+ 4K>E=

6- ) ! )@=FJ=?E AI ?A K =HAI +HA?E EA J ?A K =H 1 JAH=??E ? K = =JHE

- AH @A % 4ALEI=@ A - AH @A &

"  )@=FJ=?E ?A K =H ,A E?E  6EF I @A =@=FJ=?E AI ?A K =HAI 0EFAHF =IE= .EIE CE?= O F=J CE?= 0EFAHJH = )JH = AJ=F =IE=  +=KI=I @A = AJ=F =IE=  8=HEA@=@AI @A AJ=F =IE= @EHA?J= A E @EHA?J=  HB C = @A = AJ=F =IE= AFEJA E= AIA GKE =  +HA?E EA J ?A K =H + JH @A ?HA?E EA J ?A K H A?= EI I A?K =HAI 1 DE>E?E @A ?HA?E EA J ?A K =H  .=?J HAI @A ?HA?E EA J  =JHE ANJH=?A K =H A E JAH=??E ? K = =JHE

F=H=@ E?=

)@=FJ=?E

?A K =H

5A F @H = @A EH ? = HAIFKAIJ= @A =I ? K =I = JA AIJ K I IE CE ? I AN?AIEL I F=J CE? I A@E= JA = ?K= ? IECKA = JA AH =K GKA = C = JAH=@ K AIJ=@ @A AGKE E>HE HA =JEL GKA AI FAH EJA FHAIAHL=H = LE=>E E @=@ O BK ?E @A = FH FE= ? K = =I =@=FJ=?E AI E F E?= ?= >E I A A ?HA?E EA J ?A K =H DEFAHF =IE= =JH = DEFAHJH = O AJ=F =I = 6= >E FKA@A E ? KEH A = =?A = EA J E JH=?A K =H A JA @A @ELAHI=I IKIJ= ?E=I A ?= JE@=@AI = = =I A JHA =I GKA @EIJE CKE I ? =IAI FEC A J I A @ CA I O FEC A J I AN CA I 2 H JE D=?AH K = A ?E = GKA AIJ=I =@=FJ=?E AI ?A K =HAI FKA@A IAH @A>E@=I = K AH I I A?= EI I F H = AIJE K =?E E DE>E?E @A HA?AFJ HAI ?A K =HAI AIFA? ? I E F E?=@ I A A AJ=> EI F H = AIJE K =?E @EHA?J= @A =I ? K =I F H B=?J HAI FH @K?E@ I F H JH=I ? K =I F H = I = ? K = ?HA?E EA J ?A K =H E @K??E @A I JAIEI @A KAL=I FH JAE =I FH @K?E@=I F H ? K =I ABA?J H=I O J= >E FKA@A AIJ=H HA =?E =@=I ? A ?AIA @A = CK = B= E E= @A FH JAE =I O IK IKIJEJK?E F H JH=

)@=FJ=?E
0EFAHF =IE=

AI ?A K =HAI @A ?HA?E EA J O @EBAHA ?E=?E

-IJ= ? =IA @A @EBAHA ?E=?E IA ?=H=?JAHE = F H K E ?HA A J A A AH @A ? K =I @A K HC= JA E@ GKA = IK LA IA FKA@A =? F= =H @A K =K A J @A L K A -IJA BA A I JEA A KC=H A =I ? K =I ? ?=F=?E@=@ @A @ELEIE O= GKA K =K A J A A AH @A ? K =I E F E?= EJ IEI F H J= J I IA FH @K?A IE = F > =?E ?A K =H AI ?=F= @A IE JAJE =H ), ) IK LA F @A I @EIJE CKEH @ I JEF I @A DEFAHF =IE=

0EFAHF =IE= IE

CE?=

 0EFAHF =IE= D H = K A A F AI = FH EBAH=?E @A AFEJA E C = @K =H @A = = = BA A E = @KH= JA = FK>AHJ=@ O A A >=H=  =I ? K =K A J @A = D H = )+60 GKA FH L ?= K =K A J @A AH @A ? K =I A = ? HJA = IKFH=HA =  0EFAHF =IE= ? FA I=@ H= 5A FH @K?A ?K= @ IA ANJEHF= GKEH HCE?= A JA K = F=HJA @A D C=@ = JA AIJ JEA A KC=H K A?= EI @A HACA AH=?E F=H= ? FA I=H = =I= @A JA E@ FAH@E@= GKA ? IEIJA A GKA J @=I =I F > =?E AI ?A K =HAI =@KH=I GKA ? IJEJKOA A D C=@ A FEA = = FH EB AH=H A AIFA?E= I DAF=J ?EJ I - AIJ= FH EBAH=?E ?A K =H E JAHLEA A @ELAHI I B=?J HAI @A ?HA?E EA J ? F H A A F A B=?J H @A ?HA?E EA J @A DAF=J ?EJ I 0/. O IK HA?AFJ H ? AJ =I ? ?EJ ?E =I ? = 1 $ 6 .  @ELAHI=I IA = AI @A ?A>=@

# A JHA =I GKA IA E ? KOA = @ACH=@=?E @A = =JHE ANJH=?A K =H GKA =?JEL= A 0/. O K = LA HA= E =@= = FH EBAH=?E ?A K =H F=HJE?EF= E DE>E@ HAI @A ?HA?E EA J ? 6/. *-6) IE JAJE =@ F H ? K =I F=HA GKE =J I=I @A D C=@ 

0EFAHF =IE= F=J

CE?=

5A FH @K?A A ?=I I @A AIJE K =?E D H = AN?AIEL= F H A A F A = DEFAHF =IE= @A A @ AJHE A = GKA IA FH @K?A K = CH= FH EBAH=?E F JA ?E=@= F H D H =I DEF I=HE=I O AIJH CA I L=HE? I JH A A F IA FH @K?A A = C @K = F=H=JEH E@AI GKA IA DEFAHF =IE= A J @=I =I IEJK=?E AI A =I GKA D=O K = @EI E K?E @A = ?= ?A E= ? A I ?=I I F H @A ?EA ?E= @A LEJ= E = , = =>I H?E @A ?= ?E JK>K F=J = ? =K A J @A = ?= ?EKHE= J= >E F H I ABA?J I @A B=?J HAI @A ?HA?E EA J I >HA C @K = ABA?J H=I A =I GKA @AIJ=?= A F=FA @A = DEFAHF =IE= A =I ? K =I @A JA E@ ? K JEL ? ?HAJ= A JA A = ?KH=?E @A =I DAHE@=I =I ? ?EAHJ=I E BA??E AI LEH= AI F=FE = LEHKI

0EFAHJH

= DEFAHJH = AIJ= HA =?E =@= ? K =K A J A A J= = @A =I ? K =I O GKA = IK LA @AIA ?=@A = K =K A J @A J= = @A HC= = GKA =BA?J= =? F= =@ @A K =K A J @A IK ?=F=?E@=@ BK ?E = = I ? I JAIEI @A ? F A JAI AIJHK?JKH= AI 5KA A =F=HA?AH A JA E@ I FAH = A JAI A I GKA D=O ?=F=?E@=@ @A @ELEIE ?A K =H ? A ?=H@ =? O A I?K AIGKA JE? = DEFAHJH = FKA@A IAH IE CE?= F=J CE?=

0EFAHJH

= IE

CE?=

7 A A F IAH = A ?HA?E EA J IE CE? =IEL @A JAH @KH= JA A A >=H= @A>E@ = K = CH= AIJE K =?E @A D H =I AIJH C E?=I = JH=L I @A HA?AFJ HAI AIJH CA EJ I @A I?K EI GKA E JAH=?JK= ? A ), O FAH EJA = I JAIEI @A FH JA =I @A I?K EI

0EFAHF =IE= F=J

CE?=

-I = DEFAHJH = GKA IKBHA =I ? K =I @A I?K AIJHE=@ J= J A ?=H@ =? ? A AIGKA JE? A AIJ K GKA ?=KI= AIJ DEFAHJH = AI = ?= JE@=@ @A JH= >= ? ?KHHA A A ? H= A A GKA D=O K = = JAH=?E @A J= = O @A BA JEF @A ?=@= E ?EJ =I ? K =K A J @A =I I JAIEI @A FH JA =I O E = A J I GKA FAH EJA K = =O H ?=F=?E@=@ @A JH=>= F H F=HJA @A ? H=  )@A I IA E @K?A = CK I CA AI ? A = B O K ?= >E A = I JAIEI @A FH JAE =I ? JH ?JE AI =I ? CA AI GKA ? @E ?= B=?J HAI HACK =@ HAI E E?E= AI B=?J HAI @A ?HA?E EA J 6/.  B=?J H @A ?HA?E EA J @A >H > =IJ I ./. =CA JAI L=I =?JEL I - , 6- 1 )  ) /1 6- 51 )  O @ELAHI I ? F A JAI E F E?=@ I A =I LE=I @A IA = A@E=@=I F H HA?AFJ H O F H ?E =I=I 2 H J= J I @AIA ?=@A = JAI @A DEFAHJH = A A ? H= I @ I @AI A ?=@A = JAI A? E? I AIJEH= EA J  O @AIA ?=@A = JAI JH ? I B=?J HAI @A ?HA?E EA J F EFAFJ @E? I O IKIJ= ?E=I L=I =?JEL=I 6 @ AIJ IA F @H = JA AH @KH= JA K FAH @ @A JEA F ? IE@AH=> A = F=HJEH @A AIA JEA F A =K A J @A =I= KI?K =H O= AI ?=F= @A ? FA I=H = ?=HC= O AIJ ?=IE = ?= >E I @ACA AH=JEL I A =I >H=I E ? H@E?=I =I ? EIEI O KAHJA @A E ?EJ I F H @EI E K?E @A = ?=F=?E@=@ NE@=JEL= @A =I EJ ? @HE=I O = JAH=?E A =I I JAIEI O @ACH=@=?E @A FH JA =I

AJ=F =IE=
5A @A E = =I = K ?= >E HALAHIE> A A@E= JA A ?K= K = ? K = =@K J= AI IKIJEJKE@= F H JH= ? K = =@K J= @A K JA E@ @EBAHA JA AI @A?EH IAH = = IKIJEJK?E =@=FJ=JEL= @A K =I ? K =I IA IE> AI = K = @AJAH E =@= ?=KI= F H JH=I GKA I ?=F=?AI @A HAIEIJEH A H = F=J CA E=

$ 5A HECE = F H = HAFH CH= =?E @A ? K =I =@HA GKA IA A ?KA JH= A I AFEJA E I O IA ? ?A ? A >HA @A
? K =I HAIAHL= >EA ? K =I AIA GKE = AI E @EBAHA ?E=@=I @A JA E@ ? K JEL =I ?K= AI IKBHA K = @ E ?=?E GKA AIJ @AIA ?=@A =@= F H IA = AI @A ?EJ ?E =I B=?J HAI @A ?HA? E EA J GKA E @K?A B=?J HAI @A JH= I?HEF?E AIFA? ? I GKA =?JEL= CA AI GKA B H = A BA JEF @A = KAL= ? K = ? F A JAI @A = =JHE ANJH=?A K =H A A = >EA JA @A = ? K = =I ? L=HE I CA AI @A AIFA?E ?E@=@ JEIK =H O @EBAHA ?E=?E

+=KI=I @A

AJ=F =IE=

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

8=HEA@=@AI @A


AJ=F =IE=
AJ=F =IE= F @A I @EIJE CKEH JHAI JEF I

=I L=HEA@=@AI @A

AJ=F =IE= = F=HJEH @A ? K =I FHE EC E=I A = GKA =I ? K =I FHE EJEL=I @A K JA E@ >E I IKIJEJKE@=I F H JH=I ? ?KHHA A A A @ ? HLEN A A GKA D=O K = AJ=F =IE= AI?= I= A =I ? K =I AIA GKE = AI GKA ?=KI= = AJ=F =IE= IA= @A =I ?E?=JHE?AI  AJ=F =IE= @EHA?J= JH= IB H =?E @A ? K =I =@KH=I A JH=I =@KH=I ? ?KHHA A A HE A = AJ=F =IE= @A ? K =I @A I?K EI GKA IA ? LEAHJA A ? K =I FH @K?J H=I @A HA E =  AJ=F =IE= E @EHA?J= JEA A KC=H A ? K =I @EBAHA ?E=@=I GKA FH EBAH= O IA JH= IB H = A JH=I @EBAHA ?E=@=I  AJ=F =IE= AI?= I= @A AFEJA E >H GKE= 

HB


C = @A =

AJ=F =IE=

AJ=F =IE= AFEJA E= 5A FH @K?A ? FH ?AI =@=FJ=JEL = = =??E @A K = N= ; @A JH @A AIJ= ? =IA @A AJ=F =IE= JA A I =I IECKEA JAI @ELEIE AI  AJ=F =IE= AI?= I= 5KA A FHAIA J=HIA AFEJA E I @A K? I=I ? @K? J I C @K =I ? >H GKE I ?AHLEN A @ AJHE KH JA E AFEJA E @A I ? @K?J I AN?HAJ HAI @A F ?HA=I O FH IJ=J=   AJ=F =IE= =F ?HE = A C @K =I AN ?HE =I @A = = = ! AJ=F =IE= E JAIJE = )F=HA?A A =I C=IJHEJEI ?H E?=I A AIJ =C A =I ? A?EIJEJEI ?H E?=I A LAI ?K = >E E=H O A A AI B=C @A *=HHAJJ " AJ=F =IE= = JH= 5A >IAHL= A E = =?E AI ?H E?=I @A ?KAHF C IJHE? O @A = LAI ?K = >E E=H AJ=F =IE= AIA GKE = 6EA A A I HA =?E @A =@=FJ=?E = K = N= GKA = AJ=F =IE= AFEJA E= ,A JH @A = ?K= F @A I D=?AH @EBAHA JAI IK>@ELEIE AI  AJ=F =IE= ?=HJE =CE I= = AJ=F =IE= ?=HJE =CE I= AI BHA?KA JA A ?E?=JHE?AI JA E@ I @A FIAK@ =HJH IEI O A = ? FIK = IE LE=   AJ=F =IE= IA= 2KA@A =F=HA?AH A ?K= GKEAH JA E@ @ @A IA @AF IEJA ?= ?E I >HA ?K= GKEAH ?=HJ =C - A?= EI F H A ?K= IA FH @K?A AIJA JEF @A AJ=F =IE= AI = F=HJEH @A >H > =IJ I ? ?=F=?E@=@ @A JH= IB H = ?E A IJA > =IJ I O IJA ? =IJ I B H = @ K = IAHEA @A JH=> ?K =I A JHA =I GKA IA B H = JA E@ CH=I O DA =J F O JE? ! AJ=F =IE= F=H=@ E?= = AJ=F =IE= F=H=@ E?= AI = AJ=F =IE= @A K JA E@ GKA =F=HA JA A JA IA JH= IB H = A JH JA E@ @A K = D = > =IJ @ H

% E?= @EBAHA JA 5 F ? BHA?KA JAI = ? ?E@=I O GKA FHAIA J= K?D=I @K@=I F=J C E?=I ) CK I A A F I IA FH @K?A A AFEJA E FEC A J=HE @A = HAJE = @ @A IA FKA@A FH @K?EH ?E?=JHE?AI IK>HHAJE E= =I F H ? K =I @A =IFA?J >H > IJE? GKA HA= A JA I ? K =I AFEJA E= AI AJ=F IE?=I - = FJEIEI >K >E =F=HA?A K = AJ=F =IE= @A DKAI GKA FH >=> A A JA IA B H = = F=HJEH @A I >H > =IJ I @A = ?E?=JHE GKA IA HECE = A = HAJE = =I C AHK ABHEJEI FH EBAH=JEL=I A @ O ANJH=?=FE =HAI IA B H = IA E K =I AFEJA E= AI A = ? FIK = @A * M = GKA JAH E = F H >H I=HIA AI JA E @A =I ?=LE@=@AI F AKH= AI O FAHEJ A= AI JEA A K = CH= ?=F=?E@=@ AJ=F IE?=

)JH

= =JH = IA A JEA @A ? K = @EI E K?E @A J= = @A = ? K = F H F H@E@= @A IKIJ= ?E=I ?A K =HAI -I K = B H = @A HAIFKAIJ= =@FJ=JEL= GKA IKA A =BA?J=H ?=IE IEA FHA = K = AH IEC E ?=JEL @A ? K =I @A K HC= JA E@ O ? IEIJA A = HA@K??E @A I ? F A JAI AIJHK?JKH= AI @A = ? K = - JHA =I ?=KI=I I BHA?KA JAI @A = =JH = F @A I IA = =H = @EI E K?E @A = ?= JE@=@ @A JH=>= FKA@A FH L ?=H =JH = @A K I?K = E LE E =H K JA E@ DKAI  IA FKA@A FH @K?EH F H F H@E@= @A = E AHL=?E F H @EI E K?E @A =F HJA I= CK A @A>E@ = K = KJHE?E E IK ?EA JA = K = F H@E@= @A = AIJE K =?E A @ ?HE = = K = A LA A?E EA J O = K = =O H FHAIE A AH?E@= I >HA K HC= JA E@ GKA F ? = F ? L= ?=KI= @ IK @AIJHK??E - HA =?E ? I A?= EI I >E GK E? I HAIF I=> AI IA ? ?A =K GKA FKA@A =BA?J=H = AGKE E>HE A JHA = I JAIEI O @ACH=@=?E @A =I FH JAE =I I >HA J @ = HACK =?E @A = @ACH=@=?E @A =I FH JAE =I = JH=L I @A I EI I =I O F H = L = @A = K>E?KEJE = FH JA=I = GKA AIJ HA =?E =@= ? K = FH JA IEI =?A AH=@= = =JH = = IK LA FKA@A IAH IE CE?= O F=J CE?= = =JH = IE CE?= AI BHA?KA JA @KH= JA =I FHE AH=I B=IAI @A @AI=HH =I @KH= JA A @AI=HH BAJ= = CK =I AIJHK?JKH=I ? = J ? H@= O A ? @K?J JEH C I IKBHA =JH = = @EI E K?E @A JAH @AIFK I @A A >=H= = E L K?E @A JE = F H@E@= @A = CK I ?=H=?JAHAI IANK= AI IA?K @=HE I O =I = JAH=?E AI GKA IA FH @K?A A A A LA A?E EA J IA ? IE@AH= A A F I @A =JH = IE CE?=  = =JH = F=J CE?= FKA@A IAH CA AH= E =@= ?= IAC =BA?JA = J @ A HC= EI I = K HC= JA E@ = =JH = F=J CE?= CA AH= E =@= IA FH @K?A A AIJ=@ I @A @AI KJHE?E F H D= >HA A A BAH A@=@AI @A =F=H=J @ECAIJEL A A BAH A@=@AI ?=GKA?JE = JAI @A JEF @A =I A F =IE=I O A A DEF FEJKEJ=HEI  = =JH = F=J CE?= ?= E =@= ? = = A E= = =F =IE?= A = GKA D=O K = =JH = @A JA E@ DA =J F O JE? FHE ?EF= A JA @A>E@ = J NE? I O = B H =? I 2 H JE @AIJ=?=H GKA J= >E IKA A =BA?J=H = D C=@ @ @A FH @K?A K I IKH? I @A =JH = A = IKFAH ?EA O J= >E =F=HA?A EC=@= = ABAH A@=@AI ? = IJA F H IEI GKA ?=KI= = =JH = @A JA E@ IA ? HJE?= O A@K =H

JH

@A ?HA?E EA J ?A K =H

- A ? JH @A ?HA?E EA J ?A K =H A JH= A KAC @ I BA A I K AI = B IB HE =?E @A =I FH JA =I @ @A E JAHLEA A =I ?E? E =I O JH I I FK J I @A ? JH @A ?E? =I ? K =I = =HC @A J @ A ?HA?E EA J O ?E? ?A K =H I ? JH =@=I F H K =I FH JA =I GKA I =I ?E? E =I @A =I ?K= AI ANEIJA L=HE=I ? =IAI = > O A O GKA HA= E = IK BK ?E B H = @ K = IAHEA @A ? F A I ? =I ?E =I=I @AFA @EA JAI @A ?E? E =I +,  =I ?=@= F=I @A ?E? ?A K =H IA =I ?E= = @EIJE J=I ? >E =?E AI @A ?E? E =I O +, 2 H A A F = K E A JHA = ?E? E = > O +,  ? JH = A F=I @A = B=IA / = )@A I IA = =H GKA AIJ I ? FKAIJ I

& @A +, J= >E I HACK =@=I F H E DE>E@ HAI @A =I +, ? I A F O A F % AGKE E>H= @ A ?E? ?A K =H = JH= B H = @A ? JH AI = JH=L I @A K = IAHEA @A FK J I @A ? JH GKA HAFHAIA J= A?= EI I @A LECE = ?E= GKA FAH EJA @AJA?J=H FH > A =I A = HAF E?=?E @A , ) HAF=H=?E O IAF=H=?E @A I ?H I =I ) =?JEL=HIA AIJ I FK J I @A ? JH A ?E? ?A K =H GKA@= @AJA E@ F=H= GKA = ? K = FKA@= ? HHACEH = = JAH=?E @A , ) A E FE@A IACKEH =L= = @ A A ?E? ?A K =H 7 A A F AI = =?JEL=?E @A CA @A IKFHAIE JK H= F#! F H K @= A A , )

A?= EI

A?K =HAI

I =? JA?E EA J I A?K =HAI GKA IA >IAHL= @KH= JA A ?HA?E EA J ?A K =H I >=IJ= JA ? F A I O ? IEIJA A = =?JEL=?E @A K = IAHEA @A ?K =I O L =I E JH=?A K =HAI - JHA I BA A I A?K =HAI ?=>A @AIJ=?=H " =IFA?J I   )KJ ?HE A A GKA =I ? K =I HAIF @A = ?K =I @A IA = E =?E GKA A =I EI =I AN?HAJ= =I =?J = @ELAHI I B=?J HAI @A ?HA?E EA J A =I DEFAHF =IE=I AFEJA E= AI O JK HAI  2=H=?HE = = ? K = FH @K?A IKIJ= ?E=I GKA I =?J = A =I ? K =I @E= = I ?AH?= =I = = ? K = GKA E>AH = IKIJ= ?E=  - @ ?HE = =I D H =I I IE JAJE =@=I F H ? K =I @A HC= I A @ ?HE I O =?J = A ? K =I @E= = IEJK=@=I A I @A =I GKA A => H=H =D H = 5KA A AC=H = JH=I ? K =I @E= = = JH=L I @A = I= CHA

A@E I @A IA = E =?E

E JAH?A K =H GKA I

JHAI

4A?AFJ HAI @A =I IKFAH ?EA ?A K =H

)GK F @H = I IA = =H GKA A ?HA?E EA J ?A K =H ? EA = ? = K E @A K FH @K?J @A IA = E =?E B=?J H @A ?HA?E EA J  = K HA?AFJ H AIFA? ? 0=O L=HE=I ? =IAI @A HA?AFJ HAI A = IKFAH ?EA ?A K =  ? =?JELE@=@ E JH IA?= ?E =I= F IAA K = HACE ANJH=?A K =H @AIJE =@= = K EHIA A EC= @ O K = HACE ?EJ I E?= GKA FKA@A JA AH =?JELE@=@ JEH IE = ?E =I=  - AIJ I HA?AFJ HAI IA K A I >HA J @ B=?J HAI @A ?HA?E EA J ? ./. 2,/. @A I ?K= AI K?D I I FH JA =I @E HE?=I GKA = K EHIA = HA?AFJ H FH L ?= IK @E AHE =?E = = ?K= FHA?A@A = =KJ B IB HE E =?E @A HA?AFJ H ? ?K= =F=HA?A IEJE I @A K E D=?E= @AJAH E =@=I FH JA =I ?EJ I E?=I ?  = B IB EF=I= ? @A = L = FH JA = ?E =I= EA >H I @A = B= E E= IH? @A JEH IE = ?E =I=I FH JA =I =@=FJ=@ H=I ? = L = @A H=I O =I @A = L = B IB E IEJ @ ! ?E =I=  IE =?JELE@=@ ?=J= JE?= E JH IA?= JEA A K = F H?E ANJH=?A K =H @ @A IA K A A EC= @ O K = F H?E ?EJ I E?= ? =?JELE@=@ JEH IE = ?E =I= GKA B IB HE = = HA?AFJ H  EC=@ I = FH JAE =I / JEA A IEAJA K E@=@AI GKA =JH=LEAI= = A >H= = GKA = HA?E>EH = EC= @ I =?JEL=@ I E>AH= @ K = IAHEA @A IACK @ I A I= AH I ) AIJA CHKF FAHJA A?A HA?AFJ HAI @A GKE E ?E =I E = = J HE=I O ?EAHJ=I D H =I ? = AFE ABHE = O A C K?=C 5EIJA =I @A JH= I EIE @A IA = AI IEHLA F=H= E@A JE ?=H =I IA = AI AN JH=?A K =HAI O JH= IB H =H =I A IA = AI E JH=?A K =HAI F=H= GKA @AIA ?=@A A K = IAHEA @A HAIFKAIJ=I AIFA? ?=I  2H JA =I ?E =I=I =?JEL=@=I F H EJ CA I = AIJA CHKF FAHJA A?A A CHKF @A =I ?E =I=I )2 GKA JH=I IK B IB HE =?E =?JEL= = JH=I FH JA =I GKA I =I 4=I FAHJA A?A = =I FH JA =I CK= IE = JHEB IB=J=I= GKA JEA A = IK LA @ I B H =I @A AIJ=@ 7 AI A AIJ=@ E =?JEL=@ A = GKA A H=I IA A ?KA JH= K E@ = /,2 O JH AIJ=@ GKA AI A =?JEL A A GKA A /,2 IA IKIJEJKOA F H /62 O AIJ @AIA ?=@A = = B IB HE =?E @A = 4). GKA = IK LA B IB HE = = - O =I ? JE = = IA = D=IJ= GKA IA B IB HE = = = JE = ?E =I= @A )2-4  GKA FA AJH= A A ?A

' O B IB HE = = @AJAH E =@ I B=?J HAI @A JH= I?HEF?E ? K O ? B I GKA = IK LA =?JEL= = ANFHAIE @A CA AI 8 = @A = B IB E IEJ ! ?E =I= FH @K?A A@E=@ HAI EF @E? I =I ?E= @ I = = A >H= = GKA =?J = ? IACK @ I A I= AH I =?JEL= @ = K = IAHEA @A ?E =I=I E JH=?A K =HAI = J GKA FH L ?= K =I HAIFKAIJ=I ?A K =HAI HA =?E =@=I ? = IKFAHLELA ?E= ?A K =H 1 IEJ FE@ I =GK F=HJE?EF= A IEIJA = @A IA = E =?E 12! GKA IA =? F = = I HA?AFJ HAI ? =?JELE@=@ JEH IE = GKE =I= = I HA?AFJ HAI @A =I FH JAE = / AIJ =?JEL= = = B IB EF=I= ? GKA = IK LA @AI@ > = A 212 A 212! ; ,)/ - 212! IA E JH @K?A A A ?EJ F =I = O IA =I ?E= = I ?= = AI @A ?= ?E GKA ANEIJA A = A >H= = @A HAJ ?K A @ F I E? O A ,)/ O A ?= ?E =?JEL= = = FH JAE = ?E =I= ? GKA B IB HE = @ELAHI I ? F A JAI ?A K =HAI B IB=J =@A IE = ? ? E? A AIJA E JAHLEA A = K E @A D H =I ? = AFE ABHE = A C K?=C GKA IA K A = I HA?AFJ HAI =? F =@ I = =I FH JA =I / >JA E @ IA ) 2+ GKA D=?A GKA =K A JA A A ?EJ F =I = =I ? ?A JH=?E AI @A FH JA = ?E =I= 8 = ) 56)6 +K= @ IA K A A EC= @ = I HA?AFJ HAI @A =I ?EJ ?E =I A HA?AFJ H B IB HE = = K =I FH JA =I IEJK=@=I A A ?EJ I GKA I =I ) AIJ=I = IK LA B IB HE = = JH=I FH JAE =I I @EIJ= AI GKA IA = = 56)6 JH= I EI H=I @A IA = AI O =?JEL=@ H=I @A = JH= I?HEF?E 

"

.=?J HAI @A 6H= I?HEF?E

- = HACK =?E AIJ E F E?=@ I K = IAHEA @A B=?J HAI GKA I I B=?J HAI @A JH= I?HEF?E ?KO F=FA FHE ?EF= AI ? JH =H = HACK =?E @A ?HA?E EA J ?A K =H -IJ I B=?J HAI FHAIA J= K = F H?E @AIJE =@= = K EHIA = ), O JH=I A ?=HC=@=I @A HACK =H = JH= I?HEF?E GKA FAH EJA GKA =K A JA @EI E KO= = JH= I?HEF?E  -IJ I B=?J HAI I B IB HE =@ I F H K =I ?E =I=I AIFA? ?=I FH NE = AI GKA FKA@A @E ?=H = ?= E =?E @A B=?J H @A JH= I?HEF?E IK = E=@=@ F H A , ) GKA FKA@A = JAH=H I CA AI

1 DE>E?E

@A ?HA?E EA J ?A K =H

5A F @H = @A EH ? K @A I A?= EI I @A ? JH @A ?E? ?A K =H GKA = JEA A = E JACHE@=@ @A K JA E@ 6= >E @AIJ=?=H GKA I A?= EI I A?K =HAI GKA E DE>A A ?E? @A ?HA?E EA J ?A K =H I F=HA?E@ I = I GKA = AIJE K = 2 @A I IA = =H A B=?J H F EFAFJ @E? @A ?HA?E EA J 6/.  GKA A L = IA = AI = JH=L I @A HA?AFJ HAI ? =?JELE@=@ ?E =I= @A = IKFAH ?EA ?A K =H GKEA B IB HE = IK @ E E ?EJ F I E? O K = IAHEA @A FH JAE =I ? ?E@=I ? 5 ), )@A I A 6/. FKA@A = JAH=H A BK ?E = EA J @A I B=?J HAI @A JH= I?HEF?E O @A =I FH JAE =I GKA ? JH = A ?E? ?A K =H A E DE>A A F=I = = B=IA 5 @A @E?D ?E? =K A J= @ = ANFHAIE @A K E DE>E@ H @A =I +, GKA = IK LA FH L ?= K = @EI E K?E @A = +, O AIJ ?=IE = GKA IA IA B IB HE A = FH JAE = 4* = = @A = B=IA /

.=?J HAI @A ?HA?E EA J

,AIJ=?=H GKA = CK I FKA@A =?JK=H I >HA @EBAHA JAI ? =IAI @A ? K =I O JH I I AIFA?E ? I =?J = I >HA K = A ? ?HAJ  6= >E IA = =H GKA ANEIJA K CHKF KO L=HE=@ @A B=?J HAI @A ?HA?E EA J @A I ?K= AI = CK I AIJ HA =?E =@ I ? FH ?AI I F=J CE? I -/. 6/. - -/. IA @AI?K>HE A IK ?=F=?E@=@ F=H= FH L ?=H = AHKF?E @A I @EA JAI O =FAHJKH= @A F HF=@ I A H=J AI HA?E =?E@ I 5A A ?KA JH= A GKE@ I JEJK =HAI IK@ H I= EL= O IA?HA?E AI O =?J = K EA @ IA = K HA?AFJ H ? =?JELE@=@ JEH IE = ?E =I= 6H=I IK K E FH L ?= @ELAHI I JEF I @A EJ IEI @A @ELAHI=I ? K =I AFEJA E= AI O >H > =IJ I O =@A I K JEF E?= =I ? K =I DAF JE?=I I

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

)641 -:64)+- 7 )4 - 1 6-4)+1 7 ) )641

-5

2=H= GKA IA B H A = -+ IA FKA@= @=H ? IEIJA ?E= = I JA E@ I IKIJH=J = =I ? K =I O HAIAHL HE @A I B=?J HAI @A ?HA?E EA J I A?AI=HE=I JHAI ?K =I - JHA A =I F @A I @AIJ=?=H =I FH JAE =I AIJHK?JKH= AI >H I=I ? CA O A =IJE =I C E? FH JAE =I @A =@DAIE  >H A?JE = O = E E = O CA @A FH JA C K?= I O DE= KH =J 6 @=I AIJ=I =?H A?K =I IA K A O @= KC=H = = =JHE E JAHIJE?E= O = = A >H= = >=I=

2H JA =I >H I=I
 + CA -I = FH JAE = I =>K @= JA @A HAE = E = O B H = A AI GKA AJ ANJH=?A K =H @A J @ I I HC= EI I F KHE?A K =HAI -IJ= B H =@ F H K = JHEF A AIFEH= @A ?=@A =I = B= @A JHAI F EFAFJE@ I ? IA?KA ?E= HAFAJE@= C K N O =@A I AIJ=I ?=@A =I = B= B H = = A I " ? =IAI @A ? =CA @EBAHA JAI @A A JHA I GKA @AIJ=?= I A GKA I I I =>K @= JAI O IA @A E = ? =CA I E JAHIJE?E= AI >HE =HAI O I JEF I " # $ GKA I >HE =HAI O IA A ?KA JH= A I JA E@ I E JAHIJE?E= AI A =I A >H= =I >=I= AI - ?K= J = IK I JAIEI F @A I @A?EH GKA =I ?=@A =I = B= IA IE JAJE = A I HE> I =I O =?J IACKE@ JEA A KC=H = DE@H NE =?E @A FH E = O EIE = F=H= ?K= AI A?AI=HE LEJ= E = ? = ? JE K=?E =I ?=@A =I @A FH ? =CA IA = E A= B H = @ K = JHEF A AIFEH= O =?J IACKE@ K =I FAFJE@=I=I >JEA A K = IAHEA @A >HE =I GKA B H = A JH F ? =CA AIJ= B H =?E @A >HE =I IA =? F= = @A = NE@=?E @A = EIE = A DE@H NE EIE = ?K= B=L HA?A A JHA?HK = EA J I A JHA =I >HE =I =I ?K= AI A ? AHA = HAIEIJA ?E= = = JA IE = ? =CA

!  - =IJE = 5A A ?KA JH= A JA E@ I ? =I =HJAHE=I = FEA JAH O FK -IJ=I >H=I JEA A ?=F=?E@=@ F=H= AIJEH=HIA O = ?= =H L=HE=I LA?AI IK CE JK@ F=H= HA?KFAH=H IK J= = H = ?K= @ ?AIA = BKAH = HB CE?= A JA ? IJ= @A K ? A ?A JH= B H =@ F H A =IJE = H @A=@ @A E?H >HE =I B H =@=I F H >HE E = GKA IEHLA @A =H = F=H= @AF IEJ @A A =IJE = O A I= > = A @A >H=I A =IJE?=I

/ K? FH JAE =I A 1 JACHE =I @A =@DAIE

5 L=HE=I FH JA =I ?KO= FHE ?EF= FH FEA@=@ AI = ?=F=?E@=@ F=H= K EHIA F H K =@ = I ? F A JAI @A = -+ O F H JH = ?EAHJ=I FH JA =I E JA CH= JAI @A = A >H= = ?A K =H A JHA A =I @AIJ=?= I

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
 5A = =H = BK ?E GKA @AIA FA = A K = IAHEA @A FH ?AI I >E CE? I CH= F=FA A = =@DAIE GKA =I ? LEAHJA A A A A J I E F HJ= JAI F=H= = AN JH=L=I=?E AK? ?EJ=HE= =CHAC=?E F =GKAJ=HE= O ?KH=?E @A =I DAHE@=I - ?K= J = IKI HA?AFJ HAI I E F HJ= JAI A = HC= E =?E @A ?EJ AIGKA AJ ?A K =H @A = =?JE = O F=H= JH= I EJEH =I IA = AI @AI@A = -+ D=IJ= A E JAHE H @A = ? K = -IJ= K E A JHA A HA?AFJ H @A = E JACHE = O = =JHE ANJH=?A K =H @= KC=H = = B H =?E @A =@DAIE AI ?= AI @ @A =I E JACHE =I IA = K J = JH=I FH JA =I ? = LE ?K E = = B= =?JE = AJ?

2H JA C K?=

I A 0E= KH

5 A JAH?AH ? F A JA @A = =JHE ANJH=?A K =H - FHE AH KC=H @AIJ=?= I I FH JA C K?= I GKA AIJ B H =@ I F H K = FH JA = ?A JH= K E@= = L=HE I F EI=? HE@ I 5A ?=H=?JAHE = F H IK CH= @ELAHIE@=@ A = =JHE ANJH=?A K =H O IA @AIEC = A BK ?E @A = AIJHK?JKH= @A @EI=? HE@ FHE ?EF= GKA IA HAFEJA F @A I @EIJE CKEH DAF=H IK B=J ? @H EJ IK B=J O A @AH =J IK B=J - ?K= J = IK BK ?E AI HACK =H = AIJHK?JKH= O FAH A=>E E@=@ @A JA E@ ? K JEL =K GKA J= >E FKA@A E JAHLA EH A = HACK =?E @A ?HA?E EA J O @EBAHA ?E=?E ?A K =H IE @A?= AI - IACK @ KC=H JA A I A DE= KH = GKA AI K = CH= ?K = B H =@= F H JEF AI HAFAJE?E AI @AI@A K ANJHA = JH @A K @EI=? HE@ IA ?E O =?J = ? EC= @ @A =I FH JA =I ?A JH= AI J= AI ? = FH JAE = @A K E = ?=HJ =C =CHA?=  O A LAHIE?= IEHLA @A A A F=H= CH= @AI FH JA C K?= I )@A I IA =@DEAHA = HA?AFJ HAI @A = IKFAH ?EA ?A K =H O = CH= ?= JE@=@ @A =CK= B H = @ K CA LEI? I DE@H=J=@ GKA FH F H?E = = JA E@ ? K JEL K = CH= JKHCA ?E= O ?=F=?E@=@ F=H= HAIEIJEH =I BKAH =I @A ? FHAAIE

*E> E CH=FDO
 8E =O K =H , 4= E + JH= 5 6K? AH + E I ,   2=J C = -IJHK? JKH= O .K ?E = 0K = = A@EJ HE= ? /H=M 0E 1 JAH= AHE?= = 5 ) -IF= = . 2=H@ E @= ''& ) =J = F=J CE?= -@EJ HE= 0=H@? KHJ *H=?A -I F= = ! += FKI 8EHJK= )IEC =JKH= @A ) =J = 2=J C CE?= /A AH= 6A = ! )@=F =J=?E AI +A K =HAI ? IK J=@ A @ = !  $ = =I '  D H=I