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" =03@0645=85 70 4@0<0B8G5A:>5 ?@54AB02;5=85 MB>3> >?KB0 =@02>CG5=8O , 65=0 ?@8:07G8:0 4020;0 <=5 :CA>: E;510 A AK@>< 8;8 :@K=:C <>;>:0 , :>B>@>5 O 3;>B0; ?>?>;0< A> A;570<8 , =5 ?>AB830O =8 ?@8G8=K =0:070=8O , =8 <8;>AB8 . >B 2A5 , GB> O ?><=N 87 ?5@2>3> <>53> 45BAB20 , :>B>@>5 2@570;>AL 2 <>59 ?0<OB8 >4=8<8 3>@5ABO<8 8 AB@040=8O<8 . 0:>=5F AC4L15 C3>4=> 1K;> >1;53G8BL BO6:CN <>N 4>;N 8 , ?> :@09=59 <5@5 , 2:;NG8BL <5=O 2 G8A;> A;>25A=KE B20@59 . -B0 ?5@5<5=0 A;CG8;0AL A> <=>N B0:8< >1@07>< : 4=0 87 A;C60=>: , 0H0 , 25A5;0O 8 <8;>284=0O 452CH:0 , :>B>@0O AB028;0 <5=O =0 G0AK 2 A04C G0I5 , =565;8 4@C385 3>@=8G=K5 , >4=064K 2AB@5B82 <5=O =0 42>@5 2 AC<5@:8 , 2 >A5==NN ?>@C , ?>4>720;0 : A515 , ?>3;048;0 ?> 3>;>2:5 8 A:070;0 : - >7L<8 MBC 1C<06:C , _A8@>B:0 _ ; A>6<8 :@5?:> 2 @C:5 8 ABC?09 2 45@52=N . "0< , 2 4><5 AB0@>ABK , A?@>A8 , 345 6825B >D8F5@ , >B409 5<C 1C<06:C 8 2>@>B8AL =0704 . 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" K , >B25A82 ?> ?>:;>=C 70 MBC 256;82>ABL , 2KH;8 8 , 70 425@L<8 , >B?;0B8;8 59 B>N 65 <>=5B>9 . >1I59 8715 C7=0; O , GB> ?CB5H5AB25==8:8 5E0;8 =0 =05<=KE ;>H04OE , 2 >A:2C , 87 3C15@=88 , 345 MB>B 3>A?>48= , ?> D0<8;88 !:>B8=:> , 1K; ?@>:C@>@>< . >40;8 A25G8 , =0AB028;8 A0<>20@ , 8 ?>20@ 3 -=0 !:>B8=:8 =0G0; 20@8BL C68= , 0 A0< 3>A?>48= ?>B@51>20; : A515 >2HC , 4;O @073>2>@>2 8 @0AA?@>A>2 > =>2>ABOE . '0A0 G5@57 420 , :>340 C65 1K;> B5<=> , ?>4J5E0;0 : =0H5<C :@K;LFC :818B:0 , >1BO=CB0O @>3>65N 8 70?@O65==0O ?0@>N ;>H0459 . %>7O520 =5 15A?>:>8;8AL 2AB@5G0BL 3>ABO . >H5; 3>A?>48= , 2KA>:>3> @>AB0 , B>;ABK9 8 @C<O=K9 , 8 , C7=02 , GB> ;CGH85 :><=0BK C65 70=OBK , ?><5AB8;AO 2 =51>;LH>9 :0<>@:5 , 345 68; .45;L , AK= E>7O8=0 . 5AL 10306 MB>3> 3>A?>48=0 A>AB>O; 87 =51>;LH>3> :>60=>3> G5<>40=0 8 :>60=>9 ?>4CH:8 , :>B>@K5 2=5A ?>4 <KH:>N ;0:59 53> , >45BK9 2 =03>;L=K9 BC;C? . 7=>H5==0O HC10 A0<>3> 3>A?>48=0 >1=0@C6820;0 B09=C :>60=>3> G5<>40=0 . 8D:0 ?>?>BG520;0 2>4:>N ;0:5O 8 C7=0;0 , GB> 3>A?>48= 53> =07K205BAO ;CBO3>28G 8 545B 87 5B5@1C@30 70=OBL <5AB> ?@>:C@>@0 , 8<5==> 2 B>< 3>@>45 , >B:C40 2K5E0; 3 . !:>B8=:> . 038AB@0BA:89 ?8A5F , :>B>@K9 2 MB> 2@5<O AB>O; 2>7;5 1CD5B0 8 ?>?820; A;04:CN 2>4:C , ;C:02> C;K1=C;AO 8 A:070; : ">B 2AB@5G0 :>@HC=>2 ! " . ;CBO3>28G , C7=02 , GB> 2 4><5 =0E>48BAO 53> ?@54<5AB=8: , B>BG0A ?>H5; : =5<C ?>7=0:><8BLAO . =8 , 284=> , ?@8H;8 ?> =@02C >48= 4@C3><C , ?>B><C GB> !:>B8=:> ?@83;0A8; ;CBO3>28G0 : C68=C , 8 >=8 F5;K9 25G5@ ?@>25;8 2 @073>2>@0E . 564C B5< ;0:59 ;CBO3>28G0 , ?>C68=02 :CA:>< G5@AB2>3> E;510 8 :20A>< , 70:C@8; B@C1:C 8 ?><5AB8;AO 2>7;5 >G030 , ?@8 :>B>@>< A;C38 3 -=0 !:>B8=:8 >G8I0;8 87 :0AB@N;L >AB0B:8 2:CA=>3> 10@A:>3> C68=0 , HCB8;8 <564C A>1>N 8 3>@4> ?>3;O4K20;8 =0 ;0:5O ;CBO3>28G0 . >340 65 >=8 C7=0;8 , GB> ;CBO3>28G 545B 70=OBL <5AB> 8E 3>A?>48=0 , B> A<O3G8;8AL 8 ?>?>BG520;8 154=O:0 2>4:>N . - 0: B51O 7>2CB , 75<;O: ? - A?@>A8; C =53> :0<5@48=5@ !:>B8=:8 . - $0@0D>=B>< , - >B25G0; A;C30 ;CBO3>28G0 . - !<>B@8 65 , $0@0D>=B , - ?@8<>;28; :0<5@48=5@ , - 45@68 CE> 2>AB@> , 0 B515 1C45B 25G=0O <0A;5=8F0 . 5 O:H09AO A ?@>A8B5;O<8 8 =5 2?CA:09 =8:>3> 40@>< 2 425@8 , 0 ?>18@09 70 2E>4 : 10@8=C , :0: 70 2E>4 2 A>10GLN :><548N . '53> 8E 60;5BL ! - / @04 1K 1@0BL , 40 AB0=CB ;8 4020BL ? - 2>7@078; $0@0D>=B . - 04CB , :0: ?@86<5HL , - >B25G0; :0<5@48=5@ . - 0CG8AL B25@4> >B25G0BL : 4><0 =5B , 70=OB , =574>@>2 , =5 ?@8=8<05B , 872>;8B ?>G820BL ! :>340 A?@>AOB , :>340 <>6=> ?@89B8 , =5;L7O ;8 ?>4>640BL , =5;L7O ;8 4>;>68BL - A:068 : 2A5 =0 A25B5 <>6=> , B>;L:> >AB>@>6=> . "CB 2A5 A;C68B5;8 !:>B8=:8 3@><:> 70E>E>B0;8 . $0@0 -D>=B A:070; : - C , 0 :0: AB0=CB ?@8E>48BL 3>A?>40 , :>B>@KE 10@8= 25;8B ?CA:0BL : A515 , 157 4>:;04C ? #6 A =8E -B> 27OB:8 3;04:8 . - CAB>5 , - >B25G0; :0<5@48=5@ , - A =8E 27OB:8 A;04:8 . ;0=O9AO , >B?8@09 425@8 , ?@>2>609 A> A25G>9 8 ?>74@02;O9 A ?@074=8:>< . E , 1@0B $0@0D>=B , ?@82>;L=>5 68BL5 C 10@8=0 ?@>:C@>@0 , 0 C 3C15@=0B>@0 - @09 , 2A53> G5@57 :@09 ! >?;0:0;8 <K , 2K5760O 87 3>@>40 . 5254><> , GB> 1C45B , 0 1K;> E>@>H> . C 20A , 2 5B5@1C@35 , :0:>2> -B> 68BL5 ;0:5O< G8=>2=8:>2 ? - 0:>2> <5AB> , 1@0B , - >B25G0; $0@0D>=B . - ABL =0H0 1@0BLO , GB> I53>;ONB ; 5ABL , GB> :C;0:>< A;57K CB8@0NB . >9 10@8= 1K; B>;L:> AB>;>=0G0;L=8:>< - =5206=0O A?8F0 2 :>;5A=8F5 . = 8 A0< @04 1K; A>@20BL :>?59:C A ?@02>3> 8 A 28=>20B>3> , 40 =5 2A5340 C4020;>AL . ">;L:> , 1K20;> , 8 ?>;CG05HL =0 2>4:C , :0: 10@8= ?>H;5B A :>?85N : ?@>A8B5;N 8;8 5A;8 5ABL :0:>5 45;> =0 4><C , 2 @01>B5 , 8 ?@>A8B5;L 7025@=5B : =0< ?>B>;:>20BL . 0 2A5 MB> ?CABO:8 : 254L >B AB0@H8E >AB0NBAO <0;K5 :@>E8 . - C 2>B B5?5@L B2>9 10@8= 1C45B A0< 1>;LH>9 , - ?@8<>;28; :0<5@48=5@ . - E , $0@0D>=BCH:0 , $0@0D>=BCH:0 , 4>@>3> 1K O 40; , GB>1 ?><5=OBLAO <5AB>< A B>1>N ! . . > 2>B 10@8= :;8G5B , ?@>I09 . / 2> 2A5 MB> 2@5<O 3@5;AO C >3=O 8 , A;CH0O MB8 @073>2>@K , 70284>20; CG0AB8 4@C38E A;C3 . 0AAC482 , GB> 684 =5 8<55B =04> <=>N =8:0:>3> ?@020 , O @5H8;AO ?@>A8BL >4=>3> 87 ?@>6820NI8E 3>A?>4 27OBL <5=O A A>1>N . ;CBO3>28G , 2>72@0BOAL 2 A2>N :0<>@:C , ?>B@51>20; : A515 >2HC , :>B>@K9 , C7=02 , GB> >= 70=8<05B 206=>5 <5AB> 2 3C15@=88 , C65 ?5@5<5=8; A =8< >1E>645=85 , 15A?@5AB0==> :;0=O;AO 8 8728=O;AO ?5@54 =>2K< ?@>:C@>@>< , GB> C =53> =5B ;CGH59 4;O =53> :><=0BK , 8 ?@54;030; 5<C 15745=56=> 2A5 , GB> C3>4=> 8 GB> 5ABL 2 4><5 . ;CBO3>28G A5; =0 A2>N ?>AB5;L , 70:C@8; 1>;LHCN 45@52O==CN B@C1:C 8 =0G0; @0AA?@0H820BL 6840 . / 1K; 70 ?5@53>@>4:>N 8 , A<>B@O 2 I5;L , A;CH0; 25AL 8E @073>2>@ . - >A;CH09 , >2H0 , 3>2>@8 A> <=>N >B:@>25==> ; 0 O , <>65B 1KBL , ?@83>6CAL B515 . 84 A=O; 5@<>;:C 8 ?>:;>=8;AO . ;CBO3>28G ?@>4>;60; : - >B O 54C 70=OBL <5AB> 3 <>A?>48 >=0 !:>B8=:8 , :>B>@K9 , :0: >= 3>2>@8B , >BAB02;5= 70 =0?@0A;8=C , ?> 8=B@830< 7;>=0<5@5==KE ;N459 , 70 =5C<KB=>5 , AB@>3>5 8A?>;=5=85 A2>59 4>;6=>AB8 . 84 ;C:02> C;K1=C;AO 8 :82=C; 3>;>2>N . ;CBO3>28G ?@>4>;60; : - <>A?>48= > !:>B8=:> =0AB@0I0; <5=O , GB> <5AB> ?@5?;>E>5 , GB> =5B =8:0:8E 4>E>4>2 , :@><5 60;>20=LO . . . "CB 684 ?@5@20; @5GL 3 -=0 ;CBO3>28G0 8 3@><:> 2>A:;8:=C; : - 5@H -BC ! 70;>20=LO ! , 259 <8@ ! ;CBO3>28G ?@>4>;60; : - <>A?>48= > !:>B8=:> 3>2>@8B , GB> >= ?@>68;AO =0 A2>5< <5AB5 , 8AB@0B8; 2A5 , GB> 8<5; >BF>2A:>3> 8 65=8=>3> , 8 A >AB0B:0<8 @0AAB@>5==>3> A>AB>O=8O 1568B , C=>AO A A>1>N >4=> C2065=85 G5AB=KE ;N459 8 A?>:>9AB285 A>25AB8 . @8 A8E A;>20E 684 3@><:> 70E>E>B0; 8 B0: 4>;3> A<5O;AO , 27O2H8AL 70 1>:0 , GB> ;CBO3>28G 4>;65= 1K; C=8<0BL 53> . - 5@H -BC ! - A:070; 684 . - <>A?>48= > !:>B8=:> 3>2>@8B > A>25AB8 ! 345 >= A =5N 2AB@5B8;AO : =5 =0 4>@>35 ;8 ? >A;5 MB>3> =04>1=> >7840BL , FB> 2>;:8 AB0=CB AB5@5F >25F , 784:8 ?>94CB A?0A0BLAO 2 <>=0ABK@L , 0 ?><5AF8:8 70?@5BOB <C78F:0< =0?820BLAO 2>4:>N . / 20< A:07C , AC40@L , 20A5 1;03>@>485 , FB> O 7=0; 5AF5 3 -=C !:>B8=:C , :>340 >B5F 53> 1K; :>752=8:>< , AK@><OB=8:>< , 0 >= - ?8A0@8A:>N , 1530; 1>A8:>< ?> C;8F0< 8 :@0; C 784:>2 10@0=:8 8 :@5=45;8 . = 87 <5AF0= B>3> 3>@>40 , 345 O @>48;AO . "5?5@L 3 <>A?>48= > !:>B8=:> 1>30B , :0: A0< F>@B . # =53> 5ABL 8 42878<>5 8 =542878<>5 8<5=85 , 8 7>;>B> 8 A5@51@> , 0 45=53 B0:0O :CF0 , FB> >= , 25@=> , 8E 8 A>AF8B0BL =5 C<55B . = 8 2 F8=0E 8 2 >@45=0E ! 259 , > 259 ! <>A?>48= > !:>B8=:> B0: =0A>A0;AO =0 A2>5< <5AB5 , FB> =8 >4=0 5AF5 ?@8:07=0O ?8O28F0 =5 1K;0 B0: 78@=0 ! - "CB 684 >?><=8;AO , GB> 3>2>@8B A :0=4840B>< 2 ?8O28FK , 8 ?@8<>;28; : - 728=8B5 , AC40@L , 20A5 2KA>:>1;03>@>485 , => B0:>3> <0AB5@0 , :0: !:>B8=:> , =5 1K20;> C =0A , 8 53> A>25ABL :0: =52>4 : F8AB0O 2>48F0 ?@>E>48B F@57 =53> , 0 @K1:8 2O7=CB . 5AB> 53> - @C4=8: A 3>B>2K<8 F5@2>=F0<8 . 5 25@LB5 5<C =8 A;>20 : 3 <>A?>48= > !:>B8=:> 8 B>340 ;75B , :>340 3>2>@8B ?@024C , B> 5ABL >= 8 ?@024C 3>2>@8B 4;O >1<0=0 . AF5 @07 A:07C 20< : !:>B8=:> 1K; 3>; , :0: A>:>; , 8 ?> @07=K< 3C15@=8O< =0A>25B=8F0; 8 ?0?@>:C@>@8; A515 B0:>5 1>30BAB2> , FB> E>BO ?>E>7 A 284C =0 ACH5=CN OAF5@8FC , => ?CH8AB , :0: A818@A:89 725@L . - 0G5< 65 >= B0: A:@K205BAO ?5@54> <=>N ? - A?@>A8; ;CBO3>28G . - = E>F5B B5?5@L A;KBL F5AB=K< , ?> >1KG0N 2A5E =0782 -H8EAO 27OB>G=8:>2 . . . 8728=8B5 . . . 3>A?>4 . . . - >B25G0; 684 . - 0;L , - A:070; ;CBO3>28G , - <=5 1K E>B5;>AL ?>CG8BLAO :>5 -G5<C , B> 5ABL A;C615 - ?>=8<05HL ? - 0: =5 ?>=8<0BL , - 2>7@078; >2H0 . - > 4;O MB>3> =5 =04>1=> CF8B5;59 . 0: ?@8545B5 2 3>@>4 , 2>7L<8B5 : A515 2 D0:B>@K 784:0 =0H53> , F:C , :>B>@K9 1K; 2 MB>9 75 4>;7=>AB8 C 3 <>A?>48 >=0 !:>B8=:8 : >= 20< 2> 2A5< ?><>75B , AB0=5B >BKA:820BL ?@>A8B5;59 , C3>20@820BLAO A C574=K<8 F8=>2=8:0<8 8 1@0BL 4;O 20A 45=L38 2709<K . 07C<55BAO , 157 25:A5;O 8 @>A?8A:8 . / 20< 40< ?8AL<0 : <>8< @>4AB25==8:0< 8 : F:5 : ?>;>78B5AL 2> 2A5< =0 =8E , >=8 =5 87<5=OB 20< , - B>;L:> ?><>309B5 2 =0H8E 784>2A:8E 45;8H:0E . - 72>;L , - A:070; ;CBO3>28G , - O 1C4C 20H ; ?@83>B>2L 2A5 : 702B@5<C , 0 ?>:0 - ?@>I09 . >2H0 2KH5; , 0 70 =8< 8 O 2K;57 87 -70 ?5@53>@>4:8 . 0 4@C3>9 45=L 3 . ;CBO3>28G 2K5E0; 25AL<0 @0=> , 0 !:>B8=:> >AB0;AO , ?> ?@8G8=5 =574>@>2LO . 48= B>@>?8;AO , GB>1 =5 ?>B5@OBL =8 >4=>3> 4=O 4;O =0682K ; 4@C3><C C65 =5 : G5<C 1K;> ?>A?5H0BL : >= 4>AB83 A2>59 F5;8 . 5B8 3 -=0 !:>B8=:8 , <0;LG8:8 , AB0;8 83@0BL ?>4 =025A>< , 8 :0: O ?@82K: : 701020< 3>A?>4A:8E 45B59 2 4><5 >;>3>@4>2A:>3> , B> =0 4>AC35 2<5H0;AO 2 8E 83@C , ?><>3 8< 70?@OGL 2 A0;07:8 :>7;0 , CAB@>8; :0G5;8 87 2>6659 8 25A5;> ?5@5=>A8; B>;G:8 8 =5?@8OB=>ABL 83@K 2 A=56:8 , 2 :>B>@>9 O >48= A;C68; F5;LN . 8D:0 >B>720;0 <5=O >B 70102K : @01>B5 , => AK=>2LO 3 -=0 !:>B8=:8 C?@>A8;8 >BF0 , GB>1 >= 25;5; <=5 83@0BL A =8<8 , 8 684>2:0 4>;6=0 1K;0 =0 MB> A>3;0A8BLAO . %>BO O 1K; <>;>65 45B59 !:>B8=:8 , => 3>@074> 8E C<=55 8 ?>B><C B>BG0A 2>A?>;L7>20;AO 8E A:;>==>ABLN :> <=5 8 ;53:> C1548; 8E C?@>A8BL @>48B5;59 A2>8E 27OBL <5=O A A>1>N . >A;5 >1540 3 . !:>B8=:> ?>720; <5=O : A515 . - > :0:><C A;CG0N =0E>48HLAO BK 2 A;C615 C 6840 ? - A?@>A8; C <5=O 3 . !:>B8=:> . / @0AA:070; 5<C 8AB>@8N 65=8BL1K 8;>2848=0 8 >BJ574 53> 2 >A:2C 8 , C?02 : =>30< 53> , ?@>A8; 871028BL <5=O >B 684>2 , >15I0O A;C68BL 5<C 25@=> 2AN 687=L . . !:>B8=:> ?>A<>B@5; =0 65=C A2>N , 8 >=0 ?@>87=5A;0 ?@83>2>@ 2 <>N ?>;L7C . !:>B8=:> B>BG0A ?>720; >2HC . - > :0:><C ?@02C 45@68HL BK MB>3> <0;LG8:0 ? - A:070; >= 3@>7=> . >2H0 B@8 @070 708:=C;AO , ?@5645 =565;8 2K<>;28; ?5@2>5 A;>2> A2>53> >B25B0 . - 0@8= 53> , 3 . 8;>2848= , 4>;75= <=5 45=L38 8 >AB028; 2 70;>3 25AF8 A MB8< <0;LF8:>< . - 0 @0725 BK A<55HL ?@8=8<0BL 2 70;>3 E@8AB80=A:8E ?>440==KE ? - 2>7@078; !:>B8=:> . - =05HL ;8 C:07 , ?> :>5<C 70?@5I5=> 52@5O< 8<5BL 2 CA;C65=88 E@8AB80= ; 7=05HL ;8 BK C:07 ?@>B82C @>AB>2I8:>2 ? >:068 <=5 B>BG0A A45;:C , ?> :>B>@>9 BK 45@68HL MB>3> <0;LG8:0 ? 45 53> ?0A?>@B ? 84 8A?C30;AO : - 5@H -BC ! - A:070; >= B8E> . >B>< , ?>:;>=82H8AL 2 ?>OA , ?@8<>;28; : - # <5=O =5B =8:0:8E 1C<03 : O 45;0; A45;:C =0 A;>2> . - B0: BK 45@68HL C A51O 15A?0A?>@B=KE ;N459 , - A:070; 3 . !:>B8=:> . - 59 ! 1C<038 8 G5@=8; ; <K B>BG0A A B>1>N ?5@525405<AO . / ?>40< 745AL >1JO2;5=85 , 0 2 AB>;8F5 =5 C<54;N ?>40BL ?@>AL1C . 564C B5< <0;LG8:0 O 15@C A A>1>N , ?>4 <>N @0A?8A:C . - 0A5 2KA>:>1;03>@>485 , - A:070; 684 , - AB>8B ;8 =0< AA>@8BLAO 87 ?CABO:>2 . 0< E>F5BAO 27OBL <0;LF8:0 : 872>;LB5 1@0BL . / A?>@8BL =5 AB0=C , B>;L:> 409B5 <=5 @>A?8A:C , GB>1 O <>3 >B25G0BL 8;>2848=C , :>340 >= A?@>A8B . FB>1K 2K =5 872>;8;8 3=520BLAO , O 70 F5;K9 45=L ?>AB>O 8 70 2A5 , FB> 2K =01@0;8 2 4><5 , =5 2>7L<C =8 :>?59:8 , 40 :@><5 B>3> ?>;>7C 2 :0@5BC ?>;4N78=K B0:>3> 25=35@A:>3> 28=F0 , :0:>3> =5B =0 AB> <8;L :@C3>< . >2>;L=K ;8 2K ? - %>@>H> , - A:070; !:>B8=:> , - => 5ABL ;8 C MB>3> <0;LG8:0 B5?;0O >45640 ? - 5B , => O B>BF0A 2A5 8A?@02;N , 8 : 702B@0A=5<C 4=N 2A5 1C45B 3>B>2> . . !:>B8=:> 2KA;0; =0A 87 :><=0BK 8 25;5; <=5 ?@83>B>2;OBLAO 2 4>@>3C . - @>:;OBK9 @071>9=8: ! - 2>A:;8:=C; >2H0 , 2AB@5B82 8D:C . - -B>B E0?C= 15@5B =0H53> 0=L:C . - 8D:0 A8;L=> @0AA5@48;0AL , => >2H0 A:070; 59 GB> -B> ?> -52@59A:8 , 8 >=0 CA?>:>8;0AL 8 4065 ?>3;048;0 <5=O . >2H0 ?>25; <5=O =025@E 2 A2>N :><=0BC , A5; 2 :@5A;0 8 A:070; : - 0=L:0 ! BK <0;K9 4>1@K9 , 8 25@=> , 1C45HL ?><=8BL 4>1@> , :>B>@>5 <K B515 45;0;8 ? - 0:>5 4>1@> ? - A?@>A8; O . - 0: , @0725 <K =5 ?>8;8 , =5 :>@<8;8 , =5 >4520;8 B51O ? - @0725 O =5 @01>B0; A CB@0 4> =>G8 ? - 5@H -BC ! 254L 2AO:><C =04>1=> @01>B0BL . > A:078 , =5C75;8 B515 1K;> EC4> C =0A ? - 5 >G5=L E>@>H> , - >B25G0; O ?>?@>ABC . - =>3> 45;0 8 <0;> E;510 . - 5 3@5A8 , 0=L:0 ! B515 <>3;> 1KBL EC75 C 4@C3>3> . "51O , ?> :@09=59 <5@5 , =5 18;8 , 0 C 4@C38E 3>A?>4 8 @01>B0BL 70AB02;ONB , 8 =5 :>@<OB , 8 1LNB , 8 ?;0:0BL =5 25;OB . - 5G53> 3>2>@8BL - 18BLO =5 1K;> , - A:070; O . - B0: BK 4>;75= 1KBL =0< 1;03>40@5= : 2>B B515 F5;0O ?>;B8=0 70 A;C71C : 8 5A;8 1 B51O :B> AB0; A?@0A820BL >1 =0A , 3>2>@8 , FB> BK =8F53> 4C@=>3> =5 2840; 8 =5 A;KE0; 2 4><5 8 FB> <K ;N48 154=K5 , 2A5340 =C7405<AO 2 45=L30E . - G5@2>=FK -B> . - 0:85 F5@2>=FK ? "K A C<0 A>H5; , BK =8:>340 =5 2840; C =0A F5@2>=F52 . - CABL B0: ! - 2>7@078; O , GB>1 B>;L:> >B45;0BLAO >B 6840 . - "K A0< 2840; , :0: <K ;N18< E@8AB80= 8 ?><>305< 8< : 405< 2 4>;3 2>4:C 8 E;51 <C78:0< 8 ?>405< <8;>ABK=N =8AF8< . - !CE>9 E;51 , :>B>@K9 1@>A0NB =0 :>@< A:>B8=5 , 5A;8 =5 O28BAO =8I89 , ?@8 ;N4OE . - 0=L:0 , 0=L:0 , =5 3@5A8 ! >B B515 4@C30O _F5;0O _ ?>;B8=0 . 5 ?@0240 ;8 , FB> <K E>@>A85 ;N48 , <8;>A5@4K5 8 =51>30BK5 ? - / <>;G0; . >2H0 ?>;>68; <=5 45=L38 2 @C:C 8 , ?>F5;>202 , ?@8<>;28; : - 5 ?@0240 ;8 , FB> BK 1C45AL =0A E20;8BL ? - C4C , 1C4C ! - A:070; O , ?>15602 2=87 : =>2K< <>8< 3>A?>40< . 84 :C?8; <=5 ?>=>H5==K9 BC;C? , H0?:C 8 :5=L38 ; 8D:0 40;0 =0 4>@>3C F5;CN A2O7:C 10@0=>: , :>B>@K5 >BG0AB8 AJ5;8 , 0 >BG0AB8 @>740;8 A>10:0< AK=:8 3 -=0 !:>B8=:8 , ?> ?@02C A2>59 2;0AB8 =04> <=>N . / ?@>25; =>GL 2 A;04>AB=KE <5GB0=8OE > <>5< AB@0=AB288 . 045640 2AB@5B8BL 4>1@>3> <>53> 8;>2848=0 @04>20;0 <5=O : O =8G53> 1>;55 =5 65;0; 2 687=8 . 0 4@C3>9 45=L CB@>< 2A5 1K;> 3>B>2> : >BJ574C ; <=5 25;5=> ?><5AB8BLAO A7048 :0@5BK , 2<5AB5 A :0<5@48=5@>< , 8 <K >B?@028;8AL 2 ?CBL . I X '/ / !" ' . ) . ""#( . ! " 57 2AO:8E ?@8:;NG5=89 ?@81K;8 <K 2 >A:2C . 20@B8@0 1K;0 C65 =0=OB0 8 <51;8@>20=0 42>@5F:8< 3 -=0 !:>B8=:8 , ?>A;0==K< =5A:>;L:8<8 <5AOF0<8 2?5@54 . # 3 -=0 !:>B8=:8 1K;> 2 >A:25 <=>3> 7=0:><KE <564C G8=>2=8:0<8 , :>B>@K5 A>18@0;8AL C =53> A A2>8<8 65=0<8 , @07 2 =545;N , >1540BL , 8 420 @070 =0 25G5@ 83@0BL 2 :0@BK . . !:>B8=:> , A:>@5 ?>A;5 A2>53> ?@85740 , ?@8=O; D@0=FC70 2 3C25@=5@K : A2>8< AK=>2LO< 8 D@0=FC65=:C : 4>G5@O< . @><5 B>3> , 5654=52=> E>48;8 2 4>< CG8B5;O , 4;O ?@5?>4020=8O 8< C@>:>2 . / ?@8AB02;5= 1K; 2 CA;C65=85 : AK=>2LO< , 4>;65= 1K; A>45@60BL 2 G8AB>B5 CG51=CN :><=0BC 8 =0E>48BLAO ?@8 C@>:0E , 4;O 8A?>;=5=8O @07=KE ?@8:070=89 CG8B5;59 8 <>;>4KE 3>A?>4 . @><5 B>3> , O A;C68; ?@8 AB>;5 2> 2@5<O >1540 8 8A?>;=O; ?>@CG5=8O A0<>9 3 -68 !:>B8=:> ?> @07=K< <03078=0< ; B0:65 @07=>A8; ?> 3>@>4C 55 70?8A:8 : ?@8OB5;L=8F0< , E>48; 70 ;5:0@AB2>< 2 0?B5:C 8 , :@><5 B>3> , :>@<8; ?B8F 8 A>10G>=>: , 4> :>B>@KE 10@K=O 1K;0 >E>B=8F0 . / 1K; , :0: 3>2>@8BAO , :><=0B=K< <0;LG8:>< . 5=O >4520;8 ?> -:070F:8 8 =07K20;8 _:070G:>< _ . 40@5==K9 >B ?@8@>4K AG0AB;82>N ?0<OBLN 8 ?5@58<G82>ABLN , O 2 =5A:>;L:> <5AOF52 =0CG8;AO C =0H53> ?>20@0 @CAA:>9 3@0<>B5 8 ?5@2K< G5BK@5< ?@028;0< 0@8D<5B8:8 , 0 ?@8ACBAB2CO ?@8 C@>:0E 3>A?>4A:8E AK=>259 , O 2 ?>;3>40 70B25@48; =087CABL <=>65AB2> D@0=FC7A:8E 8 =5<5F:8E A;>2 8 =5A:>;L:> >7=0:><8;AO A 35>3@0D8G5A:8<8 8 8AB>@8G5A:8<8 8<5=0<8 . #G8B5;O , ?@8<5B82 <>N ?>=OB;82>ABL 8 ;N1>?KBAB2> , A?@0H820;8 <5=O 8=>340 , 4;O A2>59 70102K , > B>< , GB> O 70?><=8; 87 A;KH0==KE C@>:>2 , 8 >1JOA=O;8 <=5 , G53> O =5 ?>=8<0; . "0:8< >1@07>< O A45;0;AO _CG5=K< _ - <564C ;0:5O<8 . / 1K; 4>2>;5= <>8< A>AB>O=85< , A@02=820O 53> A <>8< ?>;>65=85< C 6840 , 8 E>BO ;N459 , 2>>1I5 , 2 4><5 3 -=0 !:>B8=:8 A>45@60;8 8 :>@<8;8 25AL<0 4C@=> , 1>;55 >B =51@565=8O , =565;8 >B A:C?>AB8 ; => O 8<5; A2>8 ?@58<CI5AB20 , 2>7=03@06402H85 <5=O 70 4@C385 =54>AB0B:8 . / ?>;L7>20;AO >AB0B:0<8 702B@0:>2 8 C68=>2 45BA:8E ; <=5 40@8;8 45=L38 =0 ?@O=8:8 2 <>4=KE <03078=0E , 2 0?B5:5 8 2 4@C38E <5AB0E , :C40 O E>48; 70 45;0<8 10@K=8 ; A25@E B>3> , O 7025; 83@C 2 >@;O=:C A A>A54=8<8 <0;LG8:0<8 8 D>@59B>@0<8 8 , >BG0AB8 AG0AB85< , >BG0AB8 8A:CAAB2>< , 2A5340 ?>GB8 2K83@K20; . / 4065 CA?5; A>AB028BL A515 =51>;LH>9 :0?8B0; , :>B>@>3> <=5 1K;> 4>AB0B>G=> =0 ;0:><AB2> 8 =0 CB>;5=85 3>;>40 , 2 A;CG05 =C64K . "0:8< >1@07>< O ?@>68; 2 4><5 3 -=0 !:>B8=:8 , 2 >A:25 , ?>;B>@0 3>40 , =5 701>BOAL > 1C4CI5< 8 =5 ?@54CA<0B@820O =8:0:>3> C;CGH5=8O A2>59 CG0AB8 . !0<K5 ;5AB=K5 <>8 =04564K A>AB>O;8 2 B>< , GB>1K A> 2@5<5=5< 70=OBL , ?@8 >4=>< 87 3>A?>4A:8E AK=>259 , <5AB> :0<5@48=5@0 8;8 2>72@0B8BLAO : ?@56=5<C <>5<C 3>A?>48=C , 8;>2848=C , :>B>@>3> ;0A:>2>ABL 8 4>1@>4CH85 =02A5340 =0?5G0B;5;8AL 2 <>5< A5@4F5 8 ?0<OB8 . !C4L10 CAB@>8;0 8=0G5 . 4=064K O 4>6840;AO 2 <>4=>< <03078=5 >:>=G0=8O :0:>9 -B> @01>BK 4;O <>59 10@K=8 . 4@C3 2>H;0 2 <03078= 3>A?>60 , >45B0O 25;8:>;5?=> , 8 =0G0;0 ?5@518@0BL @07=K5 25I8 . 73;O=C2 =5G0O==> =0 <5=O , >=0 >AB0=>28;0AL 8 A<>B@5;0 ?@8AB0;L=> , A :0:8< -B> >A>15==K< CG0AB85< . =0 E>B5;0 ?@8=OBLAO A=>20 70 @0AA<0B@820=85 B>20@>2 , => , :0: 1K ?> =52>;L=><C 2;5G5=8N , 27>@K 55 15A?@5AB0==> CAB@5<;O;8AL =0 <5=O . 0:>=5F >=0 =5 <>3;0 ?>1548BL A2>53> 2=CB@5==53> GC2AB20 8 ?>4>H;0 :> <=5 . - '59 BK <0;LG8: , 4CH5=L:0 ? - A:070;0 10@K=O ;0A:>2> , ?>3;0482 <5=O ?> I5:5 . - / 8 A0< =5 7=0N , - >B25G0; O . - "5?5@L A;C6C C 3 <>A?>48 >=0 !:>B8=:8 . - B> MB>B 3 <>A?>48 >= !:>B8=:> ? - >30BK9 10@8= ; >= ?@85E0; 2 >A:2C =0 68BL5 , 3>40 ?>;B>@0 B><C =0704 , 8 O ?@8AB0; : =5<C =0 A;C61C , 2 4>@>35 . - B0: , BK 2>;L=K9 , 0 =5 :@5?>AB=>9 ? - / , ?@02> , =5 7=0N , G59 O ; O 2K@>A 2 5;>@CAA88 , 2 4><5 3 <>A?>48 >=0 >;>3>@4>2A:>3> . . . @8 A8E A;>20E 10@K=O ?@5@20;0 <>9 @0AA:07 , ?>A?5H=> 2KH;0 87 <03078=0 8 25;5;0 <=5 70 A>1>N A;54>20BL . =0 >B>A;0;0 : :0@5B5 A2>53> ;0:5O , 4>68402H53>AO =0 ;5AB=8F5 , 8 ?@>4>;60;0 A> <=>N @073>2>@ . - 0: B51O 7>2CB ? - 20=>< . - A:>;L:> B515 ;5B ? - 5 7=0N . - "K 3>2>@8HL , GB> 2K@>A 2 4><5 3 <>A?>48 >=0 >;>3>@4>2A:>3> , - A:070;0 10@K=O . - B> 6 B2>8 @>48B5;8 ? - 5 7=0N , O A8@>B0 . - > 2A5 MB> 2@5<O O A<>B@5; 2 ;8F> 10@K=5 8 ?@8<5B8; , GB> >=0 ?>:@0A=5;0 8 3;070 55 =0?>;=8;8AL A;570<8 . - 20=>< , - A:070;0 >=0 B8E8< 3>;>A>< . >B>< , ?><>;G02 , ?@8<>;28;0 : - 0=NH0 ! =5B ;8 C B51O :0:>3> 7=0:0 =0 ;52>< ?;5G5 ? - ?>G5<C 2K 7=05B5 , 10@K=O GB> <5=O 1>;LH>9 @C15F =0 ?;5G5 ? @8 A8E A;>20E 3>A?>60 70:@K;0 ?;0B:>< 3;070 8 =5A:>;L:> 2@5<5=8 <>;G0;0 . 0:>=5F >=0 ?>F5;>20;0 <5=O 2 ;8F> , A?@>A8;0 > <5AB5 68B5;LAB20 3 <>A?>48 >=0 !:>B8=:8 , 40;0 <=5 @C1;L A5@51@>< 8 , =5 25;52 =8:><C A:07K20BL > =0H59 2AB@5G5 8 >1 55 @0AA?@>A0E , ?>H;0 : A2>59 :0@5B5 , A:0702 , GB> <K A:>@> C2848<AO . / ?@>2>48; 4>1@CN 3>A?>6C 3;070<8 4> :0@5BK 8 2>72@0B8;AO 2 <03078= . 0: O 1K; ?@83>6 ;8F>< 2 45BAB25 , B> <5=O G0AB> ;0A:0;8 =57=0:><K5 ;N48 , >A>15==> 65=I8=K , 4065 >AB0=02;820O =0 C;8F0E ; => =8 >4=> ?>4>1=>5 ?@8:;NG5=85 =5 ?@>872>48;> 2> <=5 B0:>3> A8;L=>3> 2?5G0B;5=8O :0: MB0 2AB@5G0 . !5@4F5 <>5 A8;L=> 18;>AL : ?@5:@0A=>5 ;8F> 3>A?>68 8 55 G5@=K5 3;070 15A?@5AB0==> ?@54AB02;O;8AL <>5<C 2>>1@065=8N ; 55 =56=K9 3>;>A @074020;AO 2 CH0E <>8E . / ?5G0;L=> 2>72@0B8;AO 4><>9 . AN =>GL <=5 A=8;0AL 4>1@0O 3>A?>60 ; O =5A:>;L:> @07 ?@>AK?0;AO 8 ?@8=8<0;AO ?;0:0BL A 3>@O 8 4>A04K , GB> =5 ?>?0; : B0:8< ;0A:>2K< 3>A?>40< . =5 E>B5;>AL A;C68BL C MB>9 4>1@>9 , ;0A:>2>9 3>A?>68 ! 4@C38E GC2AB20E O =5 8<5; ?>=OB8O . 0 4@C3>9 45=L , 2 1 2 G0A>2 CB@0 , ?>4J5E0;0 : =0H8< 2>@>B0< :0@5B0 , 2 H5ABL ;>H0459 , FC3>< , A B@5<O ;82@59=K<8 ;0:5O<8 . 48= 87 ;0:552 2>H5; 2 ?5@54=NN 8 ?@>A8; 4>;>68BL 3 -=C !:>B8=:5 , GB> :=O7L '20=>2 65;05B 3>2>@8BL A =8< ?> 25AL<0 206=><C 45;C . . !:>B8=:> , A8452H89 2 E0;0B5 , B>BG0A =045; D@0: , 25;5; ?@>A8BL :=O7O 8 >6840; 53> 2 ?5@54=59 . =O7L 8<5; >B @>4C ;5B A5<L45AOB ; ;8F> 53> C:@0H5=> 1K;> <>@I8=0<8 8 :@0A=K<8 ?OB=0<8 ; ;KA0O 3>;>20 1K;0 ?>:@KB0 B5AB>< 87 ?C4@K A ?><04>N ; >AB0B:8 A54KE 2>;>A A18BK 1K;8 2 ?C:;8 8 A2O70=K 2 :>AC . = 5420 ?5@542830; =>38 , 8 ;0:58 25;8 53> ?>4 @C:8 A B0:>N >AB>@>6=>ABLN , :0: 1C4B> >= 1K; AB5:;O==K9 8 <>3 @0718BLAO 2 :CA:8 >B <0;59H53> ?@8:>A=>25=8O . . !:>B8=:> ?@8=O; :=O7O A =87:8<8 ?>:;>=0<8 8 ?@>2>48; 2 3>AB8=CN ; => :=O7L 65;0; ?5@53>2>@8BL A =8< =0548=5 , 8 >=8 ?5@5H;8 2 :018=5B , 345 >AB020;8AL >:>;> G0A0 . 0:>=5F 3 . !:>B8=:> 2K3;O=C; 87 :018=5B0 8 :;8:=C; <5=O . / 4C<0; , GB> <=5 25;OB ?>40BL GB> -=81C4L , => :0: O C4828;AO , :>340 3 . !:>B8=:> , C:0702 =0 <5=O , A:070; : - >B >= , - 0 :=O7L AB0; 3;048BL <5=O ?> 3>;>25 8 B@5?0BL ?> I5:0< , ?@83>20@820O GB> -B> =0 8=>AB@0==>< O7K:5 . - 0=L:0 , - A:070; <=5 3 . !:>B8=:> , - ?>57609 A59G0A A 53> A8OB5;LAB2>< . / 1>;55 =5 8<5N =04 B>1>N ?@020 : 2>B B2>9 1;03>45B5;L . / B0: 1K; 87C<;5= A8<8 A;>20<8 , GB> =8G53> =5 >B25G0; 8 AB>O; =5?>4286=> . =O7L 2AB0; , ?>60; @C:C 3 -=C !:>B8=:5 8 ?>B0I8;AO : 425@O< , >?8@0OAL =0 <>5 ?;5G> . ?5@54=59 3 . !:>B8=:> A:070; <=5 : - C , ?@>I09 , 0=O ; BK C65 1>;LH5 =5 <>9 A;C30 : ABC?09 70 53> A8OB5;LAB2>< . 0<5@48=5@ ?>40; <=5 H0?:C , 8 O 2KH5; 70 :=O75< =0 C;8FC . / ?>GB8 8A?C30;AO , :>340 :=O7L 25;5; <=5 A5ABL 2 :0@5BC @O4>< A A>1>N . / 1K; 2 B0:>< 70<5H0B5;LAB25 , GB> =5 A<5; ?>4=OBL 3;070 8 ?5@525ABL 4KE0=8O . > AG0ABLN , :=O7L <>;G0; 2> 2AN 4>@>3C 8 4@5<0; . !5@4F5 <>5 A8;L=> 7018;>AL , :>340 <K >AB0=>28;8AL 2>7;5 25;8:>;5?=>3> 4><0 . 58725AB=>ABL CG0AB8 8=>340 EC65 25@=>3> =5AG0AB8O . 8HL B>;L:> <K 2>H;8 2 :><=0BK , 1;5ABOI85 7>;>B>< , 1@>=7>N , D0@D>@>< , 8A?5I@5==K5 :>2@0<8 8 :0@B8=0<8 , :=O7L A5; =0 A>DC 8 25;5; ?>720BL : A515 42>@5F:>3> . / <564C B5< AB>O; C 425@59 8 A<>B@5; =0 2A5 A ;N1>?KBAB2>< . >H5; 42>@5F:89 . - >7L<8 MB>3> <0;LG8:0 , - A:070; :=O7L , - ?>57609 A =8< ?> 2A5< ?>@B=K< 8 H25O< , :C?8 4;O =53> ;CGH53> 15;LO , <>4=>5 ?;0BL5 ?> 53> ;5B0< , >45=L , :0: :C:>;:C , :0: :=O65A:>3> AK=:0 , 25;8 ?>@O4>G=> >AB@8GL , 2K<>9 53> , 2KG8AB8 8 , =0@O482 :0: <>6=> ;CGH5 , >B2578 : 45;0845 5B@>2=5 . !;KH8HL ;8 ? - !;CH0N , 20H5 A8OB5;LAB2> . - 'B>1 2A5 1K;> 3>B>2> : H5AB8 G0A0< : O A0< 1C4C =0 25G5@ : =59 . 2>@5F:89 <83=C; <=5 , 8 O 2KH5; 70 =8< . 2>@5F:89 , 157 40;L=8E @0AA?@>A>2 , ?>A048; <5=O A A>1>N =0 872>7G8GL8 4@>6:8 8 ?@8257 : ?>@B=><C . 45AL >= <5=O >AB028; , ?@8:0702 ?>@B=><C 8A?@028BL =5<54;5==> ?>@CG5=85 :=O7O 8 A:0702 , GB> >= 70545B 70 <=>N G@57 =5A:>;L:> G0A>2 . 5=0 ?>@B=>3> ?>1560;0 A> 42>@0 :C?8BL 4;O <5=O 15;LO . >@B=>9 AKA:0; ?@5:@0A=>5 3>B>2>5 ?;0BL5 , :C@B>G:C 8 H0@>20@K 87 :078<8@0 , D8>;5B>2>3> F25B0 , A 1;5ABOI8<8 ?C3>28F0<8 . 0H<0G=8: ?@8=5A 10H<0:8 . >;>AK <>8 >AB@865=K 1K;8 2 :@C6>: , ?> -@CAA:8 . 0@8:<0E5@ ?@8;048; 8E 8 7028; 2 :C4@8 . %>7O9:0 2A:>@5 2>72@0B8;0AL A 15;L5< 8 A 2KH8B>N <0=8H:>9 : >=0 A0<0 2K<K;0 <5=O , >45;0 8 =5 <>3;0 C45@60BLAO , GB>1 =5 ?>F5;>20BL <5=O 2 @C<O=K5 I5:8 . / ?>GB8 =5 C7=0; A51O , :>340 273;O=C; 2 75@:0;> 8 A 3>@4>ABLN C4>AB>25@8;AO , GB> O :@0A8255 45B59 3 -=0 >;>3>@4>2A:>3> , !:>B8=:8 8 2A5E <0;LG8:>2 , <=>N 2845==KE 2 4><0E MB8E 3>A?>4 . A:>@5 2>72@0B8;AO 42>@5F:89 8 B0:65 87C<8;AO <>5<C ?@52@0I5=8N . K >?OBL A5;8 =0 872>7G8GL8 4@>6:8 8 ?>5E0;8 ?> =07=0G5=8N :=O7O . / =8 > G5< =5 A?@0H820; , 0 B>;L:> ;N1>20;AO A2>8< ?;0BL5< . @85E02 : >4=><C =51>;LH><C , G8AB5=L:><C , 45@52O==><C 4><8:C , <K >AB0=>28;8AL , 8 42>@5F:89 ?>25; <5=O 70 @C:C 2 :><=0BK . 0:59 >B2>@8; 425@8 2 70;C , 8 O GCBL =5 C?0; 2 >1<>@>: >B @04>AB8 , :>340 C2845; BC A0<CN 3>A?>6C , :>B>@0O @0AA?@0H820;0 <5=O 2G5@0 , 2 <03078=5 . >A?>60 B>65 2A:@8:=C;0 >B @04>AB8 , 1@>A8;0AL >1=8<0BL 8 F5;>20BL <5=O 8 ?>25;0 2 4@C3CN :><=0BC , >B?CAB82 42>@5F:>3> . >340 <K >AB0;8AL >4=8 , 3>A?>60 A5;0 =0 A>D5 , ?>A048;0 <5=O 2>7;5 A51O , 25;5;0 A=OBL :C@B>G:C , >A<>B@5;0 7=0: =0 ;52>< ?;5G5 8 ?@8=O;0AL ?;0:0BL . / B0:65 ?;0:0; , 4C<0O , GB> 4>1@>9 3>A?>65 ?@8:;NG8;>AL :0:>5 -=81C4L 3>@5 . - 0=O , - A:070;0 <=5 >=0 . - "K B5?5@L =5 1C45HL 1>;55 A;C3>N . "K <>9 @>4=>9 ?;5<O==8: , AK= A5AB@K <>59 . "K 4>;65= =07K20BL <5=O B5BCH:>9 8 =8:><C =5 3>2>@8BL , G5< BK 1K; ?@5645 . 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"K 1>30G5 <5=O , 0=O . !?@0254;82>ABL B@51C5B , GB>1K BK ?;0B8; 70 ?>;>28=C ?CB52KE 8745@65: . - / 8=0G5 8 =5 4C<0; , - >B25G0; O , - 8 E>B5; @0AAG8B0BLAO A 20<8 ?> ?@85745 =0 <5AB> . - -B> 2A5 @02=> , - A:070; >@>20B8= , - => :0: BK 5I5 =5 ?@82K: >1@0I0BLAO A 45=L30<8 , B> >B409 8E <=5 , =0 A>E@0=5=85 . - =8 , :065BAO , ;560B 157>?0A=> 2 <>5< G5<>40=5 . - =8 ;CGH5 1C4CB ;560BL 2 <>5< AC=4C:5 , ?>4 70<:>< , - 2>7@078; >@>20B8= . - 0: 20< C3>4=> ! - A:070; O 8 B>BG0A >B40; 5<C <>8 45=L38 , >AB0282 A515 =5A:>;L:> A5@51@O=KE @C1;59 , =0 <5;>G=K5 8745@6:8 . 5A:>;L:> AB0=F89 >@>20B8= 1K; <>;G0;82 8 704C<G82 ; =0:>=5F >= 7025; @073>2>@ A0<K< 206=K< 8 E>;>4=K< B>=>< . - 5C65;8 B5BCH:0 =5 3>2>@8;0 B515 =8:>340 > B2>5< >BF5 ? - A?@>A8; >@>20B8= , CAB@5<82 =0 <5=O ?@>=8F0B5;L=K9 273;O4 . - 8G53> , :@><5 B>3> , GB> O 20< A:070; . - !B@0==> , >G5=L AB@0==> ! - ?@>2>@G0; >@>20B8= . - / =5 286C =8 <0;59H59 AB@0==>AB8 , - A:070; O . - A;8 1 2 687=8 <>53> ?>:>9=>3> >BF0 1K;> GB> -=81C4L ;N1>?KB=>5 , B> B5BCH:0 , 25@=> , @0AA:070;0 1K <=5 . 5 7=05B5 ;8 2K G53> -=81C4L ? - ?@8<>;28; O , A<>B@O B0:65 2 3;070 >@>20 -B8=C . - K >G5=L >1O65B5 <5=O , 5A;8 A:065B5 GB> -=81C4L =0 MB>B AG5B . - <=5 ?>G5<C 7=0BL ! - >B25G0; ACE> >@>20B8= . - A;8 MB> B0: <0;> 20A 15A?>:>8B , B> 70G5< 65 MB0 =54>25@G82>ABL ? - "K 5I5 =5 7=05HL 65=A:8E C;>2>: 8 E8B@>AB59 , - A:070; >@>20B8= . - >340 ?>B5@?8HL >B =8E , B>340 1C45HL : =8< =54>25@G82 . - / =5 8<5N =8 <0;59H59 ?@8G8=K =5 4>25@OBL <>59 B5BCH:5 , :>B>@0O ;N18B <5=O :0: @>4=>3> AK=0 , A45;0;0 4;O <5=O 2A5 , GB> B>;L:> 1K;0 2 A>AB>O=88 A45;0BL , 8 3>B>20 2A5< 4;O <5=O 65@B2>20BL . - >B 2 B>< -B> 8 A8;0 , - 2>7@078; >@>20B8= . - B@C4=> 25@8BL , GB>1 B5BCH:0 B2>O , ;N1O B51O , =8:>340 =5 3>2>@8;0 B515 > A>AB>O=88 B2>53> >BF0 , > 1C4CI8E =045640E 8 @07=KE ?@8:;NG5=8OE . - %>BO 2K 8 4020;8 <=5 A>25BK , GB>1 O =5 1K; =8:>340 8A:@5=5= , => O 5I5 =5 =0CG8;AO A;54>20BL 2 B>G=>AB8 20H8< =0AB02;5=8O< , - A:070; O A =5:>B>@>N 4>A04>9 . - >2B>@ON : > A>AB>O=88 <>53> ?>:>9=>3> >BF0 , >1 53> ?@>8AE>645=88 B5BCH:0 A:070;0 <=5 2A5 , GB> ?>G;0 =C6=K< , 0 ?@8:;NG5=8O 53> , 284=> , =570=8<0B5;L=K , :>340 >=0 >1 =8E C<>;G0;0 . ?@>G5< , O , 2>72@0B8AL 2 >A:2C , @0AA?@>HC 55 ?>4@>1=55 >1 MB>< ?@54<5B5 , :>B>@K9 4> A8E ?>@ ?>G8B0; <0;>206=K< . - "5?5@L ?>74=> , - A:070; >@>20B8= , A ?@8B2>@=>N C;K1:>9 . - >G5<C 65 ?>74=> ? - A?@>A8; O . >@>20B8= 24@C3 70A<5O;AO :0:8< -B> C60A=K< A<5E>< 8 A:070; : - >6825< - C2848< ! - = >1@0B8; @073>2>@ =0 4@C385 ?@54<5BK 8 AB0@0;AO <5=O @0AA5OBL ; => C <5=O =0;53;0 3@CABL =0 A5@4F5 : O 1K; ?5G0;5= 8 <>;G0;82 . ! MB8E ?>@ 4>25@5==>ABL <>O : >@>20B8=C 8AG57;0 8 O AB0; >?0A0BLAO , GB>1 >= =5 ?>2@548; <=5 C @C=8 , @0AA:0702 , G5< O 1K; ?@5645 . = , >4=0:> 6 , AB0; ?> -?@56=5<C :> <=5 ;0A:0BLAO 8 >1>;LI0BL =045640<8 =0AG5B 65=8BL1K 8 ?@8>1@5B5=8O 1>30BAB20 . K >AB0=>28;8AL =>G520BL =0 ?>GB>2>< 42>@5 , 2 >4=>< =51>;LH>< 3>@>4:5 . 25G5@C ?@85E0; =0 ?5@5:;04=KE :0:>9 -B> G5;>25: A@54=8E ;5B 8 >AB0=>28;AO B0:65 =0 =>G;53 . / ?@8<5B8; 87 >:=0 , GB> >@>20B8= D0<8;LO@=> ?>74>@>20;AO A =>2>?@85768< , :>B>@K9 , >4=0:> 6 , =01;N40; ?>4G8=5==>ABL 2 >1@0I5=88 A =8< 8 =5 ?@5645 =045; :0@BC7 , :0: >@>20B8= 25;5; 5<C =0:@KBLAO . =8 >B>H;8 70 C3>; 4><0 , : AB5=5 , 345 =5 1K;> >:>= , 8 AB0;8 <564C A>1>N @073>20@820BL ; => :0: 25B5@ 1K; A B>9 AB>@>=K , B> O , ?5@5H54 2 C3>;L=CN :><=0BC , A;KH0; G0ABL 8E @073>2>@0 . - "K A;8H:>< ?>B>@>?8;AO , 0D=CBL8G , - A:070; >@>20B8= . - 04>1=> 1K;> 1K ?>4>640BL , ?>:0 O >1682CAL =0 <5AB5 8 >14C<0N A?>A>1K . 54L =5;L7O 6 :0<5=L =0 H5N 40 2 2>4C . - #6 MB> =5 <>5 45;> , :0: A1KBL 53> A @C: , - >B25G0; =>2>?@857689 , - => 3@0D8=O =5 4020;0 <=5 ?>:>N 8 =0A8;L=> 2K3=0;0 2 4>@>3C . >2>@OB , GB> 3@0D 2>72@0I05BAO 2 >A:2C . . . 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B> B0:>2 =>2>?@857689 ? -B0 B09=0 , 2 :>B>@>9 O ?@54CA<0B@820; GLN -B> ?>3815;L , B5@70;0 <5=O . / GC2AB2>20; , GB> =0?@0A=> 1K;> 1K A?@0H820BL >@>20B8=0 8 A:070BL 5<C , GB> O ?>4A;CH0; G0ABL @073>2>@0 53> A =57=0:><F5< . / 4065 >?0A0;AO , GB>1 >B:@KB85< 53> 70<KA;>2 =5 =02;5GL =0 A51O 53> 3=520 8 4065 <I5=8O ; 8B0: , O @5H8;AO <>;G0BL , =01;N40BL 8 , 5A;8 1C45B 2>7<>6=>ABL , 2>A?@5?OBAB2>20BL 8A?>;=5=8N 7;>3> =0<5@5=8O . 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'8B0B5;8 <>8 , :>=5G=> , 2840;8 <=>3> B0:8E 3>@>4>2 . > :0: 8<5=0 8E ACI5AB2CNB =0 ;0=4:0@B0E 8 =0 ?;0=0E , E@0=OI8EAO 2 <5652KE :>=B>@0E , 8 :0: <5AB0 4;O AB@>5=8O 4><>2 >7=0G5=K , 8 4065 D0A04K ?@84C<0=K : B> :065BAO , GB> ?>;>28=0 45;0 C65 A45;0=0 . ?@>G5< , =8:B> =5 28=>20B : G5;>25: ?@54?>;0305B , >3 @0A?>;0305B ( 1 ' h o m m e p r o p o s e D i e n d i s p o s e ) ! >@>40 B0: 65 =52>7<>6=> A45;0BL <=>3>;N4=K< , 157 >A>15==KE <5AB=KE 2K3>4 , :0: ?@>872>;L=> CAB0=>28BL 25:A5;L=K9 :C@A . >72@0I0OAL =0 ?>GB>2K9 42>@ , O 70AB0; >@>20B8=0 2 25AL<0 25A5;>< @0A?>;>65=88 4CE0 . = 4>6840;AO <5=O : C68=C 8 <564C B5< , ?>BG520O 2>4:>N A<>B@8B5;O , @0AA?@0H820; 53> ?@> 68BL5 -1KBL5 :064>3> 87 >:@5AB=KE ?><5I8:>2 , >1 C574=KE G8=>2=8:0E 8 >1> 2A5E ?@>28=F80;L=KE =>2>ABOE . -B> 45;0; >@>20B8= =0 :064>9 AB0=F88 8 , ?>25@OO A;>20 A<>B@8B5;59 A @0AA:070<8 O<I8:>2 8 A>45@60B5;59 ?8B59=KE 8 ?>AB>O;KE 42>@>2 =0 1>;LH>9 4>@>35 , A>AB02;O; 87 MB>3> A2>8 70<5G0=8O 8 70?8AK20; 2 A2>N ?0<OB=CN :=86:C . >340 O >4=064K A?@>A8; 53> > ?@8G8=5 A53> ;N1>?KBAB20 , >@>20B8= >B25G0; E;04=>:@>2=> : - >G5<C 7=0BL , A :5< ?@845BAO 8<5BL 45;> 2 687=8 ! > :>340 7=05HL >1@07 <KA;59 8 ?>ABC?:8 <=>38E ;N459 , B> ?@8 A;CG05 <>6=> C?>B@518BL MB> 2 A2>N ?>;L7C . / ?>G8B0N ;N459 0?B5:0@A:8<8 <0B5@80;0<8 , :>B>@KE A2>9AB20 =04>1=> 7=0BL , GB>1 ?>;L7>20BLAO 8<8 . A25BA:>< 1KBC , B0: :0: 2 M:>=><88 ?@8@>4K , =8GB> =5 ?@>?0405B , 5A;8 C<=K9 G5;>25: 7=05B , :0: C?>B@518BL @07;8G=K5 :0G5AB20 8 AB@0AB8 ;N459 . /4 2 @C:0E <C4@>3> A;C68B : 8AF5;5=8N =54C30 , 8 25;8G09H89 ?;CB 8;8 3;C?5F B0:65 <>65B 1KBL 8=>340 ?>;575= C<=><C 2 53> 45;0E . - >@>20B8= , A:0702 <=5 MB> , :>=G8; , ?> A2>5<C >1K:=>25=8N , A<5E>< , ?@8<>;282 : - 0?8H8 , 0=O , MB> =@02>CG5=85 2 A2>5< :0;5=40@5 . -B> >4=> 87 206=KE ?@028; <>59 D8;>A>DA:>9 H:>;K . - / B>340 ?@8=O; MB> 70 HCB:C , => ?>A;5 ?>4A;CH0==>3> <=>N @073>2>@0 @0AA?@>AK >@>20B8=0 ?@>872>48;8 2> <=5 =5?@8OB=K5 2?5G0B;5=8O ; 81> O 7=0; , GB> >=8 <>3CB :;>=8BLAO : :0:>9 -=81C4L 2@54=>9 F5;8 . ABL ;N48 , :>B>@K5 4C<0NB , GB> 3@CABL <>6=> CB>?8BL 2 28=5 . / =5 8A?KB0; MB>3> =0 A515 2 B5G5=85 687=8 . ?5@2K9 @07 O E>B5; ?@>B82C 2>;8 5ABL 8 ?8BL , => 28=> :070;>AL <=5 65;GLN , 0 ?8I0 1572:CA=>N 8 BO65;>N :0: :0<5=L . @>=8F0B5;L=K9 >@>20B8= ?@8<5B8; , GB> O =5 2 A2>5< 4CE5 , => =5 >B3040; ?@8G8=K . - =5 :065BAO , GB> BK 3=5205HLAO =0 <5=O , K6838= ? - A:070; >= . / <>;G0; . - 5C65;8 2>?@>A <>9 > B2>5< >BF5 <>3 >?5G0;8BL B51O 4> B0:>9 AB5?5=8 ? - ?@8<>;28; >= . - 5 2>?@>A , => =54>25@G82>ABL 20H0 <=5 25AL<0 =5?@8OB=0 , - >B25G0; O . - B0: , 8728=8 , ;N157=59H89 ! - 2>A:;8:=C; >@>20B8= , >1=8<0O <5=O . - 5@L , GB> O @0AA?@0H820; B51O 548=AB25==> 87 ;N128 : B515 . =5 A:070;8 2 >A:25 , 1C4B> ?>A;5 >BF0 B2>53> >AB0;>AL 8<5=L5 , 1C4B> B5BCH:0 ?@8A2>8;0 53> A515 8 >3 25ABL GB> , 8 O E>B5; B>;L:> 2K2540BL , 7=05HL ;8 BK >1 MB>< . - B0:>< A;CG05 =04;560;> 1K A>>1I8BL <=5 20H8 A><=5=8O , 157 >18=O:>2 . 074C<02 E>@>H5=L:> , O A0< GC2AB2CN , GB> 2 <>59 :@0B:>9 687=8 25AL<0 <=>3> =5?>=OB=>3> . >65B ;8 1KBL GB> AB@0==55 , =0?@8<5@ , :0: B> , GB> 42>@O=A:89 AK= 1K; 1@>H5= , :0: :>B5=>: , =0 ?@>872>; AC4L1K , 2 8<5=88 >;>3>@4>2A:>3> 8 GB> =8:B> =5 >BKA:820; 53> 8 =5 701>B8;AO >1 =5< , 4> A;CG09=>9 2AB@5G8 A B5BCH:>N ? > GB>1 MB> A45;0=> 1K;> 4;O ;8H5=8O <5=O 1>30BAB20 , MB><C O =5 <>3C 25@8BL , ?>;CG82 AB>;L:> 4>:070B5;LAB2 ;N128 B5BCH:8 . =0 3>B>20 >B40BL 70 <5=O 687=L A2>N , =5 B>;L:> 2A5 , GB> 8<55B , 8 5A;8 1 2K3>40 55 A>AB>O;0 2 B>< , GB>1 O =5 7=0; <>8E @>4AB25==8:>2 , B> >=0 =8:>340 1K =5 ?@87=0;0AL :> <=5 . - "K @0AAC6405HL , :0: :=830 , - >B25G0; >@>20B8= , - => O AB>;L:> 8A?KB0; 2 687=8 , GB> ?@82K: =8G5<C =5 25@8BL , :@><5 4C@=>3> . - !>60;5N >1 20A , - A:070; O , - 8 65;0; 1K >B40;8BL >B A51O M?>EC MB>9 3>@L:>9 >?KB=>AB8 . - !>3;0A8AL , >4=0:> 6 , - ?@8<>;28; >@>20B8= , - GB> 25AL<0 C4828B5;L=> 8;8 , ;CGH5 A:070BL , =5?>AB868<> , GB> B5BCH:0 C7=0;0 B51O 2 <03078=5 , =5 28402 >B ?5;5=>: ! - 5 A?>@N , GB> MB> 4>;6=> :070BLAO 20< C4828B5;L=K< , => >BB>3> B>;L:> , GB> O =5 >1JOA=8; 20< 2A5E >1AB>OB5;LAB2 . # B5BCH:8 <>59 5ABL 420 25AL<0 AE>685 ?>@B@5B0 <>53> >BF0 : >48= , ?8A0==K9 2 53> 45BAB25 , 8<5==> 2 B>< 2>7@0AB5 , 2 :>B>@>< >=0 2AB@5B8;0 <5=O 2 <03078=5 ; 4@C3>9 , =0 2 5 -< 3>4C >B @>645=8O , 2 3>4 53> 65=8BL1K =0 <>59 ?>:>9=>9 <0BCH:5 . / 2845; MB8 ?>@B@5BK 8 ?@87=0NAL , GB> B0:>3> AE>4AB20 , :0: <564C <=>N 8 >BF>< <>8< , B@C4=> =09B8 2 F5;>< <8@5 . 45AL 4065 425 :0?;8 2>4K =54>AB0B>G=K 4;O A@02=5=8O . "5BCH:0 3>2>@8B , GB> , :@><5 B>3> , 3>;>A <>9 , ?>E>4:0 , C;K1:0 8 4065 2A5 CE20B:8 45=L >B> 4=O AB0=>2OBAO 1>;55 8 1>;55 AE>4=K<8 A >BF>2A:8<8 8 GB> :B> @07 2 687=8 2845; <>53> >BF0 2 <>;>4>AB8 8;8 =0 ?>@B@5B5 , B>B A ?5@2>3> 273;O40 C7=05B 2> <=5 53> AK=0 . B0: , 2848B5 , GB> =8<0;> =5 C4828B5;L=> , :>340 B5BCH:0 , 8<5O 2A5340 =0 BC0;5B5 MB8 420 ?>@B@5B0 8 @0AA<0B@820O 8E 5654=52=> , ?>@065=0 1K;0 AE>4AB2>< <>8< A >BF>< ?@8 ?5@2>9 2AB@5G5 8 GB> , 7=0O <>N ?@8<5BC , C4>AB>25@8;0AL , GB> O B>G=> 55 ?;5<O==8: . 04>1=> 1>;55 C482;OBLAO <>59 25B@5=>AB8 8 157701>B=>AB8 , GB> <=5 =8:>340 =5 ?@8H;> 2 3>;>2C @0AA?@0H820BL B5BCH:C > <>8E @>48B5;OE . >@>20B8= A;CH0; <5=O 2=8<0B5;L=> , ?@8AB0;L=> A<>B@5; <=5 2 3;070 8 ?>3@C78;AO 2 @07<KH;5=85 . 0:>=5F >= 2AB0; 87 -70 AB>;0 8 A:070; : - >;=> 3>2>@8BL >1 MB>< . 5;> :>=G5=> ; B5?5@L ?>@0 A?0BL . >;3> O =5 <>3 A><:=CBL 3;07 . / 2 ?5@2K9 @07 AB0; @0A:0820BLAO 2 B>< , GB> >1<0=C; B5BCH:C , GB> ;53:><KA;5==> 274C<0; 2;N18BLAO 2 @C=N , GB> ?CAB8;AO 2 >B40;5==K9 3>@>4 8A:0BL ;N1>2=KE ?@8:;NG5=89 8 A2O70;AO A 157=@02AB25==K< G5;>25:>< . 0AAC4>: <>6=> C?>4>18BL A>;=FC , 0 AB@0AB8 ?>60@C . '5;>25: , =0E>4OAL 2 4><5 , >1JOB>< ?;0<5=5< 8 =0?>;=5==>< 4K<>< , =5 2848B A>;=F0 . > :>340 ?>60@ CB8E=5B , B>340 1;03>45B5;L=>5 A8O=85 4=52=>3> A25B8;0 ?@8OB=55 8 >ICB8B5;L=55 . 0AAC4>: 703>2>@8; 2> <=5 , 8 O ?>GC2AB2>20; , GB> ?>ABC?:8 <>8 4>;6=K 2>2;5GL <5=O 2 =5?@8OB=K5 >1AB>OB5;LAB20 , >A>15==> 2 >1I5AB25 >@>20B8=0 . / @5H8;AO 2>72@0B8BLAO 2 >A:2C ?@8 ?5@2>< A;CG05 , >?@545;8BLAO =0 A;C61C , 1KBL >AB>@>6=55 2 2K1>@5 7=0:><AB2 8 =8:>340 1>;55 =5 2;N1;OBLAO , 0 3;02=>5 - >B2O70BLAO =02A5340 >B >@>20B8=0 . "0: >1K:=>25==> <K 2 4C@=KE >1AB>OB5;LAB20E A>AB02;O5< <C4@K5 ?@>5:BK , :>B>@K5 701K20NBAO , :>340 1540 8;8 >?0A=>ABL ?@>E>48B . / =5 AC525@5= , => =5:>B>@K5 ?@54@0AAC4:8 (5A;8 8E <>6=> =0720BL ?@54@0AAC4:0<8 ) A8;L=> C:>@5=8;8AL 2> <=5 , 8 =8 ;5B0 , =8 >?KB=>ABL , =8 @0AAC4>: =5 <>3CB 8AB@518BL 8E . ;02=K5 87 =8E : 25@0 2 ?@54GC2AB28O 8 2 D878>=><8G5A:85 ?@8<5BK . -B>B 45=L 1K; ?5@2K< 2 687=8 <>59 , A :>B>@>3> O =0G0; 25@8BL 2 MB8 , B0: =07K205<K5 , ?@54@0AAC4:8 . >B 2 :0:>< A>AB>O=88 1K20; O 2A5340 , :>340 :0:>5 -=81C4L =5AG0AB85 <=5 C3@>60;> . !5@4F5 <>5 18;>AL A8;L=55 >1K:=>25==>3> , =K;> , :0: 1C4B> 1K =0 =5< 1K;0 @0=0 ; :@>2L =5?@028;L=> ?5@5;820;0AL 2 68;0E 8 , 4>E>4O 4> A5@4F0 , ?@>872>48;0 >ICI5=85 =5?@8OB=>5 . A5 , GB> B>;L:> O 2845; 8 8A?KB0; 3>@L:>3> 2 687=8 , ?@54AB02;O;>AL B>340 <>5<C 2>>1@065=8N , 8 2 A<5H5=88 >1@07>20;> :0:CN -B> <@0G=CN :0@B8=C 2 1C4CI5< . MB>9 :0@B8=5 O 2A5340 ?@54AB02;O; A0<>5 =5AG0AB=>5 ;8F> . !>= <>9 1K; 15A?>:>9=K9 , B@52>68<K9 A0<K<8 C60A=K<8 A=>2845=8O<8 . 0:0O -B> A;01>ABL B5;0 A>?@>2>640;0 MB>B =54C3 4CH52=K9 , 8 :064K9 ?@>=8F0B5;L=K9 273;O4 =0 <5=O , :064K9 2>?@>A 2>71C640;8 2> <=5 ?>4>7@5=85 ; :064K9 ABC: 8;8 4065 3@><:>5 2>A:;8F0=85 , :064>5 ?>O2;5=85 =>2>3> , =5>6840==>3> ;8F0 ?>@>640;8 <3=>25==K9 AB@0E . N48 , A0<K5 1;87:85 :> <=5 , 2 ;N128 8 4@C615 :>8E O =8:>340 =5 A><=520;AO , 1K;8 <=5 B>340 =5A=>A=K<8 . ! :064K< <3=>25=85< O >6840; C40@0 AC4L1K , :0: >AC645==K9 ?@5ABC?=8: :07=8 , 8 , ?@87=0NAL , @54:> A;CG0;>AL , GB>1K ?>A;5 B0:>3> A>AB>O=8O 4CH8 <>59 O =5 2?040; 2 :0:>5 -;81> =5AG0AB85 8;8 , ?> :@09=59 <5@5 , =5 ?>425@30;AO =5?@8OB=>AB8 . 'B> 65 :0A05BAO 4> D878>=><89 , B> O ?5@2K9 C@>: ?>G5@?=C; 2 G5@B0E >@>20B8=0 , :>B>@>3> AB0; =01;N40BL A MB>3> 4=O A 25;8G09H8< 2=8<0=85< , 2725H820BL 2A5 53> A;>20 8 ?>ABC?:8 8 2A<0B@820BLAO 2 G5@BK 53> ;8F0 . ! B5E ?>@ O =5 <>3 ?@5>4>;5BL A51O 2> 2AN <>N 687=L , GB>1K =5 AC48BL > ;N4OE ?> 2?5G0B;5=8N , ?@>872545==><C 2> <=5 ?@8 ?5@2>9 2AB@5G5 . ?>A;54AB288 O G8B0; A>G8=5=8O 0D0B5@0 8 5;0?>@B0 > D878>=><8OE , => 2A5340 45@6CAL A2>59 A>1AB25==>9 A8AB5<K 8 AC6C =5 ?> G5@B0< ;8F0 , => , B0: A:070BL , ?> 83@5 D878>=><88 8 ?> ?@85<0< . A;8 G5;>25: A<>B@8B =0 <5=O 8A?>4;>1LO 8;8 2>2A5 =5 A<>B@8B 2 3;070 , :>340 3>2>@8B , 5A;8 >= ?@>F568205B A;>20 A:2>7L 7C1K 8 >14C<0==> A>G8=O5B @5G5=8O 2> 2@5<O @073>2>@0 ; 5A;8 >= @073>20@8205B A> <=>N 2>?@>A0<8 8 , 2A5340 B@51CO <>53> <=5=8O , 157<>;2=> A>3;0H05BAO A> <=>N 8;8 4;O B>3> B>;L:> ?@>B82>@5G8B , GB>1K 70AB028BL <5=O ?>;=55 87JOA=8BLAO , - ?@87=0NAL , O =5 25@N MB><C G5;>25:C . @8=C645==0O C;K1:0 8 ;>6=K9 A<5E A;C60B 4;O <5=O C:070B5;O<8 =58A:@5==>AB8 . @8<0AK , 45;05<K5 =52>;L=> @B>< , 15A?@5AB0==>5 42865=85 3C1 8 70:CAK20=85 8E 4;O <5=O 4C@=0O ?@8<5B0 . 5@>2=0O ?>E>4:0 , 2 :>B>@>9 284=K :0:85 -B> ;8AL8 C25@B:8 , A60B85 2A53> B5;0 : >4=><C F5=B@C 8;8 A3>@1;5=85 , =0?>4>185 :>B0 ?5@54 <OA>< ; 2KBO=CB0O 2?5@54 3>;>20 , :0: C 7<58 , :>B>@0O E>G5B 1@>A8BLAO =0 4>1KGC , - 4;O <5=O >B2@0B8B5;L=K 8 >1=0@C6820NB 4C@=>3> G5;>25:0 . @><:>5 87JO2;5=85 @04>AB8 8 ;>170=L5 :064>3> 7=0:><F0 ?@8 2AB@5G5 <=5 :06CBAO 25AL<0 ?>4>7@8B5;L=K<8 . >=GC <>5 =51>;LH>5 >BABC?;5=85 A>7=0=85< , GB> O 8=>340 >H810;AO 2 ?@54GC2AB28OE , => =8:>340 =5 >H810;AO 2 D878>=><8OE . =>38E D878>=><8G5A:8E ?@8<5B <>8E O B5?5@L =5 >?8AK20N : G8B0B5;8 C284OB 8E 2?>A;54AB288 87 ?>@B@5B>2 <=>38E ;8F , A :>B>@K<8 O 2AB@5G0;AO 2 687=8 . 'B> 65 :0A05BAO 4> ?@54GC2AB289 , B> O 4>;65= A:070BL , GB> >=8 2A5340 A;CG0;8AL A> <=>N ?>A;5 :0:>3> -=81C4L ?@>ABC?:0 8;8 =5>AB>@>6=>AB8 , :>340 O <>3 >6840BL 70A;C65==>9 8;8 =570A;C65==>9 =5?@8OB=>AB8 >B <>8E 2@03>2 . -B> 1K;> =5 ?@8G8=>N , => A;54AB285< ; =5 ?@54>AB5@530B5;L=K< 35=85< , =0?>4>185 !>:@0B>20 , => 35=85< 8725AB8B5;L=K< . ?@>G5< , :B> 8<55B 45;> A A0<>;N185< 8 AB@0ABO<8 ;N4A:8<8 , B>B 25AL<0 G0AB> 4>;65= >6840BL 154K , E>BO 1K =8G53> 4C@=>3> =5 A45;0; , 0 8=>340 70 B> 8<5==> , G5< 70A;C68205HL ?>E20;C 8 =03@04C . 0 A25B5 B0: 2>48BAO : :B> A0< =5 45;05B 7;0 , B>B 4>;65= ?>425@30BLAO 8A?KB0=8N 8 B5@?5BL 7;> >B 4@C38E . 07=8F0 4>1@>3> G5;>25:0 A> 7;K< 2 MB>< A;CG05 B0 , GB> 4>1@K9 2 25;8G09H5< =5AG0AB88 =0E>48B CB5H5=85 2 A2>59 A>25AB8 8 2 <=5=88 G5AB=KE ;N459 , 0 4;O 7;>3> =5B =8 >B@04K , =8 =04564K =0 B>B <8@ , 345 A8;L=K5 =5 <>3CB 4028BL A;01KE . > >1@0B8<AO : ?>25AB2>20=8N . 5 C<5O E>@>H> ?@8B2>@OBLAO , O =5 <>3 ?@8=OBL =0 A51O 25A5;>3> 2840 , 0 GB>1K >B2@0B8BL 2AO:>5 ?>4>7@5=85 , A:070; >@>20B8=C , GB> GC2AB2CN A51O =574>@>2K< . 5 7=0N , ?>25@8; ;8 >= <=5 , => >= C42>8; A2>8 ;0A:8 8 2=8<0=85 :> <=5 8 CE06820; 70 <=>N A =56=>AB8N >BF0 , GB> =5A:>;L:> ?@8<8@8;> <5=O A =8< . 'B>1 40BL <=5 >B4>E=CBL , >= >AB0=>28;AO =0 =5A:>;L:> 4=59 2 >4=>< C574=>< 3>@>4:5 , ;560I5< 2 ?@5:@0A=>< <5AB5 , =0 15@53C >;38 . >@>20B8= 8<5; 745AL AB0@>3> ?@8OB5;O , :0?8B0= -8A?@02=8:0 , A :>B>@K< >= >1E>48;AO 25AL<0 >B:@>25==> . 8E 15A545 O CA;KH0; B0:85 25I8 , > :0:8E ?@5645 =5 8<5; =8:0:>3> ?>=OB8O . 0: >=8 , 2 A2>5 2@5<O , ?@>8725;8 2> <=5 A8;L=>5 2?5G0B;5=85 , B> O A>>1IC =5:>B>@K5 ?>4@>1=>AB8 <>8< G8B0B5;O< . !0220 !0228G ?>G8B0;AO >4=8< 87 @0AB>@>?=59H8E :0?8B0= -8A?@02=8:>2 2 F5;>9 3C15@=88 . = 1K; 8A?>;8=A:>3> @>AB0 8 , A;C682 =5:>340 2 ?>;8F59A:8E 4@03C=0E , A>E@0=8; 2>5==CN 2KBO6:C 8 ?@85<K , 45@60;AO 2A5340 ?@O<> :0: ?0;:0 8 ?>2>@0G820;AO 1KAB@> 2A5< B5;>< . 5B0 8 28==K5 ?0@K 4> B0:>9 AB5?5=8 >A;018;8 :>@=8 53> 2>;>A , GB> >=8 2A5 ?>GB8 2K;57;8 , 8A:;NG0O =5A:>;L:8E :;>G:>2 =0 28A:0E 8 =0 70BK;:5 . ;8==K9 =>A 53> 8 >:>=5G=>AB8 B>I53> ;8F0 ?>:@KBK 1K;8 103@>2K< ;0:>< ; 87 -?>4 3CABKE ?>A545;KE 1@>259 A25@:0;8 =51>;LH85 A5@> -:>H0GL8 3;070 . = E>48; 2A5340 2 3C15@=A:>< <C=48@=>< A5@BC:5 8 >?>OA0= 1K; ?>25@EC :070GL59 ?>@BC?559 . !01;N ?@8F5?;O; >= B>340 B>;L:> , :>340 >B?@02;O;AO :C40 -=81C4L ?> 4>;6=>AB8 , 0 2A5340H=55 >@C685 53> A>AB02;O;0 :070GLO =0309:0 A> A28=F>2>N ?C;59 , 2?;5B5==>N 2 :>=G8: . >;>2C ?>:@K20; >= >1K:=>25==> :>60=K< :0@BC7>< A AB>OG5N 3@82:>N , GB> ?@84020;> 5<C 2>8=AB25==K9 284 . >;>A 53> ?>E>6 1K; =0 @52 <54254O . 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A;8 65 :>3> >B404CB ?>4 =047>@ 70 4C@=>5 C?@02;5=85 , B> 2 MB>< 8<5=88 , C6 25@=> , 8 :@KAK >:>;520NB A 3>;>4C 8 ?>6820 ?;>E0O C 4C@=>3> ?@028B5;O . 5B , 1@0B5F , EC4KO 2@5<5=0 , EC4KO 2@5<5=0 ! @>A25I5=85 , NAB8F8O ; 0 45=53 =5B :0: =5B ! - 5B , !0220 !0228G , - A:700; >@>20B8= . - "K B5?5@L A45;0;AO A:@KB=K< : 1K;> 2@5<O , :>340 BK E20AB0; 4>1KG59 , :0: 8A:CA=K9 AB@5;>: 70AB@5;5==>N 48GLN , 0 =K=5 . . . - =K=5 , - A:070; :0?8B0= -8A?@02=8: , - =04>1=> 1KBL >AB>@>6=K< ; 25;OB 1KBL G5AB=K< , - ?@8<>;28; >= 8 A=>20 ?>2B>@8; ;N18<CN A2>N ?>A;>28FC : - %C4KO 2@5<5=0 , EC4KO 2@5<5=0 ! @>A25I5=85 , NAB8F8O , 0 45=53 =5B :0: =5B ! - >@>20B8= 2KH5; 87 :><=0BK , 8 :0?8B0= -8A?@02=8: >1@0B8;AO :> <=5 A @5GLN : - K , :0: O A;KH0; , @>4AB25==8: 3 -=0 >@>20B8=0 ? - 0 -A . - I5 =8345 =5 A;C68B5 ? - 5B . - >@0 , AC40@L , ?>@0 ; >A>15==> 5A;8 E>B8B5 84B8 ?> AB0BA:>9 A;C615 . 54L ?@8:07=0O 3@0<>B0 , 10BNH:0 , <>@5 ! 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"K ?@8A;0; B>;L:> B@8AB0 @C1;59 8 >15I0; 5I5 AB>;L:> 65 : <564C B5< >6>2 3C;O5B ?> 15;C A25BC , 0 O 45=53 B2>8E =5 2840; , :0: A2>8E CH59 . -40: , 1@0B5F , =5 45;0NB _G5AB=K5 _ ;N48 . - -E , ;N157=K9 !0220 !0228G , - A:070; >@>20B8= , >1=8<0O ?@8OB5;O , - =0< ;8 AG8B0BLAO 15745;CH:0<8 ? "K A45;0; _4>1@>5 _ 45;> . >6>20 =5A?@0254;82> >:;525B0;8 , 8 O , 87 >4=>3> G5;>25:>;N18O , ?>65@B2>20; A2>8<8 A>1AB25==K<8 45=L30<8 70 53> A?0A5=85 . / 4C<0; , GB> >= , 2>72@0BOAL 2 >A:2C , 70?;0B8B <=5 8 40AB 5I5 1>;55 4;O B51O ; => >= 701>;5; 8 G@57 <5AOF C<5@ , A >BG0O=LO , 65@B2>N ;N4A:>9 7;>1K . - "CB GB> -B> =5 B0: , - A:070; E;04=>:@>2=> :0?8B0= -8A?@02=8: . - >6>2 402=> 8725AB5= ?>;8F88 , ?> @07=K< ?@>:070< ; A;CE >1 =5< =5 ?5@52>48BAO , 8 O =5402=> C7=0; , GB> =0H8 :C?FK 2845;8 53> 2 >A:25 5I5 ?@>H;>N 78<>9 . 5B , :0: E>G5HL , 0 4>;3 70 B>1>9 ! 54L O A0< =0A8;C >B45;0;AO ?> MB><C ?@>:;OB><C A;CG0N : A:CH0; 420 2K3>2>@0 , B@8 70<5G0=8O , 40 A25@E 2A5E @0AE>4>2 70?;0B8; HB@0D . I5 A;020 >3C , GB> ?@>:C@>@H5 ?>=@028;8AL <>8 <>A:>2 -A:8O A0=8 , 0 =5 B> 1KBL 1K 1>;LH>9 1545 . - %>@>H> , E>@>H> , <K A B>1>9 @0AAG8B05<AO , - A:070; >@>20B8= . - B5?5@L ABC?09 -:0 A?0BL ; C <5=O @071>;5;0AL 3>;>20 . - !0220 !0228G ?><>@I8;AO , => 2 CB5H5=85 >ACH8; >AB0B:8 2 1CBK;:5 8 >B?@028;AO 4><>9 . K B>BG0A ;53;8 A?0BL . / 2AN =>GL =5 <>3 CA=CBL , ?><KH;OO > A2O78 >@>20B8=0 A O2=K< 7;>455< >6>2K< 8 > ?>4A;CH0==>< <=>N @073>2>@5 . 0 @0AA25B5 , :>340 O CA=C; , AB@0H=>5 A=>2845=85 ?@54AB028;> <=5 >6>20 , AB@5<OI53>AO @074@>18BL <=5 B>?>@>< 3>;>2C . / 2A:@8:=C; , 2A:>G8; A :@>20B8 :0: 8AABC?;5==K9 8 @071C48; >@>20B8=0 . = 8A?C30;AO 8 70:;NG8; ?> <>5<C 15A?>:>9=><C A=C , GB> O B>G=> 1>;5= 3>@OG:>N . >@>20B8= 27O;AO ;5G8BL <5=O 8 ?@8=C640; ?8BL :0:CN -B> =0AB>9:C =0 2>4:5 . / =5 ?>A;CH0;AO 53> , 8 B5< :>=G8;>AL 53> ?>?5G5=85 > <>5< 74>@>2L5 . >@>20B8= , GB>1 871028BLAO >B 8A?@02=8:0 , :>B>@K9 ?@8?><=8; 5<C > 4>;35 , @5H8;AO B>BG0A 2K5E0BL 87 MB>3> 3>@>40 . #7=02 , GB> !0220 !0228G >B;CG8;AO =0 =5A:>;L:> G0A>2 70 3>@>4 , >@>20B8= ?>A;0; 70 ;>H04L<8 , 8 ?5@54 ?>;C4=5< <K ?>A:0:0;8 2 @5=1C@3 . X I I , " #) + . # " . #"/ . , K ?@81K;8 2 @5=1C@3 >:>;> 1 0 G0A>2 CB@0 8 >AB0=>28;8AL =0 D>@HB0B5 , C <5I0=8=0 20=0 0@?>20 , :>B>@K9 45@60; @>4 ?>AB>O;>3> 42>@0 4;O 7=0:><KE 8 @5:><5=4>20==KE 5<C ;N459 . 0< >B25;8 425 G8ABK5 :><=0BK , >18BK5 F25B=>9 1C<03>9 , 0 A;C30 >@>20B8=0 , @>4 02B><0B0 8;8 <0H8=K 4;O A=8<0=8O A0?>3>2 8 G8AB:8 ?;0BLO , ?><5AB8;AO =0?@>B82 , 2 E>7O9A:>9 ?>;>28=5 . >@>20B8= , ?5@5>452H8AL , B>BG0A ?>H5; 2 3>@>4 , A:0702 , GB> >= 2>72@0B8BAO ?>74=> : 25G5@C , 8 A>25B>20; <=5 >B>1540BL 4><0 8 >B4>E=CBL ?>A;5 4>@>38 . AB02H8AL >48= , O ?>H5; : E>7O8=C , GB>1 2 @073>2>@0E C7=0BL GB> -=81C4L > 0B@5=5 20=>2=5 (B>A8=>9 8 55 4>G5@8 , <>59 <8;>9 @C=5 , 4;O :>B>@>9 O @5H8;AO ?@54?@8=OBL MB> ?CB5H5AB285 . %>7O8= =0H , G5;>25: ;5B ?OB845AOB8 , ?@5:@0A=>9 =0@C6=>AB8 , @>AB0 2KA>:>3> , H8@>:>?;5G89 , @C<O=K9 , <>3 1K A;C68BL >1@07F>< 4;O 8720O=8O 5@:C;5A0 . = 1K; =@020 25A5;>3> 8 A;>2>>E>B5= , :0: 2>>1I5 2A5 ?>;=>:@>2=K5 8 25A5;LG0:8 . > ?5@2><C <>5<C 2>?@>AC , 745H=89 ;8 >= C@>65=5F 8;8 ?5@5A5;5=5F , >= 2 :@0B:8E A;>20E @0AA:070; <=5 A2>N 8AB>@8N . - / , AC40@L , @>48;AO ?>4 >A:2>N 8 1K; :@5?>AB=K< G5;>25:>< 35=5@0;LH8 >;>:8B8=>9 , 1>30B>9 24>2K , 2>BG8==8FK <=>38E ?><5ABL52 . >2>@OB , GB> O 1K; =54C@5= A>1>9 A<>;>4C , 8 >BB>3> ?@>87>H;8 2A5 <>8 154K , :>B>@K5 :>=G8;8AL AG0AB85< , ?> <8;>AB8 >A?>4=59 . 5=5@0;LH0 , ?@85E02 =0 ;5B> 2 =0HC 45@52=N , C2845;0 <5=O =0 @01>B5 8 B>BG0A 27O;0 2> 42>@ . =5 1K;> B>340 ;5B H5AB=04F0BL >B @>4C , 8 O 1K; >48= AK= C <0B5@8 . BF0 <>53> C65 =5 1K;> =0 A25B5 . 5=O >AB@83;8 ?> -=5<5F:8 , =0@O48;8 2 :0DB0= A 30;C=0<8 8 >B40;8 =0 @C:8 AB0@><C ;0:5N 8 :;NG=8F5 , CG8BLAO A;C615 . !> A;570<8 ?@><5=O; O A2>9 0@<O: =0 H8BCN ;82@5N . 2>@>2K5 ;N48 2A5340 :070;8AL <=5 A>10:0<8 =0 ?@82O78 , 8 O =8:>340 =5 70284>20; 8E 68BLN . ?@>G5< , <=5 E>@>H> 1K;> 2 3>A?>4A:>< 4><5 . 0@K=O ;0A:0;0 <5=O , B@5?0;0 ?> I5:5 , 3;048;0 ?> 3>;>25 8 ?>AK;0;0 <=5 A> AB>;0 ?>40G:8 . !;C60=:8 ?>A<0B@820;8 =0 <5=O ;C:02> , 0 ;0:58 8 4065 A0< 42>@5F:89 >1E>48;8AL A> <=>N , :0: A 1>O@A:8< AK=:>< . / =5 ?>=8<0; ?@8G8=K 2A5E MB8E <8;>AB59 8 >B;8G8O , ?>:0 AB0@0O :;NG=8F0 , <>O =0AB02=8F0 , =5 >1JOA=8;0 <=5 , GB> O 2A:>@5 4>;65= 1C4C 70=OBL ?@8 10@K=5 4>;6=>ABL , :>B>@0O 1K;0 <=5 =5 ?> A5@4FC . -B0 4>;6=>ABL >1O7K20;0 <5=O =0E>48BLAO 15A?@5AB0==> ?@8 10@K=5 , 8 MB> :070;>AL <=5 AB@0H=55 A<5@B8 . >@>7 ?@>1560; C <5=O ?> 68;0< ?@8 A5< 8725AB88 . 48= 273;O4 =0 10@K=N 70AB02;O; <5=O 2A5340 B@5?5B0BL 2A5< B5;>< ! >>1@078B5 A515 =51>;LHCN , B>;ABCN 101C , ;5B ?OB845AOB8 , @0A?8A0==CN 15;8;0<8 8 @C<O=0<8 , :0: 2O75<A:0O :>2@K6:0 , A :>AK<8 3;070<8 8 @K68<8 2>;>A0<8 A ?@>A54LN , C :>B>@>9 , 2<5AB> 7C1>2 , B>@G0;> =5A:>;L:> :;K:>20BKE 65;BKE :>AB59 . >;>A 5O ?>E>6 1K; =0 A:@8? =5<070=>9 B5;538 ; >=0 15A?@5AB0==> :@8G0;0 8;8 1@0=8;0 A;C3 8;8 ;0A:0;0 8 A:;8:0;0 A2>8E A>10G5: . !;KH02 A:07:C > /35 -1015 , <=5 :070;>AL , GB> >=0 =5 <>3;0 1KBL =8 EC65 , =8 ;CGH5 , :0: <>O 35=5@0;LH0 . ;NG=8F0 >1JO28;0 <=5 , GB> ?@56=89 :0<5@48=5@ , $8;L:0 , 702B@0 >B?@028BAO 2 >A:2C , 68BL ?> ?0A?>@BC , 0 O 2 B>B 65 45=L 4>;65= 1C4C 70=OBL 53> <5AB> . -B>B $8;L:0 1K; <>;>4>9 G5;>25: , ;5B 4204F0B8 42CE . = ?@>25; H5ABL ;5B 2 A2>59 4>;6=>AB8 (81> 10@K=O 1@0;0 : A515 :0<5@48=5@>2 A H5AB=04F0B8;5B=53> 2>7@0AB0 ) , 8 E>BO 1K; =54C@5= ;8F>< , => 4> B>3> 8AG0E , 25@>OB=> A 3>@O 8 A> A:C:8 , GB> ?>E>6 1K; =0 <5@B25F0 . = G@572KG09=> >1@04>20;AO A2>59 >B?CA:=>9 8 =5 <>3 4>640BLAO 4@C3>3> 4=O , GB>1K >B?@028BLAO 2 ?CBL . > O ?@54C?@548; 53> . 8HL B>;L:> A<5@:;>AL , O 2K25; ?>B8E>=L:C 87 :>=NH=8 ;>H04L , 2A:>G8; =0 =55 157 A54;0 8 ?CAB8;AO ?> 1>;LH>9 4>@>35 2> 2AN :>=A:CN ?@KBL , =5 7=0O A0< :C40 8 70G5< . AO:89 @07 , GB> 2A?><8=0; > :@0A>B5 <>59 10@K=8 , O A8;L=55 3=0; ;>H04L , :0: 1C4B> >=0 3=0;0AL 70 <=>N . 8 >48= G5;>25: =5 1560; B0: A8;L=> >B ?>1>52 , :0: O >B <8;>AB59 . 0:>=5F , : @0AA25BC , O ?@8A:0:0; 2 C574=K9 3>@>4 8 B>BG0A ?>1560; : 8A?@02=8:C , :>B>@>3> O 7=0; 2 ;8F> , ?>B><C GB> >= G0AB> ?@85760; 2 =0H5 A5;> A>18@0BL 45=L38 , =5 7=0N , 4;O A51O 8;8 4;O :07=K . / G8AB>A5@45G=> @0AA:070; 8A?@02=8:C 2A5 , GB> <=5 3>2>@8;0 :;NG=8F0 , >1JO282 @5H8B5;L=> , GB> E>GC 1KBL A>;40B>< , => =5 2>72@0ICAL 2 4>< : 3>A?>65 . A?@02=8: 8 65=0 53> A<5O;8AL 4> A;57 ?@8 <>5< @0AA:075 , => ?>A>18BL <=5 1K;> =52>7<>6=> , ?>B><C GB> O 60;>20;AO A;>25A=> , 157 2AO:8E 4>:070B5;LAB2 . >H04L <>N 27O;8 =0 :>=NH=N , 0 <5=O ?>A048;8 2 0@5AB0=BA:CN 8 ?>A;0;8 10@K=5 8725AB85 >1> 2A5< A;CG82H5<AO . >A;5 C7=0; O , GB> 10@K=O 4>@>3> 70?;0B8;0 8A?@02=8:C 70 B> , GB>1 >= =5 @073;0H0; <>53> ?>:070=8O ; <5=O 65 , 70 ?>153 8 ?>:@06C ;>H048 , 2KA5:;8 2 AC45 8 >B>A;0;8 ?> ?5@5AK;:5 =0 3>A?>4A:89 28==K9 702>4 , 2 !0@0B>2A:CN 3C15@=8N , A ?@8:070=85< 45@60BL :0: <>6=> AB@>65 8 =0:07K20BL :0: <>6=> G0I5 . > AG0AB8N , 10@K=O =5 7=0;0 , GB> C?@028B5;L 702>40 , B0:65 :@5?>AB=>9 55 G5;>25: , 1K; <>9 42>N@>4=K9 4O4O . = A60;8;AO =04 <>5N CG0ABLN , 25;5; A2>5<C ?8A0@N >1CG0BL <5=O 3@0<>B5 8 AG5B0< 8 ?>A;5 B>3> AB0; C?>B@51;OBL 2 ?8AL<5==KE 45;0E . 0 702>45 =8:B> , :@><5 4O48 , =5 7=0; > <>5< ?@8:;NG5=88 , 8 :0: 4O4O <>9 A>45@60; ;N459 AB@>3> , B> <5=O C2060;8 :0: 53> ?><>I=8:0 . @>H;> 45AOBL ;5B , 10@K=O >B?@028;0AL =0 B>B A25B , 0 A =5N :>=G8;8AL 8 <>8 =5AG0AB8O . <5=85 4>AB0;>AL 55 AK=C , :>B>@>3> >=0 =5 ?CA:0;0 : A515 =0 3;070 ?@8 687=8 A2>59 70 B> , GB> >= , ?@85E02 87 ?>;:0 2 >B?CA: , 274C<0; ?@82>;>:=CBLAO 70 >4=>9 87 55 2>A?8B0==8F , 8;8 , ;CGH5 A:070BL , A;C60=>: , =01@0==KE 87 A8@>B @07=>3> 720=8O . >;>4>9 10@8= 7=0; ?@8G8=C <>59 AAK;:8 8 , ?@85E02 =0 702>4 , ?@8720; : A515 , >1;0A:0; 8 , ?> ?@54AB0B5;LAB2C <>53> 4O48 , A45;0; C?@028B5;5< 702>40 , ?>@CG82 4O45 C?@02;5=85 F5;>N 2>BG8=>9 8 >B?CAB82 53> =0 2>;N . =0O 45;> 8 @C:>2>4AB2COAL AB@0E>< >688< , O A=8A:0; <8;>ABL 10@8=0 . 0:>=5F , ?> ?@>H5AB288 425=04F0B8 ;5B , 4>1@K9 =0H 10@8= A:>=G0;AO 15745B=K< 8 2 4CE>2=>< 7025I0=88 40; <=5 2>;L=>ABL , 2<5AB5 A 4@C38<8 70A;C65==K<8 42>@>2K<8 ;N4L<8 . 5@56;82>AB8N , >1>@>B0<8 8 I54@>ABLN 4>1@>3> 10@8=0 O A>1@0; =51>;LH>9 :0?8B0;5F 8 2>7=0<5@8;AO ?>A5;8BLAO 2 @5=1C@35 , 345 ?@5645 1K20; ?> 45;0< 3>A?>4A:8< , 2KA<>B@5; A515 =525ABC . >B C65 >:>;> ?OB=04F0B8 ;5B , :0: O 682C 745AL , 65=8;AO , ?>AB@>8; MB>B 4><8: 8 , A ?><>I8N >6859 , 254C =51>;LH>9 B>@3 A :8@387F0<8 . >3 1;03>A;>28; <5=O 4>1@K<8 45B:0<8 : AB0@H59 <>59 4>G5@8 C65 1 4 ;5B , A@54=59 1 2 , 0 <;04H5<C AK=C 45AOBK9 3>4 . >B , AC40@L , :0:8< >1@07>< O ?>?0; AN40 ! 58725AB=> , GB> :><C =0 @>4C =0?8A0=> , 8 >48= >A?>4L 7=05B , 345 :><C ?@845BAO ?>;>68BL :>AB8 . > =5 C3>4=> ;8 ?>:CH0BL ? !53>4=O 45=L ?@074=8G=K9 , 8 <K 20A ?>?>BGC5< ?8@>3>< A :0H5N 8 A C@0;LA:>N @K1>9 . - =5 =5 E>B5;>AL @0AAB0BLAO A <>8< 4>1@K< E>7O8=>< , 8 O ?@>A8; 53> ?>72>;8BL <=5 ?>>1540BL 2<5AB5 A 53> A5<59AB2>< , =0 GB> >= A>3;0A8;AO , ?@8<>;282 : - A;8 =5 ?>A?5A828B5AL , B> 20H0 2>;O . > AG0ABLN , D>@BC=0 8 ?@8@>40 =045;ONB ;N459 40@0<8 A2>8<8 , =5 A?@02;OOAL A 8E ?>@>4>N 8 ?@8BO70=8O<8 . !:>;L:> 1>30G59 ?>G;8 1K A51O AG0AB;82K<8 , 5A;8 1 2<5AB> 65;B>;8FKE 8;8 1;54=KE 45B59 8<5;8 B0:8E 74>@>2KE 8 @C<O=KE , :0: 45B8 <>53> E>7O8=0 ! 5=0 53> , 65=I8=0 ;5B B@84F0B8 ?OB8 , A2560O , ?@>2>@=0O , CA;C6;820O , 1K;0 B0:>3> 65 25A5;>3> =@020 , :0: 8 <C6 55 . >1@K5 E>7O520 ?>;N18;8 <5=O A ?5@2>9 2AB@5G8 8 >1E>48;8AL :0: A AB0@K< 7=0:><F5< , 0 AB0@H0O 4>GL ?>3;O4K20;0 =0 <5=O C:@04:>9 , :@0A=5;0 8 ?>BC?;O;0 A2>8 1>;LH85 G5@=K5 3;070 , :>340 >=8 2AB@5G0;8AL A <>8<8 . -B0 452CH:0 :070;0AL <=5 3>@074> ;CGH5 @C=8 , => :0: O ?@85E0; 4;O =59 8<5==> , B> 8 @5H8;AO =0:>=5F A?@>A8BL C E>7O8=0 >1 55 <0B5@8 . - <>A?> >60 (B>A8=0 6825B 2 =0H5< 3>@>45 , - >B25G0; E>7O8= , - 8 6825B 25A5;> . # =55 5ABL 4>G:0 , <>;>40O 8 25@B;O20O , :>B>@0O ?@8BO38205B : A515 3>A?>4 >D8F5@>2 , :0: <54 ?@8<0=8205B <CE . # <5=O , <5AOF0 420 B><C , 68; <>;>4>9 >D8F5@ , :>B>@K9 E>B5; 1K;> 65=8BLAO =0 MB>9 10@KH=5 , => , ?@>83@02 45=L38 , >4C<0;AO , 4>3040;AO , GB> MB>B 4>< 5ABL B>;L:> 70?04=O , 345 3@01OB ;N459 4=52=K< @071>5< , 0 4>G:0 3 <>A?> >68 (B>A8=>9 ?@8<0=:0 4;O ?@>AB0G:>2 . -B>B >D8F5@ @0AA:070; <=5 <=>3> :>5 -G53> >1 <0B5@8 8 4>G5@8 , => O =5 ;N1;N ?5@5A:07K20BL 4C@=>3> , 40 8 20< , AC40@L , ;CGH5 MB>3> =5 7=0BL . 154 :>=G8;AO , 8 O =5 A<5; 1>;55 @0AA?@0H820BL E>7O8=0 . ! AB5A=5==K< A5@4F5< ?>H5; O 2 <>N :><=0BC 8 ;53 =0 ?>AB5;N . >;3> O =5 <>3 CA=CBL , @07<KH;OO > 3>@L:>9 <>59 CG0AB8 8 =5C40G5 2 ?5@2>9 4@C615 8 2 ?5@2>9 ;N128 . / CB5H0; A51O , GB> , <>65B 1KBL , @0AA:07K >D8F5@0 E>7O8=C =525@=K 8 2=CH5=K 1K;8 4>A04>N >B ?@>83@KH0 , 8 @5H8;AO C4>AB>25@8BLAO 2> 2A5< A>1AB25==K<8 3;070<8 . >@>20B8= 2>72@0B8;AO @0=55 , =565;8 O ?@54?>;030; . = 1K; C3@N< 8 704C<G82 . >A;5 ;53:>3> C68=0 >= ;53 2 ?>AB5;N , A:0702 , GB> GC2AB2C5B A51O =574>@>2K< . B A:C:8 O ?>A;54>20; 53> ?@8<5@C , E>BO =5 GC2AB2>20; ?>7K20 :> A=C . :>;> ?>;C=>G8 , :>340 O =0G0; C65 4@5<0BL , 2=570?=K9 HC< 2 4@C3>9 :><=0B5 <5=O 2AB@52>68; . AB0N A ?>AB5;8 , ?>4E>6C =0 FK?>G:0E : 425@O< , @0AB2>@ON 2?>;>28=C 8 286C . . . >@>20B8=0 , A84OI53> =0 >:=5 , 2 >4=>9 @C10E5 , A >B:@KB>N 3@C4LN . 8F> 53> ?>:@KB> 1K;> A<5@B=>N 1;54=>AB8N ; :@0A=K5 53> ?OB=0 1;8AB0;8 :0:8< -B> D8>;5B>2K< F25B>< ; 3;070 1K;8 >B:@KBK 8 , :070;>AL , A 604=>ABLN ;>28;8 ;C==K5 ;CG8 ; 2>;>AK 1K;8 2A:;>G5=K 8 AB>O;8 4K1>< ; >= H525;8; 3C10<8 , :0: 1C4B> A8;8;AO GB> -B> 3>2>@8BL , 8 24@C3 - A O@>ABLN AB0; F0@0?0BL A515 3@C4L 8 @20BL 2>;>AK , A:@565I0 7C10<8 . / >F5?5=5; >B C60A0 , =5 A<5; ?@>87=5ABL =8 >4=>3> A;>20 , =5 <>3 428=CBLAO A <5AB0 . >@>20B8= 702>?8; :0:8< -B> C60A=K< , ?>475<=K< 3>;>A>< 8 24@C3 =0G0; 3>2>@8BL 3@><:> , => 25AL<0 A:>@> 8 =52=OB=> . 0:>=5F >= CA?>:>8;AO 8 AB0; 3>2>@8BL ?@>BO6=> 8 2=OB=> : - 0:>5 ?@02> 8<55HL BK C?@5:0BL <5=O , AB@0I0BL , A>25B>20BL ? "K A2OI5==8: - >3 A B>1>N ! !>25BC9 B><C , :B> C B51O ?@>A8B =0AB02;5=89 . / ?@81530; : B515 2> 2@5<O 1>;57=8 , 8 BK , 7=0O =5:>B>@K9 B09=K 4CH8 <>59 , 274C<0; ?@8 ?5@2>9 2AB@5G5 CA>25I520BL <5=O . 5B , >B5F 5B@ , =5B , BK =0?@0A=> =0?0; =0 <5=O A B2>8< :@0A=>@5G85< . / 74>@>2 , 74>@>2 8 <>3C 5I5 ?@>68BL 4204F0BL , B@84F0BL ;5B . - ><>;G02 =5<=>3> , >@>20B8= ?@>4>;60; : - A0<>< 45;5 , ?>@0 >?><=8BLAO . !:>;L:> ;53:>25@=KE N=>H59 225@3=CB> <=>N 2 ?@>?0ABL @072@0B0 ! / , :0: ?04H89 0=35; , CGC 15AA<KA;5==KE 1571>68N , 0 A0< AB@0HCAL <5AB8 ?@02>AC4=>3> >30 ! 5C65;8 , C25;8G820O G8A;> ?>381H8E , O A?0AC A51O >B ?>3815;8 ? 5B . 04>1=> >4C<0BLAO . 07>@OO =5>?KB=KE D0;LH82>N 83@>9 , ?@54020O 8E 2 @C:8 @>AB>2I8:>2 , ?>A5;OO 2 @072@0I5==KE <=>N A5@4F0E =5=028ABL :> 2A5< 5AB5AB25==K< 8 70:>==K< >1O70==>ABO< G5;>25:0 , GB>1 8AB>@30BL 45=L38 , O 4> A8E ?>@ =5 ?@8>1@5; 1>30BAB20 , 70 :>B>@K< 3>=ONAL F5;K9 25: . # <5=O 5420 ?OBL45AOB BKAOG @C1;59 =0;8G=K<8 45=L30<8 . -B> =5 <=>3> , >G5=L =5 <=>3> . >A;CH09 , >B5F 5B@ ! 0: A:>@> O A>15@C AB> BKAOG , 40N B515 :;OB2C , GB> B>340 A45;0NAL G5AB=K< G5;>25:>< , ?>A5;NAL 2 >B40;5==>< :@0N , 345 <5=O =5 7=0NB , 8 1C4C 68BL B8E> , =8:>3> =5 AB0=C >1<0=K20BL 8;8 @07>@OBL . !B0=C ?>AB8BLAO , E>48BL 2 F5@:>2L <>;8BLAO 8 ?> A<5@B8 >B40< <>8 45=L38 =0 <>=0ABK@8 . # <5=O B5?5@L =0 @C:0E B@8 45;0 , ;8HL B>;L:> 8E :>=GC ! B> 4> A>B=8 BKAOG 1C45B >G5=L 1;87:> . !:>@55 1K B>;L:> A1KBL A @C: MB>3> ?@>:;OB>3> K6838=0 . > MB> 45;> =5 <>5 ! O C<K20N @C:8 . CABL >6>2 C?@02;O5BAO A =8< , :0: 5<C C3>4=> . -B> 53> 45;> . / 8A?>;=8; A2>5 ?>@CG5=85 : 70B0I8; 53> =0 :@09 >AA88 . B5F 5B@ ! GB> BK A<>B@8HL =0 <5=O B0: AB@0H=> ? 5@5AB0=L 3>2>@8BL <=5 >1 045 , > !B@0H=>< AC45 , > 25G=>< ?;0<5=8 ! !B@0H=> , >G5=L AB@0H=> ! / CGC 4@C38E =5 25@8BL 2 MB> , 0 A0< =5 <>3C A;KH0BL 157 B@5?5B0 . @>GL >BAN40 , C40;8AL , >B5F 5B@ ! #60A=> , C60A=> ! 2>B >3>=L , 2>B :@>2L , :@>2L ! - @8 A8E A;>20E >@>20B8= 70B@5?5B0; 2A5< B5;>< 8 ?>20;8;AO A >:=0 =0 ?>; , 70AB>=0; ?@>=78B5;L=> , :0: 1C4B> 4CH0 53> @07;CG0;0AL A B5;>< . 4@C3 >= 70:@8G0; 8 70:@K; 3;070 . / A0< GCBL =5 ;8H8;AO GC2AB2 8 4@>60; :0: >A8=>2K9 ;8AB . 5 A<5O B@52>68BL >@>20B8=0 8 1>OAL @071C48BL 53> , O , A>1@02 ?>A;54=85 A8;K , 4>1@0;AO 4> <>59 ?>AB5;8 8 1@>A8;AO =0 =55 2 @0AA;01;5=88 , :0: 1C4B> ?>A;5 ;8E>@04>G=>3> ?@8?04:0 . "5?5@L O C4>AB>25@8;AO , GB> ?@>B82 <5=O A>AB02;5= :0:>9 -B> C<KA5; 8 GB> ?>4A;CH0==K9 <=>N @073>2>@ <564C >6>2K< 8 >@>20B8=K< >B=>A8;AO :> <=5 . > :B> MB>B >6>2 ? 'B> O 5<C A45;0; ? 'B> O A45;0; >@>20B8=C ? 0:0O 3@0D8=O 65;05B <>59 ?>3815;8 ? / =5 ?@>3=528; =8 >4=>9 65=I8=K 2 687=8 . 5 :>7=8 ;8 MB> @018;8=0 ? 7 2A5E ?>A5B8B5;59 B5BCH:8=0 4><0 >48= @018;8= =5 ;N18B <5=O . > 3@0D8=O ! . . 5?>AB868<> ! 07<KH;OO B0:8< >1@07>< , O CA=C; C65 =0 @0AA25B5 , 2K182H8AL 87 A8; . C<0O , GB> >@>20B8= 2 3>@OG:5 , O 2>7=0<5@8;AO C?>B@518BL 2@5<O 53> 1>;57=8 : <>5<C 87102;5=8N 8 A:@KBLAO >B =53> 8 >B 53> ?@8OB5;O , >6>20 , :>B>@K9 B0:65 , 25@=> , 1K; 2 MB> 2@5<O 2 @5=1C@35 . C482;5=8N <>5<C , >@>20B8= =0 4@C3>9 45=L 2AB0; A ?>AB5;8 A>25@H5==> 74>@>2 8 25A5; : O , =0?@>B82 B>3> , GC2AB2>20; BO65ABL 2> 2A5E G;5=0E 8 :0:>5 -B> >1I55 =5@0A?>;>65=85 . 0 G05< >@>20B8= ?@54;>68; <=5 >B?@028BLAO =0 4@C3>9 45=L =0 >E>BC , 2 G5< O >B:070; 5<C , >?0A0OAL :0:>3> -=81C4L 7;>3> C<KA;0 . = A:070; <=5 , GB> 3 -68 (B>A8=>9 =5B 2 3>@>45 , GB> >=0 2>72@0B8BAO G@57 =5A:>;L:> 4=59 , 0 <564C B5< A>25B>20; <=5 A845BL 4><0 , ?@8<>;282 , GB> ?> <>5<C ;8FC 284=> , GB> O =574>@>2 . / >15I0; 5<C =5 2KE>48BL , => ;8HL B>;L:> >= CH5; A> 42>@0 , O B>BG0A >45;AO 8 @5H8;AO A0< >A254><8BLAO > 3 -65 (B>A8=>9 , =5 25@O =8 2 G5< 1>;55 >@>20B8=C . =5 E>B5;>AL , ?> :@09=59 <5@5 , ?@>AB8BLAO A @C=59 8 ?>A;5 B>3> 8A:0BL A@54AB2 >B?@028BLAO >1@0B=> 2 >A:2C . / =045O;AO =0 ?><>IL 4>1@>3> <>53> E>7O8=0 . 45AOBL G0A>2 CB@0 O 1K; C65 2>7;5 4><0 , 70=8<05<>3> 3 -6>N (B>A8=>N , 8 C7=0; >B A>A5459 , GB> >=0 2>2A5 =5 >B;CG0;0AL 87 3>@>40 . ! C;8FK 1K;0 :0;8B:0 2 A04 , 8 O 2>H5; BC40 , GB>1 A>1@0BLAO A 4CE>< 8 ?@83>B>28BLAO : A2840=8N A @C=5N , > :>B>@>9 O 1K; B0: 4C@=> ?@54C254><;5= . @>E>4O B8E8<8 H030<8 ?> B5<=>9 0;;55 , O C2845; 2 :>=F5 15A54:C . !:2>7L 25B28 45@52 8 @5H5BG0BK5 AB5=K 15A54:8 O ?@8<5B8; GB> -B> 15;>5 . @>1@02H8AL :CAB0@=8:0<8 1;865 : 15A54:5 , O CA;KH0; 3>;>A @C=8 , @073>20@820NI59 A :0:8< -B> <C6G8=>9 . - >74@02;ON , @C=O ! - A:070; <C6G8=0 . - B515 ?@85E0; >1>60B5;L 87 >A:2K , 8 >1>60B5;L AG0AB;82K9 , :0: 3>2>@8B >@>20B8= ; MB>B N=>H0 , 2 =045645 =0 B2>N ;N1>2L 8 =0 B2>N @C:C , 1560; >B @>4=KE , 4;O ;N1>2=>3> A2840=8O , 70 =5A:>;L:> BKAOG 25@AB . -B> =5 HCB:0 , <8;0O @C=O , 8 >= 25@=> 8<55B A8;L=K5 ?@8G8=K =045OBLAO =0 B2>N 2708<=>ABL . - 5@5AB0=L 4C@0G8BLAO , m o n c h e r ;5:A0=4@ , - >B25G0;0 @C=O . - >@>20B8= =0@>G=> 2>71C6405B B2>N @52=>ABL ?CABK<8 @0AA:070<8 . @0240 , GB> O 7=0;0 MB>3> K6838=0 2 >A:25 8 , ?@8<5B82 53> 3;C?CN ;N1>2L :> <=5 , 70102;O;0AL >B A:C:8 =0 53> AG5B . > MB> @0A?CB=K9 <0;LG8H:0 , :>B>@K9 =0 A5<=04F0B>< 3>4C >B @>4C , 5I5 =5 :>=G82 CG5=LO , C65 ?@8=O;AO 70 :0@BK 8 70 2>;>:8BAB2> : >4=8< A;>2>< , 4>AB>9=K9 2>A?8B0==8: 7=0<5=8B>3> ?;CB0 >@>20B8=0 ; B0: <>65HL ;8 BK 4C<0BL , GB>1 O 53> ;N18;0 ? 0BCH:0 25;5;0 <=5 1KBL A =8< 256;82>9 , ?>B><C GB> >= 2A5340 ?@>83@K20; 70 55 :0@B>G=K< AB>;8:>< - 8 2>B 2AO =0H0 A2O7L . =5 4>A04=> , :>340 BK 4065 2 HCB:0E @52=C5HL : MB><C H:>;L=8:C . - > 3>2>@OB , - 2>7@078; <C6G8=0 , - GB> MB>B K6838= >G5=L E>@>H ;8F>< , A<KH;5= =5 ?> ;5B0< , >B<5==> ;>2>: , ?@5:@0A=> ?>5B 8 83@05B =0 D>@B5?80=> 8 =0 38B0@5 , >4=8< A;>2>< : GB> 2 A>AB>O=88 2A:@C68BL 3>;>2C . . . - 0:>9 -=81C4L 45@525=A:>9 4C@>G:5 , - >B25G0;0 @C=O . - 0: <>6=> ?@><5=OBL 53> A<07;82CN , ?>;C 65=A:CN @>68FC =0 MB> <C65AB25==>5 ;8F> , =0 MB8 <8;K5 CA8:8 , =0 MB8 0@A>2K 3;070 . . . - C6G8=0 =5 40; @C=5 :>=G8BL , 8 O CA;KH0; G>:0=85 ?>F5;C52 . A:>@1;5==>5 A0<>;N185 , 3=52 , 4>A040 >2;045;8 <=>N . / 2K1560; :0: 15H5=K9 87 :CAB>2 8 ?@54AB0; 87C<;5==K< ;N1>2=8:0< . @C=O 0E=C;0 8 70:@K;0 @C:0<8 ;8F> . CA0@A:89 >D8F5@ 2A:>G8; A A2>53> <5AB0 , ABC:=C; A01;5N >1 ?>; 8 3@>7=> 2>A:;8:=C; : - B> 2K 8 :0: >A<5;8;8AL 2>9B8 157 A?@>A0 ? / =8 A;>20 =5 >B25G0; >D8F5@C , => , >1@0I0OAL : @C=5 , A:070; : - 7<5==8F0 , >1<0=I8F0 ! BK =07K205HL <5=O H:>;L=8:>< , @072@0B=K< ; 3>2>@8HL , GB> =8:>340 =5 ;N18;0 <5=O , GB> 70102;O;0AL =04 <>5N 8A:@5==>ABLN . > C <5=O 2 @C:0E 4>:070B5;LAB20 , 5A;8 =5 ;N128 B2>59 , B> B2>59 ;682>AB8 , B2>53> :>:5BAB20 . >B , 2848HL ;8 B2>8 2>;>AK , B2>8 ?8AL<0 , 2 :>B>@KE BK C25@O;0 <5=O 2 25G=>9 , 15A?@545;L=>9 ?@82O70==>AB8 ; :;O;0AL 1KBL <>5N =025:8 . / >1=0@C6C B2>9 =8GB>6=K9 E0@0:B5@ : AB0=C :@8G0BL ?>2AN4C 8 G8B0BL B2>8 ?8AL<0 =0 2A5E ?5@5:@5AB:0E . 5 C3>4=> ;8 , 3 <>A?>48= > >D8F5@ , ?>;N1>?KBAB2>20BL ? . . @C=O 70;8;0AL A;570<8 8 , 1@>AOAL =0 H5N >D8F5@C , 2>A:;8:=C;0 : - 0I8B8 <5=O >B MB>3> =0E0;0 , 8;8 O C<@C >B >BG0O=LO ! -B> 15AA<KA;5==K9 ;65F . . . A;8 BK ;N18HL <5=O , 70I8B8 <5=O ! 065BAO , GB> >D8F5@ =5 A;8H:>< 15A?>:>8;AO > =56=>AB8 GC2AB2 @C=8 8 GB> , ?>;L7COAL =0AB>OI8< , >= =5 ?><KH;O; =8 > ?@>H54H5< , =8 > 1C4CI5< . = 1@>A8;AO =0 <5=O :0: 15H5=K9 , 2K@20; 87 @C: <>8E ?8AL<0 8 2>;>AK @C=8 8 , AE20B82 70 3@C4L , ?>B0I8; 87 15A54:8 . !>?@>B82;5=85 <>5 =02;5:;> <=5 B>;L:> ;8H=85 C40@K : A8;L=K9 >D8F5@ 2KB>;:=C; <5=O 87 :0;8B:8 8 , C40@82 =>3>N , 70?5@ 425@L =0 70<>: . / 1K; 2 8AABC?;5=88 : ABK4 , >BG0O=85 @0AAB@>8;8 <5=O A>25@H5==> . / ?CAB8;AO 1560BL 4><>9 , E>B5; 70AB@5;8BL >D8F5@0 , @C=N . "KAOG8 C60A=KE <KA;59 A<5=O;8AL >4=0 4@C3>N . > , ?@8H54 =0 :20@B8@C , O ?>GC2AB2>20; 2=570?=> A;01>ABL 2> 2A5< B5;5 . 070;>AL , GB> <>73 <>9 ?@86830NB @0A:0;5==K< 65;57>< 8 GB> 2AO :@>2L <>O ?@52@0B8;0AL 2 ?;0<O . A:>@5 O ?>B5@O; GC2AB20 , 8 , :@><5 C60A=>3> 60@0 2 3>;>25 8 6064K , =8GB> =5 ?@8?><8=0;> <=5 , GB> O 682C =0 A25B5 . X I I I # & . ! $ ! $ ! -!#" . / !!/ 5 ?><=N , A:>;L:> 2@5<5=8 O 1K; 2 15AGC2AB25==>< A>AB>O=88 , => O ?@8H5; 2 A51O 2> A=5 . =5 A=8;>AL , GB> O C?0; 2 2>4C 8 ;56C =0 4=5 3;C1>:>9 @5:8 . %>;>4 70AB028; <5=O ?@>A=CBLAO . B:@K20N 3;070 , E>GC ?>H525;8BLAO , => GC2AB2CN , GB> O >:CB0= 2> GB> -B> <>:@>5 8 A2O70= . 2C: , ?>E>689 =0 83@C =0 3C4:5 , ?>@0605B A;CE <>9 . ! 25;8G09H8< B@C4>< O ?>2>@>B8; 3>;>2C >B AB5=K : A25BC , 8 2A5 , GB> ?@54AB028;>AL 3;070< <>8< , ?@82>48;> <5=O 2 C482;5=85 . / ;560; 2 ?0;0B:5 , =0 :CG5 2>9;>:>2 , 8 , 25AL =03>9 , 7025@=CB 1K; 2 AK@CN 10@0=LN H:C@C , H5@ABLN 225@E . >7;5 <>59 ?>AB5;8 A845; G5;>25: 2 ?5AB@>< E0;0B5 , 2 2KA>:>9 , G5@=>9 10@0=L59 H0?:5 ; >= 83@0; =0 3C4:5 , =0?520; C=K;K< 3>;>A>< , :0G0; 2 B0:B 3>;>2>N 8 45;0; AB@0H=K5 3@8<0AK . > A?;NI5==K< 3;070< MB>3> G5;>25:0 , ?> A<C3;><C F25BC ;8F0 , 2K402H8<AO A:C;0< 8 @54:8< 2>;>A0< =0 CA0E 8 1>@>45 O C7=0; :8@387F0 . = G@572KG09=> >1@04>20;AO , ?@8<5B82 , GB> O >B:@K; 3;070 8 45;0N CA8;8O , GB>1 2K?CB0BLAO 87 <>8E ?5;5= ; 2A:>G8; A A2>53> <5AB0 , ?>25@=C;AO =5A:>;L:> @07 =0 :01;C:0E 8 AB0; :@8G0BL 87> 2A59 A8;K , C40@OO 2 1C1=K , :>B>@K5 28A5;8 C =53> =0 :CH0:5 . 0 :@8: 53> 21560;> =5A:>;L:> :8@387F52 8 A =8<8 B@8 65=I8=K . 48= :8@3875F , 2KA>:>3> @>AB0 , 2 H5;:>2>< E0;0B5 8 2 <0;5=L:>9 A:CDL5 , 2KH8B>9 7>;>B>< , ?@81;878;AO : <>59 ?>AB5;8 8 A:070; <=5 ;0A:>2> 8 4>2>;L=> G8AB> ?> -@CAA:8 : - '53> BK E>G5HL ? CGH5 ;8 B515 ? - =5 E>;>4=> , - >B25G0; O , - 8 E>G5BAO ?>5ABL 8;8 8A?8BL G53> -=81C4L 3>@OG53> . 5;8B5 @072O70BL <5=O 8 >45BL G5< -=81C4L B5?;K< . - C , B5?5@L BK 1C45HL 74>@>2 , :>340 70E>B5; 5ABL , - A:070; 2KA>:89 :8@3875F . = 2KA;0; 65=I8= 8 25;5; 42C< :8@387F0< A=OBL A <5=O 10@0=LN H:C@C , 2K<KBL , =0B5@5BL :0:>N -B> :@5?:>N <07LN , ?>E>65N =0 65;GL , 8 =0:@KBL E0;0B0<8 , GB> 8 1K;> B>BG0A 8A?>;=5=> . / E>B5; ?>4=OBLAO =0 =>38 , => >B A;01>AB8 A=>20 C?0; =0 ?>AB5;N . 564C B5< <>;>40O 65=I8=0 ?@8=5A;0 <=5 2 G0H5 ?>E;51:8 87 A0@0G8=A:>3> ?H5=0 , 8 O , 2K?82 MB>9 :@5?8B5;L=>9 ?8H8 , ?>GC2AB2>20; , GB> :@>2L <>O ?@8=O;0 ?@028;L=K9 >1>@>B 8 GB> A8;K <>8 2>AAB0=>2;ONBAO . !>= AB0; B><8BL <5=O ?>A;5 C4>2;5B2>@5=8O 3>;>40 , 8 2KA>:89 :8@3875F , ?@8<5B82 MB> , 25;5; 2A5< C40;8BLAO 87 ?0;0B:8 , A:0702 : - 5 BC68 , 2K74>@02;8209 . 5;8: >3 =0 =515A8 , 0 2 AB5?8 - =5 157 4>1@KE ;N459 ! / 70A=C; A 70E>645=85< A>;=F0 8 ?@>A=C;AO A 53> 2>AE>645=85< ; ?@8?>4=O; A?5@20 3>;>2C , ?>B>< ?@82AB0; 8 :@09=5 >1@04>20;AO , GB> <>3C 45@60BLAO =0 =>30E . ! B@C4>< 2KH5; O 87 N@BK . #28452 A>;=F5 8 157>1;0G=>5 =51> , O 1@>A8;AO =0 :>;5=0 8 A> A;570<8 1;03>40@8; >30 70 87102;5=85 <5=O >B BO6:>9 1>;57=8 8 70 A>E@0=5=85 687=8 . !B@0==>5 7@5;8I5 ?@54AB028;>AL <>8< 27>@0< . > 15@53C >75@0 @0A:8=CBK 1K;8 N@BK ; 2>:@C3 284=0 1K;0 =5>1>7@8<0O AB5?L , 8 <564C =51>;LH8<8 :CAB0@=8:0<8 ?0A;8AL <=>3>G8A;5==K5 AB040 10@0=>2 , ;>H0459 , 25@1;N4>2 8 @>30B>3> A:>B0 . C6G8=K 8 65=I8=K 70=OBK 1K;8 @01>B>N : >4=8 4>8;8 :>@>2 8 :>1K;8F , 4@C385 2K25B@820;8 2>9;>:8 , B@5BL8 @072>48;8 >3=8 8 =>A8;8 2>4C , 8=K5 @570;8 10@0=>2 8 65@51OB . >2>@ 8 :;8:8 ;N459 A<5H820;8AL A> @60=85< :>=59 , <KG0=85< :>@>2 8 1;5O=85< >25F . / 4>3040;AO , GB> =0E>6CAL 2 :8@387A:>< 0C;5 , => =5 <>3 ?>AB83=CBL , :0:8< >1@07>< ?>?0; AN40 . >A;54=55 <>5 2>A?><8=0=85 >3@0=8G820;>AL A2840=85< A @C=5N 8 ?@81KB85< =0 :20@B8@C . >A;5 MB>3> , <=5 :070;>AL , GB> O =5 68; , 8 2>A:@5A 2 ?0;0B:5 :8@387A:>9 . KA>:89 :8@3875F , 2 H5;:>2>< E0;0B5 , AB>O; 2>7;5 A2>59 N@BK , :>B>@0O 1K;0 1>;LH5 8 :@0A8255 ?@>G8E . = :C@8; B@C1:C 8 ?>A<0B@820; =0 2A5 AB>@>=K . #28452 <5=O , >= ?@8:070; >4=><C :8@387FC ?@825AB8 <5=O : A515 . >304K20OAL , GB> MB> 4>;65= 1KBL AB0@H8=0 , O ?>:;>=8;AO 5<C 8 ?@>A8; ?>72>;5=8O ?@8A5ABL =0 75<;N , ?> ?@8G8=5 <>59 A;01>AB8 . !B0@H8=0 25;5; ?>4>AB;0BL <=5 2>9;>: 8 A0< , A52 =0 :>2@5 ?@>B82 <5=O , A:070; : - "K 4>65= 7=0BL , 20= , GB> BK @01 <>9 . / AB0@H8=0 >4=>3> 7=0<5=8B>3> ?>:>;5=8O :8@387A:>9 >@4K . >2CB <5=O @A0;0= -AC;B0=>< . !;C68 <=5 25@=> , 5A;8 E>G5HL 68BL AG0AB;82> ; :>340 6 O 70<5GC 2 B515 >E>BC : ?>153C , B> ?@>40< 2 %82C 8;8 25;N C18BL , :0: 10@0=0 . -B0 ?@825BAB25==0O @5GL =5 A;8H:>< CB5H8;0 <5=O ?>A;5 2K74>@>2;5=8O , => 45;0BL 1K;> =5G53> , 8 O >B25G0; A ?@8B2>@=K< @02=>4CH85< : - / 1C4C B515 A;C68BL 25@=> , 8 E>BO 4> A8E ?>@ =8G5< =5 <>3 C3>48BL B515 , => >A<5;820NAL ?@>A8BL >4=>9 <8;>AB8 , 2 7040B>: 1C4CI8E : A:068 <=5 , :0:8< >1@07>< O 4>AB0;AO : B515 2 =52>;N ? / 1K; B0: 1>;5= , GB> =5 ?><=N , GB> A> <=>N 45;0;>AL . - 72>;L , O @0AA:06C B515 . / 1K; 70 45;0<8 2 @5=1C@35 , B><C =545;8 B@8 . K5E02 25G5@>< 87 3>@>40 8 A25@=C2 A 4>@>38 , GB>1 2>72@0B8BLAO 2 AB5?L 8725AB=K<8 =0< ?CBO<8 , O C2845; 42CE 2>>@C65==KE ;N459 , :>B>@K5 A=8<0;8 GB> -B> A B5;538 . !> <=>N 1K;> B>;L:> G5BK@5 :8@387F0 , 4;O ?@>2>60=8O <>8E 25@1;N4>2 : ?@>G85 ?>5E0;8 2?5@54 . ?0A0OAL , GB>1K :070GL8 @07J574K =5 CA;KH0;8 2KAB@5;>2 , O =5 E>B5; =0?0ABL =0 MB8E @071>9=8:>2 , :>B>@K5 A?>@8;8 <564C A>1>N , GB> =04>1=> A B>1>N A45;0BL . 48= , 2KA>:89 8 ?;>B=K9 3>;>2>@57 , E>B5; >B@C18BL B515 3>;>2C ; 4@C3>9 , 1;54=K9 8 ACE>I02K9 , A>25B>20; 1@>A8BL 2 ?>;5 , GB>1 =5 ?@>;820BL :@>28 , 3>2>@O , GB> BK 8 157 8E ?><>I8 A:>@> 8A?CAB8HL 4CE . / A;KH0; 8E @073>2>@ 8740;5:0 , ?> 25B@C . =8 C60A=C;8AL , :>340 O ?@8A:0:0; : =8< , 8 25AL<0 >1@04>20;8AL , :>340 O >1JO28; , GB> =5 E>GC 70B520BL A =8<8 4@0:8 ?>4 3>@>4>< 8 =0<5@5= 871028BL 8E >B E;>?>B , 27O2 A A>1>N G5;>25:0 , >1 CG0AB8 :>B>@>3> >=8 A?>@8;8 <564C A>1>N . ;>458 A>3;0A8;8AL 8 >B40;8 B51O <=5 , A B5< GB>1 O =5 ?>72>;O; B515 ?8A0BL 2 >AA8N 8 >B:C?8BLAO . / >15I0; , 8 >=8 2>72@0B8;8AL 2 3>@>4 . "K ;560; 2 60@C , 157 GC2AB2 , 70:CB0==K9 2 >45O;> . / B>BG0A 25;5; C18BL 42CE 70?0A=KE 10@0=>2 , 70:CB0; B51O 3>;>3> 2 AK@K5 H:C@K {-B> >4=> 87 A@54AB2 , :>B>@K<8 ;5G0BAO :8@387AFK . } 8 ?@82O70; : ?>:;065 <>59 =0 25@1;N45 . !K@K5 H:C@K 8 ?>@>H>: 87 ACH5=KE =>3 ?B8FK B8;53CA { B8F0 , ?>E>60O =0 :C@>?0B:C . } , :>B>@K9 O 2A5340 2>6C A A>1>N , ?>B><C GB> >= ?><>305B B0:65 8 >B C:CH5=8O 15H5=KE A>10: , C45@60; 687=L 2 B2>5< B5;5 . @81K2 2 0C; , O , ?> ?@>AL15 <>8E 65= , ?@8720; A0<>3> 8A:CA=>3> 10:AC {0:A0 , B> 65 , GB> A818@A:89 H0<0= : 3040B5;L 8 ;5:0@L . } , 25;5; 5<C 3040BL =04 B>1>N 8 83@0BL =0 :>1K75 { >4 3C4:0 , 8;8 A:@8?:8 , 157 25@E=59 4>A:8 . !B@C=K =0 =5< 87 :>=A:8E 2>;>A . 3@0NB =0 =5< A<KG:>< , :0: =0 28>;>=G5;5 . 0:AK C?>B@51;ONB MB>B 8=AB@C<5=B ?@8 A2>8E 3040=8OE . } 2> 2A5 ?@>4>;65=85 B2>59 1>;57=8 , ?5@5<5=OO 15A?@5AB0==> A25685 H:C@K @07=KE 682>B=KE , 8=>340 ?> 420 8 ?> B@8 @070 2 45=L . 5=K <>8 ?>8;8 B51O ?>E;51:>N 87 ?H5=0 8 =020@>< B@02K H8@070 {!B5?=0O B@020 , C?>B@51;O5<0O 4;O ?@>872545=8O 8A?0@8=K . } , 8 =0:>=5F >3C 8 3> @>@>:C C3>4=> 1K;> A>E@0=8BL B51O 4;O A;02K 8 G5AB8 A;C68BL <=5 , AC;B0=C @A0;0=C . =5 60;L 1K;> B2>59 N=>AB8 ! "5?5@L 687=L B2>O ?@8=04;568B <=5 , 8 BK 4>;65= =02A5340 >B:070BLAO >B 2AO:>9 =04564K C2845BL A2>5 >B5G5AB2> . > A:068 <=5 , :B> B0:>2K 1K;8 MB8 @071>9=8:8 , :>B>@K5 E>B5;8 C18BL B51O 8 70 GB> >=8 =0 B51O >7;>18;8AL ? >1;03>40@82 A?5@20 @A0;0= -AC;B0=0 70 53> >1> <=5 ?>?5G5=8O 8 2>7>1=>282 C25@5=8O 2 <>59 25@=>AB8 , O @0AA:070; 5<C , :0:8< >1@07>< 2K5E0; 87 >A:2K A >@>20B8=K< , GB>1 C2845BLAO A @C=5N ; :0: O 2AB@5B8; >6>20 8 ?>4A;CH0; 53> @5G8 8 , =0:>=5F , :0: C7=0; >1 87<5=5 @C=8 8 ?>A;5 B>3> 2?0; 2 3>@OG:C >B A8;L=KE 4CH52=KE ?>B@OA5=89 . / >1JO28; <>5<C =>2><C 3>A?>48=C , GB> =8:>3> =5 ?>4>7@520N 2 =0<5@5=88 C18BL <5=O , :@><5 >@>20B8=0 8 >6>20 ; => GB> ?>1C48;> 8E A>AB028BL ?@>B82C <5=O 703>2>@ , B>3> O =5 <>3 @0AA:070BL , ?>B><C GB> O A0< =5 ?>AB830; . =5 =5 E>B5;>AL 25@8BL , GB>1K 7;>458 MB8 ?>AO3=C;8 =0 C189AB2> 87 =5A:>;L:8E A>B @C1;59 , :>B>@K5 >@>20B8= C45@60; C A51O , 27O2 =0 A>E@0=5=85 . - 0;L , - A:070; @A0;0= -AC;B0= , - GB> O =5 A25O; A 75<;8 MB8E 1574CH=KE 7;>4552 , :>B>@K5 8A?KBK20NB A2>8 A8;K 8 <C65AB2> =04 1>;L=K< N=>H5N ! A;8 >=8 ?>?04CBAO :> <=5 2 4@C3>9 @07 , B> O 8E 70AB02;N ?@>ACH8BL :>AB8 2 AB5?8 8 >B40< G5@5?K =0 3=5740 7<5O< , :>B>@K5 3>@074> ;CGH5 8E . !;CH09 , 20= , ?>:0 BK =5 C:@5?8HLAO , B515 =5 1C45B @01>BK . 5=K <>8 1C4CB B51O :>@<8BL 8 ?>8BL , 0 B0< C2848< , : G5<C BK <=5 ?@83>48HLAO . !5<59AB2> @A0;0= -AC;B0=0 A>AB>O;> 87 B@5E 65= 8 G5BK@5E 45B59 : B@5E 4>G5@59 >B 5 4> 7 ;5B 8 >4=>3> AK=0 , N=>H8 2 <>8 ;5B0 . A5 B@8 65=K 1K;8 <>;>4K 8 E>@>H8 A>1>N . A;8 ?@8=OBL ?@028;>< , GB> AC65==K5 3;070 8 2K402H85AO A:C;K =5 A>AB02;ONB 157>1@078O , B> 65=K @A0;0= -AC;B0=0 1K;8 1K :@0A028F0<8 8 2 52@>?59A:>9 AB>;8F5 ; 0 >= A0< , E>BO C65 8<5; ;5B 70 A>@>: , <>3 =0720BLAO :8@387A:8< ?>;;>=>< . !K= 53> @>645= 1K; G5B25@B>N 65=>9 , :>B>@>9 C65 =5 1K;> 2 682KE ; => <>;>4>9 0N: 2 :064>9 87 B@5E A2>8E <0G5E =0E>48; ;0A:8 8 =56=>AB8 , :>B>@K<8 =5 2A5340 <>3CB ?>E20;8BLAO ?0AK=:8 <564C >1@07>20==K<8 =0@>40<8 . >9 3>A?>48= 1K; AG0AB;82 A2>8< A5<59AB2>< . 5=K 53> 68;8 4@C6=> <564C A>1>N , 8<5;8 =@02 25A5;K9 8 AB0@0;8AL C3>640BL <C6C 2A5<8 2>7<>6=K<8 A@54AB20<8 . =8 >B<5==> ;0A:>2> >1E>48;8AL A A;C68B5;O<8 8 <5=O ;N18;8 , :0: @>4=>3> 1@0B0 . < >1O70= O A2>8< 2K74>@>2;5=85< . 0ABC?8;0 >A5=L , 8 =0H 0C; =0G0; A>18@0BLAO 2 ?>E>4 4;O ?@88A:0=8O 78<=53> :>G52LO . @A0;0= -AC;B0= @07>A;0; 25AB=8:>2 2 1;86=85 , 4@C65AB25==K5 0C;K A 8725AB85< > ?5@5<5=5 68;8I0 8 > =0?@02;5=88 , :>B>@>5 >= =0<5@5= 27OBL 2 AB5?8 . > 2>72@0I5=88 ?>A;0==KE , 2A5 25I8 C;>68;8 2 @07=K5 :8?K , A>1@0;8 N@BK , =03@C78;8 BO65AB8 =0 25@1;N4>2 8 =0 702>4=KE ;>H0459 8 ?> 40==><C 7=0:C ?>AB@>8;8AL 2 ?>E>4=K9 ?>@O4>: . 064>5 A5<59AB2> A>AB02;O;> >A>1>5 >B45;5=85 . 5B8 , AB0@CE8 , <>;>4K5 4528FK , AB0@FK 8 1>;L=K5 A5;8 =0 25@1;N4>2 , 0 2A5 <C6G8=K , A?>A>1=K5 =>A8BL >@C685 , 8 2A5 <>;>4K5 65=I8=K - =0 :>=59 , 2 ;CGH5< A2>5< ?;0BL5 , :0: 2 B>@65AB25==>5 ?@074=5AB2> . 0 :>=F0E 8 ?> AB>@>=0< :0@020=0 =0E>48;8AL B>;?K =0574=8:>2 , 2>>@C65==K5 ?8:0<8 , ;C:0<8 , A01;O<8 , 0 =5:>B>@K5 H0<E0;0<8 {;8==>5 @C6L5 157 70<:0 . !B@5;ONB 87 =53> :0@B5GLN , ?>A@54AB2>< D8B8;O . } . !B040 A>E@0=O5<K 1K;8 >A>1K< >B@O4>< , 2 284C :0@020=0 . >340 2A5 1K;> 3>B>2> : 2KABC?;5=8N 2 ?>E>4 , @A0;0= -AC;B0= 25;5; 10:A5 =0G0BL 3040=85 >1 CA?5E5 ?@54?@8OB8O . 0:A0 2KABC?8; 2?5@54 , 2K=C; 87 -70 ?>OA0 =>6 , ?@>25; 2>:@C3 A51O G5@BC ?> ?5A:C 8 ?>B>< , ?@8AB0282 A515 =>6 : 3>@;C , =0G0; 3@><:> ?5BL . 5=85 53> A>?@>2>640;>AL C60A=K<8 :@82;O=LO<8 8 A:0G:0<8 , :>B>@K5 A:>@> ?@825;8 53> 2 8AB>I5=85 A8; . = C?0; 70<5@B2> , 5420 ?5@52>4O 4KE0=85 , 8 :070;>AL , GB> 70A=C; . &5;K9 0C; A<>B@5; 2 <>;G0=88 8 A 1;03>3>25=85< =0 A85 <=8<>5 G0@>459AB2> . 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N1>?KBAB2> <>5 =5 <>3;> =0AKB8BLAO : O E>B5; 2A5 2845BL , 2A5 7=0BL 8 ?;0:0; A 4>A04K , :>340 =5 ?>AB830; 2845==>3> 8;8 =5 ?>=8<0; A;KH0==>3> . <?5@0B@8F5 :0B5@8=5 B>@>9 C3>4=> 1K;> 2845BL <5=O . 5=O >45;8 25;8:>;5?=> 8 ?>257;8 2> 42>@5F 2 :0@5B5 , 70?@O65==>9 2 H5ABL ;>H0459 FC3>< . ! 3>@4>ABLN ?>3;O4K20; O =0 =0@>4 87 >:>= :0@5BK 8 4C<0; , GB> F5;0O AB>;8F0 70=8<05BAO <=>N , ?>B><C GB> 2A5 >AB0=02;820;8AL 8 A ;N1>?KBAB2>< A<>B@5;8 =0 <5=O . @>5760O G@57 >4=C C;8FC , <K 4>;6=K 1K;8 >AB0=>28BLAO >B <=>65AB20 AB5A=82H53> =0@>40 , :>B>@K9 >1ABC?8; =0HC :0@5BC 8 AB0; @0AA?@0H820BL >1> <=5 ?@8AB020 . 4@C3 7083@0;0 <C7K:0 8 ?>:070;8AL >157LO=K 2 @0AB2>@5==>< >:=5 1;86=53> 4><0 . 0@>4 , =5 2KA;CH02 @0AA:070 ?@8AB020 , ?>1560; : >157LO=0< , 8 <K A?>:>9=> ?>5E0;8 2?5@54 . -B> 1K; ?5@2K9 C40@ <>5<C A0<>;N18N , 8 O 25AL<0 4C@=> 70:;NG8; > =0@>45 , ?@54?>G8B0NI5< >157LO= AC;B0=A:><C AK=C . / B>340 =5 ?>AB830; , GB> ?>AB>O==>5 2=8<0=85 :064>3> =0@>40 B0: 65 B@C4=> C45@60BL , :0: ?>AB>O=AB2> 25B@0 8 GB> =0@>4 >1 B>< B>;L:> 2A5340 ?><=8B , G53> 1>8BAO . >AC40@K=O ?@8=O;0 <5=O 25AL<0 <8;>AB82> : >1;0A:0;0 , >140@8;0 8 >B?CAB8;0 4><>9 , ?>@CG82 25;L<>60< A2>53> 42>@0 8<5BL ?>?5G5=85 >1> <=5 8 225AB8 2 >1I5AB2> , GB>1 O <>3 ;CGH5 AC48BL > 2K3>40E ?@>A25I5=8O . > A;>2C 3>AC40@K=8 , O 2>H5; 2 <>4C , :0: =>20O ?@8G5A:0 8;8 =>2K9 ?>:@>9 ?;0BLO . 5 1K;> 2 3>@>45 10;0 , 1>;LH>3> >1540 , 720=>3> 25G5@0 , 345 1 =5 1K;> _:8@387A:>3> :@0A02F0 _ . "0: ?@>720;8 <5=O 7=0B=K5 65=I8=K , >B B>3> GB> ?@8 2>@5 A:070=> 1K;> : "-B>B :=O75: =5 B0: 4C@5= A>1>N , :0: >?8AK20NB 2>>1I5 :8@387>2 " . =0B=K5 3>A?>40 8 40<K CB5H0;8AL <>5N ?@>AB>B>N , 0 O CB5H0;AO 8E 1>;B;82>ABLN 8 ;53:><KA;85< , A :>B>@K< >=8 ?@8=8<0;8 1>;LH85 25I8 70 <0;K5 , 0 <0;K5 70 1>;LH85 . 4=064K O 70AB0; >4=> 4>1@>5 A5<59AB2> 2 A;570E 8 3>@5 : 2A5 ?;0:0;8 , >B >BF0 4> 3@C4=>3> <;045=F0 . - 'B> A 20<8 A45;0;>AL ? - A?@>A8; O E>7O9:C . - E , ;N157=K9 :=O7L , 2K 7=0;8 =0H53> 4O4NH:C . . . - 'B> 65 A =8< A;CG8;>AL ? 5 C<5@ ;8 >= ? - , 5A;8 1 >= C<5@ , B> MB> 1K;> 1K B>;L:> ?>;>28=0 154K , ?>B><C GB> >= C65 =0G8=05B @0AAB@>820BL A2>5 8<5=L5 , :>B>@>5 45B8 <>8 4>;6=K ?>;CG8BL 2 =0A;54AB2> ; => >= . . . 0E ! . . >= 2?0; 2 =5<8;>ABL C A2>53> A8;L=>3> ?>:@>28B5;O ! - 0 GB> 65 B0:0O 2=570?=0O =5<8;>ABL ? - 0 =5A:@><=>ABL , 70 O7KG>: . >:@>28B5;L 4O48 3>@48;AO 8 E20AB0; B5< , GB> >= 2K4C<0; =>2K9 A>CA : @K15 , 0 <>9 4O4O @0AA:070; ?>4 A5:@5B>< ?@8OB5;O< , GB> MB> 53> A>1AB25==>5 A>G8=5=85 , 8 2>B - ?@>I09 4@C610 8 ?>:@>28B5;LAB2> ! / =5 <>3 C45@60BLAO >B A<5E0 , 8 MB>B A<5E ?@8?8A0= 1K; <>5<C =52565AB2C 8 48:>AB8 . 4@C3>9 @07 O =0H5; 2 >BG0O=88 <>53> ?@8OB5;O , <>;>4>3> , >1@07>20==>3> G5;>25:0 . = E>B5; 70AB@5;8BLAO , E>B5; 1560BL : =0< , 2 :8@387A:CN AB5?L , GB>1 A:@KBLAO >B A25B0 . - 0:>5 =5AG0ABL5 ?>@078;> 20A , ?>GB5==K9 4@C3 ? - A?@>A8; O 53> A CG0AB85< 8 3>@5ABLN . - N157=K9 :=O7L - O ?@>:;OB >BF>< ! / C60A=C;AO . - 0: ! ?@>:;OBK >BF>< ! 5C65;8 2K 2?0;8 2 ?@5ABC?;5=85 , >A:>@18;8 @>48B5;O ? - / =5 ?>H5; 5<C 2 28AB 2 1>AB>=5 ! - 0: ! 8 70 MB> >= 20A ?@>:;O; ? - @>:;O; 8 ;8H8; A2>8E <8;>AB59 ! / ?@8=O;AO A<5OBLAO >B G8AB>3> A5@4F0 . - #B5HLB5AL , ?>GB5==K9 4@C3 , - A:070; O . - "0:>5 ?@>:;OB85 =5 4>945B 4> =515A 8 >AB0=5BAO ?>4 :0@B>G=K< AB>;8:>< , ?>:0 :0:>9 -=81C4L 70102=8: =5 ?>415@5B 53> , GB>1 ?>A<5H8BL 4>1@KE ;N459 =0AG5B AC<0A1@>4=>3> ?0?5=L:8 . - 45AL 45;> =5 > =515A0E , => > 75<;5 , - 2>7@078; ?@8OB5;L , - A;54AB28O MB>3> ?@>:;OB8O - ;8H5=85 <5=O 45=56=>3> ?>A>18O . B5F <>9 @04 B5?5@L , GB> =0H5; A;CG09 >B:070BL <=5 2 45=L30E . - ;O G53> 65 20H ?0?5=L:0 B0: 15@565B 45=L38 ? - ;O B>3> , GB> :>@<8B 8 ?>8B B>;?C A;CG09=KE ;N459 , :>B>@K5 A<5NBAO 70 3;070 =04 53> AB@0ABLN ; E20AB05B A2>8<8 >B1>@=K<8 28=0<8 8 :CH0=L5< , :0: 1C4B> MB> 1K;> A;54AB285< C<0 , 4>1@>45B5;59 , 70A;C3 8 A>AB02;O;> 4>AB>8=AB2> G5;>25:0 . - >;O 20H0 , 0 2K <=5 :065B5AL A<5H=K A A2>8<8 15AB>;:>2K<8 >1KG0O<8 , - A:070; O ?@8OB5;N . - ><C A<5E , 0 :><C 3>@5 , - >B25G0; >= . A53> AB@0==55 :070;0AL <=5 >F5=:0 ;N459 , ?@8=8<05<KE 2 1>;LH85 >1I5AB20 . "0< =5 A?@02;O;8AL =8:>340 =8 >1 C<5 , =8 > 4CH52=KE :0G5AB20E , =8 > ?>2545=88 G5;>25:0 . 5@2K9 2>?@>A : A:>;L:> 70 =8< 4CH ? B>@>9 - :0:>9 G8= ? "@5B89 - 2 :0:>< >= @>4AB25 ? '5B25@BK9 - 2 :0:8E A2O7OE ? A;8 =0 2A5 MB8 ?C=:BK >B25BK C4>2;5B2>@O;8 >6840=8O< 8;8 5A;8 E>BO >48= ?C=:B 1K; AB>;L A8;5= , GB> 703;CH0; >AB0;L=K5 , B>340 , 1C4L ?;CB , >1<0=I8: , 3@018B5;L , ?@8B5A=8B5;L - 425@8 2> 2A5E 4><0E 4;O =53> >B:@KBK , 25745 3>B>20 C;K1:0 ?@8 2AB@5G5 8 =>2>5 ?@83;0H5=85 ?@8 >B?CA:5 . 45=L38 ? . . ! 70 45=L38 =5>B5A0==K9 <C68: , :>B>@K9 70 =5A:>;L:> ;5B ?5@54 B5< ?@>4020; 2>4:C ;0:5O< 8 :CG5@0< , @071>30B52 >1<0=0<8 , ?@8=8<05BAO 2 4><5 8E 3>A?>4 ;CGH5 , =565;8 154=K9 2>8= , =5 8<5NI89 4@C3>3> ?>:@>28B5;LAB20 , :@><5 A2>59 70A;C38 . >154K ! . . 0H8 >154K A2>48;8 <5=O A C<0 ! >4>1=> A>10:0< , :>B>@K5 ;0A:0NBAO : B><C , :B> 8E :>@<8B , 20H8 ?@>A25I5==K5 ;N48 87 ;0:><>3> 1;N40 8;8 1CBK;:8 28=0 , :>B>@K5 >=8 , 2?@>G5< , <>3CB 8<5BL 4><0 , B>;?OBAO 2 4>< :> 2AO:><C ?@>;07C , :> 2AO:><C 3@018B5;N , 8 =5 B>;L:> ?@>I0NB 5<C 53> 15AA>25AB=>ABL , => 4065 70I8I0NB >B ?@02>AC48O . AB0B8 > ?@02>AC488 . 20H8E AC40E >4=8 - 83@0NB 2 6<C@:8 8 =0C304 ;>2OB ?@02>3> 8;8 28=>20B>3> ; 0 4@C385 - ?@>40NB ?@02>AC485 =0 25A , :0: ;5:0@AB2> 2 0?B5:0E , ?> @5F5?B0< A5:@5B0@59 8 ?>4LOG8E . 4=8< A;>2>< , O C4>AB>25@8;AO , GB> 20H5 ?@>A25I5=85 A>AB>8B 2 8A:CAAB25 3>2>@8BL 8 ?8A0BL > B>< , GB> ?>;57=> 4;O _4@C38E _ , 0 45;0BL B> , GB> ?>;57=> 4;O _A51O _ . !;>20 8 45;0 =0E>4OBAO C 20A 2 B0:>9 ?@>B82>?>;>6=>AB8 , GB> , 5A;8 :B> A:065B > A515 : O G5AB5= , MB> 7=0G8B , GB> >= ?;CB ; :B> 3>2>@8B : O 1>30B - >7=0G05B , GB> >= 1545= , B> 5ABL 2 4>;3C ; 0 :B> A>7=05BAO A0< 8 :@8G8B 25745 , GB> >= 1545= , MB> 7=0G8B , GB> >= 1>30B , => E>G5B 1KBL 5I5 1>30G5 . B> :@8G8B >1 >1I59 ?>;L75 , MB> 7=0: , GB> >= 8I5B A2>8E A>1AB25==KE 2K3>4 , 0 :B> ?@>?>254C5B 2>;L=>ABL , MB> 7=0G8B , GB> >= E>G5B C3=5B0BL 4@C38E . @8A<>B@52H8AL :> 2A5< MB8< ?@52@0B=>ABO< 2 B5G5=85 G5BK@5E ;5B 8 2725A82 20H5 ?@>A25I5=85 8 2K3>4K 3>@>4A:>9 687=8 A =0H8< =52565AB2>< 8 :>G520=85< , O ?>GC2AB2>20; A8;L=>5 65;0=85 2>72@0B8BLAO 2 AB5?8 8 701KBL >1> 2A5< , 2845==>< 8 A;KH0==>< , :0: > A=>2845=88 . / 2>7=0<5@8;AO C65 ?@>A8BL > ?>72>;5=88 , :0: 24@C3 >4=> >1AB>OB5;LAB2> C45@60;> <5=O - ;N1>2L ! > ACI5AB2CNI5<C 2 >AA88 >1KG0N , 4;O =0A , 48:8E 078OBF52 , =0=8<0;8 :20@B8@C 2 >B40;5==>9 G0AB8 3>@>40 , 4;O B>3> GB>1 <K A2>1>4=55 <>3;8 >B?@02;OBL A2>5 1>3>A;C65=85 8 ?@83>B>2;OBL ?8IC ?> =0H5<C >1KG0N , =5 >1@0I0O =0 A51O 2=8<0=8O ;N1>?KB=KE . 4=064K , ?@>E06820OAL ?5H:>< ?> 3;CE>9 C;8F5 , O CA;KH0; 2 >4=>9 ;0GC35 @K40=8O 8 60;>AB=K5 2>?;8 65=I8=K . > =52>;L=><C 42865=8N O 21560; 2 4>< . >@5AB=>5 7@5;8I5 ?>@078;> <5=O . @5:@0A=0O , :0: 0=35; , 4528F0 45@60;0 2 A2>8E >1JOB8OE AB0@CN 65=I8=C 2 >1<>@>:5 8 ?;0:0;0 2 >BG0O=88 , =5 7=0O , :0: ?>A>18BL 59 . / , =5 3>2>@O =8 A;>20 , 2K1560; 2 A5=8 , =0H5; 254@> A 2>4>N , 2>72@0B8;AO 2 :><=0BC A ?>;=K< :>2H>< , A?@KA=C; ;8F> 1>;L=>9 , AB0; 59 B5@5BL 28A:8 8 68;K =0 @C:0E 8 =0:>=5F ?@825; 2 GC2AB2> , ?5@5=5A =0 :@>20BL 8 ?@>A8; ?>72>;5=8O C :@0A028FK ?>1560BL B>BG0A 70 4>:B>@>< . 070;>AL , GB> 4528F0 A=0G0;0 =5 ?@8<5G0;0 <5=O , 1C4CG8 70=OB0 =54C3>< A2>59 <0B5@8 , => =0:>=5F >=0 >1@0B8;0 =0 <5=O A2>8 ?@5:@0A=K5 3>;C1K5 3;070 , 2 :>B>@KE 1;5AB5;8 5I5 A;57K , 8 , ?>:@0A=52 , ?>1;03>40@8;0 B8E8< 3>;>A>< . >9 :8@387A:89 =0@O4 ?@82>48; :@0A028FC 2 =54>C<5=85 : >=0 C:@04:>9 >A<0B@820;0 <5=O A =>3 4> 3>;>2K 8 =5 7=0;0 , GB> A:070BL . - 5 ?C309B5AL <5=O , AC40@K=O , - A:070; O , - O :8@387 , C@>65=5F 48:8E AB5?59 ; => 8 C :8@387>2 5ABL B0:65 A5@4F5 , 8 >=8 7=0NB , GB> B0:>5 A>AB@040=85 : =5AG0ABLN 1;86=53> . C4LB5 >B:@>25==K A> <=>N , :0: A G5;>25:>< , :>B>@K9 ?>G8B05B 70 1>30BCN 4>1KGC 2AO:89 A;CG09 1KBL ?>;57=K< AB@064CI8< 8 =5AG0AB=K< . / 286C , GB> 2K 2 =C645 : MB> >1=0@C68205B 20H5 68;8I5 . 4>;68B5 <5=O 8 ?@8<8B5 >B <5=O ?>A>185 4;O 1>;L=>9 20H59 <0B5@8 . 5 4>6840OAL >B25B0 :@0A028FK , O 1@>A8; =0 AB>; 3>@ABL G5@2>=F52 8 ?>A?5H=> C40;8;AO . 528F0 E>B5;0 C45@60BL <5=O 70 @C:C , C<>;O;0 27OBL =0704 45=L38 , => O , =5 A;CH0O , A8;>N 2K@20;AO 8 ?>1560; >?@><5BLN 4><>9 . / 2845; <=>3> @CAA:8E :@0A028F , 8 =8:>340 >=5 =5 ?@>872>48;8 2> <=5 A8;L=>3> 2?5G0B;5=8O . > >1@07 MB>9 154=>9 452CH:8 2@570;AO 2 <>5< A5@4F5 8 ?0<OB8 . =0 4=5< 8 =>GLN ?@54AB02;O;0AL <>5<C 2>>1@065=8N , 8 O <CG8;AO 1>;55 =545;8 , =5 7=0O , GB> 45;0BL A A>1>N 8 =5 A<5O 2>72@0B8BLAO : =59 2 4>< , >?0A0OAL , GB>1 >=0 <=5 =5 >B40;0 >1@0B=> 45=53 8 B5< =5 ;8H8;0 A51O ?>A>18O . 0?@0A=> O A8;8;AO 701KBL :@0A028FC : >=0 ?>A5;8;0AL 2> <=5 , :0: 687=L , :0: 4CH0 , 8 <>O 078OBA:0O :@>2L :8?5;0 , :0: 1C4B> 2 A5@4F5 <>5< ?K;0;> ?;0<O . 8 @072;5G5=8O 1>;LH>3> >1I5AB20 , =8 GB5=85 , :>B>@>5 O G@572KG09=> ;N18; , =8 C548=5=85 =5 <>3;8 <5=O CA?>:>8BL . 0:>=5F , O @5H8;AO C2845BL A=>20 :@0A028FC . / ?>H5; : =59 25G5@>< . 0:0O -B> =5?>AB868<0O @>1>ABL C45@60;0 <5=O ?@8 2E>45 ; O >AB0=>28;AO ?>4 >:=>< , 70?5@BK< AB02=O<8 , 8 CA;KH0; A?>@ 2 :><=0B5 8 =58725AB=K5 <=5 3>;>A0 . - !BK48B5AL , AC40@L , ABK48B5AL ! - A:070;0 65=I8=0 . - 0: . 2K A<55B5 ?@54;030BL <=5 15AG5AB85 , 2 >1<5= 70 20H5 ?>:@>28B5;LAB2> , :>B>@K< O 3=CH0NAL . >A<>B@8B5 =0 4>GL <>N : >=0 =5 <>65B ?@>87=5ABL A;>20 >B 871KB:0 =53>4>20=8O , =5 E>G5B >A:25@=8BL A51O C:>@87=0<8 . K , 154=K5 , 15770I8B=K5 A8@>BK , 8 >BB>3> 2K B0: 45@7:8 ; => 5A;8 1 <C6 <>9 1K; 682 , =5278@0O =0 20H5 1>30BAB2> 8 7=0B=>ABL , >= 1K C<5; 70AB028BL 20A >1@07C<8BLAO . - >;=> , ?>;=> , <0BCH:0 , =5 3=5209B5AL , - 2>7@078; >E@8?;K9 3>;>A , - 3>@074> ;CGH5 >B40BL 4>GL <=5 =0 2>A?8B0=85 , =565;8 70<C6 70 :0:>3> -=81C4L ?>4LOG53> 8;8 C=B5@ ->D8F5@0 . BK , :@0A028F0 , =5 48G8AL , ?>4>948 , ?>72>;L ?>F5;>20BL A51O 2 MB8 @>7>2K5 I5G:8 ! - AB02LB5 <5=O 2 ?>:>5 ! - 70:@8G0;0 :@0A028F0 , 8 O CA;KH0; ABC: >?@>:8=CB>3> AB>;0 . KA;L >1 >A:>@1;5=88 =528==>AB8 2>A?;0<5=8;0 <5=O 3=52>< ; :0: 15H5=K9 21560; O 2 :><=0BC 8 C2845; , GB> 4@OE;K9 AB0@8G8H:0 , >45BK9 I53>;5< , B0I8B : A515 70 @C:8 :@0A028FC 8 E>G5B =0A8;L=> ?>F5;>20BL 55 . / AE20B8; 53> ?>?5@5: , 2K=5A :0: :C;L A>;><K =0 42>@ 8 1@>A8; A @07<0EC 2 3@O7L . 20 ;0:5O , AB>O2H85 70 C3;>< 4><8:0 , ?@81560;8 =0 :@8: A2>53> 3>A?>48=0 8 :8=C;8AL =0 <5=O . > >BG0O=L5 8 60640 <5AB8 C42>8;8 <>8 A8;K . / AE20B8; 2 :064CN @C:C ?> ?>;5=C 4@>2 , =0?0; =0 <>8E ?@>B82=8:>2 8 2K3=0; 8E 70 2>@>B0 . !B0@K9 2>;>:8B0 ?>1560; : :0@5B5 , :>B>@0O AB>O;0 =0 C3;C C;8FK , 8 720; : A515 A2>8E A;C68B5;59 . A:>@5 O CA;KH0; , GB> :0@5B0 ?>5E0;0 ?> C;8F5 2> 2AN :>=A:CN ?@KBL , 70?5@ :0;8B:C 8 2>72@0B8;AO 2 :><=0BC . !;57K 1;03>40@=>AB8 1K;8 <>5N =03@04>9 . 0BL 1;03>40@8;0 <5=O 70 >:070==CN <8;>ABL 8 ?>:@>28B5;LAB2> ; 4>GL <>;G0;0 , => 55 <>;G0=85 1K;> 3>@074> :@0A=>@5G8255 A;>2 AB0@CE8 . !B0@CH:0 @0AA:070;0 <=5 A2>N 8AB>@8N . C6 55 A;C68; :><8AA0@>< 2> D;>B5 8 1K; G5AB=K9 G5;>25: . >A;5 A2>59 A<5@B8 >= =5 >AB028; 8< 4@C3>3> =0A;54AB20 , :@><5 ?@020 =0 ?>;CG5=85 =51>;LH>9 AC<<K 87 :07=K , 70 ?@87K , A45;0==K5 M:8?065< :>@01;O , =0 :>B>@>< >= A;C68; . @55<=8: 53> ?@54AB028; =0 ?>:>9=>3> :0:85 -B> =0G5BK , 2 >?@0240=85 ?>A;>28FK , GB> C<5@H85 8 >BACBAB2CNI85 2A5340 28=>20BK . 5;> =0E>48;>AL 2 B> 2@5<O C MB>3> A;04>AB@0AB=>3> AB0@8G8H:8 , :>B>@K9 , C28452 !>D8N , ?@54;>68; 59 15AG5AB85< :C?8BL 2K3>4=K9 ?@83>2>@ ?> 45;C 8 ?>:@>28B5;LAB2> =0 1C4CI55 2@5<O . 07C<55BAO , GB> 5<C >B:070;8 A 3>@4>ABLN , ?@8;8G=>N 1;03>@>4=K< 4CH0< ; => AB0@8G8H:0 =5 >AB028; A2>8E ?@5A;54>20=89 8 4065 AB0; AB@0I0BL =5AG0AB=CN <0BL , GB> 55 ?>A04OB 2 BN@L<C 70 CB@0BC :075==KE 25I59 , 5A;8 4>GL =5 ?5@5AB0=5B C?@O<8BLAO . >340 O =0H5; <0BL 2 >1<>@>:5 , B>340 >=0 ?>;CG8;0 MB> 8725AB85 . 0BL 8 4>GL 68;8 B@C40<8 @C: A2>8E , 2KH820O 4;O <>4=KE <03078=>2 ; => 3=CA=K9 AB0@8G8H:0 , GB>1 4>25ABL =5AG0AB=CN 65@B2C 4> :@09=>AB8 , ;8H8; 154=CN A5<LN 8 MB>3> A@54AB20 , ?;0BO 2 <03078=0E 70 B> B>;L:> , GB>1 =8G53> =5 ?>:C?0;8 C !>D88 8 =5 70:07K20;8 =8:0:>9 @01>BK . 8I5B0 , >4=> 87 25;8G09H8E =5AG0AB89 , A@548 2A5>1I59 @>A:>H8 ?@>A25I5==KE =0@>4>2 , 2A:>@5 ?>A5B8;0 4>1@>45B5;L=>5 A5<59AB2> , 8 5A;8 1 O =5 O28;AO : =8< :AB0B8 , B> !>DLO =0=O;0AL 1K ?>;>BL 2 >3>@>45 , GB>1 ?@>:>@<8BL 1>;L=CN 8 A;01CN A2>N <0BL ; 81> , :@><5 ?>A;54=59 ?0@K ?;0BLO , 2A5 C65 1K;> ?@>40=> . / =8:>340 2 687=8 <>59 =5 ?@>;820; A;57 8 2 ?5@2K9 @07 70?;0:0; ?@8 @0AA:075 AB0@CH:8 >1 55 154AB28OE . - >72>;LB5 <=5 2<5H0BLAO 2 MB> 45;> , - A:070; O . - A;8 O =5 =094C ?@02>AC48O <564C 7=0B=K<8 , B> =094C 53> 2KH5 . - AB02LB5 MB> , 4>1@K9 :=O7L , - 2>7@078;0 AB0@CH:0 , - ?>:0 A>;=KH:> 27>945B , @>A0 3;070 2K5AB . K =0<5@5=K >B:070BLAO >B 8A:0 8 C40;8BLAO 2 40;L=89 3>@>4 , : =0H8< @>4=K< . A;8 2K 8<55B5 7=0:><KE , B> ?>?@>A8B5 B>;L:> , GB>1 MB>B 3>A?>48= , :>B>@>3> 2K 745AL 2845;8 , =0A =5 ?@5A;54>20; . = =07K205BAO $8@N;L:8= 8 8<55B G8= 35=5@0;LA:89 . > , ?>60;C9B5 , =5 O2;O9B5AL : =5<C , ?>B><C GB> >= <>65B >B<AB8BL 20< 70 20HC 2A?K;LG82>ABL . 564C B5< 2>7L<8B5 >1@0B=> A2>8 45=L38 : <K =5 <>65< ?@8=OBL 2 ?>40@>: B0:>9 1>;LH>9 AC<<K . - 5=L38 2K <=5 >B4048B5 , :>340 ?>;CG8B5 87 :07=K GB> 20< A;54C5B ; GB> 65 :0A05BAO 4> 3 <>A?>48 >=0 $8@N;L:8=0 , B> =5 >?0A09B5AL : >= <=5 =5 AB@0H5= . @>1K2 =5A:>;L:> 2@5<5=8 A MB8<8 =5AG0AB=K<8 , O 2>72@0B8;AO , 1>;55 2;N1;5==K9 2 !>D8N , =565;8 ?@5645 . 0 4@C3>9 45=L ?>CB@C O ?>H5; 2 ?@8ACBAB25==>5 <5AB> , 345 70A540; $8@N;L:8= , 8 4>640;AO 53> =0 ;5AB=8F5 . = C60A=C;AO , C28452 <5=O , 8 25@=> 1 ?5@5<5=8;AO 2 ;8F5 - 5A;8 1K <>3 . > C =53> =5 1K;> :0?;8 :@>28 2 B5;5 . - 'B> 20< C3>4=> , ;N157=K9 :=O7L ? - A:070; >= , 708:0OAL . - 5@53>2>@8BL A 20<8 =0548=5 . - G5=L @04 , B>;L:> 745AL =5 <5AB> . >60;C9B5 :> <=5 2 4>< , 702B@0 ?>CB@C , G0A>2 2 452OBL . / ?@8<C 20A A C4>2>;LAB285< . 0 4@C3>9 45=L O 4> CA;>2;5==>3> G0A0 1K; C65 2 ?5@54=59 $8@N;L:8=0 . 0:58 8<5;8 ?>25;5=85 2?CAB8BL <5=O ; => :0: 2 70;5 1K;> =5A:>;L:> ?@>A8B5;59 , 0 2 :018=5B5 A5:@5B0@L A 45;0<8 , B> :0<5@48=5@ ?>25; <5=O 2> 2=CB@5==85 :><=0BK , G@57 C1>@=CN $8@N;L:8=0 . @>E>4O <8<> , O =52>;L=> >AB0=>28;AO , GB>1 @0AA<>B@5BL 25I8 , :>B>@KE O ?@5645 =5 284K20; . - 'B> 7=0G0B MB8 420 AB530=K5 <5H>G:0 A ?>42O7:0<8 ? - A?@>A8; O . - -B> 8:@K <>53> 3>A?>48=0 , - >B25G0; ;0:59 . - MB> GB> 70 G5@5? ? - -B> 53> 2>;>AK . - MB8 :>AB8 ? - -B> 53> 7C1K . - 0 GB> 65 MB8 :@0A:8 =0 AB>;8:5 <564C I5B:0<8 , ?C4@>N 8 ?><04>9 ? - -B> F25B ;8F0 <>53> 10@8=0 . - %>@>H ! - A:070; O A =0A<5H:>N . - # =53> =5B =8 B5;0 , =8 4CH8 . - 728=8B5 , - >B25G0; :0<5@48=5@ . - # =53> B@8 BKAOG8 4CH : MB> 206=55 , =565;8 >4=0 A2>O . / ?>=O; 70<5G0=85 ;C:02>3> :0<5@48=5@0 8 70:;NG8; 87 MB>3> , GB> $8@N;L:8= 4>;65= 1KBL =53>4=K< G5;>25:>< 2> 2A5E >B=>H5=8OE , :>340 A;C38 =5 8<5NB : =5<C C2065=8O . 5=O ?>720;8 2 :018=5B . $8@N;L:8= 27O; <5=O 70 @C:C 8 25AL<0 ;0A:>2> ?>?@>A8; A048BLAO . - 01C45< > ?@>H54H5< , - A:070; >= . - K ?>ABC?8;8 A> <=>N 25AL<0 =5256;82> , => O ?@>I0N 20< , ?>B><C GB> 2K =5 7=05B5 ?@028; =0H53> >1I568B8O . # =0A <>6=> C18BL , 70AB@5;8BL G5;>25:0 , => =5 4>;6=> ?@8:0A0BLAO : =5<C 157>@C6=>N @C:>9 . ?@>G5< , 20< =5 70 GB> 1K;> A5@48BLAO =0 <5=O . / B0: 65 8A:0; 48G8 , :0: 8 2K , 8 =5 7=0; , GB> MB0 3>;C18F0 C65 ?>4AB@5;5=0 20<8 . - @>HC 3>2>@8BL 157 >18=O:>2 , - A:070; O , 2>72KA82 3>;>A . - / B>;L:> 420 @070 2 687=8 2845; 154=CN 452CH:C , :>B>@CN 2K ?@5A;54C5B5 , 8 @5H8;AO 70I8I0BL 55 87 >4=>3> A>AB@040=8O . - !>AB@040=85 2 :8@387A:>9 AB5?8 ! - ;C:02> A:070; $8@N;L:8= . - 3> B0< 1>;55 , =565;8 2 20H8E ?>7>;>G5==KE ?0;0B0E 8 2 20H8E AC40E , - >B25G0; O A 4>A04>N . - > :0: 1K B> =8 1K;> , 5A;8 2K =5 >B:065B5AL >B ?@5A;54>20=8O !>DL8 8 5A;8 =5 @5H8B5 45;0 ?>:>9=>3> 55 >BF0 ?> 70:>=0< , B> O :;O=CAL 20< AG0AB85< <>59 687=8 , GB> A0< C?04C : =>30< ?@02>AC4=>9 3>AC40@K=8 8 1C4C =0 20A 60;>20BLAO ; 0 <564C B5< @0AA:06C 2A5< 25;L<>60< 8 ?@842>@=K< > =0H59 2AB@5G5 C !>DL8 . - >B8H5 , ?>B8H5 , =5 3>@OG8B5AL ! - A:070; $8@N;L:8= . - =5 157 B>3> ?@8OB=> >4>;68BL :8@387A:>3> :=O7O : O 40N 20< G5AB=>5 A;>2> , GB> 701C4C > ACI5AB2>20=88 20H59 !>D88 8 702B@0 65 ?>4?8HC ?@83>2>@ 2 ?>;L7C 55 <0B5@8 , ?>B><C GB> 45;> C65 :>=G5=> . #A;>285 - =8:><C =8 A;>20 . - >B 20< @C:0 <>O ! - $8@N;L:8= ?>F5;>20; <5=O 8 ?>A?5H=> 2K25; 87 :018=5B0 . / ?>A?5H8; : !>D88 A MB>N @04>AB=>N 25ABLN 8 1K; A=>20 >AK?0= ;0A:0<8 8 1;03>40@=>ABLN . 0 4@C3>9 45=L ?@83>2>@ 1K; ?>4?8A0= , 8 G@57 =545;N C?;0G5=K 45=L38 . $8@N;L:8= =5 O2;O;AO 1>;55 2 B>9 G0AB8 3>@>40 , 345 68;0 !>D8O . = A45@60; A2>5 A;>2> : O 4C<0N , 2 ?5@2K9 @07 2 687=8 . / ?5@5AB0; 4C<0BL > 2>72@0I5=88 2 AB5?8 . !>DLO ;N18;0 <5=O ; O 1K; AG0AB;82 8 68; =>2>N 687=8N . K A:@K20;8 ;N1>2L =0HC >B <0B5@8 , ?>B><C GB> >=0 =8 70 GB> 1K =5 A>3;0A8;0AL 2K40BL 4>GL A2>N 70 <03><5B0=8=0 . / =5 7=0; , =0 GB> @5H8BLAO . !<5@BL <0B5@8 40;0 !>DL5 ?>;=>5 ?@02> @0A?>;030BL A>1>N . >1@0O AB0@CH:0 , C4@CG5==0O ;5B0<8 8 3>@5ABO<8 , C<5@;0 A ?>;3>40 ?>A;5 =0H53> 7=0:><AB20 . !>DLO >AB0;0AL A8@>B>N 8 >1JO28;0 <=5 , GB> >=0 3>B>20 A;54>20BL 70 <=>N =5 B>;L:> 2 AB5?L , => =0 :@09 A25B0 , 2 157;N4=K5 ?CABK=8 . 04>1=> 1K;> 27OBL =5:>B>@K5 ?@54>AB>@>6=>AB8 . !>DLO ?>5E0;0 2?5@54 2 @5=1C@3 , 0 O , 8A?@>A82 ?>72>;5=85 C 3>AC40@K=8 , >B?@028;AO ?>A;5 . 5 7=0O , ?>72>;8B ;8 >B5F <>9 65=8BLAO =0 154=>9 A8@>B5 , O >AB028; !>DLN 2 A>A54=5< 0C;5 , C ?@8OB5;59 , 8 O28;AO : >BFC >48= . - 0BNH:0 ! - A:070; O . - "K 8A?KB0; ;N1>2L 8 , 25@=> , =5 >AC48HL AK=0 , 5A;8 >= 2K15@5B A515 65=C ?> 65;0=8N A5@4F0 , 0 =5 ?> @0AG5BC . - =5 1K E>B5;>AL , GB>1 BK 65=8;AO =0 4>G5@8 AC;B0=0 , <>53> 1;03>45B5;O , - A:070; <=5 >B5F , - => 5A;8 BK C65 2K1@0; A515 =525ABC 8 =5 E>G5HL 4@C38E 65= - B2>O 2>;O . 54L =5 <=5 , 0 B515 68BL A B2>5N 65=>9 ! / @0AA:070; 5<C A2>5 ?@8:;NG5=85 , 8 B>3> 65 4=O !>DLO 1K;0 2 53> >1JOB8OE . 0H8 AB0@CE8 A5@48;8AL 70 B> , GB> O 65=8;AO =0 8=>75<:5 ; <>;>4K5 452CH:8 =53>4>20;8 , => E@01@K5 <>8 =0574=8:8 A>3;0A8;8AL , GB> !>D8O AB>8B 1KBL :8@387:>N . !0< E0= E>B5; 2845BL 65=C <>N 8 ?>E20;8; <>9 2K1>@ . @A0;0= C<>;: 8 70:@K; @C:0<8 ;8F> A2>5 . / 2845; 53> A;57K . 0:>=5F >= A:070; : - / 45AOBL ;5B 1K; AG0AB;82 A !>D85N . 0N: - ?;>4 =0H59 ;N128 . =0 C<5@;0 ! > >1KG0N =0H53> =0@>40 8 ?> 2>;5 E0=0 , O 4>;65= 1K; 65=8BLAO ; C <5=O B5?5@L B@8 65=K : >=8 4>1@K5 65=I8=K , BK 7=05HL 8E . > O ;N18; >4=C !>DLN 8 =8:>340 =5 CB5HCAL 2 55 ?>B5@5 . 20= ! 25@L <=5 , 2 AB5?OE :8@387A:8E 7=0NB ;N1>2L 8 4@C61C , E>BO =5 C<5NB :@0A=> >1 =8E @0AA:07K20BL . "5?5@L BK 7=05HL , >BG53> O ;N1;N @CAA:8E . !>DLO A>548=O5B <5=O A 20<8 . >B >B G53> , 2>?@5:8 =0H5<C >1KG0N , O >1E>6CAL A B>1>N , <>8< =52>;L=8:>< , :0: A @02=K< . / 1K; AG0AB;82 A @CAA:>N ; @CAA:0O :@>2L B5G5B 2 68;0E <>53> 0N:0 , 8 E>BO O 2 B2>5< >B5G5AB25 2845; <=>3> 3;C?>AB59 , => MB> ?@8=04;56=>ABL 2A5E ?@>A2OI5==KE =0@>4>2 , :0: O C7=0; 87 :=83 , 8 2K B>;L:> 2 B>< 28=>20BK , GB> ?5@5=8<05B5 GC685 3;C?>AB8 . / =0H5; 2 >AA88 <=>3> 4>1@KE ;N459 , 4>AB>9=KE 68BL A =0<8 , 2 MB8E AB5?OE - 8 ?0<OBL 8E 4>@>30 4;O <5=O . "5?5@L ABC?09 A?0BL , 20= ! =5 3@CAB=> ; O AO4C =0 :>=O 8 2 AB5?8 @0725N 3@CABL <>N . >A?><8=0=85 ?@>H;KE 154 CB5H05B G5;>25:0 , 0 2>A?><8=0=85 <8=C2H8E , =52>72@0B=KE @04>AB59 =0?>;=O5B A5@4F5 3>@5ABLN . @>AB8 . . . 59 , :>=O <>53> ! @A0;0= 2A:>G8; =0 A2>53> 65@51F0 8 , ?@8 A25B5 ;C=K , ?CAB8;AO 2 AB5?L , 2> 2AN :>=A:CN ?@KBL . =5 A0<><C 1K;> 3@CAB=> : O ;N18; 4>1@>3> AC;B0=0 2A5< A5@4F5< . X V !!"/ !" + !" . . !" / !" 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A8< 2<5AB5 >:070;AO =54>AB0B>: 2 AJ5AB=KE ?@8?0A0E 8 2 4@>20E . #=K=85 @07;8;>AL 2 A5@4F0E . <5AB> 25A5;KE ?5A5= A;KH=K 1K;8 A28AB 25B@>2 8 @52 874KE0NI8E 682>B=KE . 5=I8=K 8 45B8 B08;8 A2>8 A;57K ?@54 <C6LO<8 8 >BF0<8 , => ?@8B2>@=>5 @02=>4CH85 =5 <>3;> A:@KBL 2A5>1I59 ?5G0;8 . @A0;0= 1>;55 2A5E >:07K20; <C65AB20 . = A2>8< ?@8<5@>< ?>>I@O; : @01>B5 . = A0< ?@8ACBAB2>20; ?@8 >1I8E B@C40E 8 >1>4@O; C=K;KE ; A0< 4>1K20; :>@< 4;O 25@E>2KE ;>H0459 87 -?>4 A=56=KE 3;K1 ; A0< 5748; A =0<8 70 :0<KH>< 8 70 25B2O<8 <>;>4KE 45@52 ; A0< >A<0B@820; AB040 8 @0A?@545;O; 4;O =8E =>2K5 ?0AB18I0 . ?0A0OAL , GB>1 ?0456 =5 ;8H8; =0A 2>2A5 ?@>4>2>;LAB28O , <K C18;8 1>;LHCN G0ABL 10@0=>2 8 70@K;8 <OA> 2 75<;N , C?>B@51;OO A 1>;LH>N 15@56;82>ABLN =0H8 ACE85 70?0AK . > AG0AB8N , 1>30BK5 :8@387K 70?0A;8AL :8@?8G=K< G05< {!0<K9 ?@>AB>9 8 45H52K9 G09 , C?>B@51;O5<K9 1>;55 2 !818@8 <>=3>;LA:8<8 ?>:>;5=8O<8 . = ?@>405BAO 2 :CA:0E , =0?>4>185 :8@?8G0 , 8 2 ?>3@0=8G=KE :8B09A:8E 3>@>40E A;C68B 2<5AB> <>=5BK . >;8G5AB2>< A8E :CA:>2 G0N >F5=820NB 25I8 . } , :>B>@K9 <K ?8;8 ?> =5A:>;L:C @07 2 45=L , ?@83>B>2;OO 53> A?5@20 , :0: AC? , A <>;>:>< , <0A;>< 8 A>;LN , 0 ?>A;5 , :>340 =5 4>AB020;> <>;>:0 8 <0A;0 , - ?@>AB> A A>;LN 8 10@0=L8< 68@>< . -B>B =0?8B>: ?>445@6820; A8;K <>8 . 60=0O <C:0 , :>B>@>N @A0;0= -AC;B0= 70?0AAO 2 @5=1C@35 , A;C68;0 B>;L:> 4;O ;0:><AB20 . 8@387K =5 C?>B@51;ONB E;510 , => 20@OB 87 <C:8 @>4 :0H8 8 ?5:CB ;5?5H:8 =0 C3>;LOE . !0@0G8=A:>5 ?H5=> 1K;> B>;L:> C >4=>3> AC;B0=0 , 8 B> 2 <0;>< :>;8G5AB25 . H5=> 15@53;8 4;O 65=I8= 8 4;O 1>;L=KE . %>BO <K =5 GC2AB2>20;8 5I5 =0AB>OI53> 3>;>40 , => A ;8H5=85< AB04 MB> 154AB285 C3@>60;> =0< : 25A=5 . 0:>=5F ?@>H;0 78<0 , A=53 @0AB0O; , 75<;O 7075;5=5;0 , ?0456 ?@5:@0B8;AO , => <K >AB0;8AL 154=K<8 . 57 2=5H=53> ?>A>18O 3>;>4 4>;65= 1K; ?>AB83=CBL =0A 5I5 4> :>=F0 25A=K . A5 MB> ?@542845;8 , => =5 7=0;8 , =0 GB> @5H8BLAO . 5:>B>@K5 ?>3>20@820;8 , GB>1 2ABC?8BL 2 @CAA:CN A;C61C , =0 60;>20=L5 ; 4@C385 E>B5;8 ?@>A8BL ?><>I8 C E0=0 . @A0;0= 2>7=0<5@8;AO A8;>N ?>1548BL =5AG0AB85 . 4=064K >= ?@83;0A8; : A515 AB0@H8= , 8 :>340 2A5 CA5;8AL =0 ?>;C 8 70:C@8;8 B@C1:C , >= ?@>87=5A A;54CNICN @5GL : - 1O70==>ABL <>O ?5I8AL >1 20A : O 45;0N , GB> <>3C , => ?@8 2A5< MB>< O =5 2 A8;0E 1K; =8 ?@5:@0B8BL <>@>70 , =8 ?@5A5GL ?04560 . 5 E>GC A:@K20BL ?5@54 20<8 , GB> =0< C3@>605B 5I5 1>;LH55 =5AG0AB85 . @038 =0H8 , C7=02 > =0H59 A;01>AB8 8 =C645 , =0?04CB =0 =0A 8 8AB@51OB 2A5E 8;8 A45;0NB A2>8<8 @010<8 . ">;L:> >BG0O==>5 <C65AB2> <>65B A?0AB8 =0A . >G5284=KE >?0A=>ABOE ;CGH5 ?@54C?@5640BL 154AB285 A>?@>B82;5=85< , =565;8 <0;>4CH=> >6840BL C40@0 . / ?>;CG8; 8725AB85 , GB> 1>30BK9 :0@020= 845B G5@57 AB5?8 8 GB> 2@03 =0H53> ?;5<5=8 , AC;B0= ;BK= , ?@>2>605B :0@020= A ;CGH8<8 A2>8<8 =0574=8:0<8 . !O45< =0 :>=59 8 ?>945< : =5<C =02AB@5GC , @07>1L5< , 2>7L<5< :0@020= 8 >4=8< A<5;K< ?>4283>< >15A?5G8< A51O 8 >B 2@030 , 8 >B 3>;>4C . >B <>5 =0<5@5=85 . 1JO28B5 MB> C40;LF0< <>8< . B> =5 1>8BAO A<5@B8 8 :B> 65;05B A?0AB8 A2>9 @>4 >B ?>=>H5=8O 8 154 , B>B ?>945B A> <=>N . / =5 2>7L<C =8:>3> , :@><5 >E>B=8:>2 . 5:>B>@K5 AB0@H8=K E>B5;8 2>7@060BL , => @A0;0= 2AB0; A A2>53> <5AB0 8 A:070; : - / =8:>3> =5 ?@8=C640N 84B8 A> <=>N . ><C =5 =@028BAO <>5 =0<5@5=85 , B>B <>65B >AB0BLAO 2 0C;5 8 ?>A;5 <>53> >BJ5740 B>;:>20BL GB> 5<C C3>4=> . > B5?5@L O ?@>HC 20A ?>2B>@8BL B>;L:> 2 20H8E A5<59AB20E <>8 A;>20 , 157 2AO:8E B>;:>2 ; 0 5A;8 O C7=0N , GB> :B> -=81C4L >A<5;8BAO ?>A520BL @074>@K , ?><=8B5 , GB> C @A0;0= -AC;B0=0 5ABL :8=60; , 0@:0= 8 =0309:0 . @>I09B5 ! 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">20@8I8 <>8 >:@C68;8 <5=O 8 >AK?0;8 1;03>40@=>ABLN 8 ;0A:0<8 . 48= 87 1K2H8E A =0<8 ?>MB>2 , :>B>@KE <=>65AB2> <564C :8@3870<8 , B>BG0A A>G8=8; ?5A=N <=5 2 ?>E20;C . ">20@8I8 <>8 2KCG8;8 MBC ?5A=N 8 ?5;8 E>@>< 2> 2@5<O ?>E>40 . K H;8 G@572KG09=> A:>@> 8 G0AB> ?5@5<5=O;8 =0?@02;5=85 , GB>1 87153=CBL ?>8A:>2 . '@57 45AOBL 4=59 >1@0B=>3> ?>E>40 <K 2>72@0B8;8AL 2 A2>9 0C; , 87<CG5==K5 >B CAB0;>AB8 , => A B>@65AB2>< ?>154K . 5AL 0C; 2K1560; : =0< =02AB@5GC 8 ?@8=O; =0A A 3@><:8<8 2>A:;8F0=8O<8 @04>AB8 . @A0;0= @0AA:070; ?5@54 F5;K< A>1@0=85< > <>5< ?>42835 : 2>AE8I5==K5 :8@387K A=O;8 <5=O A ;>H048 8 =>A8;8 =0 @C:0E 2>:@C3 =0H53> AB0=0 , A ?5A=O<8 8 <C7K:>N , 8<?@>2878@CO 2 G5ABL <=5 AB8E8 8 ?5A=8 . ;O <5=O >B25;8 B@8 N@BK 8 ?@54>AB028;8 ?@02> 2K1@0BL 2 65=K ?5@2KE :8@387A:8E :@0A028F . / =5 2>A?>;L7>20;AO MB>N >A>15==>N <8;>ABLN ; => , ?@87=0NAL , B0: 1K; 4>2>;5= >:070==K<8 <=5 ?>G5ABO<8 , GB> 4C<0; =02A5340 >AB0BLAO <564C :8@3870<8 . '@57 =5A:>;L:> 4=59 =0G0;8 45;8BL 4>1KGC . 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K A 0=3;8G0=8=>< 2>72@0B8;8AL 2 B@0:B8@ , 87C<;5==K5 A8< =5?>=OB=K< ?@>8AH5AB285< , 8 @5H8;8AL 4>6840BLAO A@>:0 4@C3>9 4CM;8 , =5 2>72@0I0OAL 2 3>@>4 . :>;> CA;>2;5==>3> 2@5<5=8 <K ?>5E0;8 : 4@C3><C B@0:B8@C , 345 =0H;8 B0:65 A5:C=40=B0 . = 225; <5=O 2 :><=0BC , 345 , : 25;8G09H5<C <>5<C C482;5=8N , 70AB0; O 3@0D0 !5=A818;8 . - 0H8 C@>:8 @CAA:>3> O7K:0 , - A:070; >= , >1@0I0OAL :> <=5 , - ?@>8725;8 B0:>5 459AB285 =04 <>5N 65=>9 , GB> >=0 2>7=0<5@8;0AL , 27O2 A2>N G0ABL 8<5=8O 8 45B59 =0H8E , >B?@028BLAO 2 >AA8N . B0: , O @5H8;AO , 3 . ?@>D5AA>@ , 40BL 20< C@>: 4@C3>3> @>40 . / <>3 1K 2>>@C68BL ?@>B82 20A =05<=KE C189F , :0: B> 45;0NB 4@C385 =0H8 <C6LO ; => , 1K2 2 2>5==>9 A;C615 , O 8<5N 4@C385 ?@028;0 8 E>GC 4>AB028BL A515 C4>2>;LAB285 ;8G=> >B<AB8BL 20< 70 =0=5A5==CN <=5 >184C . / 2A5 7=0N ! - 1 >1845 =8 A;>20 , - >B25G0; O , - => 5A;8 2K ?@54?>;0305B5 , GB> O =0CG8; 65=C 20HC >AB028BL 20A 8 >B?@028BLAO 2 >AA8N , B> :;O=CAL 20< , GB> 2K >H8105B5AL 8 GB> O 2 ?5@2K9 @07 >1 MB>< >B 20A A;KHC . - >;=>B5 , AC40@L , ?>;=>B5 , - >B25G0; 3@0D , - =5 C:@0H09B5 ;>6LN 42>9=>9 A2>59 87<5=K ; 65=5 20H59 - 8 . . . => O ?@81K; AN40 =5 4;O >1JOA=5=89 . >945<B5 2 A04 . 5;L7O 1K;> >B:07K20BLAO , 8 O 4>;65= 1K; 4@0BLAO =0 H?030E A =5AG0AB=K< <C65< . !=0G0;0 O AB0@0;AO B>;L:> 70I8I0BLAO 8 =0=5ABL <>5<C ?@>B82=8:C ;53:CN @0=C , GB>1 ?@5:@0B8BL 1>9 ; => 3@0D B0: A8;L=> =0?8@0; =0 <5=O 8 A B0:8< 60@>< AB@5<8;AO ;8H8BL <5=O 687=8 , GB> O A0< @073>@OG8;AO 8 2 A2>N >G5@54L AB0; =0?040BL =0 <>53> ?@>B82=8:0 . >BG0O=88 >= E>B5; CE20B8BLAO 70 H?03C <>N 8 1@>A8;AO =0 <5=O A @07<0EC . > >AB@85 <>59 H?038 2>=78;>AL 2 3@C4L 53> , 8 >= C?0; 157 GC2AB2 =0 75<;N . K A 0=3;8G0=8=>< ?5@5=5A;8 @0=5=>3> 2 B@0:B8@ , ?>A;0;8 70 4>:B>@>< 8 , >AB0282 3@0D0 =0 ?>?5G5=88 53> A5:C=40=B0 , ?>A?5H8;8 2 3>@>4 . @85E02 4><>9 , O 2AB@5B8; 65=C <>N , :>B>@0O <=5 >1JO28;0 , GB> 3@0D 8 3@0D8=O &8B5@8=K 70?5@;8AL 2 A2>8E :><=0B0E 8 =0E>4OBAO 2 25;8G09H59 3>@5AB8 ; GB> 3@0D >B:070;AO 4065 2845BL ?@5;5AB=CN 5B@>=5;;C , 0 3@0D8=O =5 25;5;0 ?CA:0BL <5=O : A515 8 ?@>A8;0 ?5@51@0BLAO =0 4@C3CN :20@B8@C . 5=0 <>O C7=0;0 >B :0<5@48=5@0 , GB> AK= 3@0D0 , 1K2H89 @>B<8AB@>< 2 3CA0@A:>< ?>;:C , :>B>@>3> <K ?@5645 2>2A5 =5 7=0;8 , B09=> ?@85E0; 2 5=5F8N , A<5@B5;L=> @0=5= =0 ?>548=:5 8 =0 >4@5 A<5@B8 =0?8A0; : @>48B5;O< B0:>5 ?8AL<> , >B :>B>@>3> 3@0D8=5 ?@8:;NG8;8AL B@8 >1<>@>:0 , 8AB5@8:0 8 =5@2=K9 ?0@>:A87< , 0 3@0D ?>GC2AB2>20; CA8;5==K9 ?@8?04>: ?>403@K 8 @>4 ?0@0;8G0 . / 4>3040;AO B>BG0A , GB> <>9 =5?@8<8@8<K9 75<;O: 1K; AK= 3@0D0 &8B5@8=0 , => A:@K; MB> ?5@54 <>5N 65=>9 . '@57 ?>;G0A0 O ?>;CG8; ?8AL<> >B 3@0D8=8 !5=A818;8 , 2 :>B>@>< >=0 C?@5:0;0 <5=O 2 A<5@B8 >BF0 55 45B59 , =07K20;0 8725@3>< , C189F5N 8 70?@5I0;0 O2;OBLAO =0 3;070 . >BG0O=88 ?>1560; O : ?@8OB5;N <>5<C , 0=3;8G0=8=C , 8 B0< C7=0; , GB> ?@028B5;LAB2> 8I5B C189FC 3@0D0 !5=A818;8 8 ?@857653> 8=>75<F0 8 GB> 5A;8 : 25G5@C O =5 C15@CAL 70 3@0=8FC , B> 1C4C 0@5AB>20= 8 70:;NG5= 2 BN@L<C . / 2>72@0B8;AO 4><>9 , A>1@0; 2A5 =0;8G=K5 <>8 45=L38 8 4@03>F5==K5 25I8 , =0?8A0; : 65=5 ?8AL<> , 2 :>B>@>< C254><8; 55 >1> 2A5< A;CG82H5<AO , 8 A>25B>20; 2>72@0B8BLAO 2 4>< >BF0 8 640BL <5=O . >A;5 B>3> O =0=O; 3>=4>;C 8 ?>5E0; =0 @594 . 48= 35=CM7A:89 :>@01;L ?>4=8<0; O:>@L , GB>1 , 2>A?>;L7>202H8AL 1;03>?>;CG=K< 25B@>< , >B?;KBL 2 >=AB0=B8=>?>;L . 0?8B0= , :>B>@>3> O =0:0=C=5 ?>BG520; 2 :>D59=>< 4><5 , A>3;0A8;AO 27OBL <5=O A A>1>N , =5 A?@0H820O > ?0A?>@B5 . 9 G0A>2 25G5@0 O C65 1K; 2 >B:@KB>< <>@5 . !;57K ?>;8;8AL C <5=O 87 3;07 ?@8 <KA;8 > <>59 =5AG0AB=>9 65=5 , :>B>@>9 O =5 ?5@5AB020; ;N18BL 8 :>B>@CN A2>8< ;53:><KA;85< 8 , A:070BL ?@024C , 15A?CBAB2>< C2;5: 2 ?@>?0ABL ! > 45;0BL 1K;> =5G53> , 8 O , A:@5?O A5@4F5 , @5H8;AO B25@4> ?5@5=5ABL <>5 =5AG0ABL5 . 0A:0O=L5 B5@70;> <5=O , 8 O ?>:;O;AO 8A?@028BLAO . G8A;5 ?0AA068@>2 =0E>48;AO >48= BC@>: . = 3>2>@8; >G5=L E>@>H> ?> -D@0=FC7A:8 8 ?> -8B0;LO=A:8 8 , 284O <>N 704C<G82>ABL , AB0@0;AO @072;5:0BL <5=O @073>2>@0<8 . = 1K; ;5B ?OB845AOB8 , <=>3> ?CB5H5AB2>20; ?> 2@>?5 8 788 , 1K; 2 38?B5 8 ?@8>1@5; 1>;LH85 A2545=8O GB5=85< 8 =01;N45=85< . = ?@87=0;AO <=5 , GB> >= 30<1C@3A:89 684 , CG8;AO <548F8=5 2 5945=5 8 =0 B@84F0B>< 3>4C >B @>645=8O , ?@81K2 2 >=AB0=B8=>?>;L , @5H8;AO ?@8=OBL <03><5B0=A:CN 25@C , 87 C15645=8O , 0 =5 87 :0:8E -;81> 284>2 . 5 8<5O ?@82KG:8 A?>@8BL > @5;8388 , O =5 2E>48; 2 @0AA?@>AK ?> A5<C ?@54<5BC ; => , ?@8<5B82 , GB> >= =0G8=05B G0I5 702>48BL @073>2>@ > 25@5 , 2KE20;OO 8A;0<87< , O >1JO28; 5<C @5H8B5;L=> , GB>1K >= =8:>340 =5 3>2>@8; A> <=>N >1 MB>< ?@54<5B5 , 5A;8 65;05B ?>;L7>20BLAO <>5N 15A54>N . 5=530B 8A?>;=8; <>N 2>;N 8 >3@0=8G8;AO B>;L:> ?>E20;>N BC@5F:>3> ?@028B5;LAB20 , GB> O A;CH0; B5@?5;82> 4;O B>3> B>;L:> , GB>1 7=0:><8BLAO A ?@020<8 8 >1KG0O<8 BC@>: . >;55 2A53> >= ?@52>7=>A8; G5AB=>ABL ?>:;>==8:>2 03><5B0 , 8E B25@4>ABL 2 A;>25 8 CB25@640; , GB> 8A;0<87< 87;5G8; 53> A0<>3> >B 2@>645==KE ?@82KG5: 87@08;LBO= , :>B>@K5 , ?> 53> <=5=8N , ?>=K=5 =5 ?5@5AB0;8 ?>:;>=OBLAO 7>;>B><C B5;LFC , ?5@545;0==><C 2 G5@2>=FK . ;020=85 =0H5 1K;> 1;03>?>;CG=> , 8 <K 2A:>@5 ?@81K;8 2 >=AB0=B8=>?>;LA:CN 3020=L . / ?5@55E0; 2 5@C , : >4=><C 8B0;LO=FC , :>B>@K9 A>45@60; @>4 ?>AB>O;>3> 42>@0 . 0718@0O <>9 G5<>40= , O GCBL =5 C?0; 2 >1<>@>: , =5 =0H54 2 =5< =8 45=53 , =8 4@03>F5==KE 25I59 . >BG0O=L5 O ?>1560; : :>@015;L=><C :0?8B0=C 8 >1JO28; 5<C > ?>:@065 . = @CG0;AO 70 A2>9 M:8?06 , => =5 >B25G0; 70 ?0AA068@>2 . - A;8 1 2K >B40;8 45=L38 8 25I8 =0 A>E@0=5=85 <=5 , B> , 25@=> , A 20<8 =5 A;CG8;>AL 1K MB>3> =5AG0ABLO , - A:070; >= . - "5?5@L ?5=O9B5 =0 A51O . / A0< G5;>25: =51>30BK9 8 =5 <>3C 20< ?><>GL <=>38< . > 2>B 45AOBL G5@2>==KE : 2K <=5 >B4048B5 , :>340 1C45B5 2 A>AB>O=88 . ! 3@CABLN 2 A5@4F5 2>72@0I0;AO O =0 ?>AB>O;K9 42>@ 8 =0 ?CB8 2AB@5B8; 7=0:><>3> <>53> , @5=530B0 , :>B>@><C @0AA:070; <>5 =5AG0ABL5 . - 03><5B ?>25;5205B ?><>30BL 2 154AB288 , =5 B>;L:> 548=>25@F0< , => 8 2A5< 4>1@K< ;N4O< , - A:070; >= . - >G8B0N 20A B0:>2K< 8 ?@54;030N 20< 2 <>5< 4><5 :20@B8@C 8 AB>; , 157 2AO:>3> 2>7=03@0645=8O . ?@>G5< , 5A;8 2K :>340 -;81> 1C45B5 2 A>AB>O=88 70?;0B8BL <=5 , B>340 O =5 >B:06CAL >B ?;0BK . B5?5@L >1 MB>< =5 4>;6=> 8 3>2>@8BL . >7L<8B5 A2>8 25I8 87 B@0:B8@0 ; O 20A ?@>2>6C 2 4>< <>9 . / =5 7=0; , :0: 1;03>40@8BL @5=530B0 70 53> 25;8:>4CH=>5 ?@54;>65=85 , 8 =5<54;5==> >=K< 2>A?>;L7>20;AO . >@B0 1K;0 B>340 2 2>9=5 A >AA85N , 8 ?>B><C 2 >=AB0=B8=>?>;5 =5 1K;> =0H53> ?>A;0==8:0 . / =8:><C =5 3>2>@8; , GB> O @CAA:89 , 8 A:070;AO A;02O=8=>< 87 >:0 -48 -0B0@> . :>D59=KE 4><0E 2 5@5 O ?>7=0:><8;AO A =5A:>;L:8<8 87 %@8AB80=A:8E 68B5;59 >=AB0=B8=>?>;O , GB> 4>AB02;O;> <=5 =5:>B>@>5 @0AA5O=85 8 4065 ?@>?8B0=85 . 4><5 @5=530B0 O ?>GB8 =5 2840; ;N459 ; >= @54:> 3>2>@8; A> <=>N , 1K2 15A?@5AB0==> 70=OB :0:8<8 -B> 45;0<8 . =5 ?@8=>A8;8 :CH0=L5 2 <>N :0<>@:C ; => E;51 ?>40O=8O 1K; =5 B>;L:> 3>@L:89 , => 8 A;8H:>< ;53:>25A=K9 . =5 =0 45=L >B?CA:0;8 AB>;L:> ?8;02C , A:>;L:> =04>1=> 1K;> ?> @0AG5BC <548F8=K , GB>1 O =5 C<5@ A 3>;>4C , 8 5A;8 1 O =5 8<5; ?><>I8 >B 3@5:>2 , B> , 25@=> 1K , ?>;CG8; G0E>B:C >B 8AB>I5=8O . 87=L 2 >=AB0=B8=>?>;5 2@O4 ;8 <>65B ?>=@028BLAO G5;>25:C >1@07>20==><C 8 GC2AB28B5;L=><C . 2@>?59FK ?>GB8 =5 8<5NB =5?>A@54AB25==KE A=>H5=89 A BC@:0<8 , :>B>@K5 , 2 3>@4>AB8 A2>59 8 =52565AB25 , ?@578@0NB 2A5E E@8AB80= 8 B>340 B>;L:> C4>AB>820NB 8E ?@8=OB85< 2 A2>5 >1I5AB2> , :>340 ?@54GC2AB2CNB :0:CN -=81C4L 2K3>4C >B A53> 7=0:><AB20 . B><C 6 >1@07 687=8 BC@>: C40;O5B 8E >B 52@>?59F52 . 03><5B0=8= , 5A;8 =5 70=OB :0:>N -=81C4L 3>AC40@AB25==>N A;C61>9 , B> ?@>2>48B 1>;LHCN G0ABL 687=8 2 A2>5< 30@5<5 8 =5 7=05B 4@C3>3> =0A;0645=8O , :0: :C@8BL B@C1:C 8 ?8BL :>D5 2 :>D59=>< 4><5 , A<>B@O =0 :>=5F A2>53> =>A0 8 A;CH0O 274>@K B@0:B8@=KE 1>;BC=>2 8;8 @0AA:07G8:>2 , A>AB02;ONI8E >A>1K9 :;0AA . "C@:8 25AL<0 A:C?K =0 A;>20 8 B>340 B>;L:> <=>3>@5G82K , :>340 1@0=OB D@0=:>2 , B> 5ABL 52@>?59F52 8 2A5E 38OC@>2 , >A>15==> @052 , 8;8 E@8AB80=A:8E ?>440==KE >@BK . =>340 8 A0< AC;B0= ?>425@305BAO 1@0=8 <CAC;L<0= , >A>15==> 5A;8 >= ?@54?@8=8<05B :0:85 -;81> =>2>22545=8O , :>B>@K5 2A5340 ?>G8B0NBAO =0@CH5=85< 8A;0<0 . :>D59=KE 4><0E , ?>4 2>@>B0<8 A5@0;O B0:65 A<5;> 1@0=OB AC;B0=0 , <>3CI53> ?> ?@>872>;C @C18BL 3>;>2K :><C 701;03>@0AAC48BAO , :0: C =0A 2 2@>?5 , 2 B0: =07K205<KE >??>78F8>==KE 6C@=0;0E 1@0=OB <8=8AB@>2 . ?@>G5< , 548=>>1@07=0O 687=L BC@>: 8 8E =52565AB2> =5 <>65B 4>AB028BL 52@>?59FC C4>2>;LAB28O 2 8E >1I5AB25 , 8 5A;8 8=>340 ?CB5H5AB25==8:8 8ICB 7=0:><AB20 A BC@:0<8 , B> MB> 87 >4=>3> B>;L:> ;N1>?KBAB20 , 4;O =0?>;=5=8O A2>8E ?CB52KE 70?8A>: ?>;C;>6=K<8 8725AB8O<8 . A5 45;0 2 >=AB0=B8=>?>;5 , ?>;8B8G5A:85 8 B>@3>2K5 , 8A?@02;ONB ?5@>BK , 8;8 68B5;8 ?@54<5ABLO , =07K205<>3> 5@0 , A>AB02;ONI53> =5 B>;L:> >B45;L=K9 3>@>4 , => 8 >B45;L=>5 F0@AB2> , >B45;L=K9 =0@>4 ! 45AL 682CB ?>B><:8 52@>?59F52 : 8B0;LO=F52 (1>;LH5N G0ABLN 25=5F80= ) , 8;8@89F52 8 4@C38E N6=KE A;02O= , 0@<O= , :0B>;8:>2 , <0;>3> G8A;0 D@0=FC7>2 8 5I5 <5=LH53> 0=3;8G0= 8 =5<F52 . 5@>BK <>3CB 3>@48BLAO B5< , GB> ?@54:8 8E 1K;8 @02=>3> 4>AB>8=AB20 A ?5@2K<8 >A=>20B5;O<8 8<0 , 2> 2@5<O ><C;0 , A B>N @07=8F5N , GB> ?5@2K5 >A=>20B5;8 8<0 A=8A:820;8 ?@>?8B0=85 A8;>N >@C68O 8 O2=> 3@018;8 =0 1>;LH8E 4>@>30E , 0 ?@54:8 ?5@AB>2 45;0;8 B> 65 C:@04:>N . 5@>BK 8<5NB 8 B> ?@58<CI5AB2> ?@54 @8<;O=0<8 , GB> >=8 =5 ?5@5<5=8;8 >1KG052 A2>8E ?@54:>2 . 5A?5G=>ABL BC@5F:>9 ?>;8F88 2 >B=>H5=88 : 52@>?59F0< ?@82;5:;0 2 >=AB0=B8=>?>;L @KF0@59 ?@><KH;5==>AB8 8 10=:@CB>2 2A5E =0F89 , :>B>@K5 AB0;8 A5;8BLAO 2 5@5 , ?>4 70I8B>N 7=0<5=8 03><5B>20 . /7K: ?5@>B>2 5ABL 8B0;LO=A:89 , 2A5E =0@5G89 B0;88 , A ?@8<5ALN BC@5F:8E , 3@5G5A:8E 8 A;02O=A:8E A;>2 , A >A>15==K< ?@>87=>H5=85< . 52565AB2> 8E 2> 2A5< , GB> :0A05BAO 4> =0C: 8 EC4>65AB2 , @02=O5BAO BC@5F:><C , => E8B@>ABL 70<5=O5B 2A5 :0G5AB20 , 0 ?>7=0=85 <=>38E O7K:>2 A>AB02;O5B 2AN 8E <C4@>ABL . 5B8 , 5420 =0G8=0O ;5?5B0BL , C65 ?@8CG0NBAO 3>2>@8BL ?> -BC@5F:8 , ?> -3@5G5A:8 , ?> -D@0=FC7A:8 8 ?> -8B0;LO=A:8 . -B> O7K:>7=0=85 2545B ?5@>B>2 : 1>30BAB2C 8 ?>G5ABO< , ?@54020O 2 8E @C:8 2A5 48?;><0B8G5A:85 45;0 >@BK , 81> 87 =8E 8718@0NBAO 4@03><0=K , 8;8 B>;<0G8 , ?@8 52@>?59A:8E <8AA8OE . >6=> ;53:> 4>3040BLAO , A :0:>N 25@=>ABLN A;C60B >=8 52@>?59F0< , :>340 C4>AB>25@OBAO , GB> ?5@>B =8G53> 2 <8@5 =5 7=05B ?@52>AE>4=55 A2>59 3@O7=>9 5@K , =8G53> 25;8G5AB25==55 BC@:0 , =8G53> <C4@55 8 <>3CI5AB25==55 AC;B0=0 8 =8G53> EC65 2A5E =0@>4>2 8 2A5E ;N459 , :>B>@K5 =5 8A?>254K20NB @8<A:> -:0B>;8G5A:>9 25@K 8;8 =5 8<5NB G5AB8 1KBL <CAC;L<0=0<8 . 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A5 8E C?@06=5=85 A>AB>8B 2 B>< , GB>1 ;5B>< A845BL F5;K9 45=L =0 A>D5 , 0 78<>N ?@8 B0=4C@5 . -B>B B0=4C@ 5ABL @>4 G5B25@>C3>;L=>3> =87:>3> AB>;0 , ?>:@KB>3> 20B>20==K< >45O;>< , 0 A25@EC 75;5=K< AC:=>< . >4 AB>;>< =0E>48BAO 60@>2=O A @0A:0;5==K<8 C3>;LO<8 , :>B>@0O A>>1I05B B5?;>BC G5AB=>9 :><?0=88 , ?><5I0NI59AO =0 <0;KE A>D0E 2>:@C3 B0=4C@0 , A?@OB02 =>38 ?>4 AB>; 8 ?>:@K2H8AL 4> ?>;>28=K B5;0 >45O;>< . 5G59 8 :0<8=>2 , :0: B515 <>65B 1KBL 8725AB=> , =5B 2 >=AB0=B8=>?>;5 . @8 A8E B0=4C@0E 83@0NB 2 :0@BK , @0AA:07K20NB A?;5B=8 , 2>AE20;ONB AC;B0=0 , :>340 >= @C18B 3>;>2K 8 15@5B 2 :07=C 8<5=85 A2>8E ?>440==KE , =5 8<5NI8E G5AB8 1KBL ?5@AB0<8 , 8 702>4OB ;N1>2=K5 8=B@838 , ?5@54020O ?>4 >45O;0<8 70?8A>G:8 . 5@>BA:85 65=I8=K 7=0<5=8BK A2>5N A:;>==>ABLN : ;N1>2=K< ?>E>645=8O< 8 ?> 1>;LH59 G0AB8 ?><>30NB A2>8< <C6LO< , 1@0BLO< 8 >BF0< : 2>72KH5=8N , : >1>30I5=8N 8 >B:@KB8N ?>;8B8G5A:8E B08=AB2 . > =54>AB0B:C >1@07>20==>3> 52@>?59A:>3> >1I5AB20 , ?>A;K 8=>AB@0==K5 ?@83;0H0NB ?5@>B>: =0 A2>8 10;K , 4;O B0=F52 , 8 >=8 -B> A>AB02;ONB :>=AB0=B8=>?>;LA:89 1>;LH>9 A25B , A<>B@O ?> 4>AB0B:C 8 A2O7O< . 5=O 225; >48= 3@5: 2 >1I5AB2> ?5@>B>2 , => :0: O =5 8<5; 45=53 8 =5 E>B5; 1>;55 8A?KBK20BL AG0ABLO 2 ;N128 , B> 1K; ?@8=8<05< ACE> ; <=5 A0<><C =5 25AL<0 =@028;>AL 2 A8E 15A540E , 345 O =5 =0E>48; ?8I8 =8 4;O C<0 , =8 4;O A5@4F0 . 564C 3@5:0<8 O =0H5; 1>;55 8A:@5==>AB8 , 1>;55 C<0 8 1>;55 >1E>48B5;L=>AB8 , =565;8 <564C ?5@AB0<8 . @5G0=:8 ?>GB8 2A5 :@0A028FK , :>340 , =0?@>B82 B>3> , <564C ?5@>B:0<8 :@0A>B0 5ABL @54:>ABL . 5=K 8 4>G5@8 3@5G5A:8E 1>O@ , 8;8 ?>B><:>2 4@52=8E 3@5G5A:8E D0<8;89 , >B;8G0NBAO C<>< 8 ;N157=>ABLN ; => >=8 =5 ?>O2;ONBAO 2 52@>?59A:8E >1I5AB20E , ?>B><C GB> ?5@>B:8 AB0@0NBAO C40;OBL 8E 2A5<8 A@54AB20<8 . @<O=5 70=8<0NBAO B>;L:> B>@3>2;5N , ?@><5=>< 8 ?5@52>4>< 45=53 , 2>4OBAO <564C A>1>N 8 682CB ?> A2>5<C >1KG0N . 84K , :0: ?>2AN4C , 25B>H=8:8 , 1@04>1@58 , <5;:85 ?@>402FK , @0AAK;LI8:8 8 ?;CBK , 8A:;NG0O =5A:>;L:8E 1>30BKE N25;8@>2 , :>B>@K5 >B;8G0NBAO B5< , GB> >1<0=K20NB e n g r a n d , _>?B>< _ . >;8F8O BC@5F:0O 25AL<0 AB@>3> =01;N405B 70 2A5< , GB> :0A05BAO 4> B>@3>2;8 8 3>@>4A:>3> ?>@O4:0 , 8<5NI8E 2;8O=85 =0 A?>:>9AB285 8 ?>B@51=>AB8 687=8 <CAC;L<0=8=0 . 0 45;0 8 ?>ABC?:8 D@0=:>2 >=0 =5 >1@0I05B =8 <0;59H53> 2=8<0=8O , ?>:0 =5 ?@8=5A5BAO 60;>10 =0 ?;CB>2AB2> 8;8 =0 C189AB2> . > 8 B>340 >=0 ?>72>;O5B >B:C?0BLAO 45=L30<8 . 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B1@>AL =0 2@5<O A2>5 42>@O=AB2> 8 ?>A;C68 C :C?F0 . '5@57 ?OBL 8;8 H5ABL ;5B BK 1C45HL A0< <8;;8>=I8:>< , 2>72@0B8HLAO 2 >B5G5AB2> , A=>20 ?@8:@>5HLAO A2>5N 42>@O=A:>N <0=B85N 8 706825HL ?> >1KG0N 20H59 :0ABK , ?5@5;820O F5;K9 25: 87 ?CAB>3> 2 ?>@>6=55 . >4C<02 =5A:>;L:> , O A>3;0A8;AO =0 ?@54;>65=85 @5=530B0 , 8 =0 4@C3>9 45=L <K CA;>28;8AL 84B8 : ?5@A8O=8=C . 5@A8O=8= 3>2>@8; =5<=>3> ?> -@CAA:8 8 1K20; =5A:>;L:> @07 2 >A:25 8 2 5B5@1C@35 . - =5 =C65= G5;>25: , 7=0NI89 D@0=FC7A:89 8 8B0;LO=A:89 O7K:8 , - A:070; ?5@A8O=8= , - => B5< ;CGH5 , GB> BK A25@E B>3> , 7=05HL 5I5 ?> -@CAA:8 . 02B@0 1C4L 3>B>2 : >BJ574C A <>8< :0@020=>< . 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"K A0< A:070; <=5 , GB> C B51O =5B A>AB>O=8O 2 B2>5< >B5G5AB25 8 GB> BK 4065 =5 8<55HL =8:0:>9 =04564K ?@8>1@5ABL B0< 1>30BAB2> . 5;L7O 65 2A5340 68BL =0 GC6>9 AG5B 8 ;CGH5 2A53> 1KBL A0<><C A515 >1O70==K< A2>8< 4>AB0B:>< . !;>20 @5=530B0 : =5;L7O 68BL =0 GC6>9 AG5B - 70AB028;8 <5=O =0 2A5 @5H8BLAO . B>B 65 25G5@ O ?5@5H5; 2 :0@020= -A0@09 : ?5@A8O=8=C 8 =0 4@C3>9 45=L >B?@028;AO A =8< 2 ?CBL . / =5 1C4C B515 >?8AK20BL =8 3>@>4>2 , =8 AB@0= , G@57 :>B>@K5 <K ?@>H;8 , =8 >1KG052 @07=KE ?;5<5= 078OBA:8E , :>B>@KE O 2840; =0 ?CB8 ; MB> 70=O;> 1K <=>3> 2@5<5=8 . ?8HC B515 2A5 2845==>5 2 =5A:>;L:8E A;>20E . 52565AB2> , 65AB>:>ABL , 3@C1>ABL =@02>2 A>AB02;ONB 3;02=59H85 A2>9AB20 A8E =0@>4>2 , A B>N @07=8F5N , GB> 2 078OBA:8E 3>@>40E , 345 B>@3>2;O ?@>F25B05B , =530 8 <0;>4CH85 70<5=ONB 2 68B5;OE ;N1>2L : ?>7=0=8O< , EC4>65AB20< 8 CB>=G5==>9 @>A:>H8 8 GB> :>GCNI85 078OBA:85 ?;5<5=0 , =0?@>B82 B>3> , >B;8G0NBAO 48:>N E@01@>ABLN 8 E8I=8G5AB2>< . 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">;L:> >4=8 ?>@>G=K5 A51O;N1FK <>3CB 65;0BL =52565AB20 , GB>1 , ?>;L7COAL <@0:>< , >1<0=K20BL 2 ?@><5=5 A2>8E ?>445;L=KE B>20@>2 8 D0;LH82>9 <>=5BK . > , ;N157=K9 4@C3 , O =5 <>3C ;CGH5 87>1@078BL B515 ?>;L7K ?@>A25I5=8O , :0: @0AA:0702 0=5:4>B , :>B>@K9 >AB0;AO C <5=O 2 ?0<OB8 >B 45BAB20 . - ! :0:8< =0<5@5=85< 702>48HL BK 0:045<88 , H:>;K , @0A?@>AB@0=O5HL =0C:8 ? - A:070; 2878@L CAA0D5@ E0;8DC 0@>=C -;L - 0H84C . - 5 4C<05HL ;8 BK , 3>AC40@L , GB> ?@>A25I5==K9 =0@>4 1C45B ;CGH5 ?>28=>20BLAO B515 ? - 57 A><=5=8O , - >B25G0; E0;8D , - ?@>A25I5==K9 =0@>4 1C45B ;CGH5 AC48BL > A?@0254;82>AB8 <>8E 70:>=>2 8 G8AB>B5 <>8E =0<5@5=89 . - > ;CGH5 ;8 >= AB0=5B ?;0B8BL ?>40B8 ? - >=5G=> : >= 2 ?@>A25I5=88 =0945B 1>;55 A@54AB2 : A2>5<C >1>30I5=8N 8 , A25@E B>3> , ?>9<5B , GB> O =5 B@51CN ;8H=53> . - >8=K B2>8 ;CGH5 ;8 1C4CB A@060BLAO ? - >@074> ;CGH5 , ?>AB830O , GB> AG0ABL5 :064>3> A5<59AB20 7028A8B >B 1;030 8 A;02K >B5G5AB20 , 8 ?@8B>< >=8 1C4CB A@060BLAO CA?5H=55 , ?>4 ?@542>48B5;LAB2>< 8A:CA=KE =0G0;L=8:>2 . - > B2>8 C<=8:8 , B2>8 <C4@5FK =5 274C<0NB ;8 2<5H820BLAO 2 ?@02;5=85 ? =5 45@7=CB ;8 >=8 8A:0BL >H81>: 2 45;0E B2>8E ? - CABL 8ICB , =0E>4OB 8 A:06CB <=5 : O 1C4C >AB>@>6=55 2 1C4CI5< 2@5<5=8 8 ?>ABC?;N ;CGH5 . - 0: ! 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O =0:>=5F 4>;65= >B:@KBL B515 2A5 : A B>3> 2@5<5=8 , :0: =0@>4 B2>9 AB0; ?@>A25I0BLAO , =5:>B>@K5 45@7:85 ;N48 >A<5;820NBAO 4065 >AC640BL ?>ABC?:8 B2>8E ;N18<F52 , >1;5G5==KE B2>5N 4>25@5==>AB8N , 8 4065 <5=O , <5=O A0<>3> ! - >=8<0N , - A:070; E0;8D 8 2KH5; 87 :><=0BK . -BC ?@8BGC O 25;5; 1K =0?8A0BL 7>;>BK<8 1C:20<8 =0 :0:>< -=81C4L ?C1;8G=>< ?0<OB=8:5 , 4;O >1;8G5=8O E0=659 8 ?;CB>2 , 65;0NI8E 2>42>@8BL =52565AB2> , GB>1 2 <CB=>9 2>45 ;>28BL @K1C . 5;0B5;L=> , GB>1 2A5 70:>=>40B5;8 8<5;8 ?5@54 3;070<8 ?@8<5@K E0;8D0 0@>= -;L - 0H840 , :>B>@K9 , 2>42>@82 ?@>A25I5=85 2 3@C1>< 078OBA:>< =0@>45 , 4>AB028; 5<C A8;C , 1>30BAB2> 8 A;02C . #?0;> ?@>A25I5=85 2 788 , - C?0;0 8 <>=0@E8O E0;8D>2 ! =>65AB2> :C?F>2 8 AB@0==8:>2 A>548=8;8AL A =0<8 4;O 157>?0A=>3> ?CB5H5AB28O : 81> 2 AB@0=0E =52565AB20 =5;L7O 8=0G5 ?CB5H5AB2>20BL , :0: A ?@8:@KB85< 2>>@C65==KE 2>8=>2 . 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A0<>< 45;5 , A> <=>N >1E>48;8AL 2 4><5 4>2>;L=> G5;>25:>;N182> , :0: =0H8 ?><5I8:8 , =0E>4OAL 2 E>@>H5< @0A?>;>65=88 4CE0 , >1E>4OBAO A 4O4L:0<8 8E AK=>259 8;8 ?@8E>4A:8<8 CG8B5;O<8 . 4=064K O 1K; 2 :><=0B5 <>53> E>7O8=0 , :>340 ?@8H5; : =5<C :C?5F ?>:C?0BL 30;0=B5@59=K5 25I8 . >9 3>A?>48= @07;>68; =0 AB>;5 :CGC ?5@AB=59 , A5@53 8 >65@5;89 52@>?59A:8E , 8 O 25AL<0 C4828;AO , C28452 <564C >=K<8 2A5 <>8 25I8 , C:@045==K5 =0 :>@01;5 . >340 ?>:C?0B5;L , ?>B>@3>202 8 ?>A<>B@52 25I8 , 2KH5; 87 :><=0BK , O A:070; ?5@A8O=8=C : - %>7O8= ! <564C MB8<8 4@03>F5==>ABO<8 O 286C 25I8 , <=5 ?@8=04;560I85 . / =5 <>3C ?>4>7@520BL B51O 2 4C@=>< ?>ABC?:5 , ?>B><C GB> BK =5 1K; =0 :>@01;5 , =0 :>B>@>< C <5=O ?>E8B8;8 <>N A>1AB25==>ABL . > A:068 , ?>60;C9AB0 , :0:8< >1@07>< BK 4>AB0; MB8 25I8 ? - / :C?8; 8E 2 >=AB0=B8=>?>;5 C ?@56=53> B2>53> E>7O8=0 , 6840 -@5=530B0 , - >B25G0; 5@A8O=8= . - B0: , 2>B G5AB=>ABL , :>B>@>9 =0CG8;AO 684 2 <03><5B0=A:>9 25@5 ! - 2>A:;8:=C; O =52>;L=> . - @8OB5;L ! - 2>7@078; ?5@A8O=8= . - 5 25@0 28=>20B0 , 0 G5;>25: . 0N B515 A>25B : >AB5@5309AO 2A5340 4><>@>I5==>3> 2>;:0 8 G5;>25:0 , 87 ?>4;KE 284>2 A2>5:>@KAB8O ?5@5<5=82H53> 25@C . / A ;8H:>< B@8 3>40 ?@>1K; 2 =52>;5 8 =0:>=5F @5H8;AO 1560BL , =5278@0O =0 C3@>60NICN <=5 A<5@BL . / ?>7=0:><8;AO A >4=8< 1CE0@A:8< :C?F>< 8 >15I0; 5<C 1>30BK9 2K:C? , 5A;8 >= ?@>2545B <5=O 2 >AA8N . > AG0ABLN , MB>B 1CE0@5F 1K20; 2 >A:25 8 7=0; <>53> 4O4N , ?@>402 5<C =5A:>;L:> H0;59 4;O 53> 4><>C?@028B5;L=8FK . CE0@5F 2K257 <5=O A A>1>N 87 AB@01040 8 ?@8A>548=8; : :0@020=C , 84CI5<C 2 >AA8N G@57 :8@387A:CN AB5?L . AB0;L=>5 BK 7=05HL . "515 >1O70= O A2>1>4>N . >72@0I0OAL 2 >A:2C , O =0<5@5= >BKA:0BL 65=C <>N , 8A?@028BLAO A>25@H5==> >B 42CE =5AG0AB=KE A;01>AB59 : 2>;>:8BAB20 8 <>B>2AB20 ; >?@545;8BLAO =0 A;C61C 8 B@C40<8 A=8A:820BL E>BO 154=>5 , => G5AB=>5 ?@>?8B0=85 . - <8=L ! - A:070; O . - >E20;ON B2>5 =0<5@5=85 , 0 <564C B5< , ?>@0 873>B>2;OBLAO 2 ?CBL . 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K >AB0=>28;8AL 2 B@0:B8@5 , 8 :0: 5I5 1K;> =5 >G5=L ?>74=> , B> :064K9 87 =0A , 27O2 872>7G8:0 , ?>5E0; =0 ?>8A:8 . 8;>2848= 3>@5; =5B5@?5=85< C7=0BL , GB> A45;0;>AL A 53> 65=>N , 3@0D8=5N 8 3@0D>< &8B5@8=K<8 8 4O45N . / ?>5E0; >BKA:820BL B5BCH:C . 0 ?@56=59 :20@B8@5 =5 7=0;8 , :C40 >=0 ?5@55E0;0 8 GB> A =5N A45;0;>AL . >@>20B8=0 O B0:65 =5 =0H5; 2 ?@56=5< 53> 68;8I5 . %>7O8= A:070; <=5 , GB> >@>20B8= , 2>72@0BOAL 87 @5=1C@30 , ?@>40; 2A5 A2>8 25I8 8 C5E0; 87 >A:2K =58725AB=> :C40 . = A>25B>20; <=5 A?@028BLAO > B5BCH:5 2 ?>;8F88 . / 2>72@0B8;AO 4><>9 25AL<0 ?5G0;5= 8 70AB0; 8;>2848=0 5I5 ?5G0;L=55 . @0D 8 3@0D8=O &8B5@8=K ?><5@;8 ; AK= 8E , @>B<8AB@ , :>B>@>3> >= ?>G8B0; C18BK< , 1K; B>;L:> BO65;> @0=5= , 2K74>@>25; 8 ?>;CG8; 2A5 8<5=L5 A2>8E @>48B5;59 . 65=5 A2>59 8;>2848= =5 8<5; =8:0:>3> 8725AB8O , :@><5 B>3> , GB> >=0 =5 2>72@0I0;0AL 2 >A:2C 87 -70 3@0=8FK . O4O 53> 2KH5; =0:>=5F 2 >BAB02:C , CAB02 ?>4?8AK20BL : _25@=> A ?>4;8==K< _ , 8 ?>A5;8;AO 2 8525 , A A2>5N 4><>C?@028B5;L=8F59 , :>B>@0O B0: ?@828;0AL : =5<C , :0: E@>=8G5A:0O 1>;57=L . >GL 55 2KH;0 70<C6 70 >4=>3> 87 B5E 65=8E>2 , :>B>@K5 >B N=>H5A:>3> 2>7@0AB0 =0G8=0NB 8A:0BL =525AB <564C _2>A?8B0==8F0<8 _ 1>30BKE ;N459 8;8 _4><>?@028B5;L=8F0<8 _ AB0@KE E>;>ABO:>2 . # 8;>2848=0 =5 1K;> =8 :>?59:8 8 =8:0:>9 =04564K : ?@8>1@5B5=8N 45=53 . / ?@54;>68; 5<C <>N :07=C 8 =0 ?5@2K9 A;CG09 40; AB> G5@2>==KE . -B> =5A:>;L:> CB5H8;> 53> 2 3>@5 . 0 4@C3>9 45=L O ?>5E0; 2 ?>;8F8N 8 =0H5; G8=>2=8:0 , :>B>@K9 27O;AO >BKA:0BL 68;8I5 B5BCH:8 . 07>A;0=K 1K;8 ?@8:070=8O :> 2A5< G0AB=K< ?@8AB020< , GB>1 >=8 =5<54;5==> 40;8 7=0BL 2 C?@02C , 345 ?@>68205B 3 -60 0@8B>=> . B 2A5E AJ5768E 42>@>2 ?>;CG5=K @0?>@BK , GB> 2 B0:>9 -B> G0AB8 C?><O=CB>9 0@8B>=> =0 68B5;LAB25 =5 8<55BAO . 0 4@C3>9 45=L , ?>A;5 ?>;CG5=8O @0?>@B>2 , B@0:B8@=K9 ;0:59 , :>B>@><C O B0:65 ?>@CG8; >BKA:820BL B5BCH:C , C254><8; <5=O , GB> >=0 6825B 2 4204F0B8 H030E >B B@0:B8@0 , 2 4><5 , ?@8=04;560I5< 65=5 G0AB=>3> ?@8AB020 , @O4>< A B5< A0<K< :20@B0;L=K< =0478@0B5;5< , :>B>@K9 A>G8=O; >B A2>53> :20@B0;0 @0?>@B , GB> 3 -68 0@8B>=> =0 68B5;LAB25 =5 8<55BAO . / ?>;5B5; : B5BCH:5 . > 3@O7=>9 ;5AB=8F5 O 2>H5; 2 30;5@5N , 8;8 , ;CGH5 A:070BL , ?>4 =025A 2B>@>3> MB060 , 8 5420 <>3 4>1@0BLAO 4> :>=F0 , ?@>;570O <564C CH0B0<8 , :04:0<8 , 254@0<8 , GC3C==8:0<8 8 3>@H:0<8 . B2>@ON 425@L 2 B5<=CN :CE=N ; AB0@CE0 2 ;>E<>BLOE A C482;5=85< A<>B@8B =0 <5=O 8 :;0=O5BAO 2 ?>OA . - 45AL ;8 6825B 45;0840 5B@>2=0 0@8B>=> ? - 45AL , 10BNH:0 ! !5@4F5 <>5 A60;>AL , =>38 B@OA;8AL : O >B2>@ON 425@8 2 :><=0BC - >65 <>9 ! :0:>5 7@5;8I5 ! =51>;LH>9 A25B5;:5 , A >4=8< >:=>< , =0 3@O7=>9 ?>AB5;8 ;560;0 65=I8=0 A >?CE;K< ;8F>< , ?>:@KBK< :@0A=K<8 ?OB=0<8 . =0 1K;0 =0:@KB0 AB0@K< A0;>?>< , 3>;>20 55 ?>2O70=0 1K;0 ?;0B:>< , ?>B5@O2H8< F25B . =0 A<>B@5;0 =0 <5=O =5?>4286=K<8 3;070<8 , ?@8?>4=O;0AL , >B2>@8;0 CAB0 , GB>1K ?@><>;28BL GB> -B> , 8 <>;G0;0 . - "5BCH:0 , 2K ;8 MB> ? - 2>A:;8:=C; O 8 1@>A8;AO : =59 ; => >=0 C?0;0 =0 ?>4CH:C 8 70:@K;0 3;070 . "@5?5B ?@>1560; ?> 2A5<C 55 B5;C , E>;>4=K9 ?>B 2KABC?8; =0 ;8F5 , CAB0 A:@828;8AL >B AC4>@>6=>3> 42865=8O . / 4C<0; , GB> >=0 C<8@05B , 8 2 >BG0O=L5 =5 7=0; , GB> 45;0BL . !> <=>N 1K; B@0:B8@=K9 ;0:59 , :>B>@K9 4>6840;AO <5=O =0 30;5@55 . / 2K1560; : =5<C , 25;5; =5<54;5==> ?@825AB8 4>:B>@0 8 1@>A8;AO ?><>30BL B5BCH:5 . !B0@CE0 :CE0@:0 <564C B5< A1530;0 : A>A54:5 , 65=5 :20@B0;L=>3> =0478@0B5;O , :>B>@0O ?@81560;0 =5<54;5==> A A?8@B0<8 8 A2>8<8 AB0@0=8O<8 ?@825;0 B5BCH:C 2 GC2AB2> . =0 70;8;0AL A;570<8 , 8 MB> >1;53G8;> 55 A5@4F5 . - 0=O , - A:070;0 >=0 =0:>=5F , - 8B0: , BK =5 701K; <5=O ! / >B25G0; >4=8<8 A;570<8 . - ;03>40@N "51O , >A?>48 , GB> "K ?>72>;8; <=5 5I5 @07 2 687=8 ?@860BL : A5@4FC B>3> , :B> <=5 2A53> 4>@>65 ! - A:070;0 B5BCH:0 . - >1@K9 0=O , BK 70AB0; <5=O 2 =8I5B5 , 2 1>;57=8 : O 70A;C68;0 MB> 8 =5 ?5=ON =0 @>2845=85 . => <8;>AB82> :> <=5 , 2>72@0I0O <=5 B51O . "5?5@L O C<@C A?>:>9=> ! >1@0O A>A54:0 =0A >AB028;0 , 8 O , ?@8H54 =5A:>;L:> 2 A51O , >:8=C; 27>@>< MB> C1568I5 =8I5BK . !B5=K A25B5;:8 1K;8 G5@=K :0: 2 :C7=8F5 . :=> A>AB02;5=> 1K;> 87 >1;><:>2 @07=>@>4=KE AB5:>; 8 2 =5A:>;L:8E <5AB0E 70:;55=> A0E0@=>N 1C<03>9 . 48= A>A=>2K9 AB>; , 420 ABC;0 8 =51>;LH>9 AC=4C: A>AB02;O;8 2A5 <515;8 . C3;C B5?;8;0AL ;0<?040 ?5@54 >1@07>< . 0 >:=5 AB>O;8 : D0O=A>2K9 G09=8: 157 :@KH:8 , D0O=A>20O 15;0O G0H:0 , AB0:0= , :C2H8= A ?8BL5< 8 A0;L=0O A25G0 2 1CBK;:5 . A<>B@52 2A5 MB> 8<CI5AB2> , O ?@860; B5BCH:C : 3@C48 <>59 : =5 ?><=N , GB> 3>2>@8; , => 3>@L:> ?;0:0; . 0:>=5F , CA?>:>82H8AL =5A:>;L:> , O ?>H5; ?@88A:820BL ?@8;8G=>5 68;8I5 4;O B5BCH:8 , >AB0282 59 <>9 1C<06=8: A 45=L30<8 =0 C?;0BC 4>:B>@C 8 =0 ;5:0@AB2> . ">3> 65 4=O : 25G5@C B5BCH:0 <>O ?5@55E0;0 2 G8ABCN 8 E>@>H> <51;8@>20==CN :20@B8@C 8 =0H;0 2 :><>40E 2A5 =C6=>5 =0 ?5@2K9 A;CG09 ; :@><5 B>3> , G8ABCN ?>AB5;L , 2 :CE=5 ?>AC4C , A5@287 , A5@51@> 8 4;O CA;C3 ;>2:CN A;C60=:C , 8A:CA=CN :CE0@:C 8 ?@>2>@=>3> ;0:5O . / 4> 2@5<5=8 >AB0;AO 68BL 2 B@0:B8@5 A 8;>2848=K< , :>B>@K9 @0745;O; A> <=>N @04>ABL <>N 8 A0< ?@88A:0; 8 <51;8@>20; =0A:>@> :20@B8@C 8 :C?8; GB> =C6=> (@07C<55BAO , =0 <>8 45=L38 ) 4;O B5BCH:8 . = 1K; 2 MB>< 25AL<0 8A:CA5= , @07>@82H8AL =5A:>;L:> @07 8 702>4OAL <=>3>:@0B=> =>2K< E>7O9AB2>< . '@57 425 =545;8 B5BCH:0 >?@028;0AL >B 1>;57=8 , 8 4>:B>@0 >1JO28;8 , GB> >?0A=>ABL <8=>20;0AL . =0 4065 <>3;0 ?@>E06820BLAO ?> :><=0B5 . / ?@5645 =5 E>B5; 59 @0AA:07K20BL <>8E ?@8:;NG5=89 , GB>1 =5 ?@>8725ABL 2@540 @074@065=85< 55 GC2AB28B5;L=>AB8 . 0:>=5F , :>340 A8;K 55 C:@5?8;8AL , O @0AA:070; 59 2A5 , A;CG82H55AO A> <=>N >B A0<>3> >BJ5740 87 >A:2K , 8 70:;NG8; <>5 ?>25AB2>20=85 ?@>AL1>N , GB>1 >=0 >1JOA=8;0 <=5 ?@8G8=C @0AA?@>A>2 8 ?>4>7@5=89 >@>20B8=0 =0AG5B <>53> >BF0 8 ?@5A;54>20=85 :0:>9 -B> 3@0D8=8 . "5BCH:0 704C<0;0AL , 8 =0:>=5F 1@>A8;0AL <=5 =0 H5N , 8 70@K40;0 . - 0=O , - A:070;0 >=0 . - / E>GC >B:@KBL B515 4CHC <>N , 2 :>B>@>9 E@0=8BAO B09=0 F5;>9 <>59 687=8 . 5 ?@578@09 <5=O , => ?>60;59 > =5AG0AB=>9 : O 65@B20 ;53:><KA;8O 8 AC5B=>AB8 . !;CH09 ! "515 , <>65B 1KBL , =58725AB=> , GB> 2 5;>@CAA88 5ABL <=>3> A5;5=89 8;8 A;>1>4 , 2 :>B>@KE 682CB 25;8:>@>AA8O=5 , 2KE>4FK 87 @07=KE AB@0= >AA88 , ?> 1>;LH59 G0AB8 AB0@>25@K , C:@K202H85AO 2 1K2H59 >;LH5 87 >?0A5=8O ?@5A;54>20=8O . 4=0 CAA:0O A;>1>40 =0E>48BAO 2 45AOB8 25@AB0E >B 8<5=8O 3 -=0 >;>3>@4>2A:>3> . MB>9 A;>1>45 1K; 7068B>G=K9 :@5ABLO=8= , ?> 8<5=8 5B@ !520ABLO=>2 , ?> ?@>720=8N @CB>3>;>2K9 , :>B>@K9 872>7>< 8 B>@3>< I5B8=>N , ?>;>B=0<8 8 ;L=>< A>AB028; A515 E>@>H55 A>AB>O=85 . = 1K; 24>2 . %>7O9AB2>< C?@02;O;0 A5AB@0 53> , :A8=LO . # =53> 1K;> 42>5 45B59 , 4>GL C=O 1 6 ;5B 8 AK= 0A8;89 1 9 ;5B >B @>4C . -B0 C=O - O ! - 0: ! 2K , B5BCH:0 ! - 2>A:;8:=C; O 2 C482;5=88 . - ! B0:8< 2>A?8B0=85< , A B0:>N ;>2:>ABLN ! -B><C B@C4=> 25@8BL . . . B0: , O ?@8=04;56C B0:65 : :@5ABLO=A:>9 A5<L5 , - ?@8<>;28; O , ?>:@0A=52 8 ?>BC?O 27>@K . - > O @>4=>9 20H ?;5<O==8: ?> A5AB@5 , 0 2K 3>2>@8B5 , GB> C 20A =5 1K;> @>4=>9 A5AB@K . 0: 65 MB> ? . . - C4L B5@?5;82 8 2KA;CH09 , - A:070;0 B5BCH:0 , - 8 =5 ABK48AL A2>53> ?@>8AE>645=8O . K =5 2>;L=K 8718@0BL A515 @>48B5;59 ; => >B B51O 7028A8B >1;03>@>48BL @>4 B2>9 ; A;CH09 B5@?5;82> 4> :>=F0 8 ?>A;5 3>2>@8 8 45;09 , GB> B515 C3>4=> . >:@5AB=>ABOE =0H8E AB>O; =0 :20@B8@0E 3CA0@A:89 ?>;: , 8 2 =0H5< A5;5 @0A?>;>65= 1K; >48= MA:04@>= , :>B>@K< :><0=4>20; @>B<8AB@ :=O7L 8;>A;02A:89 . = B>;L:> GB> ?@85E0; 87 320@488 8 C482;O; =5 B>;L:> =0A , => 8 ?><5I8:>2 1>30BAB2>< A2>8E M:8?0659 , :@0A>B>N ;>H0459 8 A2>8<8 8745@6:0<8 . =O7L 1K; :@0A025F , <>;>4 , 5<C 1K;> B>340 2 5 ;5B >B @>645=8O , ;0A:>2 A> 2A5<8 , ;N1575= 8 1>;LH>9 2>;>:8B0 . = 40@8; 2A5E 4528F 2 A5;5 ;5=B0<8 , 18A5@>< , A;0ABO<8 , :;0=O;AO 2A5< 256;82> , 83@0; 2 E>@>2>4K , 0 :@5ABLO= ?>8; 2>4:>N 8 ?;0B8; 70 2A5 =0;8G=K<8 45=L30<8 . 3> 2A5 ;N18;8 2 A5;5 , AB0@K5 8 <>;>4K5 . ">;L:> O >4=0 =5 ?>;CG0;0 >B =53> ?>40@:>2 8 =8:>340 A =8< =5 3>2>@8;0 . / 1K;0 1>O7;820 , 8 :=O7L :070;AO =5A<5;K< A> <=>N >4=>9 . 064K9 45=L >= ?@>5760; 25@E>< 8;8 ?@>E>48; ?5H:>< <8<> <>8E >:>= , A;570; =0@>G=> A ;>H048 , 1C4B> ?>?@028BL GB> -=81C4L , 8;8 >AB0=02;820;AO ?>3>2>@8BL A >BF>< , 0 2 A0<>< 45;5 4;O B>3> B>;L:> , GB>1 ?>A<>B@5BL =0 <5=O . 0: =8 ?@>ABK 45@525=A:85 452CH:8 , => >=8 G8B0NB 2 3;070E 2;N1;5==KE , :0: 2 :=835 , 8 =5 =04>1=> 452CH:5 >?KB=>AB8 , GB>1 4>3040BLAO , A :0:8< =0<5@5=85< <C6G8=K =0 =55 ?>A<0B@820NB . / =5 <>3;0 A><=520BLAO , GB> :=O7L 4;O B>3> B>;L:> 5748B 8 E>48B <8<> =0A , GB>1 2845BL <5=O , 81> 5A;8 O >BE>48;0 >B >:=0 8 ?@OB0;0AL 70 2>@>B0<8 , B> >= 4204F0BL @07 :@C68; 2>7;5 =0H53> 4><0 , GB>1 B>;L:> 273;O=CBL =0 <5=O . > <=5 4>A04=> 1K;> , GB> >= , 1C4CG8 B0: @073>2>@G82 , =8:>340 =5 A:070; <=5 =8 A;>20 . @024C A:070BL , O =5 ?>=8<0;0 B>340 , GB> 7=0G8B ;N1>2L , => <=5 >G5=L 25A5;> 1K;> , :>340 O A<>B@5;0 =0 :=O7O , 8 25AL<0 A:CG=> , :>340 O =5 2840;0 53> =5A:>;L:> 4=59 8;8 4065 E>BO >4=> CB@> . = <=5 G0AB> 2845;AO 2> A=5 A A2>8< 15;K< ;8G8:>< 8 G5@=K<8 CA8:0<8 , 8 :>340 A;CG0;>AL , GB> >= 2 A=>2845=88 ?>F5;C5B <5=O , G53> <=5 >G5=L E>B5;>AL , B> O F5;K9 45=L 1K;0 25A5;0 8 4>2>;L=0 . A5;5 =0H5< 1K;> <=>3> :@0A028F 8 ?@83>68E <>;>4F52 , => 2A5 ;8F0 :070;8AL <=5 =5A=>A=K<8 , 8 O =0E>48;0 C4>2>;LAB285 3;O45BL B>;L:> =0 420 ;8F0 , =0 A2>5 A>1AB25==>5 2 <>5 <0;5=L:>5 75@:0;LF5 8 =0 ;8F> :=O7O . 5 >4=> <>5 <0;5=L:>5 75@:0;LF5 3>2>@8;> <=5 , GB> O :@0A028F0 . A5 <>;>4K5 :@5ABLO=5 =0H8 , 2A5 >D8F5@K 8 ?><5I8GL8 AK=:8 , :>B>@K5 >AB0=02;820;8AL C =0A , 574O =0 >E>BC , ?>2B>@O;8 <=5 >4=> 8 B> 65 , 8 25@AB =0 ?OBL45AOB :@C3>< O 8725AB=0 1K;0 ?>4 =0720=85< _?@5:@0A=>9 :@5ABLO=:8 _ . B5F <>9 1K; 25AL<0 AB@>3 8 C3@N< : >= 1K; @52=>AB=K9 AB0@>25@ 8 >B@5:AO 1K >B <5=O , 5A;8 1 C7=0; , GB> O >A<5;8;0AL 273;O=CBL =0 G5;>25:0 =5 AB0@>25@G5A:>9 A5:BK . = ?>2B>@O; <=5 MB> =5A:>;L:> @07 . =O7L 7=0; > AB@>3>AB8 <>53> >BF0 8 70:>A=5;>AB8 53> 2 ?@54@0AAC4:0E , 0 ?>B><C 8<5==> 871530; A> <=>N 2AB@5G8 , 4>2>;LAB2COAL >4=8<8 273;O40<8 . "0:8< >1@07>< ?@>H;> >:>;> ?>;C3>40 : :=O7L >AB028; 2A5 A2>8 7=0:><AB20 , 2A5 70=OB8O 8 =5 2K5760; 87 A5;0 , =0E>4O 2A5 =0A;0645=85 687=8 2 B>< , GB>1 2845BL <5=O =5A:>;L:> @07 2 45=L =0 C;8F5 8;8 G@57 >:=> . / B>;L:> 8 4C<0;0 , GB> > :=O75 , 8 >1@07 53> 1K; 15A?@5AB0==> ?5@54 3;070<8 <>8<8 4=5< 8 =>GLN . 0AB0;> ;5B> . B5F <>9 ?>5E0; ?> B>@3>2K< 45;0< 2 3>@>4 , 0 O , >AB02H8AL ?>4 =047>@>< >4=>9 B5B:8 , 2K?@>A8;0AL C =59 ?>9B8 A ?>4@C6:0<8 2 ;5A ?> O3>4K . K @071@5;8AL ?> ;5AC , 8 O , =0?520O 70C=K2=CN ?5A=N 8 4C<0O > :=O75 , @20;0 O3>4K , :0: 24@C3 GB> -B> 70H525;8;>AL 2 :CAB0@=8:5 ; O 0E=C;0 >B AB@0E0 8 E>B5;0 1560BL : 25B28 @0740;8AL , - O28;AO :=O7L , 8 O =52>;L=> >AB0;0AL . - 8;0O C=O , O ;N1;N B51O ! - A:070; <=5 :=O7L , ?>4>H54 :> <=5 . / <>;G0;0 , AB>O;0 =5?>4286=> , ?>BC?O 27>@K , => GC2AB2>20;0 , GB> :>;5=0 <>8 B@OACBAO 8 GB> I5:8 3>@OB . - C=O , O C<@C , 5A;8 BK =5 1C45HL ;N18BL <5=O ! - / 2A5 <>;G0;0 . - 0 ?>A<>B@8 65 =0 <5=O , - A:070; :=O7L . / ?>4=O;0 3;070 , ?>A<>B@5;0 =0 =53> 8 4>;6=0 1K;0 CB5@5BLAO @C:02>< , GC2AB2CO , GB> 3;070 <>8 =0?>;=8;8AL A;570<8 . =O7L 27O; <5=O 70 @C:C , ?>A048; 2>7;5 A51O =0 :>;>4C 8 AB0; A> <=>N @073>20@820BL . / =5 ?><=N , GB> >= 3>2>@8; <=5 8 GB> O 5<C >B25G0;0 . B @C:8 <>59 , :>B>@0O 1K;0 2 @C:0E :=O7O , @0A?@>AB@0=8;>AL ?;0<O ?> 2A5< 68;0< <>8< , 8 A5@4F5 <>5 B0: A8;L=> 18;>AL , GB> O A;CH0;0 53> C40@K 8 1K;0 :0: 2 ;8E>@04:5 . =O7L 4>;3> 3>2>@8; A> <=>N , 4>;3> ;0A:0; <5=O , 8 =0:>=5F , :>340 ?>F5;>20; <5=O 2 ;8F> , A25B 70B<8;AO 2 3;070E <>8E : O 4C<0;0 , GB> C<@C =0 <5AB5 >B AB@0E0 , 8 1@>A8;0AL 2 >1JOB8O :=O7O . . . 54>;3> <K =0E>48;8AL 2 70125=88 : 4=8 C;5B0;8 , 0 A =8<8 C;5B0;0 8 @04>ABL . A:>@5 ?>GC2AB2>20;0 O , GB> ?@8@>40 =07=0G8;0 <=5 1KBL <0B5@LN , 8 ?>GB8 2 B> 65 2@5<O ?>;: ?>;CG8; ?>25;5=85 2KABC?8BL 2 ?>E>4 , ?@>B82 BC@>: . 45 A:@KBLAO >B ABK40 ? 0: 87153=CBL AB@>3>AB8 >BF0 ? >48= 45=L 24@C3 2AO 45@52=O C7=0;0 A C482;5=85< , GB> ?@5:@0A=0O C=OH0 ?@>?0;0 87 @>48B5;LA:>3> 4><0 . / 25;0 A51O B0: >AB>@>6=> , GB> =8:B> =5 ?>4>7@520; <5=O 2 4>1@>2>;L=>< 153AB25 . 07=5A;8AL 4065 25AB8 , 1C4B> <5=O =0A8;L=> C257;8 87 4><C 8 C18;8 . >4>7@520;8 :=O7O , ?>4>7@520;8 <=>38E 87 >:@5AB=KE ?><5I8:>2 . B5F <>9 =5 8A:0; <5=O , 0 GC685 ;N48 ?>3>2>@8;8 40 8 70<>;G0;8 . ?OB845AOB8 25@AB0E >B =0H53> A5;0 , 2 ;5A=>9 45@52CH:5 , =0E>48;0AL :>@G<0 . 1;86=5< 3>@>45 684K @5:><5=4>20;8 :=O7N A>45@60B5;O MB>9 :>@G<K , :0: G5;>25:0 G5AB=>3> , A:@><=>3> 8 CA;C6;82>3> , =0 :>B>@>3> 2> 2A5< <>6=> ?>;>68BLAO . =O7L ?><5AB8; <5=O 2 MB>9 :>@G<5 , ?@8AB0282 :> <=5 AB0@CEC , :>B>@0O =07K20;0 A51O ?>2820;L=>N 101:>9 ; 40; <=5 H:0BC;:C A A2>8<8 4@03>F5==K<8 25I0<8 , <564C :>B>@K<8 =0E>48;8AL 420 53> ?>@B@5B0 8 1 0 0 0 0 @C1;59 0AA83=0F8O<8 . =O7L ?@8:070; <=5 , :0: A:>@> O >?@02;NAL ?>A;5 @>4>2 , 5E0BL A @515=:>< 2 >A:2C 8 >6840BL 53> 2>72@0I5=8O , >AB0282 A2>9 04@5A 2 ?@8E>45 >0==0 @54B5G8 , 2 @5G5B=8:0E . =O7L >B?@028;AO 2 ?>E>4 , 402 :;OB2C A>AB028BL <>5 AG0ABL5 8 =8:>340 =5 ?>:840BL 48BOB8 . 0AAB020OAL A :=O75< , O 4C<0;0 , GB> @0AAB0NAL A 687=LN . # <5=O 1K;0 >A>10O A25B5;:0 2 C548=5==>< C3;C 4><0 . @8AB02;5==0O :> <=5 AB0@CE0 ?><5I0;0AL 2 GC;0=G8:5 . &5;>5 A5<59AB2> 6840 CA;C6820;> <=5 A 1>;LH8< CA5@485< . !0< E>7O8= A;K; 4>:B>@>< 8 ;5G8; >:@5AB=KE <5;:>?><5AB=KE 42>@O= . 0:>=5F O @>48;0 =0 A25B AK=0 . . . 0=O ! BK AK= <>9 8 :=O7O 8;>A;02A:>3> ! . . . . . . . / 2A:>G8; A> ABC;0 . - 0: , 2K <0BL <>O ! - 2>A:;8:=C; O 2 A8;L=>< 2>;=5=88 GC2AB2 . 0BL <>O A845;0 =5?>4286=> 8 , 70:@K2 ;8F> @C:0<8 , ?;0:0;0 . / 1@>A8;AO 2 55 >1JOB8O , 8 A;57K =0H8 A<5H0;8AL . - !K= <>9 , - A:070;0 <0BCH:0 , - =5 >1@5<5=O9 <5=O C?@5:0<8 8 =5 ?@578@09 <5=O . / A;54>20;0 2=CH5=8N ?@8@>4K , 8 2AO 28=0 ;568B =0 B>< , :>B>@K9 A8;>N A2>53> C<0 8 E0@0:B5@0 <>3 1K C45@60BL <5=O >B ?@5ABC?;5=8O . > 53> C65 =5B 2 682KE . . . ?>GB8< 53> ?0<OBL . = 1K; 28=>25= , => =5 A5@4F5< ! >340 <K =5A:>;L:> CA?>:>8;8AL , <0BCH:0 ?@>4>;60;0 @0AA:07 : - "K C65 7=05HL , GB> @>48;AO A =0@>AB>< =0 ;52>< ?;5G5 , :>B>@K9 ?@8653 B515 E>7O8= <>9 , 684 -4>:B>@ . ?@>G5< , BK 1K; 74>@>2 8 :@5?>: . / C65 =0G8=0;0 >?@02;OBLAO >B 1>;57=8 8 =0<5@520;0AL 2 A:>@>< 2@5<5=8 >B?@028BLAO 2 >A:2C . #60A=>5 ?@>8AH5AB285 @07;CG8;> <5=O A B>1>N . @8AB02;5==0O :> <=5 ?>2820;L=0O 101:0 , =5278@0O =0 55 CA;C6;82>ABL 8 ;0A:0B5;LAB20 , 1K;0 <=5 =5A=>A=0 . ;8F5 55 , ?>:@KB>< <>@I8=0<8 , 2K@060;8AL 7;>10 8 7028ABL . AO:89 @07 , GB> 27>@K =0H8 2AB@5G0;8AL , B@5?5B ?@>1530; ?> 2A5< <>8< 68;0< . / AB0@0;0AL 871530BL 55 ?@8ACBAB28O 8 2A5 2@5<O ?@>2>48;0 >4=0 2 <>59 A25B5;:5 A B>1>N 8;8 A ?>@B@5B>< B2>53> >BF0 . 4=064K 25G5@>< , 2 >A5==NN ?>@C , O <CG8;0AL 3>;>2=>N 1>;LN 8 ;53;0 @0=> 2 ?>AB5;N . > , GC2AB2CO =5AB5@?8<K9 60@ , O 2AB0;0 8 2KH;0 =0 A25689 2>74CE . @8A;>=82H8AL : AB5=5 , =5?>40;5:C >B >:=0 E>7O9A:>9 :><=0BK , O CA;KH0;0 , GB> ?@>87=5A;8 <>5 8<O . / ?>4>H;0 : >:=C 8 CA;KH0;0 @073>2>@ , :>B>@K9 5420 =5 ;8H8; <5=O GC2AB2 . - / >A<>B@5;0 25AL AC=4C: MB>9 452G>=:8 , - A:070;0 ?>2820;L=0O 101:0 , - 8 =0H;0 2 =5< =5A<5B=K5 1>30BAB20 . &5;K5 ?C:8 15;KE 0AA83=0F89 , F5;K5 3>@AB8 7>;>BKE ?5@AB=59 , :>;5F A 4>@>38<8 :0<=O<8 ! - C , B0: 2>7L<8 8 1538 , <K A:@>5< B51O , - A:070; 684 . - 5;L7O , - 2>7@078;0 AB0@CE0 . - # <5=O 2 3>@>45 A5<LO , 45B8 8 2=C:8 . 52G>=:0 =0945B :>3> -=81C4L , GB>1 =0?8A0BL : :=O7N , 0 >= ?@8OB5;L A <0@H0;>< , A 3>@>4=8G8< , 4065 A A0<8< 3C15@=0B>@>< : 1C45B 1540 ! - C , B0: A1KBL A @C: 452G>=:C , - A:070; 684 . - -B> 2A53> ;CGH5 , - >B25G0;0 AB0@CE0 . - 45AL ?CAB> 8 3;CE> . 52G>=:C =0 B>B A25B , <0;LG8:0 ?>4:8=5< :><C -=81C4L , 45=L30<8 8 25I0<8 ?>45;8<AO 8 - :>=FK 2 2>4C . 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K182H8AL 87 A8; , O ?@8;53;0 ?>4 45@52>< 8 ?@8H;0 =5A:>;L:> 2 A51O . / C?@5:0;0 A51O , GB> >AB028;0 B51O 2 @C:0E C189F ; => , @074C<02 E>@>H5=L:> , CA?>:>8;0AL . / 1K;0 ?>GB8 C25@5=0 , GB> >=8 =5 ?>A<5NB C18BL B51O , :>340 O 87153=C;0 >B 8E A5B59 . / @5H8;0AL 84B8 2 3>@>4 , >B:@KBL 2A5 3C15@=0B>@C , :>B>@K9 , :0: O CA;KH0;0 , 1K; ?@8OB5;5< :=O7O , 8 ?@>A8BL 53> > 2>72@0I5=88 <=5 AK=0 8 >1 >B?@02;5=88 <5=O 2 >A:2C . 0 <=5 1K;8 1>;LH>9 ?;0B>: 8 4CH53@59:0 . ><>;82H8AL >3C , O 70A=C;0 ?>4 45@52>< . X X I I I ' !" + " + . #!" . ! " . , / , . # + !!"/ +!/ . / !"# . !" . "+ ! @0AA25B>< O ?@>A=C;0AL >B E>;>40 8 A=>20 ?>H;0 ;5A>< , 157 4>@>38 . 0640 <CG8;0 <5=O , => A8;L=>5 =@02AB25==>5 ?>B@OA5=85 A45;0;> ?5@5;>< 2 <>59 1>;57=8 . A?82 4>6452>9 2>4K 87 ;C68 , O ?>GC2AB2>20;0 A51O A8;L=55 8 1>4@55 ?@56=53> . > 2A?><=82 , GB> BK >AB0;AO 157 :>@<8;8FK , O 3>@L:> 70?;0:0;0 8 ?>@CG8;0 B51O ?>?5G5=8N ">3> , >B>@K9 ?8B05B A;01KE ?B5=F>2 8 =5AG0AB=KE A8@>B . 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" @8G:0 >AB0=>28;0AL , 3>A?>48= 2KH5; 87 =55 , ?>4>H5; :> <=5 8 AB0; <5=O @0AA?@0H820BL . / @0AA:070;0 5<C 2AN A2>N 8AB>@8N 8 , C?02 : =>30< , ?@>A8;0 ?><>I8 8 70I8BK . >A?>48= MB>B B@>=C;AO <>5N N=>ABLN 8 <>8< =5AG0ABL5< : >= ?>A048; <5=O @O4>< A A>1>N , 8 <K ?><G0;8AL 2 3>@>4 . 71028B5;L <>9 1K; @>4>< 8B0;LO=5F 8 =07K20;AO 0@8B>=> . = 1K; 2 4><5 >4=>3> 1>30B>3> ?><5I8:0 CG8B5;5< <C7K:8 8 :0?5;L<59AB5@>< 8 , ?@>1K2 H5ABL ;5B 2 ?@>28=F88 , 2>72@0I0;AO 2 >A:2C A =51>;LH8< :0?8B0;>< , GB>1 ?> -?@56=5<C 70=OBLAO 2 AB>;8F5 ?@5?>4020=85< C@>:>2 . 0@8B>=> 1K; C65 ?>68;>9 G5;>25: , ;5B 70 A>@>: , => ?@8OB=>9 =0@C6=>AB8 8 25A5;>3> =@020 . = 3>2>@8; 4>2>;L=> E>@>H> ?> -@CAA:8 8 CB5H0; <5=O :0: <>3 . @85E02 2 3C15@=A:89 3>@>4 , >= O28;AO : 3C15@=0B>@C 8 @0AA:070; 5<C <>5 ?@8:;NG5=85 . C15@=0B>@ 1K; G5;>25: 4>1@K9 8 A?@0254;82K9 : >= A0< 70E>B5; 2845BL <5=O ; B0: 65 , :0: 0@8B>=> , ?;5=8;AO <>5N =0@C6=>ABLN 8 1K; B@>=CB <>8< =5AG0ABL5< . ">BG0A 65 2KA;0; >= G8=>2=8:0 A ?@8:070=85< 27OBL ?>4 AB@06C 6840 8 ?>2820;L=CN 101:C 8 4>AB028BL =5<54;5==> <>53> AK=0 8 2A5 <>8 25I8 . > , 25@>OB=> , ?> =5 A:@><=>AB8 872>7G8:0 , ?@8 :>B>@>< O @0AA:070;0 <>5 ?@8:;NG5=85 0@8B>=C , 25ABL > <>5< A?0A5=88 4>H;0 8 4> 6840 . '8=>2=8: =0H5; :>@G<C >?CAB5;CN . !5<59AB2> 6840 , ?>2820;L=0O 101:0 8AG57;8 2<5AB5 A B>1>N 8 A 25I0<8 : 8 O 1>;LH5 > B515 =5 A;KE0;0 ! 0@8B>=> ?@8257 <5=O 2 >A:2C 8 >1E>48;AO A> <=>N , :0: =56=K9 >B5F A 4>G5@LN . = =0?8A0; ?8AL<> 2 ?>;: : :=O7N 8;>A;02A:><C , => 2<5AB> >B25B0 <K ?>;CG8;8 ?8AL<> >1@0B=> , A 8725AB85< , GB> :=O7L 8;>A;02A:89 C18B 2 A@065=88 . 0@8B>=> =5 E>B5; @0AAB020BLAO A> <=>N . = =0720; <5=O 45;084>N , =0=O; 4;O <5=O CG8B5;59 8 A0< 70=8<0;AO >1CG5=85< <5=O <C7K:5 . '@57 ?OBL ;5B O 2KCG8;0AL @CAA:>9 3@0<>B5 , D@0=FC7A:><C , 8B0;LO=A:><C O7K:0< , B0=F520BL , ?5BL 8 83@0BL =0 D>@B5?80=> . @8@>40 , AB>;L I54@0O : @CAA:><C =0@>4C , =5 B@51>20;0 1>;LH8E CA8;89 : <>5<C >1@07>20=8N . / ?>;N18;0 GB5=85 8 2A:>@5 ?>7=0:><8;0AL A> 2A5< , GB> 4>;6=> 7=0BL A25BA:>9 65=I8=5 . 0@8B>=> 2>AE8I0;AO A2>8< A>740=85< , 8 2A5 ?@8OB5;8 53> C482;O;8AL <>59 ;>2:>AB8 , ?>=OB;82>AB8 8 40@>20=8O< . / 8<5;0 <=>3> >1>60B5;59 , => 1;03>40@=>ABL ?@82O7K20;0 <5=O : <>5<C 871028B5;N . = ?@54;>68; <=5 A2>N @C:C , 8 O A @04>ABLN A>3;0A8;0AL 1KBL 53> 65=>N , GB>1 ;N1>2LN <>5N E>BO =5A:>;L:> 2>7=03@048BL <>53> 1;03>45B5;O 70 2A5 53> >1> <=5 ?>?5G5=8O . 0@8B>=> 1K; G5;>25: 4>1@K9 8 ;N18; <5=O =56=> . / =5 <>3;0 1KBL 2 =53> 2;N1;5=0 , => 1K;0 : =5<C ?@82O70=0 8 2A5 >1O70==>AB8 65=K 8A?>;=O;0 A 25;8G09H8< CA5@485< . 564C B5< <C6 <>9 , CAB02 1530BL ?> 3>@>4C 70 18;5B0<8 8 AA>@8BLAO A CG5=8:0<8 8 8E @>48B5;O<8 4;O ?>;CG5=8O 45=53 70 C@>:8 , ?@8B>< 65 GC2AB2CO , GB> 74>@>2L5 53> >A;015205B , 274C<0; 7025AB8 <03078= =8@5=15@3A:8E B>20@>2 8 >B:070BLAO >B CG8B5;LAB20 . = 8745@60; 25AL A2>9 =51>;LH>9 :0?8B0; =0 CAB@>9AB2> <03078=0 8 =0 ?>:C?:C B>20@>2 ; => :0: >= =5 8<5; :@548B0 , 1C4CG8 =>28G:>< 2 B>@3>2;5 , 8 =5 7=0; 2A5E :><<5@G5A:8E C;>2>: , B> 2A:>@5 B>@3>2;O =0H0 C?0;0 . 0@8B>=> B0: >3>@G8;AO MB8< , GB> 701>;5; =5@2=>N 3>@OG:>N 8 C<5@ . >;>65=85 <>5 1K;> A0<>5 =5?@8OB=>5 . / >AB0;0AL A BKAOGLN @C1;O<8 , A?0A5==K<8 <=>N 87 2A53> :0?8B0;0 , 157 2AO:>9 =04564K =0 1C4CI55 , 157 4@C759 8 ?>:@>28B5;59 . @C3 <>53> 65=A:>3> 7=0:><AB20 >3@0=8G820;AO =5A:>;L:8<8 8=>AB@0=:0<8 , <03078=I8F0<8 8 0:B@8A0<8 . 7 <C6G8= O =5 7=0;0 =8:>3> , :@><5 =5A:>;L:8E <C7K:0=B>2 8 75<;O:>2 <>53> <C60 . > <5=O 7=0;8 2A5 ;N18B5;8 ?@5:@0A=>3> ?>;0 , 3>=O;8AL 70 <=>N B>;?0<8 =0 ?@>3C;:0E , =5 A2>48;8 3;07 A <>59 ;>68 2 B50B@5 8 15A?@5AB0==> 1530;8 <8<> >:>= . / 8<5;0 <=>65AB2> =58725AB=KE <=5 >1>60B5;59 . 5:>B>@K5 87 =8E , 5I5 ?@8 687=8 0@8B>=> , ?8A0;8 :> <=5 ?8AL<0 , :>B>@K5 O , =5 @0A?5G0BK20O , >B4020;0 <>5<C <C6C ; 4@C385 G@57 7=0:><KE 65=I8= >1JOA=O;8AL 2 ;N128 , => O A ?5@2>3> A;>20 =0;030;0 <>;G0=85 =0 CA;C6;82KE ?@8OB5;L=8F 8 B0:8< >1@07>< ?@>A;K;0 ?> A?@0254;82>AB8 A:@><=>N , GB> , 2?@>G5< , @54:> A;CG05BAO . >A;5 A<5@B8 0@8B>=> <>8 ?@8OB5;L=8FK 8 ?@8OB5;8 <>53> <C60 ?@8ABC?8;8 :> <=5 A A>25B0<8 , 8;8 , ;CGH5 A:070BL , A =0CI5=8O<8 , GB>1 O ?@8=O;0 1;03>45O=8O , ?@54;0305<K5 <=5 25;8:>4CH=K<8 ;N4L<8 , :>B>@K5 A3>@0NB >B ;N128 :> <=5 . 5 284O 2>:@C3 A51O =8G53> ;CGH53> 8 =0A;KH02H8AL 0=5:4>B>2 > 7=0B=KE 40<0E , ?>;L7CNI8EAO , >4=0:> 65 , C2065=85< 2 A25B5 , O 4C<0;0 , GB> 2A5 MB> 2 ?>@O4:5 25I59 8 A>3;0A8;0AL ?@8=OBL ?@54;>65=85 :=O7O '20=>20 , :>B>@K9 B@51>20; >B <5=O =5 ;N128 , => B>;L:> ?>72>;5=8O ;N18BL <5=O 8 70 MB> , B0: A:070BL , >AK?0; 7>;>B>< . "K 7=0; MB>3> 4>1@>3> AB0@8G8H:C . = 8745@60; 2A5 A2>8 4>E>4K =0 65=I8= , 87 >4=>3> BI5A;028O , GB>1 ?@>A;KBL 2>;>:8B>N ! @8 2A5E A2>8E A;01>ABOE 8 AB@0==>ABOE , >= 8<5; 4>1@>5 A5@4F5 , 8 5A;8 1 >= 1K; 682 , O =5 1K;0 1K 4>2545=0 4> :@09=>AB8 , 2 :>B>@>9 BK =0H5; <5=O . 5 7=0O =8 F5=K 45=53 , =8 =54>AB0B:0 2 =8E , O 8745@6820;0 AB>;L:> , A:>;L:> <=5 ?>?040;>AL 2 @C:8 . >;CG82 45=L38 , O ?>G8B0;0 >1O70==>ABLN =5<54;5==> 8AB@0B8BL 8E 8 =5 7=0;0 4@C38E @0AE>4>2 , :@><5 :0: =0 =0@O4K 8 =0 I53>;LAB2> . >30BAB2>< =0@O4>2 O 4C<0;0 ?@8:@KBL B09=C <>53> ?>2545=8O , 8 C2065=85 , >:07K205<>5 <=5 ?> ?;0BLN 8 M:8?06C >B =57=0:><KE ;N459 , CB5H0;> <5=O 2 <0;KE =5?@8OB=>ABOE , ?>;CG05<KE 2 ?C1;8G=KE A>1@0=8OE >B 3>@4KE 273;O4>2 70<C6=8E 65=I8= , :>B>@K5 , ?@8:@K20OAL 8<5=5< <C60 , :0: H8@<0<8 , ?>@8F0NB 2 4@C38E B> , G53> A0<8 2B09=5 ?@845@6820NBAO . 5 8<5O 7=0:><AB20 , :C40 1K O <>3;0 2K5760BL , O A>AB028;0 <C6A:>9 :@C3 7=0:><AB20 87 A0<KE ?@8OB=KE 8 ;N157=KE ;N459 AB>;8FK . "K 1K; A2845B5;5< =0H8E <C7K:0;L=KE 25G5@>2 , 0=O , A;54AB25==> , O =5 AB0=C B515 8E >?8AK20BL . C4CG8 <>;>40 , O =5 <>3;0 >3@0=8G8BLAO ?>;C?;0B>=8G5A:>N ;N1>2LN :=O7O '20=>20 8 A?5@20 4;O @0AA5O=8O , 0 ?>A;5 ?> ?@82KG:5 , 8A:0;0 A5@45G=KE A2O759 . !5<5= !5<5=>28G ;578@8= >15I0; 65=8BLAO =0 <=5 , :0: A:>@> :=O7L '20=>2 8A?>;=8B A2>5 >15I0=85 8 CAB@>8B AC4L1C <>N . > 45;0 :=O7O '20=>20 =0G0;8 C?040BL : G0ABL 53> 8<5=8O 1K;0 70;>65=0 , 0 4@C30O 2 ?@>F5AA5 , 8 >= , =5278@0O =0 4>1@K5 65;0=8O , =5 <>3 >15A?5G8BL AC4L1K <>59 . !5<5= !5<5=>28G ?>7=0:><8; <5=O A @018;8=K< , MB8< @071>30B52H8< ?>4LOG8< , :>B>@K9 3@C1>ABLN A2>5N 8 ?@8BO70=8O<8 A45;0; <=5 687=L =5A=>A=>N . >A;5 B2>53> >BJ5740 2 @5=1C@3 O @5H8B5;L=> >B:070;0AL >B 53> 4@C61K 8 =0<5@520;0AL 4065 2K9B8 70<C6 70 >4=>3> B@C4>;N182>3> 8 2;N1;5==>3> 2 <5=O A<5@B5;L=> 682>?8AF0 , :0: 24@C3 65AB>:0O 1>;57=L A20;8;0 <5=O 2 ?>AB5;N . / ?>;CG8;0 ?@8@>4=CN >A?C , 8 AB>;L A8;L=CN , GB> 2A5 B5;> <>5 ?>:@K;>AL :>@>N . / 1K;0 2 3>@OG:5 , 2 15A?0<OBAB25 , 8 65AB>:>A5@4=K9 ?>4LOG89 , @018;8= , 2>A?>;L7>20;AO MB8< A;CG05< , GB>1 >B=OBL C <5=O ?>A;54=85 25I8 . !5<5= !5<5=>28G , >48= 87 B5E 25G=> ?>4G8=5==KE G8=>2=8:>2 , :>B>@K5 25745 8ICB 65=I8= , 2 A2O7OE A 7=0B=K<8 8 1>30BK<8 , GB>1 G@57 =8E ?>;CG8BL ?>:@>28B5;LAB2> 70 >15I0=85 65=8BLAO , !5<5= !5<5=>28G ?5@2K9 >AB028; <5=O 2 =8I5B5 . @C3>9 ?@8OB5;L , 0110B @5B0BC , B0:65 >B@5:AO >B <>59 4@C61K , 8 O 1K C<5@;0 157 2AO:>3> ?>A>18O , 5A;8 1 >4=0 @CAA:0O 40<0 , :>B>@0O 3=520;0AL =0 <5=O 70 B> , GB> <C6 55 E06820; :> <=5 =0 25G5@0 , =5 >B><AB8;0 <=5 1;03>45O=85< . %>7O8= =5 E>B5; 45@60BL <5=O =0 :20@B8@5 157 45=53 , 8 <5=O 2 1>;57=8 ?5@5=5A;8 2 BC :><=0BC , 345 BK =0H5; <5=O , 8 1@>A8;8 =0 ?@>872>; AC4L1K . CAA:0O 40<0 , C7=02 > <>5< ?>;>65=88 , ?@8A;0;0 <=5 =5A:>;L:> 45=53 8 A2>53> 4>:B>@0 ; =0=O;0 65=I8=C , GB>1 CE06820BL 70 <=>N : => , 1C4CG8 A0<0 =51>30B>N , >=0 =5 <>3;0 A45;0BL 4;O <5=O <=>3> . MB>< 154AB288 @><KA; A52KH=53> ?>A;0; <=5 ?><>IL 8 CB5H5=85 2 B515 , AK= <>9 ! / C65 =02A5340 ;8H8;0AL :@0A>BK 8 A =5N B>3> BI5A;028O 8 ;53:><KA;8O , :>B>@K5 1K;8 ?@8G8=>N <>8E ?@>ABC?:>2 . B=K=5 >1@0I0NAL =0 ?CBL @0A:0O=8O 8 ;N1>2LN : >3C , ;N1>2LN : <>5<C AK=C =0?>;=N ?CAB>BC A5@4F0 . 0=O , AK= <>9 ! =8G53> =5 <>65B 1KBL =5AG0AB=55 , :0: 65=I8=0 , :>B>@0O >4=C :@0A>BC ?>G8B0;0 4>AB>8=AB2>< 8 ?>;L7>20;0AL 5N , :0: B>20@>< , :0: A@54AB2>< : <8=CB=K< =0A;0645=8O< . / MB> GC2AB2CN B5?5@L 2 ?>;=>9 <5@5 . 'B> 1K;0 1K O B5?5@L , 5A;8 1 >3 =5 ?>A;0; <=5 B51O ! 0BCH:0 , :>=G82 A2>9 @0AA:07 , 1@>A8;0AL =0 :>;5=8 ?5@54 >1@07>< 8 A> A;570<8 AB0;0 <>;8BLAO . >;8B20 >1;53G8;0 55 A5@4F5 : >=0 CA?>:>8;0AL . - N157=0O <0<5=L:0 , - A:070; O . - 01C45< > ?@>H54H5< 8 AB0=5< ?><KH;OBL > =0AB>OI5< 8 > 1C4CI5< . 20H5< ?>25AB2>20=88 O =5 =0H5; :;NG0 : >B:@KB8N B08=AB20 <>53> ?@5A;54>20=8O . / =5 A45;0; 7;0 =8:><C : :0:0O 65 MB> 3@0D8=O , :>B>@0O AB>;L ?;0<5==> 65;05B <>59 ?>3815;8 ? 5 1K;> ;8 C 20A :0:>9 =5?@8OB5;L=8FK ? - 0 <5=O <>3;8 3=520BLAO <=>385 7=0B=K5 65=I8=K , - >B25G0;0 <0BCH:0 , - => O =5 4C<0N , GB>1 :>B>@0O -=81C4L 87 =8E 70E>B5;0 <AB8BL <=5 ?>3815;LN <>53> ?;5<O==8:0 . "09=0 B2>53> @>645=8O 8725AB=0 B>;L:> <=5 >4=>9 . 8 >48= 87 1K2H8E <>8E ?@8OB5;59 4065 =5 4>304K20;AO > B>< , GB> BK AK= <>9 . 5 ?>AB830N , >B:C40 ?@>B82C B51O B0:0O 7;>10 2 MB>9 3@0D8=5 . 5 >H81:0 ;8 MB> ? @>H;> 5I5 420 <5AOF0 , 8 <0BCH:0 A>25@H5==> 2K74>@>25;0 . > :@0A>B0 55 8AG57;0 : ;8F> ?>:@K;>AL 3;C1>:8<8 @C1F0<8 8 @O18=0<8 , 2>;>AK 2=570?=> ?>A545;8 , 3;070 ?>B5@O;8 682>ABL , ?@5:@0A=K5 >:@C3;>AB8 C?0;8 . 0BCH:0 :070;0AL 45AOBLN 3>40<8 AB0@55 , =565;8 1K;0 2 A0<>< 45;5 . >B5@O =0@C6=KE 4>AB>8=AB2 ?@825;0 55 =0 ?CBL <C4@>AB8 . =0 A45;0;0AL 1>3><>;L=>N 8 >45;0AL 2 G5@=>5 ?;0BL5 A =>3 4> 3>;>2K ; 2A5 2@5<O ?@>2>48;0 2 F5@:20E 8 2 GB5=88 1>65AB25==KE :=83 . 564C B5< B>20@K <>8 ?@81K;8 2 >A:2C , 8 O =5<54;5==> 8E ?@>40; . # <5=O 1K;> >:>;> A>@>:0 BKAOG @C1;59 2A5E 45=53 . / =0=O; =51>;LHCN , => G8ABCN :20@B8@C , @0745;5==CN =0 425 ?>;>28=K : 2 >4=>9 68;0 <0BCH:0 , 2 4@C3>9 O A 8;>2848=K< . BAB02=>9 A>;40B 5B@>2 >AB0;AO ?@8 <=5 , 2 720=88 :0<5@48=5@0 . K ?@>2>48;8 2@5<O 4>2>;L=> A:@><=> . 8;>2848= 15A?@5AB0==> ?8A0; ?8AL<0 2> 2A5 :>=FK >AA88 , GB>1 C7=0BL >1 CG0AB8 65=K A2>59 , > :>B>@>9 =5 1K;> =8:0:>3> A;CE0 . / >BKA:820; >@>20B8=0 , GB>1 C7=0BL >1 8<5=8 =5?@8OB5;L=8FK <>59 , 3@0D8=8 . K ?@>3C;820;8AL , G8B0;8 2<5AB5 , D8;>A>DAB2>20;8 8 A>AB02;O;8 ?;0=K 2 1C4CI5< , 8 , ?> ?@0245 A:070BL , A:CG0;8 . 8;>2848= ?@82K: : @0AA5O==>9 A25BA:>9 687=8 ; <>O 4CH0 B@51>20;0 45OB5;L=>AB8 . 5A:>;L:> ?@8OB5;59 C7=0;8 8;>2848=0 8 >B:@K;8 53> C1568I5 , 0 284O 53> ?>@O4>G=> >45B>3> , 8745@6820NI53> 45=L38 2 :>D59=KE 4><0E 8 B@0:B8@0E , AB0;8 =025I0BL =0A . 0AA:07K > ?@56=8E A2O7OE , > 1>;LH>< A25B5 A=>20 2>71C48;8 2 8;>2848=5 65;0=85 2>72@0B8BLAO 2 ?@56=89 :@C3 7=0:><AB20 . - >A;CH09 , K6838= , - A:070; <=5 >4=064K 8;>2848= . - "K E>G5HL 2ABC?8BL 2 A;C61C , ?@8>1@5ABL :0:>5 -=81C4L 720=85 2 A25B5 . >E20;L=> ! # =0A 2 >AA88 ?>@O4>G=K9 G5;>25: 157 G8=0 ?>GB8 B> 65 , GB> 2 4@C38E AB@0=0E 157 ?0A?>@B0 . > 157 ?>:@>28B5;LAB20 B@C4=> G53> -=81C4L 4>18BLAO . 45 2;0ABL 8<5NB <C6G8=K , B0< C?@02;ONB 65=I8=K ; 0 345 2;0AB2CNB 65=I8=K , B0< C?@02;ONB <C6G8=K . 04>1=> 8A:0BL 2 65=I8=0E , ;N157=K9 4@C3 ! ;O 2ABC?;5=8O 2 A25B BK 8<55HL 420 206=K5 ?@58<CI5AB20 : 45=L38 8 ?@8OB=CN =0@C6=>ABL . "K 1>;55 7=05HL , =565;8 =C6=> 7=0BL 2 A25B5 . >2>;L=> 1K;> 1K >4=>3> D@0=FC7A:>3> O7K:0 8 B0=F520=LO ; 0 BK , A25@E B>3> , <C7K:0=B 8 E>@>H> 83@05HL 2 :><<5@G5A:85 83@K . A5 MB> A>AB02;O5B 2KA>G09HCN ?@5<C4@>ABL 1>;LH59 G0AB8 ;N459 87 7=0B=>3> :@C30 , :>B>@K< >B:@KB ?CBL G5AB>;N18O 4> ?5@2KE AB5?5=59 2 3>AC40@AB25 . "515 =54>AB05B B>;L:> B>9 ;>2:>AB8 , B>9 A0<>=045O==>AB8 , :>B>@K5 ?@8>1@5B0NBAO ?>A5I5=85< >1I5AB2 2KAH53> :@C30 . > MB8<8 :0G5AB20<8 25AL<0 A:>@> <>6=> 70?0AB8AL , A C<>< 8 A> A<5;>ABLN , 2 :>B>@KE C B51O =5B =54>AB0B:0 . B0: , ?>A;CH09AO <5=O 8 2ABC?8 2 A25B . / ?>7=0:><;N B51O A 42C<O 4N68=0<8 <>8E B5BCH5: 8 :C78= 8 =5A:>;L:8<8 ?>;=>25A=K<8 70:>=>40B5;O<8 >1I5AB2 ; A <>;>456LN BK A0< ?>7=0:><8HLAO . >B0:09 AB0@H8< , 83@09 2 1>AB>= 8 28AB A> AB0@CE0<8 , =8:>340 =5 3=5209AO 70 :0@B0<8 8 =5 A?@0H8209 :0@B>G=>3> 4>;30 ; ?>BG5209 <>;>4KE ;N459 8 @0745;O9 A =8<8 8E C4>2>;LAB28O ; =5 A?>@L , A>3;0H09AO 2A5340 A 1>;LH8=AB2>< 3>;>A>2 2 A>1@0=88 B>20@8I59 , A E>7O8=>< 2 53> 4><5 8 A> 2AO:8< =0548=5 . 5 45;09 A0< A?;5B=59 8 =5 :;525I8 =8 =0 :>3> , => A;CH09 B5@?5;82> 2A5 A?;5B=8 8 :;525BK ; 8725I09 > A?;5B=OE =0<5:0<8 , 2A5340 A:@K20O 8<5=0 ; 70102;O9 2K4C<:0<8 8 =8:>340 =5 ?@8A;C68209AO ?@024>N ; E20;8 2A5 GC6>5 8 ?>@8F09 2A5 A2>5 ; =07K209 2A5E 1>;BC=>2 C<=K<8 , 2A5E G8=>2=8:>2 45;>2K<8 8 B@C4>;N182K<8 , 2A5E AC459 G5AB=K<8 , 2A5E 1>30G59 1;03>45B5;L=K<8 , 2A5E ?>68;KE 40< 4>1@K<8 , 2A5E <>;>4KE 65=I8= 8 4528F :@0A028F0<8 , 2A5E 45B59 0<C@0<8 8 35=8O<8 . =09 =087CABL 4=8 8<5=8= 8 @>645=8O 2A5E B2>8E 7=0:><KE 8 =5 ?@5=51@5309 2878B0<8 . 0CG8AL E>E>B0BL 4> A;57 , :>340 B515 @0AA:07K20NB A:CG=>5 ?>4 8<5=5< A<5H=>3> , 8 C<59 <>@I8BLAO , :>340 :B> -=81C4L ?>25@O5B B515 3@CABL A2>N . >4020OAL 2?5@54 , AB0@09AO ?>:07K20BL , GB> BK 2A5340 AB>8HL ?>7048 . AO:89 CA?5E A2>9 ?@8?8AK209 4@C38< 8 1;03>40@8 2A5E . !=>A8 B5@?5;82> =51>;LH85 >A:>@1;5=8O , 0 <AB8BL 70 A51O ?@54>AB02;O9 4@C38< . @>A8 2A5340 70 4@C38E 8 70AB02;O9 4@C38E ?@>A8BL 70 B51O . 8:>340 =8 2 G5< =8:><C =5 >B:07K209 ; >15I09 2A5 8 2A5< 8 ?>A;5 8728=O9AO =52>7<>6=>ABLN 8A?>;=5=8O , ?>:07K20O 284 , 1C4B> BK 2A5 A45;0; , GB> >B B51O 7028A5;> , E>BO 1K 2>2A5 =5 =0G8=0; . ><=8 <>8 =0AB02;5=8O 8 25@L , GB> , 5A;8 1C45HL 8< 2 B>G=>AB8 A;54>20BL , ?@527>945HL 2A5E :0<5@ -35@>52 <8@5 8 ?>;CG8HL G53> ?>65;05HL ! / >B:@K; 4@C3C <>5<C , 8;>2848=C , B09=C <>53> @>645=8O . !5@4F5 <>5 8<5;> =C64C >1;53G8BLAO 4>25@5==>ABLN . K ?>A>25B>20;8AL A <0BCH:>N , 8 >=0 1;03>A;>28;0 <5=O =0 =>2>5 ?>?@8I5 . ""K 2AB@5B8HL , <>65B 1KBL , A2>8E @>4AB25==8:>2 2 A25B5 , - A:070; 8;>2848= , => :0: BK =5 8<55HL =8:0:8E 4>:070B5;LAB2 , GB> BK AK= :=O7O 8;>A;02A:>3> , 8 :0: >B5F B2>9 =8G53> B515 =5 >AB028; , B> MB> =8 : G5<C B515 =5 ?>A;C68B 8 4065 <>65B =02;5GL =5?@8OB=>AB8 . / ?@54AB02;N B51O 2 A25B5 ?>4 8<5=5< @CAA:>3> 42>@O=8=0 , 8<5NI53> 60;>20==K5 8<5=8O 2 15;>@CAA:8E 3C15@=8OE . >>1I5 @CAA:85 D0<8;88 , ?>A5;82H85AO 2 =>2>?@8>1@5B5==KE >1;0ABOE , 8<5NB <0;> A2O759 2 AB>;8F0E : =0< ?>25@OB . "5 65 , :>B>@K5 ?>G8B0NB B51O ?;5<O==8:>< 45;084K 5B@>2=K 8 2845;8 B51O C =55 2 4><5 , =5 7=0NB =8 B2>53> , =8 55 ?@>8AE>645=8O . =8 , 157 A><=5=8O , C7=0NB , GB> 45;0840 5B@>2=0 6825B B5?5@L >BH5;L=8F5N 8 GB> BK A>45@68HL 55 =0 A2>5< 864825=88 . -B> 5I5 1>;55 CB25@48B 8E 2 <=5=88 =0AG5B B2>53> 42>@O=AB20 . ?@>G5< , ;N157=K9 4@C3 , B>;L:> 2 A@54=5< A>A;>288 ;N48 27KA:0B5;L=K 8 ;N1>?KB=K =0AG5B 4@C38E . 2KAH5< :@C3C :064K9 4C<05B > A515 A0<>< 8 =5 15A?>:>9AO > 4@C3>< , 5A;8 B>B =5 703>@068205B 5<C 4>@>38 " . 0:>=5F =0AB0; 45=L , =07=0G5==K9 4;O 2878B5@>2 . / =0=O; :0@5BC G5B25@=5N , >45; ;0:5O 2 ;82@5N A 30;C=0<8 , 8 <K ?CAB8;8AL 2 ?CBL . >@>3>N 8;>2848= A:070; <=5 : " 0 =5< ?>A5I5=8O A 3@0D8=8 @>B@C18=>9 . -B> _70?520;0 _ <564C <>A:>2A:8<8 AB0@CE0<8 : ?> 55 :0<5@B>=C 2>5B ?>;A>B=8 :@8:C=59 , 8 MB>B E>@ A>AB02;O5B @5?CB0F8N <>;>4KE ;N459 , 0 >A>15==> <>;>4KE AC?@C3>2 . >B 4>< 55 : 2848HL ;8 , A:>;L:> 745AL :0@5B ?5@54 :@K;LF>< ? 5 B0: >?0A=> ?@>3=528BL =0G0;LAB2> , :0: MB8E 30@?89 , :>B>@K5 70 <0;59H55 C?CI5=85 3>B>2K @0AB5@70BL 4>1@CN A;02C ?>@O4>G=>3> G5;>25:0 . - @8=8<05B ! - A:070; H259F0@ , 70=8<02H89AO ?>G8= , :>N A0?>3>2 2 A2>59 :0<>@:5 . K 2>H;8 2 70;C , @0A?8A0==CN 70 ?>;25:0 ?@54 A8< . >:@C3 AB5= AB>O;8 >3@><=K5 ABC;LO , ?>:@KBK5 G5E;0<8 87 ?5AB@>9 E>;AB8=K , 0 2 C3;C 1>;LH85 3>;;0=4A:85 G0AK , 2 4C1>2>< @57=>< DCB;O@5 . - >60;C9B5 ! - 2>73;0A8; :0<5@48=5@ , >B?8@0O 425@8 2 3>AB8=CN . K 2>H;8 . @0D8=O , AB0@0O 65=I8=0 , A845;0 , A:>@G82H8AL =0 A>D5 , >1;>65==0O ?>4CH:0<8 , 2KH8BK<8 ?> :0=25 55 2=CG:0<8 8 2>A?8B0==8F0<8 . >4 =>30<8 1K;0 B0:65 >3@><=0O 2KH8B0O ?>4CH:0 . 0 :>;5=OE 55 ?>:>8;AO H?8F , 2KAC=C2 3>;>2C 87 H0;8 . 5@54 =59 =0 AB>;8:5 AB>O;8 D0@D>@>2K5 G0H:8 A 2878B=K<8 18;5B0<8 , B010:5@:0 8 :>;>:>;LG8: . @C3>< 2 :@5A;0E A845;> =5A:>;L:> 40< 8 <C6G8= . - 4@02AB2C9B5 , B5BCH:0 , - A:070; 8;>2848= , ?>F5;>202 C =55 @C:C . - B:C40 , 10BNH:0 ? - A?@>A8;0 3@0D8=O , ?>4=O2 3>;>2C 8 A<>B@O ?@8AB0;L=> =0 8;>2848=0 . - 7 40;5:8E AB@0= , B5BCH:0 , 8 ?5@2K< 4>;3>< ?>G5; O28BLAO : 20< . - !?0A81> , GB> =5 701K; . - >72>;LB5 , B5BCH:0 , ?>@CG8BL 20H5<C ?>:@>28B5;LAB2C 4@C30 <>53> , 15;>@CAA:>3> ?><5I8:0 , 20=0 20=>28G0 K6838=0 , :>B>@><C O 25AL<0 <=>3> >1O70= . @0D8=O ?>A<>B@5;0 =0 <5=O 8 :82=C;0 3>;>2>N , 0 O ?>:;>=8;AO . - 8;>AB8 ?@>A8< : <K @04K 4>1@K< ;N4O< . @>HC A048BLAO . 'B> , BK >48= 2 >A:25 8;8 A 65=>N ? - A?@>A8;0 3@0D8=O . - 48= , B5BCH:0 ; 65=0 <>O >AB0;0AL 70 3@0=8F5N , ?> A;01>AB8 74>@>2LO . - "5< ;CGH5 , GB> BK >48= . 345 A;C68BL 872>;8B5 ? - A:070;0 3@0D8=O , >1@0I0OAL :> <=5 . - / B5?5@L B>;L:> =0<5@520NAL 2ABC?8BL 2 A;C61C , - >B25G0; O , - 8 ?> A85 2@5<O 70=8<0;AO =0C:0<8 . - , 87 CG5=KE ! >=8<0N , - ?@8<>;28;0 3@0D8=O , ?>=NE02 B010:C . - <=>3> ;8 70 20<8 4CH ? - A?@>A8;0 >=0 . 8;>2848= =5 40; <=5 >B25G0BL 8 A:070; : - >;B>@K BKAOG8 . - <=>3> ;8 45B59 C @>48B5;59 ? - A?@>A8;0 3@0D8=O . - = >48= 8 - A0< E>7O8= , - >B25G0; 8;>2848= . - 5 4C@=> , - ?@>2>@G0;0 3@0D8=O , A=>20 ?>=NE02 B010:C . / ?>A<>B@5; =0 4@C38E 3>AB59 8 70<5B8; , GB> <0BCH:8 ?>4B0;:820;8 4>G5: 8 4>G:8 2K?@O<;820;8AL , ?>4=8<0;8 3;070 , >?CA:0;8 27>@K , A:;>=O;8 3@0F8>7=> 3>;>2C =0 ?;5G> , 0 B5 , :>B>@K5 8<5;8 E>@>H85 7C1K , C;K10;8AL . - >;B>@K BKAOG8 4CH 4;O >4=>3> G5;>25:0 4>2>;L=> 87@O4=> , - A:070;0 ?@> A51O 3@0D8=O , ?>B8@0O A2>N B010:5@:C . - 0: 1KHL D0<8;8O , 8728=8B5 ? - 20= 20=>28G K6838= , - ?>2B>@8; 3@><:> 8 ?@>BO6=> 8;>2848= . / A=>20 70<5B8; , GB> 2A5 3>ABL8 H525;8;8 3C10<8 , :0: 1C4B> ?>2B>@OO 4;O ?0<OB8 <>5 8<O . - / 2AO:89 45=L >1540N 4><0 , - A:070;0 3@0D8=O , - 8 :@><5 42CE 4=59 2 =545;5 8 =5>1K:=>25==KE A;CG052 , 2AO:89 25G5@ ?@8=8<0N . =5 ?@8OB=> 1C45B 2845BL 20A C A51O 2 4><5 , 20= 20=>28G ; 0 B51O , ;5:A0=4@ , 720BL =5 : G5<C : BK C <5=O 4><0H=89 , ?>:0 A=>20 =5 7025B@5=8G05HL . 8;>2848= A=>20 ?>F5;>20; @C:C 3@0D8=8 , 0 O >B?CAB8; B0:>9 A:;04=K9 :><?;8<5=B , GB> 3@0D8=O 4065 :82=C;0 3>;>2>N , 2 7=0: A>3;0A8O , 8 C42>8;0 ?@85< B010:C , 2 7=0: A2>53> C4>2>;LAB28O . - 5;> A45;0=> , - H5?=C; <=5 8;>2848= . - "5?5@L 2A5 70?>NB =0 >4=C =>BC . "0: 8 A;CG8;>AL . - ;5:A0=4@ 20=>28G , - A:070;0 8;>2848=C >4=0 B>;AB0O 40<0 , ?>68;KE ;5B , A8;L=> @07@C<O=5==0O , 2 >3@><=>< G5?F5 , B>@G02H5< =0 A0<>< ?>GB8 ;1C , - 402=> ;8 2K 70A?5A828;8AL 8 =5 C7=05B5 AB0@KE 7=0:><KE ? - ><8;C9B5 , AC40@K=O , - >B25G0; 8;>2848= , - O 20< :;0=O;AO , 8 , 1C4CG8 70=OB @073>2>@>< A 55 A8OB5;LAB2>< , =5 8<5; 2@5<5=8 >1@0B8BLAO : 20< A 70A2845B5;LAB2>20=85< <>53> ?>GB5=8O , =0<5@520OAL , 2?@>G5< , 8A?>;=8BL MB> 2 20H5< 4><5 . - "> -B> , - ?@8<>;28;0 B>;AB0O 65=I8=0 . - @>HC =5 >AB02;OBL =0A ?> -?@56=5<C . 8;>AB8 ?@>A8< 8 A ?@8OB5;5< 20H8< . / A=>20 2KAB@5;8; :><?;8<5=B>< , 8 B>;AB0O 40<0 A45;0;0 3@8<0AC , :>B>@CN , 25@>OB=> , :0:>9 -=81C4L ;LAB5F =0720; 1K ?@8OB=>N C;K1:>9 . 8;>2848= 7=0; 2A5E 3>AB59 . 0G0;8AL >1JOA=5=8O , 8 <K 1K;8 ?@83;0H5=K A ?5@2>3> 2878B0 :> 2A5< _2AO:89 _ 45=L >1540BL 8 _:064K9 _ 45=L =0 25G5@ . ?>;G0A0 O A45;0; >48==04F0BL 7=0:><AB2 . - =>3>5 ?5@5<5=8;>AL A B5E ?>@ , :0: BK >AB028; >A:2C , - A:070;0 8;>2848=C 3@0D8=O . - C78=0 B2>O , H5=L:0 , 2KH;0 70<C6 70 1>30B>3> G8=>2=>3> G5;>25:0 . C78=0 >;8=0 @07J5E0;0AL A <C65< , :>B>@K9 ?>B5@O; <5AB> 48@5:B>@0 B0<>6=8 . C78=0 0B8H GCBL =5 2KH;0 70<C6 70 ?>;:>2=8:0 ; C6 <K 1K;> 2A5 A;048;8 , 40 ?@>:;OBK5 A?;5B=8 C:CH:8=>9 @0AAB@>8;8 45;> , 8 >=0 =02O70;0 65=8EC A2>N 65<0==CN ?;5<O==8FC , C :>B>@>9 =5B =8G53> , :@><5 45=53 . BK 7=05HL , GB> ?>@O4>G=K9 , 1;03>2>A?8B0==K9 G5;>25: =5 65=8BAO =0 45=L30E , - ?@8<>;28;0 >=0 , ?>A<>B@52 =0 <5=O . - 5 ?@0240 ;8 , 20= 20=>28G ? - 5=56=K9 @0AG5B 2 AC?@C65AB25 :0G5AB2> =87:8E 4CH , - A:070; O . - 0: C<=> ! - A:070;0 B>;AB0O 40<0 , ?>A<>B@52 =0 A2>8E 4>G5: . - 'C2AB28B5;L=> 8 >AB@>C<=> ! - 2>A:;8:=C;0 ACE>I020O 40<0 , 2>7;5 :>B>@>9 A845;8 G5BK@5 4515;K5 452K . - A5 2K 3>2>@8;8 , GB> 87 <>53> 2=C:0 >:> =5 1C45B ?@>:C , - A:070;0 3@0D8=O 8;>2848=C , - 0 <K 53> ?@8AB@>8;8 ?>@O4>G=> . = ?@8 >A>1KE ?>@CG5=8OE ?@8 :=O75 !2O78=5 2 5B5@1C@35 , 8 C65 B8BC;O@=K9 , 40 2 =K=5H=5< 3>4C ?>;CG8; :@5AB8: 70 ?>574:C 2 >A:2C , A :0:8< -B> A5:@5B0@5< 8;8 ?@>:C@>@>< =0 A;54AB285 . 0;L , GB> >= ?@85E0; AN40 ?> >:>=G0=88 A;54AB28O , 0 B> 1K 5I5 AE20B8; GB> -=81C4L . K ?@>G8< 53> 2 :0<5@ -N=:5@K . =O7L !2O78= B5?5@L 2 A8;5 , 0 >= <=5 A2>9 G5;>25: . 0 4=OE >B?@02;ON : =5<C 2=C:0 <>53> , 0:0 , AK=0 =5AG0AB=>3> ;03>@>4>20 , :>B>@K9 , 3>2>@OB , A C<0 A>H5; >B :=83 , ?>A5;8;AO 2 45@52=5 8 >B:070;AO >B G8=>2 . 0: , A;020 >3C , =5 2 >BF0 . @5:@0A=K9 <>;>4>9 G5;>25: , E>G5B A;C68BL 2 =>AB@0==>9 :>;;5388 8 <0AB5@ A2>53> 45;0 . 0 <>8 8<5=8=K A>G8=8; ?> -D@0=FC7A:8 :C?;5BK =0 42CE ;8AB0E , :>B>@K5 ?@>?5;8 B@8 <>8 2=CG:8 . 0 ?>A;54=5< 10;5 2A5E C4828; <07C@:>N , 8 , :@><5 B>3> , 25AL<0 CG5= : :0: A:07K20NB , 7=05B >@D>3@0D8N 8 <8D>;>38N ! 7 =53> 1C45B G5;>25: ! > 70 B> ?@> B5B:C 53> , 3@0D8=N _ 8:>48< _ , 3>2>@OB >G5=L 4C@=> . / =5 ;N1;N ?>2B>@OBL 4C@=KE 25AB59 ; => 3>2>@OB , GB> >=0 8<55B A2O78 . . . ?>=8<05HL ? =0 ?5@5AB0;0 :> <=5 5748BL : >3 A =59 ! 0 8 1K2H89 3C15@=0B>@ , B2>9 @>4AB25==8: , >1@>45;>2 , B0:65 ?5@5AB0; 5748BL :> <=5 . 0@>< , GB> ?@8OB5;8 ?@>2>73;0H0NB > 53> G5AB=>AB8 , 40 =5 2A5 25@OB . #6 :B> 2 4>< :> <=5 =5 5748B , B0: 25@=> B>B GC2AB2C5B 70 A>1>N :0:CN -=81C4L 28=C . / =5 ;N1;N >3>20@820BL , 0 7=0N :>5 -GB> ! - @0D8=O AB0;0 =NE0BL B010: 8 A>18@0;0AL 5I5 @0AA:07K20BL ?@> 2A5E A2>8E @>4=KE 8 7=0:><KE , => 8;>2848= 2>A?>;L7>20;AO <8=CB>N <>;G0=8O , 2AB0; , 8 <K 2KH;8 87 :><=0BK . - !>E@0=8 >3 , ?>?0ABLAO 59 =0 O7K: , - A:070; 8;>2848= , A04OAL 2 :0@5BC . - =0 ?@8A2>8;0 A515 ?@02> 2;04KG5AB20 =04 G5B25@B>N 4>;5N <>A:>2A:>3> >1I5AB20 , 8 :B> B>;L:> >B40;O5BAO >B =55 8 =5 E>G5B 84>;>?>:;>==8G0BL , A B5< ?>ABC?05B >=0 , :0: A 4575@B8@>< , >B405B ?>4 A2>9 10189 AC4 , ?@>87=>A8B A5=B5=F8N 8 , 2 =0:070=85 , ;8H05B 4>1@>3> 8<5=8 . /7K:>< A2>8< 8 A2O7O<8 >=0 A45;0;0AL AB@0H=>N 4;O <=>38E ;8F , 70=8<0NI8E 206=K5 <5AB0 , 8 >=8 4>;6=K 8A?>;=OBL 55 65;0=8O , GB>1 87153=CBL :;525BK 8 2AO:>3> @>40 :>7=59 . 04>1=> ?>;LAB8BL 59 : >=0 4>AB028B B515 <5AB> . >60;>20==K5 <=>N B515 ?>;B>@K BKAOG8 4CH 8 15;>@CAA:>5 42>@O=AB2> 2>7L<CB A2>5 . K ?>4J5E0;8 : 1>;LH><C 4><C , 8 8;>2848= A:070; : ""5?5@L O ?>7=0:><;N B51O A >4=8< 87 :>=>2>4>2 <>A:>2A:8E AB0@8:>2 , :>B>@>3> 8<O ?@>87=>A8BAO A B0:8< B>G=> C2065=85< , :0: =5:>340 45;LD89A:>3> >@0:C;0 . =B8? @<>;0528G =5:>340 70=8<0; 206=>5 <5AB> , 8 E>BO 45;0 ?@8 =5< H;8 B>G=> B0:8< 65 ?>@O4:>< , :0: 8 2A5340 , => >= C25@5= , GB> A B5E ?>@ , :0: >= 2KH5; 2 >BAB02:C , A>;=F5 A;0155 A>3@5205B >AA8N , ;C=0 =5 B0: O@:> A25B8B 8 >B5G5AB2> =0 :@0N 3815;8 . A5 , GB> B>;L:> 45;05BAO 2=CB@8 8 2=5 3>AC40@AB20 , ?>G8B05B >= 4C@=K< 8 3>2>@8B , GB> >= ?@8A>25B>20; 1K A45;0BL ;CGH5 , E>BO , ?> =5AG0AB8N , >= =8G53> =5 A45;0; E>@>H53> 2 687=8 , :@><5 B>3> , GB> 2KH5; 2 >BAB02:C . > A;>20< 53> , :@><5 ?>:>9=KE 53> ?@8OB5;59 8 ?>:@>28B5;59 , =5 1K;> A?>A>1=KE ;N459 2 >AA88 . A;8 1 >= =5 4020; >154>2 8 10;>2 , B> 53> 1K =8:B> =5 A;CH0; ; => :0: >= ;N18B A>18@0BL 2 A2>5< 4><C B>;?C , B> >= , :0: 3>2>@8BAO , 8<55B 25A . = <>65B 1KBL B515 ?>;575= " . 0A ?@8=O;8 . =B8? @<>;0528G 1K; 2 A2>5< :018=5B5 . = A845; 2 1>;LH8E :@5A;0E , 2 75;5=>< 10@E0B=>< H;0D@>:5 , >?CH5==>< A>1>;O<8 8 C:@0H5==>< 42C<O 725740<8 . - , AB0@K9 ?@8OB5;L , 345 ?@>?040; ? - A:070; >= 8;>2848=C . - CB5H5AB2>20; 8 , 2>72@0B8AL 2 >A:2C , ?5@2K< 4>;3>< ?>G5; O28BLAO A ?>GB5=85< : 20H5<C ?@52>AE>48B5;LAB2C . - !?0A81> , A?0A81> , 4@C6>: ! - >72>;LB5 ?@54AB028BL 20< <>53> ?@8OB5;O , 20=0 20=>28G0 K6838=0 , @CAA:>3> 42>@O=8=0 , 8<5NI53> ?>;B>@K BKAOG8 4CH 2 5;>@CAA88 . - >1@> ?>60;>20BL . 345 A;C68; 20H >B5F 8 2 :0:>< 1K; G8=5 ? - >;:>2=8: 2 0@<88 , - >B25G0; 8;>2848= . - 5 ?@8 !25B;59H5< ;8 ? - ">G=> B0: , - A:070; O , 708:0OAL . - >B B>340 -B> 1K;8 2@5<5=0 ! 5 ?@0240 ;8 ? - ">G=> B0: , 20H5 ?@52>AE>48B5;LAB2> , - A:070;8 <K 2 >48= 3>;>A . - 2K 345 A;C68B5 ? - / B5?5@L B>;L:> E>GC >?@545;8BLAO : <5ABC . - 0:0O B5?5@L A;C610 ! - 2>A:;8:=C; =B8? @<>;0528G . - "5?5@L 2K4C<0;8 25745 HB0B=K5 <5AB0 , 8 ?>@O4>G=><C G5;>25:C =5345 ?@8NB8BLAO . 5 ?@0240 ;8 ? - ">G=> B0: , 20H5 ?@52>AE>48B5;LAB2> , - A:070; 8;>2848= , 8 O ?>2B>@8; 70 =8< B> 65 A0<>5 . - 4=0:> 6 8 =K=5 5ABL <5AB0 4;O >A>1KE ?>@CG5=89 , - ?@8<>;28; 8;>2848= . - 0 254L 2 B>< 45;> : ?@8 :>< A>AB>OBL 4;O >A>1KE ?>@CG5=89 ! 5 ?@0240 ;8 ? - A:070; =B8? @<>;0528G . - "5 ;8 25;L<>68 1K;8 2 =0H5 2@5<O , GB> =K=5 ? 5 ?@0240 ;8 ? K20;> , ?@845HL : 25;L<>65 : >= ;568B A515 2 E0;0B5 =0 4820=5 40 ?5@5:0G8205BAO , 0 ?5@54 =8< AB>OB AB@C=:>N :=O7LO , 3@0DK 8 35=5@0;K 8 >6840NB A83=0;0 ?;0:0BL 8;8 A<5OBLAO . 5 ?@0240 ;8 ? =K=5 A0< 25;L<>60 =5 A<55B ?@8A5ABL , =5 ?>A0482 4@C38E ; ?@8=8<05B 4065 ?@>A8B5;59 J <C=48@5 8 ?>4G8=5==>3> 8=0G5 =5 =07>25B , :0: 2K , 40 5I5 ?> 8<5=8 8 >BG5AB2C . 5 ?@0240 ;8 ? C :0:>5 MB> 2@5<O ? 1KBL ;8 BCB 4>1@C ? 5 ?@0240 ;8 ? K20;> , 25;L<>60 2K1@0=8B B51O EC65 , =565;8 A2>53> ;0:5O , 8=>340 8 2KB>;:05B , 1@>A8B 2 3;070 1C<030<8 , 40 70B> , 345 3=52 , BCB 8 <8;>ABL . 5 ?@0240 ;8 ? >>1@078B5 , 4> :0:>9 AB5?5=8 =K=5 4>H;0 8A?>@G5==>ABL =@02>2 ! / @0AA:07K20; <>5<C ?;5<O==8:C 0=5:4>B , GB> >48= 25;L<>60 , 2 <>5 2@5<O , ?@54AB028; A2>53> A5:@5B0@O : =03@045 2 0 0 4CH :@5ABLO= . 0 4>:;04 A>872>;5=8O =5 2>A?>A;54>20;> , 8 25;L<>60 ?>40@8; A5:@5B0@N 2 0 0 4CH A2>8E A>1AB25==KE . 'B> 6 1K 2K 4C<0;8 A:070; =0 MB> <>9 ?;5<O==8: ? = >B25G0; : GB> 5A;8 1 >= 1K; =0 <5AB5 A5:@5B0@O , B> =5 27O; 1K 2 0 0 4CH >B 25;L<>68 , ?>B><C GB> A;C68B 3>AC40@N , 0 =5 25;L<>65 8 >B >4=>3> 3>AC40@O <>65B ?>;CG0BL =03@04K . >B :0:>2K =K=5H=85 ! MB>B -B> A5:@5B0@L - O . , 2@5<O , 2@5<5G:> ! 5 ?@0240 ;8 ? K=5 >1E>4OBAO 256;82> , 40 GB> 2 B>< ?@>:C ? > CA0< B5G5B , 0 2 @>B =5 ?>?0405B . >340 O 5I5 1K; 2 <0;KE G8=0E , <=5 =04>1=> 1K;> AJ5748BL 2 >B?CA: . / ?>40; ?@>AL1C 8 ?@8H5; : =0G0;L=8:C 70 <8;>AB82K< >B25B>< , :>340 C =53> 1K;> <=>65AB2> 3>AB59 . =05B5 ;8 , G5< >= <5=O 2AB@5B8; ? ""K 4C@0: , =B8? @<>;0528G , 1>;20= " , - A:070; =0G0;L=8: . "!;CH0N -A , 20H5 ?@52>AE>48B5;LAB2> " . = ?>2B>@8; : ""K 4C@0: , =B8? @<>;0528G , >A5; , 1>;20= " . - "8=>20B , 20H5 ?@52>AE>48B5;LAB2> " , - >B25G0; O , ?>:;>=82H8AL . ""K ?@>A8; >B?CA:0 =0 420 <5AOF0 ? " - "">G=> B0: , 20H5 ?@52>AE>48B5;LAB2> " . - "0: 65 BK =5 ?@>A8; 60;>20=LO 70 420 <5AOF0 ? - ?@8<>;28; =0G0;L=8: . - C@0: , 1@0B ! 0 2>B B5 >B?CA: , 0 2>B B5 ?@54?8A0=85 : :07=0G5N , GB>1 >B?CAB8; B515 60;>20=L5 " . / ?>F5;>20; @CG:C 4>1@>3> =0G0;L=8:0 8 2KH5; A ?>:;>=>< , 1;03>A;>2;OO 53> 4>1@>45B5;L . =K=5 ?@8H5; A b o n j o u r 8 2KH5; A b o n j o u r . 5 ?@0240 ;8 ? 'B> 65 1K 2K 4C<0;8 3>2>@8B <>9 ?;5<O==8: >1 MB>< ? = 3>2>@8B : ;CGH5 =8G53> =5 40209 40 >1E>48AL ?> -G5;>25G5A:8 , 0 =5 :0: A ;>H04LN . >B :0:85 2@5<5=0 ! 5 ?@0240 ;8 ? - 0: =0< =5;L7O 2>@>B8BL 7>;>B>3> 25:0 , - A:070; O , - B> =04>1=> ?>4G8=8BLAO >1AB>OB5;LAB20< , 8 O ?@>HC , 20H5 ?@52>AE>48B5;LAB2> , 27OBL <5=O ?>4 A2>5 ?>:@>28B5;LAB2> . - >A<>B@8< , ?>A<>B@8< . K2H85 C <5=O ?8AF0<8 70=8<0NB =K=5 206=K5 4>;6=>AB8 . '5<C BCB 1KBL 4>1@><C ? 4=0:> 6 ?>A<>B@8< . / C286CAL , ?5@53>2>@N . > 254L =K=5 7025;AO :0:>9 -B> _HB8;L _ . "@51CNB , GB>1 :0=F5;O@A:85 1C<038 1K;8 ?8A0=K A:;04=> , :0: ?5A5=:8 , 0 ?@8B>< 8 :@0B:> , 8 OA=> , 8 >BG5B8AB> . 5 ?@0240 ;8 ? -B> 2>2A5 =5 2>7<>6=> . 5 ?@0240 ;8 ? 0 :0: =K=5 8 >1@07>20BLAO G5;>25:C =0 :>@>B5=L:8E 70?8A>G:0E ? "> ;8 45;> , 1K20;> , :0: =0:8=CB =0 B51O 45;> 2 B@8 BKAOG8 ;8AB>2 >1 C:@045==>9 :C@8F5 8 @0718B>< >:=5 , B0: 872>;L -:0 ;><0BL 3>;>2C 40 2K2>48BL 70:;NG5=8O ? >=52>;5 ?@8CG8HLAO : 45;0< . 5 ?@0240 ;8 ? . . MB> 2@5<O ;0:59 4>;>68; , GB> G0AB=K9 ?@8AB02 ?@>A8B ?>72>;5=8O 2>9B8 . - @>A8 ! / , :0: =5A?>A>1=K9 , =K=5 157 <5AB0 , - A:070; =B8? @<>;0528G A ;C:02>N CA<5H:>N . - / =5A?>A>1=K9 ! >=8<05B5 ;8 ? =5B 45;0 , 2 :>B>@>< 1K C<=K5 ;N48 A> <=>N =5 A>25B>20;8AL . >B ?>;8F8O ?@8:070;0 2K:@0A8BL 701>@ <>5<C A>A54C . "0: 2A5 :> <=5 =0 A>25B , :0:>N :@0A:>9 ? =B8? @<>;0528G =5A?>A>1=K9 G5;>25: ! 5 ?@0240 ;8 ? K >B:;0=O;8AL 8 2KH;8 , ?>;CG82 ?>72>;5=85 1KBL _:064K9 _ 45=L =0 >1545 8 =0 25G5@5 . - CAB>9 AB0@8G8H:0 ! - A:070; O 8;>2848=C 2 :0@5B5 . - = ?>E>6 =0 >AB0=>282H85AO G0AK A @5?5B8F859 , :>B>@K5 1LNB 2A5340 B>B G0A , =0 :>B>@>< AB@5;:0 >AB0=>28;0AL . - !>E@0=8 B51O >3 3>2>@8BL ?@54 :5< 1K B> =8 1K;> 2 >A:25 , GB> =B8? @<>;0528G ?CAB>9 G5;>25: ! "51O ?>GBCB @0A:>;L=8:>< , 2>;L=>4C<F5< . >;G8 8 A;CH09 . -B8 AB0@8:8 <>3CB B515 =045;0BL <=>3> 4>1@>3> 8 <=>3> EC4>3> . - #2>;L ! 0 =K=5H=89 45=L 1C45B 4>2>;L=> . - 5B , 5I5 >48= 2878B ; => MB>B 1C45B ?@8OB5= . / ?>257C B51O : <>59 <8;>9 :C78=5 , 2 :>B>@CN F5;0O >A:20 2;N1;5=0 , 8 >=0 , ?@02> , AB>8B MB>3> . - E , m o n c h e r ;5:A0=4@ ! - E , m a c o u s i n e A n n e t t e ! >H;8 >1=8<0=8O 8 F5;>20=8O , 8 8;>2848= , A52 =0 A>D5 A E>7O9:>N , AB0; H5?B0BLAO , ?5@5H5?BK20BLAO 8 701K; >1> <=5 . 0:>=5F :C78=0 >?><=8;0AL : - E , p a r d o n ! - 8;0O =5B0 , - A:070; 8;>2848= . - / @5:><5=4CN >A>15==>9 B2>59 <8;>AB8 8 ?>:@>28B5;LAB2C 4@C30 <>53> , 1;03>45B5;O , A?0A8B5;O 8 2A5 , GB> C3>4=> , 20=0 20=>28G0 K6838=0 , :>B>@K9 , :@><5 B>3> , GB> E>@>H A>1>N , :0: BK 2848HL , C<5= 8 4>1@ , :0: BK 8 O , 8<55B ?>;B>@K BKAOG8 4CH . - C h a r m e e . . . - >;=> , <8;0O , ?>60;C9AB0 157 F5@5<>=89 , - 2>73;0A8; 8;>2848= . - ><=8 , GB> MB> 4@C3>9 O . >A;CH09 , 45;> 2 B>< , GB> O E>GC 4@C30 <>53> ?><5AB8BL 2 A;C61C 8 225AB8 2 ;CGH55 <>A:>2A:>5 >1I5AB2> . # B51O 1>;LH0O ?0@B8O , :C78=CH:0 . >60;C9AB0 , ?>:@8G8 A =545;L:C 70 <>53> 4@C30 . "K <>65HL A<5;> C25@OBL 2A5E , GB> >= B>G=> B0:>2 , :0: O , 0 BK =5:>340 1K;0 C25@5=0 , GB> O <8; 4> :@09=>AB8 . - "K 2A5 B0:>9 65 25B@5=8: , :0: 1K; ?@5645 , - A:070;0 :C78=0 . - 45 65 <C6 B2>9 ? - A?@>A8; 8;>2848= . - = 2A5 2 @07J5740E ?> A2>8< >B:C?0< 8 702>40< : B5?5@L 2 5B5@1C@35 . / 4>;6=0 745AL >1@010BK20BL 53> 45;0 - 8 ?@87=0NAL , <=5 MB> =5A=>A=> . - K A 4@C3>< <>8< ?>AB0@05<AO CB5H0BL ?@5:@0A=CN @804=C ! - A:070; 8;>2848= , ?>F5;>202 @C:C :C78=K 8ABK . - > =5 =0459AO , GB>1 O ?><5AB8; B51O , :C78=CH:0 , 2 A>7257485 =515A=>5 : =5B , BK A;8H:>< E>@>H0 4;O 75<;8 . - J o u g o u r s V o l a g e e t a i m a b l e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"0< =5B B5?;>BK , 0 >48= B>;L:> 1;5A: . 0E>4OAL 2 15A?@5@K2=>< @0AA5O=88 2 1>;LH>< A25B5 , O 8A:0; 5I5 @0AA5O=8O ! > C =0A , 4;O A25BA:>3> G5;>25:0 , =5B A@548=K <564C A:C:>N 8 @072@0B>< . 0C:8 , 8A:CAAB20 , EC4>65AB20 B>;L:> @0A?CA:0NBAO , 0 <=>3> , :>340 F25BCB 2 1>;LH>< A25B5 8 =8:>340 =5 ?@8=>AOB ?;>4>2 7@5;KE , <>3CI8E ?8B0BL 4CHC , 4@5<;NICN 2 157459AB288 . @><5 B>3> , 8A:CAAB20 , =0C:8 8 EC4>65AB20 2 >A:25 A>AB02;ONB 70=OB85 >A>1>3> :;0AA0 8 2 >1I5AB20 1>;LH>3> A25B0 4>E>4OB B>;L:> ?> A;CEC . 4=> >1I5AB25==>5 =0A;0645=85 - B50B@ . / 1K; ?;0<5==K< ;N18B5;5< B50B@0 , 81> , =5 8<5O 2@5<5=8 A0< G8B0BL =0548=5 , O @04 1K; A;CG0N , GB> 0:B5@K G8B0;8 ?5@54> <=>N ?C1;8G=> . / C3>640; 2 >4=> 2@5<O 8 2:CAC A2>5<C , 8 >1O70==>ABO< >1I5AB20 . 4=064K >1JO28;8 2 3075B0E , GB> =>2>?@81K2H0O 2 >A:2C 0:B@8A0 87 ?@>28=F80;L=>9 B@C??K 1C45B 451NB8@>20BL =0 <>A:>2A:>< B50B@5 2 @>;8 :>:5B:8 . C78=0 8;>2848=0 , <>O 8A:@5==OO ?@8OB5;L=8F0 , ?@>A8;0 <5=O 27OBL ;>6C . - =5 B0: A:CG=> A<>B@5BL 2 A25B5 =0 =0H8E A<8@5==8F , - A:070;0 >=0 , - GB> E>G5BAO ?>A<>B@5BL =0 :>:5B:C . / E>B5; 1K;> A:070BL , GB> 59 B>;L:> AB>8B 273;O=CBL 2 75@:0;> , => C45@60;AO 8 ?>H5; 2 :>=B>@C 27OBL 18;5B . K ?>5E0;8 2<5AB5 2 B50B@ . >4=8<05BAO 70=025A : =5B =>2>9 0:B@8AK , 8 <K A :C78=>N =5B>9 87>I@O5< =0H5 >AB@>C<85 2 =0A<5H:0E =04 =5AG0AB=K<8 0@B8AB0<8 , :>B>@K5 , :0: 3>2>@8BAO , ;57;8 87 :>68 , GB>1 =0< =@028BLAO . / 1K; 2 A0<>< 25A5;>< @0A?>;>65=88 4CE0 . 4@C3 ?>O2;O5BAO =>20O 0:B@8A0 ; ?0@B5@ E;>?05B 4;O >1>4@5=8O 55 ; >=0 ?@8A5405B , :;0=O5BAO , ?>4E>48B : >@:5AB@C , =0G8=05B 3>2>@8BL , => O =8G53> =5 286C 8 =5 A;KHC . - 'B> A 20<8 A45;0;>AL ? - 3>2>@8B :C78=0 =5B0 , :>B>@0O E>B5;0 <=5 A:070BL :0:>5 -B> 70<5G0=85 =0AG5B >4564K =>2>9 0:B@8AK . - 048 >30 , GB> A 20<8 A45;0;>AL ! K 1;54=K , 2K B@5?5I5B5 , 20< 4C@=> ! . . - C@=> , >G5=L 4C@=> ! - A:070; O 2?>;3>;>A0 8 2K1560; 87 ;>68 . =>2>9 0:B@8A5 O C7=0; - @C=N ! K; ;8 O 2;N1;5= 2 @C=N - =5 7=0N . / 1K; >G5=L <>;>4 , :>340 ?>4@C68;AO A =5N , 8 4CH0 <>O B>340 =5 1K;0 A?>A>1=0 : A8;L=K< >ICI5=8O< . !B@0AB8 <>3;8 B>;L:> B;5BL , => =5 ?K;0BL 2 <>5< A5@4F5 . @0A>B0 @C=8 A45;0;0 B>340 A8;L=>5 2?5G0B;5=85 2 <>5< 2>>1@065=88 , 0 =5 2 A5@4F5 . @5645 8 ?>A;5 <>59 =5AG0AB=>9 ?>574:8 2 @5=1C@3 O =0E>48; <=>3> 65=I8= ?@5:@0A=55 @C=8 ; => :0: A:>@> O ?@8H5; 2 B>B 2>7@0AB , :>340 AB@0AB8 =0G8=0NB 459AB2>20BL , B> , =5278@0O =0 87<5=C @C=8 , =0 7;> , ?@8G8=5==>5 <=5 55 :>20@AB2>< , O C25@8;AO , GB> B@C4=> =09B8 65=I8=C _<8;55 _ @C=8 . 73;O4 55 8 72C: 55 3>;>A0 ?@>872>48;8 2> <=5 2A5340 B0:>5 459AB285 , :>B>@>3> O =8:0: =5 <>3C @0AB>;:>20BL . 065BAO , 5A;8 1 <=5 702O70;8 3;070 , B> <564C <8;;8>=>< 3>;>A>2 O C7=0; 1K 55 3>;>A . = ?@O<> 4>E>48; <=5 4> A5@4F0 , 0 273;O4K 55 8<5;8 :0:CN -B> >G0@>20B5;L=CN A8;C ?@8:>2K20BL : A515 <>8 27>@K . !> 2@5<5=8 ?>A;54=53> =0H53> A2840=8O O AB0@0;AO 2>2A5 =5 4C<0BL > @C=5 , => =52>;L=> 2>A?><8=0; > =59 B>340 , :>340 ;N1>2L @0AAB02;O;0 <=5 A2>8 A5B8 2 1>;LH>< A25B5 . "0< <=>3> 1K;> ?@5:@0A=KE , => =8 >4=0 <=5 =5 =@028;0AL . E , 70G5< @C=O =5 B0: E>@>H0 4CH>N , :0: =0@C6=>ABLN , 4C<0; O G0AB> , 8 >?OBL AB0@0;AO =5 4C<0BL >1 =59 . =0:>=5F , 2>B >=0 >?OBL ?5@54 <>8<8 3;070<8 ! B4>E=C2 2 1CD5B5 , O 2KH5; =0 C;8FC 8 1@>48; 2 @074C<L5 >:>;> B50B@0 . / =8:0: =5 <>3 8AB>;:>20BL A515 , >BG53> <=5 A45;0;>AL 4C@=> ?@8 2845 @C=8 . / ?@8?8AK20; MB> AB@0EC , C60A=><C 2>A?><8=0=8N B>9 >?0A=>AB8 , :>B>@>9 O ?>425@30;AO 2 @5=1C@35 , ?> ?@8G8=5 87<5=K @C=8 , 225@3H59 <5=O 2 1>;57=L . > MB> 1K; =5 AB@0E 8 =5 C60A ! @C=O ?@54AB02;O;0AL <>5<C 2>>1@065=8N =5 2 C60A=>< 2845 , => 2> 2A5< 1;5A:5 >G0@>20B5;L=>9 A2>59 :@0A>BK . 0: >=0 E>@>H0 , 4C<0; O , :0: ?>?>;=5;0 , :0: 2K@>A;0 ! > O =8:>340 55 =5 C286C , =5 4>;65= 2845BL . 0AAC640O B0:8< >1@07>< , O C65 1K; 2 :>@84>@5 B50B@0 8 =52>;L=> 2>H5; 2 ;>6C . / <>3C 2845BL 55 2 ?C1;8:5 , 4C<0; O , GB>1 8728=8BL A2>N A;01>ABL . 5C65;8 4;O MB>9 ;53:><KA;5==>9 452>G:8 O 4>;65= >B:070BLAO >B B50B@0 ? - CGH5 ;8 20< ? - A?@>A8;0 :C78=0 =5B0 . . . - 5<=>3> ;CGH5 . - E , :0: <8;> 83@05B =>20O 0:B@8A0 , - ?@8<>;28;0 :C78=0 . - 0:0O ;>2:>ABL , :0:>9 1;03>@>4=K9 B>= ! :0: >=0 ?>AB8305B @>;L ! @><5 B>3> , >=0 >G5=L ?@8OB=> ?>5B 8 25AL<0 =54C@=0 A>1>N . > ?@0245 A:070BL , MB> AG0AB;82>5 ?@8>1@5B5=85 4;O =0H53> B50B@0 , 8 MB0 <8;>284=0O 3 -60 @8<0=:8=0 2A:@C68B 3>;>2C 2A59 <>A:>2A:>9 <>;>4568 . / <>;G0; 8 273;O=C; =0 0D8HC , GB>1 ?@>G5ABL 8<O , ?@8=OB>5 @C=5N . @>?CAB82 420 0:B0 , O C2845; @C=N 2 B@5BL5< . =0 83@0;0 ?@52>AE>4=> 8 ?@527>H;0 2A5 >6840=8O ;N18B5;59 4@0<0BC@388 . C:>?;5A:0=8O< =5 1K;> :>=F0 . > >:>=G0=88 ?L5AK 55 2K720;8 =0 AF5=C . ?@>4>;65=85 83@K @C=8=>9 O 1K; 25AL :0: 2 >3=5 . / A;54>20; 4CH>N 70 :064K< 55 A;>2>< , 70 :064K< 55 42865=85< ; AB@0H8;AO 70 =55 , B@5?5B0; 8 GCBL =5 ?;0:0; >B @04>AB8 , :>340 3@><:85 @C:>?;5A:0=8O @074020;8AL 2 70;5 . =5 :065BAO , GB> O 1K C<5@ =0 <5AB5 , 5A;8 1 @C=O =5 8<5;0 ?>;=>3> CA?5E0 ! @>2>482 <>N 40<C 4> :0@5BK , O >B:070;AO >B C4>2>;LAB28O A>?CBAB2>20BL 59 4><>9 8 >AB0BLAO C =55 =0 25G5@5 . 0H8=0;L=> ?>H5; O : ?>4J574C 0:B5@>2 . / =0<5@520;AO , 70:CB02H8AL 2 ?;0I , 273;O=CBL =0 @C=N 21;878 . KE>48B @C=O , => O ?>701K; 70:@KBLAO . - K6838= ! - 2>A:;8:=C;0 >=0 . - @C=O ! - A:070; O - 8 =5 <>3 =8G53> 1>;55 ?@><>;28BL . =0 ?>A<>B@5;0 =0 <5=O ?@8AB0;L=> , ?>B>< A<5;> 27O;0 70 @C:C 8 ?>B0I8;0 A A>1>N . >40;8 55 :0@5BC ; >=0 A5;0 8 25;5;0 <=5 A5ABL 2>7;5 A51O . / ?>28=>20;AO . 0@5B0 ?>:0B8;0AL ?> <>AB>2>9 , 8 O 2A5 <>;G0; , =5 A<5O ?>4=OBL 3;07 8 AB@0H0AL >1JOA=5=89 , <>3CI8E >A:>@18BL @C=N . =0 A0<0 2K25;0 <5=O 87 MB>3> =5?@8OB=>3> ?>;>65=8O . - 0=O , <8;K9 4@C3 <>9 0=O ! BK 8<55HL ?@02> =0 <5=O A5@48BLAO . / 28=>20B0 , => =5 AB>;L:> , :0: BK 4C<05HL . / 1K;0 A;8H:>< <>;>40 , =5>?KB=0 , =5 8<5;0 A>1AB25==>9 2>;8 , 4>;6=0 1K;0 ?>28=>20BLAO <0B5@8 . "K 2A5 C7=05HL , 8 A5@4F5 3>2>@8B <=5 , GB> BK ?@>AB8HL <5=O , GB> BK 1C45HL ;N18BL <5=O ?> -?@56=5<C , ;N18BL B0: , :0: O ;N1;N B51O . !:068 , 0=O , :0:>2> O 83@0;0 A53>4=O ? / ?>F5;>20; @C:C @C=8 , 274>E=C; BO65;> 8 A:070; : - "K 83@0;0 ?@5:@0A=> , 15A?>4>1=> ; => O =5 C482;ONAL MB><C . @8@>40 A>740;0 B51O 0:B@8A>N . 3@>N A2>59 BK C2;5:;0 <5=O =0 :@09 3815;8 8 B5?5@L E>G5HL ;8H8BL AG0ABLO , A?>:>9AB28O . @C=O , BK A;8H:>< ?@5;5AB=0 , O 1>NAL B51O ! >72>;L <=5 2K9B8 87 :0@5BK 8 ?@>AB8 =025:8 ! >A;54=85 A;>20 O 2K3>2>@8; B0:8< 60;:8< >1@07>< , GB> 4065 @C=O B@>=C;0AL . / ?>GB8 704KE0;AO >B CA8;8O C45@60BL A;57K : <=5 1K;> 3>@L:> . - "K 1>8HLAO <5=O , 0=O ; BK E>G5HL 1560BL >B <5=O 8 =0E>48HL <5=O ?@5;5AB=>N ? 0=O , BK =02>48HL =0 <5=O 3@CABL 8 2<5AB5 A B5< 4>AB02;O5HL 25;8G09H55 1;065=AB2> . 5@L <=5 , 4@C3 <>9 , GB> O 8AB8==> ;N1;N B51O 8 =8:>340 ;N18BL =5 ?5@5AB020;0 . > 2A5 2@5<O =0H59 @07;C:8 BK =5 2KE>48; C <5=O 87 A5@4F0 8 87 ?0<OB8 . A;8 O 1K;0 28=>20B0 ?@54 B>1>N , B> 703;048;0 28=C <>N G8AB>A5@45G=K< @0A:0O=85< 8 AB@040=8O<8 . 0=O ! ;N18 <5=O - 8;8 O C<@C A >BG0O=LO . - @8 A8E A;>20E @C=O 70?;0:0;0 . / 1K; 2 2>AB>@35 8 =5 ?><=N , GB> O =0A:070; 59 : <=5 1K;> B0: E>@>H> , O 1K; B0: AG0AB;82 ! >340 :0@5B0 >AB0=>28;0AL C :@K;LF0 , <K 1K;8 2 1>;LH59 4@C615 , =565;8 ?@54 ?>574:>N 2 @5=1C@3 . 5A5;> 271560;8 <K =0 ;5AB=8FC , 45@60AL 70 @C:8 , 8 , 2>H54H8 2 :><=0BC , >1=O;8AL , :0: AB0@K5 4@C7LO , :>B>@K5 =8:>340 =5 AA>@8;8AL . !B>; 1K; =0:@KB . @C=O 25;5;0 ?>AB028BL 4@C3>9 ?@81>@ , ?>40BL ;CGH53> 28=0 8 , 27O2 <5=O 70 @C:C , ?>25;0 A> A25G>N ?> 2A5< A2>8< :><=0B0< . - >A<>B@8 , 4@C3 <>9 , <>5 <0;5=L:>5 E>7O9AB2> , - A:070;0 @C=O . - 54L BK 4>;65= 1KBL 745AL E>7O8=>< . >B <>O 3>AB8=0O . =0 =5 25;8:0 , => O =5 =0<5@5=0 ?@8=8<0BL <=>3> 3>AB59 . -B> <>O C1>@=0O . >B AB>;>20O ; 745AL :018=5B , 8;8 CG51=0O :><=0B0 . >B 745AL A?0;L=O . 5 ?@0240 ;8 , GB> A?0;L=O C1@0=0 A> 2:CA>< ? - A5 B2>8 :><=0BK , <8;0O @C=O , C1@0=K A> 2:CA>< , 25AL<0 ?@8AB>9=> , E>BO 157 25;8:>;5?8O : ?> MB><C O 4>;65= AC48BL , GB> BK ?>;CG05HL ?>@O4>G=>5 60;>20=L5 . - 0:85 C =0A 60;>20=LO , 4@C3 <>9 ! - >B25G0;0 @C=O . - AO =045640 <>O =0 15=5D8A . / ?@8257;0 A A>1>9 BKAOG8 425 @C1;59 8 C65 2A5 ?>GB8 8AB@0B8;0 =0 =5>1E>48<K5 25I8 , 40 A25@E B>3> =5 4>?;0B8;0 B@5E BKAOG @C1;59 70 <515;8 . >3 <8;>AB82 , :0: -=81C4L 40 @0745;05<AO , 0 <564C B5< A>3;0A8AL , <8;K9 4@C3 , GB> <>;>4>9 65=I8=5 , 0:B@8A5 , A <>8< <0;5=L:8< 40@>20=85< 8 4>2>;L=> ?@8OB=>N =0@C6=>AB8N , =5;L7O 65 68BL , :0: :0:>9 -=81C4L ?;OAC=L5 =0 :0=0B5 ? > ?>@0 C68=0BL . >C68=02 A @C=5N , O >AB0;AO 40;5:> 70 ?>;=>GL 8 2A5 5I5 =5 8<5; 2@5<5=8 @0AA?@>A8BL , GB> 4>25;> 55 4> 0:B5@AB20 . =0 45AOBL @07 =0G8=0;0 @0AA:07K20BL , 8 45AOBL @07 O ?5@51820; 55 , GB>1 3>2>@8BL > ;N128 ! 0 ?5@2K9 A;CG09 O C7=0; B>;L:> , GB> >=0 ;8H8;0AL <0B5@8 8 A>AB>O=8O . 0 4@C3>9 45=L >=0 ?@83;0A8;0 <5=O : A515 >1540BL 8 >15I0;0 @0AA:070BL A2>N 8AB>@8N . 04;560;> @0AAB0BLAO . / ?>5E0; 4><>9 2;N1;5==K9 4> AC<0AH5AB28O , 15A?@5AB0==> ?>2B>@OO : - @C=O , <8;0O @C=O , >=0 ;N18B <5=O ; =5B A><=5=8O , GB> >=0 =5 28=>2=0 2 87<5=5 . #B@>< O @074C<0; , GB> @C=O 4>;6=0 =0E>48BLAO 2 =5?@8OB=KE >1AB>OB5;LAB20E , =5 8<5O 45=53 8 1C4CG8 2 4>;3C . / ?>A;0; 59 A 5B@>2K< ?OBL BKAOG @C1;59 . 5278@0O =0 B> GB> O 68; ?>@O4>G=> , 8<5; M:8?06 , >4520;AO 2A5340 ?> ?>A;54=59 <>45 , ?>BG520; ?@8OB5;59 , 45;0; =51>;LH85 ?>40@:8 40<0< 2 8<5=8=K 8 ?>:C?0; 2A5< 10;>20==K< 45BO< :>=D5BK 8 83@CH:8 , GB>1 ?>=@028BLAO <0;5=L:8< ; 1@0; =0 =0;8G=K5 45=L38 18;5BK =0 ;>B5@58 (:>B>@K5 =8:>340 =5 @07K3@K20;8AL ) 8 ?;0B8; AB0@CE0< :0@B>G=K5 4>;38 , =5 ?>;CG0O A =8E =8 :>?59:8 ; =5278@0O =0 2A5 MB8 @0AE>4K , O =5 B@>=C; <>53> :0?8B0;0 . =>38< ?>:065BAO MB> C4828B5;L=K< , >A>15==> :>340 O A:06C 8< ?@8 MB>< A;CG05 , GB> O =5 C?>B@51;O; =8:0:8E =5>1K:=>25==KE A@54AB2 : ?@8>1@5B5=8N 45=53 . > 5A;8 :><C AG0ABL5 AB0=5B A;C68BL , B> 45=L38 A0<8 :0BOBAO 2 :0@<0= A> 2A5E AB>@>= ; 0 5A;8 , =0?@>B82 B>3> , >=> =0G=5B 87<5=OBL , B>340 =8 AC=4C:8 , =8 70?>@K =5 C45@60B :>?59:8 , 8 45=L38 A0<8 >B:0BK20NBAO 8 ?@>;570NB A:2>7L ?0;LFK . / 83@0; G5AB=> 2 :><<5@G5A:85 83@K , => 83@0; 8A:CA=> , E;04=>:@>2=> , 2=8<0B5;L=> ; A048;AO 83@0BL =0 1>;LH85 45=L38 8 ?>GB8 2A5340 2K83@K20; . 5 8<5O =8:0:>3> ?>=OB8O >1 83>@=>< ?;CB>2AB25 , O >4=8< AG0ABL5< @07@CH0; 2A5 703>2>@K , A>AB02;O5<K5 ?@>B82 <5=O 83@>:0<8 . >340 83@0;8 2 10=: , O 2=570?=> AB028; =5A:>;L:> :0@B 2 A@548=5 B0;88 : 2K83@K20; , 1@0; 45=L38 8 C5760; 4><>9 . @>83@02 , O =5 ?@>4>;60; 83@K 8 =8:>340 =5 >BK3@K20;AO . / ?>ABC?0; B0:8< >1@07>< ?> A>25BC 8;>2848=0 , :>B>@K9 C<5; ?@5:@0A=> A>25B>20BL , => 25AL<0 4C@=> A0< 8A?>;=O; A2>8 <C4@K5 ?@028;0 , ?>B><C GB> >= A>25B>20; E;04=>:@>2=> , 0 459AB2>20; 2A5340 A ?K;:>ABLN , C2;5:0OAL AB@0ABO<8 . 5 1C4CG8 ?@82O70= =8 : 83@5 , =8 : 45=L30< , O 83@0; , :0: 3>2>@8BAO , @0AG5B8AB> , 8 :0: AG0ABL5 <=5 1;03>?@8OBAB2>20;> , B> O , =5 1C4CG8 83@>:>< , 68; 83@>N . 420 3>40 O 2K83@0; >:>;> 4204F0B8 ?OB8 BKAOG @C1;59 =0;8G=K<8 45=L30<8 , 0 2 4>;3C C <5=O 1K;> ?> :@09=59 <5@5 AB>;L:> 65 . > :0: O ?>A;0; @C=5 2A5 <>8 =0;8G=K5 45=L38 , >AB0282 A515 B>;L:> =5A:>;L:> A>B @C1;59 =0 <5;:85 @0AE>4K , B> B5?5@L =04;560;> ?@8=OBLAO 70 :0?8B0; =0 A;CG09 :0:8E =5?@542848<KE 8745@65: . @0240 , <=5 >G5=L =5 E>B5;>AL MB>3> , => :>340 O ?>AK;0; 45=L38 @C=5 , B> 4C<0; > @C=5 , 0 =5 > 45=L30E . =0 ?>40@8;0 AB> @C1;59 5B@>2C , :>B>@K9 1K; 2 2>AE8I5=88 >B _4>1@>9 :@0A028FK _ , B0: >= =0720; @C=N A ?5@2>3> 7=0:><AB20 . 5=O ?>1;03>40@8;0 >=0 B0:8< =56=K< ?8AL<>< , GB> O , G8B0O 53> , 3>B>2 1K; 2 BC <8=CBC >B40BL 59 ?>A;54=NN <>N :>?59:C . A;8 :B> <=5 A:065B , GB> >= , 1C4CG8 2;N1;5= , ?><KH;O; > 45=L30E , B> O 2 >B25B A:06C , GB> >= =5 ;N18; , 0 @0AAG8BK20;AO . N1>2L 5ABL 1>;57=L : ;8E>@04>G=>5 A>AB>O=85 B5;0 , ?@>872>4OI55 ?><@0G5=85 2 C<5 . ;N128 G5;>25: =5 @0AAC6405B . =0G5 , :0: 1K <>3 C<=K9 G5;>25: C1820BL =0 ?>548=:5 4@C3>3> G5;>25:0 70 B> , GB> >= 1>;55 =@028BAO :@0A028F5 ? 0: 1K <>3 >= ;8H0BL A51O , 0 8=>340 8 F5;>5 A2>5 A5<59AB2> ?@>?8B0=8O , GB>1 C3>640BL ?@8E>BO< 2>7;N1;5==>9 ? 0: 1K <>3 65@B2>20BL A2>8< A?>:>9AB285< , A2>1>4>N , 2@5<5=5< 4;O ;N18<>3> ?@54<5B0 ? 0: 1K <>3 ?@5=51@530BL >1O70==>ABO<8 A;C61K , 4>;3>< : >B5G5AB2C , : A>3@0640=0< , 87 ;N128 : 65=I8=5 ? 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A?><=8 , GB> O =5 B>;L:> =5 702;5:0;0 B51O 2 83@C , => 4065 2A5340 >B2@0I0;0 >B =59 . 0BCH:0 G0AB> 1@0=8;0 <5=O 70 MB> ; => O @5H8B5;L=> >1JO28;0 59 , GB> , ?>4 CA;>285< =5 2>2;5:0BL B51O 2 83@C , O A>3;0H0NAL >1<0=K20BL 4@C38E , ?> 55 2>;5 . =0 >AB028;0 <5=O =0 MB>B AG5B 2 ?>:>5 . @5=1C@35 ?>AB83;> =0A =>2>5 =5AG0ABL5 . 8HL B>;L:> AC4 =0<5@520;AO >B40BL =0< >AB02H55AO ?>A;5 4O48 8<5=85 , O28;8AL =0A;54=8FK : ?>;4N68=K 2>A?8B0==8F A 4CE>2=K< 7025I0=85< , =0?8A0==K< 70:>==K< >1@07>< , ?@8 A2845B5;OE . <5=85 1K;> =068B>5 , B> 5ABL ?@8>1@5B5==>5 A0<8< 4O45N , 0 ?>B><C 8 A?>@8BL 1K;> 1K 15A?>;57=> , B5< 1>;55 GB> 2>A?8B0==8FK 1K;8 :@0A028FK 8 8<5;8 A8;L=>5 ?>:@>28B5;LAB2> . 5;0BL 1K;> =5G53> , 8 <0BCH:0 A=>20 >B:@K;0 83>@=K9 4>< : 2K?8A0;0 87 >A:2K =5A:>;L:8E 8A:CA=KE 83@>:>2 , 8 <5=O A=>20 70AB028;0 83@0BL @>;L !8@5=K 8 ?@8<0=820BL ?;>2F>2 =0 >G0@>20==K5 CB5AK !F8;;K 8 %0@814K ! 5;0 H;8 25AL<0 ?;>E> 4> 78<K . K 68;8 ?>GB8 2 4>;3 . A>15==> A=0G0;0 <K =C640;8AL 2 45=L30E . 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A:>@5 <564C =0<8 2>42>@8;0AL B5A=0O 4@C610 , D0<8;8O@=>ABL , :>B>@>9 BK 1K; A2845B5;5< . . . "K 2A5 5I5 68; C <5=O 2 A5@4F5 , => , ?@87=0NAL , ?>GB8B5;L=0O , @>1:0O ;N1>2L B2>O :> <=5 :070;0AL <=5 45BA:>N 83@CH:>9 , 2 A@02=5=88 A ?;0<5==>N , >B:@KB>N AG0ABLN 3@0D0 . >340 >= C7=0; >B >@>20B8=0 , GB> BK ?@85E0; 2 @5=1C@3 87 ;N128 :> <=5 , B> ?>:;O;AO ;8H8BL B51O 687=8 , 8 GB>1 A?0AB8 B51O >B >?0A=>AB8 , O 274C<0;0 >B@5GLAO >B B51O 8 4065 :;525B0BL . . . . . >=5G=> , ;5:0@AB2> 1K;> =5 A;8H:>< ?@82;5:0B5;L=> ; => O 4C<0;0 B>340 , GB> 45;0;0 E>@>H> . =570?=>5 B2>5 ?>O2;5=85 ?@825;> <5=O 2 B0:>5 A<CI5=85 , GB> O 1K;0 2=5 A51O . . . =5 7=0N , GB> O 3>2>@8;0 . "2>5 =0<5@5=85 C=878BL <5=O 2 3;070E 3@0D0 ?@825;> <5=O 2 3=52 . . . N157=K9 0=O , ?@>AB8 <5=O ! @C=O 70?;0:0;0 , 8 O >1JO28; B>@65AB25==> 8 CB25@48; :;OB2>N , GB> ?@>I0N 55 8 =5 A>E@0=N 2 A5@4F5 =8 <0;59H59 8A:@K =53>4>20=8O 70 2A5 ?@>H54H55 . - C4L 8A:@5==0 , @C=O , - A:070; O . - A5 701KB> , 2A5 ?@>I5=> ; O ;N1;N B51O 1>;55 , =565;8 ?@5645 ! - / E>B5;0 C7=0BL , GB> A B>1>N A45;0;>AL , - A:070;0 ; @C=O . - 5=O C254><8;8 , GB> BK 701>;5; , GB> >@>20B8= , =0 4@C3>9 65 45=L , =0=O; 4@C3CN :20@B8@C , GB> :0:>9 -B> =57=0:><5F ?@85E0; 70 B>1>N 2 B5;535 , GB>1 ?5@5257B8 2 =>2>5 68;8I5 , => GB> E>7O8= =>2>9 :20@B8@K B51O =5 2840; . >@>20B8= G@57 =5A:>;L:> 4=59 C5E0; 87 @5=1C@30 , =5 ?@>ABOAL A =0<8 , 8 O =5 7=0;0 , GB> AB0;>AL A B>1>N . "09=K9 3>;>A C?@5:0; <5=O 2 B2>5< =5AG0AB88 . #60A=K5 A=>2845=8O , G0AB> B@52>68;8 <5=O : O 2845;0 B51O C<8@0NI8< , 2845;0 B5=L B2>N , C3@>60NICN <=5 <I5=85< . / 4C<0;0 , GB> BK C<5@ , ?;0:0;0 , <>;8;0AL ; =0:>=5F , <0;> -?><0;C CA?>:>8;0AL , 8 5A;8 =5 2>2A5 701K;0 , B> ?> :@09=59 <5@5 @565 AB0;0 4C<0BL ; > B515 . N157=K9 4@C3 ! 87102L <5=O >B @0AA:07K20=8O ?>4@>1=>AB59 <>8E ?@8:;NG5=89 , A<5H0==KE A ?@>ABC?:0<8 , :>B>@K5 O GC2AB2CN 2 ?>;=>9 <5@5 8 2 :>B>@KE >B 259 4CH8 @0A:0820NAL . @0D , ?@54AB0282 <=5 8A:CA=K< >1@07>< =5AG0AB=>5 ?>;>65=85 <>5 2 83>@=>< 4><5 8 >15I0O 65=8BLAO =0 <=5 ?>A;5 A<5@B8 AB0@>3> 8 1>;L=>3> A2>53> >BF0 , C3>2>@8; <5=O B09=> C5E0BL A =8< 2 852 , 345 AB>O; ?>;: , 2 :>B>@K9 >= ?>ABC?8; , >AB0282 720=85 04JNB0=B0 . 5 4>;3> 1K;0 O 2 701;C645=88 . @0D 1K; ;N1575= , =565= 8 256;82 , :0: 2A5 >1>;LAB8B5;8 4> 8A?>;=5=8O A2>53> C<KA;0 , 0 ?>A;5 B>3> A45;0;AO 3@C1 , :0?@875= , E>;>45= , GB>1 >B2O70BLAO >B ;53:>25@=>9 . 5 ?@>E>48;> =8 >4=>3> 4=O 157 AA>@K , 2708<=KE C?@5:>2 , A;57 . @57@5=85 , :>B>@K< O 1K;0 >:@C65=0 , B5@70;> <5=O , 8 ;53:><KA;85 3@0D0 , 8A:02H53> @0AA5O=8O 2 4@C38E A2O7OE , ?@82>48;> <5=O 2 >BG0O=85 . 0:>=5F >= >1JO28; <=5 , GB> >B5F 53> A:>=G0;AO 8 GB> >= 4>;65= =5<54;5==> 5E0BL 2 5B5@1C@3 . / ?@8?><=8;0 5<C >15I0=85 . = <>;G0; . / ?@>A8;0 53> , GB>1 >= 27O; <5=O A A>1>N : >= >B3>2>@8;AO =52>7<>6=>ABLN . 0:>=5F >= C5E0; , 8 G@57 <5AOF O C7=0;0 , GB> >B5F 53> 682 8 GB> <>9 >1>;LAB8B5;L 65=8;AO =0 1>30B>9 4528F5 7=0B=>9 D0<8;88 ! "K <>65HL 2>>1@078BL A515 <>5 >BG0O=85 . / =0<5@520;0AL 2>72@0B8BLAO : <0B5@8 , :>B>@0O ?5@55E0;0 A=>20 2 >A:2C : => 2 >B25B =0 <>5 ?8AL<> ?>;CG8;0 8725AB85 , GB> <0BCH:0 <>O A:>=G0;0AL . / >AB0;0AL A8@>B>N 2 A25B5 , 157 ?>:@>28B5;O , 157 45=53 , 157 4>1@>3> 8<5=8 ! @0D ?>@CG8; >4=><C 87 A2>8E 4@C759 @0745;0BLAO A> <=>N 8 ?@54;>68; <=5 ?5=A8N , A B5< GB>1K O >AB028;0 53> 2 ?>:>5 . / ?@57@5;0 53> ?@54;>65=85 8 =0?8A0;0 : 65=5 53> ?8AL<> , 2 :>B>@>< 87>1@078;0 2AN 3=CA=>ABL ?>ABC?:0 3@0D>20 . >;3> O :>;510;0AL , 68BL ;8 <=5 8;8 1@>A8BLAO 2 2>4C . >;>4>ABL ?@52>7<>3;0 >BG0O=85 , O CA?>:>8;0AL , => , =5 7=0O , :0:8< >1@07>< A=8A:820BL ?@>?8B0=85 , 2>7=0<5@8;0AL A;C68BL . MB> 2@5<O G@57 852 ?@>5760;0 B@C??0 AB@0=AB2CNI8E 0:B5@>2 , A>AB02;5==0O 87 =54>CG82H8EAO H:>;L=8:>2 , 8A:;NG5==KE A5<8=0@8AB>2 8 ?>;C3@0<>B=KE 0:B@8A 4><0H=8E B50B@>2 , >B?CI5==KE =0 2>;N 8;8 ?@>6820NI8E ?> ?0A?>@B0< . =5 24@C3 ?@8H;0 2 3>;>2C <KA;L A45;0BLAO 0:B@8A>N . %>7O8= MB>9 >@4K , >BAB02=>9 ACD;5@ , 8A?KB02 <>8 A?>A>1=>AB8 : B50B@C , B0: 1K; 4>2>;5= <=>N , GB> B>BG0A 40; <=5 2 A2>59 B@C??5 <5AB> : ?5@2>9 ?528FK , ?5@2>9 B@038G5A:>9 8 :><8G5A:>9 0:B@8AK 8 ?5@2>9 B0=F>@:8 . / =5 E>B5;0 83@0BL =0 B50B@5 2 8525 , 345 <5=O 7=0;8 >D8F5@K . K >B?@028;8AL =0 <0;>@>AA89A:85 O@<0@:8 , 345 O A=8A:0;0 A515 A;02C 8 ?@82;5:;0 7@8B5;59 =0 =0H8 ?@54AB02;5=8O . / >4=0 ?>445@6820;0 B@C??C 8 70 B> C20605<0 1K;0 2A5<8 1>;55 , =565;8 A0< E>7O8= . 065 65=I8=K ;N18;8 <5=O , ?>B><C GB> O =5 <5H0;0 8< =8 2 G5< , 25;0 A51O A:@><=> , =5 E>B5;0 8<5BL >1>60B5;59 8 4065 A;K;0 65AB>:>A5@4>N . =5 =5 1K;> ?>:>N >B 2;N1;5==KE ; =5:>B>@K5 87 <5;:>?><5AB=KE 42>@O= 4065 ?@54;030;8 <=5 A2>N @C:C ; => O ?>;N18;0 A2>1>4=CN 687=L 8 =5 E>B5;0 70682> ?>3@51AB8AL 2 :0:>< -=81C4L ECB>@5 . C:>?;5A:0=8O A45;0;8AL <>5N ?>B@51=>ABLN : O <5GB0;0 > A;025 ! 5745=56L5 ?@5A;54>20;> =0A ?>2AN4C , :0: A>25ABL ?@5ABC?=8:0 . @85E02 2 3>@>4 , <K >1K:=>25==> 68;8 2 4>;3 , 4> B5E ?>@ , ?>:0 =5 C40ABAO A>1@0BL 45=53 =0 C?;0BC 4>;30 8 =0 ?5@5574 2 4@C3>5 <5AB> . 4520;8AL <K =0 15=5D8A=K5 2K@CG:8 , 0 =0=8<0;8 :20@B8@C 8 8<5;8 AB>; =0 >1I85 45=L38 8;8 =0 AG5B E>7O8=0 . @0745;5 ?@81K;59 3>2>@5=> 1K;> ?> ?@85745 =0 :064CN O@<0@:C , => ?> >:>=G0=88 55 >:07K20;>AL , GB> 45;8BLAO 1K;> =5G5< . 4=0:> 6 <K 68;8 E>BO =5 1>30B> , => 25A5;> ; =5 701>B8;8AL > 1C4CI5< 8 =0A;0640;8AL =0AB>OI8< . 4=064K , =0 ?@>5745 G@57 =51>;LH>9 3>@>48H:> , E>7O8= >1JO28; =0< , GB> :07=0 =0H0 2 B0:>< 8AB>I5=88 , GB> =5 ?>72>;O5B =0< ?@>4>;60BL =0H53> AB@0=AB28O . K >AB0=>28;8AL 2 B@0:B8@5 , CAB@>8;8 2 A0@05 B50B@ , =045;0;8 ;NAB@ 87 >1@CG59 , 2K25A8;8 A2>8 1C<06=K5 45:>@0F88 8 >1:;58;8 2A5 C3;K C;8F ?8A0=K<8 >1JO2;5=8O<8 . @>H;> =5A:>;L:> 4=59 , 8 =8:B> =5 O2;O;AO 2 B50B@ . MB> 2@5<O >AB0=>28;AO 2 B@0:B8@5 1>30BK9 3>A?>48= , ?@>57602H89 87 5B5@1C@30 2 A2>8 ?><5ABLO . #28452 =0 0D8H:5 , GB> 0:B5@K =0<5@5=K 83@0BL B@03548N !C<0@>:>20 : _8<8B@89 !0<>720=5F _ 8 >?5@C _ 5;L=8: _ 8 >6840NB B>;L:> 7@8B5;59 , GB>1 >B;8G8BLAO ?@5:@0A=>N 83@>N , - ?@>57689 10@8= , 4;O ?>B5E8 , 70:070; 4;O A51O A?5:B0:;L 8 70 5 0 @C1;59 0AA83=0F8O<8 ?><5AB8;AO 2 B50B@5 >48= , A A2>8< ?C45;5< . 5278@0O =0 B> , GB> ?C45;L <5H0; =0< 45:;0<8@>20BL , ?>4=8<0O C60A=K9 ;09 , :0: A:>@> =0H <8B@89 !0<>720=5F ?@8E>48; 2 15H5=AB2> , =5278@0O =0 B> , GB> A25G:8 , ?@8:@5?;5==K5 : 28AOG8< >1@CG0< , B> 30A;8 , B> ?040;8 0:B5@0< =0 3>;>2C , GB> 2 F5;>< >@:5AB@5 =5 1K;> =8 >4=>9 A:@8?:8 A ?>;=K< G8A;>< AB@C= , <K 1;03>?>;CG=> >:>=G8;8 =0H5 ?@54AB02;5=85 , 8 1>30BK9 10@8= 70<5B8; 2> <=5 A?>A>1=>AB8 , :>B>@K5 5<C C3>4=> 1K;> =0720BL 1>;LH8< 40@>20=85< . = ?>40@8; <=5 , 87 >4=>3> 25;8:>4CH8O , 2 0 0 @C1;59 =0 ?@>574 2 3C15@=A:89 3>@>4 , 345 >48= ;N18B5;L B50B@0 A>45@60; B@C??C . / ?>A;CH0;0AL 53> , >AB028;0 A2>8E B>20@8I59 8 , ?@81K2 2 3C15@=A:89 3>@>4 , O28;0AL : A>45@60B5;N B50B@0 . >A;5 ?5@2>3> 451NB0 <=5 =07=0G8;8 15=5D8A , A CA;>285< AK3@0BL =5A:>;L:> @07 2 ?>;L7C B50B@0 . 5=5D8A 1K; 1;8AB0B5;L=K9 , 81> B>340 1K;8 42>@O=A:85 2K1>@K , 8 O =@028;0AL ?C1;8:5 . ! A>1@0==K<8 45=L30<8 8 @5:><5=40B5;L=K<8 ?8AL<0<8 >B?@028;0AL O 2 >A:2C , >?@545;8;0AL 2 0:B@8AK 745H=53> B50B@0 , 8 BK ?> <>5<C 451NBC <>65HL AC48BL > <0;KE <>8E A?>A>1=>ABOE 8 > B5E CA?5E0E , :0:85 >6840NB <5=O =0 MB>< ?>?@8I5 . - N157=0O @C=O , - A:070; O . - "K 2848HL >4=8 ?@8OB=>AB8 2 720=88 0:B@8AK , => =5 @0AAG8B0;0 =5C40G , :>B>@K5 <>3CB B515 2AB@5B8BLAO . >A;CH09AO <5=O , >AB02L B50B@ : O 65=NAL =0 B515 , <K C545< 2 :0:>9 -=81C4L >B40;5==K9 3>@>4 , 8 O A :0?8B0;>< <>8< 70254C B>@3>2;N 8;8 709<CAL E;51>?0H5AB2>< . ;O AG0AB;82KE A5@45F B0: <0;> =04>1=> 2 687=8 ! @C=O 704C<0;0AL , ?>B>< , ?>;>682 <=5 @C:C =0 ?;5G> 8 ?>A<>B@52 =0 <5=O C<8;L=> , A:070;0 : - K6838= ! @:04A:85 B2>8 <5GBK E>@>H8 2 2>4528;5 , => =5 2 ACI5AB25==>AB8 . 5C65;8 ?@8 8<5=8 A;02K _A5@4F5 _ B2>5 >AB05BAO E>;>4=K< ? 5C65;8 1;8AB0B5;L=0O CG0ABL B2>59 @C=8 B51O =5 B@>305B ? 0=O , ;N157=K9 0=O ! 5A;8 1 BK 7=0; , :0:CN A;04>ABL 4>AB02;ONB A5@4FC 8 A;CEC @C:>?;5A:0=8O , :0: ?@8OB=> ?@82;5:0BL 2=8<0=85 ?C1;8:8 , 2845BL 8<O A2>5 =0?5G0B0==K< , 1KBL ?@52>7=>A8<>N ?>E20;0<8 2 6C@=0;0E , B> , ;N1O <5=O , BK =5 >B2;5:0; 1K <5=O >B <>53> 720=8O , => 1K; 1K 242>5 AG0AB;8255 , =0A;0640OAL <>5N ;N1>2LN 8 <>8< AG0ABL5< ! 5B , K6838= , O =5 <>3C >B@5GLAO >B B50B@0 2 BC A0<CN <8=CBC , :>340 >= 4>AB02;O5B <=5 A;02=>5 8<O , A?>A>1 : ACI5AB2>20=8N , C4>2>;LAB285 8 ?@8<8@O5B A A25B>< , 87 :>B>@>3> , B0: A:070BL , O 4575@B8@>20;0 . >4>648 , 409 <=5 =0A;048BLAO , 8 B>340 - O B2>O =025:8 . / E>B5; A?>@8BL , @0AAC640BL , => @C=O ?@>A8;0 <5=O ?@5:@0B8BL MB>B @073>2>@ . - !;020 8 ;N1>2L ! - 2>A:;8:=C;0 @C=O . - >B 45287 E>@>H59 0:B@8AK . @8=8<09 25I8 2 B0:>< 2845 , :0: >=5 5ABL - 8;8 O 1C4C =5AG0AB=0 ! 04;560;> ?>28=>20BLAO , 8;8 , ;CGH5 A:070BL , =5 =04;560;> , => E>B5;>AL ?>28=>20BLAO - 8 O 70<>;G0; . @>H5; <5AOF ; @C=O A45;0;0AL ?@54<5B>< >1>60=8O 2A5E ;N18B5;59 ?@5:@0A=>3> ?>;0 8 4@0<0B8G5A:>3> 8A:CAAB20 , ?@54<5B>< 7028AB8 4;O 2A5E :>:5B>: . =0 B>@65AB2>20;0 ; O AB@040; 8 <>;G0; . 0;> -?><0;C 2 4><5 C <5=O A>AB028;>AL =51>;LH>5 >1I5AB2> 87 ?>:@>28B5;59 4@0<0BC@388 , 87 ?>:>@=KE 8 CA;C6;82KE 0:B@8A , :>B>@K5 ;L=CB 2A5340 : :064>9 87 A2>8E A5AB5@ , 2E>4OI59 2 <>4C , GB>1 ?>9<0BL >BAB02=>3> >1>60B5;O 8;8 @0740BL A2>8 15=5D8A=K5 18;5BK , 8 87 =5:>B>@KE G8=>2=8:>2 B50B@0;L=KE , =5>1E>48<KE 4;O CA?5E0 0:B@8AK , :0: 45@52O==K5 ?>4AB02:8 4;O 45:>@0F89 . > @C=O 25;0 A51O ?@5:@0A=> . ! 1>30BK<8 8 2;N1;5==K<8 2 =55 ;N18B5;O<8 4@0<0BC@388 >=0 >1E>48;0AL 3>@4> , => 256;82> ; ?@8=8<0;0 8E B>;L:> 2 CA;>2;5==K5 4=8 8 G0AK , 2A5E 2<5AB5 , ?@8 4@C38E 65=I8=0E , 8 =5 ?>72>;O;0 =8:0:8E 2>;L=>AB59 =8 2 A;>20E , =8 2 ?>ABC?:0E . ! B50B@0;L=K<8 G8=>2=8:0<8 >=0 C<5;0 >1E>48BLAO B0:8< >1@07>< , GB> >=8 A0<8 ?@54C?@5640;8 55 65;0=8O . @C=O A;K;0 D5=8:A>< C<0 8 4>1@>45B5;8 <564C 0:B@8A0<8 . >1I5AB20E 1>;LH>3> A25B0 =8 > G5< 1>;55 =5 B>;:>20;8 , :0: > @CAA:>9 0:B@8A5 , :@0A028F5 , :>B>@0O 3>2>@8B ?@5:@0A=> ?> -D@0=FC7A:8 . >A;54=55 >1AB>OB5;LAB2> A2>48;> A C<0 >ABK;KE GB8B5;59 ?@5:@0A=>3> ?>;0 , 87 2KAH53> :@C30 >1I5AB20 . " CAA:0O 0:B@8A0 3>2>@8B ?> -D@0=FC7A:8 ? C ' e s t c h a r m a n t ! c ' e s t c h a r m a n t ! - ?>2B>@O;8 AB0@K5 2>;>:8BK . - 0: 60;L , GB> >=0 4>1@>45B5;L=0 ! >1@>45B5;L 2 0:B@8A5 - @>A:>HL , 8 4065 =5?>72>;8B5;L=0O ! " "0: @0AAC640;8 2>;>:8BK , 0 @C=O A<5O;0AL 8 ;N18;0 <5=O >4=>3> . 4=064K O 70AB0; @C=N 2 ?5G0;8 : 3;070 55 1K;8 :@0A=K , 1;54=>ABL ?>:@K20;0 ;8F> : 284=> 1K;> , GB> >=0 ?;0:0;0 . / C60A=C;AO . - 8;0O @C=O , GB> A B>1>9 A45;0;>AL : A:068 , @048 >30 ? - E , K6838= , :0: O =5AG0AB=0 ! =5 40;8 ?5@2CN @>;L 2 =>2>9 >?5@5 , =07;> MB>9 3;C?>9 8 2O;>9 452G>=:5 0A:8=>9 , :>B>@0O 3>@48BAO B>;L:> B5< , GB> @0AB>G05B 8<5=85 3@0D0 8;:8=0 8 ?>O2;O5BAO =0 AF5=5 2 7>;>B5 8 2 0;<070E . =0 4>;6=0 70=OBL 2B>@>AB5?5==CN @>;L 2 MB>9 >?5@5 ; O MB> A45;0;0 , =5278@0O =0 2A5 8=B@838 ?0@B88 3@0DA:>9 . / 4065 2KA;CH0;0 ?@53;C?>5 ;N1>2=>5 >1JOA=5=85 @>B>75O , 70:C;8A=>3> G8=>2=8:0 . . . 5 1>9AO , 0=O ! BK C65 2K?CG8; 3;070 8 AB@CA8; ; O B>;L:> 2KA;CH0;0 >1JOA=5=85 8 C65 ?>701K;0 53> . 564C B5< ?5@20O @>;L ?@8=04;568B <=5 ! 'B> 65 274C<0;0 A45;0BL MB0 7;0O 0A:8=0 ? =0 4>;6=0 ?@54AB02;OBL A>?5@=8FC <>N , 1>30BCN 24>2C , 8 70:070;0 1>30B59H55 ?;0BL5 , 2KH8B>5 G8ABK< 7>;>B>< ?> 10@E0BC , 8 E>G5B O28BLAO 2AO 2 1@8;;80=B0E , 2>7;5 <5=O , 0 O 2 ?5@2>9 @>;8 1C4C 2 <8HC@5 8 AB5:;O==KE 1CA0E ! - @C=O 70?;0:0;0 . - > MB><C <>6=> ?>A>18BL , - A:070; O , 708:0OAL . - 5 ?;0GL , ?>A>25BC5<AO E;04=>:@>2=> . - 'B> ?><>3CB A>25BK ? 7 A>B=8 @072@0B=KE AB0@8G8H5: O <>3C 2K1@0BL ;N1>3> , :>B>@K9 3>B>2 4;O <5=O @07>@8BLAO . > O =5 E>GC =8 70 <8;;8>=K 8<5BL 45;> A B@C?0<8 . # 2AO:>3> A2>9 E0@0:B5@ : O =8 70 GB> =5 A>3;0HCAL A:070BL ;N1;N B><C , :><C 4>;6=> 3>2>@8BL : m e m e n t o m o r i ( _?><=8 A<5@BL _ ) . >;>4K5 65 :@0A02FK 8;8 3>;K , :0: A>:>;K , 8;8 B0: 70=OBK A>1>N , GB> 2>>1@060NB , 1C4B> 273;O4K 8E :@0H5 8 4>@>65 1@8;;80=B>2 . 0:>9 BCB A>25B , 0=O ? / ;N1;N >4=>3> B51O 8 ;CGH5 E>GC ?>381=CBL , A3>@5BL >B ABK40 , G5< 87<5=8BL B515 . / ?>F5;>20; @C=5 @C:C 8 A:070; - 8;0O @C=O ! 83@0 B2>O 70B<8B 1;5A: =0@O40 0A:8=>9 . - >3C ;8 O 83@0BL E>@>H> , :>340 ?5@54 3;070<8 <>8<8 1C45B 1;5AB5BL MB0 :C:;0 , A A2>8< G20=AB2>< ! - !:>;L:> 65 =04>1=> =0 ?;0BL5 ? - "KAOG8 ?>;B>@K . - >;B>@K BKAOG8 =51>;LH>5 45;> , => 1@8;;80=BK . . . - @8;;80=BK <>6=> 27OBL =0?@>:0B , B>;L:> GB>1 1K;> GB> 70;>68BL 70 =8E . =5 2 A>1AB25==>ABL =C6=K B>;L:> ?>@O4>G=K5 1@8;;80=B>2K5 A5@56:8 8 65<GC3 A D5@<C0@>< , 0 ?@>G55 2A5 <>6=> 1K;> 1K 27OBL =0?@>:0B . > >AB028< MB> : AO4L :> <=5 , 0=O , 8 ?>3>@N5< 2<5AB5 . - 728=8 , @C=O , O =5 <>3C 4>;55 C B51O >AB020BLAO . @>HC >1 >4=>< : =5 :@CG8=LAO 8 =5 ?@54?@8=8<09 =8G53> 4> >1540 . / ?@854C : B515 >1540BL , 8 <K ?>A>25BC5<AO . 2>AL -;81> 8 K6838= ?><>65B B515 ! / 2K1560; >B @C=8 2 A8;L=>< 2>;=5=88 . =0 ;N18B <5=O , 4C<0; O ; >=0 ?@5=51@5305B 2A5<8 A2O7O<8 87 ;N128 :> <=5 8 65@B2C5B 4065 4;O <5=O 65=A:8< BI5A;0285< - A0<>;N185< ! , =5>F5=5==0O @C=O ! O 4>;65= 2>7=03@048BL B51O 70 MBC 15A:>@KAB=CN ;N1>2L , 2>72@0B8BL B515 G0ABL =0A;0645=8O , 4>AB02;5==>3> <=5 B2>5N ;N1>2LN . ! A8<8 <KA;O<8 O ?>;5B5; 4><>9 , 27O; 18;5BK !>E@0==>9 :07=K , ?>5E0; A =8<8 2 ?5:C=A:89 A>25B , 27O; 45AOBL BKAOG @C1;59 8 ?@O<> ?>A:0:0; : N25;8@C . / 2K1@0; ?@5:@0A=K5 A5@56:8 8 65<GC3 A D5@<C0@>< 70 6 0 0 0 @C1;59 , 27O; =0?@>:0B 48045<C , >65@5;L5 8 1@0A;5BK , F5=>N 2 2 5 0 0 0 @C1;59 , ?>4 70;>3 <>8E 18;5B>2 , 8 2>72@0B8;AO : @C=5 , :>340 >=0 A>18@0;0AL A048BLAO 70 AB>; , ?>;030O , GB> O C65 =5 1C4C . =0 ?@8=O;0 <5=O =56=> , => A ?5G0;L=K< ;8F>< . - "K 7=05HL , @C=O , GB> O 1>NAL A=>2 ? - 'B> 65 87 MB>3> ? - =5 A=8;>AL , 1C4B> C B51O 2> 2@5<O >1540 A45;05BAO GB> -B> =5>6840==>5 . >B5HL <5=O , <8;0O , 8 AE>48 A0<0 2 :CE=N ?>A<>B@5BL , 2A5 ;8 8A?@02=> . "K 7=05HL , GB> =5402=> 2 >4=>< 4><5 , 2<5AB> B>3> GB>1 ?>AK?0BL ?8@>6=>5 A0E0@>< , :CE0@:0 , ?> =5>AB>@>6=>AB8 , ?>AK?0;0 <KHLO:>< , :>B>@K9 E@0=8;AO 2 H:0D5 , 4;O 8AB@51;5=8O :@KA ! - >65 <>9 , :0:85 C B51O <KA;8 ! - A:070;0 @C=O 8 2KH;0 87 :><=0BK , 0 O <564C B5< @07;>68; =0 <0;5=L:>< AB>;8:5 ?@82575==K5 <=>N 30;0=B5@59=K5 25I8 8 , :@><5 B>3> , 425 BKAOG8 @C1;59 =0 ?;0BL5 . 8HL B>;L:> @C=O ?>4>H;0 : 425@O< , O 27O; 55 70 @C:C 8 , ?>4254O : AB>;8:C , A:070; : - 5 ?5G0;LAO : 65;0=85 B2>5 8A?>;=5=> ! @C=O ?>A<>B@5;0 =0 25I8 , ?>B>< 1@>A8;0 =0 <5=O B0:>9 273;O4 , GB> O GCBL =5 @0AB0O; ; :8=C;0AL 2 <>8 >1JOB8O , 2A:@8:=C;0 8 ;8H8;0AL GC2AB2 . / ?5@5=5A 55 =0 A>DC , :;8:=C; A;C60=:C , 1530; , AC5B8;AO , ;8; 2>4C , 4CE8 8 =0:>=5F ?@825; 2 GC2AB2> @C=N . - 0=O , - A:070;0 >=0 , - O =5 C<5N 1;03>40@8BL B51O : MB> A5@4F5 , :>B>@>5 ?@8=04;568B B515 , GC2AB2C5B , => O7K: <>9 A;01 , GB>1 2K@078BL GC2AB20 . @C=O >B 87;8H=59 GC2AB28B5;L=>AB8 ?5@5H;0 : B0:>9 HC<=>9 @04>AB8 , GB> O >?0A0;AO , GB>1K >=0 =5 ;8H8;0AL C<0 . =0 :@8G0;0 , A<5O;0AL , ?5;0 8 15A?@5AB0==> ?@8<5@820;0 B> 48045<C , B> A:;0206 , B> 1@0A;5BK . / ?@8=C48; 55 A5ABL 70 AB>; , => >=0 565<8=CB=> 2A:0:820;0 A> ABC;0 , GB>1 A<>B@5BLAO 2 75@:0;> 8 A=>20 ?@8=>@02;820BL : ;8FC C1@0=AB20 . - @C=O , - A:070; O , - BK B0: C<=0 ! =5C65;8 MB8 1;5ABOI85 83@CH:8 8<5NB 2 3;070E B2>8E B0:CN F5=C , GB> BK >B =8E 701K205HLAO ? - 5B , 4@C3 <>9 , - >B25G0;0 >=0 , - =5 25I8 <=5 4>@>38 , => B>@65AB2> =04 <>5N =04<5==>N A>?5@=8F59 , B>@65AB2> , :>B>@>3> >=0 =5 =0455BAO 8 :>B>@>5 <=5 B5< <8;55 , GB> O B515 70 =53> >1O70=0 ! 564C B5< ?@81;860;>AL 2@5<O ?@54AB02;5=8O , 8 @C=O >B:@K;0 <=5 , GB> 4@C7LO 3@0D0 0;:8=0 A>AB02;ONB ?@>B82 =55 703>2>@ . - N157=K9 0=O , - A:070;0 @C=O , - 2 A25B5 =5 7=0NB > =0H59 B5A=>9 4@C615 , 8 B0: =04>1=> , GB>1K BK 27O;AO A>AB028BL B0:65 4;O <5=O ?0@B8N ! / 1K MB> ;53:> <>3;0 A45;0BL A0<0 , => =5 E>GC 2>71C640BL B2>59 @52=>AB8 , =5 E>GC B@>30BL B2>59 GC2AB28B5;L=>AB8 . >7L<8 =5A:>;L:> 45AOB:>2 18;5B>2 , A:068 ?@8OB5;O< , GB> BK 2K83@0; 8E , ?>182H8AL >1 70:;04 , 8 @07409 40@>< . 09 >154 8;8 702B@0: A0<K< ?K;:8< , =5C3><>==K< 8 45@7:8< H0;C=0< 8 2=CH8 8< , GB> =04>1=> 70I8I0BL ?@02>5 45;> , 2>72KA8BL <5=O @C:>?;5A:0=8O<8 8 2K7>2>< =0 AF5=C , 8 70H8:0BL 0A:8=C . / E>B5; 2>7@060BL , => @C=O 7060;0 <=5 @>B A2>5N ?@5:@0A=>N @CG:>9 , ?>F5;>20;0 8 A<5E>< @07@CH8;0 2A5 <>8 D8;>A>D8G5A:85 10B0@58 . / 4>;65= 1K; , B> 5ABL <=5 E>B5;>AL , 59 ?>28=>20BLAO . 0:>=5F =0ABC?8;> ?@54AB02;5=85 . / 2 MB>B 45=L 4020; >154 ?@8OB5;O< - 1CO=0< , 2 1;86=5< >B B50B@0 B@0:B8@5 , 8 :>340 2 3>;>25 C 2A5E 70HC<5;> , ?@54;>68; 8< 84B8 2 B50B@ , 70I8I0BL ?@02>5 45;> , 8 @>740; 18;5BK . K 2>H;8 2 B50B@ 3C@L1>N , 8 4@C7LO <>8 >6840;8 B>;L:> <>53> A83=0;0 , GB>1 H8:0BL 8;8 E;>?0BL . 564C B5< @C=O =5 ?>:07K20;0AL 87 A2>59 C1>@=>9 , ?>:0 =5 ?@8H;0 55 >G5@54L 2KE>48BL =0 AF5=C . >340 65 >=0 2KH;0 , B> 0A:8=>9 A45;0;>AL 4C@=> ?@8 2845 1@8;;80=B>2 8 1>30B>3> ?;0BLO , :>B>@K5 1K;8 =0 @C=5 , 8 25AL 70:C;8A=K9 D0:C;LB5B @5H8; , GB> =52>7<>6=> 1KBL >45B>9 ;CGH5 8 1>30G5 55 . @C=O 1K;0 2=5 A51O >B @04>AB8 , 8 MB> @0A?>;>65=85 4CE0 8<5;> B0:>5 A8;L=>5 2;8O=85 =0 55 83@C , GB> >=0 2 A0<>< 45;5 ?@527>H;0 2A5 >6840=8O ; 0 0A:8=0 , 2 >BG0O=88 >B B>@65AB20 A>?5@=8FK , 701K;0 @>;L 8 <5H0;0AL 2 83@5 . @C7LO 3@0D0 0;:8=0 AB0@0;8AL 2A5<8 A8;0<8 ?>445@60BL 53> ?@8OB5;L=8FC ; => H8:0=L5 =0H59 ?0@B88 703;CH0;> A;01K5 @C:>?;5A:0=8O , 8 @C=O , ?@52>7=>A8<0O ?>E20;0<8 2 ?@>4>;65=85 ?L5AK , 1K;0 2K720=0 =0 AF5=C ; 0 0A:8=0 , ?>:@KB0O ABK4>< 8 =0A<5H:0<8 , ?>1@0=8;0AL A @C=5N 70 :C;8A0<8 8 , ?@85E02 4><>9 , ?>4@0;0AL A 3@0D>< . / 1K; ?@8=OB @C=5N A 2>AB>@3>< . # =55 1K;8 720=K5 3>AB8 : C68=C , => O B0: 1K; @0AAB@>5= 2>;=5=8O<8 B>3> 4=O , GB> GC2AB2>20; A51O =574>@>2K< , 8 ?>5E0; 4><>9 . > <5@5 CA?5E>2 @C=8 =0 4@0<0B8G5A:>< ?>?@8I5 8 ?> <5@5 @0A?@>AB@0=5=8O 55 8725AB=>AB8 =04;560;> 59 =0@O60BLAO ;CGH5 4@C38E , 8;8 , ?> :@09=59 <5@5 , B0: , :0: 4@C385 0:B@8AK , 8<5BL C4>1=55 :20@B8@C 8 7025AB8 A2>9 M:8?065F . / =8:0: =5 <>3 A>3;0A8BLAO , GB>1 @C=O ?@81530;0 : :><C -;81> 4@C3><C 2 A2>8E =C640E , 8 A45;0; 4;O =55 2A5 , GB> 1K;> =C6=K< . # =55 =5 1K;> H0;59 , => >=0 C <5=O =8:>340 8E =5 ?@>A8;0 ; :>340 65 O 720; 55 ?@>3C;820BLAO 70 3>@>4 8;8 ?@>A8; =045BL 1@8;;80=BK =0 25G5@ , >=0 A C;K1:>N >B3>20@820;0AL B5< , GB> C =55 =5B H0;8 , 0 157 MB>3> =5;L7O =8 ?@>3C;820BLAO , =8 1>30B> =0@O60BLAO . 07C<55BAO , GB> =04>1=> 1K;> :C?8BL =5A:>;L:> H0;59 , 81> ?@82575==K5 <=>N 87 AB5?8 1K;8 @0A?@>40=K . 0:>=5F , B@8 =>2K5 ?@54AB02;5=8O , 420 ?5@55740 A :20@B8@K , CAB@>9AB2> 30@45@>10 8 78<=59 >4564K , 702545=85 M:8?060 , >4=8 8<5=8=K 8 45=L @>645=8O @C=8 2 B5G5=85 3>40 ;8H8;8 <5=O A>@>:0 BKAOG @C1;59 8 =02O70;8 4>;3C 4> 45AOB8 BKAOG . >2B>@ON , GB> >=0 <5=O =8:>340 =8 > G5< =5 ?@>A8;0 , 8 O =5 8<5; =8 <0;59H59 >E>BK ?>:C?0BL 45=L30<8 ;N1>2L 8;8 1;03>@0A?>;>65=85 C :>3> 1K B> =8 1K;> . 8 O , =8 @C=O =5 7=0;8 , :0: MB> A;CG8;>AL , GB> <K 8AB@0B8;8 B0:CN :CGC 45=53 ! 9 E>B5;>AL 8<5BL , C <5=O 1K;> _=0 GB> 4>AB0BL _ : 45=L38 :0B8;8AL - 8 2K:0B8;8AL ! >B O >AB0;AO 157 3@>H0 , 157 2AO:8E A@54AB2 4>AB0BL 45=53 , >1O70==K9 A>45@60BL <0BL . . . 074C<02 > <>5< ?>;>65=88 , O ?@8H5; 2 >BG0O=85 , => =5 8<5; 4CEC A:070BL @C=5 > <>5< =5AG0ABL5 . / 4065 4C<0; 70AB@5;8BLAO , 4C<0; 1560BL 2 :8@387A:CN AB5?L , => <5=O C45@6820;> ?>;>65=85 <>59 <0B5@8 . 5A:>;L:> 4=59 O =5 A<5; O2;OBLAO : @C=5 8 A845; 70?5@H8AL 2 <>59 :><=0B5 , ?><KH;OO > A@54AB20E A>45@60BL A51O ?@8AB>9=> 2 A25B5 . 0BCH:5 <>59 O A:070; , GB> =574>@>2 . 8GB> =5 ?@8E>48;> <=5 2 3>;>2C , 0 2A5E 45=53 >AB020;>AL C <5=O B>;L:> ?OBL45AOB @C1;59 . / C65 ?8A0; >4=064K : @A0;0=C G@57 @5=1C@3 , => =5 ?>;CG8; =8:0:>3> >B25B0 : B5?5@L A=>20 =0?8A0; O ?8AL<> : @A0;0=C 8 AB0@H8=0< :8@387A:8< , C254><;OO 8E > <5AB5 A2>53> 68B5;LAB20 8 ?@>AO > ?@8AK;:5 A;54CNI8E <=5 45=53 70 ?@>406C 87 >AB02H59AO <>59 4>;8 4>1KG8 . >;G0=85 AB5?=KE 4@C759 <>8E =5 ?@5425I0;> =8G53> 4>1@>3> . 564C B5< O AB@0H8;AO , GB>1 4@C7LO <>8 , ?>:@>28B5;L=8FK 8 708<>402FK =5 C7=0;8 > <>5< @07>@5=88 . "KAOG8 ?@>5:B>2 @>640;8AL 8 C<8@0;8 2 <>59 3>;>25 , :0: 24@C3 25G5@>< H5AB>3> 4=O <>53> C548=5=8O 425@L 2 :><=0B5 <>59 1KAB@> >B2>@8;0AL 8 21560;0 - @C=O . X X V I ! " # ! # / . ! "+ "!" ! " . / /", ! , - 'B> MB> 7=0G8B , ;N157=K9 4@C3 , GB> BK 1@>A8; <5=O ? - A:070;0 @C=O . - 5;8:>5 45;> , GB> ?@><>B0;AO ? - 0: , 8 BK C65 7=05HL . . . - 0: <=5 =5 7=0BL , - A:070;0 @C=O , - :>340 B2>9 5B@>2 >B@0?>@B>20; <=5 > B2>5< 3>@5 . - 7<5==8: ! - 2>A:;8:=C; O . - 5 3>@OG8AL , >= 8AB8==K9 4@C3 B2>9 . #28452 , GB> BK ;8H8;AO 25A5;>AB8 8 >BAB0; >B 2A5E A2>8E ?@82KG5: , >= 4>3040;AO , GB> :07=0 B2>O 2 G0E>B:5 . 0:>=5F , :>340 ?@8<5B8; , GB> BK ?@8=O;AO >A<0B@820BL 8 ?>25@BK20BL 2 @C:0E A2>8 ?8AB>;5BK , 4>1@K9 5B@>2 =5 <>3 1>;55 2KB5@?5BL 8 ?@81560; :> <=5 A ?@>AL1>N , GB>1 O ?>A?5H8;0 : B515 _=0 A8:C@A _ . 'B> 6 BK <>;G8HL ? / 273;O=C; =0 @C=N 8A?>4;>1LO , 2 A<CI5=88 8 ABK45 , 8 ?@8<5B8; =0 ;8F5 55 25A5;>ABL 8 C;K1:C . - >;=> C=K20BL ! - A:070;0 @C=O . - 5 ABK4=> ;8 :8@387A:><C =0574=8:C 3>@520BL > ?>B5@5 4>1KG8 , :>340 >= A0< F5; 8 =52@548< ? 02=> ;8 BK =07K20; <5=O A2>8< A>:@>28I5< , A2>8< AG0ABL5< . >B O ?5@54 B>1>N - 0 BK :@CG8=8HLAO > ?>B5@5 45=53 ! - @C=O A5;0 =0 A>D5 , 25;5;0 <=5 ?><5AB8BLAO 2>7;5 A51O 8 A:070;0 : - C , <=>3> ;8 <K A?CAB8;8 2 MB>< 3>4C ? - "KAOG ?OBL45AOB , A;8H:>< ! @C=O 70E>E>B0;0 . - 7@O4=> , >G5=L <8;> ! - 2>A:;8:=C;0 >=0 . - :065BAO , <K 1K;8 B0: 15@56;82K ! "5?5@L ?>AC48 , AB>8B ;8 :@CG8=8BLAO 87 45=53 , AB>8B ;8 <CG8BL A51O 4;O =8E ? -B> ACI0O ?K;L , :>B>@0O @07=>A8BAO 8 =0=>A8BAO 25B@>< . - #B5H8B5;L=0O D8;>A>D8O ! => 157 45=53 =52>7<>6=> ACI5AB2>20BL , - >B25G0; O . - A0<0O =56=0O ;N1>2L , A0<0O 15A:>@KAB=0O 4@C610 <>3CB =0?>;=8BL B>;L:> A5@4F5 . . . @C=O ?@5@20;0 A;>20 <>8 . - E , :0: BK C<5= 157 45=53 ! - A:070;0 >=0 . - > >AB02L MB> , ;N157=K9 K6838= ! 8G53> =5B A:CG=55 2 <8@5 , :0: @0AAC645=8O 15745=56=>9 D8;>A>D88 ! C , A:>;L:> C B51O >AB0;>AL ? - 5=55 =565;8 =8G53> . - 0: B0: ? - "> 5ABL 4>;38 8 =52>7<>6=>ABL C?;0B8BL 8E . - '8AB> ! >A;CH09 65 , K6838= , O ?@8H;0 : B515 A B5< , GB>1 872;5GL B51O 87 B2>53> =5?@8OB=>3> ?>;>65=8O . 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" BKAOG=K9 @07 , A B5E ?>@ , ?>2B>@8; O <>;8B2C : - 5 22548 =0A 2> 8A:CH5=85 ! - 8 >AB0;AO B0:8< 65 , :0:>2 1K; ?@5645 ! 0BCH:0 ?@8<5B8;0 , GB> O A =5:>B>@>3> 2@5<5=8 ?5@5<5=8;AO , AB0; 704C<G82 , <@0G5= , 1@N73;82 . >1I5AB20E 1>;LH>3> A25B0 , :C40 O 2A5340 5748; , E>BO =5 B0: G0AB> , O 1K; AB>;L 65 ;N1575= , :0: ?@5645 ; => G5;>25: 2 3>ABOE 8 G5;>25: 4><0 - 420 @07=K5 ;8F0 . =>340 4><0H=89 B8@0= , <CG8B5;L A;C3 8 A5<59AB20 , ?>G8B05BAO 2 A25B5 A0<K< ;N157=K< G5;>25:>< ; 8=>340 B>B , :>B>@K9 70AB02;O5B 4@C38E E>E>B0BL 2 >1I5AB25 A2>5N 25A5;>ABLN , ?@8H5; >B A;57 8 2>72@0B8BAO : A;570< . #G8BLAO C7=020BL ;N459 =04>1=> : 2> -?5@2KE , 2 8E >B5G5AB25 , 0 ?>B>< 2 8E A5<59=>9 687=8 . C@=>9 >B5F A E>@>H8<8 45BL<8 , 4C@=>9 <C6 A 4>1@>N 65=>9 , 4C@=>9 AK= A ?>GB5==K<8 @>48B5;O<8 - =8:>340 =5 <>3CB 1KBL 4>1@K<8 ;N4L<8 , 8 O B0:8< ;N4O< =5 40; 1K 2 C?@02;5=85 =5 B>;L:> C5740 8;8 45?0@B0<5=B0 , => =5 ?>25@8; 1K <>59 A>10:8 ; 1>O;AO 1K A >4=8< 87 B0:8E ;N459 =>G520BL 2 ;5AC , 157 >@C68O . / A:070; <0BCH:5 , GB> =5>14C<0==K5 >1>@>BK @0AAB@>8;8 <>5 A>AB>O=85 8 GB> O 4>;65= B5?5@L AB0@0BLAO B@C40<8 ?@8>1@5B0BL 45=L38 . 0BCH:0 =5 C?@5:0;0 <5=O 8 =5 3=520;0AL . =0 ?@>A8;0 ?>72>;5=8O C40;8BLAO 2 <>=0ABK@L , 345 =0AB>OB5;L=8F0 , 55 7=0:><0O , ?@54;030;0 59 157<OB56=>5 C1568I5 . / A>3;0A8;AO , 8 <0BCH:0 2 B>B 65 45=L 2>7=0<5@8;0AL ?5@51@0BLAO 2 =>2>5 68;8I5 , 27O2 A <5=O >15I0=85 =025I0BL 55 :064K9 45=L 8;8 , ?> :@09=59 <5@5 , B@8 @070 2 =545;N . 564C B5< O >B?@028;AO , ?> CA;>28N , : 0@578=C . !;C30 225; <5=O 2 3>AB8=CN , >G5=L G8AB> C1@0==CN , 345 O 70AB0; 0@578=0 , ?@>E06820NI53>AO ?> :><=0B5 . -B> 1K; =51>;LH>9 G5;>25: , ;5B 70 A>@>: , 1;54=K9 , ACE>I02K9 , A ?@>=8F0B5;L=K<8 273;O40<8 , A :0:8<8 -B> C68<:0<8 , ?>E>68<8 =0 ;0:59A:>5 ?5@54@07=820=85 3>A?>4A:8E ?@85<>2 . !;54CO ?@028;0< <>59 D878>=><8:8 , 2 3;070E 8 =0 CAB0E 0@578=0 O ?@8<5B8; :>20@AB2> , 15AABK4AB2> 8 B@CA>ABL . > ?@82KG:5 , >= 8<5; =0 3;070E 75;5=K9 7>=B8: , E>BO >40@5= 1K; B0:8< ?@52>AE>4=K< 7@5=85< , GB> <0;59HCN :@0?8=:C =0 :0@B0E 2845; =0 AB>;5 ?@>ABK< 3;07>< , :0: 2 <8:@>A:>? . 0;LFK 53> 1K;8 G@572KG09=> 4;8==K 8 ACE8 . 0 ?@02>9 53> @C:5 C:070B5;L=K9 8 1>;LH>9 ?0;LFK >12O70=K 1K;8 G5@=>N B0DB>9 . = 15A?@5@K2=> B0A>20; :0@BK 8 A@57K20; HB>A , 4065 15A54CO A> <=>N , GB>1 =5 B5@OBL =0?@0A=> 2@5<5=8 , :0: >= 3>2>@8; , 8 ?>AB5?5==> CA>25@H5=AB2>20BLAO 2 <5E0=8:5 . /:>2 @>:>DL528G >45B 1K; >A>15==K< >1@07>< : 30;ABCE 53> ?>2O70= 1K; ?;>B=> 2>7;5 H58 , D@0: A H8@>:8<8 @C:020<8 28A5; =0 =5< , :0: =0 32>745 , :>@>B:>5 8A?>4=55 ?;0BL5 8 A0?>38 4> :>;5= ?@54AB02;O;8 =>38 53> 2 2845 :@CG5=KE AB>;1>2 3>B8G5A:> -0@01A:>9 0@E8B5:BC@K . /:>2 @>:>DL528G @54:> 703;O4K20; 2 3;070 B><C , A :5< 3>2>@8; , 8 B> B>340 B>;L:> , :>340 3>2>@8; =5 > _45;5 _ , 0 > 25I0E , ?>AB>@>==8E A2>5<C @5<5A;C . - @>HC ?>:>@=59H5 , - A:070; 0@578= , C:07K20O <=5 <5AB> =0 A>D5 . - G5=L @04 A 20<8 _A>9B8AL _ : 3@0D5=0 !B5?0=>2=0 872>;8;0 <=5 3>2>@8BL , GB> 2K 1K;8 2 A2O7OE A 8A:@5==8< 4@C3>< <>8< , C:>N 20=>28G5< (>@>20B8=K< ) . >GB5==K9 G5;>25: , 4>1@59H89 ! . . K A =8< <=>3> _@01>B0;8 _ 2<5AB5 . 0;L , GB> O =5 <>3C C7=0BL , 345 >= B5?5@L =0E>48BAO . / <>;G0; . 0@578= >?OBL 7025; @5GL : - / A;KE0; , GB> 2K 872>;8;8 25AB8 1>;LHCN 83@C , 8 <=>3> 2K83@K20;8 . >72>;LB5 A?@>A8BL : <5B0;8 8;8 ?>=B8@>20;8 ? - >=B8@>20; , => 1>;55 83@0; 2 :><<5@G5A:85 83@K . - >=8<0N -A : =0 _A2>8 _ :0@BK , A _:C<>2LO<8 _ {C< , 8;8 ?0@B=5@ , =07K205BAO >48= 87 B@5E A3>2>@82H8EAO 2 28AB 8;8 4@C3>9 :><<5@G5A:>9 83@5 , : >1K3@0=8N G5B25@B>3> . =>340 83@0NB =0 ?>4<5G5==K5 , B> 5ABL =0 _A2>8 _ :0@BK . } , 0 2 10=: , 25@=> , 872>;8;8 83@0BL A _A2>8<8 _ ;N4L<8 , =0 _?@>406C _ {0=:8@ 2E>48B 2 ?>;>28=C A> <=>38<8 ;8F0<8 8 , A3>2>@82H8AL A >4=8< 87 A2>8E ?@8OB5;59 , ?>4B0A>2K205B :>;>4C 8725AB=K< >1@07>< 8;8 405B 7=0BL ?@8OB5;N , :>B>@0O :0@B0 2K83@K205B , 0 B>B A@K205B 10=: . -B> =07K205BAO _?@>40BL _ . 8;5=L:0O :><<5@F8O ! } ? - 8 B> , =8 4@C3>5 . / 83@0; G8AB> . - , B5< ;CGH5 , GB> _G8AB> _ : >4=0:> 6 3@0D5=0 !B5?0=>2=0 =5 872>;8;0 <=5 A:070BL , GB> 2K _G8AB> _ 83@05B5 . / A<>B@5; 2 3;070 0@578=C , 87JO2;OO C482;5=85 8 =5 ?>=8<0O 53> 2K@065=89 . - K =5 872>;8B5 ?>=8<0BL , GB> 7=0G8B . . . _G8AB>B0 _ ? -B> 7=0G8B ;>2:>ABL , ?@>2>@AB2> . @8 A8E A;>20E 0@578= A45;0; 42865=85 ?0;LF0<8 , :0: 1C4B> E>B5; I5;:0BL 8<8 . - 5B , 2K =5 C304K205B5 , - >B25G0; O . - 3@0D5=0 !B5?0=>2=0 A:070;0 20< , 8 O ?>2B>@ON , GB> O 2>2A5 =8G53> =5 7=0N 2 :0@B0E 8 GB> 5A;8 2K E>B8B5 , GB>1 O 1K; 20< ?>;57=K< , B> 4>;6=> ?>A2OB8BL <5=O 2 B08=AB20 A2>53> 8A:CAAB20 . - >=5G=> , 4>;6=> 7=0BL GB> -=81C4L , - 2>7@078; 0@5 -78= . - 5 C3>4=> ;8 _?>B@C48BLAO _ ?@>9B8 2 <>9 :018=5B ; O 20< 40< ?5@2K9 ?@0:B8G5A:89 C@>: , A C:070=85< 8=AB@C<5=B>2 . 7 3>AB8=>9 <K 2>H;8 2 E>;>4=CN :><=0BC , 345 =0E>48;>AL <=>65AB2> @07=>@>4=KE 25I59 2 25;8G09H5< 15A?>@O4:5 . 0@B8=K , D0@D>@ , 1@>=7K , :>=A:85 ?@81>@K , ?5=:>2K5 B@C1:8 , 1>30B>5 >@C685 @07;>65=K 1K;8 =0 >:=0E , ABC;LOE , AB>;0E 8 =0 ?>;C . @><5 B>3> , 2 @07=KE <5AB0E AB>O;8 AC=4C:8 , OI8:8 A 28=0<8 8 B . ? . A5 MB> ?>:@KB> 1K;> ?K;LN 8 3@O7LN . 4@C3>9 :><=0B5 , 8;8 2 :018=5B5 , 2A5 B@8 >:=0 7025H5=K 1K;8 75;5=K<8 HB>@0<8 . >4 >:=0<8 AB>O;8 <0;5=L:85 AB>;8:8 , ?>:@KBK5 1>;LH8<8 ;8AB0<8 1C<038 , 0 ?>A@548 :><=0BK =0E>48;AO >48= 1>;LH>9 AB>; , ?>:@KBK9 75;5=K< AC:=>< . 0@578= ?>4>H5; : >4=><C <0;><C AB>;C , A=O; 1C<03C , 8 O C2845; : =5A:>;L:> B0;89 :0@B , 0 =0 B0@5;:5 @0AB5@BK5 A8=NN 8 :@0A=CN :@0A:8 8 =5A:>;L:> 2>@>=L8E ?5@L52 . - 065BAO , 2K <>65B5 4>3040BLAO , - A:070; 0@578= , - GB> MB> _682>?8A=0O G0ABL _ =0H53> 8A:CAAB20 , B> 5ABL :@0? . !0<K5 ;CGH85 :0@BK 4;O =0:@0?;820=8O 2>B MB8 , :>B>@KE 25@E=85 C7>@K >B45;K20NBAO ?C=:B8@>2:>N . 4=0 ;8H=OO B>G:0 2 8725AB=>< <5AB5 4>AB0B>G=0 , GB>1 G8B0BL ?>25@EC , :0: 1C4B> :>;>40 1K;0 @0A:@KB0 . A@548=5 :@0?OBAO :0@BK 4;O _25@E>2:8 _ . K =5 7=05B5 25@E>2:8 ? - 5B -A . - 72>;LB5 2845BL : 2K ?CA:05B5 2 >1>@>B A2>8 :0@BK 8 , ?>=B8@CO , 7=05B5 2A5340 , GB> ;568B =025@EC , 0 MB8< 87102;O5B5AL >B ?>B5@8 _A>=8:>2 _ . -B> A0<0O =528==0O 83@0 8 C?>B@51;O5BAO B>;L:> ?@>B82 _>?KB=KE _ 83@>:>2 . 45AL 020=B06C =5 1>;55 1 0 ?@>F5=B>2 . >B MB8 :0@BK A :@0?8=0<8 =0 @51@0E A;C60B 4;O C;02;820=8O _A>=8:>2 _ . 5@=K9 8 7>@:89 3;07 2848B 8=>340 G5B25@BCN :0@BC 2 :>;>45 10=:8@0 , 8 B>340 , ?@>I09 10=: ! >B 10=:8@A:85 :0@BK A :@0?0<8 =0 C3;0E , GB>1 , 7=0O , :>340 845B :0@B0 A 1>;LH8< :CH5< , <>6=> 1K;> _?5@545@=CBL _ . - 0@578= ?@8 A5< 2K428=C; OI8: 2 AB>;5 , 2K=C; B010:5@:C 8 ?>40; 55 <=5 . - 848B5 ;8 2K 2 =59 GB> -=81C4L ? - A?@>A8; >= . - 8G53> , :@><5 B>3> , GB> >=0 BO65;0 8 >G5=L E>@>H> A45;0=0 , - >B25G0; O . - "O65;0 >BB>3> , GB> A5@548=0 7>;>B0O , 0 25@E ?;0B8==K9 8 GB> BO65ABL MB0 25AL<0 =C6=0 . 848B5 ;8 , GB> =86=55 4=> >12545=> @C1G8:>< , 8;8 @0<>G:>N , 0 =0 A0<>9 A5@548=5 4=0 F25B>: , >B45;0==K9 <0B>< ? "5?5@L 872>;LB5 A<>B@5BL : 2>B O , =0?@8<5@ , 10=:8@ . @8 A5< 0@578= A5; 70 AB>; , 27O; :0@BK 2 @C:8 8 ?@>4>;60; B>;:>20=85 : - "5?5@L 286C , GB> 2B>@0O :0@B0 4>;6=0 2K83@0BL ?>=B5@C 1>;LH>9 :CH . / :;04C :0@BK =0 AB>; , ?@8:@K20N :>;>4C B010:5@:>N , 1C4B> 87 ?@54>AB>@>6=>AB8 , GB>1 ?>=B5@K =5 2840;8 8E ; 2K=8<0N ?;0B>: , CB8@0N =>A , ?>B>< >B:@K20N B010:5@:C , 15@C B010:C , A=8<0N B010:5@:C , ?@>4>;60N <5B0BL , 8 2>B 2848B5 , A5<5@:0 , :>B>@0O 4>;6=0 1K;0 ;5GL =0;52> , ;>68BAO =0?@02> . - 0: 65 MB> A;CG8;>AL ? - A?@>A8; O A C482;5=85< . - 2>B :0: ! B010:5@:5 420 4=0 , 7>;>B>5 8 ?;0B8=>2>5 . >;>B>5 B>=:>5 8 C?@C3>5 , 0 2 ?;0B8=>2>< MB>B F25B>G5: 2AB02=>9 , =0 ?@C68=5 , 8 =0<070= ?> <0BC 2>A:>< 8;8 :;55< . >340 O 15@C B010: , B> ?@868<0N ?0;LF5< A5@548=C : 25@E=OO :0@B0 ?@8AB05B : 2AB02=><C F25B:C 8 45@68BAO 2 @0<>G:5 , 0 2B>@0O >AB05BAO 25@E=5N . "5?5@L 845B 4@C30O :0@B0 , :>B>@CN <=5 =04>1=> ?>;>68BL =0?@02> . / B>G=> B0:8< 65 ?>@O4:>< :;04C B010:5@:C =0 :0@BK , ?@868<0N 4=> , 8 :0@B0 >BAB05B >B F25B:0 8 ;>68BAO =025@E , 0 B0 , :>B>@0O 4>;65=AB2>20;0 2K83@0BL 2 ?5@2>< _01FC35 _ , ?@>83@K205B ?>=B5@C 2> 2B>@>< . 5 ?@0240 ;8 , GB> MB> >G5=L <8;> ? / :82=C; 3>;>2>N 2 7=0: A>3;0A8O . - -B> =>2>5 ?5B5@1C@3A:>5 87>1@5B5=85 , >4=>3> <>53> 70:04KG=>3> ?@8OB5;O , 8 >G5=L E>@>H> A _<0AB5@0<8 _ , :>B>@K< =5;L7O ?5@545@=CBL . 54L _CG5=KE _ 8=0G5 =5;L7O C;>28BL , :0: A0<K<8 ?@>ABK<8 A@54AB20<8 . # <5=O 5ABL 5I5 ;N18<K9 G5@=K9 D@0: , 2 :>B>@>< O 576C =0 83@C . ?@02>< @C:025 MB>3> D@0:0 B0:65 A45;0= <5E0=87< , 4;O A:@04K20=8O :0@B . -B> GC4> , 0 =5 87>1@5B5=85 : O 20< ?>:06C ?>A;5 . !B>8B B>;L:> ?>3;048BL >1H;03>< :>;>4C , 8 :0@B0 B0: 65 8AG57=5B , :0: >B B010:5@:8 . K ?5@5H;8 : 4@C3><C <0;5=L:><C AB>;8:C , 8 0@578= , A=O2 1C<03C 8 C:0702 =0 :CG8 :0@B , ?@>4>;60; @0AA:07 : - >B _10;0<CBK _ , B> 5ABL 8725AB=>5 G8A;> :0@B , ?>4@570==KE B0:8< >1@07>< , GB> ?@8 B0A>2:5 2K18@0NBAO H8@>:85 8 C:;04K20NBAO 2<5AB5 , ?> 8AG8A;5=8N . 0;0<CB>2 <=>65AB2> , 8 8E C:;04K20NB @07=K<8 :;NG0<8 . ABL B0:85 , 345 2A5 ?5@2K5 B@84F0BL :0@B ?@>83@K20NB , B> 5ABL 345 ?>=B5@ =5 2K83@K205B =8 >4=>3> :CH0 ; 5ABL 10;0<CBK ;53:85 , A 1>;LH8< G8A;>< _?;85 _ 8 A D0;LH82K<8 _@CBL5 _ . 0 10;0<CB0 83@0NB B>;L:> A =5>?KB=K<8 . K=5 , 872>;8B5 2845BL , A25B 75;> C<C4@8;AO ! >B @07;8G=K5 _?>4@578 _ :0@B , 4;O C:;04K20=8O HB>A>2 2 B0A>2:5 . 0 MB> =04>1=> 8<5BL =5>1K:=>25==>5 ?@>2>@AB2> 2 ?0;LF0E , 1>;LH5 , =565;8 B@51C5BAO >B =K=5H=8E <>4=KE D>@B5?80==KE 83@>:>2 , 8 MB0 ;>2:>ABL ?@8>1@5B05BAO B>;L:> 2@5<5=5< 8 B@C40<8 . K 2848B5 , GB> C <5=O >12O70=K ?0;LFK : 872>;LB5 2845BL , :>60 =0 MB8E ?0;LF0E C <5=O B0: =04A:>1;5=0 B5@?C3>< , 8 B5;> B0: @07<O3G5=> <07LN , GB> O 2 83@5 >4=8< ?@8:>A=>25=85< C304K20N :0@BK , 0 ACAB02K <>8 381G5 2AO:8E ?@C68= . > 2K 4> MB>3> =5 A:>@> 4>945B5 : MB> ?;>4K 4204F0B8;5B=59 >?KB=>AB8 8 =525@>OB=KE CA8;89 . K 65 1C45B5 <>8< :@C?5@>< , 8 B0: 20< =C6=> 1>;55 7=0BL ?>=B8@>2:C , 4;O =01;N45=8O 70 83@>:0<8 , ?@8 <>5< 10=:5 . / =5 <>3C A<>B@5BL 70 =8<8 ?>B><C , GB> 2 83@5 O 1K20N _?>3@C65= 2 3;C1>:>5 A>75@F0=85 _ 8A:CAAB20 , 4;O ?@>872545=8O 2 459AB2> <>8E 10=:8@A:8E >?KB>2 , 0 2K <564C B5< A<>B@8B5 , GB>1 =0A =5 >1<0=K20;8 ;>6=K5 1@0BLO , 2B8@0NI85AO 2 83@C ?>4 <0A:>N ?@>AB0:>2 . K ?5@5H;8 : B@5BL5<C AB>;8:C , 8 0@578= , 2A:@K2 ?> -?@56=5<C 1C<03C 8 ?>:07K20O <=5 @07;8G=K5 :0@BK , ?@>4>;60; A2>9 @0AA:07 : - >B 2848B5 MBC B@>9:C . !<>B@8B5 65 : @07 ! - 8 2>B 42>9:0 ; 5I5 @07 ! - 8 2>B BC7 . 0@578= B>;L:> A=8<0; :0@BC A> AB>;0 , 8 =0 :0@B5 2 A0<>< 45;5 ?5@5<5=O;8AL >G:8 , ?> 53> 2>;5 . - =05B5 ;8 , GB> MB> B0:>5 ? - A?@>A8; 0@578= . - =5 ?>G5<C 7=0BL ! - -B> 8=AB@C<5=B @CAA:>3> 87>1@5B0B5;O , E>BO D@0=FC7A:>3> =0720=8O , 8 70B> =5 B0: AB@0H=K9 , :0: D@0=FC7A:89 . -B> _38;L>B8=0 _ . >B 872>;LB5 2845BL : :0@B0 @0A:;58205BAO , 8 2>B =0 MB>9 G0A>2>9 ?@C68=5 =0A06820NBAO 2K@570==K5 >G:8 . @C68=0 C:@5?;5=0 2 A5@548=5 , 0 :>=G8: 55 2KE>48B A 1>:C :0@BK . 2830O ?0;LF5< :>=G8: , >G:8 ?@OGCBAO 8;8 2KE>4OB ?> ?@>872>;C . 8;L>B8=0 45;05BAO 87 2A5E :0@B , :@><5 D83C@ . > 2>B C <5=O 8 @575@2=K5 D83C@K , 8;8 _<0A:8 _ . 72>;LB5 2845BL : 2>B =0 >4=>9 :0@B5 :>@>;L 8 40<0 , =0 4@C3>9 20;5B 8 :>@>;L 8 B . 4 . -B> 45;05BAO 87 42C3>;>2KE D83C@ . @0H5=K9 ;8AB>: A48@05BAO , @07@57K205BAO , 8 3>;>2K ?5@5<5=ONBAO . ;O _B5<=KE _ 8 4;O _A>=8:>2 _ MB> >G5=L E>@>H> . -B8 :0@BK =5A:>;L:> ?><C4@5=55 . 848B5 ;8 , 2>B O AB02;N A5<5@:C : 2K83@K205B H5AB5@:0 , 8 <>O :0@B0 B>BG0A ?@52@0B8;0AL 2 H5AB5@:C . -B> _=0AK?=K5 _ >G:8 . 0 :0@B5 =02>48BAO :;55< >G:> 8 ?>AK?05BAO G5@=K< ?>@>H:>< 87 665=>9 :>AB8 . 0@B0 , @07C<55BAO , AB028BAO _B5<=0O _ , 8 5A;8 2K83@0;0 B0 :0@B0 , :>B>@0O AB>8B C <5=O , O 2A:@K20N 8 15@C 45=L38 ; 5A;8 2K83@K205B 4@C30O , O AB8@0N >G:> ?@8 2A:@KB88 :0@BK 8 >?OBL 15@C 45=L38 . >B _<5H:8 _ : :0@B0 , 872>;LB5 2845BL , @0A:;55=0 2 A5@548=5 , 8 2 =59 >AB02;5=> ?CAB>5 <5AB> , :C40 :;04CBAO 0AA83=0F88 . A;8 :0@B0 ?@>83@0;0 , ?>=B5@ 15@5B A> AB>;0 :0@BC 8 >AB02;O5B =5A:>;L:> 0AA83=0F89 ; 5A;8 :0@B0 2K83@K205B , B> ?>=B5@ 8A:CA=> 2KB@OE8205B 0AA83=0F88 87 <5H:0 , 8 10=:8@ ?;0B8B 8=>340 245AOB5@> , >A>15==> ?@8 2K83@KH5 C3;>2 . K 872>;8B5 ?>A<0B@820BL 2 MB>B OI8: ? 45AL 8=AB@C<5=BK : _2>;G89 _ 7C1 , 4;O ;>I5=8O :@0?;5=KE :0@B , _28H=52K9 :;59 _ ; 2>B _<54=K5 4>A:8 _ @07=>3> D>@<0B0 , 4;O >1@57K20=8O :0@B MB8<8 B>=5=L:8<8 _=>6=8F0<8 _ . 2>B =0 H:0DC AB>8B _?@5AA _ , 8;8 _B8A:8 _ , 4;O A60B8O @0A?5G0B0==KE 8 2=>2L 70?5G0B0==KE :0@B . 0< C3>4=> 7=0BL , GB> =0 MB>< 1>;LH>< AB>;5 , ?>4 75;5=K< AC:=>< ? @83>B>2;5==K5 :0@BK . > =0 ?5@2K9 A;CG09 20< 4>2>;L=> . >945<B5 , ?>702B@0:05< 8 ?>B>;:C5< > ?@54AB>OI59 :0<?0=88 . 02B@0: C65 AB>O; =0 AB>;5 , => =5 1K;> =8 ?@81>@>2 , =8 28=0 . 0@578= 2K=C; :;NG8 87 :0@<0=0 , 2KH5; 2 4@C3CN :><=0BC , ?>720; ;0:5O 8 2>72@0B8;AO A 28=>< 8 ?@81>@0<8 . >340 ;0:59 C40;8;AO , O A:070; : - 5@=> , 20H A;C68B5;L 4C@=>3> ?>2545=8O , GB> 2K 5<C =5 ?>25@O5B5 A5@51@0 ? - 8G53> =5 70<5B8; 2 B5G5=85 45AOB8 ;5B , - >B25G0; 0@578= . - > O , AC40@L , 8<5N ?@82KG:C =8:><C =5 25@8BL , 0 MB> A0<>5 ;CGH55 A@54AB2> , GB>1 =5 1KBL =8:5< >1<0=CBK< . B><C 6 : =5 22548 2> 8A:CH5=85 ! 0G5< 4>AB02;OBL G5;>25:C A;CG09 : 2>@>2AB2C ? / =5 >B25G0; =8G53> , => 2=CB@5==5 ?@>:;8=0; ;N1>2L <>N , 4>254HCN <5=O 4> A2O759 A MB8< 04A:8< B2>@5=85< . - 72>;LB5 2845BL , - A:070; 0@578= , - 3@0D5=0 !B5?0=>2=0 >G5=L 4>1@0O 4528F0 8 <>O AB0@0O 7=0:><0O ; => >=0 =5<=>6:> 25B@5=0 , =5<=>6:> A2>5=@02=0 8 =5<=>6:> ;N18B 1@>A0BL 45=L30<8 . K =5 4>;6=K A>25@H5==> ?>25@OBL 59 2A5 A2>8 45;0 8 25AL 45=56=K9 >1>@>B . =0 3>B>20 ?@54>AB5@5GL G5;>25:0 , 5A;8 >= 59 ?>=@028BAO , 8 :>340 1C45B 2 B>G=>AB8 7=0BL > 2K83@KH5 , B> 2 =C645 2 A>AB>O=88 ?>B@51>20BL >B =0A 1>;55 , =565;8 A:>;L:> 59 1C45B A;54>20BL . 72>;8B5 ?>=8<0BL ? / 8<5N >1KG09 , :>340 83@0N 2 ?>;>28=5 A :5< -=81C4L , >B:;04K20BL A 10=:C 2 A0?>38 : 2K B> 65 4>;6=K 45;0BL , :>340 O ?><>@ICAL 8 A:06C 20< : _A0?>38 6<CB _ . >A;5 B>3> <K ?>945< 4><>9 8 @0AAG8B05<AO . - #2848< ! - A:070; O 8 A?5H8; >AB028BL 0@578=0 , GB>1 C2845BLAO A @C=5N . - "K <=5 =02O70;0 ACI53> @071>9=8:0 ! - A:070; O @C=5 . - 5C65;8 BK E>G5HL , GB>1 O 4;O >1<0=0 >1<0=I8:>2 2K1@0;0 G5AB=>3> G5;>25:0 ? 5@5AB0=L @51OG8BLAO , 0=O : BK A:CG5= A A2>5N H:>;L=>N 4>1@>45B5;LN . K =8 C :>3> =5 AB0=5< >B=8<0BL 45=53 , 0 1C45< 1@0BL C B5E , :>B>@K5 8ICB A;CG0O A1KBL 8E A @C: . ?@>G5< , =5 E>G5HL - :0: C3>4=> ! > B>340 BK 4>;65= >B:070BLAO >B A2>59 =5A=>A=>9 @52=>AB8 . - / @5H8;AO ! - 2>A:;8:=C; O ?>GB8 A:2>7L A;57K 8 ?>H5; 4><>9 , GB>1 ?@>2>48BL <0BCH:C 2 <>=0ABK@L , >15I0O 2 25G5@C 2>72@0B8BLAO : @C=5 . 0@578= 4>;65=AB2>20; >B:@KBL 2 MB>B 25G5@ ?5@2>5 A2>5 70A540=85 . B257H8 <0BCH:C , O 2>72@0B8;AO 4><>9 , A 3@CABLN 2 A5@4F5 , 8 ;53 =0 A>DC . 5B@>2 2>H5; 2 :><=0BC 8 , >AB0=>282H8AL C 425@59 =02KBO6:C , A:070; : - >72>;LB5 , 20H5 1;03>@>485 , 20H5<C CA5@4=><C 5B@>2C ?@><>;28BL A;>2> . - >2>@8 . - # =0A =5B 45=53 ! - 5B , 8 B0: ABC?09 , 8I8 A515 A;C61K C B>3> , :B> 8<55B 45=L38 . - !>E@0=8 <5=O >3 >B MB>3> : 2K <>9 1;03>45B5;L , 20= 20=>28G , 8 O 20A 4> A<5@B8 =5 >AB02;N . !>;40BC =5<=>3> =04>1=> : H8=5;L =0 ?;5G0E 40 ACE0@L 2 :0@<0=5 . / <>3C C A>A5459 70@01>B0BL 4=52=>9 ?05: 8 2A5340 1C4C 3>B>2 =0 A;C61C : 20H5<C 1;03>@>48N . 0 =5 2 B>< 45;> . - '53> 65 BK >B <5=O E>G5HL ? - 3@0D5=0 !B5?0=>2=0 - E>@>H0 ! - -B> O 7=0N 8 157 B51O . - 0A:>20 , :0: :@>;8: , 1>;B;820 , :0: ;0AB>G:0 , 3>;>A8AB0 , :0: 602>@>=>: ! - "0: GB> 6 ? - 0 >=0 , AC40@L , 8745@68205B 1>;55 45=53 2 ACB:8 , =565;8 F5;0O 3@5=045@A:0O @>B0 2 <5AOF . - "515 :0:0O =C640 ! - C640 , 20H5 1;03>@>485 , ?>B><C , GB> O 20A ;N1;N 1>;55 >BF0 @>4=>3> , ;N1;N , :0: <>53> @>B=>3> :><0=48@0 , C?>:>9 >A?>4L 53> 4CHC : >= C<5@ >B @0=K =0 <>8E @C:0E ! =5 ;8 =5 7=0BL , GB> 20H8 45=56:8 ?@>:0B8;8AL A:2>7L =56=K5 8 15;K5 ?0;LG8:8 3@0D5=K !B5?0=>2=K ! - 5 B2>5 45;> . - 5 <>5 45;> , => <>O :@CG8=0 ! 0H5 1;03>@>485 , 20= 20=>28G ! / @04 ?>;>68BL 682>B 70 20A , 8 <=5 1>;L=> , 3>@L:> A<>B@5BL , GB> >B 3@0D5=K !B5?0=>2=K 8 B5BCH:0 20H0 , 45;0840 5B@>2=0 , 872>;8;0 AJ5E0BL A> 42>@0 , 40 8 20< A:>@> =5 1C45B <5AB0 =0 15;>< A25B5 . #6 5A;8 381=CBL A<>;>4C , B0: >B ?CH:8 8;8 >B ?C;8 , 0 =5 >B 101L8E ?@8E>B59 . 5 4>945< <K 4> 4>1@0 A <>A:>2A:8<8 :@0A028F0<8 . ABC?8B5 2 2>5==CN A;C61C , 8 ?>545< =0 02:07 . 45AL , AC40@L , 20< =C6=K 8 :0@5BK , 8 <515;8 , 8 4204F0BL ?0@ ?;0BLO , 8 >3 25ABL GB> ; 0 B0< <>;>4><C >D8F5@C =8G53> =5 =C6=> , :@><5 A01;8 40 E@01@>AB8 ; 0 C 20A 5ABL 8 B> 8 4@C3>5 . C6 687=L -B> - 687=L - 25A5;L5 ! 064K9 >689 45=L - 4@0:0 , 40 8 A :0:8<8 <>;>4F0<8 , A <5B:8<8 AB@5;:0<8 , A =0574=8:0<8 , :>B>@K5 , :@><5 @CAA:8E , =5 1>OBAO 8 A0<>3> G5@B0 . 8=F> A;02=>5 , 10@0=>2 BL<0 , E;51 E>@>H89 , 0 452CH:8 -B> , 452CH:8 -B> : 3@C78=>G:8 , G5@:5H5=>G:8 , GC4> ! !:07K20NB , GB> 8 A0< BC@5F:89 AC;B0= 2 A2>5< &0@L3@045 4@C38E 7=0BL =5 E>G5B . 4=0 1540 4;O @CAA:>3> A>;40B0 , GB> =5 2A5340 <>6=> =0?8BLAO :20AC 40 ?>5ABL I59 , 0 20< , 3>A?>40 , 254L MB> =K=5 =5 3>@5 . -9 , 20H5 1;03>@>485 , ?>A;CH09B5 AB0@>3> A>;40B0 ! #2848B5 , GB> =0 2KA>:>< 02:075 A5@4F5 20H5 2K25B@55B >B ;N128 , 0 G5@:5AA:85 =0574=8:8 709<CB 20A 1>;55 , G5< 3@0D5=0 !B5?0=>2=0 ! =5 2 A0<>< 45;5 =@028;>AL ?@54;>65=85 5B@>20 ; => <5=O C45@6820;8 2 >A:25 ;N1>2L 8 4>;38 . - !?0A81> , 1@0B , 70 A>25B , 0 70 ;N1>2L 242>5 . / @074C<0N > B>< , GB> BK <=5 A:07K20; , 8 =0 ?5@2K9 A;CG09 3>2>@N B515 , GB> O =5 ?@>GL >B 2>9=K 8 02:070 . 564C B5< 40209 >4520BLAO : <=5 =04>1=> 84B8 A> 42>@0 . 5G5@ C @C=8 1K; 1;8AB0B5;L=K9 . =0 ?@83;0A8;0 : A515 =5A:>;L:> :@0A028F 0:B@8A 8 <=>65AB>2> 1>30BKE ;N18B5;59 4@0<0B8G5A:>3> 8A:CAAB20 , :>B>@K5 ;N1OB MB> 8A:CAAB2> , =5 2 :=830E 8 =5 2 ?@54AB02;5=8OE , => 2>?;>I5==K< , 2 2845 ?@5:@0A=KE 0:B@8A . !?5@20 70=8<0;8AL @073>2>@0<8 , <C7K:>N ; ?>B>< , :0: 1C4B> 4;O >:>=G0=8O AB0@KE =0H8E AG5B>2 , <K A 0@578=K< A5;8 2 C3;>2>9 :><=0B5 83@0BL 2 HB>A . @C=O , HCBO , ?>?@>A8;0 >4=>3> 1>30B>3> 3>ABO A>@20BL 10=: ?>?>;0< A =5N , ?@8<>;282 , GB> >=0 25AL<0 AG0AB;82> 2K45@38205B :0@BK 4;O ?>=B5@>2 . 5A:>;L:> 40<A:8E ?@8A;C6=8:>2 ?@>A8;8 @C=N 2K45@=CBL 4;O =8E :0@BK . 02O70;0AL 83@0 , A?5@20 =51>;LH0O , ?>B>< >3@><=0O , 8 0@578= >G8AB8; 2A5 1C<06=8:8 . 3@0 ?@>4>;60;0AL 4> H5AB8 G0A>2 CB@0 , 8 , :>340 3>AB8 @07J5E0;8AL , <K @0745;8;8 2K83@KH =0 B@8 G0AB8 , 8 :064><C 4>AB0;>AL >:>;> 2>AL<8 BKAOG @C1;59 . 4=0:> 6 0@578= >AB0;AO 25AL<0 =54>2>;5= <=>N 70 B> , GB> O A?@>A8; C =53> , =5 6<5B ;8 =>3 53> >1C2L , 8 ?@8=C48; 53> A=OBL ?@8 <=5 A0?>38 , 2 :>B>@KE O =0H5; ?CG:0 420 0AA83=0F89 8 3>@ABL 7>;>B0 . 'B>1 CB5H8BL 0@578=0 , O A:070; 5<C , GB> 45;0N MB> 4;O B>3> B>;L:> , GB>1 ?@8>1@5ABL 4>25@5==>ABL @C=8 , :>B>@0O ?@8<5B8;0 , :0: >= >?CA:0; 45=L38 2 A0?>38 . ;CB =5 ?>25@8; <=5 , => ?@8B2>@8;AO , GB> 25@8B . "0:8< >1@07>< <0;59H55 >BABC?;5=85 >B ?CB8 G5AB8 2545B 70 A>1>N <=>65AB2> ?>@>:>2 . !2O702H8AL A 83@>:>< 4;O >1<0=0 4@C38E , O 2 ?5@2K9 45=L A45;0;AO ;65F>< 8 >1<0=C; 0@578=0 , 2>>1@060O A515 , GB> A ?;CB>< ?>72>;5=> 1KBL >1<0=I8:>< . "0:>5 ;53:>5 ?@8>1@5B5=85 45=53 2A:@C68;> <=5 3>;>2C 8 CAK?8;> A>25ABL . / 2>72@0B8;AO 4><>9 >G5=L 25A5; : 1@>A8; 45=L38 2 :><>4 8 , 402 2 5 @C1;59 5B@>2C , A:070; : " 0 02:075 , 1@0B , E>@>H> , => 2 >A:25 ;CGH5 . >25A5;8<AO -:0 A?5@20 745AL , 0 40;55 C2848< ! " X X V I I + . !, " . ( # ! . . !/ , " + . -!/ ,!% # /% . (% " & . ' - ! . . '"! , # /", 5<5A;> D0;LH82>3> 83@>:0 A>548=O5B 2 A515 2A5 ?>@>:8 , C=860NI85 G5;>25G5AB2> . 5B B0:>9 ?>4;>AB8 , =0 :>B>@CN 1K ;>6=K9 83@>: =5 @5H8;AO , GB>1 70<0=8BL 2 A5B8 A2>8 G5;>25:0 , ?@8AB@0AB=>3> : 83@5 . >6=K5 83@>:8 , :0: =0AB>OI85 45<>=K , 87>I@ONB C< A2>9 548=AB25==> =0 87>1@5B5=85 2AO:>3> @>40 8A:CH5=89 , GB>1 ;8H8BL G5;>25:0 4>AB>O=8O , 4>1@>3> 8<5=8 , 225@3=CBL 53> 2 ?CG8=C ?>@>:>2 , ?>3C18BL F5;>5 A5<59AB2> . MB8 ;N48 ?@8=8<0NBAO 2 ?>@O4>G=KE >1I5AB20E , ?>;L7CNBAO ?@020<8 , ?@54>AB02;5==K<8 ?>@>45 , 70A;C35 ! 54=K9 2>@8H:0 , C:@02H89 2 5 @C1;59 , 8=>340 >B =C64K , =0:07K205BAO , :0: ?@5ABC?=8: ; 0 MB8 4=52=K5 2>@K 3>@4> @07J5760NB 2 1>30BKE M:8?060E , 2>4OBAO A 25;L<>60<8 , A<>B@OB A ?@57@5=85< =0 154=>3> , => G5AB=>3> G5;>25:0 , >B :>B>@>3> ?>6828BLAO =5G5< , 8 4065 >1AC6820NB A;01>AB8 4@C38E ;N459 . , 154=>5 G5;>25G5AB2> , A B2>8<8 >1KG0O<8 ! B> 28=>20B ? 0:>=K ?@540NB ;>6=>3> 83@>:0 ?>=>H5=8N 8 =0:070=8N , => _?> >1KG0N _ ?>G8B05BAO =5?@8;8G=K< >1=0@C68BL 8 ?@540BL AB@>3>AB8 ?@02>AC48O 4=52=>3> 2>@0 , B> 5ABL ;>6=>3> 83@>:0 , <564C B5< :0: ?>G8B05BAO ?>E20;L=K< 45;>< ?>9<0BL 2>@8H:C 2 :@065 2 5 @C1;59 8 ?@540BL 53> 70A;C65==><C =0:070=8N . 0:0O =5A>>1@07=>ABL ! B0: , 5A;8 20< ABK4=> 8AB@51;OBL 2>;:>2 2 20H8E 40G0E , B0: ?CABL 65 2>;:8 8AB@51;ONB 20H8 AB040 , 3@K7CB ?0ABCE>2 , ?>:0 4>15@CBAO 4> 20A A0<8E . 4>1@K9 G0A ! 3@0 2 4><5 @C=8 ?>AB5?5==> C25;8G820;0AL , >1I5AB2> 45;0;>AL <=>3>G8A;5==55 . !?@0254;82> , >4=0:> 6 , GB> =068B>5 =5?@024>N =5 845B 2?@>: . K A @C=5N =5 7=0;8 AG5B0 45=L30< 8 =5 7=0;8 ?@8B>< <5@K =0H8< 65;0=8O< . 'B> ;53:> ?@8E>48B , B> ;53:> 8 CE>48B . 0H5 83>@=>5 702545=85 A45;0;>AL 3;0A=K< , 8 <K ?@8=C645=K 1K;8 4>?CAB8BL 2 G0ABL =5A:>;L:8E 87 A0<KE 8A:CA=KE 83@>:>2 , GB>1 >=8 =0< =5 <5H0;8 , 8 <564C B5< :0: <K A @C=5N AK?0;8 45=L30<8 =0 =0@O4K , <515;8 , M:8?068 , ;>H0459 , >154K 8 C68=K , =0H8 A>>1I=8:8 @570;8AL <564C A>1>N 8 ?@>83@K20;8 4@C3 4@C3C =0 AG0ABL5 B> , GB> 2K83@K20;8 C 4@C38E >1<0=>< . B><C 65 <564C ;>6=K<8 83@>:0<8 =5 1K205B 4>1@>=@02=KE >BF>2 A5<59AB20 , ;N459 A:@><=>3> 8 B8E>3> ?>2545=8O . 28=5 , 2 1C9=KE 701020E , 2 A2O7OE A @072@0B=8F0<8 >=8 AB0@0NBAO 701KBL A2>5 =8GB>65AB2> , 703;CH8BL 2>?;L A>25AB8 8 2K:070=85< 1>30BAB20 8 @>A:>H8 ?@8:@KBL A2>N =87>ABL . =8 682CB 2> 2A5340H=5< G04C , 1>OBAO >?><=8BLAO . #548=5=85 , B8H8=0 5ABL ?@54425@85 <CG5=89 4;O ?>@>G=>3> . > =5AG0AB8N , 7=0B=>ABL ?>@>4K =5 2A5340 A>?@O65=0 A 4>AB>8=AB2>< 4CH52=K< , 8 2> 2A5E =0@>40E ACI5AB2C5B ?>A;>28F0 : 2 A5<L5 =5 157 C@>40 . =0H5< >1I5AB25 83@>:>2 1K;> 420 2K@>4:0 7=0B=KE D0<8;89 : :=O7L ;CB>;5=A:89 8 3@0D ">=:>2>@8= . 5@2K9 , >B:0702H8AL >B 2K3>4=>3> 1@0:0 , >B 2A5E A2O759 A E>@>H8< >1I5AB2>< , >B A;C61K , 25; 687=L @0A?CB=CN , ?>:07K20;AO 2A5340 2 ?C1;8:5 2 =5B@572>< 2845 8 1CO=AB2>< A2>8< =0@CH0; 2A5 ?@8;8G8O . = 1K; 5I5 2 A0<>< F25BCI5< 2>7@0AB5 8 <>3 1K A;C68BL >1@07F>< 682>?8AFC 4;O 87>1@065=8O >BG0O==>3> @071>9=8:0 . @0A=>5 , @074CB>5 53> ;8F> , 70@>AH55 >3@><=K<8 10:5=10@40<8 , 2K@060;> 45@7>ABL 8 =52>745@6=>ABL ; 3;070 1K;8 2A5340 2K?CG5=K 8 =0;8BK :@>2LN , :0: C 385=K ; 3C1K 1K;8 =04CBK 8 >B2>@O;8AL B>;L:> 4;O ?8I8 , ?8BLO 8 3@C1>AB59 . @0D ">=:>2>@8= 1K; C65 G5;>25: ?>68;>9 : >= ?@>H5; A:2>7L >3>=L 8 2>4C , =5A:>;L:> @07 ?@><>B0; 8 =068; A>AB>O=85 8 , 1C4CG8 2AN 687=L 2 @07;045 A A>25ABLN , =0:>=5F 871@0; , ?> A2>5<C <=5=8N , A0<>5 _=528==>5 _ @5<5A;> ;>6=>3> 83@>:0 . = 8<5; 2A5 ?>@>:8 8 >4=> B>;L:> :0G5AB2> , >1I55 A G5AB=K<8 ;N4L<8 : =5CAB@0H8<>ABL . > :0: MB> :0G5AB2> >= C?>B@51;O; =0 >4=> 7;>5 , B> ?@>A;K; <564C 83@>:0<8 _E@01@K< :>@A5@>< _ . @0D ">=:>2>@8= 68; >B:@KB> 8 @>A:>H=> , 4020; 2:CA=K5 >154K 8 25A5;K5 25G5@8=:8 8 >1K3@K20; 2 A2>Q< 4><5 =5 B>;L:> ?@>ABO:>2 , => 8 A0<KE 83@>:>2 . 0@578= 27O; 2 G0ABL MB8E 42CE <>;>4F>2 >B AB@0E0 , GB>1 >=8 =5 C18;8 53> , 0 4;O ?><>I8 A515 871@0; 42CE A0<KE B>=:8E 83@>:>2 8 70?8A=KE 7;>4552 , #4028G0 8 /48=0 . #4028G , G5;>25: A@54=8E ;5B , A<C3;K9 , =51>;LH>3> @>AB0 , 1K; C<5= , :0: 45<>= . = 2>48;AO 1>;55 A :C?F0<8 8 1K; B0:65 @>AB>2I8:>< . 564C 1>30BK<8 :C?F0<8 ?>G8B05BAO 7=0:>< E>@>H53> B>=0 1@>A0BL 45=L38 2 4@C65A:>< >1I5AB25 , 8 >=8 3>@4OBAO 8745@6:0<8 , B>G=> B0: :0: 2 CB>=G5==>< >1I5AB25 3>@4OBAO >AB@>B0<8 , :0;0<1C@0<8 8 ;>2:>ABLN . 064K9 1>30BK9 :C?5F ?>G8B05B >1O70==>ABLN ?>3C;OBL =5A:>;L:> 4=59 2 3>4C , 8 B@0:B8@I8:8 , @072@0B=8FK 8 ;>6=K5 83@>:8 4>6840NBAO MB8E @04>AB=KE 4=59 , GB>1 , 2>A?>;L7>202H8AL 70B<5=85< @0AAC4:0 1>30B>3> :C?F0 , >I8?0BL 53> , :0: ;8?>G:C . @><5 B>3> , ;>6=K5 83@>:8 254CB ?>AB>O==CN 4@C61C A <>;>4K<8 :C?G8:0<8 , :>B>@K5 =0G8=0NB <>B0BL 5I5 ?@8 687=8 @>48B5;59 . #4028G 4020; 45=L38 2709<K =0 1>;LH85 ?@>F5=BK , B>@3>20; 25:A5;O<8 8 >1K3@K20; A2>8E ?@8OB5;59 , :C?F>2 , :>B>@K5 B>;?8;8AL : =5<C 4;O B>3> , GB> 2 53> 4><5 =0E>48;8 2A5 2K<KA;K @072@0B0 . /48= , ?@8 2@>645==>< C<5 , 1K; 4>2>;L=> >1@07>20= , G8B0; <=>3> , 3>2>@8; ?@8OB=> , 2>48;AO A ;8B5@0B>@0<8 , :>B>@K5 =5 7=0;8 53> @5<5A;0 , A 0:B5@0<8 8 2>>1I5 A ;N4L<8 , 8<5NI8<8 ?@8BO70=85 =0 C< . A2>5< 4><5 >= 25; =51>;LHCN 83@C 8 @071820; , :0: 3>2>@8BAO , _=0;5B>< _ , 2KA<>B@52 ?@>ABOG:0 2 :@C3C A2>8E 7=0:><KE . / C4828;AO >4=><C B>;L:> , 0 8<5==> , :0: MB8 @071>9=8:8 =0E>48;8 ?@>AB>4CH=KE ;N459 , :>B>@K5 25@8;8 8< , :>340 ?@8@>40 70:;59<8;0 8E ?5G0BLN >B25@65=8O . ! ?5@2>3> 273;O40 =0 2A5E MB8E ?@><KH;5==8:>2 O 2KG8B0; =0 8E ;8F0E 2A5 04A:85 8E A:;>==>AB8 . 5@N , 25@N , GB> 7;0O 4CH0 >B@0605BAO 2 D878>=><88 . 525@CNI85 ! 703;O=8B5 B>;L:> 2 3;070 ?5@2><C ;>6=><C 83@>:C , ?5@2><C ;8F5<5@C - C4>AB>25@LB5AL ! >B 2 :0:>< >1I5AB25 4>;65= 1K; O 68BL , ?> A;5?>9 ?@82O70==>AB8 <>59 : @C=8 , :>B>@0O CAK?;O;0 A>25ABL <>N ;0A:0B5;LAB20<8 , =56=>ABO<8 8 70B5<=O;0 @0AAC4>: ;>6=K<8 C<AB2>20=8O<8 . @5<O <564C B5< ;5B5;> , 8 C65 C?;K20; ?>GB8 3>4 A B5E ?>@ , :0: O 45;8; 4>1KGC A 83@>:0<8 . 4=064K , :>340 C =0A =5 1K;> 83@K , ?> ?@8G8=5 >B;CG:8 =5:>B>@KE 1>30BKE ?>=B5@>2 , @C=O ?>@CG8;0 <=5 705E0BL : #4028GC , GB>1 ?5@53>2>@8BL =0AG5B A<5=K 0@578=0 , :>B>@K9 =0G0; A8;L=> >1<0=K20BL =0A . / 70AB0; C #4028G0 :=O7O ;CB>;5=A:>3> , 3@0D0 ">=:>2>@8=0 , /48=0 , 5I5 42CE <0AB5@>2 8 45AOB:0 ?>;B>@0 :C?F>2 , <564C :>B>@K<8 1K;> =5A:>;L:> 1>30BKE 1>@>40G59 . A5 >=8 1K;8 =025A5;5 8 B>;L:> GB> 2>72@0B8;8AL 87 ?>574:8 2 703>@>4=K5 B@0:B8@K . 0:58 @07=>A8;8 ?> :><=0B0< H0<?0=A:>5 8 <045@C ; ?>;C?LO=K5 FK30=:8 8 E<5;L=K5 FK30=K @0AE06820;8 ?> :><=0B0< ; :C?FK HC<5;8 , >1JOA=O;8AL <564C A>1>N 2 4@C615 8 2KA:07K20;8 4@C3 4@C3C A2>8 AB0@K5 =5C4>2>;LAB28O ; :0:85 -B> 65=I8=K 2K3;O4K20;8 C:@04:>N A:2>7L ?>;C>B2>@5==CN 425@L 704=59 :><=0BK ; 83@>:8 =0 E>4C A>25I0;8AL 8 ?5@5<83820;8AL ; :@82>9 3CA;8AB =0AB@0820; 3CA;8 2 ?5@54=59 :><=0B5 . / >AB0=>28;AO , >A<>B@5;AO :@C3>< 8 B>BG0A 4>3040;AO , GB> MB0 ?8@CH:0 :>=G8BAO G5< -=81C4L ?>206=55 . #4028G ?>4>H5; :> <=5 , <83=C; 7=0G8B5;L=> , 2K25; 2 B5<=K9 :>@84>@ 8 B8E8< 3>;>A>< A:070; , GB>1 O 25; A51O >AB>@>6=> , ?>B><C GB> 745AL _?>4B0A>20=> _ 1>;LH>5 45;> , 2 :>B>@>< O ?>;CGC ?@81K;L , 5A;8 >15I0NAL =5 A:07K20BL =8:><C > ?@>8AH54H5< , >A>15==> 83@>:0< . / >15I0; <>;G0BL , 1>;55 87 ;N1>?KBAB20 , 8 <K 2>72@0B8;8AL 2 :><=0BK . #4028G <564C B5< @0725@=C;AO 8 ?@8=O;AO 83@0BL @>;L @04CH=>3> E>7O8=0 . = ?5@51@0; ?>>G5@54=> 2A5E 3>AB59 , F5;CO 8 >1=8<0O :064>3> 8 2>?8O 3@><:8< 3>;>A>< : - >A?>40 ! 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B5F <>9 1K; 42>@5F:8< C >4=>9 10@KH=8 , C:5@L8 !5<5=>2=K >@O4:8=>9 , 8 70 25@=CN A;C61C >B?CI5= =0 2>;N A> 2A5< A2>8< A5<59AB2>< . 0A 1K;> 420 AK=0 C >BF0 ; <0B5@8 <K ;8H8;8AL 5I5 2 <;045=G5AB25 . 0 =0<8 =5:><C 1K;> ?@8A<0B@820BL 2 3>A?>4A:>< 4><5 , 8 <K @>A;8 =0 2>;5 . 5;8G09H55 <>5 =0A;0645=85 2 45BAB25 1K;> A@060BLAO A ?>;8F59A:8<8 A;C68B5;O<8 : O H2K@O; 2 =8E 87 -70 C3;0 :0<=O<8 , 704520; ?5B;5N 70 =>3C , :>340 :>B>@K9 87 =8E ?@>E>48; 25G5@>< <8<> 2>@>B , >1;820; 8E 2>4>N 8 45;0; 2AO:85 H0;>AB8 . 5=028ABL <>O : =8< ?@>8AE>48;0 >BB>3> , GB> >=8 >4=064K 27O;8 ?>4 AB@06C <>53> >BF0 , 0 :>340 >= 45@7=C; 60;>20BLAO , >1>H;8AL A =8< =5256;82> , B> 5ABL ?@818;8 8 A>4@0;8 45=L38 - 70 GC6CN 28=C . 0 45BA:>5 <>5 <I5=85 <=5 4>AB05BAO F5;K9 25: >B ?>;8F88 8 , =0:>=5F , ?@845BAO C<5@5BL A 3>;>4C , =0 AJ5765< 42>@5 ! B5F <>9 =0=O; 4LOG:0 CG8BL =0A 3@0<>B5 ; => :0: 4LOG>: A0< 7=0; =5<=>3> , B> 8 2KCG8; =0A <0;><C , 0 A25@E B>3> , C 2AO:>3> A2>9 B0;0=B - 0 <=5 3@0<>B0 =5 40;0AL . 8A0BL 8 G8B0BL O C<5N , @0AA:07K20N :>5 -:0: ; ?> :@09=59 <5@5 , 5ABL ;N48 , :>B>@K5 <5=O A;CH0NB A C4>2>;LAB285< ; => :0: ?@845BAO 87;>68BL =0 1C<035 , B> , GB> ;53:> 2KA:070BL O7K:>< , 2>B BCB 8 AB0=5HL 2 BC?8: . L5HLAO :0: @K10 >1 ;54 ; =5B , =5945B A ?5@0 ! 51>;LH0O 1540 , GB> O 2 @07;045 A OBO<8 , 5@8:0<8 , B>G:0<8 8 70?OBK<8 : 8 =0H8 45;LFK =5 1>;55 <5=O 2 MB>< @07C<5NB ; => 2A5 3>@5 >BB>3> , GB> =5 <>3C 2K?8A0BL B0: , :0: 4C<0N 8 :0: <>3C 2KA:070BL . A;8 1K <>6=> 1K;> ?8A0BL O7K:>< , 2<5AB> ?5@0 , B> , <>65B 1KBL , C =0A 1K;> 1K 1>;55 ?8A0: 8 O B0:65 ?>?0; 1K 2 3@0<>B58 . 3>A?>4A:>9 A;C615 <=5 =5 E>B5;>AL >AB020BLAO , 8 O =5 7=0; , GB> A A>1>N A45;0BL ?>A;5 A<5@B8 <>53> >BF0 , :>B>@K9 1K; G5;>25: G5AB=K9 , 1>3>1>O7;82K9 8 =5 >AB028; =0< =8 :>?59:8 , C?@02;OO ;5B B@84F0BL 4><>< A2>59 3>A?>68 . !B0@H89 1@0B <>9 2ABC?8; 2 A;C61C ?8AF>< 2 @0640=A:CN ?0;0BC 8 A:>@> 4> B>3> =0<5B0;AO , GB> ?@>A;K; 3@0<>B55< . / 4>AB0; A515 <0;5=L:>5 <5AB5G:> ?@8 3>@>4A:>< 70?0A=>< <03078=5 , ?@8 ?>:@>28B5;LAB25 3@04A:>3> 3;02K , :>B>@K9 7=0; ?>:>9=>3> <>53> >BF0 . 0 MB>< <5AB5 O 5420 8<5; E;51 =0ACI=K9 . > AG0ABLN , AB0@H89 AK= =0H59 ?@56=59 10@K=8 , A;C682H89 2 0@<88 , A45;0= 1K; 2 >A:25 ?>;8F59<59AB5@>< . /282H8AL : =5<C , O @0AA:070; 5<C > =5AG0AB=>9 <>59 CG0AB8 8 ?@>A8; ?>:@>28B5;LAB20 ; >= ?@8G8A;8; <5=O : A2>59 :0=F5;O@88 8 AB0; C?>B@51;OBL ?> >A>1K< ?>@CG5=8O< . !5@359 !5<5=>28G >@O4:8= 1K; G5;>25: G5AB=K9 , ?@024>;N182K9 , 65;0; 4>1@0 8 45;0; 53> , 345 <>3 , 8 4065 8A:0; : B><C A;CG052 . > 1C4L G5;>25: A5<8 ?O459 2> ;1C , 8<59 4>1@>5 A5@4F5 25;8G8=>9 A ?>;8F59A:CN 1C4:C , 2A5 -B0:8 >= >48= =8G53> =5 A45;05B , 5A;8 =5 1C45B 8<5BL ?><>I=8:>2 , 8 :>=G8B B5< , GB> AE20B8B A A5@4F>2 G0E>B:C , :0: B> A;CG8;>AL A 4>1@K< !5@355< !5<5=>28G5< . "@E8?KG , - A:070; <=5 <>9 =0G0;L=8: , - O C4>AB>25@8;AO , GB> BK G5AB=K9 G5;>25: . !<>B@8 , =01;N409 , >B:@K209 <=5 2A5 15A?>@O4:8 , 0 70 >3>< <>;8B20 , 70 F0@5< A;C610 =5 ?@>?040NB . ><=8 , GB> 720=85 ?>;8F59A:>3> G8=>2=8:0 , >E@0=8B5;O A?>:>9AB28O 8 157>?0A=>AB8 3@0640= 5ABL 720=85 ?>GB5==>5 , 5A;8 B>;L:> G8=>2=8: 459AB2C5B ?> 70:>=C 8 ?> A>25AB8 . 5 1>9AO =8:>3> - O B2>O 70I8B0 ! " / 2A:>@5 >7=0:><8;AO A> 2A5<8 ?>;8F59A:8<8 45;0<8 8 AB0; 459AB2>20BL . / >B:@K; , GB> A5:@5B0@L !5@35O !5<5=>28G0 15@5B ?>40BL A G8=>2=8:>2 , A >B:C?I8:>2 , A B>@3>2F52 1C4B> 1K 4;O A2>53> =0G0;L=8:0 . A5:@5B0@N <K ?@85E0;8 =>GLN , >1KA:0;8 53> :><>4K , =0H;8 45=L38 , 18;5B A>E@0==>9 :07=K 8 ?5@5?8A:C A @07=K<8 ;8F0<8 . >?@>A8 ;8 , 8 :0: >= =5 <>3 ?>:070BL 8 4>:070BL , >B:C40 =01@0; 2 :>@>B:>5 2@5<O AB>;L:> 45=53 , B> 8E >B40;8 2 @8:07 >1I5AB25==>3> ?@87@5=8O , 0 A5:@5B0@O 2K3=0;8 87 A;C61K / >B:@K; , GB> >48= G8=>2=8: C<KH;5==> 45;05B ?@>2>;>G:8 ?@8 27KA:0=88 4>;3>2 8 ?@8 >?8A8 8<5=89 ?> @5H5=8N AC 451=KE <5AB , GB> >= 1L5B 42>@=8:>2 B5E 4><>2 , :>B>@KE E>7O520 =5 E>BOB 40@8BL 53> , 15@5B 45=L38 A ;02>G=8:>2 , 28=>?@>402F52 8 <OA=8:>2 , 70 ?>72>;5=85 B>@3>20BL 8A?>@B82H8<8AO B>20@0<8 8 ?@8?0A0<8 . '8=>2=8:0 >BAB028;8 . / >B:@K; , GB> 2 >4=>< <5AB5 ?>72>;ONB 68BL 2>@0< 8 B>340 B>;L:> >B40NB =0 65@B2C =5:>B>@KE 87 =8E , :>340 45;> A;8H:>< 3;0A=>5 8 :>340 =04>1=> >B;8G8BLAO 2 A:>@>< >BKA:0=88 25I59 , ?>:@045==KE C 7=0B=KE 3>A?>4 . '8=>2=8:0 ?@540;8 AC4C , 2>@>2 ?5@5;>28;8 8 A>A;0;8 2 !818@L . / 4>=5A , GB> 2 ?8B59=K5 4><K 2?CA:0NB A>;40B , 8 B>;L:> B5E ?@>402F>2 15@CB 2 ?>;8F8N , =0 :>B>@KE 4>=>AOB A0<8 4>A<>B@I8:8 >B:C?I8:>2 , ?> ;8G=K< =5C4>2>;LAB28O< . ;>C?>B@51;5=85 ?@5:@0I5=> , 8 28=>2=K5 =0:070=K . / >B:@K; ?@8AB0=>45@60B5;59 , B>@3>2F52 :@045=K<8 25I0<8 , ?5@545;K20B5;59 :@045=KE 25I59 ; >B:@K; A=>H5=8O A2>1>4=KE 2>@>2 A 70:;NG5==K<8 2 BN@L<5 8 MB8< ?@5A5: 8AB>G=8: 1>30BKE 4>E>4>2 4;O <=>38E ;8F . 0:>=5F , O @5H8;AO =0 >BG0O==>5 45;> . >1@K9 !5@359 !5<5=>28G , :0: G5;>25: , 8<5; A2>8 A;01>AB8 . = 1K; 2;N1;5= 2 >4=C 65=I8=C , =54>AB>9=CN 1;03>@>4=>3> 53> A5@4F0 . =0 1@0;0 45=L38 A ?@>A8B5;59 8 2 <8=CBC A;01>AB8 2K<0=820;0 C ?>GB5==>3> <>53> =0G0;L=8:0 A>3;0A85 =0 @5H5=85 45; ?> 55 65;0=8N , @07C<55BAO , 2A5340 ?@54AB02;OO 45;0 2 A0<>< ;CGH5< 2845 . / A>1@0; =5A><=5==K5 4>:070B5;LAB20 ;682>AB8 8 :>@KAB>;N18O MB>9 E8B@>9 65=I8=K 8 ?@54AB028; !5@35N !5<5=>28GC . 54=5=L:89 ! >= 4065 70?;0:0; - => ?>1548; AB@0ABL A2>N 8 1@>A8; 3=CA=CN B>@3>2I8FC 53> 4>1@>9 A;02K . B@8 3>40 >= ?@>8725; <5=O 2 B8BC;O@=K5 A>25B=8:8 , 40; <=5 2>B MB>B :@5AB 8 >?@545;8; G0AB=K< ?@8AB02>< 2 A0<>9 ;CGH59 G0AB8 3>@>40 . K <>65B5 4>3040BLAO , GB> =0 <5=O 2A5 A<>B@5;8 , :0: =0 ?C30;> , 8 @04K 1K;8 1K A68BL A MB>3> A25B0 . @>1>20;8 @07=K<8 A@54AB20<8 ?>3C18BL <5=O , => ?>:0 1K; 682 !5@359 !5<5=>28G , 2A5 CA8;8O 7;>1K 1K;8 =0?@0A=K . / 25; A51O G5AB=> , =8G5< =5 ?>;L7>20;AO , 8 :0: 60;>20=LO 1K;> =54>AB0B>G=> 4;O <>53> A>45@60=8O , ?>B><C GB> =04;560;> 8<5BL ;>H0459 4;O @07J574>2 8 1KBL 2A5340 G8AB> >45BK< , B> !5@359 !5<5=>28G ?>72>;O; <=5 1@0BL 4>1@>2>;L=K5 ?@8=>H5=8O >B 1;03>40@=KE ;N459 , :>340 O >BKA:820; ?>:@06C , 27KA:820; 4>;3 8;8 >B:@K20; CB05==>5 8<5=85 4>;6=8:0 , 8 , :@><5 B>3> , >B4020; 2 <>N ?>;L7C :>=D8A:>20==CN :>=B@010=4C , HB@0DK 70 =5@045=85 8 B><C ?>4>1=>5 . !5@359 !5<5=>28G , :0: O 2KH5 A:070; , =5 <>3 4>;3> 2K45@60BL 1>@L1K A 7;>C?>B@51;5=8O<8 . K;:>ABL 53> E0@0:B5@0 , =5CAK?=>ABL , B@C4K 8 15A?>:>9AB20 @0AAB@>8;8 53> 74>@>2L5 . = C<5@ , 8 A =8< AE>@>=8; O <>5 AG0ABL5 . @55<=8: 53> 1K; B0:65 G5;>25: 1;03>=0<5@5==K9 ; => >= 8<5; A2>8E 4>25@5==KE ;N459 , :>B>@KE ?>;L70 A>AB>O;0 2 B>< , GB>1 ?>3C18BL <5=O . = =5 7=0; <5=O 8 ?>25@8; <>8< 2@030< . >4> <=>N AB0;8 ?>4KA:820BLAO . <>N G0ABL 2?CAB8;8 F5;CN AB0N 2>@>2 , AB0;8 ?>4:84K20BL <5@B2K5 B5;0 , =0945==K5 2 4@C38E G0ABOE ; >1@5<5=8;8 ;>6=K<8 4>=>A0<8 , 7025;8 ?5@5?8A:C 8 >?CB0;8 <5=O :@NG:0<8 8 ?@82O7:0<8 . >=G8;>AL B5< , GB> C <5=O >B=O;8 G0ABL 8 @048 %@8AB0 40;8 <5AB> :20@B0;L=>3> =0478@0B5;O , A B5< CA;>285< , GB>1 O =5 2840; 40;55 A2>53> =>A0 , 70B:=C; CH8 8 , C:>@>B82 O7K: , 45@60; 53> 70 7C10<8 . >B O ?OB=04F0BL ;5B 682C 45=L 70 45=L , ?8B0NAL 345 ?>?0;> 8 :0: ?>?0;> C 4>1@KE ;N459 8 5420 8<5N G5< ?@8:@KBL A2>N =03>BC , B>340 :0: , 2G5@0H=53> 5I5 G8A;0 , 65=0 <>53> G0AB=>3> ?@8AB020 (:>B>@><C B@8 3>40 ?@54 A8< =5 =0 GB> 1K;> :C?8BL B010:C ) 8<5;0 =0 A515 1@8;;8O=B>2 =0 1 2 0 0 0 AG5B>< 40 BC@5F:CN H0;L 2 2 5 0 0 @C1;59 . "5@?8 , :070: , - 0B0<0=>< 1C45HL ! 564C B5< 1@0B <>9 A45;0;AO 206=K< 8 1>30BK< G5;>25:>< : >= 8<55B ?5@2>5 <5AB> ?@8 7=0B=>< G8=>2=8:5 2 5B5@1C@35 8 2>@>G05B 45;0<8 . / ?8A0; : =5<C ?8AL<> 8 ?@>A8; , GB>1 >= ?>72>;8; <=5 ?@85E0BL : =5<C 2 5B5@1C@3 8 4>AB0; <5AB5G:> ?>A@54AB2>< 53> =0G0;L=8:0 . = <=5 >B25G0; =0 MB> ?8AL<>< , :>B>@>5 O 2A5340 =>HC 2 A2>5< 1C<06=8:5 ?>B><C , GB> <=5 =5G53> :;0ABL BC40 8 GB> >=> 25AL<0 4;O <5=O 70=8<0B5;L=> . >B >=> . @E8? @E8?KG 2K=C; ?8AL<> 87 15AF25B=>3> A2>53> 1C<06=8:0 8 40; <=5 ?@>G5ABL . => 70:;NG0;> 2 A515 A;54CNI55 : " _N157=K9 1@0B _ ! "K 65;05HL ?@85E0BL :> <=5 2 5B5@1C@3 8 >AB0=>28BLAO C <5=O . -B> =52>7<>6=> . / ?@8=C645= B0: <=>3> ?@>6820BL A 1>;LH8< A5<59AB2>< 8 2 >B;8G=>< :@C3C <>53> 7=0:><AB20 , GB> =5 <>3C 40BL B515 =8 :>?59:8 =0 ?@>574 . @0240 , :20@B8@0 C <5=O :075==0O 8 =0 284 4>2>;L=> 1>;LH0O , => >=0 B0: @0A?@545;5=0 , GB> O =8:0: =5 <>3C ?><5AB8BL B51O , _;N157=K9 1@0B _ . >4=>9 :><=0B5 <>9 :018=5B , 2 4@C3>9 :018=5B 65=K , 2 B@5BL59 A?0;L=O , 2 G5B25@B>9 3>AB8=0O , 2 ?OB>9 A?OB <>8 4>G5@8 , 2 H5AB>9 420 AK=0 , 2 A54L<>9 CG51=0O 4>G5@59 , 2 >AL<>9 CG51=0O AK=>259 , 452OB0O 70;0 , 45AOB0O AB>;>20O , 2 >48==04F0B>9 6825B <040< D@0=FC65=:0 , 2 425=04F0B>9 D@0=FC7 3C25@=5@ , B@8=04F0B0O 4528GLO , 2 G5BK@=04F0B>9 682CB 420 <>8 ?8AF0 , ?OB=04F0B0O ;0:59A:0O , H5AB=04F0B0O 30@45@>1 , A5<=04F0B0O 4;O A:;04:8 1C<03 , >AL<=04F0B0O <0;5=L:0O ?@85<=0O 4;O ?@>A8B5;59 , A :>B>@K<8 =04>1=> >1JOA=OBLAO _=0548=5 _ . =87C ;N4A:0O , :CG5@A:0O ; B0< GC;0=K , :;04>2K5 , 8 , A;>2>< , =5B ?>@>6=53> <5AB0 , 345 1K <>6=> 1K;> ?@8;5GL :>BC , 0 =5 B>;L:> B515 , _;N157=K9 1@0B _ . 0 AB>; C <5=O A04OBAO 2AO:89 45=L , =0A 4><0H=8E 2>A5<L G5;>25: , 40 , :@><5 B>3> , <>9 A5:@5B0@L , 456C@=K9 G8=>2=8: , 420 <>;>4K5 10@8G0 , :>B>@K5 >B40=K <=5 =0 @C:8 , GB>1 2K25AB8 8E 2 ;N48 ; 0 A25@E B>3> , =04>1=> 2A5340 8<5BL ;8H=8E B@8 , G5BK@5 :C25@B0 , =0 2AO:89 A;CG09 , 5A;8 :B> =5G0O==> ?>60;C5B . @5<5=0 65 =K=G5 4>@>385 , 8 4>E>4K ?;>E85 , 8 B0: E>BO O @04 1K ?>45;8BLAO A B>1>N ?>A;54=8<8 :@>E0<8 , => >1AB>OB5;LAB20 =0 ?@53@045 , _;N157=K9 1@0B _ ! 5B8 <>8 2>A?8B0=K ?> -=K=5H=5<C , 2A5 3>2>@OB =0 <=>38E O7K:0E , 7=0NBAO A 7=0B=K<8 8 1>30BK<8 ;N4L<8 , 8B0: , ?>O2;5=85 154=>3> 4O48 , >BAB02=>3> ?>;8F59A:>3> G8=>2=8:0 , 1K;> 1K 8< =5?@8OB=> 8 <>3;> 1K ?>2@548BL 8< 2 >1I5< <=5=88 , ;N157=K9 1@0B . 'B> 65 :0A05BAO 4> <5AB5G:0 , :>B>@>5 BK 65;05HL ?>;CG8BL G@57 ?>A@54AB2> <>53> ?>:@>28B5;O 8 1;03>45B5;O , B> O >B:@>25==> A:06C B515 , _;N157=K9 1@0B _ , GB> O =5 <>3C B515 1KBL ?>;57=K< 2 MB>< A;CG05 . ;03>45B5;L <>9 =5 ;N18B , GB>1 53> ?@>A8;8 >1 G5< -=81C4L , 5I5 1>;55 =5 B5@?8B ?@>A8BL 70 :>3> 1K B> =8 1K;> . 8;>ABL A2>N @07405B >= ?> :0?5;L:5 , 8 B0: O 4>;65= 15@5GL 53> 4;O A51O 8 4;O A2>8E 45B59 , :0: 4>1@K9 >B5F A5<59AB20 , :0: G5;>25: =@02AB25==K9 . AB0209AO 2 >A:25 , _;N157=K9 1@0B _ , 8 ?>;>68AL 2> 2A5< =0 >30 , :>B>@>3> O =5 ?@5AB0=C C<>;OBL , 40 A>E@0=8B B51O 2 A2>59 A2OB>9 45A=8F5 8 40 =8A?>H;5B B515 2A5 1;030 75<=K5 , G53> 65;05B 8A:@5==> , _=56=> ;N1OI89 _ B51O _1@0B 0=B5;59<>= _ . P . S . 5 15A?>:>9AO , _;N157=K9 1@0B _ , 8 =5 ?8H8 :> <=5 . K=5 ?>GB0 4>@>30 , 8 O B0: 70=OB 45;0<8 , GB> =5 <>3C 2A5340 >B25G0BL B515 . 4@03>F5==>< B2>5< 74>@>2L5 O =0254K20NAL >B ?@85760NI8E 87 >A:2K . 1I85 =0H8 ?@8OB5;8 >128=ONB B51O , GB> BK , 8<52 A;CG09 A>AB028BL A515 A>AB>O=85 , C?CAB8; 53> 8 , A25@E B>3> , =045;0; A515 <=>65AB2> 2@03>2 : >=8 <>3CB ?>2@548BL <=5 , 5A;8 C7=0NB , GB> O 2ABC?0NAL 70 B51O . B0: , ?@>HC B51O , _;N157=K9 1@0B _ , =5 3>2>@8 =8:><C , GB> <K 1@0BLO , 0 A:07K209 , GB> >4=>D0<8;LFK . / C25@5= , GB> , ?> @>4AB25==>9 ;N128 , BK A45;05HL MB> 4;O <5=O , ?>:0 >B:@>5BAO A;CG09 , 345 O <>3C 1KBL B515 ?>;57=K< " . - %>@>H 1@0B5F ! - 2>A:;8:=C; O , 2>72@0I0O ?8AL<> @E8?C @E8?>28GC , :>B>@K9 A?@OB0; 53> A C;K1:>N 8 A>18@0;AO >AB028BL <5=O . / 2KH5; 2 :018=5B , 8 , 2K=C2 87 1N@> AB> @C1;59 , 2>72@0B8;AO 2 :><=0BC , 8 ?@>A8; @E8?0 @E8?KG0 ?@8=OBL , :0: >B ?@8OB5;O . = >B:070;AO A;54CNI8<8 A;>20<8 : - A;8 1 O ?@8H5; : 20< =5 70 45;>< , B> 27O; 1K 45=L38 , => B5?5@L =5 <>3C . -B> =5 2 ?>@O4:5 25I59 , 8 ?>40@>: 20H 1C45B 8<5BL 284 ?>4:C?0 . / ?@860; 4>1@>3> @E8?KG0 : A5@4FC 8 CB5H8; 53> C25@5=85< , GB> G5AB=>ABL 53> , E>BO ?>74=> , => ?>;CG8B =03@04C . @E8? @E8?KG ?>4=O; 225@E C:070B5;L=K9 ?0;5F 8 A:070; : - "0< <>O =045640 ! - = CB5@ :C;0:>< A;57K 8 2KH5; 87 :><=0BK . X X I X ",!/ . ,/'!/ $ " . !" ! "+ "# ) . #( # & ( . ! !" . ( "" 025AB82 <0BCH:C 2 <>=0ABK@5 , O G@572KG09=> C4828;AO , GB> >=0 7=05B > ?@>8AH5AB288 2 4><5 @C=8 , > <>59 A =5N 4@C615 8 4065 > <>5< ?>2545=88 . !> A;570<8 C<>;O;0 >=0 <5=O 1KBL >AB>@>6=55 2 A2O7OE 8 871@0BL 4;O A2>53> ?@>?8B0=8O @>4 687=8 , =5 AB>;L >?0A=K9 , :0: A>>1I5AB2> A 83@>:0<8 . / >15I0; ?5@5<5=8BLAO , 8 >15I0; 8A:@5==> . 5 1C4CG8 2 A>AB>O=88 ?@5>4>;5BL <>5 ;N1>?KBAB2> , O A?@>A8; C =55 , :0:8< >1@07>< , 2 C40;5=88 >B A25B0 , >=0 C7=0;0 > A@54AB20E , :>B>@K<8 O ?@8>1@5B0; 45=L38 , 8 > A2O78 <>59 A @C=5N ? - 5AB8 @07=>AOBAO ?> 2>74CEC , :0: BC<0= , ;N157=K9 0=O , - A:070;0 <0BCH:0 . - 0H8 AB0@8FK ?>A5I0NB <=>38E 1>3><>;>: , 682CI8E 2 3>@>45 ; >=8 B0:65 574OB : =0< , B0: =5;L7O 65 , GB>1 3>@>4A:0O =>2>ABL =5 ?5@5H;0 G@57 <>=0ABK@A:CN >3@04C . / :@09=5 8A?C30;AO , GB> A;CE > @C=8=>< ?@>8AH5AB288 , 2 :>B>@>< 70<5H0=> 1K;> <>5 8<O , @07=5AAO ?> 3>@>4C . ! 15A?>:>9AB2>< >AB028; O <0BCH:C 8 ?>5E0; =0 25G5@ : >4=><C >BAB02=><C 25;L<>65 , :>B>@>3> AK= 8<5; 7=0G5=85 2 5B5@1C@35 , 8 >BB>3> : =5<C A>18@0;0AL F5;0O >A:20 . !> AB@0E>< 8 B@5?5B>< O 2>H5; 2 70;C . >AB8 ?>3;O4K20;8 =0 <5=O A ;N1>?KBAB2>< , ?5@5H5?BK20;8AL 8 :0: 1C4B> C482;O;8AL <>5<C ?@8ACBAB28N . 48= 87 <>8E ?@8OB5;59 >B25; <5=O =0 AB>@>=C 8 A?@>A8; , GB> A> <=>N A;CG8;>AL , 8 ?@0240 ;8 , GB> O ?>?0; 2 =5?@8OB=CN 8AB>@8N , ?> A2O78 <>59 A 15602H5N 0:B@8A>N ? / >B25G0; @5H8B5;L=> , GB> =8G53> =5 7=0N , GB> 1K; F5;CN =545;N C ;C?0H:8=0 8 , 2>72@0 -BOAL 2 3>@>4 , CA;KH0; , AB>@>=>N , GB> 2 4><5 @8<0=:8=>9 ?>4@0;8AL 70 83@>N 8 GB> >=0 B09=> C5E0;0 87 >A:2K . / =0@>G=> 3>2>@8; 3@><:> , 8 2A:>@5 2>:@C3 <5=O A>AB028;AO :@C6>: , 2 :>B>@>< O , A ?@8B2>@=K< A<5E>< , @0AA:070; ?@>8AH5AB285 2 4><5 @C=8 , ?@8:@0H820O ?>25AB2>20=85 :0;0<1C@0<8 8 ?@54AB02;OO 45;> 2 A<5H=>< 2845 . A:>@5 2 F5;>< A>1@0=88 C7=0;8 , GB> O =8<0;> =5 ?@8G0AB5= MB><C ?@>8AH5AB28N , 8 2A5 A><=5=8O =0 <>9 AG5B 8AG57;8 . 0<K >1JO28;8 <5=O 15728==K< , 0 N=>H8 4065 70284>20;8 , GB> <5=O ?>4>7@520;8 2 B5A=KE A2O7OE A @C=5N . ">;L:> :C78=0 =5B0 =5 ?>25@8;0 <>5<C >?@0240=8N 8 , =0H54 A;CG09 ?>3>2>@8BL A> <=>N =0548=5 , A:070;0 4@C65A:8< B>=>< : - N157=K9 K6838= ! O 2A5 7=0N 8 2A5 ?@>AB8;0 20< , => , @048 >30 , 1C4LB5 >AB>@>6=K 8 =5 A2O7K209B5AL A 0:B@8A0<8 . ! 20H8< ;8F>< , A 20H5N ;N157=>ABLN 2K <>65B5 1KBL AG0AB;82K 2 ;CGH5< :@C3C . 5 C=8609B5 A51O . 5=I8=K 2A5 4;O 20A A45;0;8 , G53> 2K B>;L:> 65;0;8 ; >=8 ?@>ABOB 20< 2A5 , :@><5 2>;>:8BAB20 2=5 A2>53> >1I5AB20 . ><=8B5 MB> 8 8A?@02LB5AL ! / 2 A0<>< 45;5 AB0; @074C<K20BL , :0:8< >1@07>< A>45@60BL A51O 2 A25B5 G5AB=K<8 A@54AB20<8 . 5 70=8<02H8AL =8:>340 45;0<8 8 B>;L:> AG8B0OAL 2 A;C615 , O =5 =045O;AO 2A:>@5 4>AB8GL 4> B0:>9 AB5?5=8 , GB>1 A>45@60BL A51O ?8AL<5==>N @01>B>9 . B><C 65 2 <>5< G8=5 =5;L7O 1K;> =045OBLAO ?>;CG8BL 1>;LH>5 60;>20=L5 , 0 >B 27OB>: O 8<5; =5?@5>4>;8<>5 >B2@0I5=85 . # <5=O 5I5 >AB020;>AL =5A:>;L:> BKAOG @C1;59 8 =5A:>;L:> 4@03>F5==KE 25I59 . / AB0; 68BL 25AL<0 A:@><=> , >B?CAB8; 2A5E A2>8E A;C3 , ?@>40; 1>30BK5 <515;8 , M:8?06 8 , =0=O2 <0;5=L:CN :20@B8@C , >AB028; 2 CA;C65=88 >4=>3> 5B@>20 8 =8:>340 =5 A:07K20;AO 4><0 ?@8OB5;O< , :>B>@K5 ?@85760;8 :> <=5 , GB>1 70<0=820BL : 701020< 8 8745@6:0< . / >1540; :064K9 45=L 2 3>ABOE , 83@0; 2 =51>;LHCN 83@C , B0=F520; =0 2A5E 25G5@0E , ;N157=8G0; ; 2@5<O ?@>E>48;> , => O =8:0: =5 <>3 ?@84C<0BL , GB> A45;0BL A A>1>N . MB> 2@5<O >48= 87 <>8E ?@8OB5;59 , ?@><>B02H89AO 42>@O=8= , 65=8;AO =0 2>A?8B0==8F5 1>30B>3> G5;>25:0 . -B>B A;CG09 2>71C48; 2> <=5 <KA;L , ?>?@028BL 8;8 , ;CGH5 A:070BL , C?@>G8BL A2>5 A>AB>O=85 65=8BL1>N . > 345 8A:0BL =525ABK ? @8 2A5< <>5< A0<>;N188 , O =5 >A<5;820;AO A20B0BLAO 2 7=0B=KE 4><0E , 345 ?>@>40 8 A2O78 A>AB02;ONB 3;02=>5 4>AB>8=AB2> 65=8E0 . >30BK5 2>A?8B0==8FK >G5=L @54:8 ; ?>68;K5 1>30BK5 24>2K 2KE>4OB 2B>@8G=> 70<C6 1>;55 ?> @0AG5B0< G5AB>;N18O . >2>5 42>@O=AB2> 8I5B A2O759 A AB0@8==K<8 D0<8;8O<8 , 0 A88 ?>A;54=85 A 1>30BK<8 . / @5H8;AO ?>8A:0BL =525ABK 2 :C?5G5A:>< 720=88 , => , =5 8<5O =8:0:8E A2O759 A :C?F0<8 , =5 7=0; , :0: 70 MB> ?@8=OBLAO . 4=064K , 2>72@0I0OAL 4><>9 , ?@>B82C <>53> >1K:=>25=8O , 2 H5ABL G0A>2 25G5@0 , O 2AB@5B8; C <>8E 425@59 AB0@CH:C , >45BCN >G5=L ?>@O4>G=> , 2 :>DB5 , A H5;:>2K< ?;0B:>< =0 3>;>25 . - >3> B515 =04>1=> , 101CH:0 ? - 0H53> G5;>25:0 , 5B@>20 , 10BNH:0 10@8= : O 5<C :C<0 . - :B> BK B0:0O ? - A?@>A8; O 87 ;N1>?KBAB20 . - >2820;L=0O 101:0 , @>48<>9 , 0 2 A;CG05 =C64K - A20E0 . - @5:@0A=> ! ?>48 -:0 , 101CH:0 , : 5B@>2C , 0 ?>A;5 O ?>7>2C B51O : A515 . '@57 ?>;G0A0 O 25;5; AB0@CH:5 ?@89B8 : A515 2 :018=5B . - >3> 65 BK A20B05HL ? - >3> C3>4=> , AC40@L : :C?F>2 , G8=>2=8:>2 8 4065 10@ . - ABL ;8 B5?5@L 1>30BK5 =525ABK ? - 0: =5 1KBL ! # =0A 4>2>;L=> 2AO:>3> B>20@C , 1K;8 1K ?>:C?I8:8 . - >?KB:0 =5 ?KB:0 , 0 A?@>A =5 1540 : 5A;8 BK 2KA20B05HL <=5 1>30BCN :C?G8EC , B> O B51O , 101CH:0 , >7>;>GC . - 72>;L , AC40@8: , 10@8= , C <5=O B5?5@L =0 @C:0E 425 :C?5G5A:85 =525ABK ; 40 :0:85 :@0A82K5 , :0:85 65<0==K5 , :0: 2KCG5=K ! >2>@OB =0 2A5E =5<5F:8E O7K:0E , ?;OHCB 70<>@A:85 ?;OA:8 , @O4OBAO , :0: :C:>;:8 . . . - %>@>H> , E>@>H> ! > <=>3> ;8 ?@840=>3> ? - A?@>A8; O A;>2>>E>B=CN AB0@CH:C . - > ABC BKAOG 45=L30<8 70 :064>N , 40 ?> ?OB845AOB8 25I0<8 , A5@51@>< , 7>;>B>< , 65<GC3>< , F25B=K<8 :0<=O<8 8 2AO:8< C1@0=AB2>< . - 5A?>4>1=> ! 0: 65 7>2CB MB8E ?>GB5==KE 4528F 8 8E G5AB=KE @>48B5;59 ? - B5F , 0<D8; 5@:C;>28G >H=8= , @>4>< 87 =0H53> >H5E>=LO , ?@8?8A=>9 : 745H=5<C 3>@>4C . 0BCH:0 , 0B@5=0 24>:8<>2=0 , ?@54>1@0O E>7ONH:0 , 409 >3 59 74>@>2LO ; 45B>: C =8E 2>AL<5@> : 420 AK=0 , C6 27@>A;K5 @51OB0 , 40 B@8 <0;K5 <0;LG8:0 ; B@8 4>G:8 : 425 =525ABK , 0 B@5BLO @515=>: , ;5B ?OB=04F0B8 . - 0: 65 7>2CB 4>G5: ? - !B0@H0O :C;8=0 0<D8;>2=0 , A@54=OO 0A8;8A0 0< -D8;>2=0 , 0 <;04H0O C:5@LO 0<D8;>2=0 . - >B>@0O 65 87 =8E :@0A8255 ? - >;=55 8 @C<O=55 2A5E :C;8=0 0<D8;>2=0 ; 0A8;8A0 =5<=>38< 59 CABC?05B , 0 B@5BLO EC45=L:0 , 40 >=0 5I5 @515=>: . - 0: 65 <=5 =0G0BL A20B>2AB2> ? - / >1 20A ?>3>2>@N A 4528F0<8 , H5?=C 0B@5=5 24>:8<>2=5 , C10N:0N 2A5E B5BCH5: , 0 BK , 10@8= , ?>7=0:><LAO A 0<D8;>< 5@:C;>28G5< : >= G5;>25: B>@>20BK9 8 ;N18B 2AO:>3> @>40 ?>B5E8 . >A?>4 C =53> A>18@05BAO <=>65AB2> : >= 8<55B <=>3> 45; ?> @07=K< ?>4@O40< . - %>@>H> , 2>B B515 45AOBL @C1;59 70 ?5@2>5 4>1@>5 >1> <=5 A;>2> ; ABC?09 A >3>< 8 ?>A?5H09 A ?@8OB=K< 8725AB85< : 4> A2840=LO ! >340 A20E0 CH;0 , O =5 =0 HCB:C AB0; @074C<K20BL , :0:8< 1K >1@07>< A>AB@O?0BL MBC A204L1C . !B> BKAOG =0;8G=K<8 45=L30<8 8 @>4AB2> A 1>30BK< ?>4@O4G8:>< ?>G8B0; O 25;8G09H8< 1;03>< 2 B>340H=5< <>5< ?>;>65=88 . 4=0 B@C4=>ABL : :0: ?>7=0:><8BLAO 2 4><5 ? :@C3C <>8E ?@8OB5;59 O =5 =045O;AO =09B8 ?CB52>48B5;8 2 4>< >H=8=0 , 0 A25@E B>3> , =5 E>B5; =8:><C 87 =8E >B:@K20BLAO 2 <>8E =0<5@5=8OE . / 2A?><=8; , GB> 284K20; C @C=8 , 70 83>@=K< AB>;>< , >4=>3> A5:@5B0@O , =04 :>B>@K< <K 8=>340 ?>4HCG820;8 , 3>2>@O , GB> =0 53> 45=L30E 284=K G5@=8;L=K5 ?OB=0 . 4=064K , :@C?8@CO , 70<5B8; O , :0: >= ?@83=C; ;8H=89 C3>; , 8 , =5 65;0O 22>48BL 53> 2 =5?@8OB=CN 8AB>@8N , C<>;G0; , 0 ?>A;5 83@K 40; 5<C MB> ?>GC2AB2>20BL . !5:@5B0@L >15I0; <=5 >BA;C68BL ?@8 A;CG05 , 8B0: O @5H8;AO 5E0BL : =5<C 8 C7=0BL , :0:8< >1@07>< <=5 <>6=> ?>7=0:><8BLAO A >H=8=K< , :>B>@K9 , 157 A><=5=8O , 8725AB5= 2A5< ?>4LOG8< . >9 5B@>2 7=0; 53> :20@B8@C , 8 O =5<54;5==> : =5<C >B?@028;AO . = 68; 2 45@52O==>< 4><8:5 :@0A82>9 =0@C6=>AB8 , 2 >4=>9 87 >B40;5==KE G0AB59 3>@>40 . / =0@>G=> =0=O; :0@5BC . 8HL B>;L:> :0@5B0 G5B25@=59 >AB0=>28;0AL C :@K;LF0 , O B>BG0A ?@8<5B8; 42865=85 2 4><5 : ;0:59 >B2>@8; <=5 425@8 A ?>:;>=>< 8 225; 2 70;C , 345 2AB@5B8; <5=O A5:@5B0@L 2 AB0<5B=>< A5@BC:5 , 2 :@0A=KE A0?>30E , 2 F25B=>< ?;0B:5 =0 H55 . 7 ?>GB5=8O >= A=O; :>;?0: 8 >G:8 8 ?@>A8; : A515 2 :018=5B , @>4 A25B5;:8 , 2 :>B>@>9 =5 1K;> =8 :=83 , =8 1C<03 , =8 ?8AL<5==>3> ?@81>@0 . - '5< <>3C 20< A;C68BL ? - A:070; A5:@5B0@L ?@>B5:B>@A:8< 8 2<5AB5 256;82K< B>=>< . - 5 15A?>:>9B5AL , - >B25G0; O . - # <5=O =5B =8:0:>3> 45;0 , 0 O E>GC B>;L:> 7=0BL , =5 7=0:><K ;8 2K A 0<D8;>< 5@:C;>28G5< >H=8=K< 8;8 A :5< -=81C4L 87 53> :>@>B:8E ?@8OB5;59 . - ?> :0:><C 45;C , 5A;8 A<5N A?@>A8BL ? - A:070; A5:@5B0@L . - # <5=O 5ABL :><<5@G5A:85 284K . - >=8<0N , - A:070; A5:@5B0@L A ;C:02>N C;K1:>9 . - 0?@02> , =0;52> ! - H8105B5AL : A B5E ?>@ :0: O ?>;CG8; 1>30B>5 =0A;54AB2> , O 2>2A5 >B:070;AO >B 83@K , - A:070; O , CB8@0OAL ?;0B:>< , GB>1K E8B@K9 A5:@5B0@L =5 ?@>G5; ;68 2 G5@B0E <>53> ;8F0 . - ! 2K ?>;CG8;8 1>30B>5 =0A;54AB2> 8 =5 83@05B5 1>;55 ? >B GB> E>@>H> , B> E>@>H> . 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E , ;N157=K9 4@C3 , GB> 70 3>@>4 MB>B 0@86 ! 0H0 B8E0O , C3@N<0O >A:20 2 A@02=5=88 A AB>;8F5N $@0=F88 5ABL B> 65 , GB> ?@C4 2 A@02=5=88 A 2>4>?04>< . # =0A 78<>N , C6 2 AC<5@:8 25745 3;CE> 8 ?CAB> 8 B>;L:> M:8?068 ?@8?><8=0NB , GB> 2K =5 2 ;5AC . 745AL 25G=0O 687=L , 25G=>5 42865=85 ; =5B =8 4=O , =8 =>G8 , 0 B>;L:> ?5@5<5=0 45:>@0F89 , 70<5= ?@8@>4=>3> A25B0 8A:CAAB25==K< . / C482;ONAL , :0: A> <=>N =5 ?@8:;NG8;>AL 0?>?;5:A8G5A:>3> C40@0 >B @04>AB8 , :>340 O 2 ?5@2K9 @07 C2845;0 ?0@86A:85 <>4=K5 <03078=K ! E , 4@C3 <>9 , GB> 70 ?@5;5ABL ! 45AL =>2>AB8 ?>O2;ONBAO =5 G@57 <5AOFK , =5 G@57 =545;8 , => :064K9 45=L , :064K9 G0A , :064CN <8=CBC . 45AL -B> E@0< 2:CA0 , 70:>=>40B5;L=>5 A>A;>285 <>4K , A@54>B>G85 2A5E 87>1@5B5=89 . 45AL 687=L 8AG8A;O5BAO =5 3>40<8 , => G8A;>< =0A;0645=89 ; 8 :064K9 B>@>?8BAO 68BL , ?>4>1=> <>@5?;020B5;N , :>B>@K9 A?5H8B 8A?@028BL 45;0 A2>8 =0 15@53C , :>340 C65 ?0@CA0 =0 :>@01;L ?>4=OBK . 0@86 5ABL 3>AB8=8F0 F5;>3> <8@0 . 45AL A>18@0NBAO 8A:0B5;8 <C4@>AB8 , =0A;0645=89 8 AG0ABLO A> 2A5E :>=F>2 75<;8 , 8 >BB>3> -B> :064K9 6825B 745AL ?> A2>5<C 2:CAC , 157 2AO:>3> ?@8=C645=8O , :0: 2>48BAO 2 B@0:B8@5 . N157=K9 4@C3 ! 5A;8 1 BK 2845; , :0: =0H8 40<K , :>B>@K5 2 >AA88 =5 A45;0NB H03C ?5H:>< 157 :>=2>O 42CE 4N68E ;0:552 8 :>B>@K< =04>1=K G5BK@5 ;>H048 , GB>1 ?5@55E0BL G@57 C;8FC , @073C;820NB 745AL >4=8 ->48=5H5=L:8 ?> 8728;8ABK< ?0@86A:8< C;8F0< , ?> 8;;N<8=>20==><C A04C 0;5 - >O;O , ?>4 0@:040<8 8 2 ?@>AB>< D80:@5 574OB 2 :C?0;L=8 ! -B> 8=:>3=8B> 4>AB02;O5B 8< BKAOG8 =0A;0645=89 , > :>B>@KE 5A;8 1 :B> A<5; 703>2>@8BL ?@8 =8E 2 >AA88 , B> 1K; 1K ?@>2>73;0H5= =52564>N , 3@C18O=>< , =0E0;L=K< ! 45AL =0 2A5 >B:@KBK5 :>=B>@K , 4;O :064>3> 65;0=8O A2>8 :><8AA8>=5@K . >6=> ?@>40BL 8 :C?8BL A5@4F5 8 C< . 45AL B>;L:> ?>;CG8;0 O ?>=OB85 > 687=8 >1I5AB25==>9 . 0: =8 2KA>:0 =0H0 >1@07>20==>ABL , => A>3;0A8AL , ;N157=K9 4@C3 , GB> 2 A@54=5< :;0AA5 C =0A 5I5 <=>3> 0780BA:>3> , 8 65=I8=K , E>BO 2;0AB2CNB C =0A =04 <C6G8=0<8 , :0: 25745 , 8 2 A0<>9 4065 788 , => 2 >1I568B88 G@572KG09=> AB5A=5=K AB0@8==K<8 >1KG0O<8 . 45AL 65 2AO:><C ?>;=0O A2>1>40 . >@O4>G=K5 65=I8=K ?>A5I0NB B@0:B8@K 8 :>D59=K5 4><0 , ?CB5H5AB2CNB >4=8 2 48;860=A0E 8 ?>GB>2KE :>;OA:0E 8 G0AB> 8<5NB A2>8 A2O78 8 7=0:><AB20 , > :>B>@KE <C6 2>2A5 =5 7=05B 8 =5 701>B8BAO . 0640O D@0=FC65=:0 ?>;=0O E>7O9:0 2 4><5 , 0 >1O70==>ABL <C60 70=8<0BLAO 2=5H=8<8 45;0<8 . =>AB@0==>5 7>;>B> ?@>18@05BAO 2 0@86 @07=K<8 8AB>G=8:0<8 , 8 2AO 701>B0 ?0@860= 2 B>< B>;L:> , GB>1 ?>;L7>20BLAO MB8< 7>;>BK< 4>645< . 20=85 8=>AB@0==>3> ?CB5H5AB25==8:0 5ABL A0<>5 ?>G5B=>5 , 5A;8 B>;L:> >= ?@857605B 2 0@86 25A5;8BLAO =0 A2>8 45=L38 , 70B> 745AL :064>3> GC6575<F0 25;8G0NB 3@0D>< , :=O75< , ;>@4>< 8 10@>=>< , A?@02;OOAL =5 A 48?;><0<8 , 0 A :>H5;L:>< . 5=O B0:65 =07K20NB :=O38=5N , E>BO O 25A5;NAL =5 =0 A2>8 45=L38 . #B>=G5==>ABL 2 701020E 8 =0A;0645=8OE 4>2545=0 745AL 4> 2KA>G09H59 AB5?5=8 , 8 C< G5;>25G5A:89 8AB>I8;AO 4;O 87>1@5B5=8O C4>1AB2 2 687=8 . 0102K @0745;ONBAO =0 ?C1;8G=K5 8 B09=K5 . ?5@2K< ?@8=04;560B : B50B@K , :>=F5@BK , >1I5AB25==K5 10;K , 3C;L18I0 , A5;LA:85 ?@074=8:8 . A5 , G5< 2 4@C38E AB>;8F0E 70102;ONB ?C1;8:C B>;L:> 2 1>;LH85 B>@65AB20 8 ?@8 =5>1K:=>25==KE A;CG0OE , 745AL 1K205B 5654=52=> 8 2A5340 ?@82;5:05B B>;?K ;N18B5;59 . 5 AB0=C 3>2>@8BL B515 > B50B@0E , :>B>@K5 A>AB02;ONB 3>A?>4AB2CNICN AB@0ABL D@0=FC7>2 , =5 AB0=C >?8AK20BL B515 2A5E 70102 , 2:CH05<KE _8=:>3=8B> _ , 8 <>;GC , 8<5==> 4;O B>3> , GB> E>GC , GB>1 BK A0< ?@85E0; 2 0@86 8 =0A;048;AO =0 45;5 , 0 =5 =0 1C<035 . / 4> A8E ?>@ 5I5 =5 <>3C >?><=8BLAO , 8 3>;>20 C <5=O 15A?@5AB0==> 2 :@C65=88 . CAL5 !0=ACA8 ?@5<8;K9 G5;>25: 8 2>2A5 =5 15A?>:>8B <5=O 4>:CG;82>N ;N1>2LN . / ?>7=0:><8;0AL A =5:>B>@K<8 8=>AB@0=:0<8 8 <>8<8 75<;OG:0<8 , 8ICI8<8 , ?>4>1=> <=5 , @0AA5O=8O : <K 2545< 687=L A0<CN 25A5;CN . >@48AL , <8;K9 4@C3 , <>5N ;N1>2LN ! 065 2 0@865 =07K20NB <5=O _?@5:@0A=>N @CAA:>N _ , 8 5A;8 1 BK 2845; <5=O 2 ?0@86A:>< =0@O45 - B> C?0; 1K : =>30< <>8< , 2<5AB5 A 4N68=>N ;>@4>2 , =5<5F:8E :=O759 , ?CB5H5AB2CNI8E 8=:>3=8B> , 8 =0H8E 1>30BKE 75<;O:>2 . # =0A H258 8 <03078=I8FK A>2A5< =5 C<5NB >4520BL : ;8FC 8 4C<0NB B>;L:> , :0: 1K A1KBL A @C: A2>8 B@O?:8 . > 745AL @01>B0NB 4;O A;02K 8 - 4;O 45=53 . @857609 , 4@C3 <>9 , B>;L:> >AB02L 2 >AA88 A2>N @52=>ABL 8 A2>N D8;>A>D8N , 4;O :>B>@KE 745AL =5B <5AB0 . 1> <=5 A?@>A8 2 0;5 - >O;5 , 2 <>4=>< <03078=5 1 1 3 " . 7 MB>3> ?8AL<0 C2845; O , GB> =5AG0ABL5 =5 8A?@028;> @C=8 8 GB> ;53:><KA;85 8 BI5A;0285 >AB0;8AL 2 =59 ?> -?@56=5<C 3>A?>4AB2CNI8<8 AB@0ABO<8 . / 4065 =5 E>B5; >B25G0BL =0 MB> ?8AL<> , 7=0O , GB> A>25BK <>8 =5 ?><>3CB . 564C B5< C =0A 2>73>@5;0AL 2>9=0 A "C@F859 , 8 O , 2A?><=82 A>25BK <>53> 4>1@>3> 5B@>20 , @5H8;AO 2ABC?8BL 2 2>5==CN A;C61C . / >B:@K;AO 2 MB>< ?@8OB5;L=8F5 <>59 , :C78=5 =5B5 , A :>B>@>N O 68; 2 4@C615 , :0: 1@0B A A5AB@>N . =0 ?>E20;8;0 <>5 =0<5@5=85 8 27O;0AL 8AE>40B09AB2>20BL <=5 ?5@5<5I5=85 87 3@0640=A:>9 A;C61K 2 2>5==CN . , 2A5A8;L=K5 65=I8=K , A:>;L:> O 20< >1O70= 2 687=8 ! C78=0 =5B0 ?@825;0 2 42865=85 2A5E A2>8E ?@8OB5;L=8F , B5BCH5: 8 :C78= . >H;0 65=A:0O ?5@5?8A:0 , A2840=8O , A>25I0=8O , ?@>AL1K , @5:><5=40F88 . 0G0;L=8: , C :>B>@>3> O 83@0; 2 28AB 420 @070 2 =545;N 8 >1540; :064>5 2>A:@5A5=L5 , 2K40; <=5 A0<>5 ;CGH55 A2845B5;LAB2> 2 CA5@4=>9 8 15A?>@>G=>9 A;C615 , E>BO O =8 @07C =5 2E>48; 2> 2=CB@5==>ABL 53> :0=F5;O@88 , 8 G5@57 420 <5AOF0 <5=O ?5@58<5=>20;8 2 :>@=5BK , 2 B>B 65 A0<K9 3CA0@A:89 ?>;: , 2 :>B>@>< A;C68; ?>:>9=K9 <>9 >B5F . >340 O28;AO O 2 ?>;=>< 3CA0@A:>< =0@O45 : :C78=5 =5B5 , >=0 0E=C;0 >B C482;5=8O 8 A>7=0;0AL , GB> O @>645= 4;O <C=48@0 . >8 ?>:@>28B5;L=8FK @04>20;8AL CA?5EC A2>53> E>40B09AB20 , 8 O GCBL =5 70=5<>3 >B CAB0;>AB8 , B0=FCO 87 1;03>40@=>AB8 <07C@:C A> 2A5<8 8E 4>G:0<8 8 ?;5<O==8F0<8 . 5B@>2 1K; 2 2>AB>@35 8 <CG8; <5=O ?@>AL10<8 A:>@55 >B?@028BLAO 2 ?>;: . >1@0O :C78=0 =5B0 40;0 <=5 2709<K =5A:>;L:> BKAOG @C1;59 , 8 O , A>1@02 >AB0B:8 A2>53> 8<CI5AB20 , @0A?@>AB8;AO A> 2A5<8 8 C5E0; 2 0;>@>AA8N , 345 AB>O; ?>;: 8 >6840; ?5@2>3> ?>25;5=8O : 2KABC?;5=8N 2 ?>E>4 . / =5 3>2>@8; <0BCH:5 > A2>5< =0<5@5=88 8 O28;AO : =59 C65 2 2>5==>< <C=48@5 , =0:0=C=5 <>53> >BJ5740 . =0 5420 =5 C?0;0 2 >1<>@>: ?@8 <>5< ?>O2;5=88 . / 1K; B0: ?>E>6 =0 >BF0 <>53> , 2 B0:>< 65 <C=48@5 , GB> <0BCH:0 =5 <>3;0 =0 <5=O =0A<>B@5BLAO . >?;0:02 , :0: 2>48BAO 2 ?>4>1=KE A;CG0OE , >=0 1;03>A;>28;0 <5=O 8 , A=01482 A>25B0<8 , ?>65;0;0 <=5 AG0ABLO . 0 4@C3>9 45=L O 1K; =0 1>;LH>9 4>@>35 2 %0@L:>2 . >;: C65 2KABC?8; , 8 O 4>3=0; 53> =0 ?>E>45 . >340 O ?@54AB028;AO ?>;:>2=8:C , B> >= , 273;O=C2 =0 <5=O , 2A?;5A=C; @C:0<8 >B C482;5=8O 8 A:070; : - >65 <>9 , :0:>5 C4828B5;L=>5 AE>4AB2> ! A;8 1 O A0< =5 1K; A2845B5;5< A<5@B8 4@C30 <>53> , :=O7O 8;>A;02A:>3> , B> ?>4C<0; 1K , GB> 286C 53> ?5@54 A>1>N . = ?>720; 87 4@C3>9 :><=0BK ?>;:>2>3> :20@B5@<8AB@0 , :>B>@K9 1K; 20E<8AB@>< 2 MA:04@>=5 <>53> >BF0 , 8 A?@>A8; : - 0 :>3> ?>E>6 :>@=5B K6838= ? - 0 MB> 682>9 ?>@B@5B ?>:>9=>3> :=O7O 20=0 ;5:A0=4@>28G0 8;>A;02A:>3> ! - 2>A:;8:=C; AB0@8: , 8 A;57K ?>:070;8AL C =53> =0 3;070E . - !;KE0;8 ;8 2K :>340 > :=O75 ? - A?@>A8; C <5=O ?>;:>2=8: . - 5B , - >B25G0; O . - =0N , GB> ?>:>9=K9 4@C3 <>9 1K; E>;>AB , => 2 A25B5 G0AB> A;CG05BAO , GB> . . . B> 5ABL 1K20NB AB@0==K5 AE>4AB20 ! 5;0N 20< , ;N157=K9 A>A;C6825F , GB>1 2K ?>E>68 1K;8 =0 :=O7O 4CH>N 8 E@01@>ABLN , 8 :0: 2 ?@>B82=>< =5 8<5N ?@8G8=K A><=520BLAO , B> =0 ?5@2K9 A;CG09 40N 20< >48= A>25B : AB0@09B5AL C7=0BL ?>A:>@55 D@C:B>2CN G0ABL A;C61K , 157 G53> ;CGH89 G5;>25: 1C45B 2A5340 ?;>E8< >D8F5@>< . # =0A <=>3> @5:@CB , 87 :>B>@KE O AD>@<8@>20; CG51=K9 MA:04@>= 8 4>;65= >1CG0BL 8E =0 ?>E>45 . 0A O >?@545;ON 2 ;591 -MA:04@>= , 0 =0 2@5<O , 4;O C7=0=8O ?>@O4:0 A;C61K , ?>@CG0N :><0=48@C CG51=>3> MA:04@>=0 , @>B<8AB@C @028=C , AB0@><C A;C682><C , :>B>@>3> A>25BCN 20< ;N18BL 8 ?>G8B0BL , :0: >BF0 , ?>B><C GB> >= B>3> AB>8B . ?>;:0E =5 ;N1OB , :>340 ?>ABC?0NB 2 =8E >D8F5@K 87 4@C38E ?>;:>2 A AB0@H8=AB2>< , 8;8 , :0: 3>2>@8BAO , =0 3>;>2C . / E>BO >?@545;5= 1K; <;04H8< :>@=5B>< , => B>20@8I8 ?@8=O;8 <5=O 25AL<0 E>;>4=> >B B>3> , GB> O ?>ABC?8; 87 3@0640=A:>9 A;C61K . 5278@0O =0 256;82>5 <>5 >1E>645=85 8 =0 AB0@0=85 70A;C68BL ;N1>2L >D8F5@>2 , <5=O ?@>720;8 ?>4LOG8< , E>BO O :;O;AO , GB> >B @>4C =8G53> =5 ?8AK20; , :@><5 ;N1>2=KE ?8A5< , 8 A0< =5=0286C :@NG:>B2>@F52 1>;55 , =565;8 BC@>: , A :>B>@K<8 <K H;8 A@060BLAO . (CB:8 =5 ?@5:@0I0;8AL 8 4065 ?>2B>@O;8AL G0I5 , A B5E ?>@ :0: O AB0; A5@48BLAO . >B<8AB@ @028= , :>B>@K9 ?>;N18; <5=O 8A:@5==> , A>25B>20; <=5 ?@>CG8BL =0A<5H=8:>2 . >4=C =545;N O 8<5; 420 4CM;O =0 A01;OE 8 >48= =0 ?8AB>;5B0E , @0=8; 42CE <>8E ?@>B82=8:>2 8 ?>;CG8; A0< ;53:CN @0=C ?C;5N 2 ;52CN @C:C . >;:>2=8: 0@5AB>20; 2A5E =0A 8 >1JO28; 2K3>2>@ 2 ?@8:075 , 0 O , 2K;5G82H8AL , 40; 702B@0: B>20@8I0< , ?@83;0A8; 8 <>8E ?@>B82=8:>2 8 >1JO28; 2A5< , GB> 5A;8 :><C C3>4=> C4>AB>25@8BLAO , GB> O =8:>340 =5 1K; 8 =5 1C4C ?>4LOG8< , B> O 3>B>2 ?@54AB028BL :064><C <>8 A015;L=K5 8 ?8AB>;5B=K5 4>:070B5;LAB20 . ">20@8I0< <>8< ?>=@028;0AL <>O >B:@>25==>ABL 8 A<5;>ABL , 8 , ?@8 E;>?0=L5 H0<?0=A:8E 1CBK;>: , O ?@>2>73;0H5= 1K; ;8E8< 3CA0@>< . - K6838= ! - A:070; <=5 @0=82H89 <5=O ?>@CG8: 0AB@5;8= . - "K :@>2LN A<K; A2>8 G5@=8;0 ; B5?5@L BK =0H , 8 :B> ?@>B82C B51O , B>B ?@>B82 =0A 2A5E . 09 @C:C , 1@0B ! B0:8E 3CA0@>2 =0< =04>1=> . >;:>2=8: , ?@87202 <5=O , 40; <=5 >B5G5A:>5 =0AB02;5=85 , A:0702 : - / =0:070; 20A ?> 4>;3C A;C61K , => =5 8<5N ?@8G8=K 1KBL =54>2>;L=K< 20<8 70 20H5 ?>2545=85 . K 1K;8 2K=C645=K : 4@0:5 ; => B5?5@L , :>340 2K 2ABC?8;8 2 B>20@8I5AB2> A AB0@K<8 >D8F5@0<8 , 8715309B5 AA>@ . %>@>H89 >D8F5@ 4>;65= 4>:07K20BL E@01@>ABL A2>N 2 A@065=88 A =5?@8OB5;5< , 0 =5 2 ?>548=:0E . >B<8AB@ @028= 4>=>A8B <=5 , GB> 2K 4>2>;L=> 7=05B5 D@C:B>2CN A;C61C , GB>1 :><0=4>20BL 272>4>< . 72>;LB5 O28BLAO : :><0=48@C ;591 -MA:04@>=0 : O ?@8:070; 40BL 20< B@5B89 272>4 . 5 7=0N , @04>20;AO ;8 :>340 -=81C4L B0: A5@45G=> 70A;C65==K9 35=5@0; , ?>;CG82 =0G0;LAB2> =04 F5;>N 0@<85N , :0: O <>8< 272>4>< . >1@K9 <>9 5B@>2 ?@K30; >B @04>AB8 . / =8:><C =5 3>2>@8; > ?@51K20=88 <>5< 2 AB5?8 C :8@387F52 , 1>OAL , GB>1 <=5 =5 40;8 >?OBL :0:>3> -=81C4L ?@>720=8O , 8 =5 ?>:07K20; <>53> 8A:CAAB20 2 =0574=8G5AB25 , 2 :>B>@>< O G0AB> C?@06=O;AO 4065 2 >A:25 , 2K5760O 25@E>< ?@>3C;820BLAO 70 3>@>4 , 2 C548=5==K5 <5AB0 . 4=0:> 6 O 70?0AAO 2>;>AO=K< 0@:0=>< 8 :C?8; A515 3>@A:CN ;>H04L , GB>1 ?@8 A;CG05 C?>B@518BL <>5 8A:CAAB2> 2 ?>;L7C . N157=K5 G8B0B5;8 ! 5A;8 20< A;CG8BAO A;KH0BL @0AA:07K :>@=5B>2 8 ?@0?>@I8:>2 > ?;0=5 :0<?0=88 , > A>2>:C?=>AB8 2>5==KE 459AB289 , >1 >H81:0E 35=5@0;>2 , > ?@8G8=0E C40G 8 ?>B5@L 2 2>9=5 - A;CH09B5 87 256;82>AB8 , => 25@LB5 2?>;>28=C , 0 ;CGH5 2>2A5 =5 25@LB5 . D8F5@ , A;C60 2> D@C=B5 , =5 <>65B 2845BL =8G53> 1>;55 , :0: B> , GB> 45;05BAO ?5@54 D@C=B>< , 0 > 2>5==KE ?;0=0E 8=0G5 =5;L7O AC48BL , :0: A>>1@060O 8 ?>25@OO <=>65AB2> >1AB>OB5;LAB2 8 A;CG052 , >B:@K20NI8EAO 2A5340 ?>A;5 :0<?0=88 . B0: , O =5 E>GC 3>2>@8BL > 2>5==KE 459AB28OE , B5< 1>;55 GB> O 2>2A5 =5 =0<5@5= ?8A0BL 8AB>@8N 2>9=K , 0 65;0N ?@54AB028BL <>8 A>1AB25==K5 ?>E>645=8O . !:06C > 2>9=5 B>;L:> 2 >B=>H5=88 : <>5<C ;8FC =5 87 A0<>;N18O , => 8A?>;=OO ?@54=0G5@B0==K9 <=>N ?;0= , ?@8 A>G8=5=88 <>53> 687=5>?8A0=8O . 5@5H54 C=09 , ?>;: =0H ?>ABC?8; 2 020=30@4 3;02=>3> :>@?CA0 . 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G5@0 <=5 8A?>;=8;>AL H5AB=04F0BL ;5B . %>7O9:0 ?>40@8;0 <=5 =>2>5 ?;0BL5 2 45=L <>53> @>645=8O , ;0A:0;0 1>;55 >1K:=>25==>3> , ?>A048;0 A A>1>N 70 AB>; : >154C , 2>78;0 ?@>3C;820BLAO 70 3>@>4 8 ?>4 25G5@ , ?@87202 2 A2>N :><=0BC , A:070;0 : - ;8=L:0 ! 2>7L<8 MB>B :>@>1 A 10;L=K< ?;0BL5< 8 >B2578 2 <>59 :0@5B5 =0 40GC , ?> 5B5@3>DA:>9 4>@>35 , : MB><C AB0@8:C , :>B>@K9 B0: G0AB> 1K205B 745AL 8 B0: ;0A:>2 A B>1>N . -B> ?;0BL5 4;O 53> 4>G5@59 . ! =K=5H=53> 4=O BK 4>;6=0 70ABC?8BL <5AB> <>59 ?><>I=8FK 8 8A?>;=OBL <>8 :><8AA88 . >A?>40 ;N1OB , :>340 : =8< O2;ONBAO B0:85 <8;5=L:85 <03078=I8FK , 8 3>@074> ;CGH5 ?;0BOB , =565;8 =0< , AB0@CE0< . C4L 256;820 , 4@C3 <>9 , =5 48G8AL , 7=09 8 ?><=8 , GB> BK =5 4C@=0 A>1>N , 8 C<59 ?>;L7>20BLAO A2>5N :@0A>B>9 - N=>ABL =5 ?@8E>48B 420 @070 2 687=8 . 5 A<5O >A;CH0BLAO E>7O9:8 , O 27O;0 :>@>1 , A5;0 2 :0@5BC 8 ?>5E0;0 , :C40 :CG5@ ?>257 <5=O . / >G5=L 7=0;0 2 ;8F> AB0@8:0 , : :>B>@><C ?>A;0;0 <5=O E>7O9:0 , => =5 7=0;0 , :0: 7>2CB 53> . = <=>3> ?>:C?0; 8 70:07K20; 2 =0H5< <03078=5 , 40@8; H259 :>=D5B0<8 8 >1E>48;AO A =0<8 >G5=L ;0A:>2> 8 256;82> . / ?@85E0;0 : =5<C =0 40GC 4>2>;L=> ?>74=> . 0:59 225; <5=O 2 70;C 8 ?@>A8; A;54>20BL 70 A>1>N 2> 2=CB@5==85 :><=0BK . C<0O , GB> >= ?@>2545B <5=O : 10@KH=O< , O A<5;> H;0 70 =8< 8 >GCB8;0AL 2 :018=5B5 AB0@8:0 . = A845; 2 E0;0B5 =0 A>D5 , ?5@54 :>B>@>9 AB>O; AB>;8: A ?;>40<8 , 20@5=LO<8 8 28=>< . - @8AO4L 745AL , <>9 0=35; , - A:070; >= . - > 345 10@KH=8 ? - A?@>A8;0 O 2 A<CI5=88 , A0<0 =5 7=0O ?@8G8=K . - =8 B>BG0A ?@84CB . 0 ?@8AO4L 65 , =5 C?@O<LAO ! / A5;0 =0 ABC;5 , => AB0@8: =0A8;L=> ?>A048; <5=O =0 A>D5 8 AB0; ?>BG520BL ?;>40<8 8 28=>< . / >B:070;0AL >B 28=0 , => 87 256;82>AB8 4>;6=0 1K;0 >B2540BL ?;>4>2 . !B0@8: AB0; 3;048BL <5=O ?> ;8FC , 8 O , 8728=OO 53> ;5B0< , =5 >1@0I0;0 =0 MB> 2=8<0=8O ; => :>340 >= =0G0; ?>72>;OBL A515 2>;L=>AB8 , =5?@8;8G=K5 =8 5<C , =8 <=5 , O A =53>4>20=85< 2A:>G8;0 A <5AB0 8 E>B5;0 2K9B8 87 :><=0BK . !B0@8: C45@60; <5=O 70 @C:C 8 A:070; : - >A;CH09 , <8;0O , =5 @51OGLAO 8 =5 1C4L C?@O<0 . >;N18 <5=O - 8 BK 1C45HL =025:8 AG0AB;820 ! / ?>A<>B@5;0 =0 =53> A ?@57@5=85< 8 =5 <>3;0 2K<>;28BL =8 A;>20 >B 871KB:0 =53>4>20=8O . !B0@8: ?@>4>;60; : - # <5=O AB0@0O 8 7;0O 65=0 , 8 5A;8 BK 70E>G5HL CA;048BL 687=L <>N A2>5N ;N1>2LN , O A ?5@2>3> 4=O ?>40@N B515 B@84F0BL BKAOG @C1;59 8 D>@<0;L=>N AC451=>N A45;:>9 >15I0N B515 ?;0B8BL 2 3>4 ?> 45AOB8 BKAOG . "K 5I5 B0: <>;>40 , GB> G@57 45AOBL ;5B =0945HL A515 <C60 , 0 5A;8 1C45HL ;N18BL <5=O 2 B5G5=85 MB>3> 2@5<5=8 , B> O >15I0N B515 =0 45AOB>< 3>4C 5I5 B@84F0BL BKAOG @C1;59 . "5@?5=85 >AB028;> <5=O . - 0: 2K A<55B5 ?@54;030BL <=5 ?>7>@ 8 @072@0B ? - 2>A:;8:=C;0 O . - 84=> , GB> 2K =5 7=0;8 2 687=8 =8 >4=>9 G5AB=>9 65=I8=K , :>340 A<55B5 ?@54?>;030BL , GB> ;N1>2L <>6=> :C?8BL 70 45=L38 . =5 ABK4=> ;8 20< , 2 20H8 ;5B0 , 1C4CG8 65=0BK< , @072@0I0BL 154=CN 452CH:C ? - > B2>O <040< , 4CH5=L:0 , C6 ?@>40;0 <=5 B51O . "K 59 4>;6=0 70 >4564C , 70 A>45@60=85 . . . - %>7O9:0 <>O B0:>5 65 3=CA=>5 ACI5AB2> , :0: 8 2K ! - A:070;0 O , 2K45@=C;0 @C:C 8 , :>340 >= E>B5; 70ABC?8BL <=5 4>@>3C , B>;:=C;0 53> B0: , GB> >= ?@8A5; =0 A>DC . - 5AG5AB=K9 8A:CA8B5;L ! - A:070;0 O , >AB0=>2OAL ?>A@548 :><=0BK 8 27O2 =>6 2 @C:8 . - K?CAB8 <5=O , 8;8 O =0CGC B51O , :0: >A:>@1;OBL @CAA:CN 42>@O=:C . =09 , GB> O 4>GL =042>@=>3> A>25B=8:0 ;5:A0=4@0 #@0;LA:>3> 8 35=5@0;LA:>9 4>G5@8 235=88 !;028=>9 . / @02=0 B515 ?> @>4C 8 =5 E>GC A@02=820BL A51O A B>1>N ?> GC2AB20< . K?CAB8 <5=O , 7;>459 ! - 8HL B>;L:> O =0720;0 <>8E @>48B5;59 , AB0@8: 70:@K; 3;070 @C:0<8 8 , 2>A:;8:=C2 : ">65 <>9 ! " , C1560; 2 4@C3CN :><=0BC . 5 1C4CG8 2 A>AB>O=88 >B?5@5BL 425@8 8 =5 >A<5;820OAL 84B8 2 BC :><=0BC , :C40 A:@K;AO AB0@8: , O >B2>@8;0 >:=> , 2KA:>G8;0 2 A04 , 0 87 A04C G@57 :0;8B:C 2K1560;0 =0 4>@>3C . A>A54=59 40G5 O A?@>A8;0 , :B> 6825B 2 MB>< 4><5 , 8 C7=0;0 , GB> <>9 8A:CA8B5;L @018;8= , <C6 <>59 101CH:8 , 8725@3 , ;8H82H89 =0A;54AB20 <>N <0BCH:C . - @018;8= ! - 2>A:;8:=C; O . - -B>B @072@0B=8: 7=0:>< <=5 >B 45BAB20 . >65 <>9 , :0:0O AB@0==0O AC4L10 ! ;L30 ?@>4>;60;0 : - C60A5 , 2 =53>4>20=88 O =5 7=0;0 , 345 C:@KBLAO . / 1>O;0AL 84B8 2 3>@>4 , GB>1 7;>459 =5 25;5; 4>3>=OBL <5=O , 8 ?>H;0 2 ?@>B82C?>;>6=CN AB>@>=C . #28452 4>@>3C =0?@02> , O ?>H;0 ?> =59 , =5 @0AAC640O , :C40 >=0 ?@82545B <5=O , 8 =0:>=5F >GCB8;0AL 2 ;5AC . =5 =04>1=> 1K;> >B4>E=CBL . / A5;0 ?>4 45@52>< 8 ?@8=O;0AL 3>@L:> ?;0:0BL : MB> >1;53G8;> <>5 A5@4F5 . 5 7=0O , :C40 4520BLAO , 8 AB@0H0AL ?>:070BLAO >4=0 =0 4>@>35 , 2 ;5A=>< <5AB5 , O >6840;0 A;CG0O , ?>:0 :0:>9 -=81C4L 4>1@K9 G5;>25: ?@>945B <8<> . 5A:>;L:> :0@5B ?@>5E0;> ?> 4>@>35 , 8 1>;LH5 =8:>3> =5 ?>O2;O;>AL . / =0G0;0 >BG0820BLAO 8 @5H8;0AL =>G520BL 2 ;5AC , :0: 24@C3 ?>O28;8AL 2K 8 ?@O<> ?>H;8 :> <=5 . =5 1K;> AB@0H=> , => :>340 2K ?>A<>B@5;8 <=5 2 3;070 , 1>O7=L 8AG57;0 8 O ?>GC2AB2>20;0 , ?@02> , =5 7=0N , =5 AB@0E , => GB> -B> AB@0H=>5 8 2<5AB5 CB5H8B5;L=>5 . / 1>O;0AL <C6G8=K ; => A5@4F5 <>5 H5?B0;> <=5 , GB> O =0H;0 25;8:>4CH=>3> 70I8B=8:0 . 20H8E 3;070E O 2KG8B0;0 , GB> 2K <5=O =5 >1848B5 . - !5@4F5 20H5 C3040;> , ;L30 ;5:A0=4@>2=0 : >B=K=5 O 20H >B5F , 1@0B , 70I8B=8: ! >;>68B5AL 2> 2A5< =0 >30 8 =0 <5=O . >:0 O 682 , 2K =8 2 G5< =5 1C45B5 8<5BL =C64K , 8 O =8G53> =5 B@51CN >B 20A , =8G53> , :@><5 >4=>9 <8;>AB8 , GB>1 2K 25@8;8 <=5 , GB> O 3>B>2 65@B2>20BL 4;O 20A 687=LN 157 2AO:8E 284>2 . 5@8B5 ;8 <=5 ? =0 A60;0 <>N @C:C 8 A:070;0 A:2>7L A;57K : - 5@N , 1;03>@>4=K9 G5;>25: : >3 =03@048B 20A ! / 25;5; :CG5@C 5E0BL : 4>1@>9 :C78=5 =5B5 . #6 1K;> B@8 G0A0 CB@0 . 4><5 2A5 A?0;8 , => O B@51>20; =5?@5<5==> , GB>1 @071C48;8 E>7O9:C . =0 2KH;0 :> <=5 , B@5?5I0 >B AB@0E0 , 4C<0O , GB> A> <=>N A45;0;>AL GB> -=81C4L =5>1K:=>25==>5 . / C<>;G0; > ?@>8AH5AB288 A> <=>N 2 C548=5==>< 4><8:5 , ?>B><C GB> :C78=0 =5B0 =5 7=0;0 B09=K <>53> @>645=8O , => @0AA:070; 59 ?@8:;NG5=85 ;8=L:8 . 8;0O , 4>1@0O =5B0 A @04>ABLN ?@8=O;0 55 : A515 2 4>< 8 1;03>40@8;0 <5=O 70 B> , GB> O ?@8257 =5AG0AB=CN : =59 , :0: 70 >:070==>5 59 A0<>9 1;03>45O=85 . ;03>@>4=0O 65=I8=0 ! / 2>72@0B8;AO 4><>9 2 A>25@H5==>< @0AAB@>9AB25 . 07C<55BAO , GB> O =5 <>3 A?0BL . / 1K; 2;N1;5= . ;8=L:0 2>71C48;0 2> <=5 ;N1>2L , =5 BC ?;0<5==CN , ?>68@0NICN AB@0ABL , :>B>@CN 7063;0 2 A5@4F5 <>5< >G0@>20B5;L=0O @C=O , 0 ;N1>2L =56=CN , A;04>AB=CN , :>B>@0O =5 7=05B 4@C3>3> 65;0=8O , :@><5 AG0ABLO 2>7;N1;5==>9 , =5 ?>@>6405B =8 >4=>9 75<=>9 <KA;8 , ?@8 2>A?><8=0=88 > :@0A>B5 . ;8=L:0 , :070;>AL <=5 , 1K;0 =5A:>;L:> ?>E>60 =0 @C=N , => B0:8< >1@07>< , 5A;8 1 @C=O 25;5;0 =0?8A0BL ?>@B@5B A2>9 2 2845 0=35;0 , A 2K@065=85< A:@><=>AB8 , :>B>@>9 59 =54>AB020;> . @0A>B0 @C=8 1K;0 1;8AB0B5;L=0O , ;8=L:8 - C<8;8B5;L=0O . 73;O4K @C=8 ?>68@0;8 A5@4F5 8 ?@82>48;8 :@>2L 2 ;8E>@04>G=>5 42865=85 ; 27>@K ;8=L:8 ?@>;820;8 2 4CHC B8E>5 =0A;0645=85 . =5 :070;>AL , GB> O >BB>3> ?>;N18; ;8=L:C B0: A8;L=> , GB> >=0 1K;0 =5A:>;L:> ?>E>60 =0 @C=N , => O GC2AB2>20; , GB> 5A;8 1 >=0 1K;0 ?>E>60 =0 @C=N A>25@H5==> , B> O =5 <>3 1K ;N18BL 55 B0: AB@0AB=> . ;8=L:0 :070;0AL <=5 8450;>< :@0A>BK , :>B>@K9 402=> ACI5AB2>20; 2 <>5< 2>>1@065=88 8 :>B>@>3> O 8A:0; A5@4F5< . 5 >BB>3> ;8 O ?>;N18; @C=N , GB> >=0 =5A:>;L:> ?@81;860;0AL : B><C ?>4;8==8:C <>59 D0=B0788 , :>B>@K9 O =0:>=5F =0H5; 2 ;8=L:5 ? K182H8AL 87 A8; , O 70A=C; : AB@0==K5 A=>2845=8O B@52>68;8 <5=O . =5 A=8;>AL , GB> C60A=>9 25;8G8=K 7<58 E>BOB ?>6@0BL <5=O . / ?@>A=C;AO 2 G5BK@5 G0A0 ?>?>;C4=8 , 2 B@52>35 8 15A?>:>9AB25 : A5@4F5 <>5 A8;L=> 18;>AL , 8 2 MBC <8=CBC 5B@>2 2>H5; 2 :><=0BC 8 A:070; : - 0H5 1;03>@>485 ! >;8F59A:85 >D8F5@K B@51CNB , GB>1K 2K =5<54;5==> 872>;8;8 >4520BLAO . >B >=8 . >;8F59A:89 >D8F5@ >1JO28; <=5 , GB> >= 8<55B ?@8:070=85 >?5G0B0BL <>8 1C<038 8 >B257B8 <5=O 2 3>@>4A:CN BN@L<C . - !:070=> ;8 20< , 2 G5< <5=O >128=ONB ? - 5B , => 2K MB> A:>@> C7=05B5 . >304K20OAL , >B:C40 MB>B C40@ , O ?>A?5H=> >45;AO 8 , >AB0282 42CE 4@C38E G8=>2=8:>2 E>7O9=8G0BL 2 <>59 :20@B8@5 , 25;5; 5B@>2C >B?@028BLAO : :C78=5 =5B5 , @0AA:070BL A;CG82H55AO A> <=>N , 8 >6840; 2 55 4><5 >:>=G0=8O MB>3> ?@>8AH5AB28O . BN@L<5 <=5 >B25;8 >A>1CN :><=0BC 8 >1JO28;8 , GB> 5A;8 O 8<5N 45=L38 , B> <>3C 68BL , :0: <=5 C3>4=> , => B>;L:> =5 2KE>4O 70 >3@04C . '@57 G0A O28;0AL :C78=0 =5B0 A ;8=L:>N . 5B@>2 1K; A =8<8 . < ?>72>;8;8 2845BLAO A> <=>N 2 ?@85<=>9 :><=0B5 , 2 ?@8ACBAB288 G8=>2=8:>2 . 8F> =5BK ?>:07K20;> A>AB>O=85 55 4CH8 ; ;8=L:0 =5 <>3;0 C45@60BL A;57 A2>8E ; 5B@>2 1K; C3@N< 8 2065= . - 'B> 2K A45;0;8 ? - A?@>A8;0 <5=O =5B0 . - -B> 04A:0O @>4AB25==0O 8=B@830 , :>B>@>9 O =5 ?>=8<0N A>25@H5==> , => =5A:>;L:> 4>304K20NAL . ;O=CAL 20< G5ABLN , GB> O =8 . 2 G5< =5 28=5= . >B5@?8< ! 57 AC40 <5=O =5 =0:06CB , 8 B>340 O C7=0N , 2 G5< <5=O >128=ONB , 8 157 A><=5=8O >?@0240NAL . / 27O; C 5B@>20 =5A:>;L:> 45=53 8 ?@>A8; =5BC =5 5748BL :> <=5 2 BN@L<C , GB>1 =5 ?>2@548BL A2>59 4>1@>9 A;025 . - K =5 7=05B5 65=I8= , :>340 3>2>@8B5 B0:8< >1@07>< , - >B25G0;0 =5B0 . - 5=A:0O 4@C610 ?>7=05BAO B0< , 345 :>=G8BAO <C6A:0O , B> 5ABL 2 =5AG0AB88 , 2 >?0A=>ABOE . @8;8G8O C45@6820NB 65=I8=C B>;L:> 2 >1K:=>25==>< B5G5=88 A25BA:>9 687=8 ; => 345 =04>1=> A?0AB8 , CB5H8BL , ?><>GL , B0< ?@8;8G8O 8AG570NB , 8 A5@4F5 A2>1>4=> ;5B8B : A5@4FC =5AG0AB=>3> . 5B , ;N157=K9 4@C3 , O 20A =5 >AB02;N . - O B0:65 ! - A:070;0 A:2>7L A;57K ;8=L:0 . - K <>9 A?0A8B5;L , 1;03>45B5;L . . . - =0 =5 <>3;0 1>;55 3>2>@8BL : @K40=8O ?@5A5:;8 55 @5GL . >;6=> 1K;> @0AAB0BLAO , GB>1 >A2>1>48BL G8=>2=8:0 >B BO3>AB=>9 4;O =53> >1O70==>AB8 , 1KBL A2845B5;5< 87;8O=8O =0H59 4@C61K . - 0H5 1;03>@>485 ! - A:070; 5B@>2 . - / =5 >AB02;O; 20A =0 ?>;5 A@065=8O 8 =8:>340 =5 ?>:8=C , GB> 1K A 20<8 =8 A;CG8;>AL . CABL 7;>458 20H8 1LNB B@52>3C - 5B@>2 >AB0=5BAO ?@8 20A , ?>:0 A<5@BL =5 ?@>1L5B 4;O =53> 25G5@=NN 7>@N ! CAA:89 A>;40B =5 AE>48B A G0A>2 2> 2@5<O >?0A=>AB8 ! "@8 =545;8 O ?@>25; 2 70:;NG5=88 , 2 >1I5AB25 A 28=>2=K<8 8 7;>?>;CG=K<8 . 845; C=865=85 G5;>25G5AB20 8 =5AG0AB=CN 4>1@>45B5;L ; 2845; ?>@>:8 8 A;01>AB8 8 =5 E>GC 8E >?8AK20BL . CABL <@0G=0O 7025A0 ?>:@K205B MB> C1568I5 3>@5AB8 . / =5 E>GC @0AB@02;OBL A5@45G=KE @0= <>8E 2>A?><8=0=8O<8 8 8AG8A;5=8O<8 7;>459AB2 8 ?>@>:>2 , :>B>@K5 , :0: O4>28BK5 75;8O , >A:25@=ONB =@02AB25==CN ?@8@>4C G5;>25:0 . @54>AB02;ON G5;>25:C A A5@4F5< , 70:0;5==K< =0 ?>?@8I5 >?KB0 , A 4CH>N , >E;0645==>N >B A>B:=>25=8O A ?>@>:>< , ?@54AB028BL 2 682>9 :0@B8=5 2=CB@5==>ABL BN@L<K . 5@=>5 87>1@065=85 =@02>2 ACI5AB2 , 8AB>@3=CBKE 87 >1I5AB20 , <>65B 1KBL ?>CG8B5;L=K< , => >=> 2A5340 1C45B >B2@0B8B5;L=> , 8 O =5 E>GC 2>71C640BL =8 2 :>< ><5@75=8O : G5;>25G5AB2C ; O =5 2 A>AB>O=88 MB>3> 2K?>;=8BL . / 1K; 1K =5AG0AB=55 B5E 7;>?>;CG=KE , :>B>@KE E>B5; 1K ?@54AB028BL =0 ?>7>@ . 065 GC6>5 7;>459AB2> ;568B , :0: :0<5=L , =0 A5@4F5 ! C78=0 =5B0 5654=52=> ?>A5I0;0 <5=O A ;8=L:>N . 5B@>2 B>;L:> =0 =>GL >AB02;O; <5=O >4=>3> . / C7=0; , GB> 2 >1I5AB20E 4065 1>O;8AL ?@>87=>A8BL <>5 8<O 8 GB> 2A5 C?@5:0;8 A51O 70 B> , GB> 1K;8 A> <=>N 7=0:><K . ">;L:> =5:>B>@K5 4>1@K5 65=I8=K 2ABC?0;8AL 70 <5=O 8 =5 E>B5;8 ?@5420@8B5;L=> >128=OBL 2 ?@5ABC?;5=8OE , > :>B>@KE =8:B> =8G53> =5 7=0; . 4=064K =5B0 , 1C4CG8 =574>@>20 , =5 <>3;0 ?@85E0BL :> <=5 8 ?@8A;0;0 ;8=L:C >4=C . '8=>2=8: , :>B>@><C ?>;CG5=> 1K;> AB>@>68BL =0A ?@8 A2840=8OE , C4>AB>25@82H8AL , GB> 2 =0H8E @5G0E =5 70:;NG05BAO =8G53> ?@54>AC48B5;L=>3> , ?>72>;O; =0< =0:>=5F 3>2>@8BL =0548=5 8 C40;O;AO 2 C3>; , 0 =0 MB>B @07 2>2A5 2KH5; 87 :><=0BK . / 2>A?>;L7>20;AO A;CG05< , GB>1 8A?KB0BL ;8=L:C 2 55 GC2AB20E :> <=5 . - ;L30 ;5:A0=4@>2=0 ! - A:070; O . - K =5 ?@578@05B5 <5=O 2 MB>< C=865==>< ?>;>65=88 ? - =0 ?>A<>B@5;0 =0 <5=O 7=0G8B5;L=> . - @578@0BL 20A ! > =07K209B5 <5=O ?@>AB> ;8=L:>N ; <=5 :0: -B> 4>A04=> , :>340 2K >1E>48B5AL A> <=>N A;8H:>< 256;82> , :0: 1C4B> A =57=0:><:>N . - K GC2AB2C5B5 :> <=5 A>AB@040=85 , <8;0O ;8=L:0 ! > , <>65B 1KBL , =0< ?@845BAO @07;CG8BLAO =025:8 . . . / 4>;65= ?@87=0BLAO 20< , GB> =5 <>3C 68BL 157 20A , GB> O C<@C , 5A;8 <5=O @07;CG0B A 20<8 ! - 0AAB0BLAO A 20<8 - =8:>340 ! - 2>A:;8:=C;0 ;8=L:0 8 24@C3 ?>:@0A=5;0 8 ?>BC?8;0 27>@K . - 5=O ?@5A;54CNB ;N48 A8;L=K5 8 1>30BK5 , - A:070; O , - 0 O 15A?@8NB=K9 A8@>B0 , :0: 8 2K . =5 C3@>60NB 4065 AAK;:>N 2 !818@L . . . - / ?>A;54CN 70 20<8 : 1C4C B@C48BLAO 8 =5 >AB02;N 20A , :0: 2K =5 >AB028;8 <5=O ! - , >65 , :0: O AG0AB;82 ! ;8=L:0 , <8;0O ;8=L:0 ! O ;N1;N B51O 1>;55 687=8 - 8 BK . . . ;8=L:0 1@>A8;0AL <=5 =0 H5N 8 70;8;0AL A;570<8 . - / B2>O , B2>O =025:8 ! - 2>A:;8:=C;0 >=0 , @K40O . - >65B 1KBL , O 4C@=> 45;0N , GB> >B:@K20NAL ; => O =5 2 A8;0E ?@5>4>;5BL GC2AB20 <>8 : O ;N1;N B51O ! / =8:>340 =5 1K; B0: AG0AB;82 , :0: 2 MBC <8=CBC . "N@L<0 <=5 ?>:070;0AL E@0<>< 1;065=AB20 . / =8G53> =5 <>3 3>2>@8BL , B>;L:> ?>68<0; @C:C ;8=L:8 - 8 ?@>;820; A;57K . >H5; G8=>2=8: , 8 =0< 4>;6=> 1K;> @0AAB0BLAO . / ?>H5; 2 <>N :><=0BC , 70?5@AO 8 =5 ?>:07K20;AO F5;K9 45=L . @8 871KB:5 AG0ABLO =C6=> C548=5=85 . 0:>=5F <=5 ?@54;>68;8 2>?@>A=K5 ?C=:BK . 5@2>5 >128=5=85 A>AB>O;> 2 B>< , 1C4B> O 1560; 87 >AA88 2 :8@387A:CN AB5?L , @071>9=8G0; , =0?040; =0 @CAA:85 ?@545;K 8 3@018; :0@020=K . >?@0240=85 <>5 O >?8A0; 2A5 , ?@8:;NG82H55AO A> <=>N >B 2K5740 87 >A:2K , ?@540B5;LAB2> >@>20B8=0 , 1>;57=L <>N , 8 A>A;0;AO =0 8;>2848=0 , 5B@>20 8 , =0:>=5F , =0 A0<>3> 0N:0 8 F5;K9 :8@387A:89 0C; . 5=O >128=O;8 , 1C4B> O 2 AB5?8 ?5@5<5=8; 25@C . / A>A;0;AO =0 A2OI5==8:>2 2 >A:25 , ?@54 :>B>@K<8 A>25@H0; >1@O4K =0H59 F5@:28 , ?>A;5 2>72@0I5=8O 87 AB5?8 . 5=O >128=O;8 2 A0<>720=AB25 , 1C4B> O =0720;AO 42>@O=8=>< 8 G@57 MB> ?>;CG8; G8=K 2 3@0640=A:>9 A;C615 . / ?@87=0;AO , GB> 8;>2848= =07K20; <5=O 42>@O=8=>< , GB>1 225AB8 2 >1I5AB2> , => GB> 2 <>5< D>@<C;O@5 =5 A:070=> , 87 :0:>3> O 720=8O , 0 ?@>AB> >7=0G5=> , GB> O 87 2>;L=>>?@545;ONI8EAO . @8 MB>< O ?@81028; , GB> O :@>2LN ?@8>1@5; ;8G=>5 42>@O=AB2> , 70A;C682 G8= HB01A -@>B<8AB@0 8 >@45= !2 . ;048<8@0 . 5=O >128=O;8 2 CG0AB88 A ;>6=K<8 83@>:0<8 : >1K3@0=8N C@8=48=KE . / A>7=0;AO , GB> 1K; A =8<8 2 A2O7OE ?> 7=0:><AB2C A @C=59 , => >1JO28; , GB> O =5 CG0AB2>20; 2 MB>< 45;5 , 8 A>A;0;AO =0 >BACBAB285 <>5 87 >A:2K . 70:;NG5=85 O >?8A0; ?@>8AH5AB285 <>5 2 C548=5==>< 4><8:5 =0 <5;LO=>2:5 8 ?>:CH5=85 >@>20B8=0 C18BL <5=O . @>H;0 =545;O >B ?>4?8A0=8O <=>N 2>?@>A=KE ?C=:B>2 , 8 O A =5B5@?5=85< >6840; @5H5=8O <>59 CG0AB8 . ;8=L:0 ?>GB8 =5 >AB02;O;0 <5=O . / >B:@K;AO 2 ;N128 <>59 : =59 :C78=5 =5B5 , :>B>@0O 1;03>A;>28;0 =0A 8 27O;0AL E>40B09AB2>20BL ?> <>5<C 45;C . 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CB5H5=85 20H5 , O 20< ?>2B>@N =04?8AL , :>B>@0O =0E>48BAO =04 BN@L<>N 2 0@H025 : " 5 <5AB> , 0 ?@5ABC?;5=85 15AG5AB8B G5;>25:0 " . / ?>;5B5; 2 <>N :><=0BC , 8 5420 5B@ 5B@>28G CA?5; 2>9B8 2 425@8 , O C65 1K; >45B . - 0AA:068B5 , @048 >30 , @0AA:068B5 , 5B@ 5B@>28G , 70 GB> <5=O 3>=OB , 2 G5< 8 ?@54 :5< O 28=>20B ? - K 2A5 C7=05B5 , => B5?5@L =5 2@5<O . >545<B5 :> <=5 , O 20< >1JOA=N 2A5 45;> . >@>3>N 5B@ 5B@>28G @0AA?@0H820; <5=O > <>59 A;C615 , > >A:25 , > 8;>2848=5 ; => O B0: 1K; 70=OB 65;0=85< C7=0BL B09=C , GB> >B25G0; 5<C A182G82> 8 >B@K28AB> . @85E02 : 5B@C 5B@>28GC , <K 70?5@;8AL A =8< 2 :018=5B5 , 8 >= @0AA:070; <=5 A;54CNI55 : - 5;> 20H5 ?>@CG5=> 1K;> <=5 : 8AA;54>20=8N . 8HL B>;L:> O ?@>G5; 20H8 >B25BK =0 2>?@>A=K5 ?C=:BK , B>BG0A 4>3040;AO , GB> MB> ?@>4>;65=85 B>9 65 8=B@838 : ?>3C1;5=8N 20A , :>B>@0O 5420 =5 ;8H8;0 20A 687=8 2 @5=1C@35 . >@>20B8= 402=> 1K; 8725AB5= <=5 :0: G5;>25: 157=@02AB25==K9 , A?>A>1=K9 =0 2AO:>5 7;>45O=85 . / 25;5; 27OBL 53> ?>4 AB@06C . :20@B8@5 C =53> =0H;8 A2O7:8 ?>445;L=KE :;NG59 , 8=AB@C<5=BK 4;O 45;0=8O D0;LH82KE 0AA83=0F89 , ;>6=K5 ?0A?>@BK , ?>4>@>6=K5 , <=>65AB2> :@045=KE 25I59 , >4=8< A;>2>< , 2A5 ?@87=0:8 A=>H5=89 8 CG0AB8O A 7;>45O<8 8 2>@0<8 . / 25;5; 4>?@>A8BL =5:>B>@KE 87 =8E , A>45@60I8EAO ?>4 AB@065N , 8 >=8 ?@87=0;8AL , GB> >@>20B8= 1K; 8E ?>:@>28B5;5< , 1@0; 8E =0 ?>@C:8 , A:@K20; C A51O 8E 2>@>2A:85 >@C48O 8 :@045=K5 25I8 , 2K4020; ?0A?>@BK , ?>4>@>6=K5 8 C:07K20; , 345 =04;560;> :@0ABL . >@>20B8=0 70<5H0;8 4065 2 =5A:>;L:8E A<5@B>C189AB20E . / >15I0; 5<C >1;53G8BL 53> CG0ABL , 565;8 >= 1C45B 8A:@5=5= 2 ?>:070=8OE , >A>15==> =0 20H AG5B . -B>B 7;>459 B0: AB@CA8; , GB> =03>2>@8; 4065 1>;55 , =565;8 >B =53> B@51>20;8 . = ?@8AC645= : ;8H5=8N A2>53> 720=8O 8 : AAK;:5 2 :0B>@6=CN @01>BC . >B GB> O C7=0; >1 20A >B >@>20B8=0 . 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C@0G8=A:89 ?@>4>;60; 1K 3>2>@8BL =5A2O7=> 4> 25G5@0 ; => O 40; 5<C 70?8A:C > 45;5 , ?@>A8; 53> ?@>G5ABL =0548=5 8 2KH5; 2 B@5BLN :><=0BC , 345 , ?> CA;>28N , >6840;8 <5=O 02K:8= 8 8;>2848= . - 0:>2 20< :065BAO MB>B C40;5F ? - A?@>A8; 02K:8= . - @>AB> AC<0AH54H89 D0=D0@>= , - >B25G0; O . - -B> >B@0A;L ;8B>2A:>3> <5I0=AB20 , >1;03>@>65==0O >4564>N , - A:070; 02K:8= . - = 1K; <0;LG8:>< , B> 5ABL A;C3>N C 3@0D0 LO=>B8 , :>B>@K9 2KCG8; 53> 3@0<>B5 8 ?> >A>1>9 , =5?>AB868<>9 <8;>AB8 A45;0; 2?>A;54AB288 A2>8< ?>25@5==K< . 1<0=K20O 154=KE ;8B>2A:8E 42>@O= A2>8< 7=0G5=85< 2 5B5@1C@35 , 0 G8=>2=8:>2 A2>8< 7=0G5=85< 2 ?@>28=F88 , C@0G8=A:89 2K:0@01:0;AO 87 3@O78 , 2B5@AO 2 A;C61C 8 ?@>4>;605B E>40B09AB2>20BL , B> 5ABL >1<0=K20BL , 1@0BL 45=L38 A 8<5NI8E 45;0 8 =5 4020BL =8:><C . = B0: 3;C? , GB> =5 2 A>AB>O=88 =0?8A0BL ?8AL<0 =8 =0 >4=>< O7K:5 , => 83@05B 2 28AB , ?@>83@K205B , E20AB05B , GB> 8<55B 1>;LH85 8<5=8O , >BB>3> B5@?8< <564C ?>@O4>G=K<8 ;N4L<8 . K3>=8B5 53> , 157 >18=O:>2 . / 2KH5; : C@0G8=A:><C , 27O; 70?8A:C 8 ?@>A8; 53> >AB028BL <5=O , A:0702 , GB> O B5?5@L 70=OB 8 40< 5<C >B25B ?>A;5 . A;54 70 C@0G8=A:8< O28;0AL 4@C30O D83C@:0 , >;8F5B2>@5==0O O1540 . 0;5=L:89 , 3@O7=K9 , ACE>I02K9 AB0@8G8H:0 , >12O70==K9 B@O?:0<8 . = A G5B25@BL G0A0 @0A:CBK20;AO , :0H;O; 8 =0:>=5F @0AH0@:0;AO 8 >1JO28; , 15;>@CAA:8< =0@5G85< , GB> >= H0<15;O= 1K2H53> ?>;LA:>3> 42>@0 , ?0= @NG:>B2>@A:89 . - #65 :>;8 E>F8F5 2K83@0FL 20H5 475;> , - A:070; >= , ?@8:0H;820O , - B> 2>7<8F5 <5=O . A5 =5A?@0254;82K5 475;0 C <5=O =0 @C:0E ; 5A;8 O =5 2K83@0N , B> C6 B0: ?>2>;>GC 20H8E ?@>F82=8:>2 , GB> >=8 A0<8 >B:07CFAO >B ?@>F5AA0 8 404CF 20< , GB> A0<8 70E>F8F5 . / 2ACG8; 5<C 70?8A:C , CA048; 2 :@5A;0E 8 ?>H5; : 02K:8=C , :>B>@K9 <=5 A:070; : - -B> 7=0<5=8BK9 O154=8: , :>B>@K9 C65 ?OBL45AOB ;5B , :0: O720 , A28@5?AB2C5B 2> 2A5E AC40E , 8 =0 AB0@>ABL ?5@5A5;8;AO 2 5B5@1C@3 . 5A<>B@O =0 B> , GB> >= >45B , :0: =8I89 , >= 1>30B , 8<55B =542868<>5 8<5=85 8 :0?8B0;K . >25@8B5 ;8 , GB> MB>B :>I59 2>A?>;L7>20;AO 8<5=85< B@5E 65= , :>B>@KE >= ?5@568; ? !20B0OAL , >= 2A5340 45;0; CA;>2=CN 70?8AL A :064>N 65=>9 , GB>1 8<5=85 4>AB0;>AL B><C , :B> ?5@56825B . 0: >= B@84F0BL ;5B =>A8B 2 3@C48 G0E>B:C , B> @07C<55BAO , GB> <>;>4K5 65=I8=K ?>3810NB 65@B2>N 53> 70@078B5;L=>3> =54C30 . = , :0: 10A=>A;>2=K9 8D>= , >B@02;OO 4>1KGC , ?>68@05B 55 . @>GL 53> ! ?@>GL , GB>1 >= A2>8< ?@8ACBAB285< =5 70@078; 2>74CE0 ! / >B45;0;AO >B @NG:>B2>@A:>3> B0:8< 65 >1@07>< , :0: >B C@0G8=A:>3> , >A;5 @NG:>B2>@A:>3> O28;AO B>;ABK9 , >3@><=K9 , ?>68;>9 G5;>25: . = , :0: 48:89 :010= , 220;8;AO 2 :><=0BC , CAB@5<8; =0 <5=O 2>;GL8 3;070 8 ?@>@525; ?@825BAB285 B0:8< B>=>< , GB> O ?>G5; 53> @C30B5;LAB2>< . - C GB> , 2 G5< 45;> ? 0209B5 , O A59G0A 20< A:06C , GB> =0G0BL . 0 3;02=>5 , 5ABL ;8 45=L38 ? / ?>40; 5<C 70?8A:C 8 ?@>A8; ?@>G5ABL ; => >= >B:070;AO . - / 40@>< =5 AB0=C B@C48BLAO 8 G8B0BL GC685 274>@K . 5=56:8 , 45=56:8 , 2>B 4>:C<5=BK ! / ?@>A8; 53> ?>4>640BL 8 2KH5; : 02K:8=C . 8HL B>;L:> O ?@>87=5A 8<O E>40B0O , :0: 8;>2848= 2>A:;8:=C; : - 0 , 40 MB> 7=0<5=8BK9 ?;5=8?>B5=B 3 -=0 >;>3>@4>2A:>3> , ?0= !B@C:G0H89 {!B0@8==K9 ?>;LA:89 G8= . } %0?CH:528G , 8725AB=K9 ?;CB , :>B>@K9 =5A:>;L:> @07 ?5@5<5=O; 25@C , 1K; 2 AAK;:5 70 <=>3>65=AB2> 8 ?> AC4C ;8H5= ?@020 E>40B09AB2>20BL ?> 45;0< . - = C65 1K; =5A:>;L:> @07 2KAK;09 87 5B5@1C@30 , - 2>7@078; 02K:8= , - 8 2A5340 ?@>:0?K205BAO 2 AB>;8FC , :0: ;8A8F0 2 :C@OB=8: . >= ?;CB0 ! 2>= ! - > A:068B5 , ?>60;C9AB0 , >BG53> 745AL B0:>5 <=>65AB2> E>40B052 87 ?>;O:>2 , - A?@>A8; O , - 8 ?>G5<C 2K 8E B0: 4C@=> 0BB5ABC5B5 ? - ><5I8: A 8<5=5< 8 A>AB>O=85< =5 ?5@5A5;8BAO 2 GC6>9 3>@>4 , GB>1 68BL E>40B09AB2>< , - >B25G0; 02K:8= . - '5AB=K5 8 8A:CA=K5 042>:0BK 2 ?>;LA:8E ?@>28=F8OE 8<5NB 4><0 4>AB0B>G=K5 A@54AB20 , =5 B>;L:> : A2>5<C A>45@60=8N , => 8 : >1>30I5=8N , 8 :@><5 B>3> , ?>;L7CNBAO 2A5>1I8< C2065=85< . B0: , =0 E>40B09AB2> 2K5760NB :0=F5;O@A:85 G8=>2=8:8 , ?><>I=8:8 042>:0B>2 8 2AO:>3> @>40 8A:0B5;8 AG0ABLO , ?>B><C GB> MB> A0<>5 ;53:>5 8 ?@81K;L=>5 @5<5A;> , :>B>@>3> 3;02=>5 >A=>20=85 2> ;68 8 >1<0=5 25@8B5;59 . =8 15@CB 45=L38 >B ?><5I8:>2 , 1C4B> 1K 4;O @0740G8 G8=>2=8:0< , =8:><C =5 40NB , 0 B>;L:> :;525ICB =0 ?@02>3> 8 28=>20B>3> . -B8 -B> E>40B08 4>;3>5 2@5<O ?OB=0;8 G5ABL F5;>3> ?>;LA:>3> =0@>40 , ?>B><C GB> @CAA:85 G8=>2=8:8 , =5 1K202H85 2 ?>;LA:8E ?@>28=F8OE , AC48;8 >1> 2A5E ?> MB8< 3=8;K< >1@07G8:0< . "5?5@L MB> ?5@5<5=8;>AL . =>385 2>A?8B0==K5 8 1;03>=@02=K5 ;N48 87 ?>;O:>2 2ABC?8;8 2 A;C61C 2 5B5@1C@35 8 A2>8< ?>2545=85< >G8AB8;8 4C@=>5 <=5=85 > A2>8E 548=>75<F0E . ABL 8 <564C E>40B0O<8 >G5=L 4>1@K5 8 ?>GB5==K5 ;N48 (E>BO 25AL<0 =5<=>3> ) , 8 >=8 , 154=K5 , 4>;6=K B5@?5BL 70 4@C38E ! > ?>48B5 8 2K3>=8B5 ?0=0 !B@C:G0H03> . / ?>ABC?8; A =8< B0: 65 , :0: A 42C<O ?5@2K<8 . 0 =8< 2>H5; B8BC;O@=K9 A>25B=8: 0304G5=:> , @>4>< <0;>@>AA8O=8= . >A;5 ?5@2>3> ?@825BAB28O >= A:070; : - K , <0;>@>AA8O=5 , ;N48 ?@>ABK5 , =5E8B@K5 , E>E;K , ;N18< ?@024C , 845< ?@O<K< ?CB5< . / 20< A:06C >B:@>25==> , GB> 4>1@5 , 0 GB> =5 4>1@5 . / 40; 5<C 70?8A:C 8 2>72@0B8;AO : 02K:8=C . - -B>3> G5;>25:0 =8 O , =8 A0< G5@B =5 7=05B , - A:070; >= . - 1 =5< >4=8 3>2>@OB >G5=L 4C@=> , 4@C385 =07K20NB 53> A254CI8< 8 ?@8;56=K< E>40B05< . = 2K83@0; <=>3> 45; . / ?>2B>@8; 5<C A;>20 0304G5=:8 . - -B> >1K:=>25==0O <0;>@>AA89A:0O C;>2:0 ?@8=8<0BL =0 A51O 284 ?@>AB>BK . / 7=0N <564C =8<8 <=>3> 25AL<0 G5AB=KE 8 4>1@KE ;N459 , 7=0N <=>38E , :>B>@K5 =8:>3> 8 =8:>340 =5 >1<0=K20;8 8 =5 >A:>@1;O;8 ; => =5 7=0N =8 >4=>3> , :>B>@>3> 1K >1<0=C;8 8 :>B>@K9 1K ?@>AB8; =0=5A5==>5 5<C >A:>@1;5=85 . K 7=05B5 , GB> 5ABL =5<5F:0O ?>A;>28F0 , ?@8<5=O5<0O : ;N4O< A<KH;5=K< : " _ = A;KH8B , :0: B@020 @0AB5B _ " { E r h o r t d a s G r a s w a c h s e n . } . 5 AB0=C >1JOA=OBLAO , 0 A:06C B>;L:> , GB> 2 0;>@>AA88 ?>4A;CH0;8 , _:0: B@020 @0AB5B _ . CAA:85 , ?>;O:8 , 1>35<FK 8 4@C385 A;02O=A:85 ?;5<5=0 ;N1OB , ?@8 A;CG05 , ?>E20AB0BL 8 1;5A=CBL C<>< . 4=8 B>;L:> <0;>@>AA8O=5 E20AB0NB A2>5N ?@>AB>B>9 8 48:>ABLN . 1 :>< 3>2>@OB , GB> >= _B>=>: _ 8 ;>2>: , B>B C65 =5 <>65B ?>;L7>20BLAO MB8<8 :0G5AB20<8 . ">=:>ABL A>AB>8B 2 B>< , GB>1 20A ?>G8B0;8 ?@>ABK< 8 3@C1K< . ><=8B5 , GB> 2 "C@F88 1>30BK5 @09 ?@8B2>@ONBAO 154=K<8 , 8<5==> 4;O B>3> , GB>1 ?>;L7>20BLAO 1>30BAB2>< : B> 65 1K205B 8 A C<>< . > 4>2>;L=> >1 MB>< : >B>H;8B5 0304G5=:C ; <K C2848< ?>A;5 , GB> 45;0BL . / ?>@0AA?@>HC >1 =5< . 2>AL -;81> <K @0730405< 53> :>340 -=81C4L ! 0:>=5F ?@8H5; @CAA:89 E>40B09 , 0D=CB89 !84>@>28G C1>?5@8= , 8 @5H8B5;L=> >1JO28; , GB> 8=0G5 =5 2>7L<5BAO 70 45;> , :0: ?5@5A<>B@52 4>:C<5=BK 8 A45;02 A> <=>N CA;>285 2 @0AAC645=88 =03@04K 70 E>40B09AB2> . / 40; 5<C 70?8A:C 8 2>72@0B8;AO : 02K:8=C , :>B>@K9 <=5 A:070; : - -B> 45;5F , 7=05B 70:>=K , <0AB5@ ?8A0BL 8 =5CB><8< ; => =5 40209B5 5<C 45=56=KE ?>@CG5=89 8 >1JOA=O9B5AL A =8< B>340 B>;L:> , :>340 >= O28BAO =0B>I0: , ?>B><C GB> >= , ?> AB0@8==><C >1KG0N , A:@0?;8205B A2>9 B0;0=B ! !>25BCN 27OBL C1>?5@8=0 . 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K @0AAB0;8AL , 8 O B0: 1K; 87<CG5= , GB> 5420 CA?5; @0745BLAO - 8 70A=C; . 8;>2848= , =5278@0O =0 2A5 <>8 C15645=8O , =5 E>B5; 2>72@0B8BLAO 4><>9 8 @5H8;AO ?>4>640BL , ?> :@09=59 <5@5 , =0G0;0 ?@>F5AA0 . =5 C65 25;5=> 1K;> ?@54AB028BL 4>:070B5;LAB20 <>53> @>645=8O , 8 O A =5B5@?5=85< >6840; 2>72@0I5=8O ?>A;0==>3> . 0:>=5F , G5@57 420 <5AOF0 , 2>72@0B8;AO 42>@5F:89 5B@0 5B@>28G0 8 ?@8257 <5B@8:C 8 A2845B5;O , 6840 >A5;O , 1K2H53> 0@5=40B>@0 3 -=0 >;>3>@4>2A:>3> . >A5;L 87 1>30B>3> >B:C?I8:0 A45;0;AO =0 AB0@>ABL =8I8< 8 CG8; 3@0<>B5 45B59 =>2>3> :>@G<0@O . >=B@010=40 @07>@8;0 53> , 0 =>2K5 ?;CB=8 4>25;8 4> BN@L<K . >B :0:8< >1@07>< ?>?0; O 87 @C: C189F 2 4>< 3 -=0 >;>3>@4>2A:>3> : >340 ?>2820;L=0O 101:0 8 684 -;5:0@L C7=0;8 > 153AB25 <>59 <0B5@8 8 C254><8;8AL , GB> >=0 =0H;0 70I8B=8:0 , B> , A>1@02 ?>68B:8 , 1560;8 , 27O2 8 <5=O A A>1>N . =8 =5 E>B5;8 C18BL <5=O , ?>;030O , GB> , 2 A;CG05 >B:@KB8O 8E C1568I0 , >=8 <>3CB >B?5@5BLAO >B >128=5=89 <>59 <0B5@8 8 , 2>72@0B82 <5=O , 70<OBL 2A5 45;> . 84 -;5:0@L ?>5E0; : 42>N@>4=><C 1@0BC A2>5<C , >A5;N , 8 , ?@>1K2 C =53> =545;N , >B?@028;AO 40;55 , =5 >B:@K2 ?@8G8=K A2>53> ?CB5H5AB28O , 0 2K4C<0; A:07:C , 1C4B> 53> ?@83;0H05B :0:>9 -B> 1>30BK9 ?0= , 2 720=88 45@525=A:>3> 2@0G0 . = A>7=0;AO , >4=0:> 6 , GB> >48= >D8F5@ ?>25@8; 5<C <;045=F0 , ?@868B>3> A :@5ABLO=A:>9 452CH:>9 , :>B>@0O C<5@;0 2 @>40E , 8 ?@>A8; >A5;O >B40BL <5=O :0:>9 -=81C4L ?>A5;O=:5 , 70?;0B82 70 3>4 2?5@54 . >2820;L=0O 101:0 A0<0 A257;0 <5=O : @CAA:><C A2OI5==8:C 8 25;5;0 >:@5AB8BL , 402 8<O 20=0 . >340 O =0G0; ?>;70BL , 154=0O ?>A5;O=:0 , <>O :>@<8;8F0 , ;8H8;0AL A2>53> <C60 8 , =0=O2H8AL 2 @01>B=8FK 2 4@C3>9 45@52=5 , ?>4:8=C;0 <5=O , ?> A>25BC >A5;O , 2 4><5 3 -=0 >;>3>@4>2A:>3> . 5;> 1K;> OA=>5 , ?>4:@5?;5==>5 2K?8A:>N 87 <5B@8G5A:>9 :=838 , 2 :>B>@>9 8<5==> =0?8A0=> 1K;> , GB> O =570:>==>@>645==K9 AK= :=O7O 20=0 ;5:A0=4@>28G0 8;>A;02A:>3> 8 24>BL8 5B@>2>9 . >A5;L A:070; <=5 , GB> 684 -;5:0@L CB>=C; A F5;K< A5<59AB2>< 8 ?>2820;L=>N 101:>9 ?@8 ?5@5?@025 G@57 @5:C =0 25BE>< ?0@><5 . - 0H0 BO610 A?@0254;820O , - A:070; <=5 C1>?5@8= , C28452 <5B@8:C . - 2K 2K83@05B5 55 , 5A;8 1C45B5 AB0@0BLAO 8 E;>?>B0BL . 57 MB>3> =5;L7O . ! A5:@5B0@5< A;048; O ?>A@54AB2>< ?@8:07=>9 0@8D<5B8:8 , :>B>@>9 =0CG8;AO 2 >A:25 , C A5:@5B0@O , ?@8OB5;O >H=8=0 . >9 A5:@5B0@L >1=O; <5=O , @0AF5;>20; 8 4065 ?@>A;578;AO >B A>AB@040=8O , 2KA;CH02 > 3>=5=8OE , :>B>@K< O ?>425@30;AO . 8 >4=0 =0C:0 =5 A<O3G05B A5@4F0 B0: , :0: MB0 ?@0:B8G5A:0O 0@8D<5B8:0 ! !5:@5B0@L C25@8; <5=O , GB> O =5?@5<5==> 45;> 2K83@0N , 8 :;O;AO 687=LN , G5ABLN , 45BL<8 , GB> >= A:>@55 A>3;0A8BAO C<5@5BL =0 ?>@>35 ?@8ACBAB25==>3> <5AB0 , G5< A:@5?8BL @57>;NF8N ?@>B82 <5=O . 5B@ 5B@>28G A>25B>20; <=5 @0740BL 70?8A:8 2A5< AC4LO< 8 AB0@0BLAO :064><C 87 =8E >1JOA=8BL <>5 45;> . C1>?5@8= >B;8G8;AO 2 A>G8=5=88 70?8A:8 : 87;>68; 45;> OA=> , :@0B:> 8 >A=>20;AO =0 70:>=0E . 0=O2 :0@5BC , O ?CAB8;AO A CB@0 AB@0=AB2>20BL A 70?8A:0<8 . >H54 2 ?5@54=NN : ?5@2><C AC4L5 , O 4>;65= 1K; ?>2B>@8BL ;0:5N 45AOBL @07 , GB>1 >= 4>;>68; >1> <=5 , 8 5420 <>3 4>18BLAO >B25B0 . !;C30 ?@>2>@G0; , GB> MB> =5 53> 45;> 8 GB> O 4>;65= ?>4>640BL :0<5@48=5@0 . 5278@0O =0 <>9 3CA0@A:89 <C=48@ , ?@54 :>B>@K< B@5?5B0;8 BC@:8 8 :>B>@><C >B4020;8 G5ABL E@01@K5 @CAA:85 A>;40BK , - G5;O48=FK AC4L8 5420 C4>AB>820;8 <5=O 273;O4>< 8 =5 E>B5;8 4065 3>2>@8BL A> <=>N . 0:>=5F , :>340 O >1JO28; , GB> ?>94C 2 :018=5B 157 4>:;04C , :0<5@48=5@ ?>H5; B8E8<8 H030<8 : A2>5<C 10@8=C 8 , 2>72@0BOAL , A:070; 3@C1> : "!BC?09B5 ! " !C4LO , 3 . @5<>BC=>2 , 1K; G5;>25: ?>68;>9 8 , ?> AB0@8==><C >1KG0N , 5I5 ?@8:@K20; ?C4@>N A2>8 A54K5 2>;>AK 8 =>A8; :>AC . = A845; 2 15;>< ?C45@<0=B5;5 ?5@54 75@:0;>< , 0 ?0@8:<0E5@ , 2 A5@>9 70A0;5==>9 :C@B:5 , ?@8G5AK20; 53> 3>;>2C . - !048B5AL , 10BNH:0 , - A:070; <=5 AC4LO . / ?>40; 5<C 70?8A:C 8 ?@8A5; . - >B@C48B5AL A0<8 ?@>G5ABL , 0 O ?>A;CH0N , - A:070; AC4LO . / >?OBL A45;0; 5<C ?>:;>= 8 AB0; G8B0BL 3@><:> , 2=OB=> 8 ?@>BO6=> . - %>@>H> , E>@>H> , A?@0254;82> ! - ?@83>20@820; AC4LO . - !5=L:0 , G5H8 =0 <0:>2:5 , 2>B B0: , E>@>H> , ;53G5 ! 0H5 45;> , AC40@L , :065BAO A?@0254;82K< . 4@C3 !5=L:0 45@=C; 53> :0: -B> =5>AB>@>6=> 70 2>;>AK , 8 AC4LO 70:@8G0; : - >H5==8: ! BK 2K@20; <=5 BC?59 ! >B>< , >1@0BOAL :> <=5 , ?@8<>;28; , ?>:@0A=52 >B 1>;8 8 4>A04K : - /1540 , AC40@L , >4=0 O1540 ! 2A5 20H8 @57>=K =8:C40 =5 3>4OBAO . . . E , 7;>459 !5=L:0 , :0: >= 1>;L=> <5=O 45@=C; ! 564C B5< O ?@5:@0B8; GB5=85 . - 'B> 6 2K =5 G8B05B5 ? / A=>20 ?@8=O;AO 70 GB5=85 . - %>@>H> , !5=L:0 , 2>B B0: , ;53>E>=L:> , ?>G5H8 5I5 =0 ?@02>< 28A:5 . @5:@0A=> , ?@5:@0A=> ! - ?@8<>;28; >= , >1@0I0OAL :> <=5 . - 5;> OA=>5 , G8AB>5 , A?@0254;82>5 , 70:>=K 70 =0<8 . . . !5=L:0 , ?;CB !5=L:0 , BK @565HL <5=O - MB> 3@01;8 , 0 =5 3@515=L ! . . @NG:8 , AC40@L , ?@82O7:8 , 45;> O154=8G5A:>5 ! - 2>A:;8:=C; >= A=>20 , 8 O >?OBL >AB0=>28;AO . !C4LO B>;:=C; !5=L:C ?>4 1>:0 8 , >B4>E=C2 , 25;5; 5<C ?@>4>;60BL G5A:C , 0 <=5 GB5=85 . > AG0ABLN , !5=L:0 1;03>?>;CG=> :>=G8; ?@8G5AK20=85 , 8 AC4LO , 2AB02 4>2>;L=K9 A> ABC;0 , >1B5@ ?C4@C A ;8F0 8 A:070; : - AB02LB5 70?8A:C ; O ?>A<>B@N ?>4;8==K5 1C<038 2 AC45 . 065BAO , 45;> 20H5 A?@0254;82> . B @04>AB8 O 40; 1 0 @C1;59 !5=L:5 , 2 ?5@54=59 , 8 70AB028; MB8< 4@C38E A;C3 @0A:0820BLAO 2 3@C1>AB8 . . @5<>BC=>2 1K; 87 G8A;0 @071>30B52H8E ?>4LOG8E ; >= =5:>340 2>@>G0; 45;0<8 , 0 =0 AB0@>AB8 A;C68; 87 >4=>3> G5AB>;N18O 8 8<5; 2 A2>5< @0A?>@O65=88 =5A:>;L:> 3>;>A>2 A2>8E AB0@KE ?@8OB5;59 . @C3>9 AC4LO , 3 . $>@<8= , :>B>@>3> O 7=0; 2 >1I5AB20E , ?@8=O; <5=O 256;82> ; => :>340 O 2@CG8; 5<C 70?8A:C , >= C;K1=C;AO , ?>:0G0; 3>;>2>N 8 A:070; : "0G5< MB> ? 54L <K =5 AB0=5< AC48BL ?> A;>20< ?@>A8B5;59 . / _4204F0BL ?OBL ;5B _ =0E>6CAL ?@8 45;0E 8 7=0N , GB> 2A5 ?@>A8B5;8 3>2>@OB 274>@ 2 A2>8E 70?8A:0E . - 5;> <>5 87;>65=> 745AL A AAK;:0<8 =0 70:>=K 8 =0 ?>4;8==K5 4>:C<5=BK , - >B25G0; O . - 5@>OB=> , 8 ?@>B82=8F0 <>O A45;0;0 B> 65 . B0: , 1;03>2>;8B5 ?>25@8BL =0H8 AAK;:8 2 ?>4;8==>< 45;5 8 2 70:>=0E 8 B>340 C2848B5 , :B> ?@02 , :B> 28=>20B . - 0 O _4204F0BL ?OBL ;5B _ 70=8<0NAL 45;0<8 8 7=0N , GB> B0:>5 70?8A:8 ! - 2>A:;8:=C; AC4LO . - 0?8A:8 C =0A 70<5=ONB 3>;>A0 042>:0B>2 , - 2>7@078; O . - =5 :065BAO 4065 , GB> , =5 ?@>G8B02 G0AB=>9 70?8A:8 ?> 45;C , =5;L7O =8:0: ?>=OBL 53> . @>A8B5;O =04>1=> 2KA;CH0BL , :0: 1>;L=>3> . B>G=> B0: 65 , :0: 8A:CA=K9 2@0G , A>>1@060O A;>20 1>;L=>3> A ?@87=0:0<8 1>;57=8 , C7=05B 55 ?@8G8=C 8 :0G5AB2> , AC4LO , A25@82 ?>:070=8O AB>@>= , C7=05B 2A5 A;01K5 8 A8;L=K5 AB>@>=K 45;0 . - "5>@88 , AC40@L , B5>@88 ! - 2>A:;8:=C; AC4LO . - / _4204F0BL ?OBL ;5B _ 70=8<0NAL BO651=K<8 45;0<8 8 7=0N _2A5 _ , GB> <=5 7=0BL =C6=> . 5 ?@>A8B5;8 , 0 :0=F5;O@8O 87;>68B 2A5 >1AB>OB5;LAB20 45;0 8 >B:@>5B A;01K5 8 A8;L=K5 AB>@>=K . - > :0=F5;O@8O , ?@8 <=>65AB25 45; <>65B 8=>5 C?CAB8BL 8 ?@54AB028BL =5 2 B>< 2845 : 0 A25@E B>3> , 2 :0=F5;O@8OE =5 0=35;K , 0 ;N48 . . . - 'B> 2K ?>4 MB8< @07C<55B5 ? - A:070; A 3=52>< AC4LO . - / _4204F0BL ?OBL ;5B _ 7=0N B5G5=85 :0=F5;O@A:8E 45; 8 C4>AB>25@8;AO >?KB>< , GB> ?@>A8B5;8 2A5340 =0?@0A=> 60;CNBAO =0 :0=F5;O@88 ! > 1C4LB5 1;03>=0456=K , - ?@8<>;28; >= , CA?>:>82H8AL . - K @0AA<>B@8< 20H5 45;> ?@8;56=> . / , >4=0:> 6 , >AB028; =0 AB>;5 70?8A:C , ?@8<>;282 : - 5 G8B09B5 , => 2>7L<8B5 : MB> >1;53G05B A5@4F5 ?@>A8B5;O . / =5 <>3C ?@54?>;030BL , GB>1 2K 1K;8 B0: 65AB>:>A5@4=K , GB>1 >B:070;8AL 2KA;CH0BL =5AG0AB=>3> . 5 G8B0BL 70?8A:8 7=0G8B ?@>3=0BL =8I53> >B 425@59 . - !:0702 MB> , O >B:;0=O;AO 8 2KH5; . ?5@54=59 A;KH0; O 2>A:;8F0=8O AC4L8 : " _/ 4204F0BL ?OBL ;5B _ ! . . " C:02K9 A;C30 AC4L8 , ?>4020O <=5 H8=5;L , A:070; A CA<5H:>N : - 0@8= 2A5 A18205BAO 2 AG5B5 : 2>B C65 1 5 ;5B <8=C;> , :0: >= >AB0=>28;AO =0 4204F0B8 ?OB8 3>40E A2>59 AC459A:>9 4>;6=>AB8 ! -B>B AC4LO 1K; 4>1@K9 8 G5AB=K9 G5;>25: ; => >= 2AN 687=L 70=8<0;AO =5 B5< , G5< 4>;6=> . AC45 4C<0; > :=830E , 70 :=830<8 > AC45 ; 2 3>ABOE 3>2>@8; > 45;0E , 0 2 ?@8ACBAB25==>< <5AB5 > 701020E 2 3>ABOE . = 3>2>@8; 2A5340 E>@>H> - 8 =8G53> =5 45;0; , 8 5A;8 1 >= 8A?>;=8; E>BL BKAOG=CN G0ABL B>3> , > G5< @0AAC640; B0: ?@5:@0A=> , B> 1K; 1K ?>;57=K< G5;>25:>< . = ;N18; G5AB=KE 8 C<=KE ;N459 8 7=0;AO A =8<8 , 0 C?@02;O;8 8< ?;CBK , :>B>@KE >= ?@578@0; 8 =5=02845; , => =5 8<5; B25@4>AB8 2K3=0BL 8E 8;8 >A;CH0BLAO . >1@K9 G5;>25: , => =0AB>OI89 _=C;L _ , :>B>@K9 8<5; 7=0G5=85 B>;L:> A F8D@>N . B =53> ?>5E0; O : 3 -=C 'C20H8=C , : G5;>25:C , _A;K2H5<C _ 25;8:8< 45;LF>< 8 3830=B>< ?@02>BK . = B0:65 1K; =5 7;>9 8 4065 =5 3;C?K9 G5;>25: : => , 4>AB83=C2 70A;C30<8 >BF0 2KA>:8E AB5?5=59 2 A0<KE <>;>4KE ;5B0E , >= ?><5H0;AO >B A0<>;N18O 8 25@8; >B G8AB>3> A5@4F0 , GB> ?>3;>B8; 2AN G5;>25G5A:CN <C4@>ABL . >A?8B0==K9 A 8=>AB@0=F0<8 8 682O 2A5340 2 2KAH5< :@C3C , G5@?0O A2545=8O > @07=KE ?@54<5B0E 87 8=>AB@0==KE :=83 , >= =5 7=0; >AA88 8 A<>B@5; =0 =55 2> 2A5E >B=>H5=8OE G@57 ?@87<C 8=>AB@0==>3> ?@>A25I5=8O . 0 AB0@>AB8 2 3>;>25 53> A;8;8AL 2 >4=C <0AAC 2A5 B5>@88 , 2A5 8=>AB@0==K5 70:>=K 8 C;>65=8O , 2<5AB5 A B5< GB> >= C7=0; ?>=0A;KH:5 > >AA88 , 8 87 MB>3> 2KH5; B0:>9 E0>A , GB> 4>1@K9 AB0@8: , ?@8 A0<KE ;CGH8E =0<5@5=8OE , 15A?@5AB0==> 45;0; 3;C?>AB8 . >;3>5 2@5<O 2 A25B5 =5 7=0;8 53> , 8 4>1@K5 =0<5@5=8O ?@8=8<0;8 70 25;8:85 45;0 . 0:>=5F C7=0;8 , GB> MB> =5 GB> 8=>5 , :0: >?@>:8=CBK9 H:0D A =54>G8B0==K<8 :=830<8 ! = ?@8=O; <5=O ;0A:>2> 8 4@C65;N1=> : 409 >3 5<C 74>@>2LO 8 70 B> ! > :>340 ?@8H;> 4> >1JOA=5=8O 45;0 , B> >= 5420 =5 A25; <5=O A C<0 A2>8<8 AC645=8O<8 . > ?@028;0< 53> AB@>3>3> ?@02>AC48O , 65=I8=K 8 45B8 2A5340 1K;8 ?@02K , E>BO 1K >B5F 8;8 <C6 8E A0< A>7=0;AO 2 =5A?@0254;82>AB8 45;0 , 8 :0: 'C20H88 C65 1K; =0?@>H5= 3@0D8=5N 8GB>68=>N 8 55 ?>4@C30<8 , B> >= =8:0: =5 E>B5; C25@8BL A51O , GB> O <>3C 1KBL ?@02K< . >340 O AAK;0;AO =0 70:>=K , >= 3>2>@8; , GB> 4>;6=> 2 45;0E ?>4>1=>3> @>40 AC48BL ?> A>25AB8 ; :>340 O 4>:07K20; , GB> ?> A>25AB8 O 4>;65= ?>;CG8BL 45=L38 , =07=0G5==K5 <=5 ?> 2>;5 <>53> >BF0 , >= CB25@640; , GB> ?> 70:>=0< ?@87=05B <5=O =5?@02K< . / ?>:07K20; 5<C 70:>=K , 3;0AOI85 2 <>N ?>;L7C , 0 >= , 2 C4>AB>25@5=85 , GB> 7=05B 70:>=K , @07;>68; ?@54> <=>N F5;K5 :8?K 2K?8A>: 87 5=B0<0 8 4@C38E 0=3;89A:8E 70:>=>8A:CA=8:>2 8 B5>@5B8:>2 . 5;0O ?>:070BL A2>5 ?>7=0=85 2 70:>=0E , >= AB0; ?5@54> <=>N I53>;OBL ?0<OBLN 8 , 2<5AB> C:07>2 , ?@82>48; ?0=45:BK ; 2<5AB> 0=3;89A:8E 70:>=>2 #;>65=85 F0@O ;5:A5O 8E09;>28G0 8 B .? . / A>:@0B8; <>5 ?>A5I5=85 8 C5E0; >B =53> A A>:@CH8B5;L=K< A5@4F5< . > B5E ?>@ , =5 8<5O A =8< =8:0:>3> 45;0 , O A0< ?>G8B0; 53> 25;8:8< <C65< 8 B5?5@L C4>AB>25@8;AO , GB> >1I55 <=5=85 B0: 65 <>65B >1<0=K20BLAO , :0: 8 G0AB=K9 G5;>25: . 'C20H88 1K; O2=K< ?>:@>28B5;5< 2A5E _A5<59=KE _ 27OB>G=8:>2 8 70I8I0; 8E , 345 <>3 8 :0: <>3 . =>385 27OB>G=8:8 =0@>G=> 65=8;8AL , GB>1 ?>;L7>20BLAO 53> ?>:@>28B5;LAB2>< , 8 70 B> ?8A0;8 4;O =53> <=5=8O , :>B>@K5 >= 2K4020; 70 A2>8 . ;N48 , ;N48 ! . . 'C20H8= , 8<5O 4>1@>5 A5@4F5 , 45;0; 7;> 87 >4=>3> BI5A;028O 8 65;0=8O - ?@>A;KBL C1;8:>;>N ! >;LH0O G0ABL AC459 157<>;2=> ?@8=O;0 70?8A:8 , 8 =0:;>=5=85< 3>;>2K 40;8 7=0BL , GB>1 O @5B8@>20;AO . =K5 70AB028;8 <5=O @0AA:07K20BL > ?@51K20=88 <>5< 2 :8@387A:>9 AB5?8 8 <>8E ?>E>645=8OE 8 =5 E>B5;8 A;CH0BL > 45;5 . 5:>B>@K5 8728=O;8AL , GB> >=8 70=OBK A2>8<8 A>1AB25==K<8 45;0<8 . =K5 60;>20;8AL =0 A2>N 154=>ABL , =0 B@C4=>ABL 4>AB0BL 2709<K 45=53 8 ?>74@02;O;8 <5=O A ?@5B5=7859 =0 <8;;8>= . =5A:>;L:8E <5AB0E <5=O ?@8=O;8 25AL<0 3@C1> , 2 4@C38E - A B0:>N 3>@4>ABLN 8 2KA>:><5@85< , GB> O ?>B5@O; B5@?5=L5 8 4065 >B:070;AO >B BO3>AB=>9 >1O70==>AB8 ?@>A8B5;O . @0240 , O =0H5; 1;03>@>4=KE 8 C<=KE AC459 , :>B>@K5 CB5H8;8 <5=O A2>8< ;0A:>2K< ?@85<>< 8 :>B>@KE 8725AB=0O ?@02>B0 CA?>:>8;0 <5=O =0AG5B 8E B>20@8I59 . =545;N O >1J5748; ?>GB8 ?> 2A5< <>8< AC4LO< , 87<CG8;AO 1>;55 , =565;8 2 F5;CN :0<?0=8N ?@>B82 BC@>: , 8 4065 701>;5; >B >3>@G5=8O . >65 , 5A;8 B2>5N A2OB>N 2>;59 AC645=> 1C45B , GB>1 O ?@5B5@?5; 8A?KB0=85 2 687=8 , ?>H;8 <=5 =54C3 , ?;5= , =8I5BC , => 87102L - >B BO61K ! 564C B5< 8;>284=K ?>;CG8; 8725AB85 >B 65=K A2>59 , GB> 548=>@>4=K9 AK= 53> 1>;5= . / C?@>A8; 4@C30 <>53> , GB>1 >= 2>72@0B8;AO 4><>9 , >15I0O ?@81KBL : =5<C B>BG0A ?> >:>=G0=88 BO61K , :>B>@0O , ?@>B82 >1K:=>25=8O , 4>;65=AB2>20;0 @5H8BLAO 25AL<0 A:>@> , ?>B><C GB> ?@>B82=0O AB>@>=0 , A8;L=0O 8 1>30B0O , 65;0;0 MB>3> AB>;L 65 CA5@4=> , :0: 8 O . >340 45;> C65 1K;> 3>B>2> : 4>:;04C , A5:@5B0@L B09=> ?>:070; <=5 4>:;04=CN 70?8A:C , 2 C4>AB>25@5=85 , GB> >=0 A>AB02;5=0 2 <>N ?>;L7C , 8 ?@>5:B @5H5=8O . / GCBL 1K;> =5 ?>?0; 2 A8;:8 >B MB>9 ;8H=59 >B:@>25==>AB8 , => C1>?5@8= A?0A <5=O . @8OB5;L 53> , ?>2KBG8: , ?>:070; 5<C 4@C3CN 4>:;04=CN 70?8A:C 8 4@C3>9 ?@>5:B @5H5=8O 2 ?>;L7C 3@0D8=8 8GB>68=>9 , :>B>@K5 A5:@5B0@L =0<5@520;AO ?@54AB028BL AC4LO< . / A:070; >1 MB>< 5B@C 5B@>28GC , 8 >= , 2;8O=85< A2>8< , CAB@0=8; >B:@>25==>3> A5:@5B0@O 2 A0<K9 45=L 4>:;040 . 5;> <>5 ?>?0;>AL 2 @C:8 4>1@>3> G5;>25:0 . - >AC40@L <>9 ! - A:070; >= <=5 . - / G5;>25: 154=K9 , => =5 ?@>40< A>25AB8 . 8GB>68=0 ?@54;0305B <=5 2 5 0 0 0 @C1;59 : ?@87=0NAL , 3@5H=K9 G5;>25: ! O 27O; 1K 45=L38 , 5A;8 1 45;> 55 1K;> ?@02>5 ; => >1<0=>< =5 2>7L<C =8 :>?59:8 . K A0<8 B5?5@L =5 1>30BK , 0 :>340 20A >3 =03@048B , B>340 , <>65B 1KBL , 8 2K 2A?><=8B5 > <>8E 45BOE . %>BO , ?> AB@>3>9 A?@0254;82>AB8 , <>6=> 1K A:070BL <=>3>5 2>?@5:8 MB>3> @>40 G5AB=>AB8 , => , A=8AE>4O : >1AB>OB5;LAB20< , O @04>20;AO , GB> =0H5; B0:>3> 4>1@>3> G5;>25:0 . 0:>=5F 45;> <>5 ?>ABC?8;> 2 4>:;04 . X X X I I I !" ) . ' "/+ . !!# " " ' . #'!", " " . " % . +!# . . !", , . % . !" . "!" . % ( & ! # # & . .' 07=0 <>O 8AB>I8;0AL ; O =5 E>B5; ?@>4020BL 1@8;;80=B>2>3> ?5@0 , :>B>@>5 5B@>2 A=O; A G0;<K 27OB>3> <=>N 2 ?;5= 38 , 81> ?>G8B0; MB> A>1AB25==>ABLN <>53> 25@=>3> A;C38 -4@C30 8 ?@8 45=L30E =0<5@520;AO :C?8BL C =53> MBC 25IL , GB>1 A>E@0=8BL 2 ?0<OBL <>53> B>@65AB20 . / <>3 1K 70=OBL 45=L38 C 5B@0 5B@>28G0 , C :C78=K =5BK 8;8 C 8;>2848=0 , => <=5 =5 E>B5;>AL >1@5<5=OBL 8E , 8 O @5H8;AO 70;>68BL ?5@> . C1>?5@8= ?>25; <5=O : @>AB>2I8:0< . 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AG8A;8B5 , 5B@ 5B@>28G , 8<5=0 2A5E 25;8:8E <C659 , :>B>@K5 , =5 1C4CG8 A0<8 ?8A0B5;O<8 , =5 ?5@5AB0;8 68BL 2 ?>B><AB25 : 2K C2848B5 , GB> >=8 ?>B><C B>;L:> 2A?;K;8 =0 ?>25@E=>ABL 5BK , GB> , ?@8 4@C38E 70=OB8OE , ;N18;8 8 ?>:@>28B5;LAB2>20;8 =0C:8 , EC4>65AB20 8 A;>25A=>ABL . -B> ?5@2>5 CA;>285 : A;025 , 81> =0C:8 , EC4>65AB20 8 A;>25A=>ABL 5ABL _40@ A;>20 A;02K _ . 57 =8E >=0 =5<0 . 5B@ 5B@>28G A845; , >1;>:>BOAL =0 AB>; , 8 ?>3@C65= 1K; 2 704C<G82>ABL . 0:>=5F >= A:070; : - A5 MB> ?@0240 , ;N157=K9 K6838= ; => BK 8AG8A;8; >4=> 1C4CI55 , 0 =5 703;O=C; 2 =0AB>OI55 . !0< O 2>;5= 1@>A8BLAO =0 CB;>9 ;04L5 2 1C@=>5 <>@5 , => 4@C3><C A>25B>20BL =5 8<5N ?@020 8 4>;65= ?>:070BL 5<C >?0A=>ABL . A<>B@8AL :@C3>< : GB> 7=0G0B 2 A25B5 02B>@K ? 4=> =0720=85 A>G8=8B5;O , 0 >A>15==> ?>MB0 , 2@54=55 4C@=>3> 0BB5AB0B0 2 A;C615 . 8A0B5;L 5ABL A8=>=8< =5A?>A>1=>3> : 45;0< G5;>25:0 , 8 C =0A 5I5 ?@82K:;8 AB028BL ?8A0B5;O =0 >4=C B>G:C A :><548O=B0<8 , A:><>@>E0<8 8 4@C38<8 70102=8:0<8 . A;8 ?8A0B5;L ?;>E , >= 45;05BAO ?>A<5H8I5< B>;?K ; 5A;8 ?>A@54AB25= , ?@5405BAO 70125=8N ; 5A;8 >40@5= C<>< 8 40@>20=85< =5>1K:=>25==K< , B> AB0=>28BAO ?@54<5B>< 7028AB8 , :;525BK 8 ?@5A;54>20=89 , ?>B><C 8<5==> , GB> ;N48 2A5 >E>B=> ?@>I0NB , :@><5 ?@52>AE>4AB20 2 C<5 , : :>B>@><C :064K9 8<55B ?@8BO70=85 , 8 G5< :B> 3;C?55 , B5< 1>;55 . >;3 ?8A0B5;O - 3>2>@8BL ?@024C , 0 ?5G0B=0O ?@0240 :>;5B 3;070 1>;L=55 87CAB=>9 . 5@515@8 BK , 2 A2>N >G5@54L , 2A5E ?8A0B5;59 , :>B>@K5 >A<5;8;8AL 3>2>@8BL ?@024C ?@54 >A;5?;5==K< G5;>25G5AB2>< : BK C2848HL , GB> 2A5 >=8 1>;55 7=0<5=8BK A2>8<8 =5AG0AB8O<8 , =565;8 B2>@5=8O<8 . BGC645==K5 >B >1I5AB20 , 2 :>B>@>< 8E B0:65 1>OBAO , :0: H:>;L=8:8 AB@0H0BAO ?@8ACBAB28O AB@>3>3> CG8B5;O ; =5?@8G0AB=K5 : 45;0< , : :>B>@K< 8E =5 4>?CA:0NB , :0: =5A?>A>1=KE , - >=8 ?@>2>4OB 4=8 8 =>G8 2 BO6:>< C<AB25==>< B@C45 , GB>1 ?@8>1@5ABL =51;03>40@=>ABL A>>B5G5AB25==8:>2 8 5420 E;51 =0ACI=K9 ! 8:B> =5 AG8B05B 4>E>4>2 27OB>G=8:0 , => 2AO:89 C482;O5BAO , 5A;8 ?8A0B5;L =5 E>48B ?> <8@C . @0240 , A;CG05BAO 8=>340 , GB> <>I=0O @C:0 >E@0=O5B =5:>B>@KE 87 AG0AB;82KE ?8A0B5;59 8 GB> =5:>B>@K5 87 =8E , ?> @>4AB2C 8;8 ?> A2O7O< , 2>2A5 GC64K< ;8B5@0BC@5 , 8<5NB A0<>AB>OB5;L=>ABL 8 3>;>A 2 >1I5AB25 ; => MB> 8A:;NG5=8O , :>B>@KE =5 4>;6=> AB028BL 2 ?@8<5@ . 065 7=0G0I89 2 A25B5 ?8A0B5;L , ?@8=OBK9 2 ;CGH5< :@C3C , ?>425@305BAO G@572KG09=K< =5?@8OB=>ABO< . = 1K E>B5; >B4>E=CBL 2 A25B5 8 701KBL :018=5B=K5 B@C4K : => =5B ! :064K9 =5CG , :>B>@><C A;CG8;>AL ?@>G5ABL E>BO >4=C :=83C 2 687=8 , 4CH8B 53> 8 B><8B A2>8<8 AC645=8O<8 > A;>25A=>AB8 , GB>1 2KA:070BL A2>8 ?>7=0=8O ! 5B , ;N157=K9 K6838= , =5 A>25BCN B515 2ABC?0BL =0 ?>?@8I5 A;>25A=>AB8 : >=> A0<>5 A:>;L7:>5 8 >?0A=>5 . ?8A0BL 274>@K , ;5ABL , A;028BL ;5=L 8 ?5@5;820BL 87 ?CAB>3> 2 ?>@>6=55 =54>AB>9=> G5;>25:0 A C<>< 8 4CH>N . / =5 E>B5; A?>@8BL 8 ?@>A8; 5B@0 5B@>28G0 @0AA:070BL <=5 ?@8G8=C ?@5B5@?5==>3> 8< 3>=5=8O 8 , =0:>=5F , >A2>1>645=8O 87 AAK;:8 . = 8A?>;=8; <>5 65;0=85 8 @0AA:070; <=5 A;54CNI55 : - > 2AO:>< 720=88 8 A>AB>O=88 5ABL ;8F520O AB>@>=0 8 87=0=:0 . > 2A5E 3>AC40@AB20E =0 ?>?@8I5 A;C61K A28@5?AB2C5B 70@078B5;L=0O 1>;57=L , :>B>@0O =07K205BAO : _65;0=85 2KA;C68BLAO _ . B MB>9 1>;57=8 ?@>8AE>48B <=>65AB2> 7;0 8 1>;LH0O G0ABL =5A?@0254;82>AB59 ; >=0 >1=0@C68205BAO ?@87=0:0<8 ;>6=>3> CA5@48O : A;C615 8 15A?@545;L=>9 _?@540==>AB8 : >A>15 _ =0G0;L=8:0 . '5;>25: , >45@68<K9 MB8< =54C3>< , AB0@05BAO ?@54AB02;OBL 4C@=K< 2A5 , GB> =5 8< 2K4C<0=> , 8 :064>3> G5;>25:0 , 2KH54H53> 87 B>;?K A2>8<8 40@>20=8O<8 8;8 CA5@485< 8 =5?>:>@=>3> 53> 2840< , 87>1@078B 7;>=0<5@5==K< . 157>1@06820O 8 G5@=O 4@C38E , _2KA;C6=8: _ 4C<05B , GB> A0< C:@0H05BAO 8 C15;O5BAO GC68<8 70A;C30<8 ; ?@54AB02;OO 2A5E 28=>2=K<8 , ?>;0305B , GB> A0< 1C45B :070BLAO ?@02K< . 'B>1 459AB2>20BL A<5;55 , MB8 3>A?>40 _2KA;C6=8:8 _ ?@8:@K20NBAO ;8G8=>N 4>1@>45B5;8 . 01>6=>ABL , ;N157=K9 4@C3 , 5ABL ?>B@51=>ABL 4CH8 B8E>9 8 4>1@>45B5;L=>9 : 8AB8==0O =01>6=>ABL =5 8I5B 3;0A=>AB8 , B>G=> B0: 65 , :0: 8AB8==0O 4>1@>45B5;L . > E0=68 , 2>?8O 3@><>3;0A=> > B8E8E >1O70==>ABOE E@8AB80=8=0 , C?>B@51;ONB A2OI5==59H55 GC2AB2> , :0: >@C485 , 4;O 8A?>;=5=8O A2>8E 70<KA;>2 . 7 2A5E =@02AB25==KE GC4>28I A0<>5 >?0A=>5 5ABL E0=60 , :>B>@>3> 15AA<5@B=K9 >;L5@ 5I5 A;01> >1@8A>20; 2 A2>5< "0@BND5 . %0=60 >;L5@>2 AB@5<8BAO B>;L:> : @07@CH5=8N AG0ABLO >4=>3> A5<59AB20 ; => 5ABL E0=68 , :>B>@K5 @07@CH0NB A?>:>9AB285 2A53> 3@0640=A:>3> >1I5AB20 . # =0A 1K; =5:B> @8BO30;>2 , :>B>@K9 , 2AN 687=L ?@>?>254CO 2>;L=>4C<AB2> , O:>18=AB2> 8 ?@54AB02;OO A>1>N >1@075F @072@0B0 , 24@C3 >1JO28; A51O A2OB>H5N 8 , ?>4>1=> ;65?@>@>:C 03><5BC , CAB@5<8;AO A <5G>< 8 ?;0<5=5< , 8;8 , GB> 5I5 EC65 , A :;525B>N 8 8725B0<8 , =0 ?03C1C 2A5E G5AB=KE 8 C<=KE ;N459 , A;54>20B5;L=> , A2>8E ?@>B82=8:>2 , GB>1 , =8725@3=C2 8E , AB0BL A0<><C =0 2KA>B5 . @>?>254CO A<8@5=85 , >= 60640; ?>G5AB59 ; ?@>2>73;0H0O > =515 , >= B@51>20; 4;O A51O 75<=KE A>:@>28I . >4>1=> 385=5 , >= 3@K7 8 682KE , 8 <5@B2KE ; 5<C =04>1=> 1K;> 65@B2 , =04>1=> 1K;> 28=>2=KE , 8 , ?> =5AG0ABLN , >= =0?0; =0 <5=O 2 B> A0<>5 2@5<O , :>340 O ?;0<5==K< 8 =5@0AAC48B5;L=K< <>8< AB@5<;5=85< : >1I59 ?>;L75 =068; A515 2@03>2 . ;52@5BK @8BO30;>20 8 >= A0< , >?0A0OAL , GB>1 O =5 >1=0@C68; 8E 70<KA;>2 8 =5 A>@20; A =8E ;8G8=K , >3;0A8;8 <5=O _15A?>:>9=K< G5;>25:>< _ 8 , >:;525B02 , CA?5;8 A>A;0BL BC40 , 345 BK <5=O 2AB@5B8; . @8BO30;>2 >1<0=0<8 8 ?@8B2>@AB2>< CA?5; >A;5?8BL =0 2@5<O =5:>B>@KE 4>1@KE 8 1;03>@>4=KE ;N459 , :>B>@K5 25@8;8 53> CA5@48N 8 ?@540==>AB8 : >1I5<C 1;03C . > B>@65AB2> ?@>@>:0 :@0B:>2@5<5==> - 8 @>2845=85 4;O B>3> B>;L:> 2>7=>A8B 7;KE , GB>1 =0 2KA>B5 ?>:070BL O2AB25==55 8E 3=CA=>ABL 8 A45;0BL ?045=85 8E @078B5;L=55 , 0 B5< A0<K< ?>CG8B5;L=55 . @02>AC485 ?>AB83;> @8BO30;>20 8 =0:070;> A0<K< 65AB>:8< >1@07>< , B> 5ABL C =53> >B=O;8 _A@54AB2> 2@548BL _ ; 0 MB> 7=0G8B B> 65 , GB> 2K@20BL C 7<58 60;> , 157 :>B>@>3> >=0 =5 <>65B ACI5AB2>20BL . I5=85 8 :;525B0 @8BO30;>20 >1@0B8;8AL <=5 2 ?>;L7C : 45;> <>5 8AA;54>20;8 , =0H;8 <5=O ?@02K< , >B:@K;8 4065 <0;K5 <>8 70A;C38 8 G8AB>BC <>8E =0<5@5=89 8 =03@048;8 2KH5 <>8E =04564 : <=5 40;8 _A@54AB2> 45;0BL 4>1@> _ ! / >1=O; 4>1@>3> 5B@0 5B@>28G0 , :>B>@K9 , ?@>I0OAL A> <=>N , A:070; <=5 , ?>68<0O @C:C : - 5@L @>2845=8N , 4@C3 <>9 , 8 =5 >BG08209AO =8:>340 2 ?@02>AC488 . => , @0=> 8;8 ?>74=> , ?@>3;O=5B , :0: A>;=F5 87 BCG . "K , :065BAO , C25@8;AO 2 MB>< >?KB0<8 . "5?5@L BK ?>O28HLAO 2 A25B5 A <8;;8>=>< 45=53 8 65=>N :@0A028F59 . -B> =>20O H:>;0 4;O >?KB>2 . B515 1C4CB ;L=CBL , :0: : <03=8BC , 2A5 @602K5 >?8;:8 >1I5AB20 . 5@538AL ! @602G8=0 A>>1I05BAO . / =0=O; =51>;LHCN , => A?>:>9=CN :20@B8@C , A <0;>9 :CE=5N 8 5I5 <5=LH5N AB>;>2>N , ?> A>25BC 5B@0 5B@>28G0 . 025; M:8?06 8 , 402 45=53 :C78=5 =5B5 , ?@>A8; 55 A45;0BL ?@840=>5 4;O ;8=L:8 . >1@0O =5B0 =5?@5<5==> E>B5;0 A=0@O48BL G0ABL ?@840=>3> >B A51O , => O =8:0: =5 A>3;0A8;AO =0 MB> . A5 MB8 @0A?>@O65=8O <K A:@K20;8 >B ;8=L:8 , 8 B>;L:> 2 45=L =0H59 A204L1K >=0 C2845;0 A2>9 30@45@>1 8 A2>8 1@8;;8O=BK . =0 1;03>40@8;0 =0A =5 70 25I8 , => 70 2=8<0=85 . - @C3 <>9 ! - A:070;0 >=0 . - "K ?>;N18; <5=O 154=>N , 8 O >B:@K;0AL B515 2 ;N128 <>59 , :>340 BK 1K; 2 BN@L<5 . "5?5@L BK 1>30B , 8 O @04CNAL 70 B51O ?5@5<5=5 B2>59 AC4L1K ; => , ?@87=0NAL , <=5 1K;> 1K ?@8OB=55 ;N18BL B51O 154=>3> . 5B@ 5B@>28G 1K; ?@83;0H5= <=>N 2 ?>A065=K5 >BFK , 8 , :@><5 53> 8 A5<59AB20 :C78=K =5BK , <K =8:>3> =5 0;8 . C6 =5BK >B:070;AO =0 MB>B @07 >B ?0@B88 28AB0 2 =3;89A:>< :;C15 8 >AB0;AO =0 A204L15 @048 AB@0A1C@3A:>3> ?0HB5B0 , :>B>@K9 4;O =53> :C?8;0 65=0 , GB>1 C45@60BL 4><0 . >340 <K A>18@0;8AL 2 F5@:>2L , O ?>;CG8; ?0:5B =0 <>5 8<O : @0A?5G0B0; 8 =0H5; 2 =5< =0 AB> BKAOG @C1;59 ;><10@4=KE 18;5B>2 , ?@8 A;54CNI5< ?8AL<5 : " . . 20= 20=>28G ! 5?>:>@=>ABL <0B5@8 20H59 =525ABK 70AB028;0 <0BL 55 , 0 <>N 65=C , ;8H8BL 55 =0A;54AB20 . 5278@0O =0 2A5 <>8 ?@>AL1K 8 ?@54AB02;5=8O , 65=0 <>O =5 E>B5;0 2>72@0B8BL A2>59 2=CG:5 =0A;54AB20 55 <0B5@8 ?>B><C , GB> 4> =0A 4>H;8 ;>6=K5 A;CE8 , 1C4B> 1K >=0 4C@=> 2545B A51O . / _=0@>G=> 8A?KB0; _ 55 4>1@>45B5;L 8 C4>AB>25@8;AO , GB> >=0 A>E@0=8;0 1;03>@>4=K5 GC2AB20 8 =5 A>2@0B8;0AL A 8AB8==>3> ?CB8 . -B> 70AB028;> <5=O A=>20 ?@8153=CBL A ?@>AL10<8 : 65=5 <>59 , 8 >=0 =0:>=5F A>3;0A8;0AL 8A?>;=8BL <>5 65;0=85 . 5=L38 , A;54CNI85 20H59 =525AB5 , ?@8 A5< ?@5?@>2>640N 8 ?@>HC G8A;8BL <5=O <564C 8A:@5==8<8 20H8<8 4@C7LO<8 8 ?>G8B0B5;O<8 . <5N G5ABL 1KBL 8 ?@>G . _@5<59 @018;8= _ . / =5 <>3 >?><=8BLAO >B C482;5=8O 8 ?>40; ?8AL<> 5B@C 5B@>28GC , :>B>@K9 C;K1=C;AO 8 , 2K=C2 87 :0@<0=0 4@C3>5 ?8AL<> , ?@>A8; ?@>G5ABL . >B 53> A>45@60=85 : " . . 5B@ 5B@>28G ! >:@>28B5;LAB2> 8 >A>15==0O 4@C610 , >:07K205<0O 20H8< ?@52>AE>48B5;LAB2>< 20=C 20=>28GC K6838=C , :>B>@K9 65=8BAO =0 2=CG:5 <>59 65=K , 70AB028;8 <5=O E>40B09AB2>20BL 2 ?>;L7C ?@8OB=>3> 20< G5;>25:0 , 8 O CA?5; 8A?@>A8BL A>3;0A85 65=K <>59 =0 2>72@0I5=85 53> =525AB5 =0A;54AB20 55 <0B5@8 . @8<8B5 MB> :0: 7=0: >A>15==>3> <>53> : 20< C2065=8O 8 ?@540==>AB8 8 :0: 4>:070B5;LAB2> , GB> O =5 _:>@KAB>;N182 _ , => >:;525B0= 7;K<8 ;N4L<8 , >B :>B>@KE 2K B0:65 <=>3> ?@5B5@?5;8 . 5 87 284>2 G5AB>;N18O 8;8 :>@KAB>;N18O O 65;0; 1K A=>20 2>9B8 2 A;C61C , => 4;O B>3> B>;L:> , GB>1 ?>:070BL A25BC , GB> O =5 B0:>2 , :0:8< 2@038 <>8 87>1@060NB <5=O , 8 GB>1 @C:>2>4AB2>20BL 45B59 <>8E =0 ?>?@8I5 A;C61K . / <>3C 1KBL ?>;57=K< <>5N >?KB=>ABLN 2 45;0E 8 1C4C 2A5340 AB0@0BLAO 70A;C6820BL 20HC 1;03>A:;>==>ABL . =0N , GB> >4=> 20H5 A;>2> 4>AB028B <=5 65;05<>5 . / 1K E>B5; ?>;CG8BL <5AB5G:> ?>G5B=>5 8 B0:>5 , 345 1K ?@54AB02;O;>AL _<=>3> 2K3>4 _ , :>B>@K5 O >1@0B8; 1K 2 ?>;L7C :07=K , 1C4CG8 G5;>25:>< 4>AB0B>G=K< 8 15A:>@KAB=K< , :0: 2K <>65B5 CA<>B@5BL 87 ?>ABC?:0 <>53> A ?>:@>28B5;LAB2C5<K< 20<8 K6838=K< . 0 A8< G5ABL 8<5N 8 ?@>G . _@5<59 @018;8= _ " . - ;CB ! - A:070; O . - 2<5AB5 A B5< 3;C?5F , - 2>7@078; 5B@ 5B@>28G , - B>;L:> >4=8 3;C?FK <>3CB ?>;030BL , GB> >=8 2 A>AB>O=88 2A5E >1<0=K20BL 8 A:@K20BLAO >B 27>@>2 C<=>3> G5;>25:0 . A;8 1 >=8 1K;8 C<=K , B> C4>AB>25@8;8AL 1K , GB> A>1AB25==0O ?>;L70 :064>3> ?>25;5205B 1KBL G5AB=K< . # ?;CB>2 5ABL A<KH;5=>ABL , @>4 8=AB8=:B0 4;O >1<0=>2 , :0: C E8I=KE 725@59 ; => =5B C<0 . ;CB 2A5340 A0< >B:@K205BAO . 5 B> ;8 A;CG8;>AL A @018;8=K< ? >340 O @0AA:070; ;8=L:5 > A>45@60=88 ?8AL<0 8 >B40; 59 18;5BK , >=0 A:070;0 <=5 : - / =5 7=0N , 4>;6=0 ;8 2>72@0B8BL 45=L38 101CH:5 , E>BO MB> A>1AB25==>ABL <>59 <0BCH:8 ; => <=5 E>B5;>AL 1K , GB>1 O 2>2A5 =8G53> =5 8<5;0 8 1K;0 1 2A5< >1O70=0 B515 >4=><C . >7L<8 MB8 45=L38 8 45;09 A =8<8 , GB> E>G5HL : >=8 <=5 =5 =C6=K , :>340 BK 8E 8<55HL . / C65 420 <5AOF0 1K; AG0AB;82 8 2A5 5I5 =5 <>3 A>1@0BLAO 2K5E0BL A 2878B0<8 . ;8=L:0 @5H8B5;L=> >B:070;0AL >B 2AO:>3> 7=0:><AB20 . - >;O B2>O , <8;K9 4@C3 ! - A:070;0 >=0 . - > <=5 :065BAO AB@0==K< MB>B >1KG09 <>;>4KE AC?@C3>2 @07J5760BL =0 B@5B89 45=L ?>A;5 A204L1K A 2878B0<8 , 8A:0BL 7=0:><AB2 , :0: 70?0A0 >B ?@54AB>OI59 A:C:8 , ?>:07K20BL =0 3C;L18I0E =>2K9 M:8?06 , 0 2 >1I5AB20E 1@8;;80=BK 8 H0;8 , :0: 1C4B> 1K MB> 1K;> ?@8=04;56=>ABL AC?@C65A:>3> AG0ABLO . >4>645< : 7=0:><AB20 A>AB02OBAO A0<8 A>1>N , A;CG09=> , ?> 2708<=><C 2K1>@C , 0 O B5?5@L 4>2>;L=0 15A54>N A B>1>N , A <0BCH:>N 8 1;03>45B5;L=8F5N <>5N , =5B>9 . 5B@ 5B@>28G B0: ?@82K: 1KBL A =0<8 , GB> 5654=52=> >1540; C =0A 8 ?@>2>48; 1>;LHCN G0ABL 25G5@0 . 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C4CG8 1545= , O 8A:0; <5AB0 87 :CA:0 E;510 ; => B5?5@L O =5 2>7L<CAL 70 B> , G53> =5 ?>=8<0N . >340 1 =04>1=> 1K;> :><0=4>20BL MA:04@>=>< , 8 O 1K; 1K E>;>AB , B>340 @5H8;AO 1K 2 >4=C <8=CBC . > 45;0 B0: <=5 GC64K , :0: :8B09A:0O 3@0<>B0 . - CAB>5 , 4@C3 , - 2>7@078; 3@0D , - 45;LF>2 O =094C 1>;55 , =565;8 <=5 =C6=> . > <=5 =04>15= G5AB=K9 G5;>25: , 2 :>B>@>< O 1K; 1K C25@5= , GB> >= =5 >1<0=5B <5=O 8 =5 ?>72>;8B ?>4:C?8BL A51O . - 5A;8 MB>3> G5AB=>3> G5;>25:0 1C4CB >1<0=K20BL ? - A?@>A8; O . - = 4>;65= 1KBL B0:65 C<=K9 8 ?@8;56=K9 : B>340 A:>@> ?@8CG8BAO : E>4C 45; . / E>B5; 2>7@060BL 8 >B:07K20BLAO , => 5B@ 5B@>28G C1548; <5=O , A:0702 , GB> 2 >1I5< 10;0=A5 G8=>2=8:>2 =5>1E>48<> =C6=K G5AB=K5 8 15A:>@KAB=K5 ;N48 , 4;O @02=>25A8O A 45;LF0<8 . / A>3;0A8;AO . > AB@0==><C AB5G5=8N >1AB>OB5;LAB2 , O 70=O; <5AB> 1@0B0 <>A:>2A:>3> :20@B0;L=>3> =0478@0B5;O , @E8?0 @E8?KG0 , 8 ?>A5;8;AO 2 :20@B8@5 0=B5;59<>=0 @E8?KG0 , 2 :>B>@>9 >= =5 <>3 40BL ?@8AB0=8I0 A2>5<C 154=><C 1@0BC . 0=B5;59<>= @E8?KG >BAB02;5= 1K; >B A;C61K 8 >B40= ?>4 AC4 , @07C<55BAO , _70 =0?@0A;8=C _ , :0: >= 3>2>@8; . > :0: >= 8<5; 65=C 8 45B59 , B> =5 A><=520;AO >?@0240BLAO , 2>71C640O A>AB@040=85 : A5<59=><C G5;>25:C . = =0H5; A8;L=>3> ?>:@>28B5;O 2 >A>15 'C20H8=0 . 0=B5;59<>= @E8?KG B0: @0A?>@O48;AO 2 :075==>< 4><5 , GB> 4204F0BL A ;8H:>< :><=0B 70=8<0; A0< , >:>;> B@84F0B8 1K;8 >B40=K ;N18<K< 53> G8=>2=8:0< , 0 :0=F5;O@8O ?><5I0;0AL B>;L:> 2 G5BK@5E <0;KE :><=0B0E . 0 ;>H04OE , =07=0G5==KE 4;O @0AAK;>: , 5748; >= A0< ; AB>@>60 A;C68;8 5<C , 0 :C@L5@K ?5@52>78;8 25I8 87 <>4=KE <03078=>2 8 @072>78;8 ?8AL<0 53> 4>G5@59 8 65=K ?> 3>@>4C 8 ?@83;0H5=8O =0 10;K . 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'B> 65 :0A05BAO 4> 45; , =0 :>B>@KE 3@0DC 4>;6=> =04?8AK20BL A2>8 70:;NG5=8O , B> 2 MB>< A;CG05 =04>1=> ?>ABC?0BL 25AL<0 >AB>@>6=> . 3> A8OB5;LAB2> G5;>25: A>25AB=K9 8 =5 70E>G5B ?>4?8AK20BL 1C<03 , :>B>@KE =5 G8B0; , 8 70:;NG0BL > 45;5 , :>B>@>3> 2>2A5 =5 7=05B : >= AB0=5B >B:;04K20BL , 45; =0:>?8BAO , 0 87 MB>3> @07=5A5BAO 4C@=0O A;020 > 3@0D5 , >1 20A 8 > F5;>9 :0=F5;O@88 . 5OB5;L=>ABL 65 8 8A?@02=>ABL =0H0 87<5@O5BAO G8A;>< =C<5@>2 8AE>4OI8E 1C<03 . B0: , 5ABL A@54AB2> CA?>:>8BL A>25ABL 3@0D0 8 40BL 1KAB@K9 E>4 45;0< A>AB02;5=85< D>@< 4;O 70:;NG5=89 , :>B>@K5 =8 ?><>3CB , =8 ?>2@54OB 45;C , :0:>3> 1K B> =8 1K;> @>40 . >B , =0?@8<5@ , =5:>B>@K5 87 MB8E 2A5>1I8E @5H5=89 : _!45;0BL A?@02:C 8 4>;>68BL 2 A2>5 2@5<O ; ?>ABC?8BL ?> ACI5AB2CNI5<C ?>@O4:C ; ?@5?@>2>48BL 2 =04;560I55 <5AB> 4;O ?>OA=5=8O 2A5E >1AB>OB5;LAB2 8 ?>A;5 B>3> 4>;>68BL ; ?@54AB028BL 2KAH5<C =0G0;LAB2C =0 1;03>CA<>B@5=85 ; 40BL =04;560I89 E>4 ; >1@0B8BL 2 =04;560I55 <5AB> 4;O 70:;NG5=8O ?> 70:>=0< 8 2KAB02;5=8O =0 284 2A5E >1AB>OB5;LAB2 45;0 ; ?>B@51>20BL <=5=8O >B <5AB0 , 345 ?@>872>48;>AL 45;> , 8 ?@5?@>2>48BL :C40 A;54C5B ; ?@8=OBL : A2545=8N 8 B . ? . 0 G0AB=K5 60;>1K >B25G0BL 5I5 ;53G5 ; =0?@8<5@ : ?@>A8BL ?> ?>@O4:C , 1C45 8<55B ?@02> ; ?@8>1I8BL : 45;C ; ?@5?@>2>48BL :C40 A;54C5B ; >6840BL >:>=G0=8O 45;0 ; A?@0282H8AL , 4>;>68BL ; 8A?@>A8BL <=5=8O <5AB=>3> =0G0;LAB20 ; ?>4B25@48BL ?@56=55 70:;NG5=85 _ ; 0 ;CGH5 2A53> : _?> =58<5=8N C2068B5;L=KE ?@8G8= , >B:070BL , >B:070BL , >B:070BL _ - MB> 8 :>@>B:> 8 OA=> ! @8 <=>65AB25 45; , O =52>;L=> 4>;65= 1K; ?@8153=CBL : A@54AB20< , :>B>@K< =0CG8; <5=O !>D@>= !>D@>=>28G 0:>=5=:> . 5;0 ;5B5;8 , =C<5@0 AE>48;8 BKAOG0<8 , 8 O 2A:>@5 ?@>A;K; A0<K< 8A?@02=K< 8 45OB5;L=K< G5;>25:>< . @0240 , GB> =5:>B>@K5 206=59H85 45;0 O >1@01>BK20; , B> 5ABL 4020; =0456=K< G8=>2=8:0< 4;O ?@>GB5=8O 8 A>AB02;5=8O :@0B:>9 2K?8A:8 A 70:;NG5=85< , >A=>20==K< =0 ACI5AB25 45;0 8 =0 70:>=0E ; 0 GB>1 ?@8 2K1>@5 45;0 A>1;N40BL ?>@O4>: , O A?8AK20; =C<5@0 =0 >A>1KE 18;5B0E 8 25;5; 65=5 2K18@0BL , :0: 2 ;>B5@55 . 0:>9 =C<5@ 2K45@3820;AO , B0:>5 45;> ?>ABC?0;> 2 E>4 , 8 MB> ?@84020;> <=5 284 15A?@8AB@0AB8O . 564C B5< 4@C385 1C<038 4>:;04K20;8AL ?> >G5@548 , A 70:;NG5=8O<8 ?> <5B>45 !>D@>=0 !>D@>=>28G0 . @0D 57?5G8= 1K; G@572KG09=> 4>2>;5= <=>N 8 1;03>40@8; 70 B> , GB> O ?>?@028; =52K3>4=>5 >1 =5< <=5=85 . 7 ;5=82>3> >= 24@C3 ?@>A;K; 45OB5;L=K< . 'B>1 1>;55 CB25@48BL MB> <=5=85 2 ?C1;8:5 , >= =07=0G8; >48= 45=L ?@85<=K9 2 =545;5 , 0 2 4@C385 4=8 =8:>3> =5 ?@8=8<0; ?> CB@0< . (259F0@ 3>2>@8; 2A5340 >4=> 8 B> 65 : 70=OB , 0 3@0D , 70?5@H8AL 2 :018=5B5 , ;560; =0 A>D5 8 G8B0; 3075BK 8 =>2K5 @><0=K . 5G5@>< >= ?@8E>48; : <>59 65=5 ?8BL G09 8 2 MB> 2@5<O ?>4?8AK20; 1C<038 . = 25@8; <=5 A>25@H5==> , ?>B><C GB> O =8:>340 53> =5 >1<0=K20; . A;8 <K A =8< =5 45;0;8 <=>3> 4>1@0 , B> ?> :@09=59 <5@5 =5 45;0;8 7;0 A C<KA;C 8 70I8I0;8 ?@02KE , :0: <>3;8 , :>340 4>8A:820;8AL ?@024K A;CG09=> 8;8 ?> GL5<C -;81> 2=CH5=8N . 5B@ 5B@>28G ?><>30; =0< 25AL<0 <=>3> , A>>1I0O :@0B:85 70?8A:8 > ?@02KE 8 =5?@02KE 45;0E , ?>ABC?0NI8E : =0< =0 @0AA<>B@5=85 ; <K 1C:20;L=> A;54>20;8 53> <=5=8N 8 =8:>340 =5 >H810;8AL . >3 40; <=5 AK=0 , : C25;8G5=8N =0H53> A5<59=>3> AG0ABLO , 8 3@0D 57?5G8= 5I5 1>;55 ?@82O70;AO : =0H5<C A5<59AB2C , 15A?@5AB0==> =O=G8; 48BO =0 @C:0E 8 , ?>A<0B@820O A C<8;5=85< =0 ;8=L:C , A>60;5; , GB> >= >AB0;AO E>;>AB . ;K5 O7K:8 E>B5;8 ?@54AB028BL 4@C61C 3@0D0 2 4@C3>< 2845 , 8 4065 <=>385 , =5 4>2>;L=K5 <=>N , 25@8;8 , GB> 3@0D - ;N1>2=8: <>59 65=K ; => B5 , :>B>@K5 7=0;8 3@0D0 1;865 , 1K;8 C25@5=K 2 =5A?@0254;82>AB8 MB8E 70:;NG5=89 , 0 O B0: 1K; A?>:>5= =0 MB>B AG5B , GB> 4065 A0< A<5O;AO 8 HCB8; ?5@54 3@0D>< 8 ;8=L:>N . 5B@ 5B@>28G , ?>;L7COAL 2;0AB8N , 45;0; 4>1@> , 2K720; 2A5E G5AB=KE ;N459 , :>B>@KE >= 7=0; ?@5645 , 8 <564C ?@>G8< 4>1@><C (BK:>2C 4>AB028; <5AB> 3C15@=0B>@0 , 0 :C?FC !84>@C @<>;0528GC - 720=85 :><<5@F88 A>25B=8:0 . / ?>A;54>20; ?@8<5@C 5B@0 5B@>28G0 8 B0:65 872;5: 87 =5AG0AB=>3> ?>;>65=8O <=>3> 4>1@KE ;N459 , 8 2 G8A;5 4@C38E G5AB=><C :20@B0;L=><C =0478@0B5;N , @E8?C @E8?KGC , 40; <5AB> G0AB=>3> ?@8AB020 2 5B5@1C@35 , GB> A>AB02;O;> 548=AB25==CN F5;L 53> 65;0=89 . A5 7=0;8 , GB> O >48= C?@02;ON 45;0<8 8 GB> 3@0D 57?5G8= 8<55B :> <=5 =5>3@0=8G5==CN 4>25@5==>ABL , 8B0: , =5278@0O =0 AB0@0=85 =0H5 A 65=>N >B:;>=8BL >B A51O 7=0:><AB20 , <=>65AB2> 8A:0B5;59 A A2>8<8 A5<59AB20<8 2B5@;8AL =0A8;L=> : =0< 2 4>< , GB>1 ?@8 A;CG05 ?>E;>?>B0BL > 45;LF5 8;8 ?@8 ?@54AB02;5=8OE : =03@040< 70<>;28BL A;>25G:> 70 @>45=L:C . @><5 B>3> , ?>O28;>AL <=>65AB2> @>4=8 , > :>B>@>9 O ?@5645 2>2A5 =5 A;KE0; . >4AB25==8:8 65=K <>59 ?> >BFC 8 <0B5@8 4> G5B25@B>3> ?>:>;5=8O , @>4AB25==8:8 <>53> >BF0 , 0 2 B>< G8A;5 8 8GB>68=K , A>AB028;8 703>2>@ ?@>B82C <>53> A?>:>9AB28O , 8 =0?0;8 =0 <5=O @>4AB25==K< >?>;G5=85< - 2 3 5 8 G5;>25: , 8 , =07K20O <5=O _;N157=K< 4O4NH:>N _ , B@51>20;8 <5AB , G8=>2 , >@45=>2 8 =5A?@0254;82KE @5H5=89 ?> 45;0< , 2 8E ?>;L7C . MB><C G8A;C @>4AB25==8:>2 ?@8A>548=8;0AL @>4=O <>59 <0BCH:8 , B@>5 42>N@>4=KE <>8E 1@0BL52 , 45B8 4O48 <>53> ;5:A5O 5B@>28G0 , :>B>@K9 ?> A<5@B8 <>53> 4540 ?5@5?8A0;AO 2 :C?FK 2 8B51A: 8 =068; ?>@O4>G=>5 A>AB>O=85 . 5BO< 53> :070;>AL ABK4=> >AB020BLAO 2 :C?5G5A:>< 720=88 , :>340 42>N@>4=K9 1@0B 8E 2 A8;5 8 7=0G5=88 . (0<15;O= @NG:>B2>@A:89 A>AB@O?0; 8< :0:>5 -B> A2845B5;LAB2> > H;OE5BAB25 , 8 >=8 B0:65 B@51>20;8 >B <5=O <5AB 8 G8=>2 . @><5 B>3> , 2A5 B5 <>A:>2A:85 40<K , :>B>@K5 ?><>30;8 <=5 8 ?@8=8<0;8 1;03>A:;>==> 2 A2>5< 4><5 , 2KAK;0;8 ?>4 <>8< 04@5A>< F5;K5 4N68=K A2>8E 2=C:>2 8 ?;5<O==8:>2 , GB>1 O >B:@K20; 8< ?CBL : ?>G5ABO< 8 E;>?>B0; > :0<5@ -N=:5@AB25 . 5=O <CG8;8 , B5@70;8 8 7020;820;8 ?@>AL10<8 8 >1JOA=5=8O<8 , 4><0 , 2 :0=F5;O@88 , 2 3>ABOE , 2 B50B@5 8 =0 3C;L18I0E . 065 78<>N O 4>;65= 1K; 2K5760BL 70 3>@>4 , GB>1 ?@>3C;OBLAO A?>:>9=> ?5H:>< , ?> 1>;LH>9 4>@>35 , =5 A<5O ?>:070BLAO =0 C;8F0E . "@8 3>40 ?@>25; O 2 B0:>< <CG8B5;L=>< ?>;>65=88 ; =0:>=5F , =5 8<5O 2@5<5=8 =8 70=8<0BLAO 45;>< , =8 =0A;0640BLAO A5<59=K< AG0ABL5< , >B?@028;AO 2 >B?CA: 2 >A:2C , =0 2 8 4=59 , 8 >BBC40 ?>40; ?@>AL1C >1 >BAB02:5 , ?@8 C1548B5;L=KE ?8AL<0E : 3@0DC 57?5G8=C 8 5B@C 5B@>28GC , GB>1 >=8 A60;8;8AL =04> <=>N 8 871028;8 <5=O >B =5A=>A=>3> 4;O <5=O 830 . 6840O 2 >A:25 @5H5=8O <>59 CG0AB8 , O C7=0; >B >4=>3> 87 <>8E 7=0:><KE , 2>72@0B82H53>AO 87 GC68E :@052 , GB> 154=0O @C=O :>=G8;0 A2>5 HC<=>5 ?>?@8I5 2 3>H?8B0;5 !2 . 070@O , 2 0@865 . / 8A:@5==> >?;0:0; 55 :>=G8=C . 5AG0AB=0O ! A 55 C<>< 8 :@0A>B>N >=0 1K;0 1K C:@0H5=85< A2>53> ?>;0 , 5A;8 1 2 N=>AB8 ?>701>B8;8AL >1 >1@07>20=88 55 A5@4F0 . 45AL 65 C7=0; O , GB> !:>B8=:> A>H5; A C<0 , 0 45B:8 53> ?@><>B0;8 =5?@0254=> =068B>5 8<5=85 8 =0E>4OBAO 2 =8I5B5 . !0220 !0228G A?8;AO A :@C3C 8 A3>@5; 2> 2@5<O ?>60@0 , 1K2H53> 2 ?8B59=>< 4><5 . 0@578= C<5@ >B ?>1>52 ; 4@C385 83@>:8 ?@>?0;8 157 25AB8 , 0 #4028G 2 MB> 2@5<O @0745;K20;AO A #3>;>2=>N ?0;0B>N . 0: :B> ?>AB5;5B , B0: 8 2KA?8BAO ! >A;5 4>;3>9 ?5@5?8A:8 <=5 =0:>=5F ?@8A;0;8 >BAB02:C . MB> 2@5<O C7=0; O >B 8;>2848=0 , A :>B>@K< =0E>48;AO 2A5340 2 A=>H5=8OE , GB> 2 25@AB5 >B =53> , =0 15@53C <>@O , ?@>405BAO =51>;LH>5 , => ?@5:@0A=>5 8<5=85 , 2 682>?8A=>< <5AB>?>;>65=88 , A 1>;LH8< A04>< 8 28=>3@04=8:>< . / B>BG0A ?>A;0; 45=L38 , GB>1 :C?8BL 53> =0 8<O <>59 65=K , 8 =5<54;5==> >B?@028;AO : 8;>2848=C A <>8< A5<59AB2>< 8 A <0BCH:>N . 8;>2848= 8 5B@>=5;;0 ?@8=O;8 =0A , :0: @>4=KE , 8 O @5H8;AO =02A5340 ?>A5;8BLAO =0 N6=>< 15@53C "02@84K . >B C65 45AOBL ;5B , :0: O 682C AG0AB;82> 2 :@C3C <>53> A5<59AB20 , 2 >1JOB8OE ;N128 8 4@C61K . # <5=O B@8 AK=0 8 >4=0 4>GL ; C 8;>2848=0 B>;L:> >48= AK= . K A0<8 70=8<05<AO ?5@2>=0G0;L=K< 2>A?8B0=85< 45B59 , CA;06405< 2@5<O ?@8OB=>N 15A54>N , <C7K:>N , GB5=85< ; ?@>3C;8205<AO , >1@010BK205< =0H8 ?>;O . 5A5;K , A?>:>9=K >BB>3> , GB> =8G53> =5 8I5< 8 45;05< AB>;L:> 4>1@0 , A:>;L:> <>65< . 0BCH:0 <>O ?@>2>48B 2@5<O A 4O45N 8;>2848=0 , 30405B A =8< =0 :0@B0E 8 83@05B 2 B5=B5@5 . 5B@>2 =O=G8B 45B59 8 45;05B 8< 83@CH:8 ; <0;LG8:0< @0AA:07K205B > A@065=8OE 8 CG8B 8E <0@H8@>20BL . A?KB02 <=>3>5 2 687=8 , 1K2 A;C3>N 8 3>A?>48=>< , ?>4G8=5==K< 8 =0G0;L=8:>< , :8@387A:8< =0574=8:>< 8 @CAA:8< 2>8=>< , ;5=82F5< 8 45;LF>< , <>B>< , 83@>:>< ?> A;01>AB8 , 0 =5 ?> AB@0AB8 , 8A?KB02 ;N459 2 AG0AB88 8 =5AG0AB88 , - O C40;8;AO >B A25B0 , => =5 ?>30A8; 2 A5@4F5 <>5< ;N128 : G5;>25G5AB2C . / C25@8;AO , GB> ;N48 1>;55 A;01K , =565;8 7;K , 8 GB> =0 >4=>3> 4C@=>3> G5;>25:0 , 25@=> , <>6=> =09B8 ?OBL45AOB 4>1@KE , :>B>@K5 >B B>3> B>;L:> =5?@8<5B=K 2 B>;?5 , GB> >48= 7;>9 G5;>25: 45;05B 1>;55 HC<C 2 A25B5 , =565;8 AB> 4>1@KE . 04CNAL , GB> O @CAA:89 , 81> =5278@0O =0 =0H8 AB@0==>AB8 8 ?@8GC4K , =5@07;CG=K5 A G5;>25G5AB2>< , :0: =54C38 B5;5A=K5 , =5B 2 <8@5 =0@>40 A<KH;5=55 , 4>1@55 , 1;03>40@=55 =0H53> . 8 2 >4=>< 8=>AB@0==>< 3>AC40@AB25 =5;L7O B0: 157>?0A=> ?CB5H5AB2>20BL , :0: 2 <0;>=0A5;5==>9 , ;5A=>9 8;8 AB5?=>9 =0H59 >AA88 ; =8345 B0: >E>B=> =5 ?><>3CB =5AG0AB=><C , :0: 2 =0H5< >B5G5AB25 , :>B>@>5 ?> A?@0254;82>AB8 ?>G8B05BAO >1@07F>< 25@>B5@?8<>AB8 , 3>AB5?@88<AB20 8 A?>:>9AB28O . O4O 8;>2848=0 2 3;C1>:>9 AB0@>AB8 , 5420 @0718@0O 1C:2K 2 @NA>2>< :0;5=40@5 8 5@F0;5 5;8:>3> ;15@B0 , ?@54A:07K205B : GB> A:>@> , 25AL<0 A:>@> 1;03>45B5;L=>5 ?@>A25I5=85 >70@8B 2A5 :>=FK >AA88 8 @07>;L5B A2>8 40@K =0 2A5 A>A;>28O ; GB> @CAA:85 25;L<>68 8 40<K AB0=CB 3>2>@8BL ?> -@CAA:8 , G8B0BL @CAA:85 :=838 8 A<5OBLAO =04 ?@825@65==>ABLN A2>8E >BF>2 : GC6575<=><C ; GB> ;8B5@0BC@0 =0H0 2>72KA8BAO 4> B>9 AB5?5=8 , =0 :0:>9 =0E>48BAO 0=3;89A:0O , D@0=FC7A:0O 8 =5<5F:0O ; GB> <>;>4K5 ;N48 AB0=CB CG8BLAO 4;O B>3> , GB>1 1KBL ?>;57=K<8 >B5G5AB2C A;C61>N , 0 =5 4;O ?>;CG5=8O 0BB5AB0B>2 : HB01 ->D8F5@A:><C G8=C ; GB> :C?FK , ?@>A25I0OAL 1>;55 8 1>;55 , =5 AB0=CB ?5@5E>48BL 2 42>@O=AB2> , => A>AB02OB ?>GB5==>5 7=0G0I55 A>A;>285 ; GB> =0 >A=>20=88 , 2>42>@5==>< ?@>A25I5=85< , 2>7=8:=5B ?@02>AC485 ?>2AN4C , >B =86=59 4> 25@E=59 8=AB0=F88 , 8 =0ABC?8B G5@=K9 3>4 4;O 2A5E 27OB>G=8:>2 8 7;>C?>B@518B5;59 . !88 -B> ?@54A:070=8O 70AB028;8 <5=O ?@8=OBLAO 70 ?5@> , 2>?@5:8 A>25B0< 5B@0 5B@>28G0 , 8 >?8A0BL <>8 ?@8:;NG5=8O , GB>1 A>E@0=8BL 2 ?@540=88 B0:8E 35@>52 , :0:>2K !:>B8=:> , !0220 !0228G 8 ?>4>1=K5 8< , :>B>@KE ACI5AB2>20=8N =5 AB0=CB A> 2@5<5=5< 25@8BL , :0: =K=5 =5 25@OB 2 ACI5AB2>20=85 54>@>A;O 8B@>D0=CH:8 . A;8 @C:>?8AL <>O A> 2@5<5=5< A45;05BAO 8725AB=>N , B> :064K9 , ?@>G8B02 55 2=8<0B5;L=> , C4>AB>25@8BAO , GB> 2A5 7;> 2 <8@5 ?@>8AE>48B >B =54>AB0B:0 =@02AB25==>3> >1@07>20=8O , 0 2A5 4>1@>5 >B 8AB8==>3> ?@>A25I5=8O . @8B8:8 ?@>ABOB <=5 =54>AB0B:8 @048 1;03>9 F5;8 , C4>AB>25@OAL , GB> 4C@=>5 2KAB02;5=> <=>N =0 284 4;O B>3> B>;L:> , GB>1 ?@840BL 1>;55 1;5A:0 E>@>H5<C .
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