ESPACIOS PROTEGIDOS Y CONSERVACIÓN: PANORÁMICA Y PRINCIPALES RETOS. LOS CAMBIOS DE PARADIGMA Y LA PLANIFICACIÓN INTEGRAL

012345617

286905617

46108345

23685432854523017

80961

7

61

435617

07

238353323554345

59083

7 0!"# 7$

%&'()*)+,-&,./01*)+/,2134'15&/6,7)'&**)89,:&9&'15,-&,;&-)+,2134'156,<+9/&=&'>1,-&,;&-)+,?@A)&93&6 *BC)D+A&'3+,<+'3&D+/+,EF6,FGHEFIJ?KK?7LKM7,N./01O1P6,<+''&+,&5&*3'89)*+Q,&RSA+3T'U=*V56&/

8 #W

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

_151A'1/,*51(&Q,`abcdefghijkaljflmghnompmqraghiefabbmppm

5986s4457

?93&/,-&,91-1Y,&/,+A5)D1-+,V,9+,0+',&55+ @&9+/,/)9*&'+,S4&,&]0'&/&,@),1D'1-&*)@)&93+,1 51,+'D19)R1*)89,-&,&/3&,<+9D'&/+,0+',*+9T)1',&9 @>,01'1,1A')',&5,-&A13&,/+A'&,&/31,@&/1,FY,S4& (&'/1,/+A'&,49+,-&,5+/,3&@1/,@[/,)93&'&/193&/,V -&,@1V+','&0&'*4/)89,/+*)15,S4&,/&,3'1319,&9,\5Q,51 *+9/&'(1*)89,V,51,0519)T)*1*)89,)93&D'15,-&,51,D&/I 3)896,t4/3+,&/,'&*+9+*&',S4&,49,/+A'1-+,9^@&'+ -&,0'+T&/)+915&/,0+-'>19,1*&'*1'/&,-&,T+'@1,@[/ &T)*1R,1,&/31,0'+A5&@[3)*16,u+Y,/)9,&@A1'D+Y,Z&,-& '&*+9+*&',S4&,&9,@),*+'31,&]0&')&9*)1,&9,51,@13&I ')1Y,Z&,)-+,&9*+93'19-+,@4*Z1/,@[/,)9*&'3)-4@I

A'&/,S4&,*&'3&R1/6,_+',&55+Y,V,04&/3+,S4&,/&,3'131 -&,491,0+9&9*)1,S4&,)93&931,)93'+-4*)',49,-&A13&Y 3'131'\,-&,)9*)31',&5,-&/1''+55+,-&,\/3&,519R19-+ 0'&D4931/Y,@[/,S4&,0'+0+9)&9-+,'&/04&/31/6,

v4/*19-+,51,43)5)-1-,-&,51,&]0+/)*)89Y,@&,Z& 0'+04&/3+,-)')D)'51,Z1*)1,&5,T434'+Q,13)/A1',*4[5&/ 04&-&9,/&',5+/,@1V+'&/,'&3+/Y,-&/-&,&5,0493+,-& ()/31,*+9*&03415Y,1,S4&,/&,&9T'&931,51,D&/3)89,01'1 51,*+9/&'(1*)89,&9,./01O1Y,V,*4[5&/,0+-'>19,/&' 51/,*51(&/,&/&9*)15&/,01'1,1T'+931'5+/6,%)9,&@A1'I D+Y,51/,-4-1/,/4/*)31-1/,@&,Z19,*+9-4*)-+,)9&]+I '1A5&@&93&,Z1*)1,&5,01/1-+Q,*+9+*&',-&,-89-& (&9)@+/Y,&5,0'+*&/+,-&,-&(&9)',Z)/38')*+,S4&,9+/ Z1,5&D1-+,&5,*4&'0+,5&D15Y,-+*3')915,V,-&,0&9/1I

Ewx M%%2Q,ExGxIŽFEH

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

ŽHHH,;‘:M<?&3,ap6Y,ŽHHŽP6

K1/,*4&/3)+9&/,&]04&/31/Y,&9,3+-+,*1/+Y,'&/I 0+9-&9,1,05193&1@)&93+/,V,'&T5&])+9&/,&]*54/)I (1@&93&, 0&'/+915&/6, M93&9319, 9+, &/31' ()9*451-1/,1,9)9D491,'&D)89,D&+D'[T)*1,*+9*'&I 31Y,/)9+,10'+])@1'/&,1,0'+A5&@[3)*1/,0'+0)1/,-& 3+-+,&5,3&'')3+')+,91*)+9156

6170123456172869056173

461083457238353170

4307’5198543

./,T'&*4&93&,S4&,/&,*+9/)-&'&,51,T&*Z1 &@A5&@[3)*1,-&5,“,-&,-)*)&@A'&,-&,E”Ew,*+@+ 0493+,)9)*)15,-&,491,51'D1,3'1V&*3+')1,-&,*+9/&'I (1*)89,&9,./01O16,./&,->1,T4&,10'+A1-1,51,0')I @&'1,K&V,-&,_1'S4&/,21*)+915&/Y,*+9,/85+,3'&/ 1'3>*45+/6,v1=+,/4/,0'&*&03+/,V,&9,&5,@1'*+,S4& 1A')8Y,S4&,-)+,&93'1-1,&9,94&/3'+,+'-&91@)&93+ 15,*+9*&03+,-&,•_1'S4&–Y,&9,*+9*'&3+,-&,_1'S4& 21*)+915Y,/&,-&*51'1'+9,&9,E”E“Y,5+/,-+/,0')@&I '+/,_1'S4&/,21*)+915&/,&/01O+5&/Y,&5,-&,51 ;+931O1,-&,<+(1-+9D1,V,&5,-&,L'-&/16,./31,K&V '&/4531A1,3')A431')1,-&,+3'1/,S4&,&9,&5,019+'1@1 )93&'91*)+915,Z1A>19,)93'+-4*)-+,*+9*&03+/,V '&D451*)+9&/,19[5+D1/,491/,-\*1-1/,13'[/6,.93'& &/+/,0'&*&-&93&/,-&/31*1,&5,-&,E“GŽY,*419-+,T4&

-&*51'1-+,&9,./31-+/,—9)-+/,&5,0')@&',_1'S4& 21*)+915,-&5,@49-+Y,u&55+˜/3+9&Y,/&93[9-+/& 51/,A1/&/,V,&/31A5&*)\9-+/&,5+/,*')3&')+/,V,0519I 3&1@)&93+/,-&5,@+-&5+,-&,0'+3&**)89,-&,&/01I *)+/,9134'15&/,S4&,/&,-&/1''+551'>1,1,5+,51'D+,-& @[/,-&,49,/)D5+6,./3&,@+-&5+,/&,@13&')15)R8,0+' 0')@&'1,(&R,&9,.4'+01,*+9,51,-&*51'1*)89Y,&5,ŽF -&,@1V+,-&,E”H”Y,-&,5+/,0')@&'+/,_1'S4&/ 21*)+915&/,&9,%4&*)16,.9,&5,@49-+,Z)/019+1I @&')*19+,&])/3&9,0'&*&-&93&/,193&')+'&/Y,*+@+ 5+/,S4&,55&(1'+9,1,?'D&93)91,1,51,-&*51'1*)89,-& /4,0')@&',_1'S4&,21*)+915Y,&9,51,_131D+9)1Y,D'1I *)1/,1,5+/,-&/*4A')@)&93+/,V,&5,&@04=&,-&5,*+9+I *)-+,_&')3+,;+'&9+,N;—K.CLY,ŽHHŽP6

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

.9,3+-+,*1/+Y,5+,S4&,/>,S4&,)93'+-4*&,-& T+'@1,)99&D1A5&,51,*)31-1,5&V,-&,E”EwY,&/,&5,*+9I *&03+,-&,01'S4&Y,5)D1-+,15,&/31A5&*)@)&93+Y,0+' 5&V,91*)+915Y,-&,49,'\D)@&9,&/0&*)15,-&,0'+3&*I *)89,/)9,01'19D89,&9,&5,'&/3+,-&5,3&'')3+')+Y,V 1/+*)1-+,15,'&*+9+*)@)&93+,-&,49+/,(15+'&/,'&15I @&93&,/+A'&/15)&93&/6,%)9,&@A1'D+Y,™*4[5,&'1 '&15@&93&,&5,*+9*&03+,S4&,&/31,5&V,)93'+-4=+š,™? S4\,01'1-)D@1,'&/0+9->1š

.5,*+9*&03+,-&,_1'S4&,21*)+915Y,/&D^9,51 5&V,-&,E”EwY,&'1,&5,/)D4)&93&Q,›%+9,01'S4&/ 91*)+915&/Y,1,5+/,&T&*3+/,-&,&/31,5&VY,5+/,54D1'&/ +,01'1=&/,&]*&0*)+915@&93&,0)93+'&/*+/Y,A+/*+I /+/,+,&/*1A'+/+/,-&5,3&'')3+')+,91*)+915Y,S4&,&5 &/31-+,*+9/1D'1,-&*51'[9-+5+/,1/>Y,*+9,&5,&]*54I /)(+,+A=&3+,-&,T1(+'&*&',/4,1**&/)A)5)-1-,0+' (>1/,-&,*+@49)*1*)89,1-&*41-1/Y,V,-&,'&/0&31',V

Z1*&',S4&,/&,'&/0&3&,51,A&55&R1,9134'15,-&,/4/,01)I /1=&/Y,51,')S4&R1,-&,/4,T1491,V,T5+'1,V,51/,01'3)I *451')-1-&/,D&+58D)*1/,&,Z)-'+58D)*1/,S4& *+93&9D1Y,&()319-+Y,*+9,51,@&=+',&T)*1*)1Y,*415I S4)&',1*3+,-&,-&/3'4**)89Y,-&3&')+'+,+,-&/T)D4'1I *)89,0+',51,@19+,-&5,Z+@A'&›6,./31A5&*&,1-&@[/ S4&,•&5,;)9)/3&')+,-&,Œ+@&93+,*'&1'[,5+/ _1'S4&/,21*)+915&/,-&,1*4&'-+,*+9,5+/,-4&O+/ -&,5+/,/)3)+/Y,'&D51@&931'[,5+/,S4&,(1V1,*'&19-+ V,*+9/)D91'[,51/,*193)-1-&/,9&*&/1')1/,01'1,(>1/ -&,*+@49)*1*)89,V,/+/3&9)@)&93+,-&,3+-+/ &55+/–6,.9,E”E“,/&,-&*51'19,&9,./01O1,5+/,-+/ 0')@&'+/,_1'S4&/,21*)+915&/Q,&5,-&,51,;+931O1 -&,<+(1-+9D1Y,&9,51,*+'9)/1,*193[A')*1Y,V,&5,-&5 J155&,-&,L'-&/1Y,&9,5+/,_)')9&+/Y,V,9+,/&,(4&5(& 1,-&*51'1',9)9D49+,Z1/31,E”xF6

C&*+9+*&',&5,(15+',-&,51,A&55&R1,-&,49,01)/1I =&,0)93+'&/*+,+,&/*1A'+/+,V,&5,(15+',)93'>9/&*+,-& 51,')S4&R1,T149>/3)*1Y,T5+'>/3)*1,+,D&+@+'T+58D)I *+,)93&931',0'&/&'(1',315&/,(15+'&/,-&,/4,-&D'1I -1*)89,+,153&'1*)89,0+',51,@19+,-&5,Z+@A'& T1(+'&*&',&5,1**&/+,-&,5+/,*)4-1-19+/,1,5+/,@)/I @+/,01'1,/4,*+93&@051*)89,V,-&5&)3&Q,315&/,/+9 5+/,10+'3&/,A[/)*+/,-&5,&/S4&@1,-&,01'S4&,0'&I *+9)R1-+,0+',&/31,5&V6,.9,'&15)-1-Y,/+9,51/,0)9*&I 51-1/,&/&9*)15&/,-&5,@+-&5+,-&,&/01*)+/ 9134'15&/,0'+3&D)-+/,S4&Y,*+9,@[/,+,@&9+/ (1')193&/Y,/&,Z1,-&/1''+551-+,&9,94&/3'+,01>/ -&/-&,&93+9*&/,V,1,5+,51'D+,-&,*1/),49,/)D5+ '&*+9+*)@)&93+,-&,(15+'&/Y,9+'@13)(1,-&,0'+3&*I *)89,-&,5+/,@)/@+/Y,T+@&93+,V,'&D451*)89,-&5 4/+,0^A5)*+6,./3&,&/S4&@1,0&'@19&*&,Z+V ()D&93&Y,9+,/85+,&9,&5,[@A)3+,-&,5+/,_1'S4&/ 21*)+915&/,/)9+,&9,D&9&'15,&9,51/,5>9&1/,@1&/I 3'1/,-&,51,*+9/&'(1*)89,-&,51,9134'15&R1,&9,94&/I 3'+,01>/Y,1,9)(&5,5&D15Y,1-@)9)/3'13)(+Y,1*1-\@)*+ V,/+*)15Y,149S4&,Z1,&]0&')@&931-+,-)(&'/1/ @+-)T)*1*)+9&/,1,5+,51'D+,-&,&/31/,-\*1-1/Y,V 149S4&,/&,Z1V1,-&949*)1-+,S4&,1-+5&*&,-& *1'&9*)1/,&/&9*)15&/,N.—CL_?C<Y,ŽHH“1YAP6,u&/

S4&,*1A&,0'&D4931'/&,/),/&,3'131,-&,49,@+-&5+ 1-&*41-+,Z+V,->16,u01'1,-1','&/04&/31,1,&55+ '&/4531,^3)5,05193&1'/&,*4[5&/,&'19,5+/,01'1-)DI @1/,S4&,&/31A19,-&3'[/,-&,&/3+/,*+9*&03+/6

_1'3)',-&,S4&,&])/3&9,54D1'&/,15&=1-+/Y,&/*1I A'+/+/Y,)91**&/)A5&/Y,-+9-&,51,Z4&551,-&,51 1**)89,Z4@191,/&,0'&/4@&,)9&])/3&93&,+,)910'&I *)1A5&Y,54D1'&/,^9)*+/,-&93'+,-&,49,*+93&]3+,-& -&D'1-1*)89,D&9&'15,-&,51,9134'15&R1Y,/+=4RD1-1

1,49,4/+,Z4@19+,*1-1,(&R,@[/,)93&9/)(+6

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ŸY,ŽHH“P6,ž15&/,/+9

5+/,01'1-)D@1/,S4&,/4AV1*&9,1,51,)93'+-4**)89 -&5,*+9*&03+,-&,_1'S4&/,21*)+915&/,&9,94&/3'+ 01>/,V,&9,&5,'&/3+,-&5,@49-+Y,V,S4&,'&/0+9-&9,1 51/,)-&1/,/+A'&,51,9134'15&R1,V,&5,Z+@A'&,S4& 0'&-+@)91A19,&9,5+/,*>'*45+/,)93&5&*3415&/,-&5 @49-+,+**)-&9315,&9,51,/&D49-1,-\*1-1,-&5,/)D5+  M Y,Z&'&-&'+/,-&5,0&9/1@)&93+,)54/3'1-+Y,&/0+I 5&1-+/,0+',&5,1*4*)193&,-&/1''+55+,-&,51,&'1 )9-4/3')15Y,V,&9,&5,*1/+,-&,?@\')*1Y,-+9-&,/& D&/31'+9Y,15)@&931-+/,0+',51,*+93&@051*)89,-&5 &]0+5)+,D15+0193&,-&,5+/,'&*4'/+/,9134'15&/,V 01)/1=>/3)*+/,-&,*1/),3+-+,49,*+93)9&93&6,2+ 01'&*&,*1/415)-1-,S4&,5+/,0')@&'+/,_1'S4&/ 21*)+915&/,-&5,@49-+,91*)&'19,&9,3)&''1,-& T'+93&'1,-&,51,*+9S4)/31,1D'1')1Y,&9,01>/&/,S4& &/31A19,1^9,/)&9-+,•-&/*4A)&'3+/–,01'1,&5 @49-+,+**)-&9315Y,V,*4V+/,193&')+'&/,0+A51-+I '&/,9+,Z1A>19,55&D1-+,1,-&/1''+551',319,51'D1@&9I 3&,4/+/,319,)93&9/)(+/,-&,/4/,'&*4'/+/,*+@+,&9 94&/3'+,•()&=+,@49-+–6,%&,3'131Y,&9,3+-+,*1/+Y,-& 01'1-)D@1/,)-&15)R193&/,-&,'1>R,'+@[93)*1,V,0'+I V&**)89,)->5)*1Y,*&'*19+/,15,)-&15,-&,51,•9134'15&I R1,()'D&9–Y,0+*+,1915)R1-+/,*)&93>T)*1@&93&Y 1=&9+/,1,51/,-+*3')91/,@+-&'91/,-&,T49*)+91I @)&93+,&*+58D)*+,V,&/319*+/Y,/),9+,*+93'1')+/Y,15 010&5,-&,51/,*+@49)-1-&/,Z4@191/,S4&,Z1A)319 &/+/,&/01*)+/,V,0+',/404&/3+,1,/4,-&/1''+55+6,.9 &55+/,0'&-+@)91,51,)-&1,-&,51,•9+,)93&'(&9*)89– *+@+,D1'193&,-&,51,*+9/&'(1*)89Y,51,)-&1,-&,51 •'&/&'(1,)93&D'15–Y,0&'+,1A)&'31,15,0^A5)*+Y,V,&5 3'1/T+9-+,-&,51,*+9/)-&'1*)89,-&,491,9134'15&R1 &/3[3)*1,V,S4&Y,/),&/3[,1,/15(+,-&5,Z+@A'&Y,/& @193)&9&,&9,491,/4&'3&,-&,&S4)5)A')+,0&'T&*3+Y,49 *+9*&03+,*+9,'&@)9)/*&9*)1/,-&5,•01'1>/+,3&''&I 915–,N;—K.CLY,ŽHHŽP6

%)9,&@A1'D+Y,5+/,@+-&5+/,S4&,91*&9,-&,&/1/ )-&1/Y,0'+93+,*+@)&9R19,1,105)*1'/&,&9,+3'+/ 3)0+/,-&,01>/&/,*+9,*+V4934'1/,-)T&'&93&/Y,*+@+

&5,94&/3'+Y,)93&9/1@&93&,Z1A)31-+/Y,&9,5+/,S4& 9+,&/,0+/)A5&,*1/),949*1,&9*+93'1',&]3&9/)+9&/ -&,*)&'31,)93&9/)-1-,-+9-&,51,Z4&551,Z4@191,9+ /&,'&(&5&,*+@+,1A'4@1-+'1,&,)9&S4>(+*1Y,V -+9-&,)9*54/+,1,@&94-+,'&/453&,-)T>*)5,+,)9*54/+ )@0+/)A5&,-)/+*)1',5+/,19*&/3'15&/,4/+/,Z4@19+/ -&,5+/,(15+'&/,9134'15&/,S4&,/&,0'&3&9-&,0'&/&'I (1',NK..¡,;M77K.žL2Y,ŽHH¢,7—7K.uY,ŽHH“P6

./3+/,@)/@+/,01'1-)D@1/,)@0&'19,1,9)(&5 )93&'91*)+915,&9,&/1,\0+*1Y,*+@+,-&@4&/3'1,51 -&T)9)*)89,-&,_1'S4&/,21*)+915&/,-1-1,&9,51 <+9(&9*)89,-&,K+9-'&/,-&,E”¢¢Q,›£'&1,04&/31 A1=+,&5,*+93'+5,0^A5)*+Y,&9,51,*415,5+/,5>@)3&/,0&'I @19&*&'[9,)9(1')1A5&/,V,-&,51,*415,9+,0+-'[ 3'19/T&')'/&,9)9D491,01'3&Y,/15(+,0+',51,143+') -1-*+@0&3&93&,&9,51,*415,Z19,-&,1)/51'/&,5+/,&5&I @&93+/,-&,)93&'\/,*)&93>T)*+,01'1,/4,0'+01D1I *)89Y,0'+3&**)89,V,*+9/&'(1*)89,V,01'1,&5 10'+(&*Z1@)&93+,V,&5,&/01'*)@)&93+,0^A5)*+/ &9,51,*415,/&,0'+Z>A&,51,*1R1Y,@4&'3&,V,*1034'1,-& 51,T1491,V,51,-&/3'4**)89,+,'&*+5&**)89,-&,51 T5+'1Y,&]*&03+,0+',51/,143+')-1-&/,V,&9,51,*415,/& -1'[9,T1*)5)-1-&/,15,0^A5)*+,01'1,S4&,04&-1 +A/&'(1',51,T1491,V,51,T5+'16›

_+*+,1,0+*+,(19,*1@A)19-+,51/,)-&1/,5)D1-1/ 1,51,*+9/&'(1*)89,-&,['&1/,0'+3&D)-1/6,.9 ./01O1Y,51,)9*54/)89,-&,5+,'&513)(+,1,5+/,_1'S4&/ 21*)+915&/,&9,51,K&V,-&,;+93&/,-&,E”xG,/404/+ 49,*)&'3+,)@045/+,1,94&(1/,-&*51'1*)+9&/,V,315 (&R,-+38,15,*+9*&03+,-&,*+9/&'(1*)89,-&,491 @1V+',*+Z&'&9*)1,&*+58D)*1,N.—CL_?C<I

.%_?¤?Y,ŽHH”1P6,%)9,&@A1'D+Y,51,0'+0)1,-&T)9)I

*)89,-&,_1'S4&,21*)+915Y,&9,&/0&*)15,&9,5+ '&513)(+,1,51,14/&9*)1,-&,1**)89,Z4@191Y,/40+9>1 491,5)@)31*)89,01'1,/4,&/31A5&*)@)&93+Y,&9,49 01>/,319,0'+T49-1@&93&,3'19/T+'@1-+,*+@+,&5 94&/3'+6,K1,5&V,-&,01'S4&/,-&,E”Gx,*1/),/404/+ @[/,49,&9*+'/&31@)&93+,-&,51,T)D4'1,S4&,49 1(19*&,'&15Y,V,9+,&/,Z1/31,51,5&V,F,-&,E”“”,*419I -+,/&,0'+-4*&,49,(&'-1-&'+,*1@A)+Y,S4&,()&9& -&,51,@19+,-&,10&'34'1,-&5,*1@0+,-&,51,*+9/&'I (1*)89,1,491,-)(&'/)-1-,-&,T)D4'1/Y,105)*1A5&/,&9 -)T&'&93&/,*1/+/,&9,T49*)89,-&5,D'1-+,-&,)@0+'I 319*)1,+,/)9D451')-1-,-&,/4/,(15+'&/,V,-&,5+/,4/+/ Z4@19+/,&9,&551/,-&/1''+551-+/6,

7)*Z1,5&V,&/31A5&*&,*413'+,*13&D+'>1/,A[/)*1/ -&,0'+3&**)89Q,_1'S4&/Y,C&/&'(1/,2134'15&/Y ;+94@&93+/,2134'15&/,V,_1)/1=&/,_'+3&D)-+/Y *+9,51,0'&3&9/)89,-&,S4&,51/,-)T&'&93&/,1-@)9)/I 3'1*)+9&/,143+98@)*1/,51/,34()&'19,&9,*4&931,1,51

Z+'1,-&,*+9T)D4'1',/4/,0'+0)1/,'&-&/,'&D)+915&/ -&,&/01*)+/,0'+3&D)-+/6,?51,Z+'1,-&,-&T)9)',5+/ 01'S4&/,9134'15&/,0+',&=&@05+,N51,T)D4'1,@[/,43)I 5)R1-1,Z1/31,51,T&*Z1,*+9,@[/,-&,EHH,&/01*)+/ -&*51'1-+/,V,*&'*1,-&,¢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—CL_?C<Y,ŽHH“1P6,2+,+A/3193&Y,&9,51,@1V+'>1

-&,5+/,*1/+/,&5,01'1-)D@1,S4&,/4AV1*&,-&3'[/,-& 51,0+5>3)*1,-&,*+9/&'(1*)89,-&,&/01*)+/,-)T)&'& @4V,0+*+Y,&9,/4/,5>9&1/,@1&/3'1/Y,-&,1S4\5,051/I @1-+,&9,51,0')@&'1,5&V,-&,E”Ew6,_+',+3'1,01'3&Y 51,D&/3)89,0+',01'3&,-&,51/,*+@49)-1-&/,14389+I @1/,-&,315,*+V4934'1,Z1,*Z+*1-+,9+'@15@&93& *+9,5+/,@)/@+/,0'+A5&@1/Y,S4&,9+,*+9+*&9,-& T'+93&'1/6,.93'&,+3'+/Y,-&/31*19,5+/,'&513)(+/,1,51 0+A51*)89,5+*15,V,5+/,'&T&'&93&/,1,5+/,*+9*&03+/ &*+58D)*+/,-&,*1@A)+6,ž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ž15,(&R,51/,'1R+9&/,-&,&/31 /4&'3&,-&,•01'[5)/)/,*+9*&03415–,Z1V1,S4&,A4/I *1'51,/)9,@[/,&9,51,)9&'*)1,1-@)9)/3'13)(1Y,0&'+ 315,(&R,04&-19,&/31','&51*)+91-1/,*+9,&5,Z&*Z+ -&,S4&,&/+/,05193&1@)&93+/,1^9,9+,/&19,*+@01'I 3)-+/,0+',&5,*+9=493+,/+*)15Y,V,15D49+/,*1/+/,9) /)S4)&'1,0+',5+/,/&*3+'&/,()9*451-+/,1,51,*+9/&'I (1*)89,-&/-&,T4&'1,-&,51,1-@)9)/3'1*)89,0^A5)*16

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•T+3+,T)=1–,S4&,9+,/& *+''&/0+9-&,*+9,51,'&15)-1-,-&5,-)91@)/@+,&*+I 58D)*+6,L3'+/,[@A)3+/Y,*+@+,*+9/&'(1*)+9)/31/Y &398D'1T+/,V,'4'15)/31/Y,Z19,-&@19-1-+,&5,'&*+I 9+*)@)&93+,-&5,010&5,-&,5+/,Z1A)3193&/,&9,&5,@19I 3&9)@)&93+,-&,4/+/,3'1-)*)+915&/,()9*451-+/,1,51 *+9/&'(1*)89Y,491,*4&/3)89,>93)@1@&93&,'&51*)+I 91-1,*+9,51/,-+/,193&')+'&/,-&@19-1/,Nv.22.žžY

ŽHH¢,.—CL_?C<I.%_?¤?Y,ŽHH”A,:?C<¥?;LC? u;L2ž.%Y,ŽHH¢,;‘:M<?&3,ap6Y,ŽHHŽP6

ž15,(&R,/&1,&9,51,K&V,xBŽHHGY,-&,51,C&-,-& _1'S4&/,21*)+915&/Y,-+9-&,@[/,*51'1@&93&,/& @19)T)&/319,&/3+/,*1@A)+/6,.9,51,0'+0)1,-&T)9)I *)89,-&,_1'S4&,21*)+915Y,V1,9+,S4&-19,1S4&551/ '&T&'&9*)1/,A4*85)*1/,-&,51,5&V,-&,E”Ew,15,*1'[*I 3&',5&=19+,+,&/*1A'+/+,-&,315&/,['&1/Y,1,51,9&*&/)I -1-,-&,T1(+'&*&',/4,1**&/+,+,-&,&()31',*415S4)&' 1**)89,Z4@1916,?93&/,A)&9Y,/&,Z1A51,-&,/4,(15+' 9+,/85+,&*+58D)*+Y,/)9+,31@A)\9,*4534'15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

-&3&'@)91-1/,&]05+31*)+9&/,-&,'&*4'/+/,9134'1I 5&/,+,1D'1')+/,S4&,/&19,*+@013)A5&/,*+9,&5,5+D'+ -&,5+/,+A=&3)(+/,-&5,_1'S4&,21*)+915Y,/&,10+V19 &9,-&'&*Z+/,*+9/+5)-1-+/,V,*+9/3)34V&9,491 10+'31*)89,'&*+9+*)-1,-&,(15+'&/,*4534'15&/,+ &*+58D)*+/,S4&,9+,153&'&9,5+/,0'+*&/+/,9134'15&/6,

.9,'&15)-1-Y,V,@[/,155[,-&5,94&(+,@1'*+,S4& &/31A5&*&,01'1,5+/,_1'S4&/,21*)+915&/Y,&/31,5&V 15A&'D1,49,9+31A5&,*1@A)+,&9,51/,*+9*&0*)+9&/ -&,5+,S4&,-&A&,/&',V,&9,S4\,*+9/)/3&,51,*+9/&'(1I *)89,-&,['&1/,0'+3&D)-1/6,./,&/0&*)15@&93&,/)9I 3+@[3)*+,S4&,&/3&,1(19*&Y,S4&,/40+9&,/)9,-4-1 491,10&'34'1,&9,5+/,05193&1@)&93+/Y,/&,0'+-4R*1 0'&*)/1@&93&,&9,51/,['&1/,S4&Y,15,@&9+/,/+A'&,&5 010&5,V,-&,1*4&'-+,*+9,51/,)9&'*)1/,-&,0&9/1I @)&93+,193&')+'&/Y,-&A&'>19,-&,+/3&931',49,D'1-+ -&,0'+3&**)89,@[/,&/3')*316,?/>Y,/&,1/4@&,&5,0')9I *)0)+,-&,51,D&/3)89,1*3)(1Y,&93&9-)&9-+,S4&,51 *+9/&'(1*)89,9+,04&-&,05193&1'/&,-&,T+'@1,&/3[I 3)*1Y,&/319-+,=4/3)T)*1-1,51,)93&'(&9*)89,/+A'&,5+/ '&*4'/+/,9134'15&/,&9,51,@&-)-1,S4&,/&1,0'&*)/+ N—M<2Y,ŽHH¢P6,%&,105)*1,&5,*+9*&03+,-&,&*+9+@>1

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

K1,5&V,FŽBŽHHGY,9+'@1,A[/)*1,&/31315,&9,@13&I ')1,-&,*+9/&'(1*)89,-&,51,9134'15&R1,&9,94&/3'+ 01>/Y,1/4@&,01'*)15@&93&,&/&,*1@A)+,-&,01'1-)DI @1,104931-+,0+',51,5&V,xBŽHHGY,0&'+,/)9,)',31@0+I *+,@4*Z+,@[/,155[6,K1,-&T)9)*)89,-&,5+/,&/01*)+/ 9134'15&/,0'+3&D)-+/Y,0+',&=&@05+Y,Z1*&,'&T&'&9*)1 1,5+/,(15+'&/,S4&,15A&'D19,N&93'&,5+/,*415&/Y,=493+ 1,5+/,&*+58D)*+/Y,101'&*&9,5+/,&-4*13)(+/PY +A()19-+,51,*+9/)-&'1*)+9&/,1*&'*1,-&,51,1**)89 Z4@1916,.9,&5,*1/+,-&,5+/,01'S4&/Y,0+',&=&@05+Y 319,/85+,/&,)9-)*1,S4&,feh}mzb¦hpjlj§abhepha}bm¨e„ o©aljek§mhzehpmfhbeodbfmfhka§dbapefgh}bm©jªj«k„

zmfehekh§mzmhoafmhpmfhjkoml}a§jªpefhomkhpaf

¬jkapjzazefhcdeh©a­akh®df§j¬joazmhfdhobeaoj¯k6 <+9,&5,T)9,-&,*+93')A4)',15,@193&9)@)&93+,-&,5+/ &/01*)+/,9134'15&/,0'+3&D)-+/,V,T1(+'&*&',&5,-&/I 1''+55+,/+*)+&*+98@)*+,-&,51/,0+A51*)+9&/,5+*1I 5&/,-&,T+'@1,*+@013)A5&,*+9,5+/,+A=&3)(+/,-& *+9/&'(1*)89,-&5,&/01*)+Y,&9,/4/,-)/0+/)*)+9&/ '&D451-+'1/,0+-'[9,&/31A5&*&'/&,£'&1/,-& M9T54&9*)1,%+*)+&*+98@)*1Y,*+9,&/0&*)T)*1*)89 -&5,'\D)@&9,&*+98@)*+,V,51/,*+@0&9/1*)+9&/ 1-&*41-1/,15,3)0+,-&,5)@)31*)+9&/6,

™./,0'&()/)A5&,S4&,&/3&,*1@A)+,-&,01'1-)D@1 /&,D&9&'15)*&,&9,&5,*+9=493+,-&5,3&'')3+')+,&/01I O+5š,.9,51,1*3415)-1-Y,-)(&'/1/,*+@49)-1-&/ 14389+@1/,&/3[9,0'&01'19-+,+,3'1@)319-+,94&I (+/,@1'*+/,5&D15&/,-&,*+9/&'(1*)89Y,S4&,/4/3)34I V19,1,5+/,S4&,/4*&-)&'+9,1,51,K&V,FBE”“”,V,/& 1-103&9,1,51,94&(1,'&15)-1-,&/31A5&*)-1,0+',51 K&V,FŽBŽHHGY,&9,&/0&*)15,&9,5+,S4&,'&/0&*31,1,51

)93&D'1*)89,-&,*4&/3)+9&/,()9*451-1/,1,5

1,C&-2134'1,ŽHHH,N.—CL_.?2 <L;M%%ML2Y,ŽHH“P6

7)*Z+/,@1'*+/,5&D15&/Y,™'&15@&93&,(19,1,/&' 94&(+/,&9,5+,S4&,'&/0&*31,1,51/,0+5>3)*1/,-&,&/01I *)+/,9134'15&/,0'+3&D)-+/š,™./,0'&()/)A5&,49 1(19*&,*+9*&03415,&9,51,@13&')1,+,Z19,-&,0&/1' @[/,51/,)9&'*)1/,V,51,-+*3')91,V1,&/31A5&*)-1š,™+ &/,S4&,-&,T+'@1,D&9&'15,9+,/&,&93)&9-&,0'+*&I -&93&,-)*Z+,*1@A)+š,™.93&9-&@+/Y,04&/Y,S4&,&5 1*3415,@1'*+,/13)/T1*&,1-&*41-1@&93&,51/ -&@19-1/,/+*)15&/,1,51/,['&1/,0'+3&D)-1/,V,/4 0'+A5&@[3)*1,-&,D&/3)89š,_1/&@+/,0+',49 @+@&93+,1,1915)R1',*+9,@1V+',-&3155&,15D491/ -&,51/,0+/)A5&/,-&A)5)-1-&/,-&5,@+-&5+,()D&93&6

328609543053516

07334457’s33

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•0&'T&*3+–Y,S4&,51,1**)89,-&5,Z+@A'&,/85+ *+93')A4V&,1,153&'1',-&,T+'@1,9&D13)(16,C&/4531 -)T>*)5,-)/D'&D1',&/31/,)-&+5+D>1/,-&,94&/3'+/ /4/3'13+/,-&,0&9/1@)&93+,=4-&+*')/3)19+/,5)D1-+/ 15,01'1>/+,9134'15,0&'-)-+Y,&9,&5,S4&,3+-+,&'1 0&'T&*3+,V,?-[9,V,.(1,()(>19,-&,/4/,T'43+/,/)9 3&9&',S4&,*453)(1',51,3)&''1Y,*+'31',['A+5&/,+,0'&9I -&',T4&D+/,01'1,D&9&'1',01/3)R15&/,S4&,04-)&'19 @193&9&',1,/4/,D191-+/6,./1,@)/@1,'1>R,-&,0&9I /1@)&93+,&/,51,S4&,/4AV1*>1,&9,51/,)-&1/,-& <5&@&93/Y,•01-'&–,-&,51/,3&+'>1/,-&,51,*5>@1] (&D&315,S4&,3193+,0'&-)*1@&93+,Z1A'>19,-&,3&9&' &9,94&/3'+,01>/Y,-&,51,@19+,-&5,-&/1''+55+,-&,51 T)3+/+*)+5+D>1,/)D@13)/31,S4&,15*19R1'>1,/4 @1V+',&]0'&/)89,*+9,51/,/&')&/,-&,(&D&31*)89,& Z)083&/)/,1/+*)1-1/,-&5,0'+T&/+',C)(1/I;1'3>9&R6

%)9,&@A1'D+Y,&/31/,3&+'>1/,V,5+/,01'1-)D@1/ -&,-+9-&,0'+*&-&9,55&(19,-\*1-1/,/)&9-+,04&/I

31/,&9,3&51,-&,=4)*)+,-&/-&,-)(&'/+/,[@A)3+/Y,V,51 105)*1*)89,-&,/4/,1/49*)+9&/,&9,51,*+9/&'(1*)89 04&-&,*+9-4*)',1,&T&*3+/,0&'(&'/+/,&,)9*54/+,-& *1'[*3&',*+93'1')+,1,51,5&D15)-1-6

.9,0')@&',54D1'Y,5+/,&*85+D+/,55&(19,-\*1-1/ 1-()'3)&9-+,-&,S4&,&5,*1@A)+,&/,)9Z&'&93&,1,51 0'+0)1,9134'15&R1Y,V,-&,S4&,*415S4)&',10'+])@1I *)89,1,&551,A1/1-1,&9,&5,01'1-)D@1,-&,51,•T+3+ T)=1–,+,-&5,&/313)/@+,0+'31'[,*+9/)D+,D'19-&/ -+/)/,-&,&''+'6,<+9*&03+/,*+@+,&5,-&5,•*5>@1]–Y 315,V,*+@+,T4&,1*4O1-+,Z1*&,@[/,-&,@&-)+,/)D5+ V,*+@+,/&,/)D4&,43)5)R19-+,Z+V,->1Y,Z19,*1>-+ Z1*&,3)&@0+,&9,1*4/1-+,-&/0'&/3)D)+Y,9+,/)&9-+ '&15)/31,1-+'91'5+,*+9,13')A43+/,•-&/&1A5&/– *+@+,5+/,-&5,&S4)5)A')+,+,51,@1])@)R1*)89,-& &/0&*)&/,+,&/31A)5)-1-Y,*+9,5+,S4&,0)&'-&,51 @1V+',01'3&,-&,/4,/&93)-+,N;?C:?K.ŒY,E”GFP6,?

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Ÿ[A)313/Y,-&,T+'@1,54&D+ +T4/*1-1,0+',/4,*1'[*3&',1915>3)*+,V,51/,)93&'0'&I 31*)+9&/,-&,S4&,Z1,/)-+,+A=&3+,N?2:.2;.M.C¡

°?CCY,E””F,vCL±2&3,ap6Y,ŽHHHP6

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

T+'@1,/13)/T1*3+')1,/)9,*+931',*+9,&5,Z+@A'&,V,/4 1**)89,/&*451'Y,-)'&*31,&,)9-)'&*316,./&,010&5,-& 5+/,4/+/,Z4@19+/,&9,51,*+9T+'@1*)89,-&,94&/I 3'+/,/)/3&@1/,&*+58D)*+/,*+9()&'3&,&9,T'>(+51 *415S4)&',10'+])@1*)89,1,/4,*+@0'&9/)89,V,1,/4 D&/3)89,S4&,9+,*4&93&,*+9,&5,T1*3+',Z4@19+6

—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

_+',+3'1,01'3&Y,&/,+A5)D1-+,)93'+-4*)',1S4>,&5 &/S4&@1,S4&,0'+04D91,51,7)'&*3)(1,Ÿ[A)313/Y '&T&'&9*)1,-&,51,*+9/&'(1*)89,1,9)(&5,&4'+0&+6 .9,5+,S4&,'&/0&*31,1,51,C&-,2134'1,ŽHHHY,51,5&V FŽBŽHHG,'&*+D&,51,+A5)D1*)89,-&,51/,1-@)9)/3'1I *)+9&/,*+@0&3&93&/,-&,3+@1',51/,@&-)-1/,10'+I 0)1-1/,01'1,&()31',&9,5+/,&/01*)+/,-&,5 1,C&-2134'1,ŽHHH,&5,-&3&')+'+,-&,5+/,Z[A)313,9134'15&/ V,-&,5+/,Z[A)313,-&,51/,&/0&*)&/Y,1/>,*+@+,51/ 153&'1*)+9&/,S4&,'&0&'*4319,&9,51/,&/0&*)&/,S4& Z1V19,@+3)(1-+,51,-&/)D91*)89,-&,&/31/,['&1/6 K1,@1V+',01'3&,-&,5+/,&/01*)+/,9134'15&/,0'+3&I D)-+/,*+)9*)-&9,*+9,['&1/,-&,51,C&-,2134'1 ŽHHHY,&9,51/,S4&,51/,0')+')-1-&/,-&,*+9/&'(1*)89 -&A&'>19,-&,&/31A5&*&'/&,&9,T49*)89,-&,5+,)9-)*1I -+,&9,51,7)'&*3)(1,Ÿ[A)313/6,_4&/,A)&9Y,'&/4531 S4&,51,-&T)9)*)89,-&,5+/,Z[A)313/,-&,)93&'\/ *+@49)31')+,&9,./01O1,Z1,/)-+,315Y,S4&,D'19 9^@&'+,-&,&55+/,/&,*+''&/0+9-&9,*+9,T+'@1*)+I 9&/,9+,/85+,>93)@1@&93&,5)D1-1/,1,-&3&'@)91-+/ 4/+/,Z4@19+/Y,/)9+,)9*54/+,'&/453193&/,-&,5+/ @)/@+/Y,Z1/31,&5,0493+,-&,S4&,-&A&9,1,&55+/,/4 &])/3&9*)1,315,V,*+@+,5+/,*+9+*&@+/,Z+V6,./3+ 9+,&/,491,&]*&93')*)-1-,&9,&5,@1'*+,-&,5+/,0519I

3&1@)&93+/,-&,51,7)'&*3)(1,Ÿ[A)313/Y,S4&,1/0)'1I A1,1,*+9/&'(1',94&/3'+,013')@+9)+,9134'15,5)D1-+ 15,Z+@A'&,V,1,/4/,4/+/Y,@[/,S4&,&5,-&,491,Z)0+I 3\3)*1,9134'15&R1,()'D)915,S4&,&9,.4'+01,A')551 0+',/4,14/&9*)16,.9,3+-+,*1/+Y,&/,15D+,S4&,*Z+*1 *+9,5+/,05193&1@)&93+/,-&,*+9/&'(1*)89,-&,&/01I *)+/,9134'15&/,0'+3&D)-+/,-&,0')9*)0)+/,-&,/)D5+ NV,&9,A+D1,Z1/31,0'[*3)*1@&93&,51,1*3415)-1-PY,V 01'&*&,/40+9&',49,94&(+,01'1-)D@1,N<L;M%M²2

.—CL_.?Y,ŽHHH,CLtLY,ŽHH“P6

;4*Z+/,-&,5+/,&/01*)+/,0'+3&D)-+/,-&,51, C&-2134'1,ŽHHH&9,./01O1,/+9,R+91/,*+9,0'+A5&@1/ -&,-&/0+A51*)89Y,&9,51/,S4&,&])/3&,49,/&*3+' 1D'1')+,*+9,T4&'3&/,-)T)*4531-&/,-&,*+@0&3)3)()I -1-6,?-&@[/Y,@4*Z+/,-&,5+/,Z[A)313/,-&,)93&'\/ *+@49)31')+,&/3[9,5)D1-+/,1,4/+/,3'1-)*)+915&/ 1D'>*+51/Y,D191-&'+/,+,T+'&/315&/Y,1*3415@&93& &9,T'19*1,'&D'&/)89Y,V,S4&,/),-&=1/&9,-&,0'1*3)I *1'/&,0'+-4*)'>19,&T&*3+/,9&D13)(+/,&9,&/+/ Z[A)313/6,./,0'&*)/+,3&9&',&9,*4&931Y,0+',&=&@I 05+Y,S4&,D'19,01'3&,-&,51/,œ._?/,&/3[9,-&5)@)31I -1/,/+A'&,['&1/,-&,*453)(+,*&'&15)/31Y,-+9-& 15A&'D19,491/,)@0+'3193&/,0+A51*)+9&/,-&,1(&/ &/3&01')1/6,_+',+3'1,01'3&Y,491,&]3&9/)89,*+9/)I -&'1A5&,-&,5+/,KM</,/&,*+''&/0+9-&,*+9,['&1/ D191-&'1/Y,-+9-&,&5,D191-+,@193)&9&,491,@13')R -&,01/3+/,V,@13+''15&/,S4&,/+9,Z[A)313/,-&,51 7)'&*3)(1,V,/4/3'13+,-&,94@&'+/1/,&/0&*)&/,-& )93&'\/6,?/>,51/,*+/1/Y,51/,1V4-1/,15,@193&9)I @)&93+,-&,51,1*3)()-1-,1D'+D191-&'1Y,-&,T+'@1 @[/,-)'&*31,+,)9-)'&*31Y,&/3[9,*+93')A4V&9-+,15 @193&9)@)&93+,-&,-)*Z+/,54D1'&/,&9,49,1-&*41I -+,&/31-+,-&,*+9/&'(1*)89,V,-&A&9,/&',*+9/)-&I '1-+/,*+/3&/,01'1,&5,@193&9)@)&93+,-&,5 1,C&-2134'1,ŽHHH,Nt—2ž?7.<?%žMKK?uK.²2Y,ŽHHGP6,

?5,Z)5+,-&,5+,S4&,/&,Z1,)-+,&]0+9)&9-+Y,51/ 0'&D4931/,/+9,@^53)05&/6,™<4[5,&/,1Z+'1,@)/@+,&5 01'1-)D@1,)@0&'193&,&9,*+9/&'(1*)89,'&/0&*3+ -&,&/31/,*4&/3)+9&/š,™C&15@&93&,&93&9-&@+/,51 0')+')-1-,-&,*+9/&'(1',/)/3&@1/,5)D1-+/,1,4/+/ 19*&/3'15&/Y,0&'+,315,(&R,)9/+/3&9)A5&/,Z+V,->1š,%) &/,1/>Y,™&/3[9,5+/,@1'*+/,=4'>-)*+/,V,51/,A1/&/,*+9I *&03415&/,-&,51,*+9/&'(1*)89,&9,&/01*)+/,9134'1I 5&/,0'&01'1-+/,01'1,-&/1''+551',51,9&*&/1')1 D&/3)89š,™ž)&9&9,51/,['&1/,0'+3&D)-1/,S4&,'&0'+I -4*)',V,@193&9&',1'3)T)*)15@&93&,@+-&5+/,-&,D&/I 3)89,-&,5+/,'&*4'/+/Y,+,3)&9&9,S4&,@)9)@)R1',3+-1 D&/3)89,01'1,0'+0+'*)+91',@+-&5+/,-&,&(+54*)89 @[/,9134'15,S4&,&9,&5,'&/3+,-&5,3&'')3+')+Y,3&9)&9-+ &9,*4&931,51/,)@05)*1*)+9&/,&*+98@)*1/,-&,491,4

+3'1,+0*)89š,u&/1,0+/)A5&,&(+54*)89Y,™'&15@&93&Y *4[93+,3&9-'>1,-&,9134'15Y,V,0+',S4\,Z1A'>1,-&,/&' 0'&T&')A5&,1,+3'1/š,uT)915@&93&Y,™Z&@+/,N5+/,D&/I 3+'&/Y,51,/+*)&-1-Y,51/,+'D19)R1*)+9&/,*+9/&'(1I *)+9)/31/Y,&5,5&D)/51-+'P,/40&'1-+,'&15@&93&,51 10'+])@1*)89,&/3[3)*1,1,51,9134'15&R1Y,Z&@+/,55&I D1-+,1,)93&D'1',&9,94&/3'+/,&/S4&@1/,@&9315&/ 51/,A1/&/,-&,51,-)9[@)*1,-&,5+/,&*+/)/3&@1/š,™.9 *4[93+/,-+*4@&93+/,-&,0519)T)*1*)89,-&,&/01*)+/ 0'+3&D)-+/,/&,&/31A5&*&9,-)T&'&93&/,'431/,1,/&D4)' 0+',5+/,/)/3&@1/,9134'15&/,&9,T49*)89,-&,51/,-)T&I '&93&/,+0*)+9&/,-&,D&/3)89,1,-&/1''+551',+,9+,&9 5+/,@)/@+/Y,V,*15)T)*19-+,&9,T49*)89,-&,/4,)93&'\/ *)&93>T)*+/Y,&*+58D)*+,+,/+*)15,51/,-)T&'&93&/,153&'I 913)(1/,'&/453193&/š,

3286095430

01388667643

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•*1'1@&5+–,*+9,S4&,/&,)93&931,'&D151',1,5+/ Z1A)3193&/,-&,491/,['&1/,S4&,(&9,'&D451-1/Y,5)@)I 31-1/,+,0'+Z)A)-1/,01'3&,-&,51/,1*341*)+9&/,S4& (&9>19,-&/1''+5519-+,+,S4&,0+->19,N³+,0+-'>19´P -&/1''+551',NŸ.C?%Y,ŽHHŽP6,.9,+3'1/Y,01'3)&9-+,-&

51,'&15)-1-,-&,S4&,9+,&/,T1*3)A5&,05193&1',0+5>3)*1/ -&,*+9/&'(1*)89,1,&/015-1/,-&,51,0+A51*)89,5+*15 +,&9T'&93[9-+/&,1,&551Y,/&,55&D1,1,Z1A51',3193+,-&5 -&/1''+55+,S4&,01'&*&,S4&,51,*+9/&'(1*)89,01/1'1 1,49,/&D49-+,0519+6,;453)34-,-&,/)@0+/)+/,V *+9D'&/+/,/+A'&,['&1/,0'+3&D)-1/,/&,*&93'19,&9,51 3&@[3)*1,-&,*8@+,0'+@+(&',&5,-&/1''+55+,-&,/4/ Z1A)3193&/6,.5,*+@0'+@)/+,-&,T1(+'&*&'5+,/4&5& T)D4'1',&9,5+/,0'+0)+/,_LC2,0'&()+/,1,51/,-&*51I '1*)+9&/,-&,&/01*)+/,0'+3&D)-+/Y,V,&9,5+/,_C—: /&,-&315519,@&-)-1/,&/0&*>T)*1/,01'1,&55+Y,S4&,&9 +*1/)+9&/,*+A'19,491,)@0+'319*)1,@1V+',V,/&

@13&')15)R19,&9,0'+D'1@1/,&/0&*>T)*+/,01'1,49 &/01*)+,*+9*'&3+,+,01'1,3+-1,491,'&-6,.5 _'+D'1@1,_1'S4&/,&9,<1/3)551,V,K&89,+,&5,_519 01'1,&5,7&/1''+55+,%+/3&9)A5&,-&,5+/,&/01*)+/ 9134'15&/,&9,?9-154*>1,/+9,A4&91,0'4&A1,-&,&55+6 %)9,&@A1'D+Y,01'1,0'+@+(&',&5,-&/1''+55+,'4'15Y ™-&*51'1@+/,49,01'S4&š,™&/,&/1,51,T)D4'1,1-&*41I -1,01'1,5+D'1',&/&,T)9š,

%),9+/,13&9&@+/,1,5+,&/31A5&*)-+,&9,51,9+'@1I 3)(1,()D&93&Y,01'&*&,*51'+,S4&,49,['&1,9+,04&-& -&*51'1'/&,&/01*)+,9134'15,0'+3&D)-+,0+'S4&,)93&I '&/&,0'+@+(&',/4,-&/1''+55+Y,0+',@4V,/+/3&9)A5& S4&,/&,S4)&'1,S4&,/&1Y,/)9+,0+'S4&,'&^91,49+/ (15+'&/,9134'15&/,S4&,'&/453&,0'&*)/+,0'&/&'(1'6 Ÿ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™04&-&9,/&','&15@&93& &T)*1*&/,&9,&/1,51A+'š,™<+9/3)34V&9,51,Z&''1@)&9I 31,@[/,1-&*41-1Y,-&,1*4&'-+,*+9,/4,-&T)9)*)89 5&D15š,™–./3[9,01'1,&/+–š,

K1,*4&/3)89Y,0+',/404&/3+Y,'&()/3&,@4*Z1 @1V+',*+@05&=)-1-,S4&,51,/)@05&R1,*+9,S4&,-& T+'@1,*+9/*)&93&,&/31@+/,3'1319-+,&5,1/493+6,? D'19-&/,'1/D+/Y,*1A&,-)T&'&9*)1',491,/&')&,-& T1*&31/,&9,51,@^53)05&,'&51*)89,&93'&,['&1/,0'+3&I D)-1/,V,-&/1''+55+6,?5D491/,-&,&551/,/&,01/19,1 )9-)*1',1,*+93)941*)896

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

T+@&93+,S4&,-&,T+'@1,-)'&*31,+,)9-)'&*31 *+'')=19,+,*+@0&9/&9,&/&,-\T)*)3,&9,51/,0+/)I A)5)-1-&/,-&,4/+,-&5,3&'')3+')+6,

AP.9,/&D^9,S4\,*1/+/Y,1-&@[/Y,04&-&9,&])/3)' +3'1/,'1R+9&/,&/3'13\D)*1/,01'1,T+@&931',49 1-&*41-+,-&/1''+55+Q,&9,+*1/)+9&/Y,5+/,0'+I A5&@1/,-&,*+9/&'(1*)89,(19,5)D1-+/,1,491 T1531,-&,*+9*)&9*)1*)89Y,&-4*1*)89,+,/&9/)A)I 5)R1*)89,*4534'15,0+',01'3&,-&,51,0+A51*)89 5+*15,NT4'3)()/@+Y,4/+,-&,(&9&9+/Y,(&'3)-+/ -+@\/3)*+/,+,)9-4/3')15&/Y,4/+,)9-)/*')@)91-+ -&5,T4&D+Y,&3*6P6,.9,&/1,@&-)-1Y,5+/,0'+A5&@1/ S4&,/40+9&9,1@&91R1/,01'1,51,*+9/&'(1*)89 04&-&9,'&/+5(&'/&Y,1,@&-)+,051R+Y,/),@&=+'1,&5 9)(&5,-&,()-1Y,V,*+9,\5Y,&5,/+*)+*4534'15Y,-&,5+/ Z1A)3193&/,-&5,['&1Y,0+',5+,S4&,)9(&'3)',&9,&/& -&/1''+55+,&/,)9(&'3)'Y,-&,T+'@1,)9-)'&*31,V,1 @&-)+I51'D+,051R+Y,&9,*+9/&'(1*)896

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•43)5)31')+–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

'&S4)&'&,1,/4,(&R,-&5,@193&9)@)&93+,-&,+3'1/ 1*3)()-1-&/,1=&91/,15,@&-)+Y,01'1,0+-&',1/&I D4'1',491,•/+/3&9)A)5)-1-,/+*)15–,-&5,9^*5&+6 24&(1@&93&Y,&93+9*&/Y,)9(&'3)',&9,-&/1''+55+ 04&-&,/&',)9(&'3)',&9,*+9/&'(1*)896,

-PK)D1-1,1,&/3&,^53)@+,1/0&*3+,/4'D&,491,94&(1 '&T5&])89Q,51,-&,+T'&*&',94&(1/,153&'913)(1/,-& -&/1''+55+Y,&/,-&*)'Y,)93&931',-&/1''+551',94&I (+/,4/+/,+,1*3)()-1-&/,)9*)0)&93&/,+,)9&])/I 3&93&/Y,&9,&/0&*)15,51/,5)D1-1/,1,5+/,0'+0)+/ (15+'&/,9134'15&/,*+9,S4&,*4&931,&5,&/01*)+,V S4&,/&,A4/*1,*+9/&'(1'Q,D1/3'+9+@>1,5+*15Y 1'3&/19>1/Y,34')/@+,-&,9134'15&R1Y,34')/@+ '4'15Y,34')/@+,*)9&D\3)*+Y,34')/@+,-&,1(&934I '1Y,&3*6,N.?:K.%Y,ŽHHŽP6,%&,3'131,&9,D&9&'15,-&

+0*)+9&/,5+1A5&/,S4&Y,1-&@[/,-&,/4,+A=&3)(+ -)'&*3+Y,04&-&9,5+D'1',49+,/&*49-1')+,-& *+9/)-&'1A5&,15*19*&Q,()9*451',1,51,0+A51*)89 5+*15,15,['&1,0'+3&D)-1Y,)9*'&@&9319-+,/4 D'1-+,-&,(15+'1*)89,V,/13)/T1**)89Y,5+,S4&,&9 -&T)9)3)(1,/40+9&,491,D1'193>1,01'1,51,*+9/&'I (1*)896,%)9,&@A1'D+Y,/&,*+''&,&5,0&5)D'+,-& S4&,15D49+/,-&,&/+/,•94&(+/,4/+/–Y,*+@+,&9 D&9&'15,&5,4/+,0^A5)*+Y,04&-19,D&9&'1',&T&*I 3+/,9&D13)(+/,/+A'&,5+/,(15+'&/,S4&,/&,0'&3&9I -&9,0'&/&'(1'6

&PŒ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—CL_?C<Y,ŽHHGP6,

.9,-&T)9)3)(1Y,™&93&9-&@+/,S4&Y,-&,491,4 +3'1,T+'@1Y,5+/,&/01*)+/,0'+3&D)-+/,-&A&9,*+51I A+'1',15,-&/1''+55+,/+*)+&*+98@)*+,-&,51/,0+A51I *)+9&/,S4&,()(&9,&9,&55+/,+,&9,/4/ )9@&-)1*)+9&/š,_&'+Y,0'&*)/1@&93&Y,™-&,S4\ T+'@1š,™?/4@)&9-+,&/1,'&/0+9/1A)5)-1-,V,1A19I -&'19-+,&/1,)9)*)13)(1š,™M9/319-+,1,51/,1-@)9)/I

3'1*)+9&/,*+@0&3&93&/š,™_'+0+9)&9-+,153&'913)I (1/,V,D1'193)R19-+,/4,*+@013)A)5)-1-,*+9,5+/ *+@0'+@)/+/,-&,*+9/&'(1*)89š,

uV&9-+,49,0+*+,@[/,155[Y,™&93&9-&@+/,S4& 5+D'1',&/&,-&/1''+55+,&/,49,+A=&3)(+,-&,51,-&*51I '1*)89,-&,5+/,&/01*)+/,0'+3&D)-+/š,™%&'>1,*+9(&I 9)&93&,'&T+'@451',51,5&V,01'1,-1',*1A)-1,1,&/31 '&15)-1-š,™L,&93&9-&@+/,S4&,315&/,*4&/3)+9&/,/& *+''&/0+9-&9,*+9,+3'+,3)0+,-&,T)D4'1/Y,1,51/,S4& 51,&])/3&9*)1,-&5,['&1,0'+3&D)-1,9+,Z1'>1,/)9+ 10+V1',+,1V4-1',1,0')+')R1'š

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™_1'&*&,58D)*+,V,@+'15,•*+9-&91'I 51/–,1,0&'0&341',&/1,/)341*)89š,_&'+,31@A)\9Y,™&/1 '&T5&])89,V,&/&,)@045/+,Z19,-&,'&*1&',&9,&5,/&*3+' &9*1'D1-+,-&,51,*+9/&'(1*)89,-&,&/+/,(15+'&/Y *4V+,@193&9)@)&93+,04&-&,/&',04&/3+,&9,0&5)D'+ 0+',51,04&/31,&9,@1'*Z1,-&,49,94&(+,@+-&5+,-& -&/1''+55+š,™<+''&/0+9-&,1,5+/,8'D19+/,1-@)9)/I 3'13)(+/,-&,*+9/&'(1*)89Y,S4&,/&,5)@)319,1,105)*1' 49,@+-&5+,0'+04D91-+,V,1/4@)-+,0+',&5,*+9=49I 3+,/+*)15,+,0+',/4,@1V+'>1Y,/&93)'/&,'&/0+9/1A5&/ -&,5+/,&T&*3+/,*+513&'15&/,-&,-)*Z+,@+-&5+,Z1/31 &5,0493+,-&,0'+@+(&',@+-&5+/,-&,-&/1''+55+,5)D1I -+/,1,51/,['&1/,0'+3&D)-1/š,™ž15,'&/0+9/1A)5) -1-9+,Z1A'>1,-&,*+''&/0+9-&',15,*+9=493+,/+*)15š

3040153707s3

23554345759083

_1'&*&,-)T>*)5,9&D1',S4&,&5,-&/1''+55+,-&,491 A4&91,0'[*3)*1,-&,D&/3)89Y,/+A'&,3+-+,/),&/31@+/ Z1A519-+,-&,/)/3&@1/,*+@05&=+/Y,'&S4)&'&,-& 491,1-&*41-1,0519)T)*1*)896,µ/31,Z1,-&,@13&')1I 5)R1'/&,&9,-)T&'&93&/,9)(&5&/,*+9*&03415&/Y,S4& /&,*+''&/0+9-&9,*+9,+3'1/,31931/,&/*151/,-&,()1I A)5)-1-,3&@0+'15,V,-&,D'1-+,-&,-&3155&,&9,51/ -&3&'@)91*)+9&/,+A=&3+6,?&/&,'&/0&*3+Y,/&,/4&5& Z1A51',-&,0519)T)*1*)89,-&,9)(&5,&/3'13\D)*+Y,3[*I 3)*+,V,+0&'13)(+,N.—CL_?C<Y,ŽHH“AP6

.5,)9/3'4@&93+,A[/)*+,01'1,51,0519)T)*1*)89 &9,5+/,&/01*)+/,9134'15&/,0'+3&D)-+/,&/,&5,_LC2Y -&,9)(&5,3[*3)*+Y,*+@05&@&931-+,&9,/4/,-&3&'@)I 91*)+9&/,0+',51/,@[/,+0&'13)(1/,S4&,&/31A5&R*1 &5,_C—:6,%)9,&@A1'D+Y,™/+9,'&15@&93&,&/31/,51/ ^9)*1/,0519)T)*1*)+9&/,-&,S4&,/+9,+A=&3+,51/ ['&1/,0'+3&D)-1/š,u 0+',+3'1,01'3&Y,™'&/45319 '&15@&93&,*+@05&31/,&9,51,@&-)-1,S4&,'&D45&9 3+-+/,5+/,1/0&*3+/,-&,51,D&/3)89,-&5,3&'')3+')+,15 9)(&5,1-&*41-+š

.9,'&15)-1-,Z+V,->1,*+931@+/,*+9,94@&'+I /+/,)9/3'4@&93+/,-&,0519)T)*1*)89,'&51*)+91-+/ *+9,'&*4'/+/,9134'15&/Y,0'+*&-&93&/,-&,-)T&'&9I 3&/,-)/*)05)91/Y,*+9,803)*1/,-)T&'&9*)1-1/,V,1 @&94-+,49,*+9/)-&'1A5&,D'1-+,-&,)9*+Z&'&9*)1 &9,/4/,-&3&'@)91*)+9&/Y,S4&,/)9,&@A1'D+,*+&])/I 3&9,+,/&,/)@45319&19,1,9)(&5,-&5,3&'')3+')+6,?/>Y 1-&@[/,-&,5+/,*+9/1A)-+/,_LC2,V,_C—:Y,&/ 0+/)A5&Y,/)9,/15)'9+/,-&5,[@A)3+,-&,51,*+9/&'(1I *)89Y,S4&,&5,&/01*)+,9134'15,-&,S4&,/&,3'13&,/&1 31@A)\9,49,&/01*)+,0'+3&D)-+,C&-,2134'1Y,S4& *4&93&,+,-&A1,*+931',*+9,/4,0519,-&,D&/3)89Y -)T&'&93&,N15,@&9+/,*+9*&03415@&93&P,-&,5+/ *)31-+/,)9/3'4@&93+/6,_4&-&,3'131'/&,31@A)\9,-& 491,C&/&'(1,-&,51,v)+/T&'1Y,S4&,*4&93&,*+9,/4 _519,-&,?**)89,V,*+9,491,R+9)T)*1*)89,-)T&'&9I 3&Y,-&,['&1/,9^*5&+,V,31@089Y,S4&,9+,*+)9*)-19 9),*+9,51,R+9)T)*1*)89,A1/1-1,&9,(15+'&/,V,5)@)I 31*)+9&/,S4&,3)&9&,&5,_LC2,9),*+9,51,-&,D&/3)89 01'1,&5&@&93+/,*51(&,S4&,0'&*+9)*&,&5,0519,-& D&/3)89,-&5,KM<6,_4&-&9,&])/3)',/+A'&,&/&,3&'')3+I ')+,491/,7)'&*3')*&/,-&,L'-&91*)89,ž&'')3+')15,-& [@A)3+,/4A'&D)+915,S4&,&/31A5&R*19,491/,•T)D4I '1/,-&,0'+3&**)89–,N0+',&=&@05+Y,51/,?%J.%Q ['&1/,-&,/)9D451',(15+',&*+58D)*+P,1=&91/,1,51 5&D)/51*)89,-&,*+9/&'(1*)89,-&,51,9134'15&R1Y *4V1,051/@1*)89,3&'')3+')15,9+,/&1,*+Z&'&93&,*+9 &5,@+-&5+,-&,['&1/,0'+3&D)-1/,-&,51,R+91,V,1,51/ S4&,/&,-+3&,-&,49,'\D)@&9,-&,4/+/,S4&,9+,D41'I -&,9)9D491,'&51*)89,-&,=&'1'S4>1,)93&D'1*)89,9) *+Z&'&9*)1,*+9,5+/,-&,5+/,&/01*)+/,0'+3&D)-+/6 _4&-&,&])/3)',1/)@)/@+,49,_LCŒ,S4&,0'+0+9D1 49,&/S4&@1,-)T&'&93&,V,0'+T49-)*&,@[/,&9,-&3&'I @)91-1/,*4&/3)+9&/,5)D1-1/,1,5+/,'&*4'/+/,T+'&/I 315&/Y,43)5)R19-+,&9,5+,'&T&'&93&,1,/4 *+9/&'(1*)89,013'+9&/,+,*')3&')+/,-)T&'&93&/,1,5+/ 43)5)R1-+/,&9,5+/,'&/3193&/,)9/3'4@&93+/6 _+-'>1@+/,/&D4)',Z1A519-+,-&,51,*+&])/3&9*)1,-& +3'+/,)9/3'4@&93+/Y,*+@+,0519&1@)&93+,4'A19>/I 3)*+Y,+'-&91*)89,T+'&/315Y,0519&/,-&,-&/1''+55+

'4'15Y,&3*6,;[/,155[,-&5,0'+A5&@1,S4&,05193&1,&5 Z&*Z+,-&,-&3&'@)91',*4[5,&/,&5,-+*4@&93+,([5)I -+Y,*4&/3)89,S4&,/85+,&/3[,1-&*41-1@&93& '&/4&531,01'1,&5,*1/+,-&,5+/,_LC2Y,&9,()'34-,-& /4,*1'[*3&',0'&(15&93&Y,5+,*)&'3+,&/,S4&,&/31,0'+I T4/)89,-&,0519&/,1,@&94-+,)9*+9&]+/,04&-&,'&/I 31',(15)-&RY,*'&-)A)5)-1-,V,T+'315&R1,)93'>9/&*1,1 5+/,&/S4&@1/,-&,*+9/&'(1*)89,0'+04&/3+/6,

_1'&*&,*51'+,S4&,-&A&,'&15)R1'/&,49,&/T4&'R+ 01'1,/)@05)T)*1',&9,51,@&-)-1,-&,5+,0+/)A5&,&/31 *+V4934'1Y,9+,/)&9-+,'&*+@&9-1A5&Y,/+A'&,3+-+ -&/-&,&5,0493+,-&,()/31,-&,51,/&D4')-1-,=4'>-)*1,V -&5,-&,51,&T)*1*)1,-&,51,9+'@1Y,S4&,&9,49,@)/@+ 0493+,-&5,3&'')3+')+,*+&])/319,315,@453)05)*) -1--&,)9/3'4@&93+/,319,/)@)51'&/,&9,/4/,+A=&3)(+/,V 319,-)T&'&93&/,&9,/4/,-&3&'@)91*)+9&/,NM7K.¡

vM2.%Y,ŽHHxP6,./,0'&*)/+,-&/5)9-1',&5,@1'*+,S4&

-&A&,1A+'-1',*1-1,)9/3'4@&93+,&9,T49*)89,-&,/4 +A=&3)(+,V,&9,'1R89,-&,/4,*+@0&3&9*)1,V,15*19*& 5&D15Y,V,&9,51,@&-)-1,-&,5+,0+/)A5&,&/,*+9(&9)&9I 3&,1A+'-1',-+*4@&93+/,)93&D'1-+'&/6,%)9,&@A1'I D+Y,01'1,S4&,'&/453&,&T&*3)(1Y,&/1,)93&D'1*)89,Z1 -&,•(&9)',Z&*Z1–,-&/-&,&5,9)(&5,*+9*&03415,V &/31',1-&*41-1@&93&,1/)@)51-1,&9,5+/,&/S4&@1/ @&9315&/,-&,5+/,&S4)0+/,0519)T)*1-+'&/Y,5+,S4& 3)&9&,'&15@&93&,491,)@0+'319*)1,@4*Z+,@1V+' S4&,/4,319,*1*1'&1-+,*1'[*3&',@453)/&*3+')15 N.—CL_?C<Y,ŽHH“AP6

.5,*1/+,-&,51,9&*&/)-1-,-&,)93&D'1',&9,51,051I 9)T)*1*)89,-&,51,C&-,2134'1,ŽHHH,&/,49+,-&,5+/ @[/,0'&*51'+/,N.—CL_?C<Y,ŽHH“*P6,?*+93)941I

*)89Y,1,@+-+,-&,&=&@05+Y,/&,0'&/&9319,51/,-)T&I '&93&/,/+54*)+9&/,S4&,/&,Z19,)-+,-&/1''+5519-+ 193&,51/,9&*&/)-1-&/,V,51/,+A5)D1*)+9&/,&])/3&9I 3&/,'&513)(1/,1,51,D&/3)89,-&,51,C&-,2134'1,ŽHHH &9,<1/3)551,V,K&896,

K1/,T8'@451/,0'&/&931-1/,9+,/+9,&]*54V&93&/ &93'&,/>Y,/)9+,S4&,0&'T&*31@&93&,04&-&9,*+@05&I @&931'/&Y,*+9/)-&'19-+,9&*&/1')+,*+931',*+9,49 @1'*+,-&,0519)T)*1*)89,-&,9)(&5,/40&')+',1,3+-1/ &551/,S4&,-&9+@)91@+/,•_519,7)'&*3+',-&,51, C&-2134'1,ŽHHH–6,./3&,@1'*+,-&A&,&/31A5&*&'Y,01'1 *1-1,&/01*)+,+,D'40+/,-&,&/01*)+/Y,S4\,)9/3'4@&9I 3+,+,)9/3'4@&93+/,-&,0519)T)*1*)89,/+9,@[/,1-&I *41-+/,01'1,D1'193)R1',&5,@193&9)@)&93+,+ '&/314'1*)89Y,&9,49,&/31-+,-&,*+9/&'(1*)89,T1(+'1I A5&Y,-&,5+/,3)0+/,-&,Z[A)313/,V,-&,5+/,Z[A)313/,-&,51/ &/0&*)&/,-&,51/,7)'&*3)(1/,Ÿ[A)313/,V,?(&/,V,'&/I 0+9-&',1,5+/,*+@0'+@)/+/,&])/3&93&/,'&513)(+/,1 -)*Z1/,7)'&*3)(1/,V,1,51,K&V,FŽBŽHHG6,K1,0519)T)I

*1*)89,-&,51,C&-,2134'1,ŽHHH,9+,-&A&'>1,05193&1'I /&,/85+,*+@+,51,/4@1,-&,5+/,_519&/,-&,:&/3)89,-& 5+/,-)/3)93+/,&/01*)+/,0'+3&D)-+/,C&-,2134'1,Ž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ŽHHH,&9,<1/3)551,V,K&89Y,51,Z&3&'+D&9&) -1--&,5+/,&/01*)+/,&9,*4193+,1,(15+'&/,9134'15&/Y,4/+/ -&5,/4&5+Y,'\D)@&9,-&,0'+0)&-1-Y,31@1O+Y,*13&D+I '>1/,-&,0'+3&**)89,V,9&*&/)-1-&/,-&,D&/3)89Y,&5 &/31A5&*&',49,@1'*+,D&9&'15,01'1,0519)T)*1',51,D&/I 3)89,-&,3+-1,51,C&-,2134'1,ŽHHHY,1,3'1(\/,-&,49 _519,7)'&*3+',01'&*&,/&',51,T8'@451,@[/,1-&*41-1 01'1,D1'193)R1',51,*+Z&'&9*)1,&9,51,D&/3)89,-&,51 C&-,V,-1','&/04&/31,1,51/,+A5)D1*)+9&/,5&D15&/ &])/3&93&/,N;?Cž?&3,ap6Y,ŽHHŽP6,%&,0'+0+9&,51,&51I

A+'1*)89,-&,_519&/,%)93\3)*+/,-&,:&/3)89,01'1 3+-+/,5+/,&/01*)+/,0'+3&D)-+/,C&-,2134'1,ŽHHH,-& <1/3)551,V,K&89Y,S4&,0&'@)319,/4,10'+A1*)89,*+@+ œ.<Y,51,&51A+'1*)89,-&,_519&/,-&,:&/3)89,@[/ -&31551-+/,01'1,1S4&55+/,&/01*)+/,*+9,@1V+'&/ 9&*&/)-1-&/,-&,D&/3)89,1*3)(1,V,51,)93&D'1*)89,-& 5+/,'&S4)/)3+/,-&,51/,7)'&*3)(1/,Ÿ[A)313/,V,?(&/,&9 5+/,)9/3'4@&93+/,-&,0519)T)*1*)89,-&,.2_V,D&/I 3)89,T+'&/315,&])/3&93&/6,.5,&/31A5&*)@)&93+,-&,)9/I 3'4@&93+/,-&,D&/3)89,01'1,5+/,&/01*)+/,0'+3&D)-+/ C&-,2134'1,Ž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

?51,()/31,-&,&/31,0'+04&/31,-&,&=&@05+Y,*1A& 0'&D4931'/&,/),5+/,&/S4&@1/,9+'@13)(+/,V,@&3+I -+58D)*+/,&/3[9,0'&01'1-+/,01'1,&/3&,3)0+,-& )93&D'1*)+9&/6,™<'&&@+/,S4&,-&/-&,51/,1-@)9)/I 3'1*)+9&/,&9*1'D1-1/,-&,51,D&/3)89,-&5,3&'')3+')+ &/,0+/)A5&,1A+'-1',-&,T+'@1,*+Z&'&93&,&,)93&D'1I

-1,5+,'&513)(+,1,51,*+9/&'(1*)89,-&,51,A)+-)(&'/)I -1-š,™./,0+/)A5&,-&/1''+551',491,D&/3)89,)93&D'15 -&,5+/,'&*4'/+/,9134'15&/Y,S4&,*+@013)A)5)*&,51/ -)T&'&93&/,0+5>3)*1/,/&*3+')15&/,V,D1'193)*&,51 0'+3&**)89,-&,5+/,(15+'&/,9134'15&/š

55683¶3

?2:.2;.M.CY,_6K6,¡,°?CCY,t6C6,E””F6

v)+5+D)*15,)93&D')3V,(&'/4/,A)+5+D)*15 7)(&'/)3V,1/,0+5)*V,-)'&*3)(&/6,·jm|ojekoe FFNEHPQ,w”HIw”w6

v.22.žžY,?6,ŽHH¢6,¸jk¹aqefhjkh§©eh¸akzfoa}e{

º©eh»mpehm¬hymbbjzmbfhakzhymkkeo§j¨j§­hjk ¼jpzpj¬ehymkfeb¨a§jmk{hM—<26

vCL±2Y,76,;?22LY,t6Y,±.%žC?Y,K6,_M;.2ž.KY

76,¡,2L%%Y,C6,N&-/6P,ŽHHH6,nompmqjoap

½k§eqbj§­Q,¢“xIFHx6,M/519-,_'&//6,±1/Z)9D3+96 <?%?7L7.Lž?LK?Y,%6,ŽHHH6,½k§bmzdooj¯khahpa

ezjoj¯kh¬aofrljp{h¾¿drahzehpmfhfj§jmfhka§dba„

pefhzehjk§eb«fhkaojmkap{h¸ahymljfabrahze

`abcdefhÀaojmkapefh­hpah}bm§eooj¯khahpa

ka§dbapeÁahekhnf}aÂa{hÃazbjzh€ÄÅ6,%&')& Z)/38')*16,L'D19)/@+,?4389+@+,_1'S4&/ 21*)+915&/6,;1-')-6

<L;M%M²2.—CL._?,ŽHHH6,¿ef§j¯khzehnf}aojmf

Àa§dbah‡ˆˆˆ6,7)/0+/)*)+9&/,-&5,1'3>*45+,w,-& 51,7)'&*3)(1,”ŽBF¢B<..,/+A'&,Z[A)3136

;1-')-6

7—7K.uY,26,N&-6P,ŽHH“6,ijbeo§bjoefh}abahpaha}pj„

oaoj¯khzehpafhoa§eqmbrafhzehqef§j¯khzeh¦beaf }bm§eqjzaf{h—M<26, ,Æ,”w006,:519-I%4)R16 .?:K.%Y,_6,&3,ap6,ŽHHŽ6,ž4')/@+,/+/3&9)A5&,&9

['&1/,0'+3&D)-1/6,7)'&*3')*&/,-&,0519)T)*1I *)89,V,D&/3)896,—M<26,:519-I%4)R16

.—CL_?C<,ŽHHG6,ek»niakzm{hÇebbaljek§a

}abahpahomldkjoaoj¯kh­hpah}ab§joj}aoj¯k

fmojaphekhpahqef§j¯khzehpahbezhÀa§dbah‡ˆˆˆ{ .-)3+')15, Œ49-1*)89, M93&'49)(&'/)31')1 Œ&'919-+,:+9R[5&R,v&'9[5-&R,01'1,5+/ ./01*)+/,2134'15&/6,;1-')-6,

.—CL_?C<,ŽHH“16,Èkdabjmh‡ˆˆ…{hÈkdabjm

nÉ»Ê`È»y„nf}aÂahzephef§azmhzehpmfhef}a„

ojmfh ka§dbapefh }bm§eqjzmf6, .-)3+')15

Œ49-1*)89,M93&'49)(&'/)31')1,Œ&'919-+ :+9R[5&R,v&'9[5-&R,01'1,5+/,./01*)+/ 2134'15&/6,;1-')-6,

.—CL_?C<ŽHH“A6,`pakj¬joabh}abahqef§jmkabhpmf

ef}aojmfhka§dbapefh}bm§eqjzmf6,.-)3+')15