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EC2:? 56 ;2:==:C C:DBF6 56 D6?7=2>>6C @F 56 AC@G@BF6C 56D =]D:@?D @4F=2:C6D S &6 DE@4<6K 52?D =2AA2C6:= ?: AC@5F:ED 4@?E6?2?E 56D 82K AC@AF=D6FCD :?7=2>j >23=6D A2C6I 3@>36D 2]C@D@=D ?: AC@5F:ED 6IA=@D:7D (7A?C3 23F>:=A7=< S &6 G@FD D6CG6K A2D 56D D@4=6D 4=2J6EE6D 6E A@CE6D 4@>>6 >2C496j A:65D @FA@FC G@FD 2AAFJ6C 31 4@ S (@FC 5]8:GC6C 6E ?6EE@J6C ]E6:8?6K =2AA2C6:= 5]3C2?496K =2 7:496 >Y=6 56=2 AC:D6 56 4@FC2?E @F C2>6?6K =6 7FD:3=65:D;@?4E6FC 6? A@D:E:@? ]E6:?E6 (@FC 5]3C2?496C D2:D:DD6K =2 7:496 >Y=6 ?6 E:C6K ;2>2:D =6 4@C5@? 52=:>6?E2E:@? X G@FD "3A 3<4/<BA 3B :/>>/@37: S +E@4<6K =6D 3@:DD@?D 7@CE6>6?E 2=4@@=:D]6D 6? A@D:E:@? G6CE:42=6 52?D 56D C]4:A:6?ED 3:6? 76C>]D S $2AA2C6:= ?6DE A2D F? ;@F6E ]=@:8?6K =6D 6?72?ED S $9F:=6 6E =2 8C2:DD6 ?6 5@:G6?E A2D 6?EC6C 6? 4@?E24E 2G64 =6D A2CE:6D 6? >2E:\C6D A=2DE:BF6D 6E =6 ;@:?E 56 A@CE6 46D 56C?:6CD A@FCC2:6?E D:?@? 56G6?:C A@C6FI S &6 C64@FGC6K 6E ?@3DECF6K ;2>2:D =6D @C:7:46D 56 G6?E:=2E:@? 56 =2AA2C6:= S $FE:=:D2E:@? 56 46E 2AA2C6:= A2C 56D A6CD@??6D AC]D6?E2?E 56D 42A24:E]D A9JD:BF6D D6?D@C:6==6D @F ADJ49:BF6D C6DEC6:?E6D @F ?6 5]E6?2?E A2D =6D 4@??2:DD2?46D G@F=F6D 56GC2 D6 5]C@F=6C D@FD DFCG6:==2?46 @F 2AC\D =6FC 2G@:C 7@FC?: 56D :?DECF4E:@?D 5]E2:==]6D S 2?D =6 4@>A2CE:>6?E 4@?8]=2E6FC ?6DE@4<6K A2D 56 3@:DD@?D 82K6FD6D 6? A2CE:4F=:6C 6? 3@FE6:==6D @F 6? 3@aE6D 42C 6==6D ]4=2E6C2:6?E $6D 3@FE6:==6D 6E=6D 3@aE6D C:DBF6C2:6?E 5]4=2E6C S &6 A@CE6K ;2>2:D 56D AC@5F:ED DFC86=]D X =2 3@F496 :>>]5:2E6>6?E 2AC\D =6D2G@:C D@CE:6D 5F 4@>A2CE:>6?E 4@?8]=2E6FC (7A?C3 23 53:C@3A S TG:E6K E@FE 4@?E24E AC@=@?8] 56D >2:?D 2G64 =6D AC@5F:ED DFC86=]D 2G64 =2 8=246 @F =6D 4@?5F:E6D 56 =]G2A@C2E6FC (7A?C3 23 53:C@3A 32 S &6 A6C>6EE6K ;2>2:D 2FI 6?72?ED 56 ;@F6C 2G64 =6>32==286 6E D6D A:\46D 4@?DE:EFE:G6D !=D C:DBF6?E 56 D]E@F776C 2G64 =6D 42CE@?D A=:2?ED 6E =6D 76F:==6D 56A=2DE:BF6 S +: =2AA2C6:= 6DE ]BF:A] 5F?6 D6CCFC6 C2?86K =2 4=] 9@CD 56 A@CE]6 56D 6?72?ED 7A>=A7B7=<A 5R<R@/:3A $2AA2C6:= 4@?G:6?E A@FC S 4@?86=6C 56D AC@5F:ED 2=:>6?E2:C6D S (C]A2C6C 56D 8=2[@?D 6E 2AA2C6:= 6DE 56DE:?] X F? FD286 5@>6DE:BF6 $2AA2C6:= 2 ]E] 2?E:A2C2D:E] 4@?7@C>]>6?E X =2 5:C64E:G6 - $6 4:C4F:E 7C:8@C:7:BF6 2 DF3: F? 4@?ECe=6 5]E2?49]:E] 6 AC@5F:E 6DE 4@?7@C>6 2FI 5:DA@D:E:@?D 56 D]4FC:E] 2AA=:423=6D 2FI 2AA2C6:=D ]=64EC:BF6D & 4@ &@RA3<B/B7=< 23:/>>/@37: /<23/C 231=;;/<23 752 "/ B=C163 :/@;3 6EE6 E@F496 D6CE X ]E6:?5C6 =2G6CE:DD6FC D@?@C6 .@:C =2 D64E:@? M=2C>6 D@?@C6P .6F:==6K 5]A=:6C =2 56C?:\C6 A286 :==FDEC]6 56 =2 ?@E:46 $2 AC]D6?E6 ?@E:46 5FE:=:D2E:@? G2FE A@FC A=FD:6FCD >@5\=6D +6=@? =6 >@5\=6 =2AA2C6:= A6FE 5:77]C6C 5F4@?E6?F 56D :==FDEC2E:@?D (@FC 2==F>6C 6E ]E6:?5C6 =2DFA6Cj4@?8]=2E:@? 751 Z /<23/C 23 1=;;/<23 <B3@@C>B3C@ >@7<17>/: )GABQ;3 $=4@=AB L1:/7@/53 " *@/>>3 2C 1=;>/@B7;3<B 1=<5R:/B3C@ :/G3BB3 3< D3@@3 *7@=7@ 23 1=<5R:/B7=< >3B7B *7@=7@ 23 1=<5R:/B7=< 5@/<2 /:3<2@73@ 23 1=<5R:/B7=< %@74713 2/>>=@B 3B 2RD/1C/B7=< 2/7@ *=C163 J)C>3@K 1=;>/@B7;3<B1=<5R:/B3C@ *=C163 23 @R5:/53 23 :/B3;>R@/BC@3 6EE6 E@F496 D6CE X C]8=6C =2E6>A]C2EFC6 5F 4@>A2CE:>6?E 4@?8]=2E6FC 44716/53 23 :/ B3;>R@/BC@3 @R5</<B 2/<A :3 1=;>/@B7;3<B 1=<5R:/B3C@ $6D 49:77C6D 4@CC6DA@?56?E 2FI E6>A]C2EFC6D N C]8=]6D 52?D =64@>A2CE:>6?E 4@?8]=2E6FC 33 4@ <AB/::/B7=< 23:/>>/@37: =<B@U:3@ :/ B3;>R@/BC@3 /;07/<B3 -? =@42= D64 6E 2]C23=6 4@?G:6?E A@FC :?DE2==6C =2AA2C6:= G:E6K 56 A=246C =2AA2C6:= X F? 6?5C@:E 5:C64E6>6?E 6IA@D] 2FI C2J@?D D@=2:C6D @F X AC@I:>:E] 5F?6 D@FC46 56 492=6FC E6==6 F?6 4F:D:?:\C6 F?C25:2E6FC 6E4 +: =:?DE2==2E:@? AC\D 5F?6 D@FC46 56 492=6FC 6DE :?]G:E23=6 FE:=:D6K F?6 A=2BF6 :D@=2?E6 2AAC@AC:]6 @FC6DA64E6K =6D 5:DE2?46D >:?:>2=6D DF:G2?E6D $2AA2C6:= 2 ]E] 4@?[F A@FC F?6 42E]8@C:6 4=:>2E:BF6 AC]4:D6 +F:G2?E =2 42E]8@C:6 4=:>2E:BF6 =2AA2C6:= 6DE FE:=:D23=6 52?D =6D E6>A]C2EFC6D 2>3:2?E6D DF:G2?E6D 4> A2C C2AA@CE 2FI 4F:D:?:\C6D ]=64EC:BF6D @F X 82K 4> A2C C2AA@CE X F? 2AA2C6:= 56492F77286 2F 7F6= @F 2F 492C3@? $2 42E]8@C:6 4=:>2E:BF6 7:8FC6 DFC =2A=2BF6 D:8?2=]E:BF6 D:EF]6 6? 32D X82F496 52?D =2AA2C6:= "5A(03*& $-*."5*26& &.1A3"563& ".#*"/5& N L N N L N N L N N L N R@/B7=< 751 $2:C 492F5 5@:E A@FG@:C D]492AA6C D2?D @3DE24=6 +:= ?6 =6 A6FE A2D =6 8C@FA6 7C:8@C:7:BF6 5@:E 7@?4E:@??6C A=FD =@?8E6>AD 46 BF: 2F8>6?E6 =24@?D@>>2E:@? 56 4@FC2?E (@FC 46EE6 C2:D@? &6 C64@FGC6K 6E ?@3DECF6K ;2>2:D =6D @C:7:46D 56?EC]6 6E56 D@CE:6 52:C 34 4@ @/<163;3<B 23:/>>/@37: <1:3<163;3<B 23:/>>/@37: AC\D =:?DE2==2E:@? 56 =2AA2C6:= 6? A@D:E:@? G6CE:42=6 2EE6?56K 2F >@:?D F?696FC6 2G2?E 56 =6 >6EEC6 6? 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DA]4:2=:DE6 BB3<B7=< != ?6 72FE 6? 2F4F? 42D C244@C56C =2AA2C6:= X 56D 7:496D 5]4@?@>:6 5]?6C8:6 6E X 56D @?5F=6FCD 4@?G6CE:DD2?E =6 4@FC2?E 4@?E:?F 5]3:E]A2C 6I6>A=6 A2C 56D :?DE2==2E:@?D A9@E@G@=E2bBF6D @F =6 C]D62F 56 3@C5 5F? 32E62F 6? 4@FC2?E 2=E6C?2E:7 G@=ED ! 752 -?6 2=2C>6 D@?@C6 C6E6?E:E =2 E@F496 52=2C>6 6E =:?5:42E6FC 56 E6>A]C2EFC6 4=:8?@E6?E AAFJ6K DFC =2 E@F496 52=2C>6 A@FC 4@FA6C =2=2C>6 D@?@C6 $2 E@F496 52=2C>6 C6DE6 2==F>]6 6E=:?5:42E6FC 56 E6>A]C2EFC6 4=:8?@E6 ;FDBFX 46 BF6 =2AA2C6:= 2:E 2EE6:?E =2E6>A]C2EFC6 C]8=]6 (3;/@?C3A 1=<13@</<B :34=<1B7=<<3;3<B 23 :/>>/@37: S -?6 7@:D BF6 =6 4@>A2CE:>6?E 4@?8]=2E6FC 2 2EE6:?E D2 E6>A]C2EFC6 56D6CG:46 =6 G@J2?E :?5:42E6FC 56 E6>A]C2EFC6 C6DE6 4@?DE2>>6?E 2==F>] S $2AA2C6:= 492F776 =]8\C6>6?E F?6 A2CE:6 56 D6D DFC7246D 7C@?E2=6D A@FC 6>A^496C F?6 4@?56?D2E:@? 562F 52?D =2 K@?6 5F ;@:?E 56 A@CE6 S +: 2AC\D 2G@:C C676C>] =6 4@>A2CE:>6?E 4@?8]=2E6FC =2 A@CE6 C67FD6 56 D@FGC:C X?@FG62F 2EE6?56K D G A X>:?FE6D E6>AD ?]46DD2:C6 X=25]AC6DD:@? 52?D =6 4@>A2CE:>6?E A@FCD6 C]D@C36C S CY46 2F DJDE\>6 &@7C@DE 6?E:\C6>6?E 2FE@>2E:BF6 =6 4@>A2CE:>6?E 4@?8]=2E6FC ?6 D6 4@FGC6 A2D 56 8:GC6 $2 ?]46DD:E] 56 5]8:GC6C 5:DA2C2a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hE =@56FC 6E =2DA64E ?@?E A2D 492?8] G@FD A@FG6K C64@?86=6C 46D AC@5F:ED 2=:>6?E2:C6D 2AC\D =6D 2G@:C 72:ED 4F:C6 @F CeE:C :/@;3 23 >=@B3 &FE:=:D6K A2D =2 5FC]6 56 4@?D6CG2E:@? 52?D D@? :?E]8C2=:E] $2=2C>6 D@?@C6 27764E]6 X =2 A@CE6 D6?4=6?496 =@CDBF6 46EE6 56C?:\C6 C6DE6 @FG6CE6 A=FD 5F?6 >:?FE6 -?6 2=2C>6 D@?@C6 C6E6?E:E 6? A6C>2?6?46 :/@;3 23 B3;>R@/BC@3 $2=2C>6 D@?@C6 D24E:G6 D: =2 E6>A]C2EFC6 2 EC@A >@?E] 52?D =6 4@>A2CE:>6?E 4@?8]=2E6FC -? 3:A D@?@C6 C6E6?E:E 36 :/@;3 @3:/B7D3 N :/ B3;>R@/BC@3 6 D:8?2= D@?@C6 A6FE D6?4=6?496C 52?D =6D 42D 4:j2AC\D D2?D BF6 46=2 D:8?:7:6 BF6 =6D AC@5F:ED C:DBF6?E 56 D23a>6C S $@CD 56 =2 >:D6 6? D6CG:46 56 =2AA2C6:= S $@CD 5F C2?86>6?E 56 8C2?56D BF2?E:E]D 56 AC@5F:ED 7C2:D S $@CDBF6 =2 A@CE6 5F 4@>A2CE:>6?E 4@?8]=2E6FC 6DE C6DE]6 EC@A =@?8E6>AD @FG6CE6 4@ =<5R:/B7=< 3B @/<53;3<B 23 >@=2C7BA AC@53:RA 16/B 23 >@=2C7BA AC@53:RA $6FC 6>32==286 5@:E ^EC6 :?E24E $2 52E6 56 4@?D6CG2E:@? ?6 5@:E A2D ^EC6 5]A2DD]6 $2 E6>A]C2EFC6 :?5:BF]6 A2C =6 E96C>@>\EC6 5F 4@?8]=2E6FC 4@>>6C4:2= ?6 5@:E A2D ^EC6 DFA]C:6FC6 X N -E:=:D6K 56 AC]7]C6?46 F? D24 :D@E96C>6 A@FC =6 EC2?DA@CE *2?86K =6D AC@5F:ED =6 A=FD C2A:56>6?E A@DD:3=6 52?D =6 4@>A2CE:>6?E 4@?8]=2E6FC (/<53;3<B 23A >@=2C7BA AC@53:RA +:= 72FE C2?86C 362F4@FA 56 AC@5F:ED 2=:>6?E2:C6D G@FD A@FG6K =6D 6>A:=6C 5:C64E6>6?E DFC =6D 4=2J6EE6D 6? G6CC6 6E DFC =6 7@?5 5F 4@>A2CE:>6?E 4@?8]=2E6FC (@FC 46=2 C6E:C6K 56 =2AA2C6:= E@FD =6D G@=6ED 5F 4@>A2CE:>6?E 4@?8]=2E6FC 6E =6D 324D 56 4@?8]=2E:@? S ,:C6Kj=6D X G@FD ;FDBFX =2 3FE]6 D@F=6G6K =2G2?E 56D 324D 6E C6E:C6Kj=6D 753 (@FC >6EEC6 6? A=246 =6 324 X AC@5F:ED DFC86=]D ]BF:A] 56 C2:=D 56 D@CE:6 := 72FE 523@C5 5]A=@J6C 46D C2:=D 754 S 'FGC6K =6 G@=6E 5F 4@>A2CE:>6?E 4@?8]=2E6FC C6E6?6K =F? 56D 8@F;@?DjA2=:6CD 6E C6E:C6K =6 G@=6E 755 =<B3</<13 CB7:3 .@FD EC@FG6C6K =6D :?5:42E:@?D C6=2E:G6D X=2 4@?E6?2?46 FE:=6 DFC =2 A=2BF6 D:8?2=]E:BF6 56 G@EC6 2AA2C6:= ?7@?46K 3:6? =6D E:C@:CD 56 4@?8]=2E:@? ;FDBFX =2 3FE]6 6DE :>A@CE2?E A@FC BF6 =2:C AF:DD6 3:6? 4:C4F=6C *2?86K =6D BF2?E:E]D 2DD6K :>A@CE2?E6D 56 AC@5F:ED 2=:>6?E2:C6D 52?D =6D E:C@:CD DFA]C:6FCD 42C =6FC 4@?8]=2E:@? J 6DE =2 A=FD C2A:56 46 BF: 6? >^>6 E6>AD =6D >]?286 .6:==6K 3:6? X ?6 A2D A=246C 56 AC@5F:ED DFC86=]D DFC =6D 76?E6D 52]C2E:@? D:EF]6D 4@?EC6 =2 A2C@: 2CC:\C6 37 4@ =<5R:/B7=< 23>@=2C7BA 4@/7A =<53:3@ A=7Z;S;3 :3A/:7;3<BA (@FC 4@?86=6C =6D 2=:>6?ED ?FE:=:D6K BF6 56D 2=:>6?ED 7C2:D 6E 5F? 2DA64E :>A64423=6 )3 >@SB3<B N :/ 1=<5R:/B7=< $2 G:2?56 6E =2 492C4FE6C:6 =6D G@=2:==6D 6E=6 8:3:6C =6 A@:DD@? =6D =]8F>6D =6D96C36D 2C@>2E:BF6D =6D 7CF:ED =6DAYE:DD6C:6D =6D A:KK2D =6D A=2E 4F:D:?]D =6D C6DE6D 56 A=2E =6 ;2F?6 5mF7 =6 3=2?4 5mF7 $3 A3 >@SB3<B >/A N :/ 1=<5R:/B7=< $6D mF7D 6?E:6CD 52?D =6FC 4@BF:==6 =24C\>6 7C2a496 6E =2 >2J@??2:D6 =2D2=256 G6CE6 =6D C25:D 6E =6D @:8?@?D :/<167;3<B 23A 4@C7BA 3B :R5C;3A =2?49:DD6K =6D 7CF:ED 6E =]8F>6D 2G2?E =24@?8]=2E:@? 27:? BF:=D 4@?D6CG6?E 4@F=6FC 2Ce>6 8@hE 6E G:E2>:?6 (@FC 46 72:C6 A=@?86K =6D 7CF:ED 6E =]8F>6D BF6=BF6D :?DE2?ED 52?D 56 =62F 3@F:==2?E6 .@FD EC@FG6C6K 56D =:GC6D DFC =24@?8]=2E:@? 6E =6 3=2?49:>6?E 496K G@EC6 =:3C2:C6 38 =<53:3@ :3A /:7;3<BA (@FC 4@?86=6C =6D 2=:>6?ED ?FE:=:D6K BF656D 2=:>6?ED 7C2:D 6E 5F? 2DA64E :>A64423=6 .6:==6K X 46 BF6 =6D AC@5F:ED 2=:>6?E2:C6D X4@?86=6C ?6?EC6?E A2D 6? 4@?E24E 2G64 56D AC@5F:ED 5];X 4@?86=]D $2:C ?6 5@:E A2D A]?]EC6C 52?D =6>j 32==286 A@FC BF6 =6D 2=:>6?ED ?6 A6C56?E A2D =6FC 8@hE ?: ?6 D\496?E A2D />/17BR 23 1=<5R:/B7=< ;/F +FC =2 A=2BF6EE6 D:8?2=]E:BF6 G@FD EC@FG6C6K 56D :?5:42E:@?D 4@?46C?2?E =242A24:E] 56 4@?8]=2E:@? >2I:>2=6 6? 96FC6D &=C@ 3;0/::3@ 1=@@31B3;3<B (=246K =6D 2=:>6?ED 52?D =6>32==286 (C6DD6C A@FC 492DD6C =2:C '3EFC6K =6>32==286 96C>]E:BF6>6?E !?D4C:G6K DFC =6>32==286 =6 ?@> 5F 4@?E6?F 6E =2 52E6 56 4@?8]=2E:@? ;0/::/53A 1=@@31BA 6F:==6D 6? A=2DE:BF6 76F:==6D 6? A@=Jj ]E9J=\?6 76F:==6D 52=F>:?:F> 3@aE6D 564@?8]=2E:@? 6D AC@5F:ED D@?E 6? G6?E6 52?D =64@>>6C46 DA]4:2=:D] 4@ ;0/::/53A 7</2/>BRA (2A:6C 56>32==286 A2A:6C DF=7FC:D] 46==@A92?6 D24DjA@F36==6D D24D 52492E 5];X FE:=:D]D &=C@ =0BC@3@ :3A 3;0/::/53A CB7:7A3H23A 2@FE49@F4D 4=:AD 6? A=2DE:BF6 7:46==6D CF32?D 259]D:7D C]D:DE2?ED 2F 7C@:5 @F2DD:>:=]D .@FD A@FG6K 76C>6C =6D D2496ED 6E 76F:==6D 6? A@=J]E9J=\?6 2F >@J6? 5F? 2AA2C6:= XD@F56C C@R3 23 1=<A3@D/B7=< 23A>@=2C7BA AC@53:RA ==6 5]A6?5 56 =2 ?2EFC6 56D 2=:>6?ED +:=2 E6>A]C2EFC6 2 ]E] C]8=]6 DFC N )C>3@Z1=<5R:/B7=< != 72F5C2:E 4@?86=6C =6D AC@5F:ED 2=:>6?E2:C6D X 4mFC =6 A=FD C2A:56>6?E A@DD:3=6 27:? 56 AC]D6CG6C =6FCD G:E2>:?6D =6FC G2=6FC ?FEC:E:G6 =6FC 2DA64E 6E =6FC 8@hE (@FC BF:= ?6 D6 AC@5F:D6 A2D 52F8>6?j E2E:@? :?5]D:C23=6 56 =2 E6>A]C2EFC6 =@CDBF6 G@FD C2?86K 56D AC@5F:ED 2=:>6?E2:C6D 7C2:D 2AAFJ6K DFC =2 E@F496 56 DFA6C4@?8]=2E:@? BF6=BF6D 96FC6D 2G2?E 56 =6D C2?86C +: G@FD ?6 G@F=6K 4@?86=6C BF6 56 A6E:E6D BF2?E:E]D 52=:>6?ED G@FD ?2G6K A2D 36D@:? 56?4=6?496C =2 DFA6C4@?8]=2E:@? S (@:DD@? 492C4FE6C:6 A=2ED AC]j4F:D:?]D AYE:DD6C:6D ;FDBFX >@:D ::C;/53 3B 3FB7<1B7=< 752 AAFJ6K DFC =2 E@F496 M +FA6C P S C@>286 G@=2:==6 G:2?56 ;FDBFX >@:D =6?4=6?496>6?E 56 =2 DFA6Cj 4@?8]=2E:@? =6 G@J2?E 56 =2 E@F496 D2==F>6 S CF:ED 6E =]8F>6D ;FDBFX >@:D $2 DFA6C4@?8]=2E:@? D6 5]D24E:G6 2FE@j >2E:BF6>6?E 2F 3@FE 56 Q ;@FCD (3;/@?C3 +: G@FD 2G6K 24E:G] =2 DFA6C4@?8]=2E:@? =2AA2C6:= A6FE 7@?4E:@??6C A=FD 3CFJ2>>6?E 39 4@ L?C7>3;3<B 2C 1=;>/@B7;3<B 1=<5R:/B3C@ D6=@? =6 >@5\=6 /:3<2@73@ 756 $6D ?@>3C6D ;FIE2A@D]D 2FI DJ>3@=6D :?5:BF6?E =2 5FC]6 25>:DD:3=6 6? >@:D A@FC F? 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( ?6FEC6 $62F 56 ?6EE@J286 ?6 5@:E A2D A]?]EC6C 52?D =]4=2:C286 S &6DDFJ6K =6 ;@:?E 56 A@CE6 BF2G64 F? 49:77@? 6E 56 =62F AC@AC6 6?DF:E6 D]496Kj=6 X 7@?5 S AC\D =6 ?6EE@J286 C63C2?496K =2 7:496 >Y=6 56 =2AA2C6:= AF:D C]6?4=6?496Kj=6 41 4@ L1:/7@/53" .@EC6 2AA2C6:= 6DE ]BF:A] 5F? ]4=2:C286 A2C $ ?6 56>2?52?E A2D 56?EC6E:6? &@C23<13 L1:/7@/53 >/@ " *2J@??6>6?E =2D6C 56 4=2DD6 % ?@C>6! &@3D6CG6K ;2>2:D =6C2J@??6>6?E 2G64 56D :?DECF>6?ED @AE:BF6D *:DBF6 56 =]D:@?D @4F=2:C6D $6D C]A2C2E:@?D 56 46E ]4=2:C286 D@?E 6I4=FD:G6>6?E C]D6CG]6D 2F D6CG:46 2AC\Dj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jG@FD X 46EE6 7:? 56D A:65D X G:D 56 =2 42G:E] @F :?D]C6K BF6=BF6 49@D6 56DD@FD S &@FGC6K =2 A@CE6 56 =2AA2C6:= BF6 =6A=FD 3C:\G6>6?E A@DD:3=6 S (@FC ]G:E6C 56 4@?D@>>6C A=FD 56 4@FC2?E := 72F5C2:E ?6EE@J6C @442D:@??6==6>6?E 2G64 F? 2DA:C2E6FC @F F? A:?462F =@C:7:46 52AA@CE 6E 5]G24F2E:@? 52:C 52?D =6 D@4=6 S &6 C2?86K =6D A=2ED 492F5D 52?D =6 4@>A2CE:>6?E 4@?8]=2E6FC BF2AC\D BF:=D D6 D@?E C67C@:5:D S .@FD A@FG6K FE:=:D6C =6 7C@:5 BF:=D @?E 6>>282D:?] A@FC C67C@:5:C =6D 2=:>6?ED DE@4<]D 52?D =6 C]7C:8]C2E6FC -E:=:D6K =6I4]56?E 56 7C@:5 A@FC C67C@:5:C =6D 2=:>6?ED 42 3A B7@=7@A >/<73@A =C AC@4/13A 23 @/<53;3<B D70@3<B =C A3 1=7<13<B .]C:7:6K =6D A:\46D 2>@G:3=6D AF:D C6>6EE6Kj=6D 6? A=246 4@CC64E6>6?E 3A @R17>73<BA A3 B=C163<B T=@:8?6K =]8\C6>6?E =6D C]4:A:6?ED =6D F?D 56D 2FEC6D 4@ (3;R273@ A=7 ;S;3 /CF >3B7B3A >/<<3A D/<B 2/>>3:3@ :3 A3@D713 />@QAZD3<B3 .]C:7:6K DGA D: G@FD ?6 A@FG6K A2D C6>]5:6C G@FDj>^>6 2F 5]C2?86>6?E X =2:56 56D :?DECF4E:@?D BF: DF:G6?E +: G@FD 72:E6D G6?:C =6 E649?:4:6? 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G@=F>6 >:?:>@ 5: > $2 BF2?E:EX 5: C67C:86C2?E6 56= G@DEC@ 2AA2C6449:@ \ :?5:42E2 DF==2 E2C896EE2 5:56?E:7:42K:@?6 ?6==:?E6C?@ 56==2AA2j C6449:@ S $2 D@DE:EFK:@?6 56= 42G@ 5: 2=:>6?E2j K:@?6 65 2=EC6 C:A2C2K:@?: 56G@?@ 6DD6C6 6D68F:E6 D@=@ 52= D6CG:K:@ 2DD:DE6?K2 4=:6?E: $6 :?DE2==2K:@?: 6 C:A2C2K:@?: :?4@>A6E6?E: A@DD@?@ 4C62C6 ?@E6G@=: A6C:4@=@ A6C =FE6?E6 $3::CA= S &@? FD2C6 >2: 2AA2C6449: 6=6EEC:4: ?6==:?E6C?@ 5: BF6DE@ 2AA2C6449:@ A6C6D 2AA2C6449: 5: C:D42=52>6?E@ AC@5FEE@C: 5: 89:244:@ 6=6EEC:4: 644 &3@71=:= 27 3A>:=A7=<3 S &@? D3C:?2C6 @ AF=:C6 >2: =2AA2C6449:@ 4@? F?2 AF=:EC:46 2 G2A@C6 != G2A@C6 AFc C288:F?86C6 A2CE: 6=6EEC:496 6 AC@G@42C6 F? 4@CE@4:C4F:E@ &3@71=:= 27 A1/@71/ 3:3BB@71/ S &@? FE:=:KK2C6 @886EE: 2AAF?E:E: @ 277:=2E: A6C C:>F@G6C6 8=: DEC2E: 5: 3C:?2 6 5: 89:244:@ @D` 7246?5@ D: A@DD@?@ 52??688:2C6 :EF3: 56= C67C:86C2?E6 != C67C:86C2?E6 496 7F@C:6D46 2 DACFKK: AFc :?46?5:2CD: @76C:C6 8=: @449: S &@? 4@?D6CG2C6 ?6==2AA2C6449:@ AC@5@EE: 4@?E6?6?E: AC@A6==6?E: 82DD@D: 4@>3FDE:3:=: A6C6D 3@>3@=6EE6 DAC2J 6 D@DE2?K6 6DA=@D:G6 &3@71=:= 27 3A>:=A7=<3 S &@? FD2C6 :>AC@AC:2>6?E6 =@ K@44@=@ :42DD6EE: 6DEC2:3:=: =6 A@CE6 644 4@>6 A652?2 52AA@88:@ @AAFC6 4@>6 D@DE68?@ 7B S (6C =@ D3C:?2>6?E@ 6 =2 AF=:K:2 56==2AA2C6449:@ DA68?6C6 6DEC2CC6 =2DA:?2 5: 2=:>6?E2K:@?6 @ 5:D:?D6C:C6 :=5:DA@D:E:G@ 5: D:4FC6KK2 ,:C2C6 5:C6EE2>6?E6 =2 DA:?2 ?@? := 42G@ 5: 2=:>6?E2K:@?6 /;07<7 7< 1/A/ S @?D6CG2C6 2=4@@= 25 2=E2 8C252K:@?6 D@=@ 6C>6E:42>6?E6 49:FD@ 65 :? A@D:j K:@?6 G6CE:42=6 S $2AA2C6449:@ ?@? \ F? 8:@42EE@=@ A6C 32>3:?: S &@? 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C:5@EE6 42A24:EX 7:D:496 D6?D@C:2=: @ AD:49:496 @ 4@? :?DF77:4:6?E: 4@?@D46?K6 56G@?@ FD2C6 BF6DE@ 2AA2C6449:@ D@=@ D@EE@ D@CG68=:2?K2 @4@?56EE28=:2E6 :DECFK:@?: $2AA2C6449:@ \ 56DE:?2E@ 2==FD@ 5@>6DE:4@ S &@? 4@?D6CG2C6 ?6= 4@?86=2E@C6 =:BF:5::? 3@EE:8=:2 6 =2EE:?6 DA64:2=>6?E6 =6 36G2?56 4@?E6?6?E: 2?:5C:56 42C3@?:42 @EE:8=:6 6 =2EE:?6 A@DD@?@ 6DA=@56C6 S &@? >6EE6C6 DF3:E@ :? 3@442 2=:>6?E: 4@?86=2E: 2AA6?2 AC6D: 52= 4@?86=2E@C6 &3@71=:= 27 CAB7=<7 S A6C AC6A2C2C6 89:244:@ $2AA2C6449:@ \ D496C>2E@ 4@?EC@ :C25:@5:DEFC3: D64@?5@ =2 5:C6EE:G2 - $6C>6E:4:EX 56= 4:C4F:E@ 5: C277C6552>6?E@ \ DE2E2 4@?EC@==2E2 )F6DE@ AC@5@EE@ \ 4@?7@C>6 2==6 A6CE:?6?E: ?@C>6 5: D:4FC6KK2 A6C 8=: 2AA2C6449: 6=6EEC:4: & S G:E2C6 := 4@?E2EE@ AC@=F?82E@ 56==6 >2?: 4@? 2=:>6?E: 4@?86=2E: 89:244:@ @ EF3: 56==6G2A@C2E@C6 644 &3@71=:= 27 CAB7=<7 47 7B =<=A13@3 :/>>/@31167= &/<<3::= 1=;/<27 75C@/2 &C:A/<B3 27 /::/@;3 +6CG6 A6C 5:D2EE:G2C6 := D68?2=6 24FDE:4@ .65: 42A:E@=@ M+68?2=6 24FDE:4@P &C:A/<B3 J)C>3@K 1=<53:/B=@3 :DA@D:E:G@ A6C 2EE:G2C6 @ 5:D2EE:G2C6 :=DFA6Cj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c 6DD6C6 FD2E@ 2==6 D68F6?E: E6>A6C2EFC6 2>3:6?E6 @A@ 2G6C6 4@==@42E@ =2AA2C6449:@ 2EE6?56C6 2=>6?@ @C2 AC:>2 5: >6EE6C=@ :? 7F?K:@?6 FC2?E6 := EC2DA@CE@ AFc 244256C6 496 =@=:@ 4@?E6?FE@ ?6= 4@>AC6DD@C6 A6?6EC: ?6= D:DE6>2 5:C277C6552>6?E@ $2 4=2DD6 4=:>2E:42 \ :?5:42E2 DF==2 E2C896EE2 A@CE2j52E: 2 D:?:DEC2 :? 32DD@ ?6==:?E6C?@ 56==2AA2C6449:@ -"44& $-*."5*$" &.1&3"563" ".#*&/5& F + N F + N F + N F + N ,3<B7:/H7=<3 75C@/1 $2C:2 C:D42=52E2 56G6 A@E6C 567=F:C6 =:36C2>6?E6 =EC:>6?E: := C67C:86C2E@C6 56G6 =2G@C2C6 5: A:g )F6DE@ 2F>6?E2 := 4@?DF>@ 5: 6?6C8:2 6=6EEC:42 (6C4:c &@? 4@AC:C6 @ @DECF:C6 =2A6CEFC2 A2DD288:@ 56==2C:2 (F=:C6 =:?E6C?@ 56==2AA2C6449:@ AC:>2 5:>6EE6C=@ :? 7F?K:@?6 =2 AC:>2 G@=E2 G65:42A:E@=@ (F=:K:2 $2 AC6D2 56G6 6DD6C6 =:36C2>6?E6 2446DD:3:=6 @==682C6 =2AA2C6449:@ 2==2 4@CC6?E6 2=E6C?2E2 2 . K EC2>:E6 F?2 AC6D2 :?DE2==2E2 2 ?@C>2 $2AC6D2 56G6 6DD6C6 AC@E6EE2 4@? F? 5:DA@D:E:G@ 5: D:4FC6KK2 52 2 (6C 2AA2C6449: 496 G6?8@?@ :>A:682E: :?A26D: ?@? 6FC@A6: 4@?EC@==2C6 DF==2 E2C896EE2 A@CE2j52E: D6 =2 E6?D:@?6 65 :=E:A@ 5: 4@CC6?E6 :?5:42E: 4@CC:DA@?5@?@ 2:G2=@C: 56==2 AC@AC:2 C6E6 6=6EEC:42 $2E2C896EE2 5:56?E:7:42K:@?6 D: EC@G2 :?32DD@ 2 D:?:DEC2 ?6==2AA2C6449:@ $2D@DE:EFK:@?6 56= 42G@ 5: 2=:>6?E2K:@?6 D6 ?646DD2C:2 56G6 6DD6C6 6D68F:E2 D@=@ 52 F? E64?:4@ DA64:2=:KK2E@ ! &3@71=:= $2AA2C6449:@ ?@? 56G6 6DD6C6 >2: 4@==682E@ 2 AC6D6 2 C:DA2C>:@ 6?6C86E:4@ 6=6EEC@?:496 6 25 :?G6CE6C 496 EC2D7@C>2?@ 4@CC6?E6 4@?E:?F2 :? 4@CC6?E6 2=E6C?2E2 2 . A6C 6D :>A:2?E: D@=2C: A6C =2 AC@5FK:@?6 5: 6?6C8:2 C6E: 6=6EEC:496 ?2G2=: 49 7B 113<23@3 :/>>/@31167= (35=:/@3 :/B3;>3@/BC@/ 75C@/1 EE:G2C6 =2AA2C6449:@ EC2>:E6 =:?E6CCFEE@C6 AC:?4:A2=6 75C@/2 75C@/2 .:6?6 6>6DD@ F? D68?2=6 24FDE:4@ :=AF=D2?E6 2==2C>6 6 =:?5:42E@C6 5:E6>A6C2EFC2 =2>A688:2?@ C68@=23:=6 52 N 2 N (6C 5:D2EE:G2C6 := D68?2=6 24FDE:4@ AC6>6C6 := AF=D2?E6 5: 2==2C>6 $2 DA:2 56= AF=D2?E6 5: 2==2C>6 C6DE2 2446D2 6 =:?5:42E@C6 56==2 E6>A6C2EFC2 =2>A688:2 D:?@ 2= C288:F?8:>6?E@ 56==6 E6>A6C2EFC6 D6=6K:@?2E6 AB@CH7=<7 >3@ 7:4C<H7=</;3<B= S )F2?5@ := 4@?86=2E@C6 92 C288:F?E@ =2DF2 E6>A6C2EFC2 5: D6CG:K:@ =2 DA:2 5:?5:42K:@?6 E6>A6C2EFC2 \ D6>AC6 2446D2 S != =2E@ 2?E6C:@C6 56==2AA2C6449:@ \ :? A2CE6 =6886C>6?E6 C:D42=52E@ BF6DE@ :>A65:D46 =2 7@C>2K:@?6 5: 4@?56?D2 ?6==2 K@?2 56==2 8F2C?:K:@?6 56==2 A@CE2 S +6 5@A@ =2 49:FDFC2 56= 4@?86=2E@C6 =2A@CE2 5@G6DD6 C6D:DE6C6 25 F?2 ?F@G2 :>>65:2E2 2A6CEFC2 \ ?646DD2C:@ 2EE6?56C6 5F6 @ EC6 >:?FE: 7:?49] ?@? D:4@>A6?D2 =2 56AC6DD:@?6 7@C>2E2D: ?6==:?E6C?@ S C2K:6 2= D:DE6>2 2FE@>2E:4@ ?@7C@DE ?6= 4@?86=2E@C6 ?@? D: 7@C>2 >2: 89:244:@ -?@ D3C:?2>6?E@ ?@? \ A:g ?646DD2C:@ =<53:/B=@3 (C6>6C6 C:A6EFE2>6?E6 := AF=D2?E6 5: C68@=2K:@?6 E6>A6C2EFC2 7:?49] ?@? \:>A@DE2E2 =2 E6>A6C2EFC2 56= 4@?86=2E@C6 56D:56C2E2 $F=E:>@ G2=@C6 C68@=2E@ G:6?6 >6>@C:KK2E@ $2 E6>A6C2EFC2 C68@=2E2 G:6?6 G:DF2=:KK2E2 ?6= 5:DA=2J &6= 4@?86=2E@C6 4@?D:8=:2>@ F?2 C68@=2K:@?6 5: N : A35</:3 /1CAB71= 7A/BB7D/@3 7: A35</:3 /1CAB71= 75C@/2 (C6>6?5@ := AF=D2?E6 5: 2==2C>6 := D68?2=6 24FDE:4@ D: 5:D2EE:G2 6 =2 DA:2 G:6?6 C:>6DD2 :? DE2?5j3J )35</:3 /1CAB71= >=@B/ $2==2C>6 24FDE:4@ A@CE2 D: 2EE:G2 D6 =2 A@CE2 56==2AA2C6449:@ \ 2A6CE2 A6C @=EC6 F? >:?FE@ .:6?6 6>6DD@ F? D68?2=6 24FDE:4@ 5: 2GG:D@ 4@?E:?F@ )35</:3 /1CAB71= B3;>3@/BC@/ != D68?2=6 24FDE:4@ 5: E6>A6C2EFC2 D: 2EE:G2 D6 =2 E6>A6C2EFC2 ?6= 4@?86=2E@C6 2F>6?E2 EC@AA@ -? D68?2=6 24FDE:4@ 4@?E:?F@ G:6?6 6>6DD@ 50 7B 6-4"/5& /%*$"503& %* 1*&(";*0/& %* "--"3.& 5&.1&3"563" +--/=9 38>/<73>>/8>/ 77*40 5&.1&3"563" 63 +637/8>3 -981/6+>3 898 =989 38 :/<3-969 38>/<U 73>>/8>/ 38>/<73>>/8>/ 77*40 %*/*;*0 4$0/(&-".&/50 =?<1/6+>3 40/0 */ :/<3-969 38>/<U 73>>/8>/ +--/=9 =<53:/@3 31=<A3@D/@3 /:7;3<B7AC@53:/B7 1?C7AB= 27 /:7;3<B7 AC@53:/B7 $2 4@?76K:@?6 ?@? 56G6 6DD6C6 52??688:2E2 77*40 %*/*;*0 4$0/(&-".&/50 2C6 2EE6?K:@?6 2==2 52E2 5: D4256?K2 8 :</-/./8D+ 6+>/7:/<+>?<+ O+?7/8>+>+ ><9::9 =?<1/6+>3 =989 38 :/<3-969 $2 E6>A6C2EFC2 ?6= 4@?E6?:E@C6 5: G6?5:E2 56G6 6DD6C6 ° @A:g 32DD2 DD7A= 27<7H7= A1=<53:/;3<B= +6 := 8FDE@ =@5@C6 6 =2DA6EE@ D@?@ :?G2C:2E: 8=: 2=:>6?E: A@DD@?@ 6DD6C6 5: ?F@G@ 4@?86=2E: 5@A@ =2 AC6A2C2K:@?6 >65:2?E6 4@EEFC2 @ 2CC@DE@ &@? FE:=:KK2C6 A:g :?E6C2>6?E6 =2 5FC2E2 >2I 5: 4@?D6CG2K:@?6 DD7A= B3;>3@/BC@/ +6?K2 A6C:4@=@ A6C 8=: 2=:>6?E: DFC86=2E: :=D68?2=6 24FDE:4@ AFc 6DD6C6 6>6DD@ S ==2 >6DD2 :? 7F?K:@?6 56==2AA2C6449:@ S ==:?EC@5FK:@?6 5: 8C2?5: BF2?E:EX 5: 2=:>6?E: 7C6D49: ,C2DA@CE2C6 8=: 2=:>6?E: DFC86=2E: A@DD:3:=>6?E6 :? F?2 3@CD2 E6C>:42 6>6EE6C=: DF3:E@ ?6= G2?@ 4@?86=2E@C6 =<A3@D/H7=<3 235:7 /:7;3<B7 1=<53:/B7 (6C =2 4@CC6EE2 4:C4@=2K:@?6 56==2C:2 2==:?E6C?@ 56==2AA2C6449:@ \ :>A@CE2?E6 DA:?86C6 2 7@?5@ : 42DD6EE: A6C AC@5@EE: 4@?86=2E: @?86=2C6 8C2?5: BF2?E:EX 5: 2=:>6?E: AC676C:3:=>6?E6 ?68=: D4@>A2CE: DFA6C:@C: BF: 6DD: G6?8@?@ 4@?86=2E: >@=E@ C2A:52>6?E6 6 A6C4:c 2?496 D2=G28F2C52?5@?6 =6 AC@AC:6EX &@? 4@AC:C6 4@? 2=:>6?E: 4@?86=2E: =676DDFC2 5: G6?E:=2K:@?6 ?6==2 A2C6E6 A@DE6C:@C6 S )F2?5@ D: E:6?6 2A6CE2 EC@AA@ 2 =F?8@ =2A@CE2 56= 4@?86=2E@C6 51 7B (6C 4@?D6CG2C6 F?2 8C2?56 BF2?E:EX 5: 2=:>6?E: \ A@DD:3:=6 4@==@42C=: 5:C6EE2>6?E6 DF: C:A:2?: 5: G6EC@ 6 DF= 7@?5@ 56= 4@?86=2E@C6 E2= 7:?6 6DEC2CC6 52==2AA2C6449:@ EFEE: 8=: DA@CE6==: 56= 4@?86=2E@C6 65 : 42DD6EE: A6C DFC86=2E: S DEC2CC6 : 42DD6EE: 7:?@ 2==2CC6DE@ D@==6G2C=: 2G2?E: 65 6DEC2C=: 75C@/3 (6C :?D6C:C6 := 42DD6EE@ DFC86=2E: 4@? =6 8F:56 5: 6DEC2K:@?6 =6 8F:56 56G@?@ 6DD6C6 6DEC2EE6 475C@/4 S AC:C6 =@ DA@CE6==@ 56= 4@?86=2E@C6 >2?E6?6C6 F?@ 56: A6C?: 5: DFAA@CE@ 65 6DEC2CC6 52 BF6DE@ =@ DA@CE6==@ 475C@/5 ,=:C;3 CB7:3 ! 52E: 56= G@=F>6 FE:=6 D@?@ :?5:42E: DF==2E2C896EE2 5:56?E:7:42K:@?6 56==2AA2C6449:@ =<53:/;3<B= 27/:7;3<B7 4@3A167 =<53:/@3 7< >@=>@7= /:7;3<B7 (6C 4@?86=2C6 2=:>6?E: :? AC@AC:@ FE:=:KK2C6D@=@ AC@5@EE: 7C6D49: 6 :?E68C: )=<= /2/BB7 >3@ 7: 1=<53:/;3<B= 42C?: 65 :?D2442E: 5: 42C?6 A@==2>6 6D6=G288:?2 A6D46 G6C5FC2 6C36 2C@>2E:496 7CFEE2 AC@5@EE: 52 7@C?@ A:KK2 4:3: AC@?E: C6DE: 5: 2=:>6?E: C@DD@ 63:2?4@ 5F@G@ $=< A=<= /2/BB7 >3@ 7: 1=<53:/;3<B= F@G2 :?E6C6 ?6==2 3F44:2 A2??2 24:52 6>2:@?6D6 :?D2=2E6 :? 7@8=:2 C2G2?6==: C272?: 6 4:A@==6 52 )1=BB/@3 D3@2C@/ 3 4@CBB/ (6C 4@?D6CG2C6 4@=@C6 8FDE@ 2C@>2 6G:E2>:?2 MP D4@EE2C6 =2 G6C5FC2 6=27CFEE2 AC:>2 56= 4@?86=2>6?E@ (6C =2 D4@EE2EFC2 :>>6C86C6 G6C5FC2 67CFEE2 A6C 3C6G6 E6>A@ :? 24BF2 3@==6?E6 !? =:3C6C:2 D@?@ :? G6?5:E2 AF33=:42K:@?: DF= 4@?86=2>6?E@ ?6==6 BF2=: D: 56D4C:G6 2?496 := AC@465:>6?E@ 5: D4@EE2EFC2 =<53:/@3 /:7;3<B7 -E:=:KK2C6 A6C := 4@?86=2>6?E@ D@=@ 2=:>6?E: 7C6D49: 65 :?E68C: &@? >6EE6C6 8=: 2=:>6?E: 52 4@?86=2C6 :?4@?E2EE@ 4@? BF6==: 4@?86=2E: @?D6CG2C6 8=: 2=:>6?E: :? 4@?76K:@?: 6C>6E:496 A6C 6G:E2C6 496 A6C52?@ := =@C@ 8FDE@ @ A@DD2?@ 6DD:442CD: #/F >=B3<H/ 271=<53:/;3<B= !?5:42K:@?: DF==2 >2I A@DD:3:=:EX 5:4@?86=2>6?E@ :? @C6 D@?@ C:A@CE2E6DF==2 E2C896EE2 5:56?E:7:42K:@?6 =<43H7=</;3<B= 1=@@3BB= !?EC@5FCC6 =2=:>6?E@ ?6==2 4@?76K:@?6 2C6 FD4:C6 =2C:2 9:F56C6 =2 4@?76K:@?6 6C>6E:42>6?E6 E:496EE2C6 =2 4@?76K:@?6 4@? := 4@?j E6?FE@ 6 =2 52E2 5: 4@?86=2>6?E@ 7B #/B3@7/:7 /2/BB7 >3@ 7: 1=<43H7=</;3<B= 7@8=: 5: A=2DE:42 7@8=: EF3@=2C: 5: A@=:6E:=6?6 7@8=: 5: 2==F>:?:@ 4@?E6?:E@C: A6C DFC86=2E: )F6DE: AC@5@EE: D@?@ 5:DA@?:3:=: ?6: ?68@K: DA64:2=:KK2E: #/B3@7/:7 7</2/BB7 >3@ 7:1=<43H7=</;3<B= 42CE2 A6C :>32==288:@ 42CE2 A6C82>6?2 46==@72? D24496EE: A6C C:7:FE: D24496EE: A6C =2 DA6D2 FD2E: #/B3@7/:7 /2/BB7 >3@ :/ 167CAC@/ 2?6==: 5: 8@>>2 4=:A 5: A=2DE:42 7:=: A6C =682C6 ?2DEC: 256D:G: C6D:DE6?E: 2= 7C655@ 6D:>:=: ! D24496EE: 65 : 7@8=: EF3@=2C: 5: A@=:6E:=6?6 A@DD@?@ 6DD6C6 D2=52E: 4@? F? D2=52E@C6 A6C 7@8=: 5: A=2DE:42 C@/B/ 27 1=<A3@D/H7=<3 237AC@53:/B7 :A6?56 52= E:A@ 5: AC@5@EE@ 2=:>6?E2C6 5 F?2 C68@=2K:@?6 5: E6>A6C2EFC2 5:N S (6D46 D2=D:44:2 A:6E2?K6 AC@?E6 AC@5@EE: 52 7@C?@ 7:?@ 2 >6D: )C>3@Z1=<53:/;3<B= (6C 4@?D6CG2C6 G:E2>:?6 G2=@C: ?FEC:E:G: 2DA6EE@ 6 8FDE@ 8=: 2=:>6?E: 56G@?@ 6DD6C6 4@?86=2E: 4@>A=6E2>6?E6 2?496 ?6==:?E6C?@ ?6= E6>A@ A:g 3C6G6 A@DD:3:=6 77:?49] ?6==:?EC@5FK:@?6 5: 2=:>6?E: 7C6D49: ?@? G: D:2 F? :?56D:56C2E@ 2F>6?E@ 56==2 E6>A6C2EFC2 2EE:G2C6 := DFA6Cj 4@?86=2>6?E@ BF2=496 @C2 AC:>2 5: :?EC@5FCC6 8=: 2=:>6?E: 7C6D49: $6 BF2?E:EX 5: 2=:>6?E: A:g A:44@=6 A@DD@?@ 6DD6C6 4@?86=2E6 D6?K2 DFA6Cj4@?86=2>6?E@ 113<23@3 3 A>35<3@3 75C@/2 (C6>6C6 := AF=D2?E6 MDFA6CP )F2?5@ := DFA6Cj4@?86=2>6?E@ \ :?D6C:E@ :=AF=D2?E6 \ 2446D@ @A@ Q 8:@C?: := DFA6Cj4@?86=2>6?E@ D:5:D:?D6C:D46 2FE@>2E:42>6?E6 $=B/ @? := DFA6Cj4@?86=2>6?E@ :?D6C:E@ >288:@C: D@?@ : CF>@C: 5: 7F?K:@?2>6?E@ S 7@C>288:@ A@==2>6 42C?6 7:?@ 2 >6D: S .6C5FC2 7CFEE2 7:?@ 2 >6D: 53 7B BB@3HH/BC@/ 23:1=<53:/B=@3 )1=<53:/;3<B= 27 /:7;3<B7 1=<53:/B7 ?@? :? EFEE: : >@56==: +64@?5@ := E:A@ 6 =2 56DE:?2K:@?6 D468=:6C6 EC2 =6 A@DD:3:=:EX D68F6?E: /:3<2/@7= 27 1=<53:/;3<B= S 2 E6>A6C2EFC2 2>3:6?E6 75C@/6 ! ?F>6C: 2442?E@ 2: D:>3@=: :?5:42?@ :? >6D: =2 5FC2E2 5: 4@?D6CG2K:@?6 2>>6DD2 A6C := AC@5@EE@ 4@?86=2E@ (6C : AC@5@EE: DFC86=2E: 5:DEC:3F:E: ?6= 4@>>6C4:@ D: 56G6 @DD6CG2C6 =2 52E2 5: AC@5FK:@?6 @ =2 52E2 5: D4256?K2 S :? 7C:8@C:76C@ 11C;C:/B=@3 23: 4@322= 75C@/7 $244F>F=2E@C6 56= 7C655@ C:E2C52 =@ D4@?86=2>6?E@ 568=: 2=:>6?E: 4@?D6CG2E: :? 42D@ 5:?E6CCFK:@?6 5: 4@CC6?E6 @ 5: 8F2DE@ $244F>F=2E@C6 56= 7C655@ AFc 6DD6C6 2?496 FE:=:KK2E@ A6C 4@?D6CG2C6 E6>A@C2?62>6?E6 2= 7C655@ 2=:>6?E: A 6D :? F?2 3@CD2 E6C>:42 ,/A163BB/ >3@ 567/117= 75C@/8 *:6>A:C6 =6 G2D496EE6 A6CR 4@? 24BF2 6A@C=6 ?6= 4@?86=2E@C6 +E2442C6 =2 G2D496EE2 56= 89:244:@ 6G6?EF2=>6?E6 2EE2442E2 D@=@ 4@? 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