Plain-text annual report
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TRANSITIONING.
GROWING.
FOCUSED ON
THE FUTURE
2 0 2 1 A N N U A L R E P O R T
About Us
Founded in 2001, Delek US Holdings, Inc. is a
LOGISTICS SEGMENT
diversified downstream energy company with
assets in petroleum refining, logistics, asphalt,
renewable fuels and convenience store retailing.
REFINING SEGMENT
The logistics operations consist of Delek Logistics Partners,
LP (NYSE:DKL) (“Delek Logistics”). Delek US and its affiliates also
own the general partner and an approximate 79 percent limited
partner interest in Delek Logistics. Delek Logistics is a growth-
oriented master limited partnership focused on owning and
Delek US’ subsidiaries own and operate refineries
operating midstream energy infrastructure assets. Our logistics
in Tyler and Big Spring, Texas, El Dorado, Arkansas
segment reflects 100 percent of the performance of Delek Logistics
and Krotz Springs, Louisiana with a combined
Partners, LP. Adjustments for minority interest are made on a
nameplate crude throughput capacity of
consolidated basis.
302,000 barrels per day. Delek US’ refining
system processes primarily light crude oil
RETAIL SEGMENT
sourced from the Permian Basin, Cushing,
Oklahoma, East Texas, Gulf Coast and local
production near the refinery locations.
The convenience store retail business operates approximately
250 convenience stores primarily in West Texas and New Mexico.
Financial Highlights
TOTAL REFINING THROUGHPUTS
SEGMENT CONTRIBUTION MARGIN
Barrels Per Day
Dollars in Millions
58,123
87,016
75,577
77,917
298,633
67,727
82,859
71,049
68,296
289,931
72,255
55,537
68,027
73,123
268,942
70,731
36,432 60,687 24,935 192,785
76,264
68,379
74,521
32,887
252,051
77,626
77,049
74,846
63,178
292,699
70,256
73,775
71,810
60,582
276,423
Refining
Logistics
Retail
$58.5
$173.4
$777.9
9
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2
$72.0
1 $255.7
$82.4
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2
$67.6
0
2
0
2
$238.1
($330.5)
ULSD 5-3-2 GULF COAST CRACK SPREAD
71,707
74,264
28,578 64,098
238,647
Dollars Per Barrel
76,639
71,920
70,548
59,911
279,018
80,831
60,110
69,260
66,252
276,453
77,024
48,294
72,384
68,835
266,537
70,950
43,304
74,219
75,496
263,969
Tyler Refinery
El Dorado Refinery
Big Spring Refinery
Krotz Springs Refinery
.
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1Q
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2019
2020
2021
2021
2020
2019
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1Q
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1Q
FELLOW
SHAREHOLDERS
In 2021, we continued to pursue our vision to
create long-term value through sustainable
energy solutions in an evolving world. We also
made further progress on our mission to be a
company that is led by innovation, committed
to safety leadership, dedicated to diversity
and relentless in the pursuit of growth
and excellence for the benefit of all our
stakeholders. Following is a brief overview of
our 2021 highlights and our priorities for 2022.
2021 Highlights
The macro landscape began to improve in 2021
with stronger product demand coupled with
rationalization of refining capacity on a global
level. That said, we encountered challenges in
our operations during the first half of the year,
including the freeze event along the Gulf Coast and a
subsequent fire at our El Dorado refinery. In an effort
to improve operational and financial performance, we
implemented an internal program to identify several
“quick hit” initiatives requiring minimal capital outlay
and targeted to drive strong returns in a relatively
short timeframe. These initiatives should enhance
the reliability of our assets and create opportunities
to increase EBITDA into the future.
Stronger commodity markets prompted increased
investor interest in the energy space and improved
sentiment throughout this past year. Simultaneously,
margins and cash flows have progressively improved
from depressed levels in 2020. In light of these
positive trends, we are strengthening our position
for the future by moving forward with plans to make
additional investments in the business. In December,
we announced a 2022 capital program with growth
dedicated to building out the Permian Gathering
business, which is seeing strong demand from
exploration and production companies, as well as
adding four “new-to-industry” retail locations as we
continue to expand in the retail segment.
EZRA UZI YEMIN
Chairman, President and
Chief Executive Officer
During the fourth quarter, we elected to pull forward
partial turnaround activities at our Tyler refinery,
thereby deferring significant maintenance until 2023.
This positions Delek with no major turnaround activity
planned in 2022, which should allow us to capitalize on
the prevailing macro environment.
In an effort to highlight the underlying value of our
ownership stake in Delek Logistics Partners, LP (NYSE:
DKL), we commenced a program in December to sell
434,590 common limited partner units in DKL through
a 10b5-1 trading plan. Over time, this should lead to
increased liquidity and trading volumes for DKL, while
enhancing the balance sheet of DK. Management will
continue to seek opportunities to monetize incremental
units of DKL over time while protecting our existing
ownership stake in the company.
We also are proud of our achievements with our
environmental, social and governance (ESG) initiatives.
See the sidebar to this letter and our 2020–2021
Sustainability Report for more information about our
efforts in these areas.
2 0 2 1 A N N U A L R E P O R T | 1
Priorities for 2022
For the coming year, we expect improved cash flow,
and the lack of major planned turnaround activity will
strengthen our position for further investments in our
growth initiatives as we continue to pursue opportunities
with a potential for strong returns.
We intend to stabilize our operational performance with
improved reliability and strong utilization of our assets,
which should allow us to capture the benefits in the
prevailing macro environment. Over time, we strive to
improve our operating model through centralization and
digitization. This should lead to a competitive operational
cost structure relative to the industry.
The unfortunate situation in Ukraine provides an uplift
in valuation and cash generation of traditional American
energy assets. We intend to redeploy the excess cash
flow generated during this period of elevated margins
toward a combination of balance sheet enhancement,
return of cash to shareholders and transforming our
assets to participate in the global energy transformation
that is currently underway.
Activity in our regional footprint in the Permian Basin
is accelerating, and we stand to benefit throughout our
entire value chain. This includes our crude gathering
business; transportation assets such as the Wink to
Webster pipeline; activity in our local retail stations; and
eventually an expansion in Permian crude differentials,
which benefits our refining assets.
2 TRANSITIONING. GROWING. FOCUSED ON THE FUTURE
OUR CORE VALUES
Delek’s values – safety, maximize
value, growth oriented, commitment,
innovation & excellence and integrity –
describe our desired culture with a
heavy focus on innovation, learning
and organizational agility. These values
serve as a behavioral compass and are
core to what we do and how we do it.
We are increasingly optimistic about the outlook for our
business and have identified five strategic priorities for
2022, which are outlined below.
■ Being a Leader in Safety and Wellness.
We strive to be nationally recognized as an industry
leader for our commitment to sustaining safe work
environments that help every employee feel and do
their best. We want every Delek employee to come to
work every day knowing they are valued and protected.
■ Operating with Reliability and Integrity.
By focusing on reliability and integrity, we maximize the
return on our investments. Our employees, customers
and shareholders can count on us to operate every
aspect of our business responsibly, reflecting that the
work we do every day is recognized across our industry
as reputable and essential.
■ Improving Efficiency in Systems and Processes.
We are committed to becoming even more efficient
by focusing on our systems and processes. We know
there is always room for improvement, and those
improvements can make everyone’s job more clearly
defined and valued.
■ Balancing Risk and Reward.
As we continue to grow, we want to cultivate a healthy
appetite for risk. That means, when we make decisions,
we plan to identify those risks that come with the greatest
potential for success, and pursue them with care.
■ Increasing EBITDA.
Increasing our profitability will allow us to become a more
sustainable business that is equipped for steady growth. It
also means that we can achieve both our short-term and
long-term goals.
Our company is well positioned for success, and we are
focused on delivering on our strategic priorities. As always, I
would like to thank our employees, who make Delek strong,
as well as the board and our shareholders for their trust and
support in our team.
Sincerely,
EZRA UZI YEMIN
Chairman, President and Chief Executive Officer
Delek US Holdings, Inc.
VISION
Creating long-term value through
sustainable energy solutions in
an evolving world.
MISSION
We are a company led by innovation,
committed to safety leadership,
diversity, and the pursuit of growth
and excellence for the benefit of all of
our stakeholders.
2 0 2 1 A N N U A L R E P O R T | 3
Delek’s Commitment to ESG
Delek has long recognized our responsibility to address
environmental, social and governance (ESG) topics. In
our latest sustainability report, we highlight a number
of transparency and performance advancements that
we have made in all areas of ESG. Most notably, we
recognize the need to transition to a carbon-neutral
future. As a result, we have announced our first
greenhouse gas (GHG) reduction target, which includes
a 34 percent decrease in our Scope 1 & 2 emissions by
2030 through a combination of reductions and offsets.
In addition, we continue to advance our diversity,
equity and inclusion agenda with a new Mentor Me
Program. We have also pledged that no less than
30 percent of our board of directors would be gender
or racially diverse by 2022.
We are proud of what we have accomplished and
are excited to share updates on our ESG efforts. Our
full report can be found at www.delekus.com/social-
commitment/sustainability/.
Delek currently owns three biodiesel facilities and has an
option to acquire a one-third interest in a refinery being
converted to a renewable diesel facility in Bakersfield,
CA. Separately, we have an internal team constantly
evaluating opportunities to participate in the broader
global energy transition movement, including new
energies and technologies. We look forward to updating
investors as this strategy evolves over time.
OPERATIONS MAP
DELEK REFINERIES
DKL CRUDE PIPELINE
DKL TERMINAL
DKL JOINT VENTURE CRUDE PIPELINES
DELEK ASPHALT TERMINAL
THIRD-PARTY CRUDE PIPELINES
DELEK RENEWABLES
THIRD-PARTY PRODUCT PIPELINES
RETAIL CITIES
LONGVIEW, TEXAS
THIRD-PARTY TERMINAL
CORPORATE HEADQUARTERS
4 TRANSITIONING. GROWING. FOCUSED ON THE FUTURE
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9y=uu|sz|Ui
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/
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XVY{xT=;xuxT5i
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Ty=T T|9ysYuYz5 9YSu8 y=Vt YSV ;SUxs|UUi
/
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!{ Q| =V|k YV ;|9Yt|k = EsxT|8 [T=T|U 4@Ei[i@1 V|=u XVYX|VT5 yYu8xsz 9YVXYV=TxYsk UX|9x=u T=P VSu|U t=5 =XXu5 TY = U=u|k |P9y=sz| YV YTy|V
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U5UT|ti )s xsT|VVSXTxYs TYk YV 9y=sz| xsk Ty| YX|V=TxYs Y{ Ty| TyxV8jX=VT5 XxX|uxs| U5UT|t t=5 V|USuT xs = t=T|Vx=u V|UTVx9TxYs TY YSV 8xUTVx;STxYs
9y=ss|uUi (|9=SU| 8|t=s8 xs Ty| uY9=u t=Vv|TU xU uxtxT|8k = t=T|Vx=u V|UTVx9TxYs TY |=9y Y{ Ty| V|{xs|V56U 8xUTVx;STxYs 9y=ss|uU t=5 9=SU| SU TY
V|8S9| XVY8S9TxYs =s8 t=5 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
C| 9YSu8 |PX|Vx|s9| =s xsT|VVSXTxYs YV V|8S9TxYs Y{ USXXu5 YV 8|uxR|V5 Y{ V|{xs|8 XVY8S9TU x{ YSV USXXux|VU X=VTx=uu5 YV 9YtXu|T|u5 9|=U|8
YX|V=TxYsUk T|tXYV=Vxu5 YV X|Vt=s|sTu5i Zy| =;xuxT5 Y{ Ty|U| V|{xs|Vx|U =s8 YSV USXXux|VU TY USXXu5 V|{xs|8 XVY8S9TU TY SU 9YSu8 ;| T|tXYV=Vxu5
8xUVSXT|8 ;5 =sTx9xX=T|8 |R|sTUk US9y =U U9y|8Su|8 SXzV=8|U YV t=xsT|s=s9|k =U Q|uu =U |R|sTU ;|5Ys8 Ty|xV 9YsTVYuk US9y =U SsU9y|8Su|8
t=xsT|s=s9|k {xV|Uk {uYY8Uk UTYVtUk |PXuYUxYsUk XYQ|V YST=z|Uk =99x8|sTUk =9TU Y{ T|VVYVxUt YV YTy|V 9=T=UTVYXyx9 |R|sTUk u=;YV 8x{{x9SuTx|U =s8
!s =88xTxYsk =s5
QYVv UTYXX=z|Uk zYR|Vst|sT=u YV XVxR=T| X=VT5 uxTxz=TxYsk YV u|zxUu=TxYs YV V|zSu=TxYs Ty=T =8R|VU|u5 xtX=9TU V|{xs|V5 YX|V=TxYsUi
V|8S9TxYs xs 9=X=9xT5 Y{ YTy|V XxX|uxs|U Ty=T 9Yss|9T QxTy YSV USXXux|VU6 XxX|uxs|U YV YSV XxX|uxs|U 8S| TY T|UTxszk uxs| V|X=xVk V|8S9|8 YX|V=Txsz
XV|UUSV|Uk YV YTy|V 9=SU|U 9YSu8 V|USuT xs V|8S9|8 RYuSt|U Y{ V|{xs|8 XVY8S9T USXXux|8 TY YSV uYzxUTx9U U|zt|sT6U C|UT Z|P=U T|Vtxs=uUi )
V|8S9TxYs xs Ty| RYuSt| Y{ V|{xs|8 XVY8S9TU USXXux|8 TY YSV C|UT Z|P=U T|Vtxs=uU 9YSu8 =8R|VU|u5 ={{|9T YSV U=u|U =s8 |=VsxszUi
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Ty| ^|Vtx=s (=Uxs xs C|UT Z|P=Ui [xtxu=V xsR|UTt|sTU y=R| ;||s t=8| =s8 =88xTxYs=u xsR|UTt|sTU t=5 ;| t=8| xs Ty| {STSV| ;5 SUk YSV
9YtX|TxTYVU YV ;5 s|Q |sTV=sTU TY Ty| t=Vv|TU Q| U|VR|i Zy| US99|UU Y{ Ty|U| =s8 Uxtxu=V XVYw|9TU u=Vz|u5 V|ux|U Ys Ty| V|=ux3=TxYs Y{ =sTx9xX=T|8
t=Vv|T 8|t=s8 =s8 zVYQTy xs XVY8S9TxYs xs Ty| ^|Vtx=s (=Uxsi Zy|U| XVYw|9TU T5Xx9=uu5 V|WSxV| Uxzsx{x9=sT 8|R|uYXt|sT X|VxY8Uk 8SVxsz Qyx9y
Txt| 8|t=s8 {YV US9y xs{V=UTVS9TSV| t=5 9y=sz|k XVY8S9TxYs xs Ty| ^|Vtx=s (=Uxs t=5 8|9V|=U|k YV =88xTxYs=u xsR|UTt|sTU ;5 9YtX|TxTYVU t=5
;| t=8|i bYQ|V XVY8S9TxYs xs Ty| ^|Vtx=s (=Uxsk YV {SVTy|V xsR|UTt|sTU ;5 SU YV YTy|VU xs s|Q XxX|uxs|Uk UTYV=z| YV 8Y9v 9=X=9xT5 9YSu8 V|USuT
xs 9=X=9xT5 Ty=T |P9||8U 8|t=s8k Qyx9y 9YSu8 V|8S9| Ty| STxux3=TxYs Y{ YSV z=Ty|Vxsz U5UT|t =s8 tx8UTV|=t =UU|TU =s8 Ty| V|u=T|8 U|VRx9|U YV
Ty| XVx9|U Q| =V| =;u| TY 9y=Vz| {YV TyYU| U|VRx9|Ui Zy|V| =V| U|R|V=u XVYw|9TU 9SVV|sTu5 Ss8|VQ=5 Ty=T =V| |PX|9T|8 TY xs9V|=U| XxX|uxs|
9=X=9xT5 {VYt Ty| ^|Vtx=s (=Uxs ;|5Ys8 9SVV|sT XVY8S9TxYsi ZyxU |P9|UU 9=X=9xT5 9YSu8 8|9V|=U| Ty| 8x{{|V|sTx=u ;|TQ||s Ty| ^|Vtx=s =s8 |s8
t=Vv|TUk V|USuTxsz xs = yxzyu5 9YtX|TxTxR| |sRxVYst|sT {YV TV=sUXYVT=TxYs U|VRx9|U =s8 V|8S9xsz Ty| V=T|U {YV TyYU| U|VRx9|Ui Cy|s xs{V=UTVS9TSV|
xsR|UTt|sTU xs Ty| t=Vv|TU Q| U|VR| V|USuT xs 9=X=9xT5 Ty=T |P9||8U Ty| 8|t=s8 xs TyYU| t=Vv|TUk YSV {=9xuxTx|U YV xsR|UTt|sTU 9YSu8 ;|
Ss8|VSTxux3|8k =s8 V=T|U 9YSu8 ;| Ss{=RYV=;u5 xtX=9T|8k Qyx9y 9YSu8 t=T|Vx=uu5 =8R|VU|u5 ={{|9T YSV V|USuTU Y{ YX|V=TxYsUk {xs=s9x=u XYUxTxYs YV
9=Uy {uYQUk =U Q|uu =U YSV =;xuxT5 TY X=5 9=Uy 8xUTVx;STxYsUi
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uxtxT|8 9YsTVYu YR|V Ty| =9TxRxTx|U Y{ Ty| wYxsT R|sTSV|k xs9uS8xsz Ty| 9=Uy 8xUTVx;STxYs XYux9x|U Y{ |=9y Y{ Ty| wYxsT R|sTSV|Ui C| =uUY y=R| {xs=s9x=u
Y;uxz=TxYsU V|u=T|8 TY YSV wYxsT R|sTSV| xsR|UTt|sTUk UYt| Y{ Qyx9y t=5 ;| 9YsTxsz|sT Ys Ty| =9TxRxTx|U Y{ Ty| wYxsT R|sTSV|U =s8 Ty| =;xuxTx|U Y{
Ty| wYxsT R|sTSV|U TY Y;T=xs Ty|xV YQs {xs=s9xsz {YV Ty|xV =9TxRxTx|Ui ’YsUTVS9TxYs 8|u=5Uk 9YUT xs9V|=U|Uk 9y=sz|U xs t=Vv|T 9Ys8xTxYsUk =s8 YTy|V
{=9TYVU t=5 V|USuT xs = 9y=sz| xs YSV |PX|9T=TxYsU {YV Ty| V|USuTU Y{ YSV xsR|UTt|sTU xs Ty|U| wYxsT R|sTSV|Uk =s8 t=5 V|WSxV| =88xTxYs=u
9YsTVx;STxYsU {VYt SU TY = wYxsT R|sTSV|i
)88xTxYs=uu5kYSV wYxsT R|sTSV| X=VTs|VU t=5 sYT =uQ=5U Uy=V| YSV zY=uU =s8 Y;w|9TxR|Ui &x{{|V|s9|U xs Rx|QU =tYsz Ty| X=VTs|VU t=5 V|USuT xs
8|u=5|8 8|9xUxYsU YV {=xuSV|U TY =zV|| Ys t=wYV t=TT|VUk US9y =U u=Vz| |PX|s8xTSV|U YV 9YsTV=9TS=u 9YttxTt|sTUk Ty| 9YsUTVS9TxYs Y{ =UU|TU YV
Ty| ;YVVYQxsz Y{ tYs|5k =tYsz YTy|VUi &|u=5 YV {=xuSV| TY =zV|| t=5 XV|R|sT =9TxYs QxTy V|UX|9T TY US9y t=TT|VUk |R|s TyYSzy US9y =9TxYs t=5
sYT U|VR| YSV ;|UT xsT|V|UT YV Ty=T Y{ Ty| wYxsT R|sTSV|i )99YV8xszu5k 8|u=5|8 8|9xUxYsU =s8 8xU=zV||t|sTU 9YSu8 =8R|VU|u5 ={{|9T Ty| ;SUxs|UU
=s8 YX|V=TxYsU Y{ Ty| wYxsT R|sTSV|U =s8k xs TSVsk YSV ;SUxs|UU =s8 YX|V=TxYsUi $VYt Txt| TY Txt|k YSV wYxsT R|sTSV|U t=5 ;| xsRYuR|8 xs 8xUXST|U
YV u|z=u XVY9||8xszU Qyx9y t=5 s|z=TxR|u5 ={{|9T YSV xsR|UTt|sTUi )99YV8xszu5k =s5 US9y Y99SVV|s9|U 9YSu8 =8R|VU|u5 ={{|9T YSV {xs=s9x=u
9Ys8xTxYsk V|USuTU Y{ YX|V=TxYsU YV 9=Uy {uYQUi
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Uxzsx{x9=sT xtX=9T Ys YSV |=VsxszUi Zy| RYuSt| Y{ {S|u UYu8 ;5 SUk =s8 YSV {S|u XVY{xT t=VzxsUk =V| ={{|9T|8 ;5 sSt|VYSU {=9TYVU ;|5Ys8 YSV
9YsTVYuk xs9uS8xsz Ty| USXXu5 =s8 8|t=s8 {YV {S|uk RYu=TxuxT5 xs Ty| QyYu|U=u| {S|u t=Vv|T =s8 Ty| XVx9xsz XYux9x|U Y{ 9YtX|TxTYVU xs uY9=u t=Vv|TUi
)uTyYSzy Q| 9=s V=Xx8u5 =8wSUT YSV XStX XVx9|U TY V|{u|9T yxzy|V {S|u 9YUTUk = t=T|Vx=u xs9V|=U| xs Ty| XVx9| Y{ {S|u 9YSu8 =8R|VU|u5 ={{|9T
8|t=s8i ) t=T|Vx=uk US88|s xs9V|=U| xs Ty| 9YUT Y{ {S|u Ty=T 9=SU|U YSV {S|u U=u|U TY 8|9uxs| 9YSu8 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV
;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
!s =88xTxYsk 9V|8xT 9=V8 xsT|V9y=sz| {||U =V| T5Xx9=uu5 9=u9Su=T|8 =U = X|V9|sT=z| Y{ Ty| TV=sU=9TxYs =tYSsT V=Ty|V Ty=s = X|V9|sT=z| Y{ z=uuYsU
UYu8i "xzy|V V|{xs|8 XVY8S9T XVx9|U Y{T|s V|USuT xs s|z=TxR| 9YsU|WS|s9|U {YV YSV V|T=xu YX|V=TxYsUk US9y =U yxzy|V 9V|8xT 9=V8 |PX|sU|Uk uYQ|V
V|T=xu {S|u zVYUU t=Vzxs X|V z=uuYs =s8 V|8S9|8 8|t=s8 {YV z=UYuxs| =s8 8x|U|ui Zy|U| 9Ys8xTxYsU 9YSu8 V|USuT xs {|Q|V V|T=xu z=uuYsU UYu8 =s8
{|Q|V V|T=xu t|V9y=s8xU| TV=sU=9TxYsUk Qyx9y 9YSu8 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{
YX|V=TxYsUi
_SV 8|X|s8|s9| Ys {S|u U=u|U =uUY t=v|U SU USU9|XTx;u| TY xsT|VVSXTxYsU xs {S|u USXXu5i #=UYuxs| U=u|U z|s|V=T| 9SUTYt|V TV={{x9 TY YSV V|T=xu
{S|u =s8 9YsR|sx|s9| UTYV|Uk =s8 =s5 8|9V|=U| xs z=UYuxs| U=u|Uk Qy|Ty|V 8S| TY UyYVT=z| YV YTy|VQxU|k 9YSu8 =8R|VU|u5 ={{|9T YSV
t|V9y=s8xU| U=u|Ui ) U|VxYSU xsT|VVSXTxYs xs Ty| USXXu5 Y{ z=UYuxs| TY YSV V|T=xu {S|u =s8 9YsR|sx|s9| UTYV|U 9YSu8 y=R| = t=T|Vx=u =8R|VU|
|{{|9T Ys YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
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%9YsYtx9 UuYQ8YQsU t=5 y=R| U|VxYSU s|z=TxR| 9YsU|WS|s9|U {YV YSV ;SUxs|UU =s8 YX|V=Txsz V|USuTUk ;|9=SU| YSV X|V{YVt=s9| xU US;w|9T TY
8Yt|UTx9 |9YsYtx9 9Ys8xTxYsU =s8 Ty|xV xtX=9T Ys u|R|uU Y{ 9YsUSt|V UX|s8xszi [Yt| Y{ Ty| {=9TYVU ={{|9Txsz 9YsUSt|V UX|s8xsz xs9uS8|
z|s|V=u |9YsYtx9 9Ys8xTxYsUk Ss|tXuY5t|sTk 9YsUSt|V 8|;Tk xs{u=TxYsk V|8S9TxYsU xs s|T QYVTy ;=U|8 Ys 8|9uxs|U xs |WSxT5 t=Vv|TU =s8
V|Ux8|sTx=u V|=u |UT=T| R=uS|Uk =8R|VU| 8|R|uYXt|sTU xs tYVTz=z| t=Vv|TUk T=P=TxYsk |s|Vz5 XVx9|Uk xsT|V|UT V=T|Uk 9YsUSt|V 9Ys{x8|s9| =s8
YTy|V t=9VY|9YsYtx9 {=9TYVUi ^YuxTx9=u
xsUT=;xuxT5 =s8 zuY;=u y|=uTy 9VxU|Uk US9y =U Ty| ’_D!&jfJ ^=s8|tx9k 9=s =uUY xtX=9T Ty| zuY;=u
|9YsYt5 =s8 8|9V|=U| QYVu8Qx8| 8|t=s8 {YV Yxu =s8 V|{xs|8 XVY8S9TUi &SVxsz = X|VxY8 Y{ |9YsYtx9 Q|=vs|UU YV Ss9|VT=xsT5k 9SVV|sT YV
XYT|sTx=u 9SUTYt|VU t=5 TV=R|u u|UUk V|8S9| YV 8|{|V XSV9y=U|Uk zY YST Y{ ;SUxs|UU YV y=R| xsUS{{x9x|sT {Ss8U TY ;S5 YV X=5 {YV YSV XVY8S9TU =s8
U|VRx9|Ui aYV|YR|Vk = {xs=s9x=u t=Vv|T 9VxUxU t=5 y=R| = t=T|Vx=u =8R|VU| xtX=9T Ys {xs=s9x=u xsUTxTSTxYsU =s8 uxtxT =99|UU TY 9=XxT=u =s8 9V|8xTi
ZyxU 9YSu8k =tYsz YTy|V TyxszUk t=v| xT tYV| 8x{{x9SuT {YV SU TY Y;T=xs 4YV xs9V|=U| YSV 9YUT Y{ Y;T=xsxsz1 9=XxT=u =s8 {xs=s9xsz {YV YSV YX|V=TxYsUi
_SV =99|UU TY =88xTxYs=u 9=XxT=u t=5 sYT ;| =R=xu=;u| Ys T|VtU =99|XT=;u| TY SU YV =T =uui
)uUYk ;|9=SU| =uu Y{ YSV YX|V=Txsz V|{xs|Vx|U =V| uY9=T|8 xs Ty| #Su{ ’Y=UT \|zxYsk Q| XVxt=Vxu5 t=Vv|T YSV V|{xs|8 XVY8S9TU xs = V|u=TxR|u5 uxtxT|8
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9YtX|TxTYVUk =s8 =s5 Ss{YV|U||s |R|sTU YV 9xV9StUT=s9|U Ty=T ={{|9T Ty| #Su{ ’Y=UT \|zxYs 9YSu8 =uUY t=T|Vx=uu5 =s8 =8R|VU|u5 ={{|9T YSV
V|R|sS|U =s8 9=Uy {uYQUi Zy| XVxt=V5 {=9TYVU xs9uS8|k =tYsz YTy|V TyxszUk 9y=sz|U xs Ty| |9YsYt5k Q|=Ty|V 9Ys8xTxYsUk 8|tYzV=Xyx9U =s8
XYXSu=TxYsk xs9V|=U|8 USXXu5 Y{ V|{xs|8 XVY8S9TU {VYt 9YtX|TxTYVU =s8 V|8S9TxYsU xs Ty| USXXu5 Y{ 9VS8| Yxu YV YTy|V {||8UTY9vUi !s Ty| |R|sT Y{ =
Uyx{T xs Ty| USXXu5h8|t=s8 ;=u=s9| xs Ty| #Su{ ’Y=UT \|zxYs 8S| TY 9y=sz|U xs Ty| uY9=u |9YsYt5k =s xs9V|=U| xs =zzV|z=T| V|{xsxsz 9=X=9xT5 YV
YTy|V V|=UYsUk V|USuTxsz xs USXXu5 |P9||8xsz Ty| 8|t=s8 xs Ty| V|zxYsk YSV V|{xs|Vx|U t=5 y=R| TY 8|uxR|V V|{xs|8 XVY8S9TU TY tYV| 9SUTYt|VU
YSTUx8| Y{ Ty| #Su{ ’Y=UT \|zxYs =s8 TySU xs9SV 9YsUx8|V=;u5 yxzy|V TV=sUXYVT=TxYs 9YUTUk V|USuTxsz xs uYQ|V V|{xsxsz t=VzxsUk x{ =s5i
)88xTxYs=uu5k z|s|V=u |9YsYtx9 9Ys8xTxYsU xs C|UT Z|P=U =V| yxzyu5 8|X|s8|sT SXYs Ty| XVx9| Y{ 9VS8| Yxui Cy|s 9VS8| Yxu XVx9|U |P9||8 9|VT=xs
8Yuu=V X|V ;=VV|u TyV|UyYu8Uk 8|t=s8 {YV X|YXu| =s8 |WSxXt|sT TY USXXYVT 8Vxuuxsz =s8 9YtXu|TxYs =9TxRxTx|U {YV Ty| XVY8S9TxYs Y{ 9VS8| Yxu xU
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VY;SUTk Qyx9y USXXYVTU YR|V=uu |9YsYtx9 y|=uTy Y{ Ty| V|zxYsi !{ 9VS8| Yxu XVx9|U {=uu ;|uYQ 9|VT=xs 8Yuu=V X|V ;=VV|u TyV|UyYu8Uk |9YsYtx9 =9TxRxT5
xs Ty| V|zxYs t=5 UuYQ 8YQsk Qyx9y 9YSu8 y=R| = t=T|Vx=u =8R|VU| xtX=9T Ys Ty| XVY{xT=;xuxT5 Y{ YSV ;SUxs|UU xs C|UT Z|P=Ui
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!s{u=TxYs y=U Ty| XYT|sTx=u TY =8R|VU|u5 ={{|9T YSV uxWSx8xT5k ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsU ;5 xs9V|=Uxsz YSV YR|V=uu 9YUT
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Ty| |9YsYt5 y=U Ty| XYT|sTx=u TY V|USuT xs yxzy|V xsT|V|UT V=T|U =s8 9=XxT=u 9YUTUk USXXu5 UyYVT=z|Uk xs9V|=U|8 9YUTU Y{ u=;YVk Q|=v|sxsz
|P9y=sz| V=T|U =s8 YTy|V Uxtxu=V |{{|9TUi )U = V|USuT Y{ xs{u=TxYsk Q| y=R| |PX|Vx|s9|8 =s8 t=5 9YsTxsS| TY |PX|Vx|s9|k xs9V|=U|U xs Ty| 9YUTU Y{
{||8UTY9vUk u=;YVk t=T|Vx=uUk =s8 YTy|V xsXSTUi )uTyYSzy Q| t=5 T=v| t|=USV|U TY txTxz=T| Ty| xtX=9T Y{ TyxU xs{u=TxYs TyVYSzy XVx9xsz =9TxYsU
=s8 |{{x9x|s95 z=xsUk x{ Ty|U| t|=USV|U =V| sYT |{{|9TxR| YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYsk V|USuTU Y{ YX|V=TxYsU =s8 uxWSx8xT5 9YSu8 ;| t=T|Vx=uu5
=8R|VU|u5 ={{|9T|8i %R|s x{ US9y t|=USV|U =V| |{{|9TxR|k Ty|V| 9YSu8 ;| = 8x{{|V|s9| ;|TQ||s Ty| Txtxsz Y{ Qy|s Ty|U| ;|s|{x9x=u =9TxYsU xtX=9T
YSV V|USuTU Y{ YX|V=TxYsU =s8 Qy|s Ty| 9YUT xs{u=TxYs xU xs9SVV|8i )88xTxYs=uu5k Ty| XVx9xsz =9TxYsU Q| T=v| 9YSu8 V|USuT xs = 8|9V|=U| xs t=Vv|T
Uy=V|i
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C| =s8 YSV USXXux|VU SU| tSuTxXu| {YVtU Y{ TV=sUXYVT=TxYs TY ;Vxsz YSV XVY8S9TU TY t=Vv|Ti &xUVSXTxYs TY Ty| Txt|u5 USXXu5 Y{ V=Q t=T|Vx=uUk X=VTUk
YTy|V xsXSTU =s8 {xsxUy|8 zYY8U YV xs9V|=U|U xs Ty| 9YUT Y{ TV=sUXYVT=TxYs U|VRx9|Uk xs9uS8xsz 8S| TY z|s|V=u xs{u=TxYs=V5 XV|UUSV|Uk 9YUT Y{ {S|u
=s8 u=;YVk u=;YV 8xUXST|U YV UyYVT=z|Uk zYR|Vst|sT=u V|zSu=TxYs YV zYR|Vst|sT=u V|UTVx9TxYsU uxtxTxsz UX|9x{x9 {YVtU Y{ TV=sUXYVT=TxYsk 9YSu8 y=R|
=s =8R|VU| |{{|9T Ys YSV =;xuxT5 TY V|{xs|k t=sS{=9TSV|k TV=sUXYVT =s8 U|uu YSV XVY8S9TUk Qyx9y QYSu8 =8R|VU|u5 ={{|9T YSV uxWSx8xT5k ;SUxs|UUk
{xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
#be Mbd5i:dd Lhb/; M: N;a:ed:/J 5.gNLc:; Nd N e:db/c h9 hbe 9N5/be: ch e:cN5i he NcceNLc 1:J cN/:ic+
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xtXu|t|sT=TxYsUk =s8 9YSu8 8xtxsxUy YSV =;xuxT5 TY |P|9ST| =s8 xsT|zV=T| UTV=T|zx9 TV=sU=9TxYsUi )U = V|USuTk YSV =;xuxT5 TY V|t=xs 9YtX|TxTxR| xs
YSV xs8SUTV5 U|9TYV =s8hYV TY YX|V=T| |{{|9TxR|u5 9YSu8 ;| =8R|VU|u5 xtX=9T|8i
%RYuRxsz |tXuY5|| XV|{|V|s9|U =s8 R=uS|Uk xs{u=TxYs=V5 XV|UUSV|Uk UyYVT=z|U xs Ty| u=;YV t=Vv|Tk xs9V|=U|8 |tXuY5|| TSVsYR|Vk =s8 9y=sz|U xs
Ty| =R=xu=;xuxT5 Y{ QYVv|VU 9YSu8 t=v| xT tYV| 8x{{x9SuT TY V|T=xs YV =TTV=9T v|5 T=u|sT =s8 9YSu8 xs9V|=U| u=;YV 9YUTUk Qyx9y 9YSu8 y=R| = t=T|Vx=u
=8R|VU| |{{|9T Ys YSV uxWSx8xT5k ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
)88xTxYs=uu5k YSV u=;YV 9YUTU xs9uS8| Ty| 9YUT Y{ XVYRx8xsz |tXuY5|| ;|s|{xTUi !s{u=TxYsk =s8 YTy|V {=9TYVUk 9YSu8 xs9V|=U| Ty| 9YUTU Y{ XVYRx8xsz
US9y ;|s|{xTUi $=xuSV|k YV =s5 X|V9|xR|8 {=xuSV| TY XVYRx8| US9y ;|s|{xTUk 9YSu8 xtX=9T YSV 9YtX|TxTxR| XYUxTxYsk Qyx9y 9YSu8 xs TSVs s|z=TxR|u5
={{|9T YSV uxWSx8xT5k ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
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xs9uS8xsz XVY9SV|t|sT 9YsTV=9TUk 9YttxTt|sTU {YV Ty| U=u| Y{ XVY8S9T =s8 XxX|uxs|k
^SVUS=sT TY TyV|| USXXu5 =s8 Y{{T=v| =zV||t|sTU QxTy }i )VYsk }i )VYs XSV9y=U|U = US;UT=sTx=u XYVTxYs Y{ Ty| 9VS8| Yxu =s8 V|{xs|8 XVY8S9TU {YV
TyV|| Y{ YSV V|{xs|Vx|U6 xsR|sTYV5 =T t=Vv|T XVx9|Ui !s )XVxu egegk Q| =t|s8|8 =s8 V|UT=T|8 Ty| =zV||t|sTU TY V|s|Q =s8 |PT|s8 Ty| T|VtU Y{
US9y =zV||t|sTU TY &|9|t;|V dgk egeek QxTy }i )VYs y=Rxsz Ty| UYu| 8xU9V|TxYs TY {SVTy|V |PT|s8 TY a=5 dgk egeN ;5 XVYRx8xsz =T u|=UT UxP
tYsTyU XVxYV sYTx9| TY Ty| 9SVV|sT t=TSVxT5 8=T|i EXYs =s5 T|Vtxs=TxYs Y{ Ty| =zV||t|sTUk xs9uS8xsz =T |PXxV=TxYs YV xs 9Yss|9TxYs QxTy = {YV9|
t=w|SV| YV 8|{=SuTk Ty| X=VTx|U =V| V|WSxV|8 TY s|zYTx=T| QxTy TyxV8 X=VTx|U {YV Ty| =UUxzst|sT TY SU Y{ 9|VT=xs 9YsTV=9TUk 9YttxTt|sTU =s8
T|Vtxs=uuxszk UTYV=z| =s8 UyxXXxsz
=VV=sz|t|sTUk
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{||U =s8 Txtxsz Y{ 9=Uy U|TTu|t|sTU V|u=T|8 TY X|VxY8x9 XVx9| =8wSUTt|sTU 4@^^)@1 Ys Ty| 8x{{|V|sTx=uUi Zy| ^^) =V| 9=u9Su=T|8 U|txj=ssS=uu5 Ys
_9TY;|V f =s8 a=5 f 4@\|jXVx9xsz 8=T|U@1 =s8 Qxuu V|USuT xs 9=Uy U|TTu|t|sTUk 4|xTy|V X=5t|sTU TY }i )VYs YV V|9|xXTU Y{ =88xTxYs=u {Ss8U {VYt }i
)VYs1k ;=U|8 Ys Ty| t=Vv|T R=uS| Y{ Ty| Ss8|Vu5xsz 9YttY8xT5 8x{{|V|sTx=u 9YtX=V|8 TY Ty| 9YsTV=9TS=u 8x{{|V|sTx=uk US;w|9T TY = U|T TyV|UyYu8
=tYSsTi !s Ty| |R|sT Ty=T Ty| X|VxY8x9 XVx9| =8wSUTt|sTU =V| TVxzz|V|8 Ys Ty| \|jXVx9xsz 8=T|Uk Q| t=5 ;| V|WSxV|8 TY t=v| |=Vux|V 9=Uy
X=5t|sTU QxTyxs TyV|| tYsTyU {YuuYQxsz Ty| \|jXVx9xsz 8=T|i [S9y 9=Uy X=5t|sTk YV Ty| T|Vtxs=TxYs YV |PXxV=TxYs Y{ US9y =zV||t|sTUk 9YSu8
y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV uxWSx8xT5k ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
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YTy|V XVY8S9T U={|T5 YV YTy|V y|=uTy 9Ys9|VsUk {=9xuxTx|Uk |tXuY5|| V|u=TxYsU YV YTy|V t=TT|VU t=5 t=T|Vx=uu5 =s8 =8R|VU|u5 ={{|9T 8|t=s8 {YV
XVY8S9TU Y{{|V|8 =T YSV UTYV|U =s8 9YSu8 V|USuT xs = 8|9V|=U| xs 9SUTYt|V TV={{x9 TY YSV UTYV|Ui C| Y{{|V {YY8 XVY8S9TU xs YSV UTYV|U Ty=T =V|
t=Vv|T|8 Ss8|V YSV ;V=s8 s=t|U =s8 9|VT=xs s=TxYs=uu5 V|9Yzsx3|8 ;V=s8Ui Zy|U| s=TxYs=uu5 V|9Yzsx3|8 ;V=s8U y=R| Uxzsx{x9=sT YX|V=TxYsU =T
{=9xuxTx|U YQs|8 =s8 YX|V=T|8 ;5 TyxV8 X=VTx|U =s8 s|z=TxR| XS;ux9xT5 9Ys9|Vsxsz Ty|U| ;V=s8U =U = V|USuT Y{ |R|sTU Ty=T Y99SV =T {=9xuxTx|U Ty=T
Q| 8Y sYT 9YsTVYu 9YSu8 =uUY =8R|VU|u5 ={{|9T 9SUTYt|V TV={{x9 TY YSV UTYV|Ui )88xTxYs=uu5k Q| t=5 ;| Ty| US;w|9T Y{ 9YtXu=xsTU YV uxTxz=TxYs
=VxUxsz {VYt {YY8 YV ;|R|V=z|jV|u=T|8 xuus|UU YV xswSV5 xs z|s|V=u Qyx9y 9YSu8 y=R| = s|z=TxR| xtX=9T Ys YSV ;SUxs|UUi "|=uTy 9Ys9|VsUk XYYV
{YY8k ;|R|V=z|k {S|u YV YTy|V XVY8S9T WS=uxT5 YV YX|V=Txsz xUUS|U UT|ttxsz {VYt Ys| UTYV| YV = uxtxT|8 sSt;|V Y{ UTYV|U 9=s t=T|Vx=uu5 =s8
=8R|VU|u5 ={{|9T Ty| YX|V=Txsz V|USuTU Y{ UYt| YV =uu Y{ YSV UTYV|U =s8 y=Vt YSV XVYXVx|T=V5 ;V=s8Ui
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!s9V|=U|U xs Ty| V|T=xu XVx9| Y{ TY;=99Y XVY8S9TU =U = V|USuT Y{ xs9V|=U|8 T=P|U YV QyYu|U=u| 9YUTU 9YSu8 t=T|Vx=uu5 xtX=9T YSV 9xz=V|TT| U=u|U
RYuSt| =s8hYV V|R|sS|Uk t|V9y=s8xU| zVYUU XVY{xT =s8 YR|V=uu 9SUTYt|V TV={{x9i ’xz=V|TT|U =V| US;w|9T TY US;UT=sTx=u =s8 xs9V|=Uxsz |P9xU|
T=P|U =T ;YTy = UT=T| =s8 {|8|V=u u|R|ui !s =88xTxYsk s=TxYs=u =s8 uY9=u 9=tX=xzsU TY 8xU9YSV=z| Ty| SU| Y{ TY;=99Y XVY8S9TU t=5 y=R| =s
=8R|VU| |{{|9T Ys 8|t=s8 {YV Ty|U| XVY8S9TUi ) V|8S9TxYs xs 9xz=V|TT| U=u|U RYuSt| =s8hYV V|R|sS|Uk t|V9y=s8xU| zVYUU XVY{xT {VYt TY;=99Y
XVY8S9TU YV YR|V=uu 9SUTYt|V 8|t=s8 {YV TY;=99Y XVY8S9TU 9YSu8 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys Ty| ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8
V|USuTU Y{ YX|V=TxYsU Y{ YSV V|T=xu U|zt|sTi
!s =88xTxYsk t=wYV 9xz=V|TT| t=sS{=9TSV|VU 9SVV|sTu5 Y{{|V US;UT=sTx=u V|;=T|U TY SUH yYQ|R|Vk Ty|V| 9=s ;| sY =UUSV=s9| Ty=T US9y V|;=T|
XVYzV=tU Qxuu 9YsTxsS|i C| xs9uS8| Ty|U| V|;=T|U =U = 9YtXYs|sT Y{ YSV zVYUU t=Vzxs {VYt U=u|U Y{ 9xz=V|TT|Ui !s Ty| |R|sT Ty|U| V|;=T|U =V|
8|9V|=U|8 YV |uxtxs=T|8k YV Q| {=xu TY |=Vs Ty| V|;=T|Uk YSV QyYu|U=u| 9xz=V|TT| 9YUTU Qxuu
xs9V|=U|i $YV |P=tXu|k 9|VT=xs t=wYV 9xz=V|TT|
t=sS{=9TSV|VU y=R| Y{{|V|8 V|;=T| XVYzV=tU Ty=T XVYRx8| V|;=T|U Ysu5 x{ Q| {YuuYQ Ty| t=sS{=9TSV|V6U V|T=xu XVx9xsz zSx8|uxs|Ui !{ Q| 8Y sYT
V|9|xR| Ty| V|;=T|Uk ;|9=SU| Q| 8Y sYT X=VTx9xX=T| xs Ty| XVYzV=t YV x{ Ty| V|;=T|U Q| V|9|xR| ;5 X=VTx9xX=Txsz xs Ty| XVYzV=t 8Y sYT Y{{U|T YV
USVX=UU Ty| V|R|sS| uYUT =U = V|USuT Y{ 9YtXu5xsz QxTy Ty| t=sS{=9TSV|V6U XVx9xsz zSx8|uxs|Uk YSV 9xz=V|TT| zVYUU t=Vzxs Qxuu ;| =8R|VU|u5
xtX=9T|8i !s z|s|V=uk Q| =TT|tXT TY X=UU QyYu|U=u| XVx9| xs9V|=U|U Ys TY YSV 9SUTYt|VUi "YQ|R|Vk 9YtX|TxTxR| XV|UUSV|U xs YSV t=Vv|TU t=5
=8R|VU|u5 xtX=9T YSV =;xuxT5 TY 8Y UYi !s =88xTxYsk V|8S9|8 V|T=xu 8xUXu=5 =uuYQ=s9|U Ys 9xz=V|TT|U Y{{|V|8 ;5 9xz=V|TT| t=sS{=9TSV|VU s|z=TxR|u5
xtX=9T zVYUU t=VzxsUi Zy|U| {=9TYVU 9YSu8 t=T|Vx=uu5 xtX=9T YSV V|T=xu XVx9| Y{ 9xz=V|TT|Uk 9xz=V|TT| U=u|U RYuSt| =s8hYV V|R|sS|Uk
t|V9y=s8xU| zVYUU XVY{xT =s8 YR|V=uu 9SUTYt|V TV={{x9k Qyx9y 9YSu8 xs TSVs y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs
=s8 V|USuTU Y{ YX|V=TxYsUi
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XYT|sTx=u uYUU|Uk 9YUTU YV ux=;xuxTx|Ui C| 9YSu8 US{{|V uYUU|U {YV SsxsUSV=;u|k YV SsxsUSV|8k VxUvU YV xs =tYSsTU xs |P9|UU Y{ |PxUTxsz xsUSV=s9|
9YR|V=z|i
!s =88xTxYsk Q| XSV9y=U| xsUSV=s9| XVYzV=tU QxTy u=Vz| U|u{jxsUSV|8 V|T|sTxYsU =s8 u=Vz| 8|8S9Tx;u|Ui $YV |P=tXu|k Q| V|T=xs = UyYVT
X|VxY8 Y{ YSV ;SUxs|UU xsT|VVSXTxYs uYUU|Ui Zy|V|{YV|k = Uxzsx{x9=sT X=VTk YV =uuk Y{ = ;SUxs|UU xsT|VVSXTxYs uYUU YV YTy|V T5X|U Y{ uYUU 9YSu8 ;|
V|T=xs|8 ;5 SUi Zy| Y99SVV|s9| Y{ = uYUU Ty=T xU V|T=xs|8 ;5 SUk YV sYT {Suu5 9YR|V|8 ;5 xsUSV=s9|k 9YSu8 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV
;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
Zy| |s|Vz5 xs8SUTV5 xU yxzyu5 9=XxT=u xsT|sUxR|k =s8 Ty| |sTxV| YV X=VTx=u uYUU Y{ xs8xRx8S=u {=9xuxTx|U YV tSuTxXu| {=9xuxTx|U 9=s V|USuT xs Uxzsx{x9=sT
9YUTU TY ;YTy |s|Vz5 xs8SUTV5 9YtX=sx|Uk US9y =U SUk =s8 Ty|xV xsUSV=s9| 9=VVx|VUi "xUTYVx9=uu5k u=Vz| |s|Vz5 xs8SUTV5 9u=xtU y=R| V|USuT|8 xs
Uxzsx{x9=sT xs9V|=U|U xs Ty| u|R|u Y{ XV|txSt 9YUTU =s8 8|8S9Tx;u| X|VxY8U {YV X=VTx9xX=sTU xs Ty| |s|Vz5 xs8SUTV5i $YV |P=tXu|k ySVVx9=s|U y=R|
9=SU|8 Uxzsx{x9=sT 8=t=z| TY |s|Vz5 9YtX=sx|U YX|V=Txsz =uYsz Ty| #Su{ ’Y=UTk xs =88xTxYs TY sSt|VYSU Yxu =s8 z=U XVY8S9TxYs {=9xuxTx|U =s8
XxX|uxs|U xs Ty=T V|zxYsi !sUSV=s9| 9YtX=sx|U Ty=T y=R| yxUTYVx9=uu5 X=VTx9xX=T|8 xs Ss8|VQVxTxsz |s|Vz5jV|u=T|8 VxUvU t=5 8xU9YsTxsS| Ty=T
XV=9Tx9|k t=5 V|8S9| Ty| xsUSV=s9| 9=X=9xT5 Ty|5 =V| Qxuuxsz TY Y{{|V YV 8|t=s8 Uxzsx{x9=sTu5 yxzy|V XV|txStU YV 8|8S9Tx;u| X|VxY8U TY 9YR|V
Ty|U| VxUvUi !{ Uxzsx{x9=sT 9y=sz|U xs Ty| sSt;|Vk YV {xs=s9x=u UYuR|s95k Y{ xsUSV=s9| Ss8|VQVxT|VU =R=xu=;u| TY Ty| |s|Vz5 xs8SUTV5 Y99SVk YV x{
YTy|V =8R|VU| 9Ys8xTxYsU YR|V Qyx9y Q| y=R| sY 9YsTVYu XV|R=xu xs Ty| xsUSV=s9| t=Vv|Tk Q| t=5 ;| Ss=;u| TY Y;T=xs =s8 t=xsT=xs =8|WS=T|
xsUSV=s9| =T V|=UYs=;u| 9YUTi
!s =88xTxYsk Q| 9=ssYT =UUSV| Ty=T YSV xsUSV|VU Qxuu V|s|Q YSV xsUSV=s9| 9YR|V=z| Ys =99|XT=;u| T|VtUk x{ =T =uuk YV Ty=T Q| Qxuu ;| =;u| TY =VV=sz|
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9YtXu|t|sT YSV |PxUTxsz =UU|TU =s8hYV ;VY=8|s YSV z|YzV=Xyx9 XV|U|s9|i !{ =TTV=9TxR| YXXYVTSsxTx|U =VxU|k Q| t=5 =uUY =9WSxV| =UU|TU xs s|Q
uxs|U Y{ ;SUxs|UU Ty=T =V| 9YtXu|t|sT=V5 TY YSV |PxUTxsz ;SUxs|UU|Ui !s Ty| X=UT Q| y=R| =9WSxV|8 V|{xs|Vx|Uk =s8 Q| y=R| 8|R|uYX|8 YSV
uYzxUTx9U U|zt|sT TyVYSzy Ty| =9WSxUxTxYs Y{ TV=sUXYVT=TxYs =s8 t=Vv|Txsz =UU|TUi C| |PX|9T TY 9YsTxsS| TY =9WSxV| =UU|TU Ty=T 9YtXu|t|sT YSV
|PxUTxsz =UU|TU =s8hYV ;VY=8|s YSV z|YzV=Xyx9 XV|U|s9| =U = t=wYV |u|t|sT Y{ YSV zVYQTy UTV=T|z5i "YQ|R|Vk Ty| Y99SVV|s9| Y{ =s5 Y{ Ty|
{YuuYQxsz {=9TYVU 9YSu8 =8R|VU|u5 ={{|9T YSV zVYQTy UTV=T|z5I
/ C| t=5 sYT ;| =;u| TY x8|sTx{5 USxT=;u| =9WSxUxTxYs 9=s8x8=T|U YV =9WSxV| =88xTxYs=u =UU|TU Ys {=RYV=;u| T|VtUH
/ C| SUS=uu5 9YtX|T| QxTy YTy|VU TY =9WSxV| =UU|TUk Qyx9y 9YtX|TxTxYs t=5 xs9V|=U|k =s8 =s5 u|R|u Y{ 9YtX|TxTxYs 9YSu8 V|USuT xs 8|9V|=U|8 =R=xu=;xuxT5 YV
xs9V|=U|8 XVx9|U {YV =9WSxUxTxYs 9=s8x8=T|UH
/ C| t=5 |PX|Vx|s9| 8x{{x9SuT5 xs =sTx9xX=Txsz Ty| Txtxsz =s8 =R=xu=;xuxT5 Y{ =9WSxUxTxYs 9=s8x8=T|UH
/ C| t=5 sYT ;| =;u| TY Y;T=xs Ty| s|9|UU=V5 {xs=s9xszk Ys {=RYV=;u| T|VtU YV =T =uuk TY {xs=s9| =s5 Y{ YSV XYT|sTx=u =9WSxUxTxYsUH =s8
/ )U = XS;ux9 9YtX=s5k Q| =V| US;w|9T TY V|XYVTxsz Y;uxz=TxYsUk xsT|Vs=u 9YsTVYuU =s8 YTy|V =99YSsTxsz V|WSxV|t|sTU QxTy V|UX|9T TY =s5 ;SUxs|UU Q| =9WSxV|k
Qyx9y t=5 XV|R|sT YV s|z=TxR|u5 ={{|9T Ty| R=uS=TxYs Y{ UYt| =9WSxUxTxYsU Q| txzyT YTy|VQxU| 8||t {=RYV=;u| YV xs9V|=U| YSV =9WSxUxTxYs 9YUTUi
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&S| TY YSV |tXy=UxU Ys zVYQTy TyVYSzy =9WSxUxTxYsUk Q| =V| X=VTx9Su=Vu5 USU9|XTx;u| TY TV=sU=9TxYs=u VxUvU Ty=T 9YSu8 9=SU| YSV =9TS=u zVYQTy YV
YX|V=Txsz V|USuTU TY 8x{{|V =8R|VU|u5 9YtX=V|8 QxTy YSV |PX|9T=TxYsUi $YV |P=tXu|I
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8SVxsz Ty| =9WSxUxTxYs XVY9|UUk Q| t=5 {=xuk YV ;| Ss=;u|k TY 8xU9YR|V UYt| Y{ Ty| ux=;xuxTx|U Y{ 9YtX=sx|U YV ;SUxs|UU|U Ty=T Q| =9WSxV|H
Q| t=5 =UUSt| 9YsTV=9TU YV YTy|V Y;uxz=TxYsU xs 9Yss|9TxYs QxTy X=VTx9Su=V =9WSxUxTxYsU Ys T|VtU Ty=T =V| u|UU {=RYV=;u| YV 8|UxV=;u| Ty=s Ty| T|VtU Ty=T
Q| QYSu8 |PX|9T TY Y;T=xs x{ Q| s|zYTx=T|8 Ty| 9YsTV=9TU YV YTy|V Y;uxz=TxYsU 8xV|9Tu5H
Q| t=5 {=xu TY US99|UU{Suu5 xsT|zV=T| YV t=s=z| =9WSxV|8 =UU|TUH
=9WSxV|8 =UU|TU t=5 sYT X|V{YVt =U Q| |PX|9Tk YV Q| t=5 sYT ;| =;u| TY Y;T=xs Ty| 9YUT U=RxszU =s8 {xs=s9x=u xtXVYR|t|sTU Q| =sTx9xX=T|H
=9WSxUxTxYsU t=5 V|WSxV| SU TY xs9SV =88xTxYs=u 8|;T YV xUUS| =88xTxYs=u |WSxT5H
=9WSxV|8 =UU|TU t=5 US{{|V = 8xtxsxUyt|sT xs {=xV R=uS| =U = V|USuT Y{ Qyx9y Q| t=5 s||8 TY V|9YV8 = QVxT|j8YQs YV xtX=xVt|sTH
Q| t=5 {=xu TY zVYQ YSV |PxUTxsz U5UT|tUk {xs=s9x=u 9YsTVYuUk xs{YVt=TxYs U5UT|tUk t=s=z|t|sT V|UYSV9|U =s8 ySt=s V|UYSV9|U xs = t=ss|V Ty=T
|{{|9TxR|u5 USXXYVTU YSV zVYQTyH
TY Ty| |PT|sT Ty=T Q| =9WSxV| =UU|TU xs s|Q uxs|U Y{ ;SUxs|UUk Q| t=5 ;|9Yt| US;w|9T TY =88xTxYs=u V|zSu=TYV5 V|WSxV|t|sTU =s8 =88xTxYs=u VxUvU Ty=T =V|
9y=V=9T|VxUTx9 YV T5Xx9=u Y{ Ty|U| uxs|U Y{ ;SUxs|UUH =s8
TY Ty| |PT|sT Ty=T Q| =9WSxV| |WSxT5 xsT|V|UTU xs |sTxTx|U Ty=T 9YsTVYu =UU|TU 4V=Ty|V Ty=s =9WSxVxsz Ty| =UU|TU 8xV|9Tu51k Q| t=5 ;|9Yt| US;w|9T TY ux=;xuxTx|U
Ty=T XV|8=T| YSV YQs|VUyxX =s8 9YsTVYu Y{ Ty| =UU|TUi
Zy| Y99SVV|s9| Y{ =s5 Y{ Ty|U| {=9TYVU 9YSu8 t=T|Vx=uu5 =s8 =8R|VU|u5 ={{|9T YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs YV V|USuTU Y{ YX|V=TxYsUi
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=88xTxYs=u =9WSxUxTxYsU YV YTy|V UTV=T|zx9 TV=sU=9TxYsUi _SV {STSV| US99|UU 8|X|s8Uk xs X=VTk SXYs YSV =;xuxT5 TY t=s=z| YSV |PX=s8|8 ;SUxs|UUk
Qyx9y t=5 XYU| US;UT=sTx=u 9y=uu|sz|U {YV t=s=z|t|sTk xs9uS8xsz 9y=uu|sz|U V|u=T|8 TY Ty| t=s=z|t|sT =s8 tYsxTYVxsz Y{ s|Q YX|V=TxYsU
xs9uS8xszk QxTyYST uxtxT=TxYsk xsT|zV=Txsz s|Q YX|V=TxYsU QxTy TyYU| Y{ YSV |PxUTxsz ;SUxs|UUk t=s=zxsz Ty| xs9V|=U|8 U9YX| YV z|YzV=Xyx9
8xR|VUxT5 Y{ YSV |PX=s8|8 ;SUxs|UUk =s8 =UUY9x=T|8 xs9V|=U|8 9YUTU =s8 9YtXu|PxT5i Zy|V| 9=s ;| sY =UUSV=s9| Ty=T Q| Qxuu ;| US99|UU{Suk YV
Ty=T Q| Qxuu V|=ux3| Ty| |PX|9T|8 |9YsYtx|U Y{ U9=u|k U5s|Vzx|U =s8 YTy|V ;|s|{xTU =sTx9xX=T|8 {VYt =s5 =88xTxYs=u =9WSxUxTxYsU YV UTV=T|zx9
TV=sU=9TxYsUi
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xsR|UTxz=TxYs =s8 V|t|8x=TxYs Y{ y58VY9=V;YsU =s8 YTy|V t=T|Vx=uU Qyx9y 9YsT=txs=T|8 UYxu =s8 zVYSs8Q=T|Vi EXYs XSV9y=U| Y{ Ty| {=9xuxTx|Uk
Q| ;|9=t| V|UXYsUx;u| =s8 ux=;u| {YV 9|VT=xs 9YUTU =UUY9x=T|8 QxTy Ty| 9YsTxsS|8 xsR|UTxz=TxYs =s8 V|t|8x=TxYs Y{ vsYQs =s8 SsvsYQs
xtX=9T|8 =V|=U =T Ty| {=9xuxTx|Ui !s Ty| {STSV|k xT t=5 ;| s|9|UU=V5 TY 9Ys8S9T {SVTy|V =UU|UUt|sTU =s8 V|t|8x=TxYs |{{YVTU =T xtX=9T|8 =V|=U =T
YSV {=9xuxTx|U =s8 |uU|Qy|V|i !s =88xTxYsk Q| y=R| x8|sTx{x|8 =s8 U|u{jV|XYVT|8 9|VT=xs YTy|V |sRxVYst|sT=u t=TT|VU US;U|WS|sT TY YSV XSV9y=U| Y{
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=s8 =99VS|8 =tYSsTU Q| ;|ux|R| =V| US{{x9x|sT TY 9YtXu|T| V|t|8x=TxYsi C| |PX|9T V|t|8x=TxYs =T UYt| XVYX|VTx|U TY 9YsTxsS| {YV Ty|
{YV|U||=;u| {STSV|i Zy| s||8 TY t=v| {STSV| |PX|s8xTSV|U {YV Ty|U| XSVXYU|U Ty=T |P9||8 Ty| =tYSsTU {YV Qyx9y Q| |UTxt=T|8 =s8 =99VS|8
9YSu8 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
!s =88xTxYsk )uYs xs8|tsx{x|8 9|VT=xs X=VTx|Uk TY Qyx9y Ty|5 UYu8 =UU|TUk {YV 9YUTU =s8 ux=;xuxTx|U Ty=T t=5 ;| xs9SVV|8 =U = V|USuT Y{ |sRxVYst|sT=u
9Ys8xTxYsU |PxUTxsz =T Ty| Txt| Y{ US9y U=u|Ui )U = V|USuT Y{ YSV XSV9y=U| Y{ )uYsk x{ Q| =V| {YV9|8 TY xs9SV 9YUTU YV X=5 ux=;xuxTx|U xs 9Yss|9TxYs
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!s Ty| {STSV|k Q| t=5 xs9SV US;UT=sTx=u |PX|s8xTSV|U {YV xsR|UTxz=TxYs YV V|t|8x=TxYs Y{ 9YsT=txs=TxYs Ty=T y=U sYT ;||s 8xU9YR|V|8 =T YSV
9SVV|sT YV {YVt|V uY9=TxYsU YV uY9=TxYsU Ty=T Q| t=5 =9WSxV|k YV =T TyxV8 X=VT5 UxT|U Qy|V| y=3=V8YSU US;UT=s9|U {VYt Ty|U| uY9=TxYsU t=5 y=R|
;||s TV|=T|8 YV 8xUXYU|8i _SV y=s8uxsz =s8 UTYV=z| Y{ X|TVYu|St =s8 y=3=V8YSU US;UT=s9|U t=5 u|=8 TY =88xTxYs=u 9YsT=txs=TxYs =T YSV
{=9xuxTx|U YV =uYsz YSV XxX|uxs|U =s8 =T {=9xuxTx|U TY Qyx9y Q| U|s8 YV y=R| U|sT Q=UT|U YV ;5jXVY8S9TU {YV TV|=Tt|sT YV 8xUXYU=ui !s =88xTxYsk s|Q
u|z=u V|WSxV|t|sTUk s|Q xsT|VXV|T=TxYsU Y{ |PxUTxsz u|z=u V|WSxV|t|sTUk xs9V|=U|8 u|zxUu=TxR| =9TxRxT5 =s8 zYR|Vst|sT=u |s{YV9|t|sT =s8 YTy|V
8|R|uYXt|sTU 9YSu8 V|WSxV| SU TY t=v| =88xTxYs=u Ss{YV|U||s |PX|s8xTSV|Ui )U = V|USuTk Q| t=5 ;| US;w|9T TY =88xTxYs=u xsR|UTxz=TxYs =s8
V|t|8x=TxYs 9YUTUk zYR|Vst|sT=u X|s=uTx|U =s8 TyxV8jX=VT5 USxTU =uu|zxsz X|VUYs=u xswSV5 =s8 XVYX|VT5 8=t=z|i bx=;xuxTx|U {YV {STSV| V|t|8x=TxYs
9YUTU =V| V|9YV8|8 Qy|s |sRxVYst|sT=u =UU|UUt|sTU =s8hYV V|t|8x=u |{{YVTU =V| XVY;=;u| =s8 9YUTU 9=s ;| V|=UYs=;u5 |UTxt=T|8 =U t=T|Vx=ui
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UTS8x|U YV = 9YttxTt|sT TY = {YVt=u Xu=s Y{ =9TxYsi
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9Vxtxs=u U=s9TxYsUk X|VtxT V|RY9=TxYsUk xswSs9TxYsU =s8hYV {=9xuxT5 UyST8YQsUi !s =88xTxYsk t=wYV tY8x{x9=TxYsU Y{ YSV YX|V=TxYsU 9YSu8 V|WSxV|
tY8x{x9=TxYsU TY YSV |PxUTxsz X|VtxTU YV SXzV=8|U TY YSV |PxUTxsz XYuuSTxYs 9YsTVYu |WSxXt|sTi )s5k YV =uuk Y{ Ty|U| t=TT|VU 9YSu8 y=R| = s|z=TxR|
|{{|9T Ys YSV ;SUxs|UUk V|USuTU Y{ YX|V=TxYsU =s8 9=Uy {uYQUi
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a|Px9Y =s8 TyVYSzy YSV =9WSxUxTxYs Y{ V|{xs|8 XVY8S9T T|Vtxs=uU xs (xz [=s85 =s8 aTi ^u|=U=sTk Z|P=Uk TyxU uxtxT|8 =;xuxT5 t=5 uxtxT Ty| V|{xs|V5qU
=;xuxT5 TY xs9V|=U| Ty| XVY8S9TxYs Y{ X|TVYu|St XVY8S9TUk =TTV=9T s|Q 9SUTYt|VU {YV xTU V|{xs|8 X|TVYu|St XVY8S9TU YV xs9V|=U| U=u|U Y{ XVY8S9TU
{VYt Ty| V|{xs|V5i !s =88xTxYsk x{ 8|t=s8 {YV X|TVYu|St XVY8S9TU 8xtxsxUy|U xs sYVTy|=UT Z|P=Uk Ty| V|{xs|V5 t=5 ;| V|WSxV|8 TY V|8S9| XVY8S9TxYs
u|R|uU =s8 YSV {xs=s9x=u V|USuTU t=5 ;| =8R|VU|u5 ={{|9T|8i
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YSV sx9y| t=Vv|T =8R=sT=z|k Qyx9y 9YSu8 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
)88xTxYs=uu5k Qy|V| {||8UTY9vU =V| XSV9y=U|8 xs = uY9=ux3|8 t=Vv|Tk 8xUVSXTxYsU xs USXXu5 9y=ss|uU 9YSu8 Uxzsx{x9=sTu5 xtX=9T YSV =;xuxT5 TY t||T
XVY8S9TxYs 8|t=s8U xs TyYU| {=9xuxTx|Ui
!s =88xTxYsk Ty| t=xsT|s=s9|k YV V|Xu=9|t|sTk Y{ YSV |PxUTxsz 9SUTYt|VU 8|X|s8U Ys = sSt;|V Y{ {=9TYVU YSTUx8| Y{ YSV 9YsTVYuk xs9uS8xsz
xs9V|=U|8 9YtX|TxTxYs {VYt YTy|V USXXux|VU =s8 8|t=s8 {YV V|{xs|8 XVY8S9TU xs Ty| t=Vv|TU Q| U|VR|i Zy| t=Vv|T {YV 8xUTVx;STxYs Y{ QyYu|U=u|
tYTYV {S|u xU yxzyu5 9YtX|TxTxR| =s8 {V=zt|sT|8i [Yt| Y{ YSV 9YtX|TxTYVU y=R| Uxzsx{x9=sTu5 zV|=T|V V|UYSV9|U =s8 s=t| V|9YzsxTxYs Ty=s SUi
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Ty=T Q| =V| sYT =;u| TY 9YVV|UXYs8xszu5 xs9V|=U| U=u|U TY YTy|V XSV9y=U|VUi
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{V=s9yxU|k QxTyyYu8xsz =s8 =8 R=uYV|t T=P|Ui ‘|Q T=P u=QU =s8 V|zSu=TxYsUk =s8 9y=sz|U xs |PxUTxsz T=P u=QU =s8 V|zSu=TxYsUk =V| 9YsTxsSYSUu5
;|xsz |s=9T|8 YV XVYXYU|8 Ty=T 9YSu8 V|USuT xs xs9V|=U|8 |PX|s8xTSV|U {YV T=P ux=;xuxTx|U xs Ty| {STSV|i ’|VT=xs Y{ Ty|U| ux=;xuxTx|U =V| US;w|9T TY
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xsT|VXV|T=TxYsU =s8 =UUStXTxYsU xs 8|T|Vtxsxsz YSV T=P ux=;xuxTx|Uk xT xU XYUUx;u| Ty=T Ty| !sT|Vs=u \|R|sS| [|VRx9| 4@!\[@1 9YSu8 xUUS| US;U|WS|sT
zSx8=s9| YV T=v| XYUxTxYsU Ys =S8xT Ty=T 8x{{|V {VYt YSV XVxYV xsT|VXV|T=TxYsU =s8 =UUStXTxYsUk Qyx9y 9YSu8 =8R|VU|u5 xtX=9T YSV 9=Uy T=P
ux=;xuxTx|Uk V|USuTU Y{ YX|V=TxYsUk =s8 {xs=s9x=u 9Ys8xTxYsi [S;U|WS|sT 9y=sz|U TY YSV T=P ux=;xuxTx|U =U = V|USuT Y{ Ty|U| =S8xTU t=5 =uUY US;w|9T SU
TY xsT|V|UT =s8 X|s=uTx|Uk =s8 9YSu8 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
$YV |P=tXu|k Ty| T=P TV|=Tt|sT Y{ YSV uYzxUTx9U U|zt|sT 8|X|s8U Ys xTU UT=TSU =U = X=VTs|VUyxX {YV {|8|V=u xs9Yt| T=P XSVXYU|Ui !{ = 9y=sz| xs
u=Qk YSV {=xuSV| TY 9YtXu5 QxTy |PxUTxsz u=Q YV YTy|V {=9TYVU Q|V| TY 9=SU| YSV uYzxUTx9U U|zt|sT TY ;| TV|=T|8 =U = 9YVXYV=TxYs {YV {|8|V=u xs9Yt|
T=P XSVXYU|Uk xT QYSu8 ;|9Yt| US;w|9T TY |sTxT5ju|R|u T=P=TxYsi )U = V|USuTk YSV uYzxUTx9U U|zt|sT QYSu8 X=5 {|8|V=u xs9Yt| T=P Ys =uu Y{ xTU
T=P=;u| xs9Yt| =T V|zSu=V 9YVXYV=T| xs9Yt| T=P V=T|U 4US;w|9T TY 9YVXYV=T| =uT|Vs=TxR| txsxtSt T=P {YV 5|=VU |s8|8 XVxYV TY egfK1k QYSu8 uxv|u5
X=5 =88xTxYs=u UT=T| =s8 uY9=u xs9Yt| T=P|U =T R=V5xsz V=T|Uk =s8 8xUTVx;STxYsU TY SsxTyYu8|VUk xs9uS8xsz SUk QYSu8 ;| z|s|V=uu5 TV|=T|8 =U T=P=;u|
8xRx8|s8U {VYt = 9YVXYV=TxYsi
!s US9y 9=U|k Ty| uYzxUTx9U U|zt|sT QYSu8 uxv|u5 |PX|Vx|s9| = t=T|Vx=u V|8S9TxYs xs xTU =sTx9xX=T|8 9=Uy {uYQ =s8
={T|VjT=P V|TSVs TY xTU SsxTyYu8|VUk =s8 Q| QYSu8 uxv|u5 |PX|Vx|s9| = US;UT=sTx=u V|8S9TxYs xs xTU R=uS|i
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!s =88xTxYsk {YV = R=Vx|T5 Y{ V|=UYsUk t=s5 t|t;|VU Y{ Ty|
V=xsk x9| UTYVtU =s8 UsYQk =uu Y{ Qyx9y Q| y=R| |PX|Vx|s9|8 xs Ty| X=UT {|Q 5|=VUi
U9x|sTx{x9 9YttSsxT5 ;|ux|R| Ty=T 9uxt=T| 9y=sz|U =V| Y99SVVxsz Ty=T 9YSu8 y=R| Uxzsx{x9=sT Xy5Ux9=u |{{|9TUk US9y =U xs9V|=U|8 {V|WS|s95 =s8
U|R|VxT5 Y{ UTYVtUk 8VYSzyTU =s8 {uYY8U =s8 YTy|V 9uxt=Tx9 |R|sTUi
!{ =s5 US9y |{{|9TU Q|V| TY Y99SVk Ty|5 9YSu8 y=R| =s =8R|VU| |{{|9T Ys YSV
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xtX=9T 9YsUSt|V ;|y=RxYVk TV=R|u =s8 V|T=xu {S|u =s8 9YsR|sx|s9| UTYV| TV={{x9 X=TT|VsU YV xsT|VVSXT YV xtX|8| YSV =;xuxT5 TY YX|V=T| YSV uY9=TxYsUi
!{ US9y 9Ys8xTxYsU XV|R=xu s|=V YSV V|{xs|Vx|Uk Ty|5 9YSu8 xsT|VVSXT YV Ss8|Vtxs| YSV =;xuxT5 TY XVY8S9| =s8 TV=sUXYVT XVY8S9TU {VYt YSV V|{xs|Vx|U
=s8 V|9|xR| =s8 8xUTVx;ST| XVY8S9TU =T YSV T|Vtxs=uUi \|zxYs=u Y99SVV|s9|Uk US9y =U |s|Vz5 UyYVT=z|U YV xs9V|=U|U xs |s|Vz5 XVx9|Uk {xV|U =s8
YTy|V s=TSV=u 8xU=UT|VUk 9YSu8 =uUY ySVT YSV ;SUxs|UUi Zy| Y99SVV|s9| Y{ =s5 Y{ Ty|U| 8|R|uYXt|sTU 9YSu8 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV
;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
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tYsTyU 8S| TY U|=UYs=u xs9V|=U|U xs tYTYV R|yx9u| TV={{x9 =s8 VY=8 =s8 yYt| 9YsUTVS9TxYsi D=V5xsz R=XYV XV|UUSV| V|WSxV|t|sTU ;|TQ||s Ty|
UStt|V =s8 QxsT|V tYsTyU =uUY TxzyT|s UStt|V z=UYuxs| USXXu5i )U = V|USuTk Ty| YX|V=Txsz V|USuTU Y{ YSV V|{xsxsz U|zt|sT =s8 uYzxUTx9U
U|zt|sT =V| z|s|V=uu5 uYQ|V {YV Ty| {xVUT =s8 {YSVTy WS=VT|VU Y{ |=9y 5|=Vi [|=UYs=u {uS9TS=TxYsU xs TV={{x9 =uUY ={{|9T U=u|U Y{ tYTYV {S|uU =s8
t|V9y=s8xU| xs YSV V|T=xu {S|u =s8 9YsR|sx|s9| UTYV|Ui )U = V|USuTk Ty| YX|V=Txsz V|USuTU Y{ YSV V|T=xu U|zt|sT =V| z|s|V=uu5 uYQ|V {YV Ty| {xVUT
WS=VT|V Y{ Ty| 5|=Vi
C|=Ty|V 9Ys8xTxYsU xs YSV YX|V=Txsz =V|= =uUY y=R| = Uxzsx{x9=sT |{{|9T Ys YSV YX|V=Txsz V|USuTU xs YSV V|T=xu U|zt|sTi ’SUTYt|VU =V| tYV| uxv|u5
TY XSV9y=U| tYV| z=UYuxs| =s8 yxzy|V XVY{xT t=Vzxs xT|tU US9y =U {=UT {YY8Uk {YSsT=xs 8VxsvU =s8 YTy|V ;|R|V=z|U 8SVxsz Ty| UXVxsz =s8
UStt|V tYsTyUi Es{=RYV=;u| Q|=Ty|V 9Ys8xTxYsU 8SVxsz Ty|U| tYsTyU =s8 = V|USuTxsz u=9v Y{ Ty| |PX|9T|8 U|=UYs=u SXUQxszU xs TV={{x9 =s8
U=u|U 9YSu8 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
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=zV||t|sTi ‘Ys| Y{ YSV |tXuY5||U xs YSV uYzxUTx9U U|zt|sTk V|T=xu U|zt|sT YV xs YSV 9YVXYV=T| Y{{x9| =V| V|XV|U|sT|8 ;5 = SsxYsi C| 9YsUx8|V
YSV V|u=TxYsU QxTy YSV |tXuY5||U TY ;| U=TxU{=9TYV5i )uTyYSzy Ty| 9Yuu|9TxR| ;=Vz=xsxsz =zV||t|sTU 9YsT=xs XVYRxUxYsU TY 8xU9YSV=z| UTVxv|U YV
QYVv UTYXX=z|Uk Q| 9=ssYT =UUSV| Ty=T UTVxv|U YV QYVv UTYXX=z|U Qxuu sYT Y99SVi ) UTVxv| YV QYVv UTYXX=z| 9YSu8 y=R| = t=T|Vx=u =8R|VU| |{{|9T
Ys YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi
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xs{YVt=TxYs T|9ysYuYz5 U5UT|tU =s8 9YsTVYuU TyVYSzyYST YSV YX|V=TxYsU TY 9=XTSV| =99YSsTxszk T|9ysx9=u =s8 V|zSu=TYV5 8=T= {YV US;U|WS|sT
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xs{V=UTVS9TSV|k YV Ty| xs{V=UTVS9TSV| Y{ YSV 9uYS8j;=U|8 !Z U|VRx9| XVYRx8|VU t=5 t=T|Vx=uu5 xtX=9T YSV ;SUxs|UU =s8 YX|V=TxYsUi )s Ss8|T|9T|8
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95;|V ;V|=9y YV =TT=9v 9YSu8 V|USuT xs 8xUVSXTxYs TY YSV ;SUxs|UU YX|V=TxYsUk =99|UU TY YV 8xU9uYUSV| YV uYUU Y{ 8=T= =s8hYV XVYXVx|T=V5
xs{YVt=TxYsk X|VUYs=u xswSVx|U =s8 |sRxVYst|sT=u 8=t=z|k Qyx9y 9YSu8 y=R| =s =8R|VU| |{{|9T Ys YSV ;SUxs|UUk V|XST=TxYsk =s8 |{{|9TxR|s|UUi
C| 9YSu8 =uUY ;| US;w|9T TY V|USuTxsz xsR|UTxz=TxYs =s8 V|t|8x=TxYs 9YUTU =U Q|uu =U V|zSu=TYV5 |s{YV9|t|sT Y{ XVxR=T| uxTxz=TxYs =s8 V|u=T|8
9YUTUk Qyx9y 9YSu8 y=R| = t=T|Vx=u =8R|VU| xtX=9T Ys YSV 9=Uy {uYQ =s8 V|USuTU Y{ YX|V=TxYsUi
C| V|u5 Ys 9Ytt|V9x=uu5 =R=xu=;u| U5UT|tUk UY{TQ=V|k TYYuU =s8 tYsxTYVxsz TY XVYRx8| U|9SVxT5 {YV XVY9|UUxszk TV=sUtxUUxYs =s8 UTYV=z| Y{
9Ys{x8|sTx=u 9SUTYt|V xs{YVt=TxYsk US9y =U X=5t|sT 9=V8 =s8 X|VUYs=u 9V|8xT xs{YVt=TxYsi
!s =88xTxYsk Ty| U5UT|tU 9SVV|sTu5 SU|8 {YV TV=sUtxUUxYs =s8 =XXVYR=u Y{ X=5t|sT 9=V8 TV=sU=9TxYsUk =s8 Ty| T|9ysYuYz5 STxux3|8 xs X=5t|sT
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9y=szxsz V|WSxV|t|sTUi C| y=R| T=v|s Ty| s|9|UU=V5 UT|XU TY 9YtXu5 QxTy Ty| ^=5t|sT ’=V8 !s8SUTV5 &=T= [|9SVxT5 [T=s8=V8U 4@^’!j&[[@1 =T
=uu Y{ YSV uY9=TxYsUi "YQ|R|Vk 9YtXux=s9| QxTy Ty|U| V|WSxV|t|sTU t=5 V|USuT xs 9YUT xs9V|=U|U 8S| TY s|9|UU=V5 U5UT|tU 9y=sz|U =s8 Ty|
8|R|uYXt|sT Y{ s|Q =8txsxUTV=TxR| XVY9|UU|Ui
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)s5 9YtXVYtxU| YV ;V|=9y Y{ YSV xs{YVt=TxYs =s8 X=5t|sT T|9ysYuYz5 U5UT|tU 9YSu8 9=SU| xsT|VVSXTxYsU xs YSV YX|V=TxYsUk 8=t=z| YSV
V|XST=TxYsk V|8S9| YSV 9SUTYt|VU6 Qxuuxszs|UU TY RxUxT YSV UxT|U =s8 9Ys8S9T ;SUxs|UU QxTy Ty|tk YV |PXYU| SU TY uxTxz=TxYs {VYt 9SUTYt|VU YV
U=s9TxYsU {YV RxYu=TxYsU Y{ Ty| ^’!j&[[i !s =88xTxYsk = 9YtXVYtxU| Y{ YSV xsT|Vs=u 8=T= s|TQYVv =T =s5 Y{ YSV V|{xsxsz YV T|Vtxs=u uY9=TxYsU t=5
y=R| 8xUVSXTxR| xtX=9TU Uxtxu=V TY Ty=T Y{ YSV V|T=xu YX|V=TxYsUi Zy|U| 8xUVSXTxYsU 9YSu8 V=sz| {VYt xs9YsR|sx|s9| xs =99|UUxsz ;SUxs|UU
xs{YVt=TxYs TY = 8xUVSXTxYs xs YSV V|{xsxsz YX|V=TxYsUi
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s|9|UUxT=T|8 XYVTxYsU Y{ YSV QYVv{YV9| UQxT9yxsz TY V|tYT| QYVv =VV=sz|t|sTUi Zy| xs9V|=U| xs 9YtX=sx|U =s8 xs8xRx8S=uU QYVvxsz V|tYT|u5
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SsxsT|sTxYs=u |R|sTUi &|UXxT| YSV U|9SVxT5 t|=USV|Uk Q| |PX|Vx|s9| =TT|tXTU ;5 |PT|Vs=u X=VTx|U TY X|s|TV=T| =s8 =TT=9v YSV s|TQYVvU =s8
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xs{YVt=TxYsk YSV U5UT|tU =s8 XVY9|8SV|U {YV XVYT|9Txsz =z=xsUT US9y =TT=9vU =s8 txTxz=Txsz US9y VxUvU t=5 XVYR| TY ;| xsUS{{x9x|sT xs Ty| {STSV|
=s8 US9y =TT=9vU 9YSu8 y=R| =s =8R|VU| xtX=9T Ys YSV ;SUxs|UU =s8 YX|V=TxYsUk xs9uS8xsz 8=t=z| TY YSV V|XST=TxYs =s8 9YtX|TxTxR|s|UUk
V|t|8x=TxYs 9YUTUk uxTxz=TxYs YV V|zSu=TYV5 =9TxYsUi !s =88xTxYsk =U T|9ysYuYzx|U |RYuR|k =s8 95;|Vj=TT=9vU ;|9Yt| tYV| UYXyxUTx9=T|8k Q| t=5
xs9SV Uxzsx{x9=sT 9YUTU TY SXzV=8| YV |sy=s9| YSV U|9SVxT5 t|=USV|U TY XVYT|9T =z=xsUT US9y =TT=9vU =s8 Q| t=5 {=9| 8x{{x9SuTx|U xs {Suu5
=sTx9xX=Txsz YV xtXu|t|sTxsz =8|WS=T| XV|R|sTxR| t|=USV|U YV txTxz=Txsz XYT|sTx=u y=Vti C| 9YSu8 =uUY ;| ux=;u| Ss8|V u=QU Ty=T XVYT|9T Ty|
XVxR=95 Y{ X|VUYs=u xs{YVt=TxYsk US;w|9T TY V|zSu=TYV5 X|s=uTx|Uk |PX|Vx|s9| 8=t=z| TY YSV V|XST=TxYs YV = uYUU Y{ 9YsUSt|V 9Ys{x8|s9|k YV xs9SV
=88xTxYs=u 9YUTU {YV V|t|8x=TxYs =s8 tY8x{x9=TxYs YV |sy=s9|t|sT Y{ YSV xs{YVt=TxYs U5UT|tU TY XV|R|sT {STSV| Y99SVV|s9|Uk =uu Y{ Qyx9y 9YSu8
=8R|VU|u5 ={{|9T YSV V|XST=TxYsk ;SUxs|UUk YX|V=TxYsU YV {xs=s9x=u V|USuTUi
)9 ‘: /hd: NiJ h9 hbe 1:J g:edhii:/- hbe NM5/5cJ ch .NiN8: hbe Mbd5i:dd Ni; Lhic5ib: hbe 8eh‘c7 Lhb/; M: i:8Nc5a:/J 5.gNLc:;+
_SV {STSV| X|V{YVt=s9| 8|X|s8U TY = Uxzsx{x9=sT 8|zV|| SXYs Ty| 9YsTxsS|8 9YsTVx;STxYsU Y{ YSV U|sxYV t=s=z|t|sT T|=t =s8 v|5 T|9ysx9=u
X|VUYss|ui C| 8Y sYT 9SVV|sTu5 t=xsT=xs v|5 X|VUYs ux{| xsUSV=s9| XYux9x|U {YV =s5 Y{ YSV U|sxYV t=s=z|t|sT T|=ti Zy| uYUU YV Ss=R=xu=;xuxT5 TY
SU Y{ =s5 t|t;|V Y{ YSV U|sxYV t=s=z|t|sT T|=t YV = v|5 T|9ysx9=u |tXuY5|| 9YSu8 Uxzsx{x9=sTu5 y=Vt SUi C| {=9| 9YtX|TxTxYs {YV Ty|U|
XVY{|UUxYs=uU {VYt YSV 9YtX|TxTYVUk YSV 9SUTYt|VU =s8 YTy|V 9YtX=sx|U YX|V=Txsz xs YSV xs8SUTV5i ZY Ty| |PT|sT Ty=T Ty| U|VRx9|U Y{ t|t;|VU
Y{ YSV U|sxYV t=s=z|t|sT T|=t =s8 v|5 T|9ysx9=u X|VUYss|u QYSu8 ;| Ss=R=xu=;u| TY SU {YV =s5 V|=UYsk Q| QYSu8 ;| V|WSxV|8 TY yxV| YTy|V
X|VUYss|u TY t=s=z| =s8 YX|V=T| YSV 9YtX=s5 =s8 TY 8|R|uYX YSV XVY8S9TU =s8 T|9ysYuYz5i C| 9=ssYT =UUSV| Ty=T Q| QYSu8 ;| =;u| TY
uY9=T| YV |tXuY5 US9y WS=ux{x|8 X|VUYss|u Ys =99|XT=;u| T|VtU YV =T =uui
)9 ‘: Ne:- he M:Lh.:- N S+ U+ e:N/ gehg:ecJ 7h/;5i8 LhegheNc5hi- dg:L5N/ cNK eb/:d .NJ Ngg/J ch N dN/:- :KL7Ni8: he hc7:e ;5dghd5c5hi h9
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YTy|V 8xUXYUxTxYs Y{ YSV 9YttYs UTY9v x{ Q| =V|k YV Q|V|k = @Ei[i V|=u XVYX|VT5 yYu8xsz 9YVXYV=TxYs@ 4@E[\^"’@1 =T =s5 Txt| 8SVxsz Ty| UyYVT|V
Y{ Ty| {xR|j5|=V X|VxY8 |s8xsz Ys Ty| 8=T| Y{ Ty| U=u| YV YTy|V 8xUXYUxTxYs =s8 Ty| X|VxY8 US9y sYsjEi[i yYu8|V y|u8 YSV 9YttYs UTY9v 4Ty|
UyYVT|V X|VxY8 V|{|VV|8 TY =U Ty| @uYYv;=9v X|VxY8@1i
!s z|s|V=uk Q| QYSu8 ;| = E[\^"’ x{ Ty| {=xV t=Vv|T R=uS| Y{ YSV @Ei[i V|=u XVYX|VT5
xsT|V|UTUk@ =U US9y T|Vt xU 8|{xs|8 {YV Ei [i {|8|V=u xs9Yt| T=P XSVXYU|Uk |WS=uU YV |P9||8U Ng: Y{ Ty| USt Y{ Ty| {=xV t=Vv|T R=uS| Y{ YSV
QYVu8Qx8| V|=u XVYX|VT5 xsT|V|UTU =s8 YSV YTy|V =UU|TU SU|8 YV y|u8 {YV SU| xs = TV=8| YV ;SUxs|UUi Zy| T|UT {YV 8|T|Vtxsxsz E[\^"’ UT=TSU xU
=XXux|8 Ys 9|VT=xs UX|9x{x9 8|T|Vtxs=TxYs 8=T|U =s8 xU 8|X|s8|sT SXYs = sSt;|V Y{ {=9TYVUk UYt| Y{ Qyx9y =V| ;|5Ys8 YSV 9YsTVYu 4xs9uS8xszk {YV
|P=tXu|k {uS9TS=TxYsU xs Ty| R=uS| Y{ YSV =UU|TU1i
!{ Q| =V| YV ;|9Yt| = E[\^"’k UY uYsz =U YSV 9YttYs UTY9v xU V|zSu=Vu5 TV=8|8 Ys =s
|UT=;uxUy|8 U|9SVxTx|U t=Vv|T US9y =U Ty| ‘A[%k Ysu5 = sYsjEi[i yYu8|V QyYk =9TS=uu5 YV 9YsUTVS9TxR|u5k yYu8U YV y|u8 8SVxsz Ty| uYYv;=9v X|VxY8
tYV| Ty=s {xR| X|V9|sT Y{ YSV 9YttYs UTY9v Qxuu ;| US;w|9T TY Ei [i {|8|V=u xs9Yt| T=P Ys Ty| 8xUXYUxTxYs Y{ YSV 9YttYs UTY9vi
&hdd h9 he e:;bLc5hid ch cNK 5iL:ic5a:d 9he M5h;5:d:/ geh;bLc5hi .NJ 7Na: N .Nc:e5N/ N;a:ed: :99:Lc hi :Nei5i8d- geh95cNM5/5cJ Ni; LNd7
9/h‘d e:/Nc5i8 ch hbe e:i:‘NM/: 9b:/d 9NL5/5c5:d+
Zy| ;xY8x|U|u xs8SUTV5 y=U yxUTYVx9=uu5 ;||s US;UT=sTx=uu5 =x8|8 ;5 {|8|V=u =s8 UT=T| T=P xs9|sTxR|Ui _s| T=P xs9|sTxR| XVYzV=t Ty=T y=U ;||s
Uxzsx{x9=sT TY YSV V|s|Q=;u| {S|uU {=9xuxTx|U xU Ty| {|8|V=u ;u|s8|V6U T=P 9V|8xTi Zy| ;u|s8|V6U T=P 9V|8xT 4YV ;xY8x|U|u T=P 9V|8xT1 XVYRx8|U = bcbe: dN/:d h9 d7Ne:d h9 hbe Lh..hi dchL1 Lhb/; ;:ge:dd c7: ge5L: h9 hbe Lh..hi dchL1- Ni; Lhb/; e:db/c 5i dbMdcNic5N/ ;5/bc5hi ch
hbe dchL17h/;:ed+
C| t=5 U|uu U|9SVxTx|U xs Ty| XS;ux9 YV XVxR=T| |WSxT5 t=Vv|TUk V|z=V8u|UU Y{ YSV s||8 {YV 9=XxT=uk =s8 |R|s Qy|s 9Ys8xTxYsU =V| sYT YTy|VQxU|
{=RYV=;u|i Zy| t=Vv|T XVx9| Y{ YSV 9YttYs UTY9v 9YSu8 8|9uxs| =U = V|USuT Y{ Ty| xsTVY8S9TxYs Y{ = u=Vz| sSt;|V Y{ Uy=V|U Y{ YSV 9YttYs UTY9v
xsTY Ty| t=Vv|T YV Ty| X|V9|XTxYs Ty=T Ty|U| U=u|U 9YSu8 Y99SVi [=u|U Y{ = u=Vz| sSt;|V Y{ Uy=V|U Y{ YSV 9YttYs UTY9vk YV Ty| XYUUx;xuxT5 Ty=T
Ty|U| U=u|U t=5 Y99SVk =uUY txzyT t=v| xT tYV| 8x{{x9SuT {YV SU TY U|uu |WSxT5 U|9SVxTx|U xs Ty| {STSV| =T = Txt| =s8 =T = XVx9| Ty=T Q| 8||t
=XXVYXVx=T|i
_SV UTY9vyYu8|VU Qxuu US{{|V 8xuSTxYs x{ Q| xUUS| 9SVV|sTu5 SsxUUS|8 Uy=V|U Y{ YSV UTY9v YV U|uu YSV TV|=USV5 yYu8xszU xs Ty| {STSV|i _SV
UTY9vyYu8|VU Qxuu =uUY US{{|V 8xuSTxYs =U UTY9vk V|UTVx9T|8 UTY9v SsxTUk UTY9v YXTxYsUk UTY9v =XXV|9x=TxYs VxzyTUk Q=VV=sTU YV YTy|V |WSxT5 =Q=V8Uk
Qy|Ty|V 9SVV|sTu5 YSTUT=s8xsz YV US;U|WS|sTu5 zV=sT|8k =V| |P|V9xU|8i
Q: ;:g:i; bghi hbe dbMd5;5Ne5:d 9he LNd7 ch .::c hbe hM/58Nc5hid Ni; gNJ NiJ ;5a5;:i;d+
C| =V| = yYu8xsz 9YtX=s5i _SV US;Ux8x=Vx|U 9Ys8S9T US;UT=sTx=uu5 =uu Y{ YSV YX|V=TxYsU =s8 YQs US;UT=sTx=uu5 =uu Y{ YSV =UU|TUi ’YsU|WS|sTu5k
YSV 9=Uy {uYQ =s8 YSV =;xuxT5 TY t||T YSV Y;uxz=TxYsU YV X=5 8xRx8|s8U TY YSV UTY9vyYu8|VU 8|X|s8 SXYs Ty| 9=Uy {uYQ Y{ YSV US;Ux8x=Vx|U =s8 Ty|
X=5t|sT Y{ {Ss8U ;5 YSV US;Ux8x=Vx|U TY SU xs Ty| {YVt Y{ 8xRx8|s8Uk 8xUTVx;STxYsUk T=P Uy=Vxsz X=5t|sTU YV YTy|VQxU|i _SV US;Ux8x=Vx|U6 =;xuxT5 TY
t=v| =s5 X=5t|sTU Qxuu 8|X|s8 Ys t=s5 {=9TYVUk xs9uS8xsz z|s|V=u |9YsYtx9 9Ys8xTxYsUk Ty|xV |=VsxszUk 9=Uy {uYQUk Ty| T|VtU Y{ =s5 =XXux9=;u|
9V|8xT {=9xuxTx|Uk T=P 9YsUx8|V=TxYsU =s8 u|z=u V|UTVx9TxYsUi
Q: 7Na: dbdg:i;:; hbe fbNec:e/J ;5a5;:i; Ni; LNiihc Nddbe: hbe d7Ne:7h/;:ed ‘7:i ‘: ‘5// ;:L/Ne: ;5a5;:i;d 5i c7: 9bcbe:+
!s Ty| {YSVTy WS=VT|V Y{ egegk Q| USUX|s8|8 YSV WS=VT|Vu5 8xRx8|s8 Ys YSV 9YttYs UTY9v xs YV8|V TY 9YsU|VR| 9=XxT=u xs V|UXYsU| TY Ty| xtX=9T
Y{ Ty| ’_D!&jfJ ^=s8|tx9 =s8 V|u=T|8 t=Vv|T =9TxRxT5i C| =V| sYT Y;uxz=T|8 TY 8|9u=V| YV X=5 =s5 8xRx8|s8i )s5 {STSV| 8|9u=V=TxYsk =tYSsT =s8
X=5t|sT Y{ 8xRx8|s8U Qxuu ;| =T Ty| UYu| 8xU9V|TxYs Y{ YSV (Y=V8 Y{ &xV|9TYVUH yYQ|R|Vk ;|9=SU| Ty| xtX=9T Y{ Ty| ’_D!&jfJ ^=s8|tx9 =s8
V|u=T|8 t=Vv|T =9TxRxT5 xU 8x{{x9SuT TY XV|8x9Tk Q| 9=ssYT XVYRx8| =UUSV=s9| =U TY Qy|s YSV (Y=V8 Y{ &xV|9TYVU Qxuu 8|9u=V| = 8xRx8|s8 xs Ty| {STSV|i
Zy| 8|9u=V=TxYs Y{ {STSV| 8xRx8|s8U Ys YSV 9YttYs UTY9v Qxuu ;| =T Ty| 8xU9V|TxYs Y{ YSV (Y=V8 Y{ &xV|9TYVU =s8 Qxuu 8|X|s8 SXYs t=s5 {=9TYVUk
xs9uS8xsz YSV V|USuTU Y{ YX|V=TxYsUk
{xs=s9x=u 9Ys8xTxYsk |=VsxszUk 9=XxT=u V|WSxV|t|sTUk V|UTVx9TxYsU xs YSV 8|;T =zV||t|sTU =s8 u|z=u
V|WSxV|t|sTUi )U = V|USuTk x{ YSV (Y=V8 Y{ &xV|9TYVU 8Y|U sYT 8|9u=V| YV X=5 8xRx8|s8Uk = Uy=V|yYu8|V t=5 sYT V|9|xR| =s5 V|TSVs Ys =s
xsR|UTt|sT xs YSV 9YttYs UTY9v Ssu|UU Ty|5 U|uu YSV 9YttYs UTY9v {YV = XVx9| zV|=T|V Ty=s Ty=T Qyx9y Ty|5 X=x8 {YV xTi
"eha5d5hid h9 @:/N‘Ne: /N‘ Ni; hbe he8Ni5INc5hiN/ ;hLb.:icd .NJ ;5dLhbeN8: cN1:ha:ed Ni; Mbd5i:dd Lh.M5iNc5hid c7Nc hbe
dchL17h/;:ed .NJ Lhid5;:e 5i c7:5e M:dc 5ic:e:dcd- ‘75L7 Lhb/; i:8Nc5a:/J N99:Lc hbe dchL1 ge5L:+
^VYRxUxYsU Y{ &|u=Q=V| u=Qk YSV )t|s8|8 =s8 \|UT=T|8 ’|VTx{x9=T| Y{ !s9YVXYV=TxYs =s8 YSV )t|s8|8 =s8 \|UT=T|8 (5u=QU t=5 y=R| Ty|
|{{|9T Y{ 8|u=5xsz YV XV|R|sTxsz = 9y=sz| xs 9YsTVYu Y{ YSV 9YtX=s5 YV 8|T|VVxsz T|s8|V Y{{|VU {YV YSV 9YttYs UTY9v Ty=T YTy|V UTY9vyYu8|VU t=5
9YsUx8|V xs Ty|xV ;|UT xsT|V|UTUi $YV |P=tXu|k YSV )t|s8|8 =s8 \|UT=T|8 ’|VTx{x9=T| Y{ !s9YVXYV=TxYs XVYRx8|U Ty=TI
/
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UTY9vyYu8|V =9TxYsU t=5 Ysu5 ;| T=v|s =T =ssS=u YV UX|9x=u t||TxszU Y{ UTY9vyYu8|VUH
t|t;|VU Y{ YSV (Y=V8 Y{ &xV|9TYVU 9=s ;| V|tYR|8 QxTy YV QxTyYST 9=SU| ;5 = USX|Vt=wYVxT5 RYT| Y{ UTY9vyYu8|VUH
Ty| ’YSVT Y{ ’y=s9|V5 Y{ Ty| [T=T| Y{ &|u=Q=V| xUk QxTy 9|VT=xs |P9|XTxYsUk Ty| |P9uSUxR| {YVSt {YV 9|VT=xs u|z=u =9TxYsUH
YSV ;5u=QUk =U t=5 ;| xs |{{|9T {VYt Txt| TY Txt|k 9=s ;| =t|s8|8 Ysu5 ;5 = USX|Vt=wYVxT5 RYT| Y{ UTY9vyYu8|VUH =s8
9|VT=xs XVYRxUxYsU Y{ YSV 9|VTx{x9=T| Y{ xs9YVXYV=TxYsk =U t=5 ;| xs |{{|9T {VYt Txt| TY Txt|k 9=s ;| =t|s8|8 Ysu5 ;5 = USX|Vt=wYVxT5 RYT| Y{ UTY9vyYu8|VUi
!s =88xTxYsk YSV )t|s8|8 =s8 \|UT=T|8 ’|VTx{x9=T| Y{ !s9YVXYV=TxYs =STyYVx3|U SU TY xUUS| SX TY fgkgggkggg Uy=V|U Y{ XV|{|VV|8 UTY9v xs Ys| YV
tYV| 8x{{|V|sT U|Vx|Uk QxTy T|VtU TY ;| {xP|8 ;5 YSV (Y=V8 Y{ &xV|9TYVUi [TY9vyYu8|V =XXVYR=u xU sYT s|9|UU=V5 TY xUUS| XV|{|VV|8 UTY9v xs TyxU
t=ss|Vi
!UUS=s9| Y{ Ty|U| Uy=V|U Y{ XV|{|VV|8 UTY9v 9YSu8 y=R| Ty| |{{|9T Y{ t=vxsz xT tYV| 8x{{x9SuT =s8 tYV| |PX|sUxR| {YV = X|VUYs YV zVYSX
TY =9WSxV| 9YsTVYu Y{ SU =s8 9YSu8 |{{|9TxR|u5 ;| SU|8 =U =s =sTxjT=v|YR|V 8|Rx9|i _s Ty| 8=T| Y{ TyxU V|XYVTk sY Uy=V|U Y{ YSV XV|{|VV|8 UTY9v =V|
YSTUT=s8xszi
$xs=uu5k YSV )t|s8|8 =s8 \|UT=T|8 (5u=QU XVYRx8| {YV =s =8R=s9| sYTx9| XVY9|8SV| {YV UTY9vyYu8|VU TY sYtxs=T| 8xV|9TYV 9=s8x8=T|U {YV
|u|9TxYs YV TY ;Vxsz ;SUxs|UU ;|{YV| =s =ssS=u t||Txsz Y{ UTY9vyYu8|VU =s8 V|WSxV| Ty=T UX|9x=u t||TxszU Y{ UTY9vyYu8|VU ;| 9=uu|8 Ysu5 ;5 YSV
9y=xVt=s Y{ Ty| (Y=V8 Y{ &xV|9TYVUk XV|Ux8|sT YV U|9V|T=V5 ={T|V QVxTT|s V|WS|UT Y{ = t=wYVxT5 Y{ YSV (Y=V8 Y{ &xV|9TYVUi Zy| =8R=s9| sYTx9|
XVYRxUxYs V|WSxV|U 8xU9uYUSV| Y{ 8|VxR=TxR| XYUxTxYsUk y|8zxsz TV=sU=9TxYsUk UyYVT xsT|V|UTUk VxzyTU TY 8xRx8|s8U =s8 YTy|V Uxtxu=V XYUxTxYsU Y{ =s5
UTY9vyYu8|V XVYXYUxsz = 8xV|9TYV sYtxs=TxYsk xs YV8|V TY XVYtYT| {Suu 8xU9uYUSV| Y{ US9y UTY9vyYu8|V6U |9YsYtx9 xsT|V|UT xs SUi
Zy| =sTxjT=v|YR|V XVYRxUxYsU Y{ &|u=Q=V| u=Q =s8 XVYRxUxYsU xs YSV YVz=sx3=TxYs=u 8Y9St|sTU t=5 XV|R|sT YSV UTY9vyYu8|VU {VYt V|9|xRxsz Ty|
;|s|{xT {VYt =s5 XV|txSt TY Ty| t=Vv|T XVx9| Y{ YSV 9YttYs UTY9v Y{{|V|8 ;5 = ;x88|V xs = T=v|YR|V 9YsT|PTi %R|s xs Ty| =;U|s9| Y{ = T=v|YR|V
=TT|tXTk Ty| |PxUT|s9| Y{ Ty|U| XVYRxUxYsU t=5 =8R|VU|u5 ={{|9T Ty| XV|R=xuxsz t=Vv|T XVx9| Y{ YSV 9YttYs UTY9v x{ Ty|5 =V| Rx|Q|8 =U
8xU9YSV=zxsz T=v|YR|V =TT|tXTU xs Ty| {STSV|i
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A7Ni8:d 5i hbe Le:;5c geh95/: Lhb/; N99:Lc hbe e:/Nc5hid75gd ‘5c7 hbe dbgg/5:ed- ‘75L7 Lhb/; 7Na: N .Nc:e5N/ N;a:ed: :99:Lc hi hbe
/5fb5;5cJ Ni; hbe NM5/5cJ ch hg:eNc: hbe e:95i:e5:d Nc 9b// LNgNL5cJ+
’y=sz|U xs YSV 9V|8xT XVY{xu| 9YSu8 ={{|9T Ty| Q=5 9VS8| Yxuk {||8UTY9v =s8 V|{xs|8 XVY8S9T USXXux|VU Rx|Q YSV =;xuxT5 TY t=v| X=5t|sTUi )U =
V|USuTk USXXux|VU 9YSu8 UyYVT|s Ty| X=5t|sT T|VtU Y{ Ty|xV xsRYx9|U QxTy SUk YV V|WSxV| SU TY XVYRx8| Uxzsx{x9=sT 9Yuu=T|V=u TY Ty|t Ty=T Q| 8Y sYT
9SVV|sTu5 XVYRx8|i &S| TY Ty| u=Vz| 8Yuu=V =tYSsTU =s8 RYuSt| Y{ YSV 9VS8| Yxu =s8 YTy|V X|TVYu|St XVY8S9T XSV9y=U|Uk =U Q|uu =U Ty| yxUTYVx9=u
RYu=TxuxT5 Y{ 9VS8| Yxu XVx9xszk =s5 xtXYUxTxYs ;5 YSV USXXux|VU Y{ tYV| ;SV8|sUYt| X=5t|sT T|VtUk YV 9Yuu=T|V=u V|WSxV|t|sTUk t=5 y=R| =
t=T|Vx=u =8R|VU| |{{|9T Ys YSV uxWSx8xT5 =s8 YSV =;xuxT5 TY t=v| X=5t|sTU TY YSV USXXux|VUi ZyxUk xs TSVsk 9YSu8 9=SU| SU TY ;| Ss=;u| TY YX|V=T|
YSV V|{xs|Vx|U =T 8|UxV|8 9=X=9xTx|Ui ) {=xuSV| TY YX|V=T| YSV V|{xs|Vx|U =T 8|UxV|8 9=X=9xTx|U 9YSu8 =8R|VU|u5 ={{|9T YSV XVY{xT=;xuxT5 =s8 9=Uy {uYQUi
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|Ty=sYu =s8 YTy|V {||8UTY9vUk {STSV| U=u|U Y{ V|{xs|8 XVY8S9TUk t=s=z| YSV \!‘U |PXYUSV| YV TY U|9SV| t=VzxsU Ys {STSV| XVY8S9TxYsi )T Txt|U
Q| =uUY |sT|V xsTY xsT|V|UT V=T| UQ=X =s8 9=X =zV||t|sTU TY t=s=z| YSV t=Vv|T |PXYUSV| TY 9y=sz|U xs xsT|V|UT V=T|U V|u=T|8 TY YSV {uY=Txsz
V=T| ;YVVYQxszUi C| |PX|9T TY 9YsTxsS| TY |sT|V xsTY Ty|U| T5X|U Y{ TV=sU=9TxYsU {VYt Txt| TY Txt| =s8 y=R| xs9V|=U|8 YSV SU| Y{ 9YttY8xT5
VxUv t=s=z|t|sT =9TxRxTx|U xs V|9|sT 5|=VUi
Cyxu| Ty|U| TV=sU=9TxYsU =V| xsT|s8|8 TY uxtxT YSV |PXYUSV| TY Ty| =8R|VU| |{{|9TU Y{ {uS9TS=TxYsU xs 9VS8| Yxu XVx9|Uk V|{xs|8 XVY8S9TU XVx9|Uk \!‘
XVx9|U =s8 xsT|V|UT V=T|Uk Ty|5 t=5 =uUY uxtxT YSV =;xuxT5 TY ;|s|{xT {VYt {=RYV=;u| 9y=sz|U xs t=Vv|T 9Ys8xTxYsUk =s8 t=5 US;w|9T SU TY X|VxY8j;5j
X|VxY8 |=VsxszU RYu=TxuxT5 xs Ty| xsUT=s9|U Qy|V| Q| 8Y sYT U||v y|8z| =99YSsTxsz {YV Ty|U| TV=sU=9TxYsUi $SVTy|Vk 8|X|s8xsz Ys Ty| RYuSt| Y{
9YttY8xT5 8|VxR=TxR| =9TxRxT5 =U 9YtX=V|8 TY YSV =9TS=u SU| Y{ 9VS8| Yxuk XVY8S9TxYs Y{ V|{xs|8 XVY8S9TU YV TYT=u \!‘U |PXYUSV|k YSV VxUv
t=s=z|t|sT =9TxRxT5 t=5 Ysu5 X=VTx=uu5 uxtxT YSV |PXYUSV| TY t=Vv|T RYu=TxuxT5i )uUYk xs 9Yss|9TxYs QxTy US9y 8|VxR=TxR| TV=sU=9TxYsUk Q| t=5 ;|
V|WSxV|8 TY t=v| 9=Uy X=5t|sTU YV XVYRx8| u|TT|VU Y{ 9V|8xT TY t=xsT=xs t=Vzxs =99YSsTU =s8 TY U|TTu| Ty| 9YsTV=9TU =T Ty|xV R=uS| SXYs
T|Vtxs=TxYsi $xs=uu5k TyxU =9TxRxT5 |PXYU|U SU TY XYT|sTx=u VxUv Y{ 9YSsT|VX=VTx|U TY YSV 8|VxR=TxR| 9YsTV=9TU {=xuxsz TY X|V{YVt Ss8|V Ty| 9YsTV=9TUi
)U = V|USuTk Ty| |{{|9TxR|s|UU Y{ YSV VxUv t=s=z|t|sT XYux9x|U 9YSu8 y=R| = t=T|Vx=u =8R|VU| xtX=9T Ys YSV ;SUxs|UUk V|USuTU Y{ YX|V=TxYsU =s8
9=Uy {uYQUi $YV =88xTxYs=u xs{YVt=TxYs =;YST Ty| s=TSV| =s8 RYuSt| Y{ Ty|U| TV=sU=9TxYsUk U|| !T|t L)i ]S=sTxT=TxR| =s8 ]S=uxT=TxR| &xU9uYUSV|U
=;YST a=Vv|T \xUvk Y{ TyxU )ssS=u \|XYVT Ys $YVt fgjci
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=s8 TY 8|R|uYX UTV=T|zx9 UYSV9xsz V|u=TxYsUyxXUi $YV Ty=T XSVXYU|k Q| Y{T|s |sT|V xsTY XSV9y=U| =s8 U=u| 9YsTV=9TU QxTy R|s8YVU =s8 9SUTYt|VU
YV T=v| Xy5Ux9=u YV {xs=s9x=u 9YttY8xT5 XYUxTxYsU {YV 9VS8| Yxu Ty=T t=5 sYT ;| SU|8 xtt|8x=T|u5 xs XVY8S9TxYsk ;ST Ty=T t=5 ;| SU|8 TY t=s=z|
Ty| YR|V=uu USXXu5 =s8 =R=xu=;xuxT5 Y{ 9VS8| |PX|9T|8 TY SuTxt=T|u5 ;| s||8|8 {YV XVY8S9TxYs =s8hYV TY t||T txsxtSt V|WSxV|t|sTU Ss8|V
UTV=T|zx9 XxX|uxs| =VV=sz|t|sTUk =s8 =uUY TY YXTxtx3| =s8 y|8z| =R=xu=;xuxT5 VxUvU =UUY9x=T|8 QxTy 9VS8| Ty=T Q| SuTxt=T|u5 |PX|9T TY SU| xs
XVY8S9TxYsi [S9y TV=sU=9TxYsU =V| xsy|V|sTu5 ;=U|8 Ys 9|VT=xs =UUStXTxYsU =s8 wS8zt|sTU t=8| =;YST Ty| 9SVV|sT =s8 XYUUx;u| {STSV|
=R=xu=;xuxT5 Y{ 9VS8|i Zy|V|{YV|k Qy|s Q| T=v| Xy5Ux9=u YV {xs=s9x=u XYUxTxYsU {YV YXTxtx3=TxYs XSVXYU|Uk YSV xsT|sT xU z|s|V=uu5 TY T=v| Y{{U|TTxsz
XYUxTxYsU xs WS=sTxTx|U =s8 =T XVx9|U Ty=T Qxuu =8R=s9| Ty|U| Y;w|9TxR|U Qyxu| txsxtx3xsz YSV XYUxTxYs=u =s8 {xs=s9x=u UT=T|t|sT VxUvi "YQ|R|Vk
;|9=SU| Y{ Ty| RYu=TxuxT5 Y{ Ty| t=Vv|T xs T|VtU Y{ XVx9xsz =s8 =R=xu=;xuxT5k xT xU XYUUx;u| Ty=T Q| t=5 y=R| t=T|Vx=u XYUxTxYsU QxTy Txtxsz
8x{{|V|s9|U YVk tYV| V=V|u5k Ty=T Q| =V| Ss=;u| TY 9YR|V = XYUxTxYs QxTy =s Y{{U|TTxsz XYUxTxYs =U xsT|s8|8i )uUYk xs 9Yss|9TxYs QxTy US9y
TV=sU=9TxYsUk Q| t=5 ;| V|WSxV|8 TY t=v| 9=Uy X=5t|sTU YV XVYRx8| u|TT|VU Y{ 9V|8xT TY t=xsT=xs t=Vzxs =99YSsTU =s8 TY U|TTu| Ty| 9YsTV=9TU =T
Ty|xV R=uS| SXYs T|Vtxs=TxYsi $xs=uu5k TyxU =9TxRxT5 |PXYU|U SU TY XYT|sTx=u VxUv Y{ 9YSsT|VX=VTx|U TY YSV 8|VxR=TxR| 9YsTV=9TU {=xuxsz TY X|V{YVt Ss8|V
Ty| 9YsTV=9TUi
)U = V|USuT Y{ Ty| VxUvU 8|U9Vx;|8 =;YR|k Ty| |{{|9TxR|s|UU Y{ YSV VxUv t=s=z|t|sT XYux9x|U YR|V Ty|U| T5X|U Y{ TV=sU=9TxYsU =s8 XYUxTxYsU 9YSu8
y=R| = t=T|Vx=u =8R|VU| xtX=9T Ys YSV ;SUxs|UUk V|USuTU Y{ YX|V=TxYsU =s8 9=Uy {uYQUi $YV =88xTxYs=u xs{YVt=TxYs =;YST Ty| s=TSV| =s8 RYuSt|
Y{ Ty|U| TV=sU=9TxYsUk U|| !T|t L)i ]S=sTxT=TxR| =s8 ]S=uxT=TxR| &xU9uYUSV|U =;YST a=Vv|T \xUvk =s8 ‘YT| ff Y{ YSV 9YsUYux8=T|8 {xs=s9x=u
UT=T|t|sTU xs9uS8|8 xs !T|t Ki $xs=s9x=u [T=T|t|sTU =s8 [SXXu|t|sT=V5 &=T=k Y{ TyxU )ssS=u \|XYVT Ys $YVt fgjci
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C| |R=uS=T| Ty| 9V|8xTQYVTyxs|UU Y{ |=9y Y{ YSV R=VxYSU 9YSsT|VX=VTx|Uk ;ST Q| t=5 sYT =uQ=5U ;| =;u| TY {Suu5 =sTx9xX=T| YV 8|T|9T 8|T|VxYV=TxYs
xs = 9YSsT|VX=VT56U 9V|8xTQYVTyxs|UU =s8 YR|V=uu {xs=s9x=u 9Ys8xTxYsi Zy| 8|T|VxYV=TxYs Y{ 9V|8xTQYVTyxs|UU YV YR|V=uu {xs=s9x=u 9Ys8xTxYs Y{ =
t=T|Vx=u 9YSsT|VX=VT5 4YV 9YSsT|VX=VTx|U1 9YSu8 |PXYU| SU TY =s xs9V|=U|8 VxUv Y{ sYsX=5t|sT YV YTy|V 8|{=SuT Ss8|V YSV 9YsTV=9TU QxTy Ty|ti
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= t=T|Vx=u 9YSsT|VX=VT5 4YV 9YSsT|VX=VTx|U1 8|{=SuTU Ys Ty|xV Y;uxz=TxYsU TY SUk TyxU 9YSu8 t=T|Vx=uu5 =8R|VU|u5 ={{|9T YSV {xs=s9x=u 9Ys8xTxYsk V|USuTU
Y{ YX|V=TxYsU YV 9=Uy {uYQUi $YV |P=tXu|k Ss8|V Ty| T|VtU Y{ Ty| USXXu5 =s8 Y{{T=v| =zV||t|sTU QxTy }i )VYsk Q| zV=sT }i )VYs Ty| |P9uSUxR|
VxzyT TY UTYV| =s8 QxTy8V=Q 9VS8| =s8 9|VT=xs XVY8S9TU xs Ty| T=svU =UUY9x=T|8 QxTy Ty| %u &YV=8Yk (xz [XVxsz =s8 cVYT3 [XVxszU V|{xs|Vx|Ui
Zy|U| =zV||t|sTU =uUY XVYRx8| Ty=T Ty| YQs|VUyxX Y{ US;UT=sTx=uu5 =uu 9VS8| Yxu =s8 9|VT=xs YTy|V V|{xs|8 XVY8S9TU xs Ty| T=svU =UUY9x=T|8 QxTy
Ty|U| V|{xs|Vx|U Qxuu ;| V|T=xs|8 ;5 }i )VYsk =s8 Ty=T }i )VYs Qxuu XSV9y=U| US;UT=sTx=uu5 =uu Y{ Ty| UX|9x{x|8 V|{xs|8 XVY8S9TU XVY9|UU|8 =T Ty|U|
V|{xs|Vx|Ui )s =8R|VU| 9y=sz| xs }i )VYs6U ;SUxs|UUk V|USuTU Y{ YX|V=TxYsUk uxWSx8xT5 YV {xs=s9x=u 9Ys8xTxYs 9YSu8 =8R|VU|u5 ={{|9T xTU =;xuxT5 TY Txt|u5
8xU9y=Vz| xTU Y;uxz=TxYsU TY SUk Qyx9y 9YSu8 9YsU|WS|sTu5 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV ;SUxs|UUk V|USuTU Y{ YX|V=TxYsU YV uxWSx8xT5i
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Uxzsx{x9=sTu5k Q| t=5 sYT y=R| US{{x9x|sT =R=xu=;u| 9V|8xTk =s8 t=5 sYT ;| =;u| TY US{{x9x|sTu5 xs9V|=U| US9y =R=xu=;xuxT5k Ss8|V YSV |PxUTxsz 9V|8xT
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V|{xs|Vx|U =T 8|UxV|8 9=X=9xTx|U 9YSu8 y=R| = t=T|Vx=u =8R|VU| |{{|9T Ys YSV ;SUxs|UUk {xs=s9x=u 9Ys8xTxYs =s8 V|USuTU Y{ YX|V=TxYsUi C| =uUY
y=R| Uxzsx{x9=sT uYszjT|Vt s||8U {YV 9=Uyk xs9uS8xsz =s5 9=XxT=u |PX|s8xTSV|U {YV zVYQTy XVYw|9TUk USUT=xsxsz t=xsT|s=s9|k =U Q|uu =U XVYw|9TU
s|9|UU=V5 {YV V|zSu=TYV5 9YtXux=s9|i
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9YtXu5 QxTy V|zSu=TYV5 8|=8uxs|U YV XSVUS| YSV ;SUxs|UU UTV=T|zx|Uk xs Qyx9y 9=U| YSV YX|V=TxYsU t=5 sYT X|V{YVt =U Q|uu =U Q| 9SVV|sTu5
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$SVTy|Vk Ty| =8txsxUTV=TYV {YV Ty| bYs8Ys !sT|V;=sv _{{|V|8 \=T| 4@b!(_\@1 9|=U|8 XS;uxUyxsz Ys|jQ||v =s8 TQYjtYsTy Ei[i 8Yuu=V b!(_\ =T
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’Ys8S9T )STyYVxT5 =ssYSs9|8 Ty| 9|UU=TxYs YV uYUU Y{ V|XV|U|sT=TxR|s|UU Y{ Ty| Ei[i 8Yuu=V b!(_\ T|sYVU {VYt TyYU| 8=T|Ui Zy| Ei[i $|8|V=u
\|U|VR|k xs 9YswSs9TxYs QxTy Ty| )uT|Vs=TxR| \|{|V|s9| \=T|U ’YttxTT||k = UT||Vxsz 9YttxTT|| 9YtXVxU|8 Y{k =tYsz YTy|V |sTxTx|Uk u=Vz| Ei[i
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t|=USV|U Ty| 9YUT Y{ ;YVVYQxsz 9=Uy YR|VsxzyTk ;=9v|8 ;5 Ei[i ZV|=USV5 U|9SVxTx|Ui [_$\ xU Y;U|VR|8 =s8 ;=9vQ=V8juYYvxszk Qyx9y UT=s8U xs
9YsTV=UT QxTy b!(_\ Ss8|V Ty| 9SVV|sT t|TyY8YuYz5k Qyx9y xU =s |UTxt=T|8 {YVQ=V8juYYvxsz V=T| =s8 V|ux|Uk TY UYt| 8|zV||k Ys Ty| |PX|VT
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V=T|k xs9uS8xsz Ty| XYUUx;xuxT5 Y{ [_$\ =U Ty| 8Ytxs=sT V|Xu=9|t|sTi ’|VT=xs Y{ YSV =zV||t|sTU SU| b!(_\ =U = +;|s9yt=Vv* YV +V|{|V|s9| V=T|*
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;|s9yt=Vv QxTy =s =uT|Vs=TxR| V|{|V|s9| V=T|i Cyxu| Q| 8Y sYT |PX|9T Ty| TV=sUxTxYs TY =s =uT|Vs=TxR| V=T| TY y=R| = Uxzsx{x9=sT xtX=9T Ys YSV
;SUxs|UU YV YX|V=TxYsUk xT xU XYUUx;u| Ty=T Ty| tYR| =Q=5 {VYt b!(_\ 9YSu8 t=T|Vx=uu5 xtX=9T YSV ;YVVYQxsz 9YUTU Ys YSV R=Vx=;u| V=T|
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xs9Yt| =XXVY=9y Y{ ;SUxs|UU R=uS=TxYsi Zy|V|{YV|k VxUxsz xsT|V|UT V=T|U 9=s 9=SU| = V|XYVTxsz SsxT TY ;|9Yt| xtX=xV|8 Qy|sk xs = uYQ|V xsT|V|UT
V=T| |sRxVYst|sTk xT t=5 sYT ;|k V|USuTxsz xs xs9V|t|sT=u xtX=xVt|sT |PX|sU|i
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