Exploiting global renewable energy growth Opportunities and challenges for internationalisation in the Norwegian offshore wind and solar energy industries Håkon Endresen Normann and Jens Hanson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`! =,)0!+;(!87,%%!3'-78:!Q*!,(,05+*-!%*+#$(+*+!2%$;!HIH!2)%;+A!$2!4/)./!HFa!/,B*!-*0)B*%*-!#%$-'.&+! $%!+*%B).*+!&$!&/*!"QW!$%!W_!)(-'+&%)*+N!7$4*B*%A!;$+&!$2!&/*+*!2)%;+!,%*!+;,00!$%!2)%;+!4)&/!$(05! ;)($%! *(1,1*;*(&! )(! &/*+*! )(-'+&%)*+N! =4$U&/)%-+! $2! &/*! 2)%;+! -*-).,&*! 0*++! &/,(! 2)B*! 2'00U&);*! *b')B,0*(&+!KP=:+L!&$!"QW!$%!W_N!P$%!;$%*!&/,(!/,02!&/*!"QW!2)%;+A!$22+/$%*!4)(-!%*#%*+*(&*-!0*++! &/,(!2)B*!#*%!.*(&!$2!&$&,0!%*B*('*!)(!FGHYN! >.%,(.5! ')5;8(-'.8! ,-.! '7$&-(,)(! 3&-! (1.! .7.-*.)4.! &3! 2?! ,)5! @A2! ')5;8(-'.8:! V$+&!$2!&/*!2)%;+! /,B*!&/*)%!#%);,%5!,.&)B)&5!)(!$&/*%!)(-'+&%)*+!&/,(!"QW!,(-!W_N!"(05!Ha!#*%!.*(&!$2!2)%;+!*(1,1*-!)(! $22+/$%*! 4)(-! +**! &/)+! ,+! &/*)%! #%);,%5! )(-'+&%5N! 3*,%05! /,02! $2! &/*+*! 2)%;+! .$(+)-*%! $)0! c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d*! ,(-! 0*B*0! $2! .$;;)&;*(&! &$! "QW! ,(-! W_N! Q*! &/*%*2$%*! #$+)&! &/,&! 2)%;+! ,%*! 0)9*05!&$!/,B*!-)22*%*(&!%*b')%*;*(&+A!(**-+!,(-!1$,0+!2$%!&/*!*(1,1*;*(&!)(!&/*+*!)(-'+&%)*+N!=/)+! %,)+*+!,!b'*+&)$(!$2!4/*&/*%!-)B*%+)&5!,;$(1+&!2)%;+!;,5!)(20'*(.*!&/*)%!,E)0)&5!&$!e,.&!&$1*&/*%fN! C.7,)5')*! (&! 5.7&)8(-,(.! $-&5;4(8! ,)5! 8.-<'4.8! /'(1&;(! ,! 1&7.! 7,-6.(N!=/%**Ub',%&*%+!$2!&/*! "QW!2)%;+!2)(-!)&!-)22).'0&!&$!)(&*%(,&)$(,0)+*!4)&/$'&!,!/$;*!;,%9*&N!>&!)+!#,%&).'0,%05!./,00*(1)(1!&$! .$;#*&*!4)&/$'&!,!/$;*!;,%9*&!2$%!+;,00*%!2)%;+N! "#$.-'.)4.5!,)5!.#$.4(.5!*-&/(1:!R%$'(-!/,02!$2!&/*!2)%;+!%*#$%&*-!1%$4&/!)(!(';E*%!$2!P=:+!,(-! +/,%*! $2! &$&,0! &'%($B*%! -*-).,&*-! &$! "QW! ,(-! W_! $B*%! &/*! #,+&! &/%**! 5*,%+N! V$%*! &/,(! &/%**U b',%&*%+!*O#*.&*-!)(.%*,+*-!&'%($B*%!2%$;!"QW!$%!W_!)(!&/*!(*O&!&/%**!5*,%+N! ! ! ! 9&)(.)(8! H! >(&%$-'.&)$(!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!H! F! D5(,;).+!$2!(*4!)(-'+&%5!2$%;,&)$(!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!]! FNH! ?*5!#%$.*++*+!)(!)(-'+&%5!2$%;,&)$(!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!]! FNF! >(&*%(,&)$(,0)+,&)$(!,(-!)(-'+&%5!2$%;,&)$(!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!I! ]! V*&/$-+!,(-!-,&,!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!^! Y! =/*!$22+/$%*!4)(-!,(-!#/$&$B$0&,).!)(-'+&%)*+!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN![! I! YNH! >(&*%(,&)$(,0!;,%9*&!2$%!"QW!,(-!W_!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN![! YNF! "22+/$%*!4)(-!)(!3$%4,5!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!HH! YN]! J$0,%!#/$&$B$0&,).+!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!HF! M*+'0&+!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!H]! INH! P)%;!./,%,.&*%)+&).+!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!H]! INHNH! J'##05!./,)(+!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!HY! INHNF! M*1)$(,0!.0'+&*%+!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!HZ! INHN]! M*0,&*-!)(-'+&%)*+!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!Ha! INF! >(&*%(,&)$(,0!.$00,E$%,&)$(!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!F]! IN]! Q/*%*!,%*!&/*!.'+&$;*%+g!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!FI! INY! J'..*++!.%)&*%),!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!FZ! INI! W*%.*)B*-!E,%%)*%+!&$!)(&*%(,&)$(,0)+,&)$(!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!F[! ININH! IN^! ^! S,.9!$2!-$;*+&).!;,%9*&!2$%!$22+/$%*!4)(-!,+!,!E,%%)*%!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!]H! :O#*.&,&)$(+!2$%!2'&'%*!-*B*0$#;*(&!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!]]! J';;)(1!'#!9*5!2)(-)(1+!,(-!.$(.0'+)$(+!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!]Y! M*2*%*(.*+!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!]Z! ! ! ! ! ! D E)(-&5;4('&)! =/)+!%*#$%&!,(,05+*+!3$%4*1),(!$22+/$%*!4)(-!#$4*%!K"QWL!,(-!+$0,%!#/$&$B$0&,).+!KW_L!)(-'+&%)*+A! E,+*-!$(!,!+'%B*5!*O*.'&*-!)(!P*E%',%5!FGHIN!!=/*+*!,%*!&4$!9*5!(*4!%*(*4,E0*!*(*%15!)(-'+&%)*+!)(! 3$%4,5A!4/*%*!&/*%*!)+!0,.9)(1!+5+&*;,&).!*;#)%).,0!*B)-*(.*!$(!.'%%*(&!./,%,.&*%)+&).+N!65!)(-'+&%5! 4*!/*%*!%*2*%!&$!&/*!+*&!$2!,.&$%+!K#%);,%)05!2)%;+L!&/,&!/,B*!-*0)B*%*-!$%!/,B*!,;E)&)$(+!&$!-*0)B*%! #%$-'.&+! $%! +*%B).*+! &$! &/*! #%$-'.&)$(! $2! $22+/$%*! 4)(-! $%! +$0,%! *(*%15N! Q*! 2$.'+! $(! &/*! 2*,&'%*+! ,(-!-5(,;).+!$2!&/*+*!)(-'+&%)*+!)(!3$%4,5!4)&/!,!+#*.),0!2$.'+!$(!&/*)%!)(&*%(,&)$(,0)+,&)$(!#,&&*%(+! ,(-!./,%,.&*%)+&).+N!! Q*!2$.'+!$(!)(&*%(,&)$(,0)+,&)$(!2$%!&/%**!;,)(!%*,+$(+N!P)%+&A!%*(*4,E0*!*(*%15!)+!*O#*.&*-!&$!1%$4! %,#)-05! 10$E,005! ,(-! &/*+*! 1%$4&/! ;,%9*&+! &/'+! #%$B)-*! (*4! $##$%&'()&)*+! 2$%! 3$%4*1),(! 2)%;+N! >(! FGHY!%*(*4,E0*!*(*%15!K*O.0'-)(1!0,%1*!/5-%$L!,..$'(&*-!2$%!Yah!$2!&/*!(*&!#$4*%!.,#,.)&5!,--*-! 4$%0-4)-*! KC3:Wi63:P! FGHILN! M*(*4,E0*! *(*%15! )+! *O#*.&*-! &$! ,..$'(&! 2$%! ZGh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j! J&**(! c! 7,(+*(! FGHYj! Q*,B*%! FGHFj!Q*,B*%!c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c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c!1,+!)(-'+&%5!/,+!E**(!2'%&/*%!*O#0$%*-!E5!Q*,B*%!,(-!J&**(!KFGH]LA!4/$!)(!,--)&)$(!#$)(&! &$! &/*! );#$%&,(.*! $2! )(&*%(,&)$(,0)+,&)$(! )(! &/*! %*(*4,E0*! *(*%15! )(-'+&%)*+N! V$%*$B*%A! +*B*%,0! %*#$%&+! /,B*! )-*(&)2)*-! &/*! 3$%4*1),(! %*(*4,E0*! *(*%15! )(-'+&%5! ,+! 2%,1;*(&*-! ,(-! 4)&/! 4*,9! %*0,&)$(+!E*&4**(!2)%;+!KV'0&).$(+'0&!FGHIj!=/*;,!FGH]LN!P)(,005A!+*B*%,0!%*#$%&+!/,B*!*+&);,&*-!&/*! (';E*%! $2! 3$%4*1),(! 2)%;+! ,(-! 2'00U&);*! *b')B,0*(&+! *(1,1*-! )(! %*(*4,E0*! *(*%15! &*./($0$1)*+! KV*($(! FGH]j! V'0&).$(+'0&! FGHFA! FGHILN! 7$4*B*%A! *+&);,&)$(+! $(! &/*! +)d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k)(($B,&)$(! +5+&*;l! $%! k)(($B,&)$(! *.$U+5+&*;lN! =/*! E,+).! #%*;)+*! E*/)(-!&/)+!($&)$(!)+!&/,&!)(($B,&)$(!m!&/*!)(&%$-'.&)$(!$2!(*4!#%$-'.&+A!#%$.*++*+!$%!+*%B).*+!m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k/,%-l!K2$%;,0L!)(+&)&'&)$(+!+'./! ,+! #$0).)*+! ,(-! %*1'0,&)$(+! ,(-! ;$%*! k+$2&l! K)(2$%;,0L! -);*(+)$(+! 4/)./! .,(! E*! '(-*%+&$$-! ,+! &/*! %'0*+!$2!&/*!1,;*!K7)00;,(!*&!,0N!FGGaLN!!!!! FGD H.0!$-&4.88.8!')!')5;8(-0!3&-7,('&)! M*.*(&!-*B*0$#;*(&+!)(!)(($B,&)$(!+5+&*;+!+&'-)*+!+&%*++!&/,&!&/*!$B*%,00!#%$.*++!$2!-*B*0$#;*(&!$2! ,!(*4!)(-'+&%5!($%;,005!)+!,++$.),&*-!4)&/!,!(';E*%!$2!9*5!+'EU#%$.*++*+N!=/*+*!#%$.*++*+!,(-!&/*)%! ./,%,.&*%)+&).+!/,B*!E**(!-*%)B*-!2%$;!,!%*B)*4!,(-!+5+&*;,&)+,&)$(!$2!&/*!0)&*%,&'%*!,--%*++)(1!&/*! *;*%1*(.*! $2! ($B*0! &*./($0$1)*+A! ,.&$%+! ,(-! )(-'+&%)*+! K<$/(+$(! c! <,.$E++$(! FGGHLN! Q*! -)+.'++! ,! +*0*.&)$(!$2!&/*+*!E%)*205!)(!&/*!2$00$4)(1N!! !"#"$%&'"()*+(,*"-./+(0"*%1*2(%3$",0"* >(($B,&)$(!+&'-)*+!,+!,!2)*0-!'(-*%0)(*+!&/*!);#$%&,(.*!$2!9($40*-1*!1*(*%,&)$(A!0*,%()(1!,(-!(*4! .$;E)(,&)$(+! $2! *O)+&)(1! 9($40*-1*A! )(! -*B*0$#;*(&! $2! ($B*0! &*./($0$1)*+! ,(-! )(-'+&%)*+N! Q/)0*! &%,-)&)$(,0!*.$($;).!,##%$,./*+!2$.'+!/*,B)05!$(!9($40*-1*!1*(*%,&)$(!B),!%*+*,%./!c!-*B*0$#;*(&! KMcDLA! &/*! )(($B,&)$(! 0)&*%,&'%*! +&%*++*+! &/,&! #%$.*++*+! $2! 9($40*-1*! -*B*0$#;*(&! /,B*! ;'0&)#0*! +$'%.*+!+'./!,+!0*,%()(1!2%$;!'+*A!&%),0!,(-!*%%$%A!*O#*%)*(.*!,(-!);)&,&)$(N!J*B*%,0!+&'-)*+!'(-*%0)(*! &/*! 2,.&! &/,&! McD! ,0$(*! +*0-$;! -%)B*! )(($B,&)$(! K@$/*(! *&! ,0N! FGGFj! ?0)(*! c! M$+*(E*%1! H[a^LN! V$4*%5! *&! ,0N! KFGHGL! #$)(&! $'&! /$4! -*;,(-! +)-*! 2,.&$%+A! 2$%! )(+&,(.*! #%$1%,;;*+! $2! #'E0).! #%$.'%*;*(&! ,(-! ;,%9*&! .%*,&)$(A! 4*%*! /)1/05! );#$%&,(&! )(! +$;*! $2! &/*! 0,%1*U+.,0*! )(($B,&)$(! #%$1%,;+! .$'#0*-! &$! >=A! +*;).$(-'.&$%+! ,(-! ,1%).'0&'%*N! ?($40*-1*! -*B*0$#;*(&! 0)(9*-! &$! ,(-! *(,E0*-! E5! &/*! -*;,(-! +)-*! &/'+! .$(+&)&'&*+! ,(! );#$%&,(&! -5(,;).! 2$%! 9($40*-1*! -*B*0$#;*(&! ]! ! KV$4*%5! c! M$+*(E*%1! H[[aLN! J);)0,%! #$)(&+! /,B*! E**(! ;,-*! E5! KV,dd'.,&$! FGH]L! 4/$! '(-*%0)(*+! &/,&! 1$B*%(;*(&+! #0,5! ,! 9*5! %$0*! ,0+$! )(! .%*,&)(1! ,(-! +/,#)(1! ;,%9*&+! ,+! #,%&! $2! #%$.*++*+! $2! *.$($;).!-*B*0$#;*(&N! 4()5"&5"("657/8&9*,"'%(7)5+)8%(9*+(,*"-&"58'"()+)8%(* =/*! '+*! ,(-! ,##0).,&)$(! $2! 9($40*-1*! B),! #%$.*++*+! $2! *(&%*#%*(*'%+/)#A! *O#*%);*(&,&)$(! ,(-! -*;$(+&%,&)$(!,%*!,0+$!);#$%&,(&!#%$.*++*+!)(!)(-'+&%5!2$%;,&)$(!K@,%0++$(!c!J&,(9)*4).d!H[[HLN!>(! $%-*%!2$%!,(!*;*%1)(1!&*./($0$1).,0!2)*0-!&$!-*B*0$#!)&!)+!);#$%&,(&!&/,&!(';*%$'+!*O#*%);*(&+!,(-! -*;$(+&%,&)$(+!&,9*!#0,.*!)(!$%-*%!&$!+*.'%*!B,%)*&5A!1)B*(!&/,&!4*!+*0-$;!9($4!)(!,-B,(.*!4/)./! &*./($0$1)*+!,(-!E'+)(*++!;$-*0+!&/,&!4)00!+'..**-!,(-!#%*B,)0!K7)00;,(!*&!,0N!FGGa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a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f!*(B)%$(;*(&N! :+52")7*+(,*67"57* =/*!-*B*0$#;*(&!$2!;,%9*&+!)+!,!#%$.*++!)(&);,&*05!0)(9*-!&$!2$%;,&)$(!$2!(*4!)(-'+&%)*+!E*.,'+*!)&! *(,E0*+! 0)(9+! E*&4**(! '+*%+! ,(-! +'##0)*%+A! 4/)./! )(! &'%(! .,(! &%)11*%! );#$%&,(&! 9($40*-1*! -*B*0$#;*(&! K7)00;,(! *&! ,0N! FGGaLN! W%$.*++*+! $2! ;,%9*&! 2$%;,&)$(! ,%*! .%)&).,0! ,+! );#$%&,(&! Y! ! );#%$B*;*(&+! )(! &*./($0$1)*+! '+',005! ,%)+*! )(! &/*! ,2&*%;,&/! $2! &/*)%! )()&),0! )(&%$-'.&)$(N! >;#$%&,(&! );#%$B*;*(&+!)(!&*./($0$15!.,(!,%)+*!2%$;!&/*!-)+#,%)&5!E*&4**(!4/,&!&*./($0$1)*+!)()&),005!+'##05! ,(-!4/,&!.$(+';*%+!-*!2,.&$!%*b')%*!Kn*$%1/)$'!*&!,0N!H[a^LN!=/*+*!);#%$B*;*(&+!$2&*(!./,(1*!&/*! *.$($;).! +)1()2).,(.*! $2! (*4! &*./($0$1)*+N! 7$4*B*%A! ;,%9*&+! 2$%! (*4! &*./($0$1)*+! &*(-! &$! E*! '(-*%-*B*0$#*-!-'*!&$!/$4!(*4!&*./($0$1)*+!%,%*05!,%*!;,&'%*!,&!&/*)%!)()&),0!)(&%$-'.&)$(!K?0)(*!c! M$+*(E*%1!H[a^LN!R&!&/*!$(+*&!;,%9*&+!;,5!E*!B*%5!+;,00A!E'&!+$!.,00*-!k('%+)(1!;,%9*&+l!$%!()./*+! .,(!E*!B*%5!.*(&%,0!&$!&/*!-*B*0$#;*(&!$2!,!(*4!)(-'+&%5!K:%).9+$(!c!V,)&0,(-!H[a[j!J;)&/!c!M,B*(! FGHFLN!n$B*%(;*(&+!.,(!E*!);#$%&,(&!.%*,&$%+!$2!()./*!;,%9*&+!)(!&/*!+/,#*!$2!%*1'0,&)$(+A!#'E0).! #%$.'%*;*(&A!&,%)22+!,(-!+'E+)-)*+!KV,dd'.,&$!FGH]LN! :%;8$87+)8%(*%1*5"7%65."7* R+!(*4!*(&%,(&+!*(1,1*!,(-!*O#*%);*(&!4)&/!*;*%1)(1!&*./($0$1)*+!&/*%*!)+!,!.$(+)-*%,E0*!(**-!2$%! %*+$'%.*+N!>(-'+&%5!2$%;,&)$(!&/*%*2$%*!)(B$0B*+!&/*!;$E)0)d,&)$(!$2!/';,(!%*+$'%.*+!K+9)00*-!0,E$'%LA! 2)(,(.),0!%*+$'%.*+!K2$%!)(+&,(.*!B*(&'%*!.,#)&,0A!McD!2'(-)(1!,(-!.,#)&,0!)(B*+&;*(&+L!,(-!#/5+).,0! %*+$'%.*+!K+'./!,+!(,&'%,0!%*+$'%.*+!,(-!)(2%,+&%'.&'%*+L!K?,%0&$%#!FGHHLN!! FGF E)(.-),('&),%'8,('&)!,)5!')5;8(-0!3&-7,('&)!! V,(5! .$'(&%)*+! ,%*! ,.&)B*05! #%$;$&)(1! 1%$4&/! $2! (*4! %*(*4,E0*! *(*%15! KM:L! )(-'+&%)*+A! ,+! &/*5! 2$%*+**! ;,++)B*! 10$E,0! 1%$4&/! 2$%! M:! &*./($0$1)*+N! =/*! -5(,;).+! $2! &/*+*! )(-'+&%)*+! &/'+! /,B*! ,(! )(&*%(,&)$(,0!./,%,.&*%A!4)&/!+$;*!.$'(&%)*+!&,9)(1!&/*!0*,-N!n*%;,(5!,(-!@/)(,!/,B*!2$%!)(+&,(.*! E**(! +'..*++2'0! )(! E')0-)(1! 10$E,005! 0*,-)(1! #/$&$B$0&,).! )(-'+&%)*+A! 4/)0*! n*%;,(5! ,(-! D*(;,%9! /,B*!&,9*(!&/*!0*,-!)(!&/*!$22+/$%*!4)(-!#$4*%!)(-'+&%5N!=/*!b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j!@,+&*00,..)!c!P*B$0-*(!FGHYj!P,1*%E*%1!H[[Fj!S'(-B,00!*&!,0N!FGGFLN! =/)+! 0)&*%,&'%*! +&,&*+! &/,&! +* $+.2* %1* /%'"* '+52")* ("0+)8#"$<* 8(1$6"(."7* )/"* $82"$8/%%,* 1%5* 76.."77* %1* 8()"5(+)8%(+$*'+52")*"()5<*1%5*185'7N!R!9*5!b'*+&)$(!)+!&/*%*2$%*!/$4!2)%;+!.,(!&,#!)(&$!)(&*%(,&)$(,0! ;,%9*&+! E5! E')0-)(1! %*b')%*-! %*+$'%.*+! 4)&/$'&! ,! /$;*! ;,%9*&! 4/*%*! &/*5! .,(! -*;$(+&%,&*! &/*)%! +9)00+! ,(-! .,#,E)0)&)*+N! >(! &/*! 2$00$4)(1! 4*! -)+.'++! &/%**! 2,.&$%+! &/,&! .,(! ,22*.&! &/*! 0)9*0)/$$-! $2! .$;#*(+,&)$(!2$%!)(+'22).)*(&!/$;*!;,%9*&!-*#0$5;*(&N!! I! ! =/*!2)%+&!2,.&$%!)+!2)%;!+)d*A!4/)./!)+!#,%&).'0,%05!);#$%&,(&!4/*(!&/*%*!)+!,!4*,9!-$;*+&).!;,%9*&!,+! 0,%1*%!2)%;+!/,B*!&/*!%*+$'%.*+!&$!$B*%.$;*!+'(9!*O#$%&!.$+&+!,(-!&%,-*!E,%%)*%+!K@,+&*00,..)!FGHFj! @,+&*00,..)!c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aLN! >(! &/*! ,E+*(.*! $2! -$;*+&).! ;,%9*&! $##$%&'()&)*+A! M:! 2)%;+! ;,5! E*(*2)&! 2%$;! $4(! ,.&)B)&)*+A! $%! $&/*%! 2)%;+A! )(! %*0,&*-! )(-'+&%)*+A! 2$%! )(+&,(.*! E5! +/,%)(1! ,.&)B)&)*+! )(! &*./($0$15! -*B*0$#;*(&A!;,('2,.&'%)(1A!$%!;,%9*&)(1N!>(!&/)+!4,5!2)%;+!1,)(!,..*++!&$!$##$%&'()&)*+!($%;,005! #%$B)-*-!E5!,!/$;*!;,%9*&N!=/)+!)+!,!b'*+&)$(!$2!/$4!(*4!)(-'+&%)*+!.,(!*;*%1*!2%$;!$0-N!R!;,)(! ;*./,()+;! )(! &/)+! #%$.*++! )+! &/,&! $2! E%,(./)(1A! 4/*%*E5! 2)%;+! +4)&./! &$! $&/*%! ,0E*)&! 5"$+)",!)(-'+&%)*+!K6$+./;,!c!P%*(9*(!FGHHj!V,%&)(!c!J'(0*5!FGHGj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d!*&!,0N!FGHYLN!=/'+A!&/*!);#$%&,(.*!$2!,!/$;*!;,%9*&!-*#*(-+!$(! &/*!0*B*0!$2!;,&'%)&5!$2!&/*!&*./($0$15!KP,1*%E*%1!H[[FA!#N!FZHLN!! >(!+';A!&/*!$B*%,00!#%$.*++!$2!)(-'+&%5!E')0-)(1!)+!%*0,&*-!&$!,!(';E*%!$2!);#$%&,(&!#%$.*++*+N!Q/)0*! &/*+*!#%$.*++*+!.,(!E*!+**(!&$!-*B*0$#!10$E,005A!&/*!*O&*(&!$2!/$4!2)%;+!&/,&!0,.9!+'22).)*(&!/$;*! ;,%9*&+!.,(!0)(9!'#!4)&/!&/*+*!10$E,0!-*B*0$#;*(&+!-*#*(-+!,;$(1+&!$&/*%+!$(!2)%;!+)d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c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a!+$0,%!W_LN!HIa!2)%;+!%*+#$(-*-!&$!&/*!+'%B*5!KHGa!"QW!,(-!IG!+$0,%!W_LA!4)&/!,! %*+#$(+*! %,&*! $2! ZYhHN! R2&*%! .0*,()(1! '#! &/*! -,&,! E5! %*;$B)(1! %*+#$(+*+! &/,&! -)-! ($&! ;**&! $'%! +*0*.&)$(!.%)&*%),A!4*!4*%*!0*2&!4)&/!HIH!%*+#$(+*+!KZH!hL!2$%!$'%!,(,05+)+!KHGF!"QW!,(-!Y[!W_LN!>(! +#)&*! $2! ,! .,%*2'0! +,;#0*! +*0*.&)$(! #%$.*++! &/*%*! ;,5! *O)+&! '(.*%&,)(&)*+! 4)&/! %*1,%-+! &$! 2)%;+! &/,&! /,B*!($&!E**(!)(.0'-*-!)(!&/*!+,;#0*N!=/)+!;,5!#%);,%)05!E*!E*.,'+*!)&!)+!-)22).'0&!&$!9($4!4/*&/*%! 2)%;+!4)&/!#%);,%5!,.&)B)&5!)(!$&/*%!)(-'+&%)*+!,%*!*(1,1*-!)(!"QW!$%!W_N!R+!&/*%*!;,5!E*!2)%;+!&/,&! /,B*!,;E)&)$(+!)(!W_!,(-!"QW!&/,&!4*!-)-!($&!/,B*!)(!$'%!$%)1)(,0!+,;#0*A!)&!)+!-)22).'0&!&$!*+&);,&*! &/*!*O,.&!&$&,0!(';E*%!$2!3$%4*1),(!2)%;+!4)&/!,.&)B)&)*+!)(!"QW!$%!W_N!Q*!-$!/$4*B*%!E*0)*B*!&$! /,B*!+,;#0*-!,!+)1()2).,(&!#%$#$%&)$(!$2!%*0*B,(&!2)%;+N! J'%B*5! %*+#$(-*(&+! 4*%*! @:"+! $%! ;,(,1*%+! $2! "QW! $%! W_! ,.&)B)&)*+N! P$%! +$;*! 2)%;+A! &/*+*! 4*%*! $4(*%+! $%! -)%*.&$%+! $2! &/*! .$;#,(5A! 4/*%*,+! 2$%! $&/*%! 2)%;+! %*+#$(-*(&+! 4*%*! /*,-! $2! -)B)+)$(+! 4)&/)(! ,! 0,%1*%! $%1,()+,&)$(N! =/*! +'%B*5! 4,+! .$(-'.&*-! B),! &*0*#/$(*! ,(-! *,./! )(&*%B)*4! 0,+&*-! ,##%$O);,&*05!FG!;)('&*+N!! =/*!-*+)1(!$2!&/*!+'%B*5!)(B$0B*-!;'0&)#0*!+&*#+N!P)%+&A!4*!)-*(&)2)*-!+)O!9*5!,%*,+!$2!)(&*%*+&!E,+*-! $(!&/*!#*%+#*.&)B*+!$(!)(-'+&%5!2$%;,&)$(!,(-!)(&*%(,&)$(,0)+,&)$(!-)+.'++*-!)(!+*.&)$(!F`!! J'-7!41,-,4(.-'8('48:!Q*!/*%*!'+*-!-)22*%*(&!)(-).,&$%+!&$!.,#&'%*!&/*!%*0,&)B*!);#$%&,(.*!$2!"QW!$%! W_!4)&/)(!&/*!$%1,()+,&)$(!K);#$%&,(.*!$2!"QW!$%!W_!&$!&/*!$%1,()+,&)$(A!(';E*%!$2!2'00U&);*! *b')B,0*(&+!-*-).,&*-!&$!"QW!$%!W_A!+/,%*!$2!&$&,0!&'%($B*%!2%$;!"QW!$%!WQLN!P'%&/*%A!E,+*-!$(! &/*!);#$%&,(.*!$2!%*0,&*-!)(-'+&%)*+!-)+.'++*-!)(!+*.&)$(!FNF!4*!)(.0'-*-!b'*+&)$(+!,E$'&!#%);,%5! +*.&$%!,(-!*O#*%)*(.*+!&/,&!4*%*!%*0*B,(&!2$%!,.&)B)&)*+!)(!"QW!$%!W_N!R(+4*%+!&$!b'*+&)$(+!$(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! H !Z!$2!&/*+*!2)%;+!%*+#$(-*-!&/,&!&/*5!/,-!#%*B)$'+05!-*0)B*%*-!#%$-'.&+!$%!+*%B).*+!&$!&/*!"QW!$%!W_!)(-'+&%)*+A!E'&!&/,&!&/*5!($!0$(1*%! /,-!,(5!,;E)&)$(+!&$!-$!+$N!@$(+*b'*(&05A!&/*+*!2)%;+!4*%*!($&!,+9*-!&$!.$;#0*&*!&/*!+'%B*5N!! Z! ! #%);,%5!+*.&$%+!,(-!*O#*%)*(.*+!2%$;!$&/*%!+*.&$%+!4*%*!,11%*1,&*-!)(&$!;,)(!+*.&$%+N!Q/*%*! (*.*++,%5A!,;E)1'$'+!,(+4*%+!4*%*!+&,(-,%-)+*-!&/%$'1/!,--)&)$(,0!-*+9!%*+*,%./N!R--)&)$(,005A! E,+*-!$(!&/*!#$&*(&),0!%$0*!$2!2)%;!+)d*A!4*!,--*-!-,&,!$(!&$&,0!+,0*+!%*B*('*!,(-!*;#0$5**+! ,B,)0,E0*!2%$;!&/*!#%$22N($!-,&,E,+*!,+!,!#%$O5!2$%!2)%;!+)d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j! V'0&).$(+'0&!FGHFj!3,B)1,(&!FGH]j!J&**(!c!7,(+*(!FGHYj!Q)*.d$%*9!*&!,0N!FGH]LN!Q*!+'E+*b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b'*+&)$(+! ,E$'&! &/*! );#$%&,(.*! $2! -)22*%*(&! .%)&*%),! 2$%! +'..*++N! 6,+*-! $(! )-*,+! &/,&! )(-'+&%)*+! $%! +*1;*(&+! K#,%&+! $2! +'##05! ./,)(L! &/,&! ,%*! .$;#,%,&)B*05! a! ! ;$%*!+&,(-,%-)+*-!%*05!0*++!$(!,!/$;*!;,%9*&A!4*!/*%*!)(.0'-*-!#%).*!,(-!b',0)&5!,+!&4$!$2!&/*+*! .%)&*%),N!=/*!%,&)$(,0*!4,+!&/,&!2)%;+!%*05)(1!;$%*!$(!#%).*!&/,(!$(!b',0)&5!K$%!$&/*%!.%)&*%),L!+'##05! #%$-'.&+! 4)&/! ,! 1%*,&*%! -*1%**! $2! +&,(-,%-)+,&)$(N! "&/*%! .%)&*%),! %*2*%%*-! &$! -)22*%*(&! 2$%;+! $2! 20*O)E)0)&5!,(-!&/*!+'##05!$2!(*4!&*./($0$15N! =,-6.(8:!n)B*(!&/*!*O#*.&*-!)(&*%(,&)$(,0!$%)*(&,&)$(!$2!;,(5!$2!&/*!%*+#$(-*(&+A!4*!,+9*-!,E$'&! &/*!-*1%**!$2!)(&*%(,&)$(,0!$%!-$;*+&).!$%)*(&,&)$(!$2!&/*!2)%;N!P'%&/*%A!4*!,+9*-!,00!2)%;+!&/,&!/,-! )(&*%(,&)$(,0!.'+&$;*%+!K$%!#$&*(&),0!.'+&$;*%+L!&$!0)+&!&/*!&/%**!;$+&!);#$%&,(&!;,%9*&+!2$%!&/*)%! #%$-'.&+!$%!+*%B).*+N! J;(;-.!.#$.4(,('&)8:!P)(,005A!4*!)(.0'-*-!,!2*4!b'*+&)$(+!,E$'&!*O#*.&,&)$(+!2$%!2'&'%*!%*B*('*+! 2%$;!"QW!$%!W_!,(-!,E$'&!2'&'%*!)(B*+&;*(&+!)(!#%$-'.&+!$%!+*%B).*+!,);*-!&$4,%-+!&/*!"QW!$%!W_! ;,%9*&+N! 7,B)(1!#'&!&$1*&/*%!,!-%,2&!$2!&/*!+'%B*5A!4*!-)+&%)E'&*-!&/)+!&$!,!+*&!$2!*O&*%(,0!%*+*,%./*%+!4)&/! )(-'+&%5!)(+)1/&+!,(-!)(-'+&%5!*O#*%&+!2$%!2**-E,.9N!6,+*-!$(!&/)+!2**-E,.9A!4*!;,-*!2)(,0! ,-T'+&;*(&+!&$!&/*!+'%B*5N! M N1.!&3381&-.!/')5!,)5!$1&(&<&%(,'4!')5;8(-'.8!! J'##$%&! 2$%! %*+*,%./A! -*B*0$#;*(&! ,(-! -*;$(+&%,&)$(! KMDcDL! /,+! E**(! $(*! $2! &/*! ;,)(! &$$0+! &,%1*&)(1!%*(*4,E0*!*(*%15!)(!3$%4,5N!MDcD!+#*(-)(1!)(!%*(*4,E0*!*(*%15!)(.%*,+*-!-%,+&).,005!)(! FGG[A!)(!#,%&!0)(9*-!&$!&/*!*+&,E0)+/;*(&!$2!+$!.,00*-!%*+*,%./!.*(&%*+!2$%!*(B)%$(;*(&,005!2%)*(-05! *(*%15!KPV:+L!K3PM!FGHILN!:(*%1)FH!m!&/*!(,&)$(,0!+&%,&*15!2$%!*(*%15!%*0,&*-!McD!m!/,+!/)1/0)1/&*-! "QW!,(-!W_!,+!&4$!$2!)&+!+)O!#%)$%)&)d*-!,%*,+!2$%!McD!K:(*%1)FH!FGHYLN!=/*!;,)(!T'+&)2).,&)$(!2$%!'+*! $2!#'E0).!2'(-)(1!2$%!Mc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a! FGG[! FGHG! FGHH! J$0,%! "&/*%!K*ON!0,%1*!/5-%$L! FGHF! FGH]! FGHY! J'*;-.!MOD!P./!')<.8(7.)(8!')!-.)./,+%.!.).-*0!.#4%;5')*!%,-*.!105-&Q!FRRMOFRDMQ!S+)G! E)4%;5.8!.8('7,(.8!3&-!;)5'84%&8.5!5.,%8G! K&;-4.:!TP"2Q!L%&&7+.-*!P./!").-*0!J'),)4.! ! >(!&/*!.,+*!$2!W_A!&/)+!1%$4&/!/,+!%*+'0&*-!)(!-%,;,&).!%*-'.&)$(+!)(!.$+&!$2!*0*.&%).)&5!K+**!2)1'%*!YUFLA! 4/)./!)(!&'%(!/,+!2'%&/*%!.$(&%)E'&*-!&$!;,%9*&!1%$4&/N!W_!.$+&+!/,B*!E**(!%*#$%&*-!&$!/,B*!2,00*(! 4)&/!aGh!+)(.*!&/*!*(-!$2!FGG[A!4)&/!W_!1,)()(1!.$;#*&)&)B*(*++!4)&/!2$++)0U2'*0!2)%*-!*0*.&%).)&5!.$+&+! )(!+$;*!%*1)$(+!K>M:3R!FGHI,LN! =/*!-*B*0$#;*(&!$2!$22+/$%*!4)(-!/,+!2$00$4*-!,!-)22*%*(&!&%,T*.&$%5N!R0&/$'1/!"QW!)+!,!&*./($0$15! 4)&/! 0,%1*! #$&*(&),0A! )&! )+! ,0+$! ,! &*./($0$15! &/,&! /,+! E**(! .$(2%$(&*-! 4)&/! -)22).'0&)*+N! D*+#)&*! )(.%*,+*-! )(B*+&;*(&+! )(! E$&/! McD! ,(-! -*#0$5;*(&A! &/*! .$+&! $2! *0*.&%).)&5! )(.%*,+*-! )(! &/*! #*%)$-! E*&4**(!FGGa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o]! oY! FGG[! oH! oF! o]! oY! oH! oF! FGHG! "p+/$%*!4)(-! o]! oY! oH! FGHH! "(+/$%*!4)(-! oF! o]! oY! FGHF! W_!U!&/)(!q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b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c!J&**(!FGHHj!3$%;,((!FGHIj!J&**(!c!?,%0+*(!FGHYLN!=/*+*!2)%;+!)(.0'-*-!*(&%*#%*(*'%),0! +&,%&U'#+!+'./!,+!"4*.!=$4*%!,(-!J4,5A!)(-'+&%),0!,.&$%+!+'./!,+!R9*%!_*%-,0A!,+!4*00!,+!0,%1*!*(*%15! .$;#,()*+! +'./! ,+! S5+*A! 6??A! J&,&$)0! ,(-! J&,&9%,2&N! =/)+! -*B*0$#;*(&! 1,)(*-! ;$;*(&';! ,%$'(-! FGGZ!,(-!FGGa!4/*(!&/*!2)(,(.),0!.%)+)+!,(-!%*-'.*-!$22+/$%*!,.&)B)&5!#'&!#%*++'%*!$(!&/*!+'##0)*%+! HH! ! &$!&/*!$22+/$%*!$)0!,(-!1,+!)(-'+&%5N!>(!&/*!#*%)$-!E*&4**(!FGGZ!,(-!FGG[A!,!(';E*%!$2!2)%;+!4)&/! ,.&)B)&)*+! )(! &/*! $)0! ,(-! 1,+! ,(-! ;,%)&);*! )(-'+&%)*+! &/*%*2$%*! -)B*%&*-! ,&&*(&)$(! &$! &/*! 1%$4)(1! )(&*%(,&)$(,0! ;,%9*&! 2$%! $22+/$%*! 4)(-N! =/)+! )(.%*,+*-! ,&&*(&)$(! 4,+! ,0+$! 1)B*(! ,--*-! #$0)&).,0! 0*1)&);,.5!,+!+*B*%,0!;*;E*%+!$2!1$B*%(;*(&!B$).*-!+&%$(1!+'##$%&!&$4,%-+!&/*!-*B*0$#;*(&!$2!,! 3$%4*1),(!$22+/$%*!4)(-!)(-'+&%5N!7$4*B*%A!*22$%&+!&$!%*,0)+*!,!-$;*+&).!;,%9*&!2$%!$22+/$%*!4)(-! /,B*! *)&/*%! 2,)0*-! $%! /,B*! 5*&! &$! E*! %*,0)+*-! K3$%;,((! FGHILN! r*&A! -*+#)&*! ,! 4*,9! /$;*! ;,%9*&A! ;,(5!$2!&/*!0,%1*+&!3$%4*1),(!*O#$%&*%+!&$!&/*!%*(*4,E0*!*(*%15!)(-'+&%)*+!,%*!2)%;+!-*0)B*%)(1!&$! &/*! $22+/$%*! 4)(-! )(-'+&%5! +'./! ,+! P%*-! "0+*(A! D3_! nSA! R)E*0! ,(-! D%,9,! 3$%+9! ?,E*0! K=*9()+9! C9*E0,-!FGHILN! MGI K&%,-!$1&(&<&%(,'48! ! M*+*,%./! ,.&)B)&)*+! )(! 3$%4,5! %*0,&*-! &$! &/*! -*B*0$#;*(&! $2! %,4U;,&*%),0+! 2$%! +$0,%! W_! /,B*! E**(! $(U1$)(1!+)(.*!&/*!ZG+!,(-!aG+!K7,(+$(!FGH]j!?0)&9$'!c!n$-$*!FGH]LN!@$;E)(*-!4)&/!*O#*.&,&)$(+! 2$%! +$0,%! W_! ;,%9*&+! )(! n*%;,(5! ,(-! <,#,(! K<,.$E++$(! c! 6*%1*9! FGGYL! &/*! 2)%+&! W_! ;,('2,.&'%)(1! 2)%;A! J.,(4,2*%! *;*%1*-! )(! 3$%4,5! )(! &/*! ;)-U[G+N! D'%)(1! &/*! 2)%+&! -*.,-*! $2! &/*! FGGG+! &/*! 0,%1*! 10$E,0! #0,5*%! M*(*4,E0*! :(*%15! @$%#$%,&)$(! KM:@L! ,(-! ,! (';E*%! $2! +'##0)*%+! 1%*4! 2$%&/N! R&! &/)+! #$)(&!)(!&);*!2)%;!*(&%5!4,+!;,)(05!-%)B*(!E5!*O#*.&,&)$(+!$2!1%$4&/!)(!$B*%+*,+!;,%9*&+!,(-!;,)(05! $%)*(&*-!&$4,%-+!;,&*%),0!,(-!.$;#$(*(&!+'##05N!R((',0!10$E,0!1%$4&/!%,&*+!/,B*!E**(!*+&);,&*-! &$! YYh! )(! &/*! #*%)$-! FGGGUFGHY! KP%,'(/$2*%U>J:!FGHILN!R!%,(1*! $2! ,.&)B)&)*+! 4*%*! -)%*.&*-! &$4,%-+! -*B*0$#;*(&! $2! (*4! #%$.*++*+! 2$%! #%$-'.&)$(! $2! +)0).$(! 2$%! W_! #'%#$+*+A! +'./! ,+! &/$+*! ;,-*! E5! :09*;!J$0,%N!P$00$4)(1!@/)(,f+!%,#)-!*(&%5!&$!&/*!W_!)(-'+&%5A!&/*!-%,;,&).!)(.%*,+*+!)(!#%$-'.&)$(! .,#,.)&5! ,(-! %,#)-! -*.%*,+*+! )(! #%).*! ./,00*(1*-! ;,(5! $2! &/*! *+&,E0)+/*-! 2)%;+! )(! &/*! )(-'+&%5! %*+'0&)(1!)(!&/*!&*%;)(,&)$(!$2!M:@f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n0$;2T$%-! ,(-! :09*;! J$0,%! ,&! 7*%s5,! -$! ,0+$! +)1(,0! (*4! ,.&)B)&)*+! )(! .$;#$(*(&!+'##05!K3)0+*(!FGHIj!_$&B)9!FGHILN! ! ! HF! ! Y >.8;%(8! >(!&/*!2$00$4)(1A!4*!#%*+*(&!%*+'0&+!2%$;!&/*!+'%B*5!+&,%&)(1!4)&/!,!-*+.%)#&)$(!$2!&/*!%*+#$(-*(&+N! YGD J'-7!41,-,4(.-'8('48! R! B,+&! ;,T$%)&5! $2! &/*! 2)%;+! )(! &/*! +'%B*5! /,B*! /,-! ,! ;)();';! $2! $(*! -*0)B*%5! &$! &/*! "QW! $%! W_! ;,%9*&+N! P)1'%*! IUH! +/$4+! &/,&! (*,%05! ,00! $2! &/*! W_! 2)%;+! ,(-! ,E$'&! aG! #*%! .*(&! $2! &/*! "QW! 2)%;+! %*+#$(-*-!&/,&!&/*5!/,B*!-*0)B*%*-!#%$-'.&+!$%!+*%B).*+!&$!&/*!$22+/$%*!4)(-!,(-!W_!)(-'+&%)*+N!=/*! %*+#$(-*(&+!&/,&!/,-!($&!5*&!-*0)B*%*-!#%$-'.&+!$%!+*%B).*+!&$!&/*!"QW!$%!W_!;,%9*&+!/,-!,;E)&)$(+! $2!-$)(1!+$N!! HFG! P;7+.-!&3!Z-78! HGG! aG! R;E)t$(+!&$!-*0)B*%! ^G! 7,B*!-*0)B*%*-! YG! FG! G! "QW! W_! ! J'*;-.!YOD!P;7+.-!&3!@A2!,)5!2?!3'-78!(1,(!1,<.!5.%'<.-.5!$-&5;4(8!&-!8.-<'4.8!(&!(1.!&3381&-.!/')5!&-!2?!7,-6.(8! 7$4*B*%A!,+!2)1'%*!IUF!+/$4+A!,!0,%1*!+/,%*!$2!&/*!2)%;+!$(05!/,-!;)($%!,.&)B)&)*+!)(!"QW!,(-!W_!)(! FGHYN!V,(5!2)%;+!-*-).,&*!0*++!&/,(!$(*!2'00U&);*!*b')B,0*(&!KP=:+L!&$!"QW!,(-!W_!,(-!(*,%05!&4$U &/)%-+! )(B*+&*-! 0*++! &/,(! I! P=:+! )(! "QW! ,(-! W_! )(! FGHYN! V$%*$B*%A! ;$%*! &/,(! /,02! &/*! "QW! 2)%;+! %*#$%&! &/,&! $22+/$%*! 4)(-! %*#%*+*(&+! 0*++! &/,(! 2)B*! #*%! .*(&! $2! &/*)%! &$&,0! %*B*('*N! =/'+A! )&! )+! .0*,%! &/,&!&$!&/*!;,T$%)&5!$2!2)%;+A!"QW!,(-!W_!)+!,!+'##0*;*(&!&$!$&/*%!,.&)B)&)*+N!R&!&/*!+,;*!&);*A!;$%*! &/,(!$(*U&/)%-!$2!&/*!2)%;+!-*-).,&*!I!$%!;$%*!P=:+!&$!"QW!,(-!W_N!>(!&/)+!%*#$%&A!4*!.$(+)-*%!&/)+! 1%$'#! &$! /,B*! ;,-*! 780(818.+()* 8(#"7)'"()7! )(! "QW! ,(-! W_N! P)(,005A! 4*! .,(! ,0+$! +**! &/,&! W_! %*#%*+*(&+! ,! 0,%1*%! +/,%*! $2! &/*! W_! 2)%;+f! &$&,0! &'%($B*%A! 4/)./! +'11*+&+! ,! /)1/*%! -*1%**! $2! +#*.),0)+,&)$(A!,+!4)00!E*!-)+.'++*-!E*0$4!)(!+*.&)$(!INHN]N!! H]! ! ^G!h! YG!h! IG!h! _!&3!Z-78! _!&3!Z-78! IG!h! ]G!h! FG!h! HG!h! YG!h! ]G!h! FG!h! HG!h! G!h! uH! HUY! IUFI! G!h! vFI! HUY!h! P;7+.-!&3!JN"8!5.5'4,(.5!(&!@A2!,)5!2?!]FRDM^! "QW!K(wHGGL! IUFG!h! FHUaG!h! aHUHGG!h! \4`<'(0!')!@A2!,)5!2?!,8!_!&3!(&(,%!-.<.);.!]FRDM^! W_!K(wYIL! "QW!K(w[ZL! W_!K(wYYL! ! ! J'*;-.!YOF!P;7+.-!&3!3;%%O('7.!.[;'<,%.)(8!,)5!$.-4.)(,*.!&3!4&7$,)0!-.<.);.!')!2?!,)5!@A2! Q*!,0+$!,+9*-!&/*!2)%;+!,E$'&!4/*(!&/*5!2)%+&!+&,%&*-!'#!,.&)B)&)*+!%*0,&*-!&$!&/*!$22+/$%*!4)(-!,(-! +$0,%!W_!)(-'+&%)*+N!P)1'%*!IU]!+/$4+!&/,&!&/*%*!4,+!0)&&0*!,.&)B)&5A!)(!&*%;+!$2!(*4!2)%;!*(&%5A!E*2$%*! &/*! 5*,%! FGGGA! ,(-! &/,&! 2$00$4)(1! ,! +'%1*! )(! ,.&)B)&5! )(! &/*! #*%)$-! E*&4**(! FGGI! ,(-! FGHF! ,.&)B)&5! 4,+!%*-'.*-!)(!&/*!+'E+*b'*(&!5*,%+N!=/)+!)+!#,%&).'0,%05!B)+)E0*!2$%!&/*!$22+/$%*!4)(-!2)%;+A!,(-!;,5! E*!%*0,&*-!&$!./,(1)(1!,.&)B)&5!0*B*0+!)(!&/*!#*&%$0*';!)(-'+&%5!)(!&/*!+,;*!#*%)$-!K3$%;,((!FGHILN!! Ha! P;7+.-!&3!Z-78! H^! HY! HF! HG! a! ^! Y! "QW! FGHY! FGH]! FGHF! FGHH! FGHG! FGG[! FGGa! FGGZ! W_! J'*;-.!YOI!\));,%!);7+.-!&3!3'-78!8(,-(')*!,4('<'(0!')!@A2!,)5!2?!]DWWROFRDM^! YGDGD FGG^! FGGI! FGGY! FGG]! FGGF! FGGH! FGGG! H[[[! H[[a! H[[Z! H[[^! H[[I! H[[Y! H[[]! H[[F! H[[H! G! H[[G! F! ! K;$$%0!41,')8! 6$&/!&/*!$22+/$%*!4)(-!,(-!#/$&$B$0&,).+!)(-'+&%)*+!.$(+)+&!$2!,!B,%)*&5!$2!2)%;+!&/,&!+'##05!-)22*%*(&! #%$-'.&+! ,(-! +*%B).*+FN! R(! $22+/$%*! 4)(-! 2,%;! )+! #'&! &$1*&/*%! E5! &/%**! 1%$'#+! $2! ;,('2,.&'%*-! .$;#$(*(&+`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b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`! KHL! &$#+)-*A!KFL!2$'(-,&)$(A!K]L!*0*.&%).,0!,(-!1%)-A!KYL!0$1)+&).+A!)(+&,00,&)$(A!B*++*0+A!KIL!;*&$.*,(A!+'%B*5A! +'E+*,A!K^L!McDA!.$(+'0&,(.5A!>=!KZLA!$#*%,&)$(+!c!;,)(&*(,(.*!,(-!KaL!$&/*%N!Q*!+/$'0-!/*%*!($&*! &/,&!Mc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b')B,0*(&+!&$!"QWN!P%$;!&/)+A!4*!.,(!2$%!)(+&,(.*!+**!&/,&!&/*!;$%*!&/,(!/,02!$2!&/*!2)%;+!)(!&/*! 2$'(-,&)$(!,(-!"cV!.,&*1$%)*+!/,B*!;,-*!+)1()2).,(&!)(B*+&;*(&+!)(!"QWA!4/*%*,+!2)%;+!-*0)B*%)(1! &$#+)-*!#%$-'.&+!$%!+*%B).*+!/,B*!2$%!&/*!;$+&!#,%&!-*-).,&*-!0*++!%*+$'%.*!&$!&/)+!)(-'+&%5N! 3';E*%!$2!q%;+! ]G! FI! FG! HI! HG! I! G! =$#+)-*! P$'(-,t$(! :0*.&%).,0!c! n%)-! S$1)+t.+A! McDA! V*&$.*,(A! >(+&,00,t$(!c! J'%B*5A!J'E+*,! @$(+'0&,(.5! _*++*0+! ,(-!!>=! I!$%!;$%*!P=:+!$(!"QW! "&/*%! S*++!&/,(!I!P=:+!$(!"QW! ! J'*;-.!YOM!P;7+.-!&3!3'-78!,4-&88!(1.!@A2!8;$$%0!41,')! !"#$%&'!K;-<.0!5,(,!,)5!5.86(&$!-.8.,-41! HI! ! "cV! =/*!;,('2,.&'%)(1!,(-!'+*!$2!W_!;$-'0*+!)+!,++$.),&*-!4)&/!,!(';E*%!$2!-)22*%*(&!+&*#+N!P)%+&05!&/*! .$(B*%+)$(! $2! 0)1/&! &$! *0*.&%).)&5! %*b')%*+! /)1/! #'%)&5! ;,&*%),0+N! J)0).$(! )+! &/*! -$;)(,(&! ;,&*%),0N! J)0).$(!)+!&/*(!;$0&*(!)(&$!0,%1*!.%5+&,0!E0$.9+!K)(1$&+L!,(-!+,4(!)(&$!&/)(!4,2*%+N!=/*+*!4,2*%+!,%*! &/*(!./*;).,005!&%*,&*-!)(!,!.*00!#%$.*++!,(-!,++*;E0*-!)(&$!;$-'0*+N!P)(,005!;$-'0*+!,%*!)(+&,00*-! ,(-! )(&*1%,&*-! )(&$! &/*! *0*.&%).)&5! +5+&*;! K$%! '+*-! )(! $22U1%)-! ,##0).,&)$(+LN! P$%! $'%! #'%#$+*+! 4*! )(.0'-*! &/*! 2$00$4)(1! .,&*1$%)*+! $2! ,.&$%+! ,0$(1! &/*! +'##05! ./,)(`! KHL! %,4U;,&*%),0! #%$-'.&)$(A! KFL! )(1$&+! ,(-! 4,2*%+A! K]L! +5+&*;A! KYL! ;,./)(*%5! c! *b')#;*(&! KIL! )(B*+&;*(&! c! 2)(,(.*! ,(-! K^L! .$(+'0&,(.5!c!McDN!R!(';E*%!$2!,.&$%+!-*0)B*%!#%$-'.&)$(!*b')#;*(&!,(-!+*%B).*+!,0$(1!&/)+!+'##05! ./,)(N! Q/)0*! HU]! ,%*! ,++$.),&*-! 4)&/! #,%&).'0,%! +&*#+! ,0$(1! &/*! +'##05! ./,)(! ,.&$%+! ,++$.),&*-! 4)&/! 1%$'#!YU^!;,5!+'##05!#%$-'.&+!,(-!+*%B).*!&$!,00!0*B*0+N!! P%$;! 2)1'%*! IUI! 4*! .,(! +**! &/,&! ;$+&! $2! &/*! 2)%;+! ,%*! #0,.*-! )(! &/%**! .,&*1$%)*+`! M,4! ;,&*%),0+A! +5+&*;A! ,(-! .$(+'0&,(.5! ,(-! Mc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cD! +*%B).*+N! =/*! 0,%1*! 1%$'#! $2! +5+&*;! 2)%;+! ;$+&05! -*-).,&*! 0*++! &/,(! 2)B*! 2'00U &);*!*b')B,0*(&+!&$!W_N!! J);)0,%05!&$!"QWA!&/*%*!)+!,!E%$,-!B,%)*&5!4)&/)(!*,./!W_!.,&*1$%5N!P$%!)(+&,(.*A!)(!&/*!%,4!;,&*%),0+! .,&*1$%5! &/*%*! ,%*! 2)%;+! +'##05)(1! #%$-'.&+! ,(-! &*./($0$15! %,(1)(1! 2%$;! *0*.&%).,0! .$(-'.&)B*! ,-/*+)B*!K10'*L!&$!+)0).$(!,(-!+)0).$(!.,%E)-*N! 3';E*%!$2!q%;+! FG! HI! HG! I! G! M,4!;,&*%),0+! >(1$&+!,(-!4,2*%+! J5+&*;! V,./)(*%5!c! #%$-'.t$(! I!$%!;$%*!P=:+!$(!W_! @$(+'0&,(.5!,(-! McD! S*++!&/,(!I!P=:+!$(!W_! ! J'*;-.!YOY!P;7+.-!&3!3'-78!,4-&88!(1.!2?!8;$$%0!41,')! K&;-4.:!K;-<.0!5,(,!,)5!5.86(&$!-.8.,-41! H^! ! >(B*+&;*(&+!c! q(,(.*! "B*%,00A!4*!2$'(-!&/,&!&/*!;,T$%)&5!$2!2)%;+!)(!E$&/!)(-'+&%)*+!.,(!E*!.,&*1$%)+*-!,+!+*%B).*+!2)%;+! KZY!#*%!.*(&!$2!W_!2)%;+!,(-!^Z!#*%!.*(&!$2!"QW!2)%;+LN!65!&/,&!4*!;*,(!&/,&!&/*5!-*0)B*%!#%);,%)05! +*%B).*+!%,&/*%!&/,(!;,('2,.&'%*-!#%$-'.&+!&$!&/*!W_!$%!"QW!)(-'+&%)*+N! YGDGF >.*'&),%!4%;8(.-8! Q*!,0+$!;,##*-!&/*!0$.,&)$(!$2!2)%;+f!/*,-b',%&*%+!)(!$%-*%!&$!)-*(&)25!&/*!1*$1%,#/).!-)+&%)E'&)$(! $2!"QW!,(-!W_!,.&)B)&)*+!)(!3$%4,5]N!P%$;!2)1'%*!IU^A!4*!.,(!+**!&/,&!,!+)1()2).,(&!(';E*%!$2!2)%;+! ,%*!0$.,&*-!)(!,(-!,%$'(-!&/*!"+0$!%*1)$(N!7$4*B*%A!,!0,%1*!(';E*%!$2!&/*!$22+/$%*!4)(-!2)%;+!,%*! ,0+$!0$.,&*-!)(!&/*!%*1)$(+!&/,&!/,B*!&%,-)&)$(,005!E**(!+&%$(1!)(!$)0!c!1,+!,(-!;,%)&);*!)(-'+&%)*+N! P$%!)(+&,(.*A!HF!$2!&/*!Ha!"QW!2)%;+!0$.,&*-!)(!&/*!3$%&/4*+&!%*1)$(!/,B*!&/*)%!#%);,%5!,.&)B)&5!)(! ;,%)&);*!)(-'+&%)*+N! J'*;-.!YOa!P;7+.-!&3!3'-78!/'(1!,4('<'('.8!')!@A2!,)5!2?!')!5'33.-.)(!-.*'&)8G! !"#$%&'!C,(,!3-&7!8;-<.0!,)5!$-&33G)&! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ] !J$;*!$2!&/*!2)%;+!4)00!/,B*!#%$-'.&)$(!$%!McD!2,.)0)&)*+!)(!+*#,%,&*!0$.,&)$(+!&$!&/*!/*,-b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a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d!$-'7,-0!')5;8(-0! @A2!-.8$&)5.)(8d!$-'7,-0!')5;8(-0! "&/*%! HF!h! :(*%15! HG!h! >(-'+&%5! ,(-! V,&*%),0+! H^!h! "p+/$%*! 4)(-! Ha!h! "&/*%! FI!h! J$0,%!W_! Y]!h! 6')0-)(1+! ,(-! .$(+&%'.U t$(! H[!h! J'*;-.!YOb!>.8$&)5.)(8c!$-'7,-0!')5;8(-0! !"#$%&'!C,(,!3-&7!8;-<.0!,)5!5.86!-.8.,-41! ! ")0!c!n,+! Ha!h! "&/*%! %*(*4,E0*+! a!h! :0*.&%).,0! )(2%,+&%'.&'%*! ^!h! V,%)t;*! F^!h! ( ! P)1'%*!IUa!+/$4+!&/*!%*0,&)$(+/)#!E*&4**(!"QW!2)%;+f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c!J&**(!FGH]LN! Ha! ! ! J'*;-.!YOe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aF!#*%!.*(&!$2!2)%;+! +&,&)(1!&/*+*!,+!)(-'+&%)*+!2%$;!4/)./!&/*5!/,B*!%*0*B,(&!*O#*%)*(.*N!=/)+!+/$4+!&/,&!;,(5!2)%;+!.,(! E*(*2)&!2%$;!*O#*%)*(.*+!2%$;!2$%!)(+&,(.*!$)0!c!1,+!4)&/$'&!/,B)(1!&/)+!,+!&/*)%!#%);,%5!)(-'+&%5N!P$%! W_!4*!$E+*%B*!&/,&!YI!#*%!.*(&!$2!2)%;+!+&,&*!&/,&!&/*5!E,+*!#%$-'.&+!$%!+*%B).*+!$(!*O#*%)*(.*!2%$;! 8(,67)5<*+(,*'+)"58+$7!)(!,--)&)$(!&$!"$".)58.+$*+(,*/"+)8(0*+(,*.%%$8(0N!! 21&(&<&%(,'48! :0*.&%).,0!c! 7_R@! FH!h! >(-'+&%5! ,(-! V,&*%),0+! YI!h! @f81&-.!/')5! "&/*%! M:=+! Y!h! :0*.&%).,0! )(2%,+U! &%'.&'%*! H!h! :(*%15! Ha!h! "&/*%! H]!h! V,%)t;*! FG!h! "&/*%! a!h! ")0!c!n,+! ^F!h! 6')0-)(1+! ,(-!.$(U +&%'.t$(! a!h! ( J'*;-.!YODR!@(1.-!')5;8(-'.8!3-&7!/1'41!3'-78!+;'%5!(1.'-!,4('<'(0!')!@A2!&-!2?!;$&)!! P)1'%*! IUHH! +/$4+! &/*! %*0,&)$(! E*&4**(! &/*! *O#*%)*(.*+! 2)%;+! -%,4! '#$(! 2$%! &/*)%! "QW! ,.&)B)&)*+A! ,(-!&/*!#0,.*+!)(!&/*!+'##05!./,)(!)(!4/)./!&/*5!-*0)B*%!#%$-'.&+!$%!+*%B).*+N!!V$+&!+&%)9)(105A!4*!.,(! +**!&/,&!&/*!0)(9!E*&4**(!"QW!,(-!$)0!c!1,+!E*.$;*+!*B*(!;$%*!#%$($'(.*-!,+!4*!.,(!+**!2)%;+! ,.%$++!&/*!*(&)%*!+'##05!./,)(!&/,&!E')0-!'#$(!*O#*%)*(.*+!2%$;!&/*!$)0!c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n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cn! V,%)t;*! "&/*%! G!h! FG!h! 3$!./,(1*+! YG!h! ^G!h! J$;*!./,(1*+! aG!h! HGG!h! J)1()q.,(&!./,(1*+! ! J'*;-.!YODI!>.8$&)5.)(8!$.-4.$('&)!&3!5.*-..!&3!(-,)83.-,+'%'(0!&3!.#$.-'.)4.!3-&7!&(1.-!')5;8(-'.8!(&!&3381&-.!/')5! $&/.-!])gWe^! ! :0*.&%).,0!c!7_R@! 6')0-)(1+!c!.$(+&%'.t$(! >(-'+&%5!c!;,&*%),0+! :(*%15! "&/*%! G!h! FG!h! 3$!./,(1*+! YG!h! J$;*!./,(1*+! ^G!h! aG!h! HGG!h! J)1()q.,(&!./,(1*+! ! J'*;-.!YODM!>.8$&)5.)(8!$.-4.$('&)!&3!5.*-..!&3!(-,)83.-,+'%'(0!&3!.#$.-'.)4.!3-&7!&(1.-!')5;8(-'.8!(&!$1&(&<&%(,'48! ])gIe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b')&*! *O&*(+)B*05! )(! )(&*%(,&)$(,0! .$00,E$%,&)$(+N! V$%*$B*%A! 4*! .,(! ($&).*! &/,&! .$00,E$%,&)$(! 4)&/! .'+&$;*%+!)+!#,%&).'0,%05!);#$%&,(&A!*+#*.),005!2$%!"QW!2)%;+N! aG!h! E)(.-),`&),%!4&%%,+&-,`&)! W*%.*(&,1*!$2!q%;+! "QW! W_! ^G!h! YG!h! FG!h! G!h! J'##0)*%+! @$;#*t&$%+! @'+&$;*%+! M*+*,%./! W'E0).!!$%1N! J'##0)*%+! @$;#*t&$%+! @'+&$;*%+! M*+*,%./! W'E0).!!$%1N! )(+t&'t$(+! )(+t&'t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f!&$&,0!%*B*('*N!=/)+!+&%*(1&/*(+! &/*!);#%*++)$(!&/,&!*B*(!&/$'1/!&/*%*!,%*!,!+)1()2).,(&!(';E*%!$2!3$%4*1),(!2)%;+!#,%&).)#,&)(1!)(! &/*!"QW!;,%9*&A!;,(5!$2!&/*+*!2)%;+!-*-).,&*!0);)&*-!%*+$'%.*+!&$!,.&)B)&)*+!)(!&/)+!;,%9*&N! F]! ! ! P)1'%*! IUH^! RB*%,1*! &$&,0! (';E*%! $2! -)22*%*(&! &5#*+! $2! $%1,()+,&)$(+! &/*! %*+#$(-*(&+! /,B*! .$00,E$%,&*-! 4)&/! $(! #%$-'.&! -*B*0$#;*(&! ,(-! ;,%9*&! ,..*++N+/$4+! &/,&! 4/*%*,+! &/*%*! )+! ($! %*0,&)$(!E*&4**(!-$;*+&).!.$00,E$%,&)$(!,(-!+)d*!$2!)(B*+&;*(&+!)(!"QW!,(-!W_!K)(!&*%;+!$2!P=:+LA! 2)%;+!4)&/!+)1()2).,(&!)(B*+&;*(&+!)(!"QW!,(-!W_!,0+$!.$00,E$%,&*!4)&/!,!4)-*%!+*&!$2!)(&*%(,&)$(,0! $%1,()+,&)$(+N! RB1N!.$00,E$%,t$(!)(&*(+)&5! Z! ^! I! Y! S*++!&/,(!I!P=:+! ]! I!$%!;$%*!P=:+! F! H! G! D$;*+t.!.$00,E$%,t$(! >(&*%(,t$(,0! .$00,E$%,t$(! D$;*+t.!.$00,E$%,t$(! "QW! >(&*%(,t$(,0! .$00,E$%,t$(! W_! ! J'*;-.!YODa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h! "QW! aG!h! W_! ^G!h! YG!h! FG!h! G!h! R..*++!&$!;,%9*-! R..*++!&$!(*4! =*+&ib',0)25!(*4! R..*++!&$!(*4! 9($40*-1*! #%$-'.&+!$%!+*%B).*+! &*./($0$15! R..*++!&$!/';,(! %*+$'%.*+! R..*++!&$!.,#)&,0! J'*;-.!YODb!J'-78!-.8$&)5')*!(&!/10!')(.-),('&),%!4&%%,+&-,('&)!'8!'7$&-(,)(!])&*!&-!+"!&)!.,41!&$('&)^! ! Q*! .,(! ,0+$! ($&*! &/,&! +.."77* )%* .+&8)+$* +(,* /6'+(* 5"7%65."7! )+! ($&! ,(! );#$%&,(&! ;$&)B,&)$(! 2$%! )(&*%(,&)$(,0! .$00,E$%,&)$(N! 7$4*B*%A! 4*! .,(! 2%$;! 2)1'%*! IUHa! +**! &/,&! ,..*++! &$! .,#)&,0! )+! ,(! );#$%&,(&!;$&)B,&)$(!2$%!)(&*%(,&)$(,0!.$00,E$%,&)$(!2$%!2)%;+!&/,&!/,B*!;,-*!+)1()2).,(&!)(B*+&;*(&+! )(!W_N!! FY! ! 2.-4.)(,*.!&3!Z-78! HGG!h! aG!h! ^G!h! YG!h! FG!h! G!h! >(&*%(,t$(,0!.$00,E$%,t$(!);#$%&,(&! 2$%!,..*++!&$!.,#)&,0! S*++!&/,(!I!P=:+!$(!W_! I!$%!;$%*!P=:+!$(!W_! ! J'*;-.!YODe!2.-4.)(,*.!&3!2?!3'-78!-.$&-(')*!(1,(!')(.-),('&),%!4&%%,+&-,('&)!'8!'7$&-(,)(!3&-!,44.88!(&!4,$'(,%!])&*!&-!+"^G! K$%'(!+.(/..)!3'-78!/'(1!%.88!(1,)!Y!JN"8!,)5!3'-78!/'(1!Y!JN"8!&-!7&-.!')<.8(.5!')!2?G! YGI A1.-.!,-.!(1.!4;8(&7.-8h! W%)$%! &$! .$(-'.&)(1! &/*! +'%B*5A! 4*! ,++';*-! &/,&! "QW! ,(-! W_! 2)%;+! 4$'0-! E*! ;$+&05! $%)*(&*-! &$4,%-+!)(&*%(,&)$(,0!;,%9*&+N!P%$;!2)1'%*!IUH[A!4*!.,(!+**!&/,&!&/)+!)+!.$(2)%;*-!2$%!"QW!E'&!0*++! +$!2$%!W_!2)%;+N!=/)+!.,(!E*!*O#0,)(*-!E5!&/*!0,%1*!(';E*%!$2!+5+&*;!+'##0)*%+!&/,&!,%*!;,)(05!+;,00! 2)%;+!K+**!2)1'%*!IUIL!$%)*(&*-!&$4,%-+!,!(,+.*(&!-$;*+&).!;,%9*&N! aG!h! 2.-4.7(,*.!&3!Z-78! "QW! W_! ^G!h! YG!h! FG!h! G!h! :O.0'+)B*05!-$;*+t.! V$+&05!-$;*+t.! :b',005!-$;*+t.!,(-! V$+&05!)(&*%(,t$(,0! )(&*%(,t$(,0! J'*;-.!YODW!B&4,('&)!&3!,4(;,%!&-!$&(.)(',%!4;8(&7.-8G!2.-4.)(,*.!&3!3'-78G! :O.0'+)B*05! )(&*%(,t$(,0! ! P)1'%*!IUFG!+/$4+!&/,&!4/*(!4*!.$'(&!&$&,0!(';E*%!$2!2'00U&);*!*b')B,0*(&+!-*-).,&*-!&$!"QW!$%!W_! )(+&*,-!$2!(';E*%!$2!2)%;+A!&/*!)(&*%(,&)$(,0!$%)*(&,&)$(!E*.$;*+!;$%*!#%$($'(.*-N!P%$;!&/)+A!4*! %*.$1()+*! &/,&! &/*! 0,%1*%! W_! 2)%;+! ,%*! $%)*(&*-! &$4,%-+! )(&*%(,&)$(,0! ;,%9*&+N! =/'+A! )(! &*%;+! $2! %*+$'%.*+A!4*!.,(!$E+*%B*!&/,&!E$&/!)(-'+&%)*+!;,)(05!&,%1*&!;,%9*&+!,E%$,-N! FI! ! aG!h! 2.-4.)(,*.!&3!JN"8! "QW! W_! ^G!h! YG!h! FG!h! G!h! :O.0'+)B*05!-$;*+t.! V$+&05!-$;*+t.! :b',005!-$;*+t.!,(-! V$+&05!)(&*%(,t$(,0! )(&*%(,t$(,0! :O.0'+)B*05! )(&*%(,t$(,0! ! J'*;-.!YOFR!B&4,('&)!&3!,4(;,%!&-!$&(.)(',%!4;8(&7.-8G!2.-4.)(,*.!&3!(&(,%!JN"8!5.5'4,(.5!(&!@A2!&-!2?!/'(1')!3'-78!')! 8,7$%.G! n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f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b',0)&5! ,%*! &/*! &4$! ;$+&! );#$%&,(&! .%)&*%),!)+!($&!+'%#%)+)(1N!>&!-$*+A!/$4*B*%A!#$)(&!&$!&/*!);#$%&,(.*!$2!)(.%*;*(&,0!);#%$B*;*(&+!2$%! )(($B,&)$(A!,+!-)+.'++*-!)(!+*.&)$(!FN!>(.%*,+)(1!#%$-'.&!*22).)*(.5!,(-!.$;#*&)&)B*!,-B,(&,1*!;,5! $2&*(!E*!,./)*B*-!&/%$'1/!.$(&)('$'+!);#%$B*;*(&+!)(!b',0)&5!$%!%*-'.&)$(+!)(!.$+&+A!%,&/*%!&/,(!,+! %*+'0&!$2!;,T$%!%*+*,%./!E%*,9&/%$'1/+N!=/)+!;,5!,0+$!E*!&/*!.,+*!2$%!;,(5!$2!&/*!2)%;+!)(!&/*!"QW! ,(-!W_!)(-'+&%)*+N! ! YG!h! 2.-4.)(,*.!!&3!Z-78! "Q! W_! ]G!h! FG!h! HG!h! G!h! W%).*! o',0)&5! @'+&$;*%! 3*4!&*./($0$15! J*.'%)&5!$2!+'##05! .'+&$;)d,t$(! J'*;-.!YOFI!=&8(!'7$&-(,)(!8;44.88!4-'(.-',G! >.8$&)5.)(8!%'8(.5!(1.!8')*%.!7&8(!'7$&-(,)(!4-'(.-',Q!+,8.5!&)!,!$-.O5.3').5!%'8(G! FZ! ! P0*O)E)0)&5! ! "(*! ;$&)B,&)$(! 2$%! &/*! b'*+&)$(! $(! +'..*++! .%)&*%),! 4,+! &$! +**! )2! 4*! .$'0-! $E+*%B*! -)22*%*(.*+! E*&4**(! &/*! );#$%&,(.*! $2! #%).*! ,(-! b',0)&5! -*#*(-)(1! $(! )(-'+&%5! $%! #0,.*! )(! +'##05! ./,)(N! Q*! ,++';*-!&/,&!#%).*!4)00!E*!;$%*!);#$%&,(&!2$%!#%$-'.&+!,(-!+*%B).*+!&/,&!,%*!;$%*!+&,(-,%-)+*-!,(-! )(!)(-'+&%)*+!&/,&!,%*!;$%*!;,&'%*N!P)1'%*!IUF]!+/$4+!&/,&!&/*%*!)+!$(05!,!+;,00!-)22*%*(.*!E*&4**(! "QW!,(-!W_!$(!#%).*!,+!,!.%)&*%)$(N!V$%*$B*%A!2)1'%*!IUFY!+/$4+!&/,&!&/*%*!,%*!$(05!;)($%!B,%),&)$(+! 4)&/)(!&/*!W_!+'##05!./,)(N! W_!+5+&*;!q%;+! R00!$&/*%!W_!q%;+! G!h! FG!h! YG!h! W%).*!;$+&!);#$%&,(&! ^G!h! aG!h! HGG!h! W%).*!+*.$(-!;$+&!);#$%&,(&! ! J'*;-.!YOFM!E7$&-(,)4.!&3!$-'4.!,8!8;44.88!4-'(.-',!3&-!2?!3'-78Q!8$%'(!+.(/..)!808(.7!3'-78!,)5!,%%!&(1.-!2?!3'-78!])gMe^G! >.8$&)5.)(8!%'8(.5!(1.!(/&!7&8(!'7$&-(,)(!4-'(.-',!')!$-'&-'('8.5!&-5.-Q!+,8.5!&)!,!$-.O5.3').5!%'8(G! 7$4*B*%A!4/*(!4*!0$$9!,&!&/*!"QW!+'##05!./,)(!)(!2)1'%*!IUFIA!4*!.,(!+**!&/,&!2)%;+!&/,&!-*0)B*%!&$! '")%."+(9*765#"<*+(,*76;7"+!,(-!@=!*+(,*.%(76$)+(.<!%*05!0*++!$(!#%).*!.$;#,%*-!&$!$&/*%!#,%&+!$2! &/*!+'##05!./,)(N!! =$#+)-*! P$'(-,t$(+! :0*.&%).,0!c!n%)-! S$1)+t.+A!)(+&,00,t$(+!c!B*++*0+! V*&$.*,(A!+'%B*5!,(-!+'E+*,! McDA!@$(+'0&,(.5!,(-!>=! "cV! "&/*%! G!h! FG!h! W%).*!;$+&!);#$%&,(&! YG!h! ^G!h! aG!h! W%).*!+*.$(-!;$+&!);#$%&,(&! J'*;-.!YOFY!E7$&-(,)4.!&3!$-'4.!,8!8;44.88!4-'(.-',Q!8$-.,5!,4-&88!@A2!8;$$%0!41,')!])gWW^G! >.8$&)5.)(8!%'8(.5!(1.!(/&!7&8(!'7$&-(,)(!4-'(.-',!')!$-'&-'('8.5!&-5.-Q!+,8.5!&)!,!$-.O5.3').5!%'8(G! HGG!h! ! V$+&!$2!&/*!2)%;+!)(!&/*+*!#,%&+!$2!&/*!"QW!+'##0*!./,)(!-*0)B*%!+*%B).*+A!,(-!4*!.,(!+**!2%$;!2)1'%*! IUF^!E*0$4!&/,&!&/*!%*0,&)B*!);#$%&,(.*!$2!#%).*!,(-!b',0)&5!,0+$!B,%)*+!-*#*(-)(1!$(!4/*&/*%!&/*! %*+#$(-*(&+!-*0)B*%!;,('2,.&'%*-!#%$-'.&+!$%!+*%B).*+N! Fa! ! "QW!;,('2,.&'%)(1! "QW!+*%B).*+! W_!;,('2,.&'%)(1! W_!+*%B).*+! G!h! HG!h! FG!h! ]G!h! W%).*!;$+&!);#$%&,(&! YG!h! IG!h! ^G!h! ZG!h! W%).*!+*.$(-!;$+&!);#$%&,(&! J'*;-.!YOFa!E7$&-(,)4.!&3!$-'4.!,8!,!8;44.88!4-'(.-',Q!8$%'(!+.(/..)!8.-<'4.8!,)5!7,);3,4(;-')*! >.8$&)5.)(8!%'8(.5!(1.!(/&!7&8(!'7$&-(,)(!4-'(.-',!')!$-'&-'('8.5!&-5.-Q!+,8.5!&)!,!$-.O5.3').5!%'8(G! ! YGY 2.-4.'<.5!+,--'.-8!(&!')(.-),('&),%'8,('&)! >(!&/*!+'%B*5A!4*!,+9*-!&/*!%*+#$(-*(&+!4/,&!&/*5!+**!,+!;,)(!./,00*(1*+!2$%!&/*)%!E'+)(*++N!! aG!h! ZG!h! 2.-4.)(,*.!&3!Z-78! ^G!h! IG!h! YG!h! ]G!h! FG!h! HG!h! G!h! C(.*%&,)(! D*;,(-)(1!&$! @$+&!$2! -*;,(-!2$%! q(-!.'+&$;*%+! #%$-'.&!,(-! (*4!#%$-'.&+! +*%B).*! $%!+*%B).*+! -*B*0$#;*(&! R..*++!&$! .,#)&,0! "QW! n*$1%,#/).! V,%9*-! D*;,(-)(1!&$! R..*++!&$! -$;)(,&*-!E5! &*+&!$%!b',0)25! b',0)q*-!0,E$%! -)+&,(.*!,! ./,00*(1*! *+&,E0)+/*-! #%$-'.&!$%! q%;+! +*%B).*! W_! J'*;-.!YOFb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a!+/$4+!&/*!+,;*!E,%%)*%+!2$%!&/*!W_!)(-'+&%5A!+#0)&!E*&4**(!W_!+5+&*;!2)%;+!,(-!,00!$&/*%! 2)%;+!K-*0)B*%)(1!.$;#$(*(&+!,(-!+*%B).*+!&$!&/*!W_!+'##05!./,)(LN!7*%*A!4*!.,(!+**!&/,&!&/*!+*.$(-! 1%$'#! K4/)./! .$(+)+&+! ;$+&05! $2! 2)%;+! #%$-'.)(1! +)0).$(! ,(-! $&/*%! %,4! ;,&*%),0+! ,+! 4*00! ,+! 2)%;+! -*0)B*%)(1!.$(+'0&,(.5!,(-!Mc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h! 2.-4.)(,*.!&3!Z-78! aG!h! ^G!h! YG!h! FG!h! G!h! C(.*%&,)(! -*;,(-! R..*++!&$! D*;,(-)(1!&$! @$+&!$2! q(-! .,#)&,0! #%$-'.&!,(-! .'+&$;*%+! +*%B).*! -*B*0$#;*(&! W_!+5+&*;! R..*++!&$! D*;,(-)(1!&$! n*$1%,#/).! V,%9*-! b',0)q*-! &*+&!,(-! -)+&,(.*!,! -$;)(,&*-!E5! 0,E$'%! b',0)25! ./,00*(1*! *+&,E0)+/*-! #%$-'.&!$%! q%;+! +*%B).*! R00!$&/*%!W_!! J'*;-.!YOFe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`&),%'8,`&)! 2.-4.)(,*.!&3!Z-78! HGG!h! aG!h! ^G!h! YG!h! FG!h! G!h! "p+/$%*!4)(-! "cn! V,%)t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c! J&**(!FGHHj!3)00+$(!c!Q*+&)(!FGHYj!3$%;,((!FGHILN!Q*!&/*%*2$%*!4,(&*-!&$!*O#0$%*!&/)+!#,%&).'0,%! ,%*,!2$%!$22+/$%*!4)(-N! P)1'%*!IU]G!+/$4+!&/,&!&/%**Ub',%&*%+!$2!,00!$22+/$%*!4)(-!2)%;+!+**!&/*!,E+*(.*!$2!,!/$;*!;,%9*&!,+! ,! ./,00*(1*! &$! &/*)%! ,E)0)&5! &$! +'..**-! )(! )(&*%(,&)$(,0! ;,%9*&+N! Q*! /,B*! ($&! 2$'(-! ,(5! ($&,E0*! B,%),(.*!$(!&/)+!E,%%)*%!,.%$++!2)%;+!4)&/!#%);,%5!,.&)B)&5!)(!-)22*%*(&!)(-'+&%)*+!K$)0!c!1,+A!;,%)&);*A! $22+/$%*! 4)(-A! $&/*%LN! 7$4*B*%A! 4*! .,(! $E+*%B*! +$;*! B,%),&)$(! $(! &/)+! E,%%)*%! ,.%$++! &/*! $22+/$%*! 4)(-!+'##05!./,)(N! HGG!h! aG!h! RB*%,1*! ^G!h! YG!h! FG!h! G!h! =$#+)-*!! P$'(-,t$(+! :0*.&%).,0!c! S$1)+t.+A! V*&$.*,(A! McDA! n%)-!! >(+&,00,t$(+! +'%B*5!,(-! @$(+'0&,(.5! c!_*++*0+! +'E+*,! ,(-!>=! "cV! "&/*%!! J'*;-.!YOIR!2.-4.)(,*.!&3!@A2!3'-78!(1,(!-.8$&)5.5!(1,(!,!%,46!&3!,!1&7.!7,-6.(!7,6.8!'(!5'33'4;%(!(&!8;44..5!')! ')(.-),('&),%!7,-6.(8G! ]H! ! ! >(!&/*!0)&*%,&'%*!$(!)(&*%(,&)$(,0)+,&)$(A!2)%;!+)d*!/,+!E**(!2$'(-!&$!E*!$2!);#$%&,(.*!&$!2)%;+f!,E)0)&5! &$! *O#$%&! #%$-'.&+! $%! +*%B).*+! &$! )(&*%(,&)$(,0! ;,%9*&+N! P)1'%*! IU]H! +/$4+! &/,&! +;,00*%! 2)%;+! K;*,+'%*-!E5!E$&/!(';E*%!$2!2'00U&);*!*b')B,0*(&+!,(-!%*B*('*+L!.$(+)-*%!,!0,.9!$2!,!/$;*!;,%9*&! ,+!;$%*!./,00*(1)(1!&/,(!0,%1*%!2)%;+N! 2.-4.)(,*.!&3!Z-78! ! B,46!&3!1&7.!7,-6.(!7&-.!41,%%.)*')*!3&-!87,%%.-!3'-78 ! HGG!h! ! ! ! aG!h! ! ! ! ^G!h! ! ! ! YG!h! ! ! ! FG!h! ! ! ! G!h! ! =$&,0!2'00Ut;*!*b')B,0*(&+!)(!q%;!KFGHYL! =$&,0!q%;!%*B*('*!KFGHYL! ! ! ! IG!$%!0*++! IHUIGG! V$%*!&/,(!IGG! S*++!&/,(!x!HG!;! x!HG!U!IG!;! V$%*!&/,(!x!IG!;! ! ! ! J'*;-.!YOID!2.-4.)(,*.!&3!3'-78!-.8$&)5')*!(1,(!%,46!&3!,!1&7.!7,-6.(!7,6.8!'(!5'33'4;%(!(&!8;44..5!')!')(.-),('&),%! ! 7,-6.(8G!C.$.)5')*!&)!3'-7!8'i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cn!)(-'+&%5! )(!&/*!3$%&/!J*,L!-$*+!($&!,00*B),&*!&/*!E,%%)*%!%,)+*-!E5!,!0,.9!$2!,!-$;*+&).!;,%9*-N! ]F! ! F%*3/+)*"-)"()*,%"7*)/"*E%5)/*G"+*5"&$+."*)/"*("",*1%5*+*,%'"7H.*'+52")I( J;%%0! G!h! 2,-(%0! FI!h! P&).!,(!,%%! IG!h! ZI!h! HGG!h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b')##*-!&$!/,(-0*!%)+9N!7$4*B*%A!&/*! 3$%4*1),(! )(-'+&%5! +&%'.&'%*! .$(+)+&+! $2! ;$+&05! +;,00! ,(-! ;*-)';U+)d*-! *(&*%#%)+*+N! =/*! #$&*(&),0! 2$%!&/*+*!2)%;+!&$!+'..**-!)(!&/*!)(&*%(,&)$(,0!;,%9*&!2$%!$22+/$%*!4)(-!;,5!-*#*(-!#,%&).'0,%05!$(! (,&)$(,0!#$0).)*+!&/,&!&,%1*&!E,%%)*%+!&$!)(&*%(,&)$(,0)+,&)$(!*(.$'(&*%*-!+#*.)2).,005!E5!+;,00*%!2)%;+N YGa "#$.4(,('&)8!3&-!3;(;-.!5.<.%&$7.)(! =/*! 0*B*0! $2! ,.&)B)&5! )(! E$&/! $22+/$%*! 4)(-! ,(-! +$0,%! W_! ,;$(1+&! &/*! +'%B*5*-! 2)%;+! /,+! )(.%*,+*-! $B*%!&/*!0,+&!]!5*,%+N!P)1'%*!IU]]!+/$4+!&/,&!,E$'&!/,02!$2!&/*!+'%B*5*-!2)%;+!%*#$%&!&/,&!&/*!(';E*%! $2!2'00U&);*!*b')B,0*(&+!-*-).,&*-!&$!"QW!,(-!W_!/,+!)(.%*,+*-A!4/*%*,+!,%$'(-!FG!#*%!.*(&!$2!&/*! 2)%;+!%*#$%&!&/,&!&/)+!/,+!-*.0)(*-N!V$%*$B*%A!2)1'%*!IU]Y!+/$4+!&/,&!&/*!&'%($B*%!2%$;!"QW!,(-!W_! ,+!,!+/,%*!$2!&$&,0!&'%($B*%!/,+!,0+$!)(.%*,+*-!2$%!,##%$O);,&*05!/,02!$2!&/*!2)%;+N! W*%.*(&,1*!$2!q%;+! G!h! "QW! W_! FI!h! IG!h! ZI!h! >(.%*,+*-! J,;*! >(.%*,+*-! HGG!h! D*.0)(*-! J,;*! D*.0)(*-! ! J'*;-.!YOII!C.<.%&$7.)(!&3!);7+.-!&3!3;%%O('7.!.[;'<,%.)(8!&<.-!(1.!%,8(!(1-..!0.,-8! G!h! "QW! W_! FI!h! IG!h! ZI!h! >(.%*,+*-! J,;*! >(.%*,+*-! J,;*! HGG!h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t$(!.,#,.)&5! "QW! @/,(1*+!)(!#%$-'.t$(!#%$.*++!*b')#;*(&! W_! @$;;*%.),0)+,t$(!$2!(*4!#%$-'.&!$%!+*%B).*! G!h! FI!h! IG!h! ZI!h! HGG!h! W*%.*(&,1*!$2!q%;+!K<"7!$%!(%L* J'*;-.!YOIY!J'-78c!.#$.4(,('&)8!3&-!(;-)&<.-!,)5!')<.8(7.)(8!')!@A2!,)5!2?!3&-!(1.!).#(!(1-..!0.,-8G!! a ! K;77')*!;$!6.0!3')5')*8!,)5!4&)4%;8'&)8! >(!&/)+!2)(,0!+*.&)$(A!4*!+';;,%)d*!&/*!;,)(!%*+'0&+!2%$;!&/*!+'%B*5!,(-!-)+.'++!+$;*!);#0).,&)$(+!$(! &/*!#$&*(&),0!2$%!)(&*%(,&)$(,0)+,&)$(!$2!&/*!3$%4*1),(!$22+/$%*!4)(-!,(-!#/$&$B$0&,).!)(-'+&%)*+N! "(*!2)%+&!&/)(1!&$!($&*!)+!&/,&!&/*!%*+'0&+!-*+.%)E*!/$4!;$+&!2)%;+!E,+*!&/*)%!,.&)B)&)*+!)(!"QW!,(-!W_! $(! 9($40*-1*! ,(-! *O#*%)*(.*! 2%$;! $&/*%! )(-'+&%)*+N! >(! #,%&).'0,%! &/*! %*+'0&+! *O/)E)&! &/*! .0$+*! %*0,&)$(+/)#! E*&4**(! &/*! $)0! c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`! ! ]Y! ! • V$+&05!+;,00!2)%;+!$%!+;,00*%!#,%&+!$2!0,%1*%!2)%;+!&/,&!)(B*+&!)(!$22+/$%*!4)(-!$%!+$0,%!W_N! • D)B*%+)&5!,;$(1+&!2)%;+!;,5!)(20'*(.*!)(-'+&%)*+f!,E)0)&5!&$!e,.&!&$1*&/*%fN! • D*;,(-)(1!&$!-*;$(+&%,&*!#%$-'.&+!,(-!+*%B).*+!m!*+#*.),005!4)&/$'&!,!/$;*!;,%9*&N! Q/)0*! 4*! /,B*! )-*(&)2)*-! ,! +)1()2).,(&! (';E*%! $2! 3$%4*1),(! 2)%;+! 4*! +**! &/,&! ;,(5! $2! &/*! 2)%;+! -*-).,&*! B*%5! 0);)&*-! %*+$'%.*+! &$! "QW! ,(-! W_N! =/,&! )+A! *B*(! &/$'1/! ;,(5! $2! &/*! %*+#$(-*(&+! %*#%*+*(&!;*-)';!$%!0,%1*!2)%;+A!&/*!#*%.*(&,1*!$2!&'%($B*%!&/,&!.$;*+!2%$;!"QW!$%!W_!%*;,)(+! (*10)1)E0*N!=/)+!)+!#,%&).'0,%05!&%'*!2$%!$22+/$%*!4)(-N!=/)+!%,)+*+!&/*!b'*+&)$(!$2!&$!4/,&!*O&*(&!&/*+*! 2)%;+!,%*!.,#,E0*!$2!&,##)(1!)(&$!&/*!1%$4)(1!)(&*%(,&)$(,0!;,%9*&+!2$%!#%$-'.&+!$%!+*%B).*+!&/,&!,%*! $(05!,&!&/*!2%)(1*!$2!&/*!.$%*!,.&)B)&)*+!$2!&/*!2)%;N! Q*!+**!,!%*0,&*-!./,00*(1*!)(!&/,&!4*!$E+*%B*!&/,&!&/*!,.&)B)&)*+!$2!"QW!,(-!W_!2)%;+!,%*!-)+&%)E'&*-! ,.%$++!0$(1!,(-!.$;#0*O!+'##05!./,)(+!,(-!&/,&!&/*%*!)+!,!0,%1*!-)B*%+)&5!)(!&/*!#%$-'.&+!,(-!+*%B).*+! &/,&!2)%;+!$22*%N!V$%*$B*%A!&/*+*!2)%;+!B,%5!.$(+)-*%,E05!)(!+)d*!,(-!1*$1%,#/).!0$.,&)$(N!=/*!2)%;+! ,0+$! B,%5! +'E+&,(&),005! )(! &/*)%! .$;;)&;*(&! &$! "QW! ,(-! W_! ,+! .$;#,%*-! &$! &/*)%! .$%*! ,.&)B)&)*+N! Q/)0*! B,%)*&5! .,(! E*! #$+)&)B*! )&! ,0+$! %,)+*+! &/*! b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b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d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j! Q*,B*%! c! J&**(! FGH]LN! Q)&/! &/*! %*.*(&! -*.0)(*! )(! &/*! #*&%$0*';!)(-'+&%5A!&/)+!%,)+*+!&/*!b'*+&)$(!4/*&/*%!4*!4)00!+**!,(!)(.%*,+*!)(!&/*!(';E*%!$2!2)%;+! *(&*%)(1!"QW!2$%!FGHI!,(-!FGH^N! ! J';;)(1! '#A! 4*! /,B*! +$;*! 2)(,0! %*20*.&)$(+N! =/*! %*+'0&+! 2%$;! &/)+! +'%B*5! 0*(-+! +&%*(1&/! &$! &/*! ,%1';*(&! &/,&! &/*%*! )+! .$(+)-*%,E0*! #$&*(&),0! )(! &/*! 3$%4*1),(! $22+/$%*! 4)(-! ,(-! #/$&$B$0&,).! )(-'+&%)*+A! E'&! &/,&! E$&/! )(-'+&%)*+! *O#*%)*(.*! E,%%)*%+! &$! )(&*%(,&)$(,0)+,&)$(! %*0,&*-! &$! 4*,9! -$;*+&).!;,%9*&+N!=/)+!+**;+!&$!E*!#,%&).'0,%05!&%'*!2$%!+;,00*%!2)%;+N! n)B*(!&/*!-$;)(,(.*!$2!+*%B).*+!2)%;+A!E'&!,0+$!&/*!/*&*%$1*(*)&5!$2!2)%;+A!,(-!&/'+!B,%)*&5!)(!(**-+! 4)&/)(!E$&/!)(-'+&%)*+A!4*!&/)(9!+'##0*;*(&,%5!)(+&%';*(&+!)(!,--)&)$(!&$!+'##$%&!&$4,%-+!McD!,%*! %*b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c! J;)&/A! ?N! KFGHGLN! P'(.&)$(,0)&5! $2! )(($B,&)$(! +5+&*;+! ,+! ,! %,&)$(,0*!2$%!,(-!1')-*!&$!)(($B,&)$(!#$0).5N!! 6*%1*9A! RNA! <,.$E++$(A! JNA! c! J,(-y(A! 6N! RN! KFGGaLN! eS*1)&);,&)$(f! ,(-! e-*B*0$#;*(&! $2! #$+)&)B*! *O&*%(,0)&)*+f`!&4$!9*5!#%$.*++*+!)(!&/*!2$%;,&)$(!#/,+*!$2!&*./($0$1).,0!)(($B,&)$(!+5+&*;+N! F"./(%$%0<*B(+$<787*=*G)5+)"08.*:+(+0"'"()9*JKKILA!IZIUI[F! 6)(dA! @NA! =%'22*%A! 6NA! c! @$*(*(A! SN! KFGHYLN! Q/5! +#,.*! ;,&&*%+! )(! &*./($0$1).,0! )(($B,&)$(! +5+&*;+! U! V,##)(1! 10$E,0! 9($40*-1*! -5(,;).+! $2! ;*;E%,(*! E)$%*,.&$%! &*./($0$15N! @"7"+5./* >%$8.<9* LMKHLA!H]aUHII! 63:P!KFGH]LN!n0$E,0!M*(*4,E0*!:(*%15!"'&0$$9N!60$$;E*%1!3*4!:(*%15!P)(,(.*N! 6$+./;,A!MNA!c!P%*(9*(A!?N!KFGHHLN!=*./($0$1).,0!%*0,&*-(*++!,(-!%*1)$(,0!E%,(./)(1N!>(!7N!6,&/*0&A!VN! P*0-;,(!c!DN!PN!?$10*%!K:-+NLA!N"<%(,*F"558)%5<!K##N!^YUaHLN!RE)(1-$(`!M$'&0*-1*N! @,%0++$(A! 6NA! c! J&,(9)*4).dA! MN! KH[[HLN! "(! &/*! (,&'%*A! 2'(.&)$(! ,(-! .$;#$+)&)$(! $2! &*./($0$1).,0! +5+&*;+N!O%65(+$*%1*4#%$6)8%(+5<*4.%(%'8.79*PKFLA![]UHHa! @,+&*00,..)A!PN!KFGHFLN!P)%;z+!)(&*%(,&)$(,0)+,&)$(!)(!&/*!+*%B).*!)(-'+&%)*+`!:B)-*(.*!2%$;!3$%4,5N!>(!7N! 7B**;!c!@N!7N!?('&+*(!K:-+NLA!Q%#"5(+(."*+(,*2(%3$",0"*R*)/"*&%$8)8.7*%1*1%5"80(*8(#"7)'"()9* )"./(%$%0<*+(,*8,"+7!K_$0N!HaA!##N!H[[UFHZLN!S$(-$(`!M$'&0*-1*N! @,+&*00,..)A!PNA!c!P*B$0-*(A!RN!KFGHYLN!@,#,E0*!@$;#,()*+!$%!@/,(1)(1!V,%9*&+g!:O#0,)()(1!&/*!:O#$%&! W*%2$%;,(.*!$2!P)%;+!)(!&/*!D*2*(.*!>(-'+&%5N!!"1"(."*+(,*>"+."*4.%(%'8.79*JSK^LA!IY[UIZI! @$*(*(A! SNA! 6*((*4$%&/A! WNA! c! =%'22*%A! 6N! KFGHFLN! =$4,%-! ,! +#,&),0! #*%+#*.&)B*! $(! +'+&,)(,E)0)&5! &%,(+)&)$(+N!@"7"+5./*>%$8.<9*LPK^LA![^aU[Z[! @$/*(A!QN!VNA!3*0+$(A!MN!MNA!c!Q,0+/A!<N!WN!KFGGFLN!S)(9+!,(-!);#,.&+`!=/*!)(20'*(.*!$2!#'E0).!%*+*,%./! $(!)(-'+&%),0!McDN!:+(+0"'"()*7.8"(."9*LTKHL! D,()+/!V)()+&%5!$2!:(*%15A!CN!,N!@N!KFGHIA!FZ!P*E%',%5LN!D*(;,%9!1*&+!./*,#*%!#$4*%!2%$;!$22+/$%*! 4)(-! &'%E)(*+N! ! ! M*&%)*B*-! FH! ".&$E*%! FGHIA! 2%$;! /&&#`ii444N*29;N-9i*(i(*4+i-*(;,%9U 1*&+U./*,#*%U#$4*%U2%$;U$22+/$%*U4)(-U&'%E)(*+! :(*%1)FH! KFGHYLN! J&%,&*1)! FGHY! U! 3,+T$(,0! +&%,&*1)! 2$%! 2$%+9()(1A! '&B)90)(1A! -*;$(+&%,+T$(! $1! 9$;;*%+),0)+*%)(1!,B!(5!*(*%1)&*9($0$1)N!!"+0$N! :(*%1)! $1! ?0);,! KFGHILN! J$0*(*%1)! )! 3$%1*`! J&,&'+! $1! 2%,;&)-+'&+)9&*%N! ! :(*%1)! $1! ?0);,`! ! M*&%)*B*-! 2%$;!/&&#`ii*(*%1)$190);,N($i9$;;*(&,%i+$0*(*%1)U)U($%1*U+&,&'+U$1U2%,;&)-+'&+)9&*%iN! :%).9+$(A! QN! 6NA! c! V,)&0,(-A! >N! KH[a[LN! 7*,0&/5! )(-'+&%)*+! ,(-! #'E0).! #$0).5N! >(! VN! :N! D'&&$(! K:-NLA! U(,67)5<*?8)+$8V+)8%(N!3*4!r$%9`!W*%1,;$(!W%*++N! :Q:R! KFGHILN! :'%$#*,(! "22+/$%*! J&,&)+&).+! FGHY! U! 9*5! &%*(-+! ,(-! +&,&)+&).+! FGHYN! :'%$#*,(! Q)(-! :(*%15!R++$.),&)$(N! ]Z! ! P,1*%E*%1A! <N! KH[[FLN! =/*! 7$;*! V,%9*&! 75#$&/*+)+! M*U*O,;)(*-`! =/*! >;#,.&! $2! D$;*+&).! C+*%U W%$-'.*%! >(&*%,.&)$(! $(! :O#$%&! J#*.),0)+,&)$(N! >(! 6NU{N! S'(-B,00! K:-NLA! E+)8%(+$* G<7)"'7* %1* U((%#+)8%(W*F%3+5,7*+*F/"%5<*%1*U((%#+)8%(*+(,*U()"5+.)8#"*X"+5(8(0!K##N!FF^UFYHLN!S$(-$(`! W)(&*%N! P%,'(/$2*%U>J:!KFGHILN!W7"="_"S=R>@J!M:W"M=N!!P%*)E'%1`!P%,'(/$2*%!>J:N! n*$%1/)$'A! SNA! V*&.,02*A! JNA! n)EE$(+A! VNA! M,5A! =NA! c! :B,(+A! <N! KH[a^LN! >%7)Y8((%#+)8%(* &"51%5'+(."N! S$(-$(`!V,.V)00,(N! 7,(+*(A! nN! 7NA! c! J&**(A! VN! KFGHHLN! ?8(,25+1)* )8$* /+#7R* )"2(%$%08Y* %0* 8(,67)586)#82$8(0* 15+* ")* (%572* ;",581)7&"57&"2)8#!K_$0N!FGHH`HLN!=%$(-/*);`!@*(&%*!2$%!J'+&,)(,E0*!:(*%15!J&'-)*+N! 7,(+$(A! <N! KFGH]LN! !<+('8.7* %1* U((%#+)8%(* G<7)"'7* 1%5* @"("3+;$"* 4("50<* F"./(%$%0<R* F/"* @%$"* %1* >%7)Y8()5%,6.)8%(*U'&5%#"'"()7W!KW/NDN!D)++*%&,&)$(LA!C()B*%+)&5!$2!"+0$A!"+0$A!3$%4,5N!!!! 7,(+$(A! <NA! ?,+,A! JNA! c! Q).9*(A! "N! KFGHHLN! 4("508582,%''"(7* &+5+,%27"5* Y* U((%#+7Z%(* 7%'* 2$8'+&%$8)822*%0*([58(076)#82$8(0N!"+0$`!`!C()B*%+)&*&+2$%0,1*&N! 7,(+$(A! <NA! J&**(A! VNA! Q*,B*%A! =NA! 3$%;,((A! 7N! :NA! c! 7,(+*(A! nN! 7N! KFGHILN! C%'&$"'"()+58)8"7* +(,* 5"$+)",("77* 8(* "7)+;$87/",* +(,* "'"508(0* &+)/* 8()"5$8(2+0"7N! W,#*%! #%*+*(&*-! ,&! &/*! >(&*%(,&)$(,0!J'+&,)(,E)0)&5!=%,(+)&)$(+!@$(2*%*(.*A!6%)1/&$(A!C?N!! 7*99*%&A!VN!WNA!J''%+A!MN!RN!RNA!3*1%$A!JN!"NA!?'/0;,((A!JNA!c!J;)&+A!MN!:N!7N!VN!KFGGZLN!P'(.&)$(+!$2! )(($B,&)$(! +5+&*;+`! R! (*4! ,##%$,./! 2$%! ,(,05+)(1! &*./($0$1).,0! ./,(1*N! F"./(%$%08.+$* \%5".+7)8(0*+(,*G%.8+$*C/+(0"9*]LKYLA!YH]UY]F! 7)00;,(A! ?N! VNA! J''%+A! MN! RN! RNA! 7*99*%&A! VN! WNA! J,(-*(A! 6N! RNA! 6*%1*9A! RNA! c! <,.$E++$(A! JN! KFGGaLN! @';'0,&)B*!.,'+,&)$(!)(!E)$2'*0+!-*B*0$#;*(&`!,!.%)&).,0!.$;#,%)+$(!$2!&/*!3*&/*%0,(-+!,(-! J4*-*(!KB$0!IA!#1!I[]A!FGGaLN!F"./(%$%0<*B(+$<787*=*G)5+)"08.*:+(+0"'"()9*JKK^LA!ZIIUZII! >M:3R!KFGHI,LN!>M:3R!o',%&*%05!".&$E*%N!>(&*%(,&)$(,0!M*(*4,E0*!:(*%15!R1*(.5N! >M:3R!KFGHIELN!M*(*4,E0*!#$4*%!1*(*%,&)$(!.$+&+!)(!FGHYN!>(&*%(,&)$(,0!M*(*4,E0*!:(*%15!R1*(.5N! <,.$E++$(A! JNA! c! 6*%1*9A! RN! KFGGYLN! =%,(+2$%;)(1! &/*! *(*%15! +*.&$%`! &/*! *B$0'&)$(! $2! &*./($0$1).,0! +5+&*;+!)(!%*(*4,E0*!*(*%15!&*./($0$15N!U(,67)58+$*+(,*C%5&%5+)"*C/+(0"9*PMKILA!aHIUaY[! <,.$E++$(A! JNA! 6*%1*9A! RNA! P)($(A! DNA! S,'E*%A! _NA! V)&./*00A! @NA! =$9*A! DNA! c! _*%E%'11*(A! RN! KFGG[LN! :C! %*(*4,E0*!*(*%15!+'##$%&!#$0).5`!P,)&/!$%!2,.&+g!4("50<*>%$8.<9*M]K^LA!FHY]UFHY^! <$/(+$(A!RNA!c!<,.$E++$(A!JN!KFGGHLN!>(-'.*;*(&!,(-!60$.9)(1!V*./,()+;+!)(!&/*!D*B*0$#;*(&!$2!,! 3*4!>(-'+&%5`!&/*!@,+*!$2!M*(*4,E0*!:(*%15!=*./($0$15!)(!J4*-*(N!>(!MN!@$$;E+A!?N!n%**(A! RN! M)./,%-+! c! _N! Q,0+/! K:-+NLA! F"./(%$%0<* +(,* )/"* :+52")W* !"'+(,9* ^7"57* +(,* U((%#+)8%(W! @/*0&*(/,;`!:-4,%!:01,%!W'E0)+/)(1!S&-N! ?,%0&$%#A!?N!KFGHHLN!@"7%65."*'%;8$87+)8%(*1%5*"("50<*7<7)"'*)5+(71%5'+)8%(W!@/,0;*%+A!n$&/*(E'%1N!!!! ]a! ! ?0)(*A!JNA!c!M$+*(E*%1A!3N!KH[a^LN!R(!$B*%B)*4!$2!)(($B,&)$(N!>(!MN!S,(-,'!c!3N!M$+*(E*%1!K:-+NLA!F/"* >%78)8#"* G6'* G)5+)"0<W* A+5("778(0* F"./(%$%0<* 1%5* 4.%(%'8.* Q5%3)/N! Q,+/)(1&$(`! 3,&)$(,0! R.,-*;5!W%*++N! ?0)&9$'A! RNA! c! n$-$*A! 7N! KFGH]LN! =/*! 3$%4*1),(! W_! ;,('2,.&'%)(1! )(-'+&%5! )(! ,! =%)#0*! 7*0)O! #*%+#*.&)B*N!4("50<*>%$8.<9*_PA!HIa^UHI[Y! S'(-B,00A! 6NU{NA! <$/(+$(A! 6NA! R(-*%+*(A! :N! JNA! c! D,0';A! 6N! KFGGFLN! 3,&)$(,0! +5+&*;+! $2! #%$-'.&)$(A! )(($B,&)$(!,(-!.$;#*&*(.*!E')0-)(1N!@"7"+5./*>%$8.<9*MPKFLA!FH]UF]H! V,%&)(A!MNA!c!J'(0*5A!WN!KFGHGLN!=/*!#0,.*!$2!#,&/!-*#*(-*(.*!)(!,(!*B$0'&)$(,%5!#*%+#*.&)B*!$(!&/*! *.$($;).! 0,(-+.,#*N! >(! MN! 6$+./;,! c! MN! V,%&)(! K:-+NLA! F/"* A+(,;%%2* %1* 4#%$6)8%(+5<* 4.%(%'8.*Q"%05+&/<!K##N!^FU[FLN!@/*0&*(/,;`!:-4,%-!:01,%N! V,dd'.,&$A!VN!KFGH]LN!F/"*"()5"&5"("658+$*7)+)"R*!";6(28(0*&6;$8.*#7W*&58#+)"*7".)%5*'<)/7!K_$0N!HL`! R(&/*;!W%*++N! V*($(!KFGH]LN!=/*!3$%4*1),(!@0*,(&*./!>(-'+&%5!U!J&,&)+&).+!FGHHN!!"+0$`!VN!6N!:.$($;).+N! V$4*%5A!DNA!3*0+$(A!MN!MNA!c!V,%&)(A!6N!MN!KFGHGLN!=*./($0$15!#$0).5!,(-!10$E,0!4,%;)(1`!Q/5!(*4! #$0).5! ;$-*0+! ,%*! (**-*-! K$%! 4/5! #'&&)(1! (*4! 4)(*! )(! $0-! E$&&0*+! 4$(f&! 4$%9LN! @"7"+5./* >%$8.<9*M`KaL! V$4*%5A! DN! @NA! c! M$+*(E*%1A! 3N! KH[[aLN! >+)/7* %1* U((%#+)8%(R* F"./(%$%08.+$* C/+(0"* 8(* JK)/* C"()65<* B'"58.+N!@,;E%)-1*`!@,;E%)-1*!C()B*%+)&5!W%*++N! V'0&).$(+'0&! KFGHFLN! "22+/$%*! Q)(-! 3$%4,5`! V,%9*&! ,(-! J'##05! @/,)(A! FGHFN! ! "+0$`! >(($B,&)$(! 3$%4,5A!>(&#$4!c!V'0&).$(+'0&N! V'0&).$(+'0&!KFGHILN!";+*&()(1!$1!+5++*0+*&&)(1!)!-*(!($%+9E,+*%&*!2$%(5E,%(|%)(1*(!K*9+90N!B*%-)*(! ,B!*(*%1)+,01LN!V)()+&%5!$2!W*&%$0*';!,(-!:(*%15N! 3,B)1,(&! KFGH]LN! CNJN! "22+/$%*! Q)(-! V,('2,.&'%)(1! ,(-! J'##05! @/,)(! D*B*0$#;*(&N! ! 3,B)1,(&! @$(+'0&)(1A!>(.N! 3*229*A! PNA! 7*(()(1A! VNA! c! 6$+./;,A! MN! KFGHHLN! 7$4! D$! M*1)$(+! D)B*%+)25! $B*%! =);*g! >(-'+&%5! M*0,&*-(*++! ,(-! &/*! D*B*0$#;*(&! $2! 3*4! n%$4&/! W,&/+! )(! M*1)$(+N! 4.%(%'8.* Q"%05+&/<9* T]K]LA!F]ZUF^I! 3PM! KFGHILN! D*&! ($%+9*! 2$%+9()(1+! $1! )(($B,+T$(++5+&*;*&! m! +&,&)+&)99! $1! )(-)9,&$%*%N! ! S5+,9*%`! 3$%1*+!2$%+9()(1+%8-N! 3)00+$(A!DNA!c!Q*+&)(A!RN!KFGHYLN!\$%+)8(0*38(,*&%3"5*8(*E%53+<*B(+$<787*%1*16)65"*%&&%5)6(8)8"7*+(,* ./+$$"(0"7W!KV,+&*%!&/*+)+LA!S'(-!C()B*%+)&5N!!!! 3)0+*(A!<N!KFGHILN!4$2"'*G%$+5*#+57$"5*(<))*7%$"#"()<5*&a*A"5b<+A*=*9()+9!C9*E0,-N!! 3$%;,((A!7N!:N!KFGHILN!=/*!%$0*!$2!#$0)&).+!)(!+'+&,)(,E0*!&%,(+)&)$(+`!=/*!%)+*!,(-!-*.0)(*!$2!$22+/$%*! 4)(-!)(!3$%4,5N!4(#85%('"()+$*U((%#+)8%(*+(,*G%.8")+$*F5+(78)8%(79*PSKGLA!HaGUH[]! ][! ! J0*(1*+$0A!>N!KFGHI,LN!>(&*%B)*4!4)&/!>B,%!J0*(1*+$0A!:_W!D)%*.&$%!$2!S*(-)(1!m!>(-'+&%5!,(-!%*(*4,E0*! *(*%15A!:O#$%&!@%*-)&!3$%4,5N!"+0$N! J0*(1*+$0A! >N! KFGHIEA! FZNHGNFGHILN! X"(0"* )8$* /+##8(,* ;$85* ,")* (<"* 7)%5"A* J5+0,! n%s((N! M*&%)*B*-! 2%$;! /&&#`ii+5+0,1%$((N($iFGHIiHGiFZi+5+0,1%$((i0*(1*U&)0U/,BB)(-UE0)%U-*&U(5*U+&$%*}^II^Ii! J;)&/A! RNA! c! M,B*(A! MN! KFGHFLN! Q/,&! )+! #%$&*.&)B*! +#,.*g! M*.$(+)-*%)(1! ()./*+! )(! &%,(+)&)$(+! &$! +'+&,)(,E)0)&5N!@"7"+5./*&%$8.<9*LPK^LA!HGFIUHG]^! J&**(A!VNA!c!7,(+*(A!nN!7N!KFGHYLN!J,;*!J*,A!D)22*%*(&!W$(-+`!@%$++UJ*.&$%),0!?($40*-1*!J#)00$B*%+!)(! &/*!3$%&/!J*,N!465%&"+(*>$+((8(0*G)6,8"79*JJKHGLA!FG]GUFGY[! J&**(A! VNA! c! ?,%0+*(A! RN! KFGHYLN! W,&/! .%*,&)$(! )(! ,! +)(10*U)(-'+&%5! &$4(`! =/*! .,+*! $2! _*%-,0! ,(-! Q)(-.0'+&*%! V)-U3$%4,5N! E%572* Q"%05+1872* F8,772581)* Y* E%53"08+(* O%65(+$* %1* Q"%05+&/<9* _TKFLA!H]]UHY]! =*9()+9!C9*E0,-N!KFGHIA![!J*#&*;E*%LN!E%50"7*)8*7)b57)"*1%5(<;+5"27&%5)b5"5*JKPLA*=*9()+9!C9*E0,-N!! =/*;,! KFGH]LN! 7B,! +9,0! &)0! 2$%! 8! '&B)90*! *(! ($%+9! )(-'+&%)*00! 905(1*! )((*(! )(&*%(,+T$(,0! 2$%(5E,%! *(*%1)g!!`!=/*;,!@$(+'0&)(1!n%$'#N! C3:Wi63:P!KFGHILN!n0$E,0!=%*(-+!)(!M*(*4,E0*!:(*%15!>(B*+&;*(&!FGHIN!!P%,(92'%&!,;!V,)(`!C3:W! @$00,E$%,&)(1!@*(&%*N! _$0-*(A! nN! 7NA! 6'00U6*%1A! 7NA! J9T*%*&A! PNA! P)((*A! 7NA! c! 7$2;,((A! VN! KFGG[LN! _)(-9%,2&! $22+/$%*! $1! )(-'+&%)*00*!;'0)1/*&*%N!!J)(&*2N! _$&B)9A!<N!KFGHILN!N<00"5*%'*1%5*'8$$8%("5A*RB)+,!3$%-0,(-N!! Q*,B*%A! =N! KFGHFLN! 75-%$#$4*%! W%$T*.&! _*(&'%*+`! =*+&)(1! >(&*%(,&)$(,0! Q,&*%+N! 4("50<* >5%.",8+9* JKKGLA!]ZZU][G! Q*,B*%A!=NA!c!J&**(A!VN!KFGH]LN!D*B*0$#;*(&!&%*(-+!)(!&/*!3$%4*1),(!*(*%15!)(-'+&%5`!,(!,(,05+)+!$2! -5(,;).+! ,(-! ! -)B*%)2).,&)$(! &$4,%-+! (*4! *(*%15! &*./($0$1)*+! ,(-! ;,%9*&+N! ! @*(&%*! 2$%! J'+&,)(,E0*!:(*%15!J&'-)*+N! Q)*.d$%*9A!RN!<NA!3*1%$A!JN!"NA!7,%;+*(A!MNA!7*);*%)9+A!nN!<NA!S'$A!SNA!c!7*99*%&A!VN!WN!KFGH]LN!R!%*B)*4! $2! &/*! :'%$#*,(! $22+/$%*! 4)(-! )(($B,&)$(! +5+&*;N! @"("3+;$"* +(,* G67)+8(+;$"* 4("50<* @"#8"379*J_A!F[YU]G^! ! ! YG! !
© Copyright 2025