Loading...
HomeMy WebLinkAbout03-11-2026 Agenda CC Agenda1. CALL TO ORDER 2. MOMENT OF SILENCE 3. PLEDGE OF ALLEGIANCE - Led by Council Member Dodd 4. ROLL CALL 5. AGENDA MODIFICATIONS 6. PROCLAMATIONS, AWARDS, BRIEF ANNOUNCEMENTS Presentations of proclamations, certificates and awards, and brief timely announcements by Council and Staff. No public input or actions under this heading. Proclamation - Procurement Month - March 2026 and Professional Buyers Day, March 11, 2026 Accepted by Jessica Graham, City of Sebastian Contracts and Procurement Manager Proclamation - Flood Awareness Week - March 9th - 15th 2026 Accepted by Michelle Faulkner, City of Sebastian Senior Planner Brief Announcements: Saturday, March 7th-Sebastian River Art Club in Riverview Park from 10am-3pm Friday, March 13th-Chamber of Commerce Concert in the Park-St. John's Wood at 5:30pm Saturday March 14th & Sunday March 15th-Craft Club of Sebastian in Riverview Park-10am-3pm Saturday March 21st & Sunday March 22nd-Shrimpfest in Riverview Park- Saturday 11am-9pm and Sunday 10am-5pm 7. PUBLIC INPUT CITY COUNCIL REGULAR MEETING AGENDA WEDNESDAY, MARCH 11, 2026 - 6:00 PM CITY COUNCIL CHAMBERS 1225 MAIN STREET, SEBASTIAN, FLORIDA ALL AGENDA ITEMS MAY BE INSPECTED IN THE OFFICE OF THE CITY CLERK OR ON THE CITY'S WEBSITE Modifications for additions require a unanimous vote of City Council The heading on Regular Meeting agendas "Public Input" provides and opportunity for individuals to bring NEW INFORMATION OR REQUESTS TO CITY COUNCIL NOT OTHERWISE ON THE PREPARED AGENDA. Individuals are asked to resolve matters with staff prior to meetings. Individuals are asked to provide copies of materials for Council one week prior to the meeting if 1 8. CONSENT AGENDA A. Consider Approval of February 11, 2026 City Council Minutes B. Alcohol Beverage Approval - Achury Family C. Alcohol Beverage Approval - Messer Family D. Alcohol Beverage Approval - Sebastian Fitness E. Alcohol Beverage Approval - Vieyra Family 9. COMMITTEE REPORTS & APPOINTMENT 10. PUBLIC HEARINGS A. Consideration of Resolution R-26-01 – Approving the Preliminary Replat for “Maxwell Schumann Commercial Subdivision” a 2-lot Commercial Subdivision on 1.93 acres – Existing Zoning Designation of CG (Commercial General) 11. UNFINISHED BUSINESS they intend to refer to specific material. City Council will not debate an issue during Public Input but may by consensus direct a Charter Officer in regard to the item if necessary or place a requested item on a future agenda. All items on the consent agenda are considered routine and will be enacted by one motion. There will be no separate discussion of consent agenda items unless a member of City Council so requests; in which event, the item will be removed and acted upon separately. If a member of the public wishes to provide input on a consent agenda item, he/she should request a Council Member to remove the item for discussion prior to start of the meeting or by raising his/her hand to be recognized. Staff Report 02-11-2026 Draft CC Minutes Staff Report Application and Receipt Staff Report Application and Receipt Staff Report Application and Receipt Staff Report Application and Receipt City committee reports and Council Member regional committee reports. No public input or action except City committee member nominations and appointments under this heading. Staff Report Resolution No. R-26-01 Survey Attachment A Staff Analysis Application Plans Environmental Assessment PZ Commission Minutes 1-15-26 Minutes 2 12. NEW BUSINESS 13. CITY ATTORNEY MATTERS 14. CITY MANAGER MATTERS 15. CITY CLERK MATTERS 16. CITY COUNCIL MATTERS Council Member Nunn Vice Mayor McPartlan Mayor Jones Council Member Matthews Council Member Dodd 17. ADJOURN(All meetings shall adjourn by 9:30 pm unless extended for up to one half hour by a majority vote of City Council). NO STENOGRAPHIC RECORD BY A CERTIFIED COURT REPORTER WILL BE MADE OF THE FOREGOING MEETING. ANY PERSON WHO DECIDES TO APPEAL ANY DECISION MADE BY THE CITY COUNCIL, BOARD OR AGENCY WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING OR HEARING WILL NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE HEARD. (F.S.286.0105) IN COMPLIANCE WITH THE AMERICAN WITH DISABILITIES ACT (ADA) OF 1990, ANYONE WHO NEEDS A SPECIAL ACCOMMODATION FOR THIS MEETING SHOULD CONTACT THE CITY’S ADA COORDINATOR AT 388-8226 – ADA@CITYOFSEBASTIAN.ORG AT LEAST 48 HOURS IN ADVANCE OF THIS MEETING 3 Regular City Council Meetings Public input is ALLOWED under the headings: Consent Agenda Public Hearings Unfinished Business New Business Public Input Public input is NOT ALLOWED under the headings: Proclamations, Awards, Brief Announcements (except for individuals giving or accepting proclamations or awards) Committee Reports and Appointments (except for committee members giving reports and applicants being interviewed for committee appointments) City Council Matters Charter Officer Matters Council may, by majority vote, call upon an individual to provide input if desired. Workshops and Special Meetings Public input is limited to the item on the agenda Time Limit Input on agenda items where public input is permitted on agendas is THREE MINUTES; however, City Council may extend or terminate an individual’s time by majority vote of Council members present. Input Directed to Chair Speakers shall address the City Council IMMEDIATELY PRIOR TO CITY COUNCIL DELIBERATION of the agenda item and ALL INPUT SHALL BE DIRECTED TO THE CHAIR, unless answering a question of a member of City Council or City staff. Individuals shall not address City Council after commencement of City Council deliberation on an agenda item after public input has concluded, providing, however, the Mayor and members of City Council may recall an individual to provide additional information or to answer questions. Certain Remarks Prohibited Personal, impertinent, and slanderous remarks, political campaigning, and applauding are not permitted and may result in expulsion from the meeting. The Chair shall make determinations on such remarks, subject to the repeal provisions below. Appealing Decisions of Chair Any member of Council may appeal the decision of the Chair to the entire Council. A majority vote of City Council shall overrule any decision of the Chair. Public Input Heading on Agenda The heading on Regular Meeting agendas “Public Input” provides an opportunity for individuals to bring NEW INFORMATION OR REQUESTS TO CITY COUNCIL NOT OTHERWISE ON THE PREPARED AGENDA. Individuals are asked to attempt to resolve matters with staff prior to meetings. Individuals are asked to provide copies of material for Council one week prior to the meeting if they intend to refer to specific material. City Council will not debate an issue during Public Input but may by consensus direct a Charter Officer in regard to the item if necessary or place a requested item on a future agenda. 4 CITY OF SEBASTIAN CITY COUNCIL STAFF REPORT DATE March 11, 2026 TO Honorable Mayor and City Council THRU Brian Benton, City Manager FROM Cathy Testa, Acting City Clerk SUBJECT Consider Approval of February 11, 2026 City Council Minutes EXECUTIVE SUMMARY Draft minutes of the February 11, 2026 City Council Minutes are presented for review. RECOMMENDATION Request changes if necessary. Consider approval of minutes. ATTACHMENTS: 1. February 11, 2026 Draft City Council Minutes FUNDING SOURCE: Expenditure required Amount Budgeted: Funding source N/A N/A N/A Additional Funds Needed: $ 0.00 5 6 7 8 9 10 11 12 13 14 15 16 17 CITY OF SEBASTIAN CITY COUNCIL STAFF REPORT DATE February 25, 2026 TO Honorable Mayor and City Council THRU Brian Benton, City Manager FROM Ron Paul, Parks and Recreation Administrative Asst. SUBJECT Alcohol Beverage Approval – Messer Family EXECUTIVE SUMMARY The Messer Family is having a Wedding Reception at the Sebastian Community Center on June 20th, 2026 and they are requesting permission to serve alcoholic beverages. RECOMMENDATION Staff recommends approval ATTACHMENTS: 1. Rental Application 2. Payment Receipt FUNDING SOURCE: Expenditure required Amount Budgeted: Funding source N/A N/A N/A Additional Funds Needed: 18 19 20 CITY OF SEBASTIAN CITY COUNCIL STAFF REPORT DATE February 25, 2026 TO Honorable Mayor and City Council THRU Brian Benton, City Manager FROM Ron Paul, Parks and Recreation Administrative Asst. SUBJECT Alcohol Beverage Approval – Sebastian Fitness EXECUTIVE SUMMARY Sebastian Fitness is having a Christmas Party at the Sebastian Community Center on December 12th, 2026 and they are requesting permission to serve alcoholic beverages. RECOMMENDATION Staff recommends approval ATTACHMENTS: 1. Rental Application 2. Payment Receipt FUNDING SOURCE: Expenditure required Amount Budgeted: Funding source N/A N/A N/A Additional Funds Needed: 21 22 23 CITY OF SEBASTIAN CITY COUNCIL STAFF REPORT DATE February 25, 2026 TO Honorable Mayor and City Council THRU Brian Benton, City Manager FROM Ron Paul, Parks and Recreation Administrative Asst. SUBJECT Alcohol Beverage Approval – Vieyra Family EXECUTIVE SUMMARY The Vieyra Family is having a Birthday Party at the Sebastian Community Center on June 13th, 2026 and they are requesting permission to serve alcoholic beverages. RECOMMENDATION Staff recommends approval ATTACHMENTS: 1. Rental Application 2. Payment Receipt FUNDING SOURCE: Expenditure required Amount Budgeted: Funding source N/A N/A N/A Additional Funds Needed: 24 25 26 CITY OF SEBASTIAN CITY COUNCIL STAFF REPORT DATE March 11, 2026 TO Honorable Mayor and City Council THRU Brian Benton, City Manager FROM Jim Mann, Principal Planner SUBJECT Consideration of Resolution R-26-01 – Approving the Preliminary Replat for “Maxwell Schumann Commercial Subdivision” a 2-lot Commercial Subdivision on 1.93 acres – Existing Zoning Designation of CG (Commercial General) EXECUTIVE SUMMARY Todd Maxwell, the property owner, has submitted a request for a two-lot commercial subdivision with access from Schumann Drive and U.S. Highway 1. The subject property consists of approximately 1.93 acres and is located north of Schumann Drive, east of Historic Park, south of Old Dixie Highway, and west of U.S. Highway 1. The applicant is seeking approval of Resolution R-26-01 in order to replat the existing lots of 1 through 8, Tract A and portion of Tract B, Block 406 of the Sebastian Highland Unit 7 and convert to a two-lot commercial subdivision and applicable tracts. The property is currently designated CG (Commercial General) Future Land Use, and with a corresponding zoning of CG (Commercial General). The project will provide applicable tracts for stormwater and dedicated easements for access off of Schumann Drive and U.S. Highway 1. As part of the parcel exchange agreement approved in the 2023. The property owner for Maxwell-Schumann is to provide offsite improvements, as a Public Benefit Plan, along Schumann Drive that consists of a sidewalk connection from U.S. Highway 1, west to the FEC railroad crossing. Enhanced landscaping will be installed in the median that accompanies a left turn lane into the subdivision along Schumann Drive with additional landscaping along the Historic Park property boundary, and to improve the City’s accessibility to the park itself. Staff recommends a timeline be placed on offsite improvements to be constructed and be installed before Certificate of Completion (CoC) of the Subdivision. If approved this condition shall be added to the Resolution. The Planning and Zoning Commission/Local Planning Agency held a public hearing at its January 15, 2026 meeting to consider the proposed Preliminary Replat. The Planning and Zoning Commission voted unanimously recommended that City Council approve the Preliminary Plat with conditions regarding the timing of the offsite improves discussed previously. RECOMMENDATION Staff recommends approval of Resolution R-26-01 for the proposed Preliminary Replat of Maxwell-Schumann Commercial Subdivision, subject to conditions, for the quasi-judicial public hearing scheduled for March 11, 2026. ATTACHMENTS: 1. Resolution R-26-01 with Attachments a. Survey 2. Staff Analysis 3. Preliminary Plat Application 27 4. Plan Set Preliminary Plat 5. PZ Commission Minutes 1-15-2026 FUNDING SOURCE: Expenditure required Amount Budgeted: Funding source N/A N/A N/A Additional Funds Needed: $ 0.00 28 1 RESOLUTION NO. R-26-01 A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, APPROVING THE PRELIMINARY REPLAT FOR A 2-LOT SUBDIVISION KNOWN AS MAXWELL – SCHUMANN COMMERCIAL SUBDIVISION, LOCATED EAST OF HISTORIC PARK, NORTH OF SCHUMANN DRIVE, WEST OF US HIGHWAY 1, AND SOUTH OF OLD DIXIE HIGHWAY; PROVIDING FOR CONFLICTS HEREWITH; PROVIDING FOR SCRIVENER’S ERRORS; AND PROVIDING FOR EFFECTIVE DATE. WHEREAS, Todd Maxwell has filed an application for a new Preliminary Replat approval for Maxwell – Schumann Commercial Subdivision; and WHEREAS, the Planning and Zoning Commission unanimously recommended the City Council approve the Preliminary Replat at its January 15, 2026, public hearing; and WHEREAS, the City Council of the City of Sebastian, Florida has considered the criteria identified in the Land Development Code together with the recommended findings and recommendations of its Staff and Planning and Zoning Commission; and WHEREAS, the City Council has made the following findings: A. The proposed plat is consistent with the goals, objectives and other elements of the Comprehensive Plan 2040. B. The proposed plat is in conformity with the substantive requirements of the City of Sebastian code of Ordinances, particularly the Land Development Code. C. The proposed plat is not in conflict with the public interest of the citizens of the City of Sebastian. D. The proposed plat is compatible with adjacent land uses. E. Adequate public facilities and services exist in the City to serve the proposed subdivision and the demand for such use will not exceed the capacity for such services and facilities. F. The proposed plat will not result in any adverse impacts on the natural environment. G. The proposed plan will not adversely affect the property values in the area, or the general health, safety and welfare of the City or have an adverse impact on the financial resources of the City. H. The proposed plat will result in an orderly and local development pattern. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, AS FOLLOWS: 29 2 Section 1. RECITALS/LEGISLATIVE FINDINGS/INTENT. a) The City Council of the City of Sebastian hereby adopts and incorporates the recitals above in the Whereas Clauses to this Resolution, the City Staff Report and the City Council Agenda Memorandum relating to this Resolution. b) The above recitals set forth in the Whereas Clauses of this Resolution are adopted by the City Council as legislative findings and the intent of the City Council. c) The City of Sebastian has complied with all requirements and procedures of Florida law in processing and advertising the Resolution. Section 2. PROPERTY. The Preliminary Plat approved by the adoption of the Resolution applies to the following described real property, lying and being within the incorporated area of the City of Sebastian, Indian River County, Florida: See attached Exhibit “A” Property Survey Section 3. PRELIMINARY PLAT APPROVAL. The City Council of the City of Sebastian, Florida does hereby approve the Preliminary Plat for Maxwell – Schumann Commercial Subdivision as prepared by Joseph W. Schulke, P.E., bearing the date stamp of and received by the Community Development Department on February 25, 2026, as maintained on file, subject to the following conditions: a) The Public Benefits listed in Exhibit “C” of the Parcel Exchange Agreement dated November 14th, 2023 be installed before Certificate of Completion (CoC) of the Subdivision. Section 5. SCRIVENER’S ERRORS. Sections of this Resolution may be renumbered or re-lettered and corrections of typographical errors which do not affect the intent may be authorized by the City Manager, or the City Manager’s designee, without need of further action of City Council by filing a corrected copy of same with the City Clerk. Section 6. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption. The foregoing Resolution was moved for adoption by Councilmember _____________________. The motion was seconded by Councilmember _____________________ and, upon being put to a vote, the vote was as follows: Mayor Fred Jones _______________________ Vice Mayor Bob McPartlan _______________________ Councilmember Ed Dodd _______________________ Councilmember Sherrie Matthews _______________________ Councilmember Christopher Nunn _______________________ The Mayor thereupon declared this Resolution duly passed and adopted this 11th day of March, 2026. 30 3 CITY OF SEBASTIAN, FLORIDA By: __________________________ Mayor Fred Jones ATTEST: Approved as to form and legality: ____________________________________ __________________________________ Catherine E. Testa James D. Stokes, Acting City Clerk City Attorney 31 * THE PARCEL OF LAND SHOWN HEREON APPEARS TO BE IN FLOOD ZONE "X", PER FLOOD INSURANCE RATE MAP #12061C0112 H, DATED DECEMBER 4, 2012. UNLESS OTHERWISE INDICATED, FOUND MONUMENTATION IS UNIDENTIFIED. LEGAL DESCRIPTION IS AS PROVIDED BY THE CLIENT. UNLESS A COMPARISON IS SHOWN, PLAT AND DEED VALUES AND MEASURED VALUES ARE THE SAME. BUILDING SETBACK LINES, IF SHOWN ARE BASED ON THE BEST AVAILABLE INFORMATION, BUT ARE NOT CERTIFIED TO. THE SETBACKS MUST BE VERIFIED PRIOR TO DESIGN OR CONSTRUCTION. THE LAST DATE OF FIELD WORK WAS: 8/09/2022 ELEVATIONS AND DIMENSIONS SHOWN HEREON ARE MEASURED IN FEET AND DECIMAL PARTS THEREOF. THIS SURVEY MEETS ALL APPLICABLE REQUIREMENTS OF THE FLORIDA STANDARDS OF PRACTICE AS CONTAINED IN 5J-17, FLORIDA ADMINISTRATIVE CODE. BILLY M. MOODY PLS# 5336 PROFESSIONAL SURVEYOR & MAPPER IN RESPONSIBLE CHARGE: MERIDIAN LAND SURVEYORS LB#6905 1717 INDIAN RIVER BLVD. SUITE 201, VERO BEACH, FLORIDA 32960 TYPE OF SURVEY: BOUNDARY THIS SURVEY PERFORMED BY: THIS SURVEY DOES NOT CERTIFY TO THE EXISTENCE OR LOCATION OF ANY UNDERGROUND IMPROVEMENTS: UTILITIES, FOUNDATIONS, OR ENCROACHMENTS, EXCEPT AS SHOWN. NO INSTRUMENTS OF RECORD REGARDING EASEMENTS, RIGHT-OF-WAYS, OR OWNERSHIP WERE SUPPLIED TO THIS SURVEYOR, EXCEPT AS SHOWN. ADDITIONS OR DELETIONS TO SURVEY MAPS OR REPORTS BY OTHER THAN THE SIGNING PARTY OR PARTIES IS PROHIBITED WITHOUT WRITTEN CONSENT OF THE SIGNING PARTY OR PARTIES. THE BEARING BASE FOR THIS SURVEY IS S89°57'17"E ALONG THE NORTH LINE OF LOT 1, SEBASTIAN HIGHLANDS UNIT 7; PLAT BOOK 6, PAGE 6 PUBLIC RECORDS OF INDIAN RIVER COUNTY, FLORIDA. PLAT (P) AND DEED (D) BEARINGS AND DISTANCES, AS SHOWN ON THIS MAP, ARE FOR REFERENCE ONLY THE COORDINATES, IF SHOWN ON THIS MAP, REFER TO STATE PLANE COORDINATES, FLORIDA EAST ZONE, NAD 83 (2011 ADJUSTMENT). PROJECT AREA LOTS 1 THROUGH 8 AND TRACT A, BLOCK 406, SEBASTIAN HIGHLANDS, UNITS 7, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 6, PAGE 6, OF THE PUBLIC RECORDS OF INDIAN RIVER COUNTY, FLORIDA; LESS AND EXCEPT A PORTION OF LOT 8; SAID PORTION BEING MORE PARTICULARLY BOUNDED AND DESCRIBED AS FOLLOWS: BEGIN AT THE SOUTHWEST CORNER OF LOT 8 OF SAID PLAT; SAID POINT BEING ON THE NORTH RIGHT-OF-WAY LINE OF SCHUMANN DRIVE; THENCE DEPART SAID NORTH RIGH-OF-WAY LINE AND RUN N25°28'10"E, ALONG THE WEST LINE OF SAID LOT 8, FOR A DISTANCE OF 105.00 FEET TO THE NORTHWEST CORNER OF SAID LOT 8; THENCE RUN S69°42'41"E, ALONG THE NORTH LINE OF SAID LOT 8, FOR A DISTANCE OF 28.11 FEET; THENCE DEPART SAID NORTH LINE AND RUN S25°28'10"W, FOR A DISTANCE OF 108.56 FEET TO A POINT ON THE NORTH RIGHT-OF-WAY LINE OF SAID SCHUMANN DRIVE; SAID POINT ALSO BEING A POINT ON A CURVE CONCAVE TO THE SOUTHWEST AND HAVING A RADIUS OF 384.73 FEET, A CHORD BERING OF N62°26'44"W, AND A CHORD LENGTH OF 28.01 FEET; THENCE RUN NORTHWESTERLY, ALONG THE ARC OF SAID CURVE AND NORTH RIGHT-OF-WAY LINE, FOR A DISTANCE OF 28.02 FEET TO THE POINT OF BEGINNING. TOGETHER WITH A PORTION OF TRACT B OF SAID PLAT; SAID PORTION BEING MORE PARTICULARLY BOUNDED AND DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID TRACT B, RUN S26°36'30"E, ALONG THE EAST LINE OF SAID TRACT B, FOR A DISTANCE OF 33.83 FEET TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL OF LAND: FROM SAID POINT OF BEGINNING, CONTINUE ALONG SAID EAST LINE, S26°36'30"E, FOR A DISTANCE OF 149.34 FEET TO THE NORTHEAST CORNER OF LOT 8, BLOCK 406, OF SAID PLAT; THENCE RUN N69°42'41"W, ALONG THE NORTH LINE OF SAID LOT 8, FOR A DISTANCE OF 77.66 FEET; THENCE DEPART SAID NORTH LINE AND RUN N25°28'10"E, FOR A DISTANCE OF 15.97 FEET TO A POINT OF CURVATURE OF A TANGENT CURVE CONCAVE TO THE WEST AND HAVING A RADIUS OF 105.00 FEET, A CHORD BEARING OF N00°34'05"W, AND A CHORD LENGTH OF 92.18 FEET; THENCE RUN NORTHERLY, ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 52°04'28", FOR A DISTANCE OF 95.43 FEET TO THE POINT OF BEGINNING. * * * * * * * * * * * * * * * * PROJECT NO:22-017 DATE: DRAWN BY: CHECKED BY: 9/14/22 NJL BM SCALE:1" = 30'   PLAT OF SURVEY FOR:  NORTH Curve Table CURVE C1 C2 C3 C4 LENGTH 293.20' 55.67' 44.45' 51.86' RADIUS 260.53' 260.53' 384.73' 384.73' DELTA 64°28'48" 12°14'34" 6°37'10" 7°43'22" CH BEARING N77°34'43"W N51°27'35"W N48°37'16"W N55°47'32"W CH. LENGTH 277.97 55.56 44.42 51.82 REPORT OF SURVEY: LEGAL DESCRIPTION S D x23.5 W CABLE TV BOX CENTERLINE (CM) CONCRETE MONUMENT CURB INLET DRAINAGE MANHOLE ELECTRIC BOX GATE VALVE GUY WIRE HYDRANT IRON PIPE IRON ROD & CAP LIGHT POST MITERED END SECTION POINT OF INTERSECTION SANITARY MANHOLE STREET SIGN SURFACE INLET TELEPHONE SERVICE TYPICAL ELEVATION WATER METER WELL WOOD UTILITY POLE CL - - -- - - - - - - - - - - - - - - - - - - - ABBREVIATIONS SYMBOLS NOT SCALEABLE FOR SIZE LEGEND VICINITY MAP           32 1 Community Development Department Preliminary Plat Staff Analysis 1. Project Name:Maxwell – Schumann Commercial Subdivision 2. Requested Action:Preliminary Plat approval for a 2-lot commercial subdivision 3. Project Location: a. Address:600 Schumann Drive b. Legal: See survey for full legal description c. Indian River County Parcel Number: 31391700002000100000.0 31391700002000200000.1 31391700002406000001.0 31391700002406000004.0 31391700002406000007.0 4. Project Owner:Todd Maxwell 500 South Florida Avenue Suite 700 Lakeland, FL 33801 5. Project Agent:Same as Engineer 6. Project Engineer:Joseph W. Schulke, P.E. Schulke, Bittle & Stoddard. LLC 1717 Indian River Boulevard, Suite 201 Vero Beach, Florida 32960 7. Project Surveyor:Meridian Land Surveyors, Inc. 1717 Indian River Blvd. Suite 201 Vero Beach, FL 32960 8. Project Description a. Narrative of proposed action: The applicant is requesting approval of a two-lot commercial subdivision on 1.94 acres located along Schumann Drive between US Highway 1 and the FEC railroad. This is a replat of a portion of Sebastian Highland Unit 7, Block 406. The current configuration of the proposed development of land is 33 2 five total tax parcels. Schumann Road Indian River LLC (Schumann’s) and the City of Sebastian agreed upon the parcel swaps to allow for development of a commercial subdivision and to allow the City to gain more access to the City Park located to the west. The parcel exchange also created a Public Benefit Plan which some improvements were to be provided to the surrounding residents at the Schumann’s expense. The public benefits are explained later in this staff report and shown on the Preliminary Plat. The Schumann’s wish to replat the properties into two lots and provide improvements for the future development of a commercial subdivision. b. Current Zoning:CG Land Use:CG c. Adjacent Properties: Zoning Current Land Use Future Land Use North:CG Commercial Development CG East:CL (County) Assisted Living Facility/US1 C/I COM/IN South:PS/CG Church/Comm Dev INS West:PS Public Park INS d. Site Characteristics (1) Total Acreage:1.94 acres (2) Current Land Use(s):Vacant (3) Soil:Immokalee fine sand (4) Vegetation:Brazilian Pepper, Palms (5) Flood Hazard:Zone X (6) Water Service:Indian River County Utilities (7) Sanitary Sewer Service:Indian River County Utilities (8) Parks:Historical Park - 0.0 miles (9) Police/Fire:Sebastian Police – 2.6 miles IRC Fire – 2.6 miles 9. Comprehensive Plan Consistency: a. Future Land Use:Consistent 34 3 b. Traffic circulation:Consistent c. Housing:n/a d. Public Facilities Consistent e. Coastal Management n/a f. Conservation:Consistent g. Recreation and Open Space:Consistent 10. Contents of Preliminary Plat: a. Name of subdivision:Maxwell – Schumann Commercial Subdivision b. Vicinity sketch:provided c. North arrow and graphic scale: provided d. Date of preparation: provided e. Name, address and phone of owner:provided f. Name, address and registration number of engineer:provided g. Name, address and registration number of surveyor:provided h. Names of adjacent subdivisions, including plat book and page number references:provided i. Names of adjacent property owners:on file j. Contour map:provided k. All existing watercourses, drainage ditches and bodies of water, marshes, and other significant, natural or man-made features:provided l. Name, alignment and width of existing and proposed streets, alleys, rights-of- way or easements including name, right-of-way width, street or pavement width and established center line elevations:provided m. All existing and proposed property lines, easements and rights-of-way, their purpose, their effect on the property to subdivided, and the proposed layout of lots and blocks:provided n. Access points to collector and arterial streets showing their compliance to the access requirements established by ordinance: provided o. All existing drainage district facilities and their ultimate right-of-way requirements as they affect the property to be subdivided:provided 35 4 p. Utilities such as telephone, power, water, sewer, gas, etc., on or adjacent to the property:provided q. A statement that all utilities are available and have been coordinated with all required utilities:provided, previously r. Sites proposed for parks, recreational areas and schools:n/a s. Location of all temporary structures or permanent structures having a temporary use:none proposed t. If site borders public water, delineate the mean high water line:n/a u. Permanent reference monuments shall be shown at all block corners, at all points of reverse or compound curvature, and at all points of tangency occurring with block limiting lines:Shown, will also be shown on final plat v. Block perimeter returns at block corners or other block line intersections: n/a 11. Required Supplemental Information: a. Existing land use and zoning:provided b. On-site wastewater disposal data: to be provided on future site plan c. Surface water management plan:provided d. Traffic impact analysis:to be provided on future site plan when the proposed commercial use is known. e. Required park land and/or facility improvements: n/a f. Required potable water improvements:Indian River Co. Utilities (future) g. Required wastewater improvements:Indian River Co. Utilities (future) h. Erosion and sedimentation control improvements:provided i. Reference to required specifications:provided j. Schedule of multiple phases:n/a k. Development schedule:provided 12. Other Matters: The Preliminary Plat application has been reviewed to meet the City’s Land Development Code and improvement requirements of a land swap agreement that was approved by City Council in 2023. The land swap agreement included a Public Benefit Plan, noted in Exhibit “C”, for the residents of the surrounding area to provide more access to an existing public park and improvements along Schumann Drive. The improvements within the Pubic Benefit Plan are as follows: 36 5 •The parcel exchange improves the City’s accessibility to its parks; •Additional landscaping on the City’s side of the of the shared parcel boundary; •A landscaped median that accompanies the eastbound left turn lane into the Schumann Road Indian River parcel; •Landscape improvement for the existing monument on north side of Schumann Drive; and •Construction of approximately 580± lineal feet of public sidewalk from Schumann Road Indian River parcel to the railroad tracks. Staff required all improvements listed above to be noted and designed in the Preliminary Plat documents and will be required to be completed before the subdivision can be completed. 13. Conclusion:The proposed two-lot subdivision is consistent with the Comprehensive Plan, the Code of Ordinances and the Land Development Code. 14. Recommendation:Staff recommends approval of the proposed Preliminary Replat of Maxwell-Schumann Commercial Subdivision and that they forward their recommendation of approval to City Council based on the following conditions: 1. The Public Benefits listed in Exhibit “C” of the Parcel Exchange Agreement dated November 14th, 2023 be installed before Certificate of Completion (CoC) of the Subdivision. ____________________________________ ____________ PREPARED BY DATE 37 FORM A COMMUNITY DEVELOPMENT DEPARTMENT 1225 MAIN STREET ■ SEBASTIAN, FLORIDA 32958 TELEPHONE (772) 589-5518 ■ www.cityofsebastian.org ⬜ PUD – Conceptual Development Plan ⬜ SUBDIVISION – Division of Single Lot (Residential) ⬜ PUD – Preliminary Development Plan (50 acres or <) ⬜ SUBDIVISION – Preliminary Plat (50 acres or <) ⬜ PUD – Preliminary Development Plan (> than 50 acres) ⬜ SUBDIVISION - Preliminary Plat (> than50 acres) ⬜ PUD – Site Plan ⬜ SUBDIVISION – Construction Plans ⬜ PUD – Final Plat ⬜ SUBDIVISION – Final Plat ⬜ SITE PLAN (Administrative Approval) ⬜ SITE PLAN (Major Modification) ⬜ SITE PLAN (New Development) ⬜ SITE PLAN (Minor Modification) DEVELOPMENT REVIEW APPLICATION Address: Project Name: Total Site Area: Acres\SF Applicant (If not owner, written authorization (notarized) from owner is required) Telephone: Email: Parcel ID: Owner: Address of Site: Proposed Use: Land Use: Zoning: Applicant Name: Address: Telephone: Email: Date Received: _______________ Fee Paid: ____________ Received by: __________________________________ Schumann Drive Commercial 1.96 31391700002406000004.0, 31391700002406000001.0, 31391700002000100000.0, 31391700002406000007.0 600 Schumann Dr, Sebastian, FL 32958 Commercial Development General Commercial Commercial General Todd Maxwell c/o Schulke, Bittle & Stoddard, LLC 1717 Indian River Blvd, Suite 201, Vero Beach, FL 32960 863-272-4615 TM4615@gmail.com Todd Maxwell 500 South Florida Avenue, Suite 700, Lakeland, FL 33801 863-272-4615 TM4615@gmail.com 38 39 FORM A COMMUNITY DEVELOPMENT DEPARTMENT 1225 MAIN STREET ■ SEBASTIAN, FLORIDA 32958 TELEPHONE (772) 589-5518 ■ www.cityofsebastian.org APPLICATION FEES: $1,200.00 New Site Plan $1,000 Major Modification $700 Minor Modification $350.00 Administrative Site Plan Review $1,500.00 Subdivision Preliminary Plat $1,000 Subdivision Construction Plans $1,000 Subdivision Final Plat $250 Division of Single Lot (residential) $1,250 PUD - Conceptual Development Plan $1,800 PUD - Preliminary Development Plan/Plat (50 Acres or Less) ($1,800 plus $25/Acre Greater than 50 Acres) A Separate Consulting Engineering Review Fee of $1,400 up may apply A Separate Fire Marshall Site Plan Review Fee of $75.00 is required **APPLICATION FEE IS NON-REFUNDABLE UPON PAYMENT TO THE CITY** DOCUMENTS SUBMITTED FOR APPLICATION REVIEW: Refer to section 54-4-18.4 of the land development code for required documents and information to be included on site plan. ⬜ Five (5) Sets of 24x36 plans ⬜ Building Elevations and Floor Plans ⬜ Five (5) Boundary and Topographic Surveys ⬜ Warranty Deed for all owners ⬜ Landscape Plans ⬜ Notarized Letter of Authorization ⬜ Traffic Impact Analysis Statement (if required) ⬜ Electronic Copy - Complete Submittal ⬜ Stormwater Calculations ⬜ Verification that applicable jurisdictional permits have been applied for ADDITIONAL FEES ⬜ Environmental Analysis Report Should the review process be delayed by the applicant for longer than 6 months, re-submittal will be required consistent with current regulations and fees. The applicant/owner shall have 1 year from the approval date to commence construction of all or any phase. If the site plan expires, the applicant/owner must re-apply for a new review with applicable fees. An extension may be requested for additional fees. DEVELOPMENT REVIEW APPLICATION FEE SCHEDULE\CHECKLIST 40 Œ0LFURVRIW&RUSRUDWLRQŒ7RP7RPŒ=HQULQ Œ0LFURVRIW&RUSRUDWLRQŒ7RP7RPŒ=HQULQ 352-(&7,1)250$7,21 *(1(5$/127(6 /(*$/'(6&5,37,21 /$ 6 7  6 $ 9 ( '                    3 0   6 $ 9 ( '  % <   / , / / <   ' 5 $ : , 1 *   -  ?    ?        0 $ ; : ( / /      6 & + 8 0 $ 1 1  ' 5  &  ' ? 3 5 2 ' 8 & 7 , 2 1  ' 5 $ : , 1 * 6 ? 3 5 ( / ,0 , 1 $ 5 <  3 / $ 7 ?        &      & 2 9 ( 5  6 + ( ( 7  ' : *   3 / 2 7  ' $ 7 (                   $ 0   3 / 2 7 7 ( '  % <   / , / / < 6(&7,2172:16+,35$1*( 5(9,6,21,1',$15,9(5%/9'68,7(9(52%($&+)/25,'$ 5(*,675< 7(/)$;(0$,/LQIR#VEVHQJLQHHUVFRP (1*,1((5&(57,),&$7,21 -26(3+:6&+8/.(3(-2'$+%%,77/(3( :,//,$03672''$5'3K'3( 5(*1R '$7( 5(*1R 5(*1R 0$5.'$7( .QRZZKDW V 5 $5(3/$72)/2767+528*+75$&7$$1'$3257,212)75$&7%%/2&.6(%$67,$1+,*+/$1'681,73%3,1',$15,9(5&2817<)/25,'$ 35(/,0,1$5<3/$7  &,7<2)6(%$67,$1 6&+80$11'5,9(6(%$67,$1)/25,'$ 5(48,5('3(50,76 1 1 6+((7/,677$%/( 7,7/( &&29(56+((7 &35(/,0,1$5<3/$7 (;,67,1*6,7(&21',7,216& &67250:$7(532//87,2135(9(17,213/$1 6,7( ( 6 6 ( ;  / $ 1 ( + , * + : $ <  8 6   6,7( 60,5525/$.('5,9( ( $ 6 7  ) / 2 5 , ' $  5 $ , / 5 2 $ ' 6 & + 8 0 $ 1 1  ' 5 , 9 ( /2767+528*+$1'75$&7$%/2&.6(%$67,$1+,*+/$1'681,76$&&25',1*727+( 3/$77+(5(2)5(&25'(',13/$7%22.3$*(2)7+(38%/,&5(&25'62),1',$15,9(5 &2817<)/25,'$ /(66$1'(;&(37$3257,212)/276$,'3257,21%(,1*025(3$57,&8/$5/<%281'('$1' '(6&5,%('$6)2//2:6 %(*,1$77+(6287+:(67&251(52)/272)6$,'3/$76$,'32,17%(,1*217+(1257+ 5,*+72):$</,1(2)6&+80$11'5,9(7+(1&('(3$576$,'1257+5,*+2):$</,1($1' 5811ƒ ($/21*7+(:(67/,1(2)6$,'/27)25$',67$1&(2))((7727+( 1257+:(67&251(52)6$,'/277+(1&(5816ƒ ($/21*7+(1257+/,1(2)6$,' /27)25$',67$1&(2))((77+(1&('(3$576$,'1257+/,1($1'5816ƒ : )25$',67$1&(2))((772$32,17217+(1257+5,*+72):$</,1(2)6$,' 6&+80$11'5,9(6$,'32,17$/62%(,1*$32,1721$&859(&21&$9(727+(6287+:(67 $1'+$9,1*$5$',862))((7$&+25'%(5,1*2)1ƒ :$1'$&+25'/(1*7+2) )((77+(1&(5811257+:(67(5/<$/21*7+($5&2)6$,'&859($1'1257+ 5,*+72):$</,1()25$',67$1&(2))((7727+(32,172)%(*,11,1* 72*(7+(5:,7+ $3257,212)75$&7%2)6$,'3/$76$,'3257,21%(,1*025(3$57,&8/$5/<%281'('$1' '(6&5,%('$6)2//2:6 &200(1&,1*$77+(1257+($67&251(52)6$,'75$&7%5816ƒ ($/21*7+(($67 /,1(2)6$,'75$&7%)25$',67$1&(2))((7727+(32,172)%(*,11,1*2)7+( +(5(,1'(6&5,%('3$5&(/2)/$1' )5206$,'32,172)%(*,11,1*&217,18($/21*6$,'($67/,1(6ƒ ()25$',67$1&( 2))((7727+(1257+($67&251(52)/27%/2&.2)6$,'3/$77+(1&(581 1ƒ :$/21*7+(1257+/,1(2)6$,'/27)25$',67$1&(2))((77+(1&( '(3$576$,'1257+/,1($1'5811ƒ ()25$',67$1&(2))((772$32,172) &859$785(2)$7$1*(17&859(&21&$9(727+(:(67$1'+$9,1*$5$',862))((7 $&+25'%($5,1*2)1ƒ :$1'$&+25'/(1*7+2))((77+(1&(581 1257+(5/<$/21*7+($5&2)6$,'&859(7+528*+$&(175$/$1*/(2)ƒ )25$ ',67$1&(2))((7727+(32,172)%(*,11,1* 352-(&7,1)250$7,21 2:1(5 (1*,1((5 6859(<25 352-(&7'(6&5,37,21 6,7($''5(66 )/22'=21( *5266$5($ (;,67,1*=21,1*/$1'86( '(',&$7,212),03529(0(176 (;,67,1*6,7(&21',7,216 &67250:$7(532//87,2135(9(17,213/$1'(7$,/6 3$9,1**5$',1*'5$,1$*( 87,/,7<6(&7,216& 3$9,1*$1'*5$',1*'(7$,/6& & & 7<3,&$/3$9(0(170$5.,1*'(7$,/6& ,5&67$1'$5'87,/,7<'(7$,/66(:(5& & & & 3$9,1*$1'*5$',1*'(7$,/6&217 3$9,1*$1'*5$',1*'(7$,/6&217 ,5&67$1'$5'87,/,7<'(7$,/6:$7(5 ,5&67$1'$5'87,/,7<'(7$,/6:$7(5&217 ,5&67$1'$5'87,/,7<'(7$,/60,6& *(27(&+1,&$/5(3257$1'62,/%25,1*6& $77$&+(' 6859(< 5(93(5&26&200(176 9,&,1,7<0$3 6&$/(  /2&$7,210$3 6&$/(  3$9,1**5$',1*'5$,1$*( 87,/,7<3/$1& 2))6,7(,03529(0(1766&+80$11'5,9(& /$1'6&$3,1*3/$1 /$1'6&$3(3/$12))6,7( & & 5(93(5)'27&200(176 5(93(5&26&200(176   41  3523   ' 5 $ , 1 $ * ( ($6( 0 ( 1 7   $  (   8 (     5  :      352326(' '5$,1$*( ($6(0(17  6: ($6(0(17                3523   ' 5 $ , 1 $ * ( ($6( 0 ( 1 7      352326(' '5$,1$*( ($6(0(17 350350 350 35 0 35 0 3 5 0 350 350 3 5 0 35 0 /  ǻ ƒ  5  &+% 1ƒ ( &+/  1ƒ :  6ƒ ( /  ǻ ƒ  5  &+% 6ƒ : &+/  6ƒ (  /  ǻ ƒ  5  &+% 1ƒ : &+/  /  ǻ ƒ  5  &+% 1ƒ : &+/  1  ƒ        (       /  ǻ ƒ  5  &+% 1ƒ : &+/          ! &2'(       &216758&75,*+7,121/< '5,9(:$<9$& 6((6+((7&)25 &2167'(7$,/ &216758&7 6: 5(029(62/,':+,7(0$5.,1*6 &2167  6.,3:+,7(    “  7 2  1 ( ; 7  ' 5 , 9 ( : $ <        5  : :,'(16,'(:$/. $5281'/,*+732/(  &216758&7&21& 3$'7+,&.    3 5 0 6ƒ (   5  5        , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P 9.++: 6850+):°45          0 =  9  =0 , 0 =  9   ° # °      /2&$7,210$3 1 6,7( + , * + : $ <  8 6  6&+80$1 1  ' 5  ) / 2 5 , ' $  ( $ 6 7  & 2 $ 6 7  5  5  6&+80$11'5 + , * + : $ <  8 6  /27 $& /27 $& /2767+528*+$1'75$&7$%/2&.6(%$67,$1+,*+/$1'681,76$&&25',1*727+( 3/$77+(5(2)5(&25'(',13/$7%22.3$*(2)7+(38%/,&5(&25'62),1',$15,9(5 &2817<)/25,'$ /(66$1'(;&(37$3257,212)/276$,'3257,21%(,1*025(3$57,&8/$5/<%281'('$1' '(6&5,%('$6)2//2:6 %(*,1$77+(6287+:(67&251(52)/272)6$,'3/$76$,'32,17%(,1*217+(1257+ 5,*+72):$</,1(2)6&+80$11'5,9(7+(1&('(3$576$,'1257+5,*+2):$</,1($1' 5811ƒ ($/21*7+(:(67/,1(2)6$,'/27)25$',67$1&(2))((7727+( 1257+:(67&251(52)6$,'/277+(1&(5816ƒ ($/21*7+(1257+/,1(2)6$,' /27)25$',67$1&(2))((77+(1&('(3$576$,'1257+/,1($1'5816ƒ : )25$',67$1&(2))((772$32,17217+(1257+5,*+72):$</,1(2)6$,' 6&+80$11'5,9(6$,'32,17$/62%(,1*$32,1721$&859(&21&$9(727+(6287+:(67 $1'+$9,1*$5$',862))((7$&+25'%(5,1*2)1ƒ :$1'$&+25'/(1*7+2) )((77+(1&(5811257+:(67(5/<$/21*7+($5&2)6$,'&859($1'1257+ 5,*+72):$</,1()25$',67$1&(2))((7727+(32,172)%(*,11,1* 72*(7+(5:,7+ $3257,212)75$&7%2)6$,'3/$76$,'3257,21%(,1*025(3$57,&8/$5/<%281'('$1' '(6&5,%('$6)2//2:6 &200(1&,1*$77+(1257+($67&251(52)6$,'75$&7%5816ƒ ($/21*7+(($67 /,1(2)6$,'75$&7%)25$',67$1&(2))((7727+(32,172)%(*,11,1*2)7+( +(5(,1'(6&5,%('3$5&(/2)/$1' )5206$,'32,172)%(*,11,1*&217,18($/21*6$,'($67/,1(6ƒ ()25$',67$1&( 2))((7727+(1257+($67&251(52)/27%/2&.2)6$,'3/$77+(1&(581 1ƒ :$/21*7+(1257+/,1(2)6$,'/27)25$',67$1&(2))((77+(1&( '(3$576$,'1257+/,1($1'5811ƒ ()25$',67$1&(2))((772$32,172) &859$785(2)$7$1*(17&859(&21&$9(727+(:(67$1'+$9,1*$5$',862))((7 $&+25'%($5,1*2)1ƒ :$1'$&+25'/(1*7+2))((77+(1&(581 1257+(5/<$/21*7+($5&2)6$,'&859(7+528*+$&(175$/$1*/(2)ƒ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“  7 2  1 ( ; 7  ' 5 , 9 ( : $ <   )  6  %        )  6  %      5  6  %        6  6  %        )  6  %       , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P 9.++: 6850+):°45          0 =  9  =0 , 0 =  9   ° # °      /2&$7,210$3 1 6,7( + , * + : $ <  8 6  6 & + 8 0 $ 1 1  ' 5  ) / 2 5 , ' $  ( $ 6 7  & 2 $ 6 7  5  5  /2767+528*+$1'75$&7$%/2&.6(%$67,$1+,*+/$1'681,76$&&25',1*727+(3/$77+(5(2) 5(&25'(',13/$7%22.3$*(2)7+(38%/,&5(&25'62),1',$15,9(5&2817<)/25,'$ /(66$1'(;&(37$3257,212)/276$,'3257,21%(,1*025(3$57,&8/$5/<%281'('$1''(6&5,%('$6 )2//2:6 %(*,1$77+(6287+:(67&251(52)/272)6$,'3/$76$,'32,17%(,1*217+(1257+5,*+72):$</,1(2) 6&+80$11'5,9(7+(1&('(3$576$,'1257+5,*+2):$</,1($1'5811ƒ ($/21*7+(:(67/,1(2)6$,' /27)25$',67$1&(2))((7727+(1257+:(67&251(52)6$,'/277+(1&(5816ƒ ($/21*7+( 1257+/,1(2)6$,'/27)25$',67$1&(2))((77+(1&('(3$576$,'1257+/,1($1'5816ƒ :)25$ ',67$1&(2))((772$32,17217+(1257+5,*+72):$</,1(2)6$,'6&+80$11'5,9(6$,'32,17$/62 %(,1*$32,1721$&859(&21&$9(727+(6287+:(67$1'+$9,1*$5$',862))((7$&+25'%(5,1*2) 1ƒ :$1'$&+25'/(1*7+2))((77+(1&(5811257+:(67(5/<$/21*7+($5&2)6$,'&859($1' 1257+5,*+72):$</,1()25$',67$1&(2))((7727+(32,172)%(*,11,1* 72*(7+(5:,7+ $3257,212)75$&7%2)6$,'3/$76$,'3257,21%(,1*025(3$57,&8/$5/<%281'('$1''(6&5,%('$6)2//2:6 &200(1&,1*$77+(1257+($67&251(52)6$,'75$&7%5816ƒ ($/21*7+(($67/,1(2)6$,'75$&7% )25$',67$1&(2))((7727+(32,172)%(*,11,1*2)7+(+(5(,1'(6&5,%('3$5&(/2)/$1' )5206$,'32,172)%(*,11,1*&217,18($/21*6$,'($67/,1(6ƒ ()25$',67$1&(2))((7727+( 1257+($67&251(52)/27%/2&.2)6$,'3/$77+(1&(5811ƒ :$/21*7+(1257+/,1(2)6$,'/27 )25$',67$1&(2))((77+(1&('(3$576$,'1257+/,1($1'5811ƒ ()25$',67$1&(2))((772 $32,172)&859$785(2)$7$1*(17&859(&21&$9(727+(:(67$1'+$9,1*$5$',862))((7$&+25' %($5,1*2)1ƒ :$1'$&+25'/(1*7+2))((77+(1&(5811257+(5/<$/21*7+($5&2)6$,'&859( 7+528*+$&(175$/$1*/(2)ƒ )25$',67$1&(2))((7727+(32,172)%(*,11,1* /(*$/'(6&5,37,21 6,7('$7$ 2:1(5 6&+80$1152$',1',$15,9(5//& )/25,'$$9( /$.(/$1')/ (1*,1((5 6&+8/.(%,77/( 672''$5'//& ,1',$15,9(5%/9'68,7( 9(52%($&+)/ 7(/   )$;   6,7($''5(66 6&+80$11'5,9(6(%$67,$1)/25,'$ 7$;,'12     =21,1*&* /$1'86(*(1(5$/&200(5&,$/ )/22'=21( 7+(3$5&(/2)/$1'6+2:1+(5(21$33($5672%(,1)/22'=21( ;3(5)/22',1685$1&(5$7(0$3&-'$7(' 29(5$//6,7($5($ 6) $& (;,67,1*6,7(&21',7,216 (;,67,1*6725<%8,/',1*$1'3$5.,1*/27 0,16(7%$&.6 &2'((;,67 )5217 )7 )7 )7 6,'( )7 )7 5($5 )7 )7 (;,67,1*6,7('$7$  %8,/',1*6 6)   3$9(0(17 6)  727$/,03(59,286 6)  23(163$&(6) )$5 5( 9   3 ( 5           & 2 6  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6         75((/(*(1' 2$.725(0$,1 75((6 2$.725(029( 75((6 2$.725(/2&$7( 75((6 &$%%$*(3$/0725(0$,1 75((6 &$%%$*(3$/0725(029( 75((6 &$%%$*(3$/072 5(/2&$7( 75((6 2))6,7( 216,7( 3,1(75(( 3,1(75((725(029( 75((6 0,7,*$7,215(48,5(' 63(&,0(175((672%(5(029('! 75((6 5(3/$&(:,7+  75((6 +(,*+7 ',$ 127($)8//352326$/)257+(5(/2&$7,212)7+(75((6,1&/8',1* 7+(0(7+2'6$1'352326('7,0(/,1(6:,//%(5(48,5('%<7+(&,7< 2)6(%$67,$1'85,1*7+(/$1'&/($5,1*$1'6,7(,03529(0(17 3(50,77,1*67$*(67+,6352326$/0867%($33529('%<7+(&,7<2) 6(%$67,$135,2572$1<75((5(/2&$7,21$&7,9,7,(67$.,1*3/$&(                                                       (;,67,1*75((6 75(( 63(&,(6 '%+ 27+(5  3$/0  5(/2&$7(  3$/0 5(/2&$7(  3$/0 5(/2&$7(  3$/0 5(029( 2$.5(029( 2$.5(029(  3$/0 5(/2&$7( 2$.5(029(  3$/0 5(/2&$7(  3$/0 5(/2&$7(  3$/0 5(/2&$7(  3$/0 5(/2&$7( 2$.5(029( 2$.5(029( 2$.5(029( 2$.5(029( 2$.5(029( 2$.5(029(  3$/0 5(/2&$7(  3$/0 5(/2&$7(  3$/0 5(/2&$7( 3$/0 5(/2&$7( 2$.5(029( 2$.5(029(  3,1( 5(029(  3$/0 5(/2&$7(  3$/0 5(/2&$7(  3$/0 5(/2&$7(  3$/0 5(/2&$7(  3$/0 5(/2&$7( 2$.5(029( 2$. 5(0$,1  3$/0 5(/2&$7(  3$/0  5(0$,1 3$/0 5(0$,1 3$/0 5(0$,1  3$/0  5(0$,1  3$/0  5(0$,1 2$. 5(0$,1  3$/0  5(0$,1  3$/0  5(0$,1  3$/0  5(0$,1  3$/0  5(0$,1  3$/0  5(0$,1  3$/0  5(0$,1  3$/0  5(0$,1 2$. 5(0$,1 3$/0 5(0$,1 3$/0 5(/2&$7(  3$/0 5(/2&$7(  3$/0 5(029( 2$. 5(0$,1 2$. 5(0$,1 2$. 5(0$,1  3$/0 5(/2&$7( 2$. 5(0$,1  3$/0 5(029(  3$/0  5(0$,1  3$/0  5(0$,1  3$/0  5(0$,1 3$/0 5(0$,1 3$/0 5(0$,1  3$/0 5(0$,1 2$.5(0$,1  43      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P /$ 6 7  6 $ 9 ( '                     3 0   6 $ 9 ( '  % <   / , / / <   ' 5 $ : , 1 *   -  ?    ?        0 $ ; : ( / /      6 & + 8 0 $ 1 1  ' 5  &  ' ? 3 5 2 ' 8 & 7 , 2 1  ' 5 $ : , 1 * 6 ? 3 5 ( /, 0 , 1 $ 5 <  3 / $ 7 ?        &      * ( 2 7 ( & + 1 , & $ /  5 ( 3 2 5 7  $ 1 '  6 2 , /  % 2 5 , 1 * 6 ' : *   3 / 2 7  ' $ 7 (                    $ 0   3 / 2 7 7 ( '  % <   / , / / < 0$ ; : ( / /    6 & + 8 0 $ 1 1  &2 0 0 ( 5 & , $ /  6  ' 6( % $ 6 7 , $ 1   ) / 2 5 , ' $ &, 7 <  2 )  6 ( % $ 6 7 , $ 1         $6  1 2 7 ( ' -: 6 /) -: 6 *( 2 7 ( & + 1 , & $ / 5( 3 2 5 7  $ 1 '  6 2 , / %2 5 , 1 * 6 &  5( 9   3 ( 5           & 2 6  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6         44 &2167'(02 $&&(66'5,9(:$< %8,/',1* 3$9(0(17 72%('(02 ' 7(03&216758&7,21 75$6+&217$,1(5 $'',7,21$/ 6,/7)(1&( $'',7,21$/ '28%/(52: 6,/7)(1&( '(02'(%5,6 7(03672&.3,/( 52$'  7 2  5 ( 0 $ , 1  7 2 $&&2 0 0 2 ' $ 7 (  ' ( 0 2  : 2 5 . (;&$9$7(&21673257,212) '5<5(7(17,21)$&,/,7<72 &$3785(5812))'85,1*'(02 ($57+:25.23(5$7,216 6,/7)(1&(      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P 67 2 5 0 : $ 7 ( 5  3 2 / / 8 7 , 2 1 35 ( 9 ( 1 7 , 2 1   3 / $ 1 *(1(5$/127(6  7+(/2&$7,212)(;,67,1*87,/,7,(66+2:1$5($3352;,0$7(21/<7+((;$&7 /2&$7,216+$//%('(7(50,1('%<7+(&2175$&725'85,1*&216758&7,21 5(/2&$7,212)87,/,7,(66+$//%(&225',1$7(':,7+87,/,7<&203$1,(6$)7(5 ,'(17,),&$7,212)&21)/,&7%<&2175$&725&2175$&7256+$//127,)<(1*,1((5,1 $'9$1&(%()25($1<5(/2&$7,21  7+(87,/,7<&203$1,(66+$//%(127,),('%<7+(&2175$&725+2856,1$'9$1&(2) $1<(;&$9$7,21,192/9,1*7+(,587,/,7,(6627+$7&203$1<5(35(6(17$7,9(6&$1%( 35(6(17  35,2572&200(1&(0(172)$1<(;&$9$7,217+(&2175$&7256+$//&203/<:,7+ )/25,'$67$787()257+(3527(&7,212)81'(5*5281'*$63,3(/,1(6  7+(&2175$&725,65(63216,%/()257+(3527(&7,212)$//87,/,7,(6725(0$,1,1 3/$&(  7+(&2175$&7256+$//&$//6816+,1(  )25),(/'/2&$7,216+2856 %()25(',**,1*1($581'(5*5281'87,/,7,(6  .12:187,/,7,(6 $7 7   &20&$67&$%/(   ,5&'86   )3/    7+((/(9$7,2166+2:1+(5(21$5(%$6('217+(1257+$0(5,&$19(57,&$/'$780 1$9' 2) $5&+$(2/2*,&$/ ,)35(+,6725,&25+,6725,&$57,)$&7668&+$63277(5<25&(5$0,&66721(722/625 0(7$/,03/(0(17625$1<27+(53+<6,&$/5(0$,167+$7&28/'%($662&,$7(':,7+7+( 1$7,9($0(5,&$1&8/785(625($5/<&2/21,$/25$0(5,&$16(77/(0(17$5( (1&2817(5('$7$1<7,0(:,7+,17+(352-(&76,7($5($7+(3(50,77('352-(&76+28/' &($6($//$&7,9,7,(6,192/9,1*68%685)$&(',6785%$1&(,17+(,00(',$7(9,&,1,7<2)68&+ ',6&29(5,(67+(3(50,7((2527+(5'(6,*1((6+28/'&217$&77+()/25,'$'(3$570(17 2)67$7(',9,6,212)+,6725,&$/5(6285&(65(9,(:$1'&203/,$1&(6(&7,21$7  25  $6:(//$67+($335235,$7(3(50,77,1*$*(1&<2)),&(352-(&7 $&7,9,7,(66+28/'1275(680(:,7+2879(5%$/$1'25:5,77(1$87+25,=$7,21)5207+( ',9,6,212)+,6725,&$/5(6285&(6,17+((9(177+$7810$5.('+80$15(0$,16$5( (1&2817(5(''85,1*3(50,77('$&7,9,7,(6$//:25.6+$//6723,00(',$7(/<$1'7+( 3523(5$87+25,7,(6127,),(',1$&&25'$1&(:,7+6(&7,21)/25,'$67$787(6 6725$*($33/,&$7,21*(1(5$7,21$1'0,*5$7,212)$//72;,& 68%67$1&(6121(352326(' '(6&5,37,212)7+(0$,17(1$1&(3/$1)25$//6758&785$/$1' 1216758&785$/&21752/6 &2175$&7256+$//+$9(6:333&20321(176,163(&7('%<$)'(3 &(57,),(',163(&725$1'0$,17$,1$//&21752/6'$,/<$1'+$9( :((./<6:333,163(&7,215(3257635(3$5('$1':,7+,1+2856 2) 7+((1'2)$1<5$,1)$//(9(177+$7,625*5($7(5 (1*,1((56+$//,163(&73(5,2',&$//< $6,7(3/$10867%('(9(/23('$1'0867&217$,1$7$0,1,0807+( )2//2:,1*,1)250$7,21  '5$,1$*(3$77(5166((6859(<(;,67,1*&21',7,2163/$1 $1''5$,1$*(3/$16+((76&&&72&  $3352;,0$7(6/23(6$)7(50$-25*5$',1*$&7,9,7,(66(( 6+((76&7+58&  $5($62)62,/',6785%$1&(6((6+((76&&$1'7+,6 6+((7  287/,1($//$5($67+$7$5(12772%(',6785%('7+,66+((7  /2&$7,212)$//0$-256758&785$/$1'1216758&785$/ &21752/67+,66+((7  7+(/2&$7,212)(;3(&7('67$%,/,=$7,2135$&7,&(67+,6 6+((7  /2&$7,216:+(5(67250:$7(50$<',6&+$5*(72$685)$&( :$7(525066((6+((7&$1'7+,66+((7 '(6&5,%(7+(1$785(2)7+(&216758&7,21$&7,9,7< /$1'&/($5,1*),//,1*$1'&216758&7,1)5$6758&785(%8,/',1*6 )25 $&200(5&,$/'(9(/230(17 '(6&5,%(7+(,17(1'('6(48(1&(2)0$-2562,/',6785%,1* $&7,9,7,(6  6,7(35(3$5$7,21$1'67$%,/,=(&216758&7,21(175$1&(  ,167$//6,/7)(1&($5281'3(5,0(7(52)6,7(,167$// 785%,',7<%$55,(56$7$//287)$///2&$7,216&/($5/$1' '(02/,6+(;,67,1*  5(/2&$7(75((63529,'(75((3527(&7,21%$55,(56  &/($5/$1''(02%8,/',1*63$9(0(17$1'81'(5*5281' ,1)5$6758&785(  ),//',7&+(6  *5$'(6:$/(6$1'5(7(17,21$5($6 727$/$5($2)7+(6,7( “$&5(6 727$/$5($2)7+(6,7(72%(',6785%('7+,63+$6(“$&5(6 (;,67,1*'$7$'(6&5,%,1*7+(62,/2548$/,7<2)$1<67250:$7(5 ',6&+$5*( 6((62,/%25,1*6%<27+(5612',6&+$5*()520',6785%('$5($6,6 $17,&,3$7(' '5$,1$*($5($6,=()25($&+',6&+$5*(32,17“$&5(66( &251(52)6,7( /$7,78'($1'/21*,78'(2)($&+',6&+$5*(32,175(&(,9,1*:$7(5 2506)25($&+',6&+$5*(32,171$ %(670$1$*(0(1735$&7,&(6 %036 $1'0($685(67+$7:,//%( ,03/(0(17('$77+(&216758&7,216,7($1'7,0()5$0(6,1:+,&+7+( &21752/6:,//%(,03/(0(17(' 7+(&2175$&725:,//86(6,/7)(1&(),/7(5%$55,(56$1'27+(5 %0367+(7,0()5$0(6)25&/($5,1*($57+:25.$1'$17,&,3$7(' %03 6$5( &/($5,1*($57+:25.  ,167$//6,/7)(1&($73(5,0(7(52)6,7($1'6,/7%$55,(56$7 '2:1675($0',7&+(66:$/(6  &/($5*58%$5($1(&(66$5<)257(0325$5<*5$9(/'5,9(:$< $1'$'-$&(176:$/(  &216758&77(0325$5<*5$9(/'5,9(:$<:,7+6:$/(  (;&$9$7(5(7(17,21$5($6$1'6:$/(667$%,/,=($1'62'7+(6( $5($67+(6($5($6:,//%('(6,*1('$67(0325$5<%$6,1672 &$3785(5812))'85,1*&216758&7,21$1'&$1$/62%(86('72 +2/':$7(5)25$1<'(:$7(5,1*$&7,9,7,(6127(7+($5($6 :,///,.(/<1(('72%(5(*5$'('35,2572&203/(7,21 )$&725 7+,6,1726&23($1'&216758&7,21)((  &/($5%$/$1&(2)6,7( '(02/,6+6758&785(63$9(0(17 87,/,7,(6$1''5$,1$*(72%(5(029('   ),//6,7(  &217,18(6,7(),//*5$',1*  &216758&767250:$7(56758&785(6$1''5$,1$*(3,3,1* :+(5(3266,%/(  0$,17$,1'2:1675($06,/7%$55,(56$1'3(5,0(7(56,/7)(1&( '85,1*&216758&7,21  ,1&25325$7($'',7,21$/%03 6:+(11(('(''85,1*7+(&2856( 2)&216758&7,21 32//<:$''/(6,/7)(1&(),/7(56$&.6$6,1/(76$1'3,3(6$5( ,167$//(' 3529,'(672&.3,/(3527(&7,21&21&5(7(678&&2:$6+$5($6 $1'27+(5%03 6:+(11(&(66$5<72&217$,1352326(':25. 7(0325$5<$1'3(50$1(1767$%,/,=$7,2135$&7,&(6 7(036/,7)(1&(6)/2$7,1*785%,',7<%$55,(563(53/$1 ),/7(5)$%5,&6+$//%(3/$&('81'(57+(52&.*5$9(/'5,9(:$<$7 $//6:$/(287)$//6$1'5(7(17,21321'287)$//6 3(506(('('08/&+('62'&21752//('*5$',1*$1''5$,1$*(72 '(7(17,21%$6,16 67$%,/,=($//'(18'('$5($6,)/()781',6785%(')25025(7+$1 '$<686(5<(*5$663(50$18)$&785(5 6$33/,&$7,215$7(6$1' 08/&+(':,7+675$:$7/%3(5$&5( 6758&785$/&21752/672%(,03/(0(17('72',9(5767250:$7(5 )/2:)5205(&(,9,1*:$7(56 7(03*5$9(/(175$1&(52$'*5$'('72'5$,172$7(0325$5< 6(',0(176:$/(255(7(17,21$5($ 7(03'5$,16725(7(17,21321'6 7(03%(506$7352-(&73(5,0(7(53(53/$1 ,1/(76287/(76:,//%(3527(&7(':,7+),/7(5)$%5,& 6,/7)(1&(6+$//%(3/$&('$5281'7+((17,5(3(5,0(7(52) ',6785%('$5($6 $'28%/(52:2)6,/7)(1&(:,//%(3529,'('$5281'$//672&.3,/( $5($6 3(50$1(1767250:$7(50$1$*(0(17&21752/668&+$6'(7(17,21 255(7(17,216<67(06259(*(7$7('6:$/(6 '5<5(7(17,216<67(06,1&25325$7('$63(50$1(17%03)25:$7(5 48$/,7<&21752/ '(6&5,%(,1'(7$,/&21752/6)257+()2//2:,1*327(17,$/ 32//87$176 :$67(',6326$/ 216,7(:$67(:,//%(&217$,1(5,=(' &21&5(7(678&&2:$6+$5($6+$//%(3529,'(' 672&.3,/($5($66+$//%(3527(&7(':,7+6,/7)(1&($1'67$%,/,=(' 6(('(',)/()781$77(1'(')25025(7+$1'$<6 2))6,7(9(+,&/(75$&.,1* 3529,'(+$5'685)$&($77(03'5,9(:$< 52&.*5$9(/'5,9(:$<  5(*8/$50$,17(1$1&(2)$'-$&(1752$'5,*+72):$<,1&/8',1* 675((76:((3,1* 5875(3$,5,11213$9('$5($6 $33/,&$7,215$7(62)$//)(57,/,=(56+(5%,&,'(6$1'3(67,&,'(6 121(352326(' 127(6  7+,63/$1 6+((76& & &23<2))'(312, 67$7(2))/25,'$*(1(5,&3(50,7)25  67250:$7(5',6&+$5*()520/$5*($1'60$//&216758&7,21$&7,9,7,(6 $1'$// 5(48,5(',163(&7,215(325767(676$1'$//27+(5'2&80(17$7,216+$//%(.(37$77+( 352-(&76,7(  7+()2//2:,1*&(57,),&$7,216+$//%(&203/(7('%<$//&2175$&725668%&2175$&7256 5(63216,%/()25$1<3257,212)7+(,03/(0(17$7,212)7+(6:333&(57,),&$7,21 ,&(57,)<81'(57+(3(1$/7<2)/$:7+$7,81'(567$1'$1'6+$//&203/<:,7+7+( 7(506$1'&21',7,2162)7+(67$7(2))/25,'$*(1(5,&3(50,7)2567250:$7(5 ',6&+$5*()520/$5*($1'60$//&216758&7,21$&7,9,7,(6$1'7+,667250:$7(5 32//87,2135(9(17,213/$135(3$5('7+(5(81'(5 6:333 '(6&5,37,212):25. 5(63216,%,/,7<1$0( 7,7/( &2175$&72525 68%&2175$&725 1$0($''5(663+21( 1$0(6,*1$785( 72&(57,),&$7,21 '$7( %< 6,*1$785( %< 6,*1$785( %< 6,*1$785( 3/$135(3$5$7,21  7+,63/$125,*,1$//<35(3$5('%<7+(2:1(5 6(1*,1((57+,63/$1:,//%(0$'($9$,/$%/(72&2175$&72572(',7&+$1*( 02',)<$6,7'((061(&(66$5<)25&203/,$1&(:,7+)'(35(*8/$7,2163(50,7&21',7,216$1'$65(48,5(')25&2175$&72572 6,*17+(&(57,),&$7,21%(/2:  7+()2//2:,1*&(57,),&$7,216+$//%(6,*1('%<7+((17,7< &2175$&725 5(63216,%/()256:333/$1,03/(0(17$7,21 ,&(57,)<81'(53(1$/7<2)/$:7+$77+,6'2&80(17$1'$//$77$&+0(176:(5(35(3$5('81'(50<',5(&7,2125683(59,6,21,1 $&&25'$1&(:,7+$6<67(0'(6,*1('72$6685(7+$748$/,),('3(56211(/3523(5/<*$7+(5('$1'(9$/8$7('7+(,1)250$7,21 68%0,77('%$6('210<,148,5<2)7+(3(5621253(56216:+20$1$*(7+(6<67(0257+26(3(56216',5(&7/<5(63216,%/()25 *$7+(5,1*7+(,1)250$7,217+(,1)250$7,2168%0,77(',6727+(%(672)0<.12:/('*($1'%(/,()758($&&85$7($1'&203/(7(, $0$:$5(7+$77+(5($5(6,*1,),&$173(1$/7,(6)2568%0,77,1*)$/6(,1)250$7,21,1&/8',1*7+(3266,%,/,7<2)),1($1' ,035,6210(17)25.12:,1*9,2/$7,216 %<'$7( 6,*1$785( )/22'=21( 7+(3$5&(/2)/$1'6+2:1+(5(21$33($5672%(,1)/22'=21( ;3(5)/22',1685$1&(5$7(0$3&-'$7(' (526,21&21752/127(6  6(',0(17%$6,16$1'75$363(5,0(7(5',.(66(',0(17%$55,(56$1'27+(5 0($685(6,17(1'('72 75$36(',0(176+$//%(&216758&7('$6$),56767(3,1$1</$1'',6785%,1*$&7,9,7<$1'6+$//%( 0$'()81&7,21$/%()25(836/23(/$1'',6785%$1&(7$.(63/$&(  $//6(',0(17&21752/0($685(6$5(72%($'-867('720((7),(/'&21',7,216$77+(7,0(2) &216758&7,21$1'%(&216758&7('35,2572$1<*5$',1*25',6785%$1&(2)(;,67,1*685)$&( 0$7(5,$/21%$/$1&(2)6,7(3(5,0(7(56(',0(17%$55,(566+$//%(&216758&7('7235(9(17 6(',0(172575$6+)520)/2:,1*25)/2$7,1*2172$'-$&(173523(57,(6  3(50$1(17257(0325$5<62,/67$%,/,=$7,216+$//%($33/,('72'(18'('$5($6:,7+,16(9(1  '$<6$)7(5),1$/*5$'(,65($&+('21$1<3257,212)7+(6,7(7(0325$5<62,/67$%,/,=$7,216+$// %($33/,(':,7+,16(9(1  '$<672'(18'('$5($67+$70$<127%($7),1$/*5$'(%87:,//5(0$,1 81',6785%(')25/21*(57+$1'$<63(50$1(1767$%,/,=$7,216+$//%($33/,('72$5($67+$7$5( 72%(/()781',6785%(')25025(7+$121(<($5  '85,1*&216758&7,212)7+(352-(&762,/672&.3,/(66+$//%(67$%,/,=('&29(5('25&217$,1(' :,7+6(',0(1775$33,1*0($685(67+(&2175$&725,65(63216,%/()257+(7(0325$5<3527(&7,21 $1'3(50$1(1767$%,/,=$7,212)$//62,/672&.3,/(6216,7($6:(//$662,/,17(17,21$//< 75$163257(')5207+(352-(&76,7(  $3(50$1(179(*(7$7,9(&29(56+$//%((67$%/,6+('21'(18'('$5($612727+(5:,6( 3(50$1(17/<67$%,/,=('  $)7(5$1<6,*1,),&$175$,1)$// 25*5($7(5 6(',0(17&21752/6758&785(6:,//%(,163(&7(' )25,17(*5,7<$1<'$0$*(''(9,&(66+$//%(&255(&7(',00(',$7(/<  &21&(175$7('5812))6+$//127)/2:'2:1&8725),//6/23(681/(66&217$,1(':,7+,1$1 $'(48$7(7(0325$5<253(50$1(17&+$11(/)/80(6/23('5$,16758&785(25$33529('&21752/  6(',0(17:,//%(35(9(17(')520(17(5,1*$1<67250:$7(56<67(0',7&+25&+$11(/$//67250 :$7(5,1/(767+$7$5(0$'(23(5$%/('85,1*&216758&7,216+$//%(3527(&7('627+$7 6(',0(17/$'(1:$7(5&$1127(17(57+(&219(<$1&(6<67(0:,7+287),567%(,1*),/7(5('25 27+(5:,6(75($7('725(029(6(',0(17  :+(1:25.,1$/,9(:$7(5&2856(,63(5)250('35(&$87,2166+$//%(7$.(1720,1,0,=( (1&52$&+0(17&21752/6(',0(1775$163257$1'67$%,/,=(7+(:25.$5($727+(*5($7(67(;7(17 3266,%/('85,1*&216758&7,21  3(5,2',&,163(&7,21$1'0$,17(1$1&(2)$//6(',0(17&21752/6758&785(60867%(3529,'('72 (1685(,17(1'('385326(,6$&&203/,6+('7+('(9(/23(52:1(5$1'25&2175$&7256+$// %(&217,18$//<5(63216,%/()25$//6(',0(17&21752/66(',0(17&21752/0($685(66+$//%(,1 :25.,1*&21',7,21$77+((1'2)($&+:25.,1*'$<  :+(5(&216758&7,219(+,&/($&&(665287(6,17(56(&73$9('38%/,&52$'63529,6,2166+$//%( 0$'(720,1,0,=(7+(75$1632572)6(',0(17%<75$&.,1*21727+(3$9('685)$&(:+(5(6(',0(17 ,675$163257('2172$38%/,&52$'685)$&(7+(52$'6+$//%(&/($1('7+2528*+/<$77+((1'2) ($&+'$<6(',0(176+$//%(5(029(')5207+(52$'6%<6+29(/,1*256:((3,1*$1'75$163257(' 72$6(',0(17&21752/',6326$/$5($675((7:$6+,1*6+$//%($//2:('21/<$)7(56(',0(17,6 5(029(',17+,60$11(57+,63529,6,216+$//$33/<72,1',9,'8$/68%',9,6,21/276$6:(//$672 /$5*(5/$1'',6785%,1*$&7,9,7,(6  $//7(0325$5<(526,21$1'6(',0(17&21752/0($685(66+$//%(5(029(':,7+,1'$<6$)7(5 ),1$/6,7(67$%,/,=$7,2125$)7(57+(7(0325$5<0($685(6$5(12/21*(51(('('  3523(57,(6$1':$7(5:$<6'2:1675($0)520&216758&7,216,7(66+$//%(3527(&7(')520 6(',0(17'(326,7,21$1'(526,21  (526,21&21752/'(6,*1$1'&216758&7,216+$//)2//2:7+(5(48,5(0(176,1,1'(;180%(56 $1'2))'2752$':$<$1'75$)),&'(6,*167$1'$5'6,1$'',7,21727+(6(3/$16  &2175$&725,65(63216,%/()25$//685)$&(:$7(5',6&+$5*(65$,1)$//5812))25'(:$7(5,1* $&7,9,7,(6  &2175$&7250867,1&25325$7($//%03 61(&(66$5<720((725(;&(('67$7(:$7(548$/,7< 5(48,5(0(176  32//87,2135(9(17,213/$1,6$0,1,080*8,'(/,1(21/<$'',7,21$/%03 60$<%(1(&(66$5<$7 &2175$&725 6(;3(16(12,72%(3267('216,7(  12785%,'',6&+$5*(785%,',7<5($',1*6$5(5(48,5('21&($:((.$1'0867%(5(3257('727+( 352-(&7(1*,1((5  '(:$7(5,1*$&7,9,7,(6 $ ',6&+$5*(0867127(;&(('67$7(:$7(548$/,7<67$1'$5'6 % &2175$&7250867+$9(252%7$,1$75$16)(5$%/(6-5:0'&2168037,9(86(3(50,7.12:1$6$ 127,&('*(1(5$/3(50,7)256+2577(50&216758&7,21'(:$7(5,1*81/(66'(:$7(5,1* $&7,9,7,(6:,//5(68/7,1/(667+$1*3')25'$<625/(66 & 12+<'5$8/,&380360$<%(86(')25'(:$7(5,1*81/(66$33529('%<7+(:$7(50$1$*(0(17 ',675,&7)257+$7$5($'(:$7(5,1*(;,67,1*67250:$7(55(7(17,21$5($6 321'6/$.(6 0$< %((;(037)5207+,6&21',7,21&2175$&72572&21),50:,7+6-5:0' ' 12785%,'',6&+$5*(785%,',7<5($',1*6$5(5(48,5('21&($:((.$1'0867%(5(3257('72 7+(352-(&7(1*,1((5$1'72&,7<2)6(%$67,$1 ( ,)'(:$7(5,1*,61(&(66$5<7+(&2175$&7256+$//2%7$,1$&,7<2)6(%$67,$1'(:$7(5,1* 3(50,7  6(($'',7,21$/'(7$,/663(&,),&$7,216$1'5(48,5(0(176216+((7& /(*(1' 7(03'(%5,6 672&.3,/($5($ 7(03'(02 $&&(66'5,9(:$< 72%('(02/,6+(' 6,/7)(1&( 75((3527(&7,21 %$55,(5 5( 9   3 ( 5           & 2 6  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7           & 2 0 0 ( 1 7 6         75((/(*(1' 2$.725(0$,1 75((6 2$.725(029( 75((6 2$.725(/2&$7(  75((6 &$%%$*(3$/0725(0$,1 75((6 &$%%$*(3$/0725(029( 75((6 &$%%$*(3$/072 5(/2&$7( 75((6 2))6,7( 216,7( 3,1(75(( 3,1(75((725(029( 75((6 75((3527(&7,21%$55,(5 5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6           45      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P (526,21&21752/'(7$,/6 $OOWXUELGLW\HURVLRQDQGVHGLPHQWDWLRQFRQWUROVVKDOOEHLQDFFRUGDQFHZLWKC%HVW 0DQDJHPHQW3UDFWLFHV DVGHVFULEHGLQWKH)ORULGD/DQG'HYHORSPHQW0DQXDO$ 176 *XLGHWR6RXQG/DQGDQG:DWHU0DQDJHPHQW 5HIHUHQFH)'27,QGH[ ',7&+%27720,1/(7&203/(7(',1/(7 3527(&7,21$5281',1/(76256,0,/$56758&785(6 6LGHZDON $QFKRU%DOHV:LWK[[ &XUE *XWWHU 'LWFK 6WDNHV3HU%DOH 'LWFK 127(6 :(7/$1'3527(&7,213/$1 D6,/7)(1&(0867%(,167$//('%<+$1'$/21*6859(<('&216(59$7,21 ($6(0(17%281'$5,(6 $772(2)6/23(6((6(&7,216((12 35,25 72&216758&7,21 E12785%,'',6&+$5*(72:(7/$1'6,63(50,77(' F$//672&.3,/($1'25&216758&7,2167$*,1*$5($60867%(/2&$7(' )7)520:(7/$1'6 ',7&+,167$//$7,216 &/0HGLDQ'LWFK 6LOW%DUULHU 6LOW%DUULHU 6LOW%DUULHU /LPLWV2I&RQVWUXFWLRQ 6RG   7\S  0D[ 6RG &URVV'UDLQ  0D[  0D[ (QGZDOO  0D['LWFK  0D[ /LPLWV2I&RQVWUXFWLRQ 'LWFK%RWWRP,QOHW  0D[ 6RG $7'5$,1$*(6758&785(6 7(0325$5<$'6287)$// 176 7(0325$5<$'6287)$// ƒ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ƒ 72:$5')/2: ),/7(5)$%5,& 127(63$&,1*)257<3(,,,)(1&( 72%(,1$&&25'$1&(:,7+&+$57, 6+((72)$1'',7&+ ,167$//$7,216$7'5$,1$*( 6758&785(66+((72) 6(&7,21(/(9$7,21  0$; 6,/7)/2: ƒ 237,21$/3267 326,7,216 9( 5 7 , & $ / ),/7(5)$%5,& ,1 &21)250$1&(:,7+ 6(&)'27 63(&          0 , 1    0 , 1  3267237,216 :22'0,1',$ :22'; 2$.; 67((//%6)70,1 127(66,/7)(1&(72%(3$,')2581'(57+(&2175$&781,735,&()2567$.('6,/7)(1&( /) 7<3(,,,6,/7)(1&( 6,/7)(1&($33/,&$7,216176 7<3(,,,6,/7)(1&( 3527(&7,21$5281'',7&+ %27720,1/(76 '2127'(3/2<,1$0$11(57+$76,/7)(1&(6:,//$&7$6$'$0$&52663(50$1(17)/2:,1*:$7(5&2856(66,/7)(1&(6$5( 72%(86('$783/$1'/2&$7,216$1'785%,',7<%$55,(5686('$73(50$1(17%2',(62):$7(5 6,/7 )/2: 3/<:22' ; 3$,17(':+,7( %/$&./(77(56 +(,*+7 /$*6&5(:6 ',$ :22'32676 ;; &21&5(7(:$6+2876,*1 '(7$,/ 25(48,9$/(17 ',$ 67((/:,5(   67$3/('(7$,/ %/2:832) 6+$&./( &211(&7,21 :$7(56($/  25 2=9,1</ &2$7('1</21 &21&5(7( 678&&2:$67(0$1$*(0(17176   7<3(,96,/7)(1&(176 6,/7)(1&( 7<3 52&.%$* 52&.%$* 32/<:+$77/( 25*(2+$< 52&.%$*6 &2856($**5(*$7( 0,17+,&. 127(6  7+( (175$1&( 6+$// %( 0$,17$,1(' ,1 $ &21',7,21 7+$7 :,// 35(9(17 75$&.,1* 25 )/2:,1* 2) 6(',0(17 2172 38%/,& 5,*+72):$<67+,60$<5(48,5(723'5(66,1* 5(3$,5 $1'25 &/($1 287 2) $1< 0($685(6 86('7275$36(',0(17  :+(1 1(&(66$5< :+((/6 6+$// %( &/($1(' 35,2572(175$1&(217238%/,&5,*+72):$<  :+(1 :$6+,1* ,6 5(48,5(' ,7 6+$// %( '21( 21 $1 $5($ 67$%,/,=(' :,7+ &586+(' 6721( 7+$7'5$,16,172$1$33529('6(',0(1775$3 256(',0(17%$6,1   0 , 1   0,1 52$':$< ),/7(5)$%5,& ',9(56,215,'*(5(48,5(' :+(5(*5$'((;&(('625*5($7(5 127( 86(6$1'%$*6675$:%$/(625 27+(5$33529('0(7+2'672 &+$11(/,=(5812))72%$6,1$6 5(48,5(' 675$:%$/(66$1'%$*625 &217,18286%(502)(48,9$/(17 +(,*+7 6833/<:$7(572 :$6+:+((/6,) 1(&(66$5<63,//:$< )/ 2 : )/ 2 : )/2:)/2: ',9(56,215,'*( 52 $ ' : $ < 6(&7,21$$ $$ 3/$1 7(0325$5<*5$9(/&216758&7,21 (175$1&((;,7176 5   5  (526,21&21752/$1''(:$7(5,1*127(6  6(',0(17%$6,16$1'75$363(5,0(7(5',.(66(',0(17%$55,(56$1'27+(50($685(6,17(1'('7275$36(',0(176+$//%( &216758&7('$6$),56767(3,1$1</$1'',6785%,1*$&7,9,7<$1'6+$//%(0$'()81&7,21$/%()25(836/23(/$1'',6785%$1&(7$.(63/$&(  $//6(',0(17&21752/0($685(6$5(72%($'-867('720((7),(/'&21',7,216$77+(7,0(2)&216758&7,21$1'%(&216758&7('35,2572$1< *5$',1*25',6785%$1&(2)(;,67,1*685)$&(0$7(5,$/21%$/$1&(2)6,7(3(5,0(7(56(',0(17%$55,(566+$//%(&216758&7('7235(9(17 6(',0(172575$6+)520)/2:,1*25)/2$7,1*2172$'-$&(173523(57,(6  3(50$1(17257(0325$5<62,/67$%,/,=$7,216+$//%($33/,('72'(18'('$5($6:,7+,16(9(1'$<6$)7(5),1$/*5$'(,65($&+('21$1<3257,212)7+(6,7(7(0325$5< 62,/67$%,/,=$7,216+$//%($33/,(':,7+,16(9(1'$<672'(18'('$5($67+$70$<127%($7),1$/*5$'(%87:,//5(0$,181',6785%(')25/21*(57+$1'$<6 3(50$1(1767$%,/,=$7,216+$//%($33/,('72$5($67+$7$5(72%(/()781',6785%(')25025(7+$121(<($5  '85,1*&216758&7,212)7+(352-(&762,/672&.3,/(66+$//%(67$%,/,=('253527(&7(':,7+6(',0(1775$33,1*0($685(67+($33/,&$17,65(63216,%/()257+( 7(0325$5<3527(&7,21$1'3(50$1(1767$%,/,=$7,212)$//62,/672&.3,/(6216,7($6:(//$662,/,17(17,21$//<75$163257(')5207+(352-(&76,7(  $3(50$1(179(*(7$7,9(&29(56+$//%((67$%/,6+('21'(18'('$5($612727+(5:,6(3(50$1(17/<67$%,/,=('  $)7(5$1<6,*1,),&$175$,1)$//6(',0(17&21752/6758&785(6:,//%(,163(&7(')25,17(*5,7<$1<'$0$*(''(9,&(66+$//%(&255(&7(',00(',$7(/<  &21&(175$7('5812))6+$//127)/2:'2:1&8725),//6/23(681/(66&217$,1(':,7+,1$1$'(48$7(7(0325$5<253(50$1(17&+$11(/)/80(256/23('5$,1 6758&785(  6(',0(17:,//%(35(9(17(')520(17(5,1*$1<67250'5$,16<67(0',7&+25&+$11(/$//672506(:(5,1/(767+$7$5(0$'(23(5$%/('85,1*&216758&7,216+$//%( 3527(&7('627+$76(',0(17/$'(1:$7(5&$1127(17(57+(&219(<$1&(6<67(0:,7+287),567%(,1*),/7(5('2527+(5:,6(75($7('725(029(6(',0(17  :+(1:25.,1$/,9(:$7(5&2856(,63(5)250('35(&$87,2166+$//%(7$.(1720,1,0,=((1&52$&+0(17&21752/6(',0(1775$163257$1'67$%,/,=(7+(:25.$5($72 7+(*5($7(67(;7(173266,%/('85,1*&216758&7,21  3(5,2',&,163(&7,21$1'0$,17(1$1&(2)$//6(',0(17&21752/6758&785(60867%(3529,'('72(1685(,17(1'('385326(,6$&&203/,6+('7+( &2175$&7256+$//%(&217,18$//<5(63216,%/()25$//6(',0(17/($9,1*7+(3523(57<6(',0(17&21752/0($685(66+$//%(,1:25.,1* &21',7,21$77+((1'2)($&+:25.,1*'$<  :+(5(&216758&7,219(+,&/($&&(665287(6,17(56(&73$9('38%/,&52$'63529,6,2166+$//%(0$'(720,1,0,=(7+(75$1632572)6(',0(17%< 75$&.,1*21727+(3$9('685)$&(:+(5(6(',0(17,675$163257('2172$38%/,&52$'685)$&(:,7+&85%6$1'*877(567+(52$'6+$//%( &/($1('7+2528*+/<$77+((1'2)($&+'$<6(',0(176+$//%(5(029(')5207+(52$'6%<6+29(/,1*256:((3,1*$1'75$163257('72$ 6(',0(17&21752/',6326$/$5($675((7:$6+,1*6+$//%($//2:('21/<$)7(56(',0(17,65(029(',17+,60$11(5  $//7(0325$5<(526,21$1'6(',0(17&21752/0($685(66+$//%(5(029(':,7+,1'$<6$)7(5),1$/6,7(67$%,/,=$7,2125$)7(57+(7(0325$5< 0($685(6$5(12/21*(51(('('  3523(57,(6$1':$7(5:$<6'2:1675($0)520&216758&7,216,7(66+$//%(3527(&7(')5206(',0(17'(326,7,21$1'(526,21  (526,21&21752/'(6,*1$1'&216758&7,216+$//)2//2:7+(5(48,5(0(176,1,1'(;126$1'2))'2752$':$<$1'75$)),&'(6,*1 67$1'$5'6$1'7+('(7$,/6$1'127(6217+(3/$16  &2175$&7255(63216,%/()25$//685)$&(:$7(5',6&+$5*(65$,1)$//5812))25'(:$7(5,1*$&7,9,7,(6  &2175$&7250867,1&25325$7($//%03 61(&(66$5<720((725(;&(('67$7(:$7(548$/,7<5(48,5(0(176  7+,632//87,2135(9(17,213/$1,6$0,1,080*8,'(/,1(21/<$'',7,21$/%03 60$<%(1(&(66$5<$7&2175$&7256(;3(16(  12785%,'',6&+$5*(785%,',7<5($',1*6$5(5(48,5('21&($:((. %<7+(&2175$&725 $1'0867%(5(3257('727+(352-(&7  (1*,1((5/2&$7,216+$//%('(7(50,1('%<7+((1*,1((5  '(:$7(5,1*$&7,9,7,(6  $',6&+$5*(0867127(;&(('67$7(:$7(548$/,7<67$1'$5'6  %&2175$&7250867+$9($75$16)(5$%/(6-5:0'&2168037,9(86(3(50,7.12:1$6$127,&('*(1(5$/  3(50,7)256+2577(50&216758&7,21'(:$7(5,1*81/(66'(:$7(5,1*$&7,9,7,(6:,//5(68/7,1/(66  7+$1*3')25'$<625/(66  &12+<'5$8/,&380360$<%(86(')25'(:$7(5,1*81/(66$33529('%<7+(:$7(50$1$*(0(17',675,&7)257+$7$5($  '(:$7(5,1*(;,67,1*67250:$7(55(7(17,21$5($6 321'6/$.(6 0$<%((;(037)5207+,6&21',7,21&2175$&72572&21),50  :,7+6-5:0'  '12785%,'',6&+$5*(785%,',7<5($',1*6$5(5(48,5('21&($:((.$1'0867%(5(3257('727+(  352-(&7(1*,1((5 (,)'(:$7(5,1*,61(&(66$5<7+(&2175$&7256+$//2%7$,1$&,7<2)6(%$67,$1'(:$7(5,1*3(50,7  7+(&2175$&7256+$//2%7$,1*(1(5,&3(50,7)257+(',6&+$5*(2)352'8&('*5281':$7(5)520$1<121&217$0,1$7('6,7($&7,9,7< $%()25(',6&+$5*(2)352'8&('*5281':$7(5&$12&&85)5207+(6,7($1$/<7,&$/7(676216$03/(62)7+(352326('8175($7('',6&+$5*(:$7(56+$//%( 3(5)250('72'(7(50,1(,)&217$0,1$7,21(;,676%<&2175$&725 ,)121((;,6767+(5(68/766+$//%(68%0,77('727+()'(3,1'8675,$/:$67(:$7(53(50,77,1*:,7+,1 21(:((.2)&200(1&(0(172)',6&+$5*( &2$/,.$=,3(0$*8,5(%/9'68,7(25/$1'2)/ :,7+$/(77(5127,)<,1*7+($*(1&<7+$7'(:$7(5,1* $&7,9,7,(6:,//&200(1&(38568$1772  )$&$1'7+(6,7(48$/,),(6)257+(*(1(5,&3(50,7 %7+()$&,/,7<,6$87+25,=('72',6&+$5*(352'8&('*5281':$7(5)520$1<121&217$0,1$7('6,7($&7,9,7<:+,&+',6&+$5*(6%<$32,176285&(72685)$&(:$7(56 2)7+(67$7($6'(),1(',1&+$37(5)$&21/<,)7+(5(3257('9$/8(6)257+(3$5$0(7(56/,67(',17$%/('2127(;&(('$1<2)7+(/,67('6&5((1,1*9$/8(6 &0,1,0805(3257,1*5(48,5(0(176)25$//352'8&('*5281':$7(5',6&+$5*(567+(())/8(176+$//%(6$03/(' %<&2175$&725  %()25(7+(&200(1&(0(172)',6&+$5*($*$,1:,7+,17+,57<  '$<6$)7(5&200(1&(0(172)',6&+$5*($1'7+(121&((9(5<6,;  0217+6)257+(/,)(2)7+( 352-(&7720$,17$,1&217,18('&29(5$*(81'(57+,6*(1(5,&3(50,76$03/(67$.(1,1&203/,$1&(:,7+7+(3529,6,2162)7+,63(50,76+$//%(7$.(135,2572$&78$/ ',6&+$5*(250,;,1*:,7+7+(5(&(,9,1*:$7(567+(())/8(176+$//%(6$03/(')257+(3$5$0(7(56/,67('217$%/( ',)$1<2)7+($1$/<7,&$/7(675(68/76(;&(('7+(6&5((1,1*9$/8(6/,67(',17$%/((;&(3772&7+(',6&+$5*(,6127$87+25,=('%<7+,63(50,7,)72&,6(;&(('(' %(&$86(2)1$785$//<2&&85,1*25*$1,&&203281'67+(5(68/7$1'(;3/$1$7,21)257+(+,*+5($',1*0867%(68%0,77('727+()'(3)255(9,(:$1',668$1&(2)$1 (;(037,21 (,)$1<6&5((1,1*9$/8(6 27+(57+$172& (;&(('7+(7+5(6+2/'67+(1$ *(1(5,&3(50,7&$11127%(,668('$1'$6(3(5$7(,1',9,'8$/:$67(5:$7(5 3(50,7$33/,&$7,210867%(68%0,77('$7/($67'$<635,2572'$7(2) ',6&+$5*(7+((1*,1((52)5(&25'0867%(127,),(',)7+,62&&856  7+(&2175$&7256+$//2%7$,1$67$7(2))/25,'$*(1(5,&3(50,7)25 67250:$7(5',6&+$5*()520/$5*($1'60$//&216758&7,21$&7,9,7,(6$1' 6+$//$'+(5(72$//&21',7,2162)7+(3(50,7,1&/8',1*,163(&7,2165(3257,1* 5(&25'.((3,1*$1'&(57,),&$7,216 6&5((1,1*9$/8(6)25 ',6&+$5*(,172 3DUDPHWHU )UHVK:DWHUV &RDVWDO:DWHUV 7RWDO2UJDQLF&DUERQ 72& S+VWDQGDUGXQLWV 7RWDO5HFRYHUDEOH0HUFXU\ 7RWDO5HFRYHUDEOH&DGPLXP %HQ]HQH 1DSKWKDOHQH 7RWDO5HFRYHUDEOH&RSSHU 7RWDO5HFRYHUDEOH/HDG 7RWDO5HFRYHUDEOH=LQF 7RWDO5HFRYHUDEOH&KURPLXP +H[ PJ/  —J/ —J/ —J/ —J/ PJ/ —J/ —J/ —J/ PJ/  —J/ —J/ —J/ —J/ PJ/ —J/ —J/ —J/ 67 2 5 0 : $ 7 ( 5  3 2 / / 8 7 , 2 1 35 ( 9 ( 1 7 , 2 1   3 / $ 1 '( 7 $ , / 6 /22366,=(')255(%$586(5(%$5 )25$+$1'/(72(037<),/7(56$&. $7$6(',0(17&2//(&7,21/2&$7,21 5( 9   3 ( 5           & 2 6  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7           & 2 0 0 ( 1 7 6         75((3527(&7,21%$55,(5 0,1',67$1&(6((127( %(/2: ( 5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6           46    “  7 2  1 ( ; 7  ' 5 , 9 ( : $ <  ' 5 $ , 1 $ * ( ($6( 0 ( 1 7   $  (   8 (  (;,67,1* :$7(50$,1 (;,67,1* )25&(0$,1 &2167'%/ :$7(5 6(59,&(   8  (   [ 8( [7$33,1* 6/((9($1' *$7(9$/9( &2167/) )0+'3( ',5(&7,21$/ %25(  [ 8( &2167 )+$ 287)$// &211(&7 72)'27 '5$,1$*( ,1)5$6758&785(  [ 8( [)07$33,1* 6/((9($1'*9 &2167/) 39&)0 (;,67)+$ *96(59,&( 32,17)25 )8785(35,9$7( /,)767$7,21 &211(&7,21 5(029((;,67,1*0(',$1$1' &2167 /()77851/$1(  5 )&85% &5* &5* &2167[ 7$33,1* 6/((9($1' *9    ' 5 $ , 1 $ * ( ($6( 0 ( 1 7   5 5 5 5 5 )&85% &5*&5*&5* &5* (;,67,1* )25&(0$,1  [ 8( [ 8( [7$33,1* 6/((9($1' *$7(9$/9( &2167/) )0+'3( ',5(&7,21$/ %25( 350350 350 35 0 35 0 3 5 0 350 350 3 5 0 35 0 5  23(1&875(3/$&( 5(&216758&7 3$9(0(17 *5$'( 6:$/( &2167  6: &2167  6:  “  “  “  “  “ “  “  “  “  “  “  “ ,19   “  “  “  “ *5$'( 7(0325$5< 6:$/( )8785( '5$,1$*( 3,3(  6:($6(0(17 72&26  “  “  “  “  “  “  “  “  “  “ “ &2167  6:  '(  “  “  “  “  “  “ )8785( '5$,1$*( 3,3(6 &167/) $'6 &2167 /) $'6 &2167 /) $'6 )8785(&$7&+ %$6,1 &2167'5< 5(7(17,21  “  “ (;7(1'6:72)(&55 ),1$/3/$1672%(68%0,77(': 6'&216758&7,21'5$:,1*6  “  “  “  “ *96(59,&(32,17 )25)8785(35,9$7( /,)767$7,21&211(7,21  “  “  “  “  “    “   “   “              “                “      “      “    “    “      “    “            0(',$1 /$1(  /$1(  :0 ROW [7$33,1* 6/((9($1' *$7(9$/9(    5,*+72):$<  0,1 “      “    0,1  8( (;,67 )0 /)+'3( ',5(&7,21$/ %25()0      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P 9.++: 6850+):°45          0 =  9  =0 , 0 =  9   ° # °      /2&$7,210$3 1 6,7( + , * + : $ <  8 6  6&+80$11'5 ) / 2 5 , ' $  ( $ 6 7  & 2 $ 6 7  5  5  6&+80$1 1  ' 5  + , * + : $ <  8 6  /27 $& )8785('(9 $& 6) ,03(59,286$6680(' /27 $& )8785('(9 $& 6) ,03(59,286$6680(' '6 $ & % & ' &   & &     35,2572&216758&7,21&200(1&(0(177+(&2175$&725,672127,)<7+(&,7<2) 6(%$67,$1%8,/',1*'(3$570(17,163(&725683(59,625  *29(51,1*63(&,),&$7,21667$7(2))/25,'$'(3$570(172)75$163257$7,2167$1'$5' 63(&,),&$7,216/$7(67(',7,21$1'7+(6833/(0(1767+(5(72  &216758&7,21'(7$,/66+$//%(,1$&&25'$1&(:,7+67$7(2))/25,'$'(3$570(172) 75$163257$7,2167$1'$5'3/$16)2552$'&216758&7,21/$7(67(',7,21  &2175$&7256+$//$'-867$//87,/,7</,'6$1'&29(5672),1,6+('*5$'($65(48,5(' $'-8670(17672%(,1&/8'(',1&2175$&7256%,'  $//',6785%('5,*+72):$<6+$//%(62''('  7+(&2175$&725:,//5(6725($//$5($6',6785%('%<7+,6&216758&7,2172$&21',7,21 (48$/7225%(77(57+$17+$712:(;,67,1*  ,7(06,1&21)/,&7:,7+'(6,*168&+$6(;,67,1*&85%6$1'*877(566,'(:$/.6'5$,1$*( 6758&785(63$9(0(17$1'%$6($1'(;&(66(;&$9$7,216$5(72%(5(029('%<7+( &2175$&725$1'',6326('2),1$/(*$/$1'3523(50$11(5$:$<)5207+(-2%6,7($7 7+(&2175$&7256(;3(16(81/(667+(,7(06$5(72%(5(86('217+(352-(&7  7+(0$,17(1$1&(2)75$)),&)257+(352-(&76+$//%(,1$&&25'$1&(:,7+7+($33/,&$%/( )'27,1'(;180%(56 6(5,(6 $1'7+(6('2&80(1767+(0$18$/2181,)25075$)),& &21752/'(9,&(6)25675((76$1'+,*+:$<6 86'(3$570(172)75$163257$7,21)+:$ 6+$//%()2//2:(',17+('(6,*1$33/,&$7,21,167$//$7,210$,17(1$1&($1'5(029$/2) $//75$)),&&21752/'(9,&(6:$51,1*'(9,&(6$1'%$55,(561(&(66$5<723527(&77+( 38%/,&$1':25.0(1)520+$=$5'6:,7+,17+(352-(&7/,0,763('(675,$1$1'9(+,&8/$5 75$)),&6+$//%(0$,17$,1('$1'3527(&7('$7$//7,0(6  7+(/2&$7,212)(;,67,1*87,/,7,(66+2:1$5($3352;,0$7(21/<7+((;$&7/2&$7,21 6+$//%('(7(50,1('%<7+(&2175$&725'85,1*&216758&7,215(/2&$7,212)87,/,7,(6 6+$//%(&225',1$7(':,7+87,/,7<&203$1,(6$)7(5,'(17,),&$7,212)&21)/,&7%< &2175$&725&2175$&7256+$//127,)<(1*,1((5,1$'9$1&(%()25($1<5(/2&$7,21  7+(87,/,7<&203$1,(66+$//%(127,),('%<7+(&2175$&725+2856,1$'9$1&(2)$1< (;&$9$7,21,192/9,1*7+(,587,/,7,(6627+$7&203$1<5(35(6(17$7,9(6&$1%(35(6(17  7+(&2175$&725,67286(&$87,21:+(1:25.,1*,125$5281'$5($62)29(5+($' 75$160,66,21/,1(681'(5*5281'87,/,7,(6251($5&$1$/255,9(5%$1.6  35,2572&200(1&(0(172)$1<(;&$9$7,217+(&2175$&725 6+$//&203/<:,7+)/25,'$67$787()257+(3527(&7,212)81'(5*5281'*$6 3,3(/,1(6  7+(&2175$&725,65(63216,%/()257+(3527(&7,212)$//87,/,7,(6725(0$,1,13/$&(  7+(&2175$&7256+$//&$//6816+,1(  )25),(/' /2&$7,216+2856%()25(',**,1*1($581'(5*5281'87,/,7,(6  .12:187,/,7,(6 $7 7   &20&$67&$%/(   ,5&'86   )3/    12(;,67,1*%$6(0$7(5,$/5(029(',1(;&$9$7,216+$//%(5(86('$6352326('%$6( 0$7(5,$/  (526,21&21752/0($685(66+$//%(7$.(1%<&2175$&725'85,1*&216758&7,21$63(5 )'2767$1'$5',1'(;$1'63(&,),&$7,216$1''(7$,/6:,7+,17+(6(3/$16  $7/2&$7,216:+(5(3,3($1''5$,1$*(6758&785(6$5(72%(&216758&7('255(029(' 81'(57+((;,67,1*3$9(0(177+(5(3/$&(0(172)(0%$1.0(17%$6($63+$/7(7& 1(&(66$5<)25(;&$9$7,21,672%(,1&/8'(',17+(&2672)3,3(  7+(&2175$&7250867127,)<$1,5&87,/,7<'(3$570(17,163(&72535,25727+(:$7(5 0$,17$3$1'%(216,7('85,1*,167$//$7,21  $//6,'(:$/.66+2:1$5(720((7$'$5(48,5(0(1766,'(:$/.66+$//%(&216758&7(' :,7+ 0$;6,'(6/23( 0$;6/23( $//',5(&7,216 $7/$1',1*6$'-$&(17725$036 0$;/21*,78',1$/6/23( $75$0367<3,&$//< ,1/(1*7+$1'0$;/21*,78',1$/6/23( 62,/6%(/2:5(7(17,21$5($66+$//%(29(5(;&$9$7('72$'(37+2) “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dZhdhZ^,h> ^dZhdhZ EhDZ ^Z/Wd/KE dKW>s E/Es>s ^/Es>s /Es>s t/Es>s D/^>>EKh^ ^ͲϬϭ dzW ϭϭ͘ϱϱ Ͳ ϴ͘ϬϬ Ͳ Ͳ Khd&>>^dZhdhZ ^d/>͕^,d ͲϱϬϬ͘ ^ͲϬϮ DE,K> ϭϬ͘ϵϬ Ͳ Ͳ ϲ͘ϵϬ ϲ͘ϵϬ ^ͲϬϯ dzWͲϰ ϵ͘ϮϬ;KWͿ Ͳ Ͳ Ͳ ϳ͘ϬϬ ^ͲϬϰ dzW& ϭϭ͘ϮϬ ϴ͘ϵϬ Ͳ Ͳ Ͳ EKd,ͲϭϮΗtyϭϮΗd t^d^/ ^ͲϬϱ dzW& ϭϭ͘ϮϬ ϴ͘ϳϬ Ͳ Ͳ Ͳ EKd,ͲϭϮΗtyϭϮΗd t^d^/ 6(7350 ' 352326('0,7(5('(1'6(&7,21 352326('7<3( ) ,1/(7 ;;; “ 352326('),5(+<'5$17$66(0%/< 352326('7<3(,1/(7 (;,67,1*:$7(50$,1 (;,67,1*)25&(0$,1 352326(':$7(56(59,&( 352326(''5$,1$*(3,3( 352326('9$/9( (;,67,1*675((7/,*+7 :,'(1,1* )& 7<3(63 0,1 &248,1$  /%5 3$9,1*6&+('8/( 127(3523%$6(0867(;7(1' $7/($67'((3(57+$1 (;,67,1*%$6($1'0867%( ,167$//(',1$0,12)/,)76 237,21$/&248,1$ /%5 $1'7<3( % 67$%,/,=$7,2125&248,1$ /%5 $%%5(9,$7,216 $(  $&&(66($6(0(17 8(  87,/,7<($6(0(17 '(  '5$,1$*(($6(0(17 '(  '5$,1$*(($6(0(17 72&26 7<3( & ,1/(7 723#(/ 723(/  ,19(/  ,19(/  :[+:(,5  :[+6/276 7<3( & 67((/ *5$7( ,19(/   :[+6/276 7<3( & ,1/(7 ,19(/  :[+:(,5 /)$'6 176 ,19  ,19  %27    (;,67,1* 6758&785( 7$,/:$7(512'( )8785('(9.(< )8785('5$,1$*(3,3(6 )8785('5$,1$*(6758&785( )8785(&+$0%(56 6+2:1,1&21&(3721/<63(&,),&/$1' '(9(/230(173/$10$<$/7(5),1$/'(6,*1 '6 '6 &167$/80,180%$))/( %27(/ 723(/    5( 9   3 ( 5  ) ' 2 7  & 2 0 0 ( 1 7 6         6(&7,216&+80$1152: 6&$/(   & 75((/(*(1' 2$.725(0$,1 75((6 2$.725(029( 75((6 2$.725(/2&$7( 75((6 &$%%$*(3$/0725(0$,1 75((6 &$%%$*(3$/0725(029( 75((6 &$%%$*(3$/072 5(/2&$7( 75((6 2))6,7( 216,7( 3,1(75(( 3,1(75((725(029( 75((6 75((3527(&7,21%$55,(5 5(/2&$7('&$%%$*( 3$/06 )520216,7( 0,7,*$7,215(48,5(' 63(&,0(175((672%(5(029(' ! 75((6 5(3/$&(:,7+  75((6  +(,*+7',$ ( & % & ) &   5( 9   3 ( 5  & 2 6  & 2 0 0 ( 1 7 6           47               ɓ “     “      &2167  6: *5$'(  6:$/(   52: “     ““  “  7(036:$/(  7851/$1( /$1( /$1(  %,.( /$1( (;,67,1*3$9('+,*+:$<  /$1( 7+,&. &21&5(7(   /6                (;,67,1*3$9('+,*+:$< ɓ “     “          &2167  6: *5$'( 6:$/(   52: “      “     “      “     7851/$1( /$1( /$1(  %,.( /$1( /$1( 7(036:$/( “      (;,67,1*%8,/',1*(;,67,1* &21&5(7(  7+,&. &21&5(7( (;,67*5$'(  [127&+ ,16758&785( 7<3( ) ,1/(7 1,19  /6                 ɓ “     308 “     “““ “   &2167 7851/$1(  /$1( /$1( &2167  6: &2167  &85% 0(',$1  52: (;,67,1*3$9(0(17  6: ($6(0(17 6/23(9$5,(6 6((3/$1 7(036:$/( 9$5,(6 72  /6                ɓ “““      “    “      “    “      “      “      “      308  /$1( 0(',$1 /$1(   52:  &2167  6: 5(029(0(',$1 &216758&7$8;,/,$5< 7851/$1(   7(036:$/(               ɓ “     “  &2167  &5266:$/.  “   3$9(0(17  52:86 65 ““  67$%,/,=(' *5$66  7851/$1( /$1( /$1(  %,.( /$1( (;,67,1*3$9('+,*+:$<  /$1(  67$% 68%*5$'( &248,1$ %$6( )& 63 6$:&87 %877-2,17                (;,67,1*3$9(' +,*+:$< ɓ “          &2167  6: *5$'( 6:$/(   52: “  7851/$1(  %,.( /$1( “     352326(''5<5(7(17,21:,'7+9$5,(6 7+,&. &21&5(7( (;,67*5$'( “              /6             ɓ “    0(“  (;,67*5$'( “      8( *5$'(%(50 2))6,7(/27 6:$/(9$5,(6 72      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P 9.++: 6850+):°45          0 =  9  =0 , 0 =  9   ° # °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“  “  “ “  “  “  “ 7(0325$5< &2167  6: )8785( '5$,1$*( 3,3(6  “(;7(1'6:72)(&55 ),1$/3/$1672%(68%0,77(': 6'&216758&7,21'5$:,1*6  “  “ )&85%7<3 “  “  “  “ 5$,/$1' *5$9,7<:$// 7<3 (;,67 5(7(17,21 :$// 72(;,67 7<3 &211(&772(;,676:(;,67,1* :$7(50$,1 5(3/$&(:+,7( 3$9(0(170$5.,1*  “  “   “   “  127(*5$'(66+2:1&255(6321'72 (/$$1'(/%216,'(:$/.'(7$,/ ; (;$03/(  (/$  (/% &21676::5$, /  $ 1 '  7 + , & . ( 1 ( '  ( ' * (  ) 2 2 7 ( 5 7<32)3$/06 5(/2&$7(')5206,7( 6&+80$11'5,9(  52:  (;,67/$.( &2167 6,'(:$/. 6$:&875(029( 72 (2372&5($7(758(675$,*+7/,1( 72$%877&85%   0$;  6(7%$&.  6,'(:$/.:7+,&.(1(' ('*($1'*8,'(5$,/3(5 )'273* 6((*8,'(5$,/'(7$,/%(/2: (;,67,1*5(7$,1,1* :$// 723:$// (/“ (/%   723:$//723:$//    :$//       (/ “ 5$,/,1*  7<3()&85% 62'$//',6785%('$5($6 (;,673$9('52$' (/$ 0$;6/23(               ⅊ (;,67 /$1( 9$5,(6 &2167  6:    (;,67*5$'( *5$'(62' ',6785%(' $5($6 (/(93(5 3/$1      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P 9.++: 6850+):°45          0 =  9  =0 , 0 =  9   ° # °      *96(59,&(32,17 )25)8785(35,9$7( /,)767$7,21&211(7,21 )'273,3(*8,'(5$,/ )'27,1'(; 6+((72)  & 6(&7,21 7<3,&$/6(&7,21)25 6,'(:$/.$'-72/$.( 6&$/(    &  &  & 6(&7,217+586,'(:$/.$/21*6&+80$11'5,9( 6&$/(  *(1(5$/*5$',1*127(6 (;,675(7$,1,1*:$// 9$5,(6 72 +$1'5$,/ 7+,&.(1(' )227(5 :+,7(   )&85%  & (23    6/23( 0$; '(7$,/2)352326('+$1'5$,/$/21*6&+80$11'5,9( 6&$/(  9$5,(6  0,15(48,5(')25 67$%,/,7<2)5$,/,1*     0 , 1  %( / 2 :  * 5 $ ' ( 5( 9   3 ( 5           & 2 6  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7  & 2 0 0 ( 1 7 6         6(($/7(51$7( '(7$,/ 6,'(:$/. '(7$,/ ; )25 7+,6$5($2) &21&5(7( 6,'(:$/.'(7$,/ ; )'27,1'(; 6+((72)  0, 1   (/$ (/% 5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6         6((6+((7&)25/$1'6&$3( ,03529(0(176,152:   49      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P 3$ 9 , 1 *  $ 1 ' *5 $ ' , 1 *  ' ( 7 $ , / 6 127(6  $//$&&(66,%/(&20321(176&216758&7('$63$572)7+(6( 3/$166+$//&203/<:,7+&+$37(52)7+()/25,'$ %8,/',1*&2'(  $&&(66,%/(5287(72$&&(66,%/(63$&(6%8,/',1* (175$1&(6$1'38%/,&675((766+$//127(;&((' 5811,1*6/23($1'&52666/23(  &+$1*(,1(/(9$7,21:,7+,17+($&&(66,%/(5287(,612772 (;&((':,7+287$&85%5$03  81/(6627+(5:,6(6+2:1217+(3/$167+(0,1,080&/($5 5287(6+$//%(:,'(:,7+$[3$66,1*63$&((9(5< )((7  $&&(66,%/(5287(67+528*+3/$17(566+$//%(/(9(/:,7+ 7+(6855281',1*3$9(0(17253529,'(&85%5$036$7($&+ (1':,7+$0,1,080/(9(//$1',1*,1%(7:((1  7+($&&(66,%/(5287(,1)52172)38//,13$5.,1*6+$//%( $0,1,0802):,'($1'1275('8&('%<9(+,&/( 29(5+$1*6&85%,1*6,*1326762527+(52%6758&7,216  $1<:$/.7+$7&5266(625$'-2,16$9(+,&8/$5:$<127 6(3$5$7('%<&85%65$,/,1*62527+(5(/(0(1766+$//%( '(),1('%<$&217,18286:,'('(7(&7$%/(:$51,1*  63(&,$/5$0358/(6$33/<)25$1<5,6(*5($7(57+$1 ,1&/8',1*%87127/,0,7('725(675,&7,21216/23(727$/ 5,6(%(7:((1/$1',1*6$1'86(2)+$1'5$,/63(5)%&   38%/,&6,'(:$/.&85%5$036&216758&7(':,7+,1$38%/,& 5,*+72):$<,1$%6(1&(2)/2&$/52$':$<*8,'(/,1(6 6+$//0((77+(5(48,5(0(1762))'27,1'(;  '(7(&7$%/(:$51,1*66+$//&216,672)7581&$7(''20(6 3(5/2&$/%8,/',1*&2'(5(48,5(0(176$1')'27 5(*8/$7,216 12'225:$< 5$03/2&$7,21 '(7(&7$%/(:$51,1* 6((127( '(7(&7$%/( :$51,1* 6((127( '(7(&7$%/(:$51,1* 6((127(6  3/$1   7<3 3& 37 (;,67,1* 6,'(:$/. 352326(' 6,'(:$/. 127( $//6,'(:$/.675((7&5266,1*608670((77+( 5(48,5(0(1762)7+($0(5,&$1',6$%,/,7,(6$&7 $'$ &203/,$1&(*8,'(75$16,7,216)5205$036 72:$/.6*877(5625675((766+$//%()/86+ $1')5((2)$%5837&+$1*(6 6,'(:$/.&21&5(7(&217$,1),%(5*/$66 5(,1)25&(0(17 '5,9(:$<6$1'27+(575$)),&$5($6 3('(675,$121/<$5($6 /2&$7,21 7$%/(2)6,'(:$/.7+,&.1(66 7<3( $ % 7<3( % 7$%/(2)6,'(:$/.-2,176 7<3( $ /2&$7,21 7<3( & 6/23(0,1 0$; 7252$' :,'7+9$5,(6 6((3/$1 7  0$;63$&,1*3&37 2)&859(6-81&7,212) (;,67,1*$1'1(:6,'(:$/.6  &(17(572&(17(5 :+(5(6,'(:$/.$%876 &21&5(7(&85%6'5,9(:$<6 $1'6,0,/$56758&785(6   & 6,'(:$/.-2,176 67$1'$5'&52666(&7,21 &21&5(7(6,'(:$/.'(7$,/6 176   7 $//$&&(66,%/(&20321(176&216758&7('$63$572) 7+(6(3/$166+$//&203/<:,7+&+$37(52)7+()/25,'$ %8,/',1*&2'( $&&(66,%/(5287(72$&&(66,%/(63$&(6%8,/',1* (175$1&(6$1'38%/,&675((766+$//127(;&(('5811,1* 6/23($1'&52666/23( 81/(6627+(5:,6(6+2:1217+(3/$167+(0,1,080&/($5 5287(6+$//%(:,'(:,7+$[3$66,1*63$&((9(5< )((7 $&&(66,%/(5287(67+528*+3/$17(566+$//%(/(9(/:,7+ 7+(6855281',1*3$9(0(17253529,'(&85%5$036$7($&+ (1':,7+$0,1,080/(9(//$1',1*,1%(7:((1 7+($&&(66,%/(5287(,1)52172)38//,13$5.,1*6+$//%( $0,1,0802):,'($1'1275('8&('%<9(+,&/( 29(5+$1*6&85%,1*6,*1326762527+(52%6758&7,216 63(&,$/5$0358/(6$33/<)25$1<5,6(*5($7(57+$1 ,1&/8',1*%87127/,0,7('725(675,&7,21216/23(727$/ 5,6(%(7:((1/$1',1*6$1'86(2)+$1'5$,/63(5)%& 38%/,&6,'(:$/.&85%5$036&216758&7(':,7+,1$38%/,& 5,*+72):$<,1$%6(1&(2)/2&$/52$':$<*8,'(/,1(6 6+$//0((77+(5(48,5(0(1762))'27,1'(; &85%5$0366+$//+$9($'(7(&7$%/(:$51,1*(;7(1',1* 7+()8//:,'7+$1''(37+2)7+(5$03 127(6 7<3( $ -2,17 7<3( % -2,17 7<3( % -2,17 7<3( $ -2,17 35(02/'(' (;3$16,21 -2,170$7(5,$/ 5 55 &203$&7('68%*5$'( &203$&7('72127/(66 7+$1$$6+727 %5220),1,6+&21&5(7(685)$&( 67$%,/,=('68%*5$'( $7'5,9(:$<6 7581&$7(''20(6'(7$,/ 176    %$6(72%$6(63$&,1*6+$//%( 0,1,080'(7:((1'20(6  723:,'7+2)7+('20(6+$//%($ 0,1,0802)$1'$0$;,0802) 2)7+(%$6(',$0(7(5 '20(+(,*+772/(5$1&( “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¶6 5(&200(1'$7,216 3$9(0(176($/$17 &/26('&(//%$&.(5 52'7<3,&$//<72 /$5*(57+$1-2,17 :,'7+ 3&&-2,17 6(('(7$,/%/2:83 :,'(%<'((3 6$:&87),//:,7+ 3$9(0(176($/$17 0$.(6$:&87 ,00(',$7(/<35,25 72,167$//,1*3$9(0(17 6($/$17 '2:(/&/,3 %<31$ 352326(' 3$9(0(17 (;,67,1* 3$9(0(17 648$5('2:(/ )257+,&.3$9(0(176 648$5('2:(/)25 727+,&.3$9(0(176 63$&('2:(/6$72& '2127*5($6('2:(/ '5,//',$+2/()25 '2:(/$1'',$+2/( )25'2:(/$1',167$// '2:(/:,7+1216+5,1.*5287 (1685(*5287,6)/86+ :,7+)$&(2)(;,67,1* 6/$% $33/<&85,1*&203281' 726/$%)$&($7$ &29(5$*(5$7(2)6) 0$;3(5*$//2172$&7$6 $%21'%5($.(5$7/($67 +285635,25723/$&,1* 1(:6/$% 3$9(0(17%877-2,17 5(029((;,67 3$9(0(17 (;,673$9(0(17 1(:3$9(0(17 63 7/ & 0$7&+(;,67,1*3$9(0(17 7+,&.1(66&216758&7'27 7<3(63$63+$/7,& &21&5(7(685)$&(35,0( &2$7$//685)$&(6$1'('*(6 35,2572685)$&,1* 7<3(63 7/ & &248,1$6+(//&203$&7('72 0$;'(16,7< $$6+727 67$%,/,=('68%*5$'( )%9 &203$&7,21$$6+727 0,;('72$+202*(1(2860$7(5,$/ ),//&203$&7('72 0$;'(16,7< 5(029((;,67,1*%$&.),//0$7(5,$/ $1'*5$'(81,)250/<725(&(,9( 0,17+,&.&248,1$%$6( &203$&7('722)0$;,080 '5<'(16,7<$$6+727 6$:&8772$675$,*+7 $1'758(('*(  0,1 81,)250&52666/23(720$7&+ (;,67,1*$1'81,)250*5$'(3$5$//(/ 7252$':$<720$7&+ (/(9$7,216$7/,0,762):25. “ $63+$/73$9(0(17'(7$,/ 176 $63+$/7,&&21& 0,136,0$56+$// &248,1$6+(// &203$&7(' 720$;'(16,7< $$6+727 &203$&7('67$%,/,=('68%*5$'( &203$&7,21$$6+727 0,;('72$+202*(1(2860$7(5,$/ ),//&203$&7('72 0$;'(16,7< '(37+2)0$7(5,$/3(56&+('8/(%(/2: 6((:5,77(163(&,),&$7,216)25$'',7,21$/3$9(0(17$1'7(67,1*5(48,5(0(176 $63+$/7216,7( $63+$/7,&&21& 0,136,0$56+$// &248,1$6+(// &203$&7(' 720$;'(16,7< $$6+727  /%5 &203$&7('68%*5$'( &203$&7,21$$6+727 0,;('72$+202*(1(2860$7(5,$/ /%5    %586+),1,6+ 7<3(3257/$1'&(0(17&21&5(7( &2035(66,9(675(1*7+$7'$<6 2)$7/($6736, 67$%,/,=('68%*5$'(&203$&7(' 7202',),('352&7250$;'5<'(16,7< 3(5$$6+7270,1,080/%5   63(&,),&$7,216&/($5,1**5$',1*3$9,1*'5$,1$*(87,/,7<&216758&7,21 *(1(5$/ ,7,6,17(1'('7+$77+()/25,'$'(3$570(172)75$163257$7,2167$1'$5'63(&,),&$7,216)2552$'$1'%5,'*(&216758&7,21/$7(675(9,6,216%(86(' :+(5($33/,&$%/()259$5,286:25.$1'7+$7:+(5(68&+:25',1*7+(5(,15()(56727+(67$7(2))/25,'$$1',76'(3$570(172)75$163257$7,21 $1'3(56211(/68&+:25',1*,6,17(1'('72%(5(3/$&(':,7+7+$7:25',1*:+,&+:28/'3529,'(3523(57(50,12/2*<7+(5(%<0$.,1*68&+ 67$1'$5'63(&,),&$7,216)2552$'$1'%5,'*(&216758&7,21$67+(67$1'$5'63(&,),&$7,216)257+,6352-(&7,1$'',7,217+(&2175$&7256+$// 5()(5727+()'2767$1'$5'3/$16/$7(675(9,6,216,):,7+,17+$73$57,&8/$56(&7,21$127+(56(&7,21$57,&/(253$5$*5$3+,65()(55('72,7 6+$//%($3$572)7+(67$1'$5'63(&,),&$7,216$/62 $//:25.6+$//%(,1$:25.0$1/,.(0$11(5$1'6+$//&21)250:,7+$//$33/,&$%/(&,7<&2817<67$7($1')('(5$/5(*8/$7,216$1'25&2'(67+( &2175$&7256+$//$/62%(5(63216,%/()252%7$,1,1*$//3(50,76$1'/,&(16(65(48,5('72%(*,1:25. 7+(&2175$&7256+$//*,9(7+((1*,1((5+2856127,&(35,25725(48(67,1*5(48,5(',163(&7,216$1'6+$//6833/<$//(48,30(171(&(66$5<72 3523(5/<7(67$1',163(&77+(&203/(7(':25. 7+(&2175$&7256+$//*8$5$17(($//:25.$1'0$7(5,$/6)25$3(5,2'2)21(<($5)5207+('$7(2)352-(&7$&&(37$1&('85,1*:+,&+$//)$8/7< &216758&7,21$1'250$7(5,$/66+$//%(&255(&7('$77+(&2175$&725 6(;3(16( &/($5,1**58%%,1* 7+(&2175$&7256+$//&203/(7(/<5(029($1'',6326(2)$//%8,/',1*7,0%(5%586+6780365227658%%,6+'(%5,6,1&/8',1*6(37,&7$1.%8,/',1* )281'$7,2163,3(6(7&:,7+,17+(/,0,762)7+(52$':$<&216758&7,21$//$5($6:+(5(6758&785(6:,//%(&216758&7(',1&/8',1*3,3(&8/9(576 $1'$627+(5:,6('(3,&7(',17+(3/$16$//,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 *5$',1* 7+(&2175$&7256+$//3(5)250$//*5$',1*1(&(66$5<72$&+,(9(7+(352326('3/$1*5$'(6),1$/'5(66,1*6+$//+$9($72/(5$1&(2))7)520 7+(3/$1&52666(&7,216*5$',1*6+$//,1&/8'($//6+$3,1*528*+*5$',1*$1'),1$/'5(66,1*5(48,5(')257+(352326('52$':$<$1'52$' (0%$1.0(176:,7+,17+(/,0,76'(3,&7(',17+(3/$167+(&2175$&7256+$//%(5(63216,%/()250$,17$,1,1*7+(),1,6+('*5$'(6817,/&2175$&7 &/26(287$1'08675(*5$'($65(48,5(':+(1(526,212527+(5',6785%$1&(62&&856(('08/&+$1'2562'',1*6+$//%(,1&25325$7('72$66,67 ,17+,65(*$5'+2:(9(5$1</2662)62'256(('08/&+'85,1*7+(6(2&&855(1&(66+$//%(5(3/$&('$77+(&2175$&7256(;3(16( 62' 62'6+$//%(67$8*867,1(25$5*(17,1(%$+,$$6127('217+(/$1'6&$3(3/$1625&2175$&7'2&80(17662'6+$//%(:(//0$77(':,7+52276$1' 6+$//%(68)),&,(17/<7+,&.726(&85($'(16(67$1'2)/,9(*5$667+(62'6+$//%(/,9()5(6+$1'81,1-85('$77+(7,0(2)3/$17,1*$1'6+$//%( 5($621$%/<)5((2):(('6$1'27+(5*5$66(67+(5(&(,9,1**5281'685)$&(6+$//%(*5$'('723523(5(/(9$7,216)5((2)/$5*(92,'652276 :(('6253$7&+(62)(;,67,1**5$668321/$<,1*7+((17,5($5($6+$//%(52//('7+2528*+/<$//62''('$5($6$5(72%(:$7(5('72.((362' $/,9(817,/7+(&2175$&725,6&/26('287'($'62'6+$//%(5(3/$&('%<&2175$&725 (0%$1.0(17&216758&7,21 52$':$<(0%$1.0(17&216758&7,216+$//&216,672)$//7+((0%$1.0(17&216758&7,215(48,5(')257+(352326('52$':$<$1'253$5.,1*/27 %8,/',1*3$'6',7&+(6$1'6:$/(6,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21(0%$1.0(1766+$//%( &216758&7(')5200$7(5,$/&217$,1,1*1208&.67803652276%586+9(*(7$%/(0$77(558%%,6+2527+(5'(/(7(5,2860$7(5,$/67+$7:,//127 &203$&772$68,7$%/((1'85,1*52$'%('(;,67,1*($57+685)$&(66+$//%(&203$&7('3522)52//('35,25723/$&(0(172)$1<(0%$1.0(17 0$7(5,$/ 0$7(5,$/ 81/(6627+(5:,6(63(&,),('0$7(5,$/6+$//%(7<3(0$7(5,$/ &203$&7,21 &203$&7('/,)760,1,0800$;,080'5<'(16,7< $$6+727  0,10$;'(16,7<$'-$&(17726758&785(6:,7+,13$9('$5($6 &203(16$7,21&203(16$7,21)257+((0%$1.0(17&216758&7,216+$//%(0$'()8//<%<7+(%,',7(06)25%2552:(;&$9$7,21  3(5&< *5$',1* 3(5/)2)52$':$<253(5$&5(2)6,7( $1'5(*8/$5(;&$9$7,21 3(5&< :+(1$33/,&$%/( (0%$1.0(17$1'%$&.),//0$7(5,$/ 7<3(:(//*5$'('&586+('6721(25&586+('*5$9(/ $670&$*5$'$7,21 72126,(9( 7<3(6$1'<0$7(5,$/$1'0$<%(81&/$66,),('0$7(5,$/2%7$,1(')520&2175$&725 6(;&$9$7,216$1'$33529('%<7+((1*,1((57+,60$7(5,$/6+$// %()5(()520:22'52276+80863($708&.$1'27+(525*$1,&0$7(5,$/6$1'6+$//127&217$,1&/2'66721(60$6215<58%%/(257+( /,.(*5($7(57+$1,1&+(6,1',$0(7(5 7<3(6(/(&7*5$18/$56$1'0$7(5,$/)5((2)25*$1,&6:,7+/(667+$1),1(63$66,1*7+(126,(9( 67$.,1* &216758&7,2167$.,1*6+$//%(7+(5(63216,%,/,7<2)7+(&2175$&725 67$%,/,=,1* 67$%,/,=('68%*5$'(6+$//%(&216758&7('727+()/25,'$%($5,1*9$/8(25/%5$63(53/$1)257+('(37+$1'/,0,766+2:1217+(3/$1$1',1 $&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21$//67$%,/,=('$5($66+$//%(&203$&7('72$7/($672)7+( 0$;,080'(16,7<$6'(7(50,1('%<$$6+727$//0$7(5,$/6+$//%(0,;('72$+202*(1(2860$7(5,$/ %$6(&2856( 7+(%$6(6+$//%(&216758&7('2)(,7+(5/,0(52&.0$7(5,$/,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,2125 &(0(17('&248,1$6+(//0$7(5,$/,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21/,0(52&.%$6(6+$//%( &216758&7(',1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21$1'&(0(17('&248,1$6+(//%$6(6+$//%( &216758&7(',1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,217+(&2175$&7256+$//3529,'(52&.3,7 &(57,),&$7,21)25&(0(17('&248,1$6+(//0$7(5,$/%$6(6+$//%(&203$&7('72$7/($672)7+(0$;,080'(16,7<$6'(7(50,1('%<$$6+727 $1'72$1/%59$/8(:+(163(&,),('213/$16%$6(6+$//%($33529('35,257235,0(&2$7 35,0($1'7$&.&2$7 35,0($1'7$&.&2$76)257+(%$6(&2856(6+$//%(,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 $63+$/7&21&5(7(685)$&(&2856( $&6& 7<3(63 7<3(63$&6&6+$//%(&216758&7(')257+('(37+$1'/,0,766+2:1217+(3/$1,1$&&25'$1&(:,7+6(&7,216$1'2)7+( )'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 &(0(17&21&5(7(3$9(0(17 &216758&73257/$1'&(0(17&21&5(7( 7<3(,,&/$66, 3$9(0(17,121(&2856(21$35(3$5('67$%,/,=('68%*5$'(,1$&&25'$1&(:,7+6(&7,216 $1'2)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,213529,'(67((/5(,1)25&(0(17:+(163(&,),(',17+(3/$16 &85% $//&85%&216758&7,216+$//%(,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21$1',1$&&25'$1&(:,7+)'27 67$1'$5'3/$16/$7(67(',7,21,1'(;123529,'(&2175$&7,21-2,176$7)2272&0$;,08075$16,7,21(1'62)&85%)520)8//72=(52 +(,*+76,1)((7&85%&875$0366+$//%(,1$&&25'$1&(:,7+)'2767$1'$5'3/$16/$7(67(',7,21,1'(;12 7(67,1* 7+(&2175$&7256+$//5(7$,17+(6(59,&(62)$1$33529(',1'(3(1'(177(67,1*/$%25$725<72&21'8&7$//5(48,5('7(67621(0%$1.0(1768%*5$'( %$6(3,3(%$&.),//$1'685)$&(&2856(0$7(5,$/67(675(68/760867%(68%0,77('35,2572$1<5(48(67)253$<0(17217+($%29(,7(06 7+(6&+('8/()257(67,1*7+(52$'3$9(0(17$5($6&216758&7,216+$//%($6)2//2:6 $(0%$1.0(17 '(16,7<7(6766+$//%(7$.(1$7$0$;,0802)6),17(59$/6)25($&+/,)76&216758&7(' $1'$7$//(;,67,1*3522)52//('($57+685)$&(6 %68%*5$'(   )%9/%5 3(53/$1 7(676+$//%(7$.(1$7,17(59$/62)127025(7+$16)6)25 &/26(5$60,*+7%(1(&(66$5<,17+((9(172)9$5,$7,216,168%62,/&21',7,216 0,12)3(5-2%   '(16,7<7(6766+$//%(7$.(1$7,17(59$/62)127025(7+$16)25&/26(5$60,*+7%( 1(&(66$5< &%$6(   )%9/%5 3(53/$1 7(676+$//%(7$.(1$7,17(59$/62)127025(7+$16)6)25 &/26(5 0,12)3(5-2%   '(16,7<7(6766+$//%(7$.(1$7,17(59$/62)127025(7+$16)25&/26(5$60,*+7%( 1(&(66$5< '3,3(%$&.),// '(16,7<7(6766+$//%(7$.(1$7$0$;,0802))7,17(59$/6 $%29(3,3( %(/2:*5$'(0,1 $1'$73,3('(37+6*5($7(57+$1)7$1$'',7,21$/7(676+$//%(7$.(1$70,''(37+2)%$&.),// (6758&785(6 $0,1,0802)'(16,7<7(676+$//%(3(5)250(',17+(67$%,/,=('68%*5$'($1':,7+,17+( %$&.),//)25($&+/,)7$'-$&(1772($&+6758&785(,167$//(' )%8,/',1*3$' $663(&,),(',1$5&+,7(&785$/3/$16 *&85%3$'6'(16,7<7(676+$//%(7$.(1$7$0$;,0802))7,17(59$/6 $//7(6766+$//%(3$,')25%<7+(&2175$&725 &/($183 7+(&2175$&72508673529,'(&/($1832)(;&(66&216758&7,210$7(5,$/8321&203/(7,212)7+(352-(&77+(6,7(0867%(/()7,1$1($7&/($1 *5$'('&21',7,21 '5$,1$*(6758&785(63(&,),&$7,216 67250,1/(76$1'0$1+2/(66+$//%(&216758&7(',1*(1(5$/$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 &21&5(7(6+$//+$9($0,1,080'$<&2035(66,9(675(1*7+2)36,$//5(,1)25&,1*67((/72%($670$*5$'()< 36,$1'6+$//%( +$1'/('$1'3/$&(',1$&&25'$1&(:,7+$&,35(&$67&21&5(7(0$1+2/(6$1'67250,1/(760$<%(86('83217+((1*,1((5 6$33529$/2)7+( 0$18)$&785(5 66+23'5$:,1*6 35(&$67,1/(760$1+2/(6 $//67250,1/(766+$//%(35(&$675(,1)25&('&21&5(7(,1$&&25'$1&(:,7+$33/,&$%/(5()(5(1&(672)'27'5$:,1*6,17+()'2767$1'$5'3/$16 /$7(67(',7,217<3(,,3257/$1'&(0(176+$//%(86(',17+(&21&5(7(0,;&21&5(7(6+$//+$9($0,1,080&2035(66,9(675(1*7+$7'$<62)36, &8/9(573,3(6 ,167$//3,3(&8/9(576$1'672506(:(56,1$&&25'$1&(:,7+6(&7,21 $1'5(/$7('6(&7,216 2)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21$7 7+(/2&$7,216'(3,&7(',17+(3/$16)851,6+$1',167$//6$1'7,*+7 :$7(57,*+77236, 3,3(-2,176$1'3,3(6758&785(-2,176$//-2,1766+$//%( *$6.(7('5(,1)25&('&21&5(7(3,3(6 5&3 6+$//%(,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 &2558*$7('$/80,1803,3(6+$//%(,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21$'6 &2558*$7(' 32/<(7+</(1( 6+$//%(,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 %$&.),//,1*29(53,3(&8/9(57$1'672506(:(566+$//%(&203/(7(',10$;,080/,)76727+(635,1*/,1(0$;,080/,)7672$32,17$%29(7+( 3,3($1',1/,)76%(<21'&203$&7('72$0,1,0802)2)0$;,080'5<'(16,7<7<3(0$7(5,$/6+$//%(86(')25$//%$&.),//81/(6627+(5:,6( 63(&,),(',17+(3/$1625%<7+((1*,1((5 )851,6+$1',167$//),/7(5)$%5,&-$&.(7$5281'$//3,3(-2,176$1'7+(-2,17%(7:((17+(3,3($1'7+(6758&785(,1$&&25'$1&(:,7+)'2767$1'$5' 3/$16/$7(67(',7,21,1'(;1286()$%5,&0((7,1*7+(3+<6,&$/5(48,5(0(1762)7<3(63(&,),('217+()'2767$1'$5'3/$16/$7(67(',7,21 ,1'(;127+()$%5,&6+$//(;7(1'$0,180802),1&+(6 00 %(<21'($&+6,'(2)7+(-2,1725%27+('*(62)7+(&283/,1*%$1',)$ &283/,1*%$1',686('7+()$%5,&6+$//+$9($0,18080:,'7+2),1&+(6 00 $1'$/(1*7+68)),&,(17723529,'($0,1,08029(5/$32),1&+(6 00 6(&85(7+(),/7(5)$%5,&-$&.(7$*$,1677+(2876,'(2)7+(3,3(%<0(7$/253/$67,&675$33,1*25%<27+(50(7+2'6$33529('7+(7+( (1*,1((5 &21&5(7( 81/(6627+(5:,6(63(&,),('25,1',&$7('$//&21&5(7(6+$//+$9($0,1,080&2035(66,9(675(1*7+$7'$<62)36,$//:25.6+$//&203/<:,7+ 7+(&855(17(',7,212)7+($0(5,&$1&21&5(7(,167,787( $&, %8,/',1*&2'($1'7+($33/,&$%/(%8,/',1*&2'(6+$9,1*-85,6',&7,21,17+($5($ 5(&25''5$:,1*6 &2175$&7256+$//.((3$1'0$,17$,15(&25''5$:,1*6217+(352-(&76,7($7$//7,0(6:+,&+6+$//%($1127$7('%<7+(&2175$&725'(3,&7,1*$1< &+$1*(60$'(,17+(),(/':+,&+',))(5)5207+(&2175$&7'5$:,1*65(&25''5$:,1*66+$//,1&/8'(%87$5(127/,0,7('72+25,=217$//2&$7,21 $1'9(57,&$/(/(9$7,212),19(57$1'7232)&8/9(5766(:(50$1+2/(6'5$,1$*(6758&785(6,1/(7687,/,7<0$,16$1'$6%8,/762)$///$.(%$1.6 /27%/'*3$'66:$/(6%(506&85%63$9(0(176,'(:$/.6'(3,&7,1*+25,=217$//2&$7,21$1'(/(9$7,216&2175$&7256+$//68%0,7&203/(7($1' ),1$/5(&25''5$:,1*672(1*,1((58321&203/(7,212)352-(&7$1'35,2572),1$/,163(&7,21$1'),1$/3$<0(17 7+(&2175$&7256+$//%(5(48,5('72+$9($6859(<253529,'(&(57,),('5(&25''5$:,1*6$6%8,/767+(6('5$:,1*66+$//%(3529,'(',1$1$&$' (/(&7521,&),/($6:(//$6216,*1('6($/('+$5'&23,(67+($6%8,/7608670((7,5&87,/,7<'(37&5,7(5,$)25:$7(50$,1$1'6(:(5$6%8,/76 ,1&/8',1*7,(67267$7(3/$1(&225',1$7(6 ,163(&7,21 0,1,080&216758&7,21,163(&7,21&+(&.32,1767+((1*,1((56+$//%(127,),('+2856,1$'9$1&( $35,2572$1<0$-25'(9,$7,21)5207+($33529('3/$16 %35,2572%$&.),//,1*$1<3,3(75(1&+(6 &8321&203/(7,212)68%*5$'($1'&203$&7,21 '35,25723285,1*&85%66,'(:$/.62527+(5)/$7:25. (8321%(*,11,1*2)635($',1*2)52&.%$6(0$7(5,$/ )8321&203/(7,212)*5$',1*$1'&203$&7,212)%$6(0$7(5,$/$1'35,257235,0,1* *,00(',$7(/<35,2572$1'8321$33/,&$7,212)$&6& +8321&203/(7,212)&216758&7,21 $&&(37$%/(7(675(68/760867%(3529,'('727+((1*,1((535,2572&200(1&,1*68&&(66,9(67(362)&216758&7,21,1&/8',1*  3,3(%$&.),//$1'(0%$1.0(17'(16,7,(635,257268%*5$'(35(3$5$7,21  68%*5$'(7(67,1*35,2572%$6(35(3$5$7,21&21&5(7(&85%256,'(:$/.&216758&7,21  %$6(7(67,1*35,2572$33/,&$7,212)685)$&(&2856( :+(5(5()(5(1&(6$5(0$'(7252$':$<&216758&7,21,7,6,17(1'('72,1',&$7(&216758&7,21)2552$':$<6$1'253$5.,1*/276'5,9(:$<6 75$)),&3$9(0(170$5.,1*127(6  $//3$5.,1*63$&(0$5.,1*6$1'52$':$<0$5.,1*62135,9$7('5,9(:$<6675((76:,7+7+((;&(37,21727+(+$1',&$33(' 3$5.,1*63$&(66+$//%(0$5.(',15()/(&725,=('75$)),&3$,17$1'%(,1$&&25'$1&(:,7+7+()/25,'$'(3$570(172) 75$163257$7,21 667$1'$5'63(&,),&$7,216)2552$'$1'%5,'*(&216758&7,21/$7(67(',7,21  $//+$1',&$33('3$5.,1*63$&(66+$//%(3523(5/<6,*1('$1'0$5.(',1$&&25'$1&(:,7+7+()'2767$1'$5'3/$16/$7(67(',7,21,1'(;12   75$)),&)/2:$552:67+583$5.,1*$5($6$5()25',5(&7,21$1'$5(72%(3$,17('  6723%$566+$//%(:,'(  $//6,*16$1'3$9(0(170$5.,1*66+$//%(,1$&&25'$1&(:,7+)'2767$1'$5'3/$16)2552$'&216758&7,21087&'$1',1',$15,9(5&2817< '5$:,1*6)253$9(0(170$5.,1*66,*1,1* *(20(75,&6$///$7(67(',7,216  $//3$9(0(170$5.,1*6:,7+,138%/,&5,*+72):$<$1'35,9$7(52$''5,9(:$<6 )52038%/,&5,*+72):$<6+$//%((;758'('7<3( $/.<'%$6(7+(5023/$67,&$1'6+$//%(,1$&&25'$1&(:,7+7+()/25,'$'(3$570(172)75$163257$7,21 663(&,),&$7,216)2552$'$1' %5,'*(&216758&7,21  63(&,$/0$5.,1*6 &5266:$/.6723%$5652$':$<&217,18286675,3,1*7+58$552:63$9(0(170$5.,1*6)2575$)),& 6(3$5$7256(7& 6+$//%(,1$&&25'$1&(:,7+7+()'2767$1'$5'3/$16/$7(67(',7,21,1'(;12 6,*16  $//6,*166+$//%(&216758&7(',1$&&25'$1&(:,7+7+(0$18$/2)81,)25075$)),&&21752/'(9,&(6$1',1',$15,9(5&2817<'5$:,1*6)25 3$9(0(170$5.,1*66,*1,1* *(20(75,&6$///$7(67(',7,216  $//6,*166+$//%(7<3( & 6,1*/(&2/801*5281'6,*16,1$&&25'$1&(:,7+)'2767$1'$5'3/$16/$7(67(',7,21,1'(;12:,1'/2$'6+$// %(=21( 03+   $//6,*163/$&(0(176+$//%(,1$&&25'$1&(:,7+)'2767$1'$5'3/$16/$7(67(',7,21,1'(;12$1',5&7<3,&$/'5$:,1*6)253$9(0(17 0$5.,1*66,*1,1* *(20(75,&6 $'',7,21$/63(&,),&$7,216)25:25.:,7+,1$38%/,&52:  $//0$7(5,$/6$1'&216758&7,21:,7+,138%/,&5,*+72):$<6+$//&21)250727+()'2767$1'$5'3/$16 /$7(67(',7,21  )'2767$1'$5' 63(&,),&$7,216 /$7(67(',7,21 $1'7+(6833/(0(1767+(5(72  7+($33/,&$176(1*,1((55(63216,%/()25&216758&7,21,163(&7,216+$//,1685(7+$77+(0$,17(1$1&(2)75$)),&3/$1 027 )257+(352-(&7,6,1 $&&25'$1&(:,7+7+($33/,&$%/()'2767$1'$5'3/$16/$7(67(',7,21 ;;;6(5,(6 $1'7+(6('2&80(1767+(0$18$/2181,)25075$)),& &21752/'(9,&(6)25675((76$1'+,*+:$<6 86'(3$570(172)75$163257$7,21)+:$ 7+(&2175$&7256+$//3529,'(1(&(66$5<027$6 63(&,),(',17+(3/$16$1'3(50,76$1'$6',5(&7(',17+(),(/'%<7+((1*,1((52538%/,&:25.6)'275(35(6(17$7,9(  $77+((1'2)($&+:25.3(5,2'$1<'5232)),17+($5($$'-$&(17727+(75$9(/:$<2)7+(67$7(52$'6+$//%(%$&.),//(',1$&&25'$1&(:,7+ )'2767$1'$5'3/$16/$7(67(',7,21 ;;;6(5,(6 256+$//%(27+(5:,6(3527(&7(':,7+7(0325$5<%$55,(5:$//$77+(&2175$&7256 (;3(16(  ,)7+(3(50,77(':25.,621$52$':$<7+$7+$6%((16(/(&7('$6$+855,&$1(25',6$67(5(9$&8$7,215287(7+($33/,&$17$77+( 35(&216758&7,21&21)(5(1&(,65(48,5('7235(6(17$63$572)7+(:25.3/$1$1(0(5*(1&<)81&7,21$/5(6725$7,213/$172$''5(66 (9(178$/,7,(668&+$6+855,&$1(6  7+(&2175$&7250867&$//7+($335235,$7(&2817<75$)),&(1*,1((5,1*',9,6,21+$9,1*-85,6',&7,2129(57+(352-(&7$7/($67+2856%()25( $1<(;&$9$7,21:,7+,17+()'275,*+72):$<72'(7(50,1(7+(/2&$7,212)7+((;,67,1*75$)),&6,*1$/,17(5&211(&7&$%/(  7+(/2&$7,212)(;,67,1*87,/,7,(66+2:1$5($3352;,0$7(21/<7+((;$&7/2&$7,216+$//%('(7(50,1('%<7+(&2175$&725'85,1* &216758&7,21 5(/2&$7,212)87,/,7,(66+$//%(&225',1$7(':,7+87,/,7<&203$1,(6$)7(5,'(17,),&$7,212)&21)/,&7%<&2175$&725&2175$&725:,//127,)< (1*,1((5,1$'9$1&(%()25($1<5(/2&$7,21  %()25(3(50,7$33529$/$1'&216758&7,212)7+,6352-(&77+($33/,&$170867&217$&77+()/25,'$'(3$570(172)75$163257$7,21/2&$/ 0$,17(1$1&(2)),&(726&+('8/($35(&216758&7,210((7,1*7+(7(/(3+21(180%(5,625  7+($33/,&$17$77+(($5/,(67&219(1,(177,0(6+$//127,)<,1:5,7,1*$//5,*+72):$<86(56$))(&7('%<7+(&216758&7,212)7+,6352-(&7  $//&85%&875$0360867)$&(,17+(',5(&7,212)3('(675,$175$9(/  $//027/$1(&/2685(6,*166+$//%(&29(5(':+(1/$1(6$5(127&/26('12/$1(6$5(72%(&/26('%()25($0$1'$///$1(6$5(7223(1(' %<30  3$9(0(1763(&,),&$7,210$7&+(;,67,1*7<3($1''(37+2)$63+$/7720$;,080,1&/8',1*)5,&7,21&2856(  7+(/2&$/0(',$6+$//%(&217$&7('$:((.35,2572$1</$1(&/2685(6217+(67$7(52$'6<67(0$6,7:,//2&&85'85,1*3($.+28562529(5 7+(63$12)025(7+$121('$<&217$&7%$5%$5$.(//(+(5)'2738%/,&,1)250$7,212)),&($7)25*8,'$1&(21:+272&217$&7 3529,'($&23<2)7+(35(665(/($6(72 )/25,'$'(3$570(172)75$163257$7,21 38%/,&,1)250$7,212)),&( :(67&200(5&,$/%28/(9$5' )257/$8'(5'$/()/25,'$ 63(&,),&$7,216&/($5,1**5$',1*3$9,1*'5$,1$*(87,/,7<&216758&7,21 *(1(5$/ ,7,6,17(1'('7+$77+()/25,'$'(3$570(172)75$163257$7,2167$1'$5'63(&,),&$7,216)2552$'$1'%5,'*(&216758&7,21/$7(675(9,6,216%(86(' :+(5($33/,&$%/()259$5,286:25.$1'7+$7:+(5(68&+:25',1*7+(5(,15()(56727+(67$7(2))/25,'$$1',76'(3$570(172)75$163257$7,21$1' 3(56211(/68&+:25',1*,6,17(1'('72%(5(3/$&(':,7+7+$7:25',1*:+,&+:28/'3529,'(3523(57(50,12/2*<7+(5(%<0$.,1*68&+67$1'$5' 63(&,),&$7,216)2552$'$1'%5,'*(&216758&7,21$67+(67$1'$5'63(&,),&$7,216)257+,6352-(&7,1$'',7,217+(&2175$&7256+$//5()(5727+( )'2767$1'$5'3/$16/$7(675(9,6,216,):,7+,17+$73$57,&8/$56(&7,21$127+(56(&7,21$57,&/(253$5$*5$3+,65()(55('72,76+$//%($3$572) 7+(67$1'$5'63(&,),&$7,216$/62 $//:25.6+$//%(,1$:25.0$1/,.(0$11(5$1'6+$//&21)250:,7+$//$33/,&$%/(&,7<&2817<67$7($1')('(5$/5(*8/$7,216$1'25&2'(67+( &2175$&7256+$//$/62%(5(63216,%/()252%7$,1,1*$//3(50,76$1'/,&(16(65(48,5('72%(*,1:25. 7+(&2175$&7256+$//*,9(7+((1*,1((5+2856127,&(35,25725(48(67,1*5(48,5(',163(&7,216$1'6+$//6833/<$//(48,30(171(&(66$5<72 3523(5/<7(67$1',163(&77+(&203/(7(':25. 7+(&2175$&7256+$//*8$5$17(($//:25.$1'0$7(5,$/6)25$3(5,2'2)21(<($5)5207+('$7(2)352-(&7$&&(37$1&('85,1*:+,&+$//)$8/7< &216758&7,21$1'250$7(5,$/66+$//%(&255(&7('$77+(&2175$&725 6(;3(16( &/($5,1**58%%,1* 7+(&2175$&7256+$//&203/(7(/<5(029($1'',6326(2)$//%8,/',1*7,0%(5%586+6780365227658%%,6+'(%5,6,1&/8',1*6(37,&7$1.%8,/',1* )281'$7,2163,3(6(7&:,7+,17+(/,0,762)7+(52$':$<&216758&7,21$//$5($6:+(5(6758&785(6:,//%(&216758&7(',1&/8',1*3,3(&8/9(576 $1'$627+(5:,6('(3,&7(',17+(3/$16$//,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 *5$',1* 7+(&2175$&7256+$//3(5)250$//*5$',1*1(&(66$5<72$&+,(9(7+(352326('3/$1*5$'(6),1$/'5(66,1*6+$//+$9($72/(5$1&(2))7)520 7+(3/$1&52666(&7,216*5$',1*6+$//,1&/8'($//6+$3,1*528*+*5$',1*$1'),1$/'5(66,1*5(48,5(')257+(352326('52$':$<$1'52$' (0%$1.0(176:,7+,17+(/,0,76'(3,&7(',17+(3/$167+(&2175$&7256+$//%(5(63216,%/()250$,17$,1,1*7+(),1,6+('*5$'(6817,/&2175$&7 &/26(287$1'08675(*5$'($65(48,5(':+(1(526,212527+(5',6785%$1&(62&&856(('08/&+$1'2562'',1*6+$//%(,1&25325$7('72$66,67 ,17+,65(*$5'+2:(9(5$1</2662)62'256(('08/&+'85,1*7+(6(2&&855(1&(66+$//%(5(3/$&('$77+(&2175$&7256(;3(16( 62' 62'6+$//%(67$8*867,1(25$5*(17,1(%$+,$$6127('217+(/$1'6&$3(3/$1625&2175$&7'2&80(17662'6+$//%(:(//0$77(':,7+52276$1' 6+$//%(68)),&,(17/<7+,&.726(&85($'(16(67$1'2)/,9(*5$667+(62'6+$//%(/,9()5(6+$1'81,1-85('$77+(7,0(2)3/$17,1*$1'6+$//%( 5($621$%/<)5((2):(('6$1'27+(5*5$66(67+(5(&(,9,1**5281'685)$&(6+$//%(*5$'('723523(5(/(9$7,216)5((2)/$5*(92,'652276 :(('6253$7&+(62)(;,67,1**5$668321/$<,1*7+((17,5($5($6+$//%(52//('7+2528*+/<$//62''('$5($6$5(72%(:$7(5('72.((362'$/,9( 817,/7+(&2175$&725,6&/26('287'($'62'6+$//%(5(3/$&('%<&2175$&725 (0%$1.0(17&216758&7,21 52$':$<(0%$1.0(17&216758&7,216+$//&216,672)$//7+((0%$1.0(17&216758&7,215(48,5(')257+(352326('52$':$<$1'253$5.,1*/27 %8,/',1*3$'6',7&+(6$1'6:$/(6,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21(0%$1.0(1766+$//%( &216758&7(')5200$7(5,$/&217$,1,1*1208&.67803652276%586+9(*(7$%/(0$77(558%%,6+2527+(5'(/(7(5,2860$7(5,$/67+$7:,//127 &203$&772$68,7$%/((1'85,1*52$'%('(;,67,1*($57+685)$&(66+$//%(&203$&7('3522)52//('35,25723/$&(0(172)$1<(0%$1.0(17 0$7(5,$/ 0$7(5,$/ 81/(6627+(5:,6(63(&,),('0$7(5,$/6+$//%(7<3(0$7(5,$/ &203$&7,21 &203$&7('/,)760,1,0800$;,080'5<'(16,7< $$6+727  0,10$;'(16,7<$'-$&(17726758&785(6:,7+,13$9('$5($6 &203(16$7,21&203(16$7,21)257+((0%$1.0(17&216758&7,216+$//%(0$'()8//<%<7+(%,',7(06)25%2552:(;&$9$7,21  3(5&< *5$',1* 3(5/)2)52$':$<253(5$&5(2)6,7( $1'5(*8/$5(;&$9$7,21 3(5&< :+(1$33/,&$%/( (0%$1.0(17$1'%$&.),//0$7(5,$/ 7<3(:(//*5$'('&586+('6721(25&586+('*5$9(/ $670&$*5$'$7,21 72126,(9( 7<3(6$1'<0$7(5,$/$1'0$<%(81&/$66,),('0$7(5,$/2%7$,1(')520&2175$&725 6(;&$9$7,216$1'$33529('%<7+((1*,1((57+,60$7(5,$/6+$// %()5(()520:22'52276+80863($708&.$1'27+(525*$1,&0$7(5,$/6$1'6+$//127&217$,1&/2'66721(60$6215<58%%/(257+( /,.(*5($7(57+$1,1&+(6,1',$0(7(5 7<3(6(/(&7*5$18/$56$1'0$7(5,$/)5((2)25*$1,&6:,7+/(667+$1),1(63$66,1*7+(126,(9( 67$.,1* &216758&7,2167$.,1*6+$//%(7+(5(63216,%,/,7<2)7+(&2175$&725 67$%,/,=,1* 67$%,/,=('68%*5$'(6+$//%(&216758&7('727+()/25,'$%($5,1*9$/8(25/%5$63(53/$1)257+('(37+$1'/,0,766+2:1217+(3/$1$1',1 $&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21$//67$%,/,=('$5($66+$//%(&203$&7('72$7/($672)7+( 0$;,080'(16,7<$6'(7(50,1('%<$$6+727$//0$7(5,$/6+$//%(0,;('72$+202*(1(2860$7(5,$/ %$6(&2856( 7+(%$6(6+$//%(&216758&7('2)(,7+(5/,0(52&.0$7(5,$/,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,2125 &(0(17('&248,1$6+(//0$7(5,$/,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21/,0(52&.%$6(6+$//%( &216758&7(',1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21$1'&(0(17('&248,1$6+(//%$6(6+$//%( &216758&7(',1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,217+(&2175$&7256+$//3529,'(52&.3,7 &(57,),&$7,21)25&(0(17('&248,1$6+(//0$7(5,$/%$6(6+$//%(&203$&7('72$7/($672)7+(0$;,080'(16,7<$6'(7(50,1('%<$$6+727 $1'72$1/%59$/8(:+(163(&,),('213/$16%$6(6+$//%($33529('35,257235,0(&2$7 35,0($1'7$&.&2$7 35,0($1'7$&.&2$76)257+(%$6(&2856(6+$//%(,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 $63+$/7&21&5(7(685)$&(&2856( $&6& 7<3(63 7<3(63$&6&6+$//%(&216758&7(')257+('(37+$1'/,0,766+2:1217+(3/$1,1$&&25'$1&(:,7+6(&7,216$1'2)7+( )'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 &(0(17&21&5(7(3$9(0(17 &216758&73257/$1'&(0(17&21&5(7( 7<3(,,&/$66, 3$9(0(17,121(&2856(21$35(3$5('67$%,/,=('68%*5$'(,1$&&25'$1&(:,7+6(&7,216 $1'2)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,213529,'(67((/5(,1)25&(0(17:+(163(&,),(',17+(3/$16 &85% $//&85%&216758&7,216+$//%(,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21$1',1$&&25'$1&(:,7+)'27 67$1'$5'3/$16/$7(67(',7,21,1'(;123529,'(&2175$&7,21-2,176$7)2272&0$;,08075$16,7,21(1'62)&85%)520)8//72=(52 +(,*+76,1)((7&85%&875$0366+$//%(,1$&&25'$1&(:,7+)'2767$1'$5'3/$16/$7(67(',7,21,1'(;12 7(67,1* 7+(&2175$&7256+$//5(7$,17+(6(59,&(62)$1$33529(',1'(3(1'(177(67,1*/$%25$725<72&21'8&7$//5(48,5('7(67621(0%$1.0(1768%*5$'( %$6(3,3(%$&.),//$1'685)$&(&2856(0$7(5,$/67(675(68/760867%(68%0,77('35,2572$1<5(48(67)253$<0(17217+($%29(,7(06 7+(6&+('8/()257(67,1*7+(52$'3$9(0(17$5($6&216758&7,216+$//%($6)2//2:6 $(0%$1.0(17 '(16,7<7(6766+$//%(7$.(1$7$0$;,0802)6),17(59$/6)25($&+/,)76&216758&7(' $1'$7$//(;,67,1*3522)52//('($57+685)$&(6 %68%*5$'(   )%9/%5 3(53/$1 7(676+$//%(7$.(1$7,17(59$/62)127025(7+$16)6)25 &/26(5$60,*+7%(1(&(66$5<,17+((9(172)9$5,$7,216,168%62,/&21',7,216 0,12)3(5-2%   '(16,7<7(6766+$//%(7$.(1$7,17(59$/62)127025(7+$16)25&/26(5$60,*+7%( 1(&(66$5< &%$6(   )%9/%5 3(53/$1 7(676+$//%(7$.(1$7,17(59$/62)127025(7+$16)6)25 &/26(5 0,12)3(5-2%   '(16,7<7(6766+$//%(7$.(1$7,17(59$/62)127025(7+$16)25&/26(5$60,*+7%( 1(&(66$5< '3,3(%$&.),// '(16,7<7(6766+$//%(7$.(1$7$0$;,0802))7,17(59$/6 $%29(3,3( %(/2:*5$'(0,1 $1'$73,3('(37+6*5($7(57+$1)7$1$'',7,21$/7(676+$//%(7$.(1$70,''(37+2)%$&.),// (6758&785(6 $0,1,0802)'(16,7<7(676+$//%(3(5)250(',17+(67$%,/,=('68%*5$'($1':,7+,17+( %$&.),//)25($&+/,)7$'-$&(1772($&+6758&785(,167$//(' )%8,/',1*3$' $663(&,),(',1$5&+,7(&785$/3/$16 *&85%3$'6'(16,7<7(676+$//%(7$.(1$7$0$;,0802))7,17(59$/6 $//7(6766+$//%(3$,')25%<7+(&2175$&725 &/($183 7+(&2175$&72508673529,'(&/($1832)(;&(66&216758&7,210$7(5,$/8321&203/(7,212)7+(352-(&77+(6,7(0867%(/()7,1$1($7&/($1 *5$'('&21',7,21 '5$,1$*(6758&785(63(&,),&$7,216 67250,1/(76$1'0$1+2/(66+$//%(&216758&7(',1*(1(5$/$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 &21&5(7(6+$//+$9($0,1,080'$<&2035(66,9(675(1*7+2)36,$//5(,1)25&,1*67((/72%($670$*5$'()< 36,$1'6+$//%( +$1'/('$1'3/$&(',1$&&25'$1&(:,7+$&,35(&$67&21&5(7(0$1+2/(6$1'67250,1/(760$<%(86('83217+((1*,1((5 6$33529$/2)7+( 0$18)$&785(5 66+23'5$:,1*6 35(&$67,1/(760$1+2/(6 $//67250,1/(766+$//%(35(&$675(,1)25&('&21&5(7(,1$&&25'$1&(:,7+$33/,&$%/(5()(5(1&(672)'27'5$:,1*6,17+()'2767$1'$5'3/$16 /$7(67(',7,217<3(,,3257/$1'&(0(176+$//%(86(',17+(&21&5(7(0,;&21&5(7(6+$//+$9($0,1,080&2035(66,9(675(1*7+$7'$<62)36, &8/9(573,3(6 ,167$//3,3(&8/9(576$1'672506(:(56,1$&&25'$1&(:,7+6(&7,21 $1'5(/$7('6(&7,216 2)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21$7 7+(/2&$7,216'(3,&7(',17+(3/$16)851,6+$1',167$//6$1'7,*+7 :$7(57,*+77236, 3,3(-2,176$1'3,3(6758&785(-2,176$//-2,1766+$//%( *$6.(7('5(,1)25&('&21&5(7(3,3(6 5&3 6+$//%(,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 &2558*$7('$/80,1803,3(6+$//%(,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21$'6 &2558*$7(' 32/<(7+</(1( 6+$//%(,1$&&25'$1&(:,7+6(&7,212)7+()'2767$1'$5'63(&,),&$7,216/$7(67(',7,21 %$&.),//,1*29(53,3(&8/9(57$1'672506(:(566+$//%(&203/(7(',10$;,080/,)76727+(635,1*/,1(0$;,080/,)7672$32,17$%29(7+( 3,3($1',1/,)76%(<21'&203$&7('72$0,1,0802)2)0$;,080'5<'(16,7<7<3(0$7(5,$/6+$//%(86(')25$//%$&.),//81/(6627+(5:,6( 63(&,),(',17+(3/$1625%<7+((1*,1((5 )851,6+$1',167$//),/7(5)$%5,&-$&.(7$5281'$//3,3(-2,176$1'7+(-2,17%(7:((17+(3,3($1'7+(6758&785(,1$&&25'$1&(:,7+)'2767$1'$5' 3/$16/$7(67(',7,21,1'(;1286()$%5,&0((7,1*7+(3+<6,&$/5(48,5(0(1762)7<3(63(&,),('217+()'2767$1'$5'3/$16/$7(67(',7,21 ,1'(;127+()$%5,&6+$//(;7(1'$0,180802),1&+(6 00 %(<21'($&+6,'(2)7+(-2,1725%27+('*(62)7+(&283/,1*%$1',)$ &283/,1*%$1',686('7+()$%5,&6+$//+$9($0,18080:,'7+2),1&+(6 00 $1'$/(1*7+68)),&,(17723529,'($0,1,08029(5/$32),1&+(6 00 6(&85(7+(),/7(5)$%5,&-$&.(7$*$,1677+(2876,'(2)7+(3,3(%<0(7$/253/$67,&675$33,1*25%<27+(50(7+2'6$33529('7+(7+( (1*,1((5 &21&5(7( 81/(6627+(5:,6(63(&,),('25,1',&$7('$//&21&5(7(6+$//+$9($0,1,080&2035(66,9(675(1*7+$7'$<62)36,$//:25.6+$//&203/<:,7+ 7+(&855(17(',7,212)7+($0(5,&$1&21&5(7(,167,787( $&, %8,/',1*&2'($1'7+($33/,&$%/(%8,/',1*&2'(6+$9,1*-85,6',&7,21,17+($5($ 5(&25''5$:,1*6 &2175$&7256+$//.((3$1'0$,17$,15(&25''5$:,1*6217+(352-(&76,7($7$//7,0(6:+,&+6+$//%($1127$7('%<7+(&2175$&725'(3,&7,1*$1< &+$1*(60$'(,17+(),(/':+,&+',))(5)5207+(&2175$&7'5$:,1*65(&25''5$:,1*66+$//,1&/8'(%87$5(127/,0,7('72+25,=217$//2&$7,21 $1'9(57,&$/(/(9$7,212),19(57$1'7232)&8/9(5766(:(50$1+2/(6'5$,1$*(6758&785(6,1/(7687,/,7<0$,16$1'$6%8,/762)$///$.(%$1.6 /27%/'*3$'66:$/(6%(506&85%63$9(0(176,'(:$/.6'(3,&7,1*+25,=217$//2&$7,21$1'(/(9$7,216&2175$&7256+$//68%0,7&203/(7($1' ),1$/5(&25''5$:,1*672(1*,1((58321&203/(7,212)352-(&7$1'35,2572),1$/,163(&7,21$1'),1$/3$<0(17 7+(&2175$&7256+$//%(5(48,5('72+$9($6859(<253529,'(&(57,),('5(&25''5$:,1*6$6%8,/767+(6('5$:,1*66+$//%(3529,'(',1$1$&$' (/(&7521,&),/($6:(//$6216,*1('6($/('+$5'&23,(67+($6%8,/7608670((7,5&87,/,7<'(37&5,7(5,$)25:$7(50$,1$1'6(:(5$6%8,/76 ,1&/8',1*7,(67267$7(3/$1(&225',1$7(6 ,163(&7,21 0,1,080&216758&7,21,163(&7,21&+(&.32,1767+((1*,1((56+$//%(127,),('+2856,1$'9$1&( $35,2572$1<0$-25'(9,$7,21)5207+($33529('3/$16 %35,2572%$&.),//,1*$1<3,3(75(1&+(6 &8321&203/(7,212)68%*5$'($1'&203$&7,21 '35,25723285,1*&85%66,'(:$/.62527+(5)/$7:25. (8321%(*,11,1*2)635($',1*2)52&.%$6(0$7(5,$/ )8321&203/(7,212)*5$',1*$1'&203$&7,212)%$6(0$7(5,$/$1'35,257235,0,1* *,00(',$7(/<35,2572$1'8321$33/,&$7,212)$&6& +8321&203/(7,212)&216758&7,21 $&&(37$%/(7(675(68/760867%(3529,'('727+((1*,1((535,2572&200(1&,1*68&&(66,9(67(362)&216758&7,21,1&/8',1*  3,3(%$&.),//$1'(0%$1.0(17'(16,7,(635,257268%*5$'(35(3$5$7,21  68%*5$'(7(67,1*35,2572%$6(35(3$5$7,21&21&5(7(&85%256,'(:$/.&216758&7,21  %$6(7(67,1*35,2572$33/,&$7,212)685)$&(&2856( :+(5(5()(5(1&(6$5(0$'(7252$':$<&216758&7,21,7,6,17(1'('72,1',&$7(&216758&7,21)2552$':$<6$1'253$5.,1*/276'5,9(:$<6 75$)),&3$9(0(170$5.,1*127(6  $//3$5.,1*63$&(0$5.,1*6$1'52$':$<0$5.,1*62135,9$7('5,9(:$<6675((76:,7+7+((;&(37,21727+(+$1',&$33(' 3$5.,1*63$&(66+$//%(0$5.(',15()/(&725,=('75$)),&3$,17$1'%(,1$&&25'$1&(:,7+7+()/25,'$'(3$570(172) 75$163257$7,21 667$1'$5'63(&,),&$7,216)2552$'$1'%5,'*(&216758&7,21/$7(67(',7,21  $//+$1',&$33('3$5.,1*63$&(66+$//%(3523(5/<6,*1('$1'0$5.(',1$&&25'$1&(:,7+7+()'2767$1'$5'3/$16/$7(67(',7,21,1'(;12   75$)),&)/2:$552:67+583$5.,1*$5($6$5()25',5(&7,21$1'$5(72%(3$,17('  6723%$566+$//%(:,'(  $//6,*16$1'3$9(0(170$5.,1*66+$//%(,1$&&25'$1&(:,7+)'2767$1'$5'3/$16)2552$'&216758&7,21087&'$1',1',$15,9(5&2817< '5$:,1*6)253$9(0(170$5.,1*66,*1,1* *(20(75,&6$///$7(67(',7,216  $//3$9(0(170$5.,1*6:,7+,138%/,&5,*+72):$<$1'35,9$7(52$''5,9(:$<6 )52038%/,&5,*+72):$<6+$//%((;758'('7<3( $/.<'%$6(7+(5023/$67,&$1'6+$//%(,1$&&25'$1&(:,7+7+()/25,'$'(3$570(172)75$163257$7,21 663(&,),&$7,216)2552$'$1' %5,'*(&216758&7,21  63(&,$/0$5.,1*6 &5266:$/.6723%$5652$':$<&217,18286675,3,1*7+58$552:63$9(0(170$5.,1*6)2575$)),& 6(3$5$7256(7& 6+$//%(,1$&&25'$1&(:,7+7+()'2767$1'$5'3/$16/$7(67(',7,21,1'(;12 6,*16  $//6,*166+$//%(&216758&7(',1$&&25'$1&(:,7+7+(0$18$/2)81,)25075$)),&&21752/'(9,&(6$1',1',$15,9(5&2817<'5$:,1*6)25 3$9(0(170$5.,1*66,*1,1* *(20(75,&6$///$7(67(',7,216  $//6,*166+$//%(7<3( & 6,1*/(&2/801*5281'6,*16,1$&&25'$1&(:,7+)'2767$1'$5'3/$16/$7(67(',7,21,1'(;12:,1'/2$'6+$// %(=21( 03+   $//6,*163/$&(0(176+$//%(,1$&&25'$1&(:,7+)'2767$1'$5'3/$16/$7(67(',7,21,1'(;12$1',5&7<3,&$/'5$:,1*6)253$9(0(17 0$5.,1*66,*1,1* *(20(75,&6 $'',7,21$/63(&,),&$7,216)25:25.:,7+,1$38%/,&52:  $//0$7(5,$/6$1'&216758&7,21:,7+,138%/,&5,*+72):$<6+$//&21)250727+()'2767$1'$5'3/$16 /$7(67(',7,21  )'2767$1'$5' 63(&,),&$7,216 /$7(67(',7,21 $1'7+(6833/(0(1767+(5(72  7+($33/,&$176(1*,1((55(63216,%/()25&216758&7,21,163(&7,216+$//,1685(7+$77+(0$,17(1$1&(2)75$)),&3/$1 027 )257+(352-(&7,6,1 $&&25'$1&(:,7+7+($33/,&$%/()'2767$1'$5'3/$16/$7(67(',7,21 ;;;6(5,(6 $1'7+(6('2&80(1767+(0$18$/2181,)25075$)),& &21752/'(9,&(6)25675((76$1'+,*+:$<6 86'(3$570(172)75$163257$7,21)+:$ 7+(&2175$&7256+$//3529,'(1(&(66$5<027$6 63(&,),(',17+(3/$16$1'3(50,76$1'$6',5(&7(',17+(),(/'%<7+((1*,1((52538%/,&:25.6)'275(35(6(17$7,9(  $77+((1'2)($&+:25.3(5,2'$1<'5232)),17+($5($$'-$&(17727+(75$9(/:$<2)7+(67$7(52$'6+$//%(%$&.),//(',1$&&25'$1&(:,7+ )'2767$1'$5'3/$16/$7(67(',7,21 ;;;6(5,(6 256+$//%(27+(5:,6(3527(&7(':,7+7(0325$5<%$55,(5:$//$77+(&2175$&7256 (;3(16(  ,)7+(3(50,77(':25.,621$52$':$<7+$7+$6%((16(/(&7('$6$+855,&$1(25',6$67(5(9$&8$7,215287(7+($33/,&$17$77+( 35(&216758&7,21&21)(5(1&(,65(48,5('7235(6(17$63$572)7+(:25.3/$1$1(0(5*(1&<)81&7,21$/5(6725$7,213/$172$''5(66 (9(178$/,7,(668&+$6+855,&$1(6  7+(&2175$&7250867&$//7+($335235,$7(&2817<75$)),&(1*,1((5,1*',9,6,21+$9,1*-85,6',&7,2129(57+(352-(&7$7/($67+2856%()25( $1<(;&$9$7,21:,7+,17+()'275,*+72):$<72'(7(50,1(7+(/2&$7,212)7+((;,67,1*75$)),&6,*1$/,17(5&211(&7&$%/(  7+(/2&$7,212)(;,67,1*87,/,7,(66+2:1$5($3352;,0$7(21/<7+((;$&7/2&$7,216+$//%('(7(50,1('%<7+(&2175$&725'85,1* &216758&7,21 5(/2&$7,212)87,/,7,(66+$//%(&225',1$7(':,7+87,/,7<&203$1,(6$)7(5,'(17,),&$7,212)&21)/,&7%<&2175$&725&2175$&725:,//127,)< (1*,1((5,1$'9$1&(%()25($1<5(/2&$7,21  %()25(3(50,7$33529$/$1'&216758&7,212)7+,6352-(&77+($33/,&$170867&217$&77+()/25,'$'(3$570(172)75$163257$7,21/2&$/ 0$,17(1$1&(2)),&(726&+('8/($35(&216758&7,210((7,1*7+(7(/(3+21(180%(5,625  7+($33/,&$17$77+(($5/,(67&219(1,(177,0(6+$//127,)<,1:5,7,1*$//5,*+72):$<86(56$))(&7('%<7+(&216758&7,212)7+,6352-(&7  $//&85%&875$0360867)$&(,17+(',5(&7,212)3('(675,$175$9(/  $//027/$1(&/2685(6,*166+$//%(&29(5(':+(1/$1(6$5(127&/26('12/$1(6$5(72%(&/26('%()25($0$1'$///$1(6$5(7223(1(' %<30  3$9(0(1763(&,),&$7,210$7&+(;,67,1*7<3($1''(37+2)$63+$/7720$;,080,1&/8',1*)5,&7,21&2856(  7+(/2&$/0(',$6+$//%(&217$&7('$:((.35,2572$1</$1(&/2685(6217+(67$7(52$'6<67(0$6,7:,//2&&85'85,1*3($.+28562529(57+( 63$12)025(7+$121('$<&217$&7%$5%$5$.(//(+(5)'2738%/,&,1)250$7,212)),&($7)25*8,'$1&(21:+272&217$&73529,'($ &23<2)7+(35(665(/($6(72 )/25,'$'(3$570(172)75$163257$7,21 38%/,&,1)250$7,212)),&( :(67&200(5&,$/%28/(9$5' )257/$8'(5'$/()/25,'$  &217$&77+(&,7<2)6(%$67,$1)25$///$1(&/2685(67238%/,&52$'6:,7+,1,76-85,6',&7,21  &85%75$16,7,21 176 7<3( ' &85% ('*(2)3$9(0(17 )/86+&85%  75$ 1 6 , 7 , 2 1 (23*5$'(7+,6&255(6321'6 72723(/(9$7,21/,67('21 6&+('8/( 3$9(0(17    7 < 3  %2 7 + 6, ' ( 6  5          02',),('0,$0,&85%'(7$,/ 176 127(6  )25&85%*877(5$1'&85%$1'*877(53529,'(-2,176$7 &(17(56 0$; &2175$&7,21-2,176$'-$&(1772&21&5(7(3$9(0(17 217$1*(176$1')/$7&859(6$5(720$7&+7+(3$9(0(17-2,176 :,7+,17(50(',$7(-2,17612772(;&((' &(17(56 &85%*877(5$1'&85% *877(5(;3$16,21-2,176 6+$//%(/2&$7(',1$&&25'$1&(:,7+6(&7,212) 7+(67$1'$5'63(&,),&$7,216  (1'62)&85%67<3(6%$1''6+$//75$16,7,21)520)8//72=(52 +(,*+76,1)((7 127()2586($'-$&(1772&21&5(7(25)/(;,%/(3$9(0(17&21&5(7(6+2:1 )25'(7$,/6'(3,&7,1*86$*($'-$&(1772)/(;,%/(3$9(0(176((&21&5(7( -2,17'(7$,/(;3$16,21-2,1735()250('-2,17),//(5$1'-2,176($/$5( 5(48,5('%(7:((1&85% *877(5$1'&21&5(7(3$9(0(1721/< 6((&21&5(7(-2,17'(7$,/ 685)$&(21/2:6,'(2) 3$9(0(1772%( $%29(/,3 2)*877(5685)$&(21+,*+6,'( 72%()/86+:,7+/,32)&85%25 &85%$1'*877(5 6/23(9$5,(6 )/(;,%/(3$9(0(17  ǻ ǻ$33/,(672%27++,*+$1'/2:6,'(2)3$9(0(17/2:6,'(6+2:1 &85%$1'*877(5$1'7<3($&85% $'-$&(1772)/(;,%/(3$9(0(17 (1'2)&85%    5 ('*(2)3$9(0(17 3/$1 ('*(2)3$9(0(17 3/$1 7232)&85% *877(5 352),/( )/$5('(1'   75$16,7,21 7232)&85% *877(5  75$16,7,21 352),/( 675$,*+7(1' &85%$1'*877(57<3(6( ) 02',),('7<3()   67' 0,1          55 5 :+(186('21+,*+6,'(2)52$':$<6 7+(&52666/23(2)7+(*877(56+$// 0$7&+7+(&52666/23(2)$'-$&(17 3$9(0(177+(7+,&.1(662)7+(/,3 6+$//%(81/(6627+(5:,6(6+2:1 213/$16 7<3()   67' 0,1          55 5 7<3('      -2,176($/ &21&5(7( 3$9(0(17 5 5 (;3$16,21-2,17 35()250('-2,17 ),//(5 '523&85%$.$0,$0,&85% 127(72%(3$,')25$63$5(17&85% 67' 0,1     6/23(72 ),7'5,9(:$< 55  525$66+2:1213/$16 (;3$16,21-2,17         )8785(&85%$1' *877(5&216758&7,21 3/$1 $ $ % %& & &85%$1'*877(59$//(<*877(5 6(&7,21$$ 6(&7,21%% 6(&7,21&& 9$//(<*877(5           67' 0,1 55 67' 0,1  5        5 5       67' 0,1 5   5 5           &85%'(7$,/663(&,),&$7,216 176)'276,'(:$/.'(7$,/63(5,1'(; 6  ',0(16,21$/)($785()25 38%/,&6,'(:$/.&85%5$036)25 /,1($53('(675,$175$)),& ',0(16,21$/)($785()25 38%/,&6,'(:$/.&85%:+(5(5$03 $1'/$1',1*'(37+$5( 5(675,&7('%<5,*+72):$< 7<3,&$/3/$&(0(172)38%/,&6,'(:$/.&85%5$036$7&85%(' 5(78516 )'27,1'(; 5$03:,'7+6)25&85%5$036 &5 0$<%( 5('8&('72 0,1,15(675,&7(' &21',7,216:+(1$33529('%<7+( (1*,1((5 /2:(5/$1',1*1275(48,5('$7'5,9(:$<6 3$5.,1*/2762527+(5$5($6:,7+ 3$9(0(17&52666/23(6/(667+$1    %$&.2)6,'(:$/. $/,*10(179$5,$7,216                       0$<%(5('8&('72 ,15(675,&7('&21',7,216:+(1 $33529('%<7+((1*,1((5  0,1)8// +(,*+7&85% :+(1&5266:$/.0$5.,1*$5(5(48,5('5$03 58160867)$//:,7+,1&5266:$/./,0,76$1' :+(5(35$&7,&$/%(3$5$//(/:,7+7+( 352-(&7('&5266:$/.$/,*10(177+(%27720 2)7+(5$03%(<21'7+(&85%/,1(6+$//+$9( $&/($563$&(0,1,080:,7+,17+( 0$5.,1*62)$0$5.('&5266:$/.,)12 &5266:$/.0$5.,1*6$5(35(6(177+( %277202)7+(5$03%(<21'7+(&85%5$03 6+$//+$9($&/($563$&(0,1,0802876,'( $&7,9(75$)),&/$1(6 Ƒ&5266:$/.:,'7+6$1'&21),*85$7,219$5< 0867&21)25072,1'(;12$1' Ƒ Ƒ  0$;                  Ƒ Ƒ  0,1)8// +(,*+7&85% )25%$&.2)6,'(:$/. &85%25%8))(575$16,7,216 $1')255$03$1'6,'(:$/. &85%237,2166(()'27 '(6,*1,1'(;6+((7 127($3257,212)21(25%27+5$0360$< (;7(1'2876,'(7+(5(7851 /,1($56,'(:$/.5$036 87,/,7<675,3 785128725 6,'(675((7 20,7-2,17621 &85%5$036 5$03$1'6,'(:$/.&85%  5 5$03:,'7+  0,1      /$1',1* 6,'( : $ / .  6 7 '  87,/   6 7 5 , 3 *5$ 6 6  2 5  3 $ 9 7   0 , 1  6, ' ( : $ / .  : , 7 +  & 8 5 % ( '  5 ( 7 8 5 1 6    !   87,/ 6,'( : $ / .  67 '  5$ 0 3  $ 1 '  6 , ' ( : $ / .  & 8 5 % /$ 1 ' , 1 *  ) / $ 7   0 , 1  &5*  0$; 5( 9   3 ( 5           & 2 6  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6           50      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P 3$ 9 , 1 *  $ 1 ' *5 $ ' , 1 *  ' ( 7 $ , / 6 &2 1 7   672500$1+2/( 176 )5$0($1'&29(5'(7$,/ 6(&7,21  5()(572)'27'(6,*167$1'$5'6,1'(; 127(6  &2175$&72572&216758&7'5$,1$*( 6758&785(6:,7+86)*5$7(65,06$1'&29(56 $6&$//('28725$33529('(48$/6+23 '5$:,1*6$5(72%(3529,'('72(1*,1((5)25 $33529$/35,2572$1<&216758&7,21  &2175$&725725()(572)'27'(6,*167$1'$5' $1'127/,0,7('72 ,1'(;  )250$1+2/(,1/(7$1'*5$7(63(&,),&$7,216  $//'5$,1$*(6758&785(66+$//%(&216758&7(' :,7+  6,'('%($5,1*$1'+($9<'87<75$)),& 5,06$1'*5$7(6  $//(;,67,1*3$9(0(17$1'&21&5(7(72%( -2,1('6+$//%(6$:&87  6,'(:$/.66+$//127(;&(('&52666/23(,1 $1<',5(&7,21  6327(/(9$7,216$5($7('*(2)3$9(0(17 81/(6627+(5:,6(127('  0$;,080&8725),//6/23(6,6+981/(66 27+(5:,6(127('  $//7+((/(9$7,2166+2:1$5(),1,6+('*5$'( (/(9$7,216  &2175$&7257268%75$&73$9(0(177+,&.1(66 $1')/2256/$%7+,&.1(66)2568%*5$'( (/(9$7,216  &2175$&7256+$//5()(572$5&+,7(&785$/$1' 3/80%,1*3/$16)25(;$&7/2&$7,216$1' ',0(16,2162)$//9(67,%8/(66,'(:$/.6(;,7 325&+(65$036758&.'2&.635(&,6(%8,/',1* ',0(16,216$1'(;$&787,/,7<(175$1&( /2&$7,216  &2175$&7256+$//&216758&70$1+2/(217<3( - 25 3 6758&785( %27720:+(13,3(48$17,7<$1'25',$0(7(5 5(48,5(6/$5*(5',$0(7(50$1+2/(72 $&&2002'$7(7+(3,3( %5,&.72*5$'( $65(48,5(' 0$1+2/()5$0($1'&29(5 72%((48$/7286) 0)*&253 86):7<3( & &29(5 6(('(7$,/$%29()25 723(/(9$7,21 #2&(: :+22.6 #2&(: #2&(: :+22.6  25 ',$ $65(48,5('  7<3  '( 3 7 +  $ 6  5 ( 4 8 , 5 ( '  &/($5 7<3 *5$'( 127( &$67,5210$1+2/(5,1*$1'&29(56+$//%($60$18)$&785('%<86 )281'5< 0$18)$&785,1*&25386)12727$/:(,*+7/%6       67250 6(:(5 67250 6(:(5 &2175$&72572,1&/8'(1(&(66$5<39&ƒ%(1'639&&$36$1'678%2876,1%,' 0,6&(//$1(286&21'8,7 3$9('52$'3$5.,1* 176 39&&$3  7<3     0 , 1  ƒ%(1'   0, 1 , 0 8 0 /(1*7+5()/(&7(',1%,'7$%8/$7,21 6&+('8/(:+,7(39&      &  ,  3       3 5 ( & $ 6 7  &,3  35(&$67                  :$ / /  ' ( 3 7 +  9 $ 5 , ( 6    0 $ ;   &/   & /   &,3 35(&$67    &,3  35(&$67    &,3 35(&$67 &,3 35(&$67 &(17(52)%2; /2&$7,215()(5(1&( &,3 35(&$67 &,3 35(&$67 (<(%2/7 6(()'27 67$1'$5''(6,*1 ,1'(; %$56# 2& %$56# 2& 3/$1 6(&7,21 +25,=217$/:$//5(,1)25&,1* 6&+('8/(6 7$%/( :$//'(37+ 6&+('8/( $5($ LQð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ô´&+$0)(525 722/('72ó´5$',86  &21&5(7(,1/(73$9(0(1772%(86('21,1/(76:,7+2876/276 $1',1/(76:,7+12175$9(56$%/(6/27621/<:+(1&$//(' )25,17+(3/$16%875(48,5('21$//75$9(56$%/(6/27 ,1/(76&26772%(,1&/8'(',1&2175$&781,735,&()25,1/(76 48$17,7,(66+2:1$5()25,1)250$7,2121/<  75$9(56$%/(6/276&216758&7(',1(;,67,1*,1/(766+$//%( 3$,')25$6,1/(763$57,$/)25&219(56,21:25.$1'0(7+2' 2)3$<0(176(( 75$9(56$%/(6/27,1/(76 3$57,$/ )25 (;,67,1*,1/(76   62'',1*72%(86('21$//,1/(76127/2&$7(',13$9('$5($6 $1'3$,')2581'(5&2175$&781,735,&()253(5)250$1&( 785)6<  )256833/(0(17$5<'(7$,/66(()'2767$1'$5',1'(;'(7$,/   $//5(,1)2&,1*,6*5$'(%$56:,7+´0,1&29(581/(66 27+(5:,6(127('%$5672%(&8725%(17)25´&/($5$1&( $5281'3,3(23(1,1*3529,'(21($'',7,21$/%$5$%29( $1'$7($&+6,'(2)3,3(23(1,1* )'277<3( & ,1/(7 6&$/(176 &8/9(577<3(3(53/$1 0,7(5('(1'6(&7,21  6,'(',7&+*5$'( 176 %,7&2$7('&036+$//%(86('$7$// 0(66(&7,216)25$'6&8/9(576 &21&-$&.(72527+(5$33529(' 75$16,7,21 )250('0(7$/%$1' 6+$//%(86('72&283/(7+(3,3(6 6(()'27,1'(;12$6 $33/,&$%/()25&216758&7,21'(7$,/6 2)0,7(5('(1''(7$,/6',0(16(7& '(3(1'217<3($1'',$2)3,3( 6,'('5$,16)'27,1'(; &5266'5$,16)'27,1'(; /,0,76 2) 62' /,0,76 2) 62' /,0,76 2) 62' /,0,76 2) 62' 62'$'-$&(1772 $//0,7(5('(1'6 9$5,(6  0,1 ('*(2)'5,9(:$< 2552$':$<    9$5,(6  0,1 &216758&7 &21&5(7( (;7(16,213(5)'27 '(6,*1,1'(; )256,'('5$,16 %$5          &  ,  3       3 5 ( & $ 6 7  &,3  35(&$67                  :$ / /  ' ( 3 7 +  9 $ 5 , ( 6    0 $ ;   &/   & /   &,3 35(&$67    &,3  35(&$67    &,3 35(&$67 &,3 35(&$67 &(17(52)%2; /2&$7,215()(5(1&( &,3 35(&$67 &,3 35(&$67 (<(%2/7 6(()'27 67$1'$5''(6,*1 ,1'(; %$56# 2& %$56# 2& 6+257%$56 3/$1 6(&7,21 +25,=217$/:$//5(,1)25&,1* 6&+('8/(6 7$%/( :$//'(37+ 6&+('8/( $5($ LQð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ô´&+$0)(525722/('72ó´5$',86  &21&5(7(,1/(73$9(0(1772%(86('21,1/(76:,7+2876/276$1',1/(76:,7+12175$9(56$%/(6/27621/<:+(1&$//(')25,17+( 3/$16%875(48,5('21$//75$9(56$%/(6/27,1/(76&26772%(,1&/8'(',1&2175$&781,735,&()25,1/(7648$17,7,(66+2:1$5( )25,1)250$7,2121/<  75$9(56$%/(6/276&216758&7(',1(;,67,1*,1/(766+$//%(3$,')25$6,1/(763$57,$/)25&219(56,21:25.$1'0(7+2'2) 3$<0(176(( 75$9(56$%/(6/27,1/(76 3$57,$/ )25(;,67,1*,1/(76   62'',1*72%(86('21$//,1/(76127/2&$7(',13$9('$5($6$1'3$,')2581'(5&2175$&781,735,&()253(5)250$1&(785)6<  )256833/(0(17$5<'(7$,/66(()'2767$1'$5',1'(;'(7$,/  $//5(,1)2&,1*,6*5$'(%$56:,7+´0,1&29(581/(6627+(5:,6(127('%$5672%(&8725%(17)25´&/($5$1&($5281' 3,3(23(1,1*3529,'(21($'',7,21$/%$5$%29($1'$7($&+6,'(2)3,3(23(1,1* )'277<3( ( ,1/(7 6&$/(176 +25,=217$/ :$//5(,1) 6((7$%/( *5$7(                             7<3((&$67,521*5$7( $3352;:(,*+7/EV    &,3  35(&$67       &  ,  3       3 5 ( & $ 6 7  & ,  3  35 ( & $ 6 7  & ,  3  35 ( & $ 6 7         &,3 35(&$67 &(17(52)%2; /2&$7,215()(5(1&(        & / ( $ 5 &/($5 (<(%2/7 6(()'27 67$1'$5''(6,*1 ,1'(; % % $$ 3/$1   0 , 1  0, 1   ) 8 / / :$ / /  7 + , & . 1 ( 6 6   0 , 1  7 < 3   0,1  0 , 1  0, 1   ) 8 / / :$ / /  7 + , & . 1 ( 6 6       & /  &/ 3,3( 0$6215<6($/ )2535(&$67,1/(76 6(()'27,1'(; (;75$ %$5($&+6,'( $1'$%29( 3,3(23(1,1*6 3,3(23(1,1*6&+(0$7,& 6(&7,21$$6(&7,21%% 6(&7,21&& 6(&7,21'' %$56# 2& %$56#2& 6/$% 252& 35(&$676/$% %$56# 2&         &+$0)(525 5$',86 &+$0)(525 5$',86   &,3 35(&$67  &/($5 &/($5 %$56#2&:$ / /  ' ( 3 7 +  9 $ 5 , ( 6    0 $ ;  &2 1 6 7 5 8 & 7 , 2 1  - 2 , 1 7 6 3( 5 0 , 7 7 ( '  % ( 7 : ( ( 1  7 + ( 6 ( /, 0 , 7 6    6 ( (  ) ' 2 7  , 1 ' ( ;      )2 5  0 , 1   ' , 0 ( 1 6 , 2 1 6  35 ( & $ 6 7 25  &  ,  3  35 ( & $ 6 7 +25,=:$// 5(,1)25&,1* 6((7$%/( &+$0)(525 5$',86 &+$0)(525 5$',86           &,3 35(&$67 &,3 35(&$67          35 ( & $ 6 7 25  &  ,  3  35 ( & $ 6 7 %$56# 2&    0 , 1  &/ &/    & /    63$&(6%$56 [[ [[ & &'      7<3()67((/*5$7( 675$,*+7%$56[ 5(7,&8/,1(%$56[ 62' &21&5(7(3$9(0(17 62'     62'21/< 3$9(0(17$1'62'       127(6  3$9(0(17$1'2562'72%(86('21/<:+(5(&$//(')25,17+(3/$16  &2672)3$9,1*72%(,1&/8'(',1&2672),1/(7 3$9(0(17$1'62''',1* ,1/(7 62' 6< ) ,1/(7 62' 6< 3$907 &< )   )25(67,0$7,1* 385326('21/< +25,=217$/:$//5(,1)25&,1* 6&+('8/(67<3( ) ,1/(7 7$%/( :$//'(37+ 6&+('8/( $5($ LQðIW 0$;63$&,1* %$56 ::)   $   $   %   63(&,$/ 5(&200(1'('0$;,0803,3(6,=(6 ,1/(7,16,'(:,'7+3,3(6,=(   7<3()    7<3()  127( 5(&200(1'('6,=(6$5()25&21&5(7(3,3(6,=(6 )2527+(57<3(62)3,3(0867%(9(5,),(')25),7 ,1$&&25'$1&(:,7+)'2767$1'$5',1'(; )25/$5*(53,3(6,=(66((127( *(1(5$/127(6  7+(6(,1/(76$5('(6,*1(')2586(,1',7&+(60(',$163$9(0(17 $5($62527+(5$5($668%-(&772+($9<:+((//2$'60,1,0$/ '(%5,6$1'%,&<&/(75$)),&7+,6,1/(70$<%(3/$&(',1$5($6 68%-(&7722&&$6,21$/3('(675,$175$)),&68&+$6/$1'6&$3(' $5($6$1'3$9(0(17$5($6:+(5(3('(675,$16&$1:$/.$5281' 7+(,1/(7:+(1,1/(7,63/$&(',1$5($668%-(&772%,&<&/( 75$)),&,167$//),//(5%$5:+(1&/($5$1&(25*$3,6*5($7(5 7+$1$66+2:1,1)'2767$1'$5',1'(;,16(7%  :+(1$/7(51$7(**5$7(,663(&,),(',13/$167+(*5$7(,672%( +27',3*$/9$1,=('$)7(5)$%5,&$7,21  7+(6(,1/(760$<%(86(':,7+$/7(51$7(%6758&785(%277206 )'2767$1'$5',1'(;7+(,1/(7$1'%27720&20%,1$7,216 $5(72%(3$,')2581'(57+(&2175$&781,735,&()25,1/(76 '7 %27  7<3() -%27'(37+ ($  $//(;326('('*(6$1'&251(566+$//%(ô´&+$0)(525722/(' 72ó´5$',86  )256833/(0(17$/'(7$,/66(()'2767$1'$5',1'(;  $//5(,1)2&,1*,6*5$'(%$56:,7+´0,1&29(581/(66 27+(5:,6(127('%$5672%(&8725%(17)25´&/($5$1&( $5281'3,3(23(1,1*3529,'(21($'',7,21$/%$5$%29($1' $7($&+6,'(2)3,3(23(1,1*  $//',0(16,216$5()25%27+35(&$67$1'&$67,13/$&(,1/(76 81/(6627+(5:,6(127(')'277<3( ) ,1/(7 6&$/(176 [[ 127&+3(50,77(' $77+(237,212)7+( 0$18)$&785(5   5( 9   3 ( 5           & 2 6  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6           51      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P 3$ 9 , 1 *  $ 1 ' *5 $ ' , 1 *  ' ( 7 $ , / 6 &2 1 7  3$9('$5($6 75(1&+'(7$,/ 813$9('$5($6 176 0(&+$1,&$/&203$&7,21 127$//2:('%(/2:7+,6 /(9(/ 68%6(48(17%$&.),//0$7(5,$/6+$//0((77+(6$0( 5(48,5(0(176$6)25,1,7,$/%$&.),//(;&(377+$7,70$<%( %$&.),//('$1'&203$&7(' 0(&+$1,&$//< ,1/,)76$1'7+( 0$;$//2:$%/(',0(16,212)$1<6721(2552&.)5$*0(176 6+$//%(,1&+(6 ,1,7,$/%$&.),//7<3(0$7(5,$/6+$//%(6$1'<0$7(5,$/$1' 0$<%(81&/$66,),('0$7(5,$/2%7$,1(')520&2175$&725 6 (;&$9$7,216$1'$33529('%<7+((1*,1((57+,60$7(5,$/ 6+$//%()5(()520:22'52276+80863($708&.$1' 27+(525*$1,&0$7(5,$/6$1'6+$//127&217$,1&/2'6 6721(60$6215<58%%/(257+(/,.(*5($7(57+$1,1&+(6 ,1',$0(7(50$7(5,$/6+$//%(3/$&('$1'&203$&7(',1 /,)7683727+(635,1*/,1(2)7+(3,3($1',1/,)7672$ 32,17$%29(7+(7232)3,3( 120(&+$1,&$/&203$&7,21:,//%($//2:(')257+(,1,7,$/ %$&.),//,),17+(23,1,212)7+((1*,1((57+(7<3( 0$7(5,$/:,//1273529,'($'(48$7($1'81,)2506833257 )257+(3,3(7+(&2175$&7256+$//2%7$,1$1'3/$&(7<3( %$&.),//6(/(&7*5$18/$56$1'0$7(5,$/)5((2)25*$1,& 0$7(5,$/:,7+/(667+$1),1(63$66,1*$126,(9( 0$;:$7(5/(9(/ $//2:$%/('85,1* &216758&7,21 81',6785%(' 62,/ 0$;/$<(5625 27+(5$33529(' 0(7+2'72$&+,(9( &203$&7,21  0,1 75(1&+:,'7+ :  0,1 685)$&(5(6725$7,21 /$<(56 $7 %277202)75(1&+72%(&/$66 & %('',1* +$1'6+$3('723529,'(),50%('',1*2)7+( 81',6785%('(;,67,1*62,/)257+(3,3(,17+( -8'*(0(172)7+((1*,1((5,)7+(62,/6 (1&2817(5('$5(8168,7$%/(72$&7$6$ )281'$7,21)257+(3,3(7+(17+(&2175$&725 6+$//(;&$9$7($1'%$&.),//:,7+&/$66 % %('',1*0$7(5,$/:+,&+6+$//&216,672) (,7+(5  7<3(%$&.),//:(//*5$'('&586+(' 6721(25&586+('*5$9(/ $670&$ *5$'$7,21 72126,(9(  7<3(%$&.),//6(/(&7*5$18/$56$1' 0$7(5,$/)5((2)25*$1,&6:,7+/(667+$1 ),1(63$66,1*7+(126,(9(  3,3( 2' 75(1&+:,'7+ : 127(6  :+(5(62,/&21',7,216&$1127%(0$,17$,1('$66+2:1$%29( 3529,'($33529('0(7+2'2)&216758&7,21  6+((7,1*:,//%(5(48,5('$6'(7(50,1(',17+(),(/'  1(:685)$&,1*0$7(5,$/66+$//%(&216,67(17:,7+(;,67,1* $1'6+$//+$9(/$33('$1')($7+(5('-2,176 0,17+.  &203$&7,213(5&(17$*(66+2:15()(572$$6+727  $//52$':$<5(6725$7,216+$//&203/<:,7+/2&$/ 38%/,&:25.6)'2767$1'$5'6  75(1&+:,'7+: 3,3(2'3/86  63 0,1 %876+$// 0$7&+(;,67,1*3$9(0(17 7+,&.1(668372 0$;  5(3/$&(0(17/,0(52&.%$6( ,1/,)76$7&203$&7,21 0(&+$1,&$/&203$&7,21 127$//2:('%(/2:7+,6 /(9(/ 68%6(48(17%$&.),//0$7(5,$/6+$//0((77+(6$0( 5(48,5(0(176$6)25,1,7,$/%$&.),//(;&(377+$7,70$<%( %$&.),//('$1'&203$&7(' 0(&+$1,&$//< ,1/,)76$1'7+( 0$;$//2:$%/(',0(16,212)$1<6721(2552&.)5$*0(176 6+$//%(,1&+(6 ,1,7,$/%$&.),//7<3(0$7(5,$/6+$//%(6$1'<0$7(5,$/$1' 0$<%(81&/$66,),('0$7(5,$/2%7$,1(')520&2175$&725 6 (;&$9$7,216$1'$33529('%<7+((1*,1((57+,60$7(5,$/ 6+$//%()5(()520:22'52276+80863($708&.$1' 27+(525*$1,&0$7(5,$/6$1'6+$//127&217$,1&/2'6 6721(60$6215<58%%/(257+(/,.(*5($7(57+$1,1&+(6 ,1',$0(7(50$7(5,$/6+$//%(3/$&('$1'&203$&7(',1 /,)7683727+(635,1*/,1(2)7+(3,3($1',1/,)7672$ 32,17$%29(7+(7232)3,3( 120(&+$1,&$/&203$&7,21:,//%($//2:(')257+(,1,7,$/ %$&.),//,),17+(23,1,212)7+((1*,1((57+(7<3( 0$7(5,$/:,//1273529,'($'(48$7($1'81,)2506833257 )257+(3,3(7+(&2175$&7256+$//2%7$,1$1'3/$&(7<3( %$&.),//6(/(&7*5$18/$56$1'0$7(5,$/)5((2)25*$1,& 0$7(5,$/:,7+/(667+$1),1(63$66,1*$126,(9( 0$;:$7(5/(9(/ $//2:$%/('85,1* &216758&7,21 81',6785%(' 62,/  3,3( 2' 75(1&+:,'7+ : 0$;/$<(5625 27+(5$33529(' 0(7+2'72$&+,(9( &203$&7,21 /$<(56 $7 75(1&+:,'7+ :  0,1 685)$&(5(6725$7,21  0,1 0(&+$1,&$//<6$: (;,67,1*3$9(0(17(;,67,1* %$6( %277202)75(1&+72%(&/$66 & %('',1* +$1'6+$3('723529,'(),50%('',1*2)7+( 81',6785%('(;,67,1*62,/)257+(3,3(,17+( -8'*(0(172)7+((1*,1((5,)7+(62,/6 (1&2817(5('$5(8168,7$%/(72$&7$6$ )281'$7,21)257+(3,3(7+(17+(&2175$&725 6+$//(;&$9$7($1'%$&.),//:,7+&/$66 % %('',1*0$7(5,$/:+,&+6+$//&216,672) (,7+(5  7<3(%$&.),//:(//*5$'('&586+(' 6721(25&586+('*5$9(/ $670&$ *5$'$7,21 72126,(9(  7<3(%$&.),//6(/(&7*5$18/$56$1' 0$7(5,$/)5((2)25*$1,&6:,7+/(667+$1 ),1(63$66,1*7+(126,(9( 127(6  :+(5(62,/&21',7,216&$1127%(0$,17$,1('$66+2:1$%29( 3529,'($33529('0(7+2'2)&216758&7,21  6+((7,1*:,//%(5(48,5('$6'(7(50,1(',17+(),(/'  1(:685)$&,1*0$7(5,$/66+$//%(&216,67(17:,7+(;,67,1* $1'6+$//+$9(/$33('$1')($7+(5('-2,176 0,17+.  &203$&7,213(5&(17$*(66+2:15()(572$$6+727  $//52$':$<5(6725$7,216+$//&203/<:,7+/2&$/ 38%/,&:25.6)'2767$1'$5'6  75(1&+:,'7+: 3,3(2'3/86  5( 9   3 ( 5           & 2 6  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6           52 62/,'/,1(:,7+6.,3 <(//2:0'<530V   <<530V <(//2:    7+(5023/$67,&*25( <<503V 7<3 0(',$1 25 ,6/$1' <(//2: <(//2:'28%/( <(//2: '28%/( <(//2: <(//2:  5$',86 &5266:$/. 6723%$53/$&(0(17 7$3(5$&52666,'(675((7250$-25'5,9( 127( +$1',&$325:+((/&+$,5 $&&(665$036',&7$7( 7<3,&$/&5266:$/.3/$&(0(17 67$1'$5'&5266:$/.66+$// %(,167$//('$76,*1$/,=(' 2567236,*1&21752//(' ,17(56(&7,216$63(5'(6,*1    72 ,16,'( 3(53/$1 6+28/'(5 67$1'$5'&5266:$/. 6+28/'(5  *$30,1 ) , $ ( & & ( & 6,'(675((725&200(5&,$/'5,9(:$<  0,1 $0 0$ $ . . * -- ( . 6((127(    &+$57 ',67$1&( ;    /(1*7+62)$3352$&+675,3,1* )7 &5266+$7&+('/,1(6 ',67$1&(%(7:((1 !      /,0,7 03+ 3267('63(('= )7 &+$57    63((' 7851,1*9(+,&/(63(5+285           ! 7851,1*9(+,&/(63(5+285 !             '8$/7851/$1(6725$*( 0,1)7   03+           03+                            &+$57                                             6,1*/(7851/$1(6725$*( 0,1,080)7 &+$57 &+$57127(6 &+$57127(6  6725$*(66+2:1$5(0,1,0806,1)((7(;&/8',1* 6+$'2:  $33/,(6725,*+725/()77851/$1(66,*1$/,=('25816,*1$/,=('  (175<63(('$6680('72%(03+/(667+$163(('/,0,76725$*(/(1*7+6 &$/&8/$7('87,/,=,1*)'27,1'(;  $6680(681,)250$55,9$/6:,7+727$/48(8(',63(56$/(9(5<0,187(6    :+,7(6.,3/,1(/(1*7+   86(2)6,1*/(/()77851)2592/80(6,1(;&(662)5(48,5(6$33529$/ )5207+(&2817<75$)),&(1*,1((5  6725$*(66+2:1$5(0,1,0806,1)((7(;&/8',1* 6+$'2:  $33/,(6725,*+725/()77851/$1(6  (175<63(('$6680('72%(03+/(667+$163(('/,0,7 6725$*(/(1*7+6&$/&8/$7('87,/,=,1*)'27,1'(;  $6680(681,)250$55,9$/6:,7+727$/48(8(',63(56$/ (9(5<0,187(6$7/(9(/2)&21),'(1&(  $6680(6/$1(',675,%87,21    :+,7(6.,3/,1(/(1*7+       '28%/(62/,'/,1( $ $ . 4 ',5(&7,21 2)75$)),& ',5(&7,21 2)75$)),& ',5(&7,21 2)75$)),& ',5(&7,21 2)75$)),& ',5(&7,21 2)75$)),& ',5(&7,21 2)75$)),& ',5(&7,21 2)75$)),& ',5(&7,21 2)75$)),& ',5(&7,21 2)75$)),& ',5(&7,21 2)75$)),& ', 5 ( & 7 , 2 1 2)  7 5 $ ) ) , & ', 5 ( & 7 , 2 1 2)  7 5 $ ) ) , & ',5(&7,212)75$)),& ',5(&7,212)75$)),&  7<3 <<530V <<530V 7<3 <(//2: 7<3 '28%/(<(//2: '28%/(<(//2: < 7<3 < 7<3 9$5,(6  72  5303/$&(0(17$775$)),&6(3$5$7256'(7$,/ . 3267(' 63(('/,0,7 03+ < )((7 25/(66     25025( /(*(1' << <(//2:<(//2:530 '28%/(<(//2: 7<3  7<3 5303/$&(0(17$70(',$123(1,1*6'(7$,/ $  7+(5023/$67,&6+$//&21)250727+(5(48,5(0(1762)7+()/25,'$'2767$1'$5'63(&,),&$7,216)2552$'$1'%5,'*( &216758&7,216((6(&7,210,1,0807+,&.1(666+$//%(0,/6 $/.<'21/< (;758'('21/</($'('0$7(5,$/21/< 21$//&2817<0$,17$,1('52$':$<6  (;,67,1*52$'685)$&(6+$//%(29(5/$,'7+528*+2877+(/,0,762)&216758&7,21,)7+((;,67,1*3$9(0(170$5.,1*6 $5(,1&216,67(17:,7+7+26(352326('81/(6627+(5:,6($33529('%<&,7<2)6(%$67,$175$)),&(1*,1((5,1*  7+(5023/$67,&6+$//%(86('81/(6627+(5:,6($33529('%<&,7<2)6(%$67,$175$)),&(1*,1((5,1*  $//3$9(0(170$5.,1*66+$//%(,167$//('255(3/$&('21($&+$3352$&+:,7+7+(6$0(0$7(5,$/86('$77+( 75$16,7,21&216758&7(')25$',67$1&(3(53/$1127(672&21)250:,7+(;,67,1*52$':$<'(6,*1$6$33529('%<&,7< 2)6(%$67,$175$)),&(1*,1((5,1* 087&'%   63(('(48$/63267('63((',103+25'(6,*163((':+,&+(9(5,6*5($7(5  ',0(16,216$1'*(20(75,&/$<2876,1',&$7(',17+,6'2&80(175(35(6(170,1,0805(48,5(0(176$1''2127683(5&('( 7+(1((')25)857+(5(1*,1((5,1*'(6,*1720((77+(1(('62)63(&,),&352-(&76  3$9(0(170$5.,1*,167$//$7,2166+$//%(,1$&&25'$1&(:,7+7+()/25,'$'(3$570(172)75$163257$7,2167$1'$5' 63(&,),&$7,216)2552$'$1'%5,'*(&216758&7,217+(087&' )'2767$1'$5'3/$16)2552$'&216758&7,21 /$7(67(',7,21   $//(;,67,1*$%29(*5281'87,/,7,(6$1'$1<2%-(&76:,7+,17+(5,*+72):$<2552$'6,'(&/($5=21(:+,&+(9(5,6 *5($7(5 :,7+,17+(/,0,762)&216758&7,21 6+$//%(6+2:1217+(3$9(0(170$5.,1*3/$16  :+(186,1*&+$576%(/2:'(6,*163(('6+$//%(6+2:1217+(3/$16  75$16,7,21)5203$9('6+28/'(572(;,67,1*3$9(0(17('*(6+$//%(  ,)(;,67,1*3$9(0(170$5.,1*0$7(5,$/,6127&203$7,%/(:,7+$/.<'7+(5023/$67,&,76+$//%(5(029('35,2572 &200(1&(0(172):25.  ',67$1&(%(7:((16723%$5$1'&5266:$/.6+$//%($0,1,0802))((7  $1<3$9(0(17:,'(1,1*78512876$1'675((7,03529(0(176:,7+,1',67$1&( ;  6((&+$57%(/2: 6+$//%(6+2:1 217+(3/$16   6+28/'(566+$//%(86('211217+2528*+)$5(3/$152$':$<6  6+28/'(566+$//%(86('217+2528*+)$5(3/$152$':$<6  7+(5023/$67,&6+$//127%(,167$//('2152$':$<817,/),9(&$/(1'$5'$<6$)7(57+(),1$//,)72)$63+$/7+$6%((1 &203/(7(':,7+7+((;&(37,212))5,&7,21&2856(:+,&+6+$//%('$<625$663(&,),('%<&,7<2)6(%$67,$1 75$)),&(1*,1((5,1*  $//3$9(0(170$5.,1*66+$//+$9(5()/(&7,9,7<2)127/(667+$10,1,&$1'/(6$7,167$//$7,21  $///21*,78',1$/3$9(0(170$5.,1*66+$//%(:,'(81/(6627+(5:,6(127('3(5)'2767$1'$5'3/$16)2552$' &216758&7,2125&,7<2)6(%$67,$1'(6,*167$1'$5'6  ,)7+(352326('75$16,7,21)$//6:,7+,1',67$1&( ;  6((&+$57%(/2: 2)$1(;,67,1*7851/$1(75$16,7,217+( $5($%(7:((175$16,7,2166+$//%(&216758&7('$6$&217,18286:,'(1('6(&7,21)25*(20(75,&&217,18,7<  9$5,$7,216)5207+,667$1'$5'6+$//%($33529('%<&,7<2)6(%$67$,175$)),&(1*,1((5,1*  $//3$9(0(170$5.,1*',0(16,2160($685(727+(&(17(52)7+(3$9(0(170$5.,1*/,1(  $//3$9(0(170$5.,1*66+$//%(6+2:1726&$/(217+(3/$16  $//5()/(&7,9(3$9(0(170$5.(566+$//%($33529('%<&,7<2)6(%$67,$175$)),&(1*,1((5,1*%()25(,167$//$7,21  $//0$5.(566+$//%(&/$66%$63(5)'2767$1'$5'63(&,),&$7,216)2552$'$1'%5,'*(6(&7,21  )257:2/$1(52$':$<6'28%/(<(//2:&(17(5/,1( 581%$&. 6+$//%(,167$//('$7,17(56(&7,216$6)2//2:60,1,080 2) )25/2&$/675((76$1' )257+2528*+)$5(3/$152$':$<6  ,1',&$7(675$)),&)/2: 127$3$9(0(170$5.,1*   5()/(&72566+$//%(3/$&('$7($&+&5266+$7&+63$&,1*9$5,(6:,7+63(('$66+2:1217+,67<3,&$/'(7$,/  (32;<6+$//%(86(':+(1,167$//,1*530 621&21&5(7(12%,780,1286$'+(6,9(6+$//%(86('726(&85(530 6 7+(5023/$67,&25(32;<6+$//%(86('21$63+$/7,&685)$&(6  53066+$//%(6(721%5,'*('(&.$1'$7('*(/,1(6,1$'9$1&(2)%5,'*()25$',67$1&(2) ; )((7 6((&+$57 %(/2:   530 6$5(72%(3/$&(' ,1&+ 727+(5,*+725/()72)7+(/,1($6$33529('%<7+(&2817<   25 )'3 '(127(6)/(;,%/('(/,1($7253267  $//3$9(0(170$5.,1*0$7(5,$/6+$//%(217+($33529(''(3$570(172)75$163257$7,2148$/,7<352'8&76/,67 43/ $1'$33529('%<,5&(1*,1((5,1*%()25(,167$//$7,2121&2817<52$':$<6  5(029$/2)3$9(0(170(66$*(66+$//%(,1%/2&.67</(68&+7+$77+(0(66$*(,612/21*(5',6&(51$%/(,1$'',7,21 $//3$9(0(170$5.,1*66+$//%(5(029('%<0(&+$1,&$/*5,1',1*+<'52%/$67,1*25$627+(5:,6($33529('%<7+( 38%/,&:25.6',5(&72525+,6'(6,*1((  /$1(/,1(530 6217+( 25025( /$1(3257,212)$1<0(',$1',9,'('52$':$<6+$//%(%,',5(&7,21$/:+,7(5(' 6(( 675,3,1*.(<7 $//27+(552$':$<6,1&/8',1*7+26(:,7+%,',5(&7,21$/&(17(5/()77851/$1(66+$//86( 0212',5(&7,21$/:+,7(5306  $//3$9(0(170$5.,1*6$1'5()/(&7,9(3$9(0(170$5.(566+$//%(,1$&&25'$1&(:,7+&,7<2)6(%$67,$17<3,&$/ '5$:,1*67+(02675(&(179(56,212)7+(0$18$/2181,)25075$)),&&21752/'(9,&(6 087&' $1'7+()'27 67$1'$5'3/$16)2552$'&216758&7,21 7<3,&$/7851/$1($552: )70$;,080',67$1&(%(7:((1$552:6 /()7$1'5,*+77851/$1(6 675,3,1*.(<                    127()'3'(127(6)/(;,%/('(/,1($7253267       7 2    ,1 6 , ' ( 3( 5  3 / $ 1      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P /$ 6 7  6 $ 9 ( '                     3 0   6 $ 9 ( '  % <   / , / / <   ' 5 $ : , 1 *   -  ?    ?        0 $ ; : ( / /      6 & + 8 0 $ 1 1  ' 5  &  ' ? 3 5 2 ' 8 & 7 , 2 1  ' 5 $ : , 1 * 6 ? 3 5 ( /, 0 , 1 $ 5 <  3 / $ 7 ?        &      7 < 3 , & $ /  3 $ 9 ( 0 ( 1 7  0 $ 5 . , 1 *  ' ( 7 $ , / 6  ' : *  3 / 2 7  ' $ 7 (                    $ 0   3 / 2 7 7 ( '  % <   / , / / < 0$ ; : ( / /    6 & + 8 0 $ 1 1 &2 0 0 ( 5 & , $ /  6  ' 6( % $ 6 7 , $ 1   ) / 2 5 , ' $ &, 7 <  2 )  6 ( % $ 6 7 , $ 1        1 7  6  -: 6 /) -: 6 7< 3 , & $ /  3 $ 9 ( 0 ( 1 7 0$ 5 . , 1 *  ' ( 7 $ , / 6 &  6723$1<67 6723 &+$11(/3267 $1<67 6723 *(1(5$/63(&,),&$7,216 81&85%('6(&7,21 127( ,1$&&25'$1&(:,7+6(&7,21'2)7+(087&':+(1$ 675((7,17(56(&76:,7+$08/7,/$1(52$':$<257+($'-$&(17 675((73267('63(('/,0,7,6*5($7(57+$125(48$/7203+ 675((71$0(6,*16$5(5(48,5('72+$9($+,*+%/$1.:,7+ +,*+&$3,7$//(77(5625+,*+/2:(5&$6(/(77(56:+(17+( 63(('/,0,7,6/(667+$103+675((71$0(6,*16$5(5(48,5(' 72+$9($1+,*+%/$1.:,7++,*+&$3,7$//(77(5625+,*+ /2:(5&$6(/(77(56 127( ,1$&&25'$1&(:,7+ 6(&7,21'2)7+( 087&':+(1$675((7 ,17(56(&76:,7+$ 08/7,/$1(52$':$<25 7+($'-$&(17675((7 3267('63(('/,0,7,6 *5($7(57+$125(48$/ 7203+675((71$0( 6,*16$5(5(48,5('72 +$9($+,*+%/$1. :,7++,*+&$3,7$/ /(77(5625+,*+/2:(5 &$6(/(77(56:+(17+( 63(('/,0,7,6/(667+$1 03+675((71$0( 6,*16$5(5(48,5('72 +$9($1+,*+%/$1. :,7++,*+&$3,7$/ /(77(5625+,*+ /2:(5&$6(/(77(56 326767((/)/$1*('&+$11(/ 3267:*$/9$1,=('),1,6+3(5 $670$0,1:(,*+7 7:2/%63(5)227',$ +2/(6$3$5772372%27720 $&21&5(7()227(5,6127 5(48,5('81/(66,7,66+2:1 217+(3/$1   6, * 1  )520('*( 2)52$'   12 7  / ( 6 6  7 + $ 1     %/$'(6 3267     3267 ;*$8*(*$/9$1,=('648$5(78%,1*6,*13267 :,7+23(1+2/(6 *$/9$1,=('),1,6+3(5$670$ :,7+287$1&+253/$7(6$1&+25%$6(66+$//%( ;*$8*(*$/9$1,=('648$5(78%,1*:,7+ 23(1+2/(6 6,*1 5087&'; ',$021'*5$'('*5()/(&7,9( 6+((7,1*0$18)$&785('%<0&203$1<25$33529(' (48,9$/(17  /2&$7,21 21(3(5,17(56(&7,21$6,1',&$7('217+(3/$16 $75$',86:+(13266,%/( 7<3,&$/67236,*1 3/$&(0(17(;758'('%/$'( 6(&7,21   0 , 1    0 $ ;                5 5 5( 9   3 ( 5           & 2 6  & 2 0 0 ( 1 7 6         $//6,*1,1*$1'3$9(0(170$5.,1*6:,7+,1)'275: 0867&21)250:,7+)'2767$1'$5'3/$16/$7(67(',7,21 5( 9   3 ( 5  ) ' 2 7  & 2 0 0 ( 1 7 6         5( 9   3 ( 5  ) ' 2 7           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6           53    “  7 2  1 ( ; 7  ' 5 , 9 ( : $ <  ' 5 $ , 1 $ * ( ($6( 0 ( 1 7   $  (   8 (  (;,67,1* :$7(50$,1 (;,67,1* )25&(0$,1 &2167'%/ :$7(5 6(59,&(   8  (   [ 8( [7$33,1* 6/((9($1' *$7(9$/9( &2167/) )0+'3( ',5(&7,21$/ %25(  [ 8( &2167 )+$ 287)$// &211(&7 72)'27 '5$,1$*( ,1)5$6758&785(  [ 8( [)07$33,1* 6/((9($1'*9 &2167/) 39&)0 (;,67)+$ *96(59,&( 32,17)25 )8785(35,9$7( /,)767$7,21 &211(&7,21 5(029((;,67,1*0(',$1$1' &2167 /()77851/$1(  5 )&85% &5* &5* &2167[ 7$33,1* 6/((9($1' *9    ' 5 $ , 1 $ * ( ($6( 0 ( 1 7   5 )&85% &5* &5* (;,67,1* )25&(0$,1  [ 8( [ 8( [7$33,1* 6/((9($1' *$7(9$/9( &2167/) )0+'3( ',5(&7,21$/ %25( 350350 350 35 0 35 0 3 5 0 350 350 3 5 0 35 0 5  23(1&875(3/$&( 5(&216758&73$9(0(17 *5$'( 6:$/( &2167  6: &2167  6:  “  “  “  “  “ “  “  “  “  “  “  “ ,19   “  “  “  “ *5$'( 7(0325$5< 6:$/( )8785( '5$,1$*( 3,3(  6:($6(0(17 72&26  “  “  “  “  “  “  “  “  “  “ “ &2167  6:  '(  “  “  “  “  “  “ )8785( '5$,1$*( 3,3(6 &167/) $'6 &2167 /) $'6 &167 /) $'6 )8785(&$7&+ %$6,1 &2167'5< 5(7(17,21  “  “ (;7(1'6:72)(&55 ),1$/3/$1672%(68%0,77(': 6'&216758&7,21'5$:,1*6  “  “  “  “ *96(59,&(32,17 )25)8785(35,9$7( /,)767$7,21&211(7,21  “  “  “  “  “         5(029(62/,' :+,7(0$5.,1*6 &2167  6.,3 :+,7(       “   “   “   “  /6   /  6    /  6   /6   /6    /  6    /  6   :$;0<57/(  ':$5):$/7(5 6 9,%85180$70(',$1 6+58%6$73$5.  ':$5):$/7(5 6 9,%85180  ),5(%86+      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P 9.++: 6850+):°45          0 =  9  =0 , 0 =  9   ° # °      /2&$7,210$3 1 6,7( + , * + : $ <  8 6  6&+80$11'5 ) / 2 5 , ' $  ( $ 6 7  & 2 $ 6 7  5  5  6&+80$1 1  ' 5  + , * + : $ <  8 6  /27 $& )8785('(9 $& 6) ,03(59,286$6680(' /27 $& )8785('(9 $& 6) ,03(59,286$6680(' $ & % & ' &   & &     & ( & 75((/(*$1' 2$.725(0$,1 75((6 2$.725(029( 75((6 6((6+((7&&& 2$.725(/2&$7( 75((6 6((6+((7&&& &$%%$*(3$/0725(0$,1 75((6 &$%%$*(3$/0725(029( 75((6 6((6+((7&&& &$%%$*(3$/072 5(/2&$7( 75((6 2))6,7( 6&+80$113$5. 216,7( 6((6+((7&&& 3,1(75(( 3,1(75((725(029( 75(( 6((6+((7&&& 75((3527(&7,21%$55,(5 5(/2&$7('&$%%$*( 3$/06 )520216,7( 216,7(/2&$7,21 726&+80$11 3$5. 352326('2$.75(( 75(( 352326('6+58%  6+58%6 (;,67,1*75((,10(',$172 5(0$,1 75((6 0,7,*$7,215(48,5(' 63(&,0(175((672%(5(029(' ! 75((6 5(3/$&(:,7+  75((6  +(,*+7',$ 5( 9   3 ( 5  ) ' 2 7           & 2 0 0 ( 1 7 6        /$1'6&$3(0$7(5,$/67$1'$5'6 127(6  48$/,7< 3/$170$7(5,$/686('6+$//&21)250727+(67$1'$5'6)25)/25,'$1225%(77(5 $6*,9(1 ,17+(0267&855(17(',7,212)*5$'(6$1'67$1'$5'6)251856(5< 3/$1763$57,$1'3$57,,67$7(2))/25,'$  75((6 $ 75((66+$//%(63(&,(6+$9,1*$1$9(5$*(0$785(635($'2)&52:12)*5($7(57+$1 7:(17<  )((725 *5283('72)2507+((48,9$/(172)$7:(17<  )((70$785( 635($'2)&52:1 % $//75((66+$//%(63(&,(6:+,&+&$1%(0$,17$,1(':,7+29(5)((72)&/($57581. 63$&( & 3$/066+$//%(&216,'(5('75((6$1',)86('7+(<6+$//&216,672)12025(7+$1 7+,57<),9(  3(5&(172)7+(727$/1(:75((5(48,5(0(17 ' 75((63(&,(66+$//%($0,1,0802)7:(/9(  )((729(5$//:,7+$0,1,080635($' 2) $1'',$0(7(5$77+(7,0(2)3/$17,1*  *5$66*5281'&29(5 $//813$9('$5($6(;&(373/$17(5608/&+('/$1'6&$3(%('672%(62''(' %$+,$  $//813$9('$5($627+(57+$1*5$66('$5($66+$//%(&29(5(':08/&+25 68,7$%/(121/,9,1* 259(*(7$7,9(*5281'&29(512025(7+$1*5$666+$//%( 87,/,=(',15(48,5('/$1'6&$3($5($6  &2175$&7257268%0,7,55,*$7,213/$1727+((1*,1((5)25$33529$/$1'727+( %8,/',1*'(3$570(17)253(50,735,2572&200(1&(0(172)/$1'6&$3(,167$//$7,21  ,55,*$7,2186$*(=21(66+$//%($6)2//2:6 $ *5$66$5($6+$//%(,1+,*+86$*(=21(6 % 75((6 6+58%66+$//%(,1/2:86$*(=21(6  6+58%6+('*(6 $ 6+58%6 +('*(66+$//%($0,12)+(,*+7$73/$17,1* % +('*(66+$//%(3/$17('$7$0,12)2&$73523(57</,1(6  &2175$&7257268%0,7,55,*$7,213/$1727+((1*,1((5)25$33529$/$1'727+( 7+(5(6+$//%($0,12)7+5((  ',))(5(1763(&,(62)75((6$1'1263(&,(66+$// 0$.(83025(7+$12)352326('75((6  7+(&2175$&7256+$//&225',1$7(7+(3/$&(0(172)75((6675((7/,*+76$1'6,*16 68&+7+$7$//6,*1$*(,6($6,/<6((1$1'/,*+7,1*,6)81&7,21,1*)25,76,17(1'(' 385326(75((3/$&(0(170$<9$5<)5207+,63/$172$&+,(9(7+,65(48,5(0(17  7+(&2175$&7256+$//68%0,7727+(2:1(5$1'(1*,1((5$/,67$1'3/$12)7+( 352326('9(*(7$7,213/$17,1*672%(86('720((77+(5(48,5(0(1762)7+(&,7<$6 5()/(&7('217+,63/$168**(67('9(*(7$7,2172%(,1&25325$7(',17+,6352-(&7 $5($6)2//2:6  75((3527(&7,21%$55,&$'(635,2572'(9(/230(1725&216758&7,21 $&7,9,7<7+('(9(/23(56+$//(5(&768,7$%/(%5,*+7/<&2/25('75(( 3527(&7,21%$55,&$'(6$0,1,080)285)((77$//$5281'$//75((672 %(35(6(59('$1'6+$//5(0$,1,13/$&(817,/7+(&216758&7,21 $&7,9,7,(6$5(&203/(7('7+($5($:,7+,17+(75((3527(&7,21 %$55,&$'(6+$//5(0$,1)5((2)$//%8,/',1*0$7(5,$/6',572527+(5 &216758&7,21'(%5,69(+,&/(6$1''(9(/230(17$&7,9,7,(6%$55,&$'(6 6+$//%((5(&7('$7$0,1,080',67$1&()5207+(%$6(2)7+(75((672 %(35(6(59('$&&25',1*727+()2//2:,1*67$1'$5'6 $ )2575((67(1,1&+(625/(66'%+75((3527(&7,21%$55,&$'(6 6+$//%(3/$&('$0,1,080',67$1&(2)),9()((7)5207+(%$6(2) ($&+75((72%(3527(&7(' % )25+,6725,&75((6$1'75((6*5($7(57+$17(1,1&+(6'%+ 3527(&7,9(%$55,&$'(66+$//%(3/$&('$7$0,1,080',67$1&(2) 7(1)((7)5207+(%$6(2)($&+75((72%(3527(&7('3/86$1 $'',7,21$/21()227)25($&+$'',7,21$/,1&+'%+*5($7(57+$1 7(1,1&+(6  5(675,&7,212)$77$&+0(1767275((6,76+$//%(81/$:)8/72$77$&+ $1<7+,1*72%($3527(&7('+,6725,&2563(&,0(175((27+(57+$1 6833257,9(:,5(6%5$&(62527+(56,0,/$5121,1-85,2860$7(5,$/6  5(675,&7,21$672+$50)8/0$7(5,$/67+('(9(/23(5253523(57< 2:1(56+$//127&$86(25$//2:7+(',6326$/2):$67(0$7(5,$/68&+ $63$,172,/62/9(176$63+$/7&21&5(7(0257$525$1<27+(5 0$7(5,$/+$50)8/727+(/,)(2)$3527(&7('63(&,0(125+,6725,& 75((:,7+,17+('5,3/,1(2)68&+75((25*528362)75((6  $)8//352326$/)257+(5(/2&$7,212)7+(75((6,1&/8',1*7+( 0(7+2'6$1'352326('7,0(/,1(6:,//%(5(48,5('%<7+(&,7<2) 6(%$67,$1'85,1*7+(/$1'&/($5,1*$1'6,7(,03529(0(173(50,77,1* 67$*(67+,6352326$/0867%($33529('%<7+(&,7<2)6(%$67,$135,25 72$1<75((5(/2&$7,21$&7,9,7,(67$.,1*3/$&( 727$//$1'6&$3(0$7(5,$/6&+('8/( 75((6 6<0 47<%27$1,&$/1$0(&200211$0(6,=( +*7 27+(5 1$7,9( '528*+7 72/(5($1&( 49 4XHUFXVYLUJLQLDQD /LYH2DN '%+   635($'<(6 +,*+ 6+58%6 +$0 +DPHOLD3DWHQV )LUHEXVK  2&<(6 +,*+ 9,%9LEXUQXP2EDYDWXP :DOWHU V9LEXUQXP 2&<(6 +,*+ 727$/  &2175$&7250$<68%67,787(180%(52)($&+63(&,(6$7+,6',6&5(7,213/$&,1*5,*+775((5,*+7/2&$7,2186,1* %(67+257,&8/785$/35$&7,&(6&2175$&7256+$//68%0,73/$172(1*,1((5,1',&$7,1*63(&,(63/$&(0(17$1<&+$1*(6727+( /$1'6&$3(0$7(5,$/6&+('8/($)7(5$33529$/%<7+(&,7<2)6(%$67,$1:,//5(48,5(127,&(727+(&,7<$1'9(5,),&$7,21:,7+ 7+(&20081,7<'(9(/230(17'(3$570(177+$77+(352326('&+$1*(667,//&203/<:,7+7+(5(48,5(0(1762)7+(/$1' '(9(/230(17&2'( /D Q G V F D S H  &/8 &OXVLD5RVHD &OXVLD  2&<(6 +,*+ 216,7(5(48,5('/$1'6&$3,1*  38568$1772$33529('/$1'6&$3(3/$1/2&$7(',1 (;+,%,7 & 7+(38%/,&%(1(),73/$12)7+(3$5&(/ (;&+$1*($*5((0(17'$7('129(0%(57+ 5(48,5('2$.6 /)[  : 6 (  75((6 3529,'('75((6 1(:2$.6 (;,67,1*2$.6 (;,67,1*&$%%$*(3$/06725(0$,1 (;,67,1*&$%%$*(3$/06 5(/2&$7( 216,7( 5(48,5('+('*( /)[  : 6 (  5(4 ' 3529,'('+('*( 6+58%6$66+2:1         5( 9   3 ( 5  & 2 6           & 2 0 0 ( 1 7 6         5( 9   3 ( 5  & 2 6  & 2 0 0 ( 1 7 6 6850+):°45   54   $  (   8 (  (;,67,1* :$7(50$,1 (;,67,1* )25&(0$,1 &2167'%/ :$7(5 6(59,&(   8  (   [ 8( [7$33,1* 6/((9($1' *$7(9$/9( &2167/) )0+'3( ',5(&7,21$/ %25(  [ 8( &2167 )+$ 5(029((;,67,1*0(',$1$1' &2167 /()77851/$1( 5 &5* &5* &2167[ 7$33,1* 6/((9($1' *9 5 &5* &5* (;,67,1* )25&(0$,1  [ 8( [ 8( [7$33,1* 6/((9($1' *$7(9$/9( &2167/) )0+'3( ',5(&7,21$/ %25( 350 350 35 0 35 0 3 5 0 3 5 0 5  *5$'( 6:$/(  “  “  “ “  “  “ 7(0325$5< &2167  6: )8785( '5$,1$*( 3,3(6  “ (;7(1'6:72)(&55 ),1$/3/$1672%(68%0,77(': 6'&216758&7,21'5$:,1*6  “ *96(59,&(32,17 )25)8785(35,9$7( /,)767$7,21&211(7,21  “   “   “   “   “ 0$7&+(;,67,1* *5$'(#6,'(:$/.  /6   /  6    /  6    /  6   :$;0<57/(  ':$5):$/7(5 6 9,%85180$70(',$1 6+58%6$73$5.  ':$5):$/7(5 6 9,%85180  ),5(%86+      , 1 ' , $ 1   5 , 9 ( 5   % / 9 '     6 8 , 7 (        9 ( 5 2   % ( $ & +    ) / 2 5 , ' $       7( /                        ) $ ;                       ( 0 $ , /  L Q I R # V EV H Q J L Q H H U V  F R P 9.++: 6850+):°45          0 =  9  =0 , 0 =  9   ° # °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°45   55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73