';7$/*'9$)',$,.$06?&$(&'($01$0.(&*9$ ).627$&'8*$(.$23/($0*$.6($./$-*7$,.$5$?.627$)',&$01,*2/$,.0*$7'1,4 $$Q&'($737$5$&'8*$>.3;>$/.9$0*$;.)\$c8*91.;*$)&.$737$2.8*$0*$)',$-*3;>$-9.6>&($7.);$ -1$0*4$5$)',;H($3;$,?&..2$';7$737;H($=2';$.;$>.3;>$-'?+4$5$737;H($&'8*$'$K.-$';7$?.627;H($ &'8*$.;*$3;$01$?699*;($,('(*4$A1$/93*;7,$?.627;H($-*$-.(&*9*7$)3(&$(&3,:$';7$5$).627;H($ 2*($(&*0$-*4$5;$2*,,$(&';$().$)**+,:$5$0'7*$01,*2/$3;?.;,*I6*;(3'2$(.$(&*$).9274

aZ

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aZ:$.;21$,.$`.7$.9$)&.*8*9$?.627$(*,($0*$'>'3;4$ Y*23*83;>$(&3,:$5$,(322$)';(*7$(.$-2.)$01$/6?+3;>$-9'3;,$.6($01$*'94$

$$%&*$';,)*9$)',$0*';3;>2*,,$-*?'6,*$3($)',$;.)&*9*$(.$-*$/.6;74$5($).627$;.($?.0*$ 3;(.$/.?6,$/.9$,.0*$(30*4$d;(32$(&*;:$5$&'7$;.$9*'2$9'(3.;'2$9*',.;$.9$*J?6,*$/.9$01$

a]

*0.(3.;'2$.8*9(.;*,:$)&3?&$3,$)&'($,*;($0*$,.$7**=:$,.$I63?+214$%&*9*$)',$;.$ &60323'(3.;$(&3,$?.;?*38'-21$-'7:$5$(&.6>&(4$5(H,$/6;;1:$3;$'$;.;S&60.9.6,$)'1:$&.)$ ;.(&3;>$3;$9*'23(1$3,$',$>..7$',$.69$79*'0,:$-6($*8*91(&3;>$?';$>*($).9,*$(&';$.69$ ;3>&(0'9*,4$%&*$3(?&$)',$'-.6($(.$9*'?&$'$?230'J4

a_

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

!b

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f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

!a

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c8*;$(&.6>&$,&*$*J=*?(*7$,.0*(&3;>$23+*$(&3,$(.$&'==*;:$'?(6'221$)3(;*,,3;>$(&*$*837*;?*$ )',$';$6;-*23*8'-2*$*8*;($/.9$&*94$5$>9',=*7$'($(&*$,&**(,$';7$=622*7$-'?+$6=$(.$01$;*?+4$
!!

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

!"##$%$"&'(%')*+,'-(."(/"'.$0*,'-""1 23)+4-'5"$/06')*+,')"'+#"'+%#+$&',('3((7'+,1 233'+5-(38,"-'$/',*$-')(#3&6' 9"".',('*+:"'-(."';(/,#+&$;,$(/-1 2#"')"'."+/,',('8/&"#-,+/&'+/4,*$/0< ='/()';(>"')$,*'+33'+%%3$;,$(/-1

!"

='#";(0/$?"'+33'+&&$;,$(/1 ='8/&"#-,+/&'/(,*$/01 @"'+33'3(/0'%(#'-(.",*$/06 !*+,'&("-/A,'":"/'"B$-,1

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

!#

5$)';(*7$(.$,'1:$R5H0$,.991$A.001:$5$+;.)$(&3,$3,;H($93>&($';7$5$?';$7.$-*((*94H$Y6($5$ )',;H($3;$?.;(9.2$./$01$*0.(3.;,4$e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

!M

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

!V

25/6#$%*-

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

!Z

,'37$'$/*)$).97,$(.$01$0.(&*9$-*/.9*$2..+3;>$'($0*$';7$,'37$@<'9.;g$O.)$?.627$1.6$ 7.$(&3,\$Q&'(H,$>.3;>$.;\$Q&1$).627$1.6$)';($(.$7.$(&3,\D$5$2..+*7$3;$&*9$*1*,$/.9$'$ ,&.9($(30*:$';7$(&*;$(69;*7$01$&*'74$5$?.627;H($/'?*$(&3,$';7$5$)',$>.;*4$O.)$?.627$,&*$ I6*,(3.;$0*$)&*;$,&*$737;H($+;.)$)&'($)',$>.3;>$.;\$5;$01$399'(3.;'2$-9'3;$?&*03,(91$ '($(&*$(30*$5$(&.6>&($,&*$&'7$;.$93>&($(.$',+$0*$(&3,4$5($)',$;.;*$./$&*9$-6,3;*,,4$f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c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e,1?&$Q'97$*8*91(&3;>$ ).627$-*$.8*9:$*8*;$(&.6>&$=*.=2*$'9.6;7$0*$)*9*$(*223;>$0*$(&'($3($)',$.+'1$(.$('+*$3(:$ ';7$,.$5$737:$-*?'6,*$3($)',;H($',$3/$3($737;H($,**0$.8*9$'29*'714$5$2..+*7$6=$3;$01$

!]

='9*;(,H$*1*,$(.$8*93/1$(&'($(&3,$)',$(&*$?.99*?($?&.3?*:$';7$(&*1$(.27$0*$(.$>.$'&*'74$<($ (&3,$=.3;(:$3($737$;.($,**0$',$(&.6>&$(&*9*$)',$';.(&*9$?&.3?*4

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e'J324$5($,('9(*7$(.$0'+*$01$0..7$-*((*9$I63(*$I63?+214$ N8*9$'$(*;S7'1$,('1$'($(&*$&.,=3('2$5$)',$.6($';7$/**23;>$-*((*94$%&3,$).627;H($2',($8*91$ 2.;>$';7$;*3(&*9$).627$01$9*2'(3.;,&3=$)3(&$e'J324$5$)',$/**23;>$-*((*9$)3(&$(&*$=322:$-6($5$ )',$('+*;$.//$3($'9.6;7$(&*$(30*$5$)',$9*2*',*7$/9.0$&.,=3('24$A1$/'(&*9:$=*9,6'7*7$-1$&3,$ -*23*/$3;$E?3*;(.2.>1:$7*0';7*7$(&'($5$-*$('+*;$.//$e'J32$-*?'6,*$3($)',$'>'3;,($&3,$ 9*23>3.6,$-*23*/,4$<,$'$9*,62(:$)3(&3;$'$().$)**+$=*93.7$5$)*;($/9.0$'$=,1?&.(3?$,*8*9*$ 7*=9*,,3.;:$(.$-*?.03;>$'$23((2*$-*((*9$';7$'?(6'221$,**3;>$/93*;7,:$';7$/3;'221$3;(.$'$

!_

?.0'(.,*$;.90'2$7*=9*,,3.;$(&'($).627$2',($(&*$9*,($./$(&*$,600*94$5($).627$(69;$.6($';$ ';(3S7*=9*,,';($)',;H($)&'($5$;**7*7$';1)'14 $$5;$,*'9?&$./$',,3,(';?*:$',$)*22$',$(.$9*=.9($(&*39$*(&3?'2$03,('+*$3;$='9*;(3;>$)3(&$ 0*73?'(3.;:$01$/'(&*9$9*=.9(*7$.69$732*00'$(.$'$-3>>*9$B&69?&$./$E?3*;(.2.>1$(&';$.69$ .);$03,,3.;4$5($)',$+3;7$./$23+*$'703((3;>$1.69$,3;,4$c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

"b

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a]$*8*91(&3;>$5$*8*9$&'7$,**0$ (.$2*'8*$';1)'14$%&*9*$)',$'2)'1,$0.9*$/..74

$$$E.0*$;3>&(,$5$).627$,(*'2$01$7'7H,$YAQ$';7$>.$.6($/.9$'$K.1$937*4$$5$).627$;.90'221$ -*$I63(*$=';3?+1$'-.6($79383;>$)3(&$;.$23?*;,*:$-6($5$/*2($5$;**7*7$,.0*$,(3062'(3.;$76*$(.$ (&*$2'?+$./$3($3;$(&*,*$2',($0.;(&,4$5H7$-**;$/**23;>$7*'7$.9$;*J($(.$3($/.9$,.0*$(30*:$-6($ 1.6$?';H($&*2=$-6($/**2$,.0*)&'($'238*$>.3;>$abb$0=&$23,(*;3;>$(.$@Q*2?.0*$(.$(&*$ h6;>2*4D$N/$?.69,*$(&*$37*'$?9.,,*7$01$03;7$(.$7938*$(&'($?'9$,(9'3>&($3;(.$'$/6?+3;>$ ?*0*;($-2.?+4$%&'($&.)*8*9$).627H8*$-**;$>.91$';7$3/$3($/'32*7$5$).627$-*$0.9*$,63?37'2$ (&';$*8*;$-*/.9*:$2'37$.6($3;$'$&.,=3('2$-*74$d2(30'(*21:$5$737;H($&'8*$(&*$?.69'>*$';7$)&1$ 963;$'$-*'6(3/62$*J=*;,38*$'6(.0.-32*$(.$*;7$01$).9(&2*,,$23/*4$ $$$<,$(&*$,600*9$*;7*7:$01$(.;*$)*;($6=$'$23((2*4$<($2*',($.;$(&*$E?3*;(.2.>1$(.;*$,?'2*$3($ 737:$/9.0$'='(&1$(.$';>914$5H0$;.($-*23((23;>$(&3,$37*':$5$'>9**$(&'($(&3,$3,$'$=9.>9*,,3.;:$ -6($(&3,$)',$,?'914$E?'91$-*?'6,*$5$/.6;7$01,*2/$='?+3;>$'$76//*2$-'>$)3(&$9.=*:$('=*:$

"a

(..2,:$'$+;3/*$';7$'$0',+4$Y*/.9*$5$)',$,3?+$*0.(3.;'221:$-6($;.)$5$/*2($,3?+$3;$(&*$&*'7$ ';7$6;'-2*$(.$37*;(3/1$)&'($)',$&'==*;3;>4$5$)',$K6,($='?+3;>$(&3,$-'>$./$83.2*;?*4$ $$$e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

"!

I6*,(3.;*7$)&'($5$)',$7.3;>:$+;.)3;>$5$)',;H($>.3;>$(.$7.$';1(&3;>4$h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

""

)'2+,$)3(&$01$1.6;>$?2',,0'(*,$-*/.9*$5$&'7$';1$3;7*=*;7*;($(&.6>&(,$./$01$.);4$Y'?+$ )&*;$5$)',$3;;.?*;($';7$=69*4$5$)',$;.):$,.$/*)$1*'9,$2'(*9$73,?'973;>$'$,3?+$,'?+$./$ ?23?&i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`38*$0*$(&*$+*1,D$';7$(&*;$@`.$(.$-*74D$%&3,$)',$7.;*$)3(&.6($'$/3>&(:$ K6,($',$?.0=2'?*;($';7$='(&*(3?$',$(&*$;3>&($&'7$-*>6;4

"#

B"$<""2$-.)"9;.$-.*$*7*3$"6$3"+*"'*$*<3*A

B"$,*$3"+*"'*$"-.*)$-.*'$7"9)3*<64

B.*$+"3-$9'6")-9'&-*$(&7A$

B"$.&>*$*>*)$;)&%*($"'*3$3-&74

C'$-.13$#.1)<#1'($-.&-$"'<7$6*#$3D1'$-.)"9;.4

"M

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

"V

(&*39$,600*9$?2.(&*,$';7$3($,('9(*7$(.$?.0*$3;(.$/.?6,$(&'($)3(&$'22$(&*$(*99.9$3;$(&3,$).927:$ (&*$=9*((1$>392,$(&'($)*9*$'9.6;7$)',$,.0*(&3;>$(.$238*$/.94$%&3,$737;H($I63(*$*;7$(&*$ 7*=9*,,3.;$1*(4

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c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

"Z

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j4$.;*$;3>&($';7$(&*$'78*9(3,*0*;($/.9$A*>'$A*0.91$ ?.0*,$.;4$5H0$,69*$0.,($./$1.6$?';$9*0*0-*9$S$(&*1H9*$>.3;>$.;$'-.6($'22$(&3,$?9'=$1.6$ ?';$9*0*0-*9:$';7$,'13;>$&3>&$,?&..2$&',$;.(&3;>$(.$7.$)3(&$3;(*223>*;?*$';1)'1:$(&'($ 3(H,$K6,($0*0.91$).9+4$E.0*$&'8*$3($,.0*$7.;H(4$5$+;*)$(&3,$7**=$7.);:$-6($5$/*2($(&'($ (&3,$)',$01$)'1$(.$/**2$,0'9($'>'3;4$5/$(&3,$)',$/.9$9*'2$5$?.627$>.$-'?+$(.$,?&..2$';7$>*($

"]

,(9'3>&($$).627$-*$/3;*:$'2(&.6>&$>*((3;>$>..7$>9'7*,$3;$,?&..2$)',$ ;*8*9$'$=9.-2*0$/.9$0*4$O.)*8*9$5$K60=*7$6=$)3(&$'$(*;'?3(1$23+*$5$6,*7$(.$'/(*9$(..$ 06?&$,6>'9$';7$'$h*';$B2'67*$j';$P'00*$0.83*$',$'$+374$5$/*2($-*((*9$;.)4$5($)',$(&'($ *',1$';7$(&'($/',(4$<$,3221$/6?+3;>$(93>>*94 $$$5($,**0,$2673?9.6,:$(&'($';$3;/.0*9?3'2$).627$>*($0*$3;$&3>&$,=393(,G$;.;*(&*2*,,$5$)',$ K60=3;>$/.9$K.1:$23(*9'2214$5$)*;($(.$-*7$(&'($;3>&($)3(&$'$,032*$.;$01$/'?*$/.9$(&*$/39,($ (30*$3;$().$';7$&'2/$0.;(&,4$%&*$;*J($7'1$5$(.27$01$0.0$(.$.97*9$(&*$A*>'$A*0.91$k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

"_

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

#b

'9*$/322*7$)3(&$K67>3;>$*1*,$';7$=*.=2*$)&.$=91$3;(.$(&*$238*,$./$.(&*9,4$<;1.;*$)&.$ 23+*7$.9$>.($'2.;>$)3(&$0.,($=*.=2*$)*9*$*3(&*9$(..$,?'9*7$(.$,'1$)&'($(&*1$0*';($.9$ )*9*$,.$7*,=*9'(*$/.9$=.=62'93(1$';7$'??*=(';?*$(&'($(&*1$>'8*$6=$'$='9($./$(&*0,*28*,4$5$ ,6==.,*$0'1-*$)*$7.;H($'2)'1,$+;.)$.69,*28*,$';7$0'1-*$5$).627H8*$&'7$'$-*((*9$(30*$ 3/$5$)',$*8*;$;3?*9$(&';$5$(93*7$(.$-*4$5($K6,($737;H($,**0$9*'24$5$737;H($)';($(.$+;.)$';$ '7.2*,?*;($)&.$737;H($K67>*:$.9$';1.;*$)&.$)',$'$=9*=$&373;>$-*&3;7$';$.=3;3.;S2*,,$ /'?*$S$)&*(&*9$.9$;.($(&*1$)*9*$')'9*$./$3(4$5$;*8*9$-*23*8*7$';1.;*$?.627$&'8*$';10.9*$ (&';$/38*$?2.,*$/93*;7,G$3($,**0,$,('(3,(3?'221$30=9.-'-2*$6;2*,,$1.6H9*$'$79.374$E?&..2$ 7.*,$=9*='9*$6,$/.9$).9+:$-6($;.($3;$';$*76?'(3.;$,*;,*:$;.$;.($'($'224$5($=9*='9*,$6,$/.9$ &'83;>$(.$,&'9*$,='?*$)3(&$=*.=2*$)*$73,23+*$';7$6;?.;,?3.6,21$=9*='9*$6,$(.$+**=$'$ ,(9'3>&($/'?*4$%&3,$3,$&.)$3($,**0*7$';1)'1:$-6($*'?&$7'1$)',$>*((3;>$0.9*$-269914 $$$%&*$/39,($)**+$.9$,.$-'?+$5$+*=($3($I63(*$&6,&$&6,&4$5$'((*;7*7$?2',,*,$';7$K6,($&.=*7$;.$ .;*$+;*)$&.)$5$)',$(&*$=9*83.6,$,600*94$F.$+37$)';(,$(.$-*$(&*$,6-K*?($./$9373?62*$.9$ 960.69$';7$(&3,$(30*$)',$;.$73//*9*;($=*9,.;'2214$5(H,$'$03;7$(*'93;>$*J=*93*;?*$-*3;>$'$ ,*2/$?.;,?3.6,$(**;'>*9$';7$;.($+;.)3;>$3/$,.0*.;*$3,$2..+3;>$'($1.6$S$/.9$'$9*',.;$.9$/.9$ ;.$9*',.;$'($'224$5$+;*)$)&'($(&.,*$(9.6-2*7$+37,$/*2($23+*$3;$(&3,$3;,(';(4$<$,600*9H,$ ).9(&$./$&'97,&3=$';7$;.)$5$/*2($23+*$@.;*$./$(&.,*$+37,4D$%.$-*$3;$'$-.J$';7$-*$2'-*2*7$3,$ (.$-*$1.6;>4$5$/*2($23+*$'$?*9('3;$(1=*$;.):$)&3?&$&',$;.$9*'23(1$',$';$'762(4$F.($-*?'6,*$3($ ,(.=,:$-6($-*?'6,*$2'(*9$3;$23/*$)*$?';$,699.6;7$.69,*28*,$)3(&$=*.=2*$(&'($).627$;*8*9$ K67>*$6,4$5($)',$';$*1*$.=*;3;>$*J=*93*;?*$(.$)'2+$3;$'-.6($"$73//*9*;($='39,$./$,&.*,$3;$"$ 0.;(&,:$5$/*2($23+*$5$6;7*9,(..7$=*.=2*$'$23((2*$0.9*$;.)4$%&3,$'??*=(';?*$)',$,.0*(&3;>$ 5$2*'9;*7:$-6($5$).627;H($2*'9;$&.)$(.$=9'?(3?*$3($/.9$I63(*$,.0*$(30*4$Y*/.9*$/622S0'(693(1$ ';7$/622S?.;/37*;?*$(.$)&3?&$'22$./$6,$7.$;.($*8*9$'(('3;$K67>0*;($./$.(&*9,$)322$'2)'1,$

#a

-*$.69$0'3;$/.90$./$/2**(3;>$,*2/S/62/3220*;(4$%&3,$3,$'$(96*$(*,('0*;($./$.69$2'?+$./$ >9.)(&$';7$*8.26(3.;4$

$$$5$9*0*0-*9$.;*$7'1$(&3,$)**+:$5$)',$=',,3;>$(&9.6>&$(&*$&'22,$';7$5$)',$,(.==*7$-1$ ().$=*.=2*$)&.$&'9721$+;*)$0*4$5$,6==.,*7$(&*1$/*2($(&*1$+;*)$0*$)*22$*;.6>&$.9$(&'($ )*$)*9*$*8*;$/93*;7,:$-*?'6,*$(&*1$',+*7$0*$3/$3($)',$(96*$(&'($5$&'7$-**;$.;$';(3$ 7*=9*,,';(,$2',($,600*9$TY'?+$3;$a__]$5$,6==.,*$(&3,$)',$'$-3>$7*'2:$-6($.;21$/38*$1*'9,$ 2'(*9$.;*$./$*8*91$(&9**$(**;'>*9,$).627$-*$3;(9.76?*7$(.$0*73?'(3.;$./$,.0*$+3;7U4$5$)',$ ;.($1*($'($(&*$*0.(3.;'2$'-323(1$./$-.27;*,,$(.$,&.)$';1$+3;7$./$9*,*;(0*;($(.)'97,$(&*39$ -2'(';($967*;*,,4$5$K6,($';,)*9*7$'$/*)$./$(&*39$I6*,(3.;,$';7$(93*7$(.$0'+*$23>&($./$(&*$ ,3(6'(3.;:$*8*;$(&.6>&$5$)',$I63(*$*0-'99',,*74$Q&*;$(&*$,2*)$./$I6*,(3.;3;>$)',$7.;*:$ 5$2*/(4$ $$$c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

#!

$$$N8*9$(30*:$(&*$?.0/.9($(&'($5$)',$-*>3;;3;>$(.$/**2$-*?'0*$?.;/37*;?*4$5$*;K.1*7$(&3,$ ?.;/37*;?*$';7$)&'($-*((*9$)'1$(.$-6327$?.;/37*;?*$(&';$(.$7.$,.0*(&3;>$(&'($1.6H9*$ >..7$'(4$E.:$5$-*>';$=2'13;>$-',+*(-'22$'>'3;4$%91.6(,$)*9*$?.03;>$6=$';7$5$&'7$(.$-*$3;$ (3=S(.=$,&'=*4$5$/*2($5$&'7$(.$>.$(.$(&*$.(&*9$*J(9*0*$(.$>*($',$/'9$')'1$/9.0$(&*$=',($',$ =.,,3-2*:$,.$(&3,$?.;/37*;?*$).627$,..;$-*?.0*$';$*>.4$c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c8*91$>'0*$)3(&$'$/93*;7$>.($6>21$';7$(9',&$('2+3;>$>.($ =*9,.;'24$<$23((2*$-3($./$0*$73*7$(&'($,600*9$';7$(&3,$'2(*9$*>.$)',$/6;4$O*$737;H($('+*$ ,&3($';7$&'7$(&*$-'22,$(.$,'1$)&'(*8*9$&*$)';(*74$5$)',;H($(&'($,)**($+37$';10.9*:$-6($ (&'($;*8*9$,**0*7$(.$>*($0*$';1)&*9*$-*/.9*$';1)'14$<($2*',($(&3,$)'1$5$)',$ 9*?3=9.?'(3;>$,.0*$./$(&*$='3;$5$)*;($(&9.6>&:$.6()'97214$*($ (&9.6>&$(&*$,'7;*,,:$';7$(&*;$/'?*$(&*$';>*94$%&*$';>*9$'2)'1,$/**2,$-*((*9$-*?'6,*$)*$ =9.K*?($3($6=.;$*J(*9;'2$/'?(.9,4$%&*$,'7;*,,$3;8.28*,$-2'03;>$3;)'9721L$'$=*9,.;$?';$

#"

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l$/.9$(&'($0'((*9$(.$ 0'(?&$01$)3(:$,.$)&1$(91$/.9$(&*0\$c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

##

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m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

#M

!&-)*($9'(*)'*&-.A$6")$D*"D<*E3$3-)*';-.34$

5$F*&<"937$6")$3"+*-.1';$7"9$("'E-$2'"#$*813-34$

G"9$%&'E-$3**$1'$7"9)3*<6$-.*$;""($-.&-$"-.*)3$("A

5'($#"'E-$&%%*D-$&'$"D1'1"'$-.*7$.&>*$"6$7"94

B")'$,*-#**'$&$'*;&-1>*$&'($&$'*;&-1>*$>1*#A

C'<7$-"$*'($9D$&<"'*A$D)&71';$6")$&$D"31-1>*$1'$3"<1-9(*4$

$$$5$/.6;7$.6($2'(*9$(&'($7693;>$='9*;($(*'?&*9$3;(*983*),$)3(&$01$='9*;(,$01$c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

'7'=(3;>$(.$=6-*9(1:$3($)322$).9+$3(,*2/$.6(4$%&3,$(*'?&*9:$'2(&.6>&$9'(&*9$-3(?&1$3;$(&*$ ?2',,9..0:$73,=2'1*7$'$+**;$,*;,*$./$')'9*;*,,$'($(&3,$=.3;($(&'($,&.627$&'8*$-**;$ K60=*7$.;$.9$*8*;$73,?6,,*7$/69(&*9$'($(&3,$0**(3;>4$%&3,$)',$'$,69=93,3;>$.-,*98'(3.;:$ -6($',$,.0*$(*'?&*9,$(*;7$(.$7.:$3($)',$>38*;$.6($',$0.9*$./$'$K67>0*;($(&';$';$ *76?'(3.;'2$>6*,,$.9$=.,,3-21$23/*$,'83;>$,6>>*,(3.;:$';7$(&*9*/.9*$3($)',$(&9.);$.6(4

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c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

#Z

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

#]

,(3062'(*7$'($01$;*)/.6;7$'-323(1$(.$03;>2*$)3(&$(&*$.==.,3(*$,*J4$5$,=*;($'22$(&*$0.;*1$ 3;$01$'??.6;(:$0.,(21$.;$06,3?$';7$?&'22*;>*7$';1$>61$)&.$5$=',,*7$)3(&$,('9*$ ?.0=*(3(3.;,4$f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nD$E=3((3;>$3;$&3,$/'?*4$<,$5$(69;*7$'9.6;7$5$9*'23W*7$01$03,('+*$-*/.9*$5$ ?.627$(69;$-'?+4$O*$*;7*7$3($=&1,3?'221:$-1$)&'?+3;>$0*$)3(&$'$-26;($.-K*?($(&'($5$).627$ 2'(*9$9*'23W*$)',$'$2.?+$)9'==*7$3;$'$-';7';;'4$A1$+;**,$-6?+2*7$/.9$'$,*?.;7$';7$5$9.,*$ '>'3;$(.$,**$(&*0$)'2+3;>$.//$5$?.627$,**$&3,$0.6(&$0.83;>$)3(&$'$/3;'2$9*=21:$-6($?.627$ ;.($&*'9$(&*$).97,4$A1$*'9,$-6WW*7$/9.0$(&*$/.9?*$(.$01$&*'74$%&3,$&'==*;*7$(.$-*$ 739*?(21$3;$/9.;($./$01$>9'7*$aaS0'(&$(6(.9,H$&.6,*4$%&3,$?.627$-*$,10-.23?$./$)&1$1.6$ ,&.627$,('1$3;$,?&..2G$3($)',$=9.-'-21$K6,($'$?.3;?37*;?*$(&.6>&4

$$$5$,(..7$(&*9*$,&.?+*7$/9.0$(&*$(9'60'4$%&*$30='?($)',$,.$,(9.;>$(&'($5$737;H($/**2$(&*$ ='3;4$5$,?9*'0*7$/.9$01$-9.(&*9$';7$&3,$/93*;7$(.$96;$&.0*4$5$)',$'/9'37$/.9$(&*04$5$ ?.627;H($=9.(*?($(&*0$';10.9*4$<,$(&*1$2*/($5$,(..7$';7$/*2($(&*$-2..7$96;$=',($01$&'($';7$ 7.);$01$&*'74$5$&'7$=',,*7$.6($/9.0$06?&$2*,,$-*/.9*$,.$5$,('9(*7$,=93;(3;>$&.0*$3;$/*'9$ ./$=',,3;>$.6($';7$&'83;>$;.$&*2=4$<,$5$9';:$5$)',$3;$73,-*23*/$'($)&'($&'7$&'==*;*7$,3;?*$

#_

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c8*91.;*$,'37$3($)',;H($01$/'62($';7$'/(*9$*J'03;'(3.;$5$?.627;H($'>9**$ 0.9*4$%&3,$0'7*$(&*$';>*9$(&3?+*;4

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

Mb

,37*$./$(&*$,(9**(:$,(322$;.($,69*$)&'($(&*$&*22$5$)',$7.3;>4$5$=**+*7$'9.6;7$(&*$-'?+$';7$ ,')$&3,$,3,(*9$)3(&$/93*;7,4$5$,'37$(&'($&*9$-9.(&*9$)',$/6?+3;>$7*'7:$',$5$=.6;7*7$(&*$ &.6,*$)3(&$(&*$?9.)$-'94$E(322$,?'9*7:$5$,2'00*7$(&*$&.6,*$'$/*)$0.9*$(30*,$',$5$9';$ ')'14$Q&*;$5$)',$?2*'9$'$/93*;7$./$01$/'0321$,')$0*$)'2+3;>$)3(&$'$?9.)$-'9$3;$01$ &';7$(&3;+3;>$`.7$+;.),$)&'(4$

Ma

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

M!

3;+23;>$(&'($06,($-*$=9*,*;($(.$='9($?.;/37*;?*$/9.0$'99.>';?*4$5$).627$9';($'-.6($'22$(&*$ (&3;>,$5$)';(*7$(.$7.:$)&*;$9*'221$(&*1$)*9*$'22$2*/($-*&3;7$3;$&3>&$,?&..24

$$$5$737;H($&'8*$06?&$./$'$,(96?(69*7$23/*$,('13;>$3;$%.9.;(.:$',$(&*9*$)',$;.$,(93?($ ,?&*762*$(.$/.22.)4$5($)',$0.9*$/322*9$(30*$6;(32$01$='9*;(,$/3>69*7$.6($)&'($(.$7.$)3(&$ 0*:$.9$)&*;$5$/3>69*7$.6($)&'($5$)',$>.3;>$(.$7.$)3(&$01,*2/4$5$).627$>.$(.$(&*$>10$ *8*917'1$)3(&$&*9:$).9+.6($';7$=2'1$-'22$)&32*$,&*$).9+*74$5$,*98*7$',$'$+3;7$./$7'1$ '>'3;,($;3>&($.;$(&*$?.69(,:$',$5$)',$(&*$.;21$)&3(*$=*9,.;$3;$(&3,$'9*'4$5($)',$(&*$ ?&'22*;>*$5$)',$2..+3;>$/.9:$&.)*8*9:$';7$5$-*?'0*$>*;*9'221$'??*=(*7$';7$',$(30*$)*;($ .;$5$-2*;7*7$3;$I63?+214$Y2'?+$=*.=2*$,**0$(.$('+*$-*((*9$(.$'99.>';?*$(&*;$)&3(*$=*.=2*$ ';7$'$2.($./$3($?'0*$',$5$>.($?.0/.9('-2*$'9.6;7$(&*04$5$)*;($/9.0$?9'?+*9$(.$)&3(*$-.1:$ (&*;$`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

M"

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

M#

5$%<"3*($("")$-"$&'$&%.1*>&,<*$;"&<4

H"9<($,*$-.*$"D*'1';$-"$&$<16*4

5$%.&';*$+1;.-$,*$6*&)69<4

:9-$6*&)$<*&(3$-"$(*&-.4

5$3-&;'&'-$*813-*'%*$+1;.-$&3$#*<<$,*4

MM

25/6#$%*;**

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e30=3;D$).627$=2'1$/9.0$-*2.):$0'+3;>$3($&'97$(.$?.;?*;(9'(*4$5$ -*23*8*7$3;$)&'($5$)',$2*'9;3;>:$';7$(&3,$,**0*7$23+*$(&*$30=.9(';($,(6//L$)&'($)*$;**7*7$ (.$+;.)$(.$,69838*$3;$(&3,$).9274$Q*$).627$2*'9;$'-.6($=*.=2*H,$*0.(3.;'2$(.;*,$';7$ )&*9*$(&*1$,(';7$.;$'$,?'2*$./$(&*$&3>&*,($/.90$./$2383;>$(.$7*'(&4$%&*9*$)*9*$*8*;$,?'2*,$

MV

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

MZ

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l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f4$C.;$O6--'97H,$).97,$)3(&$,6?&$(*;'?3(1:$)&32*$&*$,'($(&*9*$;.($.8*9(21$ )'(?&3;>$0*:$-6($;.($03,,3;>$'$(&3;>4$5;$E?3*;(.2.>1:$)&32*$1.6$'9*$9*'73;>$';7$1.6$

M]

1');$3($0*';,$1.6$&'8*$'$03,6;7*9,(..7$).97:$6;2*,,$./$?.69,*$0'1-*$1.6$&'8*;H($ ,2*=(4$O*$).627$'2)'1,$?'(?&$01$1');$';7$,'1$@`.$-'?+$';7$2..+$6=$1.69$ 03,6;7*9,(..74D$5$).627$=2'1$3($.//$'2)'1,$23+*$5$737;H(:$-6($,69*$*;.6>&$(&*9*$)',$ '2)'1,$'$).97$5$?.627;H($/6221$7*/3;*$.;$01$.);:$=.,,3-21$?.3;?37*;('2214$$(&*$73?(3.;'91$5$;*8*9$/*2($,6?&$'$,69>*$./$3;(*223>*;?*$96;;3;>$ (&9.6>&.6(4$e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aZ$;.;S*76?'(3.;'2$1*'9,$,=*;($)3(&$&3>&$,?&..2$ (*'?&*9,$(&3;+3;>$(&'($1.6H9*$7622:$3(H,$9*'221$I63(*$*',1$(.$-*$/6?+3;>$/693.6,$'($&.)$(&*1$

M_

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f$C.;H,$-39(&7'1$';7$5$',,60*7$3($)',$(&*$0';$ )&.,*$&*'7$5$)',$2..+3;>$'(4$5$7.;H($9*0*0-*9$',+3;>$)&.$&*$)',4$5$,6==.,*$5$+3;7$./$ +;*)$'29*'714$O*$)',$(&*$/.6;7*9$./$(&3,$=2'?*:$(&*$=2'?*$01$='9*;(,$).9+*7:$0'1-*4$5$ 737;H($+;.)$)&.$h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

Vb

$$$N(&*9$*J*9?3,*,$(&*1$23+*7$(.$?'22$(9'3;3;>$9.6(3;*,$3;?267*7$-*3;>$'-2*$(.$,3($6=$3;$'$ ?&'39$'?9.,,$/9.0$,.0*.;*$*1*,$?2.,*74$[.6$?.627$?'22$(&3,$'$/.90$./$9*2'J3;>$0*73('(3.;4$ <,$1.6$03>&($;.(3?*:$(&*$>*;*9'2$=.=62.6,$7.*,;H($&'8*$8*91$>..7$?.;/9.;('(3.;$,+322,4$ e*.=2*$2'?+$?.;/37*;?*$';7$7.;H($>*;*9'221$2..+$1.6$3;$(&*$*1*$06?&$7693;>$ ?.006;3?'(3.;$.9$?';H($3;$/'?($?.006;3?'(*$8*91$)*224$5$;.(3?*7$(&3,$';7$3($)',$'$ =9.-2*0$5$&'7$(..4$<;.(&*9$9.6(3;*$)',$,3((3;>$'?9.,,$/9.0$,.0*.;*$*1*,$.=*;$,'13;>$ ;.(&3;>$/.9$6=$(.$';$&.69$'($'$(30*4$N/$?.69,*$1.6$7.;H($)';($(.$,('9*$'($=*.=2*$-6($(&3,$ 9'3,*7$';$'-323(1$(.$?.;/9.;(:$'=='9*;(21:$3;$(*90,$./$&'83;>$';$'==9.=93'(*$?.;8*9,'(3.;$ )3(&$'$&60';$-*3;>:$,.0*(&3;>$=*.=2*$(*;7$(.$,&1$')'1$/9.0$(&*,*$7'1,4$5$9*?.>;3W*7$ ';7$6;7*9,(..7$(&*$0*';3;>$/.9$(&*,*$(&3;>,4 $$$%&'($3;(*;,*:$';J3*(1$7938*;$';>*9$5$&'7$*J=*93*;?*7$,6-,37*7$0.,(21$/.9$,*8*9'2$ 0.;(&,4$5$/*2($/'3921$?'20$';7$,*9*;*$3;$(&*$?&69?&G$5$)',$?.;(*;($)3(&$)&'($5$)',$7.3;>$ ,3;?*$3($,*98*7$01$;**7,4$5$,(322$).627;H($>*($'$K.-:$*J?*=($/.9$'$,&'71$0.7*23;>$K.-$3;$ (.);$/.9$,.0*$>61$)&.$?&'9>*7$'$,('9($6=$/**$';7$).627;H($>*($6,$9*'2$='13;>$K.-,4$5($ )',$';$*J?6,*$/.9$0*$(.$0'+*$.6($23+*$5$)',$7.3;>$,.0*(&3;>$';7$(.$/239($)3(&$>392,4$ A*';)&32*$3;$01$.//$(30*:$5$).627$,=*;7$3($'($(&*$0'22$/239(3;>$0.9*$';7$,=*;73;>$01$23/*$ ,'83;>,4$ $$$Y6($7'1$'/(*9$7'1:$'22$(&3,$('2+$';7$23(*9'(69*$'-.6($*(&3?,$).627$>*($(.$0*$'$23((2*4$5$ '>9**7$)3(&$3(:$-6($3($)',$&'97$(.$/.22.)$'$,(93?($,*($./$962*,$)&*;$1.6H9*$';$*3>&(**;$1*'9$ .27$>614$$>..7$';7$&'83;>$;.$9*'2$/93*;7,$(&*9*$)*9*$;3==3;>$ I6*,(3.;,$./$)&*(&*9$5$)',$7.3;>$(&*$93>&($(&3;>$';7$&.)$06?&$2.;>*9$5$?.627$,(671$ E?3*;(.2.>1:$7'1$3;$7'1$.6(4$O'83;>$(.$0'+*$0.;*1$;.)$.9$.;*$7'1$)',$.8*9S,&'7.)*7$

Va

-1$01$/'(&*9H,$)'22*(4$%&*9*$)',;H($'$2.($./$=9*,,69*$.;$0*$-*?'6,*$3($)',$+;.);$(&'($5$ )',;H($*;(39*21$)*22$';7$',$2.;>$',$5$)',$7.3;>$@.+'1D$T)&3?&$0*';($;.($>*((3;>$ '99*,(*7U:$(&'($)',$/3;*$/.9$;.)4$5$,('9(*7$(.$,(*=$.6($./$01$0.9'2$,63(4$c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a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

V!

3;?9*',*$';7$5$/*2($>9*'(4$5$)',$.;$(&*$='(&$./$(&*$)3,*$';7$3($737;H($/**2$23+*$';1.;*$?.627$ -93;>$0*$7.);4$5/$(&*1$?.627$(&*1H7$-*$&'97$=9*,,*7$(.$?.;83;?*$0*$(.$2*($(&*04

H*+*'-$,<"%23A$

I1<<*($#1-.$%.&<24

B.*$7"9';$&'($-.*$69'4

J7$<9';3$,)*&-.*$1'$-.&-$39'4

@$&+$)*,")'4$

?"$"'*$2'"#3$."#$;""($<16*$%"9<($,*4

J7$1''"%*'%*$13$)*3-")*(A

@$&+$,*%"+1';$6)**4

V"

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

V#

3($7.);$,.$01$='9*;(,$).627;H($&*'94$5$+*=($&*,3('(3;>$';7$&*$+*=($=*9,3,(3;>$';7$(&'($)',$ '22$3($*8*9$(..+$/.9$0*4$E.0*$?.*9?3;>$';7$=9*,,69*:$'2.;>$)3(&$*;?.69'>*0*;($)',$'22$'$ (**;'>*9$6,6'221$;**7*7$';7$5$)',$2.,3;>$01$9'(3.;'2$,*2/4$c8*;$(&.6>&$5$)',$*J&'6,(*7$ (&'($;3>&($-*?'6,*$./$2'?+$./$,2**=$?'(?&3;>$6=$(.$0*:$5$,?..=*7$6=$(&*$+*1,:$?'9*/62$(.$-*$ ,32*;($',$5$&'7$-*/.9*4

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

VM

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a$'404$3;$(&*$0.9;3;>$-6($5$)',;H($6=,*(4$5$ 9*0*0-*9$)'+3;>$6=$/9.0$'$;'=$3;$(&*9*:$,(322$&'83;>$01$73,?S0';$.;$5$,('9(*7$,3;>3;>$ ')'1$(.$(&*$06,3?$)3(&.6($'$?'9*4$Q*$737;H($3;('+*$';1(&3;>$(&'($;3>&(:$-6($5$)',$ 7*/3;3(*21$&3>&$/9.0$-*3;>$.8*9S(39*74$5$)',$K6,($,.$,69*$(&3,$)',;H($'$-3>$7*'24$5$)',$,69*$ (&*$?.;,*I6*;?*$).627$-*$03;30'24$

VV

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

VZ

3($)*224$A1$(&.6>&($=9.?*,,$)',$,=.($.;:$5$)',$(*'?&3;>$01,*2/$;*)$';7$6,*/62$ +;.)2*7>*:$';7$5$)',$&'83;>$01$.);$?.>;3(3.;,$(&'($;.$.;*$*2,*$+;*)$'-.6(4$5$)',$ ?.;83;?*7$5$)',$,=*?3'2$-*?'6,*$.(&*9$=*.=2*$737;H($(&3;+$(&*,*$(&3;>,4$5$(&.6>&($5$)',$.;$ '$,=*?3'2$03,,3.;$=.,,3-21$/9.0$`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f3+*$(&*$/23=$./$'$?.3;$(&'($01$03;7$&'7$-**;$23+*$9*?*;(21:$5$,')$(&'($0'1-*$5$ 737;H($&'8*$06?&$>.3;>$/.9$0*$&*9*:$';7$(&'($5$?.627$&*2=$=*.=2*$'($(&3,$9';?&$2*'9;$0.9*$ '-.6($,=393(6'23(1:$)&32*$'2,.$>*((3;>$(.$('+*$'$(93=4$5($)',;H($'$7'1$-*/.9*$5$)',$='?+3;>$ 01$(&3;>,4

V]

25/6#$%*++*

$$$Q&*;$5$9*'?&*7$F*)$A*J3?.:$(&*9*$)*9*$().$0*;$)'3(3;>$/.9$0*4$Q*$0*($?.973'221$ ';7$.//$)*$)*;($(.$(&*$/'3921$9*0.(*$8'22*1$)&*9*$5$)',$>.3;>$(.$,('14$%&*$7938*$)',$'$ >..7$73,(';?*$';7$)*$0'7*$,0'22$('2+:$-6($0.,(21$5$+*=($I63*(4$F*'9$(&*$7*,(3;'(3.;$5$ ',+*7$(.$,(.=$/.9$'$`'(.9'7*$';7$-**/$K*9+14$5$,&.627$&'8*$('+*;$'$&3;($(&'($0'1-*$(&3,$ )',;H($(&*$26J691$9*,.9($>*(')'1$5$(&.6>&($3($)',$>.3;>$(.$-*:$,3;?*$&*$,6-(21$,3>&*7$'($ 01$9*I6*,($';7$01$.8*9'22$73,3;(*9*,($3;$(&*$?'9$(93=4 $$$Q&*;$)*$>.($(&*9*$5$)',$*J=2'3;*7$(&*$962*,$-1$(&*$&*'7$./$,('//4$<$,(3//$-3(?&$3($)',$ '=='9*;($93>&($')'14$Y',3?'221:$,&*$*J=2'3;*7$(&'($)*$?.627$=&.;*$&.0*$.;?*$'$)**+$';7$ (&*$?'22,$)*9*$,6=*983,*74$5$737;H($,**$(&*$;**7$/.9$(&3,:$-6($23,(*;*7$.;4$E&*$(.27$0*$(&'($ 3/$(&*$?.;8*9,'(3.;$.;$01$='9($-*>';$(.$-*$3;'??69'(*$.9$7*/'03;>$(.$(&*39$.9>';3W'(3.;:$ (&*$?'22$).627$-*$73,?.;;*?(*74$5$737;H($,**$&.)$,&*$?.627$7.$(&3,$,3;?*$01$='9*;(,$)*9*$ ='13;>$>..7$0.;*14$Y6(:$5$)',$&*9*$;.)$';7$(&*9*$)',$;.$>.3;>$-'?+$';1(30*$,..;4

V_

$$$Y*/.9*$5$*8*;$>.($,3(6'(*7$(&*9*$)',$(&3,$=6;+$9.?+$+37$-6($0.,(21$'$=6;+:$)&.$?'0*$6=$ -*&3;7$';7$(93*7$(.$>9'-$0*4$5$+;.?+*7$&30$,3J$/**($-'?+)'97,$=6((3;>$(&*$-'?+$01$'90$ '>'3;,($&3,$;*?+4$5$',+*7$&30$)&'($)',$>.3;>$.;:$-6($(&*;$&*$=6($0*$3;$'$&*'72.?+$(.$ ,&.)$&3,$7.03;';?*$.8*9$0*4$5$737;H($/3>&($-'?+4$5$K6,($,'($3;$(&*$2.?+:$;.($,69*$)&'($(.$7.$ .9$)&'($+3;7$./$-*&'83.9$(&3,$)',4$<;.(&*9$+37$3;$(&*$9..0$(&*;$,'37$@h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

Zb

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

Za

/.9$6,$(.$0'+*$'$73//*9*;?*$';7$(.$&*2=$(&*$).927$.9$*8*;$,'8*$3(4$F.$E?3*;(.2.>3,($*8*9$ I6*,(3.;*7$(&*,*$837*.,:$'2(&.6>&$(&*$/..('>*$9*2'(*7$(.$0.9*$(&';$#b$1*'9,$'>.$';7$)*9*$ I63(*$.-,.2*(*4$5$7.;H($+;.)$)&14$%&*$837*.,$)*9*$(.$0'+*$3($9*2'(*$(.$(.7'1$23+*$;.(&3;>$ &',$?&';>*7$.9$(&'($'22$e,1?&3'(93,(,$7.$(&3,4

$$$%&*$?2',,9..0$3,$)&*9*$5$)';(*7$(.$,&3;*$';7$,&.)$)&'($5$&'7$2*'9;*7$';7$&.)$ ?'='-2*$5$)',$./$2*'9;3;>$0.9*4$5$)',$73,3;(*9*,(*7$3;$(&*$=&1,3?'2$).9+$(&*1$&'7$/.9$0*$ (.$7.:$)&3?&$)',$0.,(21$-6,1$).9+:$5$(&.6>&(4$%&*$=&1,3?'2$).9+$)',$Mb$=*9?*;($./$(&*$ )'1$(.$>*($.6($./$(&*9*4$5$/3>69*7$(&'($3/$5$,&.)*7$01$E?3*;(.2.>1$7*8.6(;*,,$5$).627$/3;7$ '$)'1$.6(4$5($)',;H($K6,($(&'(:$-6($5$&'7$;.$0.(38'(3.;$(.$7.$).9+$/.9$(&*04$A1$='9*;(,$ )*9*$='13;>$(&*0$'$2'9>*$'0.6;($./$0.;*1$/.9$)&'(\$^.9$0*$(.$,?96-$(&*39$,&.)*9:$ )&*9*$0.,($./$(&*$-.1,$&'7$K6,($/9*,&21$K*9+*7$.//$(&'($0.9;3;>\$F.:$5$737;H($(&3;+$,.4$5$ )',$>.3;>$(.$>*($,.0*(&3;>$.6($./$(&3,4$5$).627$?963,*$(&9.6>&$',$0';1$E?3*;(.2.>1$ ?.69,*,$',$5$?.627$(.$'77$(.$01$9*,60*$';7$(.$'78';?*$6=$(&*$E?3*;(.2.>1$2'77*94$5/$(&'($ )',;H($*;.6>&$5$).627$/3;7$'$)'1$.6($./$(&*9*4 $$$%&*$/96,(9'(3.;$>9*)$*8*917'14$f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

Z!

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f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

Z"

')'1$/9.0$(&*$.(&*9$-.1$'9.6;7$(.$'$?.9;*9$';7$(.27$0*$(.$+;**2$7.);4$<,$5$&*,3('(*7$&*$ -*?'0*$0.9*$3;,3,(*;($)3(&$(&*$0*('2$9.74$';$(.$93,*$(.$01$/**($';7$',+*7$)&'($&*$)',$ 7.3;>$3;$'$;*98.6,$(9*0-2*4$%.$)&3?&$&*$9'3,*7$&3,$)*'=.;$'>'3;$(&*;$,('9(*7$2'6>&3;>4$ f'6>&3;>$3;$'$,3?+$,*2/S,'(3,/13;>$)'1$5$737;H($(&3;+$';1$aVS1*'9S.27$)',$?'='-2*$./$ .);3;>4$

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b$/**($/9.0$.69$?'-3;4$%&'($;3>&($&.)*8*9:$(&*$-.1$2'1$/',($',2**=$'29*'71$ ,*='9'(*7$/9.0$(&*$9*,($./$6,:$-6($&*$)',$,(322$3;$.69$-'99'?+,4$%&3,$)',$6;(32$(&*1$ =9*='9*7$?'0=$/.9$&304

Z#

$$$%&*$';>*9$';7$;*98.6,$(9*0.9,$)*9*$-9*)3;>$3;,37*$./$0*4$c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`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

ZM

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

$$$F.$.;*$,**0*7$(.$?'9*$'-.6($01$.=3;3.;,$3;$(&*$?2',,9..04$5/$(&*$+37,$)*9*$*8*;$ 23,(*;3;>$(&*1$737;H($6;7*9,(';7:$-*3;>$&'2/$23(*9'(*4$N;$';$.973;'91$*8*;3;>:$(&*$?.69,*$ 9..0$,6=*983,.9$,(..7$6=$/9.;($(.$,('9($(&*$?2',,$';7$',+*7:$@P.*,$';1.;*$+;.)$)&'($ (.;*$b4b$3,\D$Q3(&.6($'$&';7$6=$5$(.27$&30$(&'($3($)',$-.71$7*'(&4$%913;>$(.$30=21$'2,.$ (&'($5$)',$?2.,*$(.$3($-*3;>$&*9*$.9$(&'($5$)3,&$5$?.627$+322$,.0*.;*:$&*$9*=23*7:$@d0:$;.:D$ ';7$/23==*7$(.$(&*$='>*$&*$&'7$0'9+*7$/.9$(&*$2*,,.;$';7$737$'$(69;$'9.6;7$,'13;>$(&'($3($ )',$-.71$7*'(&4$5$)',;H($,69*$&.)$&*$=9*,60*7$(.$',+$';7$>*($';$';,)*9$/.9$(&3,:$/9.0$'$ -6;?&$./$(**;,$(&'($?.627$-'9*21$(&3;+$/.9$(&*0,*28*,$1*($';7$737;H($?'9*$'-.6($ E?3*;(.2.>1:$*,=*?3'221$)&*;$&*$737;H($+;.)$3($&30,*2/4$E.$3($0'7*$,*;,*$(&'($&*$2..+*7$ '($0*$/6;;1$/.9$+;.)3;>$(&3,4$%&3,$0'7*$0*$/**2$(&'($'$E?3*;(.2.>1$3;,(96?(.9$)',$;.$ 0.9*$+;.)2*7>*'-2*$(&';$'$(*'?&*9$';7$01$3;(*9*,($,('9(*7$(.$7)3;72*$)&*;$(&*$ 3;,(96?(.9H,$';30.,3(1$(.)'97,$0*$3;?9*',*74$ $$$<$=*9,.;H,$(.;*$3;$E?3*;(.2.>1$3;8.28*,$-*3;>$3;$'$/3J*7$0..7$3;$(&*$=9*,*;($(30*4$%&3,$ 3,$,.0*(&3;>$(&*1$/3>69*$.6($)3(&$I6*,(3.;,$';7$(&9.6>&$.-,*98'(3.;$./$(&*$-*&'83.69$./$'$

ZV

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b4b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

$$$%&*$(96(&$)',$(&'($5$737;H($+;.)$)&*9*$5$-*2.;>*74$5($)',;H($&*9*$';7$3($)',;H($ ';1)&*9*4$5$737;H($-*2.;>$&.0*$*3(&*94$5$)',$7.3;>$)*22$&*9*$3;$,(673*,$';7$7.3;>$-'7$ *8*91)&*9*$*2,*4$%&*$+37,$0'7*$0*$/**2$23+*$';$.6(,37*9$-*?'6,*$5$&'7;H($-**;$',$-'7$',$ (&*1$&'7$-**;4$5/$5$)',$,3;>23;>$01,*2/$.6(:$5$737;H($;.(3?*4$c8*;$(&*$?.69,*$,6=*983,.9$ ';7$(&*$,('//$,6=*983,.9$)*9*$?.;7*,?*;73;>$(.$0*4$5$7.;H($(&3;+$(&*1$*;K.1*7$01$ I6*,(3.;,G$5$&'7$(..$0';1:$';7$(&*1$)*9*$-*1.;7$(&*39$,?.=*4$5$)',$(&*$.;21$+37$(&*9*$

ZZ

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`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h6,($23+*$=93*,(&..7$7.*,;H($0'+*$1.6$&.21:$3/$1.6H9*$ -*3;>$6;&.21$)3(&$?&3279*;U4$A1$0.(38'(3.;$(.$,=393(6'2$*;23>&(*;0*;($)',;H($'2(*9*7$ -*?'6,*$5$)',$0*4$5$)',$;.($1*($7**0*7$';$N%:$-6($5$'29*'71$/*2($5$)',$(&3;+3;>$.;$(&*$

Z]

2*8*24$5$)',$.;$(&*$='(&$(.$-*3;>$'$E?3*;(.2.>3,($(.$(&*$6(0.,($,(';7'97,4$5$K6,($&'7$(.$>*($ (&*$/6?+$.6($./$&*9*4 C9-31(*$-.*$1'("")3A$ :9-$3-1<<$6"9)$#&<<34 @'31(*$&'($"9-31(*A !"D*$6&<<34 0.&-$<1--<*$13$<*6-$1'31(*A 01<<$,*$-.*$(1%-&-")$"6$7"9)$<16*4 B#"$6&-*3K$ B.*$"'*$7"9$D)*%1D1-&-*A 5'($-.*$"'*$7"9$*3%&D*4

Z_

25/6#$%*+>

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e*.=2*$).627$?.0=2'3;$'-.6($01$-.71$.7.9$,.0*(30*,:$-6($;.$.;*$ ).627$>.$3;(.$(.);$';7$>*($0*$7*.7.9';(4$<$?.6;,*2.9$).627$(*22$0*$(.$,?96-$.9$&*H7$ ?.0*$3;$';7$,?96-$/.9$0*:$.;$01$)'1$(.$(&*$,&.)*94$E.0*(&3;>$&*$03>&($&'8*$*;K.1*7$5$

]b

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

$$$B.03;>$.;(.$(&*$2';7,?'=*$,.0*$*8*;3;>,$5$).627$,**$'$?.6;,*2.9$';7$,.0*$./$(&*$ -.1,$9373;>$&.9,*,$(&9.6>&$(&*$(9'324$5$737;H($+;.)$)&1$5$?.627;H($-*$.;$(&*$&.9,*,4$5$)',$ ,.$2.,(:$5$7.;H($*8*;$9*0*0-*9$',+3;>4$5$)',$,..(&*7$-1$(&*$=9*,*;?*$./$(&*$&.9,*,4$<,$5$ )'2+*7$(&*0$-'?+:$(&3,$*J=*93*;?*$9*03;7*7$0*$./$'$=',($23/*$,6==.,*7$0*0.91:$7iKo$86:$ ./$0*$2*'73;>$'$>9.6=$./$0*;$.;$'$03,,3.;$.9$-'?+$&.0*$/9.0$.;*4$<$23/*:$0*0.91$./$ )&*;$5$)',$30=.9(';($';7$3;$'$=.)*9$=.,3(3.;:$0'1-*4$$O.)$7.*,$.;*$3;$';$'2(*9*7$,('(*$ 73//*9*;(3'(*$-*()**;$9*'23(1$';7$30'>3;'91\$5($).627$-*?.0*$3;?9*',3;>21$73//3?62($3;$ (30*4

$$$%..$(39*7$(.$*J=9*,,$';>*9$';7$(..$';>91$(.$>38*$'$,&3(:$01$='(3*;?*$-*>';$(.$)';*4$5$ &'7;H($,2*=($/.9$,*8*;$0.;(&,$.9$2.;>*9$9*'221$';7$5$).627$>*'9$3;$';7$.6($./$?230'?(3?$

]a

0..7,:$-*3;>$,6-03,,38*$';7$(&*;$.8*921$'>>9*,,38*4$N;*$7'1$,&.9(21$'/(*9$5$,')$(&'($'$ -.1$&'7$'$PAp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c8*;$(&*$?.6;,*2.9,$)*9*$?9303;'2,$'($.;*$(30*$ 0.,($23+*21:$';7$(&'(H,$)&1$(&*1$)*9*$&*9*4$Q&.$'9*$(&*1$(.$2..+$7.);$.;$0*\$B9303;'2,$ 7.;H($?.*J3,($)3(&$(&*$&.;*,(G$(&3,$/'?($)',$-*?.03;>$?2*'9$(.$0*4$%&*1$?.627$9.($3;$(&*39$

]!

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h6,($&'7$';$'??37*;($';7$2.,($ 01$)'1$'$?.6=2*$(30*,4$5$)';(*7$(.$?.;(93-6(*$(.$(&*$).927$';7$(&*1$)';(*7$(.$(9*'($0*$ 23+*$'$)93(*S.//4

]"

25/6#$%*+:

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f3/*$*--,$';7$/2.),4$%&*$ =9.-2*0$./$?.;,3,(*;($(&.6>&($).627$'2)'1,$-9*'+$3;$.8*9,('(3;>$01$&.=*4$5$)',$;.($3;$ ?.;(9.2$./$01$23/*$';10.9*$';7$(&3,$&.=*$5$'?I639*7$9*2'(*,$(.$'$23/*$'$=*9,.;$.);,4$

]#

k;.)3;>$)&*(&*9$(&*$0.8*$/.9)'97$';7$/3;3,&$(&3,$=9.>9'0$.9$,+3=$.6($*'921$)',$(&*$ I6*,(3.;4

$$$^96,(9'(3.;$'0.6;(*7$';7$';J3*(1$,('9(*7$(.$+3?+$3;$&*'83214$5$).627$>.$3;(.$/3(,$./$9'>*$ ';7$';>91$(39'7*,$'/(*9$'$>9.6=$).627$>';>$6=$.;$0*$=&1,3?'221$.9$8*9-'2214$5/$5$'?(6'221$ 737$(91$(.$0',(69-'(*$',$'22$6,$(**;'>*$-.1,$737:$5$).627$-*$3;(*996=(*74$%&*$=..921$-632($ )..7*;$7..9$.;$(&*$-'(&9..0$).627$>38*$)'1$(.$,;*'+$=**+,$';7$'$760-$/6?+$?.6;,*2.9$ =.,3;>$',$01$0*;(.9:$?'223;>$0*$.6($.;$3($';7$*0-'99',,3;>$0*:$=9*,60'-21$(913;>$(.$ )'(?&4$5$)',$K6,($(913;>$(.$,I6**W*$.6($.;*$,&.9($0.0*;($./$*?,(',1$/9.0$(&3,$&*22$&.2*$ )3(&$01$,.$8*91$>9'(3/13;>$E*'9,$?'('2.>6*4$E.$3;,(*'7:$5$,(.2*$'$='?+$./$.;*$-.1H,$ ?3>'9*((*,$';7$&37$01,*2/$')'1$/.9$'$&'2/$&.69$?&'3;$,0.+3;>4$<($(&3,$=.3;($(&'($-*3;>$(&*$ .;21$?2'30$./$9*8*;>*$(.$(&*$).927$5$?.627$06,(*94 $$$<$?3>'9*((*$,0.+3;>$')'1$23+*$(&*$0*?&';3?,$./$01$,=**73;>$03;7:$5$,'($3;$,32*;?*4$ c;K.13;>$(&3,$0.0*;($',$06?&$',$=.,,3-2*:$5$'2)'1,$?&*93,&*7$01$'2.;*$(30*:$-6($&*9*$3($ )',$'22$(..$,6-230*4$5$).627$&'8*$K6,($',$06?&$(30*$',$3($(..+$/.9$(&*0$(.$;.(3?*$5$)',$ >.;*4$N;$(&*$9';?&$5$).627$(6?+$01,*2/$/'9$.//$3;$(&*$?.)$=',(69*$)'(?&3;>$(&*$?.),$2..+$ '($0*$;*98.6,214$C*'23W3;>$(&'($(&*1$)*9*;H($',$;*98.6,$',$5$)',:$';7$,**3;>$(&'($01$23/*$ )',$',$=.3;(2*,,$',$(&*39$.);:$.9$*8*;$0.9*$93>&($;.):$(93>>*9*7$'$,&3/($3;$01$0*;('2$ >*'9,4

]M

$$$5($)',$';;.6;?*74$Q*$)*9*$>.3;>$.;$'$?'0=3;>$(93=:$'22$./$6,$(.>*(&*94$O.)$,)**(:$5$ (&.6>&(4$c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

]V

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cS 0*(*94$%&*$'673(*7$&.27,$?';,:$)&3?&$,*;7$(&*39$*;*9>1$.9$;*>'(38*$*;*9>1:$?'22*7$ @0',,:D$(&9.6>&$(&*$c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cS 0*(*9$3,$';$'9?&'3?$/.90$./$(&*$,'0*$(1=*$./$(*?&;.2.>1$23+*$'$23*$7*(*?(.9$0'?&3;*4$%&*9*$

]Z

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

]]

25/6#$%*+C

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

$$$N;?*$.69$/..7$)',$,*98*7:$(&*$?.6;,*2.9,$)*;($-'?+$3;$(&*39$(9'32*9$(.$7.$)&'(*8*9$(&*1$ 737$';7$)*$)*9*$2*/($(.$7.$;.(&3;>4$5;$(&*$'/(*9;..;$7*23>&(:$.;*$./$(&*$+37,$(&9*)$'$

]_

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nnD$';7$5$23(*9'221$,('9(*7$96;;3;>$/.9$(&*$ &322,$';7$/.9$01$23/*4

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

_b

$$$Q&*;$5$(..+$.//$5$&'7$(&.6>&($(&*9*$)',$?38323W'(3.;$.;$(&*$.(&*9$,37*$./$(&*$0.6;('3;$ ';7$(&'($).627$-*$01$*,?'=*4$5$(&.6>&($(&3,$/9.0$K67>3;>$(&*$-6,$937*$3;:$-*?'6,*$3($737;H($ ,**0$(&'($/'9$';7$-1$01$?'2?62'(3.;,$3($)',$3;$(&3,$739*?(3.;4$5/$5$&'7$-**;$93>&(:$(&*$ ?.;/6,3.;$./$(&*$?&',*$&'7$2*7$0*$',(9'14$5/$5$&'7$*8*;$9*0*0-*9*7$(&'($(&*,*$)*9*$(&*$ C.?+3*,:$3($)',$(..$2'(*$;.)$(.$>.$-'?+$';7$*8*;$(&3,$)',$).9(&$,.0*$'2.;*$(30*$'($2*',($ 93>&($;.)4$F.($,69*$./$)&3?&$)'1$(.$)'2+$5$737$K6,($(&'(:$)&*;$5$?.627;H($96;$';10.9*4$ E&.9(21$'/(*9:$5$,('9(*7$.;$(&*$='(&$'>'3;$)&3?&$)',$';1$>9.6;7$-*()**;$(&*$0.6;('3;,$ ,3;?*$3($)',$'$,0..(&*9$(*99'3;4$5/$(&*1$/.6;7$0*$5$).627$&37*$.9$96;$'>'3;4 $$$c'921$.;$3;(.$(&*$,*'9?&$(&*$().$1.6;>*,($-.1,$3;$(&*$=9.>9'0$&'7$,=.((*7$0*$/9.0$(&*$ (.=$./$(&*$&322,4$%&*1$&'7;H($,'37$';1(&3;>$(.$';1.;*$93>&($')'1$/.9$,.0*$9*',.;4$%&*1$ ).627$2'(*9$-*$0'7*$(.$)93(*$(&*[email protected]*9(,D$T<$E?3*;(.2.>1$(*90$/.9$'$)9.;>$7.3;>$:$';7$ -1$)93(3;>$3($7.);$3,$-93;>3;>$(&*$'?($(.$(&*$=&1,3?'2$).927:$(&3,$3,$?.;,37*9*7$'$=9.=*9$ '703((';?*$';7$(&*9*/.9*$9*23*83;>$>632(U$7.);$-'?+$'($(&*$9';?&4$F.($2.;>$'/(*9$(&3,$5$&'7$ &*'97$<%j$/.69$)&**2*9,$.6($,*'9?&3;>$/.9$0*4$5$737;H($+;.)$)&'($).627$-*?.0*$./$ (&3,:$-6($=6((3;>$,.0*$./$(&*$=9*,,69*$.;$(&*0$3;,(*'7$./$0*$)',$'$-3($./$'$96,&4$A1$23/*$ &'7$-**;$=6($3;$(&*39$&';7,$';7$5$)',$.6($./$,3>&(4$%&*$/9**7.0$./$-*3;>$2..,*$';7$ .-,*983;>$(&*$-*'6(3/62$,?*;*91$)3(&$(&*,*$0.6;('3;,$,**0*7$23+*$'$8'?'(3.;$/.9$(&*$/39,($ (30*:$-6($)3(&$3;(*;,*$,(9*,,$3;$(&*$-'?+$./$01$03;74 $$$f3+*$';1$3;,(';($>9'(3/3?'(3.;$./$'$&3>&$(&3,$,..;$?'0*$7.);4$C*'23W3;>$(&'($5$)',$ 6((*921$'2.;*$';7$(&3,$(30*$3;$(&*$03772*$./$;.)&*9*:$/.69$&.69,$3;(.$(&*$)'2+$5$,'($7.);$ ';7$?93*74$E*'9?&3;>:$0'1-*:$=9'13;>$/.9$&*2=$/9.0$01$7*?*',*7$>9';7='$)&.$5$-*23*8*7$ 03>&($-*$2..+3;>$.8*9$0*4$5$>.($6=$I63?+21$';7$)3=*7$01$*1*,:$+;.)3;>$5$&'7$(.$+**=$

_a

.;:$(.$/3;7$'$)'1$.6($,3;?*$5$737;H($&*'9$(&*$<%j,$';10.9*4$5$06,($&'8*$)';7*9*7$*8*;$ /69(&*9$')'1$'($(&3,$=.3;($;.($&'83;>$';1$?26*$)&*9*$(.$>.4$F.($2.;>$'/(*9$01$=9'1*9$5$)',$ ?69,3;>$`.7$';7$7'93;>$&30$(.$-93;>$&3,$-*,($-*?'6,*$5$737;H($>38*$'$/6?+$';10.9*4$@^6?+$ 1.6$`.7:$3,$(&3,$'22$1.6$>.(\$[.6$/6?+3;>$=93?+:$'9*$1.6$&'==1$;.)\$5,$(&3,$(&*$-*,($1.6$ ?';$7.$1.6$=6,,1\D$5$).627$,?9*'0$';7$,;38*2:$2..+3;>$6=$'($(&*$,+1$,'13;>:$@/6?+$1.6D$ .8*9$';7$.8*9$'>'3;4$%&*;$,32*;(21$'$/*)$03;6(*,$2'(*9:$5$)',$('+3;>$3($-'?+$K6,($3;$?',*$&*$ 737$*J3,($';7$)',$=2';;3;>$(.$?'22$01$-26//4$E?3*;(.2.>1$;*8*9$,=.+*$06?&$./$`.7:$-6($ 30=23*7$'$,6=9*0*$-*3;>4$c3(&*9$)'1:$)&*;$)*$'9*$7*,=*9'(*:$=9'13;>$3,$';$37*'$3;>9'3;*7$ 3;(.$6,$)&*;$)*$'9*$1.6;>$m$(&*$37*'$(&'($`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

_!

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

01<<$&<#&73$+&2*$3"+*"'*$&#&)*4

0.*'$7"9$&)*$&<"'*A$+")*$&<"'*$-.&'$7"9$%&'$,&)*4

?"$"'*$*>*)$#&'-3$-"$%&)*4

B.13$13$#.7$7"9$&)*$-.*)*4

_"

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

_#

3;(.$(&*$8*91$?*;(9*$./$(&*$2.)$=2'3;$(.$'==*'9$0.9*$83,3-2*$';7$.;?*$(&*$=2';*$&'7$ =',,*7:$5$2'1$7.);$.;$01$-'?+4$ $$$5($)',;H($'$9*,?6*$=2';*$';7$5$2'1$(&*9*$/.9$';.(&*9$a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e*.=2*$73*$3;$(&*$;'0*$./$-*3;>$93>&($*8*917'1$';7$)*$06,($-*$ ?'9*/62$)&'($)*$)3,&$/.94$%9'3;*7:$*J=*93*;?*7:$.6(7..9,0*;$73*$.6($&*9*$3;$(&*$ 0.6;('3;,$*8*91$1*'94$5$&'7$.;21$01$,(6--.9;;*,,:$399'(3.;'23(1$';7$3>;.9';?*$(.$7*=*;7$ .;$&*9*4 $$$`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

_M

=.3;($(.$>.$.;$';7$5$).627$&'8*$;.$?&.3?*$-6($(.$23*$23+*$'$2.>$6;(32$';.(&*9$=.3;(2*,,$7'1$ -*>';$.9$6;(32$(&*$?.27$?&322*7$01$;*98.6,$,1,(*0$(.$,&6($7.);4$5$)',$7*,=*9'(*$;.)$(.$ /3;7$'$='(&$2*'73;>$(.$,.0*)&*9*$';7$5$9';$6;(32$01$/**($>'8*$3;$(.$(&*$='3;4$Q'2+3;>$ '9.6;7$'$0.6;('3;$5$?'0*$'9.6;7$'$?.9;*9$3;$'$,=93;($)&*;$5$,677*;21$,')$'$,(9*(?&$./$ (&*$(9'32$2*'73;>$3;(.$)&'($2..+*7$23+*$'$9.'74$5$?&*?+*7$01$*1*,$';7$737$'$7.6-2*$('+*4$5$ ,('9(*7$(.$,+3=$'2.;>$6=$(.$3($';7$7';?*$'$23((2*$3;$(9360=&$./$01$73,?.8*914$<,$5$=9';?*7$ 6=$(&*$9.'7$5$+;*2($7.);$';7$-693*7$01$/'?*$3;$'$-3>$06771$=6772*$';7$79';+$(&*$739(1$ )'(*94$5($(',(*7$23+*$83?(.914 $$$^.9$/.69$0.9*$&.69,$5$)'2+*7$6=$(&3,$='(&$(.$'$,6==.,*7$)'1$.6(4$5$+*=($(*223;>$01,*2/$5$ )',$-.6;7$(.$?.0*$'?9.,,$,.0*(&3;>$,..;4$F.(&3;>$+*=($?.03;>4$d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

_V

0.6;('3;,4$e'9($./$0*$'2,.$(&.6>&($(&'($01$=9*73?'0*;($0'1$3;8.28*$('+3;>$(&'($>6;$';7$ (&*39$(96?+4$5$K6,($)',;H($(&'($+3;7$./$=*9,.;$(&.6>&4$%&*1$(..$)*9*$>*;63;*21$&'902*,,4

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

_Z

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c',(4D$5$(&.6>&($0'1-*$5$).627$>.$(.$j*>',$)&*9*$01$6;?2*$238*74$E&*$,'37$(&'($,&*$)',$ >.3;>$)*,($,.0*)&*9*:$5$7.;H($9*0*0-*9$)&*9*$;.)4$@N&:$0'1-*$;*J($(30*:D$5$9*=23*74$ E&*$,032*7$';7$)',$.;$&*9$)'14$5$+3?+*7$01,*2/$'/(*9$,&*$&'7$>.;*:$(&3;+3;>$./$01$ 2303(*7$.=(3.;,4$5$&'7$;.(&3;>4$O.)$?.627$5$>.$')'1$.9$,('9($'$;*)$23/*$.9$';1(&3;>\ $$$%.$01$93>&($.;$(&*$,(.9*$)'22$(&*9*$)',$'$='1$=&.;*4$d;/.9(6;'(*21:$5$&'7$(.$?'22$&.0*$ (.$,('(*$01$7*0';7,$';7$(.$2*($(&*0$+;.)$5$)',$/3;*4$<($(&3,$=.3;($(&*$C';?&$)',$,(322$ ?&.+3;>$.;$*J?6,*,$',$(.$)&1$(&*1$&'7;H($/.6;7$0*$1*(4$5$=3?+*7S6=$(&*$=&.;*$';7$0'7*$ (&*$?.22*?($?'22$&.0*4$5($)*;($,.0*)&'($23+*$(&3,L $$$A1$1.6;>*9$-9.(&*9$=3?+*7S6=$(&*$=&.;*4$O*$',+*7$&3,$I6*,(3.;,$';7$5$*8*;(6'221$,'37$5$ ;**7*7$(.$('2+$(.$P'74

_]

@O*1$P'7:$&.)$'9*$1'\D$5$,('9(*7 <'9.;$'9*$1.6$.+\$)&*9*$'9*$1.6\D$&*$,'374

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

__

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

abb

+;.)3;>$5$737;H($)';($(.$,=*;7$';.(&*9$/6?+3;>$;3>&($3;$(&*,*$0.6;('3;,$,&*2(*9*7$-1$'$ (*;($.9$;.(4$ $$$f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c8*91.;*$)'2+*7$')'1$';7$ 2*/($0*$(&*9*4$5$,6==.,*$;.($+;.)3;>$.9$?'93;>$(&'($5$)',$&69(4$5$2'37$3;$(&*$739($/.9$"b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

aba

@O'8*$1.6$,**;$01$'90\D$5$,?9*'0*74 @<'9.;$:$1.6H9*$.8*99*'?(3;>:D$&*$9*(69;*74 @O.)$).627$1.6$+;.)$(&3,\D$5$',+*74 @Y*?'6,*$1.6$'2)'1,$'9*:$1.6H9*$-*3;>$'$-'-1:$23+*$'2)'1,4$F.)$>*($.6($./$(&*$(9'32*9nD @5H0$;.($>.3;>$';1)&*9*:$01$'90$3,$/6?+*74$5$=9.03,*$1.6$3(H,$-9.+*;4$5/$1.6$7.;H($('+*$ 0*$(.$'$&.,=3('2:$1.6H9*$>.3;>$(.$-*$3;$'$2.($./$/6?+3;>$(9.6-2*nD $$5$)';(*7$(.$('+*$(&'($>6;$/9.0$(&*$&.2,(*9$./$(&*$.;*$?.6;,*2.9,$(.$01$,37*$';7$)',(*$ *8*91$2',($0.(&*9/6?+*9$(&*9*4 $$E..;$'/(*9:$5$)',$3;$'$(96?+$>.3;>$(.$'$&.,=3('2$/.9$p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

ab!

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j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

ab"

$$$A.9*$(30*$=',,*7$';7$5$>.($(&*$?'22$6=$(.$(&*$c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c8*91$,.$./(*;$)&*;$ '$?'9$?'0*$5$).627$(&3;+$'-.6($?.03;>$.6($./$(&*$73(?&$(.$&3(?&&3+*$-6($(&*;$7*?37*$ '>'3;,($3(:$;.($,69*$3/$5$)',$7.3;>$(&*$93>&($(&3;>4$c8*;(6'221$'$?'9$=622*7$6=$(.$0*$';7$ ,(.==*7:$';7$,69*$*;.6>&$3($)',$,.0*$./$(&*$?.6;,*2.9,4$%&*1$737;H($,'1$06?&$(.$>*($0*$ 3;$(&*$?'94$5$737;H($=6($6=$'$/3>&(G$5$)',;H($*8*;$,69*$)&'($5$)',$7.3;>$';10.9*4$5$)',$ *0.(3.;'221$,=*;($';7$>.;*4

ab#

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

abM

>'8*$&*94$5($).627$-*$';.(&*9$V$7'1,$-*/.9*$(&*1$?.627$.9$).627$'99';>*$'$937*$/.9$6,$(.$ (&*$'39=.9(4

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

abV

0*4$<,$,&*$)',$9*'71$(.$9*,=.;7:$(&*$.(&*9$739*?(.9:$'$-3>$,?'91$-*'9$./$'$0';:$?'0*$/9.0$ '9.6;7$(&*$?.9;*9$';7$',+*7$3,$3/$*8*91(&3;>$)',$.+'1:$(913;>$(.$,*?69*$&3,$3;8*,(0*;($3;$ (&3,$760=4$%&*$-.1$';,)*9*7$1*,$';7$)',$.;$&3,$)'1$I63?+21$(.$'8.37$'$9*=930';74

$$$%&*$;*J($7'1$5$)',$6=$*'923*9$(&';$6,6'2:$',$5$)',$&'9721$'-2*$(.$?.;('3;$01$*J?3(*0*;($ '-.6($2*'83;>$';7$>*((3;>$.;$'$=2';*4$5$2'37$3;$(&*$7'9+$';7$=2'1*7$(&*$c691(&03?,:$ )'3(3;>$/.9$,3J$3;$(&*$0.9;3;>$(.$?.0*4$5;$(&*$'39=.9($5$)',$*99'(3?:$-*3;>$)3(&$01$0.(&*9$ ';7$(&*;$>.;*$23+*$'$?&3274$Q&*;$3($)',$(30*$(.$-.'97$(&*$=2';*:$5$)',$.//$&'83;>$'$ ?.;8*9,'(3.;$)3(&$';$<0*93?';$>392:$';7$K6,($('+3;>$3;$(&*$/9**7.04$c8*;(6'221:$)&*;$)*$ >.($.;$(&*$=2';*:$01$&3>&$,(96;>$)'1,$=.,*7$(.$-*$(..$06?&$/.9$01$0.(&*9:$,.$,&*$ ,23==*7$,.0*$<(38';$T';$';(3S7*=9*,,';(U$3;(.$01$,.7'$(.$>*($0*$6,$(&9.6>&$(&*$(93=4$%&3,$ )',$'>'3;,($01$=9*83.6,$=,1?&3'(93,(H,$.97*9,$';7$(&*$?&69?&H,:$-6($,&*$+;*)$5$;**7*7$ 9*,(4

abZ

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

ab]

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

$$$<9.6;7$(&3,$(30*$5$)*;($(.$238*$)3(&$(&*$(**;$?.6;,*2.9$3;$%.9.;(.$'>'3;4$%&3;>,$,23==*7$ I63?+21$-*()**;$&*9$';7$54$E&*$/*2($(&'($5$&'7$?&';>*74$d;7*(*?('-2*$(.$0*:$01$ *J=*93*;?*$'($(&*$C';?&$0'1$&'8*$&'97*;*7$0*$(.$,.0*$=.3;($';7$01$'((3(67*$0'1$&'8*$ ,(3//*;*74$f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m$(&*1$)*9*$(913;>$(.$+**=$'$/*22.)$

ab_

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

aab

$$$%&*$/93*;7,&3=$/3WW2*7S.6($';7$01$,('1$&'7$-**;$79');S.6(4$E&*$.)*7$01$='9*;(,$'$ ,6-,(';(3'2$'0.6;($./$0.;*14$%&'($)',;H($(&*$3,,6*$/.9$(&*0$./$?.69,*4$%&*1$&'7$(.$ /3>69*$.6($)&'($(.$7.$)3(&$0*G$;.($(.$>*($937$./$0*:$-6($(.$/3;7$';$';,)*9$(.$01$*99'(3?$ -*&'83.9$';7$.8*9'22$,+*(?&3;*,,4$E.:$)&*;$01$/'(&*9$=3?+*7$0*$6=$'/(*9$(&'($)**+*;7:$ &*$&'7$';.(&*9$=9.=.,'2$/.9$0*4 $$$%&3,$(30*$(&*$.//*9$)',$(.$>.$(.$N+2'&.0'$(.$'$(9*'(0*;($?*;(9*$?'22*7$F'9?.;.;4$%&*$ E*'SN9>$).0';$)&.$?'0*$7.);$&'7$?.;83;?*7$01$/'(&*9$(&'($(&3,$)',$(&*$-*,($(&3;>$(.$ 7.4$5$)',$?.;,37*9*7$';$322*>'2$=9*S?2*'9$-*?'6,*$./$01$,&.9($,(3;($.;$';(3S7*=9*,,';(,4$<$ =9*S?2*'9$3,$(&*$-*>3;;3;>$./$(&*$E?3*;(.2.>1$/..7$?&'3;$2'77*9$5$0*;(3.;*7$-*/.9*4$5$)',$ 322*>'2$-*?'6,*$5$&'7$('+*;$=,1?&3'(93?$796>,4$A1$0.(&*9$&'7$('+*;$8*9-'2$'-6,*$/9.0$ 0*0-*9,$.8*9$(30*$/.9$2*((3;>$0*$7.$(&3,4$O.)*8*9:$3/$=,1?&3'(93?$796>,$'9*$'703;3,(*9*7$ -1$/'0321$7.?(.9,$3(,$.+$)3(&$(&*$?&69?&$/.9$,.0*$9*',.;4$5$).627$-*$6;'-2*$(.$?230-$(&*$ 2'77*9$6;2*,,$5$)',$3;8.28*7$3;$'$796>$7*(.J3/3?'(3.;$?.69,*4$5($).627$3;8.28*$-',3?$ *J*9?3,*:$83('03;,$';7$,'6;':$'2.;>$)3(&$E?3*;(.2.>1$*76?'(3.;$'>'3;4$Y6($5$?.627;H($7.$3($ '($';1$.973;'91$?&69?&$-*?'6,*$5$)',$322*>'24$5($&'7$(.$-*$7.;*$'($'$,'/*$=2'?*$)&*9*$ *8*91.;*$)',$'$93,+$1.6$?.627$,'14$[*($;.$.;*$.;$,(9**($796>,$3,$7**0*7$322*>'2:$'2(&.6>&$ (&*1$'9*$).9,*:$03;7S'2(*93;>$3;(.J3?';(,4$%&3,$3,$(&*$9'(3.;'23W'(3.;4 $$$5H0$;.($,69*$)&1$'22$9*23>3.;,$&'8*$?.;(9'73?(3.;,:$-6($'22$./$(&*0$,**0$(.4$A'1-*$3(H,$ -*?'6,*$9*23>3.;,$?';;.($-*$=*9/*?(:$.9$0'1-*$(&*1$)*9*$';7$>.($?&';>*7$'9.6;7$(.$ .9?&*,(9'(*$?.;/6,3.;$(.$+**=$=*.=2*$3>;.9';(4$N9$3($?.627$-*$'$=2';$/.9$/*'9S0*?&';3,0$ =9.='>';7'$(&'($*J3,(,$3;$';1$>9.6=$6,*7$/.9$3;7.?(93;'(3.;$';7$?.;73(3.;3;>4$A1$.);$ -*23*/$-*3;>$',$,(9.;>$',$3($)',:$5$)',$'=($(.$7*/*;7$E?3*;(.2.>1H,$;'0*$;.($(..$2.;>$'>.4$

aaa

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e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f$C.;$O6--'97H,$,.;$

aa!

l6*;(3;$O6--'97$'$PY$/.9$-*3;>$'$&.0.,*J6'2$';7$+3223;>$&30,*2/$3;$a_ZV4$E?3*;(.2.>1$ 3,$73//*9*;($/9.0$.(&*9$9*23>3.;,$-6($3($'2,.$?.;,37*9,$&.0.,*J6'23(1$';$'-*99'(3.;$3;$,.0*$ ./$(&*$(*J(,$23+*$P3';*(3?,4$f$C.;$O6--'97$)9.(*$(&3,$&30,*2/4$%&*$9'(3.;'23W'(3.;$-*&3;7$ 3($)',$(&'($=*.=2*$'9*$3;738376'2,$';7$,.0*(30*,$&'8*$;.$23;+$(.$(&*$='9*;(,$';7$(&*9*$3,$ ;.$&*2=$/.9$(&*04$%&*1$?.627;H($(*22$01$='9*;(,$(.$>38*$6=$.;$0*$-6($3($)',$30=23*7$-1$ ?*9('3;$E?3*;(.2.>3,(,4$A1$='9*;(,$-*23*8*7$)*$'9*$?.;;*?(*7$/.9$'$9*',.;$';7$5$)',;H($ ?&..,3;>$(.$'?($.6($7**=$7.);4

aa"

25/6#$%*+G

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c8*;$3/$(&*$'?(3.;,$'2.;>$(&*$)'1$)*9*$*J(9*0*:$5$737;H($+;.)$&.)$(.$-*$ ';1.;*$.(&*9$(&';$01,*2/4$%&*$=*9,.;$5$&'7$'??*=(*7$)',$(&*$=*9,.;$5$)',$;.)4$ c8*91(&3;>$)',;H($*J=2'3;*7$(.$0*$';7$0.,($./$(&*$(30*$5$)',$3;$'$,('(*$./$0327$(.$&3>&$ *2'(3.;$)&*9*$5$/*2($>..7:$&*22$*8*91(&3;>$/*2($>..7$';7$5$9.22*7$)3(&$3(4$5($)',$&'97$(.$;.($ -61$(&3,$?.;/37*;?*$',$2*>3(30'(*$,3;?*$5$?.627$;.($-*$-9.6>&($7.);$/.9$0.;(&,$';7$ 0.;(&,$.;$*;74$%&3,$/**23;>$)',$,.0*(&3;>$5$-*23*8*7$?.627$-*$=.,,3-2*$3;$(&*$9*23>3.;:$ &.)*8*9$76*$(.$01$I6*,(3.;'-2*$,('(*$.8*9$(&*$=',($?.6=2*$1*'9,:$3($0'7*$3($0'7*$(&*$ @E?3*;(.2.>1$*//*?(D$*0-*223,&*7$*8*;$0.9*4$

aa#

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j*>',$,&.)$>392$';7$'$796>$'773?(4$E?3*;(.2.>3,(,$737;H($ 2..+$23+*$(&'(:$;.($)&*9*$5$)',$/9.0$';1)'1$';7$'=='9*;(21$;.($&*9*$*3(&*94

aaM

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

aaV

)',;H($K67>*7$3;,37*$'$?.69,*$9..0$';7$>9'7*7$23+*$3;$,?&..2:$5$)',$=9'3,*7$';7$3($0'7*$ 0*$).9+$&'97*94$5$-*23*8*7$01$5l$)',$300*;,*21$,&..(3;>$6=:$0'1-*$3($)',:$-6($ ?.0-3;*7$)3(&$01$03;7H,$3;'-323(1$(.$,&6($7.);:$5$)',$)39*7$';7$'2)'1,$(&3;+3;>$)&3?&$ ?';$'2,.$-*$';$3226,3.;$./$3;(*223>*;?*4$5$)',$(&*$.;21$=*9,.;$(&*9*$,(322$.;$'$&3>&4$5($)',$ '/(*9$(&*$(*,(3;>$(&'($(&*$9*,($./$(&*$=*.=2*$3;$(&*$9..0$(..+$'$,*?.;7$')'1$/9.0$(&*39$ -..+,$(.$,'1$(&'($5$737$'$>..7$K.-$';7$(&*1$)*9*$30=9*,,*7$)3(&$01$+;.)2*7>*$./$(&*$ c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j4$)3(&$,.0*$./$ (&*$>61,4$E3((3;>$(&*9*$3;$';>*9:$.;*$./$(&*$>392,$5$&'7$;.(3?*7$-*/.9*$?'0*$6=$(.$0*$';7$5$ 9*'23W*7$,&*$)',$,*;($(.$>*($0*$-'?+4$E&*$(..$)',$?.3;?37*;('221$-*'6(3/62$.9$5$)',$9*'221$

aaZ

3;$;**7$./$'$/*0'2*$(.6?&4$%&3,$(30*S/9'0*$)',$-26991:$-6($)&*;$,&*$,=.+*$5$23,(*;*7$';7$ (&*$';>*9$,6-,37*74$Q3(&$&*9$,./($>*;(2*$8.3?*$';7$&*9$9*7$&'39$23+*$'$/2'0*:$,&*$23($'$ (.9?&4$5$)',$-'?+$3;$(&*$?.69,*$9..0$7.3;>$)&'($5$&'7$(.$.;$(&*$.6(,37*:$-6($-69;3;>$/.9$ &*9$.;$(&*$3;,37*4

$$$<,$(&*$7'1,$)*;($.;$(&*$0*'2,$)*9*$,6=*9-:$-*3;>$?..+*7$-1$=9./*,,3.;'2,:$;.($23+*$(&*$ ,2.=$'($(&*$9';?&4$e*.=2*$)*9*$6,6'221$;3?*$';7$5$0'7*$'$/*)$/93*;7,$01$.);$'>*4$Q*$ ).627$=2'1$8.22*1-'22$';7$-',+*(-'22:$';7$=3;>S=.;>$-*?'0*$'$9*>62'9$';7$/6;$(&3;>4$ c8*91$;3>&($-*/.9*$-*7$5$).627$9*'7$f$C.;$O6--'97H,$?'203;>$).97,$';7$,*((2*$01,*2/$(.$ ,2**=$,.0*(30*,4$<,$5$).627$)'2+$(.$-9*'+/',($5$).627$'2)'1,$=',,$(&'($>392$)'2+3;>$(&*$ .==.,3(*$)'14$5$).627$)'8*$.9$>*,(69*$(913;>$(.$>*($&*9$(.$;.(3?*$0*4$f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

aa]

$$$5$,.?3'23W*7$)3(&$(&*$=*.=2*$(&*9*4$^.9$(&*$/39,($(30*$3;$01$23/*$5$)',$3;(*9*,(*7$3;$.(&*9,$ =',(,$';7$)&'($(&*1$&'7$(.$,'14$5$,(322$;**7*7$01$,.0*)&'($3;/2'(*7$'0.6;($./$'2.;*$(30*$ ';7$*8*91$.;?*$';7$'$)&32*$5$).627$).;7*9$'$-3($(..$/'9$.//$(&*$=9*03,*,$',$5$&'7$-*/.9*4$ Q*$)*9*$,6==.,*7$(.$,('1$.;$(&*$>9.6;7,:$-6($5$).627$>.$/69(&*9$K6,($/.9$'$73//*9*;($83*)$ ';7$>*($('2+*7$(.$2'(*9$)&*;$5$).627$,&96>$(&*0$.//4$A.,($./$(&*$(30*:$3($)',$*;.6>&$/.9$ 0*$(.$K6,($-*$(&*9*4$5$&'7;H($*8*9$/*2($,.$/9**$3;$,6?&$'$?.;/3;*7$,='?*$';7$01$I6'9(*9,$ )*9*$K6,($'$-*79..04$5$&'7$&*'97$(&*$=2'?*$)',$-632($.;$';$.27$5;73';$-693'2$>9.6;74$5$ ?.627$,)*'9$5$/*2($3($,.0*&.)4$5($)',$73//*9*;($&*9*:$(&*$/.>$';7$(&*$)3;7$/*2($23+*$)'2+3;>$ (&9.6>&$'$;*8*9$*;73;>$79*'04$c'921$.;:$5$-*>';$(.$/**2$(&'($(&*9*$)',$,.0*(&3;>$ 01,(3?'2$';7$6;*'9(&21$'-.6($(&3,$=2'?*4$%&3,$/*2($23+*$/9**7.0$/.9$(&*$/39,($(30*$*8*9:$*8*;$ (&.6>&$(&*$/3;';?3'2$,6==.9($./$01$='9*;(,$9*0'3;*74$F.;*(&*2*,,:$5$/*2($23+*$'$?2.674$ E.0*&.)$*8*91(&3;>$5$;**7*7$)',$&*9*$;.)4

aa_

25/6#$%*+H

$$$<,$(30*$=',,*7:$;*)$=*.=2*$?'0*4$5$)',$*J?3(*7$/.9$*8*91$;*)$,.62$(.$?.0*$(&9.6>&$ (&*$7..9,$3;(.$'$;*)$23/*4$5$)',$>*((3;>$(.$'$=.3;($./$'??*=(3;>$';1.;*$)&.$)',$>*((3;>$.;$ (&*$='(&$(.)'97,$E?3*;(.2.>1$/9**7.0$-*?'6,*$)*$;**7*7$'22$(&*$,6==.9($)*$?.627$>*(4$ c8*91.;*$)&.$?'0*$(&9.6>&:$&.)*8*9:$&'7$=9.03,*$';7$,.0*(&3;>$(.$.//*9$)&3?&$)',$ 0.9*$*J?3(3;>4$5$;*8*9$0*($'$=2'3;$.27$?9'?+$&*'7$(&*9*4$c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

a!b

0*$;.)&*9*:$.9$(&'($,&*$6,*7$(.$(93?+4$f3+*$';1(&3;>$(&*;:$3($,237$.//$01$-'?+$';7$5$)*;($ .;$(.$(&*$;*J($(&3;>4

$$$,4$<;.(&*9$2*($7.);$K6,($0*';($=.693;>$01,*2/$3;(.$(&*$.;21$(&3;>$(&'($).627$,'8*$ 0*$3;$(&*$*;7$';1)'1:$)&3?&$)*9*$&3,$).97,4$5$,(673*7$&'97*9$';7$).9+*7$&'97*94$5$)',$ ,('9(3;>$'>'3;$(.$238*$3;$&3,$).9274$5$).627$-*>3;$(.$=9*,,$01$.=3;3.;,$.;$=*.=2*4$Q&*;$5$ /*2($5$+;*)$0.9*:$(&*$0.9*$5$/*2($5$)',$>*((3;>$,(9.;>*94$%&'($3,$)&'($5$)',$(.27$ E?3*;(.2.>1$7374$5$,6==.,*$(.$'$=.3;(4$k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

a!a

$$$%&*9*$'2)'1,$,**0*7$(.$-*$,.0*(&3;>$>.3;>$.;4$5$)',$;*8*9$-.9*7$(&*9*4$Q&*;$5$)',:$ 01$03;7$(&.6>&($./$(&3;>,$(.$7.$-*?'6,*$3($)',$.8*9'?(38*4$c'?&$7'1:$5$,('9(*7$(.$,2**=$ 2*,,$';7$2*,,$'>'3;4$c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

a!!

7.*,;H($*J3,(:$-6($9*'73;>$'-.6($@2'?+$./$9*'23(1D$3;$E?3*;(.2.>1$0'7*$01$&*'7$/6WW1$ -*?'6,*$5$-*23*8*7$3(U4$%&*$-.1,$3;(9.76?*7$0*$(.$%&*$P'8*$A'(&*),$Y';7$)&.$)*9*$ =.=62'9$'0.;>,($?.22*>*$,(67*;(,$'($(&*$(30*$3;$(&*$d4E4$5$/*2($23+*$5$)',$3;$(&*$&3>&*9$ *76?'(3.;$';7$&'7$0'(69*$/93*;7,$/.9$(&*$/39,($(30*4 $$$c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

a!"

25/6#$%*+;

$$$Q*$,('9(*7$3;$(&*$0.9;3;>:$'($-9*'+/',(4$Q*$).627$(&*;$('+*$.69$83('03;,$?.;,3,(3;>$./$ ;3'?3;$(.$>*($(&*$9'73'(3.;$.6(4$^9.0$(&*9*$)*$).627$7.$.69$*J*9?3,*$/.9$'($2*',($#b$ 03;6(*,4$f',(21$)*$).627$>.$3;$(&*$,'6;'$/.9$!b$(.$"b$03;6(*,4$5$-',3?'221$&'7$(&*$9*,($./$ (&*$7'1$(.$01,*2/$'/(*9$(&'(4$%&'($)',;H($;*?*,,'9321$'$>..7$(&3;>:$,3;?*$5$)',$-*?.03;>$ 0.9*$.-,*,,*7$)3(&$01,*2/4 $$$Q3(&$*'?&$=',,3;>$7'1$5$/*2($23+*$5$)',$>*((3;>$,(9.;>*9$';7$(&'($01$-.71$)',$?'(?&3;>$ 6=$)3(&$01$03;74$5H7$-*$3;83;?3-2*4$c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a!#

=&1,3?'2:$5$-*?'0*$0.9*$=&1,3?'2$',$)*22:$6;(32$(&*1$737;H($)';($(.$=3?+$.;$0*$';10.9*4$5$ )',$-*?.03;>$,.0*(&3;>$;.($(.$-*$9*?+.;*7$)3(&4$ $$$5$7.;H($+;.)$)&'($3($)',:$-6($5H0$=9*((1$,69*$5$737$'($(&*$(30*4$5$7*,*98*7$9*,=*?($/.9$(&*$ /39,($(30*$3;$01$23/*4$c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

a!M

;'(69'221:$)&3?&$3,$-*?.03;>$3;?9*',3;>21$?2*'9$)&'($/.6;7*7$E?3*;(.2.>1:$(&*$ 7*,=*9'(3.;$';7$(&*$7*,39*$(.$/**2$)3,*$(.$(&*$=.3;($./$/..23;>$(&*0,*28*,4$F.($.;21$&*9*:$ -6($';1)&*9*$>9.6=$3;7.?(93;'(3.;$3,$=9'?(3?*7$(.$@*76?'(*D$=*.=2*4$%&*$=*.=2*$)&.$ ?';H($2*'9;$(&9.6>&$=69*$3;(*223>*;?*$.9$23/*$*J=*93*;?*$'9*$,6-K*?(*7$(.$(&3,$'2)'1,$.9$ 6;(32$(&*1$/3;'221$&'8*$';$')'+*;3;>4$A.,($)&.$*8*9$&'7$'$@7383;*$'//390'(3.;D$.9$'$ @`.7S,*;($83,3.;D$;**7*7$(.$3;$.97*9$/.9$(&*0$(.$-*$93>&(4$N&$)&'($(&*$03;7$?';$,**$3/$(&*$ -.71$&',$;.$9*',.;$(.$238*$)3(&.6($3(4$[.6$?';;.($-2'0*$(&*$,&**=4$%&*$&*97,0';$3,$ '2)'1,$2..+*7$=',($,3;?*$0.,($'9*$'/9'37$(.$I6*,(3.;$,.0*.;*$)&.$3,$/6221$')'9*$./$)&'($ &*$3,$7.3;>$/.9$>..7$.9$*8324 $$$5$,(60-2*7$'?9.,,$(&*$f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

a!V

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d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f$C.;$O6--'97$+;*)4$5$?.627$?.0*$-'?+$';7$*;23>&(*;$ 01$/*22.)$0';4$<,$5$9';$7.);,('39,$5$?'6>&($(&*$*1*$./$(&*$;3>&($,*?693(1$0';:$)&.$5$ (&3;+$&'7$'29*'71$&'7$-**;$(.27$(.$)'(?&$0*$?2.,*214$Q&*;$5$?'0*:$5$(.27$&30$(.$/.22.)$

a!Z

0*$2.6721$';7$&*$(9'32*7$-*&3;74$5$,=*7$'9.6;7$(&*$/9.;($?.9;*9$./$(&*$-63273;>$(.$)&*9*$3($ &'7$-**;$.;21$(.$,**$;.(&3;>$;.)4$5$*J=2'3;*7$(.$&30$(&'($3($)',$93>&($(&*9*$'$/*)$03;6(*,$ '>.4$%&*$0';$&60.9*7$0*:$-6($)3(&$&30$-*3;>$=9*83.6,21$;.(3/3*7$'-.6($01$-*&'83.9:$5$ 7.;H($(&3;+$&*$)';(*7$(.$*,?'2'(*$0'((*9,$-1$,&.)3;>$0*$7.6-(:$*,=*?3'221$K67>3;>$-1$(&*$ ,3W*$./$01$=6=32,4 $$$`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

a!]

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c;K.1$3($)&32*$3($2',(,4D$5$)'(?&*7$(&*0$&'8*$/6;:$',$5$-',+*7$3;$(&*$>2.91$5$ ?9*'(*7$/.9$(&*04$%&*$,;.)$&'32*7$7.);$';7$(&3,$-*3;>$(&*$9*',.;$-1$)&*9*$5$&'32*7$/9.04$ 5$,(*==*7$.6(,37*$';7$)'(?&*7$(&*0$',$(&*1$238*7$,.$?'9*$/9**4$%&*$,;.)$)',$01$ 3;/26*;?*$/9.0$B';'7'$';7$5$(&.6>&($./$3($',$'$=9*,*;($/9.0$0*$(.$(&*0$/.9$(&*39$&'97$ ).9+$&*9*4$<2,.:$'$>..7$(30*$-*/.9*$(&*$9*'2$).9+$5$&'7$/.9$(&*0$).627$-*>3;4$

a!_

25/6#$%*>I $$$A1$7..9$;.)$&'7$;.$+;.-4$5($737;H($.??69$(.$0*$(&'($(&*9*$)',$,698*322';?*$>.3;>$.;4$5$ )',$K6,($?.;?*9;*7$'-.6($&'83;>$;.$7..9$+;.-4$5$=**+*7$(&9.6>&$(&*$&.2*$(.$0'+*$,69*$3($ )',;H($(&*9*4$E..;$'/(*9:$5$/.6;7$(&*$0'3;(*;';?*$>61$.;$01$,'0*$/2..94$<$-3>$VDM$>61$ )*3>&3;>$'-.6($!Zb$'($2*',(4$5$,&.6(*7$'($&30$';7$0.(3.;*7$&30$(.$?.0*$.8*94$5$',+*7$ 83.2*;(21$3/$&*$(..+$.//$(&*$7..9$+;.-4$O*$9*,=.;7*7$@[*,:D$<;7$)&*;$5$',+*7$)&1$&*$ ,('9(*7$(.$,(6((*94$d;7*9$;.90'2$?.;73(3.;,:$5$).627$&'8*$-**;$,69=93,*7$(&'($5$&'7$0'7*$'$ 0';$(&3,$-3>$'/9'374$5$(&*;$',+*7$&30$)&*9*$(&*$7..9$+;.-$)',:$';7$',$5$)',$30='(3*;($ '29*'71:$5$)',$.//$(.$/3;7$3(4$5$)*;($,(9'3>&($7.);,('39,$',$3/$5$+;*)$)&*9*$3($)',4$5$,')$'$ =2',(3?$-'>$.;$'$('-2*$';7$93==*7$3;(.$3($9*8*'23;>$(&*$+;.-4$C6;;3;>$-'?+$6=,('39,$5$(&9*)$ 3($(.$&30$';7$(.27$&30$(.$=6($3($-'?+$.;4 $$$f'(*9$(&'($;3>&($5$)'2+*7$7.);,('39,$'>'3;$/9.0$01$9..04$5$,'($9*2'J*7$-6($;.($(..$ 06?&$.;$(&*$?.6?&$)&*9*$'$?.22*>*$-',+*(-'22$>'0*$)',$.;4$5$,('9(*7$(.$*;K.1$01,*2/$',$5$ &'7$>.((*;$')'1$/9.0$(&3;>,$5$23+*7$2'(*214$5($?'0*$7.);$(.$(&*$)39*$'($(&*$*;7$./$(&*$ >'0*$';7$5$,('9(*7$(.$,032*$',$3/$5$+;*)$)&'($)',$>.3;>$(.$&'==*;4$%&*9*$)',$;3;*$ ,*?.;7,$2*/($';7$(&*$.;*$(*'0$=6($6=$';$6;23+*21$(&9**S-'22$(.$(3*$(&*$>'0*4$Y*/.9*$3($)*;($ 3;$5$=.3;(*7$(.$(&*$%4j4$)3(&$'$>*,(69*$./$01$/3;>*9$(.$=6($3($3;$';7$(&*$-'22$)*;($7.);4$5$ ,('9(*7$(.$2'6>&:$+;.)3;>$)&'($5$7374$%&*;$)3(&$/38*$,*?.;7,$2*/($(&*$.==.,3;>$(*'0$9';$ (&*$-'22$6=$?.69($';7$&'7$(.$(&9.)$6=$'$,&.($/9.0$'($2*',($"M$/**($')'1$(&'($&'7$;.$?&';?*4$

a"b

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j4$9..0$3;(.$(&*$23>&(:$*8*91.;*H,$/'?*$2..+*7$ 73//*9*;($(&';$03;6(*,$*'923*94$5$&'7$'2)'1,$,**;$=*.=2*$',$.973;'91G$(&*1$)*9*$;.(&3;>$ ,=*?3'2:$K6,($';.(&*9$=*9,.;4$Y6($(&'($;3>&($5$?'0*$3;(.$'$/.1*9$/622$./$=*.=2*$';7$,')$ 2.8*4$5$,'($)3(&$,.0*$>61,$)&.$)*9*$=2'13;>$?'97,$';7$(&*39$/'?*,$)*9*$23($6=4$c8*91$ /*'(69*$)',$/2')2*,,$';7$*8*91$;3?*$?&'9'?(*93,(3?$)',$'??*;(6'(*74$e*.=2*$)*9*$=',,3;>$ ';7$5$).627$(*22$(&*0$(&'($(&*1$2..+*7$>..74$%&*1$).627$,032*$3;$*0-'99',,0*;(4$ c8*91-.71$)',$-*'6(3/624$5$&'7$-**;$).9+3;>$6=$(.$-*3;>$,.0*(&3;>$';7$(&3,$3,$)&'($3($ )',4$5$)',$)3(;*,,3;>$&60';$-*3;>,$(&9.6>&$.69$37*'$./$`.7H,$*1*,$';7$3($)',$ 039'?62.6,4$5($,**0*7$',$(&.6>&$5$)',$,**3;>$=*.=2*$',$(&*1$).627$2..+$3;$&*'8*;4$5$

a"a

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

a"!

/';(',3*,4$%&3;>,$?.627$-*$,'37$(.$/**2$0.9*$9*'2$)&*;$1.6H9*$?9'W1:$-*?'6,*$*8*91(&3;>$3,$ ,.$/.9*3>;$';7$79',(3?4$e*.=2*$(.27$0*$5$)',$/3;3,&3;>$(&*39$,*;(*;?*,$-*/.9*$(&*1$(.27$0*$ )&'($(&*1$)*9*$>.3;>$(.$,'14$

N""2$'"$69)-.*)A$ 5'($#*$;"$'"$69)-.*)4 0*E)*$%"'%*)'*($#1-.$"9)$D&3-$*>*'$-."9;.$1-3$'"-.1';'*334 0*$%&'E-$+">*$"'$16$#*$)*+*+,*)4 ?")$16$#*$6");*-4 B"$.&>*$&'$*'(1';$-.*)*$+93-$,*$&$3-&)-4 B"$+">*$"'$#*$61<-*)$"9-$-.*$,&(4$ =>*'$#.*'$@$-)7$@$%&'E-$)*-)1*>*$&<<$@E>*$.&(4 B"$-.*$D"1'-$-.&-$3"+*$618&-*$-.*$,)&1'$3#*<<34 O93-$,*6")*$,)*&2("#'$-.*$+1'($3*)>*3$93$#*<<4

a""

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d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d;(32$(.0.99.)4$ $$$5$&'7$;*8*9$,**;$'$7'1$(&'($-93>&($-*/.9*$)3(&$(&*$,;.)$,(322$.;$(&*$>9.6;7$';7$(&*$ N+2'&.0'$,6;$=*;*(9'(3;>$*8*91$?91,('2:$-23;73;>$0*$(&9.6>&$*8*91$?123;7*94$5$/*2($,'7$

a"#

(.7'1:$',$'22$(&*$*;*9>1$3,$-632($6=$/.9$'$?9',&4$5$)'2+*7$3;(.$(&*$&'22$-*3;>$?'9*/62$(.$.;21$ ,(*=$.;$(&*$?.2.9*7$,I6'9*$(32*,4$Q'2+3;>$/.9)'97$5$/.?6,*7$3;$.;$'$?.6=2*$'90$3;$'90$';7$ )3(&$*8*91$,(*=$01$03;7$).627$(*22$0*:$@2..+$'($(&*0:$(&*1H9*$&'==1D$?.2.9*7$(32*:$@$ (&*1H9*$3;$2.8*D:[email protected]$;*8*9$/3;7$2.8*D$?.2.9*7$(32*4$5$2..+*7$7.);$(&*;$6=$'>'3;4$@F.$ .;*$)322$2.8*$1.6n$[.6H9*$;.($.+'1:$;.$.;*$?.627$*8*9$2.8*$1.6$<'9.;nn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

a"M

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e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f$C.;$O6--'97H,$?.;/37';($3;$01$=',($23/*$ ';7$(&'($01$=93.9$+;.)2*7>*$)',$?.03;>$-'?+$(.$0*$&*9*$3;$(&3,$23/*4$T%&*$?.6;,*2.9,$ )*9*$'0'W*7$'($&.)$06?&$3;(93?'(*$E?3*;(.2.>1$7'('$5$)',$,=*)3;>:$01$,)*22*7$-9'3;$ )',$('==3;>$3;(.$*8*91(&3;>$5H7$*8*9$9*'7$,.0*&.)U4$5$(.27$(&*0$(&'($5$)',$3;$(&*$(.;*$

a"V

!!4b$./$(&*$(.;*$,?'2*4$%&3,$3,$'$8*91$&3>&$(.;*$2*8*2$0*';3;>$(&*$'?($./$?.;(9.223;>$(&*$ >'0*$./$23/*$';7$)3;;3;>4$5;$01$3;,(';?*$5$)',$0*9*21$('+3;>$E?3*;(.2.>1$3;/.90'(3.;$ ';7$@>23-21D$9*2'(3;>$3($(.$?&3279*;H,$>'0*,$3;$';$'762($,*((3;>4$5$7.;H($9*0*0-*9$';1(&3;>$ 01$0.(&*9$.9$/'(&*9$,'374$5$7.6-($5$)',$23,(*;3;>$-*?'6,*$01$-9'3;$?.627;H($9*?*38*$ ';1(&3;>4$%&*9*$)',$(..$06?&$3;$(&*9*$(9'==*7$';7$.6(>.3;>4$Q&*;$(&*$9*?*38*9$79.==*7:$ ,.$737$01$0*0.93*,$./$'($2*',($(&*$;*J($a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

$$$5$)',$.//3?3'221$6;7*9$'$E?3*;(.2.>1$(1=*$"$)'(?&:$)&3?&$3;8.28*7$/622$,6=*983,3.;$.8*9$ '$=*9,.;$)&.$3,$'$(&9*'($(.$0.,(21$&30$.9$&*9$,*2/4$^9.0$;.)$.;$5$)',$(.$,('1$&*9*$';7$ (&*9*$)',$'2)'1,$'($2*',($().$=*.=2*$.6(,37*$01$'2)'1,$.=*;*7$7..9:$)'(?&3;>$0*4$ c8*91(&3;>$/9.0$(&3,$=.3;($.;$5$9*2'(*7$(.$,.0*(&3;>$*2,*4$5$)',$?.;/37*;($(&'($5$&'7$'22$ (&*$,*?9*($3;/.90'(3.;$./$E?3*;(.2.>1$';7$-'7$=*.=2*$).627$(69;$6=$*8*;(6'221$(.$&69($0*$ ';7$,(.=$(&*$,=9*'7$./$3(4$%&*$=*.=2*$)*9*$(&*9*$(.$>6'97$0*4$5$+;*)$5$)',$3;$>..7$&';7,$

a"Z

';7$737;H($I6*,(3.;$(&*39$0.(38*,4$<($(&3,$=.3;($01$='9*;(,$)*9*$'29*'71$.;$(&*39$)'1$ /9.0$N;('93.:$B';'7':$)&3?&$)',$I63(*$'$(93=$?.;,37*93;>$(&*1$)*9*$3;,(96?(*7$;.($(.$('+*$ '$=2';*:$,3;?*$;.$'3923;*$).627$('+*$'$?&';?*$.;$0*$;.)4 $$$%&'($/39,($;3>&($5$).+*$6=$'>'3;$./$?.69,*:$;.(3?3;>$(&'($01$73,?S0';$)',$,(322$)3(&$0*$ .;$01$-*7,37*$('-2*4$c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d;(32$3($)',$,'/*$(.$0'+*$01$0'9+$';7$-93;>$(&*$=*.=2*$ (&*$+;.)2*7>*$5$&'7$2*'9;*7$(&9.6>&$01$?.;,?3*;(3.6,$(690.324$

a"]

$$$5$&'7$,**;$'$;69,*$';7$'$7.?(.9$.;$(&*$>9.6;7,$'($,.0*$=.3;(4$%&*1$(..$&'7$(.$/.22.)$ ?.7*4$%&3,$0*';($;.(&3;>$3;$(*90,$./$=,1?&3'(93?$796>,$';7$;.$&.,=3('24$5$&'7$,(.==*7$ *'(3;>$/.9$7'1,$';7$5$7.;H($9*0*0-*9$(&*0$/**73;>$0*4$5H0$;.($,'13;>$(&*1$737;H($ (&.6>&:$5$737;H($)';($(.$*'($';7$(&*9*$)',$;.$0'+3;>$0*$7.$';1(&3;>4$5$&'7$2.,($"M$ =.6;7,$3;$K6,($.8*9$'$)**+$';7$5$)',$(&3;$(.$-*>3;$)3(&4$%&3,$737;H($?9.,,$';1.;*H,$03;7$ ',$';$'0-62';?*S).9(&1$,3(6'(3.;4$%&3,$3,$)&'($5$7.;H($>*(4$%&3,$)',;H($*8*;$'$ E?3*;(.2.>1$?&69?&$T',$3/$3($).627$-*$*J?6,'-2*UG$3;,(*'7:$(&*$=*.=2*$)*9*$9*?.8*93;>$ '773?(,4$5$7.;H($+;.)$)&.$(&*,*$E?3*;(.2.>1$7.?(.9,$'9*$-6($(&*1$?';H($7*(*?($'$?93(3?'2$ ,3(6'(3.;$';7$3/$(&*1$?.627$(&*1$0'1$;.($-*$'2.67$(.$7.$';1(&3;>$'-.6($3(4$5(H,$'$2'6>&'-2*$ K.+*$(&'($)*$;**7$(.$('+*$3;(.$739*?($'?(3.;4$5H0$,69*$01$7*'(&$).627H8*$?9*'(*7$0.9*$ (9.6-2*$/.9$(&*0$(&*;$';1$E?3*;(.2.>1$*(&3?,$.//3?*94$A1$7*'(&$).627;H($&'8*$-**;$(&*$ /39,($3;$E?3*;(.2.>1$&';7,4$<($(&*$,'0*$(30*:$3/$5$*;7*7$6=$'($,.0*$=,1?&$)'97$')'1$/9.0$ &.0*:$3($).627;H($&'8*$-**;$>..7$/.9$0*4$A1$='9*;(,$?.627$&'8*$2.,($0*$(.$(&*$,('(*$/.9$ ')&32*4$Y6($(&3,$3,$;.($)&1$';$'0-62';?*$)',;H($?'22*7$/.9$0*4$%&*1$K6,($)';(*7$0*$>.;*$ ';7$01$='9*;(,$)*9*$79383;>$(&.6,';7,$./$032*,$,?'9*7$,&3(2*,,$';7$(&*$e9*,37*;($./$ E?3*;(.2.>1$B';'7'$?'223;>$.//$(&*$&..+:$,?9*'03;>$(.$;.($2*($';1.;*$>38*$0*$23(&360$T'$ ;'(69'2$,'2(U4$c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

a"_

&3,$73,0'14$5($)',$&'97$(.$73,(3;>63,&$/9.0$&.69$(.$&.69$)&*(&*9$5$(&.6>&($(&*1$)*9*$ (&*9*$(.$&*2=$0*$.9$(.$('+*$/9.0$0*4$^9.0$(&3,$37*'$5$).627$2',&$.6($0.9*4$%).$./$(&*0$ ?'0*$'($0*$)3(&$,.0*(&3;>:$5$(&.6>&($'$;**72*$';7$/.9$'22$5$+;*)$(&*1$)*9*$>.3;>$(.$,('9($ ,('--3;>$0*$)3(&$3(4$E.$)3(&$'$)&30=*9$5$-*;($.8*9$';7$(..+$3($3;$(&*$',,4$

$$$4$%&*$;**72*$?'20*7$0*$7.);:$-6($,(322$?.627;H($=9.76?*$'$(.('2$?.0'(.,*$/**23;>$.9$/622$ ,2**=4$^9.0$'22$./$(&3,$)&'($9*2'J*7$0*$)*9*$(&*$039'>*,$3;$(&*$(.=$2*/($?.9;*9$./$01$ -*79..0$./$E(3;>$';7$e*(*9$`'-93*2$';7$e&32$B.223;,$(*223;>$0*$(.$&';>$3;$(&*9*$';7$(&'($ )*$)*9*$'22$)'3(3;>$/.9$1.6$.;$(&*$.(&*9$,37*4$%&*39$,032*,$';7$=9'3,*$?.'J*7$0*$3;(.$'$ 23((2*$,2**=$/.9$'$?.6=2*$&.69,4$5($)',$;.($01$03;7$(&'($+*=($0*$9*,(2*,,$';10.9*:$-6($(&*$ 7*(.;'(3.;$./$*'?&$&*'9($-*'($(&'($).627$)'+*$0*$'/(*9$,.$2.;>4$c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

a#b

+;.)$(&'($5$0*';($)*224$$C6;;3;>$3;(.$(&*$*J*9?3,*$9..0$(&*9*$)*9*$,?9*'0,$/9.0$(&*$(.=$ ./$01$26;>,G$).97,$./$K6,(3/3?'(3.;4

@efc<Ec$f5E%cF$%N$Ac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

a#a

=*.=2*$-1$(&*$(30*$5$0'7*$3($&.0*4$%&*,*$2673?9.6,$;.(3.;,$)*9*$,('9(3;>$(.$;.$2.;>*9$ -6327$3;(.$(&*.91:$-6($/.90$.;$'$)&304$%..$/',(:$(..$?9'W1$';7$-2'(';($(&*1$)*9*:$;.)$(&*$ =9*,,69*$)',$.;$(&*0$(.$96,&$0*$.6($./$&*9*4$%&*1$&'7$;.$?&.3?*:$-6($(.$)'3($3;$ 73,?.0/.9($(&'($737;H($?.0='9*$(.$03;*4

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

a#!

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

a#"

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

a##

25/6#$%*>+

$$$P9383;>$*',($/.9$'$/*)$&.69,$3($)',$(30*$(.$>*($'$0.(*24$A1$='9*;(,$)*9*$(*993/3*7$/.9$ 0';1$9*',.;,$-6($/.9$93>&($;.)$(&*1$K6,($)';(*7$0*$(.$,2**=4$5$(..+$'$,&.)*9$';7$?'0*$ .6($2..+3;>$3;$(&*$0399.94$5$,('9(*7$(.$(&3;+$;.)$(&'($5$)',$Y96?*$f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

a#M

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f3;7,'1$(&*$;'0*$./$ (&*$*JSj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

a#V

$$$A1$0.(&*9$)',$;.)$,3((3;>$-*,37*$0*$3;$(&*$?'9$(.$('2+$(.$0*$';7$,*((2*$0*$7.);4$5($ 737;H($2',($2.;>$-*?'6,*$01$-*&'83.9$&'7$-*?.0*$0.9*$*99'(3?$';7$/9';(3?4$A1$/'(&*9$ *;7*7$6=$-*,37*$0*$(.$=&1,3?'221$9*,(9'3;$0*$)&*;$5$,('9(*7$(.$'((*0=($(.$K60=$.6($./$(&*$ ?'9$3;(.$(&*$&3>&)'1$/.9$9*'24$5$)',$-*?.03;>$,?'9*7$';7$7*,=*9'(*4$O*$).627$=6($(&*$,*'($ -*2($-'?+$.;$0*$';7$5$).627$+;.)$3($)',$7'771$';7$'$/*)$03;6(*,$2'(*9$5$).627$/.9>*($ ';7$('+*$3($-'?+$.//$(.$*,?'=*$)&.*8*9$&*$9*'221$)',4$%&*$?2'6,(9.=&.-3?$/**23;>$)',$ 0.9*$(&';$5$?.627$-*'9:$'2.;>$)3(&$(&*$.(&*9$/**23;>,$./$6;/'0323'93(14$Q&*;$5$737$>*($.6($ ./$(&*$?'9$(.$>.$(.$(&*$-'(&9..0$5$).627$K60=$'9.6;7$';7$7.$?'9()&**2,$3;$K.1:$&'==1$(.$ >*($.6(4$5$?.627$.;21$793;+$23I637,$';7$5$7*8*2.=*7$';$.8*9'?(38*$-2'77*9$/9.0$=&1,3?'2$ ,(9*,,4$ $$$P693;>$9*,(9..0$-9*'+,$/9.0$,('(*$(.$,('(*$5$,('9(*7$=6((3;>$/*'9$3;$693;'(3;>$0*;$'?9.,,$ <0*93?'4$5$).627$-93;>$6=$6;?.0/.9('-2*$(.=3?,:$',+$=*9,.;'2$I6*,(3.;,$(.$0*;$=3,,3;>:$ ';7$=&1,3?'221$3;(3037'(*$,.0*$./$(&*04$c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

a#Z

=';3?4$$O.=*$3,$,.0*(&3;>$(&'($'2)'1,$&',$(.$-*$(&*9*$(.$>*($(&9.6>&$'$,3(6'(3.;4$%&*1$ ,('1*7$,(9.;>:$-6($)&*;$1.69$/39,($-.9;$3,$'$/2'($.6($?9'W1$=*9,.;$';7$;.$.;*$,**0,$(.$ +;.)$)&'($(.$7.:$)&.$7.$1.6$9*21$.;\$%&*1$-.(&$&'7$73//*9*;($37*',$./$)&'($)',$>.3;>$ (.$&'==*;$(.$0*$)&*;$)*$>.($-'?+$&.0*$';7$(&*$9*'2$/*'9$)',$0*$;.($>*((3;>$-'?+4$ e.(*;(3'221$,=*;73;>$(&*$9*,($./$01$23/*$3;$,.0*$d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c'921$.;:$5$,('9(*7$(.$ '779*,,$01$/'(&*9$',$f$C.;$O6--'97:$,3;?*$5$)',$&3,$9*3;?'9;'(*7$,.;4$%&3,$)',$'$,(*=$6=$ =*9&'=,:$-*?'6,*$5$)',$'?+;.)2*7>3;>$'>'3;$(&'($&*$)',$01$/'(&*9$3;$'$,*;,*4$O*$ ?.;(3;6*7$(.$&'8*$(.$,('1$3;$(&*$-'?+$)3(&$0*$/.9$(&*$9*,($./$(&*$,(9*(?&$(&'($).627$-*$(&*$ *;73;>$./$)&'($,**0*7$23+*$';$*(*9;3(14$ $$$<22$./$(&*$,677*;:$(&*$-.97*9$'==9.'?&*7$I63?+214$A1$='9*;(,$)*9*$(913;>$(.$?'20$0*$ 7.);$+;.)3;>$)*22$(&*9*$)',;H($06?&$(&*1$?.627$7.$(&3,$(30*4$5$)',$,('9(3;>$(.$7*8*2.=$

a#]

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

a#_

&.0*4$A1$&*'7$)',$,('9(3;>$(.$,=3;$/9.0$01$(&.6>&(,4$5$&'7$(.$-*$,(9.;>$(.$0'+*$3($ &.0*:$$-6($01$03;7$9*S9.6(*7$3;(.$(&3;+3;>$(&3,$)',;H($)&'($)',$-*,(4$<;7$&'7$5$ /.9>.((*;$,.$,..;$m$)*9*$(&*1$,=3*,\$Q&*9*$)*9*$(&*1$9*'221$('+3;>$0*\$5$737;H($ 9*?.>;3W*$';1$./$(&3,4$^.9$'22$5$+;*)$)*$?.627$-*$';1)&*9*4$%&*9*$)*9*$=*.=2*$)&.$ )';(*7$0*$7*'7$';7$5$?.627;H($(96,($';1.;*$';10.9*4$c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

aMb

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aa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nD$/3;'221$7*/*'(*74 @Q&1$7.;H($1.6$?.0*$)3(&$0*:$)*H9*$>.;;'$>*($1.6$,.0*(&3;>$(.$9*,($';7$,2.)$7.);$ (&*,*$(&.6>&(,$.+\D @[':$1*,$5$(&3;+$5$;**7$(&'(:D$5$?93*74

aMa

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

0*$%&'$()*&+A$+&7,*$%"'%*1>*$&$D*)6*%-$)*6<*%-1"'A C6$&$<16*$#1-."9-$)*F*%-1"'4 ?"$-)"9,<*3$")$D&1'4$ :9-$#.*)*$13$-.*$;&1'/$ B9)+"1<$+&2*3$93$P9*3-1"'A$ J&2*3$93$3%)*&+$"9-$"9)$%"'6*331"'4 5$()*&+$13$9'&--&1'&,<*$#1-."9-$3-)9;;<*4 =>*'$&$<16*$3-")7$#1-."9-$-.13$<*33"'$(*3*)>*3$&$+9QQ<*4

aM!

25/6#$%*>>

$$$%&*$*0*9>*;?1$7..9,$.=*;*7$';7$5$?'0*$(.:$',$5$)',$-*3;>$&'62*7$3;$.;$(&*$,(9*(?&*94$ %&*1$?.627;H($&'8*$'$?9'W1$=*9,.;$.6($3;$>*;*9'2$'703((';?*$/2'323;>$'9.6;74$E..;$'/(*9:$5$ )',$2*($.6(:$-*?'6,*$5$*;7*7$6=$3;$'$)'3(3;>$9..0$'2.;*$)3(&$().$?.=,$>6'973;>$(&*$7..94$ %&3,$.;21$/*7$01$7*26,3.;,$./$>9';7*694$%&*1$)*9*$&373;>$';7$>6'973;>$0*$/9.0$(&*$/';,$ ';7$(&*$',,',,3;,4$5$+*=($(*223;>$(&*0$(.$+**=$.;$>6'97$-*?'6,*$(&*$,)'90$)',$?.03;>4$5$ +*=($793;+3;>$23((2*$P3J3*$?6=,$./$)'(*9$(&*;$?96,&3;>$(&*0$3;$01$&';7$';7$+6;>S/6$ +3?+3;>$(&*0$'?9.,,$(&*$9..04$A1$*;*9>1$&'7$,.0*$&.)$9*=2*;3,&*7$3(,*2/$.;?*$'>'3;4$ %&*$?.=,$)*9*$3>;.93;>$0*$';7$5$737;H($23+*$3(4$5$',+*7$(&*0$3/$(&*1$+;*)$)&.$5$)',4$N;$ (&*$7..9$)',$'$-26991$)3;7.)$';7$-*()**;$(&*39$-'?+,$)',$'$-..+$,(';74$5$,('9(*7$(.$,**$ -..+,$(&'($&'7$-**;$)93((*;$-1$0*$';7$5$(.27$(&*$?.=,$(.$=3?+$(&*0$6=4$Q&*;$(&3,$737;H($ ).9+$5$,('9(*7$(.$=6,&$(&*$7..9$3;$.;$(&*04$

aM"

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`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c8*;$(&*$&.,=3('2$&',$(.$'7&*9*$(.$(&*$.//3?3'2,4$Q&*;$,&*$2*/($5$&*'97$'$-6WW3;>$ ?.0*$/9.0$(&*$-'(&9..04$5$,2.)21$?9')2*7$6=$(.$3(:$('==3;>$3($23+*$'$?'8*0';4$5($)',$.=*;$ ;.)4$5$)*;($3;,37*$(.$?&*?+$.6($(&*$83*):$(..+$.//$01$,&39($';7$=9.==*7$3($3;$-*()**;$(&*$ 7..9$';7$(&*$)'22$(.$'8.37$(&'($03,&'=$'>'3;$';7$2*/(4$N;$(&*$.(&*9$,37*$./$(&*$-'(&9..0$ )',$';.(&*9$7..94$
aM#

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

aMM

25/6#$%*>: $$$5$)',$('+*;$?2.,*9$(.$&.0*$(.$-*$0.9*$?2.,*21$)'(?&*7$-1$01$/'0321$';7$01$ =,1?&3'(93,(4$%&*$&.,=3('2$=6($0*$.;$'$/.90$a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

aMV

9*0*73*,$';7$;**7*7$(&*$@-3>$>6;,D$;.)$/.9$(&*0$(.$2'1$.//4$5$>6*,,$3($('+*,$;.(&3;>$,&.9($ ./$'$&3>&$2*8*2$E?3*;(.2.>3,($)3(&$'$0*73?'2$e4O4P$(.$>*($';1(&3;>4$

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

aMZ

>'(*$-*?'6,*$5$+;*)$(&*$>6'97$)',$>.3;>$(.$?'(?&$0*4$A1$,3>&($)',$'$-269$23+*$0.,($./$ 01$23/*$2'(*214$5($)',;H($'$,*?69*$/.9(9*,,$-1$';1$0*';,4$c'921$.;:$5$9';$.6($3;$037S(9'//3?$ (.$?9.,,$(&*$,(9**(4$%&*9*$)',$';$';(3S'-.9(3.;$=3?+*(4$5$9';$.8*9$';7$,('9(*7$1*223;>:$ @e.)*9$(.$(&*$=*.=2*nD$5$?'0*$-'?+$-*?'6,*$(&*$;69,*$)',$=2*'73;>$)3(&$0*$';7$(.27$0*$ &*$).627$2.,*$&3,$K.-4$5$23+*7$&30$';7$9';$-'?+4$

$$$Q&*;$5$)',$,=*;73;>$(30*$)3(&$(&*$E*'$N9>$=*.=2*:$(&*9*$)',$'$>392$(&'($6,*7$(.$?.0*$ '9.6;7$(&*$?&69?&4$O*9$0.(&*9$)',$.27S(30*$E?3*;(.2.>1$/93*;7,$)3(&$01$='9*;(,4$Q*$ ,=*;($(30*$(.>*(&*9$7693;>$(&3,$(30*$';7$5$'2,.$7*8*2.=*7$'$?96,&$.;$&*94$Q&*;$5$)',$.6($ 3;$(&*$?.69($1'97$,&*$?'0*$(.$83,3($0*$.;*$7'14$Q*$,=*;($(30*$,3((3;>$3;$(&*$>9',,$('2+3;>4$ %&*$0*73?'(3.;$)',$,(322$0'+3;>$0*$79..2$'$23((2*:$*8*;$(&.6>&$5$(93*7$(.$-*$,*93.6,$)3(&$ &*94$Q*$('2+*7$/.9$')&32*$';7$5$',+*7$&*9$3/$)&*;$5$>*($.6($)*$?.627$-*$-.1/93*;7$';7$ >392/93*;7:$-*3;>$=',($3;;6*;7.,4$E&*$(.27$0*$(&'($)*$?.627$('2+$'-.6($(&'($)&*;$5$>.($.6($ ./$&*9*$';7$(&'($)',$/3;*$)3(&$0*4$5$;*8*9$,')$&*9$'>'3;4$5($,**0*7$(.$0'+*$,*;,*$(&'($)*$ ?.627$-*$(.>*(&*9$-6($26?+$).627$,(322$-*$;.;S*J3,(*;(:$9.0';(3?'221$.9$';1$.(&*9$)'14$ $$$5$,(322$&'7$3;$01$=.,,*,,3.;$01$73,?S0';$';7$01$06,3?4$Y'9+3;>$';7$>9.)23;>$*?&.*7$ /9.0$01$/.69$)'22,$';7$3;$(&*$&'22,4$%&*$;69,*,$3;/.90*7$01$0.(&*9$.;*$7'1$(&'($(&*1$ (&.6>&($)*$03>&($&'8*$'$=9.-2*0:$)&3?&$).627$-*$%699*(,$E1;79.0*4$A1$0.(&*9$ 2'6>&*7$';7$,'37$(&'($)',$K6,($R&3,$7'0;$PAp$06,3?4H$E&*$(.27$(&*0$(&'($3($;**7*7$(.$-*$ ('+*;$')'1$/9.0$0*4$

aM]

$$$%&*$.;21$=9.-2*0$)',$(&'($5$&'7$Y3=.2'9$P3,.97*9$';7$3($&'7$-**;$7**0*7$'($'$(1=*$a:$ )&3?&$./$?.69,*$3,$(&*$0.9*$,*93.6,$+3;7:$K67>3;>$/9.0$(&3,$,(.914$A1$=*9,.;'23(1$'($(&*$ (30*$)',$-*3;>$/6*2*7$-1$9*23>3.6,$/';'(3?3,0$';7$'$9*/6,'2$(.$,2**=$0'7*$3($'$0.9*$ ,*93.6,$?',*4$5($)',$'29*'71$'??*=(*7$(&'($5$).627$-*$.;$0*73?'(3.;$(&*$9*,($./$01$23/*$';7$ (&'($)',$.+:$K6,($',$2.;>$',$5$>.($-*((*94$%&*9*$'9*$I63(*$'$/*)$73//*9*;($(1=*,$./$(&*$ 73,.97*9$';7$(&*1$'9*$'22$3;738376'24$<$(1=*$"$?';$'?($).9,*$(&';$'$(1=*$a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a$2'-*24$ E?3*;(.2.>1$)',$01$?&.3?*4$<22$01$='9*;(,$)';(*7$)',$01$,';3(1$';7$(.$-*$-'?+$(.$ ;.90'24$%&*1$&'7$;.$73,'==.3;(0*;($3;$0*$-*?'6,*$(&*1$&'7$;*8*9$=6,&*7$3($.;$0*$';7$ (&*1$&'7$7.6-(,$(&'($5$).627$*8*9$-*$3;(*9*,(*7$3;$E?3*;(.2.>1$3/$5$)',$'?(3;>$23+*$01,*2/4$ <22$(&*1$&'7$2*/($(.$-*$73,'==.3;(*7$3;$)',$E?3*;(.2.>1$'/(*9$(&*$(30*:$0.;*1$';7$*//.9($ (&*1$=6($3;(.$3(:$K6,($3(,$=*.=2*$7*;3*7$';7$&'7$=3(1$/.9$(&*39$,.;4

aM_

25/6#$%*>C

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

aVb

5$&'7$/.9>.((*;$'-.6($(&'($'9*'$./$,=*?3'2(1$/.9$I63(*$,.0*$(30*4$E&*$737;H($2'6>&$'($0*$ &.)*8*9:$';7$5$79'>>*7$&*9$3;$01$9..0$(&'($)',$;*'9-14$Q*$)*9*$(.6?&3;>$';7$,&*$+*=($ ,'13;>$(&'($)*$)*9*$>.3;>$(.$>*($?'6>&(4$<($/39,($3($737;H($9*>3,(*9$(.('221$';7$5$737;H($ 9*'221$?'9*4$5$737;H($&'8*$06?&$(.$2.,*:$-6($01$839>3;3(14$<22$./$'$,677*;$,.0*(&3;>$ 7');*7$.;$0*4$5$,6==.,*$(&*$/*'9$./$>*((3;>$?'6>&(:$(&.6>&$;.(&3;>$).627H8*$&'==*;*7$ (.$0*4$5$(&*;$(&9*)$&*9$.6($./$(&*$9..04$E&*$)',$K6,($,(';73;>$(&*9*$/.9$')&32*$',$3/$(.$,'1$ ,&*$737;H($9*'221$)';($(.$,(.=4$5$?2.,*7$(&*$7..9$.;$&*9$';7$=622*7$7.);$01$=';(,$(.$ 9*23*8*$0.;(&,$./$(*;,3.;4$O.)$0';1$?&';?*,$/.9$0';&..7$?.627$5$/.32$&*9*\ $$$5($)',;H($2.;>$-*/.9*$,&*$)',$2*($.6($';7$5$)',$2*/($-*&3;74$^3;'221:$'/(*9$0.;(&,$3;$ (&*9*$5$9*?*38*7$01$.);$,(*'71$9..0$';7$01$.);$?2.(&*,$-'?+4$5$7.;H($(&3;+$5$)';(*7$(.$ 2*'8*:$5$K6,($;**7*7$'$)'2+4$5$=6($.;$01$<39$h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

aVa

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

aV!

?.6;(*9$';7$.97*9*7$01$=9*83.6,$(.$;.)$6,6'24$Q&*;$(&*$<,3';$0';$7*238*9*7$(&*$?.,($5$ 2..+*7$'($&30$/6;;1$-*?'6,*$5$&'7$/.9>.((*;$'-.6($(&*$6,*$./$0.;*1$3;$(&3,$).9274$5$ 2..+*7$-*,37*$0*$';7$6=:$)'1$6=$(.$'$@V:$_D$k*;1';$0';:$(&*;$-'?+$'($(&*$<,3';$.);*94$ 5$(.27$&30$(&'($(&*$('22$0';$).627$='1$/.9$3(:$,3;?*$5$)',$,69*$&*$+;*)$)&.$5$)',4$5$(&*;$ )'2+*7$')'14$5$>6*,,$(&*1$,&96>>*7$3($.//:$0.,($23+*21$;.(3?3;>$01$&.,=3('2$>'9-4$Q&1$ ,('9($'$?9'W1$93.($.8*9$'$7.22'9\$N9$=.,,3-21$(&*$0';$(9*'(*7$0*4

$$$5$&'7$)'2+*7$93>&($6=$(.$';.(&*9$0';$';7$,'($)3(&$&30$)3(&.6($',+3;>4$5$)',$8*91$ 3;(*;,*:$,&..(3;>$.//$'-.6($6;K6,(21$'?(3.;,$./$(&*$).927$';7$&.)$)*$;**7$(.$?&';>*$(&*$ ,?&..2$,1,(*04$O*$&*27$&3,$>9.6;7$&.)*8*9:$';7$+*=($'($2*',($(&*$7*0*';.9$./$-*3;>$ ?.0/.9('-2*4$Q*$,'($';7$('2+*7$';7$&*$2*($0*$>*($.6($)&'(*8*9$9';(3;>$5$/*2($5$&'7$(.4$5$ ?';;.($9*?'22$';1$(30*$-*()**;$(&3,$=.3;($';7$)&*;$5$,(*==*7$3;(.$'$-2'?+$Edj$./$,.0*$ +3;74$%&3,$0';$,.0*&.)$+*=($0*$?'20$';7$>.($0*$-'?+$(.$(&*$&.,=3('2$)3(&.6($'$/3>&(4$ A1$0.0$(.27$0*$(&'($'$0';$?'22*7$(&*$&.6,*:$(*223;>$(&*0$(&'($5$)',$,'/*$';7$(&'($&*$)',$ ('+3;>$0*$-'?+4$E&*$',+*7$&3,$;'0*$';7$&*$(.27$&*9$(&'($3($)',;H($30=.9(';(4$5H0$;.($,69*$ &.)$&*$>.($01$;60-*9$*3(&*94$5H0$;.($,69*$5$)',$3;$(&*$,('(*$./$9*0*0-*93;>$3/$&*$737$ ',+4$5$'9938*7$-'?+$'($(&*$&.,=3('2$';7$&*$73,'==*'9*74$5($,**0*7$',$(&.6>&$&*$)',$';$ ';>*2$.9$,*;($-1$.;*4 $$$`*((3;>$-'?+:$(&*9*$)*9*$,.0*$?.=,$'9.6;74$5$,'($3;$'$?.=$?'9$/.9$'$-3($6;(32$3($)',$,'/*$ (.$(9';,/*9$0*$-'?+$7.);4$5$)',$/2'6;(3;>$)3(&$01$,6;>2',,*,$.;:$(913;>$(.$,&.)$.//$/.9$

aV"

(&*$='='9'WW3H,$*1*$(&'($)',$.;$0*4$5$)',$=9*((1$,69*$(&*$?.=,$).627$&';72*$(&*04$%&*$ .;21$.;*$3;$/'?($)'(?&3;>$0*$)',$01$&3>&$,?&..2$?.6;,*2.94$E&*$&'7$';$'==.3;(0*;($(&'($ 7'1$'($(&*$&.,=3('2$';7$,&*$?.627$,**$0*$(&9.6>&$(&*$)3;7.),4$<($.69$2',($0**(3;>$5$)',$ '$,63?37'2$+37$)&.$&'7$,6?&$=9.03,*$'($.;*$=.3;(:$';7$;.)$5$)',$'$9'83;>$26;'(3?$(&'($ ?.627;H($-*$,(.==*74$E&*$737;H($+;.)$&.)$(&3,$?.627$&'==*;$(.$,.0*.;*:$*,=*?3'221$.;*$ ./$&*9$.);$,(67*;(,4$E&*$-9.+*$7.);$';7$?93*7$93>&($(&*9*4$

$$$$$=6($3;$(&*$=3($/.9$'$/*)$7'1,$(.$?'20$7.);:$(&3;>,$,('9(*7$(.$>*($-*((*94$5$ 2..+*7$/.9)'97$(.$01$/39,($0.83*$;3>&($';7$)'(?&*7$`*.9>*$./$(&*$h6;>2*:$';7$-*,37*,$ /9*'+3;>$.6($-*?'6,*$5$)',$)*'93;>$(&*$,'0*$F3+*H,$',$Y9*;7';$^9',*9$3;$(&*$0.83*:$(&*$ 3,.2'(3.;,$,(.==*74$5$238*7$(&*$;*J($0.;(&$3;$'$;.90'2$='(3*;($9..04$5$,('9(*7$(.$)93(*$ =.*(91:$(&.6>&$01$83,3.;$0'7*$3($73//3?62(4$5$-*>';$(.$>'(&*9$9'(3.;'2:$?.&*9*;($(&.6>&(,$ '>'3;$';7$5$,('9(*7$(.$0'+*$/93*;7,4$A1$)*3>&($)',$?.03;>$-'?+$(.$;.90'2:$(&*$0*7,$ ,2.)3;>$7.);$01$0';3?$0*('-.23,04$5$)',$;.)$3;$'$,('(*$)&*9*$=*.=2*$?.627$83,3($)3(&$ 0*$0.9*$./(*;4$E..;$'/(*9$&'83;>$01$a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

aV#

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

aVM

!"#$%&'%( $$$A*;('2$322;*,,$7.*,;H($&'8*$(.$-*$'$,*;(*;?*4$e*.=2*$,&.627;H($-*$K67>*7$/.9$3(:$-*?'6,*$ ';1.;*$)&.$7.*,;H($/3;7$'$?69*$/.9$(&*39$'//23?(3.;,$-*2.;>,$(.$'$=*90';*;($03;7$=93,.;4$ A.,($322;*,,$?';$-*$9*>62'(*7:$3/$;.($/6221$?.;(9.22*74$E.0*$=*.=2*$)3(&$Y3=.2'9$P3,.97*9$ ?&..,*$;.($(.$('+*$(&*39$0*73?'(3.;$-*?'6,*$./$(&*$R&3>&H$(&*1$>*($/9.0$(&*$73,.97*9G$3($ -*?.0*,$23+*$';1$&3>&:$';7$-*?.0*,$';$'773?(3.;4$c3(&*9$(&'($.9$(&*$322;*,,$?'6,*,$'$-2.?+$ 3;$73,(3;>63,&3;>$-*()**;$&*'2(&1$>..7$0..7,$';7$0';3'4$%&*$/'?($(&'($=*.=2*$/'22$'>'3;$ ';7$'>'3;$-1$;.($?.;,3,(*;(21$('+3;>$(&*$0*73?'(3.;$3,$';$3;73?'(3.;$(&'($'$?&';>*$&',$(.$ -*$0'7*4$5($3,$'2,.$-*?'6,*$./$2'?+$./$,6==.9($(&'($=*.=2*$'9*$/.9?*7$.6($./$(&*$=.(*;(3'2$(.$ 238*$'$9*>62'9$23/*$';7$3;(.$'$8.37$./$.-,?693(14 $$$$e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aVV

3;(9.,=*?(3.;$';7$?.6;(2*,,$&.69,$./$,*2/S9*/2*?(3.;$(.$'?&3*8*4$O.)*8*9:$-*3;>$,('-2*$3,$ (&*$0.,($30=.9(';($(&3;>4

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

aVZ

322;*,,:$.9$3/$,.0*.;*$)',$'-6,*7$-1$(&*39$/'(&*9$',$'$?&327$SS$3($'22$?.0*,$7.);$(.$(&*$ ,'0*$(&3;>4$%&3,$-*&'83.69$3,$'$=.(*;(3'2$23;+$(.)'97$399'(3.;'23(1:$)&3?&$?';$-*$K6,($',$ 7';>*9.6,$3/$;.($(&*$,'0*$.9$).9,*$(&';$0*;('2$322;*,,4$Q*$?';$;.($*,?'=*$)&'($96;,$ (&9.6>&$.69$='(&:$-6($*8*91.;*$3,$9*,=.;,3-2*$(.$?'991$.;$)'2+3;>$(&9.6>&$3;738376'2$ ;.(3.;$';7$*//.9(4 $$$e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

aV]

,.?3'221$'??*=(*74$^9.0$)&'($5H8*$,**;$';7$K67>3;>$-1$01$.);$*J=*93*;?*:$(&*9*$3,$;.$ 9*',.;$)&1$'$-3=.2'9$=*9,.;$?';;.($2*'7$'$=9.76?(38*$23/*4$e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

> $$$E?3*;(.2.>3,(,$)322$(*22$(&'($1.6$5$)*;($?9'W1$-*?'6,*$./$'$/*)$';(3S7*=9*,,';(,$.9$ -*?'6,*$5$'0$'$2.,($?'6,*:$*8*;$(&.6>&$5$&'8*$-**;$('+3;>$0*73?'(3.;$*8*9$,3;?*$';7$5$'0$ /3;*$;.)4$%1=*,$./$;'(69.='(&,$)322$,'1$(&'($01$,10=(.0,$)*9*$76*$(.$,(9*,,4$ F*69.2.>3,(,$,'37$(&*9*$)',$;.(&3;>$)9.;>$*J?*=($0*$';7$01$-*&'83.9$-*?'6,*$(&*1$

aV_

737;H($(*,($/.9$(&*$93>&($322;*,,4$E.0*$,'1$73,*',*$3,$0*;('2:$-6($;.$.;*$?&..,*,$(.$>.$ =,1?&.(3?4$e,1?&3'(93,(,$)322$,'1$5H0$-3=.2'9$(1=*$a$';7$5$&'8*$(.$(96,($(&3,$-*?'6,*$6;7*9$ (&*39$?'9*$5$-*?'0*$-*((*9$6;7*9$,6=*983,3.;$';7$0*73?'(3.;$';7$01$,10=(.0,$0'(?&*7$ (&*$-..+$(.$'$(**4$%&*9*$'9*$,.0*$-3=.2'9$=*.=2*$(&'($?';$>*($-1$)3(&.6($0*73?'(3.;:$ 0';1$7.$';7$;.($'22$?',*,$'9*$',$-2'?+$';7$)&3(*$',$03;*4$A.,($=*.=2*H,$3;&*9*;($ 6;7*9213;>$=*9,.;'23(3*,$).627;H($('+*$(&*$322;*,,$(.$,6?&$*J(9*0*,$',$5$737:$-6($3($?';$ &'==*;$)3(&$'$(1=*$a4$5($)',$'976.6,$(.$>.$(&9.6>&$(&3,$K6,($(.$-*?.0*$73'>;.,*7:$-6($(&'($ 3,$*'?&$=*9,.;H,$3;738376'2$K.69;*1:$23+*$23/*$';7$(&*$=9.>9*,,3.;$./$,*2/4$%.$>*;*9'23W*$ =*.=2*$3;$-.J*,$3,$(.$*;?'=,62'(*$(&*39$,.62,$)3(&$(&3,$83*)4$5$).627$06?&$9'(&*9$>.$ (&9.6>&$(&3,$(&';$'$23/*$(30*$./$,(96>>23;>$)3(&$(&*$739*?($'//23?(3.;,$./$';$30-'2';?*$ ('+3;>$'//*?($7'321$';7$0'1-*$(&'(H,$)&1$3($7374

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

aZb

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d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f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f3(&360$5$&'8*;H($&'7$,.$06?&$',$'$?.00.;$?.27$3;$V$1*'9,4$A*73?'2$7.?(.9,$'??.6;($/.9$

aZa

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

aZ!

aZ"

aZ#

aZM

aZV

aZZ