Sociabilidade em rede na Internet
Transcrição
Sociabilidade em rede na Internet
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bBJ?FBE ; <BK?:E 7 #DJ;HD;J ; ;C I;=K?:7 IK7I ?DJ;H7Ya;I <79; 7 <79; FHEFEIJ7Z9KCFH?:79ECE CTN?CE:;H?=EH:;I9H?J?LE7;JDE=H7<?7;9EC7B=KC7I DEJ7I 9ECF7H7J?L7I 9EC EKJHEI 7=HKF7C;DJEI 9EDJ;CFEHVD;EI I?C?B7H;I ) H;IKBJ7:E Z GK; E =HKFE F;IGK?I7:E E =HKFE !7B;H7 44 I; 7FH;I;DJ7 9EC 97H79J;H]IJ?97I I;C;B>7DJ;I ; 9EC 7B=KC7I C7?I F7HJ?9KB7H;I ;C H;B7YWE 7 KC 7CFBE ;IF;9JHE:;IE9?78?B?:7:;FEII]L;BDECKD:E7JK7B;9ECE;H7C?D>7FHEFEIJ779ED9;DJH7YWE;IJTD7:;I9H?YWE:;IJ7I 97H79J;H]IJ?97IH?JK7?I9_:?=EII]C8EBEI;<EHC7I:;?DJ;H7YWEGK;:WEI;DJ?:E7;II7IE9?78?B?:7:;;IF;9]<?97 (3>3HD3E5:3H7JDE=H7<?7-E9?78?B?:7:;,;:;!HKFE#DJ;HD;J +G?ND;A # *)(.)-+/-.q-#(.,)/.{,#- )8@;JE;';JE:EBE=?7 -E8H;7B=KC7I97J;=EH?7I7GK?KI7:7I 0?HJK7B;,;7B (EYWE:;!HKFE ## )-*Q)#(.,(. IF7YE 7H79J;H]IJ?97I:E;IF7YE:7#DJ;HD;J -E8H;7I9H?J7 -K8 ;IF7YEI:;#DJ;H7YWE _HKDI;B?IJ7I:;:?I9KIIWEFEH; C7?B C7?B >7J #+;I?C?B7H;I FH;I;DJ7YWE:EKDE;IF7YE:7#DJ;HD;J (E; C7?B (EI _HKDI (EI>7JI (E#+ (EII?J;I:;;D9EDJHEI ###r-)##&# #DJHE:KYWE 'EJ?L7Ya;I#:;DJ?<?97YWE<?D?:7:;I 'EJ?L7Ya;I EDJ;NJE $KL;DJK:; &7P;H #:;DJ?<?97YWE <?D?:7:;I #0 #(.,(.-)##&# EDJ;NJE;*;H<?B:;/IKTH?E#:;7B:7#DJ;HD;J *;H<?BI_9?E ;9ED`C?9E -E8H;7'KBJ?FB?9?:7:; -E8H;EI/IEI:7#DJ;HD;J -E8H;7 7C?B?7H?:7:;9ECEIF7YE -E8H;7I#DJ;H7Ya;I -E8H;7F7II7=;C:7(;JF7H7E<79; 7 <79; -E8H;7I9EDI?:;H7Ya;I<?D7?I=;H7?I )=HKFE(;J!7B;H744; 79; 7 <79; B=KDI;I9B7H;9?C;DJEI7DJ;H?EH;I (E9>7JED:;JK:E9EC;Y7 _:?=E:;IE9?78?B?:7:; 'Z:?7I:;<BKNE:;C;C8HEI;KIKTH?EIDE9>7J <?D?:7:;I FH;D:;D:EEIH?JK7?I 9EDIJHKYWE:7?DJ?C?:7:; 7<;J?L?:7:;DE9>7J BED;I ECEEIIK8=HKFEI7F7H;9;CDE9>7J ?H9K?JEI:;?DJ;H7YWEDE9>7J 79; 7 <79; FH;I;DJ7YWE FB?97D:EEIH?JK7?I BKNEI?DJ;HDEI:E=HKFE I7FHEN?C7Ya;IFEH7<?D?:7:; ECFB;C;DJ7H?:7:;;DJH;;IF7YEI *7HJ?B>7C;DJEI 9EDL;H=[D9?7:;J7DJEI:?<;H;DJ;I EJ?:?7DE:;I9H?J?LE:E=HKFE ?H9K?JEI:;IE9?78?B?:7:;<EHC7:;JHE97I;CH;:; )IIK8=HKFEI JK7B?P7Ya;I;NJH7I# JK7B?P7Ya;I;NJH7I## 0r)(&/-q- , ,x(#- # *)(.)-+/-.q-#(.,)/.{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a;I9EB;J?L7I;J7C8ZC:;:?L;HI?:7:;9KBJKH7B *7H7?IIE;IJ;JH787B>EI;?D?9?77FH;I;DJ7D:EE9EDJ;NJEED:;I;:;I;DLEBL;7IE9?78?B?:7:;IKFEIJ77I;H;IJK:7:7) 9EDJ;NJE9EDJ;CFEHVD;E:7IJ;EH?7IIE8H;IE9?78?B?:7:;;E9EDJ;NJE:EFH_FH?E;IF7YE:7#DJ;HD;JCI;=K?:7?DI;H?HT E B;?JEH DKC7 7CEIJH7 :7 L7H?;:7:; :; 7HJ?9KB7Ya;I IE8H; E J;C7 78EH:7:E ; <?D7BC;DJ; :;I9H;L;D:E EI H?JK7?I :7 IE9?78?B?:7:;:;KC=HKFE :;F;IIE7I<EHC7:E7F7HJ?H:E;IF7YE:7#DJ;HD;JGK;FE:;CEI9>7C7H:;=HKFEI(;JFEH >EH7 (EIIE E8@;JE Z E ;IJK:E ;JDE=HT<?9E :7 IE9?78?B?:7:; :; KC =HKFE <EHC7:E DE ;IF7YE :7 #DJ;HD;J ; GK; J7C8ZC I; 7JK7B?P7 DE ;IF7YE :7I H;B7Ya;I <79; 7 <79; H;7B ; 7 H;<B;NWE 9ECF7H7J?L7 9EC J;EH?7I IE8H; E 9EDJ;NJE :7 IE9?78?B?:7:; 9EDJ;CFEHVD;7 /J?B?P7D:E J7C8ZC F7H7 ?IIE ?D<EHC7Ya;I :; EKJHEI F;IGK?I7:EH;I :; TH;7I 7<?DI F7H7 I78;HIE8H;EKJHEIFEII]L;?I=HKFEIGK;FEII7CI;HL?H:;FEDJE:;9ECF7H7YWE 7F7H;DJ;J;D:[D9?7Bb:?97:;L;H7IE9?78?B?:7:;DE;IF7YE:7#DJ;HD;JC;<;P?HD7:?H;YWE:;=HKFEIGK;I;H;bD;C :; C7D;?H7 FH?C7H?7C;DJ; 7<;J?L7 ; >;:ED?IJ7 '7I :;LE F`H E B;?JEH 7 F7H :7 ;N?IJ[D9?7 :; EKJHEI J?FEI :; 7=HKF7C;DJEI9EC97HTJ;HC7?I<KD9?ED7BEKKJ?B?JTH?E(7L;H:7:;;II7I97H79J;H]IJ?97I7F7H;DJ;C;DJ;:?L;H=;DJ;I:; 7=HKF7C;DJEI9EDJ;CFEHVD;EIJ[CKC7I;F7H7YWE;9B7II?<?97YWECK?JEC7?I797:[C?97GK;<7JK7BDEC7?I:7IL;P;I 7I 97H79J;H]IJ?97I I; ;DJH;B7Y7C <KD9?ED7B >;:ED?IJ7 KJ?B?JTH?7 Bb:?97 9EC 7 FH?EH?:7:; :; KC7I EK EKJH7I 7 :;F;D:;H:EI9EDJ;NJEIFEII]L;?I:;;IF7YEI:;?DJ;H7YWE )ICZJE:EIKJ?B?P7:EIF7H7E:;I;DLEBL?C;DJE:;II;E8@;JE<EH7CFEHKCB7:EKCGK;IJ?EDTH?E F7H77L7B?7H FH?D9?F7BC;DJ;EIFEDJEIGK7B?J7J?LEI:;KC77CEIJH7H;FH;I;DJ7J?L7:EKD?L;HIE:;KIKTH?EI:7#DJ;HD;J;:7]9EDIJHK?H KC;I8EYE:;9EDJ;NJE:E;IF7YE;KCF;H<?B?:;7B:;KIKTH?EGK;<EHC7C7FH?C;?H7F7HJ;:E97F]JKBE#0:;IJ;J;NJE7 (EJ7H;CEIC7?I7:?7DJ;GK;KC9ED9;?JEH]=?:EIE8H;s=HKFEtFE:;DWEI;7FB?97H9ECFB;J7C;DJ;GK7D:EI;JH7J7:7 IE9?78?B?:7:;:;I;DLEBL?:79EDJ;CFEH7D;7C;DJ;;;C9EDI;Gc[D9?7DE;IF7YE:7#DJ;HD;JC7B=KDICEC;DJEII;HT C7?I 7FHEFH?7:E F;DI7H =HKFE 9ECE #$ %#.3$ 2'$ ?D<BK;D9?7:7I FEH :?L;HIEI 7IF;9JEI 9?H9KDIJ7D9?7?I ;IF7YEI7PED7B?:7:;<BK[D9?7I:;9ECFEHJ7C;DJEI;J9 79KCKB7YWE:;:7:EIEH?=?D7:EI:;:?L;HI7I;7B;7J_H?7I7J?L?:7:;I:;IE9?78?B?:7:;D7#DJ;HD;J>7JI _HKDI;J9; FEHEKJHE7E8I;HL7YWE F7HJ?9?F7DJ;DKC=HKFEGK;I;7JK7B?P7I;H;bD;DE#,&ECKD:E:7IH;B7Ya;I<79; 7 <79;EK H;7B7II?C9ECED7#DJ;HD;JGK;<?D7B?P7E97F]JKBE#0:;IJ;7H=KC;DJE;<;9>77:?II;HJ7YWE I;J7F7I:7F;IGK?I7DJ;I:;?D?9?7H;IJ;FHE@;JEL?D>779KCKB7D:E:7:EI:; _HKDI>7JI;# &!$7F_I7TH:K7 97C?D>7:7:;B;?JKH7I;:;<?D?YWE:EE8@;JE9EC;9;?7;I9H;L;HJ;NJEIFHEL?I_H?EIF7H7I;H;CFH;;D9>?:EI7EIFEK9EI 9K@EIFHE:KJEI<?D7?I<EHC7CEI97F]JKBEI###;###:7:?II;HJ7YWE;FE?IFH;F7H;?EGK;IJ?EDTH?EGK;<E?7FB?97:E DKC7 <EHC7 :; JH7P;H ?D<EHC7Ya;I L7H?7:7I :7I F;IIE7I GK; KI7C 7 #DJ;HD;J F7H7 7 9ECFEI?YWE :E 9EDJ;NJE :E ;IF7YE;F;H<?B:EKIKTH?EDL?;?EC;ICEDE<?D7B:;:;P;C8HE:;7F_IJE:7I7IH;L?Ia;IF7H79;H97:;; C7?BI ;D:;H;YEI ;B;JH`D?9EI ; :;? KC FH7PE :; C;I;I F7H7 H;IFEIJ7I ,;9;8? H;IFED:?:EI CZ:?7 7F7H;DJ;C;DJ;87?N7J;C>7L;H9ECKC7:7I97H79J;H]IJ?97I:E;IF7YE:7#DJ;HD;J;9ECEI>T8?JEI:;I;KIKIKTH?EI CKBJ?FB?9?:7:;:;?D<EHC7Ya;I7J?L?:7:;I;FEH9EDI;Gc[D9?7 :;;I9EB>7I7 I;H;C <;?J7I*EHKC7GK;IJWE:; C7?EH L7B?:7YWE:EI:7:EI9EB;J7:EIH;7B?P;?KC7DEL77FB?97YWE:EC;ICEGK;IJ?EDTH?E;C7=EIJE:;KJ?B?P7D:EKC7 F7HJ;:77CEIJH77DJ;H?EHEI; C7?BIIEC7:EI7KCEKJHE9EDJ?D=;DJ;C7?I78H7D=;DJ;GK7B?J7J?L7C;DJ;9>;=7D:E 7II?C 7 KC JEJ7B :; GK;IJ?EDTH?EI H;IFED:?:EI ; KC H7PETL;B F;H<?B :; KIKTH?E :E ;IF7YE :7 #DJ;HD;J ; 7 KC7 9EDJ;NJK7B?P7YWE:EC;ICEBZC:?IIE;K8KIGK;?EKJH7IF;IGK?I7IC7?IGK7DJ?J7J?L7IIE8H;E;IF7YE:7#DJ;HD;J ; EKJHEI:7:EI9ECFB;C;DJ7H;I ECE<EHC77CFB?7H7BE97B?P7YWE:;DEII77CEIJH7:;KIKTH?EI:7#DJ;HD;JF7H7;IJ7F;IGK?I7JEC;CEI9ED>;9?C;DJE :EI I;=K?DJ;I :7:EI :; 79EH:E 9EC ;IJ?C7J?L7I :7 /(-) ;C 7F;D7I :7FEFKB7YWE CKD:?7B C7?I :; 8?B>a;I J[C 79;IIE 7 9ECFKJ7:EH;I ; U #DJ;HD;J ?IJE Z C?B>a;I :; F;IIE7I -;=KD:E F;IGK?I7 :E #DIJ?JKJE 7J7 EB>7 H;7B?P7:7 ;C ;N?IJ;C 9;H97 :; C?B>a;I :; KIKTH?EI :7 #DJ;HD;J DE H7I?B ?IJE Z 7F;D7I :7 FEFKB7YWEC7?I:;C?B>a;IJ[C79;IIEU#DJ;HD;J(EIIEKD?L;HIEJEJ7B<E?:;KIKTH?EI?IJEZ:EJEJ7B :; KIKTH?EI :7 #DJ;HD;J DE H7I?B ;II; KD?L;HIE :; KIKTH?EI H;IFED:;H7C 7E GK;IJ?EDTH?E ; FEH ?IIE 9EDIJ?JK;CDEII77CEIJH7?IJEZ:EKD?L;HIE;L;CEIJ;H9B7HEGK;;IJ;IDbC;HEIC7?I=;H7?IIWECKJTL;?I:; 79EH:E 9EC 7I FEII?8?B?:7:;I :; :;I;DLEBL?C;DJE :E ;IF7YE :7 #DJ;HD;J DE <KJKHE FH_N?CE DE ;DJ7DJE F7H7 E ;IJ78;B;9?C;DJE:;KCF;H<?B9EDJ;CFEHVD;E:;KCKIKTH?E?:;7B :E;IF7YE:7#DJ;HD;J;IJ;I:7:EII;HWEIK<?9?;DJ;I *7H7 ?IIE KJ?B?P;? :K7I F;IGK?I7I 797:[C?97I 7?D:7 DWE FK8B?97:7I ; :7:EI :; H;L?IJ7I ; @EHD7?I 7JK7?I IE8H;E7IIKDJEIH;<;H[D9?7I797:7KCI;HWE<;?J7IDECEC;DJE:;IK7I9?J7Ya;I -;9EDI?:;H7HCEIE9H;I9?C;DJE:EKIE:;9ECFKJ7:EH;I;:7#DJ;HD;J:;<EHC7s;NFED;D9?7Bt(!,)*)(.( 0?:7?=?J7B-*F FE:;CEI?C7=?D7HFH;L?Ia;I:;9H;I9?C;DJECK?JEC7?EH;IF7H7EIFH_N?CEI7DEI EK7JZC;I;I*7H7L;HC7?IFH;L?Ia;IIE8H;E:;I;DLEBL?C;DJE:7IJ;9DEBE=?7I:;?D<EHCTJ?97L;H(!,)*)(. ( #:;C s) !&%# &$%#* FH;L[ GK; 7 #DJ;HD;J 7J?D@7 C?B>a;I :; KIKTH?EI DE <?D7B :; t ,;L?IJ7,.*#.&(l-;J;C8HEF /C7 FHE@;YWE :; :7:EI C7?I H;9;DJ;I FK8B?97:E DE ;D97HJ; 0?:7 ?=?J7B ,;L?IJ7 0$ Dl ;P;C8HE F7FH;I;DJ7KCDbC;HE:;9;H97:;C?B>a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a;I :E .;H9;?HE -;JEH 7FH;I;DJ7 GK; E DbC;HE :; KIKTH?EI 8H7I?B;?HEI :7 ;DH?GK;9;D:E 7 DEII7 9ECFH;;DIWE FEIJ;H?EH :7 JDE=H7<?7 :E =HKFE !7B;H7 44 GK; J7C8ZC ;IJT ?DI;H?:E D;IJ; C;ICE9EDJ;NJE I GK;IJa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a;I :E H7I?B 7CEIJH7 JEJ7B <E? :; IK@;?JEI ;LE B;C8H7H :E F;H]E:E C7?EH :7 F;IGK?I7 :E :K7H:E%H7KP;?;>B;EJ?FE:;F;IGK?I7;IFEDJVD;7;;C9EB78EH7YWE9ECKC=H7D:;;CK?JE<H;Gc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a;I DEI :?<;H;DJ;I ;IF7YEI ; I?JK7Ya;I IJ; FHE9;IIE J;L; KC H;9EHJ; J;CFEH7B:;9;H97:;GK7JHEC;I;I:;DJHE:EGK7BFK:;E8I;HL7H;F7HJ?9?F7H:;:?L;HI7II?JK7Ya;IGK;;NFB?9?J7CC7I DWE :;J;HC?D7C FH;9?I7C;DJ; E F;H<?B :E =HKFE @T GK; IK7 <EHC7YWE ; C7DKJ;DYWE Z I;C :bL?:7 ;IFEDJVD;7 ) FHE9;IIE:;I9H?J?LE7:L?D:E:;IJ7C;JE:EBE=?7;JDE=HT<?97?HTDEICEIJH7H9ECEI;7FH;I;DJ7CEIC;C8HEI:E=HKFE :;DJHE:;97:7;IF7YE:7?DJ;H7YWE9ECEI;:WEIK7I7J?L?:7:;I;H?JK7?IGK7?IIK7I97H79J;H]IJ?97I:?7DJ;:E9EDJ;NJE 9EDJ;CFEHVD;E:;ED:;;B;II;<EHC7CEKI;7JK7B?P7C;D<?C9ECEZIK7IE9?78?B?:7:; CFH?C;?HEBK=7HL;CEI9ECE I;:;I;DLEBL;C7I?DJ;H7Ya;I;DJH;EI?D:?L]:KEIDE;IF7YE;CGK;I;EH?=?D7H7CE 9>7J:EFHEL;:EH447JK7BC;DJ;.;HH7I;=C;DJ7:E FEH9?:7:;I 4 -7BL7:EHEK7FH?C;?H7 $% #DJ;HD;J;C(EL;C8HE:;;H7:;C;DEI:;C?B>a;I:;F;IIE7I:7FEFKB7YWE8H7I?B;?H7 ;I9EB>7:;IJ;=HKFE<E?EFEHJKD7;7<EHJKD7:7C;DJ;8;C79;?J7;7:;GK7:7F7H7EIFHEF_I?JEI:7F;IGK?I7 ?II;HJ7YWE:; C;IJH7:E;C*I?9EBE=?7-E9?7BECKD?97YWE';:?7:7F;BEECFKJ7:EH/D?L;HI?:7:;7J_B?97:E ,?E!H7D:;:E-KB 7CEIJH7 F;IGK?I7:7 FEH :K7H:E %H7KP; ?;>B :; 9;HJE CE:E ;D=BE87 J7C8ZC 7 DEII7 7CEIJH7 FE?I 7BZC :7 :?IF;HIWE;C:?L;HIEIFb8B?9EIF;B7GK7DJ?:7:;:;; C7?BIKJ?B?P7:EI;CC?D>7F;IGK?I79EDJ7JEIF;IIE7IF;IIE7I:; C;?EI:;9ECKD?97YWEB?IJ7I:;LTH?7I;CFH;I7IB?IJ7I:;=HKFEI:;:?I9KIIWE:;LTH?EI7IIKDJEI;E=HKFEF;IGK?I7:E ;JDE=H7<?97C;DJ;!7B;H744J;CEIJ7C8ZCGK;7F;IGK?I7:;:K7H:E%H7KP;?;>B<E?H;7B?P7:7DEC;ICE=HKFE :;I7B7I:;87J;F7FE:;ED:;E=HKFEF;IGK?I7:EFEH;IJ7JDE=H7<?7J7C8ZC<7PF7HJ;I7B7:;87J;F7FE-7BL7:EH:E FHEL;:EH.;HH77DJ?=E44 )I FHEL;:EH;I ; FEHJ7?I D7 #DJ;HD;J 9ECE E .;HH7 EK /)& EI C7?EH;I ; C7?I FEFKB7H;I :E F7]I DE CEC;DJE !! :79?:7:;:;-7BL7:EHCI;=K?:7L;H;CEI9ECEI;:TECEL?C;DJE:;F7II7=;C;DJH;E;IF7YE:E9>7JF7H7E ;IF7YE<79; 7 <79;;IJ;9;DJH7B?P7:E;C7?I9ED9;DJH7:E;C;D9EDJHEII;C7D7?IDKC=H7D:;I>EFF?D=:79?:7:;C J;H9;?HEBK=7HL;H;CEI9ECEI;:;I;DLEBL;C7I?DJ;H7Ya;I:E=HKFEDE;IF7YE<79; 7 <79;;IJ;?D:E7BZC:E;D9EDJHE 9;DJH7BDEI>EFF?D=;7J?D=?D:EH7C?<?97Ya;I;CLTH?EI;:?<;H;DJ;I;IF7YEI;I?JK7Ya;I<?D7B?P7D:EL;H;CEI9ECE I; :T 7 9ECFB;C;DJ7H?:7:; ;DJH; ;IF7YEI :; ?DJ;H7YWE :E =HKFE :E 9>7J F7H7 I>EFF?D= :E I>EFF?D= F7H7 FH7?7 ; L?7=;DI :;IJ;I :; LEBJ7 7E I>EFF?D= ; 7E 9>7J ; 7II?C FEH :?7DJ; DKC :;I;DLEBL?C;DJE DWE B?D;7H sH?PEC7t :; ?DJ;H7Ya;I9ECFB;C;DJ7H;I7B=KC7I9KCKB7J?L7I;:KH7:EKH7IEKJH7IF7II7=;?H7I;?DJ;DI7IC7IJE:7I<7P;D:EF7HJ; :;KC7H;:;:;?DJ;H7Ya;I78;HJ7;<BK?:7 D<?C7H;L?IWEJ;_H?97:EIJH[IFH?C;?HEI97F]JKBEI77DTB?I;:;:7:EIGK7B?J7J?LEI;GK7DJ?J7J?LEI:7FH?C;?H7F7HJ;:E 97F]JKBE #0 ; 7I :;I9H?Ya;I ; 7DTB?I;I :7 I;=KD:7 F7HJ; :E C;ICE JK:E I; 9ECFB;C;DJ7 DKC FHE9;IIE 9EDJ]DKE :; %)%&+.- #F7H77 !#$- !#%&#:EGK;Z7IE9?78?B?:7:;DE;IF7YE:7#DJ;HD;J +A4D73>9G?3E53F79AD;3E3CG;GE363E .;DFG3>7*73> EFEI?YWE '#%& # DWE I; IKIJ;DJ7 BE=?97C;DJ; C7I Z KI7:7 9EBEGK?7BC;DJ; ;DJWE :;L;CEI <7P;H KC7 ?DJHE:KYWE;NFB?97J?L7IE8H;EJ;C7;7;NFB?9?J7YWE:EIJ;HCEIKJ?B?P7:EIF7H7;IJ;JH787B>E ;KC7C7D;?H7I?CFB;IFE:;H?7:?P;HGK;EGK;Z'#%&ZEGK;;IJTFEHL?HEKE! $$1';E#Z77JK7B?P7YWE :;II7L?HJK7B?:7:;C7I?IJEDWEFa;7GK;IJWEJWE9B7H7C;DJ; 9H;:?JEGK;JE:EIGK;B;?7C;IJ;J;NJEJ[CKC7?:Z?7 H;B7J?L7C;DJ; I;=KH7 :E GK; I;@7 KC7 9E?I7 ; EKJH7 ; CK?JE FHEL7L;BC;DJ; 9EDL?L;C 8;C 9EC ;II7 I;F7H7YWE :?9EJ`C?97;DJH;'#%&;#FEFKB7H?P7YWE:7FH_FH?7#DJ;HD;J97KI7?IIEJEHD7EIJ;HCEI<7C?B?7H;IC7IDWEEI ;NFB?97 I7J?I<7JEH?7C;DJ; .K:E ZH;7B ?D9BKI?L; 7GK?BE GK; ;IJT L?HJK7B B=KDI ;N;CFBEI 7 B]D=K7 GK7BGK;H KC7 Z L?HJK7B;DGK7DJE7<7B7ZGK;77JK7B?P7DE;DJ7DJEJ7DJEB]D=K7GK7DJE<7B7IWEH;7?I?D<EHC7YWED7#DJ;HD;J;IJT '#%&s:;IJ;HH?JEH?7B?P7:7t&ZLODWE;IJT;CBK=7HD;D>KC;FE:;;IJ7H;CJE:EBK=7H;;B7Z7JK7B?P7:77 JE:E CEC;DJE :; 9EDIKBJ7 ; JHE97 9ECE 7 B]D=K7 :?IFED]L;B 7 JE:EI F7H7 <7B7H )K 7?D:7 E ;DI?DE Z L?HJK7B ; E 7FH;D:?P7:EZ7IK77JK7B?P7YWE+K;H:?P;H7C7D;?H7GK;F7H;9;H?79EHH;J7:;I;I;F7H7HE'#%&:;EKJHEJ;HCEI;H?7 E%&C7ID;CC;ICE?IIEF7H;9;9EDL;D?;DJ;F7H7EDEIIEJH787B>EFE?IC;ICEGK7D:EKC=HKFE;IJTsH;KD?:Et ;C 7B=KC 9>7J ;B; ;IJT I;D:E 7JK7B?P7:E 7B? D7GK;B; 7C8?;DJ; 9>7C7:E F;BE FH_FH?E =HKFE :; '#%& ;IF7YE :7 #DJ;HD;J /C7 EKJH7 C7D;?H7 :; L;H 7 GK;IJWE Z 7:C?J?H JE:7 H;7B?:7:; 9ECE I;D:E ?DJ;HC;:?7:7 FEH I]C8EBEI ?IJE Z D_I =;H7BC;DJ; :?IFED?8?B?P7C KC7 7CFB7 L7H?;:7:; :; I;=C;DJEI F7H7 EI :?<;H;DJ;I J?FEI :; KIKTH?EI ;EK F7H7 EI :?<;H;DJ;I CEC;DJEI 9EDIJHKYWE :; 7<?D?:7:;I :?L;HI7I 7II?C ;N?IJ;C I7B7I 9B7II?<?97:7I FEH 7IIKDJE :; ?DJ;H;II; <7?N7;JTH?7FH;<;H[D9?7II;NK7?I9?:7:;I;J9 )8I;HL7Ya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s9KBJKH7 Z JH7DI<EHC7:7 F;B7 C;:?7YWE J;9DEB_=?97t GK; DEI 9EBE97:?H;J7C;DJ;D7C;:?7YWEL?HJK7B:;I]C8EBEI;N7J7C;DJ;FH;I;DJ;IDEDEIIE;IF7YE:;?DL;IJ?=7YWEE9EDJ;NJE #DJ;HD;JED:;EI=HKFEI(;JI;:;I;DLEBL;C -;=KD:E *?;HH; &ZLO >T LTH?7I <EHC7I :; L;H E '#%& R KC7 DEL7 <EHC7 :; H;B79?ED7C;DJE KC7 DEL7 <EHC7 :; ;IF7YE:?<;H;DJ;;9ECFB;C;DJ7H;GK;DWEZEFEIJE7E#H;7B?:7:;:7I?DJ;H7Ya;IF7II77I;'#%&+# :;II7 DEL7 <EHC7 7I FEII]L;?I 7JK7B?P7Ya;I :;II; L?HJK7B IWE 7I :?L;HI7I DEL7I <EHC7I :; ?DJ;H7YWE ) '#%&;N?IJ; ;DGK7DJEE%&79EDJ;9;s)L?HJK7BDWEuIK8IJ?JK?vEuH;7Bv;B;CKBJ?FB?977IEFEHJKD?:7:;IF7H77JK7B?PT BEt *HE@;J7CEI2$$ $;CLTH?EIBK=7H;I:?<;H;DJ;IL?HJK7?IFHEDJEI7I;7JK7B?P7H;CLTH?EI;IF7YEI;CEC;DJEI :?<;H;DJ;IIWE:;I:E8H7C;DJEI:;&$;C:?L;HI7I?DJ;H7Ya;IJE:7IH;7?IC7I:?<;H;DJ;IsEH77GK?EH7;CJE:7F7HJ; EH7 ;C I? EH7 C?IJKH7:Et &ZLO (E ;IF7YE :7 #DJ;HD;J ;C ;IF;9?7B ;II; :;I;DLEBL?C;DJE <?97 87IJ7DJ; L?I]L;B9ECEL;H;CEI )I J;NJEI JHE97:EI D7 #DJ;HD;J IWE 7I 7JK7B?P7Ya;I :; KC7 B?D=K7=;C L?HJK7B ;C 9ECKC F7HJ?B>7:7 F;B7I F;IIE7I FH;I;DJ;I D;IJ; C;ICE ;IF7YE I F;IIE7I <7P;C I; ;DJ;D:;H C;ICE DWE ;IJ7D:E sFH_N?C7It ; IWE ?DJ;HFH;J7:7I 7 F7HJ?H :7I 7JK7B?P7Ya;I :; I;KI J;NJEI KC7 ?DJ;HFH;J7YWE L;BEP ; ;C C;?E 7 KC7 =H7D:; CKBJ?FB?9?:7:; I?C8_B?97 ; GK7D:EE9EHH;E;D9EDJHE<79; 7 <79;;IJ;IJ;NJEII;JEHD7CL?HJK7?I:?7DJ;:77JK7B?P7YWE9EHH;DJ;GK;FE:;7GK7BGK;H CEC;DJEJH7P;HU7JK7B?P7YWE;IJ;H;F;HJ_H?EL?HJK7B,;=H7I; 9EDL;DYa;I;IJWEL?HJK7?IDEI =HKFEI;IWE7JK7B?P7:7I :KH7DJ; 7I ?DJ;H7Ya;I H;=H7 7F7H;9; ;C ;IF;9?7B GK7D:E Z GK;8H7:7 EK FH;IJ;I 7 J7B FE?I Z B;C8H7:7 7JK7B?P7:7 FH;D:;CEI ; JHE97CEI I?=D?<?97:EI ; '#%&+ $ 7I 9ECFH;;DIa;I JE:EI FE:;C 9ED>;9;H EI I?=D?<?97:EI /C =HKFEGK;I;7JK7B?P7s;IJ7H @KDJEt#DJ;HD;JEK#,&JHE97I?=D?<?97:EI;7FH;I;DJ7Ya;II;KIC;C8HEIEJ[C'#%&E J;CFEJE:E;C97:7KCF;BEC;DEI;DGK7DJE;IJ;J?L;HI?=D?<?97:EF7H7;B;IEKF7H7F;BEC;DEIKC CEKJH7E8H7*?;HH;&ZLOIK=;H;C7?IKC7:?<;H;D9?7YWE:;:;DEC?D7YWEF7H7E;IF7YE:EI9ECFKJ7:EH;I#DJ;HD;J ?8;H;IF7YE ; E <79; 7 <79; sE KD?L;HIE :7 ?D<EHC7YWE :?=?J7B ; E CKD:E EH:?DTH?Et ) GK; :T KC7 ;IFZ9?; :; ?CFH;IIWE :; )%# #,# DE ;IF7YE :7 #DJ;HD;J C7I 7 :?<;H;D9?7YWE Z LTB?:7 :; KC FEDJE :; L?IJ7 :E ;IF7YE GK; Z C7?I 9ECKC UI ?DJ;H7Ya;I ; E GK; Z C;DEI 9ECKC FE:;CEI ?D<;H?H GK; ;L;DJK7BC;DJ; E ;IF7YE :7 #DJ;HD;JFE:;HT:;?N7H:;I;HL?IJE9ECE<EH7:EEH:?DTH?EI;;IJ;<EH9EDI?:;H7:EE9EJ?:?7DE:EII;KIKIKTH?EI '7IJE:7I;II7I9EDIJ7J7Ya;IDWEH;IEBL;C:;CE:E7B=KCEFHE8B;C7;DWE79H;:?JEGK;FE:;H;?H;IEBL;H-;F7H7H #:;'#%&ZKC7C;H79EDL;DYWEFEFKB7HF7H7ECKD:E<EH7:E9ECFKJ7:EH;:;DJHE:E9ECFKJ7:EHEGK;L?CEI I;HD;II7:?9EJEC?7I?CFB?<?97:7KC7?DL;H:7:;EK9ECE:?P*?;HH;&ZLOsDEKIE9EHH;DJ;7F7B7LH7L?HJK7B Z CK?J7I L;P;I ;CFH;=7:7 F7H7 I?=D?<?97H ?HH;7B?:7:; ;DGK7DJE uH;7B?:7:;v FH;IIKFa; KC7 ;<;J?L7YWE C7J;H?7B KC7 #%&+#7GK?FE:;I;H9ECFH;;D:?:E9ECEFEII?8?B?:7:;I:;%&+.- FH;I;DY7 J7D=]L;Bt *;HC7D;9;H;CEI 9EC 7I :;DEC?D7Ya;I <?N7:7I 7JZ 7GK? 9ECE 7I C;DEI FHE8B;CTJ?97I s;IF7YE:7#DJ;HD;Jt;s<79; 7 <79;tC7II78;D:E:7IK8B?C?D7HFH;I;DY7:7IEKJH7I:;DEC?D7Ya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a;I :;II;I =HKFEI FE?I I; JH7J7 :; ?DJ;H7Ya;I ;DJH; IK8@;J?L?:7:;I DE ;DJ7DJE 7 7<;J?L?:7:; DWE I;HT E 9;DJHE FH?D9?F7B:;7J;DYWE:EI?D:?L]:KEI:?7DJ;:7FH;I;DY7:;KCE8@;J?LEGK7BGK;H;IJ78;B;9?:EDEYWE:;=HKFED;IJ7 I?JK7YWE7FH;I;DJ7:7;IJT<EHJ;C;DJ;B?=7:7UFHEN?C?:7:;;U9EDL?L[D9?7<79; 7 <79;#IJEDWE?CF;:;7C7DKJ;DYWE :E 97HTJ;H :; H;:;I J7C8ZC FH;I;DJ;I DEI 9EDJ;b:EI :7I ?DJ;H7Ya;I C7I >T KC7 9EDL;H=[D9?7 C7?EH :EI ?D:?L]:KEI :;L?:E 7E E8@;J?LE 9ECF7HJ?B>7:E ';ICE GK7D:E DWE H;KD?:EI ;C 7JK7B?P7YWE ;IJ; J?FE :; =HKFE J[C E E8@;J?LE 9ECE <EDJ;:;KD?WEIJ;E8@;J?LEJ7C8ZCFE:;;DJH7H;CH;:;9ECE9ECF7HJ?B>7C;DJE:7IH;<;H[D9?7I7E C;ICE J;CFE ;C EKJHE =HKFE DE ;DJ7DJE I;K 97HTJ;H ;IF;9]<?9E :; ?:;DJ?<?97YWE E E8@;J?LE ;IJ7HT 9;DJH7:E DE =HKFE FH?D9?F7B (E ;IF7YE :7 #DJ;HD;J J7C8ZC >T FEII?8?B?:7:;I :; 9EDL;H=[D9?7I :; ?D:?L]:KEI F7H7 7=HKF7C;DJEI 9EC E8@;J?LEI ;IF;9]<?9EIC7IE97HTJ;H:7DWEFHEN?C?:7:;:;?N7KC7C7?EH78;HJKH7F7H7E97HTJ;H:;H;:;:7I?DJ;H7Ya;I*E:;CEI 7JZIK=;H?HGK;F7H7;II;IDELEI7=HKF7C;DJEI7FHEN?C?:7:;<]I?97FEII7I;HIK8IJ?JK]:7EKC;B>EH9ECFB;C;DJ7:7 F;B7?DJ;H 9ED;NWE ;CH;:;:;?DJ;H7Ya;ICbJK7I;CbBJ?FB7IKCJ?FE:;B?=7YWEI?C8_B?97GK;L7?7BZC:E<79; 7 <79;CDEIIEH;9EHJ;C;JE:EB_=?9E<E?<;?J77EFYWEF;B79ED9;DJH7YWE;C7=HKF7C;DJEI9EDJ;CFEHVD;EI9K@EF;H<?B FE:;I;H9EDI?:;H7:EC7?I7<;J?LEEGK;DWE;B?C?D7GK7?IGK;HEKJHEIF;H<?IFEII]L;?I:;DJHE:EC;ICE7=HKF7C;DJE (;IJ; 97IE 7 DEYWE :; =HKFE ;C H;:; F7II7 7 I;H 7?D:7 C7?I <EHJ; ECE L;H;CEI DE :;I;DLEBL?C;DJE :; DEIIE 7H=KC;DJE7EI;F;D;JH7HDKC=HKFE:;97HTJ;HC7?I;<;J?LEDE;IF7YE:7#DJ;HD;JI;;IJTF;D;JH7D:EDKC7H;:;C_L;B :; H;B7Ya;I F7H7 7 GK7B E FH_FH?E ?D:?L]:KE @T B;L7 KC7 F7HJ; :;DJHE :; IK7I FH_FH?7I H;B7Ya;I *EH ?IIE E 97HTJ;H #+ ,% I;HKC7EKJH7DEYWECK?JE?CFEHJ7DJ;F7H779ECFH;;DIWE:EJ?FE:;IE9?78?B?:7:;GK;I;:;I;DLEBL;7 F7HJ?H:E;IF7YE:7#DJ;HD;JGK?97:7H;KD?WE7JK7B?P7YWEJ;CKC97HTJ;HC7?IH;DEL7:EHKCEKJHEFEDJE:7H;:; 9ECDEL7I97H79J;H]IJ?97IEKC7DKJ;DYWE:;7DJ;H?EH;IH;=H7IH?JK7?I;J9DELEIF7HJ?9?F7DJ;IED:;79EDL;H=[D9?7 *7H7I78;HC7?IIE8H;;IJ7DEYWEC7?I<KD9?ED7B:;=HKFEI9ECE8@;J?LEIL;H'#&&-.>;E:EH;'+A5;A>A9;36AE [email protected]:7DJ;'EH;?H7&;?J;-WE*7KBE*?ED;?H7 IJ7 DEYWE :; )- <E? ?DIF?H7:7 7 F7HJ?H :E J;NJE ',.#( ,,) $;IbI s;6367 H;DFG3> @AHAE 57@ND;AE635A?G@;53QPAt-WE*7KBEECKD?97YWE;:K97YWE(l /C# +ZKC7<EHC7:;:;I;DLEBL?C;DJEDE97IE:;?DJ;H7Ya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a;IDWEI_<79; 7 <79;C7IJ7C8ZCIE87C;:?7YWE :E;IF7YE:7#DJ;HD;J (>3FVE0EB%# &.- + .H7:KHZB?E!K;HH7(;JE;;B?7*?DJEEIJ7,$ )J;HCE.- DEII;HL;7GK?J7DJE9ECE %)% 9ECE F7H7E79EDJ;9?C;DJE:;JHE97I) %)% ED:; E9EHH;C7IJHE97I;E F;BEGK7B7IJHE97I79EDJ;9;C ## )-*Q)#(.,(. (;IJ;97F]JKBE:;I;DLEBL;H;CEIKC7DEYWE=;H7BIE8H;797J;=EH?7;IF7YE:;FE?I7FH;I;DJ7H;CEI7I97H79J;H]IJ?97I:E ;IF7YE ;IF;9]<?9E :7 #DJ;HD;J 7 I;=K?H 7B=KC7I H;<;H[D9?7I IE8H; 7 <EHJ; FH;I;DY7 :7 ;I9H?J7 D;IJ; ;IF7YE :;FE?I ?D<EHC7Ya;I:;I9H?J?L7IIE8H;7IIK7IFH?D9?F7?I<;HH7C;DJ7IIK8 ;IF7YEI:;?DJ;H7YWE;<?D7BC;DJ;7<EHC79ECE;II7I <;HH7C;DJ7IIK8 ;IF7YEI 9EDJH?8K;C F7H7 7 7FH;I;DJ7YWE :; KI D7 #DJ;HD;J 7IF;9JE C7?I 9;DJH7B EK DK9B;7H :7 IE9?78?B?:7:;D7C;IC7:;DJHE:;JE:EIEI9EDJ;NJEI;9EDJ?D=[D9?7I7GK?:;I;DLEBL?:EI EB3QA IF7YEZKC9ED9;?JE78IJH7JEsZC7?I78IJH7JE:EGK;E:;uBK=7HvtK=ZFH;9?I7I;HL?L?:E9EJ?:?7DE F7H7J;HI?=D?<?97:EFH;9?I7J;HKC9ECFB;C;DJEF7H779ECFH;;DIWEC7?I9ECFB;J79ECEDEDEIIE97IE;IF7YE:7 #DJ;HD;J;;IF7YE:7IH;B7Ya;I<79; 7 <79; IF7YEZKCBK=7HED:;7B=E79EDJ;9;F7B9EF7H77JK7Ya;I7C8?;DJ;F7H7H;FH;I;DJ7Ya;I9EDJ;CFEH7D;?:7:;F7H;9; J;H 9EBE97:E 7I F;IIE7I ;C KC7 DEL7 H;B7YWE 9EC E ;IF7YE ED:; ;B7I 7=;C (E ;DJ7DJE 9ECE L;H;CEI 7:?7DJ; E 7C8?;DJ;DE;IF7YEZKC797J;=EH?7GK;?D<BK;D9?7E9ECFEHJ7C;DJE:EI?D:?L]:KEI7II?C9ECEZ?D<BK;D9?7:EF;BE 9ECFEHJ7C;DJE :EI C;ICEI BE=E DWE Z :; I; ;IJH7D>7H GK; EI ;IF7YEI EK 7I DEYa;I IE8H; E C;ICE D7 9EDJ;CFEH7D;?:7:;CE:?<?GK;CIK7I9ED9;FYa;I;J7C8ZCEI9ECFEHJ7C;DJEI:EI?D:?L]:KEID;B;I?DI;H?:EI C!;EH=-?CC;BBE;IF7YE;IJTF;DI7:E87I?97C;DJ;;CJ;HCEI:;7IIE9?7YWE;:?IIE9?7YWE:;;NJ;H?EH?:7:; ; :; ?DJ;H?EH?:7:; ;DGK7DJE :?IFEI?YWE :E >EC;C F;H7DJ; 7 D7JKH;P7 9EDJ;NJE GK; EH7 JH7DI<EHC7 ;C F7?I7=;C 7C8?;DJ;II;;IF7YEZL?IJE9ECEEBK=7HEKBK=7H;IED:;I;:WE7IH;B7Ya;I;DJH;EI?D:?L]:KEI,;B7Ya;I;II7I 87I?97C;DJ;:;JHE97:;JE:EIEIJ?FEI CJ;NJEIGK;<7B7CIE8H;;IF7YE-?CC;BB<EHCKB7KC77D7BE=?79EC7FEDJ;KCBK=7HGK;I;HL;J7DJEF7H7 ;DJH7:7 9ECE I7]:7 ; GK; J;C E =H7D:; FEJ;D9?7B :; I;:?7H ;D9EDJHEI ;DJH; :?H;Ya;I EFEIJ7I EI &$ EK 2$ :; KC7 9?:7:;FEH;N;CFBE;EI &%# $EI$%## $EI$:;KC79?:7:;L?P?D>7.H7DIFEHJ7D:E;IJ77D7BE=?7F7H7E DEIIEE8@;JEFE:;CEI?C7=?D7HGK;7#DJ;HD;JZ7FEDJ;EKFEHJ7GK;L7?B?=7HEI&$9ECEI &%# $EI&$LWEFE:;H I7?H;EI &%# $LWEFE:;H;DJH7H$T7DKD9?7D:EGK;KC7:7I>?F_J;I;IGK;B;L7C;IJ7?DL;IJ?=7YWEZGK;EI?D:?L]:KEI GK;I;IE9?7B?P7C<7P;CF7HJ;:;KC9EDJ;NJEED:;EI;IF7YEIFb8B?9EI;IJWE;C:;97:[D9?7-;DD;JJ;GK;7I F;IIE7I;IJWEI;;D97IJ;B7D:E;CI;KIF;GK;DEI CKD:EI?IEB7:EI,;L?IJ7#-.)RDl$KD>E;GK;FEH ?IIE7#DJ;HD;JFE:;H;FH;I;DJ7HEKI;H?DJ;HFH;J7:79ECEKC ' ;IF7YEF7H7IE9?78?B?:7:;'7I9ECEZE;IF7YE:7 #DJ;HD;J ?I?97C;DJ;7#DJ;HD;JI;H?7I?CFB;IC;DJ;KC;IF7YE:;JHE97:;?CFKBIEI;B;JH`D?9EI8?JI C7II?C8EB?97C;DJ;Z )%ZKC7KD?:7:;:;?D<EHC7YWE:?=?J7B*7H7I78;HC7?IL;H(!,)*)(.(?9>EB7I.;63;9;F3>.H7: -ZH=?E.;BB7HEB?-WE*7KBE?7:7I&;JH7I ;IF7YE:;JHE97:;H;B7Ya;I;DJH;C;DJ;I9EDI9?[D9?7IEKIK8@;J?L?:7:;I@TGK;EI9EHFEI:7IF;IIE7I;IJWE7<7IJ7:EI 7FH?EH?FE?IFE:;CEI?C7=?D7H;F;H9;8;H7?CFEHJVD9?7:7?DJ;HFH;J7YWEI?C8_B?97:7H;7B?:7:;F7H77IF;IIE7I-WE 7IH;FH;I;DJ7Ya;I9EDIJHK]:7IIE8H;EGK;ZL?L?:EGK;:WEI;DJ?:E7EGK;;B7IL?L;C)GK;;B7IL?L;CI_J;CI;DJ?:E F7H7;B7IDECEC;DJE;CGK;I;JH7DI<EHC7;CH;FH;I;DJ7YWE#DJ;HD;JZKC;IF7YE:;H;FH;I;DJ7Ya;I;:;JHE97I:; CbBJ?FB7I9EDI9?[D9?7IGK;7F;I7H:;I;KI9EHFEI;IJ7H;C:?IJ7DJ;I;B7IF7H;9;CI;I;DJ?H&%$ECE:?P'7DK;B 7IJ;BBIs#DJ;HD;JZH;7B9ECE7FH_FH?7L?:7tDJH;L?IJ7,;L?IJ7#-.)RDl$KD>E #DJ;HD;J Z KC ;IF7YE GK; DWE Z KC ;IF7YE :7 C7D;?H7 9ECE L;CEI JH7:?9?ED7BC;DJ; Z KC FHE9;IIE 9EC 97H79J;H]IJ?97I:;;IF7YE:;<BKNE;:;?DJ;H7YWE:;JHE97)K9ECE:?P&;CEIs';ICEI;CI;HKC7;DJ?:7:;<]I?97 9ED9H;J7 FE?I ;B; Z KC ;IF7YE ,# E ;IF7YE :7 #DJ;HD;J 9EDIJ?JK? I; ;C KC ;IF7YE %#,# B; DWE Z :;I9ED;9J7:E:7H;7B?:7:;C7I7E9EDJHTH?EF7HJ;<KD:7C;DJ7B:79KBJKH79EDJ;CFEHVD;7);IF7YE:7#DJ;HD;JZ7II?C KC 9ECFB;N?<?97:EH :E H;7Bt &;CEI ED B?D; %## DE ;IF7YE :7 #DJ;HD;J Z L?L;D9?7H 7 B?D=K7=;C EI 9_:?=EI;EI97C?D>EIGK;;B;FEII?8?B?J7:;?D<EHC7YWE9ECKD?97YWE;IE9?78?B?:7:; 3D35F7DTEF;53E6A7EB3QA63"@F7D@7F ECE 97H79J;H]IJ?97I :E ;IF7YE :7 #DJ;HD;J FE:;CEI FEDJK7H 7B=KC7I IKFEI?Ya;I C7I :; <7JE H;9ED>;9;CEI GK; 7I JHE97I:;?D<BK[D9?7I;DJH;;IF7YE;?D:?L]:KEIFE:;CCE:?<?97H7I?DJ;HFH;J7Ya;IIE8H;7I97H79J;H]IJ?97I:EC;ICEI 97H79J;H]IJ?97IGK;I;HWEL?IJ7I7GK?I;HWE:;I9;DJH7B?:7:;7KJE EH=7D?P7DJ;CKBJ?FB?9?:7:;I;B;J?L?:7:;L;BE9?:7:;:; H;DEL7YWE;IF7YE:;<K=7;IF7YEF7H7;B?J;:;CE9HTJ?9E ;IF7YE:;;B78EH7YWE:;;KI:;:?IJVD9?7;?DL?I?8?B?:7:; ; ;I9H?J7 'K?J7I :;IJ7I DEYa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a;I :; ?D:?L]:KEI F7H;9;C I; :7H ;C :?L;HI7I )J;HCE #,% 7GK?KJ?B?P7:EZ87IJ7DJ;B;?=EI?=D?<?97D:E87I?97C;DJ;B?8;H:7:;:;;NFH;IIWE:;79;IIE; :;F7HJ?9?F7YWE DEYWE:;#+ JH787B>7:7FEH;B;KP;!;!K7JJ7H? DEL7C;DJ;DEII;HL;:;?BKIJH7YWEs,;IKC7CEI EI FH?D9?F7?I 97H79J;H;I :; KC H?PEC7 :?<;H;DJ;C;DJ; :7I THLEH;I EK :; IK7I H7]P;I E H?PEC7 9ED;9J7 KC FEDJE GK7BGK;H9ECEKJHEFEDJEGK7BGK;H;97:7KC:;I;KIJH7YEIDWEH;C;J;D;9;II7H?7C;DJ;7JH7YEI:7C;IC7D7JKH;P7 ;B; Fa; ;C @E=E H;=?C;I :; I?=DEI CK?JE :?<;H;DJ;I ) H?PEC7 DWE I; :;?N7 H;9ED:KP?H D;C 7E /DE D;C 7E CbBJ?FBEB;DWEJ;C9EC;YED;C<?CC7II;CFH;KCC;?EF;BEGK7B;B;9H;I9;;JH7DI8EH:7tF)K 7?D:79ECEH;<EHYEJ;CEI:;&ZLOs)9ECFKJ7:EH;I;KKIKTH?EDWEZC7?IKC9;DJHE;I?CKCD_KCJ;HC?D7B KC9ECFED;DJ;:7H;:;KD?L;HI7B97B9KB7DJ;RKC9ECFKJ7:EH9K@E9;DJHE;IJT;CJE:7F7HJ;;79?H9KD<;H[D9?7;C BK=7H7B=KCKC9ECFKJ7:EH>?F;HJ;NJK7BL;H!BEIITH?E:?IF;HIEL?LE<;HL?B>7DJ;?D79787:EE9?8;H;IF7YE;CI?t &ZLO :?H;Ya;I:?<;H;DJ;I;I;CD;D>KC79H?JZH?E7BZC:7ILEDJ7:;I?DJ;DYa;I:EI?D:?L]:KEI II7I:?H;Ya;I9ECE L;H;CEIC7?I7:?7DJ;F7H;9;CI;HC;B>EH9ECFH;;D:?:7I7JH7LZI:E9ED9;?JE:;$;I;KI:;H?L7:EI9ECE7I %#$ ;II7 :;I9;DJH7B?:7:; FE:;CEI ?D<;H?H 7 <EHC7YWE :; ?DbC;HEI IK8 ;IF7YEI EK C?9HE ;IF7YEI 7<?D?JTH?EI GK; :; 79EH:E9EC;IJ7J]IJ?97IH;9;DJ;I9H;I9;C;J7C8ZC:;I7F7H;9;CD7C;IC7FHEFEHYWE;CGK;7KC;DJ7CEDbC;HE:; KIKTH?EI :7 #DJ;HD;J EB>7 :; -* R 9ECE :?P D:HZ &;CEI #DJ;HD;J Z KC ;IF7YE 7KJE EH=7D?P7DJ; C7I DWE Z EH=7D?P7:E )I 7=HKF7C;DJEI 7<?D?:7:;I ?:;DJ?<?97Ya;I EI ;IF7YEI F7H;9;C <BK?H L;BEP ; :?D7C?97C;DJ;C7?I7?D:7sEGK;F;HC7D;9;:7IEH?=;DI9EDJH79KBJKH7?I:7H;:;Z7 #;797F79?:7:; &% #& # :; 9ECKD?97YWEt =H?<E DEIIE 7IJ;BBI R ;IJ7 97F79?:7:; &% #& # GK; DEI ?D:KP 7 F;DI7H E ;IF7YE :7 #DJ;HD;J 9ECE &% #+% FE?I DWE F7H;9; >7L;H KC 9;DJHE FHE:KJEH :7 #DJ;HD;J 7F;D7IKC9EDJ]DKEC;?E?DJ;H 9ED;9J7:E:;:?L;HIEID_IDJH;J7DJE;N?IJ;C9H]J?9EI:;II7DEYWE7KJE H;=KB7:EH7:7 #DJ;HD;JGK;IKFa;CD7L;H:7:;KC9EDJHEB;:7J;9DEBE=?7:E9ECZH9?E;:7;NFH;IIWECED?JEH?7:;9EDJ;b:EIFEH F7HJ; :; =H7D:;I 9EHFEH7Ya;I ; =EL;HDEI C7?I 7KIJ;HEI DE ;DJ7DJE ?IJE DWE F7H;9; ;B?C?D7H E 97HTJ;H #+ ,% :; :;I;DLEBL?C;DJEJ7BL;PC;DEIB?LH;FHZ EH?;DJ7:EC7IDWEJEJ7BC;DJ;9EDJHEBTL;B0;H;CEIC7?IIE8H;?IIE7:?7DJ; GK7D:E78EH:7HCEI797H79J;H]IJ?97$!. #,% ECE L?CEI KC <7JEH CK?JE ?CFEHJ7DJ; DE ;IF7YE :7 #DJ;HD;J F7H;9; I;H 7I ;I9EB>7I :EI ?D:?L]:KEI LEDJ7:;I ; ?DJ;DYa;IIF7YE:;?DJ;H7Ya;IIE9?7?I:?L;HI7I7IK7I;=C;DJ7YWEFEII]L;B:;I:E8H7EILTH?EI;IF7YEI:;?DJ;H7YWE GK7I;?B?C?J7:EF;B7IK7DWEFEII?8?B?:7:;:;EH=7D?P7YWE;NJ;HD7H]=?:7s&% #+%t?IIEFE:;CEI;B78EH7H C7?I:K7I97H79J;H]IJ?97I?DJ;HB?=7:7IFH?C;?H7:;B7IZ7#DJ;HD;J@TL?IJ79ECE;IF7YEFb8B?9E9EDJ;CFEHVD;E ; GK;F;B7IK7CKBJ?FB?9?:7:;;:;I9;DJH7B?:7:;?CF;B;EKFHEFEH9?ED7E?D:?L]:KE7H;7B?P7HKC7C7?EHI;B;J?L?:7:; D7GK?BE GK; :;I;@7 H;7B?P7H DE DEIIE 97IE E C7?I ?CFEHJ7DJ; 7I 7J?L?:7:;I :; IE9?7B?P7YWE ?IJE Z 7 8KI97 :; I;C;B>7DJ;IEK:;?=K7?IF7H7F7HJ?B>7H7<?D?:7:;I7<;J?L7I &E=E&%!:;FEII?8?B?:7:;I:;7J?L?:7:;I:; ?D<EHC7Ya;I :; H;<;H[D9?7I I]C8EBEI I?=DEI ; :; 9ED;NWE 9EC EKJHEI I?=DEI 7 F7HJ?H :;IJ;I ?DJ;H9ED;NWE ; $%':7I7J?L?:7:;I7H;7B?P7HIWE7I:K7I97H79J;H]IJ?97I)<7JE:;J;H;DL?7:EGK;IJ?EDTH?EI;J;HH;9;8?:E:; LEBJ77F;D7IH;IFED:?:EI;L?:;D9?7E:7:E:E;IF7YE:7#DJ;HD;JI;HH;7BC;DJ;CbBJ?FBE9ECE;IJTI;D:E7<?HC7:E ;GK;I;KIKIKTH?EIFH;9?I7C;I9EB>;HEGK;GK;H;C<7P;H?IJEZI;B;9?ED7H7J?L?:7:;I;CC;?E7KC97EICbBJ?FBE:; ;I9EB>7I FEII]L;?I )K 9ECE FH;L[ 7IJ;BBI s7 97F79?:7:; :7 H;:; Z J7B GK; 7 C7?EH F7HJ; :E FHE9;IIE :; 9ECKD?97YWE ;H7 ; 7?D:7 Z =H7D:;C;DJ; ;IFEDJVD;E DWE EH=7D?P7:E ; :?L;HI?<?97:E D7 <?D7B?:7:; ; 7:;IWE 9EC;H9?7B?P7YWE:E;IF7YE9?8;HDZJ?9E;IJ7HTC7?IFH_N?C7:7;NF;H?[D9?7>?IJ_H?97:7IHK7I9EC;H9?7?I<;?H7B?LH;GK; (WEI;HWE9EDI?:;H7:7IH;B;L7DJ;IF7H77I?DJ;DYa;I:;IJ7?DL;IJ?=7YWE7IGK;IJa;IIE8H;?D<BK[D9?7IC7D?FKB7Ya;I ;9ED`C?97IEK?:;EB_=?97IGK;FE:;CIKH=?H:?7DJ;:;IJ77<?HC7YWE II?C9EDI?:;H7:EFEHCK?JEIKIKTH?EIC7I9ECKCF;H<?BKCFEK9E:?<;H;DJ;:E9ED9;?JEJH7:?9?ED7B:; $!. !4 BK=7H:;;D9EDJHE:;:?<;H;DJ;I I;D:E7?D:7BK=7H:;;D9EDJHE:;:?<;H;DJ;I C7I<?BJH7:EIF;B7I;C;B>7DJ; 97F79?:7:;:;79;IIEU#DJ;HD;J-E79ECEKC77C8?L7B[D9?7C7IJ7C8ZC<7PF7HJ;:7I97H79J;H]IJ?97I:E;IF7YE:7 #DJ;HD;J ECE <E? C;D9?ED7:E 7DJ;I ;IJ; 9ED9;?JE I;HT C;B>EH :?I9KJ?:E C7?I 7:?7DJ; *7H7 ECEC;DJE DEI 87IJ7 <7P;H 7 :?<;H;D9?7YWE;DJH;7<?D?:7:;I7<;J?L7I;7<?D?:7:;I<KD9?ED7?I KJ?B?JTH?7I7IFH?C;?H7I;IJ7D:EB?=7:7I7EI9>7C7:EI :EI $ !! %#$ D7 CEDEJED?7 :EI IK8bH8?EI 7D`D?CEIt -;H?7 KC H;JEHDE 7E 97EI :E s;IF7YE Fb8B?9EtI_GK;:;DJHE:E;IF7YEs;D97IJ;B7:Et;sI;=KHEt:7#DJ;HD;J ?D:7IE8H;;IJ7&%!GK;F7H;9;97H79J;H?P7HE;IF7YE:7#DJ;HD;J;B7I;H;<;H;J7C8ZC7E?DJ;DIE<BKNE :; ?D<EHC7YWED;B;;N?IJ;DJ;/C7CKBJ?FB?9?:7:;GK;B;L7KC7<BK[D9?7:;KCDELE?C7=?DTH?E9EB;J?LEDELEII]C8EBEI ;DEL7I<EHC7I:;9E=D?YWEIEC;DJ;FEII]L;B7F7HJ?H:EF7HJ?B>7C;DJE:;IJ;C;ICE<BKNE:;?D<EHC7Ya;IFEHCK?JEI KIKTH?EI GK; JHE97C 7<?D?:7:;I CK?JE 7BZC :E GK; IEC;DJ; C;DI7=;DI sIFEHJ?IJ7I 7HJ?IJ7I =7OI BZI8?97I ; 8?II;NK7?I :;<?9?;DJ;I D;=HEI CKB>;H;I 97FE;H?IJ7I FKDAI :7HAI IA?D >;7:I D;ED7P?IJ7I JEH9?:7I :; <KJ;8EB I7C8?IJ7IHEGK;?HEI=_J?9EI7:EB;I9;DJ;ID7JKH7B?IJ7I;DK:?IJ7I?:EIEIF79?<?IJ7I9ECKD?IJ7ID;9H_<?BEIF;:_<?BEI I7:EC7IEGK?IJ7I]D:?EI7C;H?97DEIH7IJ7<7H?ICEJEGK;?HEI9EHH;:EH;I;JE:77?D<?D?:7:;:;97J;=EH?7IGK;I;FEII7 ?C7=?D7HIWE;D9EDJHTL;?ID7(;JtC7H7BEDB?D;?IIE7F;D7I9ECE?BKIJH7YWE/C7EKJH7:;<?D?YWEJ7C8ZC 87IJ7DJ;?BKIJH7J?L7IE8H;E;IF7YE:7#DJ;HD;J:7:7FEH*?;HH;&ZLO:;CEDIJH7;IJ7&%!:;?D<EHC7Ya;I;:; 7J?L?:7:;I FEII]L;?I sB7 9EDJZC E ;GK?L7B;DJ; 7 B?LHEI :?I9EI FHE=H7C7I :; HT:?E H;L?IJ7I @EHD7?I <EB>;JEI &##&& '% L?:;E=7C;I ;IF7YEI :; :?I9KIIWE ; :; ;D9EDJHEI C;H97:EI JK:E ?IIE ?DJ;HB?=7:E L?LE <BK?:Et /C7EKJH797H79J;H]IJ?97:E;IF7YE:7#DJ;HD;JZ7 ' # '.- J7DJEJ;9DEB_=?97GK7DJEI?C8_B?97s7 L;BE9?:7:;:;JH7DI<EHC7YWEZ;CI?C;IC7KC79EDIJ7DJ;rF7H7:EN7Br:79?8;H9KBJKH7t&ZLOB=EGK; 7<;J7E9EJ?:?7DE:EIKIKTH?EIDKCFHE9;IIE9EDIJ7DJ;:;7FH;D:?P7:E;IKF;H7YWEDE;DJ7DJEE97HTJ;H:;9EDIJ7DJ; H;DEL7YWE J7C8ZC 97H79J;H?P7 7I ?DJ;H7Ya;I GK; 79EDJ;9;C D7 #DJ;HD;J KC7 DEYWE GK; I;HT B;L7:7 7JZ 7 DEII7 ;JDE=H7<?7ED:;I;HTL?IJEGK;7IKIJ;DJ7YWE:7DEYWE:;9EB;J?L?:7:;J7C8ZC:;F;D:;:;KC79EDIJ7DJ;H;DEL7YWE:; C;C8HEI:; >T8?JEI:;7<?D?:7:;I;J9'K:7DY7I;H;DEL7Ya;IIWEF7HJ;:EIFHE9;IIEI:;?:;DJ?:7:;:;GK7BGK;H <EHC7 :; 9KBJKH7 DE ;DJ7DJE DE ;IF7YE :7 #DJ;HD;J E GK; Z 79H;I9;DJ7:E Z 7 L;BE9?:7:; :7I CK:7DY7I E GK; J;EH?97C;DJ;DWE:7H?7;IF7YEF7H779EDIJHKYWE:7FH_FH?7DEYWE:;KC79KBJKH7FEH?IIEEKIE:;IJ797:E:EJ;HCE sF7H7:EN7BtFEH*?;HH;&ZLO 7E<7B7HIE8H;E7IIKDJE;Z;II7 L;BE9?:7:;GK;I;CFH;;IJ7HTFH;I;DJ; D7 C7?EH?7:EI FHE9;IIEI9EDIJHK]:EI7F7HJ?H:E;IF7YE:7#DJ;HD;JZ7B=EFH;I;DJ;;CIK7EH?=;CH;B79?ED7C;DJEIGK;9EC;Y7C; 79787CHTF?:EI;CFH;I7IGK;IKH=;C;IEC;CH7F?:7C;DJ;>;H_?IGK;7I9;D:;C;:;97;CH7F?:7C;DJ;C7IJ7C8ZC IWE 97H79J;H]IJ?97I ;N;CFB7H;I :7 DEII7 9EDJ;CFEH7D;?:7:; ;DJWE J7BL;P I;@7 7B=E 7F;D7I C7?I FEJ;D9?7B?P7:E F;BE ;IF7YE:7#DJ;HD;JC7I:;I:;7DJ;IFH;I;DJ;D79KBJKH7E9?:;DJ7B ?7DJ;:EGK;<E?7<?HC7:EIE8H;7I97H79J;H]IJ?97I:E;IF7YE:7#DJ;HD;J7JZ7GK?FE:;CEI<EHCKB7HC7?I:K7I7C87I J;D:EEH?=;CDEI7IF;9JEI;9ED`C?9EI;DEFHE9;IIE:;s;D97IJ;B7C;DJEtGK;L;CI;D:E;NFBEH7:E#DJ;HD;J9ECE $!. !# % ; J7C8ZC 9ECE $!. & ; <7JE s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t7IJ;BBI 7H=KC;DJ7YWE :; 7IJ;BBI Z F;HJ?D;DJ; F7H7 7 >?F_J;I; :; 97H79J;H]IJ?97 :E ;IF7YE :7 #DJ;HD;J GK; 7FH;I;DJ7CEI C7I DWE FE:;CEI :;?N7H :; DEJ7H E :;I;DLEBL?C;DJE :E FHE9;IIE :; ;NF7DIWE :7 #DJ;HD;J DE CKD:E FE?I C;ICE GK; FEH H7Pa;I FKH7C;DJ;9EC;H9?7?I:;=H7D:;I9EHFEH7Ya;I7#DJ;HD;JJ7C8ZCI;;NF7D:;;DJH;97C7:7I;F7]I;IC7?IFE8H;IEGK; ?IIEFE:;I?=D?<?97HFEI?J?L7EKD;=7J?L7C;DJ;DWEI;FE:;I78;H*;IIE7IH;IFED:;D:E7EGK;IJ?EDTH?E GK7D:E F;H=KDJ7:7I9ECGK;J?FE:;9B7II?<?97YWEIE8H;7#DJ;HD;J9ED9EH:7L7CC7H97L7CCK?J7IL;P;IJ7DJE7EFYWE$!. !# % GK7DJE 7 EFYWE $!. #,% *EH ;DGK7DJE E ;IF7YE :7 #DJ;HD;J F7H;9; I;H :; % DWE CK?JE H?=EHEI7FE?I7IB?C?J7Ya;I:;79;IIE7KC9ECFKJ7:EH7?D:7IWE=H7D:;I;C8E7F7HJ;:7FEFKB7YWE -E8H; ;IJ; 7IF;9JE $!. #,% :;L;CEI 7?D:7 78EH:7H 7B=KC7I EKJH7I DEYa;I ?7DJ; :7 $%# @T L?IJ7;:;IJ7 #FEII]L;B s#DJ;HD;JFEIIK? KCFEJ;D9?7B?D9H]L;B:;:;CE9H7J?P7YWE:E9ED>;9?C;DJEKC7 L;PGK;ZKC7H;:;I;C9;DJHEED:;97:7KC:;D_IZKCD_t*;BB7D:7;*;BB7D:7EDB?D;;CEDIJH7D:E7 9H;DY7GK7I;I;CFH;797:[C?97:;GK;7#DJ;HD;JZKC;IF7YEED:;JE:EIGK;J[C79;IIEFE:;C?DJ;H7=?H;F7HJ?9?F7H :7 CKBJ?FB?9?:7:; :; I]C8EBEI ; :; ?D<EHC7Ya;I FEH ;N;CFBE F7HJ?9?F7D:E :; <_HKDI JHE97D:E ;NF;H?[D9?7I 9H?J?97D:E FEI?Ya;I ;J9 ) ;IF7YE :7 #DJ;HD;J ;C H;:;I :; ?D<EHC7YWE 9EC FEII?8?B?:7:; :; 79;IIE ;C C7II7 F;HC?J?H?7GK;97:7KIKTH?EI;JEHD7II;F;BEC;DEIFEJ;D9?7BC;DJ;KC:?IFED?8?B?P7:EH:;?D<EHC7YWE9K@7L7B?:7:; DWEZ;N7J7C;DJ;E9;DJHE:;IK7E8I;HL7YWEFH?D9?F7B?IJEZGK7BGK;HKCFE:;H?7FK8B?97HEGK;GK?I;II;?D9BKI?L; ?D<EHC7Ya;I<7BI7IE?CFEHJ7DJ;I;H?7EFEJ;D9?7B:;CE9HTJ?9E;CGK;IJWE (E ;DJ7DJE EKJHEI FEDJEI :; L?IJ7 9H]J?9EI J7C8ZC B;L7DJ7C IK7I LEP;I 7 ;II; H;IF;?JE &7MH;D9; &;II?= F;DI7:EH 7C;H?97DE;C;DJH;L?IJ7F7H7E;D97HJ;'7?I:E$EHD7B EB>7:;-WE*7KBE:;:?PsB?8;H:7:;:;;NFH;IIWE ; 7 FH?L79?:7:; D7 #DJ;HD;J ;IJWE I;D:E I;H?7C;DJ; 7C;7Y7:7I FEH ?DJ;H;II;I 9EC;H9?7?I E 9?8;H;IF7YE ;IJT I; JEHD7D:EKC;IF7YECK?JEC;DEIB?LH;GK;DEF7II7:E)GK;;IJT97KI7D:E?IIEZFH?CEH:?7BC;DJ;E?DJ;H;II;9ECKC :E =EL;HDE ; :E 9ECZH9?E ;C <7P;H :E 9?8;H;IF7YE KC BK=7H ED:; Z C7?I <T9?B H7IJH;7H 7I F;IIE7I CED?JEH7H I;K 9ECFEHJ7C;DJEt D7C;IC7FK8B?97YWEE7HJ?9KB?IJ7-?CIEC!7H<?DA;B:?PsFH_FH?7J;9DEBE=?7;N?IJ;DKC 9HKP7C;DJE ;DJH; 9?[D9?7 C;H97:E ; IE9?;:7:;t ) GK; DEI <7P F;DI7H GK; 7 CKBJ?FB?9?:7:; E <BKNE :; ?D<EHC7Ya;I ; 7 ;NF7DIWE :; KIKTH?EI D7 #DJ;HD;J :T H;7BC;DJ; 7 EFEHJKD?:7:; :; 9;HJEI Db9B;EI ;IF;9?7B?P7:EI :; J?H7H;CECTN?CE:;FHEL;?JE?DL7IWE:;FH?L79?:7:;CED?JEH?7:;>T8?JEI9EDJHEB;:;9EDJ;b:EI;J9:;KC7=H7D:; C7?EH?7:;KIKTH?EICZ:?EI:E;IF7YE:7#DJ;HD;J';ICE7II?C7?D:7ZKC7J7H;<7CK?JE:?<]9?B:;L?:E7C7=D?JK:; FEJ;D9?7B :;IJ; ;IF7YE ; 7B=E 7?D:7 DWE C;DIKHTL;B R KC CEL?C;DJE :; ;NF7DIWE 7C8?L7B;DJ; EK C;B>EH sH?PECTJ?9Et;s;NF7DIWEDWEZI?D`D?CE:;C7II?<?97YWECK?JEC;DEI:;:;CE9H7J?P7YWEt,;L?IJ77HJ77F?J7B (l-;J;C8HE)GK;7?D:7<7PH;9EH:7H:7GK;IJWE:E$!. !#%FE?I7?D:7D7C;IC7FK8B?97YWE Z:?JEs7H;D:7<7C?B?7HC;:?7D7:EI?DJ;HD7KJ7I;IJT7B=E 79?C7:;I7BTH?EIC]D?CEIL7BEHGK;7?D:7ZC7?I:; 9?D9EL;P;IC7?EHGK;7H;D:7CZ:?7:E*7]ItD<?C:;CEDIJH7D:EGK;E;IF7YE:7#DJ;HD;JZ7F;D7IC7?IKC 9>;?E:;9EDJH7:?Ya;I;FHE8B;C7I7I;H;C9EDIJ7DJ;C;DJ;H;L?IJEI;H;F;DI7:EI GK7DJE 7E ;IF7YE :7 #DJ;HD;J I;H $!. & :?P 7IJ;BBI s7:7 L;P C7?I J;C;HEI7I :; 9EDJT=?E ; 7=H;IIWE F;IIE7BEI?D:?L]:KEIFHE9KH7C7BJ;HD7J?L7IF7H7;NFH;II7HIK7I;NK7B?:7:;;;CDEII79KBJKH7:;IKF;H ;IJ?CKB7YWE I?C8_B?977'9EC9;HJ;P7E<;H;9;7L;D?:7IF7H77<7DJ7I?7I;NK7BFH?D9?F7BC;DJ;FEHGK;7?DJ;H7YWEDWEZL?IK7B; 7I ?:;DJ?:7:;I FE:;C I;H E9KBJ7:7It 7IJ;BBI 0;H;CEI C7?I 7:?7DJ; GK; KC7 EKJH7 97H79J;H]IJ?97 ;IJT ;DLEBL?:77GK?7'$C7IE9;DJHE7GK?D;IJ;FEDJEZE<7JE:E;IF7YE:7#DJ;HD;JI;JEHD7HKCH;<b=?EF7H7 F;IIE7I GK; DWE I; I;DJ;C C7?I I;=KH7I F7H7 I; H;B79?ED7H 9EC EI EKJHEI s:?H;J7C;DJ;t <79; 7 <79; ; D;II; 97IE ;IF;9]<?9E7FH;I;DJ7:EFEH7IJ;BBIF7H7F;IIE7IGK;:;I;@7CH;7B?P7H<7DJ7I?7II;NK7?IJ7C8ZC:;KC7FEI?YWEI;=KH7 E GK; C7DJZC E C;ICE GK;IJ?ED7C;DJE :7 & EI ?D:?L]:KEI GK; <H;Gc;DJ7C E ;IF7YE :7 #DJ;HD;J ; GK; H;IFED:;H7CEGK;IJ?EDTH?E CK?JEI:;CEDIJH7H7C<7C?B?7H?:7:;9EC;II7DEYWE:;<K=7:;DJHE:7I?DJ;H7Ya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a;I :E ?D:?L]:KE ;C :;JH?C;DJE :; EKJHEI BK=7H;I EK EKJHEI &%# $ #DL;IJ?=7H;CEI;II;IFEII]L;?I9H?JZH?EI:;;I9EB>7:;?DJ;DYWE;:;CEJ?L7YWEDE97F]JKBEI;=K?DJ; ;II7bBJ?C797H79J;H]IJ?97FE:;CEI7?D:7;B78EH7H7II;=K?DJ;I7!#!<;HH7C;DJ7FH;I;DJ;DE;IF7YE:7#DJ;HD;J F7H7;B78EH7YWE:EI&$Z7$#%<EHC7I?C8_B?97;IF;9]<?97GK;B;L77JHE97:;?DJ;HFH;J7Ya;IB?=7:7I7;IJ7<EHC7:; 9ECKD?97YWE E GK; @T :;L; IKI9?J7H :?L;HI7I L7H?TL;?I 9EC H;B7YWE 7I <EHC7I :; H;FH;I;DJ7YWE 9ECKDI D;IJ; ;IF7YE;GK;I;HT?DL;IJ?=7:EC7?I7<KD:ED7b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a;I9EC97:7L;PC7?I9EDJH7Ya;I7FHEN?C7Ya;I; 78H;L?7Ya;I7<7IJ7D:E I;FEH;N;CFBE:7B?D=K7=;C7JH7LZI:;97HJ7IED:;F7H;9;>7L;HC7?EH;B78EH7YWE7?D:7D7 ;I9H?J7 s*7H7 7B=KDI 7D7B?IJ7I 7 ' ;IF;9?<?97C;DJ; E 9EHH;?E ;B;JH`D?9E ; C7?B H;FH;I;DJ7 7 L?D=7DY7 :E C;?E ;I9H?JE E H;JEHDE U C;DJ; J?FE=HT<?97 ; 7 H;9KF;H7YWE :E :?I9KHIE H79?ED7B 9EDIJHK]:E *7H7 EKJHEI 7E 9EDJHTH?E 7 ?D<EHC7B?:7:; ;IFEDJ7D;?:7:; ; 7DED?C7JE :E C;?E ;IJ?CKB7 E GK; 9>7C7C :; KC7 DEL7 <EHC7 :; sEH7B?:7:;t ;NFH;II7FEHKCJ;NJE;B;JH`D?9E-;FK:;HCEI9EDI?:;H7HJ7B9ECFEHJ7C;DJE9ECE;I9H?J7?D<EHC7B;DWE 8KH?B7:7;C ?DJ;H7YWE :; J;CFE H;7B D7 CE:7B?:7:; :; KC 87J; F7FE I?D9HED?IJ7 KC J;B;<ED; GK; ;I9H;L; J7BL;P FEII7CEI FH;L;H7;C;H=[D9?7:;KCDELEL;]9KBEC?IJKH7D:E<EHC7I:;9ECKD?97YWEGK;7DJ;I;H7CI;F7H7:7I;C:?<;H;DJ;I N?IJ;CEKJH7I<;HH7C;DJ7I<EJEI<?=KH7IL]:;EILEPC7I7FH?D9?F7BZ7;I9H?J7FEH;DGK7DJE II;J;C7Z87IJ7DJ;C7?I7CFBE;DJHE:EFH_FH?E;IF7YE:7#DJ;HD;J;N?IJ;C<EHC7I:;?DJ;H7YWE9ECC7?IEK C;DEIFEII?8?B?:7:;:?IIE79EDJ;9;H0;H;CEI;CKC7I;IIWEFEIJ;H?EH:;IJ;C;ICE97F]JKBEKC778EH:7=;CIE8H;E J;C7 :EC]D?EI :7 C;DJ; >KC7D7t 7IJ;BBI (E ;DJ7DJE 7 <EHC7 :; ;NFH;IIWE ;IF;9?<?97C;DJ; ;I9H?J7 DE ;IF7YE:7#DJ;HD;JJH7P7F;D7I7I97H79J;H]IJ?97I?D;H;DJ;IUIK7ZFE97;BE97BDWE:;J;HC?D7IK7GK7B?:7:;7F;D7IIK7 :?<;H;DY7 ;D<?C 7 FEII?8?B?:7:; :; I; C7DJ;H $%% ; 7JZ 9;HJE FEDJE '$1' ;C H;B7YWE 7EI ?DJ;HBE9KJEH;I /C7 :7I 97H79J;H]IJ?97I :7 s9ED;NWEt Z DWE FH;9?I7H ;IJ7H sFH_N?CEt 9EHFEH;7C;DJ; '7HJ?D 7H8;HE DE ;DJ7DJE 7 I;DI7YWE:;FHEN?C?:7:;DWEF7H;9;:;?N7H:;;N?IJ?HDE;IF7YE:7#DJ;HD;JI_GK;C7DJ?:77IC;:?:7I:;I;=KH7DY7@T C;D9?ED7:7I:?IJVD9?7;?DL?I?8?B?:7:;,;B7J?L?P7CEI;IJ7:?IJVD9?7FE?I;B7FE:;J;H:E?ID]L;?IEFH?C;?HEGK;ZE C7?I ;B;C;DJ7H Z E <7JE :7I F;IIE7I DWE ;IJ7H;C <79; 7 <79; ) I;=KD:E D]L;B I; H;<;H; 7 FEII]L;B ?DJ;HFH;J7YWE I?C8_B?97;I;DI]L;B:EI?D:?L]:KEI:;GK;7I:?IJVD9?7I<EH7C sL;D9?:7It7JH7LZI:7#DJ;HD;JL?IJE:;II;FEDJE:; L?IJ7 9ECE C;?E :; 9ECKD?97YWE ?DJ;=H7:EH DWE :;?N7D:E :; B7:E 7 97H=7 ?:;EB_=?97 :;IJ; J?FE :; 7<?HC7YWE (E ;DJ7DJE D;D>KC :;IJ;I D]L;?I F7H;9; ?DJ;H<;H?H DE <7JE :; GK; EI KIKTH?EI :7 #DJ;HD;J F;BE C;DEI 7 FH?EH? ; DKC FH?C;?HE CEC;DJE :; 9ED;NWE 9EC &%# $ DWE ;IJWE ;NFEIJEI :?H;J7C;DJ; 7EI &%# $ E GK; DEI <7P H;JEHD7H U 97H79J;H]IJ?97'$GK;I;H;B79?ED79EC797H79J;H]IJ?97:EICK?JEI&$FEII]L;?I:;I;H;C;B78EH7:EIFEHKC C;ICE?D:?L]:KE ?97 I;sFHEJ;=?:Ets;D97IJ;B7:Et7EC;ICEJ;CFE;CGK;F7H;9;I;GK;H;HsI7?HtI;IE9?7B?P7H ) ;IJH7D>E E EKJHE:?<;H;DJ; DWE FE:; I;H . @T GK; DWE ;IJT sFH_N?CEt :?H;J7C;DJ; 9ECE D7 #& KH?EI7C;DJ; KC7 :7I <EHC7I :; 7C;7Y7 GK; FE:; I;H I;DJ?:7 DE ;IF7YE :7 #DJ;HD;J Z 7 9EDJ7C?D7YWE :EI 9ECFKJ7:EH;IFEHL]HKI:;DJH;EKJH7I9E?I7IFH;@K:?9?7?IGK;KC;IF;9?7B?IJ7 #$ FE:;<7P;H&E=EE?D:?L]:KE I;I;DJ;FHEJ;=?:EEKDWEDE;IF7YE:7#DJ;HD;J;IJ7F;H=KDJ7L;H;CEIGK;>TC7?IL7H?7YWE:EGK;9EDI;DIE7I CEJ?L7Ya;I ; ?DJ;DYa;I :EI KIKTH?EI :7 #DJ;HD;J Z GK; B;L7C 7 ;IJ7:EI ?DJ;HFH;J7J?LEI :; C7?EH EK C;DEH I;=KH7DY7 C7I ?DL7H?7L;BC;DJ; L[ I; E ;IF7YE 9ECE :?<;H;D9?7:E DE 7IF;9JE I;=KH7DY7 EK 7KJE ;NFEI?YWE 0;H;CEI C7?I FHE<KD:7C;DJ;;IJ7IDEYa;I;97J;=EH?7IGK7D:E<?P;HCEI7DEII79EDIJHKYWE:EF;H<?B:EKIKTH?E?:;7B:E;IF7YE:7 #DJ;HD;JDE97F]JKBE#0 +A4D73E5D;F3 ;I9H?J7ZKC7JZ9D?97/C7J;9DEBE=?7>KC7D7F7H79ECKD?97YWE$KDJE9EC7IB]D=K7I7;I9H?J7FE:;I;H9EDIJHK]:7 9ECE KC7 <EHC7 :; B?D=K7=;C 87I;7:7 DE H;=?IJHE 9ECKD?97J?LE 7J;CFEH7B II?C D7 ZFE97 :; FH;:EC?DVD9?7 :7 EH7B?:7:;E?CFEHJ7DJ;;H7s9EDJ7HKC9EDJEI;C7KC;DJ7HKCFEDJEt9EC7C7DKJ;DYWE9]9B?97:7C;C_H?7EGK;I; JEHDEK C;DEI D;9;IITH?E :;FE?I :; ?DL;DJ7:7 7 ;I9H?J7 GK; C7DJ?D>7 E s9EDJEt ?D7BJ;H7:E ;DJH; KC7 B;?JKH7 ; EKJH7 7J;CFEH7B 9ECKD?97YWE C;:?7:7 FEH 9ECFKJ7:EH;I ' 7IJ;BBI ;C H;:; ; ;IF;9?7BC;DJ; ;C %! # JH7DI<EHC7 ;II7I <EHC7I :; ;NFH;IIWE EH7B ; ;I9H?J7 :; <EHC7 7 JH7P;H DEL7I ; 9ECFB;N7I 97H79J;H]IJ?97I UI ?DJ;H7Ya;I;DJH;I;H;I>KC7DEI 0?L;CEI KC7 JH7:?YWE ;I9H?J7 FEHZC F;HC;7:7 :; EH7B?:7:; FE?I <BK;C 7I B?D=K7=;DI 9EBEGK?7?I BED=; :7I H;=H7I <EHC7?I 7E C;ICE J;CFE GK; =K7H:7CEI ; 79KCKB7CEI DEII7 >?IJ_H?7 F;B7 ;I9H?J7 (E ;IF7YE :7 #DJ;HD;J ED:; 7 ;I9H?J7 7?D:7 Z 7 <EHC7 FH;:EC?D7DJ; :; ;NFH;IIWE E GK; I; FE:; IKFEH GK; >T Z KC7 sEH7B?:7:; ;I9H?J7t (WE Z I?CFB;IC;DJ; F;BE <7JE :; I;H KC7 ;I9H?J7 L;BEP GK; J;DJ7 ?C?J7H E EH7B Z KC7 ;I9H?J7 GK; I;=K; 7 :;C7D:7 :; L;BE9?:7:;9ECEJ7C8ZC:;?C;:?7J?9?:7:;;;<;C;H?:7:;-;KC7:7I97H79J;H]IJ?97I:;9KBJKH7I9ECJH7:?YWEEH7BZE <7JE:;EFH;I;DJ;!##I;H;F;J?HDWE>7L;D:E79bCKBE:;H;=?IJHEI:EF7II7:E9ECED_IEI;DJ;D:;CEI;DJWE;IJ7 sEH7B?:7:;;I9H?J7tDEI;IF7YEI:;?DJ;H7YWE:7#DJ;HD;J%# $I7B7I:;87J;F7FE;C;IF;9?7B97HH;=79EDI?=E7 I;C;B>7DY79EC;IJ797H79J;H]IJ?97FE?I7F;I7H:7FEII?8?B?:7:;:;H;=?IJHE:7;I9H?J7GK;E9EHH;:KH7DJ;7?DJ;H7YWE ZKC7I?JK7YWEGK;I_<7PI;DJ?:E:KH7DJ;I;K79EDJ;9?C;DJE?IJEZDEFH;I;DJ;GK;I;IK9;:;+K7BGK;H79bCKBE:; ?DJ;H7Ya;I :;L; <?97H D7 C;DJ; :EI ?D:?L]:KEI :; <EHC7 9E=D?J?L7 <7P;D:E F7HJ; :7 9EDJ]DK7 9EDIJHKYWE :; DEL7I ?DJ;H7Ya;II;CFH;?C;:?7J7I7GK;IJWE:7L;BE9?:7:;97KI7KC7DEJ_H?7DWEE8;:?[D9?7UIH;=H7I:7=H7CTJ?97:?J7 <EHC7B DE;DJ7DJE9ECKC77KJE9ECFH;;DIWEGK;J7C8ZCCK?JEI;7II;C;B>7UEH7B?:7:; *7H7D_IB;?JEH;I:;IJ7E8H7:;<EHJ;JH7:?YWE;I9H?J7ZCK?JE:?<]9?B?C7=?D7HKCKD?L;HIE:;FKH7EH7B?:7:;FEHZCDE ;IF7YE:7#DJ;HD;J>T7EFEHJKD?:7:;:;KCGK7I;C;?EJ;HCE7sEH7B?:7:;;I9H?J7tIKH=;9ECEKC7FEII?8?B?:7:;:; ;NFH;IIWEGK;ZI;C:bL?:7:;F;D:;DJ;:7;I9H?J7C7IGK;FEII?8?B?J77B?8;H:7:;:7C;IC7;CIK7I<EHC7B?:7:;II; 7FHEN?C7D:E7II?C:;KCJ?FE:;sEH7B?:7:;t87IJ7DJ;I?D=KB7H ;DJHE:;DEII7JH7:?YWE;I9H?J77EH7B?:7:;@TZ7BJ7C;DJ;?D<BK;D9?7:7F;B7C;IC7)I;IF7YEI:;?DJ;H7YWE?C;:?7J7 :7 #DJ;HD;J FE:;C I;H 9EDI?:;H7:EI ;IF7YEI GK; FHEFEH9?ED7C C7?I 7?D:7 ;II7 CbJK7 ?D<BK[D9?7 ;DJH; ;I9H?J7 ; EH7B?:7:;D7IIE9?;:7:;IE9?:;DJ7?I9EDJ;CFEHVD;7I*E?I9ECE :?P)D= s&7;I9H?JKH7 DKD97FK;:;FH;I9?D:?H:;B7 EH7B?:7:t "T I;CFH; JHE97I :; ?D<BK[D9?7I ;DJH; :?<;H;DJ;I J?FEI :; <EHC7I :; ;NFH;IIWE ;I9H?J7B;?JKH7 L?IK7BIEDEH7;J9)KIEC7?EH:7;I9H?J7;CDEIIEE8@;JEZ7DJ;I:;JK:EKC7;I9EB>7:;L?:E7IK77JK7B:?<KIWE; 78H7D=[D9?7 .E:7JH7:?YWE;I9H?J7;IJTB?=7:77KC7EH7B?:7:;C;ICE7;I9H?J79EDJ;CFEHVD;7:7I?DJ;H7Ya;IDE;IF7YE:7#DJ;HD;J IF;9?7BC;DJ;;IJ79K@7<BK?:;P:7I9ED;Na;I:;C7D:7<EHC7I:;;NFH;II?L?:7:;CbBJ?FB7I DGK7DJED7JH7:?YWEEH7J_H?77DJ?=7)D=;H7;I9H?JEE:?I9KHIE:;FE?I:;I;>7L;H<7B7:E>E@;I;;I9H;L; 7DJ;IEGK;L7?I;:?P;H(EI;IF7YEI:;?DJ;H7YWE?C;:?7J7:7 #DJ;HD;JEGK;;IJTI;D:E$#% @TZEGK;;IJTI;D:E % <BK?:;P:;IJ77<?HC7YWE@T:;CEDIJH77?DJ;H:;F;D:[D9?7;DJH;7I<EHC7I:;;NFH;IIWE;I9H?J7;EH7B I;IJHKJKH7I:;;NFH;IIWEFE:;CI;HCbBJ?FB7IFEHZC;IJWE?D;L?J7L;BC;DJ;FH;I7I7I?IJ;C7I:;;NFH;II?L?:7:;GK; ?CFa;C 7I IK7I H;=H7I CE8?B?:7:; ;N?IJ; I;@7 EH7B EK ;I9H?J7 C7?I EH7B :E GK; ;I9H?J7 C7I ;IJT ?DI;H?:7 ;C NFH;IIWEKJ?B?P7:7;C7HJ?=ED7,;L?IJ7#-.)R(l$KD>E?DIF?H7:7;CJH787B>EI:;/C8;HJE9EIE8H; B?D=c]IJ?97;IE9?;:7:; KH7DJ;7 C?D>7F;IGK?I7:;97CFEFEH;N;CFBE =K7H:;?EH;=?IJHE:; CK?JEI %$ ; C;DI7=;DI C7I;IJ7DWE F7H;9;I;HKC7FHTJ?979ECKC;DJH;?DJ;HBE9KJEH;IDE;IF7YE:7#DJ;HD;J;IF;9?7BC;DJ;DEI%$ IJ7 GK;IJWE 7?D:7 I;HT 78EH:7:7 :KH7DJ; 7 DEII7 ;JDE=H7<?7 :E =HKFE !7B;H7 44 9EC 7 <EHCKB7YWE :; KC :?9?EDTH?EI?CFB?<?97:E:EIJ;HCEI9EDIJHK]:EIF;BE=HKFE:KH7DJ;7?DJ;H7YWEDE;IF7YE:7#DJ;HD;J?IJEZ:KH7DJ;IK7I 7JK7B?P7Ya;IDE9>7JGK;:WE7EFEHJKD?:7:;F7H7;IJ;J?FE:;;NFH;II?L?:7:;:;I9H?J77GK?9ECC;DEHE8;:?[D9?7UI H;=H7I=H7C7J?97?I;J9 :?L;HIEI9EDJ;NJEI:;;NFH;II?L?:7:;;7FH;D:?P7:E9ECKD?97YWE(EYa;I;H;=H7I?DJ;H?EH?P7:7IDE $%:EI ?D:?L]:KEI GK; <7P;C F7HJ; :;IJ;I 9EDJ;NJEI )K :; EKJHE CE:E s&7I 7=HKF79?ED;I 9EDIJ?JKO;D BEI FH?D9?F?EI :; EH=7D?P79?_D:;B7I<_HCKB7I:;CE:EGK;B7u?:;7;I;D9?7BvDE;IJTIK@;J77KC7;NFH;I?_D:?H;9J7O9B7H7I?DE7DJ;I 8?;DH;FH;I;DJ7KD7;IF;9?;:;9ED@KDJE<?9J?9?EC7DJ;D?:EKD?:E;D=H7DC;:?:7;D;B?D9EDI9?;DJ;t)D= B=KC7I97H79J;H]IJ?97I:7;I9H?J7DEI;IF7YEI:;?DJ;H7YWE:7#DJ;HD;JGK;77FHEN?C7:7EH7B?:7:;IWE7I<H7I;I9KHJ7I ;9KCKB7J?L7IDWEJ7DJ7IK8EH:?D7YWEEK7DTB?I;9ECED7;I9H?J7<EHC7BH;<;H;DJ;I7I?JK7Ya;IC7?IGK;778IJH7Ya;I Ns7]07?>E@;+K7D:EZ@E=E0EKI?C.;C@;?JE07CEIJE:EIt EHC7I:;;NFH;IIWEGK;<7C?B?7H?P7C7 9ECKD?97YWE;DJH;I;KIKIKTH?EI:EC;ICE CE:E9ECE:?P)D= s&79ECKD?979?_DEH7BKD;7B7=;DJ;;D=HKFEIt )D= )J?FE:;;I9H?J7FHE:KP?:7DEI9>7JIFH?D9?F7B;C7?IFEFKB7H<EHC7:;?DJ;H7YWE;CJ;CFEH;7B:E;IF7YE:7#DJ;HD;J FHEF?9?7C7IDWE=7H7DJ;E7=HKF7C;DJEFEH?IIE7F;I7H:;I;HKC7?DJ;H7YWE87I;7:7;C%&#$#%7J?L?:7:;I IEB?JTH?7I 7 FH;I;DY7 :E EKJHE Z ?CFH;I9?D:]L;B ; FEH ?IIE U <EHC7YWE :; =HKFEI ; FEH ?IIE 7 7FHEN?C7YWE 9EC 7 EH7B?:7:; ;I9H?J7 D7 #DJ;HD;J Z LEB7J?B?P7:7 F;B7 7=?B?:7:; ; <BK[D9?7 :7 EH7B?:7:; C7I 7C87I <?97C ;GK?B?8H7:7I 7EI KIEI FHTJ?9EID7I?DJ;H7Ya;I(WEI;'%7FH;D:; I;9ECEKIE;9ECEIH?JK7?I:;?DJ;H7YWEECE:?JEFEH)D=s;B >78B7O;BF;DI7C?;DJEH;7B;II?;CFH;;N?IJ;C;I;D9?7BC;DJ;;DKD9EDJ;NJE:;?:7OLK;BJ7;DJH;F;HIED7It DGK7DJE D7I JH7:?Ya;I EH7?I E :?TBE=E Z 7 <EHC7 8TI?97 :; 7FH;D:?P7:E ; ?DJ;H7YWE D7I JH7:?Ya;I ;I9H?J7I E EKJHE %I;JEHD7:?IF;DITL;BFE:; I;<EHCKB7H:?I9KHIEI?DJ;?HEII;C7FH;I;DY7:;KC?DJ;HBE9KJEH@T7I?DJ;H7Ya;IDE ;IF7YE:7#DJ;HD;J:WEKC7EFEHJKD?:7:;:;C?IJKH7:;IJ;I:E?I7IF;9JEIFE?II;FEHKCB7:EZ;I9H?J7E8;:;9;D:E7 7B=KC7I:7IH;=H7I:7;I9H?J7=H7CTJ?97;7EJ?FE:;;B78EH7YWEC;DJ7B;IF;9]<?97D;9;IITH?7U;I9H?J7FEHEKJHEJ7C8ZC J;C KC ?DJ;HBE9KJEH ?C;:?7JE EK GK7I; ?C;:?7JE >T 7 7 ' % ,;7B?P7D:E I; 7II?C KC7 C?IJKH7 :; <EHC7I :; ;B78EH7YWEC;DJ7B GK;:;L;I;HF7H77;I9H?J7C7IGK;J7C8ZC:;L;I;HGK7I;JWEHTF?:7;;IF;9]<?97GK7DJEEJ?FE:; ;B78EH7YWED;9;IITH?7UEH7B?:7:;NKIKTH?EI:7#DJ;HD;J;IF;9?7BC;DJ;>7J;#+ 9EIJKC7CCK?JE:?P;HGK; I;DJ;C9ECEI;E?DJ;HBE9KJEH;IJ?L;II;;CIK7<H;DJ;);IF7YE:7#DJ;HD;JZ9ECEKC;IF7YE?C7=?DTH?E:;?DJ;H7YWE :; H;IFEIJ7I ;C J;CFE H;7B E 97HTJ;H %+ 9EC C;:?7:EH ;B;JH`D?9E Z ;GK?B?8H7:E F;B7 H;FH;I;DJ7YWE :; -;DJ;DY7I;NJH7]:7I:;9>7JIL7H?7:EIL;H:7:;?HEI 0;H;CEIC7?I7:?7DJ;;CDEII7;JDE=H7<?7:E=HKFE!7B;H7449ECEI;:T7C7DKJ;DYWE:EKIE:7I<EHC7I:; ;NFH;IIWE;I9H?J7;EH7B;9ECEKC7?D<BK;D9?79ECFB;C;DJ77EKJH7D79EDIJHKYWE:7?DJ;H7YWE:E=HKFEDEI:?<;H;DJ;I ;IF7YEI:;7JK7B?P7YWED7#DJ;HD;J;<79; 7 <79; E=D?YWEEH7BC;C_H?77JH7LZI:;H?JK7?I:;B;C8H7DY79]9B?9EI:;F;D:;DJ;:7I?JK7YWE>TC;DEI?DJ;HFH;J7Ya;I FE?IE;C?IIEH;IJTFH;I;DJ; E=D?YWE;I9H?J77<7IJ7C;DJEJ;CFEH7B;;IF79?7BC7?I78IJH7JEFEII?8?B?:7:;:;C7?I?DJ;HFH;J7Ya;IF;B77KI[D9?7 :E;C?IIEH7KJEHDWE:;F;D:;:;H?JK7?I9]9B?9EIDWE:;F;D:;:7I?JK7YWE;B?D;?7EH7B?:7:;CK:77<EHC7:;F;DI7H suD79KBJKH7BEH7BF;DI7L7 I;FEHC;?E:;$%&.3$;DGK7DJE=H7Y7IU9KBJKH7;I9H?J7H;<B;J; I;FEH% #$v&ZLO ;I9H?J7FEII?8?B?J779EDIJHKYWE:;KCFEDJE:;L?IJ7;IJTL;BEGK;F;HC?J;F7II7H:E &%&#=;H7:E F;BEEH7B7E$%#&%&#;NFH;IIEF;BEJ;NJEt'7H7I9>?D;NJ?D*;BB7D:7 0;H!BEIITH?E FHEN?C?:7:; F;BE %! #FEII]L;B -WE JHE97I :; ;NFH;II?L?:7:;I GK; ;N?=;C DEL7I <EHC7I :; ;NFH;IIWE DWE I_ F7B7LH7I;I9H?J7IC7IJ7C8ZCI]C8EBEIGK;;NFH;II;CC7?I;CEYa;II;DI7Ya;I;J9 :?DVC?97:7J;NJK7B?:7:; 7B97DY7KCC;?EJ;HCE;DJH;;I9H?J7;EH7B?:7:;FE?IEIFHE9;IIEI:;;B78EH7YWEC;DJ7B:EIKIKTH?EI;C?DJ;H7YWED7 #DJ;HD;J I; 7:7FJ7C UI DEL7I 97H79J;H]IJ?97I :E ;IF7YE :7 ?DJ;H7YWE ;IF;9?7BC;DJ; 7 9ECKD?97YWE ;I9H?J7 ?C;:?7J7 ;I9H;L;HHTF?:EED:;7L;BE9?:7:;D7IJHE97I;7CKBJ?FB?9?:7:;:;9EDIJHKYa;II?C8_B?97I7<;J7CDEIFHE9;IIEI:; ;I9EB>7I;:;;B78EH7Ya;I:;H;IFEIJ7I )D=:?PGK;s&7IF7B78H7II;9ECFED;C:;KD?:7:;IJ?FEIGK; ;N?IJ;D9ECEJ7B;I7DJ;IGK;B7IF7B78H7I7B7IGK; :7HTD<EHC7&7?CFH;I?_DIK=?;H;CK9>ECTI:;BEGK;@7CTIB7>?PEB7;I9H?JKH7GK;B7IF7B78H7IIED9EI7It (7J;B7:E9ECFKJ7:EH7IF7B7LH7I;IJWE;I9H?J7IC7IDWE ?CFH;II7I"TKC7<BK?:;PCK?JEC7?EHGK;7;I9H?J7 ?CFH;II7 CE8?B?:7:; C7?EH IK=;H; 7=?B?:7:; D7I CK:7DY7I ; D7I ?DJ;HFH;J7Ya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a;I ?C;:?7J7I <EH7 :;B; <;HH7C;DJ7I :; FHE9KH7 KC7 ?D9ECFB;JK:; :?7DJ; :E J;NJE ?D<?D?J7C;DJ;H;<;H;D9?7:E7EKJHEI;EKJHEIKC7?DJ;HJ;NJK7B?:7:;#+ ,%?D9ED9BK]:E;J9B;@TDWEZC7?IJWE <?NEEFH?D9?F7B:TEFEHJKD?:7:;:;H;IFEIJ7?C;:?7J77EB;?JEH9EDJ7J7D:EEFH_FH?E7KJEH;C?IIEH:EJ;NJE7E<?D7B :7B;?JKH7GK7I;KC:?TBE=E D<?C 7I JZ9D?97I :; B?D=K7=;C IWE KC7 F7HJ; ?DJ;=H7DJ; :EI ;IF7YEI :; ?DJ;H7YWE ; :?IIE GK; 7 ;I9H?J7 J;C KC ?CFEHJ7DJ;;:?<;H;D9?7BF7F;BD7IE9?78?B?:7:;GK;I;:;I;DLEBL;DE;IF7YE:7#DJ;HD;JIK7I7FH;I;DJ7Ya;I:;KI;7I ?DJ;H7Ya;I DEI I;KI :?L;HIEI IK8 ;IF7YEI (E :;9EHH;H:;IJ7 :?II;HJ7YWE FHE8B;C7I H;B79?ED7:EI 7 ;I9H?J7 7?D:7 I;HWE :;I;DLEBL?:EI;CCEC;DJEI;IF;9]<?9EIC7IFEH>EH7<?979B7H77IK7?CFEHJVD9?7FEDJK7B;H;<;H;D9?7BF7H7EH;IJE :E7H=KC;DJE N;CFBE<?=KH7I:;sHEIJEIt<;?JEI7F7HJ?H:;97H79J;H;I:EJ;9B7:E:E9ECFKJ7:EH;GK;JH7DIC?J;CKCI?=D?<?97:E GK;DWEZL;H87BC7Is;I9H?JEt-WE9>7C7:EI:; % $;CEJ?ED;?9EDIIEHH?D:E=7H=7B>7D:E JH?IJ; J 8;?@7D:E F?I97D:E B7C8;D:E 8;?YEI ; CK?JEI EKJHEI (EJ7 7E :?=?J7H EI 97H79J;H;I F7H7 $ ## ; F7H7 %#$% ;B;I I; JH7DI<EHC7H7C 7KJEC7J?97C;DJ; H;IF;9J?L7C;DJ; ;C - ; / FH_FH?7 J;9DEBE=?7 :E 9ECFKJ7:EH<;P7JH7DI<EHC7YWEDEDELEJ?FE:;B?D=K7=;C;NFH;II?L7C7?IFH_N?C77sEH7B?:7:;;I9H?J7t s)9?8;H;IF7YE:?IIEBL;7FH7=CTJ?97:79ECKD?97YWEGK;:;I:;7?DL;DYWE:7;I9H?J7>7L?7H;KD?:EEKD?L;HI7B; 7JEJ7B?:7:;B;DEIB;L7:;<7JEUI?JK7YWE;N?IJ;DJ;7DJ;I:7;I9H?J7rC7I;CEKJH7 ;I97B7;;CEKJH7_H8?J7rD7 C;:?:7;CGK;7?DJ;H9ED;NWE;E:?D7C?ICE;CJ;CFEH;7B:7IC;C_H?7IED B?D;JEHD7CDEL7C;DJ;FEII]L;BF7H7EI F7H9;?HEI:79ECKD?97YWE9ECF7HJ?B>7HEC;ICE9EDJ;NJEEC;ICE?C;DIE>?F;HJ;NJEL?LEt&ZLO&ZLO :?I9EHH;:;KC7<EHC7C7?IFEZJ?97IE8H;7GK;IJWEC7IC7DJZCEDEIIEFEDJE:;L?IJ7:;KCDELEJ?FE:;<EHC7:; B?D=K7=;C;I9H?J79EC97H79J;H]IJ?97IEH7?IDKC;IF7YE:;97H79J;H]IJ?97I:?<;H;D9?7:7IZEGK;;B;I;H;<;H;7sEKJH7 ;I97B7t;sEKJH7_H8?J7tE9EDJ;NJECb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sH?PECTJ?97t $TD7IB?IJ7I:;:?I9KIIWEFEH; C7?B;N?IJ;KC7 9;DJH7B:;:?IJH?8K?YWE:;C;DI7=;DIIE8H;EJ;C7L?7; C7?BGK7D:EKCF7HJ?9?F7DJ;;DL?7KC7C;DI7=;CJE:EIEI F7HJ?9?F7DJ;I7H;9;8;CDEI;KFHE=H7C7:;; C7?B:;FH;<;H[D9?7B[;C D7D7 >EH7EKC7?IJ7H:;I;CFH;9?I7H;IJ7H 9ED;9J7:E;H;IFED:;EKDWEH;IFEIJ77GK7BJ7C8ZCI;HTB?:7FEHJE:EIGK;<7P;CF7HJ;:7B?IJ7DWEIWE=;H7BC;DJ; C;DI7=;DI :?H?=?:7I F7HJ?9KB7HC;DJ; 7 7B=KZC <7P;D:E ?IIE L7? I; F7H7 7 B_=?97 :E ; C7?B GK; L;H;CEI FEIJ;H?EHC;DJ; )KIKTH?E:7B?IJ7I_J;C79;IIEUIC;DI7=;DIGK;<EH;C;I9H?J7I;;DL?7:7I7F7HJ?H:ECEC;DJE;C GK; ;DJH7 D7 B?IJ7 :?<;H;DJ; :E _HKC -; 8;C GK; CK?J7I B?IJ7I C7DJ[C KC >?IJ_H?9E :7I C;DI7=;DI F7H7 EI DELEI KIKTH?EIFE:;H;C<?97H7F7H:EGK;@T<E?:?I9KJ?:EC7I;IJ7 DWEJ;C7C;IC7:?DVC?97DWEB?D;7H:E _HKCFE?I 7F;I7H:;I;FE:;HH;JEC7HKC7IIKDJEL?IJE7DJ;I;B;DWEI;HT78EH:7:E:?H;J7C;DJ;:7C;DI7=;CGK;;B;E?D?9?EK 9ECEZ<;?JEDE _HKCED:;FE:;CI;H=;H7:7IH7C?<?97Ya;IF7H7B;B7I7EC;ICEJ;CFEGK;EJHED9EFH?D9?F7B(KC7 B?IJ7I;?IJE79EDJ;9;=;H7BC;DJ;ZFEHGK;KC=HKFE:;IJ7B?IJ7I;s:;I=7HHEKt;I;C7DJZC;CEKJHEIK8 ;IF7YEEK L?7; C7?BIF7HJ?9KB7H;IEK;CEKJH7B?IJ7;9;HJ7<EHC77?D:7<7PF7HJ;:;KC7<EHC7H?PECTJ?97:;:;I;DLEBL?C;DJE C7IZ:?<;H;DJ;:E _HKCFEHDWEI;HC7?IL?I]L;B:;DJHE:7B?IJ7?D?9?7B9E?I7GK;79EDJ;9;DE _HKCED:;FE:; I;L;H 7IH7C?<?97Ya;IIKH=?D:E;<?97D:E;J99ECEL;H;CEI7I;=K?H "T;N;CFBEI:; _HKDIJ?H7:EI:7#DJ;HD;JDE;DJ7DJE:;L;CEIJ;H;CC;DJ;GK;;IJ7<EHC7:;:;I;DLEBL?C;DJE:; ECE@T<E?:?JEKC #+ ZKC7<EHC7:;:;I;DLEBL?C;DJEDE97IE:7?D<EHC7YWEGK;DWEI;=K; KC9;DJHE 9ECKCC7ILTH?EI9;DJHEIEKI;C9;DJHEI7KJE9ED;9J7:EI;H; 9ED;9J7:EI*7H7I78;HC7?I;B;KP;!;!K7JJ7H? %;> (>3FVE 0EB %# &.- + .H7: KHZB?E !K;HH7 (;JE ; ;B?7 *?DJE EIJ7 ,$ )K 7?D:7 F;B7I F7B7LH7I:;&ZLOKC _HKCZs!;HC?D7DJ;H7C?<?97DJ;8?<KH97DJ;H?PEC7:?DVC?9EGK;;NFH?C;KCI78;HFBKH7B;C 9EDIJHKYWE 79EB>;D:E 7 C;C_H?7 CbBJ?FB7 ; CKBJ?FB7C;DJ; ?DJ;HFH;J7:7 :; KC 9EB;J?LE F;HC?J?D:E D7L;=7Ya;I ;C I;DJ?:EIJH7DIL;HI7?It&ZLO II;:;I;DLEBL?C;DJEFE:;I;HL?IJE;C=HKFEI:;:?I9KIIWEFEH; C7?B9ECEE9K@EJ;C7Z'7HA;J?D=; *K8B?9?:7:; FH?D9?F7BC;DJ; ; E ' 9K@7 FHEFEIJ7 Z :?I9KJ?H ?:Z?7I F7H7 7Ya;I IE9?7?I :; ;D=7@7C;DJE LEBKDJTH?EC7C8EIEI97IEIDEL7I?DJ;H7Ya;IIWEFEII?8?B?J7:7I7F7HJ?H:79EDL;H=[D9?7J;CTJ?97 ?DJ;H7YWE<?97JEJ7BC;DJ;?D9ECFB;J7GK7D:E7FH;I;DJ7:7:;<EHC7B?D;7HJ;NJE?CFH;IIE(E9EC;YE:;IJ7F;IGK?I7 J;DJ;?<7P;HE79ECF7D>7C;DJE?DJ;=H7B:;KC _HKC:;:?I9KIIWEIE8H;s(7CEHED7#DJ;HD;Jt9EDJK:EDWE<K?97F7P <EHC7 :; :;I;DLEBL?C;DJE sH?PECTJ?9Et ?CF;:; 7 79KCKB7YWE ?DJ;=H7B :; C7J;H?7B :E 9EDJ;b:E :E _HKC (E CEC;DJE ;C GK; @T J?L;II; B?:E ; ?CFH;IIE C;J7:; :EI J;NJEIC;DI7=;DI ;I9H?JEI CK?JEI DELEI J;NJEIC;DI7=;DI ;IJ7H?7CFH;I;DJ;I7F7HJ?H:EI@TB?:EIDWEB?D;7H N;CFBE _HKC;CFHEL;:EHC;H?97DE;C?D=B[I9ECF7HJ?9?F7YWE:;F;IIE7I:;LTH?EIF7]I;IIIKDJEs"EM:;;F97D7 #DJ;HD;JH;B7J?ED=;Jt+KWEFHE<KD:7FE:;<?97HKC7H;B7YWED7#DJ;HD;J)I;K?D]9?E<E?87IJ7DJ;B?D;7H9ECKC7 F;IIE7H;IFED:;D:E7EKJH7I;=K?:7C;DJ;FEHZCC7?I7<H;DJ;L[ I;GK;EKJHEIF7HJ?9?F7DJ;I9EC;Y7H7C7H;IFED:;H 7C;DI7=;DI7DJ;H?EH;I;DWE7C7?I7JK7B9ECEI;H?7DKC7<EHC7C7?IB?D;7HIJ; _HKCDWEJ;L;BED=7:KH7YWEDE ;DJ7DJE>EKL;9EDJ?DK?:7:;:;?DJ;H7Ya;IL?7; C7?BD;IJ;FEDJEDWEC7?IFH;I7I7I?DJ;H7Ya;IUJ;CTJ?979;DJH7B:E _HKC)I; C7?BIJHE97:EI@TJ?D>7CKC97HTJ;HC7?IF;IIE7BFEII]L;BF;B7CK:7DY7:;;IF7YE:;?DJ;H7YWE:; _HKC F7H7; C7?BEGK;DWE?CF;:;79EDJ?DK7YWE:E _HKCFEHEKJHEIKIKTH?EIEKEIC;ICEII;>EKL;H?DJ;H;II; F;I7H :; FE:;H I;=K?H E :;I;DLEBL?C;DJE sH?PECTJ?9Et 9EC <79?B?:7:; F;B7I 97H79J;H]IJ?97I :E ;IF7YE L;CEI GK; 7 <EHC7:;:;I;DLEBL?C;DJEB?D;7H>;H7DY7:7;I9H?J77?D:7ZCK?JEFH;I;DJ; 'K?JEI _HKDIJ;CTJ?9EI:;97HTJ;HC7?IIZH?E:;87J;I9?;DJ]<?9EIFEB]J?9EI;9ED`C?9EIFHE<?II?ED7?I;J9J;D:;C7 I;=K?H ;IJ; :;I;DLEBL?C;DJE B?D;7H 9EC C7?I <79?B?:7:; #IIE DWE ?CF;:; :; CE:E 7B=KC GK; J7C8ZC E9EHH7 E :;I;DLEBL?C;DJE;CH;:;H?PECTJ?97FEII]L;BFEHZCEF;H<?B9KCKB7J?LE:;II;IJ;C7IJ;D:;7I;=K?H:;II7C7D;?H7 D<?CEI _HKDIIWE9;DJHEIJ;CTJ?9EI9EDL;H=;DJ;IGK;FE:;CJ7C8ZCI;H<EDJ;I:;EKJH7I7<?D?:7:;IC7?I7<;J?L7I J7BL;PJHE97I;FEH?IIE:;IE9?78?B?:7:; ?3;> (WE>TCK?JEGK;I;:?P;HIE8H;7<;HH7C;DJ7IK8 ;IF7YE:;?DJ;H7YWE; C7?B C7?BI?=D?<?97%# EHH;?E B;JH`D?9E.E:EIEIFHE=H7C7I:;; C7?BKI7:EI7JK7BC;DJ;IWEI;C;B>7DJ;I/C;IF7YEF7H7EH;C;J;DJ;DEC;;EK ; C7?BKCF7H7E:;IJ?D7JTH?E; C7?B7IIKDJEKC;IF7YEF7H79_F?7IEKJHEI; C7?BIF7H7GK;CI;GK;?H7C7D:7H7 C;IC7 C;DI7=;C EKJHE F7H7 9_F?7I E9KBJ7I ; C7?BI GK; DWE 7F7H;9;HWE D7 C;DI7=;C ; E ;IF7YEF7H7E J;NJE :7 C;DI7=;CN?IJ;C7?D:7 <;HH7C;DJ7IEF9?ED7?IJ7?I9ECE7F7H77D;N7H7HGK?LEI J;NJEI<EJEI?C7=;DI L]:;EI 7D?C7Ya;IIEDI;J9EK7GK;H;IFED:;7KJEC7J?97C;DJ;KC7C;DI7=;CH;9;8?:7)8I;HL;CEIECE:;BEGK;I;=K; *7H7 KC ;N;CFBE FHTJ?9E L;H _HKC :; :;87J;I H7I?B *;DI7 ;C MMMKD?;CF8H8F EK MMM;IJ7:E9EC8H -E8H;;IJ7<;HH7C;DJ7sD;N7Ht:;LEFEDJK7H7GK;IJWE:EI0]HKI:;ECFKJ7:EH)I7D;NEI;DL?7:EIDEI; C7?BI IWE7<EHC7:;C7?EH9EDJT=?E:;II;IL]HKIFEH?IIE>TKC7=H7D:;H;I;HL77H;IF;?JE:;IJ;IF;BEIKIKTH?EI:7#DJ;HD;J DWE78H?D:E7D;NEI:;:;I9ED>;9?:EI?DIJ7B7D:EDJ?L]HKI;;IJ7D:EI;CFH;7B;HJ7EGK;ZI;CFH;KC?CF;9?B>EF7H7 EC;B>EH<BK?H:7IJHE97I:7IE9?78?B?:7:; ); C7?BJ;C:?L;HI7IKJ?B?P7Ya;IR87I?97C;DJ;KC7<;HH7C;DJ7:;JHE97;FEH?IIE:;IE9?78?B?:7:;C7I>TLTH?EI KIEIF7H7EC;ICEFHE<?II?ED7BF7HJ?B>7C;DJE:;?DJ;H;II;IF7HJ?B>7C;DJE:;?D<EHC7Ya;I:;LTH?EIJ?FEI:?LKB=7YWE :; JH787B>EI I;HL?YEI FHE:KJEI ; EFEHJKD?:7:;I :; :?L;HI7I TH;7I JHE97I :; F?7:7I J;NJEI GK7:H?D>EI 7D?C7Ya;I <EJEI :;I;D>EI ;J9 9KH?EI?:7:;I @E=EI ; 8H?D97:;?H7I :;I787<E F;IIE7B ;NFH;II7H I;DJ?C;DJEI F7H7 ;IJ; J7C8ZC ;N?IJ;C EI 97HJa;I ;B;JH`D?9EI :?LKB=7YWE :; C;DI7=;DI 9EB;J?L7I 8E7 LEDJ7:; ;IF;H7DY7 IEB?:7H?;:7:; FHEJ;IJEI 97CF7D>7I?:;7?IFEI?Ya;IFEB]J?97I;IE9?7?I7B;HJ7IE8H;L]HKI;J9 C7DKJ;DYWEEKH;IJ78;B;9?C;DJE:;9EDJ7JEI :;JHE97I9EC7C?=EI9ED>;9?:EI;J9 7BZC:EI; C7?BI9EC;H9?7?IGK;J7C8ZC:?LKB=7CFHE:KJEI;I;HL?YEI; EI-*'IKCJ?FE:;; C7?B9EB;J?LEI_GK;;C<EHC7:;9EHH;DJ;;9EC7;NFEI?YWE:;; C7?BI7B>;?EI=;H7BC;DJ; CK?JE?D9`CE:E -E8H;-*'I7I9EHH;DJ;IC7?I9ECKDIIWE7I:;=7D>7H:?D>;?HE<T9?B7I:;H;7B?P7H:;I;@EI;7I:;7@K:7H7B=KC7 9E?I7GK;DWE;N?IJ;B;D:7IKH87D7I9ECE7:;:E7YWE:;H?DI EK7:E=7HEJEGK;F;:?KF7H7GK;IK7C;DI7=;CI; ;IF7B>7II;F;BECKD:EF7H7C;D9?ED7H7IC7?I9ED>;9?:7IC7IGK7BGK;HJ?FE:;:?LKB=7YWED;II7<EHC7:;9EHH;DJ; 9KCKB7J?L7 =;H7BC;DJ; Z 9B7II?<?97:7 9ECE -*' C;ICE 7I :?J7I s8E7It 97CF7D>7I I; DWE <EH;C JEC7:EI 7B=KDI 9K?:7:EI;IF;9?7BC;DJ;7DWE;NFEI?YWE:;; C7?BI:;J;H9;?HEI :3F /C>7J;C=;H7B<KD9?ED7:7I;=K?DJ;C7D;?H7DKC7s@7D;B7t:ED7L;=7:EH:;#DJ;HD;J:E?D:?L]:KEI;7FH;I;DJ7C 7IC;DI7=;DI:7IF;IIE7IFH;I;DJ;ID7I7B7D7GK;B;CEC;DJE7IC;DI7=;DILWEI;IK9;:;D:EEB7:E:7IC;DI7=;DI GK7I;I;CFH;;I9H?J7IC7IFE:; I;<7P;H:;I;D>EIEKI;9EBE97HsB?DAItF7H7EKJH7I<EHC7I:;B?D=K7=;C7F7H;9;CE DEC;D?9A7F;B?:ErFE:;I;H?DL;DJ7:EEKFE:;I;HEFH_FH?EDEC;:EKIKTH?EI;GK?I;H:7F;IIE7GK;7;I9H;L;K @KDJE 7E DEC; FE:; >7L;H 7 >EH7 GK; 7 C;DI7=;C ;IJT I;D:E ;I9H?J7 7B=KC :;I;D>E =;H7BC;DJ; 97H?D>7I 9EC ;NFH;IIa;I7B;=H?7H7?L7JH?IJ;GK;Z:?IFED?8?B?P7:EF;BEFHEL;:EH:E>7JF7H7;I9EB>7:EIKIKTH?EIGK;GK;?H7C ;NFH;II7H I;7II?C;7B=KCJ?FE:;7FH;I;DJ7YWEEKJH7J7C;DJEF7H79ECE?DJ;HBE9KJEHN KB7DE<7B7H7:?7DJ;9EC ?9H7DE KB7DE EB>7 $E7D7 :; 97DJE :; EB>E ; IKIIKHH7 KB7DE =H?J7 9EC ?9H7DE KB7DE <7B7 H;I;HL7:7C;DJ; 9EC ?9H7DE ;J9 EC H;B7YWE 7 ;II; bBJ?CE JH7J7C;DJE <7B7 H;I;HL7:7C;DJ; 9EC :;LE 79H;I9;DJ7H 7 ?CFEHJVD9?7 :;IJ; F7H7 E J?FE :; ?DJ;H7YWE GK; I; :;I;DLEBL; DE >7J DGK7DJE I; KJ?B?P7H GK7BGK;H KC :EI EKJHEI JH7J7C;DJEI C;ICE D;D>KC :;B;I :?H?=?:E 7 7B=KZC ;IF;9]<?9E EK DWE JE:EI EI EKJHEI FH;I;DJ;I D7 -7B7 ?HWE FE:;H B;H 7I C;DI7=;DI(E;DJ7DJE7EI;I;B;9?ED7H7EFYWEs<7B7HH;I;HL7:7C;DJ;tIEC;DJ;7F;IIE7I;B;9?ED7:7ZGK;FE:;HTB;H 7C;DI7=;C (E9>7JEH;I;HL7:EDWEI;H;L;B7<79?BC;DJ;7EI;:?H?=?H77B=KZCsH;I;HL7:7C;DJ;t7F;D7II;;IJT9EBE97D:EGK;7 9EDL;HI7DWE:?PH;IF;?JE7EIEKJHEIFH;I;DJ;ID7L;H:7:;7I9EDL;HI7IDE:?JEs78;HJEtJ7C8ZCDWE:?P;CH;IF;?JE7 'K?J7IL;P;IDE<?D7B:;II7IC;DI7=;DI9EB;J?L7I>TKC7IK=;IJWEEKF;:?:EF7H7GK;I;9EDJ?DK;7C7D:T B7F7H7 EKJH7I F;IIE7I 7II?C 9H;I9; ;C H;:; 7 :?LKB=7YWE ;EK F7HJ?9?F7YWE :7 C;IC7 9ECE ;C ) $$ $ FEH ;N;CFBE IC;DI7=;DI9EB;J?L7I?D9BKI?L;7IF?7:7IJ7C8ZCI;HL;C7;IJ;FHEF_I?JEC7DJ;H9EDJ7JE;J9 7GK;B;I7GK;CDWEI;:?H?=;C7IC;DI7=;DIDE;DJ7DJEFE:; I;DWEI;?CFEHJ7H9EC?IIE(EHC7BC;DJ;7IF;IIE7I FH;IJ7C C7?I 7J;DYWE UI 9E?I7I :?J7I 7 IK7 F;IIE7 FEHZC ?IIE DWE ?CF;:; GK; I; B;?7C 7I C;DI7=;DI s78;HJ7It :EI EKJHEI(E97IE;IF;9]<?9E:;KC=HKFE9ECEE!7B;H744>TKC7FHE878?B?:7:;C7?EH:;GK;EIEKJHEIFH;I;DJ;I FH;IJ;C7J;DYWE7EGK;EIEKJHEI;IJWEJ;9B7D:E@TGK;F7HJ?B>7C:;KC7FH?CEH:?7B9EB;J?L?:7:;;C9ECKC;7II?C FE:; I; F7HJ?B>7H ?DJ;H 7<?D?:7:;I DE JH7DI9EHH;H :7I 7JK7B?P7Ya;I :E =HKFE N KB7DE J;9B7 9EC -?9H7DE DE 9>7J ; ;BJH7DEL?KIE8H;EGK;<7B7L7CC7IDWEGK?II;C;J;H(7H;KD?WE;CEKJHE:?7;BJH7DE<7B79EC-?9H7DEGK;EL?K <7B7H9EC KB7DEIE8H;J7B;J7B7IIKDJE7II?C;B;I;IJWEF7HJ?B>7D:EKC7?DJ;H 7<?D?:7:;;DJH; KB7DE;-?9H7DE;;DJH; ;BJH7DE;-?9H7DEECED;IJ;;N;CFBE s(EHC7BC;DJ; I;B[;CJE:7I 7I C;DI7=;DI7 C;:?:7GK; I;sHEB7t E9>7J C7I DWE9ECJ7DJ77J;DYWE F;D7I I; 7=K7H:7 F;B7 C;DI7=;C :?H?=?:7 7 I? ;II7 Z 7 I;B;YWE GK7D:E I; ?DJ;H;II7 FEH 7B=KC :EI 7IIKDJEI EK :?I9KIIa;I I; E<;H;9; C7?I 7J;DYWE ; J7BL;P I; ;DJH7 D7 9EDL;HI7t ;FE?C;DJE :; :E?I C;C8HEI:E=HKFEIE8H;EGK;I;B[DE9>7J FH?D9?F7B97H79J;H]IJ?97:E;IF7YE:;?DJ;H7YWE9>7JGK;E:?<;H;D9?7:EI:E?I@T7FH;I;DJ7:EIZ<7JE:;;IJ;I;H;C J;CFEH;7B)IKIKTH?EI;I9H;L;CB[;C;H;IFED:;C7IC;DI7=;DIGK7I;GK;?DIJ7DJ7D;7C;DJ;EGK;JH7P:?L;HI?:7:;I :;B?D=K7=;CGK;@TL?CEI DEJ_F?9E7DJ;H?EHIE8H;7;I9H?J7;GK;J7C8ZC?D<BK? D7<EHC7:;7FH;I;DJ7YWE:;KI 9ECEL;H;CEIDEJ_F?9EI;=K?DJ;0;@7CEI7I;=K?HKCCE:;BE:;9ECE<KD9?ED7KC7I7B7:;9>7JD7#DJ;HD;J9EC 9EC;DJTH?EI;NFB?97J?LEI;?BKIJH7Ya;IIE8H;EC;ICE ;I9EB>7:7I7B7@T:;C7D:7KC9;HJE=H7K:;7<?D?:7:;FEHKCJ;C7KC7<7?N7;JTH?7KC7BE97B?P7YWE;J9GK; J7C8ZC:;F;D:;:7I?DJ;DYa;I:EKIKTH?EI7B79?:7:;I--7BL7:EHEK:EFHEL;:EH.;HH7GK;KI7H;CEI7I;=K?H 9ECE CE:;BE;GK; J7C8ZC 78H?=7E =HKFE!7B;H7 44F;IGK?I7:E 7JH7? CK?JEI KIKTH?EIJ7DJEF;B7 DEJEH?;:7:;:E =HKFE C;D9?ED7:E F;IIE7I ?D:?97D:E E =HKFE ;J9 GK; <E? 9ECE ;K E :;I9E8H? GK7DJE F;B7 FEFKB7H?:7:; ;B7 ;IJT GK7I;I;CFH;9>;?7DEB?C?J;KIKTH?EIEKFH_N?CE;EIKIKTH?EIJ;D:;C79H;HGK;I7B7ICK?JE<H;Gc;DJ7:7IIWE $=;D;H?97C;DJ;<7B7D:EI?DJ;H7Ya;IFEIJ;H?EH;IZGK;LWE:;J;HC?D7H77<?D?:7:;EKDWE:7GK;B;KIKTH?E9EC 7GK;B7I7B7D7GK;B;CEC;DJE ")7E;?;>3D7E ) #+ Z KC FHE=H7C7 :; 9ECKD?97YWE L?7 #DJ;HD;J GK; :T 7 EFEHJKD?:7:; 7EI KIKTH?EI :; I78;H;C GK;C :EI I;KI 9EDJ7JEI;IJT9ED;9J7:EDEC;ICECEC;DJE;CGK;;B; FHEDbD9?7:7I?=B7#+;C?D=B[II?=D?<?97s#I;;AOEKtr KFHE9KHELE9[r;@T;N?IJ;CFHE=H7C7II?C?B7H;I8H7I?B;?HEIC7I7KJ?B?:7:;Z7C;IC7DJWEJ;D:E>7L?:EKC 9EDJ7JEFHZL?E9ECKC7F;IIE7>7J _HKC 79; 7 <79;;J9E?D:?L]:KEFE:;9EBE97H;IJ7F;IIE7;CIK7B?IJ7:; #+;I78;HI;CFH;GK;GK?I;HI;7EKJH7J7C8ZC;IJT9ED;9J7:7)#+J;CEKJH7IKJ?B?:7:;I;N?IJ;KC7<;HH7C;DJ7 D7GK7BI;FE:;9EDJ7J7HGK7BGK;HEKJHEKIKTH?EGK;;IJ;@79ED;9J7:ED7GK;B;CEC;DJEC;ICEDWEI;D:E:;IK7B?IJ7 7II?C FE:;D:E I; FHE9KH7H ; I; 9ED>;9;H DEL7I F;IIE7I 87IJ7 GK; ;IJ7 ;IJ;@7 s78;HJ7t 7 DEL7I ?DJ;H7Ya;I ;N?IJ;C (E7H=KC;DJE:;FHEF7=7D:7:;KC:EIFHE=H7C7II?C?B7H;I7E#+;N?IJ;KC$ GK;8;C:;<?D;E97HTJ;H:E C;ICE ;C H;B7YWE UI EKJH7I <;HH7C;DJ7I s'7?I HTF?:E GK; C7?B '7?I ]DJ?CE GK; 87J; F7FEt B; J;C 7 FEII?8?B?:7:;:E%! #C7I9EC7?DJ?C?:7:;:;KCFHE=H7C7F;IIE7B <;HH7C;DJ7IJ7DJE:;C;DI7=;CGK7DJE:;>7JF7HJ?9KB7H;DJH;KIKTH?EI;N?IJ;C<;HH7C;DJ7IGK;DWE:;CEDIJH7CGK; I;;IJT9ED;9J7:E9>7C7 I;s?DL?I]L;BtEKGK;DWEI;GK;H<7B7H9ECD?D=KZC7F;I7H:;I;;IJ7H9ED;9J7:E;7?D:7 ;N?IJ;79KH?EI7<;HH7C;DJ79>7C7:7s#=DEH;&?IJtZKC7EFYWE F7H7GK7D:EDWEI;GK;HC7?IH;9;8;HC;DI7=;DI:; KC KIKTH?E ;IF;9]<?9E B; Z s?=DEH7:Et B?J;H7BC;DJ; 0;H;CEI 7 I;=K?H KC7 ;NFB?97YWE ?BKIJH7:7 IE8H; 7 <;HH7C;DJ7IK8 ;IF7YE:;?DJ;H7YWE#+;EII;KIC7?I?CFEHJ7DJ;I?DIJHKC;DJEI:;?DJ;H7YWE E I; 9ED;9J7H U #DJ;HD;J E ]9ED; :E #+ EK I?C?B7H 7F7H;9; DE 97DJE ?D<;H?EH :?H;?JE :7 J;B7 @KDJE 7E H;B_=?E $D;B;78H; I;7@7D;B7GK;7FH;I;DJ77I <;HH7C;DJ7I:EFHE=H7C7;(;II7$7D;B77F7H;9;CJE:7I7I F;IIE7I GK; E KIKTH?E J;C ;C IK7 B?IJ7 F;IIE7I GK; J7C8ZC J[C E #+ (7 F7HJ; ED:; :?P s)DB?D;t 7F7H;9;C EI KIKTH?EIGK;J7C8ZC;IJWE9ED;9J7:EID7GK;B;CEC;DJE<?97C7PKB(7F7HJ;GK;:?Ps)<< B?D;t<?97CL;HC;B>EI 7F7H;9;C EI EKJHEI DEC;I :7 B?IJ7 GK; DWE ;IJWE sEDB?D;t D7GK;B; CEC;DJE I F7HJ;I GK; :?P;C s17?J?D= KJ>EH?P7J?ED HECt;IF;H7D:E7KJEH?P7YWE:;;s KJKH;/I;HI17J9>t)8I;HL7YWE:; KJKHE/IKTH?EIWEI;IIa;I GK;?D:?97CKIKTH?EI:E#+EKGK;LE9[F;:?KF7H7J;H9EDJ7JEC7I7?D:7DWEJ;L;H;IFEIJ7F;HC?IIWEEKGK;EKJHE KIKTH?EF;:?KF7H7J;H9EDJ7JE9ECLE9[C7ILE9[7?D:7DWEH;IFED:;KH;IF;9J?L7C;DJ; (EJEFE:7@7D;B7;N?IJ;C7IEFYa;IsBBtJE:EI;s)DB?D;tGK;:T7;I9EB>7:;I;H;CIEC;DJ;CEIJH7:EIEIKIKTH?EI GK; ;IJ?L;H;C sEDB?D;t 9ED;9J7:EI )I 9EC7D:EI s#+ 1;8 !K?:;t ; s.E -?CFB; 'E:;t I;HL;C F7H7 KJ?B?:7:;I ;NJH7I:EFHE=H7C7C7IGK;DWE?DJ;H<;H;CDE8TI?9E:;IK79ECKD?97YWE(E9EC7D:Es-OIJ;Ct;N?IJ;KCC;DK:; EFYa;IF7H7GK;EKIKTH?E9ED<?=KH;EFHE=H7C7:7C7D;?H7C7?I9ED<EHJTL;B?IJE7<;J7FH?D9?F7BC;DJ;ECE:E9ECEE FHE=H7C7I;7FH;I;DJ7F7H7;B;J7C8ZCDWE7<;J779ECKD?97YWE;DJH;KIKTH?EI )9EC7D:Es:: ?D:/I;HIt:?9?ED7HD9EDJH7H/IKTH?EII;HL;F7H7FHE9KH7H;79H;I9;DJ7HKIKTH?EID7B?IJ779?C7 (EHC7BC;DJ; I; I78; E DEC; EK ; C7?B EK E DbC;HE :E#+ N E DbC;HE DE JEFE :7@7D;B7 :7 DEII7 ?BKIJH7YWE:EKIKTH?EGK;I;;IJTFHE9KH7D:EF7H7I;79H;I9;DJ7H7B?IJ7EI;;D9EDJH7HEKIKTH?EI;79H;I9;DJ77B?IJ7 97IE7F;IIE7;IJ;@7B?LH;F7H7;DJH7HD7B?IJ7E79HZI9?CEZ ?C;:?7JE?D:EF7H7s)DB?D;tEKs)<< B?D;t7:;F;D:;HI; ;IJT9ED;9J7:EEKDWED7GK;B;CEC;DJE7IE7F;IIE7DWE;IJ;@7B?LH;?IJEZFH;9?I;:7HF;HC?IIWE7KJEC7J?97C;DJ; KC7@7D;B7:;C;DI7=;CI;78H;;7F;IIE7;I9H;L;KC7C;DI7=;CF;:?D:EF;HC?IIWEF7H77EKJH7<7P;HF7HJ;:;IK7 B?IJ7IEC;DJ;GK7D:E;IJ7EKJH7H;9;8;H7C;DI7=;C;:;H7F;HC?IIWEZGK;I;KDEC;;DJH7HTD7B?IJ7FEH;DGK7DJE <?97HT;Cs17?J?D=KJ>EH?P7J?ED HECt )9EC7D:Es#+t78H;KCEKJHEC;DK:;EFYa;IED:;EKIKTH?E;I9EB>;7B=KC7I<EHC7I:;I;=KH7DY7;J;C79;IIE7 ;NFB?97Ya;IIE8H;E#+(WE?DJ;H<;H;:?H;J7C;DJ;DE9EJ?:?7DE:;9ECKD?97Ya;I ?D7BC;DJ;DE9EC7D:EGK;D7?BKIJH7YWE:?Ps)DB?D;t9EC7<BEH:EB7:E?D:?97 I;;:;J;HC?D7 I;EIJ7JKIGK;I; GK;H J;H :E #+ ;DGK7DJE I; ;IJT 9ED;9J7:E E 9B?97H I; D;IJ; 9EC7D:E KC EKJHE C;DK :; EFYa;I 7F7H;9; 9K@7I EFYa;I IWE s)DB?D;t B?=7:E9ED;9J7:E s)<< B?D;t :;IB?=7:E:;I9ED;9J7:E sM7Ot 9ED;9J7:E C7I DWE :?IFED]L;B sEDvJ ?IJKH8t 9ED;9J7:E C7I DWE GK;H I;H F;HJKH87:E ; s#DL?I?8B;t ;IJT 9ED;9J7:E C7I EI EKJHEI KIKTH?EI E L[C 9ECE s)<< B?D;t F7H7 97:7 EFYWE >T KC7 L7H?7YWE DE :;I;D>E :7 <BEH )DB?D; r L;H:; )<< B?D; r L;HC;B>E M7O r L;H:; 9EC C7D9>7 8H7D97 D7 <H;DJ; EDvJ ?IJKH8 r L;H:; 9EC I]C8EBE L;HC;B>E D7 <H;DJ; #DL?I?8B; r L;HC;B>E E GK; ;D=7D7 EI EKJHEI KIKTH?EI :7D:E 7 ?CFH;IIWE GK; I; ;IJT :;I9ED;9J7:E GK7D:E I; ;IJT 9ED;9J7:E;FE:; I;L;HEIEKJHEIGK;;IJWE9ED;9J7:EIrs)DB?D;t)8IEKIKTH?EL[7IK7<BEHL;H:;C7I9ECKC EB>E;C9?C7 9ECKD?97YWE;CI? EI;9B?97HIE8H;GK7BGK;H:EIKIKTH?EID7B?IJ7KCC;DK:;EFYa;II;78H;9EDJ;D:E7II;=K?DJ;IEFYa;I ;DL?7HC;DI7=;CC7D:7C;DI7=;C;I9H?J7r@7D;B7F7H7;I9H;L;H7C;DI7=;Cr7F7H;9;D7J;B79ECKCI]C8EBE F7F;B:;8?B>;J;F?I97D:EIE8H;7s<BEHtDE97DJE:7 J;B7st:E:;IJ?D7JTH?Er &[ I;;FE:; I;H;IFED:;H:7 C;IC7 C7D;?H7 ;IJ7 <;HH7C;DJ7 FE:; C7D:7H C;DI7=;DI J7DJE F7H7 KIKTH?EI )DB?D; GK7DJE )<< B?D; IEC;DJ; GK;;B;I_B;HTGK7D:E;IJ?L;H)DB?D;rJ?FE; C7?B >7J9EDL?:7 I;EEKJHEKIKTH?EF7H79ECKD?97YWEL?7KC7I7B7:;87J; F7FE;N9BKI?L77F;D7IF7H7EI:E?I9EC C;DI7=;DI I;D:E JHE97:7I ?DIJ7DJ7D;7C;DJ; ;II7 <;HH7C;DJ7 I_ Z FEII]L;B 9EC EI :E?I KIKTH?EI )DB?D; ) CE:;BE:;@7D;B7:;>7JZI;C;B>7DJ;7:;EKJHEI>7JI II7IIWE7I<;HH7C;DJ7IFH?D9?F7?I:;9ECKD?97YWEC7I>T7?D:7EKJH7IEFYa;ID;II;sC;DKtFEH;N;CFBE '7D:7H97HJWE78H;KCC;DK:;97HJa;IGK;EKIKTH?E;DL?7F7H7EEKJHEI;HL;F7H7E97I?a;Ir7D?L;HITH?EI;J9r EKF7H7;D<;?J7HC7?I7IC;DI7=;DI #=DEH;&?IJ7E9B?97H;IJ7EFYWEEKIKTH?E:EGK7BI;EH?=?DEKEC;DKI;HT9EBE97:EDKC7B?IJ7:;DEC;I:EIGK7?I DWEC7?II;H;9;8;HTC;DI7=;DIF;IIE7FE:;7JZC7D:7HC;DI7=;DIC7ILE9[DKD97D;CI78;HT:?IIE*7H7I; J?H7HKCDEC;:Es#=DEH;&?IJt:;L; I;?HD7IEFYa;I:;I;=KH7DY7:7I;IIWEs#+t;7F7=7HEDEC;7]LEBJ7 I;7 I;H;9;8;HC;DI7=;DI:EC;ICE "?IJEHOCEIJH7E>?IJ_H?9E:;C;DI7=;DI;DL?7:7I;H;9;8?:7I:7GK;B;KIKTH?E ;DJH;EKJH7I<;HH7C;DJ7IDWECK?JEH;B;L7DJ;IF7H79ECFH;;DIWE:EKIE:;#+9ECE<EHC7:;9ECKD?97YWE; ;NFH;IIWE (EJ7EI;H;9;8;HKC7C;DI7=;CF7F;B:;8?B>;J;F?I97D:EIE8H;7s<BEHtrJ;B7st9B?97 I;D;B778H; I;7 @7D;B7 :; C;DI7=;C B[ I; 7 C;DI7=;C D;IJ7 C;IC7 @7D;B7 ;IJT :?IFED]L;B E C;ICE C;DK :; EFYa;I L?IJE 7DJ;H?EHC;DJ;EGK;F;HC?J;H;IFED:;H9ECKCC;ICEJ?FE:;C;DI7=;CC7D:7HEH;C;J;DJ;F7H7Es#=DEH;&?IJt C7D:7HKC97HJWEL;HE>?IJ_H?9E:;C;DI7=;DI;EK9EDL?:7HF7H7KC>7JEKFE:; I;I?CFB;IC;DJ;DWEH;IFED:;H -;EH;C;J;DJ;DWE;IJ?L;HEDB?D;DEC;ICECEC;DJEE9>7JDWEFE:;HTI;HKI7:E7F;D7IC;DI7=;CGK;I_I;HTB?:7 :;FE?I (EJ7 (E 9EC7D:E s#+t ;N?IJ; DE I;K C;DK 7 EFYWE s,7D:EC >7Jt >7J HKP7:E EK ?H9KB7H GK; :T 7 EFEHJKD?:7:;:;8KI97HGK7BGK;HF;IIE79ED;9J7:7D7GK;B;CEC;DJE;7II?C9ECKD?97H I;9EC;B7C;ICEGK;DWEI; 9ED>;Y7RKC7<;HH7C;DJ7F7H7I;9ED>;9;HF;IIE7IDEL7I KD9?ED7I;C;B>7DJ;7Es:: ?D:/I;HItIEC;DJ;GK;7 FHE9KH7Z78;HJ77JE:EIEI9ED;9J7:EI; DWEIEC;DJ;77B=KC DEC;DbC;HE;J9:; KIKTH?E;IF;9]<?9E>7C7 I; s,7D:EC >7Jt >7J HKP7:E FEHGK; 9HKP7 F;IIE7I 9ED;9J7:7I FEH KC 9EDL?J; F7H7 >7J *E:; I; H;9KI7H I?CFB;IC;DJ;EKJ;9B7H I;9ECE:;I9ED>;9?:EF7HJ?H:;IJ;FH?C;?HE9EDJ7JEFE:; I;F`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r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sK;DJH;?;LE9[;IJ7L7DE>7J;J7C8ZC;IJ7L7DE#+ E?;D=H7Y7:EJ;9B7HCEIJ7DJE;CKC GK7DJE ;C EKJHE IE8H; 7IIKDJEI :?<;H;DJ;I H7 9ECE I; <7BTII;CEI 9EC LTH?7I F;IIE7It (EJ; I; GK; EI :E?I C;C8HEI ;IJ7L7C J;D:E KC7 9EDL;HI7 78;HJ7 DE >7J KI KC7 9EDL;HI7 H;I;HL7:7 DE #+ KI ; ;B;I 7?D:7 ;IJ7L7CJ;9B7D:EJ7DJEDE78;HJEGK7DJEDEH;I;HL7:E:E>7J9ECEKJH7IF;IIE7ICbBJ?FBEIKI7?D:7FE:;CEI 9ECFKJ7HGK;97:7KCFE:?7;IJ7H<7P;D:EGK7BGK;HEKJH79E?I77JHTI:;I;KIJ;9B7:EIKI;NJ;HDEI;J7C8ZCGK;DE CEC;DJE:;IJ79EDL;HI7D7H;KD?WE:E=HKFE;B;I;IJ7L7CI;D:EEKJHEIKIKI<79; 7 <79;H;B;LVD9?7:;JE:E ;IJ;:?I9KHIEIE8H;7FH;I;DJ7Ya;I:;KIDEII;HL;J7C8ZCF7H7B;C8H7HGK;E97C?D>E:;9EDIJHKYWE:7IE9?78?B?:7:; DE;IF7YE:7#DJ;HD;JZDWEB?D;7HsH?PECTJ?9EtCbBJ?FBE;7BJ7C;DJ;?D<BK;D9?7:EF;B7IC;:?7Ya;IGK;E9ECFa;C FHE=H7C7I<;HH7C;DJ7IB?D=K7=;C9_:?=EI;J9 I;=K?H L;H;CEI C7?I IE8H; 7 7FH;I;DJ7YWE :E K DE ;IF7YE :7 #DJ;HD;J 9ECE <EHC7 :; 9ED9BK?H ;IJ7 7FH;I;DJ7YWE IE8H;7#DJ;HD;J9ECEKC;IF7YE9ECFHEFH?;:7:;IF7HJ?9KB7H;I )IC;C8HEI:E=HKFE!7B;H744;IJK:7:EI_9EIJKC7CJHE97HDbC;HEI:;#+7F_I7B=KCJ;CFE:;?DJ;H7YWE 9EC KC DELE C;C8HE !;H7BC;DJ; @T ?DJ;H7=;C DE 9>7J ; I; ;D9EDJH7C KC7 L;P DKC7 H;KD?WE 7E I; ?:;DJ?<?97H;C 7<?D?:7:;IC7?IF;IIE7?IBE=EJHE97CDbC;HEI:;#+ BD7E7@F3QPA6AG@A7EB3QA63"@F7D@7F (;IJ7I;IIWEFH;J;D:E7FH;I;DJ7HGK;IJ?ED7C;DJEI;7H=KC;DJ7Ya;IIE8H;9ECE79ECKD?97YWE;B;JH`D?97J;C9EBE97:E KCDELE7B97D9;DEIGK7:HEI:;?DJ;H7YWEF;IIE7B9ECE:;I;DLEBL?C;DJE:;DEL7I9EDL;DYa;I;9ECFEHJ7C;DJEID7 7FH;I;DJ7YWE:EK-;B<';ICEI;D:E7F7H;DJ;C;DJ;C7?IB?C?J7:7;C;DEIH?97GK;?DJ;H7Ya;Is<79; 7 <79;t;IJ; DELEJ?FE:;;IF7YE:;?DJ;H7YWE9H?7DELEIFHE8B;C7I;DEL7IEFEHJKD?:7:;I:;DJHE:7GK;IJWE:77FH;I;DJ7YWE:EK D7 J;EH?7 IE9?7B 7 GK7B I; FHEFa; U 9ECFH;;DIWE :E IK@;?JE DEI 9EDJ;NJEI IE9?7?I GK; E 9EDIJH_;C ; GK; FEH ;B; IWE 9EDIJHK]:EI /C7:7I9E?I7ID;9;IITH?7IF7H77I?DJ;H7Ya;I;DJH;F;IIE7IZ77FH;I;DJ7YWE:;I?9ECEKC7F;IIE779;?JTL;BD7GK;B; 9EDJ;NJE I F;IIE7I FEIIK;C JZ9D?97I ; H;9KHIEI :?IFED]L;?I GK; B>;I F;HC?J;C H;7B?P7H ;IJ; FHE9;IIE B7I DEHC7BC;DJ; :;I;@7C H;7B?P7H KC7 ;<;J?L7 ; 8;C IK9;:?:7 7FH;I;DJ7YWE :; I? F7H7 C?D?C?P7H EI ;C87H7YEI :; KC7 7FH;I;DJ7YWE <7B>7 GK; DWE I;=K; EI F7:Ha;I :E ;IF7YE DE ;DJ7DJE EKJHEI F7HJ?9?F7DJ;I :7 ?DJ;H7YWE IWE J7C8ZC CEJ?L7:EI77@K:7H;CIK7F;H<EHC7D9;FEH97KI7:E:;I;@E:;B;I:;;L?J7HE;C87H7YEGK;I;DJ;C:?7DJ;:7<7B>7:E EKJHE;:7IIK7IFH_FH?7I&E=ED7C7?EHF7HJ;:EJ;CFED_I?DJ;H7=?CEIDKCC7DJE:;9EDL;DYa;I*EH;IJ7DEYWE DEIIEIKIIWE7FH;I;DJ7:EIF7H7EFHEF_I?JE:7?DJ;H7YWE9ECEKJHEI;J7C8ZCIWE:;I;DLEBL?:EI;C7DJ?:EI9EC7 9EEF;H7YWE:;JE:EIEI7JEH;IFH;I;DJ;ID7?DJ;H7YWE(E9EDJ;NJE:7#DJ;HD;J77F7H;DJ;;IFEDJ7D;?:7:;:;?DJ;H7Ya;I ;DJH;7JEH;IGK;IKFEIJ7C;DJ;DWEI;9ED>;9;C;CFHE<KD:?:7:;Z:;IC?IJ?<?97:7GK7D:EZ<;?JEKC7FHE<KD:7C;DJE DEIFHE9;IIEI:;IE9?78?B?:7:;:EI:?L;HIEI=HKFEIGK;I;<EHC7C7JH7LZI:EC;ICE/C;N;CFBE:;II7CK:7DY7:; 7J?JK:; 7F7H;DJ; ;IFEDJ7D;?:7:; F7H7 7JK7YWE ;B78EH7:7 FE:; I;H 7FH;9?7:7 7JH7LZI :7 E8I;HL7YWE F7HJ?9?F7DJ; ;C =HKFEI:;:?I9KIIWEGK;7EH;9;8;HKCDELEC;C8HEBE=E?DJHE:KPD7L?:7:;II;DELE7JEH7IH;=H7I;9EDL;DYa;I GK; H;=;C 7 C7DKJ;DYWE :7I ?DJ;H7Ya;I :E =HKFE (E C7?I :7I L;P;I DWE :; KC7 <EHC7 :?H;J7 C7I 7JH7LZI :E 9EDL]L?E?D?9?7BEDELEF7HJ?9?F7DJ;L7?F;H9;8;HGK;J;C7IIWEF;HC?J?:EI7JH7LZI:7H;IFEIJ77E;IJ]CKBE?D?9?7BKC7 C;DI7=;C IE8H; KC 7IIKDJE DWE 9ED9;HD;DJ; 7E =HKFE FE:; I;H I?CFB;IC;DJ; ?=DEH7:7 <7P;D:E 7II?C DEJ7H GK; E ?D:?L]:KE:;L;KI7HKCEKJHEC;?EFHEL7L;BC;DJ;C7?IF7HJ?9KB7HF7H7<7P;H7GK;B;J?FE:;9ECKD?97YWEEKC;ICE GK;J?FE:;B?D=K7=;CB>;ZF;HC?J?:7KI7H;CFHEB:E8EC9EDL]L?EDE=HKFE&E=EECE:E9ECEE7JEHI;7FH;I;DJ7 ;C =HKFEI :;II; J?FE J7C8ZC :;F;D:; :; H;=H7I GK; DWE IWE 7DKD9?7:7I =;H7BC;DJ; C7I GK; <7P;C F7HJ; :7 C7DKJ;DYWE:7?DJ;H7YWE (7I H;B7Ya;I <79; 7 <79; CK?J7I ?D<EHC7Ya;I IE8H; E K IWE 9ECKD?97:7I :; C7D;?H7 ?D9?:;DJ7B ; 7B=KC7I IWE 9ECKD?97:7I ?DLEBKDJ7H?7C;DJ; !E<<C7D <7P :?IJ?DYWE ;DJH; ?D<EHC7YWE s:7:7t ?IJE Z FH;J;DI7 ; C7DKI;7:7 :; 7B=KC7 C7D;?H7 ; ?D<EHC7YWE sJ?H7:7t 7 GK7B s;I97F7t I;C GK7BGK;H ?DJ;DYWE DWE E8I;HL7:7I Z 9B7HE 7I ?DJ;HFH;J7Ya;IFI?9EB_=?97I:;IJ;J?FE:;;L;DJEB;J7C8ZC7FEDJ7:?<;H;DY7I;DJH;Es9;DJHEFH?D9?F7Bt:7?DJ;H7YWE; EKJHEI9;DJHEIGK;IWED7GK;B; CEC;DJE C;DEI7F7H;DJ;I-;KC7C?=E<7B79EC?=E7EJ;B;<ED;;KFEIIE:?I9KJ?H 7B=KC FHE8B;C7 :; JH787B>E 9EC ;B; ; FH;F7H7H KC7 N]97H7 :; 97<Z I?CKBJ7D;7C;DJ; 7C87I 7I 7Ya;I JH7DI9EHH;D:E 9EEF;H7J?L7C;DJ;;?DJ;H7J?L7C;DJ;9EC7EKJH7F;IIE7C7I=;H7BC;DJ;<?979B7HEGK;E9;DJHEFH?D9?F7B:7?DJ;H7YWEZ 7:?I9KIIWEIE8H;JH787B>E;DWEEFHE9;IIE:;<7P;H97<ZC;ICEGK;DEC;?E:79EDL;HI7;K:;?N;JH7DIF7H;9;HGK; ;IJEK H;7B?P7D:E KC7 EKJH7 7J?L?:7:; KC 87HKB>E FEH ;N;CFBE FE:; I;H :;DKD9?7:EH C7I ?IIE DWE 7<;J7 E 9;DJHE FH?D9?F7BEKC;ICEKC7<7B7:?H;J7s+K;:HE=7:;HHK8;?E7Yb97Ht;LE:;?N7H9B7HEGK;D7I?DJ;H7Ya;IDE;IF7YE :7#DJ;HD;J;IJ;J?FE:;I;F7H7YWE;DJH;s;NFH;IIWE;?CFH;IIWEt;s9;DJHE;F;H?<;H?7ItJ7C8ZCFE:;I;H7CFB7C;DJ; ;D9EDJH7:7;C8EH7:;DJHE:;IK7I97H79J;H]IJ?97IF7HJ?9KB7H;I/CIK@;?JEFE:;I;7FH;I;DJ7H:;KC79;HJ7C7D;?H7L?7 ; C7?B;NFH;IIWEC7I7B=KDI;B;C;DJEI:;IK7B?D=K7=;CDWE9ED<?HC7CEGK;;B;7FH;I;DJ7?CFH;IIWE 7FH;I;DJ7YWE:EK9ECE@T:?II;FE:;I;H8;CC;DEI;IFEDJVD;7GK;DEs<79; 7 <79;tC7IJ7DJE7;B78EH7YWE:E ;C?IIEHGK7DJE7?DJ;HFH;J7YWE:EH;9;FJEHFE:;CI;HC7?I7J;DJ7I7:;F;D:;H:E;IF7YE:;?DJ;H7YWE(KC>7J87J; F7FE FEH ;N;CFBE DWE I; FE:; I;H JWE 7J;DJE 7 9;HJ7I 9E?I7I :;L?:E 7 IK7 97H79J;H]IJ?97 :; sJ;CFE H;7Bt H;IFEIJ7 ?C;:?7J7C=;H7BEI9;DJHEI:;7J;DYWE:EI?DJ;HBE9KJEH;IFE:;CI;HCbBJ?FBEIEGK;J7C8ZC<7PL7H?7HE@E=E;DJH; #.- ;%#!#%.- FE:;CEIDEJ7H:K7I=H7:7Ya;I;CFH?C;?HEBK=7HJ;CEIKC9;DJHEJ;C7EK7IIKDJE:E GK7BD7:7?CF;:;GK;EKJHEIJ;C7II;:;I;DLEBL7C:;DJHE:7C;IC7?DJ;H7YWE7EKJH7=H7:7YWE:?PH;IF;?JE7E<7JE:; GK;:KH7DJ;7?DJ;H7YWEDE;IF7YE:7#DJ;HD;JI;@7DE>7JDE _HKCEKD7&?IJ7:; C7?BE?D:?L]:KEFE:;;IJ7H H;7B?P7D:EEKJH77J?L?:7:;<EH7:E;IF7YE:7#DJ;HD;J7?DJ;H<;H[D9?7:;IJ7D7?DJ;H7YWEFE:;I;HH;B;L7DJ;EKDWEF7H77 C;IC7:;F;D:;:7FH_FH?7D7JKH;P7:77J?L?:7:;*EH;N;CFBE7II?IJ?D:E.07EC;ICEJ;CFE;CGK;F7HJ?9?F7:;KC >7J ;I;DLEBL;D:E;IJ7:?I9KIIWEF7H7EIH;9KHIEI:?IFED]L;?IU7FH;I;DJ7YWE:EKDE;IF7YE:7#DJ;HD;J7FH;I;DJ7H;CEI EI C;ICEI ;C 9ED@KDJE DKC FHE9;IIE 9ECF7H7J?LE 9EC 7I H;B7Ya;I <79; 7 <79; ; 7II?C JH787B>T BEI :; C7D;?H7 GK; 9EEF;H;F7H77DEII79ECFH;;DIWE:79EDIJHKYWE:EKD;IJ;9EDJ;NJEIFH?D9?F7?I<EHC7I:;7FH;I;DJ7YWE:EKDE ;IF7YE :7 #DJ;HD;J IWE 7JH7LZI :7I <;HH7C;DJ7IIK8 ;IF7YEI :; ?DJ;H7YWE @T L?IJ7I D7 I;IIWE 7DJ;H?EH C7?B _HKDI >7J;E#+;I?C?B7H;I EDI?:;H7D:E77FH;I;DJ7YWE:EKKC;C87J;;DJH;;NFH;II?L?:7:;;9EDL;DYa;IEKLEDJ7:;I;H;=H7IL;H;CEIGK; J7DJE D7I ?DJ;H7Ya;I <79; 7 <79; GK7DJE D7I ?DJ;H7Ya;I DE ;IF7YE :7 #DJ;HD;J ;N?IJ; ;IJ; C;ICE ;C87J; 78; DEI :;I;DLEBL;HEGK;IJ?ED7C;DJEIE8H;7I;IF;9?<?9?:7:;I:EC;ICE;C97:7KC:EII;KIsIK8 ;IF7YEIt:;?DJ;H7YWE EDEI;NFH;II7HCEI<79; 7 <79;J;DJ7CEI=7H7DJ?H7C7DKJ;DYWE:E;DJ;D:?C;DJE:7I7F7H[D9?7I:E9EDL;D9?C;DJE :7I;:KYWE:7I9EDL;DYa;I EK:;GK7BGK;HGK;I;@77DEII7?DJ;DYWED7?DJ;H7YWE.;DJ7CEII;H9B7HEI;:K97:EI; H;IF;?JEIEIF7H7GK;I;@7CE C;ICE9EDEI9E.;DJ7 I;F7II7HKC7 DEYWE:EGK;IECEI;:EGK;GK;H;CEIF7FZ?I F7H7 J;DJ7H 7B97DY7H ?DJ;DYa;I C;ICE GK; ;II7 I;@7 I?CFB;IC;DJ; sF7H;9;H C7?I 7JH7;DJ;t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a;I H;IF;9J?L7I :; KI (WE :;L;CEI ?=DEH7H GK; FE:;C ;N?IJ?H 97IEI ;IJH?J7C;DJ;FHE<?II?ED7?IEK<KD9?ED7?I:;KIE:E; C7?BEGK;DWEJ?H7EI;<;?JEI:7H;9?FHE9?:7:;;;NFH;II?L?:7:; 7F;D7IEI:;?N7CC;DEIL?I]L;?IEKC;ICE?DJ;H;II7DJ;IF7H7EDEIIEFHEF_I?JE):;I;DLEBL?C;DJE;I9H?JE:;II;IKI FE:;CI;H9EBE97:EI9ECEJ;D:E:K7I97H79J;H]IJ?97I8TI?97I;?DJ;HB?=7:7I7:L?D:7IJ7DJE:E<7JE:;I;H;CFEH;I9H?JE GK7DJE:E<7JE:;DWEI;H;C;CsJ;CFEH;7Bt?IJEZ7IH;IFEIJ7IDWEIWE?C;:?7J7III7I97H79J;H]IJ?97IIWE ?3;AD 7>34AD3QPA @3E 3BD7E7@F3QW7E; ?3;AD 3F7@QPA @3E ;@F7DBD7F3QW7E /C @E=E ;DJH; 7I 97J;=EH?7I KJ?B?P7:7I FEH !E<<C7D 7 ;NFH;IIWE ; 7 ?CFH;IIWE DGK7DJE GK; <79; 7 <79; 7E DEI ;NFH;II7HCEI :;?N7CEI ?CFH;IIa;I ?D<EHC7Ya;IF7II7:7II;C?DJ;DYWE;CDEIIEI?DJ;HBE9KJEH;IFEH97KI7:;<7B>7ID77FH;I;DJ7YWED7JHE97:;; C7?BI J7DJEE;C?IIEHFE:; ##C;B>EHIK7C;DI7=;CGK7DJEEH;9;FJEHFE:;E<;H;9;HKC7 #%.- 7C;IC7;:7] 97FJ7H?CFH;IIa;I(;II;@E=E:;B;?JKH7I:;KI;IJ78;B;9?:EF;B7?DJ;H7YWEL?7; C7?BH;IJ7F;H9;8;H7IL7H?7Ya;I:; FEII?8?B?:7:;I :;II7I JHE97I 7JZ 7J?D=?H IK7 I7JKH7YWE EK F7II7D:E F7H7 EKJH7I <EHC7I :; ?DJ;H7YWE J;B;<ED; <79; 7 <79; ;J9 EK I?CFB;IC;DJ; J;HC?D7D:E I; DWE :;?N7D:E :; I;H ?DJ;DIE E <BKNE ;IJ7I L7H?7Ya;I FE:;C I;H ;I8EY7:7I7GK?:EI;=K?DJ;CE:E /C :EI 7JEH;I :7 ?DJ;H7YWE J;C <79?B?:7:; DE KIE :7 ;I9H?J7 9ECE <EHC7 :; 7FH;I;DJ7YWE C7D?FKB7YWE :E K ; E EKJHEDWEZJWE7J;DJEEI;=KD:EFE:;?DJ;HFH;J7H?CFH;IIWEEFH?C;?HE:;KC7<EHC7;N9;II?L7C;DJ;?:;7B?P7:7/C :EI 7JEH;I ;I9H;L; CK?JE GK;H I; ;NFH;II7H CK?JE C7I DWE Z 9K?:7:EIE D7 IK7 ;I9H?J7 ;C IK7 7FH;I;DJ7YWE DE ;DJ7DJE I;K ?DJ;HBE9KJEH Z 87IJ7DJ; 7J;DJE DEJ7 9EDJH7:?Ya;I DE :?I9KHIE <7B>7 D7 7FH;I;DJ7YWE :;:KP 7DI?;:7:;I FH;II7 ;IJ; ?DJ;HBE9KJEH FE:; J7DJE KJ?B?P7H ;IJ7I ?CFH;IIa;I F7H7 =K?7H IK7 7FH;I;DJ7YWE :; CE:E 7 F7H;9;H C7?I ;B78EH7:7GK;7:EEKJHE;FEH?IIE97KI7HC7?EH?CF79JE;IF;9?7BC;DJ;D7IJHE97I;DJH;I;NEIEFEIJEIGK7DJEFE:; DWEJ;H:;IF;HJ7:EE?DJ;H;II;FEHKC79EDJ?DK?:7:;:7?DJ;H7YWE ;LE79H;I9;DJ7HJ7C8ZCGK;KC79;HJ7=7C7:;9EDL;DYa;I;IJTFH;I;DJ;D7I?DJ;H7Ya;I87I;7:7ID7JHE97:;; C7?BI GK;7:;F;D:;H:EIHKCEIFEII]L;?IJEC7:EIF;BEI7JEH;IFE:;C9EBE97HB?C?J;IJ7DJEDEIJ;C7IGK7DJED7B?D=K7=;C FH;I;DJ;ID7IC;DI7=;DIJHE97:7I/C78E77FH;I;DJ7YWEJ7C8ZC:;F;D:;:77J;DYWE7;II7I9EDL;DYa;IGK;I;HL;C 79?C7:;JK:EF7H778E79EDL?L[D9?7DE;IF7YE:7?DJ;H7YWE &AE UDG@E 7FH;I;DJ7YWE :E K DEI _HKDI ; D7I B?IJ7I :; :?I9KIIWE FEH ; C7?B Z H;7BC;DJ; C;DEI 9ECFB;N7 GK; D7I EKJH7I <EHC7I :; 7FH;I;DJ7YWE KC7 L;P GK; >T DE 9;DJHE :; 7C8EI IK8 ;IF7YEI KC J;C7 7 I;H JH7J7:E F;BEI KIKTH?EI I;@7 FEB]J?97?DJ;HD79?ED7BKIE:;:HE=7IEKI?CFB;IJHE97I:;F?7:7IDWE:;?N7D:ECK?JE;IF7YEF7H77;B78EH7YWE:;KI I?CFH;IIa;I97KI7:7IDEIB;?JEH;I:7IC;DI7=;DIF7II7:7IFEH 97:7KCFE:;HTL;PFEHEKJH7IKI9?J7HH;7Ya;IC7?I FH_N?C7I :7I ?DJ;H7Ya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a;I <79; 7 <79; I <EHC7Ya;I;B78EH7Ya;I:;KI7JH7LZI:EI J;NJEI ; <H7I;I DE >7J I; JEHD7C C;DEI 97F7P;I J7DJE :; KC7 C7?EH ;B78EH7YWE GK7DJE :; KC7 C7?EH 7J;DYWE :E ?DJ;HBE9KJEH:KH7DJ;7?DJ;H7YWED;9;II?:7:;:;H;IFEIJ7I?C;:?7J7IGK; C7DJ;D>7C 77J;DYWE:E?DJ;HBE9KJEHDKC 7C8?;DJ;ED:;CbBJ?FB7IsLEP;ItJEC7CBK=7HZEGK;:T7EFEHJKD?:7:;:;IJ7?DJ;H7YWE GK?E@E=E:;9EDIJHKYWE:EKI;9ECFB;N?<?97C7?I7?D:7@TGK;KCC;ICE?D:?L]:KE! ;IJ7HI;D:ELTH?EIKI DKCC;ICE;IF7YE:;?DJ;H7YWEFH?CTH?EED?9ADE>7J7I9EDL;HI7I78;HJ7I7I9EDL;HI7IH;I;HL7:7I;7 F;IIE7 FEH JHTI :7 J;B7 :E 9ECFKJ7:EH F7HJ?9KB7H?:7:; :;II;I KI 7FH;I;DJ7:EI L7? ;DJWE :;F;D:;H :7 7=?B?:7:; ; J7B;DJE :E ?D:?L]:KE ; J7C8ZC :E J?FE :; H;9;FJ?L?:7:; :E ?DJ;HBE9KJEH 7GK? H;JEHD7 E @E=E :; ;B78EH7YWE;NFH;IIWE '#$&$ 7J;DYWE?CFH;IIWE 'K?J7I L;P;I 7E I; F;H9;8;H GK; E ?DJ;HBE9KJEH ;IJT ?DJ;H7=?D:E 9EC CK?J7I F;IIE7I 7E C;ICEJ;CFECK?JEI;HHEI:;:?=?J7YWE:;CEH7;CH;IFED:;HUI?DJ;HF;B7Ya;I;J9F;H:; I;E?DJ;H;II;;CC7DJ;H7 ?DJ;H7YWE<7BJEK7=?B?:7:;J7B;DJE:;KC;?DJ;H;II;7J;DYWE:EEKJHE7II?CKC>7JsHEB7t7D7BE=?79EC7s87HH7:; HEB7C;DJEt:7s@7D;B7t:EFHE=H7C7:;D7L;=7YWEKJ?B?P7:E-K9;IIa;I:;JHE97I9EDIJHK?D:EKCJ?FE:;IE9?78?B?:7:; ;7FH;I;DJ7Ya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a;I ;IF;9]<?97I EK 7JZ C;ICE :; 9ECE IEK ;DJWE I;HT C7?I FHTJ?9E ; C7?I ?DJ;H;II7DJ; :E FEDJE :; L?IJ7 :E ;IJK:E :7 7FH;I;DJ7YWE:EKDE;IF7YE:7#DJ;HD;J<EHCKB7HKCDEC;GK;@TE:?=7 ,7CE:7&?D=c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`D?CE.?7P?D>7'79>EBED;-EP?D>EEK-_.H?IJED>E87D:ED7:7EIDbC;HEI IWE ?:7:;I IJ;I ; CK?JEI EKJHEI 7F;B?:EI FHELE97C ?DJ;HFH;J7Ya;I 7 F7HJ?H :7I ?CFH;IIa;I JH7DIC?J?:7I *E:; J;H >7L;H9EC77F7H[D9?79EC97H79J;H]IJ?97I?DJ;B;9JK7?I9EC7 CE:7:ECEC;DJE;L7?CK?JE:;F;D:;H:79ED@KDYWE :; 7IF;9JEI GK; B;L7C EI ?D:?L]:KEI 7 ;DJH7H<H;Gc;DJ7H E >7J ?DJ;DYa;I CEJ?L7Ya;I 7C8?[D9?7 ?DJ;HBE9KJEH;I B?D=K7=;C 9EHH;DJ; ;J9 (WE >T DE FH?C;?HE CEC;DJE CK?J7 78;HJKH7 F7H7 KC7 ?DJ;HFH;J7YWE 7BZC :E GK; ;IJT ;NFH;IIE FE?I Z E GK; E ?D:?L]:KE GK;H JH7DIC?J?H :; I? EK :; I;K ;IJ7:E ; :;L; I;H ?DJ;HFH;J7:E:;II7 C7D;?H7 F7H7 7JH7?H ?DJ;HBE9KJEH;I 9EC 7<?D?:7:;I CEC;DJVD;7I EK FHEBED=7:7I I;C;B>7DJ;I 'K?J7I L;P;I KC DEC;D?9A @T KJ?B?P7:E;9ED>;9?:EDKC>7JFE:;H;9;8;HKC9ECFB;C;DJEGK;?D:?GK;7BZC:7?:;DJ?<?97YWE9ECE7GK;B7F;IIE7 ;IF;9]<?97 ; :7 ?D<EHC7YWE IE8H; I? GK; I; GK;H ;NFH;II7H KC ;IJ7:E ;CE9?ED7B CEC;DJVD;E FEH ;N;CFBE &E?H7D;HLEI7 -EBJ;?H7 9>;?7 :; J;IWE .?7P?D>7 :; 9>?9EJ; 97DI7:E ;J9 II; 9ECFB;C;DJE DE 7F;B?:E FE:; I;H J7C8ZC KC 9ECFB;C;DJE D7 7FH;I;DJ7YWE :E K D7GK;B; CEC;DJE ; GK; J7C8ZC Z KC :;I;DLEBL?C;DJE :E @E=E ;NFH;IIWE?CFH;IIWE IEC;DJ; GK; H; 7JK7B?P7:E DKC DELE 9EDJ;NJE ED:; F;HC7D;9;C 7I ?DJ;HFH;J7Ya;I 7DJ;H?EH;I IE8H;EK;C7?IH;DEL7:7I97H79J;H]IJ?97I:7DEL7?DJ;H7YWE &A") F7HJ?9?F7YWE :E #+ ; I?C?B7H;I D;IJ7 I;IIWE IE8H; 7 7FH;I;DJ7YWE :E K DE ;IF7YE :7 #DJ;HD;J DEI I;HL; 9ECE ;N;CFBE :; KC FHE9;IIE ;NF7DI?LE :; FEII?8?B?:7:;I D7I ?DJ;H7Ya;I DE ;IF7YE :7 #DJ;HD;J I F;IIE7I GK; @T I; 9ED>;9;C<79; 7 <79;EKDWE;IJWE;C;IJ7:E9EDIJ7DJ;:;FEII]L;B9ED;NWE@TGK;I;CFH;I78; I;GK;EEKJHE;IJT FH;I;DJ; DE ;IF7YE :?IFED]L;B F7H7 ?DJ;H7YWE EK DWE C7I Z KC K FH;I;DJ; 7B? DE H?JK7B I?C8_B?9E :; s;IJ7H 9ED;9J7:Et -;C :bL?:7 J;C I?:E KC F7IIE 7BZC DE FHE9;IIE :; C7?EH ?DJ?C?:7:; ;DJH; ?D:?L]:KEI DE ;IF7YE :7 #DJ;HD;JFE?I@TB;L7797H=7:;7FH;I;DJ7Ya;I:;K7DJ;H?EH;I>7J _HKC C7?BEK7JZ<79; 7 <79;;FE:;J;HE I?=D?<?97:E:;KCC7?EH:;I;DLEBL?C;DJE:;IJ;C;ICEIFH?D9?F7BC;DJ;FEHGK;DE#+J7DJEFE:;I;KI7HC;DI7=;DI ?DIJ7DJVD;7I EK DWE EK KC >7J F7HJ?9KB7H ;C J;CFE H;7B )I 9H?JZH?EI :; B?D=K7=;C ;I9H?J7 L;BE9?:7:; ;J9 F;HC7D;9;CFEHZCEGK;>T:;79HZI9?CEZE<7JE:EC7?EH9ED>;9?C;DJE:;7C8EIEI?DJ;HBE9KJEH;IIE8H;EEKJHE; FEH?IIEKCC7?EH7FHE<KD:7C;DJE:E@E=E;NFH;IIWEr?CFH;IIWEGK7DJEC7?II;I78;IE8H;EEKJHEC7?I?CFH;IIa;I FE:;CEIJ?H7H:7I;NFH;IIa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a;I<79; 7 <79;;DE;IF7YE:7#DJ;HD;J FE:;CEI:?P;HGK;D7I?DJ;H7Ya;IDE;IF7YE:7#DJ;HD;J>TI;CFH;7FH;I;DY7;NFB]9?J7:;C;:?7Ya;IJZ9D?97II;D:E7 ;I9H?J7 7 C7?I FH;I;DJ; F7H7 7 ;NFH;II?L?:7:; :EI ?D:?L]:KEI ;DGK7DJE GK; DE <79; 7 <79; 7I C;:?7Ya;I JZ9D?97I IWE H;IJH?J7I?IJEZJ;CEI7B?D=K7=;C C7I;B7;IJT:?H;J7C;DJ; 7FH;I;DJ7:7 I;=KD:7:?<;H;DY7I;H?7E KIE:EI D?9AI 7F;B?:EI ;I9EB>7 ?DJ;D9?ED7B :; DEC;I F7H7 7 ?:;DJ?<?97YWE :E K GK; ;IJT I;D:E 7FH;I;DJ7:E ?IIE FE:;CEI 7FH;I;DJ7HC7?IKC7:?<;H;DY7C7IGK;J7C8ZCZKC7I;C;B>7DY7J7DJEDKC;IF7YEGK7DJEDEEKJHE;N?IJ;CEI@E=EI :;CTI97H7IDE;DJ7DJE;DGK7DJEDE<79; 7 <79;EI@E=EI:;CTI97H7IIWEH;IJH?JEIUFH_FH?77FH;I;DJ7YWE:EKDE ;IF7YE:7#DJ;HD;JFE:; I;E9KBJ7H?D<?D?J7I97H79J;H]IJ?97I<]I?97Ir?:7:;9EH7F7H[D9?7;J9rEK:;9ECFEHJ7C;DJE 7EI;<EH@7HKC7CTI97H7)KJH7:?<;H;DY7Z7CKBJ?FB?9?:7:;:;FEII?8?B?:7:;I:;?DJ;H7YWEGK;FE:;B;L7H7KC7C7?EH IKF;H<?9?7B?:7:;D7I?DJ;H7Ya;I;DGK7DJEGK;DE<79; 7 <79;Z C7?I:?<]9?BI;H9ECFB;J7C;DJ;IKF;H<?9?7B C;ICEGK; DKC 9EDJ;NJE CbBJ?FBE 9H;I9;DJ7CEI EKJH7 :?<;H;DY7 9KH?EI7 GK; Z E <7JE :; I; FE:;H 78EH:7H J;C7I ; ?DIKBJ7H F;IIE7I :; KC7 C7D;?H7 8;C C7?I 78;HJ7 GK; D7I H;B7Ya;I <79; 7 <79; $T <7P F7HJ; :7I 9EDL;DYa;I :E ;IF7YE :7 #DJ;HD;JGK;7:?IJVD9?7;E7DED?C7JEFE:;CFHEFEH9?ED7H7E?D:?L]:KEKC7IZH?;:;FEII?8?B?:7:;I:;;NFH;IIWEC7?I B?LH;9EDJK:E7H;9]FHE97Z7C;IC7:;L; I;;IJ7HFHEDJEF7H7IKFEHJ7HCK?J79E?I7sHK?Ct:EIEKJHEI(E;DJ7DJEZ J7C8ZCL;H:7:;GK;EFHE9;IIEF7H7I;?=DEH7H7B=KZC?D:;I;@7:EZCK?JEC7?II?CFB;IGK;DE<79; 7 <79;EGK;@T <EHC7EKJH7:?<;H;DY7:;I;C;B>7DJ;EGK;FE:;CEI<EHCKB7H7JZ7GK?ZGK;>TKC77F7H;DJ;8KI97FEH?DJ?C?:7:; J7DJEDKC;IF7YEGK7DJEDEEKJHE:;?DJ;H7YWEFEHZCFEHL?7I:?<;H;DJ;I9ECEL?CEI)GK;<7P:77FH;I;DJ7YWE:E K DE ;IF7YE :7 #DJ;HD;J 9;HJ7C;DJ; F7HJ?9KB7H C7I DWE JEJ7BC;DJ; ;IJH7D>7 :7I 97H79J;H]IJ?97I :7 C;IC7 DE <79; 7 <79; ;IF;9?7BC;DJ; GK7D:E :7 C7?EH 9ECFB;C;DJ7H?:7:; :7I C;IC7I ;C 9;HJ7I I?JK7Ya;I 9ECE Z E 97IE :E =HKFE !7B;H7 44 ;IJK:7:E 9K@EI ;IF7YEI :; ?DJ;H7YWE ; 7I 7FH;I;DJ7Ya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a;I9KBJKH7?IEK JHE97II?C8_B?97I:;9_:?=EI9KBJKH7?IF7HJ?B>7:EIR9B7HEGK;DWEZJWEI?CFB;I7II?C%# #ZEFHE9;IIEGK;E9EHH; GK7D:EF;IIE7II;H;bD;C;7JK7B?P7CI;KII]C8EBEII;@7;CGK;;IF7YE<EH0;@7CEI7:?7DJ;E:;I;DLEBL?C;DJE:;IJ; 9ED9;?JE ;HJEI 7IF;9JEI :E GK; I;@7 IE9?78?B?:7:; :; 79EH:E 9EC 9;HJ7I 9EHH;DJ;I :; 7KJEH;I F7H;9; ?:;DJ?<?9T B7 9ECE 7I H;B7Ya;I :; KC =HKFE EK ?D:?L]:KEI 9EC E ;NJ;H?EH <EH7 :E 9EJ?:?7DE ;IJ; ?:;DJ?<?97:E C7?I 9EC 7 -E9?7B?:7:; sH;FHE:KYWE:7L?:7IE9?7Btrs?DJ;H?EHt '997BBKC9EC7IF;9JEI<EHC7?IH;B79?ED7:EI7IJ7JKI7JK7Ya;IEK F7FZ?I ; 9EC 97H79J;H]IJ?97I C;DEI 7<;J?L7I C7?I H79?ED7BC;DJ; ;B78EH7:7I (E ;DJ7DJE ;II7 9ED9;?JK7YWE B?C?J7 7 DEII7 9ECFH;;DIWE :E E8@;JE su<EHC7 :7 IE9?78?B?:7:;v ;D<7J?P7 7I H;B7Ya;I 9EC E ;NJ;H?EH GK; JH7DI9;D:;C E :ECZIJ?9E;7L?:7:?TH?7t'997BBKCB=EGK;9ECE L;H;CEIF;BEFEDJE:;L?IJ7:7FH;I;DJ;?DL;IJ?=7YWE H;<EHY7HTEI;DJ?:E:;IE9?78?B?:7:;9ECEFHE9;IIE:;%# $$2$GK;Z7GK?:;<;D:?:E $TF7H7'?9>;B'7<<;IEB?s7IE9?7B?:7:;ZKC9ED@KDJE:;FHTJ?97IGKEJ?:?7D7IGK;;I97F7C7E9EDJHEB;IE9?7BH]=?:E ?DI?IJ?D:EDKC7F;HIF;9J?L7 >;:ED?IJ7JH?87B I;CF;HIF;9J?L7I<KJKH?IJ7I;DH7?P7D:E I; DEFH;I;DJ; IH;B7Ya;IGK; 9ECFa;C 7 IE9?7B?:7:; 9EDIJ?JK;C E L;H:7:;?HE IK8IJH7JE :; JE:7 L?:7 ;C IE9?;:7:; DWE I_ :7 IE9?;:7:; 9EDJ;CFEHVD;7C7I:;JE:7L?:7;CIE9?;:7:;-WEEICEC;DJEI:;:;IF;I7?CFHE:KJ?L7:;;D=7@7C;DJEI;<[C;HEI :;IK8C?IIWE:7H7PWEU;CEYWE:;L?L;HEu;IJ7H@KDJEvGK;7=H;=7:;J;HC?D7:E9EHFEIE9?7BII?CZ7IE9?7B?:7:; GK;u<7PIE9?;:7:;v:;I:;7IIE9?;:7:;IFH?C?J?L7I9ECI;KICEC;DJEI;<;HL;I9;DJ;IH?JK7B]IJ?9EIEKC;ICE<;IJ?LEI 7JZ7IIE9?;:7:;IJ;9DEBE=?97C;DJ;7L7DY7:7I9ECIK787HHEGK?I7YWE7JH7LZI:7I?C7=;DIt&;CEIEDB?D; (7?DJHE:KYWE:; & BEH;IJ7D ;HD7D:;IDEI<7B7GK;s;C97:7D]L;B:7EH=7D?P7YWE:7L?:77 ?DJ;H7YWE 9EDIJ?JK? KC7 ;NFH;IIWE :7I <KDYa;I 7:7FJ7J?L7I D;B7 FH;;D9>?:7I F;B7 IE9?78?B?:7:; ; F;B7 7IIE9?7YWEt 2##D;II787I;7IE9?78?B?:7:;I;H?7KC79EDIJHKYWE:?DVC?97GK;CEL;7I;IJHKJKH7I:7I?DJ;H7Ya;IIE9?7?I KC797H79J;H]IJ?97FI?9EIIE9?7BD;9;II?:7:;9EB;J?L7CEJ?L7:EH7;FEII?8?B?J7:EH7:7I?DJ;H7Ya;I C JE:E J?FE :; ?DJ;H7YWE IE9?7B FHE:KP?:7 ; L?L?:7 ; H;FHE:KP?:7 F;BEI ?D:?L]:KEI DEI 9EDJ;NJEI :EI GK7?I <7P;C F7HJ;CbBJ?FB7I9EDIJHKYa;IIWE7JK7B?P7:7IDEIC7?I:?L;HIEIH?JK7?IH;FH;I;DJ7D:E;NJ;HD7C;DJ;9ECE<;D`C;DE7I H;FH;I;DJ7Ya;I :EI ?DbC;HEI FHE9;IIEI :; I?=D?<?97YWE GK; :WE I;DJ?:E UI .3$:;IJ;I C;ICEI ?D:?L]:KEI I ?DJ;HFH;J7Ya;I FEII]L;?I :7I 7Ya;I IWE 7I H;FH;I;DJ7Ya;I :7I C;IC7I IWE E $&#$ IE8H; 7 7YWE ; DWE 7 .- ,;FH;I;DJ7HZKC7<EHC7:;;NFB?97HH;KD?HEH:;D7H;:7H<EHC7UI7Ya;I7]GK;79ECFH;;DIWE:7I7Ya;II_I;@7 FEII]L;B7JH7LZI:7IH;FH;I;DJ7Ya;I;;II;FHE9;IIEZKC79EDIJHKYWE9KBJKH7B:?DVC?979K@E97HTJ;H?D?9?7B:;$ I; JEHD7 9E:?<?97:E F;B7 9KBJKH7 H;JEHD7D:E 9EDJ?DK7C;DJ; 7EI FHE9;IIEI :; I?=D?<?97YWE :7I 7Ya;I :EI ?D:?L]:KEI D7 <EHC7:;H;FH;I;DJ7Ya;I ;DJHE:;KC79EB;J?L?:7:;ZFEII]L;BE?D:?L]:KEJ;HKC79ECFH;;DIWE:E=HKFE;7EC;ICEJ;CFEE=HKFE=;H7H KC7EKJH7:E?D:?L]:KEI:?<;H;DY7I:;?DJ;HFH;J7YWEIWE;D=BE87:7IDKC9ED@KDJE:;#!#$%.3$ %'$GK; F7H;9;I;:7HF;BE # ?CFB]9?JEEK;NFB]9?JEDKCFHE9;IIE:;?DJ;HFH;J7YWE;9EDL;D9?ED7C;DJE:E797IEGK;KD; 7I :?<;H;DJ;I 9ECFH;;DIa;I DKC IKFEIJE FH?C;?HE CEC;DJE :; ?DJ;H7YWE >?FEJZJ?9E .E:E FHE9;IIE :; 9EDIJHKYWE I?C8_B?97 I_ Z FEII]L;B 7 F7HJ?H :7 ?DJ;H7YWE FEH ?IIE ;IJ7 ?C7=;C :E s9EC;YE :7 ?DJ;H7YWE 9KBJKH7Bt 8KI97D:E 9H?7D:EEI;DJ?:EF7HJ?B>7:E:7I9E?I7I;:7I7Ya;I .7DJE 7 H;FH;I;DJ7YWE :E & 7 :E &%# =;H7C KC7 H;FH;I;DJ7YWE CbJK7 :; H;7B?:7:; GK; I; L[ <H;DJ; ;C 7C8EI EI B7:EI 7 H;FH;I;DJ7Ya;I ?D9ED:?9?ED7BC;DJ; L;H:7:;?H7I C;ICE 7F;I7H :; I;H;C H;FH;I;DJ7Ya;I FE?I ;IJ7I IWE 7I H;FH;I;DJ7Ya;I :EI IK@;?JEI :EI 9>EGK;I :; 9EDI9?[D9?7I GK; ;N?IJ;C DEI FHE9;IIEI :; $ +.- .EC7 I; 9EDI9?[D9?7GK;>TEKJHE?DJ;H7=?D:E;GK;7?DJ;H7YWEJ;C I;DJ?:EF7H77C8EI CEJ?L7YWE F7H77IE9?78?B?:7:; I;H?7;DJWE7JEC7:7:;9EDI9?[D9?7:7H;9?FHE9?:7:;:7JHE97:;I]C8EBEIEJEC7H9EDI9?[D9?7:E)KJHEI;JEHD7 D;9;IITH?E ; @T I; <7P FH;I;DJ; 7 IE9?78?B?:7:; FE?I DWE I; FE:; 7B?;D7H 7 FH_FH?7 9EDI9?[D9?7 C;ICE GK; I; GK;?H7 7B?;D7H E EKJHE FEH GK7BGK;H H7PWE )K :?JE :; EKJHE CE:E 7 FH_FH?7 JHE97 @T 9EDIJ?JK? 7 IE9?78?B?:7:; ; IK7 H;FH;I;DJ7YWEZ7?DJ;HFH;J7YWE:EI?D:?L]:KEI:7IIK7IH;9]FHE97IJEC7:7I:;9EDI9?[D9?7:;II7%# IE9?78?B?:7:; Z 7 %' :; JHE97 EK 9ECF7HJ?B>7C;DJE :; H;FH;I;DJ7Ya;I 9_:?=EI GK; ?D:?L]:KEI :; KC7 9EB;J?L?:7:; J[C ;C 9ECKC C;:?7DJ; 7I :?L;HI7I <EHC7I :; 7FH;D:?P7:E H;9]FHE9E D7I ?DJ;H7Ya;I ?IJE Z :;DJHE :; KC7C;IC79KBJKH7% $$ ;L;CEI;I9B7H;9;HGK;F7H7>7L;HIE9?78?B?:7:;DWEZD;9;IITH?EGK;EI?D:?L]:KEI I;@7C;IJH?J7C;DJ;:7C;IC79KBJKH7C7IDE;DJ7DJEF7H7GK;>7@77IE9?78?B?:7:;?IJEZJHE97:;H;FH;I;DJ7Ya;IZ D;9;IITH?E7B=KCC]D?CE:;9_:?=EI;C9ECKC .E:7H;7B?:7:;Z9EDIJHK]:7FEHLZKI:;9ECFB;C;DJ7H?:7:;GK;7EC;ICEJ;CFE7<7IJ7C;7FHEN?C7CE &%# # FE?I ;IJ; :; C7D;?H7 H;9]FHE97 I;HT I;CFH; KC7 9EDIJHKYWE ;DJH; E GK; I; <EHC7 :; sJ]F?9Et =;D;H7B?PTL;B ; IK7 ?D:?L?:K7B?:7:;GK;DKD97<?97JEJ7BC;DJ;;NFEIJ7 D<?CE?D:?L]:KEFHE9KH77IE9?78?B?:7:;ED:;;IJ7B>;<7P<7BJ7IWE7I7KI[D9?7IGK;FH;9?I7CI;H9ECFB;C;DJ7:7I )K 9ECE :?P *;H;?H7 :; -T sI H;FH;I;DJ7Ya;I IE9?7?I IWE H;9ED>;9?:7I 9ECE <;D`C;DEI FI?9EIIE9?7?I >?IJ_H?97;9KBJKH7BC;DJ;9ED:?9?ED7:EI-K7;NFB?97YWE:;L;I;:7HD;9;II7H?7C;DJ;7EID]L;?I:;7DTB?I;FEI?9?ED7B; ?:;EB_=?977BZC:;7EID]L;?I?DJH7F;IIE7B;?DJ;HF;IIE7BFE?I7IH;FH;I;DJ7Ya;I9ECE:?P 7HHu;IJWEJ7DJED7 9KBJKH7GK7DJED79E=D?YWEvF9?H9KB7C7JH7LZI:79ECKD?97YWEIE9?7B9EJ?:?7D7;I;:?<;H;D9?7C:;79EH:E9EC EI9ED@KDJEIIE9?7?IGK;7I;B78EH7C;7IKJ?B?P7Ct 0;H;CEIC7?I7:?7DJ;GK7?I7IFEII]L;?ICEJ?L7Ya;I;IF;9]<?97IF7H77IE9?78?B?:7:;9EDJ;CFEHVD;7;DE;IF7YE:7 #DJ;HD;J )KD7IF7B7LH7I:;9Es)>EC;C:?II; I;ZKC$2 ;D;IJ;I;DJ?:EDWEI_7B?D=K7=;CL;H87BC7I JE:7 7 9KBJKH7 EI H?JEI 7I ?DIJ?JK?Ya;I 7I H;B7Ya;I IE9?7?I E 9EIJKC; ;J9 C7?I DWE IWE :E GK; #$ $2$ 7II?H;H &7D=;H D7I GK7?I ;B; ;D9;HH7 7 IK7 ;NF;H?[D9?7 F7H7 7 JEHD7H ?DJ;HCKJTL;B ?DIJ7KH7 I; 7 >KC7D?:7:;GK7D:EI;?DIJ7KH77IE9?;:7:;C7I?DIJ7KH7 I;7IE9?;:7:;GK7D:E>T /# :;I?=DEIt9E F;BE EKJHE IE9?78?B?:7:; F7H;9; I; :;I;DLEBL;H J7C8ZC 7 F7HJ?H :7I D;9;II?:7:;I GK; J[C EI ?D:?L]:KEI :; F7HJ?9?F7H;C :; KC JE:E I; IE9?7B?P7H DWE ;IJ7H ?IEB7:E ;D9EDJH7H I;DJ?:E D7I 7Ya;I GK; J;C :; H;7B?P7H -WE 7I CEJ?L7Ya;I8TI?97I(E;DJ7DJE;N?IJ;CEI9ED<B?JEI?D;H;DJ;I UI?DJ;H7Ya;I;DJH;9EDI9?[D9?7I IH;FH;I;DJ7Ya;I:E ?D:?L]:KEIE9?7BIWEH;IKBJ7:EI:EI;C87J;I;DJH;H;FH;I;DJ7Ya;I9EB;J?L7IE=HKFE;7IH;FH;I;DJ7Ya;I:E?D:?L]:KE F7HJ?9KB7H;DJH;7IH;=H7I9EB;J?L7I;EI:;I;@EIF;IIE7?I?DJ;HFH;J7:EID7<EHC7:;7Ya;I9ED9H;J7IIJ7CEI7EC;ICE J;CFE:;DJHE;<EH7:79EB;J?L?:7:;I_7II?C7FE:;CEIH;FH;I;DJ7H;7D_IC;ICE9ECEF7HJ;:;B7?IIEFE:;CEI ?D<;H?HDEL7C;DJ;GK;7IE9?78?B?:7:;I;;IJ78;B;9;;ZFEII?8?B?J7:7;FE:;I;H9ED9;?JK7:77JH7LZI:EI:?L;HIEIJ?FEI ;D]L;?I:;JHE97I?D9BKI?L;EI;C87J;IGK;I;:WED7I?DJ;H7Ya;IIE9?7?I %AF;H3QW7E"67@F;8;53QPA8;@;6367E *7H77FH;I;DJ7HKC7FEII]L;B9ECFH;;DIWE:7IE9?78?B?:7:;DE;IF7YE:7#DJ;HD;J:;L;CEI9EC;Y7H9ECKC77DTB?I; :7I97J;=EH?7I;97H79J;H]IJ?97IGK;<EHC7C7C;IC7;:7IL7H?TL;?IH;B;L7DJ;IFH;I;DJ;IDEFHE9;IIEII7I97J;=EH?7I IWECEJ?L7Ya;I?:;DJ?<?97YWE;7<?D?:7:;I *EHGK;;IJ7IJH[I97J;=EH?7I0;H;CEIGK;:7I %'.3$CE:;HD7IF7H77IE9?78?B?:7:;7I7<;J?L7I;Bb:?97IIWE7I C7?IH;B;L7DJ;IF7H779ECFH;;DIWE:7C;IC7F7HJ?H:;II7ICEJ?L7Ya;IL;H;CEIGK;7IE9?78?B?:7:;I;:T7F7HJ?H :;?DJ;H7Ya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sFKH?<?97HtEIBE97?I:;IE9?7B?P7YWE JH7DI<EHC7D:E I; EI $!. $ !4 $;IF7YE :; ;D9EDJHE9>EGK; ;DJH; :?<;H;DJ;I ;C ;IF7YEI :; 9ED9;DJH7YWE :; I;C;B>7DJ;II#&$I;JEHD7H7C;IF7YEI:;F7II7=;C:;7DI?;:7:;;IF7YEIED:;I;:T7s:;I7J;DYWE9?L?Bt ;s9EC <H7D97 :;J;H?EH7YWE :7 ;I<;H7 Fb8B?97 DE GK; J7D=; UI FEII?8?B?:7:;I :; ?DJ;H7YWE IE9?7B C7H97:7 F;B7 :?L;HI?:7:;t Hb=EB? )I $ !! %#$IWE _J?CEI ;N;CFBEI :;II; J?FE :; $!. !4 9EDJ;CFEHVD;E B;I s9EDIJ?JK;Cu9?:7:;:;DJHE:79?:7:;vH;FHE:KP?D:E;CI;K?DJ;H?EHKC77JCEI<;H7?:;7B?P7:7FHE9KH7D:E87D?HEI s) $!. !4 :7 9?:7:; I; $%# E <BKNE 7 <H7=C;DJ7YWE 7 #&$- /$% ; 7 9ECKD?97YWE C;:?7:7F;B7J;B;L?IWE;F;B7IDEL7IJ;9DEBE=?7I# &#,% $&%&#$9H?7D:E#%$$ $t '7HJ]D 7H8;HEE=H?<EZC;K ED9;?JE:;I;DLEBL?:EFEHDJ>EDO!?::;DIGK;:?PGK;<?D=?CEIDWEL;HEIEKJHEIGK7D:EDEIIEIEB>7H;I I;9HKP7C 7JEH;IIE9?7?Iu:;IL?7DJ;IvL[CI;JEHD7D:E?CFEHJ7DJ;IFEDJEI:;B7P;HF7H7LTH?EI=HKFEIIE9?7?IIE8H;JK:E@EL;DI GK; 9H?7C DE ;IF7YE :?L;HI7I <EHC7I :; IE9?78?B?:7:;t Hb=EB? .;CFBEI :; IE9?78?B?:7:; $%?D:?L?:K7B?IJ7FHEJ;=?:7I;=KH7;9EDIKC?IJ7?DJH]DI;97H;B7YWE;DJH;EI;IF7YEI:;?DJ;H7YWE$ !! %#$; 7 IE9?78?B?:7:; 9EDJ;CFEHVD;7 DEI Z L?L7C;DJ; H;L;B7:7 GK7D:E B;C8H7CEI GK; E =HKFE !7B;H7 44 F;IGK?I7:EJ;C9ECEKC:;I;KIC7?I?CFEHJ7DJ;IFEDJEI:;;D9EDJHEKC$ !! *EHEKJHEB7:E'7DK;B7IJ;BBI:;I;DLEBL;KC7DEYWE:;s=K;JEIH?9EItH;<;H?D:E I;U;B?J?P7YWE:EI;IF7YEI GK; <7P 9EC GK; EI 9EDJ7JEI 9EC 7 :?<;H;DY7 FH7J?97C;DJ; DWE C7?I ;N?IJ7C >7L;D:E IEC;DJ; 9EDJ7JEI 9EC E I;C;B>7DJ;EKC;ICE9ECE?=K7B+K;ZJ7C8ZCEGK;-;DD;JJ:?PIE8H;E<?C:EI$!. $!4 $?IJEZH?9EI; FE8H;I DWE I; C?IJKH7C ; 9B7II; CZ:?7 J7C8ZC DWE FE?I J;DJ7 ?C?J7H EI H?9EI I; s;D97IJ;B7D:Et ;C 9ED:EC]D?EI <;9>7:EI;$ !!%#$9ECEL?CEIDKCFHE9;IIE:;'#$- EK#.;CH;B7YWE7E)KJHEFHE9;IIEGK; IKH=?K ; 9H;I9;K @KDJE 9EC 7I =H7D:;I 9?:7:;I CE:;HD7I IJ; FHE9;IIE ;IJT :;DJHE :; KC 9EDJ;NJE ED:; s7 ?DJ;H9ED;NWE J;9; KC KD?L;HI7B FEH 9EDJ7JEt &ZLO C;:?7:E F;B7 J;9DEBE=?7 /C J?FE :; KD?L;HIE DWE JEJ7B >;J;HE=[D;E ; CbBJ?FBE ED:; I; 9EDIJH_? KC7 FHEN?C?:7:; I?C8EB?97C;DJ; ?DJ;HFH;J7:7 F;BEI ?D:?L]:KEI 7JH7LZI :EI C;:?7:EH;I;B;JH`D?9EIJ;9DEB_=?9EIs/C7JH7C79KBJKH7BGK;$DEII7IDEYa;I:;9KBJKH7;:;9?:7:;IEIC7H9EI :; H;<;H[D9?7I ; 9ECFH;;DIWE <EH@7:EI IE8H; 7 87I; :; ?:;DJ?:7:;I D]J?:7I :; <EHJ;I ;DH7?P7C;DJEI ; :;C7H97Ya;I 9B7H7It'7HJ]D 7H8;HEE=H?<EZC;K ;DJHE:;IJ;FHE9;IIE:;$%% 7F7H;DJ;C;DJ;9E;H;DJ;9EC7H;7B?:7:;:;=H7D:;I9?:7:;I9ECE-7BL7:EH ED:; EI $ !!$ L?L;C 9>;?EI ; D7I HK7I 7I F;IIE7I I; 9HKP7C J;DJ7D:E DWE I; EB>7H 7 s:;I7J;DYWE 9?L?Bt 7 IE9?78?B?:7:; FHEJ;=; EI ?D:?L]:KEI :E :;I;DH7?P7C;DJE :7 I;DI7YWE :; DWE F;HJ;D9?C;DJE 0;@7CEI ;DJWE GK; CEJ?L7Ya;I9EDIJH_;C7IE9?78?B?:7:;9EDJ;CFEHVD;7 -;=KD:E'?9>;B'7<<;IEB?F7H7IKF;H7H7?DIJ?JK9?ED7B?P7YWE;7H79?ED7B?P7YWE:7IE9?;:7:;CE:;HD7:T I;KC FHE9;IIE IK8J;HHVD;E :; IE9?78?B?:7:; 7JH7LZI :E >;:ED?ICE ; :7 7<?HC7YWE :7I IK8@;J?L?:7:;I II; FHE9;IIE I;H?7 CEJ?L7:E F;B7 D;9;II?:7:; :; F;HJ;D9?C;DJE 7<;J?LE GK; ;C;H=; DE ?DJ;H?EH :EI ?D:?L]:KEI /C7 D;9;II?:7:; :; s#'$0t :; s$%# &% t C7I I;C 9ECFHEC?IIE @T GK; D7 L;H:7:; E GK; Z E8H?=7J_H?E JH787B>E H;=H7I ;J9@TZH;7B?P7:ED7IKF;H<]9?;:7]I;HKCCEL?C;DJEIK8J;HHVD;EII;CEL?C;DJEI;H?7FEJ;D9?7B?P7:EF;B7IC]:?7I ;B;JH`D?97ICE:;HD7I ?D:7 I;=KD:E '7<<;IEB? FH;I;D9?7H]7CEI >E@; KC7 H;DEL7:7 8KI97 FEH F;HJ;D9?C;DJE DEI ?D:?L]:KEI 7KI[D9?7 :; KC % CEH7B GK; ?:;DJ?<?GK; E ?D:?L]:KE E <7P FHE9KH7H FH;;D9>;H I; 7JH7LZI :; B7YEI ;CE9?ED7?I :; ?DJ;H;II; DWE ?DIJ?JK9?ED7B ) 7KJEH <7B7 :; KC7 D;9;II?:7:; :; sFHEN?C?:7:;t GK; <7P 9EC GK; E s?D:?L?:K7B?ICE 9EDJ;CFEHVD;EtI;9EDL;HJ7 ;CH;:;I:;=HKFEIFEH7<?D?:7:;:;97HTJ;H;<[C;HE C7I;CE9?ED7B*EII?8?B?:7:;I:; IE9?7B?P7YWE:?7DJ;:7CKBJ?FB?9?:7:;I?C8_B?977JK7BDJWEEGK;:TI;DJ?:EDWEZC7?I7IK8I?IJ[D9?7ZE79;II_H?E 7<;J?LE7HJ;B7P;HFH7P;HGK;J;CI;KI;DJ?:E;N?IJ;D9?7B;C7JE;DGK7DJE;IJTI;D:E7JK7B?P7:E;CJE:7IK797H=7 :;;CEJ?L?:7:;9EB;J?L7 *E:;CEI?DJ;HFH;J7H7GK?Es;IJ7H@KDJEtJ7C8ZC9ECE7I<EHC7I:;%&+.- :EI=HKFEI ;NFH;IIWEF;IIE7B:;<7DJ7I?7IZ7FH;I;DJ7:E9ECEKC7:7ICEJ?L7Ya;IF7H7E9H;I9?C;DJE:7IH;:;IJ;B;CTJ?97I7 #DJ;HD;J Z KC7 :;II7I H;:;I 7 C7?EH :; JE:7I 7IJ;BBI :?P IE8H; E '?D?J;B H7D9[I H;:; ;B;JH`D?97 :; ?D<EHC7Ya;I ?DIJ7B7:7D7 H7DY7sCEJ?LE?CFEHJ7DJ;F7H77:?<KIWE:EKIE:E'?D?J;B77FHEFH?7YWE:EC;?EF;BEFELE<H7D9[I F7H7 IK7 ;NFH;IIWE F;IIE7Bt -;H?7 7B=E GK; FH;;D9>;H?7 7 C7?I E 9EJ?:?7DE :E 9?:7:WE 9ECKC 9EC 9EDJ;b:EI 7<;J?LEI ; Bb:?9EI /C DELE $!. !4 ?DI;H?:E DE $!. 1% :EI ?D:?L]:KEI (WE I;H?7 KC IK8IJ?JKJE :; EKJHEI ;IF7YEI :; IE9?78?B?:7:; 7F;D7I KC 7 C7?I ECE KC7 CE:7 <E? J;CFEHTH?E <7P;D:E F7HJ; :E % $9EDJ;CFEHVD;EGK;J;CJ7C8ZC9ECE97H79J;H]IJ?97IEBb:?9E;E;<[C;HE'7<<;IEB? (E <H7=C;DJE ECKD?:7:; :; ?:Z?7I FH;E9KF7Ya;I ?CF;IIE7?I ;IJ78?B?:7:; :7 ;IJHKJKH7 GK; IKF;H7 7I F7HJ?9KB7H?:7:;I:EI?D:?L]:KEI;?I7]7B=KC7I97H79J;H]IJ?97I;II;D9?7?I:E=HKFEGK;I;<KD:7C;DJ77DJ;I:;JK:EDE I;DJ?C;DJE F7HJ?B>7:E E ?D:?L]:KE DWE FE:; ;N?IJ?H ?IEB7:E C7I GK; ;B; ;IJT B?=7:E F;B7 9KBJKH7 F;B7 9ECKD?97YWEF;BEB7P;H;F;B7 CE:77KC79ECKD?:7:;'7<<;IEB?L;CEI KCFEK9E:7J;DJ7J?L7:E 7KJEH ;C L;H 7 9EB;J?L?:7:; 9ECE I7=H7:E II;I ;B;C;DJEI FE:;C I;H E 9EDIJ?JK]:E :E :7H I;DJ?:E U L?:7 7I s7<?D?:7:;I7<;J?L7ItIWE7IGK;9EDIJ?JK;CDEI?D:?L]:KEI7I;DI7YWE:;F;HJ;D9?C;DJEF7HJ?B>7C;DJE:;7B=E:;KC CE:EFH;:EC?D7DJ;C;DJ;;CE9?ED7B9ECI;DJ?:EC7IDWE:;<EHC7KJ?B?JTH?7D;9;IITH?7;CFH?C;?HEFB7DEC7?IKC $$2# GK;9EDIJH_?EI;DJ?:EEF;HJ;D9?C;DJE77B=E(E;DJ7DJE;II7?CF;IIE7B?:7:;:;'7<<;IEB?DWEF7H;9;I;HE C;ICE 9ED9;?JE 7FH;I;DJ7:E FEH ,?9>7H: -;DD;JJ ) 9EDJ;NJE ;IF79?7B GK; -;DD;JJ 7FH;I;DJ7 <7P 9EC GK; 7 ?CF;IIE7B?:7:;H;B7Ya;I;DJH;:?<;H;DJ;IGK;9EDL?L;C:;?N;:;;N?IJ?H<EHY7D:EEI?D:?L]:KEI7KC7?DJ?C?:7:;FEH I;CFH;I;9EDL?L;H9ECE?=K7B$T'7<<;IEB?9ED<HEDJ7?CF;IIE7B?:7:;9ECsF;IIE7Bt'&$%ED:;7JH7LZI:E sF;HJ;D9?C;DJEt E =HKFE F7II7 7 J;H KC 97HTJ;H s?CF;IIE7Bt C7I DWE <H?E I;C ?DJ?C?:7:; 7F;D7I ED:; 7 F;IIE7 IEP?D>7DWEZJWEH;FH;I;DJ7J?L7GK7DJEE=HKFE #GH7@FG67 (;IJ; 9EDJ;NJE E s>;:ED?ICEt ; E sJ;7JHE :; I?CKB79HEI :E 9EJ?:?7DEt '7<<;IEB? Z E GK; 9EDIJ?JK?H?7C EI ;IF7YEI :; $ :7 9EDJ;CFEH7D;?:7:; )I 9>7C7:EI s=HKFEI ;IF;J79KB7H;It FEH ;N;CFBE 9K@7I CEJ?L7Ya;I FE:;C I;H 9B7II?<?97:7I 9ECE <EHC7I Bb:?97I :; 7<?HC7YWE :; ?:;DJ?:7:; EK C;ICE :; ;D9EDJHE :; ?:;DJ?<?97Ya;I 87?B;I <KDA FKDAI :7HAI H7L;HI ;J9 IWE =HKFEI 9EDL;H=?:EI FEH 7<?D?:7:;I 7<;J?L7I =EIJE CKI?97?I <EHC7I :; L;IJ?H9ECFEHJ7C;DJE;IF;J79KB7H;J9;GK;I;7JK7B?P7C9ECE<EHC7:;9EDIJHK?HE!#%% C7I=;H7BC;DJ; :;KC7<EHC7GK; IK8L;HJ7 F;BEC;DEI J;CFEH7H?7C;DJ;7EH:;C ?DIJ?JK9?ED7B;H79?ED7B?P7DJ;:7GK7B <7P;CF7HJ; JH787B>E;I9EB7<7C]B?7FE8H;P7 +.- ;J9 -;=KD:E'7<<;IEB?7%ZKC779;?J7YWE:;EH:;C;DJWE7:C?J?:7797H79J;H]IJ?97@EL;C:;DWEsJ;Ht KC7 ?:;DJ?:7:; @T <EH@7:7 E FHE9;IIE :; CbBJ?FB7I %.3$ I; JEHD7 C7?I FEII]L;B ;IJHKJKH7YWE =HKF7B :7I ?:;DJ?<?97Ya;I F7HJ; :7 8KI97 :; I;DJ?:E :7 :bL?:7 IE8H; 7 EH:;C ; FE:; I;H KC7 7YWE C7?I DEJ7:7C;DJ; @EL;C :KL?:7H 9EC L?J7B?:7:; (;II;I =HKFEI 7I CbBJ?FB7I 7<?D?:7:;I FE:;C I;H 7 8KI97 :; ?:;DJ?<?97YWE 7<;J?L7 GK; B;L7H?77EI;DJ?:E'K?JE:7ICEJ?L7Ya;I9EDJ;CFEHVD;7IF7H7IE9?78?B?:7:;;IJTB?=7:EU9EDIJHKYWE:;?:;DJ?<?97Ya;I H;B79?ED7:7I9EC7@KL;DJK:;D;9;II?:7:;:;F7HJ?9?F7H:;=HKFEI7<?D?JTH?EI<7PF7HJ;:7CE:;HD7I;F7H7YWE;DJH; L?:7 7:KBJ7 ; 7:EB;I9[D9?7 ;C DEII7 IE9?;:7:; -;D:E ;IJ; KC F;H]E:E :; IKFEIJ7 FH;F7H7YWE F7H7 7 L?:7 :; H;IFEDI78?B?:7:;I7:KBJ7I ";B;D7 8H7CE IK=;H; ;II7 9EDIJHKYWE >?IJ_H?97 CE:;HD7 9ECE KC7 :7I H7Pa;I F7H7 :?L;HIEI <;D`C;DEI :; IE9?78?B?:7:;(7ZFE97C;:?;L7BDWE>7L;H?7KC7I;F7H7YWE;IF;9]<?97:7@KL;DJK:;F7H7?:7:;7:KBJ7L?:79EB;J?L7 :7 ZFE97 C;:?;L7B ?CF;:?7 ;IJ7 I;F7H7YWE .E:EI 9EDL?L?7C @KDJEI >7L;D:E 7F;D7I 7 I;F7H7YWE ;DJH; 9H?7DY7I ; 7:KBJEI87I?97C;DJ;I9EDL;DYa;IIE9?7?I:7CE:;HD?:7:;ZGK;J;H?7C9H?7:EKCDELEF;H]E:E:;F7II7=;C;DJH; <7I;I:7L?:77@KL;DJK:;GK;;DLEBL?77;:K97YWE;I9EB7H;E7FH;D:?P7:EFHE<?II?ED7B>7L;D:E@T7]KC7I;F7H7YWE :7 L?:7 9EB;J?L7 7DJ;H?EH 8KI97 FEH ?:;DJ?:7:; D;II; F;H]E:E :7 L?:7 F7IIEK 7 <7P;H F7HJ; :; KC7 D;9;II?:7:; :; F;HJ;D9?C;DJEGK;DWEC7?I;H7IKFH?:7F;B79ECKD?:7:;9EB;J?L?:7:;<7C?B?7H7]7I9EDIJHKYa;I:;H;:;I7<?D?JTH?7I :?<;H;D9?7:7I7F7HJ?H:7IE9?78?B?:7:;:EI@EL;DI s) B7P;H F7H7 EI @EL;DI 7F7H;9; 9ECE KC ;IF7YE ;IF;9?7BC;DJ; ?CFEHJ7DJ; F7H7 E :;I;DLEBL?C;DJE :; H;B7Ya;I :; IE9?78?B?:7:; :7I 8KI97I ; ;NF;H?[D9?7I 7JH7LZI :7I GK7?I FHE9KH7C ;IJHKJKH7H IK7I DEL7I H;<;H[D9?7I ; ?:;DJ?:7:;I ?D:?L?:K7?I;9EB;J?L7It8H7CE )8L?7C;DJ;GK;DWEFE:;CEIL;HEB7P;HIEC;DJ;9ECEKC7<EHC7 :; F;HJ;D9?C;DJE F7H7 @EL;DI (EII7 H;<B;NWE Z KC J7DJE C7?I 78H7D=;DJ; ) 97HTJ;H Bb:?9E :7 IE9?78?B?:7:; 9EDJ;CFEHVD;7 ; D7 #DJ;HD;J J;C KC7 ;L?:;DJ; L?I?8?B?:7:; 7B=E GK; FE:;CEI 9>7C7H 7JZ :; ' C7I GK; DWE Z ;N9BKI?L?:7:;:;@EL;DI(E=HKFE!7B;H744F;IGK?I7:EED:;7C7?EH?7:EIC;C8HEII;9ED9;DJH7;DJH;EI; 7DEIFEH;N;CFBE;N?IJ;CC;C8HEI9ECC7?I:;EK7DEIEGK;DWE?CF;:;I;KF;H<?B ';<;IJ?LE ECH;B7YWEU<7?N7;JTH?7:EIKIKTH?EI:7#DJ;HD;J>TDECEC;DJEKC79ED9;DJH7YWEC7?EH;DJH;F;IIE7I:;; 7DEI (E GK;IJ?EDTH?E 7FB?97:E J?L;CEI 7JZ EI 7DEI J?L;CEI F;IIE7I H;IFED:;D:E EI GK;IJ?EDTH?EI DJH;;7DEIJ?L;CEIF;IIE7IH;IFED:;D:EEGK;IJ?EDTH?EI;D:E9EDI?:;H7:7KC7C7?EH?7FEHZC7 H;FH;I;DJ7J?L?:7:;:;II7C7?EH?7:;L;I;HH;B7J?L?P7:7F;BE<7JE:;GK;F;IIE7I9EC?:7:;;DJH;;7DEI J7C8ZCH;IFED:;H7C7EGK;IJ?EDTH?E;GK;F;IIE7I9ECC7?I:;7DEIJ7C8ZCE<?P;H7CEGK;IEC7:EI :TKC7GK7DJ?:7:;IKF;H?EH7EDbC;HE:;F;IIE7I9EC?:7:;;DJH;;7DEI(KC;H?97C;DJ;?IIEFE:;7JZDWEI;H CK?JE?CFEHJ7DJ;FE?II;9EDI?:;H7HCEI7F;IGK?I7:;:K7H:E%H7KP;?;>B9ECE<7JEH:;9ECF7H7YWEH;7BC;DJ;>T KC 9EDJ?D=;DJ; C7?I @EL;C :; KIKTH?EI :7 #DJ;HD;J C7I GK7B?J7J?L7C;DJ; ?IIE FE:; 7<;J7H E DEIIE @KB=7C;DJE ; ?DJ;HFH;J7YWE :E 9ED@KDJE :; H;IFEIJ7I FE?I FE:;H;CEI 9EDI?:;H7H GK; KC DbC;HE 9EDI?:;HTL;B :; F;IIE7I sC7?I C7:KH7It J7C8ZC H;IFED:;K 7E GK;IJ?EDTH?E :; C7D;?H7 7 ;GK?B?8H7H 9EC 7 C7?EH?7 :; @EL;DI GK; I; :?IFKI;H7C 7 H;IFED:[ BEJ7C8ZC *7H79ECFB;C;DJ7H9ECH;B7YWE7E;IJ7:E9?L?B:;IJ;IC;ICEIF;IGK?I7:EIKC7=H7D:;C7?EH?7:?II;I;HIEBJ;?H7 F;IIE7I E GK; DWE I;H?7 :; I; ;IF7DJ7H @T GK; ;H7 KC7 C7?EH?7 :; F;IIE7I @EL;DI J7C8ZC F;BE C;DEI JH7:?9?ED7BC;DJ; .?L;CEI F;IIE7I 7<?HC7D:E I;H;C 97I7:7I F;IIE7I 7<?HC7D:E I;H;C sEI@EL;DI9EDIJH_;CH;:;I:;H;B7Ya;IF7HJ?9KB7H;I9ECI;KI9ECF7D>;?HEI:;?:7:;;:;?DIJ?JK?YWEC7H97:7I7I H;:;IFEHKC7<EHJ;7<;J?L?:7:;D7IGK7?IF;B7I?C?B7H?:7:;:;9ED:?YWEFHE9;II7C@KDJEI78KI97:;:;<?D?YWE:EI DELEIH;<;H;D9?7?I:;9ECFEHJ7C;DJE;:;?:;DJ?:7:;;N?=?:EIFEHJ7?IFHE9;IIEI:;CK:7DY7 (E ?DJ;H?EH :;II;I =HKFEI EI 7:EB;I9;DJ;I :;I;DLEBL;C H?JK7?I I]C8EBEI CE:7I ; B?D=K7=;DI F;9KB?7H;I L?I7D:E I;F7H7:7I;F;IIE7GK;:?II;I;HL?bLE7-_FE:;CEI9ED9BK?H;DJWEGK;F;IIE7I@EL;DI;IEBJ;?H7I;EK :?IFED]L;?I F7H7 ;DLEBL?C;DJEI ]DJ?CEI I; :?IFKI;H7C C7?I 7 H;IFED:;H E GK;IJ?EDTH?E :7 F;IGK?I7 ; J7BL;P 7 <H;Gc;DJ7H7#DJ;HD;JC7?I7II?:K7C;DJ; $3L7D )IKIEI:EJ;CFEB?LH;9ECE<EHC7:;F;HJ;D9?C;DJEIWE7?D:7EKJH7I<EHC7I:;L;H7IE9?78?B?:7:;9EDJ;CFEHVD;7)I ;D=7@7C;DJEIIE9?7?I;FEB]J?9EILEBKDJTH?EIFEH;N;CFBEIWEKC7<EHC7:;79;II_H?EBb:?9E:E9EJ?:?7DEC7IGK;Z 7@KIJ7:E 7E 9EDJ;NJE FE?I I; 9EDJ?DK7 7 FHEL;H 7 HEJ?D7 <KD9?ED7B ; JZ9D?97 :7 L?:7 R E L7BEH CEJ?L7:EH :E <H]LEBE 79;II_H?E ; Bb:?9E DE s;IJ7H @KDJEt :EI =HKFEI GK; :T I;DJ?:E 7EI I;KI ?D:?L]:KEI 7BZC :EI <7JEH;I FHE:KJEH;I ; H;FHE:KJEH;I:7DEII7IK8I?IJ[D9?79EJ?:?7D7-;=KD:E$E<<H;KC7P;:?;H7GK;IJWE:EB7P;H;:EJ;CFE B?LH; JH7P KC7 DEL7 :?C;DIWE UI DEYa;I :; I;DJ?:E CEJ?L7Ya;I ; KIEI :E J;CFE :E I;H >KC7DE E9?:;DJ7B 9EDJ;CFEHVD;E )I :?<;H;DJ;I KIEI :E J;CFE :7I F;IIE7I F7H;9; J;H >7L;H 9EC KC ;GK?B]8H?E ;DJH; E8H?=7Ya;I ; LEDJ7:;I DKC7 :?DVC?97 GK; J;D:; 7 I; JEHD7H <7C?B?7H ?IJE Z FEH C7?I GK; I; 7DI;?; FEH DEL?:7:;I Bb:?97I DE 9EJ?:?7DE 9EDJ;CFEHVD;E;IJ7IDEL?:7:;IJ;D:;C7I;H78IEHL?:7IF;BEFH_FH?E9EJ?:?7DEFEH?IIEEIFHE9;IIEI:;H;DEL7YWE:7I <EHC7I :; B7P;H ) ;IF7YE :7 #DJ;HD;J GK7D:E L?IJE F;BEI KIKTH?EI 9ECE FKH7 DEL?:7:; J;C KC F;H<?B 97H79J;H?IJ?97C;DJ;Bb:?9EFE?IE?D:?L]:KE;IJT7FH;D:;D:EFEHLEDJ7:;FH_FH?7FEHIK7FH_FH?79KH?EI?:7:;ZEGK; KC7P;:?;H9>7C7:;sJ;CFE;I9EB>?:Et(E;DJ7DJE;IJ;7FH;D:?P7:E;L;DJK7BC;DJ;J7C8ZC<7HTF7HJ;:;IK7 HEJ?D7:;7J?L?:7:;IJ7BL;P?D9BKI?L;:7:;JH787B>EECEKIE97:7L;PC7?I9ECKC:EI9ECFKJ7:EH;IDEIBE97?I:; JH787B>E C7?I 97F79?J7:EI ;I9EB7I J7C8ZC EI ?D:?L]:KEI 9EDI;=K;C 9EDIJHK?H KC KIE :; J;CFE L7H?7:E :;DJHE :7 C;IC7HEJ?D7;B;JH787B>7DE9ECFKJ7:EH;C7B=KCFHE=H7C7FHE<?II?ED7B7E C;ICEJ;CFEIK79ED;NWEU#DJ;HD;J ;IJT7J?L7:7;I;KFHE=H7C7:;; C7?BB>;7L?I7I;CFH;GK;KC7DEL7C;DI7=;C9>;=7;IJ7FE:;D:EI;HF7HJ?9KB7HEK DWEBb:?97EKFHE<?II?ED7B;7?D:77EC;ICEJ;CFE;B;FE:;J;H@7D;B7I:;I;KD7L;=7:EH7J?L7:7I;CKC7<7P;D:E KC7F;IGK?I7F7H7EJH787B>EEK;I9EB7;;CEKJH7;B;FE:;;IJ7HDKC9>7JIE8H;<E<E97I:;7HJ?IJ7I:;.00;H;CEI C7?I :;J7B>;I :;IJ; J?FE :; HEJ?D7 C?IJKH7:7 DE 97F]JKBE I;=K?DJ; GK7D:E J;H;CEI 7I ?DJ;HFH;J7Ya;I :EI FH_FH?EI KIKTH?EIF7H779EDIJHKYWE:;I;KF;H<?B?:;7B *E:;CEI L;H GK; ;IJ;I J;CFEI ;I9EB>?:EI ;IJWE ;C =;H7B 9EDI?:;H7:EI ;C 7@KIJ; EK ;GK?B]8H?E 9EC 7I E8H?=7Ya;I IE9?7?I:EI?D:?L]:KEI.;DJ7D:E:;CEDIJH7HGK;s7ZJ?97:EB7P;HDWEZ7:7E9?EI?:7:;GK;H;@;?J7EJH787B>ED;C7:7 B?9;DY7 GK; ?D<H?D=; 7I E8H?=7Ya;I C7I 7 :; KC DELE ;GK?B]8H?E ;DJH; 7I ;N?=[D9?7I KJ?B?JTH?7I :7 IE9?;:7:; ; 7I ;N?=[D9?7I:;I?DJ;H;II7:7I:7F;IIE7tKC7P;:?;H;?N7D:E9B7HEGK;;IJ;;GK?B]8H?E<KD9?ED7:;<EHC7 ?DJ;H 9ECFB;C;DJ7H ?IJE Z sE B7P;H DWE Z KC 9ECFB;C;DJE :E JH787B>Et KC7P;:?;H Z KC7 F7HJ; C7H97HIK7?:;DJ?:7:;:?IJ?DJ?L7:;EKJHEI=HKFEI;JTH?EIt8H7CE F;IGK?I7:;:K7H:E%H7KP;?;>BJ7C8ZC7FH;I;DJ7EI@EL;DI77DEI;IEBJ;?HEIEKF;BEC;DEIEIGK; I; :?P;C I;H IEBJ;?HEI 9ECE =H7D:; C7?EH?7 B; 7?D:7 9EBE9EK 9ECE L7H?7YWE UI H;IFEIJ7I 7 EFYWE s97I7:E7 C7I ?D<;B?Pt7II?C9ECE;N?IJ;;II7EFYWE;CCK?JEIF;H<?I:;I?J;I:;;D9EDJHEIEGK;:;9;HJECE:EI?=D?<?97:?IFED]L;B F7H7;DLEBL?C;DJEI]DJ?CEIGK7I;?=K7B7IEBJ;?HE ?DJ;=H7DJ;:EIKIEI:EJ;CFE:7:?DVC?97:EIJ;CFEIIE9?7?ID7IE9?;:7:;E9?:;DJ7B9EDJ;CFEHVD;7 II?C 7 7CFB?JK:; :7I ?DJ;HFH;J7Ya;I 7 H;IF;?JE :E B7P;H ; :E J;CFE B?LH; IK=;H?:7I FEH KC7P;:?;H :WE JE:7 KC7 9H;:?8?B?:7:; 7 ;IJ7I GK;IJa;I :7I CEJ?L7Ya;I F7H7 IE9?78?B?:7:; 9EDJ;CFEHVD;7 FEH ;N;CFBE s7 F7HJ?9?F7YWE ;C =HKFEIt s7 9EDIJHKYWE :; KIt sEI 7FH;D:?P7:EI LEBKDJTH?EIt s7I <;IJ7I DWE JH7:?9?ED7?I D;C I7PED7?I D;C ?DIJ?JK9?ED7?Its;IJ7H@KDJEI;CEKJH7H7PWE7BZC:;;IJ7H@KDJEts78KI97:;I;DJ?:E;CEKJH7I7IF?H7Ya;IGK;DWE7I ?DIJ?JK9?ED7?IJH787B>E<7C]B?7H;B?=?WE;J9tsEI;NE9ECE;NFH;IIWE?D:?L?:K7Bts;NFH;IIWE9H?7J?L7ts;D9EDJHE:; F7H;I F7GK;H7Ht s9ECFB;C;DJ7YWE 7<;J?L7 7BZC :E 9EDIKCEt s7 IKF;H7YWE CKBJ? 9ECFB;C;DJ7H ;CE9?ED7B :7 H79?ED7B?:7:; <KD9?ED7Bt KC7P;:?;H .E:7I CEJ?L7Ya;I FEII]L;?I ; L?IK7B?PTL;?I DE DEIIE 9EDJ;NJE :; H;<B;NWE <?D7BC;DJ;J7C8ZC <7P;D:EF7HJ;9ECE79787CEI:;L;H:7ICEJ?L7Ya;IF7H77IE9?78?B?:7:;9EDJ;CFEHVD;7EI =HKFEI(;J9;DJHE:;IJ7H;<B;NWE8KI97CEFH;;D9>?C;DJE7<;J?LE9ECFB;C;DJ7H;79;II_H?EC7IJ7C8ZC7@KIJ7:E 7EI9>7C7:EIC;H97:EI:;9EDIKCE;:;JH787B>E7JK7?ID;II;97IEEI;DJ?C;DJE:;F;HJ;D9?C;DJE:;I;D97?N7 I;:7 BE97B?P7YWEF7II7D:E7I;HFEII]L;BF;HJ;D9;HU:?IJVD9?7:;DJHE:;EKJHEI9EDJ;NJEI /C7FEJ;D9?7B?P7YWE;IF;9]<?97 :7 #DJ;HD;J GK; J7C8ZC Z 9EDJ;CFEHVD;7 9ECE L;H;CEI C7?I 7 <H;DJ; D7I ?DJ;HFH;J7Ya;I IE8H; FHEN?C?:7:; ; :?IJVD9?7 *E?I Z J7C8ZC D;IJ; 9EDJ;NJE 9EDJ;CFEHVD;E ; :7 #DJ;HD;J GK; GK7D:E E ?D:?L]:KE ;D9EDJH7 7B=E 9EC GK; J;C FE:; GK;H;H 9EDIKC?H EK F7HJ?9?F7H IEC;DJ; F7H7 :7H EK J;H KC I;DJ?:E 7 IK7 ?D:?L?:K7B?:7:; D7GK;B; 9EDJ;NJE JWE 7CFBE ; L7H?7:E EK 9ECE :?P )ICKD:E :; H7b@E *?D>E s7 FHTJ?97 :; 9EDIKCE JEHD7 ?DJ;B?=]L;B KC CKD:E 9ECFB;NE ; <H7=C;DJ7:Et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a;I Bb:?97I ; 7<;J?L7I 9ECFa;C E 9;DJHE :; DEII7I 7<?HC7Ya;I 7 H;IF;?JE :7 IE9?78?B?:7:; 9EDJ;CFEHVD;7 C7I ;C 9ECFB;JE 79EH:E ; 7@KIJ; 9EC 7I 9EDJ?D=[D9?7I FHTJ?97I ; <KD9?ED7?I :7 %! # % ,;<EHY7D:E;IJ;FEDJE:;L?IJ7IE8H;EBb:?9EJ;CEI:;"K?P?D=7s)HD7C;DJ77L?:77CFB?7D:E 7;D;II7C;:?:7 JEHD7 I; KC7 D;9;II?:7:; J7DJE F7H7 E ?D:?L]:KE 9ECE <KDYWE L?J7B GK7DJE F7H7 7 IE9?;:7:; :;L?:E 7E I;DJ?:E GK; ;D9;HH7 U IK7 I?=D?<?97YWE 7 I;K L7BEH ;NFH;II?LE 7 IK7I 7IIE9?7Ya;I ;IF?H?JK7?I ; IE9?7?I ;C H;IKCE 9ECE <KDYWE 9KBJKH7Bt"K?P?D=7 ECEFEH;N;CFBE7B=KCC;C8HE:E=HKFE!7B;H744;IJK:7:EGK;L?L;;JH787B>E;CEKJHE;IJ7:EC7IFH7J?97 7 IE9?78?B?:7:; ; E F;HJ;D9?C;DJE 9EC E =HKFE U :?IJVD9?7 DKC7 FHEN?C?:7:; 7<;J?L7 ; ?DJ;=H7:7 U IK7 I?JK7YWE 9EDJ?D=;DJ;FHE<?II?ED7B;E8H?=7J_H?7 "67@F;8;53QPA DJ;I:;:?I9EHH;HIE8H;%.- :;L;CEIJEHD7H9B7HE9ECEEI9ED9;?JEI:;?:;DJ?:7:;;?:;DJ?<?97YWEI;?DJ;H H;B79?ED7CD7J;EH?7IE9?7B IE8H;IE9?78?B?:7:;F7H7GK;FEII7CEI;NFEH7I>?F_J;I;I IE8H;7I C;IC7I DE;IF7YE:7 #DJ;HD;J -;=K?D:E/H?7HJ;7FH;I;DJ7CEIGK;7sB_=?97:7?:;DJ?:7:;tI;:T7F7HJ?H:;:E?IF_BEI7FH;I;DY7:;&$ 9EC GK;C I; :T 7 ?:;DJ?:7:; ; 7 FH;I;DY7 :E #% EK )KJHE GK; I; <7P FH;I;DJ; F7H7 =7H7DJ?H GK; EI ?=K7?I FEII7C C7DJ;H 7 ?:;DJ?:7:; EK ;C EKJH7I F7B7LH7I s7 ?:;DJ?:7:; I; 9EDIJH_? 7 F7HJ?H :E H;9ED>;9?C;DJE :; KC7 %# E :?<;H;DJ;t )I FHE9;IIEI :; 7C8?=c?:7:; ; :; 9EDJH7:?YWE Z GK; <EHC7C 7 ?:;DJ?:7:; 7JH7LZI :7 7<?HC7YWE:7C;IC7 )?=K7BZEGK;9EDIJ?JK?E2$DE@E=EEKF7B9E:7IH;FH;I;DJ7Ya;III;2$I;HWE7GK;B;I9ECEIGK7?II;=K7H:7C 7<?D?:7:;I 7<;J?L7I EK DWE 7 :;F;D:;H :E :;I;DLEBL?C;DJE ; CEJ?L7Ya;I :7I ?DJ;H7Ya;I ; <?:;B?:7:;I DKC :;J;HC?D7:E;IF7YEEKDKC7:;J;HC?D7:7?DJ;H7YWEEDJH7FED:E7;IJ;2$;IJTE$GK;IWE@KIJ7C;DJ;E)KJHEE :?<;H;DJ;:;GK;CE2$I;:?<;H;D9?7D79EDIJHKYWE:;IK7?:;DJ?:7:;*7H7!E<<C7DE$J7C8ZCI;H?77 sFB7JZ?7tEFb8B?9EE?DJ;HBE9KJEHF7H7GK;CE2$7JK7:KH7DJ;7?DJ;H7YWE'7IE?CFEHJ7DJ;7GK;I;DEJ7H7GK?ZGK; DWEZFEII]L;B;N?IJ?HKC2$KC7?:;DJ?:7:;I;CKC$KCEKJHEF7H7I;9EDJH7FEH9ECF7H7H7<?D?:7:;I $T7sB_=?97:7?:;DJ?<?97YWEtJ;C9ECEF_BE8TI?9EE$%DWE9ED9;DJH7:EDKC77<?HC7YWE:;?:;DJ?:7:;EI I;C;B>7DJ;I I; 7FHEN?C7C I;C 7 D;9;II?:7:; :; J;H;C KC s:?<;H;DJ;t F7H7 B>;I <7P;H H;9ED>;9;H 7 7BJ;H?:7:; ) FHE9;IIE:;?:;DJ?<?97YWEJ;D:;7J;HKC97HTJ;HCK?JEC7?I<K=7P;J;CFEHTH?EGK;7?:;DJ?:7:;<7P;D:EF7HJ;:;KC 9EDJ;NJE :; :?L;HI?:7:; 7CFBE ED:; 7I ?:;DJ?:7:;I E H;9ED>;9?C;DJE :7I :?<;H;DY7I I; JEHD7C :?<]9;?I "T CK?JEI 2$FEII]L;?I;CK?JEI$FEII]L;?I9ECEIGK7?II;FE:;C=;H7HCbBJ?FB7I?:;DJ?<?97Ya;IH;B79?ED7:7I9ECE;IF7YE 9EC7I?DJ;DYa;I:EI?D:?L]:KEI7I7<?D?:7:;I9EDJ;NJK7?IFEII]L;?IEKEKJH79ED@KDJKH7EK L7H?TL;BGK7BGK;HGK;7 C;DEIGK;>7@7?DJ;DYWE;CEJ?L7YWEF7H7<EHC7YWE:;KC7?:;DJ?:7:; ;IJ7DWE:;L;E9EHH;HFE?IE)KJHEDWE:;L; 7F7H;9;H9ECE:?<;H;DJ;;I?C9ECEI;C;B>7DJ; CKBJ?FB?9?:7:; :; 7<?D?:7:;I FEII]L;?I DE ;IF7YE :7 #DJ;HD;J B;L7 7 KC7 H;<B;NWE IE8H; 9ECE I; 9ECFH;;D:; ;II7 CKBJ?FB?9?:7:; :; ?DJ;H7Ya;I DEI FHE9;IIEI 9EDJ;CFEHVD;EI :; IE9?78?B?:7:; ECE I; :T 7 ?:;DJ?:7:; ;EK ?:;DJ?<?97YWED;II;I;IF7YEI !;EH= -?CC;B :?P GK; so C;:?:7 GK; E =HKFE 9H;I9; r DKC;H?97C;DJ; ;IF79?7BC;DJ; ;C I?=D?<?97:E ; ICEJ?L7Ya;IF7H77<?HC7YWE:;?:;DJ?:7:;I_F7H;9;C;N?IJ?H;C;IF7YEIED:;>7@7E;D9EDJHE:;:?<;H;DJ;IBE=E ;C ;IF7YEI ED:; DWE >T 9EDL?L[D9?7 9EC 9EDJH7IJ; DWE IKH=; 7 D;9;II?:7:; FEH 7<?HC7H ?:;DJ?:7:; EK E 9HZ:?JE :;IJ7?:Z?77/HF?'EDJEO7/H?7HJ; 9EDJ;b:E:;L?:7rD7C;IC7C;:?:77KD?:7:;:?H;J7?DJ;HD7:E=HKFEI;7<HEKN7;7H?=?:;P:7:;C7H97YWEEH?=?D7B 9EDJH7EIEKJHEIZ7C79?7:77JH7LZI:7IH;B7Ya;I;9ED;Na;ICbJK7ItC=HKFEI(;JFEII?L;BC;DJ;DWEZD;C D;9;IITH?EGK;;B;7KC;DJ;DbC;HEEK;IF7YEF7H7s7<HEKN7H I;t;CIK7I:?<;H;DY7IH;=H7I;H?JK7?IFE?I;B;I@TI; <EHC7C 9>;?EI :; sH;B7Ya;I ; 9ED;Na;I CbJK7It ;C H;:; GK; Z E GK; 9>7CE :; %#$ 97J;=EH?7 GK; L;H;CEIC7?I7:?7DJ; '7DK;B7IJ;BBI:?PGK;7I s9ECKD?:7:;IL?HJK7?ItIWE C7?I KC7;NFH;IIWE:7:?<;H;D9?7YWE;DJH;?D:?L]:KEI GK;I; <;9>7C;CIK7I?:;DJ?:7:;IFH_FH?7IGK7I;DKC7 <EHC7:;?D:?L?:K7B?P7YWE:EI=HKFEI;C 97:7F7HJ?9?F7DJ; GK;FH;J;D:;I;7<?HC7H7F7HJ?H:7GK;B7?:;DJ?:7:;s<EHC7YWE:;9ECKD?:7:;IL?HJK7?IZ7F;D7IKC7:7I;NFH;IIa;I :;II7 :?<;H;D9?7YWEt -WE I;C;B>7DJ;I GK; I; I;F7H7C :E H;IJE DWE >T E :?<;H;DJ; II7 7DTB?I; I; 7FHE<KD:7 7?D:7 C7?I D7 GK;IJWE :7 :?IJH?8K?YWE :7FEII?8?B?:7:; :;KIE :; J;9DEBE=?7I :; CKBJ?C]:?7 ;DJH; F7]I;I C7?I H?9EI ; C7?I FE8H;I 9ECE J7C8ZC ;DJH; 97C7:7I ;9ED`C?97I :?<;H;DJ;I :7I IE9?;:7:;I *EII?8?B?:7:;I 9E;H;DJ;I :?7DJ; :7I <EHC7I :; L?:7 7JK7?I D7I IE9?;:7:;I :?J7I 9ECFB;N7I ED:; s) GK; ;C;H=; CK?JE C7?I D;IJ7I bBJ?C7I IWE E ?IEB7C;DJE;7;D97FIKB7YWE:EI?D:?L]:KEI$&$#.3$&$ $ &%# $tB?7I *HEII;=K?D:EDE9EDJ;NJE9EDJ;CFEHVD;EFE:;CEI7?D:7<EHCKB7HGK;JE:E#%I;H?7JH7J7:E9ECE$% 9EDL;DYa;IJT9?J7I:;?D<EHC7B?:7:;;F;IIE7B?:7:;DWEJH7P;CH;=H7IF7H7JH7J7HE:?<;H;DJ;:;CE:E?CF;IIE7B)GK; DJ>EDO !?::;DI 9>7C7 :; s:;I7J;DYWE 9?L?Bt r KC7 ;IFZ9?; :; JHE97 :; I?D7?I ;DJH; :;I9ED>;9?:EI D7 CE:;HD?:7:; GK; 7<?HC7 GK; KC DWE Z 7C;7Y7 F7H7 E EKJHE r <7P H;<B;J?H E GK7DJE DWE I; J;C H;=H7I F7H7 JH7J7H E :;I9ED>;9?:E :?<;H;DJ; D7 ZFE97 9EDJ;CFEHVD;7 ; FEH ?IIE ;II7 I;C;B>7DY7 :; 9ECFEHJ7C;DJEI ?D<EHC7?I $T DE ;IF7YE:7#DJ;HD;JE?CF;IIE7B?D?9?7BFEII]L;BZH7F?:7C;DJ;IE8H;FEIJEFEHKCF;IIE7B?D;L?JTL;BFE?I7F7H;DJ;C;DJ; EI?D:?L]:KEI7DI;?7CJH7DIFEHKC7;IFZ9?;:;87HH;?H7CE:;HD7D7IH;B7Ya;IF;IIE7?I87HH;?H7;II7GK;9EC;Y7H?7@T D7s:;I7J;DYWE9?L?Bt,;9EDIJHK?D:EE;N;CFBE:;!?::;DI7IF;IIE7IDWEJ;CE9EIJKC;:;9ED<?7H;CGK;CB>;I FKN79EDL;HI7DKC`D?8KIF;BE9EDJHTH?E=;H7BC;DJ;KC<?D=;GK;DWEL[EEKJHE7EI;9HKP7H;CEB>7H;I79?:;DJ7?I -?JK7YWEH;F;J?:7;CCK?J7IE97I?a;IDEDEIIE9EJ?:?7DEUIL;P;IL;D9?:7UIL;P;IDWE;7II?C=;H7D:E;IFEHT:?97I ?DJ;H7Ya;I9EDI?:;H7:7IF;B7DEII7C;C_H?7(E;DJ7DJE77J?JK:;:;<K=?H77J;DYWE?=DEH7HGK;CB>;?DJ;HF;B7DEI ;IF7YEI:;?DJ;H7YWE:7#DJ;HD;JZH7F?:7C;DJ;H;FH;;D:?:77:;F;D:;H:7I?JK7YWEI;DKC>7J7B=KZCDWEH;IFED:; 7EI9EDJ7JEIBE=E:;L;HTH;9;8;HC;DI7=;DI:;:;I7<EH7EKJ7BL;PI;@79ECFB;J7C;DJ;?=DEH7:EFEHJE:EI7DWEI;H GK;FEII7:7HKC7;NFB?97YWE9EDL?D9;DJ;BE=E;CI;=K?:7sC;K9ECFKJ7:EH:;KFHE8B;C7tsC?D>79ED;NWE97?Kt IWE7I:;I9KBF7IC7?I9ECKDIC7I:;GK7BGK;HCE:E7s:;I7J;DYWE9?L?BtDWEFE:;HI;HFH7J?97:7E9EDJ7JEZ<;?JE; Z9B7HEDWE>EKL;H?I9EIH;<;H?D:E7EI;N?IJ;DJ;I;CEKJH7I?DJ;H7Ya;IHEK8EL?EB[D9?7;J9)I97IEID;CI;CFH; H;<B;J;C ;II7 =;D;H7B?P7YWE C7I FK:;CEI 7GK? <EHCKB7H KC7 F;BE C;DEI :?<;H;DY7 ;DJH; 7I I?JK7Ya;I :; ?DJ;H7YWE F;IIE7B;?CF;IIE7BDE;IF7YE:7#DJ;HD;J;DE<79; 7 <79; -;7DJ;IEGK;;H7F;IIE7B;H7EJH7JE9ECEIFH_N?CE;?=K7?I9ECKD?:7:;BE97B;<7C]B?7;EGK;;H7?CF;IIE7B;H7E JH7JE9EDL;D9?ED7:E;?DIJ?JK9?ED7B?P7:E9ECE:?<;H;DJ;E:;<EH7I;=K?D:E!?::;DIs9ED<?7DY7;CF;IIE7IDWE Z;D<E97:7FEH9ED;Na;IF;HIED7B?P7:7IDE?DJ;H?EH:79ECKD?:7:;BE97B;:7IH;:;I:;F7H;DJ;I9E9ED<?7DY7F;IIE7B JEHD7 I;KCFHE@;JE7I;HuJH787B>7:EvF;B7IF7HJ;I;DLEBL?:7I;H;GK;H7#%&# '1& !# &%# t )GK;L;CEIZKC7H;9ED<?=KH7YWE:EI9ED9;?JEI:;F;IIE7B?:7:;9ECE:;?CF;IIE7B?:7:;:;7DJ;I:;CE:E7 FE:;HCEI9ECFH;;D:;HEGK;Z;II7I;F7H7YWE>E@;*7H7-;DD;JJFEH;N;CFBEJK:EZJH7DI<EHC7:E;CF;IIE7B :;<EHC7C;H97DJ?BFE?IDWE>TKCBK=7HFHZL?EF7H7E:?<;H;DJ;EGK7BJ;HC?D7I;D:EJH7DI<EHC7:E;CKCI;C;B>7DJ; FEH KC7 IZH?; :; J;DJ7J?L7I 7<?D?JTH?7I J7BL;P :;H?L7:7I :7 ?:;EBE=?7 :7 ?=K7B:7:; #BKC?D?IJ7 C7I GK; :;?N7 FEK97 FEII?8?B?:7:;C_L;B<EH7:E;?NEC7?I9ECKC:;II7F;IIE7B?:7:;9EDJ;CFEHVD;7 )FEDJE:;L?IJ7:;,?9>7H:-;DD;JJCEIJH7J7C8ZC9ECEE:;I;DLEBL?C;DJE:79KBJKH7KH87D7E9?:;DJ7BCE:;HD7<;P 9ECGK;EIs;IF7YEIFb8B?9EIt;DJH7II;C;C:;97:[D9?7:;CE:E7<7P;H9ECGK;EI:?<;H;DJ;I=HKFEII;?IEB7II;C7E 9EDJ7JE 9EC E EKJHE '7DK;B 7IJ;BBI H;<EHY7 ;IJ7 ?:Z?7 9EC KC7 DEYWE GK; FE:;CEI 9>7C7H :; s;D97IJ;B7C;DJEt ;9EC7<EHC7YWE:;s=K;JEIH?9EIt7C87II;H;<;H?D:E7E?IEB7C;DJE:;=HKFEI<;9>7:EI;CIK7I &$;EK$.$;7II?CDWE9ED<HEDJ7D:EE#%7%#GK;B>;IFEII?8?B?J7H?7H;9ED>;9;H; 7<?HC7H IK7I?:;DJ?:7:;I /C;N;CFBE:;9EDI;Gc[D9?7:;II; s;D97IJ;B7C;DJEtJ7C8ZCIK=;H?:EFEH7IJ;BBI <7B7 IE8H;E( GK; s:TEFEHJKD?:7:;UIF;IIE7I;CF7HJ?9KB7H7EI7:EB;I9;DJ;I:; 9EDIJHK?HIK7IF7H;:;I:; IEDI 9EDJH7ECKD:E;NJ;H?EHt II7?:;DJ?<?97YWEZJ7C8ZC9EDI?:;H7:79ECE<K=7P;J;CFEHTH?7GK;I;@KIJ?<?97;CI?C;IC7;DGK7DJEE9EHH;IK7 ;N?IJ[D9?7;IJ7H?7FB;D7C;DJ;I_D7?DJ;H7YWE;CIK77JK7B?P7YWEIK7L?HJK7B?:7:;9ECE=HKFEI;H?7GK7I;DKB7FE?I DWEZIKIJ;DJ7:7FEHKC7?:;DJ?:7:;DWE>TFHEL7L;BC;DJ;D7:7 GK;?:;DJ?<?GK;E?D:?L]:KE9ECE:E=HKFEGK7D:E DWE ;IJT DE =HKFE EI C;C8HEI :; KC =HKFE FE:;C ; FHEL7L;BC;DJ; E <7P;C F7HJ?9?F7H :; EKJH7I <EHC7I :; 9EB;J?L?:7:;I :E C;ICE J?FE C;ICE GK; FEH CEJ?L7Ya;I :?<;H;DJ;I #DJ;HD;J 9ECE ?DIJHKC;DJE :; CbBJ?FB7I ?DJ;H7Ya;IFEJ;D9?7B?P7;C=H7D:;?DJ;DI?:7:;;IJ7FEII?8?B?:7:;7FH;I;DJ7:7FEH'7<<;IEB? ?7DJ;:?IIEL7B;B;C8H7H!E<<C7D9ECH;B7YWEUI:?<;H;DJ;I7FH;I;DJ7Ya;I:;KI;C;IF7YEI:?L;HIEIGK? D;IJ;9EDJ;NJE;IJ7D:ED;IJ;I=HKFEIE?D:?L]:KEFE:;H;FH;I;DJ7H:?<;H;DJ;I&$EKsF7FZ?It&E=E<7P;D:EKC7H; ?DJ;HFH;J7YWE:7?:;DJ?:7:;;:7?:;DJ?<?97YWEJ;CEID7FH?C;?H7KC2$;KC$;DGK7DJEGK;D7I;=KD:EFE:;CEI J;HCK?JEI&$:;DJHE:;CK?JEI2$FEII]L;?IED:;<?97E$)I$IWEJE:EII;C;B>7DJ;IGK;9ECF7HJ?B>7CE ;IF7YE D<?C '7<<;IEB? IKFa; GK; DE H?JK7B 9EJ?:?7DE :; 7<;J?L?:7:; :;II;I F;GK;DEI =HKFEI I; ;IJ78;B;9; E I;K FH_FH?EH;9ED>;9?C;DJE9ECE=HKFEDE;DJ7DJE7?D:7B>; <7BJ7C 7IH;<;H[D9?7I9ECH;B7YWE7E &%# E$GK;<7P ?P 7IJ;BBI sE C;ICE J;CFE GK; 7I J;9DEBE=?7I :; ?D<EHC7YWE F;HC?J;C 7 :;I9;DJH7B?P7YWE :7I 7J?L?:7:;I L?L;CEI7C7?EH9ED9;DJH7YWEKH87D7:7>?IJ_H?7(7CZH?97&7J?D7:7FEFKB7YWEL?L;;C9?:7:;I(EH7I?B IWE 9ED9;DJH7:EI ;C C;=79?:7:;I 9ECE -WE *7KBE (;IJ7I C;JH_FEB;I E9EHH; KC7 <H7=C;DJ7YWE ;DEHC; EHC7C I;=K;JEI9?C7:;JK:E=K;JEI:EIH?9EI)]D:?9;:79ED9;DJH7YWE;IF79?7BZCK?JEC7?EH;DJH;EIH?9EI:E GK;;DJH;EIFE8H;I*EH?IIEZ<KD:7C;DJ7BGK;I; C7DJ;D>7CEI;IF7YEIFb8B?9EIF7H7;IJ78;B;9?C;DJE:;H;B7Ya;I >KC7D7II;C7IGK7?IF7II7H;CEI:;KC79?:7:;F7H7KC79ED9;DJH7YWE:;JH?8EI R797F79?:7:;:;E8J;H?D<EHC7Ya;IGK;7HJ?9KB77IF;IIE7I&?=7H7IF;IIE7I<]I?97EKL?HJK7BC;DJ;9H?77FEII?8?B?:7:; :;;B7IL?L;H;C;CI;KFH_FH?E=K;JEEFJ7D:EFEHI;H;B79?ED7H;C9ECGK;CGK?I;H:;?N7D:E:;B7:E7IE9?;:7:;R7 HKFJKH7 :E 9EDJH7JE ;C GK; ;IJT 87I;7:7 7 9EDL?L[D9?7 IE9?7B (WE Z 7 J;9DEBE=?7 GK; FHE:KP ?IIE C7I Z ;B7 GK; <7LEH;9;;II7I?JK7YWE-;DWEJ?L;HCEI?DIJ?JK?Ya;I:;9EDL?L[D9?7IE9?7B7DEL7J;9DEBE=?7DEIF;HC?J?HTFH;I9?D:?H:7 IE9?;:7:;F7H7DEIH;B79?ED7HCEIIEC;DJ;9EC=;DJ;9ECED_I:;DJHE:;=K;JEI7JH7LZI:;9ECKD?:7:;I;B;JH`D?97I -;HTE<?C:7IE9?;:7:;t H;9ED>;9;H7?:;DJ?:7:;<7P;D:EFEII?L;BC;DJ;<;9>7H B>;ID7?:;DJ?<?97YWE9ECEI;C;B>7DJ;IsJH?8EIt7<?D7BGK; C;ICE;CH;:;I:;7<?D?:7:;DWEFEIIK;CE;IF7YE7:;GK7:EF7H777<?HC7YWE:7I?:;DJ?:7:;IEFb8B?9E<?HC7:EI 7F;D7I D7I s7<?D?:7:;I 7<;J?L7It GK; 7I IKIJ;DJ7C D7 J;CFEH7B?:7:; :; IK7 ?DJ;H7YWE FEII?L;BC;DJ; FH;;D9>;D:E B79KD7I:E9EJ?:?7DE79;II_H?EBb:?9E C7I DWEI; JEHD7D:E7 DEL7H;LEBKYWE:E CKD:E:E<KJKHE9ECE'7<<;IEB? F7H;9;?C7=?D7H;C7B=KDICEC;DJEI ;D<?C:?7DJ;:?IIEJ;CEI?D:?L]:KEI:;IJ;9EDJ;NJEI;C;IF7YEIFb8B?9EI;s;D97IJ;B7:EItGK;FE:;C?DJ;HFH;J7H 7 #DJ;HD;J 9ECE s;IF7YEt F7H7 7 IE9?78?B?:7:; H;I=7J7:7 DKC ;IF7YE :; s97EIt ; <EH7 :7 EH=7D?P7YWE FB7D;@7:79EDJHEB7:7:7I9?:7:;IC7IJ7C8ZCFHEJ;=?:E:EI9ED<B?JEI:?H;JEI9ECEEKJHE 8;@;6367E /C =HKFE (;J Z KC7 H;:; :; H;B79?ED7C;DJEI GK; DWE Z B?C?J7:7 FEH J;CFE EK BE97B?P7YWE C7I I?C FEH ?DJ;H;II;I 9ECKDII7<?D?:7:;IFEII]L;?I97F7P;I:;<7P;H;C9EDL;H=?H;II;I?D:?L]:KEIIWE?D9EDJTL;?IIC7D?<;IJ7Ya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a;IIE9?7?I:;;D=7@7C;DJELEBKDJTH?EE:E=HKFE*7D;B7GK;I;9ED9;DJH7DKC _HKCF7H7:?I9KJ?H '7HA;J?D= ; *K8B?9?:7:; E _HKC IE8H; (7CEHE D7 #DJ;HD;J GK; 7JH7? F;IIE7I F7H7 ;IJ; J;C7 ; J7C8ZC E =HKFE !7B;H7 44 9K@7 7<?D?:7:; ?D?9?7B Z 9ED>;9;H F;IIE7I C7I JE:7I ;II7I 7<?D?:7:;I IWE 7F;D7I FEDJEI ?D?9?7?I :; IE9?78?B?:7:;9_:?=EI9ECKDI:;JHE97I]C8EBEI:;?DJ;H;II;CbJKEI)FHE9;IIE:EF7HJ?B>7C;DJE:;7<?D?:7:;IL7? CK?JEC7?I7BZC ?P'7<<;IEB?GK;KCFHE9;IIEsIK8J;HHVD;Et<EH7:7I?DIJ?JK?Ya;I:;$%'$FE:;B;L7H7#$:; 7<?D?:7:;I?DJ;H 7<?D?:7:;IrL;H ?=KH7;DJH;;IJ;I=HKFEIGK;;B;9>7C7:;sJH?8EItF7H7;B;KC79EB;J?L?:7:; ;CE9?ED7B 9K@E FHEF_I?JE Z E s;IJ7H @KDJEt <EHC7 =;H7:7 F;BEI :?<;H;DJ;I J?FEI :; 7<?D?:7:; Z E GK; FE:; :?<;H;D9?7H KC =HKFE :E EKJHE II?C 7F;I7H :; DWE >7L;H ?:;DJ?:7:; ; I?C ?:;DJ?<?97YWE :; I;C;B>7DJ;I 7 :?<;H;D9?7YWE 9EC E EKJHE I; :7 ;IJ;J?97C;DJ; F;B7 <EHC7 7 s9E?I7t 7<;J?L7 GK; EI KD; ; GK; DWE ?CF;:; EKJH7I <EHC7I F7H7 E C;ICE ?D:?L]:KE ;C H;:; -;H?7 KC7 <EHC7 :; F;HJ;D9?C;DJE 9EB;J?LE ED:; >T KC sB7YE :; H;9?FHE9?:7:;t;DJH;EI?D:?L]:KEI9K@7I<EHC7I:;?:;DJ?<?97YWELWE:;I:;7CbI?977EI:?<;H;DJ;I=EIJEI;;IJ?BEIC7?I 79;II_H?EI <EDJ; :; FH;;D9>?C;DJE :7 L?:7 <EH7 :E 9EJ?:?7DE ?DIJ?JK9?ED7B DE C7?I :7 L;P;I L?IJE 9ECE B7P;H s *7H7<?97H9B7HEEKIE:EJ;HCE%# D;IJ;9EDJ;NJE:7I?:Z?7I:;'?9>;B'7<<;IEB?;NFB?97CEIsD7IIE9?;:7:;I 9ECFB;N7I;LE97F7HJ?9KB7H?ICE;IJ78;B;9;F;GK;DEIH;9EHJ;I;N?8;I]C8EBEI;C7H97I:;KIE;I?=D?<?97:EH;IJH?JEI /C FH?C;?HE I?=D?<?97:E C7?I =;H7B :; %# &# J;C 9ECE H;<;H;DJ; :;J;HC?D7:7 ;I97B7 GK; I;HL; F7H7 :;I?=D7H KC7 J;D:[D9?7 EFEIJ7 7E =?=7DJ?ICE :7I ?DIJ?JK?Ya;I ; :E IJ7:E D7I IE9?;:7:;I CE:;HD7I :?7DJ; :7 ?CF;IIE7B?:7:; ; 7DED?C7JE :;IJ7I bBJ?C7I %# F;HC?J?H?7 7=HKF7H EI ?=K7?I FEII?8?B?J7D:E B>;I ?DJ;DI7I L?L[D9?7I 9ECKDI E ;IJ78;B;9?C;DJE :; B7YEI F;IIE7?I ; B;7B:7:;I 7 9H?7YWE :; 9_:?=EI :; 9ECKD?97YWE ; 9ECFEHJ7C;DJE ?:;DJ?<?97YWE7=H;=797:7F;IIE77KCF;GK;DE=HKFEEK7KC7IZH?;:;=HKFEI)GK;?CFB?97KC7CKBJ?FB?9?:7:;:; L7BEH;IEFEIJEIKDI7EIEKJHEIEGK;Z:7EH:;C:7F7?NWEF7HJ?B>7:7t'7<<;IEB? <?D?:7:;I#DJ;H 7<?D?:7:;I,;:;:;<?D?:7:;I ) GK; E GK7:HE ?BKIJH7 Z GK; FE:;CEI ;NJH7?H 7 I;=K?DJ; 97:;?7 :; IE9?78?B?:7:; :;DJHE :E =HKFE !7B;H7 44 F;IGK?I7:E E C;C8HE '7H9;BE 9>;=7 7 KC7 H;KD?WE :; I;NJ7 <;?H7 FEH LEBJ7 :7I >EH7I (EI FH?C;?HEI C?DKJEI;B;9?H9KB7<7B7D:E9ECJE:EIEIFH;I;DJ;I:;KC;CKCEK:;IK8=HKFE;CIK8=HKFE;IJT9ECF7HJ?B>7D:EE H?JK7B:EH;;D9EDJHEGK;E9EHH;;C97:7H;KD?WEE;DJKI?7ICEEKC;ICE7;:K97YWEFE?ID;CI;CFH;I;Z]DJ?CE:; JE:EIEIFH;I;DJ;I7EH;L;HEIC;C8HEI:E=HKFECI;=K?:7;B;L7?7JZKC7B7D9>ED;J;;9ECFH7KC79;HL;@7BT ;D9EDJH7EC;C8HE-7B=7:EGK;<7PF7HJ;:EIK8=HKFE>7F7HH7?IEI:E?ILEBJ7C9EDL;HI7D:E;7C8EIF7H7CD7C;I7 ED:;;IJWEEI>7F7HH7?I'7H9;BE <?977B=KCJ;CFE9EC;B;I 9ECF7HJ?B>7D:E7I8H?D97:;?H7I9EHH;DJ;I7B?H?;C @KDJEI ;J9 ;FE?I 7 C;C8HE '?BB7 F7II7 FEH ;B; ; E 78H7Y7 @T J?D>7C I; <7B7:E 7DJ;I C7I 9EC;Y7C 7 9EDL;HI7H ECEEI>7F7HH7?I;7IEKJH7IF;IIE7IGK;;IJWE;CLEBJ7:;II7C;I79EDJ?DK7C78H?D97H8;8;H;H?H'7H9;BE <7B7F7H7-7B=7:EGK;L7?;CEKJHEBK=7H;9ECKCCb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c?BE :;DJHE :E ;IF7YE :; ?DJ;H7YWE :E =HKFE ;B;I 9EDL;HI7C ; 8H?D97C IE8H; EKJHEI7IIKDJEIKCJ?FE:;9EDL;HI7;8H?D97:;?H7I:?<;H;DJ;I:7I:EI>7F7HH7?IGK;<7B7CC7?I7BJEH?;CC7?I7BJE; IWE C7?I ;I9H79>7:EI (;II; EKJHE CEC;DJVD;E IK8=HKFE EC ; ,;7==; !?HB IWE KC 97I7B -7KBE ; EC ;IJWE 8;8;D:E ; <7B7D:E 9E?I7I :EI :E?I ; '7H9;BE ; '?BB7 ;IJWE 9EDL;HI7D:E ;DJH; I? (KC7 8E7 F7HJ; :E H;IJE :7 H;KD?WE '7H9;BE <?97HT D7GK;B7 C;IC7 C;I7 9EDL;HI7D:E 9EC '?BB7 C;ICE GK; ;L;DJK7BC;DJ; EI EKJHEI E9KF7DJ;I:7C;I7CK:;C;EKGK;I;=;H;C9?9BEI:;9EDL;HI7I;DJH;;IJ;IC;ICEIE9KF7DJ;I .;DJ7D:E H;IKC?H E F;H9KHIE '7H9;BE F7HJ?B>EK 7<?D?:7:;I 9EC JE:E =HKFE H?JK7B :; 9>;=7:7 :;FE?I F7HJ?B>EK 7<?D?:7:;I9ECEIK8=HKFE:EI>7F7HH7?I:;FE?I9ECEIK8=HKFE:7C;I7-7KBEEC;J9;<?D7BC;DJ;9EC'?BB7 GK; J7C8ZC <;P F7HJ; :E IK8=HKFE 7DJ;H?EH (;II; 97C?D>E <E? C7DJ?:7 7 ?DJ;H 7<?D?:7:; F7HJ?B>7:7 :; s;IJ7H DE =HKFEt ?DJ;H7YWE <]I?97 <79; 7 <79; 7JK7B?P7:7 D7 H;KD?WE ; 7 :; sI;H :E =HKFEt DEYWE :;F;HJ;D9?C;DJE 7 KC JE:E 7<;J?LE JE:EI I; 9ED>;9;C ; I; <7B7C 7 87HH;?H7 :EI :;I9ED>;9?:EI Z HECF?:7 ;B;I IWE :E =HKFE -;C <7B7H :; GK7BGK;H7=HKF7C;DJE;NJ;H?EH:EGK7B'7H9;BEFEII7<7P;HF7HJ;<7C]B?7JH787B>E;J9 II7I7<?D?:7:;II;HL;C9ECEC7H97:EH;I:;D]L;?I:;F;IIE7B?:7:;"7L;D:E?:;DJ?<?97YWEI;C;B>7DY777<?D?:7:; FE:; I; :;I;DLEBL;H ) ?DJ;H 9HKP7C;DJE ;DJH; E sF;IIE7Bt :;<?D?:E FEH -;DD;JJ 9ECE s]DJ?CEt ; E s?CF;IIE7Bt sFb8B?9EtsJ;7JH7BtJ;CF7H7EFH;I;DJ;9EDJ;NJE7?CFEHJVD9?7:EGK;FE:;;IJ7HI;D:EFHE9KH7:EF;BEI?D:?L]:KEI F7HJ?9KB7H;It'7=D7D? -;I;8KI97s?DJ?C?:7:;tF7H7FH;;D9>;H7I?EsFH;;D9>?C;DJE:EL7P?E?DJ;H?EHt)K78KI97:;7B=KC9ECFB;C;DJE GK; :T I;DJ?:E 7 L?:7 )K 7?D:7 FHE9KH7 I; E ;IF7YE F7H7 I; ;IJ7H sFK8B?97C;DJ;t :;87J;H J;C7I I; ;D=7@7H IE9?7BC;DJ; F7HJ?9?F7H :; 7B=E s?CF;IIE7Bt ;J9 0;H;CEI C7?I 7:?7DJ; GK; JE:7I ;II7I FEII?8?B?:7:;I ;IJWE ;DJH;B7Y7:7IDECE:E9ECEEIKIKTH?EIB?:7C9EC7#DJ;HD;J;9EC7IE9?78?B?:7:;9EDJ;CFEHVD;7 #C7=?D7D:E KC 97C?D>E B?D;7H :; IE9?78?B?:7:; DKC ;IF7YE 9EDJ;CFEHVD;E #DJ;HD;J $ !! EK EKJHEI ;IF7YEI IKFEIJ7C;DJ; F7H7 IE9?7B?:7:; 9EDJ;CFEHVD;7 ; J;D:E ;C C;DJ; 7I DEYa;I :; sF;IIE7B?:7:;t ; s?CF;IIE7B?:7:;t 7FH;I;DJ7:7I7JZECEC;DJEFE:;CEIJ;H l C8?;DJ; C7?I?CF;IIE7B(;9;II?:7:;:;KC %I;C;B>7DY77<?D?:7:;L7=7N9>7JI; <_HKDI %,% $ *H;I;DY7:;9;HJ7IH;=H7I;H?JK7?I9EDL;D9?ED7?I7FH;D:?P7:E:EI9_:?=EI?DJ;HDEIEJ?FE:;H;=H7I?CF;IIE7?IF7H7E 9EDL]L?E :; IKFEIJEI :?<;H;DJ;I FEH ;DGK7DJE FEII]L;B DWE 7FB?97YWE :7 s:;I7J;DYWE 9?L?Bt F;I7H :; ;IJ7H FHE9KH7D:EEI;C;B>7DJ;E;IF7YEZ:;I9ED>;9?:E7?D:7FEH?IIE7?CF;IIE7B?:7:;EKC7?EH<EHC7B?:7:;?D?9?7B l C8?;DJ;C7?IF;IIE7B'7?I7<?D?:7:;I?:;DJ?<?97YWE@T9ED<?HCEK7I;C;B>7DY7N C7?B;#+DWEC7?I FH;9?I7:;KC%IH;=H7I;EIH?JK7?IEKIE:EI9_:?=EI:;L;CI;7:7FJ7H7EIDELEI;IF7YEI7EDELEJ?FE:; ?DJ;H7YWEC7I7?D:7:;L;C;N?IJ?H l C8?;DJ;C7?IF;IIE7BGK;E7DJ;H?EHEDL]L?EJ7DJEDE<79; 7 <79;GK7DJEDE;IF7YE:7#DJ;HD;J*EII?L;BC;DJ; C7?EH ?:;DJ?<?97YWE EK H;9ED>;9?C;DJE :7 :?<;H;DY7 7 I;C;B>7DY7 I_ ;N?IJ?7 DE ;IF7YE :7 #DJ;HD;J *EII]L;B H;9ED>;9?C;DJE :; ?:;DJ?:7:; 7 F7HJ?H :E 9EDL]L?E 9EC EKJHEI :?<;H;DJ;I 9EC GK;C FEII7C I; 9EDL?L;H @KDJEI I H;=H7I ; H?JK7?I 7GK? DWE :;L;C I;H IEC;DJ; 7 IEC7 :7I 7DJ;H?EH;I C7I I?C 7 9EDIJHKYWE :; DEL7I DE 97IE :7 C7DKJ;DYWE:;7FH;I;DJ7Ya;I:;KI DEI:E?I;IF7YEIH;=H7I;H?JK7?I:; KC:;L;C?DJ;H<;H?HJ7DJEFEI?J?L7GK7DJE D;=7J?L7C;DJ; DE EKJHE ; L?9; L;HI7 ?DJ;H 9ECFB;C;DJ7H;I 0;H;CEI GK; DE =HKFE !7B;H7 44 ;II; 97C?D>E :; =H7:7YWE :7 !$$ Z I;=K?:E C7I DKC7 ;IJHKJKH7 :; H;:; ;C GK; EI D]L;?I :; F;IIE7B?:7:; I; C?IJKH7C 7 :;F;D:;H:EDb9B;ECEC;DJVD;E:;?DJ;H7YWE;7IIK7I7<?D?:7:;IF7HJ?B>7:7I $ ?D7BC;DJ;7FH;I;DJE7F7HJ?H:EI9ED9;?JEI;DEYa;I:;/H?7HJ;CE:;BEI:;IE9?78?B?:7:;9EDJ;CFEHVD;7EI GK7?IJ;CEIL?IJE7JZECEC;DJE-WE;I8EYEI=HT<?9EI;;IJHKJKH7?I:EGK;FE:;CI;H;IJ;IFHE9;IIEI;IJK:7:EI;GK; ;IJ7HWEI;CFH;F7II]L;?I:;L;H?<?97YWEC7?I9ECFB;J7;:;J7B>7:7 (E CEC;DJE FE:;CEI 9EDIJHK?H JH[I CE:;BEI 8TI?9EI :; IE9?78?B?:7:; GK; L7H?7C :; 79EH:E 9EC E GK; FE:;CEI 9>7C7H:;1'' '% /C7;I97B79EDIJHK]:7F7H7;NFH;II7HEI:?<;H;DJ;ID]L;?I:7I?DJ;H7Ya;IF;IIE7?I; 9K@7 H;<;H[D9?7 8TI?97 Z 7 ;N?IJ[D9?7 EK DWE :; KC EKJHE:?<;H;DJ; F7H7 KC7 7<?HC7YWE :; ?:;DJ?:7:; 9ECE L?CEI 7DJ;H?EHC;DJ; 'E:;BE#!/#- 2 3 (;II7;IJHKJKH7FE:; I;?C7=?D7HE9ED@KDJE:;?D:?L]:KEI9EC7IC;IC7I97H79J;H]IJ?97I;GK;FHEL7L;BC;DJ;7EI; ;D9EDJH7H;C9ECEEKJHE:?<;H;DJ;:;?N7JH7DIF7H;9;HKC7<EHJ; D;9;II?:7:;:;7<?HC7YWE:;?:;DJ?:7:;JWE<EHJ;7E ;NJH;CE:;H;F;B?HEEKJHE*EH?IIEJ7BL;P7I;F7H7YWE:?IJ7DJ;:EEKJHE2;3DWE?DJ;H7=;CNI;F7H7YWECE:;HD7 ;DJH;FE8H;I;H?9EI<EHC7YWE:;s=K;JEIH?9EIt;N9BKI?LEI;<;9>7:EI9ECE9ED:EC]D?EI 'E:;BE#(.# 222 333 =;H7YWE:7I?:;DJ?:7:;II;:;L;CUI9ECF7H7Ya;I9ECEKJHEI9ECEL?CEI7s:?<;H;DY7tZE;B;C;DJE8TI?9ED;II7 ;IJHKJKH7 F7H7 7 9EDIJHKYWE :7 ?:;DJ?:7:; $ L;HIKI 2$ '7I DE D]L;B :E H;9ED>;9?C;DJE :7 7BJ;H?:7:; ; DWE :7 H;F;B[D9?7:7C;IC79ECEECE:;BE7DJ;H?EH2;3?DJ;H7=;CFE?IF7HJ?B>7CEC;ICE;IF7YE:;?DJ;H7YWEN7I H;KD?a;I :E =HKFE !7B;H7 44 ;IJK:7:E FE:;C I;H 9EDI?:;H7:EI 9ECE ;IF7YEI :; ?DJ;H7YWE F7HJ?B>7:EI FEH LTH?EI IK8=HKFEI GK; ?DJ;H7=;C ;DJH; I? ;II;I IK8=HKFEI I; <EHC7C DKC FHE9;IIE :; C7?EH 7<?D?:7:; FE:;D:E 7<?HC7H FEII]L;?I?:;DJ?:7:;IF;B7FH;I;DY7:EIEKJHEIIK8=HKFEI;IK7I:?<;H;DJ;I7<?D?:7:;IN>7F7HH7?I=EIJ7C:;HE9A 78KB7 EOI =EIJ7C :; F7=E:; 7<?D?:7:; CKI?97B 9EDJHTH?7 :E EKJHE 7<?HC7 7 7<?D?:7:; ?DJ;HD7 :; 97:7 IK8=HKFE :;L;CEI B;C8H7H 7GK? :7 FH;I;DY7 J7C8ZC :7I ?DJ;H 7<?D?:7:;I @T L?IJ7I EI C;C8HEI :EI :?<;H;DJ;I IK8=HKFEI J7C8ZC?DJ;H7=;C;DJH;I? 'E:;BE#(.# #Qp) 32 I%.3$I;:WEF;BE;D9EDJHE:;$.$;C:?<;H;DJ;I;IF7YEI:;?DJ;H7YWE?:;DJ?<?97YWEZ:?<;H;DJ; :7I ?:;DJ?:7:;I FE?I 8KI97 E I;C;B>7DJ; E F7H;9?:E C7I DWE 8KI97 I; :?<;H;D9?7H :E H;IJE E H;9ED>;9?C;DJE EK 7<?HC7YWE:7?:;DJ?:7:;;9;HJECE:EI;;L?J7E9ED<B?JE9ECEEKJHEFE?II;;IF;H7GK;79EDL?L[D9?7I;@7:;KC I;C;B>7DJ;F7H7EEKJHE-;H?7KC:EI7IF;9JEI:7IsJ?H7D?7I:7?DJ?C?:7:;t7GK;-;DD;JJ<7PH;<;H[D9?72;3 IWEI;C;B>7DJ;IF7HJ?B>7C7<?D?:7:;ICEC;DJVD;7I;?DJ;H7=;C:;79EH:E9EC7II?JK7Ya;IGK;EI9EDL;H=;CI;H?7C 7IH;=?a;I:;?DJ;HI;YWEFH;;D9>?:7I:7<?=KH7-;H?7E97IEC7?I78H7D=;DJ;:EIC;C8HEI:E=HKFE!7B;H744GK; F7HJ?B>7C77<?D?:7:;s #%t:E=HKFEEGK;FE:;H]7CEI9>7C7HJ7C8ZC:;7<?D?:7:;CEJ?L7:EH7FEII]L;B 7JZ:;I;H;IGK;9?:7F;BEII;KIC;C8HEI7F7HJ?H:ECEC;DJEGK;EKJH7I7<?D?:7:;II;:;I;DLEBL;C;IWEF7HJ?B>7:7I; FEH?IIEIWEI;C;B>7DJ;I;9EDL;H=;CF7H7EI;IF7YEI:;?DJ;H7YWEH;KD?a;I DE !! ;>7J87I?97C;DJ;FE?I 9ECEL;H;CEI;N?IJ;CEKJHEI;IF7YEIED:;@T>TKC7JT9?J7<?BJH7=;C:;7<?D?:7:;I;DJH;EIC;C8HEI7FH7?7E#+ 7IL?7=;DI;J9IJ;CE:;BE9EBE97:E;CH;:;:;;IF7YEI:;?DJ;H7YWE;:;7<?D?:7:;II;H?7C7?IEKC;DEIEJ?FE:; DEL7IE9?7B?:7:;7<;J?L7;IK8J;HHVD;7GK;'?9>;B'7<<;IEB?FHEFa;F7H779EDJ;CFEH7D;?:7:;0TH?7IsJH?8EIt LTH?EIs;IJ7H@KDJEtFEH87?NE:EKJ?B?J7H?ICEH79?ED7B?P7DJ; D<?C7ICEJ?L7Ya;I7?:;DJ?<?97YWE;7I7<?D?:7:;I<EHC7CKC7H;:;9ED@KDJ7:;!#$.$DEYa;IEK97J;=EH?7IDE ?DJ;H?EH :EI ?D:?L]:KEI GK; 9EDIJH_;C ; F7HJ?9?F7C :7 IE9?78?B?:7:; 9EDJ;CFEHVD;7 :;DJHE :7I F7HJ?9KB7H?:7:;I :; 9EDJ;NJE>?IJ_H?9E;9KBJKH7BGK;<7P;CF7HJ;:;97:7KC*;D;JH;CEI7I;=K?HDE9EDJ;NJE;IF;9]<?9E:7IE9?78?B?:7:; DE ;IF7YE :7 #DJ;HD;J ; L;H;CEI GK; JE:EI EI FHE9;IIEI 7FH;I;DJ7:EI 7JZ 7GK? I; JEHD7C L?LEI ; 7J?LEI D7I 7Ya;I ;NFB]9?J7IEK?CFB]9?J7I:;?D:?L]:KEIJWEH;7?IGK7DJEGK7BGK;HKC:;C;ICE9EDJ;NJE;H;7B?:7:; #0 #(.,(.-)##&# (E 97F]JKBE GK; I; I;=K; 7FH;I;DJ7CEI 7 DEII7 9ECFH;;DIWE :7 IE9?78?B?:7:; DE ;IF7YE :7 #DJ;HD;J @KIJ7C;DJ; E 9;DJHE:;DEII7FHEFEIJ79EC7C7DKJ;DYWE;E:;I;DLEBL?C;DJE:EI9ED9;?JEI;97J;=EH?7IL?IJEI7JZ7GK?:?7DJ;:7I ?DJ;HFH;J7Ya;I:;KIKTH?EI:7#DJ;HD;J;:EI C;C8HEI:E=HKFE(;J;IJK:7:E(7FH?C;?H7F7HJ;;IJT79EDIJHKYWE:E 9EDJ;NJE;:EF;H<?B:;KIKTH?E?:;7B:7#DJ;HD;JKJ?B?P7D:E I;F7H7?IIE7I?D<EHC7Ya;I:EGK;IJ?EDTH?E7FB?97:E ; EI:7:EI9ECFB;C;DJ7H;I:;EKJH7I<EDJ;I(7I;=KD:7F7HJ;;IJWE7I:;I9H?Ya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b:EE8@;J?LE;:?H;JE ;N?IJ;CCK?J7I?DJ;HFH;J7Ya;IFEII]L;?IIE8H;EF;H<?B:7IF;IIE7I7F7HJ?H:;IJ;:7:EI;J;CKC9KHIEIKF;H?EHEKDWE I; FHEL7L;BC;DJ; I;K KIE :7 #DJ;HD;J J;C >7L;H 9EC ;II7 FHE<?IIWE ;N;H9?:7 EK FEI?YWE E9KF7:7 ;J9 .?L;CEI F;IIE7IGK;JH787B>7C9ECIKFEHJ;JZ9D?9ED7TH;7:;?D<EHCTJ?97EK7D7B?IJ7:;IKFEHJ;GK;ZKC7<KDYWEGK;DWE ;N?=; 9KHIE IKF;H?EH C7I GK; D;9;II?J7 :; 9ED>;9?C;DJEI ;C ?D<EHCTJ?97 DEHC7BC;DJ; 7:GK?H?:EI ;C 9KHIEI F7HJ?9KB7H;IEK7KJE7FH;D:?P7:E:;KC7C7D;?H7EK:;EKJH7D;9;II?J7:E9EDJ7JE9EC7J;9DEBE=?7;?IIE?D:?97EK ?DL;IJ?C;DJEEK9EDL?L[D9?7;?IIEKIK7BC;DJ;I?=D?<?97GK;ZKC7F;IIE7GK;DWEZ:;KC79B7II;JWE:;IFH?L?B;=?7:7 .;CEI FHE<;IIEH;I J7DJE :; D]L;B CZ:?E GK7DJE :; D]L;B IKF;H?EH E GK; J7C8ZC ?D:?97 ?DIJHKYWE C7I DWE 9ECFB;J7C;DJ;78;HJE79;IIE7EIKJ;DI]B?EIJ;9DEB_=?9EICE:;HDEIFE?IZKC7FHE<?IIWEDEJEH?7C;DJ;C7BH;CKD;H7:7 DE F7]I .;CEI :ED7I :; 97I7 GK; @T J?L;H7C 97HH;?H7I FHE<?II?ED7?I 8;C H;CKD;H7:7I DE F7II7:E C7I GK; 7F_I E 97I7C;DJE; <?B>EIH;IEBL;H7CF;HC7D;9;H;C97I7;9K?:7H:7<7C]B?7)8L?7C;DJ; DWEI;JH7J7:EJ?FE:;:ED7:; (7F;IGK?I7:;:K7H:E%H7KP;?;>B7=H7D:;C7?EH?7:EII;KIGK;IJ?ED7:EIJ?D>7C;DJH;El=H7K9ECFB;JE;l =H7K9ECFB;JEF7II7D:EFEHl=H7K?D9ECFB;JEEGK;:;CEDIJH7KC7FEII]L;B:?IFEI?YWEDKCZH?97:;F;IIE7I9EC 7B=KC7?DIJHKYWE<H;Gc;DJ7D:EE;IF7YE:7#DJ;HD;JF;BEC;DEIFEH;DGK7DJE*;IGK?I7I:;CEDIJH7CGK;E79;IIE:EI 8H7I?B;?HEI :; 97C7:7I C7?I FE8H;I 7 J;9DEBE=?7 :7 ?D<EHCTJ?97 Z ;NJH;C7C;DJ; B?C?J7:E (KC F7]I JWE I;=H;=7:EH GK7DJEEDEIIEE7F7H;DJ;9H;I9?C;DJE:;I;D<H;7:E:EKIE:E9ECFKJ7:EH;:7#DJ;HD;J;CJE:7FEFKB7YWE:;L;I;H FEIJE;CKC7F;HIF;9J?L7C7?IH;B7J?L7;H;7B?IJ7 97I7JH7:?9?ED7BC;DJ;FE8H;I;H?7CK?JEC7?IKC77:C?D?IJH7:EH7:EB7H9EC;CFH;=7:EI7I;KI;HL?YEGK;9EC7D:7 KC7 97I7 C7I J;C J;CFE F7H7 KI7H E 9ECFKJ7:EH ; 7 #DJ;HD;J J;CFE B?LH; ?DIJHKYWE ; FEII?8?B?:7:;I <?D7D9;?H7I .;CEI <KD9?EDTH?EI Fb8B?9EI GK; J[C 7B=KC7 ?DIJHKYWE ; KC CE:E :; L?:7 DWE CK?JE L7H?TL;B C7I 9EC 7B=KC7I FEII?8?B?:7:;I:;9EDIKCE;<KD9?EDTH?EIFb8B?9EI<;:;H7?I7FEI;DJ7:EI9K@7H;CKD;H7YWE;ECE:E:;L?:7C7DJ?:E FE:; B>; FHEFEH9?ED7H E 79;IIE U J;9DEBE=?7 :;DJH; EKJH7I 9E?I7I C7I GK; J7C8ZC J;C 7 EFEHJKD?:7:; :; 7?D:7 JH787B>7H ;C FHE@;JEI <?B7DJH_F?9EI ; 9E?I7I :E =[D;HE J;D:E 7 FEII?8?B?:7:; ;NF;H?[D9?7 ?DIJHKYWE ; E ;D=7@7C;DJE D;9;IITH?EIF7H7J7?I7J?L?:7:;I:;s:;FE?I:EJ;CFE:;JH787B>EtKC7P;:?;H;?IIE?D9BK?7FH;D:;H7KI7H7 #DJ;HD;J.;CEI87D9TH?EI;87D9TH?EI7FEI;DJ7:EIGK;J7DJEFE:;CJ;H?DIJHKYWECZ:?7GK7DJEIKF;H?EH;FEH?IIE 7B=KC7?DIJHKYWE;7B=KC797F79?:7:;<?D7D9;?H7F7H7KIK<HK?H :;II7J;9DEBE=?7.;CEI@EHD7B?IJ7I9KHIEIKF;H?EH; 79;IIE7J;9DEBE=?7I;@7DEJH787B>EEK;C97I7EK;CKD?L;HI?:7:;.;CEI ($#$ 9EDIJH_;CEII?J;IGK; ;IJWED7#DJ;HD;J9K@77FH_FH?7<KDYWE@T?D:?97KC7=H7D:;FH;I;DY7DE;IF7YE:7#DJ;HD;JJ7DJEF7H7JH787B>EGK7DJE F7H7B7P;HFEII?L;BC;DJ;I;D:ED;9;IITH?E9ED>;9?C;DJEJZ9D?9E?DIJHKYWE;79;IIEFEII?8?B?:7:;<?D7D9;?H7EK:; 9EDL;D?[D9?7 JH787B>E .;CEI ?D:KIJH?TH?EI D]L;B JZ9D?9E ; IKF;H?EH .;CEI 7D7B?IJ7I :; I?IJ;C7I D]L;B IKF;H?EH GK;J;C9EDJ7JE:?H;JE9EC7?D<EHCTJ?97;ZKC7FHE<?IIWECK?JEL7BEH?P7:7FEH97KI7:7D;9;II?:7:;:7?D<EHCTJ?97 ;CLTH?7ITH;7I>E@;;C:?7DEHC7BC;DJ;IWEEI9>;<;I:EI7D7B?IJ7I:;IKFEHJ;.;CEI;D=;D>;?HEI<BEH;IJ7?I9EC 9KHIE IKF;H?EH ; FHEL7L;BC;DJ; KC7 8E7 ?DIJHKYWE ; 9EC H;=KB7H FE:;H :; 9EDIKCE .;CEI 7:C?D?IJH7:EH;I .;CEI 7JH?P;I ; :7DY7H?D7I ; 97DJEH;I GK; 7F;I7H :; I;H;C FHE<?IIa;I GK; 7F;D7I IWE 8;C H;CKD;H7:7I GK7D:E I; JEHD7 s;IJH;B7t :;:KP I; KC7 8E7 <EHC7YWE ; ?DIJHKYWE ; J7C8ZC 79;IIE 7 #DJ;HD;J L?7 97I7<7C]B?7 JH787B>E EK ;I9EB7 .;CEI 7:LE=7:EI J;CEI KC =H7D:; =HKFE :; ;IJK:7DJ;I ; ;IJ7=?TH?EI ;C LTH?7I TH;7I :;I:; -;=KD:E !H7K 7JZ 9KHIEI IKF;H?EH;I ; JZ9D?9EI CK?J7I :7I E9KF7Ya;I 9?J7:7I I; 9EC8?D7C 9EC sI;H ;IJK:7DJ;t J7C8ZC 'K?JEI J[C 79;IIE 7 9ECFKJ7:EH ; #DJ;HD;J 7JH7LZI :7I ;I9EB7I ; <79KB:7:;I EK 7JH7LZI :EI ;IJT=?EI ECE L;CEI E D]L;B :; ?DIJHKYWE ; E 79;IIE IWE :E?I <7JEH;I 9EDIJ7DJ;I DE :7:E IE8H; 7 E9KF7YWE :;II;I KIKTH?EI :7 #DJ;HD;J J;D:E I?:E H7PE7L;BC;DJ; 9EHHE8EH7:EI F;BE :7:E IE8H; 1' $%#&.- :7 F;IGK?I7 :; :K7H:E %H7KP; ?;>B 9?J7:E 7DJ;H?EHC;DJ; -E8H;75>3EE7EA5;3>:EIKIKTH?EI:7#DJ;HD;JF;H=KDJ7CEIs0E9[I;9EDI?:;H79ECEI;D:E:;7B=KC79B7II;IE9?7B +K7B *EH GK; KI; GK7DJE ;IF7YE GK?I;Ht ?DJ;DYWE ;H7 DWE J;H :; KI7H EI F7:Ha;I :; 9B7II?<?97YWE :; 9B7II; ;9ED`C?97DEHC7BC;DJ;KJ?B?P7:EIF;B7IF;IGK?I7I:;;9EDEC?7 #%;7JZ7B=KC7I:;IE9?EBE=?7GK;H?7GK;E ;DJH;L?IJ7:E9EBE97II;I;KFEDJE:;L?IJ7IE8H;IK7I?JK7YWE;9ED`C?97FEH?IIEJ7C8ZCE;IF7YEB?LH;F7H7GK;;B;7 FK:;II;9EC;DJ7HIK7H;IFEIJ7EKEGK;79>7:;IJ;J?FE:;9B7II?<?97YWE(KC;H?97C;DJ;7C7?EH?778IEBKJ7:EI ;DJH;L?IJ7:EI ?D:?L]:KEI GK; <H;Gc;DJ7C EK KI7C 7 #DJ;HD;J :;?N7H7C 9B7HE EK JH7DIF7H;DJ; C;ICE GK; I;C 7 F7B7LH7;N7J7GK;IWE:;9B7II;CZ:?7"TE8L?7C;DJ;KC7;IJH7J?<?97YWEFEII]L;B:;DJHE:;II79B7II?<?97YWEC7IE =;H7B<E?;IJ; F;D7IF7H7EH;=?IJHED7F;IGK?I7:;:K7H:E%H7KP;?;>BDWE>EKL;GK;IJWE;IF;9]<?97F7H7EJ;C79B7II;IE9?7B C7IEI:7:EII_9?E :;CE=HT<?9EIFEH;B;F;IGK?I7:EIH;L;B7CJ7C8ZCKC7J;D:[D9?77I;:;:KP?HGK;>TKC7=H7D:; C7?EH?7:;F;IIE7IGK; I;FE:;9B7II?<?97H:;9B7II; CZ:?7<H;Gc;DJ7D:E7#DJ;HD;J*;IIE7IGK;;IJK:7CJH787B>7C J[C9ECFKJ7:EH;C97I7FHE9KH7CF;IIE7ID7#DJ;HD;JF7H7:?L;HIWE;J9#D<EHC7Ya;IGK;F;BEGK;ZL;?9KB7:EF;B7 ?CFH;II7IE8H;E9H;I9?C;DJE:7#DJ;HD;JDEF7]IH;L;B7CGK;EKIE:7#DJ;HD;JI;FEFKB7H?P7F;B79B7II;CZ:?79EC >T8?JEI I;C;B>7DJ;I F;H<?I I;C;B>7DJ;I ; GK; IWE <79?BC;DJ; 7J?D=?:EI F;B7 FEII?8?B?:7:; :; 9EDIKCE :; KC =EH7EI:?L;HIEI9EC;DJTH?EI:EI;DJH;L?IJ7:EIIE8H;79B7II;;9ED`C?97 CFH?C;?HEBK=7H7FH;I;DJ7CEI7IH;IFEIJ7I;9EC;DJTH?EI:;F;IIE7IGK;7<?HC7H7C F;HJ;D9;H7KC79B7II;;GK7B I;H?7CIK7 =H7D:; C7?EH?7>TKC7FH;E9KF7YWE;C J;DJ7H:;<?D?H7H;IFEIJ77E C;ICEJ;CFE;CGK;7@KIJ?<?97 9EC CE:;BEI :; 9ECFH;;DIWE :E GK; I;H?7 9B7II; ; C7?I ;IF;9?<?97C;DJ; s9B7II; CZ:?7t "T KC7 FH;E9KF7YWE =;D;H7B?P7:7;CH;B79?ED7H9B7II;9EC9EDIKCE?I7GK?7B=KC7IH;FEIJ7Is-?C9B7II;CZ:?7:;L?:E7C?D>7<7?N7 I7B7H?7Bts9>EGK;IEK:79B7II;CZ:?7 CZ:?7GK;B79B7II;GK;DWEZD;CH?97D;CFE8H;+K;9EDI;=K;L?L;H9EC KC 9;HJE 9ED<EHJE I;C ;I87D@7C;DJE /C7 9B7II; GK; 9EDI;=K; I; C7DJ;H 7F;I7H :EI F;I7H;It s-?C IEK :7 GK7I; ;NJ?DJ79B7II;CZ:?7FEHGK;7?D:7C;;D9EDJHE;DJH;EIH?9EI;EIFE8H;IDWEJ;D>EJK:EGK;GK;HEC7IDWEC;<7BJ7E 8TI?9EtsB7II;'Z:?7FEHGK;DWECEHHE:;<EC;IEKB;L7:779EDIKC?HFHE:KJEIGK;DWEFH;9?IE7FH;YEIGK;FEIIE F7=7HC7IDWEC;IE8H7CK?JE:;FE?I:;JK:E;I_tsB7II;CZ:?7*EHGK;J;D>E9ED:?Ya;I:;L?:7GK;C;F;HC?J;C J;H 79;IIE 7 KC7 <79KB:7:; FH?L7:7 CEH7H ;C 7F7HJ7C;DJE FH_FH?E CW; KC L;]9KBE ; 9;HJ7I H;GK?I?JEI F7H7 7 IE8H;L?L[D9?7;B7P;Hts-?D9;H7C;DJ;DWEC;9EDI?:;HEF;HJ;D9;D:E7D;D>KC79B7II;IE9?7B'7IFE:;H?77HH?I97H7 C; ;DGK7:H7H ;C KC7 9B7II; CZ:?7 8;C H;IEBL?:7 FE?I ;C8EH7 DWE ;IJ;@7 D7:7D:E ;C :?D>;?HE J;D>E C?D>7I D;9;II?:7:;I:;9EDIKCEI7J?I<;?J7Its-?CCZ:?77BJ7FEHGK;9ECJK:EGK;C?D>7CW;;C;KF7?=7D>7C:TF7H7J;H KC7L?:7I7K:TL;B8EC;DI?DE;_J?C7GK7B?:7:;:;L?:7t *E:;CEIFHZ 9ED9BK?H7JZ7GK?GK;>TKC7B?=7YWE:?H;J7;DJH;GK7B?:7:;:;L?:7FE:;H:;9EDIKCE;D]L;B:;?DIJHKYWE F7H77C7?EH?7:EI;DJH;L?IJ7:EI ,;B79?ED7D:E;IJ7?DJ;HFH;J7YWE:EI;DJH;L?IJ7:EIIE8H;7GK;IJWE:79B7II;I_9?E ;9ED`C?979ECEF;H<?B:EIKIKTH?EI:7#DJ;HD;JFE:;CEIJ7C8ZC:?P;HGK;>TKC7H;B7YWE:?H;J7;DJH;7?DIJHKYWE:EI KIKTH?EI;E79;IIE7EFHE:KJE:;9EDIKCEsJ;9DEBE=?7tGK;9ED;9J7U#DJ;HD;J7II?CC;ICEF;IIE7I9ECDWEJ7DJE FE:;H7GK?I?J?LEFE:;CJ;H79;IIEU#DJ;HD;JFEHL?7:;?DIJ?JK?Ya;I;:K97J?L7IEK:;JH787B>EEGK;@T:;C7D:77B=KC J?FE:;?DIJHKYWE;EK9ED>;9?C;DJEF7H7=7H7DJ?HKC79;IIE;KCKIE9EHH;JE:7I<;HH7C;DJ7IJ;9DEB_=?97I;DLEBL?:7I )KJHEFEDJE?CFEHJ7DJ;GK;FE:;CEIH;II7BJ7HZ7B?=7YWEGK;7B=KDI:EIGK;IJ?ED7:EI<7P;C;DJH;I;H:79B7II;CZ:?7 ;J;H79;IIE7EB7P;H*E:;CEI:;:KP?HGK;I;<7PKC7H;B7YWE;DJH;B7P;H;9EDIKCE@TGK;F7H7I;J;H79;IIE7EJ?FE:; B7P;H9>7C7:Es:;9B7II;CZ:?7tZD;9;IITH?E9EDIKC?H9?D;C7J;7JHE87H;IH;IJ7KH7DJ;IL]:;EL?7=;CL]:;E=7C; 9BK8;F7HGK;I;9ECFKJ7:EH'7IDEII;HL;J7C8ZC;IJ;FEDJEF7H7H;II7BJ7H7?CFEHJVD9?7:7:77EB7P;HD7GK;IJWE :E FH;;D9>?C;DJE ; :;<?D?YWE :E ;IJ7:E :; L?:7 :E ;DJH;L?IJ7:E GK; ;C F7HJ; @T <7P F7HJ; :7I 97H79J;H]IJ?97I :EI <H;Gc;DJ7:EH;I:E;IF7YE:7#DJ;HD;J7FHE9KH7FEHB7P;HFEHFH;;D9>?C;DJE:EJ;CFEB?LH;79ECFB;C;DJ7H?:7:;:E 9EJ?:?7DE9ECKCI;DJ?:EBb:?9EDWEE8H?=7J_H?E;J9 C I;=KD:EBK=7HEIGK; DWE7FH;I;DJ7C:;<?D?YWE9B7H7 C7I:WE CK?JEL7BEHUGK;IJWE:EGK;<E?7B97DY7:EF;BE JH787B>E;:K97YWEFE:;H:;9EDIKCE;J9GK;9ECEL?CEIFE:;CI;H9EDI?:;H7:EI97H79J;H]IJ?97I:;9B7II;CZ:?7 ?I EI 9EC;DJTH?EIH;IFEIJ7I s(WE C; 9EDI?:;HE :; D;D>KC7 9B7II; IE9?7B F;BE C;DEI DWE :7I 9EDL;D9?ED7?I FHE:KJEI;HL?YEGK;I;JEHD7C7?I79;II]L;B s-;=KD:EE7J7 EB>7@KD>E:;7#DJ;HD;J7J?D=;:EI8H7I?B;?HEI9ECH;D:7<7C?B?7HC;DI7B79?C7:; I7BTH?EIC]D?CEIC7I7F;D7I:EI9ECC;DEI:;I7BTH?EI:EIKIKTH?EI9EC9KHIEIKF;H?EHC7I7F;D7I :EIGK;J[C7F;D7IFH?C;?HE=H7Kt,;L?IJ77HJ77F?J7B(l-;J;C8HE ?H]7CEI GK; IEK :7 9B7II; JH787B>7:EH7t s-?C *EHGK; J;D>E KC I7BTH?E GK; :T F7H7 IE8H;L?L;H :; 79EH:E 9EC E I?IJ;C7:EF7]IE?I7I7:GK?H?:7I9ECJ;CFE:;JH787B>E;J9ts(WEDWEC;9EDI?:;HE:;D;D>KC79B7II;IE9?7BFE?I DWE79H;:?JE;C9B7II;I;I?C;C7F;D7IF7:Ha;I:;L?:7;C;K7JK7BF7:HWE:;L?:7ZE:;KC<EHC7:E>T7DEIGK; <;PF_I =H7:K7YWE;DJWEFEH:E?I7DEIH;9;8;KCK?JEFEK9E;I;:;:?9EKCK?JE;GK;7=EH79EC;Y77J;H;IJ78?B?:7:; <?D7D9;?H7D7L?:7F7H7FE:;H9ECFH7H;J;HFH7P;H;B7P;HD7IIK7I7J?L?:7:;I:?TH?7It ;CJ;H9;?HEBK=7HEII;C:;<?D?YWE9B7H7C7I9ECL?IWE9H]J?977H;IF;?JE:EGK;I;H?7KC7<EHC7:;L?:79EC9;HJ7I 97F79?:7:;I ,;IFEIJ7I s(WE 7I 9B7II;I IE9?7?I I_ I;HL;C F7H7 9H?7H :;F;D:;DJ;I ; :;F;D:[D9?7It s-_ I; LE9[ 9EDI?:;H7H8;DI:;9EDIKCEI;?BT*HE<;IIEH7/D?L;HI?JTH?797I7:79ECFHE<?II?ED7BB?8;H7B,;D:79ED@KDJ7;CJEHDE :;H;7?I.H[I<?B>EIKC97HHEKC797I7FH_FH?7GK7JHE979>EHHEIKC7.0KCL]:;EKC7F7H;B>E:;IEC;KC 9ECFKJ7:EHt s-EK :; KC7 9B7II; IE9?7B FH?L?B;=?7:7 FE?I J7DJE ;K 9ECE C;K C7H?:E J;CEI 9ECE E8@;J?LE :; L?:7 CEIJH7H7EIDEIIEI<?B>EIGK;I;CEH7CEI8;C;J;CEIJK:EGK;FH;9?I7CEIZ9EDI;Gc[D9?7:;CK?JE;IJK:E9KBJKH7; CK?JEJH787B>Et *7H7 E J_F?9E :E >A53> 67 357EEA :E KIKTH?E :7 #DJ;HD;J <EH7C :7:7I JH[I EFYa;I 7I7 .H787B>E )KJHE ED:; ?DJ;DYWE :;II7 F;H=KDJ7 ;H7 7E 9ED>;9;H EI BE97?I :; 79;IIE :; 7B=KDI KIKTH?EI 9EDJH?8K?H F7H7 7 9EDIJHKYWE :; I;K F;H<?B I_9?E ;9ED`C?9E -KFED:E GK; I; 7B=KZC I_ 79;II7 D7 JH787B>E EK D7 ;I9EB7 EK EKJHE BK=7H GK; DWE I;@7 ;C 97I7;DJWE;B7DWEJ;C9ED:?Ya;I<?D7D9;?H7IC;ICEGK;CEC;DJVD;7I:;FEIIK?HKC9ECFKJ7:EHEGK;?CFB?97H?7 D79ED:?YWE7FH;I;DJ7:7F;B7=H7D:;C7?EH?7:;;DJH;L?IJ7:EIDECEC;DJE:;97J;=EH?P7HIK79B7II;;9ED`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`C?9E J;H 9ECFKJ7:EH ;C 97I7 ; J7C8ZC J;D:E?DIJHKYWE?DIJ?JK9?ED7BIK<?9?;DJ;F7H7EK;IJ7HJH787B>7D:EEK;IJ7HDKC7KD?L;HI?:7:;FEH;N;CFBEECE DE 97IE:;DEII77CEIJH77C7?EH?7:EI;DJH;L?IJ7:EI7<?HC7CKI7HC7?I7#DJ;HD;J;C97I7FE:;CEI7F;D7I79H;I9;DJ7H7 IKFEI?YWE GK; ;II7 7CEIJH7 Z KC FEK9E C7?I FH?L?B;=?7:7 C7I 9ECE DWE >T KC =H7D:; :;I;GK?B]8H?E ;DJH; 97I7 ; JH787B>E79H;:?JEJ;HCEI9E8;HJEKC78E77CEIJH7 F;IGK?I7:;:K7H:E%H7KP;?;>BDWE78EH:7;II7GK;IJWE:EBE97B:;79;IIEC7I;B;F;H=KDJ7IE8H;EJ;CFE GK;I;F7II7D7#DJ;HD;J;DE>7JE;IF;9]<?9E:;IK7F;IGK?I7;7F7HJ?H:7C7?EH?7:7IH;IFEIJ7IC;DEI:;7 >EH7I FEH :?7 FE:;CEI ?D<;H?H GK; 7 C7?EH F7HJ; :;II;I KIKTH?EI KJ?B?P7C E 9ECFKJ7:EH ;C 97I7 @T GK; FE:;C F;HC7D;9;H J7DJE J;CFE 9ED;9J7:EI N?IJ; DE ;DJ7DJE KC7 H;II7BL7 7 ;II; H;IF;?JE Z DEJ_H?E GK; CK?J7I F;IIE7I 0EBJ7D:E 7EI :7:EI J;CEI GK; 7I F;IIE7I GK;IJ?ED7:7I ?DJ;HFH;J7C ;IJ;I BE97?I :; 79;IIE :7 I;=K?DJ; C7D;?H7 F;IIE7I :?II;H7C GK; E BE97B :; 79;IIE ?DJ;H<;H; DE I;K CE:E :; <7P;H 7I 9E?I7I D7 #DJ;HD;J ; F;IIE7I :?II;H7CGK;EBE97B:;79;IIEDWE?DJ;H<;H;(WEDEIH;IJ7CK?JE7?DJ;HFH;J7H:;IJ;IDbC;HEI7BZC:E<7JE:; 7 DEII7 7CEIJH7 DKCZH?97 F7H;9;H J;D:;H F7H7 KC B7:E :; KIE :E ;IF7YE :7 #DJ;HD;J GK; DWE :;F;D:7 J7DJE :; KC7 C7?EHFH?L79?:7:;;L;CEIFEHZCB;C8H7HGK;CK?JEI:EIGK;IJ?ED7:EIKJ?B?P7C7#DJ;HD;JJ7DJE;C97I7GK7DJE;C EKJHEBE97BJH787B>EFH?D9?F7BC;DJ;BE=E;IJ7IF;IIE7IDWEI;I;DJ;CJWE7<;J7:7IF;B7IEKJH7IFEII?8?B?:7:;I:;KIEI C7?I FH?L7:EI :7 #DJ;HD;J @TGK; FE:;C <7P;H ?IIE ;C 97I7 JE:EIEI ;DJH;L?IJ7:EI GK; H;IFED:;H7C 7F;D7I sDWEt U F;H=KDJ7J?D>7C79;IIE;C97I7 =EH7L;@7CEI9EC;DJTH?EI:EIDEIIEIF;IGK?I7:EI7H;IF;?JE:EBE97B:;79;IIE;I;;9ECE;IJ;7<;J7ECE:E9ECE <7P7I9E?I7ID7#DJ;HD;Js#DJ;H<;H;CK?JE+K7D:E79;IIE:EJH787B>EZ7F;D7IF7H79EBE97H79EHH;IFED:[D9?7;C:?7; JH787B>7HC97I7;DJHE;C9>7JI;<?9EL7I9KB>7D:E7(;JI;C9ECFHEC?IIEtsC97I7KJ?B?PEC7?IF7H7JHE97:;; C7?BI;:?L;HIWE(EJH787B>EC7?I9ECE?DIJHKC;DJE:;F;IGK?I7ts)JH787B>E?DJ;H<;H;FE?IDWEFEIIEL?I?J7HJE:E J?FE:;I?J;FE?II;CFH;7B=KZC;DJH7:;H;F;DJ;D7I7B7;FE:;C;F;=7H9ECKC79;D7?CFH_FH?7D7J;B7ts(WEFE?I I_DEJH787B>EGK;J;D>EJ;CFE>T8?BJ7DJEF7H7EJH787B>E9ECEF7H7C?D>7:?L;HIWED7(;J;EKJHECEJ?LEZGK;DWE J;D>EC?9HE;C97I7ts-?C9;IIEC7?IJH7DGK?B7C;DJ;;C97I7:EGK;GK7D:E79;IIE:EJH787B>Et *7H79ED9BK?H;IJ;J_F?9ELEK?BKIJH7H;II7GK;IJWE:EBE97B:;9ED;NWE;77KJE ;NFH;II?L?:7:;E?D:?L]:KEFE:;;IJ7H 9ED;9J7:EDEI;KJH787B>EH;L;P7D:EIK77J;DYWE;DJH;EJH787B>E;7#DJ;HD;J;FE:;;IJ7HFEH;N;CFBE<7P;D:EE 9>7C7:EsI;NEL?HJK7Bt9EC7B=KZCDKC9>7JEKDE#+DE;DJ7DJE;II;?D:?L]:KEDWEFE:;HT:;CEDIJH7H9ECCK?J7 ;NFH;II?L?:7:;EGK;GK;HGK;;IJ;@7I;DJ?D:EFE?IDWE;IJ7HTDKC7C8?;DJ;7FHEFH?7:EF;IIE7IFE:;HWEDEJ7H>7L;HT F;IIE7I7EH;:EH;B;J;HTC;:E:;I;H:;I9E8;HJE;J9C;ICEGK;I;@77F;D7IKC78H?D97:;?H7;B;DWEFE:;HTH?H CK?JEFE?IFE:;HT<79?BC;DJ;I;F;H9;8;HGK;;B;DWE;IJTJH787B>7D:E;I?CI;:?L;HJ?D:E$T;IJ7D:E;C97I7I_EK 79ECF7D>7:EC7IDKC7C8?;DJ;ED:;7F;HC?II?L?:7:;ZC7?EHD7IK77KJE ;NFH;II?L?:7:;E?D:?L]:KEFE:;HT<7P;HE GK;GK?I;H;DGK7DJE<7PsI;NEL?HJK7BtJ?H7H7HEKF7I;C7IJKH87H<7P;HI;NE9ECEF7H9;?HEB?8;H7HGK7BGK;HJ?FE:; <7DJ7I?7GK;GK?I;H D<?CFE:;CEI9ED9BK?HGK;>TD]L;?I:;?DJ;H<;H[D9?7DE9ECFEHJ7C;DJE:EIKIKTH?EI:7#DJ;HD;JGK7D:EI;JH7J7:E BE97B:;79;IIE7:;F;D:;H:EIKIEI?DJ;DYa;I;CEJ?L7Ya;I:;97:7KIKTH?EEBE97B:;79;IIEFE:;I;HKC?CFEHJ7DJ; <7JEH:;<EHC7YWE:;KC7IZH?;:;H?JK7?I;IF;9]<?9EIF7H797:77C8?;DJ;;NJ;HDEGK;9ECFa;EBE97B:;79;IIEI;D:EE C7?I;L?:;DJ;GK;D7C7?EH?7:EI97IEI779;IIE;C97I7FHEFEH9?ED7C7?EHB?8;H:7:;:;7KJE ;NFH;IIWE:EKIKTH?E ;DGK7DJEEKJHEIBE97?IJH787B>E;I9EB797I7:;7C?=EII>EFF?D=I;J9:;?N7CKC7=H7D:;C7H=;C:;?CF;:?C;DJEI F7II7CC7?IJ;CFE9ED;9J7:EIGK7D:E;IJWEDEJH787B>EH7PWE:?IIEL;C:E<7JE:;I;GK;H;H;9EDEC?P7HD7I9EDJ7I J;B;<`D?97I:;IK7IH;I?:[D9?7I;NFH;II?L?:7:;FE:;7JZI;HC;DEHFEHI;;IJ7HDE7C8?;DJ;:;JH787B>EC7IEJ;CFE :;9ED;NWEZCK?JEC7?EHCLTH?EI;I9H?J_H?EI;;IF;9?7BC;DJ;H;F7HJ?Ya;IFb8B?97IFE:; I;L;HD787HH7:;IJ7JKI :EI9ECFKJ7:EH;I:EI<KD9?EDTH?EIC?D?C?P7:EZ9B7HEGK;ED7L;=7:EH;IJT79?ED7:E;CK?J7IL;P;I7F;IIE7I_ ;IJT;IF;H7D:EKC7EFEHJKD?:7:;F7H7#DED7L;=7:EH;L;H7B=ED7#DJ;HD;J9ECEFEH;N;CFBEE9>7J:EGK7B ;IJTF7HJ?9?F7D:E(E<KJKHEJ7BL;P9ECKCJ?FE:;9ED;NWEGK;I;@7C;DEI:?IF;D:?EI7GK;EJ;B;<ED;EIKIKTH?EI:7 #DJ;HD;J FE:;HWE <?97H F;HC7D;DJ;C;DJ; 9ED;9J7:EI J7C8ZC ;C 97I7 ; DWE I_ DE JH787B>E FE:;D:E7II?C 7KC;DJ7H IK7I7KJE ;NFH;II?L?:7:;I;DGK7DJE9ED;9J7:EI I;@7CFHTJ?9EIEKCEH7?IF7H77B?8;H:7:;:;7KJE ;NFH;IIWE:EKIKTH?E:7#DJ;HD;J;DGK7DJE;IJT9ED;9J7:E +A4D73%G>F;B>;5;6367 ) KIKTH?E ?:;7B :7 #DJ;HD;J J;C 9;HJ7 9EDI9?[D9?7 :7 CKBJ?FB?9?:7:; ; 7CFB?JK:; :; FEII?8?B?:7:;I D7 #DJ;HD;J J7DJE FEII?8?B?:7:;I FEI?J?L7I GK7DJE D;=7J?L7I J;C :?<;H;DJ;I D]L;?I :; ?DJ;H;II; FEH ?D<EHC7Ya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a;I :EI 9EIJKC;IIFEII?8?B?:7:;I:;J?FEI:;7J?L?:7:;I7I;<7P;H*E:; I;:;I9E8H?H*F7H7;DL?7H97HJWE:;(7J7B7EI 7C?=EI<7P;HF;IGK?I7I7@K:7HEKJH7IF;IIE7I9ECI;K9ED>;9?C;DJEJ?H7H:b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bJ?B ; ;L?:;DJ; D;IJ; 97IE EK F;IIE7B E J;HCE IE9?78?B?:7:; I; ;D97?N7 C;B>EH 7GK? FH;;D9>?C;DJE 7FHEN?C7YWE 7<;J?L7 B?8;H:7:; :; ;NFH;IIWE :?IJVD9?7I <]I?97I I;H;C IKF;H7:7I IK8@;J?L7C;DJ; ) DEIIEKIKTH?E?:;7B<7PKIE:;II7I:K7IFEII?8?B?:7:;I<KD9?ED7B;F;IIE7B:;DJHE:79ECKD?97YWE;B;JH`D?97?IJEZ;B; KIK<HK?:7IFEII?8?B?:7:;IFHTJ?97I:E;IF7YE:7#DJ;HD;JJ7DJEDE97CFE<KD9?ED7B KJ?B?JTH?EGK7DJEDEF;IIE7B 7<;J?LE (7 F;IGK?I7 :; :K7H:E %H7KP; ?;>B D7 F7HJ; IE8H; E8@;J?LEI :; 79;IIE J;CEI :; KIKTH?EI 7<?HC7D:E GK;H;H;C H;B79?ED7H I; 9EC EKJH7I F;IIE7I #DJ;H7YWE ECKD?97YWE :?P;D:E 79;II7H F7H7 KI7H E C7?B 9ECKD?97YWE :?P 79;II7H F7H7 ;IJK:7H #D<EHC7YWE F7H7 8KI97H ?D<EHC7Ya;I #:;C F7H7 7JK7B?P7YWE 9KBJKH7B #D<EHC7YWE 7JK7B?P7YWE FHE<?II?ED7B #D<EHC7YWE ECKD?97YWE ; ?D<EHC7YWE F7H;9;C 97H79J;H]IJ?97I_8L?7I7H;IF;?JE:E;IF7YE:7#DJ;HD;J ?D<EHC7YWEFH;I;DJ;DE;IF7YE:7#DJ;HD;J;IE8H;7GK7BEDEIIEKIKTH?E?:;7BI;H;<;H;J7DJEZ<KD9?ED7BGK7DJEDWE <KD9?ED7BGK;H:?P;HI;CKC7KJ?B?:7:;FHTJ?979B7H7NF?7:7IEH7Ya;I:;9B7H7Ya;I:;7CEHEK7C?P7:;C7DJH7I FE;C7I ;J9 :; 9;HJE CE:E FE:; I; :?P;H GK; ;B7 Z :; JE:E J?FE ?D<EHC7YWE D7 #DJ;HD;J Z E FH?D9?F7B C7J;H?7B I?C8_B?9E:;JHE97?IJEZ7?DJ;H7YWEZ87I;7:7D7JHE97:;?D<EHC7Ya;I:;JE:EJ?FE)DEIIEKIKTH?E?:;7B;DJH7;C 9EDJ7JE<H;Gc;DJ;C;DJ;9ECKC7=H7D:;GK7DJ?:7:;:;?D<EHC7Ya;I;7EI;9ECKD?97H<KD9?ED7BEKF;IIE7BC;DJ;;B; JHE97?D<EHC7Ya;III79EDIJ7DJ;JHE97:;?D<EHC7Ya;ID7#DJ;HD;J7<;J7E9ECFEHJ7C;DJE:EIKIKTH?EIJH7DI<EHC7EI I;KI 9EJ?:?7DEI <?97 <7P;D:E F7HJ; :7 9KBJKH7 F;9KB?7H ?D;H;DJ; UI JHE97I DE ;IF7YE ) DEIIE KIKTH?E ?:;7B Z 9EC 9;HJ;P7KC?D:?L]:KEGK;9EDL?L;;B?:79ECCK?J7I?D<EHC7Ya;IGKEJ?:?7D7C;DJ; ECFB;C;DJ7D:E 7?D:7 7 GK;IJWE :7 CKBJ?FB?9?:7:; F;H=KDJ7CEI 7EI F;IGK?I7:EI ' CG7 ?7@AE 9AEF3 @3 &7F 7EB3QA >;HD7 ; L;@7CEI 7I IK7I H;IFEIJ7I C7?I H;B;L7DJ;I *HEF7=7D:7I -?J;I IE8H; <KJ;8EB 87?N7H?7 B;DJ?:WE :E 79;IIE >7J >7JI ; 7 :;CEH7 :; 79;IIE *T=?D7I D7 (;J GK; J;C 9H?7DY7I I; FHEIJ?JK?D:E EC;H9?7?I;-*')I9>7JI;CGK;I_>T:?I9KIIa;I87D7?I;EII?J;I:;I;NE;;N?8?9?ED?ICE:?<7C7YWE:; 9E?I7IGK;H;B7J7C7L?EB[D9?7;9E?I7I:EJ?FE C7?BI:;L;D:7:;FHE:KJEI;FEHDE=H7<?7-*'<7BJ7:;ZJ?97 FEHDE=H7<?7;DJKF?C;DJE:;97?N7FEIJ7B9EC7HGK?LEIF;I7:EI;DL?7:EIFEHKIKTH?EI:;IFH;F7H7:EI&?C?J7Ya;I:E FHEL;:EH ; D7 J;9DEBE=?7 J;B;<`D?97 8H7I?B;?H7 CK?JE B;DJ7 ECE ;B7 Z B7H=7C;DJ; KI7:7 F7H7 9E?I7I ?DbJ;?I FHEF7=7D:7 FEHDE=H7<?7 ?D<7DJ?B ;J9 #DJ;H<;H[D9?7 :; F;IIE7I DEI ; C7?BI ; L]HKI +K7D:E DWE ;D9EDJHE E GK; FHE9KHE 0;CEIGK;7IC7?EH;IH;IJH?Ya;I:EIKIKTH?EI:E;IF7YE:7#DJ;HD;JF;IGK?I7:EIIWE7H;IF;?JE:;7IF;9JEIJZ9D?9EI CEH7?I 9EC;H9?7?I ?D<EHC7J?LE 9ECFEHJ7C;DJ7B ;9ED`C?9E ; F;IIE7B )I 7IF;9JEI ;9ED`C?9EI ;IJWE B?=7:EI 7EI 9EC;H9?7?I;EI7IF;9JEIF;IIE7?I;IJWEB?=7:EI7JE:EI;CKC9;HJED]L;B@TGK;IWEFH;E9KF7Ya;I:;F;IIE7IF7H79EC 9E?I7IGK;J7C8ZC;DLEBL;CF;IIE7I EI 7IF;9JEI JZ9D?9EI J;CEI 7I :?<?9KB:7:;I :; 79;IIE 7 I?J;I EK U FH_FH?7 #DJ;HD;J B;DJ?:WE ;C 7B=KDI FHE9;IIEI FHE8B;C7I :; I;=KH7DY7 ; FH?L79?:7:; ?D;<?9?[D9?7 :EI I?IJ;C7I :; J;B;9ECKD?97Ya;I 7JK7?I E F;H?=E :EI L]HKI :; 9ECFKJ7:EH 7 GK; JE:EI ;IJWE :; 9;HJE CE:E LKBD;HTL;?I ;D<?C E DEIIE KIKTH?E ?:;7B Z 7B=KZC GK; 7E C;DEI J;C 9ED>;9?C;DJE:;II;IH?I9EI;FHE8B;C7I;GK;IWE9E?I7IHK?DI ;DJH;EI7IF;9JEICEH7?IJ;CEIKC7=H7D:;7L;HIWE7?D<EHC7Ya;I:?H?=?:7I77IIKDJEI9EDI?:;H7:EI:;I7=H7:TL;?IEK ?CEH7?I L?EB[D9?7 ;C =;H7B ; FEHDE=H7<?7 C7?I ;IF;9?<?97C;DJ; GK7D:E ;DLEBL; 9H?7DY7I EI 7IF;9JEI 9EC;H9?7?I J;CEI 7 7L;HIWE UI FHEF7=7D:7I ;C =;H7B ; 7EI -*'I ; E :;I7=H7:E ;C H;B7YWE 7EI 9KIJEI :; 9;HJEI I;HL?YEI D7 #DJ;HD;J;II;FE:;H?7I;H9EDI?:;H7:EC7?IKC7IF;9JE;9ED`C?9E =H7D:;GK7DJ?:7:;:;?D<EHC7YWE:;I97HJ7:7GKEJ?:?7D7C;DJ;F;BEIKIKTH?EI:7#DJ;HD;JZC7?IKC7IF;9JED;=7J?LE :7 C;IC7 F7HJ; :E 9EDJ;NJE CbBJ?FBE ECE J7C8ZC E :;I9ED>;9?C;DJE ; 7 DWE E8I;HL7YWE :; 9EDL;DYa;I :EI ;IF7YEI:;?DJ;H7YWEEGK;FHELE97?D9`CE:EI;N9;II?LEID7L?:7:EI?D:?L]:KEI +A4D7AE-EAE63"@F7D@7F *;H=KDJ7CEI A?CG3;E5>3EE;8;53QW7EHA5S5A@5AD63EA4D73&7FBA67 ?3D53DHND;3EGK;DEI CEIJH7GK; ?C7=;CEIDEIIEIKIKTH?EIF;IGK?I7:EIJ[CEKI;DJ;C7H;IF;?JE:7#DJ;HD;JDEGK;:?PH;IF;?JE7EI;KKIEIK8@;J?LE F;IIE7I :?II;H7C 9EDI?:;H7H 7 #DJ;HD;J 9ECE KC IF7YE *b8B?9E F;IIE7I 9EDI?:;H7C 9ECE IF7YE F7H7 B?J; F;IIE7I 9EDI?:;H7C KC IF7YE ;CE9HTJ?9E F;IIE7I 9EDI?:;H7C IF7YE ;9>7:E F;IIE7I 9EDI?:;H7C 9ECE IF7YE :; K=7 F;IIE7I 9EDI?:;H7C 9ECE IF7YE :; ?L;HIWE;F;IIE7I9EDI?:;H7C7#DJ;HD;J9ECEEKJHEIJ?FEI:;;IF7YE 7I;7:E D;IJ7I H;IFEIJ7I L;CEI GK; 7 C7?EH?7 :EI KIKTH?EI F;IGK?I7:EI L[;C E ;IF7YE :7 #DJ;HD;J FH;:EC?D7DJ;C;DJ; 9ECE *b8B?9E ;CE9HTJ?9E :; ?L;HIWE ; :; K=7 B;C8H7D:E GK; :EI F;IGK?I7:EI J7C8ZC:?II;H7C79>7H7#DJ;HD;JKC;IF7YEF7H7B?J;?IIEFE:;CEI7<?HC7HGK;7#DJ;HD;JZKC;IF7YE7CFBE:; ?D<EHC7YWE;9ECKD?97YWEFb8B?9E;:;CE9HTJ?9EFEHZCIEC;DJ;F7H77GK;B;IGK;J[C79;IIE7EC;ICEKC7% GK;@TL?CEII;H7JK7BC;DJ;:;9;H97:;C?B>a;I:;KIKTH?EIDKCF7]I:;C7?I:;C?B>a;I?IJEZ7F;D7I9;H97:; :7 FEFKB7YWE 8H7I?B;?H7 J[C 79;IIE 7 #DJ;HD;J R J7C8ZC ;IF7YE :; :?L;HIWE 9ECFB;C;DJ7D:E E 9EJ?:?7DE :EI KIKTH?EI 9EC KC7 =H7D:; L7H?;:7:; :; 7IF;9JEI Bb:?9EI <?D7BC;DJ; Z J7C8ZC ;IF7YE :; <K=7 :; H;7B?P7YWE I?C8_B?97:7I <7DJ7I?7IGK; J7C8ZC9ECFB;C;DJ7CE9EJ?:?7DE:;7DED?C7JE;B?8;H:7:;:?7DJ;:7 CKBJ?FB?9?:7:;; :7I?D?8?Ya;I:;<K=7:7IH;=H7I:7L?:79EJ?:?7D7:KH7DJ; 7I :?L;HI7I?DJ;H7Ya;I;IF;9?7BC;DJ;7IDWE IZH?7IGK; J7C8ZC<7P;CF7HJ;:E9EJ?:?7DE:EIKIKTH?EI )DEIIEKIKTH?E?:;7BKI77#DJ;HD;JF7H7IKFH?HI;KI?DJ;H;II;IFHTJ?9EIJH787B>EF;IGK?I7;J9F;IIE7I H;IFED:;H7C GK; <7P?7C F;IGK?I7I F;IIE7I H;IFED:;H7C GK; FHE9KH7L7C ?D<EHC7YWE F;IIE7I H;IFED:;H7C GK; FHE9KH7L7C 9KBJKH7 F;IIE7I H;IFED:;H7C GK; FHE9KH7L7C 9E?I7I :; ?D<EHCTJ?97 F;IIE7IH;IFED:;H7CGK;FHE9KH7L7CEKJH7I9E?I7IJ7C8ZCF7H7FH;;D9>;H?DJ;H;II;IBb:?9EI;79;II_H?EI :?L;HIWE 7<;J?L?:7:; ;D=7@7C;DJEI FEB]J?9EI ; IE9?7?I LEBKDJTH?EI ;J9 F;IIE7I H;IFED:;H7C GK; FHE9KH7L7CH;B79?ED7H I;9ECEKJH7IF;IIE7IF;IIE7IH;IFED:;H7CGK;FHE9KH7L7C:?L;HIWEF;IIE7I H;IFED:;H7CGK;KI7L7CE; C7?B *E:;CEIDEJ7HFEH;IJ;IDbC;HEIGK;>TKC7=H7D:;FHE9KH7FEH?D<EHC7YWEF;IGK?I7?D<EHC7YWE;9KBJKH7:;KC7 C7D;?H7=;H7BGK;Z7<KDYWEFH?CEH:?7BGK;<KD:77#DJ;HD;J ;IF7YE:;<BKNE:;?D<EHC7YWE;B;JH`D?97(E;DJ7DJE :;L;CEIE8I;HL7HGK;JE:EI;IJ;IGK;7II?D7B7H7CFHE9KH7H?D<EHC7YWE:;JE:EJ?FEJ7C8ZCKI7CE; C7?B?J;CC7?I 7II?D7B7:E;GK;J7C8ZCJ;D:;C7FHE9KH7H9ED>;9;HF;IIE7I;:?L;HIWE7JH7LZI:7#DJ;HD;JECEZKC7GK;IJWE:; CEC;DJEE;DLEBL?C;DJE:EKIKTH?ED7GK;B7I7J?L?:7:;IGK;C7?I9EIJKC7<7P;HZGK;9ECFa;C7?DJ;HFH;J7YWE:;IJ7 GK;IJWE(7L;H:7:;:;L;CEI7:C?J?HGK;JE:E9EDJ;b:E:7I7J?L?:7:;IH;7B?P7:7IDE;IF7YE:7#DJ;HD;JZ87I;7:E;C ?D<EHC7YWEGK;Z9EDIJ7DJ;C;DJ;FHE:KP?:7?DJ;HFH;J7:7;JHE97:7DE;DJ7DJEF7H7EIFHEF_I?JEI:;DEII7F;IGK?I7 FHE9KH7CEI;NJH7?H:;II;I>T8?JEI:;7J?L?:7:;I7GK?BEGK;FE:;I;HC7?IB?=7:EUIE9?78?B?:7:;DE;IF7YE:7#DJ;HD;J )I DbC;HEI L?IJEI 79?C7 :;CEDIJH7C GK; DEII7 7CEIJH7 F7H;9; FH?EH?P7H C7?I 7 F;IGK?I7 7 ?D<EHC7YWE ; 7 9KBJKH7 7BZC:E; C7?BF;BEC;DEIDECEC;DJE:7H;IFEIJ7 ECFB;C;DJ7D:E;IJ7GK;IJWEF;H=KDJ7CEI)GK;LE9[DEHC7BC;DJ;<7PD7(;JFE:;C7H97LTH?7I7IF;IIE7I F;IGK?I7:7I :?II;H7C KI7H E ; C7?B :?II;H7C <7P;H KIE :7I I7B7I :; 87J; F7FE 9>7JI :?II;H7CF7HJ?9?F7H:;<_HKDI:?II;H7C<7P;HF;IGK?I7I:?II;H7CKI7H9ECEC;?E:; ?D<EHC7YWE;F;IIE7I:?II;H7C<7P;HEKJHEIKIEI:7#DJ;HD;J (EFH?C;?HECEC;DJEEGK;DEJ7CEIZGK;Z;NJH;C7C;DJ;L7BEH?P7:E7KJ?B?P7YWE:E9EHH;?E;B;JH`D?9E; C7?BFE?I GK7I;JE:EIEI;DJH;L?IJ7:EI<7P;CKIE:EC;ICE;7?D:7B;C8H7CEIGK;CK?JEIFEIIK;CC7?I:;KCR7<EHC7:; 9ECKD?97YWE?DJ;H7YWE C7?I 9EJ?:?7D7 D7 #DJ;HD;J FE?I :;C7D:7 7F;D7I 7 78;HJKH7 :; 97?N7I :; C;DI7=;C FEH I;KI KIKTH?EIKC>T8?JE@T9ECKC7JE:EIL;H?<?97HC;DI7=;DI;H;IFED:[ B7I$TEKJH7I7J?L?:7:;I;N?=;CKCFEK9EC7?I :;;DLEBL?C;DJE;CEJ?L7YWE:EKIKTH?EF7H7I;H;CH;7B?P7:7I9>7JIF;IGK?I7I<_HKDI;J9 7P;D:EE9HKP7C;DJE:;:7:EI9EC7GK;IJWE7DJ;H?EH@TC;D9?ED7:7J;CEIGK;F;IIE7IH;IFED:;H7CGK; FHE9KH7L7CH;B79?ED7H I;9ECEKJH7IF;IIE7I7JH7LZI:7#DJ;HD;J;DJHE:;IJ77J?L?:7:;FE:;CEI?D9BK?HEI;IF7YEI:; KIE:;; C7?B9>7JI<_HKDI;7JZC;ICEF;IGK?I7IFH;I;DJ;I7GK??DJ;HFH;J7YWE:?IIEZGK;EI>T8?JEI:;KCJ?FE ?:;7B :; KIKTH?E :7 #DJ;HD;J LWE 7BZC :EI ;NJH;CEI DKCZH?9EI FH;I;DJ;I D7 F;IGK?I7 F;D7I F;IIE7I :?II;H7CKI7HI7B7I:;87J;F7FEDE;DJ7DJEF;IIE7I:?II;H7CFHE9KH7H9ED>;9;HF;IIE7I7JH7LZI:7#DJ;HD;J ;J7C8ZCF;IIE7I:?II;H7CFHE9KH7H:?L;HIWE7JH7LZI :7#DJ;HD;JEGK;DEIB;L77<EHCKB7HGK;EI9>7JI ;IJWE FH;I;DJ;I D7 C7?EH?7 :7I ?DJ;H7Ya;I 9EC DEL7I F;IIE7I I;H?7 @KDJE 9EC E <_HKC KC ;IF7YE :; ?DJ;H7YWE FH?CTH?EED:;I;<7PEIFH?C;?HEI9EDJ7JEII;:;I9E8H;C7<?D?:7:;I;:7]F7II7 I;F7H7EIEKJHEI;IF7YEI<;HH7C;DJ7I :;?DJ;H7YWE; C7?B#+J;B;<ED;;J9J7C8ZCDEI7@K:77<EHCKB7HGK;7I?DJ;DYa;IFH;:EC?D7DJ;C;DJ;Bb:?97I 7EI;FHE9KH7H9ED>;9;HF;IIE7IDEL7I7JH7LZI:7#DJ;HD;JI;HL;C:;H;<EHYE7E<7JE:;FHEL7L;BC;DJ;;IJ;IKIKTH?EI J;H;C DE 9>7J J7C8ZC KC ;IF7YE F7H7 FHE9KH7H :?L;HIWE .7BL;P KC7 :7I H7Pa;I FEHGK; 7I I7B7I :; 87J; F7FE DWE J?L;H7C KC C7?EH ]D:?9; :; ;I9EB>7 ;DJH; 7 7CEIJH7 ;DJH;L?IJ7:7 I;@7 @KIJ7C;DJ; FEHGK; ;B7I 9KCFH;C KC F7F;B FH?CTH?EDEFHE9;IIE:;?DJ;H7YWE9ED>;9;HF;IIE7I;J9;FEH?IIEDWEI;@7FHE9KH7:E9ECC7?I<H;Gc[D9?7 ;CEDIJH7D:E ;IJ; ;GK?B]8H?E ;DJH; KIEI Bb:?9EI ; <KD9?ED7?I :E ;IF7YE :7 #DJ;HD;J 9ED9BK]CEI :?7DJ; :7 GK;IJWE )G7E;F7EAGF;BAE67E;F7?3;E5AEFG?3H;E;F3D>;HD7GK;EII?J;IEKJ?FEI:;I?J;IC7?IL?I?J7:EIDEIH;L;B7C J7C8ZCKCFEK9E:;IK7ICEJ?L7Ya;I>T8?JEI;?DJ;DYa;I:EIKIKTH?EI7E;IJ7H;C9ED;9J7:EI;FEHGK;I;9ED;9J7H7C 7E;IF7YE:7#DJ;HD;JL7H?;:7:;:;H;IFEIJ7I;7@TC;D9?ED7:7CEC;DJ7D;?:7:;:7IH;IFEIJ7I:7:7IC;<7P;C9H;H (E;DJ7DJE DEL7C;DJ; KJ?B?P7D:EEI:7:EI:7F;IGK?I7:;:K7H:E%H7KP;?;>B9EC IK77CEIJH7 C7?EHF7H77 9EDIJHKYWE9ECFH;;DIWE:EF;H<?B:EIKIKTH?EI:7#DJ;HD;JL;H;CEIGK;9ED>;9;H;D9EDJH7HF;IIE7I;:?L;HIWEI; JEHD7C FH?EH?:7:;I C7?EH;I F;BE C;DEI D7GK;B; CEC;DJE :; H;IFEIJ7 :; KC7 7CEIJH7 C7?EH C7I :; F;H<?B I;C;B>7DJ; 9ECE L?CEI 7DJ;I :; KIKTH?EI :7 #DJ;HD;J :EI ;DJH;L?IJ7:EI :?II;H7C 79;II7H F7H7 H;B79?ED7H I; 9EC EKJH7I F;IIE7I :?II;H7C 79;II7H F7H7 :?L;HJ?H I; :?II;H7C 79;II7H F7H7 KI7H E ; C7?B :?II;H7C 79;II7H F7H7 ;IJK:7H :?II;H7C 79;II7H F7H7 8KI97H ?D<EHC7YWE :?II;H7C 79;II7H 7 FHE9KH7 :; 7JK7B?P7YWE 9KBJKH7B :?II;H7C 79;II7H FEH H7Pa;I FHE<?II?ED7?I :?II;H7C ;DJH7H 7 FHE9KH7 :; 9E?I7I :; ?D<EHCTJ?97;L;CEIB;C8H7HGK;J7C8ZCD;IJ7GK;IJWE:7F;IGK?I7:;:K7H:E%H7KP;?;>BEIF;IGK?I7:EIFE:?7C 7II?D7B7HLTH?7I:7IEFYa;IFEII]L;?I)GK;C;7@K:779EDJ?DK7H7<?HC7D:EGK;DEF;H<?B:EKIKTH?E?:;7B:E;IF7YE:7 #DJ;HD;J;B;H;7B?P7LTH?7I7J?L?:7:;I;GK;;II7CKBJ?FB?9?:7:;@T<7PF7HJ;:79KBJKH7;IF;9]<?97:;IJ;;IF7YE GK; F7H7 7 9EDIJHKYWE :E F;H<?B :E DEIIE KIKTH?E ?:;7B E GK; L7B; 7GK? Z 7 DEYWE :; ;GK?B]8H?E :E KIE :E ;IF7YE :7 #DJ;HD;J ;DJH; KD9?ED7B r #D<EHC7J?LE r &b:?9E r EJ?:?7DE KD9?ED7B FEH I;H KJ?B?P7:E F7H7 I?JK7Ya;I 9B7II?<?97:7I 9EDL;D9?ED7BC;DJ; 9ECE IZH?7I JH787B>E ;I9EB7 ;J9 #D<EHC7J?LE FEH I;H KC ;IF7YE :; :?LKB=7YWE ; JHE97 :; ?D<EHC7Ya;I:;:?L;HIEIJ?FEI?D9BKI?L;7@EHD7B]IJ?97J7C8ZC9B7II?<?97:7:;IZH?7&b:?9EFEH7BZC:;:?IFEH:; LTH?7I<EDJ;I:;:?L;HIWEJ;CKC97HTJ;HBb:?9EFEHI?FH_FH?EC;ICEGK7D:EKI7:EF7H79E?I7IIZH?7IKIE;I9EB>7 :EKIE:EJ;CFEB?LH;F7H77FH;D:;HF;IGK?I7H;J9EJ?:?7DEFEH<7P;HF7HJ;:79EDIJHKYWE:;>T8?JEIGK;<7P;C F7HJ;:7L?:7:EKIKTH?EI;?D<EHC7HB;H;;DL?7H; C7?BIF;IGK?I7H87J;H F7FE:?L;HJ?H I;;J9 DJWE9ED9BK?D:EEKIE:E;IF7YE:7#DJ;HD;J9ECE;IF7YEBb:?9EF7H7?DJ;H7=?H I;9ECEKJH7IF;IIE7IF7H;9;I;HKC7 97H79J;H]IJ?97<EHJ;DEF;H<?B:EIKIKTH?EI:EC;ICE;DJHE:;KC9EDJ;NJE:;7BJE<BKNE:;?D<EHC7Ya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bC;HEI9E?D9?:;C9EC7IF;IGK?I7IGK;:?P;CGK;>EKL;KCF;H]E:E:;=H7D:; ;NF7DIWE:7#DJ;HD;JDEH7I?B7F7HJ?H:;;GK;L;C9H;I9;D:E97:7L;PC7?I:;I:;;DJWEF;IGK?I77J7 EB>7 ?D<BK[D9?7:EC;ICEF;IIE7I:?II;H7CI;9ED;9J7HC7?I:;:?7F;IIE7IC7?I:KH7DJ;7DE?J; F;IIE7I :?II;H7C I; 9ED;9J7H J7DJE :; :?7 GK7DJE :; DE?J; H;B7YWE FEII]L;B GK; <7P;CEI ;DJH; ;IJ;I DbC;HEI ; 7 9EDIJHKYWE :; KC F;H<?B ?:;7B :E KIKTH?E :7 #DJ;HD;J Z GK; CK?JEI 7?D:7 J[C 79;IIE IEC;DJ; ;C EKJHEI 7C8?;DJ;I GK; DWE E FH_FH?E B7H E GK; :?C?DK? 7 KJ?B?P7YWE :KH7DJ; 7 DE?J; #IIE ?CFB?97 D7 IKFEI?YWE :7 GK;IJWE ;9ED`C?97 :E KIKTH?E :7 #DJ;HD;J DE H7I?B GK; J[C 79;IIE ; 9ED>;9?C;DJE :7 C;IC7 C7I DWE J;C 9ED:?Ya;I :; FEIIK?H7J;9DEBE=?7(E;DJ7DJE:;L;CEIDEJ7HGK;>TKC9;HJE;GK?B]8H?E:;DJHE:77CEIJH7F;IGK?I7:7IE8H;EBE97B :;79;IIE97I7;JH787B>E;IE8H;E>EHTH?E:;KIE:?7;DE?J;EGK;J7C8ZCIK=;H;KC7C7?EH97F79?:7:;:;DJHE :;IJ77CEIJH7ECH;B7YWE7EJ;CFEF7II7:EDE;IF7YE:7#DJ;HD;JEGK;EI:7:EI7JZECEC;DJE:;CEDIJH7CZKC7 C7?EH FH;E9KF7YWE :E KIKTH?E CZ:?E ;C DWE F;HC7D;9;H 9ED;9J7:E FEH CK?JE J;CFE GK7D:E ;IJT ;C IK7 97I7 F;B7 H7PWE :EI =7IJEI 9EC 7 9EDJ7 :; J;B;<ED; ;D;H=?7 ;J9 -?JK7YWE DWE CK?JE E8I;HL7:7 GK7D:E DKC 7C8?;DJ; ;NJ;H?EH JH787B>E<79KB:7:;;I9EB7C;ICEGK7D:E>TKC7C7?EHL?=?BVD9?7:;KIE9ECE@T:?II;CEIC7I>TI;CFH;<EHC7I :; 8KHB7H L?=?BVD9?7I ; KI7H 7 #DJ;HD;J ; JH787B>7H 7E C;ICE J;CFE IF;H7L7 I; GK; :KH7DJ; 7 DE?J; EI KIKTH?EI :7 7CEIJH7 :;CEDIJH7II;C KC7 C7?EH B?8;H:7:; :; ;NFH;IIWE 7E ;IJ7H;C 9ED;9J7:EI GK; Z C7?I EK C;DEI E C;ICE 9H?JZH?E :; B?8;H:7:; KJ?B?P7:E F7H7 E KIE C7?I B?LH; ;C 97I7 GK; DKC 7C8?;DJ; :; JH787B>E '7I 7 <7BJ7 :; KC7 9EDIJ7J7YWE DKCZH?97 C7?EH GK; 7 ;IF;H7:7 DWE ?DL7B?:7 JEJ7BC;DJ; 7 >?F_J;I; ?D?9?7B @T GK; 7E I;H;C IEC7:EI 7 GK7DJ?:7:;:;KIKTH?EIGK;:?P;CKI7HC7?IUDE?J;9ECEIGK;:?P;CKI7H;C7C8EIEIF;H]E:EI:E:?7J;CEIKC7 GK7DJ?:7:; IKF;H?EH :; KIKTH?EI -;C :bL?:7 I;H?7 D;9;IITH?7 KC7 C7?EH ;NJ;DIWE D7 7CEIJH7 F7H7 GK; 7I >?F_J;I;I IE8H;;NFH;II?L?:7:;;B?8;H:7:;I;@7CC7?I9ECFB;J7C;DJ;9ED<?HC7:7IEKD;=7:7I)JH787B>E:;97CFE9ECE=HKFE !7B;H7 44 F7H;9; 7FEDJ7H F;BE C;DEI :;DJHE :7GK;B7 7CEIJH7 GK; E KIE DEJKHDE Z 79;DJK7:E F7H7 7GK;B;I GK; FEIIK;C9ECFKJ7:EH;C97I7;E:?KHDEZC7?EHF7H77GK;B;IGK;DWEJ;C?IJEZGK;79;II7C:;;I9EB7EKJH787B>EE GK;DEIF7H;9;KC7FHEFEI?YWE_8L?7C7IDWE7?D:7JEJ7BC;DJ;9EDL?D9;DJ; 0;@7CEI7B=KDI:EI9EC;DJTH?EI7H;IF;?JE:EKIEC7?I:KH7DJ;E:?7EK:KH7DJ;7DE?J;;9ECGK;<H;Gc[D9?779;II77 #DJ;HD;J'K?JE C7?I:KH7DJ;E:?79;IIE7(. C7?I:EJH787B>E:EGK;:;97I7+K7D:E;IJEKDEJH787B>EZDE >EHTH?E:E7BCEYEBE=EZFEHB7P;H;:;97I7DWE7BJ;H7D7:7.E:E:?7UDE?J;:KH7DJ;KC7I:K7I>EH7I?7/C7 >EH7FEH:?7.E:EIEI:?7I:7I;C7D7KC7I>:?7'7?I:KH7DJ;E:?7?7H?7C;DJ; C7?IU DE?J;.E:EIEI :?7I9;H97:;KC77:K7I>EH7I;CCZ:?7C8EI:?7;DE?J;.E:EIEI:?7ILTH?7I>EH7IFEH:?7'7?I:KH7DJ;E :?7 L;P;I FEH I;C7D7 >EH7I 97:7 o DE?J; .E:EI EI :?7I 7FHEN?C7:7C;DJ; :K7I >EH7I FEH :?7 o DE?J; -;CFH;<;H[D9?7:;:?7:?7H?7C;DJ;I;FEII]L;BC7IF;BEC;DEI797:7:?7IFHEN?C7:7C;DJ;>EH7FEH:?7; C7D>WEK:;C7:HK=7:7?7H?7C;DJ;C7?I:;KC7>EH7FEH:?7;CCZ:?7'7?I:KH7DJ;E:?7 DEJH787B>E;IJEK 9ED;9J7:EJE:EEJ;CFE;DGK7DJEJH787B>E'7?IUDE?J; IJ7I H;IFEIJ7I IWE 7CEIJH7I J7C8ZC :; 9ECE 7I F;IIE7I :?L?:;C I;KI J;CFEI :; 9ED;NWE 9EJ?:?7DEI D7 #DJ;HD;J B=KC7I H;IFEIJ7I CK?JE I;C;B>7DJ;I KC7I 7I EKJH7I <EH7C EC?J?:7I C7I :; 7CEIJH7 @T DEI I;HL; F7H7 L;H GK; 7I ;I9EB>7I;7IFEII?8?B?:7:;I:;9ED;NWE:;97:7KIKTH?E:;F;D:;J7C8ZC:;9ECE97:7KC <EHC7EI I;KI >T8?JEI; H?JK7?I'7I:;L;H;CEIL;HGK;:;DJHE:;KCF;H<?B?:;7B:;KIKTH?E:7#DJ;HD;J;IJ7:?L?IWEZ;GK?B?8H7:7;FEII]L;B:; I;H L?IK7B?P7:7 :; KC7 C7D;?H7 C7?I =;H7B F7H7 FE:;HCEI F;H9;8;H IK7I 97H79J;H]IJ?97I 9ECE F;IIE7I GK; C7DJ[C 7 C;D9?ED7:77DJ;I #DJ;HD;J 9ECE F7HJ; :; IK7I L?:7I DWE 7F;D7I KC KJ;DI]B?E ?DIJHKC;DJ7B C7I J7C8ZC KC7 F7HJ; ?DJ;=H7DJ; :EI I;KI >T8?JEIJ7DJE<KD9?ED7?IGK7DJEDWE<KD9?ED7?I7<;J?LEBb:?9E;J9 ?D:7 9EDJH?8K?D:E 9EC ;IJ; J_F?9E :7 <7C?B?7H?:7:; ; J7C8ZC 7DJ;9?F7D:E 7B=E IE8H; 7 IE9?78?B?:7:; F;H=KDJ7CEI 7EIDEIIEIF;IGK?I7:EI.A5SGE3A")AGE;?;>3D;7FH;I;DJ7CEIEI;=K?DJ;F;IIE7I:?II;H7CGK; I?C;F;IIE7I:?II;H7CGK;DWECFH?C;?HEBK=7H:;LEB;C8H7HDEL7C;DJ;GK;7IH;IFEIJ7I7C7?EH?7:;IJ7I GK;IJa;I J[C KC 97HTJ;H J;CFEHTH?E FE?I CK?J7I :7I GK;IJa;I ; I?JK7Ya;I 7D7B?I7:7I FEIIK;C KC7 97H79J;H]IJ?97 :; 7FH;D:?P7:E;KIEGK;CK?J7IL;P;I:;C7D:7J;CFE(E97IE:E#+EKFHE=H7C7I?C?B7H?IIEZ87IJ7DJ;L?I]L;BB;Z KC FHE=H7C7<;HH7C;DJ7 :; 9ECKD?97YWE 87IJ7DJ; FEFKB7H C7I GK; I_ :;CEDIJH7 IK7 C7?EH KJ?B?:7:; F7H7 7GK;B7IF;IIE7IGK;C7DJ[C@TKC9;HJEDbC;HE:;9EDJ7JEI7JH7LZI:7#DJ;HD;J*7H7KIEI<KD9?ED7?IJH787B>E;I9EB7 ;J97<;HH7C;DJ7C7?IFHTJ?97;KJ?B?P7:77?D:7ZE; C7?BDJWE?C7=?D;CEIGK;DECEC;DJE;CGK;7IF;IIE7IGK; :?II;H7CDWEKI7HEFHE=H7C7;B;7?D:7DWE;H7:E9ED>;9?C;DJE :7C;IC7F;IIE7;GK;BE=E7F_I:;H;IFED:?:EE GK;IJ?EDTH?E ;B7 FHE9KHEK I78;H :E GK; I; JH7J7L7 I; ?DJ;H;IIEK ; ?DIJ7BEK ;C I;K 9ECFKJ7:EH ; F7IIEK 7 KIT BE H;=KB7HC;DJ; (7 L;H:7:; KC7 F;IIE7 H;IFED:;K GK; DKD97 J?D>7 EKL?:E <7B7H DE #+ 7JZ 7GK;B; CEC;DJE II; :7:E I;H?7 ?CFEII]L;B :; I;H GK7DJ?<?97:E C;ICE GK; <?PZII;CEI E C;ICE GK;IJ?EDTH?E F7H7 7I C;IC7I F;IIE7I 7B=KCJ;CFE:;FE?IEI:7:EI7?D:7I;H?7CCEC;DJVD;EI?D9BKI?L;7IF;IIE7IGK;:?P;C7=EH7KI7HEFHE=H7C7J7BL;P @TDWEEJ;D>7CC7?I:;I?IJ?H7C:;KIT BEFEHGK7BGK;HH7PWE;J9 DJWEKJ?B?P7D:EEI:7:EIGK;J;CEIFE:;CEIDEJ7HGK;7IF;IIE7I9ECC7?EH]D:?9;:;7J?L?:7:;I:;IE9?78?B?:7:;DE ;IF7YE :7 #DJ;HD;J IWE 7I GK; J7C8ZC KI7C E #+ EK I?C?B7H #IJE DEI 9ED<?HC7 GK; E =H7K :; <7C?B?7H?:7:; 9EC E ;IF7YE;E:;?DJ?C?:7:;:7I?DJ;H7Ya;IDEC;ICEJ;D:;C7I;:;I;DLEBL;H:;IK8 ;IF7YEFHE=H7C7<;HH7C;DJ7;C IK8 ;IF7YE :; 79EH:E 9EC E 7L7DYE :7 ?:;DJ?<?97YWE ;DJH; KIKTH?EI ?IJE Z 7 FHE=H;II?L7 :;I9E8;HJ7 :; 7<?D?:7:;I I;C;B>7DY7I #C7=?D;CEI GK; E KIKTH?E ?:;7B :7 #DJ;HD;J ;DJHEK DKC 9>7J J;9BEK 9EC 7B=KZC 9EC GK;C J;L; 7<?D?:7:;I:7]JHE97H7C;D:;H;YEI;B;JH`D?9EI;BE=E;IJWEI;;DL?7D:E9EDIJ7DJ;I; C7?BI:;FE?I;B;II;9EBE97C;C IK7IB?IJ7I:;KIKTH?EI:;#+EKI?C?B7H;I;CFH;GK;7C8EI;IJWE9ED;9J7:EI;B;II78;CGK;EEKJHEJ7C8ZC;IJT; 7II?C<?97C;C9EDIJ7DJ;9ED;NWE7I;=K?HL;CEJ;B;<ED;;GK;CI78;E<79; 7 <79;R9B7HEGK;;IJ7ZKC7?BKIJH7YWE ?:;7BC7ID7L;H:7:;ZEF7:HWEC7?I9EDL;D9?ED7B:79EDIJHKYWE:7IE9?78?B?:7:;DE;IF7YE:7#DJ;HD;J;DJHE:;IJ7 DEII7 7CEIJH7 ?D?9?7B L;CEI GK; E KIE :E #+ DWE <7P F7HJ; 7?D:7 :EI >T8?JEI :7 C7?EH?7 C7I 7 9EDJ7=;C ;IJT H7PE7L;BC;DJ; ;GK?B?8H7:7 -; ;K J?L;II; 9ED9;DJH7:E EI ;DL?EI :; GK;IJ?EDTH?EI F7H7 F;IIE7I :E C;K 9EDL]L?E EK C;ICE F7H7 EI C;C8HEI :E =HKFE 9EC E GK7B <7YE JH787B>E :; 97CFE 9EC 9;HJ;P7 >7L;H?7 KC7 =H7D:; C7?EH?7 :; KIKTH?EI:EFHE=H7C7FE?IDEL7C;DJ;IK7KJ?B?:7:;;IJT;CH7PWE:?H;J79EC77J?L?:7:;:;IE9?78?B?:7:;:EKIKTH?E :7#DJ;HD;J +A4D73E"@F7D3QW7E ) KIKTH?E ?:;7B :7 #DJ;HD;J ?D;L?J7L;BC;DJ; ?DJ;H7=; 9EC EKJHEI KIKTH?EI C7I 7 :;F;D:;H :7I ?DJ;DYa;I ;EK CEJ?L7Ya;I ;IJ7I ?DJ;H7Ya;I FE:;C I;H C7?I <KD9?ED7?I EK C7?I 7<;J?L7I IE9?78?B?:7:; DE ;IF7YE :7 #DJ;HD;J I; ;GK?B?8H7D;IJ;;IF;9JHE<KD9?ED7Br7<;J?LEE?DJ;H7=?H9ED>;9;H;=H7I9EDL;DYa;I:;9EDL?L[D9?7;J;D:;7I;CFH; 7FH;D:;HC7?IF7H7FE:;HC7DJ;H7I?DJ;H7Ya;I DEI:?<;H;DJ;IIK8 ;IF7YEIII7I?DJ;H7Ya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a;I II?C DWE C; ;NFED>E $T <?P CK?J7I 7C?P7:;I 7JH7LZI :; ; C7?BI :; 7C?=EI J;HC?DE FEH 9ED>;9;H EKJH7I F;IIE7I ; F7IIE 7 JH7DIC?J?H B>;I ?D<EHC7Ya;I -EK IE9?TL;B {J?C7 -; ;DJHE DKC 9>7J Z F7H7 9ED>;9;H F;IIE7I;B;LE7FHEFEIJ77IZH?EEIJKCEI;H=;DJ?B;H;9;FJ?L7I;CCTI97H7I-EK;KC;IC77JZDEKJ?B?P7:E *E:;CEIL;HGK;7IDEYa;IIE8H;IE9?78?B?:7:;L7H?7CKCFEK9E;C97:7F;IIE7D7J;DJ7J?L7:;;NFH;II7HEGK;;B;I 79>7L7C :7 C;IC7 :; 97:7 KC C7I Z FEII]L;B 97FJ7H 7 FH;I;DY7 :7 DEYWE :; JHE97 GK; Z E 9;DJHE :E 9ED9;?JE :; IE9?78?B?:7:; GK; ;IJ7CEI KJ?B?P7D:E 7GK? ;C CK?J7I :7I H;IFEIJ7I 7FH;I;DJ7:7I JHE97H ?D<EHC7Ya;I B?:7H 9EC EI EKJHEI:7H;H;9;8;H *;H=KDJ7CEI.A5SF7??3;E67G?7?3;>7@67D7QA675ADD7;A7>7FDV@;5A)G3@FAE(ADCG79EC7?DJ;DYWE :;KC:;I9E8H?HKCFEK9E9ECEEIKIKTH?EI:E;IF7YE:7#DJ;HD;JJ;D:;C79EDIJHK?H:?<;H;DJ;I?DJ;H7Ya;I:;79EH:E 9ECEIJ?FEI:;;IF7YEI;H;B7Ya;I9EDIJHK]:7IDEC;ICE(KC;H?97C;DJ;J;CEIGK;F;IIE7IJ[CC7?I:; KC; C7?BDGK7DJE7F;D7IF;IIE7I:?P;CJ;H7F;D7IKC; C7?B)GK;DEI9>7C77J;DYWEZE<7JE:;I;H DEJEH?7C;DJ; KC7 9E?I7 9ECKC ;DJH; EI KIKTH?EI :7 #DJ;HD;J KI7H C7?I :; KC ; C7?B *EH GK; "T KC7 GK;IJWE JZ9D?97;DLEBL?:7;GK;DWEFE:;I;H?=DEH7:77B=KC7IL;P;IEII;HL?:EH;I;FHEL;:EH;I:;II;I; C7?BII?CFB;IC;DJ; DWE <KD9?ED7C E GK; FE:; I;H KC =H7D:; ?CF;9?B>E F7H7 7GK;B;I GK; <7P;C KIE <H;Gc;DJ; :;IJ7 <EHC7 :; 9ECKD?97YWE'7I7BZC:?IIEGK;H7Pa;IB;L7CEIKIKTH?EI:7#DJ;HD;J7J;H;C7B=KC7IL;P;IC7?I:;JH[IGK7JHE 9?D9E ;D:;H;YEI ;B;JH`D?9EI B=KC7I :7I H;IFEIJ7I @KIJ?<?97D:E ;II7 FHTJ?97 DEI :WE KC7 7CEIJH7 :7I H7Pa;I FEII]L;?IF7H7J7BCI;=K?:7<EHCKB7H;CEI9EC;DJTH?EIIE8H;E7IIKDJEB;L7D:E;C9EDJ77GK;IJWE:79EDIJHKYWE:; CK?JEIKIDEI;IF7YEI:;?DJ;H7YWE:7#DJ;HD;J -?CJ;D>E*EHGK;UIL;P;IKC<7B>7:7];KKIEEEKJHE.;D>E:E?I; C7?BI/CZ:;KIEF;IIE7B;EEKJHEZE:7 ;CFH;I7 ED:; JH787B>E .;D>E F7H7 7IIKDJEI :?<;H;DJ;I +K7JHE *7H7 C7DJ;H 9EDJ7JEI :?<;H;D9?7:EI ; F7H7 J;H 7BJ;HD7J?L7IGK7D:E7B=KC;IJT<EH7:E7H-?C/C=;H7BF7H7797I7;C7?IFH?L7:EIF7H79EDL;HI7IF7HJ?9KB7H;I -?C :E?I /C F7H7 JH787B>E ; EKJHE F;IIE7B -?C JH[I F7H7 JH787B>E F7H7 7C?P7:;I ; EKJHE F7H7 :?L;HIWE 0TH?EI97:7KCF7H7KC7E97I?WE:?<;H;DJ;.;D>EJH[IFEHGK;KCZ:EJH787B>E;:E?IF7HJ?9KB7H;I;C;IF;9?7BE F;IIE7B :7 !7B;H7 44 -?C ,;9;8E =H7D:; DKC;HE :; C;DI7=;DI E GK; 797HH;J7 IE8H;97H=7 :7I 97?N7I :; ;DJH7:7 .7C8ZC I;F7HE ;D:;H;YEI ;B;JH`D?9EI FEH 97J;=EH?7 F;IIE7B ; JH787B>E .;D>E ; C7?BI J?H7D:E :E JH787B>EKC;N9BKI?LE:E=HKFE:;87J; F7FEEIEKJHEI<EH7C9H?7:EIF7H7:?L;HI?<?97H;J7C8ZCFEHGK;FH;9?I7L7J;H 97?N7I:;C;DI7=;DIHTF?:7I;GK;DWEJ?L;II;B?C?J;I:;7HC7P;D7C;DJE ECEL?CEI7I@KIJ?<?97J?L7IIWEL7H?7:7IC7I=?H7C;CJEHDE:EC;ICEJ?FE:;I?JK7Ya;I7IJZ9D?97IFHE8B;C7I:; I;HL?:EH;I ; FHEL;:EH;I 97?N7I 9>;?7I J;H EFYa;I :; KIE 7HC7P;D7H 7HGK?LEI ;J9 7I <KD9?ED7?I JH787B>E F7H7 F;IGK?I7 F7H7 7IIKDJEI H;<;H;DJ;I 7 JH787B>E EK ;I9EB7 ; 7I F;IIE7?I ; C7?B F7H7 F;IIE7B :E 87J; F7FE C;DI7=;DI F;IIE7?I DWE C?IJKH7H 9EC 7I C;DI7=;DI :; JH787B>E ;I9EB7 EK C;ICE <7C]B?7 F;IIE7I :?<;H;DJ;I F;IIE7I C7?I FH_N?C7I :?L;HIWE 7C?=EI Fb8B?9EI :?<;H;DJ;I ;J9 [D<7I; :; DEII7 F;IGK?I7 ;IJT E8L?7C;DJ; D7I I?JK7Ya;I F;IIE7?I"T:;9;HJECE:EKC79EDIJHKYWE:;KID7II?JK7Ya;IJZ9D?97I;<KD9?ED7?IC7IJ;D:;7I;HC;DEI;B78EH7:7 DE GK; 9ED9;HD; 7 97H79J;H]IJ?97I ?DJ;H79?ED7?I FEII]L;?I :; I;H;C 7FH;I;DJ7:7I ;C KC7 C;DI7=;C ;I9H?J7 EK :; GK7BGK;H EKJH7 D7JKH;P7 FE?I I; ?C7=?D7CEI KC7 C;DI7=;C FHE<?II?ED7B :; GK7BGK;H TH;7 FE:;CEI L;H GK; >T 7F;D7IKC7FEB?:;PIKF;H<?9?7B;EKIE:EI@7H=a;IFHE<?II?ED7?ID;9;IITH?EIDWE:;L;D:E?HCK?JE7BZC:?IIEI;DWEI; JEHD7D:E7?DJ;H7YWE:;KCJ?FEC7?IF;IIE7BGK7DJE7IH7Pa;IJZ9D?97IDWEH;L;B7CD7:7:;?DJ;H7YWE:;GK7BGK;H D7JKH;P7 .7BL;P E <7JE :; 9EC KC7 97?N7 9>;?7 7I C;DI7=;DI F;IIE7?I DWE I;@7C H;9;8?:7I ; H;IFED:?:7I FEHJ7DJE 97KI7D:EKCFHE8B;C7:;?DJ;H7YWEC7I7IEBKYWEJZ9D?97_8L?7ZJ;HEKJH7I9EDJ7I9ECE:?JEF;BEIFH_FH?EIKIKTH?EI 0EBJ7D:E UI H7Pa;I F;IIE7?I L;CEI GK; 7I @KIJ?<?97J?L7I L7H?7C KC FEK9E C7I FE:;CEI 9ED9;DJHT B7I ;C 7B=KC7I I?JK7Ya;I C7?I ;IF;9]<?97I F7II]L;?I :; 7DTB?I; D7 9EDIJHKYWE :E J?FE ?:;7B:; KIKTH?E :7 #DJ;HD;J C FH?C;?HE BK=7H FE:;CEIDEJ7HGK;CK?JEIKIKTH?EIFEIIK;C:?<;H;DJ;I=HKFEI:;7<?D?:7:;IEGK;FHEFEH9?ED7KC7CKBJ?FB?9?:7:;:; 7FH;I;DJ7Ya;I7JH7LZI:;; C7?BI7:;F;D:;H:77<?D?:7:;;DLEBL?:7*EH;N;CFBED7:7C7?IDEHC7B:;DJHE:E;IF7YE :;?DJ;H7YWE:7#DJ;HD;JGK;>7L;H;CKC=HKFE<EHC7:E7F7HJ?H:7#DJ;HD;J9ECEDEDEIIE97IE;IJK:7:EE=HKFE !7B;H744F;IIE7IGK;F7H7KC7C;B>EH?:;DJ?<?97YWE9ECIK77FH;I;DJ7YWE:;DJHE:E=HKFE<7P;H;CKC79EDJ7:; ; C7?BI;@TDWE>EKL;H9ECEDEC;D?9A7F;B?:EF;BEGK7BZ9ED>;9?:EDE=HKFE CI;=KD:EBK=7H79B7H7I;F7H7YWE;C7B=KDI97IEI;DJH;B7P;H;JH787B>EKC; C7?BF7H797:7J?FE:;?DJ;H7YWE7I :K7I@T<7P;D:EF7HJ;:EI;K9EJ?:?7DEC7I9EC?DJ;HFH;J7Ya;I;?DJ;DYa;I:?<;H;DJ;I*EH;N;CFBEKC7F;IIE7:TKC ; C7?BF7H77B=KZCGK;7978EK:;9ED>;9;H:TKCI;=KD:EF7H7KCL;B>E7C?=EGK;H;;D9EDJHEK:;?N7KCJ;H9;?HE H;=?IJH7:E DE I;K 9KHH]9KBE :; JH787B>E I; ?DI9H;L; ;C KC 9ED9KHIE 9EC KC GK7HJE ; 7?D:7 <7P KC7 7II?D7JKH7 ;C 7B=KCI?J;:;:?L;HIa;I9ECKCGK?DJE+K7D:E;B778H;97:79EDJ7F7H7L;H?<?97HI;J;CC;DI7=;DI;B7L7?97HH;=7H J?FEI:;;NF;9J7J?L7I:?<;H;DJ;IH;IFED:;HT7IC;DI7=;DI:;C7D;?H7I:?<;H;DJ;I;J7BL;P7JZ<?D@7I;HEKJH7F;IIE7 7GK?;CJ;H9;?HEBK=7HJ;CEIGK;7IF;IIE7IFE:;CKIK<HK?H:;=H7D:;<79?B?:7:;;C?=DEH7HEKJH7IF;IIE7I7JH7LZI :EKIE:;LTH?EI; C7?BI?C7=?D;CEIDE97IE7DJ;H?EH7EI;:7HKC; C7?BF7H77B=KZCGK;7978EK:;9ED>;9;HC7I DWEI;DJ?K?DJ;H;II;;CC7DJ;H7?DJ;H7YWE<KJKH7C;DJ;I?CFB;IC;DJ;FE:; I;:7HKC; C7?BGK;DWE;N?IJ;EKGK;DWE C7?II;KJ?B?P7EKI?CFB;IC;DJ;FE:; I;?=DEH7H7IC;DI7=;DIGK7D:E;I;7IC;IC7IL?;H;C D<?CDEH;IKCE:7IFEII?8?B?:7:;I:;?DJ;H7YWE7JH7LZI:;:?L;HI7I9EDJ7I:;; C7?BIJ;CEIGK;IWECE:EI:?<;H;DJ;I :; I; 7FH;I;DJ7H?DJ;H7=?H 9EC :?<;H;DJ;I =HKFEI EK F;IIE7I <7P;D:E DEI H;9EH:7H DEL7C;DJ; :; !E<<C7D GK7D:E:?I9EHH;IE8H;9ECEEI:?<;H;DJ;I;IF7YEI7@K:7C79EDIJHK?H7I:?<;H;DJ;I<EHC7I:;?DJ;H7YWEC97:7; C7?B >TKCKFEII]L;BGK;?DJ;H7=;9ECLTH?EIEKJHEIKIFEII]L;?I<EHC7D:E7II?C;IF7YEICEC;DJVD;EI:;?DJ;H7YWE FEII]L;?IGK;I;9EDIJH_;C7C;:?:7GK;<BK;C7I:?L;HI7I?DJ;H7Ya;I -E8H;;II;IEKJHEIKIFEII]L;?I7EF;H=KDJ7HCEIA?ACG3>;8;533EB7EEA3ECG78D7CY7@F3?3&7F'CG7>:76N 7EE3;?BD7EEPA7EB3QA>;HD79EC;Y7CEI7L;H7 C7D;?H79ECEE DEIIE KIKTH?E?:;7B;DN;H=7EEKJHE7IEKJH7I F;IIE7IGK;<H;Gc;DJ7C7#DJ;HD;J;D?IIEKCFEK9EC7?I:;B;C;ICEIH;IFEIJ7I*;IIE7IGK;8KI97CKCFEK9E C7?I:;?D<EHC7YWE:EGK;7JH7:?9?ED7B*;H9;8ED7C7?EH?7:7IF;IIE7IKC797H[D9?77<;J?L7;DEHC;KH?EI7I -WEF;IIE7IDEHC7?IGK;7F;D7IJ[C C7?I KC C;?EF7H7I;9ECKD?97H;C*;IIE7I7DJ;D7:7IF7H7E<KJKHE(7 C?D>7 EF?D?WE DWE >T 9ECE GK7B?<?97H 7I F;IIE7I GK; ;IJWE D7 (. JK7BC;DJ; JE:EI EI J?FEI :; F;IIE7I ;IJWE D7 (;J-EB?JTH?7I;97DI7:7I:7BEK9KH7:EI@E=EI:;FE:;H;9EDGK?IJ7RKCFb8B?9E:?<;H;D9?7:E"T:;I:;@EL;DI BEK9EI F7H7 F7H;9;H;C EKJH7I F;IIE7I 7:KBJEI L?L;D:E 7L;DJKH7I 7CEHEI7I 9H?7DY7I KI7D:E I?J;I ?D<7DJ?I EK DWE I;D>EH;I 9ECE C;K 7L` GK; I; :?L;HJ;C F;BE CKD:E L?HJK7B F;IGK?I7:EH;I GK; C7DJ[C 9EDJ7JE 9EC EKJHEI ;IJK:?EIEI-WEF;IIE7I78;HJ7I7GK7BGK;HJ?FE:;DEL?:7:;I-WE97H;DJ;I;DWEI;FH;D:;C7KC7C;IC79E?I7 F;IIE7 FEH CK?JE J;CFE *;IIE7I GK; 9ED>;9? GK; I; CEIJH7H7C CK?JE 97H;DJ;I ; GK; BE=E CK:7H7C F7H7 EKJH7I F;IIE7I.;D>EC;KI7BJEI;87?NEIJ7C8ZC;UIL;P;IDWEJ;D>EGK;CC;<7Y79ECF7D>?7!EIJ;?:;L;HGK;7I F;IIE7I=EIJ7L7CEKI;?DJ;H;II7L7CFEHC?CF;BEGK;;K;I9H;L?7F;B7IC?D>7I?:Z?7I;DWE9ECE;K7F7H;DJ7L7E GK;=;H7BC;DJ;79EDJ;9;IF;IIE7ID7D;JIWE:7IC7?IL7H?7:7IFEII]L;?IDWE>TKC79B7II?<?97YWE;N7J7C7IFH7 C?C7F7B7LH7 9>7L;GK;:;I9H;L;7JE:EII;@7GK7B<EHED]L;BEK;IFZ9?;Z7,x(#7H[D9?7:;=;DJ;:;I; ;NFH;II7H :; <7B7H :; ?D<EHC7YWE :; I;DJ?H I;DI7Ya;I DEL7I :; 9ED>;9;H :; 7@K:7H ; I;H 7@K:7:E :; I;H ;I9KJ7:E ;D<?C;N?IJ;CLTH?EIJ?FEI:;97H[D9?7I *EDJK7D:E7IDEYa;I7FH;I;DJ7:7IJ;CEIGK;7IF;IIE7I:7(;JJ[CKC9;HJED]L;B:;9EJ?:?7DE;<7C?B?7H?:7:;9EC7 ?D<EHCTJ?97 ; 9EC J;9DEBE=?7 E 7FH;D:?P7:E ; KIE :7I C;IC7I @T <7P F7HJ; :; KC 9;HJE D]L;B CZ:?E :E :?7 :?7 :7 C7?EH?7 :EI KIKTH?EI <7P;D:E 7II?C F7HJ; :; IK7 L?:7 9EJ?:?7D7 *HE9KH7C ;IJ7H ?D<EHC7:7I IE8H; EI C7?I :?L;HIEI 7IIKDJEI:?IIE;B7II;H;C9KH?EI7I7J;DJ7I7DEL?:7:;I9H?7J?L7I;J;H;C7B=KCD]L;B:;?DIJHKYWE;7B=KC79ED:?YWE ;9ED`C?97 F7H7 7II?C J;H 79;IIE 7 ;IJ; C7J;H?7B <]I?9E ; I?C8_B?9E *EIIK;C 7B=KC7 97H[D9?7 7<;J?L7 EK I;DJ;C 7B=KC7IEB?:WE:?IIEFHE9KH7CKCFH;;D9>?C;DJEEK9ECFB;C;DJ7YWE7<;J?L77JH7LZI:7#DJ;HD;J I9EDI?:;H7Ya;I :;DEHC7B?:7:;;IJWE?DJ?C7C;DJ;B?=7:7IUII;C;B>7DY7IEK7<?D?:7:;I;DJH;KIKTH?EII;>T9ECKD?97YWE?IJEZI; >TJHE97:;I]C8EBEII;C;B>7DJ;IC;:?7Ya;I8;CIK9;:?:7I;IJ;ZKCI?D7B:;DEHC7B?:7:;>TKC79B7H7H;<;H[D9?7 :;DEHC7B?:7:;;CH;B7YWE7I?C;ICE.[C7DEYWE:;I;=KH7DY7 ;7DED?C7JEDE;IF7YE:7#DJ;HD;J9ECE7B=EGK; FEII?8?B?J77B?LH;;NFH;IIWE:;I?:?IIE7B?LH;F7HJ?9?F7YWED7I<7DJ7I?7;I?CKB79HEI:79EDJ;CFEH7D;?:7:;NI;NE L?HJK7B D7CEHE L?HJK7B H;7B?:7:; L?HJK7B @E=EI ?DJ;H7J?LEI <_HKDI :; J;C7I DEHC7BC;DJ; H;FK:?7:EI ?DL7Ia;I :7 ?DJ?C?:7:;7B>;?7?DL;DYWE:;97H79J;H]IJ?97I<]I?97I;EKFI?9EB_=?97I;J9 .[CKC79;HJ79EDI9?[D9?7EKDEYWE:7 (7 F;IGK?I7 :; :K7H:E %H7KP; ?;>B GK7D:E F;H=KDJ7:E :; 9ECE I; L?7C 7I H;B7Ya;I DE ;IF7YE :7 #DJ;HD;J H;IFED:;H7CGK;79>7L7C7H;DJ;I;79>7L7C-EB?JTH?7I (7 F;IGK?I7 :; :K7H:E %H7KP; ?;>B GK7D:E F;H=KDJ7:E :; 9ECE I; L?7C 7I H;B7Ya;I D7 #DJ;HD;J :EI CKBJ?FB?9?:7:;7CFB?JK:;;L7H?;:7:;:EI9EDJ;b:EI;:7IF;IIE7IGK;<7P;CF7HJ;:E;IF7YE:7#DJ;HD;J7:C?J;C7 ;<;C;H?:7:;9ECE97H79J;H]IJ?97:ECE:E9ECE7IF;IIE7IB?:7C9EC7I9E?I7I;F;IIE7IDE;IF7YE:7#DJ;HD;JC7I @KB=7C?IIE:;C7D;?H7D;=7J?L7 D<?CFE:;CEIDEJ7HGK;CK?JE:ECE:E9ECE;IJ;IKIKTH?EI:7#DJ;HD;JL[;CEIEKJHEIKIKTH?EIZJ7C8ZCF7HJ;:; IK7I FH_FH?7I 97H79J;H]IJ?97I DE C;ICE ;IF7YE ) CE:E 9ECE I; ;NFH;IIWE 7 H;IF;?JE :E EKJHE IK7I ?DJ;HFH;J7Ya;I CEIJH7 CK?JE :E GK; ;B;I FH_FH?EI F7H;9;C ?=DEH7H :; I? FH_FH?EI FEH I;H @T 9EHH?GK;?HE -K7I H;9EDIJHKYa;I :EI 9EJ?:?7DEI:EIEKJHEIDE;IF7YE:7#DJ;HD;JZ7;NFH;IIWE:EI:;B;IFH_FH?EI)K9ECE:?P!?EH:7DE);K;EEKJHE <;9>7:EI D7 FH_FH?7 IK8@;J?L?:7:; ; 9EHFEH;?:7:; IKH=;C FH?I?ED;?HEI DEI B?C?J;I ?DIKF;HTL;?I :E FH_FH?E ;IF7YE !?EH:7DE?D*;BKIEEH= ?D:7 IE8H; ;IJ7 DEYWE :; )KJHE J;CEI 7 GK;IJWE :E :?JE 7DED?C7JE D7 (;J GK; 7J?D=; :E?I F_BEI 5A@8;3@Q3 7 67E5A@8;3@Q3 FE?I I; KC :;I9ED<?7 E EKJHE F7H;9; :;I9ED<?7H J7C8ZC FEHZC 9ECE 7C8EI I; I;DJ;C I;=KHEI ; FHEJ;=?:EIF;BE7DED?C7JEFE:;CI;78H?HGK7I;I;CH;IJH?Ya;I;79H;DY7<?97JE:7797H=E:EEKJHE ?97;DJWE I;D:EKC7H;9?FHE9?:7:;87I;7:7D7I;=KH7DY7:E7DED?C7JEEDEIIEKIKTH?E?:;7B;K:?H?7GK;;B;Z9EDI9?;DJ;;C F7HJ; :;IJ7 :?DVC?97 ; F7HJ?9?F7 :;B7 <7P;D:E @KB=7C;DJEI :; 97IE 7 97IE :; CEC;DJE 7 CEC;DJE IE8H; 9ECE ?HT ?DJ;H7=?H9ECEEKJHE9ED<?7D:EEK:;I9ED<?7D:EEC7?I=;H7BI;H?7DEFH?C;?HECEC;DJE7:;I9ED<?7DY7C7IDWEZ KC7 H;=H7 <EH@7D:E <7DJ7I?7I EK I;D:E H;7B C7I J;D:E IK7 F7HJ?9?F7YWE D;IJ; FHE9;IIE @KDJE 9EC 7I IK7I EKJH7I 7J?L?:7:;I9ECKD?97YWE?D<EHC7YWEJH787B>E:?L;HIWE;IE9?78?B?:7:; EI;HF;H=KDJ7:E'CG7HA5SD7H7>37 AG7E5A@6767E;@3&7F>;HD7EDEIIEKIKTH?E?:;7B:?PE?I7IC7?I F;IIE7?IDWEFH;9?I7CI;HH;L;B7:7I(WE;I9ED:ED7:7(WE9EIJKCEC;DJ?HC7IDWE:?LKB=EE;D:;H;YED;CE J;B;<ED; TI L;P;I EC?JE 7 9?:7:; ED:; ;IJEK,;L;BE JK:E DWE L;@E I;DJ?:E ;C C;DJ?H) GK; ;K ;IJ?L;H 7 <?C (WE<7BE:;C?D>7L?:7F;IIE7B,;L;BEC;KB7:EI?D9;HE;L;H:7:;?HEJ;DJEJH7DIC?J?HC;DI7=;DI:;7C?P7:;F7P <H7J;HD?:7:;;IEB?:7H?;:7:;IC;IC7I9E?I7IGK;9EIJKCEH;L;B7HEK;I9ED:;HD7IH;B7Ya;IDWEL?HJK7?I,;L;BE CK?J7I 9E?I7I GK; DWE H;L;BE 7 CK?J7I F;IIE7I FH_N?C7I ; ;I9ED:E E GK; DWE I; FE:; H;L;B7H FEH KC 9ECFKJ7:EH 7<;?YWE H7?L7 ;J9 .;DJE H;L;B7H JK:E FE?I I; HEB7H 7B=E D7:7 I;HT :;I9E8;HJE :; IKHFH;I7 J7BL;P 7JZ 7F;D7I 9E?I7IC;B>EH;I:EGK;;K?C7=?D7L7(WE;I9ED:ED7:7?D9BKI?L;<7BEI;CFH;DE78;HJE;7IF;IIE7IF;:;CF7H7 ;K<7B7HDEH;I;HL7:E-_<7YE?IIEI;E7IIKDJE<EHF;IIE7B:7EKJH7F;IIE7,;L;BEJK:EGK;H;7BC;DJ;I?DJEJ7BL;P ?IIE I;@7 KC ;HHE C7I I?D9;H?:7:; Z KC 7JE GK; 7:C?HE D7I F;IIE7I (WE 9EIJKCE ;I9ED:;H ?D<EHC7Ya;I 7E C;K H;IF;?JE C7I JECE E 9K?:7:E :; DWE :7H ?D<EHC7Ya;I F;IIE7?I J?FE H;I?:[D9?7 J;B;<ED; H;I?:;D9?7B DWE I78;CEI GK;C;IJT:EEKJHEB7:E(KD97C?DJE )D:; F;BE GK; L;CEI F7H;9;C >7L;H :E?I ;NJH;CEI 9EDJ7H JK:E EK EC?J?H I; DE ;DJ7DJE >T J7C8ZC KC ;GK?B]8H?E 87I;7:E D7 =H7:7YWE :; ;I9EB>7I C;:?7YWE FH?D9?F7B Z H;L;B7H ?D<EHC7Ya;I F;IIE7?I ; ;I9ED:;H ?D<EHC7Ya;I F;IIE7?I 9ED<?7DY7 ; ?DJ?C?:7:; '#$&$ :;I9ED<?7DY7 ; FHEJ;YWE D7 C;:?:7 :7 IE9?78?B?:7:;GK; L7? I; :;I;DLEBL;D:E;C97:7?DJ;H7YWEIJHE97IIWE9KCKB7J?L7I;J7C8ZC9ECF7H7:7I:7]7I;I9EB>7IFEHZC;IJ7IJHE97I ;DJH;L?IJ7:EI:?II;H7C79>7H7IH;B7Ya;I 7DJ7I?EI7IGK7D:EI;F;H=KDJEKIE8H;s 7BI?:7:;t7:C?J?K=EIJ7H :;FE:;HI;HGK;CGK?I;II;;:?II;I;HC7?I:?L;HJ?:EDWE:?P;H7L;H:7:; J7C8ZCFE:;CI;H;<[C;H7I;E97I?ED7?IEGK;DWE:;I<7PE9H?JZH?E:;;I9EB>7I:EIKIKTH?EI9H?JZH?EIGK;FE:;CI;H @KIJ7C;DJ;CEC;DJVD;EIEK<?NEID<?CEDEIIEKIKTH?E?:;7BF7HJ?9?F7:;IJ;CKD:E:;FEII?8?B?:7:;I9ED>;9;;<7P IK7I;I9EB>7I9EDJ;NJK7BC;DJ; +7@F;D A AGFDA ?3;E BDUJ;?A AG ?3;E 6;EF3@F7 <7P F7HJ; :7 9EDIJHKYWE :; IE9?78?B?:7:; DE ;IF7YE :7 #DJ;HD;J DKC ;IJT=?EC7?IEKC;DEI7L7DY7:E(KC;H?97C;DJ;J;CEIGK;F;IIE7I:?II;H7CI;DJ?HEEKJHEC7?IFH_N?CE D7#DJ;HD;J7B=KDI:;IJ;IKIKTH?EIC;D9?ED7H7C7:?<;H;DY7:;I;DJ?HC7?IFH_N?CEF;IIE7IGK;<?I?97C;DJ;;IJWEC7?I :?IJ7DJ;I;CEKJHEF7]I;IJ7:EEK9?:7:;C7I:;GK7BGK;HC7D;?H77IIK7I?DJ;HFH;J7Ya;I:;FHEN?C?:7:;;IJ7L7C 7BZC :EI ;IJT=?EI <79; 7 <79; :; FHEN?C?:7:; F;IIE7I :?II;H7C I;DJ?H 7I F;IIE7I C7?I :?IJ7DJ;I E 9EC;DJTH?E=;H7B7GK?<E?7H;IF;?JE:7@TC;D9?ED7:7FHEJ;YWE;7DED?C7JE7B=KC7IF;IIE7IDWEI;;NFa;CBE=EIWE ?DJ;HFH;J7:7I 9ECE C7?I :?IJ7DJ;I F;BEI I;KI ?DJ;HBE9KJEH;I F;IIE7I DWE H;IFED:;H7C 7 GK;IJWE (EJ7:7C;DJ; 7I F;IIE7I GK; DWE H;IFED:;H7C 7 ;II7 GK;IJWE <EH7C 7I C;IC7I GK; L?D>7C 7<?HC7D:E DWE J;H KC7 IE9?78?B?:7:;CK?JE<EHJ;DE;IF7YE:7#DJ;HD;JD<?C7#DJ;HD;JZKC;IF7YEFEJ;D9?7B:;7FHEN?C7YWE;DJH;F;IIE7I C;ICEGK;I;@7CKI;)KJHEIFHZ ;B78EH7:EI?:;7B?P7:EIEKDWEH;<EHY7D:EEDEIIEFEDJE:;L?IJ7:;GK;7#DJ;HD;J Z KC ;IF7YE FEJ;D9?7B :; 7FHEN?C7YWE ;DJH; F;IIE7I 7 F7HJ?H :; IK7I FH_FH?7I ?DJ;HFH;J7Ya;I :; IK7I ?DJ;DYa;I ; CEJ?L7Ya;I CI;=K?:7F;H=KDJ7CEI.A5S5AEFG?383L7D3?;L367EAGD7>3QW7E?3;EBDUJ;?3E5A?B7EEA3ECG75A@:757@3 &7F GK; 9ECFB;C;DJ7 ;IJ; GK;IJ?ED7C;DJE @T GK; FE:;H;CEI L;H E =H7K :; FHE9KH7 F;B7 FHEN?C?:7:; L?IJ7 7DJ;H?EHC;DJ; F;IIE7I :?II;H7C GK; 9EIJKC7C <7P;H 7C?P7:;I 7JH7LZI :7 #DJ;HD;J F;IIE7I :?II;H7C GK; DWE <7P;C EK 7?D:7 DWE E <?P;H7C F;IIE7I DWE H;IFED:;H7C 7 GK;IJWE ) GK; DEL7C;DJ; FE:;CEIDEJ7HZ79ED<?HC7YWE:7>?F_J;I;B;L7DJ7:77DJ;H?EHC;DJ;:;GK;7#DJ;HD;JZF7H7EIKIKTH?EIKC;IF7YE:; :?L;HI7I?DJ;H7Ya;I;CFEJ;D9?7B'7?I:7C;J7:;:EI;DJH;L?IJ7:EI@T9EDIJHK]H7C?DJ;H7Ya;I:;9KD>E7<;J?LE;GK7I; KC7 EKJH7 C;J7:; ;IJT FH;I;DJ; DKC 7C8?;DJ; :; FEJ;D9?7B ?DJ;H7YWE I;@7 7<;J?L7 FEH CEJ?L7YWE EK C;ICE KC7 ?DJ;H7YWE;IJH?J7C;DJ;<KD9?ED7BGK;FE:;I;JEHD7H7<;J?L7J7C8ZC ;FE?I F;H=KDJ7CEI )G3@F3E B7EEA3E <N 5A@:757G @3 &7F @PA BD75;E3 E7D 7J3FA GK; DEI :T KC7 DEYWE :7 L7H?;:7:;:;7CFB?JK:;I7B97DY7:7I7JZ7GK;B;CEC;DJEF;B7IF;IIE7IGK;7<?HC7H7C?DJ;H7=?H7<;J?L7C;DJ;7JH7LZI:7 #DJ;HD;JC7B=KDI97IEI7I:?<;H;DY7I:;GK7DJ?:7:;IIWE:?H;J7C;DJ;FHEFEH9?ED7?I9ECEJ;CFEGK;7F;IIE7L;C 79;II7D:E7#DJ;HD;JB=KC7IGK7DJ?:7:;I/C7IEK(WEC;DEIGK;KC7I=EH7:;II;JEJ7B7C?=EIIWE FEK9EI/CDbC;HECK?JE7BJEJ7BL;PC?BEKC7?I-KF;H<?9?7BC;DJ;9;DJ;D7I*H7L7B;HKC7I9?D9E0TH?7I DWEI;?GK7DJ7I0TH?7IKC7II;J;EKE?JEFHEN?C7:7C;DJ;DJH;;F;IIE7I'K?J7IC7?I:; /C7IC7IJ?L;KCI;=KD:E9EDJ7JEFEKGK]II?C7IL;P;IKC7IL;P;I/C7II;J;DJ7C7?I:;'7?I:; I_GK;9EDJ?DKEC7DJ;D:E9EDJ7JE9ECKC7IEK*;IIE7BC;DJ;KC7IJH?DJ7 *E:;CEI DEJ7H GK; 7I GK7DJ?:7:;I IWE 87IJ7DJ; ;NJH;C7I 7 C7?I :; FEHZC FE:;CEI L;H J7C8ZC GK; >T :?<;H;D9?7YWE;DJH;9ED>;9;HF;IIE7I;<7P;H7C?P7:;I)<7JE:77CFB7FEJ;D9?7B?:7:;:;?DJ;H7Ya;I7<;J?L7IZKC<7JEH FH;:EC?D7DJ; DE <7JE :7 IE9?78?B?:7:; :E DEIIE KIKTH?E ?:;7B I;H JWE <BK?:7 ; L7H?TL;B I GK;IJa;I :; 9ED<?7DY7 ; :;I9ED<?7DY7 LEBJ7C 7 7F7H;9;H 7GK? ; J7C8ZC :7 FEII?8?B?:7:; :E 7DED?C7JE :7 FHEJ;YWE ; :7 <7DJ7I?7 GK; ?D;L?J7L;BC;DJ;H;IJH?D=;C;B?C?J7C77FHEN?C7YWEI?C8_B?977<;J?L7;DJH;KIKTH?EI7DWEI;HC;:?7DJ;KC79EDJ]DK7 8KI97FEHF;IIE7I:;C7?EH;I7<?D?:7:;I9ECGK;CI;FEII7F7HJ?B>7HC7?I9E?I7I;:7]7:GK?H?H9ED<?7DY7;7II?CKC7 C7?EHFHEN?C?:7:;I?C8_B?977<;J?L7;7JZ<79; 7 <79;C7?EH?DJ?C?:7:;F;IIE7I:?II;H7CGK;FH;<;H;C H;B7Ya;I 9EC F;IIE7I GK; ;IJ;@7C C7?I FH_N?C7I F;IIE7I :?II;H7C GK; FH;<;H;C H;B7Ya;I 9EC F;IIE7I ;IJ;@7C C7?I :?IJ7DJ;I F;IIE7I :?II;H7C GK; DWE <7P :?<;H;DY7 ;IJ7H;C C7?I BED=; EK C7?I F;HJE <?I?97C;DJ;0;CEIGK;7=H7D:;C7?EH?7DWE:TKC7?CFEHJVD9?7H;IJH?J?L7U:?IJVD9?7;CGK;I;;D9EDJH77F;IIE7 9ECGK;C?DJ;H7=;#IIEDEI?D<EHC7GK;7I?DJ;H7Ya;IJ;D:;C7J;HKC97HTJ;HH;7BC;DJ;;<[C;HE(WEGK;7IF;IIE7I GK; I; ?DJ;H7=;C 7<;J?L7C;DJ; DE ;IF7YE :7 #DJ;HD;J IWE FH?EH?J7H?7C;DJ; ;<[C;H7I 9EC H;B7YWE UI ?DJ;H7Ya;I GK; 9EDIJHE;C C7I ;IJ; :7:E FE:; I;H ?DJ;HFH;J7:E 9ECE KC7 <79;J7 CKBJ? 9ECFB;C;DJ7H :E ;IF7YE :; ?DJ;H7YWE :7 #DJ;HD;J @T H;9ED>;9?:7 F;BEI KIKTH?EI ; GK; B;L7 U <EHC7YWE :; CbBJ?FB7I ?DJ;H7Ya;I GK; I; 9ECFB;C;DJ7C I?C8EB?97C;DJ;:;DJHE:;97:7KIKTH?ECJE:EI79H;:?JE>TI;CFH;7FEII?8?B?:7:;:;KC78KI97C7?IFH_N?C79EC ?DJ;DYa;I C;DEI ;<[C;H7I C7I 7 9EHH;IFED:[D9?7 :;IJ7 ?DJ;DYWE D;C I;CFH; Z H;9]FHE97 ; FEH ?IIE E KIE :7 CKBJ?FB?9?:7:;:;?DJ;H7Ya;I;FEH?IIE7DWEH;IJH?YWE:7C7?EH?7;CH;B7YWE7KC7BE97B?P7YWEC7?IFH_N?C7EKC7?I :?IJ7DJ; :E ?DJ;HBE9KJEH ?DJ?C?:7:; FE:; J7DJE ;IJ7H D7 97I7 L?P?D>7 GK7DJE DKC F7]I CK?JE :?IJ7DJ; R E @E=E:; JHE97I;7<?D?:7:;IGK;:;J;HC?D7HT;II7?DJ;HFH;J7YWE II7IGK;IJa;IH;B7J?L7I7FHEN?C?:7:;;:?IJVD9?79ED<?7DY7;:;I9ED<?7DY7;;<;C;H?:7:;;?DJ?C?:7:;DEIB;L7C7 F;H=KDJ7H.A5S<N;9@ADAGAG5AEFG?3;9@AD3DB7EEA3ECG75A@:757G@3&7F(ADCG7M?3;E8N5;>83L7D;EEA @3&7F(ADCG77EB3QA>;HD7ED:;L;CEIKC7:7I97H79J;H]IJ?97I:7I?DJ;H7Ya;IDE;IF7YE:7#DJ;HD;JGK;C7?I 7I :?<;H;D9?7C :7I ?DJ;H7Ya;I <79; 7 <79; ; 9ECE EI KIKTH?EI B?:7C 9EC ;IJ7 :?<;H;DY7 )I Db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oIL;P;IFEHGK;IJa;I:;DWE>7L;H;CF7J?7-?CFEHGK;7=;DJ;;D@E7 <T9?B :7I F;IIE7I >E@; FE?I ;B7I J7C8ZC :WE 7J;DYWE 7 KC CEDJ; :; =;DJ; 7E C;ICE J;CFE -?C Z C7?I <T9?B FEHGK;LE9[DWE9EDL?L;9EC7F;IIE7:?H;JE-?C-;7F;IIE7DWE9EDI;=K;C7DJ;HKCD]L;B:;9EDL;HI7B;=7BEK >T KC7 CT 9ECKD?97YWE J;DJEK C; E<;D:;H :; 7B=KC7 C7D;?H7 7 =;DJ; DWE I; ;DJ;D:; ;K ?=DEHE B7HE ;K :?<?9?BC;DJ;?=DEH7H?77B=KZCF;IIE7BC;DJ;F;BEIJEBEICEJ?LEIGK;9EIJKCE<7P;HD7(;JFE?IDWE=EIJE:;C79>K97H E<;D:;H <EH7 GK; ;IJ7CEI 97H7 7 97H7 D7 (;J FE:; I; C;DJ?H :?P;H GK; J;L; FHE8B;C7I D7 9ED;NWE ; DWE >7L;HT CT=E7I 0[ I; E ;IF7YE :7 #DJ;HD;J 9ECE FHEJ;=?:E I;=KHE GK; FEII?8?B?J7 E 7DED?C7JE 7 ?DL?I?8?B?:7:; 7 :?IJVD9?7 ; 7 L7H?;:7:; :; ;I9EB>7I 7II?C :;I97HJ7H KC7 ?DJ;H7YWE I; JEHD7 C7?I <T9?B ; KC7 FHTJ?97 FEII]L;B 87IJ7DJ; 9ECKC C;ICEGK;7F7H;DJ;C;DJ;DWEH;9ED>;9?:7;C7B=KDICEC;DJEIF;BEIFH_FH?EIKIKTH?EIIH7Pa;IF7H7;IJ;?=DEH7H IWEL7H?7:7I;:;97HTJ;HF;IIE7B;DKC;HT B7II;H?7:;9;HJECE:E?DbJ?B.E:EI;IJWE;NFEIJEI7EIC;ICEIH?I9EI:; ?=DEH7H;:;I;H?=DEH7:EF;B7IC7?I:?L;HI7IH7Pa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a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a;IDE;IF7YE:7#DJ;HD;JIK7H;7YWE?D?9?7B:;L;HTI;H :; ?D:?<;H;DY7 C;ICE GK; IKF;H<?9?7B FE?I FE:;HT I;CFH; F7HJ?H F7H7 EKJH7 9ECE :?II; KC :EI KIKTH?EI ;DJH;L?IJ7:EI +A4D73B3EE397?63&7FB3D3A835738357 E <7P;H 7 F7II7=;C :; ;IF7YEI :; ?DJ;H7YWE #DJ;HD;J F7H7 <79; 7 <79; ;D9EDJH7C I; :?<;H;DJ;I H?JK7?I ; H;=H7I :; ?DJ;H7YWE C7DKJ;DYWE :7 ?DJ;H7YWE ?HT :;F;D:;H C7?I 7?D:7 :E :;I;DLEBL?C;DJE :E F7HJ?B>7C;DJE :7I 7<?D?:7:;I <KD9?ED7?I EK 7<;J?L7I ) @E=E ;NFH;IIWE?CFH;IIWE 7=EH7 Z :?H;JE ; >T FEII?8?B?:7:; :7I ;B78EH7Ya;I ;I9H?J7I :E ;IF7YE:7#DJ;HD;J;DJH7H;C;C9ED<B?JE9EC7I7JK7?I<79; 7 <79;D7C;IC7C;:?:7;CGK;I;9ECFB;C;DJ7CR7 ?CFEHJVD9?7:7?DJ;H7YWE9ECEEKJHEI;C7C;:?7YWE;I9H?J7;;B;JH`D?97ZEEB>EDEEB>EGK;FE:;H;L;B7HC7?I:E GK;I;GK;H IE9?78?B?:7:;;DJWEJ;HTKC97HTJ;H:;;IF7YEI9ECFB;C;DJ7H;I#DJ;HD;J;<79; 7 <79;:;?DJ;H7YWE 97IE 7 C;IC7 9EDJ?DK; 7I 7<?D?:7:;I I; C7DJ?L;H;C I CbBJ?FB7I FEII?8?B?:7:;I :; E9EHH[D9?7 :;II; FHE9;IIE J7C8ZC Z 97H79J;H]IJ?9E :7I ?DJ;H7Ya;I ?D?9?7:7I 7 F7HJ?H :E ;IF7YE :7 #DJ;HD;J ; E DEIIE KIKTH?E ?:;7B :7 #DJ;HD;J J7C8ZC9EDL?L;9EC?IIE *;H=KDJ7CEI E 3?;L367E 87;F3E @3 &7F B3EE3? AG <N B3EE3D3? B3D3 A 5:3?36A %G@6A *73> )G3@F3E <N B3EE3D3?'CG7B7@E3EA4D7;EEAEA4D77EE7F;BA67D7>3QW7E E;@F3E7>;HD7B3D383>3DACG7CG;E7D;7GK? s)EB>7H:EEKJHE:T C;7;N?IJ[D9?7<7P;D:E9ECGK;;KI?DJ777YWE:7GK;B;GK;C;EB>7EI;HL?IJEF;H9;8E ;IJWE 7B=KC7I :7I H;IFEIJ7I :EI KIKTH?EI &;L;? 7B=KDI 7DEI C; H;B79?ED7D:E 7F;D7I 9EC F;IIE7I 9K@E FH?C;?HE 9EDJ7:E <E? L?HJK7B ?D9E 9>E ?DJ;H;II7DJ; C7I :7 C;IC7 <EHC7 GK; 79>7H?7 7I GK; <?P;II; DE CKD:E H;7B (WE DKD97 F7II7H7C FEHGK; ;K DWE GK?I ; J7C8ZC FEH <7BJ7 :; EFEHJKD?:7:; 9>E DEHC7B I; L?;H 7 79EDJ;9;H KC ;D9EDJHE .;D>E KC ;D9EDJHE F7H7$7D;?HE 9EC KC =HKFE :; 87J; F7FE ;C 9EDJ7JE FEIJ;H?EH <?GK;? I78;D:E GK; 7 F;IIE7 9ED>;9;K <;IJ;@EK ; 9H?EK DEL7I 7<?D?:7:;I ; ?DJ;H7Ya;I D7 DEL7 I?JK7YWE <E? KC7 I?JK7YWE F7II7=;?H7 FE?I;H7CF;IIE7I:;BK=7H;I:?<;H;DJ;IJ?HEK<EJEI=K7H:EKB;C8H7DY7I;7B=KDIFEK9EIJ;L;EFEHJKD?:7:;:;L;H:; DELEI;=K?D:EEI;=K?DJ;CE:;BEI;C;B>7DY7I?:;DJ?<?97Ya;I:7]7<?D?:7:;I;FEII]L;B?:;DJ?:7:;GK7D:E9ECF7H7:7 U:?<;H;DY7:;EKJHEI:EC;ICE=HKFEC;ICEI;D:EI;C;B>7DJ;ID;IJ;97IEJ;C>7L;H9ECFHEN?C?:7:;J7C8ZCFE?I ;IJ7HC7?IF;HJE=;E=H7<?97C;DJ;F7II77I;HKC77<?D?:7:;F7HJ?B>7:7-?C?D9E.WE8E7I;:KH7:EKH7IGK7DJEUI H;7?I -?C KC7I 9?D9E -WE 7C?=EI 9ECE GK7?IGK;H EKJHEI *;IIE7I GK; =EIJE ; 9EC GK;C ;K I7?E *EK97I DEHC7BC;DJ; ;N?IJ; KC7 <EHJ; 9ED;NWE I;NK7B GK; C7?I <79?BC;DJ; I; :;I79H;:?J7 GK7D:E I; 9ED>;9; 7 F;IIE7 GK; ;IJ7L7:EEKJHEB7:E0TH?7I@TF7II7H7CZI;CFH;8EC(KD97C7IJ;D>EKC77C?=7FH_N?C7GK;;IJTD7CEH7D:E KC 97H7 GK; 9ED>;9;K DKC 9>7J 9>;? B;=7B FEHGK; ;B7 Z KC7 F;IIE7 H;B7J?L7C;DJ; J]C?:7 ; ;B; J7C8ZC -; DWE J?L;II;CJ?:E;II;FH?C;?HE9EDJ7JEDE9>7J79>EGK;DWEJ;H?7CD;C9EC;Y7:E7D7CEH7H-?CKC7I9>EGK; IWE 9ECE GK7BGK;H EKJH7 I_ GK; ;C C7?EH GK7DJ?:7:; ; C7?I HTF?:7I (WE C; I?DJE B;=7B 9EDL;HI7D:E F;B7 (;J 9>EGK;JK:EZCK?JE<7BIE-?CC?P7:;:;L;H:7:;:;I7?H;:;F7HJ?9?F7H:7L?:7KC:EEKJHEFEK97I';ICE FEHGK;7=;DJ;I;?:;DJ?<?97F;B7(;JI;C;B>7DY7IF7HJ?B>7C;DJE:;7<?D?:7:;IC7IF;IIE7BC;DJ;DWEZD7:7:7GK?BE 7KJE;B78EH7YWE:;KIGK;DWEIWEIKIJ;DJ7:7IF;BEDELE;IF7YE:;?DJ;H7YWE.;D>EKC;N D7CEH7:E9ECGK;C C;H;B79?EDE7JZ>E@;<E?7FH?C;?H7F;IIE7GK;9ED>;9?D7(;J)KJHEI9EDL;HIEFEHJ;B;<ED;C7IDWE9EIJKCEI7?HEK 9EDL?L;HCK?JEC;ICE9>EB;=7BGK7D:E7IF;IIE7II;?:;DJ?<?97C;9EDI;=K;C9ED9H;J?P7HKC77C?P7:;'7IDWE J;CI?:ECK?JE<T9?BFH7C?C9ED9H;J?P7HKC7-?CC7I9EC7B=KC7IH;IJH?Ya;IE;BEGK;I;<EHC7ZCK?JEJ[DK; GK7BGK;H9E?I7;B;I;:;I<7P;77C?P7:;I?CFB;IC;DJ;;L7FEH7 E?9ECKC7IGK7JHEF;IIE7I;K;D97HE9ECE7B=E D7JKH7B7(;J7?D:7ZDEL?:7:;7IF;IIE7I;IJWEI;79EIJKC7D:E9ECEJ;CFELWEB;L7HC7?I7IZH?E7I9E?I7$T I?C;<EH7CGK7I;JE:7I9>EKC7_J?C7C7D;?H7:;I;<7P;HDELEI7C?=EI:;I:;GK;>7@7I?D9;H?:7:;;H;IF;?JE *E:;CEIL;HGK;>TKC7L?IWE=;H7BFEI?J?L77H;IF;?JE:7IH;B7Ya;IGK;9EC;Y7CD7#DJ;HD;J;F7II7CF7H7E<79; 7 <79; /C7 FEI?J?L?:7:; B?=7:7 7E FH;;D9>?C;DJE 7<;J?LE Bb:?9E ; J7C8ZC E KJ?B?JTH?E (E ;DJ7DJE EI KIKTH?EI H;9ED>;9;C9;HJ7I9EDJ?D=[D9?7I?D;H;DJ;IUEH?=;CKC7EH?=;C87I;7:7;C7<?D?:7:;II;C;B>7DY7I:7IH;B7Ya;IDE ;IF7YE:7#DJ;HD;JJ7?I9ECE7:;I9ED<?7DY7;CH;B7YWE7EEKJHE7IFEII?8?B?:7:;I:;?DJ;DYa;I:?I9EH:7DJ;I7H;IF;?JE :7H;B7YWE7FH;I;DY7IK8B?C?D7H:EI;NED7IH;B7Ya;I7?DJ?C?:7:;;<[C;H77I:?IJVD9?7I=;E=HT<?97I;J9 (7GK;IJWEI;=K?DJ;)G3>A53?;@:AAEB3EEAEB3D3?3;AD;@F;?;6367@3&7FB3D3HA5S>;HD79EDJ?DK7CEI 7:;I;DLEBL;HEIFHE9;IIEI:;F7II7=;C;DJH;;IF7YEI:;?DJ;H7YWEIH;IFEIJ7I/C7C7?EHFHEN?C?:7:;=;E=HT<?97 J7BL;PEC;Y7H9ECKC87J; F7FE;:;FE?I?HF7H7E#+EKC7DJ;H9EHH;IFED:[D9?7FEH; C7?B(7C?D>7EF?D?WE DWE;N?IJ;?DJ?C?:7:;D7(;JFE?I?DJ?C?:7:;C;ICEZGK7D:E@TI;9ED>;9;;I;9EDL?L;9EC7F;IIE7)I9>7JI #+ EC E J;CFE :; 9EDJ7JE ;B;JH`D?9E 7I 7<?D?:7:;I L[C U JED7 ; 7 ?DJ?C?:7:; 9>;=7 D7JKH7BC;DJ; '7?I EK C;DEI 9ECE DE CKD:E H;7B .;B;<ED; -?D9;H?:7:; (WE ;N?IJ; D;D>KC HEJ;?HE F7H7 7 ?DJ?C?:7:; D7 (;J GK;;N?IJE;7EEB>7HH;9ED>;YE7JH7LZI:EEKJHE7C?D>7FH;I;DY7t?D'7HJ?DI _HKC 9>7J EK I?J; :; ;D9EDJHEI ; C7?B J7BL;P #+ J;B;<ED;C7 ; <?D7BC;DJ; 7E L?LEEDL;HI7H J;B;<ED7H L;H <EJE C7H97H ;D9EDJHEI DWE I;? I; Z ?IIE GK; GK;H I78;H .H7J7H 7 #DJ;HD;J 9ECE 7B=E DEHC7B ; 79?C7 :; JK:E H;IF;?J7H7IF;IIE7I:;FE?IGK;I7?H:7I7B7:;87J; F7FE9EDJ?DK7HI;CFH;;I9H;L;D:E;I;<EH:EI;K7=H7:EF7II7H I;K <ED; ; :;FE?I C7H97H KC ;D9EDJHE -?D9;H?:7:; 7J;DYWE ; 7C?P7:; .;DJ7H I;H D7JKH7B 9ECE I; 7 9E?I7 ;IJ?L;II;79EDJ;9;D:EDECKD:EH;7B *E:;CEI 7D7B?I7H :E?I FEDJEI :; L?IJ7 GK; J;HC?D7C FEH I; 9HKP7H IE8H; ;IJ; 7IF;9JE :7 ?DJ?C?:7:; 9EDIJHK]:7 DE ;IF7YE:7#DJ;HD;J;KCB7:EJ;CEI7FHE=H;IIWEJZ9D?97EK?DIJHKC;DJ7B9ECEKIE:;<;HH7C;DJ7I:;9ECKD?97YWE 9>7J; C7?B#+J;B;<ED;;J9GK;B;L7C7?DJ;H7YWE7D]L;?I9KCKB7J?LEI97:7L;PC7?IF;IIE7?I:;EKJHEB7:E J;CEI GK; E FHE9;IIE :; 9EDIJHKYWE :; ?DJ?C?:7:; :;F;D:; :E C7J;H?7B I?C8_B?9E GK; Z JHE97:E F;BEI KIKTH?EI 7I ?DJ;HFH;J7Ya;I F;IIE7?I :7:7I 7 ;II;I C7J;H?7?I :; JHE97 ?IJE Z EI D]L;?I :; ?DJ?C?:7:; :;F;D:;C :E @E=E ;DJH; >ED;IJ?:7:;;9ED<?7DY7;DJH;?DJ;HBE9KJEH;I(E9HKP7C;DJE:;IJ;I:E?IFEDJEI:;L?IJ7J;CEIGK;9ECKC7<BK[D9?7 C7?EH :; <;HH7C;DJ7I GK; F;HC?J;C C7?EH ;NFH;II?L?:7:; ;DJH; EI ?DJ;HBE9KJEH;I :7I ?DJ;H7Ya;I 7I ?CFH;IIa;I I; JEHD7CJ7C8ZCC7?I<EHJ;IEGK;DWEF;HC?J?H?7EKIE:;KCJ?FE:;CT<Z87IJ7DJ;F;9KB?7H7E;IF7YE:7#DJ;HD;J7 7KJE ;B78EH7YWE :; KI ;N7=;H7:7C;DJ; ?:;7B?P7:EI ) DEIIE KIKTH?E ?:;7B ;IJT FH;I;DJ; D;IJ; 9EDJ;NJE 9EC 7I FEII?8?B?:7:;I:;KIEI:;<;HH7C;DJ7I:;C;:?7YWEGK;FHE=H;II?L7C;DJ;JH7P;CKC7C7?EH?DJ?C?:7:;UI?DJ;H7Ya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b8B?9EI9ECE87H;I;->EFF?D=I!;H7BC;DJ;BE97?IFb8B?9EI87H;IB7D9>ED;J;I;J9CJE:E97DJEGK; 7D:EC87H;I97<ZI9?D;C7I;J9 *E:;CEIL;HKC7=H7D:;C7?EH?7:;KIKTH?EIEFJ7D:EFEHBK=7H;I:;D7JKH;P7Bb:?97I>EFF?D=I87H;I;FH7?7IIWEEI FH?D9?F7?I(E97IE:;I>EFF?D=I;87H;I:;KC7C7D;?H7C7?I=;D;H7B?P7:7@TGK;IWEBE97?I:;9ED9;DJH7YWEBb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b8B?9E?IJEZ7=H7D:;IGK7DJ?:7:;I:;F;IIE7IEGK;:;?N7H?7 GK7BGK;HKIKTH?EI;=KHE:?7DJ;:E<7JE:;;IJ7H9ED>;9;D:E7B=KZCF;B7FH?C;?H7L;P<79; 7 <79;(E;DJ7DJEEID]L;?I :; ?DJ?C?:7:; ; :; :;I9ED<?7DY7 IWE 9EDIJ7DJ;C;DJ; 87B7D9;7:EI FEH :?L;HIEI <7JEH;I :KH7DJ; 7I ?DJ;H7Ya;I ; IK7I 9EDJ?DK7Ya;I;79KCKB7C;DJEII?C8_B?9EIFEHJ7DJE;CCK?JEI97IEIJ7C8ZC@T;N?IJ;77FHEN?C7YWEIK<?9?;DJ;F7H7 I;;D9EDJH7HEEKJHE;CBE97?IC;DEI78;HJEI7EFb8B?9E97I7JH787B>E;I9EB7;IF;9?7BC;DJ;97I7FE?I9ECEL?CEI CK?J7IF;IIE7I:?II;H7CDWEH;L;B7HI;KI;D:;H;YEIH;I?:;D9?7?I I;=K?H <E? F;H=KDJ7:E EE3E D7>3QW7E 8AD3? AG EPA ?3;E 6GD36AGD3E AG ?3;E 8DN97;E S EG3 AB;@;PA F;IIE7I:?II;H7C79>7H7IH;B7Ya;I?D?9?7:7I7F7HJ?H:7#DJ;HD;JC7?I:KH7:EKH7IF;IIE7I:?II;H7C 79>7H;II7IH;B7Ya;IC7?I<HT=;?I;F;IIE7II?CFB;IC;DJ;DWEIEK8;H7C9ECEH;IFED:;HUF;H=KDJ7/C 9EC;DJTH?EGK;CK?JE?BKIJH77FEI?YWE:;F7HJ;:;II7=H7D:;C7?EH?7GK;DWEIEK8;H;IFED:;H7;II7GK;IJWEH;FHE:KPE 7GK?(;JD7:7J;C>7L;H9ECEIJ7JKI:7H;B7YWEI;F7IIEKF7H7E& #Z9ECEEKJH7GK7BGK;H:;F;D:;:7I F;IIE7I;DLEBL?:7I*E:;CEI9EDI?:;H7HEIEKJHEI:E?I8BE9EI:;H;IFEIJ7I9ECEH;FH;I;DJ7DJ;I:;FEI?Ya;IF;IIE7?I IE8H;KC7I?JK7YWEI;CFH;FEII]L;B?IJEZF;IIE7IGK;J[CEK@TJ?L;H7C;NF;H?[D9?7I:;H;B7Ya;I:KH7:EKH7I?D?9?7:7I 7F7HJ?H:E;IF7YE:7#DJ;HD;J;F;IIE7IGK;7?D:7DWEJ?L;H7C;IJ7EFEHJKD?:7:;EKGK;J?L;H7C7;NF;H?[D9?7:;F7II7H FEHH;B7Ya;IGK;<EH7CHTF?:7I;<K=7P;IDEII7=;D;H7B?P7YWE<?D7BZGK;7IH;B7Ya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a;IIE8H;;IJ7F7HJ?9?F7YWE0;@7CEI7B=KC7I $TI?C)(?D@7RCK?JEB;=7B EHC7CEIKC=HKFEB;=7BC;ICE-7]CEII;CFH;*7II7CEI:E?I#' $@KDJEII F;IIE7I7F7H;DJ;C;DJ;I;=EIJ7CCK?JE 77<?D?:7:;:;IJ;=HKFEZ9B7H7C;DJ;7<;J?L77JZED:;FE:;I;HL?IJE$T LEBK]CEI7JZ<EHC7HCEIKC8BE9E:;7HD7L7B 7GK?FE:;I;9EDI?:;H7HKC=HKFE:;7<?D?:7:;I7<;J?L7I;Bb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c[D9?7 C7I 7=EH7 DWE IEK C7?I :;IE9KF7:7 H?IEI ;DJWE LEK DEHC7BC;DJ; 7EI IT87:EI =HKFE !7B;H7 44IJ7;DJH;L?IJ7:77:C?J;J;HC7DJ?:EEL]D9KBE7<;J?LE9EC7I7JK7B?P7Ya;I:E=HKFEC;ICE:;FE?I:;J;HC;DEI J;CFEF7H7B7P;HFE:;CEI?C7=?D7H:?IIEED]L;B:;?CFEHJVD9?7:7:E7E=HKFE:;DJHE:E9EJ?:?7DE:;IJ7KIKTH?7 F;BEC;DEIDECEC;DJE(KD97F7HJ?9?F;?:;D;D>KC;D9EDJHEC7I@T<K?9EDL?:7:7 ;IJ7F;IGK?I7:7:?P7?D:7 DWEJ;HF7HJ?9?F7:E:7I7JK7B?P7Ya;I<79; 7 <79;:E=HKFE!7B;H744C7I;IJTFH;I;DJ;D7I7JK7B?P7Ya;IDE9>7JF;BE C;DEIFEH;DGK7DJE-_F7HJ?9?FE:EI;D9EDJHEIEGK; DWE9EIJKC7I;H9EC CK?J7<H;Gc[D9?7FEH97KI7:7 C?D>7 L?:7GK;DWEF;HC?J; C7DKJ;DYWE:EL]D9KBE7<;J?LE9EB;J?LE9ECEF7HJ;:E9EJ?:?7DE C;ICEGK;7L?:7DWE F;HC?J7DWEZ7B=E;IJH?J7C;DJ;D;9;IITH?EZ7F;D7ILEDJ7:;F;BEC;DEIFEH;DGK7DJE*7HJ?9?FE:;KC =HKFE C7H7L?B>EIE 0;CEI ;DJWE 9ECE 7I ?CFH;IIa;I IE8H; EI =HKFEI <EHC7:7I 7 F7HJ?H :7 #DJ;HD;J 7J?D=;C LTH?7I :?H;Ya;I :?<;H;DJ;I F7H7EJH787B>EF7H77F;IGK?I7F7H7:?I9KJ?H7B=KC7IIKDJEFKH7C;DJ;Bb:?9EF7H79ED>;9;HF;IIE7IF7H7<7P;HDELEI 7C?=EI7I?DJ;HFH;J7Ya;I:;JE:7I;II7I?DJ;H7Ya;IFEII]L;?IH;97;C@KIJ7C;DJ;IE8H;ECE:E9ECE97:7 KIKTH?E B?:79ECE;IF7YE:7#DJ;HD;JKC;IF7YE9>;?E:;FEII?8?B?:7:;I;:;;I9EB>7I7CFBE;9>;?E:;9EDJ?D=[D9?7IJ7DJE JZ9D?97IGK7DJEF;IIE7?I;;D<?CKC;IF7YEF7H779EDIJHKYWE:;KC7IE9?78?B?:7:;F7HJ?9KB7H:;I9;DJH7B?P7:7;<[C;H7 DK9B;7HC;DJ;C7I9EDIJ7DJ;C;DJ;H;DEL7:7;7<?D7B<;?J7:;;FEHF;IIE7I +A4D73E5A@E;67D3QW7E8;@3;E97D3;E )DEIIEKIKTH?E?:;7B9ED>;9;7B=KZCDE>7JJHE97; C7?BI;;D9EDJH7<79; 7 <79;DWE:T9;HJEF7II7I_7JHE97H; C7?BI =;H7BC;DJ; 9EB;J?LEI 9ED>;9; 7B=KZC DKC _HKC F7II7C 7 ?DJ;H7=?H F;BE #+ ; JHE97C ; C7?BI <7B7C FEH J;B;<ED;I;;D9EDJH7C <?97C7C?=EI;9EDJ?DK7C7I;7JK7B?P7HDEILTH?EI;IF7YEI:;?DJ;H7YWE9ED>;9;7B=KZC DE >7JJ;9B7CDEH;I;HL7:E:E>7J;DE#+JHE97C; C7?BI;I;<7B7CFEHJ;B;<ED;FEH>EH7I;D9EDJH7<79; 7 <79;;I; 7F7?NED7J;CKCD7CEHED7CEHEJ;HC?D7;DWEI;<7B7CC7?IFEHD;D>KC7;IF7YE:;?DJ;H7YWE;II7bBJ?C79ED>;9; 7 FH?C;?H7 DKC _HKC IE8H; +$ % "& - - #% JHE97C ; C7?BI C7H97C :; I; ;D9EDJH7H I; 7F7?NED7CB;DJ7C;DJ;7JH7LZI:E9EDL]L?E<79; 7 <79;;I;97I7C;FEH7]L7? ;IJ;KIKTH?E?:;7B$- F;IIE7IGK;:;?N7H7CIK7I?CFH;IIa;I<?D7?I7I;=K?H+7CG;E7D83L7DG?5A?7@FND;A8;@3> E;@F3E73HA@F367;9K@7I?DJ;HFH;J7Ya;II_DEI<7P;CF;H9;8;H7?D:7C7?IEGK7DJE;N?IJ;:;FEII]L;BDE;IF7YE :7#DJ;HD;J:?7DJ;:778;HJKH7F7H77?DJ;H7YWE;F7H7EIKIEI:EC;ICE ;I9KBF;DWEFE:;H;I9H;L;HC7?I-;:;?N7II;F7H7:;FE?IFE:;H?7;IGK;9;H ;IF7YECbBJ?FBEGK;FE:;B;L7H7E ;IGK;9?C;DJE7;I9EB>7I7;<;C;H?:7:; ?GK;?9ECKCFEK9E:;FH;=K?Y7:;H;IFED:;HUIF;H=KDJ7IJ7BL;PFEH ;IJ7H 9EC KC7 9;HJ7 FH;II7 GK7BGK;H 9E?I7 LEBJ; 7 C; F;H=KDJ7H )% 9EDJ;NJE 9EDJ;CFEHVD;E :; CbBJ?FB7I 7J?L?:7:;I ; ;I9EB>7I FH;II7 ; L;BE9?:7:; '7I ?DJ;H;II; FEH CK?J7I ?D<EHC7Ya;I ; CK?J7I 7J?L?:7:;I ECE 9EDI;=K?KEC;K; C7?B.;:;I;@EIK9;IIEDEI;KC;IJH7:E;IF;HEJ;HFE:?:E7@K:7H;C7B=E FH;E9KF7YWE9EC FH?L79?:7:; FHEJ;YWE :;I9ED<?7DY7 C7I ?DJ;H;II; F;B7I CK?J7I 7J?L?:7:;I GK; 7F7H;9;C (WE 79H;:?JE GK; 7 (;J :;L7I;HL?IJ79ECE7B=E;IJH7D>ED7IH;B7Ya;I>KC7D7IR7F;D7IC7?IKCC;?E:;DEIH;B79?ED7HCEI9EC7B=KZC .7BL;P DWE J;D>7 7@K:7:E *EHZC FEH 9E;H[D9?7 F;IIE7B ?DI?IJE KIE 7 H;:; 7F;D7I ; JWE IEC;DJ; F7H7 E8J;H ?D<EHC7Ya;I;:7:EIL;DJK7BC;DJ;<7YE9ECFH7I;I_IF;HEGK;9EDI?=7EF?D?a;IL;H:7:;?H7I;I7J?I<7J_H?7I;<7Y7 KC8ECJH787B>E FH;E9KF7YWE9EC>ED;IJ?:7:;:;EKJHEIKIKTH?EIKC7FH;E9KF7YWEI?DJECTJ?97rH;<;H;DJ;77B=E GK; E9EHH; H;=KB7HC;DJ; 7 C;DJ?H7 -?DJE C7I E C;K KIE :7 (;J Z ; 79>E GK; I;HT FHZ >?IJ_H?9E ;C H;B7YWE UI FEII?8?B?:7:;IGK;;B7E<;H;9;'7ID7C?D>7L?:7DWE>TJ;CFEF7H7C;H;B79?ED7H9ECGK;CDWE9ED>;YEIF;IIE7I GK;9ED>;YE;K@TDWE:EK9EDJ7R?IIE7] 9EDI9?[D9?7:7CKBJ?FB?9?:7:;:;FEII?8?B?:7:;I;;NFH;IIWE:7;I9EB>7 F;BE KIE C7?I H;IJH?JE :7 #DJ;HD;J E7 IEHJ; 79>;? ?DJ;H;II7DJ; IK7 ?:Z?7 E GK; C7?I C; <7I9?D7 D7 (;J Z 7 FEII?8?B?:7:;:;LE9[I;9ECKD?97H9ECF;IIE7I:EEKJHEB7:EI;@7:ECKD:EEKI?CFB;IC;DJ;:7B?D>7!EIJ7H?7:; H;9;8;H EI H;IKBJ7:EI :;II7 F;IGK?I7 FE?I ;IJEK :;I;DLEBL;D:E KC FHE@;JE H;B79?ED7:E 7I H;FH;I;DJ7Ya;I IE9?7?I :7 #DJ;HD;J @KDJE 7EI 7:EB;I9;DJ;I ) FHE@;JE 7?D:7 ;IJ7 I;D:E H;I;D>7:E C7I 7 J;CTJ?97 F7H;9?:7 FE:;H?7 7JZ C;ICE L7B?:7HEC;KFHE@;JE@KDJE7KC77=[D9?7:;<EC;DJEDL?; C; :7:EII;FK:;H ?DJ;H;II;F;IIE7B;FHE<?II?ED7B FEH?D<EHC7Ya;I;:;I;DLEBL?C;DJE78;HJE7DEL7I7<?D?:7:;IDE97IE<KD9?ED7?I+K;GK;IJ?EDTH?EBED=E :?7DJ; :7 CKBJ?FB?9?:7:; :; ;I9EB>7I CK?JEI KIKTH?EI DWE I; :?IFKI;H7C 7 H;IFED:;H 7E GK;IJ?EDTH?E 9ECFB;J7C;DJ; EK F7H9?7BC;DJ;;IJ;;DJH;L?IJ7:E;NFH;II7KCFEK9E:;IJ;7IF;9JE:;9ECEEIKIKTH?EIB?:7C9EC7I7J?L?:7:;IFEII]L;?I D7#DJ;HD;JC7?IT=;?IC7?IL;BEP;I;;CC7?EHGK7DJ?:7:;KF;H9;8?GK;<?9EC7?I97B7:7;;IF;HEGK;L;D>7C <7B7H9EC?=E ?9EE8I;HL7D:EE9ECFEHJ7C;DJE:7IF;IIE7I;DWE=EIJE:;C;;NFEH(WEJ;DJEI;HJWEIE9?7BGK7DJE IEKD7(;J(7(;JFEIIE<7B7H8;IJ;?H7;8H?=7H;I;HEGK;GK?I;HC7IDE#J;D>EC?D>7?C7=;C7P;B7H;KCDEC; (WE=EIJE:;7F7H;9;H;<?GK;?9ED>;9?:7:;II7<EHC7';;BE=?7CFEHI;HKC7F;IIE78;C9ECFEHJ7:7D7C?D>7 EGK;IEK8;C:?<;H;DJ;D7(;J7F;I7H:;J7C8ZCP;B7HFEHC;KD?9A;DWEKI7HF7B7LHa;I;:?P;H9E?I7IC;:]E9H;I -EKCK?JE9ECKD?97J?L7C7IFH?C;?HEJ;DJE;DJ;D:;HEC;?EGK;;IJEKI;DWEC;7:7FJEI;EF7FEDWEZ:EC;K ?DJ;H;II;<?9EI_;I9KJ7D:E7B?TID;CI;?:7HF7BF?J;C7I;L?JE<H;Gc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a;I:;I9ED<?7DY77KJE ;B78EH7YWE :;KFEI?J?L7;CH;B7YWEUIDEYa;I:EI;DIE9ECKCIE8H;7#DJ;HD;JC;DJ?H7<7DJ7I?7;J99>EGK;D;II;CKD:E :7(;JLE9[J;CGK;7FH;D:;H7B>;:7H9EC7IF;IIE7I;J7C8ZC9H;?EGK;7(;JL;?EF7H7JH7P;HDWEI_:?L;HIWEC7I J7C8ZC L;?E F7H7 7KN?B?7H DEI ;C DEII7 L?:7 9EJ?:?7D7 ; J;D>E 9;HJ;P7 GK; 7 #DJ;HD;J <E? E FH?C;?HE F7IIE F7H7 E <KJKHE 7BJEKE?J;CH;B79?ED7C;DJE7CEHEIE/<7GK;HEL;HEH;IKBJ7:E;II;7IIKDJEC;<7I9?D7.;D>7IK9;IIE ;CI;KJH787B>EI;FH;9?I7HFE:;9EDJ7H9EC?=E FH;E9KF7YWE9EC7FEII?8?B?:7:;:EFH;;D9>?C;DJE7<;J?LE;C7?I ]DJ?CEr;II7;DJH;L?IJ7:7<7PF7HJ;:E=HKFE!7B;H744F;IGK?I7:E;;B7@TC;?D<EHCEKGK;@TJ;L;JH[ID7CEHEI ?D?9?7:EI7F7HJ?H:7#DJ;HD;J;EbBJ?CE7?D:7F;HC7D;9;r;?DJ;H;II;FEH?D<EHC7Ya;I;7J?L?:7:;IL7H?7:7I :;IF;?JE:;JK:EGK;Z:?JEIE8H;7#DJ;HD;J?D<EHC7YWEL;BE9?:7:;;J9EGK;F7H;9;?CFEHJ7HF7H7EIKIKTH?EIZE KIE9H?7J?LEF7HJ?9KB7H:;97:7KCFHE<?II?ED7BBb:?9E;J9C;ICE;IJ7D:E:;DJHE:;KC7H;:;?D<?D?J7;?CF;IIE7B ?DIJ?JK?Ya;IC;H97:E;J9:;7FH;D:?P7:EI;?D<BK[D9?7IIE8H;EGK;:;L;;EGK;DWE:;L;I;H<;?JE9ECE;IF7YE:7 #DJ;HD;J '9DGBA&7F!3>7D3117 35738357 >9G@E7E5>3D75;?7@FAE3@F7D;AD7E )IC;C8HEI:E=HKFE!7B;H744;IJWEDE9>7J:EFHEL;:EH.;HH7I7B7-7BL7:EHDl:?7H?7C;DJ;FH?D9?F7BC;DJ;:; I;=KD:7 7 I;NJ7 <;?H7 ;C JH[I >EHTH?EI :?<;H;DJ;I UI >EH7I C;?E :?7 UI >EH7I ; 7F_I 7 C;?7 DE?J; IJ;I >EHTH?EI DWE <EH7C ;IJ?FKB7:EI 7E 797IE ;B;I IKH=?H7C 7 F7HJ?H :E KIE 9EDJ]DKE :EI C;C8HEI :E =HKFE DEI I;KI >EHTH?EI :?IFED]L;?I ?IJE Z GK7D:E E =HKFE 9EC;YEK 7 J;H KC7 ?:;DJ?<?97YWE C7?I H;=KB7H ;DJH; I;KI FH?C;?HEI C;C8HEI9EC;YEK I;7DEJ7H79ED;NWE:;F7HJ;:;B;IFHZ IK8=HKFEIDEI>EHTH?EI9?J7:EIFE?I;B;IH;FH;I;DJ7L7CEI >EHTH?EI :; ?DJ;HL7BE :; 7BCEYE ; =;H7BC;DJ; EI >EHTH?EI :; <?C :; ;NF;:?;DJ; r =;H7BC;DJ;;EI>EHTH?EIC7?IB?LH;I;C7?I87H7JEI:EII;HL?YEIJ;B;<`D?9EIF7H7CK?JEI:EIC;C8HEI:E=HKFE;C <EHC7YWEF7H;DJ;C;DJ;;II;I>EHTH?EIJ7C8ZCL7B;CF7H7E<BKNEC7?EH:;KIKTH?EI;C=;H7B:7II7B7I:;9>7J-WE >EHTH?EI:;J;CFEH;B7J?L7C;DJ;C7?IB?LH;:7I7J?L?:7:;I<KD9?ED7?I:EIKIKTH?EI;GK;F;B7C;IC7H7PWEJ;CKC7BJE <BKNE :; FEII]L;?I ?DJ;HBE9KJEH;I &E=E 7F_I ;II; ;IJ78;B;9?C;DJE :; >EHTH?EI EKJHEI KIKTH?EI <EH7C IKH=?D:E FEH 797IE EK FEH ?D:?97YWE D7 I7B7 7II?C F7IIEK 7 I;H KC7 9EDL;DYWE I; 7B=KZC :;I;@7 s;D9EDJH7Ht 7B=KC C;C8HE :E =HKFE!7B;H744DE9>7J>TC7?EHFEII?8?B?:7:;:?IIE79EDJ;9;HDKC:EI>EHTH?EI;IJ78;B;9?:EIEGK;DWE?CF;:; GK; JE:EI I;@7C J7C8ZC FEII]L;?I KIKTH?EI J7DJE ;C EKJHEI >EHTH?EI GK7DJE ;C EKJH7I I7B7I IEC;DJ; GK; DWE :7 C7D;?H79EDL;H=;DJ;9ECEL?IJE79?C7 )IF;H]E:EI:;F;HC7D[D9?79EDL;H=;DJ;:EIC;C8HEIFE:;I;HL7H?7:EC7I7I9ED9;DJH7Ya;IC7?EH;IIWEDE9>7J:; C;?E :?7>EH7;C;?77:K7I>EH7IDE:7I>EH7I7>EH7I;DE:;:;FE?I:7C;?7 DE?J;;DJH;;>EH7III;I DbC;HEIDWEIWEE8L?7C;DJ;<?NEI7F;D7I:WEKC77CEIJH7:E;IF;9JHEJEJ7B=;H7BC;DJ;FEII]L;B:;I;H7B97DY7:EF7H7 F;HC7D[D9?7:;CK?JEIC;C8HEI:E=HKFEDE9>7J0;H;CEIGK;;N?IJ;CCK?J7IL7H?7Ya;I DJ;I:;9EC;Y7H7:;I9H?YWE:7E8I;HL7YWE F7HJ?9?F7DJ;DE9>7J:;LE<7P;HKC9EC;DJTH?EIE8H;E<?C :; I;C7D7C J;EH?7 DE =HKFE EI >EHTH?EI :; 79;IIE ; 9EDL;H=[D9?7 I; C7DJ[C F7H7 E <?C :; I;C7D7 DE ;DJ7DJE KC7 =H7D:; GK7DJ?:7:; :; C;C8HEI ; :; KIKTH?EI ;C =;H7B DWE J[C 79;IIE U #DJ;HD;J DEI <?D7?I :; I;C7D7 EK 79;II7C DE JH787B>E EK ;I9EB7<79KB:7:; EI GK; J[C 79;IIE D;II;I :?7I CK?J7I L;P;I :?IF;DI7C E 79;IIE ;C FHEB :; EKJH7I 7J?L?:7:;IB7P;H;I<7C?B?7H;I;J9EK7FHEL;?J7CE79;IIEF7H7EKJH7I7J?L?:7:;ID7(;J@TGK;EC;ICEJ7C8ZCZ C7?I 87H7JE :KH7DJ; E <?C :; I;C7D7 7GK;B;I GK; J;HC?D7C FHE9KH7D:E 7 ?:;DJ?<?97YWE :E =HKFE DE 9>7J ;D9EDJH7C KC79ED9;DJH7YWEC]D?C7CK?J7IL;P;I?DI7J?I<7J_H?7BE=EE<KD9?ED7C;DJE:EI?IJ;C7:;9EDL;H=[D9?7:;C;C8HEI DE9>7JZ!#& :KH7DJ;EI<?D7?I:;I;C7D7EKC;B>EH#"& EKF;BEC;DEIJ;D:;7I;H"T97IEI;C GK;EEFEIJEE9EHH;FEHE97I?WE:;;L;DJEI87IJ7DJ;;IF;9]<?9EID7L?:7?DJ;H79?ED7B:E=HKFE9ECEL;H;CEI'7ID7 I;=KD:7 <;?H7 7I 9EDL;H=[D9?7I LEBJ7C 7 I; 7<?HC7H ; 7 I; H;DEL7H I;D:E H;<EHY7:7I 9ECFB;C;DJ7:7I C7?I 7?D:7 F;B7IH;KD?a;I<79; 7 <79;9ECEL;H;CEI:;FE?I &A5:3FA@67FG6A5A?7Q3 U6;9A67EA5;34;>;6367 FH?C;?H7L;PGK;;DJH;?DE9>7J<E?;C';ICE7DJ;I:?IIEL?D>7<7P;D:EKC7;IFZ9?;:;L?=]B?7:EI9>7JI 9EC C;C8HEI :E =HKFE F7H7 FE:;H 9EB;J7H EI DEC;ID?9AI FH;I;DJ;I ; :;IJ;I :;IJ797H EI C7?I <H;Gc;DJ;I EI GK7?I J7C8ZC :;L;H?7C I;H C;C8HEI C7?I EK C;DEI 7II]:KEI :E =HKFE EB;J;? :; 7 D?9AI ;C KC7 I;C7D7 :; E8I;HL7YWE E<?D7B:;II7I;C7D77F;D7I:;E8I;HL7YWE:EID?9AII;B;9?ED;?DEC;IC7?I<H;Gc;DJ;IGK;FHEL7L;BC;DJ;I;H?7C C;C8HEI:E=HKFEC;C8HEIC7?II_B?:EIF;BEC;DEIDECEC;DJEED<?HC;?GK;:;II7IF;IIE7I7F;D7I;H7C H;7BC;DJ;C;C8HEI7II]:KEI:E=HKFE;II7I;B;YWE:;D?9AI<H;Gc;DJ;IF7H7FH?C;?HE9EDJ7JEFE:;CEI7DJ;9?F7H7B=E IE8H;7!%&;7&+:;F;IIE7I:;DJHE:E;IF7YE:;?DJ;H7YWE:E9>7J;C>EH7:;9>7JFEH:?7DKC7I7B79EC B?C?J;:;KIKTH?EI9?H9KB7H7C9;H97:;KIKTH?EI:;II;I7F;D7II;CEIJH7H7C<H;Gc;DJ;I;CC7?I:;:EI :?7IE8I;HL7:EI;:;II;I7F;D7IH;7BC;DJ;;H7C C;C8HEI:E =HKFEKC =HKFEGK;9>;=77H;KD?H7JZGK7I; F;IIE7I DKC=H7D:;I>EFF?D=:79?:7:;D7IH;KD?a;I:;I;NJ7 <;?H77F;D7I *K:;7FH;D:;H7?D:7C7?IIE8H;EI9_:?=EI:7IE9?78?B?:7:;E8I;HL7D:EEFE:;H:7I78H;L?7JKH7I:KH7DJ;7I?DJ;H7Ya;I ;I9H?J7IDE9>7J/CI?CFB;Is"tH;FH;I;DJ7D:Es"EC;Ct7=?B?P787IJ7DJ;KC:?TBE=E;I9H?JE 'K?JE :E C7J;H?7B JHE97:E ;DJH; C;C8HEI Z H;<;H;DJ; 7 79EDJ;9?C;DJEI 7DJ;H?EH;I ;EK H;9;DJ;I :E =HKFE N KC7 8;8;:;?H7 DE :?7 7DJ;H?EH EK KC ; C7?B 9EB;J?LE H;9;8?:E FEH CK?JEI "T J7C8ZC E C7J;H?7B H;<;H;DJ; UI <EHC7I I?C8_B?97I9EHH;DJ;ID79EB;J?L?:7:;DECEC;DJENKC7CbI?97GK;;IJT<7P;D:EIK9;IIEKC<?BC;KC7DEL;B7 ;J9 &;C8H7D:E GK; CK?JEI :EI F;HIED7=;DI :7I C;IC7I H;<;H[D9?7I I?C8_B?97I 9EB;J?L7I 9EHH;DJ;I I;HL;C :; ?DIF?H7YWEF7H7EID?9AI.?7P?D>7K<<O27D:O;J9 "TEI?DIKBJEIC?IJKH7:EI9EC8H?D97:;?H7I !/3, <7B79EC:H?A7-7?:;87?NECKBZLEK:7HKC797J7HH7:7 !/3, <7B79ECegXPje'd^\fXX-(.(+/-.#-(,)Q*/,# #)-$()--) ()'&)!/,(.-''#-./,0("({-)()--)&z+/#)-,#) EI C7?I L7H?7:EI J?FEI ; EH?=;DI :; DEC;I ?D9BKI?L; FH_FH?EI ;H7 KC CEI7?9E :; :;DEC?D7Ya;I I;C :bL?:7 ?D9ECKDI N;CFBEI K?A %= CEH . 4EHHE CECE" 7I7:E 9EC 7B=KC7I :;IJ7I :;DEC?D7Ya;II;D:E?D9BKI?L;?CFHEDKD9?TL;?IN;CFBE|5|EKKH?EI7C;DJ;;CH;KD?a;I<KJKH7I9ED>;9?:E?I C;C8HEIGK;97KI7L7C;IJ;J?FE:;FHE8B;C7I;KID?9AIDWE;H7CFEII]L;?I:;I;H;CFHEDKD9?7:EIEH7BC;DJ;;H7C :;I;D>EI EK I]C8EBEI ; FEH ?IIE <E? D;9;IITH?7 KC7 :;DEC?D7YWE EH7B I;C;B>7DJ; EK FH_N?C7 :7 ?BKIJH7YWE H;FH;I;DJ7:7DE9>7JB;IFE:;H?7CI?CFB;IC;DJ;I;7FH;I;DJ7H9ECI;KIDEC;IFH_FH?EIC7I?IIEI;H?7KC:;IL?E:EI H?JK7?I:E=HKFE;FE?IJ7BL;P@KDJE7C;C8HEIGK;I;HJEHD7CC7?I]DJ?CEIDEC;IFH_FH?EIJ7C8ZCIWEKJ?B?P7:EI II;<E?ECTN?CEE8I;HL7:E;CH;KD?WEI;D:EEC]D?CE:;I;NJ7 <;?H79;H97:;F;IIE7I .?7P?D>7 F;HIED7=;C ;HEJ?P7:E L?L?:E F;B7 :7DY7H?D7 -KP7D7 BL;I K<<O F;HIED7=;C :; IZH?7 7C;H?97D7 :; 7YWE IE8H; L7CF?HEI 27D:O LE97B?IJ7 ; :7DY7H?DE :E =HKFE :; F7=E:; "7HCED?7 :E -7C87 :; =H7D:; IK9;IIE FEFKB7HD7ZFE97 ()--0)(. --#'()).))')'+/&+/,&/!,#() &#.,)-*), # ()- # ")$ *,)# ) # ' +/ ')- '()- --#' )') ({- *,)')-)'&+/()- 4S()-#2#,.),))-()"p)-/#, +/ .(" /' )- #(.!,(.- )- "*,,#- *, ' -!/,, '- �,# ()-*.,/&"*)&##&)-,(.-'R'0;H;CEIC7?I7:?7DJ;GK;;IJ;C;C8HE <7PF7HJ;:EIK8=HKFE>7F7HH7?IIKH=?:EDE?DJ;H?EH:E=HKFE!7B;H744 "TEI?DIKBJEI:;<7JEE8L?7C;DJ;FHEJ;=?:EIF;B7DEYWE:;I;=KH7DY7;:?IJ7D9?7C;DJEL?7#DJ;HD;J .?=HWE <7B7 9EC .#!,&&) 0T JEC7H DE I;K }// =;H7BC;DJ; FHELE97Ya;I ;DJH; C;C8HEI ; DWE C;C8HEI 9EC 7I FEII]L;?I H;FH;;DIa;I FEH F7HJ; :EI EKJHEI FH;I;DJ;I :E =HKFE EK DWE 9ECE I;=K; E <H7=C;DJE '&/) )&" #2,# 0} -!,Q '7I DWE >T H;7B ?CF;:?C;DJE :;II;I 9ED<B?JEI 7BZC :7 E8I;HL7YWE:7I9EDL;DYa;I:;:;9EHE:E=HKFEEKC;ICE:7I7B7;7GK;8H7:7H;9]FHE97JHE97:;9_:?=EI :;C7D;?H7FEI?J?L7=;H7BC;DJ;I;?IEB7D:E7GK;B;KIKTH?Es?D<H7JEHtEK?D9`CE:E 0;@7C7?IKC<H7=C;DJEGK;?BKIJH7;II7GK;8H7:;9EDL;DYa;ID7I7B7:;9>7J;9EC7IGK7?IJ7DJEC;C8HEIGK7DJE DWE C;C8HEI FH;9?I7C I78;H 9EDL?L;H ; B?:7H C =;H7B 7F;D7I I; ?=DEH7 E KIKTH?E ?D9`CE:E 9ECE L?CEI C7I ;N?IJ;C97IEI:;I;9EDI;=K?HsJH7L7HtE9ECFKJ7:EH:EEKJHE:;II;?D9`CE:E;DL?7D:ECK?J7IC;DI7=;DIH;I;HL7:7I GK; I_ LWE 7F7H;9;H ;C IK7 J;B7 <7P;D:E 7II?C IK7 9ED;NWE 97?H ; E 9ECFKJ7:EH JH7L7H FEH DWE IKFEHJ7H J7DJ7 ?D<EHC7YWE:;KC7I_L;P);N;CFBE "#.)4' "!)/)'#),&-),}0[ I;GK;7?DJ;DYWE:;IJ;KIKTH?EZ;I97D:7B?P7HE<;D:;H I;@7BTGK;C<EHGK;;IJ?L;HD7I7B7C;ICEGK;:;KC7<EHC7GK;F7H;9;Bb:?97F7H77B=KDIC7IE<;DI?L7 F7H7KC7=H7D:;C7?EH?7:;C;C8HEI;KIKTH?EI (EJ7 I;GK7D:EKIKTH?EIDWE<7P;CF7HJ;:E=HKFEF;BEJ?FE:;C;DI7=;DI:;7FH;I;DJ7YWEC=;H7B7CFB7I8KI97D:E KC 9_:?=E :; 7<?D?:7:; ;DJH; :;I9ED>;9?:EI F;I7H :E ?D:?L]:KE J;H FHE9KH7:E KC7 I7B7 9EC GK; J?L;II; J7BL;P 7B=KC77<?D?:7:;DE97IEs9?:7:;:;-7BL7:EHtKC7L;P:;DJHEI;8KI97KC7EKJH77<?D?:7:; L;H7 7B=K;C7<?C9ECC7I:;7DEI(E<H7=C;DJEJ;CEIKC7KIKTH?79K@ED?9A7<?HC7GK;;B7J;C7DEI; ;B7FHE9KH77B=KZC9ECC7?I:;F7H7J;9B7HFE?IIKFEIJ7C;DJ;J;H?7C7?I7<?D?:7:;I9EC7B=KZCD;IJ7 <7?N7;JTH?7-;;B7<EII;:E=HKFEFHEL7L;BC;DJ;@TI78;H?7:7I?:7:;I:;7B=KDI:EIFH;I;DJ;IEGK;@T7 B;L7H?7 7 KC7 ;I9EB>7 :?H;J7 E 9_:?=E ;C 9ECKC @T ;IJ7H?7 ;IJ78;B;9?:E FHEL;?J7CEI F7H7 :;IJ797H J7C8ZC E KIE B?LH; :7 B?D=K7=;C ;I9H?J7 F7B7LH7I I;C 79;DJE ; I;C FEDJK7YWE DKC7 <H7I; 9KHJ7 ; ?DGK?I?J?L7 <7C?B?7H?:7:; F7HJ?B>7:7 F;BE =HKFE Z L?IJ7 J7C8ZC D7 <EHC7 9ECE KC C;C8HE I; H;<;H; UI IK7I :?<?9KB:7:;I JZ9D?97I)I9_:?=EIF7HJ?B>7:EIIWE7CFBEI7FEDJE:;I;FE:;H7CFB?7HKC7C;DI7=;C:;:;CEH7EK:;;IF;H7I;C7 FH;E9KF7YWE:7?:;DJ?<?97YWE9ECGK;CI;;IJTJ;9B7D:E'K?JEI KIKTH?EI;DJH7C;I7;C:7I7B7I;CI78;HEGK;;IJT 79EDJ;9;D:E J;9B7C 9EC KC ; 9EC EKJHE KIKTH?E EK C;C8HE C7I DWE DEJ7C GK; >T KC7 9EDL;H=[D9?7 :; =HKFE FH;I;DJ; D7GK;B; ;IF7YE D7GK;B; CEC;DJE .K:E ?IIE <7P F7HJ; :7 9E:?<?97YWE E FH?C;?HE F7IIE F7H7 F;D;JH7YWE DE =HKFE 57DO5 :;I9KBF;F;IIE7B;IJEKC;?EE9KF7:7FEH?IIE:;CEHE(E<H7=C;DJEEC;C8HE57DO5DWEFH;9?I7:;CK?JE F7H7;NFB?97HIK7I?JK7YWEEIEKJHEI C;C8HEIFH;I;DJ;II78;CGK;;B7J;9B779;II7:EJH787B>E9ED>;9;C I;K 9ECFEHJ7C;DJE 7J;D9?EIE 9EC JE:EI ;J9 ;DJWE BE=E I; 9ECFH;;D:; GK; ;B7 DWE ;IJT ?=DEH7D:E D?D=KZCCK?JEIF7II7CF;BEC;ICE79;II7D:E:;BE97?I:;JH787B>EEK;I9EB77II?C79ECFH;;DIWECbJK7 I;HC7?EH7?D:7(EJ;CEIDEL7C;DJ;7;I9H?J7B?LH;:;FEDJK7YWEC7I9ECFH;;DI]L;B:;DJHE:E9EDJ;NJE /C EKJHE <H7=C;DJE GK; :;CEDIJH7 E F7HJ?B>7C;DJE :; 9_:?=EI F;BEI C;C8HEI :E =HKFE FHEL7L;BC;DJ; :; :?<]9?B 9ECFH;;DIWE F7H7 KC DELE KIKTH?E GK; DWE I78; GK; ;N?IJ; KC =HKFE FE:;D:E 79>7HGK; Z KC 7IIKDJE JEJ7BC;DJ; ?IEB7:E)7FH;D:?P7:E:EI9_:?=EIZKCFHE9;IIE9ECFB;C;DJ7HCK?J7IL;P;I:;F;D:;J7C8ZC:7I7JK7B?P7Ya;I<79; 7 <79;C7IEC7?I?CFEHJ7DJ;ZEF7HJ?B>7C;DJE:EII]C8EBEIC;ICEGK;IEC;DJ;DE9>7J 57DO5 <7B79ECFE;J7 B?C70#-"$C;C8HE57DO5F;H=KDJ7I;EC;C8HE*E;J7 B?C7?HTD7H;KD?WE:7GK;B; :?7C7ID7:7Z;NFB?97:EZ7F;D7I7?DGK?I?YWE:?H;J7GK;:;F;D:;:;H;<;H[D9?7I7DJ;H?EH;IEI9_:?=EI:E =HKFE(EJ;CEIDEL7C;DJ;7;I9H?J7B?LH;"$I?=D?<?97")$ )K7?D:7D;IJ7I;Gc[D9?7DWEB?D;7H '&/) <7B79ECE=E8?Bg%!/,# E=E8?Bg <7B79EC'&/)+/'-'#-,-#'#' '&/) <7B79ECE=E8?Bg0-.,)')/.,))C;C8HE'7BK9EF;H=KDJ77EC;C8HEE=E8?BIE8H; 7 D7CEH7:7 E=E8?B :?P DWE I78;H '7BK9E 8H?D97 :?P;D:E GK; ;B7 ;IJT 9EC EKJHE (EJ7 I; 7BZC :7 <7C?B?7H?:7:; :; J;C7 E F7HJ?B>7C;DJE :; 9_:?=EI ;DJH; C;C8HEI 7 ?DJ?C?:7:; FEII]L;B ;DJH; EI C;ICEI FE:;D:E7J?D=?H7IIKDJEIC7?IF;IIE7?I;7I8H?D97:;?H7IIE8H;EIC;ICEI H;?D9?:[D9?7 :; JHE97I I; 7FH;I;DJ7 97:7 L;P C7?I ?CFEHJ7DJ; 9ECE <7JEH :; 9EDIJHKYWE :7I ?:;DJ?<?97Ya;I F7HJ?B>7C;DJE :; 7<?D?:7:;I ; :; ;L;DJK7?I ?:;DJ?:7:;I 97IE 7 H;<;H[D9?7 :; 7<?D?:7:; I;@7 KC7 :?<;H;DY7 +K7DJE C7?I I; JHE97 #DJ;HD;J ;EK <79; 7 <79; C7?I 9_:?=EI ;C 9ECKC I; 9EDIJH_? ; ?IIE Z H;<B;J?:E D;II; FHE9;IIE :; H;?D9?:[D9?7GK7DJEC7?II;?DJ;H7=;9ECEI;C;B>7DJ;7GK;B;I9ECGK;CJ;C7<?D?:7:;IC7?II;7FHEN?C7:;IJ7 JEHD7D:E7:;9E:?<?97YWE:;I]C8EBEI97:7L;PC7?IL;BEP;7I?DJ;H7Ya;IC7?I]DJ?C7I(EJ7 I;?IIEDE9>7J7JH7LZI:E FHE9;IIE7I9;D:;DJ;:;:E?IKIKTH?EIC;C8HEIEKDWEGK;9EC;Y7C7?DJ;H7=?H;FHEII;=K;C9EDI;GK;DJ;C;DJ;9EC EKJH7I?DJ;H7Ya;IEI9_:?=EII;79KCKB7C;7IJHE97I<BK;C97:7L;PC7?I<T9;?I )I9_:?=EIF7HJ?B>7:EIGK;B;L7C77<?D?:7:;IFE:;CI;H9E?I7I9KH?EI7I9ECEFEH;N;CFBEE<7JE:;D;II7ZFE97:E C;K JH787B>E :; 97CFE 78H?B C;K 9ECFKJ7:EH ;IF;9?7BC;DJ; C?D>7 B?D>7 :; 9ED;NWE <H;Gc;DJ;C;DJ; <7B>7H :KH7DJ;EI9>7JII;JEHDEKI]C8EBE:;JHE97IGK;C;?:;DJ?<?9EK9EC7B=KDIC;C8HEI0;@7E<H7=C;DJE s'7H9;BE <7B7H;I;HL7:7C;DJ;9ECF;IA?I7:EH09^I78;I;;DJH7EKI7?t 0;@7=BEIITH?E:;J;HCEI;IF;9?7?IKI7:EIF;BE=HKFE;CIK7I7JK7B?P7Ya;IDE<?D7B:;IJ7I;YWE ';DI7=;DI ;DJH; C;C8HEI H;<;H;DJ;I 7 7JK7B?P7Ya;I F7II7:7I H;KD?a;I F7II;?EI ;J9 GK; @T 79EDJ;9;H7C ; <KJKH7I C7H97H ;D9EDJHEI EK ;L;DJEI J7C8ZC IWE 9EDIJ7DJ;I C7J;H?7?I :; JHE97I (;II;I 97IEI E F7HJ?B>7C;DJE :EI 9_:?=EI H;<;H[D9?7IZGK7I;?CFH;I9?D:]L;BF7H7E;IJ78;B;9?C;DJE:7I?DJ;H7Ya;IFEH?IIE7FH?EH?:7:;:;C;C8HEIDE97IE (E<H7=C;DJE s'7HB7 g !&, ) &')Q) '("pt <?97 :?<]9?B F7H7 KC DWE C;C8HE 9ECFH;;D:;H E 9EDJ;b:E ?DJ;=H7B :7 C;DI7=;C *HEL7L;BC;DJ; 7JZ C;ICE F7H7 7B=KDI EKJHEI C;C8HEI :E =HKFE DWE ;DLEBL?:EI 9EC;IJ7H;<;H[D9?7I;@7:?<]9?B79ECFH;;DIWEJEJ7B:EC7J;H?7BJHE97:E-WE;IJ7IDEYa;I?DJ;HFH;J7J?L7IGK; <EHC7CEIIK8=HKFEI:;DJHE:E=HKFE;EI;K97HTJ;H:;H;:;ED:;7B=KDI9_:?=EIIWEF7HJ?B>7:EI;EKJHEI DWE 7<?HC7C I; 7B=KC7I 7<?D?:7:;I ; 9EDIJH_;C I; CKBJ? ?:;DJ?<?97Ya;I ?DJ;H?EH;I DE =HKFE C7DJ;D:E J7C8ZC I;KF;H<?B:;H;DEL7YWE9EDIJ7DJ;DELEI9_:?=EIDELEI ;L;DJEI DELEIIK8=HKFEI?DJ;H 9HKP7:EI ;J9 ; C7D;?H7 ;L?:;DJ; GK;C Z C;C8HE :E =HKFE J;D:; 7 <?97H D7 I7B7 FEH C7?I J;CFE )I :; <EH7 :E =HKFE GK; F;HC7D;9;CFEHC7?IJ;CFE@TJ;CKC9EDL]L?EFHZL?ED7I7B7FE?IJ;9B7C9EC7B=KC7<7C?B?7H?:7:;9EC7B=KDI:EI C;C8HEI ; FE:;HWE ;L;DJK7BC;DJ; I;H F7HJ; :E =HKFE )I KIKTH?EI :; <EH7 J;D:;C 7 <?97H FEK9E J;CFE FEH I; I;DJ?H;CKCJ7DJE?=DEH7:EIFEHDWE;IJ7H;CJEJ7BC;DJ;?DJ;?H7:EI:EGK;I;F7II7D7I7B7:EC]D?E:EI9_:?=EI )I C;C8HEI DWE ?=DEH7C F;IIE7I DEL7I D7 I7B7 :; FHEF_I?JE E FHE8B;C7 Z GK; D7 C7?EH?7 :7I L;P;I ;B;I @T ;IJWE J;9B7D:E9EC7B=KC7IF;IIE7I-;7B=KZCDELE;DJH7;I?CFB;IC;DJ;9EBE97KC7I7K:7YWENsE7J7H:;B=KZC GK;H .t CK?JE FHEL7L;BC;DJ; L7? <?97H 7B=KC J;CFE J7BL;P E 87IJ7DJ; F7H7 :;I?IJ?H I;C J;H KC7 H;IFEIJ7 DE ;DJ7DJE I; ;B7 I; :?H?=?H 7 7B=KZC ;IF;9]<?9E FH;I;DJ; D7 I7B7 CK?JE FHEL7L;BC;DJ; ;B7 DWE I;HT ?=DEH7:7 FEH ;IJ7 F;IIE7 ?IJE Z GK7D:E E 9EDJ7JE Z 9EB;J?LE KC ;IF;H7 GK; E EKJHE I; :?IFED>7 7 <7B7H 9EC E DELE KIKTH?E ; CK?J7I L;P;ID?D=KZCI;>78?B?J7FEHZCGK7D:E<;?JEKC9EDJ7JE;IF;9]<?9E7FEII?8?B?:7:;:;KC77J?JK:;?D:?<;H;DJ;Z8;C C;DEH'K?J7IL;P;IKIKTH?EIGK;;DJH7CF;B7FH?C;?H7L;PD7I7B7DWEI;?:;DJ?<?97C9EC7I9EDL;HI7IGK;;IJWE 79EDJ;9;D:EJ;C7ICE:EI;J9EI9_:?=EIDE97IE:7I7B7-7BL7:EH7GK;E=HKFE!7B;H744L;CKJ?B?P7D:E H;=KB7HC;DJ;GK7D:E7B=KZCDELE;DJH7EKL?I?J7DEI>EHTH?EI:;KIE:E=HKFEFE:;I;;IF7DJ7H9EC7F;9KB?7H?:7:; :7I 9EDL;HI7I F;BE 97HTJ;H ;IF;9]<?9E I;H KC =HKFE GK; I; H;bD; H;=KB7HC;DJ; DE 9>7J ; <79; 7 <79; ; F;H:;H 9ECFB;J7C;DJ; E ?DJ;H;II; ;C F;HC7D;9;H D7 I7B7 EK <?97H F;B7 9KH?EI?:7:; ;C H;B7YWE U C;IC7 F;9KB?7H?:7:; ; F7II7HF;BEC;ICEFHE9;IIE:;I9H?JE79?C7DE?J;Cst K?9EDL?:7:EFEHKCC;C8HEF;B7FH?C;?H7L;PF7H7?H7EI;D9EDJHEIDEI>EFF?D=;C:?7I:;FE?I:E C;KFH?C;?HE9EDJ7JE:;DJHE:E9>7J E?EF;H]E:ED;9;IITH?EF7H7I;:;I;DLEBL;H;C7B=KC7I7<?D?:7:;I9EC7B=KDI C;C8HEI ; F7H7 I; =;H7H 9;HJ7 9ED<?7DY7 7 F7HJ?H :7 8;C IK9;:?:7 JHE97 :; 9_:?=EI *EIIE 7<?HC7H 7=EH7 GK; ;II; FHE9;IIEJ;D:;7I;H7?D:7C7?IHTF?:E;CCZ:?7:?7I;DJH; EIFH?C;?HEI9EDJ7JEI9ECC;C8HEI;KC9EDL?J;EK IK=;IJWE F7H7 I; ?H DEI ;D9EDJHEI <79; 7 <79; F7II7D:E 87I?97C;DJ; F;BE 7FH;D:?P7:E ; F7HJ?B>7C;DJE :; 9_:?=EI ; 7<?D?:7:;I II; 9EDL?J; DWE Z D7:7 <EHC7B Z 7B=E 87IJ7DJ; 97IK7B DE C;K 97IE s*+ L9 DWE 7F7H;9; DE ;D9EDJHE GK7BGK;H:?7:;II;It<;?JEF;BEC;C8HE'7H9;BE -;H9EDL?:7:EFEHKCEKC7?IC;C8HEIDWEZ;N7J7C;DJ;KC7;N?=[D9?7F7H7I;?HDKC7H;KD?WEI9EDL;HI7I78;HJ7I DE9>7J:WEEFEHJKD?:7:;7GK7BGK;HKCL;HGK;I;CFH;79EDJ;9;7B=EDEI>EFF?D=;J9H;=KB7HC;DJ;;DJWE87IJ77 :?IFEI?YWE ; E ?DJ;H;II; F7H7 I; ?H BT ; <?97H EB>7D:E E =HKFE EK C;ICE I; 7FHEN?C7H EH7C C; 9EDJ7:EI 97IEI :; F;IIE7I GK; <?P;H7C ?IIE 7F7H;9?7C DE ;IF7YE :E I>EFF?D= ED:; E =HKFE I; H;bD; ; <?97L7C 7F;D7I E8I;HL7D:E :; BED=;C7IEC7?I9ECKCZE9EDL?J;7F_IJHE97IDE9>7J=;H7BC;DJ;IKH=?D:EC;C8HEIGK;I;HL;C:;?DJHE:KJEH;I:7 DEL7F;IIE7DE=HKFEEGK;C7?IJ7H:;9>7C7H;?:;sF7:H?D>Et %R6;3E678>GJA67?7?4DAE7GEGND;AE@A5:3F $T FE:;D:E :;J;HC?D7H 9EC KC7 F;GK;D7 C7H=;C :; ;HHE 7 F;IIE7I ?IIE :;L?:E 7EI H;I;HL7:EI ; UI FEII]L;?I JHE97I :; D?9A F;BE C;ICE KIKTH?E 9EC;9;? 7 <7P;H KC7 CZ:?7 :; C;C8HEI :E =HKFE ; KIKTH?EI 9ECKDI DEI 9>7JI :?TH?EI EC ?IIE FE:;H;CEI L?IK7B?P7H E :?<;H;DJ; <BKNE :; ?DJ;H7Ya;I C;C8HEC;C8HE KIKTH?EKIKTH?E ; C;C8HEKIKTH?EDEI>EHTH?EI:;9EDL;H=[D9?7;7JK7B?P7YWE:E=HKFE (E9>7J:7I>EH7I:E:?7DKCF;H]E:E:;KC7>EH79ECKC7<BKJK7YWE9EDIJ7DJ;:;7KIKTH?EI FH;I;DJ;ID7I7B7>EKL;KC7CZ:?7:;C;C8HEI:E=HKFE;:;KIKTH?EI9ECKDI'Z:?7I87IJ7DJ;;GK?B?8H7:7IE GK;DEI7DJ;9?F7797H79J;H]IJ?97:E<EHJ;FEJ;D9?7B:;H;DEL7YWE:E=HKFE7JH7LZI:7I?DJ;H H;B7Ya;I9ECKIKTH?EI:; <EH7:E=HKFE&;C8H7D:EGK;7GK7DJ?:7:;:;C;C8HEI:E=HKFEJ;D:;787?N7H7F_IKC9;HJE>EHTH?EFH_N?CE:7I >EH7IFE?ICK?JEI:EIGK;;IJWE79;II7D:E:;JH787B>EIFH;9?I7C$#0;@7CEI7ICZ:?7I:;C7?I:E?I:?7I7B;7J_H?EI DEC;ICE>EHTH?E;F;BEC;ICEF;H]E:EI_GK;9;H97:;KCC[I:;FE?I:?7CZ:?7:;C;C8HEI:E =HKFE;:;KIKTH?EI9ECKDI:?7CZ:?7:; C;C8HEI:E =HKFE;:; KIKTH?EI9ECKDI:;DJHE :;IJ;IDbC;HEI:;LE7?D:7H7J?<?97HE<7JE:7H;DEL7YWE:E=HKFEL?7%##.3$;DJH;C;C8HEI;KIKTH?EI9ECKDI FE?I7B=KDI:EIC;C8HEI9EDJ7:EID;IJ7I:K7IbBJ?C7I:7J7I7?D:7DWEE;H7CD7ZFE97:EFH?C;?HE9>7J9EDJ7:EEGK; I?=D?<?97 GK; I; JEHD7H7C C;C8HEI 7JH7LZI :7I ?DJ;H7Ya;I 9EC EI C;C8HEI :E =HKFE @T ;N?IJ;DJ;I L;H;CEI 9EC :;J7B>;I;IJ7F7II7=;CC7?I7:?7DJ; ?IIE FE:;CEI 7FHEL;?J7H F7H7 7FH;I;DJ7H C7?I 7B=KDI :7:EI GK; ;NFB?9?J7C E <BKNE :; ?D:?L]:KEI DE ;IF7YE :; ?DJ;H7YWE :E =HKFE 9>7J ; H;<B;J?H KC FEK9E C7?I DE CE:E 9ECE ;IJ7 <BK[D9?7 7<;J7 7 IE9?78?B?:7:; DE C;ICE &;C8H7D:EGK;9EDL;D9?ED7BC;DJ;EIC;C8HEI:E=HKFE!7B;H7449EDL;H=;CF7H7E9>7JJH[IL;P;I7E:?7 ;7F_IC;?7 DE?J;;C:?7I:;I;C7D7?IIE:;C7D;?H7:?IF;HI7J7DJEF;B79EDIJ7DJ;FH;I;DY7:;EKJHEIKIKTH?EI 9ECEJ7C8ZCF;B7FH_FH?7:?IF;HIWE:EIC;C8HEIF;BEI>EHTH?EIGK;B>;IIWE:?IFED]L;?IJ;CEIKC7CZ:?7J;CFEH7B #,:;9;H97:;>EH7IFEH:?7:;9ED;NWE;79;IIEDE;DJ7DJE>TCK?J7IL7H?TL;?IEBE97B:;ED:;79;II7EJ;CFE ;C GK; H;7BC;DJ; ;IJT ?DJ;H7=?D:E GK7DJE J;CFE <?97 I;C 79;II7H IWE >EH7I 9EDJ]DK7I EK :?IJH?8K]:7I ;C LTH?EI 79;IIEIDE:?7 07H?TL;?I;II7IGK;DEII;HL;C7F;D7I9ECEB?D>7:;B?C?J;:;I9H?J?LE:?7DJ;:77CFB?JK:;FEII]L;B:;I?JK7Ya;I*7H7E DEIIEFH;I;DJ;CEC;DJE?DJ;H;II7DEJ7HGK;;N?IJ;CCZ:?7I=;D;H7B?PTL;?IIE8H;7IE9?78?B?:7:;:E=HKFEDE9>7J;GK; :;B7IFE:;CEIIKFEHIK7HEJ?D7;H?JK7?I(KC7EKJH7CZ:?7<HT=?BJ;CEIGK;97:7KIKTH?EC;C8HEEKDWE;DL?79;H97 :;C;DI7=;DIF7H797:7EKJHEKIKTH?EFH;I;DJ;D7I7B7;CGK7BGK;H:EIF;H]E:EI9?J7:EIL7H?TL;B:;IJ7CZ:?7GK; C7?I7<;J77GK7DJ?<?97YWEZE<7JE:;I;J;H;CKC;NJH;CEKIKTH?EIGK;;DJH7C;I7;C:7I7B7I;C%#D7:7;;C EKJHEC;C8HEIGK;F7II7CKC7>EH7?DJ;?H7:;9ED;NWEJ;9B7D:E9ECDECTN?CEEKJHEIKIKTH?EI;II;I;C=;H7B EKJHEIC;C8HEI07H?TL;?I9ECEED]L;B:;7<?D?:7:;;:;?DJ?C?:7:;E8L?7C;DJ;?DJ;H<;H;C7GK?C7I7GK;IJWE:E DbC;HED7CZ:?797B9KB7:7<?97C;?EL7=7)GK;>T:;<7JEE8I;HL7:EZGK;C;C8HEI;DWEC;C8HEI?DJ;H7=;C:; C7D;?H7KCJ7DJE<BK;DJ;GK;:T7C7H=;C:;L7B?:7:;UGK;B7CZ:?7C7I:;<7JEJ7C8ZCI78;CEI;L;H;CEI?IIE 7?D:7C7?IGK;GK7I;JE:EII;CFH;:WEFH;<;H[D9?7I7KDIEKEKJHEI;?IIEIWE7<?D?:7:;I;I9EB>7I7<;J?L7IIEC;DJ; FEII]L;?I:;I;H;C?CF;H<;?J7C;DJ;:;I9H?J7I;7F;D7I9EDJ?D=;DJ;C;DJ;GK7DJ?<?97:7I 0EBJ7D:EUICZ:?7I;DJH;C;C8HEI:E=HKFE;KIKTH?EI9ECKDII;CFH;9EDI?:;H7:EIEIF;H]E:EI:;9EDL;H=[D9?7:; C;C8HEIGK;ZGK7D:E>T C7?EHC?IJKH7;DJH;?D:?L]:KEI :EI:E?IJ?FEIJ;CEI9ECE KC7 CZ:?7 =;H7B7FHEN?C7:7 :;DJHE :E DEIIE H;9EHJ; J;CFEH7B :; C;I;I C;C8HEI :E =HKFE ; KIKTH?EI 9ECKDI <H;Gc;DJ7D:E E 9>7J ; ?DJ;H7=?D:E;C9EDIJ7DJ;C7DKJ;DYWE;H;DEL7YWE*E:; I;DEJ7H 7C7?EH<H;Gc[D9?7:EIKIKTH?EI9ECKDIEGK;DEI :;CEDIJH7 9ECE ;L?:[D9?7 GK; 7E I; JEHD7H C;C8HE E 9>7J DWE Z C7?I 7 b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c;DJ7:EH;I :;IJ; >EHTH?EFE:;C<?97HC7?IJ;CFE9ED;9J7:EI *E:;CEI L;H ;DJWE GK; IK7I F;HC7D[D9?7I L7H?7C KC FEK9E C7I ;IJWE B?=7:7I J7DJE UI 9EDJ?D=[D9?7I ;NJ;HD7I JH787B>E;I9EB7<?C:;;NF;:?;DJ;;IJ7HI7?D:E;J9GK7DJE?DJ;HD7I7C;:?:7GK;KDIC;C8HEILWEJ;D:E:;I7?H EKJHEI J7C8ZC I7;C FE?I E =HKFE L7? :?IF;HI7D:E )8L?7C;DJ; 7B=KC C;C8HE GK; GK?I;H <?97H ; 9EDJ?DK7H ?DJ;H7=?D:E9ECDWEC;C8HEI87I?97C;DJ;FE:;<?97HC7I;IJ;DWEZE9ECFEHJ7C;DJEC7?IF7:HWE)I>EHTH?EI:; 9EDL;H=[D9?7 J[C I?:E 87IJ7DJ; I;=K?:EI FEH ;DGK7DJE E GK; H;<EHY7 E F;H<?B :; =HKFE :EI C;C8HEI ;C IK7I 7JK7B?P7Ya;I "TJ7C8ZCKC7<EHJ;B?=7YWE;DJH;EI:?7IbJ;?I;7F;HC7D[D9?7:EIC;C8HEI:E=HKFEDE9>7JECEJ;CEIL?IJE CK?JEIC;C8HEI79;II7CJ;9B7C:;I;KIBE97?I:;JH787B>EFEH?IIE7I7JK7B?P7Ya;I9ED9;DJH7:7IDEI:?7I:;I;C7D7; J7C8ZCDE>EHTH?E:7I>EH7IGK7D:E7=H7D:;C7?EH?7;IJTF;HJE:7>EH7:;I7?H;J;CKCJ;CFEB?LH;C7?EHDJWE C;ICEEIC;C8HEIGK;FE:;C79;II7H<EH7:;BE97?I:;JH787B>EJ;D:;C7DWEE<7P;H;CI;CI;HDEI:?7IbJ;?I;DEI >EHTH?EI ;IF;9?<?97:EI FE?I I78;C GK; DWE :;L;HWE ;D9EDJH7H CK?JEI EKJHEI C;C8HEI F7H7 ?DJ;H7=?H (7 GK?DJ7 <;?H7 -7DJ7I_>7L?7C I;J; C;C8HEI:E =HKFEDEF;H]E:E DEHC7B:;E8I;HL7YWEKC7 >EH7DE9>7J:7I >EH7IE<;H?7:EFHEBED=7:E>7L?7J?H7:ECK?JEIC;C8HEI:EII;KIBE97?I:;79;IIE;FEH?IIE77KI[D9?7;:?IF;HIWE D;IJ;:?7(E:?7I;=K?DJ;I;NJ7 <;?H7-7DJ7DEC;ICE>EHTH?EFK:;9ED<?HC7H7IKIF;?J7:E:?77DJ;H?EH DWE>EKL;D;D>KCC;C8HEL?I]L;BF;BEC;DEI:E=HKFEFH;I;DJ;D7I7B7D;IJ;:?7I7JK7B?P7Ya;I:E=HKFEDE9>7J IWE:;<7JE?D<BK;D9?7:7IFEH9EDJ?D=[D9?7I;NJ;HD7IJ;HKCBE97B:;79;IIE:?IFED]L;BZ;II;D9?7B;DWEI_?IIEC;ICE EIGK;EJ;C;C:?7I<EH7:;JH787B>EDWEJ[C9ECGK;CF7HJ?B>7H7I7<?D?:7:;IH;<;H;DJ;I7E=HKFEEGK;J7C8ZC F7H;9; ?D?8?H E 79;IIE C;ICE GK; I;CFH; I; FEII7 FHE9KH7H 7B=E DELE FEHZC 8KI97H E 9ED>;9?:E I;C;B>7DJ; ; <7C?B?7H F7H;9; C7?I 9`CE:E ; 7=H7:TL;B FE?I @T I; J;C F7HJ?B>7:E 7B=E ; <7JE I; 7D7B?I7HCEI 7 FEI?YWE :; KC C;C8HED;IJ7I?JK7YWE;B;I;JEHD77F;D7IC7?IKCKIKTH?EFHE9KH7D:E7<?D?:7:;I9EC:?L;HIEIEKJHEI;DGK7DJEDE =HKFE;B;ZKCsC;C8HEt;B;F;HJ;D9;77B=E (WE J;IJ;CKD>;? E <7JE FE?I 7?D:7 DWE ;IJ7L7 ?D:E C7I FEIIE =7H7DJ?H GK; 7 H;KD?WE DE I>EFF?D= D;IJ; C;ICE :?7 I;NJ7 <;?H7-7DJ7:;L;J;HI?:E;NJH;C7C;DJ;L7P?7:;C;C8HEII;DWE7JZ9ECFB;J7C;DJ;?D;N?IJ;DJ; ;<EHC7?BKIJH7J?L7L;H;CEI7I7B7:;9>7J;C:E?I:?7II;=K?:EI; I;NJ7;IT87:EDEI>EHTH?EI:7I >EH7I;DE:;:;FE?I:7C;?7 DE?J;(E:7I>EH7I:;:?7:;I;C7D7I;NJ7>T9ECEI;CFH;KC=H7D:;<BKNE;DJH; EIC;C8HEI:E=HKFE;DELEIL?I?J7DJ;I)=HKFEDEJEJ7B;DJH7FEH9;H97:;C;?7>EH77KC7>EH7;;IJ;IJ;D:;C7 <?97HDEJ;CFEH;=KB7H;DGK7DJEGK;EIL?I?J7DJ;I;DJH7C;I7;C@TGK;J[C:;7FH;;D:;H7I7<?D?:7:;I9EHH;DJ;IF7H7 9EDI;=K?H I; ;DJHEI7H )9EHH; J7C8ZC KC <BKNE ?DJ;HDE DE FH_FH?E =HKFE IWE F;H]E:EI GK7D:E 7F7H;9;C C7?I KDI C;C8HEIGK;EKJHEI'K?JEFE:;I;HFEHGK;CK?JEIDWEFE:;C79;II7HD;II;>EHTH?E;FEH?IIE9ECF;DI7C7E;DJH7H DE9>7J:;:;FE?I:7C;?7 DE?J;7II?CFE:;D:E<?97HCK?JEC7?IJ;CFE9ED;9J7:E@TIEK8;:;F;IIE7I<?97D:E7JZ:7 C7D>W DE 9>7J E7@E3QPA 67 BD77@5:;?7@FA KBJH7F7II7 ; JH7DI<EHC7 7I 87HH;?H7I :E 9ECFEHJ7C;DJE 9EJ?:?7DE H;9EDIJHK?D:E E:;79EH:E9ECEIDELEIKIEI:EJ;CFE(E9>7J:;>EH7I;C:?7:;I;C7D7FEH;N;CFBECK?JEI <?97CFH;I;DJ;IDE9>7JC7I7EC;ICEJ;CFE;IJWEJH787B>7D:E;:;CEH7CKCFEK9EF7H7H;IFED:;H7I?DJ;HF;B7Ya;I ;I;;NFB?97C9EC?IIE;JE:EI79;?J7C7I?JK7YWEGK;ZDEHC7BC7?EH:?<;H;DY7F7H7E9>7J:;>EH7IDEIT87:E <E?GK;7FH;I;DY7:;C;C8HEI:E=HKFEZ8;CC;DEHD7L;H:7:;D;IJ;IT87:E;IF;9]<?9EI_;D9EDJH;?KC7F;IIE7:E =HKFE 57DO5 E7 F7HJ; :E J;CFE GK; <?GK;? FH;I;DJ; D7 I7B7 I_ L? C7?I F;IIE7I :; EKJHEI ;IJ7:EI J;DJ7D:E <7P;H 9EDJ7JE9ECF;IIE7I:7GK?:;-7BL7:EHFH?D9?F7BC;DJ;>EC;DIEKH7F7P;IGK;H;D:EJ;9B7H9ECCKB>;H;I=7HEJ7I s=7J?D>7It:;-7BL7:EH $TDEI:E?I9>7JI:;:;FE?I:7C;?7 DE?J;7I?JK7YWECK:79EDI?:;H7L;BC;DJ;E=HKFEGK;FE:;<H;Gc;DJ7HEC;ICE 9>7JZC;DEH@TGK;IWEIEC;DJ;EIGK;J;C9ECFKJ7:EH;C97I7EKF;BEC;DEI79;II]L;B7DE?J;;;N?IJ;J7C8ZC E<7JE:;;IJ7H;CC7?IB?LH;IJ;CFE9EDJ7:;J;B;<ED;DWE;IJ7H;CE9KF7:EI;J9F7H7<?97HC7?IJ;CFE9ED;9J7:EI; 9EDI;GK;DJ;C;DJ; C7?I J;CFE DE 9>7J !EB:;DO; C; 9EDJEK :; :K7I <;IJ7I D7I GK7?I E F;IIE7B H;KD?:E <?9EK 9ED;9J7:E9;H97:;>EH7I9EDL;HI7D:E9ECKCCEDJ;:;=;DJ;GK;DWE;IJ7L7FH;I;DJ;DECEC;DJE:7<;IJ7<79; 7 <79;+K;H:?P;HE9>7J7?DJ;H7YWEC;:?7:7F;BE9ECFKJ7:EH;J99ECFB;C;DJ77EC;ICEJ;CFEGK;<EHC7EF;H<?B :7 7JK7B?P7YWE :E =HKFE EDJ?DK7C;DJ; <7B7 I; D7I H;KD?a;I IE8H; 9EDL;HI7I ; 79EDJ;9?C;DJEI :E 9>7J ; L?9; L;HI7 <7B7 I;J;9B7 I;DE9>7JIE8H;9E?I7I79EDJ;9?:7ID7IH;KD?a;I (EI9>7JI:;:;FE?I:7C;?7 DE?J;>TCK?JEJ;CFE:;F;HC7D[D9?7EIC;C8HEIJ;9B7C;DJH;I?FEHCK?JEC7?IJ;CFE; J7C8ZC <7B7C 9EC EKJHEI FH;I;DJ;I @T GK; DWE >T CK?J7 H;IJH?YWE :; J;CFE (WE :T F7H7 79ECF7D>7H CK?J7I 9EDL;HI7I FE?I <?97C CK?JE DE H;I;HL7:E 9ECE J7C8ZC <7P;C 87IJ7DJ; KIE :E #+ I 9EDL;HI7I FE:;C I;H C7?I ]DJ?C7I;EKC7?IFHE<KD:7I9EDJ;D:EFHE8B;C7II;=H;:EI;J9EK<E<E97IKDI:EIEKJHEI(EJ;?GK;E9>7JGK;;B;I C7?I9EC;DJ7CDEI;D9EDJHEIZ;II;:;:;FE?I:;C;?7 DE?J;BE=EZED:;79EDJ;9;CC7?I9E?I7I;NJH7EH:?DTH?7IN KB7DE;IJTDEH;I;HL7:E9EC'7H?7;'7H?7;IJT;C78;HJE9ECEKJH7F;IIE7B KB7DEFE:;L;H79EDL;HI7:EI:E?I; 9EC;DJ7H9EC'7H?7;DGK7DJE7EKJH7F;IIE7DWEL[;GK7D:E9>;=7CDE;D9EDJHEEI:E?I9EC;DJ7CEE9EHH?:EKC7 F7GK;H7KC?DIKBJEKC78H?=7;J9;EIEKJHEIDWEI78;CI_;B;I:E?I(EI:;>EH7I;C;?E :?7DWE:TF7H7?IIE E9EHH;HFE?IEJ;CFEZ9KHJEF7H7GK7I;JE:EI 8;@;6367E (EI;=KD:E9EDJ7JE;CI;NJ7 <;?H7 ;DJH;>EH7I;9EDI;=K?KBJH7F7II7HKCFEK9E787HH;?H7 :E 9_:?=E 7JH7LZI :; KC7 7<?D?:7:; 87IJ7DJ; ;IF;9]<?97 J?FE :; CbI?97 HE9A7DJ? F7=E:; 9EC KC C;C8HE :E =HKFE KC :EI ?:;DJ?<?97:EI 7DJ;I 9ECE <H;GK;DJ;I ; GK; ;IJ7L7 ;DLEBL?:E 9EC :?L;HI7I ?DJ;H7Ya;I D7GK;B; CEC;DJE>;=K;?7F;H=KDJ7HI;;B;;H7KCJ?FE:;B]:;HFEHJ;HJ7DJ7IF;IIE7I% 9EC;B;C7I;B;:?II;GK; DWE IJ7L7 I;D:E KC7 FEFKB7H?:7:; :; CEC;DJE FE:; E9EHH;H 9EC GK7BGK;H KC C;C8HE EK DWE 7 :;F;D:;H :7I 7<?D?:7:;I F7HJ?B>7:7I KC J;C7 FEB[C?9E EK ?DJ;H;II7DJ; 7 CK?JEI ;J9 E 9EDI;=K?H <7P;H ;IJ; 9EDJ7JE 9EC KC C;C8HEHECF;D:E787HH;?H7:E9_:?=E9ECKC77<?D?:7:;J?D>7GK;C7DJ[ BE9ECKC79EDIJ7DJ;?:;DJ?<?97YWE;DJH; D?9AI;7<?D?:7:;IF7H7GK;7?DJ;H7YWEI;:;I;DLEBL;II;FHEL;?JEI7C;DJ; -;KD?9A;H7 -7B=7:E C7?IJ7H:;:;I9E8H? GK;;B;<7PF7HJ;:;KC IK8=HKFE:;DJHE:E=HKFE87IJ7DJ;F;9KB?7H7KJE:;DEC?D7:E !##$GK;L;H;CEI C7?I 7:?7DJ; ) 9EDJ7JE 9EC ;B; 7JH7LZI :7 7<?D?:7:; ;IF;9]<?97 C; <;P DEJ7H E GKWE ?CFEHJ7DJ; ;IJ7I IWE F7H7 E ;IJ78;B;9?C;DJE:;?DJ;H7Ya;IDE;IF7YE:7#DJ;HD;J DE97IE;C;IF;9?7B9EC KC C;C8HE:E=HKFE!7B;H744:; GK;CFH;9?I7L7C;7FHEN?C7H)9ED>;9?C;DJE:EI9_:?=EI;E:;I;DLEBL?C;DJE:;7<?D?:7:;IIWEEIFH?C;?HEIH?JK7?I :;F7II7=;CF7H77IE9?78?B?:7:;DE;IF7YE:7#DJ;HD;J "T F;IIE7I GK; <H;GK;DJ7C 87IJ7DJ; 7 I7B7 :; 9>7J F7HJ?B>7C CK?J7I 7<?D?:7:;I 9EC E =HKFE ; :; 9;HJE CE:E IWE C;C8HEI FE?I IWE H;9ED>;9?:EI FEH CK?JEI EKJHEI J[C JHE97I F;IIE7?I ;J9 I_ GK; ;B7I DWE LWE UI H;KD?a;I 7 7JK7B?P7YWE<79; 7 <79;?D:7DEI;=KD:E9>7JJ;9B;?9ECKC7=7HEJ7GK;FE:;I;H9B7II?<?97:79ECEKCC;C8HEI_ DE 9>7J -WE 87I?97C;DJ; JH[I 7I H7Pa;I F7H7 ;IJ; J?FE :; C;C8HE ;C FH?C;?HE BK=7H BE97B?P7YWE CK?J7I F;IIE7I J;9B7C:;<EH7:;-7BL7:EHCK?J7IL;P;I:;EKJHEI;IJ7:EI;?IIE?CFEII?8?B?J7E9ECF7H;9?C;DJED7IH;KD?a;IC;ICE GK;7B=KDI:;II;I:;L;P;CGK7D:EL?7@7D:EFEH-7BL7:EH<7Y7CKC7L?I?J7UIH;KD?a;IL;H;CEI97IEI:?IIE:;FE?I I;=KD:7 H7PWE Z 7 ?:7:; 7B=KDI C;C8HEI IWE CK?JE @EL;DI ; DWE J[C F;HC?IIWE :EI F7?I F7H7 9ECF7H;9;H UI H;KD?a;I>T97IEI;).3$:?IIEGK;FE:;HWEI;HL?IJEI:;FE?IJ7C8ZC7J;H9;?H7H7PWEZI?CFB;IC;DJ;7<7BJ7:; LEDJ7:; EK ?DJ;H;II; ;C ;D9EDJH7H <79; 7 <79; 7I F;IIE7I 9EC GK;C I; J;9B7 7P F7HJ; :E FHE9;IIE :; 9ED<?7DY7 ; :;I9ED<?7DY7GK;97H79J;H?P77IE9?78?B?:7:;D7#DJ;HD;J?DI;=KH7DY7;CH;B7YWE7EIEKJHEI;;CH;B7YWE7I?C;ICE E8I;HL7YWE F7HJ?9?F7DJ;I?IJ;CTJ?977?D:7DWE>7L?79EC;Y7:EDJ;I:;8H?B;H7C7F;D7I9EDJ7JEI (EJ;H9;?HE79;IIE7E9>7JJ7C8ZC9EDI;=K?<7P;HKC9EDJ7JEC]D?CE9ECKCC;C8HE:E=HKFE7JH7LZI:;KC7 7<?D?:7:;;IF;9]<?97I;KD?9A;H7*E;J7;FEH?IIEF;H=KDJ;?I;;B;9ED>;9?7KC$%:;FE;I?79>7C7:E$EHD7B:7*E;I?7 -_:;KF7H7B>;F7II7HE#. 'K?J7IL;P;IF7H7E;IJ78;B;9?C;DJE:;KC77<?D?:7:;;9_:?=E;C9ECKC87IJ7E IWE7IFH?D9?F7?IH7Pa;I:?IIE';C8HEI:?II;H7CGK;CK?J7IL;P;IFH;<;H;CDWEs9ED>;9;HtEEKJHEFE?IJK:EFE:; <?97HHK?CF;B7I;NF;9J7J?L7I9H?7:7I7H;IF;?JE:;7F7H[D9?7F;HIED7B?:7:;;J9 (EC;KGK7HJE79;IIE;CFK:;F;H9;8;HC7?I7B=KC7I9E?I7IIE8H;7:?DVC?97?DJ;H79?ED7B:EIKIKTH?EI :E9>7J.H[IC;C8HEI:E=HKFEKC>EC;C;:K7I CKB>;H;IJ;9B7L7C)>EC;C %9EC CKB>;H ;;IJ7J;9B7 9EC CKB>;H 'KB>;H :?P GK; J;C :; I7?H C7I 7DJ;I 7FH;I;DJ7 CKB>;H 7E >EC;C ;IJ;I 9EC;Y7C ;DJWE 7 ?DJ;H7=?H ;DGK7DJE CKB>;H I7? :7 I7B7 ) GK; >EKL; <E? GK; >7L?7C Db9B;EI :; ?DJ;H7YWE >EC;C ; CKB>;H ; CKB>;H ; GK7D:E 7 CKB>;H I7?K ; @KDJEK EI EKJHEI :E?I >EKL; KC7 JHE97 ?DJ;H 7<?C 7<?D?:7:; ;DJH; E >EC;C ; 7 CKB>;H ;H7 7 ?DJ;H7YWE 9EC 7 CKB>;H ; ?IIE <E? F7HJ?B>7:E 7E I; @KDJ7H;C EI Db9B;EI ) GK; ;II; F;GK;DEJH?VD=KBE:;JHE97IDEI:?PZGK;EIC;C8HEII;CEL?C;DJ7C;C?DJ;H7Ya;IF7HJ?B>7:7IF7HJ?B>7C;DJEI;II;I B?=7:EIFEHJHE97I:;7<?D?:7:;IGK;I;9HKP7C 'K?J7IL;P;IEIC;C8HEI:E=HKFEDWEI;H;9ED>;9;C:;?C;:?7JE)ID?9AIIWECK?JEI;7B=KC7IL;P;IDWEI;J;L; KC 9EDJ7JE 7DJ;H?EH ;DJH; ;B;I .;H KC 9EDJ7JE 7DJ;H?EH Z J7C8ZC KC7 <EHC7 :; 7<?D?:7:; ,;9KF;H7 I; KC B7YE :; C;C_H?7;C9ECKC;KI7 I;?IIEF7H79EC;Y7HKC7DEL7JHE97(E9>7J:;DE>EHTH?E:7I>EH7IFK:; 7FB?97H ?IJE 7JH7LZI :7 H;9KF;H7YWE :; KC %# 7DJ;H?EH 9EC E C;C8HE 57DO5 R 7F;D7I KC7 <EHC7 7 C7?I :; sFKN7H7IIKDJEt9ECKCC;C8HEEKKIKTH?E:;CE:E7IKF;H7H<H7I;I9ECKDI9ECEs)?GK;H.t7GK7BZCK?J7I L;P;I?=DEH7:7FEHCK?JEIC;C8HEIEKKIKTH?EI7JZGK;7B=KZCI;:?IFED>77H;IFED:;HR9B7HEGK;J7C8ZCCK?J7I L;P;I ;IJ; KIKTH?E Z FHEDJ7C;DJ; H;IFED:?:E /C7 :7I H7Pa;I F7H7 ?IIE Z E CE:E 9ECE E D?9A H;<B;J; 9;HJ7I 7<?D?:7:;I (E;DJ7DJEEH;9ED>;9?C;DJEDE9>7J;DJH;C;C8HEI:E=HKFEGK;@TI;9ED>;9;CZ?C;:?7JE)I9KCFH?C;DJEIIWE :?H;JEI 7BZC :EI =;H7?I sE7 DE?J; 7 JE:EIt s)? C;K FELEt ;J9 ; @T H;<;H;DJ;I 7 7B=E F7HJ?B>7:E F;BEI :E?I C;ICEGK;I;@77F;D7IEJ;CFEGK; DWEI; L[;C)I C;C8HEIJ7C8ZC:;CEDIJH7C L?L7C;DJ;IK7I ?DJ;H H;B7Ya;I :;DJHE:E=HKFE7EI;H;<;H?H7EKJHEIC;C8HEI9ECE7JK7B9ECGK;CI;;IJT?DJ;H7=?D:EDECEC;DJE=;H7BC;DJ;IWE :;CEDIJH7Ya;I :; 97H?D>E EK I?CFB;I B;C8H7DY7I F7II7:7I 7:?7DJ; FE?I CK?JE DEHC7BC;DJ; C;C8HEI GK; I; 9ED>;9;C F;H:;C 7I EFEHJKD?:7:;I :; I; ;D9EDJH7H;C FEH ?H;C 7 H;KD?a;I :?<;H;DJ;I FEH DWE ;DJH7H;C DE 9>7J D7 C;IC7>EH7EKFEHGK7BGK;HEKJH7H7PWE /C7?D<?D?:7:;:;9EDL;HI7IF7H7B;B7I79EDJ;9;CI?CKBJ7D;7C;DJ;DE;IF7YE:E9>7J/IKTH?EIGK;DWEIWEC;C8HEI J;9B7C;DJH;I?/IKTH?EI;C;C8HEIJ7C8ZCJ;9B7C;DJH;I?C;C8HEIJ;9B7C;DJH;I?L;DJK7BC;DJ;>T?DJ;H JHE97I ;DJH; :?<;H;DJ;I ?DJ;HBE9KJEH;I DE ;DJ7DJE ?IIE Z C7?I 9ECKC ;DJH; C;C8HEI @T GK; 7 GK7DJ?:7:; :; 9_:?=EI ;C 9ECKC 9EC C7?I F;IIE7I FEII?8?B?J7 C7?I 7<?D?:7:;I F7HJ?B>7:7I ; FEH ?IIE C7?I ?DJ;H7YWE /IKTH?EI GK; <H;Gc;DJ7C CK?JEE9>7J;L;DJK7BC;DJ;79787CJ;D:E;IJ;D]L;B:;7<?D?:7:;C7?I9_:?=EI;C9ECKCC;ICEGK;DWEF7II;C7 I;7JK7B?P7H<79; 7 <79;9ECE=HKFE)C;B>EH;N;CFBE:;IJ;J?FE:;sC;C8HEtIWEEIGK;DWEL?L;C;C-7BL7:EH GK; :?<?9?BC;DJ; L?H?7C DKC7 H;KD?WE :E =HKFE DE ;DJ7DJE ;IJWE 9EDIJ7DJ;C;DJ; I; 7JK7B?P7D:E DE 9>7J 9EC CK?JEI D?9A:EKIKTH?E.K:E7IE9?78?B?:7:;9EC;Y79ECEF7HJ?B>7C;DJE7JHE97:;7B=E (;IJ; F;H]E:E FEH ;N;CFBE E D?9A .?7P?D>7 9>7C7L7 87IJ7DJ; 7 7J;DYWE :7 C7?EH?7 :EI H7F7P;I FEH 97KI7 :7 H;<;H[D9?7DE?C7=?DTH?E;H_J?9EC7II?<?97:E:EF;HIED7=;CL?L?:EF;B7:7DY7H?D7;7JH?P-KP7D7BL;I C;C8HEI ; CK?J7I L;P;I B?=7D:E F7H7 E 9;BKB7H :; KC :EI C;C8HEI :KH7DJ; H;KD?a;I <7P;D:E 7II?C KC7 FH;I;DY7 ?D:?H;J7D7H;KD?WE<7B7D:E9ECEKJHEIC;C8HEIFH;I;DJ;I BD7@67@6AAED;FG3;E C?D>7FH?C;?H7J;DJ7J?L7:;9EDJ7JE<E?;CKC7J;HY7 <;?H7DE>EHTH?E:7I>EH7I.?L;:?<?9KB:7:;I :; 9EDJ7JE CK?JE 9ECKC :;L?:E UI :;<?9?[D9?7I :E I?IJ;C7 J;B;<`D?9E BE97B IJ; J?FE :; 9EDJ?D=[D9?7 JZ9D?97 Z :; 9ED>;9?C;DJE =;H7B ; 79EDJ;9; 9EC <H;Gc[D9?7 9H;:?JE GK; D?D=KZC @T <7C?B?7H 7E ;IF7YE I; E<;D:7 9EC ;IJ7I !#$ %% FE?I 79EDJ;9; 9EC JE:EI )I KIKTH?EI :E 9>7J ?:;DJ?<?97:EI 9ECE EI C7?I <H;Gc;DJ;I :EI 79;IIEI 7DJ;H?EH;I;IJ7L7C87IJ7DJ;;DLEBL?:EI;CIK7IFH_FH?7I?DJ;H7Ya;I;C7D:7C;DJE E?C;?E<HKIJH7DJ;DEJ7HGK;CK?JE :EGK;;H7% ;IJ7L77?D:7<EH7:EC;K7B97D9;KC:;I9ED>;9?C;DJE:EI9_:?=EIL?=;DJ;IGK;<KD9?ED7L79ECE KC787HH;?7U?DJ;H7YWE ?PKC77FH;I;DJ7YWE78;HJ77JE:EI9ECE!$$ #C;KD?9ADE=HKFE;9KCFH?C;DJ;?EI FH;I;DJ;IIJ;7JE:;KC9KCFH?C;DJE78;HJE7JE:EI7II?CGK;I;;DJH7D7I7B7@T;H7:EC;K9ED>;9?C;DJERKC7 FHTJ?97 ;:K97:7 D;C I;CFH; FH7J?97:7 FEH JE:EI ; GK; :;CEDIJH7 :?IFEI?YWE U ?DJ;H7YWE ,' EDI;=K? %# 7<?D7B7F;D7I9ECKIKTH?EIKCDWE;H7C;C8HE:E=HKFED7L;H:7:;77<?D?:7:;F7HJ?B>7:7;DJH;D_I<E?@KIJ7C;DJ; E<7JE:;DWEI;HCEI:E=HKFE;FEH?IIEB?LH;I:;EKJH7I?DJ;H7Ya;IFE:;D:E%#;DJH;I?7F;D7I7C;D?:7:;I8TI?97I :;FH?C;?HE9EDJ7JE;C9>7J?:7:;:;ED:;;IJTJ;9B7D:E;J9EKJH7F;IIE7;H7C;C8HE:E=HKFEKC7=7HEJ7C7I FEH;IJ7H;DLEBL?:79ECEKJH7I?DJ;H7Ya;II_9>;=EK7C;:?P;HGK;sEF;IIE7BI;;D9EDJH7DE#I;CFH;t F;I7H :7 7DI?;:7:; :;IJ; FH?C;?HE 9EDJ7JE ;H7 KC 7FH;D:?P7:E GK; 9EC;Y7L7 :;9?<H7H EI 9_:?=EI ; :;I9E8;HJ7 :; 7<?D?:7:;IEGK;I;H;L;BEK9ECEI;D:EEFH?C;?HEH?JK7B:;F7II7=;C:E=HKFE-;=K?:E:79EDJ?DK?:7:;:EC;ICE 7JZECEC;DJE:;I;Hs9EDL?:7:EtF7H7KC7H;KD?WE;<?D7BC;DJ;?H7KC77]EIH?JK7?I:;?N7CE;IF7YE:E9>7J DJ;I:7C?D>7FH?C;?H7?:77KC7H;KD?WEJ?L;7=7H7DJ?7:;C;C8HEI9ECGK;CJ;9B;?IE8H;E7IIKDJEGK;I;H?78;C H;9;8?:E;B;I;IJ7L7CI;D:E7C?IJEIEI;H;9;FJ?LEI@T>7L?77<?D?:7:;IIK<?9?;DJ;II;D:EF7HJ?B>7:7IF7H7GK;FK:;II; 9EDI?:;H7H9;HJEIH?JK7?I:;F7II7=;C9ECE9KCFH?:EI7FH;D:;H9_:?=EI;F7HJ?B>7H7<?D?:7:;I87I?97C;DJ;9ED>;9;H BE97B?P7YWE E BK=7H DE I>EFF?D= #=K7J;C? ED:; 79EDJ;9;C 7I H;KD?a;I ; 9ED>;9?C;DJE :E H?JK7B 8TI?9E :; 7FH;I;DJ7YWED7FH?C;?H7H;KD?WEI;7FH;I;DJ7H9ECE ;DWE9ECEL;H:7:;?HEDEC;-E8H;;IJ7BE97B?P7YWE:E =HKFEDEI>EFF?D=:;LE79H;I9;DJ7HGK;EIFH_FH?EIC;C8HEI<EHCKB7CKC7?:Z?787IJ7DJ;;IF;9]<?97:ECE:E9ECE E9KF7C E ;IF7YE :7 7JK7B?P7YWE <79; 7 <79; ;IF;9?7BC;DJ; D7I H;KD?a;I :; -;NJ7 <;?H7 <H7I; 9ECKC Z GK; 87IJ7 9>;=7HBTDE<7IJ<EE::E'KBJ?FB;NDElF?IE:EI>EFF?D=#=K7J;C?GK;BE=EI;L[E=HKFE?IJEZ:;7B=KCCE:E :;IJ797:E :E H;IJE :E ;IF7YE :7I EKJH7I F;IIE7I J7DJE F;B7 GK7DJ?:7:; :; F;IIE7I 9ED9;DJH7:7I GK7DJE F;BE 9ECFEHJ7C;DJE:?<;H;DJ;=HKF7B;J9 5A@EFDGQPA63;@F;?;6367 ;DJHE:EFHE9;IIE:;9_:?=EI;7<?D?:7:;IKC79E?I79>7C77J;DYWEFH;I;DJ;;CLTH?EICEC;DJEI:7I?DJ;H7Ya;I7I JHE97IF;IIE7?I1%$GK;79EDJ;9;CL;BEPC;DJ;,?9>7H:-;DD;JJ<7B7L7:;sC;H97DJ?B?P7YWE:7?DJ?C?:7:;t GK; F7H;9; I; ;D97?N7H D;II; FHE9;IIE E GK; 9>7CE 7J;DYWE 7GK? KC KIKTH?E DELE D7 I7B7 :; 9>7J EK % # F7H;9;9EDI;=K?HKC77J;DYWEC7?EH9ED<?7DY7EKC7?IHTF?:79ECKCC;C8HEEKC;ICE9ECEKJHEKIKTH?E7JH7LZI :; 7<?D?:7:;I ]DJ?C7I DGK7DJE J;9B7L7 9EC -7B=7:E C;D9?ED;? 7B=E IE8H; 7 F;H:7 :; KC7 D7CEH7:7 H;B79?ED7:E 7 Cb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sH;I;HL7:Et;E#+J[CKC?CFEHJ7DJ;F7F;B (E<H7=C;DJEGK;I;=K;FE:;CEIDEJ7HED]L;B:;?DJ?C?:7:;GK;I;FE:;9>;=7H;DJH;EIC;C8HEI '7HB7 g <7B79EC57DO5*,)'*&.,.#!)&/#4.y)')*R)()&y0)//*,)).) (&C;C8HE'7HB7 I;H;<;H;7E<?B>E7B=E:7IK7?DJ?C?:7:;F7HJ?B>7:EDE9>7J9EC57DO5GK; F7II77I;HJ7C8ZCF7HJ;:;IK7?DJ?C?:7:; (;IJ;EKJHE<H7=C;DJEFE:;CEIE8I;HL7H79ECFB;C;DJ7H?:7:;;DJH;;IF7YEI:;?DJ;H7YWE"TC;C8HEI7JK7B?P7:EIDE 9>7J ; 7E C;ICE J;CFE >T C;C8HEI 9ED;9J7:EI J7C8ZC F;BE #+ DKC7 ?DJ;H7YWE C7?I ]DJ?C7 @T GK; Z KC7 <;HH7C;DJ7:;9ECKD?97YWE9EC;II;FHEF_I?JE.HE97 I;7?D<EHC7YWE:7IFH;I;DY7I;C7C8EIEI;IF7YEI;7II?CI; 9ECFB;C;DJ77I?DJ;H7Ya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c[D9?7:;?DJ;H7Ya;I; EF7HJ?B>7C;DJE:;9_:?=EIII?C L?HJK7B?P7D:E I;7IFH;I;DY7I:; C;C8HEI7KI;DJ;I9EDIJH_? I;7B=KC7 DEYWE:; =HKFE ; :; B7DF7@5;?7@FA B7>3 83>F3 C7DKJ;DYWE :7I ?DJ;H7Ya;I 7DJ;H?EH;I ; 7 9EDJ]DK7 9EDIJHKYWE :; DEL7I J;HC?D7CFEH9EDIJHK?H7I;DI7YWE:;?:;DJ?<?97YWE=HKF7BED:;7I7<?D?:7:;I<BK;C:;7JK7B?P7YWE;C7JK7B?P7YWEDKC 9EDJ]DKE@E=E:;C7DKJ;DYWE;H;DEL7YWE 387F;H;6367@A5:3F I F7GK;H7I <B;HJ;I ; EI 97H?D>EI IWE C7J;H?7?I 9EDIJ7DJ;I :; JHE97 J7DJE ;DJH; C;C8HEI GK7DJE ;DJH; KIKTH?EI ; ICKB>;H;IF7H;9;C;NFH;II7H;II77<;J?L?:7:;9ECC7?EH?DJ?C?:7:;GK;EI>EC;DIEGK;@TFE:;I;HKC7<EHC7 :;:?<;H;D9?7HEI9ECFEHJ7C;DJEI;DJH;>EC;DI;CKB>;H;I:E=HKFEFEH;DGK7DJE J7C8ZC;DJH;7C8EI:;DJH;EKJHEI7IIKDJEI:?L;HIEI0;@7EI<H7=C;DJEI9>7J;C 8: <7B79EC57DO5-'%%55J`:;EB>E;CL9-'%%ZKC7EDEC7JEFZ?7F7H78;?@E5 5H;FH;I;DJ7KCF7H:;EB>EI '' )') R # #& #2, -- -& .p) +/,# /' #$) '.) ,#(")-) *, .))- -*#& *,)- '#!)-- #+/' )' /- '.) I?=D?<?97 '/#.) (EJ7H 9ECE >T KC7 H;<;H[D9?7 C7?I 7<;J?L7 9EC H;B7YWE 7EI 7C?=EIC;C8HEI "T 9EDI9?[D9?7 :7 FH;I;DY7 DKC ;IF7YE7CFBE;CbBJ?FBEED:;DWEI_EIC;C8HEI:;=HKFE;IJWEFH;I;DJ;I>TEKJHEIKIKTH?EIC;ICEGK; DWEI;?DJ;H7@79EC;B;I7?D:7(WE>T KC77J?JK:;;N9BKI?L?IJ7:E=HKFE9ECEFE:;79EDJ;9;H;CEKJH7I <EHC7I:;7=HKF7C;DJE9EDJ;CFEHVD;E?D9BKI?L;9ECE;CKCEKJHE=HKFE(;JEH?=?D7:E7F7HJ?H:;EKJHE FHEL;:EH/)&GK;J7C8ZCI;7JK7B?P7;C-7BL7:EH;GK;J;CKCF;H<?BC7?I<;9>7:E;CH;B7YWE7DELEI C;C8HEI -'g <7B7 9EC @EJ7 )))))))))# '), '#(" 0# 2*,--p) '2#' '#(" 2#-.(# /C7:7ICEJ?L7Ya;IF7H7GK;EIDELEIKIKTH?EIGK;?H7C<?97HD7I7B7ZE<7JE:;I;GK;H;H9ED>;9;Hs=;DJ;DEL7t;7E C;ICEJ;CFEJ;H7EFEHJKD?:7:;:;s;D9EDJH7Ht=;DJ;DEL7EGK;FE:;CEI9>7C7H:;D;9;II?:7:;:;F;HJ;D9?C;DJE EK:;F7HJ?9?F7YWEEK:;F7HJ?B>7C;DJE.7BL;PI;@7FEII]L;B?C7=?D7H7B=EC7?IGK;KI7H;IJ;IJ;HCEIJ7C8ZCKI7:EI FEH'?9>;B'7<<;IEB? F7H7<7B7HIE8H;EI7=HKF7C;DJEI9EDJ;CFEHVD;EI;IK7ZJ?97;CEJ?L7YWE;IJZJ?97 ;<[C;H77<;J?L7;J9FE?I>T7B=EFH;I;DJ;D7I7JK7B?P7Ya;I :E=HKFE!7B;H744;GK;F7H;9;I;H9ECKC7EKJHEI =HKFEI :; C;IC7 D7JKH;P7 #DJ;HD;J 7C?P7:; ;J9 GK; Z 7 9ECFB;C;DJ7H?:7:; :EI :E?I ;IF7YEI<EHC7I :; 7JK7B?P7YWE?DJ;H7YWE;GK;DWE:;?N7GK;E=HKFE:;I<7B;Y7D7IK77F7H;DJ;;<;C;H?:7:;9EDJ;CFEHVD;7>TI;CFH; F;IIE7I DEL7I C7I >T J7C8ZC F;IIE7I GK; ;IJWE BT >T GK7I; :E?I 7DEI ; GK; 9EDJ?DK7C ?D:E 9EC C7?I EK C;DEI <H;Gc[D9?7J7BL;PJ;D:EJ?:EFHE8B;C7I9ECEKJH7IF;IIE7I:E=HKFE<E<E97I8H?=7I:?I9KIIa;I;J9C7IF;BE<7JE:7 9EDIJ7DJ; H;DEL7YWE ;B;I DWE :;?N7C H;7BC;DJ; E =HKFE ; ;IJWE FH;I;DJ;I UI L;P;I IEC;DJ; DE 9>7J :7 C7:HK=7:7 F7H7 ;D9EDJH7H F;IIE7I ;IF;9]<?97I C7I GK; 7?D:7 7 C7DJZC B?=7:7 7E =HKFE ?DJ;H 7<?D?:7:;I ;C H;:; ;DJWE 7 CEJ?L7YWEF;HJ;D9?C;DJE7<;J?LE;797H79J;H]IJ?97;<;C;H?:7:;IWEF;HJ?D;DJ;I7E=HKFEC7I;B;L7?7BZC:?IIEFE?IEI C;C8HEI I; JEHD7C <7C?B?7H;I 7E =HKFE ; E =HKFE <7C?B?7H 7EI C;C8HEI :; KC7 C7D;?H7 9EJ?:?7D7 ; DWE IEC;DJ; 9ECFB;C;DJ7H Z 7B=E GK; F7II7 7 <EHC7H I;KI 9ECFEHJ7C;DJEI IK7I L?Ia;I :; CKD:E IK7 9KBJKH7 ; 7 H;DEL7YWE 9EDIJ7DJ;IEC7:7UF;HC7D[D9?7C;ICEGK;DWE9EDIJ7DJ;IKF;H7C7;<;C;H?:7:;?D?9?7BEGK;DWE<7P:;I7F7H;9;H I;K ?D]9?E F;HJ;D9?C;DJE ; ;<;C;H?:7:; C7I C7?I Z 9EDIJHK]:E 7 F7HJ?H :?IIE 7?D:7 Z ; :;L; 9EDJ?DK7H I;D:E JEJ7BC;DJ;7<;J?LEC;ICEGK;I;JEHD;sFHTJ?9EtF7H7KDIEKEKJHEI )F;H<?B<;9>7:E:;IJ;=HKFE9?J7:EFE:;I;HJ7C8ZC9ECF7H7:E9ECEKJHE=HKFEI;C;B>7DJ;9>7C7:E=HKFE0* L]:;EF7FEEH?=?D7:E7F7HJ?H:;KCI;HL?YE:;9ECKD?97YWE:;C;ICEDEC;FHEL?:EF;B7;CFH;I7J;B;<`D?97BE97B D7ZFE97GK;7EI;<;9>7H;9ECE<?C:EI;HL?YE:EFHEL;:EH;DJHEK;C;NJ?DYWEFE?IDWEJ;L;C7?I<EHC7:;I; H;DEL7H -;KI B?C?J;I 9ECE =HKFE <EH7C 7J?D=?:EI F;BE F;H<?B <;9>7:E GK; D7 9EDJ;CFEH7D;?:7:; J;D:; 7 DWE I; C7DJ;H 7 DWE I;H GK; :;I;DLEBL7 DELEI E8@;J?LEI GK; DWE 7I CEJ?L7Ya;I 7<;J?L7I GK; 9ECE L?CEI J;D:;C 7 I;H ;<[C;H7IF7H7EI?D:?L]:KEI CH;KD?WEH;9;DJ;IEK8;:EIFB7DEI:;7B=KDIC;C8HEI;C@KDJ7H;CI;KIJ7B;DJEI;JH787B>EIF7H7H;7B?P7H7B=E:E J?FE <?B7DJH_F?9E )K FEH ;N;CFBE C?D>7 F;IGK?I7 Z FHTJ?97 ; E8@;J?L7 C7I 7?D:7 F;HC7D;YE BT 7<;J?L7C;DJ; 7I :?<;H;DY78TI?97;DJH;7?DJ;H7YWE:EIGK;IWEC;C8HEI:E=HKFEF7H7EIGK;DWEIWEZGK;;B;I;DJH7CDE9>7JF7H7 KC7 7JK7B?P7YWE :; 7B=E L?HJK7B E =HKFE ;DGK7DJE EI DELEI ;DJH7C 7 FHE9KH7 D7 C7?EH F7HJ; :E FH;;D9>?C;DJE 7<;J?LE s9ED>;9;H =;DJ; DEL7t Z E J;HCE C7?I KJ?B?P7:E )I C;C8HEI :E =HKFE ;IJWE H;DEL7D:E E FH;;D9>?C;DJE <7B7C:EI79EDJ;9?C;DJEI:7IH;KD?a;I:EIF7II;?EI;L?7=;DI:7I<E<E97IC7H97C;D9EDJHEI7DJ;9?F7C9E?I7I:7I H;KD?a;IZKC9ECFB;C;DJE:;KC77JK7B?P7YWE;CEKJH7;DGK7DJEGK;EIDELEI;IJWE7FHE9KH7:EC;ICE#IIEZ 9B7HE DWE ?CF;:; GK; C;C8HEI FHE9KH;C DELEI FH;;D9>?C;DJEI C7?I =;DJ; DEL7 (7 L;H:7:; E 97HTJ;H 7<;J?LE ;<[C;HE ; ;<;HL;I9;DJ; :E =HKFE J7C8ZC Z C7DJ?:E F;B7 9EDIJ7DJ; ?DJ;H7YWE 9EC DEL7I F;IIE7I ) FHE9;IIE :; ?:;DJ?<?97YWE9ECEI;C;B>7DJ;Z9EDIJ7DJ;;DWEJ;HC?D77F;D7ID7C7DKJ;DYWE:E=HKFEC7IJ7C8ZCD7<BK?:;P:E C;ICEI7JK7B?P7Ya;I:E=HKFEH;DEL7C7I7<?D?:7:;I7<;J?L7IGK;@T;N?IJ?7C;JH7P;CDEL7IF7H7EI;K9;DJHE:; ?DJ;H7Ya;IEGK7BDWEZ<EHC7:EFEHF;IIE7I;IF;9]<?97IC7IF;BE<7JE:7H;=KB7H;9EDIJ7DJ;7JK7B?P7YWE:E=HKFEIK7 L?HJK7B?:7:; GK; <7P 9EC GK; I;CFH; >7@7 F;IIE7I I; 9EDL;H=?D:E F7H7 ;B; F7H7 I; H;KD?H I; 7JK7B?P7H I; C7DJ;H FH;;D9>?:7IEK;D9EDJH7HEFH;;D9>?C;DJE.K:E?IIE <7P F7HJ;:79EDIJHKYWE I?C8_B?97:EGK;Z =HKFEF7H7EI I;KI C;C8HEIKCBK=7HF7H7?H;;IJ7HKC=HKFE:;F;IIE7IF7H7;D9EDJH7H;CEYa;IF7H7I;DJ?H;J9BE=E:?P;H:;Db9B;E I;C F;IIE7 ;IF;9]<?97 GK;H :?P;H GK; C;ICE I; KB7DE E C;C8HE C7?I 7DJ?=E :E =HKFE DWE L?;H ;C H;KD?a;I I;=K?:7I;EKJHEIC;C8HEIF7H7H;C:;L?HFEH97KI7:77KI[D9?7:; KB7DEEKJHEIC;C8HEI:E=HKFE9EDJ?DK7H7C ?D:EUIH;KD?a;I;<7HWE7JK7B?P7Ya;I9ECDELEIC;C8HEI;7L?HJK7B?:7:;:E=HKFEI;HTC7DJ?:7I;CFH;C;ICEGK;EI I;KIC;C8HEIEI?D:?L]:KEII;@7C;<[C;HEI;?D9EDIJ7DJ;I;CIK7I7JK7B?P7Ya;IDE9>7JEKD7IH;KD?a;I sR E J;CFE ;C GK; H;B7NE ; DWE F;DIE ;C D7:7 IZH?E RE CEC;DJE ;C GK; <7BE 9EC C;KI 7C?=EI ; I;CFH;;D9EDJHE=;DJ;DEL7RGK7D:E7=;DJ;FE:;I;78H7Y7H;H?H7LEDJ7:;R>EH7:;9;B;8H7HJK:E:; 8EC;CI;J;H7C?=EIR7>EH7:;;D9EDJH7H;L;HEI7C?=EIR>EH7:;8;8;H;I;:?L;HJ?HR7>EH7GK; ;IGK;YEEIFHE8B;C7IR7>EH7GK;C;:?L?HJEt;FE?C;DJE:;C;C8HE:E=HKFE!7B;H744IE8H;7 ?CFEHJVD9?7:E=HKFEF7H7;B; >A@7E *;B7FH?C;?H7L;PFK:;DEJ7H7FH;I;DY7;FH?C;?HE?CF79JE:EI9>7C7:EI $D7:?DVC?97:7?DJ;H7YWEDE9>7JKC7 KIKTH?7*;GK;D(EJTL;BgJ;L;:;<?97H?DI?IJ?D:EF7H7GK;KC9BED;:;B7*;GK;D(EJTL;BgI7]II;:7I7B7EK JHE97II;:;D?9AII;I9BED;I;L;DJK7BC;DJ;J[CKC=H7D:;?CF79JED7C7DKJ;DYWE:7?DJ;H7YWE;IF;9?7BC;DJ;;DJH; C;C8HEI:E=HKFEFE?ICK?J7IL;P;I>TE:;B?8;H7:EEKDWE?DJK?JE:;FHELE97H7JH?JEI;DJH;C;C8HEI7JH7LZI:;II7I 9ED<KIa;I9EC9BED;I II?JK7Ya;I7:L;HI7I9EC9BED;I79EDJ;9;CGK7D:EC;C8HEIEKKIKTH?EI9ECKDIF7II7C7<H;Gc;DJ7HE9>7J9ECE DEC; :; EKJHE ?D:?L]:KE @T 9ED>;9?:E FHEFEI?J7:7C;DJ; ; 9EC ;IJ; 9EC;Y7C 7 HECF;H 7I H;=H7I ; 9EDL;DYa;I :; H;IF;?JE 7EI EKJHEI N?D=7D:E E<;D:;D:E EK 7JZ C;ICE :?<7C7D:E C;C8HEI FH;I;DJ;I D7 I7B7 EK DWE ?IIE FE:; 97KI7H IZH?7I 9EDI;Gc[D9?7I D7I 7JK7B?P7Ya;I 9ECFB;C;DJ7H;I :E =HKFE 9>7J ; <79; 7 <79; 8H?=7I :?I9KIIa;I :;I7L;DY7I ; 7JZ ?D?C?P7:;I :KH7:EKH7I (WE <K? J;IJ;CKD>7 :; D;D>KC7 :;II7I I?JK7Ya;I C7I C; <EH7C 9EDJ7:7I 7B=KC7I ; FK:; L;H 7 9EDI;Gc[D9?7 :; KC7 :;B7I :E?I C;C8HEI GK; DKD97 C7?I I; <7B7H7C 7F_I E ?D9?:;DJ; 9EC 9BED;IC;ICE:;FE?I:;;I9B7H;9?:E;GK;I;?=DEH7CD7IH;KD?a;IC;ICEGK;EKJHEIFH;I;DJ;IB>;II;@7CFH_N?CEI F;IIE7IC;L[;CBT7<;J?L7C;DJ;C;ICE9EC7F;IGK?I7 B=E87IJ7DJ;?D9`CE:EF7H7CK?JEI'7I?IJEDWE?CF;:;79EDJ?DK?:7:;:E=HKFED7L;H:7:;79787<7P;D:EF7HJ;:E I;KF;H<?B78;HJE;9>;?E:;<BKNEI:;?DJ;H7Ya;IC;ICEGK;D;=7J?L7I A?AAEEG49DGBAE3B3D757?@A5:3F EH?=;C:EIIK8=HKFEIZJEJ7BC;DJ;B?=7:77EF7HJ?B>7C;DJE:; 7<?D?:7:;I<79; 7 <79; IJHE97IH;7B?P7:7I DE9>7J J;D:;C7DWEFE:;H;CI;9ED9;DJH7HJ7DJE;CDb9B;EI:;C;C8HEIFEH97KI7:E9EDJ]DKE<BKNE:;EKJHEIKIKTH?EIDE C;ICE ;IF7YE :; ?DJ;H7YWE )I IK8=HKFEI I; <EHC7C 7 F7HJ?H :7 9ECFB;C;DJ7H?:7:; ;DJH; ;IF7YEI -K8=HKFEI C7?I <EHJ;I9ECEEI>7F7HH7?IEK7'T<?7J[C797F79?:7:;:;I;9ED9;DJH7H;CIK7I7<?D?:7:;IC;ICEDE9>7JFE?I>T 9_:?=EIF7HJ?B>7:EIIK<?9?;DJ;IF7H7J7B9ED9;DJH7YWEC;ICE;CKC7C8?;DJ;C7?I:?IF;HIEDE;DJ7DJEDWEZ9EIJKC; <7P;H;C?IIE-;GK;H;C<7P;H<7P;CF;BE#+9K@EFHEF_I?JEZ@KIJ7C;DJ;;II;9ED9;DJH7H?DJ?C?:7:;(E;DJ7DJE Db9B;EI CEC;DJVD;EI :; 7<?D?:7:; IK8=HKFEI J7C8ZC FE:;C I; <EHC7H :;DJHE :E 9>7J ;DJH; C;C8HEI ; DWE C;C8HEI J7C8ZC C;ICE GK; DEHC7BC;DJ; ;IJ;I DWE L;D>7C F7HJ?B>7D:E CK?J7I 7<?D?:7:;I IK7I JHE97I D7GK;B; CEC;DJE7:GK?H;CKC97HTJ;HC7?IF7HJ?9KB7H;?IIEFE:;I;H?DJ;HFH;J7:E9ECEIK8=HKFE(E<79; 7 <79;?IIEJ7C8ZC E9EHH;:KH7DJ;7IH;KD?a;I:E=HKFEFEHZC=;H7BC;DJ;DEJ7D:E I;GK;EIDb9B;EIJ[CKC97HTJ;HC7?IFHZL?EF;IIE7I GK;@TI;9ED>;9;C:;EKJH7IH;KD?a;I;EK:E9>7J*HE9KH7H7<?D?:7:;I:;<7JEI;JEHD7KC77J?L?:7:;:EIC;C8HEI C7?IH;9;DJ;IFE?I C;ICE>7L;D:E7I?DJ;H JHE97I;DJH;IK8=HKFEI:?<;H;DJ;IEI C;C8HEI@TI78;C C7?IEK C;DEI ED:; J[C C7?I 7<?D?:7:; EK C;DEI (E 9>7J FE:;C 79EDJ;9;H Db9B;EI GK; DEHC7BC;DJ; DWE I; L[ ;C H;KD?a;I I H7Pa;IF7H7?IIEIWELTH?7I7I7B7;IJTL7P?7:;EKJHEIC;C8HEIFEH?IIEEIGK;BT;IJ7L7CF7HJ?B>7H7C;IJ77<?D?:7:; IKH=?K KC J;C7 ;DJH; ;IJ;I C;C8HEI GK; DKD97 J?D>7 IKH=?:E 7DJ;I ;IJWE 7 <?C :; J;9B7H 9EC EKJH7I F;IIE7I H;DEL7YWE ;J9 ';C8HEI GK; DEHC7BC;DJ; 7F;D7I I; 9KCFH?C;DJ7C F7II7H7C 7 ?DJ;H7=?H 9EC C7?I ?DJ;DI?:7:; D7GK;B; CEC;DJE =;H7D:E KC IK8=HKFE GK; FE:; I;H H; 7JK7B?P7:E EK DWE ;C EKJH7 I?JK7YWE H;JEC7H 7 9EDL;HI7 DKC7H;KD?WEFEH;N;CFBE C7IGK;9EDIJ?JK?K KC Db9B;E:;?DJ;H7YWE CEC;DJVD;E:E=HKFE9ECE CK?JEIEKJHEI Db9B;EI;CCK?JEIEKJHEICEC;DJEIFEII]L;?I ?D:79ECH;B7YWE7EIIK8=HKFEIDE9>7JFE:; I;DEJ7H7FH;I;DY7:EI:;<EHJ;?:;DJ?<?97YWEEKFEII]L;B?:;DJ?:7:; 9ECEEI>7F7HH7?I7JH7LZI:E;IJ?BE:;7JK7B?P7YWE;I9H;L;CGK7I;I;CFH;9ECB;JH7IC7?bI9KB7I=H?J7D:E8H?D97C CK?JE J;9B7C 87?N7H?7I ;I9H79>7:7I J;9B7C IE8H; E 7>?7 E J?C; :; <KJ;8EB J;9B7C IE8H; HE9A <7B7D:E C7B :; F7=E:;;CK?J7IL;P;I;I9H;L;CJ;HCEIH;<;H;DJ;I7E=HKFEGK;EI?:;DJ?<?97C9>7F7 ?IIE9>7F7 7GK?BE;J9 ;D5G;FAE67;@F7D3QPA@A5:3F 07CEI J;DJ7H :;I9H;L;H 9ECE I; :T KC FEII]L;B 9?H9K?JE :; ?DJ;H7Ya;I :; C;C8HEI :E =HKFE DE 9>7J :;FE?I:7C;?7 DE?J;;I9EB>?:E7B;7JEH?7C;DJ; (?:EJ;9B7;C:;IF;:?:79EC'T<?7(KD97EHC;;FE?I9EC$;II?97DWEC;C8HEDECEC;DJE;FE?I 9ECBZJH?A7;FE?I9ECJE:EIC;DI7=;C78;HJ7:;:;IF;:?:7L;P;IF7H7J;H9;HJ;P7GK;JE:EIFK:;H7C B;H*HEL7L;BC;DJ;;B;L?D>7J;9B7D:EC7?I9EC;IJ;I'T<?7$;II?97;BZJH?A7GK7D:E:;FE?I;K;DJH;?D7 I7B7 'T<?7J;9B797H?D>EIE9ECB;II7D:H7;FE?IH;IFED:;7:;IF;:?:7:;(?:E;FE?I7L?I7F7H7JE:EIGK;;IJT 9ECIEDE-7?KBE=E:;FE?I7I:;IF;:?:7I:;L;CJ;HI?:EsH;I;HL7:7ItFE?ID;CC;ICE7I9EDL;HI7I7DJ;H?EH;I ;IJ7L7C7F7H;9;D:E B;II7D:H7J;9B797H?D>EI79EC!EB:;DO;;B;;IJ7L79ECE9ECFB;C;DJE#D&EL;DED?9A;FE?IH;IFED:;E 97H?D>E :; 'T<?7 @T ;C :;IF;:?:7 FHEL7L;BC;DJ; ;IJ7L7C DE H;I;HL7:E '7?I J7H:; ;B7 I7? :7 I7B7 EC 9;HJ;P7;IJ7L7J;9B7D:EH;I;HL7:7C;DJ;9ECEKJHEIC;C8HEI;EKKIKTH?EI BZJH?A7 J;9B7 97IK7B 9EC -9EE8O EE ;FE?I ?DGK?I?J?L7 IE8H; 7 :;CEH7 ;C B>; H;IFED:;H 9EC BEFH7:E D7CEH7:E:;B7;FE?IDEL7C;DJ;9ECBEFH7:EB7C;DJEIFHEL7L;BC;DJ;;B;IJ7C8ZC;IJ7L7CH;I;HL7:EI ;FE?I9EC-9EE8OEEEKJH797IK7B?:7:;;FE?I:;LEBJ79ECBEFH7:EB7C;DJ7D:E7IGK;:7I:;9ED;NWE (EL7C;DJ; 9EC BEFH7:E :?P;D:E I;DJ?H <7BJ7 :;B; '7?I J7H:; J;9B7 9EC ';= L;P;I 9EC;DJ7 7 "& :; BEFH7:E ;FE?I H;IFED:; :;IF;:?:7 :; (?:E ;FE?I H;IFED:; :;IF;:?:7 :; KC J7B %KHJ DWE C;C8HE DE CEC;DJE 9K@7 C;DI7=;C :; :;IF;:?:7 DWE 7F7H;9; ;FE?I H;IFED:; :;IF;:?:7 :; 'T<?7 ;FE?I ;B7 I; :;IF;:; :; :ED7? EK ;IJ7L7C H;I;HL7:EI EK J;9B7H7C 7DJ;I :; ;K ;DJH7H B7 J;HC?D7 DWE I7?D:E J;9B7 DEL7C;DJ;9ECBEFH7:EGK;H;JEHD779ED;NWE:?P;D:EGK;79>7L7GK;DWEC7?Is<7B7H?7t9EC;B;D;IJ;:?7 EDJ?DK7 J;9B7D:E 97H?D>EI7C;DJ; 9EC BEFH7:E *7H;9; ;IJH7D>E ;B;I DWE ;IJ7H;C DE H;I;HL7:E JHE97D:E 97H?D>EI #%% '7?I J7H:; ;B; s97?t DEL7C;DJ; B7 9EBE97 C;DI7=;C :; B7C;DJE F7H7 JE:EI ;FE?I J;9B79EC-9EE8OEEDEL7C;DJ;:?P;D:EGK;;B7;BEFH7:EDWE;IJ7L7CD7CEH7D:E?IIEFEH97KI7:EJ?FE :;?DJ;H7YWEGK;;B;I;IJ7L7CJ;D:E;GK;;IJ7L7DE78;HJE-9EE8OEEJ7C8ZC;IJH7D>EK;B;IDWE;IJ7H;CDE H;I;HL7:E;FE?IDWEL?C7?IC;DI7=;DI:;B77JZ;KI7?H ;D=EI7 J;9B7 9EC !EB:;DO; '7?I J7H:; DEL7C;DJ; 9EC ;B; ;FE?I 9EC 7I7:E ;FE?I ;B7 J;9B7 F7H7 JE:EIF;H=KDJ7D:EIE8H;!7JEB7FHEL7L;BC;DJ;;IJ7L7;CLTH?EIH;I;HL7:EIFE?IDWE7L?C7?I7JZ;B7I7?H -9EE8O EE J;9B7 7B;=H; 9EC BZJH?A7 ;FE?I 9EC (7DE DWE C;C8HE DE CEC;DJE (EL7C;DJ; 9EC BZJH?A7 ; DELE 9EC (7DE ;FE?I DEL7C;DJ; 9EC BZJH?A7 7F7H;DJ;C;DJ; I; :;IF;:?D:E '7?I J7H:; ;B; 9EBE97KC7C;DI7=;C;D=H7Y7:7F7H7JE:EIL;P;I;FE?I;B;J;9B79EC->7HED7F7H;DJ;C;DJ;;B7;DJHEK ; ;B; :;9?:?K <?97H ;FE?I J;9B7 9EC ';= H;9B7C7D:E FEH JE:EI ;IJ7H;C I7?D:E I; :;IF;:?D:E ;FE?I DEL7C;DJ; 9EC ->7HED (EL7C;DJ; 9EC ';= ; DELE 9EC BZJH?A7 L;P;I ; LEBJ7 F7H7 ->7HED L;P;I 8;C 7B;=H; <?D7BC;DJ; KC7 bBJ?C7 F7H7 BZJH?A7 :?P;D:E DWE ;DJ;D:;H 7GK;B7 I?JK7YWE :;B7 ; :E BEFH7:EDE78;HJE;DWEDEH;I;HL7:E(WE>EKL;C7?IC;DI7=;C:;B;7JZ;KI7?H ';= J;9B7 9EC (?:E H;IFED:;D:E :;IF;:?:7 ;FE?I 9EC BEFH7:E ;FE?I 9EC BZJH?A7 ;FE?I ;B7 9EBE97 C;DI7=;C:;:;IF;:?:7F7H7JE:EI:?P;D:E;IJ7H97DI7:7;FEH?IIEDWEI;:;IF;:?HT:;97:7KCL;P;IZI_ 9EF?7H;;DL?7HLTH?7IL;P;I7DJ;I:;I7?HF7H7J;H9;HJ;P7GK;JE:EIFK:;H7CB;H7C;DI7=;C !EB:;DO; J;9B7 9EC ;D=EI7 IE8H; I;H I?D9;HE 9EC I;DJ?C;DJEI ;FE?I 9EC 8;B>7 DWE C;C8HE DE CEC;DJE IE8H; E C;ICE 7IIKDJE ;FE?I ;B; 9EBE97 C;DI7=;C F7H7 JE:EI ;NFH;II7D:E I;DJ?C;DJEI B;C8H7D:EGK;;B;;IJ7L79ECE9ECFB;C;DJE 'DED?9AGK;H:?P;HKC;IJ7:E;CE9?ED7BCEC;DJVD;E ;NFH;IIE F;BE 9ECFB;C;DJE !) ;C ?D=B[I .;9B7 DEL7C;DJ; 9EC ;D=EI7 IE8H; I;KI I;DJ?C;DJEI ;FE?I9EC!EIF;B!?HB7?D:7DEC;ICEJ;C7;FE?IJ;9B79EC->7HED9ECI7K:7YWE:;8E7IL?D:7I;B7 J?D>779787:E:;;DJH7H;FE?I:?IIEDWEL?C7?IC;DI7=;DI:;B;FHEL7L;BC;DJ;;B;<?9EKDEH;I;HL7:E9EC EKJH7IF;IIE7I)J;C7;NFH;IIEF;BE9ECFB;C;DJE;CI;KD?9A<E?KC77<?D?:7:;GK;;B;F7HJ?B>EK9ECCK?JEI EKJHEIC;C8HEI;IF;9?7BC;DJ;=7HEJ7I BEFH7:E ;DJH7 D7 I7B7 :;FE?I :; FHEL7L;BC;DJ; J;H 97]:E CK?J7I L;P;I .;9B7 9EC BZJH?A7 F;:?D:E ;B7 F7H7 ;IF;HT BE ;FE?I DEL7C;DJ; 9EC ;B7 ;NFH;II7D:E ;CEYa;I EDJ?DK7 J;9B7D:E 9EC ;B7 B; I7? :7 I7B7 FEH ;D=7DEB;;DJH7:;DELE;J;9B79ECBZJH?A7H;9B7C7D:E:7I<7B>7I;CI;K9ECFKJ7:EH;J9(WEEL?I7?H:; DELEC7IIK79ED;NWEL?D>797?D:ECK?JE7I?97C;DJ;;B;J;9BEK9ECBZJH?A7 ->7HED ;DJH7 D7 I7B7 ; J;9B7 9EC !EB:;DO; I; 7DKD9?7D:E 8;?@E ;J9 ;FE?I J;9B7 9EC -9EE8O EE :E C;ICE@;?JE;FE?I9EC'T<?7@TH;IFED:;D:E7:;IF;:?:7=;H7B:;B;9ECKCJ;HCECK?JEKI7:EF;BE=HKFE sH?I97tGK;I?=D?<?97# #.;9B7DEL7C;DJ;9EC-9EE8OEE;FE?I9ECKCJ7B:;:KDWEC;C8HEDE CEC;DJE7F7H;DJ;C;DJ;H;87J;D:E7B=EGK;;B;:?II;H;I;HL7:7C;DJ;;GK;;B7DWE=EIJEKB7;DJH7;I7]:7 I7B7H7F?:7C;DJ;FHEL7L;BC;DJ;7B=KCFHE8B;C7JZ9D?9E.;9B79EC-9EE8OEEDEL7C;DJ;H;9B7C7D:E:EI I;HL?YEI:79ECF7D>?7J;B;<`D?97BE97B;FE?IDWEL?C7?IC;DI7=;DI:;B77JZ;KI7?HJ7BL;P;B7;IJ?L;II;DE H;I;HL7:E9ECEKJHEIF;IIE7IC;C8HEIEKDWE 0;CEI GK; EI 9?H9K?JEI :; ?DJ;H7Ya;I FEII]L;?I :; KC C;C8HE :;DJHE :E 9>7J IWE 87IJ7DJ; <BK?:EI ; J7C8ZC ?DJ;H 9HKP7:EI I;D:E 9EDIJHK]:7I D767E 67 ;@F7D3QW7E GK; :; <7JE DWE IWE CK?JE B?C?J7:7I FE?I >T I;CFH; C;C8HEI ;DJH7D:E; I7?D:EEK C;ICE>T I;CFH; KIKTH?EI J7C8ZC FHEDJEI7;IJ7H;C:;DJHE:;IJ7IH;:;I:;?DJ;H7Ya;III7I 9EDIJHKYa;I9ED@KDJ7I;;CH;:;ZEGK;:WEEF;H<?B:7I?DJ;H 7<?D?:7:;IJHE97:7I;DJH;EICK?JEIC;C8HEIIK8=HKFEI ;J7C8ZCKIKTH?EI9ECKDIGK;FE:;C7?D:7L?H7I;HC;C8HEIJK:E:;F;D:;:7IJHE97I:;7<?D?:7:;I)I9EDJ;b:EI IWE 87I?97C;DJ; Bb:?9EI ; 7<;J?LEI 9ECE FK:;CEI L;H E F7HJ?B>7C;DJE :; 9_:?=EI FHEFEH9?ED7 EI ?C;:?7JEI H;9ED>;9?C;DJEI;JHE97I;J7C8ZC9ED<B?JEI;DJH;C;C8HEIDWE?=DEH7D:EEIFEII]L;?I7FH;D:?P7:EI;H;DEL7Ya;I ;J7C8ZC9ED<B?JEI@KDJE7EIKIKTH?EIDWEC;C8HEI9ECEJ7C8ZCL?CEI 35738357 BD7E7@F3QPA (7 FH?C;?H7 L;P GK; <K? 7 KC7 H;KD?WE 9>;=K;? DE IKFEIJE BE97B :E ;D9EDJHE FEH LEBJ7 :7 >EH7 C7H97:7 (EJ;? KC F;GK;DE=HKFE7EH;:EH:;:K7IC;I7IC7IDWEJ?D>79;HJ;P7I;;H7C;B;I.?D>7GK;C;7FH;I;DJ7H9ECEC;KD?9A F;IA?I7:EH ; DWE ;IJ7L7 JWE I;=KHE ;C 9>;=7H DE =HKFE ; C; 7FH;I;DJ7H FE?I I;H?7 KC =H7D:; 9EDIJH7D=?C;DJE I; <EII;E=HKFE;HH7:E(7FH?C;?H7C;I7;IJ7L7KCF;IIE7BC7?I97BCEC;DEI7=?J7:EBE=E:;I9ED<?;?GK;DWE<7P?7C F7HJ;:E=HKFE-KIF;?J7GK;I;9ED<?HCEK DE:;9EHH;H:E;L;DJE(7 C;I7ED:;79>7L7GK;;H7H;7BC;DJ;EF;IIE7B !7B;H7 47P 7DJ;I :; <?D7BC;DJ; C; 7FH;I;DJ7H <?GK;? I;DJ7:E DKC7 C;I7 FH_N?C7 ; E8I;HL;? I;C ?DJ;H<;H?H C?D>7 FHEN?C?:7:; 7JH7?K KC EK EKJHE EB>7H FHEL7L;BC;DJ; 7B=KZC 79>7II; GK; FHE9KH7L7 E =HKFE EK 7F;D7I ;IJH7D>EK 7B=KZCIEP?D>EI;DJ7:EF;HJE;EB>7D:EF7H7;B;I(EJ;?GK;H;7BC;DJ;;H7C87IJ7DJ;7=?J7:EI9EC7B=KC7IF;IIE7I I;DJ7:7I ; 7B=KC7I :; FZ (7GK;B; CEC;DJE ;IJ7L7C EB>7D:E <EJEI :; 7B=KC ;L;DJE F7II7:E :E =HKFE L?C I78;H :;FE?I GK; ;H7C :; KC7 L?7=;C U 9?:7:; :; -;HH?D>7 7B=KC7I :?7I 7DJ;I DE <;H?7:E :; k :; C7?E IJ7L7C 9ECF7HJ?B>7D:E EI CEC;DJEI F7II7:EI H; F7HJ?B>7D:E H;L?L;D:E E F7II7:E H?JK7B :; H;JEC7H 7 >?IJ_H?7 H;9;DJ; :E =HKFE I;C;B>7DJ; 7 GK7BGK;H =HKFE 79H;:?JE F;IIE7B :; HE9A GK; I; H;bD; F7H7 KC DELE I>EM ; 9EC;DJ7C EI 79EDJ;9?C;DJEI:;KCI>EM7DJ;H?EH7IF?7:7IEI79?:;DJ;I7I8;8;:;?H7I;J9(EJ;?GK;;H7E7D?L;HITH?E:;7B=KZC :E =HKFE C7?I J7H:; :;I9E8H? GK; ;H7 :7 C;C8HE 9>7C7:7 C?=7B?D:7 :; H7I]B?7 ; GK; ;B7 ?H?7 ;C8EH7 DE :?7 I;=K?DJ;C7II_FE:?77IIKC?HF;BEGK;E8I;HL7L7;EKL?7:;BED=;JZ;IJ;CEC;DJE:;I_E8I;HL7YWE7?D:7I;C C; 7FH;I;DJ7H J7C8ZC DEJ;? GK; EI H7F7P;I ;IJ7L7C C7?I <;9>7:EI ; C7?I s9ECF7D>;?HEIt ;DJH; I? ; 7I CEY7I ;IJ7L7CC7?I7B;=H;I;I7BJ?J7DJ;I=H?J?D>EI;J9ICEY7I8;?@7L7C;78H7Y7L7CJ7DJECEY7IGK7DJEH7F7P;I7EI; L;H;CH;L;H;CEIH7F7P;I7C7?EH?7I;B?C?J7L7C77F;HJEI:;CWE;DJKI?7IC7:EI/CF7H7B;BE;CH;B7YWE7;II7 :?<;H;DY7:;;NFH;II?L?:7:;IZECE:E9ECE7ICKB>;H;IF7H;9;CJ;HC7?I<79?B?:7:;;C9EBE97H:;9B7H7Ya;I:;7<;JE DE 9>7J F;BE C;DEI F7H;9;C I;H ;C C7?EH GK7DJ?:7:; EI >EC;DI E <7P;C C;DEI C7I J7C8ZC E <7P;C FH?D9?F7BC;DJ;FEHGK;DWE>TEKJH7<EHC7:;<7P[ BEDE9>7J:?<;H;DY7J7C8ZCI;;IJ;D:;F;BE<7JE:;7ICKB>;H;I I;;NFH;II7H;C:;IJ;CE:E9EC7C8EIEI=[D;HEI;DGK7DJEGK;EI>EC;DI;C=;H7BIEC;DJ;9EC7ICKB>;H;I bBJ?C7 9E?I7 GK; DEJ;? 7DJ;I :; <?D7BC;DJ; C; 7FH;I;DJ7H <E? E <7JE :; CK?JEI J;H;C ;C CWEI 7F7H;B>EI :; J;B;<ED; 9;BKB7HFE:;F7H;9;HJH?L?7BDEI:?7I:;>E@;FE?ICK?J7=;DJ;FEIIK?;II;7F7H;B>EC7IDEJ;?GK;>7L?7KC7<KDYWE ;IF;9]<?97DE=HKFEC7DJ;H9EDJ7JE;DJH;;B;IFH_FH?EI<EH7:7GK;B7H;KD?WE7B=KZCGK;DWE?H?7FE:;HL?HC7IGK;H?7 :?P;H s)#t EK 7B=KZC GK; DWE CEH7 D7 9?:7:; C7I GK; =EIJ7 :; s;IJ7H FH;I;DJ;t D7I H;KD?a;I L?7 J;B;<ED; 7GK? 7 C;:?7YWE;B;JH`D?97CEIJH7C7?IKC7IK7KJ?B?:7:;DEFHE9;IIE:;IE9?78?B?:7:;7B=KZCDWEFE:;L?H;C9EHFEC7I <7PIK77JK7B?P7YWE;C<EHC7:;LEPDKC:;IBE97C;DJEFKH7C;DJ;I?C8_B?9E '7HB7 <E? C?D>7 sC7:H?D>7t D;II7 7FH;I;DJ7YWE =;H7B F7H7 E =HKFE B7 <E? C; 7FH;I;DJ7D:E 7 97:7 KC :E =HKFE FH;I;DJ; FE?I ;B7 J?D>7 I?:E @KIJ7C;DJ; 7B=KZC 9EC J?D>7 J?:E 9EDJ7JE 7DJ;H?EH DE 9>7J FE:;H?7 J;H I?:E J7C8ZC '7H9;BE EK57DO5EK7?D:7!EB:;DO;7F;D7IGK;'7HB7<E?GK;C7F7H;9;KFH?C;?HEB7KI7L7KC797C?I77PKB ED:;;IJ7L7;I9H?JEEDEC;'7HB7;C8H7D9EKCI]C8EBE:;?:;DJ?<?97YWE9ECE=HKFE;:;DJHE:E=HKFEI;KDEC; L;H:7:;?HEZEKJHEBE=E;IJ;DEC;I_<7PI;DJ?:E:;DJHE:E=HKFE?:;DJ?<?97D:E 79ECE:E=HKFE'K?JEI:E=HKFE 9>7C7L7C;B7:;sJ?7tFEH97KI7:;IK7?:7:;+K7BGK;HC;C8HE9ECFEK9EC7?I:;7DEIFE:;I;H9>7C7:E 97H?D>EI7C;DJ;:;sJ?E7tRKC7<EHC7J7DJE:;I;F7H7YWEGK7DJE:;?DJ;=H7YWE@EL?7B?:7:;:E=HKFEZC7DJ?:77E C;ICEJ;CFE;CGK;I;;IJ78;B;9;KCsBK=7HtF7H7EF;IIE7BC7?IsC7:KHEt .?L;EFEHJKD?:7:;:;FH;I;D9?7HF;B7FH?C;?H7L;PEH?JK7B:;7FH;I;DJ7YWED79>;=7:7:;KC:EIC;C8HEIEC;ICE CE:EGK;DE9>7J=;H7BC;DJ;9EIJKC7 I;9EBE97HKC7C;DI7=;C:;I7K:7YWE78;HJ77JE:EIGK7D:EI;;DJH7D7I7B7 E 9>;=7H D7 H;KD?WE E C;C8HE I9HEJE F7IIEK 7 <7B7H ; 9KCFH?C;DJ7H 7 JE:EI KC 7 KC 7I =7HEJ7I 9EC 8;?@EI ; 78H7YEI;EI>EC;DI9EC7F;HJEI:;CWEC;ICEEIC;C8HEIGK;;B;DWE9ED>;9?7?D9BKI?L;;K(EJ;?GK;;IJ7;H7 KC7FHTJ?97 C7?IEK C;DEI9ECKC7JE:EIGK;?7C9>;=7D:EUIL;P;I9EC C7?I;DJKI?7ICEUIL;P;I C;DEID;C I;CFH;9ECJE:EIC7I9EC7C7?EH?7FEHZCI;C:bL?:7KCH?JK7B:;7FHEN?C7YWEGK;?:;DJ?<?97EH;9ZC9>;=7:E 9ECEF7HJ;:E=HKFEH;9ED>;9;D:EEI9ED>;9?:EI;I;7FH;I;DJ7D:E7EI:;I9ED>;9?:EIs+K7BZI;KD?9AtEKs+K;C ZLE9[t;:7]I;<EHC7D:EEL]D9KBE:;7<?D?:7:; F_I77FH;I;DJ7YWE?DJHE:KYWEF;D;JH7YWEDE=HKFE7II?C9ECE DE9>7JJ;D:; I;7>7L;HKCF;H]E:E:;7:7FJ7YWE ;DJHEI7C;DJE F7H7 GK; E DELE C;C8HE I; <7C?B?7H?P; 9EC 7I F;IIE7I ; :;I9K8H7 7GK;B7I 9EC GK;C J[C C7?EH 7<?D?:7:; F;HC7D;9;D:E ;II7I 7<?D?:7:;I J7DJE DE 9>7J GK7DJE DE <79; 7 <79; N )I >7F7HH7?I D7I H;KD?a;I D7 FH7?7 D7I <;IJ7I D7I L?7=;DI ;B;I J;D:;C 7 <?97H @KDJEI F7HJ?B>7D:E 7I IK7I 7<?D?:7:;I C7I ;IJWE I;CFH; J7C8ZC <7B7D:E ; 8H?D97D:E 9EC EKJH7I F;IIE7I :E =HKFE (E 9>7J GK7D:E C;C8HEI :E =HKFE ;DJH7C J;D:;C 7 <7B7H 9EC JE:EI EI FH;I;DJ;I EI EKJHEI C;C8HEI ; GK7?IGK;H ;L;DJK7?I 9ED>;9?:EI C7I :;FE?I H;:KP;C EI ?DJ;HBE9KJEH;I 7 7GK;B;I9ECGK;CJ[CC7?I7<?D?:7:;IC;ICEGK;I;@7CEC;DJVD;7 F7HJ?B>7H;C7B=ED7GK;B;CEC;DJE7F;D7I C;B>EH?BKIJH7YWE:?IIEZ79?H9KB7YWE;DJH;?DJ;HBE9KJEH;IDE9>7J;;DJH;IK8=HKFEID7IH;KD?a;I*EHC7?IGK;>7@7 7<?D?:7:;I;DJH;7B=KDII;CFH;I;;IJT;C?DJ;H7YWE9ECEKJHEIUIL;P;IC7?IUIL;P;IC;DEI@TFK:;J;IJ;CKD>7H E97I?a;I;CGK;7F_IEI9KCFH?C;DJEI:;9>;=7:7J7DJEDE9>7JGK7DJED7IH;KD?a;IKCC;C8HEF7IIEKJE:EJ;CFE :;IK7FH;I;DY7D77JK7B?P7YWE9>7JEKH;KD?WE<7B7D:EEKJ;9B7D:E9EC7F;D7IKC7F;IIE7DJWE7]@TI;H;7B?PEK JE:7IK7FH?C;?H77:7FJ7YWE B>;53@6AAED;FG3;E *;FG3;E8AD?G>36AE ED>;9?C;DJEJZ9D?9E7FH;D:?P7:EF;B79EDL?L[D9?79>7J;<79; 7 <79; &?D=K7=;C;LE978KBTH?EEI9_:?=EI7FH;D:?P7:EF;B79EDL?L[D9?79>7J;<79; 7 <79; (;J?GK;J79ED>;9;H7I9EDL;DYa;I:;9EDL?L[D9?7:E=HKFE;H;IF;?JT B7IF7H7I;I;H79;?JE 7FH;D:?P7:E?D<EHC7B FE:; I; ;HH7H ; 7FH;D:;H F;BE ;HHE EKJHEI FE:;C ;DI?D7H 7 97H79J;H]IJ?97 >ED;IJ?:7:; ;IJT 9EDJ?:7 7GK? C7I 87IJ7 9E;H[D9?7DE9ECFEHJ7C;DJE <?D?:7:;I FHZ H;GK?I?JE F7H7 IE9?7B?P7YWE I_ FE:; >7L;H IE9?78?B?:7:; ED:; >T I]C8EBEI I;C;B>7DJ;I 7 I;H;C JHE97:EI ,?JK7B :; FH;I;DJ7YWE :;FE?I :; J;H 7FH;D:?:E ; J;C I; 9EC 7B=KC7I F;IIE7I DE 9>7J ; :7] 87IJ7 7 EFEHJKD?:7:;LEDJ7:;9EDL?J;;J9F7H7?HD7H;KD?WEE9>;=7HD7kH;KD?WEFHE9KH7 I;F;IIE7I9ECGK;C@TI; J;D>7J;9B7:E7JH7LZI:ED?9A;IJ7F;IIE7I;HTKC7;IFZ9?;:;=K?7F7:H?D>EGK;7@K:7HT7<7P;HEFH?C;?HE9?H9K?JE:; 9KCFH?C;DJE7FH;I;DJ7YWEF7II7D:EFEHJE:EIEC;C8HEID?9AIFH;I;DJ;ID7H;KD?WE:7]87IJ7:;I;DLEBL;HEH?JK7B 7EBED=E:7H;KD?WE:7I<KJKH7IH;KD?a;I;<KJKHEI9>7JII;CFH;I;=K?D:E; ,?JK7B:7>;=7:79KCFH?C;DJEIZEH?JK7B9EDJ]DKEF7H7GK7D:EI;9>;=7D7IH;KD?a;I<7B7 I;9ECJE:EIEIGK; @T ;IJWE FH;I;DJ;I <7P;D:E I; KC 9?H9K?JE 9ECFB;JE (EHC7BC;DJ; I; <7B7 C7?I 9EC 7I F;IIE7I @T 9ED>;9?:7I C7I J7C8ZCL7?I;7FH;I;DJ7D:E7EIGK;DWEI;9ED>;9;EKB;C8H7 ,?JK7B:7;IF;:?:7I;C;B>7DJ;7EIEC;DJ;GK;ZD7>EH7:;F7HJ?H:7H;KD?WE )IH?JK7?I9EHH;IFED:;DJ;I7 ;DE9>7JFE:;CI;H;IKC?H7I?CFB;IC;DJ;9EBE97H KC7 C;DI7=;C:; EK $!78;HJ7:?H?=?:77JE:EIsE7J7H:;F;IIE7BtsJZC7?I=7B;H7tECEJE:EIFE:;HWEB;H7C;DI7=;C; 7C;IC7DWE;IJT:?H?=?:77D?D=KZC;IF;9]<?9E?DJ;HFH;J7 I;9ECEKC9KCFH?C;DJEEK:;IF;:?:79EB;J?LEIR9B7HE GK;7F;IIE7FE:;<7P;HEC;ICEF7HJ?9KB7HC;DJ;F7H77B=KZC9ECGK;CL?D>7J;9B7D:E7DJ;IEKI?CFB;IC;DJ;FEH LEDJ7:; ) H?JK7B DE 9>7J Z KC FEK9E :?<;H;DJ; FE?I Z 9ECFB;J7C;DJ; :;F;D:;DJ; :; 7<?D?:7:;I 7 FH?D9]F?E ;D9EDJH7H 7<?D?:7:;I9ECF;IIE7I:E=HKFEF7H79EC;Y7H7I;IE9?7B?P7H;:7]7FH;D:;HEIF7IIEI;EI9_:?=EI /C7 ;N;CFB?<?97YWE I?IJ;CTJ?97 :; JE:EI ;IJ;I H?JK7?I I;H?7 C;DEI ?DJ;H;II7DJ; F7H7 7 9ECFH;;DIWE C7?I 7CFB7 :7 IE9?78?B?:7:;:E=HKFE:EGK;D7<EHC7:;I?JK7Ya;IFH;I;DJ;ID7I:;I9H?Ya;IFEIJ;H?EH;I9ECE<E?;I9EB>?:E<7P;H >GJAE;@F7D@AE6A9DGBA KH7DJ;KC7H;KD?WEE=HKFE7KC;DJ79EDI?:;H7L;BC;DJ;9ECE9EDJ?=;DJ;<BK?D:E:;KDI7C;C8HEIF7H7KDI 7FEH;N;CFBE(E9EC;YEE9KF7D:EKC7C;I7;7HH;:EH;I=;DJ;:;FZ;C7?IJ7H:;KC7IEKC;I7I9ECI;KI IK8=HKFEI:;9EDL;HI7I;9EC8E7F7HJ;:;B;I9?H9KB7D:E:;KCBK=7HF7H7EEKJHE;C?DJ;H7Ya;ICbBJ?FB7I;9HKP7:7I )I9>EGK;I;DJH;F;HIED7B?:7:;IJ7C8ZC<7P?7F7HJ;:;IJ;I9HKP7C;DJEI)ID?9AI;I9EB>?:EIF;BEIC;C8HEIJ;DJ7L7C ;NFH;II7H;C=H7D:;F7HJ;7B=E?C7=?D7:EFEH;B;IFH_FH?EI9ECEF7HJ;:;IK7IF;HIED7B?:7:;IBZJH?A7;H77=?J7:7 BEFH7:E;H7B;DJE'7BK9E;H7s:E?:EtI9HEJE;H7s;I9HEJEt;J9)CE:E9ECE?IIE?DJ;H<;H?7D7I?DJ;H7Ya;I;H7JWE L7H?TL;B GK7DJE 7 L7H?;:7:; :; DEC;I FE?I :;II;I 9>EGK;I I; 9EDIJHK]7C 7I H;:;I :; H;B7Ya;I GK; <EHC7L7C 7 7JK7B?P7YWE:E=HKFE;IJ77JK7B?P7YWE )?DJ;H 9HKP7C;DJE:;9?H9K?JEI:;?DJ;H7YWE:EIC;C8HEII;CEIJH787IJ7DJ;C_L;B7=?J7YWE;7CEL?C;DJ7YWE:EI ?D:?L]:KEIFH;I;DJ;IZ9EDIJ7DJ;:;CEDIJH7D:EKCFEK9E :7DEYWE:;?CF79JE DE;IF7YE;NFH;IIEFEH C;C8HEIDE 9>7J 7DJ;I GK7DJ?:7:; IEC7:7 7E 9ECFEHJ7C;DJE 7B;=H; H;7BC;DJ; 9>7C7L7 7 7J;DYWE ;C H;B7YWE 7E H;IJE :E 7C8?;DJ;-EK8;C7?IJ7H:;GK;;II7;H7KC7F;9KB?7H?:7:;:7IH;KD?a;I:;I;NJ7 <;?H7FE?I;H7CC7?IF;IIE7I;C7?I CEL?C;DJE*EIJ;H?EHC;DJ;L;H;CEIGK;D7IH;KD?a;I:;GK7HJ7 <;?H7;J7C8ZC:;IT87:EE<BKNEZ8;CC;DEHJ7DJE ;CGK7DJ?:7:;GK7DJE;C7=?J7YWE (KC7H;KD?WE:;GK7HJ7 <;?H7>7L?7JH[I C;I7IE9KF7:7IF;BEF;IIE7B:E=HKFE,;7BC;DJ; >7L?78;C C;DEIGK;D7 I;NJ7 <;?H7;;IJ7L7CI;DJ7:EI;C7?I97BCEI(KC7C;I7;IJ7L7CF;IIE7I>EC;DI;CKB>;H;CEKJH7;IJ7L7C EIC;C8HEI';=GK;B;C8H;?BE=E:7H;KD?WE7DJ;H?EH;IJ?DE;27D:?D>7I;DJ;?9EC;B;I7?D:7D7J;H9;?H7C;I7 E9KF7:7 ;IJ7L7C E 97I7B E=E8?B ; -?D:O :;FE?I ;B;I I; @KDJ7H7C 7 D_I E=E8?B 7JZ H;9B7CEK :; ;K DWE J;H 9KCFH?C;DJ7:E;B;GK7D:E9>;=K;?;K:?II;GK;;B;F7H;9?7sE9KF7:Et;DWEGK?I7JH7F7B>7H(EJ7 I;7?CFEHJVD9?7:7 H;DEL7YWE :EI H?JK7?I :; I7K:7YWE GK; 9ECFa;C E F;HJ;D9?C;DJE 7<;J?LE 7E =HKFE ;IF;H7 I; GK; 7E I; 9>;=7H D7 H;KD?WE :;L7 I; I7K:7H 7 JE:EI EI FH;I;DJ;I H?JK7B :; 7FH;I;DJ7YWE9>;=7:7 '7?I J7H:; 9>;=7H7C 7 I;H C;I7I E9KF7:7II;CFH;9EC=HKFEI8TI?9EII;DJ7:EI;C;C8HEIL7H?TL;?I?D:E:;KCDb9B;E7EKJHE(WEI;D:E;IJ7I:K7I 97J;=EH?7I :; C;C8HEI I;CFH; EI C;ICEI I;CFH; L7H?7D:E ECE D;IJ7 H;KD?WE :; GK7HJ7 <;?H7 E 9EDJ?D=;DJ; ;H7 C;DEH7<EHC7YWE:;IK8=HKFEI;H7C;DEI;NFB]9?J7?IJEZ7<BK[D9?7;DJH;Db9B;EI;H7C7?EHFEH?IIEE97HTJ;HC7?I KD?<?97:E:E=HKFEFH;I;DJ;)JEJ7B:;C;C8HEIL7H?EK:;DEL;9EDJ7=;CD79>;=7:77JZECTN?CE ?P ;C 97CFE KC7 B?IJ7 87I;7:7 ;C CZ:?7I ;NJH7]:7I :; JE:7I 7I H;KD?a;I <H;Gc;DJ7:7I ; E8I;HL7:7I FEH C?C >;97D:E I; 7 >EH7 :; 9>;=7:7 ; :; I7]:7 :EI C;C8HEI C7?I 7II]:KEI D7 ZFE97 :7 F;IGK?I7 ; L;H?<?97D:E E J;CFE CZ:?E:;F;HC7D[D9?7:;97:7KC0;H?<?97CEIJ7C8ZCEJ;CFECZ:?E=;H7B:;JE:EI;IJ;I;J7C8ZCDEJ7CEIGK7BZ E F;H]E:E :; C7?EH 9ED9;DJH7YWE :; C;C8HEI D7I H;KD?a;I D;IJ; 97IE J7DJE :; GK7HJ7 GK7DJE :; I;NJ7 <;?H7 @T GK; 7F;I7H:7:?<;H;DY7:;GK7DJ?:7:;IDEI:E?I:?7I CTN?CE :7GK7HJ7 <;?H7 C;C8HEI CTN?CE:7I;NJ7 <;?H7 C;C8HEIEF;H]E:E:;C7?EH9ED9;DJH7YWEZEC;ICE:;L?:EUI9EDJ?D=[D9?7I<]I?97I;J;CFEH7?II>EFF?D=:;FE?I :;JH787B>EJHVDI?JE>EH7GK;I>EFF?D=<;9>7;J9 (EJ7CEI GK; 7 CZ:?7 :; F;HC7D[D9?7 :; KC C;C8HE DKC7 H;KD?WE =?H7 ;C JEHDE :; >EH7I )8L?7C;DJ; GK; ;IJ7 CZ:?7ZL7H?TL;BFE?I;N?IJ;C I?JK7Ya;IF7HJ?9KB7H;IGK; I;CFH;FE:;CE9EHH;H:KH7DJ;7FH;I;DY7:;97:7C;C8HE -?JK7Ya;I ;C GK; KC C;C8HE 9>;=7 ; I7? H7F?:7C;DJ; FE?I J;C KC EKJHE 9ECFHEC?IIE C7I :;I;@7 F7II7H F;BE ;D9EDJHEF7H79KCFH?C;DJ7HE=HKFE)KI?JK7Ya;I;CGK;KCC;C8HE;IJTDEI>EFF?D=:;I:;9;:EFEH7B=KC7H7PWE; FEH?IIEI;KF;H]E:E:;F;HC7D[D9?7<?9EKCK?JE;NJ;DIE)GK;FE:;CEI7?D:77<?HC7H7F7HJ?H:;IJ7ICZ:?7IZGK;E F;H]E:E GK; 9ECFH;;D:; 7I C7?EH;I 9ED9;DJH7Ya;I :; C;C8HEI J7DJE GK7HJ7 GK7DJE I;NJ7 <;?H7 Z ;DJH; UI ; E GK; DEI :?P :7 I7]:7 :7 C7?EH?7 :; IK7I E9KF7Ya;I :?TH?7I JH787B>E ;EK ;I9EB7 :E JHVDI?JE :7 9?:7:; DE >EHTH?E ;DJH; >EH7I ; GK7I; I;CFH; 9ED=;IJ?ED7:E ; :7I :?<;H;DJ;I :?IFEI?Ya;I ;C <?97H DE =HKFE 7JZ KC 9;HJE >EHTH?E I; 7JK7B?P7D:E C7I :;FE?I I; F7HJ?D:E F7H7 7I H;KD?a;I :; F7H;I EK :; <7C]B?7 EK IK8=HKFEI EK 7JZ C;ICEI_I7BZC:E<7JE:EI>EFF?D=DWE:;CEH7HJ7DJE7<;9>7H E3BDAJ;?3QW7EBAD38;@;6367 KH7DJ;C?D>7FH?C;?H7H;KD?WEJ?L;7EFEHJKD?:7:;:;;IJ78;B;9;HKC9EDJ7JEL?7KC7H;<;H[D9?77<?D?JTH?7:E9>7JL? KCH7F7P9ECKC797C?I7:787D:7:;HE9A,7=;=7?DIJJ>;'79>?D;;B;C8H;?:;J;HJ;9B7:E9ECEC;C8HE-7B=7:E IE8H;;IJ787D:7:7]FK:;;IJ78;B;9;HKC9EDJ7JEFH;9;:;DJ;9ECEH7F7PC;ICEDWEI;D:EE-7B=7:EC7II?CKC 7C?=E:;B;'7BK9E*EIJ;H?EHC;DJ;<?GK;?I78;D:EGK;7C8EI<7P?7CF7HJ;:EIK8=HKFE7KJE:;DEC?D7:E>7F7HH7?I :;7<?D?:7:;I87IJ7DJ;;IF;9]<?97I ?977GK?EH;=?IJHE:EFE:;H:;KC7I?CFB;I7<?D?:7:;?D:?H;J7@TGK;E9EDJ7JE<E? 9ECEKJHEF7H77FHEN?C7HF;IIE7I=;H7HFEII]L;?IJHE97ICEJ?L7HIE9?78?B?:7:;9ECFB;C;DJ7H;DJH;E9>7J;E<79; 7 <79; 0TH?7IEKJH7I?DJ;H7Ya;I79EDJ;9;H7C:;<EHC7JEJ7BC;DJ;97_J?977EIFH?C;?HEIEB>EI:;F;IGK?I7:EH';C8HEI9EC GK;CJ;9B;?7DJ;H?EHC;DJ;L?;H7CI;7FH;I;DJ7HJ7C8ZC7E9>;=7H;C;KCB7YE:;H;<;H[D9?7I;<EHCEKDECEC;DJE 'K?J7I ?DJ;H7Ya;I <BK]7C 7 F7HJ?H :7I H;<;H[D9?7I DE 9>7J 9ECFB;C;DJ7H?:7:; ;DJH; EI ;IF7YEI @T 9EC;Y7L7 7 I; CEIJH7H'7?IJ7H:;J7C8ZCFK:;DEJ7H7;IJHKJKH7:;IK8=HKFEI9EDL;H=[D9?7:;C;C8HEIF7H7:?<;H;DJ;I7<?D?:7:;I F;HIED7B?:7:;I9ECFEHJ7C;DJEI=EIJEI;J9;CH;:;:;JHE97I?DJ;H 9HKP7:7II?IJ;C7J?P7D:EKCFEK9EC7?I:E97EI 7F7H;DJ;:E=HKFEH;KD?:E)IFHE8B;C7IJZ9D?9EI;J;C7I:E9>7J:7#DJ;HD;J;C=;H7BIKH=;C9EDIJ7DJ;C;DJ;9ECE <EHC7I9ECFB;C;DJ7H;I:;7<?D?:7:;(;IJ7H;KD?WE7C;C8HE57DO57II?C9ECE'7H9;BE C;D9?ED7H7CEC;K s:;I7F7H;9?C;DJEt:E9>7JDE:?77DJ;H?EH;:?IIEI;=;HEKKC7?DJ;H7YWEC7?I:?L;HI7?D9BKI?L;9ECEKJHEIC;C8HEI J7C8ZC<7B7D:EIE8H;;II;J?FE:;7IIKDJE IJHE97I;DJH;C;C8HEIFE:;C?H:;I:;C;C_H?7I;8H?D97:;?H7IIE8H;;L;DJEIF7II7:EI7JZI;s9KHJ?Ht9ECKCD?9A ;C;IF;9?7B:;KCC;C8HEDELEEKC7?I7DJ?=E-?JK7Ya;IE9EHH?:7I;F7HJ?B>7:7IFEHC;C8HEIIWE9EDIJ7DJ;C;DJ; H; F7HJ?B>7:7ID7<EHC7:;C7J;H?7B:;JHE97I?C8_B?97/CEKJHEC7J;H?7BI?C8_B?9E:;JHE97I9EDIJ7DJ;IIWEEI#%$; !"&#$ ;DJH; C;C8HEI ;C =;H7B 9EC ?DJ;DYa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a;I<H;Gc;DJ;I:;C;C8HEI9EC;NFH;IIa;IJH?IJ;I7F7H;9;D:ED7IH;KD?a;IC7IJ;D:EI;KI I;C8B7DJ;I CK:7:EI DE :;9EHH;H :7I CbBJ?FB7I ?DJ;H7Ya;I ; ?IIE E9EHH;D:E FEHGK; 7B=E FKH7C;DJ; 7<;J?LE B>;I ;IJT FH;;D9>;D:E D7GK;B; CEC;DJE ; ?IIE Z 7 .- !#%% GK; F7H;9; ?CFEHJ7H C7?I F7H7 EI C;C8HEI J;H F;IIE7I9ECGK;C9EDJ7HF7H7F7HJ?B>7HEICEC;DJEI7B;=H;I9EDIJHK?HCEC;DJEIBb:?9EIL?L;H7IE9?78?B?:7:;:;DJHE :E 9ECFB;NE JE:E :; IK7I L?:7I C;ICE GK; 7 7F7H[D9?7 :7 C;IC7 I;@7 9ECFB;J7C;DJ; <bJ?B ) C;ICE J?FE :; F;HJ;D9?C;DJE?DJ;HFH;J7:EFEH'?:B;@;-?BL7IE8H;EI87?B;I<KDA;C-7BL7:EH;FEH0?7DD7DE,?E:; $7D;?HEFKH7C;DJ;7<;J?LE;;<[C;HEC7ID;9;IITH?E7EII;KI?D:?L]:KEI N?IJ;CJ7C8ZC:;DJHE:E=HKFECK?J7I7<?D?:7:;I?DJ;H 9HKP7:7IC;C8HEIGK;CEH7CDEC;ICE87?HHE;IJK:7CD7 C;IC7;I9EB7JH787B>7C9ECEC;ICEJ?FE:;9E?I7;J9IJ;J?FE:;7<?D?:7:;;IJ7H?7DKC7PED7C7?IF;H?<ZH?97:E 9;DJHE CEJ?L7:EH :7 IE9?78?B?:7:; FE?I @T GK; CK?JE :E GK; Z F7HJ?B>7:E ?D?9?7BC;DJ; DWE H;L;B7 JK:E IE8H; E C;C8HEKIKTH?E ) GK; FE:;CEI 79H;I9;DJ7H :?IJE Z GK; >T I;CFH; C7?I 7 I;H JHE97:E ; F7HJ?B>7:E D7I H;:;I :; 7<?D?:7:;IGK;9ECFa;CE=HKFE 'D7E7DH36A835738357 )H;I;HL7:E<79; 7 <79;J;C:E?I7IF;9JEIlEGK;ZL?IJE:KH7DJ;KC7H;KD?WE:E?IC;C8HEII;7<7IJ7C:E=HKFE F7H7J;HKC79EDL;HI7C7?IFH?L7:77IEKJH7IF;IIE7I:E=HKFEFE:;CL;HGK;EI:E?I;IJWE<7B7D:EH;I;HL7:7C;DJ;E l7IF;9JEZE:EH;I;HL7:EDWE;NFEIJEGK;ZGK7D:E7B=KZC:E=HKFEC7H97KCsH;I;HL7:Et;D9EDJHE;J99EC 7B=KZC:E=HKFEEKDWEI_GK;<EH7:7H;KD?WE;CEKJHEBK=7H)IEKJHEIC;C8HEI:E=HKFEDWEJ[C9ECEL;H;II; H;I;HL7:ED;C9ECEI78;HIE8H;EC;ICE II7FHTJ?979EDJH?8K?F7H7EF7HJ?B>7C;DJE97:7L;PC7?I;B78EH7:E:;7<?D?:7:;I;DJH;EIC;C8HEI:E=HKFE=;H7D:E IK8=HKFEI 97I7?I ;J9 J7C8ZC I;D:E KC7 9EDIJ7DJ; H;DEL7YWE :EI C;ICEI F;B7I JHE97I ?DJ;H 9HKP7:7I FE?I D;C I;CFH;EGK;<E?<;?JE<7B7:EDKCH;I;HL7:E<?97sH;I;HL7:EtF7II7D:E7I;HC7?IKCC7J;H?7BI?C8_B?9E:;JHE97C7?I 7<?D?:7:;I A?B>7?7@F3D;63677@FD77EB3QAE 9ECFB;C;DJ7H?:7:;ZKCFHE9;IIE9EDIJ7DJ;D79EDIJHKYWE:7DEYWE:;=HKFE;DJH;EIC;C8HEI:7!7B;H744-WE 7I9EDJ]DK7IJHE97I:;H;<;H[D9?7IGK;FHEFEH9?ED7C?IJE0;@7CEI7I;=K?H7B=KDI<H7=C;DJEIGK;;N;CFB?<?97CEJ?FE :;9ECFB;C;DJ7H?:7:;;DJH;;IF7YEI:;?DJ;H7YWE9>7J;<79; 7 <79;GK;J;CEIL?IJE;9EC7GK7B?H;CEIB?:7H7JZE <?C:7JDE=H7<?7 !mB:;DO;g <7B79ECn->HEDnL9JTB;=7BI7K:7:;I:;L9DWEJ;L;@E:;I:;>@H?IEI)C;C8HE!EB:;DO; I; H;<;H; @E9EI7C;DJ; 7E <7JE :; J;H;C I; L?IJE D;IJ; C;ICE :?7 D7 H;KD?WE :E =HKFE DE I>EFF?D= KC7 H;<;H[D9?79ECFB;C;DJ7H '&/) <7B79EC''z'#(".#+/()0#*,#)'!&, '' <7B7 9EC '&/) +/,) #, *, -- *,# +/&+/, "), --- ) C;C8HE '7BK9EI;H;<;H;U7JK7B?P7YWE:E=HKFE:;F7HJ;:;B;D7FH7?7;IF7YE:;?DJ;H7YWEGK;L;H;CEIC7?IJ7H:; E 9EDL?J; JH7P H;<;H[D9?7I F7H7 :;DJHE :E 9>7J E GK; ?D<BK;D9?7 7 ?DJ;H7YWE 9EC C7?I 7<?D?:7:;I 9ECFB;C;DJ7H;I ()g <7B79EC-'ggg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bI?97HE9AC7?I7=H;II?LE; C;DEI FEFKB7H :;CEDIJH7D:E EFEI?YWE 7E =HKFE 7C;H?97DE "7DIED GK; <7P 97DYa;I B;L;I FEFKB7H;I ; 9EC;H9?7?IDEFEDJE:;L?IJ7:;B;>TKC77<?HC7YWE:;7<?D?:7:;F;B7:?<;H;DY7 J7C8ZCEKJH7IJHE97I9ECFB;C;DJ7H;I:?L;HI7I7BZC:7IEKJH7I<;HH7C;DJ7I:;?DJ;H7YWED7FH_FH?7#DJ;HD;J; C7?B; #+;:EIEKJHEI;IF7YEI:;?DJ;H7YWE<79; 7 <79;FH7?7L?7=;DI<;IJ7I;J99ECEDEI<H7=C;DJEI =7JEg97H;DJ; <7B79ECC?BEAC;B?=77=;DJ;L7?C7H97EA)C;C8HE!7JEC7H979EC7C;C8HEH;9;DJ;'?BKC J;B;<ED;C7F7H7J7BL;P:;FE?II;;D9EDJH7H;C<79; 7 <79;79H;:?JEGK;79ECFB;C;DJ7H?:7:;7GK?I;@77KJE ;L?:;DJ; L7? I; :; KC7 <;HH7C;DJ7 7 EKJH7 :; KC ;IF7YE 7 EKJHE 9EDIJHK?D:E I; ?DJ;H7Ya;I 9KCKB7J?L7I ;J9 *#./'-!,Q <7B79EC&)()#..#)%'#(".# & <7B79EC*#./'-!,Q(7KCI;?L?K;B7FEH7>?E7DE?J;H;<;H[D9?7:7s9EDL;HI7tZ IE8H; '7HB7 D7CEH7:7 :E C;C8HE 7B7 GK; I; 9ECFB;C;DJ7 FEH <7P;H F7HJ; :; EKJHEI ;IF7YEI :; ?DJ;H7YWEJ7C8ZCF;H=KDJ7 I;IE8H;;I;H;IFED:;DEJ;CEI7<7C?B?7H?:7:;:EIJ;HCEI;J7C8ZCEJ?FE:; B?D=K7=;C%(/'7>?;7F?J7KC F;IA?I7:EH H;I;HL7:7C;DJ;<7B79EC-9EE8OEEgI;LE9;ZE-9EE8O;DJWEDWE;H7LE9[GK7HJ7F7II7:7=;DJ; <E?F7H77HE:EL?TH?7@KDJEI9ECEKJHEI(WE<E?LE9[ -9EE8OEEg H;I;HL7:7C;DJ;<7B79ECF;IA?I7:EH+K7HJ7F7II7:709J7L77B?<E?&;C8HEGK;J7L7C;K;7';=:;FE?I 9>;=EKE(?:EEECI?JK7YWEGK;<E?F7HJ?B>7:77DJ;IZH;B;C8H7:7D7DEL77JK7B?P7YWE "T=H7D:;II;C;B>7DY7I;DJH; %;$#&3$RC;?E;IGK?PE<H[D?9EC7IJ7C8ZCI;CCK?JE9ECFHEC?IIE;DJWE IK7C7DKJ;DYWE9EDIJ7DJ;DWE:;C7D:7J7DJ77J;DYWE)IH;I;HL7:EIJ7DJEDE9>7JGK7DJED7IH;KD?a;IZGK;IWE7I ?DJ;H7Ya;I GK; B;L7C 7 KC7 C7?EH ?DJ?C?:7:; ;DJH; C;C8HEI ; GK7D:E I; H;JEHD7 7E 78;HJE L;;C I; 7I :?<;H;DY7I ?DJ;HD7I ; :7] FE:;C I; <EHC7H J7C8ZC ?:;DJ?:7:;I ; 7<?D?:7:;I C7?I =;H7?I F7H7 C7?I ;IF;9]<?97I ; F;IIE7?I H;DEL7YWE :E =HKFE F;B7 9EDIJ7DJ; :;I9E8;HJ7 :; 7<?D?:7:;I 7<;J?L7I EK DWE ;C 9ECKC ;DJH; DELEI ; 7DJ?=EI C;C8HEIIK8=HKFEIGK;I;?DJ;H H;B79?ED7C;9ECF7HJ?B>7CC;C8HEIC;ICEGK;J;D>7CC;C8HEIC7?I<?NEI (3DF;>:3?7@FAE .E:7IE9?78?B?:7:;:E=HKFEI;:TF;BEB3DF;>:3?7@FA67D787DS@5;3EEI9_:?=EI;I]C8EBEIF7HJ?B>7:EIIWEEIC7?I L?I]L;?I9ECEDE97IE:7F;9KB?7H?:7:;B?D=c]IJ?97;CGK;DWEI;:;L;<7B7HF7B7LH7IJ;HC?D7:7I;Cs/tF7H7I;;L?J7H 7H?C79ECs9Kt;NFB?9?J7D:EJE:Es/t<?D7B:;L;I;HJHE97:E FEHs#0-t;N;CFBEH797@KI;JEHD7sH797@?L;It 7PKBI;JEHD7s7P?L;ItKHKPKI;JEHD7s9KHKP?L;It'7J7JKI;JEHD7sC7J7J?L;It;J9*7H;9;7F;D7IKC7?D<7DJ?B?:7:; Bb:?97J7BL;PC7IZKC7<EHC7<7I9?D7DJ;:;?DJ;=H7YWE:?7DJ;:7FEII?8?B?:7:;:7=7B>E<7=;H7B:E=HKFEEK:;F7HJ;I :;B;GK;J;D>77EFEHJKD?:7:;:;EKL?HJ7?Is<7B>7It:?P;H I;Es/t:;DJHE:E=HKFE )KJH79E?I77I;HDEJ7:7DECE:E:;?DJ;H7YWE:E=HKFEJ7DJED7GK7HJ7GK7DJED7I;NJ7 <;?H7ZEF7HJ?B>7C;DJE:7I 9EC?:7I!;H7BC;DJ;97:7KC9ECFH7IK78;8?:7DE;DJ7DJEGK7D:E7B=KZC9ECFH77B=KCB7D9>;EKJ?H7 =EIJE;E B;L7 F7H7 KC7 C;I7 ED:; ;IJWE EKJHEI C;C8HEI E DEHC7B Z I; :?L?:?H 9EC EI EKJHEI FH?D9?F7BC;DJ; 87J7J7 <H?J7 E B7D9>;C7?I9ECKC;C7?I87H7JEDEI>EFF?D=RC7?IKC7<EHC7:;?DJ;=H7YWEGK;7@K:779EDIJHK?HEF;HJ;D9?C;DJE 7E=HKFE/CC;C8HEH;9ZC9>;=7:EZ9EDL?:7:E79EC;HJ7C8ZCKCF7HJ?B>7C;DJEGK;I;C:bL?:77FHEN?C7GK; ZIE9?7B?P7DJ; *?7:7I;8H?D97:;?H7I:;9EDEJ7YWEI;NK7BF7H;9;CCK?JE<7P;HF7HJ;:E9]H9KBE:;>KCEHF?97DJ;FH;I;DJ;D79KBJKH7 :EI @EL;DI :; -7BL7:EH C7I9KB?DEI FH?D9?F7BC;DJ; ; :; LTH?7I 9B7II;I IE9?7?I C7I FH?D9?F7BC;DJ; CZ:?7 GK; F7H;9; I;H 7 =H7D:; C7?EH?7 GK; 9EDL?L; DEI C;ICEI C;?EI ; 7FH;D:;C 7I C;IC7I 9E?I7I ?D:7 H;9EH:E :7 ?DI?IJ[D9?7:EC;C8HEEC;CGK;H;HC;sF;=7HtDKC7:;II7IF?7:7IGK7I;GK;:;CEDIJH7D:E?HH?J7YWEGK7D:E;K DWE;H77<;J7:EEKC;ICE;DJ;D:?77F?7:7 7PF7HJ;:7F;D;JH7YWEDWEI_DELE978KBTH?E:E=HKFEC7IJ7C8ZC DEI I?=D?<?97:EI I?C8_B?9EI ; Bb:?9EI :7GK;B7I F7HJ]9KB7I 8;C F7HJ?9KB7H;I GK; <EHC7C 7 IE9?78?B?:7:; :E =HKFER F7H7GK;I;HL;CJE:EIEIH?JK7?I:;F7II7=;C7:EC?D7YWE:EI9_:?=EI;79ECFH;;DIWE:;I;KIKIEI;JH7DI<EHC7Ya;I :;I?=D?<?97:EII?C8_B?9EI7JH7LZI:E9EDL]L?E;:E7FH;D:?P7:E 5A@H7D9S@5;367F3@FAE6;87D7@F7E *7H779ECFH;;DIWE:7IE9?78?B?:7:;:EI?D:?L]:KEIGK;<7P;CF7HJ;:;IJ;=HKFEZD;9;IITH?EF;D;JH7HKCFEK9E;C IK7 ?DJ?C?:7:; ; ?IIE D;C I;CFH; Z KC7 J7H;<7 <T9?B I;D:E KC FHE9;IIE :; IE9?78?B?:7:; JWE 7CFB7C;DJ; 9EDJ;NJK7B?P7:E FEH J7DJEI ;B;C;DJEI 9KBJKH7?I 9EDIJ?JKJ?LEI IE9?;:7:; ZFE97 <7C]B?7 ?DIJHKYWE ?:;EBE=?7I 9B7II; ;9ED`C?97 79;IIE 7 ?D<EHC7YWE :;I9ED<?7DY7 ?DL?I?8?B?:7:; CKBJ?FB?9?:7:; :; ;KI ;J9 FE:;CEI 7F;D7I J;DJ7H F;D;JH7H D7 ?DJ?C?:7:; :EI ?D:?L]:KEI 7JH7LZI :; I;KI H?JK7?I DE9EC E =HKFE :; IK7 HEJ?D7 9EJ?:?7D7 F7H7 ;DJ;D:;H7IK79ECFH;;DIWE:7H;FH;I;DJ7J?L?:7:;I?C8_B?97:E=HKFED7C;IC7EGK7DJEE=HKFE?CFEHJ7F7H7;B;; :;IK7I?:?EII?D9H7I?7I;9EDJH7:?Ya;IDEI;K:?I9KHIEIE8H;7H;B7YWE;DJH;E=HKFE;IK7L?:7F;IIE7B 7P;D:E?IIE 9EC KC7 F7HJ; :E =HKFE FE:;H;CEI <EHCKB7H KC7 97:;?7 :; 9ED9;?JEI GK; FE:;HWE <7P;H 9ECFH;;D:;H 9ECE Z ;II7 IE9?78?B?:7:;;IF;9]<?97 (KC JEJ7B :; C;C8HEI 9EC KC7 ?:7:; CZ:?7 :; 9;H97 :; 7DEI J;D:E 9ECE ;NJH;CEI ; ; KC7 9ED9;DJH7YWE ;DJH; ; 7DEI 7BZC :; CK?JEI EKJHEI 9EC EI GK7?I DKD97 J?L; 9EDJ7JE FE?I :KH7DJ; E F;H]E:E :7 F;IGK?I7DWE<H;GK;DJ7H7CH;KD?a;IEK;DJWEF7II7L7C:;IF;H9;8?:EI:?7DJ;:E<BKNE:;C;C8HEI:E=HKFEEK7?D:7 F;B7C7H=;C:;;HHEGK;I;CFH;7:C?J?7;DGK7DJE<7P?77E8I;HL7YWE:E<BKNE;FH;I;DY7:;C;C8HEIGK;;H7:;7 F;IIE7I FE?I CK?J7I L;P;I I; JEHD7L7 ?CFH7J?9TL;B E 79ECF7D>7C;DJE :;L?:E 7E 7F7H;DJ; 97EI :; 7B=KC7I :;II7I H;KD?a;I(E;DJ7DJE7GK?;IJTEGK;FE:;CEI9>7C7H:;Db9B;EEKC?EBE:EGK;<E?E=HKFE!7B;H744:KH7DJ;E F;H]E:E:;C;I;I:;E8I;HL7YWE F7HJ?9?F7DJ;L?:;DJ;C;DJ;DWE<E?7FH;I;DY79EDIJ7DJ;:;IJ;IJE:EIC7I<EH7CEI 9ECEIGK7?IJ?L;F;BEC;DEIE9EDJ7JE:77FH;I;DJ7YWE;C7B=KCCEC;DJEC;ICEGK;;C7F;D7IKC7H;KD?WEFEH ?IIE7I:?<;H;DY7I:;GK7DJ?:7:;I:;?D<EHC7YWE;IJ;IKCEKJHE:7:EGK;FE:;CEI;NJH7?HZ7GK7DJ?:7:;:;97I7?I <EHC7:EI:;DJHE:E=HKFED7ZFE97I;J;L;H;CEI9ECC7?I7J;DYWEGK;;IJ;J?FE:;H;B7YWE:;F7H;IZJ7C8ZC KCJ?FE:;IK8=HKFE:;DJHE:E=HKFE9ECEF7HJ?B>7C;DJE:;7<?D?:7:;I7<;J?L7IC7?I]DJ?C7I;EF7HJ?B>7C;DJEC7?I F;IIE7B:;IK7IF;HIED7B?:7:;I %79 7DEI CEH7 DE87?HHE:;HEJ7I ;IJK:7 DEl7DE:El=H7KFH;J;D:;L?7@7HF7H7E;NJ;H?EH F7H7 ;IJK:7H?DJ;H9VC8?E9KBJKH7B<7C]B?7:;9B7II; CZ:?7J;CEFEHJKD?:7:;:;IEC;DJ;;IJK:7H:;L?7@7HF7H7E ;NJ;H?EH79;II7#DJ;HD;J:;97I7@Ts<?9EKt8;?@7H;J9I_DKC:?7EK;L;DJE9ECEKJHEC;C8HE:E=HKFEC7I 7## ;E$,# IWE7FEDJ7:EI9ECE7J?L?:7:;IDEJEH?7C;DJ;Bb:?97IFEH"K?P?D=7 ';I;DJ?9ECECK?JEI:EIDJHEF_BE=EIGK;LWEF7H77B:;?7I?D:]=;D7I;GK;IWEJH7J7:EI9ECE9H?7DY7IFE?IDWE ;DJ;D:;C7B]D=K7:?H;?JE7?D:7;F7II7CFEH?DE9;DJ;II;CC7B]9?7D7II?JK7Ya;I:;II;J?FE )I87?HHEIED:;EIC;C8HEIH;I?:;CIWEL7H?7:EIC7IIWEDEJEH?7C;DJ;:;9B7II;CZ:?7(WE<7PCK?J7:?<;H;DY7 F7H7DEII79ECFH;;DIWEED:;;B;I;IJWEH;B;LVD9?7:;B;IF7H77IE9?78?B?:7:;:E=HKFEI;:TDED]L;B:;C7?IKC7 7<?D?:7:; FEII]L;B ;DJH; C;C8HEI 7FHEN?C7D:E EI EK 7<7IJ7D:E EI C7I DKD97 I;HL?D:E :; ?CF;:?C;DJE F7H7 ?DJ;H7Ya;IF;BEC;DEI?IIEDKD97<E?:;CEDIJH7:EFEHD;D>KCC;C8HE DWEL?HEKD7CEHE(WE<7PF7HJ;:;D;D>KCIK8=HKFE;IF;9]<?9EC7I<?97CK?JE9ECEI>7F7HH7?I)D?9A';= ZKC7<EHC7:?C?DKJ?L7:;I;KDEC;L;H:7:;?HEGK;DWE?H;?H;L;B7HI;HL;J7DJEF7H7KC77FH;I;DJ7YWEC7?I I?CFB;I9ECEF7H7FHEJ;YWE:EDEC;FH_FH?EGK7BGK;HL7H?7YWE:7]ZCEC;DJVD;7NC;=K?D>7 %3D>3 7DEII;F7H7:7J;C<?B>EI<EHC7:7;C:C?D?IJH7YWE; <;PF_I =H7:K7YWE;C:C?D?IJH7YWE *b8B?97<KD9?EDTH?7Fb8B?977JK7D:E9ECEI;9H;JTH?7@TJ;L;D7CEHEI9EC;Y7:EID7#DJ;HD;J?D9BKI?L;E7JK7B 9ECE7B7:E=HKFEI;9EDI?:;H7:;9B7II;CZ:?779;II77#DJ;HD;JFH?D9?F7BC;DJ;:EJH787B>EC7IJ7C8ZC J;C 79;IIE :; 97I7 L[ D7 #DJ;HD;J KC FE:;HEIE ;IF7YE F7H7 E ;DLEBL?C;DJE ; H;B7YWE :; F;IIE7I ) D?9A '7HB7 GK; C7?I J7H:; ;B7 CK:EK F7H7 FEH 97KI7 :E 7D?L;HITH?E Z 7F;D7I KC7 7BJ;H7YWE DE DEC; L;H:7:;?HEGK;J7C8ZCDWE?H;?H;L;B7H 3>3C7?I:;JH?DJ77DEIsJ?EtD7CEH7'7HB7 A9A4;> 7DEI;IJK:7;JH787B>77B;=H;;IE9?TL;BD7CEH77C;C8HE-?D:O79;II7C7?I:EJH787B>E9ECE7 C7?EH?7)D?9AZ7F;B?:E9H?7:E7DJ;H?EHC;DJ; 7PF7HJ;:EIK8=HKFE7KJE:;DEC?D7:E'T<?7 +;@6K 7DEI ;IJK:7 ; JH787B>7 D7CEH7 E=E8?B -;K D?9A Z KC7 H;<;H[D9?7 7BJ;H7:7 :E DEC; :7 <7CEI7 CE:;BE ?D:O H7M<EH: 7 ?DJ;DYWE I;CFH; @E9EI7 C7I 7E 7JH7?H E I;K H;9ED>;9?C;DJE ; I?CF7J?7 E DEC; ! & 36/A>8 79;II7:EJH787B>E7DE?J;J;CKCF;H<?BI;DI]L;B;<?HC;7H;IF;?JE:7IH;B7Ya;IL?7#DJ;HD;J79H;:?J7 GK;FE:; I;<7P;H7C?=EIIKF;H<?Z?I C7IFEK9EIE<7JE:;J;HKC JH787B>E?DJ;HDE;7DE?J;E7FHEN?CEK:; 7B=KDI C;C8HEI 87IJ7DJ; ;IF;9]<?9EI 9EC GK;C 9H?EK B7YEI :; 9ED<?7DY7 CK?JE <EHJ;I ,;I;HL7:E DWE <7B7 IE8H; ;II;I 7C?=EI 7F;D7I :?P GK; CK?JE 9E?I7 Z FEII]L;B D7 #DJ;HD;J -;K D?9A Z KC7 H;<;H[D9?7 :; 7KJE ?C7=;CsBE8EtsC7KtC7IGK;:?PEEFEIJE:;I;K97HTJ;HI;CFH;7C?=E;H;I;HL7:EIK7FHE9KH7FEH7C?=EI L;H:7:;?HEID7#DJ;HD;J<7PH;<B;J?HD;IJ;DEC;s+K;HE9ED>;9;HF;IIE7IGK;GK;?H7C9ED>;9;HI;KL;H:7:;?HE &t'K?JE7C?=E:;*;D;BEF;7I;=K?H (7@7>AB7 F;HJE:EI7DEIJH787B>7;C;CFH;I7GK;B?:79ECF;a;I9EDIJHKYWE8H?D97B>ED7<7B7:;JK:E ;B7 I_ <E? 7 KC7 H;KD?WE :KH7DJ; E F;H]E:E :7 F;IGK?I7 ;B7 ;H7 C7?I <H;Gc;DJ; C7I ?D9?:;DJ;I ; 9ED<B?JEI E9EHH?:EI 7DJ;I :7 C?D>7 ;DJH7:7 DE =HKFE 7 <?P;H7C I; 7<7IJ7H Z E C;ICE J?FE :; 9ED<B?JE GK; I;CFH; FE:; 79EDJ;9;H9BED;I7=?D:ED;=7J?L7C;DJ;DE=HKFEJHE97I:;79KI7Ya;I;?DIKBJEIC7B ;IJ7H;J9'K?JE7C?=7:; 7:1EB<)D?9A:;B7ZKC7H;<;H[D9?77C?JEBE=?7 J7C8ZC7:L?D:7:;=EIJE;9ED>;9?C;DJEF;IIE7B 7EF;@A 7DEI CEH7 DE 87?HHE :7 0?B7 &7KH7 ;C HEJ7I 7D7B?IJ7 :; I?IJ;C7I JH787B>7 9ECE 7KJ`DECE <7P;D:E ( !$; <7P F_I =H7:K7YWE ;C ?D<EHCTJ?97 D7 79KB:7:; ,KO 7H8EI7 KC7 ?DIJ?JK?YWE F7HJ?9KB7H (E CEC;DJE ';= DWE ;IJT C7?I <H;GK;DJ7D:E 7I H;KD?a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`D?97 BE97B D7 ZFE97 DE ;DJ7DJE 7I I;C;B>7DY7I :; CEJ?L7Ya;I Bb:?97I F;HC7D;9;C DEI :E?I =HKFEI 7F;I7H :E :;I;DLEBL?C;DJE :?<;H;DJ; ;LE B;C8H7H 7GK? 7?D:7 :7 ;N?IJ[D9?7:E=HKFE<EHC7:E7F7HJ?H:EFHEL;:EH/)&9K@EF;H<?BC7?I<;9>7:E;9ECFEK9EI;D9EDJHEIC;DEI GK;EI:7!7B;H744E<7PJ7C8ZC:?<;H;DJ;DE;DJ7DJE9ECCEJ?L7Ya;IBb:?97I;7<;J?L7II;C;B>7DJ;IB; J7C8ZC ;IJ;L; ;DLEBL?:E 9EC 9ED<KIa;I ; <E<E97I :;DJHE :E =HKFE DKC7 ZFE97 7DJ;I :; C?D>7 ;DJH7:7 DE C;ICE?II;IE8H;EID7CEHEIFEH;N;CFBEGK;;N?IJ;C7B=KDI97I7?I;I9ED:?:EIFE?I87IJ7GK7BGK;HsB7D9;t E9EHH;H D7I H;KD?a;I GK; JE:E CKD:E <?97 I78;D:E F;BE 9>7J CEIJH7D:E C7?I KC7 L;P GK; EI ;IF7YEI :; ?DJ;H7YWEI;9ECFB;C;DJ7C;GK;D;CI;CFH;FEI?J?L7C;DJ;J;D:EDEI9ED<B?JEIFEII]L;?IKC7F7HJ;?DJ;=H7DJ; :7C;IC7)D?9A;IJ?DEZKC7C?IJKH7:;C?JEBE=?7=H;=79ECKCF;HIED7=;C:;GK7:H?D>EI7F;D7IKC7 H;FH;I;DJ7YWE :; I;KI 9EDJ;b:EI I?C8_B?9EI F;IIE7?I (7 EF?D?WE :;B; 7I ;I9EB>7I :; (?9AI H;<B;J;C ) +/ +/,-,L;HIKI)+/-)(:K7B?:7:;GK;;IJ7CEI7EIFEK9EIE8I;HL7D:ED;IJ7IZH?;:;F;H<?I !3F37J7 L?DJ;;FEK9EI7DEICEH7DE87?HHE:7&?8;H:7:;D7CEH7;IJ?DE;IJK:7;JH787B>79ECED7B?IJ7 :; -KFEHJ; I; L[ 9ECE :; 9B7II; CZ:?7 79;II7 7 #DJ;HD;J J7DJE :; 97I7 GK7DJE :; JH787B>E ; ;I9EB7 J7C8ZC ;IJ;L; ;DLEBL?:7 9EC E C;ICE J?FE :; ?D9?:;DJ; DE GK7B *;D;BEF; <E? ;DLEBL?:7 7DJ;I :; C?D>7 ;DJH7:7 DE =HKFEFEH?IIE7B=KC7I:?<?9KB:7:;I:;9EDL]L?EDE=HKFE7JK7BC;DJ;D7ZFE97:7F;IGK?I7-;KD?9A<E?KC7 9EDIJHKYWE ?D9?:;DJ7B ;I9H;L;K s=7J7t KC J;HCE GK; GK7I; JE:7 =7HEJ7 KI7 ; F7H7 DWE F7H;9;H 9ECKC 79H;I9;DJEKs;N;tKC7;NJ;DIWE:;7HGK?LEIEK:;FHE=H7C7I:;9ECFKJ7:EH;9ECE;B7JH787B>79EC?IIE &;6A 7DEI CEH7DE87?HHE:;*;HD7C8KZIJH787B>7 ;C;I9H?J_H?E:;7:C?D?IJH7YWE:;?C_L;?I79;II77 #DJ;HD;J:;BTZ87IJ7DJ;FH;I;DJ;D7IH;KD?a;IF7GK;H7:EHC7I97B7:E-;KD?9AZKC7H;<;H[D9?77EFH_FH?E DEC; !A>67@K7 7DEICEH7DE87?HHE:;'KIIKHKD=77EGK7B;B;FH_FH?E9>7C7:;'KIIK9?JOKC78H?D97:;?H7 9ECH;B7YWEU:?IJVD9?7:E87?HHE;CH;B7YWE7E9;DJHE:79?:7:;:;-7BL7:EH;J7C8ZC;CH;B7YWE7EDEC;;C I? I;H s;D=H7Y7:Et Z 8H?D97B>WE ; <7B7DJ; <7P F7HJ; :E IK8=HKFE 'T<?7 ;IJK:7 D7 ;<;J 7DJ?=7 I9EB7 .Z9D?97 ;:;H7B:77>?7DE87?HHE:E7H87B>E7KJE:?:7J7;CH;B7YWE79ECFKJ7:EH;I;DJ;D:;87IJ7DJ;:E 7IIKDJE79;II7J7DJE:;97I7GK7DJE:EJH787B>EEGK7BJ7C8ZCZ9EC9ECFKJ7:EH;I-;KD?9AZKC7H;<;H[D9?7 7KC:EI<?BC;I:7IZH?;:;$7C;IED::7GK7B;B;Z<W)?C7=?DTH?E>;H_?9E9EB;J?LE<7P;D:EF7HJ;:;IK7 <EHC7:;;NFH;II?L?:7:;D;IJ;I;IF7YEI:;?DJ;H7YWEUIL;P;I9EBE979ECFB;C;DJEIDED?9A9ECEL?CEI9ECE ;NFH;IIWE:;KC;IJ7:ECEC;DJVD;E<]I?9EEK;CE9?ED7B 0;HJ;NJE'(.D:HZ-(&K?P"E8;@;6367E.;DFG3;E+A5;34;>;6367@A .;NJE ?D<EHC7J?LE '#&F7B79?EIK<878H +3G>ACT<?7DKD97:EHC; 7DEI;IJK:7DEEBZ=?EIJ7:K7B'7DE;B(ELT;Il7DE:El=H7KCEH7DE 87?HHE:7!7H?87B:?79;II77#DJ;HD;J:;97I7F7H;9;C7?IL;B>EJ7BL;PFEHI;HKCFEK9E=EH:E;L?:;DJ;C;DJ; <7PF7HJ;:EIK8=HKFE'T<?7B;KI7EFH_FH?EDEC;EKE;F]J;JEFHZ ;NFEIJE ,22 7DEI;IJK:7;JH787B>7CEH7DE87?HHE:E#C8K]IK7<7C]B?7DWE=EIJ7GK;;B79>;=K;;C97I7 J7H:;FEH?IIEDKD97<?97L7CK?JED7IH;KD?a;I97H?D>EI7;7J;D9?EI79ECGK7I;JE:EIL;H;CEIKC97IE:;KC C;C8HE GK; :;IJH7JEK CK?J7I =7HEJ7I DE 9>7J 7J ?D9BKIE ; FEH ?IIE ;B; <E? C;?E ?IEB7:E ;IJ; ;B7 DWE JH7J7 8;CB7;IJK:7DEC;ICE9EBZ=?E;IJ7:K7B;CGK;I9HEJE;IJK:7C7II_I;9ED>;9;H7C7JH7LZI:E=HKFE -;KD?9AH;<B;J;7KJE?C7=;C=7J77B=EGK;GK;HI;HEK79>7GK;Z;J7C8ZC=EIJEFEH=7JEI'K?JE7C?=7:; *EBBO:;!EB:;DO;;:;';= (7E=;E36AD 7DEICEH7;CHEJ7I;IJK:7;JH787B>779;II7:;97I77F;I7H:;;IJ7HH;7B?P7D:EKCJH787B>E :;DJHE:E=HKFEDWE:;?NEK:;<7P;H7B=KC7I8E7I7C?P7:;I77<?D?:7:;9EC!EB:;DO;7H;IF;?JE:;<?BC;I =;HEK8EDI<HKJEI;J7C8ZCI;:T8;C9EC7HJ_;IJ?DE;EKJHEI)D?9A7FH;I;DJ7IK7I?DJ;DYa;IDE=HKFE 7EC;ICEJ;CFEGK;;NFa;KC7<79>7:7C7?I:?IJ7DJ;:EIEKJHEI;I9ED:;D:EI;K;KC7?IJ]C?:E %3D57>A 7DEIJH787B>79ECE7:LE=7:E79;II7J7DJE:;97I7GK7DJE:EJH787B>E<7PF7HJ;:EIK8=HKFE 'T<?7/I7EFH_FH?EDEC;7F;D7I79H;I9;DJ7D:E7I?=B7:E;IJ7:EED:;L?L;:;ED:;J;9B7EKIK7EH?=;C E5DAFA 7DEI;IJK:7;Cl7DE:EI;=KD:E=H7K:;9EBZ=?E;IJ7:K7BBE97BEC;ICEGK;7JDEHC7BC;DJ; 7=?J7:E;?H`D?9E9ECJE:EIH7PWE:ED?9A@TD7CEHEKJH[I=7HEJ7I:E=HKFE9K@7bBJ?C77?D:7;IJT57DO5 23@K2L?DJ;;FEK9EI7DEI;IJK:7;JH787B>7D7CEH7I9HEJE-;KD?9AZ;NJH7]:E:EFH_FH?EDEC; ,;9D77>A F;HJE:EIBKJ7:EH:;L7B; JK:E7F;I7H:;;:K97:EI;DI]L;B;F7GK;H7:EHI;:?PL?EB;DJE<EH7:E =HKFE79;II7:;97I7C7?I7DE?J;-;KD?9AZKC7;NFH;IIWEC;?EC79>?IJ7:;L?H?B?:7:;J?=H;;7EC;ICE J;CFE:;L7?:7:;8;BE9EC;IJ;D?9A;B;;I9ED:;KCFEK9E:;IK77KJEFHEDKD9?7:7JHK9KB[D9?7BKJ7:EH;J9 ;J;DJ7;NFH;II7HGK;FE:;I;HsC79>Et;7EC;ICEJ;CFE7FH;9?7:EF;B7IF;IIE7I;IF;9?7BC;DJ;F;B7I=7HEJ7I -@=@AI@ ;I9ED>;9?:E 7DEI CEH7 DE 78KB7 '7J7 I9KH7 ;B; 8H?D97 9>7C7D:E :; 7HA $KD=B; JH787B>7=EIJ7 CK?JE:;8;8;H9;HL;@779;II77#DJ;HD;J:EJH787B>E-;KD?9A9EC;YE9ECEKC78H?D97:;?H7 C7I<KD9?ED7B9ECE<EHC7:;?:;DJ?<?97YWE;DJWE! & >ABD36A7DEI;IJK:7;JH787B>7>RFD;=37DEI;IJK:7;JH787B>7;B7ZIKF;H7=?J7:7;I78;:?IIEFEH ?IIEED?9A97I7BC8EI79;II7C:;IK7I97I7I (7DDK7DEI;IJK:779;II7:;97I7;:E9KHIE:;?D=B[IEF7?EB;L7F7H77IH;KD?a;IUIL;P;I ?97C;?E ;DL;H=ED>7:EGK7D:EL[7I=7HEJ7I78H7Y7H;CEKJHEIH7F7P;IFHEL7L;BC;DJ;J?C?:;P:77:EB;I9[D9?77<?D7B (E CEC;DJE 7J DWE ;IJT ?D:E D7I H;KD?a;I :;L?:E 7E ?CF;:?C;DJE :7 <7C]B?7 C7I I;CFH; C7DJZC 9EDJ7JE L?7 L?D>7I;D:EEC7?I@EL;C:E=HKFE (D7HS7DEIJH787B>7L;?E:;H7I]B?7D7CEH7C?=7B?D:7C;C8HE:;H7I]B?7GK;L;C:;L;P;CGK7D:E F7H7-7BL7:EH @<;@:A7DEI;IJK:7;JH787B>7D7CEH7&7D;)8I#HCWE:;D@?D>EDWEJ;9B79ECE=HKFEC7IL;CUI H;KD?a;I9ECEKC7=H;=7:EFEHI;H?HCWE:ED@?D>E;B;J;C7DEI;IJK:7 $3@7 L?DJ;;FEK9EI7DEII;CFH;CK?JE=;DJ?BD7CEH7D@?D>E 3DF 7DEICEH7DE87?HHE:;HEJ7IJH787B>779;II7:EC;ICEI;F7H7:7J;C:K7I<?B>7IC7?IL;B>7@T sJ;9B7tDE9>7J9ECED?9A.(.7CW;:?=?J7F7H7;B7C7I@TZKC7F7HJ?9?F7YWEDE=HKFE>;H:7:77HJB;L7 KC7EK7I<?B>7ID7IH;KD?a;IUIL;P;I;7IB;L7FH?D9?F7BC;DJ;F7H77FH7?77EI:EC?D=EI)=HKFEZ<7C?B?7H 77HJJ7DJEGK;;B7EC?IJKH79ECIK7<7C]B?7E9ECFB;C;DJE7<;J?LEI;JEHD7C7?I7CFBEC7?I78H7D=;DJ; NJH;C7C;DJ; 7B;=H; 9EC JE:EI @T s<?9EKt 9EC KC :EI C;C8HEI :E =HKFE C7I DWE L?HEK D7CEHE (WE <7P F7HJ; :; D;D>KC7 IK8=HKFE ;IF;9]<?9E C7I 7D:7 CK?JE 9EC EI >7F7HH7?I ) D?9A Z :?C?DKJ?LE :E DEC; L;H:7:;?HEGK;DWE?H;?H;L;B7H (;H7F!3>ZN *I?9EF7J7;$KDAO L?9?7:E :?II;GK;EF;IIE7B?CFB?97L79EC;IJ;ID?9AI7DEI;IJK:7 FH?CE:E'7BK9E:;I9E8H?KE9>7JFEH7IIE9?7YWE7IH;:;I:;H;B7Ya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a;I :;-T87:E U 7DEI CEH7DE87?HHE:E7H87B>E;IJK:7I;9H;J7H?7:E;N;9KJ?LE D7/-7B/D?L;HI?:7:;7J_B?97:; -7BL7:EH<7P87BZ79;II77#DJ;HD;J:;97I7C7I9ECH;IJH?Ya;I:7<7C]B?7I?CFTJ?97I;:T8;C9ECCK?JEI 9;BKB7H9ECC;C8HEIFH;I;DJ;ID7IC;IC7I-K7DEYWE:;F;HJ;D9?C;DJE7E=HKFEF7H;9;I;HH;7BC;DJ;<EHJ; $T L7P?7I D7 ZFE97 >E@; FH7J?97C;DJ; ;NJ?DJ7I 7I :; GK7HJ7 <;?H7 FE:;C ?H F;BE C;ICE 97C?D>E FE?I 7 9EDL;H=[D9?7C7?EH;H;DEL7YWE:E=HKFE;IJWED7IH;KD?a;I:7II;NJ7I <;?H7I :EI C;C8HEI >EC;DI /BJ?C7C;DJ; DWE L;C <H;Gc;DJ7D:E 7I H;KD?a;I FEH 97KI7 :EI ;DI7?EI :E 87BZ DEI C;ICEI:?7I;>EHTH?EI-;KD?9AI;H;<;H;7DEJ7CKI?97B:_:?PDWEJ;HJ?:E?DJ;DYWE;NFH;II?L77BZC:E<7JE :;I;HEH?=?D7B %363?7 'K?JE;:K97:7;7B;=H;<7B79ECJE:ECKD:EZ9B7HE9>7C7L7C;B7:;sJ?7tJ7C8ZCFE?I;B7 J;CC7?I:;)I;D9EDJHEIF7H;9;CH;7BC;DJ;FH;;D9>;H7B=E?CFEHJ7DJ;D7L?:7:;B7B77B;=7GK;@T <EHCEK LTH?EI 97I7?I DE =HKFE -K7 ?DJ;DYWE 9EC E D?9A Z :;CEDIJH7H 9;HJ7 C7JKH?:7:; ; H;IF;?JE J7C8ZC :;L?:E7?:7:;7FH;I;DJ7:7 ,D3=;@A;N F7?NED7:E;7J7HHE'7DKC7I?JK7YWE7:L;HI7:;H7C B>;;IJ;I;=KD:E7F;B?:E;B;DWE=EIJEK ;GK;8HEKH;=H7I:;9EDL?L[D9?79EC=7HEJ7I:E=HKFEDE9>7JCK:7D:E:;D?9A7EI;H:;I9E8;HJE<E?C;?E GK;?IEB7:EFEHJE:EI7F_I:?I9KIIa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b:;Z97J7H?D;DI; #3?;DACG3; I;KD?9A;NFH;II77:C?H7YWEF;B787D:7FEF:;C;ICEDEC; *&#'=EIJ7:;HE9AF;I7:E:;87D:7IGK;9KHJ;C-7JW;J9 3H3>7;DA63$G3L?DJ;;FEK9EI7DEICEH7;C'KIIKHKD=7 93FAZ7DEI?D:?7DEJH787B>7BE@7:;FHE:KJEI?D:?7DEI79;II7:;97I7 +=;>>L?DJ;;FEK9EI7DEICEH7DE78KB7 +5AA4KAAL?DJ;;FEK9EI7DEICEH7D7!7H?87B:?;IJK:7:C?D?IJH7YWE$%$%7D:7:;IA7J;I87IJ7DJ; 7C?=E:;LTH?7I=7HEJ7I (A7F3$;?3L?DJ;;FEK9EIJH787B>7DKC7BE@7:;FHE:KJEI;IFEHJ?LEI9EIJKC7B;L7HHEI7IF7H77I=7HEJ7I:E =HKFEGK7D:EL7?UIH;KD?a;IDE9>7J<?97;I9H;L;D:EFE;I?7IF7H77IC;IC7I B3;JA@36A7DEII?CFTJ?9EDWEZEC;ICE.H7A?DE7F;I7H:ED?9A;C9ECKC EI9>7F7HH7?I $3E=743>6A +3>936A !G34;D3437DEI;IJK:7;JH787B>7 %3>G5A7DEI;IJK:7;JH787B>7-;KD?9AZKC7;NFH;IIWE:EI;K=EIJEFEH9E?I7I;NJH7L7=7DJ;I *7;DF:GD7DEI 'CG7G@7B7EEA3E3B3D7@F7?7@F7FPA6;87D7@F7E *E:;CEI:;:KP?HKC9;DJHECEJ?L7:EHF7H77<EHC7YWE:E=HKFE;F7H77IK7IE9?78?B?:7:;;IF;9]<?97'?D>77<?HC7YWE :?7DJ; :7 ;NF;H?[D9?7 H;7B?P7:7 I;H?7 GK; 7 D;9;II?:7:; :; FH;;D9>?C;DJE EK F;HJ;D9?C;DJE GK; 9ECFB;C;DJ7 7 ;N?IJ[D9?79EJ?:?7D7C7IJ7C8ZCI;JEHD7D:EKC7F7HJ;?DJ;=H7DJ;:E9EJ?:?7DEZ;IJ;9;DJHE/C79;II_H?E7<;J?LE C7I GK; I; JEHD7 KC7 sD;9;II?:7:;t ECE DE 97IE :E C;C8HE 7:1EB< GK; :?II; GK; F7H7 ;B; <E? KC7 9E?I7 $$,#FHE9KH7H=;DJ;F7H7I;H;B79?ED7HFE?I;B;;IJ7L7FH;IEDKCJH787B>E >EH7IFEH:?7I_9EC C7?I:K7I F;IIE7I FH;I;DJ;I KC J?FE :; s;D97IJ;B7C;DJEt GK; FH;9?I7L7 I;H IKF;H7:E F;BE C;DEI I?C8EB?97C;DJ; B?8;HJ7H 7 C;DJ; sI7?H :; ED:; ;IJT F;BE C;DEI I?C8EB?97C;DJ; 7II?C I; FH;;D9>;D:Et ; s?H D7 H;KD?WE 9ECFB;C;DJ7 ;IJ; FH;;D9>?C;DJE FE?I :T KC FHEF_I?JE 7B=E F7H7 <7P;H 7F_I 7I E8H?=7Ya;I 9EJ?:?7D7I 9KCFH?:7It -;C :bL?:7 E :;FE?C;DJE:;B;Z7F;D7I KC7FEII?8?B?:7:;:;DJH; CK?J7I C7I DEI <7P9ECFH;;D:;H7 D7JKH;P7:7I CEJ?L7Ya;IGK; 9ECFa;CEDEIIEKD?L;HIE:;?DJ;H7Ya;IE=HKFE!7B;H744 +A4D7AE IC;C8HEI7J;';=I;CFH;C;H;9B7C7H7CFEH;I9H;L;HI;KIDEC;I9ECEI;<EII;CDEC;IFH_FH?EI9ECKDII <EHC7I9ECE;B7IFH_FH?7IEI;I9H;L;CZ7J55;C;=gH;IF;9J?L7C;DJ;KEIJH7DI<EHCE;CDEC;IFH_FH?EIF7H77 C7?I<T9?B?:;DJ?<?97YWE9ECEF;IIE7I:E=HKFE(E;DJ7DJEF7H;9;GK;EIC;C8HEI;FHEL7L;BC;DJ;EKJHEIKIKTH?EI H;7BC;DJ;L7BEH?P7CEII;KID?9AI9ECE$&$;F7II7C7I;HKC77FH;I;DJ7YWEJWE<EHJ;GK7DJE7FH_FH?7?DJ;HFH;J7YWE :EDEC;:;<7C]B?7 7P;D:E7KJE7DTB?I;:EKIE:EC;KD?9AF;IA?I7:EHI_DWEZF;IGK?I7:EHFEHGK;DWE9EK8;DE ;IF7YEBT:E9>7J:E.;HH744F7H7ED?9AF;DIEGK;7IIKCE;IJ7FEIJKH7:;;IJ7H<7P;D:EKC7F;IGK?I7:;DJHE:E =HKFE FE?I 7II?C DWE J;D>E GK; C; ;DLEBL;H H;7BC;DJ; 9EC D?D=KZC C7DJ;D:E 7 :?IJVD9?7 GK; DEHC7BC;DJ; C7DJ;D>E:7IF;IIE7I7BZC:;F7H;9;HJ;HKCJEC7KIJ;HE;IZH?EGK;79>EGK;9EC8?D79EC?=E;I9EB>7:ED?9A J;CCK?J7IL;P;I>7L;H9EC7B=EGK;E?D:?L]:KE79>7GK;;N?IJ;D;B;EKIE8H;;B;GK;EC;ICE=EIJ7H?7:;;N7BJ7H I9HEJE*?L;J7D@?D>E'7BK9EBZJH?A7)K;DJWEJ;C>7L;H9EC7B=EGK;I;GK;?H7;I9ED:;H9>7C7D:E77J;DYWE F7H7EKJHEFEDJE79H;:?JEGK;;C=;H7B9E?I7I:E?C7=?DTH?E9EB;J?LE9EDJ;CFEHVD;E;IJ?DE!EB:;DO;DEC;I:7 <?9YWE9?D;C7;J9)FH_FH?E;IJ?DEC;:?II;;CEKJH7E97I?WEGK;7I;I9EB>7I:EID?9AIJ;CCK?JE>7L;H9EC?IIE ;NFEH7B=E;;I9ED:;H7B=E;7?D:7GK;H;HI;H7B=KC79E?I7C;ICEGK;I;@77F;D7I77<?HC7YWE:;I?C;ICEKI7D:EE FH_FH?EDEC;EKL7H?7YWE:EC;ICE'7HB7';='7H9;BE ;J9 AF;6;3@A67E5D;F;HA6A9DGBA (KC7I;NJ7 <;?H77E9>;=7HBTFEHLEBJ7:;DEJ;?GK;I_>7L?7KC7IF;IIE7I-_KC7C;I7;IJ7L7E9KF7:77JZ 7GK;B;CEC;DJEE9KF7YWE:E;IF7YE:;?DJ;H7YWEZ=H7:K7B@KDJE9EC7GK7DJ?:7:;:;C;C8HEI9K@EF?9E9ECE L?CEIZ;DJH;;*H?C;?HE<7B;?9EC;IJ?DEB;DWE<?9EKCK?JEJ;CFED;IJ;:?7BE=E<E?;C8EH7FE?I J?D>7 EKJHE 9ECFHEC?IIE F7HJ?9KB7H I H;:;I :; H;B7Ya;I ?DJ;H?EH;I ; ;NJ;H?EH;I ?DJ;H<;H;C 9EDJ?DK7C;DJ; D7 IE9?78?B?:7:; :E =HKFE DE 97IE ;IJ?DE J?D>7 7B=E ;NJ;H?EH GK; E J?H7L7 :E =HKFE 7E C;ICE J;CFE EKJHE C;C8HE FE:?7<?97H7<;J7:EF;B77KI[D9?7:;;IJ?DEKC77<?D?:7:;;IF;9?7BFEH;B;;?IIE7<;J7HECE:E:;?DJ;H7YWE:KH7DJ; JE:EH;IJE:7H;KD?WEEDL;HI;?KCFEK9E9EC!EB:;DO;IE8H;EI<?BC;I:;$7C;IED:;CH;<;H[D9?77ED?9A:;B; I;HEJ]JKBE:;KC:EI<?BC;I:EIKF;H7=;DJ;?D=B[IB;:?II;I;H<W:E>;H_?IJHE97I7<?D?JTH?7I9EHH;DJ;IF7II7CFEH KC7L7IJ7L7H?;:7:;:;J;C7I;I]C8EBEIF7HJ?B>7:EI)I;K;DLEBL?C;DJE9ECJ7B]9ED;?C7=?DTH?E9EDJ;CFEHVD;E<7P F7HJ; :; KC :EI 7IF;9JEI Bb:?9EI GK; <EHC7 7 IE9?78?B?:7:; D7 #DJ;HD;J ; 9EDJ;CFEHVD;7 E F7HJ?B>7C;DJE :E ?C7=?DTH?E9EB;J?LE:;H?L7:E:;C;?EI:;9ECKD?97YWECE:;HDEI9?D;C7.0;:;B7P;HL?:;E=7C;I;E=HKFE(;J ;CI?)F7HJ?B>7C;DJE:;7<?D?:7:;I7J?D=;9;HJEIB?C?J;IGK;ZEGK;FHEFEH9?ED77IH;:;I:;7<?D?:7:;IJ;D:; I;U ;<;C;H?:7:; :; ?DJ;H7Ya;I GK; FE:;C I;H H;7BC;DJ; CK?J7I L7H?7:7I ; :; CbBJ?FB7I EH?=;DI *E:;C I; DEJ7H 7I CK:7DY7I:;J_F?9EI:;F7HJ?B>7C;DJEIKJ?IJHE97I:; Db9B;EI:;?DJ;H7YWE C7IF;HC7D;9;D:E I; DE C;ICE;IF7YE =;H7BZ7II?CGK;<BK;C7IJHE97I:;DJHE:E=HKFE'7?IJ7H:;<7B7D:E9EC-A?BB;EKJHEI7EH;:EH<7B7CEIIE8H;9ECE Z :?<]9?B I7?H :E 9>7J F7H7 ?H :EHC?H FH?D9?F7BC;DJ; :E 9>7J :; C;?7 DE?J; FE?I >T I;CFH; KC 7IIKDJE 7 C7?I KC7 :;IF;:?:7 7 C7?I ;J9 )I CEC;DJEI :7I :;IF;:?:7I IWE 9ECFB;NEI ; :;CEH7:EI J7DJE DE 9>7J GK7DJE D7I H;KD?a;I FE?I>TI;CFH; CK?J7IF;IIE7I:;GK;CI;:;IF;:?H;F7H;9;>7L;HI;CFH;KC7IIKDJE7C7?I7EGK7BI;FH;D:;"T JE:E KC H?JK7B ;C 7C8EI EI ;IF7YEI F7H7 ;II7I :;IF;:?:7I $T L?CEI 7B=KC7I 7CEIJH7I DE 9>7J :;IF;:?H I; 97H?D>EI7C;DJ; :; 97:7 KC 9EBE97H KC7 C;DI7=;C 9EB;J?L7 7 JE:EI H;F;J?:7 LTH?7I L;P;I ;J9 R KC7 I?JK7YWE 9EHH;B7J7UIH;KD?a;I:;IF;:?:7=;H7KCH?JK7B:;I7]:7C7?I;B78EH7:EGK;I?CFB;IC;DJ;F7HJ?HF7II7 I;:;KCFEH KC :EI 7C?=EI C7?I FH_N?CEI ; <7B7 I; 7B=E 97H?D>EIE EK KC F?7:7 7BZC :; 7B=E J7BL;P C7?I <EHC7B F7H7 7GK;B;I C;DEI9ED>;9?:EI.K:E<7PF7HJ;:EFHE9;IIE:;F;HJ;D9?C;DJE87I;7:E7F;D7ID7./Qp)FE?IGK7D:EI; I;F7H7C DWE J[C C7?I D7:7 GK; EI KD7C Z 7F;D7I E s;IJ7H @KDJEt ; E GK; <?97 Z DE ?DJ;H?EH :; 97:7 KC 7 .#0# ''{,# .#0 (WE >T KC ?:;7B EK ?:;DJ?:7:; =;H7B :E =HKFE 7F;D7I KC7 ?:;DJ?<?97YWE 7<;J?L7;:ECEC;DJE:77JK7B?P7YWE9>7JEKH;KD?WE ,7F7P;I ; CEY7I F7H;9;C I; 78H7Y7H CK?JE ; JHE97H 97H]9?7I ;DGK7DJE 9EDL;HI7C C;ICE GK; I;KI D7CEH7:EI7I ;IJ;@7CF;HJE7FHEN?C?:7:;:E=HKFE;CDb9B;EIF7H;9;=;H7H;II;9ECFEHJ7C;DJEFH_N?CE]DJ?CE;9EC7B=KC7 9ED<?7DY7 C7I 7I I?JK7Ya;I :; 9?bC;I J7C8ZC FE:;C 79EDJ;9;H ;DJH; ;B;I )I H7F7P;I F7H;9;C 7FH;I;DJ7H KC 7IJ7B;C8H7H:EGK;<E?:?JE7DJ;H?EHC;DJ;IE8H;7ICK?J7I<E<E97IGK;FE:;C79EDJ;9;H9ECFB;C;DJ7:7I;DJH; =H7D:; ;DJKI?7ICE 9EC ;II; 7=7HH7 7=7HH7 ; CK?J7I :7I CEY7I J7C8ZC C7I DWE JE:7I I 9ECF;J?Ya;I I;NK7?I <B;HJ;I J7C8ZC IWE F7HJ; :E 97HTJ;H Bb:?9E :7 IE9?78?B?:7:; :E =HKFE B=KC7I <?97C I_ 9EDL;HI7D:E sJH?9EJ7D:Et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a;I GK; FE:;C L?H 7 I; JEHD7H C7?I =;H7?I <;IJ7I FH7?7 L?7=;DI ;J9 (E ;DJ7DJE JE:7I ;II7I 9>7C7:7I :;9?Ia;I IWE 7F;D7I FEII?8?B?:7:;I :; DEL7I <EHC7I :; 7JK7B?P7YWE GK; DWE D;9;II7H?7C;DJ; ;DLEBL;C JE:E9ED@KDJE:E=HKFE7IH;KD?a;IDEI>EFF?D=F7II7C7I;H9;DJHEI9EDL;H=;DJ;IGK;B;L7C7EKJH7I?DJ;H7Ya;IC7?I DK9B;7H;I)97HTJ;H:;=HKFEI;C7DJZCD7C7DKJ;DYWE:EF7HJ?B>7C;DJE:EI:E?I;IF7YEI8TI?9EI9>7J;H;KD?WE; J7C8ZCD7H;:;:;JHE97I7<?D?JTH?7IGK;DKD97I;<;9>7;CKCI_=HKFEEKIK8=HKFE ;D5G;FAE67EA5;34;>;63678AD?367FDA53E7?D767 IE9?78?B?:7:;:E=HKFE!7B;H744I;:T;CH;:;IJHE97IF7HJ?B>7C;DJEI:;7<?D?:7:;I79EDJ;9;C:;C7D;?H7DWE B?D;7H;?DJ;H 9HKP7:7;DJH;C;C8HEI;IK8=HKFEI0;@7CEI7I;=K?HKC7IZH?;:;9?H9K?JEI:;IE9?78?B?:7:;:;C;C8HEI GK;:;CEDIJH7;IJ797H79J;H]IJ?97:;IK7I?DJ;H7Ya;I;C:?L;HI7II?JK7Ya;I:?<;H;DJ;I %3D>3 H;KD?WE DE I>EFF?D= ;C I;NJ7 <;?H7 9>;=EK ; <E? ;C8EH7 -;DJ; I; 87IJ7DJ; FH;;D9>?:79ECE=HKFEEIJKC7L7?HD7IH;KD?a;I:;kk;-T87:E;J7C8ZCUFH7?77EI:EC?D=E (EHC7BC;DJ; GK7D:EDWEL7?ZFEH97KI7:7<7C]B?7I;KI<?B>EIEKFEHFH;<;H[D9?77KC9ECFHEC?IIEF7HJ?9KB7HoIL;P;IB;L7EI <?B>EI F7H7 7I 7JK7B?P7Ya;I :E =HKFE FH?D9?F7BC;DJ; U FH7?7 /C7 EKJH7 H7PWE FEII]L;B F7H7 DWE ?H Z FEH J;H JH787B>7:E:;C7?I;;IJ7H97DI7:7 C7I CK?J7IL;P;IE:?7:;JH787B>E97DI7J?LEZH;DEL7:EFEH;D9EDJH7HE=HKFEU DE?J;7DJ;I:;?HF7H797I7!!* &#EKs;IJ?97Ht9EC7B7EK7?D:79ECEKJH7IF;IIE7I:E=HKFE7C7?I (;IJ; :?7 ;B7 9>;=EK IEHH?:;DJ; ; 7B;=H; ;IJ7L7 9EC 57DO5 ; !7JE GK7D:E 9>;=EK ;?@EK 7B7 GK; @T ;IJ7L7 BT ; ED:;;B7L;?E<;PE9?H9K?JE:;9KCFH?C;DJEIH?JK7B:79>;=7:7lF7IIEKF;BEI>7F7HH7?IH?K;<7BEK9EC;B;IFEH 9>7J;<79; 7 <79;;GK;JH7P;C7JED79ED<B?JEI;DJH;C;C8HEI:E=HKFE;7JZ:;I;DJ;D:?C;DJEI:KH7:EKHEI IH;KD?a;I:;k;-T87:EFH7J?97C;DJ;DWEC7?I;N?IJ;C7JK7BC;DJ;;GK7DJE7FH7?7I;CFH;J;L;KC7<H;Gc[D9?7 :?<;H;D9?7:7:;KC7FEHYWE:E=HKFE;DWE:;B;JE:E KDI C?DKJEI >7L?7 EKJH7I F;IIE7I 9EC ;B;I D7 C;I7 ; 7E H;:EH 9EC GK;C ;B7 <7BEK J7C8ZC ?D9BKI?L; ';= ; 7:1EB< ;FE?I F7HEK KDI C?DKJEI 9EDL;HI7D:E ; H?D:E 9EC !EB:;DO; ; 7J >;=EK &7D; D;IJ; =HKFE ; J7C8ZC <7BEK 9EC ;B7 B;C8H7D:E GK; GK7I; I;CFH; I; 8;?@7C ; I; 78H7Y7C ;FE?I ;B7 F7IIEK F;B7 C;I7 ED:; ;IJ7L7C ;K ; (?:E DEI 9KCFH?C;DJEK ;FE?I F7HEK D7 C;I7 ED:; ;IJ7L7C :WE EC *;HHO ; *EBBO I9HEJE ; ;A?D>7;IJ7L7;CFZ@KDJE7C;IC7C;I7DECEC;DJE9KCFH?C;DJEK<7BEK;8H?D9EK7B?FEHC7?IKDI:;PC?DKJEI :;FE?ILEBJEKF7H77C;I7ED:;DECEC;DJE;CGK;;B7I;DJEK;IJ7L7C7BZC:;7B7GK;;IJ7L7:;I:;7DJ;IBZJH?A7 BEFH7:E!7J?D>7!7JE;57DO5;IJ7@TJ?D>7<;?JEEC;ICEH?JK7B:79>;=7:7!7JEI7?K:;BTBE=E:;FE?I'7HB7 <?9EKD;IJ;=HKFEFH7J?97C;DJ;JE:EH;IJE:7H;KD?WEB;L7DJEK KC7IL;P;IF7H79ECFH7HB7D9>;EK9;HL;@7EK?H7E 87D>;?HE B=KC7I :7I F;IIE7I FH;I;DJ;I F7II7L7C FEH BT ; <7B7L7C 9EC ;B7 ; 9EC E H;IJE :E F;IIE7B D7 C;I7 9H;:?JEGK;E<7JE:;;B7;IJ7H9ECKCF7H9;?HEDE=HKFE?D?87C7?EH;I?DJ;H7Ya;I@TGK;FE:;I;IKFEHGK;H;H;CC7?I FH?L79?:7:;R9B7HEGK;DWED;9;II7H?7C;DJ;FE?I;B;IFE:?7C DWE?HEKI;;D9EDJH7H;CGK7BGK;HEKJHE:?7;BK=7H .7BL;P I;@7 C7?I FEH >T8?JE :; 7<?D?:7:;I GK; ;B7 I;CFH; J;HC?D; <?N7D:E KC J?FE :; 87I; 9EC 7B7 F;BE <7JE :E D7CEHE:EI:E?I;:7IIK7I?:7:;IJ7C8ZC7C8EI9ECC7?I:;;DGK7DJE7C7?EH?7:E=HKFE;IJT;DJH;; 7II?C9ECEEI>7F7HH7?IFEH;N;CFBE7B7ZKC>EC;CF797JEGK;9>;=7<7B79ECKC7F;IIE7EKEKJH7I;DJ7 I; 8;8;9;HL;@7;;IF;H7'7HB7(WE9EDL;HI79ECCK?JEI;DWEZ:;<?97H<7P;D:E8H?D97:;?H7I 7EF;@A H;KD?WE DE I>EFF?D= ;C GK7HJ7 <;?H7 9>;=EK FEH LEBJ7 :; ; <E? ;C8EH7 .?D>7 C7H97:E9ECKC77C?=7:;<EH7:E=HKFEF7H7I;;D9EDJH7H;CBTB;:?II;GK;;B;ICEH7CF;HJE;GK;?H?7C@KDJEI F7H7 IK7I 97I7I ) =HKFE J7C8ZC <7P F7HJ; :7 L?:7 :;B; C7I ;N?IJ;C EKJH7I 9E?I7IF;IIE7I +K7D:E <7B7CEI :7I H;KD?a;I:;IT87:E;B;:?II;GK;D;IJ;:?77IF;IIE7II7;CC7?I9ECD7CEH7:EI7IEK<7C]B?7;DJWEDWEFE:;C?H7 JE:7I7IH;KD?a;IB;J7C8ZC:?II;sZ9B7HEJ;CEF;IIE7BGK;I_J;C?IIE7GK?7IH;KD?a;I:E=HKFE!7B;H744 ;DJWE;IJWEI;CFH;FEH7GK?tB;7:C?J;7FEII?8?B?:7:;:;GK;7B=KC7IF;IIE7II_J;D>7CE=HKFE9ECE<EHC7:; IE9?7B?P7YWE ;C J;CFE B?LH; (WE 79H;:?JE CK?JE D;IJ7 IKFEI?YWE :;B; l 9H;:?JE GK; DWE >7@7 KC I_ C;C8HE :E =HKFEGK;LT7JE:7I7IH;KD?a;I;;L;DJEIl)KJHEI:;FE?C;DJEICEIJH7CGK;7IF;IIE7IFEIIK;CEKJH7I7J?L?:7:;I :;B7P;H9EDI?:;H7C9ECEJ7BFEHZCCK?JEIFH;<;H;CE=HKFEC7?IGK;EKJH7I9E?I7IN?IJ;Z9B7HE7FEII?8?B?:7:; :;>7L;HF;IIE7IGK;I_J;D>7CE=HKFE9ECE7J?L?:7:;:;B7P;HC7I7?D:7DWE;D9EDJH;?D;D>KC7 B; <7BEK IE8H; 7 >?IJ_H?7 :E F7?NED7:E 7J7HHE ';D .H7A?DE *H?C;?HE ;B; KI7L7 E D?9A F7?NED7:E C7I 7F7H;DJ;C;DJ;GK;H?7J;HC7?IFEFKB7H?:7:;DE=HKFE:7]KC:?78;8;KKC9EFE9ECKCCEDJ;:;sFEH97H?7tEC ?IIE 9EBE97H7C E 7F;B?:E D;B; :; 7J7HHE ';D B; DWE =EIJEK *7H7 I; L?D=7H ;B; 9EC;YEK 7 ;DJH7H DE 9>7J 9EC E DEC; :; .H7A?DE ; 9EC;YEK 7 N?D=7H ; sI797D;7Ht 7I F;IIE7I ;IF;9?7BC;DJ; 7I =7HEJ7I DJWE KC :?7 ;B; <E? D7 H;KD?WE;I;H; 7FH;I;DJEK9ECE.H7A?DEJE:EI:;I9E8H?H7CGK;;B;;H7E97H7GK;<?97L7I;D:E?D9EDL;D?;DJ;DE9>7J; JE:7I7I=7HEJ7IF7II7H7C7:;IFH;PT BE@KDJE9EC7H;9H?C?D7YWE:;CK?JEI:EIEKJHEIC;C8HEI 7];B;IKC?K:7I H;KD?a;I:KH7DJ;KCJ;CFEKDIC;I;I;LEBJEK@KIJ7C;DJ;D;IJ7 )I:?L;HIEI9EJ?:?7DEI:EIC;C8HEII;C?IJKH7CD7H;:;:;?DJ;H7Ya;I<7C]B?7=HKFE;J9 (;IJ;97IEFE:;CEI7JZKJ?B?P7HEI9ED9;?JEI:;s;IJ?=C7t;IJK:7:EIFEH!E<<C7DED:;;IJ;C;C8HEI;H?7 ;DGK7:H7:E9ECEKC$'%:E=HKFEGK;7EC;ICEJ;CFEIE<H;7;IJ?=C7J?P7YWE:79EB;J?L?:7:;;IE<H;9EC7I 9EDI;Gc[D9?7I:;I;KI7JEIGK;8H7D:EH;=H7I;9EDL;DYa;IIKIJ;DJ7:7IF;BE=HKFE ;IJ?DE C; :?II; GK7D:E ;K F;H=KDJ;? GK; D;C JE:EI EI FH;I;DJ;I DE 9>7J IWE 9?;DJ;I :EI FHE8B;C7I GK; FE:;C E9EHH;H9ED>;9?C;DJEJZ9D?9EC]D?CE;CK?J7IL;P;IFE:;CE9EHH;HC7B?DJ;HFH;J7Ya;I:;9;HJ7I7Ya;INGK7D:E 7B=KZCIEC;DE9>7JI;CH;IFED:;Hs 7BJ7:;;:K97YWEts(WEts*HE8B;C7.Z9D?9EtC7ID;CJE:EI9ED>;9;C FEHZC=;H7BC;DJ;GK;C <H;Gc;DJ7 CK?JEE9>7J L7?7FH;D:;D:E 7PF7HJ;:EIH?JK7?I F7H7I;IE9?7B?P7H9EC =HKFEI (;J7FH;D:;HF7II7=;C7B?:7H9EC9;HJEI7IF;9JEIJZ9D?9EI:E;IF7YE:;?DJ;H7YWE9ECEJ;CEIL?IJE7FH;D:;HEI 9_:?=EIF7HJ?B>7:EI?D9BKI?L;EIJZ9D?9EI ECEJE:EIGK;9>;=7H7C<EH7C:;FE?I:;;IJ?DEEI;K9?9BE:;9>;=7:7<E??DL;HIE+K;C9>;=7L7<7B7L79EC;B;; 9ECEIEKJHEIFH;I;DJ;IIEC;DJ;GK7D:E;B;I;:;IF;:?K<E?GK;<;PE9?9BEDEHC7B:;:;IF;:?:7<7B7D:E9ECJE:EI ;DGK7DJE 7 7C?=7 :;B; ;IF;H7L7 #D9BKI?L; 9ECE ;B; ;IJ7L7 I7?D:E D7 >EH7 ;C GK; 7J ;IJ7L7 9>;=7D:E E H?JK7B :; :;IF;:?:7:;B;<E?J;HC?D7:E;N7J7C;DJ;9ECE9EC;YE:EH?JK7B:;9>;=7:7:;B77J<E?7bBJ?C7F;IIE7GK;;IJ?DE 9KCFH?C;DJEK7EF7HJ?H;;IJ?DE<E?7FH?C;?H7F;IIE7GK;7J9KCFH?C;DJEK7E9>;=7H(7<HEDJ;?H7:E;IF7YE:; ?DJ;H7YWE :E =HKFE D;II7 E97I?WE KC7 C;I7 9EC E H;IJE :E ;IF7YE 9EDJ;NJK7B 7E H;:EH E <7IJ <EE: :E 'KBJ?FB;N #=K7J;C?9ECLTH?EI7=HKF7C;DJEI:;F;IIE7I7EH;:EHJ;D:E IK7I?DJ;H7Ya;IF7HJ?9KB7H;IC7I<EHC7D:EKC9;HJE JE:E>ECE=[D;EI;9ECF7H7:E9ECE=HKFE +5AA4KAAH;KD?WEDEI>EFF?D=;C IT87:E9>;=EK;<E?;C8EH79EC:K7IF;IIE7I:;<EH7 :E=HKFE9ED>;9?:7I:;B;GK;C7H97H7C9EC;B;BTD;IJ;:?7F;D7IF;IIE7IFH;I;DJ;I;CJE:7H;KD?WE7F;D7IKC7 C;I7E9KF7:7&;C8HEGK;;B;J7C8ZC;IJ7L7D7EKJH7H;KD?WE:;IT87:E;CGK;;IJ?L;BTFEH79?:;DJ;H7F?:7C;DJ; B;C;:?II;GK;=EIJ7:7H;KD?WE:;IT87:EFE?IJ;CFEK97=;DJ;;:TF7H79EDL;HI7HC7?I'7I;B;J7C8ZC79>7GK; ;II7IH;KD?a;I:;IT87:EJ;D:;C7IKC?HEKF;BEC;DEI7I;JEHD7H7CC7?IH7H7IFE?ID;CI;CFH;L7?=;DJ;B;C; 9EDJEK:;KC:?7GK;;D9EDJHEK7F;D7IC7?I:K7IF;IIE7IDEIT87:E:;9;HJECE:E;H7KC7F;GK;D7H;FH;I;DJ7YWE:E =HKFEGK;;IJ7L7BTDE;IF7YE:;?DJ;H7YWEC7I7DEYWE;?CF79JE9ECE=HKFEJ?D>7<?97:EH;:KP?:7(EJ;?GK;:;FE?I :;II7H;KD?WE:;IT87:E-9EE8OEEF7IIEK7?HC7?ID7IH;KD?a;I:;I;NJ7J7BL;PF7H7H;DEL7HE9?9BE:;?DJ;H7Ya;I 9ECDELEIC;C8HEI;C;C8HEI7DJ?=EIGK;DWEL?7>T7B=KCJ;CFE@TGK;;B;C;ICE:?II;GK;L7?CK?JED7H;KD?WE :;IT87:E)<7JE:;-9EE8OEEJ;HC7H97:E9ECEKJHEI7C?=EI:;<EH7:E=HKFE:;CEDIJH7GK;IK7H;:;:;7<?D?:7:;I I;;IJ;D:;;I;9HKP79ECE=HKFE9ECE;IF7YE:;?DJ;H7YWE:E=HKFEFE?I;B;F7II7FEHKC;FEHEKJHE;I;=K;;C <H;DJ;I;CCK?JEIFHE8B;C7IEK9EDIJH7D=?C;DJEI (A>>K 9>;=EK 8;C 9;:E DE I>EFF?D= KC7I >EH7I :7 J7H:; C7I I_ <E? F7H7 7 H;=?WE :7 H;KD?WE KC7I GK7D:E I_ ;IJ7L7 -9EE8OEE B7 <E? ;C8EH7 UI @KDJE 9EC JE:E CKD:E 7F;D7I -9EE8OEE I7?K KC FEK9E 7DJ;IB7:?II;GK;9>;=EK9;:EDEI>EFF?D=F7H7<7P;H9ECFH7I;B7;IJ7L79ECI79EB7ID7ICWEI+K7D:E:;KF;HJE :7>EH7:EF;IIE7B9EC;Y7H79>;=7H;B7<E?F7H7EBE97B:7H;KD?WE*EBBOL?D>7I;D:EKC7:7IF;IIE7IGK;C7?IL?D>7 D7IH;KD?a;IJ7DJEGK7HJ7 <;?H7GK7DJEI;NJ7 <;?H7 C7I;B7 :?II;GK; =;H7BC;DJ;L;C DEIT87:EJ7C8ZCFEHGK;;IJT F;HJE:797I7:;B7:;GK7BGK;H@;?JE;I;DWEJ;CD7:7C7?IF7H7<7P;H;B7L;CC;ICE7II?CGK7D:EJ;C7B=EF7H7 <7P;H 9ECF7D>?7 F7H7 I7?H ;J9 79787 ?D:E 7E I>EFF?D= FE?I Z FHTJ?9E ;LE B;C8H7H GK; I;=KD:E :;FE?C;DJE :; I9HEJE;B;;*EBBO@T<EH7CD7CEH7:EIEGK;FE:;I;HKCI?D7BGK;CK?JEH;7BC;DJ;CK?JE:E9]H9KBE:;?DJ;H7Ya;I :7C;C8HE*EBBO;IJT?DI;H?:EDE=HKFE!7B;H744FEH?IIEL7?CK?JEUIH;KD?a;I@TD7CEHEKKCEKJHEC;C8HE;7E CEH7H F;HJE :E I>EFF?D= ;B7 <?97 DKC ;IJ7:E 87IJ7DJ; 9`CE:E :; ?DJ;H 7<?D?:7:;I DE ?DJ;H?EH :E =HKFE GK; FEH ;DGK7DJE 7 FH;;D9>; I7J?I<7JEH?7C;DJ; B7 :?P =EIJ7H CK?JE :; ?H UI H;KD?a;I :; J;9B7HJ7C8ZC C7I GK; :; L;P ;C GK7D:E;N?IJ;CEKJH7I9E?I7IF7H7;B7<7P;H )I9?H9K?JEI:;IE9?78?B?:7:;<EH7CB?C?J7:EIUI?DJ;H JHE97IDE?DJ;H?EH:7sC;I7t.E:EII;DJ7:EI9EDL;HI7D:E;DJH; I? ;J9 ';ICE 9EC KC DbC;HE H;:KP?:E :; C;C8HEI FH;I;DJ;I FK:; DEJ7H A ?7E?A F;BA 67 67E7@HA>H;?7@FA 67 ;@F7D38;@;6367EAG38;@;6367E7?D767IK8=HKFEIGK;JHE97C7<?D?:7:;I;DJH;I?; I;H;<EHCKB7C9EDJ?DK7C;DJ; ;DJH;I?;;DJH;EKJHEIL;H ?=KH7kI;IIWE:;IJ;97F]JKBE7:?<;H;DY7ZGK;DWEI;DEJ7ECEL?C;DJE:;C;C8HEI ;DJH;KCIK8=HKFE;EKJHE9ECE<?97L?I]L;BDKC7H;KD?WE:;I;NJ7 <;?H7C7IDEJ7 I;GK;7IF;IIE7II;7FHEN?C7C C7?I:;KC7IEK:;EKJH7IF7H7H;7B?P7H;CIK7IJHE97I9?H9KDIJ7D9?7?I6;@O?;535A?B>7?7@F3D7@FD77EB3QAE67 ;@F7D3QPACG7BD77@5:7 ?G;FA6A ?3F7D;3>67FDA5363EAGFD3ED7G@;W7EE7 ?3@FR?9E?I7IGK;79EDJ;9;H7C DE 9>7JEK;CEKJH7IH;KD?a;I LEBJ7C7I;HL?IJ7I;:?I9KJ?:7I (WE>TKCI;DJ?:E:;sF7D;B?D>7t=HKFE<;9>7:EGK; FE:;H?7I;?C7=?D7H:;KC7H;KD?WE9ECC;DEIF;IIE7IFE?ID;CI;CFH;IWE7IC;IC7IGK;LWEDE-T87:E7F;I7H:; I;H 87IJ7DJ; C7?I <T9?B DEJ7H KC7 H;=KB7H?:7:; :; F;IIE7I DKC IT87:E EK 7JZ GK7HJ7 <;?H7 GK; D7 I;NJ7 :WE ; -9EE8OEE FEH ;N;CFBE :?P;C ?H CK?JE D;IJ7 H;KD?WE :; IT87:E C7I ;IJWE I;CFH; ?D:E D7 :; I;NJ7 F7H7 H;DEL7HE 9]H9KBE:;C;C8HEIGK;J7C8ZCLWEDEIT87:E'7HB7<E?FE?II?CFB;IC;DJ;J;L;LEDJ7:;<E?EGK;:?II;L7?;DWE L7?I;CCK?JE9H?JZH?E(?:E<E?FEHGK;DWEJ;L;C7?ID7:7F7H7<7P;H:;FE?I:E9?D;C7;IJ7L7IEP?D>EJ7BL;P79>7II; GK;FE:?7sF;=7Ht7B=KZCD7GK;B;:?77HH7D@7HKC7D7CEH7:7EKF7GK;H7F7?NED7:E:?II;GK;<E?FEH9KH?EI?:7:; FE?I DKD97 J?D>7 ?:E D;IJ7 H;KD?WE :; :?7 :; IT87:E H?A7 ;H7 8;C DEL7 DE =HKFE J7C8ZC ;IJ7L7 9KH?EI7 F7H7 9ED>;9;HJE:7I7IH;KD?a;II;CEIJHEKIKHFH;I7F;B7FEK97=;DJ;:EIT87:E;C9ECF7H7YWE7I;NJ7 <;?H77L7B;?HE :7&K77F;D7IGK?I?HBTF7H78;8;H7B=E;9EDL;HI7H9ECGK;CGK;HGK;;IJ?L;II;BT 3DF H;KD?WE DE I>EFF?D= :?7 I;NJ7 <;?H7 9>;=EK UI ; <E? ;C8EH7 UI (;IJ; :?7 ;IJ7L7 87IJ7DJ; 7=?J7:7 7B=E >7L?7 79EDJ;9?:E ;C I;K JH787B>E GK; 7 >7L?7 78EHH;9?:E ; ;B7 F7H;9?7 GK;H;H 9ECF;DI7H ; ;IGK;9;H9ECE=HKFEB7DWE8;8;C7I7D:7 CK?JE9ECEI>7F7HH7?I E9>;=7HI;;D9EDJHEK9EC KCF;GK;DE IK8=HKFE FH;I;DJ; D7 H;KD?WE <EHC7:E FEH C;C8HEI 9ED>;9?:EI :;B7 C7I GK; 7?D:7 ;H7C C;?E :;I9ED>;9?:EI F7H7 EKJHEIDb9B;EI:E=HKFEH7C&EJ*H?D9;I7&KBKP?D>7;H?A7;B7<?9EKGK7I;C;?7>EH79EC;B;I8H?D97D:EH?D:E 87IJ7DJ; 7=?J7:7 7JZ L?H <7B7H 9EC ';= /DADEMD ; (?:E GK; ;IJ7L7C DKC7 C;I7 ;B7 FKNEK ';= :;IJ; Db9B;E ; 9EC;YEK79EDL;HI7H9EC;B7<E?7]GK;EKL?;B79EDJ7HIE8H;EFHE8B;C7GK;F7H;9?7J[ B778EHH;9?:EB7IL?;H7C;C C?D>7:?H;YWE<7B7H7C9EC?=E7J*EBBO57DO5&7D;7B7;'7HB7GK;;IJ7L7C:;FZF;BEC;?E:E;IF7YE:7 H;KD?WE;B7<E?<7B7D:E9ECKC;9ECEKJHE78H7Y7L7KCEKEKJHE;J9'7HB7F;H=KDJEKIE8H;7I<?B>7I:;B7GK; DKD97C7?IJ?D>7JH7P?:E7C7?IL;B>7GK;J?D>77JZKCD?9A.(.FEHI;HJ7C8ZCCK?JE7=?J7:7;7HJ:?II;GK;7 JH7H?7 ;C EKJH7I H;KD?a;I FH_N?C7I ; D7 FH7?7 DE :EC?D=E 9ECE @T J?D>7 B;L7:E 7DJ;I B7 ; ';= 9EDJ?DK7H7C 9EDL;HI7D:E<K?<7B7H9EC;B7;CKCCEC;DJE;;B79EC;DJEKGK;GK;H?7<7P;H7B=E:?<;H;DJ;D;IJ;:?7:;FE?I;B7I F7II7H7C:;LEBJ7DEFH?C;?HEIK8=HKFE9ECGK;C7HJ>7L?7;IJ7:E?DJ;H7=?D:EB7I<?97H7CBT7B=KCJ;CFE)KJHEI C;C8HEIGK;?7C9>;=7D:E?7C<7B7D:E9EC;B7J7C8ZC9ECEF7HJ;:EH?JK7B:;9>;=7:7;JE:EI?7CI;C?IJKH7D:E 7E C;ICE J;CFE GK; I; 9ED9;DJH7D:E DEI Db9B;EI CEC;DJVD;EI :; ?DJ;H7YWE '7?I J7H:; EI >7F7HH7?I 9>;=7H7C GK7I; JE:EI @KDJEI ; s97HH;=7H7Ct 7HJ F7H7 7 C;I7 ED:; ;B;I I; ?DIJ7B7H7C ;B7 <?9EK BT FH7J?97C;DJ; JE:E H;IJE :7 H;KD?WE (WEIWEJE:EIGK;?DJ;H7=;C9ECJE:EIREFHE9;IIE;CH;:;GK;C7DJ[CKC79;HJ7DEYWE:;9ED@KDJE7E=HKFE) 9EDJ7JE ;DJH; IK8=HKFEI ; Db9B;EI :; ?DJ;H7YWE I; :T F;BE <BKNE :; C;C8HEI :KH7DJ; JE:E F;H]E:E :7 7JK7B?P7YWE C;ICEGK7D:E7F7H;DJ;C;DJ;7F;D7IKDIFEK9EI C;C8HEIH;7BC;DJ; 9?H9KB;C:; Db9B;E7Db9B;EIWEEI97H79J;H;I F7HJ?9KB7H;I :; 97:7 7JK7B?P7YWE (EKJH7 FEH ;N;CFBE EI <BKNEI IWE C7?I ?DJ;DIEI E =HKFE <?97 9EC KC7 7F7H[D9?7 ;IF79?7B C7?I $ C7I D7 L;H:7:; 7?D:7 ;IJWE I;D:E H;7B?P7:7I JHE97I ?DJ;H 9HKP7:7I ;DJH; :?L;HIEI Db9B;EI CEC;DJVD;EI:;?DJ;H7YWE +3>936AH;KD?WEDEI>EFF?D=;CI;NJ7 <;?H79>;=EKUI>EH7I;<E?;C8EH7FEK9E:;FE?I:7I>EH7I .7DJE-7B=7:EGK7DJEEIEKJHEI>7F7HH7?IL[CI;9EBE97D:EDKC7FEI?YWE97:7L;PC7?I:?<;H;D9?7:7;CH;B7YWE7E =HKFE=;H7B(;IJ;:?7;B;9>;=EK@KDJE9ECEEKJHE>7F7HH7B!K78?H787:EIEKJHEIJH[IIEC;DJ;,;?HJ>KH@T;IJ7L7 BT :;I:; KC7I E 9>;=7H;C EI JH[I @T <EH7C I; @KDJ7H DKC7 C;I7 ED:; C7?I J7H:; I; @KDJ7H?7C '7BK9E ; &7IA;87B:E C H;KD?a;I 7DJ;H?EH;I ;B;I 7?D:7 H;7B?P7C E H?JK7B :; 9>;=7:7 ; F7HJ?:7 9EC ;CF;D>E I;C;B>7DJ; 7EI :;C7?I <7B7D:E 9EC 8E7 F7HJ; :EI FH;I;DJ;I 9KCFH?C;DJ7D:E EI EKJHEI C;C8HEI ;J9=EH7 D;IJ7 H;KD?WE 7F_I 7 9>;=7:7 ; KD?WE :EI 9?D9E ;B;I FEK9E I; CEL;C ;DJH; EI EKJHEI C;C8HEI :E =HKFE CK?J7I L;P;I 7 C;I7 GK; ;B;I E9KF7C<?97KCFEK9E7<7IJ7:7:EH;IJE:EF;IIE7BDE;DJ7DJE7IJHE97I9ECEKJHEIC;C8HEIF;HC7D;9;CFE?I;B;I 7?D:7F7HJ?B>7C7<?D?:7:;I9ECCK?JEI:;IJ;I'7HB7;57DO5;IJ?L;H7CD7C;I7ED:;;B;I;IJ7L7CFEHKCJ;CFE B79AC7DJ7C8ZC;IJ;L;9EC;B;IH7F?:7C;DJ;!EB:;DO;;E,;? HJ>KH9EDL;HI7H7C:;FZKCJ;CFEFH_N?CEU C;I7ED:;;IJ7L7C'7BK9E;-7B=7:E:;H7CKCHTF?:EsF7II;?EtF;B7IB7D9>ED;J;I;F7H7H7CF7H79EDL;HI7H;8H?D97H 9EC7HJGK;LEBJEK9EC;B;IF7H77C;I7:;B;IB7<?9EKBTI;DJ7:79EC;B;IFEHKC8ECJ;CFE;J7C8ZC&EJGK; <?9EK BT 9EC ;B;I FEH KC J;CFE (EJ7 I; GK; 7F;I7H :; 7?D:7 FH_N?CEI :E =HKFE @T>T KC7 I;F7H7YWE ;DJH; $ ; &%# $ KC7 <EHC7 :; ?:;DJ?:7:; C7?I 79;DJK7:7 C7I 78;HJ7 UI ?DJ;H7Ya;I 9EC EKJHEI C7?I I;C;B>7DJ;I EK C;DEI I;C;B>7DJ;I;CH;B7YWE7;B;I>7F7HH7?IC7IJE:EII;C;B>7DJ;I;CH;B7YWE7E=HKFE!7B;H744=;H7B(E<?D7BEI 9?D9EF7HJ?H7C@KDJEIFHEL7L;BC;DJ;s;IJ?97D:Et;CEKJHEBK=7H*E:;CEIL;HGK;E9?H9K?JE:EC;C8HE-7B=7:E;IJT ;NFB?9?J7C;DJ; B?=7:E U IE9?78?B?:7:; :E IK8=HKFE >7F7HH7?I H;7<?HC7D:E 7 ?:;DJ?:7:; :E IK8=HKFE ; 7 :;B; 9ECE ?D:?L]:KEC;C8HE:E=HKFE;:EIK8=HKFE 'EEG49DGBAE IJ7 97J;=EH?7 :EI $&#&! $ :;DJHE :E =HKFE !7B;H7 44 GK; L;C I;D:E 9EDIJ7DJ;C;DJ; 78EH:7:7 <?97HT C;B>EH ;DJ;D:?:77F7HJ?H:;:E?IFEDJEI:;L?IJ7)FH?C;?HEI;H?7E:7IFEII]L;?I7<?HC7Ya;I:;?:;DJ?:7:;I:;DJHE:E=HKFE ?IJEZDb9B;EI7<?D?JTH?EI:;C;C8HEIGK;F7II7C7I;:?<;H;D9?7H:E=HKFE=;H7BC7I7?D:7<7P;D:EF7HJ;:EC;ICE :;DJHE :7I H;:;I :; 7<?D?:7:;I ) C;B>EH ; FEH ;DGK7DJE E bD?9E ;N;CFBE :;IJ; FH?C;?HE J?FE :; IK8=HKFE IWE EI >7F7HH7?I )I;=KD:EJ?FEI;H?7CEIDb9B;EI7<?D?JTH?EI9K@7I7<?D?:7:;IF7HJ?B>7:7I;DJH; I? DWEEI:?<;H;D9?7C:E=HKFE=;H7B 7F;D7I FHELE97C DE CEC;DJE KC7 ;IFZ9?; :; #' ;C H;B7YWE 7E JE:E :;L?:E U 9ED9;DJH7Ya;I CEC;DJVD;7I ;C =;H7B:;KC7C7?EHGK7DJ?:7:;:;7<?D?:7:;IF7HJ?B>7:7I)I;N;CFBEI:;IJ;I;=KD:EJ?FEIWEC7?IL7H?7:EIFE:;D:E 7?D:7I;H;C:?L?:?:EI;C:K7IEKJH7I9B7II?<?97Ya;IE97I?ED7?I;9KCKB7J?LEI)IE97I?ED7?II;H?7CJE:EJ?FE:;Db9B;E 9EDL;H=;DJ; :; C;C8HEI GK; E9EHH;C :KH7DJ; 7I 7JK7B?P7Ya;I :E =HKFE C;C8HEI GK; :KH7DJ; KC7 H;KD?WE GK7I; ?DJ;?H7 <?97H7C I;DJ7:EI @KDJEI 9EDL;HI7D:E F7HJ?B>7D:E 9_:?=EI7<?D?:7:;I IE8H; 9E?I7I :E I;K ?DJ;H;II; N <KJ;8EB9?D;C7CKB>;H;I>EC;DI;J9EI9KCKB7J?LEII;H?7C7GK;B;IGK;9>;=7C7<EHCKB7HKCDEC;;7JZKC7 9EDJ?DK?:7:; :E Db9B;E DE ;DJ7DJE DWE ;IJWE DKC D]L;B :; 7<?D?:7:; 7?D:7 GK; IKIJ;DJ; GK7?IGK;H J;DJ7J?L7I :; 7<?HC7YWE:;?:;DJ?:7:;9ECEEI>7F7HH7?IKH7DJ;EH;9EHJ;J;CFEH7B:;IJ7;JDE=H7<?7I_>7L?7KCIK8=HKFEGK;I; ;DGK7:H7L7 D;IJ7 9B7II?<?97YWE 'T<?7 ED:; EI C;C8HEI :E C;ICE <BK]7C 9EDIJ7DJ;C;DJ; :;DJHE :E =HKFE =;H7B H7H7C;DJ;I;9ED9;DJH7D:E;CI?C;ICEI;JH7DIF7H;9;D:ECK?JEC7?I7:;DEC?D7YWE;IF;9]<?97GK7I;KC7:?<;H;DY7 7F7H;DJ;DE9>7JFE?ICK?J7IL;P;I;B;I9EBE97CE9ECFB;C;DJEsCT<?7t@KDJE7ED?9ADEHC7B:EC;C8HE /C7EKJH797J;=EH?7:;IK8=HKFE7?D:7FE:;I;H;NJH7]:77F7HJ?H:;IJ7I:K7IEI97I7?I*EHKCB7:EIWE Db9B;EI:; C;C8HEIGK;F7HJ?B>7C7<?D?:7:;IIK<?9?;DJ;IF7H7I;:?<;H;D9?7H;C:E=HKFE=;H7BI;HKC97I7B*EHEKJHEB7:E;IJ;I C;C8HEIF;HC7D;9;CDE<BKNE:E=HKFEI;CKC77<?HC7YWE9EDJ]DK7:;IK7J7BL;PF7II7=;?H7:?<;H;DY7 'E:3B3DD3;E9EC;Y7H7C7I;<EHC7H7F7HJ?H:7kC;J7:;:;B;II;KD?H7C7F7HJ?H:7I7<?D?:7:;I=EIJ7C:; 8;8;H 9;HL;@7 FH?D9?F7BC;DJ; IWE JEH9;:EH;I :E J?C; :; <KJ;8EB :E 7>?7 =EIJ7C :; HE9A ; H7F DWE =EIJ7C :; F7=E:; EK )/ &$ -WE CEJ?L7Ya;I 7<;J?L7I GK; F7H;9;C FKH7C;DJ; 79;II_H?7I C7I GK; I;HL?H7C :; 9;DJHE 9EDL;H=;DJ; F7H7 GK; EI 9?D9E C;C8HEI '7BK9E -7B=7:E &7IA;87B:E !K78?H787 ; ,;? HJ>KH 9EC;Y7II;C KC7 ?DJ;H7YWE?D?9?7BC;DJ;87I;7:7D7I;C;B>7DY77GK7B7?D:7;N?IJ;C7IGK;9ECE:;I;DLEBL?C;DJE:EIK8=HKFEJ7DJE :;DJHE GK7DJE <EH7 :7I FH_FH?7I 7JK7B?P7Ya;I :E =HKFE =;H7B F7IIEK 7 J7C8ZC I; :?<;H;D9?7H :;DJHE :E =HKFE -K7I 7<?D?:7:;IF7HJ?B>7:7I?DJ;HD7C;DJ;I;JEHD7H7C7BZC:;9;DJHE9EDL;H=;DJ;J7C8ZC9;DJHE:;:?<;H;DY7 .E:EIEIC;C8HEI>7F7HH7?IJH787B>7C;;IJK:7CF;I7H:;=EIJ7H;CCK?JE:;8;8;H:;I;;C8H?7=7H;C7<?HC7C GK; I_ E <7P;C 7 F7HJ?H :7 I;NJ7 <;?H7 DEI <?D7?I :; I;C7D7 -K7I FH;I;DY7I DE =HKFE H;L;P7C ;DJH; E C7H97DJ; 9>7C7C 7J;DYWE F;BE 87HKB>E GK; <7P;C 8H?D97D:E ; =H?J7D:E ; E :?I9H;JE GK; Z GK7D:E UI L;P;I :;9?:;C I; 79ECE:7H C7?I:?IJ7DJ;I:E9;DJHE:;?DJ;H7YWE:E=HKFE <?97C DKC7 C;I7 C7?IBED=;;7JK7B?P7C7B?IK7IDEL7I; L;B>7I7<?D?:7:;IC7II;CFH;9EC79EDIJ7DJ;FH;I;DY7;9?H9KB7YWE:;EKJHEIC;C8HEI:E=HKFEEGK;<7P:;B;IKC IK8=HKFE DWE <;9>7:E C7I :; ?:;DJ?:7:; 7<?HC7:7 DE ?DJ;H?EH :; KC7 <BK[D9?7 :; ?:;DJ?<?97Ya;I IK7I >?IJ_H?7I ?D:?L?:K7?I @KDJE 9EC 7I IK7I ?DJ;H 7<?D?:7:;I 9EC EKJHEI C;C8HEI :E =HKFE DWE EI 7<7IJ7 :E =HKFE !7B;H7 44 7F;D7IB>;I:TKCF;H<?B7C7?IKC7?:;DJ?:7:;DE?DJ;H?EH:E=HKFE0;@7CEI;IJ;;N;CFBE:;KC7>?IJ_H?7:;L?:7 :;KC:EIC;C8HEI>7F7HH7?IGK;:;CEDIJH77IK77?D:7F7HJ?9?F7YWEDKC9ED@KDJE:;9EDJ;NJEIED:;E=HKFE;E IK8=HKFEIWEKC7F7HJ;:EC;ICE s-7BL7:EH 4;977C7H=E +K;HE<7B7HIE8H;D7CEHEF;B7#DJ;HD;J';9>7CENNND7#DJ;HD;JKIEED?9A:;,;?HJ>KHJ;D>E '7?IH;9;DJ;C;DJ;;N?IJ;J7C8ZCKCIK8=HKFE9>7C7:E78KB7EOI:EIGK7?II_J;D>E7?D<EHC7YWEGK;CEH7C D7H;=?WE:E78KB7;GK;=EIJ7C:;F7=E:; C8EIEK GK7BGK;H EKJHE IK8=HKFEGK; L;D>77IKH=?H DE?DJ;H?EH:E =HKFE=;H7BJ[CEFEJ;D9?7B:;I;JEHD7H:EFH?C;?HEJ?FE9ECEEI>7F7HH7?II_:;F;D:;:EJ?FE:;:;I;DLEBL?C;DJE ;C7DKJ;DYWE:7I7<?D?:7:;IF7HJ?B>7:7I 7DEIIEK8H7D9E978;BEI7HH;F?7:EI7=;BI?CFTJ?9E?DJ;B?=;DJ;HECVDJ?9E;CK?JE8;C>KCEH7:E R:;IJ7<EHC7GK;C;:;I9H;L?77EKI7HI7B7I:;87J;F7FE:;IJ7<EHC7;K<7B7L77L;H:7:;;?CFH;II?ED7L7 7I=7HEJ7IEC;9;?7KI7H7#DJ;HD;J9EC7?DJ;DYWE7F;D7I:;9ED>;9;H;7HHKC7HCKB>;HFH79KHJ?H#IIE 79EDJ;9;KDEIFH?C;?HEIC;I;IED>;9?CK?J7I=7HEJ7I;<?GK;?9EC7C7?EH?7:;B7I;FE?IGK;9EC;9;?7 JH787B>7HF7II;?7KI7H9ECC7?I<H;Gc[D9?77#DJ;HD;J;EI9>7JI;I9E8H?GK;>7L?7KC7JKHC7:7GK?:; -7BL7:EHGK;<7P?7;D9EDJHEIUII;NJ7IDKC=H7D:;I>EFF?D=:79?:7:;(E9EC;YE:EI;D9EDJHEI;K;IJ7L7 C7?IFH;E9KF7:E;CL;HI;J?D>77B=KC7=7J7F7H7F7GK;H7H:EGK;;C<7P;HDEL7I7C?P7:;IECEF7II7H :EIC;I;I;K9EC;9;?7I7?H9EC;B;I;<?97HC7?I7C?=E:;JE:EIz7CEI7E*;BEKH?D>E7E87;JZ787H;I; <;IJ7I*7II;?7C;:?L;HJ?H9ECEDKD97>7L?7C;:?L;HJ?:E;CJE:77C?D>7L?:7'7I;K9EDJ?DK7L77GK;H;H <?97H ; F7GK;H7H 7I C;D?D7I :7 JKHC7 JZ GK; KC :?7 ;K L? GK; JE:EI <7P?7C F7HJ; :; C?D>7 <7C]B?7 EI C;D?DEI;H7CC7?IGK;?HCWEI;7IC;D?D7IJ7C7D>E;H7E97H?D>EF7H79EC?=EGK;F7II;?7L[ B7I7F;D7I 9ECE 7C?=7I EK 7JZ C;ICE ?HCWI '7I >7L?7 KC7 :;B7I GK; C; <7I9?D7L7 I;K DEC; NNN 7DEI :?LEH9?7:7CW;:;KC7<?B>7B?D:7:;7DEI(E9EC;YE7F;D7I>7L?7:;C?D>7F7HJ;E?DJ;H;II;B7<K=?7 :;C?CFEH;KI;HC7?IDELE;FEH;B7;IJ7HI;I;F7H7D:E/C:?7H;IEBL;CEII7?H;B7@T;IJ7L7I;F7H7:77 GK7I;KC7DE;DWEGK;H?7I;;DLEBL;H9ECD?D=KZC-7]CEIF7H79EDL;HI7H;79787CEI C7?IFEH ?DI?IJ[D9?7 C?D>7 :E GK; FEH ;B7 GK;H;H I; ;DLEBL;H 9EC?=E -7]CEI 7B=KC7I L;P;I ; ;K I;DJ?7 GK; ;B7 9EC;Y7L77=EIJ7H:;C?C;L?9; L;HI7'7I;K7?D:79EDJ?DK7L7GK;H;D:E9KHJ?H;I7?9ECJE:7I(_IDWE J]D>7CEI D7:7 IZH?E ; ;K 9EC;9;? 7 <?97H 9EC DEL7I =7HEJ7I GK; 7F7H;9?7C DEI ;D9EDJHEI :7 (;J 978;? C79>K97D:E ;B7 FEH FKH7 8KHH?9; *7H7 C?D>7 IEHJ; GK7D:E ;K L? GK; ;H7 :;B7 GK; ;K =EIJ7L7 ;B7 7?D:7 =EIJ7L7:;C?C;C;:;KC7?IKC79>7D9; -;CFH; =EIJ;? :; D7CEH7H IZH?E C7I C; ;DLEBL?7 :;C7?I ; GK7D:E E H;B79?ED7C;DJE 79787L7 ;K <?97L7KC979E7]H;IEBL?<?97H9ECKCCEDJ;:;=7HEJ7I;9KHJ?H*KH7/,,#(WE;H7<;B?P<7P;D:E ?IIE"E@;;IJEKD7CEH7D:EI;H?E9EC;D?I;;:;I9E8H?EKJH7L;PEGK;ZI;H<;B?P .;D>ECK?JEI7C?=EIF;B7#DJ;HD;JC7?I7C?=EIGK;EIGK;;K<?PGK7D:EL?CCEH7H;C-7BL7:EH ?HCWEI :; <;IJ7 :; 7B;=H?7 :; JH?IJ;P7 (KD97 ;IGK;9;H;? 7C?=EI 9ECE '&/) -&!) &7IA;87B:E!/#,*,x055D=?D>EEC$K7DH;DY7;EKJHEIGK;I;;K<EH:?=?J7HL7?79787H C;K >EHTH?E :; 7BCEYE -;C ;IGK;9;H :; C?D>7 C7D7I 57DO5 J?7 '7HB7 &DO !J?D> -?D:O '#!&#(,;==7;7HJ-EB;CK?J7IEKJH7I +K;H?7GK;JE:EIJ?L;II;C7C?=EI9ECE;KJ;D>E>E@;(KD97;CC?D>7L?:7LEK;IGK;9;HLE9[I; GK7DJE7;D?I;CKB>;HD;D>KC7D;II7L?:7C;<;PJWE<;B?PK7:EHELE9[IF;HEJ;<7P;H<;B?PJ7C8ZC IJ797HJ7ZF7H7CEIJH7HEGK;;IJ779EDJ;9;D:E9EC7C?D>7=;H7YWE/C7=;H7YWE;CGK;KCH7F7P:; 7DEIFH;9?I7:;KC9ECFKJ7:EH;KC7B?D>7J;B;<`D?97F7H77HHKC7H7C?=EI:;L;H:7:;;KC=H7D:;7CEH ,;?HJ>KHt %N8;3;N?IJ;J7C8ZC:;I:;-;KIC;C8HEIIWE87I?97C;DJ;-7KBEE=E8?B!EB:;DO;;'7H9;BE EC E F;H<?B 8;C :?<;H;DJ; :EI >7F7HH7?I 9ECE @T ;NFB?97CEI ;IJ; IK8=HKFE <KD9?ED7 CK?JE C7?I 9ECE KC Db9B;E :; 7<?D?:7:;I J;CFEHTH?7I C7I DWE 7<?HC7:EH7I :; :?<;H;DY7I GK; <BK? DE ?DJ;H?EH :E =HKFE IE8 :?L;HI7I <EHC7I :; CEJ?L7Ya;I Bb:?97I B;I 8H?D97C KDI 9EC EI EKJHEI :E C;ICE CE:E GK; 9EC EI EKJHEI C;C8HEI ?D9BK?D:E EI >7F7HH7?I;;B;I<7P;C9EDL;H=?H7B=KDI9;DJHEI:;9?I_H?EI;C7B=KDI;L;DJEI:;FEHYa;I:E=HKFEGK;I?CF7J?P7C 9ECEI;L;DJEI;CI?;DWE9ECKCIK8=HKFE;C;IF;9?7B7IL?7=;DIF7II;?EI<;IJ7I;FHEL7L;BC;DJ;7IFH7?7IDE 9EC;YE 7JK7BC;DJ; @T Z >T8?JE F7H7 CK?JEI GK; <H;Gc;DJ7C DWE ?CFEHJ7 GK;C LT EK DWE I;C;B>7DJ; UI FH_FH?7I H;KD?a;I)I>7F7HH7?IJ7C8ZC9EIJKC7C<H;Gc;DJ7H7FH7?7 -K7I 7F7H[D9?7I ; 7<?D?:7:;I DWE IWE <EHCKB7:7I :; C7D;?H7 7B=KC7 9ECE <E? E 97IE :7I 7<?D?:7:;I CEJ?L7:EH7I ;NFB]9?J7I:EI>7F7HH7?I;9ECE@TC;D9?ED7CEIIK79ED<?=KH7YWE;NJ;H?EH9ECEIK8=HKFEI;CEIJH7C7?IDE9>7J GK7D:EEII;KIC;C8HEI9ECFB;C;DJ7CI;KID?9AI9ECEJ;HCE,N'7H9;BE 7CT<?7-7KBE7CT<?7 DKD97 :EHC; E=E8?B 7 CT<?7 ;J9 (7I 7JK7B?P7Ya;I ;B;I I; 9ECFEHJ7C ; I; C?IJKH7C 9EC EI EKJHEI C;C8HEI :E C;ICE@;?JEGK;;IJ;IbBJ?CEIDWEI;:?<;H;D9?7CIWEI;C;B>7DJ;I7EIEKJHEI;7F;D7I=K7H:7CKCFEK9EC7?I:; I;C;B>7DY7I;DJH;I?DE97IEFKH7C;DJ;Bb:?97IDWEF;D;JH7D:E7?D:7;CIK7I?DJ?C?:7:;I;J9 'E 53E3;E FEH <?C IWE IK8=HKFEI :; 97H79J;H]IJ?97I C?IJ7I ; ;IF;9?7?I GK; :;L;CEI 9EDI?:;H7H J7C8ZC F7H7 7 9ECFH;;DIWE :7 :?DVC?97 :7 IE9?78?B?:7:; :E =HKFE !7B;H7 44 EI 97I7?I ;N?IJ;DJ;I DE =HKFE DE CEC;DJE :7 F;IGK?I7 F;BE C;DEI :EI GK; J?L;CEI 9ED>;9?C;DJE FE:;CEI :?P;H GK; ;C 7B=KC CEC;DJE :; IK7I ?DJ;H7Ya;I 9ECFB;C;DJ7H;I#DJ;HD;J;<79; 7 <79;;B;IF7HJ?B>7H7C77JH7YWEEK?DJ;H;II;KCF;BEEKJHEKC77<?D?:7:;EKJH7I 7<?D?:7:;I 7DJ;H?EH;I ; FEIJ;H?EH;I 7 ?IIE <BK;C I;D:E F7HJ?B>7:7I D7 9EDJ?DK?:7:; :7I ?DJ;H7Ya;I :;DEC?D7YWE s97I7BtJH7PKCJ?FE:;:?<;H;D9?7YWE;CH;B7YWE7EH;IJE:E=HKFE?D9BKI?L;EKJHEI97I7?IE97I7B'7HB7;7B7ZE 97I7B'7HB7;7B7;D;D>KCEKJHEII7:?<;H;DY7Z7<?HC7:79EDJ?DK7C;DJ;DE?DJ;H?EH:E=HKFEGK7D:E;IJ;I97I7?I ;IJWE@KDJEII;D:E97I7?IC7IEIC;C8HEI:;IJ;I97I7?IJ;CEFEJ;D9?7B:;I;C;B>7DY7;?:;DJ?<?97YWE?=K7B7JE:E; GK7BGK;HEKJHE C;C8HEGK7D:EDE?DJ;H?EH:7I7JK7B?P7Ya;I:E=HKFE<EH7:E;IF;9JHE:7I %'$$8;?@7H D7CEH7HI;7=7HH7H;J9-K7IFH;I;DY7IIWEGK7I;?CF;H9;FJ]L;?IC7I7:?<;H;DY7;N?IJ;DJ;Z?D;=TL;BGK7D:EI;DEJ7 7B=KC7<7IJ7C;DJECEC;DJVD;E:E97I7BH;I;HL7:EI;J9EKC;ICE77J?JK:;:;s:;?NT BEI7I_It:;EKJHEIC;C8HEI :E=HKFEGK7D:E>TKC97I7B;?IIE:;CEDIJH77IIK7I:?<;H;DY7IC;ICEGK;CEC;DJVD;7I;EK;<[C;H7INKC 97I7BGK;7F;D7Is &tDKC7<;IJ7EIEKJHEILWE<7B7HLWEDEJ7H;LWEI;:?<;H;D9?7H:;B;IC;ICEGK;I;@77F;D7I CEC;DJVD;E D<?CEIIK8=HKFEIIWEKC797J;=EH?7?CFEHJ7DJ;D79ECFH;;DIWE:7:?DVC?97:;IE9?78?B?:7:;:E=HKFE!7B;H744 ;I;KIFHE9;IIEI:;?:;DJ?<?97YWEFEII]L;B?:;DJ?:7:;;:;?DJ;H 7<?D?:7:;IB;IIWEC7?IKC7IF;9JEF;9KB?7H:E=HKFE C7I7?D:77II?C:;DJHE:;KC7H;:;:;?DJ;H7Ya;I;7<?D?:7:;IGK;J7C8ZC;IJTFH;I;DJ;DEIFHE9;IIEI:;IE9?78?B?:7:; 9EDJ;CFEHVD;7 FG3>;L3QW7E7JFD3E" ECFB;C;DJ7H 9EC 7I H;KD?a;I <H;Gc;DJ;I :; GK7HJ7 <;?H7 ; I;NJ7 <;?H7 ;N?IJ;C 7JK7B?P7Ya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b:?97FHEL7L;BC;DJ;F7H7KC7F7H9;B7C;DEH :E=HKFE;<?D7BC;DJ;EKIEFH;I;DY7DE;IF7YE:7#DJ;HD;J:KH7DJ;7<;IJ7GK;FE:?7JH7P;HUFH;I;DY7:77JK7B?P7YWE <79; 7 <79; E ;IF7YE :; ?DJ;H7YWE C;:?7:E F;B7 #DJ;HD;J DKC7 :?L;HI?:7:; :; J?FEI :; 7JK7B?P7YWE 9K@7 L?IK7B?P7YWE :;F;D:;CK?JEC7?I:7?DJ;HFH;J7YWEFEII]L;BGK;I;:T7sFH;I;DY7t:;KCC;C8HE<79; 7 <79;EKDWE.K:E9ECE ?DJK?JE:;9EDIJHK?H7DEYWE:;F;HJ;D9?C;DJE7<;J?LE;Bb:?9E FHEL;?J7CEIF7H7H7J?<?97H7I:?<;H;DY7I9EDJ?DK7C;DJ;L?IJ7ID;IJ7;JDE=H7<?7;DJH;>EC;DI;CKB>;H;I7I=7HEJ7I J;D:;C7I;HC7?I7<;JKEI7I9ECEIH7F7P;I;9ECEKJH7I=7HEJ7I;DGK7DJEGK;EIH7F7P;IIWEC7?I97H?D>EIEI7F;D7I 9EC 7I =7HEJ7I E #% Z 7 C7?EH 7<?D?:7:; F7HJ?B>7:7 ;DJH; EI I;NEI ?D9BKI?L; 9EC 7 <H;Gc;DJ; 9ECF;J?YWE :; 7J;DYWE;DJH;H7F7P;I;CEY7I N?IJ;C 7?D:7 7 I; C;D9?ED7H 3E D7G@;W7E 67 EN436A @T FH7J?97C;DJ; ;NJ?DJ7I F7H7 7 GK7B 9EDL;H=?7C FEK9EI C;C8HEI:E=HKFE:KH7DJ;EF;H]E:E:7F;IGK?I7H;KD?WE:;IT87:EZC7?IF7H7EF;IIE7BGK;DWEFE:;H;7BC;DJ;?H ;C :?7 :; I;C7D7 E GK; DWE IWE CK?JEI EK DWE J[C I?:E CK?JEI /C C;C8HE :?II; GK; 79>7L7 GK; 7I H;KD?a;I :; IT87:E;H7CJ7C8ZCF7H7GK;CI_J?D>7s7GK?BEtE=HKFEF7H7?HF7H7FH;;D9>;HEJ;CFEFE?IGK;CK?J7=;DJ;J;C D7CEH7:E7IGK;;D9EDJH7DEIT87:E;J9)DbC;HEH;:KP?:E:;C;C8HEIDKC7H;KD?WEJEJ7BDEL;:;CEDIJH7GK; IWEFEK9EID;IJ7I?JK7YWEFEII]L;BH;KD?WE:;IT87:E<?97I;D:E;DJWEKC7;IFZ9?;:;;NJ;DIWEFEK9E9ED>;9?:7:E =HKFE KC 7F[D:?9; 7B=E FEK9E KJ?B?P7:E GK7I; DWE L?IJE C7I GK; ;IJT BT F;BE C;DEI FEH ;DGK7DJE *EHZC :; GK7BGK;HCE:E7JH7LZI:7IJHE97I:;DJHE:E=HKFE7IH;:;I:;7<?D?:7:;I:EIC;C8HEIJ;D:;C7I;;NF7D:?HFE?I97:7 KCJ;C7FEII?8?B?:7:;:;B;L7HEKJHEIF7H7EKJHEI9]H9KBEI:;IE9?78?B?:7:;D<?C>TI;CFH;FEII?8?B?:7:;I:;JHE97I ?DJ;H 7<?D?JTH?7I -E8H; 7 H;KD?WE :; IT87:E J;CEI ;DJWE GK; EI H?JK7?I IWE I;C;B>7DJ;I C7I H;:KP?:EI 9>;=7:7 Z ?=K7B C7I C7?I 9KHJ7FE?I>TC;DEIF;IIE7IF7HJ?:7J7C8ZCZ7C;IC7I_GK;?=K7BC;DJ;C7?I9KHJ7I?DJ;H 7<?D?:7:;IJ7C8ZC IWE?=K7?II_GK;DWEJWEL?I]L;?IGK7DJED7I;NJ7 <;?H77IJHE97I;CK:7DY7I:;IK8=HKFEIE9EHH;CF;B7CK:7DY7:; :?H;YWE:;978;Y7IHEIJEILEP;I;7IIKDJEI?<?9?BC;DJ;:;L;E9EHH;HEH?JK7B:77FH;I;DJ7YWE;:E7F7:H?D>7C;DJE D7C;IC7@TGK;7IF;IIE7IGK;LWEF;B7FH?C;?H7L;P=;H7BC;DJ;LWED7H;KD?WE:;I;NJ7 <;?H7;:7]LWE:;I9E8H?D:E 7I:;GK7HJ7;:;IT87:E)C7J;H?7BI?C8_B?9E:7IJHE97IZ87I?97C;DJ;EC;ICEI_GK;;CC;DEIGK7DJ?:7:;9E?I7I E9EHH?:7I:;DJHE:E=HKFE;J9EK7JZ9E?I7IF;IIE7?I:;97:7KC FG3>;L3QW7E7JFD3E"" I7JK7B?P7Ya;I:E=HKFE!7B;H744C7?I;IF;9?<?97C;DJ;:;FEHYa;ICEC;DJVD;7I:EC;ICE7BZC:7IH;KD?a;I:; kk;IT87:EJ[CKC?CFEHJ7DJ;F7F;BD79EDIJHKYWE9ECFB;C;DJ7H:79ECFH;;DIWE:7IK7IE9?78?B?:7:;9ECEDE ;N;CFBE:7<;IJ7GK;L?CEI79?C7II7I7JK7B?P7Ya;I;NJH7II;HL;CJ7DJEF7H7<EHJ7B;9;H7<?D?:7:;IGK7DJEF7H79H?7H DEL7I7E C;ICEJ;CFE;C GK;DELEII]C8EBEIIWEF7HJ?B>7:EI;C :?<;H;DJ;I;IF7YEI9EDJH?8K?D:E7II?CF7H7KC7 C7?EH <BK[D9?7 :7 DEYWE ?DJ;HD7 :; =HKFE 7CFB?7D:E IK7I H;:;I :; ?DJ;H7Ya;I ; IK7 C;C_H?7 7<;J?L7 0;@7CEI 7GK? 7B=KDIEKJHEI;N;CFBEIC7?I9ECFB;NEI;;B78EH7:EI -?8ADDU ,;KD?WE:;I;NJ7 <;?H7I;=K?:7:7?:77KC87H:;<EHH_9EHH;IFED:;DJ;UZFE97:; ;IJ7I$KD?D7IFEH 7B=KDI C;C8HEI:E =HKFE"EKL; KCJEJ7B:;7 C;C8HEI:E=HKFE D;IJ7H;KD?WE<EH7C C;C8HEIF7H7E <EHH_7BZC:;C?C:KH7YWE:;IJ;;L;DJE<E?:7IUIH;KD?WEJ;L;:KH7YWEDEHC7B:7IUI ECEI:?L?:?:EI;C:E?I97HHEI:;E=E8?B;:;,;?HJ>KH)87H9EC<EHH_<?97L7D7EHB7:;-7BL7:EH(EFH?C;?HE CEC;DJEEGK;I;DEJ7Z7KD?WE:?<;H;D9?7:7:7IF;IIE7IFH;I;DJ;I:;L?:E7E<7JE:;I;H;C:;KCC;ICE=HKFEDE ;DJ7DJE7GK7DJ?:7:;H;:KP?:7:;F;IIE7I<7P9ECGK;DWEI;DEJ;D;D>KC7:?<;H;DY7L?I]L;B;CH;B7YWE7EKJHEI=HKFEI :;F;IIE7IGK;;IJ7L7C?D:EF7H7EBE97BEKGK;@T;IJ7L7CBT ';I7I9EBE97:7IB7:E7B7:EF7H7978;HJE:ECKD:E F;IIE7I 8;8;D:E ; H?D:E @KDJ7I EKJH7I :7DY7D:E F;HJE :7I C;I7I ; EKJH7I C7?I C?IJKH7:7I DE C;?E :7 BK=7H IJ; <H7=C;DJE:E=HKFE;IJ7L79ECFB;J7C;DJ;?DI;H?:EDEDELE;IF7YE:;?DJ;H7YWEFE?I:?<;H;DJ;:E$% ;B;IDWE J?D>7C 9ECE I; :;IJ797H :; D;D>KC EKJHE 7=HKF7C;DJE :?<;H;DY7 :E 9ECFEHJ7C;DJE C;DEI 9EDJ?:E GK; DE I>EFF?D= ;H7 J7C8ZC 9ECKC 7 JE:EI EI FH;I;DJ;I ECE Z KC 7C8?;DJ; FH_FH?E F7H7 7 B?8;H7YWE :; ;DJKI?7ICEI :7DY7H8;8;H<7B7H7BJEH?H7BJEDWE>7L?7E9>EGK;GK;>TGK7D:EFH;I;DJ;IDE$% :EI>EFF?D=;;IJ7D:EJE:EI H;KD?:EIF;IIE7IC;ICE9EC9ECFEHJ7C;DJEI;D:EC7?Is9EDJHEB7:Et;B;I9>7C7CC7?I7J;DYWEGK? D;IJ;<EHH_87HDWE>T9ECE ;?D]9?E7?DJ;H7YWEZC7?I?DJ;H?EH)FH;I;DJ;I:E=HKFE9EDL;HI7D:E;DJH;I?ECE';=;H77bD?97=7HEJ7FH;I;DJ; DE=HKFE;B7ZGK;C9EC;YEKI;HL?D:E:;F7HF7H7EIH7F7P;I:E=HKFEGK;I;:?IFKD>7C7:7DY7HB7:7DYEK9EC JE:EIEI>7F7HH7?I;9ECE=E8?B9ECCK?J77B;=H?7;I;CC7?EH;IJ;DIa;IJE:EI8;C7C?=EI;H?D:ECK?JE(EJ;? GK; (?:E 9EDL?:7H7 ;B7 C7I ;B7 H;9KIEK 79H;:?JE GK; 9ECE ;B;I @T J?D>7C KC7 >?IJ_H?7 :; s<?97:7It ;C EKJH7I E97I?a;I;B7DWEGK;H?7:;II7L;P(?:EGK7I;I;CFH;97B7:E;97BCEDWEJ;L;CK?JE9ECGK;C9EDL;HI7HEH;IJE:7 DE?J;8;8;K87IJ7DJ;C7IDWEF7H;9?77BJ;H7:E9H;:?JEGK;D7IH;KD?a;I:E=HKFE;B;I;I?DJ7C;B>EHFE?II;CFH; ;D9EDJH7 KC7 =7HEJ7 F7H7 <?97H 9EDL;HI7D:E ; F7GK;H7D:E H;DY7 <E? E C7?I $ ;NJHEL;HJ?:E FE?I BE=E ;D9EDJHEK 9ED>;9?:EI ; <;P E ?DJ;H9VC8?E :; IE9?78?B?:7:;I ;DJH; ;B;I ; EKJHE 7=HKF7C;DJE 7II?C E F;IIE7B I; :?IF;HIEKC7?IEIEKJHEIH7F7P;I<EH7C7HH7D@7D:EF7H;IF7H7:7DY7HEK<EH7C8;8;D:E97:7L;PC7?I@KDJE9ECEKJH7I 9ECF7D>?7I(E<?D7BGK;C<?9EKC7?ID7C;I7<E?;K';=;(?:EB77?D:7I7?7F7H7:7DY7H9EC7B=KDI:EIH7F7P;I ;B7DWE:7DYEK9ECD?D=KZC:;<EH7*E:;I;H9EDI?:;H7:EKCJ?FE:;?DJ;=H7YWE:E=HKFEFHEJ;YWE@TGK;J7C8ZC ;B7Z:;C;DEH;EIH7F7P;IGK;79>7C7H7CF7H7E<EHH_J?D>7CGK;sFHEJ;=[ B7tEKZ7F;D7I$7<?HC7YWE:; J;HH?J_H?E ;J9 0? (?:E 9EDL;HI7H 9EC ;B7 7B=KC7I L;P;I C7I ;B7 DWE F7H;9?7 ;IJ7H D7:7 ?DJ;H;II7:7 D7GK;B; :?7 &;C8HE:;B7C;:?P;HGK;;B;@TGK?ID7CEHT B7C7I;B7DWEGK?Is7F;D7I<?97CEIC;ICEt (E<?C:7DE?J;F;HJE:7>EH7:;?H;C8EH7EIC7?II_8H?EI;H7C;K';=;E=E8?B;,;?HJ>KHEICEJEH?IJ7I)I EKJHEI H;7BC;DJ; >7L?7C 8;8?:E ; I; :?L;HJ?:E CK?JE ) C;DEI 7B;=H; ;H7 (?:E ';= F7H;9?7 ;IJ7H 9EC CK?JE IEDE <?9EKC7?I97B7:7D7L?7=;C)I>7F7HH7?IDE97HHE:;,;?HJ>KH;IJ7L7C<7P;D:E7?D:7CK?JE87HKB>E )GK;F`:; I;DEJ7H:;CK?JE:?<;H;DJ;<E? E;IF7YE:?<;H;DJ;JEHD77<EHC7:;?DJ;H7YWE:?<;H;DJ;;DJH;EIC;C8HEI :E=HKFE:;79EH:E9ECE;IF7YEDE97IEKC87H9>;?E:;EKJHEI=HKFEI 7GK7DJ?:7:;:;C;C8HEIJ7C8ZC7<;J7 CK?JE FE?I DWE >T E 9>EGK; L?IK7B @T GK; E ;IF7YE ;IJ7L7 9>;?E :; =HKFEI :E C;ICE J7C7D>E I; <EII;C KDI C;C8HEI:E=HKFEGK;9>;=7II;CDEBK=7H:;L;P9EC9;HJ;P79>7C7H?77J;DYWE E9ECFEHJ7C;DJECK:7FE?IZ KC J7DJE C7?I B?LH; :7I H;IJH?Ya;I :E I>EFF?D= E C;ICE E9EHH; D7 FH7?7 9ECE L;H;CEI 7I 97H79J;H]IJ?97I :E 9ECFEHJ7C;DJE:;II;;L;DJE<EH7C87IJ7DJ;?D<BK;D9?7:EIF;BE<7JE:;J;HI?:Es=;H7:Et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a;IC7II_FK:;9ED<?HC7HE8I;HL7D:EC7?IJ7H:;GK; E ;H7 H;7BC;DJ; 9EC 7 9>;=7:7 :; 97:7 KC :EI C;C8HEI GK; <EH7C D7 FH7?7 D;IJ; :?7 (EJ;? KC7 :?<;H;DY7 8TI?97 ;DJH; E H?JK7B :; 9>;=7:7 :7 FH7?7 ; :E I>EFF?D= 7 GK7DJ?:7:; C;DEH :; F;IIE7I ; E 7C8?;DJ; C7?I B?LH; :; ;NFH;II?L?:7:; <7P 9EC GK; 7I F;IIE7I FEII7C =H?J7H :; BED=; ; <7B7H @T 9EC JE:EI :;I:; 7 ;DJH7:7 :E ;IF7YE :; ?DJ;H7YWE :E =HKFE (E I>EFF?D= FEH C7?I GK; I; I;@7 7B;=H; ; ;NF7DI?LE Z D;9;IITH?E KC7 9;HJ7 :?I9H?YWE 7E ?H I; <7B7D:EKC7KC9ECEIEKJHEIFE?I7FH_FH?7I;=KH7DY7:EI>EFF?D=FE:;H?779>7H:;I7=H7:TL;B;J7C8ZCEIEKJHEI KIKTH?EI:E;IF7YE:E$% ;J7BL;P?DJ;HL?H<7JEGK;7?D:7DKD97E9EHH;KECH;B7YWE 7EDbC;HEH;:KP?:E:; F;IIE7I FH;I;DJ;I D7 FH7?7 <E? C; :?JE FEH LTH?EI C;C8HEI :;I:; 7DJ;I :; ;K ?H BT GK; DE L;HWE 7 <H;GK[D9?7 :; F;IIE7I GK; L7? U FH7?7 Z :; C7?I :; ?D:?L]:KEI ';ICE 7II?C 7 GK7DJ?:7:; :; F;IIE7I FH;I;DJ;I DWE F7H;9;K ?DJ;HL?H DE CE:E :; 7JK7YWE :EI C;C8HEI DE CEC;DJE :E H?JK7B :7 9>;=7:7 9ECE C;D9?ED7:E ; 9;HJE GK; EI C;C8HEI :E =HKFE GK; 9EIJKC7C ?H DEI ;D9EDJHEI D7 FH7?7 @T IWE :; 9;HJE CE:E C7?I ]DJ?CEI J7C8ZC E GK; :;C7D:7H?7KC7C7?EHFEII?8?B?:7:;:;J7BJ?FE:;;NFH;IIWEC7?I78;HJ7;;NF7DI?L7F7H79ECJE:EI7EC;ICEJ;CFE =H?J7H7B;=H;C;DJ;;J9 II7GK;IJWE:7C7?EHB?8;H:7:;:;;NFH;II?L?:7:;FEII]L;BDE;IF7YE:7FH7?7I;JEHD7H7EFEDJE9;DJH7B:7I:?<;H;DY7I ;DJH;;IJ;;IF7YE;E;IF7YE:EI>EFF?D=GK;:;9;HJECE:EZKC7C8?;DJ;C7?I9EDJHEB7:E$TI;H;<;H?D:E7E9>7J7I :?<;H;DY7I IWE7I C;IC7I; 7GK;IJWE9ECFB;C;DJ7HJ7C8ZCR 9B7HEGK;DEL7C;DJ;7GK;B;IGK;@TFEIIK;C KC D]L;B:;?DJ?C?:7:;J7C8ZCFEH?H;C7FH7?7@KDJEIJ7BL;P<H;GK;DJ;CC7?IEH;I;HL7:E;DJH;I?;E#+C7I?IIEDWE ZKC9;DJHE?C_L;BIEC;DJ;GK;ZC;DEIC_L;BGK;7IH;KD?a;I:EI>EFF?D=FE?I:;C7D:7CKC7:?IFED?8?B?:7:;; CEJ?L7YWE KC FEK9E :?<;H;DJ; 7 F;IIE7 J;HT :; I7?H DKC :EC?D=E :; C7D>W :?H;J7C;DJ; F7H7 ;D9EDJH7H E =HKFE DEHC7BC;DJ;;B7I7]:;JH787B>E;I9EB7;L7?F7H7KCs!!* &#t9ECE=HKFE;NJ;HD7B?P7C I;C7?I9E?I7I:E9EHFE C;DEIHEKF7I;:7C;DJ;8H?D97 I;C7?I8;8; I;C7?I;F7H7CK?JEIZDKCBK=7HC7?I:?IJ7DJ;;:;C7?I:?<]9?B 79;IIEF7H7KC78E7F7HJ;:E=HKFE;DGK7DJEGK;EI>EFF?D=#=K7J;C?ZH;B7J?L7C;DJ;9;DJH7BF7H7JE:EID<?C7I H;KD?a;ID7FH7?7DWEIWEKC9;DJH7B?P7:EH:?H;JEC7I797879;DJH7B?P7D:EKCFEK9EE<BKNE:;C;C8HEI/C7;IFZ9?; :;I;B;YWE<H797:;C;C8HEI .E:EII7]CEID7C;IC7>EH7KC7I>EH7IFE?I<ECEI7BCEY7HDKCH;IJ7KH7DJ;FH_N?CE-EC;DJ;DEI:?IF;HI7CEI FEHLEBJ7:7I>EH7IGK7D:E97:7KC<E?F7H7KCB7:EEKI_IEK;C=HKFEI:;97HED7IEK:;`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a;I :; 97H?D>E ;DJH; C;C8HEI 7F;D7I EI 97I7?I FH;I;DJ;I?7C7BZCFEHI;H;C@T97I7?I'7HB7;7B7E=E8?B;-?D:O;H;IJE<?9EKCK?J79E?I7I;CFH;IK=;H?:7DE 7HF7B7LH7I9EC:KFBEII;DJ?:EI8H?D97:;?H7IF?97DJ;I;DJH;H7F7P;I;CEY7IDEC;ICE;IJ?BE:7H;KD?WE-E8H;;IJ; 7IIKDJE?DJ;H7Ya;I;DJH;>EC;DI;CKB>;H;IDE=HKFE;7F7H;DJ;C;DJ;DE;IF7YE:7#DJ;HD;J;C=;H7BJ;D>EDEJ7:E GK; GK7D:E I; JH7J7 :EI >EC;DI >T GK7I; I;CFH; KC7 I;=KD:7 ?DJ;DYWE EK :KFBE I;DJ?:E ;C JK:E GK; I; <7P 9EC H;B7YWEUICKB>;H;I(E=HKFEDEJ7 I;?IIE9ECC7?I<79?B?:7:;F;BEJ?FE:;JHE97I:;97H?D>E;DJH;>EC;DI;CKB>;H;I 7ICKB>;H;I:;CEDIJH7CI;HC7?I<H7J;HD7?I;DGK7DJEEI>EC;DIC7?I97HD7?IDEIJ?FEI:;97H?D>EIJHE97:EI#IIEDWE F7H;9;78EHH;9;HD;D>KC:EIB7:EI:;II7IJHE97I7JZGK;IKH@7KC7FEI?YWEC7?I:?H;J7;CH;B7YWE7EEKJHE;?IIEFEII7 =;H7HGK;IJa;I]DJ?C7I;DJH;;IJ;I?D:?L]:KEI;FEIJ;H?EHC;DJ;:;DJHE:E=HKFEIWE7I<E<E97IGK;I;CFH;IKH=;C';= @T>7L?7C;:?JEGK;;B7>7L?7s<?97:Et9EC(?:E7B=KC7IL;P;I;B;GK?ID7CEH7HC7I;B7DWE;?IIE=;HEKKC7IF;9JE 7C7?I:7?DJ;H7YWE;DJH;EI:E?I7EC;ICEJ;CFE;CGK;FHEL7L;BC;DJ;<E?J;C7:;<E<E97I;DJH;EIEKJHEI7HJC; 9EDJEKGK;@Ts<?9EKt9EC&7IA;87B:EKC7L;P;?IIEJ7C8ZC=;HEK<E<E97I;DJH;;B;I;E=HKFEEGK;J7BL;PJ;D>7 ?DJ;H<;H?:EDKCC7?EH7FHE<KD:7C;DJE:Es97IEt-WEI?JK7Ya;I:;?DJ?C?:7:;FEII]L;?I:?7DJ;:7IH;:;I:;?DJ;H7Ya;I <BK;DJ;I DE =HKFE C7I GK; J7C8ZC IWE 7<;J7:7I F;B7I C;IC7I H;:;I :; ?DJ;H7Ya;I FE?I I; Z 7<;J7:E F;B7I :?L;HI7I L7H?TL;?I FH;I;DJ;I D7I JHE97I 9EDJ;CFEHVD;7I 9ECE 7 ;<;C;H?:7:; ; FEK97 :?IFEI?YWE :; I; 7IIKC?H 9;HJEI 9ECFHEC?IIEIFH;<;H?D:E I;7I?DJ;H7Ya;I]DJ?C7IE97I?ED7?Is<?97Ht;7J?L?:7:;I;;L;DJEIBb:?9EICEC;DJVD;EI D<?C7EC;DEID;IJ;:?7D7FH7?7DWE79EDJ;9;KD7:7:;?D9ECKCD;IJ;I;DJ?:EGK;;KFK:;II;DEJ7HC7IZI;CFH; KC7FEII?8?B?:7:;GK;97I7?II;<EHC;CD;II7IH;KD?a;ID7FH7?7F7H7s<?97HtEKF7H7D7CEH7HCK?JEC7?IGK;D7I H;KD?a;IDEI>EFF?D=ED:;>TKCCE:E:;9ECFEHJ7C;DJE:?<;H;DJ;;IF;9]<?9EGK;:;C7D:7EIJ7?I:EIH;I;HL7:EI F7H7FHELE97HJ7BI?JK7YWE:;?DJ?C?:7:;;DJH;97I7?I(EC7?I7I9E?I7IIWEI;C;B>7DJ;I8H?D97C9EDL;HI7CH?;CI; JE97C9EC;C8;8;C'7II;C:bL?:7E;IF7YE:7?DJ;H7YWEJ;CKC7=H7D:;?D<BK[D9?7DECE:E9ECE7?DJ;H7YWE JH7DI9EHH; ,;IKC?D:E EI C;C8HEI J;D:;C 7 I; ;NFH;II7H :; C7D;?H7 C7?I ;NF7DI?L7 ; 7B;=H; D7 FH7?7 BE97B C7?I B?LH; ; C;C8HEIFH;I;DJ;IC7?I9ED>;9?:EI(E7BCEYEIK8I;GK;DJ;DWE>EKL;?IIEFE?I;H7DEL7C;DJ;KC7C8?;DJ;C7?I 9EDJHEB7:EB;IF7HJ?B>7C C7?I:?H;J7C;DJ;7GK?BEGK;9EDIEC;C8;8?:7;9EC?:7FE?IJ[C:;:?L?:?H79EDJ7DE <?D7BDE7BCEYE<E?7C;IC79E?I7);IF7YE:7FH7?7F7H;9;I;HC7?IFHEF]9?E7<EHC7YWE:;97I7?I:;DJHE:E=HKFE 7F;I7H:;;KDWEJ;HL?IJE:;IJ7L;PC7I7FEII?8?B?:7:;ZC7?EH;C;<E?:?JEGK;H;7BC;DJ;79EDJ;9;C7?IJ7DJED7 FH7?7GK7DJE;C;L;DJEI;IF;9?7?IL?7=;DI<;IJ7I;J9"TFEK97FEII?8?B?:7:;:;>7L;HJ7DJEEH?JK7B:77FH;I;DJ7YWE D7FH7?7GK7DJEE:7:;IF;:?:7FE?IEFH?C;?HEI;CFH;J;CE9EHH?:ED7IH;KD?a;I:;I;NJ7 <;?H7;EI;=KD:EZ:?<]9?B :;E9EHH;H@TGK;FHEL7L;BC;DJ;D?D=KZC?HTGK;H;H?H;C8EH7C7?I9;:EGK;JE:EIFE:;E9EHH;HC7I79>E:?<]9?B; E9EHH;D:E:;L;J;HIK7II;C;B>7DY7I9ECE:EI>EFF?D=I;=K?D:EEC;ICEJ?FE:;;IF;9?<?9?:7:;:79>;=7:7C7?I B?8;H:7:;;J9 )7BCEYEDEH;IJ7KH7DJ;<E?7F;D7IKC9ECFB;C;DJE:7FH7?7I;CC7?EH;I:;I:E8H7C;DJEI:EIH?JK7?I7FH;;D:?:EI7JZ ;DJWEEGK;;IJ;DELE;IF7YEFE:;?DJ;H<;H?HZE<7JE:;;B; @KDJE9ECE=HKFED;B;FE:;HFHE:KP?HDELEIC7J;H?7?I I?C8_B?9EI :; JHE97I ;DJH; EI FH;I;DJ;I <KJKHEI 7IIKDJEI :; 8H?D97:;?H7I ;J9 GK; IWE B;L7:EI F7H7 7I H;KD?a;I DE I>EFF?D=;F7H7E9>7J<EHC7D:E7II?CEFHE9;IIE:;%#%# $;DJH;:?<;H;DJ;IIK8=HKFEICEC;DJVD;EI:;DJHE:E =HKFENIKH=?KDE7BCEYEKC78H?D97:;?H79EC*EBBO;CH;B7YWEU<7HE<7I;HL?:7DEH;IJ7KH7DJ;EGK;=;HEKCK?J7I F?7:7I;8H?D97:;?H7IIK8I;GK;DJ;I# #;J9;GK;7978EK9>;=7D:E7I;H7IIKDJE<KJKHE;CEKJH7IH;KD?a;I; DE 9>7J 9EC EKJHEI C;C8HEI GK; DWE ;IJ7L7C FH;I;DJ;I D7 FH7?7H;IJ7KH7DJ; ;IJ; C7J;H?7B I?C8_B?9E ; Bb:?9E <E? F7HJ?B>7:E;DJH;:?<;H;DJ;IDb9B;EI:;?DJ;H7YWEDE?DJ;H?EH:E=HKFEI?DJ;H 7<?D?:7:;I H;397?B3D3+7DD;@:3 ,;KD?WEDEI>EFF?D=GK7HJ7 <;?H7LZIF;H7:EI<;H?7:E:;EHFKIH?IJ? ;:;-WE$EWE ;H97 :; C;C8HEI D;IJ7 H;KD?WE "7L?7 C7?I F;IIE7I D;IJ7 H;KD?WE :; GK7HJ7 <;?H7 GK; E DEHC7B :7I H;KD?a;I :; GK7HJ7 <;?H7FEH97KI7:E<;H?7:EDE:?7I;=K?DJ;C7?EH?7DWE?H?7JH787B>7;FEH?IIEFE:?7I;:?L;HJ?HC7?ID;IJ;:?7 7DJ;H?EH B=KDI C;C8HEI L?7@7H?7C D;IJ; :?7 F7H7 7 9?:7:; :; -;HH?D>7 ?DJ;H?EH :7 7>?7 ; I;H?7 7 EFEHJKD?:7:; J7C8ZC:;:;IF;:?:7I7DJ;I:EI<;H?7:EI K?9EDL?:7:EF7H7;IJ7L?7=;CFEH'7H9;BE ;C9>7J:7I>EH7I:E:?7 I;=KD:7 <;?H7C7II_FK:;?HD7I;NJ7 <;?H7@KDJE9ECEKJHEI:E=HKFEGK;J7C8ZCI_FE:;H?7C:;?N7H7 9?:7:;:;FE?I )I I;=K?DJ;I C;C8HEI :E =HKFE L?7@7H7C D;IJ; :?7 LZIF;H7 :EI :E?I <;H?7:EI C;D9?ED7:EI E=E8?B -7KBE -?D:O I9HEJE57DO5GK;9>;=EKI_F7H7F7HJ?H9ECEH;IJE:EF;IIE7B:7L?7=;CC7?I'7H9;BE GK;?H?7:?H;JEF7H77 HE:EL?TH?7 ECFB;J7D:E KC JEJ7B :; I;?I C;C8HEI IJ7L7C 97HH;=7D:E IK7I C7B7I ; I79EB7I IJ7L7C 7D?C7:EI ; 7B;=H;I9EC7L?7=;C;E<;H?7:E-7]H7CC;?E7FH;II7:EIC7IFK:;H7CI;:;IF;:?H;78H7Y7HLTH?7IF;IIE7I7IC7?I 7<?DI7DJ;I:;?H;C-7]H7C;B;L7H7CKCF;:7YE:E$!1#% :E=HKFE9EC;B;I)9;DJHE:;9EDL;H=[D9?7:E=HKFE !7B;H744GK;FH?C;?HEEI7FHEN?CEK;B;I7=EH7;IJ7L7C?D:EF7H7KCEKJHE;IF7YEC7I7F7HJ?H:;IJ;9;DJHE;E C;B>EH;N;CFBE:7C7DKJ;DYWE:;IJ;9;DJHEI?C8_B?9ED;B;I C;ICE;CEKJHEI;IF7YEIZE9EDJ]DKEGEA6AE@;5=E C;ICE;CEKJHEIBK=7H;I (7 I;NJ7 <;?H7 C7H97CEI :; DEI ;D9EDJH7H D7 HE:EL?TH?7 FEH LEBJ7 :7I >EH7I *;=7H]7CEI E `D?8KI ;NJH7:;.E:EI@TJ?D>7C9ECFH7:EF7II7=;DIC7H97CEIC7?I9;:EF7H7DWE>7L;HGK7?IGK;H:;I;D9EDJHEID7 F7HJ?:7 ECEI;C9?D9E'7HB77B7!7JE;D=EI7D7CEH7:7H;9;DJ;:;!7JE;;K*;IA?I7:EH.E:EIJ?L;H7C 7J?L?:7:;I7I;H;C<;?J7I7?D:7D7I;NJ7;DJH;EI:E?I<;H?7:EI:;EHFKIH?IJ?;-WE$EWE;;FEH ?IIE;IJTL7CEI?D:ED;IJ;:?7DEI;D9EDJH7H9ECEF;IIE7BGK; @TJ?D>7?:E7BZC:E7D<?JH?WE:E=HKFED79?:7:;:; -;HH?D>7EC;C8HE&7C7-EC7D:EDEJEJ7BC;C8HEI IJ;IK8=HKFEC7?I=;H7B:;F;IIE7II;H?7KC7;NFH;IIWE:;KC:EIDb9B;EI:E=HKFEFH?D9?F7B9EC7<?D?:7:;I;C 9ECKCGK;EI <7P;C I;7FHEN?C7H;C C7?I;:;I;DLEBL;H;C KC7IE9?78?B?:7:;;C9ED@KDJE;F7H7B;B79ECE=HKFE FH?D9?F7BI;C;B>7DJ;7EI>7F7HH7?IC7I9ECC;DEHD]L;B:;sEH=7D?P7YWEt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s@KDJEI IEP?D>EIt C7I FE:?7 H;F7H7H GK7D:E ;C =HKFE GK; EI 97I7?I :; C7?I J;CFE I; ;NFH;II7L7C 97H?D>EI7C;DJ; 9EC CK?JE C7?I <79?B?:7:; GK; EI DELEI C7I ;IJ;I J7C8ZC @T 9EC;Y7L7C 7 ;DI7?7H IK7I sJHE97It C7?I ]DJ?C7I C7I D7 =H7D:; C7?EH?7 :7I L;P;I I; 7<7IJ7D:E:E=HKFE=;H7B (7 C;:?:7 ;C GK; EI EKJHEI <EH7C 9>;=7D:E U HE:EL?TH?7 DEJ;? GK; I;KI 9KCFH?C;DJEI ;H7C C7?I 97IK7?I EH7 :E H?JK7B :7I H;KD?a;I F7H;9; DWE >7L;H KC7 =H7D:; :?<;H;DY7 :; GK7D:E GK7?IGK;H F;IIE7I GK; I; 9ED>;9;C ; I; ;D9EDJH7C I; 9KCFH?C;DJ7C .7BL;P FEHGK; >7L;H?7 BE=E 7F_I KC7 9EDL?L[D9?7 C7?I FHEBED=7:7 9EC 7I C;IC7I F;IIE7I 7 ;NFH;II?L?:7:; CK:; KC FEK9E +K7D:E H;JEHD7CEI >EKL; KC FEK9E C7?I :; ;NJ;HD7B?P7YWE :; ;CEYa;I :KH7DJ;EI9KCFH?C;DJEIC7IC;ICE7II?CDWEF7H;9?7EC;ICEGK;D7IH;KD?a;IJ7BL;PDEL7C;DJ;J;D>7I?:EFEH 97KI7:EFHEBED=7:E9EDL]L?E:KH7DJ;E<?D7B:;I;C7D7/C9EDL]L?EFHEBED=7:E@TFE:;I;H:;:KP?:E:;KC7C7?EH 7<?D?:7:; ;DJH; EI F7HJ?9?F7DJ;I :E 7=HKF7C;DJE C7I I;CFH; E9EHH; 7 EFEHJKD?:7:; :; ?DJ;H7Ya;I D;C I;CFH; >7HCED?EI7I (WE FH;I;D9?;? D7:7 GK; FEII7 I;H 9>7C7:E :; 9ED<B?JE IZH?E F;BE C;DEI 7 L?IJ7 :; JE:EI C7I 7I I?JK7Ya;IE8I;HLTL;?I<EH7C7B=KC7IFEK97I;B;L;I:?I9KIIa;I;DJH;EI97I7?I (E `D?8KI 7F;D7I '7HB7 ; 7B7 9EDI;=K?H7C BK=7H;I FH_N?CEI B; <E? 9>;?E :;L?:E 7 ZFE97 :; -WE $EWE GK7D:E CK?J7IF;IIE7IL?7@7CF7H79?:7:;I:E?DJ;H?EH:E;IJ7:EGK;E<;H;9;C<;IJ7I:7ZFE97F7H7JKH?IJ7I*;BEGK;FK:;L;H DWE>EKL;CK?J7I7J?L?:7:;I:;IE9?78?B?:7:;;DJH;;B;I:KH7DJ;7L?7=;C(7IF7H7:7I:E`D?8KI7=;DJ;7?D:7I;H;KD?7 ; 9EDL;HI7L7 s8E87=;DIt 9EC?7 ;J9 '7I :;L?:E 7 DWE FHEN?C?:7:; :;DJHE :E L;]9KBE DWE F`:; E9EHH;H CK?J7 ?DJ;H7YWE *;H=KDJ;? IE8H; 9ECE J?D>7 I?:E 7 L?7=;C ;C l :; C7?E ; ;B;I :?II;H7C GK; JE:EI <EH7C @KDJEI GK; E `D?8KIDWE;IJ7L79>;?E;GK;;B;IFK:;H7Cs8H?D97HtCK?JEC7?I:KH7DJ;L?7=;CGK7DJ?:7:;;7FHEN?C?:7:;<]I?97 :E=HKFEZ:?H;J7C;DJ;FHEFEH9?ED7B77B;=H?7GK;;B;I;NFH;IIWE@KDJEI9>7C7CC7?I7J;DYWEI;:?<;H;D9?7CC7?I:7I EKJH7IF;IIE7IGK;;IJWE;CLEBJ7DE;IF7YE9H?7CKCJ?FE:;?:;DJ?:7:;II;:?<;H;D9?7B:;;NFH;II?L?:7:;F7H;9;I;H I;C;B>7DJ;;CJE:EIEI;IF7YEI;CGK;;B;I?DJ;H7=;C@KDJEII>EFF?D=9>7JFH7?7<;IJ7I;L?7=;DI +K7D:E 9>;=7CEI J7H:; :7 DE?J; 7 9?:7:; @T ;IJ7L7 C;?E L7P?7 F_I EI 9KCFH?C;DJEI ; 79ECE:7Ya;I D7 97I7 :; &7C7;D9EDJH7CEIEH;IJE:EF;IIE7BDKC"& $"&#DKC7:7IFH7Y7IFH_N?C7I.E:EI<?D7BC;DJ;I;;D9EDJH7H7C; :;II7L;P9ECC7?IGK7DJ?:7:;;FH_N?CEI<?D7BC;DJ;;B;ID_I;NFH;II7H7C7B;=H?7;<;IJ?L?:7:;87HKB>E9>7C7D:E KCFEK9E:;7J;DYWEC;ICEGK;F7H7KC79?:7:;@TC;?EL7P?7 ; LEBJ7 U 97I7I]J?E JE:EI I; 7HHKC7H7C F7H7 :EHC?H "7L?7C CK?JEI 9EB9>a;I ; JE:EI FK:;H7C I; 79ECE:7H I;C CK?JEIFHE8B;C7IF7H7KC7;IJ7:?7:;:E?I:?7II8H?D97:;?H7I7?D:7HEB7L7C7JZJE:EII;79ECE:7H;CI$%&.3$ 8H?D97:;?H7I;J9C7IJ7C8ZC:?I9KIIa;IB;L;I;9E?I7I:E=[D;HEDEI87D>;?HEIEKD79EP?D>7EKGK7BGK;HEKJHE BK=7H :7 97I7 79EDJ;9?7C 9ECE ;C GK7BGK;H 7=HKF7C;DJE 7C?=TL;B ; 7<;J?LE $T :;?J7:EI FE:?7 I; EKL?H 7B=KC7I LEP;I7?D:79EDL;HI7D:EF;B797I7?7DJ;:;IJ;7C8?;DJ;:?<;H;DJ;ED:;EI;D9EDJHEI;JHE97II;:WE:;KC7C7D;?H7 C7?I 9EJ?:?7D7 7F;I7H :; JE:EI ;IJ7H;C <EH7 :EI I;KI 9EJ?:?7DEI C7I JE:EI FH;9?I7C 9EC;H ?H 7E 87D>;?HE :EHC?H ;J9EGK;:TKC97HTJ;H:?<;H;DJ;:7IH;KD?a;IEKEKJHEI;D9EDJHEIC7?IJ;CFEHTH?EI:E=HKFEI>EFF?D=FH7?7;J9 7I7<?D?:7:;IJ;D:?7C7I;F7HJ?9KB7H?P7HF;IIE7IGK;:;9?:?7C:EHC?HDEC;ICE9`CE:EFHEL7L;BC;DJ;J?D>7CC7?I 9E?I7I;C9ECKCGK;EI:;?N7L7CC7?I7LEDJ7:;F7H77I?JK7YWEC7?I]DJ?C7:;:EHC?H;J9DJWECK?JE:EGK;I; EKL?7 ;H7C 9EDL;HI7I IKIIKHH7:7I EK DWE :; JHE97I I?C8_B?97I ;DJH; C;C8HEI :; KC DELE J?FE :; IK8=HKFE C7?I 7<;J?LE7?D:779;DJK7D:E7I7<?D?:7:;IC7I@TDWEI;:?<;H;D9?7D:EJ7DJEGK7DJE;CH;B7YWE7E=HKFEFH?D9?F7B!7B;H7 44 ; ;II;I ;C L?7=;C FE?I ;H7 7F;D7I KC7 I?JK7YWE ;N9;F9?ED7B 7 C7?I DE 9EJ?:?7DE :; ?DJ;H7Ya;I :E =HKFE ;II;I;C;IF;9?7B (7I<;IJ7I:79?:7:;>7L?7KC7CE8?B?:7:;:;9ED9;DJH7YWE:EIFH;I;DJ;IIJ7I<;IJ7I<?97C# ;CLTH?EIBE97?I FH7Y7I 87H;I ;J9 :7 9?:7:; :;I:; E 7DE?J;9;H 7JZ 7 C7:HK=7:7 -7]CEI @KDJEI C7I KC7 L;P DE 9;DJHE >7L?7 :?IF;HIa;I?DJ;HC?J;DJ;I97I7?II7?7CF7H7F7II;7HEK:7DY7HEKD7CEH7H)KJHEIHE:7L7CF;B7I87HH797I:;9EC?:7I; 8;8?:7I&7C7CEIJH7L7KCBK=7HEKEKJHE7FH;I;DJ7L7F;IIE7I9ED>;9?:7I;:;L;P;CGK7D:EF7HTL7CEI;C7B=KC 87D9E F7H7 9EDL;HI7H 8H?D97H ; EB>7H E CEL?C;DJE :?DVC?97 :E =HKFE D;IJ; ;IF7YE <E? ;DJWE :; CEL?C;DJ7YWE 9EDIJ7DJ;FEHLTH?EIIK8 ;IF7YEIED:;E9EHH?7C7I<;IJ?L?:7:;I?D:E;L?D:E;DJH;@KDJEI;I;F7H7:EI;CIK8=HKFEI F7HJ?B>7D:E7I7<?D?:7:;I?D;H;DJ;I7:?L;HIWE:7I<;IJ7ICbI?979EC?:78;8?:7:7DY7;79ECF7D>?7:;B;IFH_FH?EI (E:EC?D=E&7C7DEIB;LEK77B=KDIEKJHEIBK=7H;IB=KC7IF;IIE7IJ?H7H7C<EJEI9ECED7L?7=;C:;l:;C7?E D;9;II?:7:;:;H;=?IJHE:EI;L;DJEIJH7PE97HTJ;H:;?:;DJ?<?97YWE7<;J?L7GK;:;I;@7I;C7DJ;HD7C;C_H?7=H7D:; C7?EH?7GK;J?D>7?:ED7EKJH7L?7=;C@T9ED>;9?77B=KDI:EIBK=7H;I;CGK;&7C7DEIB;LEKC7IEKJHEIDWE"7L?7 ;DJWEKC779KCKB7YWE:;C7J;H?7BI?C8_B?9E7I;HF7HJ?B>7:EF;BE=HKFE9E?I7I7DJ?=7IH;L?IJ7I;9E?I7IDEL7IL?L?:7I DECEC;DJE *7HJ?CEI:;LEBJ7F7H7-7BL7:EHUI>EH7I:E:EC?D=E:;IF;:?:7<E?JE:7;CJEHDE:E&7C7B;F7H;9?7 <;B?PFEHJE:EIJ;H;C=EIJ7:E:7L?7=;C:?II;GK;FE:?7CL?HGK7D:EGK?I;II;CGK;;H7KCFH7P;HF7H7;B;;J9(E `D?8KI<E?I;C;B>7DJ;7?:7IEC;DJ;GK;9ECE>7L?7C7?I=;DJ;C;ICEGK;DWEJWEFH_N?CEIEJ;CFEJE:E>7L?7 C7?I;NFH;II?L?:7:;;DJH;;B;IF7H;IJH?EI;J9 ?97L7C9EDL;HI7D:E;H?D:EKCFEK9EC7?I7BJE;GK7D:EE`D?8KI F7H7L7;B;I9EDJ?DK7L7CDE9B?C7:;<;IJ7 E9>;=7HCEI7:;IF;:?:7D7HE:EL?TH?7<E?KCFEK9EC7?I:?IJ7DJ;GK;EDEHC7BH;KD?a;IFEH;N;CFBEFE?I9ECE @T:?II;>EKL;79EDL?L[D9?7FHEBED=7:7BZC:?IIED7GK7HJ7I;=K?DJ;7C7?EH?7LEBJ7H?77I;L;H;7IJHE97IIE8H;7 L?7=;CH;DEL7H?7C7?D:7C7?IIK7I7<?D?:7:;I-K8=HKFEI;?D:?L]:KEII;I;F7H7H7C;97:7KC<E?F7H7I;KB7:E'7I JE:EI F7H;9?7C 87IJ7DJ; I7J?I<;?JEI ; H;7B?P7:EI 9EC KC FEK9E :; JEC I7K:EIE F;BE <?C :E <;H?7:E C7I 9EC 9;HJ7 =7H7DJ?7:7C7DKJ;DYWE:;IK7IJHE97I7<;J?L7I;7<?D?:7:;IF7HJ?B>7:7I ED9BKIWEE;IF7YE?D<BK?D7?DJ;H7YWE:E=HKFE7GK7DJ?:7:;:;C;C8HEIJ7C8ZC7<;J77?DJ;H7YWEFH?D9?F7BC;DJ;E D]L;B:;;NFH;II?L?:7:;7FHEN?C?:7:; <]I?97J7C8ZC?D<BK?; 79EDL?L[D9?7 C7?IFHEBED=7:77<;J77;NFH;II?L?:7:; :EI H?JK7?I :; ;D9EDJHE ; :;IF;:?:7 IF7YEI :?<;H;DJ;I :; F7HJ?B>7C;DJE C7?I FB7D;@7:E 7KC;DJ7C 7 7<?D?:7:; ; 7 ?DJ?C?:7:;;DJH;C;C8HEIGK;I;9ED9;DJH7CDEIIK8=HKFEIGK;<7P;C;II7IH;KD?a;ID;II;I;IF7YEI:?<;H;DJ;I *E:;CEI9EDI?:;H7H797H79J;H]IJ?97;<;C;H?:7:;9ECEH;B79?ED7:77EI?D:?L]:KEI:E=HKFEC7IDWEJ7DJEH;B79?ED7:7 UDEYWE;U;N?IJ[D9?7:E=HKFE;CI?ICEJ?L7Ya;IF7H7E=HKFEIWE7<;J?L7I;;IJZJ?97IC7IJE:7I?C8EBE=?7GK;EI KD;L7?7BZC:E7<;J?LEC;ICEGK;;II;I;@7E9;DJHECEJ?L7:EH L?L79?:7:;:;KC=HKFEGK;;IJTDKC9EDJ;NJECb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a;I7FH;D:?P7:E:;H?JK7?I;9_:?=EI;J9 )I7JH?JEI;:;I7<?D?:7:;IJ7C8ZC <7P;CF7HJ;:7:?DVC?97:7IE9?78?B?:7:;*7H7E=HKFEF;HC7D;9;HIK8=HKFEII; 7FHEN?C7C;I;7<7IJ7CBE=E7JH?JE;:;I7<?D?:7:;=;H7CJHE97I;CEKJH7I:?H;Ya;I:;DJHE:E=HKFEGK;I;CFH;I; H;DEL7 *HEL7L;BC;DJ; I; 7I F;IIE7I J?L;II;C :; I;CFH; ?DJ;H7=?H 9EC EI C;ICEI C;C8HEI ?D9BKI?L; 9EC 7GK;B;I GK; J[C :;I7<?D?:7:;I E =HKFE @T J;H?7 :;?N7:E :; ;N?IJ?H EK J;H?7 KC EKJHE F;H<?B C7?I <;9>7:E 9ECE E :E =HKFE <EHC7:E7F7HJ?H:EFHEL;:EH/)&@TC;D9?ED7:E)IFH_FH?EIC;C8HEI:E=HKFE!7B;H7447<?HC7C79H;:?J7C GK; ;IJ; Z E bD?9E =HKFE 9EC ;IJ; F;H<?B :; 9EDIJ7DJ; H;DEL7YWE ?<;H;DJ;I =;H7Ya;I :; C;C8HEI ;IJWE I;CFH; I; ;D9EDJH7D:E;F7HJ?B>7D:EDEL7I7<?D?:7:;IJ7DJEDE9>7JGK7DJEDE<79; 7 <79;;?IIE<7PF7HJ;:EF;H<?B:E=HKFE9EC DELEIC;C8HEIL;B>EIC;C8HEILEBJ7D:EC;C8HEIC7?I9EDIJ7DJ;IC;C8HEI:?IJ7DJ;I;J9 0 )(&/-q- +K;9ED9BKIa;IFE:;CI;H<EHCKB7:7I7F7HJ?H:;IJ;97C?D>EGK;JEC7CEI ) GK; I; FHE9KHEK <7P;H <E? KC ;I<EHYE :;I9H?J?LE ; :;:KJ?LE IE8H; E GK; Z ; 9ECE Z 7 IE9?78?B?:7:; DE ;IF7YE :7 #DJ;HD;JKC;IF7YE:;?DJ;H7YWEGK;J7C8ZC<7PF7HJ;:E9EDJ;NJE9EDJ;CFEHVD;E I97H79J;H]IJ?97I;7I<;HH7C;DJ7I:E;IF7YE:;?DJ;H7YWE:7#DJ;HD;J?D<BK;D9?7CI;KI%&$CE:;BEI:;IE9?78?B?:7:; )<7JEHC;:?7YWEFE:;F7H;9;H>?F;HL7BEH?P7:ED;IJ;97IEC7IEGK;9EDJ7C7?IZ79H?7J?L?:7:;:EI?D:?L]:KEI;IK7I CEJ?L7Ya;I F7H7 I; IE9?7B?P7H;C 9EC EKJHEI I;C;B>7DJ;I 7 FH?D9]F?E ;II7I CEJ?L7Ya;I ; :7I FEII?8?B?:7:;I E<;H;9?:7IF;BE;IF7YE:;?DJ;H7YWE;IK7FEII]L;B9ECFB;C;DJ7YWE<79; 7 <79;E97HTJ;HF;9KB?7H:7IE9?78?B?:7:;D7 #DJ;HD;JI;<EHC7<EHC7YWE:;=HKFEI(;JZE7IF;9JEC7?I;NFB]9?JE:;II;FHE9;IIE7I;H?DJ;HFH;J7:E ILTH?7ICEJ?L7Ya;I<KD9?ED7?I;7<;J?L7IGK;97H79J;H?P7C7IE9?78?B?:7:;9EDJ;CFEHVD;7J7C8ZC;IJWEFH;I;DJ;I DE;IF7YE:7#DJ;HD;J)I=HKFEI(;J9K@E97HTJ;HFH;:EC?D7DJ;:; CEJ?L7Ya;I;I9EB>?:EZ77<;J?L?:7:;F7HJ?9?F7C 9ECE 2$ :;DJH; J7DJEI EKJHEI FEII]L;?I :; KC7 ?D7FH;;DI]L;B H;:; :; H;B7Ya;I ?DJ;H7Ya;I9ED;Na;I ; I;K 97HTJ;H F;9KB?7H :; <EHC7YWE C7DKJ;DYWE ; H;DEL7YWE 7JH7LZI :7 ?DJ;H 9ECFB;C;DJ7H?:7:; :; ;IF7YEI :; ?DJ;H7YWE DE 97IE Bb:?9EI IWE 7 97J;=EH?7 ?:;7B F7H7 7 9ECFH;;DIWE :7 IE9?78?B?:7:; DE ;IF7YE :7 #DJ;HD;J FE?I ;B;I DWE J[C H;7?I FH;9;:;DJ;I :?7DJ; :; IK7 <EHC7 :; EH?=;C ; :; IK7I :?<;H;DJ;I <EHC7I :; ;NFH;IIWE :; F;HJ;D9?C;DJE 0?CEI GK; 7 FH_FH?7 DEYWE :; =HKFE 7GK? D;IJ; 9EDJ;NJE Z KC FEK9E :?<;H;D9?7:7 :7 DEYWE C7?I JH7:?9?ED7B <KD9?ED7D:E 9ECE H;:;;DWE9EC9;DJHE (WEJ;D>E:bL?:7IGK;7DEYWE?D:?L?:K7B:;F;HJ;D9?C;DJE7<;J?LEZ7FH?D9?F7BCEJ?L7YWEF7H77C7DKJ;DYWE:;II;I =HKFEI :7 IE9?78?B?:7:; DE ;DJ7DJE L?CEI GK; ;II7 DEYWE EH?=?DTH?7 Z 7F;D7I KC7 F7HJ; :E FHE9;IIE .E:7 F7HJ; D7HH7J?L7;:;I9H?J?L7:;DEII7;JDE=H7<?7DEII;HL?KJ7C8ZCF7H7:;CEDIJH7H;II;97HTJ;HC7?I9ECFB;NE:EGK;F7H;9; I;H KC7 H;IFEIJ7 I?CFB;I ) F;HJ;D9?C;DJE (WE I;H?7 7F;D7I 7B=E GK; <7BJ7 D7 L?:7 :EI C;C8HEI ; GK; FH;9?I7 I;H FH;;D9>?:E7<;J?L7;BK:?97C;DJ;ZKC9EDJ;b:E:;L?:7GK;<7PF7HJ;:EI;DJ?:E%&:EGK;;IJ;IC;C8HEI:;=HKFE (;JIWEB=EJ7BL;PJ;CFEHTH?E;;<[C;HE9ECEGK7I;JK:EGK;JH7J7:;F;IIE7I;7I<EHC7IGK;;B7IB?:7C9ECI;KI :?L;HIEI9EDJ;NJEIFEII]L;?I:;?DJ;H7YWEC7II;C:bL?:7KCF7HJ;?DJ;=H7DJ;:EII;DJ?:EI:;IK7IH;7B?:7:;I )I I?=D?<?97:EI :; IK7I H;7B?:7:;I FEDJEI :; L?IJ7 :E H;7B :7 L?:7 I; L?HJK7B?P7C DE ?DJ;H?EH :; 97:7 KC JH7DI<EHC7D:E 7 DEYWE EK I;DI7YWE :; F;HJ;D9?C;DJE 7E =HKFE ;C 7B=E FH;I;DJ; ; <H;Gc;DJ;C;DJ; 7JK7B?P7:E DEI :?L;HIEI;D9EDJHEI;H;KD?a;I:EC;ICE II; FHE9;IIE I; :T D7 7JK7B?P7YWEH;DEL7YWE :EI H?JK7?I :7I 7<?D?:7:;I :7I ?:;DJ?<?97Ya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a;IFEIJ;H?EH;I7EJH787B>E:;97CFEGK;78KI97FEHF;HJ;D9?C;DJEDEIC;C8HEI:E =HKFE !7B;H7 44 F7II7 7JH7LZI :; LTH?EI D]L;?I ; :;J7B>;I '7DJ;H <EJEI ?D:?L?:K7?I :; C;C8HEI DE ;IF7YE :; ?DJ;H7YWE :E =HKFE 7 FK8B?97YWE :; <EJEI :E =HKFE DEI I;KI :?L;HIEI ;L;DJEI ; H;KD?a;I 7 FHE:KYWE :; ]9ED;I I?=D?<?97J?LEIGK;9EDJH?8K;CF7H7KCJ?FE:;7<?HC7YWE:7DEYWE9EB;J?L7IWE7B=KC7I<EHC7I:;CEB:7HEI;K97HTJ;H CEJ?L7:EH 7 D;9;II?:7:; :7 DEYWE :; F;HJ;D9?C;DJE II?C 9ECE 7I C;C_H?7I 79KCKB7:7I ; 7I 7KI[D9?7I :;I;D9EDJHEI ; I7K:7:;I GK; L?HJK7B?P7C 7 DEYWE :; =HKFE GK7D:E DWE ;IJT 7JK7B?P7:E ; C;ICE GK7D:E ;IJT 9EDJ;CFB7 7B=KC7I FH;I;DY7I ; L?HJK7B?P7 EKJH7I F7H7 7II?C FE:;H C7DJ;H ; H;DEL7H E C;ICE 97HTJ;H 9EDJ?DK7C;DJ; FHEFEIJEEF;HJ;D9?C;DJE I J;DJ7J?L7I ;NFH;II?L7I :; IK8=HKFEI J7C8ZC <7P;C F7HJ; :;IJ; 9EDJ;NJE FHECEL;H FEII]L;?I 7Ya;I <?B7DJH_F?97I <KJKH7I KJ?B?P7D:EEI %% $ :; C;C8HEI:E=HKFE7 <EHC7 s;IF;J79KB7Ht:EI>7F7HH7?IEI ;L;DJEIGK;FHE9KH7C <EHC7HB7YEI;CFEHYa;I:EIC;C8HEI<;IJ7IL?7=;DI;J9IWE;N;CFBEI:;II7IJ;DJ7J?L7I D<?CGK7D:EI;J;C;CC;DJ;JE:7I7I;IF;9?<?9?:7:;I:7IE9?78?B?:7:;9EDJ;CFEHVD;7FE:;CEIL;HGK;EIB?C?J;I :7 C;IC7 DE ;IF7YE :7 #DJ;HD;J ;IJWE DEI KIEI 9H?7J?LEI GK; I; <7P :; IK7I <;HH7C;DJ7I ; FEII?8?B?:7:;I (E <?D7B I;CFH;I;8KI97D:EEF;HJ;D9?C;DJEC7II;9EDIJHK?D:E:?L;HIEI97C?D>EIF7H7EC;ICE9>;?EI:7ICEJ?L7Ya;I;:EI 9EDJ;NJEIGK;<EHC7C97:7?D:?L]:KE ;DJH; 7I DEII7I >?F_J;I;I ?D?9?7?I IE8H; KC =HKFE <EHC7:E 7 F7HJ?H :7 #DJ;HD;J ; :7 IE9?78?B?:7:; :E C;ICE J;CEI GK;3?G>F;B>;5;6367:;H;<;H[D9?7IZKC79EDIJ7DJ;9ED<?HC7:7F;BE<BKNE?DJ;DIE:;JHE97I;CH;:;F;BEIC;C8HEI 9EC KC 97HTJ;H I;CFH; H;DEL7:EH ; ?DJ;H 9HKP7:E 9EC H;<;H[D9?7I ;NJ;HD7I 787?7D;6367 <E? 9ED<?HC7:7 C7I I; ;D9EDJH7 ;C KC7 FEI?YWE H;B7J?L7 7E ?D:?L]:KE ?IJE Z ;IJ; J;D:; 7 J;H ?DJ;H7Ya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a;I9EB;J?L7IEGK;DEI JH7H?7KC7L?IWEC7?I7CFB7;9H]J?977H;IF;?JE:EGK;>TH;7BC;DJ;:;F7HJ?9KB7HDEI=HKFEI(;JI;D:EFHEL7L;BC;DJ; ?DJ;H;II7DJ;KC79ECF7H7YWE;DJH;=HKFEI(;J:;EH?=;DI9KBJKH7?I:?<;H;DJ;IEKJHEI;IJ7:EIEK7JZF7]I;IJH7P;D:E :;I7F7H;9;CDELEI;L;DJEI79EDJ;9;C9ED<B?JEI7<7IJ7CC;C8HEI;J9 7II?CDEL7IF7HJ?9KB7H?:7:;I:;=HKFEI(;JF7H77DTB?I;;GK;C I78;KC7C7?EHF;H9;FYWE:EFHE9;IIEsH?PECTJ?9Et ;CH;:;ED:;=HKFEI(;JL7H?7:EII;;DJH;9HKP7H?7CDKCC;ICE<BKNE:;?DJ;H7Ya;I;DJH;?D:?L]:KEIGK;L?L;C;II; sH?PEC7tDEIC7?I:?L;HIEI9EDJ;NJEI , ,x(#- -.&&-'7DK;B+A5;763677?*767.H7:KYWE,ED;?:;0;D7D9?E'7@;H-WE*7KBE*7P;.;HH7 &/4!;!/..,# %;>(>3FVE 7F?J7B?ICE;IGK?PE<H;D?70EB;EEH::;.H7:KYWED7&b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
Documentos relacionados
eH@???HXe??e_V,?????X??XXYe
J fh_c[_he …dZ_Y[ d•e YedjWc_dWZef[be YedjhWjeiWf†i kc Wde+Keh ‰bj_ce([ij• WZ[j[hc_dW‚•e b[]WbZ[( dWi Yhko[_heh[Wb(e DK>fedjW*W*fedjWZWABQ( gk[ YecfWhek ei fh[‚ei Zei
Leia mais11111111111111 Z - Carta de Conjuntura FEE
IJO<6 -* >edjhXje fX[h~e € e [e XiiXbXh`X[eZedjhXjX[e f\bX \cfh\iX' Zec jhXYXb_eh\^kbXhZedj‚dke' ZXhj\`hXXii`dX[X \ iXb|h`e cX`eh ek `^kXbXe iXb|h`e c‚d`ce* .* >edjhXje ]b\m‚l\b € e gk\ Zecfh\\d[\ ...
Leia maiso contexto politico
($7BJ;H7wÂ;I:;B;=?IB7wÁE:E
7HH;D:7C;DJE;:EI
?D9;DJ?LEI78?J7wÁEIE9?7B
*$9H?7wÁE:;
i.relax Aroma Diffuser Model:WS903
(H:H CKDJa D E=E =: L=HD C: F:HJ :DJHEH