WHAT CAN WE LEARN ABOUT PENSION REFORM FROM GENERATIONAL ACCOUNTS FOR THE UK?

Similar documents
SPAREPARTSCATALOG: CONNECTORS SPARE CONNECTORS KTM ART.-NR.: 3CM EN

SPARE CONNECTORS KTM 2014

NEW OPTIONS LISTING #


Scorciatoie da tastiera - Circad 4.09

ISSUE NO: ,

Network Analysis. Links, nodes, trees, graphs, paths and cycles what does it all mean? Minimal spanning tree shortest route maximum flow

How to model a TCP/IP network using only 20 parameters

Genstandsfortællinger fra Museum Wormianum til de moderne museer Mordhorst, Camilla

CIS-331 Fall 2013 Exam 1 Name: Total of 120 Points Version 1

4. Specifications and Additional Information

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

UYM-UOM-UOY-UOD- UOS-UOB-UOR

ngaio.)' Thif. as you ore doubtless aware U the

Programming. User s Manual. Ver:3.2. Contents - 1 -

3 Geometric inequalities in convex quadrilaterals Geometric inequalities of Erdős-Mordell type in the convex quadrilateral

Unit 5 Triangle Congruence

Programming User s Manual

CIS-331 Spring 2016 Exam 1 Name: Total of 109 Points Version 1

CIS-331 Exam 2 Fall 2015 Total of 105 Points Version 1

Segments Proofs Reference

Specifcations. Highlights - Rilled cans withstand high shock and vibration. - 2 times the ripple-current capability - High capacitance per can

C1098 JPEG Module User Manual

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

BEC Machine Products 171 Ruth Rd Harleysville, Pa T. (215) F: (215) E:

CIS-331 Exam 2 Spring 2016 Total of 110 Points Version 1

Hartmann HONORS Geometry Chapter 3 Formative Assessment * Required

Supported modules System 300S Version:

Understanding Reflections

The cache is 4-way set associative, with 4-byte blocks, and 16 total lines

Xolocotzin Eligio, Ulises (2010) Emotion understanding during computer-supported collaboration. PhD thesis, University of Nottingham.

Technical Specification. Third Party Control Protocol. AV Revolution

Don t Let Uncle Sam Pick Your Pocket Again. Plan Now for next year. Call for a free half-hour consultation.

. . $ 1, 67 / $<"'D $ Downloaded from at 7:31 CEST on Monday July 7th 2014 )& "* (+, -

Name Class Date. Find corresponding parts using the order of the letters in the names.

Name Date Class. Vertical angles are opposite angles formed by the intersection of two lines. Vertical angles are congruent.

Excerpt from the full range of SIRIUS ACT Push Buttons and Indicator Lights siemens.com/sirius-act

o w n b a p t i s m by a B a p t i s t m i n i s t e r, t h e P e d o baptist minister,who.se labors previously h e had

PART LISTINGS TEST OR QUALIFICATION REFERENCE

Specifcations. Highlights - Rilled cans withstand high shock and vibration - High ripple current capability - High capacitance per can

Case ast Doc 284 Filed 11/07/14 Entered 11/07/14 17:54:43 IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF NEW YORK

b The orders of the vertices are 29, 21, 17 and 3 The graph is neither Eulerian not semi-eulerian since it has more than 2 odd vertices.

QUADRILATERALS MODULE - 3 OBJECTIVES. Quadrilaterals. Geometry. Notes

CIS-331 Fall 2014 Exam 1 Name: Total of 109 Points Version 1

Keyword Name A General Literature A.0 General A.0.a Biographies/Autobiographies A.0.b Conference Proceedings A.0.c General Literary Works A.

Understanding Rotations

PLANE GEOMETRY SKILL BUILDER ELEVEN

Types of Curves. Lecture 7. Parametric Curves. Plane Curves. - Not flexible enough, e.g. Circle. - e.g: ax+by+c = 0, x2 +y 2 -c 2 = 0

Quadrilaterals. 1. A quadrilateral ABCD is a parallelogram if. (a) AB = CD. (c) C 80, then DGF is

Florida State University Libraries

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

Saturday 星期六 Mixed ("A" Course) / AWT. Final Version Last Updated: 09 January 2015 at 11:30

RTX64. Supported Network Interface Cards

RTX64. Supported Network Interface Cards IntervalZero, Inc. IZ-DOC-X R32 March 2017

FTA1000 Cameras, Optics and Illuminators

RTX64. Supported Network Interface Cards

Squares and Rectangles

INTRODUCTORY PHYSICS LABORATORY MANUAL Part I

Gateway Ascii Command Protocol

Banco Safra S.A. Consolidated Financial Statements At September 30, 2015 Independent Auditor's Report PricewaterhouseCoopers Independent Auditors

Supplier Portal Schedule Agreement Confirm and Publish

LynX-10 Legacy Protocol Specification Version 1.01

!"!#$%&'()'%*%"&' $! + + )"( $! +!* %"%, $!- &"4+ %5!%"4+)'6$76)"%8)' 9+!()"(%#)"4!+!:!: ;!#"4+ :!'! %#4)"+<" $!9!#+6)"%= 4& )#=>!

F112 Flow rate indicator / totalizer With linearisation and analog / pulse signal outputs

FLIGHTS TO / FROM CANADA ARE DOMESTIC

L"+ M! C &! D!. 9!D 0(" 1$ & )("! 2$3 & <7= $6!. ($> ... C D 9$#D "EF GC H*I 2;" ... ! "#"$ $ "!» «&' ("& ) *+ $,$ )!- $,$» 9!

Acquirer JCB EMV Test Card Set

!"# $%& '() The effecting factors on the request for banking service An applied Study on sample of advantageous in Nineveh Governorate

WO/PBC/7/ !" #$% :5 $ 5$ ; 6 0 < =$ 0 0 >( &? 8 7& C&& 8 3& *- &B &D. <- >? 5$ &. 3 &) 5$.' & *- &B C, DE && 3F GH.

EC 513 Computer Architecture

Downloaded from on Saturday, April 05, 2014 ' " % # 1 ^% )#-C _F % V $% : 2,L

SIMATIC WinAC - PROFINET/ Ethernet PROFIBUS. Windows. Time Synchronization. MATIC NET SOFTNET-S7 Lean SIMATIC NET OPC -

!"#$%&'$()*+,-.&$(&/+0)#1-)'2(#&3$#-4)($%4/'$,-)$/)'$.,-#) )

CD _. _. 'p ~~M CD, CD~~~~V. C ~'* Co ~~~~~~~~~~~~- CD / X. pd.0 & CD. On 0 CDC _ C _- CD C P O ttic 2 _. OCt CD CD (IQ. q"3. 3 > n)1t.

LAP 1 TOOLS OF GEOMETRY VOCABULARY, THEOREMS AND POSTULATES

N11 = 100 MBH Input Aluminized Steel S13 = 125 MBH Input Stainless Steel E15 = 15 kw Electric Heat. E30 = 30 kw Electric Heat

Chapter 3. Proving Statements in Geometry

Honors Geometry Final Review Topics 2012

Downloaded from qjal.smtc.ac.ir at 5: on Friday August 17th 2018

Siemens.com/industrial-controls

Universal Multiple-Octet Coded Character Set International Organization for Standardization Organisation Internationale de Normalisation

sirius Switching. Protecting. Starting. SIRIUS Product Overview

Artisan Technology Group is your source for quality new and certified-used/pre-owned equipment

Minimizing electrical noise in actuator drive systems for maximum reliability and performance

Florida State University Libraries

First Data Dual Interface EMV Test Card Set. Version 1.20

First Data EMV Test Card Set. Version 1.30

Contactors and Contactor Assemblies

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

DBK24. Isolated Digital Output Chassis. Overview

For more information, please contact

;/ *. 7 &9*R . C 2 <0* # "2 <AC (:* "' < %)V AB C. Downloaded from qjal.smtc.ac.ir at 23: on Sunday May 13th 2018

CIS-331 Final Exam Spring 2015 Total of 115 Points. Version 1

$#"! $!!! 43210/.-,0/ +*)0/ (')&% $# "-,!0/ ءﺎﺛﻼﺜﻟا

Formal Geometry UNIT 6 - Quadrilaterals

Chapter 4: Congruent Triangles

First Data EMV Test Card Set. Version 2.00

Data Sheet. Omron part no. to RS stock no. cross reference. Programmable logic controllers. Flow and level control

Aluminum Capacitors + 85 C, Miniature, Axial Lead

SIMATIC S plus TIA Portal

Transcription:

WHAT CAN WE LEARN ABOUT PENSION REFORM FROM GENERATIONAL ACCOUNTS FOR THE UK? James Banks Richard Disney Zoë Smith THE INSTITUTE FOR FISCAL STUDIES Working Paper Series No. W99/16

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`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a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b&7$(%+3(&.$:3.#&b&"(/&,3(%+/$.&5-$&<%$&3:&C$($."5+3("8&D,,3<(5%&+(&5-+%,3(5$F5@&4$,5+3(&]&833)%&"5&/+::$.$(,$%&39$.&5-$&8"%5&5G$(51&1$".%&=$5G$$(&,.3%%H%$,5+3(&"(/ 8+:$H5+#$&+(,3#$&"(/&$#7831#$(5&7.3:+8$%&%+(,$&5-$%$&G+88&=$&,.<,+"8&+(&/.+9+(;&+(/+9+/<"8%M 7.3:+8$%&:3.&7$(%+3(&,3(5.+=<5+3(%&"(/&.$,$+75%&G-+,-&".$&9+5"8&53&5-$&",,3<(5%B&"%&G$88&"%&5-$+. 7.+9"5$&%"9+(;&/$,+%+3(%@&4$,5+3(&c&,3(%+/$.%&7"%5&"(/&,<..$(5&+%%<$%&+(&7$(%+3(&.$:3.#&+(&5-$ >?& "(/& "%)%& G-"5&,3<8/& =$& "//$/& 53& 5-$& /$="5$& =1& "("81%+%& 3:& "& %$5& 3:& >?& ;$($."5+3("8 ",,3<(5%@&4$,5+3(&d&,3(,8</$%@ V&]&V

??@%B")%.0)%-2%C)')+#$1-'#*%#&&-.'$0%1'%$")%#'#*>010%-2%210&#*%/-*1&> 63& :",+8+5"5$& 5-$& /+%,<%%+3(& 5-"5& :3883G%B& G$& 7.39+/$& "& =.+$:& /$%,.+75+3(& 3:& 5-$&,"8,<8"5+3(% <(/$.7+((+(;&"&%$5&3:&C$($."5+3("8&D,,3<(5%B&"(/&5-$&$,3(3#+,&"%%<#75+3(%&5-"5&".$&+#78+,+5 +(&+(5$.7.$5+(;&5-$&",,3<(5+(;&$F$.,+%$&:3.&738+,1&.$"%3(%@&0$5"+8$/&"("81%$%&3:&#"(1&3:&5-$ +%%<$%&=$83G&,"(&=$&:3<(/&+(&"&(<#=$.&3:&7"7$.%B&+(,8</+(;&S"9$#"(&ZX^^c[&"(/&I$-.&"(/?358+)3::&ZX^^d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`$,5+3(%&3:&5-$ :<5<.$&5"F&.$9$(<$%&"(/&%7$(/+(;&+#78+$/&=1&,<..$(5&;39$.(#$(5&738+,1@&4+(,$&5-$&",,3<(5% G+88&($$/&53&=$&,"8,<8"5$/&:3.&"5&8$"%5&5-$&$(5+.$&8+:$&%7"(&3:&5-$&13<(;$%5&+(/+9+/<"8&,<..$(581 "8+9$B&5-$%$&7.3`$,5+3(%&($$/&53&$F5$(/&39$.&"&9$.1&83(;&7$.+3/@&E(&5-$&%-3.5&53&#$/+<#&5$.# 5-$%$&7.3`$,5+3(%&".$&<%<"881&7.39+/$/&+(&;39$.(#$(5&:3.$,"%5%@&'$13(/&5-"5B&"%%<#75+3(%&".$ <%<"881& #"/$&.$8"5+(;& 5"F&.$9$(<$%B& =$($:+5& $F7$(/+5<.$%& "(/& ;39$.(#$(5&,3(%<#75+3(& 53 3<57<5&Z7$.&G3.)$.[&G-+,-&,"(&5-$(&=$&:3.$,"%5&53&,-"(;$&+(&8+($&G+5-&7.3/<,5+9+51&:3.$,"%5%@ 4<=%$\<$(5&7.3`$,5+3(%&3:&.$9$(<$%&"(/&%7$(/+(;&G+88&5-$.$:3.$&.$\<+.$&:3.$,"%5%&3: 7.3/<,5+9+51&;.3G5-B&737<8"5+3(&;.3G5-&"(/&+(5$.$%5&."5$%&39$.&5-$&%"#$&7$.+3/&b&".3<(/&5-$ ($F5&-<(/.$/&1$".%@&E(&"//+5+3(B&/+%,3<(5&."5$&"%%<#75+3(%&".$&.$\<+.$/&53&=.+(;&5-$&%5.$"#&3: :<5<.$&.$9$(<$%&"(/&$F7$(/+5<.$%&+(53&7.$%$(5&9"8<$&5$.#%@&I+("881B&)(3G+(;&5-$&,<..$(5&8$9$8 3:& ;39$.(#$(5& /$=5& "883G%& 3($& 53& "%%$#=8$& "&,3#78$5$& 7+,5<.$& 3:& 5-$& ;39$.(#$(5M% +(5$.5$#73."8& 8+"=+8+5+$%@& P(,$& 7.3`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c&V

.$:$.$(,$& ;.3<7@&?(3G+(;& 5-$& %+T$& 3:& $",-& ;.3<7& Z:.3#& 737<8"5+3(& 7.3`$,5+3(%[& "883G%& 5-$ 7"1#$(5%&53&=$&"883,"5$/B&"(/&-$(,$&"("81%$/B&=1&;$(/$.&"(/e3.&;$($."5+3(@ C$($."5+3("8&",,3<(5%&-"9$&(3G&=$$(&,3#7<5$/&:3.&"&(<#=$.&3:&,3<(5.+$%B&.$73.5$/ +(&?358+)3::&"(/&K$+=:.+5T&ZX^^_[&Z%$$&D77$(/+F&D[@&A-"5&+%&,3##3(&53&"88&,3<(5.+$%&+%&5-"5 ($5& 7"1#$(5%& 3:& 5"F$%& ".$& 8".;$%5& :3.& 5-3%$& G-3& -"9$&.$,$(581&.$",-$/& G3.)+(;& ";$& "(/ =$,3#$&($;"5+9$&:3.&5-3%$&G-3&".$&.$",-+(;&.$5+.$#$(5@&6-+%&+%&=$,"<%$&5-$&",,3<(5%&/3&(35 5")$& +(53&,3(%+/$."5+3(& "(1& 5"F& 7"1#$(5%& 3.& 5."(%:$.%& 5-"5& -"9$& 3,,<..$/& +(& 5-$& 7"%5& b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b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`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c[&3.&R'P&ZX^^d[B&=<5&".$&(35B&-3G$9$.B "9"+8"=8$&+(&?358+)3::&"(/&K$+=:.+5T&ZX^^_[&:3.&5-$&%$9$(5$$(&,3<(5.+$%& +(&5-$+.&,3#7"."5+9$ %5</1@& 4<,-&"(& "("81%+%& +%& /$%+."=8$& +:& C$($."5+3("8& D,,3<(5%& ".$& 53& =$& <%$/& 53& +(:3.#& 5-$,<..$(5&>?&/$="5$&b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d&V

6-<%B&",,3./+(;&53&?358+)3::&"(/&K$+=:.+5T&ZX^^_[&+(&5-$&>4B&:<5<.$&;$($."5+3(%&G3<8/&-"9$&53 7"1& 5"F$%& 5-"5& ".$& 39$.& dgy& -+;-$.& 5-"(& 5-3%$& 7"+/& =1&,<..$(5& ($G=3.(%& <(8$%%&,<..$(5 ;$($."5+3(%&7"1&-+;-$.&5"F$%&(3G@&6-$1&".;<$&5-"5&5-$&+#="8"(,$&+%&;.$"5$%5&+(&!"7"(&G-$.$ :<5<.$&;$($."5+3(%&:",$&5"F$%&5-"5&".$&7.3`$,5$/&53&=$&Xf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c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`<%5&%<,-&5-"5&5-$&:<(/&%5"1%&+(&="8"(,$@&E(&5-$&>4B&-3G$9$.B&5-$&,3(5.+=<5+3(."5$& +%& :+F$/& "(/& 5-$& $\<+9"8$(5& :<(/& +%& 5-$.$:3.$& $F7$,5$/& 53& ;3& +(53& %<.78<%& 3.& /$:+,+5 ",,3./+(;81@& O",-&"77.3",-&-"%& /+::$.$(5& +#78+,"5+3(%& :3.& 5-$&,3(%5.<,5+3(& 3:& 5-$& ",,3<(5%@ 4+#+8".81B&"&:"+.&.$"/+(;&3:&,-"(;$%&53&5-$&=$($:+5&%1%5$#&39$.&5-$&8"%5&:+:5$$(&1$".%&+(&5-$&>? G3<8/& %-3G& "& %5$"/1& $.3%+3(& 3:&,3(5.+=<53.1& =$($:+5%& "(/& "& #39$#$(5& "G"1& :.3#& %3,+"8 +(%<."(,$&53G"./%&#$"(%&5$%5+(;@&6-$&+(/$F"5+3(&,-"(;$%&53&="%+,&%5"5$&7$(%+3(%&"(/&4O*a4B "(/&,-"(;$%& 53& <($#7831#$(5& =$($:+5%& ".$& ;33/& $F"#78$%& 3:& 5-+%@& C+9$(& 5-"5& 5-$& 7.$%$(5 ;39$.(#$(5& -"%&,3(:+.#$/& +5%& "/-$.$(,$& 53& 5-+%& 5.$(/& G+5-&.$,$(581& "((3<(,$/&.$:3.#%& 53 G+/3G%& "(/& /+%"=+8+51& =$($:+5%& Z044B& X^^_[& "& %$(%+=8$& 738+,1& 7.3`$,5+3(& %-3<8/&,$.5"+(81,3(%+/$.&5")+(;&5-+%&"%&"&="%$8+($&L%5"(,$M&:.3#&G-+,-&53&"%%$%%&738+,1&375+3(%@ V&f&V

D& %$,3(/& +%%<$& +%& 5-$& $F5$(5& 53& G-+,-& "(& +(5$.;$($."5+3("8& +#="8"(,$& $\<"5$%& G+5-,3(9$(5+3("8& (35+3(%& 3:& L%<%5"+("=+8+51M@& A$& G3<8/& ".;<$& 5-"5& "& #$"%<.$/& ;$($."5+3("8 +#="8"(,$&+%&($+5-$.&"&($,$%%".1&(3.&%<::+,+$(5&,3(/+5+3(&:3.&;39$.(#$(5&:+%,"8&738+,1&53&=$ <(%<%5"+("=8$@&R3(9$(5+3("8&(35+3(%&3:&%<%5"+("=+8+51&b&517+,"881&.$8"5$/&53&5-$&;38/$(&.<8$&b,3(,$.(&5-$&375+#"8&/$=5&7"5-&3:&5-$&$,3(3#1B&;+9$(&+(5$.5$#73."8&7.$:$.$(,$%&"(/&/+%,3<(5."5$%@&6-+%&+%&(35&5-$&%"#$&"%&$9"8<"5+(;&5-$&Z"=%38<5$&3.&.$8"5+9$[&%+T$&3:&5-$&.$%+/<"8&+(&5-$ ;39$.(#$(5M%&=</;$5&,3(%5."+(5&G-$(&3($&5")$%&3(81&5-$&7"1#$(5%&3:& 8+9+(;& ;$($."5+3(%&"% ;+9$(@&&D%&4"#<$8%3(B&"#3(;%5&35-$.%B&-"%&3=%$.9$/B&%3,+"8& %$,<.+51& "(/& 35-$.& ;39$.(#$(5 +(5$.;$($."5+3("8& 738+,+$%& ".$& 735$(5+"8& a3(t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d[&,3(%+/$.& "& %+#78$& $F5$(%+3(& 3:& 5-+%& :3.#[@& R3(9$(5+3("8 ;$($."5+3("8&",,3<(5%&833)&3(81&"5&G-3&G3<8/&7"1&5"F$%&"(/&,388$,5&=$($:+5&7"1#$(5%B&;+9$( 5-"5&5-$&G3.8/&.$#"+(%&=.3"/81&5-$&%"#$&"%&+5&+%&53/"1@&6-+%&+%&(35&5-$&G-38$&%53.1&G-$(&3($&+% "("81%+(;& 5-$& +(,+/$(,$& 3:& ;39$.(#$(5& :+%,"8& 738+,1@& E(& 5-$& :+.%5& "(/& #3%5& %+#78$& +(%5"(,$B ",,3<(5+(;& :3.& 5-$&,"%-& :83G& =$5G$$(& +(/+9+/<"8%& "(/& ;39$.(#$(5B& =35-& (3G& "(/& 39$.& 5-$ :<5<.$B&5$88%&<%&9$.1&8+558$&"=3<5&5-$&3=`$,5&3:&+(5$.$%5&:3.&738+,1&"("81%+%B&+@$@&5-$&,<..$(5&"(/ :<5<.$& 8+9+(;& %5"(/"./%& 3:& +(/+9+/<"8%& 3.& ;$($."5+3(%@& I3.& $F"#78$B& (3& %-".+(;& +%& "%%<#$/B -$(,$& #$(& ".$& 3=%$.9$/& 53& 7"1& "& 835& 3:& 5"FB& "(/& G3#$(& ".$& 3=%$.9$/& 53&.$,$+9$& "& 835& 3: =$($:+5%B& G-$(&+(&.$"8+51& 5-$%$& :83G%&".$& 8+)$81& 53& =$& %-".$/& =1& G+5-+(H-3<%$-38/& 5."(%:$.%B =35-&=$5G$$(&"/<85%&"(/&:.3#&"/<85%&53&,-+8/.$(@ c &&E(&%+#+8".&9$+(B&+(5$.;$($."5+3("8&7.+9"5$ 5."(%:$.%&#"1&"/`<%5&53&/+%,.$7"(,+$%&+(&5-$&;$($."5+3("8&+(,+/$(,$&3:&7<=8+,&5"F&"(/&5."(%:$. 7.3;."##$%@ E:&C$($."5+3("8&D,,3<(5%&".$&+(5$.7.$5$/&"%&"(&",,3<(5+(;&+/$(5+51B&5-$&(3&%-".+(;&.<8$ +%&5-$&.$8$9"(5&.<8$@&P(&5-$&35-$.&-"(/B&+:&5-$&+(5$.7.$5"5+3(&78",$/&3(&5-$&D,,3<(5%&.$8"5$%&53 5-$&+(,+/$(,$&3:&;39$.(#$(5&738+,1&5-$(&5-$&+#78+,+5&"%%<#75+3(&b&5-"5&(3&$,3(3#+,&";$(5B V&h&V

($+5-$.& +(/+9+/<"8%B& :+.#%& (3.& ;39$.(#$(5B&.$%73(/%& 53& 5-$&,-"(;$%& +(& 5-$& $,3(3#+, $(9+.3(#$(5B&(3.&/3$%&5-$&$,3(3#+,&$(9+.3(#$(5&.$%73(/&53&5-$&,-"(;$%&+(&5-$& 737<8"5+3( %5.<,5<.$& 3.& 53& ;39$.(#$(5& 738+,1& b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b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d[&,3(%+/$.&5-$%$&+%%<$%&+( /$5"+8&<%+(;&"&9$.%+3(&3:&5-$&D<$.=",-H?358+)3::&ZX^_h[&#3/$8B&"(/&:+(/&5-"5&5-$&C$($."5+3("8 D,,3<(5%& 7.39+/$& =$55$.&.$%<85%B& <(%<.7.+%+(;81B& :3.& %#"88& 738+,1&,-"(;$%& #$"%<.$/& G+5-.$%7$,5&53&.$8"5+9$81&%-3.5&-3.+T3(%&Z+@$@&3(&,<..$(5&;$($."5+3(%[@&'<+5$.&ZX^^d[&"8%3&,3(%+/$.% 5-$&7.3=8$#B&"..+9+(;&"5&%8+;-581&8$%%&73%+5+9$&,3(,8<%+3(%&=<5&.$,3;(+%+(;&5-$&.38$&:3.&"&%$5&3: ",,3<(5%&5-"5&,"..1&5-$&8"=$8&L-"(/8$&G+5-&;.$"5&,".$M@ @+*D/';#(%"(A+.-$%-' E(&,"8,<8"5+(;& "& %$5& 3:& C$($."5+3("8& D,,3<(5%& 7.3`$,5$/& 5"F&.$9$(<$%& "(/& =$($:+5.$,$+75%&".$&"883,"5$/&53&";$&;.3<7%&3(&5-$&="%+%&3:&.$8"5+9$&";$&7.3:+8$%@&D&%<=%5"(5+9$&+%%<$&53 =$".&+(&#+(/&G-$(&+(5$.7.$5+(;&%$5%&3:&",,3<(5%&5-$.$:3.$&,3(,$.(%&5-$&78"<%+=+8+51&3:&5-$&";$H 7.3:+8$%& <(/$.81+(;& 5-$& +(5$.;$($."5+3("8& "883,"5+3(%@& E(& G-"5& %$(%$& /3$%& 5-$& ";$H7.3:+8$,"75<.$& 5-$& L7$.#"($(5M& /+%5.+=<5+3(& 3:& 7"1#$(5%& ",.3%%& ";$B& "(/& +%& %<,-& "& 5-+(;& 8+)$81& 53 $F+%5i& E(& %$,5+3(& ]& G$& 7.39+/$& %3#$& /$5"+8$/& /+%,<%%+3(& 3:& 5-+%& "(/& $9+/$(,$& "%& 53& 5-$ 735$(5+"8&#";(+5</$&3:&/+::$.$(,$%&=$5G$$(&9".+3<%&517$%&3:&7.3:+8$%@&C+9$(&5-$&735$(5+"8&%+T$ 3:&5-$%$&/+::$.$(,$%&+(&5-$&>?&+5&+%&+#73.5"(5&53&,3(%+/$.&5-$&%$(%+5+9+51&3:&5-$&",,3<(5%&53&5-$ %-"7$&3:&5-$&";$H7.3:+8$&<(/$.81+(;&5-$&+(5$.;$($."5+3("8&"883,"5+3(%@ P:&,.<,+"8&+#73.5"(,$&+(&+(5$.7.$5+(;&C$($."5+3("8&D,,3<(5%&+%&5-$&78"<%+=+8+51&3:B&"(/ %$(%+5+9+51&53B&5-$&:3.$,"%5%&:3.&5-$&:<5<.$&$,3(3#+,&$(9+.3(#$(5@&S"9$#"(&ZX^^c[&73+(5%&3<5 V&_&V

5-"5& 5-$& 7.$/+,5+3(%& 3:& %<,-& )$1& :",53.%& "%& :<5<.$& 737<8"5+3(& "(/& $,3(3#+,& ;.3G5-& 5-"5 ;$($."5+3("8&",,3<(5%&+(,3.73."5$&-"9$&(35&=$$(&.$8+"=8$&+(&5-$&7"%5&"(/&$#7-"%+%$%&5-"5&5-$,-3+,$&3:&5-$&/+%,3<(5&."5$&+%&"8%3&+#73.5"(5&:3.&5-$&.$%<85%&3:&5-$&",,3<(5%@&D%&G+5-&5-$&8+:$H 5+#$&7.3:+8$%B&",,3<(5%&,"(&=$&7.$7".$/&<(/$.&"&."(;$&3:&%,$(".+3%&53&"//.$%%&5-+%&7.3=8$#@ E5&+%&(35&`<%5&5-$&-$"/8+($&:3.$,"%5%&3(&G-+,-&5-$&D,,3<(5%&G+88&/$7$(/B&-3G$9$.B&"(/ %$(%+5+9+51& 53& /$$7$.& "%%<#75+3(%& "=3<5& :3.$,"%5%& ($$/%& 53& =$& "//.$%%$/@& E(& 7".5+,<8".B& 5-$.$%<85+(;&,"8,<8"5+3(%&G+88&"8#3%5&,$.5"+(81&=$&%$(%+5+9$&53&5-$&"%%<#75+3(&5-"5&5-$&-3<%$-38/ %5.<,5<.$&3:&5-$&737<8"5+3(B&,3(/+5+3("8&3(&";$B&.$#"+(%&,3(%5"(5@&E(&5-$&>?B&.$,$(5&:3.$,"%5% ".$&5-"5&5-$.$&G+88&=$&d&#+88+3(&#3.$&-3<%$-38/%&=1&5-$&1$".&WgXfB&"(&+(,.$"%$&3:&39$.&3($ :+:5-@&4+(,$&G$&<%<"881&"%%<#$&5-$.$&".$&$,3(3#+$%&3:&%,"8$&+(&-3<%$-38/&,3(%<#75+3(B&"(/ 3:5$(& 5-+()& "=3<5& -3<%$-38/&,-3+,$%& Z%<,-& "%& 8"=3<.& %<7781[& =$+(;& 5")$(& `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j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`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c[&".;<$B&-3G$9$.B&5-"5&5-$&7.$%$(5"5+3(&3:&",,3<(5%&G+88&#$"(&5-"5&5-$.$ G+88& =$& #3.$&,3(%+/$."5+3(& "%& 53& G-3& %-3<8/&.$,$+9$& 5-$& =$($:+5%& 7.$,+%$81& =$,"<%$& 5-$1 -+;-8+;-5&G-3&7"1%&:3.&5-$#@&&6-+%&+%&"(&+#73.5"(5&73+(5&"(/B&%<=`$,5&53&5-$&+%%<$%&/$%,.+=$/ "=39$B&.$7.$%$(5%&"(&+#73.5"(5&.38$&:3.&C$($."5+3("8&D,,3<(5%@ V&^&V

D(35-$.&,3(,$.(B& "%& #$(5+3($/& 7.$9+3<%81B& +%& 5-"5& 5-$& $::$,5& 3:& =$\<$%5%& +%& (35,3(%+/$.$/&+(&5-$&,3(%5.<,5+3(&3:&5-$&",,3<(5%@&a.+9"5$&+(5$.;$($."5+3("8&5."(%:$.%&#"1&3::%$5 ;39$.(#$(5&.$/+%5.+=<5+3(& "(/& %3& "::$,5& 5-$& G$88& =$+(;& 3:& :<5<.$& ;$($."5+3(%&,3#7".$/& 53,<..$(5@& '<5& 5-$& /$;.$$& 53& G-+,-& 5-$%$& =$\<$%5%& 3,,<.& -"%& =$$(& \<$%5+3($/& ZD<$.=",-B C3)-"8$&"(/&?358+)3::&ZX^^c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b&"88&+(,3#$%&+(&5-$&%"#78$&".$&"%%<#$/&53&=$&/."G(&:.3#&5-$ 7$.#"($(5& /+%5.+=<5+3(@& 4$,3(/81B&,3#7".+(;& ";$& ;.3<7%& +(& "& %+(;8$& 1$".&,3(:<%$%& ";$& "(/,3-3.5&$::$,5%@&P8/$.&;$($."5+3(%&G+88B&35-$.&5-+(;%&=$+(;&$\<"8B&-"9$&83G$.&7.3/<,5+9+51&5-"( 5-3%$&5-"5&:3883G&5-$#B&"%&"&.$%<85&3:&$,3(3#+,&;.3G5-@&P(&5-$&35-$.& -"(/B&5-$1& #"1& -"9$ G3.)$/&:3.&"&/+::$.$(5&8$(;5-&3:&8+:$5+#$&V&#$(&517+,"881&83(;$.B&G3#$(&:3.&"&%-3.5$.&7$.+3/&+( 5-$&7"%5@&D%&+%&G$88&)(3G(B&5-+%&,"(&.$%<85&+(&,.3%%H%$,5+3("8&$".(+(;%&7.3:+8$%&5<.(+(;&/3G( ":5$.& #+//8$& ";$& G-$(& $",-&,3-3.5M%& 8+:$5+#$& 7.3:+8$& +%& 7$.#"($(581& +(,.$"%+(;B& =<5 $#7831#$(5&7.3:+8$%&5-"5&".$&:8"5&G-$(&,3-3.5&7.3:+8$%&".$&/$,8+(+(;&":5$.&#+//8$&";$@ O",-&;$($."5+3(M%&8+:$5+#$&7.3:+8$&:3.&5"F&7"1#$(5%&"(/&=$($:+5&.$,$+75%&G+88&/$7$(/,.<,+"881& 3(& +5%& +(,3#$& "(/& $#7831#$(5& $F7$.+$(,$%@& S$(,$& G$& +88<%5."5$& 5-$& 735$(5+"8 +#73.5"(,$& 3:& 5-$%$& $::$,5%& 3(& 5-$& +(,3#$& "(/& $#7831#$(5& 7.3:+8$%& <5+8+%$/& +(& 5-$%$,"8,<8"5+3(%@&>%+(;&%<,,$%%+9$&1$".%&3:&IO4&/"5"&+5&+%&73%%+=8$&53&:3883G&5-$&",5<"8&+(,3#$&"(/ $#7831#$(5&3<5,3#$%&:3.&#$#=$.%&3:&"&,3-3.5&"%&5-$1&";$@ d &6-$%$&,"(&=$&,3#7".$/&53&5-3%$ V&Xg&V

+#78+$/&=1&5-$&,.3%%H%$,5+3("8&7.3:+8$&:.3#&5-$&:+.%5&1$".&3:&5-$&%"#78$B&G+5-&9".1+(;&/$;.$$% 3:&"%%<#$/&7.3/<,5+9+51&;.3G5-B&+@$@&5-$&7.3:+8$%&5-"5&<(/$.8+$&:3.$,"%5+(;&$F$.,+%$%&%<,-& "% C$($."5+3("8&D,,3<(5%@ E(&5-$&:+;<.$%&5-"5&:3883G&G$&<%$&IO4&/"5" f &39$.&5-$&7$.+3/&!"(<".1&X^h_&53&0$,$#=$. X^^fB& 5-$& 7$.+3/& :3.& G-+,-& /"5"& ".$& "9"+8"=8$& G-$.$& +5& +%& 73%%+=8$& 53& %78+5& -3<%$-38/%& +(53 ;.3<7%& ",,3./+(;& 53& 5-$+.& 1$".%& 3:& $/<,"5+3(@& 6-$&.$%<85+(;& %"#78$&,3(5"+(%& Wc_B_]h +(/+9+/<"8%@& I+:5$$(&,3-3.5%& ".$& /$:+($/& ",,3./+(;& 53& 5-$& /"5$& 3:& =+.5-& 3:& 5-$& -$"/& 3: -3<%$-38/B& <%+(;& :+9$H1$".& ="(/%& =$;+((+(;& +(& X^ggVX^gc& "(/& $(/+(;& G+5-& X^hdVh^@& 6-$ $".8+$%5&"(/&8"5$%5&,3-3.5%&".$&3=9+3<%81&(35&7.$%$(5&+(&%+;(+:+,"(5&(<#=$.%&+(&8"5$.&"(/&$".8+$. 1$".%& 3:& 5-$& %"#78$&.$%7$,5+9$81@& A$& <%$& +(/+9+/<"8& +(,3#$&,8"%%+:+,"5+3(%& ",,3./+(;& 53 /$:+(+5+3(%& +(& 5-$& S3<%$-38/%& '$83G& D9$.";$& E(,3#$& %$.+$%& b& 5-$& 3::+,+"8& %5"5+%5+,%& 3(,-"(;$%& +(& 5-$& +(,3#$& /+%5.+=<5+3(@& Q3#+("8& 9"8<$%& ".$& /$:8"5$/& 53& 4$75$#=$.& X^^h& 7.+,$% <%+(;&5-$&"88&+5$#%&*$5"+8&a.+,$&E(/$F@ I+;<.$& X& %-3G%&,.3%%H%$,5+3("8& "(/& 8+:$H5+#$& +(,3#$& 7.3:+8$%& :3.& 5-.$$&,3-3.5%& b,83,)g+%$&:.3#&537&8$:5b&5-3%$&=3.(&x^ddhd^b&x^cdhc^&"(/&x^]dh]^@&6-$&5g3&%38+/&8+($%&".$ 5-$&,.3%%H%$,5+3("8&7.3:+8$%&:.3#&5-$&X^h_&%<.9$1&5-"5&G3<8/&-"9$&=$$(&<%$/&+(&"&C$($."5+3("8 D,,3<(5%&,"8,<8"5+3(&-"/&+5&=$$(&#"/$&"5&5-$&5+#$@&6-$&83G$.&3:&5-$&5G3& +%& 5-$& <("/`<%5$/,.3%%H%$,5+3("8& 7.3:+8$B& 5-$& <77$.& "%%<#$%& XY& "((<"8& 7.3/<,5+9+51@& I+("881B& 5-$& -+;-8+;-5$/ 7.3:+8$&.$7.$%$(5%&5-$&3=%$.9$/&+(,3#$%&:3.&$",-&,3-3.5&39$.&5-$&(+($5$$(&1$".&7$.+3/&X^h_V X^^f@&I+;<.$&W&7.$%$(5%&5-$&%"#$&"("81%+%&:3.&G3#$(@ I3.& #$(B& 5-$& "%%<#75+3(& 5-"5&.$8"5+9$& +(,3#$& 7.3:+8$%&.$#"+(& :+F$/B& "%%<#+(;& XY 7.3/<,5+9+51&;.3G5-B&"77$".%&53&-"9$&=$$(B&3(& "9$.";$B& "&:"+.81& "/$\<"5$&/$%,.+75+3(& 3:& 5-$ $F7$.+$(,$%&3:&5-$&5-.$$&,3-3.5%&+(&5-$&:+;<.$@&6-$.$&+%&%3#$&$9+/$(,$&3:&/+::$.$(,$%&:3.&5-$ 38/$%5&,3-3.5& +(& 5-$& :+;<.$& V& 5-3%$& "77.3",-+(;&.$5+.$#$(5@& 6-+%& +%&,3(%+%5$(5& G+5-&."7+/81,-"(;+(;& $#7831#$(5&."5$%& :3.& 5-+%& ;.3<7& Z%$$& :+;<.$%& ]& "(/& d& =$83G[@& 6-+%& /+9$.;$(,$ =$5G$$(&"<;#$(5$/&,.3%%H%$,5+3("8&7.3:+8$%&"(/&5-$&L5.<$M&,3-3.5&3<5,3#$%&+%&$9$(&%5.3(;$. :3.&5-$&5G3&+##$/+"5$81&38/$.&,3-3.5%@ V&XX&V

H1C.+)%IG%D+-00F0)&$1-'#*%#'A%*12)F$13)%/+-21*)0 N"8$&+(,3#$B&X^h_V^fB&R3-3.5%&=3.(&X^ddHd^B&X^cdHc^&k&X^]dH]^ #'' #''!'' ()*+,&-./01*+ ()*+,&-./01*+!'' 23456*)07 23456*)07 &'' #'' &''!" #" $" "" %"!" #" $" "" %" 8.5 8.5!'' ()*+,&-./01*+ 23456*)07 &''!" #" $" "" %" 8.5 H1C.+)%JG%D+-00F0)&$1-'#*%#'A%*12)F$13)%/+-21*)0 I$#"8$&+(,3#$B&X^h_V^fB&R3-3.5%&=3.(&X^ddHd^B&X^cdHc^&k&X^]dH]^!''!'' &"' &"' &'' "'!'' ()*+,&-./01*+ &'' ()*+,&-./01*+ 23456*)07 23456*)07 "'!" #" $" "" %"!" #" $" "" %" 8.5 8.5 &"' &'' "' ()*+,&-./01*+ 23456*)07!" #" $" "" %" 8.5 V&XW&V

I3.& G3#$(B& -3G$9$.B& \<+5$& 5-$& 3773%+5$& 3:& 5-+%& %53.1& +%& 5.<$@& I+;<.$& W& %-3G%& 5-"5 G3#$(B&"(/&7".5+,<8".81&13<(;$.&G3#$(B&$F7$.+$(,$/&:".&;.$"5$.&+(,.$"%$%&+(&+(,3#$%&5-"( G3<8/&-"9$&=$$(&7.$/+,5$/&=1&5-$&,.3%%H%$,5+3("8&7.3:+8$&"<;#$(5$/&=1&XY&"((<"8& ;.3G5-@ R3(%$\<$(581&"%%<#+(;&5-$&.$8"5+9$&";$&7.3:+8$&53&=$&:+F$/&:3.&5-+%&;.3<7&G3<8/& -"9$& =$$( #+%8$"/+(;@&6-$&:",5&5-"5&5-$&X^h_&,.3%%H%$,5+3(&7.3:+8$&:3.&G3#$(M%&+(,3#$%&G"%&$::$,5+9$81 :8"5&.$:8$,5$/&5-$&83G&$".(+(;%&3:&5-$&;$($."5+3(&3:&G3#$(&G-3&G$.$&#+//8$&";$/&+(&X^h_B&(35 5-$&8+)$81&$F7$.+$(,$%&3:&5-3%$&;$($."5+3(%&5-"5&:3883G$/&5-$#@ %H1C.+)%KG%D+-00F0)&$1-'#*%#'A%*12)F$13)%/+-21*)0L N"8$&$#7831#$(5&."5$%B&X^h_V^fB&R3-3.5%&=3.(&X^ddHd^B&X^cdHc^&k&X^]d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h_&/"5"@ P(,$&";"+(&5-$&%53.1&+%&5-$&35-$.&G"1&.3<(/&:3.&G3#$(&V&,.3%%H%$,5+3("8&7.3:+8$%&-"9$ =$$(B&3(&"9$.";$B&:"+.81&;33/&7.$/+,53.%&3:&,3-3.5&$#7831#$(5&."5$%@&D&,3<78$&3:&:",53.%&".$ G3.5-&#$(5+3(+(;&-$.$@&I+.%581B&5-$.$&#"1&-"9$&=$$(&%3#$&%G+5,-&:.3#&7".5H5+#$&53&:<88H5+#$ G3.)&5-"5&+%&(35&,"75<.$/&+(&5-$%$&:+;<.$%&%+(,$&5-$&7.3:+8$%&.$73.5&5-$&5G3&."5$%&+(&";;.$;"5$@ 4$,3(/B&$9$(&5-$&X^ddHX^d^&,3-3.5&G"%&"8.$"/1&X^VW]&"5&5-$&=$;+((+(;&3:&3<.&%"#78$&7$.+3/ V&X]&V

+(&X^h_@&&D.;<"=81&5-$&=+;;$%5&,-"(;$%&+(&:$#"8$&8"=3<.&#".)$5&7".5+,+7"5+3(&3,,<..$/&:3.&5-$ ;$($."5+3(%&,3#+(;&+##$/+"5$81&":5$.@&6-+%&+%&=3.($&3<5&833)+(;&"5&5-$&13<(;$%5&,3-3.5%&+( 3<.&%"#78$&G-3&-"9$&83G$.&7".5+,+7"5+3(&."5$%&+(&5-$+.& 5$$(%&"(/& $".81& 5G$(5+$%&Z"%%3,+"5$/ G+5-&+(,.$"%$/&7".5+,+7"5+3(&+(&-+;-$.&$/<,"5+3([&"(/&-+;-$.&7".5+,+7"5+3(&."5$%&/<.+(;&7$.+3/% -+%53.+,"881&"%%3,+"5$/&G+5-&,-+8/H=$".+(;@ H1C.+)%MG%D+-00F0)&$1-'#*%#'A%*12)F$13)%/+-21*)0L I$#"8$&$#7831#$(5&."5$%B&X^h_V^fB&R3-3.5%&=3.(&X^ddHd^B&X^cdHc^&k&X^]d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c&V

5-$1&".$&"&83(;&G"1&:.3#&5-$&%7+.+5&3:&5-$&"%%<#75+3(%&+(&C$($."5+3("8&D,,3<(5%@&E(/$$/B&5-$1 ".$&#3.$&+(&5-$&%7+.+5&3:&"77.3F+#"5$&%38<5+3(%&53&5-$&517$&3:&#+,.3H$,3(3#$5.+,&%+#<8"5+3( 5$,-(+\<$%&5-"5&<85+#"5$81&($$/&53&=$&$#=.",$/&53&/3&738+,1&"("81%+%&$::$,5+9$81@ D&:+("8&%78+5&3:&5-$&IO4&/"5"&,"(&+88<%5."5$&3($&+#73.5"(5&/+#$(%+3(&3:&/+::$.$(,$%&+( -3<%$-38/&8+:$H5+#$&7.3:+8$%&5-"5&+%&517+,"881&(35&,"75<.$/&=1&C$($."5+3("8&D,,3<(5%@&6-+%&+%&" G+5-+(H,3-3.5&%78+5B&+(&5-+%&,"%$&=1&$/<,"5+3(@&E(&I+;<.$&h&G$&7.$%$(5&$%5+#"5$/&.$8"5+9$&";$H 7.3:+8$%& :3.& -3<%$-38/& +(,3#$B& G+5-& -3<%$-38/%& %78+5& =1& G-$5-$.& 5-$& -$"/& -"%& "(1& 73%5H,3#7<8%3.1& $/<,"5+3(@ h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d&V

a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hd& 53& X^^d G-+,-&:+.%5&,3(%5.<,5$/&"(/&5-$(&/+%#"(58$/&"&,3#7.$-$(%+9$&7<=8+,&7$(%+3(&7.3;."##$B&3(81 53&.$78",$& +5& =1& "& 8".;$81& :<(/$/& 7.+9"5$& 5+$.@& A"%& 5-+%& 7.3,$%%& #35+9"5$/& =1& "&,8$". <(/$.%5"(/+(;&3:&5-$&;$($."5+3("8&+(,+/$(,$&3:&5-$&7.3;."##$i&&A3<8/&%3#$&3:&5-$&:"+8<.$% 3:& 5-$& 7.3,$%%& -"9$& =$$(& "#$8+3."5$/& -"/& "& %$5& 3:& C$($."5+3("8& D,,3<(5%& =$$(& "55",-$/& 53 $",-&7.373%"8i&&D(/&-"%&5-$&7<=8+,&<(/$.%533/&5-$&+#78+,"5+3(%&3:&5-$&%-+:5&:.3#&<(:<(/$/&53 :<(/$/& 7$(%+3(& 7.39+%+3(& Z+(& 7".5+,<8".B& 5-$& %3H,"88$/& L/3<=8$& =<./$(M& 3:& :+("(,+(;& 5-$ 7.3;."##$&8$9+$/&3(&5."(%+5+3(&;$($."5+3(%[i&&6-+%&%$,5+3(&$F"#+($%&5-$%$&\<$%5+3(%@ a$(%+3(&7.39+%+3(&+(&5-$&>?&,"(&=$&%<,,+(,581&/$%,.+=$/&"%&"&5-.$$&5+$.&7.3;."##$,3#7.+%+(;&"&5+$.&3:&:8"5&=$($:+5%&:+("(,$/&=1&"&7"1.388&5"f&z$".(+(;%h.$8"5$/&=$5g$$(&"&:833. "(/&"&,$+8+(;[&8$9+$/&3(&"&aDjC&="%+%l&"&%$,3(/&#"(/"53.1&5+$.&G-$.$&+(/+9+/<"8%&,"(&,-33%$ =$5G$$(&"(&"//+5+3("8&$".(+(;%H.$8"5$/&7<=8+,&=$($:+5&:+("(,$/&:.3#&5-$&7"1.388&5"F&Z4O*a4[ 3.&,"(&,-33%$&9".+3<%&:3.#%&3:&:<(/$/B&7.+9"5$B&".."(;$#$(5%B&"(/&"&5-+./&5+$.&3:&/+%,.$5+3(".1 %"9+(;@& 6-$& 7.3;."##$& 5-$.$:3.$& +(9389$%& =35-& +(5$.;$($."5+3("8& "(/& +(5.";$($."5+3("8.$/+%5.+=<5+3(@ Q)#0.+1'C%+)A10$+1,.$1-'%1'%$")%/.,*1&%/)'01-'%/+-C+#33) 6-$&,"7",+51& 3:&5-$& >?& 7<=8+,& 7$(%+3(& 7.3;."##$& 53&.$/+%5.+=<5$&+(&%$9$."8& /+#$(%+3(%& +% +88<%5."5$/&=1&6"=8$&WB&5")$(&:.3#&0+%($1&"(/&A-+5$-3<%$&ZX^^]"[@&&6-$&$%5+#"5$%B&3=5"+($/ V&Xf&V

B#,*)%JG%O#$)0%-2%O)$.+'%-'%67%/.,*1&%/)'01-'0L%,>%&-"-+$%R3)'S =$:3.$& 5-$& 43,+"8& 4$,<.+51& D,5B& X^^dB& G-+,-& :<.5-$.&,<.5"+8$/& 7.3%7$,5+9$& =$($:+5%& :3.& 8"5$.,3-3.5%B&5")$&",,3<(5&3:&9".+"5+3(%&+(&8+:$5+#$&$".(+(;%&G+5-+(&,3-3.5%B&/+::$.$(5+"8&#3.5"8+51 =$5G$$(&"(/&G+5-+(&;$($."5+3(%B&"(/&5-$&5-$(H8$;+%8"5$/&/+::$.$(,$%&+(&",,.<"8&."5$%&=$5G$$(,3-3.5%@&R3(5.+=<5+3(%&".$&,"8,<8"5$/&=1&"7781+(;&."5$&%5.<,5<.$%&53&7"%5&"9$.";$&$".(+(;%&:3. $",-&/+%";;.$;"5$/&;.3<7&G+5-+(&5-$&,3-3.5&"(/&=1&"7781+(;&:<5<.$&7.3`$,5$/&+(,.$"%$%&+(&5-$.3'+.6'&,3(5.+=<5+3(&."5$@ 6"=8$& W& %-3G%&,8$".81& 5-"5& 8"5$.&,3-3.5%& 3:& #$(&,"(& $F7$,5& 83G$.& Z+(/$$/B& 8".;$81 ($;"5+9$[&.$5<.(%& :.3#& %3,+"8& %$,<.+51& V& 5-+%& #+;-5& =$& +(5$.7.$5$/& "%& "& :",$5& 3:& %"$'+G ;$($."5+3("8&.$/+%5.+=<5+3(@& & E(& "//+5+3(B& 5-$& 7.$73(/$."(,$& 3:& :8"5& =$($:+5%&,3<78$/& G+5-7".5+"881&$".(+(;%H.$8"5$/&,3(5.+=<5+3(%&;$($."5$%&%+;(+:+,"(5&%"$+.;$($."5+3("8&.$/+%5.+=<5+3(l -3G$9$.& 5-$& 7.3;.$%%+9+51& 3:& 5-$& =$($:+5& :3.#<8"& +%& <(/$.#+($/& =1& 5-$& $F+%5$(,$& 3: /+::$.$(5+"8&#3.5"8+51&",.3%%&3,,<7"5+3(&"(/&+(/<%5.1&;.3<7%@ 0"5$&3:&=+.5-,3-3.5 0$,+8$&W N$/+"( N$"( 0$,+8$&_ X^]d X^cd X^dd X^fg &g@d Hg@X HX@g Hg@d &&g@g &&g@x HX@W Hg@^ &X@g &g@w Hg@^ Hg@h &W@W &g@d Hg@d Hg@_ 0*&+-'H(I%#"'4(."1(J:%$':*&#'(KLMMN.O(P.D/'(QRSR T-$)0%$-%$#,*) X@& L0$,+8$M&.$7.$%$(5%& /$,+8$& 3:& 5-$&,"8,<8"5$/& 8+:$5+#$& +(,3#$& /+%5.+=<5+3(B& <%+(;& %+#<8"5$/& 8+:$5+#$ $".(+(;%& 7.3:+8$%& /+%";;.$;"5$/& =1& 3,,<7"5+3(B& +(/<%5.1& "(/&.$;+3(B& :.3#& %<,,$%%+9$& I"#+81 OF7$(/+5<.$&4<.9$1%&"<;#$(5$/&=1&5+#$&/<##+$%&"(/&7.3/<,5+9+51&;.3G5-&"%%<#75+3(%@ W@& R3(5.+=<5+3(&."5$%& ".$& ="%$/& 3(& 7"%5& ",5<"8& "(/& :<5<.$&."5$%& "%& 7.3`$,5$/& =1& 5-$& C39$.(#$(5 D,5<".1M%& 0$7".5#$(5& %<,-& "%& 53& #"+(5"+(& Q"5+3("8& E(%<."(,$& I<(/& ="8"(,$& ;+9$(& 7.3`$,5$/& =$($:+5 8+"=+8+5+$%B&"%%<#$/&."5$%&3:&L,3(5.",5+(;H3<5M&3:&4O*a4&"(/&"9$.";$&#3.5"8+51&"%%<#75+3(%@ ]@& '$($:+5%& ".$& "%%<#$/& 53& =$& 7.+,$H+(/$F$/@& & 6-$& /<."5+3(& 3:& =$($:+5%& 5")$%& ",,3<(5& 3:& -&++'"$ 3,,<7"5+3(H%7$,+:+,&#3.5"8+51&."5$%@&0$7$(/"(5%M&=$($:+5%&".$&+;(3.$/@ 6-$&%3,+"8&%$,<.+51&7.3;."##$&+(5.3/<,$%&+(5.";$($."5+3("8&.$/+%5.+=<5+3(&",.3%%&5-$ +(,3#$&/$,+8$%&C%$:%"(,3-3.5%&"(/B&"%&5-$&$::$,5+9$&=$($:+5&:3.#<8"&9".+$%&",.3%%&=+.5-&,3-3.5%B 5-$&$F5$(5&3:&+(5.";$($."5+3("8&.$/+%5.+=<5+3(&"8%3&9".+$%&.-+*##&,3-3.5%@&&D&:<.5-$.&,3#78$F+51 +(&#$"%<.+(;&.$/+%5.+=<5+3(&+%&5-"5&+(/+9+/<"8%&,"(&L,3(5.",5&3<5M&3:&7".5&3:&5-$&7.3;."##$B&"(/ 5-"5&%<,-&,3(5.",5+(;H3<5&+%&(35&L($<5."8MB&+(&5-$&%$(%$&5-"5&5-$&+#78+,+5&%<=%+/1&53&/3&%3&+%&(35 L($<5."8M&",.3%%&+(/+9+/<"8%&G+5-+(&"&;$($."5+3(&"(/&"8%3&",.3%%&;$($."5+3(%@ _ &&R3(%$\<$(581B 5-$&/$,+%+3(&53&,3(5.",5H3<5B&"(/&5-$.$:3.$&5-$&:.",5+3(&3:&"(1&;+9$(&,3-3.5&5-"5&,3(5.",5%H3<5B +%&$(/3;$(3<%&53&$F7$,5$/&."5$%&3:&.$5<.(&"(/&%3B&533&+%&5-$&,3(5.+=<5+3(&."5$@ A-"5& +%&5-$& 73+(5& 3:&6"=8$& W& +(&5-$&7.$%$(5&,3(5$F5i& & I+.%5B&"(/&%<=`$,5& 53& 5-+%& 8"%5 -.3'.$7&,"8,<8"5+(;&."5$%& 3:&.$5<.(& +(& 5-+%& #"(($.& %$$#%& 53& =$& 5-$& #3%5& 5."(%7".$(5& G"1& 3: V&Xh&V

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hf[&G.+5$%m Ln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`$,5$/&,-"(;$%&+(&#3.5"8+51 39$.&5+#$@&&Q3&"55$#75&+%&#"/$&53&$(/3;$(+%$&7".5+,+7"5+3(&+(&5-$&%$,3(/&5+$.&3:&5-$&7<=8+, 7.3;."##$&53&5-$&,"8,<8"5$/&,3-3.5&.$5<.(B&(3.&53&,"8,<8"5$&.$5<.(%&:3.&G3#$(B&G-$.$&,".$$. -+%53.+$%& +(5.3/<,$& :<.5-$.&,3#78$F+5+$%@ Xg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`$,5+(;&:<5<.$ V&X_&V

7.373.5+3("5$&,-"(;$%& +(&."5$%& +(& 8+($& G+5-& 3::+,+"8& ",5<".+"8& 7.3`$,5+3(%& 3:& "9$.";$&."5$%@ P5-$.&,"8,<8"5+3(%& =1& 35-$.& "<5-3.%& -"9$& <%$/&,3(%5"(5&,3(5.+=<5+3(&."5$%& Z3(& 5-$& 78"<%+=8$ ="%+%& 5-"5& :<5<.$&,3(5.+=<5+3(& +(,.$"%$%& -"9$& (35& =$$(& 8$;+%8"5$/[& "(/& 1$5& "(35-$.& "77.3",- G3<8/&"883G&5-$&:<5<.$&,3-3.5H%7$,+:+,&",,.<"8&:",53.&53&"/`<%5&."5-$.&5-"(&5-$&,3(5.+=<5+3(&."5$ %3& "%& 53& ;$($."5$& L",5<".+"8& :"+.($%%M& ",.3%%& ;$($."5+3(%@ XX &&D%&G$&73+(5&3<5&"=39$B&+:,"8,<8"5+3(%&3:&5-+%&)+(/B&"(/&L;$($."5+3("8&",,3<(5%MB&".$&,"8,<8"5$/&3(&5-$&="%+%&3:&L$F+%5+(; 738+,1MB&5-$(&+5&+%&+#73.5"(5&53&)(3G&G-"5&L$F+%5+(;&738+,1M&#$"(%&+(& 5-+%&,3(5$F5@& & 03$%& +5 #$"(&-38/+(;&,3(5.+=<5+3(&."5$%&,3(%5"(5B&3.&"883G+(;&$+5-$.&,3(5.+=<5+3(&."5$%&3.&",,.<"8&."5$% 53&9".1&%<,-&"%&53&#"+(5"+(&5-$&:+("(,+"8&="8"(,$&3:&5-$&%1%5$#i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a$(%+3(&4,-$#$&+(&5-$&X^hd&8$;+%8"5+3(&+%&(3G&%$$(&53&-"9$&=$$(&"&#"`3. $..3.& +(& 738+,1& /+.$,5+3(B& "85-3<;-& 5-"5& G"%& :".& :.3#&,8$".& "5& 5-$& 5+#$@ XW & & S3G$9$.B& 5-$ %+;(+:+,"(5&G$")($%%&3:&5-$&3::+,+"8&",5<".+"8&,"8,<8"5+3(%&<(/$.7+((+(;&5-$&.$:3.#&G"%&5-$+. :"+8<.$& 53& 7.3`$,5& =$13(/& 5-$& 1$".& Wgg_B& =$:3.$& 5-$& ="=1H=33#& ;$($."5+3(& %5".5$/&.$5+.+(;@ P(,$& %3#$& "77.37.+"5$& 7.3`$,5+3(%& G$.$& #"/$B& 5-$& 738+,1& G"%& \<+,)81&.$9$.%$/& Z%$$ S$##+(;& "(/&?"1B& X^_W[B& $9$(& 5-3<;-& 5-$& ;$($."5+3("8& L+(,+/$(,$M& 3:& 5-$& =<./$(& 3: :+("(,+(;&4O*a4&G"%&($9$.&#"/$&$F78+,+5&+(&5-3%$&%<=%$\<$(5&,"8,<8"5+3(%@ 4+#+8".81B& 5-$& +(5.3/<,5+3(& 3:& a.+9"5$& a$.%3("8& a$(%+3(%& +(& 5-$& X^_f& a$(%+3(% 8$;+%8"5+3(&G"%&",,3#7"(+$/&=1&"&/."#"5+,&<(/$.$%5+#"5$&+(&5-$&$F7$,5$/&(<#=$.%&`3+(+(;&5-$ %,-$#$& +(& 5-$& $".81& 1$".%@& E(+5+"8& C39$.(#$(5& D,5<".1& 7.3`$,5+3(%& G$.$& 3:& 5-$& 3./$.& 3: dggbggg&+(/+9+/<"8%&,-33%+(;&53&,3(5.",5+(;&3<5b&"85-3<;-&"&,3(5+;$(,1&78"(&g"%&/."g(&<7&:3. 5")$&<7&3:&XBhdgBggg@&E(&.$"8+51B&5-$&(<#=$.&G"%&,83%$.&53&dBgggBggg&=1&5-$&$(/&3:&5-$&:+.%5 :+9$&1$".%&Z%$$&0+%($1&"(/&A-+5$-3<%$B&X^^W[@ 6-+%&L=",)&/33.M&Z0+%($1&"(/&!3-(%3(B&X^^_[&%G+5,-&:.3#&aDjC&:+("(,+(;&53&:<(/$/ 7$(%+3(%B& G-+,-& /3G(;."/$/& 4O*a4& =$($:+5%& "(/& 7$.#+55$/& :3.& 5-$& :+.%5& 5+#$& /$:+($/,3(5.+=<5+3(& 78"(%& %<,-& "%& a$.%3("8& a$(%+3(%& 53& L,3(5.",5& 3<5M& 3:& 4O*a4B& G"%& 8".;$81 ",,3#78+%-$/& =$,"<%$& 5-$& ;$($."5+3("8& +(,+/$(,$& 3:& 5-$& 5."(%+5+3(& G"%& :".& :.3#&,8$".@& & D( +(,.$"%$&+(&5-$&7.373.5+3(&3:&5-$&G3.):3.,$&5-"5&,3(5.",5%&3<5&3:&5-$&7<=8+,&,3#73($(5&3:&5-$ V&X^&V