Hersha Hospitality Trust Annual Report 2011

Plain-text annual report

HERSHA 2011 hersha hospitality trust 57521 2011 Annual Layout_57521 annual_aa3 4/10/12 2:48 PM Page 1 2011 Financial Highlights (In thousands, except per share data) Year Ended December 31, Hotel Operating Results (a) 2011 2010 2009 2008 2007 Total Revenues Average Daily Rate Occupancy Revenue Per Available Room $ $ $ 432,792 373,356 324,473 378,338 366,314 144.83 71.89% 104.12 136.22 69.88% 95.19 126.33 66.66% 84.21 139.48 71.44% 99.64 134.12 73.07% 98.00 (a) Pertains to all hotels owned as of year end including the total results of hotels owned in a joint venture structure and assets held for sale. (In thousands except per share data) Year Ended December 31, Hersha Hospitality Trust 2011 2010 2009 2008 2007 Operating Data: (Excluding Impairment Charges) (1) Total Revenues (Including Discontinued Operations) Net Income applicable to Common Shareholders Adjusted EBITDA(2) Adjusted Funds from Operations (3) Per Share Data: (Excluding Impairment Charges) (1) Basic Earnings Per Common Share Diluted Earnings Per Common Share AFFO Distributions to Common Shareholders Balance Sheet Data: (as of December 31st) Total Assets Total Debt Noncontrolling Interest in Partnership Total Shareholder’s Equity $ $ $ 329,868 ) (5,133 132,969 68,710 283,597 (18,871 ) 108,329 52,067 230,930 (17,382 ) 97,350 33,956 265,399 5,829 120,018 61,308 248,813 13,047 117,164 56,001 ) (0.03 ) (0.03 0.38 0.23 ) ) (0.14 (0.14 0.36 0.20 ) ) (0.35 (0.35 0.57 0.33 0.07 0.07 1.15 0.72 0.22 0.22 1.21 0.72 1,630,909 820,132 31,819 730,671 1,457,277 694,720 39,304 683,434 1,111,044 745,443 41,859 302,197 1,178,405 743,781 53,520 349,963 1,067,607 663,008 42,845 330,405 (1) Operating and Per Share Data exclude charges recorded during 2008-2011 relating to impairment losses on development loans, land parcels, investment in unconsolidated joint ventures, several wholly owned hotel properties, and assets held for sale. (2) Adjusted Earnings Before Interest, Taxes, and Depreciation and Amortization (EBITDA) is a non-GAAP financial measure within the meaning of the Securities and Exchange Commission rules. Our Adjusted EBITDA computation may not be comparable to EBITDA or Adjusted EBITDA reported by other companies that interpret the definition of EBITDA differently than we do. Management believes Adjusted EBITDA to be a meaningful measure of a REIT's performance because it is widely followed by indusry analysts, lenders and investors and that it should be considered along with, but not as an alternative to, net income, cash flow, FFO and AFFO as a measure of the company's operating performance. (3) Funds from Operations (FFO) as defined by NAREIT represents net income (loss) (computed in accordance with generally accepted accounting principles), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated assets, plus certain non-cash items, such as loss from impairment of assets and depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We present Adjusted Funds From Operations (AFFO), which reflects FFO in accordance with the NAREIT definition plus the following additional adjustments: adding back write-offs of deferred financing costs on debt extinguishment, both for consolidated and unconsolidated properties, adding back amortization of deferred financing costs, adding back non-cash stock expense, adding back acquisition and terminated transaction expenses, adding back FFO attributed to our partners in consolidated joint ventures, and making adjustments to ground lease payments, which are required by GAAP to be amortized on a straight-line basis over the term of the lease, to reflect the actual lease payment. 57521 2011 Annual Layout_57521 4/5/12 3:14 PM Page 2 Annual Report 2011 h e r s h a h o s p i t a l i t y t r u s t Fellow Shareholders: In 2011, the world faced a weakening pace of recovery: The US saw its credit rating downgraded; the future of the Eurozone hung in the balance driven by fear of contagion from the threatened economic collapse of some of its member nations due to their inability to address their sovereign debt burdens; the earthquake in Japan derailed one of the world’s most significant economies; and the emergence of asset bubbles in China raised concerns of a significant slowdown in Asia. In this sharply destabilized economic environment, the hotel REIT sector experienced volatility and risk aversion in the latter half of the year that was reminiscent of late 2008 and 2009. Although the tough capital market environment had its impact on our share price in 2011, our portfolio demonstrated its characteristic resilience allowing us to drive robust performance at our hotels and post strong growth over the prior year. Based on results from the early part of this year, it appears that the momentum is continuing to build and suggests strength into the coming year. Just as notably as Hersha’s leading portfolio performance, the Company also completed its transformation to a pure play, urban transient hotel portfolio to better capitalize on our strategy and our core strengths as a company. We emerged from 2011 with strength in operating fundamentals, a portfolio of the most Courtyard Miami Beach Oceanfront, Miami Beach, Florida The Rittenhouse Hotel, Philadelphia, Pennsylvania 57521 2011 Annual Layout_57521 annual_aa3 4/10/12 3:17 PM Page 5 Annual Report 2011 h e r s h a h o s p i t a l i t y t r u s t profitable hotels in the sector concentrated in the highest growth gateway cities in the country and a conservative balance sheet that affords security and considerable financial flexibility. We believe that at a certain point, a continuously unstable and fluid market environment can no longer be considered volatile. Rather, we have to contemplate that we have entered a new environment, one that requires agility and innovative approaches to maintain a standard of outperformance and to leverage unique opportunities. Hersha is well positioned to create value in this new environment. We have recalibrated our business model and further focused our expertise on our preferred urban transient hotels, which are particularly well suited to the prevailing market conditions. The high demand g a t e w a y m a r k e t s combined with the high margin operations a s s o c i a t e d w i t h t r a n s i e n t h o t e l s , avoiding the group s e g m e n t s a n d reducing reliance on multiple food and beverage outlets, enables our hotels to achieve some of the highest room revenues in a market with limited expense expansion. The resulting operating leverage and market leverage produces superior flow-through and drives profitability. In this new environment, we will continue to execute on the successful and timely urban transient model that we defined years ago and that we continue to develop and lead. Leadership in Growth Markets In 2009 and 2010, as we navigated the challenges that the markets dealt, we also took the opportunity to acquire high quality hotels in leading markets at extremely attractive prices. We continued our market leadership in 2011 and into 2012, selectively acquiring six hotels, and entering the very desirable Los Angeles and Miami markets. In addition, we entered into an agreement to purchase the Hyatt Union Square upon construction completion and most recently, purchased the iconic Rittenhouse Hotel in Philadelphia. In total, since the beginning of the credit crisis, we have added 22 assets, more than any of our peers, deploying more than $900 million in urban transient hotel investments in our strategic markets, with a median age of less than three years old. 57521 2011 Annual Layout_57521 annual_aa3 4/10/12 3:55 PM Page 6 Annual Report 2011 h e r s h a h o s p i t a l i t y t r u s t We further enhanced the value of our portfolio by divesting 18 hotels that we determined were not core to our strategy and our value proposition. These assets were in markets that we consider to have a slower inherent growth trajectory than the remainder of our portfolio. By selling these hotels and recycling the capital into hotels in higher growth markets, we significantly improved the performance and growth profile of the Company. We now generate approximately half of our earnings from New York City and 90% of our earnings from our six urban gateways of Boston, New York City, Philadelphia, Washington, D.C., Miami and Los Angeles, each a market in which we have a developed expertise and deep long-term conviction. R e a l i z i n g Competitive Advantage In addition assembling to an unparalleled portfolio generating the highest EBITDA per room within our peer set, our continued priority remains the operational advantage that we bring to the performance of our hotels. Our aggressive and value enhancing asset management program remained laser focused on our operators’ revenue management strategies and the corresponding operating fundamentals. Remaining responsive in dodgy market conditions is a well-honed and specialized skill that we have leveraged to produce strong outcomes. In 2011 our portfolio delivered industry-leading results, with strong average daily rate (ADR) driven revenue per available room (RevPAR) growth and solid EBITDA margin expansion resulting in EBITDA margins that led the market and were the highest in our history. In 2011, our consolidated portfolio achieved an occupancy rate of 73.8% at a $154.01 ADR. The resulting RevPAR for the Company's consolidated hotels was up 7.9% to $113.66 in 2011 compared to $105.31 in the prior year period, driven by a 6.7% increase in ADR and an 82 basis point improvement in occupancy. Total Hotel Revenues, including our hotels owned in joint ventures, increased 17.1% from approximately $320.5 million in 2010 to $375.4 million last year. Flow-through was strong, with Hotel EBITDA increasing 26.2% from $103.2 million to $130.2 million year over year. We used seasonality in our business and the softer demand periods of the year in our various markets Courtyard by Marriott Boston, Brookline, Massachusetts Hilton Garden Inn Tribeca, New York, New York 57521 2011 Annual Layout_57521 annual_aa3 4/10/12 4:52 PM Page 9 Annual Report 2011 h e r s h a h o s p i t a l i t y t r u s t as an opportunity to undertake $26 million of renovations and return on investment (ROI) projects to ensure that we are optimally positioned to take advantage of the continuing recovery in our markets. Despite selecting periods of lower demand for the completion of projects, some disruptive impact is unavoidable. Renovation disruptions notwithstanding, we increased Hotel EBITDA margins 140 basis points year over year from 37.2% to 38.6%. Importantly, these margins evidence the evolution of our portfolio, and we are confident that significant opportunity for further improvement remains as our young portfolio stabilizes and as the lodging recovery progresses. Our ability to drive such results is due in part to our asset management focus on optimizing and controlling our cost structure. We have aligned ourselves with best-in-class property managers who have done a commendable job of managing through the slowdown, while maximizing the opportunity through the ongoing recovery. Our urban transient model has a great deal of inherent operating leverage and market leverage, which will translate to earnings growth through the efforts of our asset management team. Fortified Balance Sheet Our balance sheet continues to be strong and provides us with significant financial flexibility. We further bolstered our balance sheet in 2011 by issuing $115 million of perpetual preferred equity at an attractive coupon that enhances our current capital structure. Our Net Debt to EBITDA ratio of 5.3x as of December 31, 2011 was meaningfully better than our ratio of 7.3x times as of the beginning of 2010 and we are confident that the organic EBITDA growth in our portfolio will allow us to potentially push this ratio below our stated goal of 5.0x. The financial strength supported by low leverage and a solid cash position provides the Company with the capacity necessary to continue executing on our business plan. 57521 2011 Annual Layout_57521 annual_aa3 4/10/12 7:03 PM Page 10 Annual Report 2011 h e r s h a h o s p i t a l i t y t r u s t Encouraging Outlook We look ahead into 2012 with great confidence for Hersha. While the economic environment is still searching for firm footing, we recognize that the improving levels of capital investment and corporate profitability are pushing the demand outlook and our urban transient model is particularly well-tailored to capture an outsized share of this growth. The corporate transient segment is recovering at a spirited rate while the group segment is being held back by conservative outlooks. Our business transient guests’ travel to our markets appears to be more directly tied to revenue generation and therefore remains “mission critical” when viewed by corporate travel planners and decision makers. To our advantage, the strength we are seeing in the corporate transient segment, which makes up the majority of our guest mix, remains the sweet spot in the current lodging recovery. The limited supply remains a unique and attractive feature of this recovery cycle. New lodging supply across the country is minimal with less than 1% new supply expected to come online in 2012 and 2013, well below the historical average and certainly below the anticipated growth in demand. These supply-demand dynamics, combined with the quality and youth of our pure play, urban transient portfolio, gives us reassurance that Hersha’s ongoing growth potential offers great upside. We appreciate having you as fellow shareholders and value the confidence that you have placed in us. We look forward to updating you on our progress throughout the year. Jay H. Shah Chief Executive Officer Neil H. Shah President and Chief Operating Officer Courtyard by Marriott, Los Angeles, California 57521 2011 Annual Layout_57521 4/5/12 3:15 PM Page 12 Annual Report 2011 h e r s h a h o s p i t a l i t y t r u s t In 2011, Hersha formally launched its sustainable hospitality initiative, EARTHVIEW, to enhance the sustainability and value of operational and maintenance activities across the Hersha property portfolio. The EARTHVIEW program is a triple bottle line approach to economic, environmental and community sustainability that adds value to all of our stakeholders. Hersha has always taken a leadership role in the areas of environmental preservation, social responsibility and community engagement, a tradition begun by its founders and carried forward by its management in the new and exciting sustainability initiatives being forged by EARTHVIEW. Through this unique company-wide program we rededicate ourselves to pioneering and implementing sustainable and innovative practices that benefit the performance of our business, while helping to preserve the environment and inspire our local and global communities. 57521 P1 10K 2 color_57521 4/5/12 3:11 PM Page 1 Hersha Hospitality Properties (1) New York Metro Area Duane Street Hotel, Tribeca Hotel 373 Fifth Avenue, Midtown NU Hotel, Brooklyn Hilton Garden Inn, Tribeca Hampton Inn, Times Square South Hampton Inn, Herald Square Hampton Inn, Chelsea Hampton Inn, Seaport Hampton Inn, Downtown Holiday Inn, Wall Street Holiday Inn Express, Wall Street Holiday Inn Express, Times Square Holiday Inn Express, Madison Square Candlewood Suites, Times Square Sheraton Hotel, JFK International Airport Hilton Garden Inn, JFK International Airport Hyatt House, White Plains Hampton Inn Brookhaven, Long Island/Farmingville Holiday Inn Express, Long Island/Hauppauge Holiday Inn Express, Chester New Jersey Courtyard by Marriott, Ewing/Princeton Hyatt House, Bridgewater Boston Metro Area/Rhode Island Courtyard by Marriott, Boston/Brookline Courtyard by Marriott, South Boston Holiday Inn Express, Cambridge Holiday Inn Express, South Boston Residence Inn by Marriott, Framingham Residence Inn by Marriott, Norwood Hawthorn Suites, Franklin Courtyard by Marriott, Warwick, RI Hampton Inn, Smithfield, RI Connecticut Marriott Downtown, Hartford Hilton Hotel, Hartford Mystic Marriott Hotel and Spa, Groton Courtyard by Marriott, Norwich Hampton Inn, West Haven Philadelphia Metro Area/Delaware The Rittenhouse Hotel, Center City Philadelphia Hampton Inn, Center City Philadelphia Hyatt Place, King of Prussia/Valley Forge Holiday Inn Express, King of Prussia/Valley Forge Courtyard by Marriott, Langhorne/Oxford Valley Residence Inn by Marriott, Langhorne/Oxford Valley Holiday Inn Express, Langhorne/Oxford Valley Courtyard by Marriott, Wilmington Inn at Wilmington, Wilmington Sheraton Wilmington South, Wilmington Pennsylvania Hampton Inn & Suites, Hershey Holiday Inn Express, Hershey Comfort Inn, West Hanover/Hershey Residence Inn by Marriott, Carlisle TownePlace Suites by Marriott, Harrisburg Washington, D.C. Metro Area Hampton Inn, Washington, D.C. Capitol Hill Suites, Washington, D.C. Residence Inn by Marriott, Tyson's Corner Courtyard by Marriott, Alexandria Residence Inn by Marriott, Greenbelt, MD Hyatt House, Gaithersburg, MD Holiday Inn Express, Camp Springs, MD Florida Courtyard Miami Beach Oceanfront, Miami Beach California/Arizona Courtyard by Marriott, Los Angeles, CA Hyatt House, Pleasant Hill/Walnut Creek, CA Hyatt House, Pleasanton/Dublin, CA Hyatt House, Scottsdale, AZ (1) HT Properties Listing as of March 31st, 2012, excluding assets held for sale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`1!(=0)0.:!.,!(..-(/.!\$:!;$4(&;!1$E4$&.1?!$&#(&/$! #,.$)!,+$-(.0,&1!(&;!0&/-$(1$!),&E8.$-4!B()'$K! %1!,3!<$/$4=$-!>6?!@766?!,'-!+,-.3,)0,!/,&101.$;!,3!ab!A#,)):8,A&$;!)040.$;!(&;!3'))!1$-B0/$!+-,+$-.0$1!A0.#!(!.,.()!,3! Y?>QQ!-,,41!(&;!0&.$-$1.1!0&!6b!)040.$;!(&;!3'))!1$-B0/$!+-,+$-.0$1!,A&$;!.#-,'E#!_,0&.!B$&.'-$!0&B$1.4$&.1!A0.#!(!.,.()!,3!@?bQa! -,,41K!!R3!.#$!6b!)040.$;!(&;!3'))!1$-B0/$!+-,+$-.0$1!,A&$;!.#-,'E#!,'-!0&B$1.4$&.!0&!_,0&.!B$&.'-$1?!.A,!(-$!/,&1,)0;(.$;!A0.#!'1! 3,-!30&(&/0()!-$+,-.0&E!+'-+,1$1K!"#$1$!Y7!+-,+$-.0$1?!A0.#!(!.,.()!,3!67?Xb>!-,,41?!(-$!),/(.$;!0&!%-0W,&(?!F()03,-&0(?!F,&&$/.0/'.?! <$)(A(-$?!<01.-0/.!,3!F,)'4=0(?!5),-0;(?!V(-:)(&;?!V(11(/#'1$..1?!S$A!Z$-1$:?!S$A![,-\?!S,-.#!F(-,)0&(?!P$&&1:)B(&0(?!*#,;$!N1)(&;! (&;!c0-E0&0(!(&;!,+$-(.$!'&;$-!)$(;0&E!=-(&;1?!,A&$;!=:!V(--0,..!N&.$-&(.0,&()?!N&/K!GHV(--0,..IJ?!L0).,&!],-);A0;$?!N&/K!GHL0).,&IJ?! N&.$-F,&.0&$&.()!L,.$)1!d-,'+!GHNLdIJ?!L:(..!F,-+,-(.0,&!GHL:(..IJ?!C.(-A,,;!L,.$)1!(&;!*$1,-.1!],-);A0;$?!N&/K!GHC.(-A,,;IJ!,-! F#,0/$!L,.$)1!N&.$-&(.0,&()?!N&/K!GHF#,0/$IJK!!N&!(;;0.0,&?!1,4$!,3!,'-!#,.$)1!,+$-(.$!(1!0&;$+$&;$&.!=,'.0^'$!#,.$)1K!!%1!,3! <$/$4=$-!>6?!@766?!A$!#(;!(&!0&B$1.4$&.!,3!e>bKQ!40))0,&!0&!30B$!),(&1?!3,'-!),(&1!A#0/#!(-$!/,))(.$-()0W$;!=:!,+$-(.0&E!#,.$)1!(&;! ,&$!,3!A#0/#!-$)(.$1!.,!(!#,.$)!;$B$),+4$&.!+-,_$/.K! ]$!(-$!1.-'/.'-$;!(1!(&!'4=-$))(!+(-.&$-1#0+!*DN"?!,-!TP*DN"?!(&;!A$!,A&!,'-!#,.$)1!(&;!,'-!0&B$1.4$&.1!0&!_,0&.!B$&.'-$1! .#-,'E#!,'-!,+$-(.0&E!+(-.&$-1#0+?!L$-1#(!L,1+0.()0.:!U040.$;!P(-.&$-1#0+?!3,-!A#0/#!A$!1$-B$!(1!E$&$-()!+(-.&$-K!%1!,3!<$/$4=$-! >6?!@766?!A$!,A&$;!(&!(++-,204(.$!XbKXf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a8OO77K!R'-!A$=10.$!(;;-$11!01!AAAK#$-1#(K/,4K!"#$!0&3,-4(.0,&!3,'&;!,&?!,-!,.#$-A01$!(//$110=)$!.#-,'E#?!,'-!A$=10.$!01!&,.! 0&/,-+,-(.$;!0&.,?!(&;!;,$1!&,.!3,-4!(!+(-.!,3?!.#01!-$+,-.K!!! %>%)+%9+"&)/1'#2%*)'/! ]$!4(\$!(B(0)(=)$!3-$$!,3!/#(-E$!.#-,'E#!,'-!A$=10.$!GAAAK#$-1#(K/,4J!,'-!/,;$!,3!$.#0/1?!/,-+,-(.$!E,B$-&(&/$! E'0;$)0&$1!(&;!.#$!/#(-.$-1!,3!.#$!/,440..$$1!,3!,'-!g,(-;!,3!"-'1.$$1!G%/^'010.0,&!F,440..$$?!%';0.!F,440..$$?!F,4+$&1(.0,&! F,440..$$?!S,40&(.0&E!(&;!F,-+,-(.$!d,B$-&(&/$!F,440..$$!(&;!*01\!C'=8F,440..$$!,3!.#$!%';0.!F,440..$$JK!]$!()1,!4(\$! @!!!LD*CL%!@766!%SST%U!*DPR*"! (B(0)(=)$!.#-,'E#!,'-!A$=10.$!,'-!(&&'()!-$+,-.1!,&!5,-4!6789?!^'(-.$-):!-$+,-.1!,&!5,-4!678h?!/'--$&.!-$+,-.1!,&!5,-4!Y89!(&;! (4$&;4$&.1!.,!.#,1$!-$+,-.1!30)$;!,-!3'-&01#$;!+'-1'(&.!.,!C$/.0,&!6>G(J!,-!6bG;J!,3!.#$!C$/'-0.0$1!D2/#(&E$!%/.!,3!6X>O?!(1! (4$&;$;?!(1!1,,&!(1!-$(1,&(=):!+-(/.0/(=)$!(3.$-!1'/#!;,/'4$&.1!(-$!$)$/.-,&0/()):!30)$;!A0.#?!,-!3'-&01#$;!.,?!.#$!CDFK!"#$! 0&3,-4(.0,&!(B(0)(=)$!,&!,'-!A$=10.$!01!&,.?!(&;!1#())!&,.!=$!;$$4$;!.,!=$?!(!+(-.!,3!.#01!-$+,-.!,-!0&/,-+,-(.$;!0&.,!(&:!,.#$-!30)0&E1! A$!4(\$!A0.#!.#$!CDFK! )/>"$*2"/*&)/&!'*"+&(#'("#*)"$! R'-!,+$-(.0&E!1.-(.$E:!3,/'1$1!,&!0&/-$(10&E!#,.$)!+$-3,-4(&/$!3,-!,'-!+,-.3,)0,K!"#$!\$:!$)$4$&.1!,3!.#01!1.-(.$E:!(-$M! • A,-\0&E!.,E$.#$-!A0.#!,'-!#,.$)!4(&(E$4$&.!/,4+(&0$1!.,!0&/-$(1$!,//'+(&/:!)$B$)1!(&;!-$B$&'$!+$-!(B(0)(=)$! -,,4?!,-!i*$BP%*i?!.#-,'E#!(/.0B$!+-,+$-.:8)$B$)!4(&(E$4$&.?!0&/)';0&E!0&.$&10B$!4(-\$.0&E!$33,-.1!.,!.,'-! E-,'+1?!/,-+,-(.$!(&;!E,B$-&4$&.!$2.$&;$;!1.(:!/'1.,4$-1!(&;!,.#$-!A#,)$1()$!/'1.,4$-1!(&;!$2+(&;$;!:0$);! 4(&(E$4$&.!+-,E-(41?!A#0/#!(-$!/()/')(.$;!.,!=$..$-!4(./#!-,,4!-(.$1!.,!-,,4!;$4(&;j!(&;! •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`1!(=0)0.:!.,!(..-(/.!\$:!;$4(&;!1$E4$&.1?!$&#(&/$!#,.$)!,+$-(.0,&1!(&;!0&/-$(1$!),&E8.$-4! B()'$K!!]$!=$)0$B$!.#(.!/'--$&.!4(-\$.!/,&;0.0,&1!(-$!/-$(.0&E!,++,-.'&0.0$1!.,!(/^'0-$!#,.$)1!(.!(..-(/.0B$!+-0/$1K!N&!$2$/'.0&E!,'-! ;01/0+)0&$;!(/^'010.0,&!+-,E-(4?!A$!A0))!/,&10;$-!(/^'0-0&E!#,.$)1!.#(.!4$$.!.#$!3,)),A0&E!(;;0.0,&()!/-0.$-0(M! • • • • &(.0,&()):83-(&/#01$;!#,.$)1!,+$-(.0&E!'&;$-!+,+')(-!=-(&;1?!1'/#!(1!V(--0,..!L,.$)1!k!*$1,-.1?!L0).,&!L,.$)1?! F,'-.:(-;!=:!V(--0,..?!*$10;$&/$!N&&!=:!V(--0,..?!C+-0&E!L0))!C'0.$1!=:!V(--0,..?!L0).,&!d(-;$&!N&&?!L(4+.,&!N&&?! C#$-(.,&!L,.$)1!k!*$1,-.1?!<,'=)$"-$$?!D4=(11:!C'0.$1?!L:(..!L,'1$?!L:(..!P)(/$?!",A&$P)(/$!C'0.$1!(&;!L,)0;(:! N&&!D2+-$11j! #,.$)1!0&!),/(.0,&1!A0.#!10E&030/(&.!=(--0$-18.,8$&.-:?!1'/#!(1!#0E#!;$B$),+4$&.!/,1.1?!)040.$;!(B(0)(=0)0.:!,3!)(&;! (&;!)$&E.#:!$&.0.)$4$&.!+-,/$11$1j! #,.$)1!0&!,'-!.(-E$.!4(-\$.1!A#$-$!A$!/(&!-$()0W$!,+$-(.0&E!$330/0$&/0$1!(&;!$/,&,40$1!,3!1/()$j!(&; 0&;$+$&;$&.!=,'.0^'$!#,.$)1!0&!1040)(-!4(-\$.1 C0&/$!,'-!0&0.0()!+'=)0/!,33$-0&E!0&!Z(&'(-:!6XXX!(&;!.#-,'E#!<$/$4=$-!>6?!@766?!A$!#(B$!(/^'0-$;?!A#,)):!,-!.#-,'E#!_,0&.! B$&.'-$1?!(!.,.()!,3!XQ!#,.$)1?!0&/)';0&E!@Y!#,.$)1!(/^'0-$;!3-,4!$&.0.0$1!/,&.-,))$;!=:!/$-.(0&!,3!,'-!.-'1.$$1!(&;!$2$/'.0B$!,330/$-1K! R3!.#$!@Y!(/^'010.0,&1!3-,4!$&.0.0$1!/,&.-,))$;!=:!/$-.(0&!,3!,'-!.-'1.$$1!(&;!$2$/'.0B$!,330/$-1?!@b!A$-$!&$A):!/,&1.-'/.$;!,-! 1'=1.(&.0()):!-$&,B(.$;!=:!.#$1$!$&.0.0$1!+-0,-!.,!,'-!(/^'010.0,&K!g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`1!3,-$/(1.!(&;!-$B0$A!,3!.#$!/(1#!3),A!+,.$&.0()!3,-!.#$!#,.$)!(&;!-$8;$+),:! .#$!+-,/$$;1!0&.,!;$=.!-$;'/.0,&!,-!(/^'010.0,&1!,3!#,.$)1K!]$!'.0)0W$!1$B$-()!/-0.$-0(!.,!;$.$-40&$!.#$!),&E8.$-4!+,.$&.0()!,3!,'-! #,.$)1K!L,.$)1!(-$!0;$&.030$;!3,-!1()$!=(1$;!'+,&!4(&(E$4$&.`1!3,-$/(1.!,3!.#$!1.-$&E.#!,3!.#$!#,.$)`1!/(1#!3),A1!(&;!0.1!(=0)0.:!.,! -$4(0&!(//-$.0B$!.,!,'-!+,-.3,)0,K!R'-!;$/010,&!.,!1$))!(&!(11$.!01!,3.$&!+-$;0/(.$;!'+,&!.#$!10W$!,3!.#$!#,.$)?!1.-$&E.#!,3!.#$! 3-(&/#01$?!+-,+$-.:!/,&;0.0,&!(&;!-$)(.$;!/,1.1!.,!-$&,B(.$!.#$!+-,+$-.:?!1.-$&E.#!,3!4(-\$.!;$4(&;!E$&$-(.,-1?!+-,_$/.$;!1'++):! ,3!#,.$)!-,,41!0&!.#$!4(-\$.?!+-,=(=0)0.:!,3!0&/-$(1$;!B()'(.0,&!(&;!E$,E-(+#0/!+-,30)$!,3!.#$!#,.$)K!%))!(11$.!1()$1!(-$! /,4+-$#$&10B$):!-$B0$A$;!=:!,'-!g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f!,3!.#$!E-,11! -$B$&'$1!(11,/0(.$;!A0.#!.#(.!#,.$)!3,-!.#$!-$)(.$;!4,&.#K! "2(+',""$ %1!,3!<$/$4=$-!>6?!@766?!A$!#(;!>a!$4+),:$$1!A#,!A$-$!+-0&/0+()):!$&E(E$;!0&!4(&(E0&E!.#$!(33(0-1!,3!.#$!F,4+(&:! '&-$)(.$;!.,!+-,+$-.:!4(&(E$4$&.K!R'-!-$)(.0,&1!A0.#!,'-!$4+),:$$1!(-$!1(.013(/.,-:K! *%3&$*%*-$! ]$!#(B$!$)$/.$;!.,!=$!.(2$;!(1!(!*DN"!'&;$-!C$/.0,&1!Yba!.#-,'E#!Ya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f!,3!.#$!1.,/\!,3!(!"*CK!%!"*C!01!(!.(2(=)$!/,-+,-(.0,&!.#(.!4(:! )$(1$!#,.$)1!'&;$-!/$-.(0&!/0-/'41.(&/$1K!!RB$-())?!&,!4,-$!.#(&!@bf!,3!.#$!B()'$!,3!,'-!(11$.1!4(:!/,&101.!,3!1$/'-0.0$1!,3!,&$!,-! 4,-$!"*C1K!N&!(;;0.0,&?!&,!4,-$!.#(&!@bf!,3!,'-!E-,11!0&/,4$!3,-!(&:!:$(-!4(:!/,&101.!,3!;0B0;$&;1!3-,4!,&$!,-!4,-$!"*C1!(&;! 0&/,4$!3-,4!/$-.(0&!&,&8-$()!$1.(.$!-$)(.$;!1,'-/$1K! %!"*C!01!+$-40..$;!.,!)$(1$!#,.$)1!3-,4!'1!(1!),&E!(1!.#$!#,.$)1!(-$!,+$-(.$;!,&!=$#()3!,3!.#$!"*C!=:!(!.#0-;!+(-.:!4(&(E$-! .#(.!^'()030$1!(1!(&!i$)0E0=)$!0&;$+$&;$&.!/,&.-(/.,-Ki!",!^'()03:!3,-!.#(.!.-$(.4$&.?!.#$!4(&(E$-!4'1.!1(.013:!.#$!3,)),A0&E! -$^'0-$4$&.1M! 6K! @K! >K! OK 1'/#!4(&(E$-!01?!,-!01!-$)(.$;!.,!(!+$-1,&!A#,!01?!(/.0B$):!$&E(E$;!0&!.#$!.-(;$!,-!='10&$11!,3!,+$-(.0&E!H^'()030$;! ),;E0&E!3(/0)0.0$1I!3,-!(&:!+$-1,&!'&-$)(.$;!.,!'1!(&;!.#$!"*Cj! 1'/#!4(&(E$-!;,$1!&,.!,A&?!;0-$/.):!,-!0&;0-$/.):?!4,-$!.#(&!>bf!,3!,'-!1#(-$1j! &,!4,-$!.#(&!>bf!,3!1'/#!4(&(E$-!01!,A&$;?!;0-$/.):!,-!0&;0-$/.):?!=:!,&$!,-!4,-$!+$-1,&1!,A&0&E!>bf!,-!4,-$! ,3!,'-!1#(-$1j!(&;! A$!;,!&,.!;0-$/.):!,-!0&;0-$/.):!;$-0B$!(&:!0&/,4$!3-,4!1'/#!4(&(E$-K "#$!;$;'/.0=0)0.:!,3!0&.$-$1.!+(0;!,-!(//-'$;!=:!(!"*C!.,!'1!01!)040.$;!.,!(11'-$!.#(.!.#$!"*C!01!1'=_$/.!.,!(&!(++-,+-0(.$!)$B$)! ,3!/,-+,-(.$!.(2(.0,&K!%!677f!$2/01$!.(2!01!04+,1$;!,&!.-(&1(/.0,&1!=$.A$$&!(!"*C!(&;!'1!.#(.!(-$!&,.!,&!(&!(-4`18)$&E.#!=(101K! 1)/%/.)%+&)/1'#2%*)'/&%9'-*&$"A2"/*$! ]$!(-$!0&!.#$!='10&$11!,3!(/^'0-0&E!$^'0.:!0&.$-$1.1!0&!#,.$)1?!(&;!A$!4(&(E$!,'-!#,.$)1!(1!0&;0B0;'()!,+$-(.0&E!1$E4$&.1! .#(.!4$$.!.#$!(EE-$E(.0,&!/-0.$-0(!(&;!(-$!.#$-$3,-$!;01/),1$;!(1!,&$!-$+,-.(=)$!1$E4$&.K!C$$!HS,.$!6!R-E(&0W(.0,&!(&;!C'44(-:!,3! C0E&030/(&.!%//,'&.0&E!P,)0/0$1I!0&!N.$4!Y!,3!.#01!%&&'()!*$+,-.!,&!5,-4!6789!3,-!1$E4$&.!30&(&/0()!0&3,-4(.0,&K! b!!!LD*CL%!@766!%SST%U!*DPR*"! )456&X8! 2G=GJ565=4K;&0<;Q:;;6?!@766?!A$!,A&$;!0&.$-$1.1!0&!Y7!#,.$)1?!4(&:!,3!A#0/#!(-$!),/(.$;!0&!/)'1.$-1!(-,'&;!4(_,-!4(-\$.1!0&! .#$!S,-.#$(1.$-&!F,--0;,-?!0&/)';0&E!ab!A#,)):8,A&$;!#,.$)1!(&;!0&.$-$1.1!0&!6b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g,1.,&!(&;!](1#0&E.,&?!b!40))0,&!.,!e@b7!40))0,&!,3!.,.()!/(+(/0.:!(&;!$2.$&;0&E!.#$! 4(.'-0.:!0&.,!)(.$!@76>K!!<'-0&E!@766?!A$!(//$11$;!.#$!$^'0.:!/(+0.()!4(-\$.1?!-(010&E!(++-,204(.$):!e666K7!40))0,&!0&!&$.!+-,/$$;1! 3-,4!.#$!1()$!,3!,'-!C$-0$1!g!+-$3$--$;!1#(-$1K!!"#$1$!04+-,B$4$&.1!.,!,'-!,B$-())!/(+0.()0W(.0,&!04+-,B$;!,'-!30&(&/0()!1.(=0)0.:!(&;! 3)$20=0)0.:!/,40&E!,'.!,3!.#$!$/,&,40/!;,A&.'-&K! ]$!104').(&$,'1):!-$+,10.0,&$;!,'-!+,-.3,)0,!.,!3,/'1!4,-$!,&!#0E#!=(--0$-!.,!$&.-:!(&;!4(_,-!'-=(&!4(-\$.1!88!S$A![,-\! (&;!](1#0&E.,&!KQ!+$-/$&.(E$!+,0&.1?!%<*!=:!YKQf!(&;! *$BP%*!=:!6OKbf!(/-,11!,'-!/,&1,)0;(.$;!#,.$)1K!!N&/-$(1$1!A$-$!1040)(-!(/-,11!,'-!_,0&.!B$&.'-$!+,-.3,)0,K! %1!A$!$&.$-!@76@?!A$!=$)0$B$!.#$!04+-,B$4$&.1!0&!,'-!$^'0.:!(&;!;$=.!/(+0.()0W(.0,&!(&;!-$+,10.0,&0&E!,3!,'-!+,-.3,)0,! =$..$-!$&(=)$1!'1!.,!/(+0.()0W$!,&!3'-.#$-!1.(=)0W(.0,&!0&!),;E0&E!3'&;(4$&.()1K!!<'-0&E!@76@?!A$!$2+$/.!/,&.0&'$;!04+-,B$4$&.1!0&! %<*?!*$BP%*!(&;!,+$-(.0&E!4(-E0&1?!)$;!=:!#,.$)1!0&!,'-!/,-$!'-=(&!4(-\$.1!,3!S$A![,-\?!g,1.,&?!P#0)(;$)+#0(?!V0(40!(&;!U,1! %&E$)$1K!!]$!A0))!/,&.0&'$!.,!1$$\!(/^'010.0,&!,++,-.'&0.0$1!0&!'-=(&!/$&.$-1!(&;!/$&.-()!='10&$11!;01.-0/.1K!!N&!(;;0.0,&?!A$!A0))! 6@!!!LD*CL%!@766!%SST%U!*DPR*"! N&!(;;0.0,&?!,'-!$201.0&E!+,-.3,)0,!$2+$-0$&/$;!04+-,B$4$&.!0&!%<*!(&;!,//'+(&/:!;'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?! @766!A#$&!/,4+(-$;!.,!.#$!1(4$!+$-0,;!0&!@767K!!R//'+(&/:!0&!,'-!/,&1,)0;(.$;!#,.$)1!0&/-$(1$;!Y7!=(101!+,0&.1!3-,4! (++-,204(.$):!Q>K7f!;'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!.,!(++-,204(.$):!Q>KYf!3,-!.#$!1(4$!+$-0,;!0&!@766K!!%<*!04+-,B$;! aKQf?!0&/-$(10&E!3-,4!e6OOK@X!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!.,!e6bOK76!;'-0&E!.#$!1(4$!+$-0,;!0&!@766K!!"#$1$! 04+-,B$4$&.1!A$-$!;'$!.,!04+-,B$4$&.1!0&!),;E0&E!.-$&;1!0&!.#$!4(-\$.1!0&!A#0/#!,'-!#,.$)1!(-$!),/(.$;K! ]$!#(B$!0&B$1.$;!0&!#,.$)!;$B$),+4$&.!+-,_$/.1!=:!+-,B0;0&E!4,-.E(E$!,-!4$WW(&0&$!30&(&/0&E!.,!#,.$)!;$B$),+$-1!(&;! .#-,'E#!.#$!(/^'010.0,&!,3!)(&;!.#(.!01!.#$&!)$(1$;!.,!#,.$)!;$B$),+$-1K!!N&.$-$1.!0&/,4$!01!$(-&$;!,&!,'-!;$B$),+4$&.!),(&1!(.!-(.$1! -(&E0&E!=$.A$$&!67K7f!(&;!66K7fK!!N&.$-$1.!0&/,4$!3-,4!;$B$),+4$&.!),(&1!-$/$0B(=)$!A(1!e>?O@Q!3,-!.#$!:$(-!$&;$;!<$/$4=$-! >6?!@766!/,4+(-$;!.,!eO?aYa!3,-!.#$!1(4$!+$-0,;!0&!@767K!!! R3!.#$!e>b?QOQ!0&!;$B$),+4$&.!),(&1!-$/$0B(=)$!,'.1.(&;0&E!(1!,3!<$/$4=$-!>6?!@766?!e@@?OOO?!,-!a@KYf?!01!0&B$1.$;!0&! #,.$)1!.#(.!(-$!/'--$&.):!,+$-(.0&E!(&;!E$&$-(.0&E!-$B$&'$!(&;!e6>?>7>?!,-!>QK@f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j!-(.#$-!0.!01!(;;$;!.,!.#$!+-0&/0+()!=,--,A$;!(&;!-$+(0;!(.!4(.'-0.:K!!F'--$&.):?!,&$!,3!,'-! ;$B$),+4$&.!),(&1?!A#0/#!01!(!),(&!.,!(&!$&.0.:!(330)0(.$;!A0.#!/$-.(0&!,3!,'-!&,&80&;$+$&;$&.!.-'1.$$1!(&;!$2$/'.0B$!,330/$-1?!()),A1! .#$!=,--,A$-!.,!$)$/.?!^'(-.$-):?!.,!+(:!(//-'$;!0&.$-$1.!0&8\0&;!=:!(;;0&E!.#$!(//-'$;!0&.$-$1.!.,!.#$!+-0&/0+()!=()(&/$!,3!.#$! ),(&K!!%1!(!-$1').?!(!.,.()!,3!e@?7XO!(&;!e@?bbX!0&!(//-'$;!0&.$-$1.!,&!.#$1$!;$B$),+4$&.!),(&1!A(1!(;;$;!.,!+-0&/0+()!3,-!.#$!:$(-! $&;$;!<$/$4=$-!>6?!@766!(&;!@767?!-$1+$/.0B$):K! &'("$)")! ",.()!#,.$)!,+$-(.0&E!$2+$&1$1!0&/-$(1$;!6QK>f!.,!(++-,204(.$):!e6b>?O@Q!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!3-,4! e6>7?Y@>!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767K!F,&101.$&.!A0.#!.#$!0&/-$(1$!0&!#,.$)!,+$-(.0&E!-$B$&'$1?!#,.$)!,+$-(.0&E!$2+$&1$1! 0&/-$(1$;!+-04(-0):!;'$!.,!.#$!(/^'010.0,&1!/,&1'44(.$;!10&/$!.#$!/,4+(-(=)$!+$-0,;!0&!@767?!(1!4$&.0,&$;!(=,B$K!N&!(;;0.0,&?! #,.$)!,+$-(.0&E!$2+$&1$!0&/-$(1$;!;'$!.,!(&!0&/-$(1$!0&!=(;!;$=.!$2+$&1$!-$1').0&E!3-,4!.#$!=(&\-'+./:!,3!(&!(0-)0&$!/'1.,4$-!A0.#! ,'.1.(&;0&E!-$/$0B(=)$!=()(&/$1!(.!.A,!,3!,'-!#,.$)!+-,+$-.0$1K!"#$!(/^'010.0,&1!()1,!-$1').$;!0&!(&!0&/-$(1$!0&!;$+-$/0(.0,&!(&;! (4,-.0W(.0,&!.,!eb7?Q6Y!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!3-,4!eOO?@@>!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767K!C040)(-):?!-$()! $1.(.$!(&;!+$-1,&()!+-,+$-.:!.(2!(&;!+-,+$-.:!0&1'-(&/$!0&/-$(1$;!e@?6>b?!,-!6@KOf?!0&!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!A#$&! /,4+(-$;!.,!.#$!1(4$!+$-0,;!0&!@767!;'$!.,!,'-!(/^'010.0,&1!(),&E!A0.#!(!E$&$-()!,B$-())!0&/-$(1$!0&!.(2!(11$114$&.1!(&;!.(2!-(.$1! (1!.#$!$/,&,4:!04+-,B$1K! d$&$-()!(&;!(;40&01.-(.0B$!$2+$&1$!0&/-$(1$;!=:!(++-,204(.$):!eQ@7!3-,4!e67?@>7!0&!@767!.,!e67?Xb7!0&! @766K!!<01/-$.0,&(-:!0&/$&.0B$!/,4+$&1(.0,&!-$)(.$;!.,!.#$!@77X!301/()!:$(-!A(1!;$.$-40&$;!1'=1$^'$&.!.,!<$/$4=$-!>6?!@77XK!!%1! -$1').?!0&/$&.0B$!/,4+$&1(.0,&!,3!e6?@ba!$(-&$;!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77X!A(1!-$/,-;$;!0&!@767K!!N&/$&.0B$! /,4+$&1(.0,&!,3!e6?Q@7!$(-&$;!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!A(1!(//-'$;!0&!.#$!3,'-.#!^'(-.$-!,3!@767K!!!N&/$&.0B$! /,4+$&1(.0,&!,3!e6?QOQ!$(-&$;!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!A(1!(//-'$;!0&!.#$!3,'-.#!^'(-.$-!,3!@766K!!%&!0&/-$(1$!0&! $4+),:$$!#$(;/,'&.!(&;!=(1$!/,4+$&1(.0,&!,331$.1!.#$!;$/-$(1$!0&!0&/$&.0B$!/,4+$&1(.0,&!0&!@766?!;'$!.,!.#$!@77X!(&;!@767! 0&/$&.0B$!/,4+$&1(.0,&!=$0&E!-$/,-;$;!0&!@767K! S,&8/(1#!1.,/\!=(1$;!/,4+$&1(.0,&!$2+$&1$!0&/-$(1$;!eXO6!A#$&!/,4+(-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!.,!.#$! 1(4$!+$-0,;!0&!@767K!!N&/)';$;!0&!1.,/\!=(1$;!/,4+$&1(.0,&!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!(&;!@767?!-$1+$/.0B$):!01!e>?6X@! (&;!e@?7YO!,3!1.,/\!=(1$;!/,4+$&1(.0,&!$2+$&1$!3,-!.#$!(A(-;1!(++-,B$;!=:!.#$!F,4+$&1(.0,&!F,440..$$!0&!V(:!@767!'&;$-!.#$! V').08[$(-!U"NPK!!P)$(1$!-$3$-!.,!HS,.$!X!l!C#(-$!g(1$;!P(:4$&.1I!,3!.#$!&,.$1!.,!.#$!/,&1,)0;(.$;!30&(&/0()!1.(.$4$&.1!3,-!4,-$! 0&3,-4(.0,&!(=,'.!,'-!1.,/\!=(1$;!/,4+$&1(.0,&K! 6b!!!LD*CL%!@766!%SST%U!*DPR*"! %4,'&.1!-$/,-;$;!,&!,'-!/,&1,)0;(.$;!1.(.$4$&.!,3!,+$-(.0,&1!3,-!(/^'010.0,&!(&;!.$-40&(.$;!/,1.1!A0))!3)'/.'(.$!3-,4! +$-0,;!.,!+$-0,;!=(1$;!,&!,'-!(/^'010.0,&!(/.0B0.0$1K!!%/^'010.0,&!(&;!.$-40&(.$;!.-(&1(/.0,&!/,1.1!;$/-$(1$;!e@?7a7!3-,4!eO?Y7@!3,-! .#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!.,!e@?QO@!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!;'$!.,!(/^'010.0,&1!/,&1'44(.$;!;'-0&E!.#$! +$-0,;!$&;$;!<$/$4=$-!>6?!@766K!!"#$!/,1.1!0&/'--$;!0&!@766!A$-$!-$)(.$;!.,!.#$!3,)),A0&E!#,.$)1M!eQ6a!-$)(.$;!.,!,'-!(/^'010.0,&!,3! L,)0;(:!N&&!D2+-$11!](.$-!C.-$$.?!S[j!e6?7O>!-$)(.$;!.,!(/^'010.0,&!,3!F(+0.,)!L0))!C'0.$1!](1#0&E.,&?!a!-$)(.$;!.,!,'-!(/^'010.0,&!,3!F,'-.:(-;!V0(40?!5UK!!"#$!/,1.1!0&/'--$;!0&!@767!A$-$! -$)(.$;!.,!3,)),A0&E!#,.$)1M!L0).,&!d(-;$&!N&&?!d)(1.,&='-:?!F"j!L(4+.,&!N&&!"04$1!C^'(-$?!S$A![,-\?!S[j!L,)0;(:!N&&!D2+-$11?! "04$1!C^'(-$?!S$A![,-\?!S[j!F(&;)$A,,;!C'0.$1!"04$1!C^'(-$?!S$A![,-\?!S[j!L,)0;(:!N&&!]())!C.-$$.?!S$A![,-\?!S[j!(&;!L(4+.,&! N&&?!](1#0&E.,&?!6?!@766!(&;!@767?!-$1+$/.0B$):K!!%1!(!-$1').!,3!.#$!-$4$(1'-$4$&.!,3!,'-!0&.$-$1.!0&!.#$!L0-$&!g,1.,&?!UUF!_,0&.! B$&.'-$?!.#$!,A&$-!,3!.#$!F,'-.:(-;!=:!V(--0,..?!0&!C,'.#!g,1.,&?!V%?!A$!-$/,-;$;!E(0&1!,3!e@?QbQ!(&;!e@?6X7!3,-!.#$!:$(-!$&;$;! <$/$4=$-!>6?!@766!(&;!@767?!-$1+$/.0B$):K!!N&!(;;0.0,&?!3,-!@767?!A$!()1,!-$/,-;$;!(!e6?Y6Y!E(0&!,&!.#$!-$4$(1'-$4$&.!,3!,'-! 0&.$-$1.!0&!(&!'&/,&1,)0;(.$;!_,0&.!B$&.'-$!.#(.!,A&$;!.#$!L0).,&!d(-;$&!N&&!0&!d)(1.,&='-:?!F"K! D2/)';0&E!.#$1$!-$4$(1'-$4$&.!E(0&1?!A$!0&/'--$;!(!E(0&!3-,4!'&/,&1,)0;(.$;!_,0&.!B$&.'-$1!,3!e@67!3,-!.#$!:$(-!$&;$;! <$/$4=$-!>6?!@766!/,4+(-$;!.,!(!),11!,3!e6?Qb6!3,-!@767K!!%1!&,.$;!(=,B$?!A$!$&.$-$;!0&.,!.A,!+'-/#(1$!(&;!1()$!(E-$$4$&.1!.,! ;01+,1$!,3!6Y!&,&8/,-$!#,.$)!+-,+$-.0$1?!3,'-!,3!A#0/#!(-$!,A&$;!0&!+(-.!=:!.#$!F,4+(&:!.#-,'E#!(&!'&/,&1,)0;(.$;!_,0&.! B$&.'-$K!!%1!(!-$1').!,3!$&.$-0&E!0&.,!.#$1$!+'-/#(1$!(&;!1()$!(E-$$4$&.1?!A$!#(B$!-$/,-;$;!(&!04+(0-4$&.!),11!,3!(++-,204(.$):! e6?aQQ!3,-!.#,1$!(11$.1!A#$-$!,'-!0&B$1.4$&.!0&!.#$!_,0&.!B$&.'-$!$2/$$;1!.#$!(&.0/0+(.$;!&$.!+-,/$$;1!;01.-0='.(=)$!.,!'1!=(1$;!,&! .#$!+'-/#(1$!+-0/$K!!C$$!HS,.$!6@8<01/,&.0&'$;!R+$-(.0,&1I!,3!.#$!&,.$1!.,!.#$!/,&1,)0;(.$;!30&(&/0()!1.(.$4$&.1!3,-!.#$!:$(-!$&;$;! <$/$4=$-!>6?!@766!(&;!@767!3,-!4,-$!0&3,-4(.0,&K! P(-.0()):!,331$..0&E!.#01!04+(0-4$&.!),11?!A(1!0&/,4$!,3!(++-,204(.$):!e6bY!-$/,-;$;!3-,4!,'-!0&B$1.4$&.!0&!.#$!L0-$&! g,1.,&?!UUF!_,0&.!B$&.'-$?!-$/,-;$;!;'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766K!D33$/.0B$!Z'&$!@7?!@766?!A$!;$.$-40&$;!A$!A$-$!&,! ),&E$-!.#$!+-04(-:!=$&$30/0(-:!,3!L0-$&!g,1.,&?!UUF!(&;!=$E(&!.,!(//,'&.!3,-!,'-!0&B$1.4$&.!'&;$-!.#$!$^'0.:!4$.#,;!,3! (//,'&.0&EK!!5,-!.#$!4(_,-0.:!,3!@767?!L0-$&!g,1.,&?!UUF!A(1!(!/,&1,)0;(.$;!1'=10;0(-:!,3!.#$!F,4+(&:K!!R&!Z'):!6?!@766?!L0-$&! g,1.,&?!UUF!=$/(4$!(&!'&/,&1,)0;(.$;!_,0&.!B$&.'-$!(&;!01!/)(11030$;!(1!,3!<$/$4=$-!>6?!@766!A0.#!'&/,&1,)0;(.$;!_,0&.! B$&.'-$1K!!C$$!HS,.$!>!l!N&B$1.4$&.!0&!T&/,&1,)0;(.$;!Z,0&.!c$&.'-$1I!,3!.#$!&,.$1!.,!.#$!/,&1,)0;(.$;!30&(&/0()!1.(.$4$&.1!3,-!.#$! :$(-1!$&;$;!<$/$4=$-!>6?!@766!(&;!@767!3,-!4,-$!0&3,-4(.0,&K! 8"126$+,7"9:,))! S$.!),11!(++)0/(=)$!.,!/,44,&!1#(-$#,);$-1!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!A(1!e>b?Q>>!/,4+(-$;!.,!&$.!),11! (++)0/(=)$!.,!/,44,&!1#(-$#,);$-1!,3!e@6?6bQ!3,-!.#$!1(4$!+$-0,;!0&!@767K!! R+$-(.0&E!0&/,4$!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!A(1!eO7?YbO!/,4+(-$;!.,!,+$-(.0&E!0&/,4$!,3!e@a?O7Y!;'-0&E! .#$!1(4$!+$-0,;!0&!@767K!!"#$!0&/-$(1$!0&!,+$-(.0&E!0&/,4$!-$1').$;!+-04(-0):!3-,4!04+-,B$;!+$-3,-4(&/$!,3!,'-!+,-.3,)0,!(&;! (/^'010.0,&1!.#(.!#(B$!,//'--$;!0&!@766K! <'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766?!A$!011'$;!O?a77?777!+-$3$--$;!1#(-$1!A#0/#!0&/-$(1$;!,'-!+-$3$--$;!;0B0;$&;! eb?aXX!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!A#$&!/,4+(-$;!.,!@767K!!C$$!HS,.$!6!l!R-E(&0W(.0,&!%&;!C'44(-:!R3!C0E&030/(&.! %//,'&.0&E!P,)0/0$1I!,3!.#$!&,.$1!.,!.#$!/,&1,)0;(.$;!30&(&/0()!1.(.$4$&.1!3,-!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766!(&;!@767!3,-! 4,-$!0&3,-4(.0,&K N&.$-$1.!$2+$&1$!0&/-$(1$;!eXYO!3-,4!eO7?Q6Y!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!.,!eO6?Q7@!3,-!.#$!:$(-!$&;$;! <$/$4=$-!>6?!@766K!"#$!0&/-$(1$!0&!0&.$-$1.!$2+$&1$!01!;'$!+-04(-0):!.,!.#$!&$A!;$=.!(&;!(11,/0(.$;!0&.$-$1.!$2+$&1$!3,-!.#$! (/^'0-$;!+-,+$-.0$1!;'-0&E!@766!(&;!.#$!-$+)(/$4$&.!,3!,'-!+-$B0,'1!)0&$!,3!/-$;0.!A0.#!F,44$-/$!g(&\!(&;!B(-0,'1!,.#$-!)$&;$-1! A0.#!(!&$A!/-$;0.!3(/0)0.:!A0.#!"6?! @767!A#$&!/,4+(-$;!.,!.#$!1(4$!+$-0,;!0&!@77XK!!R//'+(&/:!0&!,'-!/,&1,)0;(.$;!#,.$)1!0&/-$(1$;!>KQf!3-,4!(++-,204(.$):!aXK>f! ;'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77X!.,!(++-,204(.$):!Q>K7f!3,-!.#$!1(4$!+$-0,;!0&!@767K!!%<*!04+-,B$;!YKQf!0&/-$(10&E!3-,4! e6>@KaX!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77X!.,!e6OOK@X!;'-0&E!.#$!1(4$!+$-0,;!0&!@767K!!"#$1$!04+-,B$4$&.1!A$-$!;'$!.,! 04+-,B$4$&.1!0&!),;E0&E!.-$&;1!0&!.#$!4(-\$.1!0&!A#0/#!A$!,+$-(.$K! N&.$-$1.!0&/,4$!3-,4!;$B$),+4$&.!),(&1!-$/$0B(=)$!A(1!eO?aYa!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!/,4+(-$;!.,!eQ?O66! 3,-!.#$!1(4$!+$-0,;!0&!@77XK!!"#$!;$/-$(1$!0&!0&.$-$1.!0&/,4$!3-,4!;$B$),+4$&.!),(&1!-$/$0B(=)$!A(1!;'$!.,!(!;$/-$(1$!0&!.#$! (B$-(E$!=()(&/$!,3!;$B$),+4$&.!),(&1!-$/$0B(=)$!,'.1.(&;0&E!0&!@767!;'$!+-04(-0):!.,!.#$!/(&/$))(.0,&!,3!eQ?777!0&!;$B$),+4$&.! ),(&1!-$/$0B(=)$!A#0/#!A(1!/,&B$-.$;!0&.,!$^'0.:!0&!(!#,.$)!(/^'010.0,&K!!%)1,!/,&.-0='.0&E!.,!.#$!;$/-$(1$!0&!0&.$-$1.!0&/,4$!3-,4! ;$B$),+4$&.!),(&1!A(1!(!e@6?O7Y!04+(0-4$&.!),11!-$)(.$;!.,!/$-.(0&!;$B$),+4$&.!),(&1!-$/,-;$;!0&!@77XK! R&!Z'&$!>7?!@77X?!A$!(4$&;$;!3,'-!;$B$),+4$&.!),(&1?!A0.#!(&!(EE-$E(.$!+-0&/0+()!=()(&/$!,3!eO7?777!+-0,-!.,!.#$! (4$&;4$&.?!.,!()),A!.#$!=,--,A$-!.,!$)$/.?!^'(-.$-):?!.,!+(:!(//-'$;!0&.$-$1.!0&8\0&;!=:!(;;0&E!.#$!(//-'$;!0&.$-$1.!.,!.#$!+-0&/0+()! =()(&/$!,3!.#$!),(&K!!%1!(!-$1').?!eO?Y7a!0&!(//-'$;!0&.$-$1.!,&!.#$1$!),(&1!A(1!(;;$;!.,!+-0&/0+()!3-,4!Z'):!6?!@77X!.,!<$/$4=$-!>6?! @767K! R.#$-!-$B$&'$!/,&101.1!+-04(-0):!,3!3$$1!$(-&$;!3,-!(11$.!4(&(E$4$&.!1$-B0/$1!+-,B0;$;!.,!+-,+$-.0$1!,A&$;!=:!/$-.(0&!,3! ,'-!'&/,&1,)0;(.$;!_,0&.!B$&.'-$1!(&;!)(&;!)$(1$!-$B$&'$K!!"#$1$!3$$1!(-$!$(-&$;!(1!(!+$-/$&.(E$!,3!.#$!-$B$&'$1!,3!.#$! '&/,&1,)0;(.$;!_,0&.!B$&.'-$1`!#,.$)1K!!R.#$-!-$B$&'$1!;$/-$(1$;!3-,4!e6?O@Q!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77X!.,!e>@b!;'-0&E! .#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!+-04(-0):!;'$!.,!.#$!$20.!,3!,'-!.A,!-$4(0&0&E!)(&;!)$(1$1K!!g$/('1$!,3!.#$!$/,&,40/!/#())$&E$1! 3(/0&E!#,.$)!;$B$),+4$&.!+-,_$/.1?!$1+$/0()):!.#,1$!.#(.!(-$!0&!.#$!$(-):!+#(1$!,3!;$B$),+4$&.?!A$!;$/0;$;!;'-0&E!.#$!^'(-.$-! $&;$;!C$+.$4=$-!>7?!@77X!.,!$20.!,'-!.A,!-$4(0&0&E!)(&;!)$(1$1!(&;!;01+,1$!,3!.#$!-$)(.$;!)(&;!+(-/$)1K! ! &'("$)")! ",.()!#,.$)!,+$-(.0&E!$2+$&1$1!0&/-$(1$;!@XK6f!.,!(++-,204(.$):!e6>7?Y@>!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!3-,4! e676?>67!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77XK!F,&101.$&.!A0.#!.#$!0&/-$(1$!0&!#,.$)!,+$-(.0&E!-$B$&'$1?!#,.$)!,+$-(.0&E!$2+$&1$1! 0&/-$(1$;!+-04(-0):!;'$!.,!.#$!(/^'010.0,&1!/,&1'44(.$;!10&/$!.#$!/,4+(-(=)$!+$-0,;!0&!@77X?!(1!4$&.0,&$;!(=,B$K!!"#$! (/^'010.0,&1!()1,!-$1').$;!0&!(&!0&/-$(1$!0&!;$+-$/0(.0,&!(&;!(4,-.0W(.0,&!3-,4!e>b?XO@!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77X!.,! eOO?@@>!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767K!C040)(-):?!-$()!$1.(.$!(&;!+$-1,&()!+-,+$-.:!.(2!(&;!+-,+$-.:!0&1'-(&/$!0&/-$(1$;! eO?Ya7?!,-!>XKbf?!0&!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!A#$&!/,4+(-$;!.,!.#$!1(4$!+$-0,;!0&!@77X!;'$!.,!&'4$-,'1!S$A![,-\! (/^'010.0,&1!A#0/#!/(--:!(!#0E#!.(2!-(.$!(),&E!A0.#!(!E$&$-()!,B$-())!0&/-$(1$!0&!.(2!(11$114$&.1!(&;!.(2!-(.$1!(1!.#$!$/,&,4:! 04+-,B$1K! d$&$-()!(&;!(;40&01.-(.0B$!$2+$&1$!0&/-$(1$;!=:!(++-,204(.$):!eO?>7X!3-,4!eb?X@6!0&!@77X!.,!e67?@>7!0&! @767K!!<01/-$.0,&(-:!0&/$&.0B$!/,4+$&1(.0,&!-$)(.$;!.,!.#$!@77X!301/()!:$(-!A(1!;$.$-40&$;!1'=1$^'$&.!.,!<$/$4=$-!>6?!@77XK!!%1!(! -$1').?!0&/$&.0B$!/,4+$&1(.0,&!,3!e6?@ba!$(-&$;!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77X!A(1!-$/,-;$;!0&!@767K!!N&/$&.0B$! /,4+$&1(.0,&!,3!e6?Q@7!$(-&$;!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!A(1!(//-'$;!0&!.#$!3,'-.#!^'(-.$-!,3!@767K!!N&!(;;0.0,&?! /,4+$&1(.0,&!$2+$&1$!0&/-$(1$;!0&!@767!;'$!.,!0&/-$(1$1!0&!$4+),:$$!#$(;/,'&.!(&;!0&/-$(1$1!0&!=(1$!/,4+$&1(.0,&K! S,&8/(1#!1.,/\!=(1$;!/,4+$&1(.0,&!$2+$&1$!0&/-$(1$;!eO?b7a!A#$&!/,4+(-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!.,!.#$! 1(4$!+$-0,;!0&!@77XK N&!%'E'1.!@77X?!,'-!F,4+$&1(.0,&!F,440..$$!$1.(=)01#$;!(!+$-3,-4(&/$!1#(-$!(A(-;!+-,E-(4!A#0/#! -$1').$;!0&!eQ@b!0&!/,4+$&1(.0,&!$2+$&1$!;'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!(&;!e6O7!0&!/,4+$&1(.0,&!$2+$&1$!;'-0&E!.#$! 1(4$!+$-0,;!0&!@77XK!!N&!%+-0)!@767?!,'-!F,4+$&1(.0,&!F,440..$$!(;,+.$;!(&!(&&'()!),&E!.$-4!$^'0.:!0&/$&.0B$!+-,E-(4!(&;!(! 4').08:$(-!),&E!.$-4!$^'0.:!0&/$&.0B$!+-,E-(4K!!S,&8/(1#!/,4+$&1(.0,&!$2+$&1$!,3!e>?>XY!A(1!-$/,-;$;!0&!@767!-$)(.$;!.,!.#$1$! .A,!+-,E-(41K!!P)$(1$!-$3$-!.,!HS,.$!X!l!C#(-$!g(1$;!P(:4$&.1I!,3!.#$!&,.$1!.,!.#$!/,&1,)0;(.$;!30&(&/0()!1.(.$4$&.1!3,-!4,-$! 0&3,-4(.0,&!(=,'.!,'-!1.,/\!=(1$;!/,4+$&1(.0,&K! N&/)';$;!0&!,+$-(.0&E!$2+$&1$1!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77X!A(1!(&!04+(0-4$&.!/#(-E$!,3!e66?YOQ!-$/,-;$;!,&! .A,!+(-/$)1!,3!)(&;!(&;!(!#,.$)K!!<'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!A$!;$.$-40&$;!(&!(;;0.0,&()!04+(0-4$&.!/#(-E$!,3!eXa7! A(1!0&/'--$;!,&!,&$!,3!.#$1$!+(-/$)1!,3!)(&;!(&;!.#$!#,.$)!(1!/,&;0.0,&1!0&!.#$1$!1+$/030/!4(-\$.1!A,-1$&$;K!!%)1,?!;'-0&E!.#$!:$(-! $&;$;!<$/$4=$-!>6?!@77X?!A$!;$.$-40&$;!.#(.!.A,!,3!,'-!;$B$),+4$&.!),(&1!A$-$!+$-4(&$&.):!04+(0-$;!(&;?!(//,-;0&E):?!A$! -$/,-;$;!(&!04+(0-4$&.!/#(-E$!3,-!.#$!-$4(0&0&E!+-0&/0+()!,&!.#$1$!),(&1!0&!.#$!(EE-$E(.$!(4,'&.!,3!e@6?O7YK! 6Y!!!LD*CL%!@766!%SST%U!*DPR*"! %/^'010.0,&!(&;!.$-40&(.$;!.-(&1(/.0,&!/,1.1!0&/-$(1$;!eO?Ob7!3-,4!e>b@!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77X!.,!eO?Y7@! 3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!;'$!.,!(/^'010.0,&1!/,&1'44(.$;!;'-0&E!+$-0,;!$&;$;!<$/$4=$-!>6?!@767K!!R3!.#$1$!/,1.1! 0&/'--$;?!e>?@Q6!-$)(.$;!.,!,'-!(/^'010.0,&!,3!.#-$$!#,.$)1!(/^'0-$;!0&!.#$!B0/0&0.:!,3!"04$1!C^'(-$!0&!S$A![,-\?!S[?!e@O!-$)(.$;!.,! ,'-!(/^'010.0,&!,3!.#$!L0).,&!d(-;$&!N&&?!d)(1.,&='-:?!F"?!e6Qb!-$)(.$;!.,!,'-!(/^'010.0,&!,3!.#$!L,)0;(:!N&&!]())!C.-$$.!0&!S$A![,-\?! S[?!(&;!e6?6XO!-$)(.$;!.,!,'-!(/^'010.0,&!,3!.#$!L(4+.,&!N&&?!](1#0&E.,&?!6?!@767! /,4+(-$;!.,!(!),11!,3!eQ?6X7!3,-!.#$!1(4$!+$-0,;!0&!@77XK!!R'-!0&/,4$!3-,4!'&/,&1,)0;(.$;!_,0&.!B$&.'-$1!3,-!.#$!+$-0,;!$&;$;! <$/$4=$-!>6?!@767!A(1!;'$?!0&!+(-.?!.,!(!e6?Y6Y!E(0&!-$/,E&0W$;!3-,4!.#$!-$4$(1'-$4$&.!,3!,'-!0&.$-$1.!0&!P*%!d)(1.,&='-:?!UUF! .#$!,A&$-!,3!.#$!L0).,&!d(-;$&!N&&?!d)(1.,&='-:?!F"?!'+,&!,'-!(/^'010.0,&!,3!,'-!_,0&.!B$&.'-$!+(-.&$-`1!b@K7f!0&.$-$1.!0&!.#$! B$&.'-$K!!N&!(;;0.0,&?!A$!-$/,-;$;!(!e@?6X7!E(0&!-$/,E&0W$;!3-,4!.#$!-$4$(1'-$4$&.!,3!,'-!0&.$-$1.!0&!L0-$&!g,1.,&?!UUF?!.#$!,A&$-! ,3!.#$!F,'-.:(-;!C,'.#!g,1.,&?!V%K!N&/)';$;!0&!.#$!),11!3-,4!'&/,&1,)0;(.$;!_,0&.!B$&.'-$1!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77X! A(1!(&!04+(0-4$&.!/#(-E$!,3!eO?bO6K!!P)$(1$!-$3$-!.,!HS,.$!>!l!N&B$1.4$&.!0&!T&/,&1,)0;(.$;!Z,0&.!c$&.'-$1I!,3!.#$!&,.$1!.,!.#$! /,&1,)0;(.$;!30&(&/0()!1.(.$4$&.1!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!(&;!@77X!3,-!4,-$!0&3,-4(.0,&!(=,'.!.#$!-$4$(1'-$4$&.! ,3!,'-!0&.$-$1.1!0&!P*%!d)(1.,&='-:?!UUF!(&;!L0-$&!g,1.,&?!UUFK!!*$BP%*!3,-!,'-!'&/,&1,)0;(.$;!#,.$)!+,-.3,)0,!0&/-$(1$;!QKbf!;'-0&E! .#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!A#$&!/,4+(-$;!.,!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77X?!A#0/#!/,&.-0='.$;!.,!.#$!0&/-$(1$!0&! 0&/,4$!3-,4!'&/,&1,)0;(.$;!_,0&.!B$&.'-$1K! 8"126$+,7"9:,))! S$.!),11!(++)0/(=)$!.,!/,44,&!1#(-$#,);$-1!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!A(1!e@6?6bQ!/,4+(-$;!.,!(!&$.!),11! (++)0/(=)$!.,!/,44,&!1#(-$#,);$-1!,3!ebO?aa6!3,-!.#$!1(4$!+$-0,;!0&!@77XK!!"#01!04+-,B$4$&.!A(1!;-0B$&!+-04(-0):!=:!(&!0&/-$(1$! 0&!,+$-(.0&E!0&/,4$K!!R+$-(.0&E!0&/,4$!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!A(1!e@a?O7Y!/,4+(-$;!.,!(&!,+$-(.0&E!),11!,3! eb?OO6!;'-0&E!.#$!1(4$!+$-0,;!0&!@77XK!!]$!-$/,-;$;!(!E(0&!,3!e6?YaX!,&!.#$!;01+,10.0,&!,3!#,.$)!+-,+$-.0$1!;'-0&E!.#$!:$(-!$&;$;! <$/$4=$-!>6?!@77X?!/,4+(-$;!.,!(!e>OQ!E(0&!;'-0&E!.#$!1(4$!+$-0,;!0&!@767K! N&.$-$1.!$2+$&1$!0&/-$(1$;!e@QQ!3-,4!eO7?OO6!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@77X!.,!eO7?Q6Y!3,-!.#$!:$(-!$&;$;! <$/$4=$-!>6?!@767K!RB$-())?!0&.$-$1.!$2+$&1$!#(1!-$4(0&$;!/,&101.$&.!A0.#!,'-!1.$(;:!;$=.!=()(&/$!.#-,'E#,'.!@767K!]$!0&/'--$;! eYQY!,3!),11!,&!.#$!$2.0&E'01#4$&.!,3!ebO?a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`1!0&;$=.$;&$11!(1!(!+$-/$&.(E$!,3!.#$!+-,+$-.:`1!3(0-!4(-\$.!B()'$!.,!$2/$$;!.#$!+$-/$&.(E$!,'-!g,(-;!,3! "-'1.$$1!0&.$&;$;!(.!.#$!.04$!A$!(/^'0-$;!.#$!+-,+$-.:K! R'-!,-E(&0W(.0,&()!;,/'4$&.1!;,!&,.!)040.!.#$!(4,'&.!,3!0&;$=.$;&$11!.#(.!A$!4(:!0&/'-K!!R'-!(=0)0.:!.,!0&/'-!(;;0.0,&()! ;$=.!01!;$+$&;$&.!'+,&!(!&'4=$-!,3!3(/.,-1?!0&/)';0&E!.#$!/'--$&.!1.(.$!,3!.#$!,B$-())!/-$;0.!4(-\$.1?!,'-!;$E-$$!,3!)$B$-(E$!(&;! =,--,A0&E!-$1.-0/.0,&1!04+,1$;!=:!$201.0&E!)$&;$-1K!!R'-!(=0)0.:!.,!-(01$!3'&;1!.#-,'E#!.#$!011'(&/$!,3!;$=.!(&;!$^'0.:!1$/'-0.0$1!01! ;$+$&;$&.!'+,&?!(4,&E!,.#$-!.#0&E1?!/(+0.()!4(-\$.!B,)(.0)0.:?!-01\!.,)$-(&/$!,3!0&B$1.,-1?!E$&$-()!4(-\$.!/,&;0.0,&1!3,-!*DN"1!(&;! 4(-\$.!+$-/$+.0,&1!-$)(.$;!.,!.#$!F,4+(&:`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e@b7?777!-$B,)B0&E!/-$;0.!3(/0)0.:K!!]$!=$)0$B$!.#(.!.#$!&$.!/(1#! +-,B0;$;!=:!,+$-(.0,&1!0&!.#$!/,40&E!:$(-!(&;!=,--,A0&E1!;-(A&!,&!,'-!e@b7?777!-$B,)B0&E!/-$;0.!3(/0)0.:!A0))!=$!(;$^'(.$!.,!3'&;! .#$!F,4+(&:`1!,+$-(.0&E!-$^'0-$4$&.1?!4,&.#):!-$/'--0&E!;$=.!1$-B0/$!(&;!.#$!+(:4$&.!,3!;0B0;$&;1!0&!(//,-;(&/$!A0.#!*DN"! -$^'0-$4$&.1!,3!.#$!3$;$-()!0&/,4$!.(2!)(A1K! ",!^'()03:!(1!(!*DN"?!A$!4'1.!;01.-0='.$!(&&'()):!(.!)$(1.!X7f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g,(-;!,3!"-'1.$$1!/,&.0&'$1!.,!$B()'(.$!.#$!;0B0;$&;!+,)0/:!0&!.#$!/,&.$2.!,3!,'-! ,B$-())!)0^'0;0.:!(&;!4(-\$.!/,&;0.0,&1!(&;!4(:!$)$/.!.,!-$;'/$!,-!1'1+$&;!.#$1$!;01.-0='.0,&1K!F(1#!+-,B0;$;!=:!,+$-(.0&E!(/.0B0.0$1! 3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!A(1!ebY?aaY!(&;!/(1#!'1$;!3,-!.#$!+(:4$&.!,3!;01.-0='.0,&1!(&;!;0B0;$&;1!3,-!.#$!:$(-!$&;$;! <$/$4=$-!>6?!@766!A(1!eOQ?6>@K! ! ]$!()1,!+-,_$/.!.#(.!,'-!,+$-(.0&E!/(1#!3),A!(&;!e@b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e@b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e@b7?777!-$B,)B0&E!/-$;0.! 3(/0)0.:!A0))!=$!1'330/0$&.!.,!1(.013:!,'-!)0^'0;0.:!(&;!,.#$-!/(+0.()!&$$;1!,B$-!.#$!&$2.!.A$)B$!.,!$0E#.$$&!4,&.#1K! ]$!#(B$!0&/-$(1$;!,'-!1+$&;0&E!,&!/(+0.()!04+-,B$4$&.1!;'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!A#$&!/,4+(-$;!.,! .#$!1(4$!+$-0,;!0&!@767K!!<'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766?!A$!1+$&.!e@a?@76!,&!/(+0.()!$2+$&;0.'-$1!.,!-$&,B(.$?! 04+-,B$!,-!-$+)(/$!(11$.1!(.!,'-!#,.$)1K!!"#01!/,4+(-$1!.,!e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g$(/#?!5UK!!]$!(-$!()1,!/,4+)$.0&E!.#$!/,&1.-'/.0,&!,3!(!L(4+.,&!N&&!0&!),A$-!V(&#(..(&?!S$A! [,-\?!S[K!!50&()):?!A$!#(B$!$&.$-$;!0&.,!(!+'-/#(1$!(&;!1()$!(E-$$4$&.!.,!(/^'0-$!.#$!L:(..!T&0,&!C^'(-$?!S$A![,-\?!S[!'+,&! /,4+)$.0,&!,3!/,&1.-'/.0,&K!!"#$1$!+-,_$/.1!A0))!-$^'0-$!10E&030/(&.!/(+0.()!A#0/#!A$!$2+$/.!.,!3'&;!A0.#!B(-0,'1!1,'-/$1!,3!/(+0.()?! 0&/)';0&E!=,--,A0&E1!'&;$-!,'-!e@b7?777!-$B,)B0&E!/-$;0.!3(/0)0.:!(&;!.#-,'E#!1$/'-$;?!&,&8-$/,'-1$!4,-.E(E$!30&(&/0&E1K!!N&! (;;0.0,&?!A$!4(:!1$$\!.,!-(01$!/(+0.()!.#-,'E#!+'=)0/!,-!+-0B(.$!,33$-0&E1!,3!,'-!1$/'-0.0$1!.,!3'&;!.#$1$!/(+0.()!04+-,B$4$&.1K! @6!!!LD*CL%!@766!%SST%U!*DPR*"! ]$!4(:!1+$&;!(;;0.0,&()!(4,'&.1?!03!&$/$11(-:?!.,!/,4+):!A0.#!.#$!-$(1,&(=)$!-$^'0-$4$&.1!,3!(&:!3-(&/#01$!)0/$&1$!'&;$-! A#0/#!(&:!,3!,'-!#,.$)1!,+$-(.$!(&;!,.#$-A01$!.,!.#$!$2.$&.!A$!;$$4!1'/#!$2+$&;0.'-$1!.,!=$!0&!,'-!=$1.!0&.$-$1.1K!]$!(-$!()1,! ,=)0E(.$;!.,!3'&;!.#$!/,1.!,3!/$-.(0&!/(+0.()!04+-,B$4$&.1!.,!,'-!#,.$)1K!]$!$2+$/.!.,!'1$!,+$-(.0&E!/(1#!3),A?!=,--,A0&E1!'&;$-! ,'-!e@b7?777!-$B,)B0&E!/-$;0.!3(/0)0.:?!(&;!+-,/$$;1!3-,4!011'(&/$1!,3!,'-!1$/'-0.0$1!.,!+(:!3,-!.#$!/,1.!,3!/(+0.()!04+-,B$4$&.1!(&;! (&:!3'-&0.'-$?!302.'-$!(&;!$^'0+4$&.!-$^'0-$4$&.1!0&!$2/$11!,3!.#$!1$.!(10;$!-$3$-$&/$;!(=,B$K! .%$!&1+'?&%/%+,$)$! UPDOOGC;&<=&4RD:;G=P;N&5VQ5E4&E5C&;RGC5&PG4GW! >,7(05.),$2,=21F"2G"05)2&$/"/2?"+"7@"52HIJ2KLII20$/2?"+"7@"52HIJ2KLIL! S$.!/(1#!+-,B0;$;!=:!,+$-(.0&E!(/.0B0.0$1!0&/-$(1$;!e6a?6Y@?!3-,4!eO@?OYa!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!.,! ebY?aaY!3,-!@766K!!S$.!0&/,4$?!(;_'1.$;!3,-!&,&8/(1#!0.$41!1'/#!(1!E(0&!,&!;01+,10.0,&!,3!#,.$)!+-,+$-.0$1?!04+(0-4$&.!,3!(11$.1?! ;$+-$/0(.0,&!(&;!(4,-.0W(.0,&?!&,&8/(1#!;$=.!$2.0&E'01#4$&.?!;$B$),+4$&.!),(&!0&.$-$1.!0&/,4$!(;;$;!.,!+-0&/0+()?!0&.$-$1.!0&! 0&/,4$!3-,4!'&/,&1,)0;(.$;!_,0&.!B$&.'-$1?!),11!-$/,E&0W$;!,&!/#(&E$!0&!3(0-!B()'$!,3!;$-0B(.0B$!0&1.-'4$&.1!(&;!1.,/\!=(1$;! /,4+$&1(.0,&!0&/-$(1$;!e@O?7@Y!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!A#$&!/,4+(-$;!.,!@767K!!"#01!01!+-04(-0):!;'$!.,!/(1#! +-,B0;$;!=:!+-,+$-.0$1!(/^'0-$;!,B$-!.#$!+(1.!$0E#.$$&!4,&.#1!(&;!04+-,B0&E!,+$-(.0&E!-$1').1!A0.#0&!,'-!$201.0&E!+,-.3,)0,K!!N&! (;;0.0,&?!(/^'010.0,&!(&;!.$-40&(.$;!.-(&1(/.0,&!/,1.1!0&/'--$;!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!;$/-$(1$;!e@?7a7!A#$&! /,4+(-$;!.,!.#$!1(4$!+$-0,;!0&!@767K!!R331$..0&E!.#$!0&/-$(1$1!0&!/(1#!+-,B0;$;!=:!.#$1$!,+$-(.0&E!(/.0B0.0$1!A(1!(&!0&/-$(1$!0&!&$.! /(1#!'1$;!0&!3'&;0&E!A,-\0&E!/(+0.()!(11$.1?!1'/#!(1!+(:4$&.1!0&.,!$1/-,A1?!(&;!-$+(:0&E!A,-\0&E!/(+0.()!)0(=0)0.0$1?!1'/#!(1!(//,'&.1! +(:(=)$!(&;!(//-'$;!$2+$&1$1K! ! S$.!/(1#!'1$;!0&!0&B$1.0&E!(/.0B0.0$1!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!;$/-$(1$;!eQX?Y7X?!3-,4!e>67?baQ!3,-!:$(-! $&;$;!<$/$4=$-!>6?!@767!/,4+(-$;!.,!e@>7?QbY!3,-!@766K!!<'-0&E!.#$!:$(-!,3!@766?!A$!'1$;!e6aQ?6OX!.,!(/^'0-$!30B$!#,.$)! +-,+$-.0$1K!!"#01!/,4+(-$1!.,!e@a7?Qbb!.,!(/^'0-$!1$B$&!+-,+$-.0$1!;'-0&E!.#$!1(4$!+$-0,;!0&!@767K!!N&!@766?!A$!()1,!-$/$0B$;! e6>?@Yb!3-,4!,&$!,3!,'-!'&/,&1,)0;(.$;!_,0&.!B$&.'-$1!(1!(!-$1').!,3!0.!-$30&(&/0&E!0.1!;$=.K!!R331$..0&E!.#$1$!;$/-$(1$1!0&!/(1#!'1$;! 0&!0&B$1.0&E!(/.0B0.0$1!A(1!(&!0&/-$(1$!.,!e@a?@76!0&!/(+0.()!$2+$&;0.'-$1!(&;!#,.$)!;$B$),+4$&.!+-,_$/.1!3,-!.#$!:$(-!$&;$;!@766! A#$&!/,4+(-$;!.,!.#$!:$(-!$&;$;!@767K!!]$!#(B$!()1,!3'&;$;!e6Y?777!0&!;$+,10.1!3,-!.#$!(/^'010.0,&!,3!(;;0.0,&()!#,.$)!+-,+$-.0$1! (&;!0&B$1.$;!e6?bQ7!0&!(!&,.$!-$/$0B(=)$!3-,4!(&!'&/,&1,)0;(.$;!_,0&.!B$&.'-$!A#0/#!A0))!=$!'1$;!=:!.#$!B$&.'-$!.,!3'&;!(! -$&,B(.0,&K! S$.!/(1#!+-,B0;$;!=:!30&(&/0&E!(/.0B0.0$1!3,-!:$(-!$&;$;!<$/$4=$-!>6?!@766!A(1!e6>6?7a@!/,4+(-$;!.,!e>@@?@Q>!;'-0&E! .#$!1(4$!+$-0,;!0&!@767K!!<'-0&E!.#$!:$(-!$&;$;!@767?!A$!/,4+)$.$;!.#-$$!$^'0.:!,33$-0&E1!A0.#!&$.!+-,/$$;1!,3!eO@7?O66K!!<'-0&E! .#$!:$(-!$&;$;!@766?!A$!/,4+)$.$;!(&!,33$-0&E!,3!+-$3$--$;!1#(-$1!A0.#!&$.!+-,/$$;1!,3!e667?XQQK!!"#$1$!,33$-0&E1!(&;!(&! (;;0.0,&()!$^'0.:!,33$-0&E!0&!R/.,=$-!@767!0&/-$(1$;!,'-!1#(-$!/,'&.!(&;!+-$3$--$;!;0B0;$&;!,=)0E(.0,&1!/('10&E!(!&$.!0&/-$(1$!0&! .,.()!;0B0;$&;1!(&;!;01.-0='.0,&1!+(0;!,3!e6a?YQX!A#$&!/,4+(-0&E!.#$!:$(-!$&;$;!@766!.,!.#$!:$(-!$&;$;!@767K!!!R331$..0&E!.#$! +-,/$$;1!3-,4!.#$1$!,33$-0&E1!0&!@767!(&;!@766!A$-$!&$.!+-,/$$;1!,3!eb?777!,&!,'-!/-$;0.!3(/0)0.:!;'-0&E!@767!/,4+(-$;!.,!&$.! -$+(:4$&.1!,3!e>>?@77!;'-0&E!.#$!1(4$!+$-0,;!0&!@766K!!S$.!+-,/$$;1!,&!,'-!4,-.E(E$1!(&;!&,.$1!+(:(=)$!A$-$!ea>?7Yb!;'-0&E!.#$! :$(-!$&;$;!<$/$4=$-!>6?!@766!/,4+(-$;!.,!&$.!-$+(:4$&.1!,3!e>7?>7b!;'-0&E!.#$!1(4$!+$-0,;!0&!@767K! >,7(05.),$2,=21F"2G"05)2&$/"/2?"+"7@"52HIJ2KLIL20$/2?"+"7@"52HIJ2KLLM! S$.!/(1#!+-,B0;$;!=:!,+$-(.0&E!(/.0B0.0$1!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767?!(&;!@77X?!A(1!eO@?OYa!(&;!e@6?b>@?! -$1+$/.0B$):K!P-04(-0):!(1!(!-$1').!,3!,'-!(/^'010.0,&1!(&;!04+-,B0&E!%<*!(&;!,//'+(&/:!(.!,'-!A#,)):8,A&$;!#,.$)!+-,+$-.0$1?! 0&/,4$!=$3,-$!E(0&!,&!;01+,10.0,&!,3!#,.$)!+-,+$-.0$1?!04+(0-4$&.!/#(-E$1?!;$+-$/0(.0,&!(&;!(4,-.0W(.0,&?!;$=.!$2.0&E'01#4$&.!(&;! 1.,/\!=(1$;!/,4+$&1(.0,&!0&/-$(1$;!e67?Yb7!;'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!A#$&!/,4+(-$;!.,!.#$!1(4$!+$-0,;!0&! @77XK! S$.!/(1#!'1$;!0&!0&B$1.0&E!(/.0B0.0$1!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!0&/-$(1$;!e>76?aOa?!3-,4!eY?X@6!0&!.#$!:$(-! $&;$;!<$/$4=$-!>6?!@77X!/,4+(-$;!.,!e>67?baQ!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767K!!<'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?! @767?!A$!'1$;!e@a7?Qbb!.,!(/^'0-$!1$B$&!+-,+$-.0$1K!!"#01!$2+$&;0.'-$!/,4+(-$1!.,!eX?>6b!.,!(/^'0-$!.A,!+-,+$-.0$1!;'-0&E!.#$! 1(4$!+$-0,;!0&!@77XK!!]$!#(B$!()1,!3'&;$;!e@6?QQ6!0&!/,&1.-'/.0,&!/,1.1!3,-!.#$!/,&B$-10,&!,3!.A,!,3!,'-!$201.0&E!(;_,0&$;!#,.$)1! 0&.,!(!L:(..!P)(/$!(&;!(!eb?b77!;$+,10.!3,-!.#$!(/^'010.0,&!,3!#,.$)!+-,+$-.0$1K!!N&!(;;0.0,&?!A$!0&B$1.$;!e6O?@X6!.,!+'-/#(1$!(! 4,-.E(E$!),(&!1$/'-$;!=:!.#$!F,'-.:(-;!=:!V(--0,..?!),/(.$;!0&!C,'.#!g,1.,&?!V%?!(!#,.$)!A#0/#!01!,A&$;!=:!(!_,0&.!B$&.'-$!0&! A#0/#!A$!#(B$!(!b7f!,A&$-1#0+!0&.$-$1.K!!R331$..0&E!.#$1$!0&/-$(1$1!0&!/(1#!'1$;!0&!0&B$1.0&E!(/.0B0.0$1!A(1!(!;$/-$(1$!,3!e@?777!0&! /(1#!'1$;!.,!0&B$1.!0&!;$B$),+4$&.!),(&1!-$/$0B(=)$!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!A#$&!/,4+(-$;!.,!.#$!1(4$!+$-0,;!0&! @77XK! @@!!!LD*CL%!@766!%SST%U!*DPR*"! S$.!/(1#!+-,B0;$;!=:!30&(&/0&E!(/.0B0.0$1!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!A(1!e>@@?@Q>!/,4+(-$;!.,!/(1#!'1$;!0&! 30&(&/0&E!(/.0B0.0$1!,3!e6a?X7O!;'-0&E!.#$!1(4$!+$-0,;!0&!@77XK!!<'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767?!A$!011'$;!67Y?677?777! /,44,&!1#(-$1!-$1').0&E!0&!&$.!+-,/$$;1!,3!eO@7?OO6K!!S$.!-$+(:4$&.1!'&;$-!,'-!/-$;0.!3(/0)0.:!A$-$!e>>?@77!;'-0&E!.#$!:$(-!$&;$;! <$/$4=$-!>6?!@767!/,4+(-$;!.,!&$.!-$+(:4$&.1!,3!eX?@@6!;'-0&E!.#$!1(4$!+$-0,;!0&!@77XK!!S$.!-$+(:4$&.1!,3!,'-!4,-.E(E$1!(&;! &,.$1!+(:(=)$!A$-$!e>7?>7b!;'-0&E!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767!/,4+(-$;!.,!&$.!+-,/$$;1!,3!e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d%%P!30&(&/0()!4$(1'-$!,3!+$-3,-4(&/$!,3!(&!$^'0.:!*DN"!0&!,-;$-!.,!-$/,E&0W$!.#(.!0&/,4$8+-,;'/0&E!-$()!$1.(.$!#01.,-0/()):!#(1!&,.! ;$+-$/0(.$;!,&!.#$!=(101!;$.$-40&$;!'&;$-!d%%PK!]$!/()/')(.$!55R!(++)0/(=)$!.,!/,44,&!1#(-$1!(&;!F,44,&!T&0.1!0&!(//,-;(&/$! A0.#!.#$!%+-0)!@77@!S(.0,&()!P,)0/:!g'))$.0&!,3!S%*DN"?!A#0/#!A$!-$3$-!.,!(1!.#$!]#0.$!P(+$-K!"#$!]#0.$!P(+$-!;$30&$1!55R!(1!&$.! 0&/,4$!G),11J!G/,4+'.$;!0&!(//,-;(&/$!A0.#!d%%PJ!$2/)';0&E!$2.-(,-;0&(-:!0.$41!(1!;$30&$;!'&;$-!d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d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d%%PK!!%1!1'/#?!.#$1$!04+(0-4$&.1!#(B$!=$$&!$)040&(.$;! 3-,4!&$.!),11!.,!;$.$-40&$!55RK! 55R!;,$1!&,.!-$+-$1$&.!/(1#!3),A1!3-,4!,+$-(.0&E!(/.0B0.0$1!0&!(//,-;(&/$!A0.#!d%%P!(&;!1#,');!&,.!=$!/,&10;$-$;!(&! ().$-&(.0B$!.,!&$.!0&/,4$!(1!(&!0&;0/(.0,&!,3!.#$!F,4+(&:`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bf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g(1$;!,&!.#$!,//'--$&/$!,3!/$-.(0&!$B$&.1!,-!/#(&E$1!0&!/0-/'41.(&/$1?!A$!-$B0$A!.#$!-$/,B$-(=0)0.:!,3!.#$!+-,+$-.:`1! /(--:0&E!B()'$K!C'/#!$B$&.1!,-!/#(&E$1!0&!/0-/'41.(&/$1!0&/)';$!.#$!3,)),A0&EM! • • • • • • (!10E&030/(&.!;$/-$(1$!0&!.#$!4(-\$.!+-0/$!,3!(!),&E8)0B$;!(11$.j! (!10E&030/(&.!(;B$-1$!/#(&E$!0&!.#$!$2.$&.!,-!4(&&$-!0&!A#0/#!(!),&E8)0B$;!(11$.!01!=$0&E!'1$;!,-!0&!0.1!+#:10/()! /,&;0.0,&j! (!10E&030/(&.!(;B$-1$!/#(&E$!0&!)$E()!3(/.,-1!,-!0&!.#$!='10&$11!/)04(.$!.#(.!/,');!(33$/.!.#$!B()'$!,3!(!),&E8)0B$;!(11$.?! 0&/)';0&E!(&!(;B$-1$!(/.0,&!,-!(11$114$&.!=:!(!-$E')(.,-j! (&!(//'4')(.0,&!,3!/,1.1!10E&030/(&.):!0&!$2/$11!,3!.#$!(4,'&.!,-0E0&()):!$2+$/.$;!3,-!.#$!(/^'010.0,&!,-!/,&1.-'/.0,&!,3! (!),&E8)0B$;!(11$.j! (!/'--$&.8+$-0,;!,+$-(.0&E!,-!/(1#!3),A!),11!/,4=0&$;!A0.#!(!#01.,-:!,3!,+$-(.0&E!,-!/(1#!3),A!),11$1!,-!(!+-,_$/.0,&!,-! 3,-$/(1.!.#(.!;$4,&1.-(.$1!/,&.0&'0&E!),11$1!(11,/0(.$;!A0.#!.#$!'1$!,3!(!),&E8)0B$;!(11$.j!(&;! (!/'--$&.!$2+$/.(.0,&!.#(.?!0.!01!4,-$!)0\$):!.#(&!&,.!.#(.?!(!),&E8)0B$;!(11$.!A0))!=$!1,);!,-!,.#$-A01$!;01+,1$;!,3! 10E&030/(&.):!=$3,-$!.#$!$&;!,3!0.1!+-$B0,'1):!$1.04(.$;!'1$3')!)03$K! @b!!!LD*CL%!@766!%SST%U!*DPR*"! ]$!-$B0$A!,'-!+,-.3,)0,!,&!(&!,&8E,0&E!=(101!.,!$B()'(.$!.#$!$201.$&/$!,3!(&:!,3!.#$!(3,-$4$&.0,&$;!$B$&.1!,-!/#(&E$1!0&! /0-/'41.(&/$1!.#(.!A,');!-$^'0-$!'1!.,!.$1.!3,-!-$/,B$-(=0)0.:K!N&!E$&$-()?!,'-!-$B0$A!,3!-$/,B$-(=0)0.:!01!=(1$;!,&!(&!$1.04(.$!,3!.#$! 3'.'-$!'&;01/,'&.$;!/(1#!3),A1?!$2/)';0&E!0&.$-$1.!/#(-E$1?!$2+$/.$;!.,!-$1').!3-,4!.#$!+-,+$-.:`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l!<01/,&.0&'$;!R+$-(.0,&1I!3,-!4,-$!0&3,-4(.0,&K! 5*21(+61*+!)*!:$)*+!;1*+-'1(! P-,+$-.0$1!,A&$;!0&!_,0&.!B$&.'-$1!(-$!/,&1,)0;(.$;!03!.#$!;$.$-40&(.0,&!01!4(;$!.#(.!A$!(-$!.#$!+-04(-:!=$&$30/0(-:!0&!(! B(-0(=)$!0&.$-$1.!$&.0.:!GcNDJ!,-!A$!4(0&.(0&!/,&.-,)!,3!.#$!(11$.!.#-,'E#!,'-!B,.0&E!0&.$-$1.!,-!,.#$-!-0E#.1!0&!.#$!,+$-(.0,&!,3!.#$! $&.0.:K!",!;$.$-40&$!03!A$!(-$!.#$!+-04(-:!=$&$30/0(-:!,3!(!cND?!A$!$B()'(.$!A#$.#$-!A$!#(B$!(!/,&.-,))0&E!30&(&/0()!0&.$-$1.!0&!.#(.! cND!.#-,'E#!4$(&1!,.#$-!.#(&!B,.0&E!-0E#.1K!R'-!$2(40&(.0,&!,3!$(/#!_,0&.!B$&.'-$!/,&101.1!,3!-$B0$A0&E!.#$!1'330/0$&/:!,3!$^'0.:!(.! -01\?!/,&.-,))0&E!30&(&/0()!0&.$-$1.1?!B,.0&E!-0E#.1?!(&;!A#0/#!$&.0.:!#(1!.#$!+,A$-!.,!;0-$/.!.#$!(/.0B0.0$1!.#(.!4,1.!10E&030/(&.):!04+(/.! .#$!$&.0.:`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cND! ,-!,'-!B,.0&E!0&.$-$1.!0&!(!B,.0&E!0&.$-$1.!$&.0.:?!.#$!$^'0.:!4$.#,;!,3!(//,'&.0&E!01!'1$;K!T&;$-!.#01!4$.#,;?!.#$!0&B$1.4$&.?! ,-0E0&()):!-$/,-;$;!(.!/,1.?!01!(;_'1.$;!.,!-$/,E&0W$!,'-!1#(-$!,3!&$.!$(-&0&E1!,-!),11$1!,3!.#$!(330)0(.$1!(1!.#$:!,//'-!-(.#$-!.#(&!(1! ;0B0;$&;1!,-!,.#$-!;01.-0='.0,&1!(-$!-$/$0B$;?!)040.$;!.,!.#$!$2.$&.!,3!,'-!0&B$1.4$&.!0&?!(;B(&/$1!.,!(&;!/,440.4$&.1!3,-!.#$! 0&B$1.$$K!P'-1'(&.!.,!,'-!_,0&.!B$&.'-$!(E-$$4$&.1?!()),/(.0,&1!,3!+-,30.1!(&;!),11$1!,3!1,4$!,3!,'-!0&B$1.4$&.1!0&!'&/,&1,)0;(.$;! _,0&.!B$&.'-$1!4(:!=$!()),/(.$;!;01+-,+,-.0,&(.$):!(1!/,4+(-$;!.,!&,40&()!,A&$-1#0+!+$-/$&.(E$1!;'$!.,!1+$/030$;!+-$3$--$;! -$.'-&!-(.$!.#-$1#,);1K! "#$!F,4+(&:!+$-0,;0/()):!-$B0$A1!.#$!/(--:0&E!B()'$!,3!0.1!0&B$1.4$&.!0&!'&/,&1,)0;(.$;!_,0&.!B$&.'-$1!.,!;$.$-40&$!03! /0-/'41.(&/$1!$201.!0&;0/(.0&E!04+(0-4$&.!.,!.#$!/(--:0&E!B()'$!,3!.#$!0&B$1.4$&.!.#(.!01!,.#$-!.#(&!.$4+,-(-:K!]#$&!(&! 04+(0-4$&.!0&;0/(.,-!01!+-$1$&.?!A$!A0))!$1.04(.$!.#$!3(0-!B()'$!,3!.#$!0&B$1.4$&.K!!R'-!$1.04(.$!,3!3(0-!B()'$!.(\$1!0&.,! /,&10;$-(.0,&!3(/.,-1!1'/#!(1!$2+$/.$;!3'.'-$!,+$-(.0&E!0&/,4$?!.-$&;1!(&;!+-,1+$/.1?!(1!A$))!(1!.#$!$33$/.1!,3!;$4(&;?!/,4+$.0.0,&! (&;!,.#$-!3(/.,-1K!!"#01!;$.$-40&(.0,&!-$^'0-$1!10E&030/(&.!$1.04(.$1!=:!4(&(E$4$&.?!0&/)';0&E!.#$!$2+$/.$;!/(1#!3),A1!.,!=$! E$&$-(.$;!=:!.#$!(11$.1!,A&$;!(&;!,+$-(.$;!=:!.#$!_,0&.!B$&.'-$K!C'=1$^'$&.!/#(&E$1!0&!$1.04(.$1!/,');!04+(/.!.#$!;$.$-40&(.0,&! ,3!A#$.#$-!04+(0-4$&.!$201.1K!",!.#$!$2.$&.!04+(0-4$&.!#(1!,//'--$;?!.#$!),11!A0))!=$!4$(1'-$;!(1!.#$!$2/$11!,3!.#$!/(--:0&E! (4,'&.!,B$-!.#$!3(0-!B()'$!,3!,'-!0&B$1.4$&.!0&!.#$!'&/,&1,)0;(.$;!_,0&.!B$&.'-$K! R&!%'E'1.!6b?!@766?!.#$!F,4+(&:!$&.$-$;!0&.,!.A,!+'-/#(1$!(&;!1()$!(E-$$4$&.1!.,!;01+,1$!,3!(!+,-.3,)0,!,3!6Y!&,&8/,-$! #,.$)!+-,+$-.0$1?!3,'-!,3!A#0/#!(-$!,A&$;!0&!+(-.!=:!.#$!F,4+(&:!.#-,'E#!(&!'&/,&1,)0;(.$;!_,0&.!B$&.'-$K!!%1!(!-$1').!,3!$&.$-0&E! 0&.,!.#$1$!+'-/#(1$!(&;!1()$!(E-$$4$&.1?!A$!#(B$!-$/,-;$;!(&!04+(0-4$&.!),11!,3!(++-,204(.$):!e6?aQQ!3,-!.#,1$!(11$.1!3,-!A#0/#! ,'-!0&B$1.4$&.!0&!.#$!'&/,&1,)0;(.$;!_,0&.!B$&.'-$!;0;!&,.!$2/$$;!.#$!&$.!+-,/$$;1!;01.-0='.(=)$!.,!'1!=(1$;!,&!.#$!+'-/#(1$! +-0/$K!!C$$!HS,.$!>!l!N&B$1.4$&.!0&!T&/,&1,)0;(.$;!Z,0&.!c$&.'-$1I!3,-!4,-$!0&3,-4(.0,&K!!%1!,3!<$/$4=$-!>6?!@766?!=(1$;!,&!,'-! (&():101?!A$!#(B$!;$.$-40&$;!.#(.!.#$!3(0-!B()'$!,3!.#$!-$4(0&0&E!0&B$1.4$&.1!0&!'&/,&1,)0;(.$;!_,0&.!B$&.'-$1!$2/$$;1!.#$!/(--:0&E! B()'$!,3!,'-!0&B$1.4$&.!0&!$(/#!_,0&.!B$&.'-$K @a!!!LD*CL%!@766!%SST%U!*DPR*"! <121%$961*+!=$&*(!0131)2&>%1! "#$!F,4+(&:!(//,'&.1!3,-!.#$!/-$;0.!-01\!(11,/0(.$;!A0.#!0.1!;$B$),+4$&.!),(&1!-$/$0B(=)$!=:!4,&0.,-0&E!.#$!+,-.3,)0,!3,-! 0&;0/(.0,&1!,3!04+(0-4$&.K!!R'-!4$.#,;,),E:!/,&101.1!,3!.#$!3,)),A0&EM! • N;$&.03:0&E!),(&1!3,-!0&;0B0;'()!-$B0$AK!N&!E$&$-()?!.#$1$!/,&101.!,3!;$B$),+4$&.!),(&1!.#(.!(-$!&,.!+$-3,-40&E!0&! (//,-;(&/$!A0.#!.#$!/,&.-(/.'()!.$-41!,3!.#$!),(&K! •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g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`!$^'0.:K!%4,'&.1!(-$!-$/)(11030$;!3-,4!,.#$-!/,4+-$#$&10B$! 0&/,4$!.,!.#$!0&/,4$!1.(.$4$&.1!0&!.#$!+$-0,;!,-!+$-0,;1!.#$!#$;E$;!3,-$/(1.$;!.-(&1(/.0,&!(33$/.1!$(-&0&E1K! T&;$-!/(1#!3),A!#$;E$1?!;$-0B(.0B$!E(0&1!(&;!),11$1!&,.!/,&10;$-$;!#0E#):!$33$/.0B$!0&!#$;E0&E!.#$!/#(&E$!0&!$2+$/.$;!/(1#! 3),A1!,3!.#$!#$;E$;!0.$4!(-$!-$/,E&0W$;!044$;0(.$):!0&!.#$!0&/,4$!1.(.$4$&.K!5,-!#$;E$!.-(&1(/.0,&1!.#(.!;,!&,.!^'()03:!3,-!.#$! 1#,-.8/'.!4$.#,;?!(.!.#$!#$;E$`1!0&/$+.0,&!(&;!,&!(!-$E')(-!=(101!.#$-$(3.$-?!(!3,-4()!(11$114$&.!01!+$-3,-4$;!.,!;$.$-40&$! A#$.#$-!/#(&E$1!0&!.#$!/(1#!3),A1!,3!.#$!;$-0B(.0B$!0&1.-'4$&.1!#(B$!=$$&!#0E#):!$33$/.0B$!0&!,331$..0&E!/#(&E$1!0&!/(1#!3),A1!,3!.#$! #$;E$;!0.$41!(&;!A#$.#$-!.#$:!(-$!$2+$/.$;!.,!=$!#0E#):!$33$/.0B$!0&!.#$!3'.'-$K! #"."/*+,&)$$-"0&%..'-/*)/A&$*%/0%#0$! N&!Z'&$!@766?!.#$!5%Cg!011'$;!%CF!T+;(.$!S,K!@76687b!/,&/$-&0&E!.#$!+-$1$&.(.0,&!,3!/,4+-$#$&10B$!0&/,4$K!"#$! (4$&;4$&.!+-,B0;$1!E'0;(&/$!.,!04+-,B$!/,4+(-(=0)0.:?!/,&101.$&/:?!(&;!.-(&1+(-$&/:!,3!30&(&/0()!-$+,-.0&EK!"#$!(4$&;4$&.!()1,! $)040&(.$1!.#$!,+.0,&!.,!+-$1$&.!/,4+,&$&.1!,3!,.#$-!/,4+-$#$&10B$!0&/,4$!(1!+(-.!,3!.#$!1.(.$4$&.!,3!/#(&E$1!0&!1.,/\#,);$-1`! $^'0.:K!N&1.$(;?!$&.0.0$1!A0))!=$!-$^'0-$;!.,!+-$1$&.!())!&,&8,A&$-!/#(&E$1!0&!.#$!1.,/\#,);$-1`!$^'0.:!(1!$0.#$-!(!10&E)$!/,&.0&','1! 1.(.$4$&.!,3!/,4+-$#$&10B$!0&/,4$!,-!0&!.A,!1$+(-(.$!='.!/,&1$/'.0B$!1.(.$4$&.1K!"#$!(4$&;4$&.!A0))!=$!$33$/.0B$!3,-!.#$!30-1.! 0&.$-04!,-!(&&'()!+$-0,;!=$E0&&0&E!,&!,-!(3.$-!<$/$4=$-!6b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g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`1!4(&(E$4$&.K!!R'-!-$1+,&10=0)0.:!01! .,!$2+-$11!(&!,+0&0,&!,&!.#$1$!/,&1,)0;(.$;!30&(&/0()!1.(.$4$&.1!(&;!30&(&/0()!1.(.$4$&.!1/#$;')$!=(1$;!,&!,'-!(';0.1K! ! ]$!/,&;'/.$;!,'-!(';0.1!0&!(//,-;(&/$!A0.#!.#$!1.(&;(-;1!,3!.#$!P'=)0/!F,4+(&:!%//,'&.0&E!RB$-10E#.!g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g,(-;!GT&0.$;!C.(.$1J?!L$-1#(! L,1+0.()0.:!"-'1.!(&;!1'=10;0(-0$1`!0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E!(1!,3!<$/$4=$-!>6?!@766?!=(1$;!,&!/-0.$-0(!$1.(=)01#$;!0&! 5*+1'*&%!B$*+'$%!C!5*+14'&+1#!A'&61D$'E!011'$;!=:!.#$!F,440..$$!,3!C+,&1,-0&E!R-E(&0W(.0,&1!,3!.#$!"-$(;A(:!F,440110,&!GFRCRJ?! (&;!,'-!-$+,-.!;(.$;!5$=-'(-:!@Y?!@76@?!$2+-$11$;!(&!'&^'()030$;!,+0&0,&!,&!.#$!$33$/.0B$&$11!,3!.#$!F,4+(&:`1!0&.$-&()!/,&.-,)! ,B$-!30&(&/0()!-$+,-.0&EK! ! ! o1o!9PVd!UUP! ! ! P#0)(;$)+#0(?!P$&&1:)B(&0(! 5$=-'(-:!@Y?!@76@! ! >@!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&7&b&'#A%/)c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f!=:!.#$!P(-.&$-1#0+!(&;!(-$!/,&.-,))$;!=:!.#$!F,4+(&:!(1! E$&$-()!+(-.&$-!,3!.#$!P(-.&$-1#0+K!P-,+$-.0$1!,A&$;!0&!_,0&.!B$&.'-$1!(-$!()1,!/,&1,)0;(.$;!03!.#$!;$.$-40&(.0,&!01!4(;$!.#(.!A$! (-$!.#$!+-04(-:!=$&$30/0(-:!0&!(!B(-0(=)$!0&.$-$1.!$&.0.:!Gc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`1!='10&$11K! ! ]$!$B()'(.$!$(/#!,3!,'-!0&B$1.4$&.1!(&;!/,&.-(/.'()!-$)(.0,&1#0+1!.,!;$.$-40&$!A#$.#$-!.#$:!4$$.!.#$!E'0;$)0&$1!,3!/,&1,)0;(.0,&K! R'-!$2(40&(.0,&!/,&101.1!,3!-$B0$A0&E!.#$!1'330/0$&/:!,3!$^'0.:!(.!-01\?!/,&.-,))0&E!30&(&/0()!0&.$-$1.1?!B,.0&E!-0E#.1?!(&;!A#0/#!$&.0.:! #(1!.#$!+,A$-!.,!;0-$/.!.#$!(/.0B0.0$1!.#(.!4,1.!10E&030/(&.):!04+(/.!.#$!$&.0.:`1!+$-3,-4(&/$?!(&;!.#$!,=)0E(.0,&!.,!(=1,-=!),11$1! .#(.!/,');!=$!10E&030/(&.?!(&;!-$/$0B$!E(0&1!.#(.!/,');!=$!10E&030/(&.?!0&/)';0&E!-$10;'()!-$.'-&1K!g(1$;!,&!,'-!$2(40&(.0,&?!.#$! 3,)),A0&E!$&.0.0$1!A$-$!;$.$-40&$;!.,!=$!cND`1M!V:1.0/!P(-.&$-1?!UUFj!V:1.0/!P(-.&$-1!U$(1$/,?!UUFj!C,'.#!g(:!g,1.,&?!UUFj!L"!U"?Qa@!(1!,3!<$/$4=$-!>6?!@766K!!%)1,?!V:1.0/!P(-.&$-1!U$(1$/,?!UUFj!C,'.#!g(:!g,1.,&?!UUFj!L"!U"!0&+'.1?!A#0/#!(-$!.:+0/()):!'&,=1$-B(=)$!(&;!(-$!=(1$;!,&!,'-!,A&!(11'4+.0,&1?!(1!.#$-$!01!)0..)$?!03!(&:?! -$)(.$;!4(-\$.!(/.0B0.:K!"#$!F,4+(&:`1!0&B$1.4$&.1!0&!#,.$)!+-,+$-.0$1!(-$!/(--0$;!(.!/,1.!(&;!(-$!;$+-$/0(.$;!'10&E!.#$!1.-(0E#.8)0&$! 4$.#,;!,B$-!.#$!3,)),A0&E!$1.04(.$;!'1$3')!)0B$1M! !! g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g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c$&.'-$1! ! N3!0.!01!;$.$-40&$;!.#(.!A$!;,!&,.!#(B$!(!/,&.-,))0&E!0&.$-$1.!0&!(!_,0&.!B$&.'-$?!$0.#$-!.#-,'E#!,'-!30&(&/0()!0&.$-$1.!0&!(!c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`1!;$B$),+4$&.!),(&1!-$/$0B(=)$!(-$! $(/#!1$/'-$;!=:!B(-0,'1!#,.$)!,-!#,.$)!;$B$),+4$&.!+-,+$-.0$1!,-!+(-.&$-1#0+!0&.$-$1.1!0&!#,.$)!,-!#,.$)!;$B$),+4$&.!+-,+$-.0$1K! ]$!#(B$!;$.$-40&$;!.#(.!;$B$),+4$&.!),(&1!-$/$0B(=)$!;,!&,.!/,&1.0.'.$!(!30&(&/0()!0&.$-$1.!0&!(!cND!(&;!;,!&,.!/,&1,)0;(.$!.#$! ,+$-(.0&E!-$1').1!,3!.#$!=,--,A$-!0&!,'-!/,&1,)0;(.$;!30&(&/0()!1.(.$4$&.1K!!R'-!$B()'(.0,&!/,&101.1!,3!-$B0$A0&E!.#$!1'330/0$&/:!,3! .#$!=,--,A$-`1!$^'0.:!(.!-01\?!/,&.-,))0&E!30&(&/0()!0&.$-$1.1!0&!.#$!=,--,A$-?!B,.0&E!-0E#.1!,3!.#$!=,--,A$-?!(&;!A#0/#!$&.0.:!#(1!.#$! +,A$-!.,!;0-$/.!.#$!(/.0B0.0$1!.#(.!4,1.!10E&030/(&.):!04+(/.!.#$!$&.0.:`1!+$-3,-4(&/$?!(&;!.#$!,=)0E(.0,&1!.,!(=1,-=!),11$1!.#(.!/,');!! ! O6!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&7&b&'#A%/)c%*)'/&%/0&$-22%#,&'1&$)A/)1).%/*&%..'-/*)/A&('+).)"$&UQD=4<=:5PW! =$!10E&030/(&.?!(&;!-$/$0B$!E(0&1!.#(.!/,');!=$!10E&030/(&.?!0&/)';0&E!-$10;'()!-$.'-&1K!"#$!(&():101!'.0)0W$;!=:!.#$!F,4+(&:!0&! $B()'(.0&E!.#$!;$B$),+4$&.!),(&1!-$/$0B(=)$!0&B,)B$1!/,&10;$-(=)$!4(&(E$4$&.!_';E4$&.!(&;!(11'4+.0,&1K! %!;$B$),+4$&.!),(&!-$/$0B(=)$!01!/,&10;$-$;!04+(0-$;!A#$&!0.!=$/,4$1!+-,=(=)$?!=(1$;!,&!/'--$&.!0&3,-4(.0,&?!.#(.!.#$!F,4+(&:! A0))!=$!'&(=)$!.,!/,))$/.!())!(4,'&.1!;'$!(//,-;0&E!.,!.#$!),(&`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o.,!*$)(.$;!P(-.0$1! ! <'$!3-,4o.,!*$)(.$;!P(-.0$1!-$+-$1$&.1!/'--$&.!-$/$0B(=)$1!(&;!+(:(=)$1!-$1').0&E!3-,4!.-(&1(/.0,&1!-$)(.$;!.,!#,.$)!4(&(E$4$&.! (&;!+-,_$/.!4(&(E$4$&.!A0.#!(330)0(.$;!$&.0.0$1K!<'$!3-,4!-$)(.$;!+(-.0$1!-$1').1!+-04(-0):!3-,4!(;B(&/$1!,3!1#(-$;!/,1.1!0&/'--$;! (&;!0&.$-$1.!-$/$0B(=)$!,&!;$B$),+4$&.!),(&1!4(;$!.,!-$)(.$;!+(-.0$1K!<'$!.,!(330)0(.$1!-$1').1!+-04(-0):!3-,4!#,.$)!4(&(E$4$&.! (&;!+-,_$/.!4(&(E$4$&.!3$$1!0&/'--$;K!g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`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a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&7&b&'#A%/)c%*)'/&%/0&$-22%#,&'1&$)A/)1).%/*&%..'-/*)/A&('+).)"$&UQD=4<=:5PW! ,3!<$/$4=$-!>6?!@766?!@767!(&;!@77X!A(1!XbKXf?!XbKYf?!(&;!YaKXf?!-$1+$/.0B$):K! ]$!;$30&$!(!&,&/,&.-,))0&E!0&.$-$1.!(1!.#$!+,-.0,&!,3!$^'0.:!0&!(!1'=10;0(-:!&,.!(..-0='.(=)$?!;0-$/.):!,-!0&;0-$/.):?!.,!(!+(-$&.K!!C'/#! &,&/,&.-,))0&E!0&.$-$1.1!(-$!-$+,-.$;!,&!.#$!/,&1,)0;(.$;!=()(&/$!1#$$.1!A0.#0&!$^'0.:?!='.!1$+(-(.$):!3-,4!.#$!1#(-$#,);$-1`! $^'0.:K!!*$B$&'$1?!$2+$&1$1!(&;!&$.!0&/,4$!,-!),11!(..-0='.(=)$!.,!=,.#!.#$!F,4+(&:!(&;!&,&/,&.-,))0&E!0&.$-$1.1!(-$!-$+,-.$;!,&! .#$!/,&1,)0;(.$;!1.(.$4$&.1!,3!,+$-(.0,&1K! N&!(//,-;(&/$!A0.#!TC!d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d%%P!.,!$B()'(.$!A#$.#$-!.#$!F,4+(&:!/,&.-,)1!.#$!(/.0,&1!,-!$B$&.1!&$/$11(-:!.,!011'$!.#$! 4(204'4!&'4=$-!,3!/,44,&!1#(-$1!.#(.!/,');!=$!-$^'0-$;!.,!=$!;$)0B$-$;!(.!.#$!.04$!,3!1$..)$4$&.!,3!.#$!/,&.-(/.K! ]$!/)(1103:!.#$!&,&/,&.-,))0&E!0&.$-$1.1!,3!,'-!/,&1,)0;(.$;!_,0&.!B$&.'-$1!A0.#0&!$^'0.:!,&!,'-!/,&1,)0;(.$;!=()(&/$!1#$$.1K!!"#$1$! &,&/,&.-,))0&E!0&.$-$1.1!.,.()$;!e>7Q!(1!,3!<$/$4=$-!>6?!@766!(&;!eOQO!(1!,3!<$/$4=$-!>6?!@767K!!N&!(;;0.0,&?!/$-.(0&!/,44,&! '&0.1!,3!)040.$;!+(-.&$-1#0+!0&.$-$1.1!0&!LLUP!GHS,&-$;$$4(=)$!F,44,&!T&0.1IJ!(-$!-$/)(11030$;!3-,4!.#$!4$WW(&0&$!1$/.0,&!,3!,'-! /,&1,)0;(.$;!=()(&/$!1#$$.1!.,!$^'0.:K!!"#$1$!&,&/,&.-,))0&E!0&.$-$1.1!,3!S,&-$;$$4(=)$!F,44,&!T&0.1!.,.()$;!e6a?YaO!(1!,3! <$/$4=$-!>6?!@766!(&;!e6X?O67!(1!,3!<$/$4=$-!>6?!@767K!!%1!,3!<$/$4=$-!>6?!@766?!.#$-$!A$-$!O?@7a?7aO!S,&-$;$$4(=)$! F,44,&!T&0.1!,'.1.(&;0&E!A0.#!(!3(0-!4(-\$.!B()'$!,3!e@7?b@a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d%%PK!!"#$!/(--:0&E!B()'$!,3!.#$!*$;$$4(=)$!F,44,&!T&0.1!$^'()1!.#$! E-$(.$-!,3!/(--:0&E!B()'$!=(1$;!,&!.#$!(//'4')(.0,&!,3!#01.,-0/()!/,1.!,-!.#$!-$;$4+.0,&!B()'$K!!%1!,3!<$/$4=$-!>6?!@766?!.#$-$! A$-$!>?7aO?@b@!*$;$$4(=)$!F,44,&!T&0.1!,'.1.(&;0&E!A0.#!(!-$;$4+.0,&!B()'$!$^'()!.,!.#$!3(0-!B()'$!,3!.#$!*$;$$4(=)$! F,44,&!T&0.1?!,-!e6O?XbbK!!"#$!-$;$4+.0,&!B()'$!,3!.#$!*$;$$4(=)$!F,44,&!T&0.1!01!=(1$;!,&!.#$!+-0/$!+$-!1#(-$!,3!,'-! /,44,&!1#(-$1!,&!.#$!S[CD!,&!1'/#!;(.$K!!%1!,3!<$/$4=$-!>6?!@766?!.#$!*$;$$4(=)$!F,44,&!T&0.1!A$-$!B()'$;!,&!.#$! /,&1,)0;(.$;!=()(&/$!1#$$.1!(.!-$;$4+.0,&!B()'$!10&/$!.#$!*$;$$4(=)$!F,44,&!T&0.1!-$;$4+.0,&!B()'$!A(1!E-$(.$-!.#(&!#01.,-0/()! /,1.!,3!e6@?O7@K!!%1!,3!<$/$4=$-!>6?!@767?!.#$!*$;$$4(=)$!F,44,&!T&0.1!A$-$!B()'$;!,&!.#$!/,&1,)0;(.$;!=()(&/$!1#$$.1!(.! -$;$4+.0,&!B()'$!10&/$!.#$!*$;$$4(=)$!F,44,&!T&0.1!-$;$4+.0,&!B()'$!A(1!E-$(.$-!.#(&!#01.,-0/()!/,1.!,3!e6>?b@6K ]$!()1,!4(0&.(0&!&,&/,&.-,))0&E!0&.$-$1.1!3,-!.#$!$^'0.:!0&.$-$1.!,A&$;!=:!.#0-;!+(-.0$1!0&!U"!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&7&b&'#A%/)c%*)'/&%/0&$-22%#,&'1&$)A/)1).%/*&%..'-/*)/A&('+).)"$&UQD=4<=:5PW! C#(-$#,);$-1`!D^'0.:! ! R&!V(:!6Y?!@766?!A$!/,4+)$.$;!(!+'=)0/!,33$-0&E!,3!O?a77?777!YK77f!C$-0$1!g!F'4')(.0B$!*$;$$4(=)$!P-$3$--$;!C#(-$1!GHC$-0$1!g! P-$3$--$;!C#(-$1IJ?!)0^'0;(.0,&!+-$3$-$&/$!e@bK77!+$-!1#(-$?!0&/)';0&E!a77?777!C$-0$1!g!P-$3$--$;!C#(-$1!1'=_$/.!.,!(&!,B$-()),.4$&.! ,+.0,&!$2$-/01$;!=:!.#$!'&;$-A-0.$-1K!!S$.!+-,/$$;1!,3!.#$!,33$-0&E?!)$11!$2+$&1$1!(&;!'&;$-A-0.$-1!/,440110,&1?!A$-$! (++-,204(.$):!e667?XQQK!!S$.!+-,/$$;1!3-,4!.#$!,33$-0&E!A$-$!'1$;!.,!-$;'/$!1,4$!,3!.#$!0&;$=.$;&$11!,'.1.(&;0&E!'&;$-!,'-! -$B,)B0&E!)0&$!,3!/-$;0.!3(/0)0.:!(&;!.,!3'&;!(!+,-.0,&!,3!.#$!+'-/#(1$!+-0/$!,3!F,'-.:(-;!=:!V(--0,..?!]$1.10;$?!U,1!%&E$)$1?!F%?!A#0/#! A(1!(/^'0-$;!,&!V(:!6X?!@766K! & R&!Z(&'(-:!@6?!@767?!A$!/,4+)$.$;!(!+'=)0/!,33$-0&E!0&!A#0/#!b6?Qb7?777!/,44,&!1#(-$1?!0&/)';0&E!a?Qb7?777!/,44,&!1#(-$1! 1'=_$/.!.,!(&!,B$-()),.4$&.!,+.0,&!$2$-/01$;!=:!.#$!'&;$-A-0.$-1?!A$-$!1,);!=:!'1!.#-,'E#!1$B$-()!'&;$-A-0.$-1!3,-!&$.!+-,/$$;1!.,! '1!,3!(++-,204(.$):!e6OY?Xbb!=$3,-$!.#$!+(:4$&.!,3!,33$-0&E8-$)(.$;!$2+$&1$1K!!N44$;0(.$):!'+,&!/),10&E!.#$!,33$-0&E?!A$! /,&.-0='.$;!())!,3!.#$!&$.!+-,/$$;1!,3!.#$!,33$-0&E!.,!LLUP!0&!$2/#(&E$!3,-!(;;0.0,&()!F,44,&!T&0.1!,3!)040.$;!+(-.&$-1#0+!0&!LLUPK! ! R&!V(-/#!@O?!@767?!A$!/,4+)$.$;!(!+'=)0/!,33$-0&E!0&!A#0/#!@Q?a77?777!/,44,&!1#(-$1?!0&/)';0&E!>?a77?777!/,44,&!1#(-$1! 1'=_$/.!.,!(&!,B$-()),.4$&.!,+.0,&!$2$-/01$;!=:!.#$!'&;$-A-0.$-1?!A$-$!1,);!=:!'1!.#-,'E#!1$B$-()!'&;$-A-0.$-1!3,-!&$.!+-,/$$;1!.,! '1!,3!(++-,204(.$):!e66@?Qa@!=$3,-$!.#$!+(:4$&.!,3!,33$-0&E8-$)(.$;!$2+$&1$1K!!N44$;0(.$):!'+,&!/),10&E!.#$!,33$-0&E?!A$! /,&.-0='.$;!())!,3!.#$!&$.!+-,/$$;1!,3!.#$!,33$-0&E!.,!.#$!P(-.&$-1#0+!0&!$2/#(&E$!3,-!(;;0.0,&()!F,44,&!T&0.1!,3!)040.$;!+(-.&$-1#0+! 0&!LLUPK! ! R&!R/.,=$-!@@?!@767?!A$!/,4+)$.$;!(!+'=)0/!,33$-0&E!0&!A#0/#!@Y?Qb7?777!/,44,&!1#(-$1?!0&/)';0&E!>?Qb7?777!/,44,&!1#(-$1! 1'=_$/.!.,!(&!,B$-()),.4$&.!,+.0,&!$2$-/01$;!=:!.#$!'&;$-A-0.$-1?!A$-$!1,);!=:!'1!.#-,'E#!1$B$-()!'&;$-A-0.$-1!3,-!&$.!+-,/$$;1!.,! '1!,3!(++-,204(.$):!e6a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d-,'+!UKPK!GH*DNdIJ?!+'-1'(&.!.,!A#0/#!A$! 1,);!b?Q77?777!/,44,&!1#(-$1!(.!(!+-0/$!,3!e@Kb7!+$-!1#(-$!.,!*DNd!3,-!E-,11!+-,/$$;1!,3!e6O?@b7K!!]$!()1,!E-(&.$;!*DNd!.#$!,+.0,&! .,!=':!'+!.,!(&!(;;0.0,&()!b?Q77?777!/,44,&!1#(-$1!(.!(!+-0/$!,3!e>K77!+$-!1#(-$?!A#0/#!01!$2$-/01(=)$!.#-,'E#!%'E'1.!O?!@76OK!!R&! 5$=-'(-:!X?!@76@!.#$!/),10&E!+-0/$!3,-!,'-!/,44,&!1#(-$1!,&!.#$!S[CD!$2/$$;$;!ebK77!3,-!@7!/,&1$/'.0B$!.-(;0&E!;(:1?!(&;?!0&! (//,-;(&/$!A0.#!.#$!.$-41!,3!.#$!,+.0,&?!A$!/())$;!0&!(&;!/(&/$)$;!.#$!,+.0,&!0&!$2/#(&E$!3,-!011'0&E!@?b@6?ba6!/,44,&!1#(-$1!.,! *DNd!A0.#!(&!(EE-$E(.$!B()'$!$^'()!.,!e6>?baaK!!"#01!(4,'&.!$^'()1!.#$!B,)'4$!A$0E#.$;!(B$-(E$!+-0/$!+$-!/,44,&!1#(-$!3,-!.#$! @7!.-(;0&E!;(:1!+-0,-!.,!.#$!$2$-/01$!,3!.#$!,+.0,&?!)$11!.#$!e>K77!,+.0,&!+-0/$?!4').0+)0$;!=:!.#$!b?Q77?777!/,44,&!1#(-$1! -$4(0&0&E!'&;$-!.#$!,+.0,&K! ! R&!Z'&$!6@?!@77X?!A$!$&.$-$;!0&.,!(!1()$1!(E-$$4$&.!A0.#!(!=-,\$-8;$()$-!(/.0&E!(1!(!1()$1!(E$&.?!'&;$-!A#0/#!0.!/,');!,33$-!(&;!1$))! '+!.,!6b?777?777!/,44,&!1#(-$1K!!C()$1!,3!1#(-$1!'&;$-!.#01!(E-$$4$&.?!03!(&:?!/,');!=$!4(;$!=:!(&:!4$.#,;!+$-40..$;!=:!)(A! ;$$4$;!.,!=$!(&!H(.!.#$!4(-\$.!,33$-0&EI!(&;!0&!+-0B(.$):!&$E,.0(.$;!.-(&1(/.0,&1K!!T&;$-!.#$!1()$1!(E-$$4$&.?!;'-0&E!.#$!:$(-! $&;$;!<$/$4=$-!>6?!@77X?!A$!1,);!@?QO@?>77!1#(-$1!A0.#!&$.!+-,/$$;1!,3!eY?@bYK! ! C.,/\!g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a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&7&b&'#A%/)c%*)'/&%/0&$-22%#,&'1&$)A/)1).%/*&%..'-/*)/A&('+).)"$&UQD=4<=:5PW! <$-0B(.0B$1!(&;!L$;E0&E! ! "#$!F,4+(&:`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`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f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b7fJ!.#(.!.#$!+,10.0,&!A0))!=$!1'1.(0&$;!'+,&!$2(40&(.0,&?!0&/)';0&E!-$1,)'.0,&1!,3!(&:!-$)(.$;!(++$()1!,-!)0.0E(.0,&! +-,/$11$1?!=(1$;!,&!.#$!.$/#&0/()!4$-0.1K!N3!(!.(2!+,10.0,&!;,$1!&,.!4$$.!.#$!4,-$8)0\$):8.#(&8&,.!-$/,E&0.0,&!.#-$1#,);?!;$1+0.$!.#$! F,4+(&:`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b!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&7&b&'#A%/)c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g!011'$;!%CF!T+;(.$!S,K!@76687b!/,&/$-&0&E!.#$!+-$1$&.(.0,&!,3!/,4+-$#$&10B$!0&/,4$K!"#$!(4$&;4$&.! +-,B0;$1!E'0;(&/$!.,!04+-,B$!/,4+(-(=0)0.:?!/,&101.$&/:?!(&;!.-(&1+(-$&/:!,3!30&(&/0()!-$+,-.0&EK!"#$!(4$&;4$&.!()1,!$)040&(.$1! .#$!,+.0,&!.,!+-$1$&.!/,4+,&$&.1!,3!,.#$-!/,4+-$#$&10B$!0&/,4$!(1!+(-.!,3!.#$!1.(.$4$&.!,3!/#(&E$1!0&!1.,/\#,);$-1`!$^'0.:K! N&1.$(;?!$&.0.0$1!A0))!=$!-$^'0-$;!.,!+-$1$&.!())!&,&8,A&$-!/#(&E$1!0&!.#$!1.,/\#,);$-1`!$^'0.:!(1!$0.#$-!(!10&E)$!/,&.0&','1! 1.(.$4$&.!,3!/,4+-$#$&10B$!0&/,4$!,-!0&!.A,!1$+(-(.$!='.!/,&1$/'.0B$!1.(.$4$&.1K!"#$!(4$&;4$&.!A0))!=$!$33$/.0B$!3,-!.#$!30-1.! 0&.$-04!,-!(&&'()!+$-0,;!=$E0&&0&E!,&!,-!(3.$-!<$/$4=$-!6b?!@766!(&;!1#,');!=$!(++)0$;!-$.-,1+$/.0B$):!.,!.#$!=$E0&&0&E!,3!.#$! (&&'()!+$-0,;!,3!(;,+.0,&?!,-!Z(&'(-:!6?!@76@!3,-!'1K! Oa!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! ! /'*"&B&b&)/>"$*2"/*&)/&!'*"+&(#'("#*)"$&UQD=4<=:5PW! L,.$)!F),10&E! !! D33$/.0B$!V(-/#!>6?!@766?!A$!/$(1$;!,+$-(.0,&1!(.!.#$!F,43,-.!N&&?!),/(.$;!0&!S,-.#!<(-.4,'.#?!V%!(&;!(-$!0&!.#$!+-,/$11!,3! /,&B$:0&E!.#$!(11$.!.,!.#$!)$&;$-K!!"#$!/),1'-$!,3!.#$!+-,+$-.:!/,0&/0;$;!A0.#!.#$!$2+0-(.0,&!,3!0.1!3-(&/#01$!(E-$$4$&.K!!"#$! +-,+$-.:!#(1!(!/(--:0&E!B()'$!,3!e6?XOX?!(1!,3!<$/$4=$-!>6?!@766?!A#0/#!(++-,204(.$1!0.1!3(0-!B()'$K!!C$$!HS,.$!a!l!<$=.I!3,-! (;;0.0,&()!;01/'110,&!-$E(-;0&E!.#$!/),1'-$!,3!.#01!+-,+$-.:K ! b7!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&Y&b&)/>"$*2"/*&)/&-/.'/$'+)0%*"0&d')/*&>"/*-#"$&UQD=4<=:5PW! N&/,4$!G),11J!-$/,E&0W$;!;'-0&E!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767?!(&;!@77X?!3,-!,'-!N&B$1.4$&.1!0&!T&/,&1,)0;(.$;!Z,0&.! c$&.'-$1!01!(1!3,)),A1M! R&!Z(&'(-:!6?!@767?!A$!(/^'0-$;!,'-!_,0&.!B$&.'-$!+(-.&$-`1!b@K7f!4$4=$-1#0+!0&.$-$1.!0&!P*%!d)(1.,&='-:?!UUF?!.#$!,A&$-!,3!.#$! L0).,&!d(-;$&!N&&?!d)(1.,&='-:?!F"?!(&;!.#01!#,.$)!=$/(4$!,&$!,3!,'-!A#,)):8,A&$;!#,.$)1K!<'$!.,!.#$!0&/-$(1$!0&!,'-!,A&$-1#0+! 0&.$-$1.!0&!P*%!d)(1.,&='-:?!UUF?!.#$!B()'$!,3!,'-!$201.0&E!OYK7f!0&.$-$1.!A(1!-$4$(1'-$;!-$1').0&E!0&!(!e6?Y6Y!E(0&!A#0/#!A(1! -$/,-;$;!'+,&!,'-!(/^'010.0,&!,3!.#$!-$4(0&0&E!0&.$-$1.1!0&!.#$!L0).,&!d(-;$&!N&&?!d)(1.,&='-:?!F"K! "#$!V:1.0/!P(-.&$-1?!UUF!_,0&.!B$&.'-$!(E-$$4$&.!+-,B0;$1!3,-!(&!YKbf!&,&8/'4')(.0B$!+-$3$--$;!-$.'-&!=(1$;!,&!,'-!/,&.-0='.$;! $^'0.:!0&.$-$1.!0&!.#$!B$&.'-$K!F(1#!;01.-0='.0,&1!A0))!=$!4(;$!3-,4!/(1#!(B(0)(=)$!3,-!;01.-0='.0,&?!30-1.?!.,!'1!.,!+-,B0;$!(&!YKbf! (&&'()!&,&8/,4+,'&;$;!-$.'-&!,&!,'-!'&-$.'-&$;!/(+0.()!/,&.-0='.0,&1!(&;!.#$&!.,!,'-!_,0&.!B$&.'-$!+(-.&$-!.,!+-,B0;$!(&!YKbf! (&&'()!&,&8/,4+,'&;$;!-$.'-&!,3!.#$0-!'&-$.'-&$;!/,&.-0='.0,&1K!%&:!-$4(0&0&E!/(1#!(B(0)(=)$!3,-!;01.-0='.0,&!A0))!=$!;01.-0='.$;! .,!'1!67Kbf!A0.#!-$1+$/.!.,!.#$!&$.!/(1#!3),A!3-,4!.#$!L(-.3,-;!V(--0,..?!QK7f!A0.#!-$1+$/.!.,!.#$!L(-.3,-;!L0).,&!(&;!baKQf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f!,3!,+$-(.0&E!-$B$&'$1?!$2/$+.!3,-!.#$!L(-.3,-;!V(--0,..!A#0/#!01!7K@bf!,3!,+$-(.0&E!-$B$&'$1K! "#$!F,4+(&:!(&;!,'-!_,0&.!B$&.'-$!+(-.&$-!0&!V:1.0/!P(-.&$-1?!UUF!_,0&.):!(&;!1$B$-()):!E'(-(&.$$!.#$!+$-3,-4(&/$!,3!.#$!.$-41!,3!(! ),(&!.,!%;-0($&`1!U(&;0&E!L,.$)?!UUF?!,A&$-!,3!.#$!L(-.3,-;!V(--0,..?!0&!.#$!(4,'&.!,3!eb7?777?!(&;!>6b!"-'4='))!C.-$$.!%11,/0(.$1?! UUF?!,A&$-!,3!.#$!L(-.3,-;!L0).,&?!0&!.#$!(4,'&.!,3!e@Q?777?!03!(.!(&:!.04$!;'-0&E!.#$!.$-4!,3!.#$!&,.$!(&;!;'-0&E!1'/#!.04$!(1!.#$! &$.!A,-.#!,3!V:1.0/!P(-.&$-1!3())1!=$),A!.#$!(4,'&.!,3!.#$!E'(-(&.$$K!!]$!#(B$!;$.$-40&$;!.#(.!.#$!+-,=(=0)0.:!,3!0&/'--0&E!),11! '&;$-!.#01!E'(-(&.$$!01!-$4,.$!(&;!.#$!B()'$!(..-0='.$;!.,!.#$!E'(-(&.$$!01!;$!40&0401K! b@!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&T&b&0"9*! V,-.E(E$1!(&;!S,.$1!P(:(=)$! ! ]$!#(;!.,.()!4,-.E(E$1!+(:(=)$!(.!<$/$4=$-!>6?!@766?!(&;!<$/$4=$-!>6?!@767!,3!eQ6Q?>aQ!G0&/)';0&E!ea6?QbY!0&!,'.1.(&;0&E! 4,-.E(E$!0&;$=.$;&$11!-$)(.$;!.,!(11$.1!#$);!3,-!1()$J!(&;!ebXa?XOX?!-$1+$/.0B$):K!!"#$1$!=()(&/$1!/,&101.$;!,3!4,-.E(E$1!A0.#! 302$;!(&;!B(-0(=)$!0&.$-$1.!-(.$1?!A#0/#!-(&E$;!3-,4!@K@Yf!.,!YK@bf!(1!,3!<$/$4=$-!>6?!@766K!%EE-$E(.$!0&.$-$1.!$2+$&1$!0&/'--$;! '&;$-!.#$!4,-.E(E$!),(&1!+(:(=)$!.,.()$;!e>X?QYa?!e>Q?a77?!(&;!e>b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l!N&B$1.4$&.!0&!L,.$)!P-,+$-.0$1?I!.#$!F,43,-.!N&&?!S,-.#!<(-.4,'.#?!V%?!/$(1$;!,+$-(.0,&1!,&!V(-/#!>6?! @766K!!]$!(-$!/'--$&.):!0&!;01/'110,&1!.,!.-(&13$-!.0.)$!.,!.#$!+-,+$-.:!.,!.#$!)$&;$-K!!%1!,3!<$/$4=$-!>6?!@766?!.#$!-$4(0&0&E! +-0&/0+()!(&;!(//-'$;!0&.$-$1.!;'$!,&!.#$!4,-.E(E$!),(&!+(:(=)$!-$)(.$;!.,!.#01!(11$.!A$-$!e@?XaY!(&;!e@6@?!-$1+$/.0B$):K! ! %1!,3!<$/$4=$-!>6?!@766?!.#$!4(.'-0.:!;(.$1!3,-!.#$!,'.1.(&;0&E!4,-.E(E$!),(&1!-(&E$;!3-,4!5$=-'(-:!@76@!.,!C$+.$4=$-!@7@>K! ! C'=,-;0&(.$;!S,.$1!P(:(=)$! ! ]$!#(B$!.A,!_'&0,-!1'=,-;0&(.$;!&,.$1!+(:(=)$!0&!.#$!(EE-$E(.$!(4,'&.!,3!eb6?bOY!.,!.#$!L$-1#(!C.(.'.,-:!"-'1.1!+'-1'(&.!.,! 0&;$&.'-$!(E-$$4$&.1!A#0/#!A0))!4(.'-$!,&!Z'):!>7?!@7>b?!='.!4(:!=$!-$;$$4$;!(.!,'-!,+.0,&?!0&!A#,)$!,-!0&!+(-.?!+-0,-!.,!4(.'-0.:! 0&!(//,-;(&/$!A0.#!.#$!+-,B010,&1!,3!.#$!0&;$&.'-$!(E-$$4$&.K!!D33$/.0B$!Z'):!>7?!@767?!.#$!e@b?QQO!&,.$1!011'$;!.,!L$-1#(!C.(.'.,-:! "-'1.!N!(&;!L$-1#(!C.(.'.,-:!"-'1.!NN?!=$(-!0&.$-$1.!(.!(!B(-0(=)$!-(.$!,3!UNgR*!+)'1!>f!+$-!(&&'4K!!"#01!-(.$!-$1$.1!.A,!='10&$11!;(:1! +-0,-!.,!$(/#!^'(-.$-):!+(:4$&.K!!P-0,-!.,!.#01?!.#$!e@b?QQO!&,.$!011'$;!.,!L$-1#(!C.(.'.,-:!"-'1.!N!0&/'--$;!0&.$-$1.!(.!(!302$;!-(.$!,3! QK>Of!+$-!(&&'4!.#-,'E#!Z'):!>7?!@767?!(&;!.#$!e@b?QQO!&,.$!011'$;!.,!L$-1#(!C.(.'.,-:!"-'1.!NN!0&/'--$;!0&.$-$1.!(.!(!302$;!-(.$!,3! QK6Q>f!+$-!(&&'4!.#-,'E#!Z'):!>7?!@767K!!"#$!A$0E#.$;!(B$-(E$!0&.$-$1.!-(.$!,&!,'-!.A,!_'&0,-!1'=,-;0&(.$;!&,.$1!+(:(=)$!;'-0&E! .#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767?!(&;!@77X!A(1!>K>bf?!bKaXf?!(&;!QK>6f?!-$1+$/.0B$):K!!N&.$-$1.!$2+$&1$!0&!.#$!(4,'&.!,3! e6?Q@Q?!e@?X>O?!(&;!e>?Qaa!A(1!-$/,-;$;!3,-!.#$!:$(-1!$&;$;!@766?!@767?!(&;!@77X?!-$1+$/.0B$):K! ! R.#$-!S,.$1!P(:(=)$! ! LLUP!$&.$-$;!0&.,!(!4(&(E$4$&.!(E-$$4$&.!A0.#!(&!'&(330)0(.$;!#,.$)!4(&(E$-!.#(.!#(1!$2.$&;$;!(!eOXY!0&.$-$1.83-$$!),(&!.,! LLUP!3,-!A,-\0&E!/(+0.()!/,&.-0='.0,&1!.#(.!(-$!;'$!(.!$0.#$-!.#$!.$-40&(.0,&!,-!$2+0-(.0,&!,3!.#$!4(&(E$4$&.!(E-$$4$&.K!!%! ;01/,'&.!A(1!-$/,-;$;!,&!.#$!&,.$!+(:(=)$!A#0/#!-$;'/$;!.#$!+-0&/0+()!=()(&/$1!-$/,-;$;!0&!.#$!4,-.E(E$1!(&;!&,.$1!+(:(=)$K!"#$! ;01/,'&.!01!=$0&E!(4,-.0W$;!,B$-!.#$!-$4(0&0&E!)03$!,3!.#$!),(&!(&;!01!-$/,-;$;!(1!0&.$-$1.!$2+$&1$K!!g$.A$$&!<$/$4=$-!>6?!@767! (&;!<$/$4=$-!>6?!@766?!A$!.$-40&(.$;!.#$!4(&(E$4$&.!(E-$$4$&.!A0.#!U,;E$A,-\1?!UKPK!GHU,;E$A,-\1IJ?!3,-!.#$!4(&(E$4$&.! 1$-B0/$1!.#$:!+-,B0;$;!3,-!.#$!1$B$&!L:(..!C'44$-30$);!C'0.$1!),/(.0,&1!),/(.$;!0&!]#0.$!P)(0&1?!S[?!d(0.#$-1='-E?!V6?!@767?!C$+.$4=$-!6?!@766!(&;!<$/$4=$-!>6?!@766J?!A$!-$+(0;!.#$!e@6Q!0&.$-$1.!3-$$!),(&!;'$!.,! U,;E$A,-\1!(1!(!-$1').!,3!,'-!(/^'010.0,&!,3!.#$!C'44$-30$);!C'0.$1!+,-.3,)0,K!!"#$!=()(&/$!,3!.#$!&,.$!+(:(=)$?!A(1!e@6Q!(&;!e@@>! (1!,3!<$/$4=$-!>6?!@766!(&;!<$/$4=$-!>6?!@767?!-$1+$/.0B$):K!!]$!-$+(0;!.#$!30&()!=()(&/$!,3!.#01!&,.$!,&!Z(&'(-:!b?!@76@K! ! bY!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! ! /'*"&T&b&0"9*&UQD=4<=:5PW! ! "#$!F,4+(&:!01!0&!/,4+)0(&/$!A0.#!$(/#!,3!.#$!/,B$&(&.1!)01.$;!(=,B$!(1!,3!<$/$4=$-!>6?!@766K! ! P-0,-!.,!S,B$4=$-!b?!@767?!A$!4(0&.(0&$;!(!*$B,)B0&E!F-$;0.!U,(&!(&;!C$/'-0.:!%E-$$4$&.!A0.#!"Kb?777?!(&;!.#$!/-$;0.!(E-$$4$&.!A(1!1.-'/.'-$;!.,!()),A! 3,-!(&!0&/-$(1$!,3!(&!(;;0.0,&()!eO7?777!'&;$-!.#$!)0&$!,3!/-$;0.?!+-,B0;$;!.#(.!(;;0.0,&()!/,))(.$-()!A(1!1'++)0$;!(&;!(;;0.0,&()! )$&;$-1!_,0&$;!.#$!=(&\!E-,'+K!!R&!<$/$4=$-!66?!@77X?!A$!(4$&;$;!.#01!/-$;0.!(E-$$4$&.!.,!4,;03:!/$-.(0&!30&(&/0()!/,B$&(&.1?! -$1').0&E!0&!/#(&E$1!.,!.#$!(&&'()!0&.$-$1.!-(.$!0&/'--$;!,&!+-04$!-(.$!(&;!UNgR*!-(.$!),(&1!=,--,A$;!'&;$-!.#01!3(/0)0.:K!!L$-1#(! +(0;!.#$!)$&;$-1!(!3$$!,3!e>>Y!0&!/,&&$/.0,&!A0.#!.#$!(4$&;4$&.!.#$!/-$;0.!(E-$$4$&.K!!! ! "#$!,'.1.(&;0&E!+-0&/0+()!=()(&/$!'&;$-!.#$!e@b7?777!-$B,)B0&E!/-$;0.!3(/0)0.:!A(1!eb6?777!(.!<$/$4=$-!>6?!@766!(&;!eOa?777!(.! <$/$4=$-!>6?!@767K!"#$!F,4+(&:!-$/,-;$;!0&.$-$1.!$2+$&1$!,3!e@?67>?!e@?Q>Q?!(&;!e>?@>b!-$)(.$;!.,!=,--,A0&E1!;-(A&!,&!.#$! e6>b?777!-$B,)B0&E!/-$;0.!3(/0)0.:!(&;!.#$!e@b7?777!-$B,)B0&E!/-$;0.!3(/0)0.:?!3,-!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767?!(&;!@77X?! -$1+$/.0B$):K!"#$!A$0E#.$;!(B$-(E$!0&.$-$1.!-(.$!,&!,'-!)0&$!,3!/-$;0.!;'-0&E!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767?!(&;!@77X! A(1!OKO>f?!OK@Xf?!(&;!>K@bf?!-$1+$/.0B$):K! ! %1!,3!<$/$4=$-!>6?!@766!A$!#(;!eY?ba>!0&!0--$B,/(=)$!)$..$-1!,3!/-$;0.!011'$;!(&;!,'-!-$4(0&0&E!=,--,A0&E!/(+(/0.:!'&;$-!.#$!)0&$! ,3!/-$;0.!A(1!e6X7?O>QK! ! 5(0-!c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`1!;$=.!A(1!eQbY?>QO!(&;!eQYb?Ob>!-$1+$/.0B$):! G$2/)';0&E!,'.1.(&;0&E!4,-.E(E$!0&;$=.$;&$11!-$)(.$;!.,!(11$.1!#$);!3,-!1()$JK!%1!,3!<$/$4=$-!>6?!@767?!.#$!/(--:0&E!B()'$!(&;! $1.04(.$;!3(0-!B()'$!,3!.#$!F,4+(&:`1!;$=.!A(1!eaXO?Q@7!(&;!eabY?OYQ!-$1+$/.0B$):K! ! F(+0.()0W$;!N&.$-$1.! ! ]$!'.0)0W$!4,-.E(E$!;$=.!(&;!,'-!e@b7?777!-$B,)B0&E!/-$;0.!3(/0)0.:!.,!30&(&/$!,&8E,0&E!/(+0.()!04+-,B$4$&.!+-,_$/.1!(.!,'-! #,.$)1K!!N&.$-$1.!0&/'--$;!,&!4,-.E(E$1!(&;!.#$!-$B,)B0&E!/-$;0.!3(/0)0.:!.#(.!-$)(.$1!.,!,'-!/(+0.()!04+-,B$4$&.!+-,_$/.1!01!/(+0.()0W$;! .#-,'E#!.#$!;(.$!A#$&!.#$!(11$.1!(-$!+)(/$;!0&!1$-B0/$K!!5,-!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767?!(&;!@77X?!A$!/(+0.()0W$;! e6?>Q@?!eOa!(&;!e67?!-$1+$/.0B$):?!,3!0&.$-$1.!$2+$&1$!-$)(.$;!.,!.#$1$!+-,_$/.1K! ! <$3$--$;!50&(&/0&E!F,1.1! ! F,1.1!(11,/0(.$;!A0.#!$&.$-0&E!0&.,!4,-.E(E$1!(&;!&,.$1!+(:(=)$!(&;!,'-!-$B,)B0&E!)0&$!,3!/-$;0.!(-$!;$3$--$;!(&;!(4,-.0W$;!,B$-! .#$!)03$!,3!.#$!;$=.!0&1.-'4$&.1K!!%4,-.0W(.0,&!,3!;$3$--$;!30&(&/0&E!/,1.1!01!-$/,-;$;!0&!0&.$-$1.!$2+$&1$K!!%1!,3!<$/$4=$-!>6?!@766?! ;$3$--$;!/,1.1!A$-$!eX?7@>?!&$.!,3!(//'4')(.$;!(4,-.0W(.0,&!,3!eX?6>YK!!%1!,3!<$/$4=$-!>6?!@767?!;$3$--$;!/,1.1!A$-$!e67?@7O?!&$.! ,3!(//'4')(.$;!(4,-.0W(.0,&!,3!eb?Yb@K!!%4,-.0W(.0,&!,3!;$3$--$;!/,1.1!3,-!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767?!(&;!@77X!A(1! e>?b>b?!e@?>Y6!(&;!e@?7bX?!-$1+$/.0B$):K! ! S$A!<$=.o*$30&(&/$! ! R&!Z(&'(-:!>6?!@76@?!A$!-$+(0;!,'.1.(&;0&E!4,-.E(E$!;$=.!,3!e>@?b77!1$/'-$;!=:!.#$!F(+0.,)!L0))!C'0.$1?!](1#0&E.,&?!K@bf!(&;!4(.'-$1!,&!Z(&'(-:!>7?!@76bK!!R&!.#$!1(4$!;(.$?!A$!$&.$-$;!0&.,!(&!0&.$-$1.!-(.$!1A(+!.#(. $33$/.0B$):!302$1!.#$!0&.$-$1.!(.!>KQXfK! R&!C$+.$4=$-!@X?!@766?!A$!$&.$-$;!0&.,!(!e>7?777!4,-.E(E$!),(&!1$/'-$;!=:!,'-!F,'-.:(-;!=:!V(--0,..?!]$1.10;$?!U,1!%&E$)$1?!F%?! +-,+$-.:K!!!P-$B0,'1):?!.#01!+-,+$-.:!A(1!0&/)';$;!(1!/,))(.$-()!,&!,'-!-$B,)B0&E!/-$;0.!3(/0)0.:K!!"#$!&$A!4,-.E(E$!),(&!=$(-1!0&.$-$1.! (.!(!B(-0(=)$!-(.$!,3!,&$!4,&.#!TKCK!;,))(-!UNgR*!+)'1!>KYbf!A0.#!(!3),,-!,3!7KQbf!(&;!4(.'-$1!,&!C$+.$4=$-!@X?!@76bK!!%1!(!-$1').! ,3!.#01!&$A!;$=.?!A$!/(+0.()0W$;!eO7O!0&!;$3$--$;!30&(&/0&E!/,1.1K!!R&!.#$!1(4$!;(.$?!A$!$&.$-$;!0&.,!(&!0&.$-$1.!-(.$!1A(+!.#(.! $33$/.0B$):!302$1!.#$!0&.$-$1.!(.!OKXOQfK!!C$$!HS,.$!Y!l!5(0-!c()'$!V$(1'-$4$&.1!(&;!<$-0B(.0B$!N&1.-'4$&.1I!3,-!4,-$!0&3,-4(.0,&K! ! %)1,?!,&!C$+.$4=$-!@X?!@766?!A$!-$30&(&/$;!.#$!e66?X6>!4,-.E(E$!),(&!1$/'-$;!=:!(!)(&;!+(-/$)!),/(.$;!,&!D0E#.#!%B$&'$?!S$A! [,-\?!S[K!!"#$!&$A!4,-.E(E$!),(&!=$(-1!0&.$-$1.!(.!(!B(-0(=)$!-(.$!,3!]())!C.-$$.!Z,'-&()!P-04$!*(.$!+)'1!6K7f?!(.!&,!.04$!)$11!.#(&! aK7f!,-!4,-$!.#(&!6aK7f!(&;!4(.'-$1!,&!Z'):!6?!@76>K!!%1!(!-$1').!,3!.#01!-$30&(&/0&E?!A$!/(+0.()0W$;!e6b@!0&!;$3$--$;!30&(&/0&E! /,1.1K! ! <'-0&E!@767?!A$!-$+(0;!1$B$&!4,-.E(E$1!(&;!.A,!&,.$1!+(:(=)$K!!N&!(;;0.0,&?!A$!-$+)(/$;!,'-!+-$B0,'1!)0&$!,3!/-$;0.!A0.#!(!&$A! /-$;0.!3(/0)0.:!A0.#!"K@!0&!'&(4,-.0W$;! ;$3$--$;!/,1.1!(&;!3$$1?!A#0/#!(-$!0&/)';$;!0&!.#$!U,11!,&!<$=.!D2.0&E'01#4$&.!/(+.0,&!,&!.#$!/,&1,)0;(.$;!1.(.$4$&.1!,3! ,+$-(.0,&1!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@767K! ! a6!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&X&b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f!,3!E-,11!-$B$&'$1!(11,/0(.$;!A0.#!$(/#!#,.$)!4(&(E$;!3,-! .#$!-$)(.$;!4,&.#K!"#$!0&/$&.0B$!4(&(E$4$&.!3$$?!03!(&:?!3,-!(!#,.$)!01!;'$!(&&'()):!0&!(--$(-1!,&!.#$!&0&$.0$.#!;(:!3,)),A0&E!.#$! $&;!,3!$(/#!301/()!:$(-!(&;!01!=(1$;!'+,&!.#$!30&(&/0()!+$-3,-4(&/$!,3!.#$!#,.$)1K!!!5,-!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767! (&;!@77X?!=(1$!4(&(E$4$&.!3$$1!0&/'--$;!.,.()$;!eX?6X7?!eQ?7XX!(&;!eb?OYb?!-$1+$/.0B$):!(&;!(-$!-$/,-;$;!(1!L,.$)!R+$-(.0&E! D2+$&1$1K!!5,-!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767!(&;!@77X?!A$!;0;!&,.!0&/'-!0&/$&.0B$!4(&(E$4$&.!3$$1K! ! R&!<$/$4=$-!>?!@767?!A$!.$-40&(.$;!.#$!4(&(E$4$&.!(E-$$4$&.!#$);!A0.#!V(--0,..!N&.$-&(.0,&()!N&/K!3,-!.#$!4(&(E$4$&.! 1$-B0/$1!.#$:!+-,B0;$;!3,-!.#$!F,'-.:(-;!=:!V(--0,..?!%)$2(&;-0(?!c%K!N&!/,&&$/.0,&!A0.#!.#01!.$-40&(.0,&?!A$!+(0;!e@b7!0&! .$-40&(.0,&!3$$1K!D33$/.0B$!<$/$4=$-!O?!@767?!.#01!#,.$)!01!&,A!4(&(E$;!=:!LLVUPK!!!%)1,?!=$.A$$&!<$/$4=$-!>6?!@767!(&;! <$/$4=$-!>6?!@766?!A$!.$-40&(.$;!.#$!4(&(E$4$&.!(E-$$4$&.!#$);!A0.#!U,;E$A,-\1?!UKPK!3,-!.#$!4(&(E$4$&.!1$-B0/$1!.#$:! +-,B0;$;!3,-!1$B$&!L:(..!C'44$-30$);!C'0.$1!+-,+$-.0$1K!!N&!/,&&$/.0,&!A0.#!.#01!.$-40&(.0,&?!A$!-$+(0;!eOXY!(1!-$+(:4$&.!,3!.#$! 0&.$-$1.!3-$$!),(&!;'$!.,!U,;E$A,-\1?!UKPK!(1!(!-$1').!,3!,'-!(/^'010.0,&!,3!.#$!L:(..!C'44$-30$);!C'0.$1!+,-.3,)0,K!!C$$!HS,.$!a!l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e@@?Q@X?! e6Y?ba7!(&;!e6O?76X?!-$1+$/.0B$):K!!"#$!0&0.0()!3$$1!0&/'--$;!.,!$&.$-!0&.,!.#$!3-(&/#01$!(E-$$4$&.1!(-$!(4,-.0W$;!,B$-!.#$!)03$!,3!.#$! 3-(&/#01$!(E-$$4$&.1K! ! %//,'&.0&E!(&;!N&3,-4(.0,&!"$/#&,),E:!5$$1! ! D(/#!,3!.#$!A#,)):8,A&$;!#,.$)1!(&;!/,&1,)0;(.$;!_,0&.!B$&.'-$!#,.$)!+-,+$-.0$1!4(&(E$;!=:!LLVUP!0&/'-1!(!4,&.#):!(//,'&.0&E! (&;!0&3,-4(.0,&!.$/#&,),E:!3$$K!!V,&.#):!3$$1!3,-!(//,'&.0&E!1$-B0/$1!(-$!=$.A$$&!e@!(&;!e>!+$-!+-,+$-.:!(&;!4,&.#):!0&3,-4(.0,&! .$/#&,),E:!3$$1!-(&E$!3-,4!e6!.,!e@!+$-!+-,+$-.:K!!5,-!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767!(&;!@77X?!.#$!F,4+(&:!0&/'--$;! (//,'&.0&E!3$$1!,3!e6?Y@@?!e6?b>Q!(&;!e6?ObX?!-$1+$/.0B$):K!!5,-!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767!(&;!@77X?!.#$!F,4+(&:! 0&/'--$;!0&3,-4(.0,&!.$/#&,),E:!3$$1!,3!eOa7?!e>OQ!(&;!e>@b?!-$1+$/.0B$):K!%//,'&.0&E!3$$1!(&;!0&3,-4(.0,&!.$/#&,),E:!3$$1!(-$! 0&/)';$;!0&!#,.$)!,+$-(.0&E!$2+$&1$1K! ! a@!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&X&b&.'22)*2"/*$&%/0&.'/*)/A"/.)"$&%/0&#"+%*"0&(%#*,&*#%/$%.*)'/$&UQD=4<=:5PW! F(+0.()!D2+$&;0.'-$!5$$1! ! LLVUP!/#(-E$1!(!bf!3$$!,&!())!/(+0.()!$2+$&;0.'-$1!(&;!+$&;0&E!-$&,B(.0,&!+-,_$/.1!(.!.#$!+-,+$-.0$1!(1!/,4+$&1(.0,&!3,-! +-,/'-$4$&.!1$-B0/$1!-$)(.$;!.,!/(+0.()!$2+$&;0.'-$1!(&;!3,-!+-,_$/.!4(&(E$4$&.!,3!-$&,B(.0,&!+-,_$/.1K!!5,-!.#$!:$(-1!$&;$;!! <$/$4=$-!>6?!@766?!@767!(&;!@77X?!A$!0&/'--$;!3$$1!,3!e6?@7Y?!e@bQ!(&;!e6b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g,(-;!,3!"-'1.$$1!01!/,4+-01$;!1,)$):!,3!0&;$+$&;$&.!.-'1.$$1?!(&;!.#$!+'-/#(1$!+-0/$1!(&;!())!4(.$-0()! .$-41!,3!.#$!+'-/#(1$!,3!#,.$)1!3-,4!-$)(.$;!+(-.0$1!(-$!(++-,B$;!=:!.#$!%/^'010.0,&!F,440..$$K! ! L,.$)!C'++)0$1! ! 5,-!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767?!(&;!@77X?!A$!0&/'--$;!/#(-E$1!3,-!#,.$)!1'++)0$1!,3!e6O>?!e6ba!(&;!eQ>?!-$1+$/.0B$):K! 5,-!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766?!@767!(&;!@77X?!A$!0&/'--$;!/#(-E$1!3,-!/(+0.()!$2+$&;0.'-$!+'-/#(1$1!,3!e6Y?O7O?!ea?Qbb! (&;!eY@O?!-$1+$/.0B$):K!!"#$1$!+'-/#(1$1!A$-$!4(;$!3-,4!L$-1#(!P'-/#(10&E!(&;!<$10E&?!(!#,.$)!1'++):!/,4+(&:!,A&$;?!0&!+(-.?!=:! /$-.(0&!$2$/'.0B$1!(&;!.-'1.$$1!,3!.#$!F,4+(&:K!L,.$)!1'++)0$1!(-$!$2+$&1$1!0&/)';$;!0&!#,.$)!,+$-(.0&E!$2+$&1$1!,&!,'-! /,&1,)0;(.$;!1.(.$4$&.1!,3!,+$-(.0,&1?!(&;!/(+0.()!$2+$&;0.'-$!+'-/#(1$1!(-$!0&/)';$;!0&!0&B$1.4$&.!0&!#,.$)!+-,+$-.0$1!,&!,'-! /,&1,)0;(.$;!=()(&/$!1#$$.1K!%++-,204(.$):!e@a!(&;!@@!01!0&/)';$;!0&!(//,'&.1!+(:(=)$!(.!<$/$4=$-!>6?!@766!(&;!@767?! -$1+$/.0B$):K! ! <'$!5-,4!*$)(.$;!P(-.0$1! ! "#$!;'$!3-,4!-$)(.$;!+(-.0$1!=()(&/$!(1!,3!<$/$4=$-!>6?!@766!(&;!@767!A(1!(++-,204(.$):!ea?6YX!(&;!eb?7aX?!-$1+$/.0B$):K!"#$! =()(&/$1!+-04(-0):!/,&101.$;!,3!(//-'$;!0&.$-$1.!;'$!,&!,'-!;$B$),+4$&.!),(&1?!(!&,.$!-$/$0B(=)$!3-,4!,&$!,3!,'-!'&/,&1,)0;(.$;! _,0&.!B$&.'-$1?!(&;!.#$!-$4(0&0&E!;'$!3-,4!-$)(.$;!+(-.:!=()(&/$1!(-$!-$/$0B(=)$1!,A$;!3-,4!,'-!'&/,&1,)0;(.$;!_,0&.!B$&.'-$1K! ! <'$!.,!*$)(.$;!P(-.0$1! ! "#$!=()(&/$!;'$!.,!-$)(.$;!+(-.0$1!(1!,3!<$/$4=$-!>6?!@766!(&;!@767!A(1!(++-,204(.$):!e@?X>@!(&;!eX>X?!-$1+$/.0B$):K!"#$! =()(&/$1!/,&101.$;!,3!(4,'&.1!+(:(=)$!.,!LLVUP!3,-!(;40&01.-(.0B$?!4(&(E$4$&.?!(&;!=$&$30.!-$)(.$;!3$$1K! ! ! a>!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! ! /'*"&^&b&1%)#&>%+-"&2"%$-#"2"/*$&%/0&0"#)>%*)>"&)/$*#-2"/*$! ! 5(0-!c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`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`1!,A&!(11'4+.0,&1?!(1!.#$-$!01!)0..)$?!03!(&:?!-$)(.$;!4(-\$.!(/.0B0.:K!N&!0&1.(&/$1!A#$-$!.#$!;$.$-40&(.0,&! ,3!.#$!3(0-!B()'$!4$(1'-$4$&.!01!=(1$;!,&!0&+'.1!3-,4!;033$-$&.!)$B$)1!,3!.#$!3(0-!B()'$!#0$-(-/#:?!.#$!)$B$)!0&!.#$!3(0-!B()'$!#0$-(-/#:! A0.#0&!A#0/#!.#$!$&.0-$!3(0-!B()'$!4$(1'-$4$&.!3())1!01!=(1$;!,&!.#$!),A$1.!)$B$)!0&+'.!.#(.!01!10E&030/(&.!.,!.#$!3(0-!B()'$! 4$(1'-$4$&.!0&!0.1!$&.0-$.:K!"#$!F,4+(&:`1!(11$114$&.!,3!.#$!10E&030/(&/$!,3!(!+(-.0/')(-!0&+'.!.,!.#$!3(0-!B()'$!4$(1'-$4$&.!0&!0.1! $&.0-$.:!-$^'0-$1!_';E4$&.?!(&;!/,&10;$-1!3(/.,-1!1+$/030/!.,!.#$!(11$.!,-!)0(=0)0.:K! ! %1!,3!<$/$4=$-!>6?!@766?!.#$!F,4+(&:`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`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gR*!$2/$$;1!bKQbf!,&!(!B(-0(=)$!-(.$!4,-.E(E$!,&! L,.$)!>Q>?!S$A![,-\?!S[K!!"#$!&,.0,&()!(4,'&.!,3!.#$!0&.$-$1.!-(.$!/(+!01!e@@?777!(&;!$^'()1!.#$!+-0&/0+()!,3!.#$!B(-0(=)$!-(.$! 4,-.E(E$!=$0&E!#$;E$;K!!"#01!0&.$-$1.!-(.$!/(+!4(.'-$1!,&!V(:!X?!@76@K! ! ]$!4(0&.(0&!(&!0&.$-$1.!-(.$!/(+!.#(.!$33$/.0B$):!)040.1!B(-0(=)$!-(.$!0&.$-$1.!+(:4$&.1!,&!.#$!1'=,-;0&(.$;!&,.$1!+(:(=)$!.,!L$-1#(! C.(.'.,-:!"-'1.!N!(&;!L$-1#(!C.(.'.,-:!"-'1.!NN!A#$&!UNgR*!$2/$$;1!@K77fK!"#$!&,.0,&()!(4,'&.!,3!.#$!0&.$-$1.!-(.$!/(+!01!eb6?bOY! (&;!$^'()1!.#$!+-0&/0+()!,3!.#$!B(-0(=)$!0&.$-$1.!-(.$!;$=.!=$0&E!#$;E$;K!"#$!$33$/.0B$!;(.$!,3!.#$!0&.$-$1.!-(.$!/(+!01!Z'):!>7?!@767?! A#0/#!/,--$)(.$1!A0.#!.#$!$&;!,3!.#$!302$;!0&.$-$1.!-(.$!+$-0,;!,&!.#$!&,.$1!+(:(=)$K!!"#01!/(+!4(.'-$1!,&!Z'):!>7?!@76@K! ! ! ab!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&[&b&$!%#"&9%$"0&(%,2"/*$! N&!V(:!@77Y?!.#$!F,4+(&:!$1.(=)01#$;!(&;!,'-!1#(-$#,);$-1!(++-,B$;!.#$!L$-1#(!L,1+0.()0.:!"-'1.!@77Y!D^'0.:!N&/$&.0B$!P)(&!G.#$! H@77Y!P)(&IJ!3,-!.#$!+'-+,1$!,3!(..-(/.0&E!(&;!-$.(0&0&E!$2$/'.0B$!,330/$-1?!$4+),:$$1?!.-'1.$$1!(&;!,.#$-!+$-1,&1!(&;!$&.0.0$1!.#(.! +-,B0;$!1$-B0/$1!.,!.#$!F,4+(&:K!P-0,-!.,!.#$!@77Y!P)(&?!.#$!F,4+(&:!4(;$!(A(-;1!+'-1'(&.!.,!.#$!@77O!D^'0.:!N&/$&.0B$!P)(&!G.#$! H@77O!P)(&IJK!T+,&!(++-,B()!,3!.#$!@77Y!P)(&!=:!.#$!F,4+(&:`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`1!@767!%&&'()!U,&E8"$-4!N&/$&.0B$!P-,E-(4!GH@767!%&&'()!U"NPIJ?!@766!%&&'()!U,&E8 "$-4!N&/$&.0B$!P-,E-(4!GH@766!%&&'()!U"NPIJ?!,-!'&;$-!.#$!V').08[$(-!U,&E8"$-4!N&/$&.0B$!P-,E-(4!HV').08[$(-!U"NPI!+-0,-!.,! Z(&'(-:!6?!@76@?!(.!A#0/#!.04$!.#$!F,4+(&:!A0))!.$-40&(.$!.#$!@77Y!P)(&K!!"$-40&(.0,&!,3!.#$!@77Y!P)(&!A0))!&,.!#(B$!(&:!$33$/.!,&! $^'0.:!(A(-;1!(&;!E-(&.1!+-$B0,'1):!4(;$!'&;$-!.#(.!+)(&K! D2$/'.0B$1!k!D4+),:$$1! ! ?**-&%!=$*4!F1'6!IM-)+H!5*31*+)21!8'$4'&6(! ! ",!3'-.#$-!()0E&!.#$!0&.$-$1.1!,3!.#$!F,4+(&:`1!$2$/'.0B$1!A0.#!.#,1$!,3!1#(-$#,);$-1?!.#$!F,4+$&1(.0,&!F,440..$$!E-(&.1!(&&'()! ),&E!.$-4!$^'0.:!0&/$&.0B$!(A(-;1!.#(.!(-$!=,.#!H+$-3,-4(&/$!=(1$;I!(&;!H.04$!=(1$;KI! ! • NOPP!?**-&%!=F58!8!R&!V(-/#!6a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e6?OQa!A(1!-$/,-;$;!3,-!.#$!:$(-!$&;$;!<$/$4=$-!>6?!@766!3,-!.#$!@766!%&&'()!U"NP!(&;!01! 0&/)';$;!0&!1.,/\!=(1$;!/,4+$&1(.0,&!,&!.#$!/,&1,)0;(.$;!1.(.$4$&.!,3!,+$-(.0,&1!(&;!(!/,--$1+,&;0&E!)0(=0)0.:!,3!e6?OQa! A(1!0&/)';$;!0&!(//,'&.1!+(:(=)$?!(//-'$;!$2+$&1$1!(&;!,.#$-!)0(=0)0.0$1!,&!.#$!F,4+(&:`1!/,&1,)0;(.$;!=()(&/$!1#$$.1!(1! ,3!<$/$4=$-!>6?!@766!3,-!'&011'$;!1#(-$1!'&;$-!.#01!+-,E-(4K! ! • NOPO!?**-&%!=F58!8!R&!V(-/#!>7?!@766?!OO7?aaX!1#(-$1!A$-$!011'$;!+'-1'(&.!.,!.#$!@767!%&&'()!U"NP!,3!A#0/#!@bf!B$1.$;! 044$;0(.$):!(&;!.#$!-$4(0&0&E!A0))!B$1.!@bf!,&!<$/$4=$-!>6?!@766?!@bf!,&!<$/$4=$-!>6?!@76@?!(&;!@bf!,&!<$/$4=$-! >6?!@76>K!!"#$!E-(&.8;(.$!3(0-!B()'$!,3!.#$!1#(-$1!(A(-;$;!A(1!ebKXY!+$-!1#(-$K!!C.,/\!=(1$;!/,4+$&1(.0,&!$2+$&1$!-$)(.$;! .,!.#$!@767!%&&'()!U"NP!+-,E-(4!,3!eQ7>!(&;!e6?>6O!A(1!-$/,-;$;!3,-!.#$!:$(-1!$&;$;!<$/$4=$-!>6?!@766!(&;!@767?! -$1+$/.0B$):K!!%1!,3!<$/$4=$-!>6?!@767?!.#$!F,4+(&:!;$.$-40&$;!.#(.!0.!A(1!+-,=(=)$!.#$!+$-3,-4(&/$!/,&;0.0,&1!3,-!.#$! @767!%&&'()!U"NP!A,');!=$!1(.0130$;!(&;!(!)0(=0)0.:!,3!e6?>6O!A(1!0&/)';$;!0&!(//,'&.1!+(:(=)$?!(//-'$;!$2+$&1$1!(&;!,.#$-! )0(=0)0.0$1!,&!.#$!F,4+(&:`1!/,&1,)0;(.$;!=()(&/$!1#$$.!(1!,3!<$/$4=$-!>6?!@767?!-$1+$/.0B$):!3,-!'&011'$;!1#(-$1!'&;$-! .#01!+-,E-(4K!!T&$(-&$;!/,4+$&1(.0,&!-$)(.$;!.,!.#01!+-,E-(4!A(1!ea7b!(1!,3!<$/$4=$-!>6?!@766K! ! Q-%+)CR1&'!=F58! ! R&!V(:!Q?!@767?!.#$!F,4+$&1(.0,&!F,440..$$!()1,!(;,+.$;!.#$!V').08[$(-!U"NPK!!"#01!+-,E-(4!#(1!(!.#-$$8:$(-!+$-3,-4(&/$! +$-0,;?!A#0/#!/,44$&/$;!,&!Z(&'(-:!6?!@767!(&;!A0))!$&;!,&!<$/$4=$-!>6?!@76@K!!"#$!/,44,&!1#(-$1!.,!=$!011'$;!0&!1$..)$4$&.! ,3!$^'0.:!(A(-;1!E-(&.$;!'&;$-!.#01!+-,E-(4!(-$!=(1$;!'+,&!.#$!F,4+(&:`1!(/#0$B$4$&.!,3!(!/$-.(0&!)$B$)!,3!G6J!(=1,)'.$!.,.()! 1#(-$#,);$-!-$.'-&!GQbf!,3!.#$!(A(-;J?!(&;!G@J!-$)(.0B$!.,.()!1#(-$#,);$-!-$.'-&!(1!/,4+(-$;!.,!.#$!F,4+(&:`1!+$$-!E-,'+!G@bf!,3! .#$!(A(-;JK!!"#$!F,4+(&:!(//,'&.1!3,-!.#$1$!E-(&.1!(1!4(-\$.!=(1$;!(A(-;1!A#$-$!.#$!F,4+(&:!$1.04(.$;!'&$(-&$;! /,4+$&1(.0,&!(.!.#$!E-(&.8;(.$!3(0-!B()'$!A#0/#!01!.#$&!(4,-.0W$;!0&.,!/,4+$&1(.0,&!/,1.!,B$-!.#$!B$1.0&E!+$-0,;?!A#0/#!$&;1!,&! aQ!!!LD*CL%!@766!%SST%U!*DPR*"! !"#$!%&!'$()*%+)*,&*#-$*&%/0&$-9$)0)%#)"$! /'*"$&*'&*!"&.'/$'+)0%*"0&1)/%/.)%+&$*%*"2"/*$! 1'#&*!"&,"%#$&"/0"0&0"."29"#&Y7N&BZ77N&BZ7ZN&%/0&BZZ[! _)/&*!'-$%/0$N&"3."(*&$!%#"a-/)*&%/0&("#&$!%#"&%2'-/*$`! /'*"&7Y&b&$!%#"!'+0"#$K&"@-)*,&%/0&/'/.'/*#'++)/A&)/*"#"$*$&)/&(%#*/"#$!)(! F,44,&!C#(-$1! ! "#$!F,4+(&:`1!/,44,&!1#(-$1!(-$!;'):!('.#,-0W$;?!3')):!+(0;!(&;!&,&8(11$11(=)$K!F,44,&!1#(-$#,);$-1!(-$!$&.0.)$;!.,!-$/$0B$! ;0B0;$&;1!03!(&;!A#$&!('.#,-0W$;!(&;!;$/)(-$;!=:!.#$!g,(-;!,3!"-'1.$$1!,3!.#$!F,4+(&:!,'.!,3!(11$.1!)$E()):!(B(0)(=)$!(&;!.,!1#(-$! -(.(=):!0&!.#$!(11$.1!,3!.#$!F,4+(&:!)$E()):!(B(0)(=)$!3,-!;01.-0='.0,&!.,!0.1!1#(-$#,);$-1!0&!.#$!$B$&.!,3!0.1!)0^'0;(.0,&?!;011,)'.0,&!,-! A0&;0&E!'+!(3.$-!+(:4$&.!,3?!,-!(;$^'(.$!+-,B010,&!3,-?!())!\&,A&!;$=.1!(&;!)0(=0)0.0$1!,3!.#$!F,4+(&:K! ! P-$3$--$;!C#(-$1! ! "#$!<$/)(-(.0,&!,3!"-'1.!('.#,-0W$1!,'-!g,(-;!,3!"-'1.$$1!.,!/)(1103:!(&:!'&011'$;!+-$3$--$;!1#(-$1!(&;!.,!-$/)(1103:!(&:!+-$B0,'1):! /)(11030$;!='.!'&011'$;!+-$3$--$;!1#(-$1!,3!(&:!1$-0$1!3-,4!.04$!.,!.04$!0&!,&$!,-!4,-$!1$-0$1?!(1!('.#,-0W$;!=:!.#$!g,(-;!,3! "-'1.$$1K!P-0,-!.,!011'(&/$!,3!1#(-$1!,3!$(/#!1$-0$1?!.#$!g,(-;!,3!"-'1.$$1!01!-$^'0-$;!=:!V(-:)(&;!*DN"!U(A!(&;!,'-!<$/)(-(.0,&!,3! "-'1.!.,!1$.!3,-!$(/#!1'/#!1$-0$1?!1'=_$/.!.,!.#$!+-,B010,&1!,3!,'-!<$/)(-(.0,&!,3!"-'1.!-$E(-;0&E!.#$!-$1.-0/.0,&!,&!.-(&13$-!,3!1#(-$1! ,3!=$&$30/0()!0&.$-$1.?!.#$!.$-41?!.#$!+-$3$-$&/$1?!/,&B$-10,&!,-!,.#$-!-0E#.1?!B,.0&E!+,A$-1?!-$1.-0/.0,&1?!)040.(.0,&1!(1!.,!;0B0;$&;1! ,-!,.#$-!;01.-0='.0,&1?!^'()030/(.0,&1!(&;!.$-41!,-!/,&;0.0,&1!,3!-$;$4+.0,&!3,-!$(/#!1'/#!1$-0$1K!"#'1?!,'-!g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a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b?777?!@?X>O?b66!(&;!OO?OX7!F,44,&!T&0.1!A$-$!/,&B$-.$;!.,!F)(11!%!F,44,&!C#(-$1?!-$1+$/.0B$):K! ! ! Qa!!!LD*CL%!@766!%SST%U!*DPR*"! )456&[8! .RG=J5;&<=&G=P&0<;GJC5565=4;&g<4R&%QQD:=4G=4;&D=&%QQD:=4<=J&G=P&1<=G=Q%+-%*)'/&'1&0)$.+'$-#"&.'/*#'+$&%/0&(#'."0-#"$! T&;$-!.#$!1'+$-B010,&!(&;!A0.#!.#$!+(-.0/0+(.0,&!,3!,'-!4(&(E$4$&.?!0&/)';0&E!,'-!F#0$3!D2$/'.0B$!R330/$-!(&;!F#0$3! 50&(&/0()!R330/$-?!A$!/,&;'/.$;!(&!$B()'(.0,&!,3!,'-!;01/),1'-$!/,&.-,)1!(&;!+-,/$;'-$1?!(1!1'/#!.$-4!01!;$30&$;!'&;$-!*')$!6>(8 6bG$J!+-,4')E(.$;!'&;$-!.#$!C$/'-0.0$1!D2/#(&E$!%/.!,3!6X>O?!(1!(4$&;$;!G.#$!D2/#(&E$!%/.J?!(1!,3!.#$!$&;!,3!.#$!+$-0,;!/,B$-$;! =:!.#01!-$+,-.K!g(1$;!,&!.#(.!$B()'(.0,&?!.#$!F#0$3!D2$/'.0B$!R330/$-!(&;!F#0$3!50&(&/0()!R330/$-!/,&/)';$;!.#(.!,'-!;01/),1'-$! /,&.-,)1!(&;!+-,/$;'-$1!(1!,3!.#$!$&;!,3!.#$!+$-0,;!/,B$-$;!=:!.#01!-$+,-.!(-$!3'&/.0,&0&E!$33$/.0B$):!.,!+-,B0;$!-$(1,&(=)$! (11'-(&/$!.#(.!.#$!0&3,-4(.0,&!-$^'0-$;!.,!=$!;01/),1$;!=:!'1!0&!-$+,-.1!30)$;!'&;$-!.#$!C$/'-0.0$1!D2/#(&E$!%/.!,3!6X>O!01!G0J! -$/,-;$;?!+-,/$11$;?!1'44(-0W$;!(&;!-$+,-.$;!A0.#0&!.#$!.04$!+$-0,;1!1+$/030$;!0&!.#$!CDF`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`1!4(&(E$4$&.!01!-$1+,&10=)$!3,-!$1.(=)01#0&E!(&;!4(0&.(0&0&E!(;$^'(.$!0&.$-&()!/,&.-,)!,B$-!30&(&/0()! -$+,-.0&E?!(1!;$30&$;!A0.#0&!D2/#(&E$!%/.!*')$1!6>(86bG3J!(&;!6b;86bG3JK!N&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E!-$3$-1!.,!.#$! +-,/$11$1!;$10E&$;!.,!+-,B0;$!-$(1,&(=)$!(11'-(&/$!-$E(-;0&E!.#$!-$)0(=0)0.:!,3!30&(&/0()!-$+,-.0&E!(&;!.#$!+-$+(-(.0,&!,3!30&(&/0()! 1.(.$4$&.1!3,-!$2.$-&()!+'-+,1$1!0&!(//,-;(&/$!A0.#!E$&$-()):!(//$+.$;!(//,'&.0&E!+-0&/0+)$1?!(&;!0&/)';$1!+,)0/0$1!(&;!+-,/$;'-$1! .#(.M! • • • +$-.(0&!.,!.#$!4(0&.$&(&/$!,3!-$/,-;1!.#(.?!0&!-$(1,&(=)$!;$.(0)?!(//'-(.$):!(&;!3(0-):!-$3)$/.!.#$!.-(&1(/.0,&1!(&;! ;01+,10.0,&1!,3!.#$!(11$.1!,3!.#$!F,4+(&:j! +-,B0;$!-$(1,&(=)$!(11'-(&/$!.#(.!.-(&1(/.0,&1!(-$!-$/,-;$;!(1!&$/$11(-:!.,!+$-40.!+-$+(-(.0,&!,3!30&(&/0()!1.(.$4$&.1!0&! (//,-;(&/$!A0.#!E$&$-()):!(//$+.$;!(//,'&.0&E!+-0&/0+)$1?!(&;!.#(.!-$/$0+.1!(&;!$2+$&;0.'-$1!,3!.#$!F,4+(&:!(-$!=$0&E! 4(;$!,&):!0&!(//,-;(&/$!A0.#!('.#,-0W(.0,&1!,3!4(&(E$4$&.!(&;!;0-$/.,-1!,3!.#$!F,4+(&:j!(&;! +-,B0;$!-$(1,&(=)$!(11'-(&/$!-$E(-;0&E!+-$B$&.0,&!,-!.04$):!;$.$/.0,&!,3!'&('.#,-0W$;!(/^'010.0,&?!'1$?!,-!;01+,10.0,&!,3! .#$!F,4+(&:`1!(11$.1!.#(.!/,');!#(B$!(!4(.$-0()!$33$/.!,&!.#$!30&(&/0()!1.(.$4$&.1K! g$/('1$!,3!0.1!0&#$-$&.!)040.(.0,&1?!0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E!4(:!&,.!+-$B$&.!,-!;$.$/.!4011.(.$4$&.1K!%)1,?! +-,_$/.0,&1!,3!(&:!$B()'(.0,&!,3!$33$/.0B$&$11!.,!3'.'-$!+$-0,;1!(-$!1'=_$/.!.,!.#$!-01\!.#(.!/,&.-,)1!4(:!=$/,4$!0&(;$^'(.$!=$/('1$! ,3!/#(&E$1!0&!/,&;0.0,&1?!,-!.#(.!.#$!;$E-$$!,3!/,4+)0(&/$!A0.#!.#$!+,)0/0$1!,-!+-,/$;'-$1!4(:!;$.$-0,-(.$K! V(&(E$4$&.!/,&;'/.$;!(&!$B()'(.0,&!,3!.#$!$33$/.0B$&$11!,3!.#$!F,4+(&:`1!0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E!=(1$;! ,&!.#$!/-0.$-0(!/,&.(0&$;!0&!5*+1'*&%!B$*+'$%!S!5*+14'&+1#!A'&61D$'E!011'$;!=:!.#$!F,440..$$!,3!C+,&1,-0&E!R-E(&0W(.0,&1!GFRCRJ! ,3!.#$!"-$(;A(:!F,440110,&!(1!,3!<$/$4=$-!>6?!@766K!g(1$;!,&!.#(.!$B()'(.0,&?!4(&(E$4$&.!#(1!/,&/)';$;!.#(.?!(1!,3!<$/$4=$-! >6?!@766?!.#$!F,4+(&:`1!0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E!A(1!$33$/.0B$!=(1$;!,&!.#,1$!/-0.$-0(K!"#$!$33$/.0B$&$11!,3!,'-! 0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E!(1!,3!<$/$4=$-!>6?!@766!#(1!=$$&!(';0.$;!=:!9PVd!UUP?!(&!0&;$+$&;$&.!-$E01.$-$;!+'=)0/! (//,'&.0&E!30-4?!(1!1.(.$;!0&!.#$0-!(..$1.(.0,&!-$+,-.!A#0/#!01!0&/)';$;!#$-$0&K! Y>!!!LD*CL%!@766!%SST%U!*DPR*"! !!*$+,-.!,3!N&;$+$&;$&.!*$E01.$-$;!P'=)0/!%//,'&.0&E!50-4! ! ! "#$!g,(-;!,3!"-'1.$$1!(&;!C#(-$#,);$-1!,3! L$-1#(!L,1+0.()0.:!"-'1.M! ! ]$!#(B$!(';0.$;!L$-1#(!L,1+0.()0.:!"-'1.!(&;!1'=10;0(-0$1`!0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E!(1!,3!<$/$4=$-!>6?!@766?!=(1$;! ,&!/-0.$-0(!$1.(=)01#$;!0&!5*+1'*&%!B$*+'$%!C!5*+14'&+1#!A'&61D$'E!011'$;!=:!.#$!F,440..$$!,3!C+,&1,-0&E!R-E(&0W(.0,&1!,3!.#$! "-$(;A(:!F,440110,&!GFRCRJK!L$-1#(!L,1+0.()0.:!"-'1.n1!4(&(E$4$&.!01!-$1+,&10=)$!3,-!4(0&.(0&0&E!$33$/.0B$!0&.$-&()!/,&.-,)!,B$-! 30&(&/0()!-$+,-.0&E!(&;!3,-!0.1!(11$114$&.!,3!.#$!$33$/.0B$&$11!,3!0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E?!0&/)';$;!0&!.#$! (//,4+(&:0&E!V(&(E$4$&.`1!%&&'()!*$+,-.!,&!N&.$-&()!F,&.-,)!RB$-!50&(&/0()!*$+,-.0&EK!R'-!-$1+,&10=0)0.:!01!.,!$2+-$11!(&!,+0&0,&! ,&!.#$!F,4+(&:`1!0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E!=(1$;!,&!,'-!(';0.K! ! ]$!/,&;'/.$;!,'-!(';0.!0&!(//,-;(&/$!A0.#!.#$!1.(&;(-;1!,3!.#$!P'=)0/!F,4+(&:!%//,'&.0&E!RB$-10E#.!g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n1!0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E!01!(!+-,/$11!;$10E&$;!.,!+-,B0;$!-$(1,&(=)$!(11'-(&/$!-$E(-;0&E!.#$!-$)0(=0)0.:! ,3!30&(&/0()!-$+,-.0&E!(&;!.#$!+-$+(-(.0,&!,3!30&(&/0()!1.(.$4$&.1!3,-!$2.$-&()!+'-+,1$1!0&!(//,-;(&/$!A0.#!E$&$-()):!(//$+.$;! (//,'&.0&E!+-0&/0+)$1K!!%!/,4+(&:n1!0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E!0&/)';$1!.#,1$!+,)0/0$1!(&;!+-,/$;'-$1!.#(.!G6J!+$-.(0&! .,!.#$!4(0&.$&(&/$!,3!-$/,-;1!.#(.?!0&!-$(1,&(=)$!;$.(0)?!(//'-(.$):!(&;!3(0-):!-$3)$/.!.#$!.-(&1(/.0,&1!(&;!;01+,10.0,&1!,3!.#$!(11$.1! ,3!.#$!/,4+(&:j!G@J!+-,B0;$!-$(1,&(=)$!(11'-(&/$!.#(.!.-(&1(/.0,&1!(-$!-$/,-;$;!(1!&$/$11(-:!.,!+$-40.!+-$+(-(.0,&!,3!30&(&/0()! 1.(.$4$&.1!0&!(//,-;(&/$!A0.#!E$&$-()):!(//$+.$;!(//,'&.0&E!+-0&/0+)$1?!(&;!.#(.!-$/$0+.1!(&;!$2+$&;0.'-$1!,3!.#$!/,4+(&:!(-$! =$0&E!4(;$!,&):!0&!(//,-;(&/$!A0.#!('.#,-0W(.0,&1!,3!4(&(E$4$&.!(&;!;0-$/.,-1!,3!.#$!/,4+(&:j!(&;!G>J!+-,B0;$!-$(1,&(=)$! (11'-(&/$!-$E(-;0&E!+-$B$&.0,&!,-!.04$):!;$.$/.0,&!,3!'&('.#,-0W$;!(/^'010.0,&?!'1$?!,-!;01+,10.0,&!,3!.#$!/,4+(&:`1!(11$.1!.#(.! /,');!#(B$!(!4(.$-0()!$33$/.!,&!.#$!30&(&/0()!1.(.$4$&.1K! !! g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g,(-;!GT&0.$;!C.(.$1J?!.#$! /,&1,)0;(.$;!=()(&/$!1#$$.1!,3!L$-1#(!L,1+0.()0.:!"-'1.!(&;!1'=10;0(-0$1!(1!,3!<$/$4=$-!>6?!@766!(&;!@767?!(&;!.#$!-$)(.$;! /,&1,)0;(.$;!1.(.$4$&.1!,3!,+$-(.0,&1?!$^'0.:!(&;!/,4+-$#$&10B$!0&/,4$?!(&;!/(1#!3),A1!3,-!$(/#!,3!.#$!:$(-1!0&!.#$!.#-$$8:$(-! +$-0,;!$&;$;!<$/$4=$-!>6?!@766?!(&;!,'-!-$+,-.!;(.$;!5$=-'(-:!@Y?!@76@!$2+-$11$;!(&!'&^'()030$;!,+0&0,&!,&!.#,1$!/,&1,)0;(.$;! 30&(&/0()!1.(.$4$&.1K! ! ! o1o!9PVd!UUP! ! P#0)(;$)+#0(?!P$&&1:)B(&0(! 5$=-'(-:!@Y?!@76@! ! YO!!!LD*CL%!@766!%SST%U!*DPR*"! .!%/A"$&)/&)/*"#/%+&.'/*#'+&'>"#&1)/%/.)%+&#"('#*)/A! "#$-$!A$-$!&,!/#(&E$1!0&!,'-!0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&E!;'-0&E!.#$!^'(-.$-!$&;$;!<$/$4=$-!>6?!@766?!.#(.! #(B$!4(.$-0()):!(33$/.$;?!,-!(-$!-$(1,&(=):!)0\$):!.,!4(.$-0()):!(33$/.?!,'-!0&.$-&()!/,&.-,)!,B$-!30&(&/0()!-$+,-.0&EK Yb!!!LD*CL%!@766!%SST%U!*DPR*"! (cid:13) Board of Trustees Hasu P. Shah Chairman, Hersha Hospitality Trust Jay H. Shah Chief Executive Officer, Hersha Hospitality Trust Donald J. Landry Lead Director, Hersha Hospitality Trust Former President & CEO, Sunburst Hospitality Inc. Thomas S. Capello Founder and Principal, First Capital Equities Daniel Elsztain Chief Real Estate Business Officer & Alternate Director, IRSA Inversiones y Representaciones, S.A. Thomas J. Hutchison III Former CEO, CNL Hotels & Resorts, Inc. Dianna F. Morgan Former Senior Vice President, Walt Disney World Co. Kiran P. Patel Chief Investment Officer, Hersha Group John M. Sabin Executive Vice President and CFO, Revolution LLC. and Case Foundation Management Team Jay H. Shah Chief Executive Officer Neil H. Shah President and Chief Operating Officer Ashish R. Parikh Chief Financial Officer Michael R. Gillespie Chief Accounting Officer William J. Walsh Vice President of Asset Management James A. Crolle III General Counsel David L. Desfor Treasurer and Corporate Secretary Robert C. Hazard III Vice President of Acquisitions and Development Bennett Thomas Vice President of Finance H E R S H A Corporate Headquarters 44 Hersha Drive Harrisburg, PA 17102 Telephone: (717) 236-4400 Facsimile: (717) 774-7383 Philadelphia Executive Offices Penn Mutual Towers 510 Walnut Street, 9th Floor Philadelphia, PA 19106 Telephone: (215) 238-1046 Facsimile: (215) 238-0157 Independent Auditors KPMG LLP Certified Public Accountants 1601 Market Street Philadelphia, PA 19103 Telephone: (267) 256-7000 Registrar & Stock Transfer Agent American Stock Transfer & Trust Company 10150 Mallard Creek Drive, Suite 307 Charlotte, NC 28262 Telephone: (800) 829-8432 Legal Counsel Hunton & Williams Riverfront Plaza 951 East Byrd Street Richmond, Virginia 23219 Telephone: (804) 788-8200 Common Stock Information The Common Stock of Hersha Hospitality Trust is traded on the New York Stock Exchange under the Symbol “HT” WWW.HERSHA.COM (cid:13) H E R S H A www.hersha.com

Continue reading text version or see original annual report in PDF format above