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+,-1=&,-(,*& -&0 -+881'&,*&0 )=1'(*+),0 &* 5),*'D.&0 - 4,& &,*'&='+0& =)4' -1*&'2+,&' 0+ -&0 =).+*+<4&0 &* -&0 =')51-4'&0 0),* 04+7+&0 0+ .&0 ,)'2&0 1*(/.+&0 0),* (**&+,*&0 )4 -1=(001&0 0+ .&0 '&00)4'5&0 0),* 4*+.+01&0 -& 8(K), &88+5(5& )4 15),)2+<4& &* 0+ .&0 )/I&5*+80 -& . )';(,+0(*+), 0),* (**&+,*0
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
&0 5),*'D.&0 -& -1*&5*+), =.40
5)6*&4C 0),* 5&=&,-(,* &00&,*+&.0 +.0 2&04'&,* . &88+5(5+*1 -&0 ='&2+&'0 ,& -&4C+32& 5(*1;)'+& &0* '&='10&,*1& =(' . +,8)'2(*+), -+0=&,01& -(,0 . &,*'&='+0& <4+ =&4* 5),5&',&' (400+ /+&, .( =')-45*+), .( <4(.+*1 .&0 +,8)'2(*+),0 04' -&0 '&5:&'5:&0 2&,1&0 -(,0 .& -)2(+,& -4 =&'0),,& <4& .&0 =&'5&=*+),0 -&0 2&2/'&0 -4 =&'0),,&. -& . &,*'&='+0& , *')+0+32& *9=& -& 5),*'D.& =')7+&,* -& .( 04=&'7+0+), =(' .( :+1'('5:+& <4+ 0 (004'&'( <4& .&0 (5*+7+*10 ='174&0 ),* 1*1 2&,1&0
& <4(*'+32& *9=& -& 5),*'D.& 5),5&',& .&0 '&00)4'5&0 (+,0+ . &88&5*+8 -4 =&'0),,&. )4 .&0 /4-;&*0 (4*)'+010 )4 .& *&2=0 - )'-+,(*&4'0 -+0=),+/.& =)4' 5:(<4& 0&'7+5& 5),0*+*4(,* (4*(,* -& =)00+/+.+*10 -& 5),*'D.& -& . (5*+7+*1 -4 0&'7+5& 5),0+-1'1 •
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5)22& 4,& 8+,G <4+ 5)2='&,- 4,& 01'+& - 1*(=&0 .( -18+,+*+), -&0 )/I&5*+80 .&0 5'+*3'&0 - 17(.4(*+), .&0 ,)'2&0 .( -1*&'2+,(*+), -&0 5(,(4C =(' .&0<4&.0 . +,8)'2(*+), (''+7& .( -10+;,(*+), -&0 '&0=),0(/.&0 -& . 17(.4(*+), &* &,8+, .( 5)2=('(+0), -&0 '104.*(*0 )4 )/I&5*+80 &* .&0 (5*+),0 5)''&5*+7&0 <4+ &, -15)4.&,* & 595.& &* .( ,)*+), -& 5),*'D.& F(4 0&,0 - )=1'(*+), -& 2(,(;&2&,*G 7),* 8),-&' .( 21*:)-& 04' .(<4&..& '&=)0& . (4-+* 0)5+(.
&.4+>5+ ='10&,*& 5&=&,-(,* -&0 5('(5*3'&0
0=15+8+<4&0 <4+ 0& 0),* =');'&00+7&2&,* -1;(;10
(4-+* 0)5+(. ( 12&';1 =');'&00+7&2&,* &, 0& -+881'&,5+(,* -& . (4-+* ;1,1'(. &* 8+,(,5+&' =(' .& -)2(+,& 1*4-+&' &* .&0 '1(5*+),0 0405+*1&0
+ . (4-+* 0)5+(. , &0* =(0 4,& +-1& ,)47&..& 0( -18+,+*+), ( 17).41 &, 8),5*+), -4 -)2(+,& (4-+*1 &* -&0 21*:)-&0 (-)=*1&0 &0 ='&2+3'&0 *&,*(*+7&0 - 17(.4(*+), 8)'2(.+01&0 -(,0 .& -)2(+,& 0)5+(. '&2),*&,* (4C (,,1&0 ! &, '(,5& &..&0 0 (**(5:(+&,* @ 2&04'&' .&0 5),01<4&,5&0 15),)2+<4&0 -& 5&'*(+,&0 )=1'(*+),0 -& ;&0*+), -4 =&'0),,&. &* +2=.+<4(+&,* <4& 5&0 17(.4(*+),0 0)+&,* '1(.+01&0 =(' -&0 (;&,*0 &C*1'+&4'0 @ . &,*'&='+0& (==('*&,(,* 0)+* (4 ;)47&',&2&,* 0)+* @ -&0 (;&,5&0 ='+71&0 +,0+ &,
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=')=)0(+* -& -18+,+' . (4-+* 5)22& 4,& (,(.90& -&0
=).+*+<4&0 &* ='(*+<4&0 -& =&'0),,&. - 4,& &,*'&='+0& )4 - 4, 1*(/.+00&2&,* =)4' -1*&'2+,&' . &88+5(5+*1 &* .& /+&, 8),-1 -&0 =).+*+<4&0 , =&4 =.40 *('- 5 &0* 04'*)4* -(,0 .&0 ;'(,-&0 &,*'&='+0&0 <4& . (4-+* 86* 2&,1 -& 8(K), 090*12(*+<4& &00&,*+&..&2&,* 04' .&0 8),5*+),0 <4+ (7(+&,* .& =.40 -& '(==)'* (7&5 .&0 5)6*0 F0(.(+'&0 ,1;)5+(*+), 5)..&5*+7& (,(.90& &* 5.(00+8+5(*+), 5)..&5*+7& -& =)0*&0G
(+0
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&'*(+,0 ='(*+5+&,0 5),5&7(+&,* . (4-+* &, -&4C =('*+&0
.( ='&2+3'&
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
&5+
5),-4+* @ -+(;,)0*+<4&' .&0 5(40&0 -&0 =')/.32&0 -15&.10 @ &, 17(.4&' . +2=)'*(,5& &* &,8+, @ (/)4*+' @ .( 8)'24.(*+), -& '&5)22(,-(*+),0 )4 =')=)0+*+),0 - (5*+), <4+ ,& 0),* I(2(+0 2+0&0 &, O47'& =(' . (4-+*&4'
( 0=15+8+5+*1 -& . (4-+* 0)5+(. 8),-& &00&,*+&..&2&,* 04' .( ,(*4'& -4 -)2(+,& (4-+*1 <4+ @ 0), *)4' 7( -1*&'2+,&' . 4*+.+0(*+), -& 5&'*(+,&0 21*:)-&0 &* *&5:,+<4&0 =')='&0 @ 5& *9=& - (4-+* •
23'-$%(+ ,' / 41,%$ +#-%4/ )4* 5)22& . (4-+* &, ;1,1'(. . (4-+* 0)5+(. ( =)4' /4* 4.*+2& - (21.+)'&' . &88+5(5+*1
-& . &,*'&='+0& =(' . +,*&'21-+(+'& -& 5&..& -& .( ;&0*+), -4 =&'0),,&. +. ,& 0& 8(+* -),5 =(0 5),*'& )4 04' . &,*'&='+0& )4 .& -+'&5*&4' -4 =&'0),,&. 2(+0 =)4' &..& &* (7&5 .4+ (4-+* 0)5+(. (==('(E* 5)22& 4, 5)2=.12&,* ,(*4'&. -& . (4-+* 8+,(,5+&' *)4* &, '&,*'(,* -(,0 .( ;'(,-& 8(2+..& -&0 (4-+*0
. 0 &, -+881'&,5+& 5&=&,-(,* =(' 5&'*(+,&0
5('(5*1'+0*+<4&0 .+1&0 (4 -)2(+,& (4-+*1 &* @ .( 21*:)-& 4*+.+01& <4+ .& '&,-&,* 0=15+8+<4& •
56-%(%-%$6+ /%6'+ 41 ,#*4%&' &0* 71'+*(/.&2&,* .& -)2(+,& F)4 . )/I&*G <4+ 5),83'& @ . (4-+* 0)5+(. 0( 0=15+8+5+*1
.( 8),5*+), =&'0),,&. &* .&0 -+7&'0&0 0)40>8),5*+),0 <4+ .( 5)2=)0&,* ),* 4, 5('(5*3'& <4(.+*(*+8 <4+ 7( (7)+' -&0 '1=&'54*+),0 04' .&0 5),01<4&,5&0 -& . (4-+* &* 04' .&0 21*:)-&0 '&*&,4&0
(4-+* &, <4(,*+8+(,* .& <4(.+*(*+8 =)4' 5('(5*1'+0&' 4,& 0+*4(*+), 0)5+(.& +,-4+* -&0
5:(,;&2&,*0 -& 5)2=)'*&2&,*0 =')=)0+*+),0 0)+&,* 8)'24.1&0
<4&.<4&0 8)+0 (7(,* <4& .&0 '&5)22(,-(*+),0 (4C (+,0+ (7(,* 2B2& <4& ,& 0)+* *&'2+,1 4, (4-+* -&
. (/0&,*1+02& 5&.4+>5+ (4'(+* -+2+,41 -& 8(K), ,)*(/.&
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)/0&'71 ,& 7('+& =(0 0+ .&0 )/0&'7(*+),0 0),* 8(+*&0 @ -&0 2)2&,*0 -+881'&,*0 N .( ='15+0+), )4 0&,0+/+.+*1 &0* .& -&;'1 - &C(5*+*4-& (7&5 .&<4&. . +,-+7+-4 (''+7& @ 2&04'&' .&0 7('+(*+),0 -4 =:1,)23,& 1*4-+1 N . )/I&5*+7+*1 '&5)47'& . )/*&,*+), -4 2B2& '104.*(* 04+*& @ . 4*+.+0(*+), -4 2B2& +,-+5(*&4' =(' -&4C )/0&'7(*&4'0 -+881'&,*0 N .( 5),0+0*(,5& &0* .& -&;'1 0&.), .&<4&. -&0 +,-+5(*&4'0 -+881'&,*0 2&04'&,* .( 2B2& 5:)0& N &,8+,
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. +,-+5(*&4' @ '&0*+*4&' .& 2+&4C =)00+/.& .& =:1,)23,& 1*4-+1 4 :4/%,%$6 ( 7(.+-+*1 '&5)47'& .( 5(=(5+*1 -& . +,-+5(*&4' @ 2&04'&' 5& <4 +. &0* 5&,01 2&04'&'
(
8+(/+.+*1 &0* .( 5),-+*+), ,15&00(+'& -& .( 7(.+-+*1 , -+0*+,;4& *')+0 *9=&0 -+881'&,*0 -& 7(.+-+*1 ='1-+5*+7& +,*&',& &C*&',& ( 7(.+-+*1 ='1-+5*+7& (==&.1 (400+ 7(.+-+*1 .+1& (4 5'+*3'& 5),5&',& .( 5)''&0=),-(,5& &,*'& . +,-+5(*&4' &* .& 5'+*3'& 4*+.+01
( 7(.+-+*1 ='1-+5*+7& &0* -),5 ;1,1'(.&2&,* &0*+21& =('
.( 8)'5& -4 .+&, -& 5)''1.(*+), &,*'& .&0 -&4C ( 7(.+-+*1 +,*&',& 5),5&',& . (-1<4(*+), - 4, +,-+5(*&4' (4 -)2(+,& 1*4-+1
&.(
+2=.+<4& <4& . 4*+.+0(*&4' -& . +,-+5(*&4' (+* 4,& /),,& 5),,(+00(,5& -& .( .+**1'(*4'& &* -&0 :9=)*:30&0 <4+ ),* 1*1 8)'24.1&0 )' +. ( 1*1 ,)*1 <4& *'30 =&4 - +,-+5(*&4'0 0)5+(4C ),* 8(+* . )/I&* - 4,& 7(.+-(*+), 01'+&40& ( 7(.+-+*1 &C*&',& 5),5&',& .& -&;'1 0&.), .&<4&. 4, +,-+5(*&4' =('*+54.+&' &0* .+1 @ - (4*'&0 -(,0 .& /4* -& 2&04'&' .& -)2(+,& 5),5&',1
&.( +2=.+<41 (400+ -& 5),,(E*'& .(
*:1)'+& &* .&0 :9=)*:30&0 <4+ &, -15)4.&,* 4*'& .&0 5),-+*+),0 -& 8+(/+.+*1 &* -& 7(.+-+*1 .&0 +,-+5(*&4'0 -)+7&,* ='10&,*&' 4, 5&'*(+, ,)2/'& -& 5('(5*1'+0*+<4&0 5)22& 5&..&0 - B*'& 15),)2+<4&0 ='(*+<4&0 &* (55&=*10
( -1*&'2+,(*+), -&0 15('*0 =&'2&* @ . (4-+*&4' 0)5+(. -& -18+,+' .&0 =')/.32&0 (==('&,*0
+. 5),7+&,* 2(+,*&,(,* - &, 17(.4&' .&0 5),01<4&,5&0 &, *&'2&0 -& 5)6*0
2),1*(+'&0 &* ,), 2),1*(+'&0 =(0010 &* 84*4'0 . &0* ,15&00(+'& - 17(.4&' .( ;'(7+*1 -&0 5),01<4&,5&0 -&0 =')/.32&0 5 &0*>@>-+'& .&4' +2=(5* 04' .& 8),5*+),,&2&,* &* .( '&,*(/+.+*1 -& . &,*'&='+0& =4+0 - (=='15+&' .&4' =')/(/+.+*1 - )554''&,5& 0)40 8)'2& -& '+0<4&0 •
'+ -#@$+ 17(.4(*+), -& .( ;'(7+*1 -&0 5),01<4&,5&0 - 4, =')/.32& =&4* B*'& &88&5*41& &,
*&'2&0 2),1*(+'&0 &* ,), 2),1*(+'&0 &, ='&,(,* &, 5),0+-1'(*+), .&0 =&'*&0 &,5)4'4&0 -+'&5*&0 &* +,-+'&5*&0 )40 .&0 5)6*0 &,5)4'40 ,& 0),* 5&=&,-(,* =(0 0405&=*+/.&0 - 4,& 17(.4(*+), 2),1*(+'& +221-+(*&
+,0(*+08(5*+), -4 =&'0),,&. &, &0* 4, &C&2=.&
&=&,-(,* 5&0 5)6*0 ,),
2),1*(+'&0 =)4''),* 0& *'(-4+'& *'30 '(=+-&2&,* =(' -&0 171,&2&,*0 -),* .&0 5),01<4&,5&0 =)4''(+&,* 17(.41&0 0&.), <4& . ), &,7+0(;& .& =(001 )4 .& 84*4' ), =('.&'( -& 5)6*0 )4 -& '+0<4&0 •
%+91'+ +7&'0&0 5.(00+8+5(*+),0 ),* 1*1 =')=)01&0 =)4' :+1'('5:+0&' .&0 '+0<4&0 ( ='&2+3'& &0* 8),-1& 04' . +2=)'*(,5& -&0 =&'*&0 17&,*4&..&0 0)+* &, 7(.&4' (/0).4&
0)+* &, =)4'5&,*(;& -4 5:+88'& - (88(+'&0 0)+* &, 8),5*+), -& .&4'0 5),01<4&,5&0 04' .& *'10)'&'+& -& . &,*'&='+0& ( 0&5),-& -+0*+,;4& .& '+0<4& =4' -4 '+0<4& 0=154.(*+8
& '+0<4& =4' &0* *)4I)4'0
5)22& 5),01<4&,5& 4,& =&'*& -+'&5*& )4 +,-+'&5*& &,*'(E,1& =(' -&0 171,&2&,*0 =:90+<4&0 )/0&'7(/.&0 *&.0 <4& .&0 (55+-&,*0 &* .&0 -10(0*'&0 ,(*4'&.0 5),*'(+'&2&,* (4 '+0<4& 0=154.(*+8 (==&.1 1;(.&2&,* '+0<4& 2(,(;&2&,* <4+ (88&5*& -+881'&,*&0 8),5*+),0 -& . &,*'&='+0& &* =&4* (7)+' -&0 5),01<4&,5&0 (400+ /+&, =)0+*+7&0 <4& ,1;(*+7&0 ,& (4*'& 5.(00+8+5(*+), -+881'&,5+& .&0 '+0<4&0 04/I&5*+80 &* )/I&5*+80
&0 -&',+&'0
=&47&,* B*'& 17(.410 @ .( 04+*& - 4,& 01'+& +2=)'*(,*& - 171,&2&,*0 @ .(<4&..& 0 (==.+<4&'( .( .)+ -&0 ;'(,-0 ,)2/'&0 F (55+-&,*0 - (4*)2)/+.&0 +,5&,-+&PG (,0 5& 5(0 .& '+0<4& &0* .( 2&04'& 0*(*+0*+<4& -4 -&;'1 -& 7('+(*+), 5),0*(*1 &,*'& .( 04'7&,(,5& -&0 171,&2&,*0 '1&.0 &* .&0 171,&2&,*0 =)*&,*+&.0 "(' 5),*'& .&0 '+0<4& 04/I&5*+80 5),5&',&,* 5&4C =)4' .&0<4&.0 +. , &0* =(0 =)00+/.& -& 8(+'& 4,& &0*+2(*+), )/I&5*+7& )4 0+ . ),
,& =&4* '(+0),,&' <4& 04' 4,& 01'+& .+2+*1& - 171,&2&,*0 )4 04' 4, 0&4. - &,*'& &4C & '+0<4& '&5)47'& (.)'0 . +,5&'*+*4-& - )554''&,5& - 4, 171,&2&,* =&'K4 =(' 4, +,-+7+-4
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&0 *&5:,+<4&0 &* )4*+.0 &C=)010 -(,0 5&**& =('*+& 0),* .)+, - B*'& &C:(40*+80 )4
5)2=.&*0 +.0 ,& 0),* ='10&,*1 <4& /'+37&2&,* +. &0* '&5)22(,-1 -& 0& '&=)'*&' @ -&0 )47'(;&0 0=15+(.+010 )4 -& '&5)4'+' @ . (+-& -&0 &C=&'*0 0+ . ), 7&4* (==')8),-+' 5&0 -+881'&,*&0 <4&0*+),0 ')+0 5(*1;)'+&0 -&0 *&5:,+<4&0 &* )4*+.0 @ ='10&,*&' .& '&54&+. -& . +,8)'2(*+), . (,(.90& -&0 +,8)'2(*+),0 .( ='10&,*(*+), -&0 '104.*(*0
#
. =&4* B*'& &88&5*41 @ . (+-& 0)+* -& 21*:)-&0 0*(*+0*+<4&0 =)'*(,* 04' -&0 +,-+5(*&4'0 <4(,*+*(*+8 0)+* -& 21*:)-&0 =095:)0)5+).);+<4&0 <4+ 5),5&',&,* .&0 &,*'&*+&,0 <4&0*+),,(+'&0 &* &,<4B*&0 - )=+,+), 15:(,*+..),,(;& =&'2&* -& 5),,(E*'& .( *)*(.+*1 -&0 5('(5*1'+0*+<4&0 - 4,& =)=4.(*+), &, , &, 5),0+-1'(,* <4 4,& =('*+& ".40+&4'0 -+88+54.*10 =&47&,* 0& ='10&,*&' (/0&,5& -& .+0*& &C:(40*+7& -4 =&'0),,&. 4, *4',>)7&' +2=)'*(,* )4 -&0 5),-+*+),0 5:(,;&(,* '(=+-&2&,*
(,0
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-&4C =:(0&0 0 +2=)0&,*
.( 01.&5*+), -&
. 15:(,*+..), &* .( -1*&'2+,(*+), -& 0( *(+..& •
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•
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& ='&2+&' &0* .( 5),8+(,5& <4& . ), &0* &, -')+* - (7)+' -(,0 . &C(5*+*4-& -& .( '&='10&,*(*+), -& .( =)=4.(*+),
+. &0* -& T +. 9 (
T -& 5:(,5&0 <4& .&0 '104.*(*0 *+'10 -& . 15:(,*+..), ,&
-+883'&,* =(0 -&0 5('(5*1'+0*+<4&0 -& .( =)=4.(*+), & -&;'3 -& ='15+0+), '&='10&,*&
.&0 .+2+*&0 @ . +,*1'+&4' -&0<4&..&0 .&0 &0*+2(*+),0 -&0
5('(5*1'+0*+<4&0 -& .( =)=4.(*+), -)+7&,* 8+;4'&'
. 0&'( &88&5*41 @ . (+-& - +,*&'7+&U0 &* -& <4&0*+),,(+'&0
8+, -& ,& =(0 )2&**'& -&0
=)+,*0 +2=)'*(,*0 . (4-+*&4' 0& '183'& @ -&0 <4&0*+),,(+'&0 ='1>1*(/.+0 <4+ =)4''),* B*'& 5)2=.1*10 0&.), .( 0+*4(*+), - )=+,+),0
(4-+*&4' =&4* 4*+.+0&' 1;(.&2&,* -&0 &,<4B*&0 - (**+*4-&0 )4
&0 &,<4B*&0 - )=+,+),0 -),,&,* 4,& 17(.4(*+), 090*12(*+<4& -&0 =&'5&=*+),0 -4
=&'0),,&. 5),5&',(,* . 1*(* -& . )';(,+0(*+),
& /4* 1*(,* - )/*&,+' 4,& 2&+..&4'&
5)2='1:&,0+), -&0 '1(5*+),0 -&0 &2=.)910 &* -& .&4'0 ='181'&,5&0
&0 (**+*4-&0 <4+ 8),*
. )/I&* - &,<4B*& '&5)47'&,* &, 8(+* 1.12&,*0 -+881'&,*0 5);,+*+8 (88&5*+8 &* 5)2=)'*&2&,*(.
$ ")4' (,(.90&' .&0 +,8)'2(*+),0 '&54&+..+&0 =.40+&4'0 *&5:,+<4&0 0& ='10&,*&,* -),*
&0* 4, -)542&,* @ =('*+' -4<4&. 4,& (,(.90& -&0 *(4C - &,5(-'&2&,* )4 -& . (-1<4(*+), -4 8.4C -& *'(7(+. (4 -15)4=(;& =(' 0&'7+5& =&4* B*'& &,*'&='+0&
( 5)2=('(+0),
-& =.40+&4'0 )';(,+;'(22&0 0455&00+80 -),,& 4, (=&'K4 -&0 (21.+)'(*+),0 8(+*& (4 ,+7&(4 -& .( =:+.)0)=:+& -4 2(,(;&2&,*
!
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..& =&4* B*'&
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-&0 -101<4+.+/'&0 =)00+/.&0 F ')40 +2=)'*(,*0 N ;),8.&2&,* -4 /(0 ;),8.&2&,* -4 :(4* PG
(4-+*&4' -)+* -1*&'2+,&' .&0 '&0=),0(/+.+*10 &* 5.('+8+&' .&0 ='+,5+=(4C 'D.&0 I)410 -(,0 .( 8),5*+), =&'0),,&. &* -1*&'2+,&' 4, =')8+. -&0 'D.& -)2+,(,*0 I)410 =(' .& -1=('*&2&,* -& =&'0),,&.
, 2(,<4& -& 5),*'D.& 4, -)4/.& &2=.)+ )4 4, 2(,<4& 0+;,+8+5(*+8
=&47&,* B*'& -15&.1 ;'A5& @ 5&* )4*+.
# $ % &0* 4,& '&='10&,*(*+), ;'(=:+<4& - 4, 090*32& 5)2=.&C& @ . (+-& -& 092/).&0 5 &0* (4*(,* 4, 2)9&, -& 5)224,+5(*+), - 4, )4*+. - (,(.90&
& & =.40 0)47&,* -(,0 .&0 &,*'&*+&,0 .& =&'0),,&. ,& 8(+* =(0 -& -+0*+,5*+), &,*'& 5(40&0 &* 5),01<4&,5&0 &,*'& . 171,&2&,* &* .& =')/.32& .& -+(;'(22& -& "('&*) =&'2&* -& 8(+'& 5&**& -+0*+,5*+), &* -& 2&**'& 4, )'-'& - +2=)'*(,5& -&0 -+881'&,*&0 5(40&0 ('/'& -& 5(40&0 +..40*'& . &,5:(E,&2&,* -&0 5(40&0 <4+ ),* 5),5)4'4 @ . (==('+*+), -4 '104.*(*
! &0* 4,& 5)2=('(+0), &,*'& .& 5)6* -& . (==.+5(*+), -&0 '&5)22(,-(*+),0 &* .& ;(+, &05)2=*1
# )4* 5)22& .& '&54&+. -& . +,8)'2(*+), &* 0), (,(.90& N .( ='10&,*(*+), -&0 '104.*(*0 &0* '1;+& =(' 4, 5&'*(+, ,)2/'& -& '3;.&0 -),* . )/0&'7(*+), =&'2&**'( - (**&+,-'& . )/I&5*+8 -& . (4-+*
& 7(,* *)4*& -12('5:& 04' .& *&''(+, N . (4-+*&4' =)4''( 0& 5),0*+*4&' 4, 8),-0 -& -)542&,*(*+), ;1,1'(.& (==&.1 -)00+&' =&'2(,&,* F:+0*)'+<4& -& . &,*'&='+0& 0&0 (5*+7+*10 0( *&5:,).);+& 0( 0*'45*4'& PG ")4' (**&+,-'& 4, 2(C+242 - &88+5(5+*1 .&0 +,8)'2(*+),0 '&54&+..+&0 04' .& *&''(+, 0&'),* ='10&,*1&0 -(,0 -&0 -)542&,*0 -& *'(7(+. .0 0),* 1*(/.+0 (4 84' &* @ 2&04'& -& . (7(,5&2&,* -& . (4-+* .4+>2B2&
&0 -)542&,*0 =&'2&**'),* 4,& 17(.4(*+), -& . (4-+*
+,0+ .&0 -)542&,*0 -& *'(7(+. -)+7&,* '&0=&5*&' -+881'&,*&0 5),-+*+),0 -& 5.('*1
.+0+/+.+*1 0*(,-('-+0(*+), =&'*+,&,5& &* 5),5+0+),
&
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
! " %
& /4* -4 ='1>-+(;,)0*+5 &0* -& -),,&' @ . (4-+*&4' 4,& 74& - &,0&2/.& -&0 ='+,5+=(4C =')/.32&0 &* -&0 '+0<4&0 -& .( 8),5*+), =&'0),,&. -& . &,*'&='+0& )4 -& . 1*(/.+00&2&,* (4-+*1 ;'A5& @ 4,& &,<4B*& 21*:)-+<4& &* '+;)4'&40& =)'*(,* 04' .&0 ='+,5+=(.&0 5('(5*1'+0*+<4&0 -& . &,*'&='+0& &* -& 0), &,7+'),,&2&,*
% & ='1>-+(;,)0*+5 &, 2(*+3'& 0)5+(.& 5)''&0=),- @ . &,<4B*& ='1.+2+,(+'& <4+ &0* '1(.+01& ,)'2(.&2&,* -(,0 *)4* (4-+* ;1,1'(. 5 &0* @ -+'& =)'*(,* 04' . &,0&2/.& -&0 8),5*+),0 (/0&,5& -& ='1>-+(;,)0*+5 )4 &,5)'& .& *&2=0 *')= /'&8 <4+ 9 &0* 5),0(5'1 =&4* &,*'(E,&' . (4-+*&4' )4 .& -+'&5*&4' -4 =&'0),,&. <4+ -15+-& -& 2&,&' .4+ 2B2& 4, *&. &C(2&, -(,0 -& 8(400&0 -+'&5*+),0 &* '&,-'& 8+,(.&2&,* +,4*+.&0 *)40 .&0 &88)'*0 &,*'&='+0 &, (/)4*+00(,* @ -&0
5),5.40+),0 @ -&0 5),5.40+),0 &''),1&0 <4+ 0&'),* 8+,(.&2&,* /&(45)4= =.40
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
•
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
- 4,& .&**'& -& 2+00+), 0+;,1& =(' .& -+'&5*+), ='15+0(,* .&0 2)-(.+*10 -& .( 2+00+), &* .&0 =)00+/+.+*10 - (5530 @ . +,8)'2(*+),
&**& .&**'& &0* &,7)91& 0488+0(22&,* -& *&2=0 @ . (7(,5&
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' )'-1'%/ ,' / %&(#)*4$%#& (8+, -& '1(.+0&' .& ='1>-+(;,)0*+5 -& .( 2(,+3'& .( =.40 &88+5+&,*& N . (4-+*&4' '&54&+..& . +,8)'2(*+), @ =('*+' -& *')+0 0)4'5&0 N . +,8)'2(*+), 15'+*& .( 7+0+*& -& . &,*'&='+0& &* .&0 &,*'&*+&,0 (7&5 .&0 ='+,5+=(4C '&0=),0(/.&0 +,8)'2(*+), 15'+*& &0* &C*'(+*& -& -+881'&,*0 -)542&,*0 &C+;10 =(' .( .)+ &* 5)2=.1*1&
=(' - (4*'&0 -)542&,*0 5)22& .&0 =')530>7&'/(4C -&0 '14,+),0 .&0 )';(,+;'(22&0 .&0 (55)'-0 - &,*'&='+0& &* .&0 5),7&,*+),0 5)..&5*+7&0P ( 7+0+*& - 1*(/.+00&2&,* =&'2&* @ . (4-+*&4' . )/0&'7(*+), =:90+<4& -&0 .+&4C -& *'(7(+. 2(+0 (400+ -&0 -+881'&,*0 .)5(4C -& . &,*'&='+0&
4'(,* .( 7+0+*& . (4-+*&4' =)4''( 1;(.&2&,*
=)0&' 4, 5&'*(+, ,)2/'& -& <4&0*+),0 5),5&',(,* .&0 =')51-4'&0 -& 5),*'D.& .&0 =')/.32&0 -& 0154'+*1 . (/0&,*1+02& &* =)4''( 1;(.&2&,* &88&5*41 4, &C(2&, -&0 8+5:+&'0 &* -&0 -)00+&'0 &, 0& /(0(,* 04' -&0 21*:)-&0 - 15:(,*+..),,(;& =)4' 71'+8+&' .( 5),8+-&,*+(.+*1 -&0 +,8)'2(*+),0 ,8+, .& 045530 -& .( 2+00+), - (4-+* -1=&,- -& .( 5(=(5+*1 - 15)4*& &* -& . (=*+*4-& -& 5)224,+<4&' -& . (4-+*&4'
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5),-+*+), - )/*&,*+), - +,8)'2(*+),0 =&'*+,&,*&0 &* (400+ .( ;('(,*+& -& .( 2+0& &, O47'& &88+5(5& &* '(=+-& -&0 '&5)22(,-(*+),0 =')=)01&0 ")4' 5& 8(+'& 4, 5&'*(+, ,)2/'& -& 5),-+*+),0 -)+7&,* B*'& '&2=.+&0 (4 ='&2+&' '(,; -&0<4&..&0 8+;4'& .( 5.('+8+5(*+), -&0 )/I&5*+80 -& . (4-+* &* -& .( 21*:)-).);+& <4+ 0&'( 4*+.+01& -(,0 .& ='1>-+(;,)0*+5
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' (,(.90& =)'*&'( 04' ,), 0&4.&2&,* 04' .&0 15('*0 5),0*(*10 =&,-(,* .&0 *')+0 -&',+3'&0 (,,1&0 -&0 +,-+5(*&4'0 5),0+-1'10 5)22& 0+;,+8+5(*+80 2(+0 1;(.&2&,* 04' .&0 -+881'&,5&0 5),0*(*1&0 &,*'& .( 7(.&4' -& 5&0 +,-+5(*&4'0 &* .&0 ,)'2&0 +,*&',&0 )4 &C*&',&0 ")4' (,(.90&' 5&0 15('*0 . (4-+*&4' -)+* '1=),-'& @ *)4*& 4,& 01'+& -& <4&0*+),0 =)'*(,* 04' .&4' &C+0*&,5& .&4' '&='10&,*(*+), &* .&4' +2=)'*(,5& •
#>(>*>+. 15('* =(' '(==)'* @ .( .)+ .( 5),7&,*+), 5)..&5*+7& &* @ . (55)'- - &,*'&='+0& L
•
#>(>*>+. 15('* =(' '(==)'* (4C )/I&5*+80 ='1(.(/.&2&,* -18+,+0 L
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#>(>*>+. 15('* =(' '(==)'* @ 4,& ,)'2& L
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+ (454,& (5*+), 5)''&5*+7& , &0* (==)'*1& 5&0 15('*0 0& '&=')-4+'),* +.0 L (4-+*&4' 8&'( .( .+0*& -& *)40 .&0 15('*0 I4;10 0+;,+8+5(*+80 5),5&',(,* -&0 +,-+5(*&4'0
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
(4-+*&4' -)+*
&,04+*& &00(9&' -& -1*&'2+,&' .&0 5),01<4&,5&0 -& 5:(54, - &,*'& &4C &=&,-(,* .&0 =')/.32&0 +-&,*+8+10 -(,0 .( 8),5*+), =&'0),,&. =&47&,* B*'& (2=.+8+10 =(' 5&4C .+10 @ . &,7+'),,&2&,* +,*&',& 5 &0* @ -+'& .&0 5('(5*1'+0*+<4&0 -& . &,*'&='+0& 5),5&',1& &* =(' .&0 2&,(5&0 -15&.1&0 -(,0 .&0 -+881'&,*0 &,7+'),,&2&,*0 &C*&',&0 (4C<4&.0 . &,*'&='+0& -&7'( 0 (-(=*&'
! •
'&:%)#&&'*'&$ ';$')&' (,(.90& -& . &,7+'),,&2&,* &C*&',& ,& =&4* B*'& 5),-4+*& - 4,& 2(,+3'& ;.)/(.& +.
&0* ,15&00(+'& -& .& 04/-+7+0&' &, 0&;2&,*0 =&'*+,&,*0 5)22& =(' &C&2=.& . &,7+'),,&2&,* 0)5+(. 15),)2+<4& .1;(. 09,-+5(. .& 2('5:1 -4 *'(7(+. &* . &,7+'),,&2&,* 0)5+)54.*4'&. <4+ +,8.4&,5&,* -+'&5*&2&,* )4 +,-+'&5*&2&,* .( ;&0*+), -4 =&'0),,&.
:(<4& 0&;2&,* -)+* B*'&
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( 5)2/+,(+0), -& 5&0 -+881'&,*&0 -+2&,0+),0 =&'2&**'( - (=='15+&'
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•
'&:%)#&&'*'&$ %&$')&' &0 -+7&'0&0 5('(5*1'+0*+<4&0 -& . &,*'&='+0& 5),0*+*4&,* -1I@ -&0 '1=),0&0 (4C ='&00+),0
-& . &,7+'),,&2&,* N 2(+0 &..& 5)2=)'*&,* 1;(.&2&,* &, &..&0 2B2& -&0 0)4'5&0 -& '+0<4&0 0)5+(4C
)40 , &,7+0(;&),0 +5+ <4& 5&..&0 -&0 5('(5*1'+0*+<4&0 <4+ 0&2/.&,* (7)+' 4,&
+,8.4&,5& -+'&5*& 04' .( 8),5*+), =&'0),,&. N .&0 5('(5*1'+0*+<4&0 15),)2+<4&0 .( *(+..& -& . &,*'&='+0& .( *&5:,).);+& &* .( 0*'45*4'& &0 5('(5*1'+0*+<4&0 15),)2+<4&0 N '&,*(/+.+*1>*9=& &* A;& -&0 =')-4+*0> =)47)+' 04' .&0 8)4',+00&4'0 =)00+/+.+*1 -& '&5)4'+' @ .( 0)40>*'(+*(,5& N ),* =4 B*'& (00)5+10 @ -&0 '+0<4&0 5)22& .&0 5),8.+*0 &* . +,0(*+08(5*+), -4 =&'0),,&. 04+*& @ 4,& '1-45*+), -& . (5*+7+*1 =(' &C&2=.& ( *(+..& -& . &,*'&='+0& 17(.41& =(' .& ,)2/'& -& =&'0),,&. &2=.)91 2(+0 (400+ 5&..& -& . 1*(/.+00&2&,* 7)+'& -&0 0&'7+5&0 <4+ .& 5)2=)0&,* &0* 4, 8(5*&4' 0)47&,* .+1 @ . +,0(*+08(5*+), &* (4C 5),8.+*0
, ,)*&'( <4& .&0 5),8.+*0 15.(*&,* .& =.40 0)47&,* -(,0 .&0
;'(,-&0 0*'45*4'&0 &* <4& .& *(4C -& =('*+5+=(*+), (4C ;'37&0 -+2+,4& (7&5 .( *(+..&
1*(* -& .( *&5:,).);+& 0&'( &C(2+,1 @ =('*+' - +,8)'2(*+),0 5),5&',(,* . A;& -&0 2(5:+,&0 -&0 /A*+2&,*0 &* .& ,+7&(4 ;1,1'(. -& *&5:,).);+& <4+ 0&'( 5)2=('1 (7&5 5&.4+ -&0 &,*'&='+0&0 =&'8)'2(,*&0 -(,0 .& 0&5*&4' ( 0*'45*4'& -& . &,*'&='+0& 0&'( 1;(.&2&,* (,(.901& &, 5),0+-1'(,* .&0 -+881'&,*0 090*32&0 -& -15+0+), -& 5)224,+5(*+), &* -& 5),*'D.&
(4-+*&4' 0& =&,5:&'( (+,0+ =.40
=('*+54.+3'&2&,* 04' .&0 2)-+8+5(*+),0 -&0 )';(,+;'(22&0 (4 5)4'0 -4 *&2=0 &* +,*&'');&'( .&0 '&0=),0(/.&0 04' .&0 '(+0),0 -&0 5:(,;&2&,*0 <4+ ),* 1*1 (==)'*10
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
#"
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& (4-+* -& . (/0&,*1+02& =&4* B*'& &,*(21 @ .( 04+*& -& '&5)22(,-(*+),0 -4 ='1
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
( ) *
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(/0&,*1+02& &0* 4, =:1,)23,& 24.*+8)'2& -18+,+ 5)22& .( ,),>='10&,5& (4 =)0*& -& *'(7(+. =)4' 4, =&'0),,&. 8+;4'(,* @ . &88&5*+8 +,05'+* , -+0*+,;4& ;1,1'(.&2&,* . (/0&,*1+02& 04' .&<4&. (454,& +,*&'7&,*+), -& .( -+'&5*+), ,& =&4* B*'& &C&'51 =)4' .& -+2+,4&' -& . (/0&,*1+02& 5)2='&00+/.& (,0 .( ='&2+3'& 5(*1;)'+& '&,*'&,* .&0 -+7&'0 5),;10 =(910 .&0 5),;10 5),7&,*+),,&.0 .&0 5),;10 - (,5+&,,&*1 .&0 5),;10 04==.12&,*(+'&0 .+10 @ -&0 171,&2&,*0 8(2+.+(4C .&0 5),;10 -& 8)'2(*+), =(910 )4 ,), .&0 (/0&,5&0 =)4' .&0 '&=)0 5)2=&,0(*&4'0 .&0 :&4'&0 -& -1.1;(*+), .&0 (/0&,5&0 (4*)'+01&0 =(' .( :+1'('5:+& =)4' 8(+'& 8(5& @ 4,& )/.+;(*+), (/0&,*1+02& 5)2='&00+/.& 5)2='&,- . .&0 (/0&,5&0 =)4' 2(.(-+& (7&5 5&'*+8+5(* .&0 (55+-&,*0 -& *'(7(+. &* -& *'(I&* &* .&0 (/0&,5&0 -+7&'0&0 0(,0 2)*+8 ,), (4*)'+01&0 5),;10 0(,0 0).-& -& 5)4'*& -4'1& (/0&,5& =)4' 5),7&,(,5& =&'0),,&..& 5),;1 =)4' 0)+;,&' 4, &,8(,* 2(.(-&
&4.&0 5&0 (/0&,5&0 -&7'(+&,* '&*&,+' . (**&,*+), -& . (4-+*&4' =)4' 4,& (,(.90&
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+' *
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,)2/'& - (/0&,5& - 4,& I)4',1& (4 2)+,0 ,)2/'& - (/0&,5&0 =)4' '(+0), 21-+5(.& I)4',1&0 &,'&;+0*'(,* .& =.40 - (/0&,5&0 =)4' 5:(<4& 0&2(+,& &*5P & *(4C -& ;'(7+*1 &0* '&='10&,*1 =(' .& '(==)'* &,*'& .( -4'1& -&0 (/0&,5&0 F17(.41& 0)+* &, I)4'0 5)22& =)4' . +,-+5(*&4' -4 /+.(, 0)5+(. 0)+* &, :&4'*&0G &* 5&..& -4 *'(7(+. '1&..&2&,* &88&5*41 @ .(<4&..& ), '(I)4*& .( -4'1& -&0 (/0&,5&0 & '(*+) )2/'& - :&4'&0 F)4 I)4'0G - (/0&,5& V !! )2/'& - :&4'&0 F)4 I)4'0G *:1)'+<4&0 *'(7(+..10
4+ '&='10&,*& 0&4.&2&,* 4, '(==)'* &,*'& .& *&2=0 - (/0&,5& &* .& *&2=0 -& *'(7(+. & *(4C -& ;'(7+*1 +,-+<4& .& =)4'5&,*(;& -&0 :&4'&0 F)4 I)4'0G -+0=),+/.&0 =&'-4&0 -4 8(+* -& . (/0&,5& ( ;'(7+*1 2)9&,,& )4 ,)2/'& - :&4'&0 )4 -& I)4'0 - (/0&,5& =(' 0(.('+1 -1'+7& -& . +,-+5& -& ;'(7+*1 +. &0* 5(.54.1 &, '(==)'*(,* .( -4'1& *)*(.& -&0 (/0&,5&0 @ . &88&5*+8 2)9&, (,,4&. &* 5)''&0=),- @ . +,-+5(*&4'
-4 /+.(, 0)5+(. 4'1& *)*(.& -&0 (/0&,5&0
88&5*+8 2)9&, (,,4&.
( -4'1& 2)9&,,& -& . (/0&,5& &0* 4, (4*'& '(*+) -1'+71 -4 *(4C -& ;'(7+*1 )/*&,4 &, -+7+0(,* .( -4'1& *)*(.& -&0 (/0&,5&0 =(' .& ,)2/'& - (/0&,5&0 )2/'& *)*(. - :&4'&0 F -& I)4'0G - (/0&,5&
)2/'& - (/0&,5&0 &* +,-+5(*&4' ( 4,& 7(.&4' -& 5.+;,)*(,* 2(+0 -)+* B*'& 4*+.+01 (7&5 ='4-&,5& 5(' +. ,& =&'2&* =(0 - )/0&'7&' .( '1=('*+*+), -&0 (/0&,*0 , (4*'& +,-+5(*&4' .( 8'1<4&,5& 2)9&,,& =&4* B*'& 5(.54.1 &, -+7+0(,* .& ,)2/'& - (/0&,5&0 =(' . &88&5*+8 2)9&, (,,4&. )2/'& - (/0&,5&0
88&5*+8 2)9&, (,,4&.
& '(*+) +,-+<4& 0+2=.&2&,* .& ,)2/'& - (/0&,5&0 =(' 0(.('+1 (4*'&0 '(*+)0 =&47&,* B*'& 5(.54.10 @ =('*+' -&0 2)*+80 - (/0&,5&0 )4 -&0 5(*1;)'+&0 =')8&00+),,&..&0 )4 &, 5)2/+,(,* .&0 -&4C & 5:)+C -&0 +,-+5(*&4'0 @ '&*&,+' 0&'( 8),5*+), -&0 )/I&5*+80 7+010
&.( =)0& .( <4&0*+),
-& .( 7(.+-+*1 -& 5&0 +,-+5(*&4'0 & 04'5')E* -&0 21*:)-).);+&0 -+881'&,*&0 ),* 0)47&,* 1*1 (-)=*1&0 =(' .&0 -+7&'0 (4*&4'0 5& <4+ '&,- =')/.12(*+<4&0 .&4'0 5),5.40+),0
&=&,-(,* +. ( 1*1 -12),*'1
0*(*+0*+<4&2&,* <4& .( 8'1<4&,5& 1*(+* /&(45)4= =.40 0+;,+8+5(*+7& <4& .( -4'1& 5)22& /(0& -& 5(.54. -& . (/0&,*1+02& &.), .&0 )/I&5*+80 .&0 +,-+5(*&4'0 5:)+0+0 0&'),* -+881'&,*0 "(' &C&2=.& 0 +. 0 (;+* - 17(.4&' .( '124,1'(*+), -&0 (/0&,5&0 +. 5),7+&,-'( - &, ='15+0&' .( -4'1& &* .&0 2)*+80 =(' +,-+7+-4 + . ), 7&4* '10)4-'& .&0 =')/.32&0 &* -),5 +-&,*+8+&' .&0 5(40&0 -&0 (/0&,5&0 +. +2=)'*& -& 5),,(E*'& .( 8'1<4&,5& &* .( -4'1& -&0 (/0&,5&0 =(' 0&'7+5& =(' 5(*1;)'+& =')8&00+),,&..& &* =(' +,-+7+-40
,' * &0 5)6*0 -& . (/0&,*1+02& ,& 0& /)',&,* =(0 0&4.&2&,* @ .( '124,1'(*+), -&0 (/0&,*0 =(91& =(' . &,*'&='+0&
2(+0 5)2='&,,&,* - (4*'&0 1.12&,*0 *&.0 <4&
.&0 :&4'&0
04==.12&,*(+'&0 &88&5*41&0 =)4' '&2=.(5&' . (/0&,* . &2/(45:& -& =&'0),,&. 04==.12&,*(+'& .&0 17&,*4&..&0 -+2+,4*+),0 -& =')-45*+), .&0 -+2+,4*+),0 -& .( <4(.+*1 . (55')+00&2&,* -& .( 8'1<4&,5& -& . &,*'&*+&, .&0 8'(+0 -& 0*'45*4'& . (2)'*+00&2&,* &0 5)6*0 -& . (/0&,*1+02& =&47&,* B*'& 04/-+7+010 &, 5)6*0 -+'&5*0 &* 5)6*0 +,-+'&5*0 &0 5)6*0 -+'&5*0 0&.),
" #
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•
&0 8'(+0 &,;(;10 =)4' =(..+&' . (/0&,*1+02& 0)40 8)'2& - :&4'&0 04==.12&,*(+'&0 - &2/(45:& -& *'(7(+..&4'0 +,*1'+2(+'&0 )4 -& 0)40>*'(+*(,5& N
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&0 5)6*0 -+'&5*0 ,), =')=)'*+),,&.0 5),5&',&,* .&0 5)6*0 - )';(,+0(*+), 5 &0* @ -+'& .& *&2=0 =(001 =(' . &,5(-'&2&,* =)4' '10)4-'& .& =')/.32& =)01 =(' . (/0&,*1+02& .& *&2=0 =(001 =)4' *')47&' 4, '&2=.(K(,* &* .& 2&**'& (4 5)4'(,* (+,0+ <4& .&0 5)6*0 -& ;&0*+), +,5.4(,* .( *&,4& -& -)00+&' &* .&0 )=1'(*+),0 (-2+,+0*'(*+7&0
•
&0 5)6*0 +,-+'&5*0 +,5.4&,* .( -+2+,4*+), -& .( =')-45*+7+*1 )4 -(,0 .& 5(0 - 4, '&2=.(5&2&,* . 15('* &,*'& .& '&,-&2&,* -& . (/0&,* &* 5&.4+ -4 '&2=.(K(,* N .( -+2+,4*+), -& .( <4(.+*1 -&0 =')-4+*0
. (55')+00&2&,* -4 *(4C -& '&/4*0
. (55')+00&2&,* -&0 '&*('-0 -& .+7'(+0), =)47(,* &,*'(E,&' .( =&'*& -& 5)22(,-& &* .( -1;'(-(*+), -& . +2(;& -& 2('<4& -& . &,*'&='+0& N . (4;2&,*(*+), -& .( 8'1<4&,5& -& . &,*'&*+&,
")4' 2+&4C 8(+'& '&00)'*+' . +2=)'*(,5& -& . (/0&,*1+02& ), =&4* (7)+' +,*1'B* @ '&5)4'+' @ 4, '(*+) 5)2='&,(,* .& 5)6* *)*(. -& . (/0&,*1+02& @ .( 2(00& -&0 0(.(+'&0 . &0* 1;(.&2&,* =)00+/.& -& 5(.54.&' .& 5)6* -& T - (/0&,*1+02& @ =('*+' -4 '(*+) 04+7(,* )6* -& . (/0&,*1+02&R (00& 0(.('+(.&
(4C -& . (/0&,*1+02& & *(4C -& . (/0&,*1+02& &0* 5(.54.1 +5+ &, '(==)'*(,* .& ,)2/'& - :&4'&0 - (/0&,*1+02& (4 ,)2/'& - :&4'&0 *:1)'+<4&2&,* *'(7(+..1&0 .4+>2B2& )/*&,4 &, 24.*+=.+(,* . &88&5*+8 +,05'+* =(' .& ,)2/'& -& I)4',1&0 )4 - :&4'&0 )47'1&0 -4 2)+0 )4 -& . (,,1& &0 '104.*(*0 -& -+7&'0 (4-+*0 0)5+(4C ),* 2),*'1 <4& T - (/0&,*1+02& 1<4+7(.(+* 0&.), .&0 &,*'&='+0&0 @ 4, =)4'5&,*(;& -& .( 2(00& 0(.('+(.& 5)2='+0 &,*'& !
&* ! ?T
-' * 4*+.+0(*+), - +,-+5(*&4'0 &* .& 5(.54. -&0 5)6*0 , ),* -& 0&,0 <4& 0+ ( 1*1 (=='15+1& .( 8+(/+.+*1 -&0 +,8)'2(*+),0 '&54&+..+&0 +,0+ -(,0 4,& &,*'&='+0& (7(+*>), ='+0 . :(/+*4-& -& 5)2=*&' =)4' .&0 ,)47&(4C &2/(45:10 .( =1'+)-& 0 15)4.(,* &,*'& .& - (/0&,5&
&'
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. 5),7+&,-'( -),5 -& 71'+8+&' .&0 2)-&0 -& 5(.54. -& . (/0&,*1+02& &* -& 7)+' 0+ .&0 21*:)-&0 04+7+&0 0),* :)2);3,&0 N -15)2=*&>*>), . (/0&,*1+02& =(' :&4'& =(' -&2+> I)4',1& =(' I)4',1& L 4 &, &0*>+. =)4' .&0 5(-'&0 &* .( 2(E*'+0& L . 8(4-'( &,8+, 0 (004'&' -& . &C+0*&,5& -& =')51-4'&0 15'+*&0 F,)*&0 -& 0&'7+5& +,0*'45*+),0 &*5 G 5),5&',(,* .& '&54&+. -&0 -),,1&0 - (/0&,5&
, 5)2=('&'( .&0 -+7&'0
-)542&,*0 =)'*(,* 04' . (/0&,*1+02& (8+, -& 71'+8+&' -&0 15('*0 17&,*4&.0 &0* 0&4.&2&,* @ =('*+' -& -),,1&0 &C(5*&0 <4& . (,(.90& -& . (/0&,*1+02& =)4''( 71'+*(/.&2&,* B*'& &,*'&='+0
. % ) *
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&**& 21*:)-& .( =.40 .(';&2&,* 4*+.+01& 5),0+0*& @ 2&**'& &, 17+-&,5& .&0 5('(5*1'+0*+<4&0 2)9&,,&0 -&0 =)=4.(*+),0 (/0&,*&0 &..&0>5+ 0),* -15)2=)01&0 =(' (*&.+&'0 )4 0&'7+5& - (==('*&,(,5& (;& 0&C& 8)'2(*+), +,+*+(.& <4(.+8+5(*+), (,5+&,,&*1 0*(*4* 8(2+.+(. &*:,+& *(+..& -& 8(2+..& (;& -&0 &,8(,*0 1.)+;,&2&,* -4 -)2+5+.& &*5 5&'*(+,&0 5('(5*1'+0*+<4&0 -&0 =)=4.(*+),0 (/0&,*&0 0),* 0)47&,* 5),0+-1'1&0 5)22& -&0 5(40&0 -& . (/0&,*1+02& ( 21*:)-& - (,(.90& =(' -15)2=)0+*+), -&0 =)=4.(*+),0 &, 5('(5*1'+0*+<4&0 &0*+21&0 =&'*+,&,*0 =&'2&* @ . (4-+*&4' - )'+&,*&' 0), +,7&0*+;(*+), 04' .&0 =)=4.(*+),0 0+;,+8+5(*+7&2&,* .&0 =.40 (/0&,*&0
&**& 21*:)-& -)+* B*'& 5&=&,-(,* 5)2=.1*1 =(' . (,(.90& +,-+7+-4&..& -&0
(/0&,*0
+' * /
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- (/0&,5&0 &* 0),* 0)47&,* '&0=),0(/.&0 - 4, =)4'5&,*(;& +2=)'*(,* -& . (/0&,5& *)*(.& ")4' -15)47'+' 5&**& -+0=('+*1 +. &0* ,15&00(+'& -& =')51-&' @ -&0 (,(.90&0 -& '1=('*+*+),0 8),-1&0 04' .( .)+ -+*& -& !R$! 2(+0 5&0 =')=)'*+),0 7('+&,* 0&.), .&0 &,*'&='+0&0 1;(.&2&,* -& ='1-+'& . (/0&,*1+02& &* -),5 .&0 '+0<4&0 &,5)4'40
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=:1,)23,& 04' 4,& -4'1& =.40 .),;4& ,& 8)+0 <4& .&0 2&2/'&0 -4 =&'0),,&. (==('*&,(,* (4 -&',+&' -15+.& &* (4 -&',+&' <4('*+.& (4'),* 1*1 +-&,*+8+10 +. &0* ,15&00(+'& -& =')51-&' @ 4, -+(;,)0*+5 -&0 5(40&0 -& .&4' 5)2=)'*&2&,*
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8),5*+), -& .( 2)*+7(*+), @ B*'& ='10&,* &..&>2B2& -1*&'2+,1& -+'&5*&2&,* =(' .( 5(=(5+*1 -& ='10&,5& -4 0(.('+1 -&0 5),*'(+,*&0 <4+ =&47&,* 0 &C&'5&' 04' .4+ &* -& .( 0(*+08(5*+), -(,0 .& *'(7(+.
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-1*&'2+,1&0 =(' .&0 5('(5*1'+0*+<4&0 =&'0),,&..&0 -1,)221&0 +5+ J 5('(5*1'+0*+<4&0 &C*&',&0 M & 2)-3.& =&'2&* -& 2+&4C (=='15+&' .( 5)2=.&C+*1 -&0 '&.(*+),0 &* -& 7)+' <4& .&0 &C=.+5(*+),0 0)47&,* (7(,51&0 =(' &C&2=.& 5&..&0 4,+00(,* . (/0&,*1+02& . (;& )4 .& 0&C& =(' &C&2=.& 0),* 0)47&,* .)+, -& '&='10&,*&' .( '1(.+*1 -4 8(+* -& ,)2/'&40&0 7('+(/.&0 &, ='10&,5& (G
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+,0+ .&0
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+' *
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&.4+>5+
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( ='10&,*(*+), -&0 '&5)22(,-(*+),0 0&'( ='151-1& - 4,& (,(.90& -& 8(+0(/+.+*1 =('*+54.+3'&2&,* +2=)'*(,*& <4(,- ), *)45:&'( @ -&0 5(40& 2&**(,* &, I&4C .&0 '&.(*+),0 &,*'& .( 2(E*'+0& &* 0), =&'0),,&.
. ,& 8(4* =(0 )4/.+&' ,), =.40 . +,8.4&,5& -4 09,-+5(* <4+ -(,0 5&'*(+,0 5(0 =&47&,* (-)=*&' 4,& (**+*4-& @ ='+)'+ ,1;(*+7& 7+0>@>7+0 -& 5& <4 +. 5),0+-3'& 5)22& 4,& (**&+,*& (4 J -')+* @ .( 2(.(-+& M &0 '&5)22(,-(*+),0 =&47&,* =)'*&' 04' . (21.+)'(*+), -4 090*32& - +,8)'2(*+), &* 04' . (-)=*+), -& 2&04'&0 5)&'5+*+7&0 &* +,5+*(*+7&0
&0 2&04'&0 +,5+*(*+7&0 -& .4**& 5),*'&
. (/0&,*1+02& 5)2='&,,&,* &,*'& (4*'&0 -+881'&,*0 *&5:,+<4&0 *&. <4& . (21,(;&2&,* -&0 :)'(+'&0 . (21.+)'(*+), -&0 5),-+*+),0 -& *'(7(+. . +,0*(4'(*+), -& ='+2&0 -& =.(,0 - 1=(';,& 5),;1 .( ='+0& &, 5)2=*& -& . (/0&,*1+02& =)4' .& ,), =')2)*+), )4 .& '&840 - (4;2&,*(*+), +,-+7+-4&. 2(+0 1;(.&2&,* -&0 2&04'&0 *&,-(,* @ (21.+)'&' .&0 '&.(*+),0 &,*'& .&0 0(.('+10 &* .&4'0 04=1'+&4'0 :+1'('5:+<4&0 &0 '&5)22(,-(*+),0 -)+7&,* 8(+'& . )/I&* - 1*4-& (==')8),-+& &* - 4,& 5),5&'*(*+), (7&5 .& '&0=),0(/.& -4 =&'0),,&. &* .( :+1'('5:+& . 0 (;+* @ .( .+2+*& - 4,& =:(0& -& 2+0& &, O47'& -(,0 .(<4&..& . (4-+*&4' , ( =(0 @ +,*&'7&,+' -(,0 -& ,)2/'&4C 5(0 (4-+* -& . (/0&,*1+02& 5),-4+* 0)47&,* . (4-+*&4' &* .&0 '&0=),0(/.&0 -& =&'0),,&.0 @ (/)'-&' -&0 =')/.32&0 .+10 @ .( 0(*+08(5*+), &* @ .( 2)*+7(*+), -4 =&'0),,&. 5&.( ,15&00+*& <4&.<4&8)+0 -&0 (4-+*0 =)'*(,* 04' 4,& 0)40>8),5*+), -& =&'0),,&. )4 4, =)+,* =('*+54.+&' -(,0 . 4,& - &,*'& &..&0 '&='10&,*(,* 4,& -&0 5(40&0 =)00+/.&0 -&0 -+08),5*+),,&2&,*0 1*4-+10
'
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) * &88&5*+8 , &0* <4 (==('&22&,* 4,& ,)*+), 0+2=.& +. &, &C+0*& (4 2)+,0 4,& -+W(+,& -& -18+,+*+),0 <4+ -+881'&,* 0&.), . (55&=*+), '&*&,4& 5)22& . &88&5*+8 +,05'+* *:1)'+<4& =&'2(,&,* 8+05(. =(91 ='10&,* (4 *'(7(+. <4+ 5:(54,& ),* 4,& 4*+.+0(*+), =)00+/.& -+881'&,*& &88&5*+8 +,05'+* (4 '&;+0*'& -4 =&'0),,&. =&4* B*'& (=='1:&,-1 =(' -+7&'0 +,-+5(*&4'0 . &88&5*+8 +,0*(,*(,1 (4
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&88&5*+8 =&'2(,&,* -(,0 .& /+.(, 0)5+(. +,5.4* .&0 0(.('+10 @ *&2=0 =.&+,0 *+*4.(+'&0 - 4, 5),*'(* -& *'(7(+. @ -4'1& +,-1*&'2+,1& +,05'+*0 @ . &88&5*+8 =&,-(,* *)4*& . (,,1& 5),0+-1'1&
, 0),* -),5 &C5.40 .&0 *+*4.(+'&0 -& 5),*'(*0 @ -4'1& -1*&'2+,1& (+,0+ <4& .&0
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
+' * /
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
&0 *'(,5:&0 5:)+0+&0 0),* .& =.40
0)47&,* 8),5*+), -&0 5.(40&0 -& .( 5),7&,*+), 5)..&5*+7& . &0* 1;(.&2&,* =)00+/.& -& 5(.54.&' -&0 +,-+5&0 -& 0*(/+.+*1 5)22& = #*2)' ,' 5')+#&&'+ 404&$ 5/1+ , 1& 4& , 4&-%'&&'$6 41 (('-$%( 5')*4&'&$
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) *0 ( ;&0*+), ='17+0+),,&..& -4 =&'0),,&. '&5)47'& .&0 =).+*+<4&0 090*32&0 &* =')51-4'&0 <4+ ),* =)4' /4* -& 0 (004'&' <4& .& ,)2/'& (==')='+1 -& =&'0),,&0 (9(,* .&0 <4(.+8+5(*+),0 &* 0=15+8+5(*+),0 -),* . &,*'&='+0& ( /&0)+, =)4' '1(.+0&' 0&0 )/I&5*+80 @ 5)4'* &* .),; *&'2& 0&'( -+0=),+/.& &, *&2=0 4*+.& &* (4C .+&4C 7)4.40 ( ;&0*+), ='17+0+),,&..& -4 =&'0),,&. ,& *'(+*& <4& -& =')/.32&0 5)..&5*+80 . (55&,* &0* -),5 2+0 +5+ 04' . &,*'&='+0& &* ,), 04' . +,-+7+-4
..& &0* .+1& @ .( =')-45*+7+*1 @ .),; *&'2& &*
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+' * 0
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5)2=('&' .&0 '104.*(*0 (4C )/I&5*+80 N .&0 04+7(,*&0 @ &C(2+,&' - (/)'- .&0 =).+*+<4&0 &* ='(*+<4&0 4*+.+01&0 =)4' -18+,+' .&0 /&0)+,0 &* .&0 '&00)4'5&0 :42(+,&0 &,04+*& .&0 090*32&0 /(010 04' -&0 =')51-4'&0 -& -15+0+), 5)224,+5(*+), &* 5),*'D.& &, 7+;4&4' -(,0 .( =.(,+8+5(*+), &,8+, @ 1*4-+&' .( '1=('*+*+), -&0 '&0=),0(/+.+*10 &, 5& -)2(+,& •
%48&#+$%- 86&6)4/ ")4' .& '1(.+0&' 4, 5&'*(+, ,)2/'& - +,-+5(*&4'0 0&'),* '&*&,40 =)4' 5&',&' -&0 '104.*(*0
F04' )4 0)40>&88&5*+80 =(' &C&2=.&G
&0 )/I&5*+80 8)'2(.+010 0&'),* 5)2=('10 (4C '104.*(*0 &*
8&'),* -(,0 .& 5(0 )H +.0 , ),* =(0 1*1 (**&+,*0 . )/I&* - 4,& (,(.90& -& 5):1'&,5& (7&5 5&4C 8+C10 =)4' - (4*'&0 0)40>8),5*+), -& =&'0),,&. &* (7&5 5&4C ;1,1'(4C -& . &,*'&='+0& •
6(%&%$%#& ,'+ 2'+#%&+ ( -18+,+*+), -&0 /&0)+,0 -& =&'0),,&. '1=),- (4C <4&0*+),0 5),5&',(,* .& ,)2/'& -&
=&'0),,&0 -10+'1&0 (9(,* 4,& <4(.+8+5(*+), &* 5)2=1*&,5& -1*&'2+,1&0 =)4' )554=&' 4, =)0*& &* -),* .&0 0=15+8+5(*+),0 -)+7&,* B*'& ='15+01&0 @ 4, 2)2&,* -),,1 -1*&'2+,&' .( <4(,*+*1 <4(.+*1 .)5(.+0(*+), &* *&2=0
. 0 (;+* -),5 -&
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5)''&0=),- @ 5&..& -& .( -&2(,-& -& . &,*'&='+0& •
6$')*%&4$%#& ,'+ )'++#1)-'+ &0 '&00)4'5&0 :42(+,&0 5)''&0=),-&,* @ 4,& )88'& <4+ =&4* B*'& (004'1& 0)+* =(' -&0
0)4'5&0 +,*&',&0 0)+* =(' .& '&5)4'0 (4C 2('5:10 -4 *'(7(+. &C*&',&0 ( -18+,+*+), -&0 '&00)4'5&0 :42(+,&0 -)+* 0 (==49&' 04' -&0 +,8)'2(*+),0 8+(/.&0 &* 7(.+-&0 5),5&',(,* .&0 &88&5*+80 -4 =&'0),,&. &C+0*(,* =(' <4(.+8+5(*+), ,+7&(4 -& =&'8)'2(,5& =)*&,*+&.
&5+ +2=.+<4& 4,& 5):1'&,5& -&0 +,8)'2(*+),0 -1*&,4&0 =(' .&0 -+881'&,*0 0&'7+5&0
F-1=('*&2&,* -& =&'0),,&. +,8)'2(*+<4& =')-45*+), 2('X&*+,; &*5 G •
654)$%$%#& ,'+ )'+5#&+42%/%$6+ &0 15('*0 5),0*(*10 &,*'& .&0 /&0)+,0 &C+0*(,*0 &* 84*4'0 - 4,& =('* &* .&0 '&00)4'5&0
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, 2B2& *&2=0 4,& (/0&,5& -& -18+,+*+), 15'+*& &* 5.(+'& -&0
'&0=),0(/+.+*10 -(,0 .& =')5&0040 -& =.(,+8+5(*+), =&4* &,5)4'(;&' .&0 '&0=),0(/.&0
:+1'('5:+<4&0 @ 5),0+-1'&' .( ;&0*+), -4 =&'0),,&. ,), =(0 0)40 4, (,;.& ='17+0+),,&. 2(+0 04' 4,& /(0& =),5*4&..& .)'0<4& .&0 /&0)+,0 0 &, 8),* 0&,*+' •
&4/0+' ,'+ 5/4-'*'&$+ &'*(+,0 (4*&4'0 &* ='(*+5+&,0 '&5)22(,-&,* -& 5)2=.1*&' . (4-+* -& .( ;&0*+),
='17+0+),,&..& -4 =&'0),,&. =(' 4,& (,(.90& -&0 =.(5&2&,*0 5 &0*>@>-+'& -&0 =')2)*+),0 &* -&0 *'(,08&'*0 <4+ =&4* B*'& &,7+0(;1& 04' =.40+&4'0 =.(,0
5)..&5*+80 &* +,-+7+-4&.0
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-+=.D2& )4 .& =(00(;& @ *'(7&'0 4,& 8+.+3'&
,' * &0 =)+,*0 8)'*0 *)4* (4*(,* <4& .&0 =')/.32&0 17&,*4&.0 -15&.10 (4 5)4'0 -4 5),0*(* -'&001 =(' . (4-+*&4' -&7'(+&,* B*'& (=='15+10 &, *&,(,* 5)2=*& -&0 5),*'(+,*&0 *(,* &C*&',&0 <4 +,*&',&0 <4+ =30&,* 04' . &,*'&='+0& +,0+ . (4-+*&4' (7&5 . (+-& -&0 ='+,5+=(4C '&0=),0(/.&0 -&7'( 1*(/.+' .& =)+-0 -&0 5),*'(+,*&0 *&,(,* @ .( .1;+0.(*+), @ . &,7+'),,&2&,* 15),)2+<4& @ .( 0+*4(*+), 04' .& 2('5:1 -4 *'(7(+. @ .( 09,-+5(.+0(*+), -(,0 . &,*'&='+0& (4 5('(5*3'& -&0 0*(*4*0 -4 =&'0),,&.
/ & '&5'4*&2&,* &0* &, 8(+* .( -&',+3'& )=1'(*+), =(' )'-'& 5:'),).);+<4& 5& , &0* <4 (='30 (7)+' 1=4+01 -+7&'0 2)9&,0 *&.0 <4& .( =')2)*+), +,*&',& .&0 '&5.(00&2&,*0 .&0 *'(,08&'*0 <4& .&0 &,*'&='+0&0 '&5)4'&,* (4 2('5:1 &C*&',& -& . &2=.)+ =)4' 5)2/.&' .&4'0 /&0)+,0
&0 /&0)+,0 84*4'0 &, =&'0),,&. -1=&,-&,* -+'&5*&2&,* -&0 )/I&5*+80 ;1,1'(4C -&
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
=&'8)'2(,5&0 -&0 ,)47&(4C &2/(45:10 (4 2)2&,* -& .&4' &2/(45:& &* <4&.<4& *&2=0 (='30 N - 1*4-+&' .&0 0*(*+0*+<4&0 - &2/(45:& -& *4',)7&' - &88&5*+80 =(' 5(*1;)'+& 8)'2(*+), +,+*+(.& &C=1'+&,5& <4(.+8+5(*+), -(*& &* .+&4 - &2/(45:& )'+;+,& ;1);'(=:+<4& 0&'7+5& )H .& ,)47&. &2/(45:1 ( 5)22&,51 0( 5(''+3'& &*5
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) *& & '&5'4*&2&,* +,*&',& )4 &C*&',& 5)2=)'*& 4,& 01'+& - )=1'(*+),0 <4+ =&47&,* B*'& '(,;1&0 &, 5+,< 5(*1;)'+&0
-18+,+*+), &* (,(.90& -&0 /&0)+,0 '&5:&'5:& -& 5(,-+-(*4'&0
01.&5*+), -15+0+), - &2/(45:& +,0&'*+), M ( ='&2+3'& 1*(=& 5),0+0*& @ 8)'24.&' 4,& -&2(,-& ='15+0(,* .& =)0*& @ =)4'7)+' 0&0 0=15+8+5(*+),0
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+' * /
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1,%$ ,' -#&(#)*%$6 (4-+*&4' 0 (**(5:&'( @ 71'+8+&' 0+ .&0 =')51-4'&0 0),* '&0=&5*1&0 &* 0+ .&0 ='(*+<4&0 0),*
&, 5),8)'2+*1 (7&5 .&0 )/.+;(*+),0 .1;(.&0 . 71'+8+&'( 0+ .&0 (4*)'+0(*+),0 /4-;1*(+'&0 ),* /+&, 1*1 8)'2(.+01&0 0+ .( '&5:&'5:& -& 5(,-+-(*4'& ( '&0=&5*1 .( .1;+0.(*+), 0+ .&0 5),*'(*0 -& *'(7(+.
0),* 5)2=.&*0 0+ .( 5),8+-&,*+(.+*1 &0* (004'1& 0+ . &,*'&='+0& , )4*'&=(00& =(0 0&0 -')+*0 -(,0 5&'*(+,&0 -&2(,-&0 -& '&,0&+;,&2&,*0 &*5
•
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5&'*(+, ,)2/'& - +,-+5(*&4'0 <4(,*+*(*+80 &* <4(.+*(*+80
+,0+ . (4-+*&4' 0 (**(5:&'( @ 5)2=('&'
.&0 '104.*(*0 )/*&,40 (4C )/I&5*+80 ='1(.(/.&2&,* -18+,+0 +. 71'+8+&'( =(' &C&2=.& .& '&0=&5* -&0 )/I&5*+80 -& =')2)*+), +,*&',& &, 5)2=('(,* .& ,)2/'& -& '&5'4*10 &C*&',&0 @ 5&.4+ -&0 =')240 =(' 5(*1;)'+& =')8&00+),,&..& . 71'+8+&'( 1;(.&2&,* @ <4&. 5)6* 5&0 )=1'(*+),0 ),* 1*1 '1(.+01&0
( <4(.+*1 -&0
'&5'4*&2&,*0 F+,*&',&0 &* &C*&',&0G =)4''( B*'& 17(.41& @ =('*+' - (=='15+(*+),0 =)'*1&0 =(' .( :+1'('5:+& 04' .&0 =&'8)'2(,5&0 -&0 ,)47&(4C &2/(45:10 (+,0+ <4& .& *&2=0 2+0 =)4' 5)2/.&' .&0 /&0)+,0 -15.('10
. 5),7+&,-'( +5+ &,5)'& -& *&,+' 5)2=*& -& .( 7(.&4' -&0 +,-+5&0 -&
0*(/+.+*1 -& ,)47&(4C &2/(45:10 ,8+, . (,(.90& -&0 *(4C -& *4',)7&' -&0 ,)47&(4C &2/(45:10 =)4''( 5),-4+'& @ 4,& 1*4-& =.40 (==')8),-+& 04' .&0 2)*+7(*+),0 -&0 =('*(,*0 &* (/)4*+' (+,0+ @ .( 2+0& &, 17+-&,5& - 4, 5&'*(+, ,)2/'& -& =')/.32&0 (=='15+(*+), -& . &88+5(5+*1 &* -& . &88+5+&,5& =&'2&* -& =)'*&' 4, I4;&2&,* 2B2& (==')C+2(*+8 04' .&0 '+0<4&0 &,5)4'40 =(' . &,*'&='+0&
,' * 0 &0 15('*0 5),0*(*10 =&47&,* B*'& &C=.+<410 =(' 4, 5&'*(+, ,)2/'& -& 5(40&0 (**&0*1&0 =(' -&0 +,-+5(*&4'0 &* -&0 8(+*0
5&4C>5+ 0),* )/*&,40 @ . +004& - (,(.90&0 =)'*(,* 04' .(
5):1'&,5& -&0 )/I&5*+80 -& '&5'4*&2&,* (7&5 5&4C -&0 (4*'&0 8),5*+),0 &* (7&5 .&0 )/I&5*+80 ;1,1'(4C -& . &,*'&='+0&
& ,),>'&0=&5* -&0 =')51-4'&0 .&4' ,),>=&'*+,&,5& )4 .&4' (/0&,5&
2(+0 (400+ 17&,*4&..&2&,* .( 8)'2(*+), ,), (-(=*1& -&0 '&5'4*&4'0 )4 -&0 +,*&'7+&U&4'0 0),* 1;(.&2&,* -&0 +,-+5(*&4'0 @ '&*&,+' &0* &, &88&* (4 74 -& .( 7(.&4' -&0 +,-+5(*&4'0 '&*&,40 <4& . (4-+*&4' =)4''( -+(;,)0*+<4&' .&0 5(40&0 -&0 =')/.32&0 &* =')=)0&' -&0 '&5)22(,-(*+),0 &0 (,(.90&0 5)2=.1*1&0 =(' 5&..&0 =)'*(,* 04' . &C+0*&,5& &* .& '&0=&5* -&0 =')51-4'&0 =&'2&**'),* @ . (4-+*&4' - 1*(/.+' 4,& .+0*& -& 5(40&0 -&0 =')/.32&0 17&,*4&.0 -15&.10 -& .&0 :+1'('5:+0&' &* - 1*(/.+' -&0 '&5)22(,-(*+),0
*+*'& - &C&2=.& .&0 5),5.40+),0 - 4, (4-+* 04' .& '&5'4*&2&,* ),* 1*1 .&0 04+7(,*&0 •
+0& &, =.(5& - 4, 090*32& - +,8)'2(*+), 04' .&0 ,)47&(4C &2/(45:10 N
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=').),;&2&,* -& . (4-+* 8+,(,5+&' &* . (/)'-&,* ;1,1'(.&2&,* -(,0 4,& )=*+<4& -& 71'+8+5(*+), 5)2=*(/.& &* - (4-+* )=1'(*+),,&.
, &88&* *)4*& 2(,+=4.(*+), -& 8),-0 =&4* &,*'(E,&' -&0
8'(4-&0 &* -&0 &''&4'0 0& *'(-4+0(,* &, *)4* 1*(* -& 5(40& =(' -&0 =&'*&0 =)4' . &,*'&='+0& 40(;& -& . +,8)'2(*+<4& ( &,5)'& (55'4 .&0 '+0<4&0 <4& =&4* 8(+'& 5)4'+' .( 8),5*+), =(9& @ . &,*'&='+0&
, )4*'& 5& -)2(+,& &0* =.40 (+012&,* 5),*'D.(/.& <4& .&0 (4*'&0 8),5*+),0 -&
=&'0),,&. =(' 0), 5('(5*3'& <4(,*+*(*+8 .&0 (4-+*&4'0 9 7)9(+&,* -),5 4, =').),;&2&,* ,(*4'&. -& . (4-+* 8+,(,5+&'
&=&,-(,* @ . :&4'& (5*4&..& .( =&'0=&5*+7& (-)=*1& =)4' (4-+*&' .( =(9&
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& 71'+8+&' .( 5),8)'2+*1 -&0 ='(*+<4&0 (7&5 .( .1;+0.(*+), &* .&0 =')51-4'&0 &, 7+;4&4' -(,0 . &,*'&='+0& N
• •
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. 71'+8+& =(' &C&2=.& <4& .&0 *&2=0 '&*&,40 =(' .&0
=)+,*&(4C 0),* '1&..&2&,* 5),*'D.(/.&0 =(' .& 0&'7+5& =(9& N <4& .&0 5)''&5*+),0 -& *&2=0 8),* . )/I&* -& .+0*&0 '15(=+*4.(*+7&0 -62&,* (==')471&0 =(' 4, '&0=),0(/.& N <4& .&0 :&4'&0 -& ='10&,5& 5)''&0=),-&,* /+&, (4C :&4'&0 '&*&,4&0 =)4' .( 5)2=*(/+.+*1 (,(.9*+<4& &0 2)-&0 -& 5),*'D.& &C&'510 7('+&,* 5&=&,-(,* &, 8),5*+), -4 *9=& -& =)=4.(*+), 0(.('+1& F)47'+&' &2=.)91
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
='30 4, 5),*'D.& -&0 '104.*(*0 - (='30 -&0 I)4',(4C -& =(9& <4+ =&'2&*
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. 0 (;+* +5+ -& 71'+8+&' 0+ .&0
0)22&0 0),* /+&, 7&'01&0 @ <4+ -& -')+* -(,0 .&0 -1.(+0 +2=('*+0 0+ .&0 /4..&*+,0 -& 0(.(+'&0 0),* 5)2='1:&,0+/.&0 0+ .&0 5),-+*+),0 -(,0 .&0<4&..&0 .&0 8),-0 0),* *'(,0=)'*10 )88'&,* *)4*&0 .&0 ;('(,*+&0 -& 0154'+*1 &'*(+,0 +,-+5(*&4'0 0),* 4*+.+010 =)4' 71'+8+&' .&0 5),5)'-(,5&0 =(' &C&2=.& &,*'& .&0 0)'*+&0 -& 7(.&4'0 &* .&0 *)*(4C /'4*0 +2=)0(/.&0 &* .&0 *)*(4C ,&*0 @ =(9&'
(4-+*&4' &C(2+,&
0+ .& =(+&2&,* -&0 5:(';&0 )/.+;(*)+'&0 &* ,), )/.+;(*)+'&0 @ -+7&'0 )';(,+02&0 &0* &88&5*41 @ *&2=0 -& 8(K), &C(5*&
(4-+*&4' 71'+8+& 1;(.&2&,* .& 2),*(,* -&0 '&2/)4'0&2&,*0 -&0
+,-&2,+*10 2(.(-+& )4 -&0 8'(+0 21-+5(4C =(' .( 0154'+*1 0)5+(.&
&0 '&-'&00&2&,*0 =&47&,*
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&0 '124,1'(*+),0 -& -+881'&,*&0 5(*1;)'+&0 F=&'0),,&.
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5),5)'-(,5& &,*'& .&0 5:+88'&0 8)4',+0 =(' -+881'&,*0 0&'7+5&0 '&,- -+88+5+.& .& 5),*'D.& -&0 17).4*+),0 -& .( 2(00& 0(.('+(.& +,0+ -&7'),* B*'& ='15+010 .&0 'D.&0 '&0=&5*+80 -& .( -+'&5*+), -& .( :+1'('5:+& &* -&0 -+881'&,*0 0&'7+5&0 <4+ 0),* (400+ -&0 (5*&4'0 -(,0 .& =')5&0040 5)22& .( -+'&5*+), -4 =&'0),,&. .& 0&'7+5& =(+& .&0 =)+,*&(4C .& 5),*'D.& -& ;&0*+), . +,8)'2(*+<4& )4 .&0 09,-+5(*0 .0 &C&'5&,* &, &88&* 4,& +,8.4&,5& 04' .& ,+7&(4 -&0 -1=&,0&0 .& *9=& -& 5),*'D.& .( ='15+0+),
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'+0<4& - &,*'(E,&' -&0 +,5):1'&,5&0 -&0 '&-),-(,5&0 )4 -&0 (/0&,5&0 -& 5),*'D.& 0& *'(-4+0(,* 8+,(.&2&,* =(' -&0 5)6*0 +2=)'*(,*0 0)47&,* +;,)'10 .( 04+*& -&0 5),0*(*0 . (4-+*&4' =&4* B*'& (2&,1 @ 0& =&,5:&' 04' -&0 1.12&,*0 =('*+54.+&'0 -& .( '124,1'(*+), F:&4'&0 04==.12&,*(+'&0
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) *0 ( 0*'45*4'& 0(.('+(.& ,& 0(4'(+* B*'& 5),8),-4& (7&5 5&..& -& .( ,+(00& -&0 0(.(+'&0 =(' ;'(,-&0 5(*1;)'+&0 F0(.(+'&0 -& /(0& ='+2&0 :&4'&0 04==.12&,*(+'&0 5:(';&0 &*5 G
&..&
'&5)47'& .& 090*32& .+(,* .&0 -+881'&,*0 ,+7&(4C -& 0(.(+'&0 =(910 =(' . &,*'&='+0& ".40 ='15+012&,* .( 0*'45*4'& 0(.('+(.& &0* . &,0&2/.& -&0 =.(;&0 -& 0(.(+'&0 -),* .( =');'&00+), *+&,* 5)2=*& -&0 15('*0 -& '124,1'(*+), &,*'& -&0 =)0*&0 -& ,+7&(4C -+881'&,*0 &* -),* . 1*&,-4& )4 .( -+0=&'0+), -(,0 5:(<4& 5.(00& =&'2&* -& *&,+' 5)2=*& -&0 -+881'&,5&0 +,-+7+-4&..&0 -& =&'8)'2(,5& =(' -&0 (4;2&,*(*+),0 (4 21'+*&
+' * /
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( ='&2+3'& 1*(=& -& . (,(.90& 0)40 '10&'7& -& . )/*&,*+), -&0 -),,1&0 5),0+0*& @ '&='10&,*&' 0)40 8)'2& - 4,& 5)4'/& 0(.('+(.& .( -+0*'+/4*+), -&0 0(.(+'&0 *)4*&0 5(*1;)'+&0 5),8),-4&0 -4 =.40 /(0 (4 =.40 1.&71 &* 5& =)4' 5:(<4& =)0*&
( =&,*& -& .( -')+*& -& .(
5)4'/& )/0&'71& -),,& 4,& ='&2+3'& (==')C+2(*+), -& .( 0*'45*4'& 0(.('+(.& -& . &,*'&='+0& -(,0 ( '1(.+*1 =.40+&4'0 5)4'/&0 0(.('+(.&0 5)&C+0*&,* 5)''&0=),-(,* @ -+881'&,*&0 =)=4.(*+),0 F=(' &C&2=.& )47'+&'0 (;&,*0 -& 2(E*'+0& 5(-'&0G +-&,*+8+1&0 =(' -&0 5:(,;&2&,*0 -& =&,*& &0 ,+7&(4C -&0 0(.(+'&0 '1&.0 .&0 =.40 /(0 0),* ;1,1'(.&2&,* +,8.4&,510 =(' .( .1;+0.(*+), &* .&0 5),7&,*+),0 5)..&5*+7&0 2(+0 (400+ =(' .&0 *(4C -4 2('5:1 -4 *'(7(+. &* 7),* (+,0+ -1*&'2+,&' . 15:&..& 0(.('+(.&
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/&(45)4= =.40 +,8.4&,510 =(' .( 54.*4'& -& . &,*'&='+0& .( 5(=(5+*1 -& =(9&' -& 5&..&>5+ .&0 *(4C -&0 2('5:10 -4 *'(7(+. .&0 (4*'&0 1.12&,*0 -& .( '124,1'(*+), &* 04'*)4* .( =&'8)'2(,5& <4+ 0&'( &00&,*+&..&2&,* -1*&'2+,1& =(' .&0 '104.*(*0 )/*&,40 04' .& 2('5:1 -4 =')-4+* •
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. 17(.4(*+), -&0 *A5:&0 &* -& . 1<4+7(.&,5& -&0 &C+;&,5&0 =)4' 5:(<4& =)0*&
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5.(00&0 - &2=.)+ &0* 8),5*+), -4 ,)2/'& - &2=.)+0 -+881'&,*0 -& . 15('* &,*'& .& 0(.(+'& 2+,+242 &* 2(C+242 -(,0 . &,*'&='+0& -&0 )/I&5*+80 -&0 =).+*+<4&0 0(.('+(.&0 &* -& =')2)*+),0 2(+0 1;(.&2&,* -&0 =&'5&=*+),0 -&0 0(.('+10 5),5&',(,* .&0 -+881'&,5&0 &,*'& &2=.)+0
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(4-+* =&4* B*'& 1;(.&2&,* -15.&,5:1 @ .( 04+*& - 4,& -&2(,-& &C='&00& -& .(
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
) *0 ( 8)'2(*+), 5),5&',& *)4*& (5*+7+*1 <4+ &00(9& -1.+/1'12&,* - (21.+)'&' )4 -& 5)2=.1*&' .&0 5),,(+00(,5&0 (=*+*4-&0 &* (**+*4-&0 - 4,& =&'0),,& -(,0 0), *'(7(+. &..& 0& -+881'&,5+& -& . 1-45(*+), F)4 ='&2+3'& 8)'2(*+),G <4+ 5),5&',& 04'*)4* .& -17&.)==&2&,* =&'0),,&. &* . (5<4+0+*+), -& 5),,(+00(,5&0 &* 21*:)-).);+&0 -& /(0& ( 8)'2(*+), 5),0*+*4& 4,& (5*+7+*1 =('*+54.+3'& &, 5& 0&,0 <4 &..& 5),5&',& @ .( 8)+0 .& 0(.('+1 &* . &,*'&='+0&
0), 17(.4(*+), )/.+;1 @ *&,+' 5)2=*& @ .( 8)+0 -&0 '1(5*+),0 -&0 0(.('+10
&* -&0 )/I&5*+80 -& . &,*'&='+0& "(' (+..&4'0 .&0 -1=&,0&0 <4 &..& &,*'(E,& =)4' . &,*'&='+0& (+,0+ <4& .&0 -+881'&,*&0 =')51-4'&0 @ 04+7'& 0),* 0)42+0&0 @ -&0 )/.+;(*+),0 <4+ .+2+*&,* &, 5& -)2(+,& .( .+/&'*1 -& . &2=.)9&4' . +,-+7+-4 <4+ .( 04+*
+' *
,8+, .( 8)'2(*+), &0* 4, 5)6* &, *&'2&0 - &88)'*0 =)4'
( 8)'2(*+), =&4* B*'& 5),K4& 5)22& 4, =')5&0040 (,(.901 &, *&'2&0 -& 090*32& -(,0 .&<4&. -&0 '&00)4'5&0 0),* 4*+.+01&0 =)4' '1(.+0&' -&0 (5*+7+*10 <4+ &,*'(E,&'),* -&0 '104.*(*0 &0 '&00)4'5&0 '&5)47'&,* . &,0&2/.& -&0 2)9&,0 2+0 &, O47'& F0&'7+5&0 -& 8)'2(*+), 0(.(+'& -&0 8)'210 &* -&0 8)'2(*&4'0 +,*&',&0 &*5 G
.&0 (5*+7+*10 -& 8)'2(*+),
+,5.4&,* .&0 2(*1'+(4C 4*+.+010 =)4' .( 8)'2(*+), .&0 2(*1'+&.0 =1-(;);+<4&0 . )';(,+0(*+), -& .( 8)'2(*+),
,8+, .&0 (5*+),0 -& 8)'2(*+), ),* =)4' '104.*(*0 -&0 5:(,;&2&,*0 -&
5)2=)'*&2&,*0 -&0 8)'210 -&0 (55')+00&2&,*0 -& =')-45*+), &*5
17(.4(*+), -& 5&0
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•
' )'-1'%/ ,'+ 2'+#%&+ &0* *:1)'+<4&2&,* &, 8),5*+), -&0 )/I&5*+80 -& . &,*'&='+0& &* -&0 0&'7+5&0 <4&
-&7'(+&,* B*'& -18+,+0 .&0 /&0)+,0
&4C>5+ =&47&,* B*'& '&54&+..+0 =(' -+7&'0&0 =')51-4'&0
15'+*&0 F<4&0*+),,(+'&0 8)'24.(+'&0G &* )'(.&0 F&,*'&*+&,0 (4='30 -& .( :+1'('5:+& &* -&0 +,*1'&0010G
& '&54&+. -&0 /&0)+,0 -&7'(+* B*'& 1*(/.+ &, 8),5*+), -&0 )/I&5*+80 =)4'04+7+0 (4
,+7&(4 -& 5:(<4& 0&'7+5& 2(+0 1;(.&2&,* &, *&,(,* 5)2=*& -& . (=='15+(*+), -&0 =&'8)'2(,5&0 =(001&0 &* -&0 =)*&,*+&.0 -& 5:(<4& =&'0),,& •
4 ,6(%&%$%#& ,'+ #23'-$%(+ )4* =');'(22& -& 8)'2(*+), -&7'(+* ='15+0&' -&0 )/I&5*+80 5 &0*>@>-+'& .&0 =)+,*0 @
(21.+)'&' (+,0+ <4& .&0 5'+*3'&0 =&'2&**(,* -& I4;&' -& . &88+5(5+*1 -&0 (5*+),0 &,*'&='+0&0 .
8(4* <4& .&0 )/I&5*+80 0)+&,* 5.(+'0 ='15+0 <4(,*+8+10 -(,0 .( 2&04'& -4 =)00+/.& &* (55&=*(/.&0 =(' .( -+'&5*+), &* .&0 0(.('+10 5),5&',10 *)4* &, 1*(,* 5):1'&,* (7&5 .( 0*'(*1;+& ;.)/(.& &0 )/I&5*+80 =&47&,* -15)4.&' -& 0+*4(*+),0 5)22& .& 5:(,;&2&,* -& 0*'45*4'& .( ,)47&..& )';(,+0(*+), -4 *'(7(+. . (-(=*(*+), -& ,)47&..&0 *&5:,).);+&0 -4&0 @ . (5:(* - 4, ,)47&(4 2(*1'+&. •
4 +6/'-$%#& ,'+ 5')+#&&'+ G (#)*') ..& 0& 8(+* &, *&,(,* 5)2=*& -&0 /&0)+,0 '&5&,010 2(+0 (400+ -&0 +2=1'(*+80 -4 0&'7+5&
&* -4 -10+' -&0 0(.('+10 -& 04+7'& 4,& 8)'2(*+), •
6(%&%$%#& ,'+ 5)#8)4**'+ &4C>5+ 0),* 5),K40 @ =('*+' -&0 )/I&5*+80 (00+;,10 (4C (5*+),0 -& 8)'2(*+), ( -18+,+*+), -&0 =');'(22&0 =)'*& ,), 0&4.&2&,* 04' .& 5),*&,4 2(+0 (400+ 04' .(
.)5(.+0(*+), -&0 0*(;&0 &* 04' .&0 21*:)-&0 =1-(;);+<4&0 <4+ -)+7&,* B*'& (-(=*1&0 (4C =4/.+50 7+010 •
' -7#%; ,'+ (#)*4$'1)+ & 5:)+C =(00& - (/)'- =(' 5&.4+ - )';(,+02&0 -& 8)'2(*+), 0)+* =(' (==&. - )88'&0 0)+* =(' 5),*(5* -+'&5* &,*'& . 4, - &,*'& &4C &* .& '&0=),0(/.& -& .( 8)'2(*+), &0 8)'2(*&4'0 0&'),* -&0 0=15+(.+0*&0 -4 5),*&,4 @ *'(,02&**'& ='(*+<4(,* .( 21*:)-&
=1-(;);+<4& 5:)+0+& (7&5 045530 &* (9(,* . :(/+*4-& -4 *9=& - (4-+*)+'& (4<4&. (==('*+&,* .&0 =&'0),,&0 @ 8)'2&' •
4-$%:%$6 ,' (#)*4$%#& ..& '&5)47'& .&0 -+7&'0&0 =:(0&0 -4 595.& - (=='&,*+00(;& &, 04+7(,* -&0 =')51-4'&0
=1-(;);+<4&0 &* &, 4*+.+0(,* -&0 2(*1'+(4C -(,0 .&0 .)5(4C 0+*410 &, -&:)'0 -4 .+&4 -& *'(7(+. =)4' 4,& -4'1& 0=15+8+1& &* @ 4, 5)6* ;1,1'(.&2&,* -1*&'2+,1 - (7(,5& •
'+ )6+1/$4$+ ,' /4 (#)*4$%#& &0 -+7&'0 '104.*(*0 -& .( 8)'2(*+), -)+7&,* B*'& /+&, -+0*+,;410 5(' 5:(54, -)+* 8(+'&
. )/I&* -& 5'+*3'&0 0=15+8+<4&0 - 17(.4(*+),
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:(,;&2&,*0 -& =&'8)'2(,5&
& ='&2+&' '104.*(* &,'&;+0*'1 &0* 5),0*+*41 =(' .&0 '1(5*+),0 -&0 8)'210 -4'(,* &* I40*& (='30 . (5*+), -& 8)'2(*+), 7+0>@>7+0 -4 8)'2(*&4' -& .( 8)'2(*+), &..&>2B2& -& .( 0+*4(*+), &* -&0 (4*'&0 8)'210 (5<4+0+*+), -&0 5),,(+00(,5&0 - (=*+*4-&0 )4 - (**+*4-&0 &0* 17(.41& (4 2)9&, -& *&0*0 =(0010 (7(,* &* (='30 . (5*+), -& 8)'2(*+), =)4' 5),0*(*&' -&0 15('*0 &* 17(.4&' .&0 '104.*(*0 +221-+(*0 -& . (=='&,*+00(;& )'0<4& .( =&'0),,& 8)'21& '&7+&,* 04' 0), .+&4 -& *'(7(+. -&0 5:(,;&2&,*0 -& 5)2=)'*&2&,* =&47&,* B*'& )/0&'710 ,)*(22&,* =(' .( :+1'('5:+&
(=='15+(*+), -& 5&0
5:(,;&2&,*0 &0* ;1,1'(.&2&,* 8(+*& -& *')+0 @ 0+C 2)+0 7)+'& 4, (, (='30 . (5*+), -& 8)'2(*+), & -&',+&' '104.*(* =)00+/.& -& .( 8)'2(*+), &0* .& 5:(,;&2&,* -& =&'8)'2(,5&0 -(,0 .& *'(7(+. <4+ =&4* B*'& (=='15+1 @ . (+-& - +,-+5(*&4'0 <4(,*+*(*+80 F(55')+00&2&,* -& .( =')-45*+7+*1
.( -+2+,4*+), -& . (/0&,*1+02&
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1,%$ ,' -#&(#)*%$6 /684/' (4-+* -& 5),8)'2+*1 .1;(.& 0&'( '1(.+01 &, 5)2=('(,* .&0 '104.*(*0 )/*&,40 &* .&0
=')51-4'&0 04+7+&0 (4C )/.+;(*+),0 .1;(.&0 &* 5),7&,*+),,&..&0 ")4' 5& 8(+'& . (4-+*&4' (4'( +,*1'B* @ 0& '&=)'*&' (4C ='+,5+=(4C *&C*&0 .1;(4C 04' .( 8)'2(*+), •
:4/14$%#& ,' / '((%-4-%$6 ")4' (,(.90&' .&0 '104.*(*0 &, *&'2& - &88+5+&,5& &* - &88+5(5+*1 . (4-+*&4' -+0=)0& - 4,
5&'*(+, ,)2/'& - +,-+5(*&4'0 (,(.90& -&0 '104.*(*0 -&0 -+881'&,*&0 (5*+),0 -& 8)'2(*+), &, *&'2&0 - &88+5+&,5& &* - &88+5(5+*1 =)4''( 0& 8(+'& - (/)'- (4 ,+7&(4 ;.)/(. &,04+*& =)4' 5&'*(+,0 =');'(22&0 =('*+54.+&'0 6:4/14$%#& 8/#24/' . &88+5+&,5& *&5:,+<4& 0&'( I4;1& (4 74 -& . (55')+00&2&,* -& .( =')-45*+), &* -& 5&..& -& .( <4(.+*1 '104.*(,* -& . (21.+)'(*+), -&0 5),,(+00(,5&0 (=*+*4-&0 &* (**+*4-&0 7+01&0 =(' .&0 -+881'&,*0 =');'(22&0 -& 8)'2(*+),
+,0+ . (21.+)'(*+), -& .(
=')-45*+7+*1 .( -+2+,4*+), -&0 '15.(2(*+),0 -&0 5.+&,*0 .( -+2+,4*+), -&0 '&*('-0 -& .+7'(+0), 0),* (4*(,* - &C&2=.&0 - +,-+5(*&4'0 <4+ =&47&,* B*'& '&*&,40 =)4' 17(.4&' . &88+5+&,5& *&5:,+<4& -& . (5*+), -& 8)'2(*+), &88+5+&,5& 15),)2+<4& =&4* B*'& (=='15+1& =(' .( 5)2=('(+0), &,*'& .&0 5)6*0 -&0 (5*+),0 -& 8)'2(*+), &* .&0 /1,18+5&0 <4+ &, 0),* '&*+'10 &88+5+&,5& 0)5+(.& 17(.41& @ =('*+' -& .( 0(*+08(5*+), -&0 0(.('+10 5),5&',(,* .&0 (5*+),0 -& 8)'2(*+), 2(+0 04'*)4* -&0 '104.*(*0 &, *&'2&0 - (21.+)'(*+), -4 5.+2(* 0)5+(.
=)47(,* B*'& 5),0*(*10 +,-+'&5*&2&,* =(' -&0 /(+00&0 -4 *4',>)7&' -& . (/0&,*1+02& &*5 &* -&0 =')2)*+),0 '1400+&0 (='30 .( 8)'2(*+), &0* &, 8),5*+), -& . (**&+,*& -&0 )/I&5*+80 '1&.0 (00+;,10 @ .( 8)'2(*+), 2(+0 1;(.&2&,* -&0 '104.*(*0 5),0*(*10 &, *&'2& -& 5)6*0 &* - &88+5+&,5&0 *&5:,+<4& &* 0)5+(.& <4& =)4''( B*'& (=='15+1& . &88+5(5+*1 -& .( 8)'2(*+), . (,(.90& -&0 -+881'&,*0 *9=&0 -&
6$')*%&4$%#& ,'+ 5)#8)4**'+ G 41,%$')
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& 5:)+C -& =');'(22&0 @ (4-+*&' =)4''( B*'& -1*&'2+,1 =(' .( 5)2=('(+0), -& 5&0
-&4C 5'+*3'&0 0&.), 4,& 21*:)-& =')=)01& =('
%
..& 04==)0& <4 4, '(,; -& 5.(00&2&,* 0)+* - (/)'- (00+;,1 (4C -+881'&,*0 =');'(22&0 =(' -+7&'0 2&2/'&0 -& .( :+1'('5:+& &* -& .( -+'&5*+), 5&**& *A5:& '&.(*+7&2&,* 04/I&5*+7& +2=.+<4& .( =('*+5+=(*+), -&0 =&'0),,&0 '&0=),0(/.&0
, )/*+&,-'( (+,0+ 4,& 01'+& -&
5.(00&2&,*0 <4 +. 0&'( ,15&00(+'& -& '1-4+'& &, 4, 0&4. &, 8(+0(,* .&0 2)9&,,&0 -&0 '(,;0 )/*&,40 =)4' 5:(<4& =');'(22&
, -&4C+32& *9=& -& 5.(00&2&,* =)4''( B*'& 1*(/.+ @ =('*+'
-&0 5)6*0 -& 5:(54, -&0 =');'(22&0 ), (00+;,&'( .& 5:&' &* (+,0+ -& 04+*& =(' )'-'& -15')+00(,*
&'
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&0 '104.*(*0 -&0 -&4C 5.(00&2&,*0 F=(' )'-'&
- +2=)'*(,5& &0*+21& =)4' . &,*'&='+0& &* =(' 5)6*0G 0&'),* (--+*+),,10 =)4' 5:(<4& =');'(22& (8+, - )/*&,+' 4, 5.(00&2&,* =),-1'1 -&0 ;(+,0 =)*&,*+&.0 =)4' . &,*'&='+0& =.40 .& 5:+88'& )/*&,4 &, (I)4*(,* .& '(,; -&0 5)6*0 &* 5&.4+ -& .( J 7(.&4' M &0*+21& =)4' . &,*'&='+0& =)4' 5:(<4& =');'(22& 0&'( 8(+/.& =.40 .&0 ;(+,0 =)*&,*+&.0 0&'),* +2=)'*(,*0 & 0),* .&0 =');'(22&0 <4+ ='10&,*&,* .&0 5.(00&2&,*0 .&0 =.40 1.&710 =)4' .&0 ;(+,0 =)*&,*+&.0 <4+ 0&'),* '&*&,40 =)4' . 17(.4(*+), (8+, -& 7)+' 0+ .( 8)'2(*+), ( &4 4, +2=(5* =)0+*+8 04' .( =&'8)'2(,5& -(,0 .& *'(7(+.
0 +-&,*+8+5(*+), -&0 =')/.32&0 @ =('*+' -4 5),0*(* -&0 15('*0 &,*'& .( 7(.&4' -&0 +,-+5(*&4'0 &* -&0 ,)'2&0 '&*&,40 -)+* B*'& =)4'04+7+& =(' 4,& (,(.90& -&0 5(40&0 &* -&0 5),01<4&,5&0 ")4' -1*&'2+,&' .&0 71'+*(/.&0 5(40&0 -&0 =')/.32&0 . (4-+*&4' 4*+.+0&'( .&0 *&5:,+<4&0 - (,(.90& -& 5):1'&,5&0 &* - ('/'& -&0 5(40&0 =&'2&**(,* - (/)4*+' @ -&0 '&5)22(,-(*+),0
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..& =&4* 0 (==.+<4&' (4C .+(+0),0 &,*'& =')51-4'&0 '104.*(*0 &*
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+' * 1 ( 2+0& &, 17+-&,5& -&0 -+881'&,*0 =')/.32&0 &* -&0 '+0<4&0 -(,0 .( 8)'2(*+), &* -& .&4'0 5(40&0
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