Xây Dựng Danh Tính: Khám Phá Quá Trình và Ý Nghĩa

Chuyên khảo phân tích Constructing identity identity construction, đánh giá các khía cạnh quan trọng, đề xuất hướng nghiên cứu tiếp theo.

Trường đại học

Georgia State University

Chuyên ngành

Art and Design

Người đăng

Ẩn danh

Thể loại

Thesis

2011

59
0
0

Phí lưu trữ

30 Point

Tóm tắt

I. Giới thiệu về Xây Dựng Danh Tính Quá Trình và Ý Nghĩa

Xây dựng danh tính là một quá trình phức tạp và đa chiều, liên quan đến việc hình thành và phát triển bản sắc cá nhân trong xã hội. Danh tính không chỉ đơn thuần là cái tên hay hình ảnh bên ngoài, mà còn là sự kết hợp của nhiều yếu tố như văn hóa, xã hội và tâm lý. Quá trình này có thể ảnh hưởng đến cách mà cá nhân tương tác với thế giới xung quanh và cách mà họ được nhận diện bởi người khác. Theo nghiên cứu của Susan J. Dowling, danh tính được hình thành qua các trải nghiệm và tương tác xã hội, tạo nên một bức tranh đa dạng về bản thân mỗi người.

1.1. Định nghĩa danh tính và tầm quan trọng của nó

Danh tính là khái niệm phản ánh bản sắc cá nhân trong xã hội. Nó bao gồm các yếu tố như tên, giới tính, văn hóa và các mối quan hệ xã hội. Danh tính không chỉ giúp cá nhân nhận diện bản thân mà còn ảnh hưởng đến cách mà họ tương tác với người khác.

1.2. Các yếu tố ảnh hưởng đến quá trình xây dựng danh tính

Quá trình xây dựng danh tính bị ảnh hưởng bởi nhiều yếu tố như gia đình, văn hóa, giáo dục và môi trường xã hội. Những trải nghiệm trong cuộc sống, từ những mối quan hệ cá nhân đến các sự kiện xã hội lớn, đều góp phần hình thành nên danh tính của mỗi người.

II. Vấn đề và Thách thức trong Xây Dựng Danh Tính

Trong quá trình xây dựng danh tính, nhiều thách thức có thể phát sinh. Những vấn đề như sự chấp nhận xã hội, áp lực từ môi trường xung quanh và sự đa dạng trong bản sắc cá nhân có thể gây khó khăn cho việc xác định danh tính. Đặc biệt, trong một xã hội ngày càng đa dạng và phức tạp, việc tìm kiếm và khẳng định danh tính cá nhân trở nên khó khăn hơn bao giờ hết.

2.1. Sự chấp nhận xã hội và áp lực từ môi trường

Áp lực từ xã hội có thể ảnh hưởng lớn đến cách mà cá nhân xây dựng danh tính. Những kỳ vọng từ gia đình, bạn bè và cộng đồng có thể tạo ra những rào cản trong việc thể hiện bản thân một cách chân thật.

2.2. Đối mặt với sự đa dạng trong danh tính

Sự đa dạng trong danh tính, bao gồm các khía cạnh như giới tính, văn hóa và tôn giáo, có thể tạo ra những thách thức trong việc xác định bản thân. Việc chấp nhận và tôn trọng sự đa dạng này là rất quan trọng trong quá trình xây dựng danh tính.

III. Phương pháp Xây Dựng Danh Tính Hiệu Quả

Để xây dựng danh tính một cách hiệu quả, cần có những phương pháp và chiến lược cụ thể. Việc tự nhận thức và phát triển bản thân là những yếu tố quan trọng trong quá trình này. Các phương pháp như tham gia vào các hoạt động xã hội, tìm kiếm sự hỗ trợ từ cộng đồng và phát triển kỹ năng giao tiếp có thể giúp cá nhân khẳng định danh tính của mình.

3.1. Tự nhận thức và phát triển bản thân

Tự nhận thức là bước đầu tiên trong việc xây dựng danh tính. Việc hiểu rõ về bản thân, giá trị và mục tiêu cá nhân sẽ giúp cá nhân tự tin hơn trong việc thể hiện danh tính của mình.

3.2. Tham gia vào các hoạt động xã hội

Tham gia vào các hoạt động xã hội không chỉ giúp cá nhân mở rộng mối quan hệ mà còn tạo cơ hội để thể hiện bản thân. Những trải nghiệm này có thể góp phần quan trọng trong việc hình thành và khẳng định danh tính.

IV. Ứng dụng Thực Tiễn và Kết Quả Nghiên Cứu về Danh Tính

Nghiên cứu về danh tính đã chỉ ra rằng việc xây dựng danh tính không chỉ là một quá trình cá nhân mà còn có ảnh hưởng lớn đến xã hội. Các kết quả nghiên cứu cho thấy rằng danh tính có thể ảnh hưởng đến sự phát triển cá nhân, sự chấp nhận xã hội và các mối quan hệ. Việc hiểu rõ về danh tính có thể giúp cải thiện sự hòa nhập và giảm thiểu xung đột trong xã hội.

4.1. Tác động của danh tính đến sự phát triển cá nhân

Danh tính có thể ảnh hưởng đến sự phát triển cá nhân theo nhiều cách. Những người có danh tính rõ ràng thường có xu hướng tự tin hơn và dễ dàng hơn trong việc xây dựng các mối quan hệ xã hội.

4.2. Danh tính và sự hòa nhập xã hội

Sự hiểu biết về danh tính có thể giúp cải thiện sự hòa nhập xã hội. Khi mọi người chấp nhận và tôn trọng sự đa dạng trong danh tính, xã hội sẽ trở nên hòa bình và phát triển hơn.

V. Kết luận và Tương lai của Xây Dựng Danh Tính

Xây dựng danh tính là một quá trình liên tục và không ngừng phát triển. Trong tương lai, việc nghiên cứu và hiểu rõ hơn về danh tính sẽ trở nên quan trọng hơn bao giờ hết. Các nghiên cứu tiếp theo cần tập trung vào việc khám phá các khía cạnh mới của danh tính trong bối cảnh xã hội hiện đại, từ đó giúp cá nhân và cộng đồng phát triển một cách bền vững.

5.1. Tương lai của nghiên cứu về danh tính

Nghiên cứu về danh tính sẽ tiếp tục phát triển, đặc biệt trong bối cảnh xã hội ngày càng đa dạng. Các nhà nghiên cứu cần tìm hiểu sâu hơn về cách mà danh tính ảnh hưởng đến các khía cạnh khác nhau của cuộc sống.

5.2. Khuyến nghị cho việc xây dựng danh tính

Cần có những khuyến nghị cụ thể cho cá nhân và cộng đồng trong việc xây dựng danh tính. Việc tạo ra môi trường hỗ trợ và tôn trọng sự đa dạng sẽ giúp mọi người dễ dàng hơn trong việc khẳng định bản thân.

25/07/2025

Trích đoạn nội dung tài liệu

Georgia State University ScholarWorks @ Georgia State University Art and Design Theses Ernest G. Welch School of Art and Design Summer 7-10-2011 Constructing Identity Identity Construction Susan J. Dowling Susan J Dowling Follow this and additional works at: https://scholarworks.edu/art_design_theses Recommended Citation Dowling, Susan J., "Constructing Identity Identity Construction." Thesis, Georgia State University, 2011.edu/art_design_theses/88 This Thesis is brought to you for free and open access by the Ernest G. Welch School of Art and Design at ScholarWorks @ Georgia State University.

It has been accepted for inclusion in Art and Design Theses by an authorized administrator of ScholarWorks @ Georgia State University. For more information, please contact scholarworks@gsu.<@:CH>!)!9AL6! 76;<7565M!A45!A4A@/J65!896!K7<;6CC!897<EI9!76=6@6;8:<4C>!&96!A78:C8!N!86A;967! N!76C6A7;967!F:@@!K7<L:56!;<4;@EC:<4C!.H:8865!:4!QA78:A@!RE@=:@@H648!<=!896!'6SE:76H648C!=<7!896!+6I766! <=! ?AC867!<=!078!,5E;A8:<4! :4!896!"<@@6I6!<=!078C!A45!%;:64;6C! *6<7I:A!%8A86!(4:L67C:8/! TUVV! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! "<K/7:I98!.7A458! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"<HH:8866P!+7>!?6@A4:6!+AL64K<78! ! ! ! ! ! ! ! ! ! !!!+7>!W6L:4!XC:69! ! ! ,@6;87<4:;!Y67C:<4!0KK7<L65P! ! ! ! ! #==:;6!<=!*7A5EA86!%8E5:6C! "<@@6I6!<=!078C!A45!%;:64;6C! *6<7I:A!%8A86!(4:L67C:8/! 0EIEC8!TUVV! ! ! :L! !"!#$%&#'() ) &<!H/!9EC.A45M!&<HH/M!)!F:@@!A@FA/C!;967:C9!/<E7!CEKK<78!A45! 64;<E7AI6H648>!&<!H/!;9:@5764M!0@@/;:AM!&>1>!A45!0C9@6/!/<E!A76!A@FA/C!:4!H/!96A78>! &<!H/!KA7648C!16A4!A45!B674A75!B7644A4M!89A4Z!/<E!=<7!.& ) )5648:8/!;<4C87E;8:<4!:C!A4!:486I7A@!;<HK<4648!<=!896!9EHA4!CK6;:6C>!)8!9AC! .664!76C6A7;965!A45!6GK@<765!897<EI9!HA4/!5:==67648!L64E6C>!R<7!;648E7:6C!A78:C8C! 9AL6!6GK76CC65!896:7!K67C<4A@!<7!K7<b6;865!:5648:8/!<=!C6@=!A45!C<;:68/!897<EI9!896! H6A4C!<=!L:CEA@!76K76C648A8:<4!EC:4I!A!LAC8!A77A/!<=!H65:EHC!A45!86;94:SE6C>!?A4/! A78:C8C!E8:@:J6!896!896H6!<=!:5648:8/!;<4C;:<EC@/!:4!896:7!A78M!;76A8:4I!A!L:CEA@!C6@=D 6GAH:4A8:<4!<=!896!KAC8M!K76C648!A45!=E8E76>!29:@6!<8967!A78:C8!HA/!E4;<4C;:<EC@/! :4;<7K<7A86!K67C<4A@!HA8867C!A45!6GK67:64;6C!F:89:4!896:7!A78>! ! "<4C87E;8:4I!:5648:8/!@:867A@@/!:4L<@L6C!@:=6!6GK67:64;6CM!76@A8:<4C9:KC!A45! ;<446;8:<4CM!A!C<@:5!H648A@!<7!6H<8:<4A@!C8AHK!<4!A!9EHA4>!"<4C87E;8:4I!:5648:8/! =:IE7A8:L6@/!:4L<@L6C!H68AK9<7:;A@!<7!C/H.<@:;A@!76K76C648A8:<4!<=!89<EI98C!<7! 6H<8:<4C!:4!A4!6GK76CC:L6!FA/M!;76A8:4I!A!;<4;6K8EA@!L:CEA@!76K76C648A8:<4>! &97<EI9!896!A;8!<=!A78!K7<5E;8:<4M!;76A8:<4!A45!;<4C87E;8:<4M!A78:C8C!C:HE@8A46<EC@/! K7<5E;6M!;76A86!A45!;<4C87E;8!896:7!:5648:8/>!!!! ! /""-&('#&)*"&+),-.@6!C<E7;6!<=! 6GK76CC:<4>!)5648:8/!:C!@:4Z65!8<!7A;:A@!A45!;E@8E7A@!967:8AI6M!C6GEA@!K76=6764;6!A45! :CCE6C!<=!I64567M!AI6M!A45!C<;:A@!;@ACC>!,A7@/!C<;:A@:JA8:<4!A45!896!645E7:4I!=<7;6!<=! 6GK6;8A8:<4C!A@C<!C9AK6!<46cC!:5648:8/!=7<H!=AH:@/M!=7:645C!A45!;<HHE4:8/>!%<H6! ACK6;8C!<=!<E7!:5648:8/!A76!;<4C87E;865!=<7!EC!F9:@6!<8967!ACK6;8C!F6!;<4C87E;8! ! ! T! <E7C6@L6C>!%<H68:H6C!F6!SE:68@/!9:56!KA78C!<=!<E7!:5648:8/!A45!<8967!8:H6C!F6! @<E5@/!K7<b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d!!)4!F9A8! FA/C!H:I98!)!56L6@<K!:4C:I98!:48<!H/!:5648:8/!:4!H/!A78F<7Zd!! ! &97<EI9!H/!A78:C8:;!76C6A7;9!A45!A78HAZ:4IM!)!L:CEA@@/!A78:;E@A86!896!;<4;6K8! <=!:5648:8/!6GK@<765!897<EI9!H/!L:C:<4!A45!K67C<4A@!6GK67:64;6C!F:89!H/!C8E5648C>!)! ;76A865!89766!@:=6!C:J6!C:@9<E6886!=:IE76C!76K76C648:4I!C8E5648N;E@8E7A@!:5648:8/! 897<EI9!H/!76=@6;8:L6!:4867K768A8:<4!6C8A.@:C9:4I!5:C8:4;8:L6!;<4;6K8EA@!5:==6764;6C! K<787A/65!:4!6A;9!=:IE76>!0@89<EI9!89:C!.6!C87<4I!64<EI9!8<!C<@6@/!CEC8A:4! :45:L:5EA@!;<4;6K8C>!! !)!A;9:6L65!A!566K67M!H<76!H6A4:4I=E@!;<446;8:<4!F:89!H/!C8E5648C>!?/! E@8:HA86!56C:76!=<7!EC:4I!896!H689<5!<=!A78D.AC65!76C6A7;9!FAC!8<!;76A86!A!I76A867! ! ! ]! K67C<4A@!A88648:L646CC!8<!:45:L:5EA@:8/>!,GK@<7:4I!896!;<4;6K8!<=!:5648:8/! ;<4C87E;8:<4!897<EI9!A78!9AC!649A4;65!H/!<F4!56C:7A.6@:6=C>!!)8!9AC!I:L64!H6!896! <KK<78E4:8/!8<!76=@6;8!<4!H/!<F4!;E@8E7A@!A45!K67C<4A@!:5648:8/>!&9:C!87A4C:8:<4! :HKA;8C!H/!76@A8:<4C9:K!F:89!H/!C8E5648CM!;<@@6AIE6CM!=7:645C!A45!=AH:@/>! ! ! ! ! ! ! ! ! ! ! ! ! ) ) ) ) ) ) ! ! ! [! $2%3&"4)8) 4"9#"+)'1),#&"4%&74") !*"'#2"%&'(&)*"&3'4%)#,5)2'4&'(&6-"4)2).C867cC!+:;8:<4A7/!eTUVVf!56=:46C!:5648:8/!:4!896!=<@@<F:4I! 867HCP!g&96!C68!<=!.67!<=!A!I7<EK>!&96!5:C8:4;8!K67C<4A@:8/!<=!A4!:45:L:5EA@! 76IA7565!AC!A!K67C:C8:4I!648:8/h!:45:L:5EA@:8/MgeK>T[af>!&96!@:4IE:C8:;!:4867K768A8:<4C! <=!:5648:8/!A76!CE;;:4;8!A45!6AC:@/!E4567C8<<5>!&96C6!87A:8C!A76!76A5:@/!AKKA7648!<4! 896!CE7=A;6!<=!A@@!:45:L:5EA@C!F6!:4867A;8!F:89!:4!<E7!5A:@/!@:L6CM!.E8!76C6A7;9! :45:;A86C!896!;<4C87E;8:<4!<=!:5648:8/!:C!HE;9!H<76!;<HK@:;A865!A45!;<4L<@E865! 8964!896!C:HK@/!56=:4:8:<4!:4!26.C867cC!+:;8:<4A7/>!Y/I<8CZ/!eV`\_f!L:6F65!896! iC6@=g!AC!A!;<HK@6G!6H67I648!K964<H64<4!;<48:4EA@@/!K7<5E;65!:4!A45!./! :45:L:5EA@C!:4!896:7!:4867;9A4I6C!F:89!<8967C!A45!F:89!896!;E@8E7A@@/!87A4C=<7H65! HA867:A@!F<7@5>!X:C!F7:8:4IC!76=@6;8!:56AC!A.<@:;!=<7HCM!K7<L:565!;7E;:A@! 76C<E7;6C!A45!6L67!K76C648!;<4C87A:48C!=<7!C6@=DHAZ:4I>!,7:;!,7:ZC<4cC!eV`\`f!4<8:<4! <=!;<4C87E;8:4I!:5648:8/!4<8!<4@/!76=@6;8C!A!;E@H:4A8:4I!CEHHA7/!<=!KAC8!@:=6!.AC:C!=<7!=E8E76!H6A4:4I=E@!A5E@8!@:=6>!X6! K7<;@A:HC!:5648:8/cC!=E4;8:<4!:C!=E8E76!<7:64865!:8!:C!56L6@<K65!897<EI9!@:=6!C8AI6Ch! CE;;6CC=E@!<7:648A8:<4!K7<5E;6C!CK6;:=:;!K67C<4A@:8/!87A:8CM!F9:;9!A76!;9A4I:4I!A45! .E:@5:4I!EK<4!6GK67:64;6C> British historian, philosopher of history, and aesthetician, R. Collingwood (1938) wrote, ! ! ! ! a! The finished work of art must be re-created in the mind of its viewer for it to function as a work of art. The viewer, in turn, collaborates with the artist in imaginatively reconstructing the artist’s emotive and imaginative expression.

Thus, art is collaboration between artist and viewer. The viewer is not a passive receptor of the artist’s emotion, but an active participant in creation. (K>!T][f R<7!"<@@:4IF<<5!eV`]_fM!896!A78:C8!:C!76SE:765!8<!87A4C=<7H!=66@:4IC!:48<! ;<HHE4:;A8:L6!6GK76CC:<4C>!i&97<EI9!896!K7<;6CC!<=!HAZ:4I!A78!A45!KE88:4I!896:7! =66@:4IC!:48<!K9/C:;A@!=<7HM!A78:C8C!;<H6!8<!.68867!Z4<F!896HC6@L6CMge"<@@:4IF<<5M! K>\`f>!'6A;9:4I!A!566K67!E4567C8A45:4I!<=!C6@=!5:76;8@/!;<776@A86C!8<!896! ;<4C87E;8:<4!<=!:5648:8/>!,L67/!K:6;6!<=!A78F<7Z!K7<L:56C!A!46F!;A4LACM!C<!8<!CK6AZM! 8<!;76A86!56K89!A45!.6/<45!C6@=!8<!:4;@E56!;E@8E76M!7A;6M!I64567! A45!76@:I:<EC>!! !0E89<7!&677/!BA77688!eTUU_f!6GAH:46C!896!C:H:@A7:8:6C!A45!5:==6764;6C!<=! ,GK76CC:<4:CH!A45!"<I4:8:L:CH!896<7:6C!:4!9:C!.<<ZM!"#$!%&!'#(&!)*+,!X6!CEII6C8C!896! ,GK76CC:<4:C8!896<7/!46A8@/!C68C!<==!A78!=7<H!C;:64;6>!&96!896<7/!:C!:4!C<H6!L67C:<4! ;<HK76964C:L6M!A;;<75:4I!8<!K9:@<C<K967!'>*>!"<@@:4IF<<5cC!-*(.<E8!A78!AC!896!A78:C8:;!K7<;6CCM!896!K7<;6CC!<=!;76A8:4I!896! 76@A8:<4C9:K!.<E8!896! 76A@H!<=!6H<8:<4Ch!89:C!6GK76CC:<4!:C!L:CEA@!A78:;E@A865!897<EI9!896!K7<;6CC!<=!A786))4! 8E74!89:C!=A;:@:8A86C!:45:L:5EA@C!8<!6GK76CC!K67C<4A@!6H<8:<4!897<EI9!A78!76L6A@:4I! K67C<4A@!:5648:8/>!)5648:8/!;<4C87E;8:<4!:C!76;76A865!F:89!6A;9!K:6;6!<=!A78!F<7ZM! 6LA@EA865M!766LA@EA865M!6GAH:465M!766GAH:465M!;<4C8A48@/!;9A4I:4I!./!FA/!<=!896! ! ! ! ^! A78:C8C!K67C<4A@!6GK67:64;6C>!,GK76CC:<4:CH!CEII6C8C!89A8!A78!.7:4IC!EK!=66@:4IC!CE;9! AC!@<L6!<7!9A86>!!)8!57AFC!EK<4!A78:C8cC!6GK67:64;6C!89A8!9AL6!C87<4I!=66@:4IC!A45! 9AL6!5:==67648!FA/C!<=!@<<Z:4I!A8!896!F<7@5!eBA77688M!TUU_f>!"<I4:8:L:CH!76@A86C!8<! 6GK76CC:<4:CH!.6!6GK76CC65!897<EI9!F<75C>!078!:C!A!CK6;:A@! FA/!<=!Z4<F:4I!896!F<7@5>!,GK76CC:4I!6H<8:<4C!76L6A@!A4!A78:C8cC!:5648:8/M!6GK<C:4I! 896C6!87A:8C!8<!896!L:6F67!K76C648C!A!E4:SE6!A6C8968:;!6GK67:64;6!76C<4A8:4I!:4!896:7! L:6F!<=!896!F<7@5M!K7<L:5:4I!A!L:C;67A@!6G;9A4I6!<=!K67C<4A@!:5648:8/M!K<C:8:L6!<7! 46IA8:L6>! ?68AK9<7!A45!C/H.<@:CH!76C:56C!K7<H:4648@/!:4!,GK76CC:<4:C8!A45!"<I4:8:L6! 896<7:6CM!H68AK9<7:;!89:4Z:4I!K7<H<86C!;76A8:L:8/!A45!C6@=D6GK76CC:<4>!?68AK9<7!:C! A!C/H.7A458M!TUUaf>!&97<EI9!896!EC6!<=! C/H.<@:;!76K76C648A8:<4!L:CEA@!H68AK9<7C!C9AK6!:4=<7HA8:<4!897<EI9!L:C:<4M! 6H<8:<4!A45!:HAI:4A8:<4>!&9:C!76K76C648A8:<4!:C!HE@8:=A;6865!;<4;6487A8:4I!C:JA.@6! SEA48:8:6C!<=!:4=<7HA8:<4!A8!<46!8:H6M!A@@<F:4I!=<7!I76A867!E4567C8A45:4I!A45! :4867K768A8:<4>!Y:CEA@!H68AK9<7!A45!C/H.<@:CH!76@/!EK<4!:45:L:5EA@!:4867K768A8:<4>! &96!L:6F67cC!:48E:8:L6!=66@:4IC!A45!6H<8:<4C!.6;<H6!K67C<4A@:J65!897<EI9!896:7!@:=6! 6GK67:64;6CM!F9:;9!:4=@E64;6!896:7!:4867K768A8:<4!<=!L:CEA@!:HAI6C!:4!F<7ZC!<=!A78>!)! AI766!F:89!AE89<7!':8A!)7F:4cC!:4867K768A8:<4!<=!H68AK9<7!:4!967!.<@:CH!A45!H68AK9<7!:4!896:7!A78!8<! ;<4C87E;8!:5648:8/>!3<E:C6!B<E7I6<:C!9A5!A!@<4I!;A7667!AC!A4!:4=@E648:A@! ;<486HK<7A7/!A78:C8M!967!C;E@K8E76CM!57AF:4IC!A45!K7:48C!K7<L:565!A4!:48:HA86!L:6F! :48<!896!A78:C8cC!@:=6>!%96!76@A/C!<4!A!KC/;9<A4A@/8:;A@!K7<;6CC!8<!K7<5E;6!A78M! :4867K768:4I!967!CE.;<4C;:<EC!89<EI98CM!=66@:4IC!A45!6H<8:<4!:48<!=<7H>!B<E7I6<:C! 56L6@<K!A!C67:6C!<=!CK:567!C;E@K8E76C!:4!896!H:5!V``UcC>!&9:C!=:IE76!.C6CC:<4!:4!896!A78:C8cC!F<7Z>!%96!;76A865!896!CK:567!C/H.68F664!896!C;E@K8E76C!A45! 967!E476C<@L65!=66@:4IC!A45!9:5564!6H<8:<4C!=<7!967!?<8967>!3<E:C6!B<E7I6<:C!CA:5M! i&96!=7:645!e896!CK:567M!F9/!896!CK:567df>!B6;AEC6!H/!.6C8!=7:645!FAC!H/!H<8967! A45!C96!FAC!AC!:486@@:I648M!KA8:648M!;@6A4!A45!EC6=E@M!76AC<4A.@6M!AC!A! CK:567>!%96!FAC!;AKA./!?A7:6D3AE76!B674A5A;M!:4! 839(&2!:39*623(&M!<K>!;:8>!K>V[`f>!&96!:HH64C6!CK:567!=:IE76C!AKK6A7!:4!LA7:<EC! =<7HC!A45!:4C8A@@A8:<4C!897<EI9<E8!896!V``UcC>!&9:C!C67:6C!56K:;8C!B<E7I6<:Cc!KAC8M! AC!F6@@!AC!967!=E8E76h!897<EI9!89:C!A78!C96!;<4C87E;8C!967C6@=!AIA:4!A45!AIA:4!76=:4:4I! 967C6@=!A45!967!76@A8:<4C9:KCM!;<4C87E;8:4I!967!K67C<4A@!:5648:8/>! "<486HK<7A7/!A78:C8!WA7A!2A@Z67!EC6C!C/H.<@:CH!A45!H68AK9<7!8<!;<4C87E;8! 7A;:A@!A45!K67C<4A@!:5648:8/!:4!967!A78>!)!:5648:=/!F:89!2A@Z67cC!F<7Z!.C;E76CM!2A@Z67cC!C:@9<E6886!86;94:SE6!765E;6C!6L67/89:4I!8<!.@A;Z!KAK67M!A!HA867:A@!H68AK9<7!=<7!C8676<8/K6!e$6F!-<7ZP!?EC6EH!<=! ! ! ! _! ?<5674!078MV```f>!2A@Z67!64@A7I6C!967!:HAI6C!<48<!896!.@A;Z!KAK67!EC:4I!A! 87A5:8:<4A@!<L6796A5!K7<b6;8<7h!)!C9A76!89:C!86;94:SE6!;76A8:4I!H/!C:@9<E6886!=:IE76C! <48<!F<<5>!?<C8!<=!2A@Z67kC!;7:8:;C!C66H!8<!AI766!89A8!F9A8!967!A78!6H.A7ZC!EK<4!:C! A!H68AK9<7:;A@!b<E746/!:48<!896!KAC8!56C:I465!8<!76F7:86!896!9:C8<7/!<=!<KK76CC:<4M! F9:;9!I6467A865!7A;:C8!:HAI6CM!K76C648:4I!A!46F!9:C8<7/!89A8!96@KC!2A@Z67!8<! E4567C8A45!896!7<@6!<=!896!KAC8!:4!967!K76C648!:5648:8/>!!2A@Z67!6G;ALA86C!0=7:;A4! 0H67:;A4!:5648:8/!897<EI9!967!A78!K7<5E;8:<4>!%K6AZ:4I!8<!896!;<4C87E;8!<=!:5648:8/M! 2A@Z67!CA:5M!i897<EI9!A!K7<;6CC!<=!C6@=D5:C;<L67/!A45!9:C8<7:;A@!5:C;<L67/!A45!;<H6C! <E8!=7<H!E4567!967!<KK76CC<7C!A45!HA/.AC65!76C6A7;9!C8E5/>! "<4;6K8EA@@/!)!F:@@!CK6AZ!8<!896!<4646CC!<=!9EHA4:8/M!E8:@:J:4I!:45:L:5EA@:8/!A45! E4:SE646CC!8<!;<4C87E;8!:5648:8/>!B<7<=CZ/cC!A78!H:77<7C!H/!C648:H648C!897<EI9!896! EC6!<=!C/H.<@:;!;<HHE4:;A8:<4!A45!H68AK9<7!8<!;<4C87E;8!:5648:8/>!0@89<EI9! B<7<=CZ/!9AC!9A5!A!@<4I!A78!;A7667!;76A8:4I!:4C8A@@A8:<4!A78!:4!A!IA@@67/M!6L<@L:4I!:48<! KE.@:;!CKA;6!A78F<7ZM!HA4/!<=!9:C!9EHA4!C:@9<E6886!=:IE76C!I76F!:4!C;A@6!8<!.!:C!A4!6GAHK@6!<=!89:C! K7<I76CC:<4!:4!9:C!A78>!X6!HA56!9:C!=:7C8!;7<<2*(.!:4!V`\`!:8!FAC!KA78!<=!A4! :4C8A@@A8:<4!A8!896!QAE@A!"<<K67!*A@@67/>!&9:C!=:7C8!;7<<2*(.<@!=<7!896!F<7Z67!:4!A@@!<=!EC>!&96!H<8<7:J65! ! ! ! `! A7H!<=!896!9AHH67:4I!HA4!;<48:4E<EC@/!CF:4IC!:8C!9AHH67!.A;Z!AIA:4>!X6!6GK@A:4C!896!9AHH67!H68AK9<7M!i26!A@@!EC6! <E7!H:45C!A45!<E7!9A45C!8<!;76A86!<E7!F<7@5!.2M!%K7:4I!TUUTM!K>!Vaf>! B<7<=CZ/cC!=7.!@(+#!7!:*(24/7&2!:HAI6!AKK6A765!:4!A4!:4C8A@@A8:<4!AC!F6@@>!! i3:Z6!896!;7<<2*(.!:8!76K76C648C!A4!A7;968/KA@!F<7Z67!A45M!@:Z6!896!HAb<7:8/! <=!B<7<=CZ/kC!:HAI6CM!:8!:C!A@C<!A!C6@=!K<787A:8M!A!H68AK9<7!=<7!896!A78:C8!AC!F<7Z67M! F:89!B<7<=CZ/!;A77/:4I!9:C!<F4!57AF:4ID=:@@65!.7:6=;AC6kge?A7C9A@@M!V`_UM!K>VUTf>! =7.7A:4M!KAK67C!A45!:HAI6C>! B<7<=CZ/!:C!SE<865!:4!A4!:4867L:6F!:4!)*+!(.<5/! 6@C6>!)8!9AC!A7;968/KA@!76@6LA4;6>!%<M!89:C!=:IE76!:C!H6!8<<!D!896!87AL6@@:4I! CA@6CHA4!F9<!I<6C!A7<E45!896!F<7@5!F:89!9:C!.7:6=;AC6!=E@@!<=!:HAI6C!A45! 89<EI98C>!&96!.7:6=;AC6!9AC!A@FA/C!.<@:;!;<HHE4:;A8:<4!A45!H68AK9<7!8<!;<4C87E;8! :5648:8/!:4!896:7!A78F<7Z>!&96/!76SE:76!896:7!AE5:64;6C!<7!L:6F67C!8<!C8:HE@A86! K67C<4A@!;<4;6K8EA@!C8:HE@:!8<!;<446;8!F:89!896:7!A78>!&96C6!;<486HK<7A7/!A78:C8C! 6GAH:46!A45!6GK@<76!896:7!K67C<4A@!:5648:8/!;<4C87E;8!.AC65!<4!89:C!76C6A7;9!<=!3<E:C6!B<E7I6<:C!A78!76L6A@C!967! K67C<4A@!C87EII@6C!:4!967!;9:@59<<5M!9<F!A5E@89<<5!5<6C!4<8!;A@H!;678A:4!=6A7C!<7! 6H<8:<4C>!%96!K7<5E;6C!967!A78!8<!:48674A@@/!76;<4;:@6!967!C6@=D:HAI6M!89:C!E4:SE6! 6GK67:64;6!A@@<FC!A78:C8C!896!=7665<H!8<!;<48:4E6!C6@=D5:C;<L67/!8<!;<4C87E;8!A45! 76;<4C87E;8!896:7!:5648:8/>!)!F<E@5!@:Z6!8<!6HE@A86!B<E7I6<:C!86;94:SE6!<=!566K! 76=@6;8:<4M!8AKK:4I!:48<!896!CE.;<4C;:<EC!89<EI98!K7<;6CC6CM!89:4Z:4I!A.E8!A@C<!;76A86!K67C<4A@! ;<446;8C!F:89!H/!AE5:64;6>!!! ! ?/!A78:C8:;!C<@E8:<4!8<!6GK@<76!A45!6GAH:46!:5648:8/!:C!8<!K7<5E;6!89766! 5:H64C:<4A@!C:@9<E6886!=:IE76CM!89:C!;<4;6K8!6L<@L65!=7<H!A4<8967!A78!K7<b6;8M!F9:;9! )!F:@@!5:C;ECC!=A78967!@A867>!&96!9EHA4!=:IE76!;678A:4@/!6SEA86C!:45:L:5EA@:8/! K76C648:4I!896!9EHA4!=:IE76!897<EI9!C:@9<E6886!=<7H!<.:IE<ECM!L:C;67A@!L6:@!<=!SE6C8:<4:4I!8<!896!A78>!&9:C!EC6!<=!C:@9<E6886!86;94:SE6! 576F!H6!8<!WA7A!2A@Z67C!F<7ZM!A@89<EI9!K7<5E;65!5:==67648@/!)!:45648:=:65!C87<4I@/! F:89!967!A78>!)!89:4Z!<=!H/!C:@9<E6886!=:IE76C!AC!A!;A4LAC!8<!ACC:C8!F:89!896! 56L6@<KH648!<=!:5648:8/!;<4C87E;8:<4!=<7!6A;9!=:IE76M!:4!8E74!76=@6;8:4I!CHA@@! I@:HKC6C!<=!I@<.A@!64L:7<4H648! :C!6G876H6@/!76@6LA48!:4!8<5A/cC!:48674A8:<4A@@/!A;;6CC:.@6!F<7@5>!1<4A89<4! B<7<=CZ/cC!4<8:<4!<=!<4646CC!;678A:4@/!76C<4A865!F:89!H6>!X:C!56C:76!8<!76K76C648! 6L67/HA4!:4!9:C!A78!:4CK:765!H6!8<!6@A.<7A86!89:C!;<4;6K8!8<!:4;@E56!6L67/!HA4M! 6L67/!F<H64M!6L67/!C8E5648M!6L67/!I64567M!6L67/!7A;6M!6L67/!;E@8E76>!0C!)!K7<5E;65! ! ! ! VV! H/!A78M!)!Z6K8!B<7<=CZ/cC!:56AC!A.<E8!:5648:8/!;<4C87E;8:<4!:4!H/!89<EI98C!8<!57AF! EK<4!=<7!H<8:LA8:<4>! "<4C87E;8:4I!:5648:8/!897<EI9!A78!76SE:76C!A!LAC8!A77A/!<=!;<I4:8:L6!A.<@:;!;<HHE4:;A8:<4!A76!:HK<78A48!;<HK<4648C!:4!H/!A78>!?/! :48648!:C!8<!64IAI6!896!L:6F67!:4:8:A@@/!EC:4I!896C6!6@6H648C!K7<L:5:4I!A4! <KK<78E4:8/!8<!;76A86!K67C<4A@!H6A4:4I>!0@89<EI9!)!F:C9!8<!6GK76CC!H/!89<EI98CM! =66@:4IC!A45!6H<8:<4CM!)!A5AHA48@/!.6@:6L6!896!L:6F67!:C!A4!:486I7A@!KA78:;:KA48!:4! L:6F:4I!A78>!)!A@:I4!H/!K67CK6;8:L6C!F:89!,GK76CC:<4:C8!A45!"<I4:8:L:C8!896<7:6C!:4! A78M!76A@:J:4I!896C6!896<7:6C!9AL6!HE@8:K@6!L67C:<4C!56L6@<K65!./!896<7:C8C!A45! ;7:8:;C>!,GK76CC:<4:C8!896<7/!57AFC!EK<4!6GK67:64;6C!<=!896!A78:C8c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c!8<!H<76!;<486HK<7A7/!A78:C8CM!;<486HK<7A7/!A78!:56AC!A45!;<4;6K8C!89A8! F:@@!649A4;6!896:7!A78!65E;A8:<4A@!6GK67:64;6!./!H<8:LA8:4I!896H!8<!76=@6;8!<4! ;E77648!:CCE6C!K678:4648!8<!896:7!@:L6CM!;76A8:4I!566K67M!H<76!H6A4:4I=E@!A78>!! ! ! ) ) ) ) ) ) ) ) ) ) ) ) ) ) ! ! ! V]! $2%3&"4):) ))))))))."&2'!','-;) )4!89:C!C8E5/!H/!A78F<7Z!6GK@<765!896!:CCE6!<=!:5648:8/>!?/!76C6A7;9! SE6C8:<4C!A76P! )4!F9A8!FA/C!H:I98!;<4C87E;8:4I!K<787A:8C!<=!H/!C8E5648C!:4!H/!A78!76=@6;8! 896:7!:5648:8/!A45!H/!<F4d!! )4!F9A8!FA/C!5<6C!76=@6;8:4I!<4!896!;E@8E7A@!A45!K67C<4A@!:5648:8/!<=!H/! C8E5648C!:HKA;8!H/!76@A8:<4C9:K!F:89!896H!AC!A!86A;967!A45!H/!K67;6K8:<4!<=! H/C6@=d! )4!H/!AE8<6894<I7AK9:;!C8E5/!)!:4L6C8:IA865!896!;<4C87E;8:<4!<=!:5648:8/!./! ;76A8:4I!89766!@:=6!C:J6!89766D5:H64C:<4A@!C:@9<E6886!=:IE76C>!&96!=:7C8!=:IE76! 76K76C648C!896!;<4;6K8!<=!:5648:8/!6GK@<765!897<EI9!H/!L:C:<4!A45!K67C<4A@! 6GK67:64;6C!F:89!H/!C8E5648C>!&9:C!A76A!<=!:4L6C8:IA8:<4!K7<L:565!=E45AH648A@! Z4<F@65I6!8<!;76A86!C87<4I!K67C<4A@!;<446;8:<4C!F:89!C8E5648C!A45!56L6@<K! K67C<4A@!:4C:I98>!!! )4!896!;@ACC7<<H!)!6GK@<765!896!:CCE6!<=!:5648:8/!F:89!H/!C8E5648C!897<EI9! I7<EK!5:C;ECC:<4CM!:45:L:5EA@!5:A@<IE6!A45!;ACEA@!;<4L67CA8:<4!K76C648:4I!896! <KK<78E4:8/!8<!C8E5/!C8E5648C!K67C<4A@!A45!;E@8E7A@!:5648:8/>!)!6GK@<765!896C6!87A:8C! A48:;:KA8:4I!C8E5648C!<=864!E4Z4<F:4I@/!5:CK@A/!K67C<4A@!:5648:8/!:4!896!A78!HAZ:4I! K7<;6CC>!!Q67C<4A@!<.C67LA8:<4C!897<EI9!76=@6;8:<4M!=:6@5!4<86C!A45!5<;EH648A8:<4! 9AL6!K7<L:565!896!46;6CCA7/!=<E45A8:<4!<=!89:C!C8E5/!8<!6GK@<76!C8E5648!:5648:8/! 897<EI9!H/!A78F<7Z>!)!9AL6!6GK@<765!C6L67A@!CE.E8!4<8!@:H:865!8<!896!I64567M!76@:I:<ECM!C6@=D:HAI6M!68;>!896C6! CE.D8<K:;C!=A@@!E4567!896!896H6!<=!;<4C87E;8:<4!<=!:5648:8/>! RE78967!6GK@<7A8:<4!<=!:5648:8/!9AC!.664!56L6@<K65!897<EI9!896!;76A8:<4!<=!A! @:=6!C:J6!C6@=DK<787A:8!C:@9<E6886!e0QQ,$+)O!0f>!&9:C!A78D.664! 5<;EH64865!EC:4I!896!CAH6!H689<5<@<I/!AC!896!C8E5648!=:IE76CM!568A:@65!4<86CM! 5<;EH648A8:<4!<=!K7<;6CCM!A45!C6@=D76=@6;8:<4!EK<4!;<HK@68:<4>!! 04!A55:8:<4A@!;<HK<4648!8<!H/!A78!.<7A8:L6!;<HHE4:8/!C:@9<E6886!=:IE76!e0QQ,$+)O!B>Vf>!&9:C!=:IE76!:C!4<4D I64567M!@:=6!C:J6!C:@9<E6886!=:IE76M!KA:4865!.<89!C:56C>!&96!=:IE76!FAC! ALA:@A.@6!8<!896!;<HHE4:8/!A8!*A77688!?:55@6!%;9<<@!A8!A!=:46!A78C!6L648!=<7!A4! 6L64:4I!<=!K67=<7HA4;6C!A45!K76C648A8:<4C>!04!E4=:4:C965!=:IE76!FAC!<4!9A45!A8!896! 6L648!=<7!A8864566C!8<!KA78:;:KA86!:4!896!;76A8:<4!<=!A4!A55:8:<4A@!=:IE76>!&96!=:IE76! FAC!K@A;65!:4!896!=:46!A78C!9A@@M!@6A5:4I!8<!896!76;6K8:<4>!0!8A.@6!FAC!C68!EK!F:89! 5:==67648!H65:EHC!A45!A78!CEKK@:6C!8<!:4CK:76!896!IE6C8C!;76A8:L:8/>!&96!KA78:;:KA48C! F676!:4L:865!8<!KA:48M!;<@@AI6M!C8AHK!<7!57AF!<48<!896!=:IE76!EC:4I!896!HA867:A@! ALA:@A.@6>!&96!;<4;6K8!<=!K67C<4A@!:5648:8/!<7!;<HHE4:8/!:5648:8/!FAC!K7<L:565!AC! 896!KA7AH6867C!=<7!KA78:;:KA8:<4>!08864566C!F676!64;<E7AI65!8<!6GK76CC!896:7! :45:L:5EA@:8/!.<89!K67C<4A@@/!A45!K7<=6CC:<4A@@/M!8<!=<C867!896!4<8:<4!<=!6GK76CC:4I! 5:L67C:8/>!&96!AE5:64;6!<7!L:6F67C!KA78:;:KA8:4I!:4!896!;76A8:<4!896!;<HHE4:8/! =:IE76NC:@9<E6886!56867H:465!896:7!<F4!8:H6@:46!8<!896!K7<;6CC>!&9:C!648:76!K7<;6CC! <7!K67=<7HA4;6!FAC!5<;EH64865!897<EI9!C8:@@!K9<8<I7AK9CM!L:56<M!AE5:<!A45! 5:A@<IE6!76=@6;8:<4C>!! ! ! ! Va! 0C!A4!A78:C8M!86A;967!A45!76C6A7;967M!)!EC6!K67C<4A@!<.C67LA8:<4C!A45! 6GK67:64;6C!8<!:4867K768!896!;<4C87E;8:<4!<=!:5648:8/!897<EI9!H68AK9<7!A45!C/H.<@C! :4!A78>!&9:C!4<8:<4!:C!896!;A8A@/C8!8<!L:CEA@@/!A78:;E@A86!896!;<4C87E;8:<4!<=!:5648:8/>!)8! :C!H/!6GK67:64;6!89A8!F<7ZC!<=!A78!.6;<H6!H<C8!H6A4:4I=E@!=<7!896!L:6F67!F964! 896/!6L<Z6!89<EI98C!A45!=66@:4IC>!i078!:C!A!9EHA4!A;8:L:8/!;<4C:C8:4I!:4!89:CM!89A8!<46! HA4!;<4C;:<EC@/M!./!H6A4C!<=!;678A:4!6G8674A@!C:I4CM!9A45C!<4!8<!<8967C!=66@:4IC!96! @:L65!897<EI9M!A45!<8967!K6<K@6!A76!:4=6;865!./!896C6!=66@:4IC!A45!A@C<!6GK67:64;6! 896Hg!e&<@C8</M!V_`\M!K>!V]af>!078!:C!A4!AH.:IE<EC!@A4IEAI6h!897<EI9!896!EC6!<=! C/H.<@:;!;<HHE4:;A8:<4!H/!A78!;<446;8C!=<7H!A45!H6A4:4I>!0H67:;A4!K9:@<C<K967! %ECA446!3A4I67!eV`a]f!76=@6;8C!89:C!4<8:<4!:4!967!6GK@<7A8:<4!<=!896!H:45cC! ;<48:4E<EC!K7<;6CC!<=!H6A4:4I!HAZ:4IM!A45!K<:48C!<E8!89A8!C/H.6@:6L6C!F<7ZC! <=!A78!A76!FA/C!8<!<7IA4:J6!<E7!F<7@5!H6A4:4I=E@@/M!897<EI9!H68AK9<7:;!89:4Z:4I>!)! 9<K6!8<!;<48:4E6!8<!;<4C:567!967!:56AC!AC!)!64IAI6!:4!H/!;76A8:L6!K7<;6CC>!! ! ! ! ! ! ! ! ! ! ! ! ! V^! $2%3&"4)<) 4"1,"$&#'(/) 891:'#24;&6-"4)2).&<%&7#)2%)& ! ?/!KA89!<=!:5648:8/!6GK@<7A8:<4!AC!A4!A78:C8!.6IA4!:4!896!=A@@!<=!TUVUM!F9:@6! 647<@@65!:4!A!I7A5EA86!@6L6@!57AF:4I!A45!KA:48:4I!;@ACC!A8!*6<7I:A!%8A86!(4:L67C:8/>! &96!;@ACC!FAC!;9A@@64I:4I!A45!896!K7<=6CC<7!76SE:765!A!9:I9!SEA@:8/!<=!K7<=6CC:<4A@! A78F<7Z>!&9:C!;@ACC!IAL6!H6!896!<KK<78E4:8/M!CEKK<78!A45!64;<E7AI6H648!8<!6GK@<76! :5648:8/!AC!A4!A78:C8>!Q7:<7!8<!89:C!6GK67:64;6!)!=<E45!:8!5:==:;E@8!8<!C<@6@/!56L<86!H/! A78:C8:;!K7<;6CC!A45!6GK76CC:<4!=7<H!896!H:45C68!<=!C6@=>!)!C87EII@65!F:89!89:C! K67;6K8:<4!<=!H/!A78M!76;<I4:J:4I!)!9AL6!.664!C8:=@:4I!H/!;76A8:L6!K7<;6CC6C!:4!@:6E!<=! H/!C8E5648cC!ACC:I4H648C!A45!K7<b6;8C>!&9:C!6GK67:64;6!A@@<F65!H6!8<!6GK@<76!A! K67CK6;8:L6!567:L65!=7<H!K67C<4A@!Z4<F@65I6M!=66@:4IC!A45!6H<8:<4C>!)4!7687<CK6;8!)! .6@:6L6!)!56L6@<K65!:4C:I98!:48<!H/!:5648:8/!897<EI9!H/!A78M!87A4C=677:4I!89:C! ;<4;6K8!8<!H/!C8E5648CM!;<@@6AIE6CM!=7:645C!A45!=AH:@/>!&9:C!87A4C:8:<4!:HKA;8C!H/! K67C<4A@!76@A8:<4C9:KC!.<5/!<=!A78F<7Z!K7<5E;65!:4!89:C!;@ACC!;<4C:C865!<=!C6L64!@:=6DC:J6! =:IE76C>!&96!=:IE76C!F676!;E8!<E8!<=!9A@=D:4;9!K@/F<<5M!A77A4I65!:4!5:==67648! C:@9<E6886!K<C6CM!6A;9!F:89!A4!:45:L:5EA@!E4:SE6!H65:EH!AKK@:;A8:<4M!A@@!C9A7:4I!896! 896H6!<=!:5648:8/>!,A;9!C:@9<E6886!:C!A4!6GK@<7A8:<4!<=!:5648:8/!EC:4I!H/!A78!C8E5648C! AC!H<8:LA8:<4!A45!H<56@C>!&96!=:IE76C!A76!A@@!.AC65!<4!A;8EA@!K9<8<I7AK9C!<=! C8E5648C!)!9AL6!8AEI98!:4!H/!A78!;@ACC7<<H>!0C!A4!A78!65E;A8<7!)!<=864!EC6!C8E5648! ! ! ! V\! K9<8<I7AK9C!=<7!H/!C8E5648Cc!A78!K7<b6;8C!A45!ACC:I4H648C>!2964!C8E5648C! :4;<7K<7A86!A4!:HAI6!<=!896HC6@L6C!:4!896:7!F<7Z!)!.6@:6L6!896!6GK67:64;6!;76A86C!A! H<76!H6A4:4I=E@!A78!6GK67:64;6!=<7!C8E5648CNA78:C8C!A45!K7<5E;6C!SEA@:8/!A78F<7Z>!!! ! 0@89<EI9!89:C!.<5/!<=!A78!FAC!;76A865!AC!A!C67:6CM!)!.6! L:6F65!C6KA7A86@/M!AC!A4!:45:L:5EA@!F<7Z!<=!A78>!)!F:@@!EC6!89:C!C6;8:<4!<=!H/!C8E5/!8<! 9:I9@:I98M!A4A@/J6!A45!76=@6;8!<4!89766!C6@6;865!@:=6DC:J6!C:@9<E6886!=:IE76C!=7<H!89:C! C67:6C>!0C!C8A865!6A7@:67M!6A;9!=:IE76!:C!A!76K76C648A8:<4!<=!C8E5648CM!F9<H!)!F:@@! 76=67!8<!AC!lE:48<4M!1<75A4!A45!1<C9>!! ! A9(.!e0QQ,$+)O!"f!FAC!896!=:7C8!:4!896!C67:6C!<=!C:@9<E6886!=:IE76C>!)8! H6ACE76C!AKK7<G:HA86@/!a!=668!8A@@M!;E8!<=!<46!9A@=!K@/F<<5M!F:89!;<@@AI6!AKK@:;A8:<4! 8<!.<89! C:56C>!&9:C!=:IE76cC!K<C6!FAC!896!H<C8!5:==:;E@8!8<!;E8!EC:4I!A!CZ:@@!CAF>!)!KA8:648@/!;E8! CHA@@!C6;8:<4C!<=!896!F<<5!K@A46!8<!A;;E7A86@/!56K:;8!896!K<C6>!A9(.@6H!EC:4I!A!57:@@!8<!;76A86!A! 9<@6!@A7I6!64<EI9!=<7!896!CZ:@@!CAFC!.E8!LA7/!:4! @64I89!8<!=E78967!K<787A/!896!=66@:4I!<=!H<L6H648>!! ! 0C!)!76=@6;8!<4!896!K7<5E;8:<4!<=!89:C!=:IE76M!)!76A@:J6!)!5:5!4<8!9AL6!A!56=:4:86! K@A4!<=!56L6@<KH648!E48:@!A=867!:8!FAC!;E8>!)!.6@:6L6!896!K<C6!:C!;<HK6@@:4I!A45!@648! :8C6@=!8<!A!E4:SE6!HA867:A@!AKK@:;A8:<4!C8/@6>!)!I<8!=665.A;Z!=7<H!H/!C8E5648CM! ;<@@6AIE6CM!=7:645C!A45!=AH:@/!5:CK@A/:4I!896!7AF!F<<564!=:IE76!A8!9<H6!A45!:4!H/! ;@ACC7<<H!=<7!A!F66Z>!&96!I6467A@!;<4C64CEC!76L6A@65!896!:487:IE:4I!ACK6;8!<=!896! =:IE76C!C8A4;6>!#=!;<E7C6M!896!/<E4I67!L:6F:4I!AE5:64;6!=6@8!A4!:HH65:A86! ! ! ! V_! ;<446;8:<4!76L6A@:4I!76@6LA48!76A@!@:=6!6GK67:64;6CM!=66@:4IC!A45!6H<8:<4C>! #.<45!K7<L:565!H<8:LA8:<4!8<!K67C<4A@@/!76C6A7;9!896!9:KD 9<K!A45!7AK!H<L6H648!=E78967>!'6C6A7;9!;<4C:C865!<=!L:6F:4I!HEC:;!L:56<CM! :4L6C8:IA8:4I!:45:L:5EA@!9:KD9<K!K67C<4A@:8:6C!<4!896!)4867468!A45!KE7;9AC:4I! HAIAJ:46C!A45!K7:4865!HA867:A@!CK6;:=:;A@@/!;76A865!=<7!896!9:KD9<K!I6467A8:<4>!! ! )!:HH65:A86@/!6H.7A;65!896!K7:4865!HA867:A@>!)8!K7<L:565!;<E48@6CC!:HAI6C! 76K76C648:4I!896!9:K!9<K!;E@8E76>!&96!9:I9!I@<CC!HAIAJ:46!K9<8<I7AK9C!;76A86!A4! :48676C8:4I!;<487AC8!8<!896!I7A:4/!8A.6IA4!;E88:4I!<E8!896C6!:HAI6C! =7<H!LA7:<EC!K7:4865!C<E7;6CM!C<H6!K9<8<C!F676!;7<KK65!;@<C6!CK6;:=:;A@@/!;E88:4I! <E8!A!C9AK6M!A45!C<H6!F676!@A7I67!K:6;6CM!76K76C648:4I!;<@<7!<7!:HK@:65!86G8E76>!)! 56L6@<K65!896!=:IE76!:4!C6;8:<4C!@A/:4I!5<F4!896!:HAI67/!CK6;:=:;A@@/!A45! :48648:<4A@@/!AKK@/:4I!896!K9<8<I7AK9C!8<!896!F<<5!EC:4I!I@E6>!&9:C!;<@@AI6! 86;94:SE6!F<7Z65!F6@@!<==67:4I!896!A.:@:8/!8<!<L67@AK!A45!bEG8AK<C6!:HAI67/!:4!A4! :48676C8:4I!=AC9:<4>!! ! &96!=:IE76C!K<C6!A45!K9<8<!;<@@AI6!C/H.<@:J6C!896!:4=@E64;6!<=!9:KD9<K! ;E@8E76!9AC!<4!8<5A/cC!A5<@6C;648C>!A9(.!76K76C648C!A!L:CEA@!H68AK9<7!56K:;8:4I! 89:C!CE.!I7<EK!<=!;<4C87E;8:<4!:5648:8/!897<EI9!C<;:A@!;<HH<4A@:8:6C!A45!:48676C8C>! iQ6<K@6!56L6@<K!C6@L6C!:4!76@A8:<4!8<!C<;:A@!:5648:8:6C!A45!;E@8E7A@!K67C<4A!A45!:4! 896:7!4AH6!K67=<7H!A45!e76f;76A86!896!A;8:L:8:6C!H6A4:4I=E@!8<!89<C6!F<7@5Cg! e2678C;9M!V`_aM!K>_]f>!!X6!76K76C648C!H/!L:C:<4!A45!K67C<4A@!6GK67:64;6C!<=!896! SE:486CC648:A@!;<486HK<7A7/!7AK!:4=@E64;65!C8E5648>!)!9A5!896!56=:4:86!:5648:8/!)! FA4865!8<!6GK@<76!F:89!89:C!=:IE76!896!K<C6!FAC!56@:.67A86!A45!896!:5648:8/!CK6;:=:;>!! !!! ! ! ! V`! &96!;<@@6I6!86;94:SE6!=E78967!56K:;8C!896!:4=@E64;6!<=!L:CEA@!;E@8E76!<4!8<5A/cC! /<E89!89A8!H<8:LA86C!896H!8<!76A5:@/!:5648:=/!F:89!A!I7<EK>!Y/I<8CZ/!.@6!8<!<7IA4:J6!896HC6@L6C! :4!896!4AH6!<=!A4!:5648:8/. &9:C!L:CEA@!76K76C648A8:<4!:C!A!;<HH648!<4!896!:4=@E64;6! L:CEA@!;E@8E76!9AC!:4!:5648:8/!;<4C87E;8:<4>! ! C3&#!e0QQ,$+)O!+f!:C!.AC65!<4!A!CK<48A46<EC!K9<8<I7AK9!<=!A4!6:I989DI7A56! C8E5648!)!8AEI98!:4!H/!A5LA4;65!A78!;@ACC>!)8!H6ACE76C!AKK7<G:HA86@/!=:L6!=668!89766! :4;96C!8A@@M!EC:4I!9A@=D:4;9!K@/F<<5M!A88A;965!8<!A!.6!L:6F65!=7<H!LA7:<EC! LA48AI6!K<:48C>!&96!K<C6!:C!;<HK6@@:4I!8<!H6!.6;AEC6!)!89:4Z!:8!76K76C648C!A!8/K:;A@! 8664AI67>!)!89:4Z!L:6F67C!;A4!76@A86!8<!89:C!:HAI6!.AC65!<4!896!=AH:@:A7:8/!<=!896! C8A4;6>!&96!K<C6!56K:;8C!896!C8E5648!9<@5:4I!EK!A!K6A;6!C/H.<@!:C!A!;<486HK<7A7/!K<K!;E@8E76NL:CEA@!;E@8E76!:;<4:;!C/H.<@!89A8!FAC! :HH<78A@:J65!:4!896!V`^UcC!F:89!896!9:KK:6!H<L6H648!A45!Y:684AH!2A7!K6A;6! K7<86C8CM!8964!56L6@<K:4I!:48<!A!H<5674!X:K!X<K!K<C6!6HE@A865!I@<.<@!57AFC!896!L:6F67!:4M!FA48:4I!8<!6GK@<76!896!:HAI6! =E78967>!!)!;<L6765!896!C:@9<E6886!=:IE76!F:89!@<;A@!A45!76I:<4A@!A76A!HAKC!.6;AEC6!)! FA4865!8<!76K76C648!H/!C8E5648cC!76I:<4A@!:5648:8/>! &9:C!76I:<4A@!:5648:8/!:C!CK6;:=:;!8<!1<C9>!X6!:C!A!89:75!I6467A8:<4!C<E89!"<.! 76C:5648M!9:C!KA7648CM!I7A45KA7648C!A45!6G864565!=AH:@/!A@@!9AL6!C87<4I!8:6C!8<!896! A76A>!&9:C!76I:<4A@!:5648:8/!:4CK:765!H6!8<!EC6!@<;A@!A45!C8A86!HAKC!:4!;<4bE4;8:<4! F:89!896!=:IE76>!1<C9cC!@<;A@!8:6C!9AL6!.6;<H6!L67/!87A4C:648!<L67!896!KAC8!56;A56>!)4!7687<CK6;8M!)!89:4Z!)!FA4865!8<! ! ! ! TU! ;6@6.7A86!89:C!ACK6;8!<=!566K!7<<8C!A45!;<HHE4:8/!8:6C>!Q67C<4A@@/!)!89:4Z!89:C! ;<HHE4:8/D.6@<4I:4I!<7!=AH:@:A7:8/!87A4C@A86C!8<!:5648:8/!;<4C87E;8:<4M!;76A8:4I!A4<8967!@A/67! <=!:5648:8/!=<7!C8E5648CM!C8A==M!;<HHE4:8/!H6H.6!K@A;65!<4!A! C8A45h!)!=6@8!89:C!FAC!:HK<78A48!8<!76A5!896!HAK!=<7!5:==67648!L:6FK<:48C>!&9:C! 6@6H648!A@@<FC!896!L:6F67!8<!64IAI6!F:89!896!A78F<7Z!;@<C6@/!8<!5:C;<L67!76I:<4A@! A76AC!8<F4CM!;:8:6C!A45!C87668CM!9<K6=E@@/!;76A8:4I!A!K67C<4A@!;<446;8:<4!8<!896!A78>! ! C3*D7.!e0QQ,$+)O!,f!A!=6HA@6!6:I989!I7A56!C8E5648!;9<C6!89:C!K<C6!=<7!A! C8E5648!C6@=DK<787A:8!K7<b6;8>!&9:C!C:@9<E6886!C8A45C!AKK7<G:HA86@/!=:L6!=668!8A@@M!;E8! <E8!<=!9A@=D:4;9!K@/F<<5M!KA:4865!.@A;Z!EC:4I!A;7/@:;!KA:48>!&96!K<C6!:C!:48676C8:4I! 5E6!8<!896!=:IE76C!C<H6F9A8!EKFA75!IAJ6!<=!896!C:@9<E6886!A45!896!K<C:8:<4!<=!896! 9A45C>!&96!C@:I98!96A5!A7;9!;<4L6/C!A!K<CC:.@6!@<<Z:4I!8<FA75!896!96AL64C!<7!EK! 8<FA75!A!CK:7:8EA@!64@:I9864H648>!)!;9<C6!89:C!KA78:;E@A7!K9<8<I7AK9!.6;AEC6!:8! @<<ZC!@:Z6!C96cC!@<<Z:4I!=<7!C<H689:4I!<7!C<H6<46!:4!A!CK:7:8EA@!4A8E76>!&96!9A45C! =E78967!;<4L6/!89:C!H6CCAI6M!<46!9A45!:C!8E7465!:4!8<FA75!967C6@=!A45!896!<8967!:C! 8E7465!<E8M!A@H<C8!76A;9:4I!=<7!C<H689:4I!<7!C<H6<46>!&96!K@A;6H648!<=!896!9A45C! =E78967!C<@:5:=:6C!896!CK:7:8EA@!4A8E76!<=!896!K<C6>!&96!7:I98!9A45!:C!8E7465!:4!8<FA75! 967!.6@:6L:4I!:4!A!=A:89=E@!KA89>!0! ! ! ! TV! H68AK9<7:;!A5<@6C;648!C8A4;6!K<CC:.@/!C6A7;9:4I!=<7!87E89!A45!C66Z!:5648:8/!:4!896! 76@A8:<4C9:K!8<!:8>!! ! &96!9A45C!A45!IAJ6!A76!6HK9AC:J65!./!896!K@A;6H648!<=!896!H:77<7!HA867:A@! AKK@:65!8<!89:C!A76A>!&96!bAII65!K:6;6C!<=!H:77<7!A76!A77A4I65!8<!;76A86!A!46F!:HAI6! 76=@6;8:4I!:5648:8/!./!K67CEA5:4I!896!L:6F67!8<!@<<Z!:48<!896!I@ACC!8<!C66!896:7!<F4! 76=@6;8:<4>!&96!H:77<765!K:6;6C!A76!bEG8AK<C65!C/H.<@:J:4I!896!;<446;8:<4!<=! 6GK67:64;6C!;76A8:4I!K67C<4A@!:5648:8/>!,A;9!K:6;6!A!H68AK9<7!=<7!A4!6GK67:64;6M! K@A;65!46G8!8<!A4<8967!6GK67:64;6M!@A/6765!A8<K!<=!896!46G8!6GK67:64;6>!&96! K@A;6H648!<=!6A;9!K:6;6!:C!6CC648:A@!A45!56@:.<@:;!<=!A@@!8664AI67Cc!6GK67:64;6C>! ! &96!=:4A@!C8E5648!:4CK:765!@:=6DC:J6!=:IE76!:4!H/!A78D.AC65!76C6A7;9!C8E5/!FAC! 5:==:;E@8!8<!56L6@<K>!)8!76SE:765!HE;9!:48674A@!76=@6;8:<4!A45!5A:@/!<.C67LA8:<4!<=!H/! C8E5648CM!76SE:7:4I!H6!8<!;<4C;:<EC@/!;<486HK@A86!896!7<@6!<=!A78:C8>!0C!A4!A78! 65E;A8<7!)!.6@:6L6!H/!4A8E7A@!89<EI98!K7<;6CC6C!=<@@<FC!896!KA89!<=!:4C87E;8<7! FA48:4I!8<!C9A76!Z4<F@65I6M!CZ:@@C!A45!86;94:SE6C!F:89!H/!C8E5648C>!! ! )!76C:C865!896!:4C8:4;8!8<!E8:@:J6!H/!A5LA4;65!6:I989!I7A56!C8E5648C!8<!:4CK:76! 89:C!@AC8!C8E5648!C8E5/>!#E7!C8E5648N86A;967!76@A8:<4C9:K!9AC!56L6@<K65!:48<!A!L67/! C87<4I!;<446;8:<4!<L67!896!;<E7C6!<=!89:C!A44EA@!;@ACC>!)!Z4<F!896H!A@@!L67/!F6@@M! 896:7!K67C<4A@:8:6CM!C8764I89C!A45!F6AZ46CC6C>!)!:48648:<4A@@/!;9<<C6!A!C8E5648!89A8!)! 9AL6!<.C67L65!=7<H!A!5:C8A4;6>!0@89<EI9!9AL:4I!89:C!C:G89!I7A56!C8E5648!:4!H/!A78! ;@ACC!=<7!<46!4:46!F66Z!SEA7867M!)!76A@@/!46L67!56L6@<K65!A!;@<C6!76@A8:<4C9:K!F:89! 967>!)4!H/!6GK67:64;6!89:C!:C!8/K:;A@!=<7!C:G89!I7A56!.6;AEC6!896!;@ACC6C!A76!@A7I6!A45! 896!C8E5648C!A76!76@A8:L6@/!46F!8<!896!H:55@6!C;9<<@!64L:7<4H648>! ! ! ! TT! ! &<!C9:=8!H/!H:45DC68!8<!76=@6;8!A45!5<;EH648!89:C!=:4A@!C8E5648!:4CK:765!@:=6D C:J6!C:@9<E6886!=:IE76!)!F:@@!8AZ6!896!7<@@!<=!A78:C8>!)!F:@@!76=67!8<!89:C!C8E5648!AC!m:<4>! e0QQ,$+)O!Rf!%96!:C!A!=6HA@6M!C:G89!I7A56!C8E5648!A8!A!H:55@6!C;9<<@!:4!C<E89!"<.6AE8:=E@! A45!;<4=:5648M!C66H:4I@/!5:==67648!=7<H!H<C8!<=!896!8/K:;A@!=6HA@6!C8E5648C!A8!89:C! H:55@6!C;9<<@>!%96!;A77:6C!967C6@=!F:89!A!C87<4I!C64C6!<=!F<789!A45!AFA7646CC>!)! C<<4!;AH6!8<!5:C;<L67!896C6!:4:8:A@!=66@:4IC!A45!6H<8:<4C!<=!H:46!8<!.E8!897<EI9!967!:4867K768:L6!5A4;6! K67=<7HA4;6C>! ! %96!:C!A!5A4;67!A8!H/!C;9<<@C!46F@/!56L6@<K65!5A4;6!K7<I7AH>!X67!6@6IA4;6! A45!H<L6H648C!<4!C8AI65!76C<4A865!F:89!H6>!X67!C66H:4I@/!4A8E7A@!H<8:<4!8<!896! HEC:;!5:CK@A/:4I!A!I7A;6=E@!C6@=DACCE7A4;6!K7<b6;865!8<!896!AE5:64;6>!)!8<<Z!C6L67A@! K9<8<I7AK9C!<=!896!I7<EK!AC!896/!K76=<7H65!=<;EC:4I!HA:4@/!<4!m:<4>!0C!)!C87EII@65! F:89!89:C!A78D.AC65!C8E5648!:4CK:765!=:IE76M!)!=<E45!H/C6@=!76L:C:8:4I!896! K9<8<I7AK9C!<=864>!)!56;:565!8<!EC6!m:<4cC!K9<8<I7AK9C!A45!5A4;6!7<E8:46!AC! H<8:LA8:<4!=<7!89:C!=:4A@!C8E5648!@:=6!C:J6!C:@9<E6886!=:IE76>!! ! E(3.68F664! ;9:@59<<5!A45!A5E@89<<5!F964!896/!=<7HE@A86!:5648:8/>!)8!76K76C648C!5:==67648! H<L6C!A45!H<8:<4C!46;6CCA7/!8<!KEC9!=<7FA75!897<EI9!C87EII@6CM!;6@6.7A8:<4CM! 5:CAKK<:48C!A45!56@:I98C>!&96!=:IE76C!EKFA75!<E8!C8768;965!A7HM!8E7465!:4!@6IM! K656C8A@!C8A4;6!:@@EC87A86C!A!.<5/!76A;9:4I!:4!A@@!5:76;8:<4C>!0@@<F:4I!=<7!5:76;8:<4! ;9A4I6!:4!H:5!C87:56M!;<HK64CA8:4I!=<7!46F!6GK67:64;6M!A5bEC8:4IM!IA:4:4I!.A@A4;6!6CC648:A@!=<7!A@@!8<!5:C;<L67!<7!IA:4>! )!;<486HK@A865!896!46;6CCA7/!A78!HA867:A@C!8<!L:CEA@!A78:;E@A86!A4!A;;E7A86! 56K:;8:<4!<=!m:<4cC!:5648:8/>!)!FA4865!8<!:@@EC87A86!896!C86A5=AC8!4A8E76!<=!967! 56H6A4<7M!F9:@6!:4;<7K<7A8:4I!896!C<=8M!56@:;A86M!I7A;6=E@!H<8:<4!<=!5A4;6>!&96!=:7H! /68!K@:A.@6!SEA@:8/!<=!C9668!H68A@!K7<L:565!A4!6G;6@@648!C<@E8:<4!8<!;<HHE4:;A86!89:C! 6GK76CC:<4>!&96!HA867:A@!:C!AKK@:65!8<!C/H.<@:J6!896!5A4;67C!CZ:78!C6;8:<4!<=!967! ;<C8EH6>!&96!C9668!H68A@!KA46@!:C!;E8!:48<!87:A4I@6!C9AK6C!EC:4I!C4:KCM!7<E45!A8!896! 8<K!8<!76H<L6!896!C9A7K!A4I@6>!,A;9!C:56!<=!896!=:IE76!9AC!AKK7<G:HA86@/!8F648/D=:L6! 87:A4IE@A7!C9AK65!K:6;6C!A88A;965!.6! A4;9<765!C6;E765>!)45:L:5EA@!A88648:<4!:C!I:L64!8<!6A;9!K:6;6!<=!C9668!H68A@!8<!;76A86! A!=66@:4I!<=!=@E:5:8/!I6467A8:4I!A4!:48676C8:4I!;<487AC8!EC:4I!896!7:I:5!/68!K@:A.@A;ZDC:@9<E68865! =:IE76!;76A8:4I!;<@<7!;<487AC8>!&9:C!KEC9!A45!KE@@!<7!bEG8AK<C:8:<4!<=!6@6H648C! ;<48:4E6C!F:89!896!EC6!<=!8<<@!=A.7:;!C<=864C!896!H68A@!K:6;6C!F9:@6!C8:@@!;76A8:4I!A!76=@6;8:L6! SEA@:8/!897<EI9!896!468865!HA867:A@>!&96!HE@8:!;<@<765!8<<@!=A.7:;!:C!H:77<765!<4!896! 8<K!K<78:<4!<=!896!=:IE76!EC:4I!A;7/@:;!KA:48>!&96!.<@:J6C!896! 8<K!K<78:<4!<=!896!5A4;67C!;<C8EH6>!&9:C!86;94:SE6!=E78967!:@@EC87A86C!H<8:<4! ;76A8:4I!A!.@E77:4I!6==6;8>!! &9:C!=:IE76!FAC!<7:I:4A@@/!56C:I465!8<!:4;<7K<7A86!A!Z:468:;!6@6H648>!&96! =:IE76!FAC!:4:8:A@@/!H<E4865!<4!A!3AJ/D%ECA4!8E748A.@6!8<!;76A86!A!CK:44:4I!H<8:<4! ! ! ! T[! F964!8E7465>!(4=<78E4A86@/!896!=:IE76!FAC!8<<!96AL/!A45!896!8E748A.:@:8/!=<7!896!=:IE76!8<!7<8A86>!?/!C<@E8:<4!8<!89:C!5:@6HHA!FAC!8<! A55!;AC867C!8<!896!.E8!:C!4<8!F9A8!)!<7:I:4A@@/!64L:C:<465>!078:C8!HEC8!HAZ6!;<HK64CA8:<4C!AC!896/! ;76A86!A45!F<7Z!897<EI9!896!K7<;6CC!<=!A78!K7<5E;8:<4>!0@89<EI9!C87EII@:4I!F:89! C<H6!;9A@@64I6CM!)!.6@:6L6!89:C!=:IE76!:C!A!CE;;6CC=E@!K:6;6!<=!A78>!E(3.6@:6L6!)!;AK8E765!896! 6CC64;6!<=!89:C!C8E5648Cc!K67C<4A!897<EI9!L:CEA@!76K76C648A8:<4!E8:@:J:4I!H68AK9<7! A45!C/H.<@:CH!=7<H!H/!K67CK6;8:L6!AC!A4!A78:C8>! 0C!)!;<48:4E6!:4!896!76A@H!<=!76=@6;8:<4!897<EI9!896!@64C!<=!A78:C8M!)!F:@@! 6GK@<76!896!A78:C8:;!K7<;6CC!<=!;76A8:4I!A!C6@=DK<787A:8!@:=6!C:J6!C:@9<E6886!=:IE76>! %;7E8:4:J:4I!C6@=D:5648:8/!:C!A!566K@/!76=@6;8:L6!K7<;6CCh!:8!76SE:76C!A4A@/8:;A@! 89:4Z:4IM!:4L6C8:IA8:4I!HA4/!5<HA:4C!<=!KAC8D@:L65!6GK67:64;6CM!K76C648! ;<4C;:<EC46CC!A45!=E8E76!56C:76C>!)4;<7K<7A8:4I!A@@!896C6!ACK6;8C!:48<!A!L:CEA@! 76K76C648A8:<4!:C!;9A@@64I:4I!8<!CA/!896!@6AC8>!)!.<5/!K<787A:8!K9<8<I7AK9C!<=!H6>!)!FA4865!8<! Z66K!896!K<C6!C:HK@/M!C<H689:4I!89A8!76K76C64865!H6!:4!76A@!8:H6M!:4!A!;E77648! C:8EA8:<4>!)!56;:565!8<!EC6!A!=7<48A@!L:6FM!<46!9A45!:4!H/!b6A4C!K<;Z68!896!<8967! 9<@5:4I!H/!I@ACC6C>!)!89<EI98!89:C!F<E@5!.<E8!H/!89:4Z:4IM!76=@6;8!A45!K7<;6CC!9<F!)!FAC!I<:4I!8<!A;;<HK@:C9!A! CE;;6CC=E@!K:6;6!<=!A78>! ! ! ! Ta! 2<7Z:4I!897<EI9!896!K7<5E;8:<4!K7<;6CC!<=!;E88:4I!F<<5!)!FAC!89:4Z:4I! A.6;AH6!A4!:486I7A@! KA78!<=!H/!C6@=D:5648:8/!K<787A:8>!)!6GK67:H64865!EC:4I!C6L67A@!5:==67648!AKK@:;A8:<4C! <=!896!K9<8<I7AK9CM!)!FA4865!8<!K9<8<!87A4C=67!896!K:;8E76C!<4!8<!896!F<<5!EC:4I! F:4867I7664!<:@M!.E8!89:C!K7<;6CC6C!FAC!E4CE;;6CC=E@>!(C:4I!CHA@@!K:6;6C!<=!K@/F<<5! )!AKK@:65!896!K9<8<I7AK9C!:4!C6L67A@!5:==67648!FA/C!EC:4I!H:G65!H65:A!86;94:SE6C!8<! 4<!ALA:@>!0C!)!F<7Z65!F:89!896!K9<8<I7AK9C!)!.<E8!C9AK6C!A45!9<F! ;<4=:465!896!K9<8<I7AK9:;!:HAI6!:C!765E;65!8<!A!C:HK@/!76;8A4I@6>!)!8<<Z!H/!C;:CC<7C! 8<!896!;<K:65!K9<8<C!8<!;76A86!5:==67648!C9AK6CM!CSEA76CM!;:7;@6CM!87:A4I@6C!A45! <7IA4:;>!)487:IE65!.6!:48676C8:4I!8<!76K6A8!896C6! C9AK6C!:48<!896!K@/F<<5!56K:;8:4I!H/!C:@9<E6886>!! ! &96!C9AK6C!A76!A!H68AK9<7!76K76C648:4I!;<4=<7H:8/!A45!6GK76CC:<4!:4!H/! @:=6>!&96!I6<H687:;!C9AK6C!A76!K76;:C6M!C8A.@6>!&96!<7IA4:;! C9AK6C!A76!;76A8:L6M!A78:C8:;M!6GK76CC:L6!A45!:HAI:4A8:L6>!&96!;E8!<E8!C9AK6C! C/H.<@:J6!A5AK8A8:<4!8<!896!CE77<E45:4ICM!896!A.:@:8/!8<!C66!896!64L:7<4H648! 897<EI9!896!=:IE76M!F9676L67!896!=:IE76!:C!K@A;65!:8!.6;<H6C!KA78!<=!89A8!CKA;6>! ?68AK9<7:;A@@/!76K76C648:4I!=@6G:.:@:8/!A45!8<!A;;@:HA86!:48E:8:L6@/!:4!/<E7! CE77<E45:4IC>!! ! &96!K9<8<I7AK9C!76K6A8!896!;E8!<E8!C9AK6C!C:H:@A7!8<!KEJJ@6!K:6;6C!89:C!FAC! :48648:<4A@!8<!C/H.<@:J6!K:6;6C!<7!KA78C!<=!@:=6M!896/!A76!A@@!;<446;865!A45!6A;9!K:6;6! :C!:HK<78A48M!896/!A76!A@@!:4867@<;Z:4I>!&9:C!;<446;8:<4!:C!6CC648:A@!8<!;<4C87E;8!C6@=D :5648:8/h!A@@!KAC8!6GK67:64;6C!HAZ6!EK!F9<!/<E!A76!4<F>!&96!K9<8<I7AK9C!56K:;8! <46!H<H648!:4!8:H6M!.6;<H6!KA78!<=!/<E7!:5648:8/>!%<H6!<=! ! ! ! T^! 896!K:;8E76C!A76!7A:C65!C@:I98!<==!896!=:IE76C!CE7=A;6h!89:C!LA7:68/!;76A86C!A!C64C6!<=! @A/67:4I>!3A/67:4I!<=!6GK67:64;6CM!5A/CM!H<489CM!/6A7CM!;<4C87E;8!:5648:8/>!&9:C!C6@=D K<787A:8!A78!.AC65!C8E5/!A@@<F65!H6!8<!76=@6;8!<4!H/!<F4!:5648:8/!8<!5:C;<L67!87A:8C! A45!K67C<4A@!87:EHK9C!A45!H:C9AKC>!)8!76L6A@65!9<F!A78!;A4!6GAH:46!C6@=D:5648:8/! A45!:5648:8/!;<4C87E;8:<4M!F9:@6!;<4C87E;8:4I!:5648:8/>! ! &96!=:4A@!=:IE76!)!F:@@!5:C;ECC!897<EI9!896!A78:C8!L:6FK<:48!:C!>3<<9.(+$! e0QQ,$+)O!B>Tf!&9:C!=:IE76!FAC!ALA:@A.@6!8<!;<HHE4:8/!C8AZ69<@567C!AC!A4! :4867A;8:L6!A78!A;8:L:8/!5E7:4I!A!H:55@6!C;9<<@cC!=:46!A78C!4:I98>!&96!A8864566C!F676! A@@!64;<E7AI65!8<!KA78:;:KA86!:4!6GK76CC:4I!896:7!;76A8:L:8/!A45!K67C<4A@!:5648:8/>! &96!=:IE76!:C!AKK7<G:HA86@/!=:L6!=668!=<E7!:4;96C!8A@@M!;E8!<E8!<=!<46!9A@=D:4;9! K@/F<<5!A45!KA:4865!F:89!.(+$!9AC!8F<! C6KA7A86!:4867K768A8:<4C!<=!A78F<7Z!EC:4I!896!;6487A@!896H6!<=!:5648:8/!;<4C87E;8:<4>! %:56!<46!FAC!;76A865!.!"<E48/!%;9<<@!+:C87:;8!CEK67L:C<7CM!C;9<<@!C8A==M!KA7648C! A45!C8E5648C!:4!A88645A4;6>!&96!KA7AH6867C!I:L64!8<!896!KA78:;:KA48C!A8!896!6L648! F676!6C8A./!H<4:8<7:4I!ACC:C8A4;6C!A45!H/C6@=>!QA78:;:KA86Cc!F676!ACZ65!8<! ;76A86!A!C6;8:<4!<7!A55!A4!A78:C8:;!:4867K768A8:<4!6GK76CC:4I!896:7!:5648:8/>!&96! @:H:8A8:<4C!<=!896!KA78:;:KA86C!A78:C8:;!6GK76CC:<4!F676!76C87:;865!.(+$B&!C:56!<46!:C!A!CE;;6CC=E@!6456AL<7!6C8A.<E8!C:G8/!K6<K@6!:4! A88645A4;6M!AKK7<G:HA86@/!9A@=!89A8!4EH.67!KA78:;:KA865!:4!896!A78!A;8:L:8/>!Q6<K@6! ! ! ! T\! 64IAI65!F:89!896!A78!CEKK@:6C!6AI67!8<!@6AL6!896:7!HA7Z!<=!:5648:8/!<4!896!=:IE76>! ?<C8!=<@ZC!76A@@/!89<EI98!A.@6!FA/>!088648:<4!FAC!I:L64!8<!;<@<7M!C9AK6!A45!CKA;6!C6@6;8:<4!.AC65!<4! K67C<4A@!K76=6764;6!<7!6G:C8:4I!56C:I4C>!)!89:4Z!:8!:C!A4!A;;E7A86!L:CEA@! 76K76C648A8:<4!<=!896!;<HHE4:8/!A45!C/H.67C>!)8!:C!;76A865!EC:4I!A!I6C8E76!C8/@6!<=!KA:48:4I!;<4=:4:4I!896!;<@<7!C;96H6!8<! CZ:4!8<46!;<@<7C>!)!;9<C6!896C6!;<@<7C!56@:.67A86@/!8<!:@@EC87A86!896!HE@8:!;E@8E7A@! :5648:8:6C!<=!896!;<HHE4:8/!76K76C64865!A8!896!6L648>!)!EC65!896!I6C8E7A@!C8/@6! .6!@<<C6M!A!H68AK9<7!8<!6GK76CC!896!.@645:4I!<=! 5:==67648!K6<K@6!H<L:4I!897<EI9!896!6L64:4I!6L648C!AC!A4!648:8/>!,A;9!A4!:45:L:5EA@! .:IE:8/!<=!C:56!8F<!K7<L:56C! A4!:48676C8:4I!;<487AC8!8<!C:56!<46M!<==67:4I!8F<!C<@E8:<4C!8<!L:CEA@@/!A78:;E@A86! :5648:8/!;<4C87E;8:<4>!! ! 0C!)!;<4;@E56!89:C!K<78:<4!<=!A4A@/C:C!897<EI9!A4!A78:C8!L:6FK<:48!)!HEC8! 76:867A86!C6L67A@!;@6A7!A45!E4FAL67:4I!K67C<4A@!K67CK6;8:L6C>!0C!A4!A78:C8M!)!.AC65!76C6A7;9!C8E5/!76SE:765!CE;;6CC=E@!EC6!<=!H68AK9<7!A45!C/H.<@:CH!8<! 76K76C648!89<EI98CM!=66@:4IC!A45!6H<8:<4C!;76A8:4I!A!;<446;8:<4!8<!896!L:6F:4I! AE5:64;6>!0C!A4!A78:C8!)!E8:@:J65!896!896H6!<=!:5648:8/!;<4C;:<EC@/!:4!H/!A78M!;76A8:4I! A!L:CEA@!C6@=D6GAH:4A8:<4!<=!896!KAC8M!K76C648!A45!=E8E76>!"<4C87E;8:4I!:5648:8/! ! ! ! T_! @:867A@@/!:4L<@L6C!@:=6!6GK67:64;6CM!76@A8:<4C9:KC!A45!;<446;8:<4CM!A!C<@:5!H648A@!<7! 6H<8:<4A@!C8AHK!<4!A!9EHA4>!"<4C87E;8:4I!:5648:8/!=:IE7A8:L6@/!:4L<@L6C! H68AK9<7:;A@!<7!C/H.<@:;A@!76K76C648A8:<4!<=!89<EI98C!<7!6H<8:<4C!:4!A4!6GK76CC:L6! FA/M!;76A8:4I!A!;<4;6K8EA@!L:CEA@!76K76C648A8:<4>!&97<EI9!896!A;8!<=!A78!K7<5E;8:<4M! ;76A8:<4!A45!;<4C87E;8:<4M!A78:C8C!C:HE@8A46<EC@/!K7<5E;6M!;76A86!A45!;<4C87E;8! 896:7!:5648:8/>!!!! 891:'#24;&6-"4)2).&<%&!"<5*"#! ! ,GK@<7:4I!:5648:8/!AC!A!86A;967!76SE:76C!A!46;6CCA7/!H:45!C9:=8!:4! K67CK6;8:L6C>!0@89<EI9!)!=:45!:8!5:==:;E@8!8<!;<HKA78H648A@:J6!6A;9!CE.AC65!76C6A7;9!C8E5/!:4!89:C!=AC9:<4>!?/!KACC:<4!=<7!896! L:CEA@!A78C!57:L6C!H/!A78!86A;9:4I!)!.67A4;6!CK:@@C!<48<!H/!A78!7<<H! =@<<7M!H/!C8E5648Cc!9AL6!Z4<F!;9<:;6!.E8!8<!C86K!:4!:8M!H68AK9<7:;A@@/!CK6AZ:4I>! '6=@6;8:4I!.A;Z!8<!896!H689<5<@<I/!C6;8:<4!<=!89:C!KAK67M!)!ACZ65!896!SE6C8:<4M!i)4! F9A8!FA/C!5<6C!76=@6;8:4I!<4!896!;E@8E7A@!A45!K67C<4A@!:5648:8/!<=!H/!C8E5648C! :HKA;8!H/!76@A8:<4C9:K!F:89!896H!AC!A!86A;967d! ! Q7<L:5:4I!A!L64E6!=<7!C8E5648C!8<!:4L6C8:IA86!896:7!K67C<4A@!:5648:8/!897<EI9! 896!L:CEA@!A78C!<==67C!A!E4:SE6!<KK<78E4:8/!=<7!C8E5648C>!)!.E:@5!A!C87<4I!86A;967NC8E5648! 76@A8:<4C9:K>!,4;<E7AI:4I!/<E4I!K6<K@6!8<!6GK@<76!896:7!:4467!=66@:4IC!A45!6H<8:<4C! ;A4!<=864!.6@:6L6!C8E5648C!;76A86!SEA@:8/!A78F<7Z!F964!896/!9AL6!A! K67C<4A@!;<446;8:<4!A45!:4L6C8H648!:4!896:7!A78>! ! ?/!CE;;6CC!:4!896!A78!;@ACC7<<H!76@:6C!C87<4I@/!<4!896!A.:@:8/!8<!64IAI6! C8E5648C!:4!896!K7<;6CC!<=!A78!HAZ:4I>!%876CC:4I!896!=A;8!89A8!89676!:C!4<!<46!7:I98! ! ! ! T`! A4CF67!8<!A!K7<b6;8!<7!ACC:I4H648>!0@@!A4CF67CM!89<EI98C!<7!C<@E8:<4C!8<!A!K7<b6;8! A76!.E:@8!EK<4!:45:L:5EA@!@:=6!6GK67:64;6C>!,A;9!C8E5648!C66C!896!F<7@5!5:==67648@/! .AC65!<4!896:7!KAC8!6GK67:64;6CM!6GK@<7:4I!89:C!:45:L:5EA@:8/!76L6A@C!K67C<4A@! :5648:8/>!078!K7<L:56C!A!C9<F;AC6!8<!L:CEA@@/!5:CK@A/!89:C!76=@6;8:L6!89<EI98!K7<;6CC! K7<L:5:4I!:4C:I98!8<!:5648:8/!;<4C87E;8:<4>!! ! ! 0C!A!86A;967!)!E7I6!C8E5648C!8<!76CK<45!8<!896:7!:48E:8:<4!AC!896/!56L6@<K!A78>! )!76@A/!EK<4!89:C!A887:.E86!<=864!:4!H/!A78F<7Z!=<7!6GAHK@6!m:<4!896!C8E5648!:4CK:765! =:IE76!=<7!89:C!C8E5/>!0C!)!H648:<465!6A7@:67!:4!89:C!KAK67M!)!C87EII@65!=:45:4I! H<8:LA8:<4>!"<4C;:<EC@/!76=@6;8:4I!<4!896!89:4Z:4I!K7<;6CC!64@:I9864C!:56AC!A45! ;<4;6K8C!<=864!<L67@<<Z65!<7!:I4<765>!?68AK9<7:;A@@/!E(3.!76K76C648C!A4! A5<@6C;648cC!5A4;6!<=!@:=6M!H/!K67C<4A@!:48677EK8:<4!<=!A!H:55@6!C;9<<@!C8E5648C! C87EII@6CM!;9A@@64I6C!A45!CE;;6CC6C>!i,L67/89:4I!/<E!;76A86!:C!A!76K76C648A8:<4!<=! C<H689:4I!6@C6h!:4!89:C!;AC6M!6L67/89:4I!/<E!;76A86!:C!647:;965!./!H68AK9<7>g!e&9<7KM! TUU]M!K>!Va\f>!0CC:C8:4I!C8E5648C!8<!K7<;6CC!89<EI98CM!;7:8:;A@@/!76=@6;8!<4!89676! 89:4Z:4I!K7<;6CC!A45!8<!.AC65!<4!K67C<4A@!K67;6K8:<4>!i0!@A7I6!KA78!<=!E4567C8A45:4I! :C!896!C6A7;9!=<7!AKK7<K7:A86!K67C<4A@!H68AK9<7!89A8!HAZ6!C64C6!<=!<E7!@:L6Cg! e3AZ<==M!V`_UM!K>T]]f!&96!H<76!F6!E4567C8A45!H68AK9<7M!896!H<76!F6!E4567C8A45! <E7C6@L6CM!;<4C87E;8:4I!:5648:8/>! ! &7A4C:8:<4:4I!A.C87A;8!89<EI98CM!:56AC!A45!;<4;6K8C!8<!8A4I:.@6!L:CEA@! 76K76C648A8:<4!:C!A!5:==:;E@8!8ACZ>!)4!H/!6GK67:64;6!H:55@6!C;9<<@!C8E5648C!4665! ! ! ! ]U! CK6;:=:;!KA7AH6867C>!2964!4<8!A==<7565!89:C!.6I:4!ACC:I4H648CM!=@<E4567:4I!:4!=7EC87A8:<4>!)!<=864!:4;<7K<7A86!K9<8<I7AK9:;! :HAI6C!<=!C8E5648C!8<!56L6@<K!@6CC<4C!A45!K7<b6;8C!89:C!6@6H648!;76A86C!A!KA7AH6867! 8<!K7<L:56!C6@=DH<8:LA8:<4>!&6A;967C!<=864!4665!8<!CEKK<78!C8E5648C!AC!896/!76C<@L6! :CCE6C!<=!C6@=D!:HAI6!5E7:4I!896!H:55@6!C;9<<@!/6A7CM!A@867:4I!<7!A5bEC8:4I!896!:HAI6! CE;;6CC=E@@/!76C<@L6C!89:C!:CCE6>!! ! )!<=864!EC6!C6@=DK<787A:8C!AC!A!C<E7;6!=<7!C8E5648C!8<!6GK@<76!:5648:8/! ;<4C87E;8:<4!:4!896!L:CEA@!A78C!E8:@:J:4I!K9<8<I7AK9:;!:HAI6C>!R<7!6GAHK@6M!;76A8:4I!A! C:@9<E6886!:HAI6!=7<H!A!K<C65!K9<8<I7AK9!K7<L:56C!A4!:487:IE:4I!C64C6!<=!AH.7A;6!89:C! :45:C8:4;8:L646CC!AC!A!L64E6!8<!6GK76CC!896HC6@L6C!L:CEA@@/>!)8!K7<L:56C!A!C87<4I! K67C<4A@!;<446;8:<4!8<!896:7!A78!F9:@6!;AC8:4I!A!L6:@!<=!E4;678A:48/!8<!896!L:6F67C>!0C! A4!A78!86A;967M!)!.@6C!896H!8<!6GK76CC!896:7!LE@467A.:@:8:6C!6GK<E45:4I!EK<4!89:C!LAIE6! :4867K768A8:<4M!64;<E7AI:4I!896!AE5:64;6!8<!64IAI6!F:89!896:7!A78>!! ! 29:@6!:4L6C8:IA8:4I!:5648:8/!;<4C87E;8:<4!=<7!89:C!A78D.AC65!76C6A7;9!)! 56L6@<K65!A!K<787A:8E76!@6CC<4!=<7!H/!C6L6489!I7A56!H:55@6!C;9<<@!C8E5648C>!)!8<<Z! 5:I:8A@!96A5!C9<8C!<=!6A;9!C8E5648!8<!EC6!AC!76=6764;6!8<!;76A86!A!C6@=DK<787A:8>! )4:8:A@@/!HA4/!C8E5648C!76A;865!A5L67C6@/!8<!896!K9<8<I7AK9:;!K<78:<4!<=!896!K7<b6;8M! A!76@A8:L6@/!8/K:;A@!76CK<4C6!=<7!HA4/!H:55@6!C;9<<@!C8E5648CM!5:CK@A/:4I!896:7! :4C6;E7:8:6C!<=!C6@=D:HAI6>!)!C688@65!896!AKK76964C:<4!.6!EC65!AC!A!K@A4!<7!IE:56!=<7!896:7!C6@=DK<787A:8>!&96!C8E5648C! ! ! ! ]V! A45!)!SE:;Z@/!76A@:J65!896!:HK<78A4;6!<=!896!:45:L:5EA@!C8E5648!K<C6C>!X<F!896! K:;8E76C!;AK8E765!896:7!;@ACCHA86Cc!:5648:8:6CM!76L6A@:4I!=AH:@:A7!A45!E4=AH:@:A7! SEA@:8:6C>!0C!)!76=@6;8!<4!89:C!ACC:I4H648!A45!896!6GK67:64;6C!C9A765!:4!896!A78! ;@ACC7<<HM!)!76A@:J6!)!E4Z4<F:4I@/!=<7;65!H/!C8E5648C!8<!76=@6;8!<4!896:7!<F4! :5648:8:6C!897<EI9!89:C!K7<b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e0QQ,$+)O!B>Vf!! Y:56<!5<;EH648A8:<4M!K9<8<I7AK9C!A45!AE5:<!76;<75:4IC!K7<L:565!5A8A!8<! CEKK<78!896!A;8:L:8/!64IAI6H648!<=!896!;<HHE4:8/!H6H.67C>!&96!:4=<7HA8:<4! ! ! ! ]T! :45:;A86C!C:H:@A7!=:45:4IC!89A8!)!6GK67:64;6!:4!896!A78!7<<H!<4!A!5A:@/!.AC:C>!#=!;<E7C6! :8!:C!46;6CCA7/!8<!H648:<4!89:C!A;8:L:8/!FAC!L<@E48A7/!E4@:Z6!A78!65E;A8:<4!;@ACC>! 0KK7<G:HA86@/!]U!K6<K@6!KA78:;:KA865!:4!896!=:IE76!K7<5E;8:<4h!9A@=!896!A8864566C! 6AI67@/!AKK7<A;965!896!HA867:A@!8A.@6!A4G:<EC!8<!@6AL6!896:7!HA7Z>!! &96!;<HHE4:8/!=:IE76!e0QQ,$+)O!B>Vf!FAC!:4CK:765!.AC65! 76C6A7;9!C8E5/>!)8!56L6@<K65!AC!A4!A55:8:<4A@!@:=6!C:J6!=:IE76!8<!K67=<7H!A! 5<;EH64865!76C6A7;9!A78!A;8:L:8/>!&96!;<HHE4:8/!=:IE76!FAC!A4!A78!A;8:L:8/! 56L6@<K65!8<!;<:4;:56!F:89!H/!H:55@6!C;9<<@C!4:I98!<=!896!A78C!K7<I7AH>!&9:C!6L648! C9<F;AC65!C6L67A@!=:46!A78C!;@ACC6C!A8!H/!C;9<<@M!:4;@E5:4I!.A45M!<7;96C87AM!;9<7ECM! 5A4;6!A45!L:CEA@!A78C>!0C!896!6L64:4IC!IE6C8C!A76!F6@;<H65!A8!896!C;9<<@!./!C6@6;865! C8E5648!EC967C!A45!IE:565!5<F4!896!765!;A7K68!8<!896!5:4:4I!A76A!@<;A865!:4!896! H65:A!;64867>!! &96!765D;A7K6865!9A@@FA/!:C!@<;A865!:4!896!=:46!A78C!F:4I!<=!896!C;9<<@>!0C! IE6C8C!A77:L6!896/!A76!H68!F:89!A!C8E5648!A78!6G9:.:8!C9<F;AC:4I!896!=:46C8!K:6;6C!<=! A78F<7Z!IA8967!897<EI9<E8!896!/6A7!5:CK@A/65!<4!896!FA@@C!<=!896!9A@@FA/>!)4! A55:8:<4!8<!896!C8E5648!A78M!)!5:CK@A/65!H/!C67:6C!<=!=:IE76C!56L6@<K65!:4!H/!*6<7I:A! %8A86!(4:L67C:8/!I7A5EA86!@6L6@!57AF:4I!A45!KA:48:4I!;@ACC>!&96!;<HK@6865!=:IE76C! K7<L:565!H<8:LA8:<4!A45!:4CK:7A8:<4!=<7!896!A8864566C!8<!KA78:;:KA86!:4!896!;76A8:<4! <=!896!;<HHE4:8/!=:IE76>! 0!8A.@6!FAC!C68EK!:4!896!;<7467!<=!896!9A@@FA/!F:89!A78!HA867:A@C!8<!K7<5E;6! 896!;<HHE4:8/!=:IE76>!&96!=:IE76!:C!;E8!<E8!<=!9A@=D:4;9!K@/F<<5M!KA:4865!.@A;Z!EC:4I! A;7/@:;!KA:48>!&96!I64567!:C!4<4DCK6;:=:;!8<!A@@<F!=<7!AH.:IE:8/>!&96!A78!HA867:A@! ! ! ! ]]! ;<4C:C865!<=!LA7:<EC!;<@<765!A;7/@:;!KA:48CM!.7EC96CM!C8AHKCM!KA:48!K64CM!C8:;Z67C!A45! C9A7K:6!HA7Z67C>!&96!6L64:4IcC!896H6!FAC!:48674A8:<4A@!5:L67C:8/M!76=@6;8:4I! :5648:8/!A45!:5648:8/!;<4C87E;8:<4!<4!A!@<;A@M!76I:<4A@M!4A8:<4A@!A45!I@<.A@!@6L6@M! 76K76C648:4I!896!HA4/!6894:;:8:6C!A45!4A8:<4A@:8:6C!647<@@65!:4!896!C;9<<@!A45! :4L<@L65!F:89:4!896!;<HHE4:8/>!! ! Q7:<7!8<!896!KE.@:;!;<HHE4:8:6C!KA78:;:KA8:<4M!C6L67A@!86A;967C!A45!C8E5648C! K@A;65!896:7!HA7Z!<4!896!=:IE76>!?/!89<EI98!FAC!89:C!F<E@5!6AC/!896!=6A7C!<7! 76@E;8A4;6!<=!896!IE6C8C!<=!.6:4I!896!=:7C8!8<!KA78:;:KA86>!)4!7687<CK6;8!89:C!FAC!A! I<<5!:56AM!:8!64;<E7AI65!=<@ZC!8<!A55!896:7!<F4!K67C<4A@!K:6;6!<=!A78!8<!896!=:IE76>!!! &96/!C<7865!897<EI9!896!LA7:<EC!A78!CEKK@:6C!ALA:@A.@6!8<!;A76=E@@/!;9<<C6!896!6GA;8! 76K76C648A8:<4!76=@6;8:4I!896:7!:5648:8/>!0C!)!76L:6F65!896!L:56<!5<;EH648A8:<4!:8! FAC!AKKA7648!89A8!C6L67A@!KA78:;:KA86C!A5565!<4!8<!6G:C8:4I!A78M!896/!C66H65!H<76! ;<H=<78A.E8<7C!;9<C6!8<!C:I4! 896:7!4AH6!A@89<EI9!A!C66H:4I@/!C:HK@/!A;8M!76L6A@C!HE;9!A.<E8!:45:L:5EA@!:5648:8/>!! 0!K67C<4kC!C:I4A8E76!:C!A4!:45:L:5EA@!6GK76CC:<4!C<!E4:SE6!8<!896!F7:867!! 89A8!:8!:C!:5648:=:65!@6IA@@/!AC!./!89A8!C:4I@6!K67C<4!A45!4<46! <8967>!-<E7!C:I4A8E76M!9<F6L67M!5<6C!H<76!89A4!:5648:=/!/<E>!)8!A@C<!6GK76CC6C! /<E!A45!/<E7!:45:L:5EA@:8/M!/<E7!;76A8:L:8/>!-<E7!C:I4A8E76!:C!87E6!8<!/<E7C6@=>! )4!89:C!C64C6M!/<E!A@76A5/!CK6AZ!896!4<4DL67.AC:;!6@6H648!<=!57AF:4IM!@:46M!:4!A4!6GK76CC:L6!FA/M!E4:SE6!8<!/<E7C6@=>! e,5FA75CM!V`\`M!K>!]\f! &96!<8967!KA78:;:KA86C!466565!LA7:<EC!@6L6@C!<=!K67CEAC:<4!8<!8AZ6!KA78!:4!896! A;8:L:8/>!#=!;<E7C6!)!96A75!896!8/K:;A@!76CK<4C6!<=!i)!;A4c8!57AFgM!HE;9!8<!H/!;9AI7:4>! ! ! ! ][! )!8<<Z!896!76CK<4C6C!AC!A!;9A@@64I6!8<!64;<E7AI6!896C6!=<@ZC!:45:L:5EA@@/M!<==67:4I! CEII6C8:<4C!A45!ACC:C8A4;6!F:89!H65:EHM!;<@<7!A45!K@A;6H648>!?E;9!8<!896:7! CE7K7:C6!896/!64b</65!.&<%&="%"<#5*"#! ,GK@<7:4I!:5648:8/!AC!A!76C6A7;967!64;<HKACC6C!;<4;6K8C!6GK@<765!897<EI9! @:867A8E76M!A4A@/J65!:4!H689<5<@<I/!A45!5<;EH64865!897<EI9!76=@6;8:<4>!&9:C!A78D .AC65!C8E5/!E8:@:J65!896C6!=A;68C!8<!;<HK:@6!:4C:I98!:48<!:5648:8/!;<4C87E;8:<4! 897<EI9!896!L:CEA@!A78C>!Y:CEA@!A78C!76C6A7;9!76=@6;8C!896!:4L6C8:IA8:L6!K7<;6CCM! K<8648:A@@/!76CE@8:4I!:4!A!C:I4:=:;A48@/!76;<I4:JA.@6!:4;76AC6!<=!896<768:;A@!A45! K7A;8:;A@!Z4<F@65I6>!'9<45A!2A87:4!eV```f!6HK9AC:J6C!89A8!A78!76C6A7;9!iC6:J6C! 896!=E@@46CC!<=!@:L65!6GK67:64;6!.:4IM!:4867K768:4IM!;76A8:4IM!76;<4C8:8E8:4I! A45!76L6A@:4I!H6A4:4Ig!K>!e`]f>!0C!A4!A78:C8M!86A;967!A45!76C6A7;967!6GAH:4A8:<4M! 56C;7:K8:<4M!:4867K768A8:<4!A45!H6A4:4I!A76!57AF!=7<H!@:L65!6GK67:64;6C>!&96C6! 6GK67:64;6C!:46L:8A.@/!;<4C87E;8!:5648:8/>!! ! 3:867A7/!=:45:4IC!;<4;E7!F:89!896!4<8:<4!<=!:45:L:5EA@!6G;9A4I6C!A45! 6GK67:64;6C!;<4C87E;8!C6@=D:5648:8/>!Y/I<8CZ/!eV`\_f!A45!,7:ZC<4!eV`[^f!C9A76!896! .AC65!EK<4!896!b<E746/!87AL6@65!;<HK:@:4I!89:C!C8E5/>!'6@A/:4I!<4!896! 76=@6;8:L6!5A8A!;<@@6;865!5E7:4I!896!;<E7C6!<=!H/!I7A5EA86!@6L6@!57AF:4I!A45! KA:48:4I!;@ACC!:4!896!=A@@!<=!TUVU!A8!*6<7I:A!%8A86!(4:L67C:8/>!&96!K7<=6CC<7! ! ! ! ]a! 64;<E7AI65!H6!8<!:4L6C8:IA86!H/!:5648:8/!AC!A4!A78:C8!A45!A!86A;967!A45!EC6!H/! H:55@6!C;9<<@!C8E5648C!AC!:4CK:7A8:<4>!)!FAC!:4CK:765!.<89!;E77648!A45!KAC8! C8E5648C!)!9A5!:4!H/!A78!65E;A8:<4!;@ACC6C>!&9:C!6GK67:64;6!A@@<F65!H6!8<!76C6A7;9! :5648:8/!;<4C87E;8:<4!897<EI9!896!L:CEA@!A78CM!:8!A@@<F65!=<7!CE.A;Z!=7<H!896!K7<=6CC<7!A45!;@ACCHA86C>!&9:C! 6GK67:64;6M!89<EI9!E4Z4<F:4I!A8!896!8:H6M!@A:5!896!:4:8:A@!=<E45A8:<4!=<7!76C6A7;9! =<7!89:C!A78CD.AC65!76C6A7;9!C8E5/>! ! &96!C67:6C!<=!@:=6!C:J6!C:@9<E6886!=:IE76C!K7<L:565!896!H6A4C!8<!6GK@<76! :5648:8/!;<4C87E;8:<4!897<EI9!896!L:CEA@!A78C>!0!CK6;:=:;!C8E5648!:4CK:765!6A;9!=:IE76M! .E8!:C!A;8EA@@/!H/!:4867K768A8:<4!<=!A!H<76!I6467A@:J65!A5<@6C;648>!)5648:8/! 76K76C64865!897<EI9!896!EC6!<=!C/H.<@:CH!A45!H68AK9<7>!3:867A7/!:4L6C8:IA8:<4!<=! :5648:8/!;<4C87E;8:<4!.AC65!<4!H/!@:867A8E76!76L:6F!C6;8:<4!K7<L:565!A!C87<4I! =<E45A8:<4!8<!:4L6C8:IA86!:5648:8/!;<4C87E;8:<4!897<EI9!896!L:CEA@!A78C>!,7:ZC<4! eV`]_f!K7<;@A:HC!:5648:8/cC!=E4;8:<4!:C!=E8E76!<7:64865!:8!:C!56L6@<K65!897<EI9!@:=6! C8AI6Ch!CE;;6CC=E@!<7:648A8:<4!K7<5E;6C!CK6;:=:;!K67C<4A@:8/!87A:8CM!F9:;9!A76! ;9A4I:4I!A45!.E:@5:4I!EK<4!6GK67:64;6C>!&96C6!6GK67:64;6C!A76!6L:5648!=7<H!896! K7<5E;8:<4!K7<;6CC!;76A8:4I!LA@EA.C6SE648@/!=:IE76C!;<HK@6865!:4!89:C!A78D.!e0QQ,$+)O!Rf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e0QQ,$+)O!0f>!&96!76C6A7;9!=<7!89:C!=:IE76! ;<4C:C865!<=!K9<8<I7AK9C!<=!H/C6@=h!896/!CKA4!H/!@:=6M!9:I9@:I98:4I!5:==67648!AI6C! A45!C8AI6C>!,A;9!K9<8<I7AK9!FAC!HA4:KE@A865!8<!=:@@!896!CE7=A;6!<=!A!C9AK6M!89:C!A78! AKK7<K7:A8:<4!K7<;6CC!;76A865!A!46F!K:6;6!<=!A78F<7Z!76DL:C:<4M!76D6LA@EA8:<4M! LA7:A8:<4M!L67C:<4M!A45!:4867K768A8:<4!<=!6G:C8:4I!:HAI6C>!&96!K9<8<I7AK9C!A76! ACC6H.<@:J:4I!896!@A/67C!<=!@:=6cC!6GK67:64;6C!56K:;8:4I! A!H68AK9<7!<=!H/!K67C<4A@!b<E746/!897<EI9!@:=6>!&9:C!b<E746/!<7!K7<;6CC!<=! 56L6@<KH648!5:76;8@/!76@A86C!8<!H/!:5648:8/!;<4C87E;8:<4>!&9:C!:HAI67/!K<CC6CC6C! 896!A.:@:8/!8<!C9<F;AC6!A!H<H648!:4!8:H6M!8<!;AK8E76!/<E7!:45:L:5EA@:8/!A8!A! KA78:;E@A7!K@A;6>!Y:6F65!AC!<46!:HAI6!89:C!K:6;6!76K76C648C!A!L:CEA@!76K76C648A8:<4! <=!H/!@:L6M!.E8!A@C<!:@@EC87A86C!896!K<:48!<=!;<48:4E<EC!;9A4I6>!)5648:8/!;<4C87E;8:<4! :C!A@FA/C!:4!=@EGM!;9A4I:4I!A45!A5AK8:4I!8<!46F!6GK67:64;6C!:4!@:=6>! ! $6F!6GK67:64;6C!A76!L:8A@!:4!@:=6M!A78:C8C!76@A/!<4!89:C!Z4<F@65I6!8<!;76A86!A78>!! 04!A78!6L648!A8!H/!C;9<<@!FAC!H<8:LA8:<4!8<!K7<5E;6!C:56!8F<!<=!>3<<9.67C!:4CK:765!H/!A78!=<7!896!@:=6!C:J6!;<HHE4:8/!C:@9<E6886!=:IE76>! 04A@/C6C!A45!76=@6;8:<4!<=!L:56<!5<;EH648A8:<4M!K9<8<I7AK9CM!A45!AE5:<!76;<75:4IC! <=!896!A8864566Cc!KA78:;:KA8:<4!:4!896!A78!A;8:L:8/!K7<L:565!76C6A7;9!8<!;76A86!C:56! 8F<!<=!>3<<9.7A8:<4!<=!896!6L64:4ICc!K67=<7HA4;6C>!&<!:4;<7K<7A86!896!6GK76CC:L6! =66@:4IC!<=!467L<EC!6489EC:ACH!;AK8E765!:4!L:CEA@!76K76C648A8:<4>!)!;9<C6!8<!EC6!A! I6C8E7A@!C8/@6!<=!KA:48:4I!8<!H68AK9<7:;A@@/!:4867K768!89:C!K<F67!<=!H<L6H648!.6:4IM!H68AK9<7:;A@@/!89:C!4<4DI64567!AKK6A@C!AC!I@<.@A;Z!C:@9<E6886!=<7H!:C! ;A@H:4IM!C8:@@M!K<:C65!:4!A!=7<J64!C8A4;6!89:C!649A4;6C!896!I6C8E7A@!KA:48!AKK@:;A8:<4! =E78967M!89:C!KEC9!A45!KE@@!6L<Z6C!896!:4467!9EHA4!8E7H<:@!64;AC65!./!896!;A@H! 6G867:<7>!! i'6C6A7;9!:C!896!5:C;<L67/M!56L6@<KH648A@M!76C8<7A8:L6M!6LA@EA8:L6!=E4;8:<4!<=! K7AG:Cg!)7F:4!eTUU[M!K>!V_^f>!078:C8C!K67=<7H!76C6A7;9!897<EI9!HE@8:K@6!L64E6C! 86G8EA@M!L:CEA@M!A45!K9/C:;A@!K7<5E;8:<4!K7<;6CC>!&9:C!HE@8:K@:;:8/!:C!6L:5648!AC! AKK@:65!8<!896!A78:C8C!:4;@E565!:4!89:C!C8E5/>!3<E:C6!B<E7I6<:CM!WA7A!2A@Z67!A45! 1<4A89<4!B<7<=CZ/!6A;9!9AL6!:4867K76865!896:7!K67C<4A@!@:L65!6GK67:64;6C!AC! 76C6A7;9!76@6LA48!8<!896:7!A78M!:@@EC87A8:4I!F9A8!)7F:4!76=67C!8<!AC!HE@8:K@6!645C>!%96! .6@:6L6C!A!@6I:8:HA86!645!<=!76C6A7;9!;A4!=E78967!:4L:I<7A86!896!K7<;6CC>!&9:C! ;<4;6K8!:C!5:CK@A/65!:4!6A;9!A78:C8!C<@E8:<4!<=!:5648:8/!;<4C87E;8!897<EI9!896:7!A78M! ! ! ! ]_! 896!645!;A4!.;<4C;:<EC@/M!;76A8:4I! 4EH67<EC!:4867K768A8:<4C!8<!:5648:8/!;<4C87E;8:<4!897<EI9!896!EC6!<=!C/H.<@:CH! A45!H68AK9<7>!i078!AC!;<48648M!;<486G8M!A45!:48648M!89A8!:C!HE@8:K@6!:5648:8:6CM!:C! ;<HKA8:.@6!F:89!76C6A7;9!AKK7<A;96C!89A8!A;Z4<F@65I6!@:L65!6GK67:64;6C!A45! HE@8:K@6!K67CK6;8:L6C!A45!C66!76C6A7;967cC!CE.b6;8:L:8/!A45!9:C8<7:;:8/!AC!:486I7A@!8<! 896!C8E5/g!e)7F:4!TUU[f>! ! ! ) ) ) ) ) ) ) ) ) ! ! ! ]`! $'($,7/#'() !! )!9AL6!56L6@<K65!H/!A78D.AC65!76C6A7;9!C8E5/!897<EI9!5<;EH64865!76C6A7;9M! A78!K7<5E;8:<4!K7<;6CC!A45!A4A@/8:;A@!76=@6;8:L6!86G8!6G;ALA8:4I!:5648:8/!;<4C87E;8:<4! 897<EI9!896!E8:@:JA8:<4!<=!C/H.<@:CH!A45!H68AK9<7>!&96!KE7K<C6!<=!89:C!C8E5/!FAC! IE:565!./!89766!SE6C8:<4CP! )4!F9A8!FA/C!H:I98!)!56L6@<K!:HAI6C!<=!K67C<4A@!:5648:8/!:4!H/!A78d!! )4!F9A8!FA/C!H:I98!)!56L6@<K!:4C:I98!:48<!H/!:5648:8/!:4!H/!A78F<7Zd!! X<F!89:C!87A4C:8:<4!:HKA;8C!H/!76@A8:<4C9:K!F:89!H/!C8E5648CM!;<@@6AIE6CM!=7:645C! A45!=AH:@/d!! ! !)!=<E45!896!=<@@<F:4I!SE<86!./!3AZ<==!A45!1<94C<4!eV`_Uf!8<!.6!L67/!96@K=E@!:4! E4567C8A45:4I!H/!;76A8:L6!K7<;6CC!A45!H/!;<4C87E;8:<4!<=!:5648:8/>! 26!C66Z!<E8!K67C<4A@!H68AK9<7C!8<!9:I9@:I98!A45!HAZ6!;<967648!<E7!<F4! KAC8CM!<E7!K76C648!A;8:L:8:6C!A45!<E7!576AHCM!9<K6C!A45!I<A@C!AC!F6@@>!0!@A7I6! KA78!<=!C6@=DE4567C8A45:4I!:C!896!C6A7;9!=<7!AKK7<K7:A86!K67C<4A@!H68AK9<7C! 89A8!HAZ6!C64C6!<=!<E7!@:L6C>!%6@=DE4567C8A45:4I!76SE:76C!E4645:4I! 46I<8:A8:<4!A45!7646I<8:A8:<4!<=!896!H6A4:4I!<=!/<E7!6GK67:64;6!8<!/<E7C6@=>! )8!:4L<@L6C!896!;<4C8A48!;<4C87E;8:<4!<=!;<96764;6C!:4!/<E7!@:=6M!;<96764;6C! 89A8!I:L6!46F!H6A4:4I!8<!<@5!6GK67:64;6C>!&96!K7<;6CC!<=!C6@=DE4567C8A45:4I! :C!896!;<48:4EA@!56L6@<KH648!<=!46F!@:=6!C8<7:6C!=<7!/<E7C6@=>!e3AZ<==!j! 1<94C<4M!V`_UM!K>!T]TDT]]f>! ! ! ! [U! &9:C!:4SE:7/!96:I9864!H/!AFA7646CC!8<!896!:HK<78A4;6!<=!896!A78DHAZ:4I! A;8:L:8/M!:8!HA56!:8!K<CC:.6! A56SEA86@/!F:89!F<75C!e)7F:4M!TUU[f>!&96!K<F67!<=!A78:C8:;!76K76C648A8:<4C!:C!89A8!:8! i;A4!<;;E7!<4!HE@8:K@6!@6L6@CM!64IAI:4I!HE@8:K@6!C64C6CM!K7<5E;:4I!A!H<76!L:C;67A@! :HKA;8!89A4!5<6C!86G8EA@!K7<C6!A45!964;6!6@:;:8:4I!I76A867!:486@@6;8EA@N6H<8:<4A@! 76CK<4C6g!eW<45<M!V``aM!K>!^Tf>!&9:C!K7<;6CC!<=!K7<=<E45!:4SE:7/!A@@<F65!H6!8<! 6GAH:46!ACK6;8C!<=!H/C6@=!89A8!A76!C<!566K@/!KA78!<=!H/!KC/;96!89A8!8AKK:4I!896H! =<7!:487<CK6;8:<4!76SE:76C!A!CK6;:A@!AFA7646CC>!)!5:C;<L6765!896!K9/C:;A@!A;8!<=!A78! HAZ:4I!ACC:C865!H6!8<!.7:4I!:4467H<C8!89<EI98C!A45!K67C<4A@!K67CK6;8:L6C!8<!896! CE7=A;6!=<7!6GAH:4A8:<4>!&9:C!:4C:I98!:48<!H/!:5648:8/!897<EI9!H/!A78F<7Z!K7<L:565! A4!:4C8:4;8EA@!K<:48!<=!56KA78E76M!896!F<75C!56L6@<K65!@A867M!5E7:4I!896!76=@6;8:L6! K7<;6CC>!! B/!76=@6;8:4I!<4!H/!HE@8:K@6!7<@6C!AC!A78:C8N86A;967N76C6A7;967!897<EI9!896! :4L6C8:IA8:<4!<=!:5648:8/!;<4C87E;8:<4!:4!89:C!A78D.AC65!76C6A7;9!C8E5/M!)!AH!;<48648! 89A8!896!76CE@8C!89A8!76=@6;8!H/!6GK67:64;6C>!)!.6@:6L6!H/!:5648:8/!<=!C6@=!9AC!6L<@L65! 8<!87EC8!H/!:4C8:4;8EA@!:4467!L<:;6M!8<!;76A86M!E4567C8A45M!A;;6K8!A45!6GAH:46! ;<4;6K8C!=E@@/!F:89<E8!96C:8A8:<4!<7!876K:5A8:<4>!RE@@/!:HH67C:4I!H/C6@=!:4!896! 76C6A7;9!K7<;6CC!K7<L:565!A!566K!@6L6@!<=!;<486HK@A8:<4M!:4864C6!6GK@<7A8:<4M! :45E;8:L6!76AC<4:4I!A45!5:L67I648!89:4Z:4I>!?/!K67CK6;8:L6!AC!A78:C8N86A;967!9AC! .<89!K67C<4A@@/!A45!K7<=6CC:<4A@@/>!!! ! &9:C!87A4C:8:<4!:HKA;8C!H/!76@A8:<4C9:K!F:89!H/!C8E5648CM!;<@@6AIE6CM!=7:645C! A45!=AH:@/!./!FA/!<=!A;9:6L:4I!I76A867!E4567C8A45:4I!<=!C6@=!A45!<8967C>!&97<EI9! ! ! ! [V! 896!K7<;6CC!<=!C9A7:4I!H/!A78F<7Z!F:89!H/!C8E5648C!A45!;<@@6AIE6C!:8!A@@<FC!896H! 8<!<.C67L6!A!C:56!<=!H/!:5648:8/!<E8C:56!896!5A:@/!;@ACC7<<H!6GK67:64;6C>! )4;<7K<7A8:4I!A78!:48<!H/!@:=6!C9<FC!=7:645C!A45!=AH:@/!H/!LE@467A.:@:8:6C!A45! K67C<4A@!6GK76CC:<4>!&96C6!SEA@:8:6C!76=@6;8!H/!:5648:8/!A45!9<F!)!EC6!A78!8<!6GK@<76! :5648:8/>!&9:C!5:A@<IE6!=<C867C!A!566K67!;<446;8:<4!F:89!H/!C8E5648CM!;<@@6AIE6CM! =7:645C!A45!=AH:@/>!"<4C6SE648@/!AC!76CE@8!<=!89:C!C8E5/M!)!.@6!8<!76L6A@!896:7!87E6!K67C<4A@:8:6C!:4!896!;@ACC7<<H!64L:7<4H648! A45!896:7!A78>!Q7<L:5:4I!CE77<E45:4IC!89A8!A76!CA=6M!A;;6K8A.:@:8/!8<!6GK@<76!896:7!:5648:8/!A45!;<4C87E;8!:5648:8/!897<EI9! 896!L:CEA@!A78C>!i)HAI6C!A@@<F!EC!8<!HAZ6!C8A86H648C!89A8!;A44<8!./!F<75Cg! eQ<CC67M!V``_M!K>!VU[f>!)!=66@!)!9AL6!A;9:6L65!A!566K67!E4567C8A45:4IM!8<@67A4;6!A45! K67C<4A@!AFA7646CC!C8E5/:4I!896!;<4;6K8!<=!:5648:8/!;<4C87E;8:4I!897<EI9!896!L:CEA@! A78C>!&96C6!6GK67:64;6C!:46L:8A.@/!K<C:8:L6@/!A==6;8!H/!76@A8:<4C9:KC!F:89!H/! C8E5648CM!;<@@6AIE6CM!=7:645C!A45!=AH:@/>!! ! )!.<E8!H/!:5648:8/!F:@@!:HKA;8!H/!86A;9:4I!:4! HE@8:K@6!A76AC>!)8!9AC!A==<7565!H6!896!<KK<78E4:8/!8<!:4L6C8:IA86!H/!K67C<4A@!L:6FC! A.<E8!H/C6@=!K67C<4A@!A45!K7<=6CC:<4A@@/>!,GK@<7:4I!896C6!:48674A@!=66@:4ICM! 6H<8:<4CM!:56AC!A45!;<4;6K8C!F:@@!76C<4A86!F:89:4!H/!89<EI98C>!'6HA:4:4I!;@<C6!8<! 896!CE7=A;6!8<!:4=@E64;6!H/!A;8:<4C!<7!76A;8:<4C!AC!A!86A;967>!&9:C!C6@=DA4A@/C:C! 897<EI9!89:C!A78D.AC65!C8E5/!9AC!A@@<F65!H6!896!<KK<78E4:8/!8<!C9A76!89:C! Z4<F@65I6!F:89!H/!C8E5648C>!)!C87<4I@/!76;<HH645!=<7!86A;967cC!8<!C9A76!896:7! K67C<4A@!A78!F:89!C8E5648C>!&6A;9:4I!896!;<4;6K8!<=!:5648:8/!;<4C87E;8:<4!897<EI9! 896!L:CEA@!A78C!I6467A86C!.<89!86A;967!A45! ! ! ! [T! @6A7467!e)7F:4!TUU[f>!! ! ! ! )!F<E@5!C87<4I@/!76;<HH645!A78!65E;A8<7C!8<!;76A86!F<7ZC!<=!A78!89A8!96@K! 6GAH:46!896!76@A8:<4C9:K!<=!:5648:8/!:4!896!A78!;@ACC7<<H>!?/!K67C<4A@!6GK67:64;6! 56H<4C87A86C!896!@6A7467!;<446;8C!8<!896:7!A78!:4!A!566K67M!H<76!H6A4:4I=E@!FA/M!:4! 8E74!;76A8:4I!A45!K7<5E;:4I!SEA@:8/!A78F<7Z>!078!;A4!K7<L:56!A!L64E6!=<7!C8E5648cC! 8<!:4L6C8:IA86!896:7!89<EI98CM!6H<8:<4C!A45!:4467!K67C<4A@!:5648:8/!L:CEA@@/! A78:;E@A8:4I!896:7!<F4!6GK67:64;6C!<7!@:=6!C8<7/>!&9:C!;<HHE4:;A8:<4!F:@@! 56H<4C87A86!A!566K67!E4567C8A45:4I!<=!896HC6@L6C!A45!<8967C>!i&96!7<@6C!<=!A78!A76! 8<!96@K!EC!E4567C8A45!<E7C6@L6C!A45!<8967C!A45!8<!64IAI6!F:89!A4<8967!:4!896! K7<;6CC!<=!HAZ:4IM!76;6:L:4IM!A45!6H.7A;:4I!:HK<78A48!H6A4:4IC!89A8!A76!;A77:65! 897<EI9!896!6@6IA4;6!<=!A6C8968:;!=<7Hg!e04567C<4!j!?:@.7A458M!TUUaM!K>!T]Tf>!! ! ,GAH:4:4I!K67C<4A@!:5648:8/!897<EI9!896!L:CEA@!A78C!.646=:8C!C8E5648!C6@=D AFA7646CC>!&9:C!;<4C;:<EC!76=@6;8:<4!K67H6A86C!.<45!HEC8!6GKA45!8<!A@@!K6<K@6M! 7A8967!89A4!bEC8!K6<K@6!F9<!@<<Z!@:Z6!EC!<7!@:L6!.6@:6=C!<=!<46C!<F4!:5648:8/!A45!8<!A;;6K8!HE@8:K@6!:5648:8/!K67CK6;8:L6CM! EC:4I!L:CEA@!76K76C648A8:<4>!%8E5648C!C9<E@5!.6!I:L64!896!<KK<78E4:8/!8<!6GK@<76! :CCE6C!;<4;674:4I!C6@=!:4!A78!65E;A8:<4>!&9:C!64;<E7AI6H648!A==<75C!C8E5648C!8<! :HH67C6!896HC6@L6C!:4!76A@!@:=6!:48676C8C!A45!;<4;674C>!,GK@<7:4I!896C6!:CCE6C! 76@6LA48!8<!896:7!@:=6!A45!K67C<4A@!C8<7/!;A4!@6A5!8<!A!K67C<4A@!87A4C=<7HA8:<4M!89EC! :5648:8/!;<4C87E;8:<4>!!! ! )!.6@:6L6!A78!65E;A8:<4!C9<E@5!:4;@E56!ACK6;8C!<=!C6@=D:5648:8/!:4!896!L:CEA@!A78C! ;E77:;E@EH>!&9:C!A76A!<=!6GK@<7A8:<4!.

Nội dung được bảo vệ bản quyền — Tải xuống đầy đủ