University of Pennsylvania ScholarlyCommons Anthropology Senior Theses Department of Anthropology Spring 2013 Everyday Life in Kashmir: The Maintenance of Normalcy Amidst Political Violence Divya Mishra University of Pennsylvania Follow this and additional works at: http://repository.upenn.edu/anthro_seniortheses Part of the Anthropology Commons Recommended Citation Mishra, Divya, "Everyday Life in Kashmir: The Maintenance of Normalcy Amidst Political Violence" (2013). Anthropology Senior Theses. Paper 141. This paper is posted at ScholarlyCommons. http://repository.upenn.edu/anthro_seniortheses/141 For more information, please contact [email protected]. Everyday Life in Kashmir: The Maintenance of Normalcy Amidst Political Violence Disciplines Anthropology This thesis or dissertation is available at ScholarlyCommons: http://repository.upenn.edu/anthro_seniortheses/141 ! ! "#$%&'(&!)*+$!*,!-(./0*%1!! 2/$!3(*,4$,(,5$!6+!76%0(85&!(0*'.4!968*4*5(8!:*68$,5$! !! ;&! !! <*#&(!3*./%(! !! =,! !! >,4/%6?686@&! !! ABC0*44$'!46!4/$! <$?(%40$,4!6+!>,4/%6?686@&! D,*#$%.*4&!6+!9$,,.&8#(,*(! !! 2/$.*.!>'#*.6%1!!E%(,!;(%@! !! ! ! ! FGHI! !! "#$%&'(%)! ! 2/$!-(./0*%!%$@*6,!/(.!C$$,!5/(%(54$%*J$'!*,!C64/!(5('$0*5!(,'!?6?B8(%!8*4$%(4B%$! (.!(!?8(5$!6+!#*68$,4!56,+8*54!(,'!.$?(%(4*.0!.*,5$!4/$!8(4$!HKLG.M!!>84/6B@/!5*#*8*(,! '$(4/.!(,'!$,56B,4$%.!C$4N$$,!0*8*4(,4.!(,'!4/$!=,'*(,!(%0&!56,4*,B$!46!C$! B,.B%?%*.*,@!$#$,4.!*,!-(./0*%O!C64/!=,'*(,!CB%$(B5%(4.!(,'!-(./0*%*!5*4*J$,.! 58(*0!$#$%&'(&!8*+$!*,!-(./0*%!*.!5(%%*$'!6,!N*4/!56,.*'$%(C8$!,6%0(85&M!!2/*.!.4B'&! $P?86%$.!/6N!4/$!*,4$%?8(&!C$4N$$,!-(./0*%*.Q!?%$.$,4!'(&!%$8(4*6,./*?.!N*4/!4/$! =,'*(,!@6#$%,0$,4!(,'!4/$*%!0$06%*$.!6+!4/$!*,.B%@$,5&!*,!4/$!$(%8&!HKKG.! 56,4%*CB4$!46!4/$!0(*,4$,(,5$!6+!$#$%&'(&!,6%0(85&!'$.?*4$!5B%%$,4!?68*4*5(8! #*68$,5$M!!<%(N*,@!6,!$4/,6@%(?/*5!'(4(!+%60!=,'*(,!('0*,*.4$%$'!-(./0*%!4/(4! N(.!5688$54$'!'B%*,@!4/$!.B00$%!(,'!N*,4$%!6+!FGHFO!4/$!.4B'&!*'$,4*+*$.!4/%$$! +(546%.!4/(4!56,4%*CB4$!46!4/$!0(*,4$,(,5$!6+!$#$%&'(&!?$(5$!N/*5/!(%$!HR!4/$!N(&! 0$06%*$.!6+!?(.4!#*68$,5$!(886N!#*68$,5$!*,!4/$!?%$.$,4!46!C$!(C.6%C$'!*,46! $#$%&'(&!,6%0(85&!FR!4/$!0(4$%*(8!(,'!?.&5/*5!4*$.!-(./0*%*.!/(#$!46!4/$!=,'*(,! @6#$%,0$,4O!IR!(,'!4/$!?8(5$!6+!S4/$!56,+8*54T!*,!.65*(8!N$8+(%$!'*.56B%.$M!!2/$! .4%B54B%$'!,(4B%$!6+!4/$!,6%0(85&!*,!-(./0*%!%$,'$%.!4/$!%$@*6,!B,(C8$!46!.$?(%(4$! +%60!4/$!=,'*(,!.4(4$O!'$.?*4$!N*'$.?%$('!.$?(%(4*.4!.$,4*0$,4.M! ! ! F! ! *'#+,!-.!/-0%,0%$! ! HM =,4%6'B54*6,! H! FM U/(?4$%!H1!3$06%*$.!6+!#*68$,5$! HL! IM U/(?4$%!F1!>44(5/0$,4!46!4/$!.4(4$! II! VM U/(?4$%!I1!2/$!56,+8*54!(.!(!+$(4B%$!6+!4/$!.4(4$! VW! XM U6,58B.*6,! YV! YM ",',64$.! YK! WM Z$+$%$,5$.!5*4$'! WF! ! ! I! ! ! ! ! ! ! ! ! 10%&-23(%4-0! H! ! ! ! [(%.O!*,.B%@$,5*$.O!(,'!64/$%!\*,'.!6+!(%0$'!?68*4*5(8!56,+8*54!C%*,@!46!0*,'! #*68$,4!'*.%B?4*6,.!6+!$#$%&'(&!8*+$M!!]6N$#$%O!.B5/!(!56,5$?4*6,!6+!?68*4*5(8!56,+8*54! 4(\$.!+6%!@%(,4$'!4/$!,6%0(85&!6+!$#$%&'(&!8*+$!4/(4!*.!C$*,@!'*.%B?4$'!C&!#*68$,5$M!! [/*8$!$#$%&'(&!(54*#*4*$.!(%$!*,'$$'!*,4$%%B?4$'!'B%*,@!4*0$.!6+!56,+8*54O!4/$*%! ,6%0(85&!*.!,64!$,4*%$8&!6C8*4$%(4$'^!*4!$P*.4.!(86,@.*'$!(,'!*,!C$4N$$,!4/$!.?B%4.!6+! #*68$,5$M!!=4!*.!0&!(*0!*,!4/*.!.4B'&!46!?%6C8$0(4*J$!4/$!$P*.4$,5$!6+!,6%0(85&!*,!4/$! 56,4$P4!6+!-(./0*%O!4/$!'*.?B4$'!4$%%*46%&!6,!4/$!,6%4/$%,!C6%'$%!C$4N$$,!=,'*(! (,'!9(\*.4(,O!N/$%$!?68*4*5(8!#*68$,5$!/(.!C$$,!4/$!,6%0!+6%!'$5('$.M! ! =!/('!*,*4*(88&!@6,$!46!-(./0*%!46!.4B'&!4/$!#*68$,5$!(..65*(4$'!N*4/!*4.! ?68*4*5(8!56,+8*54O!(!%$8*5!6+!4/$!.$?(%(4*.4!*,.B%@$,5&!4/(4!C$@(,!*,!HKLKO!CB4!N/(4! _B*5\8&!5(B@/4!0&!*,4$%$.4!N(.!4/$!$(.$!N*4/!N/*5/!865(8.!56B8'!06#$!(C6B4!?BC8*5! .?(5$.!'$.?*4$!4/$!4/%$(4!6+!#*68$,5$M!!2/$%$!N$%$O!'B%*,@!0&!4*0$!4/$%$!*,!FGHFO!(4! 8$(.4!4/%$$!*,5*'$,4.!6+!5*#*8*(,!'$(4/.!(4!4/$!/(,'.!6+!4/$!=,'*(,!.$5B%*4&!+6%5$.!(,'! 6,$!*,5*'$,4!6+!5%6..+*%$!C$4N$$,!0*8*4(,4.!(,'!4/$!(%0&O!CB4!,$*4/$%!=!,6%!(,&!6+!4/$! -(./0*%*!+(0*8*$.!=!8*#$'!N*4/!+$84!$,'(,@$%$'!C&!4/$.$!$#$,4.M!!)65(8.!6+4$,!?(B.$'! 46!56,'$0,!4/$!%B8$!6+!4/$!=,'*(,!.4(4$O!N/*5/!4/$&!.(N!(.!(,!6??%$..*#$!655B?&*,@! ?6N$%O!CB4!'(*8&!(54*#*4*$.O!.B5/!(.!@6*,@!46!4/$!0(%\$4O!.5/668!6%!N6%\O!5(%%*$'!6,!(.! B.B(8HM!!2/$!?$%.*.4$,5$!6+!4/*.!,6%0(85&!*,!.?*4$!6+!#*68$,5$!_B*5\8&!C$5(0$!4/$! 6C`$54!6+!0&!.4B'&M!!76%0(85&O!(.!=!B.$!4/$!N6%'O!'6$.!,64!%$+$%!46!4/$!,6%0(8*J(4*6,! 6%!%6B4*,*J(4*6,!6+!#*68$,5$!*4.$8+O!CB4!46!4/$!(C*8*4&!46!5(%%&!6B4!4/$!(54*#*4*$.!6+! $#$%&'(&!8*+$!(,'!06#$!4/%6B@/!?BC8*5!?8(5$.!N*4/6B4!,64(C8$!'*.%B?4*6,!6%!+$(%M!!! ! F! ! 2/$!6,8&!N(&!4/*.!,6%0(85&!56B8'!C$!0(*,4(*,$'!(??$(%$'!46!C$!56,4*,@$,4! 6,!-(./0*%*.Q!566?$%(4*6,!N*4/!4/$!=,'*(,!@6#$%,0$,4FM!!2/$!0(`6%*4&!6+!-(./0*%*.! =!N6%\$'!N*4/!560?8*$'!N*4/!4/$!6%'$%.!6+!=,'*(,!.$5B%*4&!+6%5$.!(,'!'*'!,64! 6C.4%B54!4/$!?%6`$54.!6+!4/$!.4(4$M!!]6N$#$%O!4/$!+$N!46N,.!(,'!,$*@/C6%/66'.! N/$%$!?$6?8$!N$%$!,64!560?8*(,4!N$%$!\,6N,!46!C$!?(%4*5B8(%8&!?%6,$!46!#*68$,5$M!! E6%!*,.4(,5$O!*4!N(.!56006,!\,6N8$'@$!(06,@!-(./0*%*.!4/(4!4/$!46N,!6+!A6?B%! N(.!6,$!6+!4/$!+$N!?8(5$.!4/(4!.4*88!/(%C6%$'!+6%$*@,!0*8*4(,4.!(,'!'*'!,64! ?(%4*5*?(4$!*,!0B,*5*?(8!$8$54*6,.!6B4!6+!.?*4$!46N(%'.!4/$!@6#$%,0$,4IM!!2/$! ,$*@/C6%/66'!6+!3(*.B0(!*,!4/$!5(?*4(8!5*4&!6+!A%*,(@(%O!?(%4!6+!4/$!*,+(06B.!C$84!6+! ,$*@/C6%/66'.!5(88$'!S)*448$!9(\*.4(,T!N(.!.(*'!46!(8N(&.!C$!%$('&!46!?*5\!(!+*@/4! N*4/!=,'*(,!.$5B%*4&!+6%5$.M!!]6N$#$%O!4/$!#(.4!0(`6%*4&!6+!-(./0*%*.!=!0$4!N$%$!,64! +%60!4/$.$!.$8$54!46N,.O!(,'!4/$&!(@%$$'!4/(4!S4/*,@.!N$%$!0B5/!C$44$%!,6NT^! ?$6?8$!N$%$!,6!86,@$%!(+%(*'!46!8$(#$!4/$*%!/60$.!(,'!@6!(C6B4!4/$*%!CB.*,$..O! 46B%*.0!N(.!?*5\*,@!B?O!(,'!0*8*4(,4.a4/6B@/!.B??6.$'8&!.4*88!(%6B,'aN$%$! _B*$4O!S/$(%'!6+!CB4!,64!.$$,OT!(.!6,$!A%*,(@(%!%$.*'$,4!468'!0$M!!! ! b*#$,!4/$!?6?B8(%8&!/$8'!#*$N!6+!4/$!=,'*(,!.4(4$!(.!(,!6??%$..6%!*,!-(./0*%O! =!N(.!5B%*6B.!(.!46!N/&!06.4!-(./0*%*.!N$%$!,64!.$%*6B.8&!*,#$.4$'!*,!4/$!*'$(!6+! %$C$88*,@!(@(*,.4!4/$!=,'*(,!.4(4$M!!S"#$%&6,$!N(,4.!?$(5$OT!(!-(./0*%*! .5/6684$(5/$%!/('!468'!0$O!N/$,!=!$P?%$..$'!0&!56,+B.*6,M!!c$4O!4/$!./664*,@.!(,'! 0*8*4(,4!$,56B,4$%.!4/(4!655B%%$'!'B%*,@!0&!+*$8'N6%\O!(.!N$88!(.!-(./0*%*.Q! N*'$.?%$('!(,4(@6,*.0!46N(%'.!4/$!.4(4$O!8$+4!0$!B,56,#*,5$'!4/(4!566?$%(4*,@! N*4/!4/$!.4(4$!C%6B@/4!-(./0*%*.!(,&!586.$%!46!?$(5$M!![/&!N(.,Q4!4/*.!(,4(@6,*.0! I! ! 06C*8*J$'d!![/&!'*'!.6!0(,&!-(./0*%*.!468$%(4$O!/6N$#$%!(,@%*8&O!*,5*'$,4.!6+! .4(4$e?$%?$4%(4$'!#*68$,5$!%(4/$%!4/(,!4%&!46!$P?$8!4/$!655B?&*,@!?6N$%d!!26!(,.N$%! 4/$.$!_B$.4*6,.O!=!$P?86%$!4/$!.65*(8!(,'!.4%B54B%(8!+(546%.!4/(4!56,4%*CB4$!46!4/$! 0(*,4$,(,5$!6+!,6%0(85&!*,!$#$%&'(&!8*+$!*,!-(./0*%M! ! *5,!(-0.+4(%!40!6'$574&! ! A*,5$!4/$!?(%4*4*6,!6+!=,'*(!(,'!9(\*.4(,!*,!HKVWO!-(./0*%!/(.!C$$,!(!.*4$!6+! 56,+8*54M!!2N6!06,4/.!(+4$%!4/$!?(%4*4*6,O!4/$!4/$,e*,'$?$,'$,4!?%*,5$8&!.4(4$!6+! -(./0*%!`6*,$'!4/$!Z$?BC8*5!6+!=,'*(!*,!$P5/(,@$!+6%!?%64$54*6,!+%60!*,#('*,@! 4%*C$.0(,!+%60!9(\*.4(,!f2%$0C8(&O!FGGKRVM!!2/$!=,'*(,!@6#$%,0$,4!.$,4!*4.!(%0$'! +6%5$.!46!-(./0*%O!0(\*,@!*4!4/$!.*4$!+6%!4/$!+*%.4!N(%!C$4N$$,!4/$!4N6!+8$'@8*,@! ,(4*6,.!f2%$0C8(&O!FGGKRM!!-(./0*%!N(.!.BC.$_B$,48&!'$58(%$'!(!'*.?B4$'!4$%%*46%&! C&!4/$!D,*4$'!7(4*6,.!U600*..*6,!+6%!=,'*(!(,'!9(\*.4(,!fD7U=9R!(,'!/(.!C$$,!4/$! .*4$!6+!4N6!06%$!N(%.!C$4N$$,!4/$!,$*@/C6%*,@!.4(4$.O!*,!HKYX!(,'!HKKKM!!UB%%$,48&O! 4/$!4$%%*46%&!*.!'*#*'$'!C$4N$$,!=,'*(!(,'!9(\*.4(,!C&!)*,$!6+!U6,4%68!f)gURO! $.4(C8*./$'!C&!4/$!D7U=9!*,!HKWI!f2%$0C8(&O!FGGKRM!![/*8$!4/$!)gU!*.!,64!(!,(4*6,(8! C6%'$%O!*4!.$%#$.!(.!(!'$!+(546!C6%'$%O!@B(%'$'!C&!.4(,'*,@!(%0*$.!6,!C64/!.*'$.M!!! ! 2/$!+65B.!6+!0&!%$.$(%5/!*.!4/$!?(%4!6+!-(./0*%!4/(4!*.!@6#$%,$'!C&!=,'*(M!! =,'*(,e!('0*,*.4$%$'!-(./0*%!*.!?(%4!6+!4/$!A4(4$!6+!h(00B!(,'!-(./0*%M!!=,'*(,e ('0*,*.4$%$'!-(./0*%!N(.!4/$!.*4$!6+!(!0*8*4(,4!.$?(%(4*.4!06#$0$,4!4/(4!C$@(,!*,! HKLK!(,'!8(.4$'!4/%6B@/!4/$!0*'eHKKG.O!(.!N$88!(.!4/$!#*68$,4!56B,4$%e*,.B%@$,5&! V! ! $++6%4!?B4!+6%4/!C&!4/$!=,'*(,!.4(4$!f<B.5/*,.\*O!FGHG^!2%$0C8(&O!FGGK^!"#(,.O! FGGGRM!!2/$!HKKG.!N$%$!4/$%$+6%$!(!?$%*6'!6+!5/(64*5!#*68$,5$!4/(4!*.!5688$54*#$8&! %$+$%%$'!46!C&!865(8.!(.!4/$!4*0$!6+!4/$!0*8*4(,5&M!!2/$!%$@*6,!/(.!(8.6!C$$,!4/$!.*4$!6+! .$#$%(8!?6?B8(%!B?%*.*,@.!(@(*,.4!4/$!=,'*(,!.4(4$O!4/$!8(.4!6+!N/*5/!N(.!*,!FGHGeHH! f<B.5/*,.\*!(,'!]6++0(,O!FGHHRM!!! ! Z$0,(,4.!6+!4/$!#*68$,5$!+%60!4/$!4*0$!6+!4/$!0*8*4(,5&!%$0(*,!*,!-(./0*%! 46'(&M!!2/$!=,'*(,!@6#$%,0$,4!58(*0.!4/(4!4/$%$!(%$!5B%%$,48&!FGGeWGG!0*8*4(,4.!*,! -(./0*%O!(88$@$'8&!+6%$*@,O!`B.4*+&*,@!*4.!0(*,4$,(,5$!6+!(!8(%@$!0*8*4(%&!?%$.$,5$!*,! 4/$!%$@*6,XM!!2/$!U$,4%(8!Z$.$%#$!968*5$!E6%5$!fUZ9ERO!.6!/$(#*8&!(%0$'!4/(4!865(8.! %(%$8&!'*++$%$,4*(4$!4/$0!+%60!4/$!(%0&O!(%$!?6.4$'!(4!$#$%&!.4%$$4!56%,$%!*,! -(./0*%Q.!,$*@/C6%/66'.!(,'!0(%\$4!?8(5$.O!N/*8$!(%0&!C(.$.!(%$!.$4!B?!6,!4/$! 6B4.\*%4.!6+!46N,.M!!>!%$?6%4!?%$?(%$'!C&!4/$!g%@(,*J(4*6,!+6%!4/$!9%64$54*6,!6+! <$065%(4*5!Z*@/4.!fg9<ZO!FGGIR!.4(4$.!4/(4!C$4N$$,!4/$!UZ9EO!;6%'$%!A$5B%*4&! E6%5$O!=,'6e2*C$4(,!;6%'$%!E6%5$O!(,'!=,'*(,!(%0&O!FGGOGGG!,6,e-(./0*%*!.$5B%*4&! ?$%.6,,$8!N$%$!'$?86&$'!*,!4/$!%$@*6,O!(06B,4*,@!46!(C6B4!6,$!(%0$'!6++*5$%!+6%! $#$%&!FW!-(./0*%*.M!!A?$5*(8!.$5B%*4&!?%6#*.*6,.!4/(4!N$%$!$,(54$'!'B%*,@!4/$!/$*@/4! 6+!4/$!0*8*4(,5&O!.B5/!(.!4/$!*,+(06B.!>%0$'!E6%5$.!A?$5*(8!96N$%.!>54!f>EA9>R! (,'!<*.4B%C$'!>%$(.!>54!f<<>R!(%$!(8.6!.4*88!*,!?8(5$M!!2/$.$!?%6#*.*6,.!@%(,4! .N$$?*,@!?6N$%.!46!=,'*(,!.$5B%*4&!+6%5$.!*,!4/$!%$@*6,O!(886N*,@!4/$0!46!S+*%$!B?6,! 6%!64/$%N*.$!B.$!+6%5$O!$#$,!46!4/$!5(B.*,@!6+!'$(4/O!(@(*,.4!(,&!?$%.6,!N/6!*.! (54*,@!*,!56,4%(#$,4*6,!6+!(,&!8(NT!N*4/6B4!+(5*,@!%$?$%5B..*6,.!f>EA9>O!HKXLRM!! ! X! ! 9%6#*.*6,.!.B5/!(.!>EA9>!/(#$!%$5$*#$'!56,.*'$%(C8$!5%*4*5*.0!+%60!/B0(,! %*@/4.!?%6?6,$,4.!+6%!+(5*8*4(4*,@!#*68$,5$!(@(*,.4!-(./0*%*!5*4*J$,.M!!=,'*(,!.$5B%*4&! +6%5$.!/(#$!C$$,!56,'$0,$'!+6%!/68'*,@!5*#*8*(,.!*,!'$4$,4*6,!N*4/6B4!4%*(8O! ./664*,@!(4!5*#*8*(,.!*,!%$4(8*(4*6,!+6%!0*8*4(,4.Q!(44(5\.YO!(.!N$88!(.!+6%!64/$%! B,?%6#6\$'!(4%65*4*$.!(@(*,.4!5*#*8*(,.!f766%(,*O!FGGG^!9B%*^!HKKKRM!![/*8$!4/$!%(?$! (,'!0B%'$%!6+!4N6!-(./0*%*!N60$,!*,!FGHG!C$5(0$!(!%(88&*,@!?6*,4!'B%*,@!(! ?6?B8(%!B?%*.*,@!f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fFGGYR!56,5$?4B(8*J$.! ?$(5$!(.!.60$4/*,@!4/(4!0B.4!C$!(54*#$8&!0(*,4(*,$'!(,'!,$@64*(4$'M!!=,!(!.*0*8(%! 0(,,$%O!=!866\!(4!$#$%&'(&!,6%0(85&!(.!.60$4/*,@!4/(4!,$$'.!46!C$!0(*,4(*,$'M!! ]6N$#$%O!B,8*\$!Z*,@!f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fFGGWR!(,'!<(.!fFGGWR!./6N!4/(4!4/$!N(&!*,!N/*5/!#*54*0.Q!0$06%*$.!6+!#*68$,5$! (%$!4(8\$'!(C6B4a6%!,64!4(8\$'!(C6B4a(5560?8*./$.!'*++$%$,4!4/*,@.!*,!4/$! ?%$.$,4M!!E(..*,!fFGGWRO!*,!?6.4!(?(%4/$*'!A6B4/!>+%*5(O!,64$.!4/(4!(B46C*6@%(?/*5(8! ,(%%(4*#$.!(%$!06C*8*J$'!(.!(!?68*4*5(8!N$(?6,!+6%!+*@/4*,@!>=<AM!!>556%'*,@8&O!(,! >=<A!#*54*0!4$88.!/*0!/$%!8*+$!/*.46%&!?(5\(@$'!,$(48&!*,46!(!?$%.6,(8!,(%%(4*#$O!468'! +%60!C$@*,,*,@!46!$,'!*,!,$(%8&!6,$!C%$(4/M!!;&!56,4%(.4O!<(.!f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fFGGWR!.(&.!4/(4!0$06%*$.!6+!?(.4!+(54.!(%$! *,.5%*C$'!*,46!4/$!6C`$54*#$!%$(8*4*$.!6+!4/$!?%$.$,4M!![%*4*,@!6+!4/$!>=<A!5%*.$.!*,! ?6.4e(?(%4/$*'!A6B4/!>+%*5(O!E(..*,!fFGGWR!./6N.!4/(4!4/$!0$06%*$.!6+!8*+$!'B%*,@! 4/$!56,'*4*6,.!6+!4/$!(?(%4/$*'!(%$!0(,*+$.4$'!*,!4/$!?%$.$,4!*,!4/$!+6%0!6+!4/$!8(5\! 6+!(55$..!46!>=<A!4/$%(?*$.!(06,@!4/$!C8(5\!?66%M!!3$06%&!*.!(8.6!*,.5%*C$'!*,46!4/$! ?%$.$,4!(.!4/$!.BC`$54*#$!$P?$%*$,5$.!6+!4/$!?%$.$,4M!!E(..*,!fFGGWR!*88B.4%(4$.!4/*.! N*4/!9%$.*'$,4!2/(C6!3C$\*Q.!(55B.(4*6,.!6+!%(5*.0!N*4/!%$@(%'.!46!4/$!>=<A!5%*.*.M!! ]$!(8.6!.(&.!4/(4!0$06%&!*,+6%0.!4/$!56,'B54!(,'!+$$8*,@.!6+!4/$!C6'&M!!)*\$! ;6B%'*$BQ.!fFGGGR!56,5$?4!6+!/(C*4B.O!4/*.!8(.4!?6*,4!%$+$%.!46!(!5$%4(*,!$0C6'*$'! \,6N8$'@$a5$%4(*,!\*,'.!6+!C6'*8&!56,'B54!(,'!+$$8*,@.a4/(4!(%*.$!+%60! 56%%$.?6,'*,@!56,'*4*6,.!6+!$P*.4$,5$O!6%!N/(4!;6B%'*$B!5(88.!(!+*$8'M!!2/$!5B%%$,4! 56,'*4*6,.!6+!56,+8*54!*,!-(./0*%!(%$!8*\$N*.$!0(,*+$.4(4*6,.!6+!4/$!#*68$,5$!6+!4/$! ?(.4O!?(%4*5B8(%8&!6+!4/$!#*68$,5$!6+!4/$!0*8*4(,5&M!!2/$!*,.4*4B4*6,(8!(,'!.65*(8! .4%B54B%$.!4/(4!./(?$'!4/$!#*68$,5$!6+!4/$!?(.4a.B5/!(.!4/$!'$,.$!?%$.$,5$!6+! =,'*(,!.$5B%*4&!6++*5*(8.!(,'!4/$!*,.$5B%*4&!5%$(4$'!C&!8$@(8!?%6#*.*6,.!.B5/!(.!>EA9>! f<B.5/*,.\*O!FGHGRO!(.!N$88!(.!.5/668.!(,'!8$@(8!.&.4$0.a(%$!4/$!.(0$!.4%B54B%$.! 4/(4!./(?$!4/$!,6%0(85&!6+!4/$!?%$.$,4!(,'!5(,!C$!'$.5%*C$'!(.!4/$!6C`$54*#$! %$(8*4*$.!4/(4!(%$!*,.5%*C$'!N*4/!4/$!0$06%&!6+!?(.4!#*68$,5$M!!2/$!.BC`$54*#$! \,6N8$'@$!4/%6B@/!N/*5/!-(./0*%*.!0(\$!.$,.$!6+!?%$.$,4e'(&!#*68$,5$O!(,'!4/$! $0C6'*$'!\,6N8$'@$!N*4/!N/*5/!4/$&!*,4$%(54!N*4/!4/$!.4%B54B%$.!6+!4/$!56,+8*54O! 466O!(%$!./(?$'!C&!5688$54*#$!0$06%*$.!6+!?(.4!#*68$,5$M!!2/$!*,.5%*?4*6,!6+!5688$54*#$! 0$06%*$.!*,46!4/$!?%$.$,4!5%$(4$.!N/(4!7(,5&!A5/$?$%e]B@/$.!fHKKFR!5(88.!(! C(5\'%6?!6+!#*68$,5$M!!S:*68$,5$!'6$.,Q4!./6N!B?!N$88!(@(*,.4!(!C(5\'%6?!6+! L! ! #*68$,5$OT!./$!N%*4$.!*,!/$%!$4/,6@%(?/&!6+!(!;%(J*8*(,!./(,4&46N,!fA5/$?$%e ]B@/$.O!HKKFRM!!A*,5$!4/$!,6%0(85&!6+!4/$!?%$.$,4!*,!-(./0*%!*.!5686%$'!C&!(! C(5\'%6?!6+!#*68$,5$O!(,!*,'*#*'B(8!*,.4(,5$!6+!#*68$,5$a.B5/!(.!4/$!\*88*,@!6+!(! 5*#*8*(,a'6$.!,64!(??$(%!46!C$!(!'*.%B?4*6,!6+!6%'$%!(,'!'6$.!,64!4&?*5(88&!C$560$! (!%(88&*,@!?6*,4!(@(*,.4!4/$!=,'*(,!.4(4$M! ! 2/$!.$56,'!+(546%!=!$P?86%$!*.!4/$!$++$54!4/(4!-(./0*%*.Q!%$8*(,5$!6,!4/$!=,'*(,! @6#$%,0$,4!+6%!4/$*%!0(4$%*(8!.$5B%*4&!/(.!6,!4/$*%!(C*8*4&!46!06C*8*J$!(@(*,.4!4/$! .4(4$M!!!2/$!56,+8*54!*,!-(./0*%!/(.!.BC.4(,4*(88&!5B%4(*8$'!4/$!'$#$86?0$,4!6+!4/$! ?%*#(4$!.$546%O!0(\*,@!4/$!@6#$%,0$,4!4/$!0(*,!.6B%5$!6+!$56,60*5!.$5B%*4&! f](C*CB88(/O!FGGVRM!!2/$!=,'*(,!.4(4$!(54*#$8&!'$?86&.!N$8+(%$!(,'!'$#$86?0$,4! ?%6@%(0.!46!C$,$+*4!4/$!8*#$.!6+!*4.!?66%!(,'!%B%(8!%$.*'$,4.!fbB?4(O!FGHFRM!!2/$.$! ?%6@%(0.!(%$!?%6'B54.!6+!S46?!'6N,T!.4(4$!?8(,,*,@O!(,'!4/$&!$,560?(..!4/$! 5600B,*4&!4/$&!C$,$+*4!*,46!4/$!8(%@$%!,(4*6,e.4(4$!fE$%@B.6,!(,'!bB?4(O!FGGFRM!!;&! $,560?(..*,@!865(8!5600B,*4*$.!+%60!S.60$N/$%$!(C6#$TO!4/$.$!N$8+(%$!?%6@%(0.! /$8?!.$5B%$!4/$!.4(4$Q.!8$@*4*0(5&!(,'!,(4B%(8*J$!*4.!(B4/6%*4&!*,!4/$!.?(5$.!4/$&! 6?$%(4$!*,!fE$%@B.6,!(,'!bB?4(O!FGGFRM!!2/$!.4(4$Q.!#(%*6B.!'$?(%40$,4.!(%$!(8.6! 4/$!?%*0(%&!.6B%5$!6+!$0?86&0$,4!*,!-(./0*%O!(.!.4$('&!?%*#(4$!.$546%!$0?86&0$,4! *.!.5(%5$M!!2/$!.4%B54B%(8!#*68$,5$!6+!B,$0?86&0$,4O!;6B%'*$B!fHKKLR!.(&.O!S*.68(4$.O! (460*J$.O!(,'!'$06C*8*J$.O!(,'!.4%*?.!(N(&!.68*'(%*4&T!(06,@!'$.?$%(4$!N6%\$%.M!!=,! 4/$!56,4$P4!6+!N*'$.?%$('!B,$0?86&0$,4O!4/$!$0?86&$%!N*$8'.!4/$!(C*8*4&!46!@%(,4! *,'*#*'B(8!$56,60*5!.$5B%*4&!(4!4/$!$P?$,.$!6+!5688$54*#$!.$5B%*4&!f;6B%'*$BO!HKKLRM!!! 2/$!?6..*C*8*4&!6+!4/*.!*,'*#*'B(8!.$5B%*4&O!/$!?6.*4.O!56B?8$'!N*4/!N/(4$#$%!N$8+(%$! K! ! .B??6%4!*.!(#(*8(C8$!+%60!4/$!.4(4$!(,'!4/$!+(0*8&O!N6%\.!46!?%$#$,4!(,!B?%*.*,@!6+! N6%\$%.!(@(*,.4!4/$!.&.4$0!4/(4!6??%$..$.!4/$0M!!=,!-(./0*%O!4/$!?%68*+$%(4*6,!6+! .4(4$e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fHKKXR!(%@B$.!4/(4!%6B4*,$O!$#$%&'(&!?%(54*5$.!4/(4!?$%4(*,!46!(,!*,'*#*'B(8Q.! %$8(4*6,./*?!N*4/!4/$!,(4*6,e.4(4$!560$!46!56,.4*4B4$!N/(4!/$!5(88.!SC(,(8! ,(4*6,(8*.0TO!(!,(4*6,(8*.0!.6!0B,'(,$!4/(4!*4!*.!%6B4*,$8&!+6%@644$,O!$P5$?4!'B%*,@! S060$,4.!6+!,(4*6,(8!B,*4&T!fE6%@(5.O!FGHFRM!!;*88*@Q.!fHKKXR!N6%\!866\.!(4!C(,(8! ,(4*6,(8*.0!*,!4/$!D,*4$'!A4(4$.O!N/$%$!%6B4*,$!(54.!8*\$!?8$'@*,@!(88$@*(,5$!46!4/$! +8(@!+6.4$%!C(,(8!,(4*6,(8*.0!(06,@!>0$%*5(,.M!!!>84/6B@/!-(./0*%*.!(.!(!N/68$!'6! ,64!N(,4!46!C$!?(%4!6+!4/$!=,'*(,!.4(4$O!(,'!4/$%$+6%$!=!'6!,64!58(*0!4/(4!4/$&!/(%C6%! (,&!.$,4*0$,4.!6+!=,'*(,!,(4*6,(8*.0O!4/$&!'6O!(.!=!N*88!./6NO!/(#$!(!?(%4*5B8(%! HG! ! (44(5/0$,4!46!4/$!.4(4$M!!2/*.!(44(5/0$,4!*.!(,(86@6B.!46!;*88*@Q.!fHKKXR!C(,(8! ,(4*6,(8*.0!*,!4/(4!*4!(%*.$.!+%60!56,4*,B6B.O!86,@e4$%0!*,4$%(54*6,.!N*4/!4/$!=,'*(,! .4(4$!+6%!0B,'(,$!%$(.6,.O!(,'!*4!C$560$.!#*.*C8$!'B%*,@!$064*6,(88&!*,4$,.$!$#$,4.! 4/(4!C%*,@!=,'*(,!5*4*J$,.!46@$4/$%M! ! 2/$!4/*%'!+(546%!=!$P(0*,$!*.!4/$!N(&!$++6%4.!46!(88$#*(4$!4/$!.B++$%*,@!5(B.$'! C&!4/$!56,+8*54!*,!+(54!%$*+&!*4!(.!(!+$(4B%$!6+!4/$!=,'*(,!.4(4$M!!<B.5/*,.\*!(,'! ]6++0(,!fFGHHR!N%*4$!4/(4!-(./0*%*.Q!.B++$%*,@!(4!4/$!/(,'.!6+!4/$!=,'*(,! @6#$%,0$,4!/(.!(8*$,(4$'!4/$0!+%60!4/$!.4(4$M!!]6N$#$%O!=!(%@B$!4/(4!*4!*.!?%$5*.$8&! 4/$!.B++$%*,@!(,'!#*54*0/66'!?%6'B5$'!C&!4/$!56,+8*54!4/(4!4*$.!4/$0!46!4/$!.4(4$M!! <B$!46!-(./0*%Q.!.4(4B.!(.!(!%$@*6,!*,!56,+8*54O!*,4$%,(4*6,(8!7bg.!/(#$!+B,,$8$'! .B??6%4!(,'!+B,'*,@!46!4/$!%$@*6,M!!E$8'0(,!(,'!2*5\4*,!fFGHGR!N%*4$!4/(4!7bg.!4/(4! 58(*0!46!?%64$54!0$0C$%.!6+!/B0(,*4&!+%60!4/$!$P5$..$.!6+!*0?%6?$%!@6#$%,0$,4! (%$!4/$0.$8#$.!'$?$,'$,4!6,!C%6('$%!@6#$%,*,@!.4%B54B%$.!46!+B,54*6,M!!=,!/$%! '*.5B..*6,.!6+!06%(8!'*8$00(.!+(5$'!C&!4/$!3$'*5*,$.!A(,.!E%6,4*$%.O!E*6,(!2$%%&! f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a(,'!4/$!0(,&! .$?(%(4*.4!$8$0$,4.!4/(4!+B$8!*4a0$%$8&!(!?(%4!6+!4/$!=,'*(,!.4(4$M!!-(./0*%*.O!466O! $P?$%*$,5$!4/$!56,+8*54!(.!(!4/*,@!4/(4!*.!$,4%$,5/$'!N*4/*,!4/$!+%(0$N6%\!6+!4/$! =,'*(,!.4(4$M!!=,!/*.!$4/,6@%(?/&!6+!0(%@*,(8*J$'!>=<A!#*54*0.!*,!;%(J*8O!;*$/8!fFGGWR! ./6N.!4/(4!@%(..%664.!6%@(,*J(4*6,.!4/(4!(44$0?4!46!+*88!*,!4/$!@(?.!8$+4!C&!4/$!.4(4$Q.! %6886B4!6+!>Z:.!5(,!6,8&!+*,'!.4(C*8*4&!C&!%$8&*,@!6,!4/$!.4(4$!+6%!+B,'*,@!(,'! .B??6%4M!!>.!4/$&!'6!.6O!'$.?*4$!4/$*%!5%*4*5*.0.!6+!4/$!./6%4560*,@.!6+!4/$!.4(4$O!4/$! 6%@(,*J(4*6,.!C$560$!$0C$''$'!*,!4/$!.4%B54B%$.!(,'!%(4*6,(8$!6+!4/$!.4(4$M!! )*\$N*.$O!865(8!7bg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fbB?4(O!FGHFRM!!](,,(/!>%$,'4!f5*4$'!*,!E$8'0(,!(,'! 2*5\4*,O!FGHGR!?6*,4.!6B4!4/(4!4/$!C$,$+*4.!6+!5*4*J$,./*?!(%$!,64!56,+$%%$'!6,!(! ?$%.6,!.*0?8&!C$5(B.$!4/$&!(%$!/B0(,M!!-(./0*%*!3B.8*0.O!N/6!560?%*.$!(C6B4! KLi!6+!4/$!?6?B8(4*6,!*,!-(./0*%!f2%$0C8(&O!FGGKRO!(%$!C%6('8&!$P58B'$'!+%60!4/$! .$5B%*4*$.!?%6#*'$'!46!5*4*J$,.!'B$!46!(,4*e=.8(0*5!?%$`B'*5$.!*,!4/$!,(4*6,!f9(,'$&O! FGGYR!(,'!4/$!*,+(06B.!*0(@$!6+!4/$!-(./0*%*!4$%%6%*.4!4/(4!$,4$%$'!4/$!=,'*(,! *0(@*,(%&!'B%*,@!4/$!*,.B%@$,5&!f.$$!9$$%O!FGHG^!U/6?%(O!FGGG^!-B%./*'O!HKKVRM!! HF! ! ]6N$#$%O!-(./0*%*.!N/6!5(,!'$06,.4%(4$!4/(4!4/$&!(%$!'*%$54!#*54*0.!6+!4/$! #*68$,5$!6+!4/$!56,+8*54!5(,!B.$!4/$*%!#*54*0/66'!46!+6%0!(!,$N!\*,'!6+!5*4*J$,./*?M!! [%*4*,@!(C6B4!D\%(*,$Q.!0(,(@$0$,4!6+!4/$!U/$%,6C&8!'*.(.4$%O!9$4%&,(!fFGGFR! ./6N.!4/(4!%('*(4*6,!.B++$%$%.!B.$'!4/$*%!'*.$(.$!46!+6%@$!(!,$N!\*,'!6+!%$8(4*6,./*?! N*4/!4/$!.4(4$M!!;*686@*5(8!5*4*J$,./*?O!(.!./$!'$+*,$.!*4O!*.!4/$!S0(..*#$!'$0(,'!+6%! CB4!.$8$54*#$!(55$..!46!(!+6%0!6+!.65*(8!N$8+(%$!C(.$'!6,!0$'*5(8O!.5*$,4*+*5O!(,'!8$@(8! 5%*4$%*(!4/(4!C64/!(5\,6N8$'@$!C*686@*5(8!*,`B%&!(,'!560?$,.(4$!+6%!*4TM!!2/$! %('*(4*6,!.B++$%$%Q.!'*.$(.$!(,'!*4.!56,,$54*6,!N*4/!4/$!'*.(.4$%!4/$%$+6%$!C$5(0$! 4/$!C(.*.!6,!N/*5/!4/$!C$,$+*4.!6+!5*4*J$,./*?!N$%$!56,+$%%$'M!!=,!(!?(%(88$8!0(,,$%O! (!-(./0*%*Q.!.4(4B.!(.!(!#*54*0!6+!4/$!56,+8*54!(++6%'.!/*0!6%!/$%!?%$+$%$,4*(8!(55$..! 46!.65*(8!N$8+(%$!C$,$+*4.M!!2/$!.4(4$O!/6N$#$%O!6,8&!56,+$%.!C$,$+*4.!6,!(,!*'$(8O!,6,e #*68$,4!#*54*0!6+!#*68$,5$a?%$.B0(C8&!#*54*0.!N/6!(%$!*,,65$,4M!!)**.(!3(8\\*! fFGHGR!?6*,4.!6B4!4/(4!4/$!(C.68B4$8&!*,,65$,4!#*54*0.!N/60!(*'!?%6@%(0.!+*,'! N6%4/&!6+!(..*.4(,5$!(%$O!*,!%$(8*4&O!%(%$!46!560$!C&M!!>556%'*,@8&O!N/*8$!0(,&!*+!,64! 4/$!0(`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h(,B(%&!6+! FGHIM!!36.4!6+!0&!'(4(!560$.!+%60!4/$!#*88(@$!6+!-(8(,?6%(O!*,!4/$!'*.4%*54!6+! -B?N(%(M!!-B?N(%(!*.!(!?%$'60*,(,48&!%B%(8!'*.4%*54!*,!-(./0*%!4/(4!C6%'$%.!4/$! )gUM!!=4!*.!6,$!6+!4/$!(%$(.!06.4!(++$54$'!C&!4/$!0*8*4(,5&O!(.!*4!N(.!+866'$'!N*4/! 0*8*4(,4.!%$4B%,*,@!+%60!(%0.!4%(*,*,@!5(0?.!*,!9(\*.4(,e('0*,*.4$%$'!-(./0*%O! 56006,8&!%$+$%%$'!46!(.!>J('!-(./0*%MK!!-(8(,?6%(!*.!4/$!.$56,'!#*88(@$!+%60!4/$! )gU!6,!4/$!=,'*(,!.*'$!6+!-(./0*%O!(!0$%$!+*#$!/6B%!4%$\!+%60!4/$!C6%'$%M!!2/$!+*%.4! #*88(@$!*.!4/$!.*4$!6+!(,!(%0&!C(.$O!.6!-(8(,?6%(!*.!4/$!+*%.4!.(+$!/(#$,!+6%!0*8*4(,4.! %$4B%,*,@!+%60!>J('!-(./0*%M!!<B%*,@!4/$!4*0$!=!'*'!0&!+*$8'N6%\O!=!8*#$'!*,!4/$! /6B.$!6+!4/$!'(B@/4$%!6+!4/$!#*88(@$!!"#$"%&'!f?68*4*5(8!/$('RM!!2/$!'(4(!4/(4!=! ?%$.$,4!560$!+%60!6?$,e$,'$'!*,4$%#*$N.!N*4/!(,'!6C.$%#(4*6,.!6+!4/$!8*#$.!6+!/$%! ,$*@/C6%.!(,'!%$8(4*#$.M!!=!(8.6!*,4$%#*$N$'!0$0C$%.!6+!4/$!865(8!@6#$%,0$,4!*,! -B?N(%(!(,'!./('6N$'!4/$!+*$8'N6%\!6+!4N6!7bg.!*,!4/$!'*.4%*54M!!;64/!7bg.! ?%6#*'$'!(*'!46!%B%(8!N60$,O!(,'!6,$!6+!4/$0!$P?8*5*48&!+65B.$'!6,!/$8?*,@!N*'6N.! (,'!6%?/(,.M!!g,$!6+!4/$.$!7bg.!N(.!+B,'$'!C&!4/$!U$,4%(8!=,'*(,!@6#$%,0$,4!(,'! 4/$!64/$%!C&!4/$!A(#$!4/$!U/*8'%$,!E6B,'(4*6,M! ! =!(8.6!'%(N!6,!+*$8'N6%\!+%60!4/$!5(?*4(8!5*4&!6+!A%*,(@(%O!N/$%$!=!.4(&$'!N*4/! (!+(0*8&!N/6!N6%\.!*,!4/$!46B%*.0!*,'B.4%&!(,'!4%(#$8$'!46!4/$!/$('_B(%4$%.!6+!4/$! 865(88&!C(.$'!7bgO!]6?$!<*.(C*8*4&O!*,!4/$!,$*@/C6%*,@!'*.4%*54!6+!b(,'(%C(8!'B%*,@! HV! ! 4/$!'(&M!!2/$!'(4(!=!?%$.$,4!560$.!+%60!*,4$%#*$N.!N*4/!.4(++!0$0C$%.!(,'! C$,$+*5*(%*$.!6+!]6?$!<*.(C*8*4&O!(.!N$88!+%60!4/$!$P?$%*$,5$.!6+!+(0*8*$.!N/6!N6%\! *,!4/$!46B%*.0!*,'B.4%&M!!2/$!'(4(!=!5688$54$'!*,!-(./0*%!*.!.B??8$0$,4$'!C&! *,4$%#*$N.!N*4/!4/$!h6*,4!A$5%$4(%&!6+!h(00B!(,'!-(./0*%O!3%M!-M!A\(,'(,O!N/6! '$.5%*C$.!/*0.$8+!(.!4/$!C%*'@$!C$4N$$,!4/$!.4(4$!@6#$%,0$,4!6+!h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bg.!4/(4!=!N6%\$'!N*4/O!4/$!]6?$! <*.(C*8*4&!U$,4$%!*,!b(,'(%C(8!(,'!4/$!A%*,(@(%!(,'!-B?N(%(!6++*5$.!6+!(!-(./0*%*! 7bg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a6+4$,!8('$,!N*4/!.$?(%(4*.4!.$,4*0$,4.a(,'! 4/$*%!(??(%$,4!566?$%(4*6,!N*4/!4/$!.4(4$O!$P?8(*,*,@!/6N!,6%0(85&!5(,!$P*.4! (86,@.*'$!56,4*,B*,@!.?B%4.!6+!?68*4*5(8!#*68$,5$M!! ! ! HW! ! ! ! ! ! ! ! ! ! ! /5';%,&!<! ! :,7-&4,$!-.!=4-+,0(,! HL! ! 10%&-23(%4-0! ! =,!(,!*,4$%#*$N!4(\$,!*,!<$5$0C$%!6+!FGHFO!4/$!h6*,4!A$5%$4(%&!6+!h(00B!(,'! -(./0*%O!3%M!-M!A\(,'(,O!.(*'!N*4/!%$+$%$,5$!46!4/$!?68*4*5(8!.*4B(4*6,!*,!-(./0*%O! SZ*@/4!,6NO!N$!(%$!*,!(!.4(4$!6+!%$56#$%&MT!!]$!.?6\$!6+!4/$!56,+8*54!*,!?(.4!4$,.$O! B.*,@!4/$!?/%(.$!S$#$,!N/$,!4/$%$!N(.!56,+8*54TM!!!]6NO!=!(.\$'!/*0O!'6$.!6,$!'%(N! 4/$!8*,$!C$4N$$,!4/$!?$%*6'!6+!56,+8*54!(,'!4/$!?$%*6'!6+!%$56#$%&d!!S>.!86,@!(.!4/$%$! *.!(!560+6%4!8$#$8!*,!4/$!,B0C$%!6+!+8*@/4.!560*,@!*,OT!A\(,'(,!%$.?6,'$'O!S*,!4/$! ,B0C$%!6+!+6%$*@,$%.!560*,@!*,a6,!(!56,4*,B6B.!C(.*.O!,64!6,8&!6,$!6%!4N6!&$(%.a 4/$,O!*4!*.!(!.4(4$!6+!%$56#$%&MT! ! 2/$!'*#*.*6,!4/(4!A$5%$4(%&!A\(,'(,!'%$N!C$4N$$,!-(./0*%Q.!?$%*6'!6+! 56,+8*54!(,'!?$%*6'!6+!%$56#$%&!N(.!C(.$'!6,!$P4$%,(8!+(546%.a4/$!,B0C$%!6+! $P4$%,(8!+8*@/4.!560*,@!*,46!-(./0*%O!(,'!4/$!,B0C$%!6+!+6%$*@,$%.!560*,@!*,46! -(./0*%M!!]$!'*'!,64!(''%$..!+(546%.!*,4$%,(8!46!-(./0*%!*,!/*.!5%*4$%*(!+6%!4/$! '*#*.*6,M!!=,!4/*.!5/(?4$%O!=!(%@B$!4/(4O!+%60!4/$!?6*,4!6+!#*$N!6+!-(./0*%*.!N/6!/(#$! 8*#$'!4/%6B@/!4/$!#*68$,5$!6+!4/$!8(.4!4N6!'$5('$.O!4/$%$!*.!,6!'*#*.*6,!C$4N$$,!4/$! 56,+8*54!(,'!4/$!?$%*6'!6+!%$56#$%&M!!2/6B@/!0(,&!-(./0*%*.!.(&O!N*4/!%$+$%$,5$!46! 4/$!5B%%$,4!,6%0(85&!*,!$#$%&'(&!(++(*%.O!S2/*,@.!(%$!C$44$%!,6NOT!4/$&!.4*88!.$$! 4/$0.$8#$.!(.!8*#*,@!*,!(!.4(4$!6+!56,+8*54M!!2/*,@.!(%$!.*0?8&!C$44$%!N*4/*,!4/$! 56,4$P4!6+!4/$!56,+8*54^!4/$%$!*.!,6!?$%*6'!6+!%$56#$%&!(,'!,6!C%$(\!C$4N$$,!4/$! ?%$.$,4!,6%0(85&!(,'!4/$!#*68$,5$!6+!4/$!?(.4M!!A*,5$!-(./0*%*.!.4*88!.$$!4/$0.$8#$.! (.!8*#*,@!*,!(!.4(4$!6+!56,+8*54O!06,4/8&!*,5*'$,4.!6+!?68*4*5(8!#*68$,5$!'6!,64!(??$(%!46! HK! ! C$!'*.%B?4*6,.!*,!4/$!6%'*,(%&!.4(4$!6+!(++(*%.M! ! =,!6%'$%!46!'$06,.4%(4$!4/(4!-(./0*%*.!.4*88!.$$!4/$0.$8#$.!(.!8*#*,@!*,!(! .4(4$!6+!56,+8*54!=!N*88!./6N!/6N!4/$*%!?%$.$,4!*.!5686%$'!C&!(,'!B,'$%.466'!4/%6B@/! 4/$!5688$54*#$!0$06%*$.!6+!4/$!#*68$,5$!6+!4/$!?(.4M!!=!N*88!+*%.4!?%6#*'$!(,!(556B,4!6+! /6N!(,'!N/$,!4/$!#*68$,5$!6+!4/$!0*8*4(,5&!N(.!.?6\$,!6+!*,!4/$!#*88(@$!6+! -(8(,?6%(O!,$(%!4/$!)g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f?68*4*5(8!/$('R!46!./6N!4/(4!?$6?8$Q.!*,4$%(54*6,.!N*4/!4/$*%! ?%$.$,4!$,#*%6,0$,4!(%$!*,+6%0$'!C&!4/$!$0C6'*$'!\,6N8$'@$!6+!4/$!56,'*4*6,.!6+! 4/$!0*8*4(,5&M! ! :,7-&4,$!-.!%5,!74+4%'0(8! ! <B%*,@!4/$!.B00$%!6+!FGHFO!4/$!?%*0(%&!(*0!6+!0&!+*$8'N6%\!N(.!46!'$#$86?! FG! ! (,!B,'$%.4(,'*,@!6+!N/(4!4/$!%$.*'$,4.!6+!-(8(,?6%(!/('!N*4,$..$'!'B%*,@!4/$!4*0$! 6+!4/$!0*8*4(,5&M!!=!+*%.4!/$(%'!6+!4/$!#*68$,4!$#$,4.!4/(4!-(./0*%*.!/('!$P?$%*$,5$'! +%60!h(#$'O!(,!>0$%*5(,!8(N!.4B'$,4!N/6!N(.!C6%,!(,'!%(*.$'!*,!-(8(,?6%(O!N/6! %$56B,4$'!.60$!6+!/*.!0$06%*$.!6+!4/$!0*8*4(,5&!46!0$!*,!5(.B(8!56,#$%.(4*6,M!! ! S2/*.!*.!N/$%$!=!.(N!.60$6,$!@$4!\*88$'!+6%!4/$!+*%.4!4*0$OT!.(*'!h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g+!56B%.$OT! /$!%$?8*$'O!(.!*+!=!./6B8'!/(#$!4(\$,!4/(4!+6%!@%(,4$'M!!! ! ]6N$#$%O!N/$,!=!C$@(,!+6%0(88&!*,4$%#*$N*,@!%$.*'$,4.!6+!-(8(,?6%(!(C6B4! 4/$*%!$P?$%*$,5$.O!4/$&!%$.?6,'$'!46!0&!_B$.4*6,.!C&!%$5*4*,@!4/$!4%(`$546%&!6+! ?68*4*5(8!$#$,4.!*,!-(./0*%aC$@*,,*,@!N*4/!4/$!56,4%6#$%.*(8!$8$54*6,.!6+!HKLWO!4/$! *,.B%@$,5&!*,!HKLKO!4/$!(..(..*,(4*6,!6+!4/$!.$?(%(4*.4!8$('$%!>C'B8!b(,*!)6,$O!4/$! ?%60*,$,5$!6+!4/$!h(00B!(,'!-(./0*%!)*C$%(4*6,!E%6,4O!$,'*,@!N*4/!4/$!/B0(,! %*@/4.!#*68(4*6,.!C&!4/$!=,'*(,!(%0&a%(4/$%!4/(,!4/$!#*68$,5$!4/$&!/('!?$%.6,(88&! $P?$%*$,5$'M!!2/*.!*.!$P$0?8*+*$'!C&!0&!*,4$%#*$N!N*4/!2(8$$CM! FH! ! ! 2(8$$C!N(.!(!?%(54*5*,@!8(N&$%!*,!-B?N(%(!(,'!h(#$'Q.!C%64/$%e*,e 8(NM!![/$,!h(#$'!468'!/*0!4/(4!=!N(.!*,!-(./0*%!46!%$.$(%5/!?$6?8$Q.!$P?$%*$,5$.!6+! 4/$!56,+8*54O!2(8$$C!.(*'!$0?/(4*5(88&O!S=!B.$'!46!C$!(!0*8*4(,4O!*,4$%#*$N!0$MT!2(8$$C! .66,!*,#*4$'!0$!46!(!+6%0(8!'*,,$%!(86,@!N*4/!4/%$$!64/$%!8(N&$%.!N/6!/('!C$$,! ?(%4!6+!4/$!0*8*4(,5&!*,!4/$!$(%8&!KG.M!!]$!.4(%4$'!/*.!,(%%(4*#$!N*4/!SA6!*,!QLWO!4/$! $8$54*6,.!N$%$!%*@@$'HM!!>88!-(./0*%*.!#64$'!+6%!4/$!3B.8*0!D,*4$'!E%6,4O!.6!N/$,! 4/$&!86.4O!N$!\,$N!*4!N(.!*,`B.4*5$MT!!]*.!,(%%(4*#$!56,4*,B$'!N*4/!(!.$%*$.!6+!?68*4*5(8! $#$,4.!866.$8&!0(??$'!6,46!(!5/%6,*58$!6+!/*.!8*+$O!%$?8$4$!N*4/!&$(%.!(,'!'(4$.M!!S=! N$,4!46!9(\*.4(,!j46!C$!4%(*,$'!(.!(!0*8*4(,4k!*,!HKKHO!%*@/4!(+4$%!=!+*,*./$'!0&!8(N! '$@%$$!*,!A%*,(@(%M!!2/$!0*8*4(,4.!N$%$!@66'!C(5\!4/$,O!N$!'*',Q4!(44(5\!5*#*8*(,.O! 6,8&!4/$!(%0&M!!;B4!*,!HKKVO!4/$!(%0&!C$5(0$!/(%./$%O!(,'!4/$.$!86N!58(..!8(C6%$%.! `6*,$'!4/$!0*8*4(,5&M!!2/$&!56%%B?4$'!*4O!.4(%4$'!.?&*,@!+6%!4/$!(%0&O!.6!=! 8$+4MT!!76N/$%$!*,!2(8$$CQ.!,(%%(4*#$!N$%$!4/$%$!$P?$%*$,5$.!6+!4/$!.6%4!h(#$'! %$5688$54$'O!'$.?*4$!4/$!+(54!4/(4O!(.!(,!$Pe0*8*4(,4O!/$!N(.!8*\$8&!46!/(#$!N*4,$..$'! 56,.*'$%(C8$!#*68$,5$M!!=!(44$0?4$'!46!?B./!4/$!,(%%(4*#$!46N(%'.!/*.!?$%.6,(8! $P?$%*$,5$.!C&!(.\*,@!/*0!N/(4!/('!0('$!/*0!'$5*'$!46!`6*,!4/$!0*8*4(,5&M!!S[$88O! 4/$&!j4/$!=,'*(,!.$5B%*4&!+6%5$.k!N$%$!\*88*,@!-(./0*%*.OT!2(8$$C!%$.?6,'$'O!(.!*+! .4(4*,@!4/$!6C#*6B.M!!]$!4/$,!5(%%*$'!6,!N*4/!/*.!4*0$8*,$!6+!.65*6?68*4*5(8! '$#$86?0$,4.M!!2(8$$CQ.!,(%%(4*#$!N(.!.*0*8(%!46!4/6.$!6+!4/$!64/$%!$Pe0*8*4(,4.!/$! /('!*,#*4$'O!(.!N$88!(.!46!4/6.$!6+!.$#$%(8!64/$%!%$.*'$,4.!6+!-(8(,?6%(!N/60!=! *,4$%#*$N$'M!!! ! FF! ! "P?$%*$,5$.!6+!#*68$,5$!N$%$O!/6N$#$%O!56006,!*,!(,$5'64$.!*,!5(.B(8! 56,#$%.(4*6,.O!*,!4/$!N(&!h(#$'!/('!./(%$'!(!0$06%&!$#6\$'!C&!4/$!?8(5$!N$!/('! C$$,!*,M!!!2/$!'(B@/4$%!6+!4/$!#*88(@$!!"#$"%&'O!ZBC*,(O!N*4/!N/60!=!./(%$'!(!%660O! 468'!0$!4/(4!./$!(,'!(88!4/$!N60$,!(,'!5/*8'%$,!*,!4/$!,$*@/C6%/66'!B.$'!46!.8$$?! 6,!4/$!+866%!6+!4/(4!#$%&!%660!'B%*,@!4/$!0*8*4(,5&M!!S>88!4/$!0$,!$P5$?4![(`*'!A(/*C! N$,4!*,46!/*'*,@!(4!,*@/4MT!![(`*'!A(/*C!N(.!/$%!+(4/$%e*,e8(N!(,'!6N,$%!6+!4/$! /6B.$M!!SA6!(88!6+!B.!@*%8.!B.$'!46!.?$,'!4/$!,*@/4!(4!/*.!/6B.$M!!>88!4/$!N60$,!(,'! 4/$*%!8*448$!\*'.M!![$!'*',Q4!N(,4!46!.4(&!(86,$!*,!6B%!6N,!/60$.MT! ! S=!N(.!466!68'!46!%B,!(,'!/*'$OT!%$0(%\$'![(`*'!A(/*CO!N/6!N(.!8*.4$,*,@M!!S=! B.$'!46!.8$$?!'6N,.4(*%.!N*4/!0&!5/*8'%$,!(,'!(,.N$%!4/$!'66%!N/$,!4/$!(%0&! \,65\$'O!(,'!4/$!@*%8.!.8$?4!B?.4(*%.MT! ! S[(`*'!A(/*C!*.!4/$!6,8&!0(,!*,!4/$!#*88(@$!N/6!N(.!,$#$%!C$(4$,!C&!4/$! (%0&OT!.(*'!/*.!.6,!7*&(JM! ! S76OT!.(*'![(`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g,5$OT!7*&(J!C$@(,O!S=!N(.!*,!.4B'&*,@!*,!$*@/4/!.4(,'(%'!(4!4/$!4*0$ee4/$! (%0&!5(0$!/$%$O!%*@/4!'6N,!4/*.!%6('M!!A4%(*@/4!46!C%64/$%!>+4(CQ.!/6B.$M!!2/$!.5/668! N(.!,$(%C&O!(,'!N$!B.$'!46!560$!/60$!+6%!8B,5/M!!A6!4/(4!'(&O!N$!5(0$!/60$O!/('! 6B%!8B,5/O!0$!(,'!(!+%*$,'!6+!0*,$M!![$!N$%$!58(..0(4$.O!4/$!4N6!6+!B.!(,'! >+4(CM!!g,!6B%!N(&!C(5\!46!.5/668O!N$!.(N!4/$!(%0&!560*,@!*,46!4/$!#*88(@$O!.(N! 4/$0!4(\*,@!4/$!%6('!46!4/$!,$P4!,$*@/C6%/66'O!%*@/4!46!C%64/$%!>+4(CQ.!/6B.$M!!A6!(.! N$!/B%%*$'!6,!6B%!N(&O!N$!.(N!4/(4!4/$%$!N$%$!C$(4*,@.!/(??$,*,@!(4!>+4(CQ.FMT!! ! S2/$&!C$(4!/*0O!466OT!7*&(J!56,4*,B$'M!!S2/$&!8$4!/*0!@6!_B*5\8&!4/6B@/M!!]$! `6*,$'!B.!*,!.5/668!4/(4!'(&M! ! S;B4!4/$%$!N(.!.6!0B5/!C$(4*,@!4/(4!'(&ee&6B!\,6N!N/(4!4/$&!C$(4!6,$!6+! 4/$!0$,!N*4/d!!]*.!6N,!/(00$%M!!>,!*%6,!/(00$%M!!]$!N(.!(!0(.6,M!!2/$!?66%!0(,O! /$!'*$'!6,$O!4N6!06,4/.!8(4$%O!C$5(B.$!6+!4/(4!C$(4*,@M!!>,'!N$!.4B'$,4.!%$(88&! .B++$%$'!466M!!g,5$O!.5/668!N(.!5(,5$88$'!+6%!+6B%!06,4/.!.6!N$!56B8'!4(\$!6B%!$,'e FV! ! 6+e&$(%!$P(0.!B,4*8!4/$!+6886N*,@!&$(%M!![$!N$%$!(88!(!&$(%!C$/*,'!C$5(B.$!6+!4/(4M!! ! S2/$,!4/$%$!N(.!4/(4!4*0$!N/$,!4/$!(%0&!.4(&$'!/$%$!.$#$,!'(&.O! 56,4*,B6B.8&O!+6%!(!5%(5\'6N,OT!7*&(J!56,4*,B$'M!![/$,!4/$!.$5B%*4&!+6%5$.!*,! -(./0*%!5(88!(!5%(5\'6N,O!4/$&!@(4/$%!4/$!0$,O!N60$,!(,'!5/*8'%$,O!(,'!$8'$%8&! ?$6?8$!*,!4/$!,$*@/C6%/66'!6%!#*88(@$!*,!.$?(%(4$!.?(5$.O!.6!4/(4!4/$&!5(,,64! 5600B,*5(4$!N*4/!$(5/!64/$%M!!U%(5\'6N,.!B.B(88&!*,#68#$!4/$!.$(%5/!+6%!0*8*4(,4.O! (,'!(%$!(..65*(4$'!N*4/!46%4B%$!+6%!_B$.4*6,*,@M!!S764/*,@!/('!/(??$,$'ee0*8*4(,4.! 5(0$!C(5\!+%60!9(\*.4(,O!4/$&!.4(&$'!*,!6B%!,$*@/C6%/66'!+6%!(!N/*8$O!(,'! 8$+4M!!2/$,!4/$!(%0&!5(88$'!(!5%(5\'6N,O!5(0$!46!C$(4!f$()"*(+,(R!B.!5*#*8*(,.M!![/(4! 56B8'!N$!/(#$!'6,$d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l[/$%$!*.! &6B%!/B.C(,'O!N/$%$!(%$!4/$!0*8*4(,4.OQ!4/$&!N6B8'!(.\!4/$!N60$,M!![$!\,$NO!*+! 4/$&!+6B,'!B.O!4/$&!N6B8'!C$(4!B.M!!2/$&!0*@/4!C$(4!4/$!N60$,O!466O!CB4!4/$&!N6B8'! 8$4!4/$0!@6M!!=+!4/$&!@64!B.O!4/$,!4/$&!N6B8'!./664!B.O!\*88!B.O!.4%(*@/4!(N(&MT!!! FX! ! ! 2/$!6,8&!0$,!N/6!'*',Q4!%B,!(N(&!(4!,*@/4O!(.!=!/('!(8%$('&!C$$,!468'O!N$%$! [(`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e6+e+(54!46,$M!!S2/$! (%0&!5(0$!N/*8$!=!N(.!6B4!6,!4/$!#$%(,'(!N*4/!0&!.6,.M!!2/$&!(.\$'!0$!N/6!*.!(4! /60$O!(,'!=!468'!4/$0O!l2/$%$!*.!,6!6,$!/$%$O!4/$%$!(%$!,6!0$,!/$%$MQ!lU60$!@$4! '6N,!+%60!4/$%$OQ!4/$&!.(*'O!(,'!.6!0&!\*'.!(,'!=!N$,4!(,'!.(4!*,!4/$!?(%\M!!3&! C%64/$%!5(0$!6#$%!(,'!N$,4!N*4/!4/$0!(.!4/$&!.$(%5/$'!4/$!/6B.$ee4/$&!.$(%5/$'! B?.4(*%.O!'6N,.4(*%.O!$#$%&N/$%$O!(,'!4/$,!8$+4M!!2/$&!/('!/$(%'!4/(4!(!)#"&,!/('! @(4/$%$'!(4!(![(`*'!A(/*CQ.!/60$O!.6!4/$&!N$%$!.$(%5/*,@!4/$!/6B.$!6+!$#$%&!0(,! FY! ! ,(0$'![(`*'!A(/*CMT!!2/$!4$%0!)#"&,!*,!4/*.!#*88(@$!%$+$%.!46!(!@%6B?!6+!&6B,@!0$,! 4/(4!5%6..!4/$!)g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e*,.B%@$,5&!$++6%4.O!4/$!=,'*(,!(%0&!%$@B8(%8&!$,4$%$'! 4/$!/6B.$.!6+!-(8(,?6%(O!.$(%5/*,@!+6%!4/$!0$,a4/$!?64$,4*(8!0*8*4(,4.M!!2/$.$! .$(%5/$.!N$%$!%6B4*,$O!(,'!4/$!0$,!B.$'!46!4/$%$+6%$!8$(#$!4/$!,$*@/C6%/66'!(+4$%! 4/$*%!$#$,*,@!0$(8!(,'!@6!*,46!/*'*,@M!!2/$!N60$,!%$0(*,$'!*,!4/$!#*88(@$O!4$88*,@! 4/$!0*8*4(%&!6++*5$%.!4/(4!4/$!0$,!N$%$!,64!(4!/60$O!N/*8$!4/$*%!/6B.$.!N$%$! .$(%5/$'!+6%!N$(?6,.M!!! ! S=!%$0$0C$%OT!.(*'!ZBC*,(O!S=!N(.!4(\*,@!(!C(4/!6,5$a*4!N(.!(C6B4!4/%$$! 6Q5865\!(,'!=!/('!`B.4!560$!C(5\!+%60!.5/668M!!=!/('!`B.4!.4$??$'!*,46!4/$!C(4/%660O! FW! ! (,'!0&!.*.4$%!N(.!0(\*,@!4$(M!!A/$!.(*'O!/B%%&!B?!(,'!C(4/$O!4/$!(%0&!0*@/4!C$!/$%$! (4!(,&!060$,4M!!2/$!(%0&!B.B(88&!5(0$!j.$(%5/*,@!+6%!/$%!C%64/$%O!(!0*8*4(,4k!*,!4/$! (+4$%,66,.M!!=!/('!`B.4!.4(%4$'!46!N(./!0&!/(*%!N/$,!4/$!(%0&!./6N$'!B?M!!=!5(0$! 6B4!6+!4/$!C(4/%660O!`B.4!8*\$!4/(4O!N*4/!./(0?66!(88!6#$%!0&!+(5$O!(,'!=!.(4!'6N,! /$%$!(4!4/*.!4(C8$!N*4/!(!.5(%+!6#$%!0&!/$('M!!2/$!(%0&!6++*5$%!.(*'O!lb6!@$4!(!CB5\$4! 6+!N(4$%!(,'!N(./!&6B%!+(5$M!!<6,Q4!+%$4O!4(\$!&6B%!4*0$MQ!!2/$,!=!@64!0&!CB5\$4!(,'! N(./$'!4/$!./(0?66!6++!0&!+(5$M!!=!56B8',Q4!@6!+*,*./!0&!C(4/!B,4*8!4/$&!/('!+*,*./$'! 4/$*%!.$(%5/M!!2/$%$!N(.!.6!0B5/!4$,.*6,M! ! S2/$!(%0&!B.$'!46!560$!46!0&!/6B.$!4/%$$!6%!+6B%!4*0$.!(!'(&O!+6%!(C6B4! 4/%$$!&$(%.M!!>+4$%!=!566\$'!'*,,$%O!0&!.*.4$%.!(,'!=!B.$'!46!@6!46!0&!+(4/$%e*,e8(NQ.! /6B.$O!N/$%$!N$!j./$!(,'!=k!.4(&!,6NM!![$!.4(&$'!4/$%$!$#$%&!,*@/4!(,'!5(0$!/60$! *,!4/$!06%,*,@!(%6B,'!4$,M!!g,$!4*0$O!N$!5(0$!C(5\!(,'!.(N!4/(4!6B%!'66%!/('!C$$,! C%6\$,!'6N,!(,'!6B%!(,*0(8.!8$4!6B4M!!3&!.*.4$%!.(*'O!lA4(&!/$%$O!=Q0!@6*,@!46!4(\$!(! 866\!+*%.4!(,'!0(\$!.B%$!4/$!(%0&!*.,Q4!4/$%$MQ!!A/$!58*0C$'!46!4/$!#$%(,'(!(,'! 866\$'!*,46!4/$!N*,'6N!6+!4/(4!C$'%660!6#$%!4/$%$M!![/$,!./$!866\$'O!./$!.(N!4/(4! 4/$!.68'*$%.!N$%$!.8$$?*,@!6,!4/$!C$'M!!A/$!5(0$!'6N,!_B*$48&O!.86N8&!(,'!.*8$,48&O! (,'!N$!%(,!C(5\!46![(`*'!A(/*CQ.!/6B.$O!.(&*,@O!l[$!5(,Q4!@6!C(5\O!4/$!(%0&!*.!*,!6B%! /6B.$MQ!!A6!N$!.4(&$'!(4![(`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`$546%*$.M!!2/$.$!,(%%(4*#$.!8(%@$8&!C&?(..$'! 4/$!$P?8*5*4!$P?$%*$,5$!6+!#*68$,5$a2(8$$CO!(.!(,!$Pe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`*'!A(/*CQ.!/6B.$!(4!,*@/4O!(,'!4/(4![(`*'! A(/*C!N(.!4/$!6,8&!0(,!N/6!'*'!,64!@6!*,46!/*'*,@!(4!,*@/4O!(%$!,64!*,!4/$0.$8#$.! 0$06%*$.!6+!'*%$54!#*68$,5$M!!2/$&!(%$!?(.4!+(54.!4/(4!(%$!56B5/$'!*,!4/$!0$06%&!6+! N*'$.?%$('!#*68$,5$O!(,'!+$(%!6+!*4O!N/*5/!*.!*0?8*5*4!*,!4/$!-(8(,?6%(!%$.*'$,4.Q! 56,#$%.(4*6,.M!!2/$!+(54!4/(4![(`*'!A(/*C!N(.!,64!$,4*%$8&!.B%$!*+!/$!/('!$#$%!C$$,! C$(4$,!C&!4/$!(%0&!./6N.!4/(4O!$#$,!N/$,!(,!*,'*#*'B(8!*,5*'$,5$!6+!#*68$,5$!0(&! ,64!C$!%$0$0C$%$'O!4/$!@$,$%(8!56,'*4*6,.!6+!4/$!#*68$,5$!.4*88!(%$M!! ! 2/$!%68$!6+!#*68$,5$!(.!4/$!.$44*,@!+6%!4/$.$!(,$5'64(8!0$06%*$.!*,'*5(4$.! FK! ! 4/(4!*4!N(.!56,.*'$%$'!466!56006,?8(5$!46!%$_B*%$!(,!$P?8(,(4*6,M!!2/*.!?6*,4!*.! *88B.4%(4$'!C&!2(8$$CQ.!(..B0?4*6,!4/(4!/*.!%$(.6,.!+6%!`6*,*,@!4/$!0*8*4(,5&!N$%$! 6C#*6B.M!"#$%&6,$!*,!4/$!#*88(@$!/('!C$$,!4/%6B@/!4/$!5%(5\'6N,.O!4/$!C$(4*,@.O!4/$! ,*@/48&!/*'*,@O!.6!(,!$P?8(,(4*6,!6+!4/*.!#*68$,5$!N(.!,64!'$$0$'!,$5$..(%&M!!2/$! #*68$,5$!6+!4/$!56,+8*54!N(.!4/$%$+6%$!%$0$0C$%$'!5688$54*#$8&O!,64!(.!(!?(%4*5B8(%! $#$,4!CB4!(.!(,!$,#*%6,0$,4M!!2/*.!%$0$0C$%$'!$,#*%6,0$,4!56,4(*,$'!0$06%*$.! 6+!'*.5%$$4!$#$,4.!N*4/*,!*4^!ZBC*,(!N/60!=!,$#$%!(.\$'!+6%!(,!*,4$%#*$NO!468'!0$! .46%*$.!6+!/$%!5/*8'/66'a(,$5'64$.O!*,!$P5/(,@$!+6%!N/*5/!=!468'!.46%*$.!6+!0&!6N,! 5/*8'/66'a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`6*,$'!/*.!58(..0(4$.!*,!.5/668!(+4$%!/$!N(.!C$(4$,!C&!4/$!(%0&O!N/*8$! 64/$%.!N$%$!.4*88!C$*,@!C$(4$,!(4!/*.!/60$M!!2/$!56B%4!.&.4$0!N(.!(8.6!+B,54*6,*,@O! (,'!4/$!%$.*'$,4.!6+!-(8(,?6%(!0('$!B.$!6+!4/$!8$@(8!.&.4$0!(,'!(!8(N&$%Q.!.$%#*5$.! 46!+6%5$!4/$!(%0&!46!8$(#$!4/$*%!#*88(@$M!!A65*(8!.4%B54B%$.O!.B5/!(.!@$,'$%!%68$.O! %$0(*,$'!%$8(4*#$8&!.4(C8$!'B%*,@!4/$!4*0$!6+!4/$!0*8*4(,5&!(,'!.(#$'!0(,&!N60$,! +%60!4/$!+(4(8!#*68$,5$!4/(4!4/$!0$,!+$(%$'^!N60$,!N$%$!,64!4&?*5(88&!.B.?$54$'!6+! C$*,@!0*8*4(,4.O!N/$%$(.!7*&(J!(,'!ZBC*,(Q.!0$06%*$.!%$#$(8!4/(4!4/$!(%0&!$_B(4$'! IG! ! 0$,!N*4/!0*8*4(,4.M!!"'B5(4*6,!(,'!(@$!%$4(*,$'!4/$!(C*8*4&!46!$(%,!-(./0*%*!0$,!(! 5$%4(*,!(06B,4!6+!%$@(%'!(,'!(0,$.4&!4/%6B@/6B4!4/$!0*8*4(,5&O!$#$,!+%60!4/$! =,'*(,!(%0&M! ! 2/$.$!*,.4*4B4*6,(8!(,'!.65*(8!.4%B54B%$.!(%$!4/$!.(0$!(.!4/6.$!4/(4!@6#$%,! 4/$!?%$.$,4M!!b6#$%,0$,4e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`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fA5/$?$%e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f](C*CB88(/O!FGGVRM!!U6,.$_B$,48&O!N/*8$!4/$!0*''8$!58(..!*,!0(,&!?(%4.!6+!=,'*(! .(4*.+*$.!06.4!6+!*4.!,$$'.!+%60!4/$!?%*#(4$!.$546%!fE$%,(,'$.O!FGGVRO!-(./0*%*.!(.!(! N/68$!%$0(*,!8(%@$8&!'$?$,'$,4!6,!4/$!=,'*(,!@6#$%,0$,4!+6%!C64/!$..$,4*(8! .$%#*5$.!(,'!$0?86&0$,4!f](C*CB88(/O!FGGVRM!!=,!4/*.!.$54*6,O!=!(%@B$!4/(4!-(./0*%*.Q! '$?$,'$,5$!6,!4/$!@6#$%,0$,4!5%$(4$.!(,!(44(5/0$,4a(8C$*4!(!56,4$.4$'!6,$a46! 4/$!=,'*(,!.4(4$O!4/$%$C&!'*0*,*./*,@!4/$!?6..*C*8*4&!6+!B,*+*$'!(54*6,!(@(*,.4!4/$! .4(4$M! ! =,!(,!*,4$%#*$N!N*4/!4/$!h6*,4!A$5%$4(%&!6+!h(00B!(,'!-(./0*%O!3%M!-M! A\(,'(,O!*,!<$5$0C$%!6+!FGHFO!=!(.\$'!/*0!N/(4!/*.!4/6B@/4.!(C6B4!4/$! @6#$%,0$,4Q.!%68$!(.!(!0(`6%!$0?86&$%!*,!-(./0*%!N$%$M!!Sb6#$%,0$,4!*.!C&!+(%!4/$! 8(%@$.4!j$0?86&$%kO!*,!4$%0.!6+!%(4*6!46!4/$!?6?B8(4*6,OT!A\(,'(,!%$.?6,'$'M!!S2/$%$! *.!(!?$5B8*(%!4/*,@a-(./0*%!/(.!(!.0(88!?6?B8(4*6,O!CB4!*4!*.!C*@!.4(4$O!*,!4$%0.!6+! 8(,'M!!:(.4!(%$(.O!&6B!\,6NO!+%60!)('(\/!46!h(00BO!(84/6B@/!4/$!?6?B8(4*6,!*.! .?(%.$Hm.6!&6B!/(#$!(!864!6+!?8(5$.!N/$%$!4/$!@6#$%,0$,4!/(.!46!C$M!!>,'!.6O!N$Q%$! N*4/!06.4!?$6?8$!(54B(88&M!!A$56,'!4/*,@!*.O!@6#$%,0$,4!*.!4/$!6,8&!(#$,B$!+6%! $0?86&0$,4!+6%!4/$!&6B4/MT!!! ! IV! ! A$5%$4(%&!A\(,'(,!6B48*,$.!4N6!'*.4*,54!+B,54*6,.!4/(4!4/$!@6#$%,0$,4! ?$%+6%0.!(.!(!.6B%5$!6+!$0?86&0$,4!*,!-(./0*%M!!E*%.4O!C&!SC$*,@!N*4/!06.4!?$6?8$TO! 4/$!@6#$%,0$,4!$,560?(..$.!4/$!4$%%*46%&!6+!-(./0*%FM!!A$56,'O!(.!4/$!6,8&!f6%!4/$! 0(`6%R!(#$,B$!6+!$0?86&0$,4!+6%!-(./0*%*!&6B4/O!*4!?%6#*'$.!$56,60*5!.$5B%*4&!46! 5$%4(*,!*,'*#*'B(8.M!!=,!4/*.!5/(?4$%O!=!$P?86%$!4/$!56,.$_B$,5$.!6+!4/$.$!4N6! +B,54*6,.!6,!4/$!(,4*e=,'*(!.$,4*0$,4.!4/(4!(%$!.6!?%$#(8$,4!*,!-(./0*%IM!=!(%@B$!4/(4! 4/$.$!4N6!+B,54*6,.!6+!4/$!@6#$%,0$,4!(.!(!.6B%5$!6+!$0?86&0$,4!N6%\!46@$4/$%!46! '*.B,*4$!-(./0*%*.Q!(,4(@6,*.0!46N(%'.!=,'*(O!/68'*,@!4/$0!46!4/$!=,'*(,!.4(4$!(,'! '*#*'*,@!4/$0!+%60!6,$!(,64/$%M!!-(./0*%*.Q!$P4$,.*#$!*,4$%(54*6,.!N*4/!4/$!.4(4$O! #*(!*4.!6++*5$.!(,'!?%6`$54.O!5%$(4$!(,!(44(5/0$,4!46!4/$!.4(4$!4/(4!C$560$.!#*.*C8$! 'B%*,@!S060$,4.!6+!,(4*6,(8!B,*4&T!fE6%@(5.O!FGHFR!N*4/*,!4/$!=,'*(,!.4(4$M! ! 2/*.!.$54*6,!'%(N.!6,!'(4(!+%60!6?$,e$,'$'!*,4$%#*$N.!5688$54$'!*,! <$5$0C$%!FGHFO!(,'!h(,B(%&!FGHIM!!2/$!*,4$%#*$N.!'$8*C$%(4$8&!'*'!,64!'*%$548&! (''%$..!4/$!46?*5!6+!4/$!56,+8*54O!(.!4/(4!N6B8'!/(#$!8*\$8&!%$.B84$'!*,!?68(%*J$'! %$.?6,.$.M!!=,.4$('O!4/$&!N$%$!+65B.$'!6,!-(./0*%*.Q!%$8(4*6,./*?!46!4/$! @6#$%,0$,4M!!;64/!4/$!5$,4%(8!(,'!.4(4$!@6#$%,0$,4.!*,!-(./0*%!(%$!%$56@,*J$'!(.! 4/$!S=,'*(,!@6#$%,0$,4TM!!>84/6B@/!-(./0*%*.Q!(44*4B'$.!46N(%'.!4/$!=,'*(,! @6#$%,0$,4!N$%$!5686%$'!C&!4/$!/*.46%&!6+!56,+8*54O!4/$!@6#$%,0$,4!N(.!,64(C8&! .$$,!(.!'*.4*,54!+%60!4/$!S(%0&T!fN/*5/!6+4$,!$,560?(..$'!64/$%!\*,'.!6+!=,'*(,! .$5B%*4&!+6%5$.O!.B5/!(.!4/$!U$,4%(8!Z$.$%#$!968*5$!E6%5$RO!N/*5/!N(.!.$$,!(.! %$.?6,.*C8$!+6%!06.4!6+!4/$!(4%65*4*$.!6+!4/$!56,+8*54M!!2/*.!'*.4*,54*6,O!(,'! .BC.$_B$,4!+65B.!6+!0&!*,4$%#*$N.!6,!4/$!=,'*(,!@6#$%,0$,4!%(4/$%!4/(,!4/$!(%0&O! IX! ! $P?6.$'!(!560?8*5(4$'!%$8(4*6,./*?!C$4N$$,!-(./0*%*.!(,'!4/$!=,'*(,!.4(4$!4/(4! %$0(*,.!6C.5B%$'!*,!0(,&!.4B'*$.!6+!4/$!#*68$,5$!6+!4/$!56,+8*54M! ! 2/$!+6886N*,@!$4/,6@%(?/*5!'(4(!N$%$!5688$54$'!+%60!4/$!#*88(@$!6+! -(8(,?6%(O!*,!4/$!C6%'$%!'*.4%*54!6+!-B?N(%(O!N/$%$!4/$!CB8\!6+!0&!%$.$(%5/!*.! C(.$'O!(.!N$88!(.!7bg!6++*5$.!*,!4/$!'*.4%*54!6+!b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gU!6,!4/$!=,'*(,!.*'$!6+!-(./0*%O!-(8(,?6%(!N(.!6,$!6+!4/$! 06.4!%$064$!#*88(@$.!*,!4/$!%$064$O!8(%@$8&!%B%(8!'*.4%*54!6+!-B?N(%(M!![*4/*,!4/$! #*88(@$!@%6B,'.O!4/$%$!N(.!(!/$(84/!5$,4$%O!(,!(,@(,N('*!5$,4$%VO!(,'!+6B%! @6#$%,0$,4e6N,$'!.5/668.M!!A60$!6+!4/$.$!*,.4*4B4*6,.!N$%$!,64!6?$%(4*6,(8!'B%*,@! IY! ! 4/$!4*0$!6+!0&!+*$8'N6%\XO!CB4!4/$&!,6,$4/$8$..!5(%%*$'!4/$!,(0$!6+!4/$!@6#$%,0$,4O! Sh!n!-!bg:2TO!6,!4/$*%!.*@,C6(%'.M! ! <$.?*4$!4/$*%!.4(4$'!'*.8*\$!+6%!4/$!=,'*(,!@6#$%,0$,4O!4/$!%$.*'$,4.!6+! -(8(,?6%(!'$?$,'$'!6,!4/$!.$%#*5$.!?%6#*'$'!C&!.4(4$!*,.4*4B4*6,.M!!A(80(O!(!.4B'$,4! (4!4/$!865(8!@*%8.Q!/*@/!.5/668O!.(*'!N*4/!%$@(%'.!46!4/$!#*88(@$!(,@(,N('*!5$,4$%O!S=,! .60$!%$.?$54.O!=,'*(!/(.!'6,$!.6!0B5/!+6%!B.MT!!=,!&$(%.!N/$,!4/$!/(%#$.4!N(.!?66%O! A(80(!%$56B,4$'O!064/$%.!%$8*$'!6,!4/$!+66'!.B??8$0$,4.!?%6#*'$'!(4!4/$! (,@(,N('*!5$,4$%!46!+$$'!4/$*%!5/*8'%$,M!!S36.4!?$6?8$!'6,Q4!,$$'!*4!,6NOT!./$!.(*'M!! S3(&C$!.60$!?$6?8$!.4*88!B.$!*4!+6%!+66'O!=!'6,Q4!\,6Na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`6%*4&!6+!4/$!#*88(@$Q.!5/*8'%$,M!!2/6.$!N/6!'*'!,64!/(#$!@6#$%,0$,4!`6C.!N$%$! $*4/$%!N(*4*,@!+6%!4/$!.4(4$!@6#$%,0$,4!46!(,,6B,5$!,$N!`6C!6?$,*,@.!6%!/('!@*#$,! B?!6,!4/$!*'$(!6+!.4$('&!$0?86&0$,4!(,'!N6%\$'!6''!`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e*,e8(N!N$%$!C64/!4$(5/$%.! (4!@6#$%,0$,4!.5/668.M!!2N6!6+!/*.!56B.*,.O!/6N$#$%O!/('!,64!C$$,!.6!+6%4B,(4$M!! g,$!6+!4/$0!/('!(!'$@%$$!*,!$,@*,$$%*,@!CB4!86.4!/*.!`6C!N/$,!(!0(`6%! 4$8$5600B,*5(4*6,.!560?(,&!'*.56,4*,B$'!*4.!.$%#*5$.!*,!-(./0*%M!!]$!/('!.*,5$! 4/$,!C$$,!'%*#*,@!(!4(P*M!!>,64/$%!56B.*,O!N/6!N(.!(8.6!$'B5(4$'!(.!(,!$,@*,$$%O!/('! C$$,!B,(C8$!46!+*,'!N6%\!(,'!N(.!'$?$,'$,4!6,!/*.!?(%$,4.Q!?$,.*6,.M! ! E&,-((3;'%4-0!A4%5!%5,!1024'0!$%'%,! ! -(./0*%*.Q!'$?$,'$,5$!6,!4/$!@6#$%,0$,4!(,'!4/$!56,4*,@$,5*$.!4/(4! 5/(%(54$%*J$!4/$!=,'*(,!CB%$(B5%(5&Y!,$5$..*4(4$.!.BC.4(,4*(8!*,4$%(54*6,!N*4/!4/$! IL! ! .4(4$M!!9$%.6,(8!?%6`$54.O!.B5/!(.!4/$!B,'$%4(\*,@!6+!56,.4%B54*6,!N6%\!*,!6,$Q.! #*88(@$!6%!%$?(*%*,@!0(8+B,54*6,.!*,!.4(4$!?%6#*'$'!.$%#*5$.O!.B5/!(.!$8$54%*5*4&O!(%$! 4N6!6+!4/$!0(,&!0B,'(,$!(54*#*4*$.!4/(4!\$$?!-(./0*%*.!56,.4(,48&!$,@(@$'!N*4/! 4/$!.4(4$O!(.!4/$!$#$,4.!'$.5%*C$'!C$86N!'$06,.4%(4$M!!! ! >+.(8!N(.!4/$!.6,!6+!4/$!#*88(@$!!"#$"%&'+f?68*4*5(8!/$('R!(,'!#*88(@$!/$('0(,! 6+!-(8(,?6%(M!!]$!N(.!N6%\*,@!N*4/!.60$!64/$%!#*88(@$%.!46!CB*8'!(!?%64$54*6,!N(88! (%6B,'!(!?864!6+!8(,'!46!?%$#$,4!$%6.*6,M!!]$!/('!%$5$*#$'!LGOGGG!%B?$$.!+%60!4/$! .4(4$!46!CB*8'!4/$!N(88!(,'!?(&!4/$!#*88(@$%.!N/6!N6%\$'!6,!*4M!!=,!6%'$%!46!%$5$*#$! 4/$!06,$&O!>+.(8!,$$'$'!46!/(#$!4/$!?%6@%$..!6+!4/$!?%64$54*6,!N(88!$#(8B(4$'!C&!4/$! hB,*6%!",@*,$$%!+%60!4/$!<$?(%40$,4!6+!ZB%(8!<$#$86?0$,4M!!>+.(8!(,'!=!.$4!6B4! +%60!-(8(,?6%(!*,!4/$!06%,*,@!+6%!4/$!ZB%(8!<$#$86?0$,4!6++*5$!46!+$45/!4/$!hB,*6%! ",@*,$$%!(,'!0(\$!.B%$!/$!5(0$!46!5/$5\!4/$!?%64$54*6,!N(88WM!!2/$!$,@*,$$%!/('! 64/$%!$%%(,'.!46!(44$,'!46!*,!#*88(@$.!4/(4!N$%$!6,!4/$!N(&!46!-(8(,?6%(O!.6!>+.(8! '%6#$!C$/*,'!/*0!(,'!N(*4$'!+6%!/*0!46!+*,*./M!!=4!N(.!,*@/4+(88!C&!4/$!4*0$!N$! %$(5/$'!-(8(,?6%(O!N/$%$!*4!466\!4/$!$,@*,$$%!HG!0*,B4$.!46!0$(.B%$!4/$! '*0$,.*6,.!6+!4/$!N(88!(,'!.*@,!6++!6,!(!.$4!6+!?(?$%.!>+.(8!/('!+6%!/*0M!!S=!\,6N! /*0OT!>+.(8!5600$,4$'!(+4$%!4/$!$,@*,$$%!8$+4O!S.6!/$!(@%$$'!46!'6!4/*.!+6%!0$M!! g4/$%N*.$O!=!'6,Q4!\,6N!86,@!=Q'!/(#$!46!N(*4!+6%!/*0!46!560$!5/$5\!j4/$!N(88kMT! ! E6%!4/6.$!-(./0*%*.!N/6!'6!,64!?$%.6,(88&!\,6N!4/$!.4(4$!$0?86&$$.!N/6.$! .$%#*5$.!4/$&!,$$'O!@$44*,@!4/$!@6#$%,0$,4Q.!(44$,4*6,!*.!$#$,!06%$!4*0$! 56,.B0*,@M!!=,!4/$!'*.4%*54!6+!b(,'(%C(8O!4/$%$!N(.!(!C865\!6+!#*88(@$.!4/(4!/('!,64! IK! ! %$5$*#$'!?6N$%!*,!6#$%!(!06,4/M!!>!4%(,.+6%0$%!/('!C%6\$,O!4/$!#*88(@$%.!.(*'O!(,'! 4/$&!,$$'$'!.60$6,$!+%60!96N$%!<$#$86?0$,4!<$?(%40$,4!46!%$?8(5$!*4M!!=,!6%'$%! 46!@$4!4/$!'$?(%40$,4Q.!(44$,4*6,O!4/$!#*88(@$%.!.4(@$'!(!-"#%"a(!?%64$.4a*,!N/*5/! 4/$&!C865\$'!4%(++*5!6,!4/$!0(*,!%6('!+6%!(!56B?8$!/6B%.!$#$%&!06%,*,@!(4!K1IG!(0M!! :$/*58$.!5(0$!46!(!.4(,'.4*88!+6%!(!'*.4(,5$!6+!B?!46!4$,!\*860$4$%.M!!"#$%&'(&!+6%!4N6! N$$\.O!4/$!.4%*\$!56,4*,B$'!B,4*8!4/$!h!n!-!?68*5$O!(%0$'!N*4/!4/$*%!C(46,.O!+6%5*C8&! 58$(%$'!4/$!#*88(@$%.!+%60!4/$!%6('M!!! ! ."#%".!N$%$!#$%&!56006,!$#$,4.!*,!-(./0*%WM!!g,$!6+!4/$!7bg!.4(++! 0$0C$%.!N/6!N(.!.4B5\!*,!4/$!560?(,&Q.!`$$?!N*4/!0$!'B%*,@!4/$!-"#%"O!%$0(%\$'O! S=4Q.!(C6B4!4*0$!4/$.$!#*88(@$%.!(%$!'6*,@!.60$4/*,@!(C6B4!4/*.!j?6N$%!6B4(@$kM!!=Q#$! C$$,!4$88*,@!4/$0!+6%!N$$\.!4/(4!4/$&!,$$'!46!@$4!4/$!@6#$%,0$,4Q.!(44$,4*6,O! (84/6B@/!=!N*./!4/$&!N6B8'Q#$!N(*4$'!B,4*8!(+4$%!=!%$(5/$'!0&!6++*5$MT!!=!(.\$'!/*0!*+! -"#%"!!N$%$!4/$!,6%0(8!4/*,@!46!'6!N/$,!+(5*8*4*$.!N$%$,Q4!N6%\*,@M!!Sg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a06.48&!0$,aN(.! '*.'(*,+B8!6+!4/$!(44$,4*6,!4/$!%(?$!#*54*0!%$5$*#$'O!4/$!#(.4!0(`6%*4&!N(.! .&0?(4/$4*5!46N(%'.!4/$!#*54*0M! ! S=4Q.!(88!4/(4Q.!6,!4/$!,$N.OT!560?8(*,$'!7*&(JM!!o$$!7$N.O!6,$!6+!4/$!06.4! ?6?B8(%!,$N.!C%6('5(.4.!*,!=,'*(O!/('!*,'$$'!C$$,!./6N*,@!4/$!*,#$.4*@(4*6,!6+!4/$! 5(.$!*,!(!.$%*$.!5(88$'!."/0')1#+23+)'1+4")(2%M!!S76!6,$!?(*'!(44$,4*6,!N/$,!4/$! j=,'*(,k!(%0&!%(?$'!4N6!/B,'%$'!-(./0*%*!N60$,!*,!-6,(,?6./?B%(LM!![/&! ./6B8'!N$!j-(./0*%*.k!5(%$!(C6B4!4/*.!6,$!=,'*(,!@*%8dT! ! S]$!'6$.,Q4!8$4!0$!N(45/!4/$!,$N.OT!7*&(JQ.!064/$%!*,4$%`$54$'M!!S;B4!=!N(45/! *4!(,&N(&M!!=!N(45/!*4!(,'!?%(&!+6%!4/$!?66%!@*%8!$#$%&'(&MT! ! 7(*0(O!(!.4(++!0$0C$%!6+!(!@6#$%,0$,4!+B,'$'!7bg!*,!-B?N(%(O!.(*'O!S2/$! 56,+8*54!/(.!*,.4*88$'!4/*.!%$@*6,(8*.0!*,!-(./0*%*.Q!/$('.M!!hB.4!866\!(4!N/(4!.60$! ?$6?8$!.(&!(C6B4!4/*.!%(?$!5(.$a*,.4$('!6+!.&0?(4/*J*,@!N*4/!4/$!@*%8O!4/$&!.(&!4/(4! N$!./6B8',Q4!./6N!56,5$%,!C$5(B.$!./$Q.!,64!-(./0*%*p!!2/*.!*.!,64!(C6B4!N/6!*.! -(./0*%*!6%!,64O!4/*.!*.!(C6B4!(88!N60$,!*,!=,'*(MT!!2/$!.4(++!0$0C$%.!N/6!N$%$! ?%$.$,4!#6*5$'!4/$*%!(@%$$0$,4M! ! A/(,,6O!(!%$.*'$,4!6+!A%*,(@(%O!+6886N$'!,$N.!6+!4/$!*,5*'$,4!$#$%&!06%,*,@! 6,!o$$!7$N.O!%$?$(4$'8&!0B44$%*,@!S966%!@*%8O!?66%!@*%8TM!!A/$!56B8',Q4!%$('!4/$!]*,'*! VH! ! .5%*?4!6,!4/$!.5%$$,O!(.!4/$!D%'B!.5%*?4!*.!0B5/!06%$!?%$#(8$,4!*,!-(./0*%O!.6!./$! (.\$'!0$!46!%$('!4/$!/$('8*,$.!46!/$%M!!g+!4/$!(55B.$'!%(?*.4.O!N/6.$!+(5$.!N$%$! /*''$,!+%60!4/$!5(0$%(O!./$!$P58(*0$'O!S[/&!(%$!4/$&!j4/$!0$'*(k!/*'*,@!4/$0d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`$54.M!!"#$,!N/$,!6++*5$.!N$%$!,64!*,!6?$%(4*6,O! .B5/!(.!4/$!(,@(,N('*!5$,4$%O!4/$&!5(%%*$'!4/$!.*@,!6+!4/$!h!n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e -(./0*%*.!N$%$!'*.56,,$54$'!+%60!865(8!(44*4B'$.!(,'!$P?$%*$,5$.!(,'!$0C6'*$'! 4/$!.4(4$!(.!(!+6%$*@,!$,4*4&O!4/$!-(./0*%*.!N/6!N6%\$'!+6%!4/$!.4(4$a!(.!4$(5/$%.O! ,B%.$.O!(,'!64/$%.aN$%$!4/$0.$8#$.!?(%4!6+!4/$!865(8!5600B,*4&M!!2/$&!./(%$'!4/$! .(0$!$P?$%*$,5$.!6+!46%4B%$!(,'!86..!+%60!4/$!$(%8&!lKG.!(.!4/$!%$.4!6+!4/$*%!+$886N! -(./0*%*!5*4*J$,.!(,'!%$.$,4$'!4/$!=,'*(,!.4(4$M!!c$4O!(.!*4.!$0?86&$$.O!4/$&! +B%4/$%$'!*4.!@6(8.!(,'!+6B,'!?B%?6.$!*,!*4.!?%6`$54.M!!;&!?$%0$(4*,@!4/$!#*88(@$!N*4/! #(%*6B.!6++*5$.!(,'!$0?86&$$.O!4/$!@6#$%,0$,4!*.!N*4/!4/$!?$6?8$!*,!?8(5$.!4/(4! .$$0!(806.4!466!+(%!46!%$(5/O!/68'*,@!4/$0O!'$.?*4$!@$6@%(?/*5(8!'*.4(,5$O!586.$!46! 4/$!=,'*(,!.4(4$M! ! >.!4/$!.4(4$!*.!4/$!?%*0(%&!.6B%5$!6+!$0?86&0$,4!(#(*8(C8$!46!-(./0*%*.O!4/$! 8(44$%!C$560$!4*$'!46!*4!+6%!*,'*#*'B(8!$56,60*5!.$5B%*4&M!!7*&(JQ.!+(0*8&!*.!4&?*5(8!*,! 4/(4O!'$.?*4$!4/$*%!$P?$%*$,5$!6+!#*68$,5$!(4!4/$!/(,'.!6+!4/$!=,'*(,!.4(4$!f.$$! 5/(?4$%!HRO!4/$&!(%$!(88!$*4/$%!$0?86&$'!6%!/6?*,@!46!C$!$0?86&$'!C&!4/$!.4(4$M!! 7*&(JQ.!4N6!56B.*,.!N/6!56B8'!,64!+*,'!$0?86&0$,4!/(#$!$P?$%*$,5$.!4/(4!(%$! 56006,!(06,@!4/$!0(`6%*4&!6+!-(./0*%*.!N/6!(%$!,64!+6%4B,(4$!$,6B@/!46!C$! $0?86&$'!C&!4/$!.4(4$M!!)*\$!4/$!$,@*,$$%e4B%,$'e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f*,!+(54O!4/$!'$0(,'! +6%!06%$!@6#$%,0$,4!`6C.!*0?8*$.!(!'$0(,'!+6%!@%$(4$%!@6#$%,0$,4!?%$.$,5$RM!! 9(%(88$8!46!4/$!N(&!*,!N/*5/!B,$0?86&0$,4!S*.68(4$.O!(460*J$.O!(,'!'$06C*8*J$.O! (,'!.4%*?.!(N(&!.68*'(%*4&T!*,!(!5(?*4(8*.4!.&.4$0!f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a(!+$886N!-(./0*%*a46! '6!4$,!0*,B4$.!N6%4/!6+!N6%\M!!AB%?%*.*,@8&O!/$!'*'!,64!560?8(*,!CB4!*,.4$('! 5600$,4$'!4/(4!*4!N(.!6,8&!'B$!46!/*.!56,,$54*6,.!N*4/!4/$!@6#$%,0$,4!4/(4!4/$! hB,*6%!",@*,$$%!/('!$#$,!(@%$$'!46!560$!4/(4!'(&!*,!4/$!+*%.4!?8(5$M!!=!/('!+6B,'! >+.(8Q.!?(4*$,5$!(,'!4/$!$++6%4!/$!?B4!*,46!5600B,*5(4*,@!N*4/!4/$!@6#$%,0$,4!_B*4$! VV! ! %$0(%\(C8$M!!]6N$#$%O!4/$!#*88(@$%.!*,!b(,'(%C(8!.4(@*,@!4/$!-"#%"!?B4!+6%4/!(,! $#$,!@%$(4$%!$++6%4!46!5600B,*5(4$!4/$*%!,$$'.!46!4/$!@6#$%,0$,4M!!2/$&! '$4$%0*,$'8&!C865\$'!4%(++*5!+6%!/6B%.!$#$%&!06%,*,@O!?B44*,@!B?!N*4/!?6..*C8$! C$(4*,@.!+%60!4/$!?68*5$M! ! [/*8$!4/$.$!4*0$!(,'!$,$%@&!*,4$,.*#$!06'$.!6+!*,4$%(54*6,!N*4/!4/$! @6#$%,0$,4!(%$!,64!B,*_B$!46!-(./0*%HGO!=!(%@B$!4/(4!4/$!?%$655B?(4*6,!N*4/!4/$! .4(4$!4/$&!$,@$,'$%!5%$(4$.!(!.6%4!6+!(44(5/0$,4!46!4/$!.4(4$M!![/*8$!.B5/!(44(5/0$,4! *.!,64!,$5$..(%*8&!,64(C8$!6,!(!'(&e46e'(&!C(.*.O!*,!4*0$.!6+!,(4*6,(8!B,*4&!fE6%@(5.O! FGHFRO!8*\$!4/$!%(?$!*,5*'$,4O!4/$!(44(5/0$,4!C$560$.!06%$!#*.*C8$M!!=4!N(.!4/$! =,'*(,!,(4*6,(8!,$N.!4/(4!-(./0*%*.!+6886N$'!.6!586.$8&!$#$%&'(&O!.&0?(4/*J*,@! N*4/!4/$!@*%8!,*5\,(0$'!S<(B@/4$%!6+!4/$!,(4*6,Ta4/$!#$%&!,(4*6,!4/(4!4/$&!58(*0$'! 4/$&!N$%$!,64!%$(88&!(!?(%4!6+M!!=,'$$'O!4/$!./$$%!(06B,4!6+!*,4$%$.4!-(./0*%*.!/('!*,! 4/*.!$#$,4!*,!4/$!=,'*(,!5(?*4(8O!=!C$8*$#$O!'$06,.4%(4$.!(,!(06B,4!6+!(44(5/0$,4!46! 4/$!=,'*(,!.4(4$M!!7(*0(!.(*'!4/(4!-(./0*%*.!./6B8'!.&0?(4/*J$!N*4/!4/$!@*%8O! C$5(B.$!4/*.!%(?$!*,5*'$,4!N(.!(!0(44$%!6+!56,5$%,!+6%!(88!N60$,!*,!=,'*(O!*0?8&*,@! 4/(4!-(./0*%*!N60$,!(%$!`B.4!(.!0B5/!(!?(%4!6+!=,'*(!(.!4/$!%(?$!#*54*0!*,!7$N! <$/8*M!!A/(,,6Q.!.6,!5%*4*5*J$'!S4/*.!@6#$%,0$,4T!+6%!/68'*,@!N60$,Q.!%*@/4.! ?%64$.46%.!(4!C(&!*,!7$N!<$8/*O!*'$,4*+&*,@!N*4/!4/$!?%64$.46%.!(.!(!.BC`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f9$4%&,(O!FGGHRO!4/$!%$.?6,.$.!@(%,$%$'!C&!4/$!56,+8*54!*,!-(./0*%! 5%$(4$!,$N!\*,'.!6+!4*$.!C$4N$$,!-(./0*%*.!(,'!4/$!=,'*(,!.4(4$!6,!4/$!C(.*.!6+! 5$%4(*,!\*,'.!6+!#*54*0/66'M!!;&!4&*,@!-(./0*%*.!46!4/$!=,'*(,!.4(4$O!4/$!56,+8*54!*4.$8+! 56,4%*CB4$.!46!4/$!0(*,4$,(,5$!6+!4/$!.B?$%+*5*(8!5(80!4/(4!5/(%(54$%*J$.!-(./0*%*.Q! $#$%&'(&!8*+$M!! ! 2/$!'(4(!=!?%$.$,4!*,!4/*.!5/(?4$%!560$!?%*0(%*8&!+%60!0&!+*$8'N6%\!(4!4/$! ]6?$!<*.(C*8*4&!U$,4$%O!(!865(8!7bg!4/(4!?%6#*'$.!(!%(,@$!6+!/$(84/5(%$!.$%#*5$.!+6%! -(./0*%Q.!'*.(C8$'!?6?B8(4*6,O!+%$$!6+!56.4O!N*4/!4/$!.B??6%4!6+!?%$'60*,(,48&! *,4$%,(4*6,(8!+B,'*,@M!!2/$!6%@(,*J(4*6,Q.!/$('_B(%4$%.O!N/$%$!=!'*'!0&!+*$8'N6%\O!*.! 865(4$'!`B.4!6B4.*'$!6+!4/$!5*4&!6+!A%*,(@(%!*,!4/$!%B%(8!'*.4%*54!6+!b(,'/(%C(8O!N/$%$! C$,$+*5*(%*$.!+%60!(88!'*.4%*54.!6+!-(./0*%!(%$!/6B.$'!'B%*,@!4/$*%!4%$(40$,4M!!2/$! VL! ! '(4(!=!B.$!560$!+%60!*,4$%#*$N.!N*4/!6,$!6+!]6?$!<*.(C*8*4&Q.!?/&.*5(8!4/$%(?*.4.O! )(*8(O!(,'!/$%!?(4*$,4.M!!)(*8(!*.!-(./0*%*O!CB4!/$%!+(0*8&!/('!$.5(?$'!46!4/$! ,$*@/C6%*,@!%$@*6,!6+!h(00B!46!$.5(?$!4/$!#*68$,5$!6+!4/$!l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`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bg!N6%\$'!*,!(!56,+8*54!(++$54$'! .$44*,@HM!!](,'*5(?!=,4$%,(4*6,(8!?%6#*'$'!.$#$,4&!?$%5$,4!6+!]6?$!<*.(C*8*4&Q.! CB'@$4O!N/*5/!56#$%$'!06.4!6+!4/$!8(44$%Q.!86@*.4*5(8!,$$'.!(,'!4/$!.(8(%*$.!6+!.60$! 6+!*4.!$0?86&$$.M!!g4/$%!*,4$%,(4*6,(8!@%6B?.!+B,'$'!]6?$!<*.(C*8*4&Q.!#(%*6B.!64/$%! 6?$%(4*6,.M!!>!;%*4*./!560?(,&!?%6#*'$'!+B,'*,@!+6%!.B%@*5(8!*,.4%B0$,4.!(,'! 6?$%(4*6,!4/$(4%$!56.4.!+6%!4/$!7bg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bg!N/6!N$%$!#*54*0.!6+!4/$!56,+8*54! 'B%*,@!0&!.B00$%!(,'!N*,4$%!#*.*4.M!!g,!C64/!655(.*6,.O!4/$!.4(5\!6+!+*8$.!N(.!@*#$,! 56,4(*,$'!(806.4!$P(548&!4/$!.(0$!.$4!6+!5(.$.M! XG! ! ! g,$!N60(,!N/6.$!+*8$!N(.!8(C$8$'!&2%35(&)+61%13(&("#*!N(.!FWe&$(%e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h(00B!(,'!-(./0*%!.$4!B?!(!?$,.*6,!.5/$0$!5(88$'!4/$!Z$/(C*8*4(4*6,!6+!:*54*0.!6+! 3*8*4(,5&!fZ:3R!.5/$0$M!!-(./0*%*.!N/6!(%$!$8*@*C8$!+6%!4/*.!.5/$0$!%$5$*#$!WXG! %B?$$.!(!06,4/!*+!4/$&!(%$!'*.(C8$'!'B$!46!(!56,+8*54!%$8(4$'!*,5*'$,4M!!=,!56,4%(.4O! '*.(C8$'!-(./0*%*.!N/6!5(,,64!%$8(4$!4/$*%!'*.(C*8*4&!46!4/$!#*68$,5$!6+!4/$!56,+8*54! (%$!$8*@*C8$!+6%!(!0(P*0B0!6+!VGG!%B?$$.!?$%!06,4/!B,'$%!4/$!jkO!'$?$,'*,@!6,!4/$! .$#$%*4&!6+!4/$*%!'*.(C*8*4&M!!! ! S[/(4!N$!'6!/$%$OT!)(*8(!.(*'O!%$+$%%*,@!46!4/$!]6?$!<*.(C*8*4&!U$,4$%O!SN$! /$8?!4/$0!@$4!C$,$+*4.M!!=4Q.!,64!0B5/!j06,$&kO!CB4!(4!8$(.4!*4Q.!.60$4/*,@M!!2/$!\*'! N/6!N(.!/$%$!j(!56,+8*54!#*54*0kO!N$Q#$!(8%$('&!4(8\$'!46!4/$!U3g!(C6B4!/*.!5(.$O! N$Q#$!N%*44$,!(!8$44$%O!.6!/$!N6,Q4!C$!(.\$'!466!0(,&!_B$.4*6,.!(C6B4!N/6!/$!*.!(,'! N/&!/$!./6B8'!@$4!4/$!?$,.*6,M!!2/$!N60(,!N/6.$!+(0*8&!N(.!\*88$'!*,!5%6..+*%$! j>0*,(k!/(',Q4!%$5$*#$'!/$%!'*.(C*8*4&!?$,.*6,!+6%!.$#$%(8!06,4/.M!![$!N%64$!(! 8$44$%!+6%!/$%O!(,'!./$!N(.!*00$'*(4$8&!@*#$,!/$%!06,$&M!2/$!865(8!6++*5$%.!(88!\,6N! B.MT! ! =!(.\$'!)(*8(!*+!*4!N(.!/(%'$%!+6%!.60$6,$!N*4/6B4!(!8$44$%!+%60!]6?$! <*.(C*8*4&!46!@$4!(!?$,.*6,!+%60!4/$!Z:3!?%6@%(0M! ! XF! ! S[$88O!/6N!*4!N6%\.!*.!4/(4!4/$!?(4*$,4Q.!5(.$!*.!+*%.4!(..$..$'!C&!4/$!5/*$+! 0$'*5(8!6++*5$%!fU3gR!N/6!4/$,!'$5*'$.!N/$4/$%!6%!,64!%$5600$,'!4/$!?(4*$,4!46! 4/$!.65*(8!N$8+(%$!6++*5$%M!!2/$!.65*(8!N$8+(%$!6++*5$%!*.!4/$!6,$!N/6!?%6#*'$.!4/$! ?(4*$,4!N*4/!(!'*.(C*8*4&!5$%4*+*5(4$!6%!(++*'(#*4M!(*8(Q.!.B?$%#*.*6,M!!S]*.!'*.$(.$!*.,Q4!5(B.$'!C&!4/$!56,+8*54O!CB4!/$!56B8',Q4!@$4! 4%$(40$,4!6,!4*0$!C$5(B.$!6+!4/$!56,+8*54M!!=+!/$!/('!/('!(55$..!46!.B%@$%&!(!+$N! &$(%.!(@6O!/*.!56,'*4*6,!N6B8'!C$!06%$!,6%0(8!46'(&M! ! S2/$%$!(%$!.6!0(,&!5(.$.!8*\$!4/*.!6,$!j](\*0kM!!9$6?8$!B.$'!46!C$!(+%(*'!46! @6!46!.$$\!4%$(40$,4M!!9(4*$,4.!B.$'!46!C$!'%(@@$'!6B4!6+!(0CB8(,5$.!(,'!\*88$'MM!! 2/$%$!N(.!(!C%$(\!*,!/*.!4%$(40$,4!C$5(B.$!6+!4/(4M!!=,!HKKLO!4/$*%!j](\*0Q.!+(0*8&Q.k! 0$'*5(8!?(?$%.!N$%$!86.4!'B%*,@!(!5%(5\'6N,Fee&6B!\,6N!4/$!(%0&!'6$.,Q4!866\!(4! N/(4!4/$&!'$.4%6&!'B%*,@!(!.$(%5/M!!A6!N/$,!4/$&!4%*$'!46!%$.4(%4!/*.!4%$(40$,4O! '6546%.!'*',Q4!\,6N!N/(4!/*.!j0$'*5(8k!/*.46%&!N(.O!(,'!*4!5%$(4$'!'*.56,4*,B*4&MT! XI! ! ! S[$!(8.6!86.4!06,$&O!C$5(B.$!6+!4/$!/6B.$OT!*,4$%`$54$'!](\*0Q.!+(4/$%O!N/6!N(.! 8*.4$,*,@M! ! Sc$.O!4/$&!.B++$%$'!+*,(,5*(8!.$4C(5\.O!C$5(B.$!4/$*%!/6B.$!N(.!'(0(@$'!*,! 4/$!.$(%5/OT!)(*8(!$8(C6%(4$'M!!S2/(4!(8.6!56,4%*CB4$'!46!4/$!*,4$%%B?4*6,!*,!/*.! 4%$(40$,4MT! ! S2/$&!'6,Q4!@$4!560?$,.(4*6,!+6%!4/$!/6B.$dT!=!(.\$'M! ! S76O!4/$%$Q.!,6!560?$,.(4*6,!+6%!4/(4MT! ! ](\*0Q.!+*8$!'*'!,64!/(#$!4/$!N6%'.!&2%35(&)+61%13(&("#*+N%*44$,!6,!*4M!!=!(.\$'! )(*8(!*+!](\*0!N(.!$8*@*C8$!+6%!4/$!WXG!%B?$$!?$,.*6,!B,'$%!4/$!Z:3!?%6@%(0M! ! S76O!C$5(B.$!/*.!'*.$(.$!*.,Q4!5(B.$'!C&!4/$!56,+8*54O!*.!*4d!!]$!@$4.!VGG!%B?$$.! (!06,4/!B,'$%!4/$!%$@B8(%!'*.(C*8*4&M!!=4Q.!?%6C(C8&!,64!$#$,!(!+%(54*6,!6+!4/$!56.4!6+! 5(%*,@!+6%!/*0MT! ! S=4!4(\$.!06%$!4/(,!WGG!%B?$$.!`B.4!46!56#$%!4/$!56.4!6+!@(.!+%60!A6?B%!46! A%*,(@(%OT!*,4$%`$54$'!](\*0Q.!+(4/$%M!!A%*,(@(%!N(.!4/$!6,8&!46N,!*,!(88!6+!-(./0*%! 4/(4!/('!(!/6.?*4(8!$_B*??$'!46!?$%+6%0!(,&!\*,'!6+!.B%@*5(8!?%65$'B%$IM! ! XV! ! S](\*0!5(,Q4!4%(#$8!6,!?BC8*5!CB.$.!jN/*5/!N6B8'!%$'B5$!4/$!56.4!6+! 4%(,.?6%4!46!(C6B4!FG!%B?$$.k!C$5(B.$!6+!/*.!'*.(C*8*4&OT!)(*8(!?6*,4$'!6B4O!S.6!4/$&! /(#$!46!/*%$!(!4(P*M!!A6!*+!WGG!%B?$$.!*.!4/$!56.4!6+!@(.O!4/$,!4/$!56.4!6+!%$,4*,@!(!4(P*! *.!$#$,!06%$MT! ! 2/$!56.4!6+!](\*0Q.!.B%@$%&!N6B8'!/(#$!C$$,!FXGOGGG!%B?$$.O!*+!]6?$! <*.(C*8*4&!/('!,64!C$$,!(C8$!46!@*#$!/*0!(55$..!46!+B88&!+B,'$'!.B%@$%&M!!g,$!6+!4/$! 7bgQ.!6B4%$(5/!N6%\$%.!/('!+6B,'!](\*0!(,'!%$5600$,'$'!/*0!46!4/$!5$,4$%!6,8&! %$5$,48&M!9%*6%!46!4/(4O!](\*0Q.!+(4/$%!.(*'!/$!/('!4$,4(4*#$8&!.5/$'B8$'!(!.B%@$%&!+6%! (!&$(%!+%60!,6NO!(.!/$!N6B8'!,$$'!(4!8$(.4!4/(4!0B5/!4*0$!46!+*@B%$!6B4!/6N!46!?(! +6%!4/$!?%65$'B%$M!!! ! S;B4!*.,Q4!4/(4!C$5(B.$!6+!4/$!56,+8*54O!466dT!)(*8(!?6*,4$'!6B4M!!S9$6?8$!5(,Q4! (++6%'!4%$(40$,4!C$5(B.$!4/$&!(%$!?66%O!4/$%$Q.!?6#$%4&!*,!-(./0*%M!!2/$%$!*.! ?6#$%4&!*,!-(./0*%!C$5(B.$!6+!4/$!56,+8*54MT!! ! *5,!30;&,24(%'#4+4%8!-.!,0%4%+,7,0%! ! [*'6N.!N/6!86.4!4/$*%!/B.C(,'.!(4!4/$!/(,'.!6+!0*8*4(,4.!(%$!(8.6!$8*@*C8$!+6%! (!06,4/8&!WXG!%B?$$.!B,'$%!4/$!Z:3!.5/$0$M!!>88!64/$%!N*'6N.!%$5$*#$!6,8&!VGG! %B?$$.!(!06,4/!B,'$%!4/$!=,'*%(!b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eKG.M!! 766%Q.!/B.C(,'!/('!C$$,!(!.4(4$!?68*5$!6++*5$%!N/6!N(.!(??(88$'!C&!#*68$,5$!4/$! =,'*(,!(%0&!*,+8*54$'!6,!-(./0*%*!5*#*8*(,.M!!=,5$,.$'O!/$!/('!5%6..$'!4/$!)g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`B.4!6B4.*'$!4/$!5*4&!6+!A%*,(@(%M!!A/$!86.4!/$%!/B.C(,'!*,!FGGYM!! ]$%!/B.C(,'!/('!C$$,!(,!(B46e%*5\./(N!'%*#$%!N/6!/('!,$#$%!5%6..$'!4/$!)gU!+6%! (%0.!4%(*,*,@!6%!\$?4!4/$!560?(,&!6+!0*8*4(,4.M!!]$!N(.!\*88$'!C&!4/$!U$,4%(8! Z$.$%#$!968*5$!E6%5$!fUZ9ERO!*,!N/(4!*.!5(88$'!(!S+(\$!$,56B,4$%TO!*,!N/*5/!4/$! =,'*(,!+6%5$.!'$58(%$!(!-(./0*%*!5*#*8*(,!(!0*8*4(,4!(+4$%!5(B.*,@!/*.!'$(4/XM!!A$$%(4!*.! ,64!$8*@*C8$!+6%!4/$!Z:3!?$,.*6,!6%!4/$!3(%%*(@$!>..*.4(,5$!.5/$0$!C$5(B.$!/$%! /B.C(,'!N(.!,64!\*88$'!C&!(!0*8*4(,4M!!A/$!/('!(??8*$'!+6%!4/$!=,'*%(!b(,'/*!7(4*6,(8! [*'6N!9$,.*6,!.5/$0$!4/%$$!4*0$.!.*,5$!FGGW!CB4!,$#$%!%$5$*#$'!(,&!.6%4!6+! %$.?6,.$!+%60!4/$!.65*(8!N$8+(%$!'$?(%40$,4M!!A/$!4/*,\.!4/*.!0*@/4!C$!C$5(B.$!/$%! /B.C(,'!N(.!'$58(%$'!(!0*8*4(,4!(+4$%!/*.!'$(4/M!!! ! C4$(3$$4-0! ! 2/$!56,+8*54!(44%(54.!+B,'*,@!+%60!+6%$*@,!'6,6%.!(,'!6%@(,*J(4*6,.!6+4$,! $,6B@/!4/(4!]6?$!<*.(C*8*4&!+6B,'!*4!56,#$,*$,4!46!0(%\!(,'!.$4!(.*'$!(!.$4!6+! XW! ! ?(4*$,4.Q!+*8$.!4/(4!4/$&!8(C$8$'!&2%35(&)+61%13(&("#(1!!`B.4!+6%!#*.*46%.O!.*,5$!4/$&!'6,Q4! ,$$'!46!'*++$%$,4*(4$!56,+8*54!C$,$+*5*(%*$.!+%60!64/$%!C$,$+*5*(%*$.!+6%!4/$*%!6N,! N6%\M!!2/$!+B,'.!4/(4!4/$!56,+8*54!(44%(54.!(%$!N/(4!$,(C8$!4/$!7bg!46!+B,54*6,!(,'! 5%$(4$!`6C.!+6%!?$6?8$!8*\$!)(*8(!N/6!0*@/4!C$!/6?*,@!+6%!CB4!'6!,64!&$4!/(#$!`6C.!*,! 4/$!?BC8*5!.$546%M!!=,!(!.$44*,@!N/$%$!4/$%$!(%$!+$N!(#$,B$.!+6%!$0?86&0$,4!64/$%! 4/(,!4/$!?BC8*5!.$546%O!7bg.!4/(4!%$5$*#$!6B4.*'$!+B,'*,@!5%$(4$!0B5/!,$$'$'! $0?86&0$,4!6??6%4B,*4*$.YM!!>.!)(*8(!%$56@,*J$'O!4/$!56,+8*54!4/$%$+6%$!C$560$.!(! #(8B(C8$!%$.6B%5$!*,!-(./0*%M! ! ]6N$#$%O!4/$!N(&!*,!N/*5/!+6%$*@,!+B,'*,@!*.!?B4!*,46!$++$54!%$*,+6%5$.!4/$! +%(0$N6%\!6+!4/$!=,'*(,!.4(4$!*,!-(./0*%O!0(\*,@!4/$!56,+8*54!(!%$.6B%5$!N*4/*,!4/$! +%(0$N6%\!6+!4/$!=,'*(,!.4(4$M!!E$8'0(,!(,'!2*5\4*,!fFGHHR!?6*,4!6B4!4/(4O!N/*8$! 7bg.O!(.!?%(54*4*6,$%.!6+!/B0(,*4(%*(,*.0O!58(*0!46!+B,54*6,!(.!6B4.*'$!(546%.!46! ?%64$54!/B0(,*4&!+%60!4/$!(C.$,5$!6+!?%6?$%!@6#$%,(,5$O!4/$&!(%$!'$?$,'$,4!6,! C%6('$%!+6%0.!@6#$%,*,@!.4%B54B%$.!46!'6!4/$*%!N6%\M!!](,'*5(?!=,4$%,(4*6,(8!(,'! 4/$!"B%6?$(,!U600*..*6,O!(06,@!64/$%.O!(%$!6B4.*'$!(546%.!4/(4!(%$!*,4$%$.4$'!*,! -(./0*%!C$5(B.$!4/$!%$@*6,!/(.!.B++$%$'!+%60!4/$!(C.$,5$!6+!?%6?$%!@6#$%,0$,4!+6%! 4/$!?(.4!4N6!56,+8*54e%*''$,!'$5('$.M!!c$4!4/$!C%6('$%!@6#$%,*,@!.4%B54B%$.!6,! N/*5/!4/$&!'$?$,'!46!'6!4/$*%!N6%\!(%$!4/$!.4%B54B%$.!6+!4/$!=,'*(,!.4(4$M!!>.!(,! *,4$%,(4*6,(8!6%@(,*J(4*6,O!](,'*5(?!=,4$%,(4*6,(8!+*%.4!,$$'.!?$%0*..*6,!+%60!4/$! 5$,4%(8!@6#$%,0$,4!6+!=,'*(!C$+6%$!*4!5(,!'6!(,&!N6%\!*,!-(./0*%M!!2/$! 6%@(,*J(4*6,Q.!?%*0(%&!+B,54*6,!*.!4/$,!46!?%6#*'$!.B??6%4!46!]6?$!<*.(C*8*4&M!!]6?$! <*.(C*8*4&Q.!N6%\!*.!#$%&!4*$'!46!.4(4$!?%6#*'$'!.$%#*5$.M!!2/$!865(8!7bg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i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`BP4(?6.*4*6,!6+!4/$!,(%%6N!5(4$@6%&!6+!56,+8*54!#*54*0.!N/6.$!@%*$#(,5$.!(%$! %$56@,*J$'!C&!C64/!4/$!.4(4$!(,'!4/$!0B5/!C%6('$%!5(4$@6%&!4/(4!)(*8(!*'$,4*+*$.! 0(\$.!(??(%$,4!4/(4!4/$!#(.4!0(`6%*4&!6+!@%*$#(,5$.!5(B.$'!C&!4/$!56,+8*54!(%$!,64! 0('$!#(8B(C8$!C&!4/$!.4(4$M! ! 2/$!5%*4$%*(!4/(4!4/$!.4(4$!B.$.!46!'$+*,$!N/*5/!\*,'.!6+!#*54*0.!(%$!$,4*48$'!46! .4(4$!C$,$+*4.!'6$.!,64!0(?!6,46!8*#$'!%$(8*4*$.!*,!(,&!56/$%$,4!N(&M!!2/$!Z:3! ?$,.*6,!(,'!3(%%*(@$!>..*.4(,5$!.5/$0$!$,4*48$!6,8&!4/6.$!N*'6N.!N/6.$! /B.C(,'.!N$%$!\*88$'!C&!0*8*4(,4.M!!2/$!86@*5!C$/*,'!4/*.!5%*4$%*6,!(??$(%.!46!C$!4/(4! /B.C(,'.!N/6!N$%$!\*88$'!C&!0*8*4(,4.!N$%$!5*#*8*(,.O!,6,e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b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`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a4/$!@6#$%,0$,4!4/(4!4/$&!N*./!46!C$! %*'!6+a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bB*,$(!;*..(BO!]$,%*\!:*@/!fFGGWR!./6N.!4/(4!56,+8*54!5(,!+6%0!(,! $#$%&'(&!$,#*%6,0$,4!4/(4!*.!,$@64*(4$'!46!0(P*0*J$!6,$Q.!8*+$!5/(,5$.M!!:$$,(!<(.! fFGGWR!./6N.!4/(4!4/$!?64$,4*(8*4&!+6%!#*68$,5$!$P*.4.!$#$,!*,!6%'*,(%&!$#$%&'(&!8*+$O! *,!4/$!56,4$P4!6+!,$N8&!*,'$?$,'$,4!=,'*(O!(,'!?$%*6'*5(88&!$%B?4.!*,!4/$!+6%0!6+! 5600B,(8!#*68$,5$M!!;64/!6+!4/$.$!.4B'*$.!/*@/8*@/4!4/$!*,4$%.?$%.*6,!6+!#*68$,5$! (,'!,6%0(85&O!./6N*,@!/6N!(55B0B8(4$'!0$06%*$.!6+!#*68$,5$!6%!4/$!56,'*4*6,.!6+! 56,+8*54!56,,$54!#*68$,5$!46!4/$!6%'*,(%&M!!! ! D,8*\$!4/$!.4B'*$.!0$,4*6,$'!(C6#$O!4/$!.*4B(4*6,!*,!-(./0*%!'$06,.4%(4$.! 4/$!,6%0(85&!*.!.4%B54B%(88&!*0?6.$'M!!hB.4!(.!.4%B54B%(8!#*68$,5$!56,.4%(*,.! *,'*#*'B(8.!*,46!56,'*4*6,.!6+!?6#$%4&!fE(%0$%O!HKKK^!bB?4(O!FGHFRO!4/$!.4%B54B%$'! ,6%0(85&!*,!-(./0*%!56,.4%(*,.!*,'*#*'B(8.Q!*,46!560?8*(,5$!N*4/!=,'*(,!.4(4$M!!2/$! *,4$%,(4*6,(8!%$.?6,.$!46!4/$!56,+8*54!*,!-(./0*%!.B@@$.4.!4/(4!4/*.!.4%B54B%$'! ,6%0(85&!*.!*,4$%,(4*6,(88&!*0?6.$'M!!2/$!D7Q.!%$5600$,'(4*6,.!+6%!4/$!56,+8*54!*,! -(./0*%!560$!4/%6B@/!4/$!D,*4$'!7(4*6,.!U600*..*6,!6,!=,'*(!(,'!9(\*.4(,O!N/*5/! +%(0$.!4/$!0(44$%!(.!6,$!C$4N$$,!,(4*6,e.4(4$.!%(4/$%!4/(,!C$4N$$,!-(./0*%*.!(,'! 4/$!.4(4$!4/(4!@6#$%,.!4/$0M!!2/$!8$@*4*0(5&!*0?8*5*48&!@%(,4$'!46!4/$!%B8$!6+!4/$! .4(4$.!C&!4/*.!5600*..*6,!8$(#$.!=,'*(!46!@6#$%,!-(./0*%*.!(.!*4!.$$.!+*4O!(886N*,@!*4! 46!C$560$!4/$!4/$*%!?%*0(%&!.6B%5$!6+!$56,60*5!.4(C*8*4&!(.!N$88!(.!4/$!.6B%5$!6+! YY! ! ?68*4*5(8!*,.$5B%*4&M!!>,&!*,4$%,(4*6,(8!(*'!4/(4!560$.!46!-(./0*%!0B.4!C$!*,! (556%'(,5$!N*4/!4/$!@6#$%,0$,4!6+!=,'*(!(,'!5(,,64!C&?(..!4/$!.4(4$!46!%$(5/! -(./0*%*.M!!96@@$!fFGGGR!.(&.!4/(4!N$!,6N!8*#$!*,!(!S@86C(8!*,.4*4B4*6,(8!6%'$%T!4/(4! *,#68#$.!'*#*'*,@!B?!4/$!8(,'!6+!6B%!?8(,$4!*,46!S58$(%8&!'$0(%5(4$'!,(4*6,(8! 4$%%*46%*$.!(,'!0(45/*,@!B?!/B0(,!C$*,@.!46!4/$.$!4$%%*46%*$.O!.6!4/(4!$(5/!?$%.6,! 5(,!C$86,@!46!6,8&!6,$!4$%%*46%&TM!!=,!64/$%!N6%'.O!N$!8*#$!*,!(,!*,4$%,(4*6,(8! 5600B,*4&!6+!,(4*6,e.4(4$.O!*,!N/*5/!4/$!,(4*6,e.4(4$!*.!4(\$,!46!C$!4/$!C(.*5!B,*4!6+! @6#$%,0$,4M!!2/$!+%(0$N6%\!6+!4/*.!*,4$%,(4*6,(8!6%'$%!*0?$'$.!-(./0*%*.Q!(C*8*4&! 46!.B55$..+B88&!@(*,!*,'$?$,'$,5$!+%60!4/$!=,'*(,!.4(4$!4/%6B@/!(,!(%0$'!.4%B@@8$! C&!+(5*8*4(4*,@!(,!$#$%&'(&!,6%0(85&!(4!4/$!.4%B54B%(8!8$#$8M!!! ! 2/$!*'$(!6+!(!.4%B54B%(88&!*,'B5$'!,6%0(85&!0(&!C$!B.$+B8!*,!B,'$%.4(,'*,@! 64/$%!?%686,@$'!56,+8*54.!%$8(4$'!46!.$?(%(4*.4!06#$0$,4.!46'(&M!!=,!4/$!8(4$!5686,*(8! (,'!$(%8&!?6.4e5686,*(8!?$%*6'.O!*,'$?$,'$,5$!.4%B@@8$.!.B55$..+B88&!8$'!46!4/$! 5%$(4*6,!6+!(!,B0C$%!6+!,$N!,(4*6,.M!!=,!A6B4/!>.*(!(86,$O!4/$!06'$%,!.4(4$.!6+! =,'*(O!9(\*.4(,O!(,'!;(,@8('$./!N$%$!?%6'B54.!6+!(%0$'!.4%B@@8$.!+6%!*,'$?$,'$,5$M!! ]6N$#$%O!0(,&!.$?(%(4*.4!.4%B@@8$.!46'(&!C$560$!86,@e.4(,'*,@!56,+8*54.O!(,'!4/$*%! .B55$..!*,!5%$(4*,@!(!,$N!,(4*6,!.$$0.!B,8*\$8&M!!A$?(%(4*.4!56,+8*54.!*,!4/$! ,6%4/$(.4!6+!=,'*(O!*,!7(@(8(,'!(,'!>..(0O!/(#$!C$$,!(54*#$!.*,5$!HKWK! f9%(C/(\(%(O!FGGWR^!*,!;(865/*.4(,O!9(\*.4(,O!.*,5$!HKVL!f>8*O!FGGXR^!*,!=,'6,$.*(O! .*,5$!HKWY!f>.?*,(88O!FGGWRM!!2/$!.4%B54B%$!6+!4/$!@86C(8!*,.4*4B4*6,(8!6%'$%!6+! ,(4*6,.e.4(4$.O!N/*5/O!N/*8$!'$$?8&!$,4%$,5/$'!46'(&!N(.!,64!*,!?8(5$!'B%*,@!4/$! YW! ! 8(4$!5686,*(8!(,'!$(%8&!?6.4e5686,*(8!?$%*6'.O!(,'!0(&!C$!56,4%*CB4*,@!46!4/$.$! .$?(%(4*.4!06#$0$,4.Q!8(5\!6+!.B55$..O!(.!*4!'*'!*,!-(./0*%M!!! ! =,!4/*.!8*@/4O!4/$!*,4$%,(4*6,(8!5600B,*4&!6+!,(4*6,e.4(4$.!5(,!C$!.(*'!46!/(#$! (!0B5/!/*@/$%!468$%(,5$!+6%!?$%0(,$,4!.4(4$.!6+!$P5$?4*6,!N*4/*,!,(4*6,e.4(4$.!4/(,! +6%!4/$!+%(54B%*,@!6+!(!,(4*6,M!!>@(0C$,!fFGGXR!'$+*,$.!(!.4(4$!6+!$P5$?4*6,!(.!(! .*4B(4*6,!*,!N/*5/!4/$!8(N!.B.?$,'.!`B%*'*5(8!6%'$%!*,!6%'$%!46!$,560?(..!N/(4! N6B8'!64/$%N*.$!C$!6B4.*'$!6+!*4M!!2/$!.B.?$,.*6,!6+!?%64$54*6,.!(++6%'$'!46!5*4*J$,.O! +6%!$P(0?8$O!5%$(4$.!S(!8$@(8!5*#*8!N(%!4/(4!(886N.!+6%!4/$!?/&.*5(8!$8*0*,(4*6,m6+! $,4*%$!5(4$@6%*$.!6+!5*4*J$,.!N/6!+6%!.60$!%$(.6,!5(,,64!C$!*,4$@%(4$'!*,46!4/$! ?68*4*5(8!.&.4$0M!!<B.5/*,.\*!fFGHGR!(?48&!4$%0.!4/$!56,'*4*6,.!6+!56,+8*54!*,!-(./0*%! (!.4(4$!6+!$P5$?4*6,O!?6*,4*,@!6B4!4/(4!?%6#*.*6,.!8*\$!>EA9>!?$%0*4!-(./0*%*.!46!C$! #*68(4$'!(,'!\*88$'a(54.!4/(4!N6B8'!6%'*,(%*8&!C&!*88$@(8aN*4/!*0?B,*4&M!!-(./0*%! /(.!C$$,!*,!(!.4(4$!6+!$P5$?4*6,!+6%!(4!8$(.4!4/$!?(.4!4N$,4&e+6B%!&$(%.O!.*,5$!4/$! .$?(%(4*.4!*,.B%@$,5&!*,!HKLKO!CB4!4/$!%B8$!6+!4/$!=,'*(,!,(4*6,!/(.!,64!CB'@$'O!(,'! (,!$#$%&'(&!,6%0(85&!/(.!'$#$86?$'!N*4/*,!4/$!56,'*4*6,.!6+!56,+8*54M!!]6N$#$%O!4/$! $P*.4$,5$!6+!4/*.!#$%&!,6%0(85&O!(.!>@(0C$,!fFGHFR!.(&.O!0(&!#$%&!N$88!C$! 56,.*'$%$'!4/$!4%B$!/6%%6%!6+!4/$!.4(4$!6+!$P5$?4*6,M! ! ! YL! ! G020-%,$! ! ! 10%&-23(%4-0! ! HM!A$$!<B.5/*,.\*!fFGHGRO!9$$%!fFGHGR!+6%!'*.5B..*6,!6,!-(./0*%*.Q!.$,4*0$,4.! 46N(%'.!4/$!=,'*(,!.4(4$M! ! FM![/$,!=!B.$!4/$!4$%0!=,'*(,!@6#$%,0$,4O!=!(0!%$+$%%*,@!C64/!46!4/$!U$,4%(8! b6#$%,0$,4!6+!=,'*(!(,'!4/$!A4(4$!b6#$%,0$,4!6+!h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g%@(,*J(4*6,!+6%!4/$!9%64$54*6,!6+!<$065%(4*5!Z*@/4.!fFGGIRO!b%$(4$%!-(./0*%! f<$5!FKO!FGHFRO!(,'!>0,$.4&!=,4$%,(4*6,(8!f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fHKKVRM! ! YK! ! FM!2/$!N6%'!+6%!C$(4*,@.!*,!D%'Bee$()"*(ee*.!4&?*5(88&!B.$'!46!%$+$%!46!?(%$,4.! '*.5*?8*,*,@!4/$*%!5/*8'%$,!(,'!B.B(88&!/(.!C$,*@,!56,,64(4*6,.M!!=,!-(./0*%O! /6N$#$%O!$()"*(+%$+$%.!46!46%4B%$!?$%?$4%(4$'!C&!4/$!=,'*(,!.$5B%*4&!+6%5$.O! $,560?(..*,@!$#$%&4/*,@!+%60!?/&.*5(8!C$(4*,@.!46!$8$54%65B4*6,M! ! IM!<B$!46!*4.!?%6P*0*4&!46!4/$!)gUO![(`*'!A(/*C!.(*'!4/(4!-(8(,?6%(!/('!/6.4$'!4%(5\.! 6+!6#$%!(!/B,'%$'!0$,!*,!4/$!$(%8&!'(&.!6+!4/$!0*8*4(,5&M!!! ! /5';%,&!D! ! HM!A\(,'(,Q.!%$.?6,.$!?$%4(*,$'!46!4/$!.4(4$!6+!h(00B!(,'!-(./0*%!(.!(!N/68$O!(.! )('(\/!(,'!h(00B!(%$!C64/!6B4.*'$!4/$!-(./0*%!%$@*6,!4/(4!=!(0!56,5$%,$'!N*4/M! ! FM!2/$!.4(4$!6?$%(4$.!N*4/!(,!*0(@$!6+!N/(4!E$%@B.6,!(,'!bB?4(!fFGGFR!5(88!#$%4*5(8! $,560?(..0$,4^!4/$!.4(4$!$,560?(..$.!?$6?8$!(,'!5600B,*4*$.!4$%%*46%*(88&O!N/*8$! .$$0*,@!46!6?$%(4$!+6%!4/$!C$44$%0$,4!6+!.65*$4&!+%60!(!?6.*4*6,!SlB?!4/$%$Q! .60$N/$%$TM! ! IM!<B.5/*,.\*!(,'!]6++0(,!fFGHHR!'*.5B..!-(./0*%*.Q!(,4(@6,*.4*5!.$,4*0$,4.! 46N(%'.!4/$!=,'*(,!.4(4$M!!2/*.!?6*,4!*.!(8.6!*88B.4%(4$'!C&!9$$%!fFGHGRM! ! VM!!>,@(,N('*!5$,4$%.!?%6#*'$!C(.*5!$'B5(4*6,(8!(,'!,B4%*4*6,(8!5(%$!+6%!5/*8'%$,M! A$$!bB?4(O!fFGHFRO!+6%!'$4(*8.M! ! XM!2/$!(,@(,N('*!5$,4$%!N(.!/('!C$$,!586.$'!+6%!06,4/.!N/$,!=!#*.*4$'!*,!4/$! N*,4$%!6+!FGHFO!(,'!(88!6+!4/$!.5/668.!N$%$!6B4!6+!.$..*6,M! ! YM!>\/*8!bB?4(!f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bB?4(!f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fFGHGRM! ! YM!h6*,4!A$5%$4(%&!6+!h(00B!(,'!-(./0*%!-M!A\(,'(,!$_B(4$'!4/$!?%*#(4$!.$546%!*,! -(./0*%!46!7bg.!*,!(,!*,4$%#*$NM! ! WM!>\/*8!bB?4(Q.!81-+9"$1!fFGHHR!'*.5B..$.!4/$!56,4*,@$,5*$.!4/(4!0(\$!B?!4/$! *,$++*5*$,5*$.!6+!865(8!@6#$%,0$,4!6++*5$.!*,!=,'*(M! ! LM!E(%0$%!fHKKKR!(,'!bB?4(!f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fFGHFRM!h(00B!(,'!-(./0*%1!]B,'%$'.!]$8'!"(5/!c$(%! [*4/6B4!2%*(8!6%!U/(%@$M!!>#(*8(C8$!(4! /44?1qqNNNM(0,$.4&M6%@q$,q,$N.e(,'eB?'(4$.q%$?6%4q`(00Be(,'e \(./0*%e/B,'%$'.e/$8'e$(5/e&$(%eN*4/6B4e5/(%@$e6%e4%*(8eFGHHeGIe FHM++ + ;*$/8O!hM!fFGGWRM!:(55+)2+;(<11!=>.?+9'1#"$(1!+"%-+)'1+@25()(&!+23+?/#<(<"5M!9%*,5$46,1! 9%*,5$46,!D,*#$%.*4&!9%$..M! ! ;*88*@O!3*5/($8M!fHKKXRM!A"%"5+4")(2%"5(!BM!A(@$!9BC8*5(4*6,.M! ! ;6B%'*$BO!9M!fHKKLRM!=&)!+23+#1!(!)"%&1C+=0"(%!)+)'1+)*#"%%*+23+)'1+B"#,1)M!7$N!c6%\1! 2/$!7$N!9%$..M! ! !"#$%&'#()*+),-.../+))*01203&04)5'%&606&"41+)76048"$%()903&8"$4&0:)76048"$%);4&<'$1&6=) !"#$$%! ! U/6?%(O!:M!f'*%$546%!n!?%6'B5$%RM!fFGGGRM!D(!!(2%+E"!'B(#7+:*,6'!U/6?%(! 9%6'B54*6,.!(,'!<$.4*,&!E*80.M! ! <(.O!:M!fFGGWRM!;(31+"%-+F2#-!C+G(251%&1+"%-+)'1+-1!&1%)+(%)2+)'1+2#-(%"#*M!;$%\8$&1! D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M! ! <B.5/*,.\*O!]M!fFGHGRM!Z$?%6'B5*,@!%$@*0$.!6+!*0?B,*4&1!E(\$!$,56B,4$%.!(,'! *,+6%0(8!#*68$,5$!*,!-(./0*%!#(88$&M!H/5)/#"5+!)/-(1!+FVfHRO!HHGeHIFM! ! <B.5/*,.\*O!]MO!]6++0(,O!;M!fFGHHRM!!"#$%&'(&!#*68$,5$O!*,.4*4B4*6,(8!'$,*(8O!(,'! .4%B@@8$.!+6%!`B.4*5$!*,!-(./0*%M!8"&1+"%-+H5"!!!XFfVRM!VVeWGM! ! "#(,.O!>M!fFGGGRM!2/$!-(./0*%!*,.B%@$,5&1!>.!C('!(.!*4!@$4.M!?B"55+F"#!+"%-+ (%!/#01%&(1!+fHHRHO!YKeLHM!! ! E(..*,O!<M!fFGGWRM!:'1%+A2-(1!+81B1B61#C+IJ$1#(1%&1!+"%-+@25()(&!+23+=>.?+(%+?2/)'+ =3#(&"M!;$%\8$&1!D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M! ! E$8'0(,O!)MO!2*5\4*,O!3M!fFGHGRM!!>%+)'1+4"B1+23+K/B"%()*C+9'1+L2<1#%B1%)+23+9'#1")+ "%-+H"#17+<B\$!D,*#$%.*4&!9%$..M! ! E$%@B.6,O!hMO!bB?4(O!>M!fFGGFRM!A?(4*(8*J*,@!.4(4$.1!26N(%'.!(,!$4/,6@%(?/&!6+! ,$68*C$%(8!@6#$%,0$,4(8*4&M!!=B1#(&"%+I)'%2520(!)+FKfVRM!KLHeHGGFM! WF! ! ! E6%@(5.O!<MO!76N$88eA0*4/O!bM!f$'.MRO!;6$8/6N$%O1#+E"!'B(#7+ >#(*8(C8$!(4! /44?1qqNNNM@%$(4$%\(./0*%M560q,$N.qFGHFq<$5qFKqHXe*,`B%$'e*,e ?B8N(0(e+*%*,@eLGM(.?!M! ! bB?4(O!>M!fFGHFRM!81-+)"$1C+A/#1"/&#"&*M+!)#/&)/#"5+<(251%&1M+"%-+$2<1#)*+(%+>%-("M! <B%/(01!<B\$!D,*#$%.*4&!9%$..M! ! ](C*CB88(/O![M!fFGGVRM!9'1+$25()(&"5+1&2%2B*+23+)'1+E"!'B(#+&2%35(&)C+N$$2#)/%()(1!+ 32#+1&2%2B(&+$1"&1+6/(5-(%0+"%-+32#+O7?7+@25(&*7![(./*,@46,O!<MUM1! D,*4$'!A4(4$.!=,.4*4B4$!6+!9$(5$M! ! -B%./*'O!A(80(,M!fHKKVRM!A1*2%-+)1##2#(!BC+41F+'2$1+32#+E"!'B(#7!7$N!<$/8*1!D;A! 9BC8*./$%.Q!<*.4%*CB4$%.M! ! 3(8\\*O!)M!fFGHGR!SU/*8'%$,O!/B0(,*4&O!(,'!4/$!*,+(,4*8*J(4*6,!6+!?$(5$T!*,!E$8'0(,O! )MO!2*5\4*,O!3M!f$'.RM!!>%+)'1+4"B1+23+K/B"%()*C+9'1+L2<1#%B1%)+23+ 9'#1")+"%-+H"#17+<B\$!D,*#$%.*4&!9%$..M! ! 766%(,*O!>M!fFGGFRM!]B0(,!%*@/4.!*,!-(./0*%M!I&2%2B(&+"%-+$25()(&"5+F11,5*!fIWRHFO! HGLHeHGLFM! ! g%@(,*J(4*6,!+6%!4/$!9%64$54*6,!6+!<$065%(4*5!Z*@/4.M!fFGGIRM!8(0')!+2%+0"552F!+"%-+ #1$#1!!(2%+2%+$12$51C+=+&2B$(5")(2%+23+3"&)+3(%-(%0+#1$2#)!7+>,'/%(! 9%('$./1!U/(*4(,&(!9%*,4$%.M! ! 9(,'$&O!bM!fFGGYRM!82/)(%1+<(251%&1C+4")(2%!M+3#"0B1%)!M+'(!)2#(1!7+A4(,+6%'1!A4(,+6%'! D,*#$%.*4&!9%$..M! ! 9$$%O!;M!fFGHGRM!H/#31F1-+%(0')C+N%1+E"!'B(#(+P2/#%"5(!)Q!+3#2%)5(%1+"&&2/%)+23+5(31M+ 52<1M+"%-+F"#+(%+'(!+'2B15"%-7!7$N!c6%\1!A5%*C,$%M! ! 9$4%&(O!>M!fFGGFRM!;(31+1J$2!1-C+A(2520(&"5+&()(R1%!+"3)1#+H'1#%26*57!9%*,5$46,1! 9%*,5$46,!D,*#$%.*4&!9%$..M! ! 9B%*O!;M!fHKKKRM!-(./0*%!?%6C8$0!4/%*#$.!6,!'$,*(8!6+!/B0(,!(,'!'$065%(4*5!%*@/4.M! WI! ! I&2%2B(&+"%-+$25()(&"5+F11,5*!fIVRHVO!WKVeWKXM! Z*,@O!)M!fFGGYRM!S1%"%"C+I<1#*-"*+$1"&1+(%+"+E"#"&'(+"$"#)B1%)+6/(5-(%0M! ;8660*,@46,1!=,'*(,(!D,*#$%.*4&!9%$..M! ! A5/$?$%!]B@/$.O!7M!fHKKFRM!.1")'+:()'2/)+:11$(%0C+9'1+G(251%&1+23+I<1#*-"*+;(31+(%+ A#"R(5M+;$%\8$&1!D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M! ! 2$%%&O!EM!fFGGYRO!H2%-1B%1-+)2+81$1")C9'1+@"#"-2J+23+K/B"%()"#("%+=&)(2%7+U6%,$88! D,*#$%.*4&!9%$..M! ! 2%$0C8$&O!ZM!fFGGKRM!-(./0*%Q.!.$5$..*6,*.4!06#$0$,4.!%$.B%+(5$.1!"4/,*5!*'$,4*4&O! 5600B,*4&!560?$4*4*6,O!(,'!4/$!.4(4$M!=!("%+?/#<1*!fVKRYO!KFVeKXGM! ! ! /5';%,&!<! ! A5/$?$%!]B@/$.O!7M!fHKKFRM!.1")'+:()'2/)+:11$(%0C+9'1+G(251%&1+23+I<1#*-"*+;(31+(%+ A#"R(5M+;$%\8$&1!D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M! ! =,.4*4B4$!6+!-(./0*%!A4B'*$.M!fHKKVRM!9/#6/51%&1+(%+E"!'B(#C+"+#1$2#)+2%+'/B"%+ #(0')!+<(25")(2%!+&2BB())1-+6*+)'1+>%-("%+32#&1!+-/#(%0+)'1+B2%)'+23+ =/0/!)+TUUVM!A%*,(@(%1!=,.4*4B4$!6+!-(./0*%!A4B'*$.M! ! /5';%,&!D! ! ;6B%'*$BO!9M!fHKKLRM!=&)!+23+#1!(!)"%&1C+=0"(%!)+)'1+)*#"%%*+23+)'1+B"#,1)M!7$N!c6%\1! 2/$!7$N!9%$..M! ! <B.5/*,.\*O!]MO!]6++0(,O!;M!fFGHHRM!!"#$%&'(&!#*68$,5$O!*,.4*4B4*6,(8!'$,*(8O!(,'! .4%B@@8$.!+6%!`B.4*5$!*,!-(./0*%M!8"&1+"%-+H5"!!!XFfVRM!VVeWGM! ! E$%@B.6,O!hMO!bB?4(O!>M!fFGGFRM!A?(4*(8*J*,@!.4(4$.1!26N(%'.!(,!$4/,6@%(?/&!6+! ,$68*C$%(8!@6#$%,0$,4(8*4&M!!=B1#(&"%+I)'%2520(!)+FKfVRM!KLHeHGGFM! ! E$%,(,'$.O!)M!!fFGGVRM!2/$!968*4*5.!6+!E6%@$44*,@1!U8(..!968*4*5.O!A4(4$!96N$%!(,'!4/$! Z$.4%B54B%*,@!6+!D%C(,!A?(5$!*,!=,'*(M!O#6"%+?)/-(1!!VHfHFRO!FVHXeIGM! ! E6%@(5.O!<MO!76N$88eA0*4/O!bM!f$'.MRO!;6$8/6N$%O"$1C+A/#1"/&#"&*M+!)#/&)/#"5+<(251%&1M+"%-+$2<1#)*+(%+>%-("M! <B%/(01!<B\$!D,*#$%.*4&!9%$..M! ! ](C*CB88(/O![M!fFGGVRM!9'1+$25()(&"5+1&2%2B*+23+)'1+E"!'B(#+&2%35(&)C+N$$2#)/%()(1!+ WV! ! 32#+1&2%2B(&+$1"&1+6/(5-(%0+"%-+32#+O7?7+@25(&*7![(./*,@46,O!<MUM1! D,*4$'!A4(4$.!=,.4*4B4$!6+!9$(5$M! ! 9$$%O!;M!fFGHGRM!H/#31F1-+%(0')C+N%1+E"!'B(#(+P2/#%"5(!)Q!+3#2%)5(%1+"&&2/%)+23+5(31M+ 52<1M+"%-+F"#+(%+'(!+'2B15"%-7!7$N!c6%\1!A5%*C,$%M! ! /5';%,&!F! ! <B.5/*,.\*O!]M!fFGHGRM!Z$?%6'B5*,@!%$@*0$.!6+!*0?B,*4&1!E(\$!$,56B,4$%.!(,'! *,+6%0(8!#*68$,5$!*,!-(./0*%!#(88$&M!H/5)/#"5+!)/-(1!+FVfHRO!HHGeHIFM! ! E(%0$%O!9M!fHKKKRM!@")'2520(1!+23+@2F1#7C+K1"5)'M+K/B"%+8(0')!M+"%-+)'1+41F+:"#+2%+ )'1+@22#7+;$%\8$&1!D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M! ! E$8'0(,O!)MO!2*5\4*,O!3M!fFGHGRM!!>%+)'1+4"B1+23+K/B"%()*C+9'1+L2<1#%B1%)+23+9'#1")+ "%-+H"#17+<B\$!D,*#$%.*4&!9%$..M! bB?4(O!>M!fFGHFRM!81-+)"$1C+A/#1"/&#"&*M+!)#/&)/#"5+<(251%&1M+"%-+$2<1#)*+(%+>%-("M!! <B%/(01!<B\$!D,*#$%.*4&!9%$..M! ! 9$4%&(O!>M!fFGGFRM!;(31+1J$2!1-C+A(2520(&"5+&()(R1%!+"3)1#+H'1#%26*57!9%*,5$46,1! 9%*,5$46,!D,*#$%.*4&!9%$..M! ! ! /-0(+3$4-0! !! >@(0C$,O!bM!fFGGXRM!?)")1+23+IJ&1$)(2%M!U/*5(@61!D,*#$%.*4&!6+!U/*5(@6!9%$..M! ! !"#$%&'()*+),-.//0+)123&)456'&778)5')9:3&;&<)=>"3&7()?+()@A><"A57()B+),&C7+0) !"#$%&'%("&()*+(*&,(-%*'%.(/&!!"#$%&%'()*+!&,-".*+/0*1&!234-&&*567&89$8"')! ! !"#$%&'%()**+,'%-./%01"23.#4516%7829"/:'%!"#$%&"'()*+$,*'!"#$%&'!"()e!"#! ! !"#$%&''()*+),-../0+)123)45%"67846$5%)59):7$3;&%43<)=&687&')73"58743")&%>)$>3%6$6?)$%) !"#$%!&!'(#'")*+,-()'."!"#$%&'()*+$&,$-&),+./0$1#!"#$%&"'!!"#$%&'(!)e!"#$! ! <(.O!:M!fFGGWRM!;(31+"%-+F2#-!C+G(251%&1+"%-+)'1+-1!&1%)+(%)2+)'1+2#-(%"#*M!;$%\8$&1! D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M! ! <B.5/*,.\*O!]M!fFGHGRM!Z$?%6'B5*,@!%$@*0$.!6+!*0?B,*4&1!E(\$!$,56B,4$%.!(,'! *,+6%0(8!#*68$,5$!*,!-(./0*%!#(88$&M!H/5)/#"5+!)/-(1!+FVfHRO!HHGeHIFM! ! E(%0$%O!9M!fHKKKRM!@")'2520(1!+23+@2F1#7C+K1"5)'M+K/B"%+8(0')!M+"%-+)'1+41F+:"#+2%+ )'1+@22#7+;$%\8$&1!D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M! ! WX! ! bB?4(O!>M!fFGHFRM!81-+)"$1C+A/#1"/&#"&*M+!)#/&)/#"5+<(251%&1M+"%-+$2<1#)*+(%+>%-("M!! <B%/(01!<B\$!D,*#$%.*4&!9%$..M! ! 96@@$O!2M!fFGGGRM!S2/$!*,4$%,(4*6,(8!.*@,*+*5(,5$!6+!/B0(,!%*@/4.MT!9'1+W2/#%"5+23+ I)'(&!O!! fVRHqFO!?M!VXeYKM! ! 9%(C/(\(%(O!3M!fFGGWRM!A$?(%(4*.4!06#$0$,4.!*,!4/$!76%4/e"(.41!Z/$46%*5!(,'! %$(8*4&M!I&2%2B(&+"%-+@25()(&"5+:11,5*!VFfKRO!WFLeWIGM! ! :*@/O!]M!fFGGWRM!4"<(0")(%0+)'1+)1##"(%!+23+F"#C+X2/)'+"%-+!25-(1#(%0+(%+L/(%1"Y A(!!"/M!!7$N!c6%\1!;$%@/(/,!;66\.M! ! ! WY! !
© Copyright 2026 Paperzz