from mountain trade to jungle politics

http://ier.sagepub.comHistory Review

Indian Economic & Social

DOI: 10.1177/001946460704400202 2007; 44; 147 Indian Economic Social History Review

Arik Moran kingship in Bashahr, 1815-19142

From mountain trade to jungle politics: The transformation of

http://ier.sagepub.com/cgi/content/abstract/44/2/147 The online version of this article can be found at:

Published by:

http://www.sagepublications.com

be found at:canIndian Economic & Social History Review Additional services and information for

http://ier.sagepub.com/cgi/alerts Email Alerts:

http://ier.sagepub.com/subscriptions Subscriptions:

http://www.sagepub.com/journalsReprints.navReprints:

http://www.sagepub.com/journalsPermissions.navPermissions:

http://ier.sagepub.com/cgi/content/refs/44/2/147SAGE Journals Online and HighWire Press platforms):

(this article cites 4 articles hosted on the Citations

distribution.© 2007 SAGE Publications. All rights reserved. Not for commercial use or unauthorized

at University of Oxford on December 24, 2007 http://ier.sagepub.comDownloaded from

http://ier.sagepub.com/cgi/alerts

http://ier.sagepub.com/subscriptions

http://www.sagepub.com/journalsReprints.nav

http://www.sagepub.com/journalsPermissions.nav

http://ier.sagepub.com/cgi/content/refs/44/2/147

http://ier.sagepub.com

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

0#/*(*123%45,%(")'26#"$)(*#'%#6

7*'.25*0%*'%8)25)5"9%:;:<=:>:?

!"#$%&'"()

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

!"#$%&'(#)*+%+,-*.'+$%("+%#/(+'&)(#./%0+(1++/%&%2#/34.5%./%("+%6#5&*&7&/%8'./(#+'%&/4%).*./#&*

'9*+:%;'&1#/3%./%'+)+/(%&/("'.-.*.3#)&*%'+$+&')"%'+3&'4#/3%("+%*.)&*%+,-'+$$#./%.8%-.*#(#)&*

$.<+'+#3/(7% ("'.93"% =3.<+'/5+/(%07%4+#(7>% ?!"#$%&'(%&' )%&*@A% #(%&#5$% (.% '+#/(+'-'+(% ("+%&)(#./$

(&2+/%07%B&$"&"'>$%'9*#/3%)*&$$%#/%'+*&(#./%(.%("+#'%).*./#&*%$9-+'#.'$:%C$%B'#(#$"%#/(+'+$($%#/

5.4+'/#$&(#./%&/4%8.'+$('7%)"&**+/3+4%("+%'9*+'$>%-.1+'%0&$+A%("+%*&((+'%4+<#$+4%&*(+'/&(#<+

5+(".4$%#/%.'4+'%(.%'+(&#/%("+#'%&9(".'#(7:%!"+%#/)'+&$#/3%)./(+$(&(#./%.8%-.1+'%#/%("+%*&((+'

"&*8%.8%("+%/#/+(++/("%)+/(9'7%3'&49&**7%-.*&'#$+4%("+%2#/34.5>$%'9*#/3%$('&(&%0+(1++/%(".$+

&4<.)&(#/3%&)).55.4&(#./%(.%B'#(#$"%'9*+%&/4%(".$+%0+/(%./%'+(&#/#/3%("+#'%#/4+-+/4+/)+:

!"+%)9*5#/&(#./%.8%("#$%-'.)+$$%$&1%&%('&/$8.'5+4%2#/3$"#-%#/%+&'*7%(1+/(#+("D)+/(9'7%B&$"&"':

!"#$%&'(#)%"

+,"'-)./0"12'3$%$"3'45'647$,'83.%',%#"'%0,."#"!'%'-)49./"/$'-1%0"'./',.3$4).0%1

)"3"%)0,'4#")'$,"'-%3$'547)'!"0%!"3:'+,"'3$)70$7)%1'!"#"14-9"/$'%/!'-41.$.0%1')";

%0$.4/3'45'$,"3"'-41.$."3<%'$,.)!'45'=).$.3,'>/!.%<$4'0414/.%1')71"',%#"'-)407)"!'%

971$.$7!"'45'$,"4)."3'%/!'94!"13')"?%)!./?'-41.$.0%1'%7$,4).$2'./'94!")/'647$,

83.%@' 45$"/',.?,1.?,$./?' $,"' 0,%/?"3' %3'A"11' %3' $,"' 04/$./7.$."3'A.$,'-)"#%1"/$

*(+"%,-.&/.0."#12'+,.3'%)$.01"'.3'%')"/!.$.4/'45'%/'B6$'!.33")$%$.4/'A).$$"/'%$'CD54)!@'A,.0,'A%3

9%!"'-433.E1"'$,)47?,'$,"'37--4)$'45'$,"'F1%)"/!4/'=7)3%)2:'8'/79E")'45'-"4-1"',%#"'0499"/$"!@

-)4#.!"!')"5")"/0"3@'%/!'%33.3$"!'./'4$,")'A%23'./'A).$./?'$,.3'%)$.01":'B2'$,%/(3'?4'47$'$4'G.0(

811"/@'81"D'B0H%2@'8/%3$%3.%'I.1.%#3(2@'F,%)1"3'J%9E1"@'K.11.%9'6%D@'I"$")'67$,")1%/!'%/!'L%#.!

K%3,E)44(:'8'3-"0.%1'$,%/('247'?4"3'$4'>3%E"11"'J%$.M'54)',")'./3.?,$571'0499"/$3'%/!'"D0"11"/$

049-%/2:'G""!1"33'$4'%!!@'$,"')"3-4/3.E.1.$2'54)'$,"'04/$"/$'45'$,.3'%)$.01"'.3'"/$.)"12'9./":

*+,%-).#()%/0')'1#0%().%2'0#(3%4#56'"7%8,9#,:;%??9%@%A@BBCD3%:?C=CC

0123'4"%'1&*)#)%54"&/"&56)7'8)#9:50:&*;<".)

EFG3' =>?==@@5>>=ABCBC>@>BB>>D>D




345'N'8J>H'BCJ8G

!"+%E/4#&/%F)./.5#)%&/4%G.)#&*%6#$(.'7%H+<#+1@'OO@'P'QPRRSTU'VOSWSS

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

6#7#.89%$07#)%"87"&8:7$-;8<)1#%$;

6$)"$0,./?'%14/?'$,"'67$1"*'J.#")'%3'.$'$)%#")3"3'$,"'])"%$'Z.9%1%2%'J%/?"'5)49+.E"$'$4'$,"'6,.91%'Z.113'4#")'%'04/3.!")%E1"'$)%0$'45'%--)4D.9%$"12'O@^RR'3X:'(9:@$,"'(./?!49'45'=%3,%,)'A%3'%94/?'$,"'1%)?"3$'45' $,"'/4)$,A"3$")/'Z.9%1%2%/-41.$."3:'+,"' 3$""-'947/$%./3' %/!'!"/3"' 54)"3$3' 1.9.$"!' 071$.#%$.4/@' 1"%!./?' .$3./,%E.$%/$3'$4'-7)37"'%/'%?)4;-%3$4)%1'1.5"3$21":'+,.3'A%3'37--1"9"/$"!'E2'$)%!"E"$A""/'A"3$")/'+.E"$'%/!'H.//%7)@'=%3,%,)Y3'"%3$")/943$'-)4#./0":_'>$'A%3'5)49

V'+,"'#%3$'1.$")%$7)"'4/'$,"'$4-.0'"17!"3'"/79")%$.4/',")":'̀ 4)'%'73"571'%/!'7-!%$"!')"#."A@'04/371$

J%973%0(@'!"+%E/4#&/%I'#/)+$%&/4%("+#'%G(&(+$:'J"5")"/0"3'$4'$,"'049-1"D.$."3'45'6$%$"'54)9%$.4/@

(./?3,.-'%/!'0,%/?"3'7/!")'0414/.%1.39'./'$,"'-)"3"/$'0%3"'45'$,"'A"3$")/'Z.9%1%2%3'%)"'%!!)"33"!

E"14A@'943$'/4$%E12'./'$,"'A4)(3'45'K.11.%9'6%D'%/!'I"$")'67$,")1%/!:P'+,"'6$%$"',%3'!.55")"/$'3-"11./?3a'>',%#"'%!4-$"!'I"$")'67$,")1%/!Y3'04/#"/$.4/@'54)'$,"'3%("'45

04/3.3$"/02:_'H.//%7)',%!'-%)$.071%)12'0143"'$."3'A.$,'A"3$'+.E"$@'9%/.5"3$'./'$,"')"?.4/Y3'bZ./!7.3"!Y'54)9'45

c%9%.39@'%/!'H.//%7).'%)$.3%/3'A")"'0499.33.4/"!'$4'0%3$'E)4/d"'3$%$7"3'45'=4/-4'9%3$")3'%3'1%$"

%3'V\Oea'04/371$'$,"';+2"&/3%G./&5%J".37&@'>'$,%/('F,%)1"3'J%9E1"'54)'$,.3')"5")"/0":'+,"3"'$."3

A")"'1%)?"12'07)$%.1"!'%5$")'$,"'04/5)4/$%$.4/'A.$,'F,./%'./'V\eP:




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'34=


H.//%7)'$,%$'$,"'14)!'QM"&N29'T'45'H%9)7'"3$%E1.3,"!',.3')71"'4#")'/".?,E47)./?

$)%0$3'%5$")'$,"'!"01./"'45'+.E"$%/')71"'./'$,"'$A"15$,'0"/$7)2@'$,")"E2'1%2./?'$,"

(./?!49Y3' 547/!%$.4/3:O'F%-.$%1.3./?'4/' $,"' 514A'45' ?44!3'E"$A""/' >/!.%' %/!

+.E"$@'$,"'14)!3'45'H%9)7'?)%!7%112'"D$"/!"!'$,".)')71"'A"3$A%)!3'%14/?'$,"'%/0."/$

$)%!"')47$"'$,%$'54114A"!'$,"'67$1"*@'"#"/$7%112'"3$%E1.3,./?'$,".)'0%-.$%13'%$'6%)%,%/

Q3799")T'%/!'J%9-7)'QA./$")T:'F4/$)%)2'$4'$,"'E71('45'$,"')"?.4/Y3'-41.$."3@'A,43"

)71")3' $)%0"' $,".)'%/0"3$4)3' 5)49'J%*-7$' 1./"%?"3' ./' $,"'-1%./3@'=%3,%,)Y3' )71")3

$,73'"9")?"!'5)49'%94/?'$,"'4).?./%1'./,%E.$%/$3'45'$,"'947/$%./3:^'+,"'"3$%E;

1.3,9"/$'45'-41.$.0%1' %7$,4).$2'4#")' $,"'!.3-")3"!'04997/.$."3'45'=%3,%,)'A%3

%0,."#"!'$,)47?,'$,"'./04)-4)%$.4/'45'$,".)'-41.$.0%1'.!.493'7/!")'%').$7%1'37-");

3$)70$7)":e'>/'4)!")'$4'7/!")3$%/!',4A'$,"3"'.!.493'A4)("!@'A"'973$'E)."512'%!!)"33

$,"'./$).0%0."3'45'$,"')"?.4/Y3'-41.$.0%1'"D-)"33.4/@'140%112'(/4A/'%3'?4#")/9"/$

E2'!".$2'Q4+<(&N%2&N%'&NLT:S

+,"'04997/.$."3'45'$,"'/4)$,A"3$")/'Z.9%1%2%3'A")"'4)?%/.3"!'./'340.4;-41.$.0%1

7/.$3' 04/3.3$./?'45' b%' )7)%1@'!49./%/$;0%3$"@' $")).$4).%1' %33"9E12'4)?%/.d"!'%3'%

9.1.$.%@'4)'2"9O4: @'%/!')71"!'E2'%'?4!'04/0".#"!'45'%3'%'(./?Y:f'+,"3"'?4!;(./?3'4)

4+<(&N3'%)$.071%$"!'$,".)')71"'$,)47?,'%'-)40"33'45'!.#./%$.4/'./'A,.0,'%11'04997/.$2

9"9E")3'-%)$.0.-%$"!@'$,")"E2'1"?.$.9.3./?'$,"'!"0.3.4/3'$%("/'E2'$,"'?4!:\'+,"

4+<(&N3Y% 3-%$.%1' 34#")".?/$2' %/!',.")%)0,.0%1' )"1%$.4/3,.-3'A.$,' "%0,'4$,")'A")"

,.3$4).0%112'04/3$)70$"!'%/!')"9"9E")"!'$,)47?,'$,"'0,%)%0$").3$.03'45'$,"'!".$."3Y

$)%#"13'Q4&9'&NT:VR'8'0173$")'45'2"9O4:3'3,%)./?'-41.$.0%1'%55./.$."3'54)9"!'%')"?.4/%1

/"$A4)('0%11"!'3".': #'%/!@'3.9.1%)12@'%'/79E")'45'3".': #3'54)9"!'%'-%)?%/%:'I%)?%/%3

A")"' *4./"!' $4?"$,")' $4' 54)9'%!9./.3$)%$.#"'7/.$3' 0%11"!'A%d.)%$3@'A,.0,'A")"

O'c%D9%/'+,%(7)'140%$"3'$,"'-)";H%9)7'0%-.$%1'./'=%3%)%@'%'-)";I)%$.,%)%'%)0,"414?.0%1'3.$"'4/

$,"'1"5$'E%/('45'$,"'67$1"*@'./0.!"/$%112'"D-1%././?'$,"'(./?!49Y3'/%9"a'04/371$',.3'B944"#$5%#/%("+

P+$(+'/%6#5&*&7&@'-:'e:^'+,"')71")3'45'H%/?)%'%)"'$,"'3"04/!'"D0"-$.4/'$4'$,.3')71"a'3""'Z7$0,.34/'%/!'g4?"1@'6#$(.'7%.8

("+%I&/L&0%6#**%G(&(+$@'-:'VVV'Q,")"%5$")'6I6GT:e'+,"'?)%!7%1'"D$"/3.4/'45')71"'%/!'./04)-4)%$.4/'45'b$).E%1Y'!".$."3'./'$,"'-)40"33'45'6$%$"'54)9%$.4/

3$)4/?12')"34/%$"3'A.$,'Z")9%//'H71("Y3'"D0"11"/$'3$7!."3'4/'$,"'$4-.0'./'Q#/3$%&/4%J9*($@'"3-"0.%112

--:'VVOW_e:'+,"'"D-)"33.4/'45'370,'-)40"33"3'./'=%3,%,)'.3'$)%0"!'./'67$,")1%/!Y3'A4)(3'E"14A:S'`4)'%'049-)","/3.#"'37)#"2'45'=%3,%,)Y3'./!.?"/473'-41.$.0%1'323$"9'3""'67$,")1%/!@'!'&<+*#/3

R.4$%&/4%R.<+'/5+/(%07%;+#(7:f'67$,")1%/!@'bg")2'c.$$1"'H./?!493Y@'-:'_f:\'+,.3'0,%)%0$").3"3')"?.4/%1'071$7)"'%3'%'A,41":'`4)'%'!.30733.4/'X7%1.52./?'4+<(&N 3Y'%?"/02@'3""

6%D@';&/)#/3%("+%G+*8@'--:'V^SWeP:'`4)'%/'"D-14)%$.4/'45'$,"'!2/%9.03'./#41#"!'./'$,"'!.#./%$.4/

-)40"33'%/!' $,"'-")34/%1'04/$).E7$.4/'45' $,"'4+<(&N Y3'947$,-."0"' Q5&N *ST' ./'"3$%E1.3,./?' $,"'!".$2Y3

-4A")'%/!'-4-71%).$2@'3""'=")$.@'T&%I&'.*+%4+$%;#+9,:VR'+,"'?4!'$)%#"13'4/'%'-%1%/X7./@'A,.0,'b04/3$)70$3'$,"'!".$2'0411"0$.#"12'%3'&%'&L&%&/4%"#$%).9'(

$,73'04/3$.$7$./?'%'94E.1"'-41.$.0%1'0"/$")Ya'67$,")1%/!@'b+Q)T4-414?."3Y@'-:'\f:'`4)'%/'%/%123.3'45'$,"

)"1%$.4/3,.-'E"$A""/'$)%#"1'$2-"3'%/!'%//7%1'%?).071$7)%1'%0$.#.$."3'./'=%3,%,)@'3""'67$,")1%/!@'bg")2

c.$$1"'H./?!493Y:




3>?'N'8J>H'BCJ8G


,"%!"!'E2'%'A%d.)@'A,43"'$.$1"'A%3',")"!.$%)2:'C).?./%112'/79E")./?'3.D@'E2'$,"/./"$""/$,'0"/$7)2'=%3,%,)'5"%$7)"!'$,)""'A%d.)%$3U'6,7%@'H,441'%/!'I4%).:VV

K"' $,73' 5./!' %' 971$.;1"#"11"!' -41.$.0%1' 3$)70$7)"' 45' %7$4/49473' 7/.$3' )71"!4#")'E2'!".$."3@'%/!'9%/%?"!'E2'140%1'1"%!")3:'=2'$,"'B4?,71'-").4!@'$,"3"'7/.$3A")"'%33.9.1%$"!'./$4'%'3$%$";1"#"1'-41.$2'$,)47?,'%/'%55.)9%$.4/'45'$,".)'37E4)!./%$"3$%$73'$4'$,"'6$%$"']4!!"33@'=,.9%(%1.@'./'$,"'0%-.$%1'45'6%)%,%/:VP'+,"'-41.$.0%1%!9./.3$)%$.4/'45'$,"'047/$)2'$,73'-%)%11"1"!'$,"'$,".3$.0'34#")".?/$2'45'=,.9%(%1.%/!'$,"'4+<(&N3:'8004)!./?12@'$,"'A%d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

I"$")'67$,")1%/!',%3' ).?,$57112' %)?7"!' $,%$' $,"'-)./0.-1"'45'6,%($.'7/!")1."3$,"'94#"9"/$@'!.#./%$.4/'%/!'%0$.#%$.4/'45'4+<(&N3@'%/!'.3'71$.9%$"12'"/%0$"!'./$,"',.?,")'"0,"14/3'45'$,"'-41.$2:VO'8004)!./?12@'b/4$,./?'A%3'!4/"'E2'$,"'J%*%4)'$,"'A%d.)3'A.$,47$'5.)3$'04/371$./?'$,"'4)%01"'45'$,"'?4!!"33Y:V^'+,.3'37-)"9")71"'45'=,.9%(%1.')"#"%13'$,"'-"071.%)'3$)70$7)"'45'(./?3,.-'./'=%3,%,):'81$,47?,3%5"?7%)!"!'E2'/79")473'!"#.0"3'!"3.?/"!'$4'-)4#.!"',.9'A.$,'%/'%.)'45'3%/0$.$2@Ve

VV'+,"'I4%).'01%/'5.)3$'%)).#"!'./'=%3,%,)'%3'%$$"/!%/$3'45'%'J%/.'5)49'H7117'$,%$'9%))."!'%'=%3,%,).

J%*%:'+,"'H,4413',%.1"!'5)49']%),A%1'%/!'$,"'6,7%3'$)%0"'$,".)'4).?./3'$4'7--")'H.//%7)a'I9/L&0

G(&(+$%R&U+((++''VWVX@%-:'PP'Q,")"%5$")'R&U+((++'%VWVXT:VP'c40%1' $)%!.$.4/'!"30).E"3'%'-)40"33' ./'A,.0,'=,.9%(%1.@' $,"'0,43"/'!".$2' Q#YM&4+<&(&N T'45' $,"

J%*%3'45'=%3,%,)@'%)).#"!'%$'$,"'41!'0%-.$%1'%/!'$"9-1"'45'H%9)7'=%!)./%$,'./'H.//%7)'%/!'3,.5$"!

,")'%E4!"'$4'6%)%,%/'A,.1"'%0(/4A1"!?./?'4$,")')"?.4/%1'?4!!"33"3'./'$,"'-)40"33'Q":?:@'F%h!.(%&

L"#i'45'+7(-%'I%)?%/%@'3""'/:'\e'E"14ATa'3""'6,%)9%@'B9Z&"+'%2+%I'&N )S/%+<&5%F#(#"&N$#2%[&/4#'@'-:'OO:

C/'$,"'3700"33.4/'45'?4!!"33"3'%3'0,43"/'!".$."3'./'$,"'-)40"33'45'6$%$"'54)9%$.4/@'3""'/:'^'%E4#":V_'+,"'=)%,9./3'-)"3.!./?'4#")'$,"'$"9-1"'A")"'/49./%$"!'E2'$,"'J%*%'%/!@'./!""!@'4).?./%$"!

5)49'%'E)%/0,'45'$,"')42%1'5%9.12:'K,.1"'$,"'$"9-1"'$)"%37)2'A%3'$,"'-).#.1"?"'45'$,"'?4!!"33@'04/;

$).E7$.4/3' $4A%)!3'9%*4)'"#"/$3'04//"0$"!'A.$,' $,"' )42%1',473",41!' Q04)4/%$.4/3@'A"!!./?3@'"$0:T

A")"'400%3.4/%112'9%!"a'3""'R&U+((++'%.8%("+%G#5*&%;#$('#)(%V\\\]W@'-:'PS'Q,")"%5$")'R&U+((++'%V\\WT:

>$'.3'/4$"A4)$,2'$,%$'A,.1"'=,.9%(%1.')"$%./3',")'7/.X7"'.!"/$.$2'$4'!%$"@'!7)./?'$,"'/./"$""/$,'0"/$7)2

$,"'J%*%3'45'=%3,%,)'01%.9"!'!"30"/$'54)9'H).3,/%@'$,")"E2'3""(./?'$4'b6%/3().$.3"Y'$,".)'1"?.$.9%02:

+,"')71")3Y'%9E.?7473')"1%$.4/3,.-'%3'3")#%/$N04/34)$'45'$,"']4!!"33',.?,1.?,$3'$,"'049-1"D.$."3'45

"3$%E1.3,./?'-41.$.0%1'%7$,4).$2'./')"1%$.4/'$4'#%)2./?'%7!."/0"3'4/'$,"'5)4/$.")')"?.4/:'+,.3'1"%!3'$4

07).473'04/3$"11%$.4/3'./'L%3%)%@'A,"/'$,"')%*%<7/"X7.#40%112'37E4)!./%$"'$4'=,.9%(%1.<9"!.%$"3

E"$A""/',.3'29*%4+<S%%/!'$,"'#.0$4).473'.9%?"'45'J%9%'-%)%!"!'4/'%'0,%).4$'Q'&("T'!7)./?'$,"'5"3$.#.$."3:VO'>/'$,"'5%)$,")')"%0,"3'45'H.//%7)'$,.3'-)./0.-1"'A%3'%9%1?%9%$"!'A.$,'$,"'c%9%.39'45'K"3$'+.E"$:V^'R&U+((++'%V\\W@'-:'PS:Ve' [D%9-1"3' ./017!"' $,"' J%*%Y3' "D0173.#"' ).?,$' $4' 5)""' 37E*"0$3' 5)49' 4%$,3' %/!' $,"' ./5%9473

-)")4?%$.#"'45'!"0)""./?'54)0"!'1%E47)'Q0+3&'T'-)"#%1"/$'$,)47?,47$'$,"')"?.4/a'3""'j43,.@'b[$,/4;

?)%-,2':::Y@'-:'^_O:




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3>3


$,"'J%*%'./'-")34/'A%3'5%)'5)49'./!.3-"/3%E1":'J%$,")@'.$'A%3'$,"'./3$.$7$.4/'.$3"15$,%$'A%3'.9-")%$.#"'$4'$,"'0439414?.0%1'3$)70$7)"'45'$,"')"?.4/Y3'04997/.$."3:VS

Z%#./?'5%9.1.%).3"!'47)3"1#"3'A.$,'$,"'340.4;071$7)%1'3$)70$7)"'45'=%3,%,)@'A"/"D$'$7)/'$4'%')"#."A'45'$,"'(./?!49Y3'!"#"14-9"/$'-).4)'$4'=).$.3,')71":

@71A7A$8B.C%$.8#A.8@$)#)1A

+,")"'%)"')"1%$.#"12'5"A'$"D$7%1'347)0"3'54)'=%3,%,)Y3',.3$4)2'3./0"'$,"'6$%$"'!407;9"/$3'A")"'E7)/$'!7)./?'$,"']4)(,%'4007-%$.4/'45'VfVVWV^:'K"'%)"'$,73'54)0"!$4')"12'1%)?"12'4/'./54)9%$.4/'-)407)"!'E2'=).$.3,'455.0.%13'%/!'$)%#"11")3Y'%0047/$3:+,"3"'347)0"3@',4A"#")@'0%/'E"'0)433;)"5")"/0"!'A.$,'+.E"$%/'347)0"3@'4)%1',.3;$4)."3'%/!'04/$"9-4)%)2'./$")-)"$%$.4/3'45').$7%13'%/!'140%1'$)%!.$.4/3'$4'-)4#.!"'%94)"'049-)","/3.#"'%0047/$'45'.$3',.3$4)2:Vf

=%3,%,)'%0X7.)"!')"?.4/%1'-)49./"/0"' ./' $,"' 1%$"'3"#"/$""/$,'0"/$7)2'7/!")J%*%'H",).'6./?,@'$,"'943$'0"1"E)%$"!'9.1.$%)2'1"%!")'./'.$3',.3$4)2:V\'I%2./?'/49;./%1'$).E7$"'$4',.3'B4?,71'4#")14)!3@'$,"'J%*%'%11."!'A.$,'$,"'+.E"$%/3'./'$,".)'04/;X7"3$'45'c%!%(,;04/$)411"!'K"3$'+.E"$'./'VefVWf_:PR'83'%')"371$@'=%3,%,)'%0X7.)"!7--")'H.//%7)@'%/!'-).#.1"?"!'0499")0.%1'%00"33'$4'$,"'+.E"$%/'-1%$"%7:PV'8'$)"%$2?)%/$./?'5)""'$)%!./?').?,$3'A%3'3.?/"!@'$,")"E2'1%2./?'$,"'547/!%$.4/3'54)'=%3,%,)Y3"04/49.0'%!#%/$%?"'%3'%'#.%E1"'$)%!"'0"/$)"'./'$,"')"?.4/:PP'+,.3'1%3$'A%3'04/3-.07;47312'!"-"/!"/$'4/'$,"')71")3'45'H.//%7)<943$'/4$%E12'$,"'I4%).'A%d.)3'45'+7(-%-%)?%/%<A,4'04/$)411"!' $,"'6,.-(.'I%33@' b$,"',.?,' )4%!' ./'"#")2' 3"/3"'45' $,"

VS'+,"'-")3.3$"/0"'45'%'04)"'/79E")'45'4+<(&N 3'./'$,"'L%3%)%'5"3$.#%1'!.30143"3'$,"'=%3,%,).'(./?;

3,.-Y3'04/$./7./?'-4$"/02:'F4/$)%3$' $,.3'A.$,' $,"'/".?,E47)./?'(./?!49'45']%),A%1@'A,")"' )42%1

).$7%13'A")"'./04)-4)%$"!'./$4',473",41!').$7%13a'3""']%1"2@'bZ./!7'H./?3,.-'./'.$3'J.$7%1'J"%19Y@

--:'VS_WP_S:Vf'6""@'E"3.!"3'I"$")'67$,")1%/!Y3'A4)(@'[9")34/Y3'"$,/4?)%-,.0'%0047/$'45'H.//%7)'./'$,"'>/!.%

C55.0"'c.E)%)2@'c4/!4/' Q,")"%5$")' >CJT@'B33:'[7):'[_PV:'I%/!.$'+.(%'J%9'j43,.'45'H4$.@' -).#%$"

3"0)"$%)2'$4'J%*%'6,%93,")'6./?,'b%/!'3-.).$7%1'5%$,")'45'$,"'1%$"'+.((%'kJ%?,7/%$,'6./?,lY@'$)%/30).E"!

%/!'$)%/31%$"!'%'#%17%E1"'0411"0$.4/'45'H.//%7).'541('34/?3a'3""'/:'V_'%E4#":V\'+,"'J%*%'04/X7")"!'$")).$4)."3'./'6%)%*'%/!')"0".#"!'$).E7$"'5)49'$,"'0,."53'45'$,"'6,.91%'Z.113@

6.)9%7)@']%),A%1@'B%/!.'%/!'67("$:'+,"3"'"#"/$3'%)"'0499"94)%$"!'./'541('34/?3'370,'%3'b+,"'64/?

45'$,"'B%/!.NH7117N6.)9%7)'J%*%Y'./'6,%)9%@'Q#//&'%T.2%G&"#(7&@'--:'efWe\:'+,"3"'04/X7"3$3'A")"

349"A,%$'3,4)$;1.#"!'%3'%'0"/$7)2'1%$")'$,"2'3""9'$4',%#"'E""/'A)"3$"!'54)9'=%3,%,)Y3',%/!3:PR'B43$'45'$,"')"?.4/Y3'(./?!493'3.9.1%)12')"$%./"!'$,".)'%7$4/492'7/!")'$,"'B4?,713a'3""'6I6G@

--:'S_WSS:'+,"'1"?"/!'45'$,"'9%?.0;A4)(./?'J%*%'F,%$%)'6./?,@'A,4'A%3'9.)%07147312'54114A"!'E2

%' 1.$$1"'0147!' $4'3,%!"',.9'5)49'$,"',"%$'45' $,"'-1%./3'A,.1"'%$$"/!./?' $,"'4&'0&N ''45'6,%,'j%,%/@

$,")"E2'./07))./?'$,"'[9-")4)Y3')"04?/.$.4/'./'?.5$3'%/!'-)%.3"3@'"D-)"33"3<%-%)$'54)9'%/'./,")"/$

!)"%!' 45' ,4$' A"%$,")<$,"' ./!"-"/!"/$' 3"15;-")0"-$.4/' 45' $,"' )"?.4/Y3' ./,%E.$%/$3a' 3""' 6#5&)"&*

I'&4+$"%;#$('#)(%R&U+((++'$@'V\SV@'-:'^S'Q,")"%5$")'R&U+((++'%VW^VT:PV'>9-4)$3'5)49'+.E"$'$)%!.$.4/%112'./017!"!'3%1$'Q37-").4)'$4'B%/!.Y3'E1%0('3%1$@'A,.0,'37--1."!

943$'45'$,"')"?.4/T@'E4)%D@'-%3,9'A441@'9"!.0./%1',")E3'%/!',"%1./?'3$4/"3:'[D-4)$3'./017!"!'37?%)@

E7$$")@'%/!'3$%-1"3'54)9'$,"'-1%./3a'3""'#%/'6-"/?"/@'!#0+(&/%0.'4+'%1.'*4$@'--:'SVW\^:PP'+,"'$)"%$2'A%3'$4')"9%./'./'"55"0$'b$.11'$,"'3/4A3'45'B47/$'H%.1%3,'9"1$Y'4)'b$.11'$,"'"/!'45'$,"

(%1-%Y@'$,"'01%33.0%1'-7)%/.0'$")9./414?2'9%!"'%11'$,"'94)"')"1"#%/$'./'$,.3'0)433)4%!3'45'=7!!,.3$




3>D'N'8J>H'BCJ8G


$")9'E"$A""/'J%9-4)"'%/!'+%)$%)2Y:P_'6"07)./?'$,"'0411%E4)%$.4/'45'$,"'I4%).3'A%3.9-")%$.#"' ./'4)!")' $4'?7%)%/$""' $,"'(./?!49Y3'-%)$.0.-%$.4/' ./' $,"' 1%)?";30%1"$)%!"'/"$A4)('45'$,"')"?.4/:PO'83'%')"371$@'$,"'I4%).3',%!'"/*42"!'%'04/$./747312-).#.1"?"!' 3$%$73' %94/?' $,"'A%d.)' 5%9.1."3' 3./0"' $,"' ".?,$""/$,' 0"/$7)2:P^'+,.3./!"-"/!"/0"'45'$,"'04997/.$."3'%14/?'$,"'+.E"$%/'5)4/$.")'A471!'-)4#"'%')"07);)./?'4E3$%01"'$4'=).$.3,'%$$"9-$3'%$'0"/$)%1.3%$.4/'$,)47?,47$'$,"'/./"$""/$,'0"/$7)2:Pe

L7)./?'$,"')".?/'45'J%*%'m?%)'6./?,'Q):'nVSS^WVfVRT@'=%3,%,)'"D-%/!"!'.$3)71"'$4'$,"'A"3$'%/!'37E*7?%$"!'$,"'04/$"3$"!')"?.4/3'45'6%)%*'Q./'H7117NB%/!.T@J4,)7'%/!'J%A%./' Q]%),A%1T:PS'+,"'J%*%Y3' 3700"33.4/'E2' $,"'9./4)'B%,"/!)%6./?,'QVfR_W^RT',%!'1"5$'$,"'%!9./.3$)%$.4/'./'$,"',%/!3'45'$,"'A%d.)3'7/!")'$,"1"%!")3,.-'45'+.(%9'L%3'I4%).:'+,"'1%$$")',%!'3,"1$")"!'$,"'J%/.@'$,"'J%*%@'%/!$,".)')"$./7"'./'$,"'41!'0%-.$%1'45'H%9)7'./'H.//%7)'./'%/$.0.-%$.4/'45'$,"']4)(,%$,)"%$:'+,"'A%d.)'$,73'9%/%?"!'$,"'(./?!49'!7)./?'$,"']4)(,%'4007-%$.4/@'%/!A%3'$,"'%0$./?',"%!'45'3$%$"'A,"/'$,"'=).$.3,'5./%112'473$"!'$,"']4)(,%3'./'VfV^:Pf

85$")'$,"'8/?14;]4)(,%'K%)'QVfVOWVeT@'$,"'[>F',%!'"D,%73$"!'.$3')"347)0"3%/!'A%3'$,73')"170$%/$'$4'%!9./.3$")'$,"')"?.4/'!.)"0$12:'8004)!./?12@'$,"'F49-%/2347?,$' $4'"3$%E1.3,' ./!.)"0$' )71"'4#")' )"?.4/%1'-41.$."3' ./'049-1.%/0"'A.$,'"%0,(./?!49Y3' b140%1' -)%0$.0"3Y:' >/'=%3,%,)@' $,.3' -41.02'A471!' 3,%-"' $,"' 047/$)2Y3%!9./.3$)%$.4/'54)'$,"'/"D$'547)'!"0%!"3:

%/!'Z./!7'071$7)%1'd4/"3:'c70.%/4'I"$"0,',%3'$)%/31%$"!'%',.3$4).0%1'!4079"/$'A).$$"/'bV_'?"/")%$.4/3Y

%5$")'$,"'"#"/$3'$,%$'0499"/0"3'A.$,'H",).'6./?,'"9E%)(./?'4/'%'-.1?).9%?"'$4'B47/$'H%.1%3,@'$,"

57$7)"')"/!"d#473'45'$,"'+.E"$%/'%/!'=%3,%,).'%)9."3a'3""',.3'b+,"'+.E"$%/;c%!%(,.'B4?,71'K%)'45

VefVWf_Y:P_'Z7$$4/@'_.9'/&*@' -:'^f:'+,"' .9-4)$%/$' $)%!./?'-43$'45'I44,@' $,)47?,'A,.0,'%11' 04994!.$."3

0)433./?'$,"'E4)!")'-%33"!@'A%3'%134'./'I4%).'$")).$4)2a'+,%(7)@'B944"#$5%#/%("+%P+$(+'/%6#5&*&7&@

-:'S:PO'+,"'I4%).3@'./'$7)/@',%!'$4'!"%1'A.$,'$,"'5)4/$.")'$)%!./?'04997/.$."3@'A,4'3%5"?7%)!"!'$,".)

./!"-"/!"/0"' $,)47?,' "D0173.#"' $)%!./?' ).?,$3' A.$,' $,".)'+.E"$%/' 047/$")-%)$3a' 3""' 6./?,@' B&/2$A

R.4$%&/4%R.<+'/5+/(@'-:'PO:'+,.3'./!"-"/!"/0"'.3'9%/.5"3$"!'./'$,"'!"30).-$.4/'45'b=,4$.%Y'$)%!")3

./'=).$.3,'H79%4/@'A,4'b"D-"0$"!'$4'E"'$)"%$"!')%$,")'1.("'%11."3'$,%/'%3'3")#%/$3@'%3'%11'9"/'E"24/!

$,"'=).$.3,'5)4/$.")'%)"'"X7%1Ya'K"EE")@%!"+%K.'+$($%.8%`--+'%E/4#&@'-:'Vee:'`4)'%'5.)3$,%/!'!"30).-$.4/

45' $)%!"'%94/?'Z.9%1%2%/'5)4/$.")'04997/.$."3'%$' $,"' $7)/'45' $,"'0"/$7)2@' 3""'6,"))./?@'P+$(+'/

!#0+(%&/4%("+%B'#(#$"%B.'4+'*&/4@'--:'_PSW_f:P^'+,"'5%9.12'3$.11',41!3'%'<&5$a&N <&*S'?4./?'E%0('94)"'$,%/'VRR'?"/")%$.4/3@').#%11./?'$,%$'45'$,"

)71./?',473"'45'=%3,%,)a'3""'6./?,@'B&/2$A%R.4$%&/4%R.<+'/5+/(@'-:'^P:'C/'$,"')41"'45'<&5$&<&*#3

./'$,"'A"3$")/'Z.9%1%2%3'%3'%'$441'54)'340.%1'94E.1.$2@'3""'j43,.@'bH79%4/.'g%93o%& #%1i3U'B2$,'%/!

J"%1.$2Y:'>/!""!@'7-4/'%//"D%$.4/'45'$,"'I7/*%E'./'VfOe@'$,"')"#"/7"'5)49'6-.$.'A%3'-%.!'!.)"0$12'$4

$,"'I4%).'A%d.)a'+,%(7)@'B944"#$5%#/%("+%P+$(+'/%6#5&*&7&@'-:'P\:Pe'`4)'%'?"/")%1' )"#."A'45' $,"' 5)4/$.")' d4/"Y3'"$,43'%94/?'=).$.3,'%!9./.3$)%$4)3@' 3""'B0H%2@

b+)%0./?'1./"3'7-4/'$,"'7/(/4A/'%)"%3'45'$,"'[%)$,Y:PS'+,"'(./?!49Y3'-4A")'E%3"'9%2',%#"'E""/'3$)"/?$,"/"!'$,)47?,'$,"'57)$,")'071$.#%$.4/'45'$."3

A.$,'$,"'I4%).'%/!'6,7%'A%d.)3'./'$,"'"%3$:'I7E1.0'A%113'E"%)./?'./30).-$.4/3'45'$,".)'-%$)4/3@'$,"'J%*%3

45'=%3,%,)@'%--"%)'./'H.//%7)'5)49'$,.3'")%'4/A%)!3a'3""'6./?,@'B&/2$A%R.4$%&/4%R.<+'/5+/(@'-:'^_:Pf'+,"'A%d.)Y3',")4.39'.3'0499"94)%$"!'./'140%1'14)"@'3""'j43,.@'b[$,/4?)%-,2':::Y@'--:'^^_W^O:




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3>E


9)$1#8:"(%'"#.$1FGA.8H.)/"8%C8I7A."&$786)"/A8J353>K>?L

8!,")./?'$4'$,"'[>FY3'-41.02'45'(""-./?'A.$,'b140%1'-)%0$.0"3Y@'$,"'F49-%/2Y3'"/#42$4'=%3,%,)'547/!',.3'$%3('04/3-.0747312'"%32:'>/$")#."A./?'b$,"'"1!")'-%)$'45'$,"=733%,")'-4-71%$.4/Y@'c."7$"/%/$'J433'547/!'$,%$'$,"'-)"3"/$'3.$7%$.4/'9.9.0("!$,%$'45'$,"'-)"#.473'J%*%U

C4?7)'6./?,@'$,"'1%$"'J%*%,@'A%3'4/12'VP'!%23'41!'4/'$,"'!"%$,'45',.3'`%$,")%/!'-)"!"0"334)@'J44!")'6./?,:'L7)./?'$,"'14/?'9./4).$2'$,%$'"/37"!@'("+%&88&#'$

.8%("+%H&L%1+'+%&45#/#$(+'+4%07%("+%H&//++%[.("+'%&$$#$(+4%07%("+%("'++%P#U#+'$

0%11"!'%134'./!.30).9./%$"12'H,%)E%/3@'$,"'-)./0.-%1'45'A,49'A%3'!.3$./?7.3,"!E2'$,"'$.$1"'45'B4(,$%):'+,"'B4(,$%)'45'$,43"'!%23'A%3'5%$,")'$4'$,"'-)"3"/$+""(79'L433'%/!'J%9'L7$$'p'=7!)""'L%3'%)"'$,"'34/3'45',.3'0411"%?7"3')"3-"0$;.#"12:'!"#$%("+'+8.'+%1&$%-'+)#$+*7%("+%H+3+/)7%.8%("+%-'+$+/(%4&7'./'A,.0,'$,"J%//""'L,%9.""%/""')71"3'=733%,")'4/'E",%15'45',")'34/@'+""(%)'B7,%/!")6./?,@'$,)47?,'$,"'9./.3$)2'45'+""(79'L433@'J%9'L7$$'%/!'=7!)""'L%3@'Z");"!.$%)2'#.d.")3'45'$,%$'F47/$)2:P\

+,"'=).$.3,'A")"'$,73'%A%)"'$,%$' $,"'(./?!49Y3'-41.$.0%1'%!9./.3$)%$.4/'A%304/$./7473'A.$,'-%3$'-)%0$.0"3'5"%$7)./?'$,"'J%/.'%3',"%!'45'6$%$"'%/!')71./?'$,)47?,$,"'A%d.)3'%/!'$,".)'0,."5')"-)"3"/$%$.#"@'$,"'94(,$%):_R'K.3,./?'$4'%#4.!'$,"'b-)4E;1"93Y' %3340.%$"!'A.$,' %'A49%/Y3' ./517"/0"' 4/' ?4#")/9"/$@' $,"' [>F' "/$)73$"!%!9./.3$)%$.4/' ./' $,"' ,%/!3' 45' $,"' I4%).' A%d.):_V'+,.3' 04/5.?7)%$.4/' -")3.3$"!$,)47?,47$'B%,"/!)%'6./?,Y3')".?/'QVfV^W^RT@'A.$,'B%37(,'L%3'I4%).'%0$./?'%394(,$%):_P

=).$.3,')71"'!.!@',4A"#")@'./$)4!70"'0")$%./'0,%/?"3'./'=%3,%,):'+,"'%!#%/$%?"45'"3$%E1.3,./?'%'!.)"0$'$)%!"')47$"'A.$,'$,"'347)0"3'45'-%3,9'A441'./'K"3$'+.E"$

P\' >/!.%/' C55.0"' J"04)!3' Q>CJT@' =).$.3,' c.E)%)2@' c4/!4/@' >CJN`NON^SRNV_\\P' Q[D$)%0$' ="/?%1

6"0)"$'F4/371$%$.4/3T@'54:'ÔW^Û'J433'$4'B"$0%15"@'e'G4#:'VfVâ'.$%1.03'9./":'G4$"'$,"'%3340.%$.4/'45

=%3,%,)Y3')71./?'9.1."7'A.$,'$,"'047)$12'071$7)"'45'$,"'-1%./3'./'$,"'%!4-$.4/'45'$,"'$")9'b94(,$%)Y:_R'+,"'-43$'45'G&'"&44#%P&U#'@')"3-4/3.E1"'54)'3"07).$2'4/'$,"'5)4/$.")'%/!'%--4./$"!'!.)"0$12'E2

$,"'J%*%@'A%3'%//711"!'7/!")'=).$.3,'-)4$"0$.4/:'+,"'-43$'A%3'/"#")',"1!'E2' $,"',")"!.$%)2'A%d.)

5%9.1."3'$4'"/37)"'$,"'J%*%Y3'!.)"0$'04/$)41'45'3"07).$2'%14/?'$,"'3$%$"'E4)!")3a'R&U+((++'%VWVX@'-:'P_:

K49"/'A")"'45$"/'547/!'%$'-43.$.4/3'45'-4A")'./'$,"',.113:'̀ 4)'%'-4$"/$'"D%9-1"'45'-4-71%)'-")0"-$.4/3

45'370,'A49"/@'3""'$,"'1"?"/!'45'6%)7-'67/!%)i'45'H7117'./'6%)!%)'Z%)2%1'6./?,Y3'[&L59&%!1&'#2"

H#7&$(+%Q."#$(&/%I9/L&0@'A,.0,'.3'$)%/31%$"!'./'+4E!%/@'Q9**9b%C%G(947%#/%6#$(.'7@'-:'Se:'8'94)"

04/$"9-4)%)2' "D%9-1"' 0%/'E"' 547/!' ./' $,"' %$$%0('45' $,"'6.)%97).'J%/.'4/'=.1%3-7)' ./'VfORa' 3""

6I6G@'-:'V^R'%/!'6./?,@'!&<&N 'S2"%<&%_93'&N 8#7&N %H#7&N $&(%B#*&N $-9'%Q&"*9N'@'-:'e\:_V'C/'$,"'b049-1.0%$.4/3Y'./#41#"!'./'$,"'L,%9.%/.'J%/.Y3')71"@'04/371$'>CJN`NON^SRNV_\\P@'54:

^SWfRU'J433'$4'B"$0%15"@'e'G4#:'VfV^:'C/'$,"'E.%3'$4A%)!3'J%/.3'%3')71")3'./'I)./0"12'6$%$"3'%/!'%

)"#."A'45'$,".)'45$"/'%3$7$"'%?"/02@'3""'J%973%0(@'!"+%E/4#&/%I'#/)+$%&/4%("+#'%G(&(+$@'--:'VS\WfP:_P'B%/37(,'L%33'3700""!"!'+.(%9'L%3'%3'A%d.)@'%/!'A%3'1%7!"!'%3'%/'%E1"'%!9./.3$)%$4)'E4$,

140%112'%/!'E2' $,"'=).$.3,a'3""'j43,.@'F("/.3'&-"7% :::@'--:'Ô\W^V@'%3'A"11'%3' >CJN`NON^SRNV_\\P@

54:'OOU'8!%93'$4'C0,$")14/2@'P'L"0:'VfV^@'%/!'=%)/"3@'bB"94)%/!79Y@'-:'\f:




3>4'N'8J>H'BCJ8G


3")#"!'=).$.3,' ./$")"3$3@' %/!' %/' %$$"9-$'A%3'9%!"' $4' %$$)%0$'+.E"$%/' $)%!")3' $4H4$?%),@'A,")"'$,"2',%!'E7.1$'%'5%0$4)2:__'+,"'+.E"$%/3'A471!'/4$'#"/$7)"'$4'$,"14A'%1$.$7!"'3$%$.4/@',4A"#")@'%/!'$,"'=).$.3,'!"9%/!3'54)'-%3,9'A441',%!'$4'E"9"$'%$'$,"'%//7%1'c%#.'`%.)'./'=%3,%,)Y3'A./$")'0%-.$%1'45'J%9-7):_O'+,"'./517D'45$)%!"'"/).0,"!'$,"'(./?!49'%/!'"/,%/0"!'.$3')"?.4/%1'-)"3$.?":'=2'Vf_f@'$,"'c%#.5%.)'./'J%9-7)',43$"!'A,%$'4/"'=).$4/'!"30).E"!'%3'%'b?)4$"3X7"'%33"9E1%?"'k45l$,"'+%)$%)3'45'Z7/?)7/?@'45'6-.$.@'45'c7!%('%/!'F,./"3"'+%)$%)2@'A.$,'$,"'./,%E.$%/$345'H7/%A7)@'45'$,"'14A")',.113'%/!'-1%./3@'%/!'349"$.9"3'A.$,'$,43"'45'[7)4-"Y:_^

L"3-.$"'31.?,$'5170$7%$.4/3'./'$)%!"@'7/!")'B%,"/!)%'6./?,'$,"'c%#.'̀ %.)',%!'"3$%E;1.3,"!'.$3"15'%3'%'3.?/.5.0%/$'071$7)%1;"04/49.0'0"/$)"'./'$,"')"?.4/:_e

+,"'`%.)'344/'E"0%9"'%/'%)"/%'./'A,.0,'$,"'J%*%'"D-)"33"!',.3'%7$,4).$2:'80$;./?'47$'$,"')41"'45'-%$).%)0,%1')71")@'B%,"/!)%'6./?,'9%./$%./"!'4)!")'E2'5././?b!.3$7)E")3'45'$,"'-"%0"'k:::l'%004)!./?'$4'$,"'0.)0793$%/0"3'45'$,"'!"1./X7"/$3Y:_S

+,"'J%*%Y3'-")34/%1.3"!'51"D.E1"')71"'3$%)(12'04/$)%3$3'A.$,'$,"'1"?%1.3$.0'-41.0."345'$,"'J%*@'A,.0,'A")"'3$.11'5%)')"94#"!'5)49'$,"'(./?!49Y3'"#")2!%2'"D-")."/0":G4/"$,"1"33@'B%,"/!)%'6./?,'!.!'%!4-$'4$,")'%3-"0$3'45'=).$.3,'071$7)":'83'"%)12%3'VfP_@',"',%!'$%("/'$4'!4//./?'b304$0,'0,./$dY'%/!'73./?'b[/?1.3,'-)4!70$3Y@'%/!,"'1%$")'3%A'$4'$,"'"!70%$.4/'45',.3'34/@'6,%93,")'6./?,@'E2'%'=).$.3,;)"0499"/!"!b="/?%1.'E%E7Y:_f

+,"'[>FY3' "%?")/"33' $4' ./0)"%3"' $)%!"' ./!70"!'!"#"14-9"/$'A4)('%14/?' $,"047/$)2Y3'9%./'$)%!./?')47$"@'/4A'1%E"11"!'$,"'bZ./!73$%/;+.E"$'J4%!Y:'+."!'$4'$,"$)"%$2'?7%)%/$""./?'$,"'37--12'45'9%/-4A")'54)'=).$.3,'"04/49.0'-7)37.$3@'=%3,%,)37E*"0$3'A")"'./0)"%3./?12'"9-142"!'./')4%!'!"#"14-9"/$'$,)47?,')42%112'3%/0;$.4/"!'54)0"!'1%E47)'Q0+3&'T:'B+3&''A%3'%134'73"!'$4'57)/.3,'#.3.$./?'455.0.%13'A.$,"304)$3'!7)./?'$,".)'#.3.$3'$4'$,"'-)4?)"33.#"12'-4-71%)')"?.4/'45'H.//%7)<%'/%$7)%15%#47).$"'A.$,'$,"'=).$.3,'4A./?'$4'.$3'0441'01.9%$"@'/%$7)%1'3-1"/!47)'%/!'%E7/!%/$?%9"<04/3"X7"/$12'3$)"$0,./?' )"?.4/%1' )"347)0"3:_\

__'+,"'?4%1'A%3'E4$,'"04/49.0'%/!'-41.$.0%1@'%3'!.#"3$./?'$,"'6.(,;)71"!'H%3,9.)'45'.$3'94/4-412

4/'-%3,9'A441'A%3'./$"/!"!'$4'A"%("/'B%,%)%*%'J%/*.$'6./?,Y3'"04/49.0'-4A")a'R&U+((++'%VWVX@

-:'e:_O'`4)'%')"#."A'45'-%3,9'A441'$)%!"'./'J%9-7)@'3""'J.#d.@'!'&/$D6#5&*&7&/%J&'&<&/$@'--:'eRWeO:_^'Z7$$4/@'_.9'/&*@'--:'OW^:'`"%)./?'=).$.3,'-)"3"/0"'4/'$,".)'E4)!")3@'$,"'F,./"3"'$,)"%$"/"!'$4

%E41.3,'$)%!"'%1$4?"$,")@'$,")"E2'*"4-%)!.3./?'$,"'./,%E.$%/$3'45'H.//%7)@'A,4'b1.#"'%1943$'"/$.)"12

7-4/'A44!@'?)%33'%/!'1"%#"3'45'$)""3@'?)%./'E"./?'#")2'1.$$1"Y@'%/!'$,73')"12'4/'b$,"'.9-4)$%$.4/'45'3%1$@

A441@'$"%3'5)49'F,./%Ya'3""'>CJN`NONVORPN^^^R^@'54:'_WOU'B%,"/!)%'6./?,'$4'="/$./0(@'Vf'8-):'Vf_V:

G4/"$,"1"33@'$,"'c,%3%'%7$,4).$."3Y'%9E.?7473'%$$.$7!"'$4A%)!3'$)%!"'71$.9%$"12'"/047)%?"!'.$3'-7)37.$a

3""'L%$$%@'!"+%H&L%&/4%("+%G#5*&%6#**%G(&(+$@'--:'^\WeV'Q,")"%5$")'H&L:::T:_e'=2'$,"'V\PR3' $,"'c%#.'5%.)'E"0%9"'$,"'b4/"'E.?',41.!%2Y'45' $,"')"3.!"/$3'45' $,"'6.91%'Z.113a

6,%)9%@'C/%C5+'#)&/%#/%Q"&4#@'-:'VOR:_S'`./"3'A")"'$,73'-%.!'./'b94/"2@'3,""-@'4)'9")0,%/!.3"Ya'Z7$$4/@'_.9'/&*@'-:'^:_f'H"//"!2'$4'B7))%2@'QVfPOT@'./%H+).'4$%.8%("+%;+*"#%H+$#4+/)7@'-:'e^:_\'+,"'J%*%'/4$"!'$,%$'bA,"/"#")'$,"'[/?1.3,'?"/$1"9"/'049"'$4'H7/A%)'$,"'d"9./!%)3'"D-")."/0"

?)"%$'$)47E1"'%/!'!.55.071$2'./'37--12./?'0441."3'%/!'%)$.01"3'45'04/379-$.4/Ya'>CJN`NONVORPN^^^R^@




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3>>


L"3-.$"'370,'3"$E%0(3@' $,"' ./517D'./' $)%!"'5%0.1.$%$"!'$,"'?)4A./?'-)"3$.?"'45=%3,%,)@'%/!'E%1%/0"!'$,"'4#")E"%)./?'-)"3"/0"'45'54)".?/")3'%/!'$,".)')"X7.)";9"/$3'./'$,"'J%*%Y3'$")).$4)."3:'+,"'(./?!49Y3'%).3$40)%02'?)%!7%112'?)"A'%0073;$49"!'$4'$,"'[>FY3'-)"3"/0"@OR'!"3-.$"'.$3'"D0"33.#"'!"9%/!3'./'049-%).34/'A.$,$,43"'45'$,".)'-)"#.473'B4?,71'4#")14)!3:'G4/"$,"1"33@'=).$.3,'04/5.!"/0"'./'$,""D.3$./?'%!9./.3$)%$.#"'3$)70$7)"'9"%/$'$,%$'$,"'%).3$40)%02')"$%./"!'%'37E3$%/$.%1!"?)""'45'5)""!49:OV'>/!""!@'A,"/'$,"'514A'45'-%3,9'A441'5)49'+.E"$'A%3'$,)"%$"/"!E2'q4)%A%)'6./?,Y3' ./#%3.4/'45'K"3$'+.E"$' ./'VfOV@'=%3,%,)'%/!'[>F'./$")"3$304/#")?"!' $4'-)407)"'%' 5)7.$571'0411%E4)%$.4/' ./'!"5"/0"'-41.02:OP'`./%112@' 3./0"$,"'-41.$.0%112'-4$"/$').$7%13'45'$,"')"?.4/'-")3.3$"!'7/,%9-")"!@'.$3')71")3'04/$./7"!$4'-")0".#"'$,"93"1#"3'%3'./!"-"/!"/$'34#")".?/3:'>$'.3'$,73',%)!12'37)-).3./?'$45./!'$,"'J%*%'A).$./?'$4'$,"']4#")/4);]"/")%1'$,%$'b$,"'=).$.3,'?4#")/9"/$'%/!$,%$'45'F,./%'%)"'+c9&**7'?)"%$'%/!'-4A")571Y:O_'+,"'%9E.?7473'./3./7%$.4/3'45370,')"9%)(3'A")"'4#")144("!'54)'$,"'$.9"'E"./?'%3'=).$.3,'./$")"3$3'1%2'"13"A,")"@1"%#./?'$,"'1"%!")3'45'=%3,%,)'5)""'$4'-7)37"'$,".)'4A/'./$")"3$3:OO

M$)1)187"&8H.1N%"1.28GA.8O$7&'7-I7$/)"7-)17#)%"8%C86A701A.$86)"/A8J35>?K5PL

>/'Vf^R@'J%*%'B%,"/!)%'6./?,'!."!@'%/!'A%3'3700""!"!'E2',.3'34/@'6,%93,")'6./?,QVf_fN\WV\VOT:'+,"'J%*%'E"./?'%'9./4)@'$,"'%55%.)3'45'6$%$"'A")"'9%/%?"!@'%3'E";54)"@'E2'$,"'I4%).'A%d.):'+,"')"9%)(%E1"'%55./.$2'A.$,'$,"'3.$7%$.4/'!7)./?'$,"'1%$"

54:'^:'+,"' )"-4)$"!'"9-4A")9"/$'45' $,"'6,7%'A%d.)3'!7)./?' $,.3'-").4!'9%2'E"'%$$).E7$"!' $4' $,"

./$"/3.5.0%$.4/'45'0+3&''./'I4%).'$")).$4)2@'%/!'$4'%/'./0)"%3"'./'$)%!"'%14/?'%1$")/%$.#"'$)%!"')47$"3a

3""'Z7$$4/@'_.9'/&*@'-:'^f:OR'+,"'-)40"33'A%3'./!""!'?)%!7%1U'H&/&$'%14/?'$,"'Z./!73$%/'+.E"$'J4%!'A")"'3$.11'1"#2./?'$%D"3

4/'9")0,%/$3'-%33./?'$,)47?,'$,".)'$")).$4)."3'./'VfPOa'B7))%2'$4'[11.4$@'e'j712'VfPO@'./'H+).'4$%.8

("+%;+*"#%H+$#4+/)7@'--:'P^PW^_:OV'F4/$)%)2'$4'4$,")')"?.4/3'./'>/!.%@'$,"'=).$.3,'455.0.%112')"5)%./"!'5)49'!.)"0$12'./$")5")./?'./

140%1'-)%0$.0"3@'%/!')"1."!'4/'140%1'%7$,4).$."3'$4'!.304/$./7"').$7%13'-")0".#"!'%3'.994)%1:'>$'A%3'$,73

B%37(,'L%3'A,4@'54114A./?'=).$.3,'!.)"0$.4/3@'37--43"!12'-7$'%/'"/!'$4',79%/'3%0).5.0"3'./'VfPS

QR&U+((++'%V\\W@'-:'PfT:'G4/"$,"1"33@'370,').$7%13'-")3.3$"!'$,)47?,47$'$,"')"?.4/@'45$"/'7/!")'$,"

%0$.#"'-%$)4/%?"'%/!'-%)$.0.-%$.4/'45'$,"'J%*%:'C/"'370,'0")"94/2'A%3'4E3")#"!'E2'%/'>/!.%/'F.#.1

6")#.0"9%/'%3'1%$"'%3'$,"'V\VR3'./'$,"'=)%,9./'#.11%?"'45'G.)9%/!'/4)$,'45'J%9-7)a'3""'I"/"14-"

F,"$A44!"@'b8/'80047/$'45'$,"'A"3$")/'Z.9%1%2%/'0"9/4&%).$7%1'./'$,"'67$1"*'g%11"2Y:'+,"',79%/

#.0$.93',%#"'/4A'E""/')"-1%0"!'E2'?4%$3'%/!@'./'(""-./?'A.$,'$,"'$.9"3@'-)"-%)%$.4/3'%)"'7/!")A%2

$4'E)4%!0%3$'$,"'/"D$'3%0).5.0"'4/'$"1"#.3.4/'#.%'3%$"11.$"a'-")34/%1'04997/.0%$.4/'./'G.)9%/!@'C0$4E")

PRRe:OP'>/.$.%1'3(.)9.3,"3'E"$A""/'b9.1.$.%3Y'5)49'H.//%7)'%/!'q4)%A%)'6./?,Y3'9"/'/"%)'$,"'E4)!")'A.$,

c%!%(,'%114A"!'$,"'=).$.3,'455.0")'!.3-%$0,"!'$4'$,"')"?.4/'$4'%0X7.)"'%007)%$"'./$"11.?"/0"'b5)49'%

0143"'X7%)$")Ya'3""'67(,!"#@'b[D$)%0$3'5)49'R+/+'&*%d.'&1&'%G#/3"Y@'--:'S^RW^e:O_'>CJN`NONVORPN^^^R^@'54:'Oa'.$%1.03'9./":OO'`4)'%/'4#")#."A'45'=).$.3,'-41.02'!7)./?'$,"')".?/'45'B%,"/!)%'6./?,@'3""'L%#.!'K%3,E)44(@

b>/!.%'VfVfWVfeRU'+,"'+A4'`%0"3'45'F414/.%1.39Y:




3>Q'N'8J>H'BCJ8G


J%*%Y3' %00"33.4/'A%3@' ,4A"#")@' 047/$")"!'E2' $,"' 3$%)('!.55")"/0"' ./' $,"'[>FY3

-41.02'7/!")']4#")/4);]"/")%1'L%1,473."'QVfOfWêT:'>/$"/$'4/'"/,%/0./?')"#"/7"

%/!'-)4!70$.#.$2@'$,"']4#")/9"/$'%--4./$"!'6,%9'c%1@'b%/'"D-")."/0"!'+",3""1!%)YO^

5)49'G7)-7)@'$4'!"#.3"'%')"#"/7"'3"$$1"9"/$'54)'$,"'6$%$"'./'Vf^P:'6,%9'c%1'.9-1";

9"/$"!'1%/!'9"%37)"9"/$'$"0,/.X7"3',"',%!'%0X7.)"!'!7)./?',.3'-)"#.473'-43$'./

$,"'I7/*%E@'A,.0,'-)4#"!'7/37.$%E1"'54)'$,"'947/$%./473'"/#.)4/9"/$'45'=%3,%,)

%/!')"371$"!'./'%'b,"%#2'%/!'7/"X7%1'%33"339"/$Y:'83'%')"371$@' $,"'/4E.1.$2'A%3

-1%0"!'./'%'-)"0%).473'-43.$.4/'E"$A""/'$,".)'37E*"0$3Y'-1.?,$'%/!'$,"'/""!'$4'%-;

-"%3"'$,".)'37-").4)3:Oe'`7)$,")94)"@'$%D"3'A")"'$4'E"')"%1.3"!'./'0%3,@'1"%!./?'$,"

E%)$");E%3"!'"04/492'$4'E%/()7-$02:OS'c%3$12@'$,"3"'0,%/?"3'4007))"!'%14/?3.!"

$,"'073$49%)2'"/54)0"9"/$'45')42%1'$%D%$.4/'54)'=,.9%(%1.'%3'6$%$"'455.0.%13'$47)"!

#.11%?"3'0411"0$./?'%?).071$7)%1'2."1!3'QA,"%$@'E7$$")@'"$0:T:Of

>/.$.%112'$,"3"'!"9%/!3'A")"'9"$'A.$,'3700"33@'E7$'$,"'!"%$,'45'B%/37(,'L%3@

bE2'5%)'$,"'943$'%E1"@'%/!'943$',4/"3$'K7d"")'$,%$',%3')71"!'=733%,.)'54)'$,"'1%3$

_R'2"%)3Y@',./$"!'%$' $,"'54)$,049./?'0%1%9.$2:O\'Z.3'349"A,%$'1"33'0%-%E1"'34/

%/!'3700"334)@'67)*.$'Q=%)/"3'547/!',.9'b/"D$'!44)'$4'%/'.!.4$YT@'A%3'7/-)"-%)"!

54)'$,"'0,%11"/?"3'5%0./?',.9:'=%3,%,)Y3'37E3"X7"/$'5%.17)"'$4'-)407)"'$%D"3'./!70"!

$,"'67-")./$"/!"/$'Z.11'6$%$"3'$4'%3379"'04/$)41'45'$,"'6$%$"'E2'%--4./$./?'I7))73

J%9@'%'#%(.1'5)49'6,.91%@'%3'B%/%?")'./'Vfê:^R'L"3-.$"',.3'1.9.$"!'3700"33'./

9""$./?')"#"/7"'!"9%/!3@'I7))73'J%9'X7.0(12'E"0%9"'%'-+'$./&%/./%3'&(&' ./

=%3,%,):^V'+,"'#%(.1'%E73"!',.3'-4A")3'E2' $%(./?'E).E"3@'04/5.30%$./?'-)4-")$2

%/!'"9E"dd1./?'$,"'0411"0$"!')"#"/7":'+,"'%7$,4).$."3'./'6,.91%'A")"'("-$'./'$,"

!%)('%3'I7))73'J%9'.337"!'5%11%0.473')"-4)$3'!"-.0$./?'$,"'J%*%Y3'b04/$"9-$7473Y

O^' =%)/"3@' bB"94)%/!79Y@' -:' \P:'+,.3' 3"0$.4/' 1%)?"12' 54114A3' $,"' )"-4)$3' 049-43"!' %5$")' $,"

"#"/$3a'#0#4:@'--:'SSWV_O:Oe'E0#4:@'-:'VRS:OS'>$'3""93'%).3$40)%$3'%/!'$)%!")3'A,4'-433"33"!'0%3,'%0$"!'%3'94/"21"/!")3'%/!'-)45.$"!'5)49

$,"'0,%/?"@'$,")"E2'5%0.1.$%$./?'$,"'-")3.3$"/0"'45'340.%1'./"X7%1.$."3:'+,"'"D"9-$.4/'5)49'0+3&''./

)"$7)/'54)'%'-"07/.%)2'5./"'!""-"/"!'$,"3"@'%3'.9-4#").3,"!'-"%3%/$3'A")"')"94#"!'5)49'$,".)'5."1!3

A,.1"'"9-142"!'./'0+3&':Of'6,%9'c%1'"/79")%$"!'eO'!.55")"/$'0%$"?4)."3'45'$%D%$.4/a'R&U+((++'%VW^V@'-:'P_e:'G.0('811"/

)"-4)$3'$,%$'=)%,9./3'5)49'$,"'$"9-1"'45'=,.9%(%1.'A")"'3.9.1%)12'0411"0$./?'$%D"3'./'H.//%7)'%3

1%$"'%3'$,"'V\fR3'Q-")34/%1'04997/.0%$.4/T:O\'=%)/"3@'bB"94)%/!79Y@'-:'\f:'+,"'970,'%--)"0.%$"!'B%/37(,'L%33'5"11'.11'./'J%9-7)'%/!'A%3

$%("/'$4'6,.91%'A,")"<%004)!./?'$4'140%1'$)%!.$.4/<$,"'L"-7$2'F499.33.4/")'b144("!'%5$")',.9

1.("'%'5%$,")'k:::l'%/!'?%#"',.9'3"#"/'-.113Y'./'#%./a'j43,.@'b[$,/4?)%-,2':::Y@'--:'Ô\W^V:^R'=%)/"3@'bB"94)%/!79Y@'-:'\f:'c4)!'K.11.%9'Z%2'Q67-")./$"/!"/$'Vf^^WePT'A%3'5%9.1.%)'A.$,

$,"'5)%?9"/$"!'-41.$.03'45'$,"')"?.4/'4A./?'$4',.3'-43$'%3'%'-)"1.9./%)2'3"$$1"9"/$'455.0")'./'6-.$.a'3""

/:'P^'%E4#":'Z%2'347?,$'$4'3$)"/?$,"/'04/$)41'4#")'=%3,%,)'%/!'37??"3$"!'$,"'./$)4!70$.4/'45'.)4/;

9././?'b4/'30."/$.5.0'1./"3'%$'#.11%?"'6,""1Y@'E7$'5%.1"!'$4'3"07)"'$,"']C>Y3'3%/0$.4/@'%)?7%E12'0%73./?

%'b?)"%$'3"$;E%0('$4'$,"'!"#"14-9"/$%1'%0$.#.$."3'./'$,"'%)"%Ya'L%$$%@'H&L%:::@'-:'_P^:^V'R&U+((++'%VW^V@'-:'P_S:




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3>P


%$$.$7!"'$4A%)!3'=).$.3,'%7$,4).$."3@'$,")"E2'"/,%/0./?'$,"'.9-4)$%/0"'%/!'/"0"33.$245',.3')41"'./'=%3,%,)'./'$,"',4-"'45'%0X7.)./?'%'-")9%/"/$'-43.$.4/'%3'B%/%?"):^P

B"%/A,.1"@' $,"'!.3?)7/$1"!'-"%3%/$)2' 547/!'%' 0,%9-.4/' ./' $,"'J%*%Y3',%15;E)4$,")@'B.%/'`%$",'6./?,'QVfPSWSeT@'A,4')"0".#"!'$,".)'37--4)$'54)'b)"E"11.473Y%0$.4/3:'+,"'47$E)"%('45'%'0,41")%'"-.!"9.0'./'Vf^S'A%3'./$")-)"$"!'E2'$,"'J%*%%3'%/'"D-)"33.4/'45'=,.9%(%1.Y3'b,412'./!.?/%$.4/Y@'$4'A,.0,',"')"3-4/!"!'E2'%/;/47/0./?'%')"$7)/'$4'$,"'41!'323$"9'45')"#"/7":^_'+,"'J%*%'1%$")')"#4("!',.3'!"0.;3.4/@'970,'$4'$,"'!.3%--4./$9"/$'45',.3'37E*"0$3:'+,"'A%d.)3')"%0$"!'E2'-"$.$.4/./?$,"'67-")./$"/!"/$' $4',41!'6,%93,")'6./?,' $4',.3'A4)!@' E7$'A.$,' 1.$$1"' "55"0$:Z%#./?'"D,%73$"!'$,".)'4-$.4/3@'$,"'-"%3%/$3'5./%112')"34)$"!'$4'$,"')"?.4/Y3'$)%!.$.4/%154)9'45'340.%1'-)4$"3$<$,"'L79'45'Vf^fW^\',%!'E"?7/:Ô

K.$,' $,"'"D0"-$.4/'45' $,"'9./.9%1'9%/-4A")' 1"5$' $4'%$$"/!' $,".)' 5140(3'%/!5."1!3@'=%3,%,)Y3'-"%3%/$3'?%$,")"!'%/!'0%9-"!'./'5)4/$'45'$,"'-%1%0"'./'J%9-7)7/$.1' $,".)'?)."#%/0"3'A")"')"!)"33"!:'83'4+<(&N 3'A")"'.994E.1.3"!'%/!')"#"/7"0411"0$.4/',%1$"!@'$,"'J%*%'A%3'!"-).#"!'45'-41.$.0%1'%/!'"04/49.0'37--4)$:^^'̀ %9.1;.%)'A.$,'$,"'-)"3"/0"'45'$,"'J%*%Y3'-41.$.0%1'37-").4)3'./'$,".)'$")).$4)."3@'$,"'-)4;$"3$4)3'%134'3"/$'%/'"/#42'$4'$,"']4#")/4);]"/")%1@'!"9%/!./?'$,"'%//719"/$'45$,"'/"A')"#"/7"'3"$$1"9"/$3:'85$")'/./"'94/$,3'45'-"%0"571'-)4$"3$@'$,"'-)4$"3$4)3A")"'*4./"!'E2'B.%/'`%$",'6./?,@'$,"'J%*%Y3'b)"E"1Y',%15;E)4$,"):'>/#.?4)%$"!'E2$,"'-)"3"/0"'45'%'9"9E")'45'$,"')42%1'5%9.12'%94/?3$'$,"9@'$,"'-)4$"3$4)3Y'"/$,7;3.%39'37)?"!'%/!'$)%/354)9"!'./$4'#.41"/0":ê'6$%$"'%!9./.3$)%$4)3'51"!'$4'/".?,;E47)./?'(./?!493'./'-%/.0'%3'$,".)',49"3'A")"'-17/!")"!@'%5$")'A,.0,'$,"'94E-)40""!"!'$4'E7)/'!4A/'$,"',473"'73"!'E2'$,"'970,',%$"!'I7))73'J%9:^S'c433'451.5"@',4A"#")@'A%3'/4$')"-4)$"!@'A.$,'%'9")"'$,)""'$4'547)'-"4-1"')"-4)$"!'./*7)"!./'$,"3"'./0.!"/$3:'>/'1.?,$'45'$,"3"'"#"/$3@'$,"'6,7%'%/!'H441'A%d.)3'A.$,!)"A'$,".)37--4)$'45'$,"'J%*%@'A,4'A%3'1"5$'341"12'A.$,'$,"'7/A%#")./?'37--4)$'45',.3'41!"3$%11."3@'$,"'I4%).3:

^P'R&U+((++'%VWVX@'-:'VRa'=%)/"3@'bB"94)%/!79Y@'--:'\\WVRP:'I7))73'J%9Y3'-1%/@'.$'3""93@'A%3

./3-.)"!'E2'$,"'#.?4)473'-7)37.$'45'L%1,473."Y3'b1%-3"Y'-41.02'$,)47?,47$'>/!.%'%$'$,"'$.9":^_'R&U+((++'%VW^V@'-:'P_f:Ô'+,.3' $")9' .3' %134' 73"!' ./' H7117' %/!' B%/!.' %/!' .3' $,"' "X7.#%1"/$' 45' $,"' ]%),A%1.'4"&/4&2:

B%./$%././?'%'!"?)""'45'3%/0$.$2@'J%*%3'A")"'1%)?"12'"D"9-$'5)49'$,"'A)%$,'45'-)4$"3$./?'37E*"0$3a

54)'94)"'4/'0.#.1'-)4$"3$'./']%),A%1@'3""']7,%@'!"+%`/c9#+(%P..4$@'--:'eSWe\:'8'E%!12;$.9"!'4"95

./'H7117' 5%0.1.$%$"!'%'6.(,' ./#%3.4/' ./'VfOR' $,%$' )"371$"!' ./' $,"'J%*%Y3' 51.?,$a' 3""'Z4A"11@' b649"

G4$"3'4/'8/0."/$'H717'I41.$.03Y@'--:'SeWSf@'%/!'Z7$0,.34/'%/!'g4?"1@'6I6G@' --:'OSRWSV:'`4)'%

049-1"$"')"#."A'45'$,"'-,"/49"/4/'./'$,"')"?.4/'3""'6./?,@'b+,"';"..5'./'Z.9%0,%1'I)%!"3,Y:^^'67$,")1%/!@'b+Q)T4-414?."3Y@'-:'VVS:ê' `%$",' 6./?,' A471!' 1%$")' )"37)?"' %3' %' !"3$%E.1.3./?' 5%0$4)' A,"/' ,"' "3$%E1.3,"!' ,.93"15' %3

./!"-"/!"/$'34#")".?/'45'G%(4'./'VfSRa'3""'`)%/0("@'C/(#c9#(#+$%.8%P+$(+'/%!#0+(@'g41:'>>@'-:'PSe:'Z"

A%3'3".d"!'E2',.3',%15'E)4$,")Y3'$)44-3'3,4)$12'$,")"%5$")'%/!'"#%!"!'%'$).%1'./'=).$.3,'H%/?)%@'%--%)"/$12

3-"/!./?'$,"')"9%././?'5.#"'2"%)3'45',.3'1.5"'./'=%3,%,):'`4)'$,"'!4079"/$3')"1%$./?'$4'$,"'"#"/$'5)49

$,"'=).$.3,'-4./$'45'#."A@'04/371$'G8>@'`4)".?/'L"-%)$9"/$@'I41.$.0%1'8@'B%2'VfSV@'/4:'eSOWS'%/!

C0$4E")'VfSV@'/4:'^RPWO:^S'=%)/"3@'bB"94)%/!79Y@'-:'\S:




3>5'N'8J>H'BCJ8G


G"A3'45'$,"'"#"/$3')"%0,"!'6,.91%'3,4)$12'$,")"%5$")@'%/!'%))%/?"9"/$3'A")"9%!"'$4'3"/!'#"$")%/'455.0.%1']:F:'=%)/"3'$4'X7"11' $,"'!.3$7)E%/0":'=%)/"3'A%3E%0("!'E2'b_^R'45'$,"'H%/?)%'I41.0"'=%$$%1.4/@'%/!'$,"'K7d"")'45'B7/!""@'A.$,%/'"X7%1'%947/$'45'%7D.1.%)."3@'kA,4l',%!'$%("/'7-'-43.$.4/3'4/'$,"'E4)!")3'45=733%,.)'%/!'4/12'A%.$"!'54)'$,"'4)!")'$4'9%)0,'./$4'$,"'047/$)2Y:^f'm-4/'%)).#%1@=%)/"3'04/!70$"!'%'1"/?$,2'"/X7.)2'A.$,'%11'3.!"3'./#41#"!@'%/!'"#"/$7%112'341#"!$,"'-)4E1"9'E2'"/54)0./?'%'/"%)12'049-1"$"')"$7)/'$4'$,"'-)"#.473')"#"/7"'323$"9:+,"'-"%3%/$3' )"$7)/"!' $4' $,".)' ,49"3' %5$")'=%)/"3' %337)"!' $,"9'45' $,".)' 1"?%1).?,$3'%/!'!7$."3@'1"%#./?'$,"'=).$.3,'"/#42'$4'!"%1'A.$,'=%3,%,)Y3'%!9./.3$)%$.4/:85$")')"$7)/./?'$4'6,.91%@'=%)/"3'37E9.$$"!'%')"-4)$'4/'$,"'"#"/$3@'%/!',.3'04/;$).E7$.4/'$4'$,"')"3417$.4/'45'$,"'0).3.3:

=%)/"3Y3')"-4)$'.3'%'$)%?.0;049.0'%0047/$'$,%$')"51"0$3'$,"'04/0"-$7%1'%E233'E";$A""/'0414/.%1'%/!'140%1'A4)1!#."A3:^\'6$)7??1./?'$4'9""$'=).$.3,'!"9%/!3@'$,"J%*%'%/!',.3'"D"07$.#"'455.0.%13'QJ"9''#&"3T'E"0%9"'329E413'45'4--)"33.4/:'=%)/"3/4$"!' $,"' 37E3$%/$.%1' 04/$).E7$.4/'45'-%)%11"1' $%D%$.4/' 323$"93' $4' $,"'-"%3%/$3Y.9-4#").3,9"/$@'E7$'5%.1"!' $4'-")0".#"' $,"'-41.$.0%1'3.?/.5.0%/0"'45' $,"' $%D"3' $4=,.9%(%1.:'>$'A%3'$,73'01"%)'$4',.9'$,%$'$,"'b?44!;$"9-")"!Y'J%*%@'%1$,47?,'b7$$")12./0%-%E1"'45'54)9./?'4)'%!,")./?'$4'%/2'-41.02Y@'3,471!'E"'"!70%$"!'./'$,"'A%2345'-)4-")'?4#")/9"/$'54)',.3'37E*"0$3Y'E"/"5.$:eR'8004)!./?12@'=%)/"3'"9E%)("!7-4/'0"/$)%1.3./?'$,"'3""9./?12'0,%4$.0'3$%$"'45'%!9./.3$)%$.4/'./'=%3,%,):

+,"')41"'45'A%d.)3'%3')"?.4/%1'*7!?"3'A%3')"!"5./"!@'%3'$,"2'A")"')"X7.)"!'$4$47)'$,".)'$")).$4)."3'%/!'%!*7!.0%$"'0%3"3@'.9.$%$./?'j4,/'c%A)"/0"Y3'.//4#%$.#"?7.!"1./"3'54)'0.#.1'3")#%/$3'./'$,"'I7/*%E'%'!"0%!"'"%)1."):'+,"').?,$'45']43%./E%/(")3' $4' ./!"-"/!"/$12' 5./"' $,".)' !"E$4)3'A%3'#4.!"!@' %/!' $)%/35"))"!' $4' $,"J%*%'%/!',.3'A%d.)3:'+,"'!"E$3'45'$,"'J%*%'%/!',.3'9./.3$")3'$4'4/"'370,'./!.#.!7%1,.?,1.?,$"!'$,"'/""!'54)'$,.3'94$.4/@'%3'$,"'1%$$")'A%3')"-4)$"!'$4'b349"$.9"3'%E73"Y,.3'-43.$.4/'45'-4A")'./'$,"'6$%$":eV'C/'%'37E3"X7"/$'#.3.$'$4'=%3,%,)@'=%)/"3'-)4;5"33"!'%9%d"9"/$'%$'$,"'A%3$"571'73"'45'$.9E")U'04/$)%0$4)3'b,%#"'07$'$.9E")'*73$%3'$,"2'-1"%3"!@'A.$,47$'1"$'4)',./!)%/0"'5)49'$,"'J%*%@'("+%'+&*%-'.-'#+(.'%.8%("+

8.'+$($Y:eP'=%)/"3' .99"!.%$"12' 3"$' E%3.0' ?7.!"1./"3' 54)' $,"' )"?71%$.4/'45' 54)"3$9%/%?"9"/$a')%/?")3'E"%)./?'$,".)'4A/'!.3$./0$'E%!?"3'A")"'!)%5$"!'$4'%--)4#"%/!'37-")#.3"'$)""'5"11./?@'%/!'$,"'-)"#.47312'07$'$.9E")'%007971%$"!'%14/?'$,"

^f'E0#4:@'-:'\e:^\'[D%9-1"3'./017!"'=%)/"3Y'./3.3$"/0"'$,%$'/4'6$%$"'455.0.%13'E"',%)9"!'3./0"'b/4'4/"'0471!'E"

-7/.3,"!'7/$.1',"',%!'E""/'547/!'?7.1$2Y'Q#0#4:@'-:'\eT@'%/!'$,"'%33.?/9"/$'45'A).$$"/'!""!3'Q-..'U++

4)'-9((&"T'!"30).E./?'1%/!4A/")'4E1.?%$.4/3'$4'%'1%)?"12'.11.$")%$"'-"%3%/$)2'Q#0#4:@'--:'VR\WVRT:'C/

$,"'.9-1.0%$.4/3'45'3.9.1%)'0414/.%1'E7)"%70)%$.0'-)%0$.0"3'./$"/!"!'$4'04/5./"'%/!'!"5./"'$,"'F)4A/Y3

37E*"0$3'Q370,'%3'"/79")%$.4/'4)'0"/3.T@'3""'8--%!7)%.@'bG79E")3'./'$,"'F414/.%1'>9%?./%$.4/Y:eR'=%)/"3@'bB"94)%/!79Y@'-:'fV:eV'E0#4:@'--:'VP\W_R:'C/"'A4/!")3',4A'=%)/"3'./$")-)"$"!'$,"'J%*%Y3'!"E$3'./'1.?,$'45'$,"')"-4)$"!

A"%1$,'./'=,.9%(%1.Y3'$"9-1":eP'E0#4:@'-:'VPOa'.$%1.03'9./":




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3>=


E%/(3'45'$,"'67$1"*'A%3'-)401%.9"!'$,"'-)4-")$2'45'$,"'J%*%:'+,"3"')7!.9"/$%)2)71"3@'.$'A%3',4-"!@'A471!'b9%("'$,"'J%*%'$,"').0,"3$'0,."5'./'$,"',.113Y:e_

=%3,%,)'$,73'"/$")"!'$,"'VfeR3'7/!")'$,"'1"%!")3,.-'45'%/'"9-4A")"!'J%*%:=).$.3,'./$")#"/$.4/'$,)"%$"/"!'$,"'247/?')71")Y3')".?/'./'$,"'Vf^R3@'%/!'A%3'$,"/4#")049"'$,)47?,'=%)/"3Y3'./$")#"/$.4/:'+,"'1%$$")Y3'.//4#%$.#"')"?71%$.4/3'-)4;9.3"!'$4'9%("'6,%93,")'6./?,'%').0,'%/!'-4A")571'J%*%:'+,"'E1"33./?@',4A"#")@344/'$7)/"!'./$4'%'07)3"'%3'$,"']4#")/9"/$'45'>/!.%Y3'Q]C>T'./$")"3$'./'$.9E")'./;0)"%3"!:'+,"'54114A./?'!"0%!"3'3%A'$,"'?)%!7%1'7/!")9././?'45'$,"'J%*%Y3'%7$,4).$2%3'=%3,%,)'2."1!"!'$4'$,"'943$'!"#.473'$441'45'./!.)"0$')71"'2"$<$,"'0"1"E)%$"!30."/0"'45'`4)"3$)2:

K.'+$('7%&/4%("+%G(&(+

+,"'3%1"'45'$.9E")'54)'0499")0.%1'-)45.$'./'=%3,%,)'5.)3$'4007))"!'./'04/*7/0$.4/A.$,'%'$"9-4)%)2')"0"33.4/'./'-%3,9'A441'$)%!"'./'$,"'VfOR3:eO'L7)./?'$,"'/"D$$A4'!"0%!"3@'-).#%$"'04/$)%0$4)3')%/!4912'5"11"!'$)""3'54)'%'/49./%1'5""'-%.!'!.);"0$12'$4'$,"'J%*%:e^'m/!")']4#")/4);]"/")%1'L%1,473."@'$,"']C>'$44('3-"0.%1'./;$")"3$'./'$,"'$.9E")')"3")#"3'45'$,"'A"3$")/'Z.9%1%2%3'./'4)!")'$4'9""$'$,"'?)4A./?!"9%/!3'54)'$,"'4+.4&''A44!'73"!'$4'04/3$)70$')%.1A%2'0%)3:ee'>/'VfeP'%'3-"0.%1"/#42'$4'=%3,%,)')"-4)$"!'"/$,73.%3$.0%112'4/'$,"'0499")0.%1'-4$"/$.%1'45'.$3'54);"3$3:'G4$./?'$,"'J%*%Y3'!.55.071$."3'./')"?71%$./?'07$$./?3@'$,"'"/#42')"0499"/!"!$,"']4#")/9"/$'%3379"'!.)"0$'04/$)41'4#")'$,"'54)"3$3:eS'K.$,./'$A4'2"%)3@'9%33.#"$)%0$3'45'$,"'54)"3$'A")"'E)47?,$'7/!")'$,"']C>Y3'04/$)41'$,)47?,47$'$,"'I7/*%E@%/!'-1%0"!'7/!")'$,"'37-")#.3.4/'45'%'F4/3")#%$4)'45'`4)"3$3:ef

[04/49.0%112'"D-14.$%$.#"@' $,"'%?)""9"/$3'4#")' 54)"3$3' ./$)4!70"!'%' 54)".?/%?"/02'$,%$'7/!")9./"!'$,"'J%*%Y3'%7$,4).$2'%/!'!.3)7-$"!',.3'37E*"0$3Y'$)%!.$.4/%194!"3'45'37E3.3$"/0":'F4/$)41'45'$,"'54)"3$3'A%3'9%!"'4#")'$4'$,"']C>'54)'%'-").4!45' ^R'2"%)3' ./' )"$7)/' 54)' %/' %//7%1' 379'45'J3'VR@RRR@' %/!' %' /49./%1' 5""' -")

e_'E0#4:@'-:'VP^:eO'`4)'%'04/0.3"')"#."A'45'54)"3$)2'./'=%3,%,)@'3""'L%$$%@'H&L@'--:'_PSWPf:e^'>/'Vf^R'$)""3'A")"'5"11"!'54)'P'%//%3'%'-."0"a'1%)?";30%1"'07$$./?3'54)'b%'E%?'45')7-""3Y'3$%)$"!'./

Vf^\a'R&U+((++'%VW^V@'-:'V^R:'+,"'04/$)%0$4)3'A")"'943$12'>/!.%/'"/$)"-)"/"7)3@'%'b,473"'%?"/$'%$

6.91%Y'/%9"!'B)'K%1(")'%/!'+")'8)%$$44/@'%/'8)9"/.%/'9")0,%/$'A,4'37--1."!'$,"'[>F'A.$,'$.9E")

54)')%.1A%2'0%)'04/3$)70$.4/'$,)47?,'%/'"D0173.#"'04/$)%0$a'=%)/"3@'bB"94)%/!79Y@'--:'VPSWPf:'C/

$,"'-)"3"/0"'%/!')41"'45'8)9"/.%/'$)%!")3'./'647$,'83.%@'3""'J.0,%)!34/@'b8)9"/.%/3'./'>/!.%'%/!

+.E"$Y:ee'L%1,473."'0499.33.4/"!'%')"-4)$'4/'I7/*%E'54)"3$3'%3'"%)12'%3'Vf^_@'A,.0,'0499"/$"!'5%#47);

%E12'4/'=%3,%,)Y3'54)"3$3a'R&U+((++'%VW^V@'-:'V^R:eS'L."$).0,'=)%/!.3@'$,"'5%$,")'45'>/!.%/'`4)"3$)2@'$47)"!'$,"')"?.4/'./'VfeO'%/!'0%1071%$"!'$,%$

349"'_R@RRR'$)""3',%!'E""/'07$'./'$,"'-)"#.473'547)'2"%)3a'#0#4:@'--:'V^RW^V:ef'6,%93,")'6./?,'3""93'$4',%#"'E""/'$).0("!'./$4'$,.3'%))%/?"9"/$a'3""'L%$$%@'H&L%:::@'-:'_PS:'+,.3

3""93'$4',%#"'E""/'04//"0$"!'A.$,'%'1%)?")'3$)%$"?.0'94#"'4/'$,"'-%)$'45'$,"']C>@'%3'$,"'54)"3$3'45

$,"'/".?,E47)./?'6$%$"'45'F,%9E%'A")"'%134'1"%3"!'54)'%'-").4!'45'\\'2"%)3'./')"$7)/'54)'%/'%//7%1

379'45'J3'PP@RRR'./'$,"'3%9"'2"%)a'3""'R&U+((++'%.8%("+%J"&50&%G(&(+%VWXe@'--:'VVR@'P_P:




3Q?'N'8J>H'BCJ8G


I7

N8%

C8@

71A

7A

$89

%$.

1#18

3=

?5

K=

6%

'$(

.2'I

'.3'+

$$%H

+-.

'(%.

/%K

.'+

$(%C

45

#/#$

('&

(#.

/%#

/%(

"+%

I9

/L&

0%8

.'%

VW

X\

]V

WX

W@'

c%,

4)"

@'V

\R

\:

+,

"'%-

-)4

D.9

%$"1

2'V

@RR

R'3

X:'

(9

3

45'

=%3

,%,

)'54

)"3$

3'4

/'1

"%3"

'$4

'$,

"

=).

$.3,

']4

#")

/9

"/$'

,%#

"'E

""/

3,%!

"!:

+,

"'!

%)(

')"0

$%/

?1"

3'!

"/4

$"'`

4)"

3$

=7/?%1

4A

3<73"

!'E

2'#

.3.$

./?

455

.0.%

13'%

/!

'9"9

E")

3'4

5'$,

"'`

4)"

3$

L"-

%)$9

"/$:

L4

!)%

'H%A

%)'.

3'3.

$7%$

"!'.

/'$

,"

I%E

%)'J

%/?

"')"

?.4

/'.

/'$

,"'

347

$,@

%/!

'+7

(-

%'-

%)?%/

%'4

/'$

,"'

%!*%

0"/

$

#%1

1"2

'$4

'$,

"'/

4)$

,'Q

bF,

./.Y

T:

+,

"'(

./?

!4

9'4

5'+

",).

;]%)

,A

%1

E4

)!")

3'=

%3,

%,)'

4/

'$,

"'34

7$,

:




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3Q3


$)""'07$:e\'>/')"$7)/@'$,"'J%*%'A%3')"X7.)"!'$4'-)4#.!"'A4)(")3'%/!'-)4#.3.4/3'$4`4)"3$'L"-%)$9"/$'455.0.%13a'$,"')"371$'A%3'%/'"/,%/0"9"/$'./'$,"'0%11'$4'0+3&'@A,.0,'./$"/3.5."!'$,"'3$)%./'4/'$,"'-"%3%/$)2'%1)"%!2'%$$"/!./?'#.3.$./?'455.0.%13%/!'9"9E")3'45'$,"'I7E1.0'K4)(3'L"-%)$9"/$'"/?%?"!'./'$,"'4/?4./?'04/3$)70$.4/45' $,"'Z./!73$%/;+.E"$' )4%!:'`7)$,")94)"@' ./' $,"'%)"%3'7/!")' $,".)' *7).3!.0$.4/@`4)"3$'C55.0")3'A."1!"!'37E4)!./%$"'9%?.3$)%$"'-4A")3@'A,.0,'?)%/$"!'$,"9'*7!.0.%1%7$,4).$2'./'b0%3"3'45'455"/0"'%?%./3$'-)4-")$2'%/!'-)4-")$2'9%)(3Y:SR'8')"#.3.4/45'$,"'%?)""9"/$'./'VfSV'%0(/4A1"!?"!'140%1'/""!3'E2'"%3./?'#.11%?")3Y'%00"33'$454)"3$3@'%/!'%114A./?'$,"9'$4'?%$,")'./5").4)'A44!'5)49'$,"'54)"3$'5144):SV

+,"')"/"A%1'45'$,"'1"%3"'./'VfSS'E2'=:Z:'=%!"/;I4A"11@'F4/3")#%$4)'45'̀ 4)"3$354)' $,"'I7/*%E@' !""-"/"!' $,"3"' ./*73$.0"3:'80(/4A1"!?./?' $,"'#%17"'45' 54)"3$3$,)47?,'%/'%//7%1'-%29"/$'45'J3'VR@RRR@'$,"'%?)""9"/$'57)$,")'"9-4A")"!'$,"L"-%)$9"/$Y3'455.0.%13'?)%/$./?'$,"9'%'3$%$73'%(./'$4'140%1')71")3:SP'`4)"3$'C55.0")3A")"'%7$,4).3"!'$4'?)%/$'d%9./!%)3'$,"').?,$'$4'E)"%('54)"3$'$)%0$3'54)'071$.#%$.4/Q/&9(.'Ta'$,"2'A471!'!.3$).E7$"'?)%d./?').?,$3'%/!'-")9.$3'%114A./?'54)"3$'%00"33a%/!' "#"/' %0$"!' %3' "9-142")3' -)4#.!./?'A4)(' 54)' $,"' 140%13' ./' #%).473' $%3(3:S_

+,"3"'"D-%/!"!'-).#.1"?"3'57/!%9"/$%112'%1$")"!'140%1'-4A")')"1%$.4/3'%3'$,"'4+<(f3A")"'!"-).#"!'45'$,".)'$)%!.$.4/%1')41"3'./'140%1'%55%.)3@'$,".)'"D-)"33.4/'45'04/$)414#")'$")).$4)2'A%3'-,23.0%112'0,%11"/?"!@'%/!'$,".)'37E4)!./%$"'d%9./!%)3'!"-).#"!45'"55"0$.#"'-4A")3'4/'1%/!:SO

+,"'04/$"3$%$.4/'45'%7$,4).$2@',4A"#")@'"D$"/!"!'E"24/!'9")"'-41.$.03'$4'$,"1%/!'.$3"15:'=).$.3,'54)"3$)2'-41.02'./'9.!;/./"$""/$,'0"/$7)2'>/!.%'049E./"!'3$)%/!345'"#%/?"1.39'A.$,'.!"%13'45'30."/$.5.0'-)4?)"33<%'049E./%$.4/'A,.0,'0)"%$"!'%049-)","/3.#"'A4)1!#."A'$,%$'A%3'-")#%!"!'E2'.9-").%1.3$'.!"414?2:S^'L)%A./?4/'$,"'-43.$.#.3$'.!"414?2'45']")9%/'54)"3$)2@'54)"3$3'A")"'-")0".#"!'%3'4E*"0$3

e\'8.$0,.34/@'C%J.**+)(#./%.8%!'+&(#+$@'+/3&3+5+/($%&/4%$&/&4$@'--:'SPWS_'Q,")"%5$")'!'+&(#+$%:::T:

=2'V\Rf' $,"']C>'04/$)411"!' 349"'V@RRR'3X:'(93'45' 54)"3$3@' %0047/$./?' 54)'/"%)12'4/"'X7%)$")'45

=%3,%,)Y3'$")).$4)2a'3""'B%-'4/'-:'VeR:SR'E0#4:@'-:'SP@'8)$.01"'e'45'$,"'VfeO'04/$)%0$:SV'+,"'/"A')"?71%$.4/3'b%114A"!'4/'%--1.0%$.4/'$4'01"%)'39%11'%/!'./5").4)'-%$0,"3'45'54)"3$@'r4$,")

$,%/'!"4!%)s@'54)'071$.#%$.4/a'k:::l'-")9.$3'54)' $)""3'54)'E7.1!./?'-7)-43"3@'A,.0,'%)"'?)%/$"!'5)49

54)"3$3'4)'-%$0,"3'45'$)""3'73"1"33'k:::l'$4'$,"'?4#")/9"/$Y:'+,"3"'04/0"33.4/3'A")"'0%)"57112'54)971%$"!

$4' ?7%)%/$""' $,%$' b/4' $)""3' %)"' $,73' ?.#"/' %A%2' 5)49' ]4#")/9"/$' !"9%)0%$"!' 54)"3$3Ya' I"%)34/@

H+-.'(%./%("+%C45#/#$('&(#./%.8%("+%K.'+$(%;+-&'(5+/(A%B%-'C@'--:'eWS:SP'8.$0,.34/@' !'+&(#+$% :::@' --:' SPWSS:' L"#"14-9"/$' ./' $,"' %)"%' 45' 6,.91%' 57)$,")' ./0)"%3"!' $,"

!"9%/!'54)'$.9E")@'370,'%3'$,"'04/3$)70$.4/'45'9.1.$%)2'E%))%0(3'./'67E%$,7a'=)%/!.3@'H+<#+1%.8%("+

K.'+$(%C45#/#$('&(#./@'-:'V\:S_'+,"')4$%$.4/'45'>/!.%/3'"9-142"!'./'$,"'`4)"3$'L"-%)$9"/$'A%3'%/4$,")'/4$.0"%E1"'0,%/?"'./'%/

4$,")A.3"'140%1.3"!'5%9.1.%)'3"$$./?a'54)'%'04147)571'.1173$)%$.4/'3""'j43,.@'b[$,/4?)%-,2Y@'--:'^SfWS\:SO'b>/'04997/%1'9%$$")3@'4+.(&3'3"1"0$'/"A'$"9-1"'455.0.%13@' 54)971%$"'?)47-'-41.02@'!.3$).E7$"

?)%d./?'%/!'.)).?%$.4/').?,$3@'!"5./"'$")).$4)2@'5.D'!%$"3'54)'5"3$.#%13@'.337"'./#.$%$.4/3'$4'4$,")'?4!3@

"/?%?"'./'!.-149%$.0')"1%$.4/3@'%/!'54)9")12'A%?"!'A%)'A.$,'$,".)'9%?.0Ya'67$,")1%/!@'b+Q)T4-414?."3Y@

-:'VRV:S^'])4#"@'R'++/%E5-+'#&*#$5@%-:'O^_:




3QD'N'8J>H'BCJ8G


$4'E"'$%9"!'%/!'30."/$.5.0%112'9%/%?"!:'=).$.3,'%!9./.3$)%$4)3'347?,$'$4'%0,."#"$,.3'?4%1'E2'E7)"%70)%$.3./?'%00"33').?,$3@'94/.$4)./?'07$$./?3@'%/!'%!,")./?'$43$).0$'04/3")#%$.4/'-41.0."3:Se'+,"'.9-").%1'.!"414?2'7/!")12./?'54)"3$)2'./'>/!.%5./!3'01"%)'"D-)"33.4/'./'$,"'A).$./?3'45'=%!"/;I4A"11@'A,4'%)?7"!'$,%$'b$,"'94;9"/$' $,"']4#")/9"/$'3"$3'%E47$'04/3")#./?'%'`4)"3$' .$'%33")$3' .$3' k:::l'%E3417$"-)4-")$2'4)'r!49./.79s<.$3'E7)!"/"!'-)4-")$2Y:SS'+,.3'A,.$"'9%/Y3'E7)!"/' .3%00"/$7%$"!'./'5)4/$.")')"?.4/3@'3./0"

$,"'"D.3$"/0"'45'A"11;4)!")"!'%/!'-)4$"0$"!'54)"3$'"3$%$"3' ./' $,"'5%)$,"3$'%/!943$'47$;45;$,";A%2'-1%0"3'!"94/3$)%$"3'$,%$'049-1"$"/"33'45'04/$)41'k:::l'A,.0,0,%)%0$").d"3'%'3$)4/?']4#")/9"/$:'k:::'+,"'`4)"3$'C55.0")l',%3'$4'3$)"/?$,"/$,"'?4#")/9"/$',"'3")#"3@'%/!'9%("'.$3'-4A")'54)'-)494$./?').?,$'%/!'"X7.$2@$,"'-7E1.0',"%1$,'%/!'$,"'-7E1.0'3%5"$2'%?%./3$'5%9./"@'5"1$'%/!'%--)"0.%$"!:Sf

`4)"3$)2'A%3'$,73'%'!"#.0"'54)'"3$%E1.3,./?'E4$,'.9-").%1')71"'%/!'%'0.#.1.3./?9.33.4/'$,%$'!.30.-1./"!'.$3'37E*"0$3'$4'04/54)9'$4'$,"'̀ 4)"3$'L"-%)$9"/$Y3'30."/$.5.;0%112'!").#"!')"?71%$.4/3:'+,"'30."/$.5.0'(/4A1"!?"'45'54)"3$)2'%134'*73$.5."!'$,")"$"/$.4/'45'04/$)41'./'0%3"3'45'140%1'-)4$"3$:'>/!""!@'3,471!'$,"']4#")/9"/$'-")9.$7/$)%./"!'%7$,4).$."3'$4'9%/%?"'$,".)'4A/'54)"3$3@'.$'A471!'E"'/4'E"$$")'$,%/'b%/%$$"/!%/$'A,4'X7."$3'%'0)2./?'0,.1!'E2'-7$$./?'./$4'.$3',%/!3'349"'4E*"0$'45'?)"%$#%17"')"?%)!1"33'45'$,"'-)4E%E.1.$2'45'.$3'!"3$)70$.4/Y:S\'>/3$"%!@'$,"'`4)"3$'L"-%)$;9"/$'!.)"0$"!'-%)$3'45'.$3'-)45.$3'$4'$,"'!"#"14-9"/$'45'$,"3"'b0,.1!)"/Y'5)49'A,49.$',%!' %3379"!'04/$)41' 45' $,"' 54)"3$3:' >/'=%3,%,)@' ,4A"#")@' -"07/.%)2'E"/"5.$347$A".?,"!'$,.3'-41.02:fR'=2'VffR'$,"'%#")%?"'-)45.$'5)49'=%3,%,)Y3'54)"3$3',%!X7%!)7-1"!'$,"'./.$.%1'"%)/./?3'45'VfeO@'%/!'.$'A%3',4-"!'$,%$'b$,"'2."1!'5)49'$,"54)"3$3'%/!'$,"'-)45.$'4/'$,".)'9%/%?"9"/$'A.11'E"'04/3.!")%E12'./0)"%3"!'./'$,"57$7)"Y:fV

Se'`4)'%')"#."A'45'$,"'.!"414?2'45'54)"3$)2'./'>/!.%@'3""'J%*%/@'b>9-").%1'[/#.)4/9"/$%1.39'4)'[/;

#.)4/9"/$%1'>9-").%1.39tY'̀ 4)'$,"'"9-,%3.3'4/'30."/$.5.0'9%/%?"9"/$'./'$,"'%)"%@'3""'=%!"/;I4A"11@

bG4$"' 4/' $,"' L"9%)0%$.4/' 45' $,"' `4)"3$'8)"%' ./' L.3$).0$3' 04/$%././?' Z.11' 4)' B47/$%./' J%/?"3Y@

"3-"0.%112'--:'P^V@'P^OW^e'Q,")"%5$")'bG4$"YT:SS'K).$./?'7/!")'$,"'./.$.%13'=:Z:=:I:@'$,"'%7$,4)'.3'4E#.47312'/4/"'4$,")'$,%/'$,"'F,."5'F4/3")#%$4)

45'`4)"3$3',.93"15@'./'b+,"'I41.$.0%1'g%17"'45'`4)"3$'F4/3")#%/02Y@'-:'PfV:Sf'E0#4:@'-:'PfOWfS:S\'E0#4:@'-:'PfP:'+,")"'A%3'3$.11@',4A"#")@',4-"'54)'$,"'140%13@'3,471!'$,"2'E"'"!70%$"!'4/'$,"'.9;

-4)$%/0"'45'04/3")#%/02'%/!'$,")"E2'b049"'./$4'%'!.55")"/$'5)%9"'45'9./!'A,"/'144(./?'%$'$,"'54)"3$

X7"3$.4/3Ya'=%!"/;I4A"11@'bG4$"Y@'--:'PO\:fR'[%)12'./'$,"'$A"/$."$,'0"/$7)2@'S^'-")'0"/$'45'$,"'-)45.$3'./'$,"'b!"4!%);5)""Y'6$%$"'45']71")'A")"

!.)"0$"!' $4A%)!3' !"#"14-9"/$@' A,")"%3' ./' $,"' 970,' A"%1$,.")' %/!' ./5./.$"12' 1%)?")' =%3,%,)' $,"2

%947/$"!'$4'%'9")"'eR'-")'0"/$:'`4)']71")'3""'+70(")@'bG4/;+.9E")'`4)"3$'I)4!70$3Y@'-:'OeS@'5/:'VOa

54)'=%3,%,)'3""'>CJ'cNI6NVRNV\O@'1"$$")'/4:'OV@'F%//4112'$4'F)"A"@'f'B%2'V\VO:fV'R&U+((++'%VWVX@'-:'^\:'+,"'3$%$.3$.03'049-.1"!'./'V\VR'3,4A'%'04/3$%/$').3"'./'$,"'%#")%?"'2"%)12

37)-173'45'54)"3$3@'5)49'J3'_@S\O'Q54)'$,"'-").4!'VfeONe^WVfS\NfRT'$4'Ve@^SR'QVffRNfVWVf\VN\PT@

%/!'5./%112'_f@PS^'QVf\PN\_WV\R_NOT:




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3QE


=2')"1./X7.3,./?'.$3',41!'4/'54)"3$3@'=%3,%,)'143$'.$3'0,."5'/%$7)%1')"347)0"'$4'%

-41.$.0%1'"/$.$2'$,%$'7/!")9./"!'.$3'$)%!.$.4/%1'54)93'45'%7$,4).$2:'[D-14.$./?'$,"

(./?!49Y3'341"'%1$")/%$.#"'347)0"'45'./049"'./'1.?,$'45'$,"'!A./!1./?'$)%!"'A.$,

K"3$'+.E"$@'$,"']C>'347?,$'$4'049-1"9"/$'$,"'>9-").%1'̀ 4)"3$'L"-%)$9"/$Y3'04/$)41

E2'-)"33./?'$,"'J%*%'$4'94!")/.3"')"#"/7"'%!9./.3$)%$.4/'./'%1.?/9"/$'A.$,'=).$.3,

-)%0$.0"3:fP'+,"'J%*%'A%3'$,73'0%7?,$'E"$A""/'$,"']C>Y3'!"9%/!3'%/!',.3'$)%!;

.$.4/%1'%11.%/0"3'A.$,'$,"'A%d.)3:'+,"'./0)"%3"!'!"9%/!3'45'$,"'VfSO'3"$$1"9"/$

"9E.$$")"!'140%1'd%9./!%)3@'57)$,")'!.3$%/0./?'$,"9'5)49'$,"'J%*%:f_'+,"'1%$$")@

,4A"#")@' !.!'/4$' )"12' 341"12'4/' $)%!.$.4/%1' %11.%/0"3@' %/!' 071$.#%$"!' %1$")/%$.#"

)"1%$.4/3,.-3'$,)47?,'9%).$%1'%11.%/0"3'A.$,'4$,")'J%*-7$'1./"%?"3'45'!.3$./0$.4/:

Z.3'!%7?,$")'A%3'$,73'9%))."!'$4'$,"'J%*%'45'="/%)"3'./'VfSe@'%/!',.3'34/'$4'$,"

$A4'!%7?,$")3'45'=.*%2'6"/'45'B%/!.' ./'Vff_:fO'B%/!.Y3'-)"3$.?.473'3$%$73',%!

9%!"'.$'%'#%17%E1"'%112@'%/!'.$'A%3',4-"!'$,%$'$,"'%11.%/0"'A471!'!)%A'=%3,%,)

0143")' $4' $,"'=).$.3,'%/!'3$)"/?$,"/' .$3' )71"' ./$")/%112:f^'=2'Vff^@',4A"#")@' $,"

A%d.)3',%!'4-"/12'E)4("/'5)49'$,"'J%*%@'%/!'A.$,!)"A')"#"/7"'-%29"/$3:fe

6,%93,")'6./?,Y3'?%11%/$'%$$"9-$3'$4'9%./$%./'-41.$.0%1'-4A")'7/!")'7/5%#47);

%E1"'04/!.$.4/3'A"/$'7/%--)"0.%$"!'E2'$,"']C>@'A,.0,',%!'?)4A/'.9-%$."/$'A.$,

$,"'J%*%'%/!'E"?%/'3"%)0,./?'54)'%1$")/%$.#"'1"%!")3'94)"'%$$7/"!'$4'=).$.3,'-41.02:

+,"'%!#%/0"9"/$'45'%'/"A'./!.#.!7%1'./'5%#47)'45'94!")/.3%$.4/'$4'$,"',"19'45

?4#")/9"/$'A471!@' .$'A%3',4-"!@' "/37)"' 049-1.%/0"'A.$,'=).$.3,'-41.0."3' %/!

.9-)4#"'$,"'4#")%11'9%/%?"9"/$'45'$,"'6$%$":'G4$'-")0".#./?'$,"'-41.$.0%1'3.?/.5.;

0%/0"'45'=%3,%,).').$7%13@'=).$.3,'%!9./.3$)%$4)3'347?,$'$4'!.#"3$'$,"'J%*%'45'"55"0$;

.#"'-41.$.0%1'-4A")3'A,.1"'%114A./?',.9'$4')"$%./'$,"'b-7)"12')"1.?.473Y'57/0$.4/3:

+,.3' "/!' A%3' %0,."#"!' %5$")' 1"/?$,2' /"?4$.%$.4/3@' A,"/' 6,%93,")' 6./?,' A%3

5./%112'-")37%!"!' $4'!"1"?%$"',.3'-41.$.0%1@' *7!.0.%1' %/!'9%?.3$").%1' 57/0$.4/3' $4

,.3'34/@'+.((%'J%?,7/%$,'6./?,@'./'VffS:

fP'm/1.("'$,"'./,%E.$%/$3'45'4$,")'I)./0"12'6$%$"3'./'$,"')"?.4/@'$,"'bH%/"$3Y'45'=%3,%,)'A")"'/4$

-")0".#"!'%3'b%'A%)1.("')%0"Y@'%/!'$,73'!.!'/4$'?%./'$,"'E"/"5.$3'45'"9-1429"/$'./'$,"'>/!.%/'8)92

Q94)"'3-"0.5.0%112'./'$,"'L4?)%'J"?.9"/$'$,%$'A%3'$,"'-).!"'45'bI%,%).'J%*-7$3YTa'3""'>CJNgNVRNfPe@

H+-.'(%./%("+%C45#/#$('&(#./%.8%("+%B&$"&"'%G(&(+@'-:'O'Q,")"%5$")'B&$"&"'%H+-.'(%VWVgT:'+,"'94$.#"3

54)'0"/$)%1.3./?'$,"'%!9./.3$)%$.4/'45'=%3,%,)'A")"'-7)"12'.!"414?.0%1'%/!'"04/49.0@'3./0"'3"07).$2

A%3')%)"12'%/'.337"<=%3,%,)',%!'/4'-41.0"'54)0"'4)'%)92'$,)47?,47$'$,"'/./"$""/$,'0"/$7)2<$,"

-4-71%$.4/'E"./?'b34'-"%0"571'%/!'4)!")12'$,%$'$,".)'?4#")/9"/$'-)"3"/$3'/4'!.55.071$."3Ya'H+-.'(%./

("+%C45#/#$('&(#./%.8%("+%I9/L&0%&/4%#($%;+-+/4+/)#+$%8.'%("+%h+&'%V\^V]^i@'-:'_P:f_%R&U+((++'%VW^V@'-:'POV:fO'C/'$,"'9%)).%?"'./'="/%)"3'3""'6./?,@'B&/2$A%R.4$%&/4%R.<+'/5+/(@'-:'P\Va'4/'$,"'9%)).%?"'$4

B%/!.'3""'j43,.@'b[$,/4?)%-,2':::Y@'--:'^^VW^P:f^'>/!""!@'./'V\Ve'.$'A%3'4E3")#"!'$,%$'B%/!.'A%3'b%'970,'94)"'.9-4)$%/$'6$%$"'$,%/'=%3,%,)Ya

>CJNcNI6NVRNV\O@'5.1"'VffVNV\VV@'V\'B%2'V\Ve@'B./7$"'$4'F,%9E")1%./@'6"0)"$%)2'45'6$%$"'54)'>/!.%@

-%):'f:'`4)'%')"#."A'45'B%/!.'7/!")'=).$.3,')71"'3""'Z7$0,.34/'%/!'g4?"1@'6I6G@'--:'OROW\:fe'6./?,@'B&/2$A%R.4$%&/4%R.<+'/5+/(@'-:'VRf@'5/:'PSR:




3Q4'N'8J>H'BCJ8G


M."#$7-)17#)%"87"&8)#18M%"#.1#7#)%"126A701A.$86)"/AR189)/A#87"&8S./7(;8J355PK3=34L

B&$"&"'%9/4+'%H&3"9/&("%G#/3"%?V\\^]W\@

+,"'%3379-$.4/'45'-4A")'E2'+.((%'J%?,7/%$,'6./?,'./'VffS'!)%9%$.0%112'%1$")"! $,"

-41.$.0%1'E%1%/0"' ./'=%3,%,)@'%3'6,%93,")'6./?,Y3'04/0.1.%$4)2'%$$.$7!"' $4A%)!3

$,"'A%d.)3'A%3'!.30%)!"!' ./' 5%#47)'45' %/' ./!.?"/47312'0"/$)%1.3"!' )"?.9":'+,"

-4A")3'-)"#.47312'A."1!"!'E2'$,"'94(,$%)'A")"'%3379"!'E2'$,"'+.((%'%/!'9%/.;

-71%$"!'$4'"D")$',.3'./517"/0":'J%?,7/%$,'6./?,'A%3'$4'E"'%11'$,%$',.3'5%$,")',%!

5%.1"!'$4'E"<%/'%0071$7)%$"!'b4)."/$%1'!"3-4$Y@'-433"33./?'%'5.)9'?)%3-'4#")',.3

$")).$4)."3'E2'-7)37./?'=).$.3,'54)971%"'54)'"/1.?,$"/"!')71":'C/0"'./'-4A")@'$,"

+.((%'"9E%)("!'4/'%'3")."3'45'%7!%0.473')"54)93U'%'-)"1.9./%)2'04!"'45'1%A'A%3

"3$%E1.3,"!@'455.0.%13Y'A%?"3'A")"'5.D"!@'$,"'A%d.)3Y'%7$,4).$2'0,%11"/?"!'E2'%-;

-4./$./?'/%.E;$%,3.1!%)3@'%/!'$,"'%//7%1'!7$2'45'0+3&''A%3'3,4)$"/"!'$4'4/"'94/$,

./3$"%!'45'3.D:fS'>9-)4#"!'044-")%$.4/'A.$,'$,"'`4)"3$'L"-%)$9"/$'5%0.1.$%$"!'%/

"55.0."/$'01"%)./?'45'54)"3$'$)%0$3'54)'071$.#%$.4/'./'4)!")'$4'"/,%/0"')"#"/7"'2."1!3@

A,.0,'1"!'$4'1%)?";30%1"'!"54)"3$%$.4/'%/!'0,%/?"3'./'$,"'340.%1'3$)70$7)":ff'̀ ./%112@

$,"')"#"/7"'3"$$1"9"/$3'"3$%E1.3,"!'54)'J%9-7)'QVffST@'J4,)7'QVf\RT'%/!'F,./.

QVf\OT'$%,3.13'!47E1"!'$,"')"#"/7"'5.?7)"3'45'$,"'Vf^R3'3"$$1"9"/$:f\

+,"'+.((%Y3'04/341.!%$.4/'45')71"'4#")'=%3,%,)'-43"!'%'#").$%E1"'$,)"%$'$4'$,"

A%d.)3:'+,"'3.$7%$.4/'A%3'"3-"0.%112'%07$"'./'H.//%7)@'A,")"'$,"'!"01./"'./'$)%!"

,%!'%1)"%!2'A"%("/"!'$,"'A%d.)3Y'-43.$.4/'#.3;u;#.3'$,"'J%*%:'8$'$,"'3%9"'$.9"@

7/!")-).#.1"?"!')"?.4/3'4/'$,"'3$%$"'-").-,")2@'370,'%3'J4,)7'$%,3.1@'3755")"!'5)49

$,"'./$"/3.5.0%$.4/'./')"#"/7"')"54)93:'>/'370,'%'3"$$./?@'/"A'-4A")'04/5.?7)%$.4/3

0%9"'./$4'-1%2'./'4)!")'$4'047/$")'J%?,7/%$,'6./?,Y3'-41.0."3:'>$'A%3'$,73'$,%$'$,"

%1)"%!2'-4$"/$')"1%$.4/3,.-'E"$A""/'J4,)7'$%3,.1'%/!'+7(-%'-%)?%/%'Q,49"'45'$,"

I4%).'A%d.)3T<9%/.5"3$'./'$,".)'4+<(&N 3'97$7%1'#.3.$3<0)"%$"!'$,"'?)47/!3'54)'%

*4./$')"3.3$%/0"'$4'$,"'/"A'4)!"):\R

fS'E0#4:@'--:'PR@'\_:'G%.E;$%,3.1!%)3'A")"'!"1"?%$"!')"?%1'%$$).E7$"3'A,"/'4/'$47)' ./'H.//%7)' $4

).#%1'$,"'3$%$73'45'$,"'A%d.)3a'#0#4:@'-:'OR:'+,"'%!9./.3$)%$.#"'-4A")3'45'A%d.)3'A")"'71$.9%$"12'%E41.3,"!

./'5%#47)'45'$,"'/%.E;$%,3.1!%)3'./'V\OVa'+,%(7)@'B944"#$5%#/%("+%P+$(+'/%6#5&*&7&@'-:'P\:ff'+,"'%E3"/0"'45'4+.4&''5)49'.$3'4-$.9%1',%E.$%$'QVfRRWPORR'9T'3""93'$4',%#"'4).?./%$"!'./'$,.3

-").4!@'3""'R&U+((++'%VW^V@'-:'VO\:'+,"'"04/49.0'#%17"'45'-412%/!)2<-)"#.47312'"/047)%?"!'E2

$,"'6$%$"<A%3'143$'%3'1%/!')"347)0"3'./0)"%3"!@'%114A./?'/"A'5%9.12'7/.$3'$4'%0X7.)"'0%-.$%1'3"-%)%$"12a

3""'6./?,@'B&/2$A%R.4$%&/4%R.<+'/5+/(@'-:'fR:f\'R&U+((++'%VWVX@'--:'Oe@'^RW^V:'j43,.@',4A"#")@'01%.93'$,%$'F,./.'A%3'3"$$1"!'./'Vf\Va'3""',.3

b[$,/4?)%-,2':::Y@'-:'^^f:\R';+<(&N 3%140%112'04/3.!")"!'bE)4$,")3Y'-")54)9')"0.-)40%1'#.3.$3@'b1./(./?'%11'$,)""'54)9")'!.3$).0$3

45'=%3,%,)U'J%9-7)@'F,./.@'%/!'#/%-&'(#)9*&'%H."'9%&/4%!92-&Ya'67$,")1%/!@'bg")2'c.$$1"'H./?!493Y@

-:'Oe@'.$%1.03'9./":




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3Q>


Z.3$4).0%112'04/$"3$"!'E"$A""/'=%3,%,)'%/!']%),A%1@'J4,)7',%!' 14/?'3./0"

-433"33"!'%/'./!"-"/!"/$'-41.$.0%1'.!"/$.$2@'370079E./?'$4'/".$,")'45'.$3'/".?,;

E47)3:\V'F%7?,$'./'%'E4)!")'d4/"'E"$A""/'$,"'$A4'(./?!493@'$,"')"3.!"/$3'45'J4,)7

A")"'$,73'04/$./747312'"/?%?"!'./'3$)7??1"3'4#")'?)%d./?').?,$3:\P'm/1.("'+7(-%

-%)?%/%@'J4,)7'/"#")'!"1"?%$"!'4+<(&N 3'$4'3%0).5.0.%1'%33"9E1."3'./'=%3,%,):'>/!""!@

$,"')"?.4/'4/12'0%9"'7/!")'=%3,%,)Y3'34#")".?/$2'./'Vfe^@'54114A./?'$,"'1"%3"'45

6$%$"'54)"3$3'$4'$,"']C>:'8-%)$'5)49'04/$"3$./?')"?.4/%1'.!"/$.$2@'$,"'+.((%Y3')"#;

"/7"'3"$$1"9"/$')"371$"!'./'1%)?";30%1"'.9-4#").3,9"/$')"9./.30"/$'45'$,"'"#"/$3

45'$,"'Vf^R3@'%3'-"%3%/$3'%007971%$"!'!"E$3'$4'94/"21"/!")3'%$'"D4)E.$%/$')%$"3:\_

=4)!")./?'J4,)7'4/' $,"'"%3$@'+7(-%'-%)?%/%'A%3',49"' $4' $,"'I4%).'A%d.)3@

b%11;-4A")571' -)"#.473' $4' $,"' %!9./.3$)%$.4/'45'+.((%'J%?,7/%$,'6./?,Y:\O'+,"

+.((%'#4.!"!'$,"'0"/$7)."3;41!'%))%/?"9"/$3'E"$A""/'$,"')42%1'01%/'%/!'$,"'I4%).3@

A,.0,' ,%!' -)"#.47312' ?7%)%/$""!' $,"' 1%$$")Y3' ./!"-"/!"/0":\^'+,"'I4%).3'A")"

$,73'!"-).#"!'45'$,"').?,$'$4'0411"0$')"#"/7"@'%/!'-).#.1"?"!'%00"33'$4'54)"3$3:'+,"

1.9.$%$.4/3' .9-43"!' 4/' 0+3&'' 57)$,")' A"%("/"!' $,".)' )"347)0"3' %/!' 07)$%.1"!

$,"'"D$"/$'45'$,".)'-41.$.0%1'%7$,4).$2:'>/'%!!.$.4/@'$,"'./$)4!70$.4/'45'%'6$%$"'$%D

4/'?44!3'0)433./?'$,"'+.E"$%/'E4)!")'57)$,")'$,)"%$"/"!'$,"'"04/49.0'547/!%$.4/3

45'I4%).'-4A"):\e'`./%112@'$,"'./%7?7)%$.4/'45'%'3$7-%'./'J%9-7)'E2'%'-)49./"/$

+.E"$%/'1%9%'7/!47E$"!12'3")#"!'$4'"/,%/0"'$,"')"1.?.473'1"?.$.9%02'45'J%?,7/%$,

6./?,Y3')71"'%$'$,"'"D-"/3"'45'$,"'I4%).3@'A,43"'$")).$4)2'E4)!")"!'$,%$'45'+.E"$:\S

c40%1'.!"/$.$2@',4A"#")@'-)"#"/$"!'%'3944$,'$)%/3.$.4/'$4'$,"'0"/$)%1.3"!'6$%$"

$,%$'J%?,7/%$,'6./?,'347?,$'$4'"3$%E1.3,:'C55.0.%13'3"/$'$4'0499"/0"'4-")%$.4/3

./'$,"'!.)"0$.4/'45'%')"#"/7"'3"$$1"9"/$'A")"'9"$'A.$,')"3.3$%/0"'%$'#%).473'1"#"13:\f

\V'+,.3'.!"/$.$2'.3'9%/.5"3$'./'$,"')"?.4/Y3'04/?)"?%$.4/'45'?4!3'./'3,.5$./?'140%$.4/3'!7)./?'$,"

3%0).5.0.%1'0")"94/2'45'$,"'6,%/$'B"1%@'A,.0,'04/3$.$7$"3'%'7/.X7"'b!2/%9.0Y'#")3.4/'45'$,"'L%3%)%

./'=%3,%,)a'#0#4:@'--:'OfW^R:\P' F4/51.0$' 4#")' ?)%d./?' ).?,$3' -")3.3$"!' ./$4' $,"' $A"/$."$,' 0"/$7)2a' 3""' 6%(1%/.@' 6#$(.'7% .8% &

6#5&*&7&/% I'#/)+*7% G(&(+@' --:' OPWO^@' %/!' =.*1%A%/@' [&4"7&% 6#5&*&7&% H#7&$&(% 5+5% R'&5#/

_&/&$&/3"&'$.5%2&%E(#"&$@'--:'^RWe_:'>'$,%/('K.11.%9'6%D'54)'-4./$./?'47$'$,.3')"5")"/0"'%/!'3,%)./?

,.3'/4$"3'4/'.$:\_'8'3.9.1%)'-)40"33'4007))"!'./'J%9-7)'$%,3.1@'A,")"'-)4D.9.$2'$4'$,"'-41.$.0%1'0"/$)"'3""93'$4

,%#"'07)E"!'%/2'"D-)"33.4/'45'-)4$"3$'%3'./'+7(-%'%/!'J4,)7a'R&U+((++'%VWVX@'--:'^RW^P:\O'E0#4:@'-:'P_:\^'8'$&/&4'5)49'$,"'J%*%'45'=%3,%,)'?)%/$./?'$,"'I4%).3'$%D;5)""'1%/!3%Q5&98#T'!%$"3'E%0('$4'$,"

$.9"'45'J%*%'H",).'6./?,a'3""'6./?,@'B&/2$A%R.4$%&/4%R.<+'/5+/(@'-:'^S:\e'6"#"/$2;5.#"'-")'0"/$'45'$,"'+7(-%'$)%!")3Y'0499")0.%1'%0$.#.$2'A%3'./'A441@'$,"'6$%$"Y3'0,."5

0499")0.%1'347)0"'45'./049":'+,"'+.((%'57)$,")'07)$%.1"!'$,"'I4%).'94/4-412'4/'3"07).$2'%/!'5./%/0"

E2'37--12./?'%)9"!'"304)$3' 54)' $)%!")3'%/!'%$$)%0$.#"' 14%/'30,"9"3' 5)49'$,"'6$%$"' $)"%37)2a' #0#4:@

--:'VfWPP:\S'+,"'1%9%'37E3"X7"/$12'3$%2"!'./'J%9-7)'54)'%'2"%)a'j43,.@'b[$,/4?)%-,2Y@'--:'^e\WSR:\f'6./?,@'B&/2$A%R.4$%&/4%R.<+'/5+/(@'-:'_f:'+,"')"?.4/Y3'!"5.%/0"'$4'0"/$)%1.3"!'?4#")/9"/$'9%2

%0047/$'54)'$,"'/""!'$4'04/!70$'3.D')"#"/7"'3"$$1"9"/$3'A.$,./'S^'2"%)3a'R&U+((++'%VW^V@'--:'P_SW_f:




3QQ'N'8J>H'BCJ8G


g.11%?"',"%!9"/'Q/+3#T'E%0("!'$,"'A%d.)'%/!'04/5)4/$"!'/"A12'%--4./$"!'/%.E;$%,3.1!%)3@'A,.1"')"?.4/%1'!".$."3'"D-)"33"!'04997/%1')"3"/$9"/$'$4'%33"339"/$4-")%$.4/3:\\

83'E4$,'J4,)7'$%,3.1'%/!'+7(-%'-%)?%/%'3755")"!'5)49'J%?,7/%$,'6./?,Y3'/"A-41.0."3@'%/!'$%(./?'./$4'04/3.!")%$.4/'$,".)'-41.$.0%1;071$7)%1'%55./.$."3@'.$'A%3'E7$%'9%$$")'45'$.9"'E"54)"'$,"'$A4'*4./"!'54)0"3'./')"$%1.%$.4/:'+,)47?,47$'$,"'Vf\R3@$,"' )"?.4/'45'L4!)%'H%A%)' Q./'J4,)7' $%,3.1T'A.$,,"1!' $%D"3' 5)49'=%3,%,)'%/!347?,$'$,"'-)4$"0$.4/'45'$,"'")3$A,.1"'b(./?'45'H.//%7)Y@'A%d.)'J%/'=%,%!7)'6./?,:8'3")."3'45'370,'b./37))"0$.4/3Y'71$.9%$"12'1"!'$4'$,"'A%d.)Y3'%))"3$:VRR'K,.1"'140%1$)%!.$.4/'./'H.//%7)',41!3'$,%$'$,"'A%d.)',%!'01"%)"!',.3'/%9"'A,"/'E)47?,$'E"54)"$,"'+.((%@' $,"'A%d.)'A%3'%0$7%112' $%("/'$4'6,.91%'%/!'%3("!'$4')"$7)/'$,"'b"9;E"dd1"!Y')"#"/7"'45'J4,)7@'E7$'344/'%5$")'!."!'$,")":VRV'+,"'A%d.)'E"0%9"'%',")445'370,'9%?/.$7!"'./'140%1'9"94)2'$,%$'%'!"0%!"'%5$")',.3'!"%$,@',.3'.!"/$.$2'A%3.9-43"!'4/'%'A%/!")./?'3%!,7'./'L4!)%'H%A%)'$4'./0.$"'57)$,")'7/)"3$:VRP

+,"'-41.$.0%1'$7)94.1'./'=%3,%,)'A%3'$4'A4)3"/'%5$")'$,"'37!!"/'!"%$,'45'+.((%J%?,7/%$,'6./?,'./'Vf\f:'83'5%)'%3'$,"']C>'A%3'04/0")/"!@'$,"')"379-$.4/'45'"5;5"0$.#"'04/$)41'4#")'=%3,%,)'E2'$,"'J%*%@'bA,43"'94/49%/.%' .3' $4'%0X7.)"'%/!,4%)!'94/"2@'E"24/!'A,.0,',"'$%("3'1.$$1"'4)'/4'./$")"3$'./'A4)1!12'%55%.)3Y@'A%347$'45'$,"'X7"3$.4/:VR_'+,"'1%$"'+.((%Y3'-4A")3'A")"'$,")"54)"'%0X7.)"!'E2'J%.'B%/?%$J%9@'A,4'A%3'%--4./$"!'B%/%?")'45'=%3,%,):VRO'J"94#"!'5)49'-41.$.0%1'-4A")@6,%93,")'6./?,')"$%./"!',.3'b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

\\'c40%1'14)"')"047/$3',4A'%'3,4-(""-")'%--4./$"!'$4'04/!70$'$,"'3"$$1"9"/$'45'F,./.'$%3,.1'5%.1"!

$4'3"07)"'$,"'140%1']4!!"33Y3'3%/0$.4/a'3""'j43,.@'b[$,/4?)%-,2Y@'--:'^^fWeV:VRR'+,"'04/5)4/$%$.4/'E"$A""/'$,"'+.((%'%/!'$,"'A%d.)'.3'%11'$,"'94)"'!)%9%$.0'?.#"/'$,".)'0143"

5)."/!3,.-'-).4)'$4'$,"'54)9")Y3'%3379-$.4/'45'-4A")a'#0#4:@'--:'^^eW^S:VRV'R&U+((++'%VWVX@'-:'P_:'`4)'%'H.//%7).'541('34/?'/%))%$./?'$,"'140%1'#")3.4/@'3""'j43,.@'b[$,/4;

?)%-,2':::Y@'--:'^eVWeP:VRP'+,"'.9-43$4)'A%3'71$.9%$"12'%--)","/!"!'E2'=).$.3,'%7$,4).$."3@'E7$'/4$'E"54)"',"',%!')"0".#"!

$,"'3%/0$.4/'45'E4$,'$,"'1"%!")3'45'L4!)%'H%A%)'&/4'J%/'=%,%!7)'6./?,Y3'5%9.12a'3""'B&$"&"'%H+-.'(

VWVg@'--:'VWP:VR_'>CJNJNVNVNOPe@v/4:'^S\@'f'L"0:'V\VR'Q04/5.!"/$.%1T@'`"/$4/'$4'6"0)"$%)2'$4'$,"']4#")/9"/$'45

>/!.%'./'$,"'`4)".?/'L"-%)$9"/$:VRO'Z"',%!'-)"#.47312'E""/'$,"'B%/%?")'45'$,"'/".?,E47)./?'H,79%)3%./'6$%$"a'R&U+((++'%VWVX@

-:'VV:VR^'+,"',.")%)0,2'45'%7$,4).$2'A%3'-1%2"!'47$'./'!%.12'!7)E%)3@'A,")"'455.0.%13'%/!'-"$.$.4/")3'5.)3$

#.3.$"!'$,"'B%/%?")'%/!'4/12'$,"/'$7)/"!'$4'$,"'J%*%'Q.5',"'A%3'./'J%9-7)T@'$,"'J%/.@'%/!'1%3$12'$,"

+.((%'6%,.Ea'>CJNJNVNVNOPe@'67)"/!)%'6,%,'$4'H"$$1"A"11@'6"-$:'V\VR@'-:'VO:




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3QP


*89)"7-8@-%,8#%8#A.8T-&8T$&.$

=%3,%,)'"/$")"!'$,"'$A"/$."$,'0"/$7)2'./'%'3$%$"'45'-41.$.0%1'$7)94.1:'J%?,7/%$,

6./?,Y3' )71"' ,%!'E"X7"%$,"!' $,"'6$%$"' %' 5%0$.4/'45' b94!")/.3")3Y' %1.?/"!'A.$,

0414/.%1'-41.02@'A,.0,'A%3'/4A'455.0.%112'1"!'E2'J%.'B%/?%$'J%9'%3'6$%$"'B%/%?"):

+,"'1%$$")Y3'%7$,4).$2')"0".#"!')42%1'3%/0$.4/'$,)47?,',.3'%3340.%$.4/'A.$,'B.%/

I%!%9'6./?,@'%/'.11"?.$.9%$"'34/'45'$,"'J%*%:VRe'C--43./?'$,.3'5%0$.4/'./'%/'%!9.);

%E1"')"$7)/'$4'$,"'0"/$)"'45'-41.$.03@'J%*%'6,%93,")'6./?,')"34)$"!'$4'$,"'9"%/3

%#%.1%E1"'$4',.9'%3'b)"1.?.473Y',"%!'45'6$%$"'E2'0499.33.4/./?'$,"'0"1"E)%$.4/'45

$,"'m!2%-%/'j%?'./'V\RO:'+,"'1%3$'j%?@'%'949"/$473'%55%.)'A,.0,',%!'E""/'0"1";

E)%$"!'PfR'2"%)3'"%)1.")@')"X7.)"!'$,"'0411"0$.4/'45'%'3-"0.%1'$%D'$4'37--1"9"/$'$,"

J3'_R@RRR'-)4#.!"!'54)'$,.3'.9-4)$%/$'"#"/$'E2'$,"'$)"%37)2'45'=,.9%(%1.:'=2'"D;

")0.3./?',.3').?,$'$4'1"#2'b)"1.?.473Y'$%D"3@'$,"'J%*%'"55"0$7%112'E%$$1"!',.3').#%13

4/'$,".)'4A/'?)47/!3:'>/!""!@'$,"'J%*%',%!'$,"'%!!"!'%!#%/$%?"'45'%--12./?').$7%1

%7$,4).$2'4#")',.3'?7"3$3@'A,.0,'A%3'E"24/!'$,"'04/$)41'45',.3').#%13:VRS'F719./%$./?

$,"'3.D;94/$,'0"1"E)%$.4/'A%3'%/'"D7E")%/$'5"%3$<%/!'./'%11'-)4E%E.1.$2'$,"'?)"%$

3%0).5.0"<'./$"/!"!'$4'"D-)"33'$,"'J%*%Y3'34#")".?/$2'4#")'$,"'%33"9E1"!'049;

97/.$."3:'L"3-.$"' $,"'?)"%$' -49-@'943$'H.//%7).' 4+<(&N 3'A")"' %E3"/$' 5)49' $,"

5"%3$@')"51"0$./?'$,"'4/?4./?'!.304/$"/$'./'$,"')"?.4/:VRf

Z%#./?'5%.1"!'$4'E)./?'=%3,%,)'7/!")',.3')71"'$,)47?,'$,".3$.0'9"%/3@'$,"'J%*%

$7)/"!' $4' $,"' 1"?%1'!"#.0"3'%#%.1%E1"' $4',.9@'/%9"12' $,"' ).?,$' $4'%!4-$'%/',".):

6,%93,")'6./?,Y3'0,4.0"'A%3'%'-41.$.0%1'4/"@'./$"/!"!'$4'E%$$1"'$,"'b94!")/.3")3Y

%/!' 04//"0$"!'A.$,' $,"' ./$"/3.5.0%$.4/'45' 0414/.%1' 04/$)41' 4#")' 54)"3$3:'="54)"

%!!)"33./?'$,"'"#"/$3'37))47/!./?'$,"'%!4-$"!',".)Y3'3$%2'./'=%3,%,)@'1"$'73')"#."A

$,"'(./?!49Y3'340.4;"04/49.0'3.$7%$.4/'./'$,"'5.)3$'!"0%!"'45'$,"'$A"/$."$,'0"/$7)2:

K.'+$('7A%G(&(+%&/4%J./('.*

=2'$,"'"%)12'$A"/$."$,'0"/$7)2'$,"']C>',%!'1%E"11"!'$,"'4+.4&'')"3")#"3'45'=%3,%,)

b$,"'943$'.9-4)$%/$'5"%$7)"'./'$,"'6$%$"Y@'3"$$./?'$,"'3$%?"'54)'%'0143")'044-")%$.4/

VRe'J%.'B%/?%$'J%9@' $,"'B%/%?")@'A%3'%/'%!4-$"!'E)4$,")'Q4"&'50"&N ST'45'B.%/'L7)?%'6./?,@

5%$,");./;1%A'45'B.%/'I%!%9'6./?,@'A,4'-1%2"!'%'-)49./"/$')41"'./'$,"'"3$%E1.3,9"/$'45')"#"/7"

3"$$1"9"/$3'7/!")'J%?,7/%$,'6./?,a'R&U+((++'%V\\W@'-:'^_:'`4)'94)"'4/'B.%/'L7)?%'6./?,'%/!'-%/!.$

+.(%'J%9'j43,.Y3')41"3'./'0414/.%1'%!9./.3$)%$.4/@'3""'H%/A%)@'bZ.9%0,%1'640."$2'$,)47?,'>9-").%1

[2"3Y@'--:'VVfWV\:VRS'Z43$./?'$,"'j%?'./'=%3,%,)@'A,.0,'4$,")A.3"'0"/$)"3'4/'L%3%)%'%3'$,"'9%*4)'3%0).5.0.%1').$7%1'$,%$

%55.)93'(./?3,.-@'3$)"/?$,"/3'$,"'01%.9'$,%$'$,"'J%*%Y3'./$"/$'A%3'$4'"3$%E1.3,'%7$,4).$2'4#")',.3'37E;

*"0$3:'`4)'%'04/0.3"')"#."A'45'$,"'(./?12'57/0$.4/3'45').$7%1'3%0).5.0.%1'%33"9E1."3'3""'K.11.%9'6%DY3

./$)4!70$4)2'"33%2' bL.#./"'H./?3,.-' ./' $,"'K"3$")/'Z.9%1%2%3Y@'F9'.-+&/%B9**+(#/%.8%6#5&*&7&/

H+$+&')"@'g41:'P\W_R@'6799")'PRRe@'--:'SWV_:VRf'+,"'5"3$.#.$."3'./017!"!'$,"'3%0).5.0"'45'eRR'?4%$3@',473./?'%/!'5""!./?'45'eR'=)%,9./3@'%/!'%/

VV;!%2'14/?'5.)"'Q".5%7&Lj T'3%0).5.0":'+,"'4/12'H.//%7).'4+<(&'A,4'%$$"/!"!'$,"'0")"94/."3'A%3

B%,"3,)%'45'6,7/?)%a'R&U+((++'%VWVX@'-:'Pf:




3Q5'N'8J>H'BCJ8G


E"$A""/'$,"'6$%$"Y3'b-41.$.0%1Y'1"%!")3'%/!'$,".)'047/$")-%)$3'./'$,"'`4)"3$'L"-%)$;9"/$:VR\'>/!""!@'$,"'-")3.3$"/0"'45'-41.$.0%1'7/)"3$'./'L4!)%'H%A%)'A%3'-")0".#"!%3'%'$,)"%$'$,%$'A471!'bE)./?'/4$'9")"12'$,"'54)"3$@'E7$'%134'$,"'?"/")%1'%!9./.3$)%;$.4/'45'$,"'047/$)2'$4'%'3$%/!3$.11Y:VVR

+,"'%--4./$9"/$'45'B):'8:j:'].E34/'%3'833.3$%/$'$4'$,"'L"-7$2'F4/3")#%$4)'45`4)"3$3' ./'V\RP'9%)("!' $,"'E"?.//./?'45' $,"' ./$"/3.52./?']4#")/9"/$' 04/$)414#")'=%3,%,)' 54)"3$3:VVV'8'-%)%?4/'45' $,"' >9-").%1'`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

m-'$4'V\RR'1%)?"'/79E")3'45'$,"'-"4-1"')"?%)!"!'$,"93"1#"3'%3'14)!3'45'$,"54)"3$@'5)""'$4'!4'A,%$'$,"2'-1"%3"!'./'$,"'!49%./'12./?'%$'$,".)'!44)3@'%/!'.$3$%/!3'$4')"%34/'$,%$'$,"2'A471!'/%$7)%112'04/3.!")'%11'%$$"9-$3'%$'?)"%$")'04/;3")#%/02'4)'94)"'"55.0."/$'9%/%?"9"/$'45'$,.3'?)"%$'%33"$'%3'%'!.)"0$'07)$%.19"/$45'$,".)').?,$3'%/!'-).#.1"?"3:'+,"'E"$$")'54)"3$'455.0")@'$,")"54)"@'$,"'94)"'7/;-4-71%)',"'A471!'/%$7)%112'E"049":VV_

K.$,'"/,%/0"!'9%?.3$").%1'-4A")3'%/!').0,')"?.4/%1'"D-")."/0"@'].E34/'9%!"'54)%/'"D0"11"/$<%/!'$,73'"D0""!./?12'7/-4-71%)<455.0"):

B"%/A,.1"'%$'$,"'-%1%0"@'!.#"3$"!'45'04/$)41'4#")'54)"3$3@'A.$,'$,"'$)%!"'$)%55.0./'04/3$%/$'!"01./"'%/!'$,"'0411"0$.4/'45')"#"/7"'47$'45')"%0,@'6,%93,")'6./?,!"#.3"!'%'/"A'-1%/'$4')"?%./'04/$)41'4#")',.3'(./?!49:'`.)3$'45'%11@'$,"'J%*%'?%#"7-'4/')"3730.$%$./?'%11.%/0"3'A.$,'$,"'A"%("/"!'A%d.)3'45'H.//%7)@'%/!'$7)/"!'$4$,"'H441'01%/:'+,"' 1%$$")Y3']%),A%1.'4).?./3'5%0.1.$%$"!' $,"'%!4-$.4/'45'H7/A%)67)"/!)%'6,%,'45']%),A%1'%3',".)'$4'$,"'J%*%'./'V\RS:VVO'8)).#./?'5)49'%'6$%$"'$,%$

VR\'B&$"&"'%H+-.'(%VWVg@'-:'V:'6"07)./?'57$7)"')"3")#"3'45'4+.4&''E"0%9"'%'-).9"'04/0")/'54)

#"$")%/'54)"3$")3'370,'%3'6.)'Z%)41!']14#")a'3""',.3'bF4/#")3.4/'45'E17"'-./"'54)"3$'$4'!"4!%):YVVR'>CJ'cNI6NVRNV\O@'/4:'Se@'V_'87?:'V\VR'QF4/5.!"/$.%1T@'H"$$1"A"11'$4'+411./$4/:VVV'>CJNgNPSN^eRNP_N_V'QL"-%)$9"/$'45'J"#"/7"'%/!'8?).071$7)"T@'k.(+%./%&%(.9'%.8%#/$-+)(#./%#/

("+%8.'+$($%.8%("+%B&$"&"'%K.'+$(%;#<#$#./A%I9/L&0:']:6:'Z%)$'$4'6:'[%)!1"2;K.194$@'VO'G4#:'V\RO@'-:'V:VVP'+,"'C55.0")'01%3,"!'A.$,'140%1'd%9./!%)3'%3'%')"371$'45',.3'-41.0."3'4/'%'/79E")'45'400%3.4/3a

>CJNJNVNVNOPe@'67)"/!)%'6,%,'$4'H"$$1"A"11@'6"-$:'V\VR@'--:'VeWP^:VV_'>CJ'JNVNVNOPe@'L%)1./?'$4'+411./$4/@'PO'G4#:'V\VR@'-:'f:VVO'K%d.)'J%9%'G%/!'A%3')"-4)$"!12'E",./!'67)"/!)%'6,%,Y3'%!4-$.4/a'#0#4:'67)"/!)%'6,%,'A%3

$,"'E)4$,")'45'J%*%'H.)$.'6,%,'Q):'VffSWV\V_T@'%'!.3$%/$'/"-,"A'45'6,%93,")'6./?,:'+,"'3,%)"!'92$,3

45'E4$,'6$%$"3<=%3,%,)Y3'6$%$"'!".$2'A%3'4).?./%112'H%9)7'=%!)./%$,'%/!'$,%$'45']%),A%1'$,"'5%9"!

6).'=%!)./%$,'./'$4!%2Y3'm$$%)%/0,%1<-)4E%E12'-1%2"!'%'-%)$'./'3%/0$.4/./?'$,"'%!4-$.4/'45'$,"'H7/A%):




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3Q=


,%!'14/?'3./0"'9%/%?"!'.$3'4A/'54)"3$3'3700"3357112@'67)"/!)%'6,%,'A%3'%'#").$%E1"

$,)"%$'$4'$,"'`4)"3$'L"-%)$9"/$Y3'./$")"3$3'./'=%3,%,):'+,"'1%$$")Y3'./$")"3$3'04/;

#")?"!'A.$,'$,43"'45'$,"'b94!")/.3")3Y@'A,4@',"%!"!'E2'B.%/'I%!%9'6./?,@'!.!

%11'A.$,./'$,".)'-4A")'$4',%9-")'$,"'H7/A%)Y3'./$"?)%$.4/'./$4'6$%$"'%!9./.3$)%$.4/:

67)"/!)%'6,%,'3"$$1"!'./'J%9-7)'./'B%2'V\Rf'A.$,'%')"$./7"'45'3")#%/$3'%/!

%!#.34)3' 5)49' ]%),A%1:'+,"' H7/A%)' %0X7.)"!' 1.9.$"!' 9%?.3$").%1' -4A")3' ./

L"0"9E")'$4'%.!',.9'./',.3'$)%././?'./'$,"'%)$'45'?4#")/9"/$@'!7)./?'A,.0,'$.9"

$,"'B%/%?")')"$%./"!'04/$)41'45'$,"'6$%$":VV^'644/'%5$")',.3'%)).#%1@'$,"'./,%E.$%/$3

45'L4!)%'H%A%)')"E"11"!'4/0"'94)":'+,"'B%/%?")'%$$).E7$"!'$,"'7/)"3$'$4'140%1

)"3"/$9"/$'%$'$,"'%!4-$.4/@'3./0"'$,"'H7/A%)',%!'-)"#.47312'X7"11"!'#.41"/$'-)4;

$"3$3'%?%./3$'$,"']%),A%1'J%*%Y3'54)"3$'455.0.%13'./'$,"'%!*%0"/$'$)%0$'45'J%A%./:VVe

67)"/!)%'6,%,@'4/'$,"'4$,")',%/!@'A%3'04/5.!"/$'$,%$'$,"'-)4$"3$3'A")"'./3$.?%$"!

E2'B.%/'I%!%9'6./?,@'A,43"'%3340.%$.4/'A.$,'$,"'B%/%?")'%/!'-)43-"0$3'45')71;

./?'=%3,%,)'A")"'(/4A/'$4'%11:VVS'+,"'/"A049")Y3'-)4E1"93@',4A"#")@',%!'4/12

E"?7/:

U'"/-.8V%-)#)(1

C/'PO'87?73$'V\R\@'$,"')"/4A/"!'̀ 4)"3$'C55.0")'].E34/'A%3'$47)./?'54)"3$3'%14/?

$,"'I%/!)%E.3'J%/?"'/4)$,"%3$'45'J%9-7):'+,"'3")"/.$2'45'$,"'Z.9%1%2%/',".?,$3

A%3' 3,%$$")"!' %3' %/'7/.!"/$.5."!' %33%.1%/$' 3,4$' %$'].E34/' %/!' 51"!@' 1"%#./?' $,"

455.0")'1.?,$12'./*7)"!'%/!',.3'!4?'!"%!:'J%.'B%/?%$'J%9Y3'37E3"X7"/$'./#"3$.?%$.4/

)"#"%1"!'$,%$'$,"'%??)"334)'%/!'$,"'9%*4).$2'45',.3'3"#"/'%0049-1.0"3'A")"'140%13

"9-142"!' ./' $,"'`4)"3$'L"-%)$9"/$:'+,"' %0073"!'A")"' $%("/' $4'6,.91%'A,")"

$,"2'A")"'./$"))4?%$"!@'%/!'04/5"33"!'$,%$'67)"/!)%'6,%,',%!'-")37%!"!'$,"9'$4

%33%71$'].E34/'./')"$7)/'54)'"D"9-$.4/'5)49'0+3&''%/!'$%D"3'Q%').?,$'"55"0$7%112

./'$,"',%/!3'45'$,"'B%/%?")'%/!'47$3.!"'$,"'H7/A%)Y3'%7$,4).$2T:'+,.3'04/5.)9"!

].E34/Y3'373-.0.4/3'$,%$'b$,"']%),A%1'-%)$2Y'A%3'E",./!'$,"'%$$"9-$:VVf'67)"/!)%

6,%,'A%3'37994/"!'$4'6,.91%'./'C0$4E")@'A,")"',"')"9%./"!'A,.1"'%A%.$./?'%

VV^'+,)""'94/$,3'1%$")'$,"'J%*%')"X7"3$"!'b$4'04/5")'7-4/',.9'k$,%$'.3@'67)"/!)%'6,%,l'$,"'3%9"

).?,$3@'-).#.1"?"3'%/!'-4A")3'A,.0,'92'1%$"'1%9"/$"!'+.((%'J%?,7/%$,'6./?,@'F:>:[:@'"/*42"!Ya'>CJ

cNI6NVRNV\O@'6,%93,")'6./?,'$4'H"$$1"A"11@'VR'`"E:'V\R\:VVe' `4)' $,"' "#"/$3' 45' L"0"9E")' V\Re' ./' J%A%./@' 3""' J%A%$@' 6#$(.'7% .8% R&'"1&*' Vlg\]VWe^@

--:'Ve_WO@' %/!']7,%@'!"+%`/c9#+('P..4$@' --:'SVWSP:'`4)' %'?"/")%1' )"#."A'45'J%A%./'7/!")' $,"

=).$.3,@'3""'6%(1%/.@'6#$(.'7%.8%&%6#5&*&7&/%I'#/)+*7%G(&(+@'--:'OOWOe:'C/'$,"'!2/%9.0'/%$7)"'45

04997/%1'.!"/$.$2'./'J%A%./@'3""'6%D@'b8'L.#./"'>!"/$.$2;F).3.3Y:VVS'>/'$,"'+.((%Y3'37E3"X7"/$'./#41#"9"/$'A.$,'B)'].E34/@',.3'-)"#.473'%0$.4/3'4/'E",%15'45'$,"

6$%$"'A")"'04/#"/."/$12'4#")144("!'./'5%#47)'45'%/'%9E.?7473')"5")"/0"'$4',.3'b./#41#"9"/$Y'./'%

b97)!")473'%$$%0('4/'%'/%$.#"'54)"3$'455.0.%1'./'+",).;]%),A%1Ya'>CJNJNVNVNOPe@'B%01%?%/'$4'6"0)"$%)2

$4'$,"']4#")/9"/$'45'>/!.%@'P'j712'V\VR@'-:'P:VVf'6""'].E34/Y3'1"$$")3'$4',.3'37E4)!./%$"3'./'>CJNJNVNVNOPe@'--:'ORWOP:




3P?'N'8J>H'BCJ8G


01%).5.0%$.4/'45',.3'3$%$73'!7)./?'$,"'54114A./?'2"%):'+,"'04/3-.)%$4)3'A")"'3"/;$"/0"!'$4'#%).473'$")93'45'.9-).34/9"/$'$,"'54114A./?'B%2:'8'94/$,'1%$")@'67)"/!)%6,%,'A%3' ./54)9"!'45' $,"' 373-.0.4/3' %?%./3$' ,.9'%/!' %/' "D-1%/%$.4/'A%3'!";9%/!"!:'+,"'H7/A%)' ./.$.%112' )"573"!' $4' %/3A")' $,"3"' %11"?%$.4/3'7/1"33' $,"2A")"'-)"3"/$"!'./'1"?%112'E./!./?'-)./$@'E7$'"#"/$7%112'370079E"!'$4'-)4!70"',.3#")3.4/'45'$,"'"#"/$3:'`"%)./?',.3'/"%)./?'.9-"%0,9"/$@'67)"/!)%'6,%,'-"$.$.4/"!455.0.%13'%$'#%).473'1"#"13'45'$,"']4#")/9"/$@'4/12'$4'9""$'A.$,'3.1"/0":VV\

+,"']C>Y3'./$")-)"$%$.4/'45'$,"'"#"/$3'.3'01"%)12'3$%$"!'./'$,"'3799%)."3'547/!./'$,"'`4)".?/'L"-%)$9"/$Y3'0%3"'5.1"U

`4)"3$'%!9./.3$)%$.4/'E71(3'#")2'1%)?"12'./'$,"'"2"3'45'$,"'-"4-1"'./'=%3,%,)@%/!'$,"'5%0$'$,%$']4#")/9"/$'A471!',41!'%'1"%3"'45'$,"'`4)"3$3@'5)49'A,.0,'/404/3.!")%E1"'-)45.$'.3'!").#"!@'A471!'%134'E"'%'347)0"'45'"/#2'$4'$,"'57$7)"')71")45'$,"'6$%$"@'%/!'$4'$,"'(/4$'45'41!'6$%$"'455.0.%13@'4)'$,".)')"-)"3"/$%$.#"3@'A,454)9',.3'.99"!.%$"'"/$47)%?":VPR

B):'].E34/@'E2'%'349"A,%$'3$).0$'%!9./.3$)%$.4/'45' $,"'54)"3$3@',%!'9%!",.93"15'7/-4-71%)'A.$,'349"'45'$,"'54)"3$'455.0.%13'%/!'A.$,'$,"'A"%1$,.")'9"/./'$,"'6$%$":'+4'!"-43"'45'%/'4E/4D.473'54)"3$'455.0")'%/!'$,")"E2')"/!")'$,"%!9./.3$)%$.4/'45' $,"'54)"3$3'E2'?4#")/9"/$'94)"'!.55.071$'A.$,' $,"'-433.E1")"371$'45'0%73./?'$,".)')"3$4)%$.4/'$4'$,"'F,."5'A471!',%#"'9%!"'67)"/!%,'6,%,#")2'-4-71%)@'3$)"/?$,"/"!',.3'01%.93'$4'3700""!@'%/!'%134'9%!"'$,"'F,."53,.-'%970,'94)"'#%17%E1"'-433"33.4/:VPV

G4/"'E4$,")"!'$4'"D-1%./'$,"'%!#%/$%?"3'45'"9-142./?'".?,$'-"4-1"'$4'%33%33./%$"4/"'9%/a'/4)'A,2'$,"'H7/A%)',%!'/4$'-7)37"!',.3'30,"9"'A.$,'$,"'%.!'45'5%9.1.%)-"4-1"'5)49',.3'4A/']%),A%1.')"$./7"a'/4)'A,%$',%!'./!70"!'$,"'%33%.1%/$'$4'A).$"%'A.11'E"54)"'"9E%)(./?'4/',.3'9%1.0.473'%0$'04/$)%)2'$4'%/2'140%1'073$493a'%/!@5./%112@',4A'67)"/!)%'6,%,'0471!'-433.E12',4-"'$4'-)45.$'5)49'].E34/Y3')"94#%13./0"'$,"'̀ 4)"3$'L"-%)$9"/$'A%3'37)"'$4'-)4#.!"'%')"-1%0"9"/$'455.0")'.99"!.%$"12:

L"3-.$"'67)"/!)%'6,%,Y3'347/!'%)?79"/$3'./'%'-"$.$.4/'$4'$,"'67-")./$"/!"/$Z.11'6$%$"3@',.3')"X7"3$'$4')"$7)/'$4'=%3,%,)'A%3'!"/."!:'8'94/$,'1%$")@'$,"'J%*%3"/$'%'3.9.1%)'1"$$")'$4'$,"'g.0")42:VPP'+,"'J%*%'A"/$'57)$,")'$,%/',.3'%!4-$"!'34/@

VV\'6""(./?'%/'./$")#."A'A.$,'$,"'6"0)"$%)2'$4'$,"']4#")/9"/$'45'$,"'I7/*%E@'67)"/!)%'6,%,'A%3

)"573"!'"/$)2'4/'349"')%/!49'"D073":'+,"'54)9")3'%33.3$%/$'A%3')"X7"3$"!'$4'b3%2'>'0%//4$'3""',.9:

6%2'34:'=7$'144('47$'54)'$,.3'0%3":'>',"%)'$,"'-)"33'%)"'?4./?'$4'$%("'7-'$,.3'0%3":'I1"%3"'3-"%('$4'9"Ya

>CJNJNVNVNOPe@'/4$"'E2'6:Z:'=7$1")@'PP'6"-$:'V\VR:'>/'$,"'%E3"/0"'45'67)"/!)%'6,%,@',.3'34/'E"0%9"

3700"334)'$4'$,"'3&44#@'%/!')"-4)$"!12'!."!'./'%',7/$./?'%00.!"/$'./'V\VV@'!"$%.13'45'A,.0,'>'5%.1"!

$4'5./!:VPR'+,73'$,"'67-")./$"/!"/$'Z.11'6$%$"3'E)."5./?'$,"'F,."5'6"0)"$%)2'45'6$%$"'4/'$,"'!%2'%5$")'$,"

04/3-.)%$4)3Y'.9-).34/9"/$a'>CJNJNVNOPe@'L%)1./?'$4'F,."5'6"0)"$%)2@'PO'G4#:'V\R\:VPV'>CJNJNVNOPe@'B%01%?%/'$4'6"0)"$%)2'$4'$,"']4#")/9"/$'45'>/!.%@'P'j712'V\VR@'-:'P:VPP'=4$,'1"$$")3'E"%)'$,"'.9-)./$'45'6,%!.'c%1%@'67)"/!)%'6,%,Y3'%!"-$'c%,4)"'E%)).3$"):




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3P3


./!.?/%/$12'%0073./?'$,"'b-)"$"/!")Y'B.%/'I%!%9'6./?,'45'./517"/0./?'B)'].E34/$4'373-"0$',.3'"/"9."3@'$,"'34'0%11"!'b]%),A%1'-%)$2Y:VP_'+,"3"'"554)$3'5%.1"!@'%/!67)"/!)%'6,%,'A%3'E%//"!'5)49')"3.!./?'./'=%3,%,)@'$,"'6,.91%'Z.11'6$%$"3@'4),.3'/%$.#"',49"1%/!@'1"3$',"'b9%2'73"'$,"'+",).;]%),A%1'6$%$"'%3'%'E%3"'54)'0%))2./?4/',.3'./$).?7"3'./'=%3,%,)Y:VPO'+,"']C>',%!'01"%)12'!"0.!"!'7-4/',.3')"94#%1@5./%1.3./?'$,"'"D0173.4/'45'67)"/!)%'6,%,'5)49'$,"'3&44#'E2')"*"0$./?'$,"'1%$$")Y3-"$.$.4/'./'V\VP:

8$'$,"'3%9"'$.9"'%3'$,"3"'"#"/$3@'=%3,%,)'0%9"'7/!")'$,"'!.)"0$'9%/%?"9"/$45'=).$.3,'455.0.%13'./'V\VR:'=2'$,"'"/!'45'V\V_@'$,"'SR;2"%);41!'6,%93,")'6./?,,%!'54)9%112'%!4-$"!'B.%/'I%!%9'6./?,'%3',.3',".):VP^'+,"'0414/.%1'9.1."7',%!37E!7"!' $,"'6$%$"' %/!'9%!"' .$' 04/54)9' $4' .$3' -41.0."3@' %/!' $,"' 14/?;071$.#%$"!b94!")/.3")3Y'5%0$.4/'A%3'#.0$4).473:'C)'A%3'.$t

F-#*.39+m!"+%!'&/$8.'5&(#./%.8%Q#/3$"#-%#/%B&$"&"'

>/'87?73$'V\VO'J%*%'6,%93,")'6./?,'5"11'.11@'%/!'3,4)$12'$,")"%5$")'!."!@'E)"%$,./?,.3'1%3$'4/'%'0441'3799")'/.?,$'./'6%)%,%/:'+,"')71")Y3'%3,"3'A")"'30%$$")"!'4/$,"']%/?"3'./'Z%).!A%)'%3'=%3,%,)'4E3")#"!'%'!%2'45'947)/./?'$4'9%)('$,"'0"3;3%$.4/'45'=,.9%(%1.Y3'04/34)$:'B)'8:'B.$0,"11@'$,"'=).$.3,'B%/%?")'45'=%3,%,)@

A%3'./54)9"!'$,%$'$,"'./3$%11%$.4/'45'$,"'J%*%,'I%!%9'6./?,'A471!'$%("'-1%0"%3'344/'%3'-433.E1"'./'4)!")'$4'-7$'%/'"/!'$4'./$).?7"3'E2'!.3%--4./$"!'0%/!.!%$"3:k:::l'`./%112'G4#"9E")'V_$,'A%3'3"1"0$"!'%3'$,"'!%$"'54)'$,"'>/3$%11%$.4/'A,.0,A%3'0%))."!'47$'E2'c."7$"/%/$;F414/"1'=7)1$4/@'>:'8:@'$,"'67-")./$"/!"/$'Z.116$%$"3:

+,"'>/3$%11%$.4/'0")"94/."3'-%33"!'455'A.$,'?)"%$'3700"33'%/!'9%!"'%'?)"%$.9-)"33.4/'./'$,"'6$%$":'F414/"1'=7)1$4/'A%3'%$$"/!"!'E2',.3'I41.$.0%1'833.3$%/$@%/!' $,"'`4)"3$'C55.0")3'45'=%3,%,)' %/!'6.91%' %134' %$$"/!"!' $,"'L7)E%)' %/!$,")"'A")"'4$,")'[7)4-"%/'#.3.$4)3:

Z.3'Z.?,/"33'$,"'J%*%,'45'=.1%3-7)@'F:6:>:@'%$$"/!"!'$,"'>/3$%11%$.4/'%$'349"04/3.!")%E1"'./04/#"/."/0"',%#./?'$4'$)%#"1'349"'VR'$4'VP'3$%?"3'E2')4%!:'Z.3Z.?,/"33'%)).#"!'A.$,'04/3.!")%E1"'M01%$'%/!',.3'"/$47)%?"'9%!"'%'?)"%$'.9-)"3;3.4/'4/' $,"'-4-71%0":'Z.3'Z.?,/"33'-")54)9"!' $,"' bJ%*'+.1%(Y' 0")"94/2'E29%(./?' $,"'+.1%('9%)('4/'J%*%,'I%!%9'6./?,Y3' 54)","%!'A.$,'E144!' $%("/5)49',.3'4A/'5./?")'%/!'$,.3'3"$'$,"'3"%1'4/'$,"')"04?/.$.4/'45'J%*%,'I%!%96./?,'E2'$,"'5)%$")/.$2'45'J%*-7$'F,."53'./'$,"',.113:VPe

VP_'b+,.3'9%/'01%.93'$4'E"'92'/%$7)%1'34/'%/!',%3'349"'54114A./?'./'=%3,%,)'6$%$"Ya'>CJNJNVN

OPe@'6,%93,")'6./?,'$4'B./$4@'f'C0$:'V\VR@'-:'Of:VPO'>CJNJNVNOPe@'K44!'%/!'I%$$")34/'$4'$,"'6"0)"$%)2'$4'$,"']4#")/9"/$'45'$,"'m/.$"!'I)4#./0"3@

_V'j%/:'V\VV@'-:'^:VP^'+,"'J%*%'A%3'-4)$)%2"!'%3'$44'.11'$4')71"'./',.3'1%$")'2"%)3@'%1$,47?,'$,"'=).$.3,'B%/%?")'3")#./?

%$'$,"'$.9"'45',.3'!"%$,'01%.9"!'$,%$'b,.3'9./!'A%3'01"%)'$4'$,"'1%3$Ya'B&$"&"'%H+-.'(%VWVg@'-:'P:VPe'E0#4:@'-:'O:




3PD'N'8J>H'BCJ8G


6,4)$12'%5$")'$,"'0")"94/."3'$,"'0455")3'45'$,"'=,.9%(%1.'$"9-1"'A")"'54)0"!4-"/<$,"'("23'E"./?'./'$,"'-433"33.4/'45'67)"/!)%'6,%,<%/!'%'$)"%37)"',4)!"%947/$./?'$4'94)"'$,%/'J3'eRR@RRR'A%3'$)%/35"))"!'$4'$,"'J%*%Y3'-).#%$"'$)"%37)2./'J%9-7):VPS'J"7/.$./?'b-41.$.0%1Y'%/!'b)"1.?.473Y'%7$,4).$."3@'I%!%9'6./?,'9%!",.3'A%2'$4'$,"'4).?./%1',49"'45'$,"'=%3,%,)'J%*%3'./'H%9)7'54)'%'3"04/!'04)4/;%$.4/'$,%$'A%3')"X7.)"!'$4'1"?.$.9.3"',.3')71":VPf'>/'%'3"/3"@'4)!")'A%3')"3$4)"!'$4'$,"$)47E1"!'(./?!49'%3'%')71")'%00"-$%E1"'$4'E4$,'$,"'0414/.%1'9.1."7'%/!'$,"'b5)%$")/.$245',.11'0,."53Y'A%3'-1%0"!'4/'$,"'3&44#:'Z4A"#")@'$,"'/"A'J%*%'45'=%3,%,)'-)4#"!5%)'5)49'%'049-1%0"/$'57/0$.4/%)2:

>/!"-"/!"/$'45'41!'%11.%/0"3@'I%!%9'6./?,'-7)37"!',.3'4A/'%?"/!%:'8'0)"%$.4/45'$,"'J%*@'$,"'J%*%'344/'$7)/"!'%?%./3$',.3'9%3$")3:'>/'V\PP'$,"']C>Y3'1"%3"'4/54)"3$3'A%3')"#.3"!'4/'$")93'$,%$'-7$'%/'"/!'$4'$,"'"D4)E.$%/$'9"%37)"3'$,%$',%!3$)%./"!'=%3,%,)Y3'"04/492'54)',%15'%'0"/$7)2:'+,"'%//7%1'-%29"/$'45'J3'VR@RRRA%3'./0)"%3"!'$"/541!@'%/!'$,"'3793')"0".#"!'-")'$)""'07$$./?'7-!%$"!:'c%3$12@'%/"A12'"3$%E1.3,"!'b`4)"3$'=4%)!Y@'-)"3.!"!'4#")'E2'$,"'J%*%@'A%3'/4A'$4'%!!)"33140%1'?)."#%/0"3')"1%$"!'$4'$,"'`4)"3$'L"-%)$9"/$:VP\'I%!%9'6./?,'%134'5./%1.3"!)"#"/7"'3"$$1"9"/$3'54)'=%3,%,)'./'V\Pf@'%/!'3700"3357112'%!!)"33"!'$,"'0,%11"/?"345'$,"'$A"/$."$,'0"/$7)2'Q!"#"14-9"/$@'340.%1')"54)93@'"$0:T'./$4'./!"-"/!"/0":V_R

+,"'J%*%Y3'1"?%02'1"5$'%/'./!"1.E1"'.9-)"33.4/'4/'$,"')"?.4/@V_V'A,.0,'.3')"51"0$"!

VPS'E0#4:@'-:'_:VPf'6./?,@'B&/2$A%R.4$%&/4%R.<+'/5+/(@'-:'f^:VP\'+,"'J%*%',%!'$,"').?,$'$4'#"$4'.$3'!"0.3.4/3a'3""'8.$0,.34/@'!'+&(#+$A'--:'fOWfS:'=2'$,"'9.!;

V\_R3'$,"'J%*%'A%3'3755.0."/$12'3$)4/?'$4'A).$"'$4'$,"'6-"0.%1'J"-)"3"/$%$.#"'$4'$,"'g.0")42'$,%$'$,"

04/3$)70$.4/'45')4%!3'$,)47?,',.3'$")).$4)2'04/3$.$7$"!'b%/'./$")5")"/0"'./'./$")/%1'%55%.)3Ya'3""'F,%7,%/@

bZ.9%1%2%/'Z.11'6$%$"3'%/!'$,"'=).$.3,Y@'-:'SO@'5$:'VP:'C/'$,"'04/$"9-4)%)2'3$%$"'45'54)"3$'9%/%?"9"/$

%/!'.$3')"1%$.4/'$4'$)%!.$.4/%1'-)%0$.0"3'./'Z.9%0,%1'I)%!"3,@'3""'g%3%@'bF4997/.$2'̀ 4)"3$'B%/%?"9"/$Y:V_R'm/!")'I%!%9'6./?,@'=%3,%,)'7/!")A"/$'0,%/?"3'%/!'!"#"14-9"/$3'$,%$'!)"A'.$'0143")'./$4'$,"

%9E.$'45'4$,")'-)./0"12'3$%$"3'./'>/!.%:'G"A'-%1%0"3@'-41.0"'3$%$.4/3'%/!'!,%)%93%1%3'A")"'04/3$)70$"!

./'J%9-7)'%/!'6%)%,%/:'8'?)4A./?'-)43-").$2'A%3'7$.1.3"!'$4'04/3$)70$'$,"'6%$2%/w)w2%h'B%/!.)'./

J%9-7)'./'0411%E4)%$.4/'A.$,'A"%1$,2'9")0,%/$3'45'$,"'$4A/@'A,")"'A%11'-%./$./?3'!"-.0$./?'-4)$)%.$3

45'$,"')42%1'5%9.12'%/!'5%9473')"1.?.473'3,)./"3'Q./017!./?'$,"'!.3$%/$'j%?%/w$,'B%/!.)'./'I7).xT'0%/

3$.11'E"'3""/:'894/?'$,"'-41.$.0%1'0,%11"/?"3'3700"3357112'$%0(1"!'E2'$,"'J%*%@'A"'9%2'"/79")%$"'$,"

E"X7"%$,./?' 45' J%*-7$' 3$%$73' 4/' H%/"$3' ./' )"3-4/3"' $4' $,"' )"1.?.473' )"#.#%1.39' $,%$' 54114A"!' $,"

%33%33./%$.4/'45'6A%9.'6,%)!,%/%/!a'3""'6./?,@'B&/2$A%R.4$%&/4%R.<+'/5+/(@'-:'f^@'5/:'VSO:'C/

$,"'%E41.$.4/'45'$,"''#('./3$.$7$.4/'Qb3"11./?Y'E).!"3T'3""'L%$$%@'H&L%:::@'--:'V_\WOP@'_O\W^R@'%/!'6/",.@

bF4/*7?%1.$2@' 3"D7%1.$2'%/!'3,%3$)%3Y@' 54)' .$3' 04/$"D$' ./'04/$"9-4)%)2' 340."$2a' 54)'%' )"#."A'45' $,"

%/$.;0+3&''94#"9"/$'04/371$'L7$$%@'H&L@'--:'\VWVR_a'4/'.$3'%3340.%$.4/'A.$,'/%$.4/%1.39'3""'6,%)9%@

C/'C5+'#)&/%#/%Q"&4#@'--:'VP\WOP:V_V'>$'.3'/4$"A4)$,2'$,%$'X7"3$.4/3')"?%)!./?'$,"'-7).$2'45'I%!%9'6./?,Y3'1./"%?"'%)"'45'1.$$1"'04/0")/

$4'$,"')"3.!"/$3'45'=%3,%,)@'A,4'4-"/12')"047/$',.3'bE.)$,'5)49'%'9%.!'3")#%/$Y:'>/!""!@'./'%')"?.4/').0,

A.$,'34/?3')"1%$./?',.3$4).0%1'"#"/$3@'.$'.3',%)!12'$,"'%).3$40)%$3Y'-14$'%?%./3$'].E34/'$,%$'.3')"9"9E")"!

Q$,"'34/?'45'L"#.'6%)%/@'$,"'9%./'373-"0$'./'$,"'3,44$./?@'.3'E%)"12')"9"9E")"!T@'E7$')%$,")'$,"'./;

%E.1.$2'45'I%!%9'6./?,'$4'04/$)41',.3'-)."3$Y3'%--"$.$"'54)'A49"/'Q$,"'34/?'45'J%$%/'L%3@'=,.9%(%1.Y3

0,."5'-)."3$')"3.!./?'%!*%0"/$'$4'$,"'-%1%0"'./'6%)%,%/@')"9%./3'%'140%1'5%#47).$"@'%/!'.3'%#%.1%E1"'4/

%7!.4'0%33"$$"Ta'-")34/%1'04997/.0%$.4/'A.$,')"3.!"/$3'./'6%)%,%/'%/!'J%/?4).'#.11%?"@'C0$:'PRRe:




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3PE


./',.3'34/Y3'-43.$.4/'%3'$,"'-)"3"/$'F,."5'B./.3$")'45'Z.9%0,%1'I)%!"3,:'K."1!./?E4$,'b)"1.?.473Y'%/!'b-41.$.0%1Y'-4A")3@'g.)E,%!)%'6./?,'%$$"/!3'$,"'%//7%1'L%3%)%./'6%)%,%/'!"3-.$"'%'3,%)-'!"01./"' ./'-%)$.0.-%$4)2'!".$."3@'A,.1"' $"/!./?'$4' $,")"?.4/%1'1"%!")3,.-'%3'F,."5'B./.3$"):'>/'%/'.)4/.0'$A.3$'45'5%$"@'$,"'1%$$")Y3'94!;")/.3./?'-41.0."3',%#"'9"$'A.$,'-)4$"3$'5)49'$,"'4+<(&N 3'45'H7117@'-1%0./?'$,"')71")45' =%3,%,)' 4/0"' %?%./' ./' $,"' E%1%/0"' E"$A""/' b-41.$.0%1Y' %/!' b)"1.?.473Y34#")".?/$2:V_P

M%"(-'1)%"

`)49'$,"'949"/$'45'.$3'./04)-4)%$.4/'./$4'=).$.3,'!49./.4/3@'(./?3,.-'./'=%3,%,)5%0"!'%'3")."3'45'0,%11"/?"3'$,%$'?)%!7%112'$)%/354)9"!'$,"'J%*%Y3')41":'=%3,%,)Y33$)%$"?.0'%11.%/0"3'A.$,'04997/.$."3'4/'$,"'+.E"$%/'5)4/$.")'04/3$.$7$"!'%'#.$%1'./;0"/$.#"'54)'.$3'"9-4A")9"/$'!7)./?'$,"')".?/'45'B%,"/!)%'6./?,'QVfV^W^RT:'83%')"371$@'$,"'J%*%Y3')"?.4/%1'-)"3$.?"'./0)"%3"!@'%/!'E%1%/0"!'$,"'"55"0$3'45'0414/.%1./$")#"/$.4/:'+,"'3700"33.4/'45'6,%93,")'6./?,'QVf^RWV\VOT'%3'%'9./4)'04./0.!"!A.$,'%'!"01./"'./'$)%!"@'%/!'%'-)4?)"33.#"12'./$)73.#"'-41.02'4/'$,"'-%)$'45'$,"'[>F:

+,"'"#"/$3'45'$,"'Vf^R3',.?,1.?,$"!'$,"'-41.$.0%1'5)%?.1.$2'45'=%3,%,)@'A,.0,A%3'%!!)"33"!'E2'=%)/"3Y'"9-4A")9"/$'45' $,"' )71./?'9.1."7:'+,"'-)40"33'A%307$'3,4)$'%3'$,"']C>Y3'./$")"3$'./'$,"'(./?!49Y3'/%$7)%1')"347)0"3%./0)"%3"!:'83$,"'`4)"3$'L"-%)$9"/$'%3379"!'04/$)41'4#")'6$%$"'54)"3$3@'6,%93,")'6./?,'3$)7?;?1"!'$4'9%./$%./',.3'34#")".?/$2'E2'E%1%/0./?'=).$.3,'!"9%/!3'45')"#"/7"'0"/$)%1;.3%$.4/'A.$,'$,"'-41.$.0%1'%11.%/0"3'$,%$'$)%!.$.4/%112'3"07)"!',.3')71":'+,"'J%*%Y35%.17)"'$4'!4'34'%/!',.3'04/3"X7"/$'9%)?./%1.3%$.4/'!7)./?'+.((%'J%?,7/%$,'6./?,Y3%3379-$.4/'45'-4A")'QVffSW\fT'1"5$',.9'A.$,'%'3""9./?12'-4A")1"33'b)"1.?.473Y%7$,4).$2:'+,"']C>Y3'5%.17)"'$4'-")0".#"'$,"'-41.$.0%1'-4$"/02'45')"1.?.473').$7%13$,73'0)"%$"!' )449' 54)' %!!.$.4/%1' 3-,")"3'45' %7$,4).$2'A.$,./' $,"'(./?!49:'+,"0%04-,4/2'45'4#")1%--./?'?4#")/./?'E4!."3<b)"1.?.473Y@'b-41.$.0%1Y@'%/!'$,"'>9;-").%1'̀ 4)"3$'L"-%)$9"/$<!.3)7-$"!'$,"'340.4;-41.$.0%1'E%1%/0"@'1"%!./?'140%1'049;97/.$."3' $4'3""('%1$")/%$.#"' 1"%!")3@'%3'"D"9-1.5."!' ./' $,"'%11.%/0"'E"$A""/' $,"I4%).'A%d.)3'45'+7(-%'-%)%?%/%'%/!'$,"'./,%E.$%/$3'45'L4!)%'H%A%):

6,%93,")'6./?,Y3'"554)$3'$4'9%./$%./',.3')71"'./'%/'./0)"%3./?12',43$.1"'"/#.);4/9"/$'%)"'94)"'$,%/'%!9.)%E1":'+,"'J%*%'-7)37"!'-41.$.0%1'%11.%/0"3'A.$,'4$,"))71")3@')"34)$"!'$4',.3'%7$,4).$2'%3'b)"1.?.473Y',"%!'45'6$%$"'Q%3'"#.!"/0"!'./'$,"m!2%-%/?'j%?'45'V\ROT@'%/!'"#"/$7%112'04/5)4/$"!'$,"'0414/.%1'9.1."7'./'.$3'4A/A"E'45'-41.$.0%1'%/!'"04/49.0'./$")"3$3'E2'%!4-$./?'67)"/!)%'6,%,:'+,)"%$"/"!

V_P'+,"'FB',%3'"/!4)3"!'$,"'`4)!'`47/!%$.4/Y3'37E3$%/$.%1' ./#"3$9"/$' ./'%'57$7)"'3(.')"34)$' ./

H7117'L.3$).0$:'+,"'%)"%Y3'4+<(&N 3'%33"9E1"!@'04/371$"!'%/!'#4$"!'%?%./3$'$,"'94#"9"/$'./')"3-4/3":

B%,"3,A%)'6./?,<!"30"/!%/$'45'$,"'H7117')42%1'5%9.12@'=jI'9"9E")'%/!'4--4/"/$'45'$,"'F4/?)"33;

9"9E")'FB<,%3'-1%2"!'%'("2'-%)$'./'$,"3"'-)4$"3$3'%3'$,"'%$$"/!%/$'45'J%?,7/%$,@'$,"'$7$"1%)2'!".$2

45'$,"'")3$A,.1"'H7117'6$%$"a'3""'6,%)9%@'bFB',%3',7)$'-"4-1"Y3'5""1./?3U'B%,"3,A%)Y@'!"+%!'#09/+m

./*#/+%+4#(#./@'V\'`"E:'PRRe@',$$-UNNAAA:$).E7/"./!.%:049NPRReNPRReRPPRN,.9%0,%1:,$91:




3P4'N'8J>H'BCJ8G


E2'$,"'-433.E1"'1433'45'04/$)41'4#")'54)"3$3@'-41.$.03'%/!'"04/49.03@'$,"'J%*'4#");144("!'.$3'.!"%13'45'b-)4-")'?4#")/9"/$Y'./'.$3'%$$"9-$3'$4'E%/'67)"/!)%'6,%,'5)49$,"'3&44#@'%/!'3"07)"!'$,"'3700"33.4/'45'B.%/'I%!%9'6./?,:'+,"')"371$@'%3'A%307)34).12'3,4A/'%E4#"@'"D0""!"!'=).$.3,'"D-"0$%$.4/3'%/!'71$.9%$"12'"9-4A")"!$,"'J%*%@'A,4'E"0%9"'%/'./!"-"/!"/$'%?"/$'%0$.#"12'-7)37./?',.3'4A/'./$")"3$3:

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b0411%E4)%$.#"Y'4)'b)"E"11.473Y:'=2')"$%././?,.3'b)"1.?.473Y'57/0$.4/3@'6,%93,")'6./?,'0471!'9%./$%./'%/'%0$.#"')41"'./'$,"'%55%.)345',.3'!49%./'14/?'%5$")'$,"'1433'45',.3'b-41.$.0%1Y'-4A")3'./'VffS:'+,"')"7/.5.0%$.4/45'b)"1.?.4/Y'%/!'b-41.$.03Y'./'V\VO'"9-4A")"!'I%!%9'6./?,'%/!'$)%/354)9"!'$,")41"'45'$,"'J%*%'$4'$,%$'45'%/'./!"-"/!"/$'1"%!")@'A,43"'0,%)%0$").3$.03'0%/'E"'$)%0"!./'$4!%2Y3')"?.4/%1'1"%!")3:

@)B-)%/$7NA;

V$)07$;86%'$(.1

3W8X"N'B-)1A.&807"'1($)N#187"&87$(A)Y7-807#.$)7-

=).$.3,'c.E)%)2@'C)."/$%1'%/!'>/!.%'C55.0"'F411"0$.4/3

=4%)!'45'F4/$)41'J"04)!3

>CJN`NON^SRNV_\\P'QI%-")3')"?%)!./?'$,"'6"$$1"9"/$'45'$,"'6$%$"'45'=%3,%,)T@'B%2'VfV^WL"0:'VfVe:

>CJN`NONVORPN^^^R^'Q=4%)!Y3'F411"0$.4/3T@'8-):WL"0:'Vf_V:

I41.$.0%1'%/!'6"0)"$'L"-%)$9"/$'J"04)!3

>CJNcNI6NVRNV\O'QI41.$.0%1'%/!'6"0)"$'L"-%)$9"/$'J"04)!3T@'V\VVWVe:

F)4A/'J"-)"3"/$%$.#"U'I41.$.0%1'L"-%)$9"/$'>/!.%/'6$%$"3'J"04)!3

>/!.%'C55.0"'J"04)!3@'>CJNJNVNVNOPe'QI41.$.0%1'L"-%)$9"/$'J"04)!3T'I'.)++4#/3$%.8%("+%R.<+'/5+/(

.8%E/4#&%#/%("+%K.'+#3/%;+-&'(5+/(%8.'%("+%5./("%.8%K+0'9&'7%VWVVA%G+)'+(DE@'F%107$$%@'V\VV:

C55.0.%1'I7E1.0%$.4/3'6")."3

>CJNgNVRNfPe'Q=%3,%,)'8!9./.3$)%$.4/'J"-4)$@'V\VONV^WV\VSNVfT@'H+-.'(%./%("+%C45#/#$('&(#./%.8

("+%B&$"&"'%G(&(+%8.'%("+%7+&'%G&50&(%VW^V%QB%)0,'V_$,'V\VOWB%)0,'V_$,'V\V^T@'6.91%@'V\V^:

>CJNgNPSN^eRNP_N_V'QL"-%)$9"/$'45'J"#"/7"'%/!'8?).071$7)"T@'k.(+%./%&%!.9'%.8%E/$-+)(#./%#/%("+

8.'+$($%.8%("+%B&$"&"'%K.'+$(%;#<#$#./A%I9/L&0%J#')*+@'F%107$$%@'V\R^:

!"+%E/4#&/%F)./.5#)%&/4%G.)#&*%6#$(.'7%H+<#+1@'OO@'P'QPRRSTU'VOSWSS:




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3P>


I).#%$"'I%-")3'Q[7)4-"%/'B%/730).-$3T

B33'[7)'[_PV@'!7-+$)'#-(%.8%`/-90*#$"+4%C/("'.-.*.3#)&*%G(947%?4&(+4%):%VWlX$n@%07%G#'%6+'0+'(

P#**#&5%F5+'$./%?V\\V]VWoi@A%E/4#&/%J#<#*%G+'<#)+A%I9/L&0%VWXg]l\A%R.<+'/.'%.8%I9/L&0

VWll]l\A%./%H+*#3#./%&/4%J9$(.5%#/%("+%P+$(+'/%6#5&*&7&A%J"#+8*7%H+*&(#/3%(.%("+%E/4#&/

G(&(+$%.8%[&/4#%&/4%B&$"&"':

Z7#)%"7-8*$(A)Y.18%C8!"&)7[8Z.,8\.-A)

`4)".?/'L"-%)$9"/$@'=)%/0,U'I41.$.0%1'8

b8E%/!4/9"/$'45'-)4-43"!'$).%1'45'`7$$",'6./?Y@'C0$4E")'VfSV@'/4:'^RPWRO:

b`7$$",'6./?Y3'%))"3$'%/!'%--1.0%$.4/'54)'%'A%))%/$'54)',.3'!"$"/$.4/'%$'H%/?)%Y@'B%2'VfSV@'/4:'eSOWSS:

X"N'B-)1A.&8 07"'1($)N#1

;+2"&/3%G./&5%J".37&*%QbI)"1.9./%)2'6$7!2'45' $,"'=4/'-4'B4/%3$")2']7)'?2%9YT@'7/-7E1.3,"!

9%/730).-$'5)49'K"3$'+.E"$:

DW8V$)07$;8N$)"#.&81%'$(.1

8.$0,.34/@'F:m:@'C%J.**+)(#./%.8%!'+&(#+$A%F/3&3+5+/($%&/4%G&/&4$%H+*&(#/3%(.%E/4#&%&/4%("+%k+#3"D

0.9'#/3%J.9/('#+$@'g41:'>@'F%107$$%@'V\_V:

=%!"/;I4A"11@'=:Z:@' bG4$"'4/' $,"'L"9%)0%$.4/'45' $,"'`4)"3$'8)"%' ./'L.3$).0$3'F4/$%././?'Z.11'4)

B47/$%./'J%/?"3Y@'!"+%E/4#&/%K.'+$(+'@'>>'Q_T@'j%/:'VfSS@'--:'P_\We^:

<<<@'b+,"'I41.$.0%1'g%17"'45'`4)"3$'F4/3")#%/02Y@'!"+%E/4#&/%K.'+$(+'@'>>Q_T@'j%/:'VfSS@'--:'PfRWfS:

=%)/"3@']:@'bB"94)%/!79'4/'$,"'L.3$).0$'45'=733%,.)'%/!'$,"'I%0.5.0%$.4/'45'$,"'L.3%55"0$"!'I4)$.4/3

45'.$3'>/,%E.$%/$3Y@'./'G+*+)(#./$%8'.5%("+%H+).'4$%.8%("+%R.<+'/5+/(%.8%("+%I9/L&0%&/4%#($

;+-+/4+/)#+$@'g41:'gQOT@'c%,4)"@'VfeV@'--:'SSWV_O:

=)%/!.3@'L:@'H+<#+1%.8%("+%K.'+$(%C45#/#$('&(#./%#/%("+%G+<+'&*%I'.<#/)+$%9/4+'%("+%R.<+'/5+/(%.8

E/4#&A%8.'%("+%7+&'%V\^W]\X@'6.91%@'VffV:

R&U+((++'%.8%("+%J"&50&%G(&(+%VWXe@'L"1,.@'V\\e'QV\ROT:

R&U+((++'%.8%("+%G#5*&%;#$('#)(%V\\\]\W@'F%107$$%@'V\\R:

]14#")@'Z:B:@'bF4/#")3.4/'45'=17"'I./"'`4)"3$'$4'L"4!%)'./'$,"'=%3,%,)'L.#.3.4/'45'$,"'I7/*%EY@

811%,%E%!@'E/4#&/%K.'+$(+''kC55-)./$l@'V\V\:

Z%2@'K:@'bJ"-4)$'4/'$,"'#%11"2'45'6-.$.U'%/!'`%0$3'F411"0$"!'A.$,'%'g."A'$4'%'`7$7)"'J"#"/7"'6"$$1";

9"/$Y@'("+%_.9'/&*%.8%("+%C$#&(#)%G.)#+(7%.8%B+/3&*@'/:'e@'Vf^R@'F%107$$%@'--:'OP\W^P:

6#5&)"&*%I'&4+$"%;#$('#)(%R&U+((++'$b%Q#//&9'@'89E%1%@'V\SV:

Z7$$4/'+:@'_.9'/&*%.8%&%!'#-%("'.93"%Q9/&1&'A%69/3'9/3A%&/4%G-#(#A%`/4+'(&2+/%#/%("+%7+&'%V\l\A

9/4+'% ("+%I&('./&3+%.8% ("+%C$#&(#)% G.)#+(7% .8%B+/3&*A% 8.'% ("+%I9'-.$+%.8%;+(+'5#/#/3% ("+

R+.*.3#)&*% K.'5&(#./% .8% (".$+% ;#$('#)($@' 455-)./$' %$' $,"' =4!1".%/' c.E)%)2@' CD54)!@' Q4).?./

7/(/4A/T:

I"%)34/']: :̀@'H+-.'(%./%("+%C45#/#$('&(#./%.8%("+%K.'+$(%;+-&'(5+/(%#/%("+%G+<+'&*%I'.<#/)+$%9/4+'

("+%R.<+'/5+/(%.8%E/4#&A%V\^X]^V@'F%107$$%@'VfSP:

I'.3'+$$%H+-.'(%./%K.'+$(%C45#/#$('&(#./%#/%("+%I9/L&0%8.'%VWX\]VWXW@'c%,4)"@'V\R\:

I9/L&0%G(&(+$%R&U+((++'%VWVXA%p.*:%pEEE%G#5*&%6#**%G(&(+$b%I&'(%CmB&$"&"'@'c%,4)"@'V\VV:

H+).'4$%.8%("+%;+*"#%H+$#4+/)7%&/4%C3+/)7A%V\X^]V\g^@'c%,4)"@'V\VV:

H+-.'(%./%("+%C45#/#$('&(#./%.8%("+%I9/L&0%&/4%#($%;+-+/4+/)#+$%8.'%("+%h+&'%V\^V]^i@'c%,4)"@'VfSP:

EW86.(%"&7$;81%'$(.1

8--%!7)%.@'8:@'bG79E")'./'$,"'0414/.%1'.9%?./%$.4/Y@'./'F%)41'8:'=)"0("/).!?"'%/!'I"$")'#%/'!")'g"")@

"!3@'q'#+/(&*#$5%&/4%("+%I.$(D).*./#&*%I'+4#)&5+/(@'I,.1%!"1-,.%@'V\\_@'--:'_VOW_R:

=")$.@'L:@'T&%I&'.*+%4+$%;#+9,b%H#(9+*$%4+%-.$$+$$#./%+/%6#5&*&7&%E/4#+/@'I%).3@'PRRV:




3PQ'N'8J>H'BCJ8G


=.*1%A%/@'J:@'[&4"7&%6#5&*&7&%H#7&$&(%5+5%R'&5#/%_&/&$&/3"&'$.5%2&%E(#"&$A%V\Vg]VWeW@'I7)41%@

PRR_:

F,%7,%/@'6:@'bZ.9%1%2%/'Z.11'6$%$"3'%/!'$,"'=).$.3,U'8'6$7!2'45'$,".)'I41.$.0%1'J"1%$.4/3,.-'%/!'F4/;

3"X7"/0"3'54)'$,"'I41.$.0%1'>/$"?)%$.4/'45'$,"'K"3$")/'Z.9%1%2%/'J"?.4/Y@'./'I'.)++4#/3$%.8

("+%E/4#&/%6#$(.'#)&*%H+).'4$%J.55#$$#./@'g41:'^f@'PRR_@'--:'S_WfR:

F,"$A4!"@'I:@'b8/'80047/$'45'$,"'K"3$")/'Z.9%1%2%/'=,7/!%'J.$7%1'./'$,"'67$1"*'g%11"2Y@'GCHCG

B9**+(#/@'O@'J"%!./?@'V\fO:

L%$$%@'F:c:@'!"+%H&L%&/4%("+%G#5*&%6#**%G(&(+$b%G.)#.D+)./.5#)%I'.0*+5$A%C3'&'#&/%;#$(9'0&/)+$

&/4%I&'&5.9/()7@'j7117/!7)@'V\\S:

[9")34/@'Z:K:@'b+,"'Z.3$4).0%1'83-"0$3'45'649"'Z.9%1%2%/'F73$493Y@'_.9'/&*%.8%("+%I&/L&0%6#$D

(.'#)&*%G.)#+(7@'g41:'g>>>'QPT@'V\PV@'--:'Vf^W\S:

`)%/0("@'8:Z:@'C/(#c9#(#+$%.8%P+$(+'/%!#0+(@'L"1,.@'V\\\'QV\VOT:

]%1"2@'j:;F:@'bZ./!7'H./?3,.-'./'.$3'J.$7%1'J"%19U'+,"']%),A%1.'F4/5.?7)%$.4/Y@'6#5&*&7&b%I&$(%r

I'+$+/(@'g41:'>>@'V\\VW\P:

])4#"@'J:@'R'++/%E5-+'#&*#$5b%J.*./#&*%F,-&/$#./A%!'.-#)&*%E$*&/4%F4+/$%&/4%("+%q'#3#/$%.8%F/<#'./D

5+/(&*#$5A%VoXX]V\oX@'F%9E).!?"@'V\\^:

]7,%@'J:@'!"+%̀ /c9#+(%P..4$b%F).*.3#)&*%J"&/3+%&/4%I+&$&/(%H+$#$(&/)+%#/%("+%6#5&*&7&@'G"A'L"1,.@

PRRV'kV\f\l:

Z4A"11@' ]:@' b649"' G4$"3' 4/'8/0."/$' H717' I41.$.03Y@' _.9'/&*% .8% ("+% I&/L&0% 6#$(.'#)&*% G.)#+(7@

g41:'g>QPT@'V\VS@'--:'e\WfV:

Z7$0,.34/@'j:@'%/!'j:;I:'g4?"1@'6#$(.'7%.8%("+%I&/L&0%6#**%G(&(+$@'L"1,.@'V\\\'kV\__l:

j43,.@' B:I:@' bH79%4/.'g%9y%&#%1i3U' B2$,' %/!' J"%1.$2Y@' 6#5&*&7&b% I&$(% &/4% I'+$+/(@'g41:' >QVT@

--:'PRVWOO:

j43,.@'+:J:@'bG4$"3'4/'$,"'[$,/4?)%-,2'45'$,"'=%3,%,)'6$%$"@'6.91%'Z.113@'I7/*%EY@'_.9'/&*%.8%("+%C$#&(#)

G.)#+(7%.8%B+/3&*@'g41:'g>>Q\T@'V\VV@'--:'^P^WeV_:

H%/A%)@'I:@'bZ.9%0,%1'640."$2'$,)47?,'>9-").%1'[2"3U'8/'>/X7.)2Y@'./'c:'+,%(7)@'"!:@%P"+'+%[.'D

(&*$% &/4% [.9/(&#/% R.4$% [++(b% G.)#+(7% &/4% J9*(9'+% #/% 6#5&)"&*% I'&4+$"@' 6,.91%@' PRRP@

--:'VVSWPf:

H71("@'Z:@%Q#/3$%&/4%J9*($b%G(&(+%K.'5&(#./%&/4%T+3#(#5&(#./%#/%E/4#&%&/4%G.9("+&$(%C$#&@'G"A'L"1,.@

PRRV'kV\\_l:

B0H%2@'8:@'br+)%0./?'c./"3'7-4/'$,"'m/(/4A/'8)"%3'45'$,"'[%)$,sU'J"51"0$.4/3'4/'̀ )"!").0('j%0(34/

+7)/")'%/!' $,"' >/!4;+.E"$%/'`)4/$.")Y@' ./'6:'8?,%'%/!'[:'H413(2@'"!3@'K'#/3+$%.8%F5-#'+b

I+.-*+$A%I*&)+$A%&/4%G-&)+$%&(%("+%[&'3#/$%.8%B'#(#$"%J.*./#&*%E/4#&%Q54)$,049./?T:

I"$"0,@' c:@' b+,"' +.E"$%/;c%!%(,.' B4?,71'K%)' 45' VefVWf_Y@' !"+% E/4#&/% 6#$(.'#)&*% s9&'(+'*7@

g41:'zz>>>Q_T@'V\OS@'--:'Ve\W\\:

J%*%/@'J:@'b>9-").%1'[/#.)4/9"/$%1.39'4)'[/#.)4/9"/$%1'>9-").%1.39t'[7)4-"%/'`4)"3$)2@'F414/.%1

`4)"3$")3'%/!'$,"'8?"/!%3'45'`4)"3$'B%/%?"9"/$'./'=).$.3,'>/!.%'VfRRWV\RRY@'./'J:'])4#"@

g:'L%94!%)%/'%/!'6:'6%/?A%/@'"!3@'k&(9'+%&/4%("+%q'#+/(b%!"+%F/<#'./5+/(&*%6#$(.'7%.8

G.9("%&/4%G.9("D+&$(%C$#&@'G"A'L"1,.@'PRRR'kV\\fl@'--:'_POWSV:

J%973%0(@'=:@'!"+%E/4#&/%I'#/)+$%&/4%("+#'%G(&(+$@'F%9E).!?"@'PRRO:

J%A%$@'8:@'6#$(.'7%.8%R&'"1&*%Vlg\]VWe^b%C/%F'$(1"#*+%Q#/34.5%#/% ("+%6#5&*&7&$@'G"A'L"1,.@

V\f\:

J.%E455@'>:@'b[$,/4/292'./'%'B71$."$,/.0'F4/$"D$U'8'G4$"'4/'H.//%7)Y@'F9'.-+&/%B9**+(#/%.8%6#5&*&7&/

H+$+&')"@'g41:'Pf@'6-)./?'PRR^@'--:'O_W^_:

J.0,%)!34/@'Z:@'b8)9"/.%/3'./'>/!.%'%/!'+.E"$Y@'./'B:'8).3@'"!:@'6#3"%I+&2$A%I9'+%F&'("b%J.**+)(+4

P'#(#/3$%./%!#0+(&/%6#$(.'7%&/4%J9*(9'+@'c4/!4/@'V\\f@'--:'OePWeS:

J.#d.@'j:@'!'&/$D6#5&*&7&/%J&'&<&/$b%[+')"&/(%I'#/)+$%&/4%I+&$&/(%!'&4+'$%#/%T&4&2"@'G"A'L"1,.@

V\\\:

6%(1%/.@'8:@'6#$(.'7%.8%&%6#5&*&7&/%I'#/)+*7%G(&(+b%J"&/3+A%J./8*#)($%&/4%C1&2+/#/3%Q&/%E/(+'-'+D

(&(#<+%6#$(.'7%.8%I'#/)+*7%G(&(+%.8%!+"'#%R&'"1&*A%V\Vg]VWeWT@'L"1,.@'V\fS:




K'.5%5.9/(&#/%('&4+%(.%L9/3*+%-.*#(#)$%%N'3PP


6%D@'K:@';&/)#/3%("+%G+*8b%I+'$./"..4%&/4%I+'8.'5&/)+%#/%("+%I&/4&<%T#*&%.8%R&'"1&*@'G"A'{4)(@

PRRP:

<<<@'b8'L.#./"'>!"/$.$2;F).3.3Y@'./'H|--./?@'H:;I:@'c".3$1"@'=:'%/!'J7!41-,@'B:'"!3@%H#(9&*%&/4

E4+/(#(7b%I+'8.'5&(#<+%I'&)(#)+$%&$%F88+)(#<+%!'&/$8.'5&(#./$%.8%G.)#&*%H+&*#(7n@'54)$,049./?:

6,%)9%@'8:@'C/%C5+'#)&/%#/%Q"&4#b%("+%;+8#/#(#<+%B#.3'&-"7%.8%G&(7&/&/4&%G(.2+$@'G"A'L"1,.@'V\\\:

6,%)9%@'=:@'Q#//&'%T.2%G&"#(7&@'=.1%3-7)@'V\Se:

6,%)9%@'G:@'B9Z&"+'%2+%I'&N)S/%+<&5%F#(#"&N$#2%[&/4#'%?Q#//&9'DH&N5-9'DH."t9N @@'J%9-7)@'V\\f:

6,"))./?@'F:@'P+$(+'/%!#0+(%&/4%("+%B'#(#$"%B.'4+'*&/4@'c4/!4/@'V\Re:

6./?,@'8:@'!&<&N'S2"%<&%_93'&N 8#7&N%H#7&N$&(%B#*&N$-9'%Q&"*9N '@'6,.91%@'7/!%$"!')"-)./$'45'$,"'V\_^'4).?./%1:

6./?,@' F:@' b+,"' ;"..5' ./' Z.9%0,%1' I)%!"3,U' F4997/.$2' F4/30.473/"33@' I"%3%/$' J"3.3$%/0"' 4)

I41.$.0%1'>/$).?7"Y@'./'c%D9%/'6:'+,%(7)@'"!:@'P"+'+%[.'(&*$%&/4%[.9/(&#/%R.4$%[++(b%G.)#+(7

&/4%J9*(9'+%#/%6#5&)"&*%I'&4+$"@'6,.91%@'PRRP@'--:'VRSWVe:

6./?,@'j:@'B&/2$A%R.4$%&/4%R.<+'/5+/(b%E/$(#(9(#./&*%&/4%E/8.'5&*%J'+4#(%G('9)(9'+%#/%&%H+5.(+%&/4

!'#0&*%E/4#&/%;#$('#)(%?Q#//&9'A%6#5&)"&*%I'&4+$"@A%VWoX]VW\g@'6$7$$?%)$@'V\f\:

6/",.@'{:@'bF4/*7?%1.$2@'6"D7%1.$2'%/!'6,%3$)%3U'L"E%$"'4/'$,"'8E41.$.4/'45'J""$'./'F414/.%1'Z.9%0,%1

I)%!"3,Y@'E/4#&/%F)./.5#)%G.)#&*%6#$(.'7%H+<#+1@'#41:'O_QPT@'PRRe@'--:'Ve_W\S:

#%/'6-"/?"/@'K:@'!#0+(&/%B.'4+'%P.'*4$b%C%R+.D"#$(.'#)&*%C/&*7$#$%.8%!'&4+%&/4%!'&4+'$@'I,:L:'+,"3.3@

m/.#")3.$".$'#%/'893$")!%9@'V\\P:

67(,!"#@'6./?,'F,%)%(@'b[D$)%0$3'5)49'R+/+'&*%d.'&1&'%G#/3"Y@'./'81"D'B0H%2@'"!:@'!"+%6#$(.'7

.8%!#0+(A%p.*:%EE@'c4/!4/@'PRR_@'--:'SOfWeS:

67$,")1%/!@'I:@'!'&<+*#/3%R.4$%&/4%R.<+'/5+/(%07%;+#(7b%C/%F("/."#$(.'7%.8%I.1+'A%H+-'+$+/(&(#./

&/4%C3+/)7%#/%1+$(%6#5&*&7&/%I.*#(7@'L:'I,.1'$,"3.3@'CD54)!@'V\\f:

<<<@'bg")2'c.$$1"'H./?!493U'+,"'F%1"/!).0%1'C)!")'45'K"3$'Z.9%1%2%/'Z./!7'I41.$2Y@'./']:'=")("9")

%/!'B:'`)"/d@'"!3@'G"&'#/3%G.<+'+#3/(7mH.7&*(7%./%&%G5&**%G)&*+:%!"+%T#((*+%Q#/34.5%#/

G.9("%C$#&@'=")1./@'PRR_@'--:'_VWeV:

<<<@'bc40%1'J"-)"3"/$%$.4/3'45'Z.3$4)2'%/!'$,"'Z.3$4)2'45'c40%1'J"-)"3"/$%$.4/U'+.9"30%-"3'45

+,".3$.0'8?"/02'./'$,"'K"3$")/'Z.9%1%2%3Y@'F9'.-+&/%B9**+(#/%.8%6#5&*&7&/%H+$+&')"@'P^NPe

QL47E1"'>337"'4/'bJ"-)"3"/$./?'c40%1'Z.3$4)."3'./'$,"'Z.9%1%2%3Y@'"!.$"!'E2'B%)$./']%"/3d1"T@

PRRO@'--:'fRWVVf:

<<<@'b+Q)T4-414?."3'45'J71"'QH&LTU'J.$7%1'64#")".?/$2'%/!'+,".3$.0'67E*"0$.4/Y@'F9'.-+&/%B9**+(#/

.8%6#5&*&7&/%H+$+&')"@'g41:'P\W_R@'6799")'PRRe@'--:'fPWVV\:

+,%(7)@'c:@'B944"#$5%#/%("+%P+$(+'/%6#5&*&7&b%C%G(947%.8%("+%!&0.%[./&$(+'7@'L"1,.@'V\\\:

+4E!%/@'Q9**9b%C%G(947%#/%6#$(.'7@'L"1,.@'PRRR:

+70(")@'J:@'bG4/;+.9E")'`4)"3$'I)4!70$3'I41.02'./'$,"'K"3$")/'Z.9%1%2%3'7/!")'=).$.3,'J71"Y@'./

J:'])4#"@'g:'L%94!%)%/'%/!'6:'6%/?A%/@'"!3@'k&(9'+%&/4% ("+%q'#+/(b%!"+%F/<#'./5+/(&*

6#$(.'7%.8%G.9("%&/4%G.9("D+&$(%C$#&@'G"A'L"1,.@'PRRR'kV\\fl@'--:'O^\Wf_:

g%3%@' 6:@' bF4997/.$2' `4)"3$' B%/%?"9"/$U' Z.3$4).0%1' c"?%02' 45' Z.9%0,%1' I)%!"3,Y@' ./' c%D9%/

6:'+,%(7)@'"!:@'P"+'+%[.'(&*$%&/4%[.9/(&#/%R.4$%[++(b%G.)#+(7%&/4%J9*(9'+%#/%6#5&)"&*

I'&4+$"@'6,.91%@'PRRP@'--:'_RWOf:

K%3,E)44(@'L:@' b>/!.%'VfVfWVfeRU'+,"'+A4'`%0"3'45'F414/.%1.39Y@' ./'8:'I4)$")@'"!:@'!"+%q,8.'4

6#$(.'7%.8%("+%B'#(#$"%F5-#'+b%!"+%k#/+(++/("%J+/(9'7@'CD54)!@'V\\\@'--:'_\^WOPP:

K"EE")@'+:@'!"+%K.'+$($%.8%`--+'%E/4#&%&/4%("+#'%E/"&0#(&/($@'c4/!4/@'V\RP:




from mountain trade to jungle politics

Documents