The Beaver: Week of February 19th, 2013

!"#$%&'()*)(+",$,&-".""/0&"/0'&!/"$1"(234&!'"5!'""."",4!(()(+"!"/'),"/$"*&&"/0&"($'/0&'("4)+0/*

!"#'()*(+

!"#$%#%$!&

!"#$%&%"'()*(+,"( -./(.+01"2+$3(425)2 67//

*D?HH>B8"?<F"8E7HH>B8 )B?"4;B?<F;:"

!"# $%&'# %"# $%"&# ()'"*%+,# "&)*'.&"# /'0'# %$'0&'*# &1%&# &1'# 2%&/'"&#3%"1#4%315.'#$63%&'*# 6.# 76)81&6.# 9&0''&# 1%"# :''.#&1'#"5&'#6;#0'3'.&#30545.%$# %3&5<5&+# /1531# 5.<6$<'*# &1'#<53&545=%&56.#6;#:6&1#>9?# VWXGHQWV DQG VWDà®&#x2030; !3360*5.8# &6# @531%0*# A)$3%1+,# &1'# >9?# 9'3)05&+# BC'0%&56."#A%.%8'0,#&1'#3%"1# 4%315.'# /%"# &%4C'0'*# /5&1# RQ )HEUXDU\ WK 7KLHYHV KDG DWWDFKHG D â&#x20AC;«Ú&#x201D;â&#x20AC;¬QHDWO\ à®&#x160; WWHG GH <53'D#&6#&1'#!(A#/1531#"/%$$6/'*#)C#%#)"'0E"#3%0*#%.*#5.# &1'#C063'""#364C0645"'*#&1'# XVHUâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V 3,1 QXPEHU B.# F05*%+# '<'.5.8,# &1'# 3%"1#4%315.'#/%"#&1'#"5&'#6;# DQRWKHU LQFLGHQW $ PHPEHU RI VWDà®&#x2030; ZDV LQ WKH SURFHVV RI )"5.8# &1'# 4%315.'# /1'.# "1'# /%"# *5"&0%3&'*# %.*# 1'0# 3%0*# /%"# "&6$'.,# %8%5.# /5&1# 1'0# GH2# .)4:'0# :'5.8# 364C06PLVHG 7KLV LV QRW WKH à®&#x160; UVW WLPH &1%&#3%4C)"#3%"1C65.&"#1%<'# EHHQ WKH VFHQH RI FULPH $F 360*5.8# &6# %.# >9?# "C6I'"C'0"6.,# $%"&# +'%0# &1'0'# /'0'# &/6# %&&'4C&'*# &1';&",# 6.'# 6;# /1531# /%"# *5"0)C&'*# :+# >9?# VHFXULW\ *HQHUDOO\ /RQGRQ *6'"# ;%3'# %.# 6.-865.8# C06:OHP ZLWK FDVK PDFKLQH FULPH (+C53%$$+,#&1'"'#&1';&"#0'$+#6.# J*5"&0%3&5.8#%#3%"1C65.&#)"'0#

/15$'# &1'+# %0'# '.8%8'*# 5.# %# &0%."%3&56.D#%.*#&1%&#&1'#)"'# 6;# &'31.53%$# 'K)5C4'.&# %&&%31'*#&6#&1'#3%"1#4%315.'#5"# :'3645.8# 5.30'%"5.8$+# 460'# FRPPRQ 9&)*'.&"#1%<'#3644'.&'*# &1%&# &1'# >9?# 9'3)05&+# /%0.5.8#*5*#.6&#3503)$%&'#C06C'0$+,# /5&1# 4%.+# 0'4%5.5.8# ).%/%0'#&6#&15"#30545.%$#%3&5<5&+# 6.# 3%4C)"# 806).*",# 4%I5.8# 5&#*5;;53)$&#;60#&1'4#&6#:'#L<58LODQWâ&#x20AC;« Ú&#x2018;â&#x20AC;¬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

J:>><"?G?BF8"KB>897L7;:8"'>L7:8",B;M>88;B8@7K"9;"4*&" *@:"0?<L

(1'#M'C%0&4'.&#6;#?36.6453"# %&# &1'# >6.*6.# 93166$# 6;# ?36.6453"# 5"# 6.'# 6;# &1'# &/'$<'# ).5<'0"5&+# *'C%0&4'.&#&6#0'3'5<'#&1'#C0'"&5856)"# &5&$'# 6;# @'85)"# G06;'"VRU !/%0*'*#:+#(1'#N)''.#&6# 4%0I# &1'# M5%46.*# O):5$'',# &1'# C06;'""60"15C# 5"# %# 0%0'# C05<5$'8',#/5&1#6.$+#&/6#30'DWHG LQ WKH SDVW FHQWXU\ $S C$53%.&"#;60#&1'#%/%0*##/'0'# %""'""'*#:+#&1'#'PC'0&#C%.'$# OHDG E\ 6LU *UDHPH 'DYLHV ;604'0# Q53'-R1%.3'$$60# 6;#

WKH 8QLYHUVLW\ RI /RQGRQ (1'# '.&05'"# /'0'# S)*8'*# 6.# &1'#4'05&"#6;#&1'#%CC$53%&56.# %$6.',#/5&1#&1'#&/6#C054%0+# 305&'05%# :'5.8# J&1'# 'P3'$$'.3'# 6;# &1'# H."&5&)&56.E"# /60I# 5.# &1'# C06C6"'*# *5"35C$5.'D# %.*# J&1'# 0'368.5&56.# &1'# *5"35C$5.'# 1%"# 8%5.'*,# .%&56.%$$+# %.*# 5.&'0.%&56.%$$+,# 0'8%0*$'""# 6;# 16/# $6.8# LW KDV EHHQ VWXGLHG â&#x20AC;«Ú&#x2022;â&#x20AC;B0585.%$$+,# 6.$+# "5P# .'/# @'85)"# G06;'""60"15C"# /'0'# SODQQHG ,W ZDV ODWHU GHFLG '*#&1%&#&/'$<'#%CC$53%.&"#;60# &1'#&5&$'#%0'#6;#'P3'C&56.%$$+# 1581# K)%$5&+# %.*# /5$$# 1%<'#

&1'# &5&$'# :'"&6/'*# )C6.# WKHP B&1'0# .'/# C6"&"# 6;# @'85)"# G06;'""60# 5.3$)*'# &1'# ?.85.''05.8# M'C%0&4'.&# %&# H4C'05%$,# &1'# A%&1'4%&53"# M'C%0&4'.&#%&#T%0/53I#%.*# &1'# G"+315%&0+# M'C%0&4'.&# DW .LQJV &ROOHJH /RQGRQ G06;'""60# A531'$'# G53356.',# 1'%*# 6;# &1'# ?36.6453"# M'C%0&4'.&# "%5*# &1'# %/%0*# /%"# J%# 80'%&# 16.6)0# &1%&# 0'368.5"'"# &1'# 6)&"&%.*5.8# 36.&05:)&56.# &1%&# >9?#?36.6453"#1%"#4%*'#&6# &1'# *'<'$6C4'.&# 6;# &1'# *5"FLSOLQH â&#x20AC;«Ú&#x2022;â&#x20AC;¬

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

35'.&# ).5<'0"5&5'",# .%4'$+# BP;60*,# R%4:05*8',# 9&# !.GUHZV *ODVJRZ $EHUGHHQ ?*5.:)081# %.*# (05.5&+# R6$OHJH 'XEOLQ (1'#&5&$'#6;#@'85)"#G06;'""60#1%"#.6&%:$+#:''.#1'$*#:+# &1'#$%&'#15"&605%.#7)81#(0'<60-@6C'0,# @'85)"# G06;'""60# 6;#A6*'0.#75"&60+#%&#BP;60*# DQG 7KRPDV *UD\ 5HJLXV G06;'""60#6;#A6*'0.#75"&60+# DW &DPEULGJH (1'# &/6# G06;'""60"15C"# %/%0*'*# 5.# &1'# $%"&# 3'.&)0+# /'0'# &6# 4%0I# &1'# VWW&1# %..5<'0"%0+# 6;# &1'# :50&1# 6;# &KDUOHV 'DUZLQ LQ

67879":8";<=7<>"?9"9@>A>?6>B;<=7<>CD;C:E ?<F"?9"9G799>BCD;HIA>?6>B;<=7<>

!

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

!"#$%&#'(

01234/2-5' ,4-/1 06+7832.+'01234/ 92-:',/4;<

+1234/=3*+>+-.+/4<52<+$74$8?

@-<-A2<A'01234/ @-33*+;'B4/>C

7KH!"#$"% 0E3->52E*+1'2<'"#X# C,,8#$Q&6$RSR

:-<-A2<A=3*+>+-.+/4<52<+$74$8?

D+;E'01234/E F-C5+C'G+<34< H/2E-'@-<-;-I-3 J/-'94/-<148

!#'#:"&2#D$TKTR$UVV$WRTV$$$G9.*'D$#4*)&/P)"#3#.+#/&2'*2#6(&68= J#3,*)#D$<<<6)"#3#.+#/&2'*2#6(&68=

<+;E=3*+>+-.+/4<52<+$74$8?

K4::+<3'01234/ L4<'H55E4I 74::+<3=3*+>+-.+/4<52<+$74$8?

G+-38/+E'01234/ D4<-',87?5+CMJ/.2<+ K*/2E'N4A+/E O+-38/+E=3*+>+-.+/4<52<+$74$8?

H732<A'P472-5'01234/ 92-:',/4;< E472-5=3*+>+-.+/4<52<+$74$8?

PI4/3'01234/ Q+<<2E'@44<+C

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рл╕ HUQDQ 0 )OHWFKHU 0 -HQNLQV >* N1'(1/* >* J%&F2/* M* ).$%.#%:/* M* P* L:6@(12CQ&7#.1/* M* P'&%-E1@/* M* >'-0&:/* M* >'$11&/* M* G:--1((/* B* =1"1&#/*G*)*9%(1<'./*G*90%:;('2/*G* )(C+'F';0/*G*L&%,.1/*G*9:660#'&%/* G*=:"@'/*G*O'<1&/*G*O%(<1-/*G*Q(C (#.;,%&$0/*G*P*90'&.%6@/*G*H1&:.C I%;#/*H*90':"0:&#/**H*+1-'#/*H*='(1/* H* O* 8%,/* H* 8#.".1&/* H* M1,<'./* H* M#--#('/*H*B%%I'&'/*H*G*J#((#'<-/*H* H1F'$#."#&'/* H* J* 81:.;/* H* O'.;* 8%,/*R*L'&.1-/*R*B%%(1/*N*)*J%.;/* N*90'./*A*R*J'.;/*T*H'<<%:&

EI4/3E=3*+>+-.+/4<52<+$74$8?

!"#$ %&''#()*+#$ *,$ !"#$ -#.+#/0,$ 1&+#/2*21$3&456$7&8$98,)$".+#$ (&2)/*38)#4$ )"/##$ :*#(#,$ &;$ <&/=>$&/$(&2)/*38)#4$)&$)"#$:/&?

48()*&2$ &;$ )"/##$ *,,8#,$ &;$ )"#$ :.:#/$ @#4*)&/*.''5$ &/$ .49*2*,? )/.)*+#'5A>$ )&$ B8.'*;5$ ;&/$ 9#9?

3#/,"*:6$ C;$ 5&8$ 3#'*#+#$ 5&8$ ./#$ .$ %&''#()*+#$ 9#93#/$ 38)$ 5&8/$ 2.9#$ *,$ 2&)$ &2$ )"#$ '*,)$ .3&+#>$ :'#.,#$ #9.*'$ )"#$ %&''#()*+#$ %".*/$.)D

R-/3,'01234/ L4E*'L2</8-<A L-<2+')-< I-/3>=3*+>+-.+/4<52<+$74$8?

R*434'01234/ Q21+:')-52 I*434A/-I*C=3*+>+-.+/4<52<+$74$8?

Q+E2A<'01234/ S*8E*2'@+*/1+E2A<=3*+>+-.+/4<52<+$74$8?

T<52<+'01234/ @-/3*-'R+3/47*+254E ;+>=3*+>+-.+/4<52<+$74$8?

U+<+/-5'@-<-A+/ ,+<+1273'J/.2<A 2<O4=3*+>+-.+/4<52<+$74$8?

K455+732.+'K*-2/ 01+<'Q;+?

7455+732.+=3*+>+-.+/4<52<+$74$8?

!"##$!%&'$(%)$*$+'$,"-#&-$.!"./0

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

L,$,&9#$&;$)"#$9&/#$&3,#/+.2)$ +*#<#/,$ 9.5$ 2&)#>$ )"#$ X.,&2$ J&21$ (&'892$ *,$ .3,#2)$ ;/&9$ )"*,$<##=0,$#4*)*&2$&;$)"#$:.:#/6$ J"*'#$*)0,$4#:/#,,*21$)&$".+#$)&$ /#)8/2$)&$,8("$.$,83Y#()>$#,:#? (*.''5$ .;)#/$ )"#$ .''#1.)*&2,$ &;$ N/$J&210,$,#Z*,9>$.24$"*,$)/*+? *.'*,*21$&;$)"#$I&'&(.8,)>$)"#/#$ KDYH EHHQ FRQроЛ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роК FDWLRQV WR WKH FRQWUDU\ )"#$ F82$ 2#<,:.:#/$ ".,$ 2&)$ 3##2$3.22#4$;/&9$(.9:8,>$Y8,)$ ;/&9$3#*21$,&'4$*2$)"#$FH$,"&:6$ !&$,811#,)$&)"#/<*,#$<&8'4$3#$ )&$ '*+#$ *2$ .$ ;.2).,5$ '.246$ X.,&2$ .',&$ ('.*9#4$ )".)$ ST$ :#/$ (#2)$ &;$ ,)84#2),$ &::&,#$ EFG\TT>$ C$ #4*)#4$ *)$ )&$ .44$ )".)$ )"*,$ <.,$ 9#/#'5$ "*,$ &<2$ :#/,&2.'$ &:*2? *&2>$ ,*2(#$ C$ .9$ 5#)$ )&$ ,##$ .25$ /#.,&2.3'#$ 4.).$ )&$ )"#$ (&2)/.? /56$[&/$.25&2#$<"&0,$*2)#/#,)#4$ WKH VFLHQWLроК F GDWD WKH 6FKRRO ".,$ (&''#()#4$ *,$ 2&<"#/#$ 2#./$ WKDW роК JXUH 7KLUGO\ -DVRQ ('.*9#4$)".)$*)$<.,$)"#$F.33.)?

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`J*)"&8)$ ,&824*21$)&&$98("$'*=#$)"#$#(&?

2&9*(.''5$ *''*)#/.)#$ 185$ *2$ )"#$ :KLWH +RXVHтАл ┌ХтАмGLG LQIDFW роК UVW /#.4$.,$`J*)"&8)$,&824*21$)&&$ 98("$'*=#$)"#$).22#4>$#(&2&9*? (.''5$*''*)#/.)#>$185$*2$)"#$J"*)#$ I&8,#6a$ Q&<>$C$".+#$2&$*4#.$<"5$X.?

VRQ VDZ роК W WR EULQJ VNLQ FRORXU *2)&$ "*,$ .::/.*,.'$ &;$ M/#,*4#2)$ ]3.9.>$ 38)$ C$ ;#')$ *)$ <&8'4$ 3#$ *2.::/&:/*.)#>$ *2,#2,*)*+#$ .24$ ;/.2='5$82.((#:).3'#$)&$:83'*,"$ <".)$C$,##$.,$.$,'8/6$ !"*,$ *,$ <"#/#$ C$ 3#'*#+#$ )"#$ (&2;8,*&2$ &+#/$ )"#$ (&2)*28#4$ 2.)8/#$&;$)"#$(&'892$".,$(/#:)$ *26$ C0''$ ;/##'5$ .49*)$ )".)$ .;)#/$ VRPHWKLQJ OLNH WKLV , ZDV роК UPO\ &;$)"#$&:*2*&2$)".)$)"*,$(&'892$ ,"&8'4$2#+#/$3#$:/*2)#4$.1.*26$ X.,&2$ (.2$ ,.5$ <".)#+#/$ "#$ <.2),$:/*+.)#'5>$38)$8')*9.)#'5$ WKLV SDSHU LV D UHроЛ HFWLRQ RQ PH

.24$ )"#$ /#,)$ &;$ )"#$ #4*)&/,>$ C$ 4&20)$<.2)$.25)"*21$&;$)".)$2.? )8/#$:/*2)#46$ !"*,$4#(*,*&2$)&$#4*)$)"#$(&'?

892$ "#.+*'5$ <.,$ ).=#2$ 35$ 95?

VHOI DQG WKHQ FRQроК UPHG ZLWK E*.9>$ )"#$ GZ#(8)*+#$ G4*)&/6$ J#/#$5&8$)&$.,=$&8/$'#1.'$)#.9$ )".)$ ("#(=,$ &8/$ (&2)#2)$ ;&/$ '*?

3#'$ )"#5$ <&8'4$ ".+#$ 2&$ ('8#$ <".)$ 5&8$ <#/#$ ).'=*21$ .3&8)>$ 3#(.8,#$)"#$FH$2#+#/$,.<$)"#$ роК UVW YHUVLRQ RI WKH FROXPQ ,W <&8'4$3#$.$<.,)#$&;$)"#*/>$.24$ &8/>$)*9#$)&$("#(=$,&9#)"*21$,&$ *2.((8/.)#$.24$82:83'*,".3'#6$ J*)"$ /#1./4$ )&$ )"#$ (&2)*2?

8#4$2.)8/#$&;$)"#$(&'892>$*)$".,$ 2&)$ 3##2$ 3.22#46$ !"#$ Q#<,$ )#.9$".+#$,*9:'5$4#(*4#4$)".)$ )"#5$<.2)$.$3*)$&;$:#/,:#()*+#>$ .24$:&,,*3'5$#+#2$)<&$,*4#,$&;$ )"#$ ./189#2)6$ !"#/#;&/#$ )"#$ (&'892$ <.,$ *2)#24#4$ )&$ ".+#$ D VKRUW KLDWXV LQ RUGHU WR роК QG ,&9#&2#$ <*''*21$ )&$ .))#9:)$ )&$ <.4#$ )"/&81"$ X.,&20,$ :*#(#,$ .24$.))#9:)$)&$/#38)$"*,$./18?

9#2),6$ C)0,$ ,'*1")'5$ (&2(#/2*21$ )".)$;/&9$)"*,$X.,&2$".,$4/.<2$ .$+.,)$'#;)$<*21$(&2,:*/.(5$)".)$ *,$&8)$)&$1#)$"*9>$38)$<".)#+#/$ роЛ RDWV KLV ERDW C$ <&8'4>$ &;$ (&8/,#>$ ".+#$ 3##2$ <*''*21$ )&$ #Z:'.*2$ )"*,$ )"/&81"$ )"#$ 9#4*89$ &;$ #9.*'6$ 6DGO\ -DVRQ VDZ роК W WR OHDS WR :83'*($(&2('8,*&2,$.24$.((8,.? )*&2,$3#;&/#$.,(#/).*2*21$#Z.()?

'5$<".)$<.,$".::#2*216$!"#/#? ;&/#$ )"*,$ *,,8#$ 98,)$ 3#$ 4#.')$ <*)"$:83'*('56$ C;$.25&2#$*,$(&2(#/2#4$<*)"$ )"#$<.5$C$4#.')$<*)"$<".)$C$:#/? (#*+#4$ .,$ /.(*,)$ '.218.1#$ 5&8$ ./#$9&/#$)".2$;/##$)&$#9.*'$9#$ .)$9.2.1*21P)"#3#.+#/&2'*2#6 (&68=6$ ?$N.))"#<$J&/35

)*+',+-.+/';4851'52?+'34'3*-<?'3*+' 9P0'E381+<3E';*4'74<3/2>83+1'34' 3*2E'2EE8+$ H<C'4I2<24<E'+6I/+EE+1'*+/+2<'-/+' 3*4E+'4O'3*+2/'/+EI+732.+'-83*4/E' -<1'<43'<+7+EE-/25C'3*4E+'4O'3*+' 9P0'P381+<3EV'W<24<'4/',+-.+/' (GLWRULDO 6WDрл╕ ' !"#$-#.+#/$*,$:83'*,"#4$35$)"#$ EFG$F)84#2),0$H2*&2>$G.,)$-8*'4*21>$ I&81")&2$F)/##)>$J%KL$KLG6$ M/*2)#4$.)$N&/)&2,$M/*2)*216

!"#$-#.+#/$*,$*,,8#4$824#/$.$ %/#.)*+#$%&99&2,$'*(#2,#6$ L))/*38)*&2$2#(#,,./56

2роЙ HQGHG" (PDLO 8,O #4*)&/P)"#3#.+#/&2? '*2#6(&68=

8QLRQ %DVK─П 3#;0$*M#;0$ !"#$LH$<*''$1#) .''$1/#.,5$&2$J#42#,4.56 ,WтАл┌СтАмV DOVR роК JKW QLJKW

%DVK─П LV WKH %HDYHUтАл┌СтАмV KDLNX SRHW +H ORYHV KDQJLQJ LQ =RR WR VHH DOO WKH ELGGLHV DQG EORNHV VH[ LW XS :HOO DW OHDVW WKDW ZKDW KHтАл┌СтАмV EHHQ WROG %DVK─П EODFNV RXW IDU WRR TXLFNO\

!"#$%

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

.)&)/%&0121340$%5126"7"20"%$""$%8113%42%9::"2;920" )"=429%F97397

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роК QDQ *-%($.#1?-*#.$%&5$%$.4%6(#$E+(-*7$ 1#B-,#$%.$.##&$E1#2@AALD$6'4$67$ %$ 1#E+.-4-+&$ 4+3%15.$ H.-%D$ #M2 E(+1%4-+&$+0$&#3$4#*"&+(+B7D$#02 0-*-#&4$'.#$+0$#&#1B7$%&5$%

0+*'.$ +&$ 6'.-&#..>$ 9#&4#&*#$ #(%6+1%4#5$ +&$ 4"#$ &##5$ 0+1$ 4"#$ E1-?%4#$.#*4+1$4+$%5N'.4$-&$+15#1$ 0+1$4"#$:O$4+$B1+3D$%1B'-&B$0+1$ B1#%4#1$*+,,#1*-%(-.%4-+&$+0$-&2 &+?%4-+&$01+,$'&-?#1.-4-#.> H$ E%&#($ 5-.*'..-+&$ 0+((+3#5$ 9#&4#&*#P.$ +E#&-&B$ F#7&+4#>$ &KDLUHG E\ -HUHP\ &OLроЙ H %ULWLVK I+(-4-*.$ /+11#.E+&5#&4$ 0+1$ !"#$ )*+&+,-.4D$4"#$E%&#(D$-&*('5-&B$ Q-*F7$I17*#D$H,-4$O%1%D$%&5$H&2 JXV $UPVWURQJ VSRNH RQ роК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

(+&B#1$ %$ E(%'.-6(#$ %..',E4-+&$ 4+$6#$'.#5$-&$#*+&+,-*$,+5#(.>$ U1,#1+5$ %1B'#5$ 4"%4$ E1#0#12 HQFHV KDYH EHFRPH PRUH LQроЛ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

5+,#.4-*$#*+&+,-*$1#0+1,.$%&5$ роК VFDO DGMXVWPHQW PRUH QHHGV WR 6#$5+&#$4+$4%*F(#$4"#$1#,%-&-&B$ "-B"$5#64$(+%5.> 7KH роК QDO SDQHO GLVFXVVHG WKH 0'4'1#$ +0$ #*+&+,-*.D$ 3-4"$ -5#%.$ 01+,$ I1+0#..+1.$ G%?-5$ 9+.F-*#D$ *HRроЙ UH\ +RGJVRQ DQG (YH J-4(#4+&2O#((7>$ !"#$ E%&#($ 4%*F2 (#5$ X'#.4-+&.$ +&$ 0'4'1#$ B1+34"$ -&$/"-&%D$*%E-4%(-.4$5#?#(+E,#&4$ %&5$4"#$0'4'1#$+0$#*+&+,-*$,+52 #(.> !"#$ *(+.-&B$ .E##*"$ 67$ 4"#$ &#3(7$ #(#*4#5$ 89)9:$ )*+&+,2 -*.$9+*-#47$I1#.-5#&4$J'.4%0##&$ O%,%(D$ 5#.*1-6#5$ 4"#$ *+&0#12 #&*#$ %.$ %$ Y*#(#61%4-+&$ +0$ %*%2 GHPLF LQYHVWLJDWLRQ DW LWV роК Q #.4>Z /%4"7$ /"#&D$ G-1#*4+1$ +0$ 4"#$ /+&0#1#&*#D$ .%-5$ Y4"#$ "-B"(-B"4$ +0$4"#$5%7$3%.$4+$.##$5#(#B%4#.$ 1#%((7$ -&4#11+B%4-&B$ .E#%F#1.>$ WP,$ .+$ B(%5$ 4"#$ 3"+(#$ 5%7$ "%.$ *+,#$ 4+B#4"#1$ .'**#..0'((7$ %&5$ 4"%4$ 3#P?#$ 1#*#-?#5$ .'*"$ B1#%4$ 0##56%*F>Z

(&A>.)& <=">92;79%?13971@9

(B"%C1DEB:12"$%B4:%9==%:B"%74EB:%21:"$ -792G4"%*"22"::

!"#$89)9:P.$H$/%EE#((%$*"+-1$ \!"#$ K+'B"4+&#.P$ 4++F$ 4+$ 4"#$ .4%B#$ %4$ 4"#$ @A<C$ 8+&5+&$ W&2 4#1&%4-+&%($ J+5#($ :&-4#5$ ^%2 4-+&.$ *+&0#1#&*#$ _8WJ:^`$ +&$ <a4"$b%&'%17> $8WJ:^$-.$%&$%&&'%($-&4#12 '&-?#1.-47$ *+&0#1#&*#$ 3"#1#$ .4'5#&4.$ *%&$ %..',#$ 1+(#.$ +0$ 3+1(5$ (#%5#1.$ %&5$ 5#6%4#$ 4+2 5%7P.$ ,+.4$ E1#..-&B$ -..'#.>$ !"-.$ 7#%1D$ .+,#$ <DaAA$ .4'2 5#&4.$ 41%?#((#5$ 01+,$ %1+'&5$ 4"#$3+1(5$4+$%*4$%.$5#(#B%4#.D$ ,%F-&B$ @A<C$ 4"#$ #?#&4P.$ 6-B2 B#.4$ 4'1&2+'4$ 7#4>$ !"#$ +1B%&2 -.#1.$ -&?-4#5$ !"#$ K+'B"4+&#.$ 4+$E#10+1,$0+1$4"#$.4'5#&4.$+&$ WKHLU роК UVW QLJKW RI WKH WKUHH 5%7$*+&0#1#&*#> $ !"#$ H$ /%EE#((%$ B1+'ED$ 3"-*"$ ,#%&.$ \4+$ .-&B$ 3-4"2 +'4$ %**+,E%&-,#&4PD$ E1+?-5#$ 4"#-1$ +3&$ ,#(+57D$ -&.41',#&2 4%($6%*F-&B$%&5$E#1*'..-+&$'.2 -&B$+&(7$4"#-1$?+-*#.>$ !"#7$ 41%?#((#5$ 4+$ 4"#$ -,2

E1#..-?#$ 9+'4"$ O#&.-&B4+&$ *%,E'.$ +0$ W,E#1-%($ /+((#B#$ 8+&5+&$ +&$ )M"-6-4-+&$ S+%5$ 4+$E#10+1,$%$"%(0$"+'1$.#4$0+1$ 4"#$ 8WJ:^$ 5#(#B%4#.>$ !"#$ *+,,-4,#&4$ +0$ 4"#$ B1+'EP.$ 6#%426+M#1D$ K%1+(5$ /1%.4+&D$ ,'.4$6#$.%('4#5D$3"+$B%((%&4(7$ ,%5#$4"#$4'6#$N+'1&#7$5#.E-4#$ 6#-&B$+&$*1'4*"#.> $ !"#-1$ E#10+1,%&*#$ -(2 ('.41%4#5$ 4"#$ ?#1.%4-(-47$ +0$ H$ /%EE#((%$ %.$ %$ B#&1#>$ !"#$ .#4$ 6#B%&$3-4"$JcJ!P.$O-5.D$0+(2 (+3#5$ 67$ %$ 9-,+&$ %&5$ c%12 0'&F#($ ,#5(#7D$ %&5$ %$ '&-X'#$ WDNH RI %DVHPHQW -D[[тАл┌СтАмV 5DLQ 51+E.>$!"#$."+3$3%.$1+'&5#5$ RроЙ ZLWK D PDVK XS RI VRQJV E\ ;:^$%&5$I%..-+&$I-4>$ !"#$ K+'B"4+&#.$ 3#1#$ %$ 1#.+'&5-&B$ .'**#..$ 3-4"$ 4"#$ %'5-#&*#D$ #?-5#&4$ -&$ 4"#-1$ B#&#1+'.$ %EE(%'.#$ %&5$ 4"#$ &',#1+'.$ E"+4+.$ %&5$ ?-5#+.$ 4%F#&$+0$4"#$B1+'E$3"-(.4$4"#7$ .%&B>$ !"#$ B1+'E$ 4"#,.#(?#.$ %(.+$#&N+7#5$4"#$."+3D$5#.E-4#$ "%?-&B$ .+,#$ -..'#.$ 5'1-&B$ 4"#$ .+'&5*"#*F>$ I1#.-5#&4$ +0$

WKH JURXS /LDP %XGG VDLG тАл┌ФтАмLW 3-(($ %(3%7.$ 6#$ 5-00-*'(4$ 0+1$ %&$ H$ /%EE#((%$ *"+-1$ 4+$ E#10+1,$ 3-4"$ ,-*1+E"+&#.$ 6'4$ ('*F-(7$ -&$ 4"-.$ ?#&'#$ +'1$ ?+-*#.$ *%12 1-#5$ 0%1$ #&+'B"$ 0+1$ #?#17+&#$ 4+$ "#%1$ '.$ *(#%1(7>$ WP,$ 1#%((7$ E(#%.#5$3-4"$+'1$E#10+1,%&*#$ 4+&-B"4Z> %HIRUH 7KH +RXJKWRQHV 4++F$ 4+$ 4"#$ .4%B#D$ 4"#$ 89)9:$ b%RR$ )&.#,6(#$ .#4$ 4"#$ ,++5$ 3-4"$ .,++4"$ *(%..-*.$ .'*"$ %.$ J-(#.$ G%?-.P$ 9+$ T"%4d$ !"#-1$ .(-*F$ E#10+1,%&*#$ B%?#$ 4"#$ #?#&-&B$ %$ ,#((+3D$ 1#(%M#5$ 0##(>$ !"#$ K+'B"4+&#.$ %1#$ *+,2 E1-.#5$ +0$ 0+'14##&$ ,#,6#1.$ 3"+$"%5$4+$'&5#1B+$.41-*4$%'2 5-4-+&.$ 4+$ 6#*+,#$ ,#,6#1.>$ !"#$ B1+'E$ .%-5$ 4"#7$ 3#1#$ (++F-&B$ 0+13%15$ 4+$ E#10+1,2 -&B$-&$!-,#(#..$%4$4"#$87*#',$ !"#%41#$+&$;#61'%17$<V4"$%&5$ #&*+'1%B#$ 4"+.#$ 3"+$ 3-."$ 4+$ %44#&5$ 4"#-1$ 'E*+,-&B$ *+&2 *#14.$ 4+$ 0+((+3$ 4"#,$ %4$ 0%*#2 6++F>*+,e!"#K+'B"4+&#.>

H04#1$ %&$ -,,#&.#(7$ .'**#..0'($ 5#6'4$(%.4$7#%1D$3"-*"$%441%*4#5$ ,+1#$4"%&$[AA$%44#&5##.D$!)GM2 89)$-.$.#4$4+$"+(5$-4.$.#*+&5$%&2 &'%($ *+&0#1#&*#$ &#M4$ ,+&4"D$ %1,#5$3-4"$4"#$4"#,#$\S#4"-&F$ <RXU 'HроК QLWLRQтАл ┌СтАм 9#4$ 4+$ 4%F#$ E(%*#$ %4$ 4"#$ 8+&5+&$ 9*"++($ +0$ )*+&+,-*.$ +&$ J%1*"$ ]4"D$ 4"#$ .4'5#&42(#5$ *+&0#1#&*#$ 3#(*+,#.$ 4"-14##&$ *#(#61%4#5$ .E#%F#1.$ %*1+..$ %$ ,71-%5$ +0$ -&5'.41-#.D$ 01+,$ #&4#14%-&,#&4$ 4+$ #&4#1E1-.#D$ %&5$ 01+,$ (-4#1%4'1#$ 4+$ E"7.-*.D$ %,+&B$ +4"#1.>$ !"#$ .E#%F#1.$ %1#$ .#4$ 4+$ ."%1#$ 4"#-1$ #ME#1-2 #&*#.$3-4"$%44#&5##.D$%&5$,+1#$ -,E+14%&4(7D$ *"%((#&B#$ 4"#$ +12 WKRGR[ GHроК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роК QLWLRQ IRU SXEOLF DUW %&5$*+,#5-%&$K#(#&$H1&#7D$3"+$ 5#?+4#.$ "#1$ 4%(#&4$ -&4+$ ,%F-&B$ .*-#&*#$#5'*%4-+&$%441%*4-?#> !"#$%&'()*%(#+**%,&-.(,/0(/,( ')-%(/,(&1%(234(3&+5%,&(6,"/,( 0%7'"&%8( 9-%)'%( :"'"&( 000;&%5<= -'%;#/>(?/*(>/*%(5%&)"-';

!

&'&!() !"% *+,&!"-&F-&B$+0$94%&5-&B$%.$%$/%&2 5-5%4#$J##4-&B !'#.5%7$<]$;#61'%17$@A<C =E,$2$LE,D$/8J>C>AL W0$7+'$%1#$4"-&F-&B$+0$.4%&5-&B$ %.$%$*%&5-5%4#$-&$4"#$'E*+,-&B$ 9:$#(#*4-+&.D$*+,#$%(+&B$4+$ WKLV PHHWLQJ WR роК QG RXW PRUH -&0+1,%4-+&$%&5$%.F$%&7$X'#.2 4-+&.$7+'$,%7$"%?#> T+,#&$-&$)(#*4-+&. !"'1.5%7$@<$;#61'%17$@A<C =E,$2$VE,D$/U^L>Aa H(#M$I#4#1.2G%7D$89)9:P.$ c#&#1%($9#*1#4%17D$%&5$O#((#7$ !#,E(#D$^:9$T+,#&P.$U00-*#1D$ 3-(($6#$."%1-&B$4"#-1$#ME#1-2 #&*#.$+0$6+4"$.4%&5-&B$0+1D$%&5$ 6#-&B$#(#*4#5$4+D$E+.-4-+&.$+0$ E+3#1>

!"#$/"%((#&B#.$4+$4"#$G#,+*2 1%4-R%4-+&$I1+*#..

T#5&#.5%7$@A$;#61'%17$@A<C SP SP 7KH %2; WK ;(++1D$!+3#1$C b+-&4(7$+1B%&-.#5$67$4"#$89)9:$ /"-(#$9+*-#47$%&5$89)$WG)H9>

K'.4-&B.$I1%*4-*#eI'6(-*$ 9E#%F-&B$!1%-&-&B !"'1.5%7$@<$;#61'%17$@A<C <E,$2$@E,D$U(5$!"#%41# /'11#&4$9%66%4-*%($U00-*#1.$ 3-(($6#$+&$"%&5$4+$%&.3#1$X'#.2 4-+&.$%&5$B-?#$%5?-*#>

7UXроН H 7DVWLQJ ZLWK &KHI /"%61%& ;1-5%7$@@$;#61'%17$@A<C SP SP 1$% !"#$89)9:$;1#&*"$9+*-#47$%1#$ "+.4-&B$%$Yc+'1,#4$5-.*'.2 .-+&Z$%6+'4$4"#$H14$+0$;1#&*"$ )RRG :LQH DQG 7UXроН HV ZLWK J-*"#(-&$.4%11#5$*"#0D$J-*"#($ /"%61%&>

$%/$=( 9%4'15%7$@C$;#61'%17$@A<C =f<aE,$2$C%,D$U(5$!"#%41# !"#$89)9:$H01-*%&$/%1-66#%&$ 9+*-#47$-&?-4#.$7+'$4+$6#$E%14$+0$ 4"#$,'.-*%($#M41%?%B%&R%$4"%4$ LV $%/$=( 6WROHQ ,GHQWLW\

0XVLF 6RFLHW\ %DWWOH RI WKH %DQGV ;1-5%7$@@$;#61'%17$@A<C VE,$2$<<E,D$!"#$g'%5 T-4"$%$.#(#*4-+&$+0$,'.-*-%&.$ 01+,$89)$%&5$8+&5+&$4"#1#$ -.$&+$6#44#1$3%7$4+$.4%14$7+'1$ 3##F#&5>

#$%&'&()$$*+&& !"#$%$&#"'($#)%#$("*$#)+,-$./$ &)"*01$2/$3'+,#+,45$6/,1$*&$ %,$/78%+09$ ,-./012-3-45-67,89,-:;7:<=

!

!"#$

"#$%&$&%"'()(*+,(-,./,0

!"#$%&'($#)*+,&-.')/01 ?,0$!&,0)@&A

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à®&#x160;WLQJ WKH HQYLURQPHQW EXW RXU ;5:#'#@ D*//*&3+=% $)'% !*9'% D**,% E"$'%?"#$'%."2;"3=+4%B*+,"C% HYHQLQJ VDZ WKH 4XDG à®&#x160;OOHG &3$)% H>:''+6% 3+#;3:',% 25#3.% 3+% .*//"G*:"$3*+% &3$)% $)'% !-1-7% >:''+% -*.3'$3'#% I-5#$"3+"G/'%

NLJBR%O7--1!!

D5$5:'#4%J3(*#4%<'*;/'A</"+'$K% "+,%LM-%"+,%B5#3.%-*.3'$C@% F5'#,"C% #"&% $)'% 3+$:*,5.8 $3*+%*0%.C./3+=%"#%"%#5#$"3+"G/'% &"C% $*% )'/;% $)'% '+93:*+2'+$% DQG NHHS à®&#x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

2'+$4%1:3.%N'52"C':4%%"+,%&"#% *:="+3#',% GC% !-1% -7% 1+93:*+8 2'+$%-*.3'$C@% ?',+'#,"C% "/#*% #"&% )'% !-1-7% J3(*#% -*.3'$C% $"(3+=% "% /":='% =:*5;% *0% $)'3:% 2'2G':#% *+%"%"%$:3;%$*%Y',Z1X4%$)'%7[6#% /":='#$% .":G*+8+'5$:"/% )*5#3+=% ;:*\'.$@%%%% >*% >:''+% ?''(% .*+./5,',% &3$)% "+*$)':% .C./'8;*&':',% ='+':"$*:% *0% $)'% #.:''+3+=% *0% WKH à®&#x160;OP â&#x20AC;«Ú&#x201D;â&#x20AC;¬%ODFN *ROGâ&#x20AC;« Ú&#x2022;â&#x20AC;¬D à®&#x160;OP "G*5$%$)'%&":%G'$&''+%25/$3+"8 WLRQDO FRà®&#x2030;HH FRPSDQLHV DQG WKH ORZ ZDJHV SDLG WR FRà®&#x2030;HH IDUP8 ':#4% 2"+C% *0% &)*2% )"9'% G''+% IRUFHG WR DEDQGRQ WKHLU FRà®&#x2030;HH à®&#x160;HOGV GXH WR ODFN RI IXQGV WR #5;;*:$% $)'3:% $:",'@% F)'% '9'+$% ZDV RQH RI WKH à®&#x160;UVW RI LWV NLQG "+,% ;:*9',% $*% G'% )3=)/C% ;*;58 /":@ O5##'//% .*22'+$',% $)"$% "//% 3+% "//4% S$)'% &''(% &"#% "% =:'"$% #5..'##4% )*;'05//C% &'% :'".)',% *5$% $*% /*$#% *0% ;'*;/'% "+,% '9'8 :C*+'% &)*% =*$% 3+9*/9',% )",% 05+@T

7+48$9&:+)(&)$&)$;<$=&>)+)%$"/,''/ !"#$%F)5:#,"C%!-16#%J/,%F)'"8 $:'% ;/"C',% )*#$% $*% $)'% G**(% /"5+.)% *0% N3.(% O*G3+#*+6#% à®&#x160;UVW QRYHO â&#x20AC;«Ú&#x201D;â&#x20AC;¬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`:@%!3('&3#'4%)'% +*#$"/=3."//C% :'."//',% 'U5"$3+=% M/":'% -)*:$% "+,% F*+C% Y/"3:% $*% "+% 5+)";;C% 2"::3',% .*5;/'% $*% '_;/"3+%)':%:'#3=+"$3*+%3+%"+%3+8 $':93'&%3+%]QQa4%.*+$:":C%$*%$)'% #$':+% 3+#$:5.$3*+% :'.'39',% 0:*2% B"+,'/#*+% 23+5$'#% ;:3*:@% SN*$% =*3+=% GC% $)'% G**(4% "+,% "#(3+=% $)*#'% U5'#$3*+#% +*G*,C% &"+$#% $*%"+#&':%b%$)"$%3#%&)"$%\*5:+"/8 3#2%#)*5/,%G'%"G*5$T4%#"C#%O*G8 3+#*+@ J+% $)'% $*;3.% *0% $)'% 2'"+8 3+=% G')3+,% $)'% G**(4% O*G3+#*+% :'23+,',% $)'% "##'2G/',% "5,38 '+.'%*0%$)'%2*$$*%*0%$)'%!*+,*+% -.)**/% *0% 1.*+*23.#% 8% 5+,':8 #$"+,3+=% $)'% ."5#'#% *0% $)3+=#@% R$% 3#% $)3#% 2*$$*% $)"$% O*G3+#*+% .)**#'#%$*%",*;$%"#%$)'%"32%G'8 )3+,%)3#%G**(4%"#%&'//%"#%$)'%=*"/% 0*:%\*5:+"/3#2%"#%"%&)*/'@%SF:C8 3+=%$*%='$%"#%./*#'%$*%$)'%#$*:C%"#% &'%."+%&3$)3+%$)'%"9"3/"G/'%$32'% *+%"%=39'+%,"Cc$)"$6#%&)"$%&'% #)*5/,%G'%,*3+=4T%#"3,%O*G3+#*+% "G*5$%)3#%/3+'%*0%&*:(@%

FJB<L>1N1F

21'&)0$3,'45'/&*06$6WDૼ 5HSRUWHU

D*//*&3+=% "% U5'#$3*+% 0:*2% $)'% E'",% *0% $)'% >*9':+2'+$% X';":$2'+$4% <:*0'##*:% F*+C% F:"9':#4% *+% $)'% "$$"3+"G3/3$C% *0% 32;":$3"/3$C% 3+% $)'% 2',3"4% O*G8 3+#*+% #$"$',% $)"$% S$)"$% 3#% $)'% G3=='#$% ,3003.5/$CT%*0%)3#%\*G@%SR% ,*+6$% /3('% $)'% =:"+,% +*$3*+% *0% \*5:+"/3#2% $)"$% 3#% HD3+,3+=% $)'% F:5$)6%b%&'%,*%$)'%G'#$%&'%."+c *+%$)"$%,"C@%L+,%U53$'%*0$'+%&'% )"9'%$*%=*%G".(4%/'":+%"%G3$%2*:'% "+,%.*::'.$%&)"$%&'%#"3,@T%

M*+./5,3+=% $)'% $"/(4% O*G8 3+#*+% )3=)/3=)$',% $)'% ;*3+$% G'8 )3+,%)3#%G**(%b%SF)':'%3#%"/&"C#% *+'% U5'#$3*+% ;'*;/'% "/&"C#% "#(%2'%3+%2C%\*G%b%H&)C%,*%C*5% #$"+,@@@*5$#3,'% "+% '2;$C% G53/,8 3+=c3+%$)'%,":(4%3+%$)'%:"3+4%3+% $)'% .*/,c"+,% 0*:% +*% *G93*5#% :'"#*+W6%R+%#)*:$4%3$6#%G'."5#'%R% ."+@T% E"93+=%$"('+%U5'#$3*+#%0:*2% $)'% "5,3'+.'4% YYM6#% ;*/3$3."/% ',3$*:% .*22'+$',% *+% $)'% 5+8

.':$"3+%05$5:'%*0%$)'%;:*0'##3*+% b%#$"$3+=%$)"$%$)'%2"\*:%.)"+=8 '#% .*23+=% *5$% *0% $)'% !'9'#*+% '+U53:C% &*5/,% S5+,*5G$',/C% G'% .5/$5:"/% :"$)':% $)"+% :'=5/"8 $*:CT4% O*G3+#*+% '_;:'##',% 0'":% $)"$% C*5+=% \*5:+"/3#$#% &*5/,% G'.*2'% /'##% ,":3+=% "+,% 2*:'% \",',@%R+%",,3$3*+%)'%'_;:'##',% =:'"$%.*+.':+%*9':%$)'%,3=3$"/38 #"$3*+% *0% $)'% ;:'##4% 2"3+/C% G'8 ."5#'% 3$% &*5/,% ."5#'% H/"d3+'##6% "2*+=%\*5:+"/3#$#%b%S`*5:+"/3#2%

3#%+*$%:'",3+=%F&3$$':%*:%>**=8 OLQJ -RXUQDOLVP LV JHWWLQJ Rà®&#x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c% F)':'% 3#% GHà®&#x160;QLWHO\ D SRVVLELOLW\ RI D FRD8 /3$3*+%*+%*5:%)"+,#c+*$%+'.'#8 #":3/C%"%M*+#':9"$39'%*+'T@ $V HYHU 1LFN 5RELQVRQ à®&#x160;Q8 LVKHG Rà®&#x2030; ZLWK D ZLWW\ SHUVRQDO "+'.,*$'% b% SR% &3//% :'2'2G':% $*% ='$% #*2'% #/'';@% F)'% "=*+C% *0% $)'% /"#$% '/'.$3*+% &"#c5+8 G'":"G/'@% R% #$"C',% "&"('% 0*:% à®&#x160;YH GD\V LQ D URZ ZKLOH WKH .*"/3$3*+% &"#% G'3+=% 0*:2',@% J5:% ."2':"% 2"+% =*$% 2'% "% .5;%*0%$'"%$)"$%&"#%2*:'%#5=8 ":% $)"+% $'"4% R% $**(% "% #3;% "+,% G*/$',%5;:3=)$%&3$)%"%HD5.(3+6% )'//4% &'69'% =*$% "% +'&% <:32'% B3+3#$':e6% E*;'05//C% &'6//% )"9'% "% U53.(':% '/'.$3*+% +'_$% $32'eT F)'% /'.$5:'% :'.'39',% ;*#38 $39'% 0'',G".(% 0:*2% G*$)% #$58 ,'+$#% "+,% 2'2G':#% *0% $)'% ;5G/3.@% % -":")% >/',)3//4% $)3:,% C'":%!"&%#$5,'+$%#"3,%SR$%&"#% "% =:'"$% .)"+.'% $*% )'":% "G*5$% "+% 3+#3,':#6% 93'&% *+% $)'% :'/"8 $3*+#)3;% G'$&''+% ;*/3$3.3"+#% DQG WKH PHGLD ,â&#x20AC;«Ú&#x2018;â&#x20AC;¬P GHà®&#x160;QLWHO\ G5C3+=% $)'% G**(@T% L+% 3+$':8 93'&',% 2'2G':% *0% $)'% E"+8 #":,% -*.3'$C% &"#% S3+$:3=5',4% G5$%+*$%'_".$/C%#5:;:3#',%&3$)% O*G3+#*+6#% ;:',3.$3*+#% 0*:% ]QPf@T%

!"#$

"#$%&$'($)%*%+,-./-/.+0

!

3./'4$0)56$78+$9&..&)8$:&'&8;$ !"#$%M*9:#5"4)%!+,+-%W'01;1#$% +321'$4% 1;% 23//"A3:"$13;% &1$*% !+,% Y';5':% .;#$1$9$'% #$95';$#% FRQGXFWHG D роЛDVK PRE DW WKH !3;53;%,4'%1;%$*'%[E;'%Q1//13;% 5LVLQJтАл ┌ХтАм0RYHPHQW GHPDQG< 1;6% ";% ';5% $3% 713/';2'% "6"1;#$% &30';? =:'##'5% 1;% :'5% ";5% A/"2()% #$95';$#% 0'$% ";% *39:% A'D3:'% $*'%'7';$%$3%0"('%A";;':#?%%M*'% 5";2')% L31;'5% A4% #$95';$#% D:30% Z1;6B#% F3//'6'% !3;53;% JZF!K% ";5% $*'% +2*33/% 3D% E:1';$"/% ";5% GD:12";% +$951'#% J+EG+K)% /"#$'5% 03:'%$*";%$&3%*39:#?%%.;%8:'8"< :"$13;)% 8":$1218";$#% &"$2*'5% "% \]<01;9$'%715'3%3;%V39M9A'%A4% ='AA1'%G//';?%

"% *90";% 1##9'?% >*';% &'% #"4% '7':43;'% #*39/5% L31;% $*'% 2"0< 8"16;%&'%0'";%'7':43;'?b @9;5:'5#% 3D% 3:6";1#"$13;#% &3:/5&15'%":'%6'$$1;6%1;73/7'5)% ZLWK PDQ\ SROLWLFDO роКJXUHV DQG 2'/'A:1$1'#% ';53:#1;6% $*'% 2"0< 8"16;?% % I3$"A/'% 1;517159"/#% 1;< 2/95'5% $*'% ="/"1% !"0")% R";'% W3;5")% G;;'% @"$*"&"4)% @':< 0";% c";% X30894S% $*'% N:'#1< 5';$% 3D% $*'% ,9:38'";% F39;21/)% 0LFKHOOH %DFKHOHW ([HFXWLYH =1:'2$3:%3D%-I%>30';%";5%D3:< 0':%N:'#15';$%3D%F*1/')%$3%;"0'% "%D'&?

G223:51;6% $3% ,/1d"A'$*% W:"#':)% F3<N:'#15';$% 3D% $*'% !+,+-%W'01;1#$%+321'$4)%[1$%&"#% 1;2:'51A/'% $3% #''% &30';% 3D% "//% "6'#% ";5% A"2(6:39;5#% 2301;6%

$36'$*':%D3:%$*'%#"0'%:'"#3;%$3% 5";2')% ";5% $3% (;3&% $*"$% 3$*':%

&30';%"//%37':%$*'%&3:/5%&':'% 531;6%$*'%#"0'%$*1;6?b

/6(68 )(0,1,67 62&,(7<

E;'%Q1//13;%X1#1;6%2'/'A:"$'5% LWV роКIWHHQWK $QQLYHUVDU\ RQ )HE< :9":4% ^_$*)% \`^a?% % % M*'% &3:/5< &15'% 037'0';$% 1;71$'5% [3;'% A1//13;% &30';% ";5% $*3#'% &*3% /37'% $*'0% $3% &"/(% 39$)% % 5";2')% :1#'%98)%";5%5'0";5%";%';5%$3% $*1#%713/';2'?b%N:303$':#%2/"10% [E;'% Q1//13;% X1#1;6% &1//% 037'% $*'% '":$*)% "2$17"$1;6% &30';% ";5% 0';% "2:3##% '7':4% 239;$:4?% c<="4% &";$#% $*'% &3:/5% $3% #''% 39:% 23//'2$17'% #$:';6$*)% 39:% ;90A':#)% 39:% #3/15":1$4% "2:3##% A3:5':#?b G;#&':1;6% $*'% C9'#$13;% 3D% &*'$*':% 0';% 239/5% L31;% $*'% 037'0';$)% E;'% Q1//13;% X1#1;6% ";#&':'5)% [V'#)% 3D% 239:#'?% c13< /';2'% "6"1;#$% &30';% ";5% 61:/#% 1#%;3$%3;/4%"%&30";B#%1##9'S%1$B#%

<,&'/$=/8/>/?/@

!"#$%&'()*+,'$-'./0$1++2$ !"#$%&''()%$*'%!+,+-%.#/"012% #321'$4% 5'215'5% $3% 617'% $*'% 2"089#% "% #81:1$9"/% "&"(';< 1;6% &1$*% 1$#% =1#237':% .#/"0% >''(?% @3&'7':)% $*'% 03$17'% A'*1;5% =.>% &"#;B$% C91$'% D3:% "% 8";<:'/16139#% 037'0';$)% 1;% D"2$% =1#237':% .#/"0% >''(% &"#% #3/'/4% D3:% $*'% 8:303$13;% 3D% .#/"0?% % .+EFB#% ":39;5% $*'% 239;$:4%5'#16;"$'%"%&''(%#8'< FLроКFDOO\ IRU SXEOLFLVLQJ ,VODP WR WKHLU FROOHDJXHV DQG VWDроЙ G/$*396*%3;%$*'%D"2'%3D%1$)%$*'% 8:"2$12'%#''0#%/1('%"%A4<8:35< 92$% 3D% *'"/$*4% 1;$':"2$13;% ";5% 23<'H1#$';2')% $*'% 1;#1#$';2'% 3;%"%&''(%3D%23::'2$1;6%01#1;< D3:0"$13;% 1#% ";% 1;512$0';$% 3;% $*'%0'51"%83:$:"4"/%3D%.#/"0%1;% $*1#%239;$:4?

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

M*'% #$"//% &"#% "% &''(</3;6% роК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

/"012%3:6";1#"$13;#?% M*':'%&':'%0";4%A:1//1";$% 23;7':#"$13;#% *"5% "//% &''(% ZLWK PDQ\ GLроЙHUHQW SHRSOH M*'% 23#0383/1$";% ;"$9:'% 3D% !+,% 0'";#% $*':'% ":'% #30'% #$95';$#% D:30% 8/"2'#% $*"$% KDYHQтАл┌СтАмW JRW VLJQLроКFDQW 0XV< /10% 01;3:1$1'#% &*':'% .#/"0% 1#% "% 8:'$$4% 9;(;3&;% ';$1$4)% #30'% 1;C91:1'#% #$:92(% 0'0<

$13;P% $3812#% /1('% &30';% ";5% .#/"0%";5%.#/"0%";5%1$#%8/"2'% 1;% Q:1$"1;?% M*'4% &':'% #9:'% $3% A'% :'"/% *'"5<$9:;':#% #3% 1$% &"#% 108':"$17'% $*"$% $*'% :16*$% #8'"(':#%&':'%2*3#';)%#3%$*'% .+EF%89//'5%"//%$*'%#$38#%J&1$*% 8":$129/":% 0';$13;% $3% R"#10K% $3% 6'$% $*'% 2"/1A:'% 3D% #8'"(':% $*"$%$*'4%515? )LUVW XS RQ 0RQGD\ ZDV D

83#1$13;% 1;% #321'$4?% @'% 0';< $13;'5%$*'%23::'/"$13;%A'$&'';% LQFUHDVHG 0XVOLP SUHVHQFH LQ ":'"#%";5%$*'%6';':"/%1;2:'"#'% 1;% :'/1613#1$4% &*12*% &"#% #9:< 8:1#1;6% ";5% 3;% $*'% #9:D"2')% &39/5% #''0% #30'&*"$% 239;< $':1;$91$17'?

7XHVGD\ ZDV тАл┌РтАмZHDU D 0XV< /10% *1L"A% 5"4B% &*':'% 8'38/'% VSHFLроКFDOO\ IHPDOH ZHUH

A':#%3D%$*'%.+EF%"#%:"$*':%A"< ;"/% A9$% &':'% C91$'% 6';91;'< D9:$*':%*16*/16*$1;6%$*'%6335% L3A%=.>%53'#%D3:%$*'%#$95';$% A354?

G#% &'//% "#% $*'% #$"//)% $*':'% &':'% $*:''% #8'"(':% '7';$#% *'/5% ";5% $*:''% ;3;<#8'"(':% '7';$#% 8/";;'5% J"/$*396*% 3;'% &"#% 83#$83;'5% 9;$1/% $*1#% &''(K?% ,"2*% &':'% 2":'D9//4% 2*3#';% $3% $"2(/'% "% ('4% ":'"% 3D% 01#23;2'8$13;% 3:% 23;$';<

/'2$9:'% $1$/'5S% T.#/"0% "#% Q:1$< "1;B#% 0"L3:% D"1$*UB% A4% =:% GA< GXOKDNLP 0XUDG DND 7LPR< WK\ :LQWHUV +H LV D 0XVOLP "2"5'012%&*3%$"96*$%"$%F"0< A:156'% ";5% :';3&;'5% .#/"012% 9;17':#1$1'#% 8:13:% $3% $*"$?% F*"1:'5% A4% $*'% #2*33/% 2*"8< /"1;% J&*3% *"88';'5% $3% A'% "% 8:'7139#% #$95';$% 3D% *1#K)% *1#% $"/(% &"#% 3;'% $*"$% :'"//4% 2*"/< OHQJHG %ULWLVK 0XVOLPV DQG 0"5'% $*'0% $*1;(% "A39$% $*'1:%

617';%$*'%3883:$9;1$4%$3%&'":% "% *'"5#2":D% ";5% #''% *3&% 1$% FRXOG DроЙHFW WKHP DQG DOVR SHR< 8/'B#%:'"2$13;#?%G#15'%D:30%$*'% ;12'/4% 5'23:"$'5% #2":D#% $*'4% 63$)% $*'% /"51'#% 63$% $3% #*":'% $*'% 'H8':1';2'#% 3D% 0";4% !+,% #$95';$#% $*"$% &'":% $*'% *'"5< #2":D?% M*'% &''(% &"#;B$% &1$*< 39$% ";4% 01#*"8#% *3&'7':)% $*'% 0RVTXH WULS ZDV GHOD\HG XQWLO ;'H$%>'5;'#5"4%59'%$3%";%"5< 01;%'::3:%";5%$*'%#8'"(':%D3:%

/6(68 ,6/$0,& 62&,(7<

<.&$-''/

$*'%M*9:#5"4%'7';$)%T1#%/1D'%:'< "//4% L9#$% "% 6"0'UB% % *"5% $3% A'% 2*";6'5%"$%#*3:$%;3$12'%J&'//< (;3&;%:'7':$%V9#9D%F*"0A':#% 2"0'% 1;#$'"5K?% I'7':$*'/'##)% 3;%M*9:#5"4%$*'%T2";%439%/"#$% D 0XVOLP IDVWтАл ┌СтАм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роЙ WKDW ZHUH DроЙHFWHG D:30%$*3#'%;3&%/33(1;6%1;$3%.#< /"0%"#%";%38$13;)%$3%$*3#'%&*3% *"7'% 2/'":'5% 98% #30'% 01#9;< 5':#$";51;6#% $3% '7';% $*3#'% $*"$% L9#$% &";$'5% ";3$*':% &"4% $3%1;73('%Y35B#%*'/8%59:1;6%'#< #"4%&''(O%>1$*%.#/"0%6:3&1;6% :"815/4%1;%$*'%-Z)%J5'#81$'%$*'% 0'51"% 3;#/"96*$K)% $*'% &''(% *"#%617';%$*'%:'/1613;%3D%.#/"0% 03:'% $*";% L9#$% 6335% 89A/12< 1$4% 1$% *"#% #*3&;% !+,% $3% A'% "% 8/"2'%&*':'%8'38/'%$:9/4%&";$% $3% 9;5':#$";5% $*'% 2"9#'#% 3D% $*1;6#?

!

!"#$

"#$%&$&%"'()(*+,(-,./,0

!"#$%&'&()$*+*,-(-$./001000$

!"#$%IAI#"$

6,*$!7,*4-78

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

!"#$%&'&()$.&==$)(($+$-(.$ S&-'(==(B'@+=$ >,P(B'&C(T$ D>/$ '*(&/$ F/>7/+GG($ .*&B*$ .&==$ )((J$ '>$ =&-J$ *@G+-&1 '&()$ )B*>=+/)$ D/>G$ =&'(/+1 '@/(6$F*&=>)>F*86$+-'*/>F>=1 RJ\ à®&#x160;OP VWXGLHV DUW DQG +/B*&'(B'@/+=$ *&)'>/8$ G>/($ B=>)(=8$.&'*$@/,+-$/()(+/B*$ +-0$ '(+B*&-7$ +'$ !"#;$ A*&)$ (E'(-0)$ '*($ F/>7/+GG($ ,(8>-0$ &')$ +/B*&'(B'@/(1)>1 B&>=>78$ D>B@)$ +-0$ &-$ '>$ '*($ =+/7(/$)B>F($>D$'*($*@G+-&1 '&();$ Q&BJ8$ U@/0(''$ M'*($ (E(B@'&C($ 0&/(B'>/$ >D$ !"#$ %&'&()O$B>GG(-'(0$'*+'$'*($ ?(==>.)*&F$ .&==$ S'+J($ >@/$ .>/J$ '>$ +->'*(/$ =(C(=6$ (-1 7+7&-7$ '*>)($ .*>$ 0()&7-$

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

2,&)*$3*4*+*5*'

A*($ 2-&C(/)&'8$ >D$ !>-0>-$ M2>!O$ &)$ B@//(-'=8$ )((J&-7$ F(/G&))&>-$ '>$ B=>)($ 0>.-$ \+/0(-$N+==)$>-$%+/'./&7*'$ \+/0(-)$ &-$ +$ F/>B())$ '*+'$ .&==$ '+J($ '.>$ 8(+/)6$ 0@/&-7$ .*&B*$'*($N+==)$.&==$,($@-+1 C+&=+,=($D>/$)'@0(-');$$R(C1 (/'*(=())6$ +-$ !"#$ )F>J()1 SHUVRQ KDV FRQà®&#x160;UPHG DW WKH "B*>>=$.&==$7@+/+-'(($+-$>D1 D(/$>D$+BB>GG>0+'&>-$'>$+==$ QHZ à®&#x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à®&#x160;UVW \HDU VWX1 0(-');$ 2!2$ )+&06$ SID$ )'@0(-')$ +/($ D>/B(0$ >@'$ &-'>$ '*($ F/&1 C+'($ /(-'(0$ )(B'>/6$ *+C&-7$ -(C(/$ =&C(0$ &-$ !>-0>-$ ,(1 D>/(6$ G+-8$ .&==$ ,($ /&FF(0$ Rà®&#x2030; DQG VRFLDOO\ LVRODWHG â&#x20AC;« Ú&#x2039;â&#x20AC;(&'*(/$ ,8$ =+-0=>/0)$ >/$ ,8$ F/&C+'($ )'@0(-'$ +BB>GG>1 0+'&>-$ F/>C&0(/)$ )@B*$ +)$ 2-&'(;$ "'@0(-')$ &-$ !>-0>-$ 0()(/C($ ,(''(/$ '*+-$ '*&)$ &-$ WKHLU à®&#x160;UVW \HDU DW XQLYHU1 )&'8;T 9->'*(/$ G+P>/$ B>-B(/-$ .+)$'*($D@-0&-7$>D$'*($F/>1 P(B';$ $ 9BB>/0&-7$ '>$ 2!26$ '*($ G>-(8$ D>/$ /(0(C(=>F1

2RIe#Q"IAf$_?$!_Rd_R$

94&:(,)&';$7<$!74-74$'7$=>7)($)'8-(4'$?*>>$

G(-'$ .&==$ B>G($ D/>G$ '*($ F/&C+'($ )(B'>/$ '*/>@7*$ '*($ 2-&C(/)&'8$K+/'-(/)*&F$K/>1 7/+GG(;$$I-$/('@/-6$F/&C+'($ B>/F>/+'&>-)$ .&==$ /@-$ '*($ N+==)$@-'&=$Z5[5;$$S_-$+$`Y$ .((J$B>-'/+B'$->'$B>@-'&-7$ IRU LQà®&#x2039;DWLRQDU\ ULVHV WKLV .>@=0$+00$@F$'>$abcY[$F(/$ 8(+/6$ G>/($ '*+-$ G+-8$ )'@1 0(-')$ /(B(&C($ &-$ )'+'($ )@F1 F>/';T I-$ '*($ G(+-'&G(6$ 2!2$ )'+'(0$ '*+'$ &'$ .&==$ B>-'+B'$ WKH 8QLYHUVLW\â&#x20AC;«Ú&#x2018;â&#x20AC;¬V à®&#x160;QDQFH

0(F+/'G(-'$ +-0$ '*($ =>B+=$ B>@-B&=$ '>$ (-)@/($ '*+'$ '*($ )'>F17+F$ +BB>GG>0+'&>-$ ,('.((-$Z5]`$+-0$Z5][$.&==$ ->'$,($G>/($(EF(-)&C($'*+-$ \+/0(-$ N+==)$ .>@=0$ *+C($ ,((-6$ ->'$ ,($ SF>>/=8$ =>B+'1 (0T6$+-0$SG@)'$,($+C+&=+,=($ >-$ +$ '(/G1'&G($ B>-'/+B'6$ ->'$+$[Z$.((J$>-(;T 2!2$ &)$ >FF>)(0$ '>$ +-8$ F/&C+'&H+'&>-$ >D$ N+==)$ +-0$ /()&0(-B()$ +-0$ ,(=&(C()$ '*+'$'*($F/&B&-7$>D$'*($-(.$ *+==)$SG@)'$B>G($0>.-;T

9BB>/0&-7$'>$+$Q()&0(-B1 ()$ +-0$ %+'(/&-7$ d&C&)&>-$ )F>J()F(/)>-$ +'$ '*($ !"#6$ '*($ "B*>>=$ S*+)$ ,((-$ J(F'$ &-D>/G(0$ >D$ '*($ /(D@/,&)*1 G(-'$F=+-)$D>/$'*($\+/0(-)$ N+==)$+-0$.(=B>G($'*($2-&1 C(/)&'8$>D$!>-0>-X)$F=+-)$'>$ &-C()'$&-$@F7/+0&-7$$N@7*()$ K+//86$ %+-'(/,@/8$ N+==$ +-0$ %>GG>-.(+='*$ N+==$ '>$ (-*+-B($ '*($ )'@0(-'$ (E1 F(/&(-B($ +-0$ &-B/(+)($ '*($ -@G,(/$ >D$ )'@0(-'$ />>G)$ +C+&=+,=(;T$

!"#$

"#$%&$'($)%*%+,-./-/.+0

!

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

KA&UA^KX_TWU&

5-60$6%7$&82&%

9/$%:;%2&%<,$$%#=$$./ !-./$0%1,23&$4%6WDૼ 5HSRUWHU

D2##1)G$)9$#S42#55-)+$-5$,)G7 460-:.#$ 8-0"$ 42)"-:-0-+3$ 0"#$ #S42#55-)+$ )9$ -+,-0#G#+0$ 0)$ "602#1@$623*#1$AX$U-3"$()G7 G-55-)+#2$ 9)2$ U*G6+$ _-3"05$ `AXU(U_a$ X6/-$ Y-..6E$ .650$ D2-16E$ -+$ "#2$ .#,0*2#$ 60$ 0"#$ %&'$4*:.-,$#/#+0@$D2##1)G$)9$ 'S42#55-)+$ 6+1$ U60#$ &4##,"b$ c"60$ T+0#2+60-)+6.$ U*G6+$ _-3"05$ %68$ &6E5@$ ")50#1$ :E$ %&'M5$(#+02#$9)2$0"#$&0*1E$)9$ U*G6+$_-3"05F &4#6H-+3$ 0)$ 6$ 9*..$ O.1$ !"#602#@$ Y-..6E@$ 8")$ "65$ "#.1$ 0"#$ 644)-+0G#+0$ )9$ AXU(U_$ 5-+,#$ ;<<R@$ 0))H$ )+$ 0"#$ \-+7 à®&#x2039;DPPDWRU\â&#x20AC;« Ú&#x2022;â&#x20AC;¬LVVXH RI KRZ WR :6.6+,#$92##1)G$)9 #S42#55-)+$ 8-0"$ 0"#$ +##1$ 0)$ 2#3*.60#$"60#$54##,"F$D)2$Y-.7 .6E@$8"60$-+0#2+60-)+6. "*G6+$ 2-3"05$ .68$ 56E5$ 6+1$ ")8$ -+0#2+60-)+6.$ :)1-#5$ -+7 0#242#0$ -0$ "65$ 0"#$ 4)0#+0-6.$ 3*-1#$ 5060#5$ -+$ 0"#$ 1-99-,*.0$ 065H$ )9$ 6006-+-+3$ 0"-5$ 1#.-,60#$ :6.6+,#F A+.-H#$0"#$2-3"0$0)$.-9#$6+1$ 0"#$2-3"0$0)$:#$92##$92)G$5.6/7 #2E@$0"#$2-3"0$0)$92##1)G$)9$#S7 42#55-)+@$65$)*0.-+#1$-+$0"#$T+7 0#2+60-)+6.$ ()/#+6+0$ )+$ (-/-.$ 6+1$Y).-0-,6.$_-3"05 `T((Y_a@$-5$+)0$6:5).*0#F$ K5$ 5*,"@$ :.6+H#0$ 42)"-:-7 0-)+5$ )+$ 54##,"$ 6+1$ #S42#57 5-)+$ 62#$ *+"#.49*.$ 6+1$ 4)0#+7 0-6..E$ "62G9*.F$ K$ ,65#7:E7,65#$ 655#55G#+0$ )9$ 92##1)G$ )9$ #S7 42#55-)+$ -55*#5@$ 8-0"$ ,62#9*.$ 600#+0-)+$ 46-1$ 0)$ -+0#+0@$ 54#7 FLà®&#x160;F FRQWH[W DQG SRWHQWLDO RI "62G9*.$ 6,0-)+5@$ -5$ ,2*,-6.$ -+$ ,)22#,0.E$ 2#6.-d-+3$ -+0#2+67 0-)+6.$"*G6+$2-3"05$.68F$ (2-G-+6.$ 56+,0-)+5$ 2#36217 -+3$ 92##1)G$ )9$ #S42#55-)+$ 5")*.1$6.86E5$:##+

5##+$ 65$ 6$ .650$ 2#5)20F$ Y-..6E$ +)0#5@$ ")8#/#2@$ 0"60$ G6+E$ 3)/#2+G#+05$6+1$,)*205@$5*,"$ 65$ -+$ X)286E@$ 62#$ +)0$ 6.86E5$ -+$ ,)+5)+6+,#$ 8-0"$ 0"#$ .685$ 6+1$+)2G5F Y-..6E$ )*0.-+#1$ ,"6..#+3#5$ 0)$ 0"#$ -G4.#G#+060-)+$ )9$ 0"#$ -+0#2+60-)+6.$ "*G6+$ 2-3"05$ .68$ -+$ 0"-5$ 62#6F$ K+$ -G4)27 06+0$ )+#$ :#-+3$ 0"#$ .6,H$ )9$ 6+$ DJUHHG XSRQ GHà®&#x160;QLWLRQ RI KDWH 54##,"$ -05#.9@$ 8"-,"$ 5"#$ .60#2$ 61G-00#1$ G-3"0$ +)0$ +#,#55627 -.E$:#$6$:61$0"-+3F c"#+$ -5$ 0"#$ #S42#55-)+$ )9$ "60#$ 4#2G-00#1e$ c"60$ -5$ 0"#$ 0"2#5").1e$ Y-..6E$ 56E5$ -+0#27 +60-)+6.$ "*G6+$ 2-3"05$ .68$ *23#5$ ,)*205$ 0)$ 65H$ f*#50-)+5$ 2#3621-+3$ 0"#$ 5#/#2-0E$ )9$ 0"#$ VSHFLà®&#x160;F VSHHFK RU RSLQLRQ DQG ")8$G*,"$6*0")2-0E$)2$4)8#2$ 0"#$54#6H#2$"65F$!"#2#$-5$6$1-97 9#2#+,#$:#08##+$)4-+-)+5$1-57 5#G-+60#1@$ 6+1$ 6+E$ 4)0#+0-6.$ "62G$ ,6*5#1@$ :E$ 6$ \.)+#$ 6,7 0)2]$ 6+1$ 6$ ,"62-5G60-,$ .#61#2$ 8-0"$G6+E$9)..)8#25F Y-..6E$ 502#55#1$ 0"#$ ,.#62$ .-+#$:#08##+$#S42#55-)+5$0"60$ 0623#0$-1#65$`-F#F$2#.-3-)*5$:#7 .-#95a$ 6+1$ 0")5#$ 0"60$ 0623#0$ "*G6+$ :#-+35F$ Y-..6EM5$ )99-,#$ -5$ G6+160#1$ 0)$ 42)0#,0$ -+1-7 /-1*6.5@$ +)0$ 2#.-3-)*5$ :#.-#95$ )2$ )0"#2$ :#.-#9$ 5E50#G5F$ L.657 4"#GE$ .685$ 62#$ 0"#2#9)2#$ -+7 ,)G460-:.#$ 8-0"$ 92##1)G$ )9$ #S42#55-)+F$ &"#$ 623*#1$ 0"60$ 8#$1)$+)0$+##1$G)2#@$)2$9#8#2$ .#3-5.60-)+5$6+1$+)2G5$0)$42)7 0#,0$ -1#65$ 6+1$ :#.-#95F$ c"60$ 8#$ +##1$ -5$ 3*-16+,#$ 9)2$ 0"#$ 42)4#2$ -G4.#G#+060-)+$ )9$ 0"#$ #S-50-+3$.#36.$926G#8)2HF !)$ ,)+,.*1#@$ Y-..6E$ 54)H#$ 6:)*0$ "#2$ O99-,#M5$ 6,0-/#$ 2).#$ -+$ 96,-.-060-+3$ 3*-16+,#$ -+$ 0"#5#$ -55*#5@$ 4620-,*.62.E$ 0"2)*3"$ 0"#$ -+0#2+60-)+6.$

8)2H5")45$ 5"#$ -+-0-60#1@$ 5*,"$ 65$0"#$2#,#+0$#S4#20$8)2H5")4$ -+$_6:60@$0)$6112#55$2-5-+3$267 ,-6.$6+1$2#.-3-)*5$/-).#+,#$6+1$ 9)2G*.60#$6$Y.6+$)9$K,0-)+F$ U)8#/#2@$ +)$ .685$ ,6+$ ,)+502*,0$ 0"#$ 4.*26.-5G$ 6+1$ 0).#26+,#$ 0"60$ +##15$ 0)$ #S7 -50$ -+$ 5),-#0-#5$ -+$ )21#2$ 0)$ #97 9#,0-/#.E$ ,)G:60$ 0"#$ \G6+E$ /-,-)*5$ ,E,.#5$ )9$ "602#1$ 6+1$ /#+3#6+,#]F$ c"60$ 8#$ +##1$ -5$\32#60#2$#G460"E]$6+1$\-+7 0#2,*.0*26.$ 1-6.)3*#]F$ c"60M5$ G)2#@$ 0"#$ G#1-6@$ -+,.*1-+3$ 1-3-06.$ G#1-6@$ "65$ 6$ /-06.$ 2).#$ 0)$ 4.6E$ "#2#$ 6+1$ 5")*.1$ 617 "#2#$ 0)$ ,#206-+$ 3*-1#.-+#5$ 2#7 3621-+3$ 50#2#)0E4-+3$ 6+1$ 0"#$ 02#60G#+0$ )9$ 5#+5-0-/#$ 0)4-,5F$ (à®&#x2030;HFWLYH FRPSODLQW PHFKD7 +-5G5$ 5")*.1$ 6.5)$ :#$ 4620$ )9$ WKH Hà®&#x2030;RUW WR LPSURYH PHGLD 506+16215F !"#$ f*#50-)+$ 4)20-)+$ 617 12#55#1$ G6+E$ \.-/#]$ 92##1)G$ )9$ #S42#55-)+$ -55*#5$ 5*,"$ 65$ 0"#$ 6006,H5$ )+$ 3)/#2+G#+0$ ,2-0-,5$ 6+1$ Z)*2+6.-505$ -+$ &2-$ %6+H6$ `6$ G6+$ -+$ 0"#$ 6*1-7 #+,#$ #/#+$ 6++)*+,#1$ 0"60$ 6+$ -+/#50-360-/#$ Z)*2+6.-50$ "65$ Z*50$ :##+$ 5")0$ -+$ &2-$ %6+H6a@$ U).),6*50$6+1$_86+16+$3#+)7 ,-1#$1#+-6.5@$6+1$0"#$4)0#+0-6.$ 1)8+96..5$ )9$ 42)5#,*0-+3$ "60#$ 54##,"F$T+$"#2$6+58#25@$Y-..6E$ 2#699-2G#1$ 0"#$ +##142)0#,0$ -+0#2+60-)+6.$ "*G6+$ 2-3"05$ .68$92)G$:#-+3$\026G4.#1]$:E$ #G)0-)+5$ 6+1$ 6.0#2+60-/#$ 647 42)6,"#5$ 0)$ 6112#55-+3$ 6+1$ 42#/#+0-+3$ -+,-0#G#+0$ 0)$ "67 02#1@$-+,.*1-+3$#1*,60-)+6.$2#7 9)2G5$6+1$,-/-.$16G63#5F O+$D#:2*62E$;=50$-+$W#+#7 /6@$ 0"#$ \_6:60$ Y.6+$ )9$ K,0-)+$ )+$0"#$42)"-:-0-)+$)9$61/),6,E$ )9$+60-)+6.@$26,-6.@$)2$2#.-3-)*5$ "602#1g]$8-..$:#$.6*+,"#1$:E$ 0"#$OU(U_F

!"#$ %&'$ ()*+,-.$ /)0#1$ 0"2)*3"$ 0"#$ 42)4)56.$ ,)+7 ,#2+-+3$+#8$9##5$6+1$:*2567 2-#5$9)2$;<=>7=?@$9)2$AB$6+1$ 'A$ %&'$ *+1#23261*60#5$ )+$ 0"#$=C0"$D#:2*62EF 7KH /6( &RXQFLO WKH à®&#x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à®&#x2030;VHW 0"#$ ,)505$ )9$ 50*1E-+3$ 260"#2$ 0"6+$9##$86-/#25F O9$ 0"#$ 611-0-)+6.$ 9##$ -+7 ,)G#@$ ?<$ 4#2$ ,#+0$ 8-..$ :#$ 54#+0$ )+$ :*2562-#5@$ 5,").627 5"-45$ 6+1$ 8-1#+-+3$ 4620-,-7 460-)+$6,0-/-0EP$2#42#5#+0-+3$ ICF>Q$G-..-)+$4#2$E#62@$8-0"7 -+$ 0"#$ &,")).M5$ I=RG$ 0)06.$ #S4#+1-0*2#$ )+$ 50*1#+0$ 5*47 4)20F$!"-5$,)G462#5$0)$I;FJC$ G-..-)+$ 4#2$ E#62$ *+1#2$ 0"#$ ,*22#+0$ 5E50#G$ 6+1$ -5$ 6$ 5-37 QLà®&#x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à®&#x2030;HFW 0"#$9##5$9)2$-+0#2+60-)+6.$50*7 1#+05F$ !"#$ 5,")).$ ,*22#+0.E$ "65$ IQ?<@<<<$ 6/6-.6:.#$ -+$ 0"#$ A+1#23261*60#$ &*44)20$ &,"#G#$ 9)2$ -+0#2+60-)+6.$ 50*1#+05@$6+1$0"#2#$8#2#$+)$ 1-5,*55-)+5$ 0)$ ,"6+3#$ 0"-5$ 1*2-+3$ 0"#$ %&'$ ()*+,-.M5$ G##0-+3F A+1#2$ 0"#$ +#8$ 9##5$ 6+1$ :*2562-#5$ 5,"#G#@$ 6..$ 50*7

1#+05$ 92)G$ ")*5#").15$ 8-0"$ 6+$ -+,)G#$ )9$ .#55$ 0"6+$ IV@<<<$ 4#2$ E#62$ 8-..$ 2#,#-/#$ à®&#x160;QDQFLDO DLG ZRUWK e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à®&#x2030;HUHQFH $QG LW ZLOO VHH XV 4.)*3"$ "6.9$ )9$ 6..$ 611-0-)+6.$ 9##$-+,)G#$5026-3"0$:6,H$-+0)$ 50*1#+0$ 5*44)20$ 6+1$ 6,,#55@$ 6$ "-3"#2$ 42)4)20-)+$ 0"6+$ 60$ )0"#2$.#61-+3$-+50-0*0-)+5F] !"#$ %&'&A$ W#+#26.$ &#,7 2#062E@$ K.#S$ Y#0#257[6E@$ 5060#1$ ,)+,#2+5$ 0"60$ )/#2$ WKH IDFW WKDW â&#x20AC;«Ú&#x201D;â&#x20AC;¬RYHU VWDà®&#x2030; 60$ %&'$ 62#$ #62+-+3$ 60$ .#650$ I=<<@<<<$ 6$ E#62@$ 6+1$ 0"#2#$ 865$ 6$ 5*24.*5$ )9$ +#62.E$ I;<$ G-..-)+$ -+$ 0"#$ .650$ 2#4)20#1$ à®&#x160;QDQFLDO \HDU â&#x20AC;« Ú&#x2022;â&#x20AC;!"#$ ()*+,-.$ 5060#1$ 0"60$ 0"#E$ ,")5#$ 0)$ -+,2#65#$ 9##5@$ 260"#2$ 0"6+$ 06H#$ 0"#$ +#,#57 VDU\ VXPV IURP VWDà®&#x2030; HDUQLQJV 65$*5-+3$6$42)4)20-)+$)9$611-7 0-)+6.$9##$-+,)G#$865$1#,-17 #1$0)$:#$0"#$G)50$,)+5-50#+0$ 6+1$5*506-+6:.#$86E$)9$9*+17 -+3$ :*2562-#5F$ !"#$ ()*+,-.$ 5060#1$0"60$0"-5$8)*.1$#+6:.#$ %&'$0)$:#$-+$6$:#00#2$4)5-0-)+$ 0)$ .#0$ 50*1#+05$ H+)8$ ")8$ G*,"$ G)+#E$ 0"#E$ 62#$ #+0-7 0.#1$0)$8#..$:#9)2#$0"#E$:#3-+$ 0"#-2$50*1-#5F

!"##$%&

!

!"##$%&

"#$%&$&%"'()(*+,(-,./,0

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à®&#x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

GE67Gc`NE]d3O]_

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à®&#x2030; HFWLRQâ&#x20AC;« Ú&#x2022;â&#x20AC;¬, :'>+4$ @;&#=:$ .'+4#8*+,$ ."#/"#8$ 7$ =*D#$ *+$ &'@#$ )*+4$ ':$ 2080==#=$ >+*D#8&#$ ."#8#$ /"#$ 18*@#$ F*+*&/#8$ &##&$ */$ à®&#x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

1'2#$ 3#+#4*(/$ 4#&#8D#&$ /'$ ?#$8#@#@?#8#4$0&$/"#$ @0+$."'B$0:/#8$"#$"04$ ?#('@#$1'2#$*+$HIIWB$ (=0*@#4$ /"0/$ ('+9 4'@&$ ('>=4$ 0(/>0==;$ *+(8#0&#$ /"#$ &28#04$ ':$N76B$8#M#(/*+,$&(*9 #+(#$ 0+4$ *+&/#04$ &##@*+,$ /'$ &28#04$

=*#&$ /"0/$ "#$ &"'>=4$ "0D#$ NQRZQ ZRXOG EULQJ VXà®&#x2030; HU *+,$ /'$ @0+;A$ N*&$ ('+&*&/#+/$ '22'&*/*'+$ /'$ ('+/80(#2/*'+$ 0=&'$8#28#&#+/#4$0$?088*#8$/'$ /"#$?#&/$)+'.+$(>8#$':$/"*84$ .'8=4$ 2'D#8/;B$ ."*("$ *&$ /"#$ #@2'.#8@#+/$':$.'@#+B$*+9 &/#04$&##@*+,$/'$28#:#8$/"0/$ /"#;$ 8#@0*+$ &"0()=#4$ *+$ 0+$ 0+*@0=*&/*($ (;(=#$ ':$ >+('+9 /8'==#4$ 8#28'4>(/*'+A$ !"#$ 1'2#-&$ 4#:#+4#8&$ .*==$ (=0*@$ WKDW KH XVHG KLV LQà®&#x2039; XHQFH /'$ "*,"=*,"/$ *&&>#&$ ':$ ,='?0=$ 2'D#8/;B$ 0+4$ ;#/$ "*&$ 28#0("9 *+,&$:8'@$/"'>&0+4&$':$@*=#&$ 0.0;$*+$/"#$60/*(0+$08,>0?=;$ @04#$ "*@$ ('@2=*(*/$ *+$ /"#$ FRQWLQXHG VXà®&#x2030; HULQJ RI PLO =*'+&A !"#$ *+#D*/0?=#$ C>#&/*'+$ ':$."'$&"'>=4$&>((##4$Q0/R9 *+,#8$ *+$ /"#$ 2020(;$ .0&$ 8#9 &2'+4#4$ /'$ .*/"$ '2/*@*&@$ ?;$&'@#$('@@#+/0/'8&B$."'$ "'2#$ /"#$ +#L/$ *+$ =*+#$ 0/$ /"#$ 60 / * 9 ( 0 +$ . * = =$

>&"#8$*+$0$@'8#$28',8#&&*D#$ #80A$N'.#D#8B$*/$*&$"*,"=;$>+9 =*)#=;$ /"0/$ /"#$ +#L/$ *+(>@9 ?#+/$ .*==$ ?#$ 0+;$ @'8#$ /"0+$ &(08(#=;$ @'8#$ 28',8#&&*D#$ /"0+$ Q0/R*+,#8A$ E@'+,$ /"#$ :0D'>8*/#&$ *&$ <084*+0=$ 1#/#8$ !>8)&'+$ ':$ X"0+0$ Y(>88#+/$ '44&$ Z[J\B$ ."'$ ('>=4$ 2'/#+9 WLDOO\ EHFRPH WKH à®&#x160; UVW HYHU ?=0()$1'2#A$N'.#D#8B$=*)#$"*&$ 28#4#(#&&'8B$ <084*+0=$ !>8)9 &'+$ "0&$ &0*4$ /"0/$ ('+4'@&$ (0+$ :0(*=*/0/#$ /"#$ &28#04$ ':$ N76$ 0+4$ /"0/$ "'@'&#L>0=*/;$ *&$ @'80==;$ .8'+,A$ E+'/"#8$ :0D'>8*/#B$ <084*+0=$ F08($ O>#==#/$ ':$ <0+040$ "0&$ 089 ,>#4$ /"0/$ 0?'8/*'+$ (0+$ +#D9 HU EH MXVWLà®&#x160; HG HYHQ LQ FDVHV ."#8#$ /"#$ .'@0+$ "0&$ ?##+$ 802#4A$ F#0+."*=#B$ <084*+0=$ S80+(*&$ E8*+R#$ ':$ ]*,#8*0B$ 0+'/"#8$ ('+/#+4#8$ /'$ ?#9 FRPH WKH à®&#x160; UVW EODFN 3RSH "0&$ (=0*@#4$ /"0/$ "'@'&#L>9 DOLW\ â&#x20AC;«Ú&#x201D;â&#x20AC;¬PRFNVâ&#x20AC;« Ú&#x2022;â&#x20AC;¬IDPLO\ OLIH ^"#/"#8$ ?=0()$ '8$ ."*/#B$ '=4$ '8$ ;'>+,$ Y?;$ 2020=$ &/0+4084&\B$ '8$ :8'@$ /"#$ ,='?0=$+'8/"$'8$&'>/"B$*/$.*==$ PDNH OLWWOH GLà®&#x2030; HUHQFH :KR #D#8$/0)#&$/"#$'::*(#$D0(0/#4$ ?;$ Q0/R*+,#8$ .*==$ 28'?0?=;$ &/*==$ /#==$ >&$ /"0/B$ ."*=&/$ 2'D9 #8/;$ *&$ ?04$ 0+4$ N76$ *&$ ?04B$ ('+4'@&$ 08#$ #D#+$ .'8&#A$ !"#;$ .*==$ 28'?0?=;$ &/*==$ /#==$ 802#4$ .'@#+$ /"0/$ /"#;$ 08#$ ('@@*//*+,$ 0$ @'80=$ (8*@#$ ?;$ "0D*+,$0+$0?'89 /*'+A$ !"#;$ .*==$ 28'?0?=;$&/*==$ /#==$ "'@'9 & # L > 0 = &$ / " 0 /$ /"#;

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`#(>=08$`'(*#/;$ 2'*+/$ '>/B$ *+$ /"#$ 8#(#+/$ D'/#$ *+$/"#$N'>&#$':$<'@@'+&$'+$ &0@#9&#L$ @088*0,#&B$ Wa$ 2#8$ (#+/$ ':$ <0/"'=*($ F1&$ D'/#4$ *+$:0D'>8$':$/"#$?*==B$8#:>&*+,B$ *+$/"*&$*+&/0+(#B$/'$/0)#$/"#*8$ ^"*2$:8'@$/"#$60/*(0+B$."*("$ "04$?##+$*@2=;*+,$/"0/$&0@#9 &#L$ @088*0,#$ ('>=4$ &2#==$ /"#$ #+4$ ':$ ">@0+)*+4A$ 7+$ `20*+$ YaI$2#8$(#+/$<0/"'=*(\B$1'8/>9 ,0=$ YUJ$ 2#8$ (#+/\$ 0+4$ 380R*=$ Yb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à®&#x2030; HULQJ WR PDQ\ LQ /"#@&#=D#&$ :'8$ /"#$4#D#='2*+,$.'8=4A

!"##$%&

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

!

!"#$%&"'(")*$+,-$*.+%/"$+0")*1,) !"#$%&'(")&*$+)$,+-.$/.).0&*1$23%4'$0&'"--+&)1&)5$6.&5)$")0$&1'$&7-8&*"1&+)' !" #$%&" '()$" *$%+,-" -.#$/0 ()1" .-2$" ),(3" 14,1" 5(1" ()" -.1" 4,%3" 6$(-7" ," 7..3" +,-8" '4$-".-$"4,)").9:"1."):..-" $#$%&3,&;<"!/14.974":$.:/$" '.9/3",7%$$"'(14"14()")1,1$0 +$-1" (-" 7$-$%,/8" 14$%$" ,%$" :,%1(29/,%" .22,)(.-)" '4$%$" .-$" )1(//" +,-,7$)" 1." 3." '(2=$3" 14(-7)" $#$-" '4$-" à®&#x160;QDQFLDO QHHGV VXIILFH IRU ).9:" ,-3" )$#$%,/" .14$%" /9>9%($)<" ?4$%$" ,/)." )$$+)" WR EH D VLJQLà®&#x160;FDQW SRVLWLYH FRUUHODWLRQ RI WKH WULQLW\ RI '$,/148" 2%(+$" ,-3" 7%,#$0 QHVV RI WKH FULPH 0RVW RI XV QRQ EHOLHYHUV DUH VWUXFN ZLWK LQGLà®&#x2030;HUHQFH %$7,%3(-7" 14$" @.:$A)" %$)(70 -,1(.-<" B$/($#$%)" )$$+" 1."

6$" .#$%'4$/+$3" 6&" )924" ," 6%,#$" ,-3" 2.9%,7$.9)" 3$0 FLVLRQ WKDW IROORZV D SUHF0 $3$-1" $)1,6/()4$3" (-" CDEF<" !" +,%7(-,/" 7%.9:" )977$)1)" 14$"1(+$/&"%$)(7-,1(.-"+(741" EH D VLJQ IRU %HUOXVFRQL WR 1,=$" .#$%<" G.=$)" ,)(3$8" (1" ()" )1(//" ,/',&)" (-1$%$)1(-7" 1." %$#($'" ,-3" ,))$))" ," :$%0 ).-A)" ,22.+:/()4+$-1)8" %$0 JDUGOHVV RI WKHP EHLQJ D 69)(-$))+,-8",":./(1(2(,-".%"

D PDQ RI *RG (1" ()" ,)" #9/-$%,6/$" ,)" $#$%<" LQJ +,9 LQIHFWLRQV VWDWLQJ ?4%$$" +,H.%" 14(-7)" 4,#$" L.++(1+$-1" 1." %$/(7(.-8" 14$+",)","3(%$21"2,9),/"/(-=" .229%%$3" 39%(-7" 14$" @.:$A)" ,-3" L,14./(2()+" (-" :,%1(290 WR WKH VSUHDG RI WKH GLVHDVH WHUP DQG WKHLU VLJQLà®&#x160;FDQFH /,%8"3$+,-3)".-$A)"2.+:/$1$" 1RW RQO\ GLG KH SXW KLPVHOI UHDFKHV IXUWKHU WKDQ WKH )$%#(193$" 1." ,-" .+-(:.1$-1" ,7,(-)1" )2($-2$8" 691" ):$0 ),(-1/&"%$,/+<"I6#(.9)/&"14$" EHLQJ DQG WR KLV FORVHVW IRO0 FLà®&#x160;FDOO\ DJDLQVW UDWLRQDO IROORZLQJ OLVW LV QRW H[KDXV0 /.'$%)".-"$,%14< WKRXJKW FRQIRXQGLQJ FDXVH 1(#$8" 691" (1" )1(//" 2%&)1,//(J$)" 7KHUHIRUH DQ\ FULWLTXH DQG Hà®&#x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à®&#x2039;RZ 1(.-" )$$+$3" 9-1.924,6/$" WKH 3RSH DIILUPLQJ WKH LUUHO0 VPRRWKO\ 6HYHUDO ERRNV 3$2,3$)" ,7.8" '4$%$,)" -.'" HYDQFH RI FRQGRPV LQ à®&#x160;JKW0 RI LQYHVWLJDWLYH MRXUQDOLVP

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â&#x20AC;« Ú&#x2018;â&#x20AC;¬LQ WKH IRUP RI KLV UHV0 (7-,1(.-8" ()" -.1" .-/&" 39$" 1." +$3(2,/" %$,).-)8" 691" ,/)." .#$%'4$/+(-7" -$7,1(#$" .20 29%%$-2$)" 39%(-7" 4()" )4.%1" 1$%+"(-":.)(1(.-< 6R ZKDW GR ZH H[SHFW IURP WKH QH[W 3RSH" 6RPH0 WKLQJ EHWWHU" 5HYLHZLQJ %HQHGLFWâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V WHUP WKLV GRHV QRW VHHP GLI0 ILFXOW WR DFKLHYH 7KH &DWKR0 /(2" L49%24" )4.9/3" :%.6,6/&" IRFXV PRUH RQ WUDQVSDUHQF\ ,-3"1%&"1."(-#.=$"+.%$"1%9)1<

23."($##451/"'(")3."6.,).*+"7'*#08 $9+:)$!+66&'+)$+)$;:<$1:.$="1:+8&*$=:>6*:$&'$8+'&)5$&1'$6.8.?")*.$&)$1:.$@.'1 ?'." 3,&)" ,7.8" @.:$" B$-0 $3(21" SRN" 3$#(,1$3" )1,%=/&" IURP WUDGLWLRQ E\ DQQRXQF0 LQJ WKH à®&#x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

WHQVLà®&#x160;HG WHQVLRQV EHWZHHQ 14$" L,14./(2" ,-3" K9)/(+" '.%/3)" (-" DUUT" '4$-" 4$" TXRWHG IURP D PHGLHYDO WH[W 5)4.'" +$" H9)1" '4,1" K90 4,++,3" 6%.9741" 14,1" ',)" QHZ DQG WKHUH \RX ZLOO à®&#x160;QG 14(-7)" .-/&" $#(/" ,-3" (-490 +,-8" )924" ,)" 4()" 2.++,-3" 1." ):%$,3" 6&" 14$" )'.%3" 14$" IDLWK KH SUHDFKHGâ&#x20AC;« Ú&#x2022;â&#x20AC;¬$QG LI DOO RI WKHVH LVVXHV ZHUHQâ&#x20AC;«Ú&#x2018;â&#x20AC;¬W 3,+,7(-7" $-.974" 1." 14$" L,14./(2" L49%24" .#$%" 14$" :,)1"3$2,3$8"+,-&"(-"P$)10 $%-" ).2($1($)" /.)1" %$):$21" IRU &KXUFK OHDGHUVKLS DV WKH QHZV RI YDULRXV FOHULFDO )$>9,/" ,69)$" 2,)$)" 6$2,+$" =-.'-< N1"()"-.1"4,%3"1.")$$"'4&" WKH &DWKROLF &KXUFKâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V LQà®&#x2039;X0 $-2$" ()" (-" 3$2/(-$" 14%.9740 .91" 14$" P$)1<" L,14./(2()+" ',)",6/$"1."+,(-1,(-",")$+0 EODQFH RI LQà®&#x2039;XHQFH LQ :HVW0 HUQ VRFLHW\ LQ WKH HUD RI -RKQ @,9/"NN"6$2,9)$"4$"',)")924" ," 24,%()+,1(2" /$,3$%<" B$-0 HGLFW ;9, LV D PDJQLà®&#x160;FHQW (-1$//$219,/8" 691" 4()" 39//" /$,3$%)4(:" ,))$%1(-7" 2.-0 )$%#,1(#$" 14$./.7(2,/" 1$-$1)" 4,)" 3()1,-2$3" 14$" L49%24" IURP LWV SHRSOH :KDWHYHU

WKH VWDWHG UHDVRQV IRU KLV %$)(7-,1(.-8" .-$" 2,--.1" KHOS EXW ZRQGHU LI KH KDV à®&#x160;0 -,//&"%$,/()$3"14,1"9-3$%"4()" ',124" 14$" L,14./(2" L49%24" KDV EHFRPH D EHDFRQ RI IDLWK IRU WKH GHYHORSLQJ '.%/3" 691" ," )..-" 1." 6$" 3()0 WDQW PHPRU\ IRU WKH ZHVW" (YHQ ZLWK DOO RI WKH L,14./(2" L49%24A)" :%.60 /$+)"4(-3$%(-7"(1)",6(/(1&"1."

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

B$-$3(21" SRN" .%" G.4-" @,9/" NN8" ,)" 14$)$" @.:$)" ,::.(-10 HG RYHU RI WKH &ROOHJH RI &DUGLQDOV (LWKHU ZD\ LW ZLOO EH D PDWWHU RI \HDUV QRW GHFDGHV EHIRUH &DWKROL0 FLVP IRUIHLWV DOO UHOHYDQFH LQ WKH :HVW 7KH &ROOHJH RI &DUGLQDOV KDV WKH IDWH RI 14$" P$)1$%-" L49%24" .-" (1)" )4.9/3$%)<" Z(6$%,/" L,14.0 /(2)" 2,-" .-/&" 4.:$" 14,1" 14()" JURXS RI PHQ UHFRJQLVHV KRZ IUDJLOH WKH VWDWH RI WKH L49%24" ()" (-" 14$" P$)1$%-" '.%/3<"

!"

!"##$%&

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

8$9(:&;$%,5:*

234565'70

!"##$%&'()*+,($-".&(/',,.%/(+,*01(.%($%",2'3(3*,

%'0)# -6&C2(# )"/>'(.$(/.-$553# C$D)2# WKHLU WULFRORUH роЛ DJV DQG WKURQJHG WKH J6)"-># A6)(.2)"/# J6$"X&.(# %&55$"2)# '9&"# >.(# $66.D$5# ."# 7$5.# &"# J);6': $63# U"2?# 7$"# &*# />)# 9)&95)4# >)6&4# 5.;)6$/&6:# &6# (&# ./# ,$3# >$D)# ()),)2# /&#(&,)4#,$3;)#)D)"#/&#/>)#8&-.$5.(/# (/$/)(,$"#>.,()5*?

Y"# M$"'$63# WW/>4# J6$"-)# C$(# />)# роК UVW LQWHUQDWLRQDO IRUFH WR LQWHUYHQH ."# />)# /6&';5)2# Z)(/# N*6.-$"# "$/.&"# ;)*&6)#./#C$(#[&.")2#&"#/>)#06&'"2#;3# />)# B6./.(># $"2# &/>)6# \&6/># N*6.-$"# /6&&9(?# \&C4# >$D."0# 6)9)55)2# />)# $5: 4DLGD роК JKWHUV PDUFKLQJ RQ WKH FDSL /$54# B$,$H&4# $"2# 26.D)"# />),# ;$-H# ."/&#/>)#8$>$6$#2)()6/4#7.((.&"#<8)6: D$5=#.(#;)."0#96&-5$.,)2#$(#$#('--)((# ;3#/>)#J6)"->#2)*)"-)#,.".(/)64#M)$": ]D)(#@)#R6.$"4#$,&"0(/#&/>)6(?

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`aWW# Z$6(=?# A&55."0# 2$/$# *6&,# $-6&((# />)# 7.225)# b$(/# $"2#

./!01

\&6/># N*6.-$# >$(# (>&C"# />$/# $5:^$.: 2$=(#95$-)#."#/>)#05&;$5#[.>$24#(>&'52# C)# ;)5.)D)# />$/# ('-># $# />."0# )I.(/(4# >$(# ;))"# &"# />)# 2)-5.")# (."-)# UVVc# &6# UVVd?# +&'"/6.)(# C>)6)# />)# ."*$: ,&'(#."/)6"$/.&"$5#&60$".($/.&"#96): D.&'(53#>$2#(/6&"0#('99&6/#$6)#06&C: ."0# ."-6)$(."053# >&(/.5)# /&# $5:^$.2$4# KDYLQJ H[SHULHQFHG WHUURULVP роК UVW >$"2?#!"#*$-/4#B'6H)#-5$.,(#/>$/#."#/&: 2$3=(# C&652# $5:^$.2$# .(# E$(# *$6# *6&,# 9&(."0# $"# )I.(/)"/.$5# />6)$/# $(# />)3# >$D)# )D)6# ;))"F?# J.0>/."0# $5:^$.2$4# />)6)*&6)4# -$""&/# ;)# $--)9/)2# $(# $"# $--)9/$;5)#)I95$"$/.&"#*&6#/>)#."/)6: D)"/.&"? !/#,$3#"&/#-&,)#$(#$#('696.()#/>$/# WKLV LV QRW WKH роК UVW WLPH D IRUPHU FR ORQLDO SRZHU KDV роЛ H[HG LWV PLOLWDU\ ,'(-5)# ."# N*6.-$?# Z>.5)# 9';5.-53# />)# J6)"-># 2.($D&C# $"3# -&"")-/.&"(# /&# />).6# -&5&".$5# 9$(/# $"2# />)# J6$"X$*: 6.G')4# />)# 9$6$55)5(# /&# 96)D.&'(# _$5: 5.-# ."/)6D)"/.&"(# ()),# '"2)".$;5)?# J6$"-)=(# &"53# &/>)6# 8&-.$5.(/# A6)(.: 2)"/4# J6$"X&.(# 7.//)6$"2# *$/)*'553# ()"/# *&6-)(# ."/&# eC$"2$# ."# W``V4# +>$65)(# 2)# _$'55)# />&'0>/# >)# -&'52# ;6."0# 9)$-)# /&# N50)6.$# ."# W`df# $"2# )D)"# />)# 6)-)"/53:2)9$6/)2# \.-&: 5$(# 8$6H&g3# >$2# $# >$"2# ."# )[)-/."0# @$'6)"/# _;$0;&4# />)# *&6,)6# !D&6.$"# A6)(.2)"/?# 1>)# /),9/$/.&"# /&# ."/)6: D)")# ."# N*6.-$4# />)# b-&"&,.(/# ($3(4# E'('$553#96&D)(#.66)(.(/.;5)?F M'(/# $(# 5.H)534# ./# ()),(# />$/# $"# )$(3# ,.5./$63# D.-/&63# *&6# />)# ),;$/:

/5)2#A6)(.2)"/#%&55$"2)#,.0>/#['(/#;)# />)#;&&(/#>)#C$(#>&9."0#*&6?#%$D."0# C$/->)2#>.(#9&55#"',;)6(#(5.2)#(/)$2: .53#2&C"C$62(#(."-)#>.(#$--)((.&"#/&# />)#96)(.2)"-3#".")#,&"/>(#$0&4#/>)# ."/)6D)"/.&"# ."# 7$5.# >$(# 96&D&H)2# $# 6)('(-./$/.&"# &*# %&55$"2)=(# *&6/'")(h# >.(#$996&D$5#6$/."0#;&'"-."0#;$-H#'9# ;3# *&'6# 9)6-)"/$0)# 9&."/(# (."-)# />)# J6)"->#."D&5D),)"/#;)0$"?

J&6#"&C4#/>)#(9&/5.0>/#>$(#(>.*/)2# $C$3#*6&,#%&55$"2)=(#*$.5'6)#/&#2)$5# C./># J6$"-)=(# )D)6:."-6)$(."0# '": ),95&3,)"/#6$/)#$"2#>.(#(/6'005)#/&# HOLFLW VXSSRUW IRU KLV VHYHQW\ роК YH SHU -)"/# /&9# 6$/)# &*# ."-&,)# /$I# $"2# 2.: D.(.D)#bS#;'20)/#96&9&($5(?#N(#('->4# />)# 7$5.$"# ."/)6D)"/.&"# -$66.)(# C./># ./#$"#.,9)6.$5.(/#6&,$"/.-.(,#$(#C)55# $(#$"#)-&"&,.-#$"2#9&5./.-$5#5&0.-?

J'6/>)6,&6)4# J6$"-)=(# ,.5./$63# $-/.&"(# ."# 7$5.# ()),# /&# ;)# ['(/# $(# ,'-># $"# )I/)"(.&"# &*# />)# J6)"-># A6)(.2)"/=(# .2)&5&0.-$5# -6'($2)(# $(# ./# .(# $# *&.5# /&# >.(# *$5/)6."0# 2&,)(/.-# SRSXODULW\ +ROODQGH KDV UDLOHG роК UVW &*# $55# $0$."(/# J6$"-)=(# >.0>)6# )$6": )6(# K6)$2# _i6$62# R)9$62.)'L4# $"2# >$(#"&C#/'6")2#&"#/>)#&99&")"/(#&*# Z)(/)6"# 2),&-6$-3# ."# />)# *$6$C$3# 2)()6/(# &*# N*6.-$?# ])/# />)# ."/)6"$: /.&"$5# />6)$/# 9&()2# ;3# />)# N^!7# ."# "&6/>)6"#7$5.#>$(#96&D)"#(&,)/>."0# &*# $# ->.,)6$4# $(# >$D)# %&55$"2)=(# )*: *&6/(# /&# (."05):>$"2)253# 2)*)"2# />)# bS#;'20)/#$"2#>.(#(&-.$5#2),&-6$/.-# 96."-.95)(?

!/#.(#9&((.;5)#/>$/#%&55$"2)#,.0>/# DJDLQ EH роК QGLQJ KLPVHOI VWXFN LQ $# 6'/?# 1>)# J6)"->4# >$D."0# (C)9/# />6&'0>#7$5.4#,'(/#"&C#;6&H)6#$#()/: /5),)"/#;)/C))"#/>)#7$5.$"#0&D)6": ,)"/#$"2#/>)#\$/.&"$5#7&D),)"/#*&6# />)# @.;)6$/.&"# &*# Ng$C$2# K7\@NL4# WKH 7XDUHJ UHEHO JURXS DOUHDG\ роК JKW LQJ ZLWK WKH $4,0 роК JKWHUV RSHUDWLQJ ."#"&6/>)6"#7$5.?

A)6>$9(# />)# /.,)# >$(# -&,)# *&6# $# 6):)D$5'$/.&"# &*# >.(# &;[)-/.D)(# $"2# $# 5.//5)# 6)$59&5./.H?# %&55$"2)# C&'52# EH EHWWHU RроЙ роК QGLQJ D ZD\ WR EULQJ 06&C/># ;$-H# /&# J6$"-)# 6$/>)6# />$"# ->$(."0# (>$2&C(# ."# />)# 8$>$6$# $"2# роК JKWLQJ IRU ODUJHO\ V\PEROLF WD[ >.H)(# />$/# *&6)-$(/(# ('00)(/# C&'52# &"53#;6."0#."#$"#)I/6$#jUVV,#."#6)D: )"')?#!"D&5D),)"/#."#7$5.#,$3#>$D)# ;))"# ")-)(($63# $"2# >$(# (/$;.5.()2# />)# 0&D)6",)"/# *&6# />)# /.,)# ;)."04# ;'/# />)# &9/.,$5# &'/-&,)# "&C# C&'52# ;)# *&6# J6$"-)# /&# C./>26$C# $(# (&&"# $(# 9&((.;5)# $"2# >$"2&D)6# /&# $# S\# 9)$-)H))9."0#*&6-)?

1>)# _'$62.$"=(# B)6"$62# A&6/)6# C6./)(#/>$/#J6$"-)=(#-&5&".$5#9$(/4#$(# C)55#$(#$"3#9)6(&"$5#9&5./.-$5#,&/.D)(# %&55$"2)#,.0>/#>$D)4#(>&'52#"&/#5)$2# '(# E$'/&,$/.-$553# /&# 2.(/6'(/# b'6&: 9)$"#."/)6D)"/.&"#."#)I:-&5&".)(4#;'/# ,)6)53# /&# ),9>$(.()# >&C# 2)5.-$/)53# ./# ,'(/# ;)# 2&")?F# !"# (>&6/4# J6$"X&.(# %&55$"2)#"))2(#/&#,$H)#$#;6)$H#C./># >.(#&C"#$"2#J6$"-)=(#9$(/4#$"2#C6$9# />."0(#'9#G'.-H53?

'()*$+,!*-(

4$33.$/'(+2"*#&%5,(6'(73.,$.%5+(8/"#&(+,$%&$3&5

!"# $# %&'()# &*# +&,,&"(# -&,,.//))# ,))/."0# &"# 1')(2$34# +'5/'6)4# 7)2.$# $"2#89&6/#8)-6)/$63#7$6.$#7.55)6#2): (-6.;)2#,$66.$0)#$(#$#<0&52#(/$"2$62=# />$/#(>&'52#;)#$(9.6)2#/&?#@$;&'6#7A# +>6.(#B63$"/4#C>&#.(#0$34#6)95.)2#/>$/# >)6#-&,,)"/#,$2)#>.,#*))5#$(#/>&'0># >.(# -.D.5# 9$6/")6(>.9# C$(# E"&/???/>)# 0&52# (/$"2$62F?# !"# >)6# (9))->4# 7(# 7.55)6# C)"/# &"# /&# G'$5.*3# />$/# ,$6: 6.$0)# ;'.5/# />)# *&'"2$/.&"# *&6# -&': 95)(# /&# E-&,,./# /&# (/$3# /&0)/>)6# *&6# OLIHтАл ┌ХтАмD FRPPHQW ZKLFK GUHZ роК UH IURP 1&63#;$-H;)"->)6#1.,#@&'0>/&"4#C>&# G')(/.&")2#C>3#-'66)"/#-.D.5#9$6/")6: (>.9(4# $--&62."0# /&# >)64# 2&# "&/# 96&: D.2)#/>)#($,)#;$(.(#*&6#-&,,./,)"/?

76#B63$"/#$"2#76#@&'0>/&"#C)6)# -&,."0# *6&,# &99&(./)# )"2(# &*# />)# (9)-/6',4#;'/#/>)3##;&/>#6$.()#H)3#.(: (')(#/>$/#>$D)#5$60)53#;))"#.0"&6)2#."# />)#2);$/)#&"#/>)#8$,):8)I#7$66.$0)# B.55?#7(#7.55)6=(#-&,,)"/(#$6)#/)55."0# &*#/>)#C$3#C)#9)6-).D)#-.D.5#9$6/")6: (>.9(# -&,9$6)2# /&# ,$66.$0)(?# J&6# $55# &*# />)# -3".-.(,# $"2# )""'.# &*# &'6# 0)")6$/.&"4# ,$66.$0)# .(# (/.55# 5$60)53# ())"#$(#/>)#>$55,$6H#&*#-&,,./,)"/4# 5&D)# $"2# 2)D&/.&"# /&# &")=(# 9$6/")6?# ,Q WKH FRDOLWLRQтАл┌СтАмV роК JKW IRU WKH 6DPH 8)I#7$66.$0)#B.55#/&#;)#9$(()24#-&,: ,)"/(#5.H)#7(#7.55)6=(#/>$/#.,95.-./53# K/>&'0>#'('$553#"&/#."/)"/.&"$553L#;): 5.//5)# -.D.5# 9$6/")6(>.9(# >$D)# ;))"#

;$"2.)2# $;&'/# C./># 5.//5)# />&'0>/# /&# 2&)(#"&/#$--&62#/>)#)I$-/#($,)#5$;)5# />)# '"2)653."0# ,)(($0)# />$/# />)3# RU EHQHроК WV DV PDUULDJH KDUGO\ PHDQV -&,,'".-$/)? />$/# />)# 6)5$/.&"(>.9# />$/# />$/# 9$6/: 1>)#8$,):8)I#7$66.$0)#B.55#(>&'52# ")6(>.9# .(# ;'.5/# &6# ('(/$.")2# &"# .(# ."# "&/#;)#$;&'/#-.D.5#9$6/")6(>.9(#;)."0# $"3#C$3#(>&6/#&*#/>.(#9)6-).D)2#<0&52# <5)((=#/>$"#,$66.$0)?#!/#(>&'52#"&/#;)# (/$"2$62=?#N6)#0$3#-&'95)(#C>&#)"/)6# DERXW VKRULQJ XS VR FDOOHG GHроК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тАл┌РтАмроК UVW - & , , ) " / (# C&652=# 5.;)6$5.(,# >.0>5.0>/# $# />)# $"(C)6# ,'(/# * ' " 2 $ , ) " / $ 5# ;)#"&?

RbANe17b\1#YJ#+S@1Seb#7bR!N#N\R#8AYe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

."0#($,):()I#-&'95)(#$#->$"-)#/&#<.,: 96&D)=# &6# <;)//)6=# />).6# 6)5$/.&"(>.9?# 1>.(# .,95.-$/.&"4# $(# 76# B63$"/# >$(# )I96)(()24#.(#$"#."('5/."0#&")?#A$65.$: ,)"/#-$""&/#$"2#,'(/#;)#-$6)*'5#"&/# /&# -&,,'".-$/)# />.(# ,)(($0)# ."# />)# 9$((."0#&*#/>)#B.55#.*#./#C$"/(#/&#$D&.2# RроЙ HQGLQJ WKH YHU\ SULQFLSOHV DQG YDO ')(#'9&"#C>.->#./#.(#*&'"2)2?

N#B.55#/>$/#.(#'5/.,$/)53#$;&'/#*$.6: ")((4#"&":2.(-6.,."$/.&"#$"2#)G'$5./3# -$""&/# ;)# 6&;'(/53# )"/6)"->)2# .*# />)# ,)(($0)# />$/# $--&,9$".)(# ./(# 9$(: ($0)# 6'"(# $0$."(/# />)# D)63# />."0(# ./# (/$"2(#*&6?#!6&".-$5534#7(#7.55)6#($.2#."# $#96)D.&'(#(/$/),)"/#/>$/#E/>)#2)9/># &*#*))5."04#5&D)#$"2#-&,,./,)"/#.(#"&# GLроЙ HUHQW EHWZHHQ VDPH VH[ FRXSOHV />$"#&99&(./):()I#-&'95)(F?#%)6#(/$/): ,)"/4# C>.5(/# $;(&5'/)53# /6')4# -$""&/# ;)# 6)$2# C./># $"3# (."-)6./3# C>.5)# (>)# -&"/."')(# /&# )(9&'()# />)# ,$66.$0)# <0&52# (/$"2$62=# -&,9$6)2# /&# -.D.5# 9$6/")6(>.9(? &DPHURQтАл┌СтАмV JRYHUQPHQW LV HроЙ HFW ."0# />)# ->$"0)# >)# 96&,.()2# ."# UVWV# ;3#2)5.D)6."0#/>.(#5$"2,$6H#$"2#5&"0: &D)62')# B.554# ;'/# />$/# .(# "&/# $55# />$/# "))2(#/&#->$"0)?#8)"/.,)"/(#,'(/4#."# WKH HQG UHроЛ HFW DFWLRQV ,W LV D VRPH C>$/# ,'/)2# D.-/&63# .*# 3&'# 96$-/.-)# C>$/# 3&'# 96)$-># ;'/# '5/.,$/)53# >$D)# "&#;)5.)*#."#C>$/#3&'#96)$->?

!"##$%&

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

!!

-./0.

'()*+&",,

!"#$%&'()*+,-#$(.$/010234$*)%'$*($564-"7%*8$ ,":(*% L).,1% 1"5% $3% 8("4(% 1.#% ;"'? .89% +(1./56% U(")$% =)(/,1./<% 8($$()#% ;)3'%1.#%'3$1()%"/5%+)3$1()%5($".8(5% $1(.)% V;"$(% +(93/5%5(#,).:$.3/W6%%P1(% &)<(/,9% 3;% $1(% 8"/<&"<(% +3=8(5% '(% 34()X%V0&''9%1"#%+((/%"+8(%$3%-((:% <3./<% +9% $1(% #"8(% 3;% 1()% &/5()=(")*% +&$%.$%.#%/3$%(/3&<1%;3)%5".89%+)("5Y% =1"$% /3=ZW6% A9% $1.#% :3./$*% $1(% 5&#$%

(4(/./<% 2% )(,(.4(5% "/% ('".8% ;)3'% !]L]^% >/$.?N",.#'% _;;.,()% 03?

1"'(5%U"))"$16%2%,"/B$%)("889%+(<./% $3%")$.,&8"$(%'9%5(8.<1$%=1(/%2%)("5% $1"$%1(%="#%-((/%3/%$1(%.5("%3;%)&/? /./<%"/%]^%$).:%$3%C38"/5%;3)%"%$3&)%3;% $1(%,"':6%>%,3'+./"$.3/%3;%$1(%8($$()#% 2%1"5%`&#$%)("5%"/5%"%$).,-9%9(")%/"4.? <"$./<%$1(%#$)(##(#%3;%)&//./<%"%\(=?

="#/B$% $1(% 3/89% $1./<% '"-./<% '(% ,13-(%&:6%2%8"$()%8(")/(5%$1"$%L).,1B#% ;"'.89%:().#1(5%./%>&#,1=.$[6%U&'.8.? "$(5*% +("$(/% "/5% (4(/$&"889% <"##(5*% ;3)%/3%3$1()%)("#3/%$1"/%+(,"&#(%$1(9% =()(%\(=.#16%2;%L).,1%1"5/B$%(#,":(5*% 2%=3&85%/3$%+(%1()(6%].':8(6 A9% )('")-"+8(% ,3./,.5(/,(*% $1"$%

.#1% ]3,.($9*% :")$.,&8")89% $1(% :8("#"/$% (@:().(/,(% 3;% 1"4./<% '9% )(#.5(/,(% 4"/5"8.[(5% =.$1% ]="#$.-"#*% '("/$% .$% ="#%"/%(@$)('(89%=(8,3'(%./.$."$.4(6% ]3*% /(")89% #(4(/% '3/$1#% 3;% +&? )("&,)"$.,% 1"<<8./<% 8"$()% "/5% +9% $1(% WLPH WKLV DUWLFOH JRHV WR SULQW D роК I $((/?#$)3/<%5(8(<"$.3/%=.88%+(%$3&)./<%

02!>7%A_LN]

!"#$% #&''()*% +",-% ./% 0"/,1(#$()*% 2% '34(5%13&#(6%7"$&)"889*%"#%:")$%3;%$1(% KXJH HроЙ RUW LQYROYHG , IRXQG P\VHOI FOHDULQJ RXW ROG VWXроЙ JRLQJ WKURXJK $1(%"$$.,%;3)%$1./<#%2%="/$(5%$3%-((:6%% >#%2%;3&<1$%'9%="9%$1)3&<1%$1(%,13-? ./<%5&#$%#$3)'%$1"$%(/<&8;(5%$1(%)33'% =.$1% (",1% +3@% '34(5*% 2% ,"'(% ",)3##% #3'(%385%;"'.89%)(8.,#6%A9%385*%2%53/B$% '("/%'9%385%C3-D'3/%,")5#*%3)%(4(/% :.,$&)(#% 3;% '9% E"5% 833-./<% 8.-(% A3? )"$% ./% $1(% 8"$(% FGHI#*% 2% '("/% )("889% 3856%A(93/5%$1(%$")/.#1(5%#.84()=")(*% ZKDW WUXO\ FDXJKW P\ H\H ZDV D роК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роК OH FRQWDLQHG KLV (@.$%4.#"#*%+&$%"8#3%#,1338%)(:3)$#%"/5% '(5.,"8%,1(,-#6%2%="#%;"#,./"$(5*%+&$% ;3&/5% '9#(8;% =(.)589% )(8.(4(56% P1(% 5"$(#%3/%$1(%53,&'(/$#%=()(%'")-(5% ./%8"$(%>&<&#$%FGQR*%$1(%'3/$1%:).3)% $3% $1(% 4.,.3&#% S).#$"88/",1$% C3<)3'% $1"$%#=(:$%",)3##%>&#$)."6%JT83#(%,"88B% 2%$13&<1$*%+&$%$1(/%2%)("5%3/6 2$% "::(")(5% $1"$% ./% 1.#% 8"$(% (#?

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роК UVW WLPH #./,(% &/(")$1./<% $1(% 5($".8#% 3;% '9% IDPLO\тАл┌СтАмV IDWH 8SRQ P\ роК UVW YLVLW WR WKH ,"':#*% 2% ="#% 5.#'"9(5% +9% $1(% 3+#(#? #.4(%/((5%;3)%4.#.$./<%\(=.#1%<)3&:#%$3% XVH WKH YLVLW WR роК QG WKHLU FRQQHFWLRQ =.$1% O35% 3)*% (4(/% '3)(% "//39./<89*% SODVWHU WKHLU ERGLHV LQ ,VUDHO роЛ DJV P"8-%"+3&$%"%$.'(%"/5%"%:8",(6 , ZLOO роК QG LW QHDU LPSRVVLEOH WR GR "/9$1./<%+&$%:"9%'9%)(#:(,$#%3/%$1.#% $).:6% K"8-./<% $1)3&<1% $1(% (/3)'3&#% (@1.+.$.3/#%3;%1".)*%#13(#%"/5%<8"##(#*% =1.,1% '"9% `&#$% ,3/$"./% $1(% )('"./#% 3;% '9% ;"'.89*% =.88% +(% &/a&(#$.3/"+89% $3&<16%b($%2%$"-(%"%83$%3;%#$)(/<$1%;)3'% $1(% =3)5#% 3;% L8.% K.(#(8*% % =13% #".5% V+(,"&#(% 2% )('('+()*% 2% 5(#:".)6% A&$% +(,"&#(%2%)('('+()*%2%1"4(%$1(%5&$9% $3% )(`(,$% 5(#:".)W6% % A9% $"-./<% :)3",? $.4(%#$(:#%8.-(%#(/5./<%"%5(8(<"$.3/%$3% >&#,1=.$[*% !]L]^% .#% ,133#./<% $3% )(? `(,$%5(#:".)6

1$&&$2*&"*&3$*456&"27 E(")%].)*

$1(#(% $3% +"8"/,(% $1(% (")/(#$% 3)% "5'./.#$)"$.4(89% .':3)$"/$% #$&5(/$% .$('#6%K((-89%'(($./<#%")(%(##(/$."8%$3%",1.(4./<%"88%3;%$1.#6 K(% 1"5% #3'(% 5";$% '3$.3/#% ./% $1(% RI#% 8.-(% )(/"'./<% $1(% (@(,&$.4(% P1(%M83=()%T3''.$$((%"/5%$1()(%="#%"%'3$.3/%$3%)(/"'(%$1(%O(/()"8% ](,)($")9%$1(%O)"/5%C33+"16%A&$%=(%"8#3%#($%&:%$1(%K3'(/B#%N33'*% ,3/5('/(5%P1"$,1()%"/5%].)%S(.$1%\3#(:1%"/5%,"88(5%3/%2#)"(8%"/5%$1(% C!_%$3%'"-(%:(",(%d#3'(%$1./<#%53/B$%,1"/<(e6%%_/(%=((-%$1(%>^%J'3? +.8.#(5B%.$#%#&::3)$()#%"/5%"8'3#$%#&,,((5(5%./%'"/5"$./<%$1(%^/.3/% $3%+&9%"%)",(13)#(6%%M3)$&/"$(89*%$1(9%5.5%/3$%a&.$(%<($%$1(%/(,(##")9% WZR WKLUGV PDMRULW\ IRU D роК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

M&)$1()%$3%\3(%>/5()#3/B#%:.(,(%./%$1(%A("4()%3/%M(+)&")9%Fc$1*%"/5% "#%"%<)"5&"$(%=13%5.5%:")$.,.:"$(%./%$1(%J<385(/%5"9#B%3;%$1(%^O0%+",-% ./%$1(%(")89%RI#*%2%,"/%$(88%93&%$1"$%\3(%.#%'.##./<%"%$1.)5%J".'B%3;%$1(% ^O0%=1.,1%.#%$3%1"4(%;&/6%P1(%^O0%="#%$1(%1.<18.<1$%3;%$1(%=((-%./% '9%5"9%"/5%1"5%$1(%_85%P1("$)(%:",-(5%3&$%(4()9%=((-%+(,"&#(%.$%="#% #&,1%;&/6%_/89%"%#'"88%:(),(/$"<(%3;%#$&5(/$#%=()(%$1()(%+(,"&#(%$1(9% FDUHG DERXW -RHтАл┌СтАмV роК UVW WZR тАл┌РтАмDLPVтАл ┌СтАмWR IRUP SROLF\ DQG VFUXWLQLVH VDEEDWL ,"8#6%%03#$%=()(%$1()(%$3%1"4(%;&/6 b3&% /((5% $3% '"-(% $1(% ^O0% 8.4(89*% ,3/$)34()#."8*% :)343,"$.4(% "/5% "'&#./<6% >$$)",$% ,1")",$()#% $3% "$$(/56% A&.85% &:% )&//./<% `3-(#6% 0"-(% #&)(%:(3:8(%+(,3'(%;"'.8.")%=.$1%13=%$1./<#%=3)-*%#3%$1(9%1"4(%$1(% FRQроК GHQFH DQG GHVLUH WR SDUWLFLSDWH U3=%53%93&%53%$1"$Z%P1(%,3)(%,3/$).+&$3)#%./%'9%5"9%=()(%$1(%:38.$.? ,"8%#3,.($.(#6%%P1(9%1"5%$1(%./;)"#$)&,$&)(%"/5%,).$.,"8%'"##%$3%:)3:3#(% "/5%3::3#(%'3$.3/#6%%03#$%=()(%#().3&#%+&$%#3'(%=()(%;).4383&#%"/5% 5(#.</(5%$3%:3-(%;&/%"$%$1(%3::3#.$.3/6%%P1.#%,3)(%",$.4.$9%;)3'%$1(%:3?

8.$.,"889%8.$()"$(%"883=(5%"/5%(/,3&)"<(5%3$1()%#'"88()%3)<"/.#"$.3/#*% "/5%./5((5%./5.4.5&"8#*%$3%#&+'.$%$1./<#%;3)%$1(%"<(/5"%-/3=./<%$1()(% =3&85%+(%"/%"&5.(/,(%$3%1(")%$1('6 O335%8&,-* b3&%/((5%"%'.@%3;%+.<%,3/$)34()#."8*%:38.$.,"8%.$('#%3/%$1(%3/(%1"/5% "/5%;&/%'3$.3/#*%#3'(%;).4383&#%3$1()#%.':3)$"/$*%3/%$1(%3$1()6%%^#(% C($()%K.88."'#

/8*)"9*:"9,5*,6;$*&"*<$%5*(*1$&&$2*&"*&3$*456&"2=*>,$(<$*$#(6,* ?"##$%&@&3$A$(B$2"%,6%$C?"C9;

!"

!"##$%&

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

!"#$%&&%'"()'()*"+,,-%+$."/%"0&&01-+/0%'2 M_!_W8XV

!"#$%"&'($#)*%(+,)-&."#/-&"0)1$&.#"22+/3&(*)/)4+*&.)##+(-&+/&/"$+)/",+-4

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

OP3)> !+'4$ =,%A=#(%"#'3;$ #,1 /#'$ )+$ ),-A$ .($ (&2=#'3;$ '#1 <#,)#7-4$ <'#33#7$ 5+'$ 3),1 ).3).%,-$ #3).2,)#3$ +5$ )"#$ &<%+2.(/$ .22./',).+($ ,3$ ,$ '#3&-)$ +5$ )"#$ '#3)'.%).+(3$ -.5)>$ !"#$ D2,7(#33C$ +5$ +<#(1 .(/$ &<$ )"#$ =+'7#';$ ,3$ %",'1 ,%)#'.N#7$ =4$ !+'4$ ?".-.<$ Q+--+=+(#;$ RF"+$ %+(0#(.1 HQWO\ SUHGLFWHG LWV Hஉ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ஊWHHULQJ )",)$ <&)$ <'#33&'#$ +($ "+&31 .(/$,(7$<&=-.%$3#'0.%#31$(+)$ 6&-/,'.,($ ,(7$ 8+2,(.,($ .22./',()3>$!"#$%+,-.).+($.3$

<'+/'#33.0#-4$F+''4.(/$)",)$ .5$"&(7'#73$+5$)"+&3,(73$+5$ <#+<-#$ #()#'$ )"#$ 9:$ .)$ F.--$ 2.33$ .)3$ ),'/#)$ )+$ ='.(/$ (#)$ 2./',).+($7+F($)+$SZ>[[[$,$ 4#,'$=4$S[PZ;$+(-4$.)$",3$,-1 '#,74$7#%-.(#7$5+'$)"#$<,3)$ )F+$ 4#,'3;$ 0#'.54.(/$ .()#'$ ,-.,$ )"#$ #',7.%,).+($ +5$ )"#$ 3+1%,--#7$ D<&--C$ 5,%)+'3$ ,(7$ )"#$ .7#,$ )",)$ )"#$ ,=&3#$ +5$ 5'##$2+0#2#()$'./")3$.3$#I1 %#33.0#>$ Y($ )"#$ =,%A/'+&(7$ +5$)"#$G9$,(7$.()#'%+((#%)1 .(/$%+&()'.#3;$)"#$<+33.=.-.1 )4$+5$'#0#'3.(/$)"#$.22./',1 ).+($'#3)'.%).+($-.5)$7+#3$(+)$ +(-4$3##2$<+-.).%,--4$+&)',1 /#+&3;$=&)$,-3+$32,%A3$+5$,$ <+<&-.3)$F,4$)+$F.($0+)#3> X$)'.<$.()+$".3)+'4$7#2+(1 3)',)#3$)",)$,%).+(3$3&%"$,3$ '#0#'3.(/$ .22./',).+($ '#1 3)'.%).+(3$+($2#2=#'$3),)#3$ +5$)"#$G9$R3.(%#$S[[\U$%+(1 3).)&)#$,$3)#<$=,%A$)+$.3+-,1 ).+(.32>$ Y($ )".3$ -./");$ .)$ .3$ &(5,.'$ )",)$ %+&()'.#3$ 3&%"$ ,3$ V',(%#;$ W#'2,(4$ +'$ Y)1 DO\ KDYH DOUHDG\ EHQHஊWWHG 5'+2$ G&'+<#,($ %++<#',1 ).+(;$ F"#'#,3$ 6&-/,'.,$ ,(7$ 8+2,(.,$ ,'#$ (+F$ '#5&3#7$ )"#$ +<<+')&(.)4$ =,3#7$ +($ )"#$ 9:C3$ (,).+(,-$ &(%#'1 ),.()4>$ !"#$ %'.).%,-$ (&2=#'$ +5$ 9:$ %.).N#(3$ F+'A.(/$ .($ )"#$ G91$ '+&(7.(/$ &<$ )+$ ,3$ 2,(4$,3$)F+$2.--.+($<#+<-#;$ .3$%+(0#(.#()-4$+0#'3##(]$,($ "+(#3)$+2.33.+(;$Y$,33&2#> 8+2,(.,($,2=,33,7+'$)+$

)"#$9:;$B'>$Y+($^.(/,;$,55.'23$ )",)$ )"#'#$ .3$ (+$ <,').%&-,'$ 7#3.'#$ )+$ D%+(E&#'$ 6'.),.(C$ )+$ )"+3#$ ,%%&3.(/$ ".3$ %+21 <,)'.+)3$ +5$ D3)#,-.(/$ J+=3C>$ _($ )"#$ %+()','4;$ ,$ '#%#()$ 8+2,(.,($ %,2<,./($ +(-4$ 5+%&3#7$+($)"#$=,7$,3<#%)3$ +5$)"#$9:;$&'/.(/$6'.)+(3$)+$ 0.3.)$8+2,(.,>$@+$D)3&(,2.C$ +'$ 3#%+(7$ G,3)$ G&'+<#,($ D.(0,3.+(C$ +5$ .22./',()3$ .3$ H[SHFWHG߆ DV LQGLFDWHG E\ =+)"$ %+&()'.#3C$ ,2=,33,1 7+'3;$ %+&()'.#3$ -.A#$ H<,.($ +'$ Y),-4$ F+&-7$ =#$ 5,'$ 2+'#$ 7#3.',=-#$ 7#3).(,).+(3$ (+)$ +(-4$ 5+'$ )"#$ 3,A#$ +5$ -,=+&'$ 2,'A#)$ )',7.).+($ %+((#%)1 .(/$ =&3.(#33#3$ 2+3)-4$ F.)"$ )"#$ W#'2,($ #%+(+24;$ =&)$ ,-3+$ 7&#$ )+$ /#+/',<".%,-$ <'+I.2.)4$ ,(7$ -.(/&.3).%$ 3.2.-,'.)4> 7KH HஉRUW LV QRW RQO\ XQ1 QHFHVVDU\߆ LW LV DOVR KRSH1 -#33-4$ 5&).-#>$ X3$ 3&//#3)#7$ =4$ B'>$ ^.(/,;$ '#/,'7-#33$ RI WKH OLPLWV ஊQGLQJ D 8.

J+=$ F,3$ ,-F,43$ <-,&3.=-#>$ !"+3#$F"+$F,()#7$)+$#()#'$ )"#$ %+&()'4$ ",0#$ 7+(#$ 3+$ ,(7$ )"#$ 9:$ 3"+&-7$ ,)$ -#,3)$ =#$)",(A5&-$5+'$)"#.'$%+()'.1 =&).+(3$ )+;$ ,2+(/$ +)"#'3;$ )"#$ _-42<.%$ ?,'A$ .($ L+(1 7+(;$ F".%"$ ,'/&,=-4$ F+&-7$ (+)$",0#$=##($=&.-)$F.)"+&)$ )"#2$ ,3$ #2<",3.N#7$ =4$ )"#$ 6&-/,'.,($ 5+'#./($ 2.(.3)#';$ @.A+-,4$ M-,7#(+0>$ Y22.1 /',()3$5'+2$)"+3#$%+&()'.#3$

7+$ (+)$ ",'2$ )"#$ (,).+(,-$ #%+(+24$ ,3$ )"#4$ ,'#$ +51 )#($ #7&%,)#7$ ,)$ _I='.7/#$ +'$ )+<$ L+(7+($ &(.0#'3.1 WLHV DQG FRQVHTXHQWO\ RஉHU WKHLU VHUYLFHV WR EHQHஊW WKH %+&()'4>$ W.0#($ .)3$ ".3)+'4;$ .)$ .3$ .2<#',).0#$ )",)$ )"#$ 9:$ &(7#'3),(73$ )",)$ .21 2./',).+($ ",3$ ,-F,43$ =##($ EHQHஊ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`

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

!"

!"#$%

!"

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

!"#$%

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

&"'()*+

.#,#)%/*#$&"'%#"0&,-1 2"3'-*+&$'(%(")(#*+,-+(./*.01

&),-

2,',##*%0$*'

ஊOP#WKHEHDYHURQOLQH FR XN

&**.

.*)(*%(*'3.,

2**4&$'(%(")(#*+,-+(./*.01

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

(*0$,.%4&..&*5#

,-$(#"$0#(&$'(%(")(#*+,-+(./*.01

-"5%6*(',#% ,5&(%'*3,(

PXVLF#WKHEHDYHURQOLQH FR XN

!#)4"$05%

+&'+,(%4$"(,61

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

603(+*,*78

5&0$*,.%7,*(#"'

$(/'+*,*56&$'(%(")(#*+,-+(./*.01

6(0"$#0

.*)(,'0,%2*(8 3*9"+.")

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

9).0*5:"-0'

7$&.&7%+*..*+$,(

YLGHRJDPHV#WKHEHDYHURQOLQH FR XN

9)'1",5;#$' ,(&:*%*('".3

)-30","#$3&$'(%(")(#*+,-+(./*.01

<*40#5;#$

!" #*:#$&%5&--*.

%=

!

23 Feb #$%&$'()*%+',*-

/)$0#"$1#0 21')3

@EF?C@5&AE25G;!;?

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

%=5 >?@!>ABCD

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

;FC>EG;<H5I52HJJ/>9B

L

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

Ɖ -(0#4%&2+"

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

#Ɖ U0,&#V%9+& >@!S( T.,+(8TQC(Q%&+)2&(12*12,%*2*(-)2( +,"$3(.*()%*(#51%&"5*(6"%+2($2.62*( -),"5')(-)2(4"5&+/(42.-*

!"

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

!"#$%!&#'(#)*(+*,!-.(/0(1!&-*+(23-)!14 T

,1-a* 32,12* ;<%1"-* ?/&1+,)&H* )#* +2"*$"#"*,>"%H*)C"#*?)#$E*T2,-* $%#G">* +2"* (,#+2* )?* d)&1";' +/%<*S#+N+2"*%DD#"--,C"*#"Y"1' +,)&*)?*%<<*+#%>,+,)&%<*%"-+2"+,1* D)%<-* %&>* "V;"1+%+,)&-N+2%+* ?,&>-* ,+-* $)-+* ;#)$,&"&+* "V' ;#"--,)&* ,&* -)'1%<<">* ,&-+%<<%' +,)&-E* I*2%C"*+)*);"&<=*%>$,+*+2%+* I* +"&>* +)* >,-<,G"* +2%+* +=;"* )?* %#+*?)#$b*,+*/-/%<<=*1)&-,-+-*)?* $/&>%&"* )(Y"1+-* <))-"<=* %#' #%&D">* ,&* -)$"* ?)#$* )#* +2"* %&)+2"#* %&>* -,$/<+%&")/-<=* "C)G"-* ()+2* 2)-+,<"* -/-;,1,)&* %&>*%&V,)/-*#"-;"1+*,&*$"*("' 1%/-"*I*-,$;<=*>)&a+*G&)3*2)3* +)*>"%<*3,+2*,+E* Q)3"C"#H*+2,-*+=;"*)?*;#)C' )1%+,)&* )?* )/#* /&>"#<=,&D* ,&' -"1/#,+=* (=* -""$,&D<=* %<,"&* ?)#$-* )?* %#+* ,-* ;#"1,-"<=* +2"* #"%-)&* 32=* X/12%$;a-* $=-' +"#,)/-* %&>* %<</#,&D* ;"#-)&%* %++#%1+">* -)* $%&=* %>$,#"#-* %1#)--*+,$"*%&>*-;%1"E*I+*3%-* 2,$*32)*2%>*+2"*1)/#%D"*%&>* )#,D,&%<,+=* +)* J/"-+,)&* %#+a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e)2&* d%D"H*

12)#")D#%;2"#* L"#1"* d/&' &,&D2%$*%&>*+2"*C,-/%<*%#+,-+-* W)("#+*W%/-12"&("#D*%&>*e%-' ;"#*e)2&-E*T2"=*%<<*-)/D2+*&"3* 3%=-* +)* #"$)C"* -"<?'"V;#"-' -,)&*?#)$*+2"*%#+,-+,1*;#%1+,1"H* "$(#%1"* 12%&1"* 1%<1/<%+,)&-* %-* %* -/(-+,+/+"* ?)#* 1)&-1,)/-* 3,<<* %&>* +2"#"?)#"* 12%<<"&D"* %&>*"V;%&>*+2"*>"?,&,&D*<,$,+-* )?* %#+E* T2"* "V2,(,+,)&* "&+,+<">* T2"* U#,>"* %&>* +2"* U%12"<)#-* %+* +2"* U%#(,1%&* S#+* !%<<"#=* "V;<)#"-*+2"*,$;%1+*X/12%$;* 2%>*)&*+2)-"*?)/#*)/+-+%&>,&D* $)>"#&*%#+,-+-*%&>*1"<"(#%+"-* X/12%$;a-*,1)&,1*%#+3)#G*O<$% L/*#$% -./*BB$#% L,/$% =;% P$/% L,(<$H1/'5% 9:$)% 0O<$% Q,/+$% RH,''4* %-* +2"* 1"&+#%<* ;,"1"* ,&* %&* ,&+"#>,-1,;<,&%#=* $%&&"#* 3,+2* -;"1,%<* "C"&+-* #%&D,&D* ?#)$* ;"#?)#$%&1"-* )?* e)2&* d%D"a-* $/-,1* %&>* d/&&,&D' 2%$a-* >%&1"* 12)#")D#%;2,"-* +)* +2"%+#"* ;<%=-* (=* 0%$/"<* U"1G"++* %&>* B/D"&"* I)&"-1)* 32)* %<<'+)D"+2"#* 12%<<"&D">* @A+2'1"&+/#=* %#+* (=* $"%&-* )?* %* -2%#">* X%>%,-+* )#* %(-/#>' ,-+* -"&-,(,<,+=* ,&-;,#">* (=* X/' 12%$;E f,&%<<=H*I*12%&D">*$=*$,&>* %()/+* X/12%$;* %&>* 2,-* ?"<' <)3* "&+)/#%D"E* Q"* >,>* 12%<' <"&D"* $=* <,$,+-* )?* "V%-;"#%' +,)&H* 2)3"C"#H* I* D#%&+H* +2,-* %1+*#"C"%<">*%*<)+*$)#"*%()/+* +2"* &%+/#"* )?* )/#* * ,&2"#"&+* /&>"#<=,&D* #"<,%&1"* )&* -)1,%<* %&>*%"-+2"+,1*#"?"#"&1"*;),&+-* +2%&*%()/+*2,-*3)#G*,+-"<?E

!"#$%&$'($)#*)+%,%-.,*/(,'$%0!12%3456763%

The Bride and the Bachelors: Duchamp with Cage, Cunningham, Rauschenberg and Johns BARBICAN ART GALLERY

1*B#,G%*S#&)<>

Until 9 June 2013

,//2%0/&%"/#)$",%5*!3#.

Schwitters in Britain TATE BRITAIN Until 12 May 2013

8

9:$/;.<*)+% <,'% =/1>$)% #1?)%*)%,);%(,'$%,)#%)$?% .<*)+'% @"'.% =$% @,#$% 1".% 1A%.<$%A/,+@$).'28 !"#$%&'()#&* %#+,-+* ./#+* 0123,++"#-* 45667'5896:* ;<%=">* %&* ,&?</"&+,%<* #)<"* ,&* +2"* "%#<='@A+2* 1"&+/#=* B/#)' ;"%&* %C%&+'D%#>"* $)C"$"&+E* F)#G,&D* ,&* -"C"#%<* D"&#"-H* ,&1</>,&D* ;%,&+,&DH* -1/<;+/#"H* -)/&>H*D#%;2,1*>"-,D&*%&>*,&' -+%<<%+,)&* %#+H* 0123,++"#-* -"+* )/+* +)* 1)$(,&"* %<<* 1)&1",C'

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

dll rrrrr beeeee bรถ fรผmms bรถ, rrrrr beeeee bรถ fรผmms bรถ wรถ, beeeee bรถ fรผmms bรถ wรถ tรครค 09K($/B.%A/1@%.<$%C/'1),.$4

%(<"* $">,%* ?)#* %#+,-+,1* ;/#' ;)-"-E* I&* 5858* 2"* ?%$)/-<=* &%$">* +2,-* +"12&,J/"* KL"#MK* N%* +"#$* +2%+* "$"#D">* ?#)$* )&"* )?* 2,-* 1)<<%D"-* -2)3,&D* %* O.)$$"#M'* /&>* P#,C%+(%&GO* %>C"#+,-"$"&+E* L"#M* 2%-* ?/#' +2"#*(""&*%--)1,%+">*3,+2*+2"* !"#$%&*3)#>-*012$"#MH*Q"#M* %&>*LR#M*4;%,&H*2"%#+*%&>*+2"*

+2"* /-%D"* )?* $%+"#,%<-* 2%-* -,&1"* +2"&* ("1)$"* 1<)-"<=* %--)1,%+">* 3,+2* W/--,%&* 1)&' -+#/1+,C,-$H* X"* 0+,Y<* %&>* ;%#' +,1/<%#<=* 3,+2* >%>%,-+* 1)&1";' +,)&-* )?* %&+,'%#+E* I<</-,)&-* )?* >";+2H* ,$;#"--,)&-* )?* <%="#">* ?#%D$"&+%+,)&* %&>* +2"* D")' $"+#,1*%##%&D"$"&+-*)?*?)/&>* )(Y"1+-*,&*2,-*3)#G*2%C"*$%>"*

-(<?*..$/'%B$/A1/@*)+%.<$%C/'1),.$5%6D%E$=/",/%673F G<*H,#$HB<*,%I"'$"@%1A%J/.

2,$* Z+2"* -/;#"$"* $%-+"#* )?* 1)<<%D"[E* S?+"#* +2"* !"#$%&* \%M,* ;%#+=* >"1<%#">* 2,-* 3)#G* >"' D"&"#%+"* ,&* 58]7H* 0123,+' +"#-* ?<">* +)* \)#3%=* 32"#"* +2"* 01%&>,&%C,%&* <%&>-1%;"* 2"%C,<=* ,$;%1+">* 2,-* %(-+#%1+* ;)#+#%=%<* )?* &%+/#%<* ?)#$-E* I&* 589AH* 32"&* \)#3%=* 3%-* ,&C%>">* (=* !"#$%&=H* 2"* 3%-* %D%,&* ?)#1">* +)* ?<""E* Q"* %#' #,C">* ,&* B>,&(/#D2* %&>* 3%-* ?)#1">* +)* ?,&>* 1#"%+,C,+=* ,&* %* U#,+,-2*,&+"#&$"&+*1%$;E*X/#' ,&D*+2"*5^*$)&+2-*2"*-;"&+*,&*

!"#$%%&##'()"*+,%&-".$%/+*01"23451"

2"#"*,-*%*1#)3>*)?*;#)$,' &"&+*%#+*1#,+,1-*-/##)/&>' ,&D* %&* )(Y"1+* 32,12* 1%&* ("* >"-1#,(">* %-* %* (,1=1<"* 32""<* $)/&+">* )&* +);* )?* %* G,+12"&* -+))<* %+* +2"* U%#(,1%&* S#+* !%<<"#=E* I+* ,-* L%#1"<* X/' 12%$;a-* ?,#-+* #"%>=$%>"N%* $%--';#)>/1">* )(Y"1+* #"'1)&' +"V+/%<,-">* %-* %* 3)#G* )?* %#+H* /-/%<<=* ,&-1#,(">* 3,+2* %* >%+"H* -,D&%+/#"*%&>*%&"1>)+"*(=*+2"* %#+,-+*2,$-"<?*+)*%/+2)#,-"*+2"* &"3*-+%+/-*)?*+2"*)(Y"1+E*I*1%&* 2"%#*+2"*%#+*<,+"#%+"*;");<"*,&* +2"*#))$*C),1"*;#%,-"*%&>*%>' $,#%+,)&* ?)#* X/12%$;a-* L*(;M (H$%N<$$H*4585]:*3,+2*+2"*)&<=* "V1";+,)&*)?*$=-"<?N?/#,)/-<=* $%#G,&D*>)3&*&)+"-*+2%+*("%#* +2"*-,D&-*)?*1)&?/-,)&H*,&1)$' ;#"2"&-,)&* %&>* -2""#* %&&)=' %&1"E** S&* )#>,&%#=* ;)#1"<%,&* /#,' &%<H* $)/&+">* )&* ,+-* -,>"* %&>* -,D&">* ZWEL/++Zb* %* ()++<"* #%1Gb* +2#""* +2#"%>-* D</">* +)* +2#""* ;%,&+">* 1%&C%-* -+#,;-N* +2"-"* %#"* )&<=* %* ?"3* -"<"1+">* $%-+"#;,"1"-* +2"* "&,D$%+,1* %#+,-+* L%#1"<* X/12%$;* 2%>* ;#)>/1">* +)* 1%/-"* /;#)%#* ,&* \"3* c)#G* %&>* P%#,-* %<$)-+* %* 1"&+/#=* %D)E* T2"* ;#)C)1%+,C"* &%+/#"*)?*2,-*#"%>=$%>"-*%&>* )+2"#*%#+3)#G-*<">*+)*X/12%$;* (",&D* ,&+#,&-,1%<<=* %--)1,%+">* 3,+2* X%>%N+2"* $)C"$"&+* )?* +2"* "%#<=* @A+2* 1"&+/#=H* >">,' 1%+">* +)* )C"#+/#&,&D* "-+%(' <,-2">* C%</"-* 3,+2,&* %#+-* %&>* -)1,"+=E*U=*1#"%+,&D*3)#G-*<,G"* E1").,*)* 45857:* N* +2"* ;)#1"' <%,&* /#,&%<NX/12%$;* %,$">* &)+* +)* >"$)&-+#%+"* +2"* "&>* )?*%<<*%#+*(/+*+2"*("D,&&,&D*)?* -)$"+2,&D*"<-"Na%&+,'%"-+2"+'

+2"* Q/+12,&-)&* 1%$;* )&* +2"* I-<"* )?* L%&H* 0123,++"#-* /-">* 32%+"C"#* $%+"#,%<-* 2"* 1)/<>* ?,&>* %&>* ;#)>/1">* )C"#* @AA* %(-+#%1+* ;%,&+,&D-H* %--"$' (<%D"-* %&>* ;)#+#%,+-E* _;)&* #"<"%-"* 2"* $)C">* +)* `)&>)&* %&>* 1)&+,&/">* +)* >#%3* ,&-;,' #%+,)&* ?#)$* "C"#=>%=* OY/&GOE* 0123,++"#-* 3"&+* )&* +)* -2)3* 3)#G* %<)&D-,>"* $%Y)#* U#,+,-2* %(-+#%1+*%&>*-/##"%<,-+*%#+,-+-* ,&*+2"*\"3*L)C"$"&+-*,&*S#+* "V2,(,+,)&* ,&* 589@* %&>* ;"#' ?)#$">* 2,-* ;#)$,&"&+* _#-)&' %+"*4%*>%>%,-+,1*-;""12');"#%:*

#)*(1!&,$" ZS&>*,+*1%$"*+)*$"*+2"&E* T2%+* 3"* 3"#"* 3)&>"#?/<* +#%C"<,&D* 1)$;%&,)&-* (/+* ,&* +2"*"&>*&)*$)#"*+2%&*<)&"<=* </$;-* )?* $"+%<* ,&* +2",#* )3&* -";%#%+"* )#(,+-E* f#)$* ?%#* )??* +2"=* <))G* <,G"* ("%/+,?/<* -2))+,&D*-+%#-H*(/+*,&*#"%<,+=* +2"=O#"* &)+2,&D* $)#"* +2%&* ;#,-)&-H*32"#"*"%12*)?*/-*,-* <)1G">* /;* %<)&"H* D),&D* &)' 32"#"E* F2"&* +2"* )#(,+-* )?* +2"-"* +3)* -%+"<<,+"-* )?* )/#-* 2%;;"&">*+)*1#)--*;%+2-H*3"* 1)/<>* ("* +)D"+2"#E* L%=("* "C"&*);"&*)/#*2"%#+-*+)*"%12* )+2"#E* U/+* +2%+* 3%-* )&<=* ?)#* +2"* (#,"?"-+* $)$"&+E* I&* +2"* &"V+* ,&-+%&+* 3"O>* ("* ,&* %(' -)</+"* -)<,+/>"E* _&+,<* 3"* (/#&">*/;*%&>*("1%$"*&)+2' ,&DE[* โ ซ ฺ โ ฌ+DUXNL 0XUDNDPL -B".)*>%-?$$.<$,/. %+* +2"* L)>"#&* S#+* !%<<"#=* ,&* 5899E* I&* 5896* ./#+* 0123,++"#-* ;%--">* %3%=N)&"* >%=* %?+"#* 2"* 2%>* (""&* D#%&+">* U#,+,-2* 1,+,M"&-2,;E** \)+* "C"#=+2,&D* +2%+* %;;"%#-* #%&>)$*2%-*+)*("E*I&*$=*42/$' (<":* );,&,)&* "C"&* -""$,&D<=* %(-/#>* "C"#='>%=* )(Y"1+-* 1%&* ("* ;<%1">* ,&+)* %&* /&1)&C"&' +,)&%<<=*$"%&,&D?/<*1)&+"V+E*

1.%+"#,&"*L%#,%*\,">,&D"#

!"

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

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

LGBT HISTORY MONTH LINE-UP AfĂ&#x203A; m]flaYd D?:L >a_mj]k Exhibition

'++$'!%,('0)-.%&'")*+%"(*1

Date: All Month, LGF of the NAB/The Quad

!

L`] ?Yq DaZ]jYlagf >jgfl Exhibition

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

Date: All Month, LGF of the NAB/The Quad

L`] Jgd] g^ >]eafake af D?:L @aklgjq With Linda Bellos OBE Date: Wed 20 Feb, 6.00 PM, TW1.G.01

?Yl]oYq Lg @]Yn]f Fifty Years of Lesbian and Gay Oral History with Clare Summerskill Date: Mon 25 Feb, 6.00 PM, Graham Wallas Room, Old Building

A collection of stories about the lives of forty-six older lesbians and gay men and their experiences from the 1940s to the 1990s. The chapters address a range of subjects relating to personal, social and political history from the twentieth century.

Free entry, booking available at http://www. eventbrite.co.uk/event/5507230274

D?:L af HghmdYj ;mdlmj] Open Mic Night

Date: Tue 26 Feb, 7.30 PM, Three Tuns

L`] Da^] g^ 9dYf Lmjaf_ Guest Speaker

Date: Wed 27 Feb, 5.30 PM, CLM. 7.02

''B-#()-'B-C$+#

<&#-'=-)

;"**.&';"**.&

32"' -.(' A2$(01' -.%-' @2*0$' 52-' $(-"%<-' 3"2A' -.(' <02-.(1' )*-' 1-#00'0227'1-*55#5CD >1' -.(' 2=(5#5C' )%"1' 23' :0/ 0#('M2*0$#5CE1'N>5&-.#5C'?2*0$' I%==(5E' 3#00($' -.(' I25C' O25C' F.(%-"(8' A2$(01' 1.2@<%1#5C' -.(' P*330(' P*330(' <200(<-#25' A%$('-.(#"'@%&'$2@5'-.('"*5/ @%&8' 1-%"-#5C' -.(' 1.2@' @#-.' )20$' Q(@(0' <202*"1' %5$' =0%&/ 3*0' =%--("51' #5' $"(11(1' %5$' A%-<.#5C' -"2*1("' 1*#-1D' R5' -.(' 3#"1-'23'-@2'@%071'32"'-.('A(51/ @(%"' <200(<-#2518' -.*)' /)0' -(1-($' -.(' )2*5$%"&' )(-@((5' -"%$#-#25%0' A%1<*0#5#-&' %5$' .("' (<<(5-"#<' =("<(=-#25' 23' -.(' %(1-.(-#<1' 23' A%1<*0#5#-&8' @#-.' )2@' -#(18' )%<7=%<71' %5$' 75#-@(%"'3022$#5C'-.('<%-@%07D' 102*.' (*)0.34546+.' )2*C.-' %' 1#A=0#1-#<' <200(<-#25' #51=#"($' )&' 5#5(-#(1' A#5#A%0#1A' @#-.' @(00/<*-' Q%<7(-18' <0(%5' 0#5(1' %5$'%'5(*-"%0'=%0(--('(A)2$&/ #5C' =*"#-&' %5$' 0*B*"&' #5' (L*%0' A(%1*"(D'F.#1'A(0-($'#5-2'4#5/ 78609'-6)09E1'A252<."2A(' %5$' /):4;<):4' 1=#"#-' #53*1($' <200(<-#258' @#-.' -.(' 1#0.2*(--(' )%1($' 25' -.(' <2"(' L*%0#-#(1' 23' 6%)#/9%)#S' #A=("3(<-8' #A=("/ A%5(5-8' %5$' #5<2A=0(-(D' !20/ 02@#5C' 258' #5' -.(' 3#"1-' 23' -@2' <200(<-#251' #5' -.(' 1.2@8' =)*4; 0)'=)>+?*'$#1=0%&($'%'="2G2</ %-#G('%5$'=2@("3*0'&(-'1(51*%0' %5$'(0(C%5-'1(-'23'$(1#C51D @)AB?' C?02?0' @%1' %00' %)2*-'-.('1-"((-/@(%"8'@#-.'G#/ )"%5-'=%--("5($'-/1.#"-1'<0(%"0&' #51=#"($' )&' %"-8' =.2-2C"%=.&8' A*1#<8' -.(' 1-"((-' %5$' )(&25$D' F.("(E1' 52' -@2' @%&1' %)2*-' #-8' -.#1'@%1'%'1("#2*10&'<220'<%1*/ %0' <200(<-#25' -.%-' @2*0$5E-' )(' 1((5'2*-'23'=0%<('25'I2*C.-25' 9-"((-' %5$' %"2*5$' <%A=*1D' I#%AE1' NH25E-' 9%G(' K(E' .%$' A2$(01' .#C./3#G#5C' #5' -.(' A#$$0(' 23' -.(' <%-@%07' @.#01-' @(%"#5C' @)*4D?' =604+?B?E1' 1=2"-&' &(-' 3(A#5#5(' <200(</

*$0%,'$"#

5-#(3+' B")($+,+

E8.'@45*?C?)0'F?602)+4?0

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

0*B*"#2*1' &(-' .#C.0&' @(%"%)0(' 3"2A' F.A4G.' H?I)>' CA)0?>D' 62A(51@(%"'(5$($'25'%'.#C.8' @#-.'#5$(=(5$(5-'J022A1)*"&/ )%1($'$(1#C5("',?6*8)0',)>; B)E1' A252<."2A(' <200(<-#25' 0#3-($' )&' 1*)-0(' 0#5(1' 23' 0#A(' C"((58'<%5%"&'&(002@'%5$'5(25' 2"%5C(8'%025C'@#-.'%'3(%-.("($' (G(5#5C'$"(11'-2'<021('-.('<20/ 0(<-#25D' =)*40)' =)>+?*' "(/ -*"5($'-2'$"%@'-.('1.2@'-2'%5' (332"-0(110&'(0(C%5-'<021(8'@#-.'

T%02A%'!%#-.E1'NW(G("'F(%"';1' >=%"-E' 3#00#5C' -.(' -.(%-"(D' F.(' *5$#1=*-($'A21-'=2=*0%"'=#(<(' 23' -.(' (G(5#5CU%' 1%-#5' )0%<7' A*00(-' $"(11U2=(5($' -.(' <20/ 0(<-#25' @.#0(' %' 3022"' 0(5C-.'

1#0G("' 1%"-2"#%0' A%1-("=#(<(' )2*C.-' -.(' (5-#"(' (G(5#5C' -2' %5'(5$D R-' @%1' %' <0(%"' <(0()"%-#25' 23' )(%*-#3*0' 3%1.#25' 3"2A' 425/ $25/)%1($' $(1#C5("1D' K252/ <."2A(8' 75#-@(%"' %5$' G#)"%5-' Q(@(0'-25(1'$2A#5%-($'-.('<%-/ @%078'@#-.'=0%&3*0'=%--("51'%5$' ="(==&' A(51@(%"' 1((A#5C0&' .("(' -2' 1-%&D' F.#1' @%1' 49:' %5$'425$25'3%1.#25'%-'#-1'G("&' )(1-S' -.(' =("3(<-' @%&' -2' 7#<7' 233'425$25'!%1.#25'6((7X

%':AA%'!2"-.

6()/A%")1' <"-)1

4-,,-, 5-.,+' 6+)7+) >)7#&'?#-)&@(0("$&

B-$%&#()&'=&(#

!"

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

,4").1=?,R>4";&'4."&="($+*4"

1&:"<" $::4"&=" 1;."2..3 0512,(3.14

K4"(D3&.L$*MJNB&--

D%+&*;(,;+&*%()'>#(%#N'"&*1#% ("&(%-,#.*d(%&88,@%()'>; #(.%(,%=#%.,8-%&=,0#%("#)$% +&'#%0&87#5%G)("%&%1$,@)*1% *7/=#$%,+%7.#$.:%(").%&22% @)88%$#&884%"#82%4,7%=#&(%("#% (,7(.:%+$,/%+,,(=&88%(,%/7.)'% &*-%#0#$4(")*1%)*%=#(@##*5

56"3,(341$+1.+%" K4"(D3&.L$*MJNB&--

76"89*

K4"(D3&.L$*MJO?+;&3*;NB&--

Y,@%&0&)8&=8#%,*%D*-$,)-:% #*F,4%4,7$%+&0,7$)(#%P"&*; *#8%X%.",@.:%=7(%-,*?(% #N2#'(%(,%=#%&=8#%(,%,*% ("#%=7.5%M(%',/#.%@)("%*,% ,2(),*%(,%-,@*8,&-%&*-%).% ,*84%7.&=8#%,0#$%G)O)5

86"('#.4"$)*"4:;.+.4%

K4"(D3&.L$*MJO?+;&3*;NPQFRSOQFRT

D*,("#$%&22%F7.(%',/)*1% (,%D*-$,)-%).%(").%1$#&(% TI%2"4.)'.%1&/#%("&(%"&.% #*(#$(&)*#-%)S",*#%7.; #$.%+,$%/&*4%",7$.5

"

<6"/,)'#.%

K4"(D3&.L$*K)3+-O?+;&3*;$1$B&--

D%1$#&(%8)((8#%($&0#88)*1% 17)-#%&22%("&(%=7)8-.%&%.,; ')&8%*#(@,$>%&$,7*-%+#88,@% ($&0#88#$.:%/&>)*1%.7$#%4,7% >##2%72;(,;-&(#%@)("%@"&(% ,("#$.%&$#%$#',//#*-)*15%

,="%&'>*"?,3."1&"2+,1."=&+" 1;."1.(;)&?&@%"4.(1,&)"&=" :$+1#A"./$,?"BCDEF9G9HIJ BECKCLMCN9FGOFC6D96PQ

'$ ()*+,$ #-$ "&-$ .-"/0&1 *+2$ $ $ 30&/-45-/$ "2"*+/($ ()-$ #&3+2$63.7-(*(3&/8$9-6"0/-$ "6(0"44:8$ ()-$ 63.7"+*-/$ ()"($ "&-$ .3/($ 4*,-4:$ (3$ 9-$ ;*/&071 (*5-$ *+$ #)"($ #-$ ;3$ "&-$ <3321 4-$ ()&302)$ =30>09-8$ ?."@3+$ ()&302)$A35-B*4.$"+;$C-(D4*EFG

!""

!

"#.#% &$#% ("#% /7.)*1.% ,+% ("#% /&*&1#$% ,+% AAP% )S; 8&4#$:%I&*)#8%I&*>#$:%@",%% ).%.(&$()*1%(,%$#',*.)-#$%("#%+7; (7$#%,+%(#8#0).),*5%% %3&.(%4#&$:%)S8&4#$%$#'#)0#-% J5TJ% =)88),*% $#U7#.(.% +,$% 2$,; 1$&//#.V%&*%)*'$#&.#%+$,/%("#% L5WX% =)88),*% ,+% ("#% 4#&$% JKLL5% !").% ($#*-% -,#.% *,(% ',/#% (,% &*4% .7$2$).#% (,% ("#% 2#,28#% @,$>)*1% )*% ("#% )*-7($4V%%+&'#-% @)("%+&.(#$%=$,&-=&*-%.2##-.:% /,$#%/,=)8#%-#0)'#.%&*-%/,$#% 2$#0),7.84% =$,&-'&.(#-% ',*;

!"#$%&'

!"#%&22%("&(%&88,@.%4,7% (,%.722,$(%&*-%+7*-%2$,; F#'(.%4,7d$#%)*(#$#.(#-% )*:%,$%"#82%$&).#%+7*-.% +,$%&%*#@%2$,F#'(5

1;."='1'+.S

.",@*%)*)()&884%,*%)S8&4#$5%% D88% (").% =#1.% ("#% U7#.(),*9% G&.% ("#% H30/-$ 3D$ I"&;/% ($)'>% .)/284% &% /&$>#()*1% 28,4% +$,/% Y#(+8)N:% ,$% -,#.% (").% .)1*&8% &%

"all this begs the question: was the House of Cards trick simply a marketing ploy from Netflix, or does this signal a new era for television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

+$2"#$+ !

W Hotel Leicester Square 10 Wardour Street London W1D 6QF 020 7758 1088 Hours Mon - Thurs 7-11am, 12-3pm, 5-11pm Sat 7-11am, 12-3pm, 5pm-12am Sun 8-11:30am, 12-3pm, 5-12am Average spend £30-50 for two Reservations: Yes

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`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

3)>#% /&*4% /&$>#(.9% D228#5% H7/,7$.% &=,7*-% ("&(% JKLT% ).% ("#% 4#&$% @"#*% D228#% /&4% $#8#&.#% ("#)$% 0#$4% ,@*% (#8#0); .),*:% -7==#-% ("#% a)!]b5% <&0; )*1% F7.(% ")$#-% &*% #N2#$(% +$,/% 3c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adM% (")*>% @#% &$#% /#&.7$)*1% ,7$; .#80#.%&1&)*.(%("#%@$,*1%',/; 2#()(,$.:b%"#%.##/.%(,%=#%$)1"(% ,*%("#%/,*#45

² B)'"&#8%S#&$.,*

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

[

N+,$-% `*)0#$.)(4% ).% -#; 0#8,2)*1% &% .4.(#/% ("&(% &88,@.% &% '&$% (,% -$)0#% )(; .#8+:%,*84%+,$%eLKK%f("#4%",2#g5% !"#% '&$% -,#.*d(% 7.#% cS6% =7(% =7)8-.% 72% &% /,-#8% ,+% ("#% .7$; $,7*-)*1.:% (&>)*1% ,0#$% +$,/% ("#%-$)0#$%@"#*%)*%+&/)8)&$%.#(; ()*1.%@")'"%)(%"&.%8#&$*(%&=,7(5% !"#% .4.(#/% 7.#.% 8&.#$.% &*-% '&/#$&.% (,% =7)8-% 72% &% 2)'(7$#% ,+% 4,7$% .7$$,7*-)*1.5I$)0#$; 8#..%'&$.%&$#%&8.,%=#)*1%-#0#8; ,2#-%=4%'&$%/&*7+&'(7$#$.%&*-% #0#*%c,,18#:%@",%"&.%'8,'>#-% 72% ,0#$% TKK:KKK% '$&.";+$##% -$)0#$8#..%/)8#.5 !"#% U7#.(),*% ).% (",71"9% G,78-%4,7%($7.(%4,7$%'&$\

.)80#$%.2,,*.%&*-%8,,>#-%(&*(&; 8).)*1:%=7(%("#%',',*7(%+8&0,7$% @&.% 2#$"&2.% (,,% ,0#$2,@#$; )*15% <,@#0#$:% ("#% (7*&% &*-% '")88)% (&2),'&% *&0)1&(#-% @#88% =#(@##*% .@##(*#..% &*-% (&*1); *#..:%/&>)*1%)(%&*%&-0#*(7$,7.% &*-%@,$("@")8#%.*&'>5%D8.,%,*% ,++#$%-7$)*1%("#%8&7*'"%@&.%&*% D.)&*;.(48#% ',8#.8&@Q.,/#; @"&(% )*',*1$7,7.84% .#$0#-% )*% &% '&$-=,&$-% =,NQ&*-% .,/#% -#8)'&(#% .#&% =&..% .&.")/)5% M*% &--)(),*%(,%(").%.#8#'(),*:%'7.; (,/#$.% '&*% #N2#'(% 1$#&(% 0&; $)#(4% 2$,0)-#-% =4% &% /#*7% ,+% @##>84%'"&*1)*1%.2#')&8.5% M*% 0,17#% @)("% ("#% 62)'#% B&$>#(% )/&1#:% !"#$ %"&% .#(.% ,7(%(,%)/2$#..%)*%&%'")'%4#(%$#; 8&N#-%#*0)$,*/#*(5%M(?.%&%28&'#% (,%'&.7&884%.)2%','>(&)8.%@")8.(% 1$&R)*1% ,*% "#&8("4% '&*&2E.:% &*-% +##8)*1% @,*-$,7.84% 17)8(; +$##5%

%

%Æ%%S",#=#%D/,$,.,

!"

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

!"#$%&

ROSE THEATRE until 3 Mar 2013 Written by William Shakespeare Directed by Martin Parr Starring Jonathan Broadbent

!

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

J9,+($Y#O-"#*)

interested in going to the theatre for free? (and no, you don't have to review anything)

EDITOR'S PICK FACTS, FICTION and PHILOSOPHY An Evening of Words, Film and Performance 19 Feb 2013, 6.30pm LSE Atrium Gallery Drinks reception / no ticket price

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

Last week, the Theatre section was giving away two tickets to see Money the Game Show at the Bush Theatre.

Surprisingly (or not, this is the Theatre section), there was no winning competition entry. There was no entry.

As such, this week is a

ROLLOVER JACKPOT

Last week's prize is still up for grabs (two tickets to see Money the Game Show).

Please email theatre@ thebeaveronline.co.uk to 'win' these tickets.

In addition, we are pleased to announce that we have two tickets for Privates on Parade, starring Simon Russell Beale and Joseph Timms.

Please email an(y) entry to the following question (to the same address as above):

"biscuits were handed out, only to be stolen back again"

Which date(s) is best for you to attend Privates on Parade?

NB: (for both shows) two tickets subject to availability for any performance until 2 March.

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

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`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

E+-"(#,$M7#.'

INVISIBLE DOT 2 Northdown St Kings Cross, N1 New Wave is a monthly show, and is next on14th Mar 2013

!"

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

'()*+("%$",-(".#,/,-&%0,".&*,*1#(+ /-,)0$#1)2'+1.()233%+4)5!"#$%&'()*+,&-.5)%+)".$#)1-'()67+1)')83..98'1-)

J

&' &0"' .%/#&' /"-")#"' *.' !"#$%&'() *+,&-.3' )=5 &0*/' T/"&' U)#&*+' U-5 -%#' 4)#' @)++"(' @8' &0"' 1)-&' !%#+"8'V*/$*/)&%*+'./*7'&0"' *$"+%+,'*.'&0"%/'U=/*'!%#+"8' ;)/G:'W"'4)#')'@)(',=8:'X*-5 =7"#' 4"/"' #0/%+G54/)$$"(3' (""7"(' Y=+#=%&)@-"' .*/' 7%5 +*/#Z')+('#-)+("/"(')#'Y+)#5 &83'@/=&%#0')+('-*+,Z:' F*'@"'.)%/3'40"+')+')=&0*/' 60/*+%6-"#' &0"' #)(%#&%6' R*8' *.')'$#860*$)&0'0)6G%+,'&0"' -%$#'*.')'$/*#&%&=&"'4%&0'G%&605 "+'#6%##*/#')+('7%6/*4)B%+,' 0=7)+'0")(#3'&0"8A/"'@*=+(' &*'.%+('&0"7#"-B"#'@/)B%+,')' /%#%+,' &*//"+&' *.' 6*7$-)%+&#3' 7%#*,8+%#&%6'-)@"-#')+('"B"+' (")&0'&0/")&#'[%/*+%6)--8\:' ]"&'U--%#A'$*/&/)8)-'*.';)&5 /%6G' T)&"7)+^0%,05.-8%+,' $#860*$)&0%6' _8=$$%"_^%#' 7*/"' &0)+' &0"' 7")+%+,-"##' @-**(5#$-)8%+,' %&' 4)#' */%,%5 +)--8'$*/&/)8"(')#:' >+#&")(' *.' ,-*/%.8%+,' B%5 *-"+6"3' U--%#' )&&"7$&#' &*' "D$*#"' &0"' ".."6&#' *.' &0"' )$)&08' &*4)/(#' #*6%)-' $/*@5 -"7#^%+6-=(%+,'&0"'B%*-"+6"' 0%#'6/%&%6#'@"-%"B"('&0"'@**G'

4*=-(' "+,"+("/:' T)&"7)+' %#' )' @=.."(' )+(' -)6E="/"(' $/*."##%*+)-' %+' )' ./%B*-*=#' 4*/-(:' W*4"B"/3' )#' T)&"5 7)+A#' #&)-4)/&' ,/%$' *+' /")-5 %&8' -**#"+#' &0/*=,0*=&' &0"' @**G3' 4"' @",%+' &*' E="#&%*+' *=/'.%/#&'%7$/"##%*+#:' T)&"7)+' %#' #6)/%-8' (*7%5 +""/%+,3' #=/":' T=&' 0%#' #+*@5

;"*$-"' %+' T)&"7)+A#' 4*/-(' )/"' .-=%(3' @-=//%+,' &*5 ,"&0"/'%+'&0"'6-%$$"(3'$0-",5 7)&%6' +)//)&%*+:' F0"' *+-8' #*-%(' )##=/"(+"##' %+' T)&"5 7)+A#' 6*+.=#"(' $"/#$"6&%B"' )/"'&0"'-)@"-#'*.'&0"'("#%,+5 "/' 6-*&0%+,' )+(' &0"' ("#6/%$5 &%*+#' *.' 0%#' .)B*=/%&"' 7=5 #%6' )/&%#&#:' F0"#"' 7*7"+&#'

6/")#%+,' $)6"' )+(' &0/%--' *.' &0"' B%*-"+&' 7=/("/' #6"+"#:' 1"' )/"' #"-.%#0-8' (/)4+' &*' 40)&' ).."6&#' =#' 7*#&:' 1"' "+R*83' */' )&' -")#&' .%+(' 7*#&' ".."6&%B"3' &0"' &*/&=/"' *.' T)&"7)+A#' B%6&%7#N' 0*45 "B"/3' 4"' .*6=#' *+' &0"' ,*/"' *.' &0"' #6"+"' )+(' *=/' *4+' (%#,=#&"(' /")6&%*+3' /)&05

@%#0+"##3' @)(' &)#&"' )+(' %75 $)&%"+6"' %#' )-#*' 0%-)/%*=#-8' .=++8:' V0)/)6&"/#' )/"' 6*+5 #&/="(' @8' 0%#' ("-=#%*+#' )+(' 4"'.%+('*=/#"-B"#'%+')'4*/-(' 40"/"' 4"' )/"' %+' )' 6*+#&)+&' ("@)&"`'#0*=-('4"'$/)%#"'&0"' "7$"/*/A#' +"4' 6-*&0"#' */' /)%#"'*=/'6*+6"/+#a'J#'T)&"5 7)+' 4)&60"#' )' 60""/%*' @"5 %+,'%+&"/B%"4"('*+'&"-"B%#%*+' )+(' %#' #&)-G"(' @8' )+' )+&0/*5 $*7*/$0%6' @"+603' 4"' @",%+' &*' 4*+("/' 40"&0"/' T)&"5 7)+A#'0*7%6%()-'6/%7"#'&/=-8' (%('0)$$"+'*/'+*&:'

*.' 6-)/%&8' )/"' &0"' $)/&#' &0"' /")("/' %#' G""+' &*' #G%$' ' [408' /")(')'(/8'60)$&"/')@*=&'&0"' 7=#%6)-')60%"B"7"+&#'*.';0%-' V*--%+#a\3' 8"&' &0"8' )/"' #*7"' *.' &0"' 7*7"+&#' 7*#&' %+&"5 ,/)-' &*' T)&"7)+3' &0"' *+-8' 4)8'%+'40%60'0"'6)+',/*=+(' 0%#' 6*+&/*-' %+' &0"' 4*/-(:' <=@#"E="+&-83' *=/' )&&%5 &=("'&*4)/('T)&"7)+')--*4#' =#' &*' .)--' E=%&"' ")#%-8' %+&*' U--%#A' &/)$:' b=/' (%#7%##)-' *.' &0"#"' 7*7"+&#' 0%,0-%,0&#' *=/' *4+' )$)&08' )+(' 4"' @"5 6*7"' G""+' &*' /")60' &0"' %+5

"/' &0)+' &0"' #)-%"+6"' *.' &0"' -)/,"/' #*6%)-' %##="#' %+' &0"' @)6G,/*=+(3' 40"&0"/' &0%#' @"' &0"' )@=#"' *.' 0*7"-"##' %+(%B%(=)-#' */' #8#&"7)&%6' B%*-"+6"' ),)%+#&' 4*7"+: J-7*#&'%+'/"#$*+#"'&*'&0%#3' T)&"7)+' @",%+#' &*' ("#6/%@"' 0%#' #&)&"' )#' *+"' %+' 40%60' 0"' %#' (%#)$$")/%+,' 6*7$-"&"5 -8' %+' &0"' 6*+.=#%*+' *.' &0"' 4*/-(' )/*=+(' 0%7`' _&0"/"' %#' )+' %(")' *.' )' ;)&/%6G' T)&"5 7)+3' #*7"' G%+(' *.' )@#&/)65 &%*+3'@=&'&0"/"'%#'+*'/")-'7"_: T*&0' &0"' #=//*=+(%+,'

"our dismissal of these moments highlights our own apathy and we become keen to reach the increasing pace and thrill of the violent murder scenes"

60)/)6&"/#' )+(' &0"' /")("/' )/"' )$)&0"&%6' @8#&)+("/#3' 4)&60%+,' &0"' "D$-%6%&' ("6)8' *.'&0"'%+(%B%(=)-'%+'&0"'7%(#&' *.' &0"' 6*+.=#%+,' 6*+&"7$*5 /)/8'4*/-(:'10"/")#'4/%&"/#' #=60')#'X*++",=&')+('b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

S)("-%+"'!:'O*@"/&#

LSE Space for Thought Literary Festival: Top Picks The Forum: The Challenge of Ageing BBC World Service LSE Literary Festival event

Date: Tue 26 February, 6.30-8pm, Sheikh Zayed Theatre

!``"#"$%&"#

The LSE and BBC World Service present the fourth in a series of events recorded with a public audience, hosted by lawyer Helena Kennedy, with Director of the Oxford Institute of Population Ageing, Sarah Harper; award-winning author P D James; and global health expert Hans Rosling.

Women Writing History Women's Library @ LSE and Gender Institute Literary Festival event

Date: Wed 27 February, 1-2.30pm, Sheikh Zayed Theatre Speakers: Molly Crabapple, Professor Mary Evans, Vicky Featherstone, Kate Mosse

!

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

0%#'0)+(#:

ÂŚ'';0%-%$'Q)--),0"/

In celebration of LSE's acquisition of the Women's Library, our distinguished panel will discuss the role of women in literature, the arts and academia today

Austerity on Trial LSE Department of Law and Just Fair Literary Festival event (with Matrix Chambers) Date: Fri 1 March, 6-9pm, Sheikh Zayed Theatre

Judge: Hugh Tomlinson QC Prosecution: Karon Monaghan QC Defence: Martin Howe QC Expert Witnesses: Tim Frost, Will Hutton, Andrew Lilico, Ruth Porter, Magdalena Sepulveda and Polly Toynbee Does UK government policy on economic austerity breach international human rights law? In an innovative legal proceedings, the charges will be brought, and 'Austerity' defended, by a team of legal experts, backed by distinguished human rights and other specialist witnesses from the UK and around the world.

Comedy as Commentary LSE Literary Festival event

Date: Sat 2 March, 7-8.30pm, Sheikh Zayed Theatre Speakers: Gareth Edwards, John Finnemore, Vicki Pepperdine Much comedy writing can be read as a kind of commentary on social life. LSE welcomes a panel of writers, actors and producers of today's best loved comedy in the ND mh mZed Z[hnm ma^bk phkd Zg] ma^bk Ă&#x203A; ^e]'

For more information, please visit: lse.ac.uk/spaceforthought

20

19.02.2013 | The Beaver

ASBESTOS SAVES THE DAY, AGAIN Tanned Ale Some of the world’s leading astronomers were summoned to Houghton Street on Friday owing to reports of a meteor strike upon the LSE campus.

In the aftermath of the disaster, witnesses described the crater created by the impact as “desperately barren, with the stench of metals and asbestos filling the air.”

“I haven’t see such a trail of wanton destruction and disfigured people walking around since the AU Carol,” Jock Curtsie informed the B. “It is like a Socialist Shirker’s AGM out there.”

The impact has been described as “the worst thing to hit the LSE since Safe QGKHaddafi-Duck funded the new “Undesirables Ward” expansion to the Saint Philips Medical Centre.”

Lauren Fifeton, an expert in earth and atmospheric materials was brought in to the site from the University of Milf in Canada. Commenting on the impact zone, she noted that “something clearly hideous and destructive has happened here, although I am not sure if it was caused

by a meteor, given the lack of a giant rock or anything.”

A closer examination by scientists and school staff originally concluded that the damage caused to the East Building was actually the aftermath of a particularly rowdy Crush. This was disputed by an irate Simon from

Alphabooks, who informed the investigators that, if the damage had been from Crush “my fucking boxes would have been shifted back inside you nobs.”

The epicentre of the crater, the Sabbatical Office - or as it is officially known the Sheik Kingsley Rooms - was

destroyed beyond imagination, with bottles of cheap rosé and condom packets strewn across the entire sight. “It is like a Fatboy Slim Concert in there” Tinned Dick said, rapidly Googling popular music on Wikipedia, “Even my boxset of Schoolgirl Milky Crisis 7 was de-

stroyed.”

Speaking from his temporary office in Lovehampton, Activities and Development Officer Matthew Onacross informed the B that the destruction would actually save the LSE money, owing to the relocation of most of the Union’s commercial activities to the Saucy Hawk Students’ Reeducation Palace sometime in the next decade if the fecking builders can be arsed to actually start working, rather than just pretending to shift a few timbers around the place like extras from a fecking Laurel and Hardy short.

When asked whether the lack of an office would affect the ability of the Sabbatical Officers to work, General Sexretary Alex Putin-Day told the B that “I amma lameduck, mate. I’ll totes just start ‘werking’ from teh new Churr of Council’s office theyur well nice.”

Students’ Union Staff Member One and Students’ Union Staff Member Two were unavailable for comment and probably don’t even exist.

THOSE PAPAL CANDIDATES IN FULL John Massivesap Following the decision by the General Secretary (or Pope) to resign the Fisherman’s Throne (or Kingsley Rooms) for the ஊ UVW WLPH LQ PRUH WKDQ KDOI D millennium (or nearly a year) the B presents the possible successors to Alex BenedictDay XOXO (or John-Putin II.) All candidates will be appointed by an archaic and secretive selection process, the rules of which were either drawn up centuries ago, or in a panic last Monday when the Returning Officer accidentally deleted the Students’ Union Constitution. The election of a new Patriarch will be shown by a massive cloud of white marijuana smoke coming from Drunken McCain’s house.

Alexandra Putin-Day (69) Moderate Conservative Traditionalist. Has the backing of the Trotskyite Faction. Undermined by a sex scandal that threatened her position several weeks ago.

Odds: 4/6

Putin Alexandra-Day (69) Traditionalist Conservative Moderate. Has the backing of the Stalinist Faction. Undermined by a feminist scandal that threatened her position several weeks ago.

Odds: 5/11

Day Putin-Alexander (69) Conservative Moderate Traditionalist. Has the backing of the Leninist Faction. Undermined by a wankeing scandal that threatened her position several weeks ago.

Odds: Evens

A. N. Other (21) Liberal. Has the backing of the other 84 per cent of the LSE population. Supports free speech, prudent spending and an end to pointless campaigning.

Odds: 1000/1

!"#$%&"'

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

1,2"*&"'/34'

1#-#2*3#4+-2

@,(# N&B(0# %,(# 5B4)4%>62# 2(63()# &=# %,(# 1&)235# -?*# ELOOLRQ 5RPDQ &DWKROLFV ,65# 6""&>"$(3# %,6%# ,(# 45# 5%(BB4"A#3&1"#65#N&B(0#%,(# à®&#x160; UVW 3RQWLà®&#x2030; WR GR VR IRU RYHU ZFF# C(6)5?# @,(# R&22(A(# &=# R6)34"625#1422#'(#$&":("(3# %&#(2($%#6#"(1#N&B(#6%#%,(# ("3#&=#%,(#;&"%,?

5#607$,78,&0* '6)"9"* :%47 -#8;%-< @,(#A&:()";("%P5#'6$<#E#%&# ZRUN VFKHPHV VXà®&#x2030; HUHG D 5(%'6$<#6=%()#9BB(62#R&>)%# M>3A(5# 6A)((3# 14%,# 6# >"4E :()54%C# A)63>6%(P5# $264;# %,6%# >"B643# 5$,(;(5# 1()(# OHJDOO\ à®&#x2039; DZHG 'HVSLWH WKH 4"4%462#$&>)%#5434"A#14%,#%,(# A&:()";("%# %,(# $&>)%# &=# 6BB(625# ,65# Q>65,(3# %,(# )(A>26%4&"5# >"3()B4""4"A# %,(#1&)<#5$,(;(5?# =#>,%&*2-#4'*$,*&"7 /4$&,.%6"*?@2*$#A*&#$" H3# T424'6"3# ,65# B)&;45(3# %&# >"3&# &"(# &=# [&)3&"# %URZQâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V JUHDWHVW PLVWDNHV 'C#6""&>"$4"A#%,6%#U6'&>)# 4"%("35# %&# )(4"%)&3>$(# 6# -FB# %6S# '6"3?# U6'&>)# à®&#x160; UVW LQWURGXFHG WKH UDWH 4"# -..W0# 6"3# 6'&245,(3# 4"# *FF+0#6"3#5,&>23#%,(C#14"# %,(# "(S%# (2($%4&"# B26"# %&# )(E4"%)&3>$(#4%#4"#*F-Z? 1,-/6"*$,*&"B/"8 6WDૼ V +RVSLWDO VFDQGDO ##N&24$(#6"3#B)&5($>%&)5#6)(# 5%>3C4"A# %,(# )(B&)%# 4"%&# IDLOXUHV DW 6WDà®&#x2030; RUG +RV B4%62# %&# 5((# 1,(%,()# 6"C# $)4;4"62# $,6)A(5# 5,&>23# '(# ')&>A,%?# @,(# D)6"$45# 5HSRUW IRXQG DEXVH DQG "(A2($%#2(3#%&#%,(#>""($(5E 56)C#3(6%,5#&=#,>"3)(35#&=# B6%4("%5?# C#./4"* D,&&/"'* ;#6/43* "A7 2"4'"'*/4B"'$/3#$/,4 @,(# $&"%)&:()5462# ;(;E '()# &=# N6)246;("%# 6"3# %,(# =&);()# R&"5():6%4:(# TN0# 45# =6$4"A# 6"# &==4$462# 4":(5E %4A6%4&"# 4"%&# ,()# (SB("5(5# $264;5?# Y&))4(5# 5643# 5,(# 165#K%&%622C#)(26S(3L#6'&>%# %,(#4":(5%4A6%4&"

.*

()&"#$*+,*-%./"#&*0#& !"# !$%&'()# *+%,# -./*0# %,(# 1&)23# ,(23# 4%5# ')(6%,# 65# %,(# 789# 6"3# %,(# 8&:4(%# 7"4&"# $6;(#%&#%,(#')4"<#&=#">$2(6)# 16)?# # @,)&>A,&>%# %,(# $&23# 16)0#%,(#;("6$4"A#B)(5("$(# &=#6#$&"5%6"%#">$2(6)#%,)(6%# 4"5B4)(3# ,&B(5# %,6%# &"(# 36C# %,()(#1&>23#'(#6#1&)23#=)((# &=#">$2(6)#1(6B&"5?# D65%E=&)16)3#%&#*F-G#6"3# %,45# ,&B(# 45# =6)# =)&;# '(4"A# IXOà®&#x160; OOHG :LWK 1RUWK .RUHD $6))C4"A# &>%# 4%5# %,4)3# 6"3# ;&5%# B&1()=>2# ">$2(6)# %(5%# 265%# @>(536C0# %,(# =&$>5# &=# $&"$()"# ;6C# ,6:(# 5,4=%(3# =>)%,()# H65%0# '>%# 4%# 45# 65# B)&;4"("%# 65# (:()?# I"# %,(# ZRUGV RI &DPSDLJQ IRU 1X FOHDU 'LVDUPDPHQWâ&#x20AC;«Ú&#x2018;â&#x20AC;¬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â&#x20AC;«Ú&#x2018;â&#x20AC;¬V B>)5>4%# &=# ">$2(6)# B&1()# 4"# 4%5(2=# 6"3# 4%5# $264;5# &=# B26"E "4"A# O5%)&"A()# ;(65>)(5P# 6A64"5%#%,(#78#6"3#4%5#6224(50# 3&# "&%# =&5%()# %,(# $&"34%4&"5# RI FRQà®&#x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

;(5%4$622C# 6"3# 4"%()"6%4&"E 622C?# J&1(:()0# &"# 6# B)6$%4E FDO OHYHO WKH 1HZ 67$57 @)(6%C0# "(A&%46%(3# 4"# *F-F0# ;6"6A(3# %&# B)&B&5(# 5&;(# ;&3(5%# )(3>$%4&"5# %&# %,(# 78# 6)5("62# &"2C# =&)# %,(;# %&# EH RSSRVHG E\ WKH 5HSXE OLFDQV LQ WKH 6HQDWH :LWK VWDUNO\ GLà®&#x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à®&#x160; HG /DFN RI FODULà®&#x160; FDWLRQ ,65# B();4%%(3# (6$,# 5%6%(# %&# 4"%()B)(%#%();5#=)((2C#6"3#%&# %,(4)# )(5B($%4:(# 63:6"%6A(?# 7KH 6WUDWHJLF 2à®&#x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â&#x20AC;«Ú&#x2018;â&#x20AC;¬V SURJUHVV" 1RZ ZLWK RWKHU "6%4&"5# 4"# %,(# H65%# 3(:(2&BE 4"A# %,(4)# 6)5("6250# 1422# %,(# ">$2(6)# 5%6%(5# =(6)# %,6%# )(E 3>$4"A# %,(4)# &1"# 6);5# ;6C# )(:(62# O1(6<"(55PX# @,(5(# $&"$()"5# 6)(# $()%64"2C# "&%# YDOLG MXVWLà®&#x160; FDWLRQV IRU UHVLVW 4"A# 3456);6;("%0# '>%# %,(C# $6"# B)&:43(# 4"54A,%# 4"%&# %,(# ;&%4:6%4&"5# &=# %,(# ">$2(6)E 1(6B&"#5%6%(5#6"3#6"#>"3()E

3,(55( -

()"*+,&-.*$)/'*+""0

!"#$%&"'

5%6"34"A#&=#%,(#$>))("%#54%>E 6%4&"?

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

65#"&#5>)B)45(#%,6%#&%,()#"6E WLRQV OLNH ,UDQ RU 1RUWK .R )(6#=((2#6#"((30#(:("#6#)4A,%# B(),6B50# %&# 4"$)(65(# %,(4)5?# %XW DV D YLFLRXV FLUFOH IRUPV ,&B(#=&)#3456);6;("%#=63(5?# 7"6'2(# %&# 145,# 616C# %,(# <"&12(3A(# &=# ,&1# %&# ;6<(# ">$2(6)# 1(6B&"50# %,(# &"2C# 5&2>%4&"# 24(5# 4"# %,(# B)&E %)6$%(3# 4))(2(:6"$(# &=# %,(4)# >5(# =&)# 3(=("$(# 6"3# %,(# 4"E FUHDVHG à®&#x160; QDQFLDO SUHVVXUHV &"#"6%4&"5#%&#)(3>$(#">$2(6)# 5B("34"A# 6"3# 4":(5%# ;&"(C# 1,()(#4%#45#;&5%#"((3(3#6"3# QRW WR IXQG DQ XQMXVWLà®&#x160; DEOH >"%("6'2(0#>""($(556)C#B)&E A)6;;(?#

%%

!"#$%&"'

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

()*+,#-".%'+/#0". !"#$%&" 39% ?*4R7'% 7'"./-8% $5/#% $5"-(#K% /$R#% -/0'% $*% (-*&% #*:'*-'% /#;%39%?*4%5"G'%"%$*+/0%?*4%&*4D.%D/('%$*%&7/$'%"=*4$%+D'"#'% .7*+%4#%"-%':"/De%9'"$47'#f$5'='"G'7*-D/-';0*;4( W*&%*-%$*%:405%:*7'%/-$'7'#$/-8%$5/-8#;% C5'7'R#% "% D*$% $*% "784'% "=*4$% $5/#% &''(K% >F<[% L6$47-#K% 3V<R#%0*-$7*G'7#/"D%#$"$':'-$%$5"$%87".4"$'#%"7'%d-*$%$**% 8**.% $*% #$"0(% #4+'7:"7('$% #5'DG'#R% *7% U*:'% <'07'$"7?% C5'7'#"%N"?%"004#/-8%H4.8'#%*9%:"(/-8%$5'%LM%:*7'%."-6 8'7*4#%=?%/8-*7/-8%74D'#%"/:'.%"$%.'+*7$/-8%:*7'%9*7'/8-% 07/:/-"D#;% J7% +'75"+#% 3% 0*4D.% 5"G'% "% 8*% "$% !"=*47R#% 4-6 0*#$'.K% 4-94-.'.% +*D/$/0"D% 8/::/0(% $5"$% /#% =7/-8/-8% ="0(% $5'%@S+%$"E%7"$'; %XW ZKDW LV DQQR\LQJ PH WKLV ZHHN LV WKH 6WDроЙ V +RVSLWDO /-c4/7?;%3%"87''%&/$5%\'7':?%U4-$K%&5'-%5'%#"/.%$5'%.'"$5#% RI SDWLHQWV DW 6WDроЙ RUG +RVSLWDO VKRXOG EH LQYHVWLJDWHG E\ $5'% +*D/0';% U'% &"#% 7/85$% $*% #"?% /$% &"#% g"=#*D4$'D?% *4$7"6 8'*4#h%$5"$%-*=*.?%5".%=''-%g=7*485$%$*%=**(h;%U*#+/$"D#% "7'% :'"-$% $*% :"('% 4#% 9''D% #"9'K% &5'-% &'% 8*$% $*% 5*#+/$"D% &'%"7'%+4$$/-8%*47%$74#$%/-%$5'%.*0$*7#K%&'%"7'%c4/$'%%D/$'76 "DD?K%/-%:"-?%0"#'#K%+4$$/-8%*47%D/G'#%/-%$5'/7%5"-.#;% 7KH DEXVHV DW 6WDроЙ RUG +RVSLWDO P\ ORFDO KRVSLWDO EDFN 5*:'K%/#%5*77/9?/-8;%3%(-'&%/$%&"#%"%$'77/=D'%5*#+/$"DK%5"G6 /-8%=''-%$5'7'%:?#'D9%#'G'7"D%$/:'#K%:?%9":/D?%.'0/.'.%"% 0*4+D'% *9% ?'"7#% "8*% $5"$% &'% &*4D.% "G*/.% $5"$% 5*#+/$"D% "$% "DD%0*#$#; 2QH FDQ XQGHUVWDQG D ODFN RI VWDроЙ DQG D KLJK SUHV VXUH HQYLURQPHQW FDQ LQроЛ XHQFH WKH VLWXDWLRQ WKHUH EXW $5'%#0"D'%*9%$5'%./#"#$'7%$5"$%='9'DD%$5"$%5*#+/$"D%='88"7#% ='D/'9;%@SSS#%*9%.'"$5#K%0"4#'.%=?%-'8D/8'-0'%"-.%"%+**7% #$"-."7.%*9%0"7'K%.'9'"$%$5'%+47+*#'%*9%5'"D$50"7'; 7KH UHSRUW GHFODUHV тАл┌РтАм7UHDWPHQW DW 6WDроЙ RUG ZDV QRW H4#$%&7*-8K%/$%&"#%$74D?%.7'".94DR;%,4$%.'#+/$'%54-.7'.#%*9% +'*+D'% .?/-8% -''.D'##D?% *G'7% 9*47% ?'"7#K% $5'% 7'+*7$% .*'#% -*$%=D":'%"-?*-'%9*7%$5'%./#:"D%0"7';%C5/#%/#%./#87"0'94D; C5'7'% 5"G'% =''-% :"-?% &5*% 5"G'% #"/.% $5"$% ?'#% $5'7'% &'7'% 9"/D/-8#% "-.% $5'?% 5"G'% =''-% +*/-$'.% *4$K% "-.% $5'?% ZLOO EH роК [HG DQG ZH VKRXOG PRYH RQ %XW WKLV VKRXOG QRW ='%$5'%0"#';%)4$%?*47#'D9%/-%$5'%+*#/$/*-%*9%:"-?%/-%<$"96 9*7.K% /:"8/-'% "% 0D*#'% 9":/D?% :':='7K% #*:'*-'% ?*4% D*G'K% JRHV LQWR KRVSLWDO DQG \RX H[SHFW DQG WUXVW WKH VWDроЙ WR WDNH FDUH RI WKHP EXW LQVWHDG роК QG WKH\ KDYH EHHQ WUHDWHG DSSDOOLQJO\ DQG SXUH QHJOLJHQFH RI WKH VWDроЙ WKHUH KDV UH #4D$'.% /-% $5'/7% .'"$5;% U*&% &*4D.% ?*4% 7'"0$K% /9% ?*4% D*#$% "% 9":/D?%:':='7%/-%$5/#%&"?i%I*4D.%?*4%#/:+D?%:*G'%*-K%*7% .*%?*4%&"-$%#*:'*-'%5'D.%$*%"00*4-$%9*7%&5"$%5"++'-'.% $5'7'i%3%(-*&%&5/05%&"?%3%9''D; 2Q WR D GLроЙ HUHQW WRSLF WKH 3RSH UHVLJQHG WKLV ZDV #*:'$5/-8% *9% "% #5*0(;% Y-.% /::'./"$'D?% $&/$$'7% 'E+D*.'.% &/$5% d$5/#% :"?% 5'7"D.% "% -'&% "8'% /-% $5'% F"$5*D/0% F54705% "-.%87'"$%-'&%05"-8'#h;%I'DD%3%0'7$"/-D?%5*+'%/$%.*'#;%Y#% "-% Y-8D/0"-K% $5'% )*+'R#% +'7#*-"D% +7*H'0$% 6% $5'% J7./-"7/6 "$'% 6% &5/05% 5"#% =''-% .'#07/='% "#% "% #:"#5% "-.% 87"=% 7"/.% *-%$5'%[-8D/#5%F54705%6%:"?%0*:'%$*%"-%'-.;%C5'-%"8"/-K% :?%F"$5*D/0%97/'-.#%5"G'%"##47'.%:'%/$%&*-R$K%"-.%*-'%*9% WKHP KDV DOUHDG\ SLFNHG RXW WKH RXWроК W VKH ZLOO ZHDU WR P\ &RQроК UPDWLRQ J$5'7&/#'% &5"$% &/DD% 05"-8'i% )'*+D'% "7'% 5*+/-8% $5'7'% &/DD% ='% "% 05"-8'% *9% #$"-0'% *-% !>,C% /##4'#K% *7% +'75"+#% $5'%-'&%)*+'%&/DD%"DD*&%$5'%*7./-"$/*-%*9%&*:'-K%"-.%d8'$% &/$5%$5'%+7*87":R%=?%D'##'-/-8%/$#%*++*#/$/*-%$*%"=*7$/*-% *7%+'7:/$%$5'%4#'%*9%0*-.*:#; j'5K% $5"$R#% -*$% 8*/-8% $*% 5"++'-;% Z*:'% /#% '$'7-"D% "-.% 4-05"-8/-8K% $5'% )*+'% #'$#% .*0$7/-'K% 9*7% F"$5*D/0#% $5/#% /#%% /-9"DD/=D'% $74$5K% "-.% $74$5% /#% -*$% #'$% $*% 05"-8'% ="#'.% *-% 0/704:#$"-0';% Y% )*+'% 0"--*$% 05"-8'% .*0$7/-'% #'$% =?% 5/#% +7'.'0'##*7K%/$%/#%0*-#/.'7'.%'$'7-"D%"-.%./G/-'D?%/-#+/7'.;% 3-.''.K% &/$5*4$% :"(/-8% D/85$% *9% $5'% #/$4"$/*-K% /$% +4$#% *-'%/-%:/-.%*9%$5'%*D.%H*('%$5"$%F"$5*D/0%.*0$7/-'%0"-%='% .'#07/='.%=?e%U*&%:"-?%F"$5*D/0#%.*'#%/$%$"('%$*%05"-8'% "%D/85$=4D=i%F5"-8'i%FUYW>[ik%C5'7'%&/DD%='%-*%05"-8'% 5'7'k C5'%F"$5*D/0%F54705%&/DD%0*-$/-4'%*-K%"#%/$%"D&"?#%5"#K%% "#%&'%"&"/$%$5'%&5/$'%#:*('%97*:%$5'%05/:-'?%5'7"D./-8% $5'%"77/G"D%*9%"%-'&%U*D?%X"$5'7K%"-.%#+/7/$4"D%D'".'7%*9%@;_% ,/DD/*-%*9%$5'%&*7D.R#%F"$5*D/0#; F57/#%Z*8'7# '"()*+",-./0)%+

CATHOLIC CHURCH (ENGLAND AND WALES)

1."23#+45).')*

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роК QHV WKH SRSH LV KHDG RI DQ "=#*D4$'% :*-"705?% 5"G/-8% +*&'7%*G'7%$5'%2"$/0"-%F/$?% "-.% $5'% 4-/G'7#"D% F"$5*D/0% F54705;% 3-%*7.'7%9*7%$5'%'G'7?."?% 74--/-8% *9% $5'% 2"$/0"-% F/$?% $*% ='% '99/0/'-$% +*&'7% 5"#% =''-% .'D'8"$'.% "&"?% 97*:% $5'%+*+'%$*%G"7/*4#%=*./'#;% J-% "% D'8/#D"$/G'% D'G'D% "% 0*.'% #'$#% *4$% #+'0/9/0% 0/G/D% "-.%+'-"D%+7*0'.47'#%&5/05% $"('% +D"0'% &/$5/-% $5'% 2"$/6 0"-;% 7KHUH LV DOVR WKH 3RQWLроК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роЙ HUV VRPHZKDW 97*:% *$5'7% #$"$'#% 9*7% 'E":6 +D'%':+D*?''#%*9%$5'%2"$/0"-% +"?%-*%/-0*:'%$"E%*7%04#$*:% .4$/'#% *-% +7*.40$#% =*485$% &/$5/-%$5'%2"$/0"-%F/$?;% V'#+/$'% $5'% 2"$/0"-% -*$% ='/-8%"%0/G/D%#$"$'K%.4'%$*%/$#%

"=#*D4$'% :*-"705?K% /$% #$/DD% +D"?#%/$#%+"7$%/-%/-$'7-"$/*-6 "D%+*D/$/0#;% I/$5/-% $5'% 97":'&*7(% *9% $5'% LW% $5'% 2"$/0"-% +D"?#% "% 7*D'% /-% /-#$/$4$/*-#% #405% "#% $5'% X**.% "-.% Y87/04D6 $47"D%J78"-/#"$/*-%/-%Z*:';% N*7'*G'7% $5'% 2"$/0"-% $"('#% +"7$% /-% [47*+'"-% L-/*-% 7'6 D"$/*-#% "#% &'DD% "#% 5"G/-8% VRPH LQроЛ XHQFH LQ WKH ,Q $'7-"$/*-"D% Y$*:/0% [-'78?% Y8'-0?; 3-% D/85$% *9% $5'#'% +*&'7#% $5'% 2"$/0"-K% =4$% :*7'% #/86 QLроК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роЙ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`)"+"D% 'D'0$/*-a;% C5'% F*DD'8'% 0477'-$D?% 5"#% _Sb% :':='7#% 5*&'G'7% *-D?% $5*#'% 4-.'7% $5'% "8'% *9% PS% 0"-%G*$'%'-#47/-8%$5'7'%"7'% -*% :*7'% $5"-% @_S% 0"7./-"D%

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c4/7'.;% 2*$/-8% 0*-$/-4'#% 4-$/D% #405% "% :"6 H*7/$?%0"-%='%7'"05'.%:'"-6 /-8% $5'% G*$/-8% +7*0'##% 0"-% ='%7"$5'7%D'-8$5?;% 39% $5'7'% /#% -*% 0*-#'-#4#% "9$'7% b% ."?#% $5'7'% 0"-% ='% "% #4#+'-#/*-% *9% *-'% ."?% 9*7% +7"?'7%#*%"#%$*%5*+'94DD?%'-6 0*47"8'%"%.'0/#/*-;% J-0'% "% 0*-#'-#4#% /#% 7'"05'.% $5'% &*7D.% /#% /-6 9*7:'.% G/"% $5'% #/8-"D% *9% &5/$'%#:*('%':'78/-8%97*:% $5'%2"$/0"-R#%05/:-'?#;%C5'% -'&% +*+'% &/DD% $5'-% ='% "-6 -*4-0'.% $*% $5'% &*7D.% "-.% 5/#% $/:'% *9% #'7G/0'% &/DD% ='6 8/-;% \"(*=% )47("7$5*9'7K% 97*:% Y4#$7/"R#% )D"$9*7:% 9*7% 2/06 $/:#% *9% F54705% 2/*D'-0'K% 5"#% #488'#$'.% $5"$% $5'% -'&% "++*/-$:'-$% /#% d"% 05"-0'% 9*7% 7'"D% 05"-8'K% +'75"+#% $5'%='#$%$5/-8%5'%`$5'%+*+'a% 0*4D.% 5"G'% .*-'% 9*7% $5'% 054705;R%% YDD%&'%0"-%5*+'%9*7%/#%$5"$% $5'% F*-0D"G'% *9% F"7./-"D#% &/DD% 'D'0$% "% -'&% +*+'% $5"$% &/DD%='%"=D'%$*%:"/-$"/-%$5'% $7"./$/*-#%*9%$5'%2"$/0"-%"-.% F"$5*D/0% F54705% &5/D#$% "D#*% DOORZLQJ LW WR JURZ DQG роК QG /$#% +D"0'% /-% $5'% 0*-#$"-$D?% 05"-8/-8%:*.'7-%&*7D.;%%%%

!"#$%&"'

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

!"

CATHOLIC CHURCH (ENGLAND AND WALES)

(")"*#+,-.&,$/",0#$/.+12,0/%&2/3

(#2/"+,4&.*)"

)RU WKH à®&#x160; UVW WLPH LQ VL[ FHQ WXULHV WKH SRSH KDV UHVLJQHG GXH WR â&#x20AC;«Ú&#x201D;â&#x20AC;¬DGYDQFHG DJHâ&#x20AC;« Ú&#x2022;â&#x20AC;¬DQG GHWHULRUDWLQJ KHDOWK VXUSULV LQJ WKH ELOOLRQ &DWKROLFV ZRUOGZLGH DQG QRQ &DWKROLFV DOLNH 3RSH %HQHGLFW ;9, KHOG KLV ODVW SXEOLF 0DVV DV SRSH RQ )HEUXDU\ $VK :HGQHV GD\ PDUNLQJ WKH VWDUW RI WKH &DWKROLF &KXUFKâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V VHDVRQ RI /HQW /HQW WKH GD\ SHULRG IURP $VK :HGQHVGD\ WR (DVW HU 6XQGD\ LV D WLPH WR UHà®&#x2039; HFW RQ RQHâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V OLIH DQG WKH ZD\V LQ ZKLFK RQH FDQ LPSURYH DV D SHUVRQ DV D &KULVWLDQ /HQW LV D WLPH IRU VFUXWLQ\ LQ RUGHU WR SUHSDUH IRU â&#x20AC;«Ú&#x201D;â&#x20AC;¬UHQHZDOâ&#x20AC;« Ú&#x2022;â&#x20AC;$V WKH &KXUFKâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V VHQLRU RIIL FLDOV PDNH WKHLU QH[W PRYH LQ HOHFWLQJ WKH QHZ SRSH WKLV VHDVRQ RI /HQW VKRXOG EH D WLPH IRU DOO &DWKROLFV WR WKLQN YHU\ KDUG DERXW WKH SRWHQWLDO QHZ GLUHFWLRQ RI WKH &KXUFK ZKDW WKH\ ZDQW DQG KRZ RQH VKRXOG UHVSRQG WR WKH SDSDF\â&#x20AC;«Ú&#x2018;â&#x20AC;¬V HYHU H[SDQGLQJ OLVW RI VHFUHWV DQG VFDQGDOV 7KLV (DVWHU ZLOO EH D PRPHQW RI UHELUWK IRU WKH &KXUFK EXW LWV IXWXUH DOO GHWHUPLQHG E\ WKLV QHZ SRSH LV XQFOHDU DQG ZLOO QR GRXEW EH PDUNHG E\ LQ WHQVH JURZLQJ SDLQV :KLOH WKH SRSH ZKR VHUYHV DV GXDO 6RYHUHLJQ RI WKH 9DWL FDQ &LW\ 6WDWH DQG OHDGHU RI WKH &DWKROLF &KXUFK QHYHU KDV DQG SUREDEO\ QHYHU ZLOO EH HOHFWHG E\ WKH &DWKROLF SXE OLF WKH SXEOLF GLVFRXUVHV VXU URXQGLQJ WKH SRQWLà®&#x2030; UHVLJQD WLRQ DQG WKH HOHFWLRQ RI D QHZ SRSH UHVHPEOH WKDW VXUURXQG LQJ D SROLWLFDO HOHFWLRQ 7KLV XVXDOO\ RFFXUV DIWHU D SRSH GLHV DV LI WKH RSLQLRQV RI OD\ SHRSOH VRPHKRZ FRQWULEXWH WR WKH HOHFWLRQ SURFHVV EXW LW LV GLà®&#x2030; HUHQW WKLV WLPH EHFDXVH WKH SRSH LV VWLOO DOLYH SULY\ WR WKLV FULWLFLVP GLDORJXH DQG KRSHV IRU WKH IXWXUH 7KLV LV DQ H[WUHPHO\ XQLTXH PRPHQW LQ KLVWRU\ IRU WKLV KLHUDUFKLFDO WUDQVQDWLRQDO UHOLJLRQ &DQRQ ODZ GLFWDWHV WKDW QR IRUPHU SRSH KDV WKH ULJKW WR JRYHUQ DQG %HQHGLFW ZLOO SXUSRUWHGO\ VSHQG WKH UHVW RI KLV GD\V VH FOXGHG LQ D 9DWLFDQ PRQDVWHU\ VHUYLQJ WKH &KXUFK â&#x20AC;«Ú&#x201D;â&#x20AC;¬WKURXJK D OLIH GHGLFDWHG WR SUD\HUâ&#x20AC;« Ú&#x2022;â&#x20AC;$Q\ PLVWDNHV KH PDGH GXULQJ KLV WLPH DV SRSH ZLOO EH WUDQV IHUUHG RQWR WKH QHZ RQH

3RSH %HQHGLFW ERUQ -R VHSK 5DW]LQJHU LQ *HUPDQ\ QRZ ZDV HOHFWHG SRSH LQ DQG LV WKH ROGHVW PDQ WR EH HOHFWHG SRSH LQ \HDUV +LV KHDOWK KDV EHHQ RI FRQ FHUQ VLQFH WKH \HDU KH ZDV HOHFWHG GXULQJ ZKLFK KH VXI IHUHG D PLOG VWURNH &ULWLFV VXJJHVW WKDW WKH SOHWKRUD RI FRQà®&#x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â&#x20AC;«Ú&#x201D;â&#x20AC;¬XQDZDUHâ&#x20AC;« Ú&#x2022;â&#x20AC;¬RI :LO OLDPVRQâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V YLHZV 7KDW VDPH \HDU %HQHGLFW PDGH WKH FRQ WURYHUVLDO FODLP WKDW FRQGRP XVH â&#x20AC;«Ú&#x201D;â&#x20AC;¬LQFUHDVHG WKH SUREOHPâ&#x20AC;« Ú&#x2022;â&#x20AC;RI +,9 $,'6 LQ $IULFD DQG ODWHU â&#x20AC;«Ú&#x201D;â&#x20AC;¬FODULà®&#x160; HGâ&#x20AC;« Ú&#x2022;â&#x20AC;¬WKLV LQ D ODQG PDUN VKLIW IRU WKH &KXUFK E\ VXJJHVWLQJ WKDW FRQGRP XVH PLJKW EH MXVWLà®&#x160; HG LQ VRPH FDVHV 7KLV OLVW LV E\ QR PHDQV H[KDXVWLYH OHVW ZH IRUJHW â&#x20AC;«Ú&#x201D;â&#x20AC;¬9DWLOHDNVâ&#x20AC;« Ú&#x2022;â&#x20AC;¬EXW WKH PRVW DS SDOOLQJ FRQWURYHUV\ DQG H[DP SOHV RI K\SRFULV\ FDPH DERXW LQ ZKHQ WKH &KXUFK ZDV DFFXVHG RI FRQFHDOLQJ D GHF DGHV VSDQQLQJ KLVWRU\ RI SDH GRSKLOLD DW WKH KDQGV RI &DWK ROLF SULHVWV DURXQG WKH ZRUOG ,Q WKLV UHJDUG PDQ\ FULWLFL]H %HQHGLFW IRU KLV VORZ à®&#x2039; DZHG UHVSRQVHV ZKLOH RWKHUV LQ FOXGLQJ WKH $UFKELVKRS RI /LY HUSRRO DUJXH WKDW KH WRRN WKH â&#x20AC;«Ú&#x201D;â&#x20AC;¬VWURQJHVW SRVVLEOH DFWLRQâ&#x20AC;« Ú&#x2022;â&#x20AC;¬RQ WKH VH[XDO DEXVH RI FKLOGUHQ 7KH HOHFWLRQ SURFHVV WKLV WLPH DURXQG ZLOO EH D OLWWOH GLI IHUHQW JLYHQ WKDW WKHUH DUH QR IXQHUDO ULWHV WDNLQJ SODFH DQG WKH FDUGLQDOV ZKR EHFRPH UHVSRQVLEOH IRU UXQQLQJ WKH &KXUFK RQFH WKH SRSH KDV OHIW RIILFH ZLOO JR ULJKW LQWR WKH QH[W VWHS RI GLVFXVVLQJ LQ VHFUHW GHVLUHG TXDOLWLHV

LQ OLNHO\ FDQGLGDWHV 7HFKQL FDOO\ VSHDNLQJ DQ\ EDSWLVHG 5RPDQ &DWKROLF PDOH FDQ EH HOHFWHG SRSH EXW RQO\ FDUGL QDOV KDYH EHHQ HOHFWHG VLQFH 7KH &ROOHJH RI &DU GLQDOV ZLOO SUHVXPDEO\ HOHFW D QHZ SRSH EDVHG RQ ZKRP HYHU WKH\ GHHP FDSDEOH ERWK PHQWDOO\ DQG SK\VLFDOO\ RI LPSURYLQJ DQG UHLQYLJRUDWLQJ WKH &KXUFK *LYHQ WKH FLU FXPVWDQFHV DQG XQà®&#x160; QLVKHG WULEXODWLRQV WKLV LV TXLWH D WDOO RUGHU 0DQ\ &DWKROLFV RYHU WKUHH TXDUWHUV RI ZKLFK OLYH RXWVLGH RI (XURSH ZLWK RYHU IRUW\ SHUFHQW UHVLGLQJ LQ /DWLQ

$PHULFD DUH KRSLQJ WKDW D SRSH ZKR EHWWHU UHSUHVHQWV WKH FKDQJLQJ GHPRJUDSKLFV RI &DWKROLFV LV HOHFWHG EUHDNLQJ WKH FXUUHQW (XURSHDQ VWUDQ JOHKROG ,W ZLOO EH LQWHUHVWLQJ WR VHH LI WKHVH SUD\HUV DUH DQVZHUHG JLYHQ WKDW RYHU KDOI RI WKH FDU GLQDO HOHFWRUV DSSRLQWHG E\ %HQHGLFW KLPVHOI DQG KLV SUH GHFHVVRU -RKQ 3DXO ,, DUH (X URSHDQ WZHQW\ RQH RI ZKRP DUH ,WDOLDQ 7KLV /HQW &DWKR OLFV DURXQG WKH ZRUOG DQG WKH 9DWLFDQ ZLOO EH HQJDJLQJ LQ GHHS VHOI UHà®&#x2039; HFWLRQ DQG VFUX WLQ\ ZKLFK ZLOO KRSHIXOO\ EH

GLUHFWHG WRZDUG WKH 9DWLFDQ LWVHOI WKH ZD\ LW LV UXQ DQG KRZ LW FRQWLQXHV WR GHDO ZLWK RXWVWDQGLQJ FRQWURYHUVLHV DQG WKRVH WKDW UHPDLQ XQVHHQ 7KH QH[W SRSH FDQ HLWKHU SURSHO WKH &KXUFK SURJUHV VLYHO\ IRUZDUG LQ WDQGHP ZLWK PRGHUQ VRFLHW\ RU NHHS LW HQ WUHQFKHG LQ UHFHQW VFDQGDO DQG WUDGLWLRQDO VHFUHF\ %HQ HGLFW KDV PDGH VRPH SRVLWLYH VRPH ZRXOG VD\ JURXQGEUHDN LQJ PRYHV GXULQJ KLV WHQXUH DQG ZH FDQ KRSH WKDW LW LV WKHVH SRVLWLYH FKDQJHV WKDW ZLOO FKDUDFWHUL]H WKH UHLJQ RI WKH QHZ 3RSH

&0

!"#$%&"'

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

!"#$%&'()*+,-&%&.$'/0*."12"'(0*+&('0# 3'"1*4'%%*-*5/%'$'."%*6/%71'#$

/#(#,-'.+% .B% *% A.('-',*((3% "'9"7 SURà®&#x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à®&#x160;JKWLQJ WR ZLQ LQ WKH UXUDO 5*0A/"'$#% /#*-@% &"#$#% -"#$#% "*/% )##+% +.% >*).6$% GM% /'+,#% -"#%/#*-8/%,$#*-'.+%'+%KYLL= I+% -"#.$3@% -"#$#% '/% *% /0*((% ,"*+,#%-"*-%>*).6$%,.6(1%&'+=%IB% WKH\ à®&#x160;JKW KDUG DQG ORRN OLNHO\ -.% $#,#'2#% 0.$#% 2.-#/% -"*+% -"#% >')%?#0/@%-"#+%0.6+-'+9%*%/#$'7 .6/%,"*((#+9#%-.%-"#%!.$'#/%&'((% )#%A.//')(#=%R11%-.%-"'/%*%"*$17 B.69"-%Z[IM%,*0A*'9+@%-..@%*+1% A#$"*A/% #+.69"% 2.-#/% &'((% )#% /A('-%)#-&##+%-"#%A*$-'#/%.+%-"#% $'9"-% -"*-% >*).6$% ,*+% #0#$9#% 2',-.$'.6/=%I-%'/%6+('H#(3@%)6-%A./7 /')(#@%*+1%&.6(1%)#%*%/##+%*/%*% $#*(%2',-.$3%B.$%F1%G'(')*+1%*+1% "'/%XU+#%J*-'.+8%2'/'.+=

N'0'(*$(3@% '-% '/% +.-% '0A.//'7 EOH WKDW 8.,3 FRXOG ZLQ LWV à®&#x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à®&#x160;QG RXW ZKHWKHU /D7 ERXU RU 8.,3 FDQ UXQ DQ Hà®&#x2030;HF7 -'2#% #+.69"% ,*0A*'9+% -.% ,"*(7 (#+9#%-.%&'+= !"#%$#/6(-%'+%F*/-(#'9"%,.6(1% "*2#%*%/#$'.6/%'0A*,-%.+%A.('-'7 ,*(%0.0#+-60%'+%-"#%$6+%6A%-.% -"#%+#V-%#(#,-'.+=%R%9..1%$#/6(-% B.$% -"#% 4.+/#$2*-'2#/% 0'9"-% /".$#% 6A@% B.$% +.&@% -"#% '+,$#*/7 '+9(3% 4*0#$.+7/,#A-',% 9$.6A% .B% !.$3%GM/@%&"#$#*/%*%&'+%B.$%-"#%

>')% ?#0/% 0'9"-% A$.2'1#% /.0#% $#('#B%*+1%.A-'0'/0%-"*-%-"#%>')% ?#0/%0'9"-%#/,*A#%*++'"'(*-'.+% )3% 1#B#+1'+9% -"#'$% '+,60)#+-% GM/=%R%9..1%/".&'+9%B.$%>*).6$% &.6(1%9'2#%-"#%UAA./'-'.+%,*6/#% B.$%,#(#)$*-'.+=%J.7.+#%#VA#,-/% -"#0% -.% &'+% '+% F*/-(#'9"@% )6-% )#*-'+9% -"#% >')% ?#0/% *+1% &'+7 +'+9% .2#$% 2.-#$/% '1#+-'B3'+9% &'-"%-"#%X/W6##\#1%0'11(#8%(*)#(% LGHQWLà®&#x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

MATTWARD

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à®&#x160;HV DV (XUR7 /,#A-',@% *+-'79*3% 0*$$'*9#% *+1% A$.7('B#= >*).6$% "*/% /#(#,-#1% *6-".$% *+1% /*-'$'/-% T."+% U8:*$$#((% */% '-/% ,*+1'1*-#% '+% F*/-(#'9"=% !"#%

(G 0LOLEDQG ૹ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`.$1.+% Q$.&+% ,.+-$.2#$7 /'*((3%*).('/"#1%-"#%KEA%-*V%$*-#% '+%"'/%;EES%)619#-@%"*2'+9%,$#7 *-#1% '-% #'9"-% 3#*$/% #*$('#$@% *+1% F1%G'(')*+1@%*%,*)'+#-%0'+'/-#$% &"#+% -"#% KEA% $*-#% &*/% *).(7 '/"#1@% A6)(',*((3% /6AA.$-#1% -"#% ,"*+9#=% F1% G'(')*+1@% '+% 1#,'17 '+9%-"'/%&*/%&$.+9@%"*/%/*'1%-"*-% "#% '/% OA6--'+9% >*).6$% &"#$#% '-% /".6(1% *(&*3/% "*2#% )##+@% .+% -"#% /'1#% .B% &.$H'+9% A#.A(#% *+1% B*0'('#/P= N-$*-#9',*((3@% -"'/% /##0/% ('H#% *% /-$.+9% 0.2#=% G'(')*+1%

&'((%+.&%)#%*//.,'*-#1%&'-"%-"#% OG*+/'.+%-*VP%&"',"%'/@%)$.*1(3% /A#*H'+9@% *% A.A6(*$% 0#*/6$#@% ,.+9$6#+-% &'-"% -"#% )#('#B% .B% *% (*$9#% +60)#$% .B% 2.-#$/% -"*-% -"#% &#*(-"3% /".6(1% )#% )#*$'+9% PRUH RI WKH EXUGHQ RI GHà®&#x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a#7

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à®&#x2039;HFWV PXFK RI /DERXUâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V VWUDW7 #93% /.% B*$=% F1% Q*((/% '/% 0./-% ,.0B.$-*)(#%&'-"%-"#%[#3+#/'*+% *AA$.*,"@% *+1% -"#% (.9',% '/% -"*-% 0.$#% '+,.0#% '+% -"#% A.,H#-/% .B% FRQVXPHUV ZLOO EH EHQHà®&#x160;FLDO B.$%-"#%#,.+.03=%!"#%/*0#%#,.7 +.0',%(.9',%('#/%)#"'+1%>*).6$8/% A.(',3% &'-"% $#9*$1% -.% ]R!@% -"*-% *% ,6-% '+% ]R!% &.6(1% 0#*+% 0.$#% 0.+#3% )#'+9% /A#+-% )3% ,.+/607 #$/@% "#*(-"'#$% *+1% #VA*+1'+9% )6/'+#//#/@% 0.$#% C.)/% ,$#*-#1@% 9$.&'+9% #,.+.03@% "'9"#$% -*V% UHFHLSWV VKULQNLQJ GHà®&#x160;FLW ,I /D7 ERXU FDQ à®&#x160;QG DQ Hà®&#x2030;HFWLYH ZD\ -.% ,.006+',*-#% Q*((/8% '+-6'-'2#% [#3+#/'*+%A.(','#/%-.%-"#%A6)(',@% -"#+% -"#% $#'+-$.16,-'.+% .B% -"#% KEA% -*V% $*-#% ,.6(1% )#% C6/-% .+#% A*$-%.B%-"'/%9$.&'+9%A',-6$#= !"#% 0.$#% ('H#(3% B.,6/% .B% >*7

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a#*9*+% W6#/-'.+P%b'$.+',%)#,*6/#%&"#+% a#*9*+% */H#1% R0#$',*+% 2.-#$/% LQ â&#x20AC;«Ú&#x201D;â&#x20AC;¬$UH \RX EHWWHU Rà®&#x2030; WKDQ 3.6%&#$#%B.6$%3#*$/%*9.cP%-"#3% ZHUH EHWWHU Rà®&#x2030; (G 0LOLEDQGâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V ('+#%.B%*--*,H%,.6(1%&#((%&.$H%'B% YRWHUV VWLOO IHHO ZRUVH Rà®&#x2030; WKDQ A$#2'.6/(3=% !"#% ('+#% .B% *--*,H% PLJKW EDFNà®&#x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d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

!"#$%&"'

#$%&'%()%*&+&,-./!.!/,0

()"*+$#,-#.*","/$-0.'*1*-.*20/%' 3#4-5*6#,,"&#.0*

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роК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роК YH SHU FHQW ."# 4PY4<# +11(,?."># $(# $%&# (*."6 .("#*(--2@#A%.2#*,+1$.1+--0#/&+"2# $%+$#:"-&22#$%&0#+,&#*+,$0#+1$.'6 .2$2<# =$+-.+"2# ?(# "($# $,:2$# +"0#

*+,$0@# X(,&('&,<# $%&# 0&+,# 4PY4# *,('&?#$(#9&#+#$(:>%#("&#)(,#$%&# >,&+$# /+Z(,.$0# ()# =$+-.+"2<# )(,# .$# L+2#1%+,+1$&,.I&?#90#$%&#?,+1(6 ".+"#+:2$&,.$0#-+L2#()#C,()&22(,# X("$.@# A%&# /((?# ()# 1,.2.2# +"?# :"1&,$+."$0#$%+$#)(--(L&?#)+$+--0# *+'&?#$%&#L+0#$(#$%&#,&6+**&+,6 +"1&# ()# 9($%# (-?# *,($+>(".2$2# +"?#"&L#+1$(,2@#H/(">#$%&#-+$6 $&,<#$%&#[."S:&N$&--&#/('&/&"$# ()#O&**&#U,.--(#.2#90#)+,#$%&#/(2$# LPSRUWDQW DQG LQроЛ XHQWLDO U,.--(D2#2$(,0#.2#+#("&#()#)+$&# +"?#*,(*%&1.&2@#C,&1.2&-0#L%&"# ."#$%&#/.?6\PD2#9:2."&22/+"#N.-6 '.(# O&,-:21(".<# :"?&,# $%&# +:26 *.1&2#()#2(1.+-.2$#C,./&#X.".2$&,# O&$$."(#[,+R.<#L+2#+9-&#$(#9,&+K# $%&# /("(*(-0# ()# N$+$&# AF# 3TH=;# +-("># L.$%# .$2# /(,+-.2$.1# 2$0-&<# U,.--(<# >,(L"# :*# +2# $%&# /(2$# ?.2,:*$.'&# 1(/&?.+"# ()# %.2# >&"6 HUDWLRQ ZDV DPRQJ WKH роК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роК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`&# %+?# *,(*(2&?# +"# +-$&,"+$.'&# $(# $%&# "("61("6 1:,,&"$.+-# ?:(*(-0# TH=6XWB=6 HNWA# 3O&,-:21(".D2# AF;<# 90# +"# .""('+$.'&#+"?#2:11&22):-#:2&#()#

!+$ 4 6 '%%,&! +!& ('(,$ +!'& & 7 &, 4 $ +) : $ ,!$ !& ; !% 4 ?A4>>9?B4>> , * 0 @D ), )0 No ticket needed and seats will be allocated on a first comes first served.

)' **') ' &+ )& +!'& $ $+ + )'$!&*# &*+!+,+ + & !) +') ' (%!& ) ',& +!'&3 +' # '$%3 . &5 & @? , ,*+ ?FE?3 !* '- ) & ',+ ) # ' ')% )$0 ,&#&'.& ( ) $0+! !* * & + !&- *+! +!'&* + + '$$'. )& !% 5 5 ) + ((* $ &!- )*!+0 !& ?FED5

* & $+ -!* ) +' 3 & * - ) $ ! & ! *5 & ?FFA '9 ',& !&* * &* )'&+! ) * : ; !& . & & !* *!& @>>C % % ) ' + &+ )& +!'& $ )',( ' + . !* %0 ' ! & 5

* !)% & :?FFE9@>>B; ' )'$!&*# &+ )& +!'& $ * ) & ) !&!& '%%!++ *+ )+ $+ ) * ) '$$ ') +!'&* .!+ ,&!- )*!+! * !& *! 3 )! 3 ! $ *+ & +!& % )! 5

*+ )+ & . ',)* * '& $' $ $+ 3 '9 ,+ ')* + /+ ''# '& $' $ $+ & ()'%'+ * + * .')$ -! .5

'*$!& !* $*' *.') *. $$'. ) & !* + ,+ ') ' + "'0 ' *+ +*

++(488...5 (%!& )5') 8-! '*8+ 9"'09' 9*+ +*8

www.lse.ac.uk/populationatLSE/

WKH QHZ PHGLD 6LJQLроК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роК QDOO\ MRLQHG WKH JDPH U,.--(<# L%(# +2# +# *(-.$.1+-# -&+?&,# %+?#"&'&,#2&$#)(($#."#+#AF#2$:?.(<# L+2# $%&# '&$&,+"<# +"?# $%&0# L&,&# $%&#,((K.&2@# H--# ."# +--<# $%&0# 2$.--# +,&@# !"# AL.$$&,<# L%.1%# 9&1+/&# L.?&-0# *(*:-+,# ."# =$+-0# "(# &+,-.&,# $%+"# $L(# 0&+,2# +>(<# O&**&# U,.--(D2# )(--(L&,2# +,&# /(,&# $%+"# ?(:9-&# $%(2&# ()# +--# $%&# ($%&,# -&+?&,2# 1(/9."&?@ A%&# 1(/&?.+"<# .2# "(L# $%&# $%&(,.2$#()#+#*(-.$.1+-#+1$.'.$0#+--# 1("?:1$&?#$%,(:>%#$%&#L&9@#`.2# /('&/&"$# %+2# $%(:2+"?2# ()# +16 WLYLVWV ZKRVH WDVN LV WR LQроЛ XHQFH >,(:*# ?.21:22.("2# ."# $%&# 2(1.+-# "&$L(,K2@# 8(,# $%&.,# Z(9<# $%&0# 1(--&1$#*(."$2^#$&"#.)#0(:#+2K#)(,# 2:**(,$<#7P#.)#0(:#*,."$#+#*,(*+6 JDQGD роЛ LHU LI \RX SXW WKH 20/9(-# ()# [."S:&2$&--&# ("# 0(:,# SURроК OH SLFWXUH /DVW 'HFHPEHU $%&#L&9#L+2#:2&?#$(#1%((2&#1+"6 ?.?+$&2# )(,# $%&# &-&1$.("# ()# 8&96 ,:+,0# 45647@# [."S:&2$&--&# ?:-0# ,&>.2$&,&?#/&/9&,2#L&,&#>.'&"# $%&# *(22.9.-.$0# $(# *+,$.1.*+$&# $(# $%&# 2(61+--&?# G*+,-+/&"$+,.+"2J# +"?#&+1%#1+"?.?+$&#%+?#.$2#*,&26 &"$+$.("#'.?&(#("#a(:$:9&@# E%.-&# %.2# /&$%(?2# L(,K&?<# +"?# X('./&"$(# [."S:&N$&--&# HQMR\HG LWV роК UVW VXFFHVVHV LQ $%&# -(1+-# &-&1$.("2# ()# 4PPQ# +"?# 4PYY<# U,.--(# 9&>+"# $(# 2%(L# $%&# -./.$2# ()# %.2# -&+?&,2%.*# 2K.--2@# V(# /(,&# $%+"# ("&# /("$%# +>(# %.2# &R*&1$&?# ,&2:-$# L+2# 9&6 $L&&"# $L&-'&# +"?# )(:,$&&"# *&,# 1&"$<#$%.,?#+)$&,#$%&#B&/(1,+$.1# -&+?&,# O&,2+".# +"?# O&,-:21(".@# C&,%+*2#&'&"#)(:,$%#+)$&,#X+,.(# X("$.@#O:$#."#$%&#-+2$#)&L#L&&K2# $%&# &-&1$(,+-# 1+/*+.>"# ()# $%&# G$,+?.$.("+-# *+,$.&2J# K."?# ()# 9(>>&?# ?(L"^# +# "&L# 21+"?+-# %.$#$%&#B&/(1,+$2<#+2#$%&#L(,-?# (-?&2$# 9+"K<# X("$&# ?&.# C+21%.# ?.# N.&"+<# -."K&?# $(# $%&/# ),(/# $%&# $./&# $%&# [(//:".2$# C+,$0# ,:-&?#A:21+"0<#L+2#)(:"?#$(#9&# ."'(-'&?#."#.--&>+-#+"?#?+">&,6 (:2# $,+)).12<# +"?# "&L# >+))&2# L&,&# *&,)(,/&?# 90# O&,-:21(".<# $%:2#>.'.">#+#"&L#/(/&"$:/#$(# U,.--(# +"?# %.2# /('&/&"$@# # 8(,# $L(# (,# $%,&&# L&&K2# U,.--(# %+?# 2&&/&?# $(# 9&# $%&# '.1$./# ()# %.2# (L"#2$,+$&>0^#%&#%+?#"($#?.2$."6 >:.2%&?##%./2&-)#),(/#$%&#($%&,2# +2# %&# 1(:-?# %+'&<# .@&@# 90# 1%((26 .">#+#1-&+,#+"$.6Wb#*(2.$.("@#`&# %+?#)+.-&?#."#?&1.?.">#"($#$(#&R6 *-(,&#$%&#*(22.9.-.$0#()#+--.+"1&2# L.$%# (,>+".I&?# +"$.6202$&/.1# )(,1&2# 9($%# ()# $%&# -&)$# +"?# $%&# ,.>%$^# ("# $%&# -&)$<# $%&# (11:*.&?#

!"

$%&+$,&2# +"?# )+1$(,.&2# $%,(:>%6 (:$# $%&# 1(:"$,0# +"?# &2*&1.+--0# $%&# V!# AHF# /('&/&"$<# L%.1%# 2$+"?2# +>+."2$# $%&# 1("2$,:1$.("# ()# +"# +"$.6&1("(/.1<# &"'.,("6 /&"$6?&'+2$+$."># ,+.-L+0# )(,# 1+,>(# $,+."2# ."# V(,$%&,"# =$+-0c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роК HG KLV HроЙ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`&# .2# $%:2# /(,&# +# "&L# U:>-.&-/(# U.+"".".<# -&+?&,# ()# $%&# G("&62%($J# *+,$0# 8,("$&# ?&--Db(/(#d:+-:"S:&#3$%&#8,("$# ()# $%&# !,?."+,0# X+";<# L%.1%# ."# YQ5e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

!"

!"#$%&"'

#$%&!%!&#'()(*+,(-,./,0

!""#$%&#$'%#$,-./$!%0(*.-$*&1.(2*.)3$4-*56 %0.17$'(.).(8$(.9(:*1;.&1$ '"((")*&+ >*%;$?*--$6$@"-*1*9%-$A"-:;*31

ARCHIVED DEPARTMENT OF ENERGY AND CLIMATE CHANGE

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роК0 FLW RYHU роКYH \HDUV DW WKH ODVW 2-2')*+,?# <4*-2# )42# A+5*2.# 230 =52..2%#)42*5#%2.*52#)+#@(-(,'2# )42#@++M.#@;#XHDC8#A4252#<(.?# *,# XHDH?# 2/2,# +=)*>*.)*'# '4()0 )25#)4()#)42#A+5*2.#<+&-%#.<22=# )+# (# >(T+5*);# *,# XHDG# @2'(&.2# K2+512#Z.@+5,2#<+&-%#@2#*,#(# =+.*)*+,#)+#=5+>*.2#)(3#'&).#)+# )42#R5*)*.4#2-2')+5()28 +RZ WLPHV FKDQJH 7KH JRY0 25,>2,)# *.# ,+)# +,# '+&5.2# )+# HOLPLQDWH WKH GHроКFLW XQWLO ZHOO *,)+# )42# ,23)# =(5-*(>2,)?# (,%# )4*.# %()2# >*14)# @2# =+.)=+,2%# 2/2,# :&5)425# .)*--?# *,# -*14)# +:# >+52# @-2(M# 2'+,+>*'# ,2<.8# 3UHOLPLQDU\ роКJXUHV VWDWH WKDW )42# 67# 2'+,+>;# >*14)# 4(/2# 2,)252%# (# )5*=-20%*=# 52'2..*+,?# (,%#)4*.#*.#)42#-+,12.)#=25*+%#+:# =5+-+,12%#2'+,+>*'#.)(1,()*+,# *,#+/25#(#4&,%52%#;2(5.8 $..2,)*(--;?# K2+512# Z.0 @+5,2# *.# @+55+<*,1# >+52# )4(,# 42# =-(,,2%# [(,%# >+52# )4(,# !-*.)(*5# Y(5-*,1# =-(,,2%\# @20 '(&.2# )42# (&.)25*);# >2(.&52.# 4(/2# 4(%# (# =&.42%# %+<,# %20 >(,%?# <4*'4# >2(,.# )4()# )(3# UHFHLSWV DUH ORZHU DQG EHQHроКW =(;>2,).# (52# 4*14258# K2+512# Z.@+5,2# *.# @+55+<*,1# >+52# )+# >(M2#&=#:+5#<4()#>(,;#=2+=-2# .22#(.#)42#:(*-&52#+:#U-(,#!8 P(@+&5?# 4+<2/25?# 52>(*,.# '(&)*+&.# (@+&)# ())('M*,1# )42# 1+/25,>2,)O.# .=2,%*,1# '&).8# A4252# *.# (# :2(5# )4()# )42# (''&0 VDWLRQ RI тАл┌РтАмGHроКFLW GHQLDOтАл ┌СтАмFRXOG

4(/2# (# .2/252# =+-*)*'(-# '+.)8# P(@+&5# .22>.# <(5;# (@+&)# ()0 )('M*,1#)42#'+(-*)*+,#:+5#*).#520 FRUG RQ GHроК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роКW SD\PHQWV 3RVLWLYH роКJXUHV FRQ0 '25,*,1# &,2>=-+;>2,)# >2(,# )4()# ^L!# =(;+&).# >(;# @2# :(--0 *,1?# @&)# .)(1,(,)# <(12.# (,%# )42# *,'52(.*,1-;# -(512# ,&>@25# +:# -+<0=(*%?# =(5)0)*>2# T+@.# 4(.# *,'52(.2%# )42# (>+&,)# @2*,1# .=2,)#+,#)(3#'52%*).#)+==*,1#&=# <(12.8#K*/2,#(--#)4*.?#*)#*.#5()40 25#.&5=5*.*,1#)4()#)42#'(.2#)4()# WKHUH LV DQ LPSRUWDQW GLроЙHUHQFH @2)<22,#1++%#(,%#@(%#@+55+<0 *,1?# @+55+<*,1# :+5# *,/2.)>2,)# *,#)42#:&)&52?#(,%#@+55+<*,1#)+# >(M2#&=#:+5#:(*-&52?#4(.#;2)#)+# EH PDGH E\ KLJK SURроКOH SROLWL0 '*(,.8# 9)#'25)(*,-;#*.#,+)#*,#)42#=+0 -*)*'(-#*,)252.)#+:#)42#J+,.25/(0 )*/2#U(5);#:+5#)4*.#%*.)*,')*+,#)+# @2# 4*14-*14)2%?# (.# *)# <+&-%# @2# )(,)(>+&,)# )+# )42# (%>*))*,1# :(*-&52# +:# )42*5# 2'+,+>*'# =+-*0 '*2.8# J+,.25/()*/2# 5202-2')*+,# =5+.=2').# 52-;?# =(5)*(--;?# +,# (# =+.*)*/2# %2:2,'2# +:# Z.@+5,+>0 LFV DQG SXEOLF FRQроКGHQFH LQ R5*)(*,O.# 2'+,+>;# 1+*,1# :+50 <(5%8# A42# A+5*2.# ,22%# (&.)250 *);# )+# @2# .22,# (.# (# .&''2..# *:# )42;#(52#)+#<*,8 9:# P(@+&5# *.# 1+*,1# )+# (%/+0 FDWH GHроКFLW VSHQGLQJ LW ZLOO ,22%# )+# @2# @5(/2# (,%# 4+=2# *)# '(,#:+512#(#>+%25()2#'4(,12#*,# =&@-*'#+=*,*+,?#@&)#>(M*,1#)42# %*.)*,')*+,#'+&-%#@2#/25;#>&'4# )+# P(@+&5O.# (%/(,)(12# '+>2# 2-2')*+,# )*>2?# <42,# )42# =&@-*'# %2'*%2.# <4+# <+&-%# @2# '(=(@-2# +:# 1+/25,*,1# R5*)(*,# >+.)# 2:0 :2')*/2-;8

;%&%+.($%1$<.%97$=*(31

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роЙ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

=(52,).8# 9# %+,O)# )4*,M# *).# *>0 =(').#<252#2,)*52-;#,21()*/2?# 4+<2/25"# @2*,1# *>>25.2%# *,# $,1-*.4# (,%# N2-.4?# ()# 4+>2# (,%# *,# )42# '-(..5++># 520 .=2')*/2-;?# 1(/2# >2# .)5+,1# 15+&,%*,1.# *,# @+)4# -(,1&(10 2.8

F*5.)# =(5)*'*=(,)O.# -+'()*+,?# .&''2..:&-# (==-*'(,).# <4+# .)()2#(#=52:252,'2#:+5#)2('40 *,1#*,#N(-2.#(52#4*14-;#-*M2-;# )+#@2#(@-2#)+#%+#.+8

!"# 9# %+8# !')&(--;?# 9# <(.# )2('4*,1?# *,# P+,%+,?# (5+&,%# )42# )*>2# )4()# QR*1# R5+)425O# 4(%# (# ,&>@25# +:# N2-.4# '+,0 )2.)(,).8# J4())*,1# (@+&)# )42# .4+<?# +,2# S2(5# $*14)# 1*5-# '+>>2,)2%"# Q9# %*%,O)# 52(-*.2# )4()#N2-.4#<(.#(#-(,1&(12?#9# )4+&14)#*)#<(.#T&.)#(,#(''2,)O8# 9#<(.#)(M2,#(@('M"#)42.2#.)&0 %2,).# M,2<# .+# >&'4# (@+&)# IDU роЛXQJ FRXQWULHV \HW NQHZ .+#-*))-2#(@+&)#(#,()*+,#<*)4*,# )42# 678# A4()# %(;?# 9# .2)# &=# (# N2-.4# J-&@# *,# >;# .'4++-?# ()# <4*'4#<2#<+&-%#<()'4#U+@+-# ;# J<>?# %5*,M# N2-.4# )2(# (,%# -2(5,# N2-.48# N2# 2/2,# >(%2# N2-.4#-(,1&(12#>+)425.O#%(;# '(5%.V# A42# M*%.# -+/2%# -2(5,0 *,1# (@+&)# (# '&-)&52# )4()# <(.# .+# %*.)*,')?# ;2)# (-.+# .+# '-+.2# )+# 4+>28# 9:# ;+&# '(,# >(M2# WKDW NLQG RI GLроЙHUHQFH LQ D .'4++-# *,# $,1-(,%?# )42,# 4(/0 *,1# )2('425.# *,# N(-2.# %+*,1# )42#.(>2#'(,#+,-;#@2#(#=+.*0 )*/2#)4*,18

!"# N2# &,%25.)(,%# )4()# =2+=-2# >(;# 4(/2?# :+5# 23(>0 =-2?# .)&%*2%# ()# (,# $,1-*.4# &,*/25.*);#(,%#,+<#:22VOLJKWO\ OHVV FRQроКGHQW LQ )42*5#N2-.48#N2#(52#'&552,)-;# %2/2-+=*,1# (# )(512)2%# )5(*,0 *,1# =5+15(>>2# )+# 2,.&52# )4()# .&==+5)# <*--# @2# (/(*-0 (@-2# :+5# )4+.2# <4+# <*.4# )+# )2('4#)45+&14#)42#>2%*&>#+:# N2-.48

ML% 8*""% :1@% H)1<*.#% -@H; H1)0%21)%'HH"*9'/0-%=31%=1@".% ML% O1% :1@% 03*/I% 03'0% *0% *-% "*I#% 01% 0#'93% */% 8#"-3% (@0% *BH1)0'/0% 01% H)1B10#% 8#"-3% 3'<#%/10%-H1I#/%8#"-3%)#D@; 9@"0@)#%*/%7J%-9311"-N "')":%21)%'/%#$0#/.#.%H#)*1.N

!"#A42#XH)4#+:#W(5'4#*.#)42# %2(%-*,2?#(-)4+&14#<2#52'5&*)# +,#(#5+--*,1#@(.*.#(,%#2,'+&50 (12# 2(5-;# (==-*'()*+,8# N*)4# N(-2.# @2*,1# (# ,2<25# 521*+,?# RQO\ KDYLQJ EHHQ FRQроКUPHG D >+,)4#(1+?#<2O/2#1+)#(#-+)#+:# SHRSOH WR роКQG WKLV LV D YHU\ 23'*)*,1#)*>2#:+5#A2('4#F*5.)V

R/0#)#-0#.% */% "#')/*/D% ML%!)#%'HH"*9'/0-%)#P@*)#.% B1)#% '(1@0% E#'93% F*)-0% */% 01%(#%'("#%01%-H#'I%8#"-3N 6/D"'/.%1)%8'"#-N%

!"# N2# (52# 52'5&*)*,1# )2('425.# :+5# @+)4# N2-.4# (,%# $,1-*.4# >2%*&># .'4++-.8# N2# )4*,M# )4()# *)O.# (# 52(--;# 23'*)0 *,1# +==+5)&,*);# :+5# )4+.2# <4+# 4(/2# N2-.4# -(,1&(12# .M*--.?#@&)#(-.+#:+5#=2+=-2#<4+# KDYH DQ DроЙ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

ML% 83#/% *-% 03#% .#'."*/#% 21)%'HH"*9'0*1/-%01%H')0'I#%*/% E#'93%F*)-0%*/%8'"#-N

!"# N2# (52# -++M*,1# :+5# CH# *,%*/*%&(-.#)+#1+#*,)+#.'4++-.# LQ 6RXWK :DOHV DQG WKH +HDGV +:#)42#B(--2;.#)+#)2('4#W()4.?# L'*2,'2?#$,1-*.4#(,%#W+%25,# F+52*1,#P(,1&(12.8#9)#.4+&-%# @2# ,+)2%# )4()?# (-)4+&14# <2# '(,,+)# 1&(5(,)22# (,;# A2('4#

6B'*"% --=*.>*/-I'S0#'93; рл╜UVW RUJ XN RU YLVLW WHDFKрл╜UVW 1)DG@ITG% E3#%456%57%8#"-3%519*#0:% '/.% E#'93% F*)-0% =*""% (#% 91; 31-0*/D% '/% !HH"*9'0*1/-% '/.% UV% 81)I-31H% 1/% 03#% WX03% 12% F#()@'):Y% #B'*"% 'G.GD'()*#"S "-#G'9G@I% 1)% <*-*0% Z456% 57% 8#"-3% 519*#0:K% 1/% F'9#(11I% 21)%B1)#%*/21)B'0*1/G

!"#$%&

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

.0

!"#$%&'("#')$*+,"(--% F%/(2*3%!"92%!'%/'

!"#$%&'()*'+,'-.),,/,0'),')*)1/,0'#&/-'#+'"%%'#$%'2+&#$%&,'3/0$#"

!

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à®&#x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à®&#x160; VKLQJ DQG RI FRXUVH QRUWK $%'*0&),+5*+32%*625$5*.';*(,.5/ $59*1*)33;*?$65&+$*+3*(,$(8*32+* 3#+&3'5*&5*???9=&5&+C%3-5N9'3I $'I9* @<* +,$* ?$.+,$%* &'* C%3-5N* &5* 6.;:* +,$'* 732* (.'* .053* #.7* +3* T3&'* .* '3%+,$%'* 0&),+5* (,.5$9* C,$7* 0.5+* <%3-* <32%* +3* '&'$* ,32%5*.';*732*-.7*6$*;%&=$'*.00* +,$*?.7*+3*+,$*M&''&5,*63%;$%5* T25+* +3* 5$$* +,$* 0&),+59* P,&0$* #%&($7*QUVE/DEES:*&+W5*.';*53-$/ +,&')* @W-* (3'5&;$%&')* <3%* -7* +%&#*5&'($*+,$*?$.+,$%*<3%$(.5+* ORRNV Là®&#x2030; \ C,$%$*.%$*.053*.*?&;$/%.')$* 3<* .((3--3;.+&3'5* <%3-* +,$*

%&+X7* ;3?'+3?'* Y&(.* @5,.=5* Z3+$0* .';* Y.;&553'* 402* 3%* +,$* -3%$*62;)$+*<%&$';07*1>@*,3+$0* .';* A7;5#&55$'* Z3+$09* B%&($5* (.'* %.')$* <%3-* U[E/D\E* ;$/ #$';&')* 3'* ?,$'* .';* ?,$%$* 732*(,335$*+3*5+.7*.';*?,$+,$%* 732*)$+*.*5&')0$*3%*;3260$*%33-9* A2%#%&5&')07:* ?,$'* @* 5$.%(,$;* <3%* .* ,3+$0:* +,$* Y.;&553'* 402* $';$;*2#*6$&')*3'$*3<*+,$*-35+* Dà®&#x2030; RUGDEOH FKRLFHV DW XQGHU UFGE*#$%*'&),+*&'(02;&')*6%$.8/ <.5+9* @* ?320;* %$(3--$';* %.+,/ $%*+,.'*T25+*5$.%(,&')*+,%32),* ?$65&+$5* 0&8$* 6338&')9(3-* 3%* 8.7.89(3-:* 732* .053* (3'+.(+* ($%+.&'* 62;)$+* ,3+$05* ;&%$(+079* @* (,35$* +3* 5+.7* .+* +,$* A7;5#&5/ 5$'*Z3+$0*?,&(,*,.5*.*5$+*#%&($* 3<*.%32';*UFEJ*#$%*'&),+*<3%*.* ;3260$*%33-9*@*$-.&0$;*+,$*,3/ +$0*;&%$(+07*6$(.25$*+,$&%*.=.&0/ .6&0&+7*?.5'W+*;&5#0.7$;*3'*3+,/ $%*6338&')*?$65&+$59*C,$*,3+$0* &5*03(.+$;*32+5&;$*3<*;3?'+3?'* C%3-5N:*3'*+,$*532+,*3<*+,$*&5/ 0.';:*62+*.'*.;=.'+.)$*3<*+,&5*&5* +,.+*&+*&5*3'$*3<*+,$*3'07*,3+$05* &'* C%3-5N* ?,$%$* 732* (.'* 5$$* +,$*0&),+5*<%3-*732%*,3+$0*%33-* 6$(.25$* &+* &5* .?.7* <%3-* -2(,* 3<*+,$*(&+&$5*0&),+*#3002+&3'9* C%3-5N*&5*.053*.'*.++%.(+&=$* '3%+,$%'* 0&),+5* ;$5+&'.+&3'* 6$/ (.25$*+,$%$*.%$*-3%$*3#+&3'5*3<* )$++&')* +,$%$* +,.'* 3+,$%* (&+&$5* +,.+* <.%* 2#* '3%+,9* C,$* ]2&(8/ HVW ZD\ ZRXOG EH D à®&#x2039; LJKW IURP ^3';3'* +3* C%3-5N* ?&+,* 3'$*

5+3#* .+* L503/_.%;$-3$'* QLA^S* .&%#3%+9*K32*(320;*627*$.(,*5$)/ -$'+* 5$#.%.+$07* .5* ?$00:* ?,&(,* FDQ EH PRUH Dà®&#x2030; RUGDEOH DQG LWâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V .* )33;* 3#+&3'* &<* 732* ;$(&;$* +3* 5#$';*+,$*'&),+*&'*L503*+3*(,$(8* 32+* .'3+,$%* O3%;&(* (&+79* C,$5$* à®&#x2039; LJKWV ZKLFK DUH PRVWO\ RSHU .+$;*67*A1A*.';*O3%?$)&.'*.&%/ 0&'$5*.%$*<%$]2$'+*.';*-35+*.%$* %$.53'.607*#%&($;*.+*UVE`*$.(,* VHJPHQW RI WKH à®&#x2039; LJKW $ FKHDSHU 3#+&3'* -.7* 6$* +.8&')* +,$* 03?* (35+* .&%0&'$* Y7.'.&%* <%3-* ^3'/ ;3'/A+.'5+$;* .&%#3%+* +3* L503/ Y7))$*.&%#3%+9*K32*+,$'*+.8$*.'* ,32%* 03')* 625* 3%* +%.&'* &'+3* +,$* (&+7*L503*.';*<%3-*+,$%$*732*(.'* H[SORUH 2VOR DQG à®&#x2039; \ RXW RI WKH LA^* .&%#3%+* +3* C%3-5N* 3%* .'/ 3+,$%* '3%+,$%'* (&+7* 0&8$* 10+.* 3%* $=$'*Z.--$%<$5+9*K32*(.'*.053* H[SHFW GLUHFW QRQVWRS à®&#x2039; LJKWV WR C%3-5N*<%3-*^3';3'*6$)&''&')* &'*1#%&0*?&+,*O3%?$)&.'*.&%0&'$5* ?,&(,* &5* .* )%$.+* 3#+&3'* &<* 732* #0.'* 3'* 5$$&')* +,$* 0&),+5* 0.+$%* +,&5*7$.%*3%*$.%07*'$"+9 C,$* 3#+&3'* @* (,35$* <3%* +3* C%3-5N*&5*#$%,.#5*.*6&+*2'(3'/ =$'+&3'.09* @* (,35$* .* (,$.#* Y7/ DQDLU à®&#x2039; LJKW IURP /RQGRQ 6WDQVW $;*+3*L5039*C,$'*?$*?&00*5#$';*.* GD\ LQ 2VOR DQG à®&#x2039; \ WR WKH QRUWK $%'* (&+7* 3<* 43;N9* M%3-* 43;N:* ?$* ?&00* +.8$* +,$* Z2%+&)%2+$'* Q.*,&5+3%&(.0*O3%?$)&.'*(3.5+.0* 5+$.-$%S* 3=$%'&),+* +3* C%3-5N9* M3%* -3%$* +,.'* FEE* 7$.%5:* +,$* Z2%+&)%2+$'* ,.5* #0.7$;* .'* &-/

#3%+.'+*#.%+*67*(3''$(+&')*;&</ <$%$'+*(3.5+.0*(&+&$5*&'*O3%?.79* C3;.7:* &+* &5* 5+&00* 2+&0&X$;* .5* .'* &-#3%+.'+* +%.'5#3%+$%* .';* ,.5* 3'$* 3<* +,$* -35+* 5($'&(* %32+$5* .03')* O3%?.7W5* (3.5+0&'$9* _$+/ +&')*<%3-*43;N*+3*C%3-5N*(35+5* 0$55* +,.'* UDEE* +3+.0* <3%* +?39* C,$* 3=$%'&),+* 5+$.-$%* .053* #%$5$'+5*.'*3##3%+2'&+7*+3*5$$* +,$* .2%3%.* 3'* &+5* +3#* ;$(8* .5* &+* -.'$2=$%5* '3%+,* .?.7* <%3-* (&+7*0&),+59*A3-$*3<*+,$*5+$.-/ $%5*$=$'*,.=$*,3+*+265*3'*;$(8a* L'($*?$*)$+*+3*C%3-5N:*?$* ?&00*5#$';*+?3*'&),+5*+,$%$*.';* ,3#$<2007*.<+$%*,.=&')*5$$'*+,$* OLJKWV à®&#x2039; \ EDFN WR 2VOR DQG WKHQ /RQGRQ &URVV \RXU à®&#x160; QJHUV ZH 5$$*+,$*0&),+5a

!"#$%&'(%#)*++"+,./'% +'0% 12&'(2% 342% 2+5% '&% 6*(748% '(% &('9% :73'12(% 3'% 6*(74%+2;3%<2*(= ./'%+'(348%(2*))<%+'(34= .>'+$"52(% 342% ?@(3",(@32+A% "3$% $72+"7% *+5% <'@% 7*+% $*B2% '+% 3(*+$#'(3*3"'+% *+5% *% +",43% *3% *%4'32)= .C'@% +225% 5*(D+2$$% *+5% 7)2*(% $D"2$8% $'% E'"+"+,% *% +'(342(+% )",43$%74*$2%3'@(%0"))%"+7(2*$2% <'@(%74*+72$=%

!"

!"#$%&

#$%&!%!&#'()(*+,(-,./,0

$ OLWWOH H૸RUW IRU D JUHDW FDXVH !"#$%&&#'()"&*+',%"-.)$%"'/%.',.#0#1)-'/#).'-21'3*.'-#4-%.'+#1)%41"

!

"# $%&'# (%)'*+%# ,&# -%(,.,'%/"# 0"# 1),+2# 34%.-,.5# 6)"# '77# 0*81# 07.%"# 7.# 4+7-*8'&# ).-#&)/7.#9,&,'&:#0"#)*$*+.#8*+/"#47; ."'),/# ,&# 0"# 07&'# 4+,<%-# 47&&%&&,7.2# =/,8>,.5# 0"# 1),+# '7# 0)>%# )# 5+).-# %.'+).8%:# 1,-,.5# $%1,.-# 0"# /7.5# $).5&# '7# )97,-# 4%74/%# ).-# 6)'81,.5# .*0%+7*&# ?7*@*$%# '*'7+,)/&# 7.# 176# '7#4%+(%8'#)#8+76.#$+),-A#BC0#)#/,''/%# 7$&%&&%-#6,'1#0"#/78>&2

47&&,$/"#$%#$%)*',(*/#,(#B#87*/-.C'#',%# 0"# 1),+# '7# 0)>%# ,'# /77># /,>%# )# $76H# I.-# '1%.# '1%# 7/-# 8/,81J# &'+*8># 0%K# $%)*'"# 870%&# (+70# '1%# ,.&,-%:# ).-# '1%+%C&# 4+7$)$/"# 0*81# 07+%# '7# /,(%# '1).# =+%.81# $+),-&2# B# +%)-# 7.:# ).-# '1%#5,+/#0%.',7.%-#176#&1%#6)&#)$/%# '7#$*"#)#6,52#B'#6)&#&%9%+)/#'17*&).-# 47*.-&:#$*'#&1%#&),-#,'#0)-%#1%+#(%%/# &7#0*81#$%''%+2#I&#B#'6,+/%-#0"#47."# ,.# 0"# (,.5%+&# L).# *.(7+'*.)'%# .%+9;

6).'# )# +%4%)'# 7(# '1)'2# P1%.# B# &)'# -76.# ,.# '1%# 81),+:# 3'%41).,%:# 0"# 67.-%+(*/#1),+-+%&&%+C&#Q)6#-+744%-# 61%.# B# -%8/)+%-# B# 6).'%-# 0"# 47."# 8*'# 7((2# R?7*# 1)9%.C'# Q*&'# $+7>%.# *4# 6,'1# )# $7"(+,%.-HS# 31%# )&>%-:# /77>; ,.5# )&# 0%# )&# ,(# B# 6)&# .*'&2# B# &177># 0"#1%)-#).-#1).-%-#1%+#'1%#+*/%+:#R,'# .%%-&#'7#$%#)'#/%)&'#&%9%.#,.81%&:#$*'# ')>%#7((#'1%#617/%#'1,.52#=)&':#$%(7+%# B# 81).5%# 0"# 0,.-S2# T.%# &.,4# /)'%+#

67*/-# .7'# 1)9%# 7'1%+6,&%# $%%.# )$/%# '7# )((7+-# )# 7.%# 6,//# $%# )$/%# '7# 5%'# )# 6,52 !"# 1),+8*'# 6)&.C'# '1)'# &8)+":# ).-# ,'# -7%&.C'# /77># '1)'# $)-# )'# )//# LB# 174%WM2# B# 67*/-# %.87*+)5%# %9%+"; 7.%# '7# -7# ,'# '77:# )&# '1%# 8)*&%# ,&# &7# 67+'161,/%2#B#>.76#'1)'#,.#'1%#5+).-# &81%0%# 7(# '1,.5&:# )# 8).8%+# 4)',%.'# /7&,.5# '1%,+# 1),+# ,&# &0)//# 8704)+%-# '7#61)'#'1%"C+%#(,51',.52#X*'#6,'1#47;

D%'7*+,.5#(+70#0"#*&*)/#1),+#8)+%# $/75&:#B#&'*0$/%-#)8+7&&#)#$/75#)$7*'# )# 5,+/# 57,.5# '1+7*51# 81%07'1%+)4"2# E%)-,.5# )$7*'# 1%+# $+)9%+"# ).-# +%; &,/,%.8%:# &1%# -%&8+,$%-# '1%# 4),.# )'# /7&,.5# 1%+# 1),+2# B.# 0"# 47."'),/;87.; &*0%-# $*$$/%# B# 87*/-.C'# ,0)5,.%# 1)9,.5# '7# %F4%+,%.8%# &70%'1,.5# )&# 17++,$/%# )&# '1)'2# B# *&%-# '7# $)/># ,.# 17++7+# )'# '1%# 87.8%4'# 7(# 1)9,.5# 1),+# %9%.# &17*/-%+;/%.5'12# G76# 87*/-# B#

7*&#'+),'M:#B#+%)/,<%-#'1)'#B#.%%-%-#'7# -%4)+'#(+70#'1,&#4)'1%',8#1),+#7$&%&; &,7.# N# ).-# ,.# -7,.5# &7# B# 87*/-# 1%/4# /,''/%#5,+/&#(%%/#$%)*',(*/#)5),.2 37:#/)&'#I*5*&'#B#-%8,-%-#'1)'#0"# '+,;)..*)/# '+,0# 6)&# 57,.5# '7# $%# 0"# /)&'#(7+#O#07.'1&2#I.-#'1%.#/)&'#6%%>:# B#8*'#7((#0"#%/%9%.;,.81#47."'),/2# B# 6)&# )$&7/*'%/"# '%++,(,%-2# @1%# 81744"# $76/# 8*'# B# 5)9%# 0"&%/(# )5%-# %,51'# 6)&# 17++%.-7*&:# ).-# B# -,-# .7'#

).-#0"#1),+#6%.'#(+70#'1%#$7''70#7(# 0"#+,$&#'7#Q*&'#)$79%#0"#&17*/-%+&2 B# -7.)'%-# ,'# '7# '1%# U,''/%# V+,.8%&&# @+*&':# 617# 4+79,-%# 6,5&# '7# 81,/-+%.# 617#1)9%#/7&'#'1%,+#1),+#'1+7*51#8).; 8%+# '+%)'0%.'2# !"# 1),+# 6,//# 57# '7; 6)+-&# )# 6,5# '1)'# 8).# $%# '),/7+%-# '7# ).# ,.-,9,-*)/# 81,/-C&# .%%-&# '7# 5,9%# '1%#07&'#+%)/,&',8#/77>#).-#(%%/2#I.-# '1%# $%&'# '1,.5# )$7*'# ,'# ,&# '1)'# '1%# 6,5&#)+%#(+%%#7(#81)+5%#N#&7#>,-&#617#

."'),/&:#$*.&#).-#$+),-&#&7#,047+').'# '7# 0%:# ,'C&# '1%# 07&'# 67.-%+(*/# (%%/; ,.5#>.76,.5#'1)'#BC9%#1%/4%-#,04+79%# )# /,''/%# 5,+/C&# &,'*)',7.# $"# 5,9,.5# 1%+# &70%'1,.5# &1%# 67*/-.C'# 1)9%# 7'1%+; 6,&%#$%%.#)$/%#'7#1)9%#N#1),+2# !"#$%#&'"(&) *#+,#-() .#/") 01) 2"() 3"4')5,,),5()#66)&'7$"4'&)#')89:)*54; $#+;<(-$#+=) >#%;?2%=) #4$) 54) *54; $#+&)'."+)$5),766)."#$),5-6&)#4$)#)37') ,5()546+)@>>A

7KH\â&#x20AC;«Ú&#x2018;â&#x20AC;¬UH FDOOHG PDQQHUV *HW VRPH -Hà­¼UH\ 0R *4'/*5'"*0%'678'"12,%41"'/#9%'"0#.1"'$21'4*'"*-)#&'"%4"%

@

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à®&#x2030; DV PDQ\ SHRSOH LQWR HDFK TXDG; UDQW DQG \RX GHà®&#x160;QLWHO\ GRQâ&#x20AC;«Ú&#x2018;â&#x20AC;¬W IROORZ )# 8704/%'%# &'+).5%+# ,.'7# 7.%# 7(# '1%# Z*)-+).'&# ).-# $*04# ).>/%&# ).-# %/;

$76&# 6,'1# '1%0# ).-# '1%# 5/)&&# 4).%&# )&#"7*#&/76#'1%#617/%#'1,.5#-76.2#B'C&# )/6)"&# )# .,8%# &*+4+,&%:# &%%,.5# &70%; 7.%# 8)+%%.# ,.'7# "7*# )&# "7*# 4*&1# '1%# 1).-/%$)+2 @1%.# '1%+%# )+%# '1%# 4%74/%# 617# -7.C'#/76%+#'1%,+#97,8%&#,.#'1%#/,$+)+"2# B(# &70%7.%# 8)//&# "7*# 7.# "7*+# 07$,/%:# 57#,.'7#)#8/7&%'#7+#6)&1+770#).-#).; &6%+#,'#N#-7.C'#-7#,'#.%F'#'7#'1%#&'*-"# )+%)2# @1)'C&# 4+%''"# $)&,8:# +,51'H# X*'# .7:# @*%&-)"# .,51'# &)6# 0%# &,'',.5# GRZQ à®&#x160;QLVKLQJ D SUREOHP VHW ZKLOH D &/%)<"# !XI;'"4%# 6)/>&# *4# '7# '1%# 5*"# ).-# '1%# 5,+/# '67# &%)'&# -76.# (+70# 0%# DQG VWDUW QRLVLO\ à®&#x2039;LUWLQJ ZLWK WKH JLUO G)9%# "7*# %9%+# 1%)+-# 7(# ).# ,.-77+# 97,8%:# $*--"H# !7&'# )6>6)+-/":# )&# B# 5)9%#'1%0#)#-,+'"#R57#&70%61%+%#%/&%# ).-# 1)9%# '1,&# 87.9%+&)',7.S# /77>:# B# '1,.>#1%#'17*51'#B#6)&#5%'',.5#Q%)/7*&# 7(# '1%# [/*8>C# 1%# 6)&# 1)9,.5# 6,'1# '1%# JLUO 3LW\ VKH PRYHG WR D GLà®&#x2030;HUHQW à®&#x2039;RRU &7#&77.#)('%+#!+2#3/%)<%$)//#)++,9%-2 \%F':#"7*#1)9%#'1%#4%74/%#617#175# 8704*'%+&2#B'#,&#.7'#T]#'7#/%)9%#"7*+#

VWXà®&#x2030; DW D FRPSXWHU ZKHQ WKH ODE RU WKH OLEUDU\ LV SDFNHG JR Rà®&#x2030; WR D OHFWXUH (7+#).#17*+:#).-#'1%.#870%#$)8>2#3%+,; 7*&/":# -7# '1%"# .7'# '%)81# "7*# 87007.# 87*+'%&"#)."07+%H#@1%.#"7*#1)9%#'1%# SHRSOH ZKR WDNH DOO RI WKHLU VWXà®&#x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à®&#x160;YH W\SHV RI 4%74/%# 617# 87.&,&'%.'/"# 5%'# 7.# 0"# .%+9%&2# ^.,9%+&,'"# 8).# $%# )# 5+%)'# 4/)8%# (7+# &70%7.%# '7# 5+76:# $*'# &70%# 4%74/%# &%%0# 7./"# '7# 5+76# ,.'%//%8'*; )//":#).-#.7'#&78,)//"2#

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

!"#$%&

!"

'%())(*+"%&,*-./&"()0*1()%20*1$3#"4)(0 !"#$"%&#'%()*+,-(.%/0(%1,-+2%,3%1,-4%#'2%5#-((-.%*,./67-#28#/",'

!

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

&% 9#*,#?#% ,5% ;/>% (:#% =()),/$(.#% ./% =>:)>#% (% 4(:##:<% ,.% 2/#)$8.% 7(.1 .#:% '"#:#% ;/>% (:#@% R$4#% ;/>% (:#% 2#.#:7,$#2% ./% 9#% (% =:/5#)),/$(*% ,$% RQH à®&#x160; HOG WKH ORFDWLRQ LV MXVW \RXU =#:)/$(*% =:#5#:#$4#)@% &% =:#5#:% (% 5(1 7,*,(:% #$?,:/$7#$.% >),$-% 7;% $(1 .,?#% *($->(-#% ',."% 7;% 5(7,*;% ($2% 5:,#$2)%"(?,$-%7;%9(4+%($2%)"/',$-% )>==/:.% (**% ."#% .,7#@% O5.#:% ;#(:)% /5% )4"//*% *,5#% 5:/7% #*#7#$.(:;% *#?#*% ./% 7;% 7().#:)% 2#-:##<% &% .",$+% ,.% ,)% ."#% .,7#% ./% (==*;% '"(.% &% "(?#% *#(:$#2@% B"#% )+,**)% &% "(?#% -(,$#2% 5:/7% !#).1 #:$% #2>4(.,/$% ($2% ."#% #C=#:,#$4#)% LW KDV Dà®&#x2030; RUGHG PH FRQWULEXWH WR P\ FRQà®&#x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

56)*()%&*7%&)89$8):3*1%;

9,'#%:854+($6;-<"'(%/(++.%8.%10#/%".%-(#++$%"=*,-/#'/%,'%>#+('/"'(?.

U

(*#$.,$#8)%J(;%"()%./%9#%."#%/$*;% "/*,2(;% '",4"% )#**)% ,.)#*5% /$% ."#% =:,$4,=*#)%/5%#C4*>),?,.;@%&.%,)%#C1 4*>),?#%./% ."#% #C4*>),?#D%./% 4/>=*#)<% ./% */?#:)<%./%."#%7(::,#2@%N#($'",*#<%."#% :#).%/5%>)%(:#%$/.%,$4*>2#2%($2%(:#%*#5.% ./% 9#% "/=#5>*% ."(.% =#:"(=)% )/7#/$#% 7(;% )>22#$*;% 2#7/$).:(.#% ."#,:% (2/1 :(.,/$%5/:%>)%/$%[`."%P#9:>(:;@%a#(**;<% ,.% ,)% :(."#:% A>#).,/$(9*#% ./% 4#*#9:(.#% .",)%"/*,2(;%'",4"%4($%#,."#:%7(+#%;/>% 5##*% #?#$% 7/:#% */?#2<% /:% #?#$% 7/:#% (*/$#@% &)% U(*#$.,$#8)% J(;% #?#$% (% 9,-% 2#(*G a#.(,*#:)% )(;% ;#)@% a(2,/% ).(.,/$)% =*(;,$-%4/>$.*#))%:#=#(.)%/5%^#1M/%)(;% ;#)@%F/>=*#)<%#(-#:%./%)"/'%."#%'/:*2% ."(.%."#;%(:#%"(==;<%)(;%;#)@%S>.%$/'% &87%-/,$-%./%*#.%;/>%,$./%(%)#4:#.@%U(*1 #$.,$#8)% J(;% '"#$% ;/>8:#% ,$% (% 4/>=*#% )##7)%('5>*@%B#::,9*#@%3.:#))5>*@%B"#:#% ,)%."(.%=:#))>:#%./%*,?#%>=%./%#C=#4.(1 WLRQV WR PDWFK WKH OHYHOV RI Hà®&#x2030; RUW WKDW ;/>:% =(:.$#:% "()% =>.% ,$<% ./% 9>;% $#'% )(>4;% >$2#:'#(:@% O**% .",)% =:#))>:#% FRQVHTXHQWO\ DPRXQWV WR DQ DUWLà®&#x160; FLDO /44(),/$<%'"#:#%;/>%9/."%=>.%/$%;/>:% 5(+#% )7,*#)% ,$% /:2#:% ./% (?/,2% )=/,*,$-% '"(.%;/>%(:#%./*2%,)%."#%:/7($.,4%",-"1 *,-".%/5%;/>:%;#(:@ 3/% ,$% :#(*,.;<% 9#,$-% ,$% (% 4/>=*#% 5/:% U(*#$.,$#8)% J(;% 7(;% 9#% ?#:;% 2,)1 (==/,$.,$-@% ^#?#:."#*#))<% .",)% 2/#)% $/.",$-% ./% :#7#2;% ."#% 5(.#% /5% ."#% :#).% /5% >)<% B"#% 3,$-*#% R$#)@% K(?,$-% "(2% /$#% .//% 7($;% 9(2% #C=#:,#$4#)% /?#:% ."#% =().% ;#(:<% &% "(2% =,4.>:#2% S:,2-#.% b/$#)1#)A>#% )4#$#)% /5% 2:/'$,$-% 7;%

)/::/')% ,$% :#2<% :#2% ',$#@% R:% I>7=,$-% Rà®&#x2030; RI :DWHUORR %ULGJH $V PXFK DV , */(."#% U(*#$.,$#8)% J(;<% ,.% )##7)% ."(.% $/% 7(..#:% "/'% 7>4"% '#% (..#7=.% ./%

."#% >$*/?#2@% M/>% (:#% $/9/2;8)% ?(*#$1 .,$#@% P/:% ;/><% ?(*#$.,$#)% 7#($)% $/."1 ,$-% 9>.% (% 2(;% ./% P(4#9//+% ).(*+% ;/>:% #C#)%'"/%(**<%()%(%7(..#:%/5%5(4.<%"(?#%

2,)4:#2,.%($2%2#:,2#%."#%2(;%,.)#*5<%'#% XOWLPDWHO\ ORVH &\QLFLVP FDQQRW à®&#x160; OO LQ ."#%#7=.,$#))%/5%(%2(;%'"#:#%;/>%(:#% 7(2#% ('(:#% /5% ."#% 5(4.% ."(.% ;/>% (:#%

-,:*5:,#$2)@% !",*#% ;/>% 4:;% ./% ;/>:)#*5% ,$%9#2%*,).#$,$-%./%."#%34:,=.@ ^/'<%."(.8)%."#%#();%)./:;%./%.#**%/5% U(*#$.,$#8)%J(;@%O.%*#().%."(.8)%."#%/$#%

."(.%."#%B(+#$%R$#)%.",$+%;/>%-/%(*/$-% ',."@%&$%5(4.<%.",)%,)%(%./.(*%5(**(4;%($2% 5/:% ."#% 5/**/',$-% :#()/$@% S/;5:,#$2)% DQG JLUOIULHQGV IULHQGV ZLWK EHQHà®&#x160; WV 4:>)"#)<%."#)#%(:#%(**%=#/=*#%."(.%',**% (.%)/7#%=/,$.%5(4./:%,$%/>:%*,?#)@%B"#;% (:#% =#/=*#% '#% 4(:#% (9/>.<% (:#% 5(,."1 5>*%./<%($2%=#/=*#%'#%-,?#%/>:%.,7#%./@% M#.<%#?#$%,5%/$%U(*#$.,$#8)%J(;%'#%"(?#% )/7#/$#<%,.%,)%",-"*;%>$*,+#*;%V(.%*#().% (44/:2,$-%./%7;%)(7=*#%/5%7;)#*5W%."(.% ."#;%',**%9#%."#:#%$#C.%;#(:@ R$%."#%/."#:%"($2<%."#:#%(:#%=#/=*#% '"/%'#%*/?#%7/:#%."($%($;.",$-%,$%."#% '/:*2% '"/% ',**% 9#% ."#:#@% B"(.8)% :,-".<% KR00O%./%5:,#$2)%($2%5(7,*;@%B"#%7/).% )=#4,(*%=#/=*#%(:/>$2%'"/%4/7#%',."% $/% ).:,$-)<% $/% )#C<% ($2% ,7=/:.($.*;% c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â&#x20AC;«Ú&#x2018;â&#x20AC;¬W MXPS Rà®&#x2030; RI :D .#:*//% S:,2-#<% &% 2,2% -/:-#% 7;)#*5% /$% 6().#:% #--)% ($2% '",.#% ',$#dN(*,9>d 4/4+.(,*)%.",)%;#(:@

!"

!"#$%

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

!&'()*%&#+,($#-+.(-" /*%%012(3#$45

!"#$%&'#%()*&%&+,%+##-*%+#."#%*##/% &+,%")*&01%2,/&$)342&4/5%+##-#/3*%,6% QRUWKHUQ KHPLVSKHUH UXJE\ SURà®&#x2030; HUHG XS IRU IDQV )URP WKH IUHH à®&#x2039; RZLQJ E\ QRUWKHUQ KHPLVSKHUH VWDQGDUGV à®&#x160; UVW ZHHNHQG WR WKH IDU PRUH GHIHQ VLYH UHDG HUURU SURQH ZHHNHQG DI WHUZDUGV WKHUH KDYH EHHQ SOHQW\ RI VLJQLà®&#x160; FDQW DFWLRQV WUHQGV DQG LQGL FDWLRQV WKDW DW WKH YHU\ OHDVW FDQ LQGL 2)&#% #7)2&01% +')&% +400% 8#% ')((#/4/5% +4&'%&'#%94,/*%*:;)3<%='#%+,$03%2;(% PLJKW EH D ORQJ ZD\ Rà®&#x2030; EXW DOUHDG\ WKHUH DUH PXUPXUV RI WHDP FRUHV )/3% +'40*&% 4&% +400% ($,8)801% 2')/5#% 3$)>)&42)001% &'4*% 2,>(#&4&4,/% 4*% 6;00% ,6%4/&$45;#< ?,$% @/50)/3% &'4*% &,;$/)>#/&% 4*% RQH à®&#x160; OOHG ZLWK SURPLVH 6RPH P\ *#06% 4/20;3#3A% )$5;#3% &'#% 3,>4/)/&% GLVSOD\ RYHU 1HZ =HDODQG LQ WKH $X WXPQ WHVWV WKDW ZDV D à®&#x2039; XNH :KLOH &'#%(#$6,$>)/2#*%')"#%8##/%/,+'#$#% 2,>()$)80#% &,% &')&% 0#"#0% ,6% (0)1% &'#% à®&#x160; UVW WZR PDWFKHV KDYH EHHQ SURPLV LQJ 6R IDU WKHUH KDV EHHQ DQ H[FLWLQJ GHYHORSPHQW RI ERWK \RXQJHU WDOHQW )/3%&'#%&#>(#$4/5%,6%>,$#%*#)*,/#3% SOD\HUV VXFK WKDW WKLV VTXDG DSSHDUV WR EH PRUH VHWWOHG WKDQ SUHYLRXV LQ FDUQDWLRQV 3OD\HUV VXFK DV 7ZHOYH WUHHV DQG /DXQFKEXU\ LQGLFDWH D VLJ QLà®&#x160; FDQW OHYHO RI WDOHQW LQ WKH \RXQJHU SOD\HUV RI WKH VTXDG WKDW KDYH WKH SR WHQWLDO WR EHFRPH ORQJ WHUP à®&#x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à®&#x160; UVW WLPH D VSHFLà®&#x160; F DQG 34$#2&%(0)/%,6%)&&)2-%&)$5#&4/5%*4/50#% (0)1#$*% )/3% (,&#/&4)0% +#)-/#**#*% 6$,>% &'4*% ()$&42;0)$% @/50)/3% *43#% &')&%>)-#*%>#%',(#6;0%6,$%&'#%6;&;$#<% F,$#%#"43#/2#%6,$%)/%4/2$#)*#3%0#"#0% RI WDFWLFDO DZDUHQHVV ZDV LQ UHGXF LQJ WKH Hà®&#x2030; HFWLYHQHVV RI WKH IDPHG ,ULVK â&#x20AC;«Ú&#x201D;â&#x20AC;¬FKRNHâ&#x20AC;« Ú&#x2022;â&#x20AC;¬WDFNOH LQVWHDG RI DOORZ 4/5%(0)1#$*%&,%5#&%4*,0)&#3%)/3%3$)+% HDV\ SHQDOWLHV WKHUH ZDV D FRQFHUW HG Hà®&#x2030; RUW WR OHQG VXSSRUW WR UXQQHUV JDLQLQJ WKH KDUG \DUGV :KLOVW WKH Hà®&#x2030; RUW PD\ KDYH DUJXDEO\ GZLQGOHG ULJKW DW WKH GHDWK LQ WKLV UHVSHFW WKLV 4*%>#$#01%4/342)&4"#%,6%&'#%')$3%+,$-% WKH SOD\HUV ZHUH SXWWLQJ LQ JLYH LW WLPH DQG WKLV ZLOO VRRQ EHFRPH XQ /,&42#)80#<% 2QH VOLJKW DUHD RI FRQFHUQ , KDYH KRZHYHU LV LQ WKH SOD\ RI )DUUHOO =')&.*% /,&% &,% *)1% '#% 4*/.&% )% +,$03% FODVV SOD\HU DW WKH FXUUHQW DJH RI KH SOD\V ZLWK WKH SRLVH DQG H[SHUL HQFH RI D IDU PRUH H[SHULHQFHG LQGL "43;)0<% G.>% /,&% 2,/2#$/#3% +4&'% )/1% VOLJKW ODFN RI ERVVLQJ WKH SOD\ RU ODFN

RI EUXWDO SK\VLFDOLW\ LQ WKH WDFNOH KH )0$#)31% 3,#*% &'#*#% &)*-*% >,$#% &')/% DGHTXDWHO\ GHVSLWH KLV DJH 0\ FRQ 2#$/%4*%&')&%'#%*,>#&4>#*%34*(0)1*%)% WHQGHQF\ WR IRFXV WRR PXFK RQ FHU WDLQ WDVNV DQG QRW FRPPDQG WKH à®&#x160; HOG LQ WKH VDPH ZD\ :LONLQVRQ RU &DUWHU 3,% 6,$% 0)$5#% (,$&4,/*% ,6% &'#% 5)>#<% 6HYHUDO WLPHV LQ WKH PDWFK YHUVXV ,UHODQG KH ZDV VXFNHG LQWR UXFNV WR &'#% #7&#/&% +'#$#% 4&% 8#2)>#% /,&)801% REYLRXV WKDW WKHUH ZDVQâ&#x20AC;«Ú&#x2018;â&#x20AC;¬W D OHDG 4/5%&')&%()$&42;0)$%)&&)2-<%='#%0,**%,6% IRUP ZRXOG WKHQ OHDG WR KDQGOLQJ HU URUV RU IXUWKHU VWRGJ\ UXFNV WKDW EH 2);*#%,6%&'#%20,*#%$;//4/5%/)&;$#%,6% WKH (QJODQG IRUZDUGV PHUHO\ JDYH )/,&'#$% $;2-% 20,*#% )&% ')/3% 6,$% '4>% WR GLYH LQWR +RZHYHU KH LV FHUWDLQO\ QRW WKH à®&#x160; UVW (QJODQG WR KDYH GH "#0,(#3% &'4*% &#/3)/21% "#$1% #)$01% ,/% LQ KLV FDUHHU $ FHUWDLQ 0U :LONLQVRQ GHYHORSHG WKLV KDELW LQ KDY 4/5%4&%-/,2-#3%,;&%,6%'4>%)&%&'#%#)$01% VWDJHV RI WKH :RUOG &XS WRXUQDPHQW G.>%+#00%)+)$#%&')&%&'#%2;$$#/&%*:;)3% 0)2-*% )% F)$&4/% C,'/*,/% &,% 2)0>01% *4&% KLP GRZQ DQG KDYH D FKDW EXW WKH )&&#/&4,/%&,%3#&)40%&')&%&'4*%2,)2'4/5% VWDà®&#x2030; GLVSOD\ PDNH PH VXUH WKLV ZLOO QRW EHFRPH D WUHQG RU ORQJ WHUP FRQ 2#$/%4/%)/1%+)1%*')(#%,$%6,$>< )XUWKHUPRUH WKH RQO\ RWKHU SURE OHP DVLGH IURP WKH LQMXU\ WR %HQ 0RUJDQ VHHPV WR EH WKDW RI ZKR WR *#0#2&%6,$%2#$&)4/%(,*4&4,/*<%B,&%,/01% LV WKHUH D ORJ MDP LQ WKH IURQW à®&#x160; YH RI WKH VFUXP EXW ZLWK WKUHH GHFHQW FHQWUHV JLYH 6WXDUW /DQFDVWHU DQ HP 8)$$)**>#/&%,6%$42'#*%&,%2',,*#%6$,>% +'#/% '#% *#0#2&*% '4*% &#)>% ,6% 2',42#<% 'HVSLWH &RUELVLHURâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V LQMXU\ /DQFDVWHU VWLOO KDV &ROH ZLWK ZKLFK WR DQFKRU KLV IURQW WKUHH DQG WKHQ WKH RSWLRQ RI \RXWK IURP HLWKHU 0DUOHU RU 9XQLSR OD RU WKH PRUH H[SHULHQFHG :LOVRQ 7KUHH RXWVWDQGLQJ VHFRQG URZV HQ DEOH VSHFLà®&#x160; F WDFWLFV WR EH GHSOR\HG 8#% 4&% &'#% *;804>#% 04/#,;&% &#2'/4:;#% RI 3DUOLQJ WHFKQLFDO FDSDFLW\ RI 9);/2'8;$1%,$%&'#%*'##$%8$;&)04&1%,6% &'#% '4&>)/% &')&% 4*% 9)+#*<% ='#% *)>#% FRQXQGUXP RI à®&#x160; OOLQJ WZR SRVLWLRQV ZLWK WKUHH RXWVWDQGLQJ SOD\HUV RF FXUV DJDLQ ZLWK WKH FHQWUHV %DUULWW =;40)54% )/3% =+#0"#&$##*% )$#% )00% 4/% H[FHOOHQW IRUP :KLOVW KHUH EHFDXVH RI 7ZHOYHWUHHV LQH[SHULHQFH LW LV SRV VLEO\ DQ HDVLHU GHFLVLRQ WKDQ ORFN 54"#/% '4*% #72#00#/&% 3#(;&4*)&4,/% 6,$% WKH DEVHQW 7XLODJL WKLV FRXOG EH DQ LQ &$45;4/5%(,*4&4,/)0%*2$)(%6,$%&'#%/#7&% 6#+% 1#)$*<% ='4*% *&$#/5&'% )/3% 3#(&'% IRU /DQFDVWHU DOORZLQJ KLP WR UDS 4301%2')/5#%&)2&42*%+)*%)5)4/%*##/%4/% &'#% >)&2'% )5)4/*&% 4$#0)/3<% B##34/5% D SK\VLFDO ERRVW DIWHU D SHULRG RI UH 0#/&0#**%4$4*'%)&&)2-%9)/2)*&#$%&'$#+% RQ /DZHV DQG 7XLODJL WKH IRUPHU OD\ 4/5%,;&%&+,%(;/4*'4/5%'4&*%+4&'4/%&'#% à®&#x160; UVW à®&#x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

UHFHQW \HDUV (YHU\RQH ORYHV DQ XQ 3#$3,5% "42&,$1% )5)4/*&% &'#4$% >,*&% KDWHG WHDP EXW SXWWLQJ DVLGH WKH )UHQFK LPSORVLRQ WKH ,WDO\ WHDP DUH FOHDUO\ EHQHà®&#x160; WLQJ IURP WKH H[WHQGHG LQFOXVLRQ RI %HQHWWRQ 7UHYLVR LQ WKH 3UR OHDJXH :KLOH WKHUH LV DOZD\V )% :;#*&4,/% ,"#$% +'#&'#$% &'#% $)&'#$% 84H)$$#% ?$#/2'% &#)>% *#0#2&4,/% ')*% RYHUO\ à®&#x2039; DWWHUHG ,WDO\ , JRW WKH VHQVH WKDW IRU WKH à®&#x160; UVW WLPH LQ UHFHQW \HDUV &'#$#% +)*% )% *#/*#% ,6% ('1*42)04&1% &'$,;5',;&% &'#% &#)><% G% &'4/-% 4&% )0*,% ')*% &,% 8#% /,&#3% &')&% &'#% >)&2'% +)*% SOD\HG LQ WKH 6WDGLR 2OLPSLFR LQ WKH ()*&% 6,;$% 2,>(#&4&4,/*% )00% 6,;$% ,6% ,WDO\â&#x20AC;«Ú&#x2018;â&#x20AC;¬V YLFWRULHV KDYH FRPH DW KRPH &+,% )5)4/*&% ?$)/2#% )/3% &+,% )5)4/*&% 6FRWODQG ,W PLJKW EH WKH FURZG WKH SLWFK TXDOLW\ RU MXVW WKH DLU EXW IDFLQJ G&)01% )&% ',>#% 4*% /,% 0,/5#$% &'#% #)*1% +4/% &')&% &#)>*% ,/2#% &',;5'&% 4&% +)*<% :Hâ&#x20AC;«Ú&#x2018;â&#x20AC;¬OO KDYH WR ZDLW IRU WKH QH[W VHW RI PDWFKHV WR MXGJH ,WDO\â&#x20AC;«Ú&#x2018;â&#x20AC;¬V DELOLW\ EXW , +,;03/.&%8#%*;$($4*#3%46%&'#1%20)4>%)&% 0#)*&%,/#%>,$#%*2)0(%4/%&'4*%4&#$)&4,/% ,6%&'#%*47%/)&4,/*< $V IRU )UDQFH , GRQâ&#x20AC;«Ú&#x2018;â&#x20AC;¬W UHDOO\ NQRZ :;4&#%+')&%&,%*)1<%='#%&)0#/&%0#"#0%4/% WKH VTXDG LV VLJQLà®&#x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à®&#x160; HU\ HQ 2,;/&#$% )5)4/*&% @/50)/3% &')/% >,*&% )$#% ($#342&4/5<% ?$)/2#% >)1% 8#% &'#% WHDP WKDW GHà®&#x160; QHV WKLV 6L[ 1DWLRQV LQ WKH KLJKOLJKW UHHOV WKHLU RSSRV 4/5%&#)>%+400%')"#%&,%8#%($#()$#3%6,$% )/1&'4/5<% :DOHVâ&#x20AC;« Ú&#x2018;â&#x20AC;¬SRVLWLRQ LQ WKLV 6L[ 1DWLRQV LV RQH WKDW , WKLQN LV IDU PRUH SRVL &4"#% )6&#$% &'#% *#2,/3% +##-% &')/% )&% WKH HQG RI WKH à®&#x160; UVW $ KDUG ORVV WR ,UH 0)/3%+)*%$#)04*&42)001%&'#%80;#($4/&%,6% KRZ WKLV :HOVK VLGH ZRXOG ORVH PRVW PDWFKHV $ VORZ VWDUW VRPH HUURUV RU PLVIRUWXQH DQG D VLJQLà®&#x160; FDQW GHà®&#x160; FLW LQ WKH à®&#x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

EXUWRQ OLNHO\ WR EH EDFN WR IXOO à®&#x160; WQHVV DIWHU D VWLQJHU SLFNHG XS LQ ,UHODQG &'#%)33#3%2,>(#&4&4,/%4/%)/%)0$#)31% 4/34"43;)001%&)0#/&#3%6$,/&%#45'&%>)-#% :DOHV D JRRG SURVSHFW ERWK IRU WKLV WRXUQDPHQW DQG WKH \HDUV WR FRPH $V IRU WKH UHVW RI WKH &HOWLF IULQJH ,UHODQG KDYH EHHQ H[DFWO\ ZKDW , H[ SHFWHG DIWHU SXWWLQJ D GHFHQW à®&#x160; UVW KDOI GLVSOD\ RQ DJDLQVW :DOHV WKH\ KDYH \HW WR VKRZ WKH VDPH VRUW RI LQ *&4/2&% )5)4/<% ='#% &)80#% (;&*% &'#>% 4/% &4#3%*#2,/3%(0)2#%K34*2,;/&4/5%(,4/&*% IRU DQG DJDLQVW EXW , FDQâ&#x20AC;«Ú&#x2018;â&#x20AC;¬W VHH WKLV 8#4/5% &'#% 2)*#% )6&#$% /#7&% +##-.*% PDWFK DJDLQVW 6FRWODQG ,Q DGGLWLRQ WR LQMXU\ FRQFHUQV DQG RI 6H[WRQ 0F&DUWK\ DQG 'â&#x20AC;«Ú&#x2018;â&#x20AC;¬$UF\ WKHUH LV WKH 8)//4/5%,6%L#)01%&,%8#%3#)04/5%+4&'<% M/04-#% &'#% ,&'#$% /)&4,/*% ',(4/5% &,% 2,/&#/3%6,$%&'#%&4&0#%G$#0)/3%0)2-%&'#% GHSWK WR VXUYLYH LQMXULHV WR WKHVH SR *4&4,/*<% ($4>)$401% 8#2);*#% &'#% 4/E;$1% WR 6H[WRQ PHDQV WKDW 5RQDQ 2â&#x20AC;«*Ú&#x2018;â&#x20AC;¬DUD +400% ($,8)801% 8#% ,/% &'#% (4&2'<% G&.*% ')$3% &,% *##% &'#% 3#204/#% ,6% )% (0)1#$% ZLWK VXFK D KLVWRU\ EXW 2â&#x20AC;«*Ú&#x2018;â&#x20AC;¬DUD LV /,% !.N$4*2,00<% L4*% -42-4/5% 6$,>% &'#% KDQG RULJLQDOO\ RQH RI KLV NH\ DVVHWV ZDV ZD\ZDUG DJDLQVW (QJODQG DQG 6FRWODQG ZLOO EH PRUH WKDQ ZLOOLQJ WR WDNH WKH JDPH WR KLP ,W FRXOG EH DU 5;#3%&')&%&'#*#%)$#%>#$#01%*1>(&,>*% ,6% )% 3##(#$% 4**;#% )&% O% )/3% )% 0)2-% ,6% IDVW EDOO IRU ,UHODQG EXW UHDOLVWLFDOO\ WKH UXVK GHIHQVH SURYHG VR Hà®&#x2030; HFWLYH G% &'4/-% G$#0)/3% /##3% )% 6;/3)>#/&)0% 2')/5#%,6%&'#4$%)2&4,/%(0)/%46%&'#1.$#% JRLQJ WR WDNH DGYDQWDJH RI DQ\ :HOVK ,$%@/504*'%*04(%;(*%,"#$%&'#%2,;$*#%,6% &'#%&,;$/)>#/&< , GRQâ&#x20AC;«Ú&#x2018;â&#x20AC;¬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à®&#x160; QDOO\ JHWWLQJ WKH SODXGLWV KH GHVHUYHV DQG ZLWK WZHOYH 2)(*%'#%*##>*%&,%8#%&'#%(#$6#2&%&,/42% IRU &KULV 3DWWHUVRQâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V UHWLUHPHQW %XW \RX WDNH KLP 5LFKLH *UD\ DQG .HOO\ %URZQ RXW RI WKDW OLQH XS DQG WKHQ , IHDU WKH GUXEELQJ RI ,WDO\ ZRXOG LQVWHDG EH D UHYHUVHG VFRUH 04/#<%% ,Q FRQFOXVLRQ ZHâ&#x20AC;«Ú&#x2018;â&#x20AC;¬UH EHLQJ VSRLOW E\ WKLV \HDUâ&#x20AC;«Ú&#x2018;â&#x20AC;¬V 6L[ 1DWLRQV DQG WKH XSFRPLQJ PDWFKHV DUH à®&#x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

!"

!"#$%

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

&!'( )'!*&+!( +,-!(.''/

+B1(H#;;176:;;(=;8%I(JKLM C:D82(E:"(:2F(98?#;1(GB:2

!"# $"%&"'(# %"# )&'*+$',-# ./012# 34# %# 43&5%,# 6&+(%-# %7"'&8 4334# %"# "9'# :'%*3*;# "9'%"&'<# =9'&'# >%$# 43# (3?@"# "9%"# >'# 9%A'# %,,# @''4# %4"+*+)%"+4B# "9+$# >'';'4(# 7&35# "9'# 538 5'4"# >'# @3?B9"# 3?&# "+*;'"$C# 'A'4# *9'*;+4B# +4# .1# (%-$# +4# %(A%4*'D# E3>'A'&C# 3?&# 'F8 *+"'5'4"#(+(#,'%(#"3#43"#34'C# @?"# ">3# 5+$"%;'$# +4# @33;+4B# %+&# "+*;'"$# %$# +"# $''5$# "9%"# ('$)+"'# @'+4B# %"# "9'# GHIC# ERRNLQJ à®&#x2039; LJKWV IRU WKH FRUUHFW 534"9#$"+,,#)&3A'$#%$#%#5%J3&# (+77+*?,"-# 73&# "9'# I*3435+*$# %4(#"9'#K%"9$#$"?('4"$< 63,,3>+4B# L-%4%+&M$# N348 "+5'#J+4B,'M#+4#>9+*9#>'#>'&'# +473&5'(# "9%"# >'# 9%A'# %&8 &+A'(#+4#O?@,+4#34#-'"#%43"9'&# RQ WLPH à®&#x2039; LJKW RXU WHDP FDS "%+4C# P%"9,''4# Q%,'4"+4+# R%# O?@,+4#'F)'&"S#T?+*;,-#B3"#?$# 34#%#@?$#9'%(+4B#73&#"9'#UVO# *%5)?$C#"',,+4B#?$#"3#,33;#,'7"# %4(#&+B9"#"9&3?B93?"#"9'#J3?&8 4'-# %$# $9'# +4"&3(?*'(# ?$# "3# "9'#@'%?"+7?,#*+"-< W9'4#>'#%&&+A'(C#>'#>'&'# *35),'"',-# '4"9&%,,'(# @-# "9'# B+B%4"+*#*%5)?$#>+"9#+"$#B,%$$# OLEUDU\ DQG WKH EULJKW à®&#x160; HOG ,+B9"$# >9+*9# ,+"# ?)# "9'# )%"9# "3# 3?&# @%$'# 73&# "9'# ?)*358 +4B#>'';'4(0#"9'#UVO#$)3&"$# *'4"&'<# I4"'&+4B# "9'# $)3&"$# 9%,,C# "9'# $+B9"# 37# A%&+3?$# "'%5$# +4# *3,3?&7?,# ?4+73&5$# 53A+4B#%&3?4(#"9'#*3?&"#%4(# "9'# $3?4(# 37# )'3),'# *%,,+4B# 73&#"9'#@%,,#%4(#"9'#9%&(#$,%)$# 37#$)+;'$#B3"#?$#'%B'&#"3#$"%&"# ),%-+4B#+55'(+%"',-< E3>'A'&C# >+"9# 3?&# B%5'$# $*9'(?,'(# 73&# "9'# 73,,3>+4B# 53&4+4B# >'# '4('(# ?)# 3@8

$'&A+4B#3?&#3))34'4"$#@'73&'# 9'%(+4B# 73&# "9'# V',"C# >9'&'# ZH VSHQW RXU à®&#x160; UVW QLJKW LQ "&?'#!&+$9#$)+&+"#>+"9#X?+44'$$# %4(#,+A'#5?$+*<#Y$#"9'#5',3(-# 37# "9'# !&+$9# 4%"+34%,# %4"9'5# (&'>#3?&#4+B9"#"3#%#*,3$'C#>'# à®&#x160; QDOO\ KHDGHG WR RXU KRVWHO

W+"9# %4# '%&,-# $"%&"C# >'# %&&+A'(# %"# UVO# >'%&+4B# 3?&# 7&'$9# >9+"'# ;+"$# %4(# @'B%4# 3?&#@%"",'#%$#"9'#E34'-#Z%(B8 '&$C# ),%-+4B# "'%5$# $?*9# %$# "9'# K?,"+),'# H*3&B%$5$C# %4(# V9+*;'4# :%(# =9%+<# [?&# 7%*'$#

+55'(+%"',-#@&+B9"'4'(#>9'4# >'# B3"# +4"3# "9'# *?)C# ),%-+4B# à®&#x160; IWHHQ PLQXWH PDWFKHV UHI HUHHLQJ DQG à®&#x160; OOLQJ RXUVHOYHV ZLWK FRà®&#x2030; HH FRRNLHV DQG RI *3?&$'#P+"#P%"#V9?4;-#@%&$#+4# @'">''4<# =9'# %"53$)9'&'# 37# "9'#*35)'"+"+34#;')"#?$#'4'&8

B+$'(#%$#>'#'4*3?4"'&'(#4'># )'3),'# "&%A',,+4B# 7&35# A%&+8 3?$#),%*'$#"3#UVO#J?$"#73&#"9'# Z,+"\< Y7"'&# %# >93,'# (%-# +4# "9'# $)3&"$# 9%,,C# >'# >'&'# $"+,,# 43"# (34'#%$#>'#9'%('(#"3#V&%*;8

@+&(# 73&# (+44'&# >9+*9# $'&A'(# "9'# @'$"# @?""'&5+,;# *9+*;'4# %4(#93"#>+4B$#+4#O?@,+4<#W+"9# RXU EHOOLHV IXOO DQG VDWLVà®&#x160; HG >'# $"&3,,'(# %,34B# "9'# ,+A',-# $"&''"$#37#='5),'#Z%&#"3>%&($# O+*'-M$#>9'&'#"9'#Z,+"\#3&B%48 +\'(# %4# 'A'4"# 73&# %,,# "9'# )%&8 "+*+)%4"$<#=9'#&'$"#37#"9'#4+B9"# >%$# $)'4"# 5''"+4B# A%&+3?$# )'3),'#>'MA'#),%-'(#34#*3?&"# 43>#%,,#(&'$$'(#?)#%4(#3?"#37# "9'+&# ;+"$# %4(# ;4'')%($<# [?&# 7%"+B?'# >%$# 43# 9+4(&%4*'# 34# 3?&# (%4*'# $;+,,$# %$# "9'# 9348 '-# @%(B'&$# +,,?5+4%"'(# "9'# GDQFH à®&#x2039; RRU ZLWK RXU \RXWK %4(#B33(#$)+&+"C#>'#>'&'#53$"# GHà®&#x160; QLWHO\ WKH OLYHOLHVW WHDP LQ "9'#*35)'"+"+34#>+"9#3?&#>%&# FULHV DQG DFH FKDQWV %XW à®&#x160; 4%,,-C#+4#"9'#>''#93?&$#37#"9'# 53&4+4BC# >'# $"&3,,'(# @%*;# "3# 3?&# 93$"',# +4# "9'# &%+4C# $"3)8 )+4B# 73&# 53&'# *93*3,%"'# %4(# 'A'4# "33;# )+*"?&'$# >+"9# "9'# +47%53?$#K3,,-#K%,34'< [4# 3?&# ,%$"# (%-# +4# O?@,+4C# >'# *35),'"'(# %43"9'&# ">3# PDWFKHV EHIRUH KHDGLQJ Rà®&#x2030; "3# $)'4(# "9'# &'$"# 37# 3?&# (%-# "3?&+4B# "9'# 4%"+34%,# ,+@&%&-# %4(# "&+4+"-# *3,,'B'<# =9&3?B98 3?"#"9'#>'';'4(C#>'#>34#">3# 5%"*9'$C# (&'># 34'# %4(# ,3$"# 73?&<#=93?B9#>'#(+(#43"#5%;'# LW WR WKH VHPL à®&#x160; QDOV WKH WRXU 4%5'4"#>%$#%,$3#%#B33(#),%"8 73&5#73&#4'>#),%-'&$#"3#,'%&4# %4(# +5)&3A'<# [?&# >'';'4(# ZDV GHà®&#x160; QLWHO\ D YLFWRU\ DV ZH B3"#"3#),%-#5%4-#7?4#5%"*9'$C# 5''"# 4'># )'3),'# %4(# 53$"# +5)3&"%4",-C#B&3>#*,3$'&#%$#%# "'%5<#=9'#GHI#A3,,'-@%,,#*,?@# ZLOO GHà®&#x160; QLWHO\ EH SDUWLFLSDWLQJ +4#53&'#37#"9'$'#+4"'&4%"+34%,# 'A'4"$#+4#"9'#7?"?&'D#X[#EZD

-%N3(2#%(#D1$(42%8;(8%N3(#D1$ O:7(!%#;;

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

à®&#x2039; RRU 7KH LQVXOW WR LQMXU\ ZDV "9'# 93%&($# 37# +4"'&4%"+34%,# $"?('4"$C# *,'%&,-# *347?$'(# @-# "9'# *3553"+34# 34# "9'# ,3>'&# B&3?4(C# >9+))+4B# 3?"# "9'+&# $5%&"# )934'$# "3# $%A3?&# "9'# $+B9"#37#%#K%4#U4+"'(#7%4#,33;8 +4B# ?""'&,-# 5+$'&%@,'<# W9'4# %UHWW (UURO /HZLV à®&#x160; QGV LW WRR 9%&$9# "3# &?@# +"# +4C# -3?# ;43># +"M$# %# "3?B9# @&'%;<# Y*"?%,,-# @'+4B# 7&35# K%4*9'$"'&# %4(# $?))3&"+4B# K%4*9'$"'&# U4+"8 '(C# -3?# 9%A'# "3# ?4('&$"%4(# 93>#5?*9#"9+$#5'%4"<#`3@3(-# *%&'$# %@3?"# "9'# !4(?$"&+%,# L'A3,?"+34# %4-53&'C# [%$+$# DUH à®&#x160; QLVKHG WKH ZHDWKHU LV *34$"%4",-# (&'%(7?,a# 733"@%,,# +$# %,,# >'# 9%A'D# !# $"+,,# 73?4(# +"# 9%&(# "3# $)'%;# 4'%&,-# %# >'';# ,%"'&< W9+,$"#!MA'#$+4*'#9%(#"3#B'"#

5-#9'%(#(3>4#%4(#%**')"#H'&8 B+3# YB?'&3# )&3@%@,-# >%$4M"# "9'# $3,'# *%?$'# 73&# 5-# "')+(# )'&73&5%4*'# %"# 'F%5# "+5'# ,%$"# -'%&C# !# 9%A'# 34'# $+5),'# "93?B9"# "3# B+A'# 34# 93># "9+$# -'%&M$# "+",'# &%*'# 9%$# $9%)'(# ?)<# !=# !H# `[=# [QIL# U`=!G# !=MH# [QIL<# !# *3?,(# 43"# *%&'# ,'$$#+7#U4+"'(#%&'#">',A'#)3+4"$# %9'%(<# !# *3?,(4M"# *%&'# ,'$$# +7# :%((-# :3>'&# 9%$# )%+(# 3?"<# !# *'&"%+4,-# *3?,(4M"# *%&'# ,'$$# +7# "9%"# )&%"# 7&35# K[=O^# V3,+4# K?&&%-# "9+4;$# %,,# +$# (34'<# !# >+,,# *','@&%"'# "9'# ,'%B?'# &'8 "?&4+4B#@%*;#"3#5-#$'*34(#7%8 "9'&# H+&# Y,'F# >9'4# !# $''# 9+5# ,+7"#+"< 2EYLRXVO\ â&#x20AC;«Ú&#x201D;â&#x20AC;¬LWâ&#x20AC;« Ú&#x2022;â&#x20AC;¬LV GLà®&#x2030; HUHQW "9+$# -'%&<# L%4B+4B# 7&35# "9'# 3@A+3?$#*%"%,-$"#37#Q%4#:'&$+'# %4(#"9'#&'"?&4#37#Q+(+*C#"3#"9'#

@'""'&'(#73&5#37#),%-'&$#$?*9# %$#V,'A'&,'-C#IA%4$#%4(#V9+*98 %&+"3C#"9'&'#+$#"9'#3A'&>9',58 +4B# $'4"+5'4"# "9%"# 6'&B?$34# >34M"# ,'"# b+"c# 9%))'4# %B%+4<# d'"C#"9+$#+$#733"@%,,<#W9+,$"#,%$"# $'%$34M$# *%"%$"&3)9'# +$# 7&'$9# +4#"9'#5+4(C#"9'&'#+$#%#$"&34B# 9+$"3&+*%,# )&'*'('4"# @'9+4(# %4# +4'F),+*%@,'# '4(# 37# $'%$34# *3,,%)$'<# =>3# ;'-# 'F%5),'$# "9%"# $)&+4B# "3# 5+4(# %&'# `'>8 *%$",'M$#43$'(+A'#+4#.eef#R$3&8 &-# K%,+@?S# %4(# U4+"'(M$# *3,8 ,%)$'#"3#Y&$'4%,#+4#.eegC#R+7#!# &'5'5@'& &+B9",-C# >'# "3$$'(# %>%-# %# ">',A'# )3+4"# ,'%(# "9'4# "33DDS<# H3# >9+,$"# !M5# )&%-+4B# 73&# 5-# 3>4# $%4+"-# "9%"# !M5# >&34B# >+"9# "9+$C# %,,# +$# 43"# $%+(# %4(# GRQH LQ WKH à®&#x160; JKW WR EH (QJ ,%4(M$#@'$"<

0123()4567(*28#2 !"#$%&'$()$*$(+$,-&./* 0-1.2$34567&/5.8$+.2 90:7&5;<$=-<<7>7$!-4* '-4$(4'$?$*$()$!"#$@/.

34567&/5.8$-A$"1//7B$ (4'$(?$*$@@$!"#$(4'

91%6:;; !"#$C.2$D$*$@E$F-8;<$ G&77$;4'$34567&* /5.8$=-<<7>7$H7'5I;<$ "I2--<$J.2 !"#$%&'$J+$*$%+$".$ H;&8K/$34567&/5.8$=-<* <7>7$%&' L54>/.-4$34567&/5.8$ M-074/$(4'$@D$*$%J$ !"#$(4'

0123(<##%6:;; !"#$(4'$@$*$+$34567&* /5.57/$;.$H7'N;8$(4' 90:7&5;<$=-<<7>7$!-4* '-4$C.2$J$*$%$!"#$C.2

0123(=:3>1%6:;; 34567&/5.8$-A$M-&I7/* .7&$@/.$@?C$*$%E$!"#$ @/.

!"#$%&'(")*$+ !"#$@/.$D$*$?$O&147<$ 34567&/5.8$(4'

0123(,#?>17 90:7&5;<$=-<<7>7$!-4* '-4$+.2$@$*$@$!"#$(4' !"#$@/.$?$*$@$L54>K/$ =-<<7>7$!-4'-4$@/.

.#@123(=:3>1%6:;; !"#$@/.$+)$*$%+$345* 67&/5.8$-A$P7&.A-&'* /25&7$@/.

0123(!A4:3B !"#$@/.$+$*$@$34567&/5* .8$=-<<7>7$!-4'-4$(4'

'()*+

!"

!"#$%

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

!"#$%& тАл┌ЪтАм9ROOH\EDOO %OLW] тАл┌ЪтАм,WтАл┌СтАмV QRW RYHU XQWLO LWтАл┌СтАмV RYHU тАл┌ЪтАм6L[ 1DWLRQV UHFDS

2QH DQG GRQH IRU

!"#$"%&'()*$+",&-."/0,-1&#$-&2(#-,#0"%&$-"+#3+-"4&5(+&6(%%-*-&"#$%-#-1 .5#S'9F#6+,/4#3+$&5$'.//"#6+)$#%'(#T<U-# V>;-#<<W-#$%&#2./,&#+9#$%&#'5'$'./#6+5= $8.6$# +9# .# E,(D&8# X5&# 3'61B# # Y%')# ')#

# Z5.6$&4# '5# <UU;-# $%')# 8,/&# )$.$&)# $%.$# 3/."&8)# &5$&8'5*# $%&# E!H# Q8.9$# (,)$# D&# .$# /&.)$# J?# "&.8)# +/4# .54# .#

@OXPY@HEcLZBAX^

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роЙ HUHG D WRUQ DQWHULRU FUX 6'.$&#/'*.(&5$#KHALM#.54#0'//#5+$#3/."# .*.'5#$%')#)&.)+5B @,6%# .5# '5I,8"# 0'//# ,54+,D$&4/"# DроЙ HFW 1RHOтАл┌СтАм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роЙ HUHG D FDUHHU HQGLQJ LQMX 8"#'5#.#6+//&*&#D.)1&$D.//#*.(&R##@,6%#

$%&#8')1#$%.$#"+,5*#3/."&8)#.8&#9+86&4# $+#$.1&#.)#.#8&),/$#+9#$%&#E!HF)#S+5&= .54=4+5&F#8,/&B

"&.8# 8&(+2&4# 98+(# $%&'8# %'*%# )6%++/# 6/.))# *8.4,.$'+5B# # Y%&# .*&# 8&[,'8&= (&5$# 9+86&4# %'*%# )6%++/# 3/."&8)# $+#

(.1&#.#6%+'6&\#D&6+(&#.#38+9&))'+5./# '5#Z,8+3&#9+8#.#"&.8#D&9+8&#4&6/.8'5*# K)&&# ]&55'5*)-# !8.54+5M-# &5$&8# $%&# 1%$ 'HYHORSPHQW /HDJXH IRU D роК YH роК JXUH VDODU\ WKH ' /HDJXH DOORZV %'*%#)6%++/#3/."&8)#$+#)'*5#6+5$8.6$)M# +8# )3&54# .$# /&.)$# +5&# "&.8# '5# 6+//&*&# K0%&8&# $%&'8# $./&5$)# 0'//# D&# )%+0= 6.)&4# +5# .# 5.$'+5./# )$.*&MB# # 7+8# $%&# (.I+8'$"#$%&#6%+'6&#$+#*+#$+#6+//&*&#')# .5#&.)"#+5&-#&2&5#'9#$%&"#.8&#/&))#$%.5# &5$%,)'.)$'6#.D+,$#'$B## ^+)$#+9#$%&)&#"+,5*#(&5#%.2&#/'$= $/&#+8#5+#'5$&8&)$#'5#*+'5*#$+#6+//&*&-# .54# $%&# 8&),/$# ')# 0%.$# _.%++# @3+8$F)# O.$# 7+84&# 8&9&8)# $+# .)# .# `D.)$.84'a.= $'+5# +9# 0%.$# 6+//&*&# ')# ),33+)&4# $+# D&Bb##78+(#.#3/."&8F)#3&8)3&6$'2&-#$%&# 8&[,'8&(&5$#$%.$#$%&"#)3&54#.#"&.8#'5# 6+//&*&#)'(3/"#8+D)#$%&(#+9#+5&#"&.8F)# 3+$&5$'./#&.85'5*)-#.)#6+//&*&#3/."&8)# .8&#9+8D'44&5#98+(#8&6&'2'5*#.5"#)+8$# RI UHPXQHUDWLRQ IRU WKHLU HроЙ RUWV IURP E!H#$&.()-#.*&5$)#+8#0+,/4=D&#)3+5= )+8)B# @%.D.aa# ^,%.((.4-# .5+$%&8# /'1&/"# $+3=3'61-# 0.)# 8&6&5$/"# $%&# ),D= I&6$#+9#.5#EAHH#'52&)$'*.$'+5#'5$+#$%&# )+,86&#+9#%')#c,66'#D.613.61B #C5#$%&#6.)&#+9#E&8/&5)#E+&/-#'9#$%&# +5&=.54=4+5&# 8,/&# %.4# 5+$# D&&5# '5# 3/.6&-#%&#6+,/4#%.2&#4&6/.8&4#9+8#/.)$# \HDUтАл┌СтАмV GUDIW EHHQ SLFNHG LQ WKH роК UVW 8+,54#.54#%.2&#.#*,.8.5$&&4#6+5$8.6$# .54# '5),8.56&# )%+,/4# ),6%# .5# '5I,8"# D&9.//# %'(B# H//# %&# &2&8# 0.5$&4# $+# D&# 0.)# .# 38+9&))'+5./# D.)1&$D.//# 3/."&8-# .54#$%&#3.$%#$+#D&6+('5*#+5&#./(+)$# 8+DD&4#%'(#+9#$%&#6%.56&B##

)RUPXOD 2QH *HW %DFN WR %DVLFV '0"/&7+(8,&Rрн╝ HUV D рн╜ [ RU WZR WR WKH SUREOHPV IDQV KDYH ZLWK )RUPXOD 2QH CF2&# )+/2&4# '$d# 7+8(,/.# X5&# ')# $%&# ).(&# .)# $%&# &6+5+("B# C# (&.5# '$# (.1&)# )&5)&-# 8'*%$R# Z2&8"# 4&6.4&# +8# )+# $%&8&# ')# .# D++(# .54# D,)$# '5# $%&# &6+5+= ("B# @.(&# 0'$%# 7+8(,/.# X5&-# &2&8"# 4&6.4&# '$# )&&()# $%&8&# ')#.#*8&.$#6+,3/&#+9#)&.)+5)#+9# $./&5$&4# 48'2&8)# 0'$%# 8&./# 8'= 2./8'&)#=#98+(#@&55.#2#O8+)$#$+# e.11'5&5#2#@6%,(.6%&8#$+#$%&# 6,88&5$#H/+5)+#2#f&$$&/#2#e.(= '/$+5B#Z2&8"#6+,3/&#"&.8)-#7J#')# $8,/"#*8&.$B# H54# $%&5# '$# ')5F$B# ],)$# .)# $%&# &6+5+("# 6.5# D&# 6%,**'5*# ./+5*-# 3&89+8('5*# D&.,$'9,//"-# '$#0'//#'5&2'$.D/"#6+(&#68.)%'5*# 4+05B# @.4/"-# I,)$# .)# $%&# &6+= 5+('6# )3%&8&# ')# )+(&$%'5*# +9# &N$8&(&)-# )+# ')# 7+8(,/.# X5&B# !,$#,5/'1&#$%&#&6+5+("#0%'6%# 0'//-# .$# )+(&# 3+'5$-# 8&6+2&8-# 7+8(,/.# X5&# 6+,/4# 2&8"# 0&//#

4').33&.8B#e&8&#.8&#I,)$#.#6+,= 3/&# $%'5*)# C# $%'51# 7J# 5&&4)# $+# GR WR VXFFHHG LQ WKH SRVW роК QDQ 6'./#68')')#0+8/4B 7'8)$/"-# 7J# 5&&4)# $+# 6+5= 2'56&#&2&8"+5&#0'$%#$%&'8#5&0# &5*'5&B#C5#<UJg#$%&#&5*'5&)#

(,/.# X5&# &5*'5&# '5# $%&# <UJV# )&.)+5B# Z66/&)$+5&# %.)# 4+5&# %')# D&)$# $+# 4&/."# '$-# )+# (,6%# )+# $%.$# $&.()# %.4# $+# 8&/&.)&# .,4'+#+9#$%&#5&0#&5*'5&#$+#).$= ')9"#$%&#6+56&85)#+9#$%+)&#0%+# 4'45F$# $%'51# $%&# 5&0# &5*'5&)# 0 + , / 4# %.2&# $%&# S7J# 8+.8FB# 7+8(,/.# X5&# I,)$#

0'//# D&# $%&# $8.4'$'+5./# fhF)-# .66+(3.5'&4# 0'$%# $%&'8# 4')$'56$'2&# )+,54B# !,$# $%&8&# %.)# D&&5# (,6%# 9.59.8&# +2&8# .# 5&0# $,8D+6%.8*&4# f># &5*'5&# (.1'5*# '$)# &5$8"# .)# $%&# 7+8=

5&&4)# $+# D&# ),8&# $%.$# $%&# &5= *'5&#6.5#/'2&#,3#$+#.//#$%&#(&= 4'.# %"3&# .54# 6+52'56&# '$)# 4&= $8.6$+8)B @&6+54/"-# 0%'/&# &N3.5)'+5# ')# .# *8&.$# 0."# $+# D8'5*# .$$&5=

$'+5# $+# $%&# )3+8$-# '$# ')# 5+$# $%&# D&#.//#&54#.//B#Y%&8&#0.)#(,6%# 6+5$8+2&8)"# '5# <UUV# 0%&5# $%&# %ULWLVK *UDQG 3UL[ ZDV OHIW RроЙ $%&# 38&/'('5.8"# 8.6&# )6%&4,/&# .)# $%&"# 0+,/4# 5+$# 3."# $%&# 9&&# 4&(.54&4#D"#$%&(#D"#$%&#8.6= '5*# D+4"B# L,61'/"# 68')')# 0.)# .2&8$&4#.54#@'/2&8)$+5&#0'//#D&# .8+,54# 9+8# )+(&# $'(&# /+5*&8B# !,$#0'$%#'568&.)&4#

$"#6.55+$#D&#9,//"#*,.8.5$&&4B 2QH VLJQLроК FDQW SRVLWLYH WR $.1&# 98+(# 8&6&5$# "&.8)# 6.5# D&# 9+,54#'5#$%&#$&6%5'6./#.54#8,/&# 6%.5*&)# $%&# 8.6'5*# D+4"# %.)# 3,$# '5$+# 3/.6&# +2&8# $%&# 3.)$# 5,(D&8#+9#"&.8)#%.2&#'5#(.5"# 0.")# (.4&# $%&# )3+8$# (+8&# '5= $&8&)$'5*# '5# .5# .*&# 0%&8&# 4,= 8.D'/'$"#')#1&"B#Z/'('5.$'5*#8&9,= &/'5*-#9+8#&N.(3/&-#0.)#.#%,*&# )$&3#9+80.84#'5#(.1'5*#$%&#8.6= &)# (+8&# &N6'$'5*B# # c+'5*# D.61# $+# D.)'6)# '5# )+(&# +$%&8# 0.")-# $%+,*%-#6.5#3&8%.3)#(.1&#$%&# )3+8$# (+8&# '5$&8&)$'5*# .54# (+8&#)$.D/&#'5#$%&#/+5*#$&8(B ^CAeHZL#ZLLZPH_ G%'/&# 0&# 6.55+$# )."# %+0# 7+8(,/.# X5&# 0'//# D&# 4+'5*# '5# '5$&85.$'+5./# &N3.5)'+5-# 7+8= роК YH \HDUV WLPH ZKDW LV FHUWDLQ (,/.# X5&# 8')1)# /+)'5*# +,$# +5# ')# $%.$# $%')# )&.)+5# 0'//# D&# +5&# $%&# %.846+8&# 9.5)# 0%+# .8&5F$# 9+8# $%&# D++1)B# L&$F)# I,)$# %+3&# 0'//'5*# $+# $8.2&/# $+# 6+,5$8'&)# e.('/$+5# 4+&)5F$# 8,5# +,$# +9# /'1&#!.%8.'5-#0%&8&#$%&'8#).9&= ^&86&4&)#$+#68.)%B