Cambio organizacional

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Diana María Ruiz Arroyave por su valiosa asesoría y acompañamiento, María Teresa Luna Carmona por sus excelentes consejos y aportes, y a nuestras familias y amigos por el apoyo permanente en este recorrido. 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 L #$ %&'()* *+,&-).&%)*-&$ / $& #01#+)#-%)& #'*%)*-&$ 2# $&3 1#+3*-&34 M 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 +#38'#- +#38'#Según nuestro criterio, la palabra cambio se ha hecho familiar en las más diversas organizaciones y se ha convertido en un protagonista del quehacer empresarial. Hoy, el paradigma parece ser, quien no se adapte al cambio morirá en el camino, por lo cual resulta absolutamente indispensable apostarle a la transformación. Existe un consenso general de que el cambio es una realidad que afecta fuertemente; de hecho, lo único valido a lo cual es posible aferrarse es a la certeza de que cualquier cosa que pasa hoy ya habrá cambiado al día siguiente. Consideramos que el ambiente en general que envuelve a las organizaciones está en continuo movimiento y es dinámico, lo que exige una elevada capacidad de adaptación. Por este motivo las personas deben enfrentarse a un entorno inestable, de cambio constante. Así pues, para sobrevivir y competir hay que involucrarse en el cambio rápido y eficazmente. La transformación que hoy se realice afecta en algún grado las relaciones de poder, estabilidad de roles y satisfacción individual al interior de la organización. Por otra parte es bien sabido que los individuos llevan consigo emociones que afectan sus modos de pensar y actuar, consideramos que si la gente no vive con sus sentimientos, no existe en el mundo real, los sentimientos son la verdad, lo que acompaña las personas, lo que no pueden negar de sí mismas determinando si viven en la realidad o en la mentira. El hombre no se puede escindir, su esencia no lo permite, entonces no se pueden desligar sus sentimientos pues sólo quedaría un cuerpo inerte, sin vida. Sin duda alguna es en los procesos de transformación donde afloran con más profundidad los estados emocionales de la gente, de ahí que se deba prestar atención a estos fenómenos organizacionales pues las empresas están llenas de personas que sufren, sueñan y se afligen dadas sus realidades personales, y es aquí donde cobra vital importancia el papel de los líderes como guías de estos procesos . Finalmente, a través de la vida hemos visto que generalmente el cambio genera sentimientos dolorosos que muchas veces es preferible evitar a toda costa. Este proceso de cambio puede ser complicado, exigir mucho tiempo, y estar lleno de verdades que quizás nunca quisiéramos afrontar, pero también puede ser el trabajo más lleno de satisfacciones, retos y entusiasmo que podríamos emprender, donde se verán cuestionadas algunas posiciones y se descubrirán aspectos de fortaleza y debilidad que ni siquiera se tenia conciencia de poseer. 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 N #$ %&'()* *+,&-).&%)*-&$ / $& #01#+)#-%)& #'*%)*-&$ 2# $&3 1#+3*-&34 O 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 )-7+*28%%)K- )-7+*28%%)K+CIECIJ> CI GKCI<; PKC CD<KJE;@>D KI; .DQCGE;:ER;GESI CI 5EG>:>TU; 0?T;IER;GE>I;:V ?C;:ER;@>D KI ?;D<?C> BEB:E>T?W=EG> JCDJC J>D QC?DQCG<EX;D4 JCDJC :> >?T;IER;GE>I;: A JCDJC :> QDEG>:STEG>Y 3C ;HU PKC IKCD<?> <?;B;Z> DC JCI>@EIC .: ';@BE> 0?T;IER;GE>I;: A :; .[QC?ECIGE; .@>GE>I;: JC :;D 2C?D>I;DY .D<; C[Q:>?;GESI <CS?EG; :> PKC BKDG; CD XEDK;:ER;? 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JC =>?@; CD<;IJ;?ER;J;V JC ;HU PKC DKD C@Q:C;J>D CD<]I >?ECI<;J>D H;GE; ;G<EXEJ;JCD ?K<EI;?E;D PKC :CD TCIC?;I DCTK?EJ;J CI DK JCDC@QCa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b #$ %&'()* *+,&-).&%)*-&$ / $& #01#+)#-%)& #'*%)*-&$ 2# $&3 1#+3*-&34 :; Q?><CD<; > :; ICT;GESI̲ JC CI<?;J; DS:> ;I;:ER;I :> PKC :CD ;=CG<;V QC?> I> DC JC<ECICI ; @E?;? :>D BCIC=EGE>D PKC QKCJCI >B<CIC? DE JCZ;I DKD CDPKC@;D @CI<;:CD A ;B?CI DKD @E?;J;D ; IKCX;D ?C;:EJ;JCD ETK;: JC Q?>XCGH>D;DY $DU CI KI; =;DC EIEGE;:V A CI T?;I Q;?<C JC :>D Q?>GCD>D JC ?C;G>@>J;GESIV :;D C@>GE>ICD JC :;D QC?D>I;D Q>J?U;I XC?DC ;=CG<;J;DV A; PKC :; Q>DEGESI JC :>D C@Q:C;J>D ;I<C :;D Q>:U<EG;D =EZ;J;D Q>? :; 3E?CGGESI DKC:C DC? JC ?CDED<CIGE;Y .D ;PKU GK;IJ> <>J; :; Q;?<C JC DCIDEBE:ER;GESI <>@; @WD =KC?R;V :>D C@Q:C;J>D PKC D>I PKERW C: Q?EIGEQ;: =>G> JC >Q>DEGESIV JCBCI CD<;? EI=>?@;J>D JC :> PK] DKGCJCV A I> JCZ;? 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JC QC?@;ICIGE;V JC :> G>I<?;?E> Q>J?U; CD<;?DC CI Q?CDCIGE; JC KI ;G<> ?C=:CZ>̲ JE?U;@>D CI<>IGCD PKC <>J>G;@BE> JCBC E? JC :; @;I> G>I C: ;Q?CIJER;ZCY =4= %&'()* / *+,&-).&%)K9 (; XEJ; CD >DGK?EJ;J GK;IJ> I> H;A E@QK:D> A <>J> E@QK:D> CD GECT> GK;IJ> I> H;A G>I>GE@ECI<> A <>J> D;BC? CD EI¥<E: GK;IJ> I> H;A <?;B;Z> A <>J> <?;B;Z> CD ?K<EI;?E> DE I> O C[ED<C C: G;@BE>9 Y 5CT¥I IKCD<?> G?E<C?E>V :; Q;:;B?; G;@BE> DC H; HCGH> =;@E:E;? CI :;D @WD JEXC?D;D >?T;IER;GE>ICD A DC H; G>IXC?<EJ> CI KI Q?><;T>IED<; JC: PKCH;GC? C@Q?CD;?E;:Y 8>AV C: Q;?;JET@; Q;?CGC DC?V PKECI I> DC ;J;Q<C ;: G;@BE> @>?E?W CI C: G;@EI>V Q>? :> GK;: ?CDK:<; ;BD>:K<;@CI<C EIJEDQCID;B:C ;Q>D<;?:C ; :; <?;ID=>?@;GESIY .[ED<C KI G>IDCID> TCIC?;: JC PKC C: G;@BE> CD KI; ?C;:EJ;J PKC ;=CG<; =KC?<C@CI<C̲ JC HCGH>V :> ¥IEG> X;:EJ> ; :> GK;: CD Q>DEB:C ;=C??;?DC CD ; :; GC?<CR; JC PKC GK;:PKEC? 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̲ ; KI; GK:<K?; JC: JCDC@QCa>V J>IJC CD Q>DEB:C ;Q>?<;? IKCX;D EJC;D̲ :; TCI<C QKCJC ;DK@E? ?ECDT>D G;:GK:;J>D A CD EIGCI<EX;J; ; CD<;B:CGC?DC @C<;D ?C<;J>?;DV @CJE;I<C C: ?CG>I>GE@ECI<> JC: @]?E<> A :>D ?CDK:<;J>D C[GC:CI<CDY $DU @ED@>V DE ;I;:ER;@>D C: :;J> HK@;I> JC: Q?>GCD> JC G;@BE> Q;?; ;J;Q<;?DC ; KI CI<>?I> @WD G>@QC<E<EX>V Q>JC@>D QCID;? 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CI GK;:PKEC? @>@CI<>Y (;@CI<;B:C@CI<C HC@>D XED<> PKC @KGH>D JC C::>D I> BKDG;I :>D CDQ;GE>D Q;?; JCD;??>::;? :>D Q?>GCD>D ICGCD;?E>D JC ;G<K;:ER;GESI Q;?; C: ;Q?CIJER;ZC G>I<EIK>V ;?TK@CI<;IJ> DKD Q>DEGE>ICD CI :; =;:<; JC <EC@Q> A CI :; Q>G; QC?<EICIGE; JC CD<>D <C@;D Q;?; DK G;?T>Y 3C ><?> :;J>V G>IDEJC?;@>D PKC :; =;:<; JC G>I>GE@ECI<>D D>B?C <C@;D XE<;:CD H;GC PKC :>D TC?CI<CD XC;I JC =>?@; DE@Q:ED<; :>D ?C<>D JC :;D <?;ID=>?@;GE>ICDY #KGH;D JC CD<;D QC?D>I;D DC @KCXCI JCI<?> JC KI; ?C;:EJ;J :EIC;:V JCDG>I>GECIJ> :>D C=CG<>D PKC ; :;?T> Q:;R> <ECIC C: I> CI=?CI<;? CD<>D ?C<>DY (> E@Q>?<;I<C JC <>J> CD<> CD CI<CIJC? PKC :>D ?CDK:<;J>D JC :;D ;GGE>ICD PKC DC <>@CI G>@> ?CDQKCD<; ; :;D IKCX;D C[ETCIGE;DV JCQCIJC?WI CI T?;I @CJEJ; JC KI G;@BE> QC?D>I;: Q>? Q;?<C JC :>D ?CDQ>ID;B:CD JC: @;ICZ> JC :;D >?T;IER;GE>ICDY 5CT¥I C: ,ITCIEC?> #;I?EPKC 9I> CD ̀ b ,BEJY ,I<?>JKGGESI ,BEJY ,I<?>JKGGESI LO 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 %&1)78$* =4 %&'()* *+,&-).&%)*-&$ =;G<EB:C DCTKE? EIDED<ECIJ> CI G;@BE;? KI Q;UD DEI PKC DKD TCI<CD ?C;:@CI<C @>JE=EPKCI h DKD G>@Q>?<;@ECI<>D9 V A :> @ED@> >GK??C G>I :;D C@Q?CD;DY 5CT¥I +EGHAF3CX;II; cLiijd GE<;J> Q>? 6?;IGEDG> #;I?EPKC CI DK <C[<> KI G;@BE> JC ]Q>G; I> KI; ]Q>G; JC G;@BE>DV :; I;<K?;:CR; JC: G;@BE> CD ?CX>:KGE>I;?E;V I> CX>:KGE>I;?U; Q>? :> PKC DC ?CPKEC?C JC ;:T> CDQCGE;: Q;?; CI=?CI<;?:>Y .I CD<C DCI<EJ>V C: :EJC?;RT> CD C: @><>? JC: G;@BE>V H;A PKC CI<CIJC?:> Q>?PKC JC C::> JCQCIJC C: JCD;??>::> JC H;BE:EJ;JCD Q;?; CI=?CI<;?DC Q?>;G<EX;@CI<C ; :>D =CIS@CI>D JC <?;ID=>?@;GESI PKC H>A DC XEXCIY .D C: :UJC? PKECI ;G>@Q;a; A TKU; CI C: ?CG>??EJ>V :> PKC BKDG; CI ¥:<E@;D CD :; @>XE:ER;GESI JC X>:KI<;JCD Q;?; C: G;@BE> H;GE; KI; XEDESI Q>DE<EX; JC: =K<K?>V :> ;I<C?E>? DCT¥I #;I?EPKC cLiìd E@Q:EG; I> CZC?GC? :; =KC?R; DEI> :; G>IXEGGESIY $DU QKCDV G>@> CD<?;<CTE; Q;?; CI=?CI<;? :>D Q?>GCD>D JC G;@BE> JC KI; =>?@; Q>DE<EX; DC JCBC ;QC:;? H;GE; C: :EJC?;RT>V C: GK;: JCBC CI=?CI<;? ; :;D QC?D>I;D G>I :;D G>IDCGKCIGE;D PKC Q?>JKGCI :>D Q?>GCD>D JC <?;ID=>?@;GESIV JC ;HU PKC C: :UJC? JCB; @;ICZ;? @KGH;D Q;?;J>Z;D A DE<K;GE>ICD CIG>I<?;J;DV DK @EDESI DC?W CI<>IGCD PKC :;D QC?D>I;D G>@Q?CIJ;I :; E@Q>?<;IGE; PKC <ECIC C: G;@BE> Q;?; DK G?CGE@ECI<> QC?D>I;: A C@Q?CD;?E;: A ; DK XCR :> ;DK@;I G>@> KI =CIS@CI> PKC QC?@E<C C: ;Q?CIJER;ZCY %C<>@;IJ> IKCX;@CI<C ; #;I?EPKC cLiìd̲ :; @E>QU; JC @KGH>D CZCGK<EX>D JC IKCD<?; D>GECJ;J ;G<K;: A DK EIG;Q;GEJ;J JC ?>@QC? C: D<;<K PK> C EIEGE;? :; ?CX>:KGESI Q;?; JCD;=E;? :> CD<;B:CGEJ>V H; GCT;J> ; :;D >?T;IER;GE>ICD CI DKD JE=C?CI<CD G>I<C[<>D A :CD H; E@Q>DEBE:E<;J> XC? H;GE; ;JC:;I<C A I> H;GE; ;<?WD G>@> H;D<; ;H>?; DC H; HCGH>Y 9(> ¥IEG> GEC?<> JC: XE;ZC H;GE; C: =K<K?> CD DK EIGC?<EJK@B?CV A C: Q;D;J> I> CD KI <UPKC<C i PKC T;?;I<EGC KI XE;ZC @WD GS@>J>Y9 3C ><?> :;J> CI CD<C DCI<EJ>V G?CC@>D E@Q>?<;I<C @CIGE>I;? C: <C@; JC: G>KIDC:EIT G>@> KI; CD<?;<CTE; Q?;G<EG; JC EI<C?XCIGESIV ;G>@Q;a;@ECI<> A JCD;??>::> JC QC?D>I;DY (; EJC; CD PKC :>D TC?CI<CD A :UJC?CD <?;B;ZCI G>IZKI<;@CI<C G>I DKD C@Q:C;J>DV CDQCGU=EG;@CI<C G>I DK Q;?<C C@>GE>I;:V QKCD G>@> A; HC@>D @CIGE>I;J> ;I<C?E>?@CI<CV :;D QC?D>I;D X;I ;: <?;B;Z> G>I DKD =?KD<?;GE>ICDV JCDC>DV JED<?;GGE>ICD A DKCa>D PKC JC<C?@EI;I CI T?;I @CJEJ; DK JCDC@QCa>Y .D<;? JE?CG<;@CI<C EIX>:KG?;J> > I> G>I :>D Q?>B:C@;D JC :>D C@Q:C;J>D CD @KA E@Q>?<;I<CV A; PKC I> CD :> @ED@> PKC KI <?;B;Z;J>? <CIT; KI n@;: JU;o V CD JCGE? XCIT; DEI @KGH;D T;I;D ; <?;B;Z;?V ; PKC KI C@Q:C;J> CD<] CIXKC:<> CI ;PKC::;D DE<K;GE>ICD PKC :C EIX>:KG?;I C@>GE>I;:@CI<C A PKC Q>? :> <;I<>V I> :C QC?@E<CI G>IGCI<?;?DC ;JCGK;J;@CI<C CI DKD <;?C;DY '>IDEJC?;@>D G>IXCIECI<C ;G:;?;? CD<C G>IGCQ<> PKC ;G<K;:@CI<C I> CD @KA G>I>GEJ> CI C: @CJE>V QC?> PKC DEI JKJ; <>@;?W G;J; JU; @WD =KC?R;Y n.: G>KIDC:EIT C@Q?CD;?E;: CD KI; G>IXC?D;GESI JC G>I<CIEJ> Q?E@>?JE;:@CI<C C@>GE>I;:V PKC <ECIC :KT;? CI<?C C: ZC=C A C: <?;B;Z;J>?V CI C: GK;: C: C@Q:C;J> BKDG; CI DK JE?CG<>?V G>@> :UJC? Lj A =ETK?; JC ;K<>?EJ;J KI G>IDCZ>V G:;?EJ;J JC EJC;DV > TKU; Q?>=CDE>I;:o Y h i ,BEJY 2WTEI; Mh ,BEJY 2WTEI; LOM 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 L^ 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̲ CD JCGE? PKC C: TC?CI<C I> JE?W ;: C@Q:C;J> PK] H;GC?V DEI> PKC ; Q;?<E? JC :; G>@KIEG;GESI C=CG<EX; DC =>@CI<;?WI EJC;D PKC ::CXCI ;: EIJEXEJK> ; @;ICZ;? DK Q?>QE> CD<;J> JC =>?@; Q?>JKG<EX;Y 2>? DKQKCD<> CD<> ?CPKEC?C PKC C: TC?CI<C JCD;??>::C <;@BE]I JC =>?@; C=CG<EX; DK G>C=EGECI<C C@>GE>I;:Y 2>? <;: ?;RSIV DE :>D :UJC?CD ;Q?CIJCI ; @;ICZ;? C=CG<EX;@CI<C :;D C@>GE>ICD CI C: <?;B;Z> JC DKD C@Q:C;J>DV DC QKCJCI >B<CIC? :;D DETKECI<CD XCI<;Z;D DCT¥I '>IDKC:> LL #;?U; );?GU; cMjjLd 4 #CI>D <EC@Q> QC?JEJ> CI JEDGKDE>ICDV GHED@CD A G>I=:EG<>D EI<C?QC?D>I;:CD CI<?C DKD C@Q:C;J>DY #CI>D <EC@Q> QC?JEJ> Q>? JE=EGK:<;J JC G>IGCI<?;GESI JC KI <?;B;Z;J>? Q>? KI Q?>B:C@; CI G;D;Y *I ;@BECI<C JC <?;B;Z> Q>DE<EX>V G>I ?C:;GE>ICD HK@;I;D G>?JE;:CD *I :EJC?;RT> >?ECI<;J> <;I<> ; :>D ?CDK:<;J>D G>@> ; :;D QC?D>I;D .: JCD;??>::> JC: Q><CIGE;: C@>GE>I;: Q?>QE> A JC DKD <?;B;Z;J>?CD 6EI;:@CI<CV EIJCQCIJECI<C@CI<C JC: IEXC: ZC?W?PKEG> PKC >GKQC@>D CI IKCD<?; >?T;IER;GESIV I> JCZ;@>D JC DC? QC?D>I;DV DC?CD H>:UD<EG>D PKC DC JCDCIXKC:XCI CI @KGH>D W@BE<>D̲ JCI<?> JC :>D GK;:CDV CI =KIGESI JC: <EC@Q> PKC JCJEG;@>D C: <?;B;Z> DC XKC:XC =KIJ;@CI<;: Q;?; IKCD<?; D;:KJ @CI<;:V EIJEXEJK;: A D>GE;:Y =4T #$ %&'()* *+,&-).&%)*-&$ %*'* 1+*%#3* 2# &1+#-2).&M# "Si entendemos por aprendizaje, en su sentido más elemental, el proceso por el cual adquirimos la capacidad para asimilar y responder a los cambios que ocurren en el medio, y aceptamos que las organizaciones son los órganos sociales que mayor cambio generan y asimilan, podemos concluir que es en ellas donde tiene lugar la mayor parte del aprendizaje individual y colectivo" 12 5CT¥I IKCD<?> G?E<C?E>V :; TCI<C DC Q;D; :; XEJ; CDQC?;IJ> ; PKC :;D G>D;D G;@BECIV ; Lj LL )$%'&$V '>IDKC:>Y .: )C?CI<C G>@> 2C?D>I; A C: '>KIDC:EIT .@Q?CD;?E;:Y kkkY;?C;?HYG>@pG>;GHEITYH<@ ,BEJY L̀ 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 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¥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¥I #;I?EPKC cLiìd D>I4 $Q:EG;? KI; ;:<; J>DED JC HK@>? Q;?; I> G;C? CI :; <?;DGCIJCIGE; CI C: @;ICZ> JC: G;@BE>Y .D<;? CI :; =?>I<C?; Q;?; DCI<E? :>D G;@BE>DY $Q?CIJC? ; ;@;? :>D =?;G;D>D A ; ?CG>B?;?DC ?WQEJ;@CI<C JC C::>DY 12 LN #$%&'()*+ ,-./012034 )/ 0.5613 78 9:30.+ /3 ;/. 9:30. 78 0.561324 *71<3-1.= #0>&$?@'AA B-C=3D3 ,BEJY 2WTEI; Nj 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 Lb #$ %&'()* *+,&-).&%)*-&$ / $& #01#+)#-%)& #'*%)*-&$ 2# $&3 1#+3*-&34 2?>@>XC? A ;Q>A;?DC CI QC?D>I;D PKC @;ICZCI BECI :;D Q;?;J>Z;D A C: G;@BE>Y 5E DC ;DK@CI CD<;D Q>DEGE>ICDV DC Q>J?U; ;X;IR;? B;D<;I<C CI C: G;@EI> JC ;Q?CIJC? JC :>D Q?>GCD>D JC <?;ID=>?@;GESI C@Q?CD;?E;:V ;G<K;IJ> JC @;IC?; =:C[EB:C ;I<C :>D IKCX>D CDGCI;?E>D A G>I KI; @CI<;:EJ;J ?C<;J>?;Y =4? '*2#$*3 '#-7&$#3 / 1&+&2),'&3 N+#-7# &$ %&'()* 5CT¥I %>J?ET> )K<E]??CR cLiìd GE<;J> Q>? 6?;IGEDG> #;I?EPKCV :;D QC?D>I;D JCBCI ;B;IJ>I;? :>D XECZ>D @>JC:>D @CI<;:CD A @>JE=EG;? :>D ;?PKC<EQ>D GK:<K?;:CD XETCI<CD PKC I> QC?@E<CI C[Q:>?;? ><?;D ?C;:EJ;JCDY $: Q;?CGC? DC H; G>@Q?>B;J> PKC GK;IJ> :; EI=>?@;GESI CI<?; ; :; @CI<C Q;D; Q>? ;:TKI>D @>JC:>D @CI<;:CD PKC DE?XCI JC =E:<?> QC?> PKC I> DEC@Q?C DC ;ZKD<;I ; :; ?C;:EJ;JV D>I @WD BECI KI; ?C;GGESI ; CD; ?C;:EJ;JV :> GK;: QKCJC EI<?>JKGE? @KGH;D JED<>?DE>ICD Q>? =;G<>?CD DKBZC<EX>D G>@> C: @ECJ>V :; ;IDECJ;J C<GY $ DK XCRV KI> JC :>D ?CDK:<;J>D JC :; =>?@;GESI JC CD>D @>JC:>D @CI<;:CDV CD PKC >QC?;I G>@> DC:CG<>?CD JC: <EQ> JC EI=>?@;GESI PKC CD ;GCQ<;J; Q;?; DC? Q?>GCD;J; Q>? :; @CI<CY %C<>@;IJ> ; #;?E:AI 6C?TKD>I 9HC@>D CX>:KGE>I;J> T?;GE;D ; LO :; G;Q;GEJ;J JC ?CQ?E@E? A JC C[G:KE? Q>? =E:<?;ZC :; EI=>?@;GESI PKC I> PKC?C@>D XC?9 2>? DK :;J> #;I?EPKCV Q:;I<C; PKC H;A PKC GKEJ;?DC JC: Q>JC? 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JC: CD<;J> JC CPKE:EB?E> PKC DEC@Q?C DC BKDG; CI Q?> JC >B<CIC? KI; <?;IPKE:EJ;J =UDEG; A @CI<;:V Q>? CD<> C: ;?<C JC DC?CI;?DC @WD PKC C: HCGH> JC QCID;? G>I G;BCR; =?U; CD KI; H;BE:EJ;J =KIJ;@CI<;: Q;?; :; XEJ;Y 2>? ><?> :;J> A ?C<>@;IJ> IKCX;@CI<C C: G>IGCQ<> JC :;D C@>GE>ICDV DCT¥I C: ;?<UGK:> JC <;-)* 8*;:*)* =>.? (%/ ;*( '+%&-%/'(@V CD<;D =>?@;I Q;?<C JC :; XEJ; G><EJE;I; JC :;D QC?D>I;DV D>I G>ID<;I<CD ;KIPKC X;?E;B:CD DCT¥I DC;I :;D GE?GKID<;IGE;D A :;D QC?D>I;DY (;D C@>GE>ICD DC G;?;G<C?ER;I Q>? DC? DCID;GE>ICD JC Q:;GC? > JEDQ:;GC?V :;D Q>DE<EX;D ;I<EGEQ;I ;G>I<CGE@ECI<>D ;T?;J;B:CDV Q>? DK :;J> :;D ICT;<EX;D DC ?C:;GE>I;I G>I :;D C[QC?ECIGE;D JC: J>:>?V C: QC:ET?>V :; GK:Q;V C: ?CIG>? A :>D @ECJ>DY 2;?; :; ;K<>?;V :;D C@>GE>ICD ;T?;J;B:CD > JCD;T?;J;B:CD <ECICI KI; G;?;G<C?UD<EG; CI G>@¥I A CD PKC I> D>I DE@Q:C@CI<C GC?CB?;:CDV DEI> PKC X;I ;G>@Q;a;J;D Q>? @>JE=EG;GE>ICD =EDE>:STEG;D A D>@W<EG;DY (;D QC?D>I;D Q>? DK :;J> ;: H;B:;? 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QC?GEBEJ> A G>@Q?CIJEJ> Q>? :; QC?D>I; PKC :>D C[QC?E@CI<;V @ECI<?;D PKC C: ¥:<E@> CD >BDC?X;B:C Li Q>? :>D JC@WD Y $DU @ED@>V C: ;?<UGK:> ;*( '+%&-%/'( JC :; QWTEI; JC ,I<C?IC< FFF3#(-&%*&G-H*3&%+I )' 5*$G* J.'$$- K%/(I JCDG?EBC C: G>IGCQ<>̲ G>@> KI CD<;J> ;=CG<EX> PKC C[QC?E@CI<;I :;D QC?D>I;DV KI; ?C;GGESI DKBZC<EX; ;: ;@BECI<C PKC XECIC ;G>@Q;a;J; JC G;@BE>D >?TWIEG>DY .D KI CD<;J> PKC DK?TC D¥BE<; A B?KDG;@CI<CV CI =>?@; JC G?EDED @;D > @CI>D XE>:CI<;D A Q;D;ZC?;DY .D<C <C[<>V <;@BE]I Q:;I<C; PKC JK?;I<C @KGH> <EC@Q> :;D C@>GE>ICD H;I DEJ> G>IDEJC?;J;D Q>G> E@Q>?<;I<CD A DEC@Q?C DC :C H; J;J> @WD ?C:CX;IGE; ; :; Q;?<C ?;GE>I;: JC: DC? HK@;I>̲ DEI C@B;?T> :;D C@>GE>ICD ;: DC? CD<;J>D ;=CG<EX>DV EIJEG;I CD<;J>D EI<C?I>D QC?D>I;:CDV @><EX;GE>ICDV JCDC>DV ICGCDEJ;JCD C EIG:KD> >BZC<EX>D PKC I> DC QKCJCI JCDG>I>GC?Y O4L4O 7DYQDP@YDGHF 0<?> =;G<>? PKC G?CC@>D E@Q>?<;I<C @CIGE>I;? A ;G:;?;? <CIECIJ> CI GK;I<; :; G;I<EJ;J JC G>IGCQ<>D PKC C[ED<CI CI CD<C DCI<EJ> A PKC :; TCI<C I>?@;:@CI<C I> JED<EITKC G>I G:;?EJ;J CD C: <C@QC?;@CI<> A C: Q;QC: PKC ZKCT; CI :; XEJ; G>@¥I JC :;D QC?D>I;DV Q;?; )>:C@;I cLii^dV C: <C@QC?;@CI<> CD C: @K?@K::> JC =>IJ> JC :>D DCI<E@ECI<>D PKC Li 1,u,V 8E?>;tEY (; B¥DPKCJ; JC: @CG;IED@> JC :;D C@>GE>ICDY kkkYTCI;:<?KED<;YG>@ 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 MN #$ %&'()* *+,&-).&%)*-&$ / $& #01#+)#-%)& #'*%)*-&$ 2# $&3 1#+3*-&34 @;?G;I :; JEDQ>DEGESI BWDEG; JC G;J; EIJEXEJK>Y (; TCI<C CI TCIC?;: GKCI<; G>I KI; ;@Q:E; T;@; JC C@>GE>ICD PKC :>D ::CX;I JC KI C[<?C@> ; ><?> CI Q>G>D EID<;I<CDV C: <C@QC?;@CI<> CD J;J> JCDJC C: I;GE@ECI<> A Q>? :> TCIC?;: DEC@Q?C ?ETC KI; <CIJCIGE;Y (; QC?D>I; CD JC <C@QC?;@CI<> =KC?<CV J]BE: > EI<C?@CJE>V ;KIPKC <;@BE]I ]D<C JCQCIJC JC :;D GE?GKID<;IGE;D ; :;D PKC <>G; CI=?CI<;?DC CI :; G><EJE;IEJ;JY vC?>@C u;T;I 2DEGS:>T> .[QC?E@CI<;: JC :; *IEXC?DEJ;J JC 8;?X;?JV GE<;J> Q>? 3;IEC: )>:C@;I CI C: <C[<> :; EI<C:ETCIGE; C@>GE>I;:V Q:;I<C; PKC C[ED<CI Q>? :> @CI>D <?CD <EQ>D JC <C@QC?;@CI<> PKC DC QC?GEBCI CI :>D EIJEXEJK>D4 <E@EJCRV ;KJ;GE;V >Q<E@ED@>Y 3C ><?> :;J> %EGH;?J 3;XEJD>I 2DEGS:>T> JC :; *IEXC?DEJ;J JC mEDG>IDEIV GE<;J> Q>? )>:C@;IV JCDGKB?ES PKC :;D QC?D>I;D PKC <ECICI KI; ;G<EXEJ;J @;A>? CI C: :SBK:> =?>I<;: ERPKEC?J> G>@Q;?;J; G>I C: JC?CGH>V D>I JC <C@QC?;@CI<> ;:CT?CV :CD CIG;I<;I :;D QC?D>I;D A ;PKC::> PKC :; XEJ; :CD H; JCD<EI;J> A DC ?CQ>ICI =WGE:@CI<C JC :>D G>I<?;<EC@Q>D > :>D Q?>B:C@;DY 2C?> ;PKC::;D PKC JCD;??>::;I KI; ;G<EXEJ;J @;A>? G>I C: G>D<;J> JC?CGH> D>I Q?>QCID;D ; :; ICT;<EXEJ;J A ;: @;: HK@>?V ;JC@WD DC JCDG>IGEC?<;I Q>? :;D JE=EGK:<;JCD JC :; XEJ;̲ DK=?CI Q>?PKC I> QKCJCI JCDH;GC?DC JC DKD Q?C>GKQ;GE>ICD A JCQ?CDE>ICDY 3EXC?D;D W?C;D JC: GC?CB?> PKC D>I G?U<EG;D Q;?; :; XEJ; C@>GE>I;: DC CIGKCI<?;I CI<?C :;D @WD :CI<;D CI @;JK?;?Y 5CT¥I )>:C@;IV :>D DC?CD HK@;I>D Q;?CGCI Q>? <C@QC?;@CI<> Q?CQ;?;J>D Q;?; ?CDQ>IJC? CI :; XEJ; CI KI ?CTED<?> C@>GE>I;: PKC X; JC :> Q>DE<EX> ; :> ICT;<EX>Y $JC@WD :;D :CGGE>ICD C@>GE>I;:CD JC :; EI=;IGE; QKCJCI <CIC? 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JC DK DC?V JC<C?@EI;I C: @>J> CI PKC CD<>D CIG;?;I :; XEJ; A @>:JC;I DKD ;G<K;GE>ICDY O4= %$&3)N)%&%)K- 2# $&3 #'*%)*-#3 2>? ><?; Q;?<CV Q;?; 3;IEC: )>:C@;I cLii^d C[ED<CI GECI<>D JC C@>GE>ICDV ZKI<> G>I DKD G>@BEI;GE>ICDV X;?E;B:CD A @;<EGCDY $:TKI>D <CS?EG>D G>@> 2;K: .t@;IV Q?>Q>ICI =;@E:E;D BWDEG;D CI<>?I> ; :;D C@>GE>ICDV ;KIPKC I> <>J>D G>EIGEJCI CI GK;:CD D>IY .I<?C :;D Q?EIGEQ;:CD CD<WI4 ,?;4 =K?E;V K:<?;ZCV ?CDCI<E@ECI<>Y +C@>?4 ;IDECJ;JV IC?XE>DED@>V Q?C>GKQ;GESIY +?ED<CR;4 G>IT>Z;V QCD;?V @C:;IG>:U;Y 2:;GC?4 =C:EGEJ;JV ;:CT?U;Y 5>?Q?CD;4 G>I@>GESIV ;D>@B?>Y 3EDTKD<>4 JCDJ]IV JCDQ?CGE>V ;B>??CGE@ECI<>Y rC?TqCIR;4 GK:Q;BE:EJ;JV @>:CD<E;V HK@E::;GESIY .D<C CD Q;?; )>:C@;I DS:> KI QCPKCa> ?CDK@CI JC :; X;?ECJ;J JC C@>GE>ICD PKC MO 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 %&1)78$* O4 $&3 #'*%)*-#3 C[QC?E@CI<;I :;D QC?D>I;DV DEI C@B;?T>V <>J> JCQCIJC JC :; DE<K;GESI A JC PKECI DC XC C[QKCD<> ;I<C ]D<;DY 3C ><?> :;J>V DCT¥I C: ;?<UGK:> JC ,I<C?IC< ;*( '+%&-%/'( #$-+*$-*( L ('&./)*$-*( )'; #%$G*; FFF3-/G';-0'/&-*M'+%&-%/*;3%$0V :;D QC?D>I;D G>I>GCI DKD C@>GE>ICD T?;GE;D ; DK EI<?>@EDESI CI DKD @CI<CD G>IDGECI<CD DC;I CD<;D JCDC;J;D > I>Y (; @;A>?U; JC CDQCGE;:ED<;D JC CD<; @;<C?E; CD<WI JC ;GKC?J> CI <?;R;? 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PKC ;: CI>Z;?I>D QC?JC?C@>D C: G>I<?>:Y %C=?CI;?:> H;GC EI<CIDE=EG;? :; HC?EJ; PKC :> G;KDSY (;D JC=CID;D PKC E@QEJCI PKC :; ?;BE; =:KA; I;<K?;:@CI<C H;GE; =KC?; Q;D;I ; G;I;:ER;?:; H;GE; ;JCI<?> A DC JE?ETCI G>I<?; DE @ED@>Y $ IKCD<?> G?E<C?E>GK;IJ> G>I<CIC@>D :; ?;BE;V C: ¥IEG> EIJEXEJK> G;D<ET;J> CD KI> @ED@>V Q>? CD> :; ?;BE; JCBC DC? C[Q?CD;J; G>I KI>D :U@E<CD PKC I> JCZCI PKC CD<; DC G>IXEC?<; CI ;T?CDESIY 5CT¥I rEG><< cLiìdV X;?U; JC KI; QC?D>I; ; ><?; :; G;I<EJ;J JC ?;BE; Q;?; ICK<?;:ER;? GK;:PKEC? HC?EJ;V A; PKC ; ;:TKI>D :CD CD DK=EGECI<C @CIGE>I;? :; HC?EJ; ; :; QC?D>I; PKC :; G;KDS Q;?; PKC DC :CD Q;DC :; ?;BE; CI =>?@; JC=EIE<EX;Y 0<?>D Q>? C: G>I<?;?E> <ECICI <;I<; ?;BE; G>I<CIEJ;V PKC DC CI=K?CGCI GK;IJ> DE@Q:C@CI<C DC <?>QECR;I G>I ;:T>Y 5EI JKJ; CD E@Q>DEB:C G>I<;? G>I KI CPKE:EB?E> CI<?C :; HC?EJ; A :; ?;BE;Y 2C?@E<E? PKC =:KA; C: CI>Z> :E@QE; :; HC?EJ; C@>GE>I;: C EIEGE; :; GK?;GESIY $:TKI;D QC?D>I;D <C@CI ;J@E<E? PKC CD<WI J>:EJ;D Q>? PKC I> PKEC?CI ;Q;?CGC? 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̲ C: HCGH> JC I> QC?JC? :; =C ;I<C :; ;JXC?DEJ;JV C: Mh )0(.#$1V 3;IEC:Y (; EI<C:ETCIGE; C@>GE>I;:Y .JE<>?E;: s;I<;@ s>>tDY Lii^Y 2WTEI; LLN 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 NL 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cCDQC?;IR; A >Q<E@ED@>dV D>I =KIJ;@CI<;:CD Q;?; :>D :UJC?CD JC :;D C@Q?CD;D DE PKEC?CI >B<CIC? KI ;Q>A> JC DK TCI<CV CD E@Q>?<;I<C PKC =>?<;:CRG;I CD<>D DCI<E@ECI<>DV PKC :>D G;I;:EGCI Q>? BKCI ?K@B> Q;?; >B<CIC? C@Q:C;J>D @><EX;J>D A G>I<CI<>D CI DKD PKCH;GC?CDV ; <?;X]D JC :; G>@KIEG;GESIV :; DCIDEBE:ER;GESIV C: ;G>@Q;a;@ECI<> CI C: JU; ; JU; A C: ?CG>I>GE@ECI<> JC DKD :>T?>DY O4=4T $@ DYQ@HR@ (; C@Q;<U; CD KI; JC :;D C@>GE>ICD @WD EI<C?CD;I<CD CI :>D DC?CD HK@;I>DV DCI<E? :> @ED@> PKC C: ><?> CD Q?C>GKQ;?DC Q>? DK @KIJ>V C: HCGH> JC DC? G;Q;GCD JC @;ICZ;? :;D C@>GE>ICD JC: Q?SZE@> CD :; CDCIGE; JC: ;?<C JC @;I<CIC? ?C:;GE>ICDY (; C@Q;<U; @WD PKC KI DCI<E@ECI<> > C@>GESI CD KI; H;BE:EJ;J D>GE;:V PKC :C QC?@E<C ; :; TCI<C J;? =>?@; ; KI CIGKCI<?>V @>XE:ER;? C EIDQE?;? ; ><?>DV QC?DK;JE? 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JC: ><?>Y (; C@Q;<U; DCT¥I )>:C@;I G>IJKGC ; EI<C?CD;?DCV ;: ;:<?KED@> A ; :; G>@Q;DESIY rC? :;D G>D;D JCDJC :; QC?DQCG<EX; ;ZCI; ?>@QC :>D CD<C?C><EQ>D Q?CCD<;B:CGEJ>D A Q?>@KCXC ;DU :; <>:C?;IGE; A :; ;GCQ<;GESI JC :;D JE=C?CIGE;DY O4=4? #B CFBFP QFP DB C@]F F B@ Q^PCIC@ .: HCGH> JC DCI<E?DC J;a;J> > :CDE>I;J> CD G>I>GEJ> G>@¥I@CI<C G>@> DCI<E?DC @;:V PKC I> CD @WD PKC KI; C[Q?CDESI ;@Q:E; A X;T; PKC DC K<E:ER; Q;?; JCDG?EBE? <>J; G:;DC JC DCI<E@ECI<>DV DEI ;J@E<E? JC@;DE;J>Y (; TCI<C DC DECI<C HC?EJ; GK;IJ> QC?GEBC PKC H; QC?JEJ> ;:T>Y 'K;I<> @WD E@Q>?<;I<C CD :; Q]?JEJ;V @WD E@Q>?<;I<C C: J;a>̲ ; @CIKJ> I> DC G>@Q?CIJC :; E@Q>?<;IGE; PKC <ECIC ;:T> Q;?; :>D EIJEXEJK>D H;D<; PKC JCD;Q;?CGCY (;D JC=CID;D PKC ;AKJ;I ; @;ICZ;? C: @KIJ> EI<C?I> ;G<¥;I CI T?;I @CJEJ; Mi Nj ,BEJY 2WTEI; LÒFLOb ,BEJY 2WTEI; NMh 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 NN #$ %&'()* *+,&-).&%)*-&$ / $& #01#+)#-%)& #'*%)*-&$ 2# $&3 1#+3*-&34 Q?><CTECIJ> ; :>D EIJEXEJK>D JC :; XK:IC?;BE:EJ;J ; :; Q]?JEJ;Y $GCQ<;? JEGH; XK:IC?;BE:EJ;J CI :KT;? JC <?;<;? JC >GK:<;?:; CD :; @CZ>? =>?@; JC ;J;Q<;?DC ; :; ?C;:EJ;JY 'K;IJ> DC XEXC =EITECIJ> PKC I> CD Q>DEB:C DC? HC?EJ>DV I> CD @WD PKC KI CIT;a> ; DU @ED@>DY 3C CD<; @;IC?;V :; ;:CT?U; CD :> >QKCD<> JC: J>:>?Y .I :KT;? JC ;:T> PKC DC ;T><; DC ?CGEBC G>I C::; ;:T> PKC IK<?CY $@B>D Q?>GCD>D C[ETCI :; ;QC?<K?;V DC? ;BEC?<> DETIE=EG; DC? XK:IC?;B:CV DC? G;Q;R JC DCI<E?DC HC?EJ> A <;@BE]I JC J;? Q:;GC?Y .: JCDGKB?E? PKC DETIE=EG; KI; Q]?JEJ; Q;?; ;:TKECI CD C: Q?E@C? Q;D> Q;?; G>@Q?CIJC? C: J>:>? JC DC? HC?EJ>D A D>B?CQ>IC?DC ; ]:Y 5C Q?C=EC?C DC? Q?><CTEJ>D ; ;??ECDT;?DC ; PKCJ;? 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̀ 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 N^ #$ %&'()* *+,&-).&%)*-&$ / $& #01#+)#-%)& #'*%)*-&$ 2# $&3 1#+3*-&34 J>D @CI<CDV KI; PKC DECI<C A ><?; PKC QECID;V GK;I<> @WD EI<CID> CD C: DCI<E@ECI<>V @WD J>@EI;I<C DC XKC:XC :; @CI<C C@>GE>I;: A @WD JCDQ:;R;J; :; @CI<C ?;GE>I;:Y .I IKCD<?> G>I<C[<> CD<> CD CXEJCI<CV XC? :; ?C;GGESI JC :;D QC?D>I;D JC =>?@; JCDCI=?CI;J;V :CC? 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CD<>V C: G>?;RSI CI C: H>@B?C CD :; B;<C?U;V PKC ;:TKI;D XCGCD CD<W G;?T;J; A :> H;GC @>D<?;?DC =C:ER ;I<C :; XEJ; A G>I T;I;D JC CI=?CI<;? :;D ;JXC?DEJ;JCDV QC?> PKC ><?;D <;I<;D CD<W DEI CIC?TU; A ::CX; ; :; TCI<C ; @>D<?;?DC <C@C?>D; ;I<C :;D DE<K;GE>ICD > ;IDE>D; ;: I> D;BC? PK] H;GC? CI GEC?<>D @>@CI<>DY $DU QKCDV 9:; XEJ; CD KI; G>@CJE; Q;?; ;PKC::>D PKC QECID;I A KI; <?;TCJE; Q;?; ;PKC::>D PKC DECI<CI9 8>?;GC m;:Q>:CV GE<;J> Q>? )>:C@;IY 5CT¥I IKCD<?> G?E<C?E>V DC ?CPKEC?C KI Q>G> JC =?E;:J;J A ?ETEJCR Q;?; <>@;?DC :; XEJ; G>@> KI; G>@CJE;V :; DKQC?XEXCIGE; CI CD<C @KIJ> @>JC?I> CD @KA G>@Q:CZ;V :; DE<K;GESI D>GE;: I> Q>DEBE:E<; XC? :; XEJ; G>@> KI Q;?;UD>V :>D Q?>B:C@;D JC: G>:CG<EX> G;J; JU; D>I @WD T?;IJCDV :;D ICGCDEJ;JCD @WD ;Q?C@E;I<CD A C: DED<C@; G;J; XCR @WD C[G:KACI<C A JCDETK;:V :>D PKC QECID;I D>I @KA Q>G>DV :>D PKC DECI<CI <>J>DV :; TCI<C I> QKCJC JCZ;? DK G>?;RSI JC :;J>V :> <ECIC Q?CDCI<C A :> CDGKGH; Q>? CIGE@; JC DK ?;GE>I;:EJ;JV CI K:<E@;D :> E@Q>?<;I<C CD PKC ;@B>D CD<;J>D JCBCI <CIC?DC DEC@Q?C CI GKCI<;Y .I CD<C @ED@> DCI<EJ>V C: GC?CB?> DCT¥I )>:C@;I GKCI<; G>I J>D DED<C@;D JC @C@>?E;V KI> PKC EIG>?Q>?; :>D J;<>D G>??ECI<CDV PKC I> TCIC?;I IEITKI; ;@CI;R; ; :; <?;IPKE:EJ;J @CI<;: JC :; TCI<CV A ><?; @C@>?E; Q;?; ;PKC::; EI=>?@;GESI PKC Q>DCC KI; ;:<; G;?T; C@>GE>I;:V ;PKC::; PKC ;:<C?; C: CD<;J> I;<K?;: JC :; @CI<CV PKC I> Q;D; EI;JXC?<EJ; ;I<C :;D QC?D>I;DV Q>? C: G>I<?;?E> Q>IC C: DED<C@; IC?XE>D> ; =KIGE>I;? ; KI; ;@Q:E; XC:>GEJ;JV PKC I> Q>DEBE:E<; QCID;? 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CD> DC JEGC Q>QK:;?@CI<C PKC 9KI; @E?;J; X;:C @WD PKC @E: Q;:;B?;D9V DC D;BC =WGE:@CI<C PKC DECI<C KI; QC?D>I; Q>? :; Q>D<K?;V Q>? DK TCD<EGK:;GESI A I> ICGCD;?E;@CI<C <ECIC PKC C[Q?CD;? XC?B;:@CI<C DKD C@>GE>ICD > QCID;@ECI<>DY Nh 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 %&1)78$* O4 $&3 #'*%)*-#3 2;K: .t@;I GE<;J> Q>? )>:C@;I cLii^dV DCa;:; Q>? DK Q;?<C PKC :;D C[Q?CDE>ICD C@>GE>I;:CD C@QECR;I ; @>D<?;?DC CI :>D G;@BE>D JC :; @KDGK:;<K?; =;GE;: DCTKIJ>D JCDQK]D JC Q?>JKGEJ> C: ;G>I<CGE@ECI<> PKC JEDQ;?; CD; ?C;GGESIY .t@;I ;=E?@; PKC nC: G;:>? JC :; C@>GESI CD @KA B?CXC A JK?; DS:> KI>D DCTKIJ>DV I> @EIK<>DV H>?;DV IE JU;Do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a;:S $?ED<S<C:CD GE<;J> Q>? 3;IEC: )>:C@;IV 9:> PKC DC ICGCDE<; CD :; C@>GESI ;JCGK;J;V C: DCI<E? JC @;IC?; Q?>Q>?GE>I;J; ; :;D GE?GKID<;IGE;D̲ @;I<CIC? B;Z> G>I<?>: :;D DCID;GE>ICD QC?<K?B;J>?;D NO CD :; G:;XC Q;?; C: BECICD<;? C@>GE>I;:9 Y (;D C@>GE>ICD D>I EID<;I<WIC;D CI :; TCI<CV DEI C@B;?T> CD<;D QKCJCI G>I<?>:;?DC Q;?; PKC I> DC ;:G;IGCI T?;J>D Q;<>:STEG>DY .I C: <C[<> JC 3;IEC: )>:C@;I (; ,I<C:ETCIGE; .@>GE>I;:V DC Q:;I<C;I ;:TKI;D CD<?;<CTE;D Q;?; @;ICZ;? 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JC @>J> JE=C?CI<C JC :> PKC C?; CI KI @>@CI<> J;J>̲ <>J;D :;D G>@Q;aU;D G;@BE;IV QC?> C: ?C<> PKC DC JCBC Q:;I<C;? :; >?T;IER;GESI G>I <>J>D DKD EI<CT?;I<CDV CD PKC :; IKCX; <?;ID=>?@;GESI DC Q?>JKRG; H;GE; :; JE?CGGESI PKC EI<C?CD; A ;QKI<C ; :>D >BZC<EX>D JC :; @ED@;Y .[Q:EG;IJ> G:;?;@CI<C :>D G;@BE>DV :;D ?;R>ICD JC T;I;IGE;V I> >GK:<;IJ> EI=>?@;GESI IE @CI<E?V QC?@E<ECIJ> PKC :;D QC?D>I;D Q?CTKI<CIV Q;?<EGEQCI A B?EIJWIJ>:CD KI ;G>@Q;a;@ECI<> @WD JE?CG<> ?C;:ER;IJ> <;::C?CD JC Q?CQ;?;GESI A DCIDEBE:ER;GESI ;: G;@BE>Y '>IDEJC?;@>D QKCDV PKC @KGH;D XCGCD :;D QC?D>I;D I> DC G>@Q?>@C<CI G>I C: G;@BE> Q>?PKC I> D;BCI :> PKC X; ; DKGCJC? > GS@> ]D<C DC X; J;?V <;@BE]I Q>? I> D;BC? GS@> ;G<K;?Y $ ?;RSI JC PKC :> IKCX> I> CD ;:T> JC=EIEJ>V KI; =>?@; JC JC=CIJC?DC JC :> JCDG>I>GEJ> CD ;=C??;DC ; :>D Q:;I<C;@ECI<>D EIEGE;:CD A G>IDCGKCI<C@CI<C ICT;? :> IKCX>Y 3C CD<; @;IC?;V Q;?; <?;<;? GK;:PKEC? Q?>GCD> JC G;@BE>V CD ICGCD;?E> @;ICZ;? JC =>?@; EI<CT?;J; :>D ;DQCG<>D <]GIEG>D A ;DKI<>D HK@;I>DY +?;<;? JC D;G?E=EG;? ;:TKI> JC :>D W@BE<>D QKCJC DC? QC?ZKJEGE;: Q;?; C: I>?@;: JCD;??>::> JC: G;@BE>Y 2>? ><?> :;J>V CI :>D Q?>GCD>D JC <?;ID=>?@;GESI :; @;A>? Q;?<C JC: <EC@Q> :; Q;D;@>D <?;<;IJ> JC ::CT;? ; KI ;GKC?J> G>I :>D ><?>DV BKDG;IJ> DEC@Q?C :>D QKI<>D JC Q;?<EJ; G>@KICD PKC G>IJKRG;I ; :; ;?@>IU; CI<?C :;D Q;?<CDY (>D <?;B;Z>D JC G>>QC?;GESI DEC@Q?C CD<WI CIG;@EI;J>D ; CDGKGH;? C: DU JC :>D JC@WDV CI C: G;D> PKC I>D >GKQ;V C: JC :>D C@Q:C;J>D̲ ;KIPKC CI @KGH;D >Q>?<KIEJ;JCD :; ?CDQKCD<; PKC DC >B<ECIC DC; KI I>V J;J>D :>D QKI<>D JC XED<; ;Q;?CI<C@CI<C E??CG>IGE:E;B:CDV G>I KI <?;B;Z> G>IZKI<> QKCJCI >B<CIC?DC ?CDK:<;J>D Q>DE<EX>D Q;?; ;@B;D Q;?<CDY .I :>D Q?>GCD>D JC <?;ID=>?@;GESI C@Q?CD;?E;: :> PKC DC Q?C<CIJC CI ¥:<E@;DV ; IKCD<?> @>J> JC XC? CD TCIC?;? KI Q?>GCD> JC ICT>GE;GESI CI C: GK;: DC ;QC:; ; KI; @K<K; G>@KIEG;GESI GK;IJ> C[ED<CI JC Q>? @CJE> EI<C?CDCD G>@Q;?<EJ>D A >QKCD<>DY (; =;:<; JC Nb ',51.%05V 2;<?EGE;Y 2?>GCD> JC G;@BE> JC KI; C@Q?CD;Y kkkYTCD<E>Q>:EDYG>@ OO 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 %&1)78$* T4 #$ $&2* #'*%)*-&$ 2# $*3 1+*%#3*3 2# %&'()* *+,&-).&%)*-&$ >BZC<EXEJ;J CI<>?QCGC CI @KGH>D G;D>D C: I>?@;: JCD;??>::> JC :>D G;@BE>D ;: EI<C?E>? JC :;D >?T;IER;GE>ICDV A; PKC :;D QC?D>I;D CI <;I<> DC?CD C@><EX>D A G;?T;J>D JC DKBZC<EXEJ;J I> ?CG>I>GCI :; CDCIGE; JC :> PKC DC :CD CD<W Q?>Q>IECIJ>V DS:> QECID;I CI I> JCZ;?DC JC: ><?> QKCD CD<> DC?U; DEISIE@> JC D>@C<E@ECI<> DCT¥I DKD CDPKC@;D @CI<;:CDY (; EJC; Q;?; I>D><?>D DC?U; CI<>IGCDV G>IGECIGE;? <;I<> ; C@Q:C;J>D G>@> ; JE?CG<EX>D PKC C: G;@BE> DKDGE<; CI <>J>D KI; ?C;GGESI I;<K?;: JC ?CGH;R> D>B?C :; PKC H;A PKC <?;B;Z;? A I> <?;<;? JC JCD;Q;?CGC?:; G>@> KI XE?KD PKC ;=CG<; C: JCD;??>::> JC :; <?;ID=>?@;GESIY (; =>?@; JC ;:EXE;I;? 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JC :;D IKCX;D C[QC?ECIGE;D̲ C: G;@BE> ;DU XED<> CD KI JCDCD<;BE:ER;J>? <;I<> C@>GE>I;: G>@> @CI<;: Q;?; :>D EIJEXEJK>D EI@C?D>D CI C: G;@Q> :;B>?;:Y T4= $&3 1#+3*-&3 / $&3 #'*%)*-#3 N+#-7# &$ %&'()* (>D C=CG<>D JC: G;@BE> I> D>I ;K<>@W<EG>DV IE ICGCD;?E;@CI<C CPKEX;:CI<CD ; :> CDQC?;J>Y .: @ED@> >QC?; ; <?;X]D JC :; <?;ID=>?@;GESI CI :;D QC?D>I;D̲ C::;D D>I :;D PKC G>I<?>:;I DKD ?CDK:<;J>DY (>D DCI<E@ECI<>D A X;:>?;GE>ICD JC :>D E@Q:EG;J>DV ?CDQCG<> ;: G;@BE>V JCGEJCI CI T?;I @CJEJ; DK ?C;GGESIY 3C ;HU PKC C: @ECJ>V :; ;IDECJ;JV :; ;:CT?U; K ><?> DCI<E@ECI<> G>@¥I CI :;D QC?D>I;DV JC<C?@EIC CI T?;I Q;?<C :; @;IC?; G>@> :>D EIJEXEJK>D ?C;GGE>I;I ;I<C :>D BECI G>I>GEJ>D Q?>GCD>D JC <?;ID=>?@;GESIY $ IKCD<?> ZKEGE>V C: DC? HK@;I> ;=CG<; A CD ;=CG<;J> Q>? C: @CJE>V I> CD<W X;GU>V CI DK EI<C?E>? DC G>I=ETK?;I C[QC?ECIGE;DV Q?CZKEGE>D A Q?C=C?CIGE;DV Q>? CD<; ?;RSI I> CD EI@KIC ;I<C C: G;@BE>V I> CD =WGE: CI DK XEJ; E? JC KI :KT;? ; ><?> G;J; XCR PKC C: @CJE> :> C[EZ;Y 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 O^ #$ %&'()* *+,&-).&%)*-&$ / $& #01#+)#-%)& #'*%)*-&$ 2# $&3 1#+3*-&34 .I CD<C >?JCI JC EJC;DV 9DC G>IGEBC ;: H>@B?C >?T;IER;GE>I;: G>@> KI DC? PKC BKDG; DK JCD;??>::> EI<CT?;: ; Q;?<E? JC: CIGKCI<?> JC DKD <?CD JE@CIDE>ICD4 EI<C:CG<K;:V Nh ;=CG<EX; A D>GE;:9 Y (; Q;?<C C@>GE>I;: JC :>D DC?CD HK@;I>DV :>D ::CX; JC: D<?CDD ;: ;KDCI<ED@>V A JC CD<C ¥:<E@> ; :; JCDC?GESI̲ @KGH>D JC CD>D CD<;J>D JCQCIJCI JC GS@> :;D G>@Q;aU;D Q:;IC;I A ::CX;I ; G;B> :>D Q?>GCD>D JC G;@BE> A @WD CDQCGU=EG;@CI<C JC :;D H;BE:EJ;JCDV G>I>GE@ECI<>D A DCIDEBE:EJ;J JC :>D :UJC?CD PKC :>D E@Q:C@CI<;I QKCD D>I C::>D PKECICD Q>? :> TCIC?;: XK:IC?;I ;=CG<EX;@CI<C ; :; TCI<C A :; QKCJC B:>PKC;? @CI<;:@CI<C Q;?; CZC?GC? 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CD<>D DCI<E@ECI<>D JC :>D ><?>DV H;GC?:CD D;BC? :; E@Q>?<;IGE; JC ?CI>X;? :>D CDPKC@;D A G>@CIR;? ; XEDK;:ER;? ><?>D Q;I>?;@;D ETK;: JC Q?>XCGH>D>D QC?> @WD ;G>?JCD ; :;D C[ETCIGE;D ;G<K;:CD JC: CI<>?I>Y $ IKCD<?> ZKEGE>V CI C: @KIJ> ?C;: JC ?C;GGE>ICD A C@>GE>ICD =KC?<CDV JC Q>DEGE>ICD ?UTEJ;DV JC T?;IJCD JCDG>I<CI<>DV CD =?CGKCI<C PKC I> DC :>T?C D;G;? KI ;GKC?J> D;<ED=;G<>?E> Q;?; ;@B;D Q;?<CD̲ :> ;I<C?E>? DC Q?CDCI<; Q>?PKC I> DC ;Q?CIJC ; :CC? @WD G?U<EG;@CI<C :;D C[QCG<;<EX;D JC :>D C@Q:C;J>DV I> DC ;I;:ER; C: =>IJ> JC :;D ?C;GGE>ICDY (; ;?@>IU; JC :>D EIJEXEJK>D A JC :>D T?KQ>D ;: EI<C?E>? JC :;D G>@Q;aU;D DC Q>IC CI ?ECDT> CI GK;:PKEC? Q?>GCD> JC G;@BE>V JCBEJ> ; PKC QKCJCI ?C:KGE? @;IC?;D JC XC? PKC I> D>I <;I G>@KICDV CD<?;<CTE;D JC ;G<K;GESI JE=C?CI<CD > DE@Q:C@CI<C :; =>?@; CI PKC G;J; GK;: ;DK@C C: IKCX> ?C<>V A; PKC C[ED<CI QC?D>I;D PKC <ECICI ;DQE?;GE>ICD JC @;A>? ;QC?<K?; PKC QCD;I @WD PKC DKD ;IDECJ;JCD > Q>DEB:CD <C@>?CDY 9.: <C@>? A :; ;IDECJ;J I> DC JCBCI XC? G>@> Q?>B:C@;D PKC H;A PKC ?C@CJE;?Y 5>I OL ?C;GGE>ICD I;<K?;:CDV H;D<; D;I;DV ; :>D G;@BE>D CI C: IEXC: JC ;QC?<K?;9 Y (> E@Q>?<;I<C JC :>D <C@>?CD A :;D ;IDECJ;JCD CD PKC DC JCBCI C[Q?CD;?V JCBCI DC? ?CG>I>GEJ;D ;BEC?<;@CI<CV CD XE<;: JCZ;? JC :;J> :;D @WDG;?;D PKC CXE<CI DC? ?CG>I>GEJ>D G>@> QC?D>I;D DCIDEB:CD ;: G;@BE> A CD<WI CI <>J> C: JC?CGH> JC DCI<E?DC G>I=KIJEJ>D A H;D<; QC?<K?B;J>DY $DU CI<>IGCDV Q>JC@>D JCGE? PKC :; C[QC?ECIGE; C@>GE>I;: JC :>D C@Q:C;J>D =?CI<C ;: G;@BE> ?;?; XCR CD Q;DEX;V Q>? :> TCIC?;: CD ?C;G<EX; A G>I @KGH; ?;RSIV :; ?CDQKCD<; Nh Ni Oj OL ,BEJY ,BEJY *%7VmE::E;@Y y5KQC?C C: I>zY .JE<>?E;: s;I<;@ s>>tDY LiiOY 2WTEI; b 5.1).V 2C<C?Y (; J;IR; JC: G;@BE>Y .JE<>?E;: 1>?@;Y LiiiY 2WTEI; MLM Ò 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 %&1)78$* T4 #$ $&2* #'*%)*-&$ 2# $*3 1+*%#3*3 2# %&'()* *+,&-).&%)*-&$ I> Q?>XECIC JC H>AV :; ?CDQKCD<; DC XED:K@B?; JC @KGH>D ;a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̲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aC?>D PKC G>B?;I XE<;: E@Q>?<;IGE; ;I<C CD<>D CDGCI;?E>DY .I CD<C >?JCI JC EJC;DV :>D DC?CD HK@;I>D DECI<CIV ;DU G>@> QECID;I A QC?GEBCI̲ C: DCI<E? CD KI; JC :;D <;I<;D =;GK:<;JCD JC: H>@B?C A CD ]D<C PKECI JE=C?CIGE; CD<;D =;GK:<;JCD JC ;GKC?J> ; DK QKI<> JC XED<;Y 5EC@Q?C CI DK B¥DPKCJ; G>ID<;I<C JC CD<;BE:EJ;J :;D QC?D>I;D ;QKCD<;I ; :; H>@CSD<;DED Q;?; Q?CDC?X;? C: DED<C@;V DC:CGGE>I;I :> PKC :CD ;DCTK?; KI; <?;IPKE:EJ;J A KI; G>I<EIKEJ;J CD<WIJ;? PKC I> C[EZ; @;A>?CD CD=KC?R>DY 1> D>:> :; C@>GESI G>@> <;: CD E@Q>?<;I<CV :; EI<CIDEJ;J JC JEGH; C@>GESI QKCJC DC?:> ;¥I @WDV Q>? CZC@Q:>V C: CD<;J> JC ;:CT?U; QKCJC ::CT;? ; DC? Q>DE<EX> @ECI<?;D DC; C: @><>? @><EX;GE>I;: CI :; ?C;:ER;GESI JC Q?>ACG<>D Ap> CI C: JCDC@QCa> JC KI G;?T> ;: EI<C?E>? JC :; >?T;IER;GESIV DEI C@B;?T>V DE CD<C ?CB;D; :>D IEXC:CD I>?@;:CD H;D<; G>IXC?<E?DC CI CK=>?E;V Q>J?U; >G;DE>I;? KI; Q]?JEJ; JC >BZC<EXEJ;J A G;C? CI :; E@Q?KJCIGE;Y 0<?; JC :;D C@>GE>ICD @WD G>@¥I A ?CQ?CDCI<;<EX; JC :; ]Q>G; ;G<K;:V Q>? C: ;:<> IEXC: JC EIGC?<EJK@B?C CI C: PKC XEXE@>DV CD C: @ECJ>V PKC JC @;ICZ;?DC Q>DE<EX;@CI<C Q>J?U; TCIC?;? ?CDQKCD<;D EI<C:ETCI<CD QC?> DE DC Q?CDCI<; CI C[GCD> Q>J?U; Q?>JKGE? KI; Q;?W:EDED Q;?GE;: > <><;: JC :;D ;GGE>ICD JC: EIJEXEJK>Y +;@BE]I DC QKCJC <>@;? C: G;D> JC :; E?;V KI DCI<E@ECI<> PKC C[Q?CD; C: EIJEXEJK> G>@> ?CDK:<;J> JC =?KD<?;GE>ICDV A PKC QKCJC @;ICZ;?DC JCDJC C: QKI<> JC XED<; Q>DE<EX> Q;?; ;:G;IR;? :>D >BZC<EX>D JC JCD;??>::> QC?D>I;: C EIG:KD> >?T;IER;GE>I;:̲ DEI C@B;?T> GK;IJ> :; E?; JCZ; JC DC? 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 Ob #$ %&'()* *+,&-).&%)*-&$ / $& #01#+)#-%)& #'*%)*-&$ 2# $&3 1#+3*-&34 <?;IDE<>?E; > DC ?CQ?E@C A DC G>IXEC?<C CI ?CDCI<E@ECI<>V TCIC?; G>I=:EG<>D EI<C?QC?D>I;:CD PKC ;=CG<;I ICT;<EX;@CI<C C: JCD;??>::> JC :; >?T;IER;GESIY .D CXEJCI<C PKC CD<;@>D EI@C?D>D CI KI G;@BE> JC Q;?;JET@; CI :; ;J@EIED<?;GESI A Q;?<C JC CD<> DC JCBC ; :; ;GCQ<;GESI JC: DC? HK@;I> G>@> C: ?CGK?D> CD<?;<]TEG> Q;?; C: JCD;??>::> >?T;IER;GE>I;: JCI<?> JC KI @;?G> JC T?;IJCD G;@BE>D A D>B?C <>J> JC T?;IJCD EIGC?<EJK@B?CDY .D ;PKU Q?CGED;@CI<C J>IJC DC Q:;I<C; C: T?;I EI<C??>T;I<C f PK] DKGCJC G>I C: ;DQCG<> C@>GE>I;: JC: DC? HK@;I> ;: EI<C?E>? JC :; >?T;IER;GESIgY (; EIGC?<EJK@B?C JC: Q;I>?;@; ;G<K;: CI IKCD<?;D >?T;IER;GE>ICD >?ETEI; KI; DC?EC JC C@>GE>ICD CI :>D EIJEXEJK>D PKC DC XCI ?C=:CZ;J;D ;: EI<C?E>? JC :;D @ED@;D A CI :; D>GECJ;J CI TCIC?;:Y .I <;I<> PKC :;D C@>GE>ICD D>I C: @><>? JC :; ;GGESI A CD<; QKCJC DC? Q>DE<EX; > ICT;<EX;V A JC JE=C?CI<C EI<CIDEJ;JV CD;D C@>GE>ICD A :>D G>@Q>?<;@ECI<>D PKC :;D QKCJCI DKGCJC? E@Q?E@CI CI :; >?T;IER;GESI JEXC?D;D G;?;G<C?UD<EG;DV QKJECIJ> DC? =;X>?;B:CDV CD JCGE? PKC ;G>@Q;aCI > Q?>@KCX;I C: G?CGE@ECI<>V > ;JXC?D;D CD JCGE? PKC =?CICI > E@QEJ;I C: G?CGE@ECI<>Y T4O +#3)37#-%)& &$ %&'()* v;@CD 0{+>>:C cLii^d CI DK <C[<> .: :EJC?;RT> JC: G;@BE> JC=EIC ;:TKI;D HEQS<CDED Q>? :;D OM PKC :;D QC?D>I;D DC ?CDED<CI ;: G;@BE>V CI<?C :;D PKC G;BC @CIGE>I;? :;D DETKECI<CD 4 PK>Y 5;<ED=;GGESI4 :; @;A>?U; JC :;D QC?D>I;D CD<WI QC?=CG<;@CI<C G>I<CI<;D G>I C: D<;<K +C@>?4 :>D HK@;I>D DCI<E@>D KI <C@>? EII;<> ;I<C :> JCDG>I>GEJ>Y 2?C=C?E@>D <CI<;? :; DKC?<C G>I KI JC@>IE> PKC I>D CD G>I>GEJ>Y .T>UD@>4 C: G;@BE> Q>J?W DC? BKCI> Q;?; :>D JC@WD > EIG:KD> Q;?; C: DED<C@; CI DK G>IZKI<>V QC?> ; @CI>D PKC DC; CDQCGU=EG;@CI<C Q;?; I>D><?>DV I>D >Q>IJ?C@>D ; ]:Y 6;:<; JC G>I=E;IR; CI KI> @ED@>4 C: G;@BE> CD KI; ;@CI;R; Q;?; IKCD<?> ;@>? Q?>QE>Y (;D IKCX;D G>IJEGE>ICD C[ETCI JC I>D><?>D IKCX;D G;Q;GEJ;JCDV H;BE:EJ;JCD A ;G<E<KJCDV QC?> G;?CGC@>D JC :; G>I=E;IR; JC PKC X;@>D ; Q>JC? H;GC? =?CI<C ; :>D IKCX>D ?C<>DY 1;<K?;:CR; HK@;I;4 D>@>D EII;<;@CI<C G>@QC<E<EX>DV ;T?CDEX>DV G>JEGE>D>D A CT>UD<;DY 3CBEJ> ; PKC KI G;@BE> Q:;IC;J> Q?CDKQ>IC GEC?<> T?;J> JC ;:<?KED@>V CD<W G>IJCI;J> ;: =?;G;D>Y .T>4 C: G;@BE> >B:ET; ; :>D Q>JC?>D>D ; ;J@E<E? PKC CD<;B;I CPKEX>G;J>DY .: G;@BE> I> <ECIC GE?GKIDG?EQGESI4 #;PKE;XC:> JE> ; CI<CIJC? PKC C: EI<C?]D JC KI; @EI>?U; JC EIJEXEJK>D CI Q?CDC?X;? DK :KT;? DCTK?> CI C: D<;<K PK> CD @KGH> @WD =KC?<C PKC C: EI<C?]D PKC :; @;A>?U; <ECIC CI E@Q:;I<;? KI; ;:<C?I;<EX; EIGEC?<;Y OM 0¦+00(.V v;@CDY .: :EJC?;RT> JC: G;@BE>Y .JE<>?E;: 2?CI<EGCF8;::Y Lii^Y 2WTEI;D L̀LFL̀O Oh 92:;<;=>?@; 'ABC?<CDED F 3C?CGH>D D>I JC: $K<>?9 %&1)78$* T4 #$ $&2* #'*%)*-&$ 2# $*3 1+*%#3*3 2# %&'()* *+,&-).&%)*-&$ ';J; KI; JC CD<;D ?CDED<CIGE;D DC Q?CDCI<; JCQCIJECIJ> JC :; QC?D>I;:EJ;J A CD<?KG<K?; <;I<> JC :;D QC?D>I;D G>@> JC :;D >?T;IER;GE>ICDY (> EI<C?CD;I<C JCDJC IKCD<?> QKI<> JC XED<;V CD ?CG>I>GC? :;D @¥:<EQ:CD G;KD;D PKC I> QC?@E<CI :; ;DE@E:;GESI JC: G;@BE> JC KI; =>?@; I;<K?;: A I> ?C;G<EX; G>@> DKC:C DKGCJC? 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