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6 7@FC G@FD A6C>6EEC2 56 4F:D:?6C 2G64 A=2:D:C (@FC AC@7:E6C 56 E@FE6D D6D BF2=:EZD E649?:BF6D G6F:==6K =:C6 2EE6?E:G6>6?E D2 ?@E:46 5 FE:=:D2E:@? ? 5Z3FE 56 ?@E:46 7:8FC6?E 5 :>A@CE2?ED 4@?D6:=D 56 DZ4FC:EZ ?DF:E6 G@FD 2AAC6?6K U 4@??2]EC6 G@EC6 2AA2C6:= 6? 5ZE2:=D &@FD G@FD >@?EC@?D E@FE 46 BF := 6DE 42A23=6 56 72:C6 6E =2 72X@? 5@?E G@FD 56G6K = FE:=:D6C $6D E23=62FI D@?E 4@?DECF:ED 56 D@CE6 BF6 G@FD AF:DD:6K CZ8=6C G@EC6 2AA2C6:= 2F 7FC 6E U >6DFC6 .
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q -E:=:D6K =6 >:4C@f@?56D F?:BF6>6?E 2G64 56D 2=:>6?ED U = :?EZC:6FC 5F 7@FC 2?D =6 42D 4@?EC2:C6 = 2AA2C6:= A6FE DF3:C F?6 DFC492C86 -? 4@FCE E6DE 56 G2:DD6==6 72:E 6I46AE:@? U 46EE6 CY8=6 G@:C @?D6:=D A@FC G2:DD6==6 q $6D DFC7246D 56D 2AA2C6:=D 56 4F:DD@? 6E 56 492F77286 56G:6??6?E 492F56D =@CDBF6 46D 2AA2C6:=D 7@?4E:@??6?E =@:8?6K =6D 6?72?ED *:DBF6 56 3Cb=FC6D q $6D 4V3=6D 56 3C2?496>6?E 5 2AA2C6:=D Z=64EC:BF6D ?6 5@:G6?E A2D [EC6 4@:?4ZD 52?D =2 A@CE6 56 7@FC 64: A@FCC2:E 6?5@>>286C =6FC 82:?6
;:?53:1? 01 ?O/A>5@O <;A> 8 A@585?-@5;: 0A 95/>;V;:01? q $6 >:4C@f@?56D ?6 5@:E A2D 7@?4E:@??6C D2?D 2=:>6?ED U = :?EZC:6FC q -E:=:D6K =6 >:4C@f@?56D F?:BF6>6?E A@FC 492F776C 56D 2=:>6?ED 6E 56D 3@:DD@?D 2FEC6D FE:=:D2E:@?D A6FG6?E [EC6 52?86C6FD6D 6E @442D:@??6C 56D 5Z82ED (2C 6I6>A=6 56D 4@FDD:?D 56 8C2:?D @F 56 4ZCZ2=6D 492F77ZD A6FG6?E D 6?7=2>>6C q %5?=A1 01 .
q &6 CZ492F776C A2D =6D >6ED 52?D 56D 6>32==286D BF: 4@?D6CG6?E =2 492=6FC !=D A@FCC2:6?E D 6?7=2>>6C $@CDBF6 G@FD CZ492F776K 56D 2=:>6?ED 52?D 56D CZ4:A:6?ED 6? A=2DE:BF6 6? A2A:6C @F 2FEC6D >2EZC:2FI :?7=2>>23=6D G@FD 56G6K =6D DFCG6:==6C +: =6D 2=:>6?ED D@?E 96C>ZE:BF6>6?E 6>32==ZD =6FC 6>32==286 A6FE Z4=2E6C q &6 72:E6D A2D 4F:C6 =6D @6F7D 52?D =6FC 4@BF:==6 @F ?6 CZ492F776K A2D =6D @6F7D 5FCD !=D A@FCC2:6?E Z4=2E6C 2G64 F?6 G:@=2?46 U =2 =:>:E6 56 = 6IA=@D:@? != 6? G2 56 >[>6 A@FC =6D 4@BF:==286D 6E
1 .-:01-A 01 /;99-:01 ++.(-&,* )* 1 -*:7* -?EC @?EF5J <9B5 < 85EB5 <1 4EBX5 5D <5 @?94C @?EB <1 @B?7B1==1D9?> 1ED?=1D9AE5 ++.(-&,* 54:7 1*8 5:.88&3(*8 2.(74I43)*8 !4:(-*8 54:7 1*8 5:.88&3(*8 2.(74I43)*8 .1DDC .1DDC .1DDC .1DDC .1DDC .= *251&1(*2*398I2F24.7* 54:7 *247> 4:943 749&9.
++.(-&,* 9*=9* *3 (1&.7 #5 D5HD5 5> 3<19B @5ED YDB5 166938X 5> <1>7E5C b 9< 1669385 <5 =?45 45 3E9CC?> 5D <1 D5=@XB1DEB5 ?E <1 @E9CC1>35 CX<53D9?>>X5C b 9< 1669385 <5C =5DC 45 <1 @B?7B1==1D9?> 1ED?=1D9AE5 b 9< F?EC 4?>>5 45C 9>4931D9?>C @?EB <5 BX7<175 !F24.3 )* (-&:++* !4:(-* *247> .7 5:18F @ !4:(-* 945 F1*(9*:7 ): 24)* )* (:.
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5> @56 2:C AF=DZ =2 492=6FC 6DE AC@5F:E6 A2C F?6 =2>A6 92=@8Y?6 =6 8C:= U BF2CEK 6E =2 492=6FC 56 D@=6 6E AF=DZ6 A2C F? G6?E:=2E6FC $6 >@56 2:C AF=DZ 4@?G:6?E A2CE:4F=:YC6>6?E 2F 7@?4E:@??6>6?E 4@>3:?Z 2FI >:4C@f@?56D !;01 3>58 $6 >@56 8C:= 6E =2 4@>3:?2:D@? 56 492=6FC 56 G@bE6 =2>A6 92=@8Y?6 6E 8C:= U BF2CEK .
>5881 .-??1 A@FC =6 7@?4E:@??6>6?E >:4C@f@?56D 2:?D: BF6 A@FC 72:C6 4F:C6 56D 8VE62FI 6E C_E:C (=246K =2 8C:==6 DFC =6 A=2E62F E@FC?2?E >5881 4-A@1 A@FC 8C:==6C A 6I 56D DE62
%O38-31? 01 .-?1 .@EC6 ?@FG6= 2AA2C6:= 6DE =:GCZ 2G64 BF6=BF6D CZ8=286D 56 32D6 BF6 G@FD A@FG6K >@5:7:6C F,1&,* )* '&8* 4).+.*7 *3 #1 <1>7E5 @?EB < 166938175 45 D5HD5 5> 3<19B 5CD < <<5=1>4 -?EC @?EF5J 38?9C9B <1>7E5C 4966XB5>D5C @BWC X3?E<5=5>D 45 <1 4EBX5 E> C97>1< B5D5>D9D -?EC @?EF5J =?49695B <1 4EBX5 4E C97>1< EBX5 45 C97>1< >7E5 B5D5>D9CC5=5>DC EBX5 45 C97>1< 3?EBD5 B5D5>D9CC5=5>DC %O381> 8- 8-:3A1 .@EC6 ?@FG6= 2AA2C6:= A@DDY56 F? 277:49286 6? E6IE6 4=2:C 6? 2==6>2?5 .
!;05251> 8- 0A>O1 0A ?53:-8 $@CDBF6 =6 7@FC D ZE6:?E G@FD 6?E6?56K F? D:8?2= .@FD A@FG6K 492?86C =2 =@?8F6FC 5F D:8?2= FCZ6 56 D:8?2= =@?8F6 C6E6?E:DD6>6?ED FCZ6 56 D:8?2= 4@FCE6 C6E6?E:DD6>6?ED +7&3D&.8 :7F* 8.,3&1 143,:* @@EI5B @5>41>D C53?>45C CEB <1 D?E385 $5=?BI :ECAE S 35 AE5 <1 <1>7E5 1@@1B19CC5 41>C <1 @B5=9WB5 <97>5 45 < 166938175 5D 41>C <1 45EH9W=5 <97>5 EBX5 C97>1< >7 +7&3D&.8 :7F* 8.,3&1 143,:* F53 <1 D?E385 ?; 3?==ED5B S <1 45EH9W=5 <97>5 +7&3D&.8 :7F* 8.
B-:@ 8- <>195N>1 A@585?-@5;: 4-A221> 8 1:/15:@1 01 /A5??;: 39*38.+ 7:? 5 Z=:>:?6C = @56FC 5F ?6F7 492F776K =6 7@FC U G:56 A@CE6 76C>Z6 A6?52?E >:?FE6D 39*38.+ +?EB>5J <5 CX<53D5EB 4E < 1945 4E 2?ED?> B?D1D96 =?45 45 3E9CC?> F5BC <1 4B?9D5 BX7<5B CEB =9>ED5C :ECAE S >D5>C96 39*38.
%O38-31 01 8 41A>1 ACYD =6 3C2?496>6?E 56 = 2AA2C6:= @F F?6 4@FAFC6 56 4@FC2?E EC@:D KZC@D D 2==F>6?E U = 277:49286 56 = 9@C=@86 Z=64EC@?:BF6 *Z8=6C = 96FC6 F,1*7 1 -*:7* &86:*7 -*:7* F,1*7 1 -*:7* &86:*7 -*:7* @@EI5B CEB <1 D?E385 5EB5 j )X7<5B < 85EB5 S < 1945 4E 2?ED?> B?D1D96 !;05251> 8 41A>1 <-> 1D <-??-31 01 8 41A>1 0 O@O K 8 41A>1 0 45B1> *Z8=6K 4@>>6 5Z4C:E 2FI A@:?ED !-?=A-31 01 8 41A>1 +: = 277:49286 56 = 96FC6 U = 2AA2C6:= G@FD 8[?6 G@FD A@FG6K >2DBF6C = 96FC6 F,1*7 1 -*:
225/4-31 01 8 41A>1 F,1*7 1 -*:7* ++.
1? 95/>;V;:01? .@FD A@FG6K FE:=:D6K =2 7@?4E:@? >:4C@f@?56D D@:E D6F=6 D@:E 4@>3:?Z6 2G64 F? 2FEC6 >@56 56 4F:DD@? ,6DE6Kf=6 5:C64E6>6?E F?6 AC6>:YC6 7@:D .
'1?@ 01 8- B-5??1881 1? /;V;:01? $@CDBF6 G@FD ? [E6D A2D DbC D: G@EC6 G2:DD6==6 4@?G:6?E 2FI >:4C@f@?56D 67764EF6K =6 E6DE DF:G2?E (=246C =6 A=2E G:56 52?D =6 7@FC A6?52?E P U >:?FE6 U =2 AF:DD2?46 >2I:>F> >:fE6>AD GZC:7:6K =2 E6>AZC2f EFC6 $6 A=2E 5@:E D@CE:C 7C@:5 @F E:Y56 5F 7@FC .
<>N? 8 O/;A8191:@ 0A @19 F? D:8?2= D@?@C6 D6 72:E 6?E6?5C6 = 277:49286 2AA2C2]E :? $ 277:49286 D ZE6:?E =@CDBF6 G@FD @FGC6K =2 A@CE6 5F 7@FC @F 2AAFJ6K DFC =2 E@F496 +E@A $>;3>-991> <8A?51A>? ;V;:01? ?A//1??5B1? (C@4Z56K 4@>>6 5Z4C:E D@FD =6D A@:?ED 6E *Z8=6K 6?DF:E6 =2 AF:DD2?46 >:4C@f@?56D 6E 5FCZ6 56 4F:DD@? .
'-.
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O/;:3181> >O/4-A221> ;A /A5>1 01? 91@? ?A>318O? q +@CE6K =6D A=2ED 4F:D:?ZD 56 =6FC 6>32==286 2?D F? CZ4:A:6?E 2==2?E 2F >:4C@f@?56D :=D CZ492F776?E A=FD C2A:56>6?E 6E 56 72X@? A=FD F?:7@C>6 $6D 5:77ZC6?ED :?8CZ5:6?ED 5F A=2E A6FG6?E D6 CZ492F776C A=FD @F >@:?D G:E6 q 6D >6ED 56 72:3=6 ZA2:DD6FC CZ492F776?E A=FD G:E6 BF6 56D >6ED 56 8C@DD6 ZA2:DD6FC 6DE A@FCBF@: := 6DE C64@>>2?5Z 56 3:6? CZA2CE:C =6D >6ED 52?D =6 CZ4:A:6?E A@FC BF :=D D@:6?E A6F ZA2:D & 6>A:=6K A2D =6D 2=:>6?ED q *64@FGC6K E@F;@FCD
:&39.9F :.88&3(* 2.(74I43)*8 *2&76:*8 <&99 :7F* 2.3:9*8 3?=@17>5=5>DC )9J @TD5C 7 7 . b =9> . b =9> :?ED5J E> @5E 45 <9AE945 #X7E=5C @ 5H @5D9DC @?9C 2B?33?<9C 31B?DD5C 7 7 . b =9> . b =9> :?ED5J E> @5E < 51E 41>C <5 BX39@95>D :ECAE S 3?EFB9B <5 6?>4 @9>1B4C S <1 3BY=5 7 .
:&39.9F $5>E @<1D51EbB5@1C @<1D 3E9C9>X b 9>7BX495>DC b ?9CC?>C =< =< =< 7 :.88&3(* 2.(74I43)*8 $&99 ):7F* *3 2.3:9*8 *2&76:*8 . b 3?EF5BD . b . b . b '<135J E>5 3E9<C <5 BX39@95>D %5 381E665J @1C DB?@ 45C 2?9CC?>C 1<3??<9CX5C ?>DB]<5B 5>DB5bDB5=@C <9=5>D @?EB 2X2X @ 5H 2925B?> 45 <19D =< =< =< . O . O b . b '?D175 D1CC5 D1CC5C 7 7 . b . b -91>45C 5> C1E35 7 . b 3?EF5BD )17?_D 7 7 . b .
:&39.9F '?E<5D 5>D95B 6B19C C1>C 121DC 7 :.88&3(* 2.(74I43)*8 $ :7F* 2.3:9*8 *2&76:*8 . b )5D?EB>5Jb<5 S =9b3E9CC?> 9<5D 45 @?9CC?> 6B19C 7 . b #X7E=5C 6B19C 7 7 . b . b 7 7 7 . b . b . b 7 7 ?E@5J <5C @?==5C 45 D5BB5 5> =?B351E 45 =Y=5 7B?CC5EB :?ED5J 5>F 3= 4 51E 41>C <5 BX39@95>D B5=E5J . b . b :?ED5J 45EH 6?9C C?> F?
;:?158? <;A> 8 A@585?-@5;: 01 82;:/@5;: 95/>;V;:01? 1? =A-:@5@O? 01 91@? <>O<->O1? :1 ?;:@ <-? -//;9<-3:O1? 01 0;::O1? 01 >O38-31 ==@?86K @F CZ5F:D6K =6D E6>AD 56 4F:DD@? 6? DF:G2?E =2 CY8=6 2AAC@I:>2E:G6 DF:G2?E6 @F3=6 BF2?E:EZ BF2D:>6?E 5@F3=6 5FCZ6 6>:fBF2?E:EZ 5FCZ6 5:G:DZ6 A2C 56FI 1 91@? 1?@ @>;< ?1/ $2 7@:D DF:G2?E6 CZ8=6K F?6 A=FD 4@FCE6 5FCZ6 56 4F:DD@? @F DZ=64E:@??6C F?6 AF:DD2?46 >:4C@f@?56D A=FD 72:3=6 @FGC6K =6 >6ED 6E 2;@FE6K A=FD 56 =:BF:56 (:1 2;5? 8- 0A>O1 O/;A8O1 81 91@?
%O38-31 0A 2;A> .@FD CZ8=6K =6 7@FC 6? DZ=64E:@??2?E 2G64 =6 DZ=64E6FC F? >@56 56 4F:DD@? 6E F?6 E6>AZC2EFC6 @F F?6 A@D:E:@? 8C:= G64 =6 3@FE@? C@E2E:7 CZ8=6K 6? A=FD F?6 5FCZ6 A@FC G@EC6 A=2E $6 7@FC D ZE6:?5C2 2FE@>2E:BF6>6?E 2ACYD 46EE6 5FCZ6 (@FC 492BF6 >@56 56 4F:DD@? 2AA2C2]E 52?D =2 56FI:Y>6 =:8?6 56 = 277:49286 56 E6IE6 6? 4=2:C F?6 E6>AZC2EFC6 @F F? ?:G62F 4@>>6 G2=6FC AC@A@DZ6 .@FD A@FG6K >@5:7:6C =2 G2=6FC AC@A@DZ6 U = 2:56 5F DZ=64E6FC 5F >@56 56 4F:DD@? 4)*8 )* (:.
%O38-31? 0A 2;A> .7 5:18F @ .7 5:18F @ +?EB>5J <5 CX<53D5EB 4E =?45 45 3E9CC?> S 4B?9D5 :ECAE S 35 AE5 <5 =?45 45 3E9CC?> C?E819DX 1@@1B19CC5 .7 5:18F @ F53 <1 D?E385 ?; 3?==ED5B )X7<5B <5 D5=@XB1DEB5 C?E819DX5 S <1 45EH9W=5 <97>5 1E =?I5> 4E CX<53D5EB 4E =?45 45 3E9CC?> .7 5:18F @ .
;>>1/@5;: .@FD A@FG6K >@5:7:6C U E@FE >@>6?E =2 E6>AZC2EFC6 6E =2 5FCZ6 >>P@1> AAFJ6K F?6 7@:D DFC =2 E@F496 +E@A @F @FGC6K =2 A@CE6 5F 7@FC AAFJ6C DFC =2 E@F496 +E2CE 2ACYD 2G@:C 76C>Z =2 A@CE6 22-/191:@ AAFJ6C 56FI 7@:D DFC =2 E@F496 +E@A @F @FGC:C =2 A@CE6 6E 2AAFJ6C F?6 7@:D DFC =2 E@F496 +E@A /8-5>-31 ?A<<8O91:@-5>1 +: = Z4=2:C286 5F 7@FC ?6 DF77:E A2D G@FD A@FG6K 2==F>6C 6? A=FD =2 =2>A6 92=@8Y?6 A@FC D64@?56D AAFJ6K U 46E 6776E DFC =2 E@F496 +E2CE %19->=A1? q .
%O381> 81 2;A> 1@ 81? 95/>;V;:01? 1: /;9.5:O 2?D 46 42D F? >@56 56 4F:DD@? 7@?4E:@??6 6? >[>6 E6>AD BF6 =6D >:4C@f@?56D $6D >@56D 56 4F:DD@? DF:G2?ED A6FG6?E [EC6 4@>3:?ZD 2FI >:4C@f@?56D ;FDBF U / @?G64E:@? ?2EFC6==6 :C AF=DZ 92=6FC 56 D@=6 C:= %O38-31? 7.1 .
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