el gallo de oro - juan rulfo

8/7/2019 El gallo de oro - Juan Rulfo

1/30

! "#$ %& "'()

!"#$%""'(#&)&!"#$%""'(#&)&


2/30

! "#$ %& "'() %!"#$%&'#()%&'$#*#'+%'(),-,'!"./+0/)%12,'3,+'*,45$%1#'6/%1'7/+.#'86%+5&$#9':;5/3%3'3,'?@45$#9':;=AB'$#1-#$%1'2%12%'%3*5)%$5C1'!"/15-,)&%+',&25*%D'E,&3,'+%'3,+'.,+5F','51(#)1%(+,'6#)0,'G/5&'H#)0,&'!I/,'+#'51$+/JC',1'&/'KH5(+5#2,$%'",)%+L'J,&$)5(5C'(),'&/'#()%'J'M,)%'$#1'+/*51#&%'$,)2,F%!'N%&2%'+%'3,'+#&'*5++#1,&'3,'%1C15*#&'I/,',1'O*@)5$%'J',1',+'*/13#'),$#1#$,1',1'&/'+52,)%2/)%'/1%'$#12)%&,P%'M%)%3,12)%)&,',1'+%'N5&2#)5%'M)#./13%'3,',&,'*/13#'!,+')/)%+!'$/J%'%0#1Q%'J',4251$5C1',&

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

W12),+51,%3#',1',+'&5+,1$5#'3,',&%&'-#$,&9',1'$#)2%12,'.5+50)%1%9'&,'),-,+%'/1'M%5&,&'!%3-5,)2,'X$2%-5#'"%F!'+%'3,&$)5M$5C1'3,'+#'I/,'-,1'1/,&2)#&'#$#%"&51#'+%'),-,+%$5C1'3,'+#'I/,',&2R'3,2)R&'3,'+%&'%M%)5,1$5%&'-5&/%+,&D'Y1'M%5&%S,'1/1$%',&2R'),.,)53#'%')%'$#&%9'%/1'/1'*R&'%++RD'W&'/1%'*,2%.Q&5$%9'/1%'),+505C19'/1%'53,%'3,+'N#*(),'J8DDDB'7/+.#',&',+'V15$#'1#-,+5&2%'*,45$%1#'I/,'1#&'N%'3%3#'/1%'5*%0,1'!1#'/1%'3,&$)5M!'3,'1/,&2)#'M%5&%S,L

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

W&,'M)#$,'3,'&Q12,&5&'J'),1#-%$5C1'$/+*51%',1 ',*-.#",/.(+# " 8:;Z


3/30

O*%1,$Q%D"#)'+%&'$%++,&'3,&5,)2%&'3,'_%1'?50/,+'3,+'?5+%0)#9'/1%'I/,'#2)%'*/S,)',1),(#F%3

$%*51%(%')/*(#'%'+%'50+,&5%9'%'+#&'++%*%3#&'3,'+%'M)5*,)%'*5&%D'O+0/1%&'*RM#+-#)5,12%&'$%++,&D

G,S%1#9'2%1'+,S#&'I/,'1#'&,'M,)$5(Q%1'&/&'M%+%()%&9'&,'#Q%',+'$+%*#)'3,'/1'M),0#3,',&'M),0#1,)#&'3,'M/,(+#9'I/,'-%1',&I/51%'M#)',&I/51%'0)52%13#'+%'),&,P%'3,'/1'%15*

M,)353#9'-*"/1'15P#'M,)353#'#'3,'%+0/1%'*/$N%$N%'M,)353%DDD'W1',+'$%'3,'+%'*/$N%$#&%'5(%'*R&'%++R9'M/,&'%3,*R&'3,'+%'.,$N%'3,'&/'3,&%M%)5$5C19'N%(Q%'I/,'3,$5)'&/M/,&2#'&/S,2#'I/,'&,'+%'N%(Q%')#(%3#9'J'3C13,',&2%(%'3,M#&52%3%9'J'&5'N%(Q%')%(%13#1#'3,'M%)2,'3,'+#&'M%3),&D'W&2#'&,'N%$Q%'M%)%',12,)%)'%+'M/,(+#'3,'+#'&/$,3-,)0b,1F%'#(+50%)%'%'+#&'./0%3#&'%'/15)&,',1'*%2)5*#15#DDD'W1'$/%12#'%'+#&'%15#(+50%$5C1'&%+5)'%'(/&$%)+#&9'&5',+'),&,P%)'&/'M@)353%'1#'35,)%'),&/+2%3#9'M/,&'3&,'M%0%(%',+'2)%(%S#D

>#1.#)*,'&,'%+,S%(%1'+%&'*/S,),&'N%$5%'+%'50+,&5%9'+%'),&,P%'3,+'M),0#1,)#'&$,)$%1%9'N%&2%'I/,9'3,2,153#',1'/1%',&I/51%9'%(#$51%13#'+%'-#F',12),'&/&'*%1#&'+%10)52#&'%0/3#&'J'.5+#&c

KO+%FR1'2#&2%3#DDD'E,'0)%1'%+F%3%DDD'>51$#'%P#&DDD'X),S%1#DDD'_,P%+,1',&,DDD'a%+&%')5,13%DDD'_,',42)%-5C',+'3Q%'3,'%125,)',1',+'M#2),)#'\#13#DDD'")#M_,$/1351#'>#+*,1,)#DDD'd,512,'M,&'3,'%+()5$5%&'%'I/5,1'+#',1$/,12),DDD'_51'%-,)50/%2%

W&2%'V+25*%'.)%&,',)%'+%)0%'J'3,&2,*M+%3%D'E,&M/@&'5(%'e*R&'%++R'J'-#+*5&*#',&2)5(5++#9'N%&2%'I/,',+'M),0C1'&,'%+,S%(%'3,'1/,-#'J'+/,0#'&,'35+-Q%',1'+#&')5*R&'%M%)2%3#&'3,+'M/,(+#D

T/5,1'%&Q',S,)$Q%',&2,'#.5$5#',)%'E5#15&5#'"51FC19'/1#'3,'+#&'N#*(),&'*R&'M#(),&'3,?50/,+'3,+'?5+%0)#D'd5-Q%',1'/1%'$%&/$N%'3,&-,1$5S%3%'3,+'(%))5#'3,+'O))%(%+9',1'$#*3,'&/'*%3),9',1.,)*%'J'-5,S%9'*R&'M#)'+%'*5&,)5%'I/,'M#)'+#&'%P#&D

f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

^/1$%'3,S%(%'/1')51$C1'3,'_%1'?50/,+'3,+'?5+%0)#'&51'&/'$+%*#)9'J%'./,)%'2)%(%S%13#,1$#*5,13%'3,'%+0/5,19'J'&5'1#9'(/&$%13#'+%'-%$%'*#25+#1%'3,+'&,P#)'$/)%9'I/,'2,1Q%'+%*%P%'3,'%)),13%)'M%)%',+'$,1#'$%3%'-,F'I/,'-,Q%'%(5,)2%'+%'M/,)2%'3,+'$#))%+'3,+'$/)%2#&/$,3Q%'$#1'3,*%&5%3%'.),$/,1$5%D'f'%/1'$/%13#'1#'.%+2%(%'%+0V1'3,$/M%3#'I/,'%),&,P%'&,'#.),$5,)%'M%)%'5)',1'(/&$%'3,'+%'*,12%3%'-%$%9'N%(Q%'#$%&5#1,&',1'I/,',+E5#15&5#'&,'#(+50%(%'%'N%$,)+#9'),$5(5,13#',1'$%*(5#9'/1%&'$/%12%&'(,135$5#1,&'J'+%

3,'5)'%'$#()%)',1',+'$5,+#',+'M%0#'3,'&/'%$#*,35*5,12#DO&Q'J'2#3#9'$#1'0%1%1$5%'#'&51',++%9'&/'-#F'1#'&,'#M%$%(%'1/1$%9'J'@+'&,0/Q%'$M#)I/,'%' 3,$5) '-,)3%39' 1#'+,'I/,3%(%' #2)%'$#&%'I/,'N%$,) 'M%)%'1#' *#)5)&,'3,'N%*(),D' f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

J%'*,35%3%'+%'1#$N,'I/,'./,'$/%13#'++,0C9'++,1#'3,'N%*(),'J'3,'$%1&%1$5#D'f'$#*#'#2)%-,$,&9'&/'*%3),'&,'+%&'%)),0+C'M%)%'M),M%)%)+,'/1'M#$#'3,'$%.@'J'$#$,)+,'/1#&'K1%-,I/, ' 1#' ,)%1' *R&'I/, ' 1#M%+,&'&%1$#$N%3#&9' M,)#' I/, '%+' *,1#&'&,)-Q%1 'M%)%' ,10%P


4/30

,&2C*%0#D",)#'1#'&5,*M),'+,'5(%'*%+D'OP#'$#1'%P#'M%)%'+%&'.5,&2%&'3,'_%1'?50/,+9'&,'%+I/5+

%1/1$5%)'+#&'$#1-52,&'3,'+%'.,)5%D'f'%++Q'+#'2,1Q%*#&9'3,+%12,'3,'+#&'#)#&'),2/*2%*(#)%'J'+#&'$N5++53#&'3,'+%'$N5)5*Q%9'%N/,$%13#'&/&'2,*M+%3#&'0)52#&'3,12)#'33,'$%)2C19'%1/1$5%13#'+%&'KM%)253%&L9'+#&'K$#+,%3#),&L9'+%&'2%M%3%&'J.,&25-53%3,& ' 3, ' +% ' 50+,&5%9 ' 3Q% ' 2)%& ' 3Q%' 3,+ ' 1#-,1%)5#9 ' 1# ' &51 ' 3,S%) ' 3, ' *,1$

,&M,$2R$/+#&'3,'+%&'$%)M%&'#'%+0V1'/10b,12#'(/,1#'M%)%'2#3#D'?/$N#'*R&'%2M)#$,&5C1'I/,'@+',1$%(,F%(%9'+#'&,0/Q%'+%'*V&5$%'3,'-5,12#9'%*,15F%13#'+#&')%2#&'3,+'M),0#1,)#'$#1'+%&'3,&%.51%3%&'1#2%&'3,+'g#M5+#2,'?#S%3#D'W+'3,&.5+,'2,)*51%(%3,'+%&'$%)),2%&9'%3#)1%3%&'3,'*/$N%$N%&9'(%S#'%)$#&'3,'$%))5F#'J'*5+M%&'25,)1%

W12#1$,&',)%'$/%13#'E5#15&5#'"51FC1'&,'#+-53%(%'3,'&/'-53%'++,1%'3,'M)5-%$5#1,$%*51%(%'$#12,12#'0/5%13#',+'$#1-52,9'%15*%13#'$#1'0)52#&'%'+#&'M%J%&'I/,'5(%1'*%)#*,%13#'J'N%$5,13#'$%()5#+%&'M%)%'35-,)25)'%'+%'0,12,D

*

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hh'-%$%&'I/,',)%1'2#3%'&/'M)#M5,3%M,&%)'3,'I/,'%+'.51%+'),$/M,)C'%+0#9'+#'3,*R&'&,'+,'./,'M#)',+'$%P#'3,'+%&'%M/,&2%&D

E5#15&5#'"51FC1'&,'+%&'-5#'(5,1'%M/)%3#'M%)%'$/*M+5)'$#1'2%12#'2)%(%S#DM),0#1,)#9'&51#'3,' 0)52C1' ,1' ,+' M%+,1I/,D'>#1&50/5C'%$%M%)%)' $%&5' 2#3%&'+%&'V+25*#&'3Q%&'&,'+,'#Q%'+%'-#F'$%1&%3%9'*%&'1#'M#)','3,SC'3,'%1/1$5%)'%'0)52*%13%2#&'3,+'_,12,1$5%3#)D

f',&'I/,'+%&'$#&%&'N%(Q%1'53#'2#*%13#'%+2/)%D'G+,0C'+%'N#)%',1'I/,'&C+#'&,',1.M+%F%& ' ./,)2,&9 ' $#1 ' %&5&2,1$5% ' 3, ' S/0%3#),& ' .%*#& ' -,153#& ' 3,&3, ' _%18O0/%&$%+5,12,&B9'`,#$%+25$N,9'O)%13%&9'>N%+$N5$#*/+%9'g%$%2,$%&9'2#3#&'M.51#&'I/,'3%(%'M,1%'-,)+#&'*#)5)D'f'-,153%&'3,'I/5@1'&%(,'3C13,9'N5$5,)#1'&/'%M%)5$5K$%12%3#)%&L9'2%+'-,F'%2)%Q3%&'M#)',+'#+#)'3,+'351,)#9'M/,&'%12,&'15'M#)'%&%$,)$%3#'%'_%1'?50/,+'3,+'?5+%0)#D'O+'.),12,'3,',++%&'-,1Q%'/1%'*/S,)'(#152%9'()%0%3%9),(#F#'%*,2%+%3#'(),',+'M,$N#'J'%'I/5,1'++%*%(%1'G%'>%M#1,)%9'I/5FR'M#)',+'%))%2,1Q%'$#1'+#&'N#*(),&D'G%'-,)3%3',&'I/,9')#3,%3%&'M#)'/1'*%)5%$N59'N5$5,)#1'$#1'&/'MJ'&/&'$%1$5#1,&'I/,'$),$5,)%'*R&',+',12/&5%&*#'3,'+%'M+%F%'3,'0%++#&D

W+'M%+,1I/,'3,'_%1'?50/,+'3,+'?5+%0)#',)%'5*M)#-5&%3#'J'1#'2,1Q%'$%M%$53%30)%13,&'*/$N,3/*(),&D'_,'%M)#-,$N%(%'M%)%',&2#',+'$#))%+'3,'/1%'+%3)5++,)%9'+,-%12RS%$%+C1'2,$N%3#'%'*,35%&'3,'F%$%2,D'W+'%15++#' ,&2%(%'N,$N#'$#1'+R*51%&'3,'2(%1$%&'I/,'+#')#3,%(%1'J'3#13,'&,'%$#*#3%(%',+'MV(+5$#9'1#',)%1'*R&'I/,'2%(+#1,&'%M#J,1'0)/,&'%3#(,&D'>#1'2#3#9',&,'%P#'&,'N%(Q%1'$#*M+5$%3#'/1'2%12#'+%&'$#&%&9'M&,'5*%051%)%'I/,'&,'5(%'%'%$/*/+%)'2%*%P%'$#1$/)),1$5%D'f9'M#)'&5'./,)%'M#$#9'&,',&M/1'*#*,12#'%'#2)#'+%'-5&52%'3,'/1#&'M#+Q25$#&D'"%)%',&2#9'+%'%/2#)53%3'#)3,1C'&,'3,&3#&'M)5*,)%&' .5+%&9' I/, 'M,)*%1,$5,)#1 '-%$Q%&' N%&2%'+%'++,0%3%'3,' %I/,++#&' &3,&M/@&9' M/,&'%M,1%&' &5' ,)%1' 3#&9'%/1I/,' $%3%' /1#' $#1'&/'$#)),&M#135,12,' $#*MM5&2#+,)#&D'W&2#&'&,'%$#*#3%)#1',1'+%'&,0/13%'.5+%'%',&M%+3%&'3,'&/'S,.,'$#)),&,++#&'3#&9',1'+%'M)5*,)%9'.),12,'%'.),12,9'&,M%)%3#&'M#)',+'%15++#D'f',1'$/%12#'35,)#1'M

+%&'M,+,%&9'&,'3,SC'-,)'I/,'%I/,+'M%)'3,',12,S%1%3#&'1#'&,'++,-%(%1'(5,1D'"%),$Q%1'N%++Q'M#)'%+0/1%'-5,S%')5-%+53%39'M/,&'1#'&C+#'3,*#&2)%(%1',1'+#'M,)%+'&51#M,+,%&D'_5' /1# '3,' ,++#&'2#*%(%'M%)253# 'M#) ' /1'0%++#9' ,+'#2)#' 3,S%(%' $%,)' &/' .%


5/30

$#12)%)5#D'O&Q9'N%&2%'I/,'+#&'R15*#&'&,'./,)#1'%$%+#)%13#9'J%'I/,'%*(#&'I/,)Q%10%++#&'0%1%)%1D'")#12#'-51#'+%'3,&%-,1,1$5%c',+'M,)3,3#)'&,'+,-%12%(%'J'$#1'@+'2#33,'&/&'%$#*M%P%12,&'J',&2#',)%'$#*,1F%)'%'+%1F%)&,'/1#'%+'#2)#'M/++%&'J'%*,1$#),%(%1'+#&'M5&2#+,)#&'),2%13#'%' +#&' M5&2#+,)#&'3,' ,1.),12,D'OI/,+' ,&M,$2R$/+#'30)/M#&'%+'M%),$,)',1./),$53#&9'%$%(C'M#)'),2,1,)'+%'%2,1$5C1'3,'2#3#',+'MV(+5$#9'I/,',&M&/$,35,)%'%+0V1'%+(#)#2#',12),'%I/,++#&'&/S,2#&'I/,'1#'M,)3Q%1'+%'#M#)2/153%3'3,'&

),+/$5)'+#'*/$N#'I/,'2,1Q%1'3,'-%+5,12,&D^#'2%)3%)#1'%+0/1#&',1'%(%13#1%)',+'M%+,1I/,'%12,',+'2,*#)'3,'I/,'./,)%'%'M)#3/$5)&,'/1%(%+%$,)%D'",)#'1#'&/$,35C'1%3%c'O+'2,)*51%)'+%'M,+,%9'+#&'3#&'M#+Q25$#&'&%+5,)#0%++#&D'_,',1$#12)%)#1',1'+%'M/,)2%D'O++Q'%*(#&'&,'2#*%)#1'3,+'()%F#9'J'*R&'2%)3,9(,(5,13#'S/12#&',1'/1'M/,&2#'3,'$%1,+%&9',1'/15C1'3,'+%&'$%12%3#)%&9'3,'&/&'M5&2#+M%),$Q%1'N%(,)'#+-53%3#'&/&'*%+%&'512,1$5#1,&9'J'3,+'"),&53,12,'?/15$5M%+'3,+'M/,(+&5'2#3#&',&2/-5,)%1'$,+,()%13#'&/'.,+5F',1$/,12)#D

*

",)#'-#+-5,13#'%'E5#15&5#'"51FC19'./,',1',&2%'*,12%3%'1#$N,'$/%13#'+,'$%*(5C'&/'&/,)2G%'V+25*%'M,+,%'3,'0%++#&'N5F#'-%)5%)'&/'3,&251#D_,'S/0%(%'/1'0%++#'(+%1$#'3,'>N5$#12,M,$'$#12)%'/1'0%++#'3#)%3#'3,'>N5N/%N/%D%M/,&2%&',)%1'./,)2,&'J'N%&2%'N/(#'I/5,1'&,'*%13%)%'$#1'$51$#'*5+'M,&'J'2#3%-Q2)#1$N%3#'J@13#+,'%+'3,'>N5N/%N/%D

W+'0%++#'(+%1$#'),&/+2C'K$#$#+#2,LD'O$,M2C'M,+,%)'%+'&,)'$%),%3#U'M,)#'J%'&/,+.(!("&,'),M+,0C'%12,'+%&'M)5*,)%&',*(,&253%&'3,+'3#)%3#'%'/1#'3,'+#&')51$#1,&D'f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

W+'.51#'0%++#'3,'>N5N/%N/%9'$#S52)%1$#9'%2%$C'&51'*5&,)5$#)35%'%+'K%+F%),25)%(%'%'&/')51$C1',1'$%3%'%$#*,253%U'M,)#'N%$Q%'/'3,'&/'*,35#'-/,+#'%+'&,125)&,O&Q'/1%'J'#2)%'-,F9'N%&2%'I/,9'1#'M/35,13#'),&5&25)',+'3,&%10),'3,'&/'N,)53%9',+'3#)%3#M5$#9',$NR13#&,'(),',+'M5'3,+'M%+,1I/,9'&51'I/,',+'(+%1$#'N5$5,)%',+'*R&'*Q15*#'512%2%$%)+#D

E,',&2,'*#3#9'%I/,+'%15*%+'$#(%)3,'0%1C'+%'M,+,%9'J'%&Q'./,'M)#$+%*%3#'M#)'E5"51FC1'$/%13#'0)52Cc

!i_,'N5F#'$N5$%'+%'M,+,%j'i"5,)3,'+%'0)%13,j',1&,0/53%'%P%35C!c'iO%%k()%1'+%&'M/W+ ' %*%))%3#) ' 3, ' >N5N/%N/%' ),$#05C ' % ' &/ ' 0%++#' *%+N,)53#D ' G,' M+C ' ,+' M

3,&$#10,&25#1%)+#'J'2)%2C'3,'I/,',+'%15*%+'&,'&2/-5,)%'(),'&/&'M%2%&D'",)#'%-#+-Q%'%'$%,)9'%M,P/&$%3#'$#*#'/1%'(#+%'3,'M+/*%9'35S#c

!k^#'I/,3%'*R&'),*,35#'I/,'),*%2%3#Df ' J%' ,&2%(%' 35&M/,&2# '%' 2#)$,)+,' ,+' M,&$/,F#9 ' $/%13#' E5#15&5#' "51FC1' &,' %2)

$#12,1,)+#c!^#'+#'*%2,'!+,'35S#!D'"/,3,'$/)%)&,'J'&,)-5)R'%/1I/,'&,%'M%)%'$)Q%DW+'3,'>N5N/%N/%')5C'(/)+#1%*,12,'J'+,'%))#SC',+'0%++#'%'E5#15&5#'"51FC1'$#*#'I/5

3,&M),13,'3,'/1'2)%M#'&/$5#D'E5#15&5#'+#'%+$%1FC'%'$#0,)'%+'-/,+#9'+#'%))#MC',1'&/&'($/53%3#9'$%&5'$#1'2,)1/)%'J'&,'),25)C'$#1'@+'3,+'M%+,1I/,D

O+'++,0%)'%'&/'$%&%9'N5F#'/1'%0/S,)#'3,(%S#'3,+'2,S%(R1'J9'%/45+5%3#'M#)'&/'*%3)%++Q'%+'0%++#9'3,SR13#+,'&C+#'+%'$%(,F%'3,'./,)%D


6/30

*

"%&%)#1'+#&'3Q%&D"E5#15&5#'"51FC1'-5-Q%'V15$%*,12,'M),#$/M%3#'M#)'&/'0%++#9'%+++,1%(%'3,'$/53%3#&D'G,'++,-%(%'%0/%'J'$#*53%D'G,'*,2Q%'*50%S%&'3,'2#)25++%'J'N#S3,12)#'3,+'M5$#9',&.#)FR13#&,'M#)'N%$,)+#'$#*,)D'",)# '*' "%15*%+'1#'2,1Q%'N%*(),9'15'&,39'M%),$Q%'2,1,)'+%*,12,'0%1%&'3,'*#)5)&,U'%/1I/,'%++Q',&2%(%'@+'M%)%'5*M,35)+#

$#1&2%12,*,12,'&51'3,&M,0%)'&/&'#S#&'3,'+#&'#S#&'&,*5k3#)*53#&'3,+'0%++#',12,))%3#D>#1'2#3#9'/1%'*%P%1%'&,',1$#12)C'$#1'+%'1#-,3%3'3,'I/,',+'0%++#'J%'1#'%()Q%'+#&'#2,1Q%',+'M,&$/,F#'2#)$53#9'$%Q3#' %' &/'&/,+2#'M,D'7RM53%*,12, '$#+#$C' /1'$%SC,125,))#'J'&,'M/'%'0#+M,%)+#'$#1'/1%'M5,3)%'3/)%12,'N#)%&'J'N#)%&D

>/%13#'%+'.51'I/52C',+'$%SC19',+'0%++#'+#'*5)%(%'%2/)353#'J'M#)',+'M5$#',12),%(5,)2#J'&%+Q%',+'%5),'3,'+%'),&/)),$$5C1D'G,'%))5*C'+%'$%F/,+%'3,+'%0/%'J',+'0%++#'(,(5CU$#*,)'*%&%'3,'*%QF'J'+%'2)%0C',1'&,0/53%D

"#$%&'N#)%&'3,&M/@&9' M%&2#),%(%'%'&/'0%++#'M#)' ,+'%+,%3,)#' 3,+'$#))%3#)%3#9'2#3%-Q%'$,15F#'3,'25,))%'I/,9'%'M,&%)'3,'3,)),10%)&,'%'$%3%')%2#'M#)'.%+2%)3,'&/'%+%'I/,()%3%9'3%(%'*/,&2)%&'3,'&/'.51%'$#135$5C19'5)0/5@13#&,'++,1#'3,'-%+#)'-53%D

l")#12#'&%1C'2%*(5@1'3,+'%+%D'O/1I/,'+,'I/,3C'/1'M#$#'*R&'+,-%12%3%'I/,'+%'$#12)%

%+,2,%(%'$#1'./,)F%'J'&/'(%25)',)%'()/&$#'J'3,&%.5%12,'%+'%+/*()%)'$%3%'*%P%1%D",)#'M#)',&,'25,*M#'*/)5C'&/'*%3),D'"%),$5C'&,)'$#*#'&5'N/(5,)%'$%*(5%3#'&/'-53%'M

-53%'3,+'K%+%'2/,)2%L'$#*#'%$%(C'++%*R13#&,',+'0%++#'3#)%3#D'"/,&'*5,12)%&'@&2,'),-5-,9'+%'*%3),'3,'E5#15&5#'"51FC1'&,'3#(+C'N%&2%'*#)5)9',1.,)*%'3,'*5&,)5%D

?/$N#&'%P#&'3,'M)5-%$5#1,&U'3Q%&',12,)#&'3,'N%*(),'J'1510/1%',&M,)%1F%9'+%'*%2M)#12#D'f 'J%'$/%13#'@+'$),Q%'N%(,)',1$#12)%3#'R15*#&'M%)%'+/$N%)'3,'.5)*,'M#)'+#&*%3),'1#'2,1Q%'),*,35#9'15'-#+/12%3'M%)%'),$/M,)%)'&/&'M,)353%&'./,)F%&D

W+'$%',&'I/,'*/)5CD'f'E5#15&5#'"51FC1'2/-#'I/,'%S/%),%)',+',125,))#'&51'2,1,)'15'$#1'I/@$#*M)%)'/1'$%SC1'M%)%',12,))%)+%D

`%+'-,F'./,',12#1$,&'$/%13#'#35C'%'_%1'?50/,+'3,+'?5+%0)#D'^#'&C+#'M#)I/,'1%35,'+,'2,135C'+%'*%1#9'&51#'M#)I/,'N%&2%'&,'(/)+%)#1'3,'@+D'G#'$5,)2#',&'I/,'+%'0,12,'&,')5,42)%P%'.50/)%9'*5,12)%&'5(%'M#)'*52%3'3,'+%'$%++,'$%)0%13#'(),'&/&'N#*()#&'/1%',&S%/+%'N,$N%'$#1'+#&'2%(+#1,&'M#3)53#&'3,'+%'M/,)2%9'J'3,12)#'3,',++%9',1-/,+2#',1'/1'M,3#)*5)',+'$%3R-,)'3,'&/'*%3),D

`#3#&'+#&'I/,'+#'%+$%1F%)#1'%'-,)'+,'N5$5,)#1'(/)+%9'$),J,13#'I/,'++,-%(%'%'25)%)'%+%15*%+'*/,)2#D

"%)%'),*%2%)'+%'$#&%9',+'*5&*#'3Q%9'%0),0%3#'%+'%(%13#1#'3,'&/'*%3),9'2/-#'1,$,&M),0#1%)'+%'./0%'3,'`#*%&%'G,P,)#9'+%'*/$N%$N52%'I/,'@+'N/(5,)%'I/,)53#'N%$,)'&/'*/S,)'31#'N%(,)'*,35%3#'&/'M#(),F%c

!`#*%&%'G,P,)#'!3,$Q%!D'>%2#)$,'%P#&'$/*M+53#&D'_,'N/JC'%+'M%),$,)',+'3Q%'hm'3,I/,'$#)),1'%+'M%),$,) '$#1'?50/,+' `5&$%),P#D'?50/,+9'N5S#'3,'M%3),&'.51%3#&D' `#*%&%9V15$%'3,'3#1'`#)$/%2#'G,P,)#9'I/,'&/M+5$%'&%(,)',1'I/@'+/0%)'./,'3,M#&52%3%D

O&Q9'$#1'&/'3#(+,'M,1%9'E5#15&5#'"51FC1'./,'3,'/1%',&I/51%'%'#2)%9'N%&2%'3#13,',+&,'3,&N%$Q%',1'++%1#&'(%+3Q#&9'$+%*%13#'&/'M),0C1'J'I/,'*R&'I/,'),&,P%9'M%),$5C'%+%*,12#'M+%P53,)#D

_,'),$#&2C',1'/1%'M5,3)%'3,&M/@&'3,'&/'.%250#'),$#))53#'J'%++Q9'+%'$%)%',13/),$530,&2#'),1$#)#'&,'S/)C'%'&Q'*5&*#'I/,'S%*R&'@+9'15'1510/1#'3,'+#&'&/J#&9'-#+-,)Q%'N%*(),&DDD

X2)#'3Q%9'%'+%&'M)5*,)%&'+/$,&9'&,'+%)0C'M%n'1/1$%D'G+,-%(%'&C+#'/1'M,I/,P#',2)%M#&9'J'(%S#',+'()%F#',1$#053#9'$#(5SR13#+#'3,+'%5),'J'3,+'.)Q#9'&/'0%++#'3#)%3#D'f

%15*%+52#',$NC'%')#3%)'&/'&/,)2,'J@13#&,'M#)',+'*/13#D*


7/30


8/30

!iE,&$/()%19'&,P#),&j'!#)3,1C',+'S/,F'3,&3,'&/'%&5,12#D_,'I/52%)#1'+%&'./13%&'3,'$/,)#'%'+%&'1%-%S%&D'O*(#&'),2%3#),&'M/&5,)#1'%'&/&'0%

+%')%J%'J'+/,0#'I/,'),$5(5,)#1'+%'#)3,1'3,'+2%)9'+2%)#1D'W+'#2)#9'I/,3R13#&,'$#1'%M+/*%&',1'+%'*%1#'I/,'+,'N%(Q%'%))%1$%3#'%'V+25*%'N#)%'%'&/'%15*%+'M%)%'5))5E5#15&5#'"51FC1'+#'3,S%(%'&/%-,*,12,'(),'+%')%J%D

_,'N5F#'&5+,1$5#D

^#'N%(Q%1'2)%1&$/))53#'2),&'*51/2#&'$/%13#'/1%',4$+%*%$5C1'3,'3,&%+5,12#'$/1352#3#',+'MV(+5$#D'W+'0%++#'),2512#'J%$Q%',$N%3#',1',+'&/,+#9'3,'+%3#9'M%2%+,%13#3#)%3#'+#'N%(Q%'3,&M%$N%3#',1'/1%'.#)*%'+5*M5%9'$%&5'51,4M+5$%(+,'J'%V1'&%$+%1F%(%'/1'$%12#'3,'3,&%.Q#D

E5#15&5#'+#'%+FC'%12,&'3,'I/,'&,'N5)5,)%'$#1'+%',1#)*,'1%-%S%D'a/,'J',12),0C'@&2%*,&%'3,+'O&5,12#'$)/F%13#',+')/,3#'3,+'M%+,1I/,',12),'+%'),$N5.+%'3,'+%'3#+53%'$#1$/)),1$_C+#'3,+'(%)),13,)#'I/,',12)C'%'+5*M5%)'$#1'+%',&$#(%'+%'&%10),'3,+'0%++#'*/,)2#9'),$5(5CM%+%()%&'3,'%M),$5#c

!`)%5'/&2,3'0%++#'M%n'2#M%)+,'%'$/%+I/5,)%9'%*50#D7,&M#13,c!_QDDD'_%(,'),&M#13,)' !./,'+%'),&M/,&2%'3,'E5#15&5#'"51FC1'I/,'&%+5C',1'(/&$%'3,

KM%3)51#LD'G#',1$#12)C',1'+%'$%1251%D!pf%'$#()C'/&2,3'+%&'0%1%1$5%&q!G%'&51$,)%'-,)3R',&'I/,'*,'-51,'%12,&'%',$N%)'/1'2)%0#'M%n'15-,+%)*,'3,'+%'5*M),&5C

>),5(%'I/,'2/'0%++#'1#'5(%'%'M#3,)D'pf'$#1'I/@'35%(+#&'5(%'J#'%'$/()5)'+%&'%M/,&2%&q!p`%1'M#$%'$#1.5%1F%'+,'2,1Q%'/&2@'%'*5'%15*%+52#q!W&'I/,'1/1$%'*,'5*%051@'I/,'3#1'a/+%1#9'$#1'I/5,1'N5$,',+'$#*M)#*5'1#&'./,)%'%'

,$N%)',1$5*%'&/'0%++#'K$%M/+Q1L'I/,'M%)%'3,$5)2,'+%'&51$,)%'-,)3R',)%'/1'%&,&51#DDD!_5,*M),'+#'0/%)3%(%'M%n'+%&'M,+,%&'3,'_%1'?%)$#&DDD'f'&5,*M),'$#1'@+9',12,)52#!f'%&Q'J'2#3#'2#3%-Q%'&,'M/'-,12%S#D!"%n'I/,'-,%&D'>#1','$/%+I/5,)%'&,',&M%12%D'>#125*R&'%+'-,)'$C*#'&,'%+F%1

%M/,&2%&',1'$#12)%'3,'/1#DDD'?,',&M%12@9'+#'I/,'&,%'3,'$%3%'I/5,1D!",)#'1#'Q(%*#&'%+'KM5,)3,L9','/&2@'+#'&%(Q%D!T/@'5(%'%'&%(,)'J#D'"#)','N%&2%'*,S#)'*,'%)),S#+@'%I/QDDD'"#)'&5'%$%D!pE,'*#3#'I/,'5(%'J#'%'I/,3%)',1&%)2%3#',1'$%'3,'KM5,)3,Lq!W'*R&'#'*,1#&DDD'O+'.51'3,'$/,12%&'2V'1#'25,1,&'*/$N#'I/@'M,)3,)D'W1'$%*(5#9'J#!E%2,'%',12,13,)'I/,'3,',&2#'-5-#DDD'H/,1#9'J%'M%n'I/@'%+,0%*#&D'd%*#&'%'$#()%)'!

35S#'*5,12)%&'&,)-Q%',+'V+25*#'2)%0#DG/,0#'+#&'3#&'&,',1$%*51%)#1'N%$5%',+'K3,M#&52%)5#'3,'+%&'%M/,&2%&LU'M

,12#1$,&'N%(Q%'$#*,1F%3#'/1%'1/,-%'M,+,%'J'2/-5,)#1'I/,',&M,)%)'%'I/,'@&2%'2,)*51%)%D")#12#'&,'3,SC'#Q)'+%',4$+%*%$5C1'3,'id5-%'`,I/5&I/5%M%1j'+%1F%3%'M#)'+#&'M%)2

0%++#'0%1%1$5#', '51*,35%2%*,12,'+%&'$%12%3#)%&'3,+'K2%M%1$#L'&,' ,1$%)0%

512,)-%+#'$#1'&/&'$%1$5#1,&DE5#15&5#'"51FC19'*5,12)%&'%0/%)3%(%',+'),0),'3,+'rM%3)51#L'&,'.5SC',1',++%&9'&,1'+%'I/,'N%$Q%'.),12,'J'%'+%'I/,',&2%(%'&,0/)#'3,'$#1#$,)D'a/,'%$,)$R13#&,'N%&2%'M#1,)M5,'3,+',&2)%3#'J'+%'*5)C'%'&/'0/&2#9',1'2%12#',++%'+%1F%(%'+#&'-,)&'3,'&/'$%1$5C1

3)4*)#10*"%#56"78*"4*"(+(9(:1#+#"%*"(+("8)(";*%M#1,)%LD'f'&/'#.5$5#',&'),$#)),)',+'*/13#9'%&Q'I/,'1#',&'35.Q$5+'N%-5&2#',1'$/%+I/5,)'M%)2,DDD'idR*#1#&j@@@A="4*"78=%*")#"B8*"78*"4*"78=%*:


9/30

%="4*"(+6:"B8*"?#."?(%(."*'".(4#:0(!"4*"+()-#"48"4.=%4*".*4.(4#?(.(")8)1("(1#.-(.+*"-*"4=@@@

*

>#1',+'351,)#'#(2,153#',1'_%1'6/%1'3,+'7Q#'+,'./,'M#&5(+,'),$#)),)'*R&'+%)0#&'$%*51#&D'_512,)1C'M#)',+'15*(#'3,'g%$%2,$%&9'3#13,'+,'35S,)#1'I/,'%++R'&,'*%13%(%1'./,)2,D'W+'I/,N%(Q%'&,)-53#'3,'M%3)51#9'&,'51-52C'%'%$#*M%P%)+#U'M,)#'E5#15&5#'"51FC1'M),.5)5M/,&'$#1'+#'M#$#'I/,'+#'2)%2C9'+,'35#',+'$%+,'J'-5#'I/,9'%/1I/,'M#3Q%1'&,)-5)+,'&/&'$#1&,S#/1'&/S,2#'I/,'1%3%'*R&'(/&$%(%'&%$%)'-,12%S%',1'&/'M)#M5#'M)#-,$N#D'E,'%NQ',1'%3I/,'0%1%)%'&,)Q%'M%)%'@+'+#D

T/5@1'&%(,'M#)'I/@'M/,(+#&'%13%)Q%'3/)%12,'%+0V1'25,*M#9'+#'$5,)2#',&'I/,'$/%13#'O0/%&$%+5,12,&9'M%)%'_%1'?%)$#&9'2#3%-Q%'2)%Q%'&/'0%++#'-5-#'J'@+'-,&2Q%'3,'#2$#*#'&50/5C'-5&25,13#'2#3%'&/'-53%'N%&2%',+'3Q%'3,'&/'*/,)2,D

W)%'+%'M)5*,)%'-,F'I/,'@+'&,'%))5*%(%'M#)'O0/%&$%+5,12,&D'd,1Q%'%15*%3#'$#1'+M)#MC&52#&9'M/,&'%N#)%'5(%'%'-,)'&5'),%+*,12,'&/'0%++#'-%+Q%'%12,'+#&'.51#&'%15S/0%(%19'J%'I/,'1#'&,'%3*52Q%19'J'%&Q'M#)I/,'+#'3,$Q%',+'),0+%*,12#9'&51#'0%++#&'3,'H#'3,'G,J'_/M),*%9'/1#&'++%*%3#&'%&Q'M#)I/,''+#&'M)5*,)#&',1',+'%2%I/,9'J'+#&'3,_/M),*%9'I/,''$#1&2%12,&',1'+%'M,+,%9'25)%1'0#+M,&'*%$5F#&'J'*%15.5,&2%1'-%+V+25*#&'51&2%12,&'3,'-53%D

_#(),' ,&2#'5(%'E5#15&5#'"51FC1'%'M)#(%)'&5'$#12%(%'$#1'/1'0%++#'3, '@&9'# '&$#12)%)5#9'%+'-,)&,'.),12,'%'/1'%15*%+'3,'&/'*5&*%'$#135$5C1'J'%))%1I/,9'5(%'%'K,&$#(,2%LD

G#'51&$)5(5C'M%)%' +%'K?#$N5++,)L'3,+'&,0/13#'3Q%'3,' 2%M%3%&D' 8_, '++%*%M)5*,)'0%++#'I/,'&,'S/,0%'J' I/,9'M%)%'35&2510/5)+#'3,'+#&'3,*R&9'-%'$#1'*%J#)'$%1253351,)#DB

O++Q',1'O0/%&$%+5,12,&'&,'2#MC'3,'1/,-#'$#1',+'KM%3)51#L'3,'_%1'6/%1'3,+'7Q#D'",)#1#'M%),$5C',12/&5%&*%)&,'$#1'%$#1&,S%)+#',&2%'-,F9'J%'I/,'1#'$#1&53,)%(%'%'E5#15&(/,1%'$%)2%'$#12)%'+#&'-,)3%3,)#&'J',4M,)5*,12%3#&'0%++,)#&'I/,'$#1$/))Q%1'%'+%'.,)5%?%)$#&D'f'1#'&C+#','&51#'I/,',1'+%'M)5*,)%'#M#)2/153%3'I/,'2/-5,)#1'3,'N%(+%)9',+'M%+,'35S#c

!`V',&2%)Q%&'*,S#)'M/,(+,%13#'$#1',&,'0%++#')%(C19'%I/Q'2,'-%1'%'3,&M+/*%)DO+'.51'3,'$/,12%&'1#'2,10#'1%3%'I/,'M,)3,)'p^#'*,'35S#'/&2@',q!G#&'M#$#&'*5+,&'3,'M,&'I/,'3,'&,0/)#'N%()R&'0%1%3#',1'2/&'%13%1F%&DDD'O

%$/@)3%2,'I/,'+%'&/,)2,'1#'%13%',1'(/))#D!"#)','1#'I/5&,'%13%)'$#1'/&2@'!%$%(C'35$5@13#+,'E5#15&5#'"51FC1D'f'&,'&,M%)

M%)%'J%'1#'-,)&,D

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

f'%&Q' ./,D'W+'#2)#'0%*(,2,%(%U' M,)#'%+'3#)%3#'1#'+,'512,),&C'+%'$%(,F%'*#-,35F(V+5I/,9'&51#'I/,'M)#$/)%(%'%2%$%)'M#)',+'$#&2%3#9'1%-%S%'$#12)%'1%-%S%9'+%1F%%'+%'M,$N/0%'J'S%+R13#+#'$#1'+%&'M%2%&9'*5,12)%&',+'$#12)%)5#'$#)$#-,%(%'+%'$N%$,'/1'(#4,%3#)'$/%13#',&2R'N%$5,13#'.512%&9'M,)#'3,S%(%',+'$/,)M#'$%&5'I/5,2#D'a/,'%+%')%(%35++%9'3#13,',+'3#)%3#',12,))C'&/'1%-%S%9'3,)),10%13#'%'&/')5-%+'I/,'I/,3C'3,&M%


10/30

(/&$%13#'3C13,'$+%-%)',+'M5$#D!is#+M,'3,'?#F%j'!M),0#1C',+'0)52C1!D'i"5,)3,'^#$N5&2+R1j'i`#3#&'$#12,12#&j'iO%%k

()%1'+%&'M/,)2%&j@@@&)"'("1/.1*'"-*"C*'(!(*%48;*"?.*%#"!"%=)"-*'=4#:?#."8)("=)B*'=+*)4=.(")#"'*"0=1*")(-(:!("4*)E("%8"(28$*.=4#@@@

f'%I/,++%'$%1$5C1'%+,(),&2%3%'$#1'I/,')#*M5,)#1',+'*/)*/++#'J'+%'2,1&5C1'3,+'M%+,1+%&'$%12%3#)%&9'+,'&/M#'%'0+#)5%'%'E5#15&5#'"51FC19'I/,'),$#05C'&/'0%++#'&%+MM,)#',12,)#'J'1/,-%*,12,'+5*M5#'3,'N,)53%&D

*

!iWJ9'0%++,)#j'!#JC'I/,'+#'++%*%(%1D'_,'35&M#1Q%'%'$,1%)'M#++#'M+%$,)#',1'/1#'3

M/,&2#&'3,'+%'.,)5%D'f%'N%(Q%'0/%)3%3#'%'(/,1'),$%/3#'&/'%15*%+'J'N%(Q%'M%&,%$/)5#&,%13#'M#)'%I/Q'J'M#)'%++R',12),'+#&',&M,$2R$/+#&'3,'+%'.,)5%D'ON#)%',&2%(%'%I/,'+,'&5)-5,)%1'3,'$,1%)D

d#+-5C'+%'$%(,F%'J'1#2C'%'/1'$N%))#'3,'.50/)%'5*M#1,12,'I/,'+#'*5)%(%'3,&3,'&/',+,-%3%,&2%2/)%D

!pW&'$#1*50#q'!M),0/12C'E5#15&5#'"51FC1D!p>/R12#'M53,&'M#)'2/'0%++#q'e!^#',&2R'3,'*,)$%)&,D!`,'3#J'*5+'M,&'J'1#'350%&'%'1%35,'I/,'*,'+#'-,135&2,D!^#'+#'-,13#DW+'$N%))#'&,'%$,)$C'%'E5#15&5#'"51FC1'J'+,'2,135C'+%'*%1#'%'*%1,)%'3,'M),&,12%$

@+9'J'N%&2%',+'*#*,12#',1'I/,'2%*(5@1'&,'%$,)$C'%'+%'+/F'J'+%'-5#9'-,1Q%'G%'>%M#1,)%*/$N%$N%'(#152%'I/,'$%12%(%',1',+'M%+,1I/,D!?,'++%*#'G#),1F#'H,1%-53,&D'p^/1$%'N%&'#Q3#'N%(+%)'3,'3#1'G#),1F#'H,1%-53,&

"/,&'(5,1'J#'JD'f'J' 2%*(5@1',+'3/,P#'3,+' (V+5I/,' N,)53#' ,&2%'2%)3,'M#)'2/ '0%++#D'#.),F$#'*5+'I/515,12#&'M,&'M#)'@+'J'+%'V15$%'$#135$5C1'I/,'M#10#',&'I/,'%'1%35,'+,'$/,I/,'*,'+#'-,135&2,DDD

!f%'+,'35S,'I/,'1#',&2R',1'-,12%D!DDDX2)%'*R&'!&50/5C'35$5,13#',+'2%+'G#),1F#'H,1%-53,&9'&51'N%$,)'$%'3,'+%'),

3,'E5#15&5#'"51FC1!9'2,'3#J'%'*R&'3,'+#&'3#&'*5+'M,&9'3#&'0%++#&'%*%)5++#&'$#*H5,1'.51#&D'T/,',1'2/&'*%1#&DDD'if'M#)'E5#&'$),#'I/,'25,1,&'(/,1%'*%1#j'M/,3,1'++,0%)'%'3%K$%M#2,L'%'3#13,'I/5,)%'I/,'+#&'++,-,&DDD'X2)%'*R&DDD

!^#'*,'512,),&%',+'2)%2#D'p^#'0/&2%1'&,12%)&,'%'$,1%)q!pT/@q!pT/,'&5'1#'&,'+,&'%12#S%'/1'M#++52#q!^#9'0)%$5%&D'f#'S%*R&'$#*#'M#++#DDD'f'*/$N#'*,1#&',1'2,*M#)%3%'3,'2%M%3%&D!pO&Q'I/,'1#'2,'%))5,&0%&'%'$,))%)',+'1,0#$5#q!?5),'0%++,)#'!+,'35S#',+'#2)#'2#*%13#'/1%'%$252/3'&,)5%!D't50%*,'(5,1D'W&,'%15*%+5

1#'-%'%'M#3,)'$%),%)+#'#2)%'-,F'%I/QD'f%'&,'+,'$#1#$,'+%'M512%'J'&/'S/,0#D'f'3,'N%$,)*%13%)R1'/1#'I/,'+,'3@'Ks#+M,'3,'s)%$5%L',1'+#&'M)5*,)#&'M%+#&DDD'X2)%'*R&DDD

!^#',&2#J'M,1&%13#'M,+,%)+#'M#)'%N#)%D!DDDX2)%'*R&9'3,$Q%'J#9','&5',&'/&2,3'I/5,1'+#'N%$,D'",)#',1'$%'3,'&,)'J#9',&,'0

,&2%)R'*%P%1%'*5&*#',1',+'M%+,1I/,9'S/0%13#'$#1'-,12%S%'3,'2),&'%'3#&'J'I/5FR'3,'$51/1#D'W'&5'$),,1'I/,',&'3,'*5'0%++,)%D'E,'#2)#'*#3#DDD'f#'*5&*#'2,10#'0%++#'M%)%',+'O&Q'I/,'J%'-,)RD

!iO$@M2,+,',+'2)%2#9'0%++,)#9'G,'$#1-5,1,'!512,)-51#'G%'>%M#1,)%'I/,'3,&3,'N%$Q%')%


11/30

,&2%(%'&,12%3%'.),12,'%'E5#15&5#'"51FC1!D'p^#',125,13,'+%'$#*(51%$5C1'I/,'+,'M)#M#1,'3#1'G#),1F#q

!G%',125,13#U'M,)#'%'*Q'1#'*,'0/&2%1'+#&',1S/%0/,&DW++%')5C'$#1'/1%')5&%'#)%D'G/,0#'M)#&50/5Cc!_,'-,'%'+,0/%&'I/,'/&2,3'1#'$#1#$,'3,',&2#&'%&/12#&D'f%'$/%13#'2,10%'*R&'$#+*5++#

&%()R'I/,',1'+#&'0%++#&'2#3#',&2R'M,)*5253#D

!"#&'%N#)52%'N,'0%1%3#'$#1'+,0%+53RD'fDDD'$#1'&/'M,)*5'!35S#'E5#15&5#'"5M%),$,)'#.,1353#9'3,35$R13#&,'%',10/++5)'&/'M#++#'M+%$,)#'J'3%13#'M#)'2,)*51%3%'%35&$/&5C1D

G%'>%M#1,)%'&,'%+FC'3,'N#*()#&D'_,'+,-%12C'3,'+%'*,&%'J',1'$#*M%PQ%'3,'G#)H,1%-53,&'./,)#1'%'&,12%)&,'/1'M#$#'*R&'%++R9'1#'*/J'+,S#&'3,'@+D

!pT/@'2,'2#*%&9'H,)1%)3%q'!#JC'I/,',+'2%+'H,1%-53,&'M),0/12%(%'%'+%'*/S,)D!"/,&'M#)'+#'M)#12#'I/,'1#&'2)%50%1'/1%&'$,)-,F%&'p#'1#q!pf' I/@'2,'M%),$,'&5'M,35*#&'%12,&'/1'*,F$%+52#'M%)%' I/, '1#'1#&'N%0%1'3%P#

$,)-,F%&q!?,'M%),$,'(5,1DW+'*,&,)#'&,'%$,)$C'J'+,'M535,)#1'/1%'(#2,++%'3,'*,F$%+DE,&3,'&/'&525#9'*5,12)%&'3%(%'(/,1%'$/,12%'3,'&/'$,1%9'E5#15&5#'"51FC1'+#&'#(&,)_#(),'2#3#'%'+%'*/S,)'i0/%M%'*/S,)j'I/,'(,(Q%'/1'*,F$%+'2)%&'#2)#'J'),Q%'J'-#+-Q%'%'),Q)'$#

0)%13,&')5%3%&'%12,'+#'I/,'+,'M+%25$%(%'G#),1F#'H,1%-53,&D'W1'2%12#'%$R,4%*51%(%' ,+' ()5++#' %+,0), '3,' &/&'#S#&9 ' ,1*%)$%3#&' ,1' %I/,++%'$%)%' ,42)%#)351%N,)*#&%D'f'M#)'+%'.#)*%'3,'&/&'()%F#&'J'+#&'&,1#&9'(),'+#&'I/,',&2%(%'2,)$5%3#'/1'),(M%+#*#9'&/M#1Q%'I/,'3,(Q%'3,'2,1,)'/1'$/,)M#'2%*(5@1'N,)*#D'd,&2Q%'/1%'(+/&%',&$#/1%'.%+3%'1,0)%',&2%*M%3%'$#1'0)%13,&'2/+5M%1,&')#S#&D

W12),'/1'(#$%3#'J'#2)#9'1#'%M%)2%(%'+%'-5&2%'3,'%I/,++%'*/S,)'I/,'N%(Q%'512,)-,153#%M#J%)',+'2)%2#'M)#M/,&2#'M#)'G#),1F#'H,1%-53,&'I/,9'M#)'&/'%M%)5,1$5%9'3,(Q%'&,)'/.%*#D

`,)*51C'3,'$,1%)'J'&,'+,-%12CD'O12,&'3,'),25)%)&,'35#'/1'&%+/3#'3,'3,&M,353%'%'+#$/M%12,&'3,'+%'*,&%'$#1250/%9'*%&'@&2#&'1#'M%),$5,)#1'#Q)+#D'W+'N#*(),',&2%(%',&/'M+R25$%9'2%+'-,F'$#1-,1$5,13#'%'+%'N,*()%'3,'%+0#D'f',++%'1#'%M%)2%(%'+%'-5&2*5)%3%'J%'*,35#'-53)5#&%9'3,(53#'%+'*,F$%+'I/,'&,0/Q%'(,(5,13#',1'%(/13%1$5%D

*

E#&'*,&,&'3,&M/@&9'+,'*%2%)#1'&/'0%++#'3#)%3#',1'`+%I/,M%I/,DE,&3,'%+'%()5)'$%),#',1$#12)C'I/,'&,',1.),12%(%'$#1'/1')5-%+'35&M/,&2#'%'*%2%)D'W)

(#152#'%15*%+D's5)#9'.51Q&5*#9'$#1'/1%'0#+5++%',1#)*,'J' ,&M,&%'3,'M+/*%&'J9'(),'2*5)%3%'3,'R0/5+%'J'/1#&'#S#&',1)#S,$53#&'M#)',+'#35#'I/,'&,0/)%*,12,'1#'&,'%M+%$%)Q%'N-,)'*/,)2#'%'%I/,+'51.,+5F'0%++#'3#)%3#D

O+'$%),%)+#&9'./,'2%1')RM53#',+'#2)#',1'%$#*,2,)9'I/,'E5#15&5#'"51FC1'1#'2/-#'25,*M#+5()%)'%'&/'0%++#9',+'$/%+'$#*,1FC'%'&%10)%)'3,'+%'$),&2%'%'$#1&,$/,1$5%'3,'+#&'-&%10/51%)5#&'M5$#2%F#&'I/,'+,'+%1FC',+'05)#',1'/1#&'$/%12#&'&,0/13#&D

!iE#J'$5,1'%'$51$/,12%j'id#J'%+'05)#j'!3,$Q%1'+#&'%M#&2%3#),&Df'$#*#'/1',$#9'+#&',1$#*,13,)#&'),M,2Q%1c!i>5,1'%'$51$/,12%j'iW&'%'+%'0)%13,j'i"/S,1'&,P#),&j'i>5,1'%'$51$/,12%j'pT/5@1'-%'*R&

05)#q!i"%0#'%'$/%),12%j'id#J'$5,1'%'$/%),12%jG%'&%10),'3,'+%'$),&2%'$#*,1FC'%'(%S%)+,'%'+%&'1%)5$,&'%+'3#)%3#'J'+,'M)#3/S

E5#15&5#'"51FC1'+,'+5*M5C'+%'$%(,F%D'_#M+C',+'M5$#'M%)%'3,&%N#0%)+#D'`#*C'25,

+%'),&2),0C',1'+%'$),&2%'3,'&/'%15*%+'M%)%'$#12,1,)'+%'N,*#))%05%'J9'+#'I/,'1#'N%(Q1/1$%9' $#*,1FC '% '3,&,&2)%P%)+# '%))%1$R13#+, ' M+/*%&'3, '+%' $#+%' M%)%' ,1$#)%$/%13#'C',+'0)52#'3,c'i_/,+2,1'&/&'0%++#&9'&,P#),&j'W+'3#)%3#9',1./),$53#9'1#'$


12/30

&/%-,*,12,',1'+%')%J%9'&51#'I/,'M%),$5C'N/5)'3,'+%&'*%1#&'3,'E5#15&5#'"51FC1'J'./,'%'3./,)2,',1$#12)#1%F#'$#1',+'05)#'I/,'+#'M%)C',1'&,$#'$#1'/1'()51$#'3,'*,35#'-/,+#9'*,25@13#+,'+%&'M%2%&'M#)'3,+%12,D'G/,0#'+#'2)%(C'3,+'M5$#D'G#'F%)%13,CU'M%)%'3,&M/@&9.512%&'J'%+,2%F#&9'2),MR)&,+,',1$5*%9'3,&2)#FR13#+,'+%'$%(,F%'%'M5$#2%F#&'*5,12M/P%+'3,'&/',&M#+C1',1'+%'M,$N/0%D'W+'3#)%3#'I/,3C'M%2%&'%))5(%9'+%1F%13#'1%-%,1'+#&'V+25*#&',&2,)2#),&D

!iG,-%12,1'&/&'0%++#&9'&,P#),&j"#)'$#&2/*(),'J'M#)'+,J9',+'S/,F'35&M/'I/,'&,'N5$5,)%'+%'M)/,(%D'E5#15&5#'%+FC'&/'0+#'%$,)$C'%+'05)#'I/,'-#+-5C'%'M5$%)',1$%)15F%3%*,12,'+%'$),&2%',1*#),$53%'3,+'3#)%3#$#*#'2#3#',+'*/13#'+#'-,Q%9',&2%(%'(5,1'*/,)2#D

*

E5#15&5#'"51FC1'%(%13#1C'+%'M+%F%'3,'0%++#&'++,-%13#',1'&/&'*%1#&'/1%&'$/%J'/1'),$/,)3#'3,'&%10),D'a/,)%9')/0Q%1'+#&'0)52#&'3,'+%'.,)5%U'+%&'35-,)&5#1,&U',+'%1/1$52%13%&',1'+%&'$%)M%&U',+'M),0C1'3,'+%&'+#2,)Q%&U'3,'+%')/+,2%U'+%&'-#$,&')3%3,'+#&'S/0%3#),&'3,'3%3#&9'J'+%&'-#$,&'+%351%&'3,'+#&'I/,'51-52%(%1'%'+#&'*5)#1,&'I/,3C13,'N%(Q%'I/,3%3#'+%'(#+52%D'\%&2%'@+'++,0%(%'2#3%-Q%' ,+')/*#)'3,+'M%+,1I/,UN/*#'J'%+$#N#+'I/,'#M%$%(%',+'3,'+%'&%10),'),0%3%',1',+'&/,+#'J ',+'3,'+#&'0%++#&'*/,)3,&N/,&%3#&9'$#+0%3#&'3,'/1'0%)%(%2#D'f'+#&'0)52#&'3,'/1'MV(+5$#'.),1@25$#'I/,'$+%*,&'),0/513C1j'iW&2R',12/*53#j'id5-%'T/52/M%1j'I/,'%'&/'-,F'%M%0%(%'+%'3#(+,'-#F'3,'+$%12%3#)%&'J',+')/53#'N/,$#'3,'+%&'$/,)3%&'3,+'2#+#+#$N,D'`#3#'*,F$+%3#'$#1',+'$#1.0)52,)Q#'3,'+#&'*,)$%3,),&9'2%NV),&'J'*V&5$#&'%*(/+%12,&D

G#'2)%S#'%'+%'),%+53%3',+'2)%I/,2,#'3,'+#&'3%3#&',1'/1'$/(5+,2,'J',+')#3%)'3,'@&2#&'&-,)3,' .)%1,+%D'O++R'3,12)#'3,+'M%+,1I/, 'N%(Q%' -/,+2#' ,+'&5+,1$5#9'2,)*51%3#'J%',+'512,12),'&/'M,+,%'J'+%'I/,'%N#)%'&,'+5()%(%D

>%*51C'/1#&'M%&'J'&,'3,2/-#'.),12,'%'+%&'*,&%&'3,'+#&'%+(/),&D!i^#'+%'(%)%S,'2%1'%+2#'M#)I/,'&,'+,-,'+%'M/,)2%j'!#JC'I/,'3,$Q%'%+'2%++%3#)'%+0/5

+#&'I/,'&,'%0)/M%(%1'.),12,'%'/1%'3,'+%&'*,&%&DE5#15&5#'"51FC1'&,'I/,3C'/1')%2#'%++Q9'&51'512,1$5#1,&'3,'S/0%)9'&C+#'$/)5#&,%

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

!?,'0/&2%1'+#&'#)#&'!35S#D'f'%$#*#3C'/1#'%'/1#'+#&'M,&'(),',+'M%)$N,'3,'+%'>#))5C',+'%+(/)9'3,&M%$5#9'+,12%*,12,D'W+'2%++%3#)'%'$%3%'$%)2%U'+,-%12%(%'+!_5,2,'3,'$#M%&'!3,$Q%!D'E#&'3,'#)#&D'>51$#'3,'(%&2#&D'7,J'3,'(%&2#&D'>/%2)#'3

,&M%3%&D ' >%(%++# ' 3, ' #)#&D ' fDDD ' O& ' 3, ' (%&2#& ' ++,0%)#1 ' 2%++%13# ' +%& ' $*,1$5#1R13#+%&'3,'M)5&%!'3#&9'$51$#9'2),&9'%9'%D'"#)'*,)52#',)%'&/J#9'&,P#)D

E5#15&5#'"51FC1'-5#'$C*#'),$#0Q%1'&/'351,)#D'_,'%M%)2C'/1'M#$#'M%)%'3,S%)'&525*5,12)%&',+'*#12,)#'M),0#1%(%c

!iW1'+%'#2)%',&2R'&/'&/,)2,j'i"+R12,1&,'#13,'I/5,)%9'&,P#),&j'i>#)),',+'%+(/)j^#'I/5'5)&,',1&,0/53%'M%)%'1#'%M%),12%)'I/,'N/Q%D'f'$/%13#'%+'.51'),+-5C'),25)%

,1$#12)C'.),12,'%'.),12,'+%'.50/)%'),+/$5,12,'3,'G%'>%M#1,)%9'$#1'&/'%*M+5#'-,&253#'.+#),%%*%M#+%&'J',+'),(#F#'2,)$5%3#'$#*#'$%))5++,)%'(),',+'M,$N#D

_%$C'3,+'&,1#'/1'M%P/,+#'$#+#)%3#'3#13,'2)%Q%' ,1-/,+2#'/1'(/,1'M/P#'3,'M,&9'J'&

3,&%1/3%)+#'&,'+#'2,135C'%'E5#15&5#c!tJ,*,9'0%++,)#9'I/5,)#'I/,*,'S/,0/,&',&2#&'$,12%-#&'%',&,'&,5&'3,'(%&2#&'I/,',&2R'S/12#'%+'$%(%++#'3,'#)#&D


13/30

!pf'M%n'I/@'2%12%&'%1&5%&9'3#P%'H,)1%)3%qDDD'X)%'2)%50#'+%'&/,)2,'%2)%-,&-5#D'pX'I/@9'25,1,'*/$N%&'0%1%&'3,'M,)3,)'&/'351,)#q

!f#'&@'%'+#'I/,'*,'%2,10#D'i`V'S/@0%*,+#&j!d%1'M/,&9'M,)#'%'&/'&%12#')5,&0#DDD'X)%'I/,'J#'*,S#)'+,'5)Q%'%+'$%(%++#D!"/,&'@$N%2,'(),',+'$%(%++#DDD'_5'2,'%$#*#3%'!35S#DE5#15&5#'"51FC1'+%'*5)C'$#*#'2)%2%13#'3,'%35-51%)'+%&'512,1$5#1,&'3,'&/&'M%+

3,S%)'3,'-,)'+%')5&%'*%+5$5#&%'3,',++%9'3,SC'$%,)',+'2%*(%$N,'$/()5,13#',+'M%)$N,'3(%&2#&D!>#1&2,'I/,'1#'*,'N%0#'),&M#1&%(+,D!^#'2,'%M/),&9'0%++,)#DDD'^5'2@'%.+5S%&D>#*,1FC'%'$#)),)',+'%+(/)'J'%'+%'2,)$,)%'$%)2%'&,'%*C',+'&,5&'3,'#)#&D!is%1%',+'&,5&'$#1'K-5,S%Lj'!0)52C',+'2%++%3#)DW+'*#12,)#'3,&%2C',+'1/3#'3,+'M%P/,+#D'>#12C',+'351,)#'%++Q'0/%)3%3#'J'M%

,I/5-%+,12,'*R&'+%'*52%3'3,'#2)#'2%12#c!ONQ'-%',+'0%1,'3,'+%'K-5,S%L'!35S#D!i6V12%+#&j'!+,'5135$C'G%'>%M#1,)%'%+'"51FC1c'u+'),$#05C',+'*#12C1'3,'M,&'J'&5

+#'I/,'N%(Q%'3,12)#'3,+'M%P/,+#9'+#'%1/3C'J'3,-#+-5C'%'G%'>%M#1,)%9'I/5,1'+#'33,&%M%),$,)'3,12)#'3,+'&,1#D!ON#)%'%'+#&'0%++#&9'%'-,)'&5'%$%'2,'),M#1,&'!+,'35S#',++%D

!^#'*,'+%2,'S/0%)'$#1'351,)#'%S,1#D!f#'*5'351,)#'%I/Q'+#'2)%50#'!35S#'G%'>%M#1,)%'#M)5*5@13#&,',+'M,$N#!D'O&Q'I/,'1#

2,'%M/),&DDD'f'%'M)#MC&52#9'3,&M/@&'3,'+%&'2%M%3%&'I/5,)#'N%(+%)'$#1250#Dd#+-5C'%'&/)05)'+%')5&%'*%+5$5#&%'I/,',++%'2,1Q%D'G/,0#'%P%35Cc!f#'J'#2)#'&,P#)DG#&'3#&'&,',1$%*51%)#1'%+'M%+,1I/,D'",)#'%12,&'3,',12)%)9'@+'+%'3,2/-#'M%)%'M),0/!EQ0%*,9'3#P%'H,)1%)3%D'pY&2@'N%'3,'2,1,)'2)%2#'$%&%3#'$#1',+'3,'+#&'%+(/),&9'1#!d5'(5,1'$+%)#',+'$%(%++#',1'+%'M/,)2%'$/%13#',+'2%++%3#)'$#)2C'+%&'$%)2%&D!^/1$%'2,'%2,10%&'%'+#'I/,'-,%&D'W&2#&'./+%1#&'2)%,1'&5,*M),'(%)%S%&'-5(#),%3%&f'&51'N%(+%)'*R&9',12)%)#1'+#&'3#&',1'+%'M+%F%'3,'0%++#&D?5,12)%&'E5#15&5#'"51FC1'(/&$%(%'/1'%&5,12#'-%$Q#'M%)%'&,12%)&,9',++%'&/(5C'

3,&3,'%++R'$#*,1FC'%'$%12%)DF*.+#%("B'#."-*"?=4(!(9'()1("B'#."-*"2(.(+98''#("+E"+*"1(9*"*'"#.28''#78*"#)-*"!#".(!#"G78=6)".(!(H(8)78*";*(%"78*"!#"+*";(!(+="1#.(


14/30


15/30

"51FC1'N5F#'%'/1'+%3#'&/'$,)-,F%D!pT/@9'M),.5,),&'*,S#)'%+0#'./,)2,q'OI/Q'25,1,1'K)%5$5++%L'3,'+%'(/,1%'!+,'35S#'

H,1%-53,&D!^#D'^#'%$#&2/*()#'(,(,)'!$#12,&2C'E5#15&5#'"51FC1D!H/,1#9'*,S#)'M%)%'1/,&2)#&'M+%1,&D'?5)%9'$#*#'2,'3,$Q%'N%$,')%2#9',1',&2,'%&/12#

0%++#&'/1'N#*(),'+#'1#'M/,3,'N%$,)')(-(@"_,'1,$,&52%'M%)25$5M%)'$#1'+#&'3,*R&D'E,'#2)#

*#3#'%$%(%1'M5&R13#2,D'd,*,'%'*Q9'(5,1')5$#'I/,',&2#J'J'%',&'%15*%+52#&'+,&'3,(#'2#f'#2)%'*R&9'%'+%'(/,1%'%*5&2%3'$#1'#2)#&'0%++,)#&U'$#*(51%$5#1,&9'*%2/2,')Q%&'&M,)#'1%3%'3,'M#1@)&,+,&'%+'()51$#'$#*#'2V'N5$5&2,'%N#)%D

!pf'%'I/@'-5,1,'2#3#','&5&,'M/,3,'&%(,)q'f#'J%'M,)3Q'J'*,'),25)#D!pf'I/@'-%&'%'N%$,)q'p ,' -%&'%'M#1,)'%'-,13,)',1$N5+%3%&q'^#9'%*50#'"51FC19'2V

,&2R&'3,'+%'%)%P%'J'1#'2,'),25)%)R&'3,'+#&'M%+,1I/,&D!^#'2,10#'J%'1%3%'I/,*,'%2#),D'^5'0%++#9'15'351,)#DDD'f'M%)%'*5)#1,&9'()%19'),0),

%'*5'M/,(+#D!pT/@'N%$Q%&'%++R9'&5'1#',&'*/$N#'M),0/12%)q!`)%(%S%(%DDD'd5-Q%D!d5-Q%&'*/,)2#'3,'N%*(),D'`,'+#'-#J'%'3,$5)D'_@'*,35)'%'+%'0,12,'1#*R&'$#1',$N%)+,'/1'

-5&2%F#',1$5*%D'f'2V',),&'3,'@&9'M,)3C1%*,'I/,'2,'+#'350%9'3,',&'I/,'+,'&%$%1',+'(/+2)%(%S#')/3#DDD'^#'"51FC19'2V',),&'$#*#'J#D' W+'2)%(%S#'1# '&,'N5F#'M%)%'1#)(/&$%*#&'/1%'M)#.,&5C1'+5-5%152%D'pf'I/@'*,S#)'I/,'@&2%'3,'+%'S/0%3%9',1'I/,',&M,&,12%3#&'%'I/,'1#&'*%12,10%'+%'&/,)2,q

!"/,3,'I/,'/&2,3'2,10%')%FC1D'",)#'$#*#'3,$Q%'%12,&'p%'I/@'-5,1,'2#3#',&2#q!"%)%'%++R'-#JDDDW1',&,'*#*,12#',+'*,&,)#'&,'%$,)$C'$#1'/1%'2%13%'*R&'3,'$,)-,F%&'J'),$#05C',+'M+%2#

-%$Q#'3,'E5#15&5#9'M/,&'*5,12)%&',++#&'M+%25$%(%19'H,)1%)3%'>/25P#'3%(%'(/,1%'$/$,)-,F%&9',+'"51FC1'$#*Q%'J'H,1%-53,&'N%(+%(%D'^#',&2R'M#)'3,*R&'3,$5)'I/,'2#3%$,)-,F%&'&,'+%&'N%(Q%'(,(53#'+52%'H,)1%)3%'>/25P#'J'I/,'%N#)%'++,1%(%'1/,-%*,12,'&I/,'&/&'#S#&'N%(Q%1'%3I/5)53#'J%',&,'*5)%)'&,*53#)*53#'I/,'M)#3/$,',+'-51#D'O&Q9'$/%1512,)-51#',1'+%'M+R25$%9'&/'-#F'2%)2%*/3,%(%c

!G#),1F#'!35S#!D'E@S%*,'%'*Q',4M+5$%)+,'%I/Q'%+'%*50#'3,'I/@'&,'2)%2%D'`V'$#&5,*M),'2,'-/,+-,&'/1'M/)#'N%(+,'JD'N%(+,'J'1/1$%'%$%(%&D

!E5'M/,&Df',++%'$#*,1FC'%'3,$5)D!G#),1F#'I/5,),'I/,'2,'$#*(51,&'$#1'@+'M#)',+'),&2#'3,'+%'2,*M#)%3%D'`V'),05&2)%)R&'&/

0%++#&'%'2/'1#*(),'J'+,'&,)-5)R&'3,'K+2%3#)LD'W+'2)%2#',&2R',1'I/,'2,'%$#*#3,&'%'+#350%D'>#*#'-,&9'&,'2)%2%'3,'*,2,)'-5)/2%c'I/,'N%J'I/,'I/,()%)+,'+%&'$#&25++%&'%+'%15*%++2%)+#9'M/,&'%'I/,()%)'$#&25++%&DDD'_#1'$#&%&'I/,'2#3#&'N%$,19'%&Q'I/,'1#'2,'M5*/13#D

!p",)#'M#)'I/@'N,'3,'&,)'J#9'N%(5,13#'2%12#'%*%))%3#)'I/,'M/,3,'N%$,)+#q!"/,&'M#)'+#'*5&*#'3,'&5,*M),9'M#)I/,'N%J'I/,',&$#0,)'%'%+0/5,1'p#'1#q!pf',1'*Q'N%1',1$#12)%3#'&/'2%)/0#9'-,)3RqW++%'-%$5C',+'-%'3,'$,)-,F%'%12,&'3,'),&M#13,)c!^#9'"51FC19'+%'$#&%'1#'-%'$#12)%'25DDD'?5)%9'&5'*%+'1#'),$/,)3#'/1'3,&$#1#$53#DD

,&'%))5,&0%3#&'I/,'&,'*,2,1'%+'M%+,1I/,'&51'&%(,)'15'%'+#'I/,'-%1DDDE5#15&5#'"51FC1'N5F#',+'512,12#'3,'+,-%12%)&,'J'3,S%)'I/,'%I/,++%'*/S,)'&50/5,)%'N%(+

+%9'M/,&'$+%)%*,12,'&,'-,Q%'I/,'&,'+,'N%(Q%1'&/(53#'+%&'$,)-,F%&'J 'I/,','+%'%13,$5)'%I/,++%&'.)%&,&'3/)%&9'$%&5'#.,1&5-%&D'",)#',++%'+#'3,2/-#'3,+'()%F#'J'+#'#(+50C'$%*(5%13#'+%',4M),&5C1'3,'&/'$%)%'J')5@13#+,'$#1'+#&'#S#&c

!E@S%*,'2,)*51%)'!+,'35S#!D'W&2R(%*#&',1'I/,'M#)'%I/Q'M#$#&'2,'$#1#$,1'J'15'&5I/5,)%

2,'2#*%1' ,1'$/,12%D'W'2,'&5)-,'3,'*/$N#D'W+'%&/12#',&'I/,'&/,+2,&'+#&'0%++#&'3,'G#$#*#'&5'./,)%1'2/J#&'M%)%'3,)5,12%)'%'+#&'%M#&2%3#),&D'pW125,13,&9'-,)3%3q'D,125,13,&Dn


16/30

!G%'&51$,)%'-,)3R',&'I/,'1#'%$%(#'3,',12,13,)D!X2)%'*R&'!512,)-51#'G#),1F#'H,1%-53,&!D'?%P%1%'2,'++,-%)@'%'-,)'*5'0%++,)%'J'%++

35)@'$/R+'-%'$#12)%'$/R+9'3,'*#3#'I/,'2V'&,M%&'&5'),2%)'%'M,)3,)'#'%'0%1%)D'^#'2,'M),#$+#&'),&/+2%3#&9'M/,&'J#',&2%)@'M/S%13#'&,0V1'*5&'$#1-,15,1$5%&9'"5@1&%+#',&2%'2,*M)%152#'N%(+%),*#&D

_,'3,&M535,)#1'3,'@+D'f'%+'3Q%'&50/5,12,'N%(Q%'$,))%3#'/1'2)%2#'I/,'+,'5(%'%'3%)'*/$N

0%1%)'&51'%))5,&0%)'1%3%'3,'&/'M%)2,D'W)%'/1%'$#*(51%$5C1'&,*,S%12,'%'+%'#O0/%&$%+5,12,&9'J'I/,'@+'1#'%$,M2C9'*R&'I/,'M#)'N#1)%3,F9'M#)'1#',&2%)'.%*5+5%)5F%S/0%3#),&'%'+%'%+2%',&$/,+%D'_/M#',12#1$,&'I/,9',1',&2,'1,0#$5#'3,'+#&'0%++#&9'1#'&5,*,+'*,S#)'15',+'*R&'-%+5,12,9'&51#'I/,'%'M,&%)'3,'+%&'+,J,&9'+#&'+2%3#),&',&2R1'++,1#J'M),M%)%3#&'M%)%'N%$,)'2)%*M%'$#1'0)%1'35&5*/+#D

ON#)%'5(%'%'M,+,%)'0%++#&'3,'/1%'*5&*%'M,)$N%U'M,)#'&%(5,13#'3,'%12,*%1#',1',++#&',&2%(%'+%'-,12%S%D'W)%1'2#3#&'0%++#&'.51#&9'%+25-#&'J',1(,)(,$53#&9'%N%(Q%'&/&'#2)#&D'`#3#&'S/0%)Q%1',1'M,+,%&'3,'$#*M)#*5'&,0/)%&9'J'%3,*R&9'0%,1'+%')%J%9'&Q',1',+'2,)),1#'3,'+%&'%M/,&2%&D'G#),1F#'H,1%-53,&9'%+'KM/S%)'./,)2,L9+#&'I/,',&2%(%1'%2,12#&'%'+#'I/,'@+'N5$5,)%'M%)%'&,0/5)+#9'J,13#'%'3#13,'@+'5(%'#'$#1@+'5(%9'M/,&'1%35,'+,'35&$/2Q%'&/&'$#1#$5*5,12#&',1'$/,&25C1'3,'0%++#&D

f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s,)2)/35&D'G%&'%M/,&2%&',1'$#12)%'3,+'$5,0#'(%S%)#1'3,'*5+'%'&,2,$5,12#&'J'*R-%)5#&'*5+,&'$#12)%'/1'*5+D

O+'0)52#'3,'&,'N5F#'$N5$%'+%'M,+,%9' ,+'M%+,1I/,'&,'$#1-5)25C',1'/1' -,)3%3,)#'$+%*#35&0/&2#'J'M)#2,&2%&D'",)#',+'S/,F'N%(Q%'3%3#'&/'.%++#'J',+'0)52C1'-#+-5C'%'),M,25)c

!i_,'N5F#'$N5$%'+%'M,+,%j'i"5,)3,'+%'0)%13,'3,'_%12%'s,)2)/35&jO+0/1#&9'I/,'+%'N%(Q%1'-5&2#'&,0/)%9'%M#&2%)#1'N%&2%'+%'$#(5S%'J'3,'N%(,)'2)%

+%'*/S,)'+%'N/(5,)%1'$%&%3#'$#12)%',+'$5,0#DE,&M,)350%3#& ' ,1 ' -%)5#&' 2)%*#&' 3,+ ' M%+,1I/, ' ,&2%(%1 ' +#& ' %M#&2%3#),& ' 3,

H,1%-53,&'$#1'&/'$%)%'3,'),&501%$5C19'J' /1'%5),'$C*#'3,'M,)353#&U'M,)#'%0/%12%#$N,12%9'+#&'#$N#$5,12#&9'+#&'*5+'$#12)%'+#&'*5+'I/515,12#&D'f' ,+'G#),1F#',&2R25$#5135.,),12,'$#*#'&5'1#'+,'512,),&%)%',+'),&/+2%3#'15',+'%M#J#'I/,'+%'*%J#)Q%'+,'3%(%'%'&W1'2%12#9'E5#15&5#'"51FC19'$#1',+'%15*%+'),M+,2#'3,'$%2%)%2%&9'N%$Q%'$#*#'I/,'1#3,c'i"C1+,'%12,#S#&j'iG+@-%+#'%+')%&2)#j'iW1&,P%+,'+%'M/,)2%j

O+'$%),%)+#9'%)),$5C'+%'0)52,)Q%'3,'+%'$#1$/)),1$5%9'M/,&',+'0%++#9'%+'&,125)'+%'M,1,*50#9'35#'3,'M5$#2%F#&',1',+'-%$Q#D'",)#'%+'+2%)+#'J'2#*%)'$#12%$2#'$#1',+'0%++#3,'$/%2)#'v5+#&9',+'$5,0#'%2%$C'$#1'/1%'./)5%',13,*#15%3%'J'I/5FR'#+.%2,R13#+#9'1#'&,'&3,+'$/,)M#'%M+#*%3#'%+'I/,'N5F#'2)5F%&'$#1',+'M/P%+'3,'&/',&M#+C1D'f'%/1'$/%13#',+3,&M+#*C'N,)53#'3,'*/,)2,9',+'$5,0#'&50/5C'0#+M,%13#'$#1'&/&'%+%&9'$#1',+'M5$#'J'+%./+*51%12,&'1%-%S%F#&D

E5#15&5#'"51FC1'M)#$,35C'%'+,-%12%)'&/'0%++#'I/,'&,0/Q%'2),M%3#'(),',+',1,*50#'*/3,&2)#FR13#+#',1$%)15F%3%*,12,U'M,)#'%+0/5,1'3,+'MV(+5$#9'3,'2,S%1%'J',*M5&2#+%3%15++#9'J'%12,&'3,'I/,'E5#15&5#'2/-5,)%'25,*M#'3, 'M)#2,0,)+#9'&,'+#'%)),(%2C'3,'+%'*%,&2)/SC'$#1'./)#)9'+,'2#)$5C',+'M,&$/,F#'N%$5@13#+,'3%)'-/,+2%&'$#*#'),0/5+,2,'J',1&,0/53%%))#SC'(),'+%'%+2,)%3%'*/$N,3/*(),D

>#*#'&,P%+'3,'M)#2,&2%'M#)',&2,'%2)#M,++#9'E5#15&5#'"51FC1'M535C'%+'S/,F$#1$,353#9',+'M,)*5'M%)%'),25)%)'3,+'$#*M)#*5'+%&'M,+,%&'),&2%12,&D"#$#'*R&'2%)3,9'%$#*M%P%3#'3,'G#),1F#'H,1%-53,&9'I/5,1'+#'N%(Q%'51-52%3#'%'&/'$


17/30

_%12%'s,)2)/35&'%'M%&%)'/1#&'3Q%&9'-,1Q%1'.,&2,S%13#'+%'N%F%P%'3,+'0%++#'$5,0&,)5,3%3'$#1'I/,'N%(Q%1'2#*%3#'+%&'$#&%&D

G%&'3#&'&,*%1%&'I/,'M%&C',1'_%12%'s,)2)/35&'+,'./,)#1'M)#-,$N#&%&D'OM),135C9-5,13#9'J'*R&'2%)3,'M%)25$5M%13#',1'+%'M%)253%9'%'S/0%)'"%$#'s)%13,9'/1'S/,0#'3,'$%2%12#'$#*M+5$%3#U'M,)#',12),2,153#'J'I/,'+#&'35&2)%S#'3,+'%(/))5*5,12#',1'%I/,+'&525%5&+%3#'J'+52%)5#D

E5#15&5#'"51FC1',)%'NR(5+'J'%&5*5+%(%'.R$5+*,12,'$/%+I/5,)'S/,0#9'I/,'*R&'2%)3,'/2M%)%'&/&'.51,&c'%$/*/+%)'/1%'51*,1&%')5I/,F%D'",)#'M#)',12#1$,&9'&,0/Q%'0/&2%13#'*R0%++#&9',&'%15*%+52#&'&,3#&9'&/%-,&9'$#1'/1'$#+#)'-5-#'J'3,'+#&'I/,'M)#12#'$#12C(/,1%'M%)253%D

")#12#'3,SC'3,'&,)'%I/,+'N#*(),'N/*5+3,'I/,'$#1#$5*#&',1'_%1'?50/,+''3,+'?5+%0)#'J'I/,'%+'M)51$5M5#9'2,15,13#'$#*#'.#)2/1%'/1'V15$#'0%++#9'&,'*#&2)%(%'51I/5,2#'J'1,)-5#%&/&2%3#'3,'M,)3,)'J'I/,'&5,*M),'S/0%(%',1$#*,13R13#&,'%'E5#&D'",)#'M#$#'%M#$#'&/'&%&,'./,'%+2,)%13#'%12,'+%'M,+,%'-5#+,12%'3,'+#&'0%++#&9'$#*#'&5',+',&M,'J',1)#S,$53#'%I/,++#&'%15*%+,&'+#'-#+-5,)%'3,'M5,3)%9'$#1-5)25@13#+#',1'/1'N#*(),'.)Q%*,12,'$%+$/&,0/)#'J'$#1.5%3#',1',+'3,&251#'3,'&/'&/,)2,D

>/%13#'),0),&C'%'_%1'?50/,+'3,+'?5+%0)#9',)%'/1'25M#'35&2512#'%+'I/,'2#3#&'%++Q'N$#1#$53#D'G+,0C'%')%QF'3,'+%&'.5,&2%&'3,'_%1'?50/,+9'/1'%P#'J'#$N#'*,&,&'%M,1%&'3,&N%(Q%'%(%13#1%3#',+'M/,(+#'$#1'512,1$5#1,&'3,'1#'),0),&%)'1/1$%D'",)#'$#*#'&,'&/M#&,0V1'@+'35S#9'1#'-,1Q%'%'+%'35$N#&%'$,+,()%$5C19'&51#'%',12,))%)'%'&/'*%3),'I/,9'M#J%',&2%(%',12,))%3%D

!i",)#'*%+',12,))%3%j'!),&M#135C'@+'%+'O+$%+3,9'I/,'+,'N5F#'-,)'+%'&52/%$5C1!D'f'#-,10#'%'N%$,)+,'/1'(/,1',125,))#U'$#*#',++%'&,'+#'*,),$,D

`)%Q%'$#1&50#'/1'.@),2)#'*/J'+/S#'I/,'*%13C'N%$,)',&M,$5%+*,12,',1'_%1'G/5&'"#2#&.#))%3#'M#)'3,12)#'3,')%'J'M#)'./,)%'3,'2,)$5#M,+#'*#)%3#U'%3#)1%3#'$#1'*#+3/)%&'3,'MM/)%D

!T/5,)#'I/,'%+'*,1#&'*/,)2%9'$#1#F$%',+'3,&$%1'J'+%'$#*#353%3'I/,'1#'$#1&50/5C'2,1,)',1'-53%D

",)#'2%12#',+'$/)%'$#*#',+'%+$%+3,'3,+'M/,(+#'1#'+,'M,)*525,)#1'%()5)'+%'&,M/+2/)%c!\%&2%'M%&%3#&'$51$#'%P#&'!+,'35S,)#1!9'M#3)R&',4N/*%)',+'$%3R-,)'3,'2/'*%3),D!O12,&9'3,'1510/1%'*%1,)%D!G#'N%)@'%N#)%'*5&*#D'O','-51,DDD'O/1I/,'2,10%'I/,'$#*M)%)'M%)%','+%'%/2

O/1I/,'2,10%'I/,'M%0%)'$/%+I/5,)'M,)*5'!%P%35C'*5)%13#'%+'$/)%!9'3,'I/5,1'&,%Df'+#'N/(5,)%'N,$N#9'3,'1#'&,)'I/,'$/%13#'./,'%+'$%*M#&%12#'3#13,',&2%(%',12,))%3%'&

*%3),9'%$#*M%PR13#&,'3,'/1#&'M,#1,&'%)*%3#&'3,'M5$#&'J'M%+%&9'1#'35#'$#1',+'+/0&,M/+2/)%9'M/,&'3#13,'@+'N%(Q%'N,$N#'&/',125,))#9'1#',45&2Q%1'15'*#12Q$/+#&'15'$)/$,$%*M#'++,1#'3,'J,)(%&D

W1'+#&'M#$#&'3Q%&'I/,'%++Q',&2/-#'&,'1#2C',+'3,&M),$5#'I/,'&,12Q%'M#)',+'M

$#*M#)2R13#&,'$#*#'/1'&/S,2#'%2)%(5+5%)5#9'%3,*R&'3,'.%1.%))C1D'f'I/5FR'M%)%'),*,*#)1#'*/J'+,S%1#&'25,*M#&9'%M)#-,$NC'+%'N#)%'3,+'$#1-52,'M%)%'$#+#$%)&,'%+'.),12,'3,'2#,1'.#)*%'*/J'35&2512%'%'$#*#'+#'N%(Q%'N,$N#'%12,&9'J%'I/,'%N#)%'5(%'%+'.),12,'3,'+#&'$3,'+%'*V&5$%',1'/1%'%$252/3'I/,'M%),$Q%'$#*#'&5'@+'./,)%'%'M%0%)'2#3#&'+#&'0%&2#&

"#)'#2)%'M%)2,9'1#'N%(+C'$#1'1%35,9'J'%'2#3#&'+#&'I/,'&,'%$,)$%)#1'%'&%+/3%)+#'+#,-53,12,' 3,&M),$5#D' O' ,4$,M$5C1'3,' _,$/1351# '>#+*,1,)#9' $#1 ' I/5,1 '&2/-# ' /1%'+%)0%'M+R25$%'3,'$#1-,1$5*5,12#9'M/,&'I/,)Q%'++,-R)&,+#'$#*#'$%M%3#)'J'+2%3#)'3,'&/&'0%+

W+'2%+'>#+*,1,)#9'%/1I/,'+%*,12%13#'3,S%)'&/'$%&%'J'+%&'M#$%&'M,)2,1,1$5%I/,3%(%19'#M2C'%+'.51'5)&,'$#1'E5#15&5#'"51FC19'M#)I/,'%'3,$5)'-,)3%39'3,&3,'N%$Q%'*R%P#9'$/%13#'M,)35C'&/'.#)2/1%' ,1'+%&'2%M%3%&9'1#'N%(Q%'+#0)%3#',13,),F%)'$%(,F%N#)%'&,'+,'#.),$Q%'+%'#M#)2/153%3'3,'N%$,)&,'$%)0#'3,'+%'0%++,)%'3,'E5#15&5#'"51FC

2%*(5@1',+',1$%)0#'3,'M,+,%)'&/&'0%++#&9'%$,M2C9'M/,&'+,'0/&2%(%',+'#.5$5#9'J'(),'2$#*#'&5'./,)%1'&/J#&9'%I/,++%'(/,1%'M,)$N%'3,'0%++#&'.51#&'$#1'+#&'$/%+,&'5)Q%'3,'.,)5%O&Q'M/,&9'+#&'3#&'%(%13#1%)#1'_%1'?50/,+'3,+'?5+%0)#D'W+'M/,(+#'2#3%-Q%',&


18/30

.5,&2%9'3,'*%1,)%'I/,',12),'),M5$%)'3,'$%*M%1%&'J'$%++,&'%3#)1%3%&'$#1'.,&2#1,&9*%)$N%)#1'N%$5%'+%'%/&,1$5%9'++,-%13#'M#)'3,+%12,'+%',42)%P%'.50/)%'I/,9'$#*#'.#)*%(%',+'%2%V3'J',+'%15*%+'I/,'+#'$%)0%(%D

`%12#'E5#15&5#'"51FC1'$#*#'_,$/1351#'>#+*,1,)#9'3,&%M%),$5,)#1'3,'%++Q'M%)%-#+-,)D

W12),'2%12#9'G%'>%M#1,)%'&,'-5-Q%'%0/%)3%13#',+'),0),'3,'E5#15&5#'"51FC19',1'/1

++%*%3#'^#$N5&2+R19'3#13,'&,'$,+,()%(%'+%'.,)5%'2)%35$5#1%+D'f',++%9'$#*#'&5,*M),9$%)0#'$/()5)'$#1'&/&'$%1$5#1,&',+'2,*M+,2,'3,'+%'M+%F%'3,'0%++#&U')%FC1'M#)'+%'I%$#*M%P%)'%'E5#15&5#'"51FC1'%'_%1'?50/,+'3,+'?5+%0)#D

W+'I/,',++%'J'@+'&,'N/(5,)%1'/153#'M%)%'+535%)',1',+'35.Q$5+'*/13#'3,'+%&'.,)5%&U'3,$5353#'*,&,&'%2)R&9'$/%13#'&,'-#+-5,)#1'%',1$#12)%)',1'/1'&525#'++%*%3#'>/I/Q#D

^#'&,'N%(Q%1'-/,+2#'%'-,)'3,&3,'+#&'*,12%3#&'3Q%&'3,'`+%I/,M%I/,9'%++Q'3#13,'3,S0%++#'3#)%3#U'M,)#'3#13,'$#1&50/5C'+%'%*5&2%3'J'+%'%+5%1F%'3,'G#),1F#'H,1%-53,&3,'@&2,'M%)%'%+F%)'&/'&/,)2,D'f'3,'%++Q'KM%+'),%+L9'M/,&'1#'&C+#'%M),135C'*/$#.5$5#9'&51#'I/,'&,'%0,1$5C'3,'/1%'(/,1%'M%)253%'3,'0%++#&'J'+,'%/*,12C',+'R15*#'M%)%'&,1'+%'(),$N%D

>/I/Q#',)%'/1'+/0%)'M,I/,P#9'M,)#'M+%0%3#'3,'2%NV),&9'./++,)#&9'0%++,)#&'J'0,12,'I/-5-Q%'%N#))%13#'&/'351,)52#'2#3#',+'%P#'M%)%'5)+#'%'25)%)'%'+%&'M%2%&'3,'/1'%15*3,'/1%'(%)%S%'&,P%+%3%D'`,1Q%'2%+'.%*%',&,'M/,(+#'M%)%',+'3,&M5+.%))#9'I/,'%M#.5$5%+'3,35$%3#'%'+%&'KM%)253%&L9'&,'S/0%(%'H)5&$%9'>#1I/5R19'_5,2,'J'?,35#'J'"%,1'%I/,+'+/0%)9'&51#',1'$/%+I/5,)'$%1251%9'25,13%'#'(#25$%'J'N%&2%',1'+%&'(%1$%&'3,'+%)*%&D'f'&5'%+0/1#'),&/+2%(%'*/,)2#9'I/,'&5,*M),'+#&'N%(Q%9',)%',1')5P%&'$%/&%3S/,0#9'J%'I/,'3,+'%+$#N#+'&,'N%$Q%'M#$#'$#1&/*#D

a/,'M/,&',1',&2,'M/,(+#'J'3,12)#'3,',&2,'%*(5,12,'3#13,'-#+-5,)#1'%',1$#12)%)&,'E5#15&5#'"51FC1'J'G%'>%M#1,)%D

E,&M/@&'I/,'%&,0/)C'&/&'0%++#&',1'+%&',&2%$%&'3,+'$#))%+'3,+'M%+,1I/,9',1$#*,13/1'M%&2#)'3,'$#1.5%1F%9'&%+5C'%'3%)&,'/1%'-/,+2%'M#)',+'M/,(+#9'1#'2%)3%13#',1'3%)&I/,'2#3#',+'*/13#',&2%(%'#$/M%3#',1'+%'(%)%S%U'J%'N%$5,13#')#1$N%'%+),3,3#)'3S/0%3#),&'#'M%)25$5M%1c'e3#',1'+%&'%M/,&2%&9'M#)'+#'$/%+9'%'M,&%)'3,+'0,12Q#'IM#)'2#3%&'M%)2,&9',+'&5+,1$5#'M%),$Q%'3#*51%)'%+'M/,(+#D

_,'%$,)$C'%+%'M%)253%'0)%13,9'3#13,'N%(Q%'*%J#)'(/++5$5#'J'&,'#Q%'+%'*V&5*%)5%$N5&D

O++Q',&2%(%'G%'>%M#1,)%9'+%1F%13#'/1%'$%1$5C1'$#))53#'M#)',1$5*%'3,'+%'*,&%%/1I/,'&/'-#F'&,'#Q%'/1'M#$#'3,&-%1,$53%'3,(53#'%+')/*#)'3,'+%'0,12,'J'%+'1#'2,1,)'*%1,)%'3,',1$,))%)'&/'$%1$5C1'(%S#'%I/,+'S%$%+C1'%(5,)2#'%'+#&'$/%2)#'-5,12#&D

E5#15&5#'"51FC1',&M,)C'%'I/,'2,)*51%)%'J'+/,0#'&,'%$,)$C'N%&2%',++%'M%)%'&%+35#'0/&2#'-#+-,)&,'%'-,)'2%12#9'I/,',++%'+,'2,135C'$%)5P#&%*,12,'+#&'()%F#&'J'@+'+%'),2(/,1')%2#',12),'+#&'&/J#&D

!iE,'I/,',+'2,*M#)%+',&'(/,1#9'N%&2%'+#&'2)#1$#&'),2#P%1j'!+,'35S#',++%D'f'%P%35C>),Q'I/,'J%'1#'2,'-#+-,)Q%'%'-,)9'0%++,)#D!pf'I/@'M%&%'$#1250#9'H,)1%)3%q'p"#)'I/@'%N#)%'%I/Q9',1',&2,'$N51$N#))#q!G+,0/@'2%)3,'J'$/%13#'*,'%*@'M#)',+'M%+,1I/,',1$#12)@'+%'M+%F%'#$/M%3%D'pf'2!W1'+%&'*5&*%&D!H5,1'3,$Q%'J#'I/,',&2%(%&'M5$%3#'3,'+%'%)%P%DDD'o1-Q2%*,'/1'2)%0#9'M/,&'%I/Q

%0/%'15'%+'0%++#'3,'+%'M%&5C1Da/,)#1'%'+%'$%1251%'J'M535,)#1c'M%)%'@+'/1%'0)#&,++%9'M%)%',++%9'/1'$/%)25++#'!"#&'&Q9'H,)1%)3%9'*,'35#'+%'$#)%F#1%3%'3,'I/,'%13%)Q%&'M#)'%I/Q9'M#)'>/I/Q#D'W

-,)2,'%++R',1'+#&'0%++#&D!^#'2,'350#'I/,'*,'*%3)/0%)#1D'f' ./,',&%'51351%'3,'G/$),$5%'_%+$,3#D'",)#'15'*#3#9'

M%)%'2#3#&'N%J9'*5,12)%&'1#'%)),(%2,1D!"#&'J#'%$%(#'3,'3,S%)'+%'$%&%'3,'G#),1F#'H,1%-53,&D'u+'1#'I/5'-,15)D'E5S#'I/,'@&1#',)%1'&/&'(,(,3,)#&D


19/30


20/30

!i^,$,&52#'3,'/1'2)%0#j'd%*#&'%'3#13,'1#'1#&'N%0%1'2)%*M%D",)#'%'2#3#',&2#9'E5#15&5#'"51FC1'++%*C'%+'*,&,)#ci`)R50%*,'/1%'(#2,++%'$,))%3%'3,'*,F$%+jf'35)505@13#&,'%'G%'>%M#1,)%c!E,(,'&,)'50/%+',1'2#3%&'M%)2,&D'W&'&/'1,0#$5#'!N5F#'/1%'M%/&%'J'+/,0#'%P%35C!

2)51I/,2,)#&'%'2)51I/,2,)#&'N%J'1#&'-%*#&'p#'1#',&'$5,)2#q

W++%'%.5)*C'+#'I/,'@+'%$%(%(%'3,'3,$5)'$#1'/1%')5&%D'W+'-%'-#+-5C'%'++,1%+%'(#2,++%'I/,',+'*#F#'3,SC'(),'+%'*,&%D'H,)1%)3%'>/25P#'+#'M)#(C'J'+/,0#')(5C'/1'+%%1&5#'2)%0#D'"%),$5C'),%15*%)&,D

!pO'I/@'N#)%&'2,)*51%&'$#1',&2#q'!M),0/12C'E5#15&5#'"51FC1D!O'+%'*,35%'1#$N,D!^#'&%(,&'$/R12#'*,'0/&2%)Q%'I/,'*,'%$#*M%P%)%&'%'+#&'0%++#&D'`V',),&'*5'KM

5*R1L'M%)%'+%'(/,1%'&/,)2,D!W'J%'*,'+#'N%1'35$N#'*/$N#&D'W12),'#2)#&'G#),1F#'H,1%-53,&D'O+0#'N,'3,'2,1

M#)I/,',+'I/,',&2R'$#1*50#'1/1$%'M5,)3,D!^#'+#'3/3#D'f#'*5&*#'+#'N,'$#*M)#(%3#D!_QD'`#3#&'&,'N%1'&,)-53#'3,'*QD'f'3,&M/@&DDDd#+-5C'%',*M51%)&,'#2)#'2)%0#'3,'*,F$%+9'*5,12)%&'#Q%'I/,'E5#15&5#'"51FC1'+,'3,$Q%!f#'1/1$%'2,'%(%13#1%)@9'H,)1%)3%D!G#'&@'!$#12,&2C',++%D`,)*51C',+'$#12,153#'3,+'-%D'`#*C'+%'(#2,++%',1'&/&'*%1#&'J'+,-%12R13#&,'J'N%$5,

/1%'&,P%'5135$%13#'%'+#&'*V&5$#&9'35S#c!d#J'%'++,-%)+,',&2#'%'*5&'*/$N%$N#&D'^#&'-,),*#&'*R&'2%)3,Du+'-5#'$C*#'&,'%+,S%(%'N%$5%',+'2,*M+,2,'3#13,',+'*%)5%$N5'+%'%0/%)3%(%D"#$#'3,&M/@&9'E5#15&5#'"51FC1',&2%(%',1',+'$#))%+'3#13,'N%(Q%'3,S%3#'%*%))

0%++#&D'E,&%2C'/1#'3,',++#&'3,'+%',&2%$%D'G,'2%12,C',+'(/$N,D'7,-5&C'+%&'%+%&'J)#$5C'/1'2)%0#'3,'%0/%',1'+%'$%(,F%9'M/,&'$#*#'N%$Q%'$%+#)9',+'%15*%+'&,&,%(%'$#*N#0/Q#D'G#'2#*C',1'&/&'()%F#&9'J'$#1'@+'&51'3,S%)'3,'%$%)5$5%)+,',+',&M51%F#9'&,'$#))%+' N%$5,13# ' %3,*%1,&' J ' N%(+%13#' +#9 ' ),M525,13# ' N%&2% ' ,+ ' $%1&%1$5# ' M$#1-,)&%$5C1'$#1'+%'H,)1%)3%D

O&Q'%13/-#'/1' (/,1' )%2#D'\%&2%'I/,'%+'-#+-,)&,9'-5#'%+'M%&2#)',1$%)0%3#'3,'$/53%0%++#&'I/,'+#'*5)%(%'$#1'$/)5#&53%3D'W12#1$,&9'2#*C'&/'%15*%+'$#1'%*(%&'*%1#&'J@+'N%$5%',+'M%+,1I/,'$%*51%13#'%'0)%13,&'2)%1$#&D

E,&3,',12#1$,&'E5#15&5#'"51FC1'J 'H,)1%)3%'>/25P#' -%0%)#1'M#)',+'*/13#'3,' .,)5%',1'.,)5%9'%+2,)1%13#'+%&'2%M%3%&'$#1'+%')/+,2%'J'+#&'%+(/),&D'"%),$Q%'$#*#'&5'+%'/1>%M#1,)%9'+,'N/(5,)%'%.5)*%3#'+%'&/,)2,'J'$),$53#'+#&'R15*#&9'M/,&'&5,*M),'&,'+,'-,Q%',1',+'S/,0#U'2%+'$#*#'&5'$#1#$5,)%'3,'%12,*%1#',+'),&/+2%3#D

\%(Q%'3,&$/(5,)2#'J'%N#)%'+#'$#1.5)*%(%9'I/,'S/12#'%',++%'+,',)%'35.Q$5+'M,)3,)9'M#)'

&,'+%1F%(%'*/$N%&'-,$,&'%))5,&0%13#'*R&'3,'+#'I/,'M#3Q%'M%0%)9'2,12%13#'%+'3,&5,*M),'+#'.%-#),$Q%D_,'$%&C'$#1'G%'>%M#1,)%'/1%'*%P%1%'$/%+I/5,)%9',1'/1'M/,(+#'$/%+I/5,)%9'+50%13#

M)#*,&%'3,'1#'&,M%)%)&,'3,',++%'S%*R&'1/1$%DW++%'1#'I/,)Q%',+'*%2)5*#15#U'M,)#'%+0#',1',+'.#13#'+,'3,$Q%'I/,'%I/,+'N#*(),'1#',)%

$#*#'+#&'3,*R&9'J'*#-53%'M#)'+%'$#1-,15,1$5%'3,'%$5%)&,'$#1'%+0/5,19'(),'2#3#'$#./+%1#'$#*#'E5#15&5#'"51FC19'++,1#'3,'$#35$5%'J'3,+'I/,',&2%(%'&,0/)%'&,0/5)Q%')#3%13#,++%9'*5,12)%&'+,'%+,2,%)%1'+%&'%+%&'%+'V+25*#'3,'&/&'0%++#&9',&2/-#'3,'%$/,)3#',1%&Q'%+'*,1#&'2,13)Q%',1'I/5@1'%M#J%)'&/'+52%)5%'-53%D

"/,(+#&9'$5/3%3,&9')%1$N,)Q%&9'2#3#'+#'),$#))5,)#1D'W++%'M#)'&/'M)#M5#'0/&2#D'uM#)'+%'%*(5$5C19'M#)'/1'%.R1'5+5*52%3#'3,'%$/*/+%)')5I/,F%D

*


21/30

Y1'3Q%'M%&%3#',+'25,*M#9'E5#15&5#'"51FC1'3,$535C'-5&52%)'%'&/'-5,S#'%*50H,1%-53,&9'%'I/5,1'N%$Q%'*/$N#'1#'-,Q%9'M/,&'&,'N%(Q%'3,&2,))%3#'3,+'$%*M#'3,'+%&'

G+,0%)#1'/1%'2%)3,'%'_%12%'s,)2)/35&'J'J%'M%)%',12#1$,&'+#&'%$#*M%P%(%'&/'N5S3,'35,F'%P#&D'W1$#12)%)#1'%+'2%+'H,1%-53,&'*#12%3#',1'/1%'&5++%'3,')/,3%&9'-5,S#'J'3O'M,&%)'3,'2#3#9'+#&'),$5(5C'$#1'0)%13,&'*/,&2)%&'3,'),0#$5S#D'H,&C'+%&'3#&'*%H,)1%)3%'>/25P#'J'%$%)5$5C'%'+%'N5S%'$#*#'&5'./,)%'&/J%D'^#'N%(Q%'M,)353#'&

M,)%+53%39'J%"I/,'&,0/Q%'&5,13#'%+25-#'J'3#*51%12,c!_@'I/,'+,&'N%'53#'(5,1'!35S#'%'E5#15&5#'"51FC1!D'f'*,'%+,0)#'3,'-,)+#&D'W&M,)#'I/,'1#'+,&'%(/))%'*5'2)5&2,'$#*M%PQ%'+#&'3Q%&'I/,'3/),'&/'-5&52%D

!^#&'-%*#&',1&,0/53%'!$#12,&2C'G%'>%M#1,)%!D'd%*#&'3,'M%'J'&C+#'1#&'3,2/-5*%'&%+/3%)2,D

!_Q9'3#1'G#),1F#'!35S#',+'"51FC1!'+,'3,(Q%*#&',&2%'-5&52%'$#*#'#2)%&'*/$N%&9'M/&2,3'&%(,'+#'%2%),%3#'I/,'%13%'/1#'$/%13#'&,'25,1,',+'*/13#'M#)'$%&%DDD'G%'$#&%',2#*,'1/,&2)#'#+-53#'$#*#'510)%252/3DDD

!G#'I/,'/&2,3,&'1,$,&52%1',&'&,0%)&,DDD'"#1,)&,'2)%1I/5+#&D'"/,&'R)(#+'I/,'1#',1)%1#'$),$,DDD'W1'$/%12#'%'$%&%9'J#'+,&'#.),F$#'+%'*Q%9'M#)'%N#)%'J'M#)'&5,*M),D

!?/$N%&'0)%$5%&9'3#1'G#),1F#D!f'N%(+%13#'3,'#2)%'$#&%'pI/@'2%+'%13%&'$#1',+'"%$#q'_,'*,'.50/)%'I/,'J%'+#'#+-53%&!^%3%'3,'+#'I/,'%M),13Q'3,'/&2,3'&,'*,'N%'#+-53%3#D!iW12#1$,&'I/@3,1&,'N%&2%'*%P%1%j'?,'&,)-5)R'3,'35&2)%$$5C1'S/0%)'/1%'M%)253

1#$N,D

*

f'&,'I/,3%)#1Da),12,'%'/1%'*,&%'$#1'$/(5,)2%'3,'*R)*#+',&2%(%1'+#&'3#&'35&2)5(/J@13#&,'+%&'$%)2

$#1251/%)',+'S/,0#D'^#'*/J'+,S#&'3,',++#&9'&,12%3%',1',+'*5&*#'&5++C1'3,'%+2#'),&M%+#$/MC'%+'++,0%)9'H,)1%)3%'>/25P#'+#&'#(&,)-%(%9'2,15,13#'%'&/'N5S%'3#)*53%'(),',G#),1F#'H,1%-53,&'3,$Q%c

!^#'*,'0/&2%'S/0%)',.,$25-#9'3,+'I/,'J%'M#$#'*,' I/,3%9'M,)#'2,10#'/1')%1$N52#'%I/Q'$,)$%D'`V'35)R&D

!pY1')%1$N#q'pf'$#*#'M%)%'$/R12#'+,'0/&2%q!H5,1D'f%'2,'35)@'%'+%'N#)%'I/,'M5,)3%&'$/R12#',&'2/'%3,/3#D'pW&2R&'$#1.#)*,q!>#1'/&2,39'3#1'G#),1F#9'1#'2,10#'M#)'I/@'35&$/25)D

*

!Y&2,3'M5,)3,9'3#1'G#),1F#D'pT/@'#2)%'$#&%'S/,0%q!W&2%'$%&%'!35S#'@+!D'>#12)%',+9')%1$N#'JDDD'350%*#&'$51$/,12%'*5+'M,&D

2V'I/,'+#&'-%+0%q!>#*#'/&2,3'*%13,D'O+'.51'J'%+'$%(#',&2%*#&'M+%25$%13#D!^#9'"51FC1D'd%',1'&,)5#D'_@'I/,'1#'*,'M/,3,&'0%1%)D!d5,1,9'M/,&D!i>#)2%j'!#)3,1C'G#),1F#'H,1%-53,&'3,&M/@&'3,'(%)%S%)',+'%+2,)#'3,'1%5M,&D'E5#1

"51FC1'35&2)5(/JC'M#)'+%'*,&%'-%)5#&' .)%0*,12#&'3,'+%'(%)%S%9'3, '+#&' $/%+,&'2#H,1%-53,&'J'M),0/12Cc

!pO+(/)q!_%+,',+'%+(/)DH,1%-53,&'+#'M)#$+%*C'$#*#'&5'1#',&2/-5,)%'-5&2#c

!_,5&'3,',&M%3%&'J'%'3,'$#M%&DE5#15&5#'"51FC1'),$#)3%13#'I/,'+%'%',)%'*/J'*%+%'$%)2%'M%)%'@+9'&,M%)C,&M%3%&D


22/30

!pG#'*%2%&'#'+#'3,S%&q!G,'-#JDO+'$%,)'+%'3@$5*%'$%)2%'%M%),$5C',+'&,5&D'Y1'+#'&,5&'3,'#)#&D!W&'2/J%'+%'>%&%'!35S#'&,$%*,12,'G#),1F#'H,1%-53,&D!G,'3#J'+%'),-%1$N%9'3#1'G#),1F#DDD'Y&2,3',&$#0,'$%)2%D!p7,-%1$N%'$#12)%'I/@q'p>#12)%'*Q'*5&*#q'!35S#'&,M%)R13#&,'3,'+%'*,&%'J'*#&2)%

&/'51-%+53,F!DDD'E5*,9'pM#3)Q%&'M%0%)',+',I/5-%+,12,q!W&'I/,'1#'-#J'%'%$,M2%)+,'&/'$%&%D'W'/&2,3'+#'&%(,DDD'>),Q'I/,'&C+#'S/0R(%35-,)25)1#&DDD'O3,*R&9'M/,3#'3,$5)'I/,'%'/&2,3'+,'3,(#'+#'I/,'2,10#D

!pE5-,)25)1#&q'_5'2V'N/(5,)%&'M,)353#'-,)Q%&'+%'$+%&,'3,'35-,)&5C1'I/,'J#'2,'3%)Q%"51FC1D'^5'*5'M%3),'*,'++,0C'%'M,)3#1%)'1/1$%'/1%'3,/3%'3,'S/,0#DDD'f,1'$/%12#'%'I/,'%'**,'3,(,&'2#3#'+#'I/,',),&9',&2R&',I/5-#$%3#D'?5)%DDD

_,'%$,)$C'$#1'&/'&5++%'3,')/,3%&'N%&2%'3#13,',&2%(%'H,)1%)3%'>/25P#9'I/5,1'+#'512,))#0%12, ' 35(/S%13# ' ,1 ' &/& ' +%(5#&' /1% ' )5&%U' M,)# ' 51,&M,)%3%*,12,9 ' /1% ' 2(#.,2%3%' I/, '+,' +%1FC' ./)5#'G#),1F# 'H,1%-53,&9' +,' %M%0C'+%' )5&%'J '+,' N5F#(),&%+2#9'*5,12)%&'0)52%(%',1'&/'$%)%c

!DDDiW&'%',&2%'51*/13%'()/S%'%'I/5,1'+,'3,(,&'2#3#jE,&M/@&'3,',&2#9'51J,$2%3#&'%V1'&/&'#S#&'3,'#35#'J'++,-%13#',1'&/'(#$%'/1%'*5)%$/13%9'&,'%+,SC'M#)'+%'#&$/)%'&%+%9'5*M)5*5,13#'*%J#)'-,+#$53%3'%'+%'&5++%

I/,'5(%DE5#15&5#'"51FC19'&51'51*/2%)&,9'(%)%SC'J'-#+-5C'%'(%)%S%)'+#&'1%5M,&'%(%13#1

*

W+'25,*M#'3,SC'M%&%)'&/&'%P#&D'W)%',1'+%'*5&*%'$%&%'-*"_%12%'s,)2)/35&'J',1',+'*5&*#'&525#D'E5#15&5#'"51FC1'$#*#'&5'1#'N/(5,)%'&/&M,1353#'&/'%$252/3'3,'%P#&'%2)R&a),12,'%'@+'J'%+),3,3#)'3,'/1%'*,&%'$/(5,)2%'$#1'M%P#'-,)3,9'/1%')#13%'3,'&,P#),&',&M,)%(%&/&'$%)2%&D'_,'S/0%(%'"%$#'s)%13,D'G%&'#$N#'(%)%S%&',)%1'),-/,+2%&9'$#)2%3%&'J'N%&2%'I/,'$#*,1F%(%',+'),M%)2#D

Y1'M#$#'%2)R&'3,'@+9',&2%(%'G%'>%M#1,)%9'$#*#'&5'2%*M#$#'&,'N/(5,)%'*#-53#'3,_,12%3%',1',+'*5&*#'&5++C19',&$#1353%'%M,1%&',1'+%'M,1/*()%'3,'+%'&%+%9'M%),$Q*R&'I/,'/1'&,)'-5-#D'",)#',)%',++%D'f'&/'#(+50%$5C1',)%',&2%)'%++Q'&5,*M),D'O/1I/,'%N++,-%)%',1',+'$/,++#'/1'$#++%)'3,'M,)+%&'%'$%*(5#'3,'+%&'$/,12%&'3,'$#+#),&9'I/,'3,&2%$%,+'.#13#'1,0)#'3,+'-,&253#9'J'&/&'*%1#&',&2/-5,)%1'5)5F%3%&'3,'()5++%12,&9'1#',&2%(%'$^/1$%'+#',&2/-#D

W)%1'.),$/,12,&'+%&'35&$/&5#1,&',12),',++%'J'&/'*%)53#D'O+,0%2#&'%0)5#&9'%*%)0,++%'+,',$N%(%',1'$%)%'+%',&$+%-52/3',1'I/,'-5-Q%'#(+50%3%'M#)'@+D

W1'/1'M)51$5M5#'J'%'$%/&%'3,+'1%$5*5,12#'3,'&/'N5S%9'N%(Q%'%$,M2%3#',+',1$5,))#M,)#'$/%13#'@&2%'./,'$),$5,13#9'N%$5@13#&,' 15P%'J' 3,&M/@&'*/S,)9'&/&',&./,)F#&'$N$#12)%'+%'512)%1&50,1$5%'3,+'"51FC1'I/,'2,1Q%'J'I/,)Q%'&,0/5)'2,15,13#'/1'+/0%)',&2%(+,'3-5-5)D

W++%9',1'$%*(5#9'%$#&2/*()%3%'%'+%'+5(,)2%3'J'%+'%*(5,12,'%(5,)2#'3,'+%&'.,)5%&%(%253%',1'+%'3,+%$5C1'3,'%I/,++%'$%&%'51*,1&%'J'+%10/53,$Q%'3,n'M#&2)%$5C1D+%'2,1Q%'&5,*M),'E5#15&5#'"51FC1',1',+')51$C1'3,'+%'&%+%'3#13,'M,)*%1,$Q%'1#$NM),&,1$5%13#'%'+#&'S/0%3#),&9'%+,S%3%'3,+'+'J'3,'+%'+/F'3,+'3Q%9'M/,&'+%'M%)25%*%1,$,)'J'$#*,1F%(%'%+'$%,)'+%'2%)3,D'E,',&2,'*#3#9'&,'+,'#&$/),$5,)#1'&/&'3Q%&'J,1'+/0),&M5)%)'%5),&'35.,),12,&9')(Q%'N/*#'J'%+5,12#&'%+$#NC+5$#&D

O12,&'I/,'E5#15&5#'"51FC1'2)%1&.#)*%)%'&/'N/*5+3%3',1'(,)(5%9',++%'N%(Q%'M$#135$5#1,&'J'N%(Q%'5*M/,&2#'&/'-#+/12%3D'",)#'%N#)%9'J%'$%&$%3%'&/'-#F9'*/,)2%&'

1#'+,'I/,3%(%'*R&'I/,'#(,3,$,)'%'/1%'-#+/12%3'%S,1%'J'#+-53%)&,'3,'&/'M)#M5%',45&2,1$5%D!tJ,*,'(5,19'E5#15&5#'!+,'N%(Q%'35$N#'$/%13#'%I/@+'+,'M)#M/'*%2)5*#15#!',&2#J%$#&2/*()%3%'%'I/,'1%35,'*,'*%13,D'"#)',',&$#0Q',&2%'-53%DDD'f'2%*(5@1'J'J#'


23/30


24/30

!W&2R'(5,19'H,)1%)3%9'&,0/5),*#&'S/12#&'(%S#',&%&'$#135$5#1,&D'\%)@'+%'+/$N%),0),&,&'%'+#&'0%++#&D

!^#9'E5#15&5#D'O++Q'1#'*,'I/5,),1D'^,$,&52%1'3,'/1%'-#F'./,)2,9'J'+%'*Q%'J%'&,'*,' ,&2RI/,()%13#D

!")#12#'1#'2,'-%1'%'I/,),)',1'1510/1%'M%)2,D!iO2,12,'%',j

!_QD'O','*,'%2,10#D'id%*#&jE,',&,'*#3#9'E5#15&5#'"51FC1'-#+-5C'%'M,),0)51%)'M#)'+#&'M/,(+#&',1'$#*M%PQ%'>%M#1,)%D'W++%9'$#1&50/5,13#'$%1$5#1,&'%I/Q'J'%++R9'&,0/53%'M#)'&/&'*/$N%$N#&u+9'M%&%13#'3,+'M%+,1I/,'%'+%'M%)253%'J'3,'+%'M%)253%'%+'M%+,1I/,9',1'M)#$/)%'3,'0%1%1$5%&'M,)353%&D'E,'-,F',1'$/%13#9'),$#1#$Q%1'%'_%12%'s,)2)/35&9'M,)#'1#'3/)%(%&/*#'/1%'#'3#&'&,*%1%&9'M%)%'+/,0#'-#+-,)'%',*M),13,)'$%*51#D

*

\%&2%'I/,'++,0C',+'3Q%'./1,&2#'M%)%',++%D'G#&'*/$N%$N#&'3,+'*%)5%$N5'+%'3,S%(5,1',+'1,0#$5#D'G%'>%M#1,)%'(,(Q%'*/$N#'J'2,1Q%'+%'-#F'$%&$%3%9'$%&5')#1$%'J'M,12/&5%&*%(%1'J%'$#1'#Q)+%D'O&Q'I/,'+#&'*V&5$#&'&,'(/&$%)#1'#2)%'$%12%3#)%'J&%(,)'*R&'3,'H,)1%)3%'>/25P#D

`%*M#$#'M/3#'$#1-,1$,)'%'#2)#&'*V&5$#&9'N%$5@13#+,&'-,)'I/,'&/'N5S%',)%'2%*(5@1M%)%'$%12%)9'M/,&'M#)'%+0#'+%'N%(Q%'*%3/)%3#9'M%)%'I/,'$/%13#',++%'&,'*%)$NI/5@1'),1#-%)&,D'",)#'2#3#&'%+,0%(%1'I/,'+%'*/$N%$N%',&2%(%'25,)1%'2#3%-Q%9'J'I/,'./,)%'(/,1%9'2,1Q%1'I/,'$%)0%)'$#1'+%'*%3),'M%)%'$/53%)+%D

!^#9',+'1,0#$5#'1#'3%'M%)%'*%12,1,)'%'+%'*%3),'3,'+%'$%12%3#)%'!+,'35S,)#1DW12#1$,&'./,'$/%13#'E5#15&5#'"51FC1'5*M/'&/&'$#135$5#1,&D'"#)'M)51$5M5#'3,'$/,1

,1$,))%)#1' ,1' ,+'$%&,)C1' 3,'_%12%'s,)2)/35&D'`,1Q%'1/,-%*,12,'351,)#'J '$#1-5)25C'%I/,++%$%&%' ,1'$,12)#' 3,' ),/15C1'3,'S/0%3#),&',*M,3,)153#&' 3,' ?%+5++%9' _5,2, ' J '?,35#'J '"%$#'s)%13,D'^#$N,'%'1#$N,' +%'$%&%' M,)*%1,$Q%'3,&M5,)2%9',1$,1353%&' &/&'+/$,&9'M)0)/M#&'3,'N#*(),&'&5+,1$5#&'I/,'%+),3,3#)'3,'+%&'*,&%&'&,'2)%(%(%1',1'+%'(%)%S%D

E#1'E5#15&5#9'$#*#'%N#)%'+,'1#*()%(%19'2,1Q%'M%)%'&/&'51-52%3#&'2#3%&'+%&+#& ' *,S#),& ' -51#&' J ' +%' *,S#) ' $#$51%9 ' 3,' *%1,)%' I/, ' 1%35, ' 1,$,&52%)%' %(%13#1%) ' _s,)2)/35&',1'-%)5#&'3Q%&9'$#&%'I/,'*/$N#&'%M)#-,$N%(%1D

",)#',+'*R&'%M)#-,$N%3#'3,',&2%'&52/%$5C1',)%'@+9'M/,&'.%&2535%3#'3,'),$#)),)',+'*/M,)&,$/$5C1'3,+'351,)#9'%++Q'+,'$%Q%'%'*%1#&'++,1%&'&51'2,1,)'I/,'&%+5)'%'(/&$%)+#&/,)2,',)%'3,&*,353%'J'M)#12#'&,'%3/,PC'3,'-%)5%&'M)#M5,3%3,&'0%1%3%&',1'+%&'2)S/,0#n'J'I/,'15'$/53%3#'15'0%1%&'2,1Q%'3,'%3*515&2)%)9'$#1.#)*R13#&,'$#1'+#'I/,'(/,1%*,12+,'M%&%(%1'&/&'%)),13%2%)5#&9'I/,',)%'(%&2%12,D'^#'M#)',&2#'&,'N%(Q%'#+-53%3#'13, ' +#&' 0%++#&9 ' 3,' +#&' I/, ' 2,1Q% ' /1% ' -,)3%3,)%' $)Q%9' &5,*M), ' %+ ' $/53%3# ' 3, ' _,$/>#+*,1,)#D'E,'-,F' ,1'$/%13#9'#)0%15F%(%'#'%&5&2Q%'%'+%&'2%M%3%&U'%/1I/,'3,35$25,*M#'%'+#&'1%5M,&'$#1'+#&'$/%+,&9'&,0V1'@+9'0%1%(%'*R&'J'*R&')RM53%*,12,D

G%'>%M#1,)%'&,'N%(Q%'2#)1%3#'/1%'*/S,)'&/*5&%'J'$#1&/*53%D'f%'&51'&/'%1250/1#'&C+#'&,'),&501C'%'M,)*%1,$,)9'$#*#',1$%)$,+%3%',1'%I/,++%'$%&%'&51#'I/,9'$#1-,),%+*,12,',1'M5,3)%'5*R1'3,'+%'&/,)2,9'E5#15&5#'"51FC1'3,2,)*51C'I/,',&2/-5,)%'&5,*M),',1'+&%+%'3,'+#&'S/0%3#),&9'$,)$%'3,'@+'#'%+'*,1#&'3#13,'%35-51%)%'&/'M),&,1$5%D

W1'/1'M)51$5M5#',++%'%&5&2Q%'%'+%&'-,+%3%&'M#)'&/'M)#M5#'0/&2#9'M%)%',)%& ' 0,12,& ' J ' 1# ' &,125)&, ' 3,+%3%D ' ",)# ' 3,&$/()5C ' I/, ' 1# ' ,)% ' 1%3%' 35-,)253# ' ,&$#12,*M+%13#'%'%I/,++#&'N#*(),&',1'&/&'+%)0#&'J'$%1&%3#&'S/,0#&'J'3,$535C'1#'-#+-,)"51FC1'+,'#)3,1C'3,'*%1,)%'-5#+,12%9'$/R+',)%'&/'+/0%)'J'+#'I/,'2,1Q%'I/,'N%$,)D'_51'5*M#)2I/,'+%'%++Q9'&51'2,1,)'$#1'I/5@1'N%(+%)9'3/)*5,)%'#' M,)*%1,$5,)%'3,&M5,)2%9'),-5

M%&%3#'#'*%+35$5,13#'&/'&52/%$5C1'M),&,12,DW&2# ' &/$,35C ' % ' )%QF ' 3, ' I/,9 ' /1% ' *%3)/0%3%9 ' E5#15&5# ' "51FC1 ' $#*,1FC ' % ' M&5&2,*R25$%*,12,'+#'I/,'N%(Q%'0%1%3#',1',+'2)%1&$/)'3,'+%'1#$N,'J'%+0#'*R&D'O+,0


25/30

&,12Q%'$%1&%3#'J',$NC'+%'$/+M%'3,'1#'M#3,)'$#1$,12)%)&,',1',+'S/,0#'%'&/&'+%)0%&'-5$#*M%P,)#&'+,'35,)#1'/1')%2#'3,'),M#U'J'$/%13#'),0),&C'3,'1/,-#'%'$#1251/%)'+%'M%)252#3#&'1#2%)#1'I/,'S/12#'%'@+9'#$/+2%',1'+%'M,1/*()%9',&2%(%'&,12%3%'H,)1%)3%'>/25P#

O'1%35,'+,' ,42)%PC' ,&2,'N,$N#9'J%'I/,',&2%(%1'N%(52/%3#&'%'-,)+%'*/$N%&'-,$,&'%$#*#'I/5,)%'I/,'M,)*%1,$Q%'I/5,2%9'$#*#'&5'3/)*5,)%9'+#&'M),&,12,&'%()2#&',1',+'S/,0#9#+-53%)#1'M)#12#'3,'%I/,++%'*/S,)9'N%$5,13#'$%'3,'&/&'M)#M5%&'M),#$/M%$5#1,&

$#*,1F%)#1'%'-,)'$C*#',+'*#12,'M%&%(%'#2)%'-,F'%'*%1#&'3,'E5#15&5#'"51FC19'3#13,'351,)#'&,'%$/*/+%(%',1'M)#M#)$5#1,&'3,&*,353%&DE,&3,',12#1$,&9'N%&2%'+%'1#$N,'3,'&/'*/,)2,9',&%'./,'+%'-53%'3,'H,)1%)3%'>/25P#D'"%

/1%'*()%'M,)*%1,12,'&,12%3%',1',+'&5++C1'3,'%+2#'),&M%+3#9'J%'I/,9'$#*#'-,&2Q%'&51,0)#'J'&,'#$/+2%(%'3,'+%'+/F'I/,'5+/*51%(%'&C+#',+'$Q)$/+#'3,'+#&'S/0%3#),&9',)%'35.Q$5+$%)%'#'*,35)'&/&'%$2#&U',1'$%*(5#9',++%'M#3Q%'#(&,)-%)+#&'(5,1'%'2#3#&'3,&3,'&/'#&$

^#'+,'5*M#)2C'%'E5#15&5#'"51FC1'I/,',++%9'M%)%',12),2,1,)'+%&'+%)0%&'1#$N,&'3,'3,3,35$%)%'%'(,(,)'N%&2%',+'%N#0#'3,'+%'$#1$5,1$5%D'"#)I/,',&2#',)%'+#'I/,',++%'N%$Q%M,)*%1,$Q%',1',+'&525#'3#13,'&/'*%)53#'+%'N%(Q%'$+%-%3#D'f'%','&,'3,(Q%'+%'%M)5*,)#'/1'M#$#'51I/5,2%9'M,)#'*R&'2%)3,'&51'*#-5*5,12#'3,'&/'.50/)%D

"%)%'2%+'#(S,2#9'2,1Q%'%'+%'*%1#'/1%'#'-%)5%&'(#2,++%&'3,'+%&'I/,')(Q%'+%)0#&H5,1',&'$5,)2#'I/,',&2%(%'%$#&2/*()%3%'%'(,(,)9'M/,&'3,&3,'I/,'$#*,1FC'$#*#'$%12%3#)%,1'+%&'2%M%3%&9',)%'3,'),0+%*,12#'),.),&$%)&,',+'0%F1%2,DDD',12),'/1%'J'#2)%'$%1$5

$/%+ ' ,+ ' *5&*# ' MV(+5$# ' # ' %+0V1 ' %M#&2%3#) ' 0%1%1$5# ' # ' ,1%*#)%3#9 ' &, ' ,1$%#(&,I/5%)+,&9'%',++%'$#*#'%'&/&'*V&5$#&9'/1%'(/,1%')%$5C1'3,'2,I/5+%9'+#'I/,'+,&'&,)-M#1,)'*R&'%+*%'J'*%J#)'%+,0)Q%',1'&/&'512,)M),2%$5#1,&D'E,&3,',12#1$,&'+,'N%(Q%'I/,$#&2/*(),'3,'2#*%)D

^#',&'3,',42)%P%)'I/,'%I/Q',1'&/'$%&%9'3#13,'1#'&,'#$/M%(%'3,'1%3%9'15'3,'$%12%)9'MN%&2%',&,'0/&2#'N%(Q%'M,)353#9'++,1%)%'&/&'N#)%&'-%$Q%&'$#1'%+$#N#+9'J'3#)*52.),12,'%'+#&'*/3#&'S/0%3#),&'I/,')#3,%(%1'+%'*,&%'3,+'"%$#9',1'+%&'1#$N,&'+%)0%&'J'$%3#13,'%M,1%&'&5'&,'#Q%',+'2%++%)'*#1C2#1#'3,'+%&'(%)%S%&D'OI/Q9'M/,&9'3#13,'N#*(),&'M%),$Q%1'%N#0%)'N%&2%',+'),&/,++#9',++%'(,(Q%'J'(,(Q%9'M%)%'3,&M/%3#)*,$53%9'%))/++%3%'M#)'&/'(#))%$N#'J'M%+M52%12,'$#)%FC1D

",)#'1#'&C+#'2)%&2#)1C'&/'-53%9'&51#'I/,'3,&$/53C'N%&2%'+%'3,'&/'N5S%'3,'+%'I/,'&%(Q%D'f',1'50/%+'$%',&2%(%'E5#15&5#'"51FC19'I/,'15'&,'%$#)3%(%'3,',++%9'3,'&/'N52%*(5@1'H,)1%)3%9'J'%M#3%3%'G%'"51F#1%9'2#3#'M#)'2,1,)'#$/M%3#'&/'$#)%FC1',1',+'S/

"#)'&/'M%)2,9'+%'*/$N%$N%'1#'+#&'M)#$/)%(%'M%)%'1%3%D'G+,0%(%'J'&%+QE,&%M%),$Q%'/1#&'3Q%&D'd#+-Q%D'd#+-Q%'%'3,&%M%),$,)9'&51'I/,'1/1$%'+#&'-5,)%'1

>5,)2%'*%P%1%9'$/%13#'3,&M/@&'3,'/1%'1#$N,'*R&'3,'%0#(5%12,'3,&-,+#9'+#&'3,1$%*51%)#1'%'3,&$%1&%)',1'&/&'N%(52%$5#1,&D'u+'M#)'3,+%12,'J'G%'>%M#1,)%'&50/M%&'2%*(%+,%12,&9 '++,0%)#1' 3,+ 'M/,(+#' -,$51#' /1#&' I/, '&,' 3,$Q%1' ),M),&,12%12,&$5,3%3'%'N%(+%)'$#1'E5#15&5#'"51FC1D

G,',4M/&5,)#1',+'#(S,2#'3,'&/'-5&52%'),+%$5#1R13#+%'$#1'&/'N5S%'H,)1%)3%D!_,P#)'!+,'35S,)#1!9'2%+'-,F'/&2,3'M#)'&/&'%()(,12,&'#$/M%$5#1,&'1#',&2@',12,)%3#'3+%'$#13/$2%'3,'&/'N5S%D

f'E5#15&5#'"51FC1'I/,'&,'%+2,)%(%'.R$5+*,12,9'(),'2#3#'%',&2%&'N#)%&',1'I/,3#*51%(%',+'&/,P#9'+,&'),&M#135Cc

!pT/@'3,*#15#&'M/,3,'5*M#)2%)+,&'%'/&2,3,&'+%'$#13/$2%'3,'*5'N5S%qW1',&'*#*,12#&9'2)%&2%(5++%13#9'(/&$%13#',+'%M#J#',1'+%&'M%),3,&9'&,'%$,)$

>/25P#D!pT/@'I/5,),1',&2#&'&,P#),&9'E5#15&5#q'pT/@',1$%)0#'2)%,1qDDD'pG,'N%'M%&%3#'%

%'H,)1%)352%q",)#'E5#15&5#'"51FC19'&51'N%$,)'$%'3,'&/'*/S,)9'&,',1$%)C'1/,-%*,12,'$#1',+'0)/M#'3,'

&,P#),&c!"),0/12#c'pT/5@1'+,&'3%',+'3,),$N#'3,'*,2,)&,',1'+#'I/,'1#'+,&'5*M#)2%qY1#'3,',++#&'N%(+C'%+'.519'2Q*53%*,12,c


26/30

!",1&%*#&'I/,'2%+'-,FDDD',++%',&2@'%(/&%13#'3,'&/'$#1&,125*5,12#9'3#1'E5#15$),,*#& ' 3, ' 1/,&2)# ' 3,(,) ' ,12,)%)+# ' % ' /&2,3 ' 3, ' &/& ' %$2#& ' +5$,1$5#&DDD ' W+' 3,&,1,&$%13%+#'$#1'I/,'#()%9'%/1'3,12)#'3,'+#&'&%12#&'N#0%),&'3,+'M/,(+#DDD'OJ,)'*5&*#D

!OJ,)'*5&*#'pI/@q'!0)52C'E5#15&5#'"51FC1!D'iO$%(,1'3,'/1%'-,F'$#1'&/&'$N5&*,&j!G,'35)@9'3#1'E5#15&5#'!512,)-51#'/1#'3,'%I/,++#&'$%(%++,)#&!9'*5'N5S%'_#.Q%'&,'5(

$%&%) ' N#JD ' `,1Q%*#& ' M),M%)%3# ' J% ' 2#3#DDD ' G% ' 50+,&5%DDD ' ,+ ' (%1I/,2,DD

M),$5&%*,12,9'&/'1#-5#9' )5153%3'O)5%&9'./,')%M2%3#'M#)'+%'N5S%'3,'/&2,3DDD!f'/1#'3,'*5&'15P#&9'++%*%3#'O+.#1'3,'%M,1%&'35,$5&5,2,'%P#&9'./,'/+2)%S%3#'MN%)R'/1%&'3#&'&,*%1%&DDD'!3,$+%)C'#2)#'3,'+#&'%++Q'M),&,12,&D

!^#'&C+#',&','&,P#)'3#1'E5#15&5#'!35S#'/1#'3,'(50#2,&',10#*%3#&!DDD'f#'J'$#*#'/&2,3'-,9'/1'N#*(),'),&M,2%(+,D'7,&M,2/#'3,'*5'N#0%)',1',+'I/,'N,'M)#$),%3#'&,5&'N5S#&E#&'3,',++#&9'M#)'3,&0)%$5%9'1#'&,'+#0)%)#1DDD'\#J'3,&$%1&%1',1'+#&'()%F#&'3,+'&*5),' /&2,39'N,'),$5(53#'M)#M#&5$5#1,&'%*#)#&%&'3,'G%'"51F#1%9'I/5,)#'3,$5)9'3, '+%'N/&2,3DDD'%')5,&0#'3,DDD

!W+' %&/12#' ,&' !512,)-51#' #2)#' $#1 ' ()/&$#&'%3,*%1,&' J ' N%$5,13#' / '3,' /1%' -#F',10#+%3%!'I/,'+%&'$#10),0%$5#1,&'3,'&,P#)%&9'*%3),&'J',&M#&%&'-,1'M,+50)%)'&/&'N#0+%'3,&$%)%3%'$#I/,2,)Q%'3,',&%'*/$N%$N%DDD'f'&/&'513,$,12,&'M)#-#$%$5#1,&D

f%'+2%3%'+%')5,13%9'2#3#&'&,'M/+5,)#1'N5+-%1%13#'%$/&%$5#1,&'$#12)%'H,)1%H,)1%)3%'>/25P#'#Q%'%F#)%3%'2#3#'+#'I/,'&,'3,$Q%'%$,)$%'3,'&/'N5S%'J'&/&'#S#&'&,51I/5,2#&'(),'2#3#&'%I/,++#&'&,P#),&'I/,'M,3Q%1'$#*#'/1'$+%*#)9'/1'&,-,)#'$#)),$25-#'M%+%'15P%'I/,',++%'N%(Q%'2)%Q3#'%+'*/13#'J'I/,9'&51'&%(,)'%'I/@'N#)%&9'N%(Q%'$),$53#',+'*5&*#'$%*51#'I/,'%',++%'+,'N%(Q%'2#$%3#'-5-5)D

W1'$%*(5#9'E5#15&5#'"51FC19'%$#&2/*()%3#'%'I/,'2#3#&'&,'51$+51%)%1'%12,'&/'./,)F.#)2/1%9'J'$#1&,$/,12,'M#)')%F#1,&'3,'#)0/++#'$#1'+%'$#13/$2%'3,'&/'N5S%9'*5)%(%'$#1',&3,P#&%*,12,'%'%I/,++#&'&,P#),&D'E,SC'I/,',$N%)%1'2#3#&'&/&'3,&%N#0#&'./,)%c

!iG%)0#'3,'%I/Qj'io*(@$5+,&j'!+,&'0)52C',1./),$53#Df'%F/FR13#+#&'J'0)52R13#+,&c'i7%2%&')#P#&%&j'J'#2)%&'$#&%&'*R&9'+#&',$NC'./,)

d#+-5C'S/12#'%'H,)1%)3%'>/25P#'I/,'++#F%(%',4$+%*%13#c'i^#'M/,3,'&,)'-,)3%3j'OV1'&$),,)'I/,'&/'N5S%'./,)%'+#'I/,'%I/,++#&'&,P#),&'N%(Q%1'35$N#'3,',++%D'E5#15&5#'+%'2#*C'MN#*()#&9'3,&M),135@13#+%'3,'+%'M%),3'3#13,'N%(Q%'),$#&2%3#'+%'.),12,D'f'+,'35S#9'2#M%+%()%&'I/,'),.+,S%(%1'&/'$#)%S,c

!i?5'N5S%'N%)R'+#'I/,'+,'-,10%',1'0%1%j'p?,'#J,&9'H,)1%)3%q'f'*5,12)%&'J#'-5-%'+,'$/*M+5)@'2#3#&'&/&'$%M)5$N#&9'&,%1'$#12)%'+#&'512,),&,&'3,'I/5,1,&'&,%1D

f%'*R&'$%+*%3#9'N5F#'I/,'&/'*/S,)'&,'%M#J%)%',1'@+'J'+,'%J/3C'%'$%*51%)'N%$5%'&*5,12)%&'+,'3,$Q%c

!^#'2,'%M/),&9'H,)1%)3%DDD'O+0V1'3Q%'+,'++,0%)R',+'&5,0#DDD'>#*#'2,'++,0C'%'2++,0%'%'2#3#&DDD'd,1'J'3,&$%1&%D

",)#'1/1$%'*R&'++,0C'%'$#1+%)&,D'_,'&,12Q%'$/+M%(+,'J '%2#)*,12%3%'M#)',+'./2/)

N5S%D'W&2#'N5F#'I/,'&,'+,'%*%)0%)%'*R&'+%',45&2,1$5%D'f'&50/5C'(,(5,13#D'W*()5%0+%'+#$/)%D?/)5C'/1%'1#$N,'+%9'&,12%3%',1'&/'&5++C1'3,'&5,*M),9'&51'I/,'1%35,'+%'%/45+5%

,12,)%)%'3,+'%N#0#'I/,'+%'++,-C'%'+%'*/,)2,'M)#-#$%3%'M#)',+'%+$#N#+D>#1',&%'1#$N,9'J%',)%'+%)0%'+%'&,)5,'3,'1#$N,&',1'I/,'N%(Q%'++#-53#'&51'512,))/M$5C

&,0/Q%'++#-5,13#9'*#25-#'M#)',+'$/%+'+#&'%&5&2,12,&'%'+%'M%)253%9'N%(Q%1'M)#+#,1'_%12%'s,)2)/35&9'1#'+8!"(" &/'M,&%)D'G#&'%++Q'),/153#&',)%1'2#3#&'N#*(),&'3,'M#&5(,1$#12)R13#&, ' ,12), ' ,++#&' /1' 0,1,)%+ ' ),25)%3#9 'M)#M5,2%)5# '3, ' /1%' N%$5,13%'$,)$%1%N,)*%1#&'%M,++53%3#&'O))5%0%9'#)5051%)5#&'3,'_%1'G/5&'"#2#&Q'J'I/,'&,'3,$Q%1'%(#,1'),%+53%3'1#',)%1'&51#'2%NV),&'M)#.,&5#1%+,&U'/1')5$#'*51,)#'3,'"51#&U'/1',&2%1$H%SQ#'%' I/5,1 '%$#*M%P%(%'&/'*@35$#9'M/,&'%+'M%),$,) 'M%3,$Q%'3,+' $#)%FC19'+

5*M,3Q% ' &,)' ,+' V15$# ' 3, ' +#& ' S/0%3#),& ' I/,' 2#*%)%' /1% ' $#M%' 2)%& ' #2)%' 3, ' %0/%$#*(51R13#+%&',1')%2#&'$#1'-%)5#&'.)%&$#&'3,'*,35$51%&'I/,'2,1Q%'%'+%'*%1#9'(),G+%*%(%'+%'%2,1$5C1'M#)I/,'&5,*M),',&2%(%'2#*%13#'%+0#'KM%)%',+'&/&2#L'#'KM


27/30

&,0V1'0%1%)%'#'M,)35,)%D'W+'*@35$#9'M#)'&/'M%)2,9'+,'2#*%(%',+'M/+'3,'-,F',1'$/%%/&$/+2%(%',+'$#)%FC19'%/1I/,',&2#'1#'+,'5*M,3Q%'M%)25$5M%)'2%*(5@1',1',+'S/,0#D

W)%1'M/,&'&5,2,'M,)%&'+%&'I/,'.#)*%(%1',&%'1#$N,'+%'M%)253%D'?5&*%&'I/,'+-%)5%&'1#$N,&'S/0%13#'&51'%M%),12%)'$%1&%1$5#D

>#*#'&5,*M),9'+%'),/15C1'N%(Q%'$#*,1F%3#'3,&M/@&'3,'+%'$,1%D'O'1#'&,)'M#)',+')/53M)#3/$Q%'%++R'%./,)%'+%'++/-5%9'2#3#'%I/Q',&2%(%',1'&5+,1$5#9'J'&,'35)Q%'I/,'+%'0)%1

3,&N%(52%3%9'&5'1#'&,'M)#3/S,)%'3,'$/%13#',1'$/%13#'/1'+50,)#'*#-5*5,12#'3,'%+0/1%'%I/,++%&'.50/)%&9'%+0V1'$%))%&M,#'J9'%+'2,)*51%)'$%3%'*%1#'J'$/%13#'+%&'#$N#'(%.#)*%)'&/'5*M#1,12,'%+2,)#',1',+'$,12)#'3,'+%'*,&%9'%+0V1'(),-,'$#*,12%)5#'#'%+0/1%'()#*I/,'E5#15&5#'"51FC1'&,'M,)*52Q%'N%$,)'%'/1#'3,'&/&'51-52%3#&D

W+'*#12,',&2%(%',1'M#3,)'3,+'0%1%3,)#'3,'H%SQ#D'",)#'1#'3/)C'*/$N#',1'&/&'*%1#&")#12#'M%&C9',12),'M%&25++%'J'M%&25++%'J'2)%0#'J'2)%0#9'%'M#3,)'3,+'0,1,)%+D'f'3"51FC19'3,'3#13,'J%'1#'&,'*#-5C',1',+'2)%1&$/)'3,'-%)5%&'N#)%&9'3#13,'./,'%$/*/+R13#&2%+'0)%3#9'I/,'$/%2)#'3,'+#&'$#1$/)),12,&'&,'),25)%)#1'3, '+%'M%)253%9'I/,3%13#'&C+#'%(#0%3#&'3,'_%1'G/5&'N%$5,13#'.),12,'%'E5#15&5#'"51FC1D

O' /1' +%3#9 ' ,1' +%' *()%' 3#13, '&5,*M), ' &,' ,&$#13Q%9 ' 3,&$%1&%(%' H,)1%)3%' >51*C-5+9'%+'M%),$,)'3#)*53%D'_/'.50/)%9'%+%'I/,'%M,1%&'&5'++,0%(%',+'),.+,S#'3,'+%'+/F3,'+%'M,1/*()%'M#)'&/'1,0)/)%9'M/,&'$#*#'#2)%&'-,$,&9'-,&2Q%'/1'2)%S,'3,'2,)$5#M,+#'1,0)#),./+0,12,'()5++%12,'I/,'%3#)1%(%'/1%'3,'&/&'*%1#&'J',+',2,)1#'$#++%)'3,'M,)+%&D

?/J'$,)$%'3,+'%*%1,$,)9'$,&C'+%'++/-5%D'G#'%1/1$5%)#1',+'$%12#'3,'+#&'0%++#&'J',+'$+%&')%1%&',1'+#&'%1,0%3#&'$%*M#&D

E,'+#&'N#*(),&'I/,'N%(Q%1'K$#))53#L'3,'+%'M%)253%9'&C+#'I/,3%(%1',+',1.,)*#'3,+'$#)%$#1'&/'*@35$#'%+'+%3#9'%*(#&'3#)*53#&9'+%'$%(,F%'),$#&2%3%',1',+'),&M%+3#'3,'+%3,*R&'N%(Q%1',*M),1353#',+'$%*51#'3,'),0),'%'&/&'$%&%&D

E5#15&5#'"51FC1'&,0/Q%'S/0%13#'$#1'&/'$%+*%'N%(52/%+9'%'M,&%)'3,'I/,'%I/,+N,)*%1#&'O))5%0%9'&,'N%(Q%1'$#1.%(/+%3#'M%)%'3,))#2%)+#D'_/')#&2)#9'2,1'M#)',+'$#1&,)-%)'+%'&,),153%39'1#'),.+,S%(%'15'2,*#)'15'SV(5+#D'"%),$Q%'3,'M5,3)%D

O+'.519'/1#'3,'+#&'%(#0%3#&9'25)C'&/&'$%)2%&'M%)%'5135$%)'I/,'&,'),25)%(%D'f'&,'),W+'"51FC1'$%+$/+C'I/,',+'#2)#'+#'N%)Q%',1'+%'M)C45*%'*%1#'J'I/,'M#)',&%'-,F'N%

2,)*51%3#'+%'KM%)253%L'3,'1/,-#'%'&/'.%-#)9'M#)','15'&5I/5,)%'+,'5*M#)2C'),$+%*%)'$/%%+'35$N#'%(#0%3#9'&/'V15$#'$#12)51$%12,9'N%$,)'/1%'*%15#()%'&/$5%'%+'2%++%)'+%&C+#','&51#'I/,'+,'3,SC'0%1%)',+'M/12#D

!W&'3,'/&2,39'+5$,1$5%3#'!+,'35S#'%V1'&51'-,)'&/'S/,0#D'",)#'&,'+,'I/,3C'*5)%13#'$#*#'35$5@13#+,c'25,1,&'+%&'*%1#&'/1'M#$#'2#)M,&'M%)%'N%$,)'2)%*M%D'W+'#2)#'M%),$,12),0C'+#&'1%5M,&'%'E5#15&5#'"51FC1'J'35S#c

!Y&2,3'(%)%S,'J'3@DO&Q'&,'N5F#DE,'M)#12#'&5125C'I/,'M,)3Q%D'd5#'$C*#'&,'+,'5(%'3,&*#)#1%13#',+'*#12,D

!Y1'3,&$/53#'!35S#'M%)%'S/&25.5$%)&,D",)#'/1%'N#)%'3,&M/@&'+#'N%(Q%1'+5*M5%3#'J',+'*#12,',12,)#',&2%(%',1'M#3,)'3,'%+5$,1$5%3#'3,'_%1'G/5&D

a/,',12#1$,&'$/%13#'#JC'/1%')5&%'3,'*/$N%$N%D'W)%'/1%')5&%'#)%9'%+,0),'I/,'MI/,),)'2%+%3)%)'+%'1#$N,D

d#+-5C ' +% ' $%)% ' N%$5% ' ,+ ' &525# ' 3#13, ' ),M#&%(% ' &/ ' */S,)U ' M,)# ' +% ' -5# 'M)#./13

el gallo de oro - juan rulfo

Documents