Paper to be presented at the DRUID 2012
on June 19 to June 21
at
CBS, Copenhagen, Denmark,
Rock ?n Roller Coaster: An Explorative Study on the Evolution of the European Steel Roller Coaster Industry Bram Timmermans Aalborg University DRUID/IKE, Department of Business and Management [email protected]
Rudi Bekkers Technical University Eindhoven ECIS, Department of Industrial Engineering and Innovation Sc [email protected]
Luca Bordoli Aalborg University Department of Business and Management [email protected]
Abstract This article investigates the 50 years evolution of the European steel roller coaster industry, which can be classified as a complex products systems (CoPS) industry. This industry is characterized as a non-shake out industry where entry can be divided in three waves, i.e. early diversifiers, new technological entrants, and late diversifiers and spin-off dynamics. Diversified entry can be further separated in firms with market relatedness, i.e. firms that have been active in the amusement industry prior to entry, and technological relatedness, i.e. firms that have experience from different industries but their technological competences enable them to manufacturing (often technological more advanced) steel roller coaster. Despite the fact that this industry is a non-shake out industry, we observe acquisition of the intangible and tangible assets of those firms that (are close to) exit by the firms that remain in the industry, which might be considered a sign of industry resilience.
Jelcodes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`.!G%!G2))!23'&5,0-%!'(%! -*+%!56!'(%!&5))%&!-5*+'%&!23,0+'&:!G(%&%!G%!1&%+%3'!'(%!/%'(5,!4:!G(2-(!G%!2,%3'262%,! '(%!&%)%$*3'!62&/+7!Y3!X%-'253!P.!G%!1&%+%3'!'(%!%/12&2-*)!*3*):+2+!53!'(%!Z0&51%*3!+'%%)! &5))%&!-5*+'%&!23,0+'&:.!G(2-(!23-)0,%+a!*!9%3%&*)!5$%&$2%G!53!'(%!(2+'5&:!56!'(%!&5))%&! -5*+'%&?! '(%! 9%3%*)592-*)! '&%%! 56! '(%! Z0&51%*3! &5))%&! -5*+'%&! 23,0+'&:?! '(%! ,266%&%3'! /5,%+! 56! %3'&:?! '(%! K35G)%,9%! ,%$%)51/%3'.! G(2-(! 2+! ,53%! 4:! )55K239! *'! '(%! 62&/L+! 1*'%3'! 15&'65)25?! *3,! '(%! %V2'! 56! '(%+%! 62&/+7! [23*)):.! 23! X%-'253! M.! G%! G2))! ,2+-0++! '(%! 623,239+!56!'(2+!+'0,:!*3,!1&5$2,%!,2&%-'253+!65&!60'0&%!&%+%*&-(7!
, -./&%0+
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b! &%-%2$%&+! ;<)%11%&! *3,! X2/53+.! =>>>E.!G23,!'0&423%+!;Q%3S%)!*3,!<*//%&.!=>""E.!'0&45H1&51!%3923%+!;@53*--5&+2!*3,! c20&2.!=>>>E.!*3,!*0'5/542)%+!;<)%11%&!=>>>.!@5+-(/*!%3!A%3'239.!=>>B.!C*3'%&!=>>DE7! Q5+'! 56! '(%+%! +'0,2%+! 6%*'0&%! *3! 23,0+'&:! '(*'! %$5)$%+! 23! )23%! G2'(! '(%! '&*,2'253*)! )26%! -:-)%!/5,%).!4*+%,!53!'(%!%*&)2%&!G5&K!56!J''%&4*-K!*3,!I4%&3*'(:!;"DBME!]!G(2-(!(*+!*! &%/*&K*4)%!&%+%/4)*3-%!G2'(!*3!%*&)2%&!/5,%)!4:!T2&+-(!;"DRME7!8(%+%!/5,%)+!-53+2+'! 56!'(&%%!+'*9%+7!8(%+%!+'*9%+!*&%a!;2E!'(%!232'2*)!9&5G'(!+'*9%.!56'%3!232'2*'%,!4:!*!&*,2-*)! 2335$*'253.!,0&239!G(2-(!'(%!30/4%&!56!62&/+!23!'(%!23,0+'&:!23-&%*+%+?!;22E!'(%!1%&25,!56! +(*K%50'! G(%&%! '(%! '5'*)! 30/4%&! 56! 62&/+! ,%-&%*+%+! ,0%! '5! '(%! %V2'! 56! 1&5,0-%&+! 40'! *)+5!,0%!'5!6%G%&!%3'&2%+.!1*&'):!*''&240'%,!'5!'(%!%/%&9%3-%!56!*!,5/23*3'!,%+293?!*3,! 623*)):.!;222E!'(%!+'*9%!56!+'*42)2':!5&!/*'0&2':.!,0&239!G(2-(!'(%!30/4%&!56!62&/+!,5%+!35'! -(*39%!+04+'*3'2*)):!*3,!'(%!65-0+!+(26'+!6&5/!1&5,0-'!2335$*'253!'5!1&5-%++!2335$*'2537! Y3!'(%+%!+'0,2%+!'(%!,&2$239!65&-%!56!'(%!)26%!-:-)%!1*''%&!2+!+(*1%,!4:!$*&250+!65&/+!56! K35G)%,9%.!27%7!1&%!%3'&:!K35G)%,9%.!K35G)%,9%!54'*23%,!*6'%&!%3'&:!*3,!23!1*&'2-0)*&! '(%! K35G)%,9%! '(*'! 2+! 54'*23%,! ,0&239! 2335$*'2$%! *-'2$2'2%+! ;C*3'3%&! %'! !"#.! =>>DE7!
! =! C53+%N0%3'):.!'(%+%!+'0,2%+!*&%!65-0+%,!53!'(%!2,%3'262-*'253!56!,2+'23-'2$%!%$%3'+!'(*'! 5--0&!,0&239!'(%!)26%!56!*3!23,0+'&:.!/5+'!35'*4):!'(%!,:3*/2-+!56!%3'&:!*3,!%V2'7!
,1!1! 7#$%0+8&'/2+9#'+:%/;/#$%0+/<:/%*/#)/+ #3%! 56! '(%+%! -5&%! %$%3'+! 2+! '(%! %3'&:! 56! 62&/+! 23'5! '(%! 23,0+'&:7! T5G%$%&.! G(*'! -53+'2'0'%+!62&/!%3'&:!2+!35'!'(*'!%*+2):!,%623%,7!85!2))0+'&*'%!'(%!,266%&%3'!G*:+!56!%3'&:! T*33*3!%'!!"#!;"DDUE!)2+'%,!*!+%'!56!%3'&:!/5,%+!23!'(%!*0'5/542)%!23,0+'&:.!27%7a!;2E!$%& '()(& 6503,239.! ;22E!$%& !"*(! %3'&:.! ;222E!/%&9%&.! ;2$E!*-N02+2'253.! ;$E!&%+'*&'! *6'%&! 4*3K&01'-:.!;$2E!&%H%3'&:.!5&!;$22E!+1)2'!56!62&/+7!I35'(%&!':15)59:!56!%3'&:.!1*&'2-0)*&):! 1510)*&!*/539!+-(5)*&+!23!)26%!-:-)%!'(%5&:.!2+!'(*'!56!T%)6*'!*3,!d2%4%&/*3!;=>>=E7!Y'!2+! +0//*&2S%,!23!8*4)%!"7! -9=6/+!>+-0:&6&?0+&4+4*%8@2+/#$%0+
7#$%9#$+-0:/+ A&'/+&4+7#$%0+ B9%/#$+5&8:9#0+ CD#/%2.*:+ _2$%&+26:239!Z3'&*3'! Y3'%&3*)!c&5G'(! [0))! I-N02+2'253! [0))! W*&%3'!C5/1*3:!I-'2$2':! e523'!b%3'0&%! W*&'2*)! W*&%3'!X123H566! W*&'2*)! [&*3-(2+%! W*&'2*)! +%&,()(!Z3'&*3'! Z3'&%1&%3%0&2*)!X123H566! O53%! ZV1%&2%3-%,!X'*&'H01! O53%! Y3%V1%&2%3-%,!X'*&'H01! O53%!
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c55,!]!40'!*)+5!'(%!4*,!]!&50'23%+! -*3!4%!'&*3+6%&&%,!6&5/!65&/+!23'5!'(%2&!+123H566+!;_*()!*3,!^%2-(+'%23.!=>>RE7! @0'!'(%!N0%+'253!G(2-(!65&/!56!%3'&:!2+!'(%!/5+'!-5//53!;5&!/5+'!+0--%++60)E!53%!2+! 35'!+5!+'&*29('65&G*&,!'5!*3+G%&7! I+!(29()29('%,!4:!@5+-(/*!*3,!A%3'239!;=>>BE.!23! '(%!%*&):!+'*9%!56!23,0+'&:!,%$%)51/%3'!2'!2+!/5+'!)2K%):!'(*'!,2$%&+262%,!%3'&:!G2))!1)*:!*! /5&%!2/15&'*3'!&5)%!'(*3!+123H5667!8(2+!-*3!4%!%V1)*23%,!4:!'(%!6*-'!'(*'!'(%&%!*&%!35'! '(*'!/*3:!62&/+!G2'(!%V1%&2%3-%!23!'(%!23,0+'&:7!Y3!'(%!)*'%&!+'*9%+.!G(%3!'(%!23,0+'&:!2+! /5&%!%+'*4)2+(%,.!%3'&%1&%3%0&2*)!+123H566+!G2))!5--0&!/5&%!6&%N0%3'):7!T5G%$%&.!G(2-(! 65&/!56!%3'&:!'(*'!%$%3'0*)):!G2))!,5/23*'%!'(%!23,0+'&:!G2))!,266%&!6&5/!53%!23,0+'&:!'5!
! `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
,1!1, 7<*$+8&'/2+9#'+:&2$;/<*$+E#&D6/'?/+46&D2+ [2&/!%V2'!2+!*35'(%&!-5&%!%$%3'!23!03,%&+'*3,239!'(%!%$5)0'253!56!*3!23,0+'&:7!8(0+.!23! *,,2'253!'5!'(%!1&%H%3'&:!-(*&*-'%&2+'2-+!56!62&/+.!2'!2+!%N0*)):!2/15&'*3'!'5!-53+2,%&!'(%! -(*&*-'%&2+'2-+!56!%V2'7!T*33*3!%'!!"#!;"DDUE!(*$%!)2+'%,!*!30/4%&!56!G*:+!23!G(2-(!*!62&/! -*3! %V2'! '(%! 1510)*'253! 56! 62&/+.! 27%7a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a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a! ;2E!'(%!/542)2':!56!%/1)5:%%+!;X539!%'!!"#.!=>>`E.!G(2-(!*)+5!5--0&!G2'(!'(%!-&%*'253!56! +123H566+!;I9*&G*)!%'!!"#.!=>>PE?!;22E!'(%!'&*3+6%&!56!23'%))%-'0*)!1&51%&':!&29('+!;Q5G%&:! %'! !"#.! "DDR?! T5%'K%&! *3,! I9*&G*).! =>>BE.! *3,! ;222E!'(%! '&*3+6%&! 56! /*-(23%&:! *3,! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"!A(2-(!2+!*-'0*)):!53%!56!'(%!-(*&*-'%&2+'2-+!56!*!353H+(*K%50'!23,0+'&:!;<)%11%&.!"DDBE7!
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d%$23'(*).! "DD>E7!T5G%$%&.!'(%!,%9&%%!'5!G(2-(!'(%!'*3924)%!*3,!23'*3924)%!*++%'+!56!%V2'239!62&/+! *&%! 1&%+%&$%,! -*3! *)+5! *-'! *+! *3! 23,2-*'5&! 53! '(%! &%+2)2%3-%! 56! '(%! 23,0+'&:.! G(%&%! &%+2)2%3-%! 2+! ,%623%,! *+a! =6>%&0!?!0*6@&(5&!&3@36%8&6(&!23(/2&$*36./2!'0%&!'$&/%(/A!'*B%& C>*"%& .'$%/A(*'A& 0>!'A%& 3(& !3& 6(& 36*""& /%6!*'& %33%'6*!""@& 6>%& 3!8%& 5.'06*('D& 36/.06./%D& *$%'6*6@D&!'$&5%%$2!0E3F!;A*)K%&!%'!!"7.!=>>P.!17!ME7!
,1, F6$/%#9$/+3*4/+50)6/+B9$$/%#2+ A(2)%! '(%! f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g,5/23*3'! ,%+293+h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c20&2.! =>>>Ea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
! M! ;@53*--5&+2!*3,!c20&2.!=>>>E.!*3,!'(%!'%)%-5//032-*'253+!23,0+'&:!;+%%!'(%!23'%&%+'239! *--503'!56!'(2+!+%-'5&!*&503,!I*)45&9!23!_*()!%'!!"#.!=>""E7!#$%&*)).!'(%!,%'%&/23*3'+!56! '(%+%!*)'%&3*'2$%!%$5)0'253*&:!1*'(+!*&%!53):!&%-%3'):!4%239!23$%+'29*'%,!;<)%11%&!*3,! 8(5/1+53!=>>BE7!
,1,1! 5&8:6/<+B%&'()$+G02$/82+ Q*3:!62&/+!'(*'!(*$%!+%$%&*)!56!'(%!*45$%H/%3'253%,!-(*&*-'%&2+'2-+!*&%!-*'%95&2S%,!*+! 4%239!*-'2$%!23!'(%!+5H-*))%,!C5WX!23,0+'&2%+7!C5WX!*&%!(29(!-5+'.!%3923%%&239H!23'%3+2$%! 1&5,0-'+.!+:+'%/+.!3%'G5&K+!*3,!-53+'&0-'+!;T54,*:.!"DDU.E7!8(%!1&5,0-'+.!+:+'%/+!*3,! -53+'&0-'+! 56'%3! 23-)0,%! (29(H'%-(35)59:! 1&5,0-'! -5/153%3'+! *3,! (*$%! '(%! 65))5G239! -(*&*-'%&2+'2-+! ;T54,*:.! "DDU?! \%5! *3,! ^%3.! =>>DEa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a!
• [2&+'.!G(*'!*&%!'(%!1*''%&3+!56!%3'&:!*3,!%V2'!56!62&/+!23!'(%!Z0&51%*3!+'%%)!&5))%&! -5*+'%&!23,0+'&:!*3,!(5G!-*3!'(2+!,%$%)51/%3'!4%!-(*&*-'%&2S%,i!
• X%-53,.! (5G! ,5%+! '(%! 1&%H%3'&:! %V1%&2%3-%! 56! 62&/+! *66%-'! '(%! 60&'(%&! 1&5,0-'! ,%$%)51/%3'!23!'(%!23,0+'&:i!
• 8(2&,.!26!62&/+!%V2'.!G(*'!(*11%3+!'5!'(%2&!'%-(35)592-*)!-5/1%'%3-%+i!
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j5&!,%+293%,!+'%%)!&5))%&!-5*+'%&+E7![5&! %*-(!56!'(%+%!62&/+!G%!'&2%,!'5!2,%3'26:!'(%!:%*&!23!G(2-(!'(%!62&/!G*+!6503,%,!*3,!'(%! :%*&!23!G(2-(!'(%!62&/!/*306*-'0&%,!*3,j5&!,%+293%,!2'+!62&+'!+'%%)!&5))%&!-5*+'%&!;'(%! :%*&!56!6503,239!/29('!35'!4%!'(%!+*/%!*+!%3'&:!23'5!'(%!23,0+'&:E7!Y3!*,,2'253.!G%!*)+5! '&2%,!'5!2,%3'26:!G(%'(%&!'(%!62&/!2+!+'2))!*-'2$%!*3,!]!26!35'!]!'(%!:%*&!23!G(2-(!'(%!62&/! ,%603-'!;+%%!/5&%!4%)5G!53!50&!,%6232'253+E7!8(%!+%-53,!+'%1!G*+!'5!2,%3'26:!'(%!1&%H %3'&:! *-'2$2'2%+! 56! '(%! 62&/! *3,! 2'+! 6503,%&+! +5! G%! -*3! 2,%3'26:! '(%! ':1%! 56! %3'&:! *--5&,239!'5!'(%!-*'%95&2S*'253!1&%+%3'%,!23!8*4)%!"7![23*)):.!G%!*)+5!23$%+'29*'%!23!/5&%! ,%'*2)!G(*'!(*11%3+!'5!'(5+%!62&/+!'(*'!%V2'7!T5G%$%&.!G%!G2))!+'*&'!4:!,%+-&24239!'(%!
! R! (2+'5&:!56!'(%!&5))%&!-5*+'%&!*3,!2,%3'26:239!'(%!2/15&'*3'!'%-(35)592-*)!*,$*3-%+!'(*'! *&%!/*,%!23!'(%!23,0+'&:7!
H1! "'/#$*40*#?+$./+7(%&:/9#+G$//6+J&66/%+5&92$/%+K*%82+ 85! 60&'(%&! *3*):S%! '(%! %/%&9%3-%! *3,! ,%$%)51/%3'! 2'! 2+! 2/15&'*3'! '5! 2,%3'26:! '(%! &%)%$*3'! 62&/+! 23! '(2+! +1%-262-! 23,0+'&:7! 85! ,5! +5.! G%! 0+%! '(%! 53)23%! ^5))%&! C5*+'%&! _*'*4*+%!;^C_@E!*+!*!1523'!56!,%1*&'0&%7!8(2+!,*'*4*+%!2+!*!+%)6H1&5-)*2/%,!-%3+0+!53! &5))%&! -5*+'%&+! *3,! 1&5$2,%+! *! ,%+-&21'253! 53! *11&5V2/*'%):! M.M>>! &5))%&! -5*+'%&+! 1&5,0-%,!G5&),G2,%!23!*!1%&25,!-5$%&239!"UP`!03'2)!=>"=7=!8(%!2365&/*'253!'(*'!-*3!4%! 54'*23%,!6&5/!'(2+!,*'*4*+%!*&%a!;2E!'(%!+'*'0+!56!'(%!&5))%&!-5*+'%&.!23-)0,239!'(%!:%*&!23! G(2-(!'(%!-5*+'%&!51%3%,.!G(%'(%&!'(%!-5*+'%&!2+!+'2))!51%&*'253*)!*3,!]!26!35'!]!23!G(*'! :%*&!2'!-)5+%,!,5G3.!;22E!'(%!)5-*'253!G(%&%!'(%!-5*+'%&!2+!51%&*'239.!23-)0,239!'(%!3*/%! 56! '(%! */0+%/%3'! 1*&K! '(*'! 5G3+! ]! 5&! (*+! 5G3%,! ]! '(%! -5*+'%&.! ;222E! '(%! '%-(32-*)! +1%-262-*'253+!56!'(%!&5))%&!-5*+'%&.!23!$*&250+!':15)592%+.!*3,!;2$E!2365&/*'253!53!G(5! ,%+293%,!*3,j5&!/*306*-'0&%,!'(%!-5*+'%&.!*3,!,%'*2)+!53!'(*'!1*&':7![5&!'(2+!+'0,:!G%! *&%! /*23):! 23'%&%+'%,! 23! '(%! 62&/+! '(*'! '(*'! *&%! )2+'%,! 23! '(%! ,*'*4*+%! *3,! G(5! *&%! 23$5)$%,! 23! '(%! 1&5,0-'253j,%+293! 56!+'%%)! &5))%&! -5*+'%&+.! 23! '(%! -503'&:! G(%&%! '(%+%! 62&/+!*&%!)5-*'%,.!'(%!23!'(%!':1%!56!&5))%&!-5*+'%&!'(%!62&/!1&5,0-%+.!*3,!'(%!30/4%&!56! &5))%&! -5*+'%&+! '(%+%! 62&/+! G%&%! 23$5)$%,! 237! Y3! '5'*)! G%! -50),! 2,%3'26:! M"!Z0&51%*3! 62&/+!6&5/!'(2+!,*'*4*+%7!
H1, G/6/)$*#?+$./+4*#96+:&:(69$*&#+&4+4*%82+ I!-)5+%&!23+1%-'253!53!'(%!*-'2$2'2%+!56!'(%+%!62&/+!&%$%*)%,!'(*'!'(%&%!2+!*!)*&9%!,%9&%%!56! ,2$%&+2':?!65&!'(*'!&%*+53.!G%!,2$2,%,!'(%+%!62&/+!23!650&!-*'%95&2%+!;+%%!8*4)%!=E7!Y3!'(%! 62&+'!-*'%95&:!;IE!G%!1)*-%!'(%!62&/+!'(*'!(*$%!,%+293%,!*3,j5&!/*306*-'0&%,!*'!)%*+'! 53%! &5))%&! -5*+'%&! &2,%7! A2'(23!'(2+!-*'%95&:!'(%&%!2+!*!)*&9%!(%'%&59%3%2':!*/539! '(%! 62&/+7! X5/%! 62&/+! /*306*-'0&%! %V'&%/%! &2,%+! G(2)%! 5'(%&+! 53):! 1&5,0-%! *3,! ,%+293! 6*/2):!-5*+'%&!*3,!fK2,,2%!&2,%+L7!8(%!62&/+!1)*-%,!23!'(%!+%-53,!-*'%95&:!;@E!1&5,0-%! &%)*'%,!*/0+%/%3'!&2,%+!;40'!35!&5))%&!-5*+'%&+E!23!$*&:239!,%9&%%+!56!-5/1)%V2':.!+0-(! *+!)59!6)0/%+!5&!+1)*+(!&2,%+.!,&51!'5G%&+.!*3,![%&&2+!G(%%)+7!8(%+%!62&/+!51%&*'%!53!'(%! +*/%! %3,H0+%&! /*&K%'! *3,! &%):! 53! *! +2/2)*&! -0+'5/%&H4*+%! *+! '(%! &5))%&! -5*+'%&! /*306*-'0&%&+!23!-*'%95&:!;IE7!Y3!'(%!3%V'!-*'%95&:!;CE!G%!623,!62&/+!'(*'!*&%!35'!*-'2$%! 23! '(%! */0+%/%3'! &2,%! 23,0+'&:7! Y3+'%*,! '(%+%! 62&/+! 1&5,0-%! *3,j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
=!8(%!53)23%!,*'*4*+%!-*3!4%!6503,!53!GGG7&-,47-5/7! ! B! K%:! %/1)5:%%+! ;%797! %3923%%&+E! (*$%! )%6'! '(%+%! 62&/+! '5! +'&%39'(%3! '(%! %V2+'239! &5))%&! -5*+'%&!*-'2$2'2%+!5&!,2$%&+26:!23'5!'(%!/*306*-'0&239!5&!,%+293!56!&5))%&!-5*+'%&!&2,%+!56! C*'%95&:! I! 62&/+7! _0%! '5! '(%+%! &%N02&%/%3'! G%! %3,! 01! G2'(a! P"!62&/+! 23! C*'%95&:!I?! "R!62&/+!23!C*'%95&:!@?!323%!62&/+!23!C*'%95&:!C?!*3,!650&!62&/+.!*))!*-'2$%!23!'(%!+*)%+!56! &5))%&!-5*+'%&+.!23!C*'%95&:!_7! -9=6/+,>+59$/?&%*/2+&4+K*%82+
59$/?&%0+F+ 59$/?&%0+L+ 59$/?&%0+5+ 59$/?&%0+I+ G(""%/&H(!36%/& -.??"*%/3&(5&?/($.063& I*/83&*'&6%0>'("(A@J -%/)*0%&?/()*$%/3& 3.??"*%/3& *'&/%"!6%$&8!/E%63&& /%"!6%$&*'$.36/*%3& [2&/+!'(*'!*&%! [2&/+!'(*'! [2&/+!'(*'! [2&/+!'(*'!1&5$2,%! /*306*-'0&%!*3,j5&! /*306*-'0&%!*3,j5&! /*306*-'0&%!*3,j5&! +%&$2-%+!&%)*'%,!'5! ,%+293!56!&5))%&! ,%+293!56!+2/1)%!*3,! ,%+293!56!1&5,0-'+! '(%!1&5,0-'253!56! -5*+'%&+!$*&:239!6&5/! -5/1)%V!*/0+%/%3'! '(*'!*&%!4*+%,!53! &5))%&!-5*+'%&7! +2/1)%!'5!-5/1)%V! &2,%+!%V-)0,239!&5))%&! +2/2)*&!'%-(35)592%+7! &2,%+7! -5*+'%&7!
K@?%&(5&?/($.063L3%/)*0%3&
• X'%%).!'040)*&.!*3,! • d59!6)0/%+! • 8&*3+15&'*'253! • X1%-2*)2S%,! G55,%3!-5*+'%&+! • _&51!'5G%&! +:+'%/+.!%797a! +011)2%&+! • 8(&2))!&2,%+.!6*/2):! • [%&&2+!G(%%)+! • /535&*2)+! • I++%/4):!56!&5))%&! &2,%+.!K2,,2%!&2,%+7! • #-'510+! • 953,5)*+! -5*+'%&+! • W5G%&%,!-5*+'%&+!! • C*&50+%)! • &51%G*:+! • 8(%/239!56!&5))%&! • X2'!,5G3.!+'*3,! • @0/1%&!-*&+! • X'%%)!-5/153%3'+!! -5*+'%&+! 01.!+0+1%3,%,.! • Z'-7! • Z3923%%&239! • ^5))%&!-5*+'%&! 23$%&'%,.!%'-7! -53+0)'*3-:! '&*,%&! • Z'-7! • Z'-7! • Z'-7! ,.82%/&(5&H(8?!'*%3&*'&(./&I*'!"&-%6& ,MNO& ,MOP& ,MQ& ,MN&
,(6%1&5*/83&!/%&'(6&"*8*6%$&6(&2%&!06*)%&*'&('"@&('%&0!6%A(/@&
M -./+7N&6($*&#+&4+$./+7(%&:/9#+G$//6+J&66/%+5&92$/%+"#'(2$%0+
M1! -./+O*2$&%0+&4+$./+J&66/%+5&92$/%+*#+9+P($2./66+ 8(2+! +'0,:! 65-0+%+! 53! '(%! ,%$%)51/%3'! 56! '(%! Z0&51%*3! +'%%)! &5))%&! -5*+'%&! 23,0+'&:! 6&5/!23'&5,0-'253!56!'(%!62&+'!+'%%)!&5))%&!-5*+'%&!23!"DM`!03'2)!=>""7!T5G%$%&.!'(%!5&2923! 56! '(%! &5))%&! -5*+'%&! ,*'%+! 4*-K! -%3'0&2%+! %*&)2%&7! I--5&,239! '5! (2+'5&2-*)! &%-5&,+.! %797! C*&'/%))!;"DUBE!*3,!d*36%&!;"DDUE.!'(%!-53-%1'!56!'(%!&5))%&!-5*+'%&!-*3!4%!,*'%,!4*-K! '5!"M'(!-%3'0&:!^0++2*.`!G(2)%!'(%!62&+'!-5//%&-2*)!&5))%&-5*+'%&!G*+!23'&5,0-%,!]!*3,! 1*'%3'%,! ]! 4:! d*Q*&-0+! 8(5/1+53.! 23! "UUP7P!T5G%$%&.! '(%! &%*+53! G(:! G%! +'*&'! ,%+-&24239! '(%! %3'&:! 56! 62&/+! 6&5/! "DM`! 2+! ,0%! '5! *! +293262-*3'! -(*39%! 23! '(%! /*306*-'0&239!1&5-%++!-*0+%,!4:!'(%!+(26'!6&5/!G55,!'5!+'%%)7!A(%3!402),239!*!G55,%3! &5))%&! -5*+'%&.! *! ,%+293%&! G50),! ':12-*)):! -53'*-'! 53%! 5&! +%$%&*)! )5-*)! -53+'&0-'253! -5/1*32%+! '5! 402),! -5*+'%&! 53! +2'%! *3,! 23! /*3:! -*+%+! '(%! -53+'&0-'253! 56! '(%! &5))%&! -5*+'%&! G*+! 23! (*3,+! 56! '(%! */0+%/%3'! 1*&K! 2'+%)67! C53+%N0%3'):.! '(%! 30/4%&! 56!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
`!8(2+!2+!+'2))!&%6)%-'%,!4:!'(%![&%3-(!G5&,!65&!'&*,2'253*)!&5))%&!-5*+'%&+a!8('6!A'%3&/.33%3#! P!#3%!56!d*Q*&-0+!8(5/1+53L+!&5))%&!-5*+'%&+!2+!+'2))!51%&*'253*)!23!82$5)2!c*&,%3+.!C51%3(*9%37! ! U! -53+'&0-'253!62&/+!'(*'!-50),!4%!&%9*&,%,!*+!,%,2-*'%,!&5))%&!-5*+'%&!/*306*-'0&%&+!G*+! &*'(%&!)2/2'%,.!/*K239!2'!1&54)%/*'2-!'5!2,%3'26:!&5))%&!-5*+'%&!/*306*-'0&%&+7!A2'(!'(%! 9&*,0*)! 23'&5,0-'253! 56! +'%%)! 1*&'+! 23'5! '(%+%! /5+'):! G55,%3! &5))%&! -5*+'%&+.! '(%! /*306*-'0&239!1&5-%++!,2,!35'!-(*39%7!T5G%$%&.!'(%!23'&5,0-'253!56!&5))%&!-5*+'%&+!60)):! /*,%! 50'! 56! +'%%).! ,2,! -(*39%! '(2+! 1&5-%++.! *3,! f&%*)L.! +1%-2*)2S%,! &5))%&! -5*+'%&! 1&5,0-%&+!%/%&9%,7!O5G.!+'%%)!-5/153%3'+!G%&%!-53+'&0-'%,!23!)*&9%&!/*306*-'0&239! 1)*3'+!*3,!'&*3+15&'%,!5$%&!)539!,2+'*3-%+7!8(%!3%%,!56!)*&9%!/*306*-'0&239!1)*3'+!G*+! %$%3!/5&%!*11*&%3'!G2'(!'(%!23'&5,0-'253!56!'(%!'040)*&!&5))%&!-5*+'%&!23!'(%!%3,!56!'(%! "DM>+7!8(%+%!'040)*&!&5))%&!-5*+'%&+.!*+!'(%!3*/%!+099%+'+.!*&%!+(*1%,!4:!*!)*&9%!121%H )2K%!+'&0-'0&%!53!G(2-(!53%!-*3!%*+2):!2,%3'26:!*!'&*-K7!
M1, -./+Q/#/96&?0+&4+$./+7(%&:/9#+J&66/%+5&92$/%+"#'(2$%0+ O5G! '(*'! G%! (*$%! 2,%3'262%,! *))! '(%! 62&/+! '5!4%!23-)0,%,!23!50&!*3*):+2+! G%! G2))! 62&+'! 1&%+%3'! '(%! 5$%&*))! %$5)0'253! 56! 62&/+! 23! '(%! Z0&51%*3! &5))%&! -5*+'%&! 23,0+'&:! 23! *! 9%3%*)592-*)!'&%%7!8(2+!9%3%*)592-*)!'&%%!1&%+%3'!+%$%&*)!2/15&'*3'!%)%/%3'+!'(*'!%V1)*23! '(%!%$5)0'253!56!'(2+!1*&'2-0)*&!23,0+'&:7![2&+'!2'!+(5G+!'(%!:%*&!23!G(2-(!'(%!62&/!(*+! %3'%&%,!'(%!&5))%&!-5*+'%&!23,0+'&:7!I+!/%3'253%,!23!X%-'253!=.!'(%&%!*&%!,266%&%3'!G*:+! 23!G(2-(!62&/+!%3'%&!*!1*&'2-0)*&!23,0+'&:7![2&/+!/29('!,2$%&+26:!'(%2&!*-'2$2'2%+!*3,!'(0+! *'! *! )*'%&! 1523'! ,0&239! '(%2&! %V2+'%3-%! %3'%&! 23'5! &5))%&! -5*+'%&7! 8(%! 9%3%*)592-*)! '&%%! *))5G+!0+!'5!2,%3'26:!'(2+!,2$%&+262-*'253!+'&*'%9:!4:!1&5$2,239!2365&/*'253!53!'(%!:%*&!56! 6503,239! *3,! +%1*&*'%):! 23,2-*'239! '(%! :%*&! 23! G(2-(! '(%! 62&/! %3'%&%,! 23'5! 1&5,0-239! &5))%&!-5*+'%&!;23!+5/%!-*+%+!2'!/29('!4%!'(%!:%*&!23!G(2-(!'(%!62&+'!&5))%&!-5*+'%&!G*+! 402),E7! X%-53,.! 62&/+! /29('! (*$%! %3'%&%,! '(%! 23,0+'&:! *+! *! +123H566! ]! %2'(%&! 56! '(%! %3'&%1&%3%0&2*)!5&!'(%!1*&%3'!':1%7!8(2+!+123H566!&%)*'253+(21!2+!2,%3'262%,!G2'(!*!+'&*29('! 5&!*!,*+(%,!'(23!)23%!'(*'!-533%-'+!'(%!62&/!G2'(!'(%!1*&%3'!62&/7!@%!*G*&%!'(*'!35'!*))! 1*&%3'+! 62&/! 3%%,! '5! 4%! *-'2$%! 23! '(%! /*306*-'0&239! 56! &5))%&! -5*+'%&+7! Y3! '(2+! 9%3%*)592-*)!'&%%!G%!*)+5!,%-2,%,!'5!23-)0,%!+123H566!62&/+!'(*'!*&%!35'!*-'2$%!23!&5))%&! -5*+'%&!/*306*-'0&2397!@:!23-)0,239!'(%+%!62&/+!2'!*)+5!2))0+'&*'%+!'(*'!'(%!-5/1%'%3-%!23! 402),239!&5))%&!-5*+'%&!*)+5!)%*,+!'5!'(%!,%$%)51/%3'!56!5'(%&!'%-(35)592-*)!62%),+.!%797! '&*3+15&'*'253! +:+'%/+7! #'(%&! 5&9*32S*'253*)! ,%$%)51/%3'+! '(*'! '55K! 1)*-%! 23! '(%! 23,0+'&:! *&%! /%&9%&+! *3,! *-N02+2'253+! *3,! 5'(%&! )*&9%&! &%5&9*32S*'253+! ;%797! '(%! 65&/*'253! 56.! /*23):! Y'*)2*3.! -53+5&'20/+E7! Y6! +0-(! -(*39%+! 5--0&&%,! '(2+! 2+! 23,2-*'%,! G2'(!*!45),!)23%7![23*)):.!53%!2/15&'*3'!&%)*'253+(21!'(*'!G*+!54+%&$%,!G(%3!2,%3'26:239! '(%!62&/+!G%&%!'(%!,266%&%3'!':1%+!56!K35G)%,9%!6)5G+!'(*'!5--0&&%,!4%'G%%3!'(%!62&/+7! Y3! '(%! 9%3%*)592-*)! '&%%! G%! 65-0+%,! 53! '(%! K35G)%,9%! '&*3+6%&+! '(*'! G%&%! *++5-2*'%,! G2'(!'(%!%V2'!56!62&/+7!8(%+%!K35G)%,9%!'&*3+6%&+.!G(2-(!*&%!23,2-*'%,!G2'(!*!,5''%,!)23%.! G%&%!%2'(%&!'(%!/5$%!56!K%:!%/1)5:%%+.!5&!'(%!*-N02+2'253!56!23'%))%-'0*)!1&51%&':!&29('+7! Y3! *,,2'253! '5! '(%! 9%3%*)592-*)! &%)*'253+.! '(%&%! *&%! /*3:! 5'(%&! &%)*'253+! '(*'! %V2+'! 4%'G%%3! '(%! ,266%&%3'! 62&/+! 23! '(%! 23,0+'&:! ;+5/%! G2))! 4%! /%3'253%,! '(&509(50'! '(%! 1*1%&E7! Y3! *,,2'253! '5! +(5G! '(%! 9%3%*)592-*)! &%)*'253+.! G%! *)+5! ,2$2,%,! '(%! 62&/+! 23! ,266%&%3'! 9%59&*1(2-*)! *&%*+.! 27%7! c%&/*3:! *3,! 8(%! O%'(%&)*3,+.! XG2'S%&)*3,.! Y'*):! *3,! #'(%&! Z0&51%7!#0'+2,%!'(%+%!-503'&2%+!'(%&%!*&%!53):!*!6%G!/*306*-'0&%&+!'(*'!-*3!4%!6503,!23! '(%!5'(%&!Z0&51%*3!-503'&2%+!*3,!%$%3!'(%!/5+'!56!'(%+%!-5/1*32%+!G%3'!4*3K&01'7!
! D! !"#$%&'()'*&+&,-.#/'.0'12&'3$%.4&,+'5.--&%'6.,71&%'8+9$71%/ ! !
! &! IFFC! CHDD! !"#$%&'() \8>6:6:6MN! BCHIP! CHHR! ! ":;+!BCHIO! &! % "#$%&'(!)! E%"#34.%)@4)5&-D>-#=3) &! CHHI! &! IFFC! "85A79 ! ! "#! !"#$%&'()'*&+&,-.#/'.0'12&'3$%.4&,+'5.--&%'6.,71&%'8+9$71%/':;.+1"+$&9< ! ! ! ! ! ! ! ! ! ! ! 56CM! 5667! (/89:;/!! #>?!9@8!! >$"'?$ 356<=2! #>HH:2>8/! ! *! *+)#&'",-$&)'-#$&) I1JJ:8/J:! 9:;(!"%) *! .'"/&01#2)345587) K <==5! &/01!:80!9@8! ! 566=! 566E! )#*+, )8B1;?:;D! KLA!!!!!!!!!!!! *! ! 356EF! 3566M! *+)#&'",-$&)'-#$&) *! * <==5! .'"/&01#2)3<66=7) &/01!#1D! ! 566Q! %8G/811;/8G! 56EF! -.(!&/012! * T:H?1;P:! S:;O/2:8!&/012!!!! 345677! ! 356FF! 356Q=! *! 5667! <==;/!&/01! K*I!O:OR!D:;B! ! A>P/! 356C=! 35675! 9:;(!"%) 356<6! *! * S! ! )B:P! <===! !"#$%&'#$() )8B1;8:B/>8:P!! )%!(:;D!!!!! *+)#&'",-$&)'-#$&) 56F7! -! 356FC! .'"/&01#2)3<66=7) A-K!!!!!!!!!!! <===! * ! 3456FQ! %"A!&/012!! *! 5667! ! *! N:OO;/! A>;/:8/!L! !356C=! S! *+)#&'",-$&)'-#$&) S:;O/1;/! I>21;! * I1P!(:;D! ! .'"/&01#2)3<66A7) 356CQ! S ! >$"'?$ S ! 566M! I>21;a2!&/012! ALIK!!!!!!!!!!!! ! ! S <==7! ! * #1JU8/J:P!?:;D!! 566E! *+)#&'",-$&)'-#$&) ! .'"/&01#2)345567) 566M! +L#!AR2B1H2! *! ! *+)#&'",-$&)'-#$&) (;12B>8! .'"/&01#2)3455A7) 3567F!!! *! <===! ! *! (;12B>8!:80! @$&%$) S:;O/1;/!! *! ! ASN!!!!!!!!!!!! 566F! I>V1!>9!D1R!1H?P>R112!:80!>BU1;! 356CWP10G1!9P>W2! ./2:!)8BZ! ASN!./2:! ! %8B;1?;181@;/:P!2?/8X>99! 35665! S *! ! ! (:;18B!2?/8X>99! ! ! 567=! 566=! +:;G1;!;1>;G:8/:B/>8!! 566C! ! A>]@1B![N&\! &1V1;JU>8![N&\! ^_$!+B0['`\! N/;H!0>12!8>B!1Y/2B!/8!BU1!2:H1!9>;H! 356E=2! 356<6! ! * * 35676! ! 567E! * ,1:;!>9!18B;R!/8!2B11P!;>PP1;!J>:2B1;Z! 56<=! )8B1;P/8D['`\! ! 3567;R! * (*b![&'\! ! %'&"(% 35677! 3!5E7=! ,1:;!>9!9>@80/8G![WU18!18B1;10!P:B1;! I/H:9:O!['`\!! SKI!['`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`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a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b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c&"#($*+(2%$&"'&$#,&#(#7$ &"#$+,71%&(.$71(+,8$&"+%$&+2#9$%10"$'%$5*64"+7*$*()2$M&'-.$',7$,%CD"8$*()2$D(',0#9$2)(#$ (#%#2:-#7$ &"#$ #,&(.$ 5'&&#(,$ )*$ &"#$ #'(-+#($ 7+6#(%+*+#(%3$ D1(&"#(2)(#9$ !"#$ [#(2',$ 0)25',.$ B"+?87*D"+9$ /"+0"$ +%$ '$ %5+,A)**$ )*$ ,/01*+23%4)9$ %&'($ 2',1*'0&1(+,8$ ()--#($ 0)'%&#($ �",)-)8+#%$ +,$ JKO>$ :1&$ +&$ /)1-7$ ,)&$ :#$ 1,&+-$ &"#$ JKK?%$ :#*)(#$ &"#$ *+(2$ 5()710#7$0)25-#&#$()--#($0)'%&#(%$+&%#-*3$ !"#$ 5(#A#,&(.$ �",)-)8+0'-$ 5()*+-#$ )*$ &"#$ &"(##$ ':)6#A2#,&+),#7$ 0)25',+#%$ 0',$ :#$ -+,P#7$&)$'$7#6#-)52#,&$/+&"+,$&"#$%&##-$()--#($0)'%&#($&"'&$)001((#7$+,$&"#$-'&#$JKL?%$+,$ &"#$ d,+$ I&'&#%$ /"#,$ <++%1# -E$*6(/?$ 5()710#7$ &"#$ *+(%&$ &1:1-'($ ()--#($ 0)'%&#(3$ M,$ )(7#($&)$:1+-7$&"+%$()--#($0)'%&#($&.5#9$&"#$2',1*'0&1(#($,##7#7$&)$"'6#$0)25#&#,0#%$+,$ $ JN$ /)(P+,8$/+&"$5+5#%3$@"3%6*$/'%$),#$)*$&"#$0)25',+#%$&"'&$"'7$%10"$'$0)25#&#,0#$5(+)($ &)$&"#+($()--#($0)'%&#($'76#,&1(#3$!"+%$0)25',.$/'%$*)1,7#7$+,$JK>W$',7$2)6#7$*()2$ :1+-7+,8$ '8(+01-&1('-$ 2'0"+,#(.$ &)$ 2+,+,8$ #R1+52#,&$ &)$ 5()6+7+,8$ 2'&#(+'-$ *)($ &"#$ 5#&()A0"#2+0'-$ +,71%&(.9$ /"+0"$ +,0-17#7$ /)(P+,8$ /+&"$ -'(8#$ &1:#%3$ ^%$ '$ (#%1-&$ )*$ &"#$ #,#(8.$ 0(+%+%9$ @"3%6*$ /'%$ 0)25#--#7$ &)$ *)01%$ ),$ 7+**#(#,&$ '(#'%$ ',7$ *)($ &"'&$ (#'%),$ 2)6#7$ +,&)$ &"#$ 2',1*'0&1(+,8$ )*$ ()--#($ 0)'%&#(%3$ !"#+($ �",)-)8+0'-$ 0)25#&#,0#$ +,$ /)(P+,8$/+&"$&1:#%$#,':-#%$&"#2$&)$2',1*'0&1(#$&1:1-'($()--#($0)'%&#(%9$'-&")18"$&"#.$ '-(#'7.$:1+-7$'$D#((+%$/"##-$+,$&"#$-'&#$JKW?%3$@"3%6*$2',1*'0&1(#7$&"#+($*+(%&$()--#($ 0)'%&#($+,$&"#$-'&#$JK\?%3$ !"#$ &/)$ I/+%%$ *+(2%$ '(#$ %&(),8-.$ 0),,#0$ +,$ &"#+($ #,&(.$ +,&)$ ()--#($ 0)'%&#($ 2',1*'0&1(+,83$ !"#$ *)1,7#(%$ )*$ A$8*6($$ /#(#$ +,6)-6#7$ +,$ %#6#('-$ �",)-)8+0'-$ +,*('%&(10&1(#$ 5()B#0&%$ +,$ &"#$ d,+$ I&'&#%$ 71(+,8$ &"#$ JKW?%$ =#383$ 2',1*'0&1(+,8$ )*$ ()5#/'.9$"+8"$&#,%+),$)6#("#'7$0':-#9$%P+$-+*&9$',7$)&"#($2#&'-$%&(10&1(#%@3$]"+-#$+,$&"#$ dI9$ I+C$ D-'8%9$ ',$ d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a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e$+,$&1(,$e$',$#,&(#5(#,#1(+'-$%5+,A)**$)*$,O;.S$D1(&"#(2)(#9$ &"#(#$+%$),#$5'(#,&$%5+,A)**%$)*$*+(2%$&"'&$'55#'($&)$"'6#$,)$"+%&)(.$+,$:1+-7+,8$()--#($ 0)'%&#(9$ +3#3$ J%4# FD$L# /"+0"# %&'($ &)$ #C5-)+&$ &"#$ �",)-)8+0'-$ 0)25#&#,0#%$ )*$ &"#$ $ JY$ 5'(#,&$*+(2%$:.$#,&#(+,8$&"#$()--#($0)'%&#($+,71%&(.3$D+,'--.$&"#(#$+%$:T,#>(!"?$&"'&$+%$'$ %5+,A)**$)*$',)&"#($'21%#2#,&$(+7#$2',1*'0&1(#(9$+3#3$I*+M("+(#+(!"?3$$ M,$7+6#(%+*+#(%9$/#$+7#,&+*.$&/)$&.5#%3$c,$&"#$),#$"',7$/#$+7#,&+*.$&"#$fM&'-+',X$',7$f#'(-.$ [#(2',X$&.5#$)*$7+6#(%+*+#(%3$I10"$*+(2%$2)6#7$+,&)$&"#$+,71%&(.$'*&#($"'6+,8$:##,$'0&+6#$ +,$ '21%#2#,&$ (+7#$ +,71%&(.3$ ^--$ &"#$ M&'-+',$ #,&(+#%$ 71(+,8$ &"+%$ 5#(+)79$ '%$ /#--$ '%$ &"#$ 0)25',.$)*$T),'-7$41%%+,P9$'$-#'7+,8$7#%+8,#($)*$D#((+%$/"##-%9$',7$'-%)$A$8"+7($3$',7$ NBU$*()2$&"#$dg$0',$:#$5-'0#7$+,$&"+%$0')(.3$c,$&"#$)&"#($"',7$&"#(#$'(#$*+(2%$&"'&$ #,&#(#7$ &"#$ +,71%&(.$ 71#$ &)$ &"#$ '0R1+%+&+),$ )*$ ()--#($ 0)'%&#($ 2',1*'0&1(+,8$ 0)25#&#,0#%3$ !"#$ &/)$ 2)%&$ +25)(&',&$ *+(2%$ +,$ &"+%$ 0')(.$ '(#$ ;*D+"+# ,H0$"$ ',7$ B"+?87*D"+3$4#*)(#$;*D+"+#,H0$"$#,&#(#7$&"#$+,71%&(.$+,$&"#$#'(-.$JKK?%9$&"+%$0)25',.$ /'%$'0&+6#$+,$2',1*'0&1(+,8$:(+78#%$',7$)&"#($%&##-$0),%&(10&+),%3$!"#$#,&(.$+,&)$()--#($ 0)'%&#($2',1*'0&1(+,8$)001((#7$/"#,$;*D+"+#,H0$"$'0R1+(#7$IU,#=4'.#(+%0"#$;h&&#,$ I&'"-@3$IU,$0)--':)('$/+&"$,/01*+23%4)$',7$/"#,$I0"/'(_P)5*$/#,&$:',P(15&$4;I$ 0),&+,1#7$&"#$5()710&+),$)*$,/01*+23%4)$()--#($0)'%&#(%3$B"+?87*D"+9$/"+0"$%&'($'%$'$ %5+,A)**$ *()2$ ,/01*+23%4)9$ ),-.$ %&'($ 5()710+,8$ ()--#($ 0)'%&#($ +,$ JKK>$ '*&#($ &"#.$ '0R1+(#7$&"#$5()710&+),$*'0+-+&+#%$)*$I0"/'(_P)5*3$c,#$#,&(.9$+3#3$J"/0$%4*+39$/'%$'$B)+,&$ 6#,&1(#$:#&/##,$#,8+,##(%$',7$)&"#($+,&#(,'&+),'-$()--#($0)'%&#($*+(2%9$+3#3$,-.L#,8"$9"7L# .%%4#*$!#*??%/(*8"?9$',7$:JU$+,$ih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f,),A5()*#%%+),'-X$ 1%#(%$ 5)%#$ '77+&+),'-$ 0"'--#,8#%9$ +,$ 0),&('%&$ &)$ *)($ #C'25-#$&"#$2+,+,8$+,71%&(.9$/"#(#$%)2#$)*$&"#$*+(2%$/#(#$5(#6+)1%-.$'0&+6#$+,3$^%$'$ /'.$)*$+--1%&('&+),9$/#$*)1,7$%#6#('-$()--#($0)'%&#($0)25',+#%$&)$'55-.$fF77.$01((#,&X$ :('P#%Q$ '$ ('&"#($ 1,+R1#$ :('P#$ 7#%+8,$ *)($ #C&(#2#$ %+&1'&+),%$ &"'&$ '(#$ :'%#7$ ),$ &"#$ 5(+,0+5-#$)*$#-#0&()2'8,#&+0$+,710&+),3$^5'(&$*()2$()--#($0)'%&#(%9$&"#%#$'76',0#7$&.5#$ )*$:('P#%$'(#$2)%&-.$*)1,7$+,$&"#$2)%&$(#0#,&$8#,#('&+),$)*$"+8"A%5##7$('+-/'.%$%10"$'%$ &"#$ [#(2',$ MaFAN$ &('+,9$ ',7$ &"#$ `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j*$ a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�",)-)8.A:'%#7@3$ ^%$ 2#,&+),#7$ ':)6#9$ &"#(#$ +%$ ),#$ -"# W%&%$ F,&(',&$ ',7$ ),#$ `)+,&$ U#,&1(#3$ [+6#,$ &"#$ %2'--$ %+_#$ )*$ &"#%#$ 0')(+#%9$ /#$ "'6#$ ,)&$ *1(&"#($0),%+7#(#7$&"#%#$*+(2%3$]#$/+%"$&)$(#2+,7$&"#$(#'7#($&"'&$&"#$F1()5#',$()--#($ 0)'%&#($ +,71%&(.$ +%$ '$ (#-'&+6#-.$ %2'--$ ),#9$ ',7$ #6#,$ &")18"$ &"#$ )6#('--$ ,12:#($ )*$ ):%#(6'&+),%$+,$&"#$','-.%+%$:#-)/$+%$'$2#(#$N\$*+(2%9$&"+%$+%$*1--$5)51-'&+),$)*$*+(2%$'%$ 7#(+6#7$*()2$&"#$5(#6+)1%$%#0&+),9$%)$/#$7)$,)&$"'6#$&)$7#'-$/+&"$1,0#(&'+,&+#%$(#-'$ &)$%'25-#$%#-#0&+),3$$ a),%+7#(+,8$ &"#$ 5'&#,&$ 5)(&*)-+)$ *#'&1(#%$ )*$ 7+**#(#,&$ &.5#%9$ /#$ ):%#(6#$ (#2'(P':-#$ 7+**#(#,0#%$ =!':-#$ N@3$ ]"+-#$ 7+6#(%+*+#(%$ '(#9$ ),$ '6#('8#9$ %+2+-'($ +,$ %+_#$ '%$ %5+,A)**%$ =2#'%1(#7$ +,$ &"#$ ,12:#($ )*$ 0)'%&#(%$ &"#.$ 7#-+6#(#7$ &)$ &"#$ 2'(P#&@9$ &"#+($ P,)/-#78#$ 5)(&*)-+)$ +%$ 0),%+7#(':-#$ -'(8#(3$ !"#.$ '55-.$ '-2)%&$ &"(##$ &+2#%$ '%$ 2',.$ 5'&#,&%9$ ',7$ &"#+($ 5'&#,&%$ '-%)$ (#0#+6#$ 0),%+7#(':-.$ 2)(#$ +,0)2+,8$ 0+&'&+),%9$ %188#%&+,8$ '$ "+8"#($ �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�",)-)8+0'-$ %P+--%$'(#$&"#$0')(.$&"'&$"'6#$'$5'&#,&$5)(&*)-+)$&"'&$)1&5#(*)(2%$'--$&"#$)&"#($&.5#%$)*$ *+(2%$ :.$ '&$ -#'%&$ '$ *'0&)($ )*$ %+C3$ ]#$ ,)&#$ '8'+,$ &"'&$/#$),-.$0),%+7#($()--#(A0)'%&#($ j$ '21%#2#,&$ %5#0+*+0$ 5'&#,&%9$ %)$ &"#%#$ %0)(#%$ '(#$ ,)&$ &"#$ (#%1-&$ )*$ 5'&#,&$ 5)(&*)-+)%$ 0)2+,8$*()2$&"#$�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a)25'(+,8$ &"#$ &/)$ &.5#%$ )*$ 7+6#(%+*+#(%9$ /#$ ,)&#$ &"'&$ 2)%&$ )*$ &"#$ 2'(P#&A:'%#7$ 7+6#(%+*+#(%$ 0)2#$ *()2$ &"#$ ^21%#2#,&$ T+7#%$ 2'(P#&9$ 5()710+,8$ %+25-#($ ',7$ %2'--#($ (+7#%3$V(#%12':-.9$&"#%#$2'(P#&%$(#R1+(#7$0),%+7#(':-.$-)/#($�",)-)8+0'-$0'5':+-+&+#%9$ ',7$ *()2$ &"#(#$ ),9$ &"#%#$ 0)25',+#%$ 2)6#7$ +,&)$ &"#$ f-)/#($ #,7X$ )*$ ()--#($ 0)'%&#(%9$ /"#(#'%$ &"#$ �",)-)8.A:'%#7$ 7+6#(%+*+#(%9$ /"+0"$ &"#+($ %15#(+)($ �",)-)8+0'-$ 0'5':+-+&+#%9$'+2#7$'&$&"#$f"+8"$#,7X$/"#(#$&"#.$0)1-7$#C5-)+&$&"#+($%5#0+*+0$�",)-)8+0'-$ '76',&'8#%3$$ !"6 $%&'(')*+,(-./+0.,12,3'(%,-J'0,, ]"#,$+,6#%&+8'&+,8$&"#$7.,'2+0%$)*$+,71%&(+#%9$/#$,)&$),-.$,##7$&)$*)01%$),$#,&(.$:1&$ '-%)$ ),$ &"#$ #C+&$ )*$ *+(2%3W$]"#,$ -))P+,8$ '&$ &"#$ #C+&$ 5'&&#(,$ )*$ &"+%$ +,71%&(.9$ +&$ 0',$ :#$ %&'$&"'&$&"+%$+,71%&(.$+%$'$%)A0'--#7$,),A%"'P#$)1&$+,71%&(.3$!"+%9$")/#6#(9$7)#%$,)&$ 2#',$&"'&$#C+&$7)#%$,)&$)001(3$c6#($&"#$.#'(%9$%#6#('-$-'(8#$5-'.#(%$/#(#$*)(0#$&)$-#'6#$ &"#$ +,71%&(.9$ ',7$ *)($ 2)%&$ 0'%#%9$ &"#$ (#'%),%$ *)($ &"#+($ :',P(15&0+#%$ '(#$ P,)/,3$ ,/01*+23%4)$/#,&$e$(#-'&+6#-.$1,#C5#0-.$e$:',P(15&$+,$&"#$#'(-.$JKON9$(#%&'(O$',7$ /#,&$ :',P(15&$ '8'+,$ '$ *#/$ .#'(%$ '*&#(3$ !"+%$ :',P(15&0.$ /'%$ 0'1%#7$ :.$ '$ %#(+#%$ )*$ 1,#C5#0$#6#,&%9$+,0-17+,8$&"#$0',0#--'&+),$)*$'$-'(8#$)(7#(3$!"#$7#2+%#$)*$B(%&*$%7*$ )001((#7$+,$&"#$2+7$JKK?%3$!"#$0-)%#$0),,#0&+),$/+&"$A$8*6($$/'%$',$+25)(&',&$(#'%),$ *)($&"#+($7#2+%#3$D+(%&9$&"+%$0),,#0&+),$-+2+$&"#$0(#'&+6+&.$)*$&"#+($#25-).##%9$/"+0"$ 0'1%#7$ &/)$ )*$ &"#+($ -#'7+,8$ #,8+,##(%$ &)$ %&'(&$ 15$ '$ ,#/$ 0)25',.9$ +3#3$ 4kS3$ I#0),79$ B(%&*$%7*$ 7+7$,)&$"'6#$'$5'&#,&$%&('.$=%##$I#0&+),$L@$',7$#,&(#5(#,#1(+'-$%5+,A)1&$ IO;$ /'%$ ':-#$ &)$ (#5()710#$ &"#$ ()--#($ 0)'%&#($ (+7#%$ &"'&$ /#(#$ 7#6#-)5#7$ /+&"+,$ B(%&*$%7*3$ D+,'--.9$ A$8*6($$ "'7$%&(),8$0),&()-$)6#($&"#$)5#('&+),%$',7$+,6#%&2#,&%$)*$ B(%&*$%7*9$/"+0"$0'1%#7$0)25-+0'&+),%$*)($B(%&*$%7*$',7$&"#.$/#(#$,#6#($':-#$&)$0(#'&#$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ W$!"#$ *+%&$ +%%1#$ +%9$ )*$ 0)1(%#$ /"'&$ 0),%&+&1&#%$ ',$ #C+&$ *()2$ &"#$ +,71%&(.3$ S',.$ *+(2%$ "'6#$ '$ 5)(&*)-+)$)*$5()710&%$/+&"+,$'21%#2#,&$(+7#%3$M,$&"#$0'%#$&"'&$'$*+(2$"'%$,)&$5()710#7$'$()--#($ 0)'%&#($+,$&"#$-'%&$L$.#'(%9$M$+,6#%&+8'&#$/"#&"#($&"#$*+(2$)**#(%$()--#($0)'%&#(%$+,$&"#+($5()710&$ 0'&'-)81#3$M*$,)&9$M$0),%+7#($&"#$*+(2$&)$"'6#$#C+$&"#$+,71%&(.$',7$&'P#$&"#$.#'($+,$/"+0"$&"#$ ()--#($0)'%&#($+%$5()710#7$'%$&"#$.#'($)*$#C+&$=&"+%$+%$),-.$&"#$0'%#$*)($>$0)25',+#%$+,$&"#$&)&'-$ 5)51-'&+),$)*$*+(2%@3$ $ J\$ '$ (#&1(,$ ),$ +,6#%&2#,&%3$ @"3%6*$ /#,&$ :1%&$ +,$ >??J9$ 5(#%12':-.$ 71#$ &)$ )6#(+,6#%&2#,&%$+,$TkG3$!"#$*'+-1(#$71#$&)$+,6#%&2#,&$%&('+#%$2'.$:#$#C5-'+,#7$:.$ &"#$'2:+&+),$)*$&"#$+,71%&(.$&)$:1+-7$+,,)6'&+6#$()--#($0)'%&#(%3$!"+%$7#6#-)52#,&$/'%$ :)&"$%##,$'%$',$#0),)2+0$',7$'$�",)-)8+0'-$0"'--#,8#$*)($&"#%#$2',1*'0&1(#(%$71(+,8$ &"#$JKK?%3$!)$0)5#$/+&"$&"+%9$*+(2%$"'7$&)$+,6#%&$"#'6+-.$+,$TkG9$5()710&+),$*'0+-+&+#%9$ ',7$ -':)1(3$ ;)/#6#(9$ ,)&$ '--$ *+(2%$ "'7$ &"#$ *+,',0+'-$ (#%)1(0#%$ ',7$ 0)25#&#,0#%$ &)$ 2','8#$&"+%$5(#%%1(#$*()2$&"#$2'(P#&3$!"+%$/'%$&"#$(#'%),$/".$%#6#('-$F1()5#',$*+(2%9$ :1&$'-%)$'$,12:#($)*$d3I3$2',1*'0&1(#(%$/#(#$*)(0#7$&)$0-)%#$7)/,3$$ G#%5+&#$)*$&"#$#C+&$)*$%#6#('-$(#-'&+6#-.$-'(8#$5-'.#(%$+,$&"#$+,71%&(.9$%10"$:',P(15&0+#%$ 7+7$,)&$'-/'.%$-#'7$&)$&"#$-)%%$)*$�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g-#55#($=>??K@9$+&$2)%&-.$0),*+(2%$ &"'&$7+6#(%+*+#7$#,&(.$+%$15$&)$P,)/$&"#$7)2+,',&$*)(2$)*$#,&(.$=g-#55#($',7$I+2),%9$ >???@3$!"+%$+,+&+'-$#,&(.$0)25-+#%$/+&"$4)%0"2'$',7$]#,&+,8X%$=>??\@$*+,7+,8$&"'&$&"#$ %&'(&$ )*$ ',$ +,71%&(.$ +%$ 0"'('0&#(+_#7$ :.$ 7+6#(%+*+#7$ #,&(.$ :.$ *+(2%$ &"'&$ /#(#$ '0&+6#$ +,$ (#-'$ +,71%&(+#%3$ ]"'&$&"+%$%&17.$0),&(+:1&#%$+%$&"#$+,%+8"&$&"'&$ &"+%$ (#-',#%%$ "'%$ &/)$ 7+%&+,0&$ 7+2#,%+),%E$ (#-',#%%$ +,$ &"#$ (#-#6',&$ 2'(P#&9$ ',7$ (#-',#%%$ +,$ &"#$ 1,7#(-.+,8$ �",)-)8+#%$ ',7$ %P+--%3$ !"#$ *+(%&$ 0')(.$ /#$ ):%#(6#$ '%$ #,&(.$ *()2$ *+(2%$ &"'&$'(#9$)($"'6#$:##,9$'0&+6#$+,$&"#$'21%#2#,&$(+7#$+,71%&(.3$!"#%#$*+(2%$"'6#$(#-'&+),%$ &)$ &"#$ 2'(P#&$ )*$ 5)&#,&+'-$ 01%&)2#(%$ )*$ ()--#($ 0)'%&#(%9$ +3#3$ '21%#2#,&$ 5'(P%$ )($ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ \$!"+%$'0R1+%+&+),$-#7$&)$&"#$+,&()710&+),$)*$,#/$�",)-)8+#%$+,&)$()--#($0)'%&#($2',1*'0&1(+,8$ &"'&$/'%$5(#6+)1%-.$1%#7$+,$)**%")(+,8$+,71%&(+#%3$ $ JO$ %")/2#,3$!"#$%#0),7$0')(.$/#$):%#(6#$'%$7+6#(%+*+#(%$"'6#$&"#$�",)-)8+0'-$%P+--%$ &)$:1+-7$()--#($0)'%&#(%9$.#&$&"#.$,#6#($"'7$',.$'**+,+&.$/+&"$&"+%$5'(&+01-'($+,71%&(.3$M,$ *'0&9$ &"#+($ (#-',#%%$ 2+8"&$ ,)&$ :#$ +7#,&+*+#7$ +22#7+'&#-.9$ :1&$ *)($ &"#$ 2'(P#&$ )*$ '76',0#7$ &"(+--$ (+7#%9$ /#$ ):%#(6#$ #,&(',&%$ &"'&$ '(#$ #C5#(+#,0#7$ +,$ 0),%&(10&+,8$ -'(8#$ 2#&'-$ %&(10&1(#%$ ',7$ 5+5+,83$ c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�",)-)8+0'-$ 5()*+-#$ )*$ &"#$ *+(2%3$ ^%$ #C5#0O$ &"#$ �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e$ 5'(&+01-'($ &")%#$ *+(2%$ &"'&$ #,&#(#7$ +,$ &"#$ %#0),7$ ',7$ &"+(7$ /'6#3$ !"+%$ 7+6+7#$ '-%)$ %P#&0"#%$ &"#$ +25)(&',0#$ )*$ &"#$ *+(2%$ +,$ &"#%#$ '(#'%$ /"#(#$ &"#$ *+(%&$ &"(##$ 0)1,&(+#%$ '(#$ P,)/,$ &)$ 5()710#$ &"#$ -'(8#($ ',7$ 2)(#$ %)5"+%&+0'$ (+7#%$ /"+-#$ &"#$ M&'-+',%$'(#$7)2+,',&$+,$5()710+,8$%2'--#($',7$%+25-#($()--#($0)'%&#($(+7#%$=I#(,'8-+'9$ >??O@3O$!"#%#$ 7+**#(#,0#%$ '(#$ +,$ -+,#$ /+&"$ &"#$ P,)/-#78#$ 7#6#-)52#,&$ ',7$ 5'&#,&+,8$ :#"'6+)($ /#$ ):%#(6#79$ /"#(#$ �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fS#(0#7#%X$ '2),8$ &"#$ ()--#($ 0)'%&#($ /"+-#$ &"#$ M&'-+',%$ 5()710#$&"#$f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c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�",)-)8+0'-$0)25#&#,0#%9$:1&$'(#$,)&$,#0#%%'(+-.$%)3$]"#,$&"+%$+%$,)&$&"#$0'%#9$ +&$/)1-7$:#$+,&#(#%&+,8$&)$+,6#%&+8'&#$+,$2)(#$7#&'+-$/"'&$"'55#,%$&)$&"#$0)25#&#,0#%$ ',7$ /"#&"#($ &"#.$'(#$2'+,&'+,#7$)($-)%&$*)(#6#(3$!"+%$/)1-7$7#*+,+&#-.$'55-.$&)$"+8"$ �"$',7$P,)/-#78#$+,&#,%+6#$+,71%&(+#%9$+,$'$%+2+-'($*'%"+),$'%$;)#&P#($',7$^8'(/'-$ =>??\@9$ :1&$ '-%)$ /+&"+,$ &"#$ *+#-7$ )*$ =P,)/-#78#$ +,&#,%+6#@$ #,&(#5(#,#1(%"+59$ +3#3$ /"'&$ "'55#,%$ &)$ &"#$ #,&(#5(#,#1($ )($ #,&(#5(#,#1(+'-$ &#'2$ /"#,$ &"#$ %&'(&A15$ +%$ *)(0#7$ &)$ #C+&l$M,$0-)%#$(#-'&+),$&)$&"+%9$&"#$+%%1#$)*$(#%+-+#,0#9$&"#$7#8(##$:1&$'-%)$&"#$2)&+6#%$*)($ ':%)(:+,8$ &"#$ 0)25#&#,0#%9$ 0)1-7$ :#$ +,6#%&+8'$ +,$ 2)(#$ 7#&'+-$ /"#,$ ','-._+,8$ &"#$ 7#6#-)52#,&$ )*$ +,71%&(+#%$ =;)-2$ ',7$ m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ng,)/-#78#$ !(',%*#($ &"()18"$M,"#(+&',0#E$I5+,A)1&$8#,#('&+),9$7#6#-)52#,&$',7$%1(6+6'-o9$>3$ !1%"2',9$S3$',7$^,7#(%),9$V3$=JKOW@$n!#0",)-)8+0'-$G+%0),&+,1+&+#%$',7$c(8',+_'&+),'-$ F,6+(),2#,&%o9,???@9$ pg,)/-#78#$ !(',%*#(E$ ^$ 4'%+%$ *)($ a)25#&+&+6#$ ^76',&'8#$+,$D+(2%o9$c(9*$(2*8(%$*7#I"0*&(%+#*$!#UD6*$#-"/(?(%$#'+%/"??($9$O>E$ 553$JL?AJWK3$ 4'(('%9$ T3$ =JKK?@9$ nM,&#('0&+6#$ +,,)6'&+),$ +,$ *+,',0+'-$ ',7$ :1%+,#%%$ %#(6+0#%E$ !"#$ 6',81'(7$)*$&"#$%#(6+0#$(#6)-1&+),o9$>"?"*+/0#'%7(/E$JKE$553$>JLA>N\3$ 4),'00)(%+9$^3$',7$[+1(+9$V3$=>???@9$n]"#,$%"'P#)1&$7)#%,X&$)001(3$!"#$#6)-1&+),$)*$&"#$ &1(:)5()5$#,8+,#$+,71%&(.9o$>"?"*+/0#'%7(/E#>KE$553$OY\AO\?$ 4)%0"2'9$T3^3$',7$T3$]#,&+,8$=>??\@9$n!"#$%5'&+'-$#6)-1&+),$)*$&"#$4(+&+%"$'1&)2):+-#$ +,71%&(.E$7)#%$-)0'&+),$2'&&#(lo$A$!D?8+(*7#*$!#.%+4%+*8"#.0*$9"$JWE$553$>JNA>NO3$ 41#,%&)(*9$[3$=>??\@9$nF6)-1&+),$),$&"#$I")1-7#(%$)*$[+',&%E$F,&(#5(#,#1(%"+5$',7$D+(2$ I1(6+6'-$+,$&"#$[#(2',$<'%#($M,71%&(.o9$>"&("1#%)#A$!D?8+(*7#T+9*$(2*8(%$$N?E$55$ J\KA>?>3$ 41#,%&)(*9$ [3$ ',7$ g-#55#(9$ I$ =>??K@9$ n;#(+&'8#$ ',7$ ^88-)2#('&+),E$ !"#$ ^P(),$ !.(#$ a-1%&#($T#6+%+o9$:/%$%6(/#Z%D+$*7#JJKE$553$\?LA\NN3$ a',&,#(9$d39$g(h8#(9$`3$`3$',7$6),$T"#+,9$g3$=>??K@9$ng,)/-#78#$',7$a(#'&+6#$G#%&(10&+),$ )6#($ &"#$ M,71%&(.$ <+*#$ a.0-#E$ !"#$ a'%#$ )*$ &"#$ [#(2',$ ^1&)2):+-#$ M,71%&(.o9$ :/%$%6(/*$\WE$553$JN>AJYO@3$ a'(&2#--9$T3$=JKO\@9$n!"#$M,0(#7+:-#$I0(#'2$S'0"+,#3$^$;+%&)(.$)*$&"#$T)--#($a)'%&#(o9$ ^21%#2#,&$ V'(P$ :))P%9$ M,03$ ',7$ &"#$ 4)/-+,8$ [(##,$ I&'&#$ d,+6#(%+&.$ V)51-'($ V(#%%3$d,+6#(%+&.$)*$]+%0),%+,$V(#%%9$]+%0),%+,3$ a)"#,9$ ]3$ ',7$ <#6+,&"'-9$ G3$ =JKK?@9$ n^:%)(5&+6#$ a'5'0+&.E$ ^$ H#/$ V#(%5#0&+6#$ ),$ <#'(,+,8$',7$M,,)6'&+),o9$OAJL>3$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ K$!"#$TaG4$+7#,&+*+#%$(#%5#0&+6#-.$YJ$',7$JK$*+(2%$'0&+6#$+,$&"#%#$0),&+,#,&%3$$ J? $S)%&$ *+(2%$ %#--$ &"#+($ ()--#($ 0)'%&#($ '--$ )6#($ &"#$ /)(-73$ D1(&"#(2)(#9$ 0()%%$ 0),&+,#,&'-$ 0)--':)('&+),$),$()--#($0)'%&#($2',1*'0&1(+,8$+%$0)22),$*)($&"#$-'(8#($5-'.#(%$+,$&"#$2'(P#&3$ $ >J$ a)"#,9$]3$S39$H#-%),9$T3$T39$k$]'-%"9$`3$V3$=>???@9$ nV()�&+,8$&"#+($+,&#--#0&1'-$'%%#&%E$ ^55()5(+':+-+&.$ 0),7+&+),%$ ',7$ /".$ dI$ 2',1*'0&1(+,8$ *+(2%$ 5'&#,&$ =)($ ,)&@o9$ H4FT$/)(P+,8$5'5#($\LL>3$ a)/',9$ T39$ G'6+79$ V39$ ',7$ D)('.9$ G3$ =>???@9$ n!"#$ FC5-+0+&$ F0),)2+0%$ )*$ g,)/-#78#$ a)7+*+0'&+),$',7$!'0+&,#%%o9$A$!D?8+(*7#*$!#.%+4%+*8"#.0*$9"#KE$553$>JJA>LN3$ G'"-9$S3$I3$',7$T#+0"%&#+,9$!3$=>??\@9$n^(#$.)1$#C5#(+#,0#7l$5(+)($#C5#(+#,0#$',7$&"#$ %1(6+6'-$)*$,#/$)(8',+_'&+),%o9$A$!D?8+E#*$!#A$$%&*8(%$$JYE$553$YK\eLJJ3$ G'"-9$S3I39$m%&#(8''(79$a3T3$G'-12$43$=>?J?@9$nF2#(8#,0#$)*$(#8+),'-$0-1%&#(%E$&"#$()-#$)*$ %5+,)**%$ +,$ &"#$ #'(-.$ 8()/&"$ 5()0#%%3o$ M,$ 4)%0"2'9$ T3$ ',7$ S'(&+,$ T3$ =#7%@$ J0"# U*$!M%%3#%)#:&%7D8(%$*+E#:/%$%6(/#B"%9+*40E9$a"#-&#,"'2E$F7/'(7$F-8'(3$ ;',,',9$ S39$ a'(()--9$ [39$ G):(#69$ I3$ ',7$ ;',9$ D3$ =JKKO@9$ nc(8',+_'&+),'-$ S)(&'-+&.$ +,$ F1()5#',$',7$^2#(+0',$^1&)2):+-#$M,71%&(.9$V'(&$JE$T#6+%+&+,8$&"#$F**#0&%$)*$^8#$ ',7$I+_#o9$:D+%4"*$#,%/(%7%9(/*7#>"&("1$JYE$553$N?>ANJN3$ ;#-*'&9$ a3$ k$ <+#:#(2',9$ S3$ =>??>@9$ n!"#$ 4+(&"$ )*$ a'5':+-+&+#%E$ S'(P#&$ F,&(.$ ',7$ &"#$ M25)(&',0#$)*$V(#A"+%&)(.o9$A$!D?8+(*7#*$!#.%+4%+*8"#.0*$9"$JJ=Y@E$553$\>LA\W?3$ ;+(%0"9$ I3$ =JKWL@3$ n!"#$ d,+$ I&'&#%$ F-#0&(),+0%$ M,71%&(.$ +,$ M,&#(,'&+),'-$ !('7#o9$ H'&+),'-$M,%&+&1&#$F0),)2+0$T#6+#/$NYE$K>AK\3$$ ;):7'.9$ S3$ =JKKO@9$ nV()710&$ 0)25-#C+&.9$ +,,)6'&+),$ ',7$ +,71%&(+'-$ )(8',+_'&+),o9$ >"?"*+/0#'%7(/E$>WE$553WOKA\J?3$ ;)#&P#(9$[3$',7$^8'(/'-9$T3$=>??\@9$nG#'&"$;1(&%9$:1&$+&$+%,X&$D'&'-E$!"#$V)%&#C+&$G+**1%+),$ )*$g,)/-#78#$a(#'$:.$M,,)6'&+6#$a)25',+#%o9$@E$55$YY\AYW\3$ ;)-29$`3T3$',7$m%&#(8''(79$a3$T3$=>?JJ@9$n$I)1(0#%$)*$T#8+),'-$T#%+-+#,0#$+,$&"#$G',+%"$ Ma!$%#0&)(o9$->\A-#N'#]^K_`S$ g-#55#(9$I3$=JKK\@9$nM,71%&(.$<+*#$a.0-#%o9$A$!D?8+(*7#*$!#.%+4%+*8"#.0*$9"#W=J@E$553JYLe JO>3$ g-#55#(9$ I3$ =>??J@9$ nF25-).##$ I&'(&15%$ +,$ ;+8"A!#0"$ M,71%&(+#%o9$ A$!D?8+(*7# *$!# .%+4%+*8"#.0*$9"9$J?E$553$WNKAW\Y3$ g-#55#(9$I3$=>??>@9$f!"#$0'5':+-+&+#%$)*$,#/$*+(2%$',7$&"#$#6)-1&+),$)*$&"#$dI$'1&)2):+-#$ +,71%&(.o9$A$!D?8+(*7#*$!#.%+4%+*8"#.0*$9"9$JJ=Y@E$553$WYLeWWW3$ g-#55#(9$I3$=>??K@9$nI5+,)**%E$^$T#6+#/$',7$I.,&"#%+%o9$:D+%4"*$#;*$*9"6"$8#>"&("1$WE$ 553$JLKeJ\J3$ g-#55#(9$ I3$ ',7$ I+2),%9$ g3$ =>???@9$ nG)2+,',0#$ :.$ 4+(&"(+8"&E$ F,&(.$ )*$ V(+)($ T'7+)$ V()710#(%$ ',7$ a)25#&+&+6#$ T'2+*+0'&+),%$ +,$ &"#$ d3I3$ !#-#6+%+),$ T#0#+6#($ M,71%&(.9o$,8+*8"9(/#;*$*9"6"$8#Z%D+$*7#>JE$553$KK\AJ?JW3$ g-#55#(9$ I3$ ',7$ !")25%),9$ V3$ =>??\@9$ nI1:2'(P#&%$ ',7$ &"#$ #6)-1&+),$ )*$ 2'(P#&$ %&(10&1(#o9$>*$!#Z%D+$*7#%)#:/%$%6(/?$NY$=Y@E$553$OW>eOOO$ <',*#($;3$=JKKO@9$nJ??$`'"(#$^0"&#(:'",o9$[#2+$U#(-'8%$[2:;9$T#+0"&#(%"'1%#,3$ S'-#(:'$ D9$ ',7$ c(%#,+8)$ <3$ =JKKW@9$ n!"#$ 7.,'2+0%$ ',7$ #6)-1&+),$ )*$ +,71%&(+#%o9$ A$!D?8+(*7#*$!#.%+4%+*8"#.0*$9"#L=J@E$553$LJeO\3$ $ >>$ S#,_#-9$ S3V3$ ',7$ g'22#($ `3$ =>?JJ@9$ nV(#A#,&(.$ #C5#(+#,0#9$ �",)-)8+0'-$ 7#%+8,%$ ',7$ %5'&+'-$(#%&(10&1(+,8$+,$&"#$[-):'-$]+,7$!1(:+,#$M,71%&(.o9$V'5#($5(#%#,$'&$&"#$ GMSF$D+,'-$a),*#(#,0#9$WAO$^5(+-$>?JJ9$S''%&(+0"&3$ S)/#(.9$ G39$ cC-#.9$ `3$ ',7$ I+-6#(2',9$ 43$ =JKKW@9$ nI&('+0$ ^--+',0#%$ ',7$ M,&#(*+(2$ g,)/-#78#$!(',%*#(o9$,8+*8"9(/#;*$*9"6"$8#Z%D+$*7#J\E$553$\\AKJ3$ H#-%),9$ T3$ T39$ k$ ]+,&#(9$ I3$ [3$ =JKO>@9$ n^,$ #6)-1&+),'(.$ &"#)(.$ )*$ #0),)2+0$ 0"',8#o9$ a'2:(+78#9$S'%%3E$4#-P,'5$V(#%%$)*$;'(6'(7$d,+6#(%+&.$V(#%%3$ H#-%),9$T3$=JKKY@9$n!"#$a)A#6)-1&+),$)*$!#0",)-)8.9$M,71%&(+'-$I&(10&1(#9$',7$I155)(&+,8$ M,%&+&1&+),%o9$A$!D?8+(*7#*$!#.%+4%+*8"#.0*$9"$NE$553$Y\eWN3$ V'6+&&9$g3$',7$T)&"/#--9$T3$=JK\W@9$n^$0)22#,&$),$n$^$G.,'2+0$S)7#-$)*$V()0#%%$',7$ V()710&$M,,)6'&+),o9#T6"9*#YE$55N\LAN\\3$ I#(,'8-+'9$[3$=I#5$JJ&"$>??O@9$nD'+(8()1,7$T+7#%E$d5%$',7$G)/,%9$M&'-.X%$2',1*'0&1(#(%$ )*$ '21%#2#,&$ (+7#%$ "+&$ '$ 7+5o9$ !"#$ F0),)2+%&$ =),-+,#@3$ ^6'+-':-#$ *()2$ ///3#0),)2+%&30)2j,)7#jJ>>?K?OK$='00#%%#7$NJ%&$)*$`',1'(.$>?J>@3$ I),89$ `39$ ^-2#+7'9$ V3$ ',7$ ]19$ [3$ =>??N@9$ n<#'(,+,8A:.A"+(+,8E$ ]"#,$ +%$ S):+-+&.$ 2)(#$ -+P#-.$&)$*'0+&+-'&#$+,&#(A*+(2$g,)/-#78#$!(',%*#(o9$;*$*9"6"$8#,/("$/"$YKE553$OJA JJ>3$ d&&#(:'0P9$ `3$ ',7$ ^:#(,'&".$ ]3$ =JK\L@9$ n^$ G.,'2+0$ S)7#-$ )*$ V()710&$ ',7$ V()0#%%$ M,,)6'&+),o9$T6"9*$N=W@E$553$WNKAWLW3$ ]'-P#(9$439$;)--+,89$a39$a'(5#,&#(9$I3$',7$g+,_+89$^3$=>??Y@9$nT#%+-+#,0#9$^7'5&':+-+&.$',7$ !(',%*)(2':+-+&.$+,$I)0+'-e$F0)-)8+0'-$I.%%o9$F0)-)8.$',7$I)0+#&.$K3$ ]#,&+,89$T3$=>??O@9$nI5+,)**$G.,'2+0%$',7$&"#$I5'&+'-$D)(2'&+),$)*$&"#$D'%"+),$G#%+8,$ M,71%&(.9$JOLOA>??Lo9$Z%D+$*7#%)#:/%$%6(/#B"%9+*40E$OE$55$LKNAWJY3$ q#)9$g3!3$',7$T#,9$q3$=>??K@9$nT+%P$2','8#2#,&$0'5':+-+&.$2'&1(+&.$2)7#-$*)($0)25-#C$ 5()710&$%.%%$=a)VI@$5()B#0&%o9$,E?8"6?#:$9($""+($9#J>E$553$>\LA>KY3$ $ $ $ >N$ M&&-28'J,M:,L1++-(,N1*.0-(,K'(%.,'2)+/8-8,31(,O*0-20,M2*+4.'.,$ 813=-.0' 81$.,%0' !"%3'5,-%,' !"%4,'78' !"%3'*+",' >0=&'12'&.,%-.,' ?%&@"1$4'<./$4,%0'' A1B'12''78' I&#,8#-$ GF$ JKWL$ JKWL$ $ I5+,A)**$=F,&@$ $ YNK$ U#P)2'$ H<$ JK>W$ JK\\$ >??J$ G+6#(%+*+#($$=!#0"@$ V#&()Aa"#2+0'-9$S+,+,8$ >WN$ i'25#(-'$ M$ JKWW$ JK\W$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ >LN$ V+,*'(+$ M$ JK>L$ JKLN$ >??\$ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ JW>$ i+#(#($ GF$ JKN?$ JK\?$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ JYY$ I0"/'(_P)5*$ GF$ JK>L$ JKLL$ JKOL$ G+6#(%+*+#($$=S'(P#&@$ a)'0"#%$ JNO$ M,&'2+,$ a;$ JK\W$ JK\K$ $ G+6#(%+*+#($$=!#0"@$ [),7)-'r%$"+8"$(+%#$ JJJ$ S'0P$T+7#%$ GF$ J\O?$ JKW>$ $ G+6#(%+*+#($$=S'(P#&@$ a)'0"#%$ KK$ 4kS$ a;$ JKOO$ JKOO$ $ I5+,A)**$=F,&@$ $ OL$ S'1(#($Is",#$ GF$ JOWL$ JKKN$ $ G+6#(%+*+#($$=!#0"@$ I&##-$2',1*'0&1(+,8$ L?$ [#(%&-'1#($ GF$ JKO>$ JKK>$ $ I5+,A)**$=F,&@$ $ YW$ I4D$UMI^$ M$ JKL>$ JKKW$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ YL$ IGa$ M$ JKWL$ JKWO$ JKKN$ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ YL$ T#6#(0"),$ DT$ JK>K$ JKK?$ >??O$ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ N>$ I)R1#&$ DT$ JK\L$ JKO?$ >??O$ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ N?$ [+)6',)-'$j$[^T]$ a;$ JOOO$ JK\K$ >??N$ G+6#(%+*+#($$=!#0"@$ I&##-$2',1*'0&1(+,8$ >Y$ V^b$ Td$ JKOO$ JKK>$ $ G#$,)6)$#,&(',&$ $ >N$ M,&#(5'(P$ M$ JK\W$ JKK?$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ >J$ D'::(+$ M$ JKL?$ JKKO$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ JK$ M#5'(P$ M$ JKWL$ >???$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ JL$ a'(+5()$ H<$ JKK\$ JKK\$ >??N$ I5+,A)**$=F,&@$ $ K$ V(#%&),$ M$ JKOW$ JKKN$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ K$ I'(&)(+$T+7#%$ M$ JKL?$ JKKO$ >?JJ$ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ O$ !)5$D1,$ M$ JKKO$ JKKO$ $ I5+,A)**$=V'(#,&@$ $ O$ FcI$T+7#%$ M$ JKKL$ JKKL$ $ I5+,A)**$=V'(#,&@$ $ \$ ][;$-&7$ dg$ JKOK$ JKKL$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ W$ a'2$4':.$a'($ M$ JKOJ$ >??>$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ Y$ IkSa$ M$ JKKN$ JKKN$ JKK\$ I5+,A)**$=F,&@$ $ Y$ ':0A(+7#%$ a;$ JKK\$ JKK\$ $ I5+,A)**$=F,&@$ $ N$ 4;I$ GF$ JLN>$ JKOW$ JKKY$ G+6#(%+*+#($$=!#0"@$ I&##-$2',1*'0&1(+,8$ N$ !#0",+0'-$V'(P$ M$ >??N$ >??O$ $ I5+,A)**$=V'(#,&@$ $ N$ akI$ M$ JKKN$ JKK\$ >???$ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$T+7#%$ J$ M,&#(-+,P$ dg$ JKO>$ JKO\$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%$ J$ g12:'P$ H<$ >??J$ >??J$ $ I5+,A)**$=F,&3@$ $ J$ T+7#$!#P$F,83$ M$ >??J$ >??J$ $ I5+,A)**$=F,&@$ $ J$ !#0",)5'(P$ a;$ JKOO$ JKOO$ JKK>$ `)+,&$U#,&1(#$ $ J$ ]#%�"$ a;$ JKON$ >??>$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$T+7#%$ J$ V()*#%%+),'-$T+7#%$ a;$ JKOL$ >??J$ $ G+6#(%+*+#($$=S'(P#&@$ ^21%#2#,&$(+7#%9$$ J$ $ $ $ >Y$ M&&-28'J,P:,P/'+8'2D,*,&*0-20,8*0*,.-0$ D)($ *+,7+,8$ &"#$ 5'&#,&%$ ',7$ 5'&#,&$ '55-+0'&+),%$ )*$ &"#$ 0)25',+#%$ +,$ )1($ %'25-#9$ /#$ 5#(*)(2#7$'$5'&#,&$*'2+-.$%#'(0"$+,$&"#$G#(/#,&$GMM$7'&':'%#3JJ$]#$&(+#7$&)$(#0)6#($'--$ 7+**#(#,&$'%%+8,##$,'2#%$&"#%#$0)25',+#%$"'6#$:##,$1%+,8$)6#($&+2#$&)$*+-#$&"#+($5'&#,&%$ +,$ 7+**#(#,&$ -#8+%-'&+),%9$ ',7$ 0)((#0&$ *)($ &.5)X%$ =/"+0"$ '(#$ ,)&$ 1,1%1'-$ +,$ 5'&#,&$ 7'&':'%#%@3$ d%+,8$ G#(/#,&9$ /#$ '(#$ ':-#$ &)$ +7#,&+*.$ 5'&#,&$ *'2+-+#%$ =+3#3$ 5'&#,&%$ +,$ 7+**#(#,&$ -#8+%-'&+),%$ e$ ',7$ %)2#&+2#%$ &"#$ %'2#$ -#8+%-'&+),$ A$ &"'&$ :'%+0'--.$ 0)6#($ &"#$ %'2#$+,6#,&+),@9$&"1%$5(#6#,&+,8$)6#($0)1,&$*)($0)25',+#%$&"'&$*+-#$5'&#,&%$+,$21-&+5-#$ 0)1,&(+#%3$]#$),-.$%#-#0$&")%#$5'&#,&%$&"'&$(#-'&#$&)$()--#($0)'%&#(%$+,$5'(&+01-'($)($&)$ '21%#2#,&$ (+7#%$ 2)(#$ +,$ 8#,#('-$ e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f()--#($ 0)'%&#(X9$f'21%#2#,&$(+7#X$)($%+2+-'($&#(2%$+,$&"#$5'&#,&$&+&-#$)($&)5+09$',7$/#$0"#0P#7$ /"#&"#($&"#$5'&#,&%$/#(#$'%%+8,#7$&)$&"#$*)--)/+,8$MVa$%1:0-'%%#%$)($8()15%E$$ • ^WN[$ =nS#((.A8)A()1,7%Q$ %/+,8%Q$ ()0P+,8A")(%#%Q$ 0"1&#%Q$ %/+&0":'0P%Q$ %+2+-'($ 7#6+0#%$ *)($ 51:-+0$ '21%#2#,&o@$ e$ 2',.$ )*$ )1($ 5'&#,&%$ '(#$ +,$ &"#$ 5'(&+01-'($0-'%%$^WN[\j??$=nd5A',7A7)/,A"+--$&('0P%Q$%/+&0":'0P%o@$$ • 4WJT>J=n^((',8#2#,&%$)($*+&&+,8%$),$6#"+0-#%$*)($5()�&+,8$)($5(#6#,&+,8$ +,B1(+#%$ &)$ )0015',&%$ )($ 5#7#%&(+',%$ +,$ 0'%#$ )*$ '00+7#,&%$ )($ )&"#($ &('**+0$ (+%P%o@$ • 4WJT>>$=nI'*#&.$:#-&%$)($:)7.$"'(,#%%#%$+,$6#"+0-#%o@$$ • 4W?`$/"+0"9$+,$)1($0),&#C&9$5'(&+01-'(-.$0),&'+,%$%5#0+*+0$8()15%$),$7))(%$#&03$ 1%#7$+,$6#"+0-#%$ • ^Y\a?\9$/"+0"9$+,$)1($0),&#C&9$5'(&+01-'(-.$0),&'+,%$%5#0+*+0$8()15%$),$%#'&%$ /+&"$%5#0+*+0$%155)(&$*)($&"#$"#'7$',7$*)($&"#$:'0P3$$ ]#$ '-%)$ ,)&#$ &"'&$ 2)(#$ )*&#,$ &"',$ ,)&9$ 5'&#,&$ '(#$ '%%+8,#7$ 21-&+5-#$ MVa$ 0)7#%9$ %)$ '$ 5'&#,&$0',$:#$'%%+8,#7$:)&"$'$f()--#($0)'%&+,8X$0-'%%$',7$'$5'&#,&$0-'%%$%5#0+*+0$&)9$%'.9$ :('P+,8$%.%%3$$M,$0'%#%$)*$7)1:&9$&"#$):&'+,#7$&"#$*1--$&#C&$)*$&"#$5'&#,&$',7$%&17+#7$+&3$ c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