L'EVOLUZIONE NORMATIVA IN TEMA DI ANATOCISMO E LE IMPLICAZIONI NEI RAPPORTI BANCARI

Corso di Laurea magistrale (ordinamento ex

D.M. 270/2004

₎

in Amministrazione, finanza e controllo

Tesi di Laurea

L’evoluzione normativa in tema

di anatocismo e le implicazioni

nei rapporti bancari

Relatore

Ch. Prof. Gianluca Sicchiero

Laureando

Lisa Pavan

Matricola 801650

Anno Accademico

2014 / 2015

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

! ! ! "!#$##$%!&$&'!(!")*(+,-.! /0(,(!)$!#0$!1-+2$3!

!

!

! ! 4(5/$,(!$)!16,6+-!78(!90!$/&(,,$%!! &(5/$,(!$!:6())-!78(!&-,(,(!1$+(!! (!5-5!,(#(,(!50(5,(3!! ! ;<0,$!=(90!>0!?-5,$)7050@! !

! "!

"#$%&'!!

!

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

!

./0"1232!-!4!35/6/12."782!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!9

! -,-! :;*!*#$+%+<<*!=&>+!=&#$%&?%+<$@)*&#+!#+;;+!&AA;*B@)*&#*!!!!!?+=(#*@%*+!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!9! -,C! 35@#@$&=*<>&D!@%$,-CE9!=&',!=*F,!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!G! -,9! /#@$&=*<>&!B*('*)*@;+!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!E! -,9,-! H+I(*<*$*!+!<?+=*J*=*$K!'+;;@!'&>@#'@!B*('*)*@;+!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!L! -,9,C! 3@!>@$(%@)*&#+!'+B;*!*#$+%+<<*!*#!=&%<&!'*!B*('*)*&!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!-M! -,N!/#@$&=*<>&!=&#F+#)*&#@;+!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!-C! -,G!35@#@$&=*<>&!J&#'@$&!<(B;*!(<*!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!-N!

./0"1232!C!4!35/6/12."782!6O"!H/002H1"!P/6./H"!,,,,,,,,,,,,,,,,,,,,,,,,,,!-Q

! C,-!35@$$*F*$K!A@#=@%*@!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!-Q! C,C!"!=&#$%@$$*!+!;+!&?+%@)*&#*!A@#=@%*+,!3@!$%@<?@%+#)@!#+*!=&#$%@$$*!=&#!;@!=;*+#$+;@!,,,,,,,,,,,,,,,,,,!-L! C,C,-!";!=&#$%@$$&!'*!=&#$&!=&%%+#$+!A@#=@%*&!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!C9! C,C,C!";!=&#$%@$$&!'*!@?+%$(%@!'*!=%+'*$&D!=+##*!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!CG! C,C,9!";!>($(&!A@#=@%*&D!=+##*!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!CR! C,C,N!3@!%+>(#+%@)*&#+!'+;!=%+'*$&!+!;@!$($+;@!'+;!=;*+#$+!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!CQ! C,9!35@#@$&=*<>&!A@#=@%*&!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!CL! C,N!3@!=@?*$@;*))@)*&#+!'+B;*!*#$+%+<<*!A@#=@%*!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!9M!

./0"1232! 9! 4! 35OS23TU"26O! :"TH"70HTVO6U"/3O! "6! 1O8/! V"!

/6/12."782!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!9G

!

9,-!35&%*+#$@>+#$&!'*!B*(%*<?%('+#)@!+!'&$$%*#@!J*#&!@;!-LLL!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!9G! 9,C!3@!<+#$+#)@!#,!CQ9N!'+;!-R!>@%)&!-LLL!+!*;!%+F*%+>+#$!'+;;@!.&%$+!'*!.@<<@)*&#+!,,,,,,,,,,,,,,,,,!NM!

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

./0"1232!N!4!0HO7.H"U"26OD!"3!V"P/11"12!VO33/!:"TH"70HTVO6U/!,,,,!Q9

!

N,-!3+!@)*&#*!'*!%+=(?+%&!'+;;+!<&>>+!*#'+A*$@>+#$+!?+%=+?*$+!'@;;+!A@#=W+!,,,,,,,,,,,,,,,,,,,,,,,,,,,!Q9! N,C!3@!?%+<=%*)*&#+!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!QR! N,9!3@!I(@#$*J*=@)*&#+!'+;;5&#+%+!%+<$*$($&%*&!'+;;@!A@#=@!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!E-! N,N! 3@! ?&<*)*&#+! '+;;+! 7+)*&#*! T#*$+! '+;;@! .@<<@)*&#+! %*<?+$$&! @;;@! ?%+<=%*)*&#+! '+;;5@)*&#+! '*! %*?+$*)*&#+!'*!*#'+A*$&!X<+#$,!#,!CNN-E!'+;!CM-MY!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!EN! N,G!";!'+=%+$&!Z>*;;+!?%&%&BW+[!X',;,!CCG\CM-MY!+!;@!>&'*J*=@!'+;;@!?%+<=%*)*&#+!,,,,,,,,,,,,,,,,,,,,,,,,,,!LM! N,G,-!3@!'*=W*@%@)*&#+!'*!*#=&<$*$()*&#@;*$K!'+;;5@%$,!C!=&,!R-!',;,!CCG\CM-M!'@!?@%$+!'+;;@!.&%$+! .&<$*$()*&#@;+!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!LC!

.&#=;(<*&#*!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!LQ

!

H*J+%*>+#$*!A*A;*&B%@J*=*!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!LL

!

:*(%*<?%('+#)@!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!-M9

!

! -!

"#()*$+,%*#'!

! 3@!#+=+<<*$K!=%+<=+#$+!'*!'+;*#+@%+!(#!<*<$+>@!'*!%+B&;+!=&>(#*!@!;*F+;;&!*#$%@=&>(#*$@%*&]!W@! %+<&!*!>+%=@$*!J*#@#)*@%*]!@<<*=(%@$*F*!+!A@#=@%*!&BB+$$&!'*!@$$+#)*&#+!=&#<*'+%+F&;+!'@!?@%$+! '+;!;+B*<;@$&%+,!!

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

6+;;5@>A*$&! '*! (#! =&#$%@$$&! A@#=@%*&]! *;! =;*+#$+! %*<=W*@! '*! @<<(>+%+! *;! %(&;&! '*! =&#$%@+#$+! '+A&;+]!>@BB*&%>+#$+!+<?&<$&!@;!%*<=W*&!'*!<&==&>A+%+!@;;@!J&%)@!=&#$%@$$(@;+!'+;;@!A@#=@,!! `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

6+;!=&%<&!'+B;*!@##*!#(>+%&<+!<&#&!<$@$+!;+!<+#$+#)+!=W+!W@##&!*#$+%+<<@$&!;5@#@$&=*<>&!+! *#! '&$$%*#@! <*! <&#&! <(<<+B(*$*! F@%*! &%*+#$@>+#$*! *#! >+%*$&! @;;@! ;+B*$$*>*$K! '+;;+! =;@(<&;+! @#@$&=*<$*=W+,!

";! ?%+<+#$+! ;@F&%&! <*! @%$*=&;@! *#! (#@! A%+F+! <?*+B@)*&#+! *#+%+#$+! ;+! F@%*+! J@$$*<?+=*+! '*! @#@$&=*<>&]!@#=W+!*#!@>A*$&!A@#=@%*&]!@!=(*!<+B(+!;5@#@;*<*!'+;;5+F&;()*&#+!B*(%*<?%('+#)*@;+]! ?+%! @F+%+! (#@! =W*@%@! F*<*&#+! '*! =&>+! #+;! =&%<&! '+B;*! @##*! <*@#&! =@>A*@$*! B;*! &%*+#$@>+#$*!

! C!

'+;;@!B*(%*<?%('+#)@]!*#!?@%$*=&;@%!>&'&!*#!<+B(*$&!@;!%)*&%)')"+!'+;;@!.&%$+!'*!.@<<@)*&#+!'+;! -LLL,!1@;+!>&>+#$&!Z%*F&;()*&#@%*&[!W@!<@#=*$&!;5*;;+B*$$*>*$K!'+;;+!=;@(<&;+!@#@$&=*<$*=W+!*#! @>A*$&! A@#=@%*&! ?&*=Wa! =&#<*'+%@$+! *#! #+$$&! =&#$%@<$&! =&#! I(@#$&! '*<?&<$&! '@;;5@%$,! -CE9! '+;!.&'*=+!.*F*;+,!

7*! ^! %*$+#($&! *#J*#+! '*! '&F+%! @??%&J&#'*%+! (#! @%B&>+#$&! &BB+$$&! @#=W5+<<&! '*! %+=+#$+! '*! @>?*!'*A@$$*$*!*#!B*(%*<?%('+#)@D!;@!?%+<=%*)*&#+,!!

O<<@! %@??%+<+#$@! (#@! '+;;+! I(+<$*&#*! ?*_! =&#$%&F+%<+! #+;;+! =@(<+! =W+! W@##&! @'! &BB+$$&! =&#$%@$$*!'*!=&#$&!=&%%+#$+!A@#=@%*&!*#!?@%$*=&;@%!>&'&!?+%!I(@#$&!@$$*+#+!@;!>&>+#$&!'@! =(*! '+=&%%+! *;! ?+%*&'&! ($*;+! ?+%! *;! >@$(%@%<*! '+;;@! ?%+<=%*)*&#+! '+;;5@)*&#+! '*! %*?+$*)*&#+! '*! *#'+A*$&!?+%!*;!'*%*$$&!@;;@!%+<$*$()*&#+!'+;;+!<&>>+!*#B*(<$*J*=@$@>+#$+!=&%%*<?&<$+,! ! ! ! ! ! !

!

!

! !

!

!

!

!

!

!

! !

! 9!

-./"0121!3!4!25.6.01-"781!

!

393 :;%! %#(')'<<%! &*='! &*#()*>)'<(?,%*#'! #';;'! *@@;%A?,%*#%!!!!! >'&+#%?)%'!

!

";!#&<$%&!=&'*=+!=*F*;+!@;;5@%$,!ECM]!9b!=&>>@!'+J*#*<=+!B;*!*#$+%+<<*!<(*!=@?*$@;*!=&>+!J%($$*!=*F*;*! Z,-)#(&#%&+%.//0"0#1.22.#,0(.#,0')#,0%%&($)++&*0#1)2#/01&')"+0#,-)#.2+%&#")#.33&.[,!V@!$@;+! '*<?&<*)*&#+!+>+%B+!?+%$@#$&!;@!#@$(%@!'*!=&#$%&?%+<$@)*&#+!'+B;*!*#$+%+<<*!<?+$$@#$*!@!=W*! =&#<+#$+! @! $+%)*! *;! B&'*>+#$&! '*! Z4".# 1)+)%'&".+.# 54."+&+6# 1&# 1)".%0# 0# 1&# .2+%)# ,0()# 74"/&3&2&[!X@%$$,!-E-9!+!-QEC!=&',!=*F,Y,!

2;$%+!@;;5@%$*=&;&!ECM!=&',!=*F,]!*;!=&'*=+!=*F*;+!?%+<+#$@!(#@!'*<=*?;*#@!'*!=@%@$$+%+!B+#+%@;+! %*B(@%'@#$+! B;*! *#$+%+<<*! <(;;+! &AA;*B@)*&#*! ?+=(#*@%*+! X&AA;*B@)*&#*! =,',! '*! F@;($@-_{Y]! &<<*@! ;+!}

&AA;*B@)*&#*!@F+#$*!@'!&BB+$$&!J*#!'@;;5*#*)*&!'+;;+!<&>>+!'*!'+#@%&,!

6+;;&!<?+=*J*=&!;5@%$,!-CEC!=&',!=*F,!<$@A*;*<=+!*;!?%*#=*?*&!B+#+%@;+!?+%!=(*!Z&#,%)1&+&#2&54&1&#)1# )(&/&3&2&# $%014,0"0# &"+)%)((&# 1&# $&)"0# 1&%&++0[C_{,! 7&#&! ?+%$@#$&! *#$+%+<<*! '&F($*! )8# 2)/)! +!}

I(@;*J*=@$*!'@!?@%$+!'+;;@!'&$$%*#@!=&>+!=&%%*<?+$$*F*,!

35+<*B*A*;*$K!'+;;@!<&>>@!'*!'+#@%&!<*!%*$*+#+!*;!J@$$&!=&<$*$($*F&!'*!(#!'*%*$$&!@'!(#!=&>?+#<&,! "#!?%+<+#)@!'*!$@;+!%+I(*<*$&]!*;!'+=&%<&!'+B;*!*#$+%+<<*!F*+#+!<(A&%'*#@$&!@;;@!?&<<*A*;*$K!'@! ?@%$+!'+;!=%+'*$&%+!'*!%*=W*+'+%+!*;!?@B@>+#$&!'+;!=%+'*$&!@;;@!<=@'+#)@!&!*#!I(@;<*@<*!@;$%&! >&>+#$&,!

7&;&! '@;! >&>+#$&! '*! +<*B*A*;*$K! +! ;*I(*'*$K! '+;! =%+'*$&! <@%@##&! '(#I(+! '&F($*! *#$+%+<<*! =&%%*<?+$$*F*,!

2;$%+! @! I(+<$*! ;*>*$*]! *#! $+>@! '*! &AA;*B@)*&#*! ?+=(#*@%*+! ^! ?&<<*A*;+! *#=&%%+%+! *#! *#$+%+<<*! =&>?+#<@$*F*]!>&%@$&%*!+!=&#F+#)*&#@;*,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

-_{! c,! 8/"8OH"]! *#! 90'')"+.%&0# 1)2# 901&,)# 9&*&2)# :# ;)22)# 0332&/.<&0"&]! @! =(%@! '*! S,! .(JJ@%&]! d&;$+%<!}

e;(f+%!"$@;*@!7,%,;,]!8*;@#&J*&%*!/<<@B&!X8"Y]!CM-9]!?@B,!9L,!

C_{! Z=2')"0# ")22.# 2)++)%.# 1)22.# 2)//)# 2)++.# ,0')# +.2)# *&# ># 4".# .((4%1&+6# &"# 54."+0# &2# ,0%%&($)++&*0#}

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

7"826O112]!O!"+)%)((&#:#!G#;&%&++0#9&*&2)PE#&"#Q",&,20$)1&.#R&4%&1&,.]!F&;,!-Q]!"<$*$($&!'+;;5O#=*=;&?+'*@! "$@;*@#@!J&#'@$@!'@!:,!1%+==@#*]!H&>@!XH2Y]!-LELY,!

! N! :;*!*#$+%+<<*!=&>?+#<@$*F*!F+#B&#&!I(@;*J*=@$*!'@;;@!B*(%*<?%('+#)@!=&>+!I(+B;*!*#$+%+<<*!Z,-)# &2#1)3&+0%)#1)*)#,0%%&($0"1)%)#.2#(0//)++0#.++&*0#1)&#%.$$0%+&#0332&/.+0%&#1)%&*."+&#1.#7.++0# &22),&+0#@.%+A#CDJS#,A,AGE#0"1)#)2&'&".%)#&2#$%)(4'&3&2)#1.""0#,-)#54)(+&#$4T#.*)%#%&()"+&+0#.# ,.4(.#1)2#1),0%(0#1)2#+)'$0E#,-)#&"+)%,0%%)#+%.#&2#'0')"+0#&"#,4&#&2#1.""0#(&#>#*)%&7&,.+0#)# 54)220# &"# ,4&# 54)(+0# *&)")# %&(.%,&+0[9_{,! 1@;+! $*?&;&B*@! '*! *#$+%+<<*! ^! ?%+F*<$@! *#! @;=(#*! =@<*!}

<?+=*J*=*]! =&>+! @'! +<+>?*&! ?+%! ;@! F+#'*$@]! '*F+#$@$@! >&'+;;&! '*! %*J+%*>+#$&! ?+%! $@;+! =@$+B&%*@,!!

35@%$,! -NLL! =&',! =*F,! %+=*$@! *#J@$$*! Z(.2*0# 1&*)%(.# $.++4&<&0")E# 54.20%.# 2.# ,0(.# *)"14+.# )# ,0"()/".+.#.2#,0'$%.+0%)#$%014,.#7%4++&#0#.2+%&#$%0*)"+&E#1),0%%0"0#/2&#&"+)%)((&#(42#$%)<<0E# .",-)# ()# 54)(+0# "0"# ># .",0%.# )(&/&3&2)P,! .*g! <*B#*J*=@! =W+! <+! *;! A+#+! '&F+<<+! +<<+%+! =&#<+B#@$&! *#! (#! @;$%&! >&>+#$&! @#$+=+'+#$+! @;;5+<*B*A*;*$K! '+;! ?%+))&]! B;*! *#$+%+<<*! '+=&%%+%@##&!+!<@%@##&!@!F@#$@BB*&!'+;!F+#'*$&%+!'+;!A+#+!?%&?%*&!?+%!=&>?+#<@%+!*;!J@$$&! =W+! +B;*! W@! B*K! F+#'($&! +! <*! ^! ?%*F@$&! '+;;@! '*<?&#*A*;*$K! '+;! A+#+! <+#)@! @F+%#+! @#=&%@! %*=+F($&!*#!=@>A*&!*;!?%+))&N_,!

S*! <&#&! ?&*! B;*! *#$+%+<<*# >&%@$&%*# =W+! '+=&%%&#&! '@;! B*&%#&! '*! =&<$*$()*&#+! *#! >&%@! '+;! '+A*$&%+,!!

7*!?@%;@!'*!>&%@!'+;!'+A*$&%+!I(@#'&!+B;*!%*$@%'@!#+;;5@'+>?*+%+!@'!(#5&AA;*B@)*&#+]!<@;F&! =W+!*;!%*$@%'&!#&#!<*@!'+$+%>*#@$&!'@!*>?&<<*A*;*$K!'+;;@!?%+<$@)*&#+!'&F($@!@!=@(<@!@'!+<<&! #&#!*>?($@A*;+G,!

"#J*#+! B;*! *#$+%+<<*# =&#F+#)*&#@;*! %*=W*+'&#&! (#! F+%&! +! ?%&?%*&! @==&%'&! $%@! ;+! ?@%$*! =W+! ?+%>+$$@! '*! ?@$$(*%+! ;@! >*<(%@! '+B;*! <$+<<*,! 7+! ;+! ?@%$*! J*<<@#&! *#$+%+<<*! <(?+%*&%*! @! I(+;;*! =@;=&;@$*!@;!<@BB*&!'*!*#$+%+<<+!;+B@;+R]!@;;&%@!'&F%@##&!+<<+%+!'+$+%>*#@$*!?+%!*<=%*$$&Q,!! V&?&! @F+%! A%+F+>+#$+! @==+##@$&! @*! F@%*! $*?*! '*! *#$+%+<<*! =W+! <*! ?&<<&#&! =&<$*$(*%+! <(;;+! &AA;*B@)*&#*! @F+#$*! @'! &BB+$$&! <&>>+! '*! '+#@%&]! <*! @#'%K! @'! @#@;*))@%+! *;! J+#&>+#&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

9_{!2,!1,!7.2UU/c/S/]!R2&#&"+)%)((&#1)&#,.$&+.2&E!:*(JJ%^!O'*$&%+]!8*;@#&]!CMM-]!?@B,!EG,!}

N_{!6+;!=@<&!'*!<&>>+!#&#!@#=&%@!;*I(*'+!<*!?(g!?@%;@%+!'*!J(#)*&#+!%+$%*A($*F@!'+B;*!*#$+%+<<*]!?&*=Wa!}

%@??%+<+#$@#&! *;! =&>?+#<&! ?+%*&'*=&! <?+$$@#$+! @;! =%+'*$&%+! =W+! #&#! ?(g! @FF@#$@BB*@%<*! '+;;@! '*<?&#*A*;*$K!'*!(#!*>?&%$&!Z;*I(*'&[,!

G_{!/%$$,!-C-E!+!-C-L!=&',!=*F,!}

R_{!/!?@%$*%+!'@;!-b!B+##@*&!CM-R!*;!<@BB*&!'*!*#$+%+<<+!?+%!B;*!*#$+%+<<*!;+B@;*!^!<$@$&!J*<<@$&!#+;;@!>*<(%@!}

'+;;&! M]Ch! XV+=%+$&! '+;! 8*#*<$+%&! '+;;5O=&#&>*@! +! '+;;+! c*#@#)+! '+;! --! '*=+>A%+! CM-G]! :,! T,! -G! '*=+>A%+!CM-G]!#,!CL-Y,!

! G! '+;;5@#@$&=*<>&]! ?%&A;+>@$*=@! @$$(@;+! +! >&;$&! '*JJ(<@! #+*! =&#$+#)*&<*]! <&?%@$$($$&! ?+%! I(@#$&!%*B(@%'@!*!%@??&%$*!$%@!B;*!*<$*$($*!'*!=%+'*$&!+!*!%*<?+$$*F*!=;*+#$*,! ! 39B 25?#?(*&%<=*C!?)(93BDE!&*$9!&%F9! ! ";!$+%>*#+!@#@$&=*<>&!'+%*F@!'@;!B%+=&!@#$*=&!+!;+$$+%@;>+#$+!?(g!+<<+%+!$%@'&$$&!=&#!i'*! #(&F&!*#$+%+<<*j]!i@#=&%@!*#$+%+<<*jE_{k!*#'*=@!*;!J+#&>+#&!'+;;@!=@?*$@;*))@)*&#+!'+B;*!*#$+%+<<*!} >@$(%@$*]!F@;+!@!'*%+!;@!?%&'()*&#+!'*!(;$+%*&%*!*#$+%+<<*!<(B;*!*#$+%+<<*!F+#($*<*!@!J&%>@%+!<(! (#!'+A*$&!?+=(#*@%*&!X=,',!*#$+%+<<*!?%*>@%*Y,!!:;*!*#$+%+<<*!>@$(%@$*!F+#B&#&!?+%=*g!@<<*>*;@$*! @;;@!<&>>@!'*!=@?*$@;+!&%*B*#@%*@]!+!;@!%*<(;$@#$+!<&>>@!'*!'+#@%&!?%&'(=+!@!<(@!F&;$@!@;$%*! *#$+%+<<*L_,!!

V@! (#! ?(#$&! '*! F*<$@! +=&#&>*=&]! <$@#$+! ;@! =@%@$$+%*<$*=@! '*! J(#B*A*;*$K! '+;! '+#@%&]! ^! *>?%&A@A*;+!?+#<@%+!'*!?&$+%!&?+%@%+!(#@!'*<$*#)*&#+!$%@!;+!<&>>+!=&<$*$(*$+!=&>+!=@?*$@;+! +!I(+;;+!%+;@$*F+!@B;*!*#$+%+<<*!>@$(%@$*,!

6+B;*! @##*! ;@! ;+B*<;@$(%@! W@! =&>?*($&! #(>+%&<*! <J&%)*! ?+%! %+B&;@>+#$@%+! *;! J+#&>+#&! '+;;5@#@$&=*<>&]!@;!J*#+!'*!$($+;@%+!;@!'+;*=@$@!?&<*)*&#+!'+;!'+A*$&%+,!!

3@! =@?*$@;*))@)*&#+! '+B;*! *#$+%+<<*! >@$(%@$*! ^! *#J@$$*! <$@$@! '+J*#*$@! *#! '&$$%*#@! =&>+! (#! Z'02+&$2&,.+0%)#&",0"+%022.3&2)E#+.2)E#&"#0/"&#,.(0E#1.#7.%#,0"()/4&%)#.2#,%)1&+0%)#4".#(0''.#1&# 1)".%0#.((024+.')"+)#(4$)%&0%)#.#54)22.#,-)#54)(+&#.*%)33)#,0"()/4&+0E#54.20%.#)"+%.'3&#&# ,0)77&,&)"+&#"),)((.%&#$)%#,.2,02.%)#/2&#&"+)%)((&#"0"#.*)(()%0#(43&+0#1)22)#*.%&.<&0"&#")2#,0%(0# 1)2#%.$$0%+0[-M_,!

:*K! *#! +?&=@! B*(<$*#*@#@! <*! >@#*J+<$@F@! ;5&<$*;*$K! #+*! =&#J%&#$*! '+;;5@#@$&=*<>&! +! '+;;+! =,',! 4(4%.)]!<+=&#'&!*;!?%*#=*?*&!?+%!=(*!;@!=&#=+<<*&#+!'*!(#!?%+<$*$&!'&F+F@!+<<+%+!J*#@;*))@$@!@! '@%+!(#!<(??&%$&!+=&#&>*=&!@!=W*!#+!@F+<<+!A*<&B#&!<+#)@!@??%&J*$$@%+!'+;;@!<*$(@)*&#+!'*! <F@#$@BB*&!+!?&F+%$K!@;$%(*,! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! E_{!S,!P/HP/]!U?.".+0,&('0#")&#,0"+%.++&#)#")22)#0$)%.<&0"&#3.",.%&)]!.OV/8]!0@'&F@]!CM-M]!?@B,!N9,!} L_{!6&%>@;>+#$+!;@!=&#F+#)*&#+!@#@$&=*<$*=@]!Z")22.#$%.((&#,0'')%,&.2)#)#3.",.%&.E#*&)")#&"()%&+.#&"#} 0/"&#+%."(.<&0")#,-)#$%)*)1.#4".#1&2.<&0")#1&#$./.')"+0V#0/"&#1)3&+0%)#&".1)'$&)"+)E#&"7.++&E#.2#7&")# 1&# )*&+.%)# 2?)($%0$%&.<&0")# 70%<.+.# 1)&# (40&# 3)"&E# ># 1&($0(+0# .1# .,,)++.%)# .",-)# 2.# ,.$&+.2&<<.<&0")# 1)/2&#&"+)%)((&#1&#'0%.#'.+4%.+&E#(&,,-W#(422.#"40*.#)#$&X#.'$&.#)($0(&<&0")#1)3&+0%&.#1),0%%)%.""0# .2+%&#&"+)%)((&A[!XV,!O,!.T1T:62]!S,!VO!:"2"/]!;&%&++0#Y#R&4(+&<&.#Z#U?.".+0,&('0#3.",.%&0]!/##&!S"]!

7(??;+>+#$&!@;!J@<=*=&;&!9N\CMMG]!:*(JJ%^!O'*$&%+]!8*;@#&]!CMMGY,!

! R!

6+;;+!+?&=W+!<(==+<<*F+!<*!<(<<+B(*%&#&]!#&#!<+#)@!'*JJ*=&;$K!+!&<$@=&;*]!#(>+%&<*!*#$+%F+#$*! +!%*J&%>+!;+B*<;@$*F+!J*#@;*))@$+!@!%+B&;@%*))@%+!;5*<$*$($&!'+;;5@#@$&=*<>&--,!!

V*! ?@%$*=&;@%+! *>?&%$@#)@! ^! ;5*#$+%F+#$&! '+;! =&'*=+! J%@#=+<+! '+;! -EMN]! *#! (#5+?&=@! *#! =(*! =%+<=+F@#&!B;*!<=@>A*!=&>>+%=*@;*!+!F*!+%@!(#!<+>?%+!?*_!=&?*&<&!%*=&%<&!@;!=%+'*$&]!=&#!*;! I(@;+!F+##+!%*>&<<&!*;!'*F*+$&!'*!@#@$&=*<>&!J*#&!@'!@;;&%@!F*B+#$+,!c(%&#&!?+%g!<$@A*;*$*!'+*! ;*>*$*! ?%+=*<*]! @! B@%@#)*@! '+;;@! $($+;@! '+;! '+A*$&%+D! ;@! ?%&'()*&#+! '*! *#$+%+<<*! <(! *#$+%+<<*! >@$(%@$*!+%@!?&<<*A*;+!<&;&!<+!B;*!*#$+%+<<*!*#!I(+<$*&#+!+%@#&!<=@'($*!'@!@;>+#&!(#!@##&]!+! %*=W*+<$*!'@!'&>@#'@!B*('*)*@;+!&!@??&<*$@!=&#F+#)*&#+!$%@!;+!?@%$*,!

";! =&'*=+! *$@;*@#&! '+;! -ERG! @;;5@%$,! -C9C! #&#! <*! '*<=&<$g! >&;$&! '@;;5&%*+#$@>+#$&! J%@#=+<+]! =+%=@#'&! '*! >+B;*&! '*<=*?;*#@%+! ;@! >@$+%*@! *#! I(+<$*&#+]! <$@A*;+#'&! =W+! ;@! =&#F+#)*&#+! %+;@$*F@!@;;@!?%&'()*&#+!'*!*#$+%+<<*!<(B;*!*#$+%+<<*!<=@'($*!J&<<+!<(==+<<*F@!@;;@!>@$(%@)*&#+! '+B;*! <$+<<*,! "#&;$%+! *;! =&'*=+! ?*+>&#$+<+! <$@A*;l! =W+]! *#! @>A*$&! =&>>+%=*@;+]! ;5@#@$&=*<>&! F+#*<<+!%+B&;@$&!'@B;*!(<*!&!'@;;+!=&#<(+$('*#*,-C_!

6+;! =&'*=+! =*F*;+! '+;! -LNC! *;! J+#&>+#&! '+;;5@#@$&=*<>&! F*+#+! '*<=*?;*#@$&! @;;5@%$,! -CE9! =W+! =&<*! '*<?&#+D! Z&"# '.",."<.# 1&# 4(&# ,0"+%.%&E# /2&# &"+)%)((&# (,.14+&# $0((0"0# $%014%%)# &"+)%)((&# (020# 1.2# /&0%"0# 1)22.# 10'."1.# /&41&<&.2)# 0# $)%# )77)++0# 1&# ,0"*)"<&0")# $0(+)%&0%)# .22.# 20%0# (,.1)"<.E#)#()'$%)#,-)#(&#+%.++&#1&#&"+)%)((&#10*4+&#.2')"0#$)%#()&#')(&[,! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! --_{!6+;!$+%)&!<+=&;&!',.,!;+!;+BB*!%&>@#+!F*+$@%&#&!;542+%.#14$24']!&FF+%&!;@!?&<<*A*;*$K!'*!%*=W*+'+%+!(#!} *#$+%+<<+!*#!>*<(%@!>@BB*&%+!%*<?+$$&!@;!=@?*$@;+!<(!=(*!;&!<$+<<&!*#$+%+<<+!+%@!>@$(%@$&!+!#+;!=@<&!'*! $%@<B%+<<*&#+!@;!'*F*+$&!*;!=&#$%@+#$+!F+#*F@!<@#)*&#@$&!=&#!;5*#J@>*@!+!=&#!;@!%@'*=@;+!*#F@;*'*$K!'+;;@! ?@$$(*)*&#+!@#@$&=*<$*=@,!! 6+*!<+=&;*!<(==+<<*F*!;@!<*$(@)*&#+!%*>@<+!*>>($@$@]!=&>+!$+<$*>&#*@$&!#+*!=&'*=*!?%(<<*@#&]!@(<$%*@=&! +!<@<<&#+!%*<@;+#$*!@;!?%*>&!?+%*&'&!'+;;52$$&=+#$&,!

V@! <&$$&;*#+@%+]! <(;! F+%<@#$+! J%@#=+<+]! ;5&%'*#@#)@! '+;! -RQ9! =W+! F*+$g! ;@! =@?*$@;*))@)*&#+! '+B;*! *#$+%+<<*!#+;;@!;+$$+%@!'*!=@>A*&,!

-C_{! V*! $@;+! <=+;$@! <*! ?(g! $%&F@%+! <?*+B@)*&#+! #+;;+! <+B(+#$*! ?@%&;+D! ZXmY! "0"# $4T# &'$)1&%(&# ,-)# /2&#}

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mY[!X$%@$$&!'@;;@!

%+;@)*&#+! @;! =&'*=+! =*F*;+! '+;! :(@%'@<*B*;;*! +! %*?&%$@$&! '@! V,! O,! .T1T:62]! S,! VO! :"2"/]! ;&%&++0# Y#

R&4(+&<&.# Z# U?.".+0,&('0# 3.",.%&0]! /##&! S"]! 7(??;+>+#$&! @;! J@<=*=&;&! 9N\CMMG]! :*(JJ%^! O'*$&%+]!

! Q! S*! <&#&! '(#I(+! '(+! *?&$+<*! ?%+<+! *#! =&#<*'+%@)*&#+! '@;! ;+B*<;@$&%+,! 3@! ?%*>@! %*B(@%'@! ;@! ?%&?&<$@! '*! (#@! '&>@#'@! B*('*)*@;+! F&;$@! @'! Z0++)")%)# &2# $./.')"+0# 1&# 4".# (0''.# 1&# 1)".%0[-9,!

3@! <+=&#'@! *?&$+<*! =&#<*'+%@! *#F+=+! ;@! ?&<<*A*;*$K! '*! <$*?(;@%+! (#@! =&#F+#)*&#+! $%@! ;+! ?@%$*! #&#!@#$+%*&%+!@;;@!<=@'+#)@!'+B;*!*#$+%+<<*,!!

O#$%@>A+! ;+! *?&$+<*! J&%>@#&! +;+>+#$*! @! B@%@#)*@! '+;! '+A*$&%+]! >@! #+;;&! <?+=*J*=&! ;@! =&#F+#)*&#+!'*!=(*!<&?%@!^!(#@!J&%>@!'*!$($+;@!F&;$@!@!+;('+%+!;@!?&<<*A*;*$K!=W+!*;!'+A*$&%+! ?&<<@! $%&F@%<*! #+;;@! =&#'*)*&#+! '*! '&F+%! @==+$$@%+! '+;;+! =;@(<&;+! +==+<<*F@>+#$+! &#+%&<+]! ?+#@!@'!+<+>?*&!;@!>@#=@$@!<$*?(;@!'+;!=&#$%@$$&,!!

7*!?(g!@JJ+%>@%+!?+%$@#$&!=W+!;@!%.+&0!<&$$&<$@#$+!@;;5@%$,!-CE9!=&',!=*F,!^!I(+;;@!'*!*>?+'*%+! =W+!<*!@??%&J*$$*!'*!<*$(@)*&#*!'*!+F+#$(@;+!'+A&;+))@!=&#!@$$+BB*@>+#$*!'@##&<*]!#&#!<&;&!@! '@##&!'+;!<*#B&;&!'+A*$&%+!>@!'+;!<+$$&%+!+=&#&>*=&!*#!B+#+%@;+,!!

";!=&'*=+!=*F*;+!'*<?&#+!@;$%+<l!=W+!'+AA@!$%@$$@%<*!'*!*#$+%+<<*!<=@'($*!@;>+#&!'@!<+*!>+<*!X#+;! =&'*=+! ?%+(#*$@%*&! $@;+! ?+%*&'&! '*! $+>?&! +%@! +<$+<&! @! (#! @##&Y]! ?+%! +#$%@>A+! ;+! *?&$+<*! =&#<*'+%@$+,! 35@%=&! '*! $+>?&! ^! >&;$&! A%+F+]! =*g! <*B#*J*=@! =W+! '@! (#! ?(#$&! '*! F*<$@! I(@#$*$@$*F&! <@%K! ?*_! *#$+#<@! ;@! =@?*$@;*))@)*&#+! '+B;*! *#$+%+<<*,! 35*#$+#$&! '+;! ;+B*<;@$&%+! ^! <$@$&!I(+;;&!'*!Z)*&+.%)#,-)#2.#3%)*&+6#1)2#$)%&010#$)%#2.#'.+4%.<&0")#1)/2&#&"+)%)((&#./&(()#1.# 1&%)++0# 0# &"1&%)++0# '02+&$2&,.+0%)# $)%# 2.# ,.$&+.2&<<.<&0")# 1)&# ')1)(&'&E# ,0"# &2# %&(42+.+0# 1&# (+&'02.%")#2.#$%014<&0")[-N,!

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g!?%+>+<<&]!#&#!^!?&<<*A*;+!=@$@;&B@%+!;@! #&%>@!*#!$+>@!'*!@#@$&=*<>&!$%@!I(+;;+!'*!'*F*+$&!?&*=Wa!#&#!^!?%+F*<$@!@;=(#@!<@#)*&#+!+'! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! -9_{!V,!O,!.T1T:62]!S,!VO!:"2"/]!;&%&++0#Y#R&4(+&<&.#Z#U?.".+0,&('0#3.",.%&0]!/##&!S"]!7(??;+>+#$&!@;!} J@<=*=&;&!9N\CMMG]!:*(JJ%^!O'*$&%+]!8*;@#&]!CMMG]!?@B,!!GY,! -N_{!P,!"6U"1/H"]!O!"+)%)((&P#&"#;&/)(+0#1)22)#;&(,&$2&")#^%&*.+&(+&,-)#:#I)<&0")#9&*&2)E!F&;,!"n]!T1O1]!1&%*#&]!} -LL9]!?@B,!GLR,!

! E! *#&;$%+!*;!J+#&>+#&]!Z.2')"0#7&"0#.#54."10#(&#)($2&,-&#")&#2&'&+&#$0(+&#1.22.#%)/02.E#"0"#%&(42+.# 1&(.$$%0*.+0#1.22?0%1&".')"+0#/&4%&1&,0[-G,! V*!=&#$%&]!;@!#&%>@!*#!I(+<$*&#+!#&#!?(g!+<<+%+!#+>>+#&!=&#<*'+%@$@!*#'+%&B@A*;+]!?&*=Wa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o!<$@$&!>&;$&!'*A@$$($&!<+!;@!?&<<*A*;*$K!'*!'+%&B@%+!@;;5@%$,!-CE9!=&',!=*F,!<(<<*<$+<<+!<&;&!?+%! B;*! (<*! #&%>@$*F*! &! @#=W+! ?+%! B;*! (<*! #+B&)*@;*]! >@! &?*#*&#+! ?%+F@;+#$+! ^! <$@$@! =W+! *;! ;+B*<;@$&%+]! ;*>*$@#'&<*! @! %*=W*@>@%+! B;*! (<*]! *#$+#'+<<+! %*J+%*%<*! @*! <&;*! (<*! #&%>@$*F*! +! #&#! @#=W+!@B;*!(<*!#+B&)*@;*-R_{,!`(+<$*!(;$*>*!*#J@$$*!#&#!W@##&!;@!?&%$@$@!*>?+%@$*F@!'*!(#@!#&%>@]!}

+! ?+%! $@;+! %@B*&#+! B;*! (<*! @! =(*! J@! %*J+%*>+#$&! *;! ;+B*<;@$&%+! #&#! ?&<<&#&! =W+! +<<+%+! I(+;;*! #&%>@$*F*,! !!! 39E .#?(*&%<=*!A%+$%,%?;'! ! 3@!;+BB+!<$@A*;*<=+!=W+!B;*!*#$+%+<<*!?%*>@%*!<=@'($*!'@!@;>+#&!<+*!>+<*!?&<<&#&!?%&'(%%+!@! ;&%&!F&;$@!*#$+%+<<*]!?(%=Wa!*#!<+'+!'*!B*('*)*&!#+!F+#B@!J@$$@!'&>@#'@,!7*!F*+#+!*#!I(+<$*!=@<*! @!'+;*#+@%+!*;!J+#&>+#&!'+;;5@#@$&=*<>&!B*('*)*@;+,!

3@! '&>@#'@! *#! I(+<$*&#+! '+F+! +<<+%+! Z(0//)++&*.')"+)# 54.2&7&,.+.# $)%# )(()%)# %&*02+.# .22?.4+0%&+6#/&41&<&.%&.[-Q_{,!`(+<$&!%+I(*<*$&!<&;;+F@!(#@!<+%*+!'*!%*J;+<<*&#*!=&;;+B@$+!@;!J@$$&!}

=W+!#&#!<@%@##&!=&#<*'+%+F&;*!;+!'&>@#'+!#&#!@$$+!@!*#=@%'*#@%+!(#!B*('*)*&,!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

-G_{!S,!P/HP/]!U?.".+0,&('0#")&#,0"+%.++&#)#")22)#0$)%.<&0"&#3.",.%&)]!.OV/8]!0@'&F@]!CM-M]!?@B,!R9,!!} -R_{!V*!?@%+%+!&??&<$&!^!2,!1,!7=&))@J@F@]!R2&#&"+)%)((&#1)&#,.$&+.2&]!:*(JJ%^!O'*$&%+]!8*;@#&]!CMM-]!?@B,!}

-Q-,! OB;*! *#J@$$*! @JJ+%>@! Z,-)# 2?.%+A# LCBS# 1)2# ,01A# ,&*A# 1)33.# )(()%)# &"+)%$%)+.+0# ")2# ()"(0# ,-)# /2&#

&"+)%)((&#"0"#-.""0#2?.++&+41&")#.#$%014%%)#.2+%&#&"+)%)((&E#()#"0"#")22)#&$0+)(&#)($%)((.')"+)#&"1&,.+)# 1.22.#2)//)E#.#')"0#,-)#"0"#)(&(+.#4"#4(0#,0"+%.%&0#0#&#$%&*.+&#"0"#.33&."0#%)/02.+0#1&*)%(.')"+)#&2# %.$$0%+0A#I)#&#$%&*.+&#$0((0"0E#14"54)E#1)%0/.%)#2.#"0%'.#&"#)(.')E#.",-)#&"#.(()"<.#1&#4".#70"+)#1&# 7.++0#,-)#2&#.4+0%&<<&E#")#,0"()/4)#,-)#/2&#4(&#%&,-&.'.+&#1.22?.%+A#LCBS#1)2#,01&,)#"0"#$0((0"0#)(()%)# ,-)#54)22&#")/0<&.2&A[! -Q_{!S,!P/HP/]!U?.".+0,&('0#")&#,0"+%.++&#)#")22)#0$)%.<&0"&#3.",.%&)]!.OV/8]!0@'&F@]!CM-M]!?@B,!QE,!}

! L! V@!(#!;@$&!<@%K!#+=+<<@%*&!*#'*F*'(@%+!B;*!@$$*!*'&#+*!@!?%&?&%%+!(#!B*('*)*&!+!I(*#'*!*!%+I(*<*$*! =W+! B;*! <$+<<*! '+AA@#&! ?&<<+'+%+! ?+%! ?&$+%! %*+#$%@%+! #+;;@! J@$$*<?+=*+! '+;;+! '&>@#'+! B*('*)*@;*k!'@;;5@;$%&!<@%K!*>?&%$@#$+!=&>?%+#'+%+!J*#&!@!I(@;+!>&>+#$&!'+;!B*('*)*&!;@!?@%$+! ?&<<@!?%&?&%%+!F@;*'@>+#$+!'&>@#'@!B*('*)*@;+,!

!

39E93 G'H+%<%(%!'!<>'&%I%&%(J!$';;?!$*=?#$?!A%+$%,%?;'! !

.&>+! +F*'+#)*@$&! #+;! ?@%@B%@J&! ?%+=+'+#$+]! ?+%! %*=W*+'+%+! *;! ?@B@>+#$&! '+B;*! *#$+%+<<*! >@$(%@$*!<(B;*!*#$+%+<<*!B*K!<=@'($*]!;@!;+BB+!<$@A*;*<=+!=W+!#+!F+#B@!J@$$@!'&>@#'@!@$$%@F+%<&! (#!@$$&!B*('*)*@;+,!!

.&#! $@;+! ?%+F*<*&#+! F*+#+! ?+%$@#$&! +<=;(<@! (#@! ?%*>@! J@$$*<?+=*+! '*! @$$*]! &FF+%&! B;*! @$$*! <$%@B*('*)*@;*,!`(+<$*!?&<<&#&!#&#!=&#=%+$*))@%<*!@;;5*#$+%#&!'*!(#!?%&=+<<&!&]!'*F+%<@>+#$+]! F+#B&#&!=&>?*($*!*#!=&%<&!'*!=@(<@!>@!#&#!W@##&!@;=(#!+JJ+$$&!<(;!?%&=+'*>+#$&!*#!+<<+%+,! 0+%! I(@#$&! =&#=+%#+! *! ?%+<(??&<$*]! ^! *>?&%$@#$+! <&$$&;*#+@%+! =W+! *;! ;+B*<;@$&%+! #+;! %*=W*@>@%+!;@!'&>@#'@!B*('*)*@;+!#&#!W@!F&;($&!%*J+%*%<*!@'!(#&!<?+=*J*=&!+!<*#B&;&!@$$&]!>@! ?*($$&<$&! @! $($$*! I(+B;*! @$$*! =W+! =&#'(=@#&! ;@! ?@%$+! @! J@%! F@;+%+! ;@! ?%&?%*@! ?%+$+<@]! *#F&=@#'&#+!;@!$($+;@!B*(%*<'*)*&#@;+,!!

S*<$+!;+!?%+>+<<+]!#+;;@!=@$+B&%*@!'+;;@!'&>@#'@!B*('*)*@;+!<*!?&<<&#&!=&>?%+#'+%+!;5@$$&!'*! =*$@)*&#+]! *;! %*=&%<&]! *;! %*=&%<&! ?+%! '+=%+$&! *#B*(#$*F&! +! I(@;<*@<*! @;$%&! @$$&! =W+! ?+%>+$$@! '*! *#<$@(%@%+!#+;!B*('*)*&!*#!+<<+%+!(#@!'&>@#'@!F@;*'@!+'!+JJ*=@=+,!

T#!=&#<&;*'@$&!&%*+#$@>+#$&!'+;;@!B*(%*<?%('+#)@!<$@A*;*<=+!=W+!;@!'&>@#'@!B*('*)*@;+!'+F+! +<<+%+!<?+=*J*=@]!F@;+!@!'*%+!<?+=*J*=@>+#$+!%*F&;$@!@'!&$$+#+%+!*;!?@B@>+#$&!'+B;*!*#$+%+<<*! @#@$&=*<$*=*]! >@$(%@$*! <(B;*! *#$+%+<<*! ?%*>@%*! B*K! <=@'($*,! 3@! '&>@#'@! ?+%$@#$&! '+F+! +<?;*=*$@%+!*#!>@#*+%@!=W*@%@!;@!?%+$+<@!@B;*!*#$+%+<<*!@#@$&=*<$*=*]!*#!>@#=@#)@!'+;;@!I(@;+!<*! @#'%+AA+!@'!+<=;('+%+!&B#*!*>?;*=@)*&#+!@#@$&=*<$*=@,!!

T#5@;$%@!?%&A;+>@$*=@!*#+%+#$+!@;;@!'&>@#'@!B*('*)*@;+!@$$*+#+!@!I(@;+!<*@!;5(;$*>&!>&>+#$&! '+;!B*('*)*&!*#!=(*!;@!?@%$+!?(g!?%&?&%%+!;@!?%&?%*@!'&>@#'@!*#!>@#*+%@!F@;*'@!+'!+JJ*=@=+,!3+! ?%&A;+>@$*=W+!<&%B&#&!#+;!?%*>&!B%@'&!'*!B*('*)*&!+!#+;!B%@'&!'*!@??+;;&,!!

! -M!

3@! ?@%$+! W@! ;5&#+%+! '*! ?%&?&%%+! ;@! '&>@#'@! =&#! ;5@$$&! '*! =*$@)*&#+! *#$%&'($$*F&! '+;;@! ;*$+! X?%*>&! B%@'&! '*! B*('*)*&Y! >@! ?(g]! #+;;+! <(==+<<*F+! >+>&%*+]! Z$%),&(.%)# 0# '01&7&,.%)# 2)# 10'."1)E#2)#),,)<&0"&#)#2)#,0",24(&0"&#/&6#70%'42.+)[-E,!

.*g! =W+! F*+#+! #@$(%@;+! +! *>>+'*@$&! =W*+'+%<*! ^! <+! ;@! ?@%$+! #&#! @AA*@! @F@#)@$&! ;@! ?%+$+<@! @#@$&=*<$*=@! *#! <+'+! '*! @$$&! *#$%&'($$*F&! '+;! B*('*)*&]! ?&<<@! J@%;&! <(==+<<*F@>+#$+! =&#! ;@! ?%+<+#$@)*&#+! '+;;+! >+>&%*+! '*! =(*! @;;5@%$,! -E9]! Rb! =&,]! =,?,=,! 7+! =&<l! J&<<+! A*<&B#+%+AA+! =@?*%+!<+!*;!'+=&%<&!'+B;*!*#$+%+<<*!@#@$&=*<$*=*!*#*)*@!'@;;@!'@$@!'*!+<?;*=*$@!?%+$+<@!@;;5@$$&!'*! *#$%&'()*&#+!'+;!B*('*)*&]!%*B(@%'@#$+!I(*#'*!*!<&;*!*#$+%+<<*!?%*>@%*,!

6+;!=&%<&!'+B;*!@##*!F*!<&#&!<$@$+!'+;;+!>&'*J*=W+!=W+!W@##&!%*B(@%'@$&!*;!=,?,=,]!=W+!#&#!<*! %*$*+#+! '*! ?&$+%! @??%&J&#'*%+! *#! $@;+! <+'+! '@$@! ;@! =&>?;+<<*$K! *#! $+%>*#*! *#$+%?%+$@$*F*! '+;;5@%B&>+#$&]!*#!<+B(*$&!@;;+!I(@;*!<&#&!<$@$*!>&'*J*=@$*!*!$+%>*#*!?+%!;@!>&'*J*=@A*;*$K!'+;;@! '&>@#'@,! /*!J*#*!'*!I(+<$&!;@F&%&!^!<(JJ*=*+#$+!<&$$&;*#+@%+!=W+]!<+=&#'&!(#!=&#<&;*'@$&!&%*+#$@>+#$&]! ;@!?@%$+!?(g!?%+=*<@%+!(#@!'&>@#'@!B*K!?%+<+#$@$@,!V+F+!?+%$@#$&!$%@$$@%<*!'*!(#@!'&>@#'@! #&#!#(&F@]!>@!?%&?&<$@!@;;5@$$&!*#$%&'($$*F&!'+;!B*('*)*&,!"#!=@<&!=&#$%@%*&!;@!'&>@#'@!#&#! ?&$%K!+<<+%+!*#$%&'&$$@!#+;!?%&=+<<&,! 7+!#+;!?%*>&!B%@'&!'*!B*('*)*&!;+!=&<+!<$@##&!*#!I(+<$&!>&'&]!*#!@??+;;&!;@!=&#=;(<*&#+!#&#!<*! '*<$@#)*@!'*!>&;$&,!"#J@$$*]!<@%K!?&<<*A*;+!?%&?&%%+!(#@!'&>@#'@!'*!@#@$&=*<>&!?(%=Wa!+<<@! J&<<+!B*K!<$@$@!@F@#)@$@!#+;!B*('*)*&!'*!?%*>&!B%@'&,!! ! 39E9B 2?!=?(+)?,%*#'!$'A;%!%#(')'<<%!%#!&*)<*!$%!A%+$%,%*! ! 6+;!?%+=+'+#$+!?@%@B%@J&!<*!^!@==+##@$&!@;;@!?%&A;+>@$*=@!*#+%+#$+!B;*!*#$+%+<<*!>@$(%@$*!*#! =&%<&!'*!B*('*)*&,! ";!'(AA*&!=W+!?(g!#@$(%@;>+#$+!+<<+%+!<&;;+F@$&!^!<+!B;*!*#$+%+<<*!<(!=(*!<*!?&<<&#&!=@;=&;@%+! *#$+%+<<*!@#@$&=*<$*=*!<*@#&!<&;&!I(+;;*!<=@'($*!@;!>&>+#$&!'+;;@!?%&?&<*)*&#+!'+;;@!'&>@#'@! B*('*)*@;+! &! <+! <*@! ?&<<*A*;+! =@;=&;@%+! *#$+%+<<*! @#=W+! <(B;*! *#$+%+<<*! >@$(%@$*! *#! =&%<&! '*! B*('*)*&,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

! --! 35@%$,!-CE9!<$@A*;*<=+!*#!>+%*$&!<&;$@#$&!=W+!B;*!*#$+%+<<*!?&<<&#&!?%&'(%%+!(;$+%*&%*!*#$+%+<<*! <&;&! '@;! >&>+#$&! '+;;@! ?%+<+#$@)*&#+! '+;;@! '&>@#'@! B*('*)*@;+]! <+! <=@'($*! '@! @;>+#&! <+*! >+<*k!>@!#(;;@!'*<?&#+!%*<?+$$&!@B;*!*#$+%+<<*!>@$(%@$*!*#!=&%<&!'*!B*('*)*&,!

6+B;*! @##*! <*! <&#&! <(<<+B(*$+! F@%*+! *#$+%?%+$@)*&#*! <(;;5@%B&>+#$&]! @! ?@%$*%+! '@! (#@! ?%*>@! ?&<*)*&#+! '+;;@! B*(%*<?%('+#)@! '*! >+%*$&-L_{! =W+! +<=;('+F@! ;@! ?&<<*A*;*$K! '*! %*=W*+'+%+! *;!}

?@B@>+#$&!'*!*#$+%+<<*!=@;=&;@$*!<(!*#$+%+<<*!?%*>@%*!>@$(%@$*!+!<=@'($*!*#!=&%<&!'*!=@(<@,! 3@! 7(?%+>@! .&%$+! =&#! <+#$+#)@! #,! CGN-! '+;! CM! @B&<$&! -LG-CM_{! @??&BB*g! *#*)*@;>+#$+! $@;+!}

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{!W@##&!=&#'&$$&!@'!@##(;;@%+!}

(#@! '+;;+! %@B*&#*! @;;@! A@<+! '+;;@! ;+B*$$*>*$K! '+;;@! '&>@#'@! B*('*)*@;+! ?%&?&<$@! *#! =&%<&! '*! B*('*)*&!%*B(@%'@#$+!B;*!*#$+%+<<*!=@;=&;@$*!<(B;*!*#$+%+<<*!>@$(%@$*!'(%@#$+!;&!<F&;B*>+#$&!'+;! ?%&=+<<&]! <$@#$+! @#=W+! ;@! ;&B*=@! =&#<*'+%@)*&#+! =W+! *;! ?%&$%@%<*! '+*! $+>?*! '+;;@! =@(<@! #&#! '+F+!=@(<@%+!(#&!<F@#$@BB*&!@;;@!?@%$+!F*$$&%*&<@,!

V*! =+%$&! ;5*#$+#$&! '+;;5@%$,! -CE9! =&',! =*F,! ^! +F*$@%+! =W+! *;! =%+'*$&%+]! '+=&%<&! *;! $+>?&! +! ;5@==(>(;@%<*!'*!*#$+%+<<*!?%*>@%*]!@F@#)*!;@!?%+$+<@!<(;!'+A*$&%+!'+B;*!*#$+%+<<*!@#@$&=*<$*=*!<(! $($$*!B;*!*#$+%+<<*!>@$(%@$*!*#!=&%<&!'*!B*('*)*&,!!

/#@;*))@#'&! ;@! ;+$$+%@! '+;;@! #&%>@! <*! B*(#B+! J@=*;>+#$+! @;;@! =&#=;(<*&#+! =W+! B;*! *#$+%+<<*! @#@$&=*<$*=*!<&#&!'&F($*!'@;!B*&%#&!'+;;@!'&>@#'@!B*('*)*@;+]!?+%$@#$&!#&#!=&#<*'+%@#'&!*;! ?+%*&'&!?%+=+'+#$+,!!

7*! <+B#@;@#&! *#! '&$$%*#@! '+*! ?@%+%*CC! =W+! #&#! +<=;('&#&! =W+! ;5+<?%+<<*&#+! ?&<<@! +<<+%+! *#$+%?%+$@$@!#+;!<+#<&!=W+!B;*!*#$+%+<<*!=@;=&;@$*!<(B;*!*#$+%+<<*!?%*>@%*!<&#&!?%+$+<*!'@;!B*&%#&! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! -L_{!/??,!1&%*#&]!CE,N,-LGL]!*#!_&*&(+.#;&%&++0#90'')%,&.2)]!-LG-]!""]!?@B,!-EN!<<,]!=&#!#&$@!=%*$*=@!'*!/,!} cOVO3O,! CM_{!"#!`0%0#&+.2&."0E#-LG-]!--R-!<<,!} C-_{!S,!?@%,!-,9,-,!}

CC_{! ZI)E# 14"54)E# ># 4"&,.')"+)# 54)(+0# &2# '0+&*0# ,-)# -.# &"10++0# &2# 2)/&(2.+0%)# &+.2&."0# .1# &"1&,.%)# &"#}

54)220#1)22.#10'."1.#/&41&<&.2)#&2#1&)(#.#540#1)22.#1),0%%)"<.#1)/2&#&"+)%)((&#.".+0,&(+&,&E#"0"#()'3%.# ,0"+%.%&0# .220# ($&%&+0# 1)22.# "0%'.# @.",-)# ()# ,&# %)"1&.'0# ,0"+0# ,-)# +%.++.(&# 1&# &"+)%$%)+.<&0")# 70%+)')"+)#."+&2)++)%.2)G#%&+)")%)#2)/&++&'.#4".#10'."1.#%)2.+&*.#.2#$./.')"+0#1)/2&#&"+)%)((&#(4/2&#

! -C!

'+;;@!'&>@#'@]!*#=;('+#'&!@#=W+!B;*!*#$+%+<<*!?%*>@%*!>@$(%@$*!'&?&!;@!?%&?&<*)*&#+!'+;;@! <$+<<@,!"#!$@;!>&'&!#&#!<*!F+%%+AA+!@!=%+@%+!(#@!#(&F@!'&>@#'@!B*('*)*@;+!+!;@!'(%@$@!'+;! ?%&=+<<&! #&#! @#'%+AA+! @'! *#J;(*%+! *#! >&'&! #+B@$*F&! <(;! <&BB+$$&! F*$$&%*&<&! '+;! ?%&=+'*>+#$&,!

7+! @JJ%&#$@<<*>&! ;@! ?%&A;+>@$*=@! '@;;5@#B&;@)*&#+! &??&<$@]! *;! =%+'*$&%+! =W+! F&;+<<+! ?%+$+#'+%+! *;! ?@B@>+#$&! '*! *#$+%+<<*! @#@$&=*<$*=*! >@$(%@$*! *#! =&%<&! '*! B*('*)*&]! '&F%+AA+! ?%&?&%%+! (#@! #(&F@! '&>@#'@! &! '@%+! @FF*&! @'! (#! <(==+<<*F&! ?%&=+'*>+#$&,! `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

0+%$@#$&!*;!=%+'*$&%+!@F%K]!&;$%+!@;;@!'&>@#'@!B*('*)*@;+]!(#@!<+=&#'@!<$%@'@!'@!<+B(*%+!?+%! &$$+#+%+!*;!?@B@>+#$&!'+B;*!*#$+%+<<*!@#@$&=*<$*=*,!

V@! <+>?%+! >&;$&! '*A@$$($@! ^! ;@! I(+<$*&#+! @$$*#+#$+! ;@! ?&<$+%*&%*$K! '+;;@! =&#F+#)*&#+! %*<?+$$&!@;;@!<=@'+#)@!'+B;*!*#$+%+<<*,!

";!'+A*$&%+]!<?+<<&!*#!(#@!?&<*)*&#+!'*!<F@#$@BB*&!+!?*_!'+A&;+!%*<?+$$&!@;!=%+'*$&%+]!?&$%+AA+! F+'+%<*! =&<$%+$$&! @! <&$$&<=%*F+%+! ;@! =&#F+#)*&#+! *#! F*@! ?%+F+#$*F@]! *#! =@>A*&! '+;;5&$$+#*>+#$&! '+;! =%+'*$&! '*! =(*! #+=+<<*$@,! .&#$%@%*@>+#$+]! +B;*! ?&$%+AA+! F@;($@%#+! ;@! =&#F+#*+#)@! <+#)@! =&#'*)*&#@>+#$*! '*! @;=(#! $*?&! *#! (#! >&>+#$&! *#! =(*! *;! =%+'*$&! ^! <$@$&! &$$+#($&!+!<&#&!<=@'($*!B;*!*#$+%+<<*!?%*>@%*,!

V@! I(+<$+! =&#<*'+%@)*&#*]! +! '@$@! ;5*>?+%@$*F*$K! '+;;@! '*<?&<*)*&#+! =&#$+#($@! #+;;5@%$,! -CE9! =,=,]! '+%*F@! ;@! #(;;*$K! '+;;@! =&#F+#)*&#+! <$*?(;@$@! $%@! ;+! ?@%$*! @#$*=*?@$@>+#$+! %*<?+$$&! @;;@! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

&"+)%)((&# $%&'.%&# ,-)# *)%%.""0# .# '.+4%.%)# )# (,.1)%)# ")2# ,0%(0# 1)2# /&41&<&0[! X.,! .2328P2]! U?# .".+0,&('0]!'&$$,!/,!:*(JJ%^!O'*$&%+]!8*;@#&]!CMMQ]!?@B,!NQY,!

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{!^!I(+;;@!?+%!=(*!^!;+B*$$*>@!;@!%+$%&@$$*F*$K!'+;;@!=&#F+#)*&#+]!<$@#$+!;@!} >@#=@#)@!'*!(#!+<?;*=*$&!'*F*+$&,!3@!=&#F+#)*&#+!?&$%K!+<<+%+!%+$%&@$$*F@!+!@;!>@<<*>&!J@%! '+=&%%+%+!B;*!*#$+%+<<*!=&>?&<$*!'@;!>&>+#$&!*#!=(*!<*!<&#&!%+@;*))@$*!*#$+%+<<*!?%*>@%*!?+%! @;>+#&!(#!<+>+<$%+!+!<+>?%+!=W+!<*!$%@$$*!'*!*#$+%+<<*!<=@'($*,! H*<?+$$&!@;;@!J&%>@!=W+!;5@==&%'&!$%@!=%+'*$&%+!+!'+A*$&%+!'+AA@!@F+%+]!#(;;@!F*+#+!'*<?&<$&! '@;;@!;+BB+,!

7+=&#'&! (#@! ?%*>@! ;*#+@! '*! ?+#<*+%&]! @;=(#*! @($&%*CN_{! W@##&! <&<$+#($&! ;5&#+%+! '+;;@! J&%>@!}

<=%*$$@!'+;;@!=&#F+#)*&#+]!@!?+#@!'*!#(;;*$K!=&>+!<$@A*;*$&!'@;;5@%$,!-CEN]!9b!=&,]!=&',!=*F,!3@! #&%>@! '*<?&#+! '*! J@$$&! =W+! Z/2&# &"+)%)((&# (4$)%&0%&# .22.# '&(4%.# 2)/.2)# 1)*0"0# )(()%)# 1)+)%'&".+&#$)%#&(,%&++0V#.2+%&')"+&#(0"0#10*4+&#")22.#'&(4%.#2)/.2)[CG_,! /;$%*!@($&%*CR!<&<$+#+F@#&!*#F+=+!=W+!;@!J&%>@!<=%*$$@!'*!=(*!@;;5@%$,!-CEN]!9b!=&,]!=&',!=*F,!<*! %*=W*+'+F@!I(@;&%@!*;!$@<<&!'5*#$+%+<<+!+JJ+$$*F&CQ!J&<<+!<(?+%*&%+!@;!$@<<&!;+B@;+,! T#@!$+%)@!<=(&;@!'*!?+#<*+%&CE_{!?%+J+%*F@!;@!$+<*!?+%!=(*!;5&#+%+!'+;;@!J&%>@!<=%*$$@!^!#+=+<<@%*&!} <&;&!#+;!=@<&!*#!=(*!;@!>*<(%@!'+B;*!*#$+%+<<*!<*@!<(?+%*&%+!@;!$@<<&!;+B@;+,! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

C9_{! O,! P"/6.p"]! U.# %)+%0.++&*&+6# 1)22?.".+0,&('0# ,0"*)"<&0".2)# (),0"10# &2# ,01&,)# ,&*&2)# &+.2&."0! X@%$,!}

-CE9Y]! *#! =%,-&*&0# R&4%&1&,0]! nS"""]! -EQQ]! =*$@$&! '@! .,! .2328P2]! Z=".+0,&('0P]! *#! Q",&,20$)1&.#

R&4%&1&,.]!"<$*$($&!'+;;5O#=*=;&?+'*@!"$@;*@#@!J&#'@$@!'@!:,!1%+==@#*]!H&>@!XH2Y]!-LEL,!!

CN_{!8,!3"POH1"6"]!O!"+)%)((&P]!*#!Q",&,20$)1&.#1)2#;&%&++0]!nn""]!8*;@#&]!-LQC,!}

CG_{!T#@!?%+<=%*)*&#+!'+;!$($$&!<*>*;+!+%@!?%+F*<$@!@#=W+!#+;!=&'*=+!'+;!-ERG]!=&>+!%*?&%$@$&!'@!2,!1,!}

7=&))@J@F@]!R2&#&"+)%)((&#1)&#,.$&+.2&]!:*(JJ%^!O'*$&%+]!8*;@#&]!CMM-]!?@B,!-QN]!Z1.2#'0')"+0#,-)#)((0#

1&($0")*.#,-)#")22.#'.+)%&.#,&*&2)#2.#,0"*)"<&0")E#')1&."+)#,4&#*)"&*."0#$.++4&+&#&"+)%)((&#&"#'&(4%.# (4$)%&0%)# .2# +.((0# 2)/.2)E# 10*)*.# )(()%)# )(+)%".+.# &"# 70%'.# (,%&++.E# .2+%&')"+&# &2# 1)3&+0%)# "0"# )%.# /&4%&1&,.')"+)# 0332&/.+0# .# ,0%%&($0"1)%)# /2&# &"+)%)((&# .2# ,%)1&+0%)# @.%+A# LBSL# 1)2# ,01A# ,&*A# .3%0/AG[,!

1($$@F*@]! I(@;&%@! *;! <&BB+$$&! ?@<<*F&! O.*)(()# 4/4.2')"+)# .1)'$&4+0E# "0"# $0+)*.# ,-&)1)%)# 2.#

%&$)+&<&0")#1&#54."+0#$%)(+.+0#@.%+A#LBSD#1)2#,01A#,&*A#.3%0/AGPA#

CR_{!S,!c/H"6/]!_),)"+&#0%&)"+.')"+&#&"#+)'.#1&#.".+0,&('0]!*#!_.(()/".#1&#1&%&++0#,&*&2)]!-LL-]!N]!?@B,!}

QR-!<<,!!

CQ_{! ";! $@<<&! '*! *#$+%+<<+! +JJ+$$*F&! ^! *;! $@<<&! @??;*=@$&! ?%+#'+#'&! *#! =&#<*'+%@)*&#+! @#=W+! ;5+JJ+$$&!}

'+;;5@#@$&=*<>&,!

! -N!

`(+<$5(;$*>&! &%*+#$@>+#$&! ?@%+! *;! ?*_! =&#'*F*<*A*;+! @#=W+! @;;@! ;(=+! '+;;5@($&#&>*@! '+B;*! *#$+%+<<*! @#@$&=*<$*=*! %*<?+$$&! @B;*! *#$+%+<<*! ?%*>@%*]! =W+! $%@! ;&%&! #(;;@! W@##&! *#! =&>(#+! <+! #&#!;@!=@%@$$+%*<$*=@!'*!%*+#$%@%+!+#$%@>A*!#+;;@!=@$+B&%*@!'+B;*!*#$+%+<<*!<(*!=@?*$@;*,!!

"#&;$%+!^!?&<<*A*;+!@JJ+%>@%+!<+#)@!&>A%@!'*!'(AA*&!=W+!;@!'*<?&<*)*&#+!=&#$+#($@!#+;;5@%$,! -CEN]! 9b=&,]! =&',! =*F,! ?&<<@! *#=%&=*@%+! I(+;;@! '+;;5@#@$&=*<>&]! >@! #&#! <@%+AA+! =&%%+$$&! '*<?&%#+!(#@!<(@!@??;*=@)*&#+!#+;;&!<?+=*J*=&!@;;@!=@<*<$*=@!?%+F*<$@!@;;5@%$,!-CE9!=&',!=*F,! "#!A@<+!@!$($$+!;+!=&#<*'+%@)*&#*!J*#&%@!+<?&<$+!*#!>+%*$&!@;;@!J&%>@!'+;;@!=&#F+#)*&#+!$%@!;+! ?@%$*]!<*!%*$*+#+!'*!?&$+%!<&<$+#+%+!=W+!@*!J*#*!'+;;@!F@;*'*$K!'+;!?@$$&!'*!@#@$&=*<>&!#&#!<*@! %*=W*+<$@!;@!J&%>@!<=%*$$@,!O<<@!F*+#+!?+%g!*>?&<$@!.1#(43(+."+&.'!?+%!?%&$+BB+%+!;5+<*B+#)@! '*!(#@!>@BB*&%+!=+%$+))@!'+;;5@==&%'&]!@*!J*#*!'+;;@!B*K!=*$@$@!#+=+<<*$K!'*!$($+;@!'+;;@!?@%$+! '+A&;+!'+;!?@$$&!@#@$&=*<$*=&!+!'*!B@%@#$*%+!;@!?@%*$K!=&#$%@$$(@;+CL_,! ! 39L!25?#?(*&%<=*!I*#$?(*!<+A;%!+<%! ! 35@%$,!-CE9!=&',!=*F,!'*<?&#+!(#!;*>*$+!>*#*>&!'*!<+*!>+<*!?+%!;@!?%&'()*&#+!'*!*#$+%+<<*!<(B;*! *#$+%+<<*!<=@'($*]!Z&"#'.",."<.#1&#4(&#,0"+%.%&[,!

35@#@$&=*<>&! J&#'@$&! <(B;*! (<*! ?+%>+$$+! '(#I(+! '*! =@;=&;@%+! B;*! *#$+%+<<*! =*$@$*! <+#)@! '@%+! =&#$&!'+;!;*>*$+!$+>?&%@;+!'*!@;>+#&!(#!<+>+<$%+,!!

1%@$$@#'&<*!'*!(#@!'*<?&<*)*&#+!=&#$+#($@!*#!(#@!#&%>@!?%*>@%*@]!B;*!(<*!=W+!;@!'+%&B@#&!#&#! ?&<<&#&!=W+!+<<+%+!'*!$*?&!#&%>@$*F&,!

:;*! (<*! #&%>@$*F*! <&#&! =@%@$$+%*))@$*! '@! '(+! +;+>+#$*D! (#&! '*! $*?&! &BB+$$*F&! +! (#&! '*! $*?&! <&BB+$$*F&,! ";! ?%*>&! @$$*+#+! @;! =&<$@#$+! %*?+$+%<*! '*! (#! '+$+%>*#@$&! =&>?&%$@>+#$&,! ";! <+=&#'&! %*B(@%'@! ;@! =&#F*#)*&#+! '+;;@! '&F+%&<*$K! '+;! =&>?&%$@>+#$&! =&#<*'+%@$&]! =W+! =&%%*<?&#'+!@!(#@!#&%>@!+<*<$+#$+!&!=W+!'&F%+AA+!+<*<$+%+,!!

:;*!(<*!#+B&)*@;*]!'*!=&#$%&]!#&#!<&#&!J&#$*!#&%>@$*F+!>@]!=&>+!*#!?%+=+'+#)@!<&$$&;*#+@$&]! =&>?&%$@>+#$*!'*!(<&!=&>(#+!*#!?@%$*=&;@%*!<+$$&%*!&!;(&BW*!'*!*#$+%+<<+,!

3@!=@<*<$*=@!'+;;5@#@$&=*<>&!J&#'@$&!<(B;*!(<*!%*;+F@!*#!?@%$*=&;@%!>&'&!I(@#'&!<*!?@%;@!'*!(<*! A@#=@%*,! Zb".# ,0(+."+)# /&4%&($%41)"<.# -.# $)%# .""&# ,0"(&1)%.+0# *.2&1.# 2.# ,.$&+.2&<<.<&0")# +%&')(+%.2)# 1)/2&# &"+)%)((&# .++&*&# ")&# %.$$0%+&# 3.",.%&E# )# &"# $.%+&,02.%)# &"# 54)22&# 1&# ,0"+0# ,0%%)"+)E# $%)*&(+.# 1.22)# "0%')# 3.",.%&)# 4"&70%'&E# (42# $%)(4$$0(+0# ,-)# +.2&# "0%')# !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

CL_{!0,!3/:p"]!U?&",&1)"<.#1)&#1&%&++&#70"1.')"+.2&#(422?.4+0"0'&.#")/0<&.2)]!.OV/8]!0@'&F@]!CM-C]!?@B,!}

! -G! ,0(+&+4&(()%0#1)/2&#4(&#"0%'.+&*&#&10")&#.22.#$%014<&0")#1&#&"+)%)((&#.".+0,&(+&,&#$%)(,&"1)"10# +0+.2')"+)#1.22)#2&'&+.<&0"&#$%)*&(+)#1.22?.%+A#LCBSA[9M!

3@!7(?%+>@!.&%$+!?+%!>&;$&!$+>?&!W@!<&<$+#($&!;@!#@$(%@!#&%>@$*F@!'+;;5(<&!A@#=@%*&!=W+! =&#<+#$*F@! ;5@#@$&=*<>&,! S+#*F@! ?+%=*g! '@$@! ;@! ?&<<*A*;*$K! @B;*! (<*! A@#=@%*! '*! '+%&B@%+! @;;@! '*<?&<*)*&#+!?%+F*<$@!'@;;5@%$,!-CE9!=&',!=*F,!*#!>&'&!;+B*$$*>&,!! 1@;+!&%*+#$@>+#$&!F+##+!<&<$+#($&!?+%!=*%=@!'(+!'+=+##*!'@;;@!.&%$+!'*!.@<<@)*&#+!+!@;$%+<l! '@;;@!B*(%*<?%('+#)@!'*!>+%*$&,!c*#$@#$&!=W+!$@;+!?&<*)*&#+!=&>*#=*g!@!=+'+%+!'@!?@%$+!'*!(#@! >*#&%@#)@!'+;;@!B*(%*<?%('+#)@!'*!>+%*$&!+!J(!I(+<$&!*;!>&>+#$&!=W+!@#$*=*?g!*;!%)*&%)')"+! '+;;@!.@<<@)*&#+!=W+!F+%%K!$%@$$@$&!#+*!=@?*$&;*!<(==+<<*F*,! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

9M_{! .,! HT0OH12]! U.# /&4%&($%41)"<.# (42# 901&,)# 9&*&2)# ,00%1&".+.# ,0"# 2.# 10++%&".]! /,! :*(JJ%^]! 8*;@#&]!}

! -R! ! ! !

! -Q!

-./"0121!B!4!25.6.01-"781!6M"!G.//1G0"!N.6-.G"!

!

B93!25?((%F%(J!@?#&?)%?!

!

35&BB+$$&! '+;;5@$$*F*$K! A@#=@%*@! =&#=+%#+! ?+%! ;@! >@BB*&%! ?@%$+! ;+! &?+%@)*&#*! '*! <=@>A*&! >&#+$@%*&]!'*F+#$@$+!?+%!B;*!+#$*!=%+'*$*)*!;5@$$*F*$K!=@%@$$+%*<$*=@!?+%!$%+!&%'*#*!'*!>&$*F*D!

q B;*! *<$*$($*! A@#=@%*! <&#&! B;*! (#*=*! @'! @F+%+! ;5@($&%*))@)*&#+! ?+%! +>+$$+%+! >+))*! '*! ?@B@>+#$&! <&$$&! J&%>@! '*! '+A*$*! @! F*<$@-]! =&>+! @'! +<+>?*&! *! =&#$*! =&%%+#$*! '*! =&%%*<?&#'+#)@k!

q Z&2#,0%)#34(&")((#1)22)#3.",-)#,0"(&(+)#")22?&"+)%,)++.%)#&2#,&%,4&+0#1)&#$./.')"+&[Ck! q @! J%&#$+! '+;;+! '(+! ?%+=+'+#$*! =@%@$$+%*<$*=W+]! ?+%! ;+! A@#=W+!%*<(;$@! ?*_! J@=*;+! @#=W+!

*#$+%=+$$@%+!*;!=*%=(*$&!%*<?@%>*&q*#F+<$*>+#$&!=W+!<*!+<$+#'+!$%@!*!F@%*!&?+%@$&%*!'+;! >+%=@$&,!

7+! '(#I(+! ;5@$$*F*$K! ?%&?%*@>+#$+! '+$$@! A@#=@%*@! ^! I(+;;@! *#$&%#&! @! =(*! %(&$@! *;! #(=;+&! ?%*#=*?@;+! '+;;5&?+%@$*F*$K! '+B;*! *<$*$($*! '*! =%+'*$&]! @'! +<<@! <+! #+! @JJ*@#=@#&! @;$%+]! I(@;+! @'! +<+>?*&! ;5@$$*F*$K! J*#@#)*@%*@9_{]! =W+! %*=&>?%+#'&#&! @#=W+! ;+! @$$*F*$K! @>>+<<+! @;! >($(&!}

%*=&#&<=*>+#$&N,!

35@$$*F*$K!A@#=@%*@!<*!=&<$*$(*<=+!?%*#=*?@;>+#$+!'+;;@!%@==&;$@!'*!%*<?@%>*&!?%+<<&!*;!?(AA;*=&! +!'+;;5+<+%=*)*&!'+;!=%+'*$&]!<F&;$+!@$$%@F+%<&!&?+%@)*&#*!+!<+%F*)*!'*!F@%*&!B+#+%+,!

3@!%@==&;$@!'+;!%*<?@%>*&!?(g!+<<+%+!'+J*#*$@!'*!A%+F+!$+%>*#+!I(@#'&!;+!A@#=W+!*#=+#$%@#&! ;@! ?%&?%*@! @$$*F*$K! ?%*#=*?@;>+#$+! <(*! =&#$*! =&%%+#$*]! =W+! F+%%@##&! @#@;*))@$*! ?*_! @??%&J&#'*$@>+#$+! #+;! ?@%@B%@J&! <(==+<<*F&,! "#! I(+<$@! <+'+]! @*! J*#*! '*! +<@>*#@%+! ;+! =&>?&#+#$*! '+;;5@$$*F*$K! A@#=@%*@]! ^! *>?&%$@#$+! <&$$&;*#+@%+! =W+! =&#! =&'+<$&! $*?&! '*! =&#$%@$$&! A@#=@%*&! F+#B&#&! >&F*>+#$@$*]! @$$%@F+%<&! *#=@<<*! +! ?@B@>+#$*]! +<=;(<*F@>+#$+! J&#'*!=&<*''+$$*!'*<?&#*A*;*,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

-_{! "! '+A*$*! @! F*<$@! <&#&! %@??%+<+#$@$*! '@! '*<?&#*A*;*$K! >&#+$@%*+! %*$*%@A*;*! '@;! =%+'*$&%+! *#! I(@;<*@<*!}

>&>+#$&!<+#)@!?%+@FF*<&!&!=&#!(#!?%+@FF*<&!'*!CN!&%+,!

C_{!0,!P"cc"7!X@!=(%@!'*Y]!U)#0$)%.<&0"&#)#&#()%*&<&#3.",.%&]!:,!:*@??*=W+;;*!O'*$&%+]!1&%*#&]!CM-G]!?@B,!9L,!} 9_{!1*?*=@>+#$+!<*!$%@$$@!'*!@$$*F*$K!=W+!=&#=+%#&#&!*!>+))*!'*!?@B@>+#$&]!<$%(>+#$*!J*#@#)*@%*!+!@;$%+!}

@$$*F*$K!+=&#&>*=W+!*#+%+#$*!@!<$%(>+#$*!<*>*;*!@!I(+;;*!J*#@#)*@%*,!

N_{! /$$*F*$K! A@#=@%*+]! J*#@#)*@%*+! +! @<<*=(%@$*F+! =W+! ?&<<&#&! +<<+%+! +<+%=*$@$+! '@! I(@;(#I(+! A@#=@! &!}

! -E!

V*! =&#$%&]! F*! <&#&! @;$%*! $*?*! '*! *<$*$($*! =W+! #&#! =&#=+#$%@#&! ;@! ;&%&! @$$*F*$K! <(;;@! %@==&;$@! @! A%+F+!$+%>*#+!+!@!F*<$@!'+;!%*<?@%>*&!?%+<<&!*;!?(AA;*=&]!>@!<*!&==(?@#&!'*!%@==&;$@!@!>+'*&q ;(#B&!$+%>*#+,!

2;$%+! @B;*! *<$*$($*! A@#=@%*! F*! <&#&! @;$%*! <&BB+$$*! '*F+%<*! '@;;+! A@#=W+! @! =(*! F*+#+! ?%+=;(<@! ;5@$$*F*$K! '*! %@==&;$@! '+;! %*<?@%>*&! ?%+<<&! *;! ?(AA;*=&]! >@! ^! ?+%>+<<&! '*! +<+%=*$@%+! '+$+%>*#@$+!@$$*F*$K!J*#@#)*@%*+!&!@$$*F*$K!?%&?%*+!'+;;+!*>?%+<+!'*!*#F+<$*>+#$&,!O<<*!<&#&!B;*! *#$+%>+'*@%*!J*#@#)*@%*!+!B;*!*#$+%>+'*@%*!>&A*;*@%*,!

/B;*! *#$+%>+'*@%*! J*#@#)*@%*! ^! ?+%>+<<&! '@;;5&%'*#@>+#$&! *$@;*@#&! '*! +%&B@%+! =%+'*$&! *#! F*@! ?%&J+<<*&#@;+!#+*!=&#J%&#$*!'+;!?(AA;*=&,!O<<*!<&#&!*<=%*$$*!*#!(#!@??&<*$&!@;A&!@*!<+#<*!'+;;5@%$,! -MR!'+;!1+<$&!T#*=&!P@#=@%*&,!

:;*! *#$+%>+'*@%*! >&A*;*@%*]! =&>+! @'! +<+>?*&! B;*! 2%B@#*<>*! '*! *#F+<$*>+#$&! =&;;+$$*F&! '+;! %*<?@%>*&]! *! J&#'*! =&>(#*! '*! *#F+<$*>+#$&]! ;+! <&=*+$K! '*! B+<$*&#+! =&;;+$$*F@! '+;! %*<?@%>*&]! ?%*#=*?@;>+#$+!<F&;B&#&!@$$*F*$K!'*!=&;;&=@>+#$&!$*$&;*]!#+B&)*@)*&#+]!=&#<(;+#)@!+!B+<$*&#+! ?&%$@J&B;*,!

1&%#@#'&! @;! $+>@! '*! ?%*#=*?@;+! *#$+%+<<+]! &FF+%&! ;5@$$*F*$K! A@#=@%*@]! ;@! P@#=@! '5"$@;*@! W@! <$*;@$&! (#! +;+#=&! '+;;+! @$$*F*$K! +<+%=*$@$+! '@;;+! A@#=W+]! <&BB+$$+! @;;+! #&%>+! *#! $+>@! '*! $%@<?@%+#)@!A@#=@%*@G_{,!O<<&!=&>?%+#'+D!} q &?+%@)*&#*!'*!%@==&;$@k! q &?+%@)*&#*!'*!J*#@#)*@>+#$&!+!?%+<$*$&k! q <+%F*)*,! 1@;*!@$$*F*$K!F+#B&#&!<F&;$+!@$$%@F+%<&!&?+%@)*&#*!?*_!&!>+#&!=&>?;+<<+,! `(@#'&!<*!?@%;@!'*!&?+%@)*&#*!=*!<*!%*J+%*<=+!?%*#=*?@;>+#$+!@;;+!&?+%@)*&#*!'*!*#$+%>+'*@)*&#+! @$$*#+#$*! @;;@! %@==&;$@! +! @;;5*>?*+B&! '*! J&#'*,! O! <*! <(&;+! '*<$*#B(+%+! &?+%@)*&#*! ?@<<*F+! +! &?+%@)*&#*!@$$*F+,!

7*! '+J*#*<=&#&! &?+%@)*&#*! ?@<<*F+! I(+;;+! %+;@$*F+! @;;@! %@==&;$@! '+;! %*<?@%>*&! @$$%@F+%<&! &?+%@)*&#*!'*!'+?&<*$&,!O<<+!<&#&!J(#)*&#@;*!@;!=&>?*>+#$&!'+;;+!&?+%@)*&#*!@$$*F+]!=&>+!@'! +<+>?*&!;5+%&B@)*&#+!'+;!=%+'*$&,!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

G_{!3@!P@#=@!'5"$@;*@!'+J*#*<=+!;+!#&%>+!<(;;@!$%@<?@%+#)@!=&>+!Z4"#&"(&)')#1&#%)/02)#*02+)#.1#.((&,4%.%)#}

.&# ,2&)"+&# 4"c&"70%'.<&0")# ,0%%)++.E# ,-&.%.# )1# )(.4%&)"+)# ,-)# ./)*02&# 2.# ,0'$%)"(&0")# 1)22)# ,.%.++)%&(+&,-)E# 1)&# %&(,-&# )# 1)&# ,0(+&# 1)&# $%010++&# 7&"."<&.%&# 077)%+&# )# ")# ,0"()"+.# 2.# 7.,&2)# ,0"7%0"+.3&2&+6#,0"#.2+%)#077)%+)[!XW$$?<D\\fff,A@#=@'*$@;*@,*$Y,!!

! -L! O#$%@>A*!*!$*?*!'*!&?+%@)*&#*!<&#&!&#+%&<*]!?&*=Wa!#&#!A*<&B#@!'*>+#$*=@%+!=W+!;@!A@#=@!^! ?%*>@!'*!$($$&!(#5*>?%+<@!=W+!*#!I(@#$&!$@;+!>*%@!@;!=&#<+B(*>+#$&!'*!(#!?%&J*$$&,!0+%$@#$&! ;5*<$*$($&!A@#=@%*&!'&F%K!@??;*=@%+!<(;;+!&?+%@)*&#*!@$$*F+!(#!$@<<&!'*!*#$+%+<<+]!=&%%*<?+$$*F&! '+;;@! =&#=+<<*&#+! '+;! =%+'*$&]! +! (;$+%*&%*! =&<$*! '*! +#$*$K! >@BB*&%+! %*<?+$$&! @! I(@#$&! =&%%*<?&<$&!@;!=;*+#$+!?+%!*;!'+?&<*$&!'+;!'+#@%&,!!

0+%! I(@#$&! %*B(@%'@! *#F+=+! *! <+%F*)*]! +<<*! <&#&! %@??%+<+#$@$*]! &;$%+! =W+! '@*! <+%F*)*! '*! *#F+<$*>+#$&]!@#=W+!'@!<+%F*)*!'*!*#=@<<&!+!?@B@>+#$&,!!

3&! <$%(>+#$&! =@%'*#+! ?+%! ?&$+%! *#'*F*'(@%+! ;5@$$*F*$K! A@#=@%*@! ?(g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

"#! $@;! <+#<&! ^! >&;$&! *>?&%$@#$+! *;! %(&;&! <F&;$&! '@;;+! #&%>+! *#! >@$+%*@! '*! $%@<?@%+#)@! A@#=@%*@,!

";!=&#=+$$&!'*!$%@<?@%+#)@!<*!%*J+%*<=+!@;;@!?&<<*A*;*$K!'*!@==+<<&!@;;+!*#J&%>@)*&#*!%+;@$*F+!@*! =&#$%@$$*! +! @;;+! &?+%@)*&#*! A@#=@%*+]! #+;;&! <?+=*J*=&! ?+%! I(@#$&! %*B(@%'@! ;+! =;@(<&;+! =&#$%@$$(@;*!+!;+!=&#'*)*&#*!+=&#&>*=W+!@'!+<<+!*#+%+#$*,!

8(#*$&! '*! $@;*! +;+>+#$*]! *;! =;*+#$+! ?&$%K! =&>?*+%+! '+;;+! =&%%+$$+! F@;($@)*&#*! *#! $+%>*#*! '*! =&#F+#*+#)@,!!