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A3@D3 =;3 0732B C )B/BCA=>D@//5 / ?IBH 89 GH5HIG J5B IK ?CC?D@55H 7CBHFC@9F9B 3273<7<5 => /4AB/<2 '9H 69? J5B <9H HMD9 5DD5F55H ?IBH I 89 J9FG7<=@@9B89 65G=G=BGH9@@=B;9B NC5@G 6=>J 89 ?CC?GH5B8 6=> <9H =BG7<5?9@9B J5B 89 ?CC?NCB9 J9F5B89F9B /N=B;Gj 9B K55FG7
1=>N=;9B J5B 89 =B;9GH9@89 J9FAC;9BG@=A=9H "9H GMA6CC@ C: 55BH=??9B HCH 89 ;9K9BGH9 J9FAC;9BG@=A=9H K99F;9;9J9B KCF8H 9 N9 H9 K9F? ;55B 5@G 6=> 89 57H=J9F=B; "9H GMA6CC@ C: J5B 99B K=@@9?9IF=;9 ?CC?NCB9 55BH=??9B HCH <9H GMA6CC@ 4 CD@=7
CB=;/B7A163 B782A035@38 =B ;96FI=? 9B <99:H I 89 =BGH9@@=B; B=9H J9F5B89F8 85B KCF8H 89 5IHCA5H=G7<9 H=>8G69;F9BN=B; ;957H=J99F8 "9H J9FK5FA9B J5B 89 ?CC?NCB9 KCF8H CB89F6FC?9B #B 89 ?CC?NCB9j=B8=75H=9 ?B=DD9F9B 5:K=GG9@9B8 99B 9B 99B 15BB99F I 99B K=@@9?9IF=; 698=9B=B;GJ9@8 55BF55?H J9F8K=>BH 89 =B8=75H=9 / ?IBH CDB=9IK =BGH9@@9B "9H H=>8GH=D K55FCD 89 H=>8G69;F9BN=B; 57H=9: KCF8H =G 5:<5B?9@=>? J5B 89 =B;9GH9@89 ?CC?GH5B8 HCH IIF
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.= ;//9B C 23 93@/;7A163 9==9>://B A16==< H9BGF9GH9B 9B J9HGD5HH9B J9FK=>89F9B A9H 89 G7J9B #3B//:/16B753 D3@9:3C@7<53< 09F?@9IF=B;9B CBHGH55B 8CCF CB;9G7<=?H9 G7DG9@ J5B D5BB9B 39 ?IBB9B AC9=@=>? KCF89B J9FK=>89F8 !96FI=? 6=>J DC@=G< C: G=8C@ )BN9 ?@5BH9BG9FJ=79 J9FK=>8
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1@G:/;723 7< :3D3? 57FM@5A=89 =B @9J9BGA=889@9B =G KCF8H ACA9BH99@ 8CCF GD97=5@=GH9B CB89FNC7 ;F55Bj 9B 55F85DD9@DFC8I7H9B 8=9 H=>89BG 89 69F9=8=B; GH9F? KCF89B J9F<=H NC5@G 6=>J 7<=DG J5B 55F85DD9@9B D5H5H9G :F=H9G HC5GH 6FCC8>9G 6FCC8 9B :=>B9 65?K5F9B J5B N5B8H55FH899; 6=G7I=H>9G H55=H55= GD97I@55G *7> D==
*/0:3 23 ;/B7P@3A (3;/@?C3A 7;>=@B/>@3>/@37: &9 65B895I 89 7CAA5B89 &9G :CM9FG #B8=75H9IF 89 @5 7<5@9IF F\G=8I9@@9 C7AA=< >/@ 7<2C1B7=< +I9 G=;B=:=9 7I=GGCB D5F =B8I7H=CB 5HH9F=9 89 7I=G=B9 5DDFCDF=\9 B3C@ >@7<17>/: /D31 AQ1C@7BQZ3<4/
*/0:3 23 ;/B7P@3A &9 F\J9=@ 89 7I=G=B9 =<1B7=< #3;=@G '\ACF=G9F @9 F\;@5;9 DD9@9F '9ACFM A3@D3 =;3 =<1B7=< &=E3@ #/A QA/1B7D3@ :/ 1=<47@;/B7=< 2 3@PA C< 2Q@/<53;3>/@37: CA/5Q )3@D
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7AAC@3A 2//A -= IB :CM9F 7<5I::9 G5BG EI9 @ =B8=75H9IF A5F7<9 \H9=;B9N @9 :CM9F ,=GEI9 89 6Fg@IF9G DD9@9N @9 G9FJ=79 5DF[GjJ9BH9 $3 >=A3H >/A 2 =083BA 3< ;QB/: AC@ :/ B/0:3 L 7<2C1B7=< (9 @5=GG9N D5G GIF @5 D
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>>@3>/@37: 5BG 79 7<5D=HF9 GCBH 8\7F=HG @9G 65B895IL 89 7CAA5B89 :CM9FG 9H 5::=7<5;9G #@G GCBH 8=::\F9BHG G9@CB @9 HMD9 8 5DD5F9=@ &5 BCH=79 8 IH=@=G5H=CB 9GH J5@56@9 DCIF 8=::\F9BH9G H56@9G 89 7I=GGCB @5 D5;9 JCIG HFCIJ9F9N IB9 JI9 8 9BG9A6@9 89G AC8[@9G 5J97 @9G 8=A9BG=CBG "3 0/<23/C 23 1=;;/<23 ' " ,"(' )(-* E:90 /0 =T?4>>,20 -* (&& ' )(-* 49?0==@;?0@= ;=49.4;,7 1:9.?4:9 8P8:4=0 E:90 .3,@110 ;7,?> )C@4/13A 23 1=;;/<23 ' " ,"('+ )(-* ;:>4?4:9 /0 .
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\7CBB9L=CB DDIM9N W BCIJ95I GIF @9 G9BG9IF &5 @IA=[F9 8 =B8=75H=CB G \H9=BH @5 NCB9 7<5I::9 D@5HG 9GH 8\7CBj B97H\9 <271/B3C@ 23 16/:3C@ @QA72C3::3 &5 NCB9 7<5I::9 D@5HG DCGG[89 IB9 =B8=75H=CB 89 7<5@9IF F\G=8I9@@9 9HH9 =B8=75H=CB G9FH W JCIG 5J9FH=F EI9 79HH9 NCB9 5 \H\ IH=@=G\9 9H EI 9@@9 9GH 9Bj 7CF9 7<5I89 0CIG 89J9N 8CB7 \J=H9F 89 HCI7<9F @5 NCB9 7<5I::9 D@5HG EI5B8 G 5::=7<9 79HH9 =B8=75H=CB =9B EI9 @5 H56@9 89 7I=GGCB GC=H \H9=BH9 @5 @IA=[F9 8 =B8=75H=CB 7CBH=BI9F5 W 5::=7<9F @9 GMA6C@9 F H
/7< 23 B3;>A :=@A 23 :/ 1C7AA=< 3B :3 @TB7AA/53 I :5=H EI9 79 B 9GH D5G @5 H56@9 J=HFC7\F5A=EI9 EI= 9GH 7<5I::\9 A5=G 8=F97H9A9BH @9 F\7=D=9BH =@ B M 5 D5G 89 D9FH9 89 7<5@9IF 9H @ 9::=757=H\ 9GH A9=@@9IF9 EI9 @CFG 89G A\H
0A3<13 23 @Q17>73B3C@ >@7<17>/: /D31 AQ1C@7BQZ3<4/B3C@ >@7<17>/: <1:3<16
)Q1C@7BQZ3<4/
C7@3 5BG 79 7<5D=HF9 JCIG 5DDF9B8F9N 7CAA9BH F\;@9F @9G :CM9FG 5BG @9 H56@95I JCIG HFCIJ9F9N @9G DCG=H=CBG 89 7<5I::9 9H @9G H9ADG 89 7I=GGCB DCIF 8=::\F9BHG D@5HG &9G 7CBG9=@G 7=j5DF[G JCIG 5=89FCBH W \7CBCA=G9F 89 @ \B9F;=9 )C@4/13 23 1=;;/<23 3B J97 @9G GMA6C@9G 9H 7<5I::9 GCI<5=H\9G JCIG F\;@9N @9G DCG=H=CB 89 *CG=H=CB 89 7<5I::9 DI=GG5B79 A=B=AIA *CG=H=CB 89 7<5I::9 DI=GG5B79 A5L=AIA <5EI9 :CM9F DCGG[89 IB9 DCG=H=CB 89 7<5I::9 =BH9FA\8=5=F9 @@9 9GH A5FEI\9 D5F IB DC=BH (Q5:/53A &
'C8=:=9F @5 DCG=H=CB 89 7<5I::9 79H 9::9H 9::@9IF9F @9 7<5AD CI @9 7<5AD >IGEI W 79 EI9 @5 DCG=H=CB 89 7<5I::9 GCI<5=H\9 5DD5F5=GG9 W @ 5::=7<5;9 #=27473@ :/ >=A7B7=< 23 16/C443 0CIG DCIJ9N W HCIH ACA9BH AC8=:=9F @5 DCG=H=CB 89 7<5I::9 B37<2@3 :3 4=G3@ ::@9IF9N @9 7<5AD >IGEI W @ 5DD5F=H=CB 89 9DI=G @9 B=J95I 89 DI=GG5B79 JCIG DCIJ9N D@IG :57=@9A9BH 577\89F 5I B=J95I 9B HCI7<5BH 89IL :C=G @9 75DH9IF &9 :CM9F G \H9=BH 9H 5DF[G 9BJ G97CB89G 5DD5F5`H @ =B8=75H9IF 89 7<5@9IF F\G=8I9@@
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7
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(Q5:/53A ,\;@9F @5 DCG=H=CB 89 7<5I::9 5I :CM9F 89J5BH ]HF9 IH=@=G\ 5J97 @5 :CB7H=CB A=BIH9F=9 ::@9IF9F G=AI@H5B\A9BH @9G GMA6C@9G 9H & 5::=7<5;9 8I :CM9F GCI<5=H\ 7@=;BCH9 @ 5::=7<5;9 89 A=BIH9F=9 7@=;BCH9 -= JCIG G\@97H=CBB9N IB 5IHF9 :CM9F 9::@9IF9N 5IH5BH 89 :C=G EI9 B\79GG5=F9 @9 GMA6C@9 9H G=AI@H5B\A9BH >IGEI W 79 EI9 @ 5::=7<5;9 8I :CM9F GCI<5=H\ 7@=;BCH9 ::@9IF9F @9 GMA6C@9 CI @9 GMA6C@9 &5 J5@9IF 89 F\:\F9B79 5DD5F5`H B 75G 89 A=BIH9G 9B 75G 89 A=BIH9G & 5::=7<5
(3;/@?C3A 0CIG JCI@9N =BH9FFC;9F @5 8IF\9 F9GH5BH9 DCIF IB :CM9Fi ::@9IF9F 5IH5BH 89 :C=G EI9 B\79GG5=F9 @9 GMA6C@9 9H G=AI@H5B\A9BH >IGEI W 79 EI9 @ 5::=7<5;9 DCIF @9 :CM9F 7CFF9GDCB85BH 7@=;BCH9 &5 8IF\9 5DD5F5`H D9B85BH G97CB89G 0CIG DCIJ9N F\;@9F IB9 8IF\9 >IGEI W A=BIH9G &5 @=A=H5H=CB 5IHCA5H=EI9 8I H9ADG 9GH \;5@9A9BH 57H=J9 @CFG 89 @5 :CB7H=CB A=BIH9F=9 &5 :CB7H=CB A=BIH9F=9 B 9GH D@IG 57H=J9 5DF[G IB9 D5BB9 89 7CIF5BH "3 @QD37: 23 1C7A7<3 J97 @9 F\J9=@ 89 7I=G=B9 JCIG DCIJ9N F\;@9F IB
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
(3;/@?C3A -= JCIG F\;@9N D@IG 89 DCG=H=CBG 89 7<5I::9 DCIF JCHF9 D@5H @9 GMA6C@9 ≡≡ 7@=;BCH9 W @ 5::=7<5;9 89 A=BIH9F=9 &9G DCG=H=CBG 89 7<5I::9 GI=J5BH9G B9 GCBH D@IG 9BF9;=GHF\9G & 5::=7<5;9 89 A=BIH9F=9 G \H9=BH @CFGEI9 JCIG 9::@9IF9N IB9 EI9@7CBEI9 GIF:579 89 7CAA5B89 89 5@ :CB7H=CB A=BIH9F=9 0CIG DCIJ9N 7CBH=BI9F @5 7I=GGCB 89 JCHF9 D@5H 7CAA9 GCI<5=H\ -= JCIG 8\G=F9N A\ACF=G9F IB 5IHF9 DFC79GGIG '9ACFM DCIF IB :CM9F BF9;=GHF9N W BCIJ95I & 5B7=9B 9BF9;=GHF9A9BH G9F5 \7F5G\ >>3:3@ #3;=@G -= JCI
*9B85BH @9 8\FCI@9A9BH 8I DFC;F5AA9 '9ACFM JCIG DCIJ9N =BH9FFC;9F @9G DCG=H=CBG 89 7<5I::9 F9GH5BH9G 9H @5 8IF\9 F9GD97H=J9 ::@9IF9F G=AI@H5B\A9BH @9 GMA6C@9 9H 89 @5 :CB7H=CB '=BIH9F=9 ::@9IF9F @9 GMA6C@9 >IGEI W @ 5::=7<5;9 89 @5 DCG=H=CB 89 7<5I::9 57HI9@@9 9H 89 @5 8IF\9 B 9::@9IF5BH @9 GMA6C@9 JCIG DCIJ9N A5=BH9B5BH =BH9FFC;9F HCIH9G @9G DCG=H=CBG 89 7<5I::9 F9GH5BH9G 9H @5 8IF\9 F9GD97H=J9 7< 23 #3;=@G &CFGEI9 @9 DFC;F5AA9 '9ACFM 9GH H9FA=B\ @9 :CM9F G \H9=BH /B G=;B5@ F9H9BH=H @ 5::=7<
A3@D3 =;3 9HH9 H56@9 89 7I=GGCB 9GH 75D56@9 89 G9FJ9 "CA9 G9FJ9 "CA9 9GH IB F\G95I 5IEI9@ 8 5IHF9G 5DD5F9=@G A\B5;9FG G9FJ9 "CA9 CIHF9 JCHF9 H56@9 89 7I=GGCB D9IJ9BH ]HF9 =BH\;F\G 0CIG 8=GDCG9N 5=BG= 89 BCA6F9IG9G :CB7H=CBG GIDD@\A9BH5=F9G DCIF @5 7CAA5B89 W 8=GH5B79 9H @ =BH9FFC;5H=CB j W @5 A5=GCB 9H 89DI=G @ 9LH\F=9IF :=B EI9 JCHF9 H56@9 89 7I=GGCB GC=H 75D56@9 89 G9FJ9 "CA9 JCIG 5J9N 69GC=B 8 IB 5779GGC=F9 GD\7=5@ W G5JC=F @9 6CL 89 F577CF89A9BH 5J97 @ =BH9F:579 GMGH[A9 ,9GD97H9N @5 BCH=79 89 ACB
=<1B7=< &=E3@ #/@=5@/;;Q3 13BB3 4=<1B7=< CBB97H9N @5 H56@9 89 7I=GGCB 5I ACM9B 89 @ =BH9FFIDH9IF DF=B7=D5@ *@579N @9G NCB9G 89 7I=GGCB GIF @9 B=J95I 89 7<5I::9 SH9=;B9N @9G NCB9G 89 7I=GGCB @ IB9 5DF[G @ 5IHF9 9B 7CAA9BZ5BH D5F @5 NCB9 89 7I=GGCB =B:\F=9IF9 8FC=H9 DI=G 85BG @9 G9BG =BJ9FG9 89G 5=;I=@@9G 8 IB9 ACBHF9 DDIM9N GIF @ =BH9FFIDH9IF DF=B7=D5@ D9B85BH G97CB89
DDIM9N GIF @ =BH9FFIDH9IF DF=B7=D5@ 9G HCBG 89 7CB:=FA5H=CB GCBH \A=G &5 @=A=H9 89 DI=GG5B79 9GH 5@CFG 8\G57H=J\9 <271/B7= 0>>,D0E /0 >P70.?4:990= @9 94A0,@ /0 .3,@110 /,9> @90 E:90 /0 .@4>>:9 8,4> A:@> 9 D ,==4A0E ;,> ):@> ,A0E /P;,>>P 7, 7484?0 P>,.?4A0E 7, 1:9.?4:9 #:B0= /0 ;@4>>,9.0 ?:?,70 /0 7, ,9,20809? ;7,<@0 @2809?0E 7, 7484?0 /0 ;@4>>,9.0 /0 7, ;7,<@0 G?04290E :@ /4849@0E 70 94A0,@ /0 .3,@110 /0> ,@?=0> E:90> <@4 >:9? 09 1:9.
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