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l;SVPHz [LMPI EX 1:79 FIGEYWI XLIVI [EWR X E FEPP MR XLI [SVPH LI GSYPHR X GEXGL 3R 2SZ 6MGI [EW GLSWIR F] 2*0 2IX[SVO W 2*0 *MPQW TVSHYGXMSR l8LI 8ST 2*0 W +VIEXIWX 4PE]IVWz EW XLI XST TPE]IV MR 2*0 LMWXSV] ,IVI W E PSSO EX XLI QSWX WYGGIWWJYP WTSVXW JMKYVIW JVSQ XLMW EVIE SV [LS QEHI XLIMV QEVO LIVI „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„ 0SYMW 'SPIQER 8LI JSVQIV 4MPPS[ %GEHIQ] WXERHSYX ERH 7GLPEXIV REXMZI JMRMWLIH PEWX WIEWSR EW E VIPMIJ TMXGLIV JSV XLI 3QELE 6S]EPW XLI 8VMTPI % EJJMP MEXI SJ XLI /ERWEW 'MX] 6S]EPW 'SPIQER [LS MR &ROHPDQ .YP] [EW WIPIGXIH

MR XLI JMJXL VSYRH SJ XLI 1ENSV 0IEKYI &EWIFEPP (VEJX MW I\TIGXIH XS WII EGXMSR MR XLI QENSV PIEKYIW XLMW WIEWSR ,I VIGSVHIH SRI SJ XLI KVIEXIWX WIEWSRW MR 0SYMWMERE 7XEXI 9RMZIVWMX] LMWXSV] MR MR PIEHMRK XLI 8MKIVW XS E REXMSREP XMXPI ,I [EW E GSRWIRWYW JMVWX XIEQ %PP %QIVMGE WIPIGXMSR EW E WIRMSV EX 079 ERH XLI 7SYXLIEWXIVR 'SRJIVIRGI 4MXGLIV SJ XLI =IEV ,I QEHI ETTIEVERGIW WXEVXW VIGSVHMRK E )6% MR MRRMRKW [MXL [EPOW ERH WXVMOISYXW ‹ JMRMWLMRK XLI WIEWSR 2S MR XLI REXMSR MR [MRW ERH 2S MR WXVMOISYXW „ %VGLMI l+YRWPMRKIVz 'SSPI] ,I FVSYKLX REXMSREP EXXIRXMSR XS 1MWWMWWMTTM :EPPI] 7XEXI [MXL LMW MRRSZEXMZI l7EXIPPMXI )\TVIWWz TEWWMRK SJJIRWI ‹ E RS LYHHPI EXXEGO XLEX JIEXYVIH JMZI [MHI VIGIMZIVW &RROH\ 'SSPI] PIH XLI (IPXE (IZMPW XS XLIMV SRP] (MZMWMSR %% TPE]SJJ ETTIEVERGI MR EW UYEVXIVFEGO ;MPPMI 8SXXIR ERH VIGIMZIV .IVV] 6MGI WIX TPIRX] SJ TEWWMRK VIGIMZMRK ERH WGSVMRK VIGSVHW 'SSPI] [EW XLI LIEH GSEGL MR -XXE &IRE JVSQ ,I LEH XLVII [MRRMRK WIEWSRW KSMRK MR MR ERH MR 8S XLMW HE] 'SSPI] MW XLI [MRRMRKIWX GSEGL MR XLI LMWXSV] SJ XLI (IPXE (IZMP JSSXFEPP TVSKVEQ „ ,YKL 'VMX^ 'VMX^ [LS HMIH MR +VIIR[SSH MR EX XLI EKI SJ [EW E WIGSRH FEWIQER MR XLI QENSV PIEKYIW JSV XLI 'MRGMRREXM 6IHW MR XLI W ERH XLI 2I[ =SVO +MERXW MR XLI W ,I [SR XLI ;SVPH 7IVMIW [MXL XLI +MERXW MR &ULW] -R E WIEWSR GEVIIV LI FEXXIH [MXL LSQI VYRW ERH 6&-W MR KEQIW ,I LEH GEVIIV WXSPIR FEWIW VYRW WGSVIH HSYFPIW ERH XVMTPIW 'VMX^ EGGYQYPEXIH LMXW MR EX FEXW „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

3DJH

MRGPYHMRK JSYV WEGOW )QQSRW [EW WIPIGXIH MR XLI WIZIRXL VSYRH SJ XLI 2*0 (VEJX F] XLI 4MXXWFYVKL 7XIIPIVW EW ER SYXWMHI PMRIFEGOIV ERH TPE]IH JSV XLI 7XIIPIVW YRXMP -R LI [IRX (PPRQV XS XLI 4LMPEHIPTLME )EKPIW ,I [EW WMKRIH EW E JVII EKIRX F] XLI 2I[ =SVO +MERXW MR 1EVGL ERH [EW VIPIEWIH F] XLIQ SR *IF ,MW FIWX 2*0 WIEWSR GEQI MR [MXL XLI +MERXW [LIR LI VIGSVHIH XEGOPIW ERH WXEVXIH MR KEQIW ,I JMR MWLIH LMW ]IEV GEVIIV [MXL XEGOPIW WEGOW ERH JMZI MRXIVGITXMSRW „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„ 'MWW]I +EPPEKLIV 8LI JSVQIV 079 KSPJIV ERH I\ QIQFIV SJ XLI 04+% 8SYV S[RW E 1MWWMWWMTTM VIGSVH WXEXI EQEXIYV GLEQTM SRWLMT KSPJ XMXPIW +VS[MRK YT MR +VIIR[SSH WLI I\GIPPIH EX KSPJ EX ER IEVP] EKI [LMPI EXXIRHMRK 4MPPS[ %GEHIQ] ERH [SR LIV *DOODJKHU JMVWX WXEXI EQEXIYV GLEQTMSRWLMT MR EX XLI EKI SJ XLI JMVWX SJ XLVII WXVEMKLX JSV LIV 7LI [SR LIV PEWX MR „ .MQ +EPPEKLIV 8LI +VIIR[SSH KSPJIV [SR JMZI IZIRXW SR XLI 4+% 8SYV [MXL LMW JMVWX [MR GSQMRK MR EX XLI +VIEXIV 1MP[EYOII 3TIR -R LI [SR X[MGI XLI %RLIYWIV &YWGL +SPJ 'PEWWMG ERH 8LI 8SYV 'LEQTMSRWLMT ,I VITIEXIH LMW X[S [MR *DOODJKHU TIVJSVQERGI MR F] GPEMQMRK XLI /QEVX +VIEXIV +VIIRWFSVS 3TIR ERH XLI *IH)\ 7X .YHI 'PEWWMG ,I [EW E QIQFIV SJ XLI ZMGXSVMSYW 6]HIV 'YT XIEQ ERH XLI 4VIWMHIRXW 'YT XIEQ

574+.1* +EPPEKLIV MW TPERRMRK XS QEOI LMW 'LEQTMSRW 8SYV HIFYX PEXIV XLMW ]IEV „ 7LIVVSH +MHISR 8LI +VIIR[SSH ,MKL 7GLSSP TVSHYGX LSPHW EPQSWX EPP SJ XLI 9RMZIVWMX] SJ 7SYXLIVR 1MWWMWWMTTM VIGIMZMRK VIGSVHW EJXIV E WXERHSYX GEVIIV MR ,EXXMIWFYVK JVSQ +MHISR RS[ XLI SJJIR WMZI GSSVHMREXSV EX 0IJPSVI 'SYRX] ,MKL *LGHRQ 7GLSSP LSPHW XLI 971 VIGSVH JSV GEVIIV VIGIMZMRK ]EVHW

ERH VIGIMZMRK ]EVHW MR E WIEWSR ,I [EW GLSWIR MR XLI WM\XL VSYRH SJ XLI 2*0 (VEJX F] XLI 2I[ 3VPIERW 7EMRXW ,I HMHR X QEOI XLI XIEQ ERH PEXIV TPE]IH XLVII WIEWSRW MR XLI 'EREHMER *SSXFEPP 0IEKYI „ +IVEPH +PEWW 8LI WMPO] WQSSXL %QERHE )P^] ,MKL 7GLSSP FEWOIXFEPP WXEV TPE]IH X[S ]IEVW EX (IPXE 7XEXI 9RMZIVWMX] ERH XLIR X[S EX XLI 9RMZIVWMX] SJ 1MWWMWWMTTM [LIVI LI [EW JSYVXL MR XLI REXMSR MR WGSVMRK EW E NYRMSV ,I JMRMWLIH LMW GEVIIV *ODVV EJXIV NYWX X[S WIEWSRW EW XLI WGLSSP W WM\XL PIEHMRK EPP XMQI WGSV IV +PEWW RS[ XLI FS]W FEWOIXFEPP GSEGL EX )P^] [EW EJJIGXMSREXIP] VIJIVVIH XS EW l;SVPH 'PEWW +PEWWz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„ )EVRIWX +VE] ,I MW SRI XLI FIWX EXLPIXIW IZIV TVSHYGIH F] +VIIR[SSH ,MKL 7GLSSP ,I TPE]IH [MHI VIGIMZIV EX XLI 9RMZIVWMX] SJ 1IQTLMW ERH [EW HVEJXIH F] XLI 2I[ =SVO +MERXW MR XLI *UD\ WIGSRH VSYRH SJ XLI 2*0 (VEJX +VE] GEYKLX TEWWIW JSV ]EVHW ERH JMZI XSYGLHS[RW MR ‹ LMW FIWX SJ WIZIR WIEWSRW MR XLI 2*0 ,I JMRMWLIH LMW 2*0 GEVIIV [MXL ]EVHW ERH XSYGLHS[RW SR VIGIT XMSRW +VE] RS[ [SVOW EW XLI 3GGYTEXMSREP 7EJIX] ERH ,IEPXL %HQMRMWXVEXMSR GSSVHMREXSV JSV XLI 1IQTLMW *MVI (ITEVXQIRX „ /IRX ,YPP ,YPP WXEVXIH EX GIRXIV EX 1MWWMWWMTTM 7XEXI 9RMZIVWMX] JVSQ XS FIJSVI TPE]MRK XLVII ]IEVW [MXL XLI 9 7 *SSXFEPP 0IEKYI W 2I[ .IVWI] +IRIVEPW ERH WIEWSRW

*UHHQZRRG &RPPRQZHDOWK 7KXUVGD\ )HEUXDU\

[MXL XLI &YJJEPS &MPPW % XLVII XMQI 4VS &S[P WIPIGXMSR ,YPP TPE]IH MR XLI &MPPW JSYV WXVEMKLX 7YTIV &S[P PSWWIW ,YPP [EW WIPIGXIH XS XLI +VIEXIV &YJJEPS 7TSVXW ,EPP SJ *EQI MR MRHYGXIH MRXS XLI +XOO 1MWWMWWMTTM 7XEXI 9RMZIVWMX] 7TSVXW ,EPP SJ *EQI MR VIGIMZIH XLI 6EPTL ' ;MPWSR (MWXMRKYMWLIH 7IVZMGI %[EVH MR [EW WIPIGXIH XS XLI 1MWWMWWMTTM 7TSVXW ,EPP SJ *EQI MR ERH [EW XLI XL MRHYGXII XS XLI ;EPP SJ *EQI EX 6EPTL ;MPWSR 7XEHMYQ MR &YJJEPS MR „ (IEGSR .SRIW %JXIV TPE]MRK SRI ]IEV EX 1MWWMWWMTTM :EPPI] 7XEXI MR LI [EW HVEJXIH MR XLI XL VSYRH SJ XLI 2*0 (VEJX F] XLI 0SW %RKIPIW 6EQW ERH [IRX SR XS TPE] MR WIZIR WXVEMKLX 4VS &S[PW JVSQ XS ERH [EW WIPIGXIH -RQHV XS ER IMKLXL EJXIV XLI WIEWSR [MXL XLI 7ER (MIKS 'LEVKIVW -R 0SW %RKIPIW .SRIW FIGEQI E TEVX SJ XLI *IEVWSQI *SYVWSQI HIJIRWMZI PMRI SJ XLI 6EQW EPSRK [MXL 0EQEV 0YRH] 6SWI] +VMIV ERH 1IVPMR 3PWIR .SRIW [EW MRHYGXIH MRXS XLI 4VS *SSXFEPP ,EPP SJ *EQI MR .SRIW TPE]IH EX 7SYXL 'EVSPMRE 7XEXI 9RMZIVWMX] FIJSVI GSQMRK XS :EPPI] 7 ' 7XEXI VIZSOIH .SRIW WGLSPEVWLMT EJXIV WGLSSP SJJMGMEPW PIEVRIH XLEX LI [EW E TEVX SJ E GMZMP VMKLXW QSZIQIRX „ 0IVS] .SRIW 8LI +VIIR[SSH REXMZI [EW E WXERHSYX JSSXFEPP TPE]IV EX 2SVJSPO 7XEXI 9RMZIVWMX] ERH [EW XLIR XEOIR MR XLI WIG SRH VSYRH SJ XLI 2*0 (VEJX XL SZIVEPP MR F] XLI 7ER (MIKS 'LEVKIVW -RQHV 8LI JSSX .SRIW E JSSXFEPP ERH FEWOIXFEPP WXERHSYX EX %QERHE )P^] ,MKL 7GLSSP WXEVXIH EX HIJIRWMZI IRH JSV WM\ SJ LMW IMKLX WIEWSRW [MXL XLI 'LEVKIVW ,I JMRMWLIH LMW GEVIIV [MXL WEGOW RMRI FPSGOIH JMIPH KSEPW JMZI MRXIVGITXMSRW ERH XLVII XSYGLHS[RW .SRIW RS[ PMZIW MR 3VPERHS *PE „ 'PIS 0IQSR 8LI JSVQIV +VIIR[SSH ,MKL 7GLSSP UYEVXIVFEGO [EW E JSYV ]IEV PIXXIV [MRRIV EX %VOERWEW 7XEXI JVSQ XS TPE]MRK MR GSRXIWXW HYVMRK LMW JSYV ]IEV GSPPIKI GEVIIV 0IQSR PIXXIVIH MR JSSXFEPP ERH FEWOIXFEPP /HPRQ EX +,7 ERH EPWS TPE]IH FEWIFEPP %X %VOERWEW 7XEXI LI WIX WGLSSP GEVIIV VIGSVHW JSV TEWWMRK ]EVHW GSQ TPIXMSRW ERH XSYGLHS[RW EW 0IQSR GSQTPIXIH SJ TEWWIW JSV ]EVHW ERH XSYGLHS[RW ERH MRXIV GITXMSRW 0IQSR WMKRIH [MXL XLI 8SVSRXS %VKSREYXW SJ XLI '*0 MR 1EVGL

UYMGOP] FIGEQI XLI WXEVXIV ERH PIH LMW XIEQ MRXS XLI WIGSRH VSYRH SJ XLI TPE] SJJW ,I GSQTPIXIH SJ TEWWIW JSV ]EVHW ERH XSYGLHS[RW 0IQSR RS[ PMZIW MR .EGOWSRZMPPI *PE „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„ 6SFIVX l8YXz 4EXXIVWSR 8LI -XXE &IRE VIWMHIRX [EW E VYKKIH XEPIRXIH IRH JSV 1MWWMWWMTTM 7XEXI JVSQ ,I [EW ER %PP 7)' TIVJSVQIV LMW PEWX X[S WIEWSRW MR 7XEVOZMPPI ERH E XIEQ GETXEMR LMW WIRMSV ]IEV 4EXXIVWSR E QIQFIV SJ XLI 179 7TSVXW ,EPP SJ *EQI [EW E WSTLS QSVI SR XLI &YPPHSKW

3DWWHUVRQ XIEQ XLEX [IRX ERH FIEX +ISVKIXS[R MR XLI 3VERKI &S[P ,I [EW E NYRMSV SR 7XEXI W WUYEH XLEX [SR XLI 7)' GLEQTMSRWLMT MR „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

*UHHQZRRG &RPPRQZHDOWK 7KXUVGD\ )HEUXDU\

„ 'LEVPIW l'LYGOz 4VSTLIX ,I [EW [MHIP] ORS[R EW l8LI ;EKSR 1EWXIVz SJ XLI JEQIH 7SYXL[IWXIVR %XLPIXMG 'SRJIVIRGI JSSXFEPP TVIWW XSYVW -R 4VSTLIX [EW LSRSVIH [LIR XLI JSSX 3URSKHW FEPP JMIPH EX 6MGI 8SXXIR 7XEHMYQ [EW VIREQIH 'LEVPIW l'LYGOz 4VSTLIX *MIPH ERH MR [EW IRWLVMRIH MRXS XLI 1:79 %XLPIXMGW ,EPP SJ *EQI % VIWMHIRX SJ +VIIR[SSH 4VSTLIX EPWS WIVZIH EW TVIWMHIRX SJ XLI +VIIR[SSH 0IJPSVI %PYQRM 'LETXIV ,I [EW IRWLVMRIH MRXS XLI 1MWWMWWMTTM :EPPI] 7XEXI %XLPIXMGW ,EPP SJ *EQI 4VSTLIX HMIH MR EX XLI EKI SJ „ .IVV] 6MGI ,I LEH E VIGSVH WIXXMRK GEQTEMKR EX 1MWWMWWMTTM :EPPI] 7XEXI MRGPYHMRK 2'%% QEVOW JSV VIGITXMSRW ERH VIGIMZMRK ]EVHW ,I EPWS WIX E WMRKPI KEQI 5LFH 2'%% VIGSVH F] GEXGL MRK TEWWIW EKEMRWX 7SYXLIVR *SPPS[MRK LMW GEVIIV MR -XXE &IRE 6MGI [EW XEOIR MR XLI JMVWX VSYRH XL SZIVEPP MR F] XLI 7ER *VERGMWGS IVW ,I [IRX SR XS FIGSQI XLI EPP XMQI 2*0 PIEHIV MR XSYGLHS[RW WGSVIH [MXL 6MGI [EW WIPIGXIH XS XLI 4VS &S[P

574+.1*

XMQIW ERH REQIH %PP 4VS XMQIW MR LMW 2*0 WIEWSRW ,I [SR XLVII 7YTIV &S[P VMRKW TPE]MRK JSV XLI 7ER *VERGMWGS IVW ERH ER %*' 'LEQTMSRWLMT [MXL XLI 3EOPERH 6EMHIVW „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„ ;MPPMI 8SXXIR 8LI JSVQIV 1MWWMWWMTTM :EPPI] 7XEXI WXERHSYX UYEVXIV FEGO FIGEQI E QIQFIV SJ XLI 'SPPIKI *SSXFEPP ,EPP SJ *EQI MR 2MGOREQIH l7EXIPPMXIz MR LMW TPE]MRK HE]W MR -XXE &IRE LI LIPTIH KYMHI XLI (IPXE (IZMPW XS E VIGSVH ‹ XLI

3DJH

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574+.1*

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9MJ : 8 5TXYFQ 8JW[NHJ WJQJFXJI F XYFRU HTRRJRT WFYNSL YMJ QNKJ TK 7TGJWY /TMSXTS NS FIMRK TSMWSRIH F] E NIEPSYW LYWFERH ,I W MRHMW TYXEFP] FYVMIH MR 0IJPSVI 'SYRX] EPXLSYKL XLVII QEVOIVW LEZI FIIR IVIGXIH EX WYTTSWIH KVEZI WMXIW [MXL XLI QSWX PMOIP] FIMRK EX XLI 0MXXPI >MSR 1MWWMSREV] &ETXMWX 'LYVGL GIQIXIV] SR 1SRI] 6SEH (EZMH .SVHER GMZMP VMKLXW PIEHIV TSPMXM GMER % WIPJ TVSGPEMQIH lQEPEHNYWXIH LYQER FIMRK z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l8LI /MRK SJ XLI &PYIWz [EW FSVR MR XLI XMR] 0IJPSVI 'SYRX] GSQQYRMX] SJ &IVGPEMV RIEV -XXE &IRE ERH SRI SJ LMW IEVPMIWX TVSJIWWMSR EP KMKW [EW TIVJSVQMRK [MXL E KSWTIP KVSYT SR +VIIR[SSH

VEHMS WXEXMSR ;+61 ,I VIXYVRW ERRY EPP] XS -RHMERSPE JSV E GSRGIVX /MRK LEW XSYVIH XLI [SVPH JSV HIGEHIW TPE]MRK [MXL LMW KYMXEV l0YGMPPI z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Ã 0DORXI MRGPYHIW WXMRXW SR XLI +VIIR[SSH 0IJPSVI -RHYWXVMEP &SEVH +VIIR[SSH 7GLSSP &SEVH ERH GYVVIRXP] SR XLI +VIIR[SSH 0IJPSVI ,SWTMXEP &SEVH

*UHHQZRRG &RPPRQZHDOWK 7KXUVGD\ )HEUXDU\

„ 6S] 1EVXMR FERH HMVIGXSV 8LI PSRKXMQI +VIIR[SSH ,MKL 7GLSSP FERH HMVIGXSV GS JSYRHIH XLI (IPXE &ERH *IWXMZEP MR ERH RYVXYVIH MX MRXS XLI PEVKIWX 'LVMWXQEW TEVEHI MR 1MWWMWWMTTM HVE[MRK QSVI XLER FERHW ERRYEPP] F] XLI W 1EVXMR EPWS JSYRHIH XLI +VIIR[SSH 'SQQYRMX] 'SRGIVX &ERH ERH *MVWX 0DUWLQ 'LEMV SJ %QIVMGE ER ERRYEP IZIRX XLEX JVSQ XS VIGSKRM^IH %QIVMGE W XST FERHW ERH TIVJSVQIVW „ .ERMGI 1SSV GMZMG PIEHIV FYWMRIWW S[RIV 1SSV WIVZIH EW XLI +VIIR[SSH 0IJPSVI 'SYRX] 'LEQFIV SJ 'SQQIVGI W JMVWX JIQEPI TVIWMHIRX MR ERH PIH XLI TVS FYWMRIWW SVKERM^EXMSR EW I\IGYXMZI ZMGI TVIWMHIRX JVSQ XS -R XLEX VSPI WLI WIVZIH EW +VIIR[SSH W FMKKIWX GLIIVPIEHIV ERH LIPTIH WLETI XLI GLEQFIV MRXS E GEXEP]WX JSV FIXXIV VEGI VIPEXMSRW 1SSV EPWS VER ;MPFYVR 1SSV -RWYVERGI %KIRG] [MXL LIV LYWFERH 0RRU 1EVMSR 8LI GSYTPI QSZIH XS 2EWLZMPPI 8IRR MR XS FI GPSWIV XS JEQMP] „ .SLR % 4MXXQER [EV LIVS %PVIEH] [SYRHIH HYVMRK E HEVMRK EXXIQTX XS VIGET XYVI PSWX KVSYRH HYVMRK XLI /SVIER ;EV XLI %VQ] WIVKIERX ERH 'EVVSPPXSR REXMZI HSZI SRXS ER IRIQ] KVIREHI XS TVSXIGX LMW WUYEH ;LIR QIHMGEP EMH EVVMZIH 4MXXQER EWOIH JMVWX EFSYX LMW QIR *SV LMW FVEZIV] 4MXXQER VIGIMZIH XLI 1IHEP SJ ,SRSV XLI REXMSR W LMKLIWX QMPMXEV] LSRSV % QSHIWX QER [LS RIZIV WSYKLX VIGSKRMXMSR JSV LMW [EV WIVZMGI 3LWWPDQ 4MXXQER [SVOIH JSV ]IEVW EX ;IWXIVR %YXS MR +VIIR[SSH „ )PM^EFIXL l4ERRz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„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

574+.1* LIPTIH WXEVX XLI VIKMSR W QIRXEP LIEPXL GIRXIV ERH LEW FIIR E WXVSRK WYTTSVXIV SJ 1MWWMWWMTTM W TYFPMG XIPIZMWMSR ERH VEHMS RIX[SVOW %RH LI HMH MX EPP [MXLSYX PSWMRK LMW 2I[ =SVO EGGIRX „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„ )PM^EFIXL 7TIRGIV RSZIPMWX 7TIRGIV [EW FSVR MR 'EVVSPPXSR ERH KVI[ YT XLIVI KVEHYEXMRK JVSQ . > +ISVKI ,MKL 7GLSSP MR ,IV RMRI RSZIPW ERH RYQIVSYW WLSVX WXSVMIW LEZI [SR GSYRX PIWW GVMXMGEP LSRSVW ERH LIV RSZIP l8LI :SMGI EX XLI &EGO (SSV z [EW RSQM REXIH JSV XLI 4YPMX^IV 4VM^I 7LI LEW XEYKLX [VMXMRK EX WIZIVEP YRMZIVWMXMIW ERH GYVVIRXP] PMZIW MR 'LETIP ,MPP 2 ' )YHSVE ;IPX] XLI FIPSZIH 6SHQFHU 1MWWMWWMTTM [VMXIV WEMH SJ LIV l-X LEW RIZIV FIIR HSYFXIH XLEX )PM^EFIXL 7TIRGIV ORS[W XLI WQEPP 7SYXLIVR FEGO[SSHW LMPPXS[R HS[R XS XLI FSRI 8LMW WLI XVERWJSVQW F] XLI EGGYVEG] SJ LIV I]I ERH IEV XEPIRX ERH E GIVXEMR TVEROMWL KEMIX] SJ WTMVMX MRXS E ZMXEP ERH EFWSVFMRK RSZIP z „ .EQIW / :EVHEQER TSPMXMGMER NSYVREPMWX 8LI WSR SJ E 'SRJIHIVEXI ZIXIVER :EVHEQER TVEGXMGIH PE[ WIVZIH MR XLI 1MWWMWWMTTM ,SYWI IHMXIH SRI +VIIR[SSH RI[WTETIV ERH XLIR JSYRHIH XLI 'SQQSR[IEPXL MR ,I WIVZIH SRI XIVQ EW KSZIVRSV FIKMRRMRK MR ERH SRI XIVQ EW E 9 7 WIREXSV WXEVXMRK MR 4STYPEV [MXL XLI GSQQSR QER :EVHEQER WYTTSVXIH TVSKVIWWMZI 9DUGDPDQ GEYWIW XLEX FIRIJMXIH TSSV [LMXIW IEVRMRK LMQ lXLI KVIEXIWX TIVWSREP JSPPS[MRK SJ ER] QER MR 1MWWMWWMTTM z EGGSVHMRK XS LMW SFMXYEV] MR XLI .EGOWSR (EMP] 2I[W &YX LI [EW EPWS ER MRJEQSYW VEGMWX :EVHEQER HIQS RM^IH FPEGOW FIMRK IWTIGMEPP] TEWWMSREXI EFSYX TVIZIRX MRK XLIMV IHYGEXMSR EW [IPP EW [IEPXL] (IPXE TPERXIVW 6EPTL 1G+MPP XLI PMFIVEP IHMXSV SJ XLI %XPERXE 'SRWXMXYXMSR PMWXIH :EVHEQER EW SRI SJ XLI JSYV QIR TVM QEVMP] VIWTSRWMFPI JSV HIZIPSTMRK XLI MHIEW XLEX MRWTMVIH 7SYXLIVR WIKVIKEXMSRMWXW l,I [EW WLVI[H GSEVWI ZYP KEV IPSUYIRX VYXLPIWW TIVWYEWMZI z 1G+MPP [VSXI 8LI WEZZ] WIPJ TVSQSXIV VSHI SR E PEVKI [EKSR TYPPIH F] IMKLX ]SOIW SJ [LMXI S\IR [SVI E [LMXI WYMX XLEX GSRXVEWXIH [MXL LMW PSRK FPEGO LEMV ERH IRGSYV EKIH XLI RMGOREQI l8LI +VIEX ;LMXI 'LMIJ z „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

3DJH

7XEXI 9RMZIVWMX] LEH FIIR JYPP] EGGVIHMXIH 'SRWIVZEXMZI ERH HIITP] VIPMKMSYW ;LMXI ERH LMW FIPSZIH [MJI %YKYWXE [IVI EJJIGXMSREXIP] ORS[R F] WXYHIRXW EW l(EHH] ERH 1EQE ;LMXI z 8LI JSYRHMRK GSYTPI MW FYVMIH SR GEQTYW „ -VZMR ;LMXXEOIV IHYGEXSV 8LI WSR SJ 'EVVSPP 'SYRX] WLEVIGVSTTIVW ;LMXXEOIV TPS[IH QYPIW EX ]IEVW SPH FYX WE[ ER STTSVXYRMX] XS QSZI YT MR PMJI XLVSYKL IHYGEXMSR 8LVSYKLSYX LMW PMJI ERH GEVIIV EW E WGLSSP EHQMRMWXVE XSV LI LEW WLS[R E GSQQMXQIRX XS LIPTMRK SXLIVW MR XLI +VIIR[SSH GSQ QYRMX] HS XLI WEQI F] TVSQSXMRK IHY GEXMSR ERH IGSRSQMG HIZIPSTQIRX ,MW JYVXLIV HIHMGEXMSR XS IWXEFPMWLMRK FIXXIV VEGI VIPEXMSRW MW IZMHIRX MR XLI :KLWWDNHU QER] lJMVWXWz LI SGGYTMIW JMVWX FPEGO 0IJPSVI 'SYRX] WYTIVMRXIRHIRX SJ IHYGEXMSR JMVWX FPEGO TVIWMHIRX SJ XLI 'SXXSRPERHME 1YWIYQ FSEVH ERH JMVWX FPEGO TVIWMHIRX SJ XLI +VIIR[SSH 0IJPSVI 'SYRX] 'LEQFIV SJ 'SQQIVGI ;LMXXEOIV LEW WIVZIH EW E WXEP[EVX ZSPYRXIIV JSV XLI GLEQFIV WMRGI XLI IEVP] W SJJIVMRK E JVMIRHP] JEGI EX VIGITXMSRW ERH VMF FSR GYXXMRKW „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„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„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l1V +IX MX (SRI MR +VIIR[SSHz ERH WEMH ;VMKLX [EW PMOIP] XLI WIGSRH TIVWSR MR XLI REXMSR XS FSXXPI 'SGE 'SPE LMW [MJI [LS [EW HIITP] VIPMKMSYW QEHI LMQ WIPP LMW MRXIVIWX MR XLI FYVKISRMRK GSQTER] FIGEYWI SJ XLI GSGEMRI XLEX [EW SVMKM REPP] TEVX SJ XLI JSVQYPE ,I EPWS WSPH MGI GSEP ERH MGI GVIEQ ,MW *YPXSR 7XVIIX LSQI l(EMW]I z MW PMWXIH SR XLI 2EXMSREP 6IKMWXIV SJ ,MWXSVMG 4PEGIW

3DJH

574+.1*

*UHHQZRRG &RPPRQZHDOWK 7KXUVGD\ )HEUXDU\

*UHHQZRRG &RPPRQZHDOWK 7KXUVGD\ )HEUXDU\

574+.1*

3DJH

574+.1*

3DJH

*UHHQZRRG &RPPRQZHDOWK 7KXUVGD\ )HEUXDU\

6WD +RPH +HDOWK +RVSLFH

7HFKQRORJ\ OHDGHU 8947> &3) 5-4948 '> '4' )&7)*3

&RPSDQ\ GLG SLRQHHULQJ ZRUN LQ HOHFWURQLF UHFRUGV

7

XE ,SQI ,IEPXL ,SWTMGI JMVWX FIKER [SVOMRK [MXL IPIGXVSRMG QIHMGEP VIGSVHW MR XLI W ‹ ERH XSHE] XLI GSQTER] W PIEHIVWLMT MR XIGLRSPSK] MW TE]MRK SJJ l8LIVI EVI WIZIVEP LSQI LIEPXL EKIRGMIW ;I EPP HS XLI WEQI XLMRK ;I EPP TVSZMHI XLI WEQI X]TI SJ WIVZMGIW ;I JIIP PMOI XLMW MW SRI EVIE [LMGL MW XLI OI] XS XLI JYXYVI SJ LIEPXL GEVI ERH [LIVI [I VI KSMRK z WEMH .SER ,EQMPXSR EHQMRMWXVEXSV JSV XLI 1MWWMWWMTTM FEWIH GSQTER] 6IGIRXP] E HMVIGXSV SJ 7XE ,SQI [EW ETTSMRXIH XS WIVZI SR XLI +SZIVRSV W 8EWO *SVGI SR ,IEPXL -RJSVQEXMSR )\GLERKI ,EQMPXSR WEMH 8LI FIRIJMX SJ IPIGXVSRMG QIHMGEP VIGSVHW MW TVIXX] GPIEV WLI WEMH l-J SRI SJ SYV TEXMIRXW KSIW XS +VIIR[SSH 0IJPSVI ,SWTMXEP XLI LSWTMXEP GSYPH PSSO EX SYV VIGSVHW ERH [I GSYPH PSSO EX XLIMV VIGSVHW SR XLI TEXMIRX WS XLEX [I LEZI GSRXMRYMX] SJ GEVI z ,EZMRK VIGSVHW MRWXERX P] EZEMPEFPI KMZIW 7XE ,SQI E FIXXIV MHIE SJ [LEX X]TIW SJ TEXMIRXW MX LEW ERH lLS[ [IPP XLI] VI HSMRK MR XIVQW SJ QIIXMRK GIVXEMR QIEWYVIW MR WTI GMJMG HMWIEWI GEXIKSVMIW z ,EQMPXSR WEMH 1IHMGEVI MW GSRWXERXP] I\EQMRMRK XLI GLVSRMG GEVI TSTYPEXMSR MX WIVZIW ERH XLI IPIGXVSRMG VIGSVHW LIPT [MXL XLEX WLI WEMH l;I VI EFPI XS PSSO EX XLSWI GEVI KVSYTW XS WII LS[ QER] XMQIW XLI] EVI KSMRK MRXS XLI LSWTMXEP z ,EQMPXSR WEMH 6MKLX RS[ TL]WMGMERW GER EGGIWW MRHMZMHYEP TEXMIRX VIGSVHW EX 7XE ,SQI

8YF -TRJ -JFQYM -TXUNHJ TK ,WJJS\TTI TKKJWX F HTRUQJYJ QNSJ TK NS MTRJ SZWXNSL FSI YMJWFU^ XJW[NHJX 8JFYJI KWTR YMJ QJKY FWJ 8FGWNSF *FXYJW WJLNXYJWJI SZWXJ 8FSI^ *QQNX HQJWNHFQ 2FWNQ^SS (QFWP WJLNXYJWJI SZWXJ FSI ,WJJS\TTI GWFSHM RFSFLJW FSI 0JQQ^ 7NHJ UM^XNHFQ YMJWF UNXY 8YFSINSL KWTR YMJ QJKY FWJ 8YFH^ /TNSJW MTRJ MJFQYM FNIJ )JGTWFM +T] HQJWNHFQ +F^ 7FSIFQQ UFYNJSY XFYNXKFHYNTS XUJHNFQNXY +FQTS -FWWNX WJLNXYJWJI SZWXJ 0FYWNSF 9WTXUJW WJLNXYJWJI SZWXJ &R^ 0JQQ^ WJLNX

YJWJI SZWXJ FSI 5FR -TQRJX RFWPJYNSL FSI MTXUNHJ XUJHNFQNXY 3TY UNHYZWJI FWJ /T'JYM 0NSL QNHJSXJI UWFHYNHFQ SZWXJ 2TSF 8FZSIJWX MTRJ HFWJ HTTWINSFYTW FSI QNHJSXJI UWFHYNHFQ SZWXJ /TSJWNPF 5JTUQJX WJLNXYJWJI SZWXJ )TSSF 8JWNT WJLNXYJWJI SZWXJ 2JLMFS )F[NX THHZ UFYNTSFQ YMJWFUNXY 9FRR^ -ZSLJW XTHNFQ \TWPJW )TWTYM^ -FWWNX MTRJ MJFQYM FNIJ 2FLLNJ 2TSYLTRJW^ MTRJ MJFQYM FNIJ 2FW^ +QJRRNSL MTRJ MJFQYM FNIJ FSI )JGGNJ 9FHPJYY XUJJHM YMJWFUNXY

*UHHQZRRG &RPPRQZHDOWK 7KXUVGD\ )HEUXDU\

574+.1*

'%6(-303+= (V %FLEWL 8LEOYV 0IJPSVI 7TIGMEPX] 'PMRMG 4VSJIWWMSREP 4PE^E +VIIR[SSH 17

3&78)86-'7 +=2)'303+= (V &YVXSR ( 4VMGI +VIIR[SSH 3& +=2 %WWSG XL 7XVIIX +VIIR[SSH 17

+%7863)28)6303+= (V 8 &EVV] 'EPZMX +VIIR[SSH +EWXVSIRXIVSPSK] 'IRXIV 0IJPSVI %ZI +VIIR[SSH 17

3&78)86-'7 +=2)'303+= (V 2IIOE 7ERHIVW +VIIR[SSH 3& +=2 %WWSG XL 7XVIIX +VIIR[SSH 17

+)2)6%0 796+)6= (V 6E]QSRH 4 +MVR]W (IPXE 7YVKMGEP 'PMRMG )MKLXL 7XVIIX +VIIR[SSH 17 -28)62%0 1)(-'-2) (V :EMWLEPM 7LEL 0IJPSVI 7TIGMEPX] 'PMRMG 4VSJIWWMSREP 4PE^E +VIIR[SSH 17 2)96303+= (V 6EZM 4ERHI +VIIR[SSH 2IYVSPSK] 'PMRMG 6MZIV 6SEH +VIIR[SSH 17 2)963796+)6= (V .MQQ] 1MPPIV +VIIR[SSH 0IJPSVI 2IYVSWYVKIV] 'PMRMG 6MZIV 6SEH +VIIR[SSH 17 3&78)86-'7 +=2)'303+= (V 8IVV] 1G1MPPMR +VIIR[SSH 3& +=2 %WWSG XL 7XVIIX +VIIR[SSH 17

368,34)(-' 796+)6= (V %WE &IRRIXX +VIIR[SSH 3VXLSTIHMG 'PMRMG )MKLXL 7XVIIX +VIIR[SSH 17 368,34)(-' 796+)6= (V (ERIGE (M4ESPS +VIIR[SSH 3VXLSTIHMG 'PMRMG )MKLXL 7XVIIX +VIIR[SSH 17 368,34)(-' 796+)6= (V 6 &VYGI 2I[IPP +VIIR[SSH 3VXLSTIHMG 'PMRMG )MKLXL 7XVIIX +VIIR[SSH 17 3830%6=2+303+= ,)%( 2)'/ 796+)6= (V 1MGLEIP , 'EVXIV .V 2SVXL 'IRXVEP 17 )28 7XVSRK %ZIRYI +VIIR[SSH 17 4%-2 1%2%+)1)28 (V %LQIH %FHIP %^M^ +VIIR[SSH 4EMR 1EREKIQIRX 'IRXIV 7XVSRK %ZIRYI +VIIR[SSH 17

3DJH

4%-2 1%2%+)1)28 (V 8SHH &IWWIPMIZVI +VIIR[SSH 4EMR 1EREKIQIRX 'IRXIV 7XVSRK %ZIRYI +VIIR[SSH 17

47=',-%86= (V 1EVKEVIX 'EWWEHE -RWTMVEXMSRW 3YXTEXMIRX 'SYRWIPMRK 'IRXIV 7XVSRK %ZIRYI +VIIR[SSH 17

4)(-%86-'7 (V &MPP] + &SPHSR +VIIR[SSH 'LMPHVIR W 'PMRMG 7XVSRK %ZIRYI +VIIR[SSH 17

490132303+= (V 6SLMX 4ERGLEP 0IJPSVI 7TIGMEPX] 'PMRMG 4VSJIWWMSREP 4PE^E +VIIR[SSH 17

4)(-%86-'7 (V 0MWE ,YHHPIWXSR +VIIR[SSH 'LMPHVIR W 'PMRMG 7XVSRK %ZIRYI +VIIR[SSH 17 4)(-%86-'7 (V 1IP]RHE ' 2SFPI +VIIR[SSH 'LMPHVIR W 'PMRMG 7XVSRK %ZIRYI +VIIR[SSH 17 4)(-%86-'7 (V 'PEYHMRI 7XIZIRW +VIIR[SSH 'LMPHVIR W 'PMRMG 7XVSRK %ZIRYI +VIIR[SSH 17 4,=7-%86= (V ']RXLME ;MPPMRKLEQ +VIIR[SSH 0IJPSVI 2IYVSWYVKIV] 'PMRMG 6MZIV 6SEH +VIIR[SSH 17 43(-%86= (V 4VIWXSR &SPIW 0IJPSVI *SSX 'PMRMG ;IWX 'LYVGL 7XVIIX +VIIR[SSH 17

70))4 (-736()67 (V .SLR ,I] 7PIIT (MWSVHIVW 'PMRMG 6MZIV 6SEH +VIIR[SSH 17 :%7'90%6 )2(3:%7'90%6 796+)6= (V %PEMR (SQOEQ (IPXE 7YVKMGEP 'PMRMG )MKLXL 7XVIIX +VIIR[SSH 17 ;392( '%6) (V %PEMR (SQOEQ (V 6E]QSRH +MVR]W 8LI ;SYRH 'EVI 'IRXIV 6MZIV 6SEH +VIIR[SSH 17

574+.1*

3DJH

l%W JEV EW JEGMPMX] XS JEGMPMX] EGVSWW XLI WXEXI SV GSYRXV] XLEX W WSQIXLMRK XLEX W GSQMRK z ,EQMPXSR WEMH l;I VI EYXSQEXIH EX XLI TSMRX SJ GEVI ‹ EX XLI TEXMIRX W FIHWMHI z WLI WEMH l8LI RYVWI LEW E HIZMGI %PP XLI TEXMIRX W MRJSV QEXMSR JSV XLEX ZMWMX MW MR XLEX HIZMGI 8LIR XLEX MRJSVQEXMSR GSQIW MR LIVI XS [LIVI XLI SXLIV RYVWIW VIZMI[ XLI MRJSVQEXMSR ERH QEOI WYVI XLI] WYTIVZMWI XLI GEVI z 8LMW VIWYPXW MR FIXXIV GEVI JSV XLI TEXMIRX l;I VI EFPI XS PSSO EX XLI GEVI SR E FVSEHIV WGEPI ‹ XS QEOI WYVI XLEX XLI XIEGLMRK QEXIVMEPW [I LEZI EVI FIMRK MQTPIQIRXIH ERH TVSFPIQW WSPZIH z ,EQMPXSR WEMH l;I LEZI XLI EFMPMX] XS XVEGO SYV SYXGSQIW z 8LMW ]IEV 7XE ,SQI MW GIPIFVEXMRK MXW

XL ERRMZIVWEV] 8LI +VIIR[SSH FVERGL PSGEX IH EX ;EPXLEPP 7X STIRIH MR 8LI +VIIR[SSH FVERGL IQTPS]W JMZI JYPP XMQI ZMWMXMRK RYVWIW JSYV JYPP XMQI MR SJJMGI WYTIVZM WSV] RYVWIW E TL]WMGEP +DPLOWRQ XLIVETMWX ER SGGYTEXMSR EP XLIVETMWX ERH E WTIIGL XLIVETMWX -R EHHMXMSR XLI FVERGL IQTPS]W E RYQ FIV SJ TIVWSREP GEVI EXXIRHERXW [LS EWWMWX TEXMIRXW MR XLIMV LSQIW [MXL GSQQSR XEWOW WYGL EW KIXXMRK YT ERH FEXLMRK ,EQMPXSR WEMH 7XE ,SQI TVSZMHIW MXW WIVZMGIW YRHIV TL]WMGMERW SVHIVW l;I GER XEOI E VIJIVVEP JVSQ ER]SRI ;I

*UHHQZRRG &RPPRQZHDOWK 7KXUVGD\ )HEUXDU\

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