A liderança e suas relações com o comprometimento organizacional

#$$%&'()+,$-./%'#0((,&,1&(/(0%2$ &(0-()+, %/ 0/#3#$'&()+, 0( 3#4%&$#0(0% %0%&(5 0, #, &(30% 0, ,&'%6 3( 7&%( 0% %$'+, &1(3#8(9#,3(56 9,/, &%:-#$#', ;(&( ,.'%3)+, 0, '<'-5, 0% %$'&%%/ 0/#3#$'&()+,0%/;&%$($>

&#%3'(0,&?&,@>,-',&(&5,$ 5.%&',&%#&% %0%#&,$>

!!"

#$$%&'()+,$-./%'#0((,&,1&(/(0%2$ &(0-()+, %/ 0/#3#$'&()+, 0( 3#4%&$#0(0% %0%&(5 0, #, &(30% 0, ,&'%6 3( 7&%( 0% %$'+, &1(3#8(9#,3(56 9,/, &%:-#$#', ;(&( ,.'%3)+, 0, '<'-5, 0% %$'&%%/ 0/#3#$'&()+,0%/;&%$($>

&#%3'(0,&?&,@>,-',&(&5,$ 5.%&',&%#&% %0%#&,$>

(&5,$ 5.%&',&%#&%%0%#&,$6&> A

B,$C &#/('C$0%5#4%#&(6&>

3'D3#,#&1<5#,E#''%39,-&'E($',$6&> E

&%9%#'(;(&((/(#$;%&;C'-(#13,&F39#( C;%&/(3%9%&$('#$@%#',9,/$-($,;#3#G%$ %9,3'%3'%9,/$%-$9,3H%9#/%3',$>

%0#9, %$'% '&(.(5H, (,$ /%-$ ;(#$ %'K5#,%-%5#6;%5(#39(3$74%5'(&%@(0% %0-9(& % (/(& ,$ $%-$ @#5H,$> , /%- #&/+,H#(1,6;,&',0,,(;,#,L%(,/%-3(/,&(0, #9M$,36 ;,& ',0, $%- (/,&6 9(&#3H,%9,/;&%%3$+,>

,$'(&#( 0% (;&,4%#'(& %$'% %$;(), ;(&( (1&(0%9%& ( ',0,$ ,$ :-% /% (;,#(&(/(,5,31,0%',0,$%$$%$(3,$0%9(/#3H(0(69,3'&#.-#30,;(&(,/%-9&%$9#/%3',9#%3'<@#9,%;%$$,(5>

%-$6;,&/%,@%&%9%&9,&(1%/%@,&)($-@#9#%3'%$;(&(:-%%-;-0%$$% $-;%&(&',0,$,$/,/%3',$0#@<9%#$0%$'(9(/#3H(0(>

,$/%-$;(#$6;%5,(/,&69(&#3H,60%0#9()+,%;,&/%'%&%/9,39%0#0,( 4#0(L%(,/%-#&/+,6;,&',0,(;,#,0(0,%;,&;(&'#5H(&9,/#1,%$'(%N#$'O39#(>

, /%- 3(/,&(0, #9M$,3 ;%5, $%- (/,&6 9(&#3H,6 9,/;&%%3$+, % ;,& 5%/.&(&/%%/$%/;&%/(3'%&,@,9,3%$'%%$'-0,>

,/%-,&#%3'(0,&6&,@%$$,&&>(&5,$ 5.%&',&%#&%%0%#&,$6;%5,(;,#, #39,30#9#,3(53(&%(5#8()+,0%$'(0#$$%&'()+,6;%5(9,3@#(3)(6;%5(/,'#4()+,6;%5( ;(9#O39#(%;%5(9,/;&%%3$+,%/',0($($@($%$0%$'%'&(.(5H,>

,$ ;&,@%$$,&%$ %&3(30, #($ ,;%$ % B,$C &#/('C$ 0% 5#4%#&(6 ;,& ;(&'#9#;(&%/ 0( .(39( %N(/#3(0,&( 3( :-(5#@#9()+, % (;&%$%3'(&%/ $%-$ 9,/%3'7&#,$9,3$'&-'#4,$>

,;&,@%$$,&P(Q3%H,/($30%&$6;,&',0((R-0(0(0(>

S$ (5-3($ 0% 1&(0-()+, %/ 0/#3#$'&()+, 0( ? 3(30( % (&#( %&3(30(6 ;,& ',0( ( (R-0( 0(0( 3( 9,30-)+, 0( ;%$:-#$( % ;%5( (/#8(0% 9-5'#4(0(>

, ,3$%5H, (9#,3(5 0% %$%34,54#/%3', #%3'<@#9, % %93,521#9, 6;%5,(;,#,@#3(39%#&,0(0,>

',0($($%/;&%$($%(,$$%-$@-39#,37&#,$:-%9,3'&#.-<&(/;(&(:-% @,$$%&%(5#8(0(%$'(;%$:-#$(>

,$/%-$(/#1,$0%'-&/(6%/%$;%9#(56(&(39#$9,,3'%#&,6B,$#.%&1H (13,%(&9,$%0%#&,$6;%5((/#8(0%6;%5(9,34#4O39#(6;%5,9,/;(3H%#&#$/,6 ;%5,$%$'</-5,$0(0,$%;%5,$9,3H%9#/%3',$9,/;(&'#5H(0,$>

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

E

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

%(0%&$H#;>,//#'/%3'>&1(3#8('#,3(59,//#'/%3'>

\

# # $!#%!&$

'

(#)% )*&$

+

"&! *, *#!*&&! *, *. )#!*&

-(0&,XA3@,:-%6%,&#($%(',&%$0(#0%&(3)( Z

-(0&, A#/%3$G%$%30#9(0,&%$0(#0%&(3)( YU

-(0&,UA#/%3$G%$%30#9(0,&%$0,,/;&,/%'#/%3', &1(3#8(9#,3(5

YY

-(0&,WA.R%'#4,$%C93#9($$'('<$'#9($ "X

#1-&(XA%$%3H,%&(50(%$:-#$( !

#1-&( A,0%5,0,,/;&,/%'#/%3',&1(3#8(9#,3(5%$%34,54#0, ;,&%0%#&,$I !!WJ

]V

#1-&(UA,0%5,0,,/;&,/%'#/%3',&1(3#8(9#,3(5 V!

E

(.%5(XA#/%3$G%$0,,/;&,/%'#/%3',&1(3#8(9#,3(5 WW

(.%5( A(&#()+,N;5#9(0(%0,$,/;,3%3'%$0( 375#$%(',&#(59,/30#9(0,&%$0(#0%&(3)(

"U

(.%5(UA$'&-'-&((',&#(50%(0(,/;,3%3'%N'&(<0, I#0%&(3)(J

"W

(.%5(WA(&#()+,N;5#9(0(%0,$,/;,3%3'%$0( 375#$%(',&#(59,/30#9(0,&%$0,,/;&,/%'#/%3',&1(3#8(9#,3(5

]!

(.%5(YA$'&-'-&((',&#(50%(0(,/;,3%3'%N'&(<0, I,/;&,/%'#/%3',&1(3#8(9#,3(5J

]X

(.%5("A#/%3$+,('%3'%.&#1()+,;%5,%$%/;%3H,6$%-$ 30#9(0,&%$%%0#0(0%,3$#$'O39#(3'%&3(

]W

(.%5(]A(&F/%'&,$.'#0,$9,/ 375#$%0%(/#3H,$%3'&%($ #/%3$G%$0(#0%&(3)(%0,,/;&,/%'#/%3',&1(3#8(9#,3(5

^ #/;,&'(3'% ;(&( ($ ,&1(3#8()G%$ ;,$$-<&%/ %/;&%1(0,$ :-% $% %/;%3H%/;%5(%/;&%$(%:-%9,3$#1(/$('#$@(8%&($,9#%0(0%69(0(4%8/(#$ %N#1%3'%6:-%.-$9(;,&/%5H,&%$('%30#/%3',$%;,&-/(/(#,&(1#5#0(0%%/$-($ ()G%$> $%/;&%$($:-%,@%&%9%/(,$%-95#%3'%,:-%%5%;&%9#$(%/'%&/,$0% ;&,0-',$6$%&4#),$%:-(5#0(0%'O//(#$9H(39%0%;&,1&%0#&3,/%&9(0,%6$%30, ($$#/6,$%/;&%1(0,$;,0%/$%&,0#@%&%39#(59,/;%'#'#4,0(%/;&%$(6;,#$'O/( 9(;(9#0(0%0%/(3'%&%;&,/,4%&,$-9%$$,0(,&1(3#8()+,>

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

;&%$%3'%'&(.(5H,%$'70#4#0#0,%/9#39,9(;<'-5,$69,/,(;&%$%3'(0,( $%1-#&>;&#/%#&,9(;<'-5,%$'70#4#0#0,%/'&O$;(&'%$?(;&#/%#&(9,/;&%%30%( 9,3'%N'-(5#8()+, % 9,5,9( , ;&,.5%/(> $%1-30( (;&%$%3'( ( R-$'#@#9('#4( 0, '&(.(5H,6%6(K5'#/(6,$,.R%'#4,$0(;%$:-#$(>$'%9(;<'-5,;&,9-&(0(&-/(4#$+, 1%&(56 (;&%$%3'(30, , ($$-3', 0( ;%$:-#$(6 /,$'&(30, ($ 0K4#0($ % :-%$'#,3(/%3',$ :-% 5%4(&(/ _ %5(.,&()+, 0%$'( ;%$:-#$(6 (5C/ 0% /,$'&(& ( &%5%4F39#(0,'%/(;&,;,$',>

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`%#55Q%H('/(3IXZV"JL, /,0%5,0%'&O$9,/;,3%3'%$0,9,/;&,/%'#/%3',0%%Q%&% 55%3IXZZXJL%6, /,0%5,/-5'#0#/%3$#,3(50%%0%#&,$%'(5>I !!UJ>

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

:-(&',9(;<'-5,%$'70#4#0,%/'&O$;(&'%$?(;&#/%#&((;&%$%3'(((375#$% @(',&#(5 9,/ #30#9(0,&%$ 0( 5#0%&(3)(> $%1-30( '&(8 ( (375#$% @(',&#(5 9,/ #30#9(0,&%$0,9,/;&,/%'#/%3',> '%&9%#&(;(&'%(;&%$%3'((&%;5#9()+,0,/,0%5, 0, 9,/;&,/%'#/%3', 0%$%34,54#0, ;,& %0%#&,$ I !!WJ % , /,0%5, 0% &%5()G%$ %39,3'&(0($%3'&%(5#0%&(3)(%,9,/;&,/%'#/%3',,&1(3#8(9#,3(5>

9(;<'-5, 9#39, (;&%$%3'( ( 9,395-$+, 0, '&(.(5H,> ,$'%&#,&/%3'%6 $+, (;&%$%3'(0($($&%@%&O39#($%6;,&@#/6,$(3%N,$0,'&(.(5H,>

$ %/;&%$($ 'O/ ( 3%9%$$#0(0% 0% -/ ;('&#/D3#, H-/(3, %@%'#4(/%3'% 0#$;,$',(9,3'&#.-#&9,/$%-$,.R%'#4,$6;,&#$$,.-$9(/,.'%&@-39#,37&#,$:-% $%R(/9,/;&,/%'#0,$6:-%4%R(/$%-'&(.(5H,9,/,-/0%$(@#,($%&(59(3)(0,% :-%.-$:-%/,$/%5H,&%$&%$-5'(0,$;(&((,&1(3#8()+,>$'(3%9%$$#0(0%4%/ @#9(30,9(0(4%8/(#$%4#0%3'%0%4#0,(,1&(30%0%$%34,54#/%3','%93,521#9,% #30-$'&#(56'&(8#0,;%5(15,.(5#8()+,6:-%@(89,/:-%($'&(3$@,&/()G%$,9,&&(/%/ -/(4%5,9#0(0%/-#',&7;#0(>

%$'(@,&/(6%N#$'%-/(1&(30%;&%,9-;()+,6;,&;(&'%0($,&1(3#8()G%$6 %/%39,3'&(&@-39#,37&#,$:-%9,3$#1(/@(8%&(0#@%&%3)(3,'&(.(5H,6$%30,/-#', #/;,&'(3'%6;(&(($%/;&%$($69,3$%1-#&#0%3'#@#9(&1%&%3'%$:-%#3@5-%39#%/$%-$ @-39#,37&#,$%:-%,$',&3%/9,/;&,/%'#0,$6;(&(:-%$%9,3$'&-(-/(/.#%3'% 9,/(5',;(0&+,0%9,/;&,/%'#/%3',%;(&(:-%($%/;&%$($9,3$#1(/(59(3)(& $%-$,.R%'#4,$>

E%33#$IXZZY6;>]]J(@#&/(:-%a,@(',&:-%%3%&1#8((@,&)(0%'&(.(5H,% (9(.(0%'%&/#3(30,:-(#$,&1(3#8()G%$'%&+,ON#',,-@&(9($$(&+,C(5#0%&(3)(>b $',,9,&&%;,&:-%,5<0%&;,0%#3@5-%39#(&$%-$$%1-#0,&%$0%-/(@,&/(;,$#'#4(,-3%1('#4(;(&((%/;&%$(>5<0%&;,0%%3'-$#($/(&%/;&%1(0,$69&#(&-/(9-5'-&( 3(%/;&%$(%@(8%&9,/:-%,$,.R%'#4,$;%$$,(#$%,&1(3#8(9#,3(#$0,$/%$/,$ $%',&3%/9(0(4%8/(#$$%/%5H(3'%$>69,/(/%$/(#3@5-O39#(6,5<0%&;,0% @(8%& , '&(.(5H, #34%&$, 0%3'&, 0( %/;&%$(6 9&#(30, -/ (/.#%3'% 0% '&(.(5H, ;%$(0,64#$(30,(;%3($(59(3)(&,.R%'#4,$;%$$,(#$60%3'&%,-'&($9,#$($>

%5,I !!WJ(@#&/(:-%-/@(',0%9#$#4,%:-%3+,0%#N(:-(5:-%&0K4#0( $,.&% ( $-( #/;,&'F39#( C , #34%$'#/%3', 0($ %/;&%$($ 3, &%9&-'(/%3',6 3( $%5%)+,63((4(5#()+,%3(9(;(9#'()+,0($;%$$,($;(&(,9-;(&%/;,$#)G%$0% 5#0%&(3)(>(-',&(@#&/(6(#30(6:-%($;%$$,($:-%'O/%$'(&%$;,3$(.#5#0(0% 1%&(5/%3'%1(3H(//(#$%'O//(#,&%$&%$;,3$(.#5#0(0%$0,:-%(:-%5($:-%3+, ;,$$-%/'(5%39(&1,>

,5,31,0,'%/;,6/-#'($;%$:-#$($4O/$%30,&%(5#8(0($9,/,#3'-#',0% .-$9(& -/( 0%@#3#)+, ;(&( ( 5#0%&(3)( I6 !!WL 6 !!U % Pc6XZZZJ>N#$'%//-#',$9,39%#',$0#@%&%3'%$6.%/9,/,$,.&%;,$#)+, %3'&%/-#',$0%5%$>(;%8#,%,&%H,-$%IXZZ]6;>XJ6/,$'&(/:-%a5#0%&(3)(C( H(.#5#0(0% 0% #3@5-%39#(& #30#4<0-,$ ,- 1&-;,$ ( ;%3$(&6 $%3'#& % ',/(& ()G%$ ;,$#'#4($;(&((59(3)(&,.R%'#4,$>b60($0#4%&$($0%@#3#)G%$%39,3'&(0($6,;(0&+, #0%3'#@#9(0,C%N('(/%3'%,:-%'&('((5#0%&(3)(9,/,$%30,(#3@5-O39#(:-%( ;%$$,(0,5<0%&%N%&9%$,.&%,$,-'&,$>

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c> PH#'%6 3( I 6 XZ"W (;-0 6 !! J>

#4%&$,$%$'-0,$(3(5#$(&(/,$9,/;,&'(/%3',$0,$5<0%&%$> -3#4%&$#0(0% $'(0-(5 0% H#, %39,3'&,- ( %$'&-'-&( #3#9#(5 % ( 9,3$#0%&()+, 9,/, 9,/;,&'(/%3',0,5<0%&>$%$'-0,$0(3#4%&$#0(0%0%#9H#1(3;%&9%.%&(/:-%, 9,/;,&'(/%3',0,5<0%&%&(,&#%3'(0,;(&('(&%@($,-,&#%3'(0,;(&(;%$$,($> &(0%%&%39#(50%E5(M%%,-',3IXZVZJ9,3$#0%&((;&%,9-;()+,0,5<0%&9,/( ;&,0-)+,,-9,/($;%$$,($>

,$0#($('-(#$6,:-%$%;,0%,.$%&4(&$+,,$%$'-0,$&%(5#8(0,$$,.&%( 5#0%&(3)($#'-(9#,3(56/,$'&(30,:-%?a($K5'#/($9,395-$G%$0(;%$:-#$($-1%&%/ :-%C/(#$;&,4%#',$,9,3$#0%&(&(5#0%&(3)(9,/,-/(&%5()+,%3'&%,5<0%&%( $#'-()+,0,:-%9,3$#0%&75(9,/,-/;(0&+,-3#4%&$(50%9(&(9'%&<$'#9($;&2;&#($ 0%9%&'($;%$$,($>b6#$',C6,5<0%&3+,'%/,@,9,(;%3($3($;%$$,($,-(;%3($3( '(&%@(>5%;($$((&%9,3H%9%&($/-0(3)($3,$9,3'%N',$%/:-%(5#0%&(3)(C %N%&9#0(%(0(;'($-($0%9#$G%$(%$'($$#'-()G%$>

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

6;,#$%N#$'%-/($,.&%;,$#)+,%3'&%,$@(',&%$0%@#3#0,$I#3@5-O39#( #0%(5#8(0(6 /,'#4()+, #3$;#&(9#,3(56 %$'#/-5()+, #3'%5%9'-(5 % 9,3$#0%&()+, #30#4#0-(5#8(0(J6$-1%&#30,:-%3+,%$'+,95(&(/%3'%0%'%&/#3(0,$%:-%6$%30, ($$#/6$%&#(#/;,&'(3'%,.'%&-/(0#$'#3)+,'%2&#9(%3'&%%$$%$@(',&%$6.%/9,/, -/(0#$'#3)+,'%2&#9(9,/,-'&,$/,0%5,$0%5#0%&(3)(>

5C/0(5#0%&(3)(6%$'%%$'-0,#&7'&('(&0,9,/;&,/%'#/%3',,&1(3#8(9#,3(5> %$'%9($,6(5#0%&(3)($%&7'&('(0(9,/,-/(3'%9%0%3'%(,9,/;&,/%'#/%3', ,&1(3#8(9#,3(56;,#$69,/,(@#&/(/('H#%-%(R(9IXZZ!J6,$(3'%9%0%3'%$$+, -/(9('%1,&#(:-%%$'-0(/($9(&(9'%&<$'#9($;%$$,(#$69(&(9'%&<$'#9($0,'&(.(5H,6 &%5()G%$ 9,/ , 1&-;, % 9,/ , 5<0%&6 9(&(9'%&<$'#9($ ,&1(3#8(9#,3(#$ % $'('-$ 0( @-3)+,> $', C6 ( 5#0%&(3)( $%&7 (.,&0(0( 9,/, -/ @(', :-% 0%'%&/#3( , 9,/;&,/%'#/%3',0,%/;&%1(0,9,/(,&1(3#8()+,>

%$0%,$ ;&#/%#&,$'&(.(5H,$ &%(5#8(0,$ ;(&( %$'-0(& ,9,/;&,/%'#/%3',6 4%/$%30,%/;&%%30#0,-/1&(30%%$@,&),;(&(/%3$-&(&,9,3$'&-',> ;%$(&0($ 47&#($;%$:-#$($&%(5#8(0($6(#30(3+,H7-/9,3$%3$,%3'&%,$;%$:-#$(0,&%$0% :-%,9,/;&,/%'#/%3',C@,&/(0,(;%3($;%5($0#/%3$G%$R7%39,3'&(0($> $$#/6 ;%$:-#$(0,&%$0,'%/(0%@%30%/-/(/(#,&#34%$'#1()+,0($0#/%3$G%$:-%, 9,/;G% I % B 6 XZZ!L E 6 XZZUL d % 6 XZZ]L P d6XZZV%6 E6 6 !! J>

4O/0(30,-/(/(#,&('%3)+,(,$/,0%5,$/-5'#0#/%3$#,3(#$0,:-%(,$/,0%5,$ -3#0#/%3$#,3(#$0,9,/;&,/%'#/%3',>

/,0%5, 0% 9,39%#'-(5#8()+, 0% '&O$ 9,/;,3%3'%$ 0, 9,/;&,/%'#/%3', ,&1(3#8(9#,3(56 0%$%34,54#0, ;,& %Q%& % 55%3 I % d6 XZZ!6 XZZ"L d% 6XZVW6XZZX6XZZ]Ld6 %6XZZUJ6;,$$-#'&O$ 9,/;,3%3'%$ :-% ;,0%/ $%& 0%@#3#0,$ 9,/, ($ .($%$? (@%'#4(6 #3$'&-/%3'(5 % 3,&/('#4(6,-$%R(6%$'%/,0%5,C0%@#3#0,9,/,-//,0%5,/-5'#0#/%3$#,3(56:-% '&('( 0($ 47&#($ 0#/%3$G%$ 0, 9,/;&,/%'#/%3',6 % 3+, -3#0#/%3$#,3(56 9,/, , ;&,;,$',;,&E%9M%&IXZ"!J6;,&,[0(Q6%'(5>IXZ]ZJ,-;,&P#%3%&IXZV J>

3K/%&($ ;%$:-#$($ -'#5#8(/ , /,0%5, 0% 9,39%#'-(5#8()+, 0% '&O$ 9,/;,3%3'%$ ;(&( 0#(13,$'#9(& , 9,/;&,/%'#/%3', % '%3'(& %39,3'&(& $%-$ (3'%9%0%3'%$ % 9,3$%:e%3'%$> , E&($#56 , #3$'&-/%3', %$'7 $%30, 5(&1(/%3'% -'#5#8(0,6 ( ;(&'#& 0( 4(5#0()+, &%(5#8(0( ;,& %0%#&,$6 %/ XZZ] I % 6XZZV(6XZZV.6XZZZL%' 5>6XZZZL6XZZVLE %'(5>6XZZZ.L %E 6XZZZJ>

;%$(& 0( (/;5( -'#5#8()+, 0, /,0%5, 0% '&O$ 9,/;,3%3'%$ 0, 9,/;&,/%'#/%3',6 %Q%& % 55%3 IXZZXJ (@#&/(/ :-% ;,0%/ %N#$'#& ,-'&,$ 9,/;,3%3'%$&%5%4(3'%$0,9,/;&,/%'#/%3',6(5C/0,$'&O$R7%39,3'&(0,$>,& #$$,6 47&#,$ (-',&%$ 9,3'#3-(/ ( ;%$:-#$(& , '%/(6 .-$9(30, %39,3'&(& ,-'&($ 0#/%3$G%$:-%;,$$(/@(8%&;(&'%0,9,/;&,/%'#/%3',,&1(3#8(9#,3(5>

+, %5($? (@%'#4(L 3,&/('#4( A ,.&#1()+, %/ ;%&/(3%9%& % ,.&#1()+, ;%5, 0%$%/;%3H,L(@#5#('#4(L#3$'&-/%3'(5A;,-9($ (5'%&3('#4($6 5#3H($9,3$#$'%3'%$0% ('#4#0(0%%&%9,/;%3$($%,;,&'-3#0(0%>

,&C/6%0%#&,$%'(5>I !!U6;>XJ(@#&/(/:-%(;&,;,$'(0,$%-'&(.(5H,6 0(0,,$%-9(&7'%&%N;5,&('2&#,6Ca(.&#&9(/#3H,;(&(:-%,-'&($;%$:-#$($$%R(/ 9,30-8#0($3(/%$/(5#3H(6'%3'(30,%39,3'&(&3,4,$9,/;,3%3'%$,-9,3@#&/(30, ,$%39,3'&(0,$3%$$%%$'-0,b /%$'-0,$-.$%:e%3'%6%0%#&,$I !!WJ&%(5#8,--/%$'-0,9,3@#&/('2&#,3,:-(59,3@#&/($%#$0#/%3$G%$0($$%'%%39,3'&(0($3, %$'-0, %N;5,&('2&#,? (;%3($ 3+, @,# 9,3@#&/(0( ( 0#/%3$+, a&%9,/;%3$($ % ,;,&'-3#0(0%$b>

#/;,&'(3'%;(&(%$'%%$'-0,C#0%3'#@#9(&$%,$5<0%&%$9,3$%1-%/',&3(& $%-$$%1-#0,&%$;%$$,($9,/;&,/%'#0($9,/(,&1(3#8()+,%9,/,%5%$@(8%/ ;(&((59(3)(&%$'%;&,;2$#',>$'-0,$&%(5#8(0,$;,&,-'&,$(-',&%$/,$'&(/:-%, %$'#5,0%5#0%&(3)(#3@5-%39#(,9,/;&,/%'#/%3',,&1(3#8(9#,3(50,$#30#4<0-,$I\ % 6 XZZVL Ed6 c % 6 XZZYJ> $$#/6 , @(', 0% -/( %/;&%$(;,$$-#&%/;&%1(0,$9,/;&,/%'#0,$C#/;,&'(3'%R7:-%6(;&%$%3'(&-/ %5%4(0, 3<4%5 0% 9,/;&,/%'#/%3', ,&1(3#8(9#,3(5 5%4( ($ %/;&%$($ ( ('#31#&%/ $%-$ ,.R%'#4,$ ,&1(3#8(9#,3(#$ % 9,3$%:e%3'%/%3'% 9,3$%1-#&%/ /%5H,& 0%$%/;%3H,I6 !!WLP d6XZZVJ>

,&'(3',6 0% (9,&0, 9,/ , %N;,$',6 , ;&%$%3'% '&(.(5H, $% ;&,;G% ( ;%$:-#$(& , $%1-#3'% ;&,.5%/(? -(#$($ &%5()G%$%N#$'%3'%$%3'&%,$%$'#5,$ 0% 5#0%&(3)( % ($ 0#/%3$G%$ 0, 9,/;&,/%'#/%3', ,&1(3#8(9#,3(5g (&( -/ /%5H,& %3'%30#/%3',0,;&,.5%/(6C(;&%$%3'(0((#1-&(X($%1-#&>

#0%&(3)(

,/;&,/%'#/%3', &1(3#8(9#,3(5

#1-&(XA%$%3H,%&(50(%$:-#$(>

0%3'#@#9(& 1%&%3'%$ :-% 9,3$#1(/ 9,/;&,/%'%& $%-$ %/;&%1(0,$ C -/( '(&%@( 3%/ $%/;&% @79#56 /($ 0% /-#'( #/;,&'F39#( ;(&( ( %/;&%$(> +, %$'%$ 5<0%&%$:-%/,'#4(/(@,&)(0%'&(.(5H,6:-%(R-0(/6(;2#(/%#3@5-%39#(/>5%$ @(8%/ $%-$ $%1-#0,&%$ .-$9(&%/ (59(3)(& ,$ ,.R%'#4,$ ,&1(3#8(9#,3(#$6 #39%3'#4(30,,$ %6 /-#'($ 4%8%$6 0(30,5H%$ (-',3,/#( % ,;,&'-3#0(0%$ ;(&( /,$'&(&%/$%-$'&(.(5H,$>

%4,5-)+, 0( $,9#%0(0% $-1%&% '(/.C/ -/( %4,5-)+, 0( &%5()+, %3'&% %/;&%1(0,$%(,&1(3#8()+,6%/:-%,9,/;&,/%'#/%3',C-/@(',&:-%%N;5#9( %$'(&%5()+,>%(9,&0,9,/7%%/,#3%IXZZV6;> J?a5%h,9,/;&,/%'#/%3',i &%;&%$%3'(-/(4#(#/;,&'(3'%;(&(,0%$%34,54#/%3','(3',0(%/;&%$(63(/%0#0( %/ :-% %N#$'% -/ %$@,&), 0%5#.%&(0, ;(&( /%5H,&(& ( ;%&@,&/(39%6 :-(3', 0,$ #30#4<0-,$6 3, :-% 9,39%&3% (, (59(39% 0% $%- ;&,R%', ;%$$,(5>b $', C6 , 9,/;&,/%'#/%3', ;,0% $%& -/( &%5()+, ;,$#'#4( ;(&( (/.,$6 %/;&%1(0,$ % %/;&%$(>

9(;(9#0(0% /%3'(5 0% $-($ ,&1(3#8()G%$> (&( %5%6 ,$ 5<0%&%$ '%&+, :-% 1%&(& 9(;#'(5#3'%5%9'-(5>

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

%$'(@,&/(6;&%'%30%$%(:-#6(;(&'#&0(;%$:-#$(&%(5#8(0(6#0%3'#@#9(&( 5#0%&(3)(6 9,3$#0%&(0( ('&(4C$ 0% $-($ 47&#($ ;%&$;%9'#4($6 9,/, $%30, -/ #/;,&'(3'%@(',&:-%0%'%&/#3(,9,/;&,/%'#/%3',0,$%/;&%1(0,$>

!"#$%

;&%$%3'%'&(.(5H,'%/9,/,,.R%'#4,1%&(5#0%3'#@#9(&($&%5()G%$%N#$'%3'%$ %3'&%(5#0%&(3)(%,9,/;&,/%'#/%3',,&1(3#8(9#,3(5>

! !"#$&'(+$

(&( ('#31#& , ,.R%'#4, 1%&(5 0( ;%$:-#$(6 C 3%9%$$7&#( ( @,&/-5()+, 0% ,.R%'#4,$%$;%9<@#9,$:-%(-N#5#(&+,3(9,30-)+,0(;%$:-#$(6,$:-(#$%$'+,(.(#N, &%5(9#,3(0,$?

(J 0%3'#@#9(& ($ 0#/%3$G%$ 5('%3'%$ 0( 5#0%&(3)( ;&%$%3'% %/ 1%&%3'%$ ,-;&,;&#%'7&#,$0%5,R($L

.J %$'(&,/,0%5,0%5#0%&(3)(0%$%34,54#0,;,&E($$% 4,5#,6XZZ I(;-0 6 !!WJL

9J 0%3'#@#9(& ($ 0#/%3$G%$ 5('%3'%$ 0, 9,/;&,/%'#/%3', ,&1(3#8(9#,3(5 ;&%$%3'%3,$4%30%0,&%$0($5,R($L

0J %$'(& , /,0%5, 0, 9,/;&,/%'#/%3', ,&1(3#8(9#,3(5 0%$%34,54#0, ;,& %0%#&,$I !!WJL

%J 0%3'#@#9(&&%5()G%$%N#$'%3'%$%3'&%($0#/%3$G%$5('%3'%$0(5#0%&(3)(%($ 0#/%3$G%$5('%3'%$0,9,/;&,/%'#/%3',,&1(3#8(9#,3(5>

,&-&&./0&1.

,%3@,:-%0(5#0%&(3)('&(3$(9#,3(5%'&(3$@,&/(9#,3(5> $%1-30(;(&'%(;&%$%3'( ,9,/;&,/%'#/%3',,&1(3#8(9#,3(56/,$'&(30,,$%3@,:-%$-3#0#/%3$#,3(#$%,$ ;&#39#;(#$/,0%5,$/-5'#0#/%3$#,3(#$0,9,/;&,/%'#/%3',>

-#'($0#$9-$$G%$%;%$:-#$($@,&(/&%(5#8(0($;(&(.-$9(&-/(0%@#3#)+, :-%$%R(-3#4%&$(5;(&(,9,39%#',0%5#0%&(3)(6;,&C/6(#30(3+,$%9,3$%1-#-9H%1(&(-/9,3$%3$,%63,$0#($('-(#$6(5#0%&(3)(;,0%$%&0%@#3#0(0%0#4%&$($ /(3%#&($ I6 !!WL 6 !!UL Pc6 XZZZJ> % /,0, $#/#5(&6E($$6XZZ!I(;-06 !!W6;>UUJ6(;,3'(:-%?

5#0%&(3)('%/$#0,9,39%.#0(9,/,9%3'&,3,;&,9%$$,0%1&-;,69,/, -/( :-%$'+, 0% ;%&$,3(5#0(0%6 9,/, -/ %N%&9<9#, 0% #3@5-O39#( % 0% ;%&$-($+,6 9,/, &%$-5'(3'% 0% 9,/;,&'(/%3',$ %$;%9<@#9,$6 9,/, -/( &%5()+, 0% ;,0%&6 9,/, -/ #3$'&-/%3', ;(&( (59(3)(& /%'($6 9,/, -/ %$@,&),0% #3'%&()+,69,/,-/;(;%5 0#@%&%39#(30,69,/,( #3#9#()+, 0( %$'&-'-&(%9,/,/-#'($9,/.#3()G%$0%$$($0%@#3#)G%$>

,&C/6(;%$(&0($0#4%&$($0%@#3#)G%$%39,3'&(0($;(&((5#0%&(3)(6(#30(C ;,$$<4%5#0%3'#@#9(&-/;(0&+,%3'&%($0%@#3#)G%$;&,;,$'($6%/:-%(/(#,&#(0%5($ (@#&/(/:-%5#0%&(&C-/;&,9%$$,%/:-%-/(;%$$,(%N%&9%#3@5-O39#($,.&% ,-'&,$6%%$'(C-/(9,30#)+,#30#$;%3$74%5;(&((5#0%&(3)(I6 !!WJ>

;,&C/6 , 5<0%& C (:-%5% :-% ;,$$-# /(#,& ;,0%& 0% 9,3'(1#(&6 %3'-$#($/(& % ;%&$-(0#&,,-'&,>

,223/4&4///&

(NP%.%&6XZ"ZI(;-0 6 6 !! 6;>X J6/,$'&(:-% ,$5#0%&(0,$$%1-%/$%-$5<0%&%$0%4#0,(@(',&%$9,/,('&(0#)+,6,9(&#$/(%( .-&,9&(9#(>

,.%0#O39#(0%4#0,(,$9,$'-/%$6/#',$%'&(0#)G%$C'(/.C/9H(/(0(0% (-',&#0(0% '&(0#9#,3(56 %/ :-% ( ,.%0#O39#( C -/ H7.#', H%&0(0, 0($ 1%&()G%$ (3'%&#,&%$>

B7,9(&#$/(C-/(:-(5#0(0%;%$$,(50,5<0%&:-%0%$;%&'((0%4,)+,0,$ $%-$$%1-#0,&%$6;,#$&%;&%$%3'(,$#0%(#$%($;&,R%)G%$0,1&-;,:-%5#0%&(>$'( (-',&#0(0%C.($%(0(3($9(&(9'%&<$'#9($;%$$,(#$0%-/#30#4<0-,>$'(#0C#(%$'7 ($$,9#(0( _$ #3@5-O39#($ :-% 0%;%30%/ 0% :-(5#0(0%$ ;%$$,(#$ 0, 5<0%&6 #30%;%30%3'%0(;,$#)+,,9-;(0(,-0($'&(0#)G%$>,H%3I !!U6;> YZJ0#8:-%?a( #0%3'#@#9()+, 9,/ -/ 5<0%& 9(&#$/7'#9, ;,0% (@%'(& $-.$'(39#(5/%3'% , 9,/;,&'(/%3', 0($ ;%$$,($ :-% :-%&%/ (9&%0#'(& %/ ,.R%'#4,$ 1&(30#,$,$ :-% $%&+,0%(51-//,0,%3,.&%9%0,&%$>b-(30,,$%/;&%1(0,$$%#0%3'#@#9(/9,/ ,$ 5<0%&%$6 '(/.C/ $% 0%0#9(/ _ 9(-$(6 ,@%&%9%30, %$@,&),$ %N'&(,&0#37&#,$ % (59(3)(30,-/0%$%/;%3H,%/;&%$(&#(5(5',>

#30#4<0-,$ @#9(/ #3$('#$@%#',$6 0#/#3-%/ , &#'/, 0% ;&,0-)+, % %$'#/-5(/ ,-'&($ &%()G%$:-%5%4(/_:-%0(0(;&,0-'#4#0(0%>%1-30,,''(%($9,39%5,$I !! J6 , ;%&@#5 1%&%39#(5 /(#$ 9,3$%&4(0,& % .-&,9&7'#9, 4%/ $%30, $-.$'#'-<0, ;&,1&%$$#4(/%3'% ;%5, ;(;%5 0% 1%&%3'% 0%/,9&7'#9,6 %/ :-% , 5<0%& .-$9( ;&,/,4%&(;(&'#9#;()+,%,0%.('%>

,22,.//.&54./4&44/405&

,0%9,&&%&0(%4,5-)+,0,H,/%/6(5#0%&(3)(6;&#/%#&(/%3'%6@,#0%@#3#0( %/&%5()+,_$9(&(9'%&<$'#9($0(;%&$,3(5#0(0%:-%0#@%&%39#(4(/5<0%&%$0%3+, 5<0%&%$>$',C6,$%$'-0,$.-$9(4(/ %39,3'&(&9(&(9'%&<$'#9($;%$$,(#$9,/-3$ %3'&%,$5<0%&%$> 5C/0#$$,60#8#($%:-%,$5<0%&%$R73($9#(/9,/H(.#5#0(0%$;(&( 5#0%&(&6 H%&0(30, :-(5#0(0%$ K3#9($ :-% ,$ 0#@%&%39#(/ 0,$ $%-$ $%1-#0,&%$> I % 6 !!UL 96 XZZ J> $$( (.,&0(1%/ ;&%0,/#3,-0%$0%,#3<9#,0,$C9-5,jj('C,@#3(50(0C9(0(0%W!6%@,#9H(/(0( 0% %,&#( 0,$ &(),$> (&( %3'%30%& ($ 9(&(9'%&<$'#9($ ;%$$,(#$6 :-% $+, 0%'%&/#3(3'%$ ;(&( :-% , 5<0%& '%3H( -/ 0%$%/;%3H, %@#9(8 0%3'&, 0% -/( ,&1(3#8()+,6C;&%9#$,%$'-0(&(51-3$%5%/%3',$0#@%&%3'%$>9&%1,&IXZZ 6;>X"]J 0#8:-%?

3'%$ 0% XZU!6 (9&%0#'(4($% :-% ( 5#0%&(3)( %&( -/( ;&,;&#%0(0% 0, #30#4<0-,6:-%(51-/($;%$$,($6%/3K/%&,5#/#'(0,6%&(/$#31-5(&/%3'% 0,'(0($0%9(;(9#0(0%$%'&(),$;$#9,521#9,$:-%5H%$;%&/#'#(/',&3(&%/ $% 5<0%&%$> 5C/ 0#$$,6 (9&%0#'(4($% :-% %$$($ 9(;(9#0(0%$ % 9(&(9'%&<$'#9($%&(/H%&0(0($%3+,(0:-#&#0($>

0(5#0%&(3)(3+,$+,H%&0(0($%:-%;,0%/$%&0%$%34,54#0($69,/,(;&%$%3'(0, 3,'%N',(.(#N,I6 !!W6;>UYJ?

3'&%'(3',6 3( (.,&0(1%/ 0($ 9(&(9'%&<$'#9($ ;%$$,(#$6 32$ /-0(/,$ 3,$$,;%3$(/%3',0%@,9,$,.&%($H(.#5#0(0%$6($:-(#$-$-(5/%3'%%&(/ 4#$'($9,/,#3('($%&%5('#4(/%3'%@#N($6;(&(-/(O3@($%3($H(.#5#0(0%$% (;'#0G%$:-%;,0%/$%&(;&%30#0($%0%$%34,54#0($>

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

;%$(&0%3+,$%(9&%0#'(&:-%%N#$'(-/9,3R-3',0%'&(),$:-%&%(5/%3'% #0%3'#@#:-%-/5<0%&6,&@/(36XZZ"I(;-06 !!W6;>UYJ(@#&/(:-%?a%N#$'%/ 0-($9(&(9'%&<$'#9($:-%$+,9,3$#0%&(0($-3#4%&$(#$0%3'&,0,%$'-0,0(5#0%&(3)(? ( k#3@5-O39#(` % ( k9,3@#(3)(`>b #3@5-O39#( C '&('(0( %/ ;&('#9(/%3'% ',0,$ ,$ 9,39%#',$ 0(0,$ (, '%/(6 9,/, 0%$9&#', (3'%&#,&/%3'%L 3, :-% $% &%@%&% _ 9,3@#(3)(6,H%3I !!U6;> YZJ0#8:-%,5<0%&0%4%&#(a9,3:-#$'(&9&%0#.#5#0(0%% 5%4(&($;%$$,($(#3'%&3(5#8(&%/,$,.R%'#4,$60%/,0,:-%@()(/ ,:-%,5<0%& 0%$%R(;,&:-%%5($:-%&%/@(8O5,>b

,226.7/7&05&

&%$;,$'($;(&((0%@#3#)+,0%5#0%&(3)(>%5,I !!W6;>U]J0#8:-%6a('%30O39#( 9,/;,&'(/%3'(5 0%$%34,54%-$% ( ;(&'#& 0, ;&%$$-;,$', .7$#9, 0% :-% ( ;&,0-'#4#0(0%6(/,'#4()+,%(:-(5#0(0%0,0%$%/;%3H,0,$$%1-#0,&%$0%9,&&%/ 0%9,/,,5<0%&$%9,/;,&'(%0,:-%%5%@(8>b$'((@#&/('#4(9,&&,.,&(9,/, ;%3$(/%3',0%'%@(3,%,/%$#5H,I !!UJ6%/:-%,5<0%&9,3$%1-%/,0#@#9(&% (0(;'(&,9,/;,&'(/%3',0,$5#0%&(0,$>

5<0%&;,0%(0,'(&-/9,/;,&'(/%3',5#.%&(56(-',9&7'#9,,-0%/,9&7'#9,% %$'%$ 9,/;,&'(/%3',$ @,&(/ #30#9(0,$ %N;%&#/%3'(5/%3'% ;,& > #;;#'' % >c> PH#'%6 3( I 6 XZ"W (;-0 6 !! J>5<0%&:-%(0,'(-/9,/;,&'(/%3',5#.%&(50%#N(((-',&#0(0%;&('#9(/%3'% 3($/+,$0,$$%-$5#0%&(0,$6;,#$%$'%$'O/,;,0%&;(&(',/(&($0%9#$G%$>$'( @,&/( 0% 1%&#& C (;,3'(0( ;,& &,-& IXZZWJ 9,/, 9,3$%:eO39#( 0( %&9%#&( %4,5-)+,30-$'&#(56;,#$63%$$%;%&<,0,6($'(&%@($&%;%'#'#4($@,&(/$-.$'#'-<0($ ;,& &,'#3($$#/;5%$6 %($$#/6 (@,&)(0%'&(.(5H,@#9,-5#.%&(0(;(&( @-3)G%$0% 9&#()+,%9,39%;)+,>

, :-% $% &%@%&% (, 9,/;,&'(/%3', (-',9&7'#9,6 ( (-',&#0(0% @#9( 9,39%3'&(0(3,5<0%&%%N#$'%-/(;&%,9-;()+,/(#,&9,/('(&%@(0,:-%9,/, 1&-;,:-%(%N%9-'(>&,-&IXZZW6;>UWJ60#8:-%%$$%%$'#5,0%1%$'+,(&'#9-5($% 9,/.($%'C93#9(0(&#/%#&(%0(%1-30(%4,5-)+,30-$'&#(5a9,34%&'%30,( @,&)( 0% '&(.(5H, %/ ;&,5,31(/%3', 0($ /7:-#3($@%&&(/%3'(6 3-/ ;&,9%$$, ;(&9%5(0,%&,'#3%#&,b6%/:-%(/7:-#3($-.$'#'-#,'&(.(5H,.&()(50,H,/%/>

,.$%&4F39#( (,$ ;(0&G%$ 0%@#3#0,$ ;%5( 9H%@#( %l,- ,&1(3#8()+,6 ;&#,&#0(0% _ %N%9-)+,0($'(&%@($%_$-(%$'&-'-&()+,;%5(9H%@#(b69,/,(;,3'(%5,I !!W6;> YVJ>

B73,9,/;,&'(/%3',0%/,9&7'#9,6,5<0%&.-$9(9&#(&-/95#/(9,3@,&'74%5 ;(&(($;%$$,($0%3'&,0(,&1(3#8()+,%($()G%$$+,#3@5-%39#(0($'(/.C/;%5,$ $%-$$%1-#0,&%$>,/%$'%9,/;,&'(/%3',6,:-%%N#$'%C-/(&%5()+,0%&%$;%#', %9,3@#(3)(/K'-(%3'&%,$$-.,&0#3(0,$%$%-$5#0%&%$>%5,I !!WJ9,395-#:-% %$'%$ 5<0%&%$ %$'+, 0#$;,3<4%#$ ;(&( ,-4#& $%-$ $%1-#0,&%$6 0(& ('%3)+,6 $%& 9,/;&%%3$#4,69,3@#(&6%$'#/-5(&6#3'%&%$$(&$%;%5,:-%$%3'%/%&%$;%#'(&($#0C#($ 0,$/%$/,$>

,/(%4,5-)+,0,$%$'-0,$6,$9,/;,&'(/%3',$(-',9&7'#9,%0%/,9&7'#9, ;($$(&(/($%&0%3,/#3(0,$&%$;%9'#4(/%3'%0%5#0%&(3)(,&#%3'(0(;(&('(&%@(% 5#0%&(3)(,&#%3'(0(;(&(;%$$,($>,&C/6,:-%$%;,0%,.$%&4(&C:-%%N#$'%-/( $,.&%;,$#)+,0%9,39%#',$;(&($%'&('(&0%9(0(9,/;,&'(/%3',I4%&:-(0&,XJ>

1&(0%1%&%39#(50%E5(M%%,-',3IXZVZJ6.%/9,/,%$'-0,$&%(5#8(0,$ 3(3#4%&$#0(0%$'(0-(50%H#,%3(3#4%&$#0(0%0%#9H#1(3'&('(/0,%$'#5, 4,5'(0,;(&(('(&%@(%4,5'(0,;(&(;%$$,($>%5,I !!W6;>UZJ(@#&/(:-%a $0-($ 0#/%3$G%$%4#0%39#(0($#0%3'#@#9(/:-%,$5<0%&%$$%9,/;,&'(/4,5'(0,$;(&(( '(&%@(%l,-;(&(&%5(9#,3(/%3',$b6%(#30((@#&/(:-%?

,.,/(3',0,5<0%&4,5'(0,;(&(($&%5()G%$%$'+,,$%$'#5,$0%3,/#3(0,$ 9,/,0%/,9&7'#9,6;(&'#9#;('#4,6%$'#/-5(0,&6 (;,#(0,&%,%$'#5,0,$ :-% 0%0#9(/9,3$#0%&()+,>,.(:-%5%4,5'(0,;(&(('(&%@(%$'+,,$%$'#5,$ (-',&#'7&#,60,/#3(3'%60#&%'#4,6(-',9&7'#9,%;%&$-($#4,>

$'( (@#&/()+, /,$'&( :-% ,$ %$'-0,$ %$'+, %/ $#3',3#(6 ;,#$ ,$ @(',&%$ %39,3'&(0,$ $+, .($#9(/%3'% ,$ /%$/,$6 (;%3($ 9,/ 3,/%395('-&($ 0#@%&%39#(0($>

-(0&,X3@,:-%6%,&#($%(',&%$0(#0%&(3)(>

&8+9: $ -#

$'-0,0(3#4%&$#0(0%$'(0-(5 0%H#,

&#:#: 8$$ A ;&,.(.#5#0(0% 0%,5<0%&0%@#3#&%%$'&-'-&(&,$%-;(;%5 % (:-%5% 0,$ $-.,&0#3(0,$ 3(.-$9(0%&%(5#8()+,0%/%'($> .8$;<A9,3@#(3)(/K'-(6 &%$;%#', ;%5($ #0C#($ 0,$ $-.,&0#3(0,$ % #3'%&%$$%$ ;,& $%-$$%3'#/%3',$>

$'-0,$0(3#4%&$#0(0%0%

#9H#1(3 $8#;< ' ':;< A%3@('#8(,'&(.(5H,%(&%(5#8()+, 0%'(&%@($>

$8#;<'='> A %3@('#8( &%5()G%$ #3'%&;%$$,(#$ I(;,#,6,&#%3'()+,%@(9#5#'()+,J>

&(0%%&%39#(50%E5(M%% ,-',3

('&#8ZNZ

#N, j6 ;&%,9-;()+, 0, 1%&%3'% 9,/(':;<>

#N, d6 ;&%,9-;()+, 0, 1%&%3'% 9,/($'>

-8# 0(;'(0,0%%5,I !!WJ

/%$'-0,&%(5#8(0,;,&'%#5%(39H%$IXZZVJ6/,$'&(:-%(&%5()+,1&-;, 5#0%&(3)( ,.'%4% /%5H,&%$ &%$-5'(0,$ :-(30, @,# %39,3'&(0( -/( 5#0%&(3)( ;(&'#9#;('#4(%:-(30,,5<0%&'#3H(@(9#5#0(0%0%9,/-3#9()+,> B-01%%'(5> I !!WJ (;&%$%3'(/:-%,%$'#5,0%9,3$#0%&()+,'%/(5'(9,&&%5()+,9,/($('#$@()+,%( /,'#4()+,0,$$-.,&0#3(0,$6.%/9,/,/(#,&%@%'#4#0(0%3,%$'#5,0%5#0%&(3)(>

&%5()G%$(#30(C,/,0%5,@(4,&#',63,:-%0#8&%$;%#',(,0%$%/;%3H,0,5<0%&%_ $('#$@()+,0,$$%1-#0,&%$>

$ %$'#5,$ 0% 5#0%&(3)( ,&#%3'(0, ;(&( '(&%@($ % ,&#%3'(0, ;(&( ;%$$,($6 @,&(/6#3#9#(5/%3'%69,3$#0%&(0,$,;,$',$6;,&C/69&%1,&IXZZ 6;>X] J0#8:-% a($K5'#/($9,395-$G%$0(;%$:-#$($-1%&%/:-%C/(#$;&,4%#',$,9,3$#0%&(&( 5#0%&(3)(9,/,-/(&%5()+,%3'&%,5<0%&%($#'-()+,0,:-%9,3$#0%&75(9,/,-/ ;(0&+, -3#4%&$(5 0% 9(&(9'%&<$'#9($ ;&2;&#($ 0% 9%&'($ ;%$$,($b> $$#/6 @,# ,.$%&4(0, :-% -/ 5<0%& ;,0% -'#5#8(& ,$ 0,#$ %$'#5,$ %/ $%- 9,/;,&'(/%3', % %3@('#8(&9(0(-/0%(9,&0,9,/($#'-()+,(;&%$%3'(0(>

,&&,.,&(30,9,/%$'(#3@,&/()+,6'%@(3,%,/%$#5H,I !!U6;>"J0#8%/ :-%?a,$5<0%&%$/(#$%@#9(8%$$+,(:-%5%$:-%$+,9(;(8%$0%(0(;'(&$%-$%$'#5,$ % $-($ ;&2;&#($ %$9(5($ 0% 4(5,&%$ _$ %N#1O39#($ 0% -/( $#'-()+, ,- 1&-;, %$;%9<@#9,b>$',/,$'&(:-%((.,&0(1%/$#'-(9#,3(5,-9,3'#31O39#(56:-%$-&1#-3( 0C9(0( 0% "!6 ;($$( ( &%9,3H%9%& ($ /-0(3)($ 3,$ 9,3'%N',$ %/ :-% ( 5#0%&(3)(C%N%&9#0(6%3'%30%30,(0#3F/#9(1%&(0(;%5($#'-()+,%(0(;'(30,($ ;&2;&#($H(.#5#0(0%$0,$5<0%&%$(%$$(0#3F/#9(>

/,'#4()+, % 0% (9,&0, 9,/ ( 9(;(9#0(0% % 9,/ ( 0#$;,$#)+, :-% ,$ $%-$ $%1-#0,&%$'O/;(&(&%(5#8(&-/(0%'%&/#3(0('(&%@(I%5,6 !!WJ>

,22?0&///4/./0&0&///4-7/./0

/$%-$%$'-0,$6E-&3$IXZ]V6(;-06 !!WJ0#$'#31-#-%3'&% 0,#$%$'#5,$0%5#0%&(3)(?('&(3$(9#,3(5%('&(3$@,&/(9#,3(5>E($%(0,3%$'%%$'-0,6 ,&'H,-$% I !!WJ 0#8 :-% E($$ IXZVYJ ;&,4#0%39#,- -/( %N;(3$#4( % &%@#3(0( 4%&$+,0(5#0%&(3)(:-%9-5/#3,-9,/,0%$%34,54#/%3',0, A 6 :-% @,# 9,39%.#0, ('&(4C$ 0% -/( $C&#% 0% %3'&%4#$'($ 9,30-8#0($9,/]!%N%9-'#4,$0(\@&#9(0,-5>

C9,/;,$',;,&$%'%@(',&%$?:-('&,@(',&%$'&(3$@,&/(9#,3(#$L0,#$ @(',&%$'&(3$(9#,3(#$%-/@(',&:-%0%3,'((-$O39#(0%5#0%&(3)(> $:-%$'G%$:-% ,9,/;G%'&('(/0($;%&9%;)G%$0,$%/;&%1(0,$%/&%5()+,(,9,/;,&'(/%3', 0,5<0%&%;,$$-%/'(/.C/#'%3$:-%/%0%/,%$@,&),%N'&(6(%@%'#4#0(0%%( $('#$@()+,>(/.C/@,#0%$%34,54#0(-/(4%&$+,&%0-8#0(0,69H(/(0(0% "6%/:-%,;&2;&#,5<0%&;,0%/%0#&(5#0%&(3)(%'%&-/(3,)+,95(&(0,$%-%$'#5,0%5#0%&(3)(IE % 6XZZ 6(;-06 !!WJ>

5#0%&(3)('&(3$(9#,3(5.-$9(&%$-5'(0,$%$;%&(0,$6R7:-%$%-$$%1-#0,&%$ $+,/,'#4(0,$(&%(5#8(&%/'(&%@($&%(5#8(30,-/%$@,&),/<3#/,I6XZZVJ% &%@%&%$%(,$/,0%5,$0%5#0%&(3)(6:-%'O/,@,9,4,5'(0,;(&(($'&,9($%3'&% 5<0%&%$%$%1-#0,&%$I6 !!WLEd%'(5>6XZZYJ>%5,I !!W6;>WYJ(@#&/( :-%?

%:-#;%%3,&%5(9#,3(/%3',9,/($;%$$,($64#$(30,('#31#&($/%'($% ,.R%'#4,$,&1(3#8(9#,3(#$b>

$', /,$'&( :-% , 5<0%& .-$9( #0%3'#@#9(& ,$ 0%$%R,$ 0,$ $%-$ $%1-#0,&%$6 &%5(9#,3(&$%.%/9,/%5%$6/,'#475,$6,&#%3'75,$6'-0,#$$,(;%3($9,/#3'%&%$$% %/(59(3)(&-/(.,(;%&@,&/(39%,&1(3#8(9#,3(56%N#$'#30,($$#/6-/(&%5()+,0% #3'%&%$$% %3'&% ($ ;(&'%$> $ 5<0%&%$ $+, #3@5-%3'%$ ;,&:-% C 0% #3'%&%$$% 0,$ $-.,&0#3(0,$ @(8%&%/ , :-% %$'% 5<0%& :-%& Ic m P6 XZV]6 (;-0 6 !!WJ6 ;,#$6 0%$$( @,&/(6 &%9%.%/ &%9,/;%3$($ ;,& %$@,&),$ %/;&%%30#0,$3(,&1(3#8()+,>

5#0%&(3)('&(3$(9#,3(5;,$$-#0,#$@(',&%$IE m 6XZZ!(;-0 6 !!WJ>;&#/%#&,@(',&C9H(/(0,0% ='88#$8>8#> $'%@(',&C.($%(0,3($'&,9($&%(5#8(0($%3'&%5<0%&%$%$%-$$%1-#0,&%$63,:-(5 ,%$@,&),0,$$%1-#0,&%$C'&,9(0,;,&&%9,/;%3$($%$;%9<@#9($> :-#6,$5<0%&%$ 3%1,9#(/:-(5'(&%@(;&%9#$($%&&%(5#8(0(%,:-%$%&7,@%&%9#0,_;%$$,(:-% 9-/;&#& ( '(&%@( 0%$#13(0( IEd6 %' (5>6 XZZYJ> $'% @(',& &%@5%'% , 9,3'&(', ;$#9,521#9, 0, '#;, 9(59-5#$'( (;&%$%3'(0, ;,& '8#,3#6 XZ]W I(;-0 j 6 !!!J6 :-% (;&%$%3'( , 5<0%&6 ;&,/%'%30, &%9,/;%3$($ ;(&( ($$#/ 1(3H(& ( ,.%0#O39#(0,$$%-$5#0%&(0,$6%N#$'#30,-/#3'%&%$$%&%9<;&,9,%3'&%(/.,$>

$%1-30,@(',&0(5#0%&(3)('&(3$(9#,3(5C0%3,/#3(0,0% >@8$' B;<>%$'%%$'#5,0%5#0%&(3)(6,5<0%&%34,54%9&<'#9($9,&&%'#4($6 % &%@,&),$3%1('#4,$>$'%$5<0%&%$-'#5#8(/$%/-#',0%()G%$9,&&%'#4($6($$#$'%/, %&&, 0% ;%&', % &(&(/%3'% 0+, -/ ;,$#'#4,> $', C6 ,$ $-.,&0#3(0,$ %$9-'(/ 0,5<0%&(;%3($:-(30,@(5H(/,-:-(30,,9,&&%/;&,.5%/($ I 6%P 6XZZZLEd%'(5>6XZZYJ>

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

5C/0#$$,6,5<0%&'&(3$@,&/(9#,3(5%34,54%-/(#3@5-O39#(%N9%;9#,3(5$,.&% ,$$%1-#0,&%$6@(8%30,,$9-/;&#&/(#$0,:-%,%$;%&(0,%'&(3$9%30%30,$%-$ ;&2;&#,$#3'%&%$$%$%/@(4,&0(,&1(3#8()+,I6 !!WL %'(5>6 XZZZL6XZZVLEd%'(5>6XZZYJ>%(9,&0,9,/%5,I !!WJ6%$'%5<0%&%$'7 5#1(0,('(N($/%3,&%$0%&,'('#4#0(0%3(%/;&%$(%_;&,0-'#4#0(0%%$('#$@()+, /(#$%5%4(0($0,$$%1-#0,&%$>

0%/#$$+,%:-%&%/$%1-#&(4#$+,:-%,5<0%&9,5,9(;(&((,&1(3#8()+,>$'%@(',& &%@5%'%,9,3'&(',0,'#;,/,&(5;&,;,$',;,&'8#,3#6XZ]WI(;-0 j 6 !!!J6 :-% (;&%$%3'( ,$ 5#0%&(0,$ ,.%0%9%30, ;,& (9&%0#'(&%/ 3( 3,&/(6 ;%$$,(6 ,-,&0%/0(0(6%3+,9,//%0,0%;-3#)G%$,-;%3$(30,%/$%&%/&%9,/;%3$(0,$>

$%1-30, @(',& %39,3'&(0, @,# 0%3,/#3(0, 0% =#$;< $8'$$8> $'%@(',&0%$9&%4%5<0%&%$:-%9,/-3#9(/(5'($%N;%9'('#4($;(&($%-$$%1-#0,&%$6 #3$;#&(30,,$6/,'#4(30,,$($%&%/9,/;&,/%'#0,$9,/(4#$+,9,/;(&'#5H(0(0( ,&1(3#8()+,%&%(5)(30,,%$;<&#',0%%:-#;%>$'%$5<0%&%$-'#5#8(/$%0%$</.,5,$ %(;%5,$%/,9#,3(#$;(&(@(8%&9,/:-%,$$%1-#0,&%$$%%$@,&9%//(#$0,:-% @(&#(/ ;%5,$ $%-$ ;&2;&#,$ #3'%&%$$%$ ;(&( (59(3)(& ,$ ,.R%'#4,$ ,&1(3#8(9#,3(#$ I6 !!WL6XZZVJ>

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eO39#(0,,.R%'#4,6&%9,3H%9%30,%%@%'-(30,%5,1#,$;%&'#3%3'%$% &%9,/;%3$(30, , 1&-;, 9,/ .($% 3($ &%9,/;%3$($ %$'(.%5%9#0($ 3( @($% 0% /,'#4()+,>

&%9,/;%3$($L%69J(5O39#(;&%$$-;G%-/9,/;,&'(/%3',&(9#,3(50($;%$$,($ 3(%$9,5H(0%$-($(5'%&3('#4($6;%3$(30,%/',0($($;,$$#.#5#0(0%$%(1#30,0% -/(@,&/(:-%'&(1(.%3%@<9#,$>

'%&9%#&,@(',&C9H(/(0,0%#$=:;<$8##:%&%@%&%$%(5<0%&%$ :-% %$'#/-5(/ $%1-#0,&%$ ( $%&%/ 9&#('#4,$ % #3,4(0,&%$6 @(8%30, 9,/ :-% 0%$(@#%/($;&2;&#($,;#3#G%$6($0,5<0%&%($0(,&1(3#8()+,6.-$9(30,($$#/ ;&,/,4O5,$(;%3$(&0%3,4($/(3%#&($%(0%$%34,54%&%/3,4,$9(/#3H,$;(&( ,$3%129#,$>I6XZZVLEd%'(5>6XZZYJ>

:-(&',@(',&C0%3,/#3(0,0%8$;<$8$$:$C%&%;&%$%3'( 5<0%&%$:-%%$9-'(/$%-$$%1-#0,&%$6:-%@,&3%9%/$-;,&'%6:-%.-$9(/(R-0(&6 (9,3$%5H(& %:-%'&('(/9(0(%/;&%1(0,0%/(3%#&(K3#9(>$'%5<0%&;,0%0(& -/(@,&'%(@#5#()+,%'(/.C/0(&0#&%)G%$%$;%9<@#9($;(&($%-$$%1-#0,&%$>$'% 5<0%&,@%&%9%('%3)+,%$-;,&'%#30#4#0-(5;(&(9(0($%1-#0,&I6XZZVLEd %' (5>6 XZZYJ6 ;,#$ &%9,3H%9% :-% 9(0( -/ '%/ 3%9%$$#0(0%$ ;&2;&#($ % ;,$$-# 0%$%R,$0#@%&%3'%$>

E($$ m 4,5#,6 XZZ! I(;-0 6 !!WJ (#30( '&('( 0, @(',& 0(

:@8$ $8;> $'% @(',& &%'&('( 5<0%&%$ :-% (.0#9(/ 0( $-( &%$;,3$(.#5#0(0%6 0%5%1(30, 0%9#$G%$6 3+, 0(30, % @(8%30, ;%:-%3, %$@,&),;(&((R-0(&($('#$@(8%&($3%9%$$#0(0%$0,$$%-$$%1-#0,&%$> :-#63+, %N#$'%'&,9(9,/$%1-#0,&%$%3%3H-/('%3'('#4(;(&((R-075,$(9&%$9%&>

,&1(3#8()+,%&%5(9#,3(/$%9,/($;%$$,($(;%3($;,&#3'%&%$$%6/(3'%30,-/ .(#N,4<39-5,%/,9#,3(53,$$%-$&%5(9#,3(/%3',$>,[%I !! J/,$'&(:-%E($$ IXZVYJ%d-M5IXZZWJ'&('(/0%$'%%$'#5,0%5#0%&(3)(9,/,$%30,$%/%5H(3'%6%/ (51-3$;,3',$6_5#0%&(3)('&(3$(9#,3(5L.J4#$#,37&#,C,5<0%&:-%;&,9-&(-/ (/.#%3'%0%'&(.(5H,%/:-%%N#$'(//-0(3)($6#3,4()G%$%9&#('#4#0(0%LC4,5'(0, ;(&(,@-'-&,LC-/5<0%&;&,('#4,69&#(#/(1%3$%1%&(1&(30%$%N;%9'('#4($;(&( $%-$$%1-#0,&%$>$'%@(',&C;(&%9#0,9,/,9,/;,3%3'%'&(3$@,&/(9#,3(5:-%'&('( 0( /,'#4()+, #3$;#&(9#,3(5 IE 6 XZVY6 dc6 XZZW (;-0 P6 !! JL 9J %$'&('C1#9,A^($$-/#0,;%5,5<0%&:-%'%/9,/,;&#,&#0(0%,$$%-$@-39#,37&#,$L :-% %3@('#8( , 9,/;,&'(/%3', C'#9,L $-($ 0%9#$G%$ $+, .($%(0($ 3,$ 4(5,&%$L ;,$$-# (5'($%N;%9'('#4($%/&%5()+,_;%&@,&/(39%0,$$%-$ $-;%&#,&%$6;(&%$6 $-.,&0#3(0,$%0%5%$;&2;&#,$%9,3@#(3($-(%:-#;%>$'%%$'#5,0%5#0%&(3)(C /-#',;(&%9#0,9,/(5#0%&(3)('&(3$@,&/(9#,3(50%$%34,54#0(;,&E($$IXZVYJ>

% (9,&0, 9,/ ,[0(Q IXZZVJ6 , 9,/;&,/%'#/%3', '%/ &%5%4F39#( '(3', ;(&( ,$ %/;&%1(0,$ 9,/, ;(&( ( ,&1(3#8()+,> %6 ;(&( ,$ %/;&%1(0,$6 , 9,/;&,/#$$,9,/,'&(.(5H,%9,/(,&1(3#8()+,&%;&%$%3'(-/(&%5()+,;,$#'#4( :-%;,0%(9&%$9%3'(&$#13#@#9(0,_4#0(6;(&((,&1(3#8()+,6;,&,-'&,5(0,6,@(', 0% '%& %/;&%1(0,$ 9,/;&,/%'#0,$ 0%4% (-/%3'(& , 0%$%/;%3H, % 0#/#3-#& , (.$%3'%<$/,3(%/;&%$(>

%$'% 9(;<'-5,6 $%&+, (;&%$%3'(0,$ ,$ %3@,:-%$ -3#0#/%3$#,3(#$ 0, 9,/;&,/%'#/%3',? (@%'#4,6 #3$'&-/%3'(5l9(59-5('#4, % 3,&/('#4,6 % '(/.C/ ,$ %3@,:-%$ /-5'#0#/%3$#,3(#$? , /,0%5, 0, 4<39-5, ;$#9,521#9, 0, %/;&%1(0, 0% `%#55Q % H('/(3 IXZV"JL , /,0%5, 0% %Q%& % 55%3 IXZZXJL % , /,0%5, /-5'#0#/%3$#,3(50%%0%#&,$%'(5>I !!UJ>

5(&(/%3'%6 %N#$'% -/( $,.&%;,$#)+, 0% 9,39%#',$ (, '&('(& 0, 9,/;&,/%'#/%3',,&1(3#8(9#,3(5>,[0(QIXZZVJ60%@%30%:-%,9,/;&,/%'#/%3', @,9(5#8(0,3,$%$'-0,$0%,&'%&C$#/#5(&_0#/%3$+,#3'%&3(5#8()+,;&,;,$'(;,& `%#55Q%H('/(3IXZV"J%6(,9,39%#',0,9,/;&,/%'#/%3',(@%'#4,;&,;,$',;,& %Q%&% 55%3IXZZXJ>,/%$/,/,0,6%0%#&,$I !!WJ(@#&/(:-%a3+,C0#@<9#5( ;%&9%;)+,0%:-%(0#/%3$+,9,/;5#(39%6,-$-./#$$+,hc 6XZYVi6C$#/#5(& (0#/%3$+,9,3'#3-(39%hd% 6XZZXi6,-#3$'&-/%3'(59,/,$%9H(/( (:-#6 % :-% &%K3% #30#4<0-,$ 9,/ ;,-9($ (5'%&3('#4($ 0% '&(.(5H, % .(#N( :-(5#@#9()+,>b %$'( @,&/(6 3%$'% %$'-0, $%&7 (0,'(0( ( 3,/%395('-&( 0, 9,/;&,/%'#/%3', (@%'#4,6 (@#5#('#4,6 3,&/('#4, % #3$'&-/%3'(5 ;(&( 0%$9&%4%& ,$ %$'-0,$>

,2,2&-D&47&4/4.77&7&

%/E/./0

$'% '2;#9, #&7 (;&%$%3'(& ,$ '&O$ %3@,:-%$ -3#0#/%3$#,3(#$ 0, 9,/;&,/%'#/%3',,&1(3#8(9#,3(56:-%$+,;&%0,/#3(3'%$3(5#'%&('-&(>+,%5%$?, %3@,:-%#3$'&-/%3'(5L,%3@,:-%(@%'#4,L%6;,&@#/6,%3@,:-%3,&/('#4,>

%3@,:-%#3$'&-/%3'(5I J6'&(8('%,&#(0,!% 9,/,C(;&%$%3'(0(;,&E($',$IXZZWJ6;,0%$%&'&(0-8#0,9,/,'&,9($5('%&(#$> $'% %3@,:-% #3#9#,- 9,/ ,$ %$'-0,$ &%(5#8(0,$ ;,& E%9M%& IXZ"!J6 %/ :-% , 9,/;&,/%'#/%3', C 4#$', 9,/, -/( '%30O39#( 0, #30#4<0-, %/ $% %31(R(& %/ a5#3H($9,3$#$'%3'%$0%('#4#0(0%$b;(&($%/(3'%&3(,&1(3#8()+,>%$'%($;%9',6, %/;&%1(0,:-%;,$$-#,9,/;&,/%'#/%3',#3$'&-/%3'(5;%&/(3%9%3(%/;&%$(6 @(8%30,-/.(5(3),%3'&%,$9-$',$%,$.%3%@<9#,$:-%%5%'%&#($%0%#N($$%( ,&1(3#8()+,>

(&( E(30%#&( IXZZZ(J6 , %/;&%1(0, :-% '&(.(5H( 0% (9,&0, 9,/ %$$% /,0%5, 0% 9,/;&,/%'#/%3', $2 ;%&/(3%9% 3( %/;&%$( %3:-(3', ;%&9%.% .%3%@<9#,$3%$$(%$9,5H(>($,,$%$@,&),$&%(5#8(0,$;,&%5%$%R(//(#,&%$:-%, &%',&3,,.'#0,69%&'(/%3'%%5%$$(#&+,0%$'(%/;&%$(I">

E%9M%& '%4% $-($ #0C#($ 9,/%3'(0($ 3, %$'-0, &%(5#8(0, ;,& &%.#3#(M % 5-'', IXZ] J> $ (-',&%$ (@#&/(/ :-% , 9,/;&,/%'#/%3', ,9,&&% 9,/, -/ &%$-5'(0, 0($ &%5()G%$ #30#4<0-,,&1(3#8()+, % 0($ '&,9($ 5('%&(#$ &%(5#8(0($ (, 5,31,0,'%/;,> $$#/6(3,)+,0%5#3H($9,3$#$'%3'%$0%('#4#0(0%$#/;5#9(%/ -/(%$9,5H(0,%/;&%1(0,60%3'&%/-#'($(5'%&3('#4($60(:-%5(:-%/%5H,&('%30% ($%-$;&,;2$#',$IEc6XZ"!J>

-'&,@(',&0,9,/;&,/%'#/%3',($%&%$'-0(0,C,%3@,:-%(@%'#4,I J:-%@,#0%$%34,54#0,(;(&'#&0%'&(.(5H,$&%(5#8(0,$;%5(%:-#;%0% ,&'%&IP d%'(5>6XZ]ZLP d6%6XZV J>$'%%3@,:-% @,#,/(#$#/;,&'(3'%;(&((5#'%&('-&(0,9,/;&,/%'#/%3',,&1(3#8(9#,3(56R7:-%( 0#/%3$+,9,3$'#'-#(5#3H(0%;%$:-#$(/(#$-'#5#8(0(3(#34%$'#1()+,(9(0O/#9(>

9,/;&,/%'#/%3',(@%'#4,&%4%5((#0%3'#@#9()+,0,#30#4<0-,9,/($/%'($ ,&1(3#8(9#,3(#$6 .%/ 9,/,6 ( #3'&,R%)+, 0% $%-$ 4(5,&%$6 ,$ ($$-/#30, 9,/, ;&2;&#,$IP d%'(5>6XZV J>$%/;&%1(0,$9,/;&,/%'#0,$(@%'#4(/%3'%3+, $+,;($$#4,$9,/(,&1(3#8()+,6%5%$;,$$-%/-/(1&(30%4,3'(0%0%$%%$@,&)(& ;%5(%/;&%$(;(&((59(3)(&%/,/%5H,&>

A #$ I,[0(Q%'(5>6XZ]ZJ6 @,#,#3$'&-/%3',0%$%34,54#0,;,&,[0(Q6,&'%&%'%%&$69,/#3'-#',0%/%0#&, 9,/;&,/%'#/%3', &1(3#8(9#,3(5> ,/, , 9,/;&,/%'#/%3', %&( 4#$', 9,/, -3#0#/%3$#,3(56,#3$'&-/%3',;&,0-8#--/@(',&K3#9,6:-%@,#,@(',&(@%'#4,>

,[0(QIXZZV6;>UVZJ0#8:-%,&'%&0%@#3#-9,/;&,/%'#/%3',(@%'#4,9,/,? a/(@,&'%#0%3'#@#9()+,%;(&'#9#;()+,0,#30#4<0-,3(,&1(3#8()+,>b;,0%$%& 9(&(9'%&#8(0,;,&'&O$9,/;,3%3'%$?a/(@,&'%9&%3)(%((9%#'()+,0,$,.R%'#4,$% 4(5,&%$ 0( ,&1(3#8()+,L %$'(& 0#$;,$', %/ %N%&9%& -/ %$@,&), 9,3$#0%&74%5 %/ .%3%@<9#,0(,&1(3#8()+,L-/@,&'%0%$%R,0%$%/(3'%&/%/.&,0(,&1(3#8()+,>b

K5'#/,%3@,:-%-3#0#/%3$#,3(5($%&'&('(0,$%&7,3,&/('#4,I# J6 :-% C @-30(/%3'(0, ;&#39#;(5/%3'% 3($ ;%$:-#$($ &%(5#8(0($ ;,& P#%3%& IXZV J> ,[0(Q %' (5> IXZV J #3@,&/( :-% c(3'%& IXZ"VJ '(/.C/ '&(',-0%$$%9,/;&,/%'#/%3',%/$%-$%$'-0,$>

P#%3%&IXZV J'&(.(5H(,;5(3,,&1(3#8(9#,3(5;,&/%#,0((375#$%0(9-5'-&( %,;5(3,#30#4#0-(56;,&/%#,0,$;&,9%$$,$/,'#4(9#,3(#$>(-',&9,39%#'-(5#8(, 9,/;&,/%'#/%3',9,/,? a(','(5#0(0%0($;&%$$G%$3,&/('#4($#3'%&3(5#8(0($;(&( (1#& 3-/ 9(/#3H, :-% %39,3'&% ,$ ,.R%'#4,$ % #3'%&%$$%$ ,&1(3#8(9#,3(#$>b IP6XZV 6;>W XJ>$%/;&%1(0,$9,/9,/;&,/%'#/%3',3,&/('#4,(9%#'(/ ,$4(5,&%$%,.R%'#4,$,&1(3#8(9#,3(#$6;,&:-%(9&%0#'(/:-%C9%&',(1#&%/0%$'( @,&/(>/(,&1(3#8()+,:-%;,$$-#-/(9-5'-&(@,&'%9,3$%1-%#/;,&$-(()+,% ;&%0%'%&/#3(&9,/,,$%/;&%1(0,$0%4%/(1#&0%3'&,0%5(>

%1-30,P#%3%&IXZV J6(4#$+,3,&/('#4(0,9,/;&,/%'#/%3',$-1%&%:-%( ,&1(3#8()+,;,$$-#-/@,9,9%3'&(0,3,$9,3'&,5%$3,&/('#4,$6'(#$9,/,63,&/($% &%1-5(/%3',$ ,- (#30( 9,/, -/( /#$$+, @,&'% % 0#$$%/#3(0( 0%3'&, 0( ,&1(3#8()+,> %$'( @,&/(6 ( ,&1(3#8()+, 9,3$%1-% 9,3'&,5(& ($ ()G%$ 0,$ %/;&%1(0,$>

$%&(9,30-'(C'#9(%/,&(5>/,0%5,0%P#%3%&/,$'&(:-%,9,/;,&'(/%3', H-/(3,%$'74#39-5(0,(%$$%$4(5,&%$%9,$'-/%$&%9%.#0,$(,5,31,0(4#0(:-%6 (5#(0,$_$9&%3)($#3$'&-/%3'(#$6R-$'#@#9(&#(/($#3'%3)G%$9,/;,&'(/%3'(#$:-% $+,;&%0#',&($0,9,/;&,/%'#/%3',,&1(3#8(9#,3(5>

,2,2,47&04707&4/4.77&7&

%/E/./0

%&+, (;&%$%3'(0,$6 3%$'( %'(;( 0, '&(.(5H,6 ,$ ;&#39#;(#$ /,0%5,$ /-5'#0#/%3$#,3(#$ 0, 9,/;&,/%'#/%3', ,&1(3#8(9#,3(5? , /,0%5, 0, 4<39-5, ;$#9,521#9, 0, %/;&%1(0, 0% `%#55Q % H('/(3 IXZV"JL , /,0%5, 0% 9,39%#'-(5#8()+, 0,$ '&O$ 9,/;,3%3'%$ 0, 9,/;&,/%'#/%3', ,&1(3#8(9#,3(5 0% %Q%&% 55%3IXZZXJL%6;,&@#/6,/,0%5,;&,;,$',;,&%0%#&,$%'(5>I !!UJ6:-% #0%3'#@#9,-$%'%0#/%3$G%$0,9,/;&,/%'#/%3',,&1(3#8(9#,3(5>

c%5/(3 IXZYVJ @,# , ;&#/%#&, (-',& :-% 9,3$'#'-#- , 9,/;&,/%'#/%3', ,&1(3#8(9#,3(5 9,/ /K5'#;5,$ 9,/;,3%3'%$6 $-1%&#30, :-% ,$ 5(),$ %3'&% %/;&%1(0,$ % ,&1(3#8()+, ;,0%/ ,9,&&%& 0% '&O$ @,&/($? (J ,-%34,54#/%3', #3$'&-/%3'(56 :-% /,$'&( , %/;&%1(0, /,'#4(0, ;,& 1(3H(& &%9,/;%3$($L.J ,-#0%3'#@#9()+,6:-%C,%34,54#/%3',0,%/;&%1(0, 9,/ ( ,&1(3#8()+, .($%(0, 3-/ 0%$%R, 0% (@#5#()+,L %6 9J $ ,-#3'%&3(5#8()+, :-% C , %34,54#/%3', 9(-$(0, ;%5( 9,%&O39#( %3'&% ,$ 4(5,&%$ #30#4#0-(#$%,&1(3#8(9#,3(#$>

/(#,&%$ #34%$'#1()G%$6 '(3', ;(&( , /,0%5, ;&,;,$', ;,& %5%$ :-(3', ;(&( ( 4%&#@#9()+,0($0#/%3$G%$0,9,/;&,/%'#/%3',,&1(3#8(9#,3(5>

c%5/(3IXZYVJ'(/.C/'%4%$-($'&O$.($%$0,9,/;&,/%'#/%3',%$'-0(0($ ;,&,-503%&%/XZ"!>,-503%&IXZ"!6;>W]X J#0%3'#@#9,-0-($0#/%3$G%$;(&(, 9,/;&,/%'#/%3',?#3'%1&()+,6:-%Ca,1&(-%/:-%-/#30#4<0-,C('#4,%$%$%3'% ;(&'%6%/47&#,$3<4%#$60%-/(,&1(3#8()+,%/;(&'#9-5(&bL%6#3'&,R%9)+,6:-%Ca, 1&(- %/ :-% ( ;&2;&#( #/(1%/ 0% -/ #30#4<0-, #395-# -/( 4(&#%0(0% 0% 9(&(9'%&<$'#9($ % 4(5,&%$ ,&1(3#8(9#,3(#$ (;&,4(0,$b> ,-503%& IXZ"!J %$'-0,- , '&(.(5H,&%(5#8(0,;,&c%5/(3IXZYVJ6;,&(9&%0#'(&:-%,9,/;&,/%'#/%3',3+,%&( -/9,3$'&-9',-3#0#/%3$#,3(5>5%'%3',-#0%3'#@#9(&,$/K5'#;5,$9,/;,3%3'%$0, 9,/;&,/%'#/%3',%$%-$,.R%'#4,$@,&(/(59(3)(0,$9,/$%-%$'-0,>

(&( '8#,3# IXZ"XJ6 9#'(0, ;,& ,[0(Q6 ,&'%& % '%%&$ IXZV J6 , %34,54#/%3',0,%/;&%1(0,;,0%,9,&&%&0%'&O$@,&/($?(J;,&-/%34,54#/%3', /,&(56 :-% C .($%(0, 3( #3'%&3(5#8()+, 0,$ ,.R%'#4,$6 4(5,&%$ % 3,&/($ 0( ,&1(3#8()+,L.J;,&-/%34,54#/%3',9(59-5('#4,6:-%C.($%(0,3($&%5()G%$0% '&,9(%3'&%/%/.&,$%,&1(3#8()+,L%69J%34,54#/%3',(5#%3('#4,6:-%C.($%(0,3( &%;&%$$+,%9,%&)+,>

0%3,/#3(/0% # %0%;,#$&%9,39%#'-(5#8(/9,/,& I%Q%&6 55%3%/#'H6XZZU6;>YUZJ6%:-%C9H(/(0,0%,&/('#4,>

55%3%%Q%&IXZZ!6;>UJ9(&(9'%&#8(/,$#30#4<0-,$0($'&O$0#/%3$G%$0( $%1-#3'%@,&/(?

/;&%1(0,$ 9,/ -/ @,&'% 9,/;&,/%'#/%3', (@%'#4, ;%&/(3%9%/ 3( ,&1(3#8()+, ;,&:-% %5%$ :-%&%/6 (:-%5%$ 9,/ 9,/;&,/%'#/%3', #3$'&-/%3'(5 ;%&/(3%9%/ ;,&:-% %5%$ ;&%9#$(/ % (:-%5%$ 9,/ 9,/;&,/%'#/%3', 3,&/('#4, ;%&/(3%9%/ ;,&:-% %5%$ $%3'%/ :-% $+, ,.&#1(0,$>

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

,E&($#56%$'%/,0%5,@,#4(5#0(0,;,&%0%#&,$%30%&$IXZZ]J%'(/.C/ ;,&E(30%#&(6(&:-%$%%#1(IXZZZ.J>,$%$'-0,$6,$(-',&%$%39,3'&(&(/,$ '&O$ @(',&%$ 9,39%#'-(5#8(0,$ ;,& %Q%& % 55%3 IXZZXJ6 /($6 0% (9,&0, 9,/ ,$ <30#9%$ %39,3'&(0,$6 ;%&9%.%&(/ :-% ;,0%/ %N#$'#& ,-'&,$ #30#9(0,&%$ ;,-9, (0%:-(0,$3,#3$'&-/%3',>

,&1(3#8()+, 9,/;&,/%'% $%-$ %/;&%1(0,$6 ,@%&%9%30, ,;,&'-3#0(0%$ :-% 9,&&%$;,30(/($$-($%N;%9'('#4($>

-'&, #/;,&'(3'% %$'-0, :-% (;,3',- ($ 47&#($ 0#/%3$G%$ 0, 9,/;&,/%'#/%3',,&1(3#8(9#,3(5@,#&%(5#8(0,;,&E%9M%&IXZZ J>%(9,&0,9,/, (-',&6,9,/;&,/%'#/%3',0,$%/;&%1(0,$;,0%,9,&&%&0%'&O$@,&/($?(JaInJ ;(&($%&($$,9#(0,9,/,-'&($;%$$,($,-1&-;,$bL.JaI>>>J;,&:-%,9,3'%K0,0%5%$ C9,31&-%3'%9,/,$#$'%/(0%4(5,&%$#30#4#0-(#$bL9JaI>>>J;(&(,.'%&&%9,/;%3$($ %$;%9<@#9($,-;(&(%4#'(&;-3#)G%$%$;%9<@#9($b>

%0%#&,$ %' (5> I !!UJ /,$'&(/ , &%$-5'(0, 0% -/( ;%$:-#$( 0% 9(&7'%& %N;5,&('2&#, $,.&% ,$/K5'#;5,$ 9,/;,3%3'%$ 0, 9,/;&,/%'#/%3', ,&1(3#8(9#,3(5 %/:-%@,&(/%39,3'&(0,$$%'%@(',&%$69,/'&O$#30#9(0,&%$9(0(-/>$$%'% @(',&%$ %$'+, (;&%$%3'(0,$ R-3'(/%3'% 9,/ , 9,%@#9#%3'% α6 :-% #30#9( ( 9,3$#$'O39#( #3'%&3( 0($ 4(&#74%#$ I4%& '(.%5( XJ> #3#9#('#4( ;(&( &%(5#8(& %$'% '&(.(5H, @,# (;,#(0( 3( @(5'( 0% 9,3$%3$, ;,& ;(&'% 0,$ ;%$:-#$(0,&%$ 0,'%/( $,.&% :-(#$ $+, ,$ 4%&0(0%#&,$ 9,/;,3%3'%$ :-% @,&/(/ , 9,3$'&-9', 0, 9,/;&,/%'#/%3',>

(.%5(XA#/%3$G%$0,,/;&,/%'#/%3',&1(3#8(9#,3(5%%0#0(0%,3$#$'O39#(3'%&3(0%(0( (',&

(',&3(N'&()+, %3,/#3()+,0,,/;,3%3'% 5;H(IoJ

X @%'#4,I3'%&3(5#8()+,0%(5,&%$%.R%'#4,$J !6]V

3$'&-/%3'(5I,-9($ 5'%&3('#4($J !6W]

U 3$'&-/%3'(5I%9,/;%3$($%;,&'-3#0(0%J !6Y

W ,&/('#4,I.&#1()+,%/%&/(3%9%&J !6]

Y ,&/('#4,I.&#1()+,;%5,%$%/;%3H,J !6"U

" @#5#('#4,I%3'#/%3',0%(8%&(&'%J !6V!

] 3$'&-/%3'(5I#3H($,3$#$'%3'%$0% '#4#0(0%J !6YV -8#%0%#&,$6 5.-:-%&:-%6(&:-%$%#:-%#&(I !!UJ>

;%$:-#$(-'#5#8,-,#3$'&-/%3',0%`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a-/( @,&'% 9&%3)( % ( (9%#'()+,0,$,.R%'#4,$%4(5,&%$0(,&1(3#8()+,>b$'%9,/;&,/%'#/%3',60%3,'( :-%,$%/;&%1(0,$;,$$-%/1&(30%4,3'(0%0%$%%$@,&)(&%/;%5(,&1(3#8()+,6 #0%3'#@#9(30,$%9,/%($$-/#30,,$4(5,&%$0(%/;&%$(9,/,$%@,$$%/0%5%$ ;&2;&#,$>

-/(4(&#%0(0%0%9(&(9'%&<$'#9($%4(5,&%$,&1(3#8(9#,3(#$(;&,4(0,$b6'(/.C/C $#/#5(& (,$ %$'-0,$ 0,$ ,-'&,$(-',&%$> , /%$/,/,0,%Q%& % 55%3 IXZZXJ6 9,39%#'-(5#8(/ , 9,/;&,/%'#/%3', (@%'#4, 9,/, -/ (;%1, ;,& ;(&'% 0,$ %/;&%1(0,$9,/(,&1(3#8()+,%&%@5%'%'(/.C/(0#/%3$+,(0%$+,6;&,;,$'(;,& HC4%3%'6 XZZ I(;-0 \ % 6 XZZVJ6 :-% (;&%$%3'( , %/;&%1(0, 9,/;&,/%'#0,6#3'%&3(5#8(30,,$4(5,&%$0(,&1(3#8()+,:-(30,$+,9,%&%3'%$,-:-(30,9,3$#0%&(/9,/,0%$%R74%5>

$%1-30,@(',&%39,3'&(0,@,#,(@#5#('#4,6:-%0%3,'(-/ 8#$=8# +C'#0(,&1(3#8()+,;,&;(&'%0,%/;&%1(0,>@(',&;,$$-#'&O$#30#9(0,&%$6 $+,%5%$? (J$#3',:-%/%-$9,5%1($/%9,3$#0%&(/9,/,/%/.&,0(%:-#;%0% '&(.(5H,L.J3%$'(%/;&%$(6%-$#3',:-%@(),;(&'%0,1&-;,L%69J$,-&%9,3H%9#0, ;,&',0,$3(%/;&%$(9,/,-//%/.&,0,1&-;,>c%5/(3IXZYVJ%39,3'&,--/( 0#/%3$+,9H(/(0(0%#0%3'#@#9()+,6:-%(;&%$%3'(,%34,54#/%3',0,%/;&%1(0, 9,/(,&1(3#8()+,.($%(0,%/-/0%$%R,0%(@#5#()+,6($$#/9,/,E%9M%&IXZZ J :-% '(/.C/ (;&%$%3'( , %/;&%1(0, 9,/ 0%$%R, 0% (@#5#()+,> ,$ %$'-0,$ 0% ,-503%& IXZ"!J6 , (-',& %39,3'&( ( 0#/%3$+, #3'%1&()+,6 :-% 9,&&,.,&( 9,/ , ;&,;,$', ;,& c%5/(3 IXZYVJ6 :-(30, 0#8 :-% #3'%1&()+, C a, 1&(- %/ :-% -/ #30#4<0-, C ('#4, % $% $%3'% ;(&'%6 %/ 47&#,$ 3<4%#$6 0% -/( ,&1(3#8()+, %/ ;(&'#9-5(&>b$',C6,%/;&%1(0,9,/%$$%9,/;&,/%'#/%3',$%3'%-/0%$%R,0%$%& &%9,3H%9#0,9,/,/%/.&,0%3'&,0,1&-;,>

$%3'#/%3',0,$#30#4<0-,$%/$%%31(R(&%/5#3H($9,3$#$'%3'%$0%('#4#0(0%$;(&( ;%&/(3%9%&%/3(%/;&%$(>

;&#/%#&(0#/%3$+,#3$'&-/%3'(5%39,3'&(0(C(:-%/,$'&((,#30#4<0-,

':#8#$9($,4%3H((0%#N(&(,&1(3#8()+,>$'%@(',&@,#@,&/(0,;,& '&O$#30#9(0,&%$0($-.%$9(5(I J0%%Q%&6 55%3%/#'HIXZZUJ6$+,%5%$?(J%-(9H,:-%'%&#(;,-9($(5'%&3('#4($$%0%#N($$% %$'(,&1(3#8()+,L.J$%%-0%9#0#$$%0%#N(&/#3H(,&1(3#8()+,(1,&(6/#3H(4#0( @#9(&#(.($'(3'%0%$%$'&-'-&(0(L%69J-/(0($;,-9($9,3$%:eO39#($3%1('#4($0% 0%#N(& %$'( ,&1(3#8()+, $%&#( ( %$9($$%8 0% (5'%&3('#4($ #/%0#('($> %$'( ;%&$;%9'#4(6%Q%&% 55%3IXZZXJ6/,$'&(&(/:-%,9,/;&,/%'#/%3',#3$'&-/%3'(5 C;%&9%.#0,9,/,9-$',$($$,9#(0,$(0%#N(&(,&1(3#8()+,>(&(,$(-',&%$6,$ %/;&%1(0,$ 9,/ 9,/;&,/%'#/%3', #3$'&-/%3'(5 ;%&/(3%9%/ 3( ,&1(3#8()+, ;,&:-%;&%9#$(/>

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

&%9,/;%3$($%$;%9<@#9($,-;(&(%4#'(&;-3#)G%$>$'%@(',&'(/.C/$%(;&,N#/( 0,9,39%#',0%,;,&'-3#0(0%6;&,;,$',;,&HC4%3%'6XZZ I(;-0\%6 XZZVJ6 :-% ,9,&&% :-(30, ($ ,&1(3#8()G%$ ,@%&%9%/ ,;,&'-3#0(0%$ (,$ %/;&%1(0,$:-%9,&&%$;,30%/_$%N;%9'('#4($0%5%$>

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

%3@,:-%3,&/('#4,'(/.C/@#9,-0#4#0#0,63%$'%9($,6%/0-($0#/%3$G%$ 0#$'#3'($?(;&#/%#&(6:-%&%;&%$%3'(,$%3'#/%3',0%,.&#1()+,%/;%&/(3%9%&L%( $%1-30( 0#/%3$+,6 :-% &%@5%'% -/ $%3'#/%3', 0% ,.&#1()+, %/ 9,3$%1-#& -/ /%5H,&0%$%/;%3H,;(&((,&1(3#8()+,>

9,/, -/( ,.&#1()+, %/ ;%&/(3%9%& 3( ,&1(3#8()+,6 R7 :-% ,$ %/;&%1(0,$ ;%&/(3%9%/3(%/;&%$(6;,&:-%$%3'%/:-%$+,,.&#1(0,$>

$%1-30,@(',&3,&/('#4,@,&/(0,(;&%$%3'(-/$%3'#/%3',0% !$>;< ' ='8 6 #$', C6 /,$'&( :-% , %/;&%1(0, .-$9( ('#31#& ,$ ,.R%'#4,$ ,&1(3#8(9#,3(#$ % (59(3)(& /%5H,&%$ &%$-5'(0,$> $$% @(',& C @,&/(0, ;%5,$ $%1-#3'%$ #30#9(0,&%$? (J ',0, %/;&%1(0, 0%4% .-$9(& ('#31#& ,$ ,.R%'#4,$ 0( %/;&%$(L .J , .,/ %/;&%1(0, 0%4% $% %$@,&)(& ;(&( :-% ( %/;&%$( '%3H( ,$ /%5H,&%$ &%$-5'(0,$ ;,$$<4%#$L %6 9J %- '%3H, ,.&#1()+, %/ 0%$%/;%3H(& .%/ /#3H( @-3)+, 3( %/;&%$(> $'% 9,/;&,/%'#/%3', 4(# (, %39,3'&, 0, 9,39%#', #30#9(0, ;,& P#%3%& IXZV 6 ;> W XJ :-% (;&%$%3'( a( ','(5#0(0% 0($ ;&%$$G%$ 3,&/('#4($ #3'%&3(5#8(0($ ;(&( (1#& 3-/ 9(/#3H, :-% %39,3'&% ,$ ,.R%'#4,$ % #3'%&%$$%$,&1(3#8(9#,3(#$b>%$'(@,&/(6,%/;&%1(0,9,3@#(3($3,&/($%3,$ 4(5,&%$ ;(&'#5H(0,$ ;%5( ,&1(3#8()+, % .-$9( ,.'%& -/ .,/ 0%$%/;%3H,6 (9&%0#'(30,$%&-/(9,30-'(C'#9(%/,&(5;(&(9,/(%/;&%$(>

;%$(&0,&%$-5'(0,6%0%#&,$%'(5>I !!U6;>XUJ($$#3(5(/:-%a^#/;,&'(3'% :-% 3,4,$ %$'-0,$ $%R(/ 9,30-8#0,$ 3-/( ;%&$;%9'#4( 9,3@#&/('2&#(6 '%3'(30, 4(5#0(& ,$ 9,/;,3%3'%$ (:-# %39,3'&(0,$6 ,- (#30(6 '%3'(30, %39,3'&(& ,-'&,$ 9,/;,3%3'%$>b %30, ($$#/6 0($ $%'% 0#/%3$G%$ ;&,;,$'($ 3, ,0%5, -5'#0#/%3$#,3(50,,/;&,/%'#/%3',&1(3#8(9#,3(56%0%#&,$I !!WJ9,3$%1-#-9,3@#&/(&$%#$0#/%3$G%$0,9,/;&,/%'#/%3',>%$'%'&(.(5H,6$%&7-'#5#8(0,%$'% #3$'&-/%3',;(&((4(5#(&,9,/;&,/%'#/%3',0,$%/;&%1(0,$9,/(,&1(3#8()+,>

67&0%/

$'% 9(;<'-5, @,# 0#4#0#0, %/ 9#39, ;(&'%$ % %N;G% ( /%',0,5,1#( :-% @,# -'#5#8(0(3%$'(;%$:-#$(> ;&#/%#&(;(&'%6(;&%$%3'(,'#;,0%;%$:-#$(60%9(&7'%& %N;5,&('2&#,0%$9&#'#4(> $%1-30( ;(&'%6 0%$9&%4% ( ;,;-5()+, % (/,$'&( 0( ;%$:-#$(> / $%1-#0(6 $%&+, (;&%$%3'(0,$ ,$ #3$'&-/%3',$ 0% /%3$-&()+, :-% @,&(/-'#5#8(0,$> :-(&'(;(&'%6(;&%$%3'(9,/,@,#&%(5#8(0((9,5%'(0%0(0,$%6 ;,& @#/6 3( :-#3'( ;(&'%6 $+, %N;,$'($ ($ 'C93#9($ 9,/ :-% ,$ 0(0,$ @,&(/ (3(5#$(0,$>

;%$:-#$(C95($$#@#9(0(9,/,%$'-0,0%9(/;,%/:-%@,&(/#34%$'#1(0,$ ,$4%30%0,&%$%,$1%&%3'%$0($5,R($0% %/('(569(;#'(50,#, &(30%0,,&'%>$'('#;,5,1#(69,/,(@#&/(-#8IXZZXJ6C-'#5#8(0(:-(30,$% ;&%'%30% %$'(.%5%9%& &%5()G%$ %3'&% 4(&#74%#$ #30%;%30%3'%$6 :-%6 3%$'% %$'-0,6 $%&+,($4(&#74%#$:-%9,/;G%/(5#0%&(3)(69,/($4(&#74%#$0%;%30%3'%$6:-% $%&+, ($ 4(&#74%#$ :-% 9,/;G%/ , 9,/;&,/%'#/%3', 0, 4%30%0,& 9,/ ( ,&1(3#8()+,>

;%$:-#$( '(/.C/ ;,$$-# 9(&7'%& %N;5,&('2&#,0%$9&#'#4,> N;5,&('2&#,6 ;,&:-%.-$9(#0%3'#@#9(&($0#/%3$G%$5('%3'%$0(5#0%&(3)(%0,9,/;&,/%'#/%3',6 -'#5#8(30, #3$'&-/%3',$ R7 4(5#0(0,$ % '%3'(30, (;&#/,&(& (51-3$ 9,39%#',$ % 0%$9,.%&'($ $,.&% , ($$-3',L 0%$9&#'#4,6 ;,&:-% .-$9( &%5(9#,3(& 4(&#74%#$ 0( 5#0%&(3)(9,/($4(&#74%#$0,9,/;&,/%'#/%3',60%$9&%4%30,,$&%$-5'(0,$,.'#0,$ 3(;%$:-#$(%($$,9#(30,9,/1&-;,$0%&%$;,30%3'%$6:-%3%$'%'&(.(5H,@,&(/ ,$@-39#,37&#,$0($5,R($0% 0(9#0(0%0%('(5>