5(&200(1'(' )25 )8//7(;7 38%/,&$7,213XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU)LOH 1DPH DS	

			



$1'86.<$//203$1<


$7,21$/$%25(/$7,2162$5'


257+($67+,2,675,&7281&,/ 2) 7+(1,7('527+(5+22' 2)$53(17(56 $1'2,1(56 2)0(5,&$ 
 !"#$%&%&"'($)&$*+",(--.&/+%&"'("'(/$0$"%'+"(,$('%1$+%&"+.+2($.+%&"+(,34!5(67$,8$/$02$(4$/&,$,+",&.$,8+(/1!44
	 !$'($89	
+",&(/7&%7,6$  +)&,  +"%+7::& ;7"6%*" 1& '(#$%&%&"$(  +)&,  .$&/1$( 
 
	##
9+1&"6%"  '( $-",$"%  	%$-1$"  +(<7 =  .$)$.+", 1& '( 
"%$()$"(
+)&,+"%+7::&;7"6%*"1& '(#$%&%&"$(  +)&,  .$&/1$( 
 
	##
9+1&"6%"'($-",$"%	%$-1$"+(<7(&/	/1($&20+"
=.$)$.+",1&'("%$()$"(9  ,$.&)$($, %1$ -&"&" ' %1$ /7(% &"*1&/1 	
  >&"$,    ?- @,$.&)$($,+$-+(+%$/"/7((&"6-&"&";99&(/7&%7,6$$'($%1&/7(%& +" +--$+. '(0 + ,$/&&" 2A + ,&)&,$, +%&"+. +2($.+%&"+(,?BC@&").)&"61+",2&..&"62A7"&"0$02$(&"%1$0+..*"$,+",-$(+%$,2A	+",7<A+..0-+"A?B	+",7<AC@+",7<A&+-(&)+%$.&0&%$,-+(%"$(1&-%1+%*"+",-$(+%$ 	+",7<A +.. ?B0+..C@ +" $"/.$, 0+.. &"+",7<A1&1$0+../"%+&""&"$%A&D%($+",+/$"%(+./"/7($*1&/1-()&,$+//$%%1$%($+",*&%1&"%1$/"/7($+($-.+/$%&%+",+.-+/$.$+$,'(2%1  1$ 0+.. 0+"+6$( & ($-"&2.$ '( $"'(/&"6+",7<AE-.&/A+6+&"%1+",2&..&"6+",.&/&%+%&"'0+.. !
	
&(/7&%7,6$/"/7((&"6/"/7(&"%1$0+>(&%A-&"&"
*(&%$$-+(+%$.A%1&61.&61%*1+%&"0A)&$*&%1$/(7/&+.&7$&"%1&/+$"+0$.A*1+%.$)$.',$'$($"/$%1&/7(%17.,+''(,%1$*1$" &% &"%$(-($% 	7-($0$ 7(% -($/$,$"%  
" (,$( %+//$-% %1$ +(,E +(670$"% "$ 07% '&(% +//$-% %1$-($0&$%1+%6)$("%1+%&7$1&&"%%1$/+$-$+<".A%%1$.$)$.',$'$($"/$,7$%%1$+(,E&"%$(-($%+%&"'%1$F&%,$"%+,,($%1$,$'$($"/$,7$%%1$+(,E&"%$(-($%+%&"'>7,&/&+..A/($+%$, $D/$-%&"  //(,&"6.A *$ ($)&$* %1$ E&"%$(-($%+%&"'%1$!""$D/$-%&",$")"  #
 %1& /&(/7&% G7+($.A+,,($$,%1$G7$%&"'*1$%1$(%1$!"",&/(&0&"+%&"$D/$-%&"($G7&($+"$0-.A$(%7''$(""$0-.A$$7"&"%($-+$( " &% -(-$(%A &' %1+% $0-.A$( +..* %1$((6+"&:+%&"//+&"+.+//$"'+/%"$+(.A&,$"%&/+.%%1$-($$"%$,1$($*$-.+&".A ($>$/%$,%1$+(670$"%-7%'(%12A%1$+(,+",1$.,%1+%B%1$%$(0H,&/(&0&"+%&"E+7$,&"!""0$+"'+)(&"6"$7"&")$(+"%1$((+..*&"6$0-.A$(($.+%$,&"'(0+%&"*1&.$2+((&"6&0&.+(7"&"($.+%$,&"'(0+%&"C#
! I, +%   " $0-.A$(E 6(+"%&"6 /1+(&%+2.$ (0$(/1+"% 6(7- +//$ % %1$ 0+.. -7(7+"% % &% -.&/A*1&.$ 2+((&"6 7"&" -(%$%$( &0-.A ,$ "% G7+.&'A +,&/(&0&"+%&"7",$(!""//(,&"6.A
/"/7(*&%1%1$/"/.7&"%1+%%1&/7(%17.,2$67&,$,2A7(,$/&&"&"#
 27% $0-1+&:$ %1+%  & &0-.A&"+--.&/+2.$%+"A/+$%1+%&").)$&"%$(-($%+%&"'/7(%,$/&&"3
	 !'	7-($0$7(%+",	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
&/"%(..&"6-($/$,$"%&+.+7%1(&%A27%&'&%*$($"%*$*7.,+,1$($%	+",7<AE(+%&"+.$%1+%%1$7"&"1+,$0"%(+%$,"1+",2&..&"6(&61%7",$( %1$ /&(/70%+"/$ 1$($  )$" &' %1$ ,&/(&0&"+%&"$D/$-%&"*$($($.$)+"%&"%1&/+$*$*7.,"%/"%(7$&%&"%1&/+$+7(6$,2A%1$+(,2$/+7$%1$/",7/%'%1$""$0-.A$$7"&"1+",2&..$(&"%&0&.+(/",7/%%%1+% ' /&)&. +", /1+(&%+2.$ (6+"&:+%&" *1 2%+&"$,-$(0&&"'(0	+",7<A%7$%1$0+..&"+.&0&%$,*+A,$$0$,2$"$'&/&+.%'%1$/+$+7%1(&%A/&%$,2A%1$+(,&"7()&$*&&(($.$)+"%".A-$(&-1$(+..A($.+%$,%%1$&7$&"%1&/+$( & 6$"$(+..A 7--(%&)$ ' 	+",7<AE +(670$"%  9$/"/.7,$%1+%%1$+(,E&"%$(-($%+%&"'%1$.+*7",$(%1$%&-7.+%$,'+/%&"%($+"+2.$"(&&%-$(7+&)$1&/+$,$"%&").)$(6+"&:+%&"+.(&61%F&%,$"%&").)$$0-.A$$-&/<$%&"6(1+",2&..&"6+",&'	+",7<A&,$$0$,%2$+"$0-.A$(&%1+"%$"/7(+6$,(+..*$,1+",2&..&"6 2A -$(" &0&.+(.A &%7+%$, % %1$ 7"&"(6+"&:$(&"%1&/+$//(,&"6.A*$,$/.&"$%$"'(/$%1$(,$('%1$+(,+",*$&%,$%$(0&"+%&" !
	I6DQGXVN\PDLQWDLQV D SROLF\ 3QRW WR SHUPLW DQ\ VROLFLWLQJ H[FHSWRFFXSDQWV VWULFWO\ LQ DFFRUGDQFH ZLWK WKHLU SULRU ZULWWHQ DJUHHPHQW ZLWKWKH 6KRSSLQJ &HQWHU KDQGELOOLQJOHDIOHWLQJ SLFNHWLQJ RU SDWUROOLQJFROOHFWLYHO\ FDOOHG μVROLFLWDWLRQ¶ E\ DQ\ SHUVRQV RQ WKH SULYDWHO\ RZQHGSURSHUW\ RI WKH 6KRSSLQJ &HQWHU    $OO 3HUVRQV HQJDJLQJ LQ VXFKVROLFLWDWLRQ ZLOO EHDVNHG WROHDYH WKH 6KRSSLQJ &HQWHU SURSHUW\ DQG LIWKH\ UHIXVH PD\ EH DUUHVWHG IRU FULPLQDO WUHVSDVV ́7KH KDQGELOO DVNHG WKH 3JHQHUDO SXEOLF ́ QRW WR SDWURQL]H $WWLYR3EHFDXVH WKH\ DUH XQGHUPLQLQJ FRQVWUXFWLRQ ZDJH DQG EHQHILW VWDQGDUGVLQ WKLV DUHD E\ HPSOR\LQJ &UDZIRUG ́/7%0$($-"&2.$ '(%1$6,*&.. +", 7//$'7.0+(<$%&"6'%1$0+..%1$0+"+6$(,$/&,$*1$%1$(%.$+$-+/$'(%$0-(+(A,&-.+A#$(0&&"'(%$0-(+(A7$&6(+"%$,&"*(&%&"6+",0+A2$6(+%&+,&($/%$,2A%1$0+..0+"+6$(1$0+..,(&)$*+A1*$)$(+($-%$,*&%1&6"*1&/1($+,B.&/&%&"6+",-%&"6'2&..-(1&2&%$,C"$'%1$&6"&"%1$,(&)$*+A&"'("%'%1$	$+(%($+%"$$",'%1$0+..+",%1$%%&)./+%&""*&"/"%()$(A&"$+( 	$+( +", &% 0+.. $"%(+"/$  1$ 0+.. $"%(+"/$ *+-%$,*&%1B".&/&%&"6C&6"" )$02$(  &"%$()$"( (%1$+% 1& &%(&/%7"/&.'+(-$"%$(
"&%$,(%1$(1,'+(-$"%$(=&"$('0$(&/+
?B7"&"C@.$+("$,%1+%+0+..%$"+"%%%&)1&($,+""7"&"/"%(7/%&"/"%(+/%((+*'(,"%(7/%&"?B(+*'(,C@%($")+%$&%%($  
" )$02$( +", $/$02$( %1$ 7"&" ,&%(&27%$,1+",2&.. 7(6&"6 0+.. /7%0$( "% % -+%("&:$ %%&)2$/+7$'&%1&(&"6' +""7"&" /"%(+/%( *1&/1%1$7"&"/"%$",$,1+,7",$(0&"$,./+.*+6$%+",+(,1$7"&"1+",2&..$(*$($"%$0-.A$$'	+",7<A%%&)((+*'(,1$7"&"+.%1($+%$"$,%1+",2&..+"%1$(0+..%$"+"% ''&/$+D % -(%$% &% 1&(&"6 ' + ""7"&"/"%(+/%(  	+",7<AE +%%("$A "%&'&$, %1$ 7"&"E($-($$"%+%&)$")$02$(44%1+%+"A1+",2&..$("0+..-(-$(%A*7.,2$/"&,$($,%($-+$(+",*7.,"%2$-$(0&%%$,%1+",7%7/11+",2&.."$/$02$(I
	 !4%1$7"&"+6+&"1+",2&..$,&"&,$%1$0+.."$+(%%&)E$"%(+"/$+",+0+..$/7(&%A67+(,%.,%1$1+",2&..$(%1$A*$($"%-$(0&%%$,%1+",2&.."%1$0+..-(-$(%A+",07%.$+)$1$1+",2&..$(.$'%27% ($%7("$,%1$"$D%,+A+","%$)&,$%1$0+..0+"+6$(+6+&"+<$,%1$0%.$+)$+",,$.&)$($, + .$%%$( '(0 	+",7<AE +%%("$A  1$ 7"&"1+",2&..$(.$'%1(%.A27%($%7("$,"$/$02$(4+",($'7$,%.$+)$+%%1$$/7(&%A67+(,E($G7$%91$"%1$0+.. 0+"+6$( /+..$,%1$ #$(<&" *"1&- -.&/$ +",%1$1+",2&..$( ($'7$, % 2$A %1$ -.&/$E (,$( %1$A *$($+(($%$,'(%($-+7",$(1&$),$J441$ 7"&" %1$" -(0-%.A '&.$, +" 7"'+&( .+2( -(+/%&/$/1+(6$ +6+&"% 	+",7<A +", " +"7+(A 4 I %1$E K$"$(+. 7"$. &7$, +", .+%$( +0$",$, +/0-.+&"%+..$6&"6%1+%	+",7<A1+,)&.+%$,J3?+@?@'%1$/%4
	J!3?+@?@1$-+(%&$+6($$,%*+&)$+1$+(&"6 2$'($ +" +,0&"&%(+%&)$ .+* >7,6$ ?BC@ +",%(+"'$( %1$ /+$ % %1$ +(, &%$.' '( + ,$/&&" "%&-7.+%$,'+/%1$+(,+//$-%$,%1$%&-7.+%$,($/(,+",0%&"%%(+"'$(%1$/+$%%1$+(,'(,$/&&"$+(.A'7(A$+(.+%$(%1$+(,'7",%1+%	+",7<A)&.+%$,%1$/%+",&7$,&%,$/&&"	+",7<A'&.$,+%&0$.A-$%&%&"'( ($)&$* +", %1$ +(, '&.$, + /(+--.&/+%&" '($"'(/$0$"%  1& /7(% 6(+"%$, %1$ 7"&"E 0%&" %&"%$()$"$&"%1&/"%()$(A"+,,&%&"%'&.&"6%1$/0-.+&"%"+"7+(A4I%1$$6&"+.&($/%('%1$"%&'&$,	+",7<A2A.$%%$(%/$+$%1$%($-+-($/7%&"+6+&"%7"&"($-($$"%+%&)$*&%1&"$)$",+AL$(A-(0-%.A	+",7<A&"'(0$,%1$$6&"+. &($/%( +",%1$ /.$(< '%1$ /7(%&" *1&/1 %1$-($/7%&"*+-$",&"6%1+%&%*7.,"%%+<$+"A'7(%1$(+/%&" &" %1$ %($-+ -($/7%&" 7".$ %1& /+$ *$($($.)$,&"&%'+)(+%$(%1$./+./7(%,&0&$,2%1%($-+/1+(6$+6+&"%%1$7"&"($-($$"%+%&)$+",+%%1$&(($G7$%$+.$,%1$($/(,*&%17%--&%&"2A	+",7<A1$-$/&'&/&7$2$'($%1&/7(%&*1$%1$(	+",7<A0+A2$/0-$..$,%-$(0&%""$0-.A$$7"&"0$02$(% !
	51RU GR ZH ILQG5HVWDXUDQW &RUS RI $PHULFD Y 1/5%  )G '& &LU  WR EH RI DQ\ FRPIRUW WR WKH %RDUG5HVWDXUDQW &RUSVLPSO\ KHOG WKDW RQH VLQJOH LVRODWHG FRQWDFW DW OXQFK E\ DSURXQLRQHPSOR\HH FRXOG QRW EH WKH VXEMHFW RI GLVFKDUJH EDVHG RQ D QRVROLFLWDWLRQUXOH$)$"0($H-$(&-1$(+.ECII,+%3I1$7"&"E+/%&)&%A&" %1$ &"%+"% /+$ ($.+%$ % + -$(&-1$(+. (&61% ".A +",,$$()$.$-(%$/%&"7",$(%1$/% 
"$"%1$+/%&)&%A*+,&($/%$,%*+(,%1$%+(6$%$0-.A$(+",&%*+6$%+",+(,F&"%1&/+$%1$1+",2&..&"6&$)$"0($($0%$&%&,&($/%$,+%+/"%(+/%(,&"627&"$*&%1+%$"+"%'%1$+..$6$,B$0-.A$(C	+",7<A9$+."%$%1+%

%%"34, ?%1 &( 4@ /&%$, &" %1$ +(,E 2(&$' ,$ "%7--(%%1$,&/(&0&"+%&"$D/$-%&"7(6$,2A%1$+(,1$+(, "%$, &" '+/% %1+%

 %% '7", ",&/(&0&"+%&",$-&%$%1$'+/%%1+%B%1$$0-.A$(&%$.'1+,,&%(&27%$,+"%&7"&"1+",2&..C1$+(,+./&%$&"&%+%%$"7+%$,+(670$"%&"&%2(&$',$+.&"6 *&%1 %1$ ,&/(&0&"+%&" $D/$-%&"&
 
 "4 I,455 ?&(@*1&/1&").)$,$0-.A$$$$<&"6%-+(%&/&-+%$&"" 
! +/%&)&%&$ +", ,$/&,$, %1+% %1$ $0-.A$(,&/(&0&"+%$,2A,$"A&"6"$7"&"+//$*1&.$%%'"")$"0($,&%&"67&1+2.$&(" " 443 I,554 ?%1&(4@*1&/1 ,$/&,$, %1$ (&61% '
 ,&%(&27%&"6 7"&".&%$(+%7($%%1$(
&"+""*(<+($+%.&/&%%1$&(0$02$(1&-&"%1$7"&"1$+(,+<7%&6"($(%)$((7.$#
27%7('&(0'&D$,(7.$&%1+%"$-+"$.'%1$/7(%/+""%)$((7.$+-(&(-($/$,$"%&+.1.,&"6#%( '5II,3?%1&(@1$+(,1+ '+&.$,%-(,7/$	7-($0$7(%-($/$,$"%%1+% 0+",+%$ 7/1 +/%&"   *$ ,&, &" #
%1&/7(%($)&$*%1$+(,E&"%$(-($%+%&"
	 !	
	



"70%1$+(,+(67$&"&%2(&$'%1+%#
B&"."6$(/"%(..&"6+7%1(&%AC91AM$/+7$#
B+--.&$,+"&0-(-$(%+",+(,'($)&$*CF%1+%&&%,&,"%+//$-%+/"%(..&"6%1$+(,E&"%$(-($%+%&"'	7-($0$7(%?+",	&D%1&(/7&%@-($/$,$"%"%1$/+..$,B,&/(&0&"+%&"$D/$-%&"C1$+(, -(/$$,$, % ,$)%$ 07/1 ' &% 2(&$' % &%&"%$(-($%+%&" ' 	7-($0$ 7(% -($/$,$"% " %1$ &7$-+(%&/7.+(.A!"")*"++","' +(67&"6'&(%%1+%BN%O1$'+/%%1+%7"&"($-($$"%+%&)$+/%&"6"2$1+.''%1$ $0-.A$$*1$*+6$ +",2$"$'&%*$($%1($+%$"$,(+%1$( %1+" %1$ $0-.A$$ %1$0$.)$ *$($ $$<&"6 %,&%(&27%$1+",2&..1$($17.,"%+''$/%%1$7%/0$C" &% 2(&$' +(67&"6 %1$ 0$+"&"6 ' >7,&/&+. ,$/&&",$+.&"6*&%1%1$&7$2$'($7%1$+(,/&%$,--
  (  ) 	 " *
- ("
"../	,	!I,5II?3%1&(@0"6%1$(%1&"6,--1+,07/1%+A+27%!"")*"++","' 27%&%1+,"%1&"6%+A+27%%1$B,&/(&0&"+%&"$D/$-%&"C,--
,&,"%$"'(/$%1$+(,E(,$(27%($0+",$,%-.+/$-(-$(.A%1$27(,$""%1$7"&"+",%,$%$(0&"$%1$$D%$"%'%1$)+.&,&%A'%1$+($+%+",+(,/.+&0+*$..+,$'&"&"6%1$$0-.A$(E-(-$(%A(&61%%%1$+($+&").)$,1$+(,&&0-.A0&%+<$"2A&0-.A&"6&"&%2(&$'%1+%,--
1+,+"A%1&"6%,*&%1%1$,&/(&0&"+%&"$D/$-%&"%+($+ %+",+(, -&/<$%&"6 ( 1+",2&..&"6,--
 '&",&%-(%$/%$,/",7/%7",$(/$(%+&"/&(/70%+"/$27%.&<$  $" "I I,533 ?%1&(@%1$+(,+",%1$7"&"/+((AB%1$27(,$"'-('($6+(,&"6%1$)+.&,&%A'%1$+($+%+",+(,0$+6$C!I,+%5I31$+(,+/<"*.$,6$&"&%2(&$'0($)$(%1+%$" 1., %1+% ""$0-.A$$ +($+%+",+(, -&/<$%&"6*+((+"% $)$" .$ -(%$/%&" %1+" ""$0-.A$$(6+"&:+%&"+.+/%&)&%A7",$(	$/%&"52$/+7$&%&B+(&61% !
	!1/5% Y %DEFRFN 	 :LOFR[ &R  86  /HFKPHUH ,QF Y 1/5%  86  %($-+"%1$0+..E-(-$(%A'(%1$-7(-$',&%(&27%&"61+",2&..7(6&"60+../7%0$("%%-+%("&:$""7"&"$0-.A$(1&&7$&+,&''&/7.%"$27%&%&"%"$''&(% &0-($&"  9$ +,,($$, -($/&$.A %1+% &7$ &"#

!I,!5?%1&(@1$1+(-,&)&,$+0"60$02$('%1$+(,&"%1$/+$2$'($7%,+A&",&/+%$%1$+(,E,&''&/7.%A*&%1%1&&7$
	
9$+($"(0+..A27",2A%1$-($/$,$"%$%+2.&1$,2A+,$/&&""+-+(%&/7.+(&7$2A+-(&(-+"$.'7(/7(%1$+(,0+>(&%A+%2$%&"'$($"%&+..A+/<"*.$,6$,&%27(,$"%-$(7+,$7%,$"A%1$$''&/+/A'#
2A%+%&"689$ +($ 0&",'7. %1+% %1$ 
"&%$, 	%+%$ 7(% '--$+.'(%1$	&D%1&(/7&%&"*1&/1%1&/+$+(&$1+ ($>$/%$, %1$ +(,E &"%$(-($%+%&" 'B,&/(&0&"+%&"C + 7$, &"!"" ) *"+  
"#
%1$+(,+,-%$,%1$+,0&"&%(+%&)$  .+* >7,6$E '&",&"6 %1+% %1$ $0-.A$(,&/(&0&"+%(&.A -(1&2&%$, ""$0-.A$$ 7"&"($-($$"%+%&)$ '(0 ,&%(&27%&"6 1+",2&.. ,&($/%$, +%1--$( % ,&/7(+6$ %1$0 '(0 -+%("&:&"6 +""7"&" ($%+&.$( &" %1$ 0+.. 2$/+7$ &% -$(0&%%$,"".+2(($.+%$,1+",2&..&"6+",.&/&%+%&"2A%1$(&"%1$0+..1$	&D%1&(/7&%,$"&$,$"'(/$0$"%'%1$+(,E (,$( 1.,&"6 %1+% -%"' B,&/(&0&"+%&"C+7$,&"!"")*"+B0$+"'+)(&"6"$7"&")$(+"%1$((+..*&"6$0-.A$(($.+%$,&"'(0+%&"*1&.$2+((&"6&0&.+(7"&"($.+%$,&"'(0+%&"C9$($-$/%'7..A,&+6($$*&%1%1$	&D%1
	 !&(/7&%E /"/.7&" +", +,1$($ % 7( )&$* %1+% +"$0-.A$( %1+% ,$"&$ + 7"&" +//$ *1&.$ ($67.+(.A+..*&"6""7"&"(6+"&:+%&"%.&/&%+",,&%(&27%$"&%-(-$(%A7".+*'7..A,&/(&0&"+%$ +6+&"%7"&".&/&%+%&"
	I44?	$-%I@?'%"%$+",/&%+%&"0&%%$,@1$ ,&/(&0&"+%&" % *1&/1 %1$ +(, ($'$( & %1$ /+..$, B,&/(&0&"+%&" $D/$-%&"C % %1$ 6$"$(+. (7.$ +$D-.+&"$, 2A %1$ 	7-($0$ 7(% &"  !"" )*"+I!
	!4?!@8NO" $0-.A$( 0+A )+.&,.A -% 1& -(-$(%A +6+&"%""$0-.A$$,&%(&27%&"'7"&".&%$(+%7($&'($+"+2.$$''(%2A%1$7"&"%1(761%1$(+)+&.+2.$/1+""$.'/007"&/+%&" *&.. $"+2.$ &% % ($+/1 %1$ $0-.A$$*&%1&%0$+6$+",&'%1$$0-.A$(E"%&/$((,$(,$"%,&/(&0&"+%$+6+&"%%1$7"&"2A+..*&"6%1$(,&%(&27%&"C"#
*$($>$/%$,%1$+(,E/"%$"%&"+27%%1$0$+"&"6'%1&$D/$-%&"%+%&"681$ +(,E 7",$(%+",&"6 '!""E,&/(&0&"+%&" -(&"/&-.$ & *$..$D$0-.&'&$, 2AI3?!@*1$($%1$+(,1$.,%1+%%1$//+&"+.-($$"/$'B7.&0$..&"6&.+",&"/$"$C B+" H//+&"+.E $1)+1E 9&%"$,&%(&27%N&"6O%1$9+%/1%*$(0+6+:&"$C+",B""$//+&"+./+.&".72.&/&%N+%&"OC,$0"%(+%$,,&/(&0&"+%(A$"'(/$0$"%'+".&/&%+%&"(7.$*1$"%1$ $0-.A$( ,$"&$, +//$ % + 7"&" /"" &01)	I3!?!@9$%1&"<%1$+(,1+0&&"%$(-($%$,!""!""+",&%-(6$"A*1&/1*$&611$+)&.A&"'+)('-(&)+%$-(-$(%A(&61%&",&/+%$%1+%%1$7(%/7.,"%1+)$0$+"%%6&)$%1$ *(, B,&/(&0&"+%&"C%1$&0-(%%1$+(,1+/1$"%6&)$&%,&/(&0&"+%$ !
	!#"/

-"#"
/

-	I5?3I@+",	
25
	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
	
!5
	I4?@&").)$,+ %$/1"&/+. +", ,$'&"&%&"+. &7$ +27% *1$%1$( + -7.%(A/(-(+%&"*++B'+(0&"6-$(+%&"C7",$(%1$1$7-($0$7(%+''&(0$,%1$7(%1&(/7&%E,$'$($"/$%%1$+(,7",$(%1$/&(/70%+"/$'%1+%/+$2$/+7$&%'7",B%1$+(,E+"*$(N&"%$(-($%+%&"O($+"+2.$C+%I1$7(%+,,$,%1+%7",$(%1$/&(/70%+"/$%1$+(,E/"%(7/%&" ,&, "% 1+)$ % 2$ B%1$! *+A % ($+, %1$%+%7%$C  +%   7( ,&$"%$( '$.% %1+% %1$ +(,$(&7.A0&/"%(7$,%1$%+%7%$+",%1+%&%&"%$(-($%+%&"*+7"($+"+2.$"%(+(A%%1$&"%&0+%&"'%1$+(,*$,"%($+,+)$((7.&"6%1$$$"%&+.%$"$%'#
91+%&&").)$,&"%1$&"%+"%/+$+",&"#
&"%%1$/"%(7/%&"'+"+02&677%$(0&"%1$F(+%1$(&%&%1$+(,E&"%$(-($%+%&"'	7-($0$7(%-($/$,$"%"%1$-$/&'&/G7$%&"'7"&"""$0-.A$$.&/&%+%&"&"+1--&"60+../"%(+(A%%1$0+..E$%+2.&1$,(7.$+",*&%17%%1$0+..E-$(0&&"
	 !+/%&)&%A/"'.&/%*&%1%1$27&"$'+0+..%$"+"%+",*1$%1$( %1$ +/%&)&%A /"/$(" ( *7., 6$"$(+%$/"%()$(A",$(&%-.&/A%1$$-",$"%+,0&%%$,.A-$(0&%%$,+ )+(&$%A ' /1+(&%+2.$ /&)&/ +", $)$" /00$(/&+.(6+"&:+%&"%$"%$(%1$0+..'(.&/&%+%&",&-.+A+",-($$"%+%&"" 70 %1$ +(, ,&$"% +. %+%$, &% &"%$(-($%+%&" '($.$)+"% 	7-($0$ 7(% -($/$,$"% " %1$ &7$ 2$'($ &%&"/.7,&"6-+(%&/7.+(.A"' 891&.$ +/<"*.$,6&"6 %1+% ""$0-.A$$ 7"&" +6$"%""$%1$.$1+)$0$+.2$&%$D%($0$.A.&0&%$,(&61%%.&/&%"-(&)+%$-(-$(%A%1$7(%'+7.%$,%1$+(,'(B'+&.&"6%0+<$%1$/(&%&/+.,&%&"/%&"2$%*$$"%1$(6+"&:&"6+/%&)&%&$'$0-.A$$?%*10	$/%&"567+(+"%$$ %1$ (&61% ' $.' (6+"&:+%&"@ +",""$0-.A$$ ?% *10 	$/%&" 5 +--.&$ ".A,$(&)+%&)$.A@C  1$ 7(% %1$" $D-.+&"$, %1+%-($70-%&)$.A+"$0-.A$(/+""%2$/0-$..$,%+..*,&%(&27%&"'.&%$(+%7($2A""$0-.A$$(6+"&:$("1&-(-$(%A*1&.$"%&"6%1+%%1$-($70-%&"0&61%2$($27%%$,&'/"&%$"%*&%1%1$7(%E$+(.&$(,$/&&"&"!""*"+

%1$$0-.A$$+($%1$(*&$&"+//$&2.$  1$"'  7(% %($$, %1+%B!""E (7.$ & + "+((* "$  
% ,$ "% +--.A*1$"$)$(""%($-+(A+//$%$0-.A$$0+A2$/702$(0$ ( .$%1+"&,$+..A $''$/%&)$   C  
"($)$(&"6%1$+(,E1.,&"6%1$	7-($0$7(%+.($>$/%$,%1$+(,E+--.&/+%&"'&%,$/&&"&"1?%"%$0&%%$,@&"+..A+,&,%1&/7(%&"#
,&$"%$((+0$&"&%$,*$2$.&$)$/(($/%.A%1+%+..$6$,B,&/(&0&"+%(AC/",7/%&"+..*&"6.&/&%+%&""1+",2&..&"6($G7&($,%1+%B,&/(&0&"+%&"2$+0"6 /0-+(+2.$ 6(7- ( +/%&)&%&$C +", %1+% %1$+/%&)&%&$ %1$0$.)$ 7",$("
 07% 2$B" 
!C
"7--(%'1&-&"&"%1&,&$"%$(/&%$, !
	5&" %1$ $"'(/$0$"% ' + ".&/&%+%&" -.&/A /+""%0$+"%1+%+"$0-.A$(/00&%+"7"'+&(.+2(-(+/%&/$&'&%+..*%1$K&(.	/7%%$../<&$27%&1&$.,$,'(0%1$$''$/%'%1$/%&'&%-(1&2&%%1$0'(0,&"63$
	
I,I5I444?5%1&(!@.%1761%1$7(%1+"$)$(/.+(&'&$,%1$0$+"&"6'%1$%$(0+",*$1+)$'7","-72.&1$, /7(% ' +--$+. /+$ +,,($&"6 %1$&6"&'&/+"/$'B,&/(&0&"+%&"C&"%1&/"%$D%*$1.,%1+%%1$%$(0B,&/(&0&"+%&"C+7$,&"!""0$+"'+)(&"6"$7"&")$(+"%1$((+..*&"6$0-.A$(($.+%$,&"'(0+%&"*1&.$2+((&"6&0&.+(7"&"($.+%$,&"'(0+%&".%1761 *$ +($ ($-$/%'7. ' %1$ +(,E&"%$(-($%+%&"*$+($"%/0-$..$,%'..*&%*1$"&%($%"$(("$7.$6+.'7",+%&""' !4	+%!I4	%+%3#
!I,+%!1$,$/&&"+2)$($'$(($,%+",&").)&"6%1&+0$&7$*+($)$($,2A%1$7(%1&(/7&%+%  4 I, 43 ?%1 &( 5@  1$ +(, 0+>(&%A+/<"*.$,6$,&""5'&%-&"&"&"%1&/+$%1+%8NO1$7(%1&(/7&%'7",%1+%%1$'$*.&/&%+%&"%1+%//7(($,+%%1$$0-.A$(E)$(I%($&"%1$-+%A$+(+",+1+.'*$($".AB&.+%$,+",-(+,&/C+",,&,"%$%+2.&1 ,&-+(+%$ $"'(/$0$"% '%1$ $0-.A$(E ".&/&%+%&"-.&/A
",&/%+%1$/7(%"%$,&%B,72%C%1+% -%"'  %1$!"" ) *"+,&/(&0&"+%&" %($+%0$"% $D/$-%&" +--.&$ %""$0-.A$$ *1 , "% -(-$ % $"6+6$ &"(6+"&:+%&"+.+/%&)&%&$+",%1+%+"$0-.A$(E+--()+.'.&0&%$,/1+(&%+2.$(/&)&/,&%(&27%&"*1&.$$D/.7,&"67"&",&%(&27%&"/"%&%7%$,&/(&0&"+%&""+,,&%&"%#
+",0%1$+(,0+>(&%A&"%1&/+$+/<"*.$,6$%1+%&"$
	
I,I5?5%1&(!@83
	 !NO1$ 	$)$"%1 &(/7&% 1$., %1+% +" $0-.A$( 1+, "%7".+*'7..A,&/(&0&"+%$,+6+&"%7"&".&/&%+%&"*1$($%1$$0-.A$(+..*$,".AB*+-+",1-C"%&/$%2$-%$, " &% 27..$%&" 2+(, +", ($'7$, % +..* %1$-%&"6'"%&/$'7"&"0$$%&"6+&"/"&%$"%*&%1&%-.&/A1$/7(%'7",%1+%%1$+(,1+,'+&.$,%$%+2.&1 &" *1+% $"$ &% 0&61% 2$ ,&/(&0&"+%(A %,&%&"67&1 2$%*$$" '(+.$ "%$ +", 0$$%&"6+""7"/$0$"%1$ '+/% &"  #
  +($ )$(A&0&.+(%%1$&"%1$&"%+"%/"%()$(A
"&"1+",2&..$(/+0-+&6"$,&"+-(&)+%$0+..+6+&"%+0+..1-*"$('($0-.A&"6 ""7"&" *(<$(  1$ 1+",2&..$( *$($&"%(7/%$,%.$+)$2$/+7$'%1$0+..".&/&%+%&"(7.$1$0+..*"$(%1($+%$"$,-.&/$+/%&"&'%1$""$0-.A$$7"&"1+",2&..$(,&,"%,$&%1$7"&"'&.$,7"'+&(.+2(-(+/%&/$/1+(6$+6+&"%%1$0+..+",%1$+(,7%+&"$,%1$/1+(6$ 9$ ,$/(&2$, %1$ 7",$(.A&"6  ,$/&&" &"#
81$1$.,%1+%%1$1+",2&..&"6&"%1&/+$*+B-(%$/%$,+/%&)&%AC7",$($/%&"5'%1$/%+",%1+%2A$D/.7,&"6%1$1+",2&..&"62A7"&"($-($$"%+%&)$27%-$(0&%%&"6.&/&%+%&"+",1+",2&..&"6&')+(&7<&",2A%1$(7/1+%1$K&(.	/7%%1$P"&61%'.7027-.&%&/+./+",&,+%$+",/1./1&.,($"$..&"6/+",A%1$0+..*"$(%1(761&%0+"+6&"6+6$"%7".+*'7..A,&/(&0&"+%$,+6+&"%%1$7"&"*&%1&"%1$0$+"&"6'%1$(7.$+""7"/$,&"!""I!
	!5%5,5!! I, +% 4 9$ 1$., &" %1$ +--$+. '(0 %1$ +(,E,$/&&"%1+%B*$($)&$*%1$+(,E'+/%7+.+--.&/+%&"+",%+%7%(A/"%(7/%&"7",$(+72%+"%&+.$)&,$"/$%+",+(,+,$'$($"/$%1+%&*+((+"%$,&'%1$+(,E/"/.7&"+($2+$,7-"+($+"+2.A,$'$"&2.$/"%(7/%&"'%1$/%C?/&%&"6# "3I4,4!4I?%1&(33@@ !
	I&'&%&"%.$6+..A7",*!"3I,+%4I"3?,&%&"67&1&"6 2$%*$$" &"%$(-($%+%&" ' %1$  +",&"%$(-($%+%&"',$/&&"+.-($/$,$"%+A&"6BN%O1&&+."% +"&"%+"/$&" *1&/1%1$+(,1+,$-+(%$, '(0%1$7-($0$ 7(%E &"%$(-($%+%&" ' %1$ %+%7%$C  ?&%&"6

(" "5
	II@@9$ ,$$0 %1$ )&$* $D-($$, 2A %1$ ,&$"%$( % %1$+(,E ,$/&&" &"/.7,&"6 ($.&+"/$ 7-" #
%2$-$(7+&)$9$+6($$-+(%&/7.+(.A*&%1%1$'..*&"6+$0$"%2A,&$"%&"6+(,0$02$((+0$'%1$+(,E&"%$(-($%+%&"'%1$B,&/(&0&"+%&"$D/$-%&"C% %1$ 6$"$(+. (7.$ -$(0&%%&"6 + 0+.. *"$( % $D/.7,$""$0-.A$$7"&"1+",2&..$(NO1$-+(+0$%$('%1$+(,E+--.&/+%&"'%1$/+..$, B,&/(&0&"+%&" $D/$-%&"C '&(% +(%&/7.+%$, &"!"")*"++($)+67$%1+%%1$+(,%07%($(%%72>$/%&)$B
<"*&%*1$"
$$&%C/(&%$(&+ % ,$/&,$ *1$%1$( &% ($G7&($0$"% 1+)$ 2$$"0$%%17.$+)&"6$0-.A$(*&%17%'+&("%&/$'*1+%%1$A0+A.+*'7..A,I44?(+0$,&$"%&"6@?'%"%$0&%%$,@1&,&$"%$(+."%$,%1+%	+",7<AE".&/&%+%&"(7.$*+&7$,BN&O"($-"$%%1$	7-($0$7(%E,$/&&"&""' C+%"41$,&$"%$(+.-&"%$,7%1*%1&-.&/A*+/+((&$,7%8",$( %1& -.&/A %1$ $-",$"% ($G7&($ %1+%(6+"&:+%&" $$<&"6 +//$ % %1$ 0+.. 2%+&"-$(0&&"+",&6"+%$0-(+(A,&-.+A+6($$0$"%1$$-",$"%+--()$(6+"&:+%&"*1&/1&"&%27&"$>7,60$"% $"1+"/$ %1$ -72.&/ &0+6$ ' %1$ 0+.. +",-()&,$ $()&/$ % %1$ /007"&%A  
" /"&,$(&"6+--.&/+%&" '( +//$ %1$ $-",$"% +. .< %*1$%1$(%1$$-",$"%&.&<$.A%($/$&)$+"$/"0&/2$"$'&%7/1+($"%B6,*&..C(&"/($+$,/7%0$(%(+''&/ *1$%1$( %1$ +/%&)&%A & /"&%$"% *&%1 %1$/00$(/&+. ($%+&. -7(-$ ' %1$ 0+.. *1$%1$( %1$4
	 !'%1$"+((*!"")*"+$D/$-%&"
I44?	$-%I@1$+(,+(67$,%1+%&%$+(.&$($$0&"6.A&"/"&%$"%(7.&"6&" '"I43?3@($.&$,7-"2A%1$,&$"%$(*+,&%&"67&1+2.$1$+(,/"/$,$,&""%1+%
25
	!!?54@$%%.$,%1$G7$%&"%1+%+7"&"1+,"
/  (&61%%7$+-(&)+%$.A*"$, 1--&"6/$"%$(-($0&$ '(1+",2&..&"6 +",%1$(7"&"-7(-$&"%1$'+/$'+6$"$(+."".&/&%+%&"2+"1$ +(,E ,$/&&" /&%$!"  
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	7-($0$7(%1+($/$"%.A($-$+%$, &% 1.,&"6 %1+% *$ 07% +//$-% %1$ +(,E($+"+2.$ /"%(7/%&" ' +02&677%$(0&"%1$ 7",$('C+%4I"3?*&%1($'$($"/$%1$($&"+.%%1$)$(A($/$"%/+$' 
	
!5	I4?@@9$$$"%1&"6&"*!"%1+%.&0&%%1$$$"%&+.1.,&"6&"#
&"+"A*+A1$*!"'%"%$+,,($$,%1$.$)$.',$'$($"/$+ ($)&$*&"6 /7(% 07% +''(, %1$ +(, &" /"%(7&"6+02&677 %$(0 ' %1$  *!" 7--(% %1$-(-&%&"%1+%*$*$",$'$($"/$%%1$+(,E1.,&"6 !
	/HFKPHUH ,QF Y 1/5%  )G  VW &LU  $PRQJRWKHU WKLQJV WKH )LUVW &LUFXLW JDYH 3FRQVLGHUDEOH GHIHUHQFH WR >WKH@ YLHZV ́RI WKH %RDUG 3LQ DGPLQLVWHULQJ WKH $FW ́  )G DW  VR ORQJ DV WKHVHYLHZV ZHUH 3IRXQGHG XSRQ VXEVWDQWLDO HYLGHQFH DQG OHJDOO\ VRXQG ́ $VORQJ DV WKH %RDUG¶V FRQVWUXFWLRQ RI WKH $FW ZDV 3VHQVLEOH ́ LQOLJKW RI3+LJK &RXUW SUHFHGHQW ́ WKH )LUVW &LUFXLW PDMRULW\ DGKHUHG WR WKH %RDUG¶VGHFLVLRQ,GDW  $ORQJZLWK D'& &LUFXLW GHFLVLRQ DQG(PHU\5HDOW\ )G  WK &LU  DOVR FRQVWUXHG E\ WKLV FRXUW LQ&OHYHODQG 5HDO (VWDWH 3DUWQHUV WKH )LUVW &LUFXLW PDMRULW\ FLWHG%DEFRFNLQ VXSSRUW RI LWV GHFLVLRQ EXW LW GLG QRW UHIHU WR WKH VRFDOOHG3GLVFULPLQDWLRQ H[FHSWLRQ ́ 7KHUH ZDV DYLJRURXV GLVVHQW LQ/HFKPHUHVWDWLQJ DPRQJ RWKHU WKLQJV WKDW D UHFHQW %RDUG GHFLVLRQ UHOLHG XSRQ E\WKH PDMRULW\-HDQ &RXQWU\  1/5% 1R   ZDV MXVW 3DQRWKHURI WKH %RDUG¶V SHULRGLF DWWHPSWV WR H[SDQG%DEFRFN 	 :LOFR[ DOO RIZKLFK KDYH LQ WKH SDVW UHFHLYHG OLWWOH HQFRXUDJHPHQW IURP WKH FRXUWV ́ )G DW #
 ($)$($,%1$+(,+'%$(+"+.A:&"6!""+","' "!4
	!45?4@*1&/1+.&").)$,+/"%()$(A*&%1($-$/%%+"(6+"&:+%&"+./+0-+&6"2A+7"&"+6+&"%+($%+&.%($&"+1--&"6-.+:+*"$,2A$/10$($"$0-.A$$7"&"(6+"&:$(2$6+"+1+",2&..&"6/+0-+&6"+",$/10$($&"+//(,+"/$ *&%1 &% -.&/A -(1&2&%$, %1& ""$0-.A$$7"&" +/%&)&%A1$+(,1$.,$/10$($67&.%A'7"'+&(.+2(-(+/%&/$)&.+%&"7",$(J3?+@?@+",+,&)&,$,-+"$.'%1$&(%&(/7&%+''&(0$,%1$+(,,$/&&"#
&"%$(-($%$,"' B&".&61%'%1$	7-($0$7(%E$+(.&$(,$/&&"&"!""C'%$(($)&$*&"6&%1.,&"6&"!""%1$	7-($0$7(%%+%$,8!""E%$+/1&"6&%(+&61%'(*+(,8J5&0-.A,$ "% -(%$/% ""$0-.A$$ 7"&" (6+"&:$(+"
&"%1$(+($/+$*1$($B%1$&"+//$&2&.&%A'$0-.A$$0+<$&"$''$/%&)$%1$($+"+2.$+%%$0-%2A ""$0-.A$$ % /007"&/+%$ *&%1 %1$0%1(761 %1$ 77+. /1+""$.NOC      91$($($+"+2.$+.%$("+%&)$0$+"'+//$$D&%J5Q67+(+"%$$ , "% +7%1(&:$ %($-+$ 2A
	 !""$0-.A$$ (6+"&:$( $)$"    B7",$(   ($+"+2.$($67.+%&"C$%+2.&1$,2A%1$+(,"' !4
	+%!I54	%+%353?G7%&"6!""I!
	+%45	%+%3@!I,+%I1$	7-($0$7(%&""' ($)$($,%1$&(%&(/7&%+",,$/.&"$,%'..*%1$+(,-($/$,$"%&"1	%+%&"6%1$6$"$(+.(7.$&"%1&%A-$'1--&"6/$"%$(1+",2&..&"68B91&.$!"" &",&/+%$ %1+% +" $0-.A$( 0+A "%+.*+A 2+( ""$0-.A$$ 7"&" (6+"&:$( '(0 1&-(-$(%A1&(&61%%,($0+&"%1$6$"$(+.7.$6+&"+//$''
'!3
'0%'' 
! 
 3 " "% %4 %'
+
(%1+%%1$$0-.A$(E+//$(7.$,&/(&0&"+%$+6+&"%7"&".&/&%+%&"1+%%1$27(,$"&0-$,"%1$7"&"&+1$+)A"$&$)&,$"/$,2A%1$'+/%%1+%%1$2+.+"/$%(7/<2A %1$ +(, +", %1$ /7(% 7",$( %1$!""+//00,+%&" -(&"/&-.$ 1+ (+($.A 2$$" &" '+)( '%($-+(A(6+"&:+%&"+.+/%&)&%AC"' !4
	+%!I!?G7%&"6
!")	&%	&
	"3	
I
	34!?53@@?$0-1+&&"(&6&"+.F'%"%$0&%%$,@"'  /"/.7,$, %1+%B*$ >7,6$ +" +6$"/AE .+%$(&"%$(-($%+%&"'%1$%+%7%$+6+&"%7(-(&(,$%$(0&"+%&"'%1$ %+%7%$E 0$+"&"6C  !4 
	 +% !I5  1$"' /7(% +. "%$, + B,&%&"/%&" H' 72%+"/$E 2$%*$$"%1$7"&"+/%&)&%&$'$0-.A$$+",""$0-.A$$C?/&%&"6!"")*"+I!
	+%I@
"%1$.+%%$(&%7+%&"B%1$ +(, *+ "% -$(0&%%$, % $"6+6$ &" %1$ +0$2+.+"/&"6C 2$%*$$" +" *"$(E (&61% % $D/.7,$ '(0 +1--&"6/$"%$(+",+"$0-.A$$E(&61%%$"6+6$&"7"&"+/%&)&%A
"70"' ($$0-1+&:$,!""E(7.$%1+% BH+" $0-.A$( 0+A )+.&,.A -% 1& -(-$(%A +6+&"% !
	/HFKPHUHQRWHG WKDW WKH &RXUW JDXJHV DQG ZHLJKV DQ DJHQF\GHWHUPLQDWLRQ RI D VWDWXWH DJDLQVW LWV RZQ SULRU LQWHUSUHWDWLRQ 32QFH ZHKDYH GHWHUPLQHG D VWDWXWH¶V FOHDU PHDQLQJ ZH DGKHUH WRWKDWGHWHUPLQDWLRQ XQGHU WKH GRFWULQH RIVWDUH GHFLVLV DQG ZH MXGJH DQDJHQF\¶V ODWHU LQWHUSUHWDWLRQ RI WKH VWDWXWH DJDLQVW RXU SULRU GHWHUPLQDWLRQRI WKH VWDWXWH¶V PHDQLQJ ́/HFKPHUH  86 DW   TXRWLQJ0DLVOLQ,QGXVWULHV86 ,QF Y3ULPDU\ 6WHHO ,QF  86   LQWHUQDO TXRWDWLRQV RPLWWHG""$0-.A$$,&%(&27%&"'7"&".&%$(+%7($EC+%!I3?G7%&"6!"")*"+I!
	+%4@#
($.A&"6""' /&%$,%1$-(&"/&-.$+2)$$%7%
%+.($.&$,7-"()	 "*
/	,"..55 I, 44 45 ? &( @  
% *+ "%B,&/(&0&"+%&"C*&%1%1$0$+"&"6'!"")*"+'(.$)$.+", $+. %+%$ #+(%"$( % $"'(/$ &% 6$"$(+. ".&/&%+%&"(7.$+6+&"%%1$7"&"""$0-.A$$+",+%%1$+0$%&0$//+&"+..A%+..*.&0&%$,/1+(&%+2.$+/%&)&%&$&"%1$0+..,$$0$,2$"$'&/&+.%%1$*"$(+",%1$%$"+"%"*"$('-(&)+%$/00$(/&+.-(-$(%A*1-$(0&%+/1+(&%+2.$ (6+"&:+%&" % ,&%(&27%$ &"'(0+%&" (/",7/% .&/&%+%&" " &% -(-$(%A &0-.A ,$ "%&0-.&/+%$%1$-.&/&$'%1$+",,$"%*&%17%0($ ($",$( +" $0-.A$$ 67&.%A ' +" 7"'+&( .+2(-(+/%&/$*1$".+%$(&%/1$%'..*%1$6$"$(+.(7.$'B)+.&,.A-%N&"6&%O-(-$(%A+6+&"%""$0-.A$$,&%(&27%&"'7"&".&%$(+%7($C!""I!
	+%45	%+%3!I,+%!		"'("%$,*&%1%1$'&(0-.&/A'%1&/7(%&" #
  7--(%$, 2A %1$( /&(/7&% /7(% +*$.. %1$ +(, /"/.7,$, &" %1$ &"%+"% /+$ %1+% B%1$.&/&%+%&" 2A )+(&7 (6+"&:+%&" & 7''&/&$"% -(' ',&-+(+%$%($+%0$"%C(B,&/(&0&"+%&"C*&%1&"%1$0$+"&"6