France- Spain-Italy

Home , Atreseries, Atresmedia, DreamWorks Dragons, France 5, France Info, Group Nine Media

The Broadcast Market Report France- Spain-Italy

October 2017

The Broadcast Market Report France- Spain-Italy October 2017

Prepared for Audiovisual Finland by Creatives Loop International Ltd & Co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`:*?0(/!KC(!*@!NF\a!N5(!&(4*&)!3*/)%,/1!%!6&,(@!*+(&+,(-!*@! )5(!A%,/!@%3)1[!@,C8&(1[!)&(/01!%/0!'(7!4?%7(&1!,/!(%35!3*8/)&7[!68)!@*381(1!4&,A%&,?7!*/!)5(! 4&%3),3%?! L8(1),*/1! -5,35! %&(! A*1)! ,/)(&(1),/C! @*&! 4&*083(&1M! /%A(?7[! )5(! `-5*[! -5%)[! -5(&([! %/0! 5*-a! *@! C(/&(! )&(/01[! 3*/)(/)! 3%1(! 1)80,(1[! (A(&C,/C! 1)&%)(C,(1[! %/0! ,/)(&/%),*/%?! 3*U4&*083),*/[! -,)5! ,0(%1! @*&! 5*-! )5*1(! 1((',/C! )*! 3*??%6*&%)(! -,)5! (%35! A%&'()!3%/!@,/0!%!3*/1)&83),+(!*4(/,/C\! ! N5(!&(4*&)!5%1!6((/!&(1(%&35(0!%/0!4&(4%&(0!67!R&(%),+(1!b**4!^/)(&/%),*/%?[!*/!6(5%?@!*@! K80,*+,18%?! Y,/?%/0\! ^)! @*??*-1! )-*! 4&,*&! &(4*&)1! */! )5(! 6&*%03%1)! ,/081)&7! ?%/013%4(! ,/! :(&A%/7[! ,118(0! ,/! G(3(A6(&! ;Q

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c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e*&!)&(/0!,1!)5(!38&&(/)!-%+(!*@!,/+(1)A(/)! @&*A!(1)%6?,15(0!A(0,%!3*A4%/,(1!,/!*/?,/(!4?%)@*&A!3*/)(/)!%/0!*)5(&!@*&A1!*@!>NN\!! ! 9/1#%"'04/--')1'4)$'P'*24'4:#'8%$'/0'3-)0/18! ! ^)! ,1! -*&)5! /*),/C! )5%)! -5,?(! )5(! ,A4%3)!*@!F*G!3*/),/8(1!)*!6(!@(?)[! )5(!A%e*&,)7!*@!NF!3*/)(/)!,/!)5(!1*U 3%??(0! B8&*4(%/! `2,C! =a! HY&%/3([! O4%,/[! ^)%?7[! )5(! T/,)(0! V,/C0*A[! %/0! :(&A%/7I! ,1! 1),??! 3*/18A(0! +,%! ?,/(%&! 35%//(?1\! >8)! *@! /*/U?,/(%&! 3*/18A4),*/[! @8&)5(&A*&([! )5(! ?%&C(1)! 15%&(! ,1! `),A(U15,@)(0a! 3*/)(/)! %+%,?%6?(! +,%! )5(! NF! 3%)35U 84! ?,6&%&,(1! *@@(&(0! )*0%7! 67! A*1)! 3*AA(&3,%?! 6&*%03%1)(&1\! N5,1! -*8?0! 1((A! )*! ,/0,3%)(! )5%)! ,%*-#'QB'?")00R!-%4()"6',;'./#C/18'/1'S2")$#%1'TU/8'VW' E)2"3#B'LXE'D%"7L4' '

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f*8N86([! %/0! KA%]*/Ig! ?>6?;[!A%/7!*@!-5*A! H?,'(! O'7I! 5%+(! 6((/! (1)%6?,15(0! ,/! )5(! A%&'()! @*&! %! ?*/C! ),A(! %/0! %&(! /*-! )&%/1,),*/,/C! )*-%&0!>NN!%/0!OF*Gg!%/0!)5(!857@989<>7?!D5<7@C7;865;[!-5*!&(A%,/!5,C5?7!&(?(+%/)!68)!%&(! ,/+(1),/C! ,/! )5(! /(-! )&(/01! %1! %! A(%/1! *@! 1(38&,/C! )5(,&! A%&'()! 4*1,),*/\! N5(! @*??*-,/C! 4%C(1!*8)?,/(!)5,1!(+*?+,/C!?%/013%4(!,/!0()%,?[!-,)5!%!@*381!*/!)5(!'(7!4?%7(&1[!3*8/)&7U67U 3*8/)&7! 0(+(?*4A(/)1[! 4*48?%&! C(/&(! )&(/01[! (A(&C,/C! 1)&%)(C,(1[! %/0! 5*-! ,/)(&/%),*/%?! 4%&)/(&1!3%/!C%,/!)&%3),*/!,/!)5(!A%&'()\! ! !

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h*&?0!h%&!^^! (&%[! -5(/! )5(! C*+(&/A(/)S1! 0(1,&(! )*! 68,?0! %! 3?(%/! 1?%)(! @*??*-,/C! Y&%/3(S1! *3384%),*/! 08&,/C!)5(!-%&!7(%&1!&(18?)(0!,/!%!?(%0,/C!&*?(!@*&!)5(!486?,3!1(3)*&!,/!Y&(/35!)(?(+,1,*/!%/0! &%0,*\! N*0%7! )5(! Y&(/35! O)%)(! 3*/),/8(1! )*! 6(! %3),+(?7! 4&(1(/)! ,/! )5(! A(0,%! +,%! NF! H-,)5! 486?,3! 6&*%03%1)(&! Y&%/3(! Ni?i+,1,*/1! %1! %! A%e*&! %3)*&! %/0! ,)1! 4&(1,0(/)! %?A*1)! 0,&(3)?7! %44*,/)(0!67!)5(!1)%)(Ig!)5(!&%0,*!Hj%0,*!Y&%/3(!C&*84!5%1!)-*!1)%),*/1!,/!)5(!)*4!@,+(!,/! )(&A1!*@!%80,(/3(Ig!)5(!3,/(A%!H-,)5!%!3*A4?(X!171)(A!*@!1861,0,(1!5%/0?(0!67!)5(!W%),*/%?! R,/(A%)*C&%45,3!R(/)&([!*&!)5(!RWRIg!%/0!A*&(!&(3(/)?7!*/!)5(!^/)(&/()!H-,)5!&(C8?%),*/1! */!38?)8&%?!4&*083)1[!0*-/?*%0,/C!%/0!4&*4(&)7!&,C5)1!'/*-/!%1!k%0*4,I\! ' K1!,/!:(&A%/7!%/0!)5(!TV[!Y&%/3(S1!486?,3!35%//(?1!%&(!%/!,/)(C&%?!4%&)!*@!NF!+,(-,/C!%/0! 4&*083),*/!38?)8&(\!Y&%/3(!Ni?i+,1,*/1!A%/%C(1!)-*!486?,3!35%//(?1!HY&%/3(!;!%/0!Y&%/3(!"I! -5,35!%&(!%A*/C!)5(!)*4!=!,/!)(&A1!*@!)*)%?!+,(-(&15,4[!-5,?(!%!)5,&0[!Y&%/3(!=[!3*A(1!,/!%)!

&! /8A6(&!#\!Z8)!)*C()5(&[!)5(1(!)5&((!486?,3!35%//(?1!%33*8/)!@*&!%44&*X,A%)(?7!*/(UL8%&)(&! *@!)*)%?!Y&(/35!NF!+,(-(&15,4\! ! ^/!%00,),*/!)*!,)1!0,&(3)!*-/(&15,4!*@!+%&,*81!?(%0,/C!)(?(+,1,*/!35%//(?1!,/!Y&%/3([!Y&%/3(! Ni?i+,1,*/1!%?1*!5%1!%/!,/0,&(3)!,/)(&(1)!,/!A%/7!*)5(&!35%//(?1!*@!,/)(&(1)[!/*)%6?7M! • :8??,!H)5(!?(%0,/C!35,?0&(/S1!35%//(?[!-5(&(!,)!5%1!%!*/(U)5,&0!1)%'(Ig!%/0! • %&)([!)5(!Y&%/3*U:(&A%/!%&)1!%/0!38?)8&(!e*,/)!+(/)8&(!35%//(?!*-/(0!%/0!A%/%C(0! 67!14(3,%?!48&4*1(!1861,0,%&,(1!*@!Y&%/3(!Ni?i+,1,*/1!%/0!:(&A%/!486?,3!6&*%03%1)(&1! KjG!%/0!lGY\!! ' N5(!*)5(&!A%e*&!/%A(!,/!Y&(/35!6&*%03%1),/C!,1!NY<[!*/(!*@!Y&%/3(S1!)5&((!*&,C,/%?!)(?(+,1,*/! 35%//(?1\!NY)5(&!?(%0,/C!4&,+%)(!35%//(?1!,/3?80(!R%/%?m!%/0!$#[!6*)5!*@!-5,35!-(&(!?%8/35(0!,/!)5(!

'! 9#%&/18'3:%11#-0' ' 2(?*-! ,1! %! 18AA%&7! *@! )5(! ?(%0,/C! NF! 35%//(?1! ,/! Y&%/3(! ,/3?80,/C! )5(,&! 0(13&,4),*/[! *-/(&15,4! C&*84[! %/0! A%&'()! 15%&(\! ! K1! 3%/! 6(! 1((/! ,/! )5(! )%6?([! Y&(/35! %,&-%+(1! %&(! 0*A,/%)(0!67!%!3*A6,/%),*/!*@!486?,3!35%//(?1!*4(&%)(0!67!Y&%/3(!Ni?i+,1,*/1[!%/0!4&,+%)(! /()-*&'1!*-/(0!67!NY>6?! B5C6! &6;C59=89<>! ;Y756!EFGT! G! NY-/(0! 67! H,9' Z")2$[! ,)! ,1! )5(! A*1)! 4&*@,)%6?(! 4&,+%)(!Y&(/35!NF!35%//(?!%/0!)5,&0!A*1)!-%)35(0! )(?(+,1,*/! /()-*&'! ,/! )5(! Y&(/35U14(%',/C! -*&?0\! 2&*%03%1),/C! %! -,0(&! &%/C(! *@! 1(&,(1! ?,'(! )5(! 4*48?%&!Y&(/35!1(&,(1!5%%6#-)44[!%1!-(??!%1!A*+,(1! %/0!A81,3!4&*C&%A1\!! P! Y&%/3(!"! Y&%/3(! E\

R! RD! R%/%?m!:&*84! "\Jn! N5(! 4&,+%)(! /%),*/%?! Y&(/35! NF! 6&*%03%1)(&! 3*/3(/)&%)(1! */! 3*/)(/)1! ,/! )5(! @,(?0! *@! @%15,*/[! 38?)8&(! %/0! A*)*&! 14*&)1! %/0! 13&((/1! 6,C! 14*&)! (+(/)1!?,'(!)5(!S2")'Y\\N!%/0!

(! ]! 2Y$!NF! W(X)j%0,*NF! ;\"n! 2Y$! NF! ,1! %! ;JU5*8&! &*??,/C! /(-1! %/0! -(%)5(&! 35%//(?! %/0! )5(! 3*8/)&7p1! A*1)U-%)35(0! /(-1! /()-*&'! -,)5! RO! 35%//(?1[! -5,35! 1)%/0! @*&! >&%/C(! R,/iA%! Oi&,(1! %/0! %&(! %! 14,/*@@! *@! >&%/C(! NF[! )5(! 6&*%06%/0! 1()U)*4! 6*X! *@@(&,/C! @&*A! Y&%/3(S1! ?(%0,/C! )(?(3*A! 3*A4%/7\! >RO! 5%1! %/! (X3?81,+(!3*/)&%3)!@*&!)5(!Y&(/35!A%&'()!-,)5!k2>[!-5*1(!15*-1!%&(!6&*%03%1)!,/!Y&%/3(!*/! )5(!`>RO!R,)7a!Z%7!NF!35%//(?!%/0!%+%,?%6?(!*/U0(A%/0!+,%!%!3%)35U84!1(&+,3(\! ! <1/=2#'4"#1&0' ' Y&%/3(!,1!67!@%&!)5(!?%&C(1)!W()@?,X!A%&'()!*@!)5(!)5&((!)%&C()!3*8/)&,(1\!K33*&0,/C!)*! &(1(%&35! @,&A! O)&%)(C7! K/%?7),31[! Y&%/3(! ,1! W()@?,XS1! E)5! ?%&C(1)! A%&'()! -*&?0-,0(! H(X3?80,/C!)5(!TOKI!%/0!=)5!?%&C(1)!,/!B8&*4([!6(5,/0!)5(!TV[!:(&A%/7[!O-(0(/[!%/0! )5(! W()5(&?%/01\! W()@?,X! /*-! 6*%1)1! <\=! A,??,*/! 18613&,6(&1! ,/! Y&%/3([! %! ""n! e8A4! 1,/3(! )5(! (/0! *@! ;Q<=\! ^/! %! c8/(! ;Q<9! ,/)(&+,(-[! W()@?,X! RB>! j((0! k%1),/C1! %//*8/3(0!)5%)!W()@?,X!-,??!6(!&%A4,/C!84!,)1!,/+(1)A(/)!,/!Y&(/35!*&,C,/%?1[!-,)5!%! C*%?! *@! @(%)8&,/C! JQn! A*&(! Y&(/35! 3*/)(/)! ,/! ;Q

)*! )(35/,3%??7!5%+(!)*!3*A4?7!-,)5!)5,1!&8?(\!k*-(+(&[!)5(!+*?8/)%&7!,/+(1)A(/)!3*8?0! 6(! 1((/! %1! %! -%7! )*! &(A%,/! */! )5(! C**0! 1,0(! *@! Y&(/35! 6&*%03%1)! %8)5*&,),(1! %/0! ,/0((0!*@!Y&(/35!+,(-(&1!)5(A1(?+(1\! ! Y&%/3(! 5%1! %! &(?%),+(?7! 07/%A,3! OF>G! A%&'()[! -,)5! KA%]*/! Z&,A(! F,0(*! 6*%1),/C! *+(&! ;! A,??,*/! 18613&,6(&1! %/0! R%/%?Z?%7[! )5(! OF>G! 4?%)@*&A! *@! 4&,+%)(! 35%//(?! R%/%?m[!%?1*!)%',/C!%!1,C/,@,3%/)!15%&(!%?*/C1,0(!>&%/C(!%/0!$7NY@Z;85XQ78Q7Q[?7>C6.!(=79>! ' ' ,#-#./0/)1'$")&234/)1')24-/1#' ' 2&*%03%1),/C! ,/! O4%,/! 5%1! -,)/(11(0! %! 1,C/,@,3%/)! (X4%/1,*/! ,/! &(3(/)! 7(%&1! -,)5! )5(! (A(&C(/3(!*@!/(-!3*AA(&3,%?!*4(&%)*&1!%/0!)5(!?%8/35!*@!0,C,)%?!1(&+,3(1\!N5(!)(?(+,1,*/! A%&'()!,/!O4%,/!,1!35%&%3)(&,1(0!,/!4%&)!67!)5(!,AA(/1(!/8A6(&!*@!35%//(?1!%+%,?%6?(\!N5(&(! %&(!%?A*1)!=QQ!?*3%?!NF!35%//(?1[!%44&*X,A%)(?7!

))! >)5(&! 486?,3! HNFBI! 35%//(?1! *@! ,/)(&(1)! ,/3?80(! b%! G*1[! -5,35! @*381(1! A*&(! */! 38?)8&%?! 4&*C&%AA,/C!)5%/!b%!T/*!%/0!)(/01!)*!6&*%03%1)!A*&(!,/)(&/%),*/%?!NF!1(&,(1\!b%!G*1!%?1*! 15*-1! 0*38A(/)%&,(1! %/0! B8&*4(%/! @,?A1\! R?%/[! A(%/-5,?([! ,1! %! 35,?0&(/p1! 35%//(?! -5,35! %?1*!*@@(&1!1*A(!4&*C&%AA,/C!%,A(0!%)!)((/%C(&1!08&,/C!)5(!(+(/,/C\! ! K!;Q<=!&(4*&)!67!)(?(3*AA8/,3%),*/1!C,%/)!B&,311*/!,0(/),@,(0!A%/7!*@!)5(!1%A(!)&(/01!,/! )5(!O4%/,15!A(0,%!%/0!)(?(+,1,*/!A%&'()!)5%)!%&(!38&&(/)?7!6(,/C!(X4(&,(/3(0!-*&?0-,0([! 4%&),38?%&?7M!! • N5(!C&*-)5!,/!1)&(%A,/C!%/0!*/U0(A%/0!+,(-,/C[!-,)5!=Qn!*@!O4%/,%&01!1)&(%A,/C! 3*/)(/)!%)!?(%1)!*/3(!4(&!0%7g! • N5(! &(1,?,(/3(! *@! ?,/(%&! )(?(+,1,*/[! -5,35! ,1! 1),??! -%)35(0! %)! ?(%1)! */3(! 4(&! 0%7! 67! /(%&?7!DQn!*@!4(*4?(!%/0!9Qn!*@!A,??(//,%?1g! • N5(! ,A4%3)! *@! 6,/C(U-%)35,/C! %/0! A*6,?(! +,(-,/C[! -,)5! 1,C/,@,3%/)! ,/3&(%1(1! 1,/3(! ;QNN!4?%)@*&A1!,/1)(%0!*@[!%1! *44*1(0!)*!,/!%00,),*/!)*[!4%7,/C!@*&!3*/+(/),*/%?!6&*%03%1)!*&!Z%7!NF!1(&+,3(1\! ! O4%,/S1! A%,/1)&(%A! NF! A%&'()! ,1! 1),??! 5(%+,?7! *&,(/)(0! %&*8/0! 5*A(U4&*083(0! 0&%A%1[! &(%?,)7! 15*-1!H4#-#' *%02"%I! %/0! ?*/CU&8//,/C! o)(?(/*+(?%1o! H(\C\! 1*%4! *4(&%1I[! %?*/C1,0(! 3*/)(/)! @&*A! b%),/! KA(&,3%! %/0! )5(! &(1)! *@! )5(! O4%/,15U14(%',/C! -*&?0\! W*/()5(?(11[! )5(! 5(%?)57!3*A4(),),*/!,/!)5(!A%&'()!6()-((/!NFB!%/0!)5(!)-*!4&,+%)(!6&*%03%1)(&1!5%1!0&,+(/! 84! )5(! +%?8(! *@! O4%/,15! 0&%A%! ,/! &(3(/)! 7(%&1[! -,)5! )5(! O4%/,15! )(?(+,1,*/! 1(3)*&! C%,/,/C! ,/3&(%1,/C!&(3*C/,),*/!%6&*%0\!K)!)5(!1%A(!),A([!A%/7!,/)(&/%),*/%?!5,)!1(&,(1!%&(!4*48?%&!,/! O4%,/[!%/0!,/3&(%1,/C?7!?,'(?7!)*!6(!%+%,?%6?(!,/!)5(,&!*&,C,/%?!?%/C8%C(!08(!)*!)5(!(A(&C(/3(! *@!0,C,)%?!)(?(+,1,*/\!! ' 5#+'6%"7#4'(/82"#0' ' EE! 4(&3(/)! *@! O4%/,15! 5*81(5*?01! *-/! %! )(?(+,1,*/[! C**0! @*&! +(&%??[!/*/U?,/(%&!+,(-,/C!),A(!C&(-! 67! /(%&?7! ;=! 4(&3(/)! ,/! ;Q<#! 68)! 1),??! %+(&%C(1! ?(11! )5%/! ;Q! A,/8)(1! 4(&! 0%7\!! ^/)(&(1),/C?7[!)5(!?%&C(1)!4*&),*/!*@!C&*-)5!,/!/*/U?,/(%&!+,(-,/C!),A(!,1!@&*A!15*&)! @*&A!3*/)(/)!H(\C\!f*8N86(I[!-5,35!%+(&%C(1!E!A,/8)(1!4(&!4(&1*/!4(&!0%7\!>+(&%??[! )5(! 4(&3(/)%C(! *@! O4%/,15! +,(-(&1! -%)35,/C! f*8N86(! %)! ?(%1)! 0%,?7! 5%1! ,/3&(%1(0! @&*A!;=!)*!JJ!4(&3(/)!1,/3(!;Q<<[!-5,?(!)5(!/8A6(&!-5*!-%)35!f*8N86(!@*&!%)!?(%1)! )5&((!5*8&1!4(&!0%7!5%1!C*/(!@&*A!e81)!"!4(&3(/)!)*!/(%&?7!

)+! )*!/(%&?7!d<\=9!6,??,*/!,/!;Q<#[!C**0!@*&!/(%&?7!>6?! B5C6! &6;C59=89<>! ;Y756!EFGT! G! K/)(//%!"! K)&(1A(0,%! <"\"n! $*1)! (1)%6?,15(0! 4&,+%)(! NF! 35%//(?[! N(?(+,1,q/! 6&*%03%1),/C! *&,C,/%?! (/)(&)%,/A(/)! 4&*C&%AA(1[!1835!%1!K`0/3%')'a2`6/3%!%/0!,2' 3%"%' 6#' 02#1%! )5%)! C%,/(0! ,/)(&/%),*/%?! 1833(11\!! E! N(?(3,/3*! $(0,%1()! <"n! ,#-#3/13)! ,1! %! C(/(&%?! 35%//(?! 3%)(&,/C! @*&! %??! B14%r%! %80,(/3(1\! ^)! 15*-1! 4*48?%&! @,?A1[! 1(&,(1[! (/)(&)%,/A(/)!15*-1[!,/3?80,/C!1835!1(&,(1!%1! 9%'=2#'0#'%.#3/1%F'E/1'4#4%0'1)':%+'$%"%`0)'%/0' G`&%[!%1!-(??!%1!)5(! (/)(&)%,/A(/)! 15*-1! ?"b1/3%0' D%"3/%1%0! %/0! X%+' 21%' 3)0%' =2#' 4#' =2/#")'/"!%/0!)5(!)%?(/)!15*-!,:#';)/3#c! N! b%!

)"! B14%r*?%! 8/?,'(!,)1!1,1)(&!35%//(?!,;SQ']d9%'<1)d^!/*)!%/! *+(&?7!4*48?,1)!35%//(?[!68)!&%)5(&!@%A*81!@*&! %! A*&(! o,/)(??(3)8%?o! 1)7?(! *@! 4&*C&%AA,/C! H*@)(/! 4*48?%&! -,)5! 8/,+(&1,)7! 1)80(/)1I! @(%)8&,/C!-,?0?,@(!%/0!38?)8&%?[!0*38A(/)%&,(1[! 3?%11,3! @,?A1! @&*A! 5*A(! %/0! %6&*%0[! A*&(! o%?)(&/%),+(a! KA(&,3%/! NF! O(&,(1! _! I/--' O' Z"%3#F'E/e'K##4'<1&#"F';#")1/3%'D%"0!()3\! \! W(*X! K)&(1A(0,%! ;\"n! :(%&(0! )*-%&01! 35,?0&(/! %/0! %! )((/%C(! N(?(+,1,q/! %80,(/3([! )5(! 35%//(?! 15*-1! 35,?0&(/p1! 4&*C&%AA,/C! 08&,/C! )5(! A*&/,/C[! %/0! @,?A1! %/0! 1(&,(1! @*&! 7*8/C1)(&1! 08&,/C! )5(! (+(/,/C! %/0! /,C5)\! ^/)(&/%),*/%??7! 1833(11@8?! 1(&,(1[! 1835! %1! K%6/-+' Z2+F' X)C' L' D#4' f)2"' D)4:#"' %/0' D)&#"1' K%6/-+' %&(! 15*-/[! 3*A4?(A(/),/C! G14#1%' g! 4*48?%&! 4&*C&%AA,/C\!! ]! W*+%! $(0,%1()! ;\;n! N5(! 35%//(?! %/0! ,)1! 3*/)(/)! ,1! %,A(0! %)! B14%r%! -*A(/!%/0!)5(!135(08?(!,/3?80(1!4&*C&%A1!,/! @%15,*/! %/0! ?,@(1)7?(! ?,'(! 3**'(&7\! G8&,/C! )5(! (+(/,/C!@,?A1!%/0!1*A(!1(&,(1!%&(!15*-/\!! GF! G,+,/,)7! K)&(1A(0,%! ;\;n! b,'(! h).%F! )5(! 4&,+%)(! NF! 35%//(?! >/./1/4+' N(?(+,1,q/! )%&C()1! %! @(A%?(! %80,(/3([! 6&*%03%1),/C! 4&*C&%AA(1!)5%)!%&(!A%,/?7!&(4(%)1!*@!1(&,(1! 4&(+,*81?7! 15*-/! */! )5(! *)5(&! $(0,%1()! 35%//(?1!?,'(!,#-#3/13)\!

! ' !%+',;' ' O4%/,15!Z%7!NF!,1!6**A,/C[!(X3((0,/C!#!A,??,*/!18613&,6(&1!,/!;Q<#\!K1!,/!Y&%/3([!)5(!0&,+(&! @*&!Z%7!NF!,/!O4%,/!,/!&(3(/)!7(%&1!5%1!6((/!)5(!&%4,0!)%'(U84!*@!^ZNF[!-5,35!5%1!3*A(!%)!)5(! (X4(/1(! *@! 3%6?(! %/0! 1%)(??,)(! Z%7! NF! 1(&+,3(1\! ^ZNF! /*-! %33*8/)1! @*&! *+(&! 5%?@! *@! )5(! O4%/,15!Z%7!NF!A%&'()4?%3([!*/!)5(!1)&(/C)5!*@!1*U3%??(0!`3*/+(&C(/)a!*4),*/1!*@@(&(0!67! O4%,/S1!)(?(3*A!3*A4%/,(1!-5,35!3*A6,/(!5*A(!,/)(&/()!1(&+,3(!-,)5!%/!^ZNF!1()U)*4!6*X\! ! ! ! ! ! ! ! ! ! ! ! ! !

)#! ! !

!"#$%&'()#*+,-".(#+/,0$%12341-56"#7,8#9:#6"5-1%"26"0# J>?9V6! 9>! ^7>X! <8Y65! ^75V68;! WY656! :96W65;! ^<;8?X! ;ZD;C59D6! 8@9:9@Z7?! -7X! )K! CY7>>6?;!_7Q?7QC75861`!9>!(=79>!8Y6![5:65[6>8!2-)K![;!Y7;!56;Z?86@!9>!7! ;?9[Y8?X!@9aa656>8!;85ZC8Z56!87V9>[!Y! W98Y! 8Y6! CY7>>6?;! 8Y6^;6?:6;I! '<^=7>96;! ?9V6! )6?6a<>9C7! b*<:9;875cd1! K<@7a<>6! bK<@7a<>6! )Kd1! 7>@! $57>[6! b$57>[6! )Kd! 67CY! =5<:9@6! ;ZD;C59=89<>;! :97! 8Y695! ;68Q8<=! [;! 8Z! >6?;1! ^7>X! 9>865>789<>7??XQ D7;6@1!WY9CY!756!><8!7:79?7D?6!<>!><5^7?!(=7>9;Y!)KI!2>!^7>X!C7;6;!8Y6!2-)K![! 8Y6>!@!(K<&!=?78a<5^!WY656!:96W65;!C7>!;8567^!8Y6!7:79?7D?6!C<>86>8!<>Q @6^7>@I!! ! )Y6!-7X!)K!=?78a<5^;1!567?9;9>[!8Y695!^75V68!=<;989<>1!756!9>!8Z5>!D6[9>>9>[!8:6;8!9>! 8Y695!!<59[9>7?!C<>86>8!8@!56879>!^<56!:96W65;I!*<:9;875c!a<5!98;!=758!9;! 9>:6;89>[!eHF!^9??9<>!=65!X675!9>!<59[9>7?!;6596;1!W98Y!a>6@!@57^7!56?67;6;!D6a<56! 8Y6! 6>@! 6! 7>@! $57>[6! Y7:6! ^<;8?X! C<>89>Z6@! 8! ?9C6>;9>[!7>@!@9;859DZ89>[!6f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b%),/!KA(&,3%/!A%&'()[!%/0! +,3(!+(&1%\!h5,?(!)5,1!A%7!6(!%!1*A(-5%)!4&(0,3)%6?(!1)&%)(C7!*/!)5(!4%&)!*@!C?*6%?! 4?%7(&1! ?,'(! W()@?,X! %/0! KA%]*/[! $*+,1)%&m! 5%1! %?1*! A%0(! %! 4*,/)! *@! 1(38&,/C! @,&1)! *4),*/1!@*&!,)1!0&%A%!1(&,(1!%3&*11!b%),/!KA(&,3%!-5,?(!NFB[!)5(!486?,3!6&*%03%1)(&[! 5%1! &(3(/)?7! 3*??%6*&%)(0! -,)5! )-*! *@! $(X,3*S1! ?(%0,/C! 6&*%03%1)(&1! */! %! 4(&,*0! 0&%A%!1(&,(1!%6*8)!)5(!3*/L8,1)%0*&!k(&/s/!R*&)i1\!^/!)5(!*)5(&!0,&(3),*/[!)5(!5,)! W()@?,X!1(&,(1!`W%&3*1a!,1!%A*/C!)5(!4?%)@*&AS1!A*1)U-%)35(0!4&*C&%A1!,/!O4%,/\!! ! !

)$! ! *+,-"#,"4#;,0-"#<261-&,#+,10"61#'+# =9>616# ,16# 2,"8# 0>-"?(# ?%-"?# $%1# *+,"-(># 9:# +1%4'&0-%"@# -"&/'4-"?# /,"?',?6# ,"4#,&0%1(#A"%B"#%"#C%0>#(-46(#%$#0>6#<0/,"0-&@#0>,0#B-//#>6/+#-0#C6&%26#,#C1-4?6# 0%#0>6#;,0-"#<261-&,"#2,1A60DE# !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Q/65>7>@@Z;85XQ78Q7Q[?7>C6.!287?X! ! ' ,#-#./0/)1'$")&234/)1')24-/1#' ' N5(!6&*%03%1)!,/081)&7!,/!^)%?7!,1!-,0(?7!3*/1,0(&(0!)*!6(!5,C5?7!4*?,),3,](0[!5(%0?,/(0!67!jK^[! )5(!486?,3!6&*%03%1)(&!-5,35!,1!EEn!*-/(0!67!)5(!$,/,1)&7!*@!B3*/*A7!%/0!*+(&1((/!+,%!%! 4%&?,%A(/)%&7!3*AA,))((!-5,35!5%1!5,1)*&,3%??7!)(/0(0!)*!%44*,/)!0,&(3)*&1!*/!)5(!6%1,1!*@! 4%&)7!A(A6(&15,4!&%)5(&!)5%/!A(&,)\!>/!)5(!3*AA(&3,%?!1,0([!A%&'()!?(%0(&!$(0,%1()!,1!1),??! 3*/)&*??(0!67!)5(!@%A,?7!*@!3*/)&*+(&1,%?!@*&A(&!^)%?,%/!Z&,A(!$,/,1)(&!O7?+,*!2(&?813*/,[!-5*! -%1! 3*/+,3)(0! *@! )%X! @&%80! ,/! ;Q<"\! N*C()5(&[! $(0,%1()! %/0! jK^! %33*8/)! @*&! /(%&?7! )-*U )5,&01!*@!%??!)(?(+,1,*/!A%&'()!15%&(!,/!^)%?7\! ! b,'(! *)5(&! B8&*4(%/! A%&'()1[! jK^! ,1! @,/%/3(0! )5&*8C5! %! 3*A6,/%),*/! *@! %0+(&),1,/C! %/0! ?,3(/1(!@((1\!T/?,'(!*)5(&!B8&*4(%/!A%&'()1[!%0+(&),1,/C!A%'(1!84!%!A835!C&(%)(&!15%&(!*@! )5(!680C()!H&*8C5?7!

)%! K00,),*/%?!jK^!35%//(?1!-5,35!A%7!6(!*@!,/)(&(1)!@*&!)5(!48&4*1(1!*@!)5,1!&(4*&)!,/3?80(!jK^! J[!-5,35!%,&1!NF!1(&,(1!%/0!(/)(&)%,/A(/)!@*&!7*8/C!%08?)1[!%/0!jK^!f*7*[!-5,35!@*381(1!*/! 35,?0&(/\!>@!)5(!A%,/!35%//(?1[!jK^!"!5%1!5,1)*&,3%??7!)(/0(0!)*!%,&!A*&(!@*&(,C/!?%/C8%C(! 3*/)(/)!-5,?(!jK^!;!%?1*!@(%)8&(1!35,?0&(/S1!4&*C&%AA,/C\! ' jK^S1!A%,/!3*A4(),)*&!$(0,%1()!?%8/35(0!,/!)5(!)5(&!&(?(+%/)!35%//(?1!,/3?80(!^&,1[!-5,35! %,&(0! A%/7! *@! k2>S1! 3?%11,3! 15*-1! 08&,/C! )5(! ;QQQ1[! %/0! N*4! R&,A([! -5,35! 14(3,%?,1(1! ,/! 3&,A(U&(?%)(0!A*+,(1[!13&,4)(0!1(&,(1[!%/0!0*38A(/)%&,(1\! ' N5(!*)5(&!A%e*&!4?%7(&!,/!)5(!^)%?,%/!6&*%03%1)!A%&'()!,1!O'7!^)%?,%[!4%&)!*@!)5(!B8&*4(U-,0(! O'7!)(?(+,1,*/!(A4,&(\!^)%?7!,1!O'7S1!6,CC(1)!A%&'()!*8)1,0(!*@!)5(!TV!%/0!^&(?%/0[!-,)5!O'7! C&*-,/C! )*! 6(! ^)%?7S1! ?(%0,/C! Z%7! NF! 4&*+,0(&! 1,/3(! (/)(&,/C! )5(! A%&'()! ,/! ;QQ"\! O'7! ,1! 38&&(/)?7!%))(A4),/C!%!4815!,/)*!O4%,/!-,)5!,)1!W*-!NF!>NN!*@@(&,/C[!-5,35!,1!%?1*!*@@(&(0!,/! :(&A%/7!-5(&(!,)!5%1!1(38&(0!(X3?81,+(!&,C5)1!)*!4*48?%&!1(&,(1!?,'(!`k*81(!*@!R%&01\a! ! >/!)5(!@&((U)*U%,&!1,0([!TOU6%1(0!G,13*+(&7!W()-*&'1!,1!%?1*!%3),+(!,/!^)%?7!-,)5!,)1!G,13*+(&7! ^)%?,%! 6&%/0! *@! 35%//(?1\! G,13*+(&7! ^)%?,%! )(/01! )*! @*381! */! &(%?,)7! NF! %/0! ?,@(1)7?(! 4&*C&%AA,/C[!%/0!0*(1!/*)!%44(%&!)*!6(!%!A%e*&!4?%7(&!,/!5,C5U(/0!0&%A%!1(&,(1\!^)!3*8?0! 5*-(+(&! 6(! %! &(?(+%/)! 4%&)/(&! @*&! 7*8)5! 4&*C&%AA,/C[! -,)5! ,)1! Y&,16((! %/0! V;! 35%//(?1! )%&C()(0!)*-%&0!35,?0&(/!%/0!)((/1[!&(14(3),+(?7\! ' 5#+'6%"7#4'(/82"#0' ' ^)%?,%/1!-%)35!)5(!A*1)!NF!,/!)5(!-*&?0!*8)1,0(!*@!)5(!T/,)(0!O)%)(1!%/0!c%4%/[!%)! ;DQ!A,/8)(1!4(&!0%7[!%33*&0,/C!)*!^kO!N(35/*?*C7\!E=n!*@!^)%?,%/!5*81(5*?01!*-/!%! NF[! %! )*)%?! *@! ;J\D! A,??,*/! 5*81(5*?01! *+(&%??\! W*/U?,/(%&! +,(-,/C! ,1! */! %! 4%&! -,)5! Y&%/3(!%/0!O4%,/[!&,1,/C!)*!

)&! 4(&3(/)!,/!O4%,/!H-5(&(!OF*G!%0*4),*/!5%1!%?1*!6((/!1?*-I\!K1!^)%?7!-*&'1!)*!3%)35! 84!-,)5!,)1!0,C,)%?!4((&1!,/!B8&*4([!OF*G!A%7!6(!%!'(7!C&*-)5!1(CA(/)\!O8&+(71!15*-! )5%)!A*&(!)5%/!*/(U)5,&0!*@!^)%?,%/1!%?&(%07!%33(11!*/?,/(!1)&(%A,/C!1(&+,3(1!%/0!0*! 1*!@&*A!%/!%+(&%C(!*@!"!0(+,3(1[!@,/0,/C1!-5,35!%&(!A*&(!3?*1(?7!,/!?,/(!-,)5!*)5(&! 0(+(?*4(0!3*8/)&,(1\' ' ' ' 9#%&/18'3:%11#-0' ' NF!A%&'()!15%&(!,/!^)%?7!,1!5(%+,?7!*&,(/)(0!%&*8/0!jK^!%/0!$(0,%1()[!-,)5!G,13*+(&7!^)%?,%! %/0! R%,&*! R*AA8/,3%),*/! %?1*! ,/! )5(! N*4! >6?! B5C6! &6;C59=89<>! ;Y756!EFGT! G! jK^!

)'! H! b%9! R%,&*! "\Jn! :(/(&%?,1)! 35%//(?! @*381,/C! */! R*AA8/,3%),*/! (/)(&)%,/A(/)!4&*C&%A1\! \! j(%?! G,13*+(&7! ;\"n! H#%-',/6#!,1!%!?,@(1)7?(!NF!35%//(?!)%&C(),/C! N,A(! W()-*&'1! %!@(A%?(!5,C5U3?%11!%80,(/3(!*@!;=U!)*!JJU 7(%&U*?01\! N5(! 35%//(?! 6&*%03%1)1! 6*)5! @*&(,C/! 4&*C&%AA(1! %/0! %! @(-! *&,C,/%?! ^)%?,%/! 4&*083),*/1\! $*1)! %3L8,&(0! 4&*C&%AA(1! -(&(! *&,C,/%??7! 4&*083(0! @*&! )5(!G6#"/3%1',9?!*&!)5(!U"/4/0:'?:%11#-'_\! ]! G$Kt! G,13*+(&7! ;\;n! >DGi! ,1! C?*6%??7! '/*-/! %1! %! @%3)8%?U W()-*&'1! (/)(&)%,/A(/)! 35%//(?! %00&(11,/C! )5(! A%?(!%80,(/3(!,/!^)%?7!-,)5!%/!(A45%1,1!*/! A*)*&!14*&)1[!?,@(1)7?(!%/0!3&,A(!1(&,(1\!! GF! jK^!f*7*! jK^! ;\;n! HGL'f)+)S1!4&*C&%AA,/C!3*/1,1)1!*@!15*-1! %,A(0! %)! +(&7! 7*8/C! 35,?0&(/[! %C(0! QUD\! 2(1,0(1! *-/! 3*/)(/)! ,)! 15*-1! @*&(,C/! 4&*083),*/1!,/!)5(!@,(?01!*@!3%&)**/[!@,3),*/! %/0!@%,&7!)%?(1\! ' !%+',;' ' T/),?! /*-! Z%7! NF! ,/! ^)%?7! 5%1! 4&,A%&,?7! 6((/! 0*A,/%)(0! 67! O'7! ^)%?,%[! -5,35! (/)(&(0! )5(! A%&'()!,/!;QQ"!-,)5!%!1,A,?%&!1%)(??,)(U6%1(0!*@@(&,/C!)*!,)1!@?%C15,4!1(&+,3(!,/!)5(!TV\!O'7! ^)%?,%! *@@(&1! 18613&,6(&1! %! &%/C(! *@! `35%//(?! 4%3'1a! %+%,?%6?(! +,%! )5(! $7! O'7! 6*X[! -5,35! 3*/1,1)!*@!%!A,X!*@!/(-1[!(/)(&)%,/A(/)[!3,/(A%[!',01[!%/0!14*&)1!35%//(?1\!!! ! O'7! 5%1! 6((/! %6?(! )*! 3%4,)%?,1(! */! ^)%?7S1! &(?%),+(?7! ?,A,)(0! @&((U)*U%,&! NF! ?%/013%4(! )*! 6(3*A(! )5(! )5,&0! ?%&C(1)! 4?%7(&! ,/! )5(! ^)%?,%/! )(?(+,1,*/! A%&'()! 6(5,/0! j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

)(! A%&'()1!H4%&),38?%&?7!)5(!TV[!O4%,/[!%/0!:(&A%/7I[!-5(&(!O'7!,1!%?1*!5*4,/C!)*!%))&%3)!/(-! 18613&,6(&1!-,)5!W*-!NF\! ' <1/=2#'4"#1&0' ! ^/!)(&A1!*@!4&(A,8A!3*/)(/)[!^)%?7!)(/01!)*!6(!)5(!?(%1)!A%)8&(!A%&'()!*@!)5(!)5&((! 18&+(7(0\! h5,?(! 1*A(! 4&*C&%A1! 1835! %1! `N5(! f*8/C! Z*4(a' %/0! `:*A*&&%5a' 5%+(! C%&/(&(0!,/)(&/%),*/%?!%))(/),*/[!NF!,/!^)%?7!,1!`1),??!6(1()!67!+%&,()7!15*-1!%/0!/(-1! )%?'!15*-1!)5%)!1((A!A*&(!3*/3(&/(0!-,)5!(/)(&)%,/,/C!)5%/!,/@*&A,/C!+,(-(&1[a!%1! %!Z2%"&/%1!4&*@,?(!*@!B8&*4(%/!6&*%03%1)!38?)8&(1!&(3(/)?7!48)!,)\!k,C5U(/0!0&%A%!,/! ^)%?7! H6*)5! 0*A(1),3! %/0! ,/)(&/%),*/%?I! 5%1! A*1)?7! 6((/! )5(! 0*A%,/! *@! )5(! Z%7! NF! 4&*+,0(&1[!-,)5!A*1)!*@!)5(!C?*6%?!0&%A%!3*/)(/)!*/!)5(!@&((U)*U%,&!35%//(?1!)(/0,/C! )*-%&0!A%,/1)&(%A!/()-*&'!1(&,(1!@&*A!)5(!TO\!! !! b,'(!O4%,/[!^)%?,%/!Z%7!NF!,1!5(%+,?7!*&,(/)(0!%&*8/0!,/)(C&%)(0!`4%3'%C(a!*@@(&,/C1! &%)5(&!)5%/!,/0,+,08%?!35%//(?1\!N5,1!A(%/1!)5%)!)5(!/8A6(&!*@!4?%7(&1!,1!*/3(!%C%,/! &(?%),+(?7!?,A,)(0!@&*A!%!4&*083),*/!4(&14(3),+([!68)!)5%)!)5(!4?%7(&1!-5*!0*!(X,1)! 5*?0!C&(%)!1-%7!*+(&!)5(!A%&'()\!K1!A*&(!*@!^)%?7S1!Z%7!NF!?%/013%4(!A*+(1!)*-%&0! ,/)(C&%)(0! 1)&(%A,/C! *4),*/1[! (X4(3)! ,/3&(%1,/C! ,/+(1)A(/)1! ,/! 4&(A,8A! 0&%A%! 1(&,(1!@&*A!$(0,%1()!%/0!O'7!%1!6*)5!e*3'(7!@*&!4*1,),*/!%C%,/1)!,/)(&/%),*/%?!OF*G! 3*A4(),)*&1[!%1!-(??!%1!*/(!%/*)5(&\!!!! ! Z%7!NF!,/!^)%?7!3%/!%?A*1)!6(!)5*8C5)!*@!%1!,)1!*-/!171)(AU-,)5,/U%U171)(A[!C,+(/!)5(! +%1)!3*/)(/)!%/0!L8%?,)7!0,14%&,),(1!6()-((/!Z%7!NF!%/0!)5(!@&((U)*U%,&!171)(A\!h,)5! %44&*X,A%)(?7! =! A,??,*/! 18613&,6(&1[! O'7! ^)%?,%S1! 381)*A(&1! %?*/(! /(%&?7! (L8%?! )5(! )*)%?! /8A6(&! *@! 18613&,6(&1! ,/! O4%,/S1! (/),&(! Z%7! NF! A%&'()4?%3(\! :,+(/! jK^S1! ,/1),)8),*/%?!35%??(/C(1[!,/)(&/%),*/%?!4&*083(&1!A,C5)!3*/1,0(&!@*381,/C!*/!Z%7!NF!%1! )5(!6(1)!*44*&)8/,)7!@*&!3*??%6*&%),/C!-,)5!^)%?7!%1!%!6&*%03%1)!4%&)/(&\! ! h5(/!,)!3*A(1!)*!35,?0&(/S1!3*/)(/)[!)5(!G,13*+(&7!W()-*&'1!35%//(?1!3*8?0!6(!%/! ,/)(&(1),/C! 4%&)/(&! %1! )5(7! *@@(&! )5(! 35%/3(! )*! ?(+(&%C(! ^)%?,%/! 35,?0&(/S1! 4&*C&%AA,/C!%1!%!A(%/1!@*&!3*//(3),/C!-,)5!*)5(&!A%&'()1\!R5,?0&(/S1!3*/)(/)!3*8?0! %?1*!6(!%!A*&(!4&*A,1,/C!%+(/8(!)5%/!0&%A%!@*&!3*//(3),/C!-,)5!jK^!%/0!$(0,%1()\! ! ! ! ! ! ! ! !

+*! F68#+%-"0()#9:#-"#G1,"&6@#*+,-"@#!0,/8# ! )Y6!857@989<>7?!D5<7@C7;8!^75V68!9>!7??!8Y566!C8596;!86>@;!8@! 7! ;^7??! >Z^D65! 6! 68W<5VI!)Y6!/56>CY!D5<7@C7;8!^75V68!86>@;!8! 9>!(=79>!<5!287?X1!WY656!8Y6!^75V68!9;!^<56!C6>857?9;6@I! ! /57>C6!9;!DX!a75!8Y6!^<;8!^78Z56!^75V68!a<5!-7X!)K!7>@!(K<&1!W98Y!EG!^9??9<>! ;ZD;C59D65;I!/57>C6!7?;!068a?9f!;ZD;C59=89<>;I! ! (=7>9;Y! @57^7! 9;! 78857C89>[! ^<56! 9>865>789<>7?! 7886>89<>1! =7589CZ?75?X! 7;! =5<@ZC65;!7>@!D5<7@C7;865;!6X6!8Y6!(=7>9;YQ;=67V9>[!@97;=<57!7;!7!^67>;![! Y98! ;6596;! [?i;! -7X! )K! 7>@! (K<&! ^75V68=?7C6! 9;! Y6789>[! Z=! jZ9CV?X!7>@!C!<==<58Z>9896;I! ! 287?97>! -7X! )K! 9;! =5! a<5! =Z5;Z9>[! Y9[YQ:7?Z6! @57^7! =5!287?XI!+6X!=?7X65;!9>C?Z@6!(VX!7>@!*6@97;681!8Y6!?78865!!(=79>I! ! )Y6!/56>CY!^75V68!Y7;!8Y6!^<;8!C5<;;<:65!W98Y!<8Y65!V6X!^75V68;!9>!,Z5<=61! =7589CZ?75?X! B65^7>X! 7>@! 8Y6! J+1! W98Y! a56jZ6>8! C! <==<58Z>9896;! 7>@!V6X!=?7X65;!?9V6!7586!a<5^7??X!7C89:6!9>!D<8Y!C8596;I!

! ! ! B6>56!856>@;!7>@!C7;6!;8Z@96;! ! &57^7!;6596;! ! N5(!0&%A%!C(/&(!,/!)5(!)5&((!)%&C()!3*8/)&,(1!15*-1!+%&7,/C!0(C&((1!*@!0(+(?*4A(/)!%/0! 1*45,1),3%),*/\! Y&%/3(! )(/01! )*! 6(! )5(! A%&'()! -,)5! )5(! 5,C5(1)UL8%?,)7! %/0! A*1)! 0,+(&1(! ,/)(&/%),*/%?!0&%A%!3*/)(/)[!-5,?(!0&%A%!,/!O4%,/!%/0!4%&),38?%&?7!^)%?7!1),??!)(/01!)*-%&0! A%,/1)&(%A!KA(&,3%/!/()-*&'!1(&,(1!%/0!%!5%/0@8?!*@!-(??U'/*-/!k2>!4&*C&%A1\!h5,?(!)5,1! ,1! 35%/C,/C! C,+(/! )5(/! *+(&%??! C?*6%?! )&(/0! )*-%&0! 5,C5U(/0! NF! 0&%A%[! )5(! A%&'()! ,1! 1),??! 6(5,/0!W*&)5(&/!B8&*4(!%/0!)5(!TV\! ! Y&%/3(!,1[!,/3,0(/)%??7[!-5(&(!W*&0,3!0&%A%!5%1!@*8/0!)5(!A*1)!)&%3),*/!)581!@%&!*8)!*@!)5(! )5&((!A%&'()1!18&+(7(0\!$*1)!*@!)5(!W*&0,3!1(&,(1!-5,35!5%+(!%,&(0!,/)(&/%),*/%??7!,/!)5(!TV! %/0!:(&A%/7!)*!0%)(!5%+(!%?1*!6((/!15*-/!,/!Y&%/3([!A*1)!&(3(/)?7!)5(!Y,//,15!5,)!1(&,(1! `2*&0(&)*-/a!-5,35!,1!6(,/C!15*-/!*/!)5(!R%/%?Z?%7!OF*G!4?%)@*&A\! ! ^/!O4%,/!%/0!^)%?7[!A*1)!*@!)5(!5,C5(&!+%?8(!0&%A%!6&(%')5&*8C51!)*!0%)(!5%+(!(,)5(&!6((/! 0*A(1),3!*&!@&*A!KA(&,3%/U4&*083(0!W()@?,X!1(&,(1\!N5(!C(/(&%?!)&(/0!?,/(1[!5*-(+(&[!5(?4! )*!,??81)&%)(!-5%)!,1!38&&(/)?7!4*48?%&!*/!NF!%/0!5*-!,/)(&/%),*/%?!4&*083(&1!A,C5)!?(+(&%C(! *44*&)8/,),(1! @*&! 4%&)/(&15,4\! O4%,/! (14(3,%??7! 5%1! 6((/! %))&%3),/C! A*&(! %))(/),*/! */! )5(! 0&%A%!1)%C(!&(3(/)?7[!-,)5!W()@?,X!%3L8,&,/C!)-*!O4%/,15!/()-*&'!1(&,(1!,/!c8/(!%/0!-,)5!%! 1?%)(!*@!*)5(&!/(-!O4%/,15!0&%A%!15*-1!1)%&),/C!)*!A%'(!5(%0?,/(1!,/)(&/%),*/%??7\! ! ! !

+)! 5#+'4:#6#0' ' 761-%4#41,2,D#Z(&,*0!0&%A%!5%1!15*-/!%!C**0!0(%?!*@!1)%7,/C!4*-(&!%1!%!C(/&(!,/! O4%,/[! -,)5! A%/7! *@! )5(! )*4! O4%/,15! 0&%A%! 1(&,(1! @%??,/C! %)! ?(%1)! ?**1(?7! ,/)*! )5,1! 3%)(C*&7!%/0!A8?),4?(!,/)(&/%),*/%?!1833(11!1)*&,(1!,/3?80,/C!`b%1!R5,3%1!0(?!R%6?(a! HW()@?,X[!;Q<9I[!`F(?+()a!HK/)(/%!"[!;QPR%/%?mI!%&(!%??!C**0!(X%A4?(1!*@!)5,1!C(/&(\' ' ' ' ' ' ' ' ' '

++! ?%0#'042&/#0' ' )Y6!4[!-<=6!_!YjPBOP^N[!

>&,C,/%?!1(&,(1!67!O'7[!k2>[!%/0!R%/%?m[!4&*083(0!67!h,?01,0(!H^)%?7I!,/!3*4&*083),*/!-,)5! k%8)!()!R*8&)!NF!HY&%/3(I!%/0!$(0,%4&*!HO4%,/I\!!

CCCc("#6%14-#6#&/%c3)6j4:#R+)218R$)$#

' ! '! 37;!'Y9C7;!@6?!'7D?6#b'7D?6!B95?;d!_!BO[!DX=QS[!W()@?,XP2%A6u!Z&*0833,*/(1[!;Q<9! ! ^/! )5(! &%3(! )*! 0*A,/%)(! ?*3%?! 4&(A,8A! 0&%A%! ,/! O4%,/[!,)!-%1!W()@?,X!)5%)!1)&83'!@,&1)[!&(?(%1,/C!,)1! @,&1)! *&,C,/%?! 0&%A%! ,/! O4%,/[! 9%0' ?:/3%0' &#-' ?%*-#! H?%*-#' Z/"-0I! */! K4&,?! ;D[! ;Q<9\! Z&*083(0! 67! $%0&,0U6%1(0! 2%A6u[! )5(! 1(&,(1! ?%8/35(0! )*! W()@?,XS1!

j*6(&)! N%&*! H:(&%&0! G(4%&0,(8I[! 35%&,1A%),3! A%7*&! *@! )5(! 3,)7! @*&! ;=! 7(%&1[! 5%1! 0(3,0(0! )*! &(),&(!,/!*&0(&!)*!0(0,3%)(!),A(!)*!5,1!@%A,?7\!28)! )5(!3*A,/C!(?(3),*/1!-,??!5%+(!5,A!@%3(!)5(!A%/! 5(! 35*1(! %1! 5,1! 5(,&[! b83%1! 2%&&(1! H2(/*,)! $%C,A(?I[! %/! %A6,),*81! 7*8/C1)(&! %,A,/C! 5,C5\! O(%1*/! ;! ,1! 38&&(/)?7! ,/! 4&*083),*/\! N5(! 1(&,(1! ,1! )5(!@,&1)!Y&(/35!*&,C,/%?!@*&!W()@?,X\!!

+"! CCCc(#c3)6j6%"0#/--#' ' ' K65;79??6;!_!Yj[!

*/4c-+jYCk?lhX'

!2!+>

+#! ! CCCc(/-6%e/14#"1%4/)1%-c3)6j(/-6j/R71)CRC:)R+)2R%"#'' ' ' *6@9C9!_!^NP:2[!DX=QS[!b8X!F,0(PjK^[!;Q<#! ! N5(! 1(&,(1! ,1! 1()! ,/! )5(! <=)5U3(/)8&7! Y?*&(/3([! %/0! )5(! 4&*)%C*/,1)! ,1! R*1,A*! )5(! B?0(&! -5*! -%1! (?(3)(0! 5(%0! *@! )5(! Y?*&(/),/(! j(486?,3! ,/! 6!"?7>CY6!l!YjP2B[!0&%A%[!DX=;S[!BC*!Z&*083),*/1PY&%/3(!;[!;Q<9! ! K! 0()(3),+(! 1(&,(1! 1()! ,/! %! 1A%??! )*-/! 3*A4?()(?7! 5(AA(0! ,/! 67! %/! ,A4(/()&%6?([! A71)(&,*81! @*&(1)\! $%e*&! b%8&v/(!h(,11!,1!)5(!`15(&,@@a!*@!)5,1!?,))?(! 3*AA8/,)7g! 15(! -%)35(1! *+(&! )5,1! 1,A8?)%/(*81?7!@%A,?,%&!%/0!1)&%/C(!4?%3(\! 27! /,C5)! %/0! 0%7[! 15(! (/0(%+*8&1! )*! 3&%3'! )5(! A71)(&,(1! *@! )5(! )*-/[! @,&1)! *@! %??! )5%)! *@! 5(&! *-/! ',0/%44,/C! ;Q! 7(%&1! (%&?,(&\! ' CCCc#8)R$")&234/)10c3)6jn)1#R*-%13:#! ' ' ' 'Y9?@56>i;!=5<[57^^6;!! ' ^/!%/!(&%!*@!C?*6%?!NF[!35,?0&(/S1!3*/)(/)!%&*8/0!)5(!-*&?0!1)%/01!*8)!@*&!6(,/C!%A*/C!)5(! A*1)!,/)(&/%),*/%?,1(0!C(/&(1\!$%/7!*@!)5(!A*1)!4*48?%&!35,?0&(/S1!4&*C&%A1!,/!)5(!)%&C()! A%&'()1!%&(!,A4*&)1!@&*A!)5(!TV!%/0!TOK[!/*)%6?7!)5(!5,)!`Z(44%!Z,Ca!1(&,(1!@&*A!)5(!TV\! ! K1! @%&! %1! )5(! ?*3%?! A%&'()1! %&(! 3*/3(&/(0[! )5(! 486?,3! 6&*%03%1)(&1! )(/0! )*! 0*A,/%)(! )5(! 35,?0&(/S1!NF!14%3(!,/!%??!)5&((!3*8/)&,(1[!68)!4%&),38?%&?7!Y&%/3([!-5(&(!Y&%/3(!Ni?i+,1,*/1! 14(/01!A*&(!A*/(7!Hd;9\;!A,??,*/!%//8%??7I!)5%/!)5(!/(X)!)5&((!4?%7(&1!HNY<[!R%/%?m[!%/0! )5(! Y&%/3(! Ni?i+,1,*/1! %/0! b%C%&0(! B/)(&)%,/A(/)U*-/(0! :8??,! 35%//(?I! 3*A6,/(0\!

+$! R5,?0&(/S1!3*/)(/)[!8/18&4&,1,/C?7[!)(/01!)*!6(!A*&(!3*/083,+(!)*!15*&)(&!@*&A%)1!%/0!*/?,/(! 4?%)@*&A1!)5%/!%?A*1)!%/7!*)5(&!C(/&(\!^/!4%&),38?%&!-(!%&(!1((,/C!%/!,/3&(%1(!,/!15*&)U@*&A! 15*-1! 6(,/C! &(?(%1(0! */! f*8N86([! %/0! %! A*+(! 67! (1)%6?,15(0! 6&*%03%1)(&1! )*! ?(+(&%C(! */?,/(! +,0(*! 15%&,/C! @*&! ',01\! Y&%/3(S1! NYT$%X[!-5,35!,1!%,A(0!)*-%&0!',01!%C(1!"U<;!%/0!)*0%7!6*%1)1!*+(&!JQQ[QQQ!18613&,6(&1\!! ! 2&*%03%1)(&1! C(/(&%??7! %&(! )%',/C! %! A8?),U4?%)@*&A! %44&*%35! )*-%&0! ',01S! (/)(&)%,/A(/)[! -,)5! Y&%/3(! Ni?i+,1,*/1! %?1*! 4*1),/C! (/),&(! (4,1*0(1! *@! @?%C15,4! 35,?0&(/S1! NF! 15*-1! )*! f*8N86(\!f*8N86(!,)1(?@!,1!@*381(0!*/!0(+(?*4,/C!14(3,@,3!*@@(&,/C1!@*&!)5(!35,?0&(/S1!A%&'()[! -,)5!)5(!f*8N86(!V^GO!%44!H(11(/),%??7!%!1)&,44(0U0*-/!+(&1,*/!*@!f*8N86(I!(/%6?,/C!',01!)*! 0,13*+(&!*/?,/(!+,0(*1!,/!%!1%@(!(/+,&*/A(/)\! ! 2(?*-!,1!%!18AA%&7!*@!38&&(/)!)&(/01!,/!',01S!NF[!-,)5!%/!,/0,3%),*/!*@!&(?(+%/)!3%1(!1)80,(1! ,/!)5(!)%&C()!A%&'()1\! ! 5#+'4"#1&0' ' 'K'/0-3+/,0$%12c! K1! /*)(0! %6*+([! A8?),U4?%)@*&A! 3*/)(/)! ,1! )5(! -%7! *@! )5(! @8)8&(! -5(/! ,)! 3*A(1! )*! &(%35,/C! %! C(/(&%),*/! *@! 35,?0&(/! -5*! 5%+(! %! C&(%)(&! /%)8&%?! @?8(/37!-,)5!13&((/1!%/0!)(35/*?*C7!)5%/!%/7!,/!5,1)*&7\!O(3*/0!13&((/!3*/)(/)!,/! 4%&),38?%&! ,1! 6(3*A,/C! A*&(! 3*AA*/! %1! %! -%7! )*! (X4%/0! )5(! &(%35! *@! 4*48?%&! 4&*C&%A1\!^/!O4%,/[!)5(!K&C(/),/,%/U6%1(0!)((/!)(?(/*+(?%!`F,*?())%a!&(3(/)?7!5(?0!,)1! *-/!5*A(U6%1(0!1,/C,/C!3*A4(),),*/!H`F,*?())%M!N8!O8(r*[!N8!$u1,3%aI!-5,35!,/+,)(0! @%/1!)*!1(/0!,/!)5(,&!*-/!+,0(*1!*@!)5(A!1,/C,/C\!' ' <&0-%"# ,"-2,0-%"D# K3),*/! %/,A%),*/! 3*/),/8(1! )*! 6(! %! '(7! C(/&([! -,)5! b(C*S1! `b(C(/01! *@! R5,A%[a! G&(%A-*&'1S! `G&%C*/1M! j,0(&1! *@! 2(&'[a! %/0! $%))(?S1! `$%X! O)((?a!%??!18&C,/C!,/)*!)*4!14*)1!,/!)5(!)%&C()!3*8/)&,(1!,/!&(3(/)!7(%&1\!>/(!&(?%)(0! )&(/0! %?*/C1,0(! %3),*/! %/,A%),*/! ,1! )5(! ,/3&(%1,/C! &,1(! ,/! )*7! 3*A4%/,(1! C()),/C! ,/+*?+(0!,/!NF!3*/)(/)!4&*083),*/[!%1!%!1)&%)(C7!@*&!1(??,/C!A(&35%/0,1(\!K)!$^ZR>$! ;Q<#[!$%))(?S1!35,(@!3*/)(/)!*@@,3(&!R%)5(&,/(!2%?1%AUO35-%6(&!18CC(1)(0!)5%)!)5(! )*71! %/0! C%A(1! C,%/)! -%1! 6(3*A,/C! `?(11! *@! %! )*7! 3*A4%/7! %/0! A*&(! *@! %! 1)*&7! 3*A4%/7[a!%!0(+(?*4A(/)!-5,35!5%1!%33(?(&%)(0!)5&*8C5*8)!)5(!,/081)&7\!# '' L1,"4(# ,16# +%B61$'/D# N5,1!3*/),/8(1!)*!6(!)&8(!,/!)(&A1!*@!,/)(&/%),*/%??7!4*48?%&! 35%&%3)(&1! %/0! @&%/35,1(1[! 1835! %1! b(C*[! N((/%C(! $8)%/)! W,/e%! N8&)?(1[! Z*-(&! j%/C(&1[!%/0!A%/7!*)5(&1\!N5(!)&(/0!%?1*!5*?01!-5(/!,)!3*A(1!)*!4*48?%&!35%//(?1\! K@)(&!?*3%?!35,?0&(/S1!35%//(?1[!)5(!G,1/(7!R5%//(?[!W,3'(?*0(*/[!%/0!2*,/C!)(/0!)*! 6(!/(%&!)5(!)*4!*@!)5(!?,1)!@*&!',01S!+,(-,/C!%3&*11!B8&*4(\!^/!O4%,/!%/0!^)%?7[!2*,/C!,1! )5(!A*1)!4*48?%&!',01!35%//(?!-5,?(!,/!Y&%/3([!Y&%/3(!Ni?i+,1,*/1!&(A%,/1!*/!)*4!67! %!-,0(!A%&C,/\# '# *>%103$%12#&%"06"0#0,A6(#%$$D#N5,1!C*(1!5%/0U,/U5%/0!-,)5!)5(!)&(/0!)*-%&0!A8?),U 4?%)@*&A!3*/)(/)[!%/0!)5(!A*+(A(/)!,1!*/?7!3*/),/8,/C!)*!C%,/!1)&(/C)5\!N5(!C,&?1S! -(6!1(&,(1!`O4%3(4*4a!5%1!4*1)(0!A*&(!)5%/!

+%! %80,(/3(!*/!)5(!NF!13&((/\!!>/(!&(3*C/,1%6?(!(X%A4?(!,1!)5%)!*@!`K/C&7!2,&01[a!-5,35! -%1!%0%4)(0!,/)*!%!15*&)!NF!3%&)**/!%/0!,/1)%/)?7!6(3%A(!*/(!*@!)5(!)*4!&%/C,/C! A*/)5?7!35,?0&(/S1!4&*C&%A1!,/!Y&%/3(\!! ! <"-2,0-%"# -"# G1,"&6@# 06/6"%56/,(# -"# *+,-"# ,"4# !0,/8D# Y&%/3(! ,1! */(! *@! )5(! 6,CC(1)! %/,A%),*/!5861!,/!B8&*4([!-,)5!)5(!35,?0&(/S1!A%&'()!%?A*1)!3*A4?()(?7!0*A,/%)(0! 67!%/,A%),*/\!h5,?(!%/,A%),*/!)%'(1!84!)5(!6,CC(1)!358/'!*@!)5(!',01S!NF!?%/013%4(! %3&*11!A%&'()1[!?,+(!%3),*/!7*8)5!)(?(/*+(?%1!)(/0!)*!6(!A*&(!4*48?%&!,/!O*8)5(&/! B8&*4([!-5(&(!R*?*A6,%/!,A4*&)!`R5,3%!F%A4,&*a!6(3%A(!*/(!*@!^)%?7S1!)*4U+,(-(0! 1(&,(1!-5(/!,)!-%1!6&*8C5)!)*!B8&*4(!+,%!)5(!Z%7!NF!/()-*&'!2*,/C\!! ' ' ?%0#'042&/#0' '' )Y6!%:7875;'_!BO[!R*A(07P!N((/[!=;X;"S[!Z*&)*3%6*PG,1/(7!R5%//(?!^)%?,%[!;Q<"!

N5&((! @,@)((/! 7(%&! *?01! 8/,)(0! 67! )5(,&! ?*+(! @*&! A81,3[! 0&(%A! *@! 6(3*A,/C! &*3'! 1)%&1\! T/@*&)8/%)(?7[! )5(7! 5%+(! &(3(,+(0! 58/0&(01! *@! /(C%),+(1! @&*A! &(3*&0! 3*A4%/,(1[! %?-%71! 1)%),/C! )5(! 1%A(! &(%1*/[!)5(7S&(!)**!7*8/C\!28)!(+(&7)5,/C! 35%/C(1! -5(/! cZS1! 1,1)(&! 4&*4*1(1! )*! 3&(%)(! %! +,&)8%?! 6%/0M! ,:#' G.%4%"0\! N5%/'1! )*! )5(! -(6[! )5(! 6%/0! %35,(+(1! C&(%)! 4*48?%&,)7! ,/! /*! ),A(\! 28)! )5(7! A81)/S)! &(+(%?! )5(,&! ,0(/),)7[! -5,35! A%'(1!)5(A!3%&&7!*/!%!0*86?(!?,@(\'K!Z*&)*3%6*PY?7!G,1)&,68],*/(!NFP2&%+(!Y,?AP2**A(&%/C! NF! 4&*083),*/\! Z&*083(0! ,/! B/C?,15! @*&! ,/)(&/%),*/%?! A%&'()1[! %! C**0! (X%A4?(! *@! )5(! C?*6%?,]%),*/!)&(/0\!

CCCCc$)"4)3%*)c3)6jJ$%8#o/&pYYgY

,@@96!9;!7!4689!_!^N[!K/,A%),*/[!=;!X!"S[!$*/0*!NFPN**/!:*CC?(1[!;Q! <#!

B00,(!,1!e81)!7*8&!%+(&%C(!7(),[!?,+,/C!,/!)5(! C?%3,(&1!*@!K?%1'%[!8/),?!5(!+(/)8&(1!*8)!*@! 5,1!,1*?%)(0!-,?0(&/(11!%/0!1)8A6?(1!84*/! )5(! L8%,/)! )*-/! *@! h,//()'%\! B00,(! 6(@&,(/01!E!7(%&U*?0!Z*??7[!-5*!5(?41!5,A! *8)! *@! %/! (?%6*&%)(! 6(%&! )&%4\! K@)(&! )5,1[! )5(7! 6(3%A(! ,/1)%/)! 67@@S1! H`6(1)! 7(),! @&,(/01! @*&(+(&aI! %/0! C*! */! %! 1(&,(1! *@! %0+(/)8&(1\!R*U4&*083(0!67!^)%?7S1!?(%0,/C! %/,A%),*/!1)80,*!,/!3*??%6*&%),*/!-,)5!)5(! N**/! :*CC?(1! OF*G! 4?%)@*&A\! G(A*/1)&%)(1! )5(! C&*-,/C! +,%6,?,)7! *@!

+&! OF*GU@*&UV,01!%1!-(??!%1!)5(!A*+(!)*-%&0!15*&)(&!@*&A%)1\!! CCCc6)1&)4.c/4j03:#&%R0/18)-%R#&&/#R/0R%R+#4/R1#Cc:46-''

-7=59V7!_!Yj[!K/,A%),*/[!;#!X!"QS!*&!9=!X!9S!m!<

N5(!15*-S1!5(&*(1!%&(!>?,+,%!%/0!5(&!)-,/[! O)%/[!-5*!81(1!%!-5((?35%,&\!`^)S1!*8&!-%7! *@!1%7,/C!)5%)!6(,/C!0,@@(&(/)!0*(1/S)!A(%/! )5%)! 7*8! 15*8?0! 6(! (X3?80(0! @&*A! 0*,/C! -5%)! ',01! 0*[a! 1%,0! $%&3! 08! Z*/)%+,3([! @*8/0(&! *@! t,?%A[! )5(! 15*-S1! 4&*083(&\! `f*8!L8,3'?7!@*&C()!)5%)!5(S1!5%/0,3%44(0[! 6(3%81(! 5(S1! 1835! %! 0%&(0(+,?\a! G,1/(7! c8/,*&! b%),/! KA(&,3%! 5%1! 4,3'(0! 84! )5(! 15*-!%@)(&!,)!-%1!,/,),%??7!3*AA,11,*/(0!67! Y&%/3(!N(?(+,1,*/1!%/0!G,1/(7!c8/,*&!B$BK\!

CCCce/-%6c3)6j$)"4()-/)j$%$"/7%RYjJ-%18p#1!

3<;!'567@<56;!_!Kj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`R&(s4*?,1[a! )5(!+,&)8%?!-*&?0!*@!b*1!R&(%0*&(1[!)*!3*/),/8(!3&(%),/C!%/0!3*//(3),/C!-,)5!*)5(&!3&(%)*&1\

N5(! 15*-! 5%1! 6((/! 4,3'(0! 84! ,/! O4%,/! 67! 486?,3! 6&*%03%1)(&! jNFB\! ^)! ,1! 6(,/C! A%&'()(0!! ,/)(&/%),*/%??7!67!2%&3(?*/%!%/0!$%0&,0! U6%1(0!^A,&%!B/)(&)%,/A(/)!%/0!,1!%!C**0!(X%A4?(! *@!)5(!A*+(!)*-%&0!A8?),U4?%)@*&A!3*/)(/)\

*/4c-+jYn(XI3('' ! '! ' ' ' '

! '

+'! (VX?7>@65;!%C7@6^X!_!TOPYj[!K/,A%),*/[!<;X;JS[!N(%AN>PW()@?,X[!;Q<#! ! 2%1(0! */! %! +,0(*! C%A([! O'7?%/0(&1! K3%0(A7! ,1! %/! KA(&,3%/PY&(/35! 3*??%6*&%),*/! 4&*083(0! 67! N(%AN>! HY&%/3(I! %/0! K3),+,1,*/! 2?,]]%&0! O)80,*1! HTOKI\! N5(! @,&1)! 1(%1*/! 0(68)(0! */! W()@?,X! */! >3)*6(&! ;D[! ;Q<#[! -,)5! %! 1(3*/0! 1(%1*/! 1?%)(0! )*! 0(68)! ,/! ?%)(! ;Q<9\!Y&*A!%!A(&35%/0,1,/C!4(&14(3),+([! O'7?%/0(&1! ,1! %?&(%07! %! 58C(! @&%/35,1([! -,)5! *+(&! w"! 6,??,*/! ,/! )*)%?! 1%?(1! %/0! ;=Q! A,??,*/! )*71! 1*?0\! ^)! ,1! %! C&(%)! (X%A4?(! *@! )5(! C&*-,/C! ,/)(C&%),*/! *@! +,0(*! C%A(1[! )*71[! %/0! ',01S! NF[! %/0! %/! ,/)(&(1),/C! 3%1(! 1)807! ,/! )5(! 4*11,6,?,),(1! *@! 4%&)/(&15,4!6()-((/!%/,A%),*/!4&*083(&1!%/0!+%&,*81!/*/U3*/+(/),*/%?!4?%7(&1\! ! */4c-+jY82H*h,' ' ' ' '

-6==7!-9[!_!TV[!Z&(135**?!K/,A%),*/[!;

+(! :%M#+/,0$%12(#-"#&>-/416".(#6"0610,-"26"0# # %;!><86@!8Y5!7D<:61!8Y656!756!7!57>[6!! V9@;i! 6>865879>^6>81! 7>@! 8Y9;! Y7;! [6>657??X! D66>! 7>! 7567! WY656! D5<7@C7;865;! 756! ^<56! <=6>! 88789<>I! %;! a75! 7;! 8Y6! ^7k<5! =?7X65;1! <59[9>7?! CY9?@56>i;! =5<@ZC89<>!Y7;!D66>!7!^7k<5!;85786[9C!9^=65789:6!a<5!068a?9f1!7;!;66>!D6?WY9?61!5!EFGR1!7!@6@9C786@![! a<5!CY9?@56>I!)Y6!7==!7??!8!7!;7a6!6>:95<>^6>81!DZ8!7?;[!7!57>[6!9896;!a<5!C<>86>8!C5678<5;!8[!7Z@96>C6;I! ! ! ! ! ! ! ! ! ! ! ! ! +9@;i!:9@6<;!756!7^<>[!8Y6!^<;8!W78CY6@!9>!4@!8Y6!"6751`! 7! #Z;;97>! 7>9^786@! ;6596;1! Y7;! D66>! :96W6@! ^<56! 8Y7>! EIN! D9??9<>! 89^6;I! /5<^! 7! ^65CY7>@9;9>[! =65;=6C89:61! 8;85789<>;! 7>@! _=?7;89C! 6[[! :9@6<;1`! WY656! 7@Z?8;!=Z??!:759!7@@989<>!8[! aZ>1! ^7>X! !=56;;9>[!;=75V?X!-?7XQ&86X!=59>C6;;! a9[Z59>6;!Y7;!D66>!:96W6@!RRF!^9??9<>!89^6;Id!! ! 4! 87=! 9>8865>68i;! W<58Y! @! =65C69:6@! =[! 9>! CY75[61! 6:6>! 9>! ;Z=65a9C97?! W7X;I! '<>86>8! =5<@ZC65;! 7>@! 896;1! ^67>WY9?61! 756! Y7==X!8<8Y65!=?78a<5^!a<5!6>[7[6^6>8I! ! ! ! ! ! ! ! ! ! ! !

"*! $>?9>6!=?78a<5^;!A!C5<;;!^6@97!C<>86>8! ! N5(!,/)(&/()!4?%71!%!A%e*&!&*?(!,/!)5(!6&*%03%1)!A%&'()1!*@!)5(!)%&C()!3*8/)&,(1[!-,)5!^ZNF! 0*A,/%),/C!)5(!Z%7!NF!?%/013%4(!,/!Y&%/3(!%/0!O4%,/!%/0!OF*G!(X4%/0,/C!&%4,0?7!,/!(%35!*@! )5(!)5&((!A%&'()1\!! ! Z(&5%41! /*-5(&(! ,1! )5(! ,/@?8(/3(! *@! )5(! ,/)(&/()! A*&(! (+,0(/)[! 5*-(+(&[! )5%/! ,/! )5(! C&*-,/C!4&(+%?(/3(!*@!f*8N86([!G%,?7A*),*/[!%/0!*)5(&!*/?,/(!+,0(*!4?%)@*&A1!%1!%!3&(0,6?(! 1*8&3(!*@!3*/)(/)[!+,(-(&1[!%/0!%0+(&),1,/C!&(+(/8(1\!O4%,/S1!A*1)!4*48?%&!f*8N86(!35%//(?[! (?&86,81>$:[! 5%1! /(%&?7! ;=! A,??,*/! 18613&,6(&1! %/0! 5%1! 6((/! +,(-(0! A*&(! )5%/! =! 6,??,*/! ),A(1\! N*! 48)! )5(1(! /8A6(&1! ,/)*! 4(&14(3),+([! W()@?,X! ,1! /*-! )5(! 1(3*/0UA*1)! 4&(+%?(/)! OF*G!*4),*/!,/!O4%,/!%/0!1),??!5%1!?(11!)5%/!==Q[QQQ!O4%/,15!18613&,6(&1\!K33*&0,/C!)*!)5(! 1*3,%?!A(0,%!%/%?7),31!)&%3'(&!O*3,%?2?%0([!)5(!(?&86,81>$:!35%//(?!(%&/1!84!)*!dJJQ[QQQ!,/! %!C,+(/!A*/)5\! ! f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`>+(&UN5(UN*4a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f*8N86(! %/0! ,1! /*-! 6(,/C! ?(+(&%C(0!%3&*11!%/!,/3&(%1,/C!%&&%7!*@!%00,),*/%?!4?%)@*&A1[!-,)5!A%/7!)&%0,),*/%?!6&*%03%1)! 4?%7(&1!,/!)5(!A,X\!! ! >/(!%&(%!-5(&(!6&*%03%1)(&1!5%+(!L8,()?7!6(3*A(!A*&(!%3),+(!,1!,/!1*U3%??(0!$8?),UR5%//(?! W()-*&'1!H$RW1I[!-5,35!@8/3),*/!%1!0(U@%3)*!A%/%C(&1!@*&!3&(%)*&1!*/!f*8N86(!%/0!*)5(&! 0,C,)%?! 3*/)(/)! 4?%)@*&A1! 67! )%',/C! %/! ,/)(&(1)! ,/! )5(! 3&(%)*&S1! 35%//(?! ,/! (X35%/C(! @*&! 1844*&)! -,)5! ?,3(/1,/C! %/0! %0+(&),1,/C[! %A*/C! *)5(&! %3),+,),(1! @*381(0! */! A*/(),],/C! )5(! 35%//(?S1!3*/)(/)\!!

")! ! ;Q<"! )*! ;Q<#! 1%-! %! @?8&&7! *@! %3L8,1,),*/1! *@! $RW1! 67! ?(%0,/C! 6&*%03%1)(&1! %/0! Z%7! NF! 4?%7(&1! %3&*11! B8&*4(\! K1! 0,13811(0! ,/! *8&! 4&(+,*81! &(4*&)! */! )5(! :(&A%/! A%&'()[! :(&A%/7S1! )*4! )-*! 3*AA(&3,%?! 6&*%03%1)(&1! %&(! 6*)5! A%e*&,)7! *-/(&1! *@! $RW1! _! Z&*O,(6(/O%)\

' K-))e#"'?"#%4)"'>%0:*)%"&']G4"#06#&/%F''CCCc(-))e#"c3)6j3"#%&)"#0j^'' ' >@! )5(! )5&((! A%&'()1! 18&+(7(0[! ^)%?7S1! ?(%0,/C! 6&*%03%1)(&1! 5%+(! 6((/! )5(! 1?*-(1)! )*! (A6&%3(! */?,/(! +,0(*! 15%&,/C[! -,)5! /*! A%e*&! ,/+(1)A(/)1! ,/! $RW1P,/0(4(/0(/)! 3&(%)*&1! %/0!%!&(?%),+(?7!?,C5)!@**)4&,/)!(+(/!*/!(%35!6&*%03%1)(&S1!*-/!6&%/0(0!f*8N86(!35%//(?1\! N5,1! ,1! 4%&),38?%&?7! ,/)(&(1),/C! 3*/1,0(&,/C! O'7S1! */?,/(! 4&(1(/3(! ,/! )5(! TV[! -5,35! ,1! A835! A*&(!%0+%/3(0!)5%/!)5%)!*@!,)1!O'7!^)%?,%!3*8/)(&4%&)\!h5,?(!f*8N86(!%/0!*)5(&!*/?,/(!+,0(*! 4?%)@*&A1! &(A%,/! ,A4*&)%/)! ,/! ^)%?7[! )5(&(! 1((A1! )*! 6(! ?(11! (+,0(/3(! )5%)! )5(! )&%0,),*/%?! 6&*%03%1)(&1!5%+(!1*8C5)!)*!?(+(&%C(!)5(!4*)(/),%?!*@!)5(1(!4?%)@*&A1!,/!)5(!-%7!(X,1),/C! 4?%7(&1!5%+(!,/!*)5(&!'(7!B8&*4(%/!A%&'()1\! ' ' ' ' '

"+! L8#0>6#"'2C61()#N%'9'C6#-"#0>6#9,1?60#K,1A60(# # # # # (-%20! H>,""6/! O*'C(! P6"16! KHQR! 6?5ZD9Z;$*B! ;J[ED<[E9"! B/)(&)%,/A(/)! %/0! $,X,3*A! :%A,/C! K,B,))%HHH! B7^6-?7X! D[#D<[;"E! :%A,/C! 2&*%06%/0NF! L9??X56f! D[JQ"[";D! :%A,/C! $,X,3*A! 736f"4GG! #[E="[;D9! :%A,/C! $,X,3*A! ?ZhZ[7^6;! #[EJE[9;"! :%A,/C! $%'(&!O)80,*1! )@!/Z>>X!+9@;! #[E"#[<=Q! B/)(&)%,/A(/)! %/0! /P%! (Z5=59;6!,[[;! R5,?0&(/S1! ,f='7;65<;! #[9JD[DECg>!&6!B9<5[9,""6/! O*'C(! P6"16! KHQR! 'X=596>! <<[Q#Q[;=#! R*A(07! $,X,3*A! 0$#*%0! /%2)! &,(! E["#=[#"#! R*A(07! $,X,3*A! K2&n$(! (OJ,,m2,! D[J=J[B7^9>[! J[J";[="@46! "[D;<[9""! R*A(07! /P%! *79856B9^;K,K$! "[#";[";Q! $81,3! +(+*! 078<,""6/# O*'C(# P6"16# KHQR# *75h97! 9[QDQ[E=Q! Z(*4?(Pb,@(1)7?(! $%'(&!O)80,*1! &86??7;! ;[DK! =Z?C9><=9<8:! ;[JE9["DD! $81,3! 2(?,(+(!G,1)&,68),*/!O(&+,3(1! 9?:<;859^7! ;[Q;J[#=K! L75>65!*Z;9C!287?X! <[ED"[J"E! $81,3! /P%! (Z5567?-K!

""! ' K1! 0(A*/1)&%)(0! 67! )5(! 18613&,6(&! /8A6(&1! %6*+([! f*8N86(! %/0! *)5(&! +,0(*! 15%&,/C! 4?%)@*&A1! -,??! 3*/),/8(! )*! 6(! %! 3&,),3%?! 4%&)! *@! )5(! A(0,%! 4,3)8&(! %1! A*&(! 3*/)(/)! A*+(1! */?,/(! %/0! %1! 7*8/C(&! C(/(&%),*/1! 6(3*A(! A*&(! ,/@?8(/),%?\! N5(! (A(&C(/3(! *@! f*8N86(! 1)%&1!%/0!)5(,&!4*48?%&!35%//(?1!5%1!35%/C(0!)5(!-%7!)5%)!7*8/C(&!%80,(/3(1!,/!4%&),38?%&! 3*/18A(! +,0(*! @*&! (/)(&)%,/A(/)[! -5,?(! *4(/,/C! 84! %! /(-! @&*/),(&! ,/! 6&*%03%1),/C! %1! 6&%/01[!3*/)(/)!4&*+,0(&1[!%/0!%0+(&),1(&1!1(('!)*!&(%35!)5*1(!%80,(/3(1\!! ! W(%&?7!%??!*@!)5(!?(%0,/C!f*8N86(!35%//(?1!,/!)5(!)%&C()!3*8/)&,(1!%&(!%?&(%07!A%/%C(0!67! )5,&0!4%&),(1!H)5(!$RW1I[!A%/7!*@!-5*A!%&(!6(C,//,/C!)*!3*/1,0(&!/(-!-%71!*@!A*/(),],/C! )5(,&!3&(%),+(!A%)(&,%?\!!h5,?(!%0+(&),1,/C!-,??!3*/),/8(!)*!6(!%!@%3)*&[!A*&(!%/0!A*&(!*@!)5(! $RW1[! %1! -(??! %1! f*8N86(! ,)1(?@! H+,%! f*8N86(! j(0I! %&(! ?**',/C! %)! -%71! )*! ?(+(&%C(! )5(! 4*48?%&,)7!*@!f*8N86(!3*/)(/)!3&(%)*&1!,/)*!*&,C,/%?!13&,4)(0!A%)(&,%?\!! ! h5,?(!-(!A%7!6(!,/!%!`C*?0(/!%C(!*@!)(?(+,1,*/a!%1!,)!&(?%)(1!)*!)&%0,),*/%?[!1(&,%?,1(0!3*/)(/)[! ,)!,1!%?1*!)&8(!)5%)!)5(!+%1)!A%e*&,)7!*@!+,0(*1!4&*083(0!%/0!3*/18A(0!*/!)5(!,/)(&/()!%&(!%I! 15*&)U@*&Ag!%/0!6I!A%0(!67!&(C8?%&!4(*4?(\!!N5,1!,1!)5(!(11(/3(!*@!)5(!A*+(!67!)&%0,),*/%?! 6&*%03%1)! 4?%7(&1! ,/)*! )5(! A%/%C(A(/)! *@! 3*/)(/)! 3&(%)*&! /()-*&'1! %3&*11! f*8N86(! %/0! *)5(&!15%&,/C!4?%)@*&A1!_!,)!,1!%/!,/+(1)A(/)!,/)*!-5%)!)5(!6&*%03%1)(&1!1((!%1!%!'(7!4%&)!*@! )5(,&!3*AA(&3,%?!@8)8&(\!! ! h,)5!KF*G!&(+(/8(1!%3&*11!B8&*4(!@*&(3%1)!)*!3*/),/8(!(X3((0,/C!)5*1(!@&*A!OF*G!)5&*8C5! ;Q;Q[! -(! %&(! ?,'(?7! )*! 1((! %! @8&)5(&! (A45%1,1! */! 15*&)U@*&A! +,0(*! 15%&,/C! C*,/C! @*&-%&0[! 6*)5! %1! %! 3*A4?,A(/)! )*! ?*/C(&U@*&A! 1(&,(1! 3*/)(/)! %/0! %1! %! 1)%/0%?*/(! 1)&%)(C7! )*! 3%4,)%?,1(!*/!*)5(&!1(CA(/)1!*@!)5(!A%&'()\!! ! ! :-6B+%-"0)#N%'9'C6.(#P1%B-"?#K,-"(016,2#:,/'6# # =N%'9'C6# (0,"4(# %'0# -"# 0>6# %"/-"6# 5-46%# /,"4(&,+6# -"# 0612(# %$# -0(# (>661# 5%/'26# %$# &%"('2+0-%"@#B-0>#ST#2-//-%"#5-46%(#,"4#UDTV#01-//-%"#5-6B(#%"#0>6#+/,0$%12#-"#UTWVD# X>-/6#C1%,4&,(061(#B>%#,16#,&Y'-1-"?#N%'9'C6#2'/0-&>,""6/#"60B%1A(#,16#,001,&064#0%# 0>6(6#"'2C61(@#0>68#4%#"%0#(66A#0%#&%"5610#0>-(#&%"('2+0-%"#-"0%#,45610-(-"?#4%//,1(# ,/%"6D# !"&16,(-"?/8@# 0>68# (66# N%'9'C6# ,(# ,# +%%/# $%1# 8%'"?@# %"3(&166"# 0,/6"0# B-0># ,# +1%56"#01,&A#16&%14#%$#,001,&0-"?#,'4-6"&6(D#!""%5,0-56#C1%,4&,(061(#?1%%2#0>-(#0,/6"0# ,"4# 2%56# N%'9'C6# (0,1(# '+# 0>6# $'""6/# 0%# >%(0# 464-&,064# (>%B(# %"# /-"6,1# 9:@# +,10-&'/,1/8#-"#&%2648#,"4#/-$6(08/6@#-"#,#C-4#0%#16Z'56",06#-0(#,++6,/DE# Q&7>96?!+>7==1!&956C8<5![!#6;675CY1!2S(!)6CY>

"#! $))!C7;6!;8Z@96;! ! G1,"&6#9[/[5-(-%"(#0,A6(#-0(#&>-/416".(#&%"06"0#%"/-"6# Y&(/35! 486?,3! 6&*%03%1)(&! Y&%/3(! Ni?i+,1,*/1! A%'(1! /(%&?7! %??! *@! ,)1! 35,?0&(/S1! 3*/)(/)!%+%,?%6?(!*/?,/(!+,%!f*8N86([!81,/C!*-/U6&%/0(0!35%//(?1!H)5(!)-*!4&,A%&7! 35%//(?1!%&(!3%??(0!b80*!%/0!l*8]*81I\!! ! N5(!38&&(/)!*@@(&,/C!%3&*11!)5(!)-*!6&*%03%1)(&U*-/(0!f*8N86(!35%//(?1!,/3?80(1! 1*A(!<[=QQ!+,0(*1!&(4&(1(/),/C!A*&(!)5%/!;"Q!5*8&1!*@!',01!4&*C&%AA,/C\!b80*!%/0! l*8]*81! %?1*! %CC&(C%)(! &(?(+%/)! 3*/)(/)! @&*A! )5(! 6&*%0(&! A8?),U35%//(?! /()-*&'! A%/%C(0! 67! Y&%/3(! Ni?i+,1,*/1\! N5,1! &(4&(1(/)1! %! 3?(%&! (X%A4?(! *@! 6&*%03%1)(&1! ?(+(&%C,/C!@&((!+,0(*!15%&,/C!4?%)@*&A1!%1!%!A(%/1!*@!&(A%,/,/C!3*A4(),),+(!-,)5!%! '(7! %80,(/3(\! N581! @%&! ,)! 5%1! 4%,0! *@@M! )5(! 35%//(?1! )*C()5(&! C(/(&%)(! 3?*1(! )*! ;! A,??,*/!+,(-1!4(&!A*/)5\! ! ! ! ! ! ! ! ! ! ! ' */4c-+jY+#ZH,>'' ' ! /(!)5(!6())(&!(X%A4?(1!*@!f*8N86(S1!0,1&84),+(!,A4%3)!)8&/,/C!A%,/1)&(%A!,1!)5%)! *@!R%?,@*&/,%U6%1(0!K-(1*A(/(11NF[!%!f*8N86(!35%//(?!@*8/0(0!67!%!4%,&!*@!@*&A(&! KA(&,3%/!)((/!A*+,(!3(?(6&,),(1!,/!;Q<;!-5,35!&(%35(0!

"$! ! */4c-+jYQ&V&=#'' ! b%1)!7(%&[!)5(!G8)35!4&*083),*/!3*A4%/7!B/0(A*?!O5,/(!:&*84!&(%35(0!%!0(%?!)*!&*??! *8)!?*3%?!+(&1,*/1!*@!K-(1*A(/(11NF!,/!@,+(!,/)(&/%),*/%?!A%&'()1!,/3?80,/C!Y&%/3(! %/0!O4%,/\!!K?)5*8C5!K-(1*A(/(11!Yj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m!,/!Y&%/3(!%/0!%!A,/*&,)7!*-/(&! *@!^)%?7S1!$(0,%1()[!A%0(!-%+(1!-5(/!,)!&*??(0!*8)!O)80,*m[!%!4&*083),*/!?%6(?!%/0! +,0(*!1(&+,3(!@*381(0!*/!4&*083,/C!4&(A,8A!15*&)U@*&A!3*/)(/)!@*&!A*6,?(!+,(-,/C\! ! !

! ! ! ! '! '! CCCc042&/)c$-20' ! N5(! 1(&+,3([! -5,35! ,1! 6(,/C! 0(68)(0! ,/! 4%&)/(&15,4! -,)5! A%e*&! )(?(3*A! 4&*+,0(&1! %3&*11!b%),/!KA(&,3%[!%))(A4)1!)*!?(+(&%C(!)5(!C&*-,/C!/8A6(&!*@!+,(-(&1!@*&!-5*A! )5(!1A%&)45*/(!,1!)5(!@,&1)!13&((/\!h,)5!O)80,*m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jZ6!&6?=<581!'Y795^7>1!K9:6>@9! !

"%! N5&*8C5! )5(! ?%8/35! *@! ,)1! 4?%)@*&A[! F,+(/0,! ,1! 6()),/C! */! )5(! ,0(%! )5%)! )5(! (/),&(! 4&*3(11!*@!3&(%),/C!%/0!3*/18A,/C!5,C5U(/0!+,0(*!-,??!3*/),/8(!)*!6(!%33(?(&%)(0!67! A*6,?(! )(35/*?*C7\! N5%)! )5,1! ,/+(1)A(/)! 5%1! 6((/! ,/,),%)(0! 67! %! A%e*&! A(0,%! %/0! 6&*%03%1)! 5*?0,/C! 3*A4%/7[! %1! *44*1(0! )*! %! 0,1&84),+(! 1)%&)84[! ,1! 4%&),38?%&?7! /*)%6?(\!F,+(0,!,1!38&&(/)?7!&*??,/C!*8)!O)80,*m!C&%08%??7!%&*8/0!)5(!-*&?0[!68)!5%1! 1)%)(0!)5%)!Y&%/3(!%/0!^)%?7!-,??!6(!,)1!'(7!A%&'()1!,/!B8&*4(!,/!)5(!(%&?7!C*,/C\! ! N%'9'C6#,(#,#&%2+/-26"0#0%#/-"6,1#9:# h5,?(! )5(! 81(! *@! 3%)35U84! ?,6&%&,(1! %+%,?%6?(! +,%! ^ZNF! 6*X(1[! OF*G! 4?%)@*&A1[! %/0! 6&*%03%1)(&! -(61,)(1! 5%1! 6((/! (1)%6?,15(0! @*&! 1*A(! ),A([! A*&(! 6&*%03%1)(&1! %&(! /*-!%?1*!?**',/C!)*!f*8N86(!)*!&(,/@*&3(!)&%0,),*/%?!3*/)(/)!*@@(&,/C1\!^/!%00,),*/!)*! 15*-,/C!)&%,?(&1[!4&*A*),*/%?!+,0(*1[!%/0!4*1),/C!3%)35U84!1(CA(/)1!*/!)5(,&!*@@,3,%?! f*8N86(! 35%//(?1[! ?(%0,/C! 6&*%03%1)(&1! ,/! 6*)5! Y&%/3(! HY&%/3(! Ni?i+,1,*/1[! NY<[! R%/%?mI! %/0! O4%,/! HjNFB! %/0! K)&(1A(0,%I! %&(! %?1*! ,/+(1),/C! ,/! %00,),*/%?! *&,C,/%?! 3*/)(/)! */! f*8N86(! %,A(0! %)! 1844?(A(/),/C! )5(! @8??U?(/C)5! NF! 4&*C&%AA,/C! %+%,?%6?(!*/!)5(,&!?,/(%&!/()-*&'1\! !

! ' CCCc+)242*#c3)6j20#"j"4.#j./&#)0'' ! N5(!C&*-)5!*@!*&,C,/%?!3*/)(/)!*/!6&*%03%1)(&!f*8N86(!35%//(?1!3*/@,&A1!)5%)[!-5,?(! A8?),U@,C8&(! ,/+(1)A(/)1! ,/! $RW1! A%7! C(/(&%)(! 5(%0?,/(1[! )5(&(! ,1! %?1*! 1,C/,@,3%/)! &**A!%)!%!A*&(!6%1,3!?(+(?!@*&!6&*%03%1)(&1!)*!?(+(&%C(!@&((!+,0(*!15%&,/C!-,)5*8)! /((0,/C!)*!687!84!(X,1),/C!1*3,%?!A(0,%!(A4,&(1\!h5,?(!1835!(@@*&)1!A%7!/*)!%44(%&! %1!,//*+%),+(!*&!38)),/CU(0C(!%1!F,+(/0,S1!6,0!)*!68,?0!*8)!%/!(/),&(?7!/(-!15*&)U@*&A! 3*/)(/)!1(&+,3([!)5(7!0(A*/1)&%)(!)5%)!)5(&(!%&(!A%/7!4*11,6?(!81(1!*@!@&((!+,0(*! 4?%)@*&A1! -5,35! ,/)(&/%),*/%?! 4%&)/(&1! 15*8?0! 3*/1,0(&! -5(/! %44&*%35,/C! 6&*%03%1)(&1!,/!)5(!)%&C()!3*8/)&,(1\!! ! h,)5! f*8N86(! %/0! *)5(&! 4?%)@*&A1! 4?%7,/C! %/! ,/3&(%1,/C?7! 1,C/,@,3%/)! &*?(! @*&! 6&*%03%1)(&1! -5(/! ,)! 3*A(1! )*! %0+(&),1,/C! &(+(/8(1[! )%?(/)! %3L8,1,),*/[! %/0! *)5(&! 4*)(/),%?! &(+(/8(! 1)&(%A1[! ,)! -*8?0! /*)! 6(! %! 18&4&,1(! )*! %?1*! 1((! )5(! 4?%)@*&A! 3*/),/8(!C&*-,/C!,/!,A4*&)%/3(!%1!%!1*&)!*@!`)(1),/C!C&*8/0a!@*&!/(-!3*/)(/)!)5%)! 6&*%03%1)(&1!3%/!&*??!*8)!@,&1)!*/?,/(!6(@*&(!3*AA,)),/C!)*!%!1(&,(1U?(/C)5!4&*083),*/\! Y&*A!%/!,/)(&/%),*/%?!A%&'()!(/)&7!4(&14(3),+([!%44&*%35,/C!6&*%03%1)(&1!-,)5!%/! */?,/(!`)(%1(&a!4&*4*1,),*/!?*-(&1!)5(!&,1'!@&*A!)5(!6&*%03%1)(&S1!4*,/)!*@!+,(-!%/0! 3*8?0! 6(! %! 6%3'0**&! ,/)*! )&,%??,/C! /(-! 3*/)(/)! )5%)! A,C5)! *)5(&-,1(! A,C5)! @%3(! 5,C5(&!6%&&,(&1\!!

"&! ! >/(! (X3(4),*/! )*! )5(! &8?(! 5(&(! ,1! ^)%?7[! -5(&(! /*/(! *@! )5(! 6&*%03%1)(&1! %&(! 81,/C! )5(,&!f*8N86(!35%//(?1!@*&!*&,C,/%?!3*/)(/)!%/0!)5(!*+(&%??!4&(1(/3(!*/!f*8N86(!%/0! *)5(&!+,0(*!15%&,/C!4?%)@*&A1!1((A1!)*!6(!A*&(!?,A,)(0\!K00,),*/%??7[!%3&*11!%??!)5&((! A%&'()1! )5(! 486?,3! %/0! @&((U)*U%,&! 3*AA(&3,%?! 6&*%03%1)(&1! )(/0! )*! 5%+(! %! A*&(! %3),+(! f*8N86(! 4&(1(/3(! )5%/! )5(! Z%7! NF! 35%//(?1[! -5*! A%7! 6(! A*&(! 3*/3(&/(0! %6*8)!3%//,6%?,],/C!)5(,&!18613&,4),*/!1(&+,3(!-,)5!)**!A835!@&((!3*/)(/)\! ! ,^65[9>[!;85786[96;! ! R(&)%,/?7[!)5(!>NN!%44&*%35(1!%/0!3%1(!1)80,(1!*8)?,/(0!,/!)5(!4&(+,*81!1(3),*/!3%/!%??!6(! 1((/! %1! `(A(&C,/C! 1)&%)(C,(1a! @*&! 3%4,)%?,1,/C! */! */(! %14(3)! *@! )5(! 35%/C,/C! 6&*%03%1)! A%&'()! ,/! B8&*4(\! O5*&)U@*&A! ,1! )5(! /(X)! @&*/),(&! ,/! 5,C5U(/0! 3*/)(/)[! %1! -(??! %1! %/! ,/3&(%1,/C?7! ,A4*&)%/)! 3*A4%/,*/! )*! 1(&,(1U?(/C)5! 4&*C&%AA,/C\! B+(/! )5(! 5*A(A%0(! C%A,/C! +,0(*1! %/0! ,/@*&A%?! 1)&(%AU*@U3*/13,*81/(11! +,0(*! 6?*C1! H+?*C1I! 4*48?%&,1(0! 67! f*8N86(! %/0! *)5(&! 1*3,%?! A(0,%! 3(?(6&,),(1! %&(! 1)%&),/C! )*! 6(3*A(! &(?(+%/)! @&*A! %! 6&*%03%1)(&!4(&14(3),+([!%1!1*8&3(1!*@!)%?(/)[!,0(%1[!%/0!/(-!&(+(/8(!1)&(%A1\! ! N5(!C&*-,/C!,A4%3)!*@!15*&)U@*&A!>NN!,1!,A4*&)%/)!/*)!*/?7!6(3%81(!,)S1!/*-!@8??7!*/!)5(! &%0%&!*@!)&%0,),*/%?!6&*%03%1)(&1[!68)!6(3%81(!,)!,1!%?1*!?(%0,/C!)*!)5(!3&(%),*/!*@!/(-!4?%7(&1! ,/!)5(!A%&'()!@*&!13&,4)(0[!1(&,(1U?(/C)5!@*&A%)1\!h(!&(4*&)(0!*/!Y%3(6**'S1!(/)&7!,/)*!)5(! *&,C,/%?!3*/)(/)!A%&'()!,/!*8&!(%&?,(&!:(&A%/!6&*%03%1)!1)807[!%!4&*e(3)!-5,35!,1!/*-!@8??7! A*+,/C!@*&-%&0[!5%+,/C!e81)!?%8/35(0!,/!)5(!TO!,/!K8C81)!HA*&(!*/!)5,1!6(?*-I\!f*8N86(! j(0[! A(%/-5,?([! ,1! %?1*! A*+,/C! )*! @8&)5(&! (1)%6?,15! ,)1(?@! ,/! )5(! -*&?0! *@! *&,C,/%?! OF*G! 4&*083),*/[!5%+,/C!e81)!3*AA,))(0!)*!%!14,/U*@@!1(&,(1!*@!)5(!3?%11,3!`V%&%)(!V,0a!@&%/35,1(\! ! K?)*C()5(&[! )5(&(! ,1! 1*A()5,/C! *@! %! 4*1,),+(! @((06%3'! ?**4! 6(C,//,/C! )*! (A(&C(! ,/! )5(! A%&'()[!-5(&(!)5(!1833(11!*@!OF*G[!>NN[!%/0!*/U0(A%/0!@*&A%)1!5%+(!4815(0!)&%0,),*/%?! 6&*%03%1)(&1!)*!,/3&(%1(!)5(,&!,/+(1)A(/)!,/!)5(1(!0*A%,/1[!-5,35!5%1!148&&(0!/(-!4?%7(&1! )*!)&7!)5(,&!?83'[!-5,35!,1!@8&)5(&!,/3&(%1,/C!,/+(1)A(/)!*/!%??!1,0(1!%1!3*A4(),),*/!C&*-1!%/0! (+(&7*/(! )&,(1! )*! '((4! 84\! N*0%7! %/7*/(! -,)5! %! ?%&C(! (/*8C5! 81(&! 6%1(! %/0! %33(11! )*! %! 3*/)(/)!4?%)@*&A!3%/!%3)!%1!%!4&*083(&!%/0!0(U@%3)*!6&*%03%1)(&[!-5,35!,1!*/(!&(%1*/!-57! )5(! $8?),UR5%//(?! W()-*&'1! */! f*8N86(! %&(! /*-! %?1*! 6(C,//,/C! )*! @*381! ,/3&(%1,/C?7! */! ?(+(&%C,/C!)5(,&!A%&'()!4*1,),*/!)*!6(3*A(!A*&(!?,'(!)&%0,),*/%?!4&*083),*/!1)80,*1\!c81)!%1! )5(!A%&'()!@*&!5,C5U(/0!13&,4)(0!1(&,(1!5%1!6(3*A(!A*&(!3*A4(),),+([!6**1),/C!4&*083),*/! +%?8(1! %/0! 3&(%),/C! 8/4&(3(0(/)(0! %A*8/)1! *@! 4&(A,8A! 1(&,(1! 3*/)(/)[! )5(! 4%&%??(?! 0(+(?*4A(/)! *@! A%11,+(! 81(&! 6%1(1! */! */?,/(! +,0(*! 15%&,/C! 4?%)@*&A1! 5%1! C,+(/! )5(! 6,C! 4?%7(&1!,/!)5,1!14%3(!%!&(%1*/!)*!6(?,(+(!)5%)!)5(7!)**!3%/!6(!1833(11@8?!-,)5!*)5(&!@*&A%)1\! ! h,)5!A*&(!4?%7(&1!,/+(1),/C!A*&(!A*/(7!,/!A*&(!3*/)(/)!)5%/!(+(&!6(@*&([!,)!,1!,A4*&)%/)! )*!6(!%-%&(!*@!)5(!4*11,6,?,),(1!@*&!3*??%6*&%),*/!%/0!4%&)/(&15,4!)5%)!A%7!(X,1)!*8)1,0(!*@! )5(!13*4(!*@!)5(!`)&%0,),*/%?a!6&*%03%1)!171)(A\!K)!)5(!1%A(!),A([!,)!,1!81(@8?!)*!8/0(&1)%/0! 5*-!)5(!A*&(!(1)%6?,15(0!4?%7(&1!,/!)5(!A%&'()!%&(!&(14*/0,/C!)*!/(-!4&(118&(1\!N5(!3%1(! 1)80,(1!6(?*-!(X%A,/(!6*)5!1,0(1!*@!)5,1!(L8%),*/[!-,)5!%!@*381!*/!-5(&(!38&&(/)!(A(&C,/C! 1)&%)(C,(1!A,C5)!1**/!7,(?0!/(-!4&*083),*/!*44*&)8/,),(1\! ! !

"'! '7;6!;8Z@96;! ! KHQ(#2%56#-"0%#(>%B#1'""-"?## f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`K-(1*A(/(11!Y,?A1a!0,+,1,*/\!Y8??13&((/!$(0,%[!'/*-/! @*&! 6(,/C! %A*/C! )5(! 6,CC(1)! $RW1[! 5%1! 68,?)! ,)1! *-/! OF*G! %44! -5,?(! %?1*! 1(??,/C! 1(&,(1!%/0!@,?A!3*/)(/)!)*!W()@?,X!%/0!f*8N86(!j(0\!G(@7!$(0,%!5%1!%!4&*C&%AA,/C! 1?%)(!-5,35!,/3?80(1!A*&(!)5%/!9=!15*-1[!%!#/,'"&>6(#-"#0>6#^*# B%&?,(&!)5,1!7(%&[!Y%3(6**'!A%0(!-%+(1!%1!,)!6(3%A(!,/3&(%1,/C?7!3?(%&!)5%)!)5(!1*3,%?! A(0,%! C,%/)! -%1! ,/! )5(! 4&*3(11! *@! ,/3*&4*&%),/C! %! @8??U13%?(! +,0(*! 1(&+,3(! ,/)*! ,)1! 4?%)@*&A\!K1!&(3(/)?7!%1!$%7!;Q<9[!Y%3(6**'!-%1!5,&,/C!@*&!%!4&*083(&!%/0!1*@)-%&(! (/C,/((&!@*381(0!*/!*&,C,/%?!@,?A!%/0!NF!3*/)(/)[!68)!/*)!1%7,/C!A835!(?1(!%6*8)!,)1! %A6,),*/1! 6(7*/0! RB>! $%&'! l83'(&6(&CS1! 0(3?%&%),*/1! )5%)! 5(! -%/)1! Y%3(6**'! )*! (+*?+(!,/)*!%!`+,0(*U@,&1)a!3*A4%/7\! ! c81)!)5&((!A*/)51!?%)(&[!Y%3(6**'!5%1!8/+(,?(0!,)1!@,&1)!A*+(!,/)*!)5(!NF!?%/013%4([! -,)5! %! &(0(1,C/(0! h%)35! )%6! -5,35! -,??! @(%)8&(! %! &%/C(! *@! )(?(+,1,*/! %/0! +,0(*! 3*/)(/)!,/3?80,/C!?,+(!14*&),/C!(+(/)1[!?,3(/1(0!4&*C&%AA,/C[!*&,C,/%?!13&,4)(0!1(&,(1[! &(%?,)7! 15*-1[! %/0! *)5(&! A%)(&,%?! @&*A! ,/0(4(/0(/)! 3&(%)*&1! 81,/C! %! +(&1,*/! *@! Y%3(6**'! b,+(\! Y%3(6**'! 5%1! %?&(%07! 1,C/(0! 0(%?1! -,)5! %! 1?(-! *@! A%e*&! A(0,%! 3*A4%/,(1! ,/3?80,/C! 28]]Y((0[! F*X[! KNNW[! %/0! :&*84! W,/(! $(0,%! )*! 4&*083(! 13&,4)(0!%1!-(??!%1!8/13&,4)(0!1(&,(1!@*&!h%)35[!-5,?(!?,3(/1,/C!3*/)(/)!@*381(0!*/! )*4,31!&%/C,/C!@&*A!/%)8&(!)*!4%&(/),/C\!! ! 9>6#"6_0#C-?#0>-"?R# =X6#0>-"A#X,0&>#B-//#C6#>%26#0%#,#B-46#1,"?6#%$#(>%B(@#$1%2#16,/-08#0%#&%2648# 0%# /-56# (+%10(D# 9%# >6/+# -"(+-16# &16,0%1(# ,"4# (664# 0>6# 6&%(8(062@# B6.56# ,/(%# $'"464# (%26# (>%B(# 0>,0# ,16# 6_,2+/6(# %$# &%22'"-083%1-6"064# ,"4# 6+-(%4-&# 5-46%#(61-6(DE# ###############################################Q&7>96?!&7>V651!&956C8<5!

#*! ?,3(/1,/C! (+(&7)5,/C! @&*A! /%)8&(! 15*-1! )*! ?,+(! 14*&)1! %/0! 4&*+,0,/C! %! 14%3(! @*&! *&C%/,3!3&(%)*&!3*/)(/)!)*!&,+%?!f*8N86(!%/0!*)5(&!+,0(*!15%&,/C!-(61,)(1\!! ! N5(! 0(+(?*4A(/)! *@! Y%3(6**'! h%)35! -,??! 6(! ,/)(&(1),/C! )*! @*??*-! @*&! ,)1! *-/! 4*)(/),%?! C&*-)5! %/0! (+*?8),*/[! 68)! %?1*! )*! 1((! -5()5(&! ,)! 5%1! %/! ,A4%3)! ,/! (+(/)8%??7!)%',/C!A%&'()!15%&(!@&*A!(X,1),/C!6&*%03%1)(&U?%8/35(0!+,0(*!4?%)@*&A1! ?,'(!Y?**X(&!%/0!O)80,*m[!-5*!,/!A%/7!3%1(1!%&(!C*,/C!%@)(&!)5(!1%A(!%80,(/3(1!,/! )5(,&!&(14(3),+(!A%&'()1\!O5*8?0!Y%3(6**'!h%)35!3%)35!*/!,/)(&/%),*/%??7[!,)!-*8?0! 18&(?7!&(18?)!,/!%/*)5(&!&*8/0!*@!0,1&84),+(!,/)(&/()!3*A4(),),*/!@*&!?*3%?!6&*%03%1)! 3*A4%/,(1!%&*8/0!)5(!-*&?0\! ! W(%&?7!*/(U)5,&0!*@!)5(!-*&?0S1!4*48?%),*/!+,1,)1!Y%3(6**'!%)!?(%1)!*/3(!%!A*/)5[!%/0! 1*!%/7)5,/C!)5(!3*A4%/7!0*(1!3%/!5%+(!%!3*&&(14*/0,/C?7!C?*6%?!,A4%3)\!j(C%&0?(11! *@! -5%)! )5(! ?*/CU)(&A! @8)8&(! 5*?01! @*&! Y%3(6**'! h%)35[! ,)! -*8?0! %44(%&! )5%)! )5(! h%)35!4?%)@*&A!-,??!1**/!&(4&(1(/)!7()!%/*)5(&!1*8&3(!*@!A%e*&!3*/)(/)!,/+(1)A(/)! ,/!'(7!)(?(+,1,*/!3*/18A(&!A%&'()1[!,/3?80,/C!h(1)(&/!B8&*4(\! ! P/%C,/-(,0-%"#%"#0>6#(2,//#(&166"## ^/! *8&! :(&A%/7! 1)807[! -(! &(4*&)(0! */! )5(! C&*-,/C! )&(/0! )*-%&0! B8&*4(%/! 3*U 4&*083),*/!%1!%!A(%/1!/*)!e81)!*@!0(+(?*4,/C!,/)(&(1),/C[!3&*11U6*&0(&!1)*&7?,/(1[!68)! %?1*! *@! @,/%/3,/C! ,/3&(%1,/C?7! (X4(/1,+(! 0&%A%! 67! 6&,/C,/C! 4%&)/(&1! @&*A! 0,@@(&(/)! A%&'()1!)*!)5(!)%6?(\!>/(!*6+,*81!W*&0,3!(X4&(11,*/!*@!)5,1!)&(/0!,1!`N5(!Z%&%0,1([a! )5(!fbBU$(0,%4&*!3*??%6*&%),*/!-5(&(!%!1(&,(1!*@!3&,A(1!84(/01!%!?*/CU(1)%6?,15(0! Y,//,15! 3*AA8/,)7! */! O4%,/S1! R*1)%! 0(?! O*?\! K/*)5(&! ,1! `$,0/,C5)! O8/[a! %! )5&,??(&! -5(&(!%!Y&(/35!4*?,3(!*@@,3(&!A81)!)&%+(?!)*!%!&(A*)(!)*-/!,/!W*&)5(&/!O-(0(/!)*! ,/+(1),C%)(!)5(!A8&0(&!*@!%!Y&(/35!3,),](/\! ! c81)!%1!)5(!,A4(&%),+(!)*!0(+(?*4!3*A4(??,/C!1)*&,(1!-,)5!5,C5(&!680C()1!0&,+(1!A*&(! 3&*11U6*&0(&!3*??%6*&%),*/!*/!)5(!1844?7!1,0([!)5(!4*)(/),%?!)*!1(??!5,C5U+%?8(!NF!)*! ,/3&(%1,/C?7!C?*6%?!%80,(/3(1!,1!%?1*!6&,/C,/C!/(-!4%&)/(&1!)*C()5(&!*/!)5(!0(A%/0! 1,0(\!R*U4&*083),*/1!6()-((/!B8&*4(!%/0!b%),/!KA(&,3%!%&(!38&&(/)?7!%)!%/!%??U),A(! 5,C5[!%/0!-5,?(!A835!*@!)5(!%3),*/!5%1!6((/!*/!)5(!@,?A!@&*/)!1*!@%&[!)&%/1%)?%/),3!NF! 4&*083),*/! ,1! C()),/C! %/! ,/3&(%1,/C! %A*8/)! *@! %))(/),*/[! A*1)! &(3(/)?7! -,)5! )5(! ,/%8C8&%?!R*/(3)%!Y,3),*/!(+(/)!,/!O4%,/!)5,1!4%1)!c8/([!-5,35!-%1!0(0,3%)(0!%?A*1)! (/),&(?7!)*!,/)(&/%),*/%?!4&*083),*/!%/0!3*??%6*&%),*/\!! ! W()@?,X[! 8/18&4&,1,/C?7[! 5%1! 6((/! %! A%e*&! 4?%7(&! 1*! @%&! ,/! 68,?0,/C! 3*U4&*083),*/! 6&,0C(1!6()-((/!b%),/!KA(&,3%!%/0!B8&*4([!-,)5!%/!%44%&(/)!@*381!*/!3*??%6*&%),/C! -,)5!O4%/,15!6&*%03%1)!3*A4%/,(1!)*!0(+(?*4!3*/)(/)!,)!3%/!)5(/!*@@(&!,/!O4%/,15U 14(%',/C! 3*8/)&,(1! %3&*11! )5(! K)?%/),3\! K&C(/),/%S1! T/0(&C&*8/0! Z&*0833,*/(1! %/0! O4%,/S1!2**A(&%/C!NF!:&*84[!A(%/-5,?([!8/+(,?(0!)5(,&!4%&)/(&15,4!%)!R*/(3)%!@*&! `B?! BX)&%/e(&*[a! %! 3*U4&*083),*/! */! %! @%A*81! O4%/,15! )(//,1! 4?%7(&! 1814(3)(0! *@! A8&0(&,/C! %! 7*8/C! K&C(/),/,%/! 1*3,%?,)([! -5,35! %0%4)1! A%/7! *@! )5(! )74,3%?! W*&0,3! W*,&!A*),@1!)*!@,)!-,)5,/!%!O4%/,15Pb%),/!KA(&,3%/!3*/)(X)\! !

#)! `'1%+6#,"4#;,0<2#?60#0%?60>61# # =9>6# C6"6$-0(# %$# &%3+1%4'&0-%"# ,16# ,# &/6,1# 2,1A61# >616)# +%%/-"?# $-","&-,/# 16(%'1&6(@#C60061#&>,"&6(#%$#6"061-"?#6,&>#%0>61.(#2,1A60(@#1-(A#164'&0-%"#,"4# 2%16#?%561"26"0#-"&6"0-56(#,"4#('C(-4-6(DE## !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Q,^9?X!L59[Y81!+/)K# ! Y%&! @&*A! 6(,/C! 3*/@,/(0! )*! )5(! ?,/C8,1),3! %/0! 38?)8&%?! ?,/'%C(1! 6()-((/! O4%,/! %/0! A*1)!*@!b%),/!KA(&,3%[!&(3(/)!3*??%6*&%),*/1!,/!@,?A!%/0!NF!%?1*!,/3?80(!e*,/)!(@@*&)1! 6()-((/!O-(0(/[!R*?*A6,%!%/0!G(/A%&'g!Y&%/3(!%/0!R*?*A6,%g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h,)5! A*&(! 3*A4(),),*/! ,/! )5(! A%&'()! @*&! 18613&,4),*/U6%1(0! 1(&+,3(1[! %/0! )5(! (A(&C(/3(! *@! *&,C,/%?! 1(&,(1! %1! %! '(7! 4%&)! *@! )5(! OF*G! +%?8(! 4&*4*1,),*/[! Z%7! NF! A81)! %0%4)! )*! 18&+,+([!(+(/!%1!,)!5%1!1((/!,)1!*+(&%??!18613&,6(&!/8A6(&1!C&*-!,/!&(3(/)!7(%&1\! ! *A8#`'1%+6#KM#%"#0>6#-2+%10,"&6#%$#%1-?-",/#(61-6(#$%1#7,8#9:# # =<(#,#1606"0-%"#0%%/@#-"#28#5-6B#-0.(#0>6#2%(0#+%B61$'/#B6,+%"#B6#>,56D#9>,0#-(# B>8#$%1#'(#160'1"-"?#(61-6(#,16#(%#-2+%10,"0D#a$#%'1#WW#41,2,(#0>-(#86,1@#!#0>-"A# $-56# %$# 0>62# ,16# 160'1"-"?D# 9>,0# -(# ,# (-?"# %$# 0>6# 2,0'1-08# %$# %'1# -"56(026"0# (01,06?8D# !$# B6# &,"# ?60# %'1# &'(0%261(# 6"?,?64# -"# ,# (61-6(# ,"4# 0>6"# A66+# C1-"?-"?# -0# C,&A@# B6# C'-/4# ,# 16/,0-%"(>-+# C60B66"# 0>6# 9:# (>%B# ,"4# 0>6# &'(0%261DE## !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!QB75X!&7:6X1!*7>7[9>[!&956C8<5!'<>86>81!(VX!,Z5<=6# ! ^)%?7S1!O'7!^)%?,%[!O4%,/S1!$*+,1)%&m[!%/0!Y&%/3(S1!R%/%?m!H4&,A%&,?7!+,%!,)1!4&*083),*/! 1861,0,%&7! O)80,*3%/%?I! %&(! %??! A%',/C! 1,C/,@,3%/)! ,/+(1)A(/)1! ,/! *&,C,/%?! 3*/)(/)! 1(&,(1!%1!%!1)&%)(C7!@*&!%))&%3),/C!A*&(!18613&,6(&1!)*!)5(,&!&(14(3),+(!4?%)@*&A1[!%1! -(??!%1!*@@(&,/C!%!3&(0,6?(!OF*G!%?)(&/%),+(!)*!W()@?,X!%/0!KA%]*/!Z&,A(\!! ! ^/! O'7S1! 3%1([! )5(! ,/+(1)A(/)! ,1! 4%/UB8&*4(%/[! -,)5! )5(! Z%7! NF! C,%/)! 4?%//,/C! )*! 14(/0! 1*A(! d#QQ! A,??,*/! */! B8&*4(%/! *&,C,/%?1! ,/! ;Q<9\! $*+,1)%&m[! A(%/-5,?([! ,1! ,/+(1),/C!d9Q!A,??,*/!%//8%??7!,/!*&,C,/%?!3*/)(/)!,/!O4%,/!%?*/(\!! !

#+! Y*&! 3*A4%&,1*/[! W()@?,X! 5%1! ,/+(1)(0! d<\=! 6,??,*/! )*! 0%)(! ,/! B8&*4(%/! *&,C,/%?1[! 3*U 4&*083),*/1[!%/0!?,3(/1(0!1(&,(1[!68)!*+(&!%!@,+(U7(%&!4(&,*0!1,/3(!;Q<;\!Z%7!NF!A%7! 6(! 4?%7,/C! 3%)35U84! -5(/! ,)! 3*A(1! )*! 0(+(?*4,/C! 5,C5U(/0! *&,C,/%?! 1(&,(1[! 68)! ,)! ,1! 1)%&),/C!)*!6&,/C!&(%?!A*/(7!)*!)5(!)%6?(\!! ! h,)5! Z%7! NF! 4&*+,0(&1! ,/! %! @,(&3(! 3*A4(),),*/! -,)5! 841)%&)! OF*G! &,+%?1! @*&! 18613&,4),*/1!%/0!+,(-(&!?*7%?),(1[!/*-!,1!%/!,0(%?!A*A(/)!)*!4&(1(/)!)5(!?,'(1!*@!O'7[! $*+,1)%&[!R%/%?m[!%/0!*)5(&1!-,)5!8/,L8(!%/0!3*A4(??,/C!3*/)(/)!-5,35!)5(7!3%/!81(! )*!0,@@(&(/),%)(!)5(A1(?+(1!%/0!%))&%3)!/(-!18613&,6(&1\!N5(!Z%7!NF1!5%+(!)5(!A*/(7! )*!14(/0!%/0!)5(!A*),+%),*/!)*!14(/0!,)\!N5(7!15*8?0!6(!*/!%!4%&!-,)5!W()@?,X!%/0!)5(! )&%0,),*/%?!6&*%03%1)(&1!%1!)*4!3*U4&*083),*/!)%&C()1\!! ! ! K9@6!&6^7>@!bK<&d! ! ^)! ,1! 6(3*A,/C! ,/3&(%1,/C?7! %&35%,3! )*! 3*/1,0(&! F,0(*U*/UG(A%/0! %1! %/! `84U%/0U3*A,/Ca! )&(/0!1(4%&%)(!@&*A!)5%)!*@!)5(!A%,/1)&(%A!6&*%03%1)!,/081)&7!,)1(?@\!^/0((0[!%1!-(!5%+(! 15*-/! 1*! @%&! )5&*8C5*8)! )5(! &(4*&)[! F*G! 5%1! 6(3*A(! @8/0%A(/)%??7! ,/)(&-*+(/! ,/)*! )5(! -%7! )(?(+,1,*/! ,1! 4&*083(0[! 4&(1(/)(0[! %/0! 3*/18A(0! %&*8/0! )5(! -*&?0\! W*-5(&(! ,1! )5,1! 3?(%&(&!)5%/!,/!)5(!C&*-,/C!,/)(&(1)!*@!)&%0,),*/%?!6&*%03%1)(&1!,/!?(+(&%C,/C!f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h(!%?1*!*@@(&!%/!,/0,3%),*/!*@!-5,35!*&,C,/%?!OF*G!1(&,(1!%&(!6(,/C!4&*083(0!,/!)5(!)%&C()! A%&'()1[!%1!-(??!%1!%!1(/1(!*@!-5,35!4&*C&%A1!%&(!4*48?%&[!%/0!5*-!)5(!A*1)!4*48?%&!OF*G! 3*/)(/)!3*A4%&(1!-,)5!,)1!3*8/)(&4%&)1!*/!?,/(%&!NF\! ! ! *75V68!a9[Z56;! ! K?)5*8C5! Y&%/3(S1! OF*G! A%&'()! 5%1! 6((/! 1?*-(&! )*! 0(+(?*4! )5%/! *)5(&! W*&)5(&/!B8&*4(%/!3*8/)&,(1[!,)!&(A%,/1!%5(%0!*@!O4%,/!%/0!^)%?7!,/!)(&A1!*@!6*)5! 18613&,6(&1!%/0!&(+(/8(1\!>+(&%??[!/(%&?7!5%?@!*@!)5(!3*8/)&7S1!,/)(&/()!81(&1!HJE\9nI! %/0!"D\9n!*@!)5(!*+(&%??!4*48?%),*/!-,??!%33(11!F*G!1(&+,3(1!%)!?(%1)!*/3(!%!A*/)5[! %33*&0,/C!)*!)5(!A*1)!&(3(/)!@*&(3%1)!*@!0,C,)%?!+,0(*!81%C(!,/!Y&%/3(!67!)5(!,/081)&7! &(1(%&35!@,&A!($%&'()(&\!N5,1!,/3?80(1!@&((!F*G!1(&+,3(1!?,'(!f*8N86([!-5,35!%33*8/)! @*&! )5(! A%e*&,)7! *@! )*)%?! >NNPF*G! 81%C(\! K33*&0,/C! )*! )5(! 1%A(! 1)807[! Y&%/3(! 5%1! %44&*X,A%)(?7!

#"! ! ! ! W*)*&,*81! 5,1)*&,3%??7! @*&! ,)1! &(?83)%/3(! )*! 4%7! @*&! NF! 1(&+,3(1[! )5(! &(3(/)! C&*-)5!*@!)5(!O4%/,15!Z%7!NF!A%&'()!5%1!A,&&*&(0!%!1,A,?%&!&,1(!,/!)5(!/8A6(&!*@! O4%/,15! OF*G! 18613&,6(&1[! -5,35! -(&(! (1),A%)(0! )*! 6(! 6()-((/! <;n! %/0! <=n! *@! )*)%?! NF! 5*81(5*?01! %1! *@! W*+(A6(&! ;Q<#\! T/)%/C?,/C! )5(1(! /8A6(&1! @&*A! )5(! %A*8/)!*@!Z%7!NF!18613&,6(&1!C()1!%!6,)!0,@@,38?)[!%1!O4%,/S1!/8A6(&!*/(!OF*G!1(&+,3(! ,1! 3*//(3)(0! -,)5! ,)1! /8A6(&! */(! Z%7! NF! 4&*+,0(&! H$*+,1)%&mI\! ^/! &%-! /8A6(&1[! W()@?,X! 0*86?(0! ,)1! O4%/,15! 381)*A(&! 6%1(! @&*A! y@!)5(!)5&((!A%&'()1!18&+(7(0[!^)%?7!,1!)5(!?%CC%&0!-5(/!,)!3*A(1!)*!6*)5!F*G! %/0!OF*G!4(/()&%),*/[!-,)5!*/?7!%!)5,&0!*@!^)%?,%/1!%33(11,/C!*/?,/(!1)&(%A,/C! 1(&+,3(1! *@! %/7! +%&,()7! %/0! e81)! ;! A,??,*/! OF*G! 18613&,4),*/1! ,/! )5(! (/),&(! 3*8/)&7[! -5,35!,1!/(%&?7!)5(!1,](!*@!Y&%/3(!,/!)(&A1!*@!)*)%?!4*48?%),*/\!N5(!A%&'()[!?,'(!,)1! 3*8/)(&4%&)1[! ,1! C&*-,/C! L8,3'?7! _! 5%+,/C! 1)%&)(0! ;Q<#! %)! e81)! 9QQ[QQQ! OF*G! 18613&,4),*/1\! ^)%?7[! 5*-(+(&[! ,1! /(%&! )5(! 6*))*A! *@! )5(! B8&*4(%/! T/,*/! -5(/! ,)! 3*A(1! )*! 0,C,)%?! @?8(/37! %/0! )5,1! -*8?0! %44(%&! )*! (X)(/0! )*! ,)1! */?,/(! 1)&(%A,/C! ?%/013%4(\!W()@?,X!,1!)5*8C5)!)*!5%+(!%44&*X,A%)(?7!;DQ[QQQ!18613&,6(&1!,/!^)%?7\! ! ! +6X!=?7X65;!7>@!?67@9>[!=?78a<5^;!DX!C85X! ! N5(!OF*G!?%/013%4(!,/!)5(!)%&C()!3*8/)&,(1!)(/01!)*!@*??*-!%!@*&A8?%!,/3&(%1,/C?7!3*AA*/! %3&*11!*)5(&!A%&'()1M!%/!,/,),%??7!3&*-0(0!?%/013%4(!*@!A*1)?7!5*A(C&*-/!4&*+,0(&1!-5,35! (+(/)8%??7! C()1! 84(/0(0! 67! W()@?,X[! KA%]*/! Z&,A([! %/0! *)5(&! ,/)(&/%),*/%?! 1(&+,3(1[! -5*! )5(/!3*/1*?,0%)(!)5(,&!A%&'()!15%&(!%/0!,/3&(%1,/C?7!6(3*A(!)5(!'(7!4?%7(&1[!15%&,/C!)5(! A%&'()!-,)5!*/?7!)5(!A*1)!-(??U(1)%6?,15(0!?*3%?!3*A4(),),*/!H-5,35!)(/01!,/!A*1)!3%1(1!)*! 6(!%@@,?,%)(0!-,)5!A%e*&!Z%7!NF!4&*+,0(&1I\! ! ^)!,1!,A4*&)%/)!)*!/*)(!)5%)!%??!)5&((!*@!)5(1(!A%&'()1!&(A%,/!+(&7!A835!,/!@?8X!_!%?)5*8C5! W()@?,X!5%1!6((/!%3),+(!1,/3(!;Q<=[!KA%]*/!Z&,A(!*/?7!?%8/35(0!,/!O4%,/!%/0!^)%?7!,/!?%)(! ;Q<#[!-,)5!A835U%/),3,4%)(0!k2>!B14%r%!&*??,/C!*8)!,/!O4%,/!%&*8/0!)5(!1%A(!),A(\!! ! K/*)5(&!'(7!@(%)8&(!*@!)5(!)%&C()!A%&'()1[!4%&),38?%&?7!-5(/!3*A4%&(0!-,)5!:(&A%/7!%/0! )5(!TV[!,1!)5%)!)5(!4&(+%?(/3(!*@!68/0?(0!1(&+,3(1!%/0!^ZNF!,/!)5(!Z%7!NF!?%/013%4(!A%'(1!,)! 1*A(-5%)! 0,@@,38?)! )*! 0(@,/(! -5*! %/0! -5%)! (X%3)?7! 15*8?0! 6(! 3*/1,0(&(0! %! `)&8(a! OF*G! 4?%)@*&A\!R*A4%/,(1!?,'(!>&%/C(!%/0!F*0%@*/(!*@@(&!%!F*G!*4),*/!-,)5!)5(,&!1()U)*4!1(&+,3([! %/0! %33(11! )*! %! &%/C(! *@! 4&(A,8A! @,?A1! %/0! 1(&,(1\! Y*&! )5(! 381)*A(&[! )5(! (X4(&,(/3(! ,1! (11(/),%??7!)5(!1%A(!%1!5%+,/C!%!W()@?,X!%33*8/)!H%?6(,)!-,)5!0,@@(&(/)!),)?(1I[!5*-(+(&!)5(!

##! 1(&+,3(! ,1! 3*A,/C! +,%! Z%7! NF\! b,'(-,1([! )5(! $*+,1)%&! :*! 1(&+,3(! ,1! %+%,?%6?(! @*&! @&((! )*! %??! $*+,1)%&m!Z%7!NF!18613&,6(&1!,/!O4%,/\!! ! ,%*-#'mB'9#%&/18'!%+R;)>'!-%4()"60'*+'?)214"+q'

'85X! 367@9>[!(K<&!=5<:9@65;!

/57>C6! KA%]*/!Z&,A([!W()@?,X[!R%/%?Z?%7[!$7NY&%/C(!NF!

(=79>! $*+,1)%&!:*[!W()@?,X[!f*A+,!H*-/(0!67!$*+,1)%&I[!h8%',[!>&%/C(!NF[! F*0%@*/(!NF! 287?X! W*-!NF!HO'7!^)%?,%I[!W()@?,X[!^/@,/,)7!H$(0,%1()I[!N^$+,1,*/!HN(?(3*A! ^)%?,%I! qh)4#B'!-%4()"60'%"#'-/04#&'/1')"&#"'*%0#&')1'"#$)"4#&'$)$2-%"/4+c'Se%34'02*03"/*#"j6%"7#4'0:%"#'126*#"0':%.#' *##1')6/44#&F'%0'4:#+'C#"#'1)4'%.%/-%*-#'()"'%--'$-%4()"60' ' Y*&!)5(!48&4*1(1!*@!%/%?71,1[!)5(!)%6?(!%6*+(!C&*841!W()@?,X!%/0!)5(!+%&,*81!Z%7!NFU(/%6?(0! OF*G! 1(&+,3(1! )*C()5(&! 8/0(&! */(! 8A6&(??%\! :,+(/! )5(! 4&(+%?(/3(! *@! Z%7! NFU%@@,?,%)(0! 1(&+,3(1!,/!)5(!?,1)[!)5(!C&*-,/C!,A4*&)%/3(!*@!W()@?,X!%/0!KA%]*/!-,)5,/!)5(!OF*G!`48&(! 4?%7a! 3%)(C*&7! ,1! 3?(%&\! K00,),*/%?! &(?(+%/)! 4?%7(&1! ,/3?80(! W*-! NF[! -5,35! -5,?(! %@@,?,%)(0! -,)5!O'7!,1!%?1*!6(,/C!*@@(&(0!%1!%!1)%/0%?*/(!1(&+,3(!%3&*11!B8&*4([!h8%',!H*-/(0!67!)5(! c%4%/(1(!(U3*AA(&3(!C,%/)!j%'8)(/I[!%/0!Y&%/3(S1!$7NY! B14%r%! ,/! O4%,/[!KA%]*/!Z&,A(!,/!O4%,/!%/0!^)%?7[!F*0%@*/(!NF!,/!^)%?7[!%/0!%!7()U)*U?%8/35!4?%)@*&A!,/! Y&%/3(!@&*A!486?,3!6&*%03%1)(&!Y&%/3(!Ni?i+,1,*/1!-5,35!,1!135(08?(0!)*!&*??!*8)!,/!Y%??!;Q<9! %/0!-,??!@*381!*/!4&*A*),/C!*&,C,/%?!Y&(/35!?%/C8%C(!3*/)(/)\!>@!)5(!4?%)@*&A1!?,1)(0[!%??!%&(! /*-!,/+(1),/C!,/!)5(,&!*-/!1(&,(1!3*/)(/)!-,)5!)5(!(X3(4),*/!*@!F*0%@*/(!%/0!>&%/C([!-5*! )(/0! )*! @*381! */! ?,3(/1,/C! ),)?(1! @&*A! )5(! 6,CC(&! 4?%7(&1! HF*0%@*/(! 5%1! %! 0(%?! -,)5! 6*)5! W()@?,X!%/0!k2>!B14%r%[!-5,?(!>&%/C(!0,1)&,68)(1!1(?(3)!R%/%?m!3*/)(/)!)*!,)1!18613&,6(&1I\! !

#$! !"3$%&'()#Q60$/-_#,"4#<2,\%"#C,00/6#-"#G1,"&6# &6;=986! 8Y6! 56C6>8! =5<^9;9>[! >Z^D65;! a<5! 068a?9f! 9>! /57>C61! ;<^6! ! -59^6! 8Y6! 6@[6I! %CC<5@9>[! 8! C7>! C8! 7==5! /56>CY! ;ZD;C59D65;! 8@! 9;! C<>;9@656@! 8[65!56?789<>;Y9=;!W98Y!?@Z;85X!a9[Z56;!7>@!9>;898Z89<>;!?9V6!8Y6!0789<>7?!/9?^! "<75@!7>@!J>9a57>C6I!%?8Y;898Z89<>;!a!C9>6^7!578Y65!8Y7>!)K1!98!9;!7! ;9[>!!WY9CY!%^7h<>!Y7;!8YZ;!a75!W<5V6@!Y75@65!8!8Y6! /56>CY! ^75V68! 8Y7>! 068a?9f1! WY9CY! 9;! ;66>! 8[! C78CYQZ=! WY6>! 98! C<^6;! 8[!56?789<>;Y9=;!9>!/57>C6I! ! (K<&1!)K<&1!%K<&!D567V@! ! K?)5*8C5! OF*G! 18613&,6(&1! %/0! &(+(/8(1! %&(! C&*-,/C! ,/! (%35! A%&'()[! %0+(&),1(&U@8/0(0! `@&((U)*U%,&a! +,0(*! 1)&(%A,/C! 3*/),/8(1! )*! %33*8/)! @*&! )5(! 6,CC(1)! 15%&(! *@! )5(! F,0(*U*/U G(A%/0!4,3)8&(!,/!%??!)5&((!)%&C()!3*8/)&,(1\!K1!0,13811(0!%6*+([!1*U3%??(0!KF*G!81(&1!,/! (%35!*@!)5(!)%&C()!A%&'()1!@%&!(X3((0!)5(!/8A6(&!*@!4(*4?(!4%7,/C!@*&!+,0(*!1)&(%A,/C\!N5,1! ,1!6*&/(!*8)!,/!&(+(/8(!@,C8&(1!@&*A!%3&*11!h(1)(&/!B8&*4([!-5,35!15*-!KF*G!&(A%,/,/C! &*8C5?7!*/!4%&!-,)5!OF*G!,/!)(&A1!*@!)*)%?!&(+(/8(1[!-,)5!)5%)!)&(/0!4&*e(3)(0!)*!3*/),/8(! )5&*8C5!;Q;Q\!:,+(/!)5(!,A4*&)%/3(!*@!KF*G!/*)!e81)!,/!)(&A1!*@!81(&1!68)!%?1*!@,/%/3,%??7[!,)! 15*8?0!&(A%,/!*/!)5(!&%0%&[!4%&),38?%&?7!%1!15*&)U@*&A!3*/)(/)!6(3*A(1!A*&(!4*48?%&!%/0! 6&*%03%1)(&1!?**'!)*!*)5(&!@*&A1!*@!>NN!%4%&)!@&*A!18613&,4),*/U6%1(0!1(&+,3(1!,/!*&0(&!)*! %))&%3)!/(-!+,(-(&1\! ! ,%*-#'MB'A,,'"#.#12#0'*+'0)2"3#B'I#04#"1'S2")$#'Y\Q\RY\Y\'

! E)2"3#B'CCCc*")%&*%1&4.1#C0c3)6jY\Qmj\MjQgjC#04#"1R#2")$#%1R)44R"#.#12#0R4)R&)2*-#' ! NF*G[! -5,?(! /*)! 15*-/! @8??7! %6*+([! &(A%,/1! )5(! 1A%??(1)! 4,(3(! *@! )5(! F*G! 48]]?(! ,/! )5(! )%&C()!3*8/)&,(1!H%1!-(??!%1!%3&*11!B8&*4(I\!!^/!%00,),*/!)*!,)1!&(?%),+(?7!A,/*&!&*?(!3*A4%&(0! -,)5! OF*G! %/0! KF*G[! ,)! )(/01! )*! @*381! A*&(! */! @,?A1! )5%/! */! NF! 1(&,(1! 1,/3(! ,)! ,1! 6%1(0! %&*8/0!*/(U*@@!)&%/1%3),*/1!&%)5(&!)5%/!%!?*/C(&U)(&A!18613&,4),*/\!b(%0,/C!NF*G!4&*+,0(&1! ,/3?80(!)5(!?,'(1!*@!:**C?(!Z?%7!%/0!,N8/(1PK44?(!NF[!%1!-(??!%1!13%))(&(0!?*3%?!3*A4(),),*/! ,/!(%35!A%&'()\!NF*G!4?%)@*&A1!0*/S)!)(/0!)*!6(!,/+(1)*&1!,/!*&,C,/%?!1(&,(1!3*/)(/)\! ! !

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`b%!R5,3%1!0(?!R%6?(a! HB/CM! `R%6?(! :,&?1aI[! )5(! %@*&(A(/),*/(0! 0&%A%! %6*8)! @*8&! 7*8/C! C,&?1! -*&',/C! %1! 1-,)356*%&0!*4(&%)*&1!%)!O4%,/S1!@,&1)!/%),*/-,0(!)(?(3*A1!3*A4%/7!,/!$%0&,0!08&,/C!)5(! !068a?9f!56?67;6;!_(ZDZ5571`!98;!a95;8!287?97>Q?7>[Z7[6!<59[9>7?!;6596;!?7865!8Y9;!X6751!98! W9??! Y7:6! ;ZCC6;;aZ??X! =5<@ZC6@! <59[9>7?! ?86>8! 9>! 7??! 8Y566! 875[68! C8596;I! 2>! 7@@989<>!889<>6@!7D<:6!a<5!(=79>1!_*75;69??6`!7>@!8Y6!;C9Qa9!@57^7! _$;^<;9;`! bC<^9>[! ;<<>d! 56=56;6>8! 068a?9fi;! V6X! =5<@ZC89<>! 7C89:9896;! 9>! 8Y6! /56>CY! ^75V68! ;1! 068a?9f! Y7;! 7?;! ?6:657[9>[! ;ZCC6;;aZ?! /56>CY! )K! =5<[57^;!a<5!98;![?C6;1!^79>?X!=Z??9>[!C<>86>8!a5<^!8Y6!?9V6;!@! '7>7?cI! ! %;!><86@!675?9651!(VX!9;!7?;[!7!D9[!9>:6;8^6>8!9>!@57^71!Y7:9>[!C[!-<=6`!W98Y!'7>7?c!7>@!S"$1!7;!W6??!7;!8Y6!_G]]E`!;6596;!b7?<>[;9@6!98;!56C6>8?X! 56?67;6@! ;6jZ6?! _G]]N`d1! _B<^<557Y1`! 7>@! _m659C?6! 6!857@6!;68!8!EFG\I! ! %^7h<>!-59^61!@6;=986!98;!9^=56;;9:6!;ZD;C59D65!>Z^D65;!9>!/57>C61!Y7;!X68!8

#&! /56>CY! <59[9>7?1! 7>@! Y7;! <>?X! =9CV6@! Z=! 8WCY! =5<[57^;! 8[!39>6;`!7>@!'7>7?ci;!_)Y6!"Z567Z`dI!B6>657??X!;=67V9>[1!%^7h<>!7==675;!8[! ^<56! <>! ,Z5<=67>! a9?^! 8Y7>! )K! a<5! 8Y6! 89^6! D69>[1! 78! ?67;8! 9>! 8Y6! /56>CY! ^75V68I!%a865!?7Z>CY9>[!W98Y![5678!7>89C9=789<>!9>!(=79>!?7;8!X6751!D<8Y!%^7h<>!7>@!S"$! ,;=7q7! 756! ;89??! a66?9>[! 9;Y! ^75V681! 7?8Y! =5<@ZC9>[!<59[9>7?!;6596;!8Y656!;<<>I!%^7h<>!Y7;!X68!8!287?XI!! ! (VX!7>@!*<:9;875c!756!WY656!8Y6!?9>6;!D?Z5!7!D98!D68W66>!(K<&!7>@!-7X!)KI!468!W98Y! *<:9;875! 56?67;9>[! a7?! ;6596;! DX! 8Y6! 6>@! 865>789<>7??Xd1! 98! 9;! 7?;[! 7! D9[[65! =?7X65! 9>! <59[9>7?! C<>86>8! ;6596;! 9>86>@6@! ?75[6?X!a<5!7>!<>Q@6^7>@!7Z@96>C6I! ! >+(&%??!,)!,1!1*A(-5%)!0,@@,38?)!)*!%11(11!)5(!38&&(/)!1)%)(!*@!%@@%,&1!,/!*&,C,/%?!4&*083),*/!67! OF*G!4?%)@*&A1[!1,/3(!)5(&(!,1!1*!A835!5%44(/,/C!1*!@%1)\!KA%]*/!Z&,A(!F,0(*!5%1!/*)!(+(/! 6((/!,/!B8&*4(!@*&!<;!A*/)51[!-5,?(!k2>! B14%r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e81)!*/(!1(&,(1!(%35!,/!Y&%/3([! O4%,/[!%/0!^)%?7g!%)!)5(!1%A(!),A([!,)!5%1!?,3(/1(0!%!)*)%?!*@!(?(+(/!15*-1!@&*A!)5(1(!A%&'()1[! %??! 68)! */(! *@! -5,35! -(&(! 4&*083(0! %/0! 0(+(?*4(0! 67! )&%0,),*/%?! 486?,3! %/0! @&((U)*U%,&! 6&*%03%1)(&1!,/!)5(!&(14(3),+(!3*8/)&,(1\! ! h5,?(!)5(!/(-!,/)(&/%),*/%?!OF*G!/%A(1!,/!)5(!A%&'()!A,C5)!6(!1(X7[!,)!,1!)5(!&(14*/1(!*@! )5(! ?(C%37! 6&*%03%1)(&1! )*! )5(,&! A%&'()! (/)&7! -5,35! A%7! 3&(%)(! )5(! A*1)! 4&*A,1,/C! *44*&)8/,),(1!@*&!3&(%),+(!/(-!,/)(&/%),*/%?!NF!15*-1!%/0!3*/3(4)1\!N*!3*8/)(&!)5(!`L8%?,)7! *@@(/1,+(a! @&*A! %6&*%0[! )5(1(! /()-*&'1! %&(! ,/3&(%1,/C! )5(,&! 680C()1[! %A6,),*/1[! %/0! -,??,/C/(11! )*! -*&'! -,)5! C?*6%?! 4%&)/(&1! ,/! *&0(&! )*! 1*8&3(! /(-! ,0(%1! -5,?(! 6&,/C,/C! %00,),*/%?!@,/%/3,/C!)*!)5(!)%6?(\!>@!3*8&1([!,/)(&/%),*/%?!4&*083(&1!15*8?0!'((4!%/!(7(!*/! -5%)! )5(! ?,'(1! *@! W()@?,X[! k2>[! O'7[! %/0! KA%]*/! %&(! 0*,/C\! 28)! )5(! )&%0,),*/%?! 6&*%03%1)! /%A(1!15*8?0!/*)!6(!@*&C*))(/!e81)!6(3%81(!)5(7!1),??!0(%?!A*1)?7!,/!?,/(%&!NF\! ! LY78!=6<=?6!756!W78CY9>[! ! >/(!*@!)5(!A*&(!18&4&,1,/C!@,/0,/C1!@&*A!*8&!:(&A%/!&(4*&)!-%1!)5%)[!0(14,)(!)5(!C&*-,/C! 4&(+%?(/3(!*@!W()@?,X!%/0!OF*G!,/!)5(!:(&A%/!A%&'()[!)5(!N*4!

#'! ,%*-#'NB'D)04RC%43:#&'0:)C0'K"%13#']D%+'Y\QM^'

E)2"3#B',UL';/0/)1'L1R>#6%1&'?:%"4'K"%13#' ! ^/)(&(1),/C?7[! %?)5*8C5! Y&%/3(! 5%1! @(-(&! OF*G! 18613&,6(&1! )5%/! :(&A%/7! _! 6*)5! ,/! )*)%?! /8A6(&!%/0!%1!%!4(&3(/)%C(!*@!)5(!*+(&%??!NF!4*48?%),*/!_!W()@?,X!4&*C&%AA,/C!)(/01!)*!6(! %! 6,CC(&! 4%&)! *@! )5(! A%,/1)&(%A! NF! &%),/C1! A,X[! -,)5! )-*! W()@?,X! 1(&,(1! %A*/C! )5(! )*4! J! *+(&%??!NF!15*-1\!K!)5,&0[!`O(/1(D[a!%?1*!%44(%&1!-,)5,/!)5(!N*4!#6%1&'?:%"4'E$%/1' ! N5(!&(A%,/0(&!*@!)5(!N*4!

#(! HfbBI[!:&((3([!b,)58%/,%[!%/0!O?*+(/,%[!%/0!5%1!%?1*!6((/!%3L8,&(0!67!W()@?,X!@*&!0,1)&,68),*/! ,/!)5(!TO!%/0!b%),/!KA(&,3%[!%A*/C!*)5(&!A%&'()1\! ! >)5(&!/*)%6?(!4&*C&%A1!,/!)5(!N*4!

E)2"3#B',UL';/0/)1'L1R>#6%1&'?:%"4'L4%-+' ' ! O'7S1! 6()! */! 5,C5U(/0! 0&%A%! %44(%&1! )*! 6(! 4%7,/C! *@@! 1*! @%&! ,/! ^)%?7[! -5(&(! `N5(! f*8/C! Z*4(a! ,1! )5(! 3?(%&! ?(%0(&! ,/! )(&A1! *@! *+(&%??! 4*48?%&,)7! %/0! `:*A*&&%5a! ,1! /8A6(&! )5&((\! `:%A(! *@! N5&*/(1[a! -5,35! %,&1! */! O'7! 08(! )*! ,)1! ?,3(/1,/C! %C&((A(/)! -,)5! k2>! @*&! O'7S1! B8&*4(%/! A%&'()1! HTV[! ^&(?%/0[! :(&A%/7[! K81)&,%[! %/0! ^)%?7I[! ,1! )5(! /8A6(&! )-*! A*1)U 4*48?%&!NF!1(&,(1\!K4%&)!@&*A!)5(!O'7!4&*C&%A1[!)5(&(!,1!e81)!*/(!*)5(&!?*3%?!^)%?,%/!NF!1(&,(1! ,/! ^)%?7S1! N*4! /(!,/)(&(1),/C! 1(&,(1! -5,35! %44(%&1! */! ^)%?7S1! N*4! !1(&,(1!A(/),*/(0!%6*+([! 1,X!*@!)5(!)*4!)(/!A*1)!4*48?%&!4&*C&%A1!,/!^)%?7!%&(!*/?7!%+%,?%6?(!+,%!Z%7!NF\! ! ! !

$*! X>,0#0%#B,0&>#$%1)#*A8#,"4#ILa#0%#&%3+1%4'&6R# # %><8Y65!9>8656;89>[!56C6>8!=96C6!6W;!!^75V68;!9;!7!>6W!^Z?89Q X6751!rERF!^9??9<>!C7>C9>[!@67?!D68W66>!(VX!7>@!S"$!8@!=5<@ZC6!Y9[YQ 6>@!@57^7I!J>@65!8Y6!7[566^6>81!8Y6!8W68W<5V;!W9??!?7Z>CY!7!k<9>8!=5<@ZC89<>! :6>8Z56!bS"$!(VX!(8Z@9<;d1!W98Y!6f6CZ89:6;!a5<^!D<8Y!C<^=7>96;![566>?9[Y89>[!=58! 8! 865598<5X1! 8Y6! @67?! W9??! 7?;6W! k<9>8! :6>8Z56! @6:6?<=! C<>86>8! a<5! S"$i;! :759865>789<>7?! @9;859DZ89<>I!%>>C6@!9>!%=59?!EFGH1!8Y6!6aa<58!56=56;6>8;!7!;86=!a<5W75@!9>!8Y6!<59[9>7?! C<>86>8!7^D989<>;!96;!9>!,Z5<=6I!L98Y!S"$!;66V9>[!889>Z6!DZ9?@9>[! 98;! ,Z5<=67>! =56;6>C6! :97! S"$! ,;=7q7! 7>@! 8Y6! [6>657?! S"$! ,Z5<=6! D57>@1! 7>@! (VX! ;66V9>[!886>8!8>6?;!7>@!0!8!8Y6!(VXMS"$!=758>65;Y9=!;66^;!8;6! <>!D<8Y!;9@6;I!S"$!(VX!(8Z@9<;!W9??!56=<586@?X!;86>8!a5<^!D<8Y!,Z5<=6!7>@!8Y6! J(I! ! F68#$,&0()#:-46%#%"#M62,"4# # ! /566!K<&!9>!67CY!8596;!C<>89>Z6;!8!7:657[6!61!9>!865^;!;1!Y!8Y6!59;61! =59^759?X!?6@!DX!8Y6!59;6![! (K<&! =?78a<5^;! 9>! 8Y6! 875[68! ^75V68;! 86>@! 8789<>! 865>789<>7?![;!W98Y!-7X!)KQ7aa9?9786@!K<&!;65:9C6;I!!! ! &6;=986! 8Y6! 7>>C6^6>8! 7>@M<5! 56?67;6! X! 9>8656;89>[! 9>@9:9@Z7?! =57?;`!=5<@ZC6@!DX!(K<&!=?78a<5^;!756!;89??!56?789:6?X!?9^986@1!7;!068a?9f!7>@! 6;=6C97??X!%^7h<>!a!7CjZ959>[!6f9;89>[!C<>86>8I!! ! *<56!=?7X65;!7>@!=?78a<5^;!756!7>>C9>[!a<57X;!9>87?!C<>86>8!=5<@ZC89<>1! DZ8!@6;=986!8Y6!DZhh1!<>6!a7C8!;Y<8!D6!a<5[<886>.!8Y6!6f9;89>[!-7X!)K!CY7>>6?;! 7>@!?9>675!D5<7@C7;865;!;89??!9>:6;8!9>!8Y6!:7;8!^7k<598X!Q;C566>!C<>86>8I!-Z;Y6@! DX! (K<&! C<^=68989<>1! 8Y695! DZ@[68;1! @57^7! 7^D989<>;1! 7>@! 9>8656;8! 9>! 9>865>789<>7?! C;!756!7??!59;9>[I! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

$)! NI '$0),0)!'$**2((2$020B!A!%'OJ2(2)2$0!()#%),B2,(! ! %Cj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e#"%^' ' ! ! ! ! ! ! ! ! ! ! ! ! !

K&(%!*@!! ,/)(&(1)! ! ! ! ! ! b,'(!,/!*)5(&!A%&'()1[!A%/7!*@!)5(!A%e*&!6&*%03%1)(&1!,/!Y&%/3([!O4%,/[!%/0!^)%?7!5%+(!)5(,&! *-/! 4&*083),*/! %&A1! -5,35! %&(! &(14*/1,6?(! @*&! 0(+(?*4,/C! 3*/)(/)! @*&! )5(! 6&*%03%1)(&S1! +%&,*81!35%//(?1\!N5(1(!0,+,1,*/1!1,)!%?*/C1,0(!)5(!)&%0,),*/%?!%3L8,1,),*/1!)(%A1[!-5*!%?1*! 1*8&3(! 3*/)(/)! @&*A! ,/0(4(/0(/)! 4&*083(&1! %/0! 0,1)&,68)*&1\! ^/U5*81(! 1%?(1! %/0! 0,1)&,68),*/1! )(%A1! @*&! )5(! 6&*%03%1)(&1! %&(! %?1*! 3*AA*/! %1! )5(7! ,/3&(%1,/C?7! ?**'! )*! A%&'()!1833(11@8?!15*-1!%6&*%0\! !

$+! h(??U'/*-/!(X%A4?(1!*@!6&*%03%1)(&U*-/(0!4&*083),*/!1861,0,%&,(1!,/3?80(!O)80,*R%/%?!,/! Y&%/3(!HR%/%?mI[!NY! O'7! O)80,*1! e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`:*A*&&%5a! HO'7[! R%))(?(7%[! 2()%! Y,?AI! %1! -(??! %1! `N5(! f*8/C! Z*4(a! HO'7[! h,?01,0([! $(0,%4&*[!R%/%?m[!k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g! 6I! 4%&)/(&,/C! -,)5! %/*)5(&! ?*3%?! 4&*083(&! ,/! )5(! )%&C()! 3*8/)&7g!*&!3I!4%&)/(&,/C!-,)5!%!?*3%?!0,1)&,68)*&[!-5*!,1!)5(/!&(14*/1,6?(!@*&!A%&'(),/C!)5(! 3*/)(/)!&,C5)1!)*!)5(!6&*%03%1)(&\! ! h,)5,/! )5(! )%&C()! 3*8/)&,(1[! A*1)! ,/)(&/%),*/%?! )(?(+,1,*/! 3*??%6*&%),*/1! )(/0! )*! ,/+*?+(! %! 0*A(1),3! 4&*083),*/! 3*A4%/7! ,/! %00,),*/! )*! )5(! 6&*%03%1)(&\! N5(! 4,3)8&(! ,1! %! 6,)! A*&(! A,X(0!-5(/!,)!3*A(1!)*!%3L8,1,),*/1[!-5(&(!)5(!%44&*%35!3%/!6(!A*&(!0,&(3)\! ! %CjZ9;989<>;.!LY78!756!D5<7@C7;865;!?<[!a<5s! ' :(/(&%??7[!)5(!&(?(+%/)!%3L8,1,),*/1!3*/)%3)!-,)5,/!)%&C()!A%&'()!6&*%03%1)!3*A4%/,(1!-,??! 6(! %! (6>9<5! K-M'<<5@9>78<5MS67@! ;! *&! )5(,&! 0(4%&)A(/)%?! (L8,+%?(/)! H(\C\! `k(%0!*@!G&%A%[a!`k(%0!*@!V,01!Z&*C&%AA,/C[a!()3I\!O*A(),A(1!)5(!&(?(+%/)!),)?(!A,C5)!6(! `R*AA,11,*/,/C! B0,)*&a! *&! 1,A4?7! `287(&\a! ^/! Y&%/3([! -5<[57^^9>[! %@:9;<5MS67@! [!%/0!S67@!!)(/0!)*!6(!A*&(!3*AA*/!),)?(1\!R%/%?m!5%1!%!0(0,3%)(0! @*&(,C/!@,3),*/!)(%A!-,)5!,)1!*-/!S67@!!/9C89<>!%CjZ9;989<>;!1844*&)(0!67!%!)(%A! *@!@*&(,C/!@,3),*/!687(&1\! ! &956C8<5MS67@!;!H*&!Z&*C&%A!K3L8,1,),*/1I!)(/01!)*!6(!)5(!A*1)!3*AA*/!),)?(! ,/! O4%,/! -5,?(! ,/! ^)%?7! S67@! ;[! "ZX65[! %/0! '56789:6! &956C8<5! %&(! )5(! A*1)! @&(L8(/)?7!81(0!),)?(1\! ! h5(/!,)!3*A(1!)*!%44&*%35,/C!%/0!(/C%C,/C!-,)5!%3L8,1,),*/1!)(%A1[!6&*%03%1)!687(&1!,/! Y&%/3([!O4%,/[!%/0!^)%?7!%??!)(/0!)*!%6,0(!67!)5(!C(/(&%?!B8&*4(%/!`*4(/U0**&!4*?,37a!-5(/!,)! 3*A(1!)*!3*/)(/)!4,)35(1\!B+(&7!6&*%03%1)(&!%/0!(+(&7!687(&!,1!0,@@(&(/)[!68)!,/!(%35!*@!)5(!

$"! )%&C()!A%&'()1!(A%,?!,1!+,(-(0!%1!%!4(&@(3)?7!%33(4)%6?(!-%7!)*!%44&*%35!687(&1!@*&!)5(!@,&1)! ),A(\! h5%)! -(! 5%+(! C(/(&%??7! 1((/! ,1! )5%)! 687(&1! %?1*! 4&(@(&! )*! 6(! C,+(/! 1*A(! @*&A! *@! `4&(+,(-a!*@!)5(!3*/)(/)!6(,/C!4&(1(/)(0[!(,)5(&!,/!)5(!@*&A!*@!%!)&%,?(&!*&!0()%,?(0!13&,4)\! h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

H%"06"0#,&Y'-(-0-%"#&,(6#(0'48)#<]9`#bG1,"&6c#

'<>87C8! %?6f7>@56!-96?! G(48)7!k(%0!*@!G&%A%!G(4%&)A(/)! ^/)(&/%),*/%?!K3L8,1,),*/1!%/0!R*4&*083),*/1! KjNB!Y&%/3(! %U4,(?z%&)(@&%/3(\@&!! ! ,@98<597?!;85786[X! `N5(! (0,)*&,%?! ?,/(! *@! )5(! 0&%A%! 0(4%&)A(/)! 3*8?0! 6(! 0(@,/(0! 67! )5(! ,/)(/)!)*!8/0(&1)%/0!*8&!3*/)(A4*&%&7!(/+,&*/A(/)!%/0!)*!%/),3,4%)(! )5(!@8)8&(!-*&?0!-(!15%??!6(!?,+,/C!,/!UU!A(%/,/C!-(!0(%?!-,)5!)5(!A%,/! )5(A(1!%/0!,118(1!*@!*8&!38&&(/)!%/0!@8)8&(!1*3,()7\!h(!%?1*!/((0!)*! &(@?(3)!)5(!1)&*/C!+%?8(1!*@!)5(!35%//(?!H0(A*3&%37[!0,+(&1,)7[!L8%?,)7I[! %/0!3*A6,/(!0(A%/0,/C!4&*C&%A1!-,)5!4*48?%&,)7\!h(!%&(!*4(/!)*!%/7! ',/0!*@!C(/&(1!.!)5(A%),3!,/!&(?%),*/!)*!)5(!(0,)*&,%?!?,/([!%/0!-(!%&(! &%)5(&!@?(X,6?(!,/!)(&A1!*@!@*&A%)!.!08&%),*/\a! ! &57^7![6>56;!;

$#! ! ! H%"06"0#,&Y'-(-0-%"#&,(6#(0'48)#K%5-(0,1d#b*+,-"c# ! ! '<>87C8! pZ?97>!#<@59[Z6h!*<>8658&!4&,*&,)7!,1! ! )*!1)&(/C)5(/!*8&!1(&,(1!*@@(&[!3*+(&,/C!%??!C(/&(1!%/0!%??!)%&C()1! ! ,/!b%),/!KA(&,3%!%/0!O4%,/\a! ! ! ! &57^7![6>56;! R&,A(!P!R*A(07!P!N5&,??(&!P!k*&&*&!P!Y%/)%17!P!O3,UY,!P! ! ;87C8! 3ZC7!$8659! ! K3L8,1,),*/!.!R*/)(/)!$%/%C(&! ! N(?(3*A!^)%?,%! ! ?83%\*)(&,z)(?(3*A,)%?,%\,)!! ! ! ! ,@98<597?!;85786[X! `h(!?**'!@*&!%/7!G&%A%1!-,)5!^)%?,%/!1*8/0)&%3'1!%+%,?%6?(\! ! h(S&(!,/)(&(1)(0!,/!6*)5!b,6&%&7!O(&,(1!H%??!)5(!1(%1*/1!%+%,?%6?(! ! @*&!)5(!)(&&,)*&7I!%/0!W(-!O(&,(1!)*!6(!4&(A,(&(0!*/!*8&!OF>G! ! O(&+,3(!H/%A(?7!N^$F,1,*/I\a! ! ! ! &57^7![6>56;! R&,A(!P!R*A(07!P!O3,UY,!P!Z(&,*0!G&%A%!P!K3),*/! ! ;

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d9>[! -(*! <5[7>9;789<>;! ;=6>8! <:65! eGR! D9??9<>! @956C8?X! <>! C<>86>8!C56789<>I! 27!3*A4%&,1*/[!W()@?,X!%/0!KA%]*/!&(14(3),+(?7!14(/)!%44&*X,A%)(?7!d"! 6,??,*/! HTOGw"\"! 6/I! %/0! d<\=! 6,??,*/! HTOGw<\9! 6/I! */! *&,C,/%?! 3*/)(/)! ,/! ;Q<=! C)"-&C/&#\! K?)5*8C5!)5(!OF*G!?(%0(&1!3*/),/8(!)*!15%'(!84!)5(!A%&'()[!,)!,1!-*&)5!/*),/C!)5(!1,C/,@,3%/)! &*?(!)5%)!486?,3!6&*%03%1),/C!1),??!4?%71!,/!B8&*4(!-5(/!,)!3*A(1!)*!C()),/C!3*/)(/)!4&*083(0\! N5,1! ,1! 6*&/(! *8)! 67! )5(! /8A6(&1! 3,)(0! (%&?,(&! -,)5! &(14(3)! )*! )5(! %A*8/)! *@! NF! 4&*C&%AA,/C! -5,35! W()@?,X! %/0! KA%]*/! 5%+(! %3)8%??7! 4&*083(0! ,/! B8&*4([! +(&181! )5(! %A*8/)!)5(7!5%+(!1,A4?7!%3L8,&(0\!>@!)5(!<

$%! ]a<5C9>[!8Y6!=<9>8;!^7@6!7D<:61!#%2!7>@!/57>C6!)o?o:9;9<>;!7>>C6@!9>!pZ>6!8Y78! 8Y6X! Y7:6! k<9>6@! a<5C6;! 8[6! @! ,>[?9;YQ?7>[Z7[6! C<>86>8!a<5![?!l!9>C?Z@9>[!)K!@57^7;1!@87596;1!7>9^789<>!;6596;! 7>@!6>865879>^6>8!a<5^78;!l!9>!7!;85786[9C!=7C8!^67>8!8865!8Y6![5[!a<5C6!!;8567^9>[!;65:9C6;!9>!,Z5<=6I! ! '65879>?X1!8Y9;!C7>!D6!;66>!7;!7>!7886^=8!DX!8Y6!=ZD?9C!D5<7@C7;865;!8[! =56;6>86@! 7;! <>6! ;6! 7>@! ;@! %^7h<>1! 756! :65X! =@! 8Y6X! 7??! Y7:6! ;8<596;! 8<8! 1`! ;79@! /57>C6! )o?o:9;9<>;!*&!U7:965!'[!8Y6!@67?I!_"Z8!,Z5<=6!9;!8Y6!^<;8!=!9>!8Y6!W<5?@I!L6!C7>!C865!8Y6^!8<[68Y65I`! ! )Y6!a7C8!8Y78!#%2!7>@!/57>C6!)o?o:9;9<>;!W9??!C!,>[?9;Y!?7>[Z7[6!C<>86>8!9;! ><87D?61! 7;! 98! 9??Z;85786;! 8Y6! [?! ! DZ;9>6;;! ^<@6?;! 7>@! 8Y6! [5[! 9^=<587>C6! [! 7D?6! 8;85786;! 8Y78! ,Z5<=67>! D5<7@C7;865;! 756! ^<56! a! 6:65! <>! ^7V9>[! =56^9Z^!;6596;!WY9CY!C7>!56;<>786!86>8!a<5!8Y6!>6W!k<9>8!6aa<58!W9??!D6!@6:6?<=6@!8Y5[!;85ZC8Z56;1!>7^6?X! 7>! <>[<9>[! C! D68W66>! 8Y6! =5<@ZC89<>! @6=758^6>8;! '$")./&#"0'%3=2/"#'3)14#14J' ! h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a!86>8!87?!=5<@ZC89<>;!`*+(&!)5(!/(X)!@(-! 7(%&1ag!%1!*@!?%)(!;Q<#[!W()@?,X!&(4*&)(0!6(,/C!`*/(U)5,&0!)*!5%?@-%7a!0*-/!)5(!&*%0!)*-%&0! &(%35,/C!)5,1!C*%?\!! ! <03,3P/,"&6)#9>6#,++1%,&>#%$#Q60$/-_#,"4#<2,\%"#0%#`'1%+6,"#+1%4'&0-%"# # "68W66>!EFGE!7>@!/6D5Z75X!EFGH1!068a?9f!C<^^9886@!^<56!8Y7>!eGIR!D9??9<>!bJ(&rGIHR! D>d!8@!aZ8Z56!,Z5<=67>!<59[9>7?!=5<@ZC89<>;!7>@!C;1!7;!W6??!7;! ?9C6>;6@! )K! ;6596;1! a9?^;1! @87596;1! V9@;! ;Y@! ;87>@QZ=! ;=6C97?;1! 56=56;6>89>[!^<56!8Y7>!]F!<59[9>7?!=5<@ZC89<>;I!068a?9f!9;!V>!a<5!87V9>[!7!Y7>@;Q:6;89>[! 9>! 7! =5<@ZC89<>1! ?67:9>[! C7;89>[! 7>@! C56789:6! @6C9;9<>;! 81!^67>WY9?61!9;!85X9>[!8C6!D68W66>![?[!=5<[57^;! 7>@!;Y86>@6@!8C6;!9>!7![9:6>!C85XI!2>!7!56C6>8!

$&! *2-)K!9>865:96W1!#!(8Z@9<;1!6f=?79>6@!8Y6!C<^=7>Xi;!C<>86>8! ;85786[X!7;!98!;66V;!8@!98;!=56;6>C6!75@!8Y6!W<5?@.! ! _L6!756!C[!W98Y!C5678<5;!7??!<:65!8Y6![?@!^<:96;!8Y78! W6!8Y9>V!CZ;8<^65;!W9??!?<:61`!;79@!-59C6I!_L6!8Y9>V!8Y656!756![?8!;Y@!^<:96;!8Y78!CZ;8<^65;!W<5?@W9@6!W9??!?<:6!l!)Y6!B57>@!)!9>!8Y6!S9[Y! '7;8?6!7>@!)57>;=756>8!756![5678!6f7^=?6;!8I!L6!7?;<8!6:65X!C85X!9;!8Y6!;7^6!7>@!;<^6! 865598<596;! C756! ^<56! 7D86>8! 8Y7>! <8Y65;I! $Z5! 7==5<7CY!W9??!:75XI`! ! L98Y!D<8Y!9>865>789<>7?!(K<&!^75V68!?67@65;!C<>89>Z9>[!8865>789<>7?!^75V68! ;Y7561! 67CY! 756! =?7C9>[! 7! a! C<>86>8! 8Y78! W9??! 7==67?! 8C6;! 7>@! 7==675! 8[! C56789:6! 87?6>8! 7! ?<>[! ?67;Y! 9>! @6:6?<=9>[! 8Y78! C<>86>8I! "ZX9>[! @6C9;9<>;!7C5<;;!,Z5<=6!a<5!8Y6!8W8;!86>@!8!Y67@jZ75865;!9>!%^;865@7^!b068a?9fd!7>@!3<>@<>!b%^7h<>dI! ! >+(&%??[!)5(!%3L8,1,),*/1!4&*3(11!@*&!)5(!OF*G!4&*+,0(&1!,1!/*)!A(%/,/C@8??7!0,@@(&(/)!@&*A! C(/(&%?! 6&*%03%1)! ,/081)&7! /*&A1\! W()@?,X[! @*&! ,)1! 4%&)[! &(3(/)?7! 3*/3?80(0! %! @?8&&7! *@! /(-! B8&*4(%/!%3L8,1,),*/1!%)!O4%,/S1!R*/(3)%!Y,3),*/!,/081)&7!A%&'()!(+(/)[!A835!?,'(!)5(!A%/7! )&%0,),*/%?!6&*%03%1)(&1!-5*!%?1*!%))(/0(0!)5(!C%)5(&,/C\!>)5(&!,/0(4(/0(/)!F*G!4?%)@*&A1! ,/! )5(! )%&C()! 3*8/)&,(1[! ?,'(! h8%',Pj%'8)(/! HO4%,/I! %/0! G%,?7A*),*/[! -5,35! ,1! 4*48?%&! ,/! Y&%/3([!%?1*!)(/0!)*!%3L8,&(!3*/)(/)!+,%!&(?%),+(?7!)74,3%?!A(%/1[!/%A(?7!,/081)&7!A%&'()1! ?,'(!$^ZR>$P$^ZNF!%/0!)5&*8C5!0,&(3)!%44&*%35(1!@&*A!4&*083(&1!%/0!0,1)&,68)*&1\! ! +6X!9>@Z;85X!^75V68;! # K1!%/7!,/)(&/%),*/%?!4&*083(&!-,??!/*!0*86)!6(!%-%&([!,/081)&7!A%&'()1!%&(!%!A%e*&!1*8&3(! *@!)(?(+,1,*/!%3L8,1,),*/1!0(%?1!%/0!%&(!),C5)?7!-*+(/!,/)*!)5(!@%6&,3!*@!5*-!NF!,1!0(+(?*4(0! %/0!0,1)&,68)(0!%&*8/0!)5(!-*&?0\!$%e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e81)!6(C,//,/C!)*!(A(&C(\! ! ! ! ! ! ! ! !

$'! ! ,%*-#'QYB'S2")$#%1'/1&204"+'6%"7#4'#.#140'/13)"$)"%4/18',;' '

,:6>8! 3! &786! &6;C59=89<>!

(6596>7?6! 2(&?,/! c%/8%&7! K//8%?!@(1),+%?!@*&!(X5,6,),*/!%/0!687,/C! *@!NF!1(&,(1[!6%1(0!,/!2(&?,/\!j(?%),+(?7! /(-!(+(/)!1)%&)(0!,/!;Q<#\! "65?9>7?6! 2(&?,/! Y(6&8%&7! ^/081)&7U?(%0,/C!@,?A!@(1),+%?!)%',/C! 4?%3(!(%35!Y(6&8%&7[!5(%0?,/(0!67! B8&*4(%/!Y,?A!%/0!2(&?,/%?(!R*U Z&*083),*/!$%&'()4?%3(1\! *2-)K! R%//(1! K4&,?! N5(!-*&?0S1!?%&C(1)!NF!%/0!0,C,)%?! 3*/)(/)!A%&'()\!NFU@*381(0!14,/*@@!*@! $^ZR>$[!-5,35!@*381(1!*/!%??! (/)(&)%,/A(/)!3*/)(/)!%/0!)%'(1!4?%3(1! (+(&7!7(%&!,/!>3)*6(&\! (6596;!*7>97! Z%&,1! K4&,?! K/*)5(&!A%e*&!1(&,(1!A%&'()4?%3([! )%',/C!4?%3(!(+(&7!O4&,/C!,/!Z%&,1\!! (65t6!(6596;! Y*/)%,/(6?(%8! c8/(! W(-!(+(/)!6,??,/C!,)1(?@!%1!`)5(!A((),/C! 4?%3(!@*&!B8&*4(%/!1(&,(1!%/0!)5(,&! 3&(%)*&1[!0(1,C/(0!67!)5*1(!-5*!A%'(! )5(A\a!! 2>865>789<>7?! c8/(! K//(37! N5(!%/,A%),*/!,/081)&7p1!@*&(A*1)! %>9^789<>!/9?^! 15*-3%1(!@*&!3*U4&*083,/C[!48&35%1,/C[! *75V68!b*2/%d! 1(??,/C[!@,/%/3,/C!%/0!0,1)&,68),/C! %/,A%),*/!3*/)(/)!@*&!%??!6&*%03%1),/C! 4?%)@*&A1\! ' '<>6C87!/9C89<>! O%/),%C*!0(! c8/(! 2&%/0!/(-!NF!3*U4&*083),*/!%/0! R*A4*1)(?%! /()-*&',/C!(+(/)!%,A(0!%)!3*//(3),/C! )5(!B8&*4(%/[!b%),/!KA(&,3%/!%/0!)5(! T\O\!k,14%/,3!A%&'()1\! *6@96>87[6! $8/,35! >3)*6(&! j8//,/C!1,/3(!3)*6(&! N5(!-*&?0S1!6,CC(1)!(/)(&)%,/A(/)! *2-pZ>9<5! 3*/)(/)!A%&'()\!;Q<#!1%-!

$(! >@! )5(! (+(/)1! */! )5(! %6*+(! ?,1)[! )5&((! HO(&,(/%?([! O(&{(! O(&,(1[! %/0! R*/(3)%! Y,3),*/I! 5%+(! 6((/!1)%&)(0!,/!)5(!?%1)!)-*!7(%&1[!5,C5?,C5),/C!)5(!C&*-,/C!+,1,6,?,)7!*@!NF!0&%A%!%/0!)5(! C&*-,/C!,A4*&)%/3(!*@!,/081)&7!C%)5(&,/C1!@*&!A%',/C!,/)(&/%),*/%?!3*//(3),*/1\!! ! Y*&! 35,?0&(/S1! 3*/)(/)[! $^Zc8/,*&! H%/0! )*! %! ?(11(&! (X)(/)! $^YKI! )(/0! )*! 6(! )5(! 6(1)! *44*&)8/,)7!@*&!,/081)&7!/()-*&',/C!%/0!C()),/C!,/!@&*/)!*@!3*/)(/)!687(&1\!! ! ! (7>C6MaZ>@9>[! ! -ZD?9C!)K!=5<@ZC89<>!a9>7>C6!DX!C85X! ! K1! ,/! *)5(&! A%&'()1[! A%/7! *@! )5(! 4&*083),*/! H%/0! ,/)(&/%),*/%?! 3*U4&*083),*/I! ,/3(/),+(1! %+%,?%6?(!@*&!%80,*+,18%?!%3),+,),(1!,/!)5(!)%&C()!3*8/)&,(1!)(/0!)*!6(!)%&C()(0!)*-%&0!)5(!@,?A! ,/081)&7\! ^/3&(%1,/C?7[! )5,1! ,1! 35%/C,/C! -,)5! )5(! C&*-,/C! ,A4*&)%/3(! *@! )(?(+,1,*/! 0&%A%[! 5*-(+(&!)5(&(!%&(!1),??!1*A(!4&*C&%A1!,/!%??!)5&((!A%&'()1!-5,35!%&(!(X3?81,+(?7!,/)(/0(0! @*&!@(%)8&(!@,?A!4&*083),*/\! ! h,)5!)5,1!6(,/C!1%,0[!%!1?(-!*@!4&*083),*/!,/3(/),+(1!(,)5(&!,/3?80(!)(?(+,1,*/!4&*083),*/!*&! %&(! ,/! 1*A(! 3%1(1! (X3?81,+(?7! )%&C()(0! )*-%&0! NF\! Y&%/3(! ,/! 4%&),38?%&! 5%1! %! 4&*C&%A! )*! 1844*&)!,/)(&/%),*/%?!NF!3*U4&*083),*/1[!5*-(+(&!,)!,1!@8??!*@!@&%A(-*&'!&(L8,&(A(/)1!-,)5! -5,35!4&*083(&1!15*8?0!@%A,?,%&,1(!)5(A1(?+(1\! ! 2(?*-!,1!%/!*8)?,/(!*@!)5(!+%&,*81!486?,3!1844*&)!135(A(1!%+%,?%6?(!<>!8Y6!>789<>7?!?6:6?!,/! %??!)5&((!)%&C()!3*8/)&,(1\!h5(&(!%44?,3%6?([!-(!5%+(!%?1*!/*)(0!)5(!%+%,?%6,?,)7!*@!,/3(/),+(1! */!)5(!&(C,*/%?!?(+(?[!5*-(+(&!%1!)5(1(!%&(!)**!A%/7!)*!3*+(&!,/!0()%,?[!4&*083(&1!15*8?0! 3*/083)!%00,),*/%?!&(1(%&35!%/0!*8)&(%35!%1!/(3(11%&7\! ! ! ! ! K"%13#' ! W%),*/%?!486?,3!1844*&)!@*&!%80,*+,18%?!4&*083),*/!,/!Y&%/3(!,1!0,1)&,68)(0!)5&*8C5!%/!(/),)7! 3%??(0! Y,?A! Y&%/3([! -5,35! ,1! 8/0(&! )5(! @(0(&%?! ?#14"#' 1%4/)1%-' &2' 3/1[6%' #4' &#' -t/6%8#' %1/6[#'HW%),*/%?!Y,?A!%/0!K/,A%)(0!^A%C(!R(/)&([!%66&(+,%)(0!%1!`RWRaI\!N5(!4%)35-*&'!*@! ,/3(/),+(1!3%/!6(!%!6,)!3*/@81,/C[!68)!)5(&(!%&(!(11(/),%??7!)-*!4&*C&%A1!-5,35!%&(!&(?(+%/)! @&*A!%/!,/)(&/%),*/%?!4(&14(3),+(M! ! )7f!#6D786!a<5!2>865>789<>7?!-5<@ZC89<>;!b)#2-d! N5(! A%,/! 486?,3! +(5,3?(! @*&! 1844*&),/C! ,/)(&/%),*/%?! %80,*+,18%?! %3),+,)7! ,/! Y&%/3([! )5(! +%?8(! *@! )5,1! ,/3(/),+(! -%1! &(3(/)?7! &%,1(0! ,/! c%/8%&7! ;Q<#[! %/0! ,)! 5%1! 6((/! 3&(0,)(0! -,)5! %))&%3),/C! %! C&*-,/C! /8A6(&! *@! @,?A! %/0! NF! 4&*e(3)1\! O844*&)! ,1! %+%,?%6?(!)*!4&*e(3)1!-5,35!15**)!%)!?(%1)!=!0%71!,/!Y&%/3([!%/0!-5,35!%&(!%?1*!%6?(!)*! 4%11!%!`38?)8&%?!)(1)[a!-5,35!%11(11(1!B8&*4(%/!38?)8&%?!(?(A(/)1!,/!)5(!1)*&7!%1!-(??! %1!Y&(/35!%/0!B8&*4(%/!?*3%),*/1[!35%&%3)(&1[!1*8&3(1[!?%/0A%&'1[!3&(%)*&1[!3&(-!%/0! Y&(/35!)(35/,3%?!5861\!!

%*! N5(! %A*8/)! %??*3%)(0! 3*A4&,1(1! "Qn! *@! )5(! @,?A! (X4(/0,)8&(1! ,/38&&(0! ,/! Y&%/3([! %/0!3%41!%)!d"Q!A,??,*/!4(&!4&*e(3)\!N5(!@*&(,C/!4&*083(&!/((01!)*!3*/)&%3)!%!Y&(/35! 3*A4%/7! )*! 5%/0?(! )5(! 15**)! ,/! Y&%/3(! *&P%/0! )5(! A%',/C! *@! )5(! %/,A%),*/PFYt! 15*)1!+,%!%!4&*083),*/!1(&+,3(!%C&((A(/)\!K)!)5(!(/0!*@!)5(!Y&(/35p1!3*A4%/7!@,13%?! 7(%&[!)5(!4&*083),*/!1(&+,3(1!3*A4%/7!3?%,A1!)5(!&(6%)(\!N5(!A*/(7!,1!4%,0!67!)5(! )%X!%8)5*&,),(1[!%/0!&(3(,+(0!#!)*!657?!;Z==<58!a<5!9>865>789<>7?!C;!Z>@65!8Y6!/56>CY!;X;86^! ^/! %00,),*/! )*! )5(! Nj^Z! 4&*C&%A! ,/! Y&%/3([! ,/)(&/%),*/%?! 3*U4&*083),*/1! 3%/! %?1*! L8%?,@7! @*&! 0*A(1),3! Y&(/35! )(?(+,1,*/! ,/3(/),+(1! ,@! )5(7! A(()! %! 1(&,(1! *@! 3&,)(&,%[! /%A(?7M! o N5(!?(%0!4&*083(&!A81)!6(!B8&*4(%/\! o K!A,/,A8A!*@!"Qn!*@!)5(!680C()!5%1!)*!6(!14(/)!*/!Y&(/35!1*,?\! o "Qn! *@! )5(! ,/+(1)A(/)! HA,/,A8AI! A81)! 3*A(! @&*A! Y&%/3([! *@! -5,35! ;=n! @&*A!%!NF!35%//(?!,1!&(L8(1)(0\! ! k(&(!,1!-5(&(!)5(!171)(A!C()1!%!6,)!)&,3'7[!%1!4&*e(3)1!-,??!(,)5(&!6(!3*/1,0(&(0!@*&! Nj^Z!*&!0*A(1),3!,/3(/),+(1[!68)!3%//*)!&(3(,+(!6*)5!@*&A1!*@!@8/0,/C!%)!)5(!1%A(! ),A(\! :(/(&%??7! 14(%',/C[! 0*A(1),3! ,/3(/),+(1! -,??! 6(! A*&(! &(?(+%/)! @*&! 3*U 4&*083),*/1! -5(&(! )5(! Y&(/35! 4%&)7! ,1! 4?%7,/C! %! 6,CC(&! &*?(\! T/0(&! )5,1! @*&A%)[! ,/)(&/%),*/%?! 4&*e(3)1! %&(! (11(/),%??7! 3*/1,0(&(0! `Y&(/35a! 4&*083),*/1! ,@! )5(&(! ,1! %! Y&(/35!6&*%03%1)(&!,/+*?+(0!%/0!,@!)5(!4&*e(3)!3*/)&,68)(1!)*!)5(!+%&,*81!38?)8&%?!%/0! ?,/C8,1),3! 1)%/0%&01! &(L8,&(0! *@! )5(! 6&*%03%1)(&S1! *+(&%??! 4&*C&%AA,/C\! N5(! RWR! 1844*&)1!%!-,0(!&%/C(!*@!4&*083),*/1!%/0!@*&A%)1[!%/0!,1!%?1*!6(C,//,/C!)*!,/+(1)!%/! ,/3&(%1,/C! %A*8/)! *@! &(1*8&3(1! ,/! )5(! )74(1! *@! 5,C5U+%?8(! ,/)(&/%),*/%?! 3*??%6*&%),*/1!5,C5?,C5)(0!)5&*8C5*8)!)5,1!&(4*&)[!,/3?80,/C!`F(&1%,??(1a!%1!-(??!%1!)5(! O-(0,15UY&(/35!3*??%6*&%),*/!`$,0/,C5)!O8/\a!Y*&!1835!4&*e(3)1[!?%/C8%C(!)(/01!)*! 6(!?(11!*@!%/!,118(!4%&),38?%&?7!-5(/!1(+(&%?!4%&)/(&1!%&(!6(,/C!6&*8C5)!)*!)5(!)%6?(\! ! >/(!@,/%?!4*,/)!-*&)5!/*),/C!,1!)5%)!5,1)*&,3%??7[!)5(&(!5%1!6((/!%!A835!C&(%)(&!&*?(! @*&!,/)(&/%),*/%?!4%&)/(&1!,/!%/,A%),*/!4&*e(3)1!)5%/!,/!*)5(&!@*&A%)1\!Y*&!?,+(!%3),*/! 0&%A%!1(&,(1[!@*&(,C/!(/),),(1!3*/)&,68)(!e81)!"n!*@!)5(!)*)%?!680C()!*/!%+(&%C([!-,)5! ?*3%?! 6&*%03%1)(&1! A%',/C! 84! 9Qn! %/0! (X(&),/C! %! 3*AA(/18&%)(! ,/@?8(/3(! *+(&! 3*/)(/)\!Y*&!%/,A%),*/[!3*/+(&1(?7[!;=n!*@!@,/%/3,/C!*/!%+(&%C(!,1!,/)(&/%),*/%?\! ! #6[9<>7?!C<^^9;;9<>;! ^/! %00,),*/! )*! )5(! /%),*/%?! ,/3(/),+(1[! Y&%/3(! %?1*! 5%1! !J

%)! ! O844*&)! %)! )5(! &(C,*/%?! ?(+(?! )(/01! )*! +%&7[! 5*-(+(&! )5(! RWR! %0+,1(1! )5%)! )5(! `38?)8&%?! +%?8(! *@! )5(! 4&*e(3)! ,1! C(/(&%??7! )5(! 6,CC(1)! 3*/3(&/! *@! )5(! @8/01\a! $*1)! ,/+(1)A(/)1! 5(?4! )*! @,/%/3(! Y&(/35U?%/C8%C(! H*&! A%e*&,)7! Y&(/35U?%/C8%C(I! 4&*083),*/1\! ! N5(!6(1)!-%7!)*!?(%&/!A*&(!%6*8)!&(C,*/%?!,/3(/),+(1!,1!)*!&(%35!*8)!)*!)5(!&(?(+%/)! 3*AA,11,*/1[!-5,35!3%/!6(!%33(11(0!+,%!)5(!574(&?,/'!%6*+(\! ! Y*&!%!@8??!*+(&+,(-!*@!%+%,?%6?(!,/3(/),+(1!,/!Y&%/3([!RWR!5%1!486?,15(0!%!0()%,?(0!%/0! ,/@*&A%),+(!C8,0(M!---\@,?A@&%/3(\/()P)(?(35%&C(A(/)P^/3(/),+(1:8,0(;Q<9\40@ ! ' ! E$%/1' ! O4%,/!*@@(&1!%!<=n!@(0(&%?!)%X!3&(0,)!@*&!,/)(&/%),*/%?!4&*083),*/1[!-5,?(!)5(!O4%/,15!R%/%&7! ^1?%/01!%/0!)5(!W%+%&&(!&(C,*/!*@@(&!%!)%X!&(6%)(!*@!84!)*!"=n\!N5(!,/3(/),+(!,1!3%44(0!%)! d;\=A!4(&U4&*083),*/!*/!)5(!A%,/?%/0!%/0!dJ\=A!*/!)5(!R%/%&,(1\!! ! /6@657?!;ZD;9@96;! N5(!,/@*&A%),*/!A%0(!%+%,?%6?(!67!)5(!^/1),)8)(!*@!R,/(A%)*C&%457!%/0!K80,*+,18%?! K&)1!H^RKKI[!-5,35!0,1)&,68)(1!%80,*+,18%?!,/3(/),+(1!,/!O4%,/[!,1!/*)!L8,)(!%1!0()%,?(0! %1!,/!Y&%/3([!5*-(+(&!)5(!C(/(&%?!&(L8,&(A(/)1!@*&!@(0(&%?!3*U4&*083),*/!@,/%/3,/C! ,/3?80(!)5(!@*??*-,/CM! o N5(! 4&*e(3)! ,1! %6?(! )*! *6)%,/! %44&*+%?! @&*A! )5(! A%e*&,)7! 3*U4&*083(&S1! 3*8/)&7\! o N5(!O4%/,15!,/3(/),+(!A81)!6(!%)!?(%1)!7?!;Z==<58! b,'(! Y&%/3([! O4%,/! 5%1! %! 4%)35-*&'! *@! &(C,*/%?! @,?A! 3*AA,11,*/1! %/0! ,/3(/),+(! 4&*C&%A1!%+%,?%6?(\!V(7!&(C,*/1!@*&!@,?A!4&*083),*/!,/3(/),+(1!,/3?80(!W%+%&&([!)5(! R%/%&7!^1?%/01[!K/0%?81,%[!)5(!2%1L8(!R*8/)&7[!%/0!R%)%?*/,%\!! ! K1!A(/),*/(0!%6*+([!W%+%&&(!%/0!)5(!R%/%&7!^1?%/01!*@@(&!%!"=n!)%X!&(6%)(!-5,?(! K/0%?81,%! A,&&*&1! )5(! /%),*/%?! )%X! &(6%)(! *@! <=n\! N5(! 2%1L8(! 1861,0,(1! A*1)?7!

%+! 1844*&)! 4&*e(3)1! 3(/)&(0! %&*8/0! 2,?6%*[! -5,?(! )5(&(! %&(! /*! @*&A%?! ,/3(/),+(1! ,/! R%)%?*/,%! 5*-(+(&! ,)! ,1! 3*AA*/! @*&! 4&*083),*/1! )*! )%'(! %0+%/)%C(! *@! %/! C6>89:6;! h,)5,/!)5(!@(0(&%?!1844*&)!135(A([!)5(&(!%&(!(11(/),%??7!)-*!A%e*&!,/3(/),+(1M! o K!;=n!)%X!3&(0,)!C&%/)(0!)*!^)%?,%/!4&*083),*/!3*A4%/,(1!)5%)!4&*083(!NF!*&! @,?A!*/!3*AA,11,*/!@&*A!@*&(,C/!4&*083),*/!(/),),(1!*/!^)%?,%/!1*,?\! o K/!%00,),*/%?!%80,*+,18%?!)%X!3&(0,)!@*&!,/0(4(/0(/)!NF!%/0!-(6!4&*083(&1!*@! ^)%?,%/!-*&'1!%/0!3*U4&*083),*/1\! ! N5(!@,&1)!)%X!3&(0,)!C&%/)1!84!)*!;=n!*@!)5(!3*1)!*@!4&*083),*/!*@!)5(!1,/C?(!-*&'!84!)*! %! A%X,A8A! *@! d7?!=5<[57^;! ^)%?7! %?1*! 5%1! %! ?%/013%4(! *@! &(C,*/%?! @,?A! @8/01! -5,35! ,1! A*&(! 3*/1*?,0%)(0! )5%/! (,)5(&! Y&%/3(! *&! O4%,/! %/0! 4&*+,0(! %! -,0(! %&&%7! *@! ,/3(/),+(1\! N5(&(! %&(! */?7! <;!

%"! &(C,*/%?! 3*AA,11,*/1! ,/! ^)%?7[! ,/! 3*/)&%1)! )*! )5(! A*&(U)5%/U)5&((U0*](/! ,/! 6*)5! Y&%/3(!%/0!O4%,/[!-,)5!%!&%/C(!*@!@8/0,/C!*44*&)8/,),(1!H%/0!&(L8,&(A(/)1I\!h5,?(! )5(!8?),A%)(!C*%?!*@!)5(1(!@8/01!,1!)*!6%3'!^)%?,%/!4&*e(3)1[!)5(&(!,1!13*4(!@*&!@*&(,C/! 4&*083(&1!)*!1(38&(!@8/01!@*&!4&*083),*/1!)5%)!),3'!)5(!&,C5)!6*X(1\! ! K!?,1),/C!*@!(%35!3*AA,11,*/!%/0!,)1!@8/0,/C!135(A(!,1!C,+(/!,/!)5(!K44(/0,X\!$*&(! ,/@*&A%),*/!,1!%?1*!%+%,?%6?(!%)M!---\@,?A,/C,/,)%?7\3*AP&(C,*/%?|@8/01!! ! b,'(! O4%,/[! )5(! ,/@*&A%),*/! 4&*+,0(0! */! ^)%?7S1! +%&,*81! @8/0,/C! 135(A(1! ,1! 1*A(-5%)! 3*/@81,/C! H%/0! /*)! (/),&(?7! ,/! B/C?,15}I[! 1*! 4&*083(&1! %&(! %0+,1(0! )*! 3*/)%3)! )5(! &(?(+%/)! @8/0,/C!6*0,(1!@*&!@8&)5(&!,/@*&A%),*/\!! ! 7'C/-&#$'"4-"?#('22,18)## # ! %??!8Y566!C8596;!=<;;6;;!7!^9f!789<>7?!7>@!56[9<>7?!9>C6>89:6!;CY6^6;1! ^7V9>[!?8I! ! /57>C6!Y7;!8Y6!C?6756;8![Z9@6?9>6;!7>@!7==675;!8! 865^;!65;Y9=I!! ! (=79>!9;!8Y6!^<;8!<=6>!8[!87f!D6>6a98;!7;!7!a<569[>!6>898XI!! ! 2>!287?X1!98!C7>!D6!^<56!7@:7>87[6!7;!_287?97>`!578Y65! 8Y7>!C?79^9>[!8Y6!9>865>789<>7?!D6>6a98I! ! ! ! 5#+'1%4/)1%-'(21&/18'04%7#:)-&#"0'/1'4:#'4%"8#4'6%"7#40B' ' ! B<:65>9>[!%Z8Y<59896;! /Z>@9>[!"<@96;! ! ! ! /57>C6! R(/)&(!/%),*/%?!08!3,/iA%!()!0(! Y,?A!Y&%/3(!! ?p,A%C(!%/,Ai(!HRWRI ! ! ! ! ! ! (=79>! $,/,1)&7!*@!B083%),*/[!R8?)8&([!%/0! ^/1),)8)(!*@!R,/(A%)*C&%457!%/0! O4*&) K80,*+,18%?!K&)1!H^RKKI! ! !! ! ! ! ! ! 287?X! $,/,1)&7!*@!R8?)8&%?!k(&,)%C(!%/0! ^)%?,%/!Y,?A!R*AA,11,*/! ! N*8&,1A!%/0!R,/(A%!G,&(3)*&%)(! ! :(/(&%? ! # ! 71-5,06#$-","&6# ' ^/!%00,),*/!)*!)5(!?%/013%4(!*@!486?,3!@8/0(&1[!)5(&(!%&(!%?1*!4&,+%)(!@8/01!%+%,?%6?(!,/!)5(! )%&C()!3*8/)&,(1!-5*!4&*+,0(!C%4!@,/%/3,/C!@*&!%80,*+,18%?!4&*e(3)1[!%/0!-5*!%&(!,/+(1),/C! ,/3&(%1,/C?7! ,/! NF! 1(&,(1\! ! >/(! (X%A4?(! -*8?0! 6(! Y&%/3(S1! 1*U3%??(0! O>Y^RK1! H`Y,?A! %/0!

%#! K80,*+,18%?! ^/081)&7! Y,/%/3,/C! O*3,(),(1aI[! -5,35! %&(! ,/+(1)A(/)! @8/01! -5*! &%,1(! 4&,+%)(! A*/(7!0(+*)(0!(X3?81,+(?7!)*!)5(!@,/%/3,/C!*@!@,?A!%/0!NF!4&*083),*/\!O835!3*A4%/,(1!%&(! *+(&1((/!67!)5(!RWR!%/0!(%&/!)%X!%0+%/)%C(1!*/!)5(,&!,/+(1)A(/)1\!N5(7!A81)!6(!%44&*+(0! */!%!7(%&?7!6%1,1!%1!4%&)!*@!%!&(C8?%)(0!171)(A!,/)(/0(0!)*!@%3,?,)%)(!4&,+%)(!,/+(1)A(/)!,/)*! )5(!Y&(/35!%80,*+,18%?!,/081)&7!%?*/C1,0(!)5(!+%&,*81!486?,3!1844*&)!135(A(1\! ' K2"4:#"'"#%&/18B'9/04')('EAKL?G0'%$$").#&'/1'Y\Qm'()"'/1.#046#140'/1'Y\QM C-0D/8JU__:C,!' ! N5(&(!,1!%?1*!Z%&,1U6%1(0!W%),X,1!R*@,3,/([!B8&*4(S1!6,CC(1)!@,?A!?(/0(&[!-5,35!4%&)/(&(0!-,)5!! O4%,/S1!K80,*+,18%?!O:j!H`:8%&%/)((!O*3,()7!@*&!)5(!K80,*+,18%?!O(3)*&aI!,/!;Q<=!)*!3&(%)(!%! d;Q!A,??,*/!3&(0,)!@%3,?,)7!@*&!@,?A!%/0!NF!4&*e(3)1!,/!O4%,/\!W%),X,1!R*@,3,/(!3*8?0!6(!%!C**0! 4&,+%)(!4%&)/(&!,/!%??!)5&((!A%&'()1[!%1!,)!38&&(/)?7!,/+(1)1!%44&*X,A%)(?7!d;QQ!A,??,*/!4(&! 7(%&!,/!@,?A!%/0!NF!0&%A%!*8)1,0(!*@!Y&%/3(\!K/*)5(&!Y&(/35!@8/0[!R*@,?*,1,&1[!,1!6%3'(0!67! 2WZ! Z%&,6%1! %/0! )5(! G8)35! 6%/'! K2W! KA&*! %/0! ,/+(1)1! ,/! %! &%/C(! *@! @*&A%)1! ,/3?80,/C! %/,A%),*/1! %/0! 3&*11UA(0,%! ,/! %00,),*/! )*! 1)%/0%&0! ,/+(1)A(/)1! ,/! @,?A! %/0! NF! 0&%A%\! R*@,?*,1,&1!5%1!%!)*)%?!?*%/!+*?8A(!*@!d=QQ!A,??,*/[!4&*+,0(1!3%15!@?*-!@,/%/3,/C!)5&*8C5*8)! )5(! 3*/)(/)! 0(+(?*4A(/)! 4&*3(11! H0(+(?*4A(/)[! 4&(U4&*083),*/[! 4&*083),*/[! %3L8,1,),*/I[! %/0!5%1!6((/!1844*&),/C!,/)(&/%),*/%?!3*U4&*083),*/1!@*&!*+(&!)-*!0(3%0(1\! ! K)! )5(! B8&*4(%/! ?(+(?[! )5(! B8&*4(%/! R*AA,11,*/! %/0! B8&*4(%/! ^/+(1)A(/)! Y8/0! HB^YI! ,/! ;Q<#!?%8/35(0!%!d<;61#$-","&6#(%'1&6(' ' !"C%'"4#$-","&-"?)#G-"/,"4.(#"6B#&,(>#16C,06# # a"6#0%%/#%$#B>-&>#G-""-(>#+1%4'&61(#2,8#%1#2,8#"%0#,/16,48#C6#,B,16#-(#0>6#"6B#UVe# &,(># 16C,06# $%1# 9:# ,"4# $-/2# +1%4'&0-%"# B-0>-"# G-"/,"4@# ,++/-&,C/6# $%1# $6,0'16# $-/2(@# $-&0-%"#(61-6(@#4%&'26"0,18#$-/2(@#,"4#,"-2,0-%"(D#G%1#+1%4'&0-%"(#0>,0#2660#0>6#&1-061-,@# UVe#%$#0>6#6_+6"(6(#$1%2#2%"68#(+6"0#%"#/%&,/#?%%4(@#(615-&6(#,"4#(,/,1-6(#B-0>-"#0>6# +1%4'&0-%"#B%1A#-2+/626"064#-"#G-"/,"4#B-//#C6#,&&6+064#$%1#0>6#16C,06D#9>6#-"&6"0-56@# B>-&>#&,26#-"0%#6$$6&0#-"#f,"',18#UTWg@#>,(#,/16,48#2,46#WT#,B,14(#B%10>#,#0%0,/#%$# hiDV#2-//-%"@#B-0>#,#$'10>61#"-"6#,++/-&,0-%"(#B%10>#hUDi#2-//-%"#-"#+1%&6((D#9>6#C'4?60# $%1# 0>6# -"&6"0-56# -(# &'116"0/8# &,++64# ,0# hWT# 2-//-%"# ,/0>%'?># 0>6# 6,1/8# ('&&6((# >,(# ,/16,48# /64# ,45%&,06(# 0%# ('??6(0# -0# C6# 4%'C/64# -"# 0>6# "6,1# $'0'16D# 9>6# &,(># 16C,06# -(# ,42-"-(06164#C8#9`F`*JG-""-(>#G'"4-"?#

! !

! ! '

%$! %CjZ9;989<>;!856>@;.!&57^7!7>@!'Y9?@56>i;! ! &57^7! ! N5(!,/)(&/%),*/%?!1833(11!%/0!&(3*C/,),*/!*@!W*&0,3!W*,&!,1!8/0(/,%6?([!68)!)5(&(!,1!%?1*!%! C&*-,/C!0,+(&1,)7!,/!)5(!15*-1!3*A,/C!*8)!*@!)5(!W*&0,3!&(C,*/[!C*,/C!6(7*/0!3&,A(!1)*&,(1! %/0!)*835,/C!*/!*)5(&!186e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jNB!,/!4%&),38?%&! 5%1!3*AA,11,*/(0!%!-,0(!&%/C(!*@!W*&0,3!NF!1,/3(!;Q<;!%/0!,1!,/3&(%1,/C!,)1!3*U4&*083),*/! 4&(1(/3(!%1!-(??\! ! N5&*8C5*8)!)5(!)(?(+,1,*/!-*&?0[!*/(!0(@,/,/C!35%&%3)(&,1),3!*@!0&%A%!%)!)5(!A*A(/)!,1!%/! `%/7)5,/C!C*(1a!A,/01()!-5(&(!)5(!15((&!%A*8/)!*@!4&*083(&1!%/0!6&*%03%1)(&1!3*A,/C!)*! )5(!)%6?(!)*!,/+(1)!,/!3*/)(/)!5%1!3&(%)(0!%/!*4(//(11!%/0!0(A%/0!@*&!%/7!,0(%!)5%)!,1!-(??! )5*8C5)U*8)! %/0! -(??U4&*083(0! %/0! -5(&(! )5(! 3&(%)*&1! 3%/! A%'(! %! 3&(0,6?(! 3%1(! @*&! ,)1! 35%/3(1!*@!1833(11!,/!)5(!)%&C()!A%&'()4?%3(\! ! *+,"-(>#+61(+6&0-56)#],"#96//62@#I6,4#%$#!"0./#H%"06"0#M656/%+26"0@#K64-,+1%# # =!$#B6#0>%'?>0#b41,2,c#-(#,"#<261-&,"#+>6"%26",@#B-0>#,#0%'&>#%$#`"?/-(># 6_&6//6"&6#,"4#,#0B-(0#%$#Q%14-&#"%-1@#28#-"(-?>0#-(#0>,0#0>-(#-(#6_+,"4-"?#,//#%561#0>6# ?/%C6D#9>6#46+0>#,"4#-""%5,0-%"#-(#"%B#2%5-"?#0%#;,0-"#<261-&,@#0>6#16(0#%$#`'1%+6@# ,"4#2%16D#X6#B-//#$-"4#%'1(6/56(#$%//%B-"?#G-""-(>@#<1?6"0-"6,"@#!0,/-,"@#*+,"-(>@# !(1,6/-#(0%1-6(#,(#2'&>#,(#<261-&,"#,"4#L1-0-(>DE# *%'1&6)#!"(-46#0>6#H16,0-56#H-1&/6@#K!79:#UTWg# ! ! N*! )5(! (X)(/)! )5%)! %! @(-! 3*AA*/! )5&(%01! 3%/! 6(! C?(%/(0! @&*A! )5(! 38&&(/)! 1,)8%),*/! ,/! 0&%A%[!-(!5%+(!3*A6,/(0!1*A(!*@!*8&!*-/!*61(&+%),*/1!-,)5!)5*1(!@&*A!%!14(3,%?!&(4*&)! @*&! )5(! A*1)! &(3(/)! $^ZNF! C%)5(&,/C! ,/! R%//(1[! ?,1),/C! 1*A(! 35%&%3)(&,1),3! (?(A(/)1! *@! 15*-1!-5,35!%&(!@,/0,/C!1833(11!*/!)5(!C?*6%?!1)%C(M! ! =;%&,/# *600-"?@# P/%C,/# ]6/65,"&6DE! b*3%??7U&**)(0! /%&&%),+(1! -5,35! %14,&(! )*! )(??! %! 8/,+(&1%??7U&(?(+%/)!1)*&7\!BX%A4?(1!*@!1833(11!1)*&,(1!,/!)5(!)%&C()!3*8/)&,(1M!! o `>3384,(0a!HW*&-%7I[!)5(!4*?,),3%?!)5&,??(&!3*U4&*083(0!67!KjNB[!-5(&(!W*&-%7!,1! *3384,(0!67!j811,%!%1!4%&)!*@!%!0,148)(!*+(&!(/(&C7\! o `O868&&%a! H^)%?7I[! )5(! 3*A,/C! ^)%?,%/! 4*?,),3%?! 0&%A%! 4&*083(0! 67! W()@?,X! -,)5! 1844*&)!@&*A!jK^\!^/!K/3,(/)!j*A([!)5(!O868&&%!-%1!%!0,1)&,3)!-5(&(!4*?,),3,%/1[! )5(! 358&35[! %/0! )5(! 8/0(&-*&?0! A()! )*! 3%&&7! *8)! 0(%?1\! T/0*86)(0?7[! )5,1! ,/)(&1(3),*/!*@!4*-(&!1),??!4?%71!*8)!)*0%7[!-,)5!)5(!15*-!35&*/,3?,/C!)5,1!C&,))7! 1,0(!*@!)5(!B)(&/%?!R,)7\! !

%%! =9B-(0(# %"# H1-26DE# W(-! 3&,A(! 1)*&,(1! *8)1,0(! *@! )5(! )74,3%?! )5&,??(&PA8&0(&! A71)(&7! @*&A%)\!R%1(!1)807!(X%A4?(1M' o `:*A*&&%5a!H^)%?7I[!-5,35!5%1!6((/!3*A4%&(0!@%+*&%6?7!)*!%??U),A(!5,)!@%+*&,)(1! ?,'(!`N5(!h,&(a!@*&!,)1!0(4,3),*/1!*@!)5(!3*//(3),*/1!6()-((/!1)&(()U?(+(?!3&,A(! %/0!,)1!),(1!)*!)5(!~&(14(3)%6?(S!-*&?01!*@!4*?,),31[!681,/(11[!%/0!A(0,%\!:*A*&&%5! -%1!0(+(?*4(0!67!O'7!^)%?,%!%/0!5%1!1*?0!)*!*+(&!<"Q!3*8/)&,(1\' o `W*&1'*+a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`2?%3'!$,&&*&a!1(&,(1!@&*A!R5%//(?!J!,/!)5(!TV[!%!W*&0,3! (X4&(11,*/!*@!)5,1!)&(/0!3%/!6(!1((/!,/!)5(!Y&(/35PG%/,15!3*U4&*083),*/!`T/48/,15(0[a! -5,35!,1!1()!,/!)5(!/(%&U@8)8&(!%/0!*@@(&1!%!@*&(15%0*-,/C!*@!)5(!3*/1(L8(/3(1!3%81(0! 67! )5(! A(&C,/C! *@! 58A%/! A,/01! -,)5! )(35/*?*C7\! >)5(&! 1,A,?%&! (X%A4?(1! @&*A! &(3(/)! 7(%&1! ,/3?80(! )5(! 0,13*/),/8(0! `j(%?! k8A%/1a! 1(&,(1! @&*A! O-(0(/[! -5,35! -%1! %?1*! 4,3'(0!84!@*&!)5(!Y&(/35!A%&'()\!Y&%/3(!%44(%&1!)*!6(!%!4%&),38?%&?7!@(&),?(!A%&'()!@*&! O3,UY,!%1!%!-5*?([!-,)5!*)5(&!1833(11!1)*&,(1!,/3?80,/C!`b(1!j(+(/%/)1a!HN5(!j()8&/(0I!%1! -(??!%1!`l*/(!2?%/35([a!-5,35!-%1!A(/),*/(0!(%&?,(&\! ! =]6/-?-%'(# ,"4# G,2-/8# M1,2,(DE# N5(!A*1)!*6+,*81!&(3(/)!(X%A4?(!*8)!*@!)5(!W*&0,31! -*8?0! 6(! `j,0(! T4*/! )5(! O)*&A[a! )5(! 4*1,),+(?7U&(3(,+(0! G%/,15! 1(&,(1! -5,35! ,1! %! 3*U 4&*083),*/!-,)5!KjNB!,/!Y&%/3(!%/0!@*??*-1!%!@%A,?7!*@!G%/,15!4&,(1)1!%/0!)5(,&!-*&0?7!%1! -(??!%1!14,&,)8%?!3*/@?,3)1\!N5(!15*-!5%1!(%&/(0!4?%80,)1!@*&!,)1!-&,),/C!%/0!%3),/C[!%/0!,1! 4&**@!)5%)!(+(/!?(11U~0&%A%),3S!)*4,31!3%/!@,/0!%/!%80,(/3(!-5(/!%!1)*&7!,1!3*A4(??,/C! %/0! -(??! 48)! )*C()5(&\! Y%A,?7! 1)*&,(1! *@)(/! 3&*11! *+(&! -,)5! *)5(&! 186UC(/&(1[! %1! (X(A4?,@,(0!67!%!3*84?(!*@!5,C5!4&*@,?(!(X%A4?(1M' o $*+,1)%&mS1! /(-! `:,%/)1a! 1(&,(1[! -5,35! A(&C(1! @%A,?7! %/0! 3&,A([! /%&&%),/C! )5(! 3*/@?,3)1!%/0!,/)(&/%?!1)&8CC?(1!*@!%!@%A,?7!*@!0&8C!0(%?(&1!,/!$%0&,0\!' o h5,?(!/*)!)(35/,3%??7!%!@%A,?7!0&%A%[!`N5(!f*8/C!Z*4(a!,1!%!C**0!(X%A4?(!*@!)5(! @%A,?7!0&%A%!A(&C,/C!-,)5!4*?,),31!%/0!4%?%3(!,/)&,C8([!%1!)5(!1(&,(1!@*??*-1!)5(! ,//(&!-*&?0!*@!%!4&(3*3,*81!/(-!4*/),@@!%/0!)5(!4(&1*/%?!&(?%),*/15,41!5(!A81)! 6%?%/3(!%1!5(!%13(/01!)*!)5(!)*4!*@!)5(!R%)5*?,3!R58&35!5,(&%&357\' ' =I-(0%1-&,/# *0%1806//-"?DE# K1! /*)(0! ,/! )5(! Z#1"#' ,"#1&0' 1(3),*/! (%&?,(&[! 4(&,*0! 0&%A1! 3*/),/8(! )*! 0&%-! ,/)(&(1)[! (X(A4?,@,(0! 67! 15*-1! ?,'(! `R%6?(! :,&?1a! HO4%,/I[! `$(0,3,a! H^)%?7I[!%/0!`F(&1%,??(1a!HY&%/3(I\!!N5(!@*&A%)!%44(%&1!)*!6(!4%&),38?%&?7!4*48?%&!,/!O4%,/\! >)5(&!(X%A4?(1!,/3?80(M' )5 o `b%!R%)(0&%?!0(?!$%&[a!1()!,/!

%&! o K/*)5(&!/(-!15*-!,/!$*+,1)%&mS1!*&,C,/%?!3*/)(/)!&*??*8)[!`N5(!Z?%C8(a!,1!1()!,/! )5(!3,)7!*@!O(+,??(!,/!)5(!<#)5!3(/)8&7[!,/!)5(!A,01)!*@!%!)(&&,6?(!686*/,3!4?%C8([! %/0!@*??*-1!$%)(*[!%!5(&(),3!)5%)!A81)!1*?+(!%!/8A6(&!*@!1%)%/,3!3&,A(1\' o `N5(!N,A(!,/!2()-((/[a!4&*083(0!67!2**A(&%/C!NF!@*&!K)&(1A(0,%S1!K/)(/%!"[! -5,35! )(??1! )5(! 1)*&7! *@! O,&%[! %! 0&(11A%'(&! -5*! ?(%+(1! $%0&,0! 6(@*&(! )5(! *8)6&(%'!*@!)5(!O4%/,15!R,+,?!h%&!)*!@*??*-!)5(!A%/!15(!?*+(1!)*!N%/C,(&[!-5(&(! 15(!8/-,)),/C?7!6(3*A(1!,/+*?+(0!,/!%/!(14,*/%C(!135(A(\' ! =7%/-0-&,/# !"01-?'6DE# Z*?,),3%?! ,/)&,C8(! %?1*! 3*/),/8(1! )*! 6(! %! 4*48?%&! )5(A([! *@)(/! A(&C,/C! -,)5! 4(&,*0! 1)*&7)(??,/C! %/0! @%A,?7! 0&%A%! %1! -,)5! `F(&1%,??(1[a! `$(0,3,[a! %/0! `N5(!f*8/C!Z*4(\a!!O*A(!*)5(&!(X%A4?(1!,/!)5(!4*?,),3%?!,/)&,C8(!3%)(C*&7!,/3?80(M' o W()@?,XS1! T$%&1(,??([a! %?1*! A(/),*/(0! (%&?,(&[! -5,35! 0(14,)(! A,X(0! &(+,(-1! ,1! 6(,/C!&(U3*AA,11,*/(0!@*&!%!1(3*/0!1(%1*/\' o `616# Q%-1DE# >/(! )&(/0! 0,13811(0! %)! $^ZNF! (%&?,(&! )5,1! 7(%&! -%1! )5(! 14&(%0! *@! W*&0,3! W*,&U1)7?(! 1)*&7)(??,/C! )*! &(C,*/1! *8)1,0(! *@! ,)1! 5*A(! 6%1(! ,/! Y,/?%/0! %/0! O3%/0,/%+,%\!`^!V/*-!h5*!f*8!K&([a!A(/),*/(0!(%&?,(&!,/!)5(!Z#1"#',"#1&0'3%1(!1)80,(1[! ,1! 6(,/C! )*8)(0! %1! %/! (X%A4?(! *@! ~O4%/,15! W*,&[a! -5,?(! `N5(! Z%&%0,1(a! 6&,/C1! %3)8%?! W*&0,3!W*,&!)*!)5(!$(0,)(&&%/(%/!3*%1)[!,/!%!3&,A(!1)*&7!-5(&(!Y,//,15!%/0!O4%/,15!?%-! (/@*&3(A(/)!%8)5*&,),(1!A81)!3*??%6*&%)(!)*!1*?+(!%!1(&,(1!*@!A71)(&,*81!3&,A(1!-5,35! &%))?(!)5(!?%&C(!Y,//,15!3*AA8/,)7!,/!Y8(/C,&*?%!*/!)5(!R*1)%!0(?!O*?\!`B?!BX)&%/e(&*[a!)5(! 3*A,/C! O4%/,15UK&C(/),/,%/! 3*U4&*083),*/! %6*8)! %! O4%/,15! )(//,1! 1)%&! 1814(3)(0! *@! A8&0(&,/C!%/!K&C(/),/,%/!1*3,%?,)([!,1!%?1*!6(,/C!)*8)(0!%1!5%+,/C!A%/7!@%A,?,%&!%14(3)1! *@! W*&0,3! W*,&\! K?)5*8C5! )5(&(! %&(! /*-! (X%A4?(1! *@! Y&(/35! W*,&! H`N5(! Y&*](/! G(%0aI! %/0!(+(/!G8)35!W*,&!H`O)83'aI[!)5(!)5(A(!?**'1!)*!6(!(14(3,%??7!&(1*/%/)!-,)5!O4%/,15U 14(%',/C!%80,(/3(1\! ' K1!(+,0(/3(0!67!)5,1!?%1)!)&(/0[!(+(/!%1!)5(!0(A%/0!@*&!,/)(&/%),*/%?!0&%A%!3*/),/8(1!)*! 0&,+(! A*&(! (X4(&,A(/)%),*/! %/0! 3&(%),+,)7[! )5(! (/08&,/C! %44(),)(! @*&! 3&,A(U&(?%)(0! 1(&,(1!

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`T/48/,15(0a!%1!%/!,/0,3%)*&!*@!-5()5(&!)5(&(!A,C5)!6(!@8&)5(&!4*)(/),%?!)*!6(! (X4?*,)(0!,/!)5,1!)*4,3\!! ! ^)%?,%/! %80,(/3(1! 3*8?0! 6(! @(&),?(! C&*8/0! @*&! )5*8C5)@8?! %/0! 3&(%),+(! 1)*&7)(??,/C! %6*8)! 3*A48)(&1!%/0!)5(!@8)8&([!C,+(/!)5(!1833(11!*@!KA(&,3%/!5%3',/C!%/0!376(&1(38&,)7!0&%A%! `$&!j*6*)a!,/!^)%?7\!K/*)5(&!C**0!4?%3(!@*&!4&*083(&1!)*!1)%&)!,/!)(&A1!*@!1)*&7)(??,/C!3*8?0! 6(!)*!(X4?*&(!1*A(!*@!)5(!(X,1),/C!38?)8&%?!?,/'%C(1!6()-((/!Y,/?%/0!%/0!)5(!)%&C()!A%&'()1[! %1!`N5(!Z%&%0,1(a!5%1!0*/(!,/!O4%,/\! ! h5(/!,)!3*A(1!)*!0&%A%[!5*-(+(&[!*/(!)5,/C!,1!3(&)%,/!%/0!)5%)!,1!)5%)!)5(&(!%&(!/*!5%&0! %/0!@%1)!&8?(1\!G&%A%!680C()1[!%A6,),*/1[!%/0!)5(!/8A6(&!*@!4?%7(&1!%&(!%)!%/!%??U),A(!5,C5[! ?(%+,/C!)5(!0**&!*4(/!@*&!%!+%&,()7!*@!3&(%),+(!4*11,6,??,),(1\!! ! ! 'Y9?@56>i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e81)!6(C,//,/C! )*!,/)(&/%),*/%?,1([!35,?0&(/S1!4&*083(&1!A81)!4&*+(!)5(&(!,1!?,'(?7!)*!6(!1)&*/C!A%&'()%6,?,)7! %/0P*&!A(&35%/0,1,/C!4*)(/),%?!,/!*&0(&!)*!C(/(&%)(!%/7!1(&,*81!,/)(&(1)\! ! T/@*&)8/%)(?7!)5(&(!%&(!/*!5,C5U4&*@,?(!(X%A4?(1!%)!)5(!A*A(/)!*@!1833(11@8?!3*U4&*083),*/! *&!%3L8,1,),*/!*@!W*&0,3!35,?0&(/S1!4&*C&%A1!,/!%/7!*@!)5(!)%&C()!A%&'()1\!W*/()5(?(11[!5(&(! %&(!1*A(!*@!)5(!38&&(/)!)&(/01!,/!',01S!NF!%1!0,13811(0!%)!?%1)!7(%&S1!$^Zc8/,*&!(+(/)[!%/0! -5,35!-(!5%+(!C?(%/(0!@&*A!*8&!*-/!&(1(%&35M! ! Q,0'16# ,"4# ;6,1"-"?D# `R5,?0&(/!%&(!38&,*81M!)5(7!-%/)!)*!@,/0!*8)!%6*8)!)5(,&!-*&?0[a! 1%,0! K+&,?! 2?*/0(?*)[! ^/)(&/%),*/%?! j(1(%&35! $%/%C(&! @*&! B8&*0%)%NF[! %1! 4%&)! *@! %! $^Zc8/,*&!4%/(?!*/!35,?0&(/S1!%3L8,1,),*/1!)&(/01\!O5(!3,)(0!`>3)*/%8)1a!HTVI[!`W(??7!%/0! W*&%a!H^&(?%/0I[!`O,7%7%a!HO*8)5!K@&,3%I[!`$%15,/7!O'%]',a!Hj811,%I[!`$%/0**1a!HTKBI[!)5(! 4&(+,*81?7UA(/),*/(0! `b*1! R&(%0*&(1a! HK&C(/),/%I[! %/0! )5(! G8)35! 13,(/3(! 15*-! `O84(&6&(,/a! %1! (X%A4?(1! *@! ,/)(&/%),*/%??7U1833(11@8?! 4&*C&%A1! -5,35! @*381! */! (083%),*/!)5&*8C5!(X3,)(A(/)!%/0!%0+(/)8&(\' #'

%(! *%/5-"?# K8(061-6(D# $71)(&7!1)*&,(1!5%+(!6((/!%!4%&)!*@!35,?0&(/S1!NF!%/0!?,)(&%)8&(!@*&! C(/(&%),*/1[! %! @%3)! -5,35! 3*/),/8(1! )*! 6(! 8/35%/C(0\! O5*-1! ?,'(! `W*007! N*7?%/0! G()(3),+(a!HTVI[!`BC(!%/0!:%C%a!HN8&'(7I[!%/0!`bÄ1A71)(&,()a!_!)5(!?%))(&!0(+(?*4(0!67! )5(! (083%),*/%?! %&A! *@! O-(0(/S1! 486?,3! 6&*%03%1)(&! _! %&(! %??! (X%A4?(1! *@! 4*48?%&! 4&*C&%A1!-5(&(!35%&%3)(&1!%/0!',01!1*?+(!A71)(&,(1!)*C()5(&\' ' *'+61>61%6(D# K/*)5(&!%C(U*?0!@%+*&,)([!1*A(!/(-!184(&5(&*U0&,+(/!15*-1!,/3?80(!)5(! ?,'(1!*@!`Zc!$%1'1a!HTVPY&%/3(I[!`$,&%38?*81!b%0768Ca!HY&%/3(I[!%/0!`W,'*!%/0!O-*&0!*@! b,C5)[a!%/!KA%]*/!*&,C,/%?\# # Q6B# 0,A6(# %"# +%+'/,1# 0>1%BC,&A(D# j(?%)(0! ,/! 1*A(! -%71! )*! )5(! 4&(+,*81! )&(/0! ,1! %! A*+(A(/)! )*! &(+,+(! %/0P*&! &(,A%C,/(! 1*A(! 3?%11,3! 35,?0&(/S1! 1)*&76**'! 35%&%3)(&1! ,/3?80,/C! K?%00,/! H,/! )5(! TVS1! ?,+(U%3),*/! `c%A,??%5! %/0! K?%00,/a! @%/)%17! 1(&,(1I[! R,/0(&(??%! H,/! `j(C%?! K3%0(A7[a! @&*A! ^)%?7I[! %/0! O/*-! h5,)(! H,/! `O(+(/! %/0! $([a! %/! ^)%?,%/UY&(/35! 3*U4&*I\! N5(! ?%))(&! 3*A6,/(1! ?,+(! %3),*/! %/0! R:^! ,/! `)5(! @,&1)! 576&,0! %/,A%)(0!1(&,(1[a!%33*&0,/C!)*!K2!^/)(&/%),*/%?[!)5(!Y&(/35!5%?@!*@!)5(!4&*083),*/!)(%A\! ^/! O4%,/[! A(%/-5,?([! jNFBS1! R?%/! 35%//(?! ,1! 3*??%6*&%),/C! -,)5! G,13*+(&7! V,01! ,/! b%),/! KA(&,3%!*/!%!&(A%'(!*@!)5(!

&*! 35%//(?1!?,'(!W,3'(?*0(*/!%/0!G,1/(7[!,/!%??!)5&((!)%&C()!A%&'()1!?*3%?!486?,3!35%//(?1!5%+(! &(C,1)(&(0!)5(!?%&C(1)!A%&'()!15%&(!,/3&(%1(!08&,/C!&(3(/)!7(%&1\! ! ! ,%*-#'Qg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e(3)1!-5(&(!)5(! Y,//,15!4%&)7!3*8?0!%00!,/)(&/%),*/%?!+%?8(\!K/*)5(&!3*8?0!6(!)*!%44&*%35!6&*%03%1)(&1!%/0! 5%+(!%/!*4(/!3*/+(&1%),*/!%6*8)!-5,35!)74(1!*@!/(-!C?*6%?!3*/)(/)!)5(7!A%7!6(!?**',/C!@*&\! ! j(C%&0?(11! *@! )5(! (X%3)! A()5*0*?*C7[! )5(! '(7! 4&,/3,4?(1! &(+*?+(! %&*8/0! 1*?,0! 4&*083),*/[! 3*A4(??,/C!1)*&,(1[!%/0!A((),/C!6&*%03%1)(&1!%/0!3*/)(/)!4?%)@*&A1!-5(&(!)5(7!%&(!,/!*&0(&! )*!3%)(&!)*!0(A%/0\!h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j# C'0# %0>61B-(6# B6# ,16# %+6"# 0%# ,"80>-"?# '"-Y'6#0>,0#>,(".0#C66"#4%"6#C6$%16DE# *%'1&6)#X>,0#4%#H>,""6/(#,"4#7/,0$%12(#X,"0@#K!7f'"-%1#UTWk#

&)! *65CY7>@9;9>[!7>@!?9C6>C6!@67?;! ! *65CY7>@9;9>[!<:65:96W! ! K!4&*14(&*81!)(?(+,1,*/!6&%/0!*4(/1!0**&1!@*&!A(&35%/0,1,/C!681,/(11!*44*&)8/,),(1!_!)5,1!,1! *@!3*8&1(!%?1*!)&8(!@*&!%??!)5&((!A%&'()1\!:(/&(1!?,'(!35,?0&(/S1!*&!A81,3!(/)(&)%,/A(/)!%&(!%)! )5(! @*&(@&*/)! *@! A(&35%/0,1,/C[! -,)5! 3*AA(&3,%?! 6&*%03%1)(&1! )74,3%??7! )%',/C! A*&(! %0+%/)%C(!)5%/!)5(!486?,3U1(&+,3(!4&*+,0(&1\! !! N5(!@*??*-,/C!A(&35%/0,1,/C!%&(%1!%&(!818%??7!3*+(&(0M! ! k*A(!B/)(&)%,/A(/)! ! Z86?,15,/C! ! N*71!.!:%A(1! ! O)%),*/(&7! ! Y**0!.!Z&*A*),*/! ! N(X),?(1!.!K33(11*&,(1! ! ?:/-&"#1@0'6#"3:%1&/0/18'/1'4:#'4%"8#4'6%"7#40B' ' N*71! %/0! 486?,15,/C! 4&*083)1! 4?%7! )5(! A*1)! ,A4*&)%/)! &*?(! ,/! 35%&%3)(&! ?,3(/1,/C\! O(3*/0! %&(! )(X),?(! 4&*083)1[! 5*A(! (/)(&)%,/A(/)! %/0! H4&*A*),*/%?I! (+(/)1! U! %?)5*8C5!)5,1!0,@@(&1!@&*A!6&*%03%1)(&!)*!6&*%03%1)(&\! ! R8&&(/)! )&(/01M! A(&35%/0,1,/C! @&*A! ,/)(&%3),+(! C%A(1[! `A(&35%/0,1,/C! ,/! &(+(&1(a! -5(&(!1833(11@8?!)*71!0&,+(!/(-!3*/)(/)[!/*)!)5(!*)5(&!-%7!%&*8/0\! !! ?%0#'042&/#0B' ! Z&*6%6?7!)5(!6(1)!38&&(/)!3%1(!1)807!,/!)(&A1!*@!)5(!38&&(/)!0,&(3),*/!,/!A(&35%/0,1,/C!,1! )5%)!*@!O'7?%/0(&1!K3%0(A7[!-5,35!6*%1)1!A*&(!)5%/!w"!6,??,*/!TOG!,/!)*)%?!)*7!1%?(1!%/0!,1! /*-!%/!,/)(&/%),*/%?!5,)!NF!15*-\!>/!)5(!3*/)(/)!1,0([!W()@?,X!,1!%?&(%07!4&*083,/C!%!)5,&0! 1(%1*/!%/0!)5(!15*-!,1!%+%,?%6?(!,/!"E!3*8/)&,(1[!,/3?80,/C!Y&%/3([!O4%,/[!%/0!^)%?7\! ! ! 39C6>;9>[!<:65:96W! ! G(%?!1)&83)8&(!@*&!?,3(/1,/C!+%&,(1!-,0(?7!(+(/!-,)5,/!A%&'()1[!A%',/C!,)!0,@@,38?)!)*!5%+(!%! 3?(%&!&(14*/1(!%1!)*!-5%)!,1!`)74,3%?\a!B+(&7!?,3(/1,/C!0(%?!,1!0,@@(&(/)[!0(4(/0,/C!@,&1)!84*/! )5(!6&*%03%1)(&!%/0!&,C5)1S!5*?0(&!H4&*083(&!*&!0,1)&,68)*&I[!68)!8?),A%)(?7!*/!)5(!3*/)(/)! ,)1(?@[! 14(3,@,3%??7! ,)1! 3&,),3%?! &(3(4),*/[! @*&(3%1)(0! 0(A%/0[! `574(aU@%3)*&! %/0P*&! (X,1),/C! 1833(11! ,/)(&/%),*/%??7[! %/0! %/7! *)5(&! @%3)*&1! -5,35! )5(! 6&*%03%1)(&! *&! 3*/)(/)! 4?%)@*&A! A%7!0((A!,A4*&)%/)\! ! >/(! @%3)! -(! 3%/! C(/(&%?,1(! ,1! )5%)! %1! 0&%A%! 6(3*A(1! 6*)5! A*&(! 4*48?%&! %/0! A*&(! (X4(/1,+([!,/)(&/%),*/%?!6&*%03%1)(&1!%/0!OF*G!4?%)@*&A1!%&(!@,/0,/C!-%71!)*!-*&'!)*C()5(&! ,/!*&0(&!)*!@,/%/3(!e*,/)!4&*083),*/1!67!/(C*),%),/C!,//*+%),+(!&,C5)1!0(%?1\!K!@(-!`)74(1a!*@! 1835!0(%?1!5%+(!6(3*A(!4%&),38?%&!3*AA*/M!!

&+! ! <\ BX3?81,+,)7!-,/0*-1!@*&!*/(!4%&)7!@*??*-(0!67!%/!(X)(/0(0!&8/!@*&!)5(!*)5(&\!^/!(11(/3([! */(! 4%&)7! %C&((1! )*! @*&C*! )5(! ?*/C! )(&A! &,C5)1! ,/! (X35%/C(! @*&! )5(! @,&1)! &8/! -5,?(! )5(! *)5(&!6%/'1!*/!%!4&*C&%AS1!?*/C!)(&A!1833(11!%/0!%??*-1!)5(!@,&1)!4%&)7!)*!&(%4!)5(!,/,),%?! &(-%&01\! N5,1! -%1! )5(! A*0(?! 81(0! 67! K)&(1A(0,%! %/0! W()@?,X! &(3(/)?7! -5(/! )5(7! /(C*),%)(0! 0(%?1! @*&! `b%! R%)(0&%?! 0(?! $%&a! %/0! `B?! $,/,1)(&,*! 0(! N,(A4*[a! -,)5! )5(! @*&A(&!%,&,/C!(%35!4&*C&%A!,/,),%??7!6(@*&(!W()@?,X!4,3'1!)5(A!84!%@)(&!%!0(1,C/%)(0!),A(! 4(&,*0\! N5(! 1%A(! A*0(?! 5%1! 6((/! %C&((0! @*&! `O868&&%a! 6()-((/! W()@?,X! %/0! ^)%?,%/! 486?,3!6&*%03%1)(&!jK^[!-5*!-,??!%,&!)5(!1(&,(1!%@)(&!,)!4&(A,(&(1!C?*6%??7!*/!W()@?,X\! ! ;\ O5%&,/C!6&*%03%1)!&,C5)1!-,)5!%/!OF*G!4?%)@*&A\!N5,1!,1!&(?%)(0!)*!)5(!4&(+,*81!A*0(?!68)! )74,3%??7! ,/+*?+(1! )5(! 4?%)@*&A! %/0! 6&*%03%1)(&! )%',/C! )5(! &,C5)1! %)! )5(! 1%A(! ),A(\! K?)5*8C5!)5(&(!%&(!/*!@?%C15,4!(X%A4?(1!,/!)5(!)%&C()!A%&'()1[!KA%]*/!Z&,A(!F,0(*!5%1! 1835!%!0(%?!-,)5!KjNB!*+(&!`>3384,(0[a!3*+(&,/C!)5(!TV\! ! "\ N5(! /(-(1)! ?,3(/1,/C! A*0(?! ,/! )5(! A%&'()! ,1! )5%)! *@!K)&,8A! NF!_! %! 3*??%6*&%),+(! *@!

J>9jZ6!CY7??6>[6;.!/57>C61!(=79>1!287?X! ! /57>C6! H%"06"0#Y'%0,(D#K?)5*8C5!)5,1!&8?(!,1/S)!0,&(3)?7!&(?(+%/)!)*!,/)(&/%),*/%?!4&*083(&1[! )5(! C*+(&/A(/)! L8*)%1! */! Y&(/35! ?%/C8%C(! 4&*083),*/! %/0! B8&*4(%/! 38?)8&%?! 3*/)(/)!H)*!-5,35!6&*%03%1)(&1!%&(!186e(3)I!3%/!%3)!%1!%!0&%C!*/!)5(,&!%6,?,)7!)*!6(! @?(X,6?(\!Y*&)8/%)(?7[!@*&!B8&*4(%/!4&*083),*/1!)5(!&8?(1!%&(!1,A4?(&\!>6+,*81?7[!%/7! 4&*C&%A!*&!)&8(!3*U4&*083),*/!,/3*&4*&%),/C!%!Y&(/35!1)*&7?,/(!H(\C\!`$,0/,C5)!O8/aI! -*8?0/S)!6(!186e(3)!)*!L8*%)1\! ! (=79>! !;,&A#%$#01,&A#16&%14D#K!`8/,L8(a!35%??(/C(!-5,35!%?1*!%44?,(1!)*!^)%?7[!,)!3%//*)!6(! 0(/,(0!H%1!-(!-,??!,??81)&%)(!,/!)5(!W*&0,3!R%1(!O)80,(1!?%)(&!*/I!)5%)!)5(!+%1)!A%e*&,)7! *@! W*&0,3! NF! 1833(11! 1)*&,(1! 1*! @%&! 5%+(! 3*A(! ,/! )5(! Y&(/35! A%&'()[! %/0! )5%)! )5(! )&%3'!&(3*&0!@*&!3*/)(/)!@&*A!)5(!W*&0,31!H?()!%?*/(!Y,/?%/0!,)1(?@I!,/!O4%,/!%/0!^)%?7!,1! &(?%),+(?7!)5,/\!N5,1!-,??!5*4(@8??7!35%/C(!-,)5!`N5(!Z%&%0,1(a!%/0!%1!O4%/,15!0&%A%! 3*/),/8(1! )*! 0(+(?*4\! Y*&! /*-[! 5*-(+(&[! A835! *@! )5(! /(-! ,/)(&/%),*/%?! 0(+(?*4A(/)1!,/!O4%/,15!0&%A%!5%+(!6((/!@*381(0!*/!)5(!O4%/,15U14(%',/C!-*&?0[! ?**',/C!%3&*11!)5(!K)?%/),3!&%)5(&!)5%/!)*!W*&)5(&/!B8&*4(!@*&!C?*6%?!3*U4&*083),*/! *44*&)8/,),(1\!h5,?(!)5,1!A%7!35%/C([!,)!3*8?0!4&(1(/)!%/!*61)%3?(!-5(/!%44&*%35,/C! 4*)(/),%?! O4%/,15! 4%&)/(&1! ,/! )5(! (%&?7! C*,/C\! N*! *+(&3*A(! )5,1! 35%??(/C([! ,)! ,1! %0+,1(0! )*! (,)5(&! 1)%&)! -,)5! 4&*083(&1! -5*! 5%+(! %?&(%07! 3*??%6*&%)(0! -,)5! )5(!

&"! W*&0,31! H(\C\! $(0,%4&*I[! *&! 3*/1,0(&! -*&',/C! -,)5! (A(&C,/C! 0&%A%! ,/+(1)*&1! ?,'(! $*+,1)%&m[!-5*!%&(!4?%7,/C!*&,C,/%?!1(&,(1!3%)35U84!%/0!%1!%!&(18?)!A%7!4*)(/),%??7!6(! A*&(!*4(/!)*!/(-!3*/3(4)1\! ! 287?X! !!"(0-0'0-%",/# B6,A"6((D# jK^!,1!0*,/C!1*A(!(X3,),/C!)5,/C1!-5(/!,)!3*A(1!)*!0&%A%! H1835!%1!,)1!,//*+%),+(!4%&)/(&15,4!-,)5!Y&%/3(!Ni?i+,1,*/1I[!68)!)5(!*&C%/,1%),*/!,1! 1),??!%!6,)!35%*),3\!^)!&(A%,/1!)*!6(!1((/[!A(%/-5,?([!-5()5(&!$(0,%1()!,1!&(%?,1),3%??7! *4(/! )*! -*&',/C! -,)5! /(-! ,/)(&/%),*/%?! 4%&)/(&1! *&! ,@! )5(! 3*A4%/7S1! *-/! ,/1),)8),*/%?!35%??(/C(1!-,??!4&(+(/)!,)!@&*A!,//*+%),/C\!O'7!^)%?,%!,1!4&*6%6?7!)5(!A*1)! %44&*%35%6?(!6&*%03%1)(&!,/!^)%?7[!68)!@*&!%!A8?),)80(!*@!&(%1*/1!H?%/C8%C(!3%/!%?1*! 6(!%/!*61)%3?(I!)5,1!,1!4&*6%67!C*,/C!)*!6(!)5(!)*8C5(1)!A%&'()!)*!3&%3'!*+(&%??\! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

&#! PI /20&20B!'$Q-#$&J')2$0!-%#)0,#(.!/#%0',1!(-%201!2)%34! ! 2(?*-!,1!%!C8,0(!)*!)5(!+%&,*81!A*0(?1!*@!3*U4&*083),*/!%+%,?%6?(!)*!4&*083(&1!,/!)5(!)%&C()! 3*8/)&,(1\!!!! ! '!DZ;9>6;;!^<@6?;!! # $aa9C97?!C! K!~)&8(S!3*U4&*083),*/!,1!*/(!-5(&(!)-*!*&!A*&(!4%&),(1!%&(!&(14*/1,6?(!@*&!(%35!%14(3)! *@!)5(!4&*e(3)[!15%&(!)5(!4&*083(&!@((1[!)5(!(L8,)7!%/0!)5(!&(+(/8(1\! ! (=?98!56;=<>;9D9?9896;! O4?,)!&(14*/1,6,?,),(1!%C&((A(/)1!5(?4!)*!C()!%&*8/0!)5(!&(L8,&(A(/)!@*&!A%/7!@8/0,/C! %C(/3,(1!H4%&),38?%&?7!,/!Y&%/3(!%/0!^)%?7I!)5%)!)5(!4&*083(&!,1!&(1,0(/)!,/!)5(,&!3*8/)&7\! h5(/! )5(! 4&*e(3)! ,1! 14?,)[! (%35! 4&*083(&! 0*(1! *-/! [6^6>8;! ^)! A%7! /*)! 1((A! ?,'(! %! 3*U4&*083),*/! 68)! *@)(/! 4&*083(&1! 5,&(! %! 4&*083(&! ,/! %/*)5(&! 3*8/)&7! )*! 0*! 1(&+,3(! -*&'! &%)5(&! )5%/! 4%&)/(&! -,)5! )5(A\! N5,1! 0,@@(&1! @&*A! ~14?,)! &(14*/1,6,?,),(1S!6(3%81(!)5(!1(&+,3(!4&*083(&!5%1!/*!*/C*,/C!&(+(/8(!15%&(!%/0!0*(1! )5(! -*&'! @*&! %! @((! */?7\! K! 1(&+,3(! %&&%/C(A(/)! 3*8?0! %3)! %1! %! -%7! )*! C()! )*! '/*-! %! 4*)(/),%?! 3*U4&*083(&! 6(@*&(! )5(! @,/%/3,%??7! &,1',(&! %/0! A*&(! 0,@@,38?)! ~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aZ>@65;! G*38A(/)%&7! 4&*e(3)1! %&(! ,/! )5(! 6(1)! 4*1,),*/! )*! )%'(! %0+%/)%C(! *@! /*/U)&%0,),*/%?! @8/0(&1! 1835! %1! /*/UC*+(&/A(/)%?! *&C%/,]%),*/1! HW:>1I\! h5,?(! /*)! 1)&,3)?7! %! 3*U

&$! 4&*083),*/[!)5,1!681,/(11!A*0(?!81(1!,/)(&/%),*/%?!@,/%/3,/C!)*!4&*083(!%/0!0,1)&,68)(! )5(!4&*e(3)!%/0!)5(!A*0(?!3*8?0!-*&'!@*&!*)5(&!4&*e(3)1!-,)5!%44&*4&,%)(!186e(3)!A%))(&\! ! -59:786!9>:6;8<5;! N5(&(!%&(!%!/8A6(&!*@!4&,+%)(!1)%'(5*?0(&1!)5%)!%&(!,/+(1),/C!,/!)(?(+,1,*/!4&*083),*/\! BX%A4?(1!)(/0!)*!6(M! • Z*1)U4&*083),*/!5*81(1!%/0!)(35/*?*C7!4&*+,0(&1\!! • $81,3! 3*A4%/,(1! -5*! 5%/0?(! )5(! -*&?0-,0(! A81,3! &,C5)1! %0A,/,1)&%),*/! )*! 3*A4%/,(1S!%80,*+,18%?!4&*083)1!_!)5,1!3%/!6(!%!1*8&3(!*@!,/+(1)A(/)P@,/%/3,/C! @*&!4&*083),*/!3*A4%/,(1\! • >)5(&!4&,+%)(!@8/0,/C!(\C\!W%),X,1!R*@,3,/([!R*@,?*,1,&1[!O>Y^RK1[!()3\! ! F68#+%-"0()#H%3+1%4'&0-%"#C8#&%'"018# # ! (65:9C6!7557>[6^6>8;!W9??!W<5V!D6;8!9>!287?X!<5!/57>C61!WY656!7!?65!9;! >66@6@!887[6!865>789<>7?!=5<@ZC89<>!9>C6>89:6!;CY6^6;I! ! &956C8! =5<@ZC89<>;! W98Y! D5<7@C7;865;! 756! =<86>897??X! 7@:7>87[6! /57>C61! WY656! C;! C7>! D6! 6?9[9D?6! a<5! @<^6;89C! 9>C6>89:6;! 9a! 8Y6! ?X!Y7;!7!D9[!6>!@<6;!><8!56jZ956!7!?898X!88!87f!9>C6>89:6;1!7;!?<>[!7;! ?;1!8Y6!D6;8!5!9@67!78!8Y6!D6[9>>9>[!!C6>856;!! ! /57>C6! ! b,'(!A835!*@!Y&(/35!,/081)&7[!Y&%/3(S1!A%,/!6&*%03%1)!4?%7(&1!%&(!%??!5(%0L8%&)(&(0!,/!*&! %&*8/0!Z%&,1\!N5,1!,/3?80(1!%??!@*8&!*@!)5(!'(7!6&*%03%1)(&1!%1!-(??!%1!)5(!A%,/!4&*083),*/! %/0!0,1)&,68),*/!3*A4%/,(1\! ! 9)3%4/)10'()"'7#+'K"#13:'%2&/)./02%-'3)6$%1/#0B' ' "5<7@C7;865;! SO! -5<@ZC65;! SO! /57>C6! Z%&,1! O)80,*R%/%?! Z%&,1! )o?o:9;9<>;! )/G! 2*8?*C/(U2,??%/3*8&)! :&*84(!K2! O%,/)UG(/,1! *T!B5

&%! '7>7?c! ^117U?(1U$*8?,/(%8X! 2%?%/C%!NF! Z%&,1! %#),! ^117U?(1U$*8?,/(%8X! Y(0(&%),*/!B/)(&)%,/A(/)! Z%&,1! ! ! Z7&%A,0(!^/)S?! Z%&,1!

! :,+(/!)5(!%//8%?!C%)5(&,/C1!,/!R%//(1[!,)!&(A%,/1!*@!3*8&1(!%/!,A4*&)%/)!4%&)!*@!)5(!*+(&%??! 6&*%03%1)!?%/013%4(!,/!Y&%/3([!5*-(+(&!%1!3%/!6(!1((/!%6*+(!)5(!'(7!4?%7(&1!,/!)5(!,/081)&7! %&(!*+(&-5(?A,/C?7!6%1(0!,/!Z%&,1\!! Z*48?%&! Y&(/35! @,?A,/C! ?*3%),*/1! )(/0! )*! A,&&*&! A%/7! *@! )5(! 3*8/)&7S1! -(??U'/*-/! 0(1),/%),*/1M!Z&*+(/3([!Z%&,1PF(&1%,??(1[!)5(!/*&)5(&/!3*%1)!*@!2&,))%/7[!%/0!)5(!1*8)5-(1)! &(C,*/!%&*8/0!2*&0(%8X!%??!)(/0!)*!%))&%3)!)5(,&!15%&(!*@!%80,*+,18%?!4&*e(3)1\!N5(!C&(%)(1)! 3*/3(/)&%),*/!*@!&(C,*/%?!@,?A!3*AA,11,*/1!%&(!,/!)5(!1*8)5(%1)!H%&*8/0!)5(!R*)(!0SK]8&I[! 1*8)5-(1)[!%/0!/*&)5(%1)!18&&*8/0,/C!O)&%16*8&C\! ! ! ! (=79>! ! G8(!)*!&(C,*/%?!)%X!,/3(/),+(1[!'(7!@,?A,/C!5861!,/3?80(!)5(!R%/%&7!^1?%/01[!W%+%&&(!H/*&)5I[! K/0%?81,%!H1*8)5-(1)I[!%/0!2,13%7!H%&*8/0!2,?6%*I\!b,'(!Y&%/3([!5*-(+(&[!)5(!'(7!4?%7(&1!,/! )5(! 6&*%03%1)! ,/081)&7! %&(! %??! 5(%+,?7! 3?81)(&(0\! K??! *@! )5(! '(7! 6&*%03%1)(&1! %&(! ?*3%)(0! %&*8/0!$%0&,0[!%1!-(??!%1!/(%&?7!(+(&7!'(7!4&*083(&\!! ! N5(! F*G! 4?%)@*&A! j%'8)(/\)+! ,1! ,/! 2%&3(?*/%[! %?*/C! -,)5! $(0,%4&*\! 2%&3(?*/%! %/0! )5(! C&(%)(&!R%)%?%/!&(C,*/!)(/0!)*!%))&%3)!)5(,&!15%&(!*@!@,?A!%/0!NF!4&*e(3)1[!68)!)5(!,/081)&7! )(/01!)*!0*!681,/(11!,/!$%0&,0\!>/(!(X3(4),*/!,1!)5(!%/,A%),*/!,/081)&7[!-5,35!5%1!A*&(! 2%&3(?*/%U6%1(0!4&*083(&1\!! ! O%/),%C*!0(!R*A4*1)(?%!H:%?,3,%I!3*8?0!6(!%!4*11,6?(!3(/)&(!)*!-%)35!C*,/C!@*&-%&0[!%1!)5(! R*/(3)%!Y,3),*/!(+(/)!3*/),/8(1!)*!C&*-!%/0!%))&%3)!,/)(&/%),*/%?!%80,(/3(1\! ! 9)3%4/)10'()"'7#+'E$%1/0:'%2&/)./02%-'3)6$%1/#0B' ! "5<7@C7;865;! SO! -5<@ZC65;! SO!

#)K,! ÅZ*]8(?*!0(!K?%&3q/! $(0,%4&*! 2%&3(?*/%!

%856;^6@97! O%/!O(6%1),s/!0(!?*1! B/0(A*?!O5,/(!^6(&,%! $%0&,0! j(7(1! *6@97;68!,;=7q7! $%0&,0! 2**A(&%/C!NF! $%0&,0!

*<:9;875c! $%0&,0! 2,C!2%/C!$(0,%! $%0&,0!

#7VZ86>I8:! 2%&3(?*/%! $%C/*?,%!NF! $%0&,0!

&&! ! ! 2%A6u!Z&*0833,*/(1! $%0&,0! ! 287?X!! ' ^/!^)%?7!)5(!C(*C&%45,3!4,3)8&(!,1!A*&(!A,X(0[!-,)5!$,?%/!%/0!j*A(!6*)5!5*1),/C!%!1,](%6?(! A(0,%!4&(1(/3(\!j*A(!-*8?0!%44(%&!)*!6(!)5(!3?(%&!-,//(&!@&*A!%/!%80,*+,18%?!4(&14(3),+([! -,)5! (+(&7! A%e*&! 4&*083(&! 5(%0L8%&)(&(0! )5(&([! 5*-(+(&! $,?%/! 1),??! 5*1)1! 1*A(! '(7! 6&*%03%1)(&1[!/*)%6?7!$(0,%1()[!O'7[!%/0!G,13*+(&7!^)%?,%\! ! Y&*A!%!@,?A,/C!4(&14(3),+(!j*A(!%?1*!)(/01!)*!%))&%3)!,)1!15%&(!*@!4&*e(3)1[!e*,/(0!67!N813%/7! %/0!67!*)5(&!-(??U)&%+(??(0!^)%?,%/!?*3%),*/1!HF(/,3([!W%4?(1[!O,3,?7[!b*A6%&07I\!! ! K1!,/!Y&%/3(!%1!-(??!%1!O4%,/[!)5(!4&(1(/3(!*@!&(C,*/%?!,/3(/),+(1!(/18&(1!)5%)!%80,*+,18%?! 4&*083),*/!,1!&(?%),+(?7!14&(%0!)5&*8C5*8)!)5(!3*8/)&7\!j*A(!%/0!$,?%/[!5*-(+(&[!%&(!)5(! )-*!'(7!681,/(11!5861!@*&!)5(!6&*%03%1)!,/081)&7\! ! 9)3%4/)10'()"'7#+'L4%-/%1'%2&/)./02%-'3)6$%1/#0B' ' "5<7@C7;865;! SO! -5<@ZC65;! SO! #%2! j*A(! R%))?(7%! j*A(!

*6@97;68! $,?%/! Y&(A%/)?($(0,%!^)%?,%! j*A(! (VX!287?97! $,?%/! h,?01,0(! j*A(!

)6?6C<^!287?97! j*A(! b8X!F,0(! j*A(!

&9;C<:65X!287?97! $,?%/! Z%?*A%&! j*A(!

! ! $(081%!Y,?A! j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

&'! ! N5(!@*??*-,/C!*+(&+,(-!3*+(&1!)5(!A*1)!,A4*&)%/)!4*,/)1M! ! 367@9>[!@57^7!=5<@ZC65;u! ! '85X! -5<@ZC65! L6D;986! b%C%&0(&(!O)80,*1! ---\?%C%&0(&(U1)80,*1\3*AP(/!! /57>C6! Y(0(&%),*/!B/)(&)%,/A(/)! ---\@(0(/)\3*A!! BC*!Z&*083),*/1! ---$C*U4&*083),*/1\3*A! k%8)!()!R*8&)! ---\5%8)()3*8&)\3*A!! O)80,*R%/%?! ---\1)80,*3%/%?\3*A!! l*0,%'!$(0,%!:&*84! ---\]*0,%'A(0,%\3*A!! R%4%!G&%A%! ---\3%4%)+\3*AP(/!! B/0(A*?!Y,3),*/! ---\(/0(A*?\@&!! W(-(/! ---\/(-(/3*/)(/)\3*AP(/!! :NF!Z&*083),*/1! ---\C()(+(\@&P(/!! 2%A6u!Z&*0833,*/(1! ---\6%A684&*0833,*/(1\3*A!! (=79>! Y,?A%X!^/)(&/%),*/%?! ---\@,?A%X,/)(&/%),*/%?\3*A!! G,%C*/%?!NF! ---\0,%C*/%?)+\(1!! 2,C!2%/C!$(0,%! ---\6,C6%/CA(0,%\(1!! $(0,%4&*! ---\A(0,%4&*\(1! B/0(A*?!O5,/(!^6(&,%! ---\15,/(,6(&,%$+!! $%C/*?,%!NF! ---\A%C/*?,%)+\(1!! 2**A(&%/C!NF! ---\C&84*6**A(&%/C)+\3*A!! h,?01,0(! ---\-,?01,0(\,)!! 287?X! K8&*&%!NF! ---\6%/,e%7\3*AP3*A4%/7P%8&*&%U)+! R%))?(7%! ---\3%))?(7%\,)!! Y%/0%/C*! ---\@%/0%/C*\,)!! b8X!F,0(!! ---\?8X+,0(\,)!! Y%68?%!Z,3)8&(1! ---\@%68?%4,3)8&(1\3*AP,)!! Y&(A%/)?($(0,%!^)%?,%! ---\@&(A%/)?(A(0,%\,)! Z%?*A%&! ---\4%?*A%&*/?,/(\3*A!!

' q>)#0'1)4'/13-2&#'&/"#34'*")%&3%04#"0c'!")&23#"0'%"#'1)4'-/04#&'/1')"&#"c' # 'Y9?@56>i;!7>@!7>9^789<>!=5<@ZC65;! # '85X! -5<@ZC65! L6D;986! t,?%A! ---\X,?%A\3*A!! /57>C6! N(%AN>! ---\)(%A)*\3*AP(/!! B??,41%/,A(! ---\0%&C%80A(0,%\3*A!! b(1!K&A%)(8&1! ---\?(1%&A%)(8&1U?(1,)(\@&P!!! :%8A*/)!K/,A%),*/! ---\C%8A*/)%/,A%),*/\3*A!! O4%&X!K/,A%),*/!O)80,*1! ---\14%&X\3*A!! >8,G*}!Z&*083),*/1! ---\*8,0*U4&*083),*/1\3*A!!

&(! ! O%+}!N5(!h*&?0!Z&*083),*/1! ---\1%+)5(-*&?0\3*A!! R*&/(?,81!Y,?A1! ---\3*&/(?,81@,?A1\3*A!! (=79>! h8e,!k*81(! ---\-8e,5*81(\3*A!! Z*&)*3%6*! ---\4*&)*3%6*\3*A!! Ç/,A%!V,)35(/)! ---\%/,A%',)35(/)\3*A!! 2**A(&%/C!NF! ---\C&84*6**A(&%/C)+\3*A! $*),*/!Z,3)8&(1! ---\A*),*/4,3\3*AP(1!! l,/',%!B/)(&)%,/A(/)! ---\],/',%\3*A!! Z(('K6**!K/,A%),*/! ---\4(('%6**%/,A%),*/\3*A!! :&844*!K?38/,! ---\%?38/,\,)!! 287?X! j%,/6*-!O\&\?! ---\&6-\,)P(/!! $*/0*!NF! ---\A*/0*)+\,)!! $%C%!K/,A%),*/!O)80,*! ---\A%C%U%/,A%),*/\3*A!! # (7?6;!7[6>8;!A!@9;859DZ8<5;! ! '85X! -5<@ZC65! L6D;986! :&*84(!K2! ---\C&*84(U%6\@&!! /57>C6! O)80,*R%/%?! 5))4MPP---\1)80,*3%/%?\3*AP(/!! G,%45%/%! ---\0,%45%/%\@&!! Y,?A1!G,1)&,68),*/! ---\@,?A10,1)&,68),*/\3*A!! j(]*!Y,?A!^/)(&/%),*/%?! 5))4MPP---\&(]*@,?A1\3*AP!! OWG!:&*84!$#! 5))41MPP---\1/0A#C&*84\3*AP!! KRB!B/)(&)%,/A(/)! 5))4MPP---\%3(U(/)(&)%,/A(/)\3*AP!! K$ZBjOKWG! 5))4MPP---\%A4(&1%/0\@&P!! Y^b$.Z^RNTjB! 5))4MPP---\@,?A%/04,3)8&(\3*AP!! F,+(/0,!B/)(&)%,/A(/)! 5))4MPP---\+,+(/0,(/)(&)%,/A(/)\3*AP!! ^A%C,/%!^/)S?!O%?(1! ---\,A%C,/%1%?(1\)+!! (=79>! ^A,&%!B/)(&)%,/A(/)! ---\,A,&%(/)(&)%,/A(/)\3*A!! O*A*1!G,1)&,68),*/! ---\1*A*10,1)&,68),*/\/()!! :&84*!N(?(+,1%! ---\)(?(+,1%,/)(&/%3,*/%?\)+!! Y,?A%X!^/)(&/%),*/%?! ---\@,?A%X,/)(&/%),*/%?\3*A!! R*A(&3,%?!NF! ---\3*A(&3,%?)+\3*A!! 2**A(&%/C!NF! ---\C&84*6**A(&%/C)+\3*A! >/]%!G,1)&,68),*/! ---\*/]%0,1)&,68),*/\3*A!! 287?X! F,0(*15*-! ---\0JU+,0(*15*-\3*A!! G%??pK/C(?*!Z,3)8&(1! ---\0%??%/C(?*4,3)8&(1\3*A!! 2&%+(!Y,?A! ---\6&%+(@,?A\3*A!! Y,?A(X4*&)!:&*84! ---\@,?A(X4*&)\3*A!! ^/)&%A*+,(1! ---\,/)&%A*+,(1\3*A!! b,?,8A!G,1)&,68),*/! ---\?,?,8A0,1)&,68),*/\,)!! F%&,()7!R*AA8/,3%),*/1! ---\+%&,()73*AA8/,3%),*/1\,)!! GWR!B/)(&)%,/A(/)! 5))4MPP---\0/3(/)(&)%,/A(/)\,)P!! ! !

'*! ! ! -5<@ZC89<>!7;;;!7>@!<8Y65!;87V6Y856!>789<>7?!@Z!C9>o^7!68!@6!?v9^7[6!7>9^o6!b'0'd B<:65>9>[!%Z8Y<59896;! ! ! ! *9>9;85X!1!'Z?8Z561!7>@!(=<58! ! *9>9;85X!@!)@!'9>6^7! &956C8<5786!B6>657?! ! -5<@ZC65;!%;;;! T/,*/!O7/0,3%?(!0(!?%!Z&*083),*/!K80,*+,18(??(!HTOZKI! 5))41MPP---\814%\@&P!! ! Y(0(&%),*/!*@!O4%/,15!K80,*+,18%?!Z&*083(&!K11*3,%),*/1!HYKZKBI! 5))4MPP@%4%(\(1P!! ! K11*3,%],*/(!Z&*08))*&,!N(?(+,1,+,!U!K\Z\N\! 5))4MPP---\%4)\,)P!! ! /6@657?!/Z>@9>[!"<@96;! Y,?A!Y&%/3(! ---\@,?A@&%/3(\/()!! ! ^/1),)8)(!*@!R,/(A%)*C&%457!%/0!K80,*+,18%?!K&)1!H^RKKI!! ---\,3%%\(1!! ! ^)%?,%/!Y,?A!R*AA,11,*/!! ---\@,?A,/C,/,)%?7\3*A!! ! '! B8&*4(%/!R*/+(/),*/!*/!R,/(A%)*C&%45,3!R*U4&*083),*/! 7[566^6>8;! BTj^$K:BO! ! ! 068W<5V9>[!6:6>8;! ! $^ZNF!HR%//(1I ! O(&,(1!$%/,%!HZ%&,1I! ! O(&{(!O(&,(1!HY*/)%,/(6?(%8I! ! ! R*/(3)%!Y,3),*/!HO%/),%C*I! ! $^ZR>$!HR%//(1I!! ! $(0,(/)%C(!R%//(1I! ! $^YK!HK//(37I! !! ,^D7;;X!C<>87C8;! Y,//,15!BA6%117! !

')! m"E!Q#!D=;;";898Z89<>;! /9>>9;Y!2>;898Z86!9>!/57>C6! #Q[!&8(!0(1!É3*?(1!Ñ!9=QQ=!Z%&,1!Ñ!Y&%/3(! ,/@*z,/1),)8)U@,/?%/0%,1\@&!P!m""!>9;Y!'Z?8Z57?!2>;898Z86!9>!*7@59@! 3P!R%&%3%1[!;"!U!6%e*!Ñ!BU;DQ;898Z8Z^!#<^7>Z^!/9>?7>@76! Z%11(CC,%)%!0(?!:,%/,3*?*!

'+! ! RI 0$#&2'!'$0),0)!20!)S,!)%#B,)!*%#+,)(!! ! 0<5@9C!C<>86>8!C7;6!;8Z@96;! ' K1!/*)(0!(%&?,(&!,/!)5(!&(4*&)[!Y&%/3(!5%1!1*!@%&!6((/!)5(!A*1)!1833(11@8?!A%&'()!@*&!W*&0,3! NF!*8)!*@!)5(!)5&((!18&+(7(0[!-,)5!%!5%/0@8?!*@!)5(!3%1(!1)80,(1!@&*A!*8&!:(&A%/7!&(4*&)! %?1*!@,/0,/C!%/!%80,(/3(!,/!)5(!Y&(/35!A%&'()\! ! W*)!%??!*@!)5(!1833(11!1)*&,(1!%&(!`W*&0,3!W*,&[a!(,)5(&!H4%&),38?%&?7!,/!Y&%/3(I\!!O5*-1!?,'(! O-(0(/S1!`j(%?!k8A%/1[a!G(/A%&'S1!`2*&C(/[a!%/0!A*&(!&(3(/)?7!`j,0(!T4*/!)5(!O)*&Aa! H%?1*!@&*A!G(/A%&'I!15*-!)5%)!)5(&(!,1!%/!%44(),)(!@*&!-(??U-&,))(/[!-(??U%3)(0[!%/0!-(??U 4&*083(0!W*&0,3!0&%A%!(+(/!-5(/!,)!+(/)8&(1!,/)*!/(-!)(&&,)*&7\!W*&0,3!W*,&[!5*-(+(&[!1),??! &(A%,/1!4*)(/)M!`N5(!Z%&%0,1([a!)5(!@,&1)!A%e*&!O4%/,15UY,//,15!3*U4&*083),*/[!)&%/14?%/)1! )&%0,),*/%?!W*&0,3!W*,&!)5(A(1!)*!)5(!O4%/,15!3*%1)!%/0!-,??!6(!&(?(%1(0!?%)(&!)5,1!7(%&\! ! 2(?*-!,1!%/!*8)?,/(!*@!&(?(+%/)!%3L8,1,),*/1!%/0!3*U4&*083),*/!3%1(!1)80,(1!&(?(+%/)!)*!)5(! )%&C()!A%&'()1M! ! '7;6!;8Z@96;! ! *9@>9[Y8!(Z>!! HOBPYj[!W,3(!G&%A%PK)?%/),L8(!Z&*083),*/1[! ;Q<#[!R%/%?m[!D!X!#QSI! ! O-(0,15PY&(/35!3*U4&*083),*/!%6*8)!)5(! A8&0(&!*@!%!Y&(/35!3,),](/!/(%&!)5(!K&3),3! R,&3?([!%/0!(/18,/C!,/+(1),C%),*/\!Z&*083(0! %/0!A%&'()(0!%1!%!`R%/%?m!>&,C,/%?a!,/! 3*??%6*&%),*/!-,)5!O-(0(/S1!486?,3!6&*%03%1)(&!,/!3*??%6*&%),*/!-,)5!)5(!%6*+(U/%A(0! 4&*083),*/!3*A4%/,(1\!O)80,*R%/%?!,1!5%/0?,/C!C?*6%?!0,1)&,68),*/\!2,??(0!%1!)5(!@,&1)U(+(&! O-(0,15PY&(/35!0&%A%!3*U4&*\! ! TD/&1/8:4'E21W */4c-+jYeer(7i'

! ! ! #!!

'"! "<5@658!! HY^[!Y,15(&!V,/CPY(0(&%),*/!B/)(&)%,/A(/)[! <&,C,/%?!68)!/*)!,/!Y&%/3(!-5(&(! ,)!,1!6(,/C!%,&(0!*/!R%/%?m\! ! TU)"&#"4)C1W'*/4c-+jY/gVMV3' #

! #67?!SZ^7>;!bwV87!^x>>9;V<5d!HOBPGVPY^[! $%)%0*&!Y,?A[!;QX#QS[!KjNB[!;Q<;I! ! O-(0,15!13,(/3(!@,3),*/P0&%A%!1(&,(1!1()!,/! %/!%?)(&/%)(!/(%&U@8)8&(!+(&1,*/!*@!O-(0(/! -5(&(!3*/18A(&U?(+(?!58A%/*,0!&*6*)! -*&'(&1!%/0!1(&+%/)1!%&(!-,0(14&(%0\! G%/,15!486?,3!6&*%03%1)(&!G%/A%&'1!j%0,*! %/0!fbB!3*??%6*&%)(0!%1!3*U4&*083(&1\!Z,3'(0!84!*&,C,/%??7!67!KjNB!@*&!Y&%/3(\!Z&*083),*/! *@!%!)5,&0!1(%1*/!-%1!1)*44(0!,/!;Q

#9@6!J=<>!8Y6!(8<5^!! HGVPYj[!Gj!G&%A%[!;QX=DS[!KjNB[!;Q<9I! ! N5(!V&*C5!@%A,?7!,/!G(/A%&'!5%1! 4&*083(0!%!?*/C!?,/(!*@!4&,(1)1\!N5(! @%)5(&!5%1!5,1!1,C5)1!1()!*/!)5(!0,*3(1(! *@!R*4(/5%C(/!%/0!)5(!*?0(&!1*/[! R5&,1),%/[!,1!1)&8CC?,/C!)*!@,/0!@8?@,??A(/)\!$(%/-5,?([!K8C81)([!5,1!A%&&,(0!7*8/C(&! 6&*)5(&[!,1!)5(!4%1)*&!*@!%!358&35!,/!)5(!3%4,)%?\!B%35!*/(!,1!)&7,/C!)*!@,/0!)5(!&,C5)!4%)5[! 6()-((/!&(?,C,*81!(/?,C5)(/A(/)!%/0!4(&0,),*/\!N&8(!3*U4&*083),*/!6()-((/!KjNB!%/0! G%/A%&'1!j%0,*[!-&,))(/!67!K0%A!Z&,3(!H3*U3&(%)*&!*@!`2*&C(/aI\!! ' 'TH/&#'<$)1'4:#'E4)"6W'*/4c-+jY82-E?a' #

'#! 0X^=Y;!! HY^[!Y,15(&!V,/C[!<;XJJS[!O'7!^)%?,%[!;Q

)Y6!-757@9;6!! HBOPY^[!fbBP$(0,%4&*[!DX=QS[!,/!4&(! 4&*083),*/I! ! K!)5&,??(&!1()!%A*/C!)5(!Y,//,15!3*AA8/,)7! ?,+,/C!,/!Y8(/C,&*?%!*/!)5(!R*1)%!0(?!O*?[!)5(! ?%&C(1)!C&*84!*@!O3%/0,/%+,%/1!*8)1,0(! O3%/0,/%+,%\!N5(,&!4(%3(@8?!(X,1)(/3(!,1!1()! )*!6(!,/)(&&84)(0!67!%!1(&,(1!*@!3&,A(1! -5,35!3%/!*/?7!6(!&(1*?+(0!67!)5(! 3*??%6*&%),*/!*@!Y,//,15!%/0!O4%/,15!4*?,3(!@*&3(1\!K,&,/C!%44&*X,A%)(?7!,/!;Q;Q\!! T,:#'!%"%&/0#W'*/4c-+jY+fE)

0<5;V<:!! HGV[!OY!O)80,*1PNF;!G(/A%&'[!

'$! $CCZ=96@!! HW>POBPYj[!NF;!W*&C(Pf(??*-!2,&0[!86>8!<>!068a?9f! ! 2(?*-!,1!%!18AA%&7!*@!W*&0,3!15*-1!-5,35!5%1!6((/!4,3'(0!84!67!W()@?,X\!O*A(!*@!W()@?,XS1! W*&0,3! 4&*C&%A1! %&(! /*)! 0,1)&,68)(0! ,/! )5(! )%&C()! 3*8/)&,(1[! *&! H%1! -,)5! 2*&0(&)*-/! %/0! R%/%?mI!5%+(!%?&(%07!6((/!4,3'(0!84!67!%/*)5(&!6&*%03%1)(&!@*&!)5(!)%&C()!A%&'()1\! ' <03,3P/,"&6)#Q60$/-_.(#Q%14- :#K,061-,/# # -5<[57^! B6>56! '85X! *<@6?! &9;859DZ89<>! 39?XY7^^65! G&%A(07! W*&-%7! R*U4&*! :?*6%?!

)Y6!"<>Z;! G&%A(07! O-(0(/! K3L8,1,),*/! :?*6%?!H(X3(4)!O3%/0,/%+,%I! /7^9?X! "<5@658! R&,A(! Y,/?%/0! K3L8,1,),*/! T/,)(0!O)%)(1[!R%/%0%[!T/,)(0! 0&%A%! V,/C0*A[!^&(?%/0[!W*&-%7[!O-(0(/[! G(/A%&'[!^3(?%/0[!B%1)(&/!B8&*4([! j811,%[!W()5(&?%/01! 0

'%! '<>C?Z;9<>;!7>@!7@:9C6!a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h5(&(%1! 1835! 6&*%03%1)(&1! */3(! 15,(0! %-%7! @&*A! 6,CU680C()! 0&%A%!A%)(&,%?!-5,35!0,0!/*)!(,)5(&!%I!@8?@,??!)5(,&!?%/C8%C(!%/0!38?)8&%?!&(L8,&(A(/)1g!*&!6I! ,/+*?+(!,/)(&/%),*/%??7U4*48?%&!`,/U0(A%/0a!4&*C&%A1!@&*A!)5(!TOK[!)5(!6&*%03%1)(&1!H%/0! (+(/!Y&%/3(S1!486?,3!@8/0,/C!%C(/3,(1!)5(A1(?+(1I!%&(!/*-!&(3*C/,1,/C!)5%)!)5(&(!,1!+%?8(!,/! ,/)(&/%),*/%?!0&%A%!%/0!1((',/C!)*!%0e81)!)5(,&!1)&%)(C,(1!%33*&0,/C?7\! ! Y&%/3(!,1!)5(!A%&'()!-5,35!15*-1!)5(!A*1)!4*)(/),%?!@*&!W*&0,3!3*/)(/)!&,C5)!/*-!_!,)!,1!)5(! A*1)!`(1)%6?,15(0a!A%&'()!@*&!W*&0,3!0&%A%[!%/0!5%1!%!486?,3!35%//(?!,/!KjNB!-5,35!5%1! 6(3*A(! %! &(?,%6?(! 687(&! *@! W*&0,3! 1(&,(1! %/0! 5%1! %! 68,?)U,/! 3*//(3),*/! )*! B8&*4(S1! *)5(&! A%e*&!3*/),/(/)%?!NF!A%&'()!H:(&A%/7I!)*!6**)\!^)!,1!%?1*!?,'(?7!)*!6(!)5(!(%1,(1)!A%&'()!)*! -*&'!-,)5!6*)5!,/1),)8),*/%??7!%1!-(??!%1!38?)8&%??7\!! ! O4%/,15!0&%A%!5%1!C&*-/!,)1!,/)(&/%),*/%?!4&*@,?(!,/!&(3(/)!7(%&1[!%/0!,1!1((,/C!C&(%)!,/)(&(1)! @&*A!W()@?,X!%)!)5(!A*A(/)!%1!)5(!?%))(&!?**'1!)*!?(+(&%C(!O4%/,15U?%/C8%C(!4&*C&%AA,/C! @*&!*)5(&!C?*6%?!A%&'()1\!h,)5,/!O4%,/[!$*+,1)%&m!%/0!K)&(1A(0,%!%&(!4&*6%6?7!)5(!)-*!'(7! ,/+(1)*&1[!68)!jNFB!,1!%?1*!%!+(&7!1)&*/C!486?,3!6&*%03%1)(&!%/0!5%1!1*A(!3&(0,6?(!15*-1!)*! ,)1! /%A(\! N5(! 843*A,/C! 4(&@*&A%/3(! *@! `N5(! Z%&%0,1(a! -,??! 6(! %! C**0! ,/0,3%)*&! *@! )5(! 1)%7,/C!4*-(&!*@!W*&0,3!0&%A%!,/!O4%,/!_!%!/*)%6?(!1833(11!1)*&7!3*8?0!*4(/!)5,1!A%&'()!)*! A%/7!A*&(!3*??%6*&%),*/1!,/!)5(!/(%&!@8)8&(\! ! N5(!6(1)!-%7!)*!(/)(&!)5(!^)%?,%/!A%&'()!,1!?,'(?7!)*!(,)5(&!6(!)5&*8C5!jK^S1!/(-!4%&)/(&15,4! -,)5!Y&%/3(!Ni?i+,1,*/1[!*&!67!-*&',/C!-,)5!O'7[!-5*!%&(!,/+(1),/C!&(3*&0!%A*8/)1!,/!0&%A%! %)!)5(!A*A(/)!%/0!%&(!'((/!)*!C&*-!)5(,&!OF*G!4&(1(/3(!%3&*11!B8&*4(\!! ! Y*&! 35,?0&(/S1! 3*/)(/)[! 8/@*&)8/%)(?7! -(! 3%//*)! 4*,/)! )*! %! 3?(%&! 1833(11! 1)*&7! @*&! W*&0,3! A%)(&,%?!68)!)5(&(!%&(!%!&%/C(!*@!4?%7(&1!-5(&(!4&*083(&1!3%/!6(C,/!)5(!3*/+(&1%),*/!%/0! 1((!-5%)!,1!*8)!)5(&(!%1!@%&!%1!4*11,6,?,),(1!@*&!3*??%6*&%),*/\!R(&)%,/?7[!)5,1!,1!-5(&(!)5(!&,1(! *@!f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

'&! TI %--,0&2',(! ! 2&*%03%1)(&1!67!A%&'()! K3L8,1,),*/1!)(%A1!67!A%&'()! G,C,)%?!%/0!F*G!4&*+,0(&1!67!A%&'()! Y8/0,/C!3*/)%3)1!67!A%&'()! O%?(1!%/0!0,1)&,68)*&1!67!A%&'()! N*4!4&*083(&1!67!A%&'()! O)(41!,/!@,/0,/C!%!3*U4&*083),*/!4%&)/(&!*&!%!3?,(/)M!Z&%3),3%?!),41! !

''! Appendix 1: Broadcasters / FRANCE

Key Broadcasters

Public-service Affiliation Programme Genre/Speciality Web address French public national television broadcaster funded by the revenue from television licence fees and commercial ad- secondary channel with the second France Televisions France 2 www.france.tv vertising ( a new law on public broadcasting will gradually largest vieweing audience phase out commercial advertising ) France Televisions France 3 Network of regional stations www.france.tv Available only on digital television. It is a channel for young adults France Televisions France 4 www.france.tv n(sports, sitcom, arts, music and entertainment) Focuses on societal issues (health, France Televisions France 5 education, politics..) with talk-shows www.france.tv and culture with documentary films A network of radio and television stations operating in French overseas France Televisions 1ere www.france.tv departments and territories around the world France Televisions France Info Non-stop news channel www.france.tv partnership between Lagardère Active and France Télévi- France Televisions Gulli childrens channel www.gulli.fr/ sions devoted to classical music (including France Televisions Mezzo opera and ballet), jazz and world www.mezzo.tv/ music France Televisions International: 12,58% share TV5 MONDE News channel www.tv5monde.com France Televisions International: 24,05% share Euronews News channel www.euronews.com International: 50% share: public Franco-German TV net- France Televisions work, a European channel, that promotes programming in Arte cultural channel, films, music www.arte.tv the areas of culture and the arts

Free to air commercial Affiliation Programme Genre/Speciality Web address The group was formed after TF1 was privatised in 1987. It TF1 Group TF1 generalist, including TV drama https://www.tf1.fr/ is controlled with a 43% stake by Bouygues TF1 Group LCI all-news TV channel www.lci.fr/ TF1 Group TV Breizh local channel with TF1 reruns www.tvbreizh.fr/ TF1 Group Histoire history channel www.histoire.fr/ TF1 Group Ushuaia TV nature channel www.ushuaiatv.fr/ Télé Monte Carlo shows a variety of programs, including tv dramas and TF1 Group TMC www.tmc.tv imports. It also produces many original programming entertainment intended for young TF1 Group/M6 Group 50% stake (50% M6 Group) TF6 www.tf6.tv adults TF1 Group/M6 Group 50% stake (50% M6 Group) Serie Club tv series www.serieclub.fr Broadcasters / FRANCE

TF1 Group NT1 generalist, tv series www.nt1.tv TF1 Group HD1 generalist, tv series https://www.tf1.fr M6 Group M6 generalist channel www.m6.fr M6 Group W9 entertainment, music and series www.w9.fr family-oriented. 6ter shows maga- zines, documentaries, educational M6 Group 6ter www.6ter.fr programs, along with children programmes, series and movies founded as a radio station it is now a mult media group NRJ Group Cherie 25 entertainment, tv series www.nrj-play.fr/cherie25 based in Paris

Pay TV Affiliation Programme Genre/Speciality Web address

French premium cable television channel launched in 1984. The channel broadcasts several kinds Canal+ Group owned and controlled by Vivendi SA Canal+ of programming, mostly encrypted. www.canalplus.fr Unencrypted programming can be viewed free of charge on Canal+ and on satellite on Canal+ Clair Canal+ Group C8 entertainment, lifestyle, game shows www.c8.fr

Canal+ Group Canal+ Series series www.canalplus.fr/ Broadcasters / ITALY

Key Broadcasters Public-service Affiliation Programme Genre/Speciality Web address national broadcasting company owned by Rai Rai 1 generalist www.rai.it the Ministry of Economy and Finance Rai Rai 2 generalist www.rai.it Rai Rai 3 generalist www.rai.it TV series, movies and entertainment for Rai Rai 4 www.rai.it young audience cultured-oriented entertainment, documen- Rai Rai 5 www.rai.it taries Rai Rai Movie movies www.rai.it Rai Rai Premium best RAI's past programs www.rai.it cartoons, TV series and entertainment for Rai Rai Gulp www.rai.it teens cartoons, TV series and entertainment for Rai Rai Yoyo www.rai.it kids Rai Rai News 24 all news www.rai.it Rai Rai Storia documentaries focused on history www.rai.it Rai Rai Sport+ HD live sports and news in HD www.rai.it Rai Rai Sport+ HD live sports and news www.rai.it Rai Rai Scuola educational www.rai.it

Free to air commercial Affiliation Programme Genre/Speciality Web address Italian-based mass media company which is the largest commercial broadcaster in the country. Founded in the 1970s by for- mer Italian prime minister Silvio Berlusconi Mediaset Rete 4 generalist www.mediaset.it/ and still controlled today with a 38.6% stake by his family holding company Finin- vest, the group competes primarily against the public broadcaster RAI Mediaset Canale 5 generalist www.mediaset.it/ Mediaset Italia 1 generalist www.mediaset.it/ TV series, movies and cultured-oriented Mediaset Iris www.mediaset.it/ programs TV series, movies, entertainment, reality Mediaset La 5 www.mediaset.it/ shows, female-oriented channel past and current cult shows from Mediaset Mediaset Mediaset Extra www.mediaset.it/ channels TV series, movies, entertainment, reality Mediaset Italia 2 www.mediaset.it/ shows, male-oriented channel Mediaset Top Crime TV series and movies on the world crime www.mediaset.it/ Broadcasters / ITALY

Mediaset TgCom 24 all news www.mediaset.it/ Italian media and publication company based in Milan. The shares of the company float in Borsa Italiana. Urbano Cairo, via UT Communications, UT Belgium Holding, Cairo Communication La 7 generalist www.cairocommunication.it/ owned 50.101% stake of the company. In turn Cairo Communication owned 59.693% stake of fellow media company RCS Media- Group, which was acquired in 2016. women infotainment, TV series, movies, light Cairo Communication La 7d www.cairocommunication.it/ entertainment, La 7 reruns

Pay TV Affiliation Programme Genre/Speciality Web address Sky Italia Sky TV8 generalist www.sky.it Sky Italia Cielo generalist www.sky.it Sky Italia Sky TG24 24h all news www.discoverychannel.it Discovery Italia NOVE generalist www.discoverychannel.it Discovery Italia Real Time lifestyle www.discoverychannel.it Discovery Italia Giallo TV series and crime movies www.discoverychannel.it cartoons, TV series and entertainment for Discovery Italia K2 www.discoverychannel.it teens cartoons, TV series and entertainment for Discovery Italia Frisbee www.discoverychannel.it kids Discovery Italia DMAX factual entertainment for the male audience www.discoverychannel.it Discovery Italia Focus documentaries www.discoverychannel.it Discovery Italia Paramount Channel movies www.discoverychannel.it Discovery Italia VH1 24-hour music www.discoverychannel.it cartoons, TV series and entertainment for Turner Broadcasting System Turner Boing www.turner.com/ teens cartoons, TV series and entertainment for Turner Broadcasting System Turner Cartoonito www.turner.com/ kids cartoons, TV series and entertainment for https://www.sonypicturestelevi- Sony Pictures Television Sony Pictures Television Inc. Pop boys and girls sion.com/home.php https://www.sonypicturestelevi- Sony Pictures Television Sony Pictures Television Inc. Cine Sony TV series and movies sion.com/home.php Broadcasters / SPAIN

Key Broadcasters Public-service Affiliation Programme Genre/Speciality Web address RTVE (Corporacion de Radio y Television government-owned corporation La 1 generalist channel which mainly broadcasts www.rtve.es Espanola S.A. news reports, news programmes, documentaries, magazine programmes, Spanish and Hispanic America TV series, films (particularly Spanish and American films) and some popular sports competitions. It was Spain's first TV channel and currently third most watched RTVE La 2 mainly broadcasts cultural programming, www.rtve.es North American TV series, documentaries, Spanish and European films, news, reports, debates and musicals RTVE Clan childrens channel, but also offers some www.rtve.es programming aimed at teenagers during the evening and repeats TVE content from other channels during the early hours RTVE Tdp (Teledeporte) broadcasts sporting competitions that cannot www.rtve.es be broadcast on La1 and La2 due to lack of interest from the audience RTVE 24h 24 horas is a 24-hour news channel created www.rtve.es in 1997. It broadcasts news reports, debates analyses, interviews as well as rolling news. Spains first 24-hour news channel RTVE La 1 HD La 1 in high definition www.rtve.es RTVE Teledeporte HD Teledeporte in high definition www.rtve.es RTVE TVE Internacional RTVE international television channel. www.rtve.es Created in 1989 it broadcasts TVE content worldwide Members of the Federation of Regional Organisations of Radio and Television (Federación de Organismo de Radio y Televisión Autonómicos) (FORTA). Empresa Pública de la RTV de Andalucía; Canal Sur, Canal Sur 2, Canal Sur general content, cultural and tourism www.canalsur.es Andalucia, Canal Sur HD Corporació Catalana de Radio i Televisió TV3, Super3, Canal33, CAnal 3/24, www.ccma.cat TV3 CAT Ente Público RTV Madrid Tele Madrid, La Otra www.telemadrid.es Sociedad Publica de Television Extreme- Canal Extremadura Television www.canalextramadura.es na S.A.U Compañía de la RTV de Galicia TVG, G2, GTV America, GTV Europa www.crtvg.es Euskal Irrati Telebista ETB1, ETB2, ETB3, ETB SAT, Canal www.eitb.eus Vasco Ente Público RTV Canaria TV Canaria www.rtvc.es Ente Público RTV Castilla-La Mancha; Castilla La Mancha Television www.cmmedia.es RTV de la Región de Murcia 7 Region de Murcia www.7tvregiondemurcia.es Broadcasters / SPAIN

Ente Público de Comunicación del Princi- Television de Principado Asturi- www.rtpa.es pado de Asturias as TPA7, TPA 8 Ens Públic de RTV de les Illes Balears IB3, IB3 Catala www.caib.es Corporación Aragonesa de Radio y Aragon Television www.aragontelevision.es Televisión

Free to air commercial Affiliation Programme Genre/Speciality Web address Atresmedia Significant shareholders include Planeta Antena 3 general program, comedy and drama series, www.antena3.com/ DeAgostini and RTL Group sitcoms Atresmedia laSexta The channel's programming is generalist, www.lasexta.com/ however, there is an emphasis on humour and entertainment. The channel is also known for its large quantity of American and sports programming, and in the last years, it's becoming more and more acknowledged due to the wide covering of political events, such as elections, which include extensive debate through 3 key programmes: Al rojo vivo (Red-hot), El objetivo (The lens) and Salvados (Saved). The political alignment of its news and debate programs is left-wing Atresmedia Neox the channel shows children's programming neox.atresmedia.com/ during the morning, and films and series for youngsters during the evening and night. The channel is geared towards children and a teenage audience, and international suc- cessful series, such as Family Guy, How I Met Your Mother, Two and a Half Men, The Middle and Modern Family Atresmedia Nova The service is aimed at women and the nova.atresmedia.com/ schedule reflects that. Normally during the day, lifestyle programmes like cookery are screened. During the evening films and some series are shown while around midnight, Pok- er is screened. The network is available on digital terrestrial television (TDT as it's known in Spain) as well as cable and satellite. Atresmedia Mega programming is aimed towards a male audi- mega.atresmedia.com/ ence Atresmedia Atreseries TV series (only in HD) atreseries.atresmedia.com/ Mediaset Espana It is currently owned by Mediaset Inves- Telecinco commercial television channel with popular www.telecinco.es/ timenti (41.22%), PRISA (17.34%) and films, series, entertainment shows free-float (39.87%) Mediaset Espana Cuatro commercial channel with rights to football www.cuatro.com/ matches Mediaset Espana Factoria de Ficcion a 24-hour channel which airs both syndicated www.factoriadeficcion.com/ and original television series and films. It is available on free-to-air digital television, and cable television. Mediaset Espana Divinity programming is aimed to target women www.divinity.es/ Mediaset Espana Energy programming is aimed towards a male audi- www.energytv.es/ ence (sports broadcasts, news documentaries, movies and international foreign fiction series) Mediaset Espana joint venture Mediaset Espana and Turner Boing children's television channel www.boing.es Broadcasting System Europe Mediaset Espana Be Mad TV young adult male-oriented programmes (only www.bemad.es in HD)

Pay TV Affiliation Programme Genre/Speciality Web address Movistar + IPTV service / Telefonica #0 generalist ver.movistarplus.es/ Movistar + Movistar Series TV Fiction/series ver.movistarplus.es/ Movistar + Movistar Series Xtra TV Fiction/series ver.movistarplus.es/ Movistar + Movistar Estrenos film ver.movistarplus.es/ Movistar + Movistar Xtra film ver.movistarplus.es/ Movistar + Movistar Accion film ver.movistarplus.es/ Movistar + Movistar Comedia film ver.movistarplus.es/ Movistar + Movistar DCine film ver.movistarplus.es/ Movistar + Movistar Cine Español film ver.movistarplus.es/ FOX (Spain) FOX Networks Group Espana FOX TV fiction/Series www.foxtv.es Comedy Central VIACOM Comedy Central TV Fiction/series www.paramountcomedy.es Appendix 2: Acquisitions teams / FRANCE

Broadcaster buyers Broadcaster Position Contact person Contact details

TF1 Director Acqusitions Sylvain Andreu [email protected] TF1 Programming and acquisitions Director Fabrice Bailly [email protected] TF1 Heads of Acquisition Management Nathalie Biancolli [email protected] TF1 Art Director International Acquisitions Sophie Leveaux [email protected] TF1 International Acquisitions Thierry Decourcelle [email protected]

TV 5 "In charge of acquisition - fiction and documentary " Christophe Assezat [email protected] France Televisions Director Acqusitions Tania Khali [email protected] France Televisions Acquisitions TV series Helene Goujet [email protected] France 2 Head of fiction Fanny Rondeau [email protected] France 3 Head of fiction Anne Holmes [email protected] France 4 Head of programming France 4 Tiphaine de Raguenel [email protected] France 0 Acquistion (France 0) Benedicte Marchand [email protected] 1ere Programming advisor and acquisition (series) Patrice Sinteff [email protected]

Arte France Deputy Head of Drama Department/Int. Acquisi- Alexandre Piel [email protected] tions and Coproductions Arte France Acquisitions/Fiction Virginie Padilla [email protected] Arte Geie Responsible for Fiction Programming, Film and Lisa Müller l-mü[email protected] Fiction

M6 Group Head deputy of acquisitions Alexandre Moussard [email protected] M6 Group Director Acqusitions Bernard Majani [email protected] M6 Group Acquisitions Laure de Boissard [email protected] M6 Group Acquisitions Abigail Joliot [email protected]

NRJ12 Head of acquisitions Damien Mason [email protected]

Lagardere Acquisition coordinator Naleka Nguessan [email protected]

Canal Plus Senior VP International Acquisitions Aline Marrache-Tesseraud [email protected] Canal Plus Head of foreign fiction acquisitions Diane Reynald [email protected] Acquisitions teams / FRANCE

Canal Plus Acquisition/Foreign fiction Chrystel Poncet [email protected] Canal Plus Foreign Fiction Acquisitions Francoise Perrin [email protected] Canal Plus Head of Acquisitions - Kids Department Canal + Geraldine Soto [email protected] Serie Club Acquisitions Florent Gellie [email protected]

ORANGE Orange Content / VP Communication Sebastien Goales [email protected]

Acquisitions teams / ITALY

Broadcaster Buyers Broadcaster Position Contact person Contact details RAI Rai Tre - Acquisition Executive Maria Laura Ajmme RAI Tv Content Buyer Laura Bortolozzi [email protected] RAI Buyer Giorgio Buscaglia [email protected] RAI Rai Cinema - TV Rights Acquisitions Marina Chiaravalle Mediaset Distribution RTI Spa Deputy Head of Acquisitions Giacomo Poletti [email protected] Mediaset RTI Spa Business Affairs Fiction Giovanni Altieri [email protected] Mediaset Distribution RTI Spa Business Affairs Acquisition Manager Lucia Carta [email protected] Mediaset RTI Spa Acquisition Manager Imma Petrosino [email protected] Freemantlemedia Italy Director of International Formats Serena Beneficio Sky Italia SRL Chief Business Affairs & Acquisition Luisa Borella [email protected] Discovery Italia Content & Acquisition Manager Paola Chincoli EFFE TV SRL Head of Content and Communication Riccardo Chiattelli [email protected] Turner Broadcasting Italy Programme & Acquisitions Manager Alice Fedele [email protected] Telecom Italia Acquisition & Content Manager Luca Oteri [email protected] Telecom Italia Head of Content Management Aldo Romersa [email protected] Acquisitions teams / SPAIN

Broadcaster Buyers Broadcaster Position Contact person Contact details RTVE Mila Mayi [email protected] RTVE Sales Executive& Business Development Rosalia Alcubilla [email protected] Movistar+ Acquisitions Director Julian Rodriguez Montero [email protected] Movistar+ Acquisitions Department Gonzalo Fernandez Arceu [email protected] Movistar+ Acquisitions Department Domingo Corral [email protected] Movistar+ Acquisitions Department Ignacio Fernandez Vega [email protected] Atresmedia Head of Acquisitions and Sales Jose Antonio Salso [email protected] Atresmedia Director of Acquisitions and Sales Mecedes Gamero [email protected] Mediaset Acquisitions Department Monica Iturriaga [email protected] Mediaset Acquisitions Department Marisol Renones [email protected] Amazon Spain Senior Content Acquisition Manager Castro Manuel Reverte [email protected] CORPORACION RADIO E TELEVISION DE GALICIA, Head of Acquisitions Montse Besada [email protected] S.A. EUSKAL TELEBISTA Head of Programming & Acquisitions Aritz Galarza [email protected] HBO Europe VP of Programming & Acquisitions Valentine Lorant Viacom Interantional Media Networks Programming & Acquisitions Senior Director Enter- Goncalo Moura [email protected] tainment Brands Southern & Weste TV3 Televisio de Catalunya Head of Programme Acquisitions Carles Blanch [email protected] Appendix 3: Digital and VoD providers / FRANCE

Top VoD Providers

Company Affiliation Business model Website Contact Position Email

Netflix Netflix VoD www.netflix.com Director Content Stacey Silvermann [email protected] Acquisitions Emily Briggs VOD & Online Buyer [email protected]

Amazon Prime Instant Video Amazon US Subscription VoD www.amazon.fr Isabelle Bertrand Principal Content Acquisition [email protected]

AVoD/free VoD, TVoD Head of Transactional Partner- YouTube/Google Play Google (Google Play), SVoD (You- www.youtube.com Lisa Rousseau ships, EMEA, Google Play and [email protected] Tube Red) YouTube Strategic Partner Manager, Neil Price [email protected] Google Play Movies & TV Director, Kids/Family & Learn- Gregory Dray [email protected] ing, EMEA YouTube

www.facebook.com, Facebook/Instagram Facebook VoD/emerging Daniel Danker Product Director [email protected] www.instagram.com

ADSL television access ORANGE Content / VP Commu- sebastien.goales@orange. ORANGE TV Orange service and a video on www.orange.com Sebastien Goales nication com demand service

Microsoft Microsoft VoD/emerging www.microsoft.com Tony Cuadras VOD and Online BUyer [email protected] Digital and VoD providers / ITALY

Top VoD Providers

Company Affiliation Business model Website Contact Position Email

Director, Global Content Netflix Netflix www.netflix.com Stacey Silvermann [email protected] Acquisitions

Senior Content Acquisition Amazon Italia Services SRL Amazon US Subscription VoD https://www.amazon.it/ Viktoria Wasilewski [email protected] Manager

Mediaset Infinity Mediaset VoD www.infinitytv.it Marco Costa CEO [email protected]

AVoD/free VoD, TVoD Head of Transactional YouTube/Google Play Google (Google Play), SVoD (You- www.youtube.com Lisa Rousseau Partnerships, EMEA, Google [email protected] Tube Red) Play and YouTube Strategic Partner Manager, Neil Price [email protected] Google Play Movies & TV Director, Kids/Family & Gregory Dray [email protected] Learning, EMEA YouTube YouTube Strategic Partner- Andrea David Rizzi ship Manager

www.facebook.com, www. Facebook/Instagram Facebook VoD/emerging Daniel Danker Product Director [email protected] instagram.com

Senior Director Business Sky Italia Sky VoD www.skytv.it Luisa Borella [email protected] Affairs& Acquisition Antonella Dominici Director PPV & VOD [email protected] Digital and VoD providers / SPAIN

Top VoD Providers

Company Business model Website Contact Position Email Subscription VoD Stacey Silvermann VOD & Online Buyer

Senior Content Acquisition Amazon UE SARL, Spain Amazon US Subscription VoD www.amazon.es/gp/prime Castro Manuel Reverte [email protected] Manager

Atres Player Atresmedia Corporacion free on demand www.atresplayer.com Head of Acquisitions and jsalsoba@atresmediatv. Jose Antonio Salso Atres Player Videoclub Atresmedia Corporacion transactional video www.atresplayer.com Sales com

Head of Transactional Lisa Rousseau Partnerships, EMEA, Google [email protected] Play and YouTube AVoD/free VoD, TVoD Strategic Partner YouTube/Google Play Google (Google Play), SVoD (You- www.youtube.com Neil Price Manager, Google Play Mov- [email protected] Tube Red) ies & TV Director, Kids/Family & Gregory Dray [email protected] Learning, EMEA YouTube

www.facebook.com, www. Facebook/Instagram Facebook VoD/emerging Daniel Danker Product Director [email protected] instagram.com Appendix 4: Funding contacts / FRANCE

Country-wide Funding Bodies Funding Body Annual Budget TV funding Details Web site Contact Person Contact The TRIP supports non-French projects that are completely or partly made in France. To be eligible, projects must pass a cultural test, which assesses European cultural elements in the story as well as French and European locations, TRIP: Tax Rebate for Inter- max 30.000.000 per characters, sources, landmarks, www.cnc.fr/web/en/ Magali Jammet [email protected] national Productions project creators, crew and French techni- tax-rebate cal hubs. For live action, there's a minimum of 5 days of shoot here necessary. For animated productions and VFX-intensive projects, there is a dedicated cultural test, acknowledging the specificities of the genre. Aide aux cinémas du monde The film must be a co-production is the fund, managed by between a production company es- the CNC and the Institut tablished in France and one that is français. This is a selective not, it must be directed by a non- fund, and is granted as a French (or exceptionally French) www.cnc.fr/web/en/ Aide aux cinémas du monde Magalie Armand 6.000.000€ (2015) subsidy either before or director.The language in which aide-aux-cinemas-du- [email protected] (Co-production support) Chef de département after completion of a pro- it is filmed may be the official or monde ject. It is granted to foreign commonly-used language(s) of the feature-length film projects foreign country of which the direc- that are seeking support tor is a national; or of the territory from French co-producers. where the film is shot. approx. 12.000€ per funding available for mem- PROCIREP www.procirep.fr Elvira Kaurin-Lacour [email protected] project bers of the PROCIREP

Regional Funding Bodies Funding Body Annual Budget TV funding Details Web site Contact Person Contact selective support for the produc- www.iledefrance.fr/ 200.000€ max per tion, requirement: 50% from the aides-regionales-ap- melanie.thomann-fox@ Ile-de France Region Melanie Thomann-Fox project shooting and 50% expenditures in pels-projets/fond-sout- iledefrance.fr the region ien-cinema-audiovisuel 180.000€ max per selective support for the produc- Rhones Alpes Region Catherine Puthod [email protected] project tion, audiovisual project selective support for the produc- PICTANOVO (regional sup- 150.000€ tion, spending obligation in the Emmanuelle Demolder [email protected] port, north of FRance) region Funding contacts / FRANCE

Regional Funding Bodies Funding Body Annual Budget TV funding Details Web site Contact Person Contact selective support for the production, audiovisual project, www.alsacecham- muriel.famy@region-alsace. Grand Est Region new development supports for Muriel Famy pagneardennelorraine.fr eu French-German and crossborder coproductions selective support for the pro- max 200.000€ for a duction, requirement: 50% from florian.cabane@regionpaca. PACA Region www.regionpaca.fr Florian Cabane series the shooting and 50% spending fr obligation in the region selective support for the produc- max 200.000€ for a tion, requirement: 50% from the Normandie Region www.poleimagehn.com Nuria Rodriguez [email protected] series shooting and spending obligation in the region selective support for the produc- max 200.000€ for a tion, requirement: 50% from the guillaume.esterlingot@ Regional Council of Brittany www.bretagne.bzh Guillaume Esterlingot series shooting and spending obligation region-bretagne.fr in the region selective support for the produc- Regional Council Pays de tion, requirement: 30% from the www.culture.paysdela- guylaine.hass@paysdela- max 130.000€ Guilaine Hass la Loire shooting and spending obligation loire.fr loire.fr in the region selective support for the production, requirement: 50% from the max 200.000€ for a jean-guillaume.caplain@ Centre Region shooting and spending obligations www.ciclic.fr Jean-Guillaume Caplain series ciclic.fr in the region, open for young production companies Funding contacts / ITALY

Country-wide Funding Bodies Funding Body Annual Budget TV funding Details Web site Contact Person Contact audiovisual tax credit for Ministry of Cultural Heritage TV drama, documentary, independent TV and Web and Activities and Tourism 115 000 000 € www.cinema.beniculturali.it [email protected] animation, web product producers: Italian works Directorate-General Cinema and co-productions A 25% tax credit is granted to Italian executive pro- Ministry of Cultural Heritage duction comapnies that TV drama, documentary, and Activities and Tourism 115 000 000 € produce films or part of www.cinema.beniculturali.it [email protected] animation, web product Directorate-General Cinema films on commissions from foreign production comapnies on Italian soil

Funding Bodies of the Provinces Funding Body Annual Budget TV funding Details Web site Contact Person Contact The Autonomous Prov- ince of Bolzano allocates funds to cover production Feature length films, and pre-production costs www.trentinofilmcommis- Christiana Wertz BLS Film Fund 5 000 000 € Screenplay, TV drama, [email protected] for film & TV productions, sion.it Head of Film & Commission Documentary regardless of the nationality of the production company presenting the application In collaboration with the Apulia Film Commission, Feature length films, Short the funds are issued to www.apuliafilmcommission. Silvio Masel- email@apuliafilmcommis- Apulia Film Fund 1 400 000 € films, TV drama, Documen- audiovisual production it li CEO sion.it tary, Web product companies that film in the Puglia Region Set up in 2015, the Audiovisual Fund supports Feature length films, Short Emilia Romana: Audiovisual the production of film and cinema.emiliaromagnacrea- Anna Sbarai [email protected] 760 000 € films, TV drama, Documen- Fund audiovisual works, of which tiva.it/en/ Communication magna.it tary, Web product at least 30% is produced on regional soil The Fund's main objective is to provide backing for local comapnies that operate in the audiovisual production sector, as well as providing Feature length films, Short training opportunities for Friuli Venezia Giulia: FVG films, TV drama, Docu- teh professional resorces www.audiovisivofvg.it/ Paolo Vidali 800 000 € [email protected] Audiovisual Fund mentary, Web product, involved. By offering up bandi/?lang=en Director Animation Tender offers, the Regional Administration, through the Fund, grants funds to independent production companies located in Friuli Venezia Giulia Funding contacts / ITALY

Funding is granted for film www.lazioeuropa.it/bandi/ Feature length films, Short and audiovisual works that sovvenzioni_alla_produzi- Cristina Priarone Region Fund for Film and films, TV drama, Docu- have been approved as a one_di_opere_cinematogra- General Manager info@romalaziofilmcommis- Audiovisual Production - 15 000 000 € mentary, Web product, cultural product and are en- fiche_e_audiovisive_ital- FILM COMMISSION ROMA sion.it Lazio Animation tirely or partially produced iane_europee_e_stra- & LAZIO on Lazio Region soil niere-331/ The economic contribution backing a full feature film for movie house release or a TV drama is calculated based on the territorial TV Drama and full feature trickle down effect bearing Stefano Della Casa Films Incentives - Piedmont 1 000 000 € Feature films and TV drama www.fctp.it [email protected] in mind the number of President Region weeks of filming, number of technicians and overall expenses incurred by the production company in the region. The Fund supports the development, production, distribution and promotion of Feature film, short film, films endowed with regional Nevina Satta filmcommission@regione. Sardinia Regional Fund 2 000 000 € TV drama, documentary, www.regione.sardegna.it interest. Additional funds CEO sardegna.it animation are provided for hospitality and there is also a City of Cagliari production fund. The fund has been set up Feature film, short film, to support the production www.trentinofilmcommis- Laura Zumiani filmcommission@provincia. Trentino Film Fund 1 200 000 € TV drama, documentary, and distribution of film, sion.it Production Manager tn.it animation television and documentary works filmed in Trentino A financial instrument managed by the TFC designated Stefania Ippoli- Feature film, short film, to reduce the costs incurred Toscana Film Commission Contribution ceiling: www.toscanafilmcommis- ti Manager of staff@toscanafilmcommis- TV drama, documentary, for the use of services Incoming Fund 40.000€ sion.it Audiovisual and Cinema sion.it animation within the Tuscan region Activities (accommodation, local tech- nician fees, catering, etc..) The fund promotes and en- hances teh cultural heritage of the region by supporting Carlo Chatiran Valle D'Aosta Film Fund 600 000 € Feature film, TV drama www.filmcommission.vda.it [email protected] the production of films, Director audiovisual and multimdeia projects. Funding contacts / SPAIN

Country-wide Funding Bodies Funding Body Type of funding/rebate TV funding Details Web site Contact Person Contact

The money spent in Spanish territory amount must be at least 1 million euros. May not exceed 3 million Institute of Cinematography "1. Expenses for creative Guadalupe Melgosa euros per production carried and Audiovisual Arts staff (tax residence in Spain www.mecd.gob.es/cultu- Fernández out. coordinacion@spainfilm- [Instituto de la Cine- Percentage deduction: 20% or in another European Un- ra-mecd/en/areas-cultura/ Deputy Director of Pro- The amount of this de- commission.org matografía y de las Artes ion Member State) limited cine/el-icaa.html motion and International duction, together with the Audiovisuales] (ICAA) to €100,000 per person. Affairs other aid received by the taxpayer, may not exceed 50% of the cost of the production

Funding Bodies of the Federal States Funding Body Type of funding/rebate TV funding Details Web site Contact Person Contact The money spent in Spanish territory amount must be at least 1 million euros. The amount deducted may not be greater than 4.5 mil- "1. Expenses for creative lion euros for costs incurred staff (tax residence in Spain in the Canary Islands. Gran Canaria Film www.grancanariafilm.com/ Nuria Guinnot 40% tax rebate or in another European Un- Producers (Line Service) [email protected] Commission en/ Coordinator ion Member State) limited with tax domicile in the Ca- to €100,000 per person. nary Islands. The amount of this deduction, together with the other aid received by the taxpayer, may not exceed 50% of the cost of the production

A minmum of of at least one week’s filming in Navarra. Application of deduction "1. Expenses for creative without quota limit. staff (tax residence in Spain The case of a service com- or in another European Un- pany with fiscal residence in ion Member State) limited the region of Navarra, deliv- Navarre 35% tax rebate to €100,000 per person. ering services international www.navarrafilm.com/ Koldo Lasa Aristu [email protected] producers. 2. Expenses relating to technical industries and The amount of this de- other suppliers. duction, together with the other aid received by the taxpayer, may not exceed 50% of the cost of the production. Appendix 5: Sales and distribution / FRANCE

Sales and Distribution companies France Company Web address Groupe AB www.groupe-ab.fr StudioCanal www.studiocanal.com/en Diaphana www.diaphana.fr Films Distribution www.filmsdistribution.com MK2 Films mk2films.com/en Onoma en.unifrance.org/directories/company/325825/onoma Pyramide International www.pyramidefilms.com Rezo Film International www.rezofilms.com SND Group M6 www.sndm6group.com TF1 International www.tf1international.com ACE Entertainment www.ace-entertainment.com AMPERSAND www.ampersand.fr BALANGA www.balanga.tv FILM& PICTURE www.filmandpicture.com FRANCE TELEVISIONS DISTRIBUTION francetvdistribution.com Vivendi Entertainment www.vivendientertainment.com About Premium Content www.aboutpremiumcontent.com All Rights Entertainment SAS www.allrightsentertainment.com CINEXPORT www.cinexport-paris.com EUROPACORP www.europacorp.com KABO International www.kabofamily-international.com NDRL www.ndrl.fr/ Wild Bunch TV wildbunch.eu/ Sales and distribution / ITALY

Sales and Distribution companies Italy Company Web address

Qualified documentary, films, series, animation, children Videoshow programs, and formats catalogues of prestigious interna- www.d4-videoshow.com tional productions

theatrical, home video and TV media, collaboration with Dall'Angelo Pictures leading American and European production companies www.dallangelopictures.com (BBC, HBO, Lakeshore, Lionsgate and others)

Brave Film theatrical, free and pay tv rights www.bravefilm.com

Filmexport Group more than 600 titles from all genres of the Italian cinema www.filmexport.com

international film distributor of quality movies from all over Intramovies www.intramovies.com the world

leading independent distribution company of television and Lilium Distribution theatrical programming focusing in particular on the distri- www.liliumdistribution.it bution, acquisition and pre-buys of tv programmes

independent tv distribution company representing TV net- Monica Carpi TV Distribution [email protected] works, producers and distrubutors from five continents

theatrical, home video and TV rights distributor with a Variety Communications www.varietycommunications.it library offering over 1000 titles

DNC Entertainment Distributor of home entertainment, tv and theatrical rights www.dncentertainment.it

major film distribution company, which produces and distributes Italian and foreign films in Italy, throughout the Medusa Film (Mediaset) www.medusa.it life-cycle of the product: from cinema releases to the sale of television rights in all their various forms Sales and distribution / Spain

Sales and Distribution companies Spain Company Web address

Imagina International Sales www.mediapro.es/eng/rights_man.php

RTVE Sales Team www.rtve.es/commercial/about-us/programmes-sales-team

Cesca Films, SLU www.cescafilms.com

Divisa Home Video & TV www.divisared.es

Filmax International www.filmaxinternational.com

Indigenius www.indigenius.es

PROI www.proicomunicacion.com

ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION S.A www.atresmedia.com

BRANDS & RIGHTS 360 SL www.br360.tv

COMERCIAL TV www.comercialtv.com

ENJOY BRAND LICENSING www.enjoybrandlicensing.com

EXPRESSIVE MEDIA PROJECTS www.expressive.es/home-en

MONDO TV Iberoamerica SA www.mondotviberoamerica.com

Motion Pictures Entertainment, SL www.motionpic.com

PAYCOM Multimedia www.paycom.es/en Appendix 6: Top producers / FRANCE

Members of USPA (Union Syndicale de la Production Audiovisuelle) specialized in Fiction

Company Web address AB Productions www.groupe-ab.fr Adrenaline www.adrenalineprod.fr Archipel 33 www.archipel33.fr/site Aubes Productions www.telmondis.fr Auteurs Associes www.auteursassocies.fr Banijay Studios France/Zodiak Media www.banijay.com Bel Ombre Films www.belombre.net C.M.P. Movies www.lovemytv.fr CALT Production www.robinandco.com/calt-production CINETEVE www.cineteve.com DEMD Productions www.demd-productions.com Effervescence Fiction www.effervescenceprod.com EGO Productions www.ego-productions.com Elephant Story www.elephant-groupe.com/section/fiction ENDEMOL Fiction www.endemol.fr Et la Suite Productions www.etlasuite.com Europacorp Television www.europacorp.com EVS Productions www.envoiture-simone.fr/en Ex Nihilo / Agat Films www.agatfilmsetcie.com F Comme Film www.fcommefilm.fr Fantastico / Quad Television www.quad.fr Federation Entertainment www.fedent.com Flach Film Production www.flachfilm.com Gaumont Television gaumonttelevision.com GMT Productions www.gmtproductions.fr Image et Compagnie www.imageetcompagnie.fr JLA Productions www.groupe-jla.com JPG Films jpgfilms.com KABO / NOON kabofamily.com KAM&KA www.kamandka.fr KWAI www.kwai.tv La Boite a Images www.la-boite-a-images.fr La Generale de Production www.lageneraledeproduction.com/index.php Les Films d'ici www.lesfilmsdici.fr/fr Les Poissonts Volants www.poissonsvolants.com Les Productions Franco American www.productionsfrancoamerican.fr Made in PM www.madeinpm.com Mademoiselles Films mademoisellefilms.fr Makever makever.com Moneypenny Productions www.moneypennyprod.fr Mother Production www.motherproduction.fr/tv Multimedia France Production www.mfptv.fr Pierre Javaux Productions www.pierrejavauxproductions.com Program33 www.program33.com Rendez Vous Production Serie www.rdvprod.com Scarlett Production www.scarlettprod.fr Septembre Productions www.septembre-productions.com Son et Lumiere www.sonetlumiere.fr Storner Prod www.stornerprod.com Terence Films www.terencefilms.com www.tetramedia.fr/tetra-media-fiction-production-de-fiction Tetra Media Fiction -series-televisees-paris TF1 Production www.groupe-tf1.fr Troisieme Oeil Productions www.troisiemeoeil.net VAB www.groupe-jla.com Vert M Prod www.vertmprod.com YES Productions www.yes-productions.com Zadig Productions www.zadigproductions.fr/category/fictions Other Producers StudioCanal www.studiocanal.com Carrere Group www.carreregroup.com Newen www.newencontent.com Top producers / ITALY

Members of the Television Producers Association (APT) Company Web address 11 Marzo Film www.11marzofilm.it Alexandra Cinematografica www.alexandrafilm.it Anthos Produzioni www.anthosproduzioni.it Aurora TV www.ambrabanijay.tv/it/aurora-tv Bananas www.bananas.it Cattleya www.cattleya.it Colorado Film Production CFP www.coloradofilm.it Compagnia Leone Cinematografica www.compagnialeone.it Cristaldi Pictures www.cristaldifilm.com Cross Productions www.crossproductions.it Fabula Pictures www.fabulapictures.com FremantleMedia Italia www.fremantlemedia.com GA&A Productions www.gaea.it Italian International Film www.iif-online.it Kimera Produzioni www.kimeratv.it Kobalt Entertainment www.kobalte.com Lux Vide www.luxvide.it Magnolia www.magnoliatv.it Ocean Productions www.oceanproductions.it Palomar www.palomaronline.com Pandataria Film www.pandatariafilm.com PayperMoon Italia www.paypermoon.com Pepito Produzioni www.pepitoproduzioni.com Pesci Combattenti www.pescicombattenti.it Piano B pianobproduzioni.com POPCult www.popcultdocs.com Publispei www.publispei.it Rainbow Entertainment www.rbw.it Solaris MEdia www.solarismedia.it Sunshine Production [email protected] Sydonia Production www.sydoniaproduction.it Taodue www.taodue.it Titanus www.titanus.it Velafilm www.velafilm.it Viola Film www.violafilm.it Wildside www.wildside.it Other Production Companies Albatross Entertainment www.albatrossfilm.it Amygdala www.amygdala.tv Mediterranea Productions www.mediterraneaproductions.it Medusa Film www.medusa.it/ Indiana Production www.indianaproduction.com Top producers / SPAIN

Members of Spanish Producers Association (FAPAE)

Associations Company Web address La Asociación Estatal de Cine (a.e.c.) www.aecine.es La ASOCIACIÓN DE EMPRESAS DE PRODUCCIÓN AUDIOVISUAL Y www.aepaa-apria.es/asociacion PRODUCTORES INDEPENDIENTES DE ANDALUCÍA (AEPAA-APRIA) AGAPI (Association of Independent Audio-Visual Producers) www.agapi.org/v2/agapi.php APACAM www.apacam.com APROMUR www.apromur.net AVAPI (Valencian Association of Independent Production www.avapi.org Companies) EPE-APV (Association of Basque Producers) www.epe-apv.com Ibaia (Association of Independent Production Companies of the www.ibaia.org Basque Country) PAC (Productors Audiovisuals de Catalunya) www.pac.cat PATE (Productoras Asociadas de Television de Espana) [email protected] PAV Productors Audiovisuals Valencians www.pav.es Companies Aralan Films, S.L. web.aralanfilms.com Atipica Films, S.L. www. atipicafilms.com Dream Team Concept, S.L. www.dreamteamconcept.com Gariza Produkzioak www.garizafilms.com Miramar Media Entertainment, S.L. www.miramarentertainment.com Oberon Cinematografica, S.L. www.oberoncinematografica.com Quexito Films, S.L. www.quexito.com Fourminds Creadora Audiovisual (short films) www.wearefourminds.com Fuera de Campo Producciones, S.L. (short films) www.fueradecampofilms.com Arraianos Producions (documentries) www.arraianospro.com Crop TV (documentries) croptv.es Zeitun Films (documentries) www.zeitunfilms.com Other producers 60db www.60db.es Bambu Producciones www.bambuproducciones.com Big Bang Media www.bigbangmedia.es BocaBoca www.bocaboca.com Boomerang TV www.grupoboomerangtv.com Bren Entertainment www.bren.es Cuarzo Producciones www.cuarzotv.com Diagonal TV www.diagonaltv.es El Terrat www.elterrat.com Endemol Shine Iberia www.endemolshine.de/contact/endemol-weltweit/endemol-spain Europroducciones www.europroducciones.com Explora Films www.explorafilms.com Globomedia www.globomedia.es HYPNOS Films www.sensag.com Imagina Media Audiovisual www.imagina.tv Jaleo Films www.jaleofilms.com La Fabrica de la Tele www.lafabricadelatele.com Magnolia TV www.magnoliatv.es Mediapro www.mediapro.es Motion Pictures S.A. www.motionpic.com Producciones Mandarina www.mandarina.com Rodar y Rodar www.rodaryrodar.com Sociedad Canaria de Televisión Regional www.rtvc.es Verte www.antena3.com Zinkia Entertainment www.zinkia.com Steps in finding a co-production partner or a client: practical tips

§ Contact the Finnish supporting authorities: o Audiovisual Finland: introductions and signposting to IT, ES, FR Screen Agencies o Finnish Embassy in the respective markets: contact the embassy’s trade commissioner o Finnish Cultural Institute in the capital cities of each market: a wide network of people and organizations in local cultural life and o .creative industries § Travel to markets, festivals and conferences: Pursuit of international co- production requires travel. Book meetings in an event, make an agenda for them and take care of your contacts afterwards. § Develop existing relationships: Focus on building relationships with previous contacts. Given the time required and cost of building international relationships, a focused approach is likely to generate better results. § Speak to the National and Regional Screen Agencies: There is always a contact point responsible for incoming producers. They can put you into contact with local funding bodies, production companies and will sometimes facilitate introductions to broadcasters. § Don’t rush the relationship: Get to know potential partners well before there even is a project to talk about. You need to research what a potential partner has produced and with whom and really get to know their business culture. How do they work and is it a similar style to how you work? Do they share your values? Spend time socially together over multiple markets. It might take years, finding the right project on which to work together. When approaching a buying client, make sure you are talking to the right person about the right offering. § Research stakeholders: Get to know the buyers and funding agencies outlined in the appendix of this report. It is likely that broadcasters and funding agencies will try to match-make between foreign producers and their own producers, often because the local producers cannot afford the travel costs to these international markets. § Find the money first: Research the various funding opportunities, potential funding projects are regularly posted in great detail on the websites provided in the appendix. Then look for potential partners in IT, FR and ES with the advice of the fund. A funding first approach allows the producers to structure the project and the contracts to fit the financing during the development phase rather than trying to artificially change the structure of the deal once it has been agreed to. Do not be deterred by guidelines that do not meet all criteria of the production as few do. Funding agencies may be open to being flexible with the guidelines to maximize their limited funds and increase the potential market for their producers.