La vente légale de médicaments sur internet en France‎

HAL Id: dumas-01085594

https://dumas.ccsd.cnrs.fr/dumas-01085594

Submitted on 21 Nov 2014

HAL is a multi-disciplinary open access

archive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

La vente légale de médicaments sur internet en France

Allison Python

To cite this version:

Allison Python. La vente légale de médicaments sur internet en France . Sciences pharmaceutiques. 2014. �dumas-01085594�

! "!

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

!,&)*%)-%*%.#"%)%()*%)/01&-1.#%)

! !

#$$%&!'(")!

!

!

!

!

!

!

!

*+! !

!

!

!

(0%'%)

/+!&)2%)*#/2+-%)*3%(1()*%)*+.(%!&)%")

/01&-1.#%)

! !

,-%.&$/%&!&/!.01/&$1&!2134561&7&$/!4&!")!89/03-&!'(")!

2:-!

,;<=8*!#445.0$!

!

*%&!4&!'"!>%9&73-&!"?@?!!A!!B:-C4&CD19!

! ! !

24)56786)9:;496)<6)=:<>?4=678@)@AB)>786B768)67)

,B47?6)

! ! ! ! /B:@><678)<A)CABD)E! E7&!F=GE<8BCF8*FG!E:-5&CF:/H&-5$&I!E:J/-&!D&!90$K%-&$9&.! &$!4%L5.4:/50$!2H:-7:9&1/561&! -6=FB6@)<A)CABD)M! E7&!NO8PQ<!E:-5&CQ:1-&I!E:J/-&!D&!90$K%-&$9&.!&$!30/:$561&! ! ! ! E-!Q8PRGQ!<H5&--SI!,H:-7:95&$!

! '!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

/4B)<:9>F:B48>G7)67)<486)<A)HI)=4B@)JKLMN)94)O4?A98:)4)4BBP8:)QA6)96@)

GR>7>G7@) :=>@6@) <47@) 96@) <>@@6B848>G7@) QA>) 9A>) @6BG78) RB:@678:6@)

<G>5678) P8B6) ?G7@><:B:6@) ?G==6) RBGRB6@) S) 96AB@) 4A86AB@) 68) QAT6996)

! T!

!

UULU6L!

! )!

!

!

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

! V!

!

!"#$%&""&#'(&)#!"#$!%&# #

!

# *+,# +-%"."/%&#01"2%13.&# !"#4&"5"162#'()%## # # *+,# *%)5787/%&9#&:;"<787/%&9#0<57/=6=5%3.&# !>#?1(%2#'(!#%#%# # # *+,# ,&."787/%&# !"#+-"%)57@-&#'(&*+%## # # *+,# $=2%15"%&# !:&#A)1;&88&,'(&"%, , , _{*4# !=2&0%6&#%65&"6&#} !"#B&16C$1.8#'(&"%# # # *+,# D57C"-%67C81"<6/787/%&# !"#E7F0,'(&-%(+# # # *+,# G<6=0787/%&#C#D;)5=5"%3.&# !"#H5=@-16&#'(&&%#, , , _{*+,# $=2%15"%&#} !:&#I="76%3.&#'%&!%, , _{# *+,# J@%2=:%787/%&#} !"#$%&""&#'").%!# # # # *+,# *=@157C/1)5"7C&65="787/%&# !"#K"160%)#'")./#, , _{# *+,# +-%"."/%&#2%/&)5%(&#} !"#4".67#'"./+##!"#$%&'($)*! # *+,# ,&."787/%&# !"#B&16CK"16L7%)#'+"&, , _{# *4# $6&.:787/%&#} !"#!1"0#'+&("0%,, , _{# *+,# D@-518:787/%&#} !"#$-%8%@@&#'+1%##%, , , _{*+,# ?&":15787/%&#C#I=6="=787/%&#} !"#+-"%)57@-&#-%"!!/0# # # *+,# +-%"."/%&#/=6="18&# !"#B&16C!1"0#-%&/0# # # *+,# H57:15787/%&#&5#0-%"."/%&#:1M%887CN10%18&# !"#+-"%)5%16#-2"1#%&# # # *+,# O"787/%&# !"#B&16C+-"%)57@-&#-!(0#"%&# # *+,# 4105="%787/%&#C#I%"787/%&# !"#?%2%&"#-!"11/00"%&, , _{# *+,# +-%"."/%&#(1)0.81%"&#} !"#4&"61"2#-&/+1## # # *+,# !=2&0%6&#8=/18&# !"#K"16L7%)#-&/+1## # # *+,# ,&."70-%"."/%&# !:&#,15-18%&#&"3%1, , , _{*+,# 4%787/%&#2.#2=(&87@@&:&65#&5#2&#81#"&@"72.05%76#} !"#B&16C+-"%)57@-&#&").(&4,!'+"),)%,-+".&*# *+,# P=16%:15%76#:=2%018&#C#!=2&0%6&#2Q."/&60&# !"#*7"10&#&/'(0# # # *+,# G<6=0787/%&#C#D;)5=5"%3.&# !"#B&16C+-"%)57@-&#1(5/+&"0, , _{*+,# R6157:%&#C#$15-787/%&#} !"#G.%881.:&#1(3/6%# # # *+,# *=@157C/1)5"787/%&# !:&#+=8%6&#1(3/6%7)/!!%## # *+,# A:1/&"%&#:=2%018&# !:&>#$1)018&#1).0%"4%&# # # *+,# $=2%15"%&# !"#!%0-&8#1)/##%# # # *+,# +-%"."/%&#2%/&)5%(&## !:&#K1;%&66&##('"/0, , _{# *+,# S-="1@&.5%3.&#} !:&#K87"&60&##."5(+## # # *+,# $)<0-%15"%&#2Q12.85&)# !"#E.0##."5%&3"!!%, , , _{*+,, $6&.:787/%&#} !"#+-"%)5%16##.+"!!%$# # # *4# $-1":10787/%&# !"#*&"(=##"!!6# # # # +4# *=:15787/%&#&5#5"16)N.)%76# !"#K"16L7%)##&/0,!"#$%&'($)*, # OKP# A::.6787/%&#

! W!

!

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

!

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

! X!

!

!

!

! ""!#!$%&'(&)"*! ! $'+,*--*.'-! "#!$%&'##(!/*--+0!! ! ! ! )%&*&'!$%+#,-'./&0.'! "#!1',231,40.'5!/+00*1! ! ! ! 6%,#*,47879&'! "#!:78,2;!)&$'+0!<6=36>?! ! ! @&7-%(5&0.'! "#!1',2!)+-1*01"0!<6#7A'55'.#!+*+#&/'?! ! 6%,#*,47879&'! "*'!B5,C'88'!2./.-! ! ! ! _@&74%&*&'! "#!D7E4!,&3*00*)!<6=36>?! ! ! _{6,#,5&/7879&'!} "#!1',2!6&'##'!4+.55*! ! ! ! $7F&47879&'! "#!"&4%'8!4.*'/*1! ! ! ! $7F&47879&'! "#!G8&H&'#!5&,+01!! ! ! _{! )%&*&'!7#9,2&0.'!!} "*'!B5,C'88'!5*'+.6! ! ! ! 6%(5&7879&'! "#!6,.8!(.52*'! ! ! ! ! I4&'24'5!;.!*+;&4,*'2/! "*'!",#/&2'!$*-1*5#)&'+0!<6=36>?! ! "&4#7C&7879&'! "*'!J8&5,C'/%!-*4."0! ! ! ! 6%,#*,479275&'! "#!:+*&!3&'"0!<6=36>?! ! ! ! 6%,#*,4&'!48&2&0.'! "#!1',23",#&'!3&.4*+"-! ! ! ! 6%,#*,47879&'!! "#!6%&8&--'!3*'"1*! ! ! ! )%&*&'!,2,8(/&0.'! ! (&"1'*-!2*!)+0,*'*0)*-! "*'!)+4&8'!/&'/+1! ! ! ! _{)%&*&'!K+2+#,8'!'/!"&2+#,8'!!} "*'!L7*&2&0.'!/+.)%*'!! ! _{! 6%,#*,47879&'!} "#!M#+;+#&4!/+.0+.'*! ! ! ! 6%,#*,4&'!K,8+2&0.'! "#!NC;'58,*!)%&4'&+."! ! ! ! 6%(5&7879&'! "#!1',2!)%&-1&04! ! ! ! @&7*,/%+*,/&0.'5! "*'!",#&'!),/%'#&2'!)+0)*#)%*(1+/! ! D+9&58,/&72!-%,#*,4'./&0.'!'/!+4727*&'!;'!8,!5,2/+! "*'!J8&O,C'/%!)%+--+0! ! ! ! @7/,2&0.'! "*'!)+4&8'!)+'/"*'*! ! ! ! _@&74%&*&'! "#!J#&4!2"11(&'! ! ! ! ! @&7-%(5&0.'! "*'!P,/%,8&'!2+.'(&$! ! ! ! 6%,#*,47879&'! "*'!B5,C'88'!2./.)! ! ! ! 6%,#*,47879&'!! "#!NC;'8%,Q&*!*5+('"! ! ! ! 6%,#*,479275&'! "#!M#,2R7&5!*-1+.'! ! ! ! )%&*&'!G#9,2&0.'!

! @!

!

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

!

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

! ?!

!

!

!

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

! "(!

!

!

!

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

! ""!

&%-%&.#%-%"('!

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

! "'!

(1V2%)*%')-1(#%&%')

! ! #78BG<A?8>G7!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!")! #U)/GABQAG>)9:;>O:B6B)@AB)94)56786)67)9>;76)W!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!"W! !!!!!!!!!!!!!#]!N%$%-:45/%.!.1-!4:!\&$/&!D&!7%D59:7&$/.!&$!2H:-7:95&!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!"W! !!!!!!!!!!!!!!!!!!!!!!!!!!"`!a1&461&.!D%K5$5/50$.!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!"W! :`!QZ0KK595$&!&/!-b4&!D1!2H:-7:95&$!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!"W! ! !!!!!!!!3`!>%K5$5/50$!DZ1$!7%D59:7&$/!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!"X! ! !!!!!!!!9`!Q&!70$0204&!2H:-7:9&1/561&!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!"@! !!'`!F5-915/!D1!7%D59:7&$/!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!'"! !!T`!Q:!\&$/&!D&!7%D59:7&$/.!.1-!5$/&-$&/M!1$!K401!^1-5D561&!!]]]]]]]]]]]]]]]]]]!'T! !!!!!!!!!!!!!B]!Q&.!-5.61&.!201-!4&!2:/5&$/!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!'V! !!!!!!!!!!!!!F]!QZ%4%7&$/!D%94&$9H&1-M!4Z:KK:5-&!>09!E0--5.!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!'?! !!!!!!!!!!!!!!!!!!!!!!!!!!!"`!O:22&4!D&.!K:5/.!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!T(! !!!!!!!!!!!!!!!!!!!!!!!!!!!'`!#--c/!>09!E0--5.!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!T'! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:`!,-&75[-&!61&./50$!2-%^1D595&44&!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!TW! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!3`!>&1_5[7&!61&./50$!2-%^1D595&44&!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!)(! !!!!!!!!!!!!!!!!!!!!!!!!!!!T`!a1Z&$!&./C54!&$!d-:$9&!:2-[.!4Z:KK:5-&!>09!E0--5.!e!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!)"! ##U)24)B:OGB=6)<6)XA>9968)YHJIE)96@)BZ;96@)RGAB)A76)56786)67)9>;76)) 67?4<B:6!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!)T) #] ,-5$952&.!L%$%-:1_!.1-!4Z:-9H5/&9/1-&!DZ1$!.5/&!DZ1$&!0KK595$&!&$!45L$&!!]]]!)T! "`!F-%:/50$!Df1$!.5/&!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!)T! !!!!!!!!!!!!!!!!!!!!!!!!!!!'`!gD&$/5K59:/50$!DZ1$!.5/&!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!)V! !!!!!!!!!!!!!!!!!!!!!!!!!!!T`!Q:3&445.:/50$!01!9&-/5K59:/50$!D1!.5/&!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!)?! !!!!!!!!!!!!!!!!!!!!!!!!!!!)`!,0-/:54!0KK595&4!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!V'! !!!!!!!!!!!!!B]!a1&4.!7%D59:7&$/.!.0$/!90$9&-$%.!e!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!V'! !!!!!!!!!!!!!F]!O&.2&9/!D&.!30$$&.!2-:/561&.!&/!70D:45/%.!D&!\&$/&!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!VX! !!!!!!!!!!!!!!!!!!!!!!!!!!!"`!E0D:45/%.!DZ1$&!\&$/&!A!D5./:$9&!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!V@! !!!!!!!!!!!!!!!!!!!!!!!!!!!'`!a1:45/%!&/!/-:h:3545/%!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!W(! !!!!!!!!!!!!!!!!!!!!!!!!!!!T`!,-%.&$/:/50$!D&.!2-0D15/.!&$!45L$&!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!W"! !!!!!!!!!!!!!!!!!!!!!!!!!!!)`!,-5_!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!W'! !!!!!!!!!!!!!!!!!!!!!!!!!!!V`!,134595/%!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!W'!

! "T! !!!!!!!!!!!!!!!!!!!!!!!!!!!W`!F0$.&54!:1!2:/5&$/!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!WT! !!!!!!!!!!!!!!!!!!!!!!!!!!!X`!F0$K5D&$/5:45/%!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!WV! !!!!!!!!!!!!!!!!!!!!!!!!!!!@`!#3.&$9&!D&!D-05/!D&!-%/-:9/:/50$!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!WW! ###U)%848)<6@)9>6A[!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!W@! !!!!!!!!!!!!!#]!F:-/0L-:2H5&.!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!W@! !!!!!!!!!!!!!!!!!!!!!!!!!!!"`!F:-/0L-:2H5&!D1!$073-&!DZ0KK595$&.!2:-!-%L50$.!&$!d-:$9&!!]]]]]]]]]]]]!W@! !!!!!!!!!!!!!!!!!!!!!!!!!!!'`!*073-&!D&!.5/&.!5$/&-$&/!2:-!-%L50$.!&$!d-:$9&!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!X(! !!!!!!!!!!!!!!!!!!!!!!!!!!!T`!F0$.077:/50$!D&!7%D59:7&$/.!.1-!5$/&-$&/!&$!d-:$9&!!]]]]]]]]]]]]]]]]]]]!X'! !!!!!!!!!!!!!B]!#22459:/50$!2-:/561&!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!XT! .G7?9A@>G7)!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!X)! 1776[6!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!XW! V>F9>G;B4R\>6!!!]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]!X@!

! ")!

#"(&+*!.(#+"!

! ! ! Q:!D%709-:/5.:/50$!DZ5$/&-$&/!D:$.!4&.!:$$%&.!"??(!:!-%\041/50$$%!4&!70$D&]! ,41.!D&!D&1_!75445:-D.!D&!2&-.0$$&.!0$/!:1^01-DZH15!:99[.!A!9&//&!/&9H$040L5&]!

Q&.! %9H:$L&.! &$/-&! 4&.! 2&-.0$$&.I! 4Z:99[.! A! 4Z5$K0-7:/50$! &/! 4&.! 70D&.! D&! 90$.077:/50$.!0$/!%\041%]!!

#1^01-DZH15I! 9H:91$! DZ&$/-&! $01.! 2&1/! .&! -&/-01\&-! :9H&/&1-! 01! \&$D&1-! 01! 35&$! D5KK1.&1-!01!9H&-9H&1-!DZ5$K0-7:/50$.]!

Q:! K:9545/%! DZ1/545.:/50$! DZ5$/&-$&/! &/! 4:! -:25D5/%! D&! .0$! %\041/50$! &$! 0$/! K:5/! 4:! 241.! L-:$D&!.01-9&!DZ5$K0-7:/50$.!&/!4&!241.!L-:$D!9&$/-&!9077&-95:4!D1!70$D&]!

!

N-i9&! A! 4Z5$/&-$&/! $01.! \5\0$.! D:$.! 1$&! .095%/%! 0j! 4Z0$! 2&$.&! 61&! /01/! &./! 20..534&]! QZ:--5\%&! .1-! 4:! /054&! D&! 4:! \&$/&! D&! 7%D59:7&$/.! &$! &./! 4&! 2:-K:5/! &_&724&"_]!

F&2&$D:$/I!4&.!7%D59:7&$/.!$&!.0$/!2:.!D&.!2-0D15/.!:$0D5$.]!!

Q:!453&-/%!D&!9H:91$!DZ&KK&9/1&-!D&.!:9H:/.!.1-!5$/&-$&/!$Z&./!2:.!.:$.!90$.%61&$9&.! .1-/01/!40-.61&!9&4:!90$9&-$&!4:!.:$/%!D&!4:!20214:/50$]!!

g4! &./! 5720-/:$/! D&! .5L$:4&-! 61&! 2-[.! D&! 4:! 705/5%! D&.! 7%D59:7&$/.! \&$D1.! .1-! 5$/&-$&/! .0$/! D&.! 90$/-&K:h0$.I! 9Z&./! A! D5-&! D&.! K:1_! 7%D59:7&$/.I! $15.534&.! 201-! 4:! .:$/%!D&.!2&-.0$$&.]!! ! >:$.!9&//&!^1$L4&!9077&-95:4&I!9077&$/!.Z:..1-&-!61&!D&!4Z:1/-&!9b/%!D&!4Z%9-:$!$01.! :\0$.!A!K:5-&!A!1$!&_2&-/!01!A!1$!5720./&1-e!! a1&44&.!.0$/!4&.!L:-:$/5&.!61&!4&.!2-0D15/.!90$\05/%.!.0$/!90$K0-7&.!A!$0.!://&$/&.e!! a1Z&$!&./C54!D&.!K-0$/5[-&.!9077&-95:4&.!&/!D&!4:!4%L5.4:/50$e! ! #1/:$/!D&!61&./50$.!:1_61&44&.!$01.!/&$/&-0$.!D&!-%20$D-&!&$!%/1D5:$/!&$!2-&75[-&! 2:-/5&I! 201-6105! 4&! 4%L5.4:/&1-! :! ^1L%! 1/54&! D&! 4%L5K%-&-! .1-! 4:! \&$/&! 2:-! 90--&.20$D:$9&!D&!7%D59:7&$/.!&$!d-:$9&]!!

!

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

"_{!Y]! ,&5L$%I! k4Z5$/&-$&/! D:$.! 4Z1$5\&-.! D&! 4:! 2H:-7:95&M! 4&.! K-0$/5[-&.! &/! 4&.! 2&-.2&9/5\&.kI! L:U&//&! D1!}

2:4:5.I!"WC"X!09/03-&!'(('I!2]"@C'V! !

! "V! ,15.I! &$! D&1_5[7&! 2:-/5&I! $01.! :30-D&-0$.! 4&.! D5KK%-&$/&.! -[L4&.! 61f5720.&! 1$! 9077&-9&!%4&9/-0$561&!D&!9&!/S2&!D&!2-0D15/.]! G$K5$I!&$!/-05.5[7&!2:-/5&I!$01.!K&-0$.!1$!%/:/!D&.!45&1_!&$!d-:$9&I!D&!4:!\&$/&!&$!45L$&! D&.!7%D59:7&$/.]! ! ! ! ! !

! "W!

#U)/+!&]!+#)2%^#,%&%&)'!&)21)$%"(%)%")2#^"%)W)

! ! !

1U)^:7:B49>8:@)@AB)94)56786)<6)=:<>?4=678@)67)R\4B=4?>6)

! !

#\:$/! D&! 2:-4&-! D&! 4:! \&$/&! D&! 7%D59:7&$/.! .1-! 5$/&-$&/I! 54! &./! 1/54&! ! D&! D%K5$5-! 61&461&.!$0/50$.!D&!3:.&!$0/:77&$/!!9&!61Z&./!1$&!2H:-7:95&]!!Q:!2H:-7:95&!&./!4&! 90&1-!D1!7%/5&-!D&!2H:-7:95&$I!9&!45&1!415!2&-7&/!DZ&_&-9&-!.:!2-0K&..50$]!>:$.!9&//&! /H[.&I!$01.!$&!2:-4&-0$.!61&!D&.!2H:-7:95&.!DZ0KK595$&]!Q&.!2H:-7:95&.!H0.25/:45[-&.! $&!.0$/!2:.!90$9&-$%&.]! Q&.!2H:-7:95&.!.0$/!4&.!.&14.!%/:345..&7&$/.!H:3545/%.!A!D5.2&$.&-!D&.!7%D59:7&$/.! DZ0j!4Z5$/%-c/!D&!D%K5$5-!%L:4&7&$/!4&!/&-7&!7%D59:7&$/]!

G$K5$I! 54! 90$\5&$/! DZ&_24561&-! 9&! 61Z&./! 4&! 70$0204&! D1! 2H:-7:95&$! &/! 9&! 61Z54! -&2-%.&$/&]! !

J_)]A69QA6@)<:O>7>8>G7@)

! !

4_)2TGOO>?>76)68)B`96)<A)R\4B=4?>67)

! P$&!2H:-7:95&!DZ0KK595$&!&./!1$!%/:345..&7&$/!D:$.!4&61&4!D&.!2H:-7:95&$.!D524b7%.! /-:\:544&$/]! FZ&./! 1$561&7&$/! D:$.! 9&! 45&1! 61&! 4:! D5.2&$.:/50$! :1! D%/:54! D&.! 7%D59:7&$/.!:1!213459!.Z&KK&9/1&!:5$.5!61&!4Z&_%91/50$!D&.!2-%2:-:/50$.!7:L5./-:4&.! &/!0KK595$:4&.'_]!!

g4!S!:!241.5&1-.!K0-7&.!DZ&_2405/:/50$!DZ1$&!0KK595$&M!4Z&_2405/:/50$!&$!$07!2-02-&!&/! 4Z&_2405/:/50$! 2:-! 1$&! .095%/%! 9077&-95:4&! 615! 2&1/! c/-&! D&! 241.5&1-.! /S2&.! lm#OQI! GPOQI!m*FI!mGQI!m,d,Q]]`]!<01/&.!9&.!.095%/%.!$&!2&1\&$/!c/-&!&_2405/%&.!61&!2:-!D&.! 2H:-7:95&$.!&_&-h:$/!4&1-!2-0K&..50$]!

!

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

'_{!#-/594&!Q]!V"'VC"!D1!90D&!D&!4:!.:$/%!2134561&I!70D5K5%!2:-!Q8g!$+'(""C'("'!D1!'?!D%9&73-&!'(""!C!}

:-/]VI! ! k! 8$! &$/&$D! 2:-! 0KK595$&! 4Z%/:345..&7&$/! :KK&9/%! A! 4:! D5.2&$.:/50$! :1! D%/:54! D&.! 7%D59:7&$/.I! 2-0D15/.!&/!03^&/.!7&$/50$$%.!A!4Z:-/594&!Q]!)'""C"!:5$.5!61ZA!4Z&_%91/50$!D&.!2-%2:-:/50$.!7:L5./-:4&.! 01!0KK595$:4&.kI!nnn]4&L5K-:$9&]L01\]K-!

! "X! Q&!2H:-7:95&$!:!D5\&-.!-b4&.!D:$.!1$&!0KK595$&]!! <01/!DZ:30-DI!4&!2H:-7:95&$!D05/!\%-5K5&-!4:!90$K0-75/%!D&!4Z0-D0$$:$9&!.1-!4:!K0-7&! l2-%.&$9&!D1!$07!D1!2-&.9-52/&1-I!.:!61:45/%I!.0$!$17%-0!DZ0-D-&I!4&!$07!D1!2:/5&$/I! 4:!.5L$:/1-&!D1!7%D&95$]]]`]! !

g4! D05/! 2-&$D-&! &$! 9072/&! 4&.! 2:-:7[/-&.! 2HS.5040L561&.! D1! 2:/5&$/! liL&I! 205D.I! L-0..&..&I! :44:5/&7&$/]]]`I! .&.! 2:-:7[/-&.! 2:/H040L561&.! l:$/%9%D&$/.I! 5$.1KK5.:$9&! 9:-D5:61&]]]`! :5$.5! 61&! .&.! 2:-:7[/-&.! /H%-:2&1/561&.! l90$/-:9&2/50$! 2:-! \05&! 0-:4&! 2:-!&_&724&`]!!

!

Q&!2H:-7:95&$!.&!D05/!D&!\%-5K5&-!4:!90H%-&$9&!D1!/-:5/&7&$/I!D&!-&2%-&-!4&.!%\&$/1&4.! 7%D59:7&$/.! A! 7:-L&! /H%-:2&1/561&! %/-05/&.I! D&! 90$/-b4&-! 4&.! 20.040L5&.! D&.! D5KK%-&$/.! 7%D59:7&$/.! 2-&.9-5/.I! D&! D%/&9/&-! &/! DZ:$:4S.&-! 4&.! %\&$/1&44&.! 5$/&-:9/50$.!7%D59:7&$/&1.&.I!D&!2-020.&-!:1!2:/5&$/!1$!24:$!D&!2-5.&I!D&!90$.&544&-! 4&!2:/5&$/!.1-!4ZHSL5[$&!01!4:!$1/-5/50$!01!241.!L403:4&7&$/!DZ%7&//-&!D&.!90$.&54.!D&! .:$/%!2134561&]! ! !

F_)*:O>7>8>G7)<3A7)=:<>?4=678)

! P$!7%D59:7&$/!$f&./!2:.!1$!2-0D15/!D&!90$.077:/50$!61&490$61&T_]!!! ! >f:2-[.!4f:-/594&!Q]!V"""C"!D1!90D&!D&!4:!.:$/%!2134561&)_{I!o!!0$!&$/&$D!2:-!7%D59:7&$/!} /01/&!.13./:$9&!01!90720.5/50$!2-%.&$/%&!9077&!20..%D:$/!D&.!2-02-5%/%.!91-:/5\&.! 01! 2-%\&$/5\&.! A! 4f%L:-D! D&.! 7:4:D5&.! H17:5$&.! 01! :$57:4&.I! :5$.5! 61&! /01/&! .13./:$9&! 01! 90720.5/50$! 201\:$/! c/-&! 1/545.%&! 9H&U! 4fH077&! 01! 9H&U! 4f:$57:4! 01! 201\:$/!4&1-!c/-&!:D75$5./-%&I!&$!\1&!Df%/:345-!1$!D5:L$0./59!7%D59:4!01!D&!-&./:1-&-I! 90--5L&-! 01! 70D5K5&-! 4&1-.! K0$9/50$.! 2HS.5040L561&.! &$! &_&-h:$/! 1$&! :9/50$! 2H:-7:9040L561&I! 5771$040L561&! 01! 7%/:304561&]! m0$/! $0/:77&$/! 90$.5D%-%.! 9077&! D&.! 7%D59:7&$/.! 4&.! 2-0D15/.! D5%/%/561&.! 615! -&$K&-7&$/! D:$.! 4&1-! 90720.5/50$!D&.!.13./:$9&.!9H57561&.!01!35040L561&.!$&!90$./5/1:$/!2:.!&44&.C7c7&.! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

T_{!kQ&!7%D59:7&$/!$Z&./!2:.!1$!2-0D15/!9077&!4&.!:1/-&.kI!nnn].:$/&]L01\]K-}

!

)_{!#-/594&!Q]!V"""C"!D1!Fm,I!nnn]4&L5K-:$9&]L01\]K-!}

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p!!

!

P$!7%D59:7&$/!&./!90$./5/1%!M!

C Df1$! 2-5$952&! :9/5KI! 9f&./! A! D5-&! 1$&! .13./:$9&! Df0-5L5$&! 9H57561&! 01! $:/1-&44&! 615! &./! -&.20$.:34&! D&! 4f:9/50$! 2-%\&$/5\&! 01! 91-:/5\&! l&KK&/! -&9H&-9H%!201-!L1%-5-!1$&!2:/H040L5&`!

C &/! Df&_9525&$/.! 2-%.&$/.! 1$561&7&$/! 201-! K:9545/&-! 4f1/545.:/50$! D1! 7%D59:7&$/]!g4.!$f0$/!2:.!Df:9/50$!91-:/5\&!01!2-%\&$/5\&I!.&14&!4:!704%914&! :9/5\&!20..[D&!9&.!2-02-5%/%.]! ! Q&.!7%D59:7&$/.!0$/!D0$9!1$!-b4&!.05/!D:$.!4:!2-%\&$/50$!D&.!7:4:D5&.!.05/!D:$.!4&! /-:5/&7&$/!Df1$!.S72/b7&!01!Df1$&!2:/H040L5&]! !

Q:! D%K5$5/50$! D1! 7%D59:7&$/! &./! \:4:34&! D:$.! 4f&$.&734&! D&.! 2:S.! D&! 4fP$50$! &1-02%&$$&!9f&./!201-6105!9&415C95!D05/!-%20$D-&!A!1$&!-%L4&7&$/:/50$!:5$.5!61fA!1$! 90$/-b4&!&/!A!1$!.15\5!/-[.!./-59/!$0/:77&$/!&$!9&!615!90$9&-$&!4&1-!#1/0-5.:/50$!D&! 75.&!.1-!4&!7:-9H%!l#EE`!:K5$!D&!L:-:$/5-!4&1-!.%91-5/%!Df&72405!2:-!4&.!2:/5&$/.]! ! !

?_)26)=G7GRG96)R\4B=4?6A8>QA6)

! Q:!2-%2:-:/50$!&/!4:!D5.2&$.:/50$!D&.!7%D59:7&$/.!.0$/!-%.&-\%&.!A!1$&!9:/%L0-5&!D&! 2-0K&..50$$&4.!&/!90$./5/1&$/!4&!70$0204&!2H:-7:9&1/561&]!! *01.!.:\0$.!61&!4&.!7%D59:7&$/.!$&!.0$/!2:.!D&.!2-0D15/.!:$0D5$.q!54.!D05\&$/!c/-&! :D75$5./-%.! D:$.! D&.! 90$D5/50$.! D%/&-75$%&.]! Q&.! 7%D59:7&$/.! $&! .0$/! 2:.! D%201-\1.!D&!/0_595/%]!!

! "?! !

Q&!2:/5&$/!$&!D5.20.&!2:.!D&.!90$$:5..:$9&.!-&615.&.!:K5$!D&!^1L&-!D&!4:!61:45/%!D&!9&.! 7%D59:7&$/.! &/! $Z&./! 2:.! 90$.95&$/! D&.! %\&$/1&4.! D:$L&-.I! 01! &KK&/.! 5$D%.5-:34&.! 61Z54.!2&1\&$/!2-%.&$/&-!.f54.!$&!.0$/!2:.!1/545.%.!90--&9/&7&$/]!! FZ&./!201-6105!9&//&!401-D&!/:9H&!D05/!c/-&!-%.&-\%&!:1_!2H:-7:95&$.]!Q&!D524b7&!D&! 2H:-7:95&$!L:-:$/5/!4&1-!90$$:5..:$9&!:5$.5!61&!4&1-!9072%/&$9&!D:$.!9&!D07:5$&]! ! <-05.!2545&-.!90$./5/1&$/!4&!70$0204&!2H:-7:9&1/561&M! ! C!96)RB>7?>R6)<T>7<>5>@>F>9>8:)<6)94)RBGRB>:8:)68)<6)94);:B47?6a_!

O:22&40$.! 61Z1$&! 2H:-7:95&! $&! 2&1/! c/-&! L%-%&! 61&! 2:-! 1$! 2H:-7:95&$! &/! $0$! 2:-! 1$&! 2&-.0$$&! $0$! D524b7%&]! QZ&_2405/:/50$! DZ1$&! 2H:-7:95&! 2:-! 1$&! 2&-.0$$&! $Z:S:$/!2:.!4&!/5/-&!D&!2H:-7:95&$!2&1/!-&2-%.&$/&-!1$!-5.61&!201-!4:!.:$/%!2134561&! &$!9&!615!90$9&-$&!4:!61:45/%!&/!4:!.r-&/%!D&!4:!D5.2&$.:/50$!D&.!7%D59:7&$/.]! F&!2-5$952&!DZ5$D5\5.53545/%!D&!4:!2-02-5%/%!&/!D&!4:!L%-:$9&!%$0$9&!61&!4&!2H:-7:95&$! /5/14:5-&!D&!4Z0KK595$&!D05/!c/-&!0345L:/05-&7&$/!2-02-5%/:5-&!D&!.0$!0KK595$&]! ! ! C!96@)BZ;96@)<6)=4>994;6)<A)86BB>8G>B6L₎

8$! $&! 2&1/! 2:.! 01\-5-! 1$&! 2H:-7:95&! 453-&7&$/]! F&4:! &$/-:5$&-:5/! 1$&! 90$91--&$9&! D%40S:4&!&$/-&!4&.!2H:-7:95&$.I!9&!615!20-/&-:5/!://&5$/&!A!4:!D5L$5/%!D1!2H:-7:95&$]! >&!241.!9&4:!201--:5/!&$/-:5$&-!1$&!D%.&-/&!0KK595$:4&!D:$.!9&-/:5$&.!-%L50$.]!!

Q&!$17%-1.!94:1.1.!D&.!%/1D&.!D&!2H:-7:95&I!2&-7&/!$0/:77&$/!D&!4575/&-!4Z:99[.!A! 4:! 2-0K&..50$! 201-! %\5/&-! 61Z54! S! :5/! /-02! D&! 2H:-7:95&$.! &/! 2:-! 90$.%61&$/! /-02! D&! 90$91--&$9&]!!!

Q:! -%2:-/5/50$! D&.! 2H:-7:95&.! D05/! c/-&! -%:45.%&! D:$.! 4&! 31/! DZ:..1-&-! 1$! .&-\59&! 2H:-7:9&1/561&!201-!1$!$073-&!.1KK5.:$/!D&!2&-.0$$&.]!QZ03^&9/5K!%/:$/!DZ%\5/&-!61&! D&.!H:35/:$/.!2:-901-&$/!D&.!s5407[/-&.!201-!://&5$D-&!4:!2H:-7:95&!k4:!241.!2-09H&k]!! FZ&./! 201-6105! 4Z5724:$/:/50$! DZ1$&! 2H:-7:95&! DZ0KK595$&! &./! -%L5&! 2:-! 4&! $073-&! DZH:35/:$/.]!!

G$!&KK&/I!4Z01\&-/1-&!DZ1$&!0KK595$&!$Z&./!20..534&!61&!D:$.!4&.!90771$&.!9072/:$/!:1! 705$.! '! V((! H:35/:$/.! D%201-\1&.! DZ0KK595$&.]! G$.15/&! 4Z01\&-/1-&! 01! 4&! /-:$.K&-/X_!

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

V_{!#-/594&!Q]!V"'VC'(!D1!Fm,I!nnn]4&L5K-:$9&]L01\]K-!} W_{!#-/594&!Q]!V"'VC""!D1!Fm,I!nnn]4&L5K-:$9&]L01\]K-!} X_{!#-/594&!Q]!V"'VC")!D1!Fm,I!nnn]4&L5K-:$9&]L01\]K-!}

! '(! DZ1$&! 2H:-7:95&! .1224%7&$/:5-&! $&! .0$/! :1/0-5.%.! 61&! 2:-! /-:$9H&! D&! )! V((! H:35/:$/.I!9Z&./!A!D5-&!61f1$&!D&1_5[7&!0KK595$&!$&!2&1/!\05-!4&!^01-!61&!.5!4:!90771$&! 9072/&! 241.! D&! X! (((! H:35/:$/.]! P$&! K05.! 4Z01\&-/1-&! DZ1$&! 0KK595$&I! 9&44&C95! $&! 2&1/! 241.!5$/&-\&$5-!61&!2:-!/-:$.K&-/]!<01/&K05.I!.5!:191$!/-:$.K&-/!$Z:!&1!45&1!2&$D:$/!1$&! 2%-50D&!D&!'!:$.I!K:1/&!D&!9:$D5D:/1-&I!1$&!9-%:/50$!DZ0KK595$&!2&1/!c/-&!:1/0-5.%&]! #191$&! 2H:-7:95&! $&! 2&1/! c/-&! 01\&-/&! D:$.! 1$&! 90771$&! D&! 705$.! D&! '! V((! H:35/:$/.!.:1K!.5!4:!90771$&!:!2-%9%D&77&$/!D5.20.%!DZ1$&!0KK595$&!9:-!4&!$073-&! DZH:35/:$/.!%/:5/!.12%-5&1-!A!'!V((@_]! ! ! C!96)=G7GRG96)<6)<>@R67@48>G7)<6)?6B84>7@)RBG<A>8@)<6)@478:K_! <01/!7%D59:7&$/!D&./5$%!A!4Z1.:L&!H17:5$!01!20..%D:$/!1$&!:1/0-5.:/50$!D&!75.&!.1-! 4&!7:-9H%!!$&!2&1/!c/-&!D5.2&$.%!61&!D:$.!1$&!2H:-7:95&!DZ0KK595$&]! Q&.!2H:-7:95&$.I!&$!-:5.0$!D&!4&1-!90$$:5..:$9&!&/!D&!4&1-!9072%/&$9&I!.0$/!4&.!.&14.! :2/&.! A! D5.2&$.&-! D&.! 7%D59:7&$/.! :1! D%/:54! :1_! 2:/5&$/.! :5$.5! 61ZA! D0$$&-! 4&.! 5$K0-7:/50$.! $%9&..:5-&.! ! -&4:/5\&.! :1_! 2-0D15/.! 201-! 4:! 30$$&! 90$.077:/50$! D&! 9&1_!95]!

! !

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

@_{!kF0$D5/50$.!DZ01\&-/1-&!DZ1$&!2H:-7:95&kI!nnn].&-\59&C213459]K-}

!

?_{!#-/594&!Q]!)'""C"!D1!Fm,I!nnn]4&L5K-:$9&]L01\]K-!}

! '"!

Y_).>B?A>8)<A)=:<>?4=678)

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

,>;AB6) J) ?>B?A>8) <A) =:<>?4=678) 67) ,B47?6N) '6R86=FB6) YHJIU) ->7>@8ZB6) <6@) 4OO4>B6@)@G?>496@)68)<6)94)@478:JH)

!

F&! .9H%7:! $01.! 70$/-&! /01/&.! 4&.! %/:2&.! 2:-! 4&.61&44&.! 4&! 7%D59:7&$/! D05/! 2:..&-! :\:$/!D&!201\05-!c/-&!D5./-531%!:1!213459]!

!

Q:! 2-&75[-&! %/:2&! 90$9&-$&! 4&! D%\&4022&7&$/! D1! 7%D59:7&$/]! P$! 4:30-:/05-&! 2H:-7:9&1/561&!&KK&9/1&!D&.!-&9H&-9H&.!&/!D&.!&..:5.!945$561&.!.1-!1$&!704%914&!:K5$! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

! ''! D&!D%K5$5-!.0$!5$D59:/50$!/H%-:2&1/561&I!4&.!&KK&/.!5$D%.5-:34&.!61&!9&//&!704%914&!&./! .1.9&2/534&!DZ&$/-:5$&-I!4:!/04%-:$9&!D&!9&44&C95!2:-!4Z0-L:$5.7&I!4:!20.040L5&!&KK59:9&I! 4:!20.040L5&!/0_561&I!&/!35&$!DZ:1/-&.!2:-:7[/-&.]! ! P$&!K05.!9&//&!2-&75[-&!%/:2&!:9615.&I!4&!7%D59:7&$/!2&1/!2:..&-!A!4Z%/:2&!.12%-5&1-&! A! .:\05-! 4:! D&7:$D&! DZ:1/0-5.:/50$! D&! 75.&! .1-! 4&! 7:-9H%! l#EE`]! ! ,01-! 9&//&! D&7:$D&!DZ#EEI!1$&!&$/-&2-5.&!2H:-7:9&1/561&!%4:30-&!1$!D0..5&-!D:$.!4&61&4!0$! -&/-01\&!/01/&.!4&.!5$K0-7:/50$.!-&4:/5\&.!:1!7%D59:7&$/!l.:!90720.5/50$I!4&.!&KK&/.! 5$D%.5-:34&.I!4:!K0-7&!L:4%$561&]]`]!Q:!$0/59&!D05/!%L:4&7&$/!K5L1-&-!D:$.!9&!D0..5&-]!!! FZ&./!4Z:L&$9&!$:/50$:4&!D&!.%91-5/%!D1!7%D59:7&$/!&/!D&.!2-0D15/.!D&!.:$/%!l#*mE`! &/!4Z:L&$9&!&1-02%&$$&!D&.!7%D59:7&$/.!lGE#`!615!!:22-%95&$/!&/!://-531&$/!4Z#EE! :1!7%D59:7&$/!:2-[.!%\:41:/50$!D&!4:!3:4:$9&!3%$%K59&t!-5.61&!!D1!7%D59:7&$/!201-! 4:!.:$/%!2134561&]! ! Q:!/-05.5[7&!%/:2&!D1!95-915/!D1!7%D59:7&$/!90$9&-$&!4:!D&7:$D&!D&!K5_:/50$!D1!2-5_! &/! D1! /:1_! D&! -&7301-.&7&$/]! m05/! 9Z&./! 1$! 7%D59:7&$/! $0$! -&7301-.:34&! 2:-! 4:! .%91-5/%!.095:4&I!D:$.!9&!9:.!4Z&$/-&2-5.&!2H:-7:9&1/561&!K5_&!4&!2-5_!453-&7&$/]!!

m05/! 9Z&./! 1$! 7%D59:7&$/! D&./5$%! A! c/-&! 5$.9-5/! .1-! 4:! 45./&! D&.! 7%D59:7&$/.! -&7301-.:34&.]!>:$.!9&!9:.!4:!90775..50$!D&!4:!/-:$.2:-&$9&!D&!4:!=:1/&!:1/0-5/%!D&! .:$/%!%\:41&!4&!7%D59:7&$/!&$!K0$9/50$!D&!D&1_!9-5/[-&.M!4Z1$!2-&$:$/!&$!9072/&!4:! L-:\5/%!D&!4Z:KK&9/50$I!4Z&KK59:95/%!D1!/-:5/&7&$/!7%D59:7&$/&1_!&/!.0$!5$/%-c/!D&!.:$/%! 2134561&!l4&!.&-\59&!7%D59:4!-&$D1!u!mEO`!&/!4Z:1/-&!9-5/[-&!90--&.20$D:$/!A!4:!\:4&1-! :^01/%&! D1! 7%D59:7&$/! 2:-! -:220-/! :1_! 2-0D15/.! 2-%.&$/.! .1-! 4&! 7:-9H%! l4Z:7%450-:/50$!D1!.&-\59&!7%D59:4!-&$D1!u!#mEO`]!!

m15/&! A! 9&4:I! 4&! 9075/%! %90$07561&! D&.! 2-0D15/.! D&! .:$/%! lFG,m`! K5_&! 4&! 2-5_! D1! 7%D59:7&$/!&/!4Z1$50$!$:/50$:4&!D&.!9:5..&.!D&!4Z:..1-:$9&!7:4:D5&!lP*F#E`!K5_&!4&! /:1_!D&!-&7301-.&7&$/!D1!7%D59:7&$/]!!

FZ&./!:1!75$5./[-&!D&!4:!.:$/%!&/!D&!4:!.%91-5/%!.095:4&!D&!^1L&-!.Z54!&./!DZ:990-D!:\&9!4&! FG,m! &/! 4ZP*F#Eq! 4:! D%95.50$! K5$:4&! DZ5$.9-52/50$! .1-! 4:! 45./&! D&.! 7%D59:7&$/.! -&7301-.:34&.!415!-&\5&$/]!

! 'T! Q&!95-915/!D1!7%D59:7&$/!.Z:9H[\&!2:-!4:!D5./-531/50$!:1!D%/:54!D&!9&!D&-$5&-!:12-[.! D&.! 2H:-7:95&.! D&! \544&! &/! D&.! 2H:-7:95&.! H0.25/:45[-&.! 201-! 2&-7&//-&! 4&1-! D5.2&$.:/50$!:1!213459]!

!

FH:61&! %/:2&! D&! 4:! 9H:5$&! D1! 7%D59:7&$/! lK:3-59:/50$I! &_2405/:/50$I! D5./-531/50$! &/! D5.2&$.:/50$`! &./! D5-5L%&! 2:-! 1$! 2H:-7:95&$! 61:45K5%! 615! :..1-&! ^1.61Z:1! 301/! 4:! 61:45/%!D&.!7%D59:7&$/.!D5.2&$.%!:1_!2:/5&$/.]! Q&!70$0204&!D1!2H:-7:95&$!2&-7&/!DZ:..1-&-!61Z54!$ZS!:5/!:191$!%9:-/!A!9&!95-915/]!g4! :..1-&!4:!.%91-5/%!&/!4:!61:45/%!D&.!7%D59:7&$/.!D%45\-%.!:1!213459]! ! ! !

I_) 24) 56786) <6) =:<>?4=678@) @AB) >786B768E) A7) O9GA)

CAB><>QA6

JJJY

₎

! !

Q:! 61&./50$! 61&! 4Z0$! .&! 20.&! &./! 201-6105! 4%L5K%-&-! .1-! 4:! \&$/&! &$! 45L$&! D&! 7%D59:7&$/.e! P$&! D&.! -:5.0$.! &./! 61Z:191$! /&_/&! ^1-5D561&! -&4:/5K! A! 4:! \&$/&! D&! 7%D59:7&$/.!.1-!5$/&-$&/!$Z&_5./:5/!&$!d-:$9&]!

!

G$! &KK&/I! $01.! \&--0$.! 2:-! 4:! .15/&! 61&! 4Z:--c/! >09! E0--5."T_{!&./! A! 4Z0-5L5$&! D&! 9&/!}

&$L01&7&$/!201-!4:!\&$/&!2:-!90--&.20$D:$9&!D&!7%D59:7&$/.!&/!61ZA!4:!.15/&!D&!9&/! :--c/I! 1$&! D5-&9/5\&! &1-02%&$$&")_{!:! \1! 4&! ^01-! :K5$! DZ:1/0-5.&-! 4:! \&$/&! D&!}

7%D59:7&$/.!\5:!5$/&-$&/]!F&2&$D:$/!:191$&!405!$Z:\:5/!%/%!/-:$.20.%&!&$!d-:$9&]!! Q:!d-:$9&!%/:5/!4f1$!D&.!D&-$5&-.!2:S.!A!$&!2:.!:\05-!-%L4&7&$/%!9&//&!:9/5\5/%]!

Q:! 2412:-/! D&.! 2:S.! &1-02%&$.! 0$/! D%^A! :1/0-5.%! .05/! 4:! \&$/&! D&! /01.! 4&.! 7%D59:7&$/.I!.05/!4:!\&$/&!D&.!.&14.!7%D59:7&$/.!A!2-&.9-52/50$!7%D59:4&!K:914/:/5\&! 01!.05/!4:!\&$/&!D&.!.&14.!7%D59:7&$/.!A!2-&.9-52/50$!7%D59:4&!0345L:/05-&]!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ""_{!G]!d01:..5&-I!k2H:-7:95&.!\5-/1&44&.]]]!D&!4:!9H57[-&!^1-5D561&!A!4:!3:1D-19H&!7%D5:/561&kI!-&\1&!D&!} D-05/!.:$5/:5-&!&/!.095:4!$+TI!^1544&/C.&2/&73-&!'(("I!2])?WCV"T! "'_{!EC>]!F:7250$I!EC>]!d1-&/!&/!>]!R50$I!k7%D59:7&$/.!&/!5$/&-$&/kI!B144&/5$!D&!4Z8-D-&!D&.!2H:-7:95&$.!} $+TW@I!09/03-&!'(((I!2])"?C)'W! "T_{!FYFGI!""!D%9&73-&!'((TI!:KK]!FCT''t("I!>09!E0--5.I!91-5:]&1-02:]&1t!}

")_{!>5-&9/5\&! '(""tW'tPG! D1! 2:-4&7&$/! &1-02%&$! &/! D1! 90$.&54! D1! @! ^15$! '(""! 70D5K5:$/! 4:! D5-&9/5\&!}

'(""t@TtFG! 5$./5/1:$/! 1$! 90D&! 90771$:1/:5-&! -&4:/5K! :1_! 7%D59:7&$/.! A! 1.:L&! H17:5$I! &$! 9&! 615! 90$9&-$&! 4:! 2-%\&$/50$! D&! 4Z5$/-0D19/50$! D:$.! 4:! 9H:J$&! DZ:22-0\5.50$$&7&$/! 4%L:4&! D&! 7%D59:7&$/.! K:4.5K5%.I!Y8PG!Q!"X)tX)I!&9]&1-02:]&1!

! ')! Q&!9077&-9&!%4&9/-0$561&!D&!7%D59:7&$/.!.&!D%\&4022&!D&215.!D&.!:$$%&.!D:$.!4&.! 2:S.!\05.5$.!D&!4:!d-:$9&]!*073-&1_!.0$/!4&.!2:/5&$/.!9077:$D:$/!D&.!2-0D15/.!\5:! 5$/&-$&/]! ! ,:-!:544&1-.I!1$&!2H:-7:95&!.5/1%&!A!F:&$!.Z&./!4:$9%&!&/!:!01\&-/!1$!.5/&!5$/&-$&/]!F&! K1/! 4:! 2-&75[-&! 2H:-7:95&! K-:$h:5.&! A! 7&//-&! &$! \&$/&! D&.! 7%D59:7&$/.! .1-! 5$/&-$&/"V"W_{]! F&2&$D:$/I! :\:$/! DZ01\-5-! .0$! .5/&I! 4&! 2H:-7:95&$! D%95D:! D&! .Z:..1-&-I!}

:12-[.! DZ1$! :\09:/I! D&! 4:! 4%L:45/%! D1! ! .5/&! 5$/&-$&/! &/! D1! -&.2&9/! D&! 4:! D5L$5/%! D&! 4:! 2-0K&..50$]! FZ&./! :40-.! 61Z54.! .&! .0$/! -&$D1.! 9072/&! 61Z54! $ZS! :\:5/! :191$! /&_/&! 615! 5$/&-D5.:5/!4:!\&$/&!2:-!5$/&-$&/!D&!7%D59:7&$/.!$0$!.0175.!A!2-&.9-52/50$!7%D59:4&! 0345L:/05-&]!!

G$!&KK&/!9&/!:\09:/!&_24561&!k$01.!:\0$.!%2419H%!4:!405!.1-!4&!9077&-9&!%4&9/-0$561&I! 4&! F0D&! D&! 4:! 90$.077:/50$I! 9&415! D&! 4:! .:$/%! 2134561&I! 4&! F0D&! D1! 9077&-9&I! ! &/! 7c7&! 9&415! D&! 4:! 2-02-5%/%! 5$/&44&9/1&44&]! Ec7&! 4Z8-D-&! D&.! 2H:-7:95&$.! :! %/%! 5$K0-7%I!.:$.!/01/&K05.!$01.!:\05-!D0$$%!D&!-%20$.&]!*01.!.077&.!2:-/5.!D1!2-5$952&! 61&!9&!615!$Z%/:5/!2:.!5$/&-D5/!%/:5/!D0$9!:1/0-5.%I!&/!$01.!:\0$.!-&.2&9/%!4Z&.2-5/!D&.! /&_/&.!&_5./:$/.]!k"X_!

!

F&! K401! ^1-5D561&! 2-0K5/&! A! 9&//&! 2-&75[-&! 0KK595$&! 615! :! 01\&-/! .0$! .5/&! 5$/&-$&/! &$! *0\&73-&!'("']!

>Z:1/-&.! 2H:-7:95&.! D%95D&$/! D&! .15\-&! 4&! 701\&7&$/! &$! 01\-:$/! 4&1-.! .5/&.]! FZ&./! 201-6105! %/:$/! D:$.! 1$! \5D&! ^1-5D561&! 90$9&-$:$/! 4:! \&$/&! 2:-! 90--&.20$D:$9&! D&.! 7%D59:7&$/.I! 54! &./! 1/54&! DZ%/:345-! 1$&! 405! 201-! 61&! 4&.! 9H0.&.! .05&$/! 94:5-&.! :K5$! D&! .:\05-! .5! 015! 01! $0$! 4&! 9077&-9&! %4&9/-0$561&! D&! 7%D59:7&$/! &./! :1/0-5.%! &/! DZ&$! D%/&-75$&-!4&.!4575/&.]!

! !

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

"V_{!kE%D59:7&$/.M!D&.!2H:-7:95&.!&$!45L$&!615!K0$/!D%3:/kI!W!D%9&73-&!'("'I!nnn]K-:$9&V]K-!}

"W_{!kF&.! 2H:-7:95&$.! K-:$h:5.! 615! 75.&$/! L-0.! .1-! 4:! \&$/&! D&! 7%D59:7&$/.! \5:! 5$/&-$&/kI! 'T! ^1544&/!}

'("TI!nnn]9H:44&$L&.]K-!

! 'V!

) VU)26@)B>@QA6@)RGAB)96)R48>678)

! ! !

QZ1$&! D&.! 2-5$952:4&.! -:5.0$.! 201-! 4:61&44&! 54! &./! 5720-/:$/! D&! 4%L5K%-&-! .1-! 4&! 9077&-9&! %4&9/-0$561&! D&.! 7%D59:7&$/.! &./! 4:! 2-%.&$9&! D&! 90$/-&K:h0$.! .1-! 5$/&-$&/"@"?_{]! FZ&./! 4&! 2-5$952:4! -5.61&! 201-! 4&! 2:/5&$/! &/! 4&.! 90$.%61&$9&.! 2&1\&$/!}

.Z:\%-&-!/-[.!L-:\&]! !

Q:!D%K5$5/50$!DZ1$!7%D59:7&$/!K:4.5K5%!.&40$!4:!D5-&9/5\&!D1!2:-4&7&$/!&1-02%&$!&/!D1! 90$.&54!D1!@!^15$!'(""'(_{!&./!k1$!7%D59:7&$/!90720-/:$/!1$&!K:1..&!2-%.&$/:/50$!D&M!}

! C! .0$! 5D&$/5/%I! S! 9072-5.! D&! .0$! &73:44:L&! &/! D&! .0$! %/561&/:L&I! D&! .:! D%$075$:/50$!01!D&!.:!90720.5/50$!.Z:L5..:$/!D&!$Z5720-/&!4&61&4!D&!.&.!90720.:$/.I! S!9072-5.!4&.!&_9525&$/.I!&/!D1!D0.:L&!D&!9&.!90720.:$/.q! ! C!.:!.01-9&I!S!9072-5.!D&!.0$!K:3-59:$/I!D&!.0$!2:S.!D&!K:3-59:/50$I!D&!.0$!2:S.! DZ0-5L5$&!01!D1!/5/14:5-&!D&!.0$!:1/0-5.:/50$!D&!75.&!.1-!4&!7:-9H%q!01! ! C.0$!H5./0-561&I!S!9072-5.!D&.!&$-&L5./-&7&$/.!&/!D&.!D0917&$/.!-&4:/5K.!:1_! 95-915/.!D&!D5./-531/50$!1/545.%.]!! Q:!2-%.&$/&!D%K5$5/50$!$Z5$941/!2:.!4&.!D%K:1/.!D&!61:45/%!$0$!5$/&$/50$$&4.!&/!.Z&$/&$D! .:$.!2-%^1D59&!D&.!\504:/50$.!D&.!D-05/.!D&!2-02-5%/%!5$/&44&9/1&44&]k! ! B&:19012!D&!2&-.0$$&.!:9H[/&$/!D&.!7%D59:7&$/.!2:-!4&!35:5.!DZ5$/&-$&/]!g$/&-$&/!&./! 1$&! H:1/&! /&9H$040L5&]! g4! $01.! 2&-7&/! D&! K:5-&! %$0-7%7&$/! D&! 9H0.&.I! 0$! 2&1/! S! :9H&/&-!/01/!9&!61&!4Z0$!D%.5-&]!!

Q&! 2-034[7&! &./! 4A! ^1./&7&$/I! 54! $ZS! :! 2:.! D&! 4575/&.! .1-! 5$/&-$&/! A! /&4! 205$/! 61Z1$! 5$/&-$:1/&!D%.5-:$/!:9H&/&-!.0$!7%D59:7&$/!2:-!5$/&-$&/!201-!D5\&-.&.!-:5.0$.!2&1/! 7&//-&!.:!.:$/%!&$!D:$L&-]!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! "@_{!kF:72:L$&!DZ5$K0-7:/50$!.1-!4:!\&$/&!D&!7%D59:7&$/.!&$!45L$&kI!')!.&2/&73-&!'("TI!nnn].095:4C} .:$/&]L01\]K-! "?_{!kR&$/&!&$!45L$&!D&!7%D59:7&$/.kq!'T!.&2/&73-&!'("TI!nnn].:$/&]L01\]K-!} '(_{!#-/594&!"9!D&!4:!D5-&9/5\&!'(""tW'tPG!D1!2:-4&7&$/!&1-02%&$!&/!D1!90$.&54!D1!@!^15$!'(""!70D5K5:$/!} 4:!D5-&9/5\&!'(""t@TtFG!5$./5/1:$/!1$!90D&!90771$:1/:5-&!-&4:/5K!:1_!7%D59:7&$/.!A!1.:L&!H17:5$I! &$! 9&! 615! 90$9&-$&! 4:! 2-%\&$/50$! D&! 4Z5$/-0D19/50$! D:$.! 4:! 9H:J$&! DZ:22-0\5.50$$&7&$/! 4%L:4&! D&! 7%D59:7&$/.!K:4.5K5%.I!Y8PG!Q!"X)tX)I!&9]&1-02:]&1!

! 'W! >:$.! 9&//&! 7c7&! D5-&9/5\&! D1! @! Y15$! '(""I! 54! &./! %9-5/! 61&! k4:! \&$/&! 544%L:4&! D&! 7%D59:7&$/.! :1! 213459! \5:! 4Z5$/&-$&/! -&2-%.&$/&! 1$&! 7&$:9&! 7:^&1-&! 201-! 4:! .:$/%! 2134561&!%/:$/!D0$$%!61&!D&.!7%D59:7&$/.!K:4.5K5%.!2&1\&$/!c/-&!D5./-531%.!:1!213459! D&! 9&//&! 7:$5[-&]! l]]]`! 8$! 90$./:/&! D:$.! 4ZP$50$! 1$&! :1L7&$/:/50$! :4:-7:$/&! D1! $073-&!D&!7%D59:7&$/.!K:4.5K5%.!D1!205$/!D&!\1&!D&!4&1-!5D&$/5/%I!D&!4&1-!H5./0-561&! 01! D&! 4&1-! .01-9&]! Q&.! 90720.:$/.! 2-%.&$/.! D:$.! 9&.! 7%D59:7&$/.I! S! 9072-5.! 4&.! .13./:$9&.!:9/5\&.I!.0$/!H:35/1&44&7&$/!D&!61:45/%!5$.1KK5.:$/&I!K:4.5K5%.I!7:4!D0.%.!01! &$90-&!:3.&$/.I!&/!-&2-%.&$/&$/!:5$.5!1$&!L-:$D&!7&$:9&!201-!4:!.:$/%!2134561&]k! !

! 'X! ! ! ! ! ! ! ! ! ! F&//&!5$K0L-:2H5&'"_{!$01.!K:5/!.:\05-!A!61&4!205$/!4&!$073-&!D&!7%D59:7&$/.!K:4.5K5%.!} 95-914:$/!D:$.!4&!70$D&!&./!5720-/:$/!&/!61Z54!&./!1/54&!D&!.Z5$615%/&-!201-!4:!.:$/%!D&.! 2:/5&$/.]!! #1_!G/:/.CP$5.!2:-!&_&724&I!4&!$073-&!D&!7%D59:7&$/.!K:4.5K5%.!:!%/%!714/5245%!2:-!"(! &$!V!:$.I!9Z&./!4Z1$!D&.!2:S.!0j!4:!90$/-&K:h0$!&./!4:!241.!2-%.&$/&]!F&4:!&./!.r-&7&$/! Dr! :1! .S./[7&! D&! 2-0/&9/50$! .095:4&! :161&4! /01/&! 4:! 20214:/50$! $&! 2&1/! 2:.! :\05-! :99[.!&/!:1_!2-5_!%4&\%.!D&.!7%D59:7&$/.I!9&!615!5$95/&!4&.!2:/5&$/.!A!.Z:22-0\5.50$$&-! :544&1-.!&/!$0/:77&$/!.1-!5$/&-$&/]! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! '"_{!kQ:!90$/-&K:h0$!D&!7%D59:7&$/.kI!,K5U&-I!^15$!'("TI!nnn]2K5U&-]K-!} ,>;AB6)Y)24)?G78B6O4bG7)<6)=:<>?4=678@U)/O>c6BN)XA>7)YHJI

! '@! G$! #K-561&I! 4&.! :$/52:41D%&$.! .0$/! 4&.! 7%D59:7&$/.! 615! -&4[\&$/! 4&! 241.! D&! 4:! 90$/-&K:h0$]! P$! 754450$! D&! 70-/.! 2:-! :$! Dr! :1! 2:41D5.7&! D0$/! '((! (((! 201--:5&$/! c/-&! %\5/%! .5! 4&.! 2&-.0$$&.! :\:5&$/! 3%$%K595%! DZ1$! \-:5! 7%D59:7&$/]! Q&! /:1_! D&! -%.5./:$9&! A! 4:! 9H40-0615$&! D:$.! 9&.! 2:S.! 0j! D075$&$/! 4&.! :$/52:41D%&$.! K:4.5K5%.I! 201--:5/!&$!01/-&I!c/-&!Dr!A!4:!7:1\:5.&!61:45/%!D&!9&.!K:1_!7%D59:7&$/.''_]!!

!

G$!G1-02&I!1$&!2&-.0$$&!.1-!V!:9H[/&!D&.!7%D59:7&$/.!D5.20$534&.!1$561&7&$/!.1-! 0-D0$$:$9&!DZ1$&!K:h0$!544%L:4&]!

!

G$! d-:$9&I! 3&:19012! D&! 2&-.0$$&.! :9H[/&$/! D&.! 7%D59:7&$/.! 2:-! 4Z5$/&-7%D5:5-&! DZ5$/&-$&/!201-!D5KK%-&$/&.!-:5.0$.]!!

<01/! DZ:30-D! 2:-9&! 61Z54.! ^1L&$/! 61&! 9Z&./! 1$! L:5$! D&! /&72.! D&! 9077:$D&-! .1-! 5$/&-$&/]! g4.! 2&1\&$/! 4&! K:5-&! D&! 4&1-! 31-&:1I! 9&4:! 4&1-! %\5/&! D&! .&! D%24:9&-! A! 4:! 2H:-7:95&!&/!DZ://&$D-&!DZc/-&!.&-\5]!!!

,01-! 4&.! 2&-.0$$&.! A! 703545/%! -%D15/&! 01! 4&.! 2&-.0$$&.! D0$/! 4&! D075954&! .&! /-01\&! %405L$%!DZ1$&!0KK595$&I!9&!70D&!D&!\&$/&!&./!201-!&1_!1$!:\:$/:L&]!!

QZ:1/-&!:-L17&$/!75.!&$!:\:$/!&./!61&!4&.!7%D59:7&$/.!61Z54.!:9H[/&$/!&$!45L$&!.0$/! 3&:19012!705$.!9H&-.!61Z&$!2H:-7:95&]!g4.!2&1\&$/!:1..5!9072:-&-!4&.!2-5_]!F&4:!4&1-! 2&-7&/!D&!K:5-&!D&.!%90$075&.]!!

>&! 7c7&I! 4&.! K-:$h:5.! /-01\&$/! 1$! 5$/%-c/! A! 4:! \&$/&! &$! 45L$&! 9:-! 9&4:! 4&1-! 2&-7&/! DZ03/&$5-!K:954&7&$/!D&.!7%D59:7&$/.!:40-.!61&!9&-/:5$.!$%9&..5/&$/!0345L:/05-&7&$/! 1$&! 2-&.9-52/50$! 7%D59:4&]! ! ,:-! &_&724&! 4&! \5:L-:v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vI!$Z:1-:!2:.! &1! A! .&! D%24:9&-! &$! 2H:-7:95&I! $Z:1-:! 2:.! &1! A! K:5-&! K:9&! :1! -&L:-D! D1! 2H:-7:95&$! 40-.! D&! .:! D5.2&$.:/50$! 7:5.!:1-:! .1-&7&$/! 1$! \5:L-:v!90$/-&K:5/]! FZ&./! A! D5-&! 61Z54! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

''_{!F]!m:1$5&-I!k4&!-&$K0-9&7&$/!D&!4:!\&544&!.:$5/:5-&!&/!D1!90$/-b4&!D&!4:!.%91-5/%!.:$5/:5-&!D&.!2-0D15/.!}

D&./5$%.! A! 4ZH077&M! :22459:/50$! D&! 4:! 405! D1! "&-! ^1544&/! "??@kI! -:220-/! D&! 4Z8,GFm<! $+"@VI! "V! K%\-5&-! '((VI!/-05.5[7&!2:-/5&I!9H:25/-&!VI!H//2Mttnnn].&$:/]K-t-:2t-()C"@Vt-()C"@V"']H/74!

! '?! :1-:! 1$! 7%D59:7&$/! D0$/! 4&! D0.:L&! &$! 2-5$952&! :9/5K! .&-:! 5$.1KK5.:$/! \05-! :3.&$/! &/! 25-&! &$90-&I! 54! &./! 20..534&! 61&! 9&! K:1_! 7%D59:7&$/! 90$/5&$$&$/! D&.! .13./:$9&.! $15.534&.!201-!.:!.:$/%]!

!

G$!&KK&/I!4&!-5.61&!D&.!7%D59:7&$/.!K:4.5K5%.!&./!61Z54!$ZS!:5/!2:.!D&!2-5$952&!:9/5KI!01! 61&! 9&415C95! .05/! .01.CD0.%! 01! .1-CD0.%! 01! 61&! 9&! .05/! 1$! :1/-&! 2-5$952&! :9/5K! 2-%.&$/'T_{]!FZ&./!1$!%$0-7&!-5.61&!615!7&/!&$!D:$L&-!4:!.:$/%!D&.!2:/5&$/.]!} 8$!$&!2&1/!2:.!.:\05-!D&!6105!&./!90$./5/1%!1$!7%D59:7&$/!90$/-&K:5/q!54!&./!20..534&! 61Z54!S!:5/!D&.!.13./:$9&.!/0_561&.!615!201--:5&$/!/01/!.5724&7&$/!:LL-:\&-!4Z%/:/!D&! .:$/%!D1!2:/5&$/]! ! >&!$073-&1.&.!2&-.0$$&.!:9H[/&$/!4&1-.!7%D59:7&$/.!\5:!5$/&-$&/!2:-9&!61Z&44&.!S! /-01\&$/!1$!5$/%-c/]!8-!4&.!7%D59:7&$/.!90$/-&K:5/.!.0$/!07$52-%.&$/.]!G/:345-!1$&!405! .1-! 4&! 9077&-9&! %4&9/-0$561&! D&! 7%D59:7&$/! 2:-! D&.! 2H:-7:95&.! 2&-7&//-:5/! D&! -%20$D-&!A!4:!D&7:$D&!D&.!2:/5&$/.!&$!:1/0-5.:$/!4:!\&$/&!&$!45L$&!D&!7%D59:7&$/.! 215.61Z54.! S! /-01\&$/! D&.! :\:$/:L&.! 7:5.! .1-/01/! 9&4:! 2&-7&//-:5/! DZ:..1-&-! :1_! 2:/5&$/.! DZ:\05-! D&.! 7%D59:7&$/.! -%20$D:$/.! :1_! 7c7&.! &_5L&$9&.! D&! 61:45/%I! D&! .1-&/%!&/!D&!90$.&-\:/50$!61&!9&1_!!D5.2&$.%.!&$!2H:-7:95&I!D&.!7%D59:7&$/.!:S:$/! .15\5!4:!9H:5$&!2H:-7:9&1/561&!&/!:S:$/!%/%!90$/-b4%.!2:-!4&.!:1/0-5/%.!.:$5/:5-&.]! ! !

.U)2T:9:=678)<:?967?\6ABE)9T4OO4>B6)*G?)-GBB>@)

! !

G$! d-:$9&I! :191$&! 405! $Z5$/&-D5.:5/! $5! $Z:1/0-5.:5/! 4:! \&$/&! 2:-! 90--&.20$D:$9&! D&! 7%D59:7&$/.]!F&2&$D:$/I!k/01.!4&.!.2%95:45./&.!D&!D-05/!2H:-7:9&1/561&!0$/!-:22&4%! 61&! 4&! 9:D-&! 4%L:4! &/! -%L4&7&$/:5-&! 90724&_&! &$9:D-:$/I! &$! d-:$9&I! 4:! \&$/&! &/! 4:! D5.2&$.:/50$! D&.! 7%D59:7&$/.! -&$D:5/! 5720..534&! 4:! \&$/&! D&! /&4.! 2-0D15/.! \5:! 5$/&-$&/]! F&//&! 5720..53545/%! $&! -%.14/:5/! 2:.! DZ1$&! 5$/&-D59/50$! &_2-&..%7&$/! 20.%&! 2:-! 4&! F0D&! D&! 4:! .:$/%! 2134561&I! 7:5.! 241/b/! D&! 4:! 90$^0$9/50$! D&! 241.5&1-.! /&_/&.! :S:$/! /-:5/I! 2:-! &_&724&I! A! 4:! D%K5$5/50$! D&! 4Z0KK595$&I! A! 4Z0345L:/50$! DZ&_&-959&! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

'T_{!kN15D&!A!4Z1.:L&!D&.!2H:-7:95&$.I!E%D59:7&$/.!&/!90$/-&K:h0$.kI!nnn]:$.7].:$/&]K-!}

! T(! 2&-.0$$&4I!A!4:!2134595/%!&$!K:\&1-!D&.!7%D59:7&$/.!&/!D&.!0KK595$&.I!:1_!5$/&-D59/50$.! 90$9&-$:$/!9&-/:5$.!2-09%D%.!D&!\&$/&]]]k')_!

!

8-I!4:!61&./50$!D&!4:!\&$/&!D&!7%D59:7&$/.!2:-!5$/&-$&/!:!Dr!c/-&!-&90$.5D%-%&!.15/&!A! 1$! 90$K45/! :1! D&4A! D&! $0.! K-0$/5[-&.! &/! 615! &./! A! 4Z0-5L5$&! DZ1$! :--c/I! D5/! :--c/! >09! E0--5.I! -&$D1! 2:-! 4:! F01-! D&! ^1./59&! D&.! F0771$:1/%.! &1-02%&$$&.! lFYFG`! 4&! ""! >%9&73-&!'((T'V_]! ! !

! !!!!!J_)&4RR69)<6@)O4>8@)

! ! !

kQZ:KK:5-&! 0220.:5/! 4&! >&1/.H&-! #20/H&s&-\&-3:$DI! :..095:/50$! :S:$/! 201-! 31/! D&! D%K&$D-&!&/!D&!2-0701\05-!4&.!5$/%-c/.!!%90$07561&.!&/!.095:1_!D&!4:!2-0K&..50$!D&! 2H:-7:95&$!&$!#44&7:L$&I!&/!4:!.095%/%!$%&-4:$D:5.&!>09E0--5.I!615!2-:/561&!4:!\&$/&! D&! 7%D59:7&$/.! .1-! 5$/&-$&/! :5$.5! 61Z1$&! :9/5\5/%! 2H:-7:9&1/561&! 94:..561&I! 2:-! 4:! \05&!DZ1$&!0KK595$&!/-:D5/50$$&44&I!01\&-/&!:1!213459I!.5/1%&!:1_!,:S.CB:.]k'W_!

!

>09E0--5.! &./! 1$&! .095%/%! $%&-4:$D:5.&! %/:345&! A! w&-s-:D&! :1_! ,:S.CB:.! D0$/! E-]! x:/&-\:4!&./!2H:-7:95&$!&/!4Z1$!D&.!D5-5L&:$/.!D&!9&//&!2H:-7:95&]!F&44&C95!2-020.&! 1$&!:9/5\5/%!0KK595$:4&!94:..561&!:5$.5!61&!4:!\&$/&!2:-!90--&.20$D:$9&!\5:!5$/&-$&/!D&! 7%D59:7&$/.! A! 2-&.9-52/50$! 7%D59:4&! 0345L:/05-&! 01! K:914/:/5\&! :1_! ,:S.CB:.! 7:5.! :1..5!D:$.!/01/&!4ZG1-02&!&/!$0/:77&$/!:1_!#44&7:$D.!215.61&!4&!.5/&!5$/&-$&/!2&1/! c/-&!2-020.%!&$!4:$L1&!:44&7:$D&!&$!\1&!DZ1$&!90$.077:/50$!2:-!9&.!D&-$5&-.]!! QZ:9/5\5/%! 0KK595$:4&! >09E0--5.! &/! .0$! .5/&! 5$/&-$&/ 'X_{!.0$/! 901\&-/.! 2:-! 1$&!}

:1/0-5.:/50$!D%45\-%&!2:-!4&.!:1/0-5/%.!2134561&.!$%&-4:$D:5.&.]! !

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

')_{!G-59! d01:..5&-q! kQ&! ^1L&! 90771$:1/:5-&! &/! 4:! \&$/&! D&! 7%D59:7&$/.! .1-! 5$/&-$&/kI! B144&/5$! D&!}

4Z8-D-&!D&.!2H:-7:95&$.!$+T@'I!E:-.!'(()I!2]"(?C"'T!

'V_{!FYFGI!""!D%9&73-&!'((TI!:KK]!FCT''t("I!>09!E0--5.I!91-5:]&1-02:]&1t!}

'W_{!G-59!d01:..5&-I!kQ&!^1L&!90771$:1/:5-&!&/!4:!\&$/&!D&!7%D59:7&$/.!.1-!5$/&-$&/kI!B144&/5$!D&!4Z8-D-&!}

D&.!2H:-7:95&$.!$+T@'I!E:-.!'(()I!2]"(?C"'T!

! T"! F0$9&-$:$/! 4&! .5/&! 5$/&-$&/! D&! >09E0--5.I! 4&.! 7%D59:7&$/.! .0$/! 94:..%.! 2:-! 0-D-&! :42H:3%/561&!.&40$!4&1-!D%$075$:/50$]!!#1..5!0$!/-01\&!D&.!-13-561&.!90--&.20$D:$/! :1_! 5$D59:/50$.! /H%-:2&1/561&.I! 2:-! &_&724&! kHS20/&$.&1-.kI! k:$:4L%.561&.kI! k7%D59:7&$/.! 90$/-&! 4&! 9H04&./%-04k! &/! 35&$! DZ:1/-&.! -13-561&.I! :\&9! 4&.! D5KK%-&$/.! 7%D59:7&$/.!D5.20$534&.!201-!4Z5$D59:/50$!9H05.5&]! g4!.1KK5/!D&!94561&-!.1-!4&!7%D59:7&$/!201-!:\05-!D&.!5$K0-7:/50$.!.1-!9&415C95]!!g4!S!:! 1$!:\&-/5..&7&$/!A!90/%!D1!D&.9-52/5K!D&.!7%D59:7&$/.!40-.61&!9&1_C95!.0$/!.0175.!A! 2-&.9-52/50$!7%D59:4&!0345L:/05-&]! ! >&!241.I!1$!7%D59:7&$/!&./!D5./5$L1%!9077&!%/:$/!.0175.!A!2-&.9-52/50$!7%D59:4&!01! $0$!&$!K0$9/50$!D&!4:!4%L5.4:/50$!D1!7%D59:7&$/!D:$.!4&!2:S.!:9H&/&1-]!!

>Z:544&1-.! 4:! D%45\-:$9&! D&.! 7%D59:7&$/.! $%9&..5/:$/! 1$&! 2-&.9-52/50$! 7%D59:4&! 0345L:/05-&!$&!.&!K:5/!61&!.1-!2-%.&$/:/50$!D&!4Z0-5L5$:4!D&!4Z0-D0$$:$9&]!

!

>Z:1/-&! 2:-/I! k4&! 90$.077:/&1-! :! &$! 01/-&! 4:! 20..53545/%! D&! 90$.14/&-! 4&! 9075/%! DZ&_2&-/.! .1-! D&.! 61&./50$.! D&! .:$/%]! >&! 7:$5[-&! L%$%-:4&I! 4&! 90$.077:/&1-! 2&1/! 90$/:9/&-! >09E0--5.! &/! E-]! x:/&-\:4! $0$! .&14&7&$/! 2:-! 1$&! 90771$59:/50$! \5:! 5$/&-$&/I!7:5.!%L:4&7&$/!L-i9&!A!1$!$17%-0!\&-/!01!2:-!4&//-&]k'@_!

!

#! 2-020.! D&! 4:! 45\-:5.0$I! 4&! 945&$/! A! 241.5&1-.! 20..53545/%.M! .05/! 54! \5&$/! 9H&-9H&-! .:! 9077:$D&!D5-&9/&7&$/!A!4:!2H:-7:95&I!615!&./!.5/1%&!A!2-0_575/%!D&!4:!K-0$/5[-&!&$/-&! 4&.! ,:S.CB:.! &/! 4Z#44&7:L$&q! .05/! 4&! 945&$/! 2&1/! 9H:-L&-! 1$! .&-\59&! D&! 45\-:5.0$I! -&9077:$D%!2:-!>09E0--5.I!D&!-%912%-&-!4:!9077:$D&!&/!D&!4:!D%20.&-!A!4Z:D-&..&! D1!945&$/q!01!:40-.!4&!945&$/!2&1/!9H05.5-!453-&7&$/I!A!.&.!2-02-&.!K-:5.I!1$!:1/-&!.&-\59&! D&!45\-:5.0$]! ! Q&!2-034[7&!D:$.!9&//&!:KK:5-&!&./!61&!k4:!4%L5.4:/50$!:44&7:$D&!5$/&-D5/!4:!\&$/&!2:-! 90--&.20$D:$9&!D&.!7%D59:7&$/.!D0$/!4:!D%45\-:$9&!&./!-%.&-\%&!&_941.5\&7&$/!:1_! 2H:-7:95&.!&/!61:45K5&!DZ544%L:4&!/01/&!2134595/%!/&$D:$/!A!K:\0-5.&-!1$&!/&44&!\&$/&!2:-! 90--&.20$D:$9&]k'?_! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! '@_{!E7&!FH-5./5$&!m/5_CH:9s4I!kF0$941.50$.!D&!4Z:\09:/!L%$%-:4kI!E:-.!'((TI!91-5:]&1-02:]&1t!} '?_{!G-59!d01:..5&-I!kQ&!^1L&!90771$:1/:5-&!&/!4:!\&$/&!D&!7%D59:7&$/.!.1-!5$/&-$&/kI!B144&/5$!D&!4Z8-D-&!} D&.!2H:-7:95&$.!$+T@'I!E:-.!'(()I!2]"(?C"'T!