Riordan cover sheet 1112 01

34
Columbia University Department of Economics Discussion Paper Series Profitability of Product Bundling Revision of Discussion Paper No.: 1011-02 Yongmin Chen Michael H. Riordan Discussion Paper No.: 1112-05 Department of Economics Columbia University New York, NY 10027 March 2012

Transcript of Riordan cover sheet 1112 01

Columbia University

Department of Economics Discussion Paper Series

Profitability of Product Bundling

Revision of Discussion Paper No.: 1011-02

Yongmin Chen

Michael H. Riordan

Discussion Paper No.: 1112-05

Department of Economics Columbia University New York, NY 10027

March 2012

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

1#/02'/ 345/! %/+ 6'-4%5( 78 9'#"+%/"

95:';5+ <5&",%") =>? @A=@

!"#$%&'$8 B;'/0 -#C,(%; $# 2#+5( $45 ;$#-4%;$'- +5C5/+5/-5 #* :%(,5;? $4'; C%C5" 5;$%&D(';45; /5E 05/5"%( -#/+'$'#/; *#" $45 C"#!$%&'('$) #* C"#+,-$ &,/+('/08 F 2,($'C"#+,-$

2#/#C#(';$ 05/5"%(() %-4'5:5; 4'045" C"#!$ *"#2 2'G5+ &,/+('/0 $4%/ *"#2 ;5C%"%$5 ;5(('/0

'* -#/;,25" :%(,5; *#" $E# C"#+,-$; %"5 /50%$':5() +5C5/+5/$? '/+5C5/+5/$? #" 4%:5 ('2'$5+

C#;'$':5 +5C5/+5/-58 H'$4 2#"5 $4%/ $E# 0##+;? $45 ;%25 -#/+'$'#/; %"5 ;, -'5/$ *#"

%/ #C$'2%( 2#/#C#() ;5(('/0 ;-4525 $# '/-(,+5 % &,/+(5 #* %$ (5%;$ $E# C"#+,-$;8 I45

C"#!$%&'('$) #* 2#/#C#() &,/+('/0 %(;# 5G$5/+; $# ;'$,%$'#/; E45"5 % 2,($'C"#+,-$ !"2

-#2C5$5; E'$4 % ;'/0(5DC"#+,-$ "':%(8

J5)E#"+;K C"#+,-$ &,/+('/0? 2'G5+ &,/+('/0? C"5*5"5/-5 +5C5/+5/-5? -#C,(%8

!B/':5";'$) #* 3#(#"%+#? .#,(+5"L )#/02'/8-45/M-#(#"%+#85+,"3#(,2&'% B/':5";'$)L 24"@=M-#(,2&'%85+,

<#" 45(C*,( -#225/$;? E5 $4%/N $4"55 "5*5"55;? 7%/2'/0 <%/0? C%"$'-'C%/$; #* $45 @A=A

H#"N;4#C #/ O%E %/+ P-#/#2'-; %$ 7'$#$;,&%;4' B/':5";'$)? $45 @A=A Q4%/04%' 6'-"#D

5-#/#2'-; H#"N;4#C RQ7B<PS? $45 @A=A Q,225" 3#/*5"5/-5 #/ T/+,;$"'%( U"0%/'V%$'#/

RB.3? W%/-#,:5"S? %/+ ;52'/%"; %$ 3#(,2&'% B/':5";'$)? B/':5";'$) #* 9#-45;$5"? B/':5"D

;'$) #* W'"0'/'%? %/+ 1#/;5' B/':5";'$)8

() *+,-./01,*.+

H45/ '; C"#+,-$ &,/+('/0 2#"5 C"#!$%&(5 $4%/ ;5C%"%$5 ;5(('/0X I45 Y,5;$'#/ 4%; (#/0

'/$"'0,5+ 5-#/#2';$;8 Q$'0(5" R=Z[\S ;4#E5+ E'$4 % ;'2C(5 5G%2C(5 $4%$ &,/+('/0 -%/ &5

C"#!$%&(5 5:5/ E'$4#,$ +52%/+ -#2C(525/$%"'$) #" ;-#C5 5-#/#2'5;8 F+%2; %/+ 15((5/

R=Z][S 5GC%/+5+ #/ $4'; :'5E? ;4#E'/0? 2#;$() E'$4 5G%2C(5;? $4%$ 2'G5+ &,/+('/0 -%/

&5 % C"#!$%&(5 E%) $# ;5025/$ 2%"N5$;8 Q-42%(5/;55 R=Z>^S ;$,+'5+ $45 C"#!$%&'('$) #*

&,/+('/0 E45/ -#/;,25" :%(,5; *#" $E# 0##+; 4%:5 % &':%"'%$5 /#"2%( +';$"'&,$'#/? %/+

*#,/+ *#" $45 ;)225$"'- -%;5 ;, -'5/$ -#/+'$'#/; #/ $45 2%"0'/%( +';$"'&,$'#/ *#" C,"5

&,/+('/0 $# +#2'/%$5 ;5C%"%$5 ;5(('/0 *#" %/) +50"55 #* -#""5(%$'#/ ;4#"$ #* C5"*5-$ C#;'$':5

-#""5(%$'#/8 <%/0 %/+ _#"2%/ R@AA[S C"#:'+5 2#"5 05/5"%( -#/+'$'#/; #/ $45 +';$"'&,$'#/

#* :%(,5; *#" $45 '/+5C5/+5/-5 -%;5 ;,-4 $4%$ C,"5 &,/+('/0 '; 2#"5 C"#!$%&(5 $4%/ ;5C%"%$5

;5(('/08 H#"N'/0 E'$4 %/ %"&'$"%") &':%"'%$5 +';$"'&,$'#/ 4%:'/0 % -#/$'/,#,; +5/;'$) *,/-D

$'#/? O#/0 R=Z>^S *#,/+ 2'G5+ &,/+('/0 $# &5 ;$"'-$() 2#"5 C"#!$%&(5 $4%/ ;5C%"%$5 ;5(('/0

E45/ -#/;,25" :%(,5; %"5 /50%$':5() +5C5/+5/$ #" '/+5C5/+5/$8 6-F*55? 6-6'((%/? %/+

H4'/;$#/ R=Z>ZS "5(%G5+ $45 %;;,2C$'#/ #* % -#/$'/,#,; +5/;'$) *,/-$'#/ $# +5:5(#C % 05/D

5"%( ;, -'5/$ -#/+'$'#/ *#" $45 C"#!$%&'('$) #* 2'G5+ &,/+('/0? %(&5'$ #/5 $4%$ %CC%"5/$() ';

+' -,($ $# '/$5"C"5$ '/ $5"2; #* +5C5/+5/-5 "5(%$'#/; &5)#/+ ;%)'/0 &,/+('/0 '; #C$'2%( '/

% &"#%+5" "%/05 #* -%;5; $4%/ `,;$ '/+5C5/+5/-58 34,? O5;('5? %/+ Q#"5/;5/ R@A==S ;4#E5+

E'$4 /,25"'-%( %/%();5; $4%$ &,/+('/0 '; C"#!$%&(5 '/ %/ %""%) #* ;C5-'%( -%;5;? '/-(,+'/0

;#25 *5%$,"'/0 ('2'$5+ C#;'$':5 %/+ /50%$':5 +5C5/+5/-58

F($4#,04 -#/;'+5"%&(5 %$$5/$'#/ 4%; &55/ +'"5-$5+ %$ 4#E $45 -#""5(%$'#/ #* :%(,5; *#"

C"#+,-$; 2%$$5"; *#" $45 C"#!$%&'('$) #* &,/+('/0? $45 ';;,5 "52%'/; 05/5"%(() ,/-(5%"? /#$

#/() *#" C#;'$':5() +5C5/+5/$ +';$"'&,$'#/;? &,$ %(;# *#" /50%$':5() +5C5/+5/$ +';$"'&,$'#/;

(%-N'/0 % -#/$'/,#,; +5/;'$)8 H5 "5:';'$ $45 C"#!$%&'('$) #* &,/+('/0 E'$4 % /5E %CC"#%-4

$4%$ ,;5; % -#C,(% $# "5C"5;5/$ $45 +';$"'&,$'#/ #* -#/;,25" :%(,5; *#" $E# C"#+,-$; ;#(+

&) % 2,($'C"#+,-$ 2#/#C#(';$8 F -#C,(% '; % *,/-$'#/ $4%$ -#,C(5; 2%"0'/%( +';$"'&,$'#/;

#* "%/+#2 :%"'%&(5; $# *#"2 % `#'/$ +';$"'&,$'#/?= 2%N'/0 '$ ;$"%'04$*#"E%"+ $# :%") +5D

C5/+5/-5 E4'(5 4#(+'/0 2%"0'/%( +';$"'&,$'#/; -#/;$%/$8 F ;$%/+%"+ 25%/; $# +5;-"'&5

$45 +5C5/+5/-5 #* "%/+#2 :%"'%&(5; '/ 2#+5"/ ;$%$';$'-;? -#C,(%; "5-5/$() 4%:5 *#,/+ ,;5D

*,( %CC('-%$'#/; '/ 5-#/#2'-;? '/-(,+'/0? *#" '/;$%/-5? $45 2#+5('/0 #* !/%/-'%( $'25 ;5"'5;

R!%$$#/? @AA>S? #* C"#+,-$ +' 5"5/$'%$'#/ R345/ %/+ 9'#"+%/? @AA>? @A=AS? %/+ #* '/$5"$52D

C#"%( +5C5/+5/-5 #* -#/;,25" :%(,5; R345/ %/+ !5%"-)? @A=AS8 F; E5 ;4#E '/ $4'; C%C5"?

$45 -#C,(% %CC"#%-4 %(;# 4%; '2C#"$%/$ %+:%/$%05; *#" ,/+5";$%/+'/0 $45 C"#!$%&'('$) #*

=F--#"+'/0 $# QN(%"a; I45#"52 %/) `#'/$ +';$"'&,$'#/ -%/ &5 -#/;$",-$5+ $4'; E%) R_5(;5/? @AA[S8

=

C"#+,-$ &,/+('/08 T$ 5/%&(5; /5E %/+ ;$"#/05" %/%()$'-%( "5;,($; $4%$ %"5 '/:%"'%/$ $# $45

2%"0'/%( +';$"'&,$'#/; #* -#/;,25" :%(,5; %/+ $4%$ -#:5" % &"#%+5" "%/05 #* +5C5/+5/-5

-#/+'$'#/; ,/+5" E5%N5" $5-4/'-%( %;;,2C$'#/;8

U," &%;'- %/%()$'-%( "5;,($ '; % 05/5"%( ;, -'5/$ -#/+'$'#/ *#" $45 ;$"'-$ C"#!$%&'('$) #*

2'G5+ &,/+('/0? %/%(#0#,; $# $45 #/5 '/ 6-F*55? 6-6'((%/? %/+ H4'/;$#/ R=Z>ZS8 I45

/'-5 C"#C5"$) #* #," -#/+'$'#/ '; $4%$ '$ '; ;$%$5+ ;#(5() '/ $5"2; #* $45 -#C,(%8 F; ;,-4? $45

-#/+'$'#/ '; '/:%"'%/$ $# $45 *,/-$'#/%( *#"2 #* 2%"0'/%( +';$"'&,$'#/; #* :%(,5;? E4'-4 ';

% 2%`#" %+:%/-58 I45 -#/+'$'#/ '225+'%$5() '2C('5; 4'045" C"#!$ ,/+5" 2'G5+ &,/+('/0

$4%/ ,/+5" ;5C%"%$5 ;5(('/0 '* :%(,5; *#" $45 $E# C"#+,-$; %"5 '/+5C5/+5/$() +';$"'&,$5+? %/+?

'/ %++'$'#/? %((#E; ,; $# +5:5(#C -(5%" %/%()$'-%( "5;,($; ,/+5" -#/+'$'#/; #* /50%$':5 %/+

C#;'$':5 +5C5/+5/-58 <,"$45"2#"5? $45 -#/+'$'#/ '; % C#E5"*,( $##( *#" 5:%(,%$'/0 $45 C"#*D

'$%&'('$) #* &,/+('/0 +'"5-$() *#" -(%;;5; #* `#'/$ +';$"'&,$'#/; R%/%()$'-%(() #" /,25"'-%(()S8

H4'(5 '$ 2'04$ &5 ;$"%'04$*#"E%"+ $# :5"'*) /,25"'-%(() $45 ;, -'5/$ -#/+'$'#/ '/ 6-F*55?

6-6'((%/? %/+ H4'/;$#/ R=Z>ZS *#" % C%"$'-,(%" C%"%25$"'- `#'/$ +';$"'&,$'#/ *,/-$'#/? #,"

-#/+'$'#/? E4'-4 -#2C,$5; #/ $45 ,/'$ ;Y,%"5 %/ '/+'-%$#" *,/-$'#/ +5$5"2'/5+ 5/$'"5() &)

$45 -#C,(%? 4%; $45 %+:%/$%05 #* %CC()'/0 $# 5/$'"5 *%2'('5; #* `#'/$ +';$"'&,$'#/ *,/-$'#/;

*#"25+ &) :%")'/0 $45 2%"0'/%( +';$"'&,$'#/; %/+ &) -#/;'+5"'/0 -#C,(% *%2'('5; E'$4 ;, D

-'5/$ +5C5/+5/-5 C"#C5"$'5;8 I4'; 05/5"%(() '; 2,-4 5%;'5" $4%/ '/+':'+,%(() -45-N'/0 $45

'/!/'$5() 2%/) `#'/$ +';$"'&,$'#/; 05/5"%$5+ *"#2 % -#C,(% &) :%")'/0 $45 2%"0'/%( +';$"'&D

,$'#/;? #" -45-N'/0 $45 "%/05 #* `#'/$ +';$"'&,$'#/; 05/5"%$5+ &) :%")'/0 $45 -#C,(% E'$4'/

% *%2'() *#" 0':5/ 2%"0'/%(;8 6#"5#:5"? QN(%"a; I45#"52 ;%); $4%$ %/) `#'/$ +';$"'&,$'#/

4%; %/ %;;#-'%$5+ -#C,(%? %/+ '$ ,;,%(() '; ;$"%'04$*#"E%"+ E'$4 % -4%/05 #* :%"'%&(5; $#

-#/;$",-$ $45 %;;#-'%$5+ -#C,(% *"#2 C"'2'$':5 `#'/$ %/+ 2%"0'/%( +';$"'&,$'#/; R_5(;5/?

@AA[S8

H5 !";$ %CC() #," 05/5"%( -#/+'$'#/ $# $45 -%;5 E45"5 -#/;,25" :%(,5; *#" $45 $E#

C"#+,-$; %"5 /50%$':5() +5C5/+5/$8 PG$5/+'/0 O#/0 R=Z>^S? E5 +52#/;$"%$5 $4%$ 2'G5+

&,/+('/0 05/5"%(() '; 2#"5 C"#!$%&(5 $4%/ ;5C%"%$5 ;5(('/0 E45/ :%(,5; *#" $45 $E# C"#+,-$;

%"5 /50%$':5() +5C5/+5/$? E'$4#,$ %;;,2'/0 % -#/$'/,#,; `#'/$ +5/;'$)8 T/$,'$':5()? ;$%"$'/0

*"#2 $45 #C$'2%( C"'-5; ,/+5" ;5C%"%$'/0 ;5(('/0? -#/;'+5" %++'/0 % &,/+(5 $# $45 !"2a;

# 5"'/0; E'$4 % ;2%(( +';-#,/$ "5(%$':5 $# $45 ;,2 #* '$; '/+':'+,%( C"'-5;8 I4'; "5+,-5;

$45 !"2a; C"#!$ *"#2 -#/;,25"; E4# E5"5 %("5%+) C,"-4%;'/0 &#$4 0##+; ,/+5" ;5C%"%$5

;5(('/0? &,$ '/-"5%;5; $45 !"2a; C"#!$ *"#2 -#/;,25"; E4# ;E'$-4 *"#2 C,"-4%;'/0 #/() #/5

0##+ $# C,"-4%;'/0 &#$4 0##+;8 B/+5" /50%$':5 +5C5/+5/-5? % 4'04 :%(,5 *#" #/5 C"#+,-$ ';

2#"5 ('N5() $# &5 %;;#-'%$5+ E'$4 (#E :%(,5; *#" $45 #$45"8 I4'; ;,005;$; $4%$? E4'(5 /#$ $##

2%/) -#/;,25"; C,"-4%;5 &#$4 C"#+,-$; ,/+5" ;5C%"%$5 ;5(('/0? $45"5 2%) &5 % "5(%$':5()

@

(%"05 /,2&5" #* -#/;,25"; #/ $45 2%"0'/? C,"-4%;'/0 #/5 C"#+,-$ &,$ /#$ $45 #$45" ,/+5"

;5C%"%$5 ;5(('/0? E4# %"5 C5";,%+5+ $# C,"-4%;5 $45 &,/+(5 *#" % ;2%(( +';-#,/$? ;# $4%$

$45 ;5-#/+ 5 5-$ %&#:5 '; 2#"5 ('N5() $# +#2'/%$58 U," %/%();'; ;4#E; $4'; '; '/+55+ $45

-%;5 ,/+5" /50%$':5 +5C5/+5/-58 I45 "5;,($ %/+ '$; ('2'$%$'#/; %"5 %(;# '((,;$"%$5+ E'$4 %

C%"%25$5"'V5+ *%2'() #* -#C,(%;8

H5 $45/ -#/;'+5" $45 -%;5 #* C#;'$':5 +5C5/+5/-5? *#" E4'-4 2,-4 (5;; '; N/#E/ %&#,$ $45

C"#!$%&'('$) #* &,/+('/0 ,/+5" 05/5"%( +';$"'&,$'#/;8 H5 ;4#E $4%$ 2'G5+ &,/+('/0 %-4'5:5;

4'045" C"#!$ $4%/ ;5C%"%$5 ;5(('/0 '* C#;'$':5 +5C5/+5/-5 '; /#$ $## 0"5%$? &) +5"':'/0 %

&#,/+ #/ $45 +50"55 #* C#;'$':5 +5C5/+5/-5 $4%$ '; %((#E5+8 I45 &#,/+ '; '/+5C5/+5/$

#* $45 -#C,(%? %/+ '$ $4,; %CC('5; $# %"&'$"%") `#'/$ +';$"'&,$'#/;8 .) +';5/$%/0('/0 $45

+5C5/+5/-5 "5(%$'#/;4'C *"#2 $45 2%"0'/%( +';$"'&,$'#/;? $45 -#C,(% %CC"#%-4 5/%&(5; ,;

$# 5:%(,%$5 $45 C"#!$ 5 5-$; #* &,/+('/0 *"#2 % /5E C5";C5-$':5? %/+ 45"5 '$ "5;,($; '/ %

/5E 05/5"%( C"#!$%&'('$) -#/+'$'#/ 5:5/ $4#,04 $45 /5$ 5 5-$ '; /#$ %; -(5%"D-,$ %; ,/+5"

/50%$':5 +5C5/+5/-58 H5 %(;# "5%-4 % ;$"#/05" -#/-(,;'#/ *#" % /,2&5" #* /#$%&(5 -#C,(%

*%2'('5;? *#" E4'-4 2'G5+ &,/+('/0 '; %(E%); 2#"5 C"#!$%&(5 $4%/ ;5C%"%$5 ;5(('/0 *#" $45

5/$'"5 "%/05 #* C#;'$':5 +5C5/+5/-5? ;4#"$ #* C5"*5-$ +5C5/+5/-58@

H5 *,"$45" 5G$5/+ $45 $E#DC"#+,-$ 2#/#C#() 2#+5( '/ $E# +'"5-$'#/;8 <'";$? E5 -#/;'+5"

% 2,($'C"#+,-$ 2#/#C#(';$ ;5(('/0 %/) /,2&5" #* 0##+;8 T* -#/;,25" :%(,5; *#" %$ (5%;$ $E#

#* $45 0##+; %"5 /50%$':5() +5C5/+5/$? '/+5C5/+5/$? #" 4%:5 ('2'$5+ C#;'$':5 +5C5/+5/-5?

$45/ ;#25 *#"2 #* &,/+('/0? *#" '/;$%/-5 ;5(('/0 $E# #* $45 0##+; '/ % &,/+(5 E4'(5 %(;#

# 5"'/0 %(( 0##+; #/ % ;$%/+%(#/5 &%;';? '; 2#"5 C"#!$%&(5 $4%/ ;5C%"%$5 ;5(('/08 H5 %(;# -#/D

;'+5" ;'$,%$'#/; '/ E4'-4 % 2,($'C"#+,-$ !"2 -#2C5$5; %0%'/;$ % ;'/0(5DC"#+,-$ "':%(? E'$4

$45 2,($'C"#+,-$ !"2 C"#+,-'/0 $E# +';$'/-$ C"#+,-$;? %/+ $45 ;'/0(5DC"#+,-$ -#2C5$'$#"

C"#+,-'/0 % +' 5"5/$'%$5+ :5";'#/ #* #/5 #* $4528 B/+5" ;'2'(%" +5C5/+5/-5 -#/+'$'#/; %;

*#" % 2,($'C"#+,-$ 2#/#C#()? $45 2,($'C"#+,-$ !"2 #C$'2%(() -4##;5; &,/+('/0 '/ 5Y,'('&D

"',2? "50%"+(5;; #* $45 +5C5/+5/-5 "5(%$'#/;4'C &5$E55/ $45 $E# +' 5"5/$'%$5+ :5";'#/; #*

$45 C"#+,-$ $4%$ &#$4 !"2; C"#+,-58

!"#+,-$ &,/+('/0 '; % *%2'('%" 2%"N5$'/0 C"%-$'-5 '/ 2#+5"/ 5-#/#2'5;8 6'G5+ &,/+('/0?

*#" 5G%2C(5? '; ,;5+ &) -%&(5 -#2C%/'5; $# # 5" T/$5"/5$ %/+ $5(5:';'#/ ;5":'-5;? &) 6-b#/D

%(+a; $# # 5" &,"05"; %/+ *"'5;? %/+ &) $#," -#2C%/'5; $# # 5" ;'04$D;55'/0 C"#+,-$;8 I45

"5-5/$ 52C'"'-%( '/+,;$"'%( #"0%/'V%$'#/ ('$5"%$,"5 4%; 5G%2'/5+ &,/+('/0 #* -%&(5 IW -4%/D

/5(; R3"%E*#"+ %/+ 1,",N#0(, @A=@S? $45%$5" $'-N5$; R34,? O5;('5 %/+ Q#"5/;5/ @A==S? %/+

:'+5#D"5/$%( +';$"'&,$'#/ R7#? 7#? %/+ 6#"$'25" @A==S8 .) +52#/;$"%$'/0 $45 C"#!$%&'('$)

#* &,/+('/0 '/ ;5$$'/0; ;,&;$%/$'%(() 2#"5 05/5"%( $4%/ C"5:'#,;() ;4#E/? $4'; C%C5" 45(C;

@ T/ $45 ('2'$'/0 -%;5 #* C5"*5-$ +5C5/+5/-5? 2'G5+ &,/+('/0 4%; $45 ;%25 C"#!$ %; ;5C%"%$5 ;5(('/08

\

*,"$45" ,/+5";$%/+ $45 C#C,(%"'$) #* ;,-4 C"%-$'-5;8

I45 "5;$ #* $45 C%C5" '; #"0%/'V5+ %; *#((#E;8 Q5-$'#/ @ ;5$; ,C % &%;'- 2#+5( #* %

2#/#C#() C"#+,-'/0 $E# 0##+;? %/+ '/$"#+,-5; $45 -#C,(% %CC"#%-4 $# "5C"5;5/$'/0 $45

`#'/$ +';$"'&,$'#/ #* -#/;,25" :%(,5; *#" $45 0##+; $4%$ +5$5"2'/5; +52%/+8 Q5-$'#/ \

5;$%&(';45; % N5) (522% $4%$ C"#:'+5; % 05/5"%( ;, -'5/$ -#/+'$'#/ *#" $45 C"#!$%&'('$)

#* 2#/#C#() &,/+('/08 I45 (522% *#-,;5; ;Y,%"5() #/ $45 C"#C5"$'5; #* $45 -#C,(%? %/+

'; 52C(#)5+ '/ ;,&;5Y,5/$ ;5-$'#/; '/ :%"'#,; E%);8 Q5-$'#/; ^ %/+ c ;$,+) "5;C5-$':5()

-%;5; E45"5 -#/;,25" :%(,5; *#" $45 $E# C"#+,-$; %"5 /50%$':5() +5C5/+5/$ %/+ C#;'$':5()

+5C5/+5/$8 Q5-$'#/ [ 5G$5/+; $45 "5;,($; $# % 2,($'C"#+,-$ 2#/#C#() ;5(('/0 %/) /,2&5" #*

0##+;? %/+ Q5-$'#/ ] $# 2%"N5$; E45"5 % 2,($'C"#+,-$ !"2 -#2C5$5; %0%'/;$ % +' 5"5/$'%$5+

;'/0(5DC"#+,-$ "':%(8 Q5-$'#/ > -#/-(,+5; E'$4 +'"5-$'#/; *#" *,"$45" "5;5%"-48

2) 3!4*1 5.+.6.78 5./97

U," 2#+5( #* C"#+,-$ &,/+('/0 &) % 2#/#C#(';$ 45E; -(#;5() $# $45 &%;'- *"%25E#"N #*

Q$'0(5" R=Z[\S? F+%2; %/+ 15((5/ R=Z][S? Q-42%(5/;55 R=Z>^S? O#/0 R=Z>^S %/+ 6-F*55?

6-6'((%/? %/+ H4'/;$#/ R=Z>ZS8 I45"5 %"5 $E# 0##+;? d %/+ 18 I45 ;'V5 #* -#/;,25"

C#C,(%$'#/ '; /#"2%('V5+ $# =8 P%-4 -#/;,25" +52%/+; %$ 2#;$ #/5 ,/'$ #* 5%-4 0##+? %/+

45" -#/;,2C$'#/ #* #/5 +#5; /#$ % 5-$ 45" +52%/+ *#" $45 #$45"8 F -#/;,25"a; :%(,5 *#" d

'; %/+ *#" 1 '; E'$4 2%"0'/%( +';$"'&,$'#/; ! " %/+ ! " #/ "5;C5-$':5 ;,CC#"$; # $%

%/+ # $% E'$4 -#""5;C#/+'/0 +5/;'$) *,/-$'#/; ! " & %/+ ! " & #/ ! $" %/+ ! $"

*#" $ %/+ $ 8 I45 :%(,5 #* $45 #,$;'+5 #C$'#/ '; /#"2%('V5+

$# V5"#8 I45 -#/;$%/$ 2%"0'/%( -#;$; *#" d %/+ 1 %"5 %/+ "5;C5-$':5()8 I45 :%(,5

#* $E# 0##+; $#05$45" '; ' E'$4 2%"0'/%( -#;$ ' L $4,; $4'; *"%25E#"N ",(5; #,$

C"#+,-$ -#2C(525/$%"'$) #" 5-#/#2'5; #* ;-%(5 %; 5GC(%/%$'#/; *#" &,/+('/08\ 95;%(5 '; /#$

C#;;'&(5? %/+ $45 !"2 -%//#$ C"5:5/$ -#/;,25"; *"#2 C,"-4%;'/0 &#$4 d %/+ 1 ;5C%"%$5()8^

F &5/-42%"N *#" 5:%(,%$'/0 $45 C"#!$%&'('$) #* &,/+('/0 '; $45 C"#!$ *"#2 ;'2C(5 2#/#C#()

C"'-'/0 E45/ $45 $E# 0##+; %"5 ;#(+ ;5C%"%$5()8 F -#/;,25" -%/ &5 "5C"5;5/$5+ &) % C#'/$

! " ! E'$4 :%(,5; ! " ( "! " %/+ ! " ( "! " *#" $45 $E# 0##+;8 T* d %/+

1 %"5 ;#(+ ;5C%"%$5() %$ C"'-5; %/+ ? -#/;,25"; E'(( C,"-4%;5 d '* ! " #" 5Y,':D

%(5/$() ! "? %/+ E'(( C,"-4%;5 1 '* ! " I45"5*#"5? 2#/#C#() C"'-5; *#" d

\H4'(5 E5 *#((#E $4'; 2%'/$%'/5+ %;;,2C$'#/ '/ 2,-4 #* $45 ('$5"%$,"5 $# *%-'('$%$5 $45 -#2C%"';#/;? $45"5%"5 %(;# 2%/) ;'$,%$'#/; E45"5 0##+; %"5 ;,&;$'$,$5; #" -#2C(525/$;8 Q55? *#" 5G%2C(5? O5E&5( R=Z>cS %/+F"2;$"#/0 R@A=AS *#" %/%();5; #* &,/+('/0 -#2C(525/$; %/+ ;,&;$'$,$5;8

^6-F*55? 6-6'((%/? %/+ H4'/;$#/ R=Z>ZS %(;# ;$,+) $45 e2#/'$#"'/0 -%;5e E'$4 /# "5;%(5? *#" E4'-4$45 !"2 -%/ C"5:5/$ -#/;,25"; *"#2 C,"-4%;'/0 &#$4 0##+; ;5C%"%$5()? %/+ *#" E4'-4 $45) -#/-(,+5 $4%$&,/+('/0 05/5"%(() '; C"#!$%&(58

^

%/+ 1 ,/+5" ;5C%"%$5 ;5(('/0 "5;C5-$':5() ;%$';*) )*+,)- !! "#. ! "%" %/+)*+,)- !! "#. ! "%"8 <#((#E'/0 6-F*55? 6-6'((%/? %/+ H4'/;$#/ R=Z>ZS?

E5 %;;,25 '/$5"'#" ;#(,$'#/; ,/+5" ;5C%"%$5 ;5(('/0Kc

!##:;<$=>? ( %/+ ;%$';*) $45 !";$D#"+5" -#/+'$'#/;

. ! " ! " ! " ( & R=S

. ! " ! " ! " ( & R@S

E'$4 & ! " & %/+ & ! " .8

<#" %/) 0':5/ ! " %/+ ! "? %/+ %"5 0':5/? %; %"5 ! " %/+ ! "8

<#" 0':5/ ! " E5 ;4%(( -%(( %/) ! " *#" E4'-4 F;;,2C$'#/ = 4#(+; !"#$%%$&'(8[

U," C#'/$ #* +5C%"$,"5 *"#2 $45 C"5:'#,; ('$5"%$,"5 #/ &,/+('/0 '; $# ,;5 % -#C,(% $#

+5;-"'&5 $45 C#C,(%$'#/ #* -#/;,25";8] T/$5"C"5$'/0 ! " ! %; % -#/;,25" $)C5? $45

C#C,(%$'#/ #* -#/;,25"; '; +5;-"'&5+ &) % -#C,(% ! "8 F -#C,(% '; % &':%"'%$5 ,/'*#"2

+';$"'&,$'#/ $4%$ f-#,C(5;g %"&'$"%") 2%"0'/%( +';$"'&,$'#/; $# *#"2 % /5E `#'/$ +';$"'&,$'#/8

.) QN(%"a; I45#"52? '$ '; E'$4#,$ (#;; #* 05/5"%('$) $# "5C"5;5/$ $45 `#'/$ +';$"'&,$'#/ #*

-#/;,25" :%(,5; *#" $45 $E# C"#+,-$; &) % -#C,(% %/+ $45 2%"0'/%( +';$"'&,$'#/; R_5(;5/?

@AA[S8> Q$%/+%"+ ,/'*#"2 2%"0'/; *#" %/+ '2C() ! ." ( %/+ !. " ( 8 F

-#C,(% %++'$'#/%(() ;%$';!5; ! &" ( & ( !& "8 O5$ ( ! " %/+ ( ! "? %/+

+5/#$5 $45 -#C,(% %;;#-'%$5+ E'$4 $45 `#'/$ +';$"'&,$'#/ #* ! " &) ! " I45/ $45 `#'/$

+';$"'&,$'#/ #* ! " '; ! ! " ! ""8 I45 C%"$'%( +5"':%$':5;? "! " ! " %/+

!! " ! " ? 5G';$ %(2#;$ 5:5")E45"58 <,"$45"2#"5? "! " '; $45 -#/+'$'#/%(

+';$"'&,$'#/ #* 0':5/ ? %/+ !! " '; $45 -#/+'$'#/%( +';$"'&,$'#/ #* 0':5/ 8Z

B/+5" &,/+('/0? d %/+ 1 %"5 ;#(+ '/+':'+,%(() %$ C"'-5; %/+ ? "5;C5-$':5()? %/+ $45 d1

&,/+(5 '; ;#(+ %$ C"'-5 ' 8 !,"5 &,/+('/0 '; % +505/5"%$5 -%;5 '/ E4'-4 %/+ %"5

4'04 5/#,04 $# -4#N5 # $45 ;$%/+%(#/5 ;%(5;? E4'(5 2'G5+ &,/+('/0 %+2'$; &#$4 &,/+(5+c T* %/+ %"5 /#$ $## 2,-4 %&#:5 $45 2%"0'/%( -#;$;? $45/ %/+ E'(( &5 '/$5"'#" :%(,5; ;%$';*)'/0

R=S %/+ R@S &5(#E8[I45 2%"0'/%( -#;$; -%/ &5 /#"2%('V5+ $# V5"# E'$4#,$ (#;; #* 05/5"%('$)8 H'$4 $4'; /#"2%('V%$'#/? %/+%"5 '/$5"C"5$5+ %; -#/;,25" :%(,5; /5$ #* 2%"0'/%( -#;$;? %/+ ? ? %/+ %"5 '/$5"C"5$5+ %; 2%"N,C;8]F/ 5G-5C$'#/ '; 34,? O5;('5? %/+ Q#"5/;5/ R@A==S E4# ,;5 % h%,;;'%/ -#C,(% $# 2#+5( ('2'$5+ -#""5(%$'#/

*#" +' 5"5/$ 2%"0'/%( +';$"'&,$'#/ *,/-$'#/;8>QN(%"a; I45#"2 4#(+; %(;# *#" 2#"5 $4%/ $E# :%(,5;? E45"5 %/) `#'/$ +';$"'&,$'#/ -%/ &5 "5C"5;5/$5+ &)

2%"0'/%( +';$"'&,$'#/; %/+ % 2,($':%"'%$5 -#C,(% R_5(;5/? @AA[S8 H5 E'(( ,;5 $4'; $# 05/5"%('V5 #," "5;,($;$# ! C"#+,-$; %/+ $# &,/+('/0 ,/+5" -#2C5$'$'#/8

Z T/ $45 C%;$ $E5/$) )5%"; #" ;#? '$ 4%; &5-#25 ;$%/+%"+ '/ ;$%$';$'-; $# ,;5 -#C,(%; $# +5;-"'&5 $45 +5C5/D+5/-5 #* "%/+#2 :%"'%&(5;8 I45 %/%()$'-%( ,$'('$) #* -#C,(%; '; $4%$ +5C5/+5/-5 -%/ &5 :%"'5+ E4'(5 4#(+'/0-#/;$%/$ $45 2%"0'/%( +';$"'&,$'#/; #* $45 "%/+#2 :%"'%&(5;8 F/ 5G-5((5/$ ;,":5) #* $45;5 +5:5(#C25/$; ';*#,/+ '/ _5(;5/ R@AA[S8

c

%/+ ;5C%"%$5 ;%(5;8 3#/;,25"; %"5 E'(('/0 $# C,"-4%;5 $45 &,/+(5 '* ! " ' ! "

,)- !& ! " ! " "? d %(#/5 '* ! " & %/+ ! " ? %/+ 1 %(#/5 '*

! " & %/+ ! " 8 3#/;5Y,5/$()? +52%/+; *#" 5%-4 0##+ %/+ $45 &,/+(5 %$ %/

'/$5"'#" ;#(,$'#/ %"5? "5;C5-$':5()K =A

! " ! " ! ! " ! ""/ R\S

! " ! " ! ! " ! ""/ R^S

! "! # $

# $ #. "! ! ! ""% ' #. ! "% ! " RcS

I45"5*#"5? $45 C"#!$ *,/-$'#/ ,/+5" 2'G5+ &,/+('/0 ';

! " ( ! " ! " ' ! " ! " ' ! " ! " R[S

I45 2,($'C"#+,-$ 2#/#C#(';$ -4##;5; ! " $# 2%G'2'V5 C"#!$ ;,&`5-$ $# '

.,/+('/0 4%; 4'045" C"#!$ $4%/ ;5C%"%$5 ;5(('/0 '* ' %$ $45 ;#(,$'#/8 T* ( ' ?

$45/ C"#!$ '; $45 ;%25 %; ,/+5" ;5C%"%$5 ;5(('/08

@) 6-97*5*+!-8 -9407,4

U," %CC"#%-4 $# !/+'/0 % ;, -'5/$ -#/+'$'#/ *#" $45 C"#!$%&'('$) #* &,/+('/0 '; ;'2'(%" $#

O#/0 R=Z>^S %/+ 6-F*55? 6-6'((%/? %/+ H4'/;$#/ R=Z>ZS8 Q$%"$'/0 %$ 2#/#C#() C"'-'/0

,/+5" ;5C%"%$5 ;5(('/0? $45 %/%();'; %;N; E45$45" '$ '; R;$"'-$()S C"#!$%&(5 $# +';-#,/$ $45

&,/+(5 &) % ;2%(( %2#,/$8== I4,; -#/;'+5" $45 C"#!$ *,/-$'#/

! " ! ' "

*#" &8 T* ! " !&" *#" ;#25 ;2%(( C#;'$':5 ? $45/ ;#25 *#"2 #* &,/+('/0 2,;$

&5 C"#!$%&(5 -#2C%"5+ $# ;5C%"%$5 ;5(('/08 T* ! " '; +' 5"5/$'%&(5 %$ ! ' "?

$45/ # !&" & '; % ;, -'5/$ -#/+'$'#/8

I45 *#((#E'/0 (522% '; C"#:5+ &) "5(%$'/0 $45 ;'0/ #* #!&" $# $45 C"#C5"$'5; #* $45 -#C,(%8

T/+55+? #!&" 4%; $45 ;%25 ;'0/ %;

=AF((#E%/-5 *#" -#"/5" ;#(,$'#/;? '/ E4'-4 +52%/+ *#" %/) #* $45 $4"55 #C$'#/; '; V5"#? '; % ;$"%'04$*#"E#"+5G$5/;'#/ #* $45;5 *#"2,(%;8 9'52%// '/$50"%&'('$) #* !" " " ## '/ $45 *#"2,(% *#" "5Y,'"5;-#/$'/,'$) %(2#;$ 5:5")E45"5? %; '/ $45 -%;5; #* C#;'$':5 #" /50%$':5 +5C5/+5/-5 5G%2'/5+ &5(#E8==6-F*55? 6-6'((%/? %/+ H4'/;$#/ R=Z>ZS %(;# -#/;'+5"5+ "%';'/0 #/5 #* $45 ;$%/+%(#/5 C"'-5; &) % ;2%((

%2#,/$? E4'-4 )'5(+; %/ 5Y,':%(5/$ -#/+'$'#/ *#" C"#!$%&'('$)8 O#/0 R=Z>^S C"#:5+ 4'; "5;,($ &) '/$5"C"5$'/02'G5+ &,/+('/0 %; % $E#DC%"$ $%"' %/+ +5"':'/0 -#/+'$'#/; ,/+5" E4'-4 '$ '; C"#!$%&(5 $# "%';5 $45 !G5+*55 %&#:5 V5"#8 I4'; '; 5Y,':%(5/$ $# "%';'/0 $45 ;$%/+%(#/5 C"'-5; !)" $45 &,/+(5 C"'-5 %(( &) ? E4'-4 %(;#)'5(+; %/ 5Y,':%(5/$ -#/+'$'#/8

[

! " !. " #. " ! "% ' !. " #. ! ! "% $! " R]S

E45"5$! " . ' ! "

$! " '; $45 `#'/$ ;,":':%( *,/-$'#/ *#" $E# ;$%/+%"+ ,/'*#"2 "%/+#2 :%"'%&(5; E4#;5 `#'/$

+';$"'&,$'#/ '; ! "? '858? $45 C"#&%&'('$) $4%$ % -#/;,25"a; :%(,5; *#" d %/+ 1 %"5 %&#:5

! " %/+ ! " "5;C5-$':5() R_5(;5/? @AA[S8 I45 (522% C"#:'+5; % 05/5"%( ;, -'5/$ '/+'-%$#"

*#" $45 C"#!$%&'('$) #* C"#+,-$ &,/+('/0 '/ $5"2; #* $45 +5C5/+5/-5 #* -#/;,25" :%(,5; %;

;,22%"'V5+ &) $45 -#C,(%8

7A;;& ( *!+ ,-. !)/ 0$1() !"#$%%$&'( ! " &2)"'$)0 $% %3.$43'/ #-.( 5.-!3!&'( 36!)

%(5!.!3( %(''$)0 $7 ! " &8=@ *&+ 97 ! " & 7-. *!'#-%3+ !'' ! " $)3 !: 36()

&2)"'$)0 $% %3.$43'/ #-.( 5.-!3!&'( 36!) %(5!.!3( %(''$)0 7-. *!'#-%3+ !'' !"#$%%$&'( ! "8

6%>>B) R%S 6'G5+ &,/+('/0 '; ;$"'-$() 2#"5 C"#!$%&(5 $4%/ ;5C%"%$5 ;5(('/0 '* # !&" &

H5 4%:5

#!&" ( ! "! ' "

! "! ' "

! ' "! ' "

! ' "

<"#2 R\S? R^S? %/+ RcS? ;'2C(5 +' 5"5/$'%$'#/ %/+ ;,&;$'$,$'#/ )'5(+K

#!&" ( ! " ! " #. " ! ! " ! ""% ' ! " ! " #. ! ! ! " ! ""%

#. ! " ! " ' ! ! " ! ""%

B;'/0 !";$ #"+5" -#/+'$'#/; R=S %/+ R@S? %/+ ;,&;$'$,$'/0 ( ! " %/+ ( ! "? E5

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

R&S ! " 5G';$; %(2#;$ 5:5")E45"5 #/ '/$ !8 I45"5*#"5? '* ! " & %(2#;$ 5:5")D

E45"5? $45/ &,/+('/0 /5-5;;%"'() '; C"#!$%&(5 *#" %(2#;$ %(( %+2';;'&(5 ! "8 <,"$45"2#"5?

'* ! " & 5:5")E45"5 #/ '/$ !? $45/ &,/+('/0 2,;$ &5 C"#!$%&(5 *#" %(( %+2';;'&(5

! "8

O522% =R%S '; %/%(#0#,; $# 6-F*55? 6-6'((%/? %/+ H4'/;$#/ R=Z>ZSa; 05/5"%( ;, -'5/$

-#/+'$'#/ *#" C"#!$%&(5 &,/+('/0 *#" % 0':5/ `#'/$ +';$"'&,$'#/ *,/-$'#/? &,$ ,;5; $45 -#C,(%=@ " # $ '2C('-'$() "5Y,'"5; !" # %/+ " " # $# 5G';$ %$ " # E4'-4 '; %(2#;$ ;,"5() ;%$';!5+

;'/-5 " # '; +' 5"5/$'%&(5 %(2#;$5 5:5")E45"5 R_5(;5/? @AA[S8 6-F*55? 6-6'((%/ %/+ H4'/;$#/ R=Z>ZS$%N5 % ;$5C *,"$45"? '2C('-'$() %;;,2'/0 $4%$ !" # R#" " " ## 5G';$; *#" %(( R#" *#" %(( #

]

!"#$%&'

(

( )sG q

( )sF p

( )sG q

( )sF p

a

b

e

c

d

f g

!"#$ =8 6#/#C#() 6'G5+ .,/+('/0 E'$4 % Q2%(( b';-#,/$ *#" $45 .,/+(5

$# +5;-"'&5 -#/;,25" C"5*5"5/-5; E4'(5 %(;# "5(%G'/0 $5-4/'-%( -#/+'$'#/;8 Q#25 '/$,'$'#/

'; 0%'/5+ *"#2 <'08 =? E4'-4 2%C; 6-F*55? 6-6'((%/? %/+ H4'/;$#/ R=Z>ZSa; <'0,"5 TTT

$# $45 -#/;,25" $)C5 ;C%-5 R !S8 I45 -#/+'$'#/ ! " & E5'04; $E# 5 5-$; #* %

:%/';4'/0() ;2%(( +';-#,/$ #* $45 d1 &,/+(5 "5(%$':5 $# ;5C%"%$5 C"'-'/08 I45 /50%$':5

!";$D#"+5" 5 5-$ #* %/ +';-#,/$ '; $# (#E5" $45 C"'-5 $# $4#;5 -#/;,25"; C,"-4%;'/0 &#$4

C"#+,-$; ,/+5" ;5C%"%$5 C"'-'/0? -#""5;C#/+'/0 $# %"5% !(& '/ $45 !0,"5 %/+ $# $45 `#'/$

;,":':%( $5"2 $! " '/ $45 +5!/'$'#/ #* ! "8 I45 C#;'$':5 5 5-$ '; $# -%,;5 ;#25

-#/;,25"; C,"-4%;'/0 % ;'/0(5 C"#+,-$ ,/+5" ;5C%"%$5 C"'-'/0 $# C,"-4%;5 $45 &,/+(5 '/D

;$5%+? -#""5;C#/+'/0 $# %"5% &4"( %/+ !(70 %/+ $# $45 "52%'/'/0 $5"2; #* ! "8 I45

(522% ;$%$5; % 05/5"%( -#/+'$'#/ *#" $45 C#;'$':5 5 5-$ $# #,$E5'04 $45 /50%$':5 5 5-$ %;

0#5; $# V5"#8

O522% =R&S C"#:'+5; %/ 5(50%/$? C#E5"*,(? %/+ ,;5*,( 05/5"%( -#/+'$'#/ *#" $45 C"#!$%&'(D

'$) #* &,/+('/08 F;;,2'/0 %/ '/$5"'#" ;#(,$'#/ $# $45 2#/#C#() ;5C%"%$5DC"'-'/0 C"#&(52?

'$ ;$%$5; % ;, -'5/$ -#/+'$'#/ *#" C"#!$%&(5 &,/+('/0 #/() '/ $5"2; #* $45 -#C,(%8 I45 -#/D

+'$'#/ +';C5/;5; E'$4 % `#'/$ +5/;'$) *,/-$'#/? +#5; /#$ +5C5/+ #/ 2%"0'/%( -#;$;? %/+ '; %

;, -'5/$ -#/+'$'#/ *#" $45 C"#!$%&'('$) #* &,/+('/0 *#" %(( %+2';;'&(5 2%"0'/%( +';$"'&,$'#/;

"%$45" $4%/ `,;$ *#" % 0':5/ `#'/$ C"#&%&'('$) +';$"'&,$'#/8 <,"$45"2#"5? $45 -#/+'$'#/ -%/

&5 :5"'!5+ /,25"'-%(() *#" % 0':5/ -#C,(% &) 5:%(,%$'/0 %/ '/+'-%$#" *,/-$'#/ #/ $45 ,/'$

;Y,%"58

O522% = '225+'%$5() 5;$%&(';45; $45 6-F*55? 6-6'((%/? %/+ H4'/;$#/ R=Z>ZS "5;,($

$4%$ C"#+,-$ &,/+('/0 '; #C$'2%( ,/+5" '/+5C5/+5/-58

6%><>#=$=>? ( C*?DA<A?DA?'AE ,-. !)/ !"#$%%$&'( ! " &2)"'$)0 $% %3.$43'/ #-.( 5.-7;

>

$3!&'( 36!) %(5!.!3( %(''$)0 $7 ! " $% 36( $)"(5()"()4( 4-52'!8

!"##$% ! " ( $#5'$(% $! " ( !. "!. " !)"

! " !. " !. " &

7-. !'' ! " $)3 !

I45"5 '; % -(5%" '/$,'$'#/ *#" $4'; "5;,($ E'$4 "5*5"5/-5 $# <'08 =8 I45 0%'/; *"#2 %"5% &4"(

R#" !(70S 5G%-$() # ;5$ $45 (#;;5; *"#2 %"5% !(& I45"5*#"5? $45 0%'/; *"#2 %"5% !(70 R#"

&4"(S %"5 C,"5 C"#!$8

T$ '; ;$"'N'/0 $4%$ $45 C"#!$%&'('$) -#/+'$'#/ +#5;/a$ +5C5/+ #/ 2%"0'/%( -#;$; %/+

5G-5C$ $4"#,04 %+2';;'&'('$)? 5:5/ $4#,04 % ;$%/+%"+ '/$,'$'#/ 0#'/0 &%-N $# F+%2;

%/+ 15((5/ R=Z][S '; $4%$? &) "5+,-'/0 $45 %2#,/$ #* %:%'(%&(5 ;,"C(,; $4%$ -%/ &5 -%C$,"5+

&) $45 &,/+(5? 4'045" 2%"0'/%( -#;$; 2%N5 &,/+('/0 (5;; C"#!$%&(58 I4'; +5C%"$,"5 *"#2

$45 ;$%/+%"+ '/$,'$'#/ '; +,5 $# $45 *%-$ $4%$ $45 C"#!$%&'('$) -#/+'$'#/ '; &%;5+ #/ % (#-%(

C5"$,"&%$'#/ %"#,/+ $45 ;5C%"%$5 C"'-'/0 ;#(,$'#/8 Q$%"$'/0 %$ #C$'2%( ;5C%"%$5 C"'-5;?

E4'-4 '/-(,+5 % 2%"N,C #/ -#;$? $45 +52%/+D;'+5 -#/+'$'#/ #* O522% =R&S '2C('5; $4%$ $45

!"2 C"#!$%&() -%/ -%C$,"5 %++'$'#/%( 2%"0'/ &) %$$"%-$'/0 5/#,04 -#/;,25"; $# C,"-4%;5

&#$4 0##+; '/;$5%+ #* #/5 E'$4 % ;('04$ +';-#,/$ *#" $45 &,/+(58 T$ %(;# '; E#"$4 /#$'/0 $4%$

5:5/ E45/ $45 (#-%( C5"$,"&%$'#/ %"0,25/$ '; ;, -'5/$ $# +52#/;$"%$5 $45 C"#!$%&'('$) #*

&,/+('/0? 2%"0'/%( -#;$; ;$'(( 2%$$5" *#" +5$5"2'/'/0 &/ 6-< #246 #C$'2%( &,/+('/0 '; 2#"5

C"#!$%&(5 $4%/ ;5C%"%$5 ;5(('/0? E4'-4 "5Y,'"5; % -#/;'+5"%$'#/ #* 0(#&%( C"'-5 -4%/05;8 I45

*#((#E'/0 5G%2C(5 '((,;$"%$5;8

9F&;<GA ( =6( ,!$.'$(;>2#&(';?-.0()%3(.) *,>?+ 4-52'! 7!#$'/ %5(4$!(%

! / " ( #. ' !. "!. "%

7-. # . .%8 @( 4!) 2%( 36( %2 4$()3 4-)"$3$-) $) A(##! B 3- "$.(43'/ (1!'2!3( 36(

5.-!3!&$'$3/ -7 &2)"'$)0 7-. C-$)3 "$%3.$&23$-)% 7-.#(" &/ 36(%( 4-52'!%8 ,-. !'' ! " 9)3

! $3 $% (!%/ 3- (%3!&'$%6 <$36 %$#5'( !'0(&.! 36!3

! " ( !. " !. " !0 ' ." & R>S

=6(.(7-.(: 7.-# A(##! B*&+: &2)"'$)0 $% 5.-!3!&'( 7-. !'' !"#$%%$&'( ! " 7-. !'' #(#&(.%

-7 36( ,>? 4-52'! 7!#$'/8 ,2.36(.#-.(: $7: 7-. $)%3!)4(: 36( #!.0$)!' "$%3.$&23$-)% !.(

2)$7-.# <$36

! " ( ! " (1

27-. 1 3

Z

!)" ( ( : 36() )2#(.$4!' !)!'/%$%: <6$46 4-)%$"(.% 0'-&!' 46!)0(% $) 5.$4(%:

.(1(!'% 36!3 36( 5.-!3 !"1!)3!0( -7 &2)"'$)0 -1(. %(5!.!3( %(''$)0 "(4.(!%(% <$36 &-36 4-%3

* + !)" 36( "(0.(( -7 "(5()"()4( * +: <6$'( 36( $#5!43% -7 &2)"'$)0 -) 4-)%2#(. !)" %-4$!'

<('7!.(: <6$46 4!) &( ($36(. 5-%$3$1( -. )(0!3$1(: "- )-3 *!'<!/%+ 1!./ #-)-3-)$4!''/ $) 4-%3

!)" "(5()"()4(8 =6( "(3!$'% 7-. 36$% ,>?;D)$7-.# 4!%( $% 4-)3!$)(" $) E55()"$F E8

H) +9I!,*J9 /969+/9+19

H5 ;4#E $4%$ % 2,($'C"#+,-$ 2#/#C#(';$ 05/5"%(() %-4'5:5; 4'045" C"#!$ *"#2 &,/+('/0

$4%/ *"#2 ;5C%"%$5 ;5(('/0 ,/+5" /50%$':5 +5C5/+5/-58 Q$'0(5" R=Z[\S %/+ F+%2; %/+

15((5/ R=Z][S *#,/+ &) :%"'#,; 5G%2C(5; $4%$ &,/+('/0 -%/ &5 2#"5 C"#!$%&(5 $4%/ ;5C%"%$5

;5(('/0 E45/ :%(,5; *#" C"#+,-$; %"5 /50%$':5() +5C5/+5/$8 H4'(5 $45 '/$,'$'#/ *"#2 $45;5

;$,+'5; ;,005;$; $4%$ &,/+('/0 05/5"%(() '; C"#!$%&(5 ,/+5" /50%$':5 +5C5/+5/-5? $45 C"5-';5

-#/+'$'#/; *#" ;,-4 % -#/-(,;'#/ %"5 ;,&$(5 %/+ "52%'/ ,/;5$$(5+8 O#/0 R=Z>^S ;4#E5+

$4%$ &,/+('/0 '; C"#!$%&(5 '* $45 +';$"'&,$'#/ #* -#/;,25" :%(,5; *#" $45 $E# 0##+; 4%; %

-#/$'/,#,; +5/;'$) %/+ '; /50%$':5() +5C5/+5/$ '/ % C%"$'-,(%" E%)? E4'(5? E'$4#,$ %;;,2'/0

% -#/$'/,#,; +5/;'$)? 6-F*55? 6-6'((%/? %/+H4'/;$#/ R=Z>ZS +'+ /#$ "5%-4 $45 ;%25 ;$"#/0

-#/-(,;'#/8=\

O#/0 R=Z>^S +5"':5+ $45 C"#!$%&'('$) #* &,/+('/0 ,/+5" /50%$':5 +5C5/+5/-5 &) '/$5"D

C"5$'/0 &,/+('/0 %; % $E#DC%"$ C"'-'/0 ;-4525 %/+ %/%()V'/0 +52%/+ 5(%;$'-'$'5;8 I45

-#C,(% %CC"#%-4 C"#:'+5; %/ %($5"/%$':5 ;$%$525/$ %/+ 5G$5/;'#/ #* O#/0 R=Z>^Sa; "5;,($8

I45 C%"$'-,(%" +5C5/+5/-5 -#/+'$'#/ '+5/$'!5+ &) O#/0 R=Z>^S '; $45 *#((#E'/0K

4*! # " '; /#/'/-"5%;'/0 '/ %/+ 4*! # " '; /#/'/-"5%;'/0 '/ 8

T/ $45 (%/0,%05 #* 2#+5"/ ;$%$';$'-;? '; .$063 3!$' "(4.(!%$)0 '/ ? %/+ '; .$063 3!$'

"(4.(!%$)0 '/ 8 <,"$45"2#"5? '* %/+ %"5 -#/$'/,#,; "%/+#2 :%"'%&(5; E'$4 % -#C,(%

! "? $45/ $45;5 $E# C"#C5"$'5; %"5 5Y,':%(5/$ "5;C5-$':5() $# $45 $E# C"#C5"$'5; #* $45

-#C,(% '/ $45 *#((#E'/0 +5!/'$'#/ R_5(;5/? @AA[S8=^

=\6-F*55? 6-6'((%/? %/+ H4'/;$#/ R=Z>ZS RCC8 \]ZD\>AS %"0,5+ '/*#"2%(() $4%$ $45'" ;, -'5/$ -#/+'$'#/*#" C"#!$%&(5 &,/+('/0 R!"#C#;'$'#/ =S '; ;%$';!5+ '* $45 2#/#C#() C"'-5 *#" 0##+ 1 -#/+'$'#/%( #/ N/#E'/0$45 -#/;,25" "5;5":%$'#/ :%(,5 *#" 0##+ d '; +5-"5%;'/0 '/ $45 :%(,5 #* 0##+ d? &,$ -#/-(,+5+ $4%$ $4';e-%//#$ &5 $'5+ ;#(5() $# $45 -#""5(%$'#/ #* "5;5":%$'#/ :%(,5;8e=^I45 5Y,':%(5/-5 -%/ &5 ;55/ %; *#((#E;8 I45 5GC"5;;'#/ %&! " # ' #$% &

#$% & '; 5Y,':%(5/$ $#! ' % &

!E'$4 %/ %CC"#C"'%$5 +5!/'$'#/ #* :%"'%&(5;8 <,"$45"2#"5? $45 !";$ 5GC"5;;'#/ '; /#/'/-"5%;'/0

'/ '* $45 ;5-#/+ 5GC"5;;'#/ '; '/ /#/'/-"5%;'/0 '/ ? E4'-4 '/ $,"/ '; 5Y,':%(5/$ $# !" # % &!

8Q55 _5(;5/ R@AA[S *#" 2#"5 +5$%'(;8

=A

/A!?=$=>? ( ! " $% .$063 3!$' "(4.(!%$)0 !3 ! " ! $7

"! "! "

.!)" !! "

! "

.RZS

O#/0 R=Z>^Sa; %"0,25/$ *#" $45 C"#!$%&'('$) #* &,/+('/0 ,/+5" /50%$':5 +5C5/+5/-5 "5('5; #/

$45 -#/+'$'#/ $4%$ $45 *"%-$'#/ #* -#/;,25"; E4# &,) &#$4 C"#+,-$; &5'/0 ;$"'-$() +5-"5%;'/0

'/ %/+ '/ R%$ ( " ! " ( " ! "" E4'-4 "5Y,'"5; $ ! " & B/+5" "'04$

$%'( +5-"5%;'/0? $ ! " & '/ $,"/ '2C('5;K

! " . *#" %$ (5%;$ #/5 ( . 5 R=AS

I4,; O#/0 R=Z>^S '2C('-'$() %;;,25; R=AS8=c I45 *#((#E'/0 C"#C#;'$'#/ 5G$5/+; $45 /50%$':5

+5C5/+5/-5 "5;,($ '/ O#/0 R=Z>^S? E'$4#,$ %;;,2'/0 % -#/$'/,#,; +5/;'$) #* -#/;,25"

:%(,5;8

6%><>#=$=>? 2 C+AK&$=LA /A<A?DA?'AE ,-. !)/ !"#$%%$&'( ! " &2)"'$)0 $% %3.$43'/

#-.( 5.-!3!&'( 36!) %(5!.!3( %(''$)0 $7 ! " $% .$063 3!$' "(4.(!%$)0 !)" *BG+ 6-'"% !3

! "8

6%>>B) B/+5" "'04$ $%'( +5-"5%;'/0K

! " !. " #. " ! "% ' !. " #. ! ! "% $ ! "

( . ! " !. " " ! " !. " ! ! "

. ! " !. "! "

!. "!. "

! "

!. "

( . ' ! " $ ! " &

T* $ ! " &? $45/ ! " &8 T* $ ! " ( &? $45/

! " ( !. " #. "! "% ' !. " #. !! "% &

&) -#/+'$'#/ R=AS8 T/ 5'$45" -%;5 $45 "5;,($ '; '225+'%$5 *"#2 O522% =R%S8

<"#2 O522% = R&S %/+ !"#C#;'$'#/ @? E5 '225+'%$5() 4%:5 $45 *#((#E'/0 05/5"'- -#/+'$'#/

#/ $45 C"#!$%&'('$) #* &,/+('/0 ,/+5" /50%$':5 +5C5/+5/-5? E4'-4 $%N5; '/$# %--#,/$ $45

*%-$ $4%$ ! " 2'04$ *%'( $# 5G';$ #/ ! " ! #/() #/ % ;5$ #* V5"# 25%;,"5

=cI# ;55 $4%$ ( " # $ '2C('5; R=AS? ;,CC#;5 $# $45 -#/$"%") $4%$ (" # $ &,$ !" # ' )

I45/? &) /50%$':5 "'04$ $%'( +5C5/+5/-5? ) ' ! " # % &!

#" ) * " # '( " # $ E4'-4 '; % -#/$"%+'-$'#/8

==

1>%>GG&%M ( 97 ! " $% .$063 3!$' "(4.(!%$)0 !)" *BG+ 6-'"% 7-. *!'#-%3+ !'' ! " $)3

! 36() &2)"'$)0 $% %3.$43'/ #-.( 5.-!3!&'( 36!) %(5!.!3( %(''$)0 7-. *!'#-%3+ !'' !"#$%%$&'(

! "8

F; %$ ! "? '* ! " '; "'04$ $%'( +5-"5%;'/0 %$ %/) ! " '/$ !? $45/ -#/+'$'#/ R=AS

'; ;%$';!5+ '* $ ! " & I45 C"#C5"$) $ ! " & *#" ! " '/$ ! 25%/; $4%$ ;#25

-#/;,25"; C,"-4%;5 &#$4 0##+; *#" %/) '/$5"'#" ;#(,$'#/ #* $45 '/+5C5/+5/$ C"'-'/0 C"#&(52?

%/+ '; ;%$';!5+ '* ! " 4%; C#;'$':5 ;,CC#"$ %; . %/+ . *"#2 &5(#E8 H4'(5 $4';

-(5%"() 4#(+; '* ! " 4%; *,(( ;,CC#"$ #/ !? '$ '; ,;5*,( $# 4%:5 % 2#"5 05/5"%( ;$%$525/$

#* $45 /50%$':5 $%'( +5C5/+5/-5 "5;,($? &5-%,;5 2%/) ;$%/+%"+ -#C,(% *%2'('5; +# /#$ 4%:5

*,(( ;,CC#"$ R_5(;5/? @AA[S8

I# '((,;$"%$5 #," "5;,($; ,/+5" /50%$':5 +5C5/+5/-5 %/+ 0%'/ %++'$'#/%( '/;'04$;? -#/;'+5"

$45 *#((#E'/0 5G%2C(5K

9F&;<GA 2 A(3

! / " ( ,)- ! ' . &"' !. " <6(.( #& .%

=6$% "(!)(% ! 7!#$'/ -7 4-52'!% 5!.!#(3(.$H(" &/ #$F$)0 3<- 7!#$'$!. 4-52'!% 4-..(;

%5-)"$)0 3- 5(.7(43 )(0!3$1( "(5()"()4( !)" $)"(5()"()4(8=[ =6( ()3$.( 7!#$'/ -7 4-52'!%:

! / ": '!4I% 4-)3$)2-2% "()%$3$(% (F4(53 <6() ( & ,-. !'' #& ."J

" ! / " (

"' !. " . ' . &

!. " . ' . &/

! ! / " (

"' !. " . ' . &

!. " . ' . &

!)" &-36 " ! / " # $" !)" ! ! / " # $

" !.( %!3$%!(" <6() ' . $( &&(4!2%(

! / "

.(

"( ' !. " ' . &

(#. ' "

$' . &

! / "

.(

"( ' !. " ' . &

(#. ' "

$' . &

=[F ,;5*,( "5;,($ '/ $45 $45#") #* -#C,(%; '; $4%$ % -#/:5G ('/5%" -#2&'/%$'#/ #* $E# -#C,(%; '; % -#C,(%R_5(;5/? @AA[S8

=@

=6(.(7-.(: 7-. #& .": ! / " $% .$063 3!$' "(4.(!%$)0 !)" *BG+ 6-'"% 7-. !'#-%3 !''

! " $)3 !8 93 7-''-<% 7.-# K-.-''!./ B 36!3 &2)"'$)0 $% 5.-!3!&'( 7-. !'#-%3 !'' !"#$%;

%$&'( ! "8 L)'/ 7-. ! " <$36 ' . ( & "-(% M.-5-%$3$-) N *-. K-.-''!./ B+ )-3

"(3(.#$)( 36( 5.-!3!&$'$3/ -7 &2)"'$)08

E%%2#( 7-. $)%3!)4( 36!3 ! " ( ! " ( -) #& .% !)" #& ." =6(): 2)"(.

%(5!.!3( %(''$)0: 36( !.#O% -53$#!' 5.$4(% !.(

! " (. '

5( #

.

5."/ ! " (

. '

5( #

.

5."

!)": 7-. !'' !& .": ! " $% !"#$%%$&'( !)" ' . $( & =6(.(7-.(: 7.-# M.-5-;

%$3$-) N: &2)"'$)0 $% 5.-!3!&'( 7-. !'' C-$)3 "$%3.$&23$-)% -7 4-)%2#(. 1!'2(% 4-..(%5-)"$)0

3- ! / " <$36 #& ." !)" <$36 ! " ( ! " ( 7-. #& ."8

P-<: 7-. !""$3$-)!' %$#5'$4$3/: !%%2#( 36!3 ( 8 @6() ( . ! / ."

4-..(%5-)"% 3- 36( QR-3(''$)0 4!%(S -7 5(.7(43 )(0!3$1( "(5()"()4(J=]

! / ." ( ,)- ! ' . &"

<6(.( " ! " ( . ( ! ! " 7-. !'' ' . & =6() 4-)"$3$-) *BG+ "-(% )-3 6-'"8

D)"(. %(5!.!3( %(''$)0: 36( #!F$#2# 5.-!3 7.-# 36( 3<- 5.-"243% $% ( "! !. "! T$)4(

!'' 4-)%2#(.% !.( <$''$)0 3- 5!/ !3 #-%3 ( . 7-. 36( &2)"'(: $3 4!))-3 &( 5.-!3!&'( 3- %(''

36( &2)"'( 3- <$''$)0 4-)%2#(.% <6() . 5 ,-. . 5 -53$#!' #$F(" &2)"'$)0:

<$36 ( . 7-. 36( &2)"'( !)" ( ( . ! 7-. (!46 %3!)"!'-)( 0--": $% %3.$43'/ #-.(

5.-!3 36!) %(5!.!3( %(''$)0U $8(8 5.-!3 $% ( "! #!. "! ' !. 5 "% 8

Q5:5"%( '/$5"5;$'/0 C#'/$; 525"05 *"#2 PG%2C(5 =8 <'";$? %; +52#/;$"%$5+ '/ $45 7#$5(('/0

-%;5? $45 C"#!$%&'('$) #* &,/+('/0 ,/+5" /50%$':5 +5C5/+5/-5 %CC('5; $# % (%"05" ;5$ #* +';D

$"'&,$'#/; $4%/ $45 ;5$ ;%$';*)'/0 $45 -#/+'$'#/; #* !"#C#;'$'#/ @ %/+ '$; -#"#((%")8 Q5-#/+?

'* $45 ;, -'5/$ -#/+'$'#/; #* !"#C#;'$'#/ @ *%'(? %; '; '/ $45 7#$5(('/0 -%;5? &,/+('/0 2%)

/#$ &5 C"#!$%&(5 '* 2%"0'/%( -#;$; %"5 ;, -'5/$() 4'04? -#/!"2'/0 $45 ;$%/+%"+ '/$,'$'#/

$4%$ 4'045" 2%"0'/%( -#;$; $5/+ $# 2%N5 &,/+('/0 (5;; C"#!$%&(5 &) "5+,-'/0 R#" '/ $4'; -%;5

5('2'/%$'/0S $45 ;,"C(,; $4%$ -%/ &5 -%C$,"5+ &) $45 &,/+(58 I4'"+? $45 '/$,'$'#/ $4%$

2#"5 /50%$':5 +5C5/+5/-5 2%N5; &,/+('/0 2#"5 C"#!$%&(5? ;,005;$5+ &) Q$'0(5" R=Z[\S?

F+%2; %/+ 15((5/ R=Z][S? %/+ O#/0 R=Z>^S? '; /#$ $",5 05/5"%(()8 T/ $45 5G%2C(5? E'$4

! " ( ! " ( %/+ ( #. 5 ." &,/+('/0 %(E%); '; ;$"'-$() 2#"5 C"#!$%&(5 $4%/

=]F; '/ $45 7#$5(('/0 2#+5( #* C"#+,-$ +' 5"5/$'%$'#/? -#/;,25" C"5*5"5/-5; %"5 "5C"5;5/$5+ %; % ,/'*#"2+';$"'&,$'#/ #* (#-%$'#/; #/ $45 ,/'$ ('/58 I45 7#$5(('/0 -%;5 *#" $45 &,/+('/0 2#+5( '; ;'2'(%" $# $45 /50%$':5+5C5/+5/-5 5G%2C(5; #* Q$'0(5" R=Z[\S %/+ F+%2; %/+ 15((5/ R=Z][S8

=\

;5C%"%$5 ;5(('/0 5G-5C$ *#" ( . $45 -%;5 #* C5"*5-$ /50%$':5 +5C5/+5/-5 => I45"5*#"5?

0':5/ $45 -#/$'/,'$) #* $45 C"#!$ *,/-$'#/ *#" $45 ;)225$"'- -%;5? C"#!$; 2,;$ +5-('/5 E'$4

$45 +50"55 #* /50%$':5 +5C5/+5/-5 *#" %/+ ;, -'5/$() 4'048 <#,"$4? %; '/ Q$'0(5"R=Z[\S?

&,/+('/0 "5+,-5; -#/;,25" E5(*%"5 '/ $45 7#$5(('/0 -%;5 E45/ ( . 5L -#/;,25";

C%)'/0 ( . *#" $45 &,/+(5 %"5 "5+,-5+ $# V5"# ;,"C(,;?E4'(5 #$45" -#/;,25"; C%) % 4'045"

C"'-5 *#" % ;$%/+%(#/5 0##+8

H5 -#/-(,+5 $4'; ;5-$'#/ &) +';-,;;'/0 % ;#25E4%$ ;$"#/05" /50%$':5 +5C5/+5/-5 C"#CD

5"$)8 W%(,5 R S '; %3-46!%3$4!''/ "(4.(!%$)0 '/ R S '* $45 -#/+'$'#/%( +';$"'&,$'#/ #* R S

'; /#/+5-"5%;'/0 '/ R S8 I45;5 ;$#-4%;$'- 2#/#$#/'-'$) -#/+'$'#/; %"5 5Y,':%(5/$ $# $45

-#/+'$'#/; #* $45 *#((#E'/0 +5!/'$'#/ R_5(;5/? @AA[SK

/A!?=$=>? 2 ! " $% )(0!3$1('/ %3-46!%3$4 "(5()"()3 !3 ! " ! $7 "! " $% )-)"(;

4.(!%$)0 $) !)" !! " $% )-)"(4.(!%$)0 $) 8

<"#2 I45#"52 c8@8=@ #* _5(;5/ R@AA[S? /50%$':5 ;$#-4%;$'- +5C5/+5/-5 *#" ! " !

'2C('5; /50%$':5 "'04$ $%'( +5C5/+5/-58 !"#C#;'$'#/ = $45/ '225+'%$5() '2C('5;K

1>%>GG&%M 2 97 ! " $% )(0!3$1('/ %3-46!%3$4 "(5()"()3 !)" *BG+ 6-'"% 7-. *!'#-%3+ !''

! " $)3 ! 36() &2)"'$)0 $% %3.$43'/ #-.( 5.-!3!&'( 36!) %(5!.!3( %(''$)0 7-. *!'#-%3+

!'' !"#$%%$&'( ! "8

Q$"'-$ /50%$':5 +5C5/+5/-5 R'858 ! " ;$"'-$() -#/:5G '/ %/+ '/ S '2C('5; %/ 5:5/

;$"#/05" -#/-(,;'#/ %&#,$ $45 C"#!$%&'('$) #* &,/+('/08 F"2;$"#/0 R@A=AS -#/;'+5"; $45

-%;5 #* '/+5C5/+5/$ !"2; ;5(('/0 d %/+ 1 ;5C%"%$5()? %/+ ;4#E; $4%$? ;$%"$'/0 *"#2 ;5C%"%$5

2#/#C#() C"'-5;? E'$4 ;$"'-$ /50%$':5 ;$#-4%;$'- +5C5/+5/-5? %$ (5%;$ #/5 #* $45 $E# !"2;

4%; %/ '/-5/$':5 $# # 5" % +';-#,/$ $# -#/;,25"; &,)'/0 $45 #$45" C"#+,-$8 T/+55+? '/ #,"

;5$$'/0? $45 !"2 ;5(('/0 1 4%; %/ '/-5/$':5 $# # 5" % ;2%(( & +';-#,/$ $# -#/;,25";

&,)'/0 d '*

! " !. " #. " ! "%

( !. " #. ! ! "% $ ! "

( ! ." ! " !. " ! ! " & R==S

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

=^

E4'-4 *#((#E; *"#2 $45 ;$"'-$ -#/:5G'$) #* ! " '/ 8 I45 0"%C4'-%( '/$5"C"5$%$'#/ '/ <'08

= 45(C; 5GC(%'/ $4'; "5;,($K -#/+'$'#/ R==S ;$%$5; $4%$ &4"( %(#/5 5G-55+; %"5% !(&8 T/ #$45"

E#"+;? E'$4 ;$"'-$ /50%$':5 ;$#-4%;$'- +5C5/+5/-5? $45 0%'/ *"#2 '/-"5%;5+ ;%(5; #* #/() #/5

#* $45 $E# C"#+,-$; %(#/5 #,$E5'04; $45 -#;$ #* $45 +';-#,/$ #/ $45 &,/+(58

N) 6.4*,*J9 /969+/9+19

O5;; '; N/#E/ %&#,$ C#;'$':5 +5C5/+5/-58 Q'/-5 &,/+('/0 '; ;$"'-$() 2#"5 C"#!$%&(5 *#"

$45 '/+5C5/+5/-5 -#C,(% ! " ( %/+ %/) %+2';;'&(5 2%"0'/%( +';$"'&,$'#/;? $45 ;%25

2,;$ &5 $",5 *#" -#C,(%; $4%$ %"5 e-(#;5e $# $45 '/+5C5/+5/-5 -#C,(%? %; #&;5":5+ &) 6-F*55?

6-6'((%/? %/+ H4'/;$#/ R=Z>ZS8 Q-42%(5/;55 R=Z>^S ;4#E5+ *#" $45 ;)225$"'- &':%"'%$5

/#"2%( -%;5 $4%$ &,/+('/0 '; %(E%); C"#!$%&(5 '* +52%/+ ,/+5" ;5C%"%$5 ;5(('/0 '; ;, -'5/$()

;$"#/0 R'858 '/ #," *"%25E#"N '* ( '; ;, -'5/$() ;2%((S 5G-5C$ '/ $45 -%;5 #* C5"*5-$

C#;'$':5 -#""5(%$'#/? *#" E4'-4 &,/+('/0 /5:5" 4%; %/ %+:%/$%05 #:5" ;5C%"%$5 ;5(('/08=Z

.5)#/+ Q-42%(5/;55 R=Z>^Sa; &':%"'%$5 /#"2%( "5;,($;? '$ "52%'/; %/ #C5/ Y,5;$'#/ E45$45"

&,/+('/0 +#2'/%$5; ;5C%"%$5 ;5(('/0 *#" %/) +50"55 #* C#;'$':5 +5C5/+5/-5 ;4#"$ #* C5"*5-$8

U," 2%'/ "5;,($ 45"5 '; $4%$ &,/+('/0 '; C"#!$%&(5 '* C#;'$':5 ;$#-4%;$'- +5C5/+5/-5 '; /#$

$## 0"5%$8 I45 "5;,($ C,$; % &#,/+ #/ $45 +50"55 #* C#;'$':5 ;$#-4%;$'- +5C5/+5/-5 $4%$

%;;,"5; C"#!$%&(5 &,/+('/08 W%(,5 '; %3-46!%3$4!''/ $)4.(!%$)0 '/ '* 4* ! # " '; /#/D+5-"5%;'/0 '/ L ;'2'(%"()? '; %3-46!%3$4!''/ $)4.(!%$)0 '/ '* 4* ! # " '; /#/+5-"5%;'/0'/ 8 I45;5 C"#C5"$'5; %"5 5Y,':%(5/$ $# $45 *#((#E'/0 +5!/'$'#/ R_5(;5/? @AA[SK

/A!?=$=>? @ ! " $% 5-%$3$1('/ %3-46!%3$4 "(5()"()3 !3 ! " ! $7 "! " $% )-)$);

4.(!%$)0 $) !)" !! " $% )-)$)4.(!%$)0 $)

h':5/ $4'; +5!/'$'#/? '$ '; /%$,"%( $# 25%;,"5 $45 +50"55 #* C#;'$':5 ;$#-4%;$'- +5C5/+5/-5

&) 4#E /50%$':5 %"5 ""! "" # $

" %/+ !!! "" # $

" ? &5-%,;5 $45;5 ;5-#/+

+5"':%$':5; +5$5"2'/5 $45 +50"55 #* -#/-%:'$) #* ! " '/ %/+ '/ 8@A <,"$45"2#"5? '*

! " '; C#;'$':5() ;$#-4%;$'- +5C5/+5/$ #/ $45 '/$5"'#" #* !? $45/ $45;5 ;5-#/+ +5"':%$':5;

5G';$ %(2#;$ 5:5")E45"58

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

+5C5/+5/-58 I4'; '; $",5? *#" 5G%2C(5? *#" $45 <h6 -#C,(% *%2'() '/ PG%2C(5 =? %/+ '; %(;# $",5 *#" $453(%)$#/ %/+ <"%/N -#C,(% *%2'('5; +';-,;;5+ (%$5"8

=c

!#;'$':5 ;$#-4%;$'- +5C5/+5/-5 *#" ! " ! '2C('5; C#;'$':5 "'04$D$%'( +5C5/+5/-5? %/+

&#$4 '/ $,"/ '2C() C#;'$':5 Y,%+"%/$ +5C5/+5/-5 R_5(;5/? @AA[SK

/A!?=$=>? H ! " $% 5-%$3$1('/ V2!".!)3 "(5()"()3 !3 ! " ! $7 ! " 8

!#;'$':5 Y,%+"%/$ +5C5/+5/-5 '; ,;5+ '/ $45 C"##* #* $45 *#((#E'/0 C"#C#;'$'#/8 I45 "5;,($

;%); $4%$ &,/+('/0 '; C"#!$%&(5 ,/+5" C#;'$':5 +5C5/+5/-5 '* ! " %"5 /#$ $## /50%$':5 #/

$45 &#,/+%"'5; #* $45 ;5$ #* -#/;,25" $)C5; C,"-4%;'/0 &#$4 0##+; ,/+5" ;5C%"%$5 C"'-'/08

6%><>#=$=>? @ C6>#=$=LA /A<A?DA?'AE ,-. !)/ 0$1() !"#$%%$&'( ! " "(!)( 36( 4-);

%3!)35 !. " !. "

!. "! ' !. "!& R=@S

97 ! " $% 5-%$3$1('/ V2!".!)3 "(5()"()3 !3 ! ": !)"

,67 ! ""! " !! ! ""# " R=\S

36() &2)"'$)0 $% %3.$43'/ #-.( 5.-!3!&'( 36!) %(5!.!3( %(''$)08

6%>>B) Q'/-5

!. "#. "! "% $! "

( ! " !. " "! " ( !. " ! " !. " "! "

(

% "

# "! " "! "% (

% "

!. " "" ! "

%/+? ;'2'(%"()?

!. "#. !! "% $! " (

% "

!. " !! ! "

E5 4%:5? *#" %/) 0':5/ %+2';;'&(5 ! "?

! " ( $! " '

% "

!. " "" ! " '

% "

!. " !! ! "

<,"$45"2#"5? C#;'$':5 Y,%+"%/$ +5C5/+5/-5 '2C('5; $! " !. " !. " %/+

=[

,67 ! "" !!" *,"$45" '2C('5;

! " !. " !. "

% "

!. "

% "

!. " R=^S

( !. " !. "

&!. "!

5'!. "!

5

'( &

_#$5 $4%$ $45 &#,/+ '; '/+5C5/+5/$ #* ! " %/+ "5%-45; % 2%G'2,2 #* . E45/ ( 8

I4,;? *#" %(( %+2';;'&(5 2%"0'/%( +';$"'&,$'#/;? $45"5 '; ;#25 "%/05 #* C#;'$':5 +5C5/+5/-5

*#" E4'-4 &,/+('/0 '; C"#!$%&(58 I4'; "%/05 '; (%"05" E45/ 2%"N5$ ;4%"5; ,/+5" ;5C%"%$5

C"'-'/0 %"5 -(#;5" $#05$45"8 I45 "5;,($ 0#5; ;,&;$%/$'%(() &5)#/+ 6-F*55? 6-6'((%/? %/+

H4'/;$#/ R=Z>ZSa; #&;5":%$'#/ $4%$ &,/+('/0 '; C"#!$%&(5 '/ $45 /5'04&#"4##+ #* '/+5C5/D

+5/-58

I# 0%'/ 2#"5 '/$,'$'#/ %&#,$ -#/+'$'#/ R=\S? "5-%(( *"#2 <'0,"5 = $4%$? ;$%"$'/0 *"#2

;5C%"%$'/0 ;5(('/0 %$ ! " %++'/0 % &,/+(5 E'$4 % ;('04$() (#E5" -#2&'/5+ C"'-5 4%; $45

C#;'$':5 5 5-$ #* $,"/'/0 ;#25 -#/;,25"; *"#2 C,"-4%;'/0 #/() #/5 0##+ $# C,"-4%;'/0

$45 &,/+(5 R%"5%; &-+5 %/+ %5*0S? &,$ 4%; $45 /50%$':5 5 5-$ #* (#E5" "5:5/,5; *"#2 $45

-#/;,25"; C"5:'#,;() C,"-4%;'/0 &#$4 0##+; R%"5% %5&S8 95-%(( %(;# $4%$ *#" '/+5C5/+5/-5

#" /50%$':5 +5C5/+5/-5 $45 0%'/; *"#2 #/5 0"#,C #* -#/;,25"; ;E'$-4'/0 *"#2 % C%"$'-,(%"

0##+ $# $45 &,/+(5 %$ (5%;$ # ;5$; $45 (#;;5; *"#2 +';-#,/$'/0 $45 &,/+(5? ;# $45 0%'/; *"#2

$45 #$45" 0"#,C E4# ;E'$-4 '; C,"5 C"#!$8 I4'; /# (#/05" 4#(+; ,/+5" C#;'$':5 +5C5/+5/-5L

$45 C"#!$; *"#2 &#$4 0"#,C; #* -#/;,25"; ;E'$-4'/0 $# $45 &,/+(5 2,;$ &5 %CC('5+ $# # ;5$

$45 (#;; *"#2 $45 +';-#,/$ *#" &,/+('/0 $# &5 C"#!$%&(5 ,/+5" C#;'$':5 +5C5/+5/-58 I45

&#,/+; #/ $45 +50"55 #* C#;'$':5 ;$#-4%;$'- +5C5/+5/-5 %;;,"5 $4%$ $45 0%'/; *"#2 5%-4

0"#,C "52%'/ ;, -'5/$() (%"05 "5(%$':5 $# $45 (#;; *"#2 +';-#,/$'/0 *#" % C#;'$':5 $#$%( /5$

5 5-$8

I45 "%/05 #* C#;'$':5 +5C5/+5/-5 %((#E5+ &) R=\S '; ;,&;$%/$'%(8 <#" '/;$%/-5? *#" %/)

%+2';;'&(5 2%"0'/%( +';$"'&,$'#/ E'$4 ! " ( ! " #" E'$4 ! " 2 8 %/+ ! "

2 8 %(( `#'/$ +';$"'&,$'#/; *#"25+ &) <h6 *%2'() -#C,(%; *%(( &5(#E $45 &#,/+ 0':5/ '/

R=\S8@= I45 <h6 -#C,(% *%2'()? 4#E5:5"? 5G4'&'$; #/() % ('2'$5+ "%/05 #* /50%$':5 %/+

C#;'$':5 +5C5/+5/-5? %/+ ( . +#5; /#$ -#""5;C#/+ $# C5"*5-$ C#;'$':5 +5C5/+5/-58 <#"

+';$"'&,$'#/; E'$4 4'045" +50"55; #* C#;'$':5 +5C5/+5/-5 ;4#"$ #* C5"*5-$ +5C5/+5/-5? '$ ';

#*$5/ 5%;) $# +5$5"2'/5 $45 C"#!$%&'('$) #* &,/+('/0 &) +'"5-$() -45-N'/0 O522% =R&Sa;

@=<"#2 PG%2C(5 =? &) +'"5-$() %CC()'/0 O522% =R&S? &,/+('/0 '; '/ *%-$ C"#!$%&(5 *#" %(( <h6 *%2'()-#C,(%; *#" %(( %+2';;'&(5 2%"0'/%( +';$"'&,$'#/;8

=]

-#/+'$'#/8 I45 5G%2C(5; &5(#E '((,;$"%$5 $4'; *#" ;5:5"%( /#$%&(5 -#C,(% *%2'('5;8

9F&;<GA @ =6( 7-''-<$)0 4-52'! 7!#$'/ #$F(% 36( 5(.7(43'/ "(5()"()3 4-52'! !)" 36( $);"(5()"()3 4-52'!J

! " ( ,67 ! "' !. " 7-. #& ." R=cS

=6$% 4-52'! 7!#$'/ 4-..(%5-)"% 3- %$32!3$-)% <6(.( 4-)%2#(. 1!'2(% 7-. 36( 3<- 0--"% 6!1( !

4-##-) 4-#5-)()3 *! 4-##-) %6-4I+ !)" !) $)"(5()"()3 4-#5-)()38 E% 36( 4-52'! 7!#$'/

$) WF!#5'( N: 36$% 4-52'! 7!#$'/ "-(% )-3 6!1( ! 4-)3$)2-2% "()%$3/ 72)43$-)8 X23 <6()

$( <( 4!) 2%( 36( $)"$4!3-. 72)43$-) 7.-# A(##! B 3- (!%$'/ "(3(.#$)( 36( 5.-!3!&$'$3/

-7 &2)"'$)08 T$)4( 7-. ! " ( ' !. " " ! " ( ' !. " !)"

! ! " ( !. " %$#5'( !'0(&.!$4 !)!'/%$% .(1(!'% 36!3

! " ( !. " #. " ! "% ' !. " #. ! ! "% $! "

( !. " !. " !. " &

E)" %$#$'!.'/ ! " & 7-. =6(.(7-.(: %6-.3 -7 5(.7(43'/ 5-%$3$1( "(5()"()4(

* ( .": &2)"'$)0 $% 5.-!3!&'( 7-. 36( ()3$.( 4-52'! 7!#$'/ "(!)(" $) *BY+ 7-. !'#-%3 !)/

!"#$%%$&'( #!.0$)!' "$%3.$&23$-)8

9F&;<GA H =6( ,.!)I 4-52'! 7!#$'/ $% 0$1() &/

! / " (.97

(. '

).* )

.*

! ."

+7-. ! " &

,.!)I 4-52'!% (F6$&$3 5-%$3$1( *)(0!3$1(+ %3-46!%3$4 "(5()"()4( $7 ! "& !)" ( ! "

4-..(%5-)"% 3- 5(.7(43 "(5()"()4(8@@ P2#(.$4!' !)!'/%$% %6-<% 36!3 ! " & 7-. ! "

$)3 !8 =6(.(7-.(: 7.-# A(##! B*&+: &2)"'$)0 !55!.()3'/ $% 5.-!3!&'( 7-. !'' ,.!)I 4-52'!%

7-. !)/ !"#$%%$&'( #!.0$)!' "$%3.$&23$-)%8

9F&;<GA N =6( K'!/3-) 4-52'! 7!#$'/ %5(4$!(%

! / " ( ,)-

,#' .

$ "&

-7-. # . " &

@@I45 <"%/N *%2'() %/+ $45 3(%)$#/ *%2'() '/ $45 /5G$ 5G%2C(5 %"5 $45 #/() f-#2C"545/;':5g -#C,(%*%2'('5;? %2#/0 $45 '2C#"$%/$ #/5DC%"%25$5" F"-4'25+5%/ -#C,(%; (';$5+ '/ I%&(5 ^8= #* _5(;5/ R@AA[S?$4%$ %(;# %((#E '/+5C5/+5/-5 %/+ $45 *,(( "%/05 #* /50%$':5 +5C5/+5/-5? &,$ $45;5 -%;5; %"5 -#:5"5+ &)!"#C#;'$'#/; = %/+ @8

=>

A$I( 36( ,.!)I 7!#$'/: K'!/3-) 4-52'!% (F6$&$3 5-%$3$1( *)(0!3$1(+ %3-46!%3$4 "(5()"()4(

$7 ! "& !)" ( 4-..(%5-)"% 3- 5(.7(43 "(5()"()4(8 P2#(.$4!' !)!'/%$% 1(.$!(%

! " & 7-. ! " $)3 !: !)" &2)"'$)0 !55!.()3'/ $% 5.-!3!&'( 7-. !)/ !"#$%%$&'(

#!.0$)!' "$%3.$&23$-)%8

T/ %(( $4"55 5G%2C(5; %&#:5? &,/+('/0 '; C"#!$%&(5 *#" $45 5/$'"5 "%/05 #* C#;'$':5 +5C5/D

+5/-5? 5G-5C$ %$ $45 ('2'$ #* C5"*5-$ +5C5/+5/-58 Q# *%"? E5 4%:5 /#$ *#,/+ % -#,/$5"5GD

%2C(5 $# C"#!$%&(5 &,/+('/0 ,/+5" C#;'$':5 +5C5/+5/-5 ;4#"$ #* $45 5G$"525 -%;5 #* C5"*5-$

+5C5/+5/-58

O) !+8 +0539- .P I../4

I45 C"#!$%&'('$) -#/+'$'#/; *#" &,/+('/0 &) % 2#/#C#(';$ E'$4 $E# 0##+; -%/ &5 5G$5/+5+

$# %/) /,2&5" #* C"#+,-$;8 I# C"#-55+? E5 05/5"%('V5 $45 2#+5( '/ Q5-$'#/ @ $# %/) 5

C"#+,-$;K d" 888? d @\ O5$ +5/#$5 $45 -#/;,25" :%(,5 *#" d ? ! " $45 2%"0'/%(

+';$"'&,$'#/ #* :%(,5;? $45 2%"0'/%( -#;$? %/+ $45 ;'/0(5 C"#+,-$ 2#/#C#() C"'-58 F;

E'$4 ( 5? '; %;;,25+ $# &5 %/ '/$5"'#" ;#(,$'#/ #* $45 C"#!$ 2%G'2'V%$'#/ C"#&(52?

%/+ ;%$';!5;

. ! " ! " ! " ( &

O5$ : ! " " +5/#$5 $45 2,($':%"'%$5 -#C,(% +5;-"'&'/0 `#'/$ +';$"'&,$'#/ #* ( ! "

*#" ( . 8 .) QN(%"a; I45#"52? $45 `#'/$ +';$"'&,$'#/ #* -#/;,25" :%(,5; *#" $45

0##+; '; $45"5*#"5 : ! " ! "" ! ""8 F;;,25 $4%$ $45 :%(,5 #* $E# 0##+; d %/+ d

$#05$45" '; ' E'$4 -#/;$%/$ 2%"0'/%( -#;$ ' %/+ $45 :%(,5; %/+ 2%"0'/%( -#;$;

%"5 ;'2'(%"() #&$%'/5+ *#" 0##+; $#05$45"? 8 F0%'/? $4'; *"%25E#"N ",(5; #,$ C"#+,-$

-#2C(525/$%"'$) #" 5-#/#2'5; #* ;-%(5 %; 5GC(%/%$'#/; *#" &,/+('/08

U," C"5:'#,; "5;,($; #/ $45 C"#!$%&'('$) #* &,/+('/0 *#" $45 $E#D0##+ 2#/#C#(';$ 5G$5/+

"5%+'() $# $45 0##+ -%;58 3#/;'+5" $45 C"#!$%&'('$) #* ;5(('/0 % $E#D0##+ &,/+(5 !d" d!"$#05$45" E'$4 '/+':'+,%(()DC"'-5+ 0##+; d" d 8 Q,CC#;5 $45 C"'-5; *#" 0##+; d% d

%"5 ;5$ %$ ( ( 0 ? ;# $45 C"#!$; *"#2 $45 ;%(5 #* $45;5 R 5S 0##+; '; &)

4)C#$45;'; $45 ;%25 %; *"#2 ;5C%"%$5 ;5(('/08 T$ $45/ ;, -5; $# ;4#E $4%$ C"#!$ *"#2

0##+; d" %/+ d! E'(( &5 4'045" ,/+5" $45 C"#C#;5+ &,/+('/0 $4%/ ,/+5" ;5C%"%$5 ;5(('/08

_#$'-5 $4%$ $45 `#'/$ +';$"'&,$'#/ #* -#/;,25" :%(,5; *#" d" %/+ d! -%/ &5 "5C"5;5/$5+

@\ T/ "5%('$)? % !"2 ;#25$'25; ;5((; 2,($'C(5 0"#,C; #* C"#+,-$;? %/+ 0##+; E'$4'/ 5%-4 C"#+,-$ 0"#,C-#,(+ &5 ;,&;$'$,$5; ;,-4 $4%$ % -#/;,25" 2%) C,"-4%;5 #/() #/5 #* $4528 <#" 5%;5 #* 5GC#;'$'#/? E5 +#/#$ 5GC('-'$() 2#+5( $4'; ;'$,%$'#/? &,$ E5 -%/ %--#22#+%$5 $4'; C#;;'&'('$) &) %((#E'/0 $45 '/$5"C"5$%$'#/#* d '* %CC"#C"'%$5? %; %/) R;)225$"'-S 0##+ *"#2 C"#+,-$ 0"#,C ' ) E45"5 0##+; E'$4'/ 0"#,C%"5 ;,&;$'$,$5;

=Z

&) ! " ! "" ! ! !"" E45"5 ! " : ! . ." '; % &':%"'%$5 -#C,(% I45"5*#"5?

O522% = %CC('5;? %/+ ,/+5" $45 -#/+'$'#/; #* !"#C#;'$'#/; =D\? C"#!$; *"#2 d" %/+ d! %"5

4'045" ,/+5" 2'G5+ &,/+('/0 $4%/ ,/+5" ;5C%"%$5 ;5(('/08 75/-5K

1>%>GG&%M @ ,-. ! #2'3$5.-"243 #-)-5-'$%3 %(''$)0 5 5.-"243%: $7 4-)%2#(. 1!'2(% 7-.

!3 '(!%3 3<- 0--"% !.( )(0!3$1('/ "(5()"()3: $)"(5()"()3: -. 6!1( '$#$3(" 5-%$3$1( "(5()"()4(:

36() %-#( 7-.# -7 &2)"'$)0 <$'' 6!1( %3.$43'/ 6$06(. 5.-!3% 36!) %(5!.!3( %(''$)08

UC$'2%( 2'G5+ &,/+('/0 E'$4 0##+; '; % -#2C(5G ';;,58 H'$4 0##+;? 2'G5+ &,/+('/0

'/:#(:5; ,C $# 5 . +';$'/-$ C"'-5;? E4'-4 2%) /#$ &5 C"%-$'-%( E45/ '; (%"05 I4,; '$

E#,(+ &5 +5;'"%&(5 $# -#/;'+5" E45$45" % ;,&;5$ #* "5(%$':5() ;'2C(5 *#"2; #* 2'G5+ &,/+('/0

E'(( ;$"'-$() +#2'/%$5 ;5C%"%$5 ;5(('/0? % C5";C5-$':5 %+#C$5+ &) 34,? O5;('5? %/+ Q#"5/;5/

R@A==S8 3#"#((%") \ '+5/$'!5; % ;'2C(5 '/;$%/-5 #* 2'G5+ &,/+('/0 $4%$ '; C"#!$%&(5 ,/+5"

$45 ;%25 -#/+'$'#/; %; '/ !"#C#;'$'#/; =D\8 <,"$45"2#"5? E45/ '; (%"05" '$ ;552; 2#"5

('N5() $4%$ %$ (5%;$ $E# #* $45 0##+; E'(( C#;;5;; $45 +5;'"5+ +5C5/+5/-5 C"#C5"$'5;? %/+

45/-5 2#"5 ('N5() $4%$ ;#25 *#"2 #* 2'G5+ &,/+('/0 E'(( '/-"5%;5 C"#!$8

U/5 2%) %(;# %;N? *#" '/;$%/-5? E45$45" %/#$45" *#"2 #* 2'G5+ &,/+('/0? E4'-4 -#/$%'/; %

&,/+(5 #* 0##+; '/ %++'$'#/ $# '/+':'+,%(()DC"'-5+ 0##+;? E'(( ;$"'-$() +#2'/%$5 ;5C%"%$5

;5(('/08 F +' -,($) #/5 5/-#,/$5"; '/ $")'/0 $# 5G$5/+ $45 ;, -'5/$ -#/+'$'#/; $# $4'; -%;5 ';

$4%$ +5C5/+5/-5 /#$'#/; *#" +'25/;'#/; 4'045" $4%/ @ %"5 (5;; E5(( +5:5(#C5+ %/+ (5;; ;,'$5+

*#" #," %/%();'; _5:5"$45(5;;? $45"5 '; ;'2'(%" $"%+5 # %; '/ $45 -%;5 #* ( 5K Q$%"$'/0 *"#2

$45 ;5C%"%$5DC"'-'/0 ;#(,$'#/;? %++'/0 $45 D0##+; &,/+(5 E'$4 % ;('04$() (#E5" -#2&'/5+

C"'-5 "5+,-5; C"#!$ *"#2 -#/;,25"; %("5%+) C,"-4%;'/0 %(( 0##+;? &,$ &##;$; C"#!$ &)

'/-"5%;'/0 $45 /,2&5" #* -#/;,25"; C,"-4%;'/0 %(( 0##+;L $45 *#"25" 5 5-$ '; ('N5() 2#"5

C"#/#,/-5+ '* :%(,5; *#" +' 5"5/$ 0##+; C#;;5;; ;#25 $)C5 #* C#;'$':5 +5C5/+5/-5? E45"5%;

$45 (%$$5" 5 5-$ '; ('N5() 2#"5 C"#/#,/-5+ ,/+5" /50%$':5 +5C5/+5/-58

Q) 6!-,*!7 1.569,*,*.+

I45 C"#!$%&'('$) #* &,/+('/0 ,/+5" 2,($'C"#+,-$ 2#/#C#() %(;# 5G$5/+; $# 2%"N5$; E45"5

% 2,($'C"#+,-$ !"2 -#2C5$5; %0%'/;$ % ;'/0(5DC"#+,-$ !"28 H5 *#-,; #/ $45 -%;5 E45"5

$45 2,($'C"#+,-$ !"2? # 5"; $E# C"#+,-$; d %/+ 1 ? E45"5%; % ;'/0(5DC"#+,-$ !"2?

# 5"; % ;)225$"'-%(() +' 5"5/$'%$5+ :5";'#/ #* C"#+,-$ 1? 1 8 I45 $E# !"2; -#2C5$5 &)

;'2,($%/5#,;() -4##;'/0 C"'-5;? E45"5 *#" !"2 F $45 C"'-5; -%/ 5'$45" &5 $4#;5 ,/+5" ;5C%D

"%$5 ;5(('/0 #" $4#;5 ,/+5" 2'G5+ &,/+('/08 H5 %;;,25 % C,"5 ;$"%$50) 5Y,'('&"',2 5G';$;

*#" $4'; 2#+5( #* C"'-5 -#2C5$'$'#/? %/+ -#/;'+5" E45$45" '/ 5Y,'('&"',2 $45 2,($'C"#+,-$

!"2 !/+; 4'045" C"#!$; *"#2 &,/+('/0 $4%/ *"#2 ;5C%"%$5 ;5(('/08

@A

F -#/;,25"a; :%(,5 *#" '; ! "? %/+ *#" 1 '; ! " E'$4 ! " %8 I45"5*#"5? $45

2%"0'/%( +';$"'&,$'#/ #* -#/;,25" :%(,5; *#" d '; ! "? %/+ $45 ;)225$"'- +';$"'&,$'#/ *#"

5%-4 :%"'5$) #* C"#+,-$ 1 '; ! " E'$4 -#""5;C#/+'/0 +5/;'$) *,/-$'#/; ! " & %/+ ! "

& #/ $45'" "5;C5-$':5 ;,CC#"$;8 I45 -#C,(% ! "? E'$4 %/+ 5G-4%/05%&(5?

+5;-"'&5; $45 C#C,(%$'#/ #* -#/;,25";8 F+#C$'/0 ;$#-4%;$'- 2#/#$#/'-'$) +5C5/+5/-5

-#/-5C$;? %/+ %;;,2'/0 +' 5"5/$'%&'('$)? E5 ;%) $4%$ :%(,5; *#" d %/+ 1 %"5 C#;'$':5()

+5C5/+5/$? '/+5C5/+5/$? #" /50%$':5() +5C5/+5/$ E45/ "5;C5-$':5() ""! " &

""! " ( & #" ""! " & *#" %(2#;$ %(( ! " %8

B/+5" 2'G5+ &,/+('/0? (5$ +5/#$5 $45 ;$%/+%(#/5 C"'-5 #* d? $45 ;$%/+%(#/5 C"'-5

#* 1 *#" ! "? %/+ ' $45 C"'-5 #* <'"2 Fa; &,/+(58 Q5C%"%$5 C"'-'/0 ';

5Y,':%(5/$ $# ( ' ? '/ E4'-4 -%;5 $45 +52%/+; *#" d %/+ 1 %"5 "5;C5-$':5()

! " ( . ! "

! " ( . !. ! " ! ""! "

# $ % !. ! ' ! " " "

I45 2%"0'/%( -#;$; *#" C"#+,-$; d %/+ 1 %"5 %/+ ? %/+ '/$5"'#" 5Y,'('&"',2 C"'-5;

%/+ '/ $45 $E# C"#+,-$ 2%"N5$; ;%$';*)

. ! " ( ! " ! " R=[S

%/+

.

5#. !. ! " ! ""% R=]S

( ! "#

! !. ! " ! "" ! " '! "

# $ !% !. " ! ! ""$

"5;C5-$':5()8 Q55 345/ %/+ 9'#"+%/ R@A=AS *#" +5$%'(; #/ $45 ;)225$"'- ;5C%"%$5DC"'-'/0

5Y,'('&"',2 '/ $45 1 2%"N5$8

I# 5:%(,%$5 $45 +52%/+ *#" $45 C"#+,-$; # 5"5+ &) <'"2 F? -#/;'+5" % $)C5 ! "

-#/;,25" E4# '; E'(('/0 $# C,"-4%;5 0##+ d %$ C"'-5 ? '858 ! "8 I4'; -#/;,25" %(;#

4%; $45 #CC#"$,/'$) $# %-Y,'"5 0##+ 1 %; C%"$ #* $45 &,/+(5 &) C%)'/0 %/ '/-"525/$%(

C"'-5 ? #" $# C,"-4%;5 1 %$ C"'-5 8 I45 -#/;,25"a; -4#'-5 '/ $45 1 2%"N5$ +5C5/+;

#/ ! " %; '((,;$"%$5+ '/ $45 ,/'$ ;Y,%"5 #* <'08 @8 3#/;,25"; '/ "50'#/ d1 C,"-4%;5

$45 &,/+(5? $4#;5 '/ '/ "50'#/ d1 ;5C%"%$5() C,"-4%;5 d %/+ 1 ? %/+ $4#;5 '/ "50'#/ d

#/() C,"-4%;5 0##+ d8 I45"5*#"5? -#/;,25"; 2%N'/0 ;$%/+%(#/5 C,"-4%;5; #* d %"5 $4#;5

'/ $45 ,/'#/ #* "50'#/; d1 %/+ d8 b5/#$5 $45 %00"50%$5 -#/;,25" +52%/+ *,/-$'#/; *#"

0##+; d? 1 1 %/+ &,/+(5 d1 &) %/+ "5;C5-$':5()8 I45 +5$%'(;

@=

(')

('!

( )G r p

( )BG q

(

yB

yA

!"#$ @8 b52%/+ '/ 6%"N5$ 1 *#" 3#/;,25"; H'(('/0 $# .,) d

%&#,$ -#/;,25";a -4#'-5; %/+ $45 +52%/+ *,/-$'#/; %"5 -#/$%'/5+ '/ FCC5/+'G .8

H'$4 /# 5-#/#2'5; #* ;-#C5? $45 C"#!$ #* <'"2 F ';

! " ( ! " ! " ' ! " ! "

' ! " ! "

H5 /#E 5G$5/+ $45 C"#!$%&'('$) #* &,/+('/0 ,/+5" 2,($'C"#+,-$ 2#/#C#() $# $4'; C%"$'%(

-#2C5$'$'#/ 2#+5(? &) 5;$%&(';4'/0 $4%$ '/ 5Y,'('&"',2 $45 2,($'C"#+,-$ !"2 E'(( #C$'2%(()

-4##;5 &,/+('/0 '* :%(,5; *#" d %/+ 1 %"5 /50%$':5() +5C5/+5/$? '/+5C5/+5/$? #" 4%:5

;, -'5/$() ('2'$5+ C#;'$':5 +5C5/+5/-58

6%><>#=$=>? H A(3

$ ! " ! " # ! !. ! " ! "" ! ! ! " ! " ! ""% & R=>S

9) (V2$'$&.$2#: &2)"'$)0 $% %3.$43'/ #-.( 5.-!3!&'( 7-. 36( #2'3$5.-"243 !.# 36!) %(5!.!3(

%(''$)0 $7 "" 1$8

6%>>B) Q55 FCC5/+'G .8I4,; % 2,($'C"#+,-$ !"2 *%-'/0 % ;'/0(5 C"#+,-$ -#2C5$'$#" #C$'2%(() -4##;5; &,/+('/0 '/

5Y,'('&"',2 *#" % "%/05 #* +5C5/+5/-5 -#/+'$'#/;? ;'2'(%"() $# % 2,($'C"#+,-$ 2#/#C#(';$8

I45 2%'/ -#/$"%;$ E'$4 !"#C#;'$'#/ @ '; $4%$ !"#C#;'$'#/ ^ 52C(#); % ;$"#/05" /50%$':5

+5C5/+5/-5 C"#C5"$)? %/+ $45 2%'/ -#/$"%;$ E'$4 !"#C#;'$'#/ \ '; $4%$ $45 &#,/+ #/ $45

@@

+50"55 #* C#;'$':5 +5C5/+5/-5 '/ !"#C#;'$'#/ \ +5C5/+; #/ $45 -#C,(%8@^ F ;$"5/0$4 #*

!"#C#;'$'#/ ^ '; $4%$ '$ %((#E; %/) +5C5/+5/-5 "5(%$'#/ &5$E55/ 1 %/+ 1

H5 4%:5 -#/!/5+ #," %/%();'; #* &,/+('/0 ,/+5" -#2C5$'$'#/ $# ;'$,%$'#/; E45"5 % 2,($'D

C"#+,-$ !"2 -#2C5$5; E'$4 % ;'/0(5DC"#+,-$ "':%(8 I45 C"#!$%&'('$) #* &,/+('/0 '; "5(%$':5()

;'2C(5 '/ $4'; -%;5? &5-%,;5 #/() $45 2,($'C"#+,-$ !"2 -%/ -4##;5 $# &,/+(5 '$; C"#+,-$;8 T/

2%"N5$; E45"5 $45 -#2C5$'$'#/ '; &5$E55/ 2,($'C"#+,-$ !"2;? $45 ';;,5 #* &,/+('/0 '; 2#"5

-#2C(5G? ;'/-5 $45 C"#!$%&'('$) #* &,/+('/0 &) #/5 !"2 2%) +5C5/+ #/ E45$45" #" /#$ $45

#$45" !"2 &,/+(5;8 I45 ';;,5 %(;# '; 2#"5 -#2C(5G &5-%,;5 $45"5 %"5 +5C5/+5/-5 "5(%$'#/;

&#$4 &5$E55/ :%(,5; *#" +' 5"5/$ C"#+,-$; %/+ &5$E55/ :%(,5; *#" C"#+,-$; &) +' 5"5/$

!"2;8 H5 (5%:5 '$ *#" *,$,"5 "5;5%"-4 $# %++"5;; $45 ';;,5 #* 5Y,'('&"',2 C"#+,-$ &,/+('/0

&) -#2C5$'/0 2,($'C"#+,-$ !"2; ,/+5" 05/5"%( C"5*5"5/-5 +5C5/+5/-5 -#/+'$'#/;8@c

R) 1.+1704*.+

6'G5+ &,/+('/0 '; &) -#/;$",-$'#/ E5%N() 2#"5 C"#!$%&(5 $4%/ ;5C%"%$5 ;5(('/08 I45

Y,5;$'#/ '; E45/ '$ '; ;$"'-$() 2#"5 C"#!$%&(58 U," %/%();'; %+:%/-5; $45 ('$5"%$,"5 &)

5;$%&(';4'/0 2#"5 05/5"%( ;, -'5/$ -#/+'$'#/; *#" $45 ;$"'-$ C"#!$%&'('$) #* &,/+('/0? %/+

4%; *#,/+ %/ '/+'-%$#" *,/-$'#/ $4%$ '; "#&,;$ $# E'+5 :%"'%$'#/; '/ 2%"0'/%( +';$"'&,$'#/;8

I45;5 "5;,($; ;4#E $4%$ % 2,($'C"#+,-$ !"2 %-4'5:5; 4'045" C"#!$ *"#2 2'G5+ &,/+('/0

$4%/ *"#2 ;5C%"%$5 ;5(('/0 '* -#/;,25" :%(,5; *#" $E# C"#+,-$; %"5 /50%$':5() +5C5/+5/$?

'/+5C5/+5/$? #" 4%:5 ('2'$5+ C#;'$':5 +5C5/+5/-58 H45/ $45 !"2 ;5((; 2#"5 $4%/ $E#

C"#+,-$;? &,/+('/0 (5%+; $# 4'045" C"#!$ ,/+5" ;'2'(%" -#/+'$'#/;8 <,"$45"2#"5? "5;,($;

#/ $45 C"#!$%&'('$) #* 2#/#C#() &,/+('/0 5G$5/+ $# 2%"N5$; E45"5 % 2,($'C"#+,-$ !"2

-#2C5$5; %0%'/;$ % ;'/0(5DC"#+,-$ "':%(8

I45 C"#!$%&'('$) ';;,5 ;$'(( '; /#$ -#2C(5$5() ;5$$(5+? %; E5 4%:5 *#,/+ /5'$45" ,;5*,(

/5-5;;%") -#/+'$'#/; *#" $45 C"#!$%&'('$) #* C"#+,-$ &,/+('/0? /#" % -#,/$5"5G%2C(5 ,/D

+5" C#;'$':5 +5C5/+5/-5 #,$;'+5 $45 ('2'$'/0 -%;5 #* C5"*5-$ +5C5/+5/-58 I45"5 %(;# %"5

;5:5"%( #$45" E#"$4) +'"5-$'#/; *#" "5;5%"-48 <#" '/;$%/-5? E4'(5 2#/#C#() &,/+('/0 #*$5/

'/-"5%;5; $45 !"2a; C"#!$? '$; 5 5-$; #/ -#/;,25" %/+ ;#-'%( E5(*%"5 %"5 (5;; -(5%"? %; FCD

C5/+'G F '((,;$"%$5; *#" % ;C5-'%( -%;58 Q$'0(5" R=Z[\S %/+ ;#25 #* #," 5G%2C(5; ;4#E $4%$

@^H'$4 R2'/#"S %++'$'#/%( "5;$"'-$'#/;? '$a; C#;;'&(5 $# !/+ % (#E5" &#,/+ #/ !! $4%$ '; % !G5+ /,2&5"8<#" '/;$%/-5? '* ? "$# %/+ !"( "$# %"5 %(( &#,/+ %&#:5 V5"#? $45/ ( '; &#,/+ %&#:5 V5"# %/+ $45 (#E5"&#,/+ #/ !! '/ !"#C#;'$'#/ ^ -%/ &5 ;$%$5+ %; !!

( *#" ;#25 !G5+ ( $8@cF; 6-F*55? 6-6'((%/? %/+ H4'/;$#/ R=Z>ZS #&;5":5+? ,/+5" -#2C5$'$'#/ &5$E55/ 2,($'C"#+,-$ !"2;?

'* -#/;,25" :%(,5; *#" %(( 0##+; %"5 '/+5C5/+5/$() +';$"'&,$5+? $45/ % !"2 E'(( !/+ '$ #C$'2%( $# 5/0%05 '/2'G5+ &,/+('/0 '* $45 #$45" !"2 +#5; /#$? ;# $4%$ '$ -%//#$ &5 %/ 5Y,'('&"',2 *#" %(( !"2; $# -4##;5 ;5C%"%$5;5(('/08

@\

-#/;,25"; 2%) &5 E#";5 # E'$4 &,/+('/0? &,$ '$ '; ,/-(5%" 4#E "#&,;$ '; $4'; C#;;'&'('$)8

T$ E#,(+ &5 +5;'"%&(5 $# !/+ 2#"5 05/5"%( -#/+'$'#/; *#" $45 5:%(,%$'#/ #* $45 -#/;,25"

%/+ E5(*%"5 5 5-$; #* 2#/#C#() &,/+('/08 T$ E#,(+ %(;# &5 '/$5"5;$'/0 $# *,"$45" ;$,+)

$45 '/-5/$':5; *#" %/+ 5 5-$; #* &,/+('/0 ,/+5" -#2C5$'$'#/8 <#" '/;$%/-5? %--#"+'/0 $# $45

5G';$'/0 ('$5"%$,"5? E45"5%; &,/+('/0 -%/ &5 %/ 5 5-$':5 5/$") &%""'5"? '$ ;#25$'25; 2%)

%(;# &5 5/$")D%--#22#+%$'/0 &) -"5%$'/0 R#" '/-"5%;'/0S C"#+,-$ +' 5"5/$'%$'#/8 T$ E#,(+

&5 +5;'"%&(5 $# +5:5(#C %/ ,/+5";$%/+'/0 #* E45/ &,/+('/0 *#"5-(#;5; -#2C5$'$'#/ %/+ E45/

'$ ;#*$5/; -#2C5$'$'#/ '/ % 2#"5 05/5"%( *"%25E#"N #* C"5*5"5/-5 +5C5/+5/-58@[

!669+/*S !T +059-*1!7 !+!784*4 .P ,U9 PI5V0+*P.-5 1!49

3#/;'+5"

! " ( ! " (1

2/

! " ( ' !. " !. " L

( (

E45"5 $45 2%"0'/%( +';$"'&,$'#/ 4%; ,/'*#"2 ;,CC#"$ *#" #1 3%? %/+ 252&5"; #* $45

<h6 -#C,(% *%2'() %"5 '/+5G5+ &) $45 C%"%25$5" ? "%/0'/0 &5$E55/ . %/+ .8 I45 -#C,(%

C%"%25$5" '/+'-%$5; $45 +50"55 #* +5C5/+5/-5? E'$4 & '/+'-%$'/0 /50%$':5 +5C5/+5/-5?

( & '/+5C5/+5/-5? %/+ & C#;'$':5 +5C5/+5/-5 R_5(;5/? @AA[S8 .5(#E? (5$ %/+

+5/#$5 R$#$%(S C"#!$ %/+ R%00"50%$5S -#/;,25" E5(*%"5 "5;C5-$':5() ,/+5" #C$'2%( &,/+('/0?

%/+ %/+ +5/#$5 '/-"5%;5; "5(%$':5 $# ;5C%"%$5 ;5(('/08 95-%(( *"#2 PG%2C(5 = $4%$

'; %(E%); C#;'$':5 '/ $4'; -%;58

I45 *#((#E'/0 /,25"'-%( %/%();'; -#/;'+5"; $45 -#/;5Y,5/-5; #* &,/+('/0 *#" *#," (5:5(;

#* 2%"0'/%( -#;$ %/+ *#" !:5 +' 5"5/$ +5C5/+5/-5 -#/+'$'#/;8 I%N5/ $#05$45"? $45 *#,"

$%&(5; ;4#E $4%$ $45 C"#!$ %+:%/$%05 #* &,/+('/0 #:5" ;5C%"%$5 ;5(('/0 +5-"5%;5; E'$4 &#$4

-#;$ %/+ $45 +50"55 #* +5C5/+5/-58 .,/+('/0 -%/ 5'$45" '/-"5%;5 #" +5-"5%;5 -#/;,25" %/+

;#-'%( E5(*%"5L %/+ $45 5 5-$; #/ -#/;,25" E5(*%"5 R " %/+ #/ ;#-'%( E5(*%"5 R ' "

2%) /#$ &5 2#/#$#/'- '/ 2%"0'/%( -#;$ #" '/ $45 +50"55 #* +5C5/+5/-58

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`#? b5 65V%? %/+ Q5'+2%/ =ZZAL 345/ =ZZ]S8

@^

R=S <#" ( &? $45 R;5C%"%$5 ;5(('/0S 2#/#C#() C"'-5 '; ( 1 2 *#" 5%-4 0##+? R$#$%(S

C"#!$ '; ( ; .? %/+ R%00"50%$5S -#/;,25" E5(*%"5 '; ( 1 &28 I%&(5 F= ;4#E;

$4%$ C,"5 &,/+('/0 '; #C$'2%(? E'$4 3 +5$5""'/0 %/) ;$%/+%(#/5 ;%(5;8 <,"$45"2#"5?

5 '2C('5; $4%$ %(( -#/;,25"; /5-5;;%"'() %"5 E#";5 # E'$4 #C$'2%( &,/+('/08 .#$4

$45 &,/+(5 C"'-5 %/+ C"#!$ +5-"5%;5 %/+ -#/;,25" E5(*%"5 '/-"5%;5; E'$4 8 I45 5 5-$

#* &,/+('/0 #/ ;#-'%( E5(*%"5 R ' S '; /#/D2#/#$#/'-L ;#-'%( E5(*%"5 '; 4'045" ,/+5"

&,/+('/0 E45/ ( . #" ( . &,$ (#E5" *#" '/$5"25+'%$5 :%(,5; '/-(,+'/0 '/+5C5/+5/-58

'

( . 3 .& 281 3 <08 . . 808 . 5 1;< < . 285 0 & &<0 ;

( 2 3 .& 1.5 3 180 8 . 080 8 5 822 5 . 031 ; & &0. 5

( & 3 .& 5.& 3 5.5 < . ..5 < 5 ;85 & . .;; & &<2 0

( 2 3 3 322 8 ; 335 2 & ;35 2 0 ..& 5 & 303 ; & &1< 0

( . 3 3 8<2 5 ; ;.. 1 & <.. 1 0 0<< < & 8<5 0 & &03 .

=!&'( EBJ ( &

R@S H45/ ( 5? $45 2#/#C#() C"'-5 '; ( 2 2? C"#!$ '; ( 1 3 %/+ -#/;,25"

E5(*%"5 '; ( 5 12 I%&(5 F@ ;4#E; $4%$ C,"5 &,/+('/0 '; #C$'2%(? E'$4 5 ( ..

E45/ ( . #" ( & 2? '/ E4'-4 -%;5; %(( -#/;,25"; %"5 E#";5 #* E'$4 &,/+('/08 .#$4

$45 &,/+(5 C"'-5 %/+ C"#!$ +5-"5%;5 E'$4 ? E45"5%; -#/;,25" E5(*%"5 '/-"5%;5; E'$4 8

3#/;,25" E5(*%"5 '; 4'045" ,/+5" &,/+('/0 *#" ( .? %/+ ;#-'%( E5(*%"5 '; 4'045" ,/+5"

&,/+('/0 '/ %(( -%;5;8

'

( . 3 .. .&& 8 .18 ; . 518 ; 5 &&< 3 & 115 . & ;&1 <

( 2 3 .. &15 2 315 . . &15 . 5 .&5 & & 01; & 831 .

( & 3 .& 38. 2 <1& 1 & ;1& 1 5 5.5 . & 50< 3 & 8&5 2

( 2 3 .& ;18 2 210 1 & 810 1 5 012 ; & .&1 5 & 203 5

( . 3 .& 8;& 2 021 < & 121 < 5 2.2 5 & &82 5 & 2.3 3

=!&'( ENJ ( 5

R\S H45/ ( 1? $45 2#/#C#() C"'-5 '; ( 8 2? C"#!$ '; ( 5 2? %/+ -#/;,25" E5(*%"5

'; ( . 52 I%&(5 F\ ;4#E; 2'G5+ &,/+('/0 '; #C$'2%(? E'$4 %/+ 5 ( .08

<,"$45"2#"5? %; '/-"5%;5;? $45 ;$%/+%(#/5 C"'-5 %/+ C"#!$ +5-"5%;5? %/+ $45 &,/+(5 C"'-5

'/-"5%;5;? E45"5%; -#/;,25" E5(*%"5 !";$ '/-"5%;5; $45/ +5-"5%;5;8 3#/;,25" E5(*%"5 ';

(#E5" ,/+5" &,/+('/0 *#" ( .? &,$ 4'045" '/ #$45" -%;5;8 .,/+('/0 '/-"5%;5; ;#-'%( E5(*%"5

'/ %(( -%;5;8

@c

'

( . < 133 3 .5 &<5 5 3.< 1 & 1.< 1 . 580 8 & &.0 8 & 10.

( 2 < 10. . .5 .<& 5 ;5; 8 & 05; 8 . 5<; & &5; & 028 8

( & < 000 0 .5 0.& 5 <18 & 518 . 5<1 3 & &51 3 & 5<& 3

( 2 < 5.. . .5 138 5 8<1 . & .<1 . . 520 & & &&0 & .<< .

( . < &3. < .5 <&& 5 8.< . & ..< . . 55& 3 & &53 . & &;;

=!&'( EZJ8 ( 1

R^S H45/ ( 8? 2#/#C#() C"'-5 '; ( < 2? C"#!$ '; ( & 3 %/+ -#/;,25" E5(*%"5 ';

( & 12 I%&(5 ^F ;4#E; $4%$ 2'G5+ &,/+('/0 '; #C$'2%(? E'$4 %/+ 5 (

.2 F; '/-"5%;5;? $45 ;$%/+%(#/5 C"'-5 %/+ &,/+(5 C"'-5 '/-"5%;5? C"#!$ +5-"5%;5;? %/+

-#/;,25" E5(*%"5 :%"'5; /#/D2#/#$#/'-%(()8 3#/;,25" E5(*%"5 '; %(E%); (#E5" %/+ ;#-'%(

E5(*%"5 4'045" ,/+5" &,/+('/08

'

( . < 8;5 .1 558 & 328 &3 & &28 &3 & 111 00 & &&2 8< & &2& 15

( 2 < 8;1 8 .1 0;. & 312 1; & &12 1; & 118 << & &&0 50 & &15 52

( & < 83. 8 .1 25 & 30; 8. & &0; 8. & 111 <; & &&2 55 & &00 03

( 2 < <&1 8 .1 808 & 30< 2. & &0< 2. & 15. 2< & &5; 10 & &&3 &;

( . < <51 1 .1 <0& & 305 1. & &05 1. & 102 .; & &.1 ;5 & &.< 23

=!&'( E[J8 ( 8

!669+/*S 3T /9,!*74 0+/9- 6!-,*!7 1.569,*,*.+

B;'/0 $45 /#$%$'#/ #* Q5-$'#/ ]? ,/+5" 2'G5+ &,/+('/0? -#/;,25"; E'(( C,"-4%;5 $45

&,/+(5 '*

! " ' ! " ,)- !& ! " "

! " ' ! " ! " ' ,)- !& ! " "

! " ' ! " ! "

@[

#"? 5Y,':%(5/$()?

! ! " ' ,)- !& ! " ""

! ' ,)- !& ! " ""

! "

3#/;,25"; E'(( C,"-4%;5 d %; % ;$%/+%(#/5 C"#+,-$? "%$45" $4%/ %; C%"$ #* $45 &,/+(5? '*

! "

! ',)- !& ! " "" /

%/+ 1 %; % ;$%/+%(#/5 C"#+,-$ '*

! "

! ' ,)- !& ! " ""

I45 *#((#E'/0 +52%/+ *,/-$'#/ %00"50%$5; $45 -#/;,25"; C,"-4%;'/0 #/() dK

! "

( !. ! " ! "" ! ! " ! " ! ""

'! "

# $ # % !. ! ' ! " " " % ! ! " ! ' ! " " "%

Q'2'(%"()? $45 ;$%/+%(#/5 +52%/+ *#" 1 ';

! "

( ! ! " . ! "" ! ! " ! " ! ""

'! "

# $ # % ! ! " . " % ! ! " ! ' ! " " "%

%/+ $45 +52%/+ *#" $45 &,/+(5 ';

! "

( . ! " ! "

'! # $

# $ # " ! . ! "" " ! ! ! "" ! ""%

'! # $

# $

! "# $ # "% ! . " "% ! ! ! " ' ! " " "%

@]

I45 +52%/+ *#" 1 '; %/%(#0#,; $# $45 +52%/+ *#" 1 8

6%>>B >B 6%><>#=$=>? ^H5 ;4#E $4%$? ,/+5" $45 -#/+'$'#/; ;C5-'!5+ '/ $45 !"#C#;'$'#/? %$ %/) 5Y,'('&"',2 !"2?

F 2,;$ -4##;5 &,/+('/0 "%$45" $4%/ ;5C%"%$5 ;5(('/0L '858? '/ 5Y,'('&"',2 &,/+('/0 2,;$ 4%:5

4'045" C"#!$ $4%/ ;5C%"%$5 ;5(('/0 *#" !"2 F8 I4'; E#,(+ &5 $",5 '* ;5C%"%$5 ;5(('/0 -%//#$

&5 C%"$ #* %/) 5Y,'('&"',28

O5$ ! " +5/#$5 $45 C"'-5; #* d %/+ 1 C"#+,-$; '/ % ;5C%"%$5DC"'-'/0 5Y,'('&"',28

I45/$ ! " ! ' ' "

'; <'"2 Fa; C"#!$ *"#2 '/-"5%;'/0 $45 ;$%/+%(#/5 C"'-5 #* d? E4'(5 4#(+'/0 -#/;$%/$ $45

;$%/+%(#/5 C"'-5; #* $45 1 C"#+,-$ %/+ $45 C"'-5 #* $45 &,/+(5 %$ ( ' 8 Q5C%"%$5 ;5(('/0

-%//#$ &5 C%"$ #* %/) 5Y,'('&"',2 '* $ # !&" &8 _#$'-'/0 $4%$ ! " ( & E5

4%:5

$ # !&" (! ' "

( ! ' " ' ! "! ' "

' ! ' "! ' "

E'$4

! ' ".

5#. ! "% '

.

5# !. ! " ! "" ! ! " ! " ! ""%

! ' "# ! !. ! " ! "" ! ! ! " ! " ! ""% ! "

" ! ! " ! " ! "" ! "! "

# $ # !% !. " !% ! ! " "% ! ! ""! "

# $ "% ! ! " " ! "

! ' "! "

! ' "

' # " ! ! " . ! "" " ! ! " ! " ! ""% ! "

'! "

# $ # "% ! ! " . " "% ! ! " "% ! "

@>

( ! " ' # ! !. ! " ! "" ! ! ! " ! " ! ""% ! "

'! "

# $ # !% !. " !% ! ! " "% ! ! "" ' " ! ! " . ." ! "

I45"5*#"5?

$ # !&" ( ! ' "

' ! "

"! " ' # " ! ! " . ! "" " ! ! " ! " ! ""% ! "

'! "# $ # "% ! ! " . !" "% ! ! " ! !"% ! " !

.

'! "

"! " ' # ! !. ! " ! "" ! ! ! " ! " ! ""% ! "'

! "# $ # !% !. " !% ! ! " "% ! ! "" ' " ! ! " . ." ! "

.

Q,&;$'$,$'/0 " ! ! " . ." ( . %/+ "% !. ! !" ("!

!#" " "$

"? %/+ ;'2C('*)'/0? E5 4%:5

$ # !&" ( ! ' "

' ! "

"# " ! ! " . ! "" " ! ! " ! " ! ""% ! "

" ! ! " . ! "" ! "! "# $

"! " ! ! " ! !" ! "

.

'! "

"# ! !. ! " ! "" ! ! ! " ! " ! ""% ! "

'! "

# $ # !% !. " !% ! ! " "% ! ! ""

.

( ! ' " ' ! "

"" ! ! " ! " ! "" ! "

"! # " ! ! " . ." " ! ! " ! " ! ""% ! "

.

'! "

"# ! !. ! " ! "" ! ! ! " ! " ! ""% ! "

'! "

# $ # !% !. " !% ! ! " "% ! ! ""

.

Q,&;$'$,$'/0 *#" ! ' " ,;'/0 ! " ! " ( . ! " %/+ ;'2C('*)'/0

$ # !&" (.

5

% "

# $# " ! ! " ! "" " ! ! " ! " ! ""%

' ! "

"# ! !. ! " ! "" ! ! ! " ! " ! ""% ! "

'! "

# $ # !% !. " !% ! ! " "% ! ! ""

.

.

5

% "

# $

%

# $"" ! ! " ! "" ' $

@Z

;'/-5! "

# $ # !% !. " !% ! ! " "% ! ! "" & E45"5

$ ( ! " ! " # ! !. ! " ! "" ! ! ! " ! " ! ""% &

I4,;? $ # !&" & '* :%(,5; *#" d %/+ 1 %"5 /50%$':5() +5C5/+5/$ R "" &" #" '/+5C5/+5/$

R "" ( &" _#E? ;,CC#;5 $4%$ :%(,5; *#" d %/+ 1 %"5 C#;'$':5() +5C5/+5/$ &,$ "" 1$

I45/

$ # !&".

5

% "

# $

%

# $1$ ' $

(.

1!. ! ""! 1$ ' $ $ ' $ ( &

\A

-9P9-9+194

i=j F+%2;? H'(('%2 k8 %/+ k%/5$ O8 15((5/ R=Z][S? e3#22#+'$) .,/+('/0 %/+ $45 .,"+5/ #*

6#/#C#()?e \2!.3(.'/ ]-2.)!' -7 W4-)-#$4%? ZAK ^]cD^Z>8

i@j F"2;$"#/0? 6%"N R@A=AS? e e.,/+('/0 95:';'$5+K Q,&;$'$,$5 !"#+,-$; %/+ T/$5"D!"2 b';D

-#,/$;?e 6!9F H#"N'/0 !%C5" @[]>@8

i\j 3%"&%`#? k#;5? b%:'+ b5 65V%? %/+ b%/'5( k8 Q5'+2%/ R=ZZAS? eF Q$"%$50'- 6#$':%$'#/ *#"

3#22#+'$) .,/+('/0?e ]-2.)!' -7 9)"2%3.$!' W4-)-#$4%? \>K @>\D@Z>8

i^j 3%"($#/? b8 %/+ 68 H%(+2%/ R@AA@S? fI45 Q$"%$50'- B;5 #* I)'/0 $# !"5;5":5 %/+ 3"5%$5

6%"N5$ !#E5" '/ P:#(:'/0 T/+,;$"'5;g? ^EP_ ]-2.)!' -7 W4-)-#$4%? \@K =Z^D@@A8

icj 345/? 18 R=ZZ]S? fPY,'('&"',2 !"#+,-$ .,/+('/0g? ]-2.)!' -7 X2%$)(%%? ]AK >cD=A\8

i[j 345/? 18 %/+ 68 78 9'#"+%/ R@AA>S? f!"'-5DT/-"5%;'/0 3#2C5$'$'#/g? ^EP_ ]-2.)!' -7

W4-)-#$4%: \ZK =A^@D=Ac>8

i]j 345/? 18 %/+ 68 78 9'#"+%/ R@A=AS? e!"5*5"5/-5;? !"'-5; %/+ !5"*#"2%/-5 '/ 6,($'C"#+,-$

T/+,;$"'5;e? E#"N'/0 C%C5"8

i>j 345/? 18 %/+ k8 !5%"-) R@A=AS? fb)/%2'- !"'-'/0K H45/ $# P/$'-5 ."%/+ QE'$-4'/0 %/+

H45/ $# 95E%"+ 3#/;,25" O#)%($)g? ^EP_ ]-2.)!' -7 W4-)-#$4%? ^=K []^D[>c8

iZj 34#'? k8 %/+ 38 Q$5*%/%+'; R@AA=S? fI)'/0? T/:5;$25/$? %/+ $45 b)/%2'- O5:5"%05 I45#")e?

^EP_ ]-2.)!' -7 W4-)-#$4%: \@K c@D]=8

i=Aj 34,? Q5%/? !4'(('C O5;('5? %/+ F(%/ Q#"5/;5/ R@A==S? e.,/+(5DQ'V5 !"'-'/0 %; %/ FCC"#G'D

2%$'#/ $# 6'G5+ .,/+('/0?e E#(.$4!) W4-)-#$4 ^(1$(<? =A=K @[\l\A\8

i==j 3"%E*#"+? h8 %/+ F8 1,",N#0(, R@A=@S? feI45 H5(*%"5 P 5-$; #* .,/+('/0 '/ 6,($'-4%//5(

I5(5:';'#/ 6%"N5$;?g E#(.$4!) W4-)-#$4 ^(1$(<? *#"$4-#2'/08

i=@j <%/0? 7%/2'/0 %/+ !5$5" _#"2%/ R@AA[S? eI# .,/+(5 #" _#$ $# .,/+(5?e ^EP_ ]-2.)!'

-7 W4-)-#$4%? \]? Z^[DZ[\8

i=\j 7#? 38? k8 7# %/+ k8 6#"$'25" R@A==S? fI45 B;5 #* <,((D('/5 <#"-'/0 3#/$"%-$; '/ $45 W'+5#

95/$%( T/+,;$")?g E#(.$4!) W4-)-#$4 ^(1$(<? *#"$4-#2'/08

i=^j O5E&5(? F"$4," R=Z>cS? e.,/+('/0 #* Q,&;$'$,$5; #" 3#2C(525/$;?e 9)3(.)!3$-)!' ]-2.)!'

-7 9)"2%3.$!' L.0!)$H!3$-)? \K =A=D=A]8

\=

i=cj O#/0? k#4/ .8 k"8 R=Z>^S? e3#225/$; #/ ah%,;;'%/ b52%/+ %/+ 3#22#+'$) .,/+('/0?e

]-2.)!' -7 X2%$)(%%? c]K Q@\cDQ@^[8

i=[j 6-F*55? 98 !"5;$#/? k#4/ 6-6'((%/? %/+ 6'-4%5( b8 H4'/;$#/ R=Z>ZS? e6,($'C"#+,-$

6#/#C#()? 3#22#+'$) .,/+('/0? %/+ 3#""5(%$'#/ #* W%(,5;?e \2!.3(.'/ ]-2.)!' -7

W4-)-#$4%? =A^K \]=D\>\8

i=]j _%(5&, ? .%"") R@AA^S? e.,/+('/0 %; %/ P/$") .%""'5"?e \2!.3(.'/ ]-2.)!' -7 W4-)-#$4%?

==ZK =cZD=>]8

i=>j _5(;5/? 9#05" .8 R@AA[S? E) 9)3.-"243$-) 3- K-52'!%? @ 5+'$'#/? QC"'/05"DW5"(%08

i=Zj !%$$#/? F8k8 R@AA>S? f3#C,(%D.%;5+ 6#+5(; *#" <'/%/-'%( I'25 Q5"'5;8g UG*#"+ <'/%/-'%(

35/$5" P-#/#2'-; Q5"'5;? /#8 @AA>*5@=? UG*#"+ B/':5";'$)8

i@Aj Q-42%(5/;55? 9'-4%"+ R=Z>^S? eh%,;;'%/ b52%/+ %/+ 3#22#+'$) .,/+('/0?e]-2.)!' -7

X2%$)(%%? c]K Q@==DQ@\A8

i@=j Q$'0(5"? h5#"05 R=Z[\S? eF _#$5 #/ .(#-N .##N'/0?e B8Q8 Q,C"525 K-2.3 ^(1$(<? =Z[\?

=c@D=]c8

i@@j H4'/;$#/? 6'-4%5( b8 R=ZZAS? fI)'/0? <#"5-(#;,"5? %/+ PG-(,;'#/?g E#(.$4!) W4-)-#$4

^(1$(<? >AK >\]D>cZ8

\@