798

Page 1

!"#

!"#$"%

!"## &"'()#)"%*+,*-."* /01*0-23"4-(5*647+4

!"#$%&'()*+#,-#.(/0(12/3(4(555678#-#&+#.*9:;9#6<*,(4()*(=0>6(

H-(,!(24.%(,M34(%+*(;C,N/23,?9(0 !&.30(%,&6,@OM$,/2.31-(),2,3(;,:&/*4*12/,:2%45,

<0-#-7(-7=#>>?*6@AB*7(* -."*C+(-*=+%%2)-*)#%-?* 74*!%7-#74D

?4.0(34)>,@3*&3,233&.31(, $%*&%*45,A2B:2*'3C,D3(E?# LSESU

"21-(/,A-.2

H-(,?@>),3(;,$%*&%*45,A2B:2*'3I,<D3(,E?#>I,6&1.)(),&3,(0.124*&3I,621*/*4*()I,2,-&.)*3',3(4;&%9I,230,*34(%324*&32/,)4.0(34)J

!OM( KLM( L7"%#97$R( B9;*9( SLBT( &99*"9<#%( 78#;.( ?.;*.;7'( U&,D E&;C9( *9( V.;%&'I( >78( )*+#,-#.6( !8#(9#5(<&,E&;C9I($E#&.8#&%#%( -'(W#9#.&:(L#<.#7&.'(X&'(L7*::I(;$( <:&;,#%(-'(78#(LB(7*(-#(Y&($7.&D 7#C;<(%;.#<7;*9(@*.(78#(B9;*9Z6 ‫ٺٺٺٺ‬7KH FDPSDLJQ WLWOHG ‫ڐ‬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‫>ڔٺٺٺٺ‬7KH FDPSDLJQ LV D@ SXVK @*.( ,":7;D,;::;*9( E*"9%( $E*.7D ;9C( @&<;:;7;#$I( :&"9<8;9C( 78#( LBR$( :&.C#$7( #+#.( <*9$":7&7;*9( *9( <8&9C#$( 7*( &<&%#,;<( :;@#( &7( KLMI(%.&,&7;<&::'("E$<&:;9C(*".(

$#.+;<#$( 7*( ,;7;C&7#( <8&::#9C#$( ;9( 78#( E.;+&7#( 8*"$;9C( ,&.H#7I( >DQG@ FDPSDLJQLQJ HஉHFWLYHO\ @*.(*".(;97#.9&7;*9&:($7"%#97$6Z ‫ٺٺٺٺ‬2QH /6( 6WROO VWDWHG ‫ڔ‬HSLWD *,;$#$( 78#( .#&:;7'( 78&7( 78#( LB( ,"$7(-#(5;99;9C(@*.(;7$(,#,-#.$( &<.*$$( &::( &$E#<7$( *@( "9;+#.$;7'( :;@#Z6(O#(<:&;,#%(78&7(78#(Y7#&,( ;$( ,*+;9C( &8#&%( 5;78( ;7$( :&.C#.( &;,$(5;78(C.#&7(,*,#97",Z6 ‫ٺٺٺٺ‬1RW DOO KRZHYHU VHHP WR EH WDNHQ LQ E\ 6WROO‫ڑ‬V FRQஊGHQFH ?.;'&$8;H&(W;.;I($#<*9%('#&.(]<D <*"97;9C( &9%( V;9&9<#( $7"%#97I( #JE.#$$#%(8#.(<*9<#.9$(5;78(78#( <&,E&;C9R$( @*<"$^( Y_$9R7( 78#( LB( %*;9C( 58&7( 78#'( $8*":%( -#( %*D ;9C(&9'5&'`(a8'(;$(78#(?.;*.;7'( U&,E&;C9( @*<"$#%( *9I( -&$;<&::'I( 58&7(78#;.(b*-$(#97&;:`Z( ‫ٺٺٺٺ‬:KLOH 6WROO KDV MXVWLஊHG WKLV E\ FDOOLQJ 2QH /6( D ‫>ڔ‬SXVK@ WR &<8;#+#( $"-$7&97;&:I( :*<&:;$#%( E.*C.#$$ZI( $*,#( &.#( $<#E7;<&:6( ].9&+( W"E7&I( $#<*9%( '#&.( K&5( $7"%#97I( #JE.#$$#%( 78;$( $<#E7;D <;$,6(Y_R%(.&78#.(78#'(E;<H#%(78#( -;CI( ;,E*.7&97( ;$$"#$( 7*( <&,D E&;C9(*9I(:;H#(7";7;*9(@##$6Z ( 8+4-742"3*+4*)#9"*:*

@:%&2%,2),(G7#=E,/(20(%,"&F*3)&3,)-&;),.:,4&,E?#,/(14.%( -DPHV (YDQV 6WD૸ :ULWHU

N)( !OM( 13.%( N<7*-#.( '#7( &9D *78#.( .*5( -.*H#( &-*"7( -#75##9( 78#( KLM( &9%( 78#( GGUI( 78#( $#<D *9%( *@( ;7$( H;9%( 78;$( '#&.6( ]( 7&:H( -'( ?.*@#$$*.( F&.;,&( G#99*"9#I( &( 5#::DH9*59( O",&9( A;C87$( :#<7".#.I( 5&$( *+#.$8&%*5#%( -'( 58&7( $*,#( ,#,-#.$( *@( 78#( &"D %;#9<#( <:&;,#%( 5&$( &9( Y"95#:D <*,#( %;$7.&<7;*9Z6( !8&7( %;$7.&<D 7;*9( <&,#( @.*,( @*.,#.( M9C:;$8( P#@#9<#( K#&C"#( SMPKT( @*"9%#.( !*,,'( A*-;9$*9( 58*( &77#9%#%( WKH WDON DFFRPSDQLHG E\ D ஊOP <.#5(5*.H;9C(@*.(78#(GGU6 ‫ٺٺٺٺ‬$OWKRXJK D ஊOP FUHZ KDG

C&;9#%(E#.,;$$;*9(7*(&77#9%(78#( 7&:HI( 78#( E.#$#9<#( *@( Q.( A*-;9D $*9( 5&$( &( $".E.;$#( 7*( 78#( KLM( <*,,"9;7'6 ‫ٺٺٺٺ‬$Q /6( (YHQW 6WHZDUG ZKR 5;$8#$( 9*7( 7*( -#( 9&,#%I( 8;C8D :;C87#%(78#(<*9<#.9^(Y_( 5&$( $".D E.;$#%(78#(KLM(-.&9%(5*":%(5&97( 7*( -#( &$$*<;&7#%( 5;78( 78;$( #JD WUHPHO\ SURDFWLYH ஊJXUH‫ ڞ‬WKDW‫ڑ‬V ;@(78#'(5#.#(&5&.#(8#(5*":%(-#( WKHUH LQ WKH ஊUVW SODFH ‫ڕ‬ ‫ٺٺٺٺ‬1HLWKHU WKH %%& QRU WKH SURD %"<7;*9(<*,E&9'(58*(,&%#(78#( %*<",#97&.'( ;9@*.,#%( 78#( KLM( *@(Q.(A*-;9$*9R$(E.#$#9<#6 ‫ٺٺٺٺ‬3HUPLVVLRQ IRU WKH SUHVHQFH RI D ஊOP FUHZ ZDV JLYHQ E\ WKH

Gavin Lynn

P;.#<7*.(*@(KLMR$(U#97.#(@*.(78#( L7"%'( *@( O",&9( A;C87$I( ?.*@#$D $*.( U8#7&9( G8&776( _7( 5&$I( 8*5D #+#.I( $7.#$$#%( 78&7( Y]7( 9*( E*;97( 5&$( _( *.( &9'( *@( ,'( <*::#&C"#$( ;9@*.,#%( 78&7( !*,,'( A*-;9$*9( 5&$( E&.7( *@( 78;$( %*<",#97&.'( &9%(5*":%(-#(;9(&77#9%&9<#6Z ‫ٺٺٺٺ‬7KH +HDG RI /6(‫ڑ‬V +XPDQ A;C87$( U#97.#( $E*H#( <&9%;%:'( &-*"7( Q.( A*-;9$*9R$( E.#$#9<#( &.C";9C( 78&7( Y;7( .;$H#%( <&"$;9C( E"-:;<( %;$."E7;*9( &$( &( 8;C8:'( FRQWURYHUVLDO ஊJXUH DW DQ HYHQW &;,#%( &7( *EE*$;9C( +;*:#9<#( &9%( #J7.#,;$,Z6 8+4-742"3*+4*)#9"*;

H-(,#=E,1/2*B),4&,F(,23,K*31/.)*+(L,'%&.:,2'2*3)4,M)/2B*1,(G4%(B*)BJ

IN THE NEWS <8(24, 4-(, =(20/*3()>, =25

$%&6())&%,$234(%7 8%*19,:2))(),2;25

"(B(BF%231(,=25, ?(%+*1(,24,E?#

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

!8#(LB(8*$7#%(78#(#+#97( *9( O*"C87*9( L7.##7( *9( //78()*+#,-#.6

F#;78( ?&97#.DG.;<HI( #JD KLM( E.*@#$$*.I( E&$$#%( &5&'(*9(/>78(N<7*-#.6

!8#( KLM( 8#:%( ;7$( A#,#,D -.&9<#( P&'( L#.+;<#( *9( Q*9%&'I(//78()*+#,-#.6

?(F2)4*(3,N)-I,

$%&'()*+#(/

$%&'(-*+#(.

$%&'()*+#(.

8+CC"4-*)#9"*EE

$%&'%())*+(), )-&./0, 1-23'(,)&1*(45 ?.*@#$$*.( A*-#.7*( B9C#.( 8&$( <&::#%( @*.( ?.*C.#$D $;+#$(7*($7#E("E6 $%&'()*+#(,

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

!"#

2

!"#$"%

!"#$ lse.ac.uk

!:;*88<' ."= &'()*(+",-.%'/-.%'()-0#1"-2 X&.85#.(;75$('#&.:(;7#(ARX(K&$(&;( *%%$(K5;7(;7#(YY9(K7#<(;7#("<5= +#.$5;'( &66"$#%( >&<*.&,&( L*".= <&85$;$(*?(C";;5<B(5;$($;"%#<;$(5<( GDQJHU E\ ஊ OPLQJ XQGHUFRYHU %".5<B(&($;"%'(;.5C(;*()*.;7(_*= .#&H ‫ٺٺٺٺ‬5RELQVRQ LQVLVWV KRZHYHU 7#( K&$( <*;( &;( ;7#( ARX( ;*( 6&"$#( ;.*"-8#:( $;&;5<B( ;7&;( OK#( 6&,#( WR WKH OHFWXUH WR KHDU ஊ UVW KDQG K7&;(4"$85,(K*,#<(&.#(#ZC#.5= #<65<BHP ‫ٺٺٺٺ‬7KH (QJOLVK 'HIHQFH /HDJXH 68&5,$(;*(-#(O&<(5<68"$5+#(,*+#= ,#<;( %#%56&;#%( ;*( C#&6#?"88'( C.*;#$;5<B( &B&5<$;( `$8&,56( #Z= ;.#,5$,HP( N5;7( ,*.#( ;7&<( /a2( &..#$;$( &;( ;7#( XIA( ,&.67( 5<( !*K#.(U&,8#;$(8&$;(,*<;7:(7*K= #+#.:(,&<'(C#*C8#(T"#$;5*<(7*K( C#&6#?"8(;7#5.(,*;5+#$(&.#H ‫)ٺٺٺٺ‬ROORZLQJ WKLV ODWHVW FRQ ;.*+#.$':(&(YY9($C*E#$,&<($&5%( ;7&;b(O`?(;7#(%*6",#<;&.'(5$(6*,= PLVVLRQHG DQ\ IRRWDJH ஊ OPHG DW ;7#(ARX(*<(13.%(S6;*-#.(K588(<*;( -#("$#%HP

78/50'0+/'9/5$2,#/&%'95) 0HJDQ &URFNHWW 6WD૸ :ULWHU

US@VU!S)( R!WXX!( &<%( ;7#( 4XDG ZHUH ஊ OOHG ZLWK VWDOOV 4*<%&':( //;7( )*+#,-#.:( ?*.( Y#&;(!7#(I#&%85<#$(I&'H( ‫ٺٺٺٺ‬$V PDQ\ VWXGHQWV KDYH UH 6#<;8'(#ZC#.5#<6#%(;7#(C.#$$".#( *?( #$$&'$( &<%( C.*-8#,( $#;$:( ;7#( R;"%#<;$D(@<5*<([R@\(;**E(&(%&'( ;*( ;.'( &<%( #&$#( ;7#( $;.#$$( ;7&;( ZDV UDGLDWLQJ Rஉ FDPSXV 'H $C5;#( 5;( -#5<B( &( %"88( B.#'( %&'( &<%($;"%#<;$($6&.6#(*<(6&,C"$:( ,&<'( C#*C8#( +5$5;#%( ;7#( $;&88$:( ;**E( ;7#( $".+#'$:( &<%( C58#%( 5<;*( ;7#( @<%#.B.*"<%( ;*( K&;67( ]IL&<B*( @<67&5<#%D( *<( 4*<%&'( #+#<5<BH!7#( R@( $"BB#$;#%( ;7&;( ;7#(%&'(K&$(&-*";(&88*K5<B(C#*= C8#( ;*( ]67588( *";D( &$( ;75$( C#.5*%( 5<( ;7#( 4567&#8,&$( ;#.,( 6&<( -#( O"<<#6#$$&.58'($;.#$$?"8HP ‫'ٺٺٺٺ‬HVSLWH LWV QDPH LW DS C#&.#%( ;7&;( ;7#.#( K&$( +#.'( 85;=

;8#( &%+56#( -#5<B( B5+#<( %*K<( U*"B7;*<( R;.##;H( !7#.#( K#.#( $#+#.&8( $;&88$( 5<68"%5<B( *<#$( K7567( $*8%( -"--8#( ;#&( &<%( ;7#( R@( $;&88:( K7567( K&$( 5<6#<;5+5$= 5<B( C#*C8#( ;*( &<$K#.( ;7#5.( #%"= 6&;5*<($".+#'(K5;7(?.##(C*C6*.<( DQG FDQG\஋ RVV ‫ٺٺٺٺ‬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

LSESU

!"#$ %&'()"$ *++",#$ -.-$%+",(/"0# 4567&#8( 97#$$",:( $;"%#<;( &6= ;5+5$;(&<%(>.#$5%#<;(*?(;7#(@<5= +#.$5;'( *?( A*<%*<( @<5*<:( 7&$( -##<( &..#$;#%( &?;#.( 7#&%5<B( &( C#&6#?"8( C.*;#$;( &B&5<$;( ;7#( 5,C#<%5<B( 68*$".#( *?( @A@D$( $;"%#<;=."<( $#.+56#$( $67#%= "8#%(;*(;&E#(C8&6#(?.*,(F"B"$;( 12/GH

!"#$"#%&' &()*+,-+' ./#0&'&+"12$'3/'4566/$ N758#( ;7#( ,5<5,",( K&B#( %#= 6.#&$#$( 5<( .#&8( ;#.,$:( A*<%*<( .#<;$( 6*<;5<"#( ;*( B*( "C( &<%( "CH(F8.#&%'(&.*"<%(G2(C#.(6#<;( *?( ;7#( K#8?&.#( -588( 5$( $C#<;( *<( KRXVLQJ EHQHஊ W ‫ ڋ‬PRQH\ WKDW B*#$( %5.#6;8'( 5<;*( ;7#( C*6E#;$( *?(C.5+&;#(8&<%8*.%$(K7#<(;7#5.( WHQDQWV FDQ‫ڑ‬W Dஉ RUG WKH UHQW ;7#'(67&.B#H

12"$*3,4+/(#5$&6$ #4(#(&0$6"", I#$C5;#( 6*,C8&5<;$:( C.*;#$;$( &<%( .5*;$( ;7#( J0:222( &<<"&8( ?##$( C#.( &6&%#,56( '#&.( ?*.( 75B7#.( #%"6&;5*<( K&$( C&$$#%( ;7.*"B7( &<%( -#B."%B5<B8'( &6= 6#C;#%( -'( ?";".#( $;"%#<;$( 5<( 12/1H( !75$( ,#&<;( ;7&;( "<5+#.= $5;5#$(K*"8%(-#(&-8#(;*(67&.B#:( &;( ,*$;:( J0:222( C#.( $;"%#<;( ;*( &;;#<%( ;7#5.( "<5+#.$5;'H( )*;( $".C.5$5<B8'( ;7#( ,&L*.5;'( *?( "<5+#.$5;5#$( *C;#%( ;*( 67&.B#( C.*$C#6;5+#( $;"%#<;$( ;7#( ?"88( &,*"<;H(

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

!"#

!"#$"%

3

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

!"#$

023./0&4#(5*%%(#&6*$7"&48-7*#3 9#$:;&<8%%*%&8=8> ?8#$-&/7#8@%%

@XNJP==NX(b#685(@&:8#.A].69ME( 03E(;.*,(85#([#C&.8,#:8(*;(\*+A #.:,#:8(%6#%(*:(J.6%&'E(/c85(N9A 8*-#.(12/3F ‫ٺٺٺٺ‬.HLWK 3DQWHU %ULFN JUDGXA &8#%( ;.*,( 4&77&$#'( \.&,,&.( =95**7( 6:( I#.$#'$6%#( &:%( 6:A 8#:%#%( 8*( &88#:%( ":6+#.$68'( &;A 8#.<&.%$( ":867( 56$( C7&:$( <#.#( $#8(&$6%#(-'(,*-676_&86*:(6:(7&8#( $",,#.( /030( &$( &( ,#,-#.( *;( 85#(!#..68*.6&7(d.,'F( ‫ٺٺٺٺ‬+H VHUYHG LQ WKH &KHVKLUH X#D6,#:8(6:(;.*:8(*;(85#(I&D6:*8( 76:#E(6:(d7$&9#AO*..&6:#E(J.&:9#F( N:( /085( I&'( /0Y2E( b#685( <&$( 8&M#:( C.6$*:#.( &;8#.( 56$( 8."9M( <&$( &,-"$5#%( &:%( 56$( O6#"8#:A &:8( M677#%F( W#( $C#:8( 85#( 7&88#.( ஊYH \HDUV RI WKH ZDU LQ WKH SULVA *:#.( *;( <&.( 9&,C( =8&7&D( eed( &:%( d.-#68$M*,,&:%*( ":68$( 6:( *99"C6#%(@*7&:%F ‫ڔٺٺٺٺ‬:KLOH KRHLQJ WKH WXUQLSV #89E( 8".:#%( ,'( ,6:%( 8*( C567*$*A SK\‫ ڕ‬DV KH SXW LW DQG WKLV UHA ஋HFWLRQ DQG VHOI H[DPLQDWLRQ ,&.M#%( &( :#<( %6.#986*:( 6:( 56$( 76;#F( W#( 7#&.:#%( \#.,&:( *:( 56$( *<:E( <&$( C":6$5#%( &:%( $".A +6+#%( 8#:( <##M$( 6:( \.&"%#:_( C.6$*:( ;*.( $8#&76:D( 95##$#E( &:%( &88#,C8#%( 8*( #$9&C#( 6:( /0YY( &-*&.%( &( =<#%6$5( $56C( -"8( <&$( .#9&C8".#%F( 4685( 85#( <&.?$( #:%( 5#( %#96%#%( 8*( C".$"#( 56$( 6:8#.A #$8$( ,*.#( 97*$#7'( &:%( 8*( #:8#.( &9&%#,69(76;#F( ‫ٺٺٺٺ‬+H VDW WKH HQWUDQFH H[DPLA :&86*:$( ;*.( NV;*.%( <5#.#( 5#( <#:8( 8*( b#-7#( B*77#D#( &:%( .#&%( @567*$*C5'E(@*76869$(&:%(P9*:*,A 69$F( d( ]F@567( 6:( C*76869$( 85#:( ;*7A ORZHG KLV ஊUVW GHJUHH ‫ٺٺٺٺ‬3URIHVVRU 3DQWHU %ULFN ZDV 85#:( &CC*6:8#%( 8*( 85#( O*:%*:( =95**7(*;(P9*:*,69$(6:(/0Z2

<5#:(5#(U*6:#%(85#(\*+#.:,#:8( [#C&.8,#:8( ":867( 5#( .#86.#%( 6:( /0cZF( ‫ٺٺٺٺ‬+LV WHDFKLQJ H[WHQGHG RXWA $6%#( 856$( [#C&.8,#:8E( 8*( 85#( [#C&.8,#:8(*;(L:8#.:&86*:&7(X#A 7&86*:$E(85#(L:$868"8#(*;(B*,,*:A <#&785( =8"%6#$( &:%( 6:$868"86*:$( &-.*&%F( ‫ٺٺٺٺ‬,Q DGGLWLRQ WR PDQ\ SHULRGV *;( $&--&869&7( 7#&+#( 8#&956:D( 6:( )6D#.6&E(H&,-6&(&:%(H6,-&-<#E( 5#( <&$( $#9*:%#%( &$( @.*;#$$*.( *;( @"-769( d%,6:6$8.&86*:( ;.*,( /0fZA/0fgE( &8( d5,&%"( ]#77*( >:6+#.$68'E(6:()*.85#.:()6D#.6&F ‫ٺٺٺٺ‬+LV UHVHDUFK IRFXVHG WR D D.#&8( #V8#:8( *:( %#9*7*:6_&86*:( &:%( 85#( .6D58$( ;*.( $#7;A%#8#.,6A :&86*:( &:%( %#,*9.&9'E( &:%( 96+67( <&.(6:(d;.69&(7#&%6:D(8*(8<*(6,A C*.8&:8($8"%6#$(*:()6D#.6&:(C*76A 869$( )6D#.6&:( @*76869$( &:%( I676A 8&.'( X"7#R( @.#7"%#( 8*( 85#( B6+67( 4&.( h/0g2iE( &:%( =*7%6#.$( &:%( N67R(!5#(@*76869&7(!.&:$;*.,&86*:( *;()6D#.6&(h/0gciF( ‫)ٺٺٺٺ‬RU PDQ\ \HDUV KH ZDV DOVR 85#(+69#A95&6.,&:(*;(85#(d%,6$A $6*:$( B*,,688##( ;*.( &%,6$$6*:$( 8*( 85#( O=P( ]=9( P9*:*,69$( [#A C&.8,#:8F( ‫ٺٺٺٺ‬$FFRUGLQJ WR /6(‫ڑ‬V 'HSDUWA ,#:8( *;( \*+#.:,#:8E( b#685( ‫ڔ‬KHOSHG WR EXLOG WKH ஊHOGV RI 6:8#.:&86*:&7( .#7&86*:$( &:%( &.#&( $8"%6#$(6:8*(*:#(*;(85#(;*.#,*$8( C.*D.&,$( 6:( 85#( <*.7%( hji( W#( <&$(5#7C;"7(&:%(5",&:#E(D#:87#( EXW HQWLUHO\ ஊUP LQ XSKROGLQJ &9&%#,69( $8&:%&.%$F( W#( 5#7C#%( -.6%D#( %#C&.8,#:8$( &:%( %6$96A C76:#$( -'( 9*,-6:6:D( C567*$*C5'E( SROLWLFV DQG HFRQRPLFV ‫ ڕ‬ ‫ٺٺٺٺ‬3URIHVVRU 3DQWHU %ULFN LV $".+6+#%( -'( ;*".( 9567%.#:E( #6D58( JUDQGFKLOGUHQ DQG ஊYH JUHDW D.&:%9567%.#:F

+,-*& ./01

&'()*(+",-.%'/-.%'()-0#1"-2 4567#( 85#.#( 9"..#:87'( 6$( $*,#( %6$$&86$;&986*:(<685(85#(=>?$(@.6A *.68'( B&,C&6D:E( $*,#( $8"%#:8$( 5&+#( -##:( 7#$$( 9.6869&7( *;( 85#( =>F( G#::'( H5&:DE( $#9*:%( '#&.( I&:&D#,#:8($8"%#:8E(6$(C7#&$#%( <685(85#(=>?$(%#76+#.'(*;(85#(J6A :&:96&7( !6,#$( *:( 9&,C"$F( KL8?$( :69#(8*($##(85&8(85#(=>(%#76+#.$( *:( $*,#( *;( 85#6.( C.*,6$#$F( !56$( '#&.?$( J.#$5#.$?( 4##M( <&$( &7$*( C.#88'(D**%E(L(76M#%(85#(;.##(9&:A G\ ஋RVV DW WKH )UHVKHUV‫) ڑ‬D\UH ‫ڕ‬ ‫ٺٺٺٺ‬:KLOH LW LV VWLOO IDU WRR HDUO\ 8*( $C#9"7&8#( *:( 85#( $"99#$$( *;( N:#(O=PE(68(6$(97#&.(85&8(85#(9*,A 6:D( ,*:85$( Q( &:%E( 6:( C&.869"7&.E( 85#( O#:8( !#.,( #7#986*:$( Q( <677( WHOO XV KRZ HஉHFWLYH WKH 68 DUH 6:(&956#+6:D(85#6.(&6,$F(=8*77E(6:( 56$( $8&8#,#:8E( <#79*,#%( 856$R( KS!5#( =>T( 7**M$( ;*.<&.%( 8*( -#A 6:D(U"%D#%(*:(*".($"99#$$(<5#:( 85#( :#V8( $#8( *;( #7#986*:$( 9*,#( DURXQG ‫ڕ‬

'*A*AB#8-:*& C8>&/*#D$:* !"#$%&'()*#%

!WP( O=PE( 6:( &$$*96&86*:( <685( 85#(O=P(B5&C7&6:9'(5*$8#%(&(X#A ,#,-.&:9#(=#.+69#(6:(85#(=5&<( 76-.&.'( 8*( .#,#,-#.( 85*$#( <5*( IHOO LQ FRQ஋LFWV VLQFH WKH )LUVW 4*.7%(4&.F(!5#($#.+69#(<&$(5#7%( 6:(85#(=5&<(O6-.&.'(&8(/2RYZF ‫ٺٺٺٺ‬6FKRRO 6HFUHWDU\ 6XVDQ 6FKROHஊ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‫ ڕ‬UHIHUHQFLQJ WKH DFWLRQV -'( $8"%#:8$( &:%( 85#( )>=( 6:( 9*A *.%6:&86:D( $8"%#:8( 9*:8.6-"86*:( WR WKH ZDU HஉRUW ‫ٺٺٺٺ‬-D\ 6WROO ஊQLVKHG KLV VSHHFK -'( ^"*86:D( &( $8&:_&( *;( `N%#( 8*( X#,#,-.&:9#?( Q( K!5#'( ,6:D7#( :*8( <685( 85#6.( 7&"D56:D( 9*,A .&%#$( &D&6:a( !5#'( $68( :*( ,*.#( &8(;&,676&.(8&-7#$(*;(5*,#a(!5#'( 5&+#( :*( 7*8( 6:( *".( 7&-*".( *;( 85#( %&'A86,#a( !5#'( $7##C( -#'*:%( (QJODQG‫ڑ‬V IRDP ‫ڕ‬ ‫ٺٺٺٺ‬7KH *HQHUDO VHFUHWDU\ DWA 8#:%6:D( 6:( &:( *;;696&7( 9&C&968'( 9*,#$( $5*.87'( &;8#.( 85#( >:6A +#.$68'(*;(O*:%*:(>:6*:E(<5695( O=P=>(6$(&(,#,-#.(*;E(-&::#%( &:'(*;(68$(*;;69#.$(;.*,(&88#:%A 6:D( &( .#,#,-.&:9#( $#.+69#( 6:( &:( *;;696&7( 9&C&968'E( C.*+*M6:D( :&86*:&7( 5#&%76:#$E( &:%( &( ,*A 86*:(&8(bBO(&:%(&(7#88#.(<.688#:( -'(O=P=>(\#:#.&7(=#9.#8&.'(G&'( =8*77(9*:%#,:6:D(85#(%#96$6*:F

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

!"#

4

!"#$"%

!"#$

!"#$%&' (%)#%$**+,$*' *-)./0'1-2"#$' 3-$'*3%.13.%$')4' *)1+$35 6233-$7'8)-"*)"

4)( 45678)98( *:( $;"%#<;$( &<%( =.>;>$?( @*A>;>B&A( &B;>+>$;$( C&;?D #.#%( ><( ;?#( EF8G$( F?#>H?( I&'#%( ;?#&;.#( A&$;( !?".$%&'( <>C?;( :*.( &<(#+#<><C(%>$B"$$>*<(*<(B&@>;&AD >$;J( %#,*B.&;>BJ( &<%( #%"B&;>*<&A( ><$;>;";>*<$( K>;?( @.*C.#$$>+#( @*A>;>B&A( ;?><H#.( &<%( L&.+&.%( M*$B*#( N*"<%( N.*:#$$*.( *:( E&K( M*-#.;*(5<C#.O ‫(ٺٺٺٺ‬QWLWOHG ‫ڔ‬7KH 3URJHVVLYH 4C#<%&( )*KPJ( ;?#( #+#<;( K&$( B?&>.#%( -'(==9G$( Q*(R>%C#<(&<%( .#+*A+#%( &.*"<%( >$$"#$( 5<C#.( LGHQWLஊHG LQ WKH QDWXUH RI FDSLD ;&A>$,J(#%"B&;>*<J(&<%(@*A>;>B$(&$( K#AA( &$( ;?#( @*A>;>B&A( A#:;( *:( -*;?( ;?#(5<>;#%(F;&;#$(&<%(=.>;&><O(4( @&BH#%(.**,(A>$;#<#%(><;#<;A'(;*( ?>$(+>#K$(*<(B*<;#,@*.&.'($*B>D #;'O ‫ٺٺٺٺ‬,Q 8QJHU‫ڑ‬V HVWLPDWLRQ WKH B"..#<;( $'$;#,( ,&H#$( B>;>S#<$( -#;.&'( ;?#,$#A+#$O( L#( B?&AD OHQJHG WKH DXGLHQFH WR QRW ‫ڔ‬GLH DW DQ\ VPDOO GHVN‫ ڕ‬EXW WR ‫ڔ‬GHVLUH ;*( %>#( *<A'( *<B#PJ( ".C><C( @#*D @A#( ;*( ;&H#( ;?#( $,&AA( $;#@$( ;?&;( FDQ EH ‫ڔ‬JUDVSHG DQG XVHG DV WKH :*.#$?&%*K><C( *:( ,"B?( A&.C#.( B?&<C#$PO ‫&ٺٺٺٺ‬XUUHQW SROLWLFDO DQG ஊQDQD B>&A(><$;>;";>*<$($?*"A%(<*;(<##%( ‫ڔ‬FULVLV LQ RUGHU WR FKDQJH‫ ڕ‬EXW ;?&;(&(;.&<$:*.,&;>*<($?*"A%(*BD FXU WR FKDQJH WKH ‫ڔ‬FRQWHQW DQG A#C&A(#T@.#$$>*<P(*:(,&.H#;$O(L>$( B*<B#@;(*:(&(-#;;#.($'$;#,(K*"A%( @&.;<#.( $;&;#$( K>;?( $,&AA( -"$>D <#$$#$J( @.*+>%#( &( ,><>,",( *:( @"-A>B(C**%$J(&(B#>A><C(*<(B*$;A'( $#.+>B#$J( &<%( &( B*,@#;>;>+#( &<%( #<C&C><C(,>%%A#(#B*<*,'O ‫ٺٺٺٺ‬+LJKOLJKWLQJ VRPH VWUXFWXUDO >$$"#$J( 5<C#.( @.*@*$#%( &( <",D -#.( *:( B?&<C#$J( ><BA"%><C( &( .#D +&,@><C( *:( ;?#( #%"B&;>*<&A( $'$D ;#,J(;?#(:.##(,*+#,#<;(*:(A&-*.J( &<%(;?#(><$;>;";>*<(*:(,&<%&;*.'(

+*;><CO( L#( B&AA#%( :*.( &<( #%"B&D ;>*<( $'$;#,( A#$$( :*B"$#%( *<( ><D ;#.<&;>*<&A( ;#$;$( &<%( ,*.#( &<&D A';>B&A( ><$;#&%( *:( ><:*.,&;>*<&AO( 4%%>;>*<&AA'J( ?#( &%+*B&;#%( :*.( ;?#( ?",&<( <##%( ;*( @&.;>B>@&;#( ><(<#K($*B>#;>#$(&<%($&>%(;?&;(&AA( VKRXOG ‫ڔ‬EH DOORZHG WR HVFDSH‫ ڕ‬ ;?.*"C?(;?#(:.##(,*+#,#<;(*:(A&D -*.O(4$H#%(&-*";(;?#(+>#K$(*:(B*D ,#%>&<( M"$$#AA( =.&<%J( K?*( ?&$( :&,*"$A'( B&AA#%( *<( B>;>S#<$( <*;( WR YRWH KH VWDWHG WKDW ‫ڔ‬DEVWHQD ;>*<( >$( ,"B?( ,*.#( #A*U"#<;P( ><( &( ,&<%&;*.'( +*;><C( $'$;#,( &<%(( #<C&C#,#<;( >$( -#;;#.( ;?&<( <*<D @&.;>B>@&;>*<O ‫ٺٺٺٺ‬8QJHU ZDV DOVR GLVDSSRLQWHG K>;?( ;?#( B"..#<;( @&.;>#$( *:( ;?#( OHIW ‫ڔ‬7KH SURJUHVVLYHV KDYH QR @.*V#B;JP( %#BA&.#%( 5<C#.J( B.>;>D B>S><C(;?#(W-&,&(&%,><>$;.&;>*<( :*.(>;$(<*<D.#$@*<$#(;*(;?#(<##%$( *:( ;?#( 4,#.>B&<( K*.H><C( BA&$$O( 7KH\ KDYH ‫ڔ‬IDLOHG WR UHVLVW‫ ڕ‬DQG C>+#<( ;?#,$#A+#$( *+#.( ;*( #$;&-D A>$?#%(><;#.#$;$O ‫ٺٺٺٺ‬,Q WKH 8QLWHG .LQJGRP KH -#A>#+#%( ;?#( E&-*".( @&.;'( K&$( B"..#<;A'( $#&.B?><C( :*.( &<( &AD ;#.<&;>+#(@*$>;>*<J(&<%(;?&;(;?#'( VKRXOG QR ORQJHU DFFHSW WKH ஊD <&<B>&A( <&;".#( *:( ;?#( =.>;>$?( #B*<*,'O( L#( @.*@*$#%( ;?&;( E&D ERXU QRW VLPSO\ UHJXODWH ஊQDQFH EXW ‫ڔ‬HQOLVW LW LQ WKH SURGXFWLYH :*.B#(*:($*B>#;'OP ‫ٺٺٺٺ‬:KHQ TXHVWLRQHG DERXW @*A>;>B&A( &B;>+>$,( &<%( ;?#( "$#D :"A<#$$( *:( %#-;( %#A><U"#<B'( &$( @.*;#$;&;>*<J(5<C#.(*@@*$#%(;?#( >%#&( >:( >;( ?&%( <*( @&.;>B"A&.( &>,O( ‫'ڔ‬LVUXSWLRQ LV RIWHQ LQWHUHVWLQJ -";( >;( >$( *<A'( :#.;>A#( K?#<( >;( ?&$( $*,#(;.&<$:*.,&;>+#($#U"#AJP(?#( $&>%O ‫ٺٺٺٺ‬3URIHVVRU 8QJHU‫ڑ‬V WDON ZLOO -#( .#-.*&%B&$;( *<( X*<%&'( /Y( )*+#,-#.( &;( YO32@,( &<%( *<( F"<%&'(1Z()*+#,-#.(&;(0O32@,( *<(==9(Z(M&%>*O

9:;;<9=>:? =-$'2%3+1/$'@.A/+*-$0')"'BB"0':13)A$%'BCDE' $"3+3/$0'F<0G."0'(-$/@*')"'H%2**%))3*'>"I "),23+)"J'72*'+"1)%%$13/5'233%+A.3$0K =-$'2%3+1/$'72*'7%+33$"'A5'=))A2'6.*-32L M$'2@)/)#+*$'4)%'3-$'+"1)",$"+$"1$K

3"2+'/4

2014

!"#$%&'()*$+ ,-+&'./)*01*2 1. TEDx CINEMA @ Sheikh Zayed Theatre 14.00 5/6*+&*2'78+&'!9('($+2*:2*$*#2;<'7*'"2*';%2**$8$6'/4'+&2**' /4'/#2'4")/#28+*'5(='+">?;'"1/#+'*$+2*:2*$*#2;&8:@'A/2'0/2*' *)*$+'B*+"8>;';**'+&*'!9('C"2**2;'7*1;8+*

2. POP UP BAR @ The Quad 19.00 C/0*'&")*'"'B28$?'"$B'8$4/20">'%&"+'78+&'+&*' $*7'5(=D'+*"0'"$B';/0*'/4'+&*'*D%8+8$6' *$+2*:2*$*#2;'7*E)*'8$)8+*B@'9&"2*'F/#2 +&/#6&+;'/$')">#*'%2*"+8/$'/$' 5G('HI!!<'/2'J#;+'0*;;'"2/#$B' 78+&';/0*'6"0*;@

!"#

!"#$"%

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

5

!"#$

3"2+'/4

2014

!"#$%&'()*$+ ,-+&'./)*01*2 1. TEDx CINEMA @ Sheikh Zayed Theatre 14.00 5/6*+&*2'78+&'!9('($+2*:2*$*#2;<'7*'"2*';%2**$8$6'/4'+&2**' /4'/#2'4")/#28+*'5(='+">?;'"1/#+'*$+2*:2*$*#2;&8:@'A/2'0/2*' *)*$+'B*+"8>;';**'+&*'!9('C"2**2;'7*1;8+*

2. POP UP BAR @ The Quad 19.00 C/0*'&")*'"'B28$?'"$B'8$4/20">'%&"+'78+&'+&*' $*7'5(=D'+*"0'"$B';/0*'/4'+&*'*D%8+8$6' *$+2*:2*$*#2;'7*E)*'8$)8+*B@'9&"2*'F/#2 +&/#6&+;'/$')">#*'%2*"+8/$'/$' 5G('HI!!<'/2'J#;+'0*;;'"2/#$B' 78+&';/0*'6"0*;@

&'"

!"#$"%

7

86'#."7%A2J'1<',%Tb;%\NTc

!"#$#%$ !"#$%$&'()*+,-'(."/(%*'(0+1"/$%2 &'%"()*+("',%*-'./"'01213'4"+"%#5'1"6%".#%7'*+'8'!"#$"%'#%.965"(

64748(9','/+5(4')/'%+/2(3+2(4%"55

3+2(4%"55 !"#$% &''()#% !"#$"%% &"#% "*% +*$','#$+*-% ,'"./% 0)1% -2+*-% $2% ,'#32*.% $2% $4,''% 3+'5'#% $4"$% 5"6-4$%17%'7'/%84'7%&','%9,21% "5,2##% $4'% 32:+$+5":% #3'5$,61;% <6$% "::% $2654'.% 632*% "% #+1+:",% #'*$+1'*$=% $4"$% $4'% 3"$4% &'% ",'% $"(+*-% "$% $4'% >?% &+::% *2$% &2,(%92,%26,%1'1<',#/ 84'% 9+,#$% &"#% <7% :'".+*-% @6",.+"*% 52:61*+#$% A+5(% B2C 4'*;% &42% &"#% ,'#32*.+*-% $2% D6'#$+2*#% 9,21% 26,% E:2&:7% ,"-)% $2% #$"$'% $4"$% 4'% .2'#*)$% F#''% $4'%32+*$%29%26,%>?G/%A+5(%4"#% *2%,'":%52**'5$+2*%$2%$4'%!>H;% <6$% +9% 4'% &26:.% :+('% $2% 54"$% "<26$%$4'%1'"#6,'#%&'%$22(%$2% (''3% I,'#4',)#% I"+,% "*% "55'#C #+<:'% 'J'*$% 92,% "::;% $4'*% 0).% <'% 4"337%$2%2<:+-'/%09;%42&'J',;%4'% &+#4'#% $2% ,'1"+*% 2*% 4+#% :29$7% 12,":% 3',54;% .'$"54'.% 9,21% $4'%,'":+$7%29%42&%'J'*$#%"5$6C "::7% $,"*#3+,'.;% $4'*% "::% 0% 5"*% .2%+#%&+#4%-22.%:65(%$2%4+1%"*.% 4+#%3"3',%K%$4'%2*'%$4"$%52*$+*C 6'#% $2% <:''.% "**6":% :2##'#% 29% 2J',%LMN1/%% 84'% #'52*.% 3+'5'% &"#% 9,21% $&2%,'#+.'*$%9",C,+-4$%:+<',$",C +"*#% 5:"+1+*-% &21'*% "$% !>H% O5"*)$O% 32##+<:7% 5"::% 26$% $4'+,% ,'5'*$% ':'5$+2*% $"5$+5#% "#% #'PC +#$;% .6'% $2% $4'% &+.'#3,'".% 23C 3,'##+2*%29%&21'*%+*%$4'%&2,:.% <'72*.%Q26-4$2*%>$,''$/%>654% :2-+5% +#% 2<J+26#:7% :6.+5,26#;% <6$% ":12#$% 46-':7% 52*#+#$'*$% &+$4% $4'+,% 3,232#":#% $2% 1"('% 54"*-'% +*% $4'% ?*+2*;% #2% &'% #426:.*)$% <'% #6,3,+#'./% R4+:#$% $4'7%.2%$2654%632*%+##6'#%$4"$% 6*.26<$'.:7%9,6#$,"$'%#$6.'*$#% S!>HTNN;% :"5(% 29% $,"*#3",'*57% +*% $4'% >?)#% 9+*"*5'#% '$5U;% +$% +#% "% #4"1'% $4"$% $4'7% +-*2,'% $4'% 12*61'*$":% #$,+.'#% $4'% >?% +#% $"(+*-%$2%"..,'##%&4"$%1"$$',#% $2%26,%1'1<',#/ I2,% +*#$"*5';% $4'% :"6*54% 29% 26,% EV*'% !>H)% 3,2-,"1% 4"#% #''*%+11'.+"$'%,'$6,*#/%%VJ',% TNNN% #$6.'*$#% 4"J'% $"('*% 26,%

#6,J'7% 2*% "5".'1+5% :+9'% "$% !>H% "*.% &'),'% 2*:7% $&2% ."7#% +*/% R'% 4"J'% <'-6*% "*% 6*3",C "::':'.% 36#4% 2*% +*$',*"$+2*":% #$6.'*$#)%,+-4$#%$4+#%7'",/%HJ'*% +*% $4'% 52*#6:$"$+2*% #$"-';% &'% 4".% 26,% J2+5'% 4'",.% +*% W",:+"C 1'*$% 2*% $4'% 011+-,"$+2*% X+::;% "*.%96::7%+*$'*.%$2%'#5":"$'%26,% "5$+2*% 2*% $4+#% 9,2*$/% 84'% Y'*$% @6","*$2,% #54'1'% K% $2% #$23%

:;.'9('<*$"-="%>' )%*?%"(('6#+' #.'.9-"('="' ,%@(.%#.9+?'#+A' 9+6%"-"+.#5>'=@.' 9,'B"'6#%%7'*+'#(' B"'#%"'B"'B955' @+A*@=."A57'="'9+'#' -@6/'=".."%')5#6"' =7'./"'.9-"'./"' +"C.'(".'*,'"5"6."A' R૿FHUV DUULYH ‫ڕ‬ +*$',*"$+2*":% #$6.'*$#% 3"7C +*-%Z%12*$4#)%,'*$%63%9,2*$%2*% 3,+J"$'% 3,23',$7% K% #426:.% <'% "-,''.%&+$4%$4'%#5422:%<7%["*C 6",7%"$%$4'%:"$'#$;%,'".7%92,%$4'% \NTM% "5".'1+5% 7'",/% 84'% 36#4% 92,% 2*C5"136#% #32,$+*-% 9"5+:+C $+'#% &+::% $"('% :2*-',;% <6$% &'% ",'% ,'".7% "*.% &'::% 3:"5'.% $2% :2<<7%4",.%2J',%$4'%*'P$%7'",/ 84','%4"J'%":#2%<''*%#1"::C ',%&+*#%:+('%-'$$+*-%$4'%>5422:% $2% 3"7% L\Z;NNN% 92,% 2*:+*'% "5C 5'##%$2%$4'%:"$'#$%52*$'*$%29%$4'% I+*"*5+":% 8+1'#]% $4'% :"6*54% 29% E84'% @,".6"$');% % "% W2#$-,".6C "$'% Y'#'",54% ^26,*":]% "% *'&% "33,2"54% $2% V,+'*$"$+2*% SY_@% &,+#$<"*.#% '$5U]% &"$54+*-% "#% 2J',% \NNN% 1'1<',#% J2$'.% +*% ':'5$+2*#%"*.%:"#$:7;%&'%2,-"*C +#'.%"%J2$'%92,%26,%1'1<',#%$2%

<,+*-% <"5(% 2*:+*'% J2$+*-% "*.% (+5(C#$",$% "% ,'$6,*% $2% "% -'*6C +*':7% 23'*% .'125,"57% "$% $4'% >?/ 0$% +#% A2J'1<',;% 3,2-,'##% 5"*%"$%$+1'#%<'%9,6#$,"$+*-%"*.% +*5,'1'*$":;%<6$%+9%&'%5",,7%2*% "#%&'%",'%&'%&+::%6*.26<$'.:7% <'% +*% "% 1654% <'$$',% 3:"5'% <7% $4'%$+1'%$4'%*'P$%#'$%29%':'5$'.% 299+5',#%",,+J'/ 84+#% <,+*-#% 1'% 2*% $2% $4'% ,'":% 9256#% 29% 17% +,';% $4'% ",$+C 5:'% '*$+$:'.% E!>H>?#':'##);% &,+$$'*% <7% "% 5:'",% 3,232*'*$% 29% "% 32:+$+5#% $4"$% ":12#$% ."1C "-'.% $4+#% ?*+2*)#% ,'36$"$+2*% "*.% 5,'.+<+:+$7% <'72*.% ,'3"+,/% 84'% "6$42,% .'3+5$#% 4+#% ?*+2*% 6$23+";% "::6.+*-% $2% $4'% 7'",#% &4'*% $4'% >25+":+#$% R2,(',#% W",$7% .21+*"$'.% >?% ':'5$+2*% 26$521'#/%Y"$4',%$4"*%,"*$+*-% "<26$% &47% 0% $4+*(% $4"$% 3",$7)#% <,"*.% 29% 32:+$+5#% +#% 32+#2*26#% "*.% ,2$$'*% $2% $4'% 52,';% 0% &"*$% $2% "..,'##% "% 5263:'% 29% 3+$9"::#% 29% $4'% 56:$6,'% $4"$% I,"*5(% &+#4'#% $2% #''% ,'+*$,2.65'.% $2% 5"136#%:+9'/ R+$4%3,+.';%4'%3+*'#%92,%$4'% ',"%&4'*%F$4'%:'9$%6#'.%$2%'1C <",,"##% $42#'% 5"::26#% 5",'',C +#$#%+*$2%,'96#+*-%26,%:'"9:'$#G/% 842#'% "&96:;% 'J+:;% "*.% 5"::26#% ^2<%#''(',#/%V9%526,#'%$4'%?*C +2*% #426:.% <'% "-+$"$+*-% "*.% "--,'##+J':7%4","*-6+*-%1'1C <',#% 92,% #2C.",+*-% $2% 'P3,'##% "*% +*$','#$% +*% "% :+9'% <'72*.% ?*+2*% 4"5(',7/% @'$% "% -,+3;% #+,/% 84'% &2,:.% 29% '13:271'*$% 5"*% <'% 5,6':;% +$% 5"*% <'% 6*92,-+JC +*-% "*.% +$% 5',$"+*:7% +#*)$% $4'% #2:'% '*.C-2":% 29% 4+-4',% '.65"C $+2*;% 2,% "*7% :'J':% 29% '.65"$+2*% 92,% $4"$% 1"$$',K% <6$% +$% +#% 2J',C &4':1+*-:7%5:'",%$4"$%1"^2,+$7% 29%26,%1'1<',#%.2*)$%,'^'5$%+$#% 'P+#$'*5'/% 84'% *2$+2*% $4"$% "% ?*+2*% $4"$% 3,212$'#% 5",'',% 2332,$6C *+$+'#% +#% ":#2% 6*"<:'% $2% 4"J'% "% J+<,"*$% 32:+$+5":% 56:$6,'% 29% '*C -"-'1'*$%+#%9",5+5":/%[6#$%:22(%

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`N% +*% "% ,221;% ,'-",.:'##% 29%

:;'%",@("'.*'="' 6*B"A'=7'5@A96%*@(' 65#9-('*,'#'D,#6"5"((' EXUHDXFUDF\‫ ڑ‬,W LV ./9('1#==#.965'."#-' ./#.'9('.#E9+?'*+' ./"'A"69(9*+('./#.' *./"%'."#-('B"%"' WRR VFDUHG WR :H #%"'=%9+?9+?'./"' A9("+,%#+6/9("A' =#6E'9+.*'./"' )*59.96#5'./"#.%"'*,' /6(68 ‫ ڕ‬ $4'% 1"##'#% 'P5:6.'.% 9,21% $4'% 3,25'##]% "*% !>H>?% $4"$% &"#% &''(#% "&"7% 9,21% <"*(,63$57% "*.% 4".% $2% 1"('% #$"99% ,'.6*C ."*$]%"*%!>H>?%2<#'##'.%&+$4% *+54'%"#3'5$#%29%$4'%0#,"':CW":C '#$+*'%52*9:+5$%$2%$4'%.'$,+1'*$% 29% 1"(+*-% 3,2-,'##% "$% "% :25":% :'J':]% "*% !>H>?% $4"$% <':+'J'.% $2% .'9'"$% >5422:% a"*"-'1'*$%

&"#%$2%255637%+,,':'J"*$%,221#% 2*% 5"136#;% ,"$4',% $4"*% 52*C 5,'$';% &'::C,'#'",54'.% 3:"*#% 29% "5$+2*% $4"$% 526:.% "5$6"::7% 54"*-'%#$6.'*$#)%:+J'#/ 84'% "6$42,)#% #2:6$+2*% $2% $4'% "<7##% 29% "3"$47% 52*#61C +*-% $4'% F<",':7% $&+$54+*-G% ?*C +2*% +#% $2% F,'+*#$"$'% J2$+*-% "$% $4'% ?@aG/% >+-4/% 0*% "% 12*$4% &4','% &'% 4"J'% #''*% bcd% 29% ",26*.% TMNN% 1'1<',#% J2$+*-% $2%12J'%J2$+*-%<"5(%2*:+*'%"*.% "% &+.':7% 36<:+5+#'.% ?@a% "$C $"+*%"%&4233+*-%$6,*26$%29%b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e% &+$4% $4'%12J'%$2%$4'%*'&%>?%<6+:.C +*-;% "33:+5"$+2*#% 29% ",26*.% L\`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

!"#$%&'()*+#,-#.(/01(23/4

!"#

8

!"#$"%

!"#$#%$

!"#$$%&'()*&+ ,-$./-'0%.$12/%)"1+

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

95#( 569( *<( 95#( 96,#$1( &;%( $";C( -'(&(97#;9'J$*,#956;C(7*,&;H( V#9( ;*( *;#( A&"$#%( &( <"$$( -&A8( 95#;H(!56$(C*9(,#(956;86;C1($*(S( $#&.A5#%(&(F699F#(,*.#H( Q%,699#%F'1( 69( 6$( &FF( &( O"#$J 96*;( *<( 6;9#.N.#9&96*;H( S<( 95#( F'.6A$( &.#( 6;%##%( $#;%6;C( 95#( 7.*;C( ,#$$&C#( 9*( F6$9#;#.$1( 95#;( 95#( $*;C( A&;( -#( $##;( &$( #KNF*$6+#(&;%(*+#.J95#J9*NH(E"9( 6<( F68#( :W( $*;C( A.696A( I&".&( -RKQVWRQ \RX роК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тАл┌РтАмGRPLQR HроЙHFWтАл ┌СтАмWKLV FRXOG 5&+#Z( F'.6A$( &;%( ,"$6A( +6%#*$( 76FF(-#A*,#(6;A.#&$6;CF'(*"9.&J C#*"$1(7695(95#($*F#(&6,(*<(C#9J 96;C( ,*.#( N#*NF#( 9*( 9&F8( &-*"9( 95#,H( )*71( 95#.#B$( ;*( -#99#.( &%+#.96$#,#;9(95&;(95&9H(

4$%&).;'<)-'4"-='>)-':")2?$''

P5#;(-&;;6;C(&($*;C1(69(&"J 9*,&96A&FF'( N"9$( 69( *;( N#*NF#B$( .&%&.[( 95#( 6;A.#&$#( 6;( $&F#$( *<( EF"..#%( =6;#$( &<9#.( 95#( $"-$#J O"#;9(-&;$(5&$(-##;(.6%6A"F*"$H( !5#.#(5&$(-##;($"A5(,6K#%(.#J &A96*;( &.*";%( 95#( $*;C( 95&9( S( %*;B9(956;8(&;'*;#(6$(6;(&(C**%( #;*"C5(N*$696*;(9*(,&8#(&(C#;J "6;#F'( \A*..#A9B( %#A6$6*;( &-*"9( 69$( A*;9#;9( *.( 5*7( &;;*'6;C( 69( DFWXDOO\ LV WR GLроЙHUHQW SHRSOH M*7#+#.1( S( A&;;*9( &FF*7( -&$#J F#$$(&.C",#;9$(AF&6,6;C(69(7&$( .6C59F'(-&;;#%(*;(95#(-&$6$(95&9(

75#;(C6.F$(&.#(%&;A6;C(9*(*95#.( $*;C$( 6;( 95#( W9"%#;9( :;6*;B$( N&.96#$( &;%( DEF"..#%( =6;#$L( A*,#$( "N1( 69( %*#$( ;*9( N.*,*9#( 95#(&AA#N9&;A#(*<(.&N#(A"F9".#H( S9( ";%#.F6;#$( 95#( %##N( A*;<"J $6*;(*"9(95#.#H( S(7&;9(9*($#9(956;C$($9.&6C59[( 75#;(C6.F$(&.#(.&N#%1(95#'(76FF( &F7&'$( A&..'( 95#( N&6;( &;%( 5"J ,6F6&96*;( 6;$6%#( 95#,H( S9( ,6C59( F#$$#;( *+#.( 96,#1( -"9( 69( 76FF( &F7&'$( -#( 7695( 95#,H( ]".6;C( ,'( 95.##( '#&.$( 7*.86;C( <*.( &( ^.##8( )^_1( S( $N*8#( 9*( &( ;",J

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`#.J VRQDOO\ , роКQG 1LUYDQDтАл┌СтАмV VRQJ D@&N#( I#L( >;*( .**,( <*.( 6;J 9#.N.#9&96*;( 5#.#( ,"A5( ,*.#( RроЙHQVLYHтАл ┌МтАмEXW , VWLOO ZRXOG ;*9(-&;(691(N.#A6$#F'(-#A&"$#( S( &,( N#.$"&%#%( 956$( 7*"F%( N.*%"A#( ;*956;C( -"9( 95#( *NJ N*$69#( .#$"F9H( !5#( .#&F( 7&'( 9*( $*F+6;C( 95#( $#.6*"$( .&N#( N.*-J F#,( F6#$( 6;( .&6$6;C( &7&.#;#$$1( N.*+6%6;C( #K9.&( $"NN*.9( &;%( 9&86;C(6;696&96+#$(&6,6;C(9*(N.*J ,*9#(95#(N.*9#A96*;(*<(7*,#;H( E&;;6;C( *.( N.#9#;%6;C( $*,#( $*;C$(%*;B9(#K6$9(-'(.#<"$6;C(9*( NF&'(95#,(&9(W:(N&.96#$(5&.%F'( ,&8#$(95#($69"&96*;(-#99#.H

5*'./%'+/-&16'17'819':1$& 3")+1*'4-(%$1* M&+6;C( $N#;9( <*".( '#&.$( %*J 6;C( ,'( ";%#.C.&%"&9#( %#C.##( 6;(!*.*;9*1(&;%(7695(NF&;$(9*(C*( -&A8( 9*( 95#( A69'( &<9#.( ,'( I&$J 9#.$(%#C.##1(S(<##F(O"69#(&($9.*;C( A*;;#A96*;( 9*( 95#( A69'H( S;( <&A91( S( ZRXOG GHроКQLWHO\ FDOO LW RQH RI P\ ,&;'(\5*,#$BH(Q;%($*(S(5&+#(.#J A#;9F'(<#F9(,*.#(95&;(&(F699F#(";J A*,<*.9&-F#( 7695( 5*7( !*.*;9*( 5&$( -##;( 95."$9( *;9*( 95#( 7*.F%( $9&C#(<*.(&FF(95#(7.*;C(.#&$*;$H( Q(;&,#(95&9(7&$(&F,*$9(";6J +#.$&FF'(";8;*7;(9*(&;'*;#(*"9J $6%#(a&;&%&1(*.(#+#;1(*"9$6%#(*<( _;9&.6*( ";96F( .#A#;9F'1( 5&$( $"%J %#;F'(-#A*,#(&(5*"$#5*F%(;&,#( &.*";%( 95#( 7*.F%H( !*.*;9*B$( ,&'*.1( @*-( b*.%1( 6$( &9( 95#( A#;J WUH RI D VFDQGDO DIWHU роКUVW VWRULHV

&;%( 95#;( N5*9*C.&N5$( $".<&A#%( $5*76;C( 95&9( 5#( 5&%( $,*8#%( A.&A8( A*A&6;#( c( N.*-&-F'( 6;( *;#( *<( 56$( $#F<JN.*<#$$#%( \%.";8#;( $9"N*.$BH( M#( *95#.76$#( 5&%( &( C**%(.#F&96*;$56N(7695(&(;",-#.( *<(C&;C(,#,-#.$1(&;%($N*8#("N( <*.(&(8;*7;(A.6,6;&FH( M#( 5&$( &%%#%( 6;$"F9( 9*( 6;J G".'( 5*7#+#.1( -'( .#<"$6;C( 9*( $9#N( %*7;( &9( 95#( .#O"#$9( *<( &( F&.C#( N&.9( *<( 56$( A*;$969"#;9$1( LQ FOHDU GHроКDQFH RI WKH SROLWLFDO 6%#&F(95&9(N"-F6A(.#N.#$#;9&96+#$( $5*"F%($9&;%("N(<*.(95#(-#F6#<$(*<( 95#(,&G*.69'(95#'(.#N.#$#;9H V#91( 6;( 95#( C.&;%( $A5#,#( *<( 956;C$1( 75&9( $".N.6$#$( ,#( 95#( ,*$9( &-*"9( 956$( $69"&96*;( 6$( 95&9( 95#.#( &.#( $96FF( ,&;'( N#*NF#(

>G"$9( F68#( 95#( ,&;'( N#*NF#( 95&9( YRWHG IRU KLP LQ WKH роКUVW SODFH 95&9($"NN*.9(@*-(b*.%H(!5#(b*.%( \M*.%#B1( &$( 956$( C.*"N( 5&$( -##;( %"--#%1( $"NN*.9( 95#( ,&'*.B$( $*( A&FF#%( \&"95#;96A69'BH( P5&9( 86;%( *<( &"95#;96A69'( %*#$( 5#( 5&+#( 95*"C5Y( W".#1( 5#( 5&$;B9( $9*F#;( <.*,( 56$( 9&KN&'#.$1( &;%( 56$( &AJ 96*;$( 5&+#( "F96,&9#F'( *;F'( &<J <#A9#%( 56,( &$( &( N#.$*;( &;%( ;*9( &;'*;#( #F$#H( E"9J( &;%( 956$( 6$( &( -6C(-"9J(69(6$(";#O"6+*A&FF'(*;#(*<( 95#(.#$N*;$6-6F696#$(*<(#F#A9#%(*<J роКFLDOV WR EH KRQHVW WR WKHLU HOHFJ 9*.&9#H( SB,( ;*9( -#6;C( ;&d+#( 5#.#H( S( ";%#.$9&;%( 95&9( ;*( N*F696A6&;( 6$( #+#.(A*,NF#9#F'(5*;#$9(&;%(95&9( 69( ,6C59( -#( "$#<"F( 6;( N*F696A$( 9*(

,&;#"+#.( &.*";%( 9*"A5'( $69"&J 96*;$($N6;;6;C(95#(9."95H(E"9(5*7( A&;(7#(9."$9(&;'*;#(7695(95#(.#J $N*;$6-6F69'( *<( F#&%6;C1( $"NN*.9J 6;C1(&;%(.#N.#$#;96;C(&(A69'1(6<(5#( C#9$( A&"C59( *"9( *;( ;*9( G"$9( *;#( F6#( -"9( ,&;'Y( S( $69( 5#.#1( .&95#.( VFDQGDOL]HG DQG DEVROXWHO\ роЛDEJ -#.C&$9#%(-'(95#(N.*N*$696*;(95&9( 5#(.#<"$#$(9*($9#N(%*7;(&;%(5&$( &F.#&%'(-##;(O"*9#%(&$(.#&%'(9*( .";(&C&6;e( M#( $9**%( 6;( <.*;9( *<( &;( &"%6J #;A#( *<( N#*NF#( F**86;C( 5",-F#%( &;%( .#C.#9<"F1( AF&6,6;C( 95&9( 5#( 7&$(.#&%'(9*(A5&;C#1(.#&%'(9*(<6J ;&FF'( 9&8#( *;( $*,#( $#,-F&;A#( *<( .#$N*;$6-6F69'H( Q;%( 5*7( &.#( 7#( $"NN*$#%( 9*( -#F6#+#( 95&9Y( S<(95#(,&'*.(*<(95#(,*$9(N.*,6J

;#;9(A69'(6;(a&;&%&(c(95#(#N69J *,#(*<(&(P#$9#.;1(%#,*A.&96A1( %#+#F*N#%( A*";9.'c( I&'-#( 7#( ;##%( 9*( $9&.9( F**86;C( &9( *".( *7;( $'$9#,$( -#<*.#( 7#( AF&6,( ,*.&F( $"N#.6*.69'( *+#.( $*( ,&;'( *95#.$Y( Q$( &;( &%*N96+#( !*.*;9*J ;6&;1( &FF( S( A&;( $&'( 6$( 95&9( S( <##F( &$5&,#%(<*.(,'(A69'[(<*.(95#(-&%( N.#$$( 95&9( 69( 6$( .#A#6+6;C( %"#( 9*( *;#( *<( 69$( $"NN*$#%( F#&%#.$H( S( MXVW KRSH WKDW KH роКQDOO\ FRPHV 9*( 56$( $#;$#$( &;%( F6$9#;$( 9*( 95#( A&FF$( <*.( 56,( 9*( $9#N( %*7;( &;%( 9&8#( 56$( #..*;#*"$( 7&'$( *"9( *<( a&;&%6&;(N*F696A$H

#;C&C#(6;($N*.9$(*;(A&,N"$H(SB,( ;*9(&$86;C(<*.(&;'(%.&$96A(A5&;CJ

#$1(G"$9(,#.#F'(&($#&9(&9(95#(%6$J A"$$6*;(9&-F#H

!5#( -6CC#$9( 6.*;'( *<( 69( &FF( 6$( 95&9( <*.( 956$( N&.96A"F&.( %#-&9#1( #+#;( 6<( C.&;9#%( &( $#&91( ;*( I"$J F6,( 7*"F%( -#( &-F#( 9*( 9&8#( 69( "NH( b*.(956$(%#-&9#(6$(%"#(9*(5&NN#;( %".6;C(95#(5*".(*<(7##8F'(b.6%&'( N.&'#.$H( )*( %*"-9( 9#$9&,#;9( 9*( 95#( F&A8( *<( A*,,";6A&96*;( 95&9( H[LVWV EHWZHHQ GLроЙHUHQW JURXSV *;( A&,N"$H( S( %*;B9( -F&,#( &;'( *;#($6%#Z(7#(&FF(;##%(9*(A*,,"J ;6A&9#(-#99#.(9*(6,N.*+#(=Wf(<*.( #+#.'*;#H

,)++)*@'7$1('./%'&%9-.% '8-=/-*'A&&)* Q$( N&.9( *<( =WfW:( QFA*5*F( Q7&.#;#$$( P##81( &( %#-&9#( 6$( -#6;C( *.C&;6$#%( 956$( b.6%&'( *;( DW5*"F%( 95#( Q:( %.6;86;C( 6;696&J 96*;( A#.#,*;6#$( -#( ";%#.( $A."J 96;'YL( !5#.#( 76FF( -#( #6C59( $9"J %#;9$(%#-&96;C(95#(6$$"#H(_<(95#( #6C59($9"%#;9$(6;+69#%(9*(N&.96A6J SDWH QRQH DUH 0XVOLP , роКQG WKLV $F6C59F'( *%%H( W".#F'( 6<( '*"( 7&;9( 97*($6%#$(9*(956$(%#-&9#1(69$(&(;*( -.&6;#.( 95&9( '*"( $5*"F%( 9&F8( 9*( $*,#(N#*NF#(75*(%*(;*9(%.6;8Y(

g"$9( &( <#7( 7##8$( &C*( &( I"$J F6,(<.#$5#.(&9(=Wf1(75*(5&NN#;$( 9*( -#( &( N.*,6$6;C( $N*.9$N#.$*;1( 9*F%( ,#( 95&9( 5#( %6%( ;*9( 76$5( 9*( C#9( 6;+*F+#%( &;'( <".95#.( 7695( 95#( Q:( -#A&"$#( *<( 95#( %.6;86;C( A"F9".#1( ;*9( F#&$9( 95#( 6;696&96*;( A#.#,*;6#$H( W".#1( &;#A%*9#$( $5*"F%;B9( -#( *+#.( C#;#.&F6$#%H( E"9( 69( 6$( AF#&.( 95&9( 95#.#( 6$( &( N.*-F#,H(].6;86;C(A"F9".#(76956;( WKH $8 FHUWDLQO\ KDV DQ DроЙHFW RQ I"$F6,( $9"%#;9$B( 76FF6;C;#$$( 9*(

!"#

!"#$"%

9

!"#$%&'()*+#,-#.(/01(23/4

!"#$#%$

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

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роКW IHPLQLVP LV QRW VWHUHR= <'68D&77'( $#V'A( !@.*":@*"<( @8$= <*.'(8<(@&$(-##9(&78:9#%(C8<@("9= $@&+#%( 7#:$1( "9C&$@#%( D7*<@#$( DQG SUREDEO\ URWWLQJ роКVK DV ZHOO F*C#+#.1(Q*9:(&9%(R#<.*D@#87*$( <#77("$($#V8$,(8$(9*<(&(7#:8<8,&<#( 8$$"#(89(B.8<8$@($*D8#<'(<*%&'A( >;('*"(.#&77'(C&9<(<*($##($#V= 8$,( &<( C*.J1( '*"( 9##%( <*( ,&:8=

D&77'( 6.*D".#( W33( 6*"9%$( &9%( роЛ\ WR ,QGLD DQG MRLQ 0DUWKDтАл┌СтАмV PDJQLроКFHQW FUXVDGH IRU ZRP=

&!'()*+,*-+'%.")* #/0+/"*12+*2#.* 2"#%3*#4+'(*(2"* 5$6+7#("*#*,%".2"%8* #3$"%(6."9"/()*+%* #4+'(*5%#:"*4#/("%8* #(*'/6$"%.6(6".* 1+'73*/"$"%*3%"#9* +,*6/.6/'#(6/;* (2#(*."<6.9*6.* #/*677";6(69#("* -+/-"%/*(+3#0=> #9?$(.8:@<$(<@#.#A(Q#771(8;(<@8$(8$( .#&77'(<@#(D&$#1(&9%(C#(@&+#(&.= .8+#%(&<(<@#(<*6(*;(<@#($<&8.D&$#( RI HTXDOLW\ роКQDOO\ UHDG\ WR VWDUW *".( :#9%#.=9#"<.&7( 78+#$1( <@#9( C@'( &.#( ;#,898$<$( N!>MM( -#89:( -.&9%#%( &$( PD*,67&89#.$?E( Q@'( &.#( <@#( 7&%$( N!>MM( 7&":@89:( &<( .&6#( H*J#$( C@87$<( <@*$#( C@*( &%+*D&<#( ;#,898$,( &.#( 7#;<( 89( &( @"%%7#( -'( <@#( $<89J'( D@##$#( *9(

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

89(<@#(;&D<(<@&<(*9#(6&.<'($<&<#%( WKDW VRPH ZRXOG роКQG WKHLU FDP= 6&8:9( P899*+&<8+#?A( M&$<( <8,#( >( D@#DJ#%1(899*+&<8*9(C&$(&J89(<*( *.8:89&78<'A()*C1(%*(D*..#D<(,#(8;( >(&,(C.*9:1(-"<(8<(&66#&.$(<@&<(

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роКQLWHO\ DJUHH ZLWK 0DU= <@&( R#<.*D@#87*$( *9^( :#<<89:( &9= JU\ DERXW SKRWRV GRHV QRW тАл┌РтАмIXOроКOтАл ┌СтАм IHPLQLVP тАл ┌ЛтАмIHPLQLVP LV IXOроКOOHG C@#9( <@*$#( 6@*<*$( <@&<( $6&.J( P;#,898$<( D*,67&89<$?( D#&$#( <*( #V8$<A( 5*9<.&.'( <*( Q*9:=R#<.*D@#8= 7*$?( $C##<7'( 9&_+#( +8#C1( $#V8$,( 8$($<877(&.*"9%(<*%&'(&9%(6*$<#.$( $"D@( &$( <@#8.$( %*( 9*<@89:( 8;( 9*<( D*9<89"&77'(6#.6#<"&<#(8<A

Tuesday November 19, 2013

the

10

Beaver

$ ૹQDO YLHZ RQ SROLWLFV DW WKH /6( &KULV 5RJHUV

the

Opinion

Beaver

QG ŕŽ‹RRU (DVW %XLOGLQJ /6( 6WXGHQWV 8QLRQ

&UHGLW 1LJHO 6WHDG YLD /6( LQ 3LFWXUHV

I spent this last week struggling to decide on the topic for my final opinion piece as editor. Normally it is tradition on the paper for the outgoing editor to try and justify the changes they made as editor, though we haven’t done that for a few years. My two predecessors used their articles to attack the school for buildings filled with asbestos and Michael Gove, respectively. However I am not sure I can follow exactly in their footsteps. In terms of my reforms to the paper: the aim was to make the paper more readable and I only hope that readers approved of the changes. It has been a pleasure to edit this paper, and I am sad to be going. I would just like to take this moment ot thank everyone who has helped make the paper great to work on since I was elected. However, turning on to a more substantive topic, and given this is my last article, I feel that I ought take a moment to express my despair at the politics we have at this university. Not student politics, despite our turnout that makes the criticism of the government having no mandate laughable, but the general discourse surrounding political issues. I get worked up on few topics, but one of them is when I hear the generic attacks of the left regarding education reforms. When I was debating with the one of the more left wing members of the student body about these reforms, I pointed out the current state of affairs where there is a strong correlation between wealth and exam results. That poorer students generally get worse results was shown by data compiled by Chris Cook from the FT.

London :& $ $(

Executive Editor Chris Rogers

editor@thebeaveronline.co.uk

Managing Editor Hayley Fenton managing@thebeaveronline.co.uk

News Editor Rachel Chua Sophie Donszelmann news@thebeaveronline.co.uk

Opinion Editor Kaveh Farzad comment@thebeaveronline.co.uk

Features Editor Mike Pearson features@thebeaveronline.co.uk

However, her response was that this was due to the unequal society we live in. Parental background, socioeconomic conditions, which correlate with poverty, cause children with these backgrounds to do worse, in general. In other words, because of all these factors we cannot (in general) expect them to do well in our society, as it stands. This caused me to think of an article by Fraser Nelson, where he points out that certainly Britain has high levels of inequality. But does that really explain the absolutely horrific correlation between wealth and examination results? Why do poorer children generally get poorer results? Neil Kinnock made the reason clear in his famous speech. “Why am I the first Kinnock in a thousand generations to be able to get to university? Why is Glenys the first woman in her family in a thousand generations to be able to get to university? Was it because our predecessors

were thick? Does anybody really think that they didn’t get what we had because they didn’t have the talent or the strength or the endurance or the commitment? Of course not. It was because there was no platform upon which they could stand.� When people say that certain kids can’t be expected to do so well, I wonder who can possibly accept that? If I might reference a quote by a former US president: “Some say it is unfair to hold disadvantaged children to rigorous standards, I say it is discrimination to require anything less –- the soft bigotry of low expectations�. The usual response I hear from the members of the left whenever the issue is raised, is to talk philosophically about inequality in society, as if this has anything to do with whether sink schools ought to be accepted as a part of daily life. Where the poorest children are trapped in the worst schools, while wealthier parents tend to move to different catchment areas.

The left used to rail that government should be providing a basic education to everyone. However now the Left seems not to want to aim any higher than that. Others think differently: the major fight and focus of our time should be to ensure that every child has a “great� education. In his education reforms, Gove makes the same point as Kinnock. Those people “who could sing and play and recite and write poetry� – then, why should we not expect them to now? This is the key difference: The left response is one of low expectations and throwing more money at the problem – there is so little anger and emotion. If I may end finally by quoting Frasier Nelson: “The difference between left and right, now, is that you will seldom hear a left-winger getting Kinnock-style (or Gove-style) angry about educational inequality. The right are so angry about educational inequality that they want to tear up the whole system�.

Do you have a strong opinion on something going on at school or around the world? Drop us an email at Comment@thebeaveronline.co.uk and see your name in print!

Social Editor Amelia Thomson social@thebeaveronline.co.uk

Sport Editor Dennis Mooney sports@thebeaveronline.co.uk

PartB Editor Josh Jinruang Janie Tan partb@thebeaveronline.co.uk

Online Editor Martha Petrocheilos web@thebeaveronline.co.uk

General Manager Benedict Irving info@thebeaveronline.co.uk

The Collective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૸HUQDQ 0 )OHWFKHU 0 +XQJ 0 -HQNLQV 0 -DJDQPRKDQ 0 3HDUVRQ 0 3HQQLOO 0 3HWURFKHLORV 0 9HDOH 1 $QWRQLRX 1 - %XFNOH\ ,UYLQH 1 -DURV]HN 1 0DWHHU 1 7KDQJDUDMDK 1 5XVVHOO 3 $PRURVR 3 *HGHUL 5 &KRXJOD\ 5 %URZQH 5 &XFFKLDUR 5 *XGND 5 +DPHU 5 +ROPHV 5 ,OOLQJZRUWK 5 &KXD 5 - &KDUQRFN 5 6HUXQMRJL 5 8GGLQ 6 &KDXGKXUL 6 'HVDL 6 'RQV]HOPDQQ 6 + /RZ 6 1HZPDQ 6 1LVVLOD 6 3DUPDU 6 3RRMDUD 6 5 :LOOLDPV 6 6HEDWLQGLUD 6 : /HXQJ 6 +DQJ /RZ 7 %DUQHV 7 0DNV\PLZ 7 0HDGHQ 7 3RROH ; 7 :DQJ 6 $VK

If you do not appear on this list and have written three or more articles, please email: collective@thebeaveronline.co.uk Any opinions expressed herein are those of their respective authors and not necessarily those of the LSE Students’ Union or Beaver (GLWRULDO 6WD૸

The Beaver is one of the oldest student papers in the UK, and one of the few to print weekly. Visit us on thebeaveronline.com

The Beaver is issued under a Creative Commons license. Attribution necessary.

!"#

!"#$"%

11

!"#$%&'()*+#,-#.(/01(23/4

!"#$#%$

&%"#'(%)(*+,(-,,. /#0,$(*+,('%1",*#*#0,(2%3(145.,*(4$6(*+,($,',77458(*#9+*,$#$9(%)(7*4*,(3:69,*7( #$(14$8('%:$*5#,7;(7+%:<6(9%0,5$1,$*7(65414*#'4<<8(5,6:',():$6#$9()%5(*+,(7*:68( %)(*+,(+:14$#*#,7(4*(":3<#'(:$#0,57#*#,7=(>*(4(*#1,(%)('+4$9#$9($,,67;(7+%:<6(7:'+( 7*:68(3,('%$7#6,5,6(*%%(1:'+(%)(4$(4'46,1#'(<:?:58=

@$(6,),$',(%)(*+,(+:14$#*#,7()5%1(4$(+#7*%5#'4<(",57",'*#0, !"#$%&'"()*%+ !5#( $67#897:76( ,#95*%1( &( .#;&97+#;'( .#6#89( %#+#;*<,#89( 5&$($=#<9(*+#.(95#(>;*-#($786#( 79$(786#<97*8(-'(?.&867$(@&6*8( 78( 57$( )*+",( A.>&8",B( C9$( <*=#.( 9*( #D<;&78( 95#( 8&9".&;( =*.;%( &8%( %#;7+#.( #D<*8#897&;( 786.#&$#$( 78( 95#( ;7,79$( *:( 5"E ,&8( F8*=;#%>#( 5&$( #8%*=#%( G<".#.H( *.( ,*.#( G.7>*.*"$H( $67#86#( =795( &( %##<E$#&9#%( :##;78>( *:( $"<#.7*.79'( *+#.( 95#( 5",&8797#$B( I"<<*$#%;'1( 95#( 5",&8797#$( &.#( ,*.#( 65&.&6E 9#.7$976(*:(95#(*;%(=&'(*:(9578FE 78>B( !5#( $67#897:76( .#+*;"97*8( 6*89.&$978>;'1(5&$(-##8(&(:*.6#( :*.( 65&8>#1( 95#( %'8&,76( #$E $#86#( &9( 95#( 6#89.#( *:( 95#( C8E %"$9.7&;(J#+*;"97*8(&8%(95#(#DE 6#<97*8&;( 8&9".#( *:( K,#.76&8( 6&<79&;7$,B( K8%( 78%##%( 79( 5&$( -##8( &;;( 95#$#( 9578>$B( @"9( 95#( ,#95*%*;*>76&;( <".7$,( *:( 95#( $67#86#$(5&$(-#6*,#(5"-.7$B !'<76&;(%#:#86#$(*:(95#(5"E ,&8797#$(#,<5&$7$#(95#7.(&.97$E 976(*.(6";9".&;(,#.79B(L*"(;#&.8( 9*("8%#.$9&8%('*".$#;:(&8%(95#(

=*.;%(&.*"8%('*"(95.*">5(95#( 5",&8797#$B(@"9(957$(7$(8*9578>( ,*.#( 95&8( &( $#8$7-7;79'( *.( &( =*.;%;78#$$1( 95#( $*.9( *:( =5765( ,7>59( -#( &6M"7.#%( 95.*">5( .#&%78>(&;;(95#(>.#&9(9#D9$(#+#.( <"-;7$5#%B( N#.9&78;'( 95#.#( 7$( $*,#9578>( 9*( -#( $&7%( :*.( $"<E <*.978>( &.9( &8%( ;79#.&9".#( -"9( %*#$( 957$( 957$( :";;'( O"$97:'( 95#( 8#&.("-7M"79'(*:(5",&8797#$(*8( &6&%#,76( 6"..76";&P( Q",&87E 97#$( 6&8( 5*=#+#.( $9&8%( &;*8#( &$( %7$67<;78#$( &$( 785#.#89;'( +&;"&-;#(&8%(<#8#9.&978>;'("8E %#.$9&8%78>(&$($67#86#B R#95*%( 78( 95#( 5",&87E 97#$( 7$( ,*.#( .7>*.*"$( 95&8( 95#( :;7>59$(*:(7,&>78&97*8(95&9(&.#( $*,#97,#$( :&867#%( -'( 79$( 6.79E 76$B( C,&>78&97*8( 7$( "8%#87E &-;'( &( <&.9( *:( 95#( 5",&8797#$( -"9( 79( 7$( 5&.8#$$#%( 78( $"65( &( =&'( &$( 9*( <.*+7%#( &8( #8;7>59E #878>(6*"89#.<*789(9*(95#(6*;%( .&97*8&;7$,( *:( $67#86#B( K( :##;E 78>(:*.(95#(&-$9.&69(7$(&($5&.<( 9**;( *:( 95#( 5",&8797#$( &8%( *:E 9#8( 95#( -7>>#$9( ;#&<$( ,&%#( 78(

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`( 9*( 95#( )&c7( -**F( -".878>$1( &8%(.#+7$78>(:*.(57$(#D&,$(9*( :##;78>(G;7F#(&(\#=(=&7978>(9*( -#( $#89( *::( 9*( 95#( >&$( 65&,E -#.HB( ( [#$$*8( 2( 6;#&.;'( 8*9( ;#&.89B( ?78&;;'1( 7:( ,'( ,*95#.(

9&">59(,#(&8'9578>1(79Z$(95&9( G95#(*8;'(9578>(=*.$#(95&8(&( $#D7$9(7$(&($8*-HB( S+#.'-*%'( %#$#.+#$( &( $#6*8%(65&86#1(&8%(8*.,&;;'( C( =*";%( -#( &>&78$9( %.&>>78>( "<( <&$9( *::#86#$B( Q*=#+#.1( X*8>( 5&$( 6;#&.;'( :.799#.#%( &=&'( 57$( $#6*8%( 65&86#( &8%( 5&$( 8*9( &9*8#%( :*.( 57$( ,7$E 9&F#$B( R*.#( 7,<*.9&89;'1( 79( 7$( 97,#( :*.( [IS( 9*( $5*=( 95&9( 79( 6&8( ;**F( 6.7976&;;'( &9( 79$#;:( &8%(:&6#("<(9*(95#($5*6F(#DE <.#$$#%( -'( $9"%#89$( :.*,( d78>$(9*(N&,-.7%>#1(e".5&,( 9*( S%78-".>51( 95&9( &( <#.$*8( =5*(65&,<7*8$($"65(789*;#.E &86#(6*";%(-#(#;#69#%(&9(95#( [ISB( A8;'(23f/($9"%#89$(+*9#%( 78(95#(.#6#89(I`(#;#697*8$(78( =5765( X*8>( =&$( $"66#$$:";B( C9Z$(97,#(:*.(95*$#(=5*(+*9#%( &>&78$9(57,(&8%(:*.(95#(gff3( 95&9( %7%8Z9( +*9#( 9*( $<#&F( "<( &8%( $5*=( 95&9( 95*">5( X*8>( 5&$( -##8( #;#69#%( 9*( .#<.#E $#89( "$1( 5#( %*#$( 8*9( .#<.#E $#89(95#(+7#=$(*:([ISB

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

95#($F7;;$(&8%(&.>",#89$(=795( =5765( 9*( %*( 957$B( R*.#*+#.1( 79( *8;'( ,&$F$( 95#( <.*-;#,1(

&'()*+(,)",)* -.)/*0#1.,2* 3((%45*#%).+64#)"7* #++68#).(,8*#2#.,8)* )/"*9:;*<(,2* 8)6+1*.,*#*3/()(* (=*#*-(0#,*.,*#* /.2/45*%"$"#4.,2;* ($"%)45*8">6#4* ?%",+/*0#.7@8* RXW૽W PDQDJLQJ )(*(AB"+).=5*-(0",* #,7*8">6#4.8"* .,"C6#4.)5*#)*)/"* 8#0"*).0"DE 9.#&978>( *8;'( 95#( $',<9*,$( -"9( 8*9( 95#( 6&"$#B( C( -#;7#+#( 95&9( *8;'( 95#( ,*$9( #D9.#,#( 6*89#89( $5*";%( -#( 6#8$*.#%1(

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`1( X*8>( $9"6F(78(&(<5*9*(*:(&(=*,&8( 78(&(57>5;'(.#+#&;78>1(*+#.9;'( $#D"&;( ?.#865( ,&7%Z$( *"9:791( ,&8&>78>( 9*( *-O#697:'( =*,E #8( &8%( $#D"&;7$#( 78#M"&;79'( &9(95#($&,#(97,#B( C9Z$(8*9(95#(:7.$9(97,#(5#Z$( %*8#( 79( #795#.T( ;#9( 95#( O".'( 8*=( #D&,78#( X*8>Z$( 6&,E <&7>8( :*.( @&8F$7%#( 9.#&$".E #.1(78(=5765(5#("$#%(&($7,7;&.( <769".#( *:( &( =*,&8( %.#$$#%( 78( &( abN( ?.#865( ,&7%Z$( *"9E :79( &8%( =&$( ,&%#( 9*( =.79#( &8( *<#8( ;#99#.( *:( &<*;*>'( 9*( 95#( [ISB( [#$$*8( 6;#&.;'( 8*9( ;#&.89B( R*+78>( *8( 9*( SD57-79( @U(

!"#$%&'()*+#,-#.(/01(23/4

!"#

12

!"#$"%

!"#$#%$

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

3"2+'/4

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

2014

!"#$%&'()*$+ ,-+&'./)*01*2 1. TEDx CINEMA @ Sheikh Zayed Theatre 14.00 5/6*+&*2'78+&'!9('($+2*:2*$*#2;<'7*'"2*';%2**$8$6'/4'+&2**' /4'/#2'4")/#28+*'5(='+">?;'"1/#+'*$+2*:2*$*#2;&8:@'A/2'0/2*' *)*$+'B*+"8>;';**'+&*'!9('C"2**2;'7*1;8+*

2. POP UP BAR @ The Quad 19.00 C/0*'&")*'"'B28$?'"$B'8$4/20">'%&"+'78+&'+&*' $*7'5(=D'+*"0'"$B';/0*'/4'+&*'*D%8+8$6' *$+2*:2*$*#2;'7*E)*'8$)8+*B@'9&"2*'F/#2 +&/#6&+;'/$')">#*'%2*"+8/$'/$' 5G('HI!!<'/2'J#;+'0*;;'"2/#$B' 78+&';/0*'6"0*;@

Keynote Speakers

The world’s largest student conference on

Hedge Funds & Private Equity

20-21 January 2014 Marriott London Grosvenor Square

Register by December 4 at www.lseaic.com Made Possible by

3iC Group

David Rubenstein Co-Founder The Carlyle Group

Marc Lasry Co-Founder & CEO Avenue Capital Group

James Chanos Founder & Managing Partner Kynikos Associates

Hugh Langmuir Managing Partner Cinven

Kyle Bass Co-Founder Hayman Capital Management

David Allen Managing Director CPP Investment Board

Johannes Huth Head of Europe KKR

Lionel Assant Head of Europe Blackstone Group

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

!"

!"#$%

!"

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

!"#$%&'%()#

0(1'2$"0$(33*1%*"+

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`"9,.'"#'4"#+.9'&!8.)-#/%)'")'0#$%&# /())%'# 4"5,# 8&'# 1""5# (''!(/'"+# '%# '4"# 85()+5$#9'(-"+#,4%'%-!(,49=#D4.9#/%&5+# 8"# +&"# '%# 94""!# %89/").'$# %1# 9%2"# %1# '4"# .2(-"9J# 2($8"0# I# 4"(!# '4"# /$)./# LQVLGH VD\ KLV VXFFHVV KDV MXVW IHG Rஉ 4&2().'$:9#2%!8.+#1(9/.)('.%)#;.'4#'4"# -!%'"9C&"=# D4"# .)'"!(/'.%)0# 8"';"")# .2(-"9# %1# '4.9# )('&!"# ()+# ;.'4# %'4"!9# '4('# /(,'&!"# *.+9# 5(&-4.)-# .)# ,5($1&5# GHOLJKW VHQGV RXW DQ HQWLUHO\ GLஉ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

1!,*2$(,+(3'42$'%!+"-,(5!*1(.$5!"%"-,(5!/$*+$!6+%2$5"*+%27$+/1$

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`%)(5+90# ;%!!$.)-# (8%&'# 4.9# 2%'4"!0# ()+# 94%%'.)-# &,=# ^$# .55&9'!('3 .)-# '4.9# 1&9.%)# 8"';"")# )%!2(5.'$# ()+# +",")+")/"0# @!)(+"# ,!"<")'9# (++./3 '.%)# 1!%2# 5&!*.)-# &)+"!# '4"# <")""!# %1#

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

"

%/(.)"# (++./'9# (!"# %1'")# '4"# 9&8?"/'9# %1# /4%./"# 1%!# '4"# /(2"!(=# B4!%&+"+# 8$# '4"# 2()&1(/'&!"+#-5(2%&!#%1#"+3 .'%!.(5#-5%990#$%&)-#-.!59#(!"#5"1'#'%#;.94# '4('# '4"$# 4(+# 8"")# H85"99"+:# ;.'4# '4"# ()+!%-$)%&9# +.2")9.%)9# %1# (# /!(/*3 4"(+=#K%;"<"!0#.'#.9#)%'#'4"9"#,4%'%-3 UDSKHUV ZKR FRPH XQGHU ஊUH ,QVWHDG .'# .9# 9%2"%)"# 5.*"# Q4!.9# @!)(+"# ;4%2# VRFLHW\ FKDVWLVHV IRU WKH JORULஊFDWLRQ RI (++./'.%)#()+#,!%9'.'&'.%)= D4%9"# -.++$# ;.'4# !"9,"/'# 1%!# '4"# 4.-43!.9"# -5(2%&!# %1# E";# N%!*# ;.55# 8"# 5"1'# 8";.5+"!"+# 8$# '4"# /%)'")'9# %1# 4.9# ;%!*=# K.9# 9&8?"/'9# (!"# '4"# /.'.F")9# %1# K&)'9# _%.)'0# ;4%# 4(<"# 8"")# 1(.5"+# 8$# '4"# @2"!./()# `!"(2=# ](/4# ,4%'%# +"3 SLFWV KRZ DGGLFWLRQ FDQ VHUYH WR ஊOO WKH <%.+# 8"';"")# '4"# 5.<"9# %1# '4"# ;"(5'4$# ()+#'4%9"#;4%#5.<"#&)+"!#'4"#94(+%;#%1# WKH ZRUOG‫ڑ‬V ஊQHVW FLW\ 7KH\ UHYHDO WKH /4.55.)-# +"9,"!('.%)# %1# '4%9"# ;4%0# 1%!# 9%2"#!"(9%)#%!#()%'4"!0#4(<"#8"")#5"1'# Rஉ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

#V@`]#V@QOL@E

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

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

,5"(9.)-J# 4%;"<"!0# /%)/",'&(55$# .'#5(/*9#1%!#2"#,"!9%)(55$:=# K%,"1&55$0# '4"# ,"!9%)# ;.55# 8"# 9%# (9'%&)+"+# 8$# '4"# )%)9")9"# $%&# ?&9'# 9,%&'"+# '4('# '4"$# ;.55# /%)/5&+"#'4"$#+%):'#C&.'"#&)+"!3 9'()+# ;4('# $%&# ?&9'# 9(.+=# D4"$# ;.55#,!"'")+#'%#&)+"!9'()+0#)%+3 +.)-# *)%;.)-5$# .)# '4"# ,!%/"99=# E%# 2%!"# ,!%2,'.)-# 94%&5+# %/3 /&!= B(&)'"!# %&'# '4"# -(55"!$# 5%%*3 .)-# +(F"+# ()+# ")5.-4'")"+0# /%)3 -!('&5('.)-#$%&!9"51#%)#()#"A"23 ,5(!.5$#/&5'&!(5#"A,"!.")/"=################ L@MN@L#@OM@L

6,%)7#'.-' !"#$#%&'(")&*+,-'..)&/, !"#$%&'"(% PP#>QD#RSPT#3#PU#V@E#RSPW 0#1)&+)$,2#3+) )#*+'%,-).%+/%&01%*2%+-3+-*-1%''-"4-5*&# X#E>Y#RSPT#3#RZ#V@E#RSPW 4'$),5#6)&7 6$%-78-79$:3#3"+0;*<'-='%%->-!*?3+@-A3B3:'%# PZ#>QD#RSPT#3#[#L@M#RSPW 8'$9#7'.,!#&$&'9$,-'..)&/ 6*,'"&-5%BB3+@;$"#"@&*.$3/-;"&#&*3#-;&3C%-DEFG# PW#E>Y#RSPT#3#[#\]^#RSPW#

4%()5'*3").("%&')*%1' 4%()5

2%#,".-

2"&1

-RVK -LQUXDQJ -DQLH 7DQ

-RGLH 0RPRGX

.RNR 2ZXVX

7,.!+*!$"+",-".%&'/&"0#%012

5,3$/%&*!$"+",-".%&'/&"0#%012

ஊOP#WKHEHDYHURQOLQH FR XN

2..3

&")*(%)$(*

1$#"+

)*+,-.&./0

),*%)(*

!"#$%&'%()#

1HUDM 7KDQJDUDMDK 'RURWK\ :RQJ

9DFDQW

7RP %DUQHV

*LOOLDQ &DÀHUR $OH[DQGHU)\IH 0LFKDHO *DOOR

0LFKHOOH :DUELV

-DGH -DFNPDQ 0DU\DP $NUDP

5%%6*!$"+",-".%&'/&"0#%012

'/!".,!1."*!$"+",-".%&'/&"0#%012

413/#*!$"+",-".%&'/&"0#%012

!"#$%&%'%()*!$"+",-".%&'/&"0#%012

!$",!."*!$"+",-".%&'/&"0#%012

-/31,',.!3*!$"+",-".%&'/&"0#%012

8%-".9:.!;%.23<=./(/&,'9:1!$%.>98$./39:.&,6"

!"

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

!"#$%&'&()

HACKERMENTALITY

CLAUDIO GUARNIERI shares his insights on cyber security, hacker culture, and technology careers

!

!"#$%&' (#")*%+)%' %,' "' -&)+' .+./+)' &0' 12+' 32"$&4,+)5+)' 6&#*$"7%&*' "*$' 72+' 8&*+9*+7' :)&;+-7<' 74&' &0' 72+' ORQJHVW OLYLQJ QRQ SURроКW RUJDQL= ,"7%&*,'$+$%-"7+$'7&'.">%*?'72+' @*7+)*+7'"',"0+)'A!"-+B @*' 72%,' +C-!#,%5+' !+77+)' 7&' 3DUW% KH VKDUHV KLV UHроЛHFWLRQV &*'42"7'%7'.+"*,'7&'/+'"'A)&0+,= ,%&*"!' %*' 72+' @*7+)*+7' -&..#= *%79B

8+)+' %,' "' !%77!+' %*,%?27' %*7&' 72+'4&)!$,'&0'-9/+),+-#)%79'"*$' A)%5"-9B' @' 2&A+' %7' ,+)5+,' 9&#' 4+!!B @E5+' /++*' %*5&!5+$' %*' -9/+)= ,+-#)%79' ,%*-+' .9' 5+)9' +")!9' WHHQDJH \HDUV роКUVW H[SORULQJ 72+' .9,7+)%+,' &0' -&.A#7+)' ,9,= 7+.,'"*$'/)+">%*?'-2%A'/&")$,' "A")7'%*'.9'/+$)&&.<'72+*'$%,= -&5+)%*?' 72+' 0",-%*"7%*?' "*$' 5%/)"*7'4&)!$'&0'2"->%*?<'%*'72+' .&,7' A&,%7%5+' -&**&7"7%&*' 72"7' 4&)$'-"*'2"5+B 8&!!94&&$' #,+$' 7&' A&)7)"9' 2"->+),' %*' 72+' FG,' ",' $9+$= 2"%)+$' )+*+?"$+,' 4%72' )&!!+)' ,>"7+,<'4"*$+)%*?'%*'5%)7#"!')+= "!%7%+,'"*$'/)+">%*?'%*7&'#*,#,= A+-7%*?' ?&5+)*.+*7' "?+*-%+,' "*$'+5%!'-&)A&)"7%&*,B 1)#72' %,<' ,+5+)"!' 9+"),' "?&' ,+-#)%79' 4",' ,7%!!' "*' &/,-#)+' -)"07'.",7+)+$'/9'0+4<'$%,-#,,+$' "*$'$&-#.+*7+$'72)&#?2'-2"7,' "*$' +=H%*+,' &*' 72+' @*7+)*+7' /9' A",,%&*"7+' 7%*>+)+),<' 42&' 4&#!$' "!,&' &--",%&*"!!9' .++7' DW VPDOO DQG UXVWLF FDPSV роК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

TECH VOCAB !""#$ 89A+)7+C7' 1)"*,0+)' :)&7&= -&!' 3+-#)+P' "' -&..#*%-"= 7%&*,' A)&7&-&!' 0&)' ,+-#)+' -&..#*%-"7%&*'&5+)'"'-&.= A#7+)'*+74&)>B %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &'()*++, Q'.+72&$'&0'/9A",,%*?'*&)= ."!' "#72+*7%-"7%&*<' ,+-#)= %*?'%!!+?"!')+.&7+'"--+,,'7&' "'-&.A#7+)B

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

D+")'-")++)=.%*$+$',7#$+*7<'

72+' -&)+' 0#*-7%&*%*?' &0' &#)' ,&= -%+7%+,<' )+5&!#7%&*%,%*?' 72+' 4"9' 4+' -&..#*%-"7+<' %*0&).<' A)&= $#-+' "*$' 7)"$+B' L&.A#7+)' "*$' *+74&)>' ,9,7+.,' ?)+4' 4"9' /+9&*$' 42"7' +5+*' 72+%)' -)+"= 7&),' 2"$' +5+)' %."?%*+$B' 3&&*' +*&#?2'2"->+),'2"$'7&'/+'2%)+$' 7&' /+-&.+' ?#")$%"*,' &0' ,#-2' ,9,7+.,B M&4'4+E)+'*&7'2"->+),'"*9= .&)+<' 4+' ")+' ,+-#)%79' A)&0+,= VLRQDOV ,QVWHDG RI роКOWK\ KDFNLQJ

'We've been building technology that should have had a positive impact on our lives, and now we got to know that it has been silently and actively subverted to excercise control over everyone' -".A,'4%72'/")+!9'"*9'+!+-7)%-= %79'"*$'7&%!+7,<'4+'*&4'2"5+'!#C= #)%&#,' 2&7+!,<' -&*0+)+*-+,' "*$' A")7%+,'%*'N",'O+?",B 12+' ,+-#)%79' %*$#,7)9' %,' "' -2"!!+*?%*?' "*$' -&.A+7%7%5+' +*5%)&*.+*7P'9&#E)+'0"-+$'4%72' A#HH!+,' 7&' /+' ,&!5+$' -)+"7%5+!9' "*$' 4%72' "$5+),")%+,' 7)9%*?' 7&' ,#/5+)7' 9&#)' 4&)>' "*$' "77"->= %*?' 9&#)' *+74&)>,<' -&*,7"*7!9B' @7E,'"'-&*7%*#&#,'!+")*%*?'+CA+= ULHQFH ,W V DOVR YHU\ SURроКWDEOH Q!!' &0' 72+,+' ")+' 72+' )+",&*,' @' 4&)>+$'%*'%7B @7E,' "*' %*$#,7)9' 72"7' >*&4,' *&' )+-+,,%&*J' %7' >++A,' ?)&4%*?' +CA&*+*7%"!!9B' 8&4+5+)<' /+= -"#,+' &0' "' $%,-&**+-7%&*' 4%72' 7+-2*&!&?9'A)&$#-+),'",'4+!!'",' -.,+/*'0 Q' ,&074")+' 5#!*+)"/%!%79' 72"7' 2",' *&7' /++*' $+7+-7+$' /+0&)+' "*$' 72"7' 72+' A)&= ?)".E,' -)+"7&)' $&+,' *&7' >*&4'+C%,7,B %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 1,02+3,'456(/5'75 Q*' "!?&)%72.' 72"7' -&*5+)7,' DUELWUDU\ GDWD LQWR D роК[HG !+*?72' ,7)%*?B' @7' %,' +",9' 7&' -&.A#7+' %*' &*+' $%)+-7%&*' /#7' *+")!9' %.A&,,%/!+' 7&' )+5+),+B' 12%,' %,' &07+*' 2&4' 9&#)' A",,4&)$,' ")+' ,7&)+$' &*'4+/,%7+,E',+)5+),B

/+-"#,+' &0' /#,%*+,,' ,7)"7+?%+,<' 4+E)+' .%,+)"/!9' 0"%!%*?' 7&' ,+= -#)+'72+'@*7+)*+7B'6)"*>!9<'72+)+' %,*E7' 72"7' ,7)&*?' "*' %*7+)+,7' %*' ,+-#)%*?'%7'0&)')+"!B 3+-#)%79'2",'/+-&.+'"'.")= >+7' &0' "--+,,&)%+,B' @*0&)."7%&*' 7+-2*&!&?9' %,' "*' %*-)+$%/!9' $%= YHUVLроКHG роКHOG DQG RроЙ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роК[ WKH PDQ\ PLVWDNHV 4+'."$+B'R*?%*++),'*++$'7&')+= /#%!$'"',+-#)+<'&A+*'"*$'"--+,= ,%/!+'@*7+)*+7<'/#7'%7'%,*E7';#,7'"' ."77+)'&0'-&$+B @0' 9&#' ,7#$9' +-&*&.%-,' 9&#' -&#!$' +CA!&)+' "!7+)*"7%5+' "*$' ,#,7"%*"/!+'/#,%*+,,'.&$+!,'0&)' @*7+)*+7' 5+*7#)+,' 72"7' 4&#!$' +*"/!+'A)%5"-9')"72+)'72"*'$".= "?+' %7B' 1")?+7+$' "$5+)7%,+.+*7' 7#)*+$'#,'%*7&')+5+*#+',&#)-+,' )"72+)' 72"*' ,+)5%-+' -&*,#.+),' <'"*$'&#)'$"7"'%,'72+')"4'."7+= )%"!B' I+' *++$' ,&.+72%*?' /+77+)' 72"*'72"7B @0' 9&#' ,7#$9' !"4' &)' A&!%7%-,' 9&#'-&#!$'4&)>'&*'$)"07%*?'"*$' -".A"%?*%*?' 0&)' A)%5"-9=+*"= /!%*?' A&!%-%+,' 72"7' A)&7+-7' &#)' $"7"' "*$' 72+' *+#7)"!%79' &0' 72+' @*7+)*+7<'",'4+!!'",',7&AA%*?'%7,' .%!%7")%,"7%&*B'12+'@*7+)*+7'%,'"' -&!!+-7%5+' ?&&$' "*$' #!7%."7+!9' 4+E)+'"!!'A")7%-%A"*7,'%*',2"A%*?' %7<')+?")$!+,,'&0'&#)'+CA+)7%,+'&)' &#)'A)&0+,,%&*B @E.' ,#)+' 72"7' 42%-2+5+)' -"= )++)' A"72' 9&#' $+-%$+' 7&' 7">+<' 9&#E!!' 2"5+' 72+' &AA&)7#*%79' 7&' .">+'"'-2"*?+'0&)'72+'/+77+)B'@' ;#,7'2&A+'9&#E!!'7">+'%7B

TECHTWEETS

!"

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

!"#$%

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

&)2$27,1(%$0#,$6!#+,7$)&.$%3&'$1+$/1+0$0#,$ XQLTXH VW\OH DQG DWWLWXGH 7KH SHUIHFW H[ DPSOH RI KRZ D VLPSOH WKUHH FRUG PHOR G\ FDQ EHFRPH D SRHWLF DQWKHP

!"!#$"%& QG/RRP'UPPVP3 S3##&$R21I)*#+0$L)22 129 /WJUP'RP'VPWJ 1HWLO +RXVH 129

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

T/UX;'NUG-P3 T)3.#,.)2#$L!3%# 129

!

!"#$%!&'%$()&$*#$+,)&%-!,"#.$ LQWR VRPHWKLQJ GLஉ HUHQW IURP RU SHUKDSV HYHQ JUHDWHU WKDQ /0)+$ +0#1,$ !,1'1&)2$ (,#)+!,%$ PD\ KDYH HQYLVLRQHG +HUH LQ QR VSH FLஊ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

-XVW 2QH 7LPH LV DQ DFRXVWLF HHULH OXOO )*7$%+,)1'0+$-,!"$+0#$2)+#$<=%$>"#,1()&$ ?!3+04$ ?6)(#"#&$ @$ +3,&%$ 1+$ 1&+!$ )$ .),A$ )&.$0#)57$2!5#$%!&'4$

\RXQJ QR LGHD WKDW LW ZDV D FRYHU DQG ஊ QG LW VZLQJLQJ DQG FRRO 'HVSLWH KDYLQJ KHDUG WKH RULJLQDO PDQ\ \HDUV ODWHU , VWLOO +01&A$+0)+$C1&(#&+D%$5#,%1!&$/)%$*#++#,4 2,)E.F'G';4H1'=452' 89%(@#&0'%6(*+,-A/ ;0#$ ',#)+&#%%$ !-$ +01%$ %!&'$ 21#%$ 6#,0)6%$ 1&$ 1+%$ (!&+,).1(+!,7$ !,1'1&E$ !&#$ !-$ +0#$ 2#).1&'$ >"#,1()&$ 63&A$ *)&.%$ ,#(!,.%$ )$ (!5#,$ !-$ F!&#++#%D$ (2)%%1($ 2!5#$ %!&'4$ G012#$ *!+0$ 5#,%1!&%$ /#,#$ 6,!.3(#.$ *7$ 3KLO 6SHFWRU ZKDW WXUQV LW LQWR DQ H[ WUDRUGLQDU\ FRYHU LV -RH\ 5DPRQH‫ڑ‬V YR FDOV HVSHFLDOO\ KLV OHVV WKDQ KDUPRQL RXV VKRXW\ \HW VRIW GHFODUDWLRQ RI ORYH 7KLV LV QR GRXEW DQ HFOHFWLF UHPL[ DW LWV *#%+4

2R1'-1'S58++1'()<2 D='#(!=&0'%(*+,.?/ 7KH RULJLQDO VRQJ ZULWWHQ E\ -DFTXHV %UHO DQG UHOHDVHG LQ KDV EHHQ FRY #,#.$)&$)")I1&'$&3"*#,$!-$+1"#%$)%$/#22$ DV WUDQVODWHG LQWR PDQ\ ODQJXDJHV +RZ HYHU WKLV YHUVLRQ VXQJ E\ 1LQD 6LPRQH LV WKH PRVW KHDUW ZUHQFKLQJ DQG PHPR UDEOH RI WKHP DOO 7KH VWULSSHG EDFN DU ,)&'#"#&+%$ 2#)5#$ ,!!"$ -!,$ ?1"!&#D%$ 5!()2%$ +!$ 1223%+,)+#$ 0!/$ 0#),+*,#)A$ )&.$ %!,,!/$,#)227$-##24

2;1<'=15>'?1*@A<' BC406*45<'(9):1D2$ 89=%55;(3='$%'>(*+,.?/ ,Q WKH PLG V D \RXQJ )UHQFKPDQ GH FLGHG WR GR D FRYHU RI %LOO\ )XU\‫ڑ‬V KLW :RQGURXV 3ODFH WXUQLQJ LW LQWR D VORZ .,)")+1($ :,#&(0$ *)22).4$ >&.$ /0)+$ )$ JUHDW LGHD WKDW ZDV 7KH FRYHU LV FRP SOHWH ZLWK WKH GHVSHUDWH SDVVLRQDWH YR ()2%$)&.$)$',)&.$(2)%%1()2$),,)&'#"#&+4$ B$,#"#"*#,$21%+#&1&'$+!$+01%$/0#&$B$/)%$

,U/Q'-PM;Q/W' Y'-/UZ' NWG;;G/R/ V),*1()& 129 3GNWU'U[3 G#"*2#7$>,#&) 129

2G7'G'C1*1'/'T)*L10+1*2' E09'';(F#69(7(E1'%(F#5>%5(*+,<A/ 6RPHWLPHV LW WDNHV WZR WR PDNH D JUHDW %!&'4$;01%$(!5#,$!-$;1"$L),.1&9%$-!2A%!&'$ LV WXUQHG LQWR D EHDXWLIXO FRXQWU\ GXHW )*!3+$2!5#4$G1+0$+0#$5!()2%$!-$M!0&&7$N$ -XQH LW VHHPV OLNH DOO ORYH LV SRVVLEOH

234506'47'38910:12$$ !012(3%'4056(7(89%(:#;2#46(*+,.</ ;01%$ 1%$ %3(0$ )&$ 1&(,#.1*2#$ (!5#,$ +0)+$ 1+$ /122$ ")A#$ 7!3$ (,74$ ;0#$ %+,#&'+0$ !-$ +01%$ %!&'$21#%$1&$+0#$%3*+2#$+)A#$!&$+0#$(2)%%1($ RULJLQDO E\ 6LPRQ *DUIXQNHO 6RXO 9HQ GRUV DQ DOWHUQDWLYH QDPH IRU -DPDLFDQ EDQG 7KH 6RXQG 'LPHQVLRQV WXUQV WKLV "#2)&(0!21($+3&#$1&+!$)$%2!/$.)&(#$/1+0$ )/#%!"#$.#6+0$)&.$%!324

?UPRTM'3X;PU PU$?0#60#,.%$ V3%0$R"61,# 129

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உ DQG %REE\ *LOOHVSLH LQ 51+1&'$7!3$+!$)$+,16$1&%1.#$01%$0!3%#4 2N94*8)'BO80'P>:19<8<'Q14D2$ C#>>=(!&=>9(*+,<?/ >2+0!3'0$ +0#$ !,1'1&)2$ *7$ C)&$ K!,,1%!&$ LV DPD]LQJ WKH LQWHUSUHWDWLRQ E\ 3DWWL ?"1+0$ &##.%$+!$*#$0#),.$!5#,$)&.$!5#,$ DJDLQ 6PLWK LQFRUSRUDWHG LQWR WKH RULJL

9,)E.',9512 89%(F90$02#>%(G#>$9H#'4(*+,../ ;01%$ 1%$ 6,!*)*27$ !&#$ !-$ "7$ -)5!3,1+#$ VRQJV OHW DORQH FRYHUV RI DOO WLPH 5H OHDVHG DV WKH % VLGH RI WKH EDQG‫ڑ‬V ஊ UVW VLQJOH LW WDNHV %RE '\ODQ‫ڑ‬V RULJLQDO WR DQRWKHU OHYHO 7KH RSHQLQJ RI WKH :DWFK *)&.D%$(!5#,$")A#%$7!3$-##2$21A#$7!3D,#$ VWDQGLQJ DW WKH HGJH RI WKH ZRUOG ORRN 1&'$*)(A$)&.$2)3'01&'$)&.$(,71&'4$O)51.$ >'312),D%$ 5!()2%$ ")A#$ 01"$ %!3&.$ 21A#$ 0LFN -DJJHU DQG WKH GLஉ HUHQW SHUFXV %1!&%$ (,#)+#$ )$ /)22$ !-$ %!3&.4$ P&$ +!6$ !-$ LW DOO LV WKH ஋ RDWLQJ VRXQG RI D ஋ XWH WKDW 1&+#,+/1&#%$/1+0$8)&'27$'31+),%$)&.$+0!%#$ 27,1(%4$ Q!3$ #&.$ 36$ /)&+1&'$ +!$ 21%+#&$ +!$ +01%$%!&'$!&$,#6#)+$)')1&$)&.$)')1&4$ K>FB>$;M>ORF BPDJHV 6RXO 9HQGRUV 7KH *D\ODGV 6SULWXDOL]HG -RKQQ\ &DVK -XQH &DUWHU

TU=3J/;' ?GNMJPU3 2 $FDGHP\ %UL[WRQ 129 TM/X3' XUTMP3JU/ ?61(#$!-$T1-# 129 -/=/'\/RP' TX;P3F'MPGQG'Y' ,PR'(P/UTP :1,# 129 ,GN'\XP';XWG3 Y'MG3',;WP3 ZGRN3 $LQ W 1RWKLQJ V3+$V23#%$V), 129

!"

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

!""#

!"#$%&% ))))

&(*&$+,-&%,-.(*&,"/%&0#(1*(+21+10&%#(3&4,-.('(

!

!"# $%&'# ()!(*)# +%&# +%**# ,%-./# +-)%")0# 1&# 2345/# %&# 6(."%-"7# 8)9)-":)*)../# ;1**# <))*1&=# %&0# 81+># ?-)%&# %-)# ":)#(-!60#!@&)-.#!A#B-)."%"/#%# +:!+!*%")#C6.1&)..#)."%C*1.:)0# 1&# 23D57# E:%"# 1&1"1%**'# C)=%&# %.#%#.$%**#.:!(#!&#F!6":#,!*G "!&# F"-))"# @)&"# !&# "!# @1&# ":)# :)%-".# !A# A%$!6.# +6."!$)-./## 1&+*601&=#H6))&#I*1J%C)":#":)# H6))&#,!":)-#%&0#K!%*0#L%:*7# MN# %*.!# %0!-)# .!G+%**)0# "-6AG роЛ HV DV 3UHVWDW PDNHV WKHPтАл ┌ХтАм @-!")#":)#.@))"G"!!":)0#&!9)*G 1."#1&#:1.#%6"!C1!=-%(:1+%*#-)+G 1()# C!!># ,)$!-1).# @1":# O!!0# %"#P1(.'#Q!6.)7# # # # $ /012/$300!4 L)")-$1&)0# "!# -)R69)&%")# ":)# S6%1&"# *1""*)# .:!(/# @:1+:# @%.# $%>1&=# %# *!..# @:)&# ":)'# "!!>#!9)-#1&#233T/#":)#C-!":)-.# -)1&9)&")0# ":)# C-%&0U.# 10)&G "1"'/# (%'1&=# :!$%=)# "!# ":)# 1".# +!*!6-A6*# %&0# !A")&# ":)%"-1+%*# :1."!-'7#8)@#+!&+!+"1!&.#.6+:# DV WUXроН HV JDQDFKHV DQG RU =%&1+# ":1&.# @)-)# 1&&!9%")0# "!# @!!#C%+>#+6."!$)-.7#?:%&+1&=# 6(!&#@:%"#":)'#0).+-1C)#%.#V%## .)+-)"# ."!-)-!!$V/# ":)# C-!":G HUV GLVFRYHUHG роК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роК QLVKHG HYHQ WRGD\

O-!$# 1".# :6$C*)# !-1=1&# %.# %# .$%**#.:!(#-6&##C'#O-)&+:#^$1G =-^#Z&"!1&)#L6A!6-/#@:!#+%$)# IURP D IDPLO\ RI SURроК FLHQW +:!+!*%"1)-.# %&0# +!&A)+"1!&G )-./#":1.#@!-*0G@10)#C-%&0#&!@# $%>).#$!-)#":%&#2_/DDD#+:!+G !*%").#%#0%'7# # # # # !56$15010/2!6 E:1*)# ":)-)U.# ."1**# %# 0)C%")# !&#@:)":)-#1"#@%.#]!61.#L6A!6-# !-#87#B)"-)+1**1#@:!#+-)%")0#":)# FKRFRODWH WUXроН H LQ ZKDW +%&#C)#.%10#A!-#.6-)#1.#":%"#Z&G "!1&)#L6A!6-#(%+>)0#":)#-)+1()# !A# ":)# 0)*)+"%C*)# 0)..)-"# @1":# :1$# "!# ]!&0!&/# "%>1&=# %09%&G "%=)# !A# %# =-!@1&=# 1&")-)."# 1&# роК QH FKRFRODWH +H XQGRXEW )0*'# (*%')0# :1.# +%-0.# -1=:"/# .))1&=#%.#B-)."%"#:%.#.6-919)0# :1$# 6&"1*# "!0%'7# ;1**# 0).+-1C).# UXQQLQJ WKH EXVLQHVV DV тАл┌ХтАмJUHDW A6&/#%&0#1A#*1A)#)9)-#=)".#"!6=:/# N# R6."# $%>)# $'.)*A# %# +6(# !A# +!+!%# %&0# *)"# ":)# @!--1).# !A# WKH ZRUOG GULIW E\тАл ┌ХтАм,W V KDUG &!"# "!# &!"# )&9'# ":)# C-!":)-.# @:)&# ":)'# )X(*%1&# ":%"# ":)1-# роК QDQFLDO VSUHDGVKHHWV DUH A6**# !A# )&"-1).# A!-# ()(()-$1&"# +-)%$./# ;-%J1*# &6".# %&0# .")$# =1&=)-V7# B-)."%"U.# +:!+!*%").# %-)# .@%00*)0# 1&# @:1$.1+%*/# ":)%"G ULFDO DQG SOD\IXO GHVLJQV роК W "1&=*'#.!#.1&+)#":)'`-)#$%->)"G )0# %.# =1A".# %&0# .)*AG=1A".7# ;6"# 0!# ":)1-# S6%*1"'# *19)# 6(# "!# ":)# (-!$1.).a# E)# ())*# C%+># ":)# (-)""'# (%+>%=1&=# !&# B-)."%"`.# *%")."# +!**)+"1!&# !A# VZ-"# L)+!V# C%-./#@:1+:#(-!$1.).#R%JJ/#")%# -!!$.# %&0# *1=:"G:)%-")0# A6&/# %&0#=19)#'!6#!6-#"%>)#!&#":)$7

!!L\K\WQb#E\8P

)7$8(9:;#<$2(;&=#>$89;&? =9@@A>$/B:=B:$4C)D$EF4$$ G(#<H&H+;B+IJ$$ -,-$K7*7$..K,$ 5&((B=<$L;B:;#<<9B:M> /9N#(HA>$4#@O(9=P#<$ &:=$QB":$/#R9<+ 2(H$F#;B$N&(S$T.+U-

<8N?<IK;\?<IK#P]\Kb#

$

$

W\ZFWIL#BNFWZ?QN\F#

$

$

$

$

!"#$%&'$( ]!".#!A#A-).:#+-6&+:'#(1."%+:1!.#"!%.")0#"!#()-A)+"1!&#%&0#A!*0)0#1&"!#0)*1G +1!6.*'#+-)%$'#@:1")#+:!+!*%")7##K).1=&#'!6-.)*A#"!#.>1((1&=#(6001&=7# )#%&'$( W:1.#1.#%#$!-)#.)-1!6.#@:1")#+:!+!*%")/#C6"#@1":#":)#.@))"&)..#"!&)0#0!@&# .)9)-%*#&!"+:).7#W:)#.%*"G%&0G(1."%+:1!#+!$C1&%"1!&#=19)#":1.#(-%*1&)G).S6)# FUXQFK D VDYRXU\ NLFN :KLOH WKH роК QH SLVWDFKLR SLHFHV PD\ EH WRR VPDOO DQG GLVSHUVHG IRU VRPH RWKHUV OLNH LW WKDW ZD\ GUDZLQJ FRPSDULVRQV WR NXOроК %&0#C%>*%9%7

BI?Z8#Z8L#,ZB]I#LKIZ,#$

$

$

$

!"#$%&'$( W-!(1+%*#$1*>#+:!+!*%")#@1":#-!%.")0#()+%&.#%&0#%#.(!!&A6*#!A#$%(*)#.'-6(# PDNH D PDJQLроК FHQWO\ PRUHLVK WUHDW $Q\ WLPH DQ\ SODFH DQ\ VTXDUH )#%&'$(# E:)-)#%-)#":)#()+%&.a#P19)&#":)#.%$)#"-)%"$)&"#%.#":)#(1."%+:1!./#:)-)# ":)'#%-)#6&A!-"6&%")*'#!9)-(!@)-)0#C'#":)#:1=:)-#+!+!%#+!&")&"7#W:)#.*!@# UHOHDVLQJ ZDIWV RI PDSOH SHUPHDWH IURP VWDUW WR роК QLVK UHPLQLVFHQW RI SDQ FDNHV ZDроН HV DQG EUHDNIDVW LQ EHG 'UDZLQJ FRPSDULVRQV WR KRQH\FRPE ":1.#.*1=:"*'#+!&A6.)0#C%-#1.#&)9)-":)..#%#0)+)&"#"-)%"7

WIZ#WN,I#OK\]N?F#

#

$

$

$

$

!"#$%&'$( F$!!":# $1*># +:!+!*%")# 1&A6.)0# @1":# +*%..1+# I%-*# P-)'# ")%# %&0# %# "@1."# !A# *)$!&#1.#)X%+"*'#@:%"#I&=*1.:#")%#"1$).#.:!6*0#C)#%**#%C!6"e-)."-%1&"#%&0# (!*1")#C%&")-#=191&=#@%'#"!#1&06*=)&+)#%&0#0)*1+1!6.#=!..1(7# # )#%&'$( O*!-%*a#Q)-C%*a#?1"-6.'a#W:1.#C%-#"!'.#@1":#!6-#.)&.)./#.)&01&=#(*%'A6**'# $1X)0#.1=&%*.#-!1*1&=#%+-!..#!6-#"!&=6).7#B-)."%"#010#":)1-#:!$)@!->/#1&G +!-(!-%"1&=# %**# ":)# &6%&+).# !A# %# +6(# !A# I%-*# P-)'/# 0!@&# "!# ":)# 6(*1A"1&=# .+)&"#!A#C)-=%$!"7#W:)#.S6))J)#!A#*)$!&#(-!9).#"!#C)#%#(%*%")#+*)%&.)-#%"# ":)#)&0#!A#":1.#-%":)-#A)1."'#C%-7

BN8<#IfIKIFW# #

$

$

$

$

!"#$%&'$( F+%*1&=#&)@#:)1=:".#!A#0)*)+"%"1!&g#)S6%"!-1%*#0%->#+:!+!*%")#1.#C-!6=:"#"!# OLIH ZLWK D VPDOO SLQFK RI WKH роК QHVW SLQN +LPDOD\DQ VDOW OHIW EHKLQG E\ WKH @%")-.#!A#%&#%&+1)&"#.)%h7# # # # # # # )#%&'$( $W SHUFHQW FRFRD LW LV 3UHVWDWтАл┌СтАмV RQO\ GDUN RроЙ HULQJ LQ WKLV UDQJH 7KH LQWHQVLW\ RI TXDOLW\ GDUN FKRFRODWH KLWV \RX роК UVW EHIRUH WKH VDOWLQHVV UROOV 1&/#*1&=)-1&=#%&0#.@))")&1&=#":)#+:!+!*%")#C'#+!&"-%."7#E%9).#!A#+!+!%#%&0# .%*"#+!$(*)$)&"#%&0#-)1&A!-+)#)%+:#!":)-#@)**/#(%-"*'#06)#"!#B-)."%"`.#01AG IHUHQW WDNH VDOW роК QHO\ EOHQGHG LQVWHDG RI FU\VWDOOLVHG FKXQNV PDNLQJ WKLV %#9)-'#@)**G-!6&0)0#C%-7

┬Р┬Р┬Р┬Р)))))))))))))

$%&'%(

!"#$% &'()*+% &"% ,)"-% ./"0&% 1"1,&.(2% /.3% 4.$+.)% 5)6$37 *3"0)68% 9:%;-"%<"3%")$%1"1,&.(2+%$=$3>7 6.>%?7@A#:% B:% !0/+&.)&(=$% 1"1,&.(2% #$)0% <$.&03()*% 12.++(1+% .)6% C&.2(.)7 &'$#$6% 63(),+% <3"#% DE:FG% &"% D@:FG:% H:%I(=$%JK%")%L3(6.>%.)6%!.&037 6.>%)(*'&+%0)&(2%H.#:# KIZPZ8#WQ\,BF\8#

,$6VWBIH"$X&(J#H>$1@#(J? #:R#@@>$61)3$78Y+$ G&#<&:@B:=B:+;BW -,-$KZ.K$K).* X0[$?$42!$ ),S--$?)US-->$)KS--?))S-4\[$),S--?)ES--$$

!"#$"%

%# *!9)*'# %&0# +6*"6-%*# )X()-1G )&+)7# # Q!$)$%0)# ]1$!&+)**!# %&0# F%$C6+%# %.# @)**# %.# )XG +1"1&=# +!&+!+"1!&./# 1&+*601&=# ":)#K!.)$%-'#d#P1&=)-#F(-1"J# $)%&# '!6# @1**# *)%9)# ":)# C%-# @1":#%&#)X"-%#()(#1&#'!6-#.")(7## Z&0# &!"# "!# @!--'/# B%).%&# c&G 0)-=-!6&0# 9%*6).# %-"1."1+# %.# @)**# %.# ."-!&=# +6*1&%-'# +-)%G "1!&.7## \6-# A%9!-1").# 1&+*60)# ":)# ?:!+!*%")#d#,1&"#,%-"1&1/#Z$G %-)""!# F!6-/# %&0# ;)-*1!&1/# %**# !A# @:1+:# (-!910)# %&# )&R!'%C*)# $1X# !A# %*+!:!*# %&0# !":)-# 1&G =-)01)&".7##N"#1.#+*)%-#":%"#$1XG !*!=1."#L!$!#?-!!$)#:%.#.6CG ."%&"1%*# )X()-1)&+)# 1&# $%>1&=# 0)*1+1!6.# +!+>"%1*.7# # Q)# ":-)@# "!=)":)-# "@!# %$%J1&=# 0-1&>.# A)%"6-1&=#)XS61.1")#1&=-)01)&".# VXFK DV роК J YDQLOOD VXJDU DQG C*%+>+6--%&"#*1S6!-7##L)*1+1!6.# C%-#.&%+>.#%&0#!":)-#%&"1(%."1# %-)#%*.!#%9%1*%C*)7#

$

!"#$%&'$( W:1.#-1!"#!A#(%..1!&#A-61"/#$)-1&=6)/#."-%@C)--1).#%&0#%*$!&0.#+!9)-)0#1&# *%.:1&=.#!A#@:1")#+:!+!*%")#1.#%#-)$1&0)-#!A#%**#":%"`.#C)."#%C!6"#+:1*0:!!07# W:)#(1)+).#!A#&%"6-%*#."-%@C)--1).#)9)&#$%>)#":)#C%-#(*)%.1&=*'#(1&>7# )#%&'$( .QLFNHUERFNHU *ORU\ LV D GHроК QLWH FURZG SOHDVHU YHU\ VZHHW \HW EDODQFHG @1":#":)#"%&=#!A#(%..1!&A-61"#%"#":)#)&07#W:)#%*$!&0.#%-)#C%-)*'#01.+)-&1C*)/# 1$(%-"1&=#R6."#":)#.*1=:")."#:1&"#!A#&6""1&)..7#L).(1")#!6-#1&1"1%*#A)%-#":%"# WKH PXOWLWXGH RI роЛ DYRXUV ZRXOG UHVXOW LQ D GLVFRUGDQW PHODQJH LW ZRUNV @)**7#F%++:%-1&)#%&0#0)+%0)&"/#":1.#1.#!9)-%**#%#0)*1+1!6.*'#+:))>'#C%-7#

567869(:9;7<=<>:9; " .:!-"#@%*>#A-!$#]FI/# ":1.# C%.)$)&"# C%-# *!+%")0# C)&)%":# ":)# B%).%&# N"%*1%&# -).G "%6-%&"#1.#%&#10)%*#*!+%"1!&#A!-# +%"+:1&=# 6(# @1":# A-1)&0.# !-# :!."1&=# *%-=)-# )9)&".7# # c(!&# )&")-1&=/#%#-6."1+#%&0#@)*+!$G 1&=# )&91-!&$)&"# =-))".# '!6/# ":%&>.#"!#":)#8)%(!*1"%&#."-))"# %-"# C'# %# @)**G>&!@&# =-%AA1"1# %-"1."7##W:)#A))*#!A#":)#(*%+)#1.# *1>)# %&# 6(0%")0# %&0# $!-)# )&G R!'%C*)#P!-0!&`.#E1&)#;%-#+)*G *%-7##W:)-)#%-)#.)9)-%*#%*+!9)./# @:1+:# (-!910)# %# $!-)# (-19%")# )X()-1)&+)7# # W:)# *1=:"# %&0# $6.1+# *)9)*.# %-)# (*)%.%&"# %&0# $)%&# '!6# +%&# %+"6%**'# :!*0# %# +!&9)-.%"1!&#@1":#'!6-#0%")7# N&#%001"1!&#"!#":)#%""-%+"19)# %$C1%&+)/# ":)# +!+>"%1*# $)&6# A)%"6-).# :!6.)# .()+1%*./# 91&G "%=)# +!+>"%1*./# .!6-./# A6.1!&./# %&0#$%-"1&1.#%*!&=#@1":#+:%$G (%=&)# %&0# @1&)7# # W:)# $%&'# N"%*1%&GA6.1!&#+!+>"%1*.#(-!910)#

$

!"

!"#$!%#

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

&'()'* ┬Р┬Р┬Р┬Р++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

!

.)+'+"%!(#-)0&8%!)=/4 "#5+A)%!()-"(+,$)&/)+) "+5#$%).+%#&.)"($%$)&.) ]&$!) <#6,&"() Q=8$%#.) E+"-#,+.SA) :!&) #$) +7&8%) %&) EHFRPH WKH ZRUOGтАл┌СтАмV роКUVW ZKLWH ,+.) %&) 5"+51) +) ZM) $(5&.-) ZMM,) $'"#.%@) T8%) %!() -"(+,$) +"() 5"8$!(-) :!(.) ]&$!) (.%("$) %!()=.3&6+.):+"A):!("()!()/+54 ($) +) 7+%%6() &/) !8,+.#%9@) K!8$) $%+"%$) +) $%&"9) &/) +) '"#B#6(3(-) 9&8.3) ,+.) 6(+".#.3) :!+%) #.) 6#/()#$)%"869)#,'&"%+.%@ K!() '&6#%#5+6) 5&.%(C%) &/) %!() =.3&6+.) :+"\+) 6#%%6() -#$4 58$$(-) :+"A) :#%!) #.%(".+%#&.4 +6) #.B&6B(,(.%) +.-) 5&.$%+.%) EUXWDOLW\тАл┌МтАмLV VXLWDEO\ KRUULроКF '"&B#-#.3) %!() '("/(5%) $(%%#.3) /&")%!()(,&%#&.+6)W&8".(9)%!+%) ]&$!A)*//#5(")R+'+)D&8:)QE("N4 7("3S)+.-)<(&"3()]&N+.+)Q;+94 .+"-) YN#+$!#S) (,7+"1) 8'&.@) E("N7("32$) $5"#'%) +''"&+5!($)

"

%#&.) &/) $5(.($) :#%!) F+66#+,$2) T&%%&,@ ;85!)!+$)%&)7()$+#-)&/)?+4 B#-) F+66#+,$2) T&%%&,A) :!#5!) :+$)%!()$%+.-&8%)'("/&",+.5() &/)%!()(B(.#.3)+$)(C'(5%(-@)E() :+$) &.) $+/() 3"&8.-) "(6#$!#.3) #.)5&,(-#5)$5(.($)%!+%)+66&:(-) !#,) %&) 5&..(5%) :#%!) %!() +8-#4 (.5(A) '+"%#586+"69) (C5(66#.3) +$) %!() 8.:#66#.3) 5+$%) ,(,7(") %&) -('+"%) /"&,) U&,+.45&$%8,() 56+-)R9"+,8$)#.)%!()'6+94:#%!4 #.4+4'6+9@) F+66#+,$) $((,(-) (O8+669) +%) !&,() $8""&8.-(-)

'The quartet of lovers are reduced to their gleaming white underwear as chaos descends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

UNTIL 22 DEC The Park Theatre

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

(")"(B("$(-)79)%!()^.(5($$+"92) 7"8%+6#%9A)%!#$)+5%A)+$)'&"%"+9(-) 79)E+"-#,+.A)+66&:$)%!()+8-#4 (.5()%&)3"+$')W8$%)!&:)/+")%!#$) .+_B() 7&9) !+$) 5&,() %!"&83!) !#$)"(6+%#&.$!#'):#%!)<(&"3(@) 0%#66A)%!()'6+9)#$).&%):#%!&8%) #%$) '"&76(,$@) 05(.() 5!+.34 ($) +"() 568.19A) 3#B#.3) :+9) %&) $5(.($)#.-#$%#.38#$!+76()%&)%!() 6+$%@)?#"(5%)+--"($$)#$)&B("8$(-) E\ роКIWHHQ PLQXWHV DW WKH EHJLQ4 .#.3)&/)%!()'6+9@)YC5($$#B()8$() &/) ,&%#/$) +.-) $9,7&6$) '"&B#-() +)$&,(:!+%)-#$W&#.%(-)+.-)8.4 .(5($$+"9) "(58""#.3) %!"(+-@) =.-) 8./&"%8.+%(69A) %!() $(5&.-) +5%) /+#6$) %&) '+51) +) '8.5!) +.94 :!("() .(+") +$) $%"&.3) +$) %!() роКUVW F#%!) %!+%) $+#-A) K!() ?(+-) F+#%) %+516($) 5!+66(.3#.3)

%!(,($A) +.-) %!&83!) E("N4 7("32$):"#%#.3)+.-)E+",$%&.2$) GLUHFWLQJ PD\ QRW EH роЛDZOHVV %!()'#(5()%+1(.)+$)+):!&6():#%!) %!() +5%#.3) $1#66$A) '+"%#586+"69) %!&$()&/)YN#+$!#)+.-)E+"-#,+.) !&6-#.3) %!() $%&"9) %&3(%!("A) 6(+B($) %!() +8-#(.5() 5&.$#-("4 #.3)%!(#")&:.)$%&"#($A)'"#&"#%#($) +.-) 8.-("$%+.-#.3) &/) :!+%2$) #,'&"%+.%@) K!()R+"1)K!(+%"()!+$)7((.) -877(-) +$) %!() 3&4%&) '6+5() /&") .(:A)!#3!)O8+6#%9)'("/&",+.5() #.) D&.-&.@) `.-&87%(-69A) %!() ?(+-)F+#%)+--$)%&)%!(#")6#$%)&/) JULWW\ DроЙHFWLQJ DQG DFFODLPHG %!(+%"(@ ;VPEYDDY)F=UTV0

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

&'()'*

┬Р┬Р┬Р+++++++++++++++++++++++++++++++++++++++++

Directed by Michael Grandage

Noel Coward Theatre

.-+/#01)'&#"%#'0)+(.$#"2

!"#$%&'!(") *"+,) !+-) %"+.$/&",(-) 0!+1($'(+"(2$) ,+3#4 5+6) /&"($%) #.%&) +.) +7+.-&.(-) ,+.&") !&8$() #64 68,#.+%(-) 79) %!() 7+51-"&') &/) +) :+.#.3) ,&&.) #.) ;#5!+(6) <"+.-+3(2$) +-+'%+%#&.) &/) =) ;#-$8,,(") >#3!%2$) ?"(+,@) 0'6#%)7(%:((.)7&%!)%!()!8,+.) +.-) ,+3#5+6) :&"6-$A) 6&B() +%) роК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роЙHUHG (.&",&8$69A) :#%!) <"+.-+3() 5!&&$#.3) %&) -('#5%) %!(,) %!#$) %#,() +$) LM$4$%96() '&%4$,&1#.3) !#''#($A) #.-863#.3) #.) 7&8%$) &/) %"#7+6) -+.5#.3@) E&:(B("A) %!() 5&$%8,($) :("() -#$+''&#.%#.3A)) +$) %!() +78.-+.5() &/) /(+%!("$) +.-)7#N+""(),#C)&/)$%96($),+-() %!(,)+''(+")+)6#%%6()%+519)+.-) #.5&.3"8(.%) %&) %!() "($%) &/) %!() '6+9@) =6%!&83!) #%) :+$) &7B#&8$) %!() /+("#($) :("() #.%(.-(-) %&) 7() ("&%#5) +.-) !(-&.#$%#5A) %!() ZKROH HроЙHFW IHOO роЛDW DQG QHYHU O8#%() 6#B(-) 8') %&) %!() (C'(5%+4 %#&.@) P&,7#.(-) :#%!) +.) 8.4 #,'"($$#B() *7("&.) QR+-"+#5) ?(6+.(9SA) %!() /+("#($) :("() 3(.("+669) +) -#$+''&#.%,(.%A) &.69) #,'"&B#.3) :#%!) %!() +--#4

WKHVH WRXJK WKHPHV FRQроКGHQW4 69A) :#%!) +) $,+"%) 5!&#5() &/) 6+.4 38+3() +.-) $1#6/86) #.%("%:#.#.3) RI WKUHH YHU\ GLроЙHUHQW VWRULHV 3"+.%#.3) %!() +8-#(.5() +) -((') 8.-("$%+.-#.3) &/) %!() %"#786+4 %#&.$)/(6%)79)+66)%!()%!"((),(.A) #.)'+"%#586+")]&$!):!&)#$)&.)!#$) W&8".(9)%&),+.!&&-@ K!()/+5%)%!+%)E("N7("3)!#,4 $(6/) :+$) 5&.$5"#'%(-) %&) %!() =.3&6#+.) :+"A) :!#6$%) E+"-#4 ,+.) 3"(:) 8') #.) +'+"%!(#-) 0&8%!) =/"#5+A) 3#B($) %!() +8-#4 (.5() ,85!) ,&"() "($'(5%) /&") %!() '6+9) #%$(6/A) +.-) ,+1($) %!() SLHFH PXFK PRUH DроЙHFWLQJ DQG !(+"%4:"(.5!#.3@)K!($()+5%&"$) 1.&:)%!(#")5!+"+5%("$A)+.-)8.4 -("$%+.-) %!() :&"6-) %!(9) +"() '&"%"+9#.3A) :!#5!) +"() :!&669) .(5($$+"9) /&") +) '6+9) -(+6#.3) :#%!) $85!) $(.$#%#B() 5&.%(.%@) K!()'6+9)86%#,+%(69)'"&B#-($)+) ,&B#.3)+.-)7(6#(B+76()+55&8.%)

Written by Paul Herzberg

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

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

;#5!+(6)<"+.-+3()!+$)$'&4 NHQ DERXW KRZ KLV роК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

Starring David Walliams, Sheridan Smith

+8-#(.5() ,(,7(") 5+.) "(B(6) #.) %!() 8.#O8() +.-) (6(5%"#/9#.3) -(6#3!%$)&/)%!()%!(+%"():#%!&8%) !+B#.3)%&)-#')#.%&)+.)&B("-"+/%) %&)'+9)/&")#%@)K!("(G$)$&,(%!#.3) ,+3#5+6) +.-) $'(5#+6) +7&8%) %!() %!(+%"() %!+%G$) 5&,'6(%(69) -#/4 /("(.%)%&)%!()5#.(,+A)+.-)O8#%() /"+.169) %!() ,&"() '(&'6() 5+.) (C'("#(.5()#%A)%!()7(%%("@ *B("+66A) #%) :+$) +) 3&&-) '("4 /&",+.5()+.-),&$%)#,'&"%+.%4 O\ роКWWHG ZHOO ZLWKLQ WKH VHDVRQ &/)'6+9$@)E&:(B("A)#%)"(6#(-)%&&) !(+B#69) &.) %!() $%+") '&:(") &/) F+66#+,$) +.-) 0,#%!A) !+-) +.) &--) ,#$,+%5!) &/) 5&$%8,($A) +.-) 5&.%+#.(-) -#$+''&#.%#.3)

/+("9) $5(.($@) V) :+$) $+%) #.) %!() <&-$) :#%!) +) [ZM) %#51(%A) 78%) #/) V2-) $'(.%) ,&"() V2-) !+B() 7((.) -#$+''&#.%(-@) =$) #%) #$A) #%) :+$) :(66) :&"%!) $((#.3) +) F($%) Y.-) $!&:) /&") %!()'"#5(A)+.-)%!("()+"():&"$() %!#.3$)%!+.)$'(.-#.3)%!()(B(.4 #.3) :+%5!#.3) 0!+1($'(+"(@) XK!()5&8"$()&/)%"8()6&B().(B(") -#-) "8.) $,&&%!X\#%2$) W8$%) +) $!+,()%!#$)5&8"$():+$)$&)%+,() +.-) -#-.2%) ,+%5!) %!() 36&:#.3) "(B#(:$@ Y;;=)J*UKE

!"

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

!"#$!%#

!"#$%&

$%"& 9+!%1,.4",& !1& Q1#$%,& M1%& #01<&!0"&/0%$)"Zi";"%C&<$+& )01.*,& 7"$%& %.*"& 9+& 09)& 1#+& 01.)"iZ9)& +1!& 1+*C& $& 797*94$*& <$N9<& 7.!& ,"<1+)!%$7*"& %"$*9!CD& J+& 09)& 1#+& 01.)"2& !09)& <1+$%40& %"9:+)& )./%"<"D& ?0"& /*$C#%9:0!i)& /1))"))9;"& %.*"& ";"+&"N!"+,)&!1&09)&"</*1C""i)& /%9;$!"& *9M"2& $)& Q1*"& 9)& /%")).%",& 9+!1& 4.!!9+:& !9")& #9!0& $& %1<$+!94&/1!"+!9$*&F.)!&)1&!0$!& !0"&1*,&&<$+&4$+&0$;"&.+,9;9,",&$!!"+!91+D I9)!.%79+:& !09)& $7.)9;"& C"!& )C<791!94&">.9*97%9.<&9)&'"1+$%,& 3$%*1#"& TB1)0& ?$C*1%U2& $& Q$!01*942& 0"!"%1)"N.$*2& $+,& i!"%%97*C&<$*"i&$4!1%&$!&!0"&"$%*C& )!$:"& 1M& 09)& 4$%""%D& J+9!9$**C& #9)09+:&1+*C&!1&i,1&:11,&#1%=i& $+,& $//"$%& 9+& i,"4"+!& /*$C)i2& !0"&0$+,)1<"&C1.+:&<$+2&*9="& 09)&+$<")$="i)&I14!1%&[$.)!.)& 7"M1%"& 09<2& "+,)& ./& <$=9+:& $& ,"$*&#9!0&!0"&,";9*D&Q$)!",&9+&$& %1*"&1M&$&*9M"&!9<"&$)&Q1#$%,i)& 71C& !1C2& '"1+$%,& #9**& 0$;"& !1& ,"49,"&01#&<.40&1M&09)&9+!":ULW\ KH LV ZLOOLQJ WR VDFULроК FH LQ "N40$+:"&&M1%&$&<1,94.<&1M&$%!9)!94&).44"))D X09*"& !0"& /*1!& 1M& $& *1#"%)!$!.)& /"%)1+& !%$,9+:& )"N.$*& M$;1.%)& #9!0& )1<"1+"& 9+& /1#"%&&M1%&/%1M"))91+$*&9+4"+!9;"&9)& 0$%,*C&1%9:9+$*2&#0$!&)"!)&Q1#$%,&$/$%!&9)&Q0$%*!1+i)&71.+4C&& )4%9/!2&4$*97%$!",&,C+$<942&$+,&

The White Bear Theatre Written by James Martin Charlton "</$!0"!94& 41</$))91+& #9!0& #0940&0"&$//%1$40")&$**&!0%""& 40$%$4!"%)D& ?0"& /*$C& /%")"+!)& !0%1.:0& !0"<& M$<9*9$%& $%40"!C/")Z9+:"+."2& !"</!"%2& $+,& )"%;$+!Z7"M1%"& )"+,9+:& !0"<& 1+& 41**9)91+& 41.%)")2& 4%$4=9+:& !0"9%&/%1!"4!9;"&*$C"%)&1/"+&!1& *$C& !0"9%& )1.*)& 7$%"& M1%& $**& !1& )""D& J+,"",2& 9+& & $+& 9+!"%;9"#2& Q0$%*!1+& %"<$%=)& 09)& ,")9%"& !1& "N/*1%"& Q1#$%,i)& & ,%9M!& !1#$%,)& 41+)"%;$!9)<& 9+& 09)& *$!"%& C"$%)D& \+*9="& V)4$%& X9*,"& #01& *1)!& ";"%C!09+:& M1%& 09)& UHYROXWLRQDU\ GHроК DQFH &RZ $%,& ="/!& 09)& 0"$,& *1#& $+,& 09)& 01<1)"N.$*9!C& ";"+& *1#"%D& iE1<1)"N.$*)& $%"& $**1#",& !1& ,"41%$!"2& $<.)"D& ]""/& 1.%& 7.)9+"))& !1& 1.%)"*;")i2& )$C)& Q0$%*!1+i)& Q1#$%,& $)& 0"& 4%9!949)")& X9*,"& M1%& 0$;9+:& i*"4!.%",&!0"&0$+,&#0940&M",&09<iD& 39+1%9!9")& #"%"& :%$+!",& !0"& %9:0!& !1& "N9)!& )$M"*C2& 9!& )""<)2& 1+*C& 9M& !0"C& ,9,& +1!& 4%9!949)"2& !0%"$!"+& 1%& ,9)!.%7& !0"& )!$!.)& >.1& ,"!"%<9+",& 7C& !0"& ")!$7*9)0<"+!()&41+)"+).)D&81&#1+-

&'()'*

)*+,$+-./$,0/1,2/$32-4*5,6-7+

!

9ff*9+:& #9!0& 9++."+,1)& $+,& #9!!949)<)2& B$<")& 3$%!9+& Q0$%*!1+()& +"#& /*$C& 9)& $& )49+!9**$!9+:& "<1!91+$*& M"$)!D& 5&)/"4.*$!9;"&#1%=&7$)",&1+&$& 791:%$/094$*& $441.+!& 1M& 81"*& Q1#$%,()& 7%9"M& ,$**9$+4"& #9!0& C1.+:& <$*"& $4!1%& L9**& ?%$C*1%2& !0"&/*$C&"N!%$/1*$!")&M%1<&!0$!& $+"4,1!$*& "/9)1,"2& !.%+9+:& #0$!& 41.*,& 0$;"& 7""+& $& <"%"& KLVWRULFDO HOOLSVLV LQWR D GHроК Q 9+:& ,%$<$!94& /1%!%$9!D& 6"!!9+:& !0"&7$%&09:0&M1%&09<)"*M&9+&4$/!.%9+:& !0"& "))"+4"& 1M& $& <$+& )1& )0%1.,",& 9+& /.7*94& <C!01*1:C2& Q0$%*!1+& ,"*9;"%)& $& 81"*& Q1#$%,& #01& 9)& )C</$!0"!94& C"!&<1+)!%1.)&2&;.*+"%$7*"&C"!& /%",$!1%C2&$+,&%"*$!$7*"&C"!&)1& .+,1.7!",*C&*$%:"%-!0$+-*9M"D V.%& )!1%C& 7":9+)& 9+& !0"& @Agh)2&#9!0&!0"&!9!.*$%&40$%$4!"%()& )"%;$+!& Q1*"& '")*"C& T^"!"%& 6!1+"U& :*9,9+:& $%1.+,& 09)& <$)!"%()& '1+,1+& %")9,"+4"2&& /94=9+:&./&*$)!&+9:0!()&,9)4$%,",& 4*1!0")& $+,& $,F.)!9+:& !0"& ;"*;"!-*$4",&4.)091+)&$)&9M&!0"& #01*"&%11<&#"%"&$&M%")0*C&$4!9;"&4%9<"&)4"+"D&5%%9;9+:&$M!"%& $& <1%+9+:& 1.!& 9+& 09)& "*":$+!& ,$+,C& $!!9%"& 9)& 81"*& Q1#$%,&& TB$="& \%%CU& #012& #9!0& $& <"%"& +$%%1#9+:& 1M& 09)& "C")2& )9:+$*)& !0"& C1.+:"%& <$+& !1& !9,C& ./& $& ,9)/*$4",& <$:$f9+"& $+,& !.%+& 1+& !0"& *9:0!D& J<<",9$!"*C2& #"&

&'()'* ┬Р┬Р┬Р┬Р+++++++++++++++++++++++++++++++++++++++++

,"%& #0C& Q1#$%,2& #01& <.)!& 0$;"& M"*!& $& :%"$!& )"+)"& 1M& 9+M"%91%9!C& $<1+:& 09)& $))149$!")& ,."&!1&09)&1#+&*1#"%&"41+1<94& $+,& )149$*& 7$4=:%1.+,2& ,"49,",& !1& F.)!9MC& !0"& "N9)!"+4"& 1M&!%$,9!91+$*&4*$))&09"%$40C&$)& /%1;9,9+:& )1<"!09+:& !1& #0940& $& 7"$.!9M.*2& !$*"+!",&409*,& *9="& 09<)"*M& 41.*,& $)/9%"D& 5+C1+"& "*)"&7"&,$<+",D&& Q1#$%,i)& 4$%+$*& $,;$+4")2& #0940&#1.*,&/%17$7*C&7"&$%!94.*$!",&+1#$,$C)&$)&#1%=/*$4"& )"N.$*& 0$%%$))<"+!& <$C& M""*& .+41<M1%!$7*"& !1& )1<"D& E1#";"%2& $**& !0"& )"N& 9+& !09)& /*$C& <"%"*C& )""<)& !1& 7"& $& i41,"i& M1%&)1<"!09+:&"*)"2&#0940&9)&$+& 9%1+94&%";"%)$*&1M&!0"&R94!1%9$+& 0C/14%9!94$*& +1%<& /%")4%979+:& !0"& 1//1)9!"D& J+& /$%94.*$%2& '"1+$%,i)& )"N.$*& $//%"0"+)91+& )"%;")& $)& $& <"!$/01%& M1%& 09)& 9+$79*9!C& !1& /*$C& !0"& )149$*&

'(!)*$+,-.#* $/"(-*0"-)102 !

,Q WKH роК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роЙ IRU !0"& 7%"$=D& 5)& $& *1+:-!9<"& M$+2& J& #$)& +1!& .)",& !1& )""9+:& '""& !"**9+:& ).40& /.+40C& F1=")& F.)!& !1& )""& 9M& !0"C& #1%=",2& !0"+& *9!"%$**C& 4%1))9+:& )1<"& 1.!& 1+& !0"&7$4=&1M&09)&0$+,&#0"+&!0"C& ,9,+(!D V,,*C2& !0"& #$)07$)9+)& 9+& !0"&!0"$!%"()&!19*"!)&";9+4"&!0"& 41<94()& )<$**-)4$*"& 711=9+:& )!%$!":CW& "$40& 0$,& 1+*C& 1+"2& .+$441</$+9",& 41*,& M$.4"!D& X0"+&J&/19+!",&!09)&1.!2&$&<$+& #01& <.)!& 0$;"& #1%=",& $!& !0"& !0"$!%"& %"/*9",G& HY")2& +1& *1!-

!"%C&M1%&.)DK 3$C7"&!09)&9)&#0C&'"94")!"%& 6>.$%"& ?0"$!%"& 9)& !0"& /"%M"4!& ;"+."&M1%&!09)&)01#D&?0"&<$9+& !0"$!%"&9)&$&/*$4"&#0"%"&$&41./*"& 0.+,%",& /"1/*"& 4$+& <$="& .)"&1M&!#1&#9+"&7$%)&$+,&!0"+& #$!40&)!$+,-./&9+&41<M1%!$7*"& )"$!)&$+,&<"**1#&*9:0!9+:Z")VHQWLDOO\ D JHQWULроК HG UHFUHD !91+& 1M& $& 41<",C& 4*.7& M1%& !0"& /1)0&9+&,"+9$*D ?0"&)"41+,&0$*M&#$)&9+,"",& 7"!!"%D& '""& )/1="& 9+& !0"& $7)!%$4!&$+,&!1%!.1.)2&*1+:-#9+,",& )!C*"& 0"& 9)& =+1#+& M1%D& E"&

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

!"#$%!& '""()& *$!")!& )!$+,-./&)01#2&3.40& 5-6!"#& 571.!& 81!09+:2&%.+)&)";"+&!9<")& $& #""=& $!& '"94")!"%& 6>.$%"& ?0"$!%"& .+!9*& @A& B$+.$%CD& E"& "+F19+)& #1.*,-7"& /$!%1+)& 1+& 09)& #"7)9!"G& HI1& +1!& :1& 1+& ?#9!!"%& )$C9+:& 9!& )""<",& ,9)F19+!",D&J!&)01.*,&,1&$+,&#9**DK& ?0"& )01#& 9)& 9+,"",& $& )!"#2& RQH ZLWK GLроЙ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роК QH KRXUV 1M&41+!"+!&$!&!0"&"+,&!09)&!1.%& ZKLFK KH FDQ WKHQ роК OP IRU WKH !09%,& )"%9")& 1M& 09)& LLQ& )01#& 6!"#$%!&'""()&Q1<",C&R"094*"D& $V VXFK KH ZRUNV GLроЙ HUHQW 0$*M-01.%&7*14=)&"$40&+9:0!D

:$<"2& 41<<1,9MC& 1+"i)& 71,C& M1%&$&F17&$+,&/$%!949/$!"&9+&!09)& :%"$!&!0"$!%"&#"&4$**&*9M"D \%%C& /1%!%$C)& $+& "+,*"))*C& "+"%:"!942& 09:0*C& 41</"**+:2&$+,&41</.*)9;"&#$!40$7*"& Q1#$%,2& "N.,9+:& 41/91.)& $<1.+!& 1M& 40$%<& $+,& )#$++9+:& $%1.+,& !0"& *.N.%91.)*C& ,"41%$!",& )!$:"& 9+& )9:+$!.%"& 4%9<)1+&,%"))9+:&:1#+D&6!1+"&& LV VLPLODUO\ HроЙ HFWLYH JLYLQJ DQ DXUD RI D VHOI HроЙ DFLQJ PDQ #01)"&9+!"**9:"+4"&4*"$%*C&%"+GHUV KLP RYHUTXDOLроК HG IRU WKH )"%;$+!& /1)9!91+D& ?$C*1%2& #09*"& +1!& $)& i!"%%97*C& <$*"i& $)& !0"& )4%9/!& )""<)& !1& ).::")!2& 7"41<")&9+4$+,")4"+!&9+&!0"&)"41+,&0$*M2&$)&'"1+$%,i)&9++14"+!& M$4$,"&:9;")&#$C&!1&1.!7.%)!&1M& /%";91.)*C&4$:",&$+:"%D&&&& BV6E&BJ8d\58e

Comedy by Stewart Lee Leicester Square Theatre Until 19 JAN 2014

)$9,&0"&#$+!",&!1&=9**&$**&,1:)2& $+,& !01.:0& J& ,1+(!& %"4$**& 01#& !0$!& $,,",& ./2& !0"& 7*14=)& 1M& 41+!"+!&#"%"&M$%&4*"$%"%&0"%"D& [9%)!2&0"&)="#"%",&!0"&\]J^()& $+!9-9<<9:%$+!& )!$+4"& 7C& !9<"& !%$;"**9+:& 7$4=& !1& 41</*$9+& $71.!&"$40&#$;"&1M&+"#&$%%9;$*)& !1& L%9!$9+G& M%1<& !0"& ^1*9)0& роК [LQJ DOO тАл┌ФтАмRXUтАл ┌ХтАмEURNHQ DSSOL $+4")& !1& /%"09)!1%94& $</0979RXV роК VK FUDZOLQJ RQWR тАл┌ФтАмRXU *$+,K&!1&7%"$!0"&H1.%&$9%KD&?0"& 41+4*.)91+& !1& !0$!& 79!& 9)& ).7*9<"2&$+,&!0"&+"N!&#$)&.+.).$**C& /"%)1+$*& M1%& '""D& ?01.:0&

┬Р┬Р┬Р+++++++++++++++++++++++++++++++ 4"%!$9+*C&+1!&M$4!.$*2&09)&)!1%C& 9)&;"%9)9<9*$%W&M1%&#0$!&H;$)"4!1<9)",2& M.+4!91+9+:& $*4101*942& _P-C"$%-1*,& M$!0"%& 1M& !#1K& ,1")+(!&M""*&0"&<.)!&F.)!9MC&09)& "N9)!"+4"`& [1%& $**& 09)& H)4$!!"%",K& <$!"%9$*2& 0"& <$+$:",& $& !01.:0!M.*& $+,& "</$!0"!94& 4*1)"D& 5M!"%& $/1*1:9)9+:& $:$9+& M1%& !0"& тАл┌ФтАмVKLW роК UVW KDOIтАл ┌ХтАмKH WKDQNHG XV M1%&41<9+:&1.!&$+,&$7)41+,",& !1& "9!0"%& !0"& 7$%& 1%& !0"& 4*1$=%11<&9+&!0"&*177C&!1&/",,*"&09)& #$%")D& J& 71.:0!& $& *9<9!",-%.+& /1)!"%& #0940& 0"& )9:+",2& $+,& !0"+& #"& 40$!!",& M1%& $& 41./*"& 1M& <9+.!")D& E"& $)=",& <"& 9M& J& #$)&a'.!0"%&b9+,"49/0"%$7*"ca2& $+,&7"9+:&$&!#"+!C-)1<"!09+:& 5<"%94$+&#01&#9**&+";"%&=+1#& ";"+& 0$*M& 1M& !0"& 4"*"7%9!9")& #01& $%"& $//$%"+!*C& ?1%9")2& J& !1*,&09<&+1D&aX"**&C1.&*11=&*9="& !0"&:.C&#01&/*$C",&09<Da&5M!"%& )1<"& %9:1%1.)& :11:*9+:& J& )!9**& 0$;"&+1&9,"$&#01&0"&<"$+!D&E"& )""<",& *9="& 0"& %"$**C& #$+!",& !1&=""/&!$*=9+:&!1&<"2&7.!&!0"& /%")).%"& 1M& !0"& >."."& 7"09+,& <"&)"+!&<"&1+&<C&#$CD&J(**&7"& 7$4=D 85?E58&6?dJ8eSd

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

!"

!"#$%&'

&7%

!"#$"%

21

b5&-'$;(D"?&%:&4(UT(SOUc

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

()*+,-$)$.)/0%1#$+.2 !"##$%!&'()(*%+,-,.%/#0123("1% ,45(136

!

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`( 1$%&,;( %034$/0"1*( '0$-6"4$*(

!"#$%&'()%#*+#!,%#### -".*%'/#0"1(2+3#%2&*14 $%&'()%56',%7%&8%)"+1*+%9."9(:

$1'( I5&-/0"1-( "7( 0'&1/0/;( a( 0-. -5&-($/(/#&(#&$4/("7(/#&(+$,&-. /010$1( I5&-/0"1=( b#4"53#( %;( -/5'0&-( $/( KYGK*( C( $%( ,""H013( /"( 8"18&6/5$,0-&( /#&( +$,&-/01. 0$1( E03#/( "7( E&/541( $-( $1( 0%. 6,&%&1/&'(4&$,0/;($1'($''4&--( I5&-/0"1-("7(0'&1/0/;=L b#&( "/#&4( -/5'&1/*( !$,$H$( !"#$%%&'( 0-( $( Sc.;&$4.",'( +$,&-/010$1( 4&753&&*( 1"2( 654. -5013($(%$-/&4_-(01(X,":$,(6",. 0/08-( $1'( C1/&41$/0"1$,( ,$2( $/( K#&770&,'(A10?&4-0/;=((>&4(7$%. 0,;(&1'&'(56(01(/#&(X$P$(K/406( $7/&4(:&013(7"48&'(/"(7,&&(/#&04( $18&-/4$,( #"%&( 01( M$77$( 01( /#&( UTde(D$H:$=(K#&(-$0'(/#$/(,0H&( %"-/(+$,&-/010$1-(01(X$P$*(-#&( -577&4&'( 74"%( $( -#"4/$3&( "7( :""H-*(2$/&4*(&,&8/4080/;*(/&8#. 1","3;( $1'( 74&&'"%( "7( %"?&. %&1/=( >"2&?&4*( #$?013( 6&4. -&?&4&'*( -#&( 8"%6,&/&'( #&4( :$8#&,"4_-( '&34&&( 01( @13,0-#( 90/&4$/54&*( 74"%( /#&( C-,$%08( A10?&4-0/;("7(X$P$= b#&( V"541&;( #$-( 1"/( :&&1( &$-;( 7"4( !$,$H$f( &?&1( $7/&4( #$?013( %$1$3&'( /"( ":/$01( 751'-*( -#&*( $,"13( 20/#( #51. '4&'-("7("/#&4(+$,&-/010$1(-/5. '&1/-*( 2&4&( -/4$1'&'( $/( /#&( 8,"-&'( E$7$#( :"4'&4( 84"--. 013*(20/#(/#&(64"-6&8/("7(/#&04( '4&$%-( -,066013( $2$;( 74"%( /#&04(34$-6-=(C1("1&("7(#&4($4. /08,&-*(!$,$H$(-5%%$40-&-(/#&( &<6&40&18&-( "7( %$1;( +$,&-/01. 0$1-f Jb#&( "''-( "7( ":/$01013( $1( 01/&41$/0"1$,( -8#",$4-#06( $4&( -,0%(&1"53#*(1&?&4(%01'("/#&4( 80485%-/$18&-( /#$/( $4&( 2&,,(

"5/( "7( "54( 8"1/4",f( ":/$01013( $( ?0-$( $1'( 701$18&-( 20/#01( $( -#"4/( '&$',01&*( /#&( V"541&;( /#4"53#( /#&( 017$%"5-( E$7$#( 84"--013*( /#&( 6",0/08$,( 01-/$:0,0/;( 01( @3;6/*( /#&( :,$1. H&/("7(8547&2-(01(/#&(K01$0('&. -&4/*( /#&( 6&46&/5$,( /#4&$/-( /"( $( ;"513( 2"%$1_-( -$7&/;*( /#&( 845&,/;( $1'( '0-840%01$/0"1( "7( /#&( %0,0/$4;( $1'*( 701$,,;*( /#&( 7,03#/("5/=L !"#$%%&'*( E$1$( $1'( !$,$H$( $4&( V5-/( c( $%"13( /#&( /#"5-$1'-( "7( +$,&-/010$1-(

-$1'-( 2#"( #$?&( /#&( 6"/&1/0$,( :5/(,$8H(/#&("66"4/510/;=(@'5. 8$/0"1(0-(/#&(H&;=(F#&1(6&"6,&( -&&( /#$/( /#&;( #$?&( "66"4/510. /0&-( $?$0,$:,&( /"( /#&%*( /#&;( 20,,( :&8"%&( %"4&( %"/0?$/&'( /"(8#$13&(/#&04(-0/5$/0"1= b#&( 9K@KA( +$,&-/01&( K"80. &/;(#$-(010/0$/&'($(E03#/(/"(@'. 58$/0"1(KH;6&(64"34$%(2#&4&( 0/-(%&%:&4-(8$1(#&,6(-/5'&1/-( 01(!"#$%%&'_-(-8#"",(01(9&:. $1"1*($-(2&,,(-/5'&1/-(01(?$40. "5-( 510?&4-0/0&-( 01( X$P$( 20/#(

&'(#))"*+,#("*-+#+.#/"01232#3+%"456""+7('+3'7+015*2"0+#1+89:+23+:'3*'3

2#"( '4&$%( "7( $( :&//&4( ,07&=( G,/#"53#( /#&;( #$?&( &-8$6&'( 7"4( 1"2*( /#&( #$4-#( 4&$,0/0&-( "7( /#&04( ,0?&-( $-( +$,&-/010$1-( $4&( 1&?&4( /""( 7$4( $2$;=( G-( !". #$%%&'( 65/-( 0/*( J-8#",$4-#06( "66"4/510/0&-( 7"4( +$,&-/010$1( -/5'&1/-( /"( -/5';( $:4"$'( $4&( ?&4;( ,0%0/&'( $1'( C( 2$-( "1&( "7( /#&( ?&4;( 7&2( /"( :&( 30?&1( /#0-( "66"4/510/;=( b#&4&( $4&( /#"5.

/#&04( 510?&4-0/;( $1'( -8#",$4. -#06( $66,08$/0"1-*( 8"1?&4-$. /0"1$,( @13,0-#( $1'( 6&4-"1$,( -/$/&%&1/-=( !"# $%&# '()"*)%+,# %-.'*# /01/"213.*%/&'(%4*/%1.2105# "6# */%/03.*/"24$-.'*12"-1

./0$'&.-#.$$!"#$%&"')!.'#'//'($%)0'%"%&$1)2//$"#3)4+56.)75-)"(8)927)7$&%):+%& !"#$%&'())

Y

54( b"53#( X5;( 017"4. %$/0"1( %&&/013( 0-( "1( b5&-'$;( $/( g6%=( b"53#(X5;(0-(H1"21( $-(/#&(2"4,'_-(#$4'. &-/( $--$5,/( 8"54-&( 20/#( $( USH( 451( $1'( %$--&-( "7( ":-/$8,&-=( )LUH LFH ZDWHU FRQроКQHG VSDFHV &,&8/4080/;(.(;"5(1$%&(0/*(/#&;_?&( 3"/(0/=( F&( $4&( ,""H013( 7"4( 9K@_-( /"53#&-/(35;-(Z$1'(304,-[(/"(8"%. 6&/&*( 01( /&$%-( "7( d*( "1( M$15$4;( /#&( Sg/#=( F&_,,( &?&1( /#4"2( 01( $( 640P&( 7"4( /#&( 7$-/&-/( GA( /&$%( /"( 8"%6,&/&( 0/h( b#0-( 20,,( $,,( :&( 01( $0'( "7( !$H&( $( F0-#( )"51'$. /0"1(2#"(34$1/(0184&'0:,&(20-#&-( /"( 8#0,'4&1( 20/#( ,07&( /#4&$/&1. 013( 8"1'0/0"1-=( b#0-( 2&&H( -"%&( "7( /#&( $%$P013( 2"4H( /#$/( /#&04( AK( 8"51/&46$4/( '"&-( %$'&( /#&( #&$',01&-=( b541013( K$1( )4$1. 80-8"( 01/"( X"/#$%( B0/;*( /#&;( $,.

,"2&'( !0,&-( K8"//*( $( ^( ;&$4( ",'( VXроЙHULQJ IURP OHXNDHPLD WR EH. 8"%&(R$/%$1(7"4(/#&('$;= D&</( 2&&H&1'( ,"/-( "7( ,58H;( EGX,&/-( 20,,( :&( /$H013( 6$4/( 01( EGX( 3&/-( 9YKb*( "54( $115$,( AQ( #0/8#(#0H&=(F&_,,(:&('4"66013(/#&( WHDPV RроЙ LQ D VXUSULVH 8. ORFD. /0"1*(#$?013(:&&1(:,01'7",'&'(7"4( /#&(V"541&;(/#&4&=(b#&;(20,,(/#&1( #$?&( /"( %$H&( /#&04( 2$;( :$8H( /"( 9"1'"1( 20/#( 1"( %"1&;*( :;( $1;( %&$1-( 6"--0:,&=( C1( /#&( 6$-/*( /&$%-( #$?&( :&&1( $:,&( /"( :,$3( /#&04( 2$;( "1( /"( :5-&-*( 8"$8#&-*( /4$01-( $1'( &?&1( $( 2&''013( 8$4h( Y1( K$/54'$;( ;"5_,,( :&( $:,&( /"( /4$8H( /#&04( V"541&;-( $84"--( /#&( 8"51/4;( $-( /#&;( 4$8&( :$8H( /"( /#&( 9K@( /"( 3&/( /#&04( #$1'-( "1( -"%&(%58#.8"?&/&'(9"1'"1(@;&( /08H&/-=(F&_4&(4$0-013(%"1&;(7"4( )""'B;8,&*( 2#"( $0%( /"( 4&'58&( 7""'( 2$-/&( $1'( $,,&?0$/&( 6"?&4. /;( -0%5,/$1&"5-,;*( :;( 64"?0'013( /#4&&(8"54-&(%&$,-(/"(/#&(8"51. /4;_-( %"-/( ?5,1&4$:,&( 6&"6,&=(

X""'(1&2-(7"4($1;"1&(2#"('0'1_/( %$1$3&( /"( -031( 56( ,$-/( 2&&H( a( '5&( /"( 5164&8&'&1/&'( 01/&4&-/*( 2&( #$?&( &</&1'&'( "54( '&$',01&( 51/0,(F&'1&-'$;(%0''$;=( b#0-( 2&&H( $,-"( -&&-( /#&(

,$518#( "7( "54( Sd.#"54( K,&&6( Y5/=( Y1( /#&( Se/#( "7( D"?&%:&4*( 2&( 20,,( :&( -,&&6013( 4"53#( "1( >"53#/"1(K/4&&/(/"(4$0-&($2$4&. 1&--( $:"5/( /#&( #53&( 64":,&%( "7( #"%&,&--1&--( 01( /#&( 80/;( $1'(

;<=+72//+>"+>5?@"1+0(#@236+4'%+1("+.(2/2AA23"0+B20#01"%+<AA"#/C+DEA(''3+F#2E#3+ @2//"*+)'%"+1(#3+G-HII+A"'A/"+#3*+(#0+/"41+JII-III+A"'A/"+(')"/"000

/"( $,-"( 4$0-&( %"1&;( 7"4( K604&-=( K604&-(0-($('$;(8&1/4&(7"4(#"%&. ,&--( 6&"6,&( 01( 9$%:&/#( 2#08#( 64"?0'&-( -566"4/*( 2$4%/#*( 7""'( $1'( 8,"/#&-( 7"4( -"80&/;_-( %"-/( ?5,1&4$:,&($'5,/-=(C/_-($1(0184&'. 0:,&( 8#$40/;( /"( :&( 2"4H013( 20/#( $1'( 2&( $4&( ,""H013( 7"4( $-( %$1;( ?",51/&&4-($-(6"--0:,&(/"(V"01(5-( LQ WKLV GLроМFXOW FKDOOHQJH 9$-/( :5/( :;( 1"( %&$1-( ,&$-/*( /#0-( 2&&H( 2&( 20,,( :&( #",'013( $( +#0,06601&-( \0-$-/&4( G66&$,=( F&( #$?&($,,(:&&1(%"?&'(:;(/#&(#"4. ULроКF QHZV VWRULHV RI 7\SKRRQ >$0;$1( $1'( /#&( '&?$-/$/0"1( 0/_-( :4013013( /"( /#&( 8"51/4;=( G-( /#&( 8#$40/;( $4%( "7( /#&( KA*( 2&( 7&&,( /#$/( 0/_-( "1,;( 403#/( /"( 7$80,0/$/&( D XQLроКHG UHVSRQVH IURP WKH VWX. '&1/-("7(9K@=(b#0-(2&&H(2&_,,(:&( #",'013( :58H&/( 8",,&8/0"1-( "1( 8$%65-( a( 6,&$-&( '"1$/&( 3&1&4. "5-,;($1'(3&/(01(8"1/$8/(07(;"5_'( ,0H&( /"( #&,6( 5-( 8""4'01$/&( /#0-= b#$/_-($,,(7"4(/#0-(2&&H(7",H-= R03(EGX(,"?&h

22

L9$/<-8(!"#$%&$'()I(:K);

4$"0$%

!"#$%&"' !"#$%&'%&(#%)#*& 5"+6(7"6.&%89$.), !"#$%&'()*+,( !&##&'-$".+/(&0$%( 1*,+23$

!

"#$%&$'( )*+,( %-'./( +,$( "0$1213( "45( +,$( 216'$-/21378( 6"1+$1+2"9/( :;'<( = " % % " 1 > $ - 7 + ,( ?9%%2+(,"/+$<(21(?'2(@-1.-A(?'2( @-1.-B/(C'$/2<$1+(D'(E-F-0-./-( ,-/(/+-+$<(,">(+,$($#$1+5(21#"7#G 213( +,$( ,$-</( "4( /+-+$( 4'"%( HI( 6"%%"1>$-7+,(6"91+'2$/5(%-'./( $1+'8(21+"(-(1$>($0"6,("4(0$-6$( -1<("00"'+912+8(4"'(,2/(6"91+'8J( -(0"/2+2#$(+'-1/2+2"1(4'"%(+,$(;K( 8$-'/( "4( 62#27( >-'( &$+>$$1( +,$( 3"#$'1%$1+( -1<( +,$( /$0-'-+2/+( 3'"90(+,$(L-%27(L23$'/A( ?'2(@-1.-(2/(-1($+,126-778(<2G #$'/$(6"91+'8A(L,$(?21,-7$/$(-'$( +,$( <"%21-1+( 3'"90( -1<( %-.$( 90( -00'"M2%-+$78( N*O( "4( +,$( 0"097-+2"1J( L-%27/( >,"( 72#$( 21( +,$(!"'+,GP-/+(-'$(+,$(<"%21-1+( %21"'2+8A( Q"+,( /2<$/( /+-1<( -669/$<( "4( 6"%%2++213( -+'"62+2$/A( R">$#$'( :KKI( /->( -( <'-%-+265( 3"#$'1G %$1+(212+2-+$<5($/6-7-+2"1("4(6"1G роЛLFW LQYROYLQJ D GD\ RроЙHQVLYH -3-21/+( L-%27( L23$'( '$&$7/( -1<( +,$(6'$-+2"1("4(+,$(214-%"9/(S1"( роКUH ]RQHтАл ┌СтАмFORVH WR WKH GH IDFWR L-%27( 6-02+-7( T( U2721"6,6,25( 21+"( >,26,( L-%27( 62#272-1/( >$'$( <2G '$6+$<A( V( '$6$1+( QQ=( &'"-<6-/+( -1<( +,$( -667-2%$<( 0'"<96+2"1( S!"( W2'$( X"1$B( -77$3$( +,$( /+'-G +$326( /,$772135( &8( 3"#$'1%$1+( IRUFHV RI WKH QR роКUH ]RQH DQG +,$(+-'3$+213("4(,"/02+-7/(>2+,21( WKLV FOHDUO\ PDUNHG ]RQH 7KH Y!($/+2%-+$/(62#272-1(6-/9-7+2$/( "4( 90( +"( HK5KKK( <9'213( +,$( 3"#G HUQPHQWV роКQDO ELG WR тАл┌РтАмFUXVKтАл ┌СтАм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тАл┌СтАмV FRQроКUPHG DWWHQGDQFH +"( +,$( /9%%2+( %"1+,/( 0'$#2"9/( ,-/( 6$-/$<( +,$( -&272+8( +"( ,"7<( %$-1213497( 7$#$'-3$( -1<( 6'2+2G 6-7(<2-7"39$(>2+,(+,$(?'2(@-1.-1( 3"#$'1%$1+A( \+( /$$%/( 6"16$'1( 4"'(+,$(="%%"1>$-7+,(2/(+-.213( 0'$6$<$16$( "#$'( +,$( 1$$<( 4"'( -( 912+$<( 21+$'1-+2"1-7( 6"%%2+G %$1+( +"( &$( 212+2-+2135( -1<( /9/G WDLQLQJ HроЙHFWLYH UHFRQFLOLDWLRQ -1<( +,$( 1$6$//-'8( F9/+26$( 21( ?'2( @-1.-(+"<-8A

7KH /6( %ULH├АQJ 6XVWDLQDELOLW\ DW /6( ,27$(6,27<'$1(-'$(+"7<( +"( $-+( 3'$$1/5( -<97+/( -'$(+"7<(+"(S3"(3'$$1B( -1<( 3$1$'-7785( &"+,( +-/./( /$$%(<-91+213A( L,2/( 2/( -( 6"'$( 6"16$'1( -+( +,$( @?P( -1<( %-18( 0'"F$6+/( ,-#$( &$$1( 212+2-+$<( 21( "'<$'( +"( <"( /"A( [2+,( 2+/( :KK*( P1#2G '"1%$1+-7(C"72685(+,$(@?P(,-/( &$$1( <$<26-+$<( +"( $1#2'"1G %$1+-7( /9/+-21-&272+8( d&8( 6'$G -+213( -1( 21/+2+9+2"1-7( 697+9'$( >,26,( 6"77$6+2#$78( >"'./( +"( 6"1+219-778(2%0'"#$(+,$(@?PB/( $1#2'"1%$1+-7( -1<( /"62-7( 2%G 0-6+/5( -1<( <$72#$'( $1#2'"1G %$1+-7( $1,-16$%$1+/( >,$'$( 0"//2&7$Ae(

LDQ ,W LV WKH роКIWK \HDU UXQQLQJ +,-+( +,$( ?6,""7( -6,2$#$<( -( W2'/+5(-7"13(>2+,(H;("+,$'(912G #$'/2+2$/5( 6"%213( ::1<( "9+( "4( )H;(YU(912#$'/2+2$/A( V/(0-'+("4(>"'.213(+">-'</( +,$( $1#2'"1%$1+-7( "&F$6+2#$/( "4( +,$( P1#2'"1%$1+-7( C"72685( +,$(@?P(/$+(90(07-1/(+"(&$(2%G 07$%$1+$<(21():(-'$-/g($1$'38( -1<(6-'&"1J(>-/+$(-1<('$/"9'6G $/J( >-+$'J( 6"1/+'96+2"1( -1<( '$49'&2/,%$1+J( 0'"69'$%$1+J( $%2//2"1/( -1<( <2/6,-'3$/J( +'-1/0"'+J( &2"<2#$'/2+8( -1<( 9'G &-1( 7-1</6-0$/J( $<96-+2"1( 4"'( /9/+-21-&7$(<$#$7"0%$1+J(6"%G %912+8( 21#"7#$%$1+J( ,$-7+,5( /-4$+8(-1<(>$74-'$J(-1<(216"%$( -1<( 21#$/+%$1+A( L,$/$( -'$( +"( &$(-6,2$#$<(+,'"93,(7"13G+$'%( +-'3$+/5( /+'-+$32$/5( -1<( +,$( KHOS DQG VXSSRUW RI VWDроЙ DQG /+9<$1+/A(

86))/$-)08&)

"33"6+&/.+.)*

?216$(+,$15(+,$(?6,""7(,-/( 1"+(/+"00$<(0'"3'$//213("1(2+/( >"'7<G67-//( 0"7268( -/( >$77( -/( "+,$'( <$#$7"0%$1+/( '$3-'<G 213( -66'$<2+-+2"1/5( ->-'</5( VWUDWHJLHV VWXGHQWV DQG VWDроЙ 21#"7#$%$1+/A( D"/+( '$6$1+785( +,$( @?P( >-/( ->-'<$<( -( W2'/+( 21( +,$( :K);( C$"07$( f( C7-1$+( b'$$1( @$-39$5( -( 3'$$1( '-1.G 213( "4( -77( 912#$'/2+2$/( 21( +,$( YU( 09&72/,$<( &8( +,$( b9-'<G

L,$'$( -'$( %-18( "00"'+912G WLHV IRU /6( VWDроЙ DQG VWXGHQWV +"(3$+(21#"7#$<(-1<(,$70(%-.$( +,$( ?6,""7( -( %"'$( /9/+-21-&7$( 07-6$A( L,$'$( -'$( -( 19%&$'( "4( /+9<$1+( /"62$+2$/( 6"16$'1$<( >2+,( $1#2'"1%$1+-7( 2//9$/( /96,(-/(C$"07$(-1<(C7-1$+5(@?P( Q$$/5(=8672135(b'$$1(C-'+8(-1<( Y!(?"62$+8(-%"13("+,$'/A(L,$( ?9/+-21-&7$( W9+9'$/( ?"62$+8(

6,4+7#%8&4,2$$

[

>"'./(>2+,(+,$(?6,""7(+"(4-6272G +-+$(0'"F$6+/(-1<(491<(/9/+-21G -&272+8( 2<$-/A( D$-1>,27$5( +,$( ?9/+-21-&7$( Z$#$7"0%$1+( !$+G >"'.( &'213/( +"3$+,$'( -79%12( +"( <2/69//( +,$2'( 0'-6+26-7( $MG 0$'2$16$/(-1<(21/02'$(/+9<$1+/( +"( 4"77">( 21( +,$2'( 4""+/+$0/A( L,$'$( 2/( /"%$+,213( 4"'( $#$'8G "1$(-1<(+,-+(-7/"(21679<$/(+,$( /6( VWDроЙ :LWK WKH *UHHQ ,PG SDFW 3URJUDPPH WKH VWDроЙ LV $16"9'-3$<(+"(+-.$(/%-77(/+$0/( 21( +,$( #-'2"9/( <$0-'+%$1+/( -1<( '$/2<$16$/( +"( &$++$'( +,$( $1#2'"1%$1+-7( 2%0-6+( "4( +,$( /6( DQG WKH GLроЙHUHQW WHDPV FDQ ZLQ SUL]HV (YHU\RQH IURP /+9<$1+/( +"( -<%212/+'-+2#$( +"(

-6-<$%265(2/($16"9'-3$<(+"(3$+( 21#"7#$(-1<(+"(%-.$(-(0"/2+2#$( 2%0-6+("1(/9/+-21-&272+8(-+(+,$( ?6,""75( 1"( %-++$'( >,-+( +,$2'( 7$#$7( "4( .1">7$<3$( '$3-'<213( +,$(2//9$/(2/A( \+(2/(-7/"(0"//2&7$(+"(%-.$(-( GLроЙHUHQFH RQ D PRUH SHUVRQDO 7$#$7A( ?2%07$( +,213/( /96,( -/( WXUQLQJ RроЙ FRPSXWHUV DW QLJKW '$68672135( '$+,21.213( &"++7$<( >-+$'5( 21#$/+213( 21( 8"9'( ">1( FRроЙHH FXS WXUQLQJ RроЙ OLJKWV '$6867213("7<(6$77(0,"1$/5(/+"0G 0213( +,$( 9/$( "4( 07-/+26( &-3/5( 6867213( "'( -3-21( 0-8213( &277/( "1721$( -'$( $-/8( +"( '$%$%&$'( <"213(-1<(6"1+'2&9+$(0"/2+2#$78( +"(+,$($1#2'"1%$1+A

:*,+"2'";2.2+6<(=:>(4$$,(2,("'(2'2+2"+20$(?*'@$@(;6(+/$(:*,+"2'";.$(A%&1$3+,(B*'@("+( =:>C(=:>(4$$,(3*%%$'+.6(D$$)(+-&(/20$,("+(=:>E(&'$(&'(+/$(+&)(&?(!&''"*F/+(9&*,$( DQG DQRWKHU RQ WKH URRIWRS RI 3DVVрл╜HOG +DOO

7KH ,QWHUQDWLRQDO %ULH├АQJ 7D[ $YRLGDQFH 07"&+$+!.*2$ )+,-%.+// 0#12&"%3#,&24#$%!5+&'4

!"#$%&'!$(")*$+!)$&,$ -"*)$./$+012 RDE=( 6-7697-+$/( +,-+( +,$( YU( WD[ JDS тАл ┌ЛтАмWKH GLроЙHUHQFH EHG +>$$1( +,$( -%"91+( "4( +-M( +,-+( /,"97<(&$(0-2<(-1<(+,$(-%"91+( 6"77$6+$<( T( -%"91+/( +"( ^;*( &2772"1( $-6,( 8$-'A( L,-+( 2/( NO( "4( >,-+( /,"97<( &$( 0-2<( 21( +-MA( R">$#$'5(L-M(E$/$-'6,(YU(6-7G FXODWHV WKDW WKH UHDO роКJXUH RI +-M(-#"2<-16$5(+-M($#-/2"1(-1<( 910-2<( +-M5( $M6$$</( ^):K( &27G 72"1A(L,2/('$0'$/$1+/(%"'$(+,-1( D роКIWK RI DFWXDO WD[ UHFHLSWV #!0+$'"&-($+!0+$304$5"62$ ^):K( &2772"1( 2/( %"'$( +,-1( +,$( HQWLUH 8. GHроКFLW 7KHRUHWLG 6-7785(+,$15(24(+,$(+-M(3-0(6"97<( &$( $72%21-+$<5( +,$( YU( &9<3$+( >"97<( &$( 21( /9'079/A( ^):K( &27G 72"1( 2/( %"'$( +,-1( +,$( $1+2'$( !R?(&9<3$+("4(^I_(&2772"1(-1<( %"'$( +,-1( +,$( ^NH( &2772"1( +,$( 3"#$'1%$1+( /0$1</( "1( 0$1G VLRQV (YHQ WKH ORZHU роКJXUH "4( ^;*( &2772"1( 6-7697-+$<( &8( RDE=( 6"97<( 0-8( +>26$( "#$'( IRU WKH +RXVLQJ EHQHроКW ELOO DQG /$#$1( +2%$/( "#$'( 4"'( +,$( `"&G /$$.$'B/(V77">-16$(&277A( #!0+$ .*$ 7)./8$ ("/)$

L,$( 3"#$'1%$1+( ,-/( +-.$1( /"%$( /+$0/( +"( 67-%0<">1( "1( +-M( -#"2<-16$5( /96,( -/( 21#$/+G %$1+( 21( RDE=5( 21+$'1-+2"1-7( /,-'213("4(+-M(214"'%-+2"1(-1<( VRPH HроЙRUWV WR UHGXFH WKH -%"91+("4(+-M(7"/+(&8(-#"2<213( +,$( 6-02+-7( 3-21/( +-M5( 21( 0-'G +2697-'A( Z$/02+$( +,2/5( $#2<$16$( VKRZV WKDW WKH QXPEHU RI VWDроЙ $%07"8$<(&8(RDE=(2/(21(7"13G +$'%( <$6721$A( L,$( 19%&$'( "4( IXOO WLPH HTXLYDOHQW VWDроЙ LV <">1( 4'"%( %"'$( +,-1( I*5KKK( 21(:KK*(+"(_N5KKK(21(:K)K5(-1<( +,2/( 2/( <9$( +"( 4-77( +"( *_5KKK( 21( DQ HроЙHFWLYH FXW LQ WKH QXPEHU RI VWDроЙ !"#$ %&'!$ (")*$ +!)$ #"6-($-"*)2$ L,$( L-M( `9/+26$( !$+>"'.( $/+2G %-+$/( 37"&-7( +-M( -#"2<-16$( -+( a;A)( +'2772"15( >,26,( 2/( -00'"M2G PDWHO\ роКYH SHU FHQW RI JOREDO bZCA( L"( 09+( +,-+( 21( 6"1+$M+5( +,$( YU( bZC( 21( :K):( >-/( a:AH( &2772"1A( L,-+( %$-1/( 37"&-7( +-M( -#"2<-16$( -%"91+/( +"( %"'$( +,-1( +,$( $1+2'$( "9+09+( "4( +,$( Q'2+2/,($6"1"%8(21(:K):A( #!0+$ '"&-($ 0--$ +!0+$ %"/)4$("2$ L,$( Q'"".213( \1/+2+9+$( /+-+$/( +,-+( -&"72/,213( $M+'$%$( 0"#G HUW\ тАл ┌ЛтАмGHроКQHG DV HDUQLQJ OHVV

+,-1( a)A:*( -( <-8( T( >"97<( 6"/+( a__(&2772"1A(\4(F9/+(-(4"'+2$+,("4( +-M( -#"2<$<( -'"91<( +,$( >"'7<( 6"97<( &$( /0$1+( -77$#2-+213( $MG +'$%$( 0"#$'+85( +,$1( $#$'8"1$( >"97<(&$(-&7$(+"(72#$("1(-+(7$-/+( a)A:*(-(<-8A( 7&+$+01$.*$70($5"6$7&*.9 /)**:::$ V#"2<213(-1<($#-<213(+-M(%23,+( &$(3""<(4"'(+,$(&9/21$//$/(+,-+( FDQ DроЙRUG WR тАл ┌ЛтАмDOWKRXJK WKH 09&726( -13$'( <2'$6+$<( +">-'</( 9RGDIRQH 6WDUEXFNV $PD]RQ -1<( b""37$( 4"'( -77$3-+2"1/( -&"9+( +-M( <"<3213( ,-#$( 1"+( &$$1(3""<(4"'(+,"/$(&9/21$//$/( T(&9+(2+(6'$-+$/(-1(917$#$7(07-8G LQJ роКHOG %XVLQHVVHV WKDW GR 0-8(+,$2'(+-M(-'$(-+(-(<2/-<#-1 +-3$(-1<(-'$(7$//(-&7$(+"(6"%G

G5(G'8 3*+E("( #&0$8 #$'+( "F"2',+( H+"I( @&@F8 2'FJE( рл╜UVW )%&8 +$,+$@( 2'(KLML( "F"2',+( 3&#8 )"'2$,( ,*3/(",( :+"%8 ;*3D,( "'@( 4&&+,

0$+$(>2+,(+,"/$(+,-+(<"(1"+A(

*"$("$#)$/))($+"$6)+!./,$ 8-"70-$'03.+0-.*%2$ !"A( \4( -18+,2135( -#"2<213( +-M( 91<$'%21$/(6-02+-72/%5(4"'(+>"( %-21( '$-/"1/A( c1$5( 2+( 6'$-+$/( DQ XQOHYHO SOD\LQJ роКHOG DQG <2/+"'+/( 6"%0$+2+2"1A( V1<( +>"5( 2+(>$-.$1/(0"097-'(/900"'+(4"'( +,$( 6-02+-72/+( /8/+$%A( [$( -7/"( /,"97<( '$6"312/$( ,">( +2$<( 90( =-02+-72/%( 2/( >2+,( +,$( /+-+$5( -1<( ,">( %96,( 3"#$'1%$1+( 21#$/+%$1+( /900"'+/( 6-02+-72/+( 211"#-+2"1(-1<(<$#$7"0%$1+A(\4( WKH VWDWH FDQQRW DроЙRUG WKDW LQG #$/+%$1+( &$6-9/$( 0$"07$( -1<( роКUPV HYDGH DQG DYRLG WD[ WKDW 21#$/+%$1+(/2%078(>277(1"+(,-0G 0$15( -1<( >$( >277( -77( &$( >"'/$( RроЙ

4C%

6$"7$%

23

J3"5+/?%M-9"*7"$%@A%UC@d

G(#$+,() !"#$%#&'()#$*+'#),-#./$0)12#331)$45&+$67#8 0,1'!"#$%&&#"'*+.'I#7+.%"'#$'DE3!'4*)-&'*J#74' C/&'+%:)69)*7+;C%.'2*"46='>%:'?%*) ,-)).&/0)1*2

!"#$%&&#"' ()*+' ,-%.' /&' *+' 0,1' 2"#$%&&#"' #$' 3+4%"+*4/#+*)' 5/&4#"6' *+.' /&' $#7+./+8' *' )%$49 :/+8' %7"#&;%24/;' 2*"46<=' >%:' ?%*)<'3+'@AAB'C%'$#7+.%.'DE3!=' C#:%F%"' C%' )%$4' /+' @AAG' *+.' /&' +#:'*';"/4/;'#$'4C%'2*"46<' !"#$% &'()% *'+,% -(.% /'0 12$23#1%/#,$*4%5(.%6(#14%7$#-&% 8',9%%!"#$%#,(%*'+,%/'1232()9 !"#$"%&'%()"%*&++,"%-.%+$/01 &'2% 34% -3$% */'&."5(-6% 73(% &'% 4$&'8&4,"6% 0"% )/9"% (0-% */&'% EDVHV IRU WKH SDUW\ 7KH ஊ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ஊUVW RI DOO WKH ஊ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ஊFDOO\ 43(% 4$"553$"% -'% ()"% W&7% X"*5% DQG /DERXU ZKLFK DUH VWLOO ஊ[1 /("+% 0&()% ()"% <3$-4"/'% *?()E%% H-% ()"% J-$&"5% )/9"% 7""'% *-9"+% (-% "3$-58"4(&8&5*% 7?% ()"% 4/$(?% , ஊ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

:%&;$**&%(35$<(1'(=>>?(@,$'(;&.'<1'/(0,$(AB(C'<$)$'<$'+$(:"%0D("0(0,$(43E

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ஊQLVKHG KH ZLOO FRPH WR WKH SHR1 4,"%/'+%5/?%\J)"5"%/$"%-3$%'"0% 4$-4-5/,5% /'+% &.% ?-3% 9-("% .-$% ()"*% 0"% 5(/?% &'% -'% ()&5% 7/5&5]E% M-7-+?% ()&':5% ()/(#5% $"/,&5(&8E% ^"#5% '-(% 2-&'2% (-% 2"(% /'?% $/+&1 8/,%$".-$*%-.%()"%<=6%"54"8&/,,?% /.("$% ()"% $"53,(% /(% ()"% ,/5(% _"$1 */'%N"+"$/,%","8(&-'5E% !"#$% 2)% *'+,% ,()/'-)(% $'% 3,2$23)%'8%1(#?2-A%$"(%F;9%%G',% (H#D/1(4% )'D(% .'+1&% #,A+(% $"#$%.(%.'+1&%1')(%$,#&(%28%.(% 1(#?(9%%6'%*'+%$"2-:%$"#$C)%#% VLJQL૽FDQW ULVN" M-%F%+-'#(%()&':%()/(#5%/%$&5:% /(% /,,6% 7"8/35"% ()"?% 5",,% *38)% *38)%*-$"%(-%35%()/'%0"%5",,%(-% ()"*E% F.% ()"$"% 0/5% /% ($/+"% 0/$6% ()"?% 0-3,+% ,-5"% /% 2$"/(% +"/,% *-$"% ()/'% 0"% 0-3,+E% % J)"$"#5% '-% $"/5-'% .-$% /% ($/+"% 0/$6% F% ()&':%3'+"$%()"%!J`%Y()"%!-$,+% J$/+"% `$2/'&5/(&-'Z% ()/(#5% 5&*1 4,?%'-(%/%$&5:E%%!"#+%)/9"%/%.$""% ($/+"% /2$""*"'(% 0&()% ()"% <=E%% 7KH (8 KDV ஊIW\ WKUHH IUHH WUDGH /2$""*"'(5% /,$"/+?6% &(#5% &'% ()"% *&++,"% -.% '"2-(&/(&'2% /'-()"$% 5"9"'(?1()$""E%%F.%&(%)/+%5"9"'(?1 .-3$% (-% '"2-(&/("% F% +-'#(% ()&':% ()/(#5% /% 4$-7,"*% .-$% /'?7-+?E%% M-6% F% +-'#(% 5""% ()/(% $"/,,?% /5% /% 4$-7,"*E

!"#$% #@'+$% $"(% ;<C)% 2-0 ૾XHQFH DQG SRVLWLRQ LQ WKH .',1&I% J'+1&% $"#$% @(% ,(0 &+3(&9 !",,6%0"%)/9"%/%)32"%&'.,31 "'8"%-'%()"%0-$,+%/,$"/+?E%F(#5% 9"$?%+&..&83,(%(-%5""%0)/(%0"#$"% +-&'2E% !&,,&/*% ^/23"% 5""*5% /% 7&(% -.% /% +&5/5("$% /5% N-$"&2'% H"8$"(/$?E%^"%I35(%5""*5%(-%7"% 538:&'2%34%(-%()"%D355&/'5E%^"% )/5'#(%+-'"%/'?()&'2%&'%H?$&/E%

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a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

!"#$%&'(()*+$ 81+0&%1"(9%'$22 !"#$%&'()%$*$'+$(,"*( -%&./,0(1'0$%'"01&'"2( "00$'01&'(0&(0,$(3%1( 4"'5"'*

J

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ஊUVW &'("$'/(&-'/,% ,"/+"$% (-% ($/9",% ()"$"% 5&'8"% H$&% W/':/#5% &'+"1 4"'+"'8"E% F(% (3$'"+% -3(% (-% 7"% /% GD%+&5/5("$%.-$%()"%2-9"$'*"'(6% 0&()%)3'+$"+5%-.%+"*-'5($/(-$5% 4$-("5(&'2%/2/&'5(%&(5%2$-55%*&51 8-'+38(5%/'+%8/$$?&'2%4)-(-5%-.% ,-9"+% -'"5% ()"?% 8,/&*"+% 0"$"% PXUGHUHG LQ WKH ஊQDO VWDJHV RI ()"%8&9&,%0/$E K$% [/*"$-'% ,&9"+% 34% (-% )&5% 4$-*&5"% (-% 35"% ()"% 53**&(% (-% )&2),&2)(% )3*/'% $&2)(5% /735"5% &'% H$&% W/':/E% [/*"$-'#5% /21 2$"55&9"% $&2)(518"'($"+% $)"(-$&8% 0/5% $"4"/("+% +3$&'2% ()"% 53*1 PLW ZKLFK KH OHIW HDUO\ DV D ஊ1 '/,% 5'37% (-% D/I/4/:5/E% J)"% GK% +"*/'+"+% ()/(% H$&% W/':/% -4"'% /% .3,,% &'>3&$?% 7?% K/$8)% &'(-% /,1 ,"2"+%0/$%8$&*"5%8/$$&"+%-3(%7?% 2-9"$'*"'(% .-$8"5% &'% ()"% ,/5(% *-'()5%-.%()"%8-3'($?#5%Ub1?"/$% ,-'2% 8&9&,% 0/$E% `()"$0&5"6% [/*1 "$-'% )/5% 8,/&*"+6% ;$&(/&'% 0&,,% ,"/+% +"*/'+5% .-$% /% \.3,,6% 8$"+&1 7,"%/'+%&'+"4"'+"'(%&'("$'/(&-'1 /,% &'>3&$?]% ,"+% 7?% ()"% =M% ^&2)% [-**&55&-'"$% .-$% D".32""5E% J)"% H$&% W/':/'% 2-9"$'*"'(% &*1 *"+&/(",?% $"I"8("+% ()&5% $">3"5(6% $"54-'+&'2% ()/(% &(% 0/5% +-&'2% "'-32)% ()$-32)% &(5% -0'% c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ஊUH +RZ1 "9"$6% &(% &5% -'"% ()&'2% .-$% X/9&+% [/*"$-'% (-% $/&5"% )&2),?% &*4-$1 (/'(%>3"5(&-'5%/7-3(%()"%,/8:%-.% 4$-2$"55%&'%H$&%W/':/6%&(%&5%>3&("% /'-()"$%(-%*/&'(/&'%4$"553$"%-'% D/I/4/:5/% 0&()-3(% &'("$'/(&-'/,% PHGLD DWWHQWLRQ RஉHULQJ KLP YDO1 3/7,"%/&$(&*"E%%

A7&15$/#X4%&L.&'#+N#)g+,

-4%

24

!"#$"%

!"#$%&"'

!"#$%&'"$()(*+&,&-.#/0123+&456,$(7.&802+)0*7 !"#$%&'($))%&'&**+,'$#-*'.%/0"#12,'34"#5%,'$#'316%/')*&$31 901(.$&5(::.$

!

"# $%&'$(&# )*+,# (-($./0&1# 2&'# 1&34"5# $'&# 36$1&5# 06'47(6# 06&# 89:;<=# ># &$36# 5$/?# &%&'/# 5$/@# A6&# 89: ;<=?# 1-07$0&5# -"# B'$"CD7'0?# -1# $# 14:3$EE&5# <"0&'"&0# &F36$"(&# 24-"0# G<=HI@# <"# D$30?# -0# -1# 06&# E$'(&10# &F36$"(&# 24-"0# J4'E5: J-5&@# <"# K&'L$"/?# 2&42E&# $'&#

># D4'# M'-0-16# 10$"5$'51# ># &F: 0'&L&E/# 1&"1-.E&# $.470# 10$0&# 17'%&-EE$"3&# $"5# 5$0$# 2'40&3: 0-4"@# K&'L$"1# 0$C&# 06&# J64E&# -117&# 14# 1&'-471E/# 06$0# 06&/# -"10$EE&5# $# B&5&'$E# ;4LL-1: 1-4"&'# D4'# 8$0$# H'40&30-4"# $"5# B'&&54L# 4D# <"D4'L$0-4"# -"# +NOP@# Q6&"# 06&# K&'L$"1# 6&$'#$.470#R.-(#5$0$S?# 06&/# -L: L&5-$0&E/# (&0# 34"3&'"&5@# A6$0# -1#J6/#06&#K&'L$"#T-"-10&'#4D# 06&# <"0&'-4'?# U$"1:H&0&'# B'-&: 5'-36# G;6'-10-$"# V43-$E# W"-4"?#

;VWI# J$1# 1J-D0E/# 67''/-"(# 04# 06&# L-3'4264"&1# D47'# L4"061# $(4?#J6&"#06&#XVY:$DD$-'#10$'0: &5#04#&13$E$0&@#<"#$"#$00&L20#04# 5&"/#06$0#06&#XVY#6$5#-01#L$1: 1-%&# &$'1# 4"# 06&# 89:;<=?# B'-&: 5'-36#24-"0&5#470Z#[<D#$#D4'&-("# -"0&EE-(&"3&# 1&'%-3&# 0$22&5# 06&# <"0&'"&0# &F36$"(&# 24-"0# -"# B'$"CD7'0# 06&/# J47E5# %-4E$0&# 47'#14%&'&-("0/@\# YE4"(# J-06# 06&# U&$5# 4D# 06&# ;6$"3&EE&'/?# H4D$EE$# G;8WI?# B'-&5'-36S1# ]4.# -"# %-&J# 4D# 06&#

7#5(8,"'"%)9%&"6%&:-;)4&5&('"%)*+)'-")<5'"%&*%;)-#()=""5)#')'-"):"5'%")*+)>"%?#50@()%"#:'&*5)'*)'-")ABC)(3%$"&..#5:") (:#56#.D

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`4'C#A-L&1#27.E-16&5# $"# $'0-3E&# '&%&$E-"(# 06$0# 06&# XVY# "40# 4"E/# 0$22&5# L-EE-4"1# 4D#K&'L$"#L4.-E&#264"&1@#A6&# 7"13'727E471#XVY#$E14#.E7"0E/# 0$22&5#&%&"#06&#7"1&37'&5#L4: .-E&# 264"&# 4D# 06&# "$a%&# ;6$": 3&EE4'@# b$10# J&&C?# 06&# X`A# '&: 24'0&5# 06$0# 06&# XVY# 10$DD# -"# K&'L$"/# ($06&'&5# L4'&# 06$"# ]710# L&0$:5$0$# 4D# T&'C&ES1# 0&E: &264"&# 3$EE1@# A6&/# J&'&# $E14# &F2E-3-0E/# $7064'-1&5# 04# &$%&1: 5'42#6&'#3$EE1@ Y1# $# 34"1&c7&"3&# 4D# 06&# J64E&# $DD$-'?# B'-&5'-36# 0'$%: &EE&5# 04# Q$16-"(04"# $"5# 5&: L$"5&5# $# [X4:12/-"(\# $('&&: L&"0\# .&0J&&"# 06&# WV# $"5#

K&'L$"/@# B'-&5'-36?# $334'5-"(# 04# 8&'# V2-&(&E# -"%&10-($0-4"?# -1# $E14# 2716-"(# D4'# $"# $334'5# .&0J&&"# 06&# YL&'-3$"# $"5# K&'L$"# -"0&EE-(&"3&# 1&'%-3&1@# d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e#$E: '&$5/# $22E/@# Q-06470# 13$""-"(# 06&#&"0-'&#0'$DD-3?#-0#-1#"40#241: 1-.E&# 04# L4"-04'# $30-%-0-&1# ./# -"5-%-57$E1# 06$0# $'&# "40# .47"5# 04#12&3-D-3#<H#$55'&11&1@# <0# 1&&L1# $1# -D# B'-&5'-36# E&$'"&5#$#E&114"#J6&"#6&#0'$%: &EE&5#04#06&#WV@#K&'L$"/S1#$EE/# C"4J1# 64J# 04# 12/# 4"# 2&42E&@# A6&#2'-"3-2$E#12/#f&-06#YE&F$": 5&'?#-"D$L471#6&$5#4D#06&#XVY?# '&3&"0E/# $'(7&5# -"# $# TVXM;# -"0&'%-&J#[<D#/47S'&#E44C-"(#D4'# $# "&&5E&# -"# 06&# 6$/10$3C?# /47# "&&5# $# 6$/10$3C@\# B'-&5'-36# 7"5&'10445# 06$0@# A6&# 89:;<=# -1# $.470# 04# .&34L&# K&'L$"/S1# 6$/10$3C#J-06#L$"/#"&&5E&1#04# 5-134%&'@

;<.&'"*7.)&'<($"+":<.#=&>?&@(1A).+&)"&@0#+ !&'"()*+),-&.*(*/-0)'*)!.*1)2*3%)4&56 B".$&C"+.1

`

47# $'&# 06&# 4"E/# 2&': 14"# -"# 06&# J4'E5# 06$0# -1#/47@#`47S'&#7"-c7&?# 06&# 34L.-"$0-4"# 4D# /47'# (&"&0-3# 345&# 4"&# 4D# $# C-"5@# M70# J6$0# '&: $EE/# L$C&1# /47# 06&# 2&'14"# /47# $'&h#A6&#L410#.'70$EE/#'$0-4"$E# 13-&"0-101# $L4"(# 71# 64E5# 06$0# 47'# 2&'14"$E-0-&1# $'&# L&'&E/# 06&# 4%&'$EE# '&17E0# 4D# 06&# .-E: E-4"1# 4D# "&7'$E# 34""&30-4"1# -"# 47'# .'$-"1@# Td<# $"5# ;A# 13$"1# J47E5# 6$%&# /47# 06-"C# 06$0#

J6&"# /47# 5-&?# /47# D$5&# -"04# $# "406-"("&11# /47# 3$""40# &%&"# $22'&3-$0&@# `47S'&# 5&$5i# /47# 54"S0#&F-10#j#06$0S1#-0k M70#-"#47'#1&$'36#D4'#L&$": -"(# $"5# J-5&'# 1-("-D-3$"3&# J6-36# 14# 0/2-D-&1# 67L$"# 0647(60?# J&# /&$'"# D4'# $"406&'# &F2E$"$0-4"@# `47# J$"0# 04# .&: E-&%&# 06$0# 06&'&# -1# 14L&06-"(# &E1&# 04# /47# j# $"# &11&"3&i# $# D4'L#4D#&0&'"$E#147E@#T410#4D#71# 3$"S0# $33&20# 06$0# J&# J-EE# 1-L: 2E/#'&07'"#.$3C#04#06&#&E&L&"01# D'4L#J6-36#J&#J&'&#34L241&5@# Q&# $'&# D'-(60&"&5# $.470# 06&# 5-134"0-"7$0-4"# 4D# 47'# 2&'14": $E-0-&1@#

A4# D-"5# 470# J6-36# 1-5&# /47# '&$EE/# 0$C&?# 54# 06-1# 1-L2E&# 0647(60#&F2&'-L&"0Z <0#-1#06&#/&$'#)glg?#$"5#0&E: &24'0$0-4"#-1#2411-.E&@#Q&#6$%&# 13$""&'1#J6-36#3$"#2-3C#72#-": 5-%-57$E# $04L1?# -"3E75-"(# 06&# &F$30#34"D-(7'$0-4"#4D#06&#"&7: '4"1#-"#/47'#.'$-"?#$"5#J&#6$%&# '&2E-3$04'1# J6-36# 71&# L-"70&# 0'$304'# .&$L1# 04# 270# $04L1# 4D# .-4L$11# -"04# 2E$3&# $334'5-"(# 04#06&#13$""&'#5$0$@#V4#-"10&$5# 4D# 0$C-"(# 6$ED# $# /&$'# 04# (&0# 04# T$'1?# 4"# 9$'06# /47# $'&# 1-L2E/# 13$""&5?# 5-1-"0&('$0&5# -"04# .-: 4L$11?# $"5# 06&# 5$0$# 0'$"1L-0: 0&5#$0#06&#12&&5#4D#E-(60#04#06&#

406&'# &"5@# `47S'&# 06&"# '&.7-E0# $0# 06&# 406&'# &"5# 0J&"0/# L-": 70&1#E$0&'?#$04L#./#$04Li#$"#&F: $30#342/@#`47'#L&L4'-&1#J47E5# .&# &F$30E/# 06&# 1$L&?# 1-"3&# 06&# 13$""&'# 2-3C&5# 72# 06&# "&7'$E# $''$"(&L&"0# -"# /47'# .'$-"@# `47#J47E5#D&&E#E-C&#/47#J$EC&5# -"# $# 544'# 4"# 9$'06# $"5# &F-0&5# 4"# T$'1# -"# 4"&# 34"0-"7471# 1&: c7&"3&@# A6&# &F$30# L$0&'-$E1# /47# $'&# L$5&# 4D# $'&# "&J?# .70# 06&"#/47'#.45/#'&"&J1#L410#4D# /47'#3&EE1#06'47(6470#/47'#E-D&# $"/J$/@ V4# 6&'&S1# 06&# c7&10-4"Z# <1# 06$0#2&'14"#J64#&F-01#4"#T$'1# /47h#<"07-0-%&E/#/47#$0#D-'10#'&:

]&30# -0@# `47# 5-&5# 4"# 9$'06?# $"5# &F2&'-&"3&# "4# L4'&@# A6&# 2&': 14"#J64#6$1#34L&#470#4"#T$'1# -1#040$EE/#"&JE/#34"10-070&5?#.70# .&E-&%&1# 06&/# 6$%&# ]710# 34L&# 06'47(6# D'4L# 9$'06# $"5# 6$1# $EE# /47'# L&L4'-&1@# A6&/# 6$%&# &F2&'-&"3&5# "4'L$E# 34"0-"7-0/# 4D# &F2&'-&"3&@# Q6$0# 06&"# -1# $# 2&'14"?# $"5# J6$0# &F$30E/# $'&# /47h#`47'#'&124"1&#04#06-1#J-EE# 0&EE# /47?# J6&06&'# /47# .&E-&%&# /47# 6$%&# $"# $55-0-4"$E# [&1: 1&"3&\#06$0#5&D-"&1#/47#.&/4"5# 06&#&E&L&"0$E#.7-E5-"(#.E43C1#:# J6-36# 13-&"3&# 0&EE1# /47# '$06&'# 6$'16E/#:#/47#$'&#L$5&#72#4D@

<+)0*3)1*3.6).&E")'*)1%&'")+*%)9"#'3%"(;)6%*/)3()#5)"?#&.)#'F)+"#'3%"(G'-"="#$"%*5.&5"D:*D3E

!"#

!"#$"%

25

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

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

!"#$%&

/"#$%1-2030#40$')5")067'8

$%&'#(#)!*'+),'-.**/0'1'2).3'*.4#!"/)-'/*'-./)-'.)5'&4+/6'7*8

*+,&9:00-; 4*,#5( 6*.7859( :";;<=8,#( 85( >.8=&85( $=8;;( #&.5( ?@A222(&('#&.(;#$$(=B&5(,#5(B==CDEE666F="GF*.9F "7E#H"&;8='<8$$"#$E9#5%#.<#H"&;8='E#H"&;<C&'E 6*,#5<$=8;;<#&.5<IJ1IK3@222<'#&.<;#$$<,#5( L(MNOP/22 QKNRJPSK)ONOP

920& 70)-$0& '(& 7$0#-"4"-%<& =>& -2")?& -20$0('$0&>&@#8A E#7205&F$#70&G"55"#8;

bR(!B857(!B#.#:*.#(R(U&,c(8$(&($#.8#$(*:(*C#5(,8G(589B=$(R(-#9&5(*.9&58$< 859(;&$=('#&.(6B8GB(&.#(."5(85(G*;;&-*.&=8*5(68=B(=B#(NOP(O^(N8=#.&=".#( O*G8#='(&5%(=B#(NOP(4.8=#.$W(d"8;%F((R(5*=#%(=B&=(&=(NOPA(=B#.#(6#.#(,&5'( 6.8=#.$A(C#.:*.,#.$(&5%(&.=8$=$(6B*(6#.#(G.#&=859(&5%(R(=B*"9B=(8=(6*";%( -#(&(9.#&=(8%#&(=*(B&+#(&5(#5+8.*5,#5=(85(6B8GB(=B#'(G*";%($B&.#(=B#8.( ZRUN JDLQ FRQроКGHQFH LQ SHUIRUPLQJ DQG UHFHLYH IHHGEDFN )XUWKHUPRUH :*.(=B#(&"%8#5G#A(8=(6*";%(-#(&5(*CC*.="58='(=*($##($*,#(*:(=B#(#eG8=859( T*#$( =B#( -#&.( 85( =B#( U*B5( ;#68$( &%+#.=( %8#( &:< 6*.7(9*859(*5(.89B=("5%#.(=B#8.(5*$#$F =#.(-#859(&6*7#5(:.*,(B8-#.5&=8*5(-'(=B#(B&.#V( K;&.,(G;*G7(6*5W=(B#;C(6B#5(=B#(:.*$=(78G7$(85F 4#(&;$*(B&+#(C#.:*.,#.$(6B*($B&.#(=B#8.(:&+*".8=#(6*.7$(*:(*=B#.(&.=8$=$A( QUKXO!YNN 6B8GB(B#;C$(=*(:##%(=B#(#5=B"$8&$,(*:(*".(&"%8#5G#$(:*.(:".=B#.(#eC;*.&< =8*5(*:(=B#(&.=$F Z.##($"-$G.8C=8*5(=*(=B#(Z85&5G8&;(!8,#$[(MN*+< #NOP 48=B(=B#(B#;C(*:(,'(f*85=(G*<C.*%"G#.(_8.$='(_#55#'A(6#(6#.#(&-;#(=*($#< Q\]N^_PZNX)) G".#(:"5%859(:.*,(GB&.8='(R%#&$!&C(=*(."5(*".($"$=&85&-8;8='(&5%(#5+8.*5< ,#5=<=B#,#%(589B=(85(U"5#A(6B8GB(6&$(&(.#&;($"GG#$$F((Y+#.(=B#(C&$=('#&.A( ,/RYH/6( 'HYRXUHG FDQG\роЛRVV ZDUPO\ OLW 6#(B&+#(B&%(&(+&.8#='(*:(N*5%*5(&.=8$=$(C#.:*.,859(&5%(=B#(,*,#5=",(*:( ,#=F`(98+#5(-'(QNOPO^A(-"=(=B#8.(=*'$(5*=(B#;C< =B#(#+#5=$(7##C$(*5(-"8;%859F 859(,#(M>#&=!B#T#&%;85#[ Q!aP4PRYZNRZP !B#( #+#5=( ;&$=( 6##7( R( -#;8#+#( 6&$( 6#;;<.#G#8+#%F( 4#( B&%( $*,#( :&5=&$< =8G( =.&G7$( :.*,( !B#( a*"9B=*5#$( &( G&CC#;;&( GB*8.g( &5%( =B#( -&5%( J*5=.*;( C;&'#%(&(6*5%#.:";(&G*"$=8G($#=F(4#(&;$*(B&%(,&5'(5#6<G*,#.$(=&7#(=*( =B#($=&9#A(85G;"%859(C*#=$(N859(JB&59(&5%(J&,#.*5(P$C85*h&F 4#W.#(;**7859(:*.6&.%(=*(."55859(,*.#(f&,$(85(=B#(5#&.(:"=".#A($*(6&=GB( =B8$($C&G#F

!B#(>#&=(=B#(T#&%;85#$($=&;;(*5(a*"9B=*5( $=.##=( C.*+#%( C*C";&.( &5%( B*C#:";;'( B#;C#%(=*(7##C(&6&'(=B#(,8%<=#.,(-;"#$[

B$'8&-20&C0#40$A;& D$72"40;

!*(.#&%(=B#(G*,C;#=#(>#&+#.(&.< GB8+#(C;#&$#(+8$8=D( B==CDEE%898=&;F;8-.&.'F;$#F&GF"7E

*+,&+H&I.;"7& +'7"0-%&JK0)& I"7&)"L2-

@.5"#&+5.K;?#

!B#.#(6&$(,*.#(,"$8G(85(=B#(:*.,( *:( =B#( :*.=589B=;'( YC#5( \8G( 589B=( 85( !B#( !B.##( !"5$F( i#.B&C$( #+#5( EHWWHU DWWHQGHG WKDQ WKH роКUVW RI =B#('#&.(=B#.#(6&$(&(,8e(*:(9#5.#$( RQ RроЙHU IURP $EED WR (OWRQ -RKQ &5%(U&,#$(>;"5=(=*(\8;#'(J'."$F(

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

!"#

26

!"#$"%

!"#$%&

&'()'*+( A"9/'=$BCD(&E

*+4,2"*)/,8#"/), K):+*=,3".,3)11, $%&'(!)*+,-./#)&+, 9#,#](1./)+&,!"#, 0.1)2',!.3*/45, 2.=(*/*!)N#,+*/B 65/*#1,7+4#/, /*!)N#5,.<,@9/*B 879*/*:;,</.=, "*=,R,65**2,)+, 2.14,(#*2#,!., !"#,I^\@[,*+4, 5!/*!#&)2,(#*2#>?, 69/*")=,R,65=*?)1, @,!*1:,9',A/,@=B )+,!"#,QT\?@KD, +.+,@/*+,</.=, I")5,)5,(/#5#+!#4, CDEF(=BG(=, 9',!"#,_.5#(",6+B )+,!"#,H.1<5.+, !#/<*)!",-.7+4*B I"#*!/#J,K#3,@2*B !).+,*+4,OM%MT, 4#=)2,L7)14)+&D, 651*=)2,M.2)#!'D F70*/'=$BGH(&E

F&7,*/'=$BCG*(E

I"#,M!7,-#5!)N*1,.<, -..4,*+4,O)<#5!'1#, </.=,PF*=,B,C(=, )+,I"#,Q7*4D,I")5, )5,*,.+#B4*',<..4, R,1)<#5!'1#,#N#+!, #5(#2)*11',<./,!"#, 5!74#+!5,.<,OM%D, 6<,'.7,1.N#,'.7/, <..4J,#+S.',5(#+4B )+&,!)=#,)+,!"#, :)!2"#+,./,#N#+, )<,'.7?/#,*,2.=B (1#!#,9#&)++#/J, !"#+,!")5,#N#+!,)5, <./,'.7D,I"#/#,*/#, </##,2..:)+&,21*55B #5,*+4,+7!/)!).+*1, *4N)2#,5#55).+5D, 0175J,!"#/#?5,*+, )+!#/+*!).+*1,<..4, =*/:#!,9.*5!)+&,*, SODWWHU RI à­¾DYRXUV </.=,*2/.55,!"#, &1.9#D

OM%,MT,@@H,_*``, K)&"!,</.=,X(=, B,PF(=,)+,I)=9#/B '*/4J,^14,M!/##!J, %UPa,b[HD,I)2:B #!5,2*+,9#,9.7&"!, .+1)+#,*!,OM%MT, <./,VWDFFD,

OM%,MT,@@H, U.=#4',K)&"! </.=,G(=,B, PF;EF(=,)+,OM%, T+4#/&/.7+4 3)!",!)2:#!5,*N*)1B *91#,.+1)+#,*!, OM%MT,<./,VWDFFD ,, .0/90*/'= BCI(&E OM%MT,651*=)2, M.2)#!',%N#+! </.=,W(=,B,X(= )+,K@L,YDPZD,I"#, 5(#*:#/5,*/#, 6=*=,@94711*", [*5*+,R,\*99), U.1)+,%)=#/,

J,)/'=$BCC9/E M".714,!"#,@T, 4/)+:)+&,)+)!)*!).+, 2#/#=.+)#5,9#, 7+4#/,52/7!)+'>,@, 4#9*!#,</.=,P(=,B, Y(=,)+,UO8DXDFYD, .00809/$ BCK,/LCM(&E$ \@c,c#!5,O^MId, -/.=,b*=,B,C(=B [.7&"!.+,M!/##!D, c#!,!)2:#!5,</.=, OM%MT,<./,VYFDFFD,

!"#$%%#$%%&'(%)*$(% +",#$(-.$/%("#$%#$%% +,#$#$%.(%+",#$(-.$ 0,.&1#2%32&&2((

45.6$7,&$( 8&9( -#( :*9#:'( ;*.( WKRVH ZKR DUH FXW Rஉ IURP 75#6.( ;&,6:'( &9%( 5*,#<( !5&9=> IXOO\ &ULVLV DW &KULVWPDV RஉHUV D PXWXDOO\ EHQHஊFLDO VROXWLRQ ;*.( 75#( :*9#:'( ?5*,( -*75( :6+#( 69%**.$(&9%(*9(75#($7.##7$< 45.6$7,&$( 8&9( -#( &( $7.&9@#( 76,#( *;( '#&.( ;*.( $*,#( ?5#9( '*"( 7&=#( &?&'( 75#( 769$#:( &9%( -&"-:#$<( A&9'( *;( BCDE$( $7"> %#97$( ;.*,( 75#( FCGH( &9%( ;".> WKHU DஊHOG PD\ EH XQDEOH WR 7.&+#:(5*,#(;*.(75#(;#$76+#($#&> VRQ DQG DUH LQVWHDG FRQஊ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

.&'($/"0*$)($/"!5#'( &$$6$7( I#*I:#( ?5*( 5&+#( VXஉHUHG LQ DOO DVSHFWV RI OLIH $"85( &$( #%"8&76*9H( #,I:*'> ,#97H(5*"$69@(&9%(5#&:758&.#H( ?56:$7(&::(75#(76,#(:*--'69@(75#( @*+#.9,#97(7*(%#$6$7(;.*,(I".> $"69@( I*:686#$( 75&7( 8*9769"#( 7*( 7&.@#7( $*86#7'E$( ,*$7( +":9#.> &-:#H($"85(&$(75#(M-#%.**,(7&KE( &9%( 75#( 8"7$( 7*( 5*"$69@( -#9> HஊWV IRU VLQJOH PDOHV DJHG XQ> %#.( 32<( D&85( '#&.H( 75#'( ."9( &( $#.+68#(-#7?##9(119%>3275(N#> 8#,-#.(8&::#%(4.6$6$(&7(45.6$7> ,&$< .&'(1*$ (&0$ +,)*)*$ '($ +&,)*(2 3'*$*0,4)50$'6"7(4.6$6$(&7(45.6$7,&$(6$(&($#.+68#( 75&7( 75#( 85&.67'( 5&$( ."9( #&85( \HDU VLQFH WR RஉHU SHR> I:#(?675*"7(5*,#$($"II*.7(&9%( 8*,I&9'( &7( 45.6$7,&$H( ?5685( 75#'( *75#.?6$#( ,6@57( 9*7( .#> 8#6+#<( O675( #&85( '#&.( -.69@> 69@(@.*?69@($"88#$$H(75#.#(&.#( 9*?( 7#9( 8#97.#$( *I#9( &8.*$$( B*9%*9H( )#?8&$7:#( &9%( D%69> EXUJK 7KH ஊUVW ஊYH DUH GD\ 8#97.#$( ?5685( $#.+#( 75*$#( ?5*( &.#( 69( &88*,,*%&76*9( -"7( 756$( I.*+6$6*9( 6$( "9$7&-:#H( ;*.(#K&,I:#(75*$#(69(5*$7#:$(*.( VRID VXUஊQJ 7KH VHFRQG ஊYH &.#(1P>5.($5#:7#.$(?5685($#.+#( 75*$#(?5*(&.#(:6+69@(*"7(*9(75#( $7.##7$<(

.&'($ 8)9/$ ":$ &0;<$ ',0$ (&0=$ ;""8)9>$:",-$ 4.6$6$(&7(45.6$7,&$(9##%$(*+#.( 0H222(+*:"97##.$(7*(@#7(75#(8#9> 7.#$("I(&9%(."9969@<(G:*9@$6%#( Rஉ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ஊFLDO ‫ ڋ‬ZKHWKHU '*"(&.#(69(.#8#6I7(*;(75#(@**%$( WKH FHQWUHV RஉHU RU KHOSLQJ WR ."9(75#,H('*"(?6::(@#7(&(?&.,( ;"TT'( ;##:69@( 69$6%#<( !56$H( &;> 7#.(&::H(6$(?5&7(45.6$7,&$(6$(&::( &-*"7<(C##('*"(75#.#U

@12.".1,*3*/#+#55, 3##:,5!*/!5,.+,!"#, PG!",K.N#=9#/D , -./,=./#,)+<./=*!).+, .+,*+',.<,!"#5#,#N#+!5, ./,.!"#/,#N#+!5,'.7,=*', 9#,)+!#/#5!#4,)+,&.,!., 333D15#57D2.=,./,#=*)1, #N#+!5e15#D*2D7:,./,2*11, FYF,XbWW,CFZED 6<,*+',5.2)#!)#5,3.714,1):#, D VSHFLà­½F HYHQW PHQB !).+#4,)+,!"#,1)5!)+&5,5#2B !).+,!"#+,(1#*5#,5#+4,*, /#f7#5!,!.,5.2)*1e!"#9#*B N#/.+1)+#D2.D7:D

Thragor 2 ConnectIrmeli

!"#

!"#$"%

27

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

/$$0&1&2(3$* -),($,&."#*

E*( 4( M6*A( 7B&7( A##M( W( *@( 7#.,( :$( "$"&88'( %#6*7#%( &$( 7B#( H-8"#$?( A##ML( -"7( *6#( WKDW IRU D W\SLFDO роКUVW \HDU &7( XEY( A&$( 6*6=#K:$7#67( 7B:$( '#&.>( 46$7#&%L( 7B#( %#= SUHVVLQJ FORXG GHVFHQGHG D A##M( 8&7#( @*.( XEY( $7"%#67$( D:6(@&57L(:7($##,$(7B&7(#+#.'= WKLQJ DW /6( VHHPV WR KDS= O#6( 8&7#.( 7B&6( ,*$7( "6:+#.= $:7:#$Z( 4?%( 8:M#( 7*( 7B:6M( A#( DUH EHLQJ тАл┌РтАмIDVKLRQDEO\ ODWHтАл ┌СтАм F$(&([$5(Y5*6*,:5$($7"%#67( '*"( ,&'( 7B:6M( :7( A*"8%( -#( XQIRUJLYDEOH IRU PH WR PRDQ &-*"7( ,'( 7A*( Y\/2/( #$= $&'$L( AB#6( 5*,O&.#%( A:7B( 7B#(](*.(W(,'(X&A(&6%(\:$= 7*.'( @.:#6%$( &.#( @&5#%( A:7B=( -"7( B#&.( ,#( *"7L( &88( #$$&'$( 5&..'( #J"&8( $7.#$$^( 47?$( 6*7( <"$7(#$$&'(%#&%8:6#$(7B&7(&.#( FUHDWLQJ WKHVH :HHN EOXHV 2EVHUYLQJ IHOORZ )UHVKHUV D6*7( <"$7( 7B*$#( &7( XEYG( :7( VHHPV WKDW :HHN LV ZKHUH

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тАл┌СтАмV WKH VRFLDOLVLQJ WKDW

LV WDNLQJ WKH EDFN VHDW )URP QLJKWV RXW D ZHHN WR -&.#8'(*6#(&(A##M(:@(O#*O8#( DUH IHHOLQJ XS WR LW WKH HQ= 7B"$:&$,( @*.( 7B#( H"6:+#.$:7'( OLIHVW\OHтАл ┌СтАмLV GZLQGOLQJ ["7( 7B:$( A:88( 5*,#( -&5M>( 47( B&$( &8.#&%'( $7&.7#%>( F$( #$= $&'$( &.#( $"-,:77#%( &6%( 7B#( &KULVWPDV OLJKWV JR XS RQ 5HJHQWV 6WUHHW D GHJUHH *@( 5&8,( B&$( $7&.7#%( 7*( %#= $5#6%( *6( 5&,O"$>( 9#*O8#( B&+#( $7&.7#%( 7*( .#&8:$#( 7B#'( DUH JRLQJ KRPH LQ D PRQWK =( 7B&7?$( *68'( ]( ,*.#( _**( EDUV JX\V 6R FKLQ XS :H 5&,#( 7*( XEY( 7*( A*.M( B&.%L( -"7( A#( &8$*( 5&,#( 7*( O&.7'( B&.%>(P#(B&+#(B&%(*".(A##M( RI ZDOORZLQJ EXW ZH DUH DOO PDGH RI KDUG VWXроЙ ,WтАл┌СтАмV 7:,#( 7*( -*"65#( -&5M( &6%( JR KDUG RQFH DJDLQ $IWHU &88L( A#( A:88( -#( 7"5M#%( "O( :6( -#%( &7( B*,#( A:7B( *".( I",( DQG KHU VRRWKLQJ ZRUGV LQ D ,*67B``>

)LJKW WKH )ODE DOXPL DQFLHQV

$PHOLD 7KRPVRQ

!B#(%:#7(*@($7"%#67$(:$( *@7#6(&(O*O"8&.(7*O:5(*@( GLVFXVVLRQ DPRQJVW PRVW O#*O8#(AB*(&.#(6*7($7"= GHQWV 3DUHQWV JUDQGSDU= #67$L(7B#(,#%:&(&6%(#+#= .'*6#(:7($##,$(A*..:#$(*.( HQMR\V GHULGLQJ VWXGHQWV IRU WKHLU VHHPLQJ LQDELOLW\ 7*(#&7(B#&87B:8'(*.(:6%##%( #+#6(5**M(&7(&88>(

-8#$(&6%(7B#($"5B(8:M#>(!B#( 7#,O7&7:*6$(A*.$#6(:@('*"( 7&M#(:67*(&55*"67(7B#(1]= B*".(I5a*6&8%$(AB:5B(&.#( &+&:8&-8#(:6(X*6%*6L($*,#= WKLQJ P\ KRPHWRZQ GHроК= QLWHO\ GRHV QRW RроЙHU 0RUH= RYHU WKH ODWH QLJKW SDQJV RI KXQJHU HLWKHU DIWHU D ORW RI ZRUN RU D QLJKW RXW FDQ 8#&%(7*(J"#$7:*6&-8#(@**%( 5B*:5#$(AB:5B("$"&88'(B&+#( !B#($*(5&88#%(OB#6*,#6*6( VRPHWKLQJ WR GR ZLWK IULHG RI тАл┌РтАмIUHVKHUтАл┌СтАмV роЛDEтАл ┌СтАмKDV EHHQ 5B:5M#6>(PB#6('*"(,*+#( -&5M#%("O(-'($7&7:$7:5$( LQWR \RXU RZQ роЛDW VRPH= ZKLFK VXJJHVW WKDW RI 7:,#$(@&$7(@**%L(%"#(7*(:7$( VWXGHQWV JDLQ ZHLJKW GXU= :6B#.#67($O##%L(-#5*,#$(&( LQJ XQLYHUVLW\ DFFRUGLQJ @.:#6%(*@(,&6'(&($7"%#67>( WR KHDOWK PDJD]LQH DQG VKRFNLQJ роКQGLQJV VXFK DV \*A#+#.($7"%#67$($B*"8%( 7B*$#(@*"6%(-'(7B#(a&:8'( SHUKDSV VWRS WDNLQJ VR 0DLO ZKR VXJJHVW WKDW WKH PXFK роЛDFN IRU WKLV DSSDU= DYHUDJH VWXGHQW JDLQV WZR #67($7&7#(*@(#+#67$>(Q:.$7( VWRQH LQ WKHLU роК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

&($7"%#67(D#$O#5:&88'(:6( X*6%*6G($*(7B:$(5&6(&8$*( ,#&6(@**%(-#5*,#$(,*.#( :,O*.7&67>( Q*.(,'(O&.7(4(8:+#(A:7B(*6#( *@(7B#(B#&87B:#$7(#&7#.$(4( M6*A(&6%(4(B*O#(7B&7(7B:$( UXEV RроЙ RQ PH D OLWWOH ELW F$($7"%#67$(A#($B*"8%(&7= WHPSW WR роКJKW EDFN WR WKH FDPSDLJQ VWDWLQJ WKDW WKH AB*8#(-*%'(*@($7"%#67$(:$( "6B#&87B'>(P#(&.#(&7(*6#( *@(7B#(A*.8%?$(-#$7("6:+#.= $:7:#$>>>A#($B*"8%(-#(&-8#( WR GR VRPHWKLQJ DERXW 7B:$>(E*(O#.B&O$(:6$7#&%(*@( KHDGLQJ IRU WKH FUXPEOH 6#K7(7:,#('*"(&.#(:6(B&88$( 7&M#(&6(&OO8#(:6$7#&%>(b.( SODQ D IHZ HYHQLQJ PHDOV EHIRUH JRLQJ IRU \RXU A##M8'($B*O($*(7B&7('*"( &.#(O.#O&.#%(@*.(7B#(A##M( &B#&%>(SB#5M(*"7(B77OCcc ZZZ EEFJRRGIRRG FRP .#5:O#$c5*88#57:*6c"6%#.= PLQXWHV ZKLFK JLYHV .#5:O#$(*6#(5&6(,&M#(:6( "6%#.(12(,:6"7#$>( E*(8#7("$(-#&7(7B#($"O= SRVHG тАл)┌РтАмUHVKHUтАл┌СтАмV роЛDEтАл ┌СтАмDQG $B*A(7B#(A*.8%(7B&7($7"= %#67$(5&6(&6%(&.#(B#&87B'^

!"#$%&

!"#$"%$& '($)*$&#)++,& #$ 4(.#5#678'(.#.#&%(9.:%#(;(9.#<= "%:5#>( 47?$( *6#( *@( ,'( @&+*.:7#( QRYHOV DQG ,тАл┌СтАмYH роКQDOO\ роКJXUHG *"7(AB'C(,'(8:@#(&$(&(%#$:(D.#&%( E*"7B( F$:&6G( A*,&6( D.#&%( JLUO WRGD\ LV VR VLPLODU WR WKH *6#(%#$5.:-#%(-'(F"$7#6>(!B&7( %.#&%#%( H,?( A*.%( 5&$7$( :7$( VKDGRZ XSRQ HYHU\ роКEUH RI P\ H[LVWHQFH 2K PDUULDJH

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роЛHGJHG FDVH RI QDXVHD 7B:$( *,:6*"$( J"#$7:*6( *@( ,&.= ULDJH LW LVQтАл┌СтАмW MXVW OLPLWHG WR XV S*67.&.'(7*(O*O"8&.(-#8:#@L(7B#( :67#.6&7:*6&8($7"%#67$(AB*(&.#( ,#6( %*6?7( B&+#( :7( &6'( #&$:#.>( .**7#%(:6(*".(7.&%:7:*6$> 7KH\ QHHG WR IXOроКOO WKH FULWHULD RI тАл┌РтАмHOLJLEOH EDFKHORUVтАл ┌Л ┌СтАмPRQH\ $V D \HDU ROG JUDGXDWLQJ #%"5&7:*6L(D8**M$GL(<*->(E*5:#7'( 6#K7('#&.(D4(,&'(-#(%:$*A6#%(:@( LV JHQWOHU ZLWK WKHP тАл ┌ЛтАмJLYLQJ , GRQтАл┌СтАмW , DP GUHDGLQJ WKH SURV= 7B#,(H-#$7=-#@*.#?(%&7#$(.&7B#.( SHFW RI UHWXUQLQJ KRPH 1RW 7B&6( 7B#( *,:6*"$( #KO:.'( %&7#>( EHFDXVH , GRQтАл┌СтАмW PLVV LW , JHQ= )URP WKH JLUOтАл┌СтАмV IDPLO\тАл┌СтАмV SHU= ":6#8'( %*L( -"7( -#5&"$#( 4( M6*A( $O#57:+#L( &( ,&6( :$( -#$7( -#@*.#( AB&7(&A&:7$(,#(N(7B#(@#&.$*,#( 32L( &@7#.( AB:5B( B#( :$( 5*6$:%= .:$B7&( D8:7#.&88'( 7.&6$8&7#%( &$( #.#%(&(-:7(*8%(@*.(7B#:.(-#8*+#%( HO.*O*$&8?GL( &"67:#$( AB*( B&+#( GDXJKWHU ZKRVH IDPLO\ E\ WKLV PDGH PDWFKPDNLQJ WKHLU OLIHтАл┌СтАмV 7:,#L( B&$( &8$*( <",O#%( 7*( 7B#( ,:$$:*6>( 5*658"$:*6( 7B&7( :@( B#( B&$6?7( -##6($6&OO#%("O(&8.#&%'L(B#(:$( D4( ,"$7( 58&.:@'( B#.#( 7B&7( 4( &,( $".#( 7*( -#( &( 58*$#7( B*,*$#K"= QRW FULWLFLVLQJ WKRVH ZKR JHW DO JD\ ULJKWV DUH SUHWW\ PXFK ,&..:#%( #&.8'( *6( :6( 7B#:.( 8:+#$( 6*6=#K:$7#67G> EXW RQO\ LI WKH\ JHQXLQHO\ ZDQW ( :7(@*.(7B&7(:$(AB&7(,"$7(-#(#,= !B#( O*:67( *@( ,'( .&67T( S*"67( -.&5#%(N(7B#(@.##%*,(7*(5B**$#( \RXU EOHVVLQJV LI \RX GRQтАл┌СтАмW KDYH 7B#(HAB*?(&6%(7B#(HAB#6?(AB#6( WKH DERYH VLWXDWLRQ ZDLWLQJ IRU :7( 5*,#$( 7*( 7B#( 7&8M( *@( ,&.= \RX RQFH \RXтАл┌СтАмYH JUDGXDWHG ,I ULDJH

'*"(%*L(A#88L(4(B*O#(7B&7(:7(:$6?7( 7**( $8*A( *.( 7**( O&:6@"8( &( O.*= PB:8#L( &6%( B#.#( 4( &,( 8:,:7#%( 5#$$>(U*"(B&+#(,'(-#$7(A:$B#$( 7*( ,'( *-$#.+&7:*6$( &8*6#L( ,'( IRU \RXU XSFRPLQJ ZHGGLQJ $*5:#7'( B&$( -#5*,#( ,*.#( &5= 7B&7(4L(&6%(&6*7B#.(V22(O#*O8#( FHSWLQJ TXLWH GHEDWDEOH LQ WKH '*"( %*6?7( M6*AL( A:88( O.*-&-8'( 8&$7( @#A( %#5&%#$( *@( 7B#( HAB*?L( &77#6%>( 4@( '*"( %*( M6*A( ,#( *.( 7B#( HAB#6?( :$( $7:88( &( 5&"$#( @*.( KDYH E\ QRZ роКJXUHG RXW ZKR 5*65#.6>( Q*.( A*,#6L( 7B#( H:%#= , DP тАл ┌ЛтАмOHW WKH ULVKWD JDPHV EH= DOтАл ┌СтАмDJH EHJLQV DV VRRQ DV VKH JLQ

рл╣UHPHGLF

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

!"#

28

!"#$"%

!"#$%&

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

W#A%('*".(@"#$=>*A$(=*( $*H>&?Y=;#-#&+#.*A?>A#GH*,

/"0& 01"& !"#$"%& #2)3"%&4-+% &5+")06-2)777

*+,-.+

$#%&'(#%)#&* +,-#,.#' !"%!' /' &#%001' 023#' "%4' #)#.!5%001' %43#6'-#'!,'%'4,72%0'8%!"#&2.8'92!"'!"#-'",9: #)#&'/'%-'.,!';52!#'45&#'",9'/'4",506'<#"%)#',&' %7!'9"#.'9#'%&#'!,8#!"#&'%!'!"#'=%&!1>'/'6,.?!' &#%001' 3.,9' 9"#!"#&' "#' 24' @54!' <#2.8' A&2#.601' ,&'!"2.32.8'!"%!'!"24'24'%'B6%!#?>'C#'"%)#'<##.' A&2#.64'A,&',)#&'%'1#%&'%.6'/'"%)#'023#6'"2-'A,&' %<,5!'!"#'4%-#'%-,5.!',A'!2-#':'/'6,.?!'9%.!' WR JHW RYHU H[FLWHG RU PHVV LW XS +RZ GR , ୽QG ,5!' 9"%!' "#' 24' !"2.32.8' %.6' ",9' 4",506' /' %7!' 9"#.'9#?&#',5!'!,8#!"#&D' :'E,.A54#6'",9'%7!4'=#&7#2)#6 4#&.(56789(

8#2,-(&.2-39",:" 4*('*"(<A*C(=;#(A&,#$(&$$*H>&=#%(C>=;( GLஉHUHQW ZHGGLQJ DQQLYHUVDULHV" XL&,J?#Z(/$=(&AA>+#.$&.'(>$(J&J#. /G([=;(&AA>+#.$&.' 1G(/1=;(&AA>+#.$&.' 3G(3\=;(&AA>+#.$&.' ]G(^\=;(&AA>+#.$&.' \G(_2=;(&AA>+#.$&.' /G(M**?(1G(W>?<(3G(5*.&?(]G(`?"#(W&JJ;>.#(\G(a"-'(b"->?##

;#<+9#0"&01"&#9<-1-9&+260) !;#()6W(.#H*,,#A%$(=;&=(,#A($;*"?%( A*=(.#F"?&.?'(%.>A<(,*.#(=;&A(3I]("A>=$(*B( &?H*;*?(J#.(%&'(&A%(C*,#A(A*(,*.#(=;&A( 1I3("A>=$G 4*('*"(<A*C(;*C(,&A'("A>=$(&.#(>A(%>BI IHUHQW W\SHV RI DOFRKRO" /G(cA>=$(>A(&(J>A=(*B(;>F;#.I$=.#AF=;( ?&F#.E-##.EH>%#. 1G(cA>=$(>A(&($=&A%&.%(F?&$$(*B(C>A#( N/[\,?O 3G(cA>=$(>$(&(1[\,?(7?H*J*J /G(3((((1G(1G/((((3G(/G\

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ஊW WR LQIRUP KLP *B(C;&=('*"(;&%(-##A("J(=*G(M;#A('*"(F*=(=*( =;#( J&.='( =*F#=;#.( -#( B.>#A%?'( &A%( #AH*".&FI >AF( -"=( &?$*( H&$"&?G( :*"( %*( A*=( C&A=( =*( ;&.,( =;#(B.>#A%$;>J(*.($##,(=**(<##A(N#+#A(=;*"F;( '*"(&.#OK(P**<(&,&Q>AF(-"=(>A(&($*.=(*B(RA*=(=**( PXFK HஉRUW ZD\‫ ڑ‬$OVR VHHP OLNH \RX DUH UHDOO\ -"$'(>A(?>B#(-"=(,&<#($".#('*"(%*(A*=($J#&<(=**( ,"H;(*.($##,(?><#('*"(&.#(%#?>-#.&=#?'(=.'>AF( WR LPSUHVV KLP RU WHOO KLP KRZ PXFK \RX GRQ‫ڑ‬W QHHG KLP 'RQ‫ڑ‬W VHHP WRR FRRO EXW EH FDOP KRSHIXOO\ KH‫ڑ‬OO JHW WKH PHVVDJH LI KH ZDQWV WR .#H#>+#(>=K(S**%(?"H<G( ''''''''''''''''''''''''''''''''''''''''''''''

$#%&'(#%)#&*' F%)2.8'.,9'<##.'2.'"%004'A,&',)#&'G'9##34' , DP ୽QGLQJ WKH VWDWH RI WKH NLWFKHQ LQFUHDV: 2.801' A&54!&%!2.8>' H,!' ,.01' 6,#4' 2!' 0,,3' 023#' %' ERPE ZHQW R୼ DIWHU D ZHHNHQG RI VWXGHQW OLIH <5!' 4,-#' =#,=0#' 4##-' 2.7%=%<0#' ,A' 9%4"2.8' XS DQ\WKLQJ , DP ZRUULHG WKLV PD\ D୼HFW P\ KHDOWK 0RUHRYHU , DP VX୼HULQJ VHULRXV KXQ: 8#&' =%2.4' 2.' !"#' -,&.2.84' %4' /' %-' 5.%<0#' !,' #%!'-1'545%0'<&#%3A%4!',A'7#&#%0'65#'!,'%00'-1' -203'<#2.8'6&5.3'2.',.#'#)#.2.8',.01'%<,5!'IJ' ",5&4' %A!#&' /' <,58"!' 2!>' K00' -1' 32!7"#.' 5!#.: 4204'"%)#'8,.#'%4'9#00>'F,9'6,'/'4%A#85%&6'-1' 2!#-4'%.6'<&%)#'2!'!"&,58"'!"24'!2-#D'

;&??$9(#$J#H>&??'(>A(=;#(<>=H;#A$G(U?**.$(&.#(*BI =#A(>A#LJ?>H&-?'($=>H<'(&A%(>=(>$(V"$=(-#==#.(=*(-#( $&B#(=;&A($*..'K()#L=(D(C*"?%($&'(%*(A*=(?#&+#( '*".( <>=H;#AC&.#( >G#G( J*=$9( J&A$9( "=#A$>?$( &A%( %.>#%(F**%$(>A(=;#(<>=H;#AG(U>A%($J&H#(B*.(=;#,( >A('*".(.**,G(D(<A*C($J&H#(,&'(-#(?>,>=#%(-"=( B**%( =.",J$( ,*$=( *=;#.( =;>AF$G( DA( =#.,$( *B( ,>?<(=;>$(>$(+#.'(%>உ>H"?=G(!.'(?&-#??>AF(>=(C>=;( '*".(A&,#(,&'-#(*.(-"'>AF($,&??#.(H&.=*A$($*( >=(>$(A*=($"H;(&(F.#&=(?*$$(>B(>=(%*#$(F*(C&?<&I -*"=$G( D( <A*C( >A( $*,#( ;&??$( ?&$=( '#&.( J#*J?#( =;.#&=#A#%(=*(J"=(?&L&=>+#$(>A(=;#(,>?<(>A(*.%#.( WR GLVFRYHU ZKR WKH SKDQWRP ‫ڐ‬PLON WKLHI‫ ڑ‬ZDV , C*"?%(;*C#+#.(A*=($"FF#$=(=;>$(&$(>=(>$(&(?>==?#( #L=.#,#(&A%(J*=#A=>&??'(>??#F&?G(!.'(H;&==>AF(=*( *=;#.$(C;*("$#('*".(<>=H;#A(&A%(J#.;&J$(H.#I &=#(&(B&H#-**<(F.*"J(*A(C;>H;(F.>#+&AH#$(H&A( -#(#&$>?'(&>.#%(&A%($*.=#%(*"=G( ''''''''''''''''''''''''''''''''''''''''''''''

$#%&'(#%)#&*' L"#' 7,-=5!#&M' /L' 414!#-' %!' N+O' 4##-4' !,' 7,.4!%.!01' 0#!' -#' 6,9.>' P2.62.8' %' 7,-=5!#&' LV WKH ୽UVW KXUGOH WR RYHUFRPH DV HYHU\ZKHUH 4##-4'4,'<541'%00'!"#'!2-#>'/'#.6'5='9%.6#&2.8' %&,5.6' A,&' 9"%!' 4##-4' 023#' ",5&4' !,' !&1' %.6' ୽QG D IUHH ZRUN VWDWLRQ $OVR LI , GR PDQDJH WR ୽QG D FRPSXWHU DQG ORJ LQ WKHQ P\ DWWHPSWV WR =&2.!',A!#.'=&,)#'A&52!0#44>'L"#'=&2.!#&4'4##-'!,' <#'2.'7,.4!%.!'624%&&%1'#2!"#&'92!"'=%=#&'@%-' 2445#4*'6&%9'-%0A5.7!2,.4',&'!"#1'%&#'@54!'2.'%' <%6'-,,6>'/!'24')#&1'A&54!&%!2.8'%4'/',A!#.'A%20'!,' SULQW R୼ P\ OHFWXUH VOLGHV EHIRUH OHFWXUHV DQG 9%4!#'",5&4',A'-1'!2-#'92!"'!#7".27%0'2445#4>' $,' 1,5' "%)#' %.1' 4588#4!2,.4' %4' !,' ",9' /' 7%.' &#-#61'-1'75&&#.!'=&#627%-#.!D' :'Q&%7!27%0'7,.450!%!2,. 4#&.(859( U>A%>AF(&(B.##(H*,J"=#.(>A(PWX(>$(J#.;&J$( &$(%>உ>H"?=(&$(F#==>AF(*A(=;#(="-#(%".>AF(."$;( KRXU 7KHUH DUH PDQ\ ‫ڐ‬KLGGHQ VSRWV‫ ڑ‬IRU ஊ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

:'/.!#&#4!'7,.7#&.2.8'3##=2.8'1,5.8 I(4#&.(D5T:9 D(&,($".#(=;>$(>$(&(J.*-?#,(,&A'($="%#A=$( B&H#( "J*A( ,*+>AF( >A=*( ;&??$( &A%( =;&=( >=( B."$I =.&=#$(,&A'(J#*J?#G(U>.$=(D(C*"?%(&%+>$#(=*(&?I C&'$( C#&.( $;*#$( C;#A( C&?<>AF( &A'C;#.#( >A(

(

!PRIVATE B !

%%%%%%%%%%%%%%%%!"#$%&'#(&)*%&+,-%+.&/)01&'#(&)*%&2%'0$0),#34

%%%%%%%BH:K<KH%BEBPQIQ??%EQQO%?9Q:MBH% %%%%JKGP%<BI@J%RGM@Q%!K%!<M?%EQQOS?%IKI=7Q?!MTM!MQ?

% !"#$%%&'()*+#'()##),@'46%$'11,C+%5'4A'6%0#>$D

567859:;8&<=&8>8?5@ N,-*43V%N,.(+4#1%-#>"+%#-%+"'%!C-$=%T#6>#-%N46= 3$D%4-*%:'1#24.3%K-%!"'%5'4."%F,6%411W%X7,11,&'*% 23%+'4%4-*%4%$#->=41,->Y !C'$*43V%:,/'*3%-#>"+=%#$%$+4-*C0%FC--3%&"'-% 3,CS6'%$,2'6Z%7#-*%,C+%&#+"%C$W%7'4+C6#->%O'-% @,**%4-*%94C1%:"C.(1';%X7,11,&'*%23%>#->'6%41'% 4-*%4%$#->41,->Y E'*-'$*43V%@,-S+%[,#-%C$%4+%\,,%546W%XU,#-%C$%#-= $+'4*%F,6%4%$.6''-#->%,F%]:1,C*3%E#+"%B%:"4-.'% ,F%N'4+2411$%^SY 7KXUVGD\ 0XVLF 1LJKW FOLFN \RXU роКQJHUV DQG WDS \RXU IHHW WR VRQJV E\ FOHDQ PXVLFDO роКJXUHV OLNH &OLроЙ 5LFKDUG X?#->%41,->W%76''%",+%.,.,4% #-.1C*'*Y 76#*43V%@,%BG%#-#+#4+#,-$%-''*%/,6'%$.6C+#-3Z% E4+."%R'-?'.%U43%?+,11%*'$0'64+'13%+63#->%+,%40= 0'41%+,%2,+"%$#*'$%,F%,C6%0C21#.%*'24+';%XI,%/,6'% $#->41,->$;%!"#$%#$%14/'%'-,C>";%Q*;Y ?4+C6*43V%B%-#.'%&41(%4-*%4%[#>$4&%0C__1';

M$%41.,",1%4%-'.'$$#+3%#-%$+C= *'-+%1#F'Z%M-%-'&%6'$'46."% F6,/%+"'%H?Q%?,.#41%9$3.",1= ,>3%*'046+/'-+D%*6#-(#->% F'4+C6'$%#-%4%4%6'F,6/C14+#,-% ,F%+"'%.14$$#.%]N4$1,&S$%<#'6= 46."3%,F%I''*$S

E'%46'%*#$>C$'*%23%+"'%466'$+% ,F%GHG%96'$#*'-+%:"'$$C/%,-% +"'%$0C6#,C$%."46>'%,F%-,+%#-= F,6/#->%9,1#.'%,F%4%06,+'$+;%I,+% FRRO PDQ роКJKWEDFN

?'-*%C$%3,C6%,0#-#,-%+,*43%4+%% &'+"#-(&'46'FC--3`06#= A4+'2;4.;C(D%,6%&6#+'%4%.,/= /'-+%0#'.'%,-%#+%1#('%'A'63= 2,*3%'1$';

9;%H''$ K;%746=:4/0C$

J,C6$%#-%6'$#$+4-.'D%

@'46%5'4A'6D K-%2'"41F%,F%+"'%BG%&'%&,C1*% 1#('%+,%'L06'$$%,C6%'L.#+'= /'-+%4+%+"'%C0.,/#->%B1.,",1% B&46'-'$$%'A'-+$; J,C6$% 9;%M-+$D%?;<;%K++$D%N;%!;%E411'+D% E41+'6%O-#>"+%

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

DOO TXRWHV DUH FRPSHOHWHO\ роКFWLFLRXV

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

!"#

30

!"#$"%

6)7'2689:; <,-!$#)'(2=",>)+,0+?

$ JURXS RI /6( 6WXGHQWV 4#&%#%( 8*( A%76-".=4( 847$( <&$8( ?##D#6%( 8*( .#<.#$#68( 7KH 6QRZVSRUWV &OXE LQ RQH *9( J.78&76B$( >&.=#$8( %.'C$>*<#( VQRZVSRUWV FRPSHWLWLRQV ( J.787$4( 567+#.$787#$( :6*?$C SRUWV &RXQFLO %86& LV WKH 4*$8( *9( !4#( J.787$4( 567+#.$7C WLHV 'U\ 6ORSH &KDPSLRQVKLSV %8'6 DQ DQQXDO WZR GD\ GU\ VORSH FRPSHWLWLRQ VWDJHG QHDU +LOOHQG LQ (GLQEXUJK 6FRWODQG $ WHDP RI роКYH UDFHUV PDGH XS /6(тАл┌СтАмV VW UDFH WHDP ZLWK WKLV \HDUтАл┌СтАмV HQWU\ EHLQJ D роКUVW LQ 84#(47$8*.'(*9(!4#(:6*?$<*.8$( &OXE 7KH WHDP FRPSHWHG LQ WKH FDWHJRU\ тАл┌РтАмVNL GXDO VODORPтАл ┌СтАм EXW ZDV EHDWHQ LQ WKH роКUVW URXQG E\ &DUGLроЙ 8QLYHUVLW\ !4#( 4*,#( 8#&,( A%C 76-".=4( 567+#.$78'( $#C FXUHG WKH RYHUDOO YLFWRU\ (

/6( 6QRZVSRUWV 3UHVLGHQW &KDULV 5HLG D UG \HDU 0DWKHC PDWLFV DQG (FRQRPLFV VWXGHQW $8&8#%( 84&8( M84#( 8#&,( %7%( &6( DPD]LQJ MREтАл ┌ХтАмDQG WKDW тАл┌ФтАмWKHUH ZDV D JUHDW EX]] DQG DWWLWXGH VXUURXQGLQJ WKH HYHQW тАл┌ХтАм &KDULV IXUWKHUPRUH PHQC WLRQHG WKDW WKH FOXE DLPV WR ,&D#( @:AB$( #68.'( &( 8.&%787*6( E\ FRQWLQXLQJ WR HQFRXUDJH UDFHUV RI DOO DELOLWLHV WR SDUWLFLC SDWH DQG WKDW HQWHULQJ FRPSHC WLWLRQV ZLOO EH D FUXFLDO DLP RI WKH FOXE JRLQJ IRUZDUG 5DFH &DSWDLQ +DUULHW 6PLWK D UG \HDU (FRQRPC LFV ZLWK (FRQRPLF +LVWRU\ VWXGHQW DOVR H[SUHVVHG KHU H[FLWHPHQW DERXW WKH FRPC <#8787*6;( $8&876=( 84&8( M78( ?&$( =.#&8( 8*( $##( $*( ,&6'( #684"C VLDVWLF UDFHUV LQ RQH SODFH тАл(┌ХтАм ,QWHUHVWHG LQ MRLQLQJ WKH UDFH WHDP" (PDLO WKH FRPPLWWHH RQ #&'()&*'+,-.)+"'#('&,

:0%%)@27A0$7()?2$72B:<2C7'72>$%/(2"+ 3-,$+24))%5())+

!4#( 567+#.$78'( *9( :"..#'( /$8( 8#&,;( 84#( $"<<*$#%( $8.*6=#$8( $7%#( 76( 84#( >#&="#;( ?#.#( 84#( +7$78*.$( 76( ?4&8( ?&$( -7>>#%( -'( @:AB$( /$8( 8#&,( &$( &( $#&$*6( GHроКQLQJ PDWFK /6(тАл┌СтАмV VTXDVK 8#&,( -."$4#%( &$7%#( 84#7.( .#C FHQWO\ UHOHJDWHG FRXQWHUSDUWV LQ D YLFWRU\ тАл ┌ЛтАмQRW FRQFHGC LQJ RQH JDPH DFURVV WKH роКYH PDWFKHV A84&6( !4*.68*6( ,&%#( #&$'( PHDW RI KLV RSSRQHQW RроЙHULQJ D PDMHVWLF PL[ RI ERWK WKH SRZC HUIXO DQG WKH GHOLFDWH DVSHFWV RI WKH JDPH KH OHIW WKH VSHFC WDWRUV LQ DZH DW RQH SDUWLFXODU &6=>#%( 9*.#4&6%( ?766#.( 768*( WKH IURQW ULJKW RI WKH FRXUW A84&6B$( .#>#68>#$$( $8.7D76=( &9C 9*.%#%(47$(*<<*6#68(6*(*<<*.C 8"678'( 8*( =#8( 768*( &6'( D76%( *9( UK\WKP 7KH IUXVWUDWLRQ RI WKH <>&'#.( 9.*,( :"..#'( ?&$( +7$C

LEOH KH ORVW KLV FRQFHQWUDWLRQ DQG DV WKH PDWFK SURJUHVVHG WKLV FRPELQHG ZLWK (WKDQтАл┌СтАмV FRQVLVWHQF\ SURYLGHG (WKDQ D QXPEHU RI FKHDS SRLQWV DQG D YLFWRU\ VW WHDP FDSWDLQ 7RP %HDUSDUN ERXQFHG EDFN IURP %#9#&8( 84#( ?##D( -#9*.#( ?784( D FRQYLQFLQJ ZLQ $OWKRXJK WKH LQWHQVH UDOO\LQJ RI WKH роКUVW 9#?( <*768$( $"==#$8#%( &( 87=48( PDWFK ZDV DKHDG 7RP TXLFNO\ IRXQG VXFFHVV ZLWK D QXPEHU RI GURS VKRWV LQWHOOLJHQWO\ H[C <>*7876=( 47$( *<<*6#68$( ?#&DC 6#$$;(,*+#,#68(8*(84#(9.*68(*9( WKH FRXUW 7RPтАл┌СтАмV RSSRQHQW ZDV FOHDUO\ DQJU\ DW KRZ KH ZDV IDLULQJ LQ WKH PDWFK VKRXWC LQJ DQG WKURZLQJ KLV UDFTXHW LQ DQQR\DQFH +RZHYHU 7RP NHSW KLV FRRO DQG OHW KLV VTXDVK %*( 84#( 8&>D76=;( D##<76=( "<( &6( H[FHOOHQW VWDQGDUG 7KH PDWFK ?&$(*6#(?784(&(<*768(84&8(8'<7C

роКHG 7RPтАл┌СтАмV SHUIRUPDQFH KH WXUQHG GHIHQFH LQWR DWWDFN LQ *6#( $4*8;( 478876=( -&>>( &=&76$8( VLGH ZDOO IURP WKH EDFN RI WKH FRXUW WR WDNH LWV VHFRQG ERXQFH VKRUW RI 6XUUH\тАл┌СтАмV SOD\C HU тАл ┌ЛтАмD WUXO\ VXSHUE VKRW $ ZLQ IRU 7RP 7KH RWKHU WKUHH PDWFKHV VDZ HTXDOO\ H[HPSODULO\ SHUC IRUPDQFHV 3HWHU *ULIILQ WRRN DQ YLFWRU\ VKRZHG VXSHUE FRQFHQWUDWLRQ LQ D PDWFK WKDW LQFOXGHG VRPH IHURFLRXVO\ ORQJ UDOOLHV &KDUC OLH %LUNLQ FDPH RXW D ZLQQHU DQG 0DFDULR &KXQJ VHDOHG WKH YLFWRU\ 76( &( 4&.%( 9*"=48( /1C/2;( //C1;( VXFFHVV 7KH YLFWRU\ WKH VL[WK RI VL[ PDWFKHV IRU WKH VW WHDP VHQW D FOHDU PHVVDJH WR WKH UHVW *9( 84#( %7+7$7*6( &$( 84#'( -7%( 8*( DFKLHYH WKH роКUVW SURPRWLRQ LQ VL[ \HDUV

WELCOME TO THE JUNGLE $V D ZLVH PDQ RQFH VDLG тАл┌РтАм7285тАл ┌СтАм,I \RXтАл┌СтАмG WDNHQ D WRXU *9(E**(*6(F#%6#$%&';('*"B%( KDYH VHHQ D IHZ WKLQJV +HUH 7$(&(>7$8(*9(84*$#(8476=$(>**$#>'( FRPSLOHG LQWR DQ DUWLFOH IRU \RXU FRQYHQLHQFH G6#(?*,#6B$(."=-'( 9.#$4#.(9#>>(&$>##<(76(84#(8*7>#8( DQG ZRNH XS LQ KRVSLWDO тАл ┌ЛтАмD %#-&8&->#(7,<.*+#,#68(=7+#6( WKH VWDWH RI WKH 1+6 IROORZLQJ 7RU\ FXWV SROLWLFDO VDWLUH 6SHDNLQJ RI 7RU\ HU FXWV WKH ZDYH RI 0HDGRSKLOLD FRQC WLQXHG DV WKH +XQQ\ %DGJHU VQLроЙHG RXW D <DT LQ WKH ODWHVW 76$8&>,#68(*9(84#(>*+#($8*.'(

WKDW UHIXVHV WR GLH 7KHLU JDPH RI +DFN D <DT ZDV FXW $4*.8(84*"=4(?4#6(&(?*,#6B$( UXJE\ SOD\HU WRRN WKH H[HFXC WLYH GHFLVLRQ WR WU\ IRU VRPH 0HJD JLUO RQ JLUO DFWLRQ H#6B$(."=-'(%7%6B8(9&.#( VR ZHOO &OXE &DSWDLQ DQG 3UHVLGHQW RI 0RFNWDLO 6RFLHW\ 0& 6KHUU\ FKXQGHUHG DW SP DIWHU WZR SLQWV :LWKRXW KLV 76$<7.76=(>#&%#.$47<($#+#.&>(*9( ,#,-#.$(?#.#(>#98(8*(=#8(6&C D#%(76(84#(!"6$;(%#$<#.&8#(9*.( 84#(&88#687*6(%#67#%(8*(84#,( VLQFH WKHLU SDUHQWV VHQW WKHP RроЙ WR ERDUGLQJ VFKRRO 7KDW GLGQтАл┌СтАмW VWRS 3UHVLGHQW

/HWтАл┌СтАмV )DFH ,W ,WтАл┌СтАмV :HHN $QG ,тАл┌СтАмP 5HDOO\ 3XVKLQJ ,W :LWK 7KLV %U\DQ &UDQVWRQ -RNH 9.*,(?&6876=(8*(I",<($47<( WR UXJE\ +H ZDV LQLWLDWHG RQ WKH VWHSV RI 6W &OHPHQWV DQG LQ EHWZHHQ ERXWV RI FKXQGHU FRXOG EH KHDUG LQYLWLQJ D IHZ *9(47$(6#?(-.*$(9*.(&(F#$8( &RDVW KROLGD\ тАл\┌РтАмRXтАл┌СтАмG ORRN JRRG LQ D WDQN WRSтАл& ┌СтАмDC OL N 7KH )& ZHUH VHHPLQJO\ GRC LQJ WKHLU EHVW WR ZLQ WKH 3UH] EDFN RQH WKLUG WHDPHU *HQHUC DOO\ QRW RQ KLV -RQHV RYHU WKH &RXUVH RI WKH HYHQLQJ DQG WKH J##.4*.$#(=#8876=(76+*>+#%(76(

VRPH VKDKLG\ EXVLQHVV 2QH KD##<#.(<.*+#%(47,$#>9(&%#<8( &8(8?*C*6C*6#$;(4&6%>76=(A>( &RFN ZLWK DSORPE :LWK VRPH RI KHU FROC OHDJXHV LQ =RR FRQGXFWLQJ тАл┌РтАмUHC VHDUFKтАл ┌СтАмRQH IXOO WLPH =RR JRHU DSSHDUHG WR WDNH D VDEEDWLFDO 9.*,(?*.D(8*(."6(&('*"84(*"8C UHDFK SURJUDPPH VDPSOLQJ WKH ULFK PRXQG RI IUHVK PHDW DYDLODEOH 7KH SURJUDPPH 9*"6%($"<<*.8(9.*,(&9&.C4';( *HW <HU 'LFN ,Q 6RQ VHHLQJ KLV OLWWOH EURWKHU QRW TXLWH OLYH XS 8*(84#(9&,7>'(6&,#(?784(47$( RZQ ROG роЛDPH .HHS LW LQ WKH IDPLO\ тАл ┌ЛтАмZKHUH WKHUHтАл┌СтАмV D :LOO

WKHUHтАл┌СтАмV D ZD\ WRR \RXQJ $QG QRZ MXVW DV WKH тАл┌РтАм, !*".B(,&6(?&$(>#98(8*($78(*6(47$( RZQ LQ WKH FRUQHU RQ :HGQHVC GD\ VR , PXVW OHDYH \RX GHDU UHDGHU , GRQтАл┌СтАмW NQRZ ZKR WKH JX\ , FODLPHG , ZDV ODVW ZHHN LV EXW KDYLQJ )DFHERRNтАл┌СтАмG KLP WKHUHтАл┌СтАмV QR ZD\ KH FRXOG FRQC VWUXFW VHQWHQFHV OLNH WKHVH 7LOO QH[W WLPH ,тАл┌СтАмP GHроКQLWHO\ QRW -RVK 3DVVH EXW , PD\ RU PD\ QRW EH $OL /\QFK F&'(8*( WKURZ WKHP RроЙ WKH VFHQW (GL

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

!"#

!"#$"%

31

7XHVGD\ 1RYHPEHU

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

#66&3:2&B/<&27:&#37:3&=&%/?1A&J

,/&+012034&+//25066& 2783&9::;&2701;3&2/& 27:&812:<1028/106& 5<:0;&=&7/>:&066&4/?& "1@601A&B013&/?2& 27:<:&0<:&:1C/481@& 2702D&

E1&27:&6032&</?1A&/B& <?@54&0?2?F1&812:<= 1028/1063G&"1@601A& 6/32&HI=JJ&2/&,:9& K:0601A&A:3>82:& 0&L068012&<:3?<= @:1M:G&70L81@&5::1& NO=H&A/91P&Q06:3& 27<037:A&#<@:12810& RI=S&5?2&E<:601A& M/?6A1T2&701A6:&#?3= 2<0680G&@/81@&A/91& HJ=NU&02&27:&#L8L0P& %?@54&.:0@?:T3& ZRUOG FXS ૹQDOO\ @:23&2/&27:&:VM8281@& >0<2&1:V2&9::;:1AW& "1@601A&5:02&+<01M:& 81&27:&50226:&/B&27:& C/812&7/323&2/&@/& LQWR WKH VHPL ૹQDOV 06/1@38A:&,:9&K:0= 601A&01A&#?32<0680G& 97/&360?@72:<:A& 'M/2601A&01A&27:& X'#&<:3>:M28L:64P&+8C8& DQG 6DPRD DUH ૹJKW= 81@&82&/?2&B/<&27:&6032& VHPL ૹQDO VSRW DV ZH @/&2/&><:33P& Y//A&1:93&B/<&!<82= 837&5/V81@G&03&Z0F:3& [\7?1;4T&]:Y06:& 5:02&#F:<8M01&]407& ]0L83&2/&F/L:&M6/3:<& 2/&0&9/<6A&2826:&37/2& 02&3?>:<=F8AA6:= 9:8@72P&#1A<:&Q0<A& 063/&6//;3&3:2&B/<&0& <:F02M7&9827&\0<6& +</M7&0B2:<&0&>/8123& L8M2/<4&/L:<&"A981& %/A<8@?:^P& '0M781&*:1A?6;0<& <:28<:3&B</F&M<8M;:2G& 3M/<81@&OR&81&01& 81181@3&L8M2/<4&B/<& E1A80&/L:<&27:&Q:32& E1A8:3G&5:B/<:&5:81@& M0<<8:A&06/B2&B</F& 27:&>82M7&2/&<0>2?<= /?3&9/<378>P&

RAEALLEN

'()%*&E,&!%E"+ #F:40&!0A9:

!"#$"%&'()&("*+(,,&-().( /)0+12+$3("*+(4&'5#&-(6$%67+"( "+#1(8%55("$9(")(:+#5("*+%$(;"*( :"$#%'*"(8%&(%&(8*#"(%:(%&-%:<= ><"#259()&+().(:>)$"?:('$+#"+:"( $%0#5$%+:@(A*+(B:*+:C(A*+$+(#$+( D<+:"%)&:().()>+&%&'(>#$"&+$= VKLSV ஊWQHVV DQG IRUP RQ ERWK :%-+:(8%"*(>5+&"9().(-)<2"()0+$( DOO IRU WKH ஊUVW WHVW DW WKH *DEED %&(E$%:2#&+C(E<"()&+("*%&'().( 8*%6*("*+$+(%:(&)(-)<2"(#2)<"(%:( WKDW LW ZLOO EH D ஊHU\ ஊYH WHVWV A*+(2%''+:"(%::<+(%:(8*+"*+$( 4&'5#&-?:( F+0%&( G%+"+$:+&( 8%55( EH ஊW WR SOD\ LQ %ULVEDQH )HDU RI #(7&++(%&H<$9("*#"(1#9(*#0+(7+>"( FG( )<"( ).( "*+( 4&'5#&-( "+#1( .)$( WKH ஊUVW WHVW KDV NHSW KLP RXW RI :+0+$#5().("*+(8#$1=<>('#1+:C( I)8+0+$3( *+( :++1:( ")( *#0+( $+6)0+$+-( #&-( #'#%&:"( #&( B<:= "$#5%#( J&0%"#"%)&#5( KJ( FG( :6)$+-( D UDSLG Rஉ LQ KLV ஊUVW LQ= QLQJV VLQFH WKH WK RI 6HSWHP= 2+$C( E9( #&9( :"#&-#$-:3( "*%:( %:( #( '$+#"(8#$1=<>(.)$(FG(#&-('$+#"( &+8:( .)$( 4&'5#&-( "*#"( #$'<#259( "*+%$( 2+:"( 2#":1#&( %:( '+""%&'( %&")(.)$1C( L#""( G$%)$( 8#:( "*+( :+6)&-( 1#H)$(%&H<$9(6)&6+$&(8%"*(#(6#5.= "+#$( #.$#%-( ")( 7++>( *%1( )<"( ).( WKH ஊUVW JDPH -RKQQ\ %DLUVWRZ -+><"%:+-( #:( 8%67+"( 7++>+$( #&-( *#:( -)&+( #( :)5%-( H)2M( %&( .#6"( *+( KDV HYHQ VDLG KH LV FRQஊGHQW WR $+"#%&("*#"(>):%"%)&(%&(E$%:2#&+C( J"( :++1:( "*#"( G$%)$( 1#9( &)"( 2+( ஊW LQ WLPH KDYLQJ KDG RQO\ RQH :+::%)&( %&( "*+( &+":C( A*+( &+8:( "*#"(FG(:*)<5-(2+(%&("*+(4&'5#&-( "+#1( %:( #( 1#::%0+( 2)):"( %&( #&9( 6#:+C( $XVWUDOLD KDYH QR PDMRU ஊW= &+::( 6)&6+$&:( #&-( L%6*#+5( &ODUNH VHHPHG YHU\ FRQஊ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உ LQ VROLG IRUP O%"*( B5#:"#%$( P))7( #&-( L%6*#+5( P#$2+$$9(%"(:++1:(5%7+("*+9(*#0+( #( $+5%#25+( :"#$"( ")( "*+%$( 5%&+=<>M( %&( "*+( '#1+( #'#%&:"( B<:"$#5%#( B( WKH WZR PHQ VFRUHG DQG UHVSHFWLYHO\ S&+( #$+#( 8*+$+( 2)"*( "+#1:( #$+(:)5%-(#$+("*+(1%--5+(#&-(5)8= +$()$-+$(2#":1#&C(B<:"$#5%#(*#0+( L%6*#+5( P5#$7+3( !*#&+( O#":)&3( *HRUJH %DLOH\ 6WHYHQ 6PLWK

LITTLE-PETE

#&-( E$#-( I#--%&( #55( 6)1>+"%&'( .)$( "*+( >):%"%)&:( .)$( "*+( 1%--5+( )$-+$M( #( '$+#"( >):%"%)&( ")( 2+( %&( JRLQJ LQWR WKH ஊUVW WHVW A*+(4&'5%:*("+#1(*#:(:%1%5#$( 6)1>+"%"%)&( .)$( "*+( 5)8+$( )$-+$( ZLWK -RH 5RRW 0DWW 3ULRU 6WXDUG %URDG DQG *UDHPH 6ZDQQ DO= "*)<'*( "*+%$( 1%--5+( )$-+$( ).( 7URWW %HOO DQG 3LHWHUVHQ LI ஊW LV 8+55=+:"#25%:*+-C(O%"*(:)5%-(>5#9= +$:( #55( #$)<&-3( )&+( 1%'*"( :#9( "*#"(%&("*+(1%--5+()$-+$("*+$+(%:( &)"( 1<6*( 6)1>+"%"%)&( 2+"8++&( "*+("+#1:C( A*+( 2)85%&'( #""#67( %:( 8*+$+( WKH WHDPV GLஉHU ZLWK WKH VOLJKW= +:"().(1#$'%&:C(A*+(4&'5%:*(5%&+( XS LV OLNHO\ WR EH OLWWOH GLஉHUHQW .$)1( "*#"( 8*%6*( >5#9+-( %&( "*%:( VXPPHU‫ڑ‬V $VKHV ZLQ DOEHLW 8%"*()&+(>)"+&"%#5(6*#&'+(%&("*+( .)$1( ).( P*$%:( A$+15+""( 8*)( *#:(

&'"()*+),#*-./)0#%1"%%2) 3#1+$"45)6+.'(+')#'7) 8#'9:')3.#$:';)(+<") ,#%7%+1"):((="(4 ><#;"(/)?%:(@#$:"(3<";#%#A%B45) C++'#1#%)#'7)D:**D"EB"*")

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ஊQLWHO\ 0L= FKDHO &DUEHUU\ ZKR ZLWK KLV ஊUVW $+#5( 6#55( <>( ")( "*+( B:*+:( :D<#-( 8%55( 8#&"( ")( 6)&0%&6+( >+)>5+( "*#"(*%:(2)5-(:+5+6"%)&(8#:(8)$"*( LW :LWK DQ DYHUDJH RI LQ 6)<&"9( 6$%67+"3( P#$2+$$9( *#:( #( 5)"( ")( >$)0+3( 8#57%&'( )<"( #:(

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ஊ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‫ڑ‬V 3XEOLF (QHP\ 1R ZLOO *#0+( :)1+( >+#6+( %&( B<:"$#5%#( #&-( 8%55( "$9( ")( #")&+( .)$( *%:( +$= $)$:(#&-(5#67().(.)$1(%&(4&'5#&-( )0+$("*+(:<11+$C( A*+$+( %:( #( 5)"( #"( :"#7+( -<$= %&'("*%:(:+$%+:(8%"*(>5#9+$:(*)>= %&'(")(+#$&3($+:")$+(#&-(-+:"$)9( $+><"#"%)&:C( A)( "*#"( +&-3( *+$+( #$+( "*+( SUREDEOH VTXDGV IRU WKH )LUVW WHVW DW 7KH *DEED $XVWUDOLD &ODUNH & +DG= GLQ :N %DLOH\ )DXONQHU +DU= ULV -RKQVRQ 3HWHU 6LGGOH :DUQ= +$3(O#":)&3(!1%"*( (QJODQG &RRN & %DLUVWRZ :N $QGHUVRQ %HOO %URDG P#$2+$$93( G%+"+$:+&3( A$+15+""3( A$)""3(Q))"3(!8#&&C

!"#$%

!"#$"%&'()$*++,$ "-.+'/$0123+

&'()

0()+($>.+32+U !"#

4+(-$456"7

0<=><$

*+,,-

3+5C+&/"('"+A,/4Z-%/&)

7XHVGD\ 1RYHPEHU

,*.//

51--2

@)H$Z$1<3+$:[J?$;X5F7

*0+12

!"#$.+(&1-($28$9&11$ :;)'8/($-<$6'32=$><<1+? 0+,3'4(/4 @<A+8($B($C$D$E$F5G"$ @<A+8($E8=$ 5//(0+66 5823+.(2-H$<9$#((+I$ :"<&-)+8=?$G+8($J.=$E$D$ C$G+8($J($ G+8($E8=$K$D$L$M'8D -+.N&.H$M).2(-$M)&.O)$ 5823+.(2-H$G+8($K-) G+8($J($J$D$J$5823+.(2-H$ <9$@+(-$!<8=<8$G+8($E( "-$4'.-P($'8=$F!Q$G+8($

"Y0Y$!<&

!"#$%&'(#)*+#$)*(+)',-#."'/"#0$.1# 2'((#3+#456'"7#')-#8+5&(8#%'(7&'49 57+# )/# :5(/;<# :%5'"# =/&# >?.@A# BC+&8# 8+5&# -%/&)-# )+54-# =&/4# ;"'C+&-')'+-# 5,&/--# )*+# ,/;")&8# 7+)# /"# )*+'&# ,/5,*+-# 5"D# -)5&)# )*+# C+&8# (/"7# E/;&"+8# -/;)*A# F;,6'(8# =/&# ;-# )*+# E/;&"+8# =&/4# F/"D/"#'-#/"+#/=#)*+#G;',6+-)<#5)# 5#4+&+#HI#*/;&-#,/5,*#5"D#=+&9 &8# &'D+A# >/;&# '-# 5# 2++6(/"7# J('=+# H[SHULHQFH‫ ڑ‬WKDW URXQGV Rஉ WKH 8+5&#'"#)*+#$.#%+&=+,)(8A B5,*# )+54# 7+)-# %;)# /"# 5# ,/5,*<# 2')*#5#('))(+#3')#/=#4'K'"7#;%#D+9 %+"D'"7# /"# )*+# ";43+&# '"# +5,*# 7&/;%A#@;738#5"D#=//)35((#5&+#5(9 258-#%;)#5-#=5&#5258#=&/4#+5,*# /)*+&#5-#%/--'3(+<#3;)#/)*+&2'-+# '")+&9,(;3# =&5)+&"'-5)'/"# '-# 5,9 )'C+(8#+",/;&57+DA#F5-)#8+5&#2+# )//6#/;&#(5&7+-)#+C+&#,/")'"7+")# /=# 5(4/-)# LMN# -);D+")-<# 45"579 LQJ WR ஊ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ஊUVW FKDQFH WR PLQJOH ZLWK RWKHU ;"'C+&-')'+-Q# %&+%5&+# 8/;&-+(=# =/&# -/4+# )&;(8# )+&&'=8'"7# -'7*)-A# S&+-*+&-# =&/4# /)*+&# ;"'C+&-'9 )'+-# 5&+# 53;-+D# '"# +C+&8# %/--'9

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

3+&-# 6++%'"7# )*+# =;"# 3+)2++"# )*+4-+(C+-<#5()*/;7*#-/4+)'4+-# "/)#C+&8#%&'C5)+A# >*'&D#&;(+#/=#)/;&T#U*5)#*5%%+"-# RQ WRXU GHஊQLWHO\ GRHVQ W VWD\ RQ )/;&A# !=# 5"8# 4+43+&# '-# =/;"D# )/# 3+# 6++%'"7# )*+'&# "'7*)-# 5,)'C'9 )'+-#5#-+,&+)#)*+8#5&+#('53(+#)/#3+# %;"'-*+D<#+')*+&#2')*#5(,/*/(#/&# -/4+# =/&4# /=# +435&&5--'"7# 5,9 )'C')8A# F:B# 45"57+-# )/# )56+# /C+&# R*&'-)8W-# \5&# 2*',*# 3+,/4+-# )*+# :%5"'-*# C+&-'/"# /=# /;&# 3+9 (/C+D# ]//A# $(4/-)# ,/4%(+)+(8# %5,6+D#/;)#38#F:B#-);D+")-#5"D# &'7*)#"+K)#)/#)*+#*/)+(<#')#456+-# =/&#)*+#%+&=+,)#(/,5)'/"#)/#D5",+# 5258#)*+#*/('D58A#B5,*#"'7*)#*5-# D GLஉ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ஊ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`#:??YA

R-)E$D$S$G+8($T-)$ @<A+8($B($B$D$L$*M!$ G+=2O($@<A+8($B($ 7/65 G2I+=$B($J$D$J$5823+.(2-H$ <9$#((+I$G2I+=$B( )/89-: G+8($E($S$D$B$F<H'1$Q<1D 1<U'H$G+8($E( 4-(0+66 J($JB$D$EB$4&O/28V)'AD ()2.+$W+U$5823+.(2-H$E( 1;70: 5823+.(2-H$<9$Q+.-9<.=D ()2.+$G+8($B($BL$D$BJ$ G+8($B( 5823+.(2-H$<9$"&..+H$ G+8($E8=$EC$D$JB$G+8($ E( $ (-44'! G+8($B($J$D$J$4<&.8+D A<&-)$5823+.(2-H$G+8($ B( G+8($E($C$D$L$"0X"$ G+8($B(

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.