Michael-van-Bergen-Master-of-Architecture-Nieuw-Leven-Voor-de-Dood

"#$%&' ($)$"' )**+' ,$',**,'

!"#$%"&'()$*#$+"$,-.+$)../$0"-$1"2"#$"#$+"$+''+$)""/$,.3"#4'3"#5 PQ -./0123345467380'''9:8;-3<'=->'?34@3>'' AAABCDEFGHIGEDHJKLMGJMNHDBEO RS

!

:#0'(+

6"/,''#1*74"$&*#+*#%$3"-$0"-$8/'7"9-$UL>'23'V4->0'<33/':V'/0332/'=-V34'2-0'?3W

@4--.5<--0/3>';30'963:<:7V';3??3>B'X3<.'=63<':V'33>'3>6493'-->043VV:>@/V4-8;0'060'2:0'/6640' 5<3VV3>'3>';30'9-@'2->'66V'>:30'6>0?43V3>'-->'33>'?3Y63V':>'33>'=433923'/0-2B'C664'9:7':/' ;30'33>'5<3V'Z--4'9-@:3['81<0114'3>'@3/8;:323>:/'/-93>V693>B L>'D9/0342-9'Z6420'9693>033<'\]'54683>0'=->'23'6=34<323>3>'@384393342B'C--V'Y:3'73'2-0' 23'14>'2664'2:43803'>--/03>'933'>--4';1:/'Z6420'@3>693>'3>'>-'33>'^7273'=342Z:7>0':>';30' :>034:314B'L>';30'461Z'54683/'=->'23'->2343'>-?3/0-->23>'9://3>'Y:7'=--V'33>'5<3V'69'3=3>' /^<'03'/0-->'=664'Z-0'23'2623'=664';3>';33_'?303V3>2B`

a'

b34/66><:7V3'?:>2:>@'930';30'5467380

a'

H323>34:>@'5-534'cH1:903'C664'23'd662e

a' a' a' a' a' a' ' a' ' a' ' a' ' a' a' a'

G3>'?:7Y6>2343'5<3V L>'D9/0342-9'=664'D9/0342-9 H1:903'9-V3> H1:903<:7V3'54:>8:53/ d3'?3@4--.5<--0/ d3'V-53< N4>5<3VV3> H61^>@'3>'4:0133< d623><:_ C4:73'1:0=--40 J34396>:f<3'1:0=--40 F3@4--.5<--0/ K30'<3=3>'=:343> K30'5<3:>'3>'?6/ K30'@3?61Z b<-g3@46>23>

a' a' a' a' a'

K610 F-V/033> h30--< J393>0 h-i13g3/

a'

C34/<-@'8699://:3

a'

E-Z6642

RT

;"+"#"/*#%$8.8"/'cH1:903'=664'23'd662e'PQRj'' UL>' ;30' 8;4:/03<:7V' @3<66.' :/' 23' 2662' :>' 23' <665' 234' 331Z3>' @304->/.64W 93342' =->' 33>' 56/:^3=3' @32-8;03' >--4' 33>' ->@/0' =664' <:723>B' D>@/0' Z-/' 2k' 396^6>3<3' 24:7.=334' @3Z6423>' =664' 23' 69@->@' 930' 23' 2662B' d3' ->@/0' 9->:.3/033423' Y:8;' :>' ;30' ?:7Y6>234' :>' 3>' 46>2' V34V3>' 69W 2-0' 23' V34V' 66V' 23' 5<3V' Z-/' 69' 73' 03' 6>0263>' =->' 2:3' ->@/0B' d3' V34VW @3933>/8;-5' 56/:^6>33423' Y:8;' ;:342664' -</' /68:--<86<<38^3.' @3W 24-@3>' :>/0->^3' 69' :>=1<<:>@' 03' @3=3>' -->' ;30' <3=3>' 3>' 23' 2662B' A-0' Z3' >1' Y:3>' :/' 2-0' Z:7' @33>' 83>04-<3' 5<3V' >68;' /68:--<86<<38^3.' @3W 24-@3>' :>/0->^3' 9334' ;3??3>B' d:0' V690' 233</' 2664' 23' 6>0V34V3<:7V:>@' 2:3' ?1:03>' ;30' =34/543:23>' =->' ->@/0' 66V' ;->2=-g3>' ?662' 69' 930' 23' 2662' 3>' 23' :>2:=:21-<:/34:>@' 69' 03' @-->B' D</' @3=6<@' =->' 23' :>2:=:21-<:W /34:>@' 3>' 23' 6>0V34V3<:7V:>@' Z342' 23' Y64@' =664' 23' 6=34<323>3' @3546W .3//:6>-<:/3342' 3>' >-93>' ?34635/V4-8;03>' 23' 1:0=--40' 6=34B' d:0' ?303W V3>23' 23' 65V69/0' =->' 23' 96401-4:-[' 8439-064:-' 3>' 1:0=--4083>04-B' L>' 23Y3' 546.3//:6>-<:/34:>@' Z-/' Z3:>:@' -->2-8;0' =664' 23' 86<<38^3=3' V->0' =->'23'1:0=--40B'lm9?6<3>'3>'4:013<3>'Z3423>'/0332/'9334'@3/0->2--4W 2:/3342[' Z-0' 34' =664' ;33_' @3Y64@2' 2-0' 34' 9:>234' /68:--<' 24--@=<-V' :/ d664' 23Y3' 0Z33' -/53803>' Y:7>' Z3' 23' 69@->@' 930' 23' 2662' VZ:70W @34--V0' 3>' Z303>' Z3' 6>/' @33>' 4--2' 9334' 930' 2:0' .3>6933>B' n9' 23' 2662' Z334' 33>' @3o>03@433423' 5<3V' 03' @3=3>' :>' 23' /-93><3=:>@' 96303>' Z3' 65>:31Z' 33>' 86<<38^3=3[' 396^6>3<3' 24-@34' 3>' 33>' 83>04-<3' 5<3V' 843f43>' Z--4:>' 23' 2662' Z334' Y:7>' ?303V3>:/' =:>20B ' d3Y3' 83>04-<3' 5<3V' 9630' 33>' 5<3V' Y:7>' Z--4' 73' <->@/' ?3Z33@0[' Z--4' 73' 86>0-80' 933' 9--V0[' .m/:3V[' 33>' 5<3V[' 65' 23' 46103' =->' 23' 2-@B' d3' 86<<38^3=3[' 396^6>3<3' 24-@34' =664' 23' 2662' 9630' 66V' 33>' 86<<38^3=3[' 396^6>3<3' 24-@34' Y:7>' =664' ;30' <3=3>B`

<.#$ #../$

pRqB pPqB

.#%,-$

#../$

=>*"()$

0''8$

?"2"#$

;1:2:@3'^72 R\3WRr3'331Z

"#$

2''/$

2.#$ +"$

0''8$ @''+A5

R\

!"#$ &*7B'#+"/"$ 81"4$ Un>234W

233<' =->' 23' -./01233465@-=3' :/' 69' 33>'5<3V'03'V:3Y3>B'LV';3?'@3Y68;0'>--4' 33>' 5<3V' :>' D9/0342-9' 692-0' :V' ;:34' =--V' V6>' Y:7>B' d3Y3' ?:7Y6>2343' 5<3V' :/' ;30' ;1:2:@3' ch-4>:s5<->0/63>e' 2-0'' =->-.'Rr\!'?3/0--0B'd3'5<3V':/'4:7V'-->' @3/8;:323>:/B' E--/0' 2-0' 65' 23Y3' 5<3V' kk>' =->' 23' 6123' ?6<Z34V3>' =->' D9W /0342-9'>6@'Y:8;0?--4':/['Z-/';30'66V' =->' RSTT' 060' Rr\T' 33>' ?3@4--.5<--0/' @3>--92'cb-<9V34V;6.eB`

!"#$%&'()(*+,(-*"&*./01()'./*!

R!

:#$ C3,-"/+.3$ 2''/$ C3,-"/+.3$ UD<' />3<' =463@' 9:7>'8699://:3';63':V'69'Z:<23'@-->'930'43<:@:3B' LV'=3403<23';3>'2-0'9:7>'@3?61Z'>:30';30'43/1<0--0'963/0'Z64W 23>'=->'43<:@:3'9--4'=->'23'93>/['23'D9/0342-9934B

G4'6>0/06>2'23'-9?:^3'69';30'@3?61Z'Y6'03'6>0Z3453>'2-0' ;30'93>/3>'Y61'/^91<343>'69'65'3:@3>^72/3'9->:343>'69'03' @-->'930'23'2662B LV'?3>'65'Y63V'@3@-->'>--4';30'U=63<?-43`'<3=3>':>'D9/034W 2-9'3>';3?'23Y3'<-034'=340--<2'>--4'41:903<:7V3'54:>8:53/B`'

PR

pRqB' pPqB' p]qB' pjqB' pTqB' pSqB' p\qB'

'l:>@3<t'1:0=--40'6=34';30'Z-034' F3@:7>;6.t'/-93>V693>'65'33>'5<3:>':>'23'<1Z03' F<-1Z3'0;33;1:/t'=4:73'1:0=--40 H:7V/91/319t'u30/3>'2664';30'@3?61Z 'J34396>:f<3'1:0=--40':>'23'V41:>'=->'23'?669 'F3@4--.5<--0/'-</'5-4V['33>'Z-49';-40'?6=3>'23'/0-2 'l;3<<0643>t';30'<3=3>'=:343>

P]

;(*3-"$3.4"#$UM:723>/'33>'46>2<3:2:>@'65'23'?3W @4--.5<--0/'F1:03>=3<2340'968;0':V'33>'V:7V73'>393>'-8;W 034'33>'@3/<603>';3V'Z--4'Y:8;';30'Z34V03443:>'?3@-.B'n5' 2-0'Z34V03443:>'Y-@':V'33>'?34@B'LV'=463@'Z-0';30'Z-/'3>' ;66423'2-0'2:0'33>'?34@'Z-/'?3/0-->23'1:0'Y->2'=->'23' 41:9:>@'=->'@4-=3>B'UA-0'966:'2-0';30'33>'?34@':/`['Y3:':V' 3>'=463@'93'<-034'-.'Z--469B D<'/8;30/3>2'VZ-9':V'34-8;034'2-0'34'33>'Y3V343';3<234W ;3:2' 6>0/0--0' Z->>334' 41:903/' ?3/0-->' 1:0' =6<193/' 3>' <33@03>B' G3>'=6<193':/':30/['33>'2:>@['-->/8;61Z?--4'3>'2--4'69W ;33>':/'41:903B L>' VZ30/?-43' /:01-^3/' :/' 64:f>0-^3' 33>' ?3<->@4:7V3' 65W @-=3B`

;(*3-"1*74"$8/*#9*8",$ UK30'@3?61Z':/'65@3W ?61Z2'1:0'24:3'41:903<:7V3'54:>8:53/['@3o>/5:43342'65' -48;:03803>'2:3':V';3?'?3/0123342B` pRqB' H1:903' 9-V3>' 2664' 9:223<' =->' =6<193/' vb3034' X190;64wB' K:342664' V4:7@' 73' ;3<2343' 41:903/' 2:3' 73' 93033>'?3@4:750'Z->>334'73'23Y3'?304332B'd3'V<3:>3' =6<193/'V->'73'546@4-99343>'930'/381>2-:43'.1>8W ^3/'Y6-</'?:7=664?33<2'06:<3g3>'3>'33>'<:_B''K30'@4603' =6<193' 9--V0' 33>' ?:>>3>V34>[' 23' H:013<3' H1:903B' K:342664' ?<:7_' 34' 33>' Y6>34:>@' 6=34' Z--4:>' 73' 33>' 46103'V->'9-V3>'69'23'?:>>3>V34>';33>['23'b1?<:3W V3'H6103B' pPqB'n>234/8;3:2'01//3>';66.2'3>'?:741:903'2664'9:2W 23<'=->'24:3'04-504323>';66@03'=34/8;:<'vD26<.'O66/wB' d664';66@03'=34/8;:<<3>'-->'03'?43>@3>'01//3>';66.2' 3>' ?:741:903' Y:0' 34' 33>' .m/:3V3' /8;3:2:>@' 01//3>' 23' 41:903/B'd664'23Y3'03'869?:>343>'930'23'V<3:>3'=6W <193/'6>0/0--0'34'33>'6=34@->@/Y6>3'2:3'73'?3Z1/0' 9--V0'2-0'73'33>'41:903'?3043320[':>'2:0'@3=-<''23'H:W 013<3'H1:903['33>'VZ30/?-43'41:903B p]qB'n5V>:553>'=->';30'4:0133<'2664'33>'43<-^3'03'<3@W @3>'930'?1:03>'vK349->'X3:>/04-wB'd3'?:>>3>V34>3>[' H:013<3'H1:903/['Y:7>'=34^8--<'930'3<V--4'=34?6>23>' 2664'9:223<'=->'33>';6103>'04-5B'd3'04-5'=6490'33>' -->33>@3/<603>' 46103' 2664' ;30' @3?61ZB' d3Y3' =34W ?:>20'3>'@33_'/8;--<B'd664'33>'653>:>@'03'9-V3>':>' 23'?1:03>@3=3<'Z--4'23'<18;0'>--4'?:>>3>'Z--:0'843W 334'73'33>'.m/:3V3'=63<?-43'5<3VB'd:0'Z6420'23'/8;-W V3<'01//3>'23'0Z33'46103/'2:3'Y:8;'65'3<V3'=342:35:>@' ?3=:>20B' K:342664' 64@->:/3340' ;30' 23' =4:7;3:2' 69' 73' 3:@3>'4:0133<''03'V1>>3>'=649@3=3>B

PT

@"$4.8"1$Ud3'93>/3>'Z6423>'?3@4-=3>':>'33>'V-53<B' LV'Y:3';30'-</'33>';1:/['33>'<--0/03';1:/B'd3'V-553<<3>'Y:7>' -->/8;61Z?-43'=6<193/':>'33>'<3@3'41:903B'd664'23Y3' 41:903<:7V3' /8;3:2:>@' Z6420' ;30' 33>' ?3Z1/03' V31Y3' 69' >--4'?:>>3>'03'@-->['6.'>:30'-</'73'6=34'23'?3@4--.5<--0/' <6650B'

@"$&"%/..E81..-,$UK30'<:8;0'/533<0'33>'@4603'46<':>';30'6>0Z345'3>'V690':>'23'?3@4--.W

5<--0/'3s5<:8:30'060'1:^>@B'L>';30'9:223>'=->'23'?3@4--.5<--0/':/'33>'653>:>@'2:3'23''=34/8;:<W <3>23'=342:35:>@3>'=34?:>20B'n92-0':>';30'2-V['23'?6=3>/03'=342:35:>@['Y:8;'@<-/'?3=:>20[' Z6420'2:0'2664'33>'<:8;0?1>23<'=34/034V0B'n5'23'?3@4--.5<--0/'V->'73'33>'46>273'<653>['33>' >-0114<:7V3'Z:7Y3'46>269';30'<:8;0'-</'64:f>0-^3B'M:723>/';30'46>273'<665'73':>'23'/8;-21Z['23' 9:223>4:>@B'L>'23'?1:03>4:>@['03@3>'23'@3=3<['?3=:>23>'Y:8;'23'V-53<<3>'2:3'2:4380'=34?6>23>' Y:7>'930'?1:03>'3>'21/'66V'Z334'<:8;0'?:>>3><-03>B'K:34933'Y61':V'33>'=34<3:2:>@'Z:<<3>'?3W Z34V/03<<:@3>'69'23'V-53<'03'?304323>B'vX:3'43>234'?3@4--.5<--0/Bw

A->>334' 73' >--4' ?:>>3>' @--0[' ;3?' 73' 334/0' 33>' =664W 41:903B'E-'23'=66441:903':/'34'33>'=34>-1Z:>@'3>'2--4W >-' 33>' 653>:>@[' 23' v;1:/wV-934' :>' ;30' <:8;0' 2:3' -<^72' 69'33>';63V'<:@0'Z--42664'34':30/'03'6>023VV3>'=-<0B'd3' 41:903<:7V;3:2'Z6420'@39--V0'2664';30'5<--0/3>'=->'?6W =3>@46>2/3'@4-=3>':>'33>'?306>>3>'8-/86B'L>'23'V-934' ?433V0';30'<:8;0'>--4'?:>>3>'2664'23'653>:>@3>':>'23'@3W =3<B'L>'23'653>:>@3>':/'34'41:903'=664'14>3>B

G3>'?3@4--.5<--0/'-</'33>'5-4V['33>'5<3V'69'3<V--4'03'6>096303>'Z--4?:7'33>'V>:V73'/69/' @3>63@':/B'G3>'41:903'Z--4'73'33>'46>273'V->'<653>'=->'5<3V'>--4'5<3V['3>'3=3>'/^<'V->'/0-->B`'

D/#81"44"#$`h:7>'Z3>/'Y61'Y:7>'2-0'93>/3>'

@3:>/5:43342'Y6123>'4-V3>'69'@<-Y3>['@3V<31423' 14>3>':>'@3=3<W14>5<3VV3>'Y3g3>B'K30'<:8;0'Y-<'=:-' 23'@<-Y3>'14>3>'>--4'?:>>3>'/8;:7>3>'3>'33>'=34W Z6>234:>@'V1>>3>'65Z3VV3>':>'23'41:903['Y6-</' 73'2-0'Y:30':>'33>'6123'V34VB'n6V'Y61';30'23'?1:W 03>@3=3<'060'<3=3>'?43>@3>'Z->>334'34'@32143>W 23'23'^72'c@463:e'3>'V<314':>'=34/8;:7>0'Z->>334' c/-=6>2/':>'23'V-53<<3>';30'<:8;0'?4->20B F:7'23'14>5<3VV3>':/'34'41:903'=664'33>'?63V['73' <:3=3<:>@/?63V['Y62-0'23'V-53<<3>'66V'V<3:>3'?:7W Y6>2343'?:?<:60;33V73/'Z6423>B h:7>'@32-8;03'?:7';30';3423>V3>':/'2-0'73['1:0V:7W V3>2'6=34'23'/0-2['Y:30'Z--4'73'73'966:3'9693>W 03>' 930' 23' 6=34<323>3' ;-2[' 73' 33>' ?63V' 653>W /<--0'3>'33>'5--4'Z66423>'060'73'>3390['?323>V0' Z--4'73'@:/0343>'Z-/'3>'964@3>'Y1<0'Y:7>B`'

P\

;'(F#%$"#$;*-(""1$UH61^>@'Z-/'23'@4660/03'65@-=3':>'9:7>' 5467380B'x1:/0'692-0'73'33>'=34^8--<'@3?61Z'Z:<0'9-V3>'930'33>' VZ30/?--4'6>234Z345B'K30'963/0'-<<3/'Z6423>'?3;-<=3'33>'0Z33W 23'l8;:5;6<'Z--4'->0Z6642'@3@3=3>'Z6420'2664'?3Z3@Z:7Y34:>@B' h:7>'46103'963/0'6>234233<'Z6423>'=->';30'4:0133<'6.'23'?3<3=:>@B' K:341:0':/'=6640@3V693>'2-0'34'24:3'46103/'Y:7>B' d3' b1?<:3V3WH6103' ?3=:>20' Y:8;' :>' 23' 4->2' =->' ;30' @3?61ZB' G3>' <->@3'<66546103'930'9-s:9--<'Y3=3>'04323/'3>'2--4>-'33>'/01V73' Z->23<:>@B' L>'23'46103';334/0'33>'?1:03>V<:9--0B'x3'<6650'/0332/'69'23'?:>W >3>41:903';33>'3>'23'9-034:-<:/34:>@'?3/0--0'-<^72'1:0'?-V/033>[' >30'Y6-</'23'?1:03>Z->23>B'd664'23Y3'33>21:2:@;3:2'=:>2'73'-<^72' 23'Z3@'>--4';1:/B d3' H:013<3WH6103' -</' Z-49[' ;6103>' 3<393>0[' 33>' 931?3<' :>' 23' 41:903B'K30'931?3<'=6490'Y:8;'46>269'23'2623'2:3'=34^8--<'69W ;66@'@--0['@33_'33>'93>/3<:7V3'/8;--<'-->'23'41:903'3>'23u>:3340' 5<3VV3>B'Dy->V3<:7V'=->';30'546@4-99-'=6490'23'04-5'Y:8;'?:7=664W ?33<2':>'33>'Y:05<3V['33>'4--9'6.'33>'<3//3>--4B' d3'46103'=->'23'2623'@--0'=34^8--<'69;66@t'23'D9/0342-9/3'26W 23><:_['@3o>/5:43342'65'23'=34;1:Y:>@3>'=->'=463@34['65'Z3@'>--4' 73'>:31Z3';1:/B`

@'+"#1*G$UG3>'46<';3??3>':>'23'1:0=--40'V->';3<53>'?:7';30'=34W

Z34V3>'=->'=3424:30B'G3>'.m/:3V3';->23<:>@'=34/034V0';30'?3Z1/0Y:7>' 2-0'2:3'46<'34'Z-/B' LV'V->'93'=664/03<<3>'2-0'73'23'2623'930'33>'061Z3><:_'69;66@' 6.'69<--@''?43>@0['-y->V3<:7V'=->'23'5<3V':>';30'@3?61ZB'd3'46<>3W 934/'Y1<<3>'33>'4:0934:>@':>'23'V:/0@->@'03Z33@'?43>@3>['Z-0'23' ?3Z3@:>@'9:>234'/0-^/8;'Y-<'9-V3>['3>:@Y:>/'93>/3<:7VB' G=3>'65'33>'5<3V'=664'33>'4:0133<['V1>>3>'Y3'23'061Z3>'<-03>'=:3W 43>'Z--42664'23'061Z3>?1>23<'-</'33>'V466><18;034':>'23'41:903' ;->@0B' N:034--42'V->'23'<:_'66V'9-8;:>--<'6>234/031>2'Z6423>B`

P!

</*7"$(*-2../-'Ud3Y3'41:903':/'2664'23'=34/8;:<<3>23';66@03/'

J"%/..E81..-,' Ud3Y3' :/' :/' 6>0Z6453>' -</' 33>' 5-4V' Z--4:>' 73'

H"/"3'#*I1"$(*-2../-'UH1/^@'@3<3@3>':>'V41:>'=->'23'?6W 93>B' G3>' ;:f4-48;:/8;3' 41:903' @34:8;0' >--4' 23' 2623B' C->1:0' 23' 41:903':/'23'5<3V'03'Y:3>'Z--4'73'65'33>':>^393'9->:34';30'-<<34' <--/03'-./8;3:2'V->'>393>'=->'23'2623B'L>'23Y3'41:903'Y:0':>';30' =34<3>@23'=->'23'6=3>:>@->@'33>'4--9B'K:34'V:7V'73'=:-'33>'4--9' >--4'?1:03>'3>'V->'73'23'Z6<V3>'Y:3>B`

K"-$1"2"#$2*"/"#'Un5'23'?6=3>/03'=342:35:>@'930'=33<'?1:W

=->'=<6343>'=:/133<'930'3<V--4'=34?6>23>B'd3'2623'<:@0'83>04--<':>' ;30'9:223>'=->'23'41:903B'd3'1:0=--40'Y-<'Y:8;'469269'23'2623' -./53<3>'69'3=3>'?:7'23'2623'03'Y:7>'9--4'66V'69';:34'3=3>'-->'03' V1>>3>'6>0/>-553>['2664'?:7=664?33<2'65';30'?1:03>W0344-/'03'Y:7>' 6.'33>'46>273'03'<653>B`

3<V--4'V->'6>096303>B'n5'23'?3@4--.5<--0/'V->'73'33>'46>273'<653>' =->'5<3V'>--4'5<3VB'd3'2623>'<:@@3>'?:7'3<V--4':>'33>';3423>V:>@/W V-53<B'd3'V-53<<3>'Y:7>'@34:8;0'>--4'?1:03>B'n6V':>'23'V-53<':/'Z334' 33>'5<3V[';:34'V->'73';3423>V3>'930'1:0Y:8;0'6=34'23'/0-2B`

03>41:903'3>'1:0Y:8;0'6=34'Z-034'3>'5-4VB'D->'23'=664V->0'=->';30' @3?61Z':/'33>'41:903'Z--4'73'3=3>'>:30/';63_['930'1:0Y:8;0'6=34'23' ?:>>3>/0-2B`

]R

K"-$ 81"*#$ "#$ &',$ UK30' 5<3:>' Z6420' 694:>@2' 2664' 33>' ?6/B' d664'

!"#"$%!$&"'(

?693>':>';30'?6/'/69/'2:8;034'3>'2->'Z:7234'03>'65'Y:8;03'=->'3<V--4'03' 5<--0/3>['V->'73'653>'5<3VV3>'9-V3>['<:8;05<3VV3>':>';30'?6/B

#')$*%+"$( ,(+-."(#')$*)$"$(

d3' 0Z33' 6123' 5<->0->3>' -->' 23' h-4>:s/04--0' @-=3>' :>' 23' ^72' =->' ;30' b-<9V34V;6.'23'3>0433'-->B'X3'@3=3>'--><3:2:>@'69':>';30'6>0Z345'33>' <-->'03'9-V3>'-</'3>0433'>--4';30'@3?61ZB' K30'5<3:>'<:@0'j'93034'6>234';30'9--:=3<2[':>'23'<1Z03'=->'23'/0-2B'G3>' 5<3:>' Z--4' 73' 23' 2623' Y61' V1>>3>' 6>0=->@3>B' K30' 5<3:>' <:@0' 65' @3<:7V3' ;66@03'-</';30'Z-034['063@->V3<:7V'534'?660B'G3>'--><3:2:>@'69'23'461ZW /0630'6=34';30'Z-034'03'<-03>'5<--0/=:>23>B`

pRqB' 'Y:05<3V'@34:8;0'>--4'23'/0-2 pPqB' '<66546103'<->@/';30'Z-034 p]qB' '?6/<-->'W'653>5<3V

!"#"$%&'( !"#"$)++$( &#"$(#)"*( #)+,+$"$)++$( #)"!$(

&#"$(#)"*(

]]

K"-$%"&'()$ K30'@3?61Z'?3/8;43=3>'Y6-</':V'93'=664'V->'/03<<3>'2-0'23Y3'@3?41:V0'V->'Z6423>B'K30' =34;--<'=->'33>'963234'2:3'65'76>@3'<33.2^72';--4'38;0@3>660'=34<664B' K30'@3?61Z':/'6>0Z6453>'65'23'<68-^3';30'G34/03'h-4>:s5<->0/63>[';30'=6649-<:@3'b-<9V34V;6.'RSTTWRr\T' @3<3@3>'-->'23'F1:03>'/:>@3<@4-8;0':>'D9/0342-9B' A3'/54-V3>'-.'65'33>'?:7Y6>2343'5<3V'-->';30'Z-034'Z--4'23'1:0=--40/0630'?3@6>[':323433>'Z-/'2--4B'E-'33>' 068;0'2664'23'@4-8;03>'VZ-93>'Z3'-->'65'23'5<3V'3>'<3@23>'Z3'23'?660'-->':>'33>'?660;1:/B'K30'5<3:>':/'j' 93034'<-@34'2->'23'/04--0'3>':/'694:>@2'930'?693>'Z--42664'73'3=3>'34@3>/'->234/'?3>0[':>'23'<1Z03'=->'23' /0-2B'n5';30'5<3:>'/06>23>'6>Y3'=4:3>23>'6>/'65'03'Z-8;03>'pRqB'A3'2463@3>';39'65'23'/8;61234/'>--4'?:>W >3>B'd--4'<3@23'Z3'9:7>'@3<:3.23'65'33>'Y-8;0'<32343>';:7/?<6V'2:3'2664'9:223<'=->'061Z3>'69;66@'@3;3/3>' V6>'Z6423>B'LV'/06>2'?3>323>'-->'23'04-5['2:3'=->';610'@39--V0':/['65'33>'=34;6@:>@'=->'24:3'04323>B'X6'V6>' :V'5438:3/'9:7>'76>@/03'Y66>'Y:3>'3>'@-.';39'33>'V>:V73'2-0';:7'5-5-'-<'043VV3>2'-->'23'061Z3>'69;66@'968;0' ?43>@3>B'K:7'@-.'33>'V>:V73'-->'Y:7>'612343'?4634'2:3'33>';-<=3'=342:35:>@';6@34'/06>2B'A3'<:353>'930'Ye>'-<W <3>'23';6103>'04-5'65['-</'33>'46103['2:3'Y:8;'>1'3>'2->'=34->23423':>'33>'Y:05<--0/'6.'33>'4--9'Z--42664'Z3' 3=3>'>--4'?1:03>'V6>23>'V:7V3>B'd3'46103'Z3>03<23'Y:8;'46>269'9:7>'@3<:3.23'2:3'930'23'061Z3><:_'69;66@' @:>@B'X6'@:>@3>'Z3'930'Ye>'-<<3>'>--4'?6=3>B'h:7>'76>@/03'Y66>'/<660'23'4:7B'h:7>'612/03'Y66>'V33V':V':>'23'6@3>' 063>';:7'Y:7>'=-234'6>0=:>@B' d3'061Z3>'Z3423>'@3=:342'3>';:>@3>'-</'33>'V466><18;034':>'23'41:903B'A3';-223>'@3V6Y3>'=664'23'c=4:73'1:0W =--40e['930'33>'41:903'Z--4'9:7>'@3<:3.23':>';30'9:223>'<-@'3>'Z:7'V6>23>'69';39';33>'<653>['Y:g3>['6.'Y3<./' 3=3>'>--4'?1:03>'65'33>'0344-/':>'23'Y6>'69'03'/0-43>'>--4'23'=664?:7@-->23'u30/34/'3>';30'?6/'pPqB'E-'33>' 5--4'966:3[':>^393'/5338;3/'<:353>'6>Y3'?3/03'=4:3>23>'=:-'33>'<->@3['?-V/03>3>'Z->23<46103'>--4'?6=3>[' 2:3'03'=6<@3>'Z-/'2664'23'?4->23>23'V--4/3>'-->'23'Z->2B'h:7>'=-234'3>':V'<:353>'=:-'23';6103>W46103'=34W 234'69;66@B'd3';6103>'04-5'@:>@'6=34':>'33>'8439-^341:903['Z--4'73'534/66><:7V'-./8;3:2'V6>'>393>B'd3Y3' V334'046V'9:7>'=-234'-->'23'061Z3>['930'33>'<:8;03'6>234/031>:>@'=->'33>'96064B'h:7>'@3<:3.23'VZ-9'-->[' =-234'2463@'23'V:/0'=->';30'<32343>';:7/?<6V'23'41:903':>B'LV'@:>@'3=3>'Y:g3>'65'33>';6103>'?->V'2:3'Y:8;'1:0' 23'41:903'=64923B'M34Z:7<':V'9:7>'@3<:3.23':>'23'6=3>'Y-@'=342Z:7>3>['Y-@':V':>';30'=34<3>@23'33>'Y6>>3/04--<' >--4'?:>>3>'V693>B'd664';30'4--9'V6>':V'>--4'?1:03>'V:7V3>'3>'23'Z6<V3>'Y:3>['Z--42664':V'93'=664'V6>'/03<W <3>'2-0';:7'2--4'>--4063'@:>@'p]qB'C:-'2:3';6103>'46103'2:3['Y6-</':V'<-034';66423['c23'H:013<3'H6103e';330['<:35':V' >--4'?6=3>B'd3'46103'VZ-9'<->@/'23'?3@4--.5<--0/'Z--4':V'>6@'=--V'Y61'V693>B'F6=3>:>';30'@3?61Z'Z-/'34' =33<'<:8;0'3>'?1:03>41:903['Z3'V3V3>'1:0'6=34'5-4V'3>'Z-034'pjqB'K30'Z-/'33>'966:'-./8;3:2B' D</':V';39'65Y63V['<665':V'=:-'23'<-->':>';30'?6/'>--4';30'@3?61ZB'L>'23'653>'5<3VV3>'Y:3':V'93>/3>'5:8V>:8V3>B' D->';30'3:>23'=->'23'<-->'?3@:>0'23'04-5'>--4'?6=3>['33>'<->@3'?-V/03>3>'Z->23<46103'2664';30'@3?61Z[' <->@/'5<3VV3>'Z--4'23'Z:>2'3>'23'Y6>>3/04-<3>'?:>>3>'V693>'pTqB'd3'?3@4--.5<--0/'=->'=:34'=342:35:>@3>' ;66@'=63<0'-</'33>'5-4V['26642-0'-<<3'=342:35:>@3>'930'3<V--4'=34?6>23>'Y:7>'3>'73'3<V--4'V->'Y:3>['33>'V>:V73' @3=3>B'n5'3<V3'=342:35:>@'V->'73'33>'46>273'<653>['=->'5<3V'>--4'5<3VB'd:0'=63<0';33<'>-0114<:7V'692-0'34':>';30' 9:223>'33>'3>6493'<:8;0?1>23<'>--4'?:>>3>'/8;:7>0['33>'46>273'<653>'46>2';30'<:8;0'Y62-0'73'>66:0'23'Z3@' VZ:70'4--V0['Y6-</'33>'5-^6B' h:7>'@3<:3.23'<:@0'65'23'?3@4--.5<--0/':>'kk>'=->'23';3423>V:>@/V-53<<3>B'K30'=63<0'33>'?33073'-</'33>';1:/B' x3'V690'?:>>3>':>'33>'=66441:903['2->':/'34'33>'=34>-1Z:>@'3>'69';30';63V73':/'33>'@4603'V-934'930'=33<' <:8;0'3>'1:0Y:8;0B'd3'V-53<<3>'?3/0-->'1:0'?6=3>@46>2/3'@4-=3>'3>'14>5<3VV3>B'd3'14>5<3VV3>'Y:7>'@-03>':>'23' @3=3<'2:3'65@3=1<2'Y:7>'930'@3V<31423'@<-Y3>'14>3>B'D</';30'<:8;0';:34'>--4'?:>>3>'/8;:7>0':/';30'?306=343>2' Y6-</':>'33>'V34VB'K30'@3?61Z':/'23'<--0/03'7-43>'33>'?33073'=34->2342['-</':V';:34'>1'e/'-=6>2/'=664?:7'u30/' 3>'23'<:8;03>'?4->23>':>'23'V-53<<3>'Y:7>'34';33<'=33<'V<3143>'03'Y:3>['6=34'23';3<3'@3=3<B'O:>V/-8;034['>--/0' 23'653>:>@':>'23'@3=3<[':/'23'5<3V'=->'9:7>'@3<:3.23B'l69/'Y:g3>'34'01//3>'23'653>'=63@3>'=->'23'?-V/03>3>' 65@346<23'?4:3z3/['2->'Z330':V'2-0':V'>:30'23'3>:@3'?3>'2:3';39'9:/0B'F:7'Y:7>'5<3V':/'34'41:903'=664'33>'?63V[' Y:7>'<:3=3<:>@/?63VB'X6'Y:7>'-<<3'V-53<<3>'3:@3><:7V'-<<39--<'V<3:>3['?:7Y6>2343'?:?<:60;33V73/B'D</':V';39'65Y63V' @-':V'933/0-<'3=3>'Y:g3>'3>'V:7V':V'>--4'?1:03>'>--4';30'5-4V'3>'23'/0-2B'LV'5-V'2->'33>'?63V'3>'<33/'33>'5--4' Z66423>['?323>V'Z--4':V'@:/0343>'930';39'Z-/'3>'Z--4':V'964@3>'Y-<'Y:7>'pSqB'd--4>-'<665':V'2->';3<39--<' >--4'?6=3>['-->';30'3:>23'=->'23'?-V/03>3>'46103':/'33>'5<3V'Z--4'73'3=3>'>:30/';63_'03'263>B'K30':/'33>' 5<3V'930'33>'?->V73'930'1:0Y:8;0'6=34'23'6123'?:>>3>/0-2B'K30'?->V73'<:@0'-->'33>'/0466V'Z-034['23'4->2'=->' ;30'@3?61ZB'l69/'24:7=3>';:34'V--4/73/'3>'063>':V';:34'33>/'e/'-=6>2/'Y-0['43{38033423>'23'/03443>':>';30'/^<<3' Z-034'Z-0'-</'33>'/5:3@3<'Z34V03B'C:-'23'?1:03>W46103'<665':V'Z334'>--4';1:/B'O--0/0'Z-/'23'46103'=34<:8;0'930' .-VV3</B'C6<@3>/'9:7'Z-/'34'063>'33>'1:0=--40'65';30'5<3:>['34'Z-/'33>'V-95=114'3>'93>/3>'V6>23>'@32143>23' 23'-=6>2'69'23'?3140'-./8;3:2'>393>'=->';1>'2:34?-43'2:3'063>':>'33>'V-53<'65@3?--42'<-@'p\qB' LV'=:>2';30'u7>'2-0';:34'>:30'-<<33>'23'2662'@3=:342'Z6420['9--4'66V';30'<3=3>['2-0'34'-.'3>'063'33>'86>8340':/' 65'23'?3@4--.5<--0/'6.':39->2'65'23'?6=3>/03'=342:35:>@'Y:7>'0461Z34:7'=:340['3>'2-0'73'2664';30'@3?61Z'u30/0' -</'73'e/'964@3>/'>--4'73'Z34V'@--0'prqB ]T

]\

pRqB'

pSqB'

61.L"%/'#+"#

pRqB' ;30'5<3:>['.-9:<:3V-934 pPqB' 2664@->@['=4:73'1:0=--40 p]qB =4:73'1:0=--40 pjqB 834396>:f<3'1:0=--40 pTqB' :>^393'8439-^3'41:903 pSqB' 8439-064:19 p\qB ?3@4--.5<--0/ prqB ?3@4--.5<--0/ p!qB' ?3@4--.5<--0/ pRQqB' ?3@4--.5<--0/ pRRqB ;30'<3=3>'=:343> pRQqB'

]!

M.-"/*..1$UK30'@3?61Z'?3/0--0'1:0'=:34';66.29-034:-<3>t' K'(-['?-V/033>['8393>0'3>'930--<B'L>'9:7>'9-i13g3/';3?':V'23'<:3.23'3>'

=34Z-8;^>@'546?343>'03'1:03>'Y6-</':V';30'9-034:--<':>';30'@3?61Z'Y61'@3W ?41:V3>B'K30';610'2-0'=34Z34V0':/':>'23'9-i13g3':/'D9/0342-9/'L353>;610B' d:0';610':/'-|69/^@'=->'23'/^8;^>@'l0-2/;610'D9/0342-9B'd:0':/'33>'/^8;W ^>@'2:3'=664V690'2-0'54-8;^@3'6123'?693>'1:0'D9/0342-9'=342Z:7>3>':>' 23'=34/>:5534--4B'M:723>/';30'9-V3>'=->'9:7>'9-i13g3';3?':V'33>'>-1Z3' /-93>Z34V:>@'@3;-2'930'33>'931?3<9-V34['x634:'K3>24:V/B'A3'?32-8;03>' /-93>'1:0'Z3<V3'23<3>'3>'Z3<V3'4:8;^>@'=->';30';610'23'u>334/01VV3>'@3W 9--V0'963/03>'Z6423>B'h30'6>234/031>:>@'=->'9:7>'=-234'J;4:/'=->'F34W @3>':/'23'/0323?61Z9-i13g3'@343-<:/3342'3>'23'<:3.23'=664'-9?-8;0'@3W @463:2B'L>';30'@3?61Z':/'23'H:013<3'H6103'1:0'2:0'Z-493'L353>;610'?32-8;0BU

J.4,-""#t' cL>' 23' /0323?61ZV1>2:@3' 9-i13g3' :/' ;30' @3?61Z' =->'V34-9:3V'@39--V0B'd3'V<3:'2:3':V'@3?41:V0';3?[':/'-|69/^@'1:0' ;30' =34Z3Y3><:7V3>' =->' 23' E6642WX1:2<:7>' :>' D9/0342-9B' d3' V<3:W <--@' <:@0' :>9:223</' RP' 93034' 6>234' EDbB' d3' @46>2' <:@0' -<' \QBQQQW RPQBQQQ'7--4'6>234'D9/0342-9'3>':/'@3/06<2'060'V<3:B'

L>'>-1Z3'/-93>Z34V:>@'930'V1>/03>-43/'h->6>'h--073'2:3':>'?3W Y:0'Z-/'=->'23Y3'?:7Y6>2343'V<3:/03>3>[';3??3>'Z3';30'060'33>'@3W ?61Z073'V1>>3>'?43>@3>B'K->/'O123>;6}['2:4380314'=->'23'~<3:-W 8-239:3[';33_'Y:7>'-->233<'@3;-2':>';30'0341@':>'?-<->/'?43>@3>' =->'23'V<3:B'~1>/03>-43/'b-1<:>3'A:340Y';33_'93'@3;6<53>'?:7';30' 9-V3>'3>'6>0Z3453>'=->'23'@:309-<<3>B`'''''''''''''''''

jR

M"-..1t'UL>'23'9-i13g3'Y:7>'23' @3=3<24-@34/' =->' 930--<' @39--V0[' 930--<?3Z34V34' Z-/' :>' 33>' =34' =34<323>'66:0'9:7>'?34635B'd3'8;-4W 93'=->'@3/9323>'/0--<'Y:0';39':>' 23' 5438:/:3' Y62-0' 23' 0-8^<:03:0' 060' <3=3>' V690B' h:7>' =-234' ;33_' 23' 6>234/03<<3>'=->'23'9-i13g3/'@3W 9--V0['930'2:3Y3<.23'5438:/:3B' L>';30'@3?61Z'Y:7>'23'930-<3>'3<3W 93>03>' 930' 2:3' @46>2@32-8;03>' ?32-8;0B`

H"3"#-t'UL>'23'RtRQQ'9-i13g3':/'23'

@3=3<' =->' 8393>0@3?6>23>' ;610=3Y3<W 5<--0'@39--V0B'E-'93>:@'3s534:93>0'@-.'

23Y3' 5<--0' Y:8;' 03' V3>>3>' 6>?3Z34V3<:7V' 03'Y:7>'=664'23Y3'0635-//:>@B'n92-0':V'93' >:30'V6>'<6/'Z64/03<3>'=->'23'=34?64@3>' /8;66>;3:2'=->'23Y3'5<--0';3?':V';30'3sW 534:93>0' 2664@3Y30B' N:03:>23<:7V' :/' ;30' @3<1V0' 69' 33>' @632' ?33<2' 03' @3=3>' =->' ;63' 33>' U@3Z6>3' ?61Z5<--0`' 930' 23' 71:/03' 0635-//:>@' 3>' ?3Z34V:>@' :30/' ?:7W Y6>234/'V->'Z6423>B'L>';30'@3?61Z':/'23' ?:>>3>V34>'=->'?306>'?32-8;0B'LV'V->'93' =664/03<<3>'2-0'2:0'66V'060'33>'?:7Y6>234' ?61Z9-034:--<' Y61' V1>>3>' <3:23>' -</' :V' 930' 23Y3<.23' <:3.23' ;30' 3s534:93>0' Y61' -->@-->['?:7=664?33<2'930'?306>41:/'=->' @3/<66503'@3?61Z3>':>'D9/0342-9B`

j]

M.N("L",$ Ud3'9-i13g3/'Y:7>'@39--V0'=->'23'9-W

034:-<3>t' /0--<[' hdâ&#x20AC;¢[' :353>;610[' 3>' 8393>0@3?6>23>' ;610=3Y3<5<--0B' d3' 9-034:-<3>' Y:7>' -<<33>' 65' 33>' >-W 0114<:7V3'Z:7Y3'?3Z34V0'Y6-</'@4-=34:>@['=34?4->2:>@'3>' n<:f>B` pRqB' pPqB' p]qB' pjqB'

41903<:7V3'54:>8:53/ /0323?61Z'RtTQQ @3?61Z'RtRQQ /0323?61Z'RtTQQ

jT

<"/,1.%$9'33*,,*"$

C34/<-@'=->';30'-./012343>'=->'h:8;-3<'=->'F34@3>'v03>0-93>'jw''D8-239:3'=->'F61ZV1>/0'D9/0342-9'R\'23839?34' PQRT ELGNA'OGCGE'CnnH'dG'dnnd K30'-./012343>'=->'h:8;-3<'=->'F34@3>':/'33>'?:7Y6>234'54683/'@3Z6423>'2-0'0Z33'7--4':>'?3/<-@';33_'@3>693>B'M63>' h:8;-3<':>'.3?41-4:'PQRj'=664';30'334/0'?:7'9:7'VZ-9'930';30':233'23'2662'3>';30'<3=3>':>'kk>'@3?61Z'/-93>'03'@-->' ?43>@3>'963/0':V'Z3<'3=3>'.46>/3>B'LV';3?'-<'93342343'-./012334234/'?3@3<3:2'3>'/0-':>'54:>8:53'653>'=664':32343'65W @-=3'9--4'2:0'<33V'Z3<'34@'-9?:^31/'Z--4?:7';30'23'=4--@'Z-/'Z-0':/'23'-48;:03806>:/8;3'65@-=3B'A3'V3>>3>'-<<39--<' ?3@4--.5<--0/3>['8439-064:-'3>'-1<-e/'=->1:0'933/0-<'=3424:3^@3'/:01-^3/B'K30'Y:7>'=--V'/0-^@3['/343>3'41:903>'2:3'438;0' 263>'-->'23'?3<-23>'69/0->2:@;323>B'n9'71:/0'23Y3'69@3=:>@'03'V:3Y3>'-</'65@-=3'=664'33>'-./012343>':/'?:7Y6>234B' h:8;-3<';-2'33>';33<'6>234Y63V'@32-->'>--4'2:=34/3'?3@4--.5<--0/3>'3>'Z-/'=6<'@3.-/8:>3342'=->'23'1:02-@:>@'3>'23' 96@3<:7V;323>B'K:7'Z:/0'66V'9:7'3>'23'43/0'=->'23'8699://:3'03'6=3401:@3>'=->'23Y3'1:02-@:>@'3>'Z:7'Y:7>'>-'-->=->V3<:7V3' 0Z:7.3</';:34:>'933@3@-->B'd:0';33_'?3/0'Z3<'Z-0'963:03'@3V6/0'Z->0'86>/0->0'Z-/';30'23'=4--@['Z-0':/'23'-48;:03806>:W /8;3'65@-=3B d3'V31Y3'=->'23Y3'?3@4--.5<--0/'33>'@3?61Z'03'9-V3>'9:223>':>'23'?:>>3>/0-2'=->'D9/0342-9'>-9'-<<3'0Z:7.3</'Z3@B' A3'V3>>3>';:34=->'@33>'=664?33<2'Z--42664';30'/6Z:3/6'33>'664/546>V3<:7V'6>0Z345'Y61'@-->'Z6423>B'D<<33>':>'X1:2W G14653/3'<->23>'V693>'234@3<:7V3'?3@4--.5<--0/3>'=664':>'G1465-['9--4'>:30':>'E3234<->2B'M63>'h:8;-3<'66V';30';3<3' 1:0=--40'4:0133<'933'@:>@'>393>'-</'6>234233<'=->'23'65@-=3['23Y3'Z342';:34?:7'65>:31Z'6>0Z6453>['?3@6>'2:0'-./01W 2343>';--4'9693>019'03'V4:7@3>B'd--4?:7'V->'h:8;-3<'-<<33>':30/'6>0Z3453>'-</';:7'Y:8;Y3<.'=3433>Y3<=:@2';33_'930'23' 65@-=3B'h:8;-3<'3>'23'65@-=3'96303>'kk>'Y:7>'->234/'Z6420';30'>:30/B'd-0'=6>2';:34'5<--0/B d3'?3@3<3:2:>@'3>'23'8699://:3-=6>23>'Z3423>';:342664'33>'6>023VV:>@/43:/'Z--4?:7'Z3'/0332/'9334'933@3=6342' Z3423>':>'23'41:903<:7V3'Z343<2'=->'33>'?3@4--.5<--0/'2:3'33>'-48;:03806>:/8;3'/3>/-^3'Z342B â&#x201A;¬k>'=->'23';66@0351>03>':>'2:0'534/66><:7V3'54683/['2:0'-./012343>[':/'23'43:/'>--4'b4--@['>--4';30'?3463923'K-1/'h1<W <34'=->'23'96234>:/^/8;3'-48;:0380'D26<.'O66/'@3Z33/0B'L>'23'@3/543VV3>'>-9'23'-48;:03806>:/8;3'/3i13>^3'33>'/0332/' ?3<->@4:7V343'46<':>'-<<33>';-2'h:8;-3<'Y:7>'c0--<e';:34=664'>6@'>:30'@3=6>23>B'LV'Z33/';39'65'2:0'?3463923'Z66>;1:/' Z--4'71:/0'2:0'-/5380';33<'?:7Y6>234':/'1:0@3Z34V0B'h:8;-3<';33_'34'Y:8;'143>'933'1:033>@3Y30'3>'23'-48;:03806>:/8;3' /3i13>^3':/'2--4>-';30'<3:23>23'0;39-'=->'@3Z6423>B'M63>'33>9--<'23'65@-=3'3>'23'0--<'Z--4:>'23Y3'963/0'Z6423>' =649@3@3=3>'/-93>'Z-43>'@3V693>'Z-/'h:8;-3<'c<6/eB'C->-.'063>'Z-43>'23'@3/543VV3>'/0332/ =34u7>2343'6>023VV:>@/43:Y3>'2664'33>'@3;33<'3:@3>'Z343<2'@3Z6423>B'K:34?:7'Z-43>'h:8;-3<'3>';30'@3?61Z'33>'6>W <6/9-V3<:7V3'33>;3:2B d3'-./012334-=6>2'Z-/'46>21:0'33>'?3<3=3>:/B'A:7['23'8699://:3[';-223>'h:8;-3<'-8;0'Z3V3>'334234';30'c@463>3'<:8;0e' @3@3=3>B'C->-.'2-0'9693>0'/06>2'h:8;-3<'34'-<<33>'=664'69';30'-.'03'46>23>'3>'23'V693>23'@38699:g33423>'03'@-->' 6=3401:@3>'930'2:0'6>0Z345B'K30'54683/'2-0'>-'23Y3'c@463>'<:8;0e'-=6>2';33_'5<--0/@3=6>23>':/'46>21:0'?:7Y6>234B'h:8;-W 3<'/<660'Y:8;'0;1:/'65'930'Y:7>'=-234'3>':/';30'@3?61Z'/-93>'930';39'@-->'?61Z3>B'K:34?:7';-2';:7'Y:8;'Y6'=3433>Y3<=:@2' 930';30'6>0Z345'2-0'-<<3/'33>'?303V3>:/'963/0'V4:7@3>B'K30';610'3>'23'V<3:'=664'23'9-i13g3/['-<<3/'963/0'=34?6>23>' Y:7>'930'23'65@-=3'3>'1:0'23'@46>2';:34=->'V693>B'M:723>/'23'543/3>0-^3'Z342';30'@3?61Z'@-->23Z3@'65@3?61Z2' 3>'Z3423>'Z:7'933@3=6342':>';30';34>:31Z23'4:0133<'3>'23'@4603'41:903<:7V;3:2'2--4=->B'D</'93>064'@3>:30'73'65'Y6e>' 9693>0'=->'@38699:g33423>'2:3'/0332/'/^<<34'Z6423>B'A--4':>';30'?3@:>'>6@'24:_:@'>6^^3/'Z3423>'@39--V0'>-9'2:0' @-->23Z3@'/0332/'9334'-.'69'5<--0/'03'9-V3>'=664'33>'=6<<32:@3'933=634:>@B h:8;-3<':/'3s04339B'G>'65'33>'-=6>2'2:3'Y6'@632':/'=664?343:2'@3?3143>'2->'66V'?:7Y6>2343'2:>@3>B'M34Z:7<';:7'=6<'-->' ;30'=3403<<3>'Z-/'-->'23';->2'=->'23'65?61Z'=->'23'@4603'9-i13g3'@:>@'23'V--4/'1:0'2:3'@35<--0/0'Z-/':>'23'V<3:>343' /0323>?61Z9-i13g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h:8;-3<';33_'930'2:0'-./012343>'6>/'6=3401:@2'=->'Y:7>'0-<3>0['Y:7>'664/546>V3<:7V;3:2'3>'Y:7>'64:@:>-<:03:0B'K:7'Z-/'2--4?:7' 23'43@://314'060'65':3234'>:=3-1B'h:8;-3<'V->';334<:7V'Y63V3>23'Y:7>'9--4'-</'23'Z3@'33>9--<'653>'<:@0':/';:7'1:0349-03' 043.Y3V34B'A:7'V:7V3>'2->'66V'0341@'65'33>'?:7Y6>234'3>'@3;33<'3:@3>'-./012343>'930'33>'6=34Z3<2:@3>2'-48;:03806>:/8;' 43/1<0--0B'K30'=34;31@2'6>/'2->'66V'23'3s-93>8699://:3'=->'23'D8-239:3'=->'F61ZV1>/0'03'96@3>'-2=:/343>'h:8;-3<' =->'F34@3>';30'2:5<69-'03'=34<3>3>B d--4>--/0'=34;31@2';30'6>/'3>649'23'3s-93>8699://:3'03'96@3>'-2=:/343>'2:0'-./012343>'03'Z--42343>'930'33>'J19' O-123'=->Z3@3'23'1:0Y6>234<:7V';66@/0-->23'VZ-<:03:0B A:7'Z3>/3>'h:8;-3<'-<<3'/1883/'-</'-48;:0380B O-143>/'x->'03>'~-03

j\

j!

>.)''/+$ULV'=63<'93'6>0Y3g3>2'4:7V'930'-<<3'93>/3>'2:3':V'^723>/'9:7>'-./012343>';3?'

6>09630'3>'@1>'2->'66V'-<<3'-./012343>23'/0123>03>'2:0'@3=63<B'C--V'Z-43>';30'93>/3>'2:3' ;1>'=34;--<'=3403<23>'930'5-//:3B'd-0['<6/'=->'23':>;612['Z-/'-<'33>'-?/6<103'9334Z--423B' d--4>--/0'Z-/';30'6>=349:723<:7V'6=34';30'<3=3>'>-'03'23>V3>'-</'73'930';30'0;39-'23'2662' ?3Y:@'?3>0B'LV'?3>'6=3401:@2'2-0'Z->>334';30'<3=3>'3>'23'2662';->2':>';->2'<653>['73'1:0' ?3:23'9334'V1>0';-<3>B' LV';3?'930'=33<'5<3Y:34'-->'9:7>'54683/?63V'@3Z34V0B'h323'2664':>'23'/8;30/3>'03'Y:3>'Z--4' :V'933';3?'@3Z64/03<2['>1'Z303>23'2-0';30'060':30/';33_'@3<3:2'Z--4=664':V'/0-B' LV';665'2-0'23Y3'>:31Z/@:34:@;3:2'>--4'93Y3<.'Y-<'?:7=3>B`

TR

T]