Waldron Religion and Public Deliberation[1]

Electronic copy available at: http://ssrn.com/abstract=1708113

NEW YORK UNIVERSITY

SCHOOL OF LAW

PUBLIC LAW & LEGAL THEORY RESEARCH PAPER SERIES WORKING PAPER NO. 10-84

Two-Way Translation: The Ethics of Engaging with Religious Contributions in Public Deliberation

Jeremy Waldron

December 2010


! "

#$%!&'()*%+(,-!$.!/(%0('(1!2*13$%!4*5,6%*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'()*&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&#*7%61%-!"89!:;";!!!%+,-+./&%0.123.45,16&%78&9475:2&,;&91<.<51<&+547&"835<5,=2&

>,1405?=45,12&51&@=?35:&!835?80.45,1&<*%*=-!>143%$'"!!

!AB&#1&9C.1<835:.3&!8:3.0.45,1&.<.5124&%,04=08&

?'!21%5@!:;;A9!1'!$%01'(B1,($'!5144*3!CD)1'0*4(514+!.$%!E6=1'!F(0@,+G!(++6*3!1!3$56=*',!*',(,4*3!CH'!D)1'0*4(514!I*541%1,($'!101('+,!J$%,6%*KG:!J@*!3$56=*',!$L*'*3!1+!.$44$M+N!

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

J@*!+,1,*=*',!M*',!$'!,$!+1-!,@1,!CUMV@*'!,$%,6%*!(+!*=L4$-*3!7-!1!+,1,*9!,@1,!15,!5$==6'(51,*+!,$!,@*!M$%43!S!,@1,!@6=1'!4()*+!1%*!'$,!+15%*39GX!1'3!(,!+1(3!,@1,!,@(+!(+!1!541(=!C'$!$'*!M@$!5$'.*++*+!O@%(+,!1+!Q$%3!51'!155*L,KG!!J@*!I*541%1,($'T+!5$'546+($'!M1+!6'5$=L%$=(+('0N!C>*!%*'$6'5*!,@*!6+*!$.!,$%,6%*!1'3!5%6*49!('@6=1'9!1'3!3*0%13('0!,%*1,=*',!7-!1'-!7%1'5@!$.!$6%!0$)*%'=*',!S!Y*)*'!('!,@*!56%%*',!5(%56=+,1'5*!$.!1!M1%!7*,M**'!,@*!&'(,*3!Z,1,*+!1'3!)1%($6+!%13(514!,*%%$%(+,!0%$6L+KG!!

J@(+!3$56=*',!M1+!'$,![6+,!,@*!M$%\!$.!1!4*.,]4*1'('0!.%('0*!('!,@*!M@(,*!*)1'0*4(514!O@%(+,(1'!5$==6'(,-K!H,!,@*!,(=*!$.!(,+!%*4*1+*9!(,!M1+!13$L,*3!7-!,@*!P$1%3!$.!,@*!^1,($'14!H++$5(1,($'!$.!D)1'0*4(514+9!1'!$%01'(B1,($'!%*L%*+*',('0!$)*%!X_9;;;!5@6%5@*+!M(,@!=$%*!,@1'!W;9;;;9;;;!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!"!&'()*%+(,-!`%$.*++$%!1'3!`%$.*++$%!$.!Q1M9!^*M!a$%\!&'()*%+(,-K!:!!H^!D/H^RDQ?OHQ!IDOQHFHJ?b^!HRH?^ZJ!JbFJ&FDN!`FbJDOJ?^R!E&2H^!F?REJZ!?^!H^!HRD!b#!JDFFbFK!!J@(+!3$56=*',!(+!1)1(4174*!1,!@,,LNccMMMK*)1'0*4(514+.$%@6=1'%(0@,+K$%0c+,$%10*c=@*13c.644+,1,*=*',KL3.!!W!?7(3K9!L1%10%1L@+!"K"]"KWK!dP(74(514!5(,1,($'+!$=(,,*3Ke!X!?7(3K9!AKf!K!!


! :

('3()(3614!=*=7*%+!('!,@*!&'(,*3!Z,1,*+K!!J%6*g!,@*%*!M1+!$LL$+(,($'!,$!(,!('!,@*!*)1'0*4(514!5$==6'(,-K!H!%*5*',!`*M!+6%)*-!+600*+,+!,@1,!_Ah!$.!M@(,*!*)1'0*4(514+!7*4(*)*!,@1,!,$%,6%*!(+!+$=*,(=*+![6+,(.(*3!d5$=L1%*3!M(,@!X8h!$.!,@*!0*'*%14!L$L641,($'eK_!!H'3!+$=*!$.!,@*!%*+L$'+*+!,$!(,Y1'3!,$!+(=(41%!+,1,*=*',+!7-!I1)(3!R6+@**9!&'()*%+(,-!`%$.*++$%!1'3!`%$.*++$%!$.!O@%(+,(1'!D,@(5+!1,!2*%5*%!&'()*%+(,-!1'3!1!4*13('0!.(06%*!('!,@*!$%01'(B1,($'!,@1,!3%*M!6L!,@*!I*541%1,($'!Y('3(51,*!,@*!3*L,@!$.!,@*!1',10$'(+=K!E*%*!(+!M@1,!$'*!$.!R6+@**T+!5%(,(5+!+1(3Ni!!!!!!

?'!=-!$L('($'9!,@*!3*71,*!1'3!R6+@**j+!5$==(,,**!1%*!M1+,*+!$.!,(=*K!?!L%*.*%!,$!3*14!M(,@!,@('0+!,@1,!1%*!(=L$%,1',!4(\*]!,@*!&Z!,$%,6%('0!,$!3*1,@!"K_!=(44($'!6'7$%'!717(*+!1''6144-K!?!51'j,!+L*1\!.$%!,@*!Q$%39!76,!?!7*4(*)*!E*!(+!=$%*!5$'5*%'*3!$)*%!17$%,($'!,@1'!E*!(+!17$6,!36'\('0!=6%3*%*%+c,*%%$%(+,+!('!M1,*%KA!!

DB&%+,&E842&,;&>,1:8012&.?,=4&"835<5,=2&F1480C8145,12&&a$6T44!7*!@1LL-!,$!@*1%!,@1,!?!1=!'$,!0$('0!,$!,%-!,$!+$%,!$6,!,@1,!(++6*YM@(5@!(+!,@*!0%*1,*%!17$=('1,($'!('!,@*!*-*+!$.!,@*!Q$%3N!,$%,6%*!$%!17$%,($'k!!?'+,*13!?!M1',!,$!1+\!17$6,!,@*!0*'*%14!5@1%15,*%!$.!,@(+!+$%,!$.!%*4(0($6+!(',*%)*',($'!('!L$4(,(5+K!!?!M1',!,$!,14\!17$6,!,@*!*,@(5+!$.!=1\('0!,@*+*!(',*%)*',($'+!1'3!,@*!*,@(5+!$.!%*+L$'3('0!,$!,@*=K!!b.!5$6%+*!L*$L4*!1%*!.%**!,$!+1-!M@1,*)*%!,@*-!4(\*g!76,!,@*!*,@(5+!$.!%*+L$'+*!(+!1'!(',*%*+,('0!l6*+,($'K!!

?'!L1%,(5641%N!E$M!+@$643!,@$+*!M@$!3$!'$,!+@1%*!,@*!.1(,@!$.!,@*!16,@$%+!$.!,@*+*!(',*%)*',($'+!%*+L$'3!,$!,@*=k!!Z@$643!,@*-!7*!$..*'3*3k!Z@$643!,@*-!7*!+51%*3k!H%*!,@*-!*',(,4*3!,$!5$'3*='!,@*=!1+!('1LL%$L%(1,*!('!,@*!L$4(,(5+!$.!1!=64,(].1(,@!+$5(*,-!M@$+*!L$4(,(514!+-+,*=!541(=+!,$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!_!O(,*!i!J@*!.$44$M('0!1%*!L$+,*3!$'!,@*!M*7+(,*!$.!H++$5(1,*3!P1L,(+,!`%*++9!%*+L$'3('0!,$!1'!1%,(54*!7-!R6+@**!*',(,4*3!CH!O@%(+,(1'j+!41=*',!$)*%!,@*!`*M!,$%,6%*!L$44KG!!!A!!`$+,('0!7-!CI%K!<9G!21-!"W9!:;;f9!!1,!@,,LNccMMMK17L'*M+K5$=c('3*mKL@Lk$L,($'n5$=o5$',*',p,1+\n)(*Mp(3nX;_:p?,*=(3nf!!

H'$,@*%!+1(3!,@(+N!C?!L%1-!.$%!L*15*!('!,@*!M$%439!1'3!.$%!$6%!4*13*%+!,$!=1\*!,@*!%(0@,!3*5(+($'+!71+*3!$'!UR$3T+V!M(44K!P6,!?!3$'j,!L%*,*'3!,$!51%*!17$6,!('3()(3614!,*%%$%(+,+!M@$!M$643!\(44!=*!1'3!=-!.1=(4-!(.!,@*-!@13!,@*!5@1'5*K!J$!@*44!M(,@!,@*=K!S!?.!-$6!1%*!(=L4(5(,!('!1!5%(=*!101('+,!=*!$%!=-!5$6',%-9!?cM*!@1)*!,@*!%(0@,!,$!L$\*!-$6%!.%*1\('0!*-*+!$6,!(.!(,!+1)*+!4()*+K!D'$60@!$.!,@(+!M$%,@4*++!3(1,%(7*!.%$=!M*1\]=('3*3!.$$4+!,@1,!51%*!=$%*!17$6,!(3*$4$0-!,@*'!M@1,!@1LL*'+!,$!$6%!5@(43%*'!1'3!0%1'35@(43%*'KG!`$+,('0!7-!C%$77*%9G!21-!"i9!:;;f!1,!@,,LNccMMMK17L'*M+K5$=c('3*mKL@Lk$L,($'n5$=o5$',*',p,1+\n)(*Mp(3nX;_:p?,*=(3nf!

! W

%*+L*5,!1!M144!$.!+*L1%1,($'!7*,M**'!5@6%5@!1'3!+,1,*k!!Z@$643!,@*-!,%-!,$!1'+M*%!,@*=k!b%9!+@$643!,@*-![6+,!L$4(,*4-!(0'$%*!,@*=!1+!+$!=65@!715\0%$6'3!'$(+*!$%!+6L*%+,(,($6+!0(77*%(+@k!!!

?!5@$+*!,@*!(',*%)*',($'!$.!I1)(3!R6+@**!1'3!@(+!5$==(,,**!$.!5*',%(+,!*)1'0*4(514+!.$%!1!'6=7*%!$.!%*1+$'+K!!b'*!(+!,$!7%$13*'!$6%!+*'+*!$.!,@*!\('3+!$.!,$L(5+!,$!M@(5@!%*4(0($6+!(',*%)*',($'+!1%*!3(%*5,*39!7*-$'3!,@*!6+614!+6+L*5,+N!17$%,($'9!01-!%(0@,+9!1'3!7($*,@(5+K!!

Z*5$'34-9!?!M1',!%*=('3!6+!,@1,!,@*%*!1%*!+65@!,@('0+!1+!5*',%(+,!*)1'0*4(514+N!*)1'0*4(514!O@%(+,(1'(,-!(+!'$,![6+,!,@*!%*4(0($6+!%(0@,K!!265@!$.!M@1,!(+!+1(3!('!,@*!L$L641%!L%*++!17$6,!O@%(+,(1'!L$4(,(514!(',*%)*',($'+!.$56+*+!+L*5(.(5144-!$'!,@*!,@%*1,!,@1,!5$=*+!.%$=!O@%(+,(1'!5$'+*%)1,()*+N!?!@1)*!('!=('3!,@*!5$'5*%'+!*mL%*++*3!('!7$$\+!4(\*!q*)('!`@(44(LT+!!"#$%&'()*+#,&$'&-!1'3!O@%(+!E*30*+T!7$$\9!!"#$%&'().'/&%/0/1)*+#)2+$%/0%'()3%4+0)'(5)0+#)6'$),()!"#$%&'78!!J@*+*!16,@$%+!,@('\!M*!1%*!.15*3!M(,@!,@*!L%$+L*5,!$.!1!+$%,!$.!O@%(+,(1'!J14(71'!('!H=*%(519!('+L(%*3!7-!3%*1=+!$.!M@1,!(+!+$=*,(=*+!5144*3!C5,"%(%,(%/"Gr!,@*!3*4(7*%1,*!1,,*=L,!,$!%*5$'+,%65,!0$)*%'=*',!('!,@(+!5$6',%-!+$!,@1,!(,!(+!71+*3!$'!O@%(+,(1'!7(74(514!L%('5(L4*+!1'3!13=('(+,*%*3!7-!L*$L4*!$.!.1(,@Kf!E*30*+!1'3!`@(4(L+!7*4(*)*YL*%@1L+!M(,@!0$$3!%*1+$'Y,@1,!,@*+*!(',*%)*',($'+!1%*!1!=*'15*!,$!,@*!5$'+,(,6,($'14!$%3*%!$.!,@*!&'(,*3!Z,1,*+K!!

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

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!8!qD/?^!È?Q?`Z9!H2DF?OH^!JEDbOFHOaN!JED!`DF?Q!HÎ!`bQ?J?OZ!b#!FHI?OHQ!FDQ?R?b^9!b?Q9!HÎ!PbFFb>DI!2b^Da!?^!JED!:"ZJ!OD^J&Fa!d/(\('0!:;;ieg!OEF?Z!EDIRDZ9!!:;3<2!=).!>2<>*>1)*?;)2?3<>*<!=)3<@?*)!=A)*?;)6!3)B=)!:;3<2!!d#%**!`%*++9!:;;AeK!!Z**!14+$!2?OEDQQD!RbQIPDFR9!q?^RIb2!Ob2?^RN!JED!F?ZD!b#!OEF?ZJ?H^!^HJ?b^HQ?Z2!d>>!^$%,$'9!:;;ieK!!f!#$%!1!3(+56++($'!1'3!5%(,(l6*!$.!3$=('($'(+=9!+**!q(=7*%4-!<K!O$$\9!!C,$0%,(D)2'E%0'9)FG(%/+"#(0D)'(5)0+#)F,9%0%&/),H)I@,5J/)6%999G!f!>?QQ?H2K!p!2HFa!P?QQ!b#!FJZK!<b&F^HQ";_!1,!""8]:;!d:;;;eK!!Z**!14+$!PF&OD!HK!PHFFb^9!d"ff:eK!EDH/D^!b^!DHFJEk!JED!ZbO?HQ!HÎ!`bQ?J?OHQ!HRDÎHZ!b#!Ib2?^?b^!JEDbQbRa)d"ff:eK!";!D/H^RDQ?OHQ!IDOQHFHJ?b^!HRH?^ZJ!JbFJ&FDN!"KXK!!J@*-!+1-!,@1,!,@*-!1%*!10(,1,('0!1+!1'-!0$$3!5(,(B*'!(+!'*,(,4*3!,$!3$!!!

! X

=1,,*%K""!!!!`%$.*++$%!R6+@**!5$'5*3*+!,@1,!C=65@!$.!,@*!!%@*,$%(5!$.!,@*!*)1'0*4(514!%(0@,!%*.4*5,+!1!'$+,140(1!.$%!1!4*++!%*4(0($6+4-!S!L46%14(+,(5!10*9!M@*'!+L*5(.(5144-!O@%(+,(1'!L%15,(5*+!3$=('1,*3!H=*%(51'!L674(5!4(.*!('!1!M1-!,@1,!(+!'$M!(=L$++(74*!1'3!U@*!+1-+V!/+,G95!7*!(=L$++(74*!6'3*%!$6%!5$'+,(,6,($'14!+-+,*=KG":!!E*!+1-+N!CU>V*!=6+,!.%1'\4-!15\'$M4*30*!,@*!M1-+!('!M@(5@!$6%!$M'!7*@1)($%!1'3!%@*,$%(5!@1+!*)$\*3!1!4*0(,(=1,*!.*1%!1=$'0!$6%!.*44$M!5(,(B*'+!S!1'3!%*.$%=!$6%!L674(5!%@*,$%(5!1'3!L$4(,(514!L%15,(5*!155$%3('04-KG"W!

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g!M@*'!,@*-!+1-!,@1,!,@*-!+**\!,$!+*%)*!<*+6+!O@%(+,9!CM@$!14$'*!(+!Q$%3!$.!$6%!4()*+9!$.!,@*!5@6%5@9!$.!$6%!'1,($'9!1'3!$.!,@*!M$%43Gg!1'3!M@*'!,@*-!+1-!144!,@(+!'$,![6+,!1+!L1%,!$.!,@*(%!L*%+$'14!O@%(+,(1'!0%$M,@!76,!,$!5@1%15,*%(B*!541(=+!,@1,!,@*-!=1\*!1'3!5@1'0*+!,@*-!3*=1'3!('!41M!1'3!*m*56,()*!L%15,(5*g!M@*'!,@*-!+1-!144!,@(+9!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!""!C>*!5144!.$%!,@*!4*0(+41,()*!$%![63(5(14!%*)*%+14!$.!,@$+*!*m*56,()*!1'3!4*0(+41,()*!L%$)(+($'+!,@1,!)($41,*!,@*!=$%14!1'3!4*014!+,1'31%3+!1%,(5641,*3!('!,@(+!3*541%1,($'K!S>*!\'$M!,@1,!M*!=1-!'$,!14M1-+!+655**3!('!+@1L('0!,@*!41M+!1'3!L$4(5(*+!$.!,@*!&'(,*3!Z,1,*+!('!,@*!M1-!M*!7*4(*)*!,@*-!+@$643!7*!+@1L*3K!P6,!M*!=6+,9!$'!144!$551+($'+9!1,,*=L,!,$!7*1%!.1(,@.64!O@%(+,(1'!=$%14!M(,'*++KG!!?7(3K9!AK":!d3e!1'3!"KXK!d?!@1)*!%*)*%+*3!,@*!$%(0('14!$%3*%!$.!,@*+*!L1++10*+!('!,@*!I*541%1,($'Ke!":!IH/?I!`K!R&ZEDD9!JED!#&J&FD!b#!#H?JE!?^!H2DF?OH^!`bQ?J?OZN!JED!`&PQ?O!>?J^DZZ!b#!JED!D/H^RDQ?OHQ!OD^JDF!dP1-4$%!&'()*%+(,-!`%*++9!:;;8e9!LK!iK!"W!?3*=K!d=-!*=L@1+(+eK!"X!?3*=K!!

! _

,@*'!=1-7*Y,@(+!(+!M@1,!?!M1',!,$!5$'+(3*%Y"'-C#!,@*%*!(+!%$$=!.$%!5$'5*%'!17$6,!(=L4(5(,!,@*$5%15-K"_!!

#$%!(+'T,!(,!,@*!L$+(,($'!$.!,@*!16,@$%+!$.!,@*!D)1'0*4(514!I*541%1,($'!,@1,!,@*!&'(,*3!Z,1,*+!+@$643!'$,!,$%,6%*!C#&'G/#!<*+6+!(+!Q$%39!$%!,@1,!M*!+@$643!'$,!,$%,6%*!C#&'G/#!,@*!,@(+!(+!M@1,!Z5%(L,6%*!%*l6(%*+k!!Z6%*4-!,@(+!%*1+$'('0!L%*+6LL$+*+!,@1,!M*!+@$643!7*!0$)*%'*3!7-!K+'0#L#$!<*+6+!%*l6(%*+!$%!7-!K+'0#L#$!+5%(L,6%*!3*=1'3+k!!!

Z$!?!M1',!,$!5$'+(3*%!,@(+!(++6*!$.!(=L4(5(,!,@*$5%15-!1'3!+**!M@*,@*%!,@*%*!(+!1'-,@('0!,$!(,9!1'3!M@*,@*%!,@*%*!(+!1'-,@('0!%*1+$'174*!,@1,!51'!7*!+1(3!('!%*+L$'+*!7-!,@$+*!M@$!$..*%!,@*+*!+$%,+!$.!5$',%(76,($'+!,$!L674(5!3*71,*K!! ?!M1',!,$!L6%+6*!,@(+!14+$!('!4(0@,!$.!+$=*!5$'5*%'+!17$6,!5()(4(,-K!!`*$L4*!+1-!,@1,!,@*%*!(+!+$=*,@('0!('@*%*',4-!('1LL%$L%(1,*!17$6,!13365('0!%*1+$'+!.$%!$'*T+!L$4(,(514!L$+(,($'!,@1,!=1\*!'$!+*'+*!,$!1'3!.1(4!,$!%*+$'1,*!M(,@!41%0*!+*5,($'+!$.!,@*!L674(5K!#$%!*m1=L4*9!,@*!D)1'0*4(514!I*541%1,($'!+1-+!,@(+!17$6,!,$%,6%*N!

J@*!('51%'1,($'!S!%*)*14+!1!R$3!M@$!(+!S!3**L4-!=$)*3!7-!,@*!7%$\*''*++!$.!5%*1,($'K!S!1!=-+,*%($6+!7%(30('0!$.!,@*!01L!7*,M**'!R$3!1'3!@6=1'(,-K!E*'5*.$%,@9!,@*!@6=1'!*mL*%(*'5*!('!(,+![$-+!1'3!+$%%$M+!(+!('+5%(7*3!6L$'!,@*!)*%-!`*%+$'!$.!R$3SK!UJV@*!E$4-!ZL(%(,!L1%,(5(L1,*+!('!@6=1'!L1,@$+!M(,@!0%$1'+!1'3!+(0@+!,$$!3**L!.$%!M$%3+K!!J@*!5%(*+!$.!,@*!,$%,6%*3!1%*!('!1!)*%-!%*14!+*'+*9!S!,@*!5%(*+!$.!,@*!ZL(%(,K"i!

?,!+$6'3+!M$'3*%.649!1'3!.$%!O@%(+,(1'+9!(,!1M1\*'+!1!5$''*5,($'!M(,@!+$=*!,@*!3**L*+,!*4*=*',+!$.!$6%!.1(,@K!P6,!,$!L*$L4*!$.!$,@*%!.1(,@+Y<*M+9!.$%!*m1=L4*9!$%!26+4(=+9!M@$!3$!'$,!155*L,!,@*!5*',%14!3$5,%('*!$.!,@*!?'51%'1,($'9!4*,!14$'*!,@*!E$4-!ZL(%(,!1+!,@*!,@(%3!L*%+$'!$.!1!,%(6'*!R$3Y(,!M(44!=1\*!4(,,4*!+*'+*K!!H'3!,$!+*5641%!'$']7*4(*)*%+9!(,!+$6'3+!4(\*!+6L*%+,(,($6+!0(77*%(+@K!H'3!L*$L4*!('!1'-!$%!144!$.!,@*+*!51,*0$%(*+!=1-!+1-N!C>@1,!+$%,!$.!71+(+!(+!0+'0!,$!*'010*!M(,@!$'*T+!.*44$M!5(,(B*'+k!!E$M!51'!,@(+!L$++(74-!7*!%*01%3*3!1+!1!5$',%(76,($'!,$!%*+L*5,.64!3(14$06*!('!$6%!L$4(,(514!5$==6'(,-kG!!Z$!?!M1',!,$!5$'+(3*%!,@(+!4('*!$.!5$'5*%'!1+!M*44K!! P$,@!+*,+!$.!5$'5*%'+Y5()(4(,-!1'3!(=L4(5(,!,@*$5%15-!Y51'!7*!.$6'3!('!,@*!1%06=*',+!17$6,!L674(5!%*1+$'!L6,!.$%M1%3!7-!,@*!41,*!1'3!0%*1,!L@(4$+$L@*%!<$@'!F1M4+K!!!?!=*1'!,@*!1%06=*',+!F1M4+!=1\*+!('!@(+!7$$\9!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!"_!SM@(5@Y,$!7*!.1(%Y(+!'$,!1,!144!,@*!+1=*!1+!5%-L,$],@*$5%15-K!!!"i!D/H^RDQ?OHQ!IDOQHFHJ?b^!HRH?^ZJ!JbFJ&FD!:Ki!

! i

F,9%0%&'9)M%C#$'9%/"9!"A!M@*%*!@*!,%(*3!,$!+@$M!,@1,!L674(5![6+,(.(51,($'!('!$6%!L$4(,(514!+-+,*=!51''$,!3*L*'3!6L$'!L%*=(+*+!+@1%*3!$'4-!7-!+$=*!+*5,($'+!$.!,@*!L674(5!$%!6L$'!3$5,%('*+!(',*44(0(74*!,$!+$=*!5(,(B*'+!76,!'$,!$,@*%+K"8!Z$9!.$%!('+,1'5*9!(.!M*!1%*!,$!+6+,1('!1'!17+$46,*!L%$@(7(,($'!$'!,$%,6%*YM@*,@*%!6'3*%!,@*!16+L(5*+!$.!,@*!D(0@,@!H=*'3=*',!$%!$6%!)1%($6+!,%*1,-!5$==(,=*',+"fY(,!51''$,!L674(54-!7*!71+*3!$'!+$=*!L%*=(+*!+65@!1+!CU,V$%,6%*!)($41,*+!,@*!(',%('+(5!3(0'(,-!$.!,@*!@6=1'!7*('09!=13*!('!,@*!(=10*!$.!R$39G:;!7*516+*!,@1,!(+!1!5$==(,=*',!,@1,!=1'-!=*=7*%+!$.!$6%!+$5(*,-!51''$,!+@1%*K!!?,!=1-!%*L%*+*',!,@*!64,(=1,*!,%6,@!17$6,!,$%,6%*!('!,@*!*-*+!$.!R6+@**!1'3!@(+!1++$5(1,*+9!76,!d155$%3('0!,$!F1M4+!('!1!41,*%!M$%\e!CU,V@*!B*14!,$!*=7$3-!,@*!M@$4*!,%6,@!('!L$4(,(5+!(+!('5$=L1,(74*!M(,@!1'!(3*1!$.!L674(5!%*1+$'!,@1,!7*4$'0+!M(,@!3*=$5%1,(5!5(,(B*'+@(LKG:"!!O*',%(+,!*)1'0*4(514+!1%*!6+('0!,@*!L$4(,(514!L$M*%!,@*-!@1)*Y*)*'!(.!(,!(+!$'4-!,@*!L$M*%!$.!)$(5*!1'3!)$,*Y,$!5144!.$%!41M+!,$!7*!1=*'3*39!L*$L4*!,$!7*!L%$+*56,*39!1'3!@$=*41'3!+*56%(,-!L$4(5-!,$!7*!=$3(.(*3!$'!,@*!71+(+!$.!1!3$5,%('*!,@1,!=1'-!.*44$M!5(,(B*'+!3$'T,!+@1%*9!1!3$5,%('*!,@1,!(+!'*(,@*%!155*L,174*!'$%!L*%@1L+!*)*'!(',*44(0(74*!,$!,@*=K!H'3!,@1,!M$'T,!3$9!+1-+!F1M4+N!CUJV,@*!(3*14!$.!5(,(B*'+@(L!(=L$+*+!1!S!36,-!S!,$!7*!174*!,$!*mL41('!,$!$'*!1'$,@*%!@$M!,@*!L%('5(L4*+!1'3!L$4(5(*+!,@*-!13)$51,*!1'3!)$,*!.$%!51'!7*!+6LL$%,*3!7-!,@*!L$4(,(514!)146*+!$.!EGC9%&!%*1+$'KG::!

J@*!F1M4+(1'!L$+(,($'!5$=7('*+!7$,@!$.!,@*!5$'5*%'+!?!@1)*!1%,(5641,*3N!,@*!5$'5*%'!17$6,!5()(4(,-!1'3!,@*!5$'5*%'!17$6,!,@*$5%15-K!E*!,@('\+!(,!(+!(=L$%,1',!.$%!6+!,$!*'010*!M(,@!$'*!1'$,@*%!('!,@*!L674(5!+l61%*!('!1!M1-!,@1,!(+!=6,6144-!%*+L*5,.64K!!H'-,@('0!?!$..*%!1+!1!5$',%(76,($'!=6+,!7*!$..*%*3!1+!+$=*,@('0!.$%!$,@*%+!,$!0%1+L9!5$'+(3*%9!1'3!*'010*!M(,@K!!P6,!+('5*!?!\'$M!M*!144!@1)*!3(..*%*',!%*4(0($6+!1'3!L@(4$+$L@(514!5$')(5,($'+9!$..*%('0!+$=*,@('0!M@(5@!3%1M+!3**L4-!$'!=-!$M'!%*4(0($6+!.1(,@!3$*+!'$,!+1,(+.-!,@(+!%*l6(%*=*',K!?!=(0@,!,14\!17$6,!,@*!(=10*!$.!R$3!$%!,@*!5%(*+!$.!,@*!E$4-!ZL(%(,g!76,!,@*!'$']O@%(+,(1'!$%!+*5641%!('3()(3614+!?!1=!133%*++('09!M(,@!M@$=!?!1=!7$6'3!,$0*,@*%!('!5$==$'!5(,(B*'+@(L9!M(44!'$,!7*!174*!,$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!"A!F1M4+N!C?'!3(+56++('0!5$'+,(,6,($'14!*++*',(14+!1'3!=1,,*%+!$.!71+(5![6+,(5*!M*!1%*!'$,!,$!1LL*14!,$!5$=L%*@*'+()*!%*4(0($6+!$%!L@(4$+$L@(514!3$5,%('*+!r!,$!M@1,!M*!1+!('3()(3614+!$%!=*=7*%+!$.!1++$5(1,($'+!+**!1+!,@*!M@$4*!,%6,@KG!<bE^!FH>QZ9!`bQ?J?OHQ!Q?PDFHQ?Z2!d"ffWe9!LLK!::X]_K!"8!FH>QZ9!`bQ?J?OHQ!Q?PDFHQ?Z29!Q*5,6%*!/?9!LLK!:":!..K!!"f!6'3*%!,@*!R*'*)1!O$')*',($'+9!,@*!O$')*',($'!101('+,!J$%,6%*9!$%!,@*!?',*%'1,($'14!O$)*'1',!$'!O()(4!1'3!`$4(,(514!F(0@,+!:;!R&ZEDD9!#&J&FD!b#!#H?JE9!LK!"W;K!:"!FH>QZ9!QH>!b#!`Db`QDZ9!LLK!"W:]WK!!!::!FH>QZ9!`bQ?J?OHQ!Q?PDFHQ?Z29!:"A!d=-!*=L@1+(+eK!

! A

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g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g:i!,@(+!M(44!7*!1!5@1L,*%!$.!=-!.$%,@5$=('0!7$$\!$'!*,$0G$#D)*#$$,$)'(5)*$'5#N,HH/!d.%$=!bm.$%3!&'()*%+(,-!`%*++9!+$=*,(=*!1,!,@*!*'3!$.!,@*!Z6==*%e!1'3!?!(=10('*!,@1,!+$=*!$.!M@1,!?!+1-!('!,@1,!1%,(54*!=(0@,!*4(5(,!+(=(41%!5$'5*%'+K!!`*$L4*!=(0@,!+1-!,$!=*N!>@-!1%*!-$6!,%-('0!,$!.$(+,!-$6%!%*4(0($6+!)(*M!$'!,@*!%*+,!$.!6+k!>@-!3$!-$6!,@('\!(,!(+!1LL%$L%(1,*!,$!133%*++!,@*!L$4(,(514!5$==6'(,-!('!,*%=+!,@1,!=1'-!$.!(,+!=*=7*%+!3$'T,!6'3*%+,1'3k!?!M(44!,%-!,$!1'+M*%!,@*+*!5$'5*%'+9!76,!?!06*++!-$6T44!@1)*!,$!3(+5$6',!1!5*%,1('!1=$6',!$.!M@1,!?!+1-!1+!7*('0!=$,()1,*3!7-!,@*!L1%,(5641%!3$0+!,@1,!?!@1)*!('!,@(+!.(0@,K!!!!

GB&%78&H,00/&.?,=4&FIJ35:54&%78,:0.:/&Q*,T+!7*0('!M(,@!,@*!5$'5*%'!17$6,!(=L4(5(,!,@*$5%15-K!?!@1)*!'$!L%$74*=!155*L,('0!1,!.15*!)146*!,@*!1++6%1'5*!7-!,@*!16,@$%+!$.!,@*!D)1'0*4(514!I*541%1,($'!$'!J$%,6%*!,@1,!(,!(+!'$,!(',*'3*3!1+!,@*!,@('!*'3!$.!1!3$=('($'(+,!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!:W!J@(+!L1%10%1L@!(+!131L,*3!.%$=!>143%$'9!FGC9%&)3#'/,()'(5)OPG/0%H%&'0%,(Q)%()0+#)2,G$0$,,"9!"!<b&F^HQ!b#!QH>9!È?QbZbÈa!HÎ!O&QJ&FD!";A!d:;;Ae9!LK!"":K!!:X!?!@1)*!M%(,,*'!+L*5(.(5144-!17$6,!F1M4+T+!1LL%$15@!,$!,@*+*!=1,,*%+!*4+*M@*%*K!d+**!(7(3K!:_!>143%$'9!*,$0G$#)'(5)F,/%0%L#)M'K1)PG$%/E$G5#(&#)H,$)0+#)6+%0#)?,G/#9!";_!ObQ&2P?H!QH>!FD/?D>!"i8"!d:;;_eK!!:i!>143%$'9!6+'0)2'()2+$%/0%'()*#'&+%(4)!55)0,)0+#)A#C'0#)'C,G0)*,$0G$#R)iW!JEDbQbRa!JbIHa!d:;;ie!WW;]XWK!!

! 8

M*30*K!!Z,(449!1+!?!+1(3!1!=$=*',!10$9!(+!(,!'$,!,@*!51+*!,@1,!,@*!I*541%1,($'!=1\*+!+*'+*!$'4-!101('+,!1!715\0%$6'3!$.!%*4(0($6+!16,@$%(,-k!O@%(+,(1'(,-!5$'3*='+!,$%,6%*g!,@1,!+**=+!,$!7*!,@*!=*++10*!$.!R6+@**T+!(',*%)*',($'K!H'3!,@1,!+$6'3+!1+!,@$60@!@*!(+!L%$5**3('0!$'!,@*!(=L4(5(,!1++6=L,($'!,@1,!(,!(+!14%(0@,!.$%!%*4(0($6+!16,@$%(,-!,$!1++6=*!1!%$4*!('!$6%!L$4(,(5+!1'3!,$!7*!3*5(+()*!('!3*,*%=('('0!+$=*!*4*=*',+!$.!$6%!41M!1'3!L674(5!L$4(5-K!!

>*449!?!,@('\!M*!@1)*!,$!L%$5**3!51%*.644-K!H6,@$%(,-9!1+!1'-!L$4(,(514!L@(4$+$L@*%!M(44!,*44!-$69!(+!1!)*%-!+4(LL*%-!5$'5*L,K!J$!L%$L*%4-!*)1461,*!,@(+!5$'5*%'9!M*!'**3!,$!.$56+!('!$'!,@(+!(3*1!$.!%*4(0($6+!16,@$%(,-!1'3!3$!1!4(,,4*!7(,!$.!1'14-+(+K!!

H!.(%+,!(=L$%,1',!3(+,('5,($'!(+!7*,M**'!E$'&0%&'9)'G0+,$%0-!1'3!0+#,$#0%&'9)'G0+,$%0-K!!!

*+#,$#0%&'9)'G0+,$%0-!(+!1!=1,,*%!$.!*mL*%,(+*K!`164!q%60=1'!(+!1'!16,@$%(,-!$'!*5$'$=(5+g!@*!(+!('5$=L1%174-!=$%*!l614(.(*3!$'!,@(+!+67[*5,!,@1'!?!1=!1'3!?!M$643!3$!M*44!,$!L1-!1,,*',($'!,$!@(+!M%(,('0+!17$6,!,@*!.('1'5(14!5%(+(+!,@1'!,$!,%-!,$!.(06%*!(,!$6,!.$%!=-+*4.K!P6,!@*!(+!'$,!=-!%64*%K!!q%60=1'!@1+!'$!L%15,(514!16,@$%(,-!,$!%*l6(%*!1'-$'*!,$!3$!1'-,@('0!$%!*)*'!,$!%*l6(%*!,@*=!,$!7*4(*)*!1'-,@('0eK!!E(+!16,@$%(,-!('!,@*+*!=1,,*%+!3$*+!'$,!(=L$+*!1'-!36,-K!J@1,!M$643!7*!L%15,(514!16,@$%(,-N!,@*!+$%,!$.!16,@$%(,-!,@1,!,@*!4*0(+41,6%*!@1+!$%!1![630*K!21-7*!q%60=1'!@13!L%15,(514!16,@$%(,-!$)*%!@(+!+,1..!M@*'!@*!M1+!1!`%$.*++$%!1,!`%('5*,$'g!(.!M1+!@*13!$.!3*L1%,=*',!=1-7*!@*!@13!3*51'14!16,@$%(,-!$)*%!@(+!5$44*106*+T!L1-!$%!,*15@('0!4$13+K!H'3!('!,@1,!51+*!=1-7*!@(+!,@*$%*,(514!16,@$%(,-!M1+!1!%*1+$'!.$%!@(+!@1)('0!,@1,!%(0@,!,$!%64*!,@*!3*L1%,=*',K!!Z,(449!,@*!,M$!,@('0+!1%*!'$,!,@*!+1=*K!

21'-!L*$L4*!@*%*!,$31-!1%*!16,@$%(,(*+!$'!41M9!*,@(5+9!1'3!%*4(0($'K!!P6,!101('9!,@*-!1%*!,@*$%*,(514!16,@$%(,(*+N!,@(+!(+!,@*(%!*mL*%,(+*K!J@1,!(446+,%1,*+!1'!(',*%*+,('0!L$(',N!,@*$%*,(514!16,@$%(,-!51'!7*!16,@$%(,-!('!%*01%3!,$!L%15,(514!=1,,*%+K!P6,!,@1,!3$*+'T,!=1\*!(,!L%15,(514!16,@$%(,-K!!Z$=*$'*!51'!7*!1'!16,@$%(,-!('!*,@(5+!M(,@$6,!(,!7*('0!,@*!51+*!,@1,!@(+!5$==1'3+!$%!3*541%1,($'+!(=L$+*!36,(*+!$'!,@*!%*+,!$.!6+K!!!!!

^$M!,@*!&,(&#$(!17$6,!,@*$5%15-!(+!1!5$'5*%'!17$6,!L%15,(514!16,@$%(,-g!(,!51'T,!L$++(74-!7*!1!5$'5*%'!17$6,!,@*$%*,(514!16,@$%(,-K!!J@*!%*14!M$%%-!(+!,@1,!,@*!5@6%5@!4*13*%+!=(0@,!7*5$=*!$6%!%64*%+9!'$,!,@1,!,@*-!=(0@,!7*!%*01%3*3!1+!*mL*%,+!$'!%(0@,!1'3!M%$'0K!

P6,!M@1,!+$%,!$.!16,@$%(,-9!(.!1'-9!(+!1LL*14*3!,$!M@*'!1!O@%(+,(1'!7*4(*)*%!=1\*+!1'!(',*%)*',($'!('!L$4(,(5+k!?!06*++!+$=*,(=*+!(,!(+!,@*!16,@$%(,-!$.!1!5@6%5@K!H'3!+$=*,(=*+!,@1,!%/!L%15,(514!16,@$%(,-K!J@*!F$=1'!O1,@$4(5!5@6%5@!%*l6(%*+!(,+!=*=7*%+!,$!%*.%1('!.%$=!+6LL$%,('0!4*014(B*3!17$%,($'9!.$%!*m1=L4*9!1'39!(.!,@*-!1%*!15,()*!('!L674(5!4(.*9!(,!%*l6(%*+!,@*=!,$!7*1%!M(,'*++!,$!,@*!M%$'0'*++!$.!,@*!41M+!1'3!L%*5*3*',+!L*%=(,,('0!

! f

17$%,($'K!dJ@*!5@6%5@!*)*'!=1\*+!,@%*1,+!101('+,!,@$+*!M@$!.1(4!,$!.$44$M!,@*+*!5$==1'3=*',+!1'3!$551+($'144-!,%(*+!,$!51%%-!,@*=!$6,Y.$%!*m1=L4*9!7-!3*'-('0!$..*'3*%+!,@*!7*'*.(,!$.!,@*!+15%1=*',+Ke!!^$M9!+('5*!,@*!*1%4-!"fA;T+!M*!@1)*!7**'!('!,@*!,@%$*+!$.!1!0%*1,!'1,($'14!3*71,*!17$6,!17$%,($'K!H'3!(.!+$=*$'*!M*%*!,$!$..*%!1+!1!5$',%(76,($'!,$!,@1,!3*71,*!,@1,!'C,$0%,()/+,G95)C#)"'5#)%99#4'9),(&#)'4'%(D)C#&'G/#)0+#)F,E#)+'/)5#(,G(&#5)%09!,@*'!?!10%**!,@1,!,@1,!K,G95!0()*!%(+*!,$!1!5$'5*%'!17$6,!,@*$5%15-9!7*516+*!(,!M$643!7*!L%*3(51,*3!$'!,@*!1++6=L,($'!,@1,!,@*!L%15,(514!16,@$%(,-!$.!,@*!F$=1'!O1,@$4(5!5@6%5@!(+!1'!1LL%$L%(1,*!0%$6'3!.$%!=1\('0!1!5@1'0*!('!,@*!41MK!!

?'!.15,!=$+,!%*4(0($6+!(',*%)*',($'+!$'!17$%,($'!1%*!'$,!$.!,@(+!\('3K!!J@*-!+1-!17$%,($'!+@$643!7*!L%$@(7(,*3!7*516+*!(,!(+!M%$'0K!!J@*-!3%1M!$'!,@*!,*15@('0+!$.!,@*(%!5@6%5@!,$!6'3*%+,1'3!1'3!*mL41('!(,+!M%$'0'*++9!76,!,@*-!3%1M!$'!,@1,!1+!,@*$%*,(514!16,@$%(,-g!(K*K9!1+!1!@*%(,10*!$.!3**L!,@('\('0!17$6,!,@*!=1,,*%!,@1,!51'!('.$%=!,@*(%!$M'!,@('\('0!1'3!,@*(%!$M'!5$'546+($'+K!!?,!(+!=65@!,@*!+1=*!M(,@!`164!q%60=1'K!?!3%1M!$'!@(+!,@*$%*,(514!16,@$%(,-!.$%!=-!$M'!L$4(,(514!)(*M+g!1'3!(.!?!*)*%!@13!,@*!,*=*%(,-!,$!M%(,*!1'!$L]*3!L(*5*!$'!*5$'$=(5+!?!@$L*!?!M$643!@1)*!,@*!0$$3!+*'+*!,$!5@*5\!(,!$6,!101('+,!q%60=1'T+!)(*M+!7*.$%*!5$==(,,('0!L674(54-!,$!=-!$M'!31.,!(3*1+K!

J@*!L$(',!(+!,@1,!,@*%*!(+!'$,@('0!(=L4(5(,4-!,@*$5%1,(5!17$6,!3%1M('0!6L$'!,@*$%*,(514!16,@$%(,-!+$!.1%!1+!,@*!7*1%('0!$.!%*4(0($6+!L%('5(L4*+!$'!L674(5!L$4(5-!(+!5$'5*%'*3K!<6+,!1+!?!51'!3%1M!$'!q%60=1'T+!*mL*%,(+*!M(,@$6,!5$==(,,('0!=-+*4.!,$!1'-,@('0!%*=$,*4-!4(\*!,@*!`41,$'(5!L%$L$+(,($'!,@1,!*mL*%,!*5$'$=(+,+!+@$643!%64*9!+$!?!51'!3%1M!$'!,@*!1%06=*',+!,@1,!?!.('3!('!1'!*'5-54(514!,$!+6LL4*=*',9!*'%(5@9!1'3!3**L*'!=-!$M'!,@('\('0!$'![6+,(5*9!@6=1'!3(0'(,-!1'3!,@*!(++6*+!+6%%$6'3('0!17$%,($'!M(,@$6,!5$==(,,('0!=-+*4.!,$!,@*!)(*M!,@1,!,@*!`$L*!M@$!16,@$%*3!,@*!*'5-54(514!@1+!,@*!%(0@,!,$!%64*!('!$6%!+$5(*,-K!!!!

?!,@('\!L*$L4*!=(++!,@(+!7*516+*!$.!1!+(44-!1++6=L,($'!,@1,!,@*%*!(+!'$!+65@!,@('0!1+!*mL*%,(+*!('!,@*!0%*1,!=$%14!1'3!L$4(,(514!(++6*+!,@1,!M*!.15*Y,@1,!(,!(+!64,(=1,*4-![6+,!1!=1,,*%!$.!C)146*+9G!1'3!,@1,!,@*%*.$%*!1'-!16,@$%(,-!,@*%*!(+!('!,@*!1%*1!=6+,!7*!,@*!+$%,!$.!16,@$%(,-!,@1,!L6%L$%,+!,$!%"E,/#!)146*+!6L$'!6+!1+!1!=1,,*%!$.!%64*9!%1,@*%!,@1'!1(3('0!6+!1+!1'!(',*44*5,614!06(3*!('!%*15@('0!$6%!$M'!5$'546+($'+K!!!! O*%,1('4-9!?!51'!+**!'$!*m*%5(+*!$.!L%15,(514!16,@$%(,-!(')$4)*3!('!$%!L%*+6LL$+*3!7-!,@*!D)1'0*4(514!I*541%1,($'!$'!J$%,6%*K!!#1%!.%$=!7*('0!(=L$+*3!7-!1!5@6%5@9!,@*!I*541%1,($'!M1+!L%$L$+*3!0,!1!5@6%5@!7$3-!.$%!(,+!13$L,($'g!1'3!144!,@1,!(,+!13$L,($'!7-!,@*!P$1%3!$.!,@*!^1,($'14!H++$5(1,($'!$.!D)1'0*4(514+!=*1',!M1+!,@1,!,@(+!$%01'(B1,($'!3*541%*3!(,+!+67+5%(L,($'!,$!

! ";

,@*!L$+(,($'!*mL%*++*3!('!,@*!I*541%1,($'!1'3!=13*!(,!1)1(4174*!.$%!5$'+(3*%1,($'!7-!(,+!=*=7*%+K!!?,+!L%*+*',1,($'!('!,@*!L674(5!%*14=!M1+!=$%*!('!,@*!+L(%(,!$.!CO$'+(3*%!,@(+SG!,@1'!('!,@*!+L(%(,!$.!CJ@(+!(+!M@1,!M*!+1-!-$6!1%*!'$M!%*l6(%*3!,$!7*4(*)*!1'3!3$KG!

>@1,!17$6,!,@*!16,@$%(,-!541(=+!(=L4(5(,!('!,@*!I*541%1,($'T+!7(74(514!l6$,1,($'+k!!b%!,@*!541(=!,@1,!<*+6+!(+!Q$%3k:A!!E$M!+@$643!M*!,@('\!17$6,!,@1,9!('!%*41,($'!,$!,@*!1'14-+(+!?!@1)*![6+,!0()*'k!!!

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m1=L4*+9!L+14=+9!1'3!,*15@('0+!,$!@*1%,Y,@1'!,$!,%-!.(06%('0!$6,!=$%14(,-!M(,@$6,!(,K!!J@1,!541(=!=1-!'$,!7*!1+!L*%+61+()*!,$!=1'-!L*$L4*!1+!(,!6+*3!,$!7*K!!?,!=1-!'$,!7*!1+!L*%+61+()*!1+!,@*!1'14$0$6+!541(=!,@1,!M*!M$643!3$!7*,,*%!,$!%*13!`164!q%60=1'T+!7$$\+!$'!*5$'$=(5+!,@1'!,$!,%-!,$!.(06%*!*5$'$=(5+!$6,!.$%!$6%+*4)*+K!P(74(514!16,@$%(,-!+**=+!K#%$5!,$!=1'-!L*$L4*!('!1!M1-!,@1,!,@*!q%60=1'!541(=!3$*+'T,9!*)*'!.$%!,@$+*!5$'+*%)1,()*+!M@$!3(+10%**!M(,@!q%60=1'T+!*5$'$=(5+!1'3!+L(,!$'!@(+!7$$\+K!!Z,(449!?!=1(',1('!,@1,!1!541(=!$.!7(74(514!16,@$%(,-!(+!1!541(=!64,(=1,*4-!$.!0+#)/'"#)/,$0Y,$!7*!*)1461,*3!('!%$60@4-!,@*!+1=*!+$%,!$.!M1-K!! ?'!.15,!=1'-!$.!,@*!%*4(0($6+!(',*%)*',($'+!,@1,!L*$L4*!1%*!5$'5*%'*3!17$6,!1%*!'$,!+5%(L,6%144-!71+*3!1,!1449!$%!1,!4*1+,!'$,!3(%*5,4-K!!Z$=*!+6%*4-!1%*9!1+!M@*'!1!7(74*!L1++10*!d.%$=!M#L%0%&G/!$%!M@*%*)*%e:8!(+!5(,*3!,$!$LL$+*!01-!%(0@,+!$%!+1=*]+*m!=1%%(10*K!b'!=1'-!$,@*%!(++6*+9!@$M*)*%9!M@*%*!,@*!%*4(0($6+!3(=*'+($'!(+!*l6144-!L%$=('*',9!,@*%*!(+!'1%-!5@1L,*%!$%!)*%+*!,$!7*!+**'K!F*4(0($6+!$LL$'*',+!$.!17$%,($'!@1)*!,$!+5%1774*!1%$6'3!l6(,*!6'5$')('5('04-!,$!.('3!+5%(L,6%*!,$!+6LL$%,!,@*(%!L$+(,($'K:f!J@*!P(74*!+(=L4-!3$*+'T,!,1\*!1!)(*M!$'!17$%,($'!6'4*++!-$6!L%$[*5,!L%$]4(.*!+*',(='*,+!)*%-!@*1)(4-!715\!(',$!+,1,*=*',+!4(\*!CJ@$6!1%,!=-!R$3!.%$=!=-!=$,@*%j+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!:A!CH+!O@%(+,(1'+9!M*!4$'0!,$!$7*-!,@*!=$%14!3*=1'3+!$.!$6%!.1(,@!1+!1%,(5641,*3!('!,@*!Z5%(L,6%*+K!>*!+**\!,$!+*%)*!<*+6+!O@%(+,9!M@$!14$'*!(+!Q$%3!$.!$6%!4()*+!S!$.!$6%!'1,($'9!1'3!$.!,@*!M$%43KG!:8!DK0K!Q*)(,(56+!"8N!::K!:f!Z**9!*K0K9!D'5-54(5149!D)1'0*4(6=!/(,1*!ssXX]_!1)1(4174*!1,!@,,LNccMMMK51,@$4(5]L10*+K5$=c3$56=*',+c*)1'0*4(6=o)(,1*KL3.!!

! ""

7*44-KGW;!J@*!1%06=*',!101('+,!17$%,($'9!+65@!1+!(,!(+9!(+!=1('4-!1!('0G$'9)9'K!1%06=*',!71+*3!$'!,@*!1LL1%*',!5$',('6(,-!$.!.$*,14!3*)*4$L=*',!1'3!(,!(+!L*%.*5,4-!(',*44(0(74*!,$!1!+*5641%!=$%14!+*'+(7(4(,-!d,@$60@!'$!3$67,!6'5$')('5('0!,$!=1'-eK!!J@*!%*4(0($6+!1+L*5,!(+![6+,!,@*!3(+5(L4('*3!('+(+,*'5*!$'!,1\('0!,@*!5$',('6(,-!$.!@6=1'!4(.*!d7$,@!('!1'3!$6,+(3*!,@*!M$=7e!+*%($6+4-!('!4(0@,!$.!M@1,!7(74(514!.1(,@!3$*+!,*44!6+!17$6,!,@*!L%*5($6+'*++!$.!@6=1'!4(.*!0*'*%144-K!!! H'3!+(=(41%4-!.$%!,@*!D)1'0*4(514!I*541%1,($'!$'!J$%,6%*K!J@*%*!(+!'$!Q*)(,(56+]4(\*!L1++10*!('!,@*!P(74*!L%$@(7(,('0!,$%,6%*K!!>@1,!,@*%*!(+!('!,@*!I*541%1,($'!(+!1'!'$4G"#(0!,@1,!L%$5**3+!,$!,@*!M%$'0'*++!$.!,$%,6%*!.%$=!.1(,@]71+*3!5$'5*%'+!.$%!,@*!4(.*!1'3!3(0'(,-!$.!*)*'!,@*!=$+,!3*+L(+*3!1'3!)64'*%174*K!!J@*!E$#"%/#/!$.!,@1,!1%06=*',!1%*!7(74(514Y=1'!5%*1,*3!('!,@*!(=10*!$.!R$3g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`164!q%60=1'K!<*+6+!M1+!1!0%*1,!=$%14!,*15@*%9!'$!3$67,K!!P6,9!4*,T+!7*!@$'*+,N!1'-!541(=!17$6,!<*+6+!7*('0!Q$%3!,%1'+5*'3+!,@(+!51,*0$%-!$.!,@*$%*,(514!16,@$%(,-!1=$'0!@6=1'+K!E$M*)*%9!?!,@('\!(,!14+$!,%1'+5*'3+!1'-!L416+(74*!541(=!17$6,!L%15,(514!L$4(,(514!16,@$%(,-!1+!M*44K!!b'*!51'!5*%,1('4-!7*4(*)*!,@1,!<*+6+!(+!Q$%3!1'3!,@1,!M*!+@$643!.$44$M!E(+!+1-('0+!1+!,@*!>$%3!$.!R$3YM(,@$6,!7*4(*)('0!,@1,!,@(+!=1\*+!1'-!3(..*%*'5*!,$!,@*!5$'+,(,6,($'14!+-+,*=!$.!16,@$%(,-!('!,@*!&'(,*3!Z,1,*+K!!#$%!,@*!+$%,!$.!('+(0@,!,@1,!R6+@**!1'3!$,@*%+!3%1M!.%$=!,@*!*m*%5(+*!$.!<*+6+T!16,@$%(,-!1+!Q$%3!$.!,@*!M$%43Y.$%!*m1=L4*9!@(+!+1-('0!,@1,!$'!,@*!Q1+,!I1-!$6%!'1,($'!M(44!7*![630*3!1+!,$!@$M!M*!,%*1,*3!,@*!4*1+,!1'3!=$+,!3*+L(5174*!51L,()*!('!L%(+$'!1+!(.!,@1,!51L,()*!@13!7**'!<*+6+!@(=+*4.W"Y!0$*+!$'4-!,$!,@*!l6*+,($'!$.!M@1,!$6%!15,($'+!1'3!L$4(5-!+@$643!7*9!'$,!,$!,@*!l6*+,($'!$.!M@$!1=$'0!6+!+@$643!@1)*!L$M*%!,$!+*,!'1,($'14!L%($%(,(*+K!!!! F*=*=7*%N!M*!1%*!'$,!3*14('0!-*,!M(,@!,@*!5$'5*%'!,@1,!541(=+!4(\*!,@(+!"'S#)(,)/#(/#!,$!1!41%0*!+*5,($'!$.!,@*!L$L641,($'!1'3!,@1,!(,!(+!,@*%*.$%*!6'5()(4!1'3!('1LL%$L%(1,*!,$!71+*!L$4(5-!541(=+!6L$'!,@*=K!J@1,!5$=L41(',!@1+!-*,!,$!7*!1'+M*%*3K!!>@1,!?!1=!,%-('0!,$!54*1%!$6,!$.!,@*!M1-!(+!,@*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!W;!`+14=+!::N!";!dq</e!!W"!21,,@*M!:_N!W"]XiK!!

! ":

5$'5*%'!,@1,!7-!155*3('0!,$!,@*!=$%14!.$%5*!$.!%*4(0($6+!L%$L$+(,($'+9!M*!1%*!,@*%*7-!+67[*5,('0!$6%+*4)*+!,$!1!+$%,!$.!,@*$5%1,(5!%64*K!J@1,9!?!@1)*!1%06*39!3$*+!'$,!.$44$MK!!

J@*!16,@$%+!$.!,@*!I*541%1,($'!+1-!,@1,9!'$,M(,@+,1'3('0!,@*(%!L%(3*!1+!0$$3!5(,(B*'+!$.!,@(+!%*L674(59!,@*-!4$'0!,$!$7*-!,@*!3*=1'3+!$.!,@*(%!.1(,@K!J$!1!51%*4*++!*1%9!,@1,!=1-!+$6'3!$..*'+()*4-!,@*$5%1,(5K!H!=$%*!1556%1,*!)(*M!(+!,@1,!(,T+!$'!1!L1%!M(,@!+1-('0N!C^$,M(,@+,1'3('0!$6%!L%(3*!1+!0$$3!5(,(B*'+!$.!,@(+!%*L674(59!M*!4$'0!,$!$7*-!,@*!3*=1'3+!$.!=$%14(,-KG!?,!(+!'$!=$%*!$..*'+()*!,@1'!,@1,9!'$!=$%*!16,@$%(,1%(1'!d('!1!713!L$4(,(514!+*'+*eK!!?,!(+!3(+,('06(+@*3!$'4-!.%$=!,@*!1'14$0$6+!=$%14!%*+$4)*!7-!dM@1,!('!,@*!*-*+!$.!=1'-!L*$L4*!1%*e!,@*!M*(%3!7*4(*.+!O@%(+,(1'+!@$43!17$6,!,@*!+$6%5*+!$.!=$%14!('+(0@,K!!!!

KB&#LL082251<&"835<5,=2&%.3M&4,&(,1-N8358C802&J@*!%*14!(++6*!(+!'$,!,@*$5%15-9!(,!(+!(',*44(0(7(4(,-K!J@*!D)1'0*4(514!I*541%1,($'!$'!J$%,6%*9!1'3!$,@*%!+(=(41%!3$56=*',+Y?!,@('\9!.$%!('+,1'5*9!$.!,@*!O1,@$4(5!P(+@$L+T!"f8i!L1+,$%14!4*,,*%!$'!+$5(14![6+,(5*W:Y1%*!133%*++*3!,$!,@*!'1,($'!1+!1!M@$4*K!!Z$!M@1,!3$!,@*!16,@$%+!,@('\!,@1,!,@*-!1%*!3$('0!+$!.1%!1+!,@*(%!*'010*=*',!M(,@!'$']7*4(*)*%+!(+!5$'5*%'*3k!!E$M!51'!,@*-!%*1+$'174-!*mL*5,!,@*+*!3*541%1,($'+YM(,@!,@*(%!,14\!$.!,@*!E$4-!R@$+,9!,@*!(=10*!$.!R$39!1'3!,@*!L%*+*'5*!$.!O@%(+,!('!*)*%-!'**3-!L*%+$'Y,$!7*!,@*!71+(+!$.!1!%*+L*5,.64!L$4(,(514!5$')*%+1,($'!M(,@!,@$+*!M@$!3$!'$,!@1)*!M@1,!(,!,1\*+!,$!=1\*!+*'+*!$.!,@*+*!(3*1+k!!Z$!.1%!1+!,@1,!163(*'5*!(+!5$'5*%'*39!,@*-!=(0@,!1+!M*44!+L*1\!('!Q1,('!d+$=*!$.!,@*=!3$e!$%!,14\!17$6,!2(334*!D1%,@!('!,@*!)$(5*+!$.!*4)*+!1'3!L(m(*+K!

b'!,@*+*!0%$6'3+9!,@*!+600*+,($'!@1+!7**'!@*1%3!('!%*5*',!-*1%+!,@1,!L*$L4*!$.!.1(,@!+@$643!%*.%1('!.%$=!L1%,(5(L1,('0!('!L674(5!3*71,*!('!,*%=+!,@1,!%*.4*5,!,@*(%!%*4(0($6+!5$==(,=*',+K!?.!M*!1%*!'$,!,$!,6%'!3*=$5%1,(5!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!W:!^1,($'14!O$'.*%*'5*!$.!O1,@$4(5!P(+@$L+9!D5$'$=(5!<6+,(5*!.$%!H44!d"f8ie9!1)1(4174*!$'4('*!1,!@,,LNcc6+557K$%0c+3MLc(',*%'1,($'14cD5$'$=(5<6+,(5*.$%H44KL3.!K!J@*!,$'*c5$',*',!$.!,@1,!(',*%)*',($'!51'!7*!01,@*%*3!.%$=!L1++10*+!4(\*!,@(+!ds"ieN!!

H44!=*=7*%+!$.!+$5(*,-!@1)*!1!+L*5(14!$74(01,($'!,$!,@*!L$$%!1'3!)64'*%174*K!#%$=!,@*!Z5%(L,6%*+!1'3!5@6%5@!,*15@('09!M*!4*1%'!,@1,!,@*![6+,(5*!$.!1!+$5(*,-!(+!,*+,*3!7-!,@*!,%*1,=*',!$.!,@*!L$$%K!KKK!?'!,@*!Q1+,!<630=*',9!+$!3%1=1,(5144-!3*+5%(7*3!('!Z,K!21,,@*Mj+!R$+L*49!M*!1%*!,$43!,@1,!M*!M(44!7*![630*3!155$%3('0!,$!@$M!M*!%*+L$'3!,$!,@*!@6'0%-9!,@*!,@(%+,-9!,@*!'1\*39!,@*!+,%1'0*%K!H+!.$44$M*%+!$.!O@%(+,9!M*!1%*!5@144*'0*3!,$!=1\*!1!.6'31=*',14!t$L,($'!.$%!,@*!L$$%T!r!,$!+L*1\!.$%!,@*!)$(5*4*++9!,$!3*.*'3!,@*!3*.*'+*4*++9!,$!1++*++!4(.*!+,-4*+9!L$4(5(*+9!1'3!+$5(14!('+,(,6,($'+!('!,*%=+!$.!,@*(%!(=L15,!$'!,@*!L$$%K!!

#$%!+$=*!3(+56++($'9!+**!>143%$'9!3#9%4%,G/)2,(0$%CG0%,(/)0,)F,9%0%&'9)A#9%C#$'0%,(9!W;!ZH^!I?DRb!QH>!FD/?D>!d"ffWe9!8"AK!

! "W

L$4(,(5+!(',$!1!P17*4!$.!=6,6144-!('5$=L%*@*'+(74*!1++*%,($'+9!=1-7*!M*!+@$643!+*1%5@!.$%!1!5$==$'!)$517641%-!1'3!1!+*,!$.!L%*=(+*+!,@1,!M*!51'!144!5$')*%0*!$'!('!L$4(,(514!3(14$06*K!Z$N!4*,T+!5$'+(3*%!,@(+!5$'5*%'K!!! J@*!.(%+,!,@('0!(+!,@1,9!('!133%*++('0!,@*+*!=1,,*%+9!M*!=6+,!7*M1%*!$.!*m100*%1,('0!,@*!5#9%C#$'0%L#!5@1%15,*%!$.!=$3*%'!L$4(,(5+K!?3*144-9!M*!(=10('*!5(,(B*'+!$..*%('0!144!,@*(%!L$4(,(514!+,1,*=*',+!1+!5$',%(76,($'+!,$!5$')*%+1,($'9!M(,@!*15@!$'*!(',*'3*3!,$!0()*!*)*%-$'*!*4+*!('!,@*!L$4(,-!+$=*,@('0!,$!,@('\!17$6,9!+$=*,@('0!M@(5@!=1-!=1\*!1!3(..*%*'5*!,@%$60@!%*1+$'!1'3!7%('0!17$6,!1!L1%,(14!$%!1!M@$4*+14*!=$3(.(51,($'!$.!,@*!$,@*%!L*%+$'T+!)(*M+KWW!

P6,!M*!=6+,!'$,!'*04*5,!$,@*%!.6'5,($'+Y$,@*%!$#/E#&0'C9#!.6'5,($'+YM@(5@!1!L$4(,(514!+,1,*=*',!=1-!+*%)*K!!Z$=*$'*!M@$!+1-+9!CH44!@6=1'+!M@$!1%*!=(+,%*1,*3!$%!,$%=*',*3!1%*!S!1%*9!7-!<*+6+T!3*.('(,($'9!$6%!'*(0@7$%+K!S!U?V'!,@*=!1'3!,@%$60@!,@*=!M*!*'5$6',*%!R$3!@(=+*4.9GWX!"'-!7*!,%-('0!,$!5$')('5*!@(+!.*44$M!5(,(B*'+!,$!+6LL$%,!1!L$4(5-!$.!@6=1'(,-K!P6,!@*!=1-!14+$!,@('\!$.!@(=+*4.!1+!+(=L4-!C#'$%(4)K%0(#//!,$!1!L1%,(5641%!)(*M!$.!M@1,!,$%,6%*!(')$4)*+9!1!+L**5@!15,!M@(5@!(+!5$==6'(51,()*!$'4-!,$!,@*!*m,*',!,@1,!(,!,%(*+!,$!5$')*-!*)*'!,$!'$'7*4(*)*%+!,@*!+*%($6+'*++!1'3!,@*!@(0@!+,1\*+!,@1,!,@*!+L*1\*%!+**+!1+!7$6'3!6L!M(,@!,@*!(++6*K!!E*!=1-!7*!M1%'('0!,@*=9!,@*!7*+,!M1-!+#)51'9!$.!,@*!+*%($6+'*++!$.!,@*!(++6*!1+!@*!+**+!(,KW_!?'!1!+(=(41%!=$3*9!,@*!+L*1\*%!=1-!7*![6+,!,%-('0!,$!#TE9'%()+%"/#9H!d1'3!,@*!L$4(,(514!+,1'3!@*!@1+!,1\*'9!,@*!)$,*+!@*!@1+!51+,9!*,5Ke!'$,!('!1'-!M1-!,@1,!(+!(',*'3*3!,$!7*!L*%+61+()*!'*5*++1%(4-9!76,!,$!5$')*-!,$!@(+!.*44$M]5(,(B*'+!d('!51+*!,@*-!1%*!(',*%*+,*3e!,@*!/,$0),H)L%#K!@*!(+!@$43('0KWi!b%!@*!=1-!7*!133%*++('0!@(+!$M'!5$==6'(,-!$.!7*4(*)*%+9!%144-('0!,@*=!M(,@!@(+!%@*,$%(5]]!4*,T+!'$,!L%*,*'3!,@1,!O@%(+,(1'+!1%*!,@*!$'4-!L*$L4*!('!=$3*%'!L$4(,(5+!M@$!E$#'&+)0,)0+#)&+,%$U$%!,%-('0!,$!1M1\*'!,@*=!,$!+$=*,@('0!M@(5@!@*!,@('\+!.$44$M+!.%$=!M@1,!,@*-!14%*13-!7*4(*)*K!!H44!,@*+*!1%*!%*+L*5,174*!+L**5@!15,+!('!L$4(,(5+K!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!WW!O(,*!,$!Z6'+,*('!*,5K!$'!3*4(7*%1,()*!3*=$5%15-K!!WX!O(,*!,$!I*541%1,($'!!W_!dJ@('\!$.!>(44(1=!Q4$-3!R1%%(+$'T+!5@1%15,*%(B1,($'!$.!,@*!&Z!O$'+,(,6,($'!('!"8_X!1+!C1!5$)*'1',!M(,@!3*1,@!1'3!1'!10%**=*',!M(,@!@*44KG!!b'*!3(3'T,!@1)*!,$!7*!1!4(,*%14!7*4(*)*%!('!@*44.(%*!,$!+**!,@*!+*%($6+'*++!$.!,@*!M1%'('0!@*!M1+!0()('0!5$'5*%'('0!,@*!+41)*%-!5416+*+Ke!Wi!F1M4+!15\'$M4*30*+!,@(+!('!JED!QH>!b#!`Db`QDZ9!LK!"__9!M@*%*!@*!=*',($'+!.$%=+!$.!3(+5$6%+*!,@1,!3$!'$,!C*mL%*++U!V!1!.$%=!$.!L674(5!%*1+$'('0K!b'*!(+!3*541%1,($'N!@*%*!M*!*15@!3*541%*!$6%!$M'!5$=L%*@*'+()*!3$5,%('*9!%*4(0($6+!$%!'$']%*4(0($6+K!!J@(+!M*!3$!'$,!*mL*5,!$,@*%+!,$!+@1%*KG!!

! "X

! Z$!.1%9!+$!0$$3K!P6,!+6LL$+*!,@*!+,1,*=*',!%/!,$!7*![630*3!1+!1!.$%=!$.!*'010*=*',!M(,@!$,@*%!=('3+!1'3!$,@*%!L*$L4*T+!)(*M+K!?+!,@*!*'010*=*',!$.!'$'7*4(*)*%+!M(,@!+$=*,@('0!4(\*!,@*!D)1'0*4(514!I*541%1,($'!'*5*++1%(4-!1!3(14$06*!$.!,@*!3*1.k!!JM$!L@(4$+$L@(514!=(+5$'5*L,($'+!=1-!=1\*!(,!+**=!+$K!!! J@*!.(%+,!(+!,@*!=(+5$'5*L,($'!,@1,!=6,614!6'3*%+,1'3('0!(+!1'!144]$%]'$,@('0!76+('*++K!!J@$=1+!^10*4!('!1'!('.46*',(14!L1L*%!*',(,4*3!C2$%14!O$'.4(5,!1'3!`$4(,(514!Q*0(,(=15-G!5@1%15,*%(B*+!,@*!*,@(5+!$.!5$',%(76,('0!,$!L674(5![6+,(.(51,($'!('!,@(+!M1-N!!

U?V,!=6+,!7*!L$++(74*!,$!L%*+*',!,$!$,@*%+!,@*!71+(+!$.!-$6%!$M'!7*4(*.+9!+$!,@1,!$'5*!-$6!@1)*!3$'*!+$9!,@*-!@1)*!M@1,!-$6!@1)*9!1'3!51'!1%%()*!1,!1![630=*',!$'!,@*!+1=*!71+(+KWA!!!

:'-C#!,@(+!M$%\+!1+!1'!1+L(%1,($'!$%!1+!1!4(=(,](3*1g!76,!(,!.1(4+!,$!5@1%15,*%(B*!=$+,!*L(+$3*+!$.!=6,614!6'3*%+,1'3('0K!P*+(3*+!,@*!+@**%!+$%3(3!.15,+!$.!(=L1,(*'5*!1'3!3(+,%15,($'!!1'3!(=L*%.*5,!@*1%('0!1'3!5$=L%*@*'+($'9!,@*%*!(+!14+$!,@*!@*%=*'*6,(5!L$(',!,@1,!M@1,!?!01,@*%!@1+!7**'!+1(3!7-!-$6%!6,,*%1'5*!(+!14M1-+!+$=*,@('0!4$51,*3!1'3!@1)('0!+(0'(.(51'5*!M(,@('!"-!+*,!$.!7*4(*.+!1'39!1+!+65@9!(,!51'!'*)*%!*m15,4-!7*!"-)+'L%(4)K+'0)-,G)+'L#7!>*!%*1+$'!M(,@!*15@!$,@*%!'$,!1+!(3*',(514!+*1%5@!*'0('*+!,%1M4('0!,@%$60@!1'!1%%1-!$.!(3*',(514!L%$L$+(,($'+9!76,!1+!7*('0+!M@$!5$=*!1,!L674(5!(++6*+!.%$=!+4(0@,4-!3(..*%*',!1'04*+!1'3!*mL*%(*'5*9W8!M@$+*!%*1+$'('0!M(,@!$'*!1'$,@*%!(')$4)*+!,@*!6+*!$.!L%$L$+(,($'+!,@1,Y*)*'!(.!,@*-!51'!7*!(3*',(.(*3!'C/0$'&09-!M(,@!$'*!1'$,@*%Y1%*!7$6'3!,$!@1)*!d1'39!(.!L*$L4*!\'$M!,@*(%!76+('*++9!1%*!5145641,*3!,$!@1)*e!1!+4(0@,4-!3(..*%*',!(=L15,!$'!,@*!163(*'5*!,@1'!,@*!$'*!,@*-!@1)*!14%*13-!@13!$'!,@*!+L*1\*%9!1'3!1!+4(0@,4-!3(..*%*',!(=L15,!$'!$'*!163(*'5*!,@1'!$'!1'$,@*%K!!J@1,!(+!@$M!L*%+61+($'!1'3!4*1%'('0!,1\*!L415*g!1'3!,@*!+,63-!$.!,@1,!(+!'$,![6+,!4$0(59!76,!%@*,$%(5!d('!$'*!$.!,@*!=$%*!1,,%15,()*!+*'+*+!$.!,@1,!M$%3eK!! H!+*5$'3!L@(4$+$L@(514!=(+,1\*!(+!,$!1++6=*!,@1,!5$==6'(51,($'!(+!%*144-!L$++(74*!$'4-!7*,M**'!L*%+$'+!M@$!+@1%*!1!5$==$'!.%1=*M$%\!$.!5$'5*L,+KWf!!J@(+!(+!1!71+(+!$'!M@(5@!L*$L4*!$.,*'!*mL%*++!+\*L,(5(+=!17$6,!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!WA!^10*49!:,$'9)2,(H9%&0)V)F,9%0%&'9)M#4%0%"'&-9!"i!È?QbZ!p!`&PQ?O!H##H?FZ!::W9!1,!:W:K!d"f8AeK!^10*4!7*4(*)*+!,@(+!C(+!'$,!L$++(74*!(.!L1%,!$.!,@*!+$6%5*!$.!-$6%!5$')(5,($'!(+!L*%+$'14!.1(,@!$%!%*)*41,($'Y7*516+*!,$!%*L$%,!-$6%!.1(,@!$%!%*)*41,($'!,$!+$=*$'*!*4+*!(+!'$,!,$!0()*!@(=!M@1,!-$6!@1)*9!1+!-$6!3$!M@*'!-$6!+@$M!@(=!-$6%!*)(3*'5*!$%!0()*!@(=!-$6%!1%06=*',+KG!W8!F1M4+!$'!76%3*'+!$.![630=*',!('!`QK!!Wf!Z$=*,(=*+!(,!(+!+1(39!.$44$M('0!>(,,0*'+,*('9!,@1,!,@(+!+@1%('0!$.!5$'5*L,+!(+!L$++(74*!$'4-!1=$'0!L*$L4*!M@$!+@1%*!5*%,1('![630=*',+K!Z**!Q&I>?R!>?JJRD^ZJD?^9!È?QbZbÈ?OHQ!?^/DZJ?RHJ?b^Z9!J@(%3!*3(,($'9!,%1'+K!RKDK2K!H'+5$=7*!dP415\M*449!:;;"e9!LK!A_*!ds!:X:eN!u?.!

! "_

,@*!L$++(7(4(,-!$.!5$==6'(51,($'!7*,M**'!3(..*%*',!564,6%*+K!O64,6%*+9!,@*-!+1-9!1%*!('5$==*'+6%174*g!,@*-!1%*!$%(*',*3!,$!+65@!3(..*%*',!)146*+!1'3!,@*-!*=7$3-!+65@!1!3()*%+(,-!$.!M$%43])(*M+9!,@1,!(,!(+!(=L$++(74*!,$!7%('0!,@*=!(',$!5$==6'(51,()*!%*41,($'!M(,@!$'*!1'$,@*%KX;!!?!@1)*!4$'0!@13!3$67,+!17$6,!,@(+!)(*M9!'6%,6%*3!L%$7174-!7-!@1)('0!4(+,*'*3!1,!1'!(=L%*++($'174*!10*!,$!1!4*5,6%*!7-!q1%4!`$LL*%!*',(,4*3!CJ@*!2-,@!$.!,@*!#%1=*M$%\GX"!Q(\*!`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dl6**%!1+!,@(+!=1-!+$6'3e!('![630=*',+Ku!!X;Z**!,@*!3(+56++($'!('!Z,*L@*'!Q6\*+9!Q(7*%14+!1'3!O1''(714+!X"!qHFQ!`b``DF9!JED!2aJE!b#!JED!#FH2D>bFqN!?^!ID#D^ZD!b#!ZO?DÔD!HÎ!FHJ?b^HQ?Ja9!*3(,*3!7-!2KHK!^$,,6%'$!dF$6,4*30*9!"ffXeK!!E*%*!(+!,@*!M1-!`$LL*%!+6==1%(B*+!,@*!u=-,@u!,@1,!@*!M1',+!,$!5%(,(5(B*N!CH!%1,($'14!1'3!.%6(,.64!3(+56++($'!(+!(=L$++(74*!6'4*++!,@*!L1%,(5(L1',+!+@1%*!1!5$==$'!.%1=*M$%\!$.!71+(5!1++6=L,($'+!$%9!1,!4*1+,9!6'4*++!,@*-!@1)*!10%**3!$'!+65@!1!.%1=*M$%\!.$%!,@*!L6%L$+*!$.!,@*!3(+56++($'KG!d?7(3K9!LLK!WX]_!X:!`$LL*%!14+$!1,,15\*3!,@*!)(*M!C,@1,9!7*.$%*!3(+56++($'9!M*!+@$643!10%**!$'!$6%!)$517641%-!r!L*%@1L+!7-!3*.('('0!$6%!,*%=+Ku!?7(3K9!LK!!_fK!!E(+!1%06=*',!101('+,!,@(+!L$+(,($'!@1+!7**'!5$'+(+,*',!+('5*!*+#)BE#()>,&%#0-K!!J@*%*!@*!M%$,*!,@1,!uU,V@*!L%$74*=!$.!3*.('(,($'+!1'3!$.!,@*!j=*1'('0!$.!,*%=+j!KKK!@1+!7**'!1'!('*m@16+,(74*!+$6%5*!$.!5$'.6+($'KKKKu!1'3!(,!(+!,@*!+$6%5*9!@*!+1-+9!u$.!144!,@1,!)*%714!1'3!*=L,-!+5@$41+,(5(+=!,@1,!@16',+!'$,!$'4-!,@*!2(334*!H0*+9!76,!$6%!$M'!5$',*=L$%1%-!L@(4$+$L@-u!db`D^!ZbO?DJa!HÎ!?JZ!D^D2?DZ9!P$$\!:9!LK!feK!!?'!@(+!1,,15\!$'!H%(+,$,4*1'!*++*',(14(+=!('!*+#)BE#()>,&%#0-9!@*!3*'$6'5*3!,@*!)(*M!,@1,!3*.('(,($'+!M*%*!.%6(,.64!.$%!+5(*'5*K!!I*.('(,($'+!3$!'$,!5$',1('!1'-!\'$M4*30*9!@*!1%06*3g!,@*-!1%*!+(=L4-!+@$%,@1'3!417*4+!(',%$365*3!('!$%3*%!,$!56,!1!4$'0!+,$%-!+@$%,K!!uUJV@*!+5(*',(.(5!)(*M!$.!,@*!3*.('(,($'!jH!L6LL-!(+!1!-$6'0!3$0j!M$643!7*!,@1,!(,!(+!1'!1'+M*%!,$!@*!l6*+,($'!J6+'0)/+'99)K#)&'99!1!-$6'0!3$0kj!%1,@*%!,@1'!1'!1'+M*%!,$!,@*!l6*+,($'!J6+'0)%/!1!L6LL-kj!d:N!"XeK!!Z$!,@$+*!M@$!3$!'$,!+@1%*!3*.('(,($'+!415\9!1,!=$+,9!$'4-!1!5$==$'!+*,!$.!177%*)(1,($'+K!!!J@1,!=1-!7*!('5$')*'(*',9!1+!M@*'!$'*!L1%,-!,$!,@*!3(14$06*!(+!6+('0!M@1,!(,!,@('\+!$.!1+!177%*)(1,($'+9!M@(5@!1%*!'$,!.1=(4(1%!,$!,@*!L1%,-!$'!,@*!$,@*%!+(3*K!!?,!=1-!=1\*!3(+56++($'!417$%($6+K!!P6,!(,!(+!@1%34-!('+6L*%174*K!!^$!3$67,!3*.('(,($'+!1%*!6+*.64g!5$'+(3*%9!`$LL*%!+1-+9!u,@*!*m,%*=*!3(..(564,(*+!,@1,!M$643!1%(+*!(.!1!715,*%($4$0(+,9!M@*'*)*%!@*!+L$\*!$.!1!5*%,1('!+,%1('!$.!715,*%(19!@13!,$!%*L*1,!(,+!M@$4*!3*+5%(L,($'!d('5463('0!,@*!=*,@$3+!$.!3-*('09!*,5K9!7-!M@(5@!(,!(+!3(+,('06(+@*3!.%$=!1!'6=7*%!$.!+(=(41%!+L*5(*+eu!d:N!"_eK!!P6,!,@*-!133!'$,@('0!+67+,1',(14!,$!,@*!+,$%*@$6+*!$.!\'$M4*30*!$%!$L('($'g!,@*-!133!$'4-!,$!(,+!=1'10*17(4(,-K!!?'!`$LL*%j+!)(*M9!l6*+,($'+!4(\*!u>@1,!(+!*'*%0-ku!$%!u>@1,!(+!1'!1,$=ku!1%*!'*)*%!(=L$%,1',!.$%!L@-+(5+K!!J@*!+5(*',(+,!uM(44!1,,15@!(=L$%,1'5*!,$!1!l6*+,($'!4(\*N!jE$M!51'!,@*!*'*%0-!$.!,@*!+6'!7*!=13*!6+*.64kj!$%!KKK!j&'3*%!M@1,!5$'3(,($'+!3$*+!1'!1,$=!%13(1,*!4(0@,kj!!H'3!,$!,@$+*!L@(4$+$L@*%+!M@$!,*44!@(=!,@1,!7*.$%*!@1)('0!1'+M*%*3!,@*!uM@1,!(+u!l6*+,($'!@*!51''$,!@$L*!,$!0()*!*m15,!1'+M*%+!,$!1'-!$.!,@*!u@$Mu!l6*+,($'+9!@*!M(44!%*L4-9!(.!1,!1449!7-!L$(',('0!$6,!@$M!=65@!@*!L%*.*%+!,@*!=$3*+,!3*0%**!$.!*m15,'*++!M@(5@!@*!51'!15@(*)*!7-!@(+!=*,@$3+!,$!,@*!L%*,*',($6+!=6334*!M@(5@!,@*-!@1)*!15@(*)*3!7-!,@*(%+K!!d"N!W:ev!

! "i

4(+,*'('0!1'3!6'3*%+,1'3('0!15%$++!M@1,!1LL*1%!,$!7*!71%%(*%+!$.!('5$=L%*@*'+(7(4(,-9!$.,*'!.1%!7*-$'3!M@1,!L@(4$+$L@*%+!1'3!,@*$%(+,+!$.!564,6%*!0()*!,@*=!5%*3(,!.$%KXW!!&

?'!1'-!51+*9!,@*!(++6*!,@1,!K#!1%*!3*14('0!M(,@!(+!'$,!('5$==*'+6%17(4(,-!7*,M**'!564,6%*+9!76,!=6,614!(',*44(0(7(4(,-!d$%!(,+!$LL$+(,*e!K%0+%(!1!0()*'!564,6%*Y'1=*4-!,@*!=64,(].15*,*3!5$'.4(5,*3!564,6%*!$.!=$3*%'!H=*%(51K!!>*!1%*!1+\('0!M@*,@*%!7*4(*)*%+!1'3!'$']7*4(*)*%+!('!,@(+!5$6',%-!@1)*!*'$60@!('!5$==$'!,$!7*!174*!,$!6'3*%+,1'3!$'*!1'$,@*%K!!H'3!@*%*!(,!+**=+!,$!=*!,@1,!,@*!$LL$'*',+!$.!%*4(0($6+!(',*%)*',($'+!+(=L4-!6'3*%*+,(=1,*!,@*!L%$+L*5,+!.$%!=6,614!(',*44(0(7(4(,-9!1'3!=(+%*L%*+*',!,@*!+$6%5*+!$.!=(+6'3*%+,1'3('0K!

!?,!M$643!7*!.15(4*!,$!L$(',!$6,9!.(%+,9!,@1,!,@*%*!(+!('!.15,!1'!*'$%=$6+!L%$L$%,($'!$.!,@*!H=*%(51'!L$L641,($'!5$==(,,*3!,$!%*4(0($6+!7*4(*.!('!+$=*!.$%=!$%!1'$,@*%KXX!J$!,@*=!,@*!5$'5*L,($'+!5$')*-*3!('!,@*!D)1'0*4(514!I*541%1,($'!M(44!7*!L*%.*5,4-!.1=(4(1%!d,@$60@!'$!3$67,!5@144*'0('0!('!,@*!M1-!,@1,!1'-!,@*$4$0(514!5$'5*L,($'!(+!5@144*'0('0eK!H=$'0!,@$+*!M@$!=1(',1('!1!+*5641%!$%!1,@*(+,!L$+,6%*9!1!0$$3!'6=7*%!$.!,@*=!@1)*!@139!76,!@1)*!+('5*!%*'$6'5*3!%*4(0($6+!7*4(*.!+$!,@1,!+$=*!$.!,@*+*!=1,*%(14+!M(44!@1%34-!7*!14(*'9!*)*'!,@$60@!,@*-!3$'T,!K'(0!,$!7*!,@$60@,!$.!'$M!1+!51L174*!$.!6'3*%+,1'3('0!,@*=K!#$%!,@$+*!M@$!@1)*!@13!'$!%*4(0($6+!6L7%('0('0!$%!@1)*!5$=L4*,*4-!.$%0$,,*'!M@1,!,@*-!4*1%'*39!,@*%*!1%*!(==*'+*!4(7%1%(*+!$.!7$$\+!1'3!564,6%14!$7[*5,+!('!$6%!5()(4(B1,($'!,@1,!%*+$'1,*!M(,@!,@(+N!$6%!=6+*6=+!1%*!.644!$.!,@*=g!,@*!+@*4)*+!$.!$6%!7$$\+,$%*+!0%$1'!6'3*%!,@*(%!M*(0@,g!=1'-!$.!$6%!0%*1,!6'()*%+(,(*+!@1)*!.1564,(*+!$.!,@*$4$0-9!%*4(0($6+!+,63-!$%!3()('(,-g!1'3!=$+,!+*5641%!L*$L4*!@1)*!%*4(0($6+!.%(*'3+K!!

b.!5$6%+*!,@(+!+,6..!(+!'$,!*1+-g!,@*$4$0-!(+!1!3(..(564,!+67[*5,g!1'3!(,!=1-!+**=!6'%*1+$'174*!,$!%*l6(%*!L*$L4*!,$!0$!1M1-!1'3!L1,(*',4-!+,63-!(,!('!$%3*%!,$!6'3*%+,1'3!,@*!L$4(,(514!(',*%)*',($'+!$.!,@*(%!%*4(0($6+!.*44$M!5(,(B*'+K!P6,!%*=*=7*%!M@*%*!M*!1%*!('!,@*!1%06=*',K!!>*!1%*!3*14('0!M(,@!,@*!$7[*5,($'!,@1,!,@*%*!(+!+$=*,@('0!6'5()(4!17$6,!+L*1\('0!,$!$'*T+!.*44$M!5(,(B*'+!('!,*%=+!,@*-!51''$,!L$++(74-!6'3*%+,1'3K!?,!(+!,@*!C51''$,!L$++(74-G!,@1,!?!1=!5$',*+,('0!@*%*K!

?!1++6=*!,@1,!,@$+*!M@$!$LL$+*!%*4(0($6+!3*541%1,($'+!1%*!'$,!3$('0!+$!$'!,@*!0%$6'3!,@1,!L$4(,(514!+L**5@!=6+,!14M1-+!7*!5$'365,*3!('!+(=L4*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!XW!Z**!14+$!,@*!3(+56++($'!('!<*%*=-!>143%$'9!*$%C'9%/")'(5)0+#):-0+),H)0+#).$'"#K,$S9!('!`@(4(L!O1,,$'!1'3!R%1@1=!2153$'143!d*3+Ke!qHFQ!`b``DFN!OF?J?OHQ!H``FH?ZHQZ)dQ$'3$'N!F$6,4*30*9!:;;Xe9!1'3!2G90G$'9)<5#(0%0-)'(5)2%L%&)3#/E,(/%C%9%0-9!('!>(44!q-=4(5\1!1'3!>1-'*!^$%=1'!d*3+Ke!O?J?wD^ZE?`!?^!I?/DFZD!ZbO?DJ?DZ)dbm.$%3N!bm.$%3!&'()*%+(,-!`%*++9!:;;;eK!XX!R*,!'6=7*%+K!

! "A

+$6'3]7-,*+!$%!,@1,!(,!=6+,!'$,!*)*%!=1\*!(',*44*5,614!3*=1'3+!$'!(,+!163(*'5*K!!?.!,@1,!M*%*!%*l6(%*39!M*!+@$643!@1)*!,$!171'3$'!=$+,!L$4(,(514!*5$'$=-!1+!M*44K!!H'!1M.64!4$,!$.!M@1,!0*,+!+1(3!1'3!M@1,!'**3+!,$!7*!+1(3!('!,@*!M1-!$.!*5$'$=(5+!%*l6(%*+!L*$L4*!,$!171'3$'!,@*(%!(',6(,()*!)(*M+!1'3!3$!+$=*!L1,(*',!+,63-9!6+('0!%*+$6%5*+!1)1(4174*!d,@$60@!'$,!+6L*%.(5(144-!$%!*1+(4-!1)1(4174*e!('!,@*!564,6%*K!!>@*'!`164!q%60=1'!,14\+!17$6,!,@*!71'\('0!5%(+(+9!1!5*%,1('!1=$6',!$.!715\0%$6'3!4*1%'('0!(+!'*5*++1%-!,$!*)1461,*!M@1,!@*!+1-+K!!J@1,!$'4-!1!.*M!1%*!M(44('0!,$!3$!,@(+!3$*+'T,!=*1'!,@1,!,@*!3*=1'3!.$%!,@$60@,.64!6'3*%+,1'3('0!(+!6'5()(4K!H'3!,@1,!(+!M@1,!?!,@('\!(+!,%6*!('!,@*!51+*!$.!%*4(0($'K!?!3$'T,!7*4(*)*!,@1,!,@*!(++6*!(+!,@*!C51'T,G!$.!6'(',*44(0(7(4(,-g!?!,@('\!,@*!(++6*!(+!,@*!CM$'T,G!$.!(',*44*5,614!%*.6+14K!!21'-!L*$L4*!@1)*!$#/,9L#5!,$!@1)*!'$,@('0!,$!3$!M(,@!%*4(0($6+!,@$60@,9!1'3!+,1'3('0!.(%=!$'!,@1,!%*+$46,($'9!,@*-!3*=1'3!,$!7*!+L$\*'!,$!('!$'4-!+*5641%!,*%=+K!!

b.!5$6%+*!,@*-!3$'T,!3$!,@(+!0%1,6(,$6+4-K!J@*-!3$!(,!7*516+*!,@*-!7*4(*)*!,@1,!144!,@(+!+,6..!17$6,!,@*!5%(*+!$.!,@*!E$4-!R@$+,!(+!+6L*%+,(,($6+!'$'+*'+*K!!J@*-!,@('\!,@*-!@1)*!0$$3!%*1+$'!,$!3(+=(++!(,!1'3!,$!%*.6+*!1'-!.6%,@*%!+,63-!,$!,%-!1'3!=1\*!+*'+*!$.!(,K!!J@*-!M$643!+(=(41%4-!%*.6+*!1'-!+600*+,($'!,@1,!,@*-!+@$643!%*13!,@*!M$%\+!$.!!QK!F$'!E6771%3!$%!,@*!4(,*%1,6%*!$.!21[$%!I$6041+T+!Z$5(14!O%*3(,!L1%,-K!!

?'!L%('5(L4*!,@*%*!(+!'$,@('0!M%$'0!M(,@!,@(+!1,,(,63*K!!>*!51''$,!*'010*!M(,@!1'3!*)1461,*!*)*%-,@('0K!>*!,6'*!$6,!.%$=!+,6..!M*!,@('\!(+!6+*4*++!1'3!M*!L1-!1,,*',($'!,$!M@1,!M*!,@('\!=1-!7*!(=L$%,1',K!J@1,T+!.('*K!P6,!,@*!.15,!,@1,!-$6!1%*!('54('*3!,$!74$5\!$6,!M@1,!?!+1-!17$6,!,$%,6%*!1'3!4(+,*'!('+,*13!,$!<$@'!a$$!$%!O@1%4*+!q%16,@1==*%!(+!@1%34-!1!%*1+$'!.$%!3*'-('0!,@*!5()(4(,-!$.!=-!+1-('0!(,KX_!!

!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!X_!?'!1'-!51+*9!,@*!51+*!101('+,!%*4(0($6+!(',*%)*',($'+!('!L$4(,(5+Y,@*!1%06=*',!,@1,!+65@!(',*%)*',($'+!1%*!6'5()(4!$%!('!+$=*!$,@*%!M1-!('1LL%$L%(1,*Y@1+!'$,!6+6144-!7**'!71+*3!$'!1'-!541(=!17$6,!,@*!.14+(,-!$%!(%%1,($'14(,-!$.!%*4(0($'K!!?'!F1M4+T+!,@*$%-9!.$%!*m1=L4*9!5$=L%*@*'+()*!*,@(5149!L@(4$+$L@(514!$%!%*4(0($6+!3$5,%('*+!1%*!'$,!*m5463*3!.%$=!L674(5!%*1+$'!7*516+*!,@*-!1%*!.14+*!$%!(%%1,($'14K!^$!3$67,!+$=*!1%*K!!dP6,!M*!3$'T,!'**3!1'-!+L*5(14!3$5,%('*!$.!L674(5!%*1+$'!,$![6+,(.-!,@*!*m546+($'!$.!,@$+*Ke!!F1M4+T+!,@*$%-!1LL*14+!,$!3$5,%('*+!$.!5()(4(,-!1'3!=6,614!(',*44(0(7(4(,-!,$!*m5463*!%*4(0($6+!(3*1+!,@1,Y.$%!144!@*!+1-+Y=1-!7*!,%6*9!%*4(0($6+!%*1+$'+!M@(5@!=(0@,!15,6144-![6+,(.-!,@*!L$+(,($'+!,@1,!,@*-!1%06*!.$%K!!J$!L%$L*%4-!*)1461,*!@(+!L$+(,($'!d1'3!,@$+*!4(\*!(,e9!M*!'**3!,$!7*!+,*13.1+,!('!.$56+('0!$'!,@(+!51+*K!O.K!<$@'!F1M4+9!*+#)<5#'),H)FGC9%&)3#'/,()3#L%/%0#59!iX!&^?/DFZ?Ja!b#!OE?OHRb!QH>!FD/?D>!Ai_!d"ffAe9!1,!A8XN!CUJV@*%*!1%*!'$!%*+,%(5,($'+!$%!%*l6(%*=*',+!$'!@$M!%*4(0($6+!$%!+*5641%!3$5,%('*+!1%*!,@*=+*4)*+!,$!7*!*mL%*++*3g!,@*+*!3$5,%('*+!'**3!'$,9!.$%!*m1=L4*9!7*!7-!+$=*!+,1'31%3+!4$0(5144-!5$%%*5,9!$%!$L*'!,$!%1,($'14!1LL%1(+149!$%!*)(3*',(144-!+6LL$%,174*KG!J@1,!(+!M@-!?!1=!7*('0!+65@!1!L1('9!('+(+,('0!$'!1+\('0!M@*,@*%!,@*!144*0*3!6'(',*44(0(7(4(,-!@*%*!(+!4(,*%149!$%!+(=L4-!,@*!6L+@$,!$.!L*$L4*T+!%*.6+14!,$!@1)*!1'-,@('0!,$!3$!M(,@!1%06=*',+!$.!,@(+!+$%,K!!

! "8

PB&%+,-+./&40.123.45,1&J@*!,(,4*!$.!=-!4*5,6%*!M1+!C,M$]M1-!,%1'+41,($'G!1'3!?!'$M!M1',!,$!+1-!+$=*,@('0!+L*5(.(5144-!17$6,!,@1,K!!!

>*!1%*!$.,*'!,$43!,@1,!<$@'!F1M4+T!@(+,$%(5!@*%$!M1+!H7%1@1=!Q('5$4'KXi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

#$'34-!3$!M*!@$L*9!.*%)*',4-!3$!M*!L%1-9!,@1,!,@(+!=(0@,-!+5$6%0*!$.!M1%!=1-!+L**3(4-!L1++!1M1-K!a*,9!(.!R$3!M(44+!,@1,!(,!5$',('6*!6',(4!144!,@*!M*14,@!L(4*3!7-!,@*!7$'3+=1'j+!,M$!@6'3%*3!1'3!.(.,-!-*1%+!$.!6'%*l6(,*3!,$(4!+@144!7*!+6'\9!1'3!6',(4!*)*%-!3%$L!$.!74$$3!3%1M'!M(,@!,@*!41+@!+@144!7*!L1(3!7-!1'$,@*%!3%1M'!M(,@!,@*!+M$%39!1+!M1+!+1(3!,@%**!,@$6+1'3!-*1%+!10$9!+$!+,(44!(,!=6+,!7*!+1(3!t,@*![630=*',+!$.!,@*!Q$%3!1%*!,%6*!1'3!%(0@,*$6+!14,$0*,@*%KT!XA!

?'!F,9%0%&'9)M%C#$'9%/"9!F1M4+!*)13*3!,@*!l6*+,($'!$.!M@*,@*%!@(+!@*%$9!('!+1-('0!,@(+9!)($41,*3!,@*!%*l6(%*=*',+!$.!L674(5!%*1+$'K!!E*!+1(3!(,!=(0@,!'$,!@1)*!)($41,*3!CL674(5!%*1+$'!1+!(,!1LL4(*3!('!UQ('5$4'T+V!31-KG!!H'3!@*!+1(3!,@1,!M@1,*)*%!(=L4(51,($'+!,@*!Z*5$'3!?'!1606%14!@13!.$%!5$'+,(,6,($'14!3*5(+($']=1\('0!C5$643!+6%*4-!7*!+6LL$%,*3!.(%=4-!7-!,@*!)146*+!$.!L674(5!%*1+$'KGX8!!

J@1,!41+,!5$==*',!=(0@,!('3(51,*!,@1,!F1M4+!,@$60@,!(,!bq!,$!(',%$365*!%*4(0($6+!5$'+(3*%1,($'+!(',$!L674(5!L$4(,(5+!+$!4$'0!1+!$'*!M1+!%*13-!,$!,%1'+41,*!,@*=!d$%!,@*(%!(=L4(51,($'+e!(',$!+*5641%!,14\KXf!!J@(+!(+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!Xi!J@$=1+!^10*49!P,+()3'K9/)'(5)!HH%$"'0%L#)!&0%,(9!Wf!<b&F^HQ!b#!PQHOqZ!?^!E?REDF!DI&OHJ?b^!8:!dZL%('09!:;;We9!1,!8XK!!!Z**!14+$!`DFOa!PK!QDE^?^R9!<bE^!FH>QZN!H^!?^JFbI&OJ?b^!d:;;ie9!LK!"!CE(+!L1%13(0=!$.!('[6+,(5*!M1+!+41)*%-!1+!(,!@13!*m(+,*3!('!,@*!+$6,@*%'!+,1,*+!$.!,@*!&ZHK!Z$=*![630=*',+!F1M4+!)(*M*3!1+!.(m*3!L$(',+N!$'*+!M*!'*)*%!*mL*5,!,$!M(,@3%1M9!1+!M@*'!H7%1@1=!Q('5$4'!+1(3N!t?.!+41)*%-!(+!'$,!M%$'09!'$,@('0!(+!M%$'0KT!Q('5$4'!M1+9!'*m,!,$!?==1'6*4!q1',9!1!L*%=1'*',!+$6%5*!$.!('+L(%1,($'KG!XA!Q('5$4'9!>#&,(5)<('G4G$'9K!X8!`Q!LK!:_X!Xf!^$,(5*9!$.!5$6%+*9!,@1,!+1,(+.-('0!+65@!1!,%1'+41,($'!%*l6(%*=*',!(+!'$!061%1',**!,@1,!$'*!(+!'$,!1!3$=('($'(+,N!+**!2?OEDQQD!RbQIPDFR9!q?^RIb2!Ob2?^RN!JED!F?ZD!b#!OEF?ZJ?H^!^HJ?b^HQ?Z2!d:;;ie9!LK!oo!dO@1L,*%!b'*e!.$%!1'!155$6',!$.!,@*!3$=('($'(+,!+,%1,*0-!$.!1%06('0!('!+*5641%4-]155*L,174*!,*%=+!.$%!\*-!L$+(,($'+K!!

! "f

=$%*!$%!4*++!M@1,!@*!+1(3!('!1!"ffA!*++1-9!CJ@*!?3*1!$.!`674(5!F*1+$'!F*)(+(,*3KG!J@*%*!@*!,14\*3!17$6,!1!M(3*%!1'3!=$%*!155$==$31,('0!)(*M!$.!L674(5!%*1+$'9!,$!M@(5@!@*!'$M!d,$!M@(5@!@*!,@*'e!('54('*3N!

UFV*1+$'174*!5$=L%*@*'+()*!3$5,%('*+9!%*4(0($6+!$%!'$'%*4(0($6+9!=1-!7*!(',%$365*3!('!L674(5!L$4(,(514!3(+56++($'!1,!1'-!,(=*9!L%$)(3*3!,@1,!('!36*!5$6%+*!L%$L*%!L$4(,(514!%*1+$'+!S!1%*!L%*+*',*3!,@1,!1%*!+6..(5(*',!,$!+6LL$%,!M@1,*)*%!,@*!5$=L%*@*'+()*!3$5,%('*+!S!1%*!+1(3!,$!+6LL$%,K!S!UOV$'+(3*%!,@*!.1=(4(1%!+,$%-!$.!,@*!R$$3!Z1=1%(,1'K!H%*!,@*!)146*+!1LL*14*3!,$!L%$L*%4-!L$4(,(514!)146*+!1'3!'$,!+(=L4-!%*4(0($6+!S!)146*+k!>@(4*!,@*!M(3*!)(*M!$.!L674(5!L$4(,(514!564,6%*!144$M+!6+!S!,$!(',%$365*!,@*!R$+L*4!+,$%-9!L674(5!%*1+$'!%*l6(%*+!6+!,$![6+,(.-!$6%!L%$L$+14!('!,*%=+!$.!L%$L*%!L$4(,(514!)146*+K!_;!!

F1M4+!5144*3!,@(+!1!E$,L%/,!('!@(+!,@*$%-!$.!L674(5!%*1+$'K!!J@$60@!%*4(0($6+!(',*%)*',($'+!1%*!0*'*%144-!*m5463*3!.%$=!L674(5!%*1+$'9!,@*-!1%*!'$,!('1LL%$L%(1,*!E$,L%5#5)0+'0!1!+*5641%!,%1'+41,($'!(+!.$%,@5$=('0Y,@1,!(+9!L%$)(3*3!d('!@(+!*m1=L4*e!,@1,!CU5V(,(B*'+!$.!.1(,@!M@$!5(,*!,@*!S!R$$3!Z1=1%(,1'!3$!'$,!+,$L!,@*%*9!76,!0$!$'!,$!0()*!1!L674(5!UL674(54-!(',*44(0(74*V![6+,(.(51,($'!.$%!,@(+!L1%174*T+!5$'546+($'+KG_"!!!!

?'!+$=*!%*5*',!M$%\9!<x%0*'!E17*%=1+!@1+!,1\*'!6L!,@(+!L$(',!17$6,!,@*!%*l6(%*=*',!,$!,%1'+41,*!(',$!+*5641%!,*%=+!%*4(0($6+!(',*%)*',($'+!,@1,!=1-!'$,!7*!(',*44(0(74*!1+!,@*-!+,1'3K!!F1M4+!+**=*3!,$!+600*+,!,@1,!,@*!76%3*'!$.!,@(+!+@$643!.144!$'!,@*!%*4(0($6+!+L*1\*%K!E17*%=1+9!@$M*)*%9!('+(+,+!,@1,!1'-!C%*l6(%*=*',!$.!,%1'+41,($'!=6+,!7*!5$'5*()*3!1+!1!&,,E#$'0%L#!,1+\!('!M@(5@!,@*!'$']%*4(0($6+!5(,(B*'+!=6+,!4(\*M(+*!L1%,(5(L1,*KG_:!!

>@*%*1+!5(,(B*'+!$.!.1(,@!=1-!=1\*!L674(5!5$',%(76,($'+!('!,@*(%!$M'!%*4(0($6+!41'0610*!S!+67[*5,!,$!,@*!L%$)(+$!,@1,!,@*+*!0*,!,%1'+41,*39!,@*!+*5641%!5(,(B*'+!=6+,!$L*'!,@*(%!=('3+!,$!,@*!L$++(74*!,%6,@!5$',*',!$.!,@$+*!L%*+*',1,($'+!1'3!*',*%!(',$!3(14$06*+!.%$=!M@(5@!%*4(0($6+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!_;!F1M4+9!<5#'),H)FGC9%&)3#'/,()3#L%/%0#59!A8W]X!1'3!AA8K!_"!?7(3K9!LK!A8iK!!F1M4+!14+$!+1-+N!Cb7)($6+4-9!=1'-!l6*+,($'+!=1-!7*!%1(+*3!17$6,!@$M!,$!+1,(+.-!,@*!L%$)(+$K!S!UJV@*!3*,1(4+!SK!=6+,!7*!M$%\*3!$6,!('!L%15,(5*!1'3!51''$,!.*1+(74-!7*!0$)*%'*3!7-!1!54*1%!.1=(4-!$.!%64*+!0()*'!('!13)1'5*K!E$M!,@*-!M$%\!$6,!(+!3*,*%=('*3!7-!,@*!'1,6%*!$.!,@*!L674(5!L$4(,(514!564,6%*SKG!d(7(3K9!LK!A8XeK!!9!,@$60@!@*!3$*+!15\'$M4*30*!,@*!'**3!.$%!C0$$3!+*'+*!1'3!6'3*%+,1'3('0KG!_:!E17*%=1+9!3#9%4%,()%()0+#)FGC9%&)>E+#$#9!"X!D&Fb`DH^!<b&F^HQ!b#!È?QbZbÈa!"!d:;;ie9!1,!""K!d1)1(4174*!1,!@,,LNccMMMWK(',*%+5(*'5*KM(4*-K5$=c50(]7('c.644,*m,c""8_AX:8fcÌ#ZJHFJ!e!!=-!*=L@1+(+K!

! :;

%*1+$'+!,@*'!=(0@,!M*44!*=*%0*!('!,@*!,%1'+.$%=*3!06(+*!$.!0*'*%144-!155*++(74*!1%06=*',+K_W!E17*%=1+!,@*%*.$%*!5$'5*()*+!,@*!5()(4(,-!76%3*'+!$.!L674(5!%*1+$'!1+!

1!,M$]M1-!+,%**,K!!?,!(+!'$,!$'4-!+L*1\*%+!M@$!7*1%!1!76%3*'!$.!5()(4(,-g!,@*!163(*'5*!3$*+!,$$K!!J@*!+L*1\*%!=6+,!+,%1('!,$!5$')*-!@(+!L$(',+!('!M1-+!,@1,!M(44!5$==6'(51,*!1+!=65@!$.!,@*(%!5$',*',!1+!@*!51'!,$!,@$+*!M@$!3$!'$,!+@1%*!@(+!.1(,@!$%!,@*!7(74(514!$%!,@*$4$0(514!%*+$6%5*+!@*!(+!3%1M('0!$'K!!P6,!,@*!4(+,*'*%!@1+!1!+(=(41%!%*+L$'+(7(4(,-K!E*!=6+,!+,%1('!,$!4(+,*'!1'3!,%-!,$!6'3*%+,1'3!M@1,!(+!7*('0!+1(39!1'3!(.!'*5*++1%-!3%1M!$'!%*+$6%5*+!('!@(+!$M'!715\0%$6'3!d*)*'!1+L*5,+!$.!@(+!715\0%$6'3!,@1,!@*!@1+!%*L63(1,*3e!$%!%*+$6%5*+!('!,@*!564,6%*!,@1,!@*!@1+!155*++!,$9!('!$%3*%!,$!0*,!1!7*1%('0!$'!M@1,!(+!7*('0!+1(39!M@1,!(+!7*('0!1%06*3K_X!!

O*%,1('4-9!(,!(+!'$,!1LL%$L%(1,*Y(,!(+!'$,!5()(4Y.$%!+*5641%!5(,(B*'+!,$!+,%1('!(,0)0,)G(5#$/0'(5!M@1,!(+!7*('0!+1(3!d('!$%3*%!,$!L674(54-!76%'(+@!,@*(%!$M'!5%*3*',(14+!1+!'$']7*4(*)*%+eK!?,!(+!'$,!1LL%$L%(1,*!.$%!,@*=!,$!74$5\!$6,!$%!%*.6+*!,$!*=L4$-!1)1(4174*!%*+$6%5*+!.$%!=1\('0!+*'+*!$.!M@1,!(+!+1(39!7*516+*!$.!,@*(%!$M'!%*+$4)*!,$!L6%0*!%*4(0($'!.%$=!,@*(%!4()*+K!!B$)$'0+#$D)')E#$/,()&'()5,)0+'0W)E#,E9#)5,(Q0)+'L#)0+#),C9%4'0%,()0,)9%/0#()0,)'(5)4$'EE9#)K%0+)#L#$-0+%(4)0+'0)%/)/'%5)%()EGC9%&)5%/&,G$/#7XX))YG0)0+#()%H)0+#-)5,)0G$()')5#'H)#'$D)H,$)K+'0#L#$)$#'/,(D)0,)/,"#),H)K+'0)%/)C#%(4)/'%5D)0+#-)&'()+'$59-)0G$()$,G(5)'(5)&,"E9'%()'C,G0)0+#)%(&%L%9%0-),H)0+#)/E#'S#$7)!

QB&&"835<5,=2&>,1405?=45,12&.2&FII,L80.48&?,!=1-!7*!M$%,@!1'+M*%('0!$'*!41+,!5$'5*%'!,@1,!L*$L4*!@1)*!17$6,!%*4(0($6+!(',*%)*',($'+!('!L$4(,(5+K!F*4(0($6+!)(*M+!1%*!$.,*'!3**L4-!.*4,9!1'3!(,!(+!L1%,!$.!,@*!*,(l6*,,*!$.!$%3('1%-!+$5(14!4(.*!,@1,!$'*!,%(*+!,$!1)$(3!,@*!1(%('0!$.!+65@!3(..*%*'5*+!('!5$==$'!5$')*%+1,($'!7*516+*!$.!,@*!,*'+($'+!1'3!1',10$'(+=+!,@1,!51'!1%(+*K!!`*$L4*!3$'T,![6+,!3(+10%**N!,@*-!1%*!$.,*'!,HH#(5#5!7-!$'*!1'$,@*%T+!%*4(0($6+!)(*M+g!@6%,!.**4('0+!17$6'3K!!J@*!3(..*%*'5*+!('!=1'-!51+*+!1%*!6'5$=L%$=(+('0g!,@*-!1%*!,@*!+$%,!$.!3(..*%*'5*+!,@1,!L*$L4*!@1)*!0$'*!,$!,@*!+,1\*!.$%9!$%!,@*!+$%,!$.!3(..*%*'5*+!,@1,!L*$L4*!+,%1L!7$=7+!,$!,@*(%!7$3(*+!1'3!74$M!,@*=+*4)*+!6L!.$%K!!>*!3$'T,!M1',!,@1,!+$%,!$.!+L(%(,!('!$%3('1%-!5$')*%+1,($'g!1'3!L*%@1L+!M*!+@$643!+1-!(,!(+!'$,!L1%,(5641%4-!3*+(%174*!('!L$4(,(5+!*(,@*%K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!_W!?7(3K!!_X!J@1,!(+!M@-!?!*=L@1+(B*3!1!=$=*',!10$!,@1,!+*5641%!5(,(B*'+!1%*!'$,!7*%*.,!$.!,@*!M@*%*M(,@14!,$!6'3*%+,1'3!+$=*!$.!,@*!%*1+$'('0!133%*++*3!,$!,@*=!7-!7*4(*)*%+K!!!__!>*!4()*!('!1!41'3!$.!1!l61%,*%!7(44($'!$L('($'1,*3!L*$L4*9!=$+,!$.!,@*=!$'!3%60+N!M*!M$643!0$!=13!(.!M*!,%(*3!,$!*'010*!.644-!M(,@!*)*%-$'*K!

! :"

21-7*!%*4(0($6+!(',*%)*',($'+!$'!17$%,($'!%1(+*!,@*!+,1\*+!3%1=1,(5144-!('!,@(+!M1-N!L*$L4*!+**=!L%*L1%*3!,$!\(449!.$%!*m1=L4*9!1+!,@*!+13!51+*!$.!Z5$,,!F$*3*%!(446+,%1,*+K_i!!?T=!15,6144-!'$,!+6%*!M@*,@*%!,@*!17$%,($'!1++1++('1,($'+!1%*!+L*5(.(5144-!,@*!%*+64,!$.!%*4(0($6+!L1++($'g!(,!(+!L1%,4-!,@1,!17$%,($'!(,+*4.!(+!+**'!1+!1!=1,,*%!$.!4(.*!1'3!3*1,@K_A!!H'-M1-!(,!M$643!(=L416+(74*!,$!,@('\!,@1,!,@(+!+$%,!$.!)($4*'5*!(+!4(\*4-!,$!*'+6*!1+!1!%*+64,!$.!,@*!*)1'0*4(514!I*541%1,($'!$'!,$%,6%*K!!

Z,(449!,@*%*!=(0@,!+,(44!7*!1!5$'5*%'!17$6,!415\!$.!=$3*%1,($'!('!1!7%$13*%!+*'+*K!!!!

>@1,!I1)(3!R6+@**!1'3!$,@*%+!1%*!,%-('0!,$!3$!('!,@*(%!I*541%1,($'!(+!,$!(',%$365*!(',$!,@*!L$4(,(514!3*71,*!1!+*'+*!,@1,!,@*!+,1\*+!1%*!"G&+)"G&+)+%4+#$!,@1'!,@*-!@1)*!0*'*%144-!7**'!+6LL$+*3!,$!7*!('!,@*!5$6',%-T+!3*71,*!17$6,!,$%,6%*K!>*!,@$60@,!(,!M1+!1!=1,,*%!$.!,@*!L%10=1,(5+!$.!@$=*41'3!+*56%(,-!+,%1,*0-9!M(,@!L*%@1L+!+$=*,@('0!17$6,!H=*%(51T+!%*L6,1,($'!1'3!,@*!(=L$%,1'5*!$.!(',*%'1,($'14!41M!,@%$M'!('K!!^$M!+633*'4-!M*!1%*!7*('0!,$43!,@1,!(,!(+!144!17$6,!,@*!(=10*!$.!R$39!,@*!L%*+*'5*!$.!O@%(+,9!1'3!,@*!+('!101('+,!,@*!E$4-!R@$+,9!.$%!M@(5@!,@*%*!(+!'$!.$%0()*'*++K_8!Z633*'4-!,@*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!_i!>&,00)3,#5#$)&,(L%&0#5),H)"G$5#$)%()/+,,0%(4),H)'C,$0%,()E$,L%5#$)@#,$4#)*%99#$9!Q$+!H'0*4*+!J(=*+9!<1'61%-!W;9!:;";!_A!J@1,!+1(39!(,!(+!M$%,@!7*1%('0!('!=('3!,@1,!M*!3$!$.,*'!*m100*%1,*!,@*!%*4(0($6+!3(=*'+($'!$.!=6%3*%$6+!3(+L6,*+!('!L$4(,(5+K!!#$%!-*1%+9!H=*%(51'!'*M+L1L*%+!%*L$%,*3!,@*!,%$674*+!('!^$%,@*%'!?%*41'3!1+!1!=1,,*%!$.!)($4*'5*!7*,M**'!O1,@$4(5+!1'3!`%$,*+,1',+9!1+!,@$60@!,@*!3(+L6,*!,@*%*!M*%*!17$6,!,%1'+67+,1',(1,($'K!O(,*!,$!PF?H^!PHFFa9!O&QJ&FD!HÎ!Dy&HQ?Ja9!M@$!=13*!,@(+!L$(',K!dD)*'!M@*'!,@*!L1%,(*+!1%*!L%$L*%4-!(3*',(.(*3!1+!'1,($'14(+,+!1'3!4$-14(+,+9!,@*!=#K)Z,$S)*%"#/9!.$%!*m1=L4*9!14M1-+!.**4+!5$'+,%1('*3!,$!,14\!17$6,!,@*!C=1('4-]O1,@$4(5G!'1,($'14(+,+!1'3!,@*!C=1('4-]`%$,*+,1',G!4$-14(+,+9!1+!,@$60@!%*4(0($'!M*%*!1!\*-!*4*=*',!$.!,@*!3(+L6,*!1'3!,@*!$'*!41%0*4-!%*+L$'+(74*!.$%!,@*!)($4*'5*!1'3!,@*!,*%%$%(+=Ke!_8!#$%!,@*!C+('!101('+,!,@*!E$4-!R@$+,G!%*.*%*'5*9!?!@1)*!('!=('39!'$,!,@*!D)1'0*4(514!I*541%1,($'9!76,!,@*!.$44$M('09!M@(5@!M1+!1!=$,($'!L%$L$+*3!('!,@*!0$'L'GT)E$[E'$'0,%$#/!.$%!,@*!DOEF!('!"fXf!7-!1!&'(,*3!q('03$=!3*4*01,*9!1!2%!O$5\+N!

UJV@*!O$'+64,1,()*!H++*=74-!,1\*+!,@(+!$LL$%,6'(,-!$.!3*541%('0!,@1,!144!.$%=+!$.!L@-+(514!,$%,6%*!KKK!1%*!('5$'+(+,*',!M(,@!5()(4(B*3!+$5(*,-9!1%*!$..*'5*+!101('+,!@*1)*'!1'3!@6=1'(,-9!1'3!=6+,!7*!L%$@(7(,*3K!?,!3*541%*+!,@1,!,@(+!L%$@(7(,($'!=6+,!7*!17+$46,*9!1'3!,@1,!,$%,6%*!51''$,!7*!L*%=(,,*3!.$%!1'-!L6%L$+*!M@1,+$*)*%9!'*(,@*%!.$%!*m,%15,('0!*)(3*'5*9!.$%!+1)('0!4(.*!'$%!*)*'!.$%!,@*!+1.*,-!$.!,@*!Z,1,*K!?,!7*4(*)*+!,@1,!(,!M$643!7*!7*,,*%!*)*'!.$%!+$5(*,-!,$!L*%(+@!,@1'!.$%!(,!,$!L*%=(,!,@(+!%*4(5!$.!71%71%(+=!,$!%*=1('K!

UO$6'5(4!$.!D6%$L*9!2,99#&0#5);5%0%,(),H)0+#)O*$'L'GT)F$[E'$'0,%$#/Q),H)0+#);G$,E#'()2,(L#(0%,(),()?G"'()3%4+0/9!/$4K!!??!dH606+,r^$)*=7*%!"fXfe9!LLK!WirX;KV!!Q1=*',('0!,@*!%(+*!$.!,$%,6%*!('!,@*!,M*',(*,@!5*',6%-9!2%!O$5\+!133*3!,@(+!('!@(+!+L**5@!=$)('0!,@(+!L%$L$+14N!

?!.**4!,@1,!,@(+!(+!,@*!$551+($'!M@*'!,@(+!H++*=74-!+@$643!5$'3*='!('!,@*!=$+,!.$%,@%(0@,!1'3!17+$46,*!.1+@($'!,@(+!%*,%$0%*++($'!(',$!71%71%(+=K!!?!+1-!,@1,!,$!,1\*!,@*!+,%1(0@,!7*16,(.64!7$3(*+!$.!=*'!1'3!M$=*'!1'3!,$!=1(=!1'3!=6,(41,*!,@*=!7-!,$%,6%*!(+!1!5%(=*!

! ::

=$+,!.%(0@,.64!=$%14!17+$46,*+!1%*!7*('0!+L$\*'!$.Y,@*!('@*%*',!+15%*3'*++!$.!,@*!@6=1'!L*%+$'9!.$%!*m1=L4*Y76,,%*++*3!M(,@!,@*!3**L*+,!L$++(74*!+*'+*!$.!M@1,!=(0@,!7*!1,!+,1\*!('!,@*(%!)($41,($'K!!

Z$=*!M(44!+1-!,@1,!,@(+!+$%,!$.!*m,%*=*!=$%14!*mL%*++($'!+L6%%*3!$'!7-!%*4(0($6+!5$')(5,($'!(+!('@*%*',4-!('1LL%$L%(1,*!('!L$4(,(5+9!5$'5*%'*3!d1+!L$4(,(5+!'*5*++1%(4-!(+e!M(,@!=$%14!%*41,()(,-!1'3!5$=L%$=(+*K!J@*-!=(0@,!*5@$!21m!>*7*%T+!.1=$6+!$7+*%)1,($'!('!"f"f!,@1,!,@*%*!(+!1!'*5*++1%-!5$',%1+,!7*,M**'!,@*!L($6+!17+$46,*+!$.!M@1,!@*!5144*3!C,@*!*,@(5!$.!64,(=1,*!*'3+G!1'3!,@*!@1%3]@*13*3!5$=L%$=(+('0!L%10=1,(+=!$.!C,@*!*,@(5!$.!%*+L$'+(7(4(,-KG_f!C`$4(,(5+9G!+1(3!>*7*%9!C(+!1!+,%$'0!1'3!+4$M!7$%('0!$.!@1%3!7$1%3+9G!1'3!M@1,!(+!'**3*3!(+!1!C,%1('*3!%*4*',4*++'*++!('!)(*M('0!,@*!%*14(,(*+!$.!4(.*9!1'3!,@*!17(4(,-!,$!.15*!+65@!%*14(,(*+KG!b%9!=$%*!5%63*4-9!1+!<$@'!a$$!d16,@$%!$.!+$=*!$.!,@*!M$%+,!$.!,@*!CJ$%,6%*!2*=$+Ge!L6,!(,!,$!=*9!('!$6%!:;;_!O$46=7(1!3*71,*!17$6,!,$%,6%*9!CJ@*%*!(+!'$!%$$=!.$%!q1',(1'+!('!0$)*%'=*',KGi;!! H,!,@(+!L$(',9!?!714\!1'3!?!(=10('*!I1)(3!R6+@**!3$*+!,$$K!!>*!+1-!+(=L4-!,@1,9!('!,@(+!%*01%39!,@*!5%(,(5+!$.!,@*!%*4(0($6+!+L(%(,!('!L$4(,(5+!1%*!M%$'0K!!J@*%*!(+!%$$=!.$%!q1',(1'+!('!0$)*%'=*',g!(.!M*!@1)*!4*1%'*3!1'-,@('0!('!,@*!L1+,!*(0@,-!-*1%+9!(,!(+!,@1,!(,0)#L#$-0+%(4)%/)(#4,0%'C9#9!'$,!*)*%-,@('0!(+!6L!.$%!0%17+!$%!51'!4*0(,(=1,*4-!7*!,%13*3!$..!.$%!=$%*!M*14,@9!=$%*!+1,(+.15,($'9!$%!*)*'!=$%*!+*56%(,-K!!*+#$#)'$#)/,"#)'C/,9G0#/!1'3!,@*!5%65(14!,@('0!(+!'$,!,$!3(+=(++!=$%14!17+$46,(+=!1'3!,@*!*,@(5+!1'3!,@*$4$0-!,@1,!=(0@,!+6LL$%,!(,!$6,!$.!@1'39!76,!,$!4$$\!1+!51%*.644-!1+!L$++(74*!1,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!101('+,!@(0@!@*1)*'!1'3!,@*!@$4-!+L(%(,!$.!=1'K!!?!+1-!(,!(+!1!+('!101('+,!,@*!E$4-!R@$+,!.$%!M@(5@!,@*%*!(+!'$!.$%0()*'*++K!

U?7(3K9!LK!X;K!!?!@1)*!131L,*3!,@(+!'$,*!.%$=!>143%$'9!*,$0G$#)'(5)F,/%0%L#)M'K9!$LK!5(,K9!1,!LK!ooKV!!_f!21m!>*7*%9!F,9%0%&/)'/)')\,&'0%,(9!('!#bF!2Hz!>DPDFSN!CUJV@*%*!(+!1'!17-+=14!5$',%1+,!7*,M**'!5$'365,!,@1,!.$44$M+!,@*!=1m(=!$.!1'!*,@(5!$.!64,(=1,*!*'3+Y,@1,!(+9!('!%*4(0($6+!,*%=+9!CJ@*!O@%(+,(1'!3$*+!%(0@,4-!1'3!4*1)*+!,@*!%*+64,+!M(,@!,@*!Q$%3GY1'3!5$'365,!,@1,!.$44$M+!,@*!=1m(=!$.!1'!*,@(5!$.!%*+L$'+(7(4(,-9!('!M@(5@!51+*!$'*!@1+!,$!0()*!1'!155$6',!$.!,@*!.$%*+**174*!%*+64,+!$.!$'*j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i;!H)1(4174*!1,!%,+LNcc=*3(1K55K5$46=7(1K*36c41Mc#*3Z$5c>143%$'a$$;_;X:"K%=)7!K!H5,6144-!M@1,!`%$.*++$%!a$$!+1(3!M1+N!C?!,@('\!(,!M$643!7*!)*%-!3(..(564,!,$!7*!1!q1',(1'!1'3!@1)*!1'-!%*+L$'+(7(4(,-!('!,@*!0$)*%'=*',K!`*$L4*!('!,@*!0$)*%'=*',!@1)*!,$!7*!5$'+*l6*',(14(+,+9!@1)*!,$!=1\*!,%13*]$..+KG!

! :W

M@*%*!,@*!17+$46,*+!=(0@,!7*!1'3!01('!,@*!3**L*+,!+*'+*!M*!51'!$.!M@1,!4(*+!7*@('3!,@*=K!!

Z$=*M@*%*9!1+!21m!>*7*%!L6,!(,9!,@*!0$$3!5(,(B*'!C%*15@*+!,@*!L$(',!M@*%*!@*!+1-+N!tE*%*!?!+,1'3g!?!51'!3$!'$!$,@*%KTG!H'39!>*7*%!5$',('6*+9!!!

*)*%-!$'*!$.!6+!M@$!(+!'$,!+L(%(,6144-!3*13!=6+,!%*14(B*!,@*!L$++(7(4(,-!$.!.('3('0!@(=+*4.!1,!+$=*!,(=*!('!,@1,!L$+(,($'K!?'!+$!.1%!1+!,@(+!(+!,%6*9!1'!*,@(5!$.!64,(=1,*!*'3+!1'3!1'!*,@(5!$.!%*+L$'+(7(4(,-!1%*!'$,!17+$46,*!5$',%1+,+!76,!%1,@*%!+6LL4*=*',+!M@(5@!$'4-!('!6'(+$'!5$'+,(,6,*!1!0*'6('*!=1'Y1!!=1'!M@$!51'!@1)*!,@*!C5144('0!.$%!L$4(,(5+KG!

>*7*%!=1-!7*!%(0@,!,@1,!+$=*!L%*15@*%+!M@$!(',*%)*'*!('!L$4(,(5+!1%*!CL$4(,(514!('.1',+!S!M@$!3$!'$,!.644-!%*14(B*!M@1,!,@*-!,1\*!6L$'!,@*=+*4)*+9G!CM('3710+!S!M@$!(',$m(51,*!,@*=+*4)*+!M(,@!%$=1',(5!+*'+1,($'+KG!J@*!+*5641%!M$%43!(+!'$,!+@$%,!$.!M('3710+!*(,@*%K!!P6,!?!M$643!'$,!,%13*!1!L$4(,(5+9!%*L4*,*!M(,@!M('3710+9!,@1,!-(*43*3!,@*!$551+($'14!.41+@!$.!+L(%(,614!('+(0@,9!.$%!1!L$4(,(5+!$.!5$'+*l6*'5*+!3*13*'*3!,$!+15%*3'*++!1'3!L%('5(L4*9!L6%+6('0!,@*!.41,!('*m$%174*!L%$5*++!$.!,%13*]$..!1.,*%!,%13*]$..!1.,*%!,%13*]$..!6',(4!,@*%*!M1+!'$,@('0!$.!(',*0%(,-!,$!@$43!$'!,$K!!&

QB&>,1:3=25,1&H,!,@*!7*0(''('0!$.!=-!7$$\9!@,5D)M,&S#)'(5);]G'9%0-9!?!$7+*%)*3!,@1,!!

U+V*5641%!,@*$%(+,+!$.,*'!1++6=*!,@1,!,@*-!\'$M!M@1,!1!%*4(0($6+!1%06=*',!(+!4(\*N!,@*-!L%*+*',!(,!1+!1!5%63*!L%*+5%(L,($'!.%$=!R$39!715\*3!6L!M(,@!,@%*1,!$.!@*44.(%*9!3*%()*3!.%$=!0*'*%14!$%!L1%,(5641%!%*)*41,($'9!1'3!,@*-!5$',%1+,!(,!M(,@!,@*!*4*01',!5$=L4*m(,-!$.!1!L@(4$+$L@(514!1%06=*',!7-!F1M4+!d+1-e!$%!IM$%\('K!>(,@!,@(+!(=10*!('!=('39!,@*-!,@('\!(,!$7)($6+!,@1,!%*4(0($6+!1%06=*',!+@$643!7*!*m5463*3!.%$=!L674(5!4(.*K!i"!!!

H'3!?!+1(3!,@1,!C,@$+*!M@$!@1)*!7$,@*%*3!,$!=1\*!,@*=+*4)*+!.1=(4(1%!M(,@!U15,6144-V!*m(+,('0!%*4(0($6+]71+*3!1%06=*',+!('!=$3*%'!L$4(,(514!,@*$%-!\'$M!,@(+!(+!=$+,4-!1!,%1)*+,-KG!?!+1(3!,@1,!$'*!$.!=-!%*1+$'+!.$%!*mL4$%('0!M@1,!?!5144*3!Q$5\*T+!O@%(+,(1'!1%06=*',!.$%!*l614(,-!M1+!'$,![6+,!,$!(=L%$)*!$6%!\'$M4*30*!$.!<$@'!Q$5\*9!$%!$6%!)(*M+!17$6,!*l614(,-9!76,!14+$!C,$!*'%(5@!$6%!+*'+*!$.!M@1,!(,!(+!4(\*!,$!=1\*!1!%*4(0($6+!1%06=*',!('!L$4(,(5+KGi:!!?!@$L*!?!@1)*!7**'!174*!,$!3$!,@(+!1!7(,!@*%*!,$31-K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!i"!#%$=!RQD!LK!:;N!i:!?7(3K!

! :X

P-!.$56+('0!+,*13.1+,4-!$'!1!L1%,(5641%!%*4(0($6+!1%06=*',9!1'3!7-!3**L*'('0!1'3!5$=L4(51,('0!$6%!+*'+*!$.!(,+!%*41,($'9!.(%+,9!,$!*554*+(1+,(514!1'3!7(74(514!16,@$%(,-9!+*5$'34-!(,+!%*41,($'!,$!,@*!%*+$6%5*+!1)1(4174*!('!$6%!564,6%*!.$%!=6,614!(',*44(0(7(4(,-9!1'3!,@(%34-!(,+!%*41,($'!,$!1!0*'*%14!+*'+*!$.!M@*%*!=$3*%1,($'!(+!1'3!(+!'$,!1LL%$L%(1,*!('!=$3*%'!L$4(,(5+YM(,@!144!,@(+9!?!@$L*!?!@1)*!0()*'!-$6!1!%(5@*%!+*'+*!$.!M@1,!%*4(0($6+!L1%,(5(L1,($'!(')$4)*+!14$'0!!,@*!*,@(5+!$.!L674(5!4(.*!,@1,!1,,*'3!(,Y,@*!*,@(5+!$.!,@$+*!M@$!+L*1\!1'3!7*1%!M(,'*++!('!,*%=+!$.!%*4(0($6+!17+$46,*+!1'3!,@$+*!M@$!1%*!,%$674*3!7-!,@*(%!(',*%)*',($'+K!!!!

!&

Documents

Waldron Religion and Public Deliberation[1]