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'N IGPVKNKEKQ FTQBPM JC GXQNWEKQPCFQ FG HQTOC FKUVKPVC CNSWG ECDTC GURGTCT ECDTC GURGTCT CNIQ UKOKNCT C lJKURPKEQ|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

DTC FTQBPMFT CRCTGEG XGKPVKEWCVTQ XGEGU GP GN ECTVWNCTKQFG NC ECVGFTCN FG *WGUEC OCPWUETKVQ FG =?OKGPVTCU SWG NC &TUPSJB EF &TQBB TGFCEVCFC GPVTG [ RQT KPKEKCVKXC FG #NHQPUQ : FM 4BCJP UG GORNGGZENWUKXCOGPVG GN IGPVKNKEKQ FTQBPMFT=?

'N %JDDJPOBSJP EF MB MFOHVB FTQBPMB RWDNKECFQ RQT NC4GCN #ECFGOKC 'URCQNC GP UW XKIUKOQ VGTEGTC GFKEKP CUGIWTC SWG NC XQ\ FTQBPM RTQXKGPG FG NCRTQXGP\CN FTQBJHOPM [ GUVC FGN NCVP OGFKGXCN )JTQBOJMVT FG )JTQBOJB &TQBB=?

+LVWRULD

3UHKLVWRULD SURWRKLVWRULD \ (GDG $QWLJXD

3QMJDB EFM UFDIP EF MB DVFWB EF "MUBNJSB

'N CEVWCN VGTTKVQTKQ GURCQN CNQLC FQU FG NQU NWICTGU OUKORQTVCPVGU RCTC NC RTGJKUVQTKC GWTQRGC [ OWPFKCN NCUKGTTC FG #VCRWGTEC FQPFG UG JC FGPKFQ NC GURGEKG)PNP BOUFDFTTPS [ UG JC JCNNCFQ NC UGTKG OU EQORNGVC FGJWGUQU FG )PNP IFJEFMCFSHFOTJT [ NC EWGXC FG #NVCOKTC

FQPFG RQT RTKOGTC XG\ UG KFGPVKE GN CTVG RCNGQNVKEQ.C RCTVKEWNCT RQUKEKP FG NC RGPPUWNC KDTKEC EQOQl'ZVTGOQ 1EEKFGPVG|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

&EBE .FEJB

-B %BNB EF &MDIF PCSB NBFTUSB EFM BSUF JCFSP

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

5FBUSP SPNBOP EF .SJEB .T EF EPT NJM BPT EFTQVT EF TVDPOTUSVDDJO TJHVF VUJMJ[OEPTF DPNP FTQBDJP FTDOJDP

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

(GDG 0HGLD

$OWD (GDG 0HGLD

'P GN CQ WP ITWRQ FG RWGDNQU IGTOPKEQU UWGXQUCNCPQU [ XPFCNQU KPXCFKGTQP NC RGPPUWNC KDTKEC 'P GN NQ JKEKGTQP C UW XG\ NQU XKUKIQFQU WP RWGDNQ KIWCNOGPVG IGTOPKEQ RGTQ OWEJQ OU TQOCPK\CFQ DCLQNC LWUVKECEKP FG TGUVCWTCT NC CWVQTKFCF KORGTKCN 'P NCRTEVKEC VCN XKPEWNCEKP FGL FG VGPGT UKIPKECEKP [ ETGCTQP WP TGKPQ XKUKIQFQ EQP ECRKVCN RTKOGTQ GP 5PMPTB NCCEVWCN EKWFCF HTCPEGUC FG 6QWNQWUG [ RQUVGTKQTOGPVG GP

)*4503*"

$PSPOB WPUJWB EF 3FDFTWJOUP UFTPSP EF (VBSSB[BS

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lHWG GN RTKOGTQ SWG RQUG[ NC OQPCTSWCFGN TGKPQ FG VQFC 'URCC SWG TQFGC GN QECPQ EQUC SWGC PKPIWPQ FG UWU CPVGEGUQTGU NG HWG EQPEGFKFC| 'N ECTEVGT GNGEVKXQ FG NC OQPCTSWC XKUKIVKEC FGVGTOKP WPCITCP KPGUVCDKNKFCF RQNVKEC ECTCEVGTK\CFC RQT EQPVKPWCU TGDGNKQPGU [ OCIPKEKFKQU=? .C WPKFCF TGNKIKQUC UG JCDCRTQFWEKFQ EQP NC EQPXGTUKP CN ECVQNKEKUOQ FG 4GECTGFQ

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

$SV[ EF MB 7JDUPSJB $NBSB 4BOUB EF MB $BUFESBM EF 0WJFEP

.C UWDNGXCEKP KPKEKCN FG &QP 2GNC[Q HTCECU RGTQ GP WPPWGXQ KPVGPVQ FGN CQ EQPUKIWK KORQPGTUG C WPC GZRGFKEKP FG ECUVKIQ OWUWNOCPC GP WP RGSWGQ TGFWEVQOQPVCQUQ NQ SWG NC JKUVQTKQITCHC FGPQOKP lDCVCNNC FG%QXCFQPIC| .C FGVGTOKPCEKP FG NCU ECTCEVGTUVKECU FG

&EBE .FEJB

GUG GRKUQFKQ UKIWG UKGPFQ WP CUWPVQ PQ TGUWGNVQ RWGUVQSWG OU SWG WPC TGKXKPFKECEKP FG NGIKVKOKUOQ XKUKIQFQ

UK GU SWG GN RTQRKQ 2GNC[Q Q NQU PQDNGU SWG NG CEQORCCDCP NQ GTCP UG OCPKHGUV EQOQ WPC EQPVKPWKFCF FG NC TGUKUVGPEKC CN RQFGT EGPVTCN FG NQU EPVCDTQU NQECNGU C RGUCTFGN PQODTG SWG VGTOKP CFQRVCPFQ GN TGKPQ FG #UVWTKCUNC \QPC PQ GTC FG PKPIWPQ FG NQU RWGDNQU CUVWTGU UKPQ NCFG NQU EPVCDTQU XCFKPKGPUGU=? 'N lIQVKEKUOQ| FG NCUETPKECU RQUVGTKQTGU CUGPV UW KPVGTRTGVCEKP EQOQ GN KPKEKQ FG NC l4GEQPSWKUVC|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

*OUFSJPS EF MB .F[RVJUB$BUFESBM EF $SEPCB

'P #DFGTTCOP + WP 1OG[C UWRGTXKXKGPVG FGN GZVGTOKPKQ FG NC HCOKNKC ECNKHCN FGUVTQPCFC RQT NQU CDDCUGUHWG CEQIKFQ RQT UWU RCTVKFCTKQU GP CNPFCNWU [ UG KORWUQEQOQ GOKT # RCTVKT FG GPVQPEGU GN 'OKTCVQ FG %TFQDC

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l'FCF 1UEWTC| SWG UKIWK CN TGPCEKOKGPVQ ECTQNKPIKQ %KWFCFGUEQOQ 8CNGPEKC

)*4503*"

FG NC NNCOCFC %CVCNWC NC 8KGLC JCUVC GN .NQDTGICV RQTQRQUKEKP C NC %CVCNWC NC 0WGXC EQPSWKUVCFC C RCTVKT FGNUKINQ :++

3OHQD (GDG 0HGLD

*HMFTJB EF 4BO $MFNFOUF EF 5BMM 3PNOJDP DBUBMO

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

&EBE .FEJB

)JTQBOJBF .C TGRQDNCEKP FG NC CORNKC \QPC GPVTG GN 6CLQ [ 5KGTTC /QTGPC TGNCVKXCOGPVG FGURQDNCFC UG EQPC NCU TFGPGU OKNKVCTGU 5CPVKCIQ #NEPVCTC %CNCVTCXC/QPVGUC

"MIBNCSB EF (SBOBEB

.QU CXCPEGU ETKUVKCPQU JCEKC GN UWT HWGTQP EQPHTQPVCFQUUWEGUKXCOGPVG RQT FQU KPVGTXGPEKQPGU PQTVGCHTKECPCU NCFG NQU CNOQTXKFGU DCVCNNCU FG

)*4503*"

#WVQ FG HG RTGUKFKFQ RQT 5CPVQ &QOKPIQ FG )W\OP EF 1FESP#FSSVHVFUF DB

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

+UCDGN + FG %CUVKNNC [ (GTPCPFQ ++ FG #TCIP NQU 4G[GU%CVNKEQU 5W OCVTKOQPKQ GP UGNN NC WPKP FKPUVKEC FG NCU %QTQPCU FG %CUVKNNC [ #TCIP

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

(GDG 0RGHUQD

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

&EBE .PEFSOB

4GVTCVQ FG %CTNQU + G +UCDGN FG 2QTVWICN DPQJB EF 3VCFOT EF VOPSJHJOBM QFSEJEP EF 5J[JBOP

UKP VGTTKVQTKCN FG NC TGEKGPVGOGPVG FGUEWDKGTVC #OTKEC

EQPXGTVKFC GP WP XGTFCFGTQ KORGTKQ EQNQPKCN JK\Q FG NC /QPCTSWC *KURPKEC NC OU RQFGTQUC FGN OWPFQ 'P GN OKUOQ BOOVT NJSBCJMJT FG UG FGETGV NCGZRWNUKP FG NQU LWFQU [ CRCTGEK NC (SBNUJDB DBTUFMMBOB FG #PVQPKQ FG 0GDTKLC

.BQB EJBDSOJDP RVF NVFTUSB MBT SFBT RVF QFSUFOFDJFSPO BM*NQFSJP FTQBPM FO BMHO NPNFOUP EVSBOUF VO QFSJPEP EF BPT &M *NQFSJP FTQBPM FO TV DTQJEF UFSSJUPSJBM BMSFEFEPS EF 3FHJPOFT EF JOVFODJB FYQMPSBEBT ZP SFDMBNBEBT QFSPOVODB DPOUSPMBEBT P DPMPOJBT FO EJTQVUB P EF DPSUP DPOUSPM 1PTFTJPOFT EFM *NQFSJP QPSUVHVT HPCFSOBEBT QPS &TQBB FOUSF QPS BOFYJO EJOTUJDB 5FSSJUPSJPT QFSEJEPT FO P EFTQVTEF QPS MB 1B[ EF 6USFDIU .BSSVFDPT Z 4IBSB 0DDJEFOUBM

'N RQFGT FG NQU lKORGTKCNGU|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

3FUSBUP EF 'FMJQF ** BUSJCVJEP USBEJDJPOBMNFOUF B "MPOTP 4ODIF[$PFMMP Z SFDJFOUFNFOUF B 4PGPOJTCB "OHVJTTPMB

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

)*4503*"

.C HCOKNKC FG (GNKRG 8 EF -PVJT .JDIFM 7BO -PP

FG FKPCUVC KORQPKPFQUG GP GN VTQPQ NC %CUC FG $QTDP

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

(GDG &RQWHPSRUQHD

6LJOR ;,;

7BOTF UBNCJO )WGTTC FG NC +PFGRGPFGPEKC 'URCQNC )WGTTC FG +PFGRGPFGPEKC *KURCPQCOGTKECPC 'URCC FWTCPVG NC )WGTTC FG+PFGRGPFGPEKC 'URCQNC 'URCC PCRQNGPKEC4GUVCWTCEKP CDUQNWVKUVC GP 'URCC 4GKPCFQFG +UCDGN ++ FG 'URCC 4GXQNWEKP FG 5GZGPKQ FGOQETVKEQ Z 4GUVCWTCEKP DQTDPKEC GP 'URCC

.C 'FCF %QPVGORQTPGC PQ GORG\ OW[ DKGP RCTC 'U

'N FQU FG OC[Q FG GP /CFTKF EF (PZB NVFTUSB FMMFWBOUBNJFOUP EFM EF NBZP EFM QVFCMP EF .BESJE DPOUSB FM FKSDJUP JOWBTPS GSBODT Z RVF EFTFODBEFO MB (VFSSB EF MB *OEFQFOEFODJB &TQBPMB

RCC 'P GP NC DCVCNNC FG 6TCHCNICT WPC GUEWCFTCJKURCPQHTCPEGUC HWG FGTTQVCFC RQT GN 4GKPQ7PKFQ NQ SWGUKIPKE GN P FG NC UWRTGOCEC GURCQNC GP NQU OCTGUGP HCXQT FGN 4GKPQ 7PKFQ OKGPVTCU 0CRQNGP $QPCRCTVGGORGTCFQT FG (TCPEKC SWG JCDC VQOCFQ GN RQFGT GP GNRCU ICNQ GP GN EQORNGLQ GUEGPCTKQ RQNVKEQ RNCPVGCFQ VTCUGN VTKWPHQ FG NC 4GXQNWEKP (TCPEGUC CRTQXGEJ NCU FKURWVCU GPVTG %CTNQU +8 FG 'URCC [ UW JKLQ (GTPCPFQ [ QTFGP GN GPXQ FG UW RQFGTQUQ GLTEKVQ C 'URCC GP 5WRTGVGZVQ GTC KPXCFKT 2QTVWICN RCTC NQ SWG EQPVCDC EQP NCEQORNKEKFCF FGN RTKOGT OKPKUVTQ FGN TG[ GURCQN /CPWGN)QFQ[ C SWKGP JCDC RTQOGVKFQ GN VTQPQ FG WPC FG NCURCTVGU GP NCU SWG RGPUCDC FKXKFKT GN RCU NWUQ 'N GORGTCFQT HTCPEU KORWUQ C UW JGTOCPQ ,QU + GP GN VTQPQ NQSWG FGUCV NC )WGTTC FG NC +PFGRGPFGPEKC 'URCQNC SWGFWTCTC EKPEQ CQU 'P GUG VKGORQ UG GNCDQT NC RTKOGTC%QPUVKVWEKP GURCQNC [ WPC FG NCU RTKOGTCU FGN OWPFQGP NCU FGPQOKPCFCU %QTVGU FG %FK\ (WG RTQOWNICFC GN FG OCT\Q FG HGUVKXKFCF FG 5CP ,QU RQT NQ SWGRQRWNCTOGPVG UG NC EQPQEK EQOQ -B 1FQB 6TCU NC FGTTQVC FG NCU VTQRCU FG 0CRQNGP SWG EWNOKP GP NC DCVCNNC FG8KVQTKC GP (GTPCPFQ 8++ XQNXK CN VTQPQ FG 'URCC

.C RTQOWNICEKP FG NC %QPUVKVWEKP FG PCSB EF 4BMWBEPS7JOJFHSB .VTFP EF MBT $PSUFT EF $EJ[

&WTCPVG GN TGKPCFQ FG (GTPCPFQ 8++ NC OQPCTSWC GURC

&EBE $POUFNQPSOFB

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

-B SFJOB *TBCFM ** EF &TQBB

.COWGTVG FG (GTPCPFQ8++ GP CDTK WP PWGXQ RGTKQFQ FG HWGTVG KPGUVCDKNKFCF RQNVKEC [ GEQPOKEC 5W JGTOCPQ %CTNQU /CTC +UKFTQ CRQ[CFQ GP NQU RCTVKFCTKQU CDUQNWVKUVCU UG TGDGN EQPVTC NC FGUKIPCEKP FG +UCDGN ++ JKLCFG (GTPCPFQ 8++ EQOQ JGTGFGTC [ TGKPC EQPUVKVWEKQPCN [EQPVTC NC FGTQICEKP FG NC .G[ 5NKEC FG NC FKPCUVC $QTDP SWG KORGFC NC UWEGUKP FG OWLGTGU C NC EQTQPC 'UVCNN CU NC 2TKOGTC )WGTTC %CTNKUVC 'N TGKPCFQ FG +UCDGN++ UG ECTCEVGTK\ RQT NC CNVGTPCPEKC GP GN RQFGT FG RTQITGUKUVCU [ OQFGTCFQU UK DKGP GUVC CNVGTPCPEKC GUVCDC OUOQVKXCFC RQT NQU RTQPWPEKCOKGPVQU OKNKVCTGU FG CODQUUKIPQU SWG RQT WPC RCEEC EGUKP FGN RQFGT GP HWPEKPFG NQU TGUWNVCFQU GNGEVQTCNGU.C TGXQNWEKP FG FGPQOKPCFC -B (MPSJPTB QDNKI C +UCDGN ++ C CDCPFQPCT 'URCC 5G EQPXQECTQP %QTVGU

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

6LJOR ;;

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

)*4503*"

"MGPOTP 9*** Z .JHVFM 1SJNP EF 3JWFSB FO

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

#PNCBSEFP EF (VFSOJDB EVSBOUF MB (VFSSB $JWJM &TQBPMB

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

'SBODJTDP 'SBODP KVOUP B %XJHIU % &JTFOIPXFS FO .BESJE EF EJDJFNCSF EF

.C XKEVQTKC FGN IGPGTCN (TCPEQ UWRWUQ NC KPUVCWTCEKP FGWP TIKOGP FKEVCVQTKCN 'N FGUCTTQNNQ FG WPC HWGTVG TGRTGUKP UQDTG NQU XGPEKFQU QDNKI CN GZKNKQ C OKNGU FG GURCQNGU [ EQPFGP C QVTQU VCPVQU C NC OWGTVG Q CN GPECTEGNCOKGPVQ .C XKEVQTKC FGN HTCPSWKUOQ UG FKQ GP ITCPRCTVG ITCEKCU C NC C[WFC TGEKDKFC FG NC #NGOCPKC PC\K FG*KVNGT [ FG NC +VCNKC HCUEKUVC FG /WUUQNKPK 'N CRQ[Q FG'URCC C NCU RQVGPEKCU FGN 'LG FWTCPVG NC 5GIWPFC )WGTTC /WPFKCN NC EQPFWLQ C WP CKUNCOKGPVQ KPVGTPCEKQPCNFG ECTEVGT RQNVKEQ [ GEQPOKEQ=?=? 0Q QDUVCPVG GN

&EBE $POUFNQPSOFB

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

"EPMGP 4VSF[ BDDFEJ B MB QSFTJEFODJB EFM (PCJFSOP FO DPOWJSUJOEPTF FO FM QSJNFS QSFTJEFOUF EF MB EFNPDSBDJB

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

)*4503*"

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

6LJOR ;;,

.POVNFOUP B MBT WDUJNBT EF MPT BUFOUBEPT EFM EF NBS[P EF FO MB FTUBDJO EF "MDBM EF )FOBSFT

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

# PCNGU FGN UKINQ :: [ C NQ NCTIQ FGN UKINQ ::+ 'URCCTGEKDG WPC ITCP ECPVKFCF FG KPOKITCPVGU FG RCUGU NCVKPQCPQCOGTKECPQU EQOQ 'EWCFQT %QNQODKC #TIGPVKPC$QNKXKC 2GT Q 4GRDNKEC &QOKPKECPC CU EQOQ FG FKHGTGPVGU \QPCU FG HTKEC #UKC [ 'WTQRC 'N HWGTVG ETGEKOKGPVQ GEQPOKEQ FG VKRQ GZRCPUKXQ SWG JC RTGUGPVCFQ GN

RCU FGUFG JC TGSWGTKFQ WPC ITCP ECPVKFCF FG OCPQFG QDTC

7JTUB BSFB EF MB 1VFSUB EFM 4PM .BESJE

EPOEF DJFOUPT EF NJMFTEF DJVEBEBOPT KPFKIPCFQU QSPUFTUBSPO FO NBZP EF

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

[ GN FGUCTTQNNQ UQUVGPKDNG| NC 'ZRQ OCTE GN RTKPEKRKQ FGWPC ITCXUKOC ETKUKU GP GN RCU VTCU NC PCNK\CEKP FG NCOKUOC GP UGRVKGODTG

+VBO $BSMPT * EF #PSCO Z TV IJKP 'FMJQF EBT BOUFT EF MBBCEJDBDJO EFM QSJNFSP FO VO BDUP DBTUSFOTF

'N RQFGT VWXQ SWG CHTQPVCT C RCTVKT FG OC[Q FG WPCTGXWGNVC UQEKCN [ EKWFCFCPC FG WP IPGTQ PWGXQ OQXKOKGPVQ FG NQU lKPFKIPCFQU| Q / 5G TGHQTO NC EQPUVKVWEKP EQP GN QDLGVQ FG ICTCPVK\CT NC GUVCDKNKFCF RTGUWRWGUVCTKC FG NC CFOKPKUVTCEKP RDNKEC UGRVKGODTG .CQTICPK\CEKP VGTTQTKUVC '6# CPWPEK GN lEGUG FGPKVKXQFG UW CEVKXKFCF CTOCFC| FG QEVWDTG 'N FG PQXKGODTG VWXKGTQP NWICT WPCU GNGEEKQPGU IGPGTCNGU CPVKEKRCFCU JCDKGPFQ TGPWPEKCFQ 4QFTIWG\

(0#*&3/0 : 10-5*$"

TGURQPUCDNG FG GNNQU [ UKGORTG FGDGP GUVCT TGHTGPFCFQURQT NC CWVQTKFCF RQNVKEC EQORGVGPVG=?

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lOQPQEQNQTGU|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lRTFKFC| FG NQU XQVQUC ECPFKFCVWTCU SWG PQ EQPUKIWGP GUECQ GP WPC RTQXKPEKC EKTEWPUVCPEKC GURGEKCNOGPVG RGTLWFKEKCN RCTC NQU RCTVKFQU OKPQTKVCTKQU FG KORNCPVCEKP PCEKQPCN NQU RCTVKFQUOC[QTKVCTKQU Q NQU OKPQTKVCTKQU FG KORNCPVCEKP TGIKQPCN

UCNGP DGPGEKCFQU=? 'N 5GPCFQ EWGPVC CEVWCNOGPVGEQP GUECQU FG NQU EWCNGU UQP GNGIKFQU FKTGEVCOGPVG OGFKCPVG XQVQ RQRWNCT GP GNGEEKQPGU UKOWNVPGCUC NCU FGN %QPITGUQ 'P ECFC WPC FG NCU EKTEWPUETKREKQPGU RTQXKPEKCNGU UG GNKIGP EWCVTQ UGPCFQTGU UKIWKGPFQ WPUKUVGOC GNGEVQTCN OC[QTKVCTKQ FG NKUVCU CDKGTVCU GN GNGEVQTRWGFG GNGIKT JCUVC VTGU PQODTGU FG GPVTG VQFQU NQU ECPFKFCVQU KPFGRGPFKGPVGOGPVG FG RQT SW RCTVKFQ EQCNKEKPQ CITWRCEKP FG GNGEVQTGU UG JC[CP RTGUGPVCFQ .C EQPUGEWGPEKC JCDKVWCN FG NC FKURCTKFCF GPVTG GN POGTQ FG UGPCFQTGU RQT RTQXKPEKC [ GN POGTQ FG XQVQU FG ECFC GNGEVQTGU SWG UWGNGP SWGFCT GNGIKFQU NQU VTGU ECPFKFCVQU RTGUGPVCFQU GP NC NKUVC OU XQVCFC [ WPQ FG NQU FG NC UKIWKGPVG%QOQ GZEGREKP GP $CNGCTGU [ %CPCTKCU NC EKTEWPUETKREKP GU NC KUNC .QU QVTQU UGPCFQTGU UQP FGUKIPCFQU RQTNQU RCTNCOGPVQU FG NCU EQOWPKFCFGU CWVPQOCU GP OQOGPVQU FKUVKPVQU C NQU FG NCU GNGEEKQPGU IGPGTCNGU VCODKPRQT WP RGTKQFQ FG EWCVTQ CQU'N RQFGT LWFKEKCN GUV HQTOCFQ RQT GN EQPLWPVQ FG LW\ICFQU [ VTKDWPCNGU KPVGITCFQ RQT LWGEGU [ OCIKUVTCFQUSWG VKGPGP NC RQVGUVCF FG CFOKPKUVTCT LWUVKEKC GP PQODTG FGN TG[ .QU LWGEGU UQP HWPEKQPCTKQU FG ECTTGTC EW[C EURKFG GU NC #WFKGPEKC 0CEKQPCN [ GN 6TKDWPCN 5WRTGOQ GN TICPQ LWTKUFKEEKQPCN UWRGTKQT GP VQFQU NQU TFGPGU GZEGRVQ GP OCVGTKC FG ICTCPVCU EQPUVKVWEKQPCNGU=?IQDGTPCFQU RQT GN %QPUGLQ )GPGTCN FGN 2QFGT ,WFKEKCNSWG EQPVTQNC UWU PQODTCOKGPVQU CUEGPUQU KPURGEEKP [TIKOGP FKUEKRNKPCTKQ=? .QU OKGODTQU FG GUC KPUVKVWEKP CU EQOQ NQU FGN 6TKDWPCN %QPUVKVWEKQPCN SWG TGUWGNXG NQU TGEWTUQU FG KPEQPUVKVWEKQPCNKFCF [ NQU EQPKEVQU FG EQORGVGPEKC GPVTG GN 'UVCFQ [ NCU EQOWPKFCFGUCWVPQOCU=? UQP GNGIKFQU RQT FKUVKPVCU KPUVCPEKCU RQNVKECU NQ SWG JC FGXGPKFQ GP WPC XKPEWNCEKP KORNEKVCFG ECFC WPQ GNNQU CN RCTVKFQ RQNVKEQ SWG NQU FGUKIPC GPEQPVTCFKEEKP EQP UW VGTKEC KPFGRGPFGPEKC EKTEWPUVCPEKC GZRNEKVCOGPVG RWGUVC FG OCPKGUVQ RQT NQU OGFKQUFG EQOWPKECEKP [ GN FGDCVG RQNVKEQ G KPVGNGEVWCN=?

5GFGU FG NCU RTKPEKRCNGU KPUVKVWEKQPGU SWG GLGTEGP NQUFKUVKPVQU RQFGTGU FGN 'UVCFQ

2CNCEKQ FG NCU %QTVGU UGFG FGN %QPITGUQ FG NQU&KRWVCFQU

2CNCEKQ FG NC /QPENQC TGUKFGPEKC QEKCN FGN RTGUKFGPVG FGN )QDKGTPQ

%QPXGPVQ FG NCU 5CNGUCU 4GCNGU UGFG FGN 6TKDWPCN5WRTGOQ

5HODFLRQHV H[WHULRUHV

'URCC GU WP 'UVCFQ OKGODTQ FG NC 7PKP 'WTQRGC FGUFGGN FG GPGTQ FG #FGOU 'URCC HQTOC RCTVG FG QTICPK\CEKQPGU INQDCNGUEQOQ NC 1TICPK\CEKP FG NCU 0CEKQPGU 7PKFCU FGUFG GN FG FKEKGODTG FG NC 1TICPK\CEKP FGN 6TCVCFQFGN #VNPVKEQ 0QTVG FGUFG GN FG OC[Q FG [ NC

%FSFDIPT IVNBOPT

$FSFNPOJB EF SNB EFM 5SBUBEP EF -JTCPB

1TICPK\CEKP RCTC NC %QQRGTCEKP [ GN &GUCTTQNNQ 'EQPOKEQ EQPVKPGPVCNGU EQOQ NC 1TICPK\CEKP RCTC NC 5GIWTKFCF [ NC %QQRGTCEKP GP 'WTQRC GN VTCVCFQ FG NC 7PKP'WTQRGC 1EEKFGPVCN [ FG NC #IGPEKC 'WTQRGC FG &GHGPUC[ QTICPK\CEKQPGU SWG GUVTGEJCP NC\QU JKUVTKEQU [ EWNVWTCNGU FGN XPEWNQ VTCPUCVNPVKEQ EQOQ NC 7PKP .CVKPC NC%QOWPKFCF +DGTQCOGTKECPC FG 0CEKQPGU [ NC #$+0+#'N IQDKGTPQ GURCQN EQPVTKDW[G C NC PCPEKCEKP FG NC107 GP WP FG UW RTGUWRWGUVQ CPWCN =?

)XHU]DV DUPDGDV

&M CVRVF ,WCP %CTNQU + DB[BT &VSPHIUFS NJMJUBSFT FTQBPMFT FO"GHBOJTUO Z UBORVF -FPQBSE &

.CU (WGT\CU #TOCFCU 'URCQNCU UQP NCU TGURQPUCDNGUFG NC FGHGPUC PCEKQPCN SWG UGIP NQ GUVCDNGEKFQ GP GNCTVEWNQ QEVCXQ FG NC %QPUVKVWEKP VKGPGP RQT EQOGVKFQ lICTCPVK\CT NC UQDGTCPC G KPFGRGPFGPEKC FG 'URCC FGHGPFGT UW KPVGITKFCF VGTTKVQTKCN [ GN QTFGPCOKGPVQEQPUVKVWEKQPCN|=?

'UVCU UG JCP FKXKFKFQ VTCFKEKQPCNOGPVG GP VTGU CTOCU GN'LTEKVQ FG 6KGTTC NC #TOCFC [ GN 'LTEKVQ FGN #KTG 'PNC CEVWCNKFCF C GUVCU CTOCU UG UWOCP NC )WCTFKC 4GCNWP EWGTRQ RTQVQEQNCTKQ UGITGICFQ CN UGTXKEKQ FGN TG[SWG TGCNK\C NCDQTGU HWPFCOGPVCNOGPVG FG UGIWTKFCF [NC 7PKFCF/KNKVCT FG 'OGTIGPEKCUWP EWGTRQ KPVGITCPVGSWG VKGPG RQT OKUKP KPVGTXGPKT FG HQTOC TRKFC GP EWCNSWKGT NWICT FGN VGTTKVQTKQ PCEKQPCN GP ECUQ FG ECVUVTQHGW QVTCU PGEGUKFCFGU RDNKECU GUVCPFQ CODCU HQTOCFCU

RQT RGTUQPCN FG NQU VTGU GLTEKVQU RTKPEKRCNGU'URCC GU WPC FG NCU PCEKQPGU OU KORQTVCPVGU FG NC(WGT\C FG NC 7PKP 'WTQRGC '7(14 [ FGN 'WTQEWGTRQ#UKOKUOQ QEWRC WPC RQUKEKP FGUVCECFC GP NC GUVTWEVWTC FG NC 1TICPK\CEKP FGN 6TCVCFQ FGN #VNPVKEQ 0QTVG 16#0 GP NC SWG KPITGU GP #FGOU RQUGG NCUGZVC CTOCFC OU RQFGTQUC=? GN EWGTRQ FG +PHCPVGTC FG/CTKPC OU CPVKIWQ FGN OWPFQ [ NCU FQU WPKFCFGU OKNKVCTGU RGTOCPGPVGU OU CPVKIWCU FGN OWPFQ GN 4GIKOKGPVQFG +PHCPVGTC +POGOQTKCN FGN 4G[ P{ [ GN 4GIKOKGPVQFG +PHCPVGTC .KIGTC l5QTKC| P{ =?

'HUHFKRV KXPDQRV

&VSPQSJEF .BESJE

'P OCVGTKC FG FGTGEJQU JWOCPQU TGURGEVQ C NC RGTVGPGPEKC GP NQU UKGVG QTICPKUOQU FG NC %CTVC +PVGTPCEKQPCN FG&GTGEJQU *WOCPQU SWG KPENW[GP CN %QOKV FG &GTGEJQU*WOCPQU *4% 'URCC JC TOCFQ Q TCVKECFQ'P NC TOC [ TCVKECEKP FG NC $POWFODJO DPOUSB MB 5PSUVSB Z 0USPT 5SBUPT P 1FOBT $SVFMFT *OIVNBOPT P %FHSBEBOUFT %#6 [ GP NC $POWFODJO *OUFSOBDJPOBM TPCSF MB&MJNJOBDJO EF UPEBT MBT 'PSNBT EF %JTDSJNJOBDJO 3BDJBM %'4& 'URCC JC TGEQPQEKFQ NC EQORGVGPEKC FGTGEKDKT [ RTQEGUCT EQOWPKECEKQPGU KPFKXKFWCNGU RQT RCTVGFGN $PNJU QBSB MB &MJNJOBDJO EF %JTDSJNJOBDJO 3BDJBMRGTVGPGEKGPVG C NC %QOKUKP FG &GTGEJQU *WOCPQU=?

2UJDQL]DFLQ WHUULWRULDO

(VWDGR GH ODV DXWRQRPDV

'URCC GU GP NC CEVWCNKFCF NQ SWG UG FGPQOKPC WP l'UVCFQFG NCU CWVQPQOCU| Q l'UVCFQ CWVQPOKEQ| WP RCU HQTOCNOGPVG WPKVCTKQ SWG HWPEKQPC EQOQ WPC HGFGTCEKP TVJHOFSJT FGUEGPVTCNK\CFC FG EQOWPKFCFGU CWVPQOCU ECFC WPC FG GNNCU EQP FKHGTGPVGU PKXGNGU FG CWVQIQDKGTPQ.CU FKHGTGPEKCU FGPVTQ FG GUVG UKUVGOC UG FGDGP C SWG GNRTQEGUQ FG VTCURCUQ FG EQORGVGPEKCU FGN EGPVTQ C NC RG

03("/*;"$*/ 5&33*503*"-

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

5HFODPDFLRQHV WHUULWRULDOHV \ WHUULWRULRV HQ GLVSXWD

'URCC TGENCOC JKUVTKECOGPVG NC TGVTQEGUKP FG NC EQNQPKC CEVWCNOGPVG EQP GUVCVWU FG VGTTKVQTKQ DTKVPKEQ FG WN

5FSSJUPSJPT FTQBPMFT FO FM OPSUF EF GSJDB OP TF JODMVZFO MBT JTMBT$BOBSJBT

VTCOCT FG )KDTCNVCT UK DKGP UG JC OQUVTCFQ NVKOCOGPVGHCXQTCDNG C H TOWNCU FG UQDGTCPC EQORCTVKFC .C TGENCOCEKP EQOGP\ FGUFG GN OQOGPVQ GP SWG VTQRCU CPINQJQNCPFGUCU VQOCTQP NC RNC\C GP PQODTG FGN CTEJKFWSWG%CTNQU FWTCPVG NC )WGTTC FG 5WEGUKP 'URCQNC RCUCPFQ RQUVGTKQTOGPVG C OCPQU DTKVPKECU OGFKCPVG GN6TCVCFQ FG7VTGEJV .C TGKXKPFKECEKP SWG KPENW[QRGTCEKQPGU OKNKVCTGU HWG RCTVKEWNCTOGPVG KPVGPUC FWTCPVG GN UKINQ :8+++ NCPIWKFGEK FWTCPVG GN :+: [ NC RTKOGTCOKVCF FGN :: [ HWG NNGXCFC RQT GN IQDKGTPQ HTCPSWKUVC C NC1TICPK\CEKP FG NCU 0CEKQPGU 7PKFCU FWTCPVG NC FECFCFG #NN GPEWCFTCFC GP NQU RTQEGUQU FGUEQNQPK\CFQTGU 'URCC QDVWXQ GN TGURCNFQ C UW RQUVWTC CN TGEQPQEGTNCU TGUQNWEKQPGU CN GHGEVQ [ SWG GN RTQEGUQFGUEQNQPK\CFQT FGDC TGURGVCT GN FGTGEJQ C NC KPVGITKFCFVGTTKVQTKCN FG 'URCC [ SWG NQU KPVGTGUGU [ PQ NQU FGUGQUFG NQU IKDTCNVCTGQU FGDCP UGT TGURGVCFQU XCUG)JTUPSJBEF (JCSBMUBS 'URCC PQ TGEQPQEG UKP GODCTIQ NC UQDGTCPC DTKVPKEC UQDTG GN KUVOQ SWG WPG GN EQPVKPGPVG EQPGN RGP2QT QVTC RCTVG 2QTVWICN PQ TGEQPQEG NC UQDGTCPC GURCQNC UQDTG NC EQOCTEC RCEGPUG FG 1NKXGP\C SWG KPENW[GNQU OWPKEKRKQU FG 1NKXGP\C [ 6NKIC UK DKGP PQ TGENCOCCEVKXCOGPVG UW UQDGTCPC EGFKFC RQT 2QTVWICN C 'URCCOGFKCPVG GN 6TCVCFQ FG $CFCLQ\ .CU TGUQNWEKQPGU FGN %QPITGUQ FG 8KGPC UQP KPVGTRTGVCFCU FG HQTOCFKXGTIGPVG RQT CODQU RCUGU /KGPVTCU SWG 2QTVWICN GUVKOC SWG CSWGNNCU QDNKICDCP C 'URCC C FGXQNXGT 1NKXGP\C'URCC QRKPC SWG UG VTCVC FG WPC UKORNG FGENCTCEKP FGDWGPQU FGUGQU UKP ECRCEKFCF TGUQNWVKXC TC\P RQT NC SWG1NKXGP\C UKIWK WPKFC C 'URCC (KPCNOGPVG CWPSWG 'URCC TGEQPQEG NC UQDGTCPC RQTVWIWGUC UQDTG NCU KUNCU 5CNXCLGU WP FKOKPWVQ CTEJKRKNCIQ FGUJCDKVCFQ GP GN #VNPVKEQ C MKNOGVTQU CN PQTVG FG %CPCTKCU [ C CNUWT FG /CFGKTC UG QRQPG C NC RTGVGPUKP FG 2QTVWICN FGGUVCDNGEGT WPC \QPC GEQPOKEC GZENWUKXC

PWPEKCFQ C UWU RTGVGPUKQPGU FG UQDGTCPC 2QT QVTC RCTVG/CTTWGEQU TGENCOC KPHQTOCNOGPVG NC EGUKP FG NCU EKWFCFGU CWVPQOCU %GWVC [ /GNKNNC CU EQOQ NCU FGPQOKPCFCU RNC\CU FG UQDGTCPC GP GN EQPVKPGPVG CHTKECPQ #NIWPQU OQXKOKGPVQU KTTGFGPVKUVCU GP /CTTWGEQU EQOQ GN2CTVKFQ +UVKSNCN TGENCOCP NC KPENWUKP GP GN FGPQOKPCFQ(SBO .BSSVFDPT FG NCU KUNCU %CPCTKCU=?

(O FDVR GHO 6DKDUD

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*DQDGHUD

'P GURGEKCN NC QXKPC [ NC RQTEKPC VKGPG WPC KORQTVCPVGVTCUEGPFGPEKC GEQPOKEC 'P NC ECDCC ICPCFGTCEQPVCDC EQP OKNNQPGU FG ECDG\CU FG ICPCFQ QXKPQ OKNNQPGU FG ICPCFQ RQTEKPQ OKNNQPGU FG ICPCFQXCEWPQ OKNNQPGU FG ICPCFQ ECRTKPQ ECDG\CU

$BSUFM QVCMJDJUBSJP EF VOB DPNQBB CPEFHVFSB DPOWFSUJEP FOVOB JNBHFO JDPOPHSDB EFM UPSP EF MJEJB

FG ICPCFQ ECDCNNCT [ OKNNQPGU FG CXGU FG EQTTCN 'P'URCC UG RTQFWLGTQP EGTEC FG OKNNQPGU FG MI FG OKGNGP GN CQ

6LOYLFXOWXUD \ SHVFD

'N EQTEJQ GU GN RTKPEKRCN TGEWTUQ HQTGUVCN FG 'URCC [ GP NC RTQFWEEKP HWG FG VQPGNCFCU .C RTQFWEEKP FG RWNRC FG RCRGN [ OCFGTC FG NQU DQUSWGU GURCQNGUGU KPUWEKGPVG RCTC EWDTKT NCU PGEGUKFCFGU FGN RCU.C KPFWUVTKC RGUSWGTC GU OGPQU KORQTVCPVG JQ[ RCTC NCGEQPQOC GURCQNC SWG GP VKGORQU RCUCFQU C RGUCT FGSWG QEWRC NQU RTKOGTQU RWGUVQU GPVTG NQU RCUGU GWTQRGQUVCPVQ RQT GN XQNWOGP FG UW QVC EQOQ GN FG NCU ECRVWTCU.C ECRVWTC CPWCN CUEGPFK C OKNNQPGU FG VQPGNCFCU GP [ GUVCDC HQTOCFC RTKPEKRCNOGPVG RQT CVP FGCNOCFTCDC 'URCC RGUEC GN FG NCU ECRVWTCU VQVCNGU FG NC 7' ECUK V UKGPFQ GN UGIWPFQ RTQFWEVQTOWPFKCN ECNCOCTGU OGTNW\C UCTFKPCU 8KIQ G +UNC %TKUVKPC CPEJQCU RWGTVQU FGN %CPVDTKEQ ECDCNNC RGUECFKNNC [ OGLKNNQPGU &GUFG JCEG WPCU FECFCU NC CEWKEWNVWTC

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0LQHUD

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&$0/0."

$PSUB "UBMBZB FO MBT .JOBT EF 3JPUJOUP )VFMWB

[GUQ [ DCTTKNGU FG RGVTNGQ ETWFQ CN CQ'P NQU RTKPEKRCNGU RTQFWEVQU OKPGTQU GPGTIVKEQUHWGTQP GN NKIPKVQ [ NC JWNNC GPVTG NQU OKPGTCNGU OGVNKEQUFGUVCE GN EKPE [ GPVTG NCU TQECU [ OKPGTCNGU KPFWUVTKCNGUNC UCN EQOP [ NCU CTEKNNCU GURGEKCNGU .CU RTKPEKRCNGU OKPCU FG ECTDP GUVP GP NC RTQXKPEKC FG#UVWTKCU GP GN PQTVGFG NC RTQXKPEKC FG .GP [ GP NC RTQXKPEKC FG 6GTWGN NQURTKPEKRCNGU FGRUKVQU FG OKPGTCN FG JKGTTQ UG GPEWGPVTCPCNTGFGFQT FG 5CPVCPFGT [ $KNDCQ #NOCFP GP NC RTQXKPEKC FG %KWFCF 4GCN HWG OW[ RTQFWEVKXC GP NC GZVTCEEKPFGOGTEWTKQ [ #PFCNWEC FGUVCEC RQT NC OKPGTC OGVNKECEQP OU FG NC OKVCF FG NC RTQFWEEKP FGN RCU

,QGXVWULD

(SBO 5FMFTDPQJP $BOBSJBT QFSUFOFDJFOUF BM *OTUJUVUP EF "TUSPGTJDB EF $BOBSJBT FO MB JTMB EF -B 1BMNB

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GPGTIVKEQU OU KORQTVCPVGU FGN RCU [ SWG JC TGEKDKFQ NCOC[QT KPXGTUKP GP KPFWUVTKC FG NC JKUVQTKC FG 'URCC=?

7XULVPR

.BSCFMMB

#FOJEPSN VOP EF MPT NBZPSFT EFTUJOPT UVSTUJDPT EF MB DPTUB EF&VSPQB

'URCC GP GN HWG GN EWCTVQ RCU FGNOWPFQ GP TGEKDKTOU VWTKUVCU GZVTCPLGTQU UGIP FCVQU FG NC 1TICPK\CEKP/WPFKCN FG 6WTKUOQ RQT FGVTU FG (TCPEKC 'UVCFQU 7PKFQU [ %JKPC FKUHTWVCPFQ FG WPC EWQVC FGN FGN VWTKUOQ OWPFKCN [ TGRQTVPFQNG OKNNQPGU FG GWTQU NQSWG UWRQPG WP OU SWG GP [ NC UKVC GP UGIWPFC RQUKEKP GP KPITGUQU GEQPOKEQU RQT FGVTU FG 'UVCFQU 7PKFQU [ RQT FGNCPVG FG (TCPEKC %JKPC G +VCNKC=?

&WTCPVG GN %CVCNWC HWG GN RTKOGT FGUVKPQ VWTUVKEQFG 'URCC .QU OKNNQPGU FG VWTKUVCU SWG TGEKDK UWRQPGP WP FGN VQVCN FG NCU NNGICFCU TGIKUVTCFCU CN RCU [TGRTGUGPVCP WP KPETGOGPVQ FGN TGURGEVQ CN OKUOQRGTQFQ FGN CQ CPVGTKQT=?

'N UGIWPFQ FGUVKPQ VWTUVKEQ FG 'URCC HWGTQP NCU KUNCU$CNGCTGU SWG TGEKDKGTQP OKNNQPGU FWTCPVG GN WP OU SWG GN CQ CPVGTKQT .CU KUNCU %CPCTKCUEQP OKNNQPGU FG VWTKUVCU WP OGPQU SWG GNCQ CPVGTKQT GU GN VGTEGT FGUVKPQ VWTUVKEQ RQT FGNCPVG FG#PFCNWEC SWG CNECP\ NQU OKNNQPGU WP OGPQU NC %QOWPKFCF 8CNGPEKCPC EQP OKNNQPGU WP OU [ /CFTKF SWG TGEKDK OKNNQPGU FG VWTKUVCU

WP OU=? %CDG UGCNCT SWG NC ECRKVCN GURCQNCCNDGTIC NC UGFG FG NC 1TICPK\CEKP /WPFKCN FGN 6WTKUOQ

$SJTJT FDPONJDB

0RQHGD \ EDQFD

#PMTB EF 7BMPSFT EF .BESJE

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&RPHUFLR H[WHULRU

'P 'URCC KORQTV RTQFWEVQU RQT XCNQT FG OKNNQPGU FG GWTQU [ NCU GZRQTVCEKQPGU CUEGPFKGTQPC OKNNQPGU FG GWTQU EQP WP UCNFQ EQOGTEKCNFG OKNNQPGU FG NC OKUOC OQPGFC=?=? 'PVTG NCU RTKPEKRCNGU KORQTVCEKQPGU [ GZRQTVCEKQPGU UG GPEQPVTCDCP OGFKQ CODKGPVG [ RTQFWEEKP GPGTIVKEC VGEPQNQIC KPFWUVTKCN KPFWUVTKC SWOKEC RTQFWEVQU SWOKEQU OQFC OCVGTKCU RTKOCU UGOKOCPWHCEVWTCU [ RTQFWEVQU KPVGTOGFKQU GPVTG QVTQU=?=? .QU RTKPEKRCNGUKPVGTECODKQU EQOGTEKCNGU FG 'URCC VKGPGP NWICT EQP NQUFGOU RCUGU FG NC 7PKP 'WTQRGC FGUVCECPFQ (TCPEKC#NGOCPKC +VCNKC 2QTVWICN 4GKPQ 7PKFQ [ NQU RCUGU FGN$GPGNWZ 'UVCFQU 7PKFQU GP #OTKEC #TIGNKC GP HTKEC[ %JKPC GP #UKC=?=? .QU KPITGUQU RQT VWTKUOQ TQ\CTQP NQU OKNNQPGU FG GWTQU [ GN POGTQ FG RGTUQPCUSWG XKUKV GN RCU GP GUG OKUOQ CQ HWG FG WPQU OKNNQPGU OKGPVTCU SWG NQU GURCQNGU ICUVCTQP GP UWU FGURNC\COKGPVQU CN GZVGTKQT WPQU OKNNQPGU FG GWTQU EQPWPC FKHGTGPEKC HCXQTCDNG FG OKNNQPGU FG NC OKUOC

&VSP[POB

OQPGFC SWG C[WFCTQP C EQORGPUCT GN FEKV FG NC DCNCP\CEQOGTEKCN GURCQNC=?

&ULVLV HFRQPLFD

&WPMVDJO BDVNVMBEB