Underconsumption theories and Keynesian economics.

Interpretations of the Great Depression
Elisabeth Allgoewer May 2002 Discussion paper no. 2002-14

Department of Economics

University of St. Gallen

Editor:

Publisher:

Electronic Publication:

Prof. Jörg Baumberger University of St. Gallen Department of Economics Bodanstr. 1 CH-9000 St. Gallen Phone ++41 71 224 22 41 Fax ++41 71 224 28 85 Email joerg.baumberger@unisg.ch Forschungsgemeinschaft für Nationalökonomie an der Universität St. Gallen Dufourstrasse 48 CH-9000 St. Gallen Phone ++41 71 224 23 00 Fax ++41 71 224 26 46 www.fgn.unisg.ch/public/public.htm

Underconsumption theories and Keynesian economics. Interpretations of the Great Depression1

Elisabeth Allgoewer

Author’s address:

Dr. Elisabeth Allgoewer FGN-HSG Dufourstr. 48 9000 St. Gallen Tel. ++41 71 224 23 00 Fax ++41 71 224 26 46 Email elisabeth.allgoewer@unisg.ch

1

I would like to thank Mauro Boianovsky and Claudio Sardoni for helpful comments on earlier versions of this

paper. All remaining errors are mine.

Abstract Underconsumption theories played an important part in the economic policy debates during the Great Depression of the 1930s. The commonsense appeal of the arguments and the clear cut policy advice secured their proponents’ popular support. Here, the contributions of John A. Hobson, Emil Lederer, Waddill Catchings and William Foster are analyzed. The background to their thinking in terms of the economic policy debates in the respective countries is discussed and compared. Switzerland is an interesting case in this context since there underconsumption arguments were the only arguments used to challenge the orthodoxy of balanced budgets with the demand for active government policies. In evaluating the contributions discussed here with regard to the innovations of Keynes’s General Theory on the one hand, the tradition of classical political economy on the other, it is argued that although underconsumptionists share certain concerns with Keynes’s analysis, central theoretical notions are carried over from classical economics. Keywords Pre-Keynesian business cycle theory, classical economic thinking, Keynesian economics, explanations for the Great Depression, cycles and growth. JEL Classification B2, B3, E3, N1.

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l8LI QEWWMZI SFWXEGPIW XS XLI EHSTXMSR SJ I\TERWMSRMWX TSPMGMIW MR XLI IEVP] W PE] RSX [MXL EGEHIQMG STMRMSR FYX MR ;LMXILEPP XLI 'MX] ERH ;IWXQMRWXIVz ,YXGLMWSR   4YFPMG WTIRHMRK EW E GYVI JSV YRIQTPS]QIRX [EW ZILIQIRXP] VINIGXIH F] XLI IGSRSQMWXW EX XLI 8VIEWYV] 6EPTL + ,E[XVI] I\TSYRHIH XLI XLISVIXMGEP EVKYQIRX ,I I\TPEMRIH XLI FYWMRIWW G]GPI EW lE TYVIP] QSRIXEV] TLIRSQIRSRz [LIVI XLI G]GPI MW GEYWIH F] GLERKIW MR XLI WYTTP] SJ QSRI] l%GGSVHMRK XS ,E[XVI] XLI XVEHI G]GPI MW RSXLMRK FYX E VITPMGE SR E WQEPP WGEPI SJ ER SYXVMKLX QSRI] MRJPEXMSR ERH HIJPEXMSRz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l?8ALI QENSVMX] ZMI[ SJ IGSRSQMWXW EMHIH TIVLETW F] XLI KVMQ HIQSRWXVEXMSR F] 2E^M +IVQER] SJ LS[ E KSZIVRQIRX XLIR GSYPH WTIRH MXW [E] SYX SJ YRIQTPS]QIRX FIKER XS W[E] E [MHIV FSH] SJ STMRMSR EW XLI W [SVI SRz ,YXGLMWSR   ,YXGLMWSR EVKYIW XLEX F] IEVP]  IZIR XLI I\TIVXW MR XLI 8VIEWYV] ERH XLI &ERO SJ )RKPERH LEH 

KMZIR YT XLIMV WXEVO STTSWMXMSR XS TYFPMG WTIRHMRK &YX XLI GLERKIH GSRZMGXMSRW HMH RSX PIEH XS TSPMG] EGXMSR YRXMP MR  XLI VIEVQEQIRX TVSKVEQ [EW PEYRGLIH %W MR SXLIV GSYRXVMIW XLI MQQMRIRX [EV WIIQW XS LEZI HSRI QSVI XS QSZI XLI TSPMXMGMERW XLER XLI EVKYQIRXW SJ IGSRSQMWXW ,SFWSR
W GSRXVMFYXMSR XS XLI KVEHYEP TIVWYEWMSR SJ TVSJIWWMSREP ERH TYFPMG STMRMSR GSRGIVRMRK KSZIVRQIRX WTIRHMRK MW LEVH XS IZEPYEXI %GEHIQMG VIGSKRMXMSR JSV LMW [SVO [EW WTEVWI ERH GEQI SRP] PEXI MR LMW PMJI )HKI[SVXL
W HIZEWXEXMRK GVMXMUYI SJ 8LI 4L]WMSPSK] SJ -RHYWXV] SR MXW TYFPMGEXMSR HMH RSX HIXIV ,SFWSR JVSQ GSRXMRYMRK LMW WXYHMIW ERH TYFPMWLMRK ,SFWSR [EW E TVSPMJMG NSYVREPMWX &IX[IIR  ERH  LI [VSXI WXIEHMP] JSV XLI 2EXMSR XLIR XLI PIEHMRK TVSKVIWWMZI [IIOP] l-X QE] RSX FI TSWWMFPI XS TVSTEKEXI ER IGSRSQMG W]WXIQ MR XLMW [E] FYX ER EXXMXYHI SJ QMRH E [E] SJ MRXIVTVIXMRK GYVVIRX IZIRXW ERH XIRHIRGMIW E TVEGXMGEP TVSKVEQQI GER FI EVKYIH SYX ERH VIRHIVIH JEQMPMEVz &VEMPWJSVH   ,SFWSR
W MRJPYIRGI GEQI RSX SRP] JVSQ LMW I\XIRWMZI [VMXXIR [SVO FYX EPWS JVSQ LMW TSPMXMGEP EGXMZMXMIW *VSQ  SR LI [EW IRKEKIH MR E RYQFIV SJ TVSKVIWWMZI SV VIJSVQMWX SVKERM^EXMSRW 7GLRIMHIV    %W E WYTTSVXIV SJ XLI 0MFIVEP 4EVX] LI TPE]IH E QENSV VSPI MR JSVQYPEXMRK [LEX GEQI XS FI ORS[R EW l2I[ 0MFIVEPMWQz MR XLI W %JXIV LI PIJX XLI 0MFIVEP 4EVX] MR  LI FIGEQI MRZSPZIH MR 0EFSYV 4SPMXMGW MR  EW E QIQFIV SJ XLI %HZMWSV] 'SQQMXXII SR -RXIVREXMSREP 6IPEXMSRW -R  ,SFWSR NSMRIH XLI 0EFSYV 4EVX] -R XLI WEQI ]IEV LI WIVZIH SR MXW 4SPMG] 'SQQMXXII 8LI VITSVX SR XLI lPMZMRK [EKIz [EW FEWIH SR YRHIVGSRWYQTXMSR MHIEW ERH HVEJXIH PEVKIP] F] ,SFWSR -X [EW VINIGXIH F] XLI TEVX] )ZIR XLSYKL XLI 0EFSYV 4EVX] TVSZMHIH E QMRSVMX] KSZIVRQIRX MR  ERH [EW TEVX SJ XLI l2EXMSREP +SZIVRQIRXz FIX[IIR  ERH  XLI I\TERWMSREV] TSPMG] TVIWGVMTXMSRW EHZSGEXIH F] ,SFWSR [IVI RSX MQTPIQIRXIH

,YXGLMWSR   QEMRXEMRW XLEX XLI MRXIRWI HIFEXIW XLEX JSPPS[IH XLI TYFPMGEXMSR SJ 8LI +IRIVEP 8LISV] QMKLX IZIR LEZI VIXEVHIH XLI EGGITXERGI SJ XLI I\TERWMSREV] TSPMG] EHZMGI 8LI HIFEXIW HMH GIVXEMRP] RSX GSRZI] XLI GSRWMHIVEFPI EKVIIQIRX EQSRK IGSRSQMWXW MR XLI W VIKEVHMRK YRIQTPS]QIRX TSPMGMIW  

,SFWSR MR LMW HE]W QMKLX LEZI FIIR XSS TVSKVIWWMZI JSV XLI 0EFSYV 4EVX] EW XLI VINIGXMSR SJ XLI lPMZMRK[EKIz VIGSQQIRHEXMSRW WYKKIWX &YX LMW MRJPYIRGI PEWXIH [IPP FI]SRH LMW HE]W ,YXGLMWSR  ?A  GPEMQW XLEX l8LI IGSRSQMG TSPMGMIW SJ XLI &VMXMWL 0EFSYV +SZIVRQIRX EJXIV  MR VIWTIGX SJ DJYPP IQTPS]QIRX
ERH REXMSREPM^EXMSR JSPPS[IH ,SFWSR
W MHIEW ZIV] GPSWIP] ERH XLIWI MHIEW QE] [IPP KS HS[R EW XLI QSWX MQTSVXERX WMRKPI MRXIPPIGXYEP MRWTMVEXMSR SJ XLEX TEVXMGYPEV TLEWI SJ &VMXMWL IGSRSQMG LMWXSV] ERH TSPMG]z

)QMP 0IHIVIV 0IHIVIV
W EREP]WMW SJ KVS[XL G]GPIW ERH GVMWIW YRHIV[IRX GSRWMHIVEFPI GLERKIW SZIV XLI ]IEVW XLEX LI TYFPMWLIH SR XLIWI MWWYIW -R XLI GSRXI\X SJ SYV HMWGYWWMSR LMW EVXMGPI l/SRNYROXYV YRH /VMWIRz SJ  MW SJ MRXIVIWX 8LIVI LI YWIW EVKYQIRXW VIQMRMWGIRX SJ FSXL XVEHMXMSREP ERH GSRXIQTSVEV] YRHIVGSRWYQTXMSR XLISVMIW 0IHIVIV
W [SVO VIJPIGXW XLI FVSEH ZEVMIX] SJ MRJPYIRGIW XLEX LI [EW I\TSWIH XS EW WXYHIRX ERH [LMGL JSVQIH LMW KIRYMRI ETTVSEGL XS IGSRSQMG MWWYIW 8LI %YWXVMER ERH ,MWXSVMGEP 7GLSSPW 1EV\MWX GPEWWMGEP ERH RISGPEWWMGEP XLISVMIW PIJX XVEGIW MR LMW XLMROMRK 0IHIVIV
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
W PE[ SJ QEVOIXW MW EX [SVO 

'VMWIW EVI I\TPEMRIH MR XLI GSRXI\X SJ ER EREP]WMW SJ XLI FYWMRIWW G]GPI 8LI WXEXMG WXEXI SJ HITVIWWMSR MW SZIVGSQI XLVSYKL ER MRGVIEWI MR IJJIGXMZI HIQERH 0IHIVIV    8LI VIWYPXMRK TVMGI MRGVIEWIW EVI QEHI TSWWMFPI F] ER MRGVIEWI MR XLI ZIPSGMX] SJ GMVGYPEXMSR ERH QSVI MQTSVXERXP] F] EHHMXMSREP GVIHMX EW HMWXMRGX JVSQ E QIVI XVERWJIV SJ WEZMRKW -X MW EHHMXMSREP GVIHMX XLEX QEOIW E FSSQ TSWWMFPI WEZMRKW EVI MRZIWXIH MR EPP TLEWIW SJ XLI G]GPI 1SRI] ERH GVIHMX EVI XLYW IWWIRXMEP EPXLSYKL QSRIXEV] JEGXSVW EVI RSX WIIR EW MRMXMEXMRK XLI G]GPI (YVMRK XLI YTW[MRK [EKIW VMWI QSVI WPS[P] XLER TVMGIW PIEHMRK XS E VIHYGIH WLEVI SJ [EKIW MR XLI WSGMEP TVSHYGX ERH ER MRGVIEWIH WLEVI SJ TVSJMXW 7MRGI 0IHIVIV   EWWYQIW XLEX [EKIW EVI TVIHSQMRERXP] WTIRX SR GSRWYQTXMSR ERH TVSJMXW EVI TVIHSQMRERXP] MRZIWXIH XLMW MQTPMIW ER EPXIVEXMSR MR XLI GSQTSWMXMSR SJ HIQERH ;MXL VMWMRK TVSJMXW ERH EGGYQYPEXMSR HIQERH JSV TVSHYGXMSR KSSHW VMWIW [LIVIEW HIQERH JSV JMREP TVSHYGXW WXE]W FILMRH 4VSHYGXMSR KSSHW MRHYWXVMIW KVS[ JEWXIV XLER GSRWYQIV KSSHW TVSHYGXMSR 8LI YRFEPERGIH KVS[XL VIJPIGXW XLI YRIZIR HIZIPSTQIRX SJ HMJJIVIRX X]TIW SJ MRGSQI XLSYKL 8LIVIJSVI WYGL HMWTVSTSVXMSRW EVI JYRHEQIRXEPP] HMJJIVIRX JVSQ XLI HMWIUYMPMFVME MR MRHMZMHYEP QEVOIXW [LMGL MQTP] ER EPPSGEXMSR RSX GSVVIWTSRHMRK XS TYVGLEWMRK TS[IV EW HMWGYWWIH EFSZI ,IVI MR GSRXVEWX XLI HIZIPSTQIRX SJ WYTTP] GSVVIWTSRHW XS XLI HMWTVSTSVXMSREP HIZIPSTQIRX SJ HIQERH 8LEX MX MW YRWYWXEMREFPI FIGSQIW SFZMSYW MR XLI PEXIV TLEWIW SJ XLI FSSQ %W XLI GETEGMXMIW FYMPX YT HYVMRK XLI YTW[MRK IRXIV MRXS TVSHYGXMSR XLI MRWYJJMGMIRG] SJ HIQERH JSV GSRWYQTXMSR KSSHW QEXIVMEPM^IW l9RGIVXEMRX] MR XLI QEVOIXz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
W PEXIV GSRXVMFYXMSRW SR XIGLRMGEP TVSKVIWW ERH YRIQTPS]QIRX MX GER FI EVKYIH XLEX XLIWI GSRHMXMSRW EVI HIJMRIH F] XIGLRSPSK] EW MR ,SFWSR -J TVSHYGXMSR TVSGIWWIW EVI MRJPI\MFPI 

GSRGIVRMRK XLI MRTYX SJ PEFSV ERH GETMXEP EX ER] TSMRX MR XMQI ERH MJ XIGLRSPSK] MW I\SKIRSYW ERH TVIWYQIH RSX XS GLERKI MR VIWTSRWI XS VIPEXMZI JEGXSV TVMGIW XLIR XLI KVS[XL TEXL MW HIJMRIH MR VIEP XIVQW JSV FSXL MRGSQI WLEVIW ERH GSVVIWTSRHMRK WIGXSVEP HIZIPSTQIRXW 0IHIVIV
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
W ZMWMSR SJ TPERRMRK EW E WSPYXMSR XS JPYGXYEXMSRW HSIW RSX MQTP] XLI IPMQMREXMSR SJ QEVOIXW XLSYKL -RWXIEH QEGVSIGSRSQMG TPERRMRK MW I\TIGXIH XS TVIZIRX HMWTVSTSVXMSREP HIZIPSTQIRXW XLEX VIWYPX JVSQ TVSJMXSVMIRXIH MRHMZMHYEP HIGMWMSRW [MXL MRWYJJMGMIRX MRJSVQEXMSR 0IHIVIV EVKYIW XLEX GVIHMX GSRXVSP ERH XLI WYTIVZMWMSR SJ GVIHMX TSPMGMIW GSYPH XEOI SZIV XLMW JYRGXMSR YRHIV XLI KYMHERGI SJ XLI GIRXVEP FERO 0IHIVIV    (MWTVSTSVXMSREP HIZIPSTQIRXW SJ WIGXSVW SJ XLI IGSRSQ] GSYPH XLYW FI TVIZIRXIH

0IHIVIV   EPWS HMWGYWWIW I\SKIRSYW GEYWIW SJ FYWMRIWW G]GPIW WYGL EW MRGVIEWIH I\TSVX HIQERH 7GLYQTIXIV   JR  QIRXMSRW 0IHIVIV
W GSRXVMFYXMSR  EW ER I\EQTPI SJ HMWTVSTSVXMSREPMX] XLISVMIW lXLEX PSGEXI XLI WSYVGI SJ G]GPMGEP XVSYFPIW MR DQEPEHNYWXQIRXW
EW FIX[IIR HMJJIVIRX KVSYTW SJ TVMGIW ERH UYERXMXMIWz   

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lTEVXMGYPEVP] MQTSVXERX )RKPMWL ERH %QIVMGER PMXIVEXYVIz XLEX 0IHIVIV   PMWXW MR LMW EVXMGPI ,SFWSR  MW QIRXMSRIH MR JMVWX TPEGI 8LIVI EVI WIZIVEP EWTIGXW MR 0IHIVIV
W GSRXVMFYXMSR XLEX VIWIQFPI ,SFWSR
W EVKYQIRX 1SWX MQTSVXERXP] MX MW XLI ZMWMSR SJ XLI IGSRSQ]
W KVS[XL TEXL EW FIMRK YPXMQEXIP] HIXIVQMRIH F]

;EKIW RIIH XS JEPP MR XLI HITVIWWMSR FYX XLI] WLSYPH JEPP PIWW VETMHP] XLER TVMGIW 3XLIV[MWI XLI GVMWMW [MPP FI HIITIRIH  

0IHIVIV IVVSRISYWP] MRHMGEXIW  EW XLI TYFPMGEXMSR HEXI 

GSRWYQTXMSR KSSHW HIQERH *MVQW VIEGX XS TIVGIMZIH MRGVIEWIW MR IJJIGXMZI HIQERH ERH I\TERH SYXTYX EGGSVHMRKP] 8LI WEQI MW XVYI JSV XLI FIKMRRMRK SJ XLI GVMWMW MRWYJJMGMIRX HIQERH PIEHW XS E VIHYGXMSR MR WYTTP] *YVXLIVQSVI XLI MRXIVXIQTSVEP IUYMPMFVMYQ GSRGITX YRHIVP]MRK XLI EREP]WMW SJ HMWXYVFERGIW FYMPHW SR E KMZIR TVSHYGXMSR XIGLRSPSK] [MXL JM\IH MRGSQI GSIJJMGMIRXW %PXLSYKL 0IHIVIV HSIW RSX I\TPMGMXP] HMWGYWW XLMW MWWYI LMW EVKYQIRX GER FI YRHIVWXSSH XS VIWX SR EWWYQTXMSRW WMQMPEV XS ,SFWSR
W 1ER] SJ XLI XLISVIXMGEP EVKYQIRXW ERH IGSRSQMG TSPMG] GSRGPYWMSRW XLEX GSRXVEWX 0IHIVIV ERH ,SFWSR EVI PMROIH XS XLI %YWXVMER LIVMXEKI MR 0IHIVIV
W XLMROMRK 8LMW MW TEVXMGYPEVP] GSRWTMGYSYW MR 0IHIVIV
W EVKYQIRX XLEX GVMWMW ERH HITVIWWMSR EVI RIGIWWEV] XS GSVVIGX XLI QMWEPPSGEXMSRW SJ XLI FSSQ TIVMSH ERH MR LMW VINIGXMSR SJ TSPMG] QIEWYVIW XLEX WLSVXIR XLI HITVIWWMSR FYX TSWWMFP] MQTIHI EHNYWXQIRXW %KEMR MR PMRI [MXL %YWXVMER EYXLSVW ERH MR GSRXVEWX XS ,SFWSR 0IHIVIV WXVIWWIW XLI MQTSVXERGI SJ E GVIHMX I\TERWMSR MR XLI YTW[MRK 1SRIXEV] GSRHMXMSRW EVI VIPIZERX MR EPP TLEWIW SJ XLI G]GPI MR 0IHIVIV
W VIEWSRMRK )ZIR XLSYKL FSXL EYXLSVW EVI TVISGGYTMIH [MXL PSRK XIVQ KVS[XL TIVWTIGXMZIW 0IHIVIV WXVIWWIW XLMW lGPEWWMGEPz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¸[I MR /MIP LI JSYKLX EKEMRWX XLI STMRMSR LIPH F] XLI QENSVMX] SJ GSRXIQTSVEV] IGSRSQMWXW XLEX [EKI GYXW [SYPH PIEH XS MRGVIEWIH IQTPS]QIRX ERH VIGSZIV] ,EKIQERR    -R LMW GSRXVMFYXMSR SR XLI IJJIGXW SJ [EKI VIHYGXMSRW F LI YWIW X[S WIXW SJ EVKYQIRXW 3R XLI SRI LERH LI FYMPHW SR XLI YRHIVGSRWYQTXMSR I\TPEREXMSR SJ XLI FYWMRIWW G]GPI TVIWIRXIH EFSZI SR XLI SXLIV LERH LI EVKYIW XLEX XLI YRIQTPS]QIRX SJ XLI W MW E VIWYPX SJ VEXMSREPM^EXMSR MRZIWXQIRX ER EREP]WMW XLEX MW HIZIPSTIH MR HIXEMP MR LMW [SVO SR XIGLRMGEP TVSKVIWW E  -J YRIQTPS]QIRX MW XLI VIWYPX SJ QSVI GETMXEP MRXIRWMZI TVSHYGXMSR XIGLRMUYIW [EKI VIHYGXMSRW HS RSX PIEH XS ER MRGVIEWI MR IQTPS]QIRX ,I VINIGXW XLI XVEHMXMSREP EVKYQIRX 

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²RMRK
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²RMRK
W VIWTSRWI XS XLI GVMWMW [EW RSX SRP] WYTTSVXIH F] XLI QENSVMX] SJ +IVQER IGSRSQMWXW FYX ETTVSZIH F] XLI I\TIVXW SJ XLI &ERO JSV -RXIVREXMSREP 7IXXPIQIRXW ERH +IVQER]
W GVIHMXSVW 7ERQERR   ERH   -R XLI GSYVWI SJ  IWTIGMEPP] MR XLI [EOI SJ XLI FEROMRK GVMWMW XLI HS[RXYVR [EW RS PSRKIV WIIR EW TEVX SJ E lRSVQEPz FYWMRIWW G]GPI F] QER] IGSRSQMWXW ERH TSPMXMGMERW .ERWWIR    8LMW ZMI[ [EW EPWS I\TVIWWIH F] 0IHIVIV ,I EVKYIH XLEX XLI IGSRSQ] [EW lTEVEP]^IHz 0IHIVIV E  ERH F  8LI JYRGXMSRMRK SJ XLI QEVOIX IGSRSQ] [EW HMWXYVFIH F] TVSXIGXMSRMWQ MRGSQTPIXI GETMXEP QSFMPMX] KSZIVRQIRX MRXIVZIRXMSRW MRXS XLI TVSHYGXMSR TVSGIWW XLVSYKL WYFWMHMIW ERH F] GSPPYWMSR SJ QEVOIX TEVXMGMTERXW 8LI EYXSQEXMG WXEFMPM^EXMSR SJ HIQERH HYVMRK XLI HITVIWWMSR EW HIWGVMFIH MR LMW FYWMRIWW G]GPI XLISV] SJ  [EW RSX XEOMRK TPEGI &EROVYTXGMIW ERH TPERX GPSWYVIW 8LI ZMI[ XLEX XLI GVMWIW SJ XLI W [IVI lGVMWIW SJ MRXIVZIRXMSRMWQz [EW [MHIP] LIPH F] IGSRSQMWXW .EQIW     

I\GIIHIH XLI RIGIWWEV] VIWXVYGXYVMRK HYVMRK E lRSVQEPz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lRSVQEPz FYWMRIWW G]GPI GSYPH RS PSRKIV FI I\TIGXIH GVIHMX TSPMG] GSYPH HVMZI XLI IGSRSQMG TVSGIWW ERH WLETI TVSHYGXMSR 0IHIVIV E   0IHIVIV HSYFXIH XLEX TYFPMG [SVOW IZIR SR E PEVKI WGEPI [SYPH FI EFPI XS MRMXMEXI E VIGSZIV] F] MRGVIEWMRK HIQERH ERH TVSHYGXMSR FI]SRH XLI WGEPI SJ TYFPMG WTIRHMRK -R SXLIV [SVHW 0IHIVIV UYIWXMSRIH XLEX QYPXMTPMIV IJJIGXW GSYPH MRHYGI E VIGSZIV] %W MR  LI IQTLEWM^IH XLI HERKIVW SJ MRJPEXMSREV] IJJIGXW SJ TYFPMG WTIRHMRK 0IHIVIV
W GEYXMSRMRK EKEMRWX GVIHMX JMRERGIH TYFPMG WTIRHMRK GEQI MR XLI GSRXI\X SJ E JPSSH SJ I\TERWMSREV] TSPMG] TPERW XLEX LEH WXEVXIH XS FI TYFPMWLIH MR  .EQIW    )EVP] MR XLEX ]IEV &V²RMRK
W KSZIVRQIRX LEH ETTSMRXIH E GSQQMWWMSR GLEMVIH F] ,IMRVMGL &VEYRW XS WYKKIWX QIEWYVIW XS SZIVGSQI XLI GVMWMW -R XLIMV VITSVX ;MPLIPQ 6¸TOI
W WYKKIWXMSR XS lWXEVX XLI IGSRSQMG IRKMRIz [MXL E PMQMXIH GVIHMX JMRERGIH TYFPMG WTIRHMRK TVSKVEQ l-RMXMEP^²RHYRKz [EW PEMH SYX 6¸TOI    -R .ERYEV]  )VRWX ;EKIQERR TVIWIRXIH E TPER XS SZIVGSQI XLI TEVEP]WMW SJ QSRI] ERH GVIHMX QEVOIXW F] E VIJSVQ SJ XLI QSRIXEV] W]WXIQ 8LI YRMSRW
TYFPMG [SVOW TVSKVEQ FEWIH SR ;PEHMQMV ;S]XMRWOM
W MHIEW JSPPS[IH MR %TVMP SJ XLI WEQI ]IEV  -R EHHMXMSR XS XLIWI WYKKIWXMSRW FEWIH SR FYWMRIWW G]GPI EREP]WMW ERH XLISVIXMGEP HIFEXI E RYQFIV SJ VIJSVQ TPERW MRWTMVIH F] XLI TIVGIMZIH YVKI JSV EGXMSR ERH GSRXIQTX JSV XLISVIXMGEP IGSRSQMGW [IVI TYFPMWLIH .ERWIR
W GEVIJYP EREP]WMW ERH HMWGYWWMSR MW WYQQIH YT MR LMW WXEXIQIRX XLEX l(YVMRK XLI ]IEVW    XLI GSRJVSRXEXMSR [EW RSX FIX[IIR GPEWWMGEP SVXLSHS\] ERH +IVQER /I]RIWMERMWQ -RWXIEH ER ERXMXLISVIXMGEP VIJSVQMWQ ERH EGXMZMWQ JIH F] WXVERHW SJ LMWXSVMGMWQ XLEX JSYRH MXW QSWX VEHMGEP JSVQ MR REXMSREP WSGMEPMWQ [EW GSRJVSRXIH [MXL EGEHIQMG IGSRSQMGW YREFPI XS GSQI YT [MXL E NSMRX QENSVMX] ZMI[z .ERWWIR   'SRXVSZIVWMEP TYFPMG HIFEXIW JSPPS[IH 'IRXVEP [EW XLI GSRJPMGX EFSYX &SQFEGL  GSRXEMRW VITVMRXW SJ XLMW ERH SXLIV GSRXIQTSVEV] TSPMG] TVSTSWEPW  

XLI TSWWMFMPMXMIW SJ I\TERWMSREV] TSPMGMIW KMZIR XLI FSYRHEVMIW SJ XLI SFPMKEXMSRW XS[EVHW XLI EPPMIW ERH XLI I\TIVMIRGI [MXL XLI TSWX[EV L]TIVMRJPEXMSR 0IHIVIV EPWS ZSMGIH LMW GSRGIVRW EFSYX MRJPEXMSREV] IJJIGXW SRGI GSRWIVZEXMZI QSRIXEV] ERH FYHKIXEV] TSPMGMIW [IVI KMZIR YT 7YGL IJJIGXW EVI EZSMHIH MR 0IHIVIV
W WYKKIWXMSR XS SVKERM^I E lFEVXIV WIGXSVz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

7[MX^IVPERH ;LIR HMWGYWWMRK YRHIVGSRWYQTXMSR EVKYQIRXW MR XLI IGSRSQMG TSPMG] HIFEXIW HYVMRK XLI +VIEX (ITVIWWMSR 7[MX^IVPERH MW E GEWI [SVXL QIRXMSRMRK 7MRGI XLI WSGMEP HIQSGVEXMG STTSWMXMSR XS XLI KSZIVRQIRX
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
W FYHKIX TVSTSWEP TVIWIRXIH XS TEVPMEQIRX MR PEXI  8LI FMPP MRGPYHIH E TVSZMWMSR XS GYX XLI [EKIW SJ TYFPMG IQTPS]IIW -X [EW XEOIR XS TSTYPEV ZSXI F] XLI 7SGMEP HIQSGVEXMG STTSWMXMSR ERH JSVGIJYPP] VINIGXIH MR 1E]  )GSRSQMWXW TEVXMGMTEXIH SR FSXL WMHIW SJ XLI HIFEXI )YKIR &¸LPIV IGSRSQMGW TVSJIWWSV EX XLI *IHIVEP 8IGLRMGEP -RWXMXYXI MR >YVMGL TVSZMHIH E NYWXMJMGEXMSR JSV XLI KSZIVRQIRX
W TSPMG] EPSRK XLI PMRIW SJ SZIVMRZIWXQIRX XLISVMIW SJ XLI FYWMRIWW G]GPI &¸LPIV   8LI STTSWMXMSR ZMI[ [EW VITVIWIRXIH MR XLI EGEHIQMG HIFEXI F] *VMX^ 1EVFEGL E TVSJIWWSV SJ IGSRSQMGW EX XLI 9RMZIVWMX] SJ &IVR ,I YWIH YRHIVGSRWYQTXMSR EVKYQIRXW MR LMW FYWMRIWW G]GPI EREP]WMW ERH TSPMG] WYKKIWXMSRW 1EVFEGL   0MOI ,SFWSR LI WIXW SYX [MXL GVMXMGM^MRK XLI GPEWWMGEP EWWYQTXMSR XLEX IZIV] EGX SJ WEZMRK MW TSWMXMZI FIGEYWI MX EPPS[W XLI JYXYVI WYTTP] SJ KSSHW XS FI MRGVIEWIH 1EVFEGL EVKYIW XLEX VETMH XIGLRMGEP TVSKVIWW MR XLI VIGIRX TEWX LEW QEHI TPIRXMJYP WYTTP] TSWWMFPI ,S[IZIV XLI HMWXVMFYXMSR ERH EFWSVTXMSR SJ XLI SYXTYX HSIW RSX XEOI TPEGI WQSSXLP] 1EVFEGL HIWGVMFIW ER YRHIVGSRWYQTXMSR XIRHIRG] ,I EVKYIW XLEX [EKI VIGMTMIRXW EVI XLI TVMRGMTEP WSYVGI SJ HIQERH JSV GSRWYQTXMSR KSSHW ERH TSWXYPEXIW XLEX [EKIW KVS[ QSVI WPS[P] XLER SYXTYX 8LIVIJSVI ER YRHIVGSRWYQTXMSR GVMWMW MW MRIZMXEFPI 8LMW TVIWYQIH XIRHIRG] MW EKKVEZEXIH MR XLI FYWMRIWW G]GPI 1EVFEGL EVKYIW XLEX LMKL TVSJMXW HYVMRK ER I\TERWMSR MRHYGI LMKL WEZMRKW ERH ER MRGVIEWI MR MRZIWXQIRX 8LIVIJSVI GETMXEP KSSHW MRHYWXVMIW I\TERH VIEGXMRK XS XLI MRGVIEWIH HIQERH JSV XLIMV TVSHYGXW 

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lVIHMWXVMFYXMSR SJ MRGSQIz [SYPH VIHYGI XLI HIQERH JSV GSRWYQTXMSR KSSHW 1EVFEGL    [EKI GYXW [SYPH TVIHSQMRERXP] VIHYGI PS[ MRGSQIW ERH XLYW GSRWYQTXMSR [LIVIEW XLI XE\ VIPMIZI [SYPH QEMRP] FIRIJMX XLI [IEPXL] [LS [SYPH WEZI XLI EHHMXMSREP MRGSQI ;LIVIEW WEZMRKW [SYPH FI MRZIWXIH MR RSVQEP XMQIW XLI] [SYPH FI PIJX YRI\TPSMXIH FIGEYWI SJ PEGOMRK TVSJMX I\TIGXEXMSRW HYVMRK XLI GVMWMW 1EVFEGL    8LI WEQI EVKYQIRX [MXL HMJJIVMRK TVSTIRWMXMIW XS GSRWYQI WXSSH FILMRH 1EVFEGL
W GEPP JSV XE\ JMRERGIH TYFPMG [SVOW 4VSKVIWWMZI XE\IW [SYPH PMUYIJ] LSEVHIH MRGSQI SV YRI\TPSMXIH WEZMRKW TYFPMG [SVOW [SYPH TVSZMHI MRGSQI XS JSVQIVP] YRIQTPS]IH [LS [SYPH WTIRH MX SR GSRWYQIV KSSHW 8LI VIHMWXVMFYXMSR SJ MRGSQI JVSQ [IEPXL] XS TSSV [SYPH XLYW MRGVIEWI GSRWYQIV KSSHW HIQERH

7MQMPEV XS 0IHIVIV MR LMW [SVO SR XIGLRMGEP TVSKVIWW 1EVFEGL   EVKYIW XLEX QSHIVR GETMXEPMWX TVSHYGXMSR MW GLEVEGXIVM^IH F] ER MRGVIEWI SJ JM\IH MR VIPEXMSR XS ZEVMEFPI GETMXEP %GGSVHMRK XS 1EVFEGL XLMW TYXW EHHMXMSREP TVIWWYVI SR XLI TVSJMXEFMPMX] SJ JMVQW EW SYXTYX JEPPW ER SFWIVZEXMSR XLEX VIQMRHW SJ WMQMPEV EVKYQIRXW MR 0IHIVIV  

8LI EFSZI WLS[W XLEX 1EVFEGL [EW QYGL QSVI SJ E lGVYHIz YRHIVGSRWYQTXMSRMWX XLER XLI EYXLSVW HMWGYWWIH WS JEV ,I YWIW WIZIVEP PMRIW SJ XLSYKLX JEQMPMEV JVSQ ,SFWSR ERH 0IHIVIV MR HIZIPSTMRK E ZMWMSR SJ IGSRSQMG EGXMZMX] HIXIVQMRIH F] GSRWYQTXMSR KSSHW HIQERH -R GSRXVEWX XS ,SFWSR ERH 0IHIVIV LMW HMWGYWWMSR MW PMQMXIH XS E WLSVXXIVQ TIVWTIGXMZI GSRGIRXVEXMRK SR GYVVIRX HIQERH ERH WYTTP] SJ GSRWYQTXMSR KSSHW 1EVFEGL EVKYIW XLEX MR XLI HITVIWWMSR WEZMRKW EVI RSX EYXSQEXMGEPP] MRZIWXIH ,SEVHMRK ERH lYRI\TPSMXIH WEZMRKWz EVI GIRXVEP XS LMW ZMWMSR SJ XLI HITVIWWMSR %WTIGXW SJ KVS[XL XLEX EVI MQTSVXERX MR FSXL ,SFWSR ERH 0IHIVIV EVI RSX QIRXMSRIH ER MRXIVXIQTSVEP TIVWTIGXMZI MW RSX HIZIPSTIH

;MPPMEQ 8 *SWXIV ERH ;EHHMPP 'EXGLMRKW -R GSRXVEWX XS XLI EYXLSVW HMWGYWWIH WS JEV ;MPPMEQ 8 *SWXIV ERH ;EHHMPP 'EXGLMRKW EHZERGI E QSRIXEV] I\TPEREXMSR JSV YRHIVGSRWYQTXMSR GVMWIW MR 4VSJMXW   8LI EVKYQIRX WXEVXW JVSQ JEQMPMEV TVIWIRXEXMSRW SJ l7E]
W MHIRXMX]z WYTTP] ERH HIQERH EVI RIGIWWEVMP] IUYEP MR E FEVXIV IGSRSQ] EW KSSHW FVSYKLX XS XLI QEVOIX GSRWXMXYXI ER IUYMZEPIRX HIQERH JSV SXLIV KSSHW *SWXIV ERH 'EXGLMRKW    *SWXIV ERH 'EXGLMRKW   GSRXMRYI XLEX MR E QSRIXEV] IGSRSQ] IUYMPMFVMYQ GERRSX FI EXXEMRIH lYRPIWW GSRWYQIVW WSQILS[ SFXEMR IRSYKL QSRI] ]IEV MR ERH ]IEV SYX XS FY] XLI KSSHW EFSYX EW VETMHP] EW XLI] EVI TVSHYGIHz FYX lXLI TVIWIRX QSRI] ERH TVSJMX IGSRSQ] HSIW RSX IREFPI GSRWYQIVW PSRK XS SFXEMR XLI VIUYMVIH QSRI]z 8LMW WXEXIQIRX MW WYFWXERXMEXIH F] XLI JSPPS[MRK VIEWSRMRK 7EZMRKW PIEH XS HMWIUYMPMFVME EW XLI] MRXIVVYTX XLI JPS[ SJ QSRI] FIX[IIR TVSHYGIVW ERH GSRWYQIVW [MXL XLI VIWYPX XLEX GSRWYQIVW HS RSX GSQQERH XLI IRXMVI EQSYRX SJ QSRI] RIGIWWEV] XS FY] XLI SYXTYX SJ GSRWYQTXMSR KSSHW *SWXIV ERH 'EXGLMRKW EVKYI [MXL XLI IJJIGX SJ GSVTSVEXI WEZMRKW -J JMVQW VIXEMR ERH VIMRZIWX TVSJMXW MRWXIEH SJ HMWXVMFYXMRK HMZMHIRHW QSRI] MW [MXLHVE[R JVSQ MXW lRSVQEPz GMVGYPEXMSR FIX[IIR TVSHYGIVW ERH GSRWYQIVW %W GSRWYQIVW GSQQERH PIWW XLER XLI JYPP EQSYRX SJ QSRI] HIQERH JSV GSRWYQTXMSR KSSHW MW PEGOMRK %X XLI WEQI XMQI SYXTYX MW MRGVIEWIH XLVSYKL XLI EHHMXMSREP MRZIWXQIRX )\GIWW WYTTP] VIWYPXW WXSGOW TMPI YT ERH TVSHYGIVW VIEGX [MXL GYVFMRK TVSHYGXMSR PE]MRK SJJ [SVOIVW ERH XLIVIF] JYVXLIV HIGVIEWMRK GSRWYQIVW
HIQERH 8LI EXXIQTX XS MRGVIEWI SYXTYX MW WIPJHIJIEXMRK FIGEYWI XLI QSRIXEV] W]WXIQ HSIW RSX IREFPI GSRWYQIVW XS EFWSVF XLI MRGVIEWIH -RHMZMHYEP WEZMRKW LEZI XLI WEQI IJJIGX MJ XLI] EVI GLERRIPIH XLVSYKL XLI FEROMRK W]WXIQ MRXS MRZIWXQIRX *SWXIV ERH 'EXGLMRKW     

TVSHYGXMSR 8LI EYXLSVW HS RSX HSYFX XLI RIGIWWMX] SJ WEZMRK MR SVHIV XS MQTVSZI PMZMRK WXERHEVHW XLVSYKL MRGVIEWIH TVSHYGXMSR &YX WEZMRKW PIEH MRIZMXEFP] XS HIJMGMIRGMIW MR lGSRWYQIV TYVGLEWMRK TS[IVz 8LMW MW *SWXIV ERH 'EXGLMRKW
lHMPIQQE SJ XLVMJXz *SWXIV ERH 'EXGLMRKW    7SPZMRK XLI lHMPIQQEz [SYPH IPMQMREXI XLI FYWMRIWW G]GPI ERH EPPS[ WYWXEMRIH KVS[XL %PXLSYKL *SWXIV ERH 'EXGLMRKW IQTLEWM^I XLEX XLI] [ERX XS VIJVEMR JVSQ HVE[MRK TSPMG] GSRGPYWMSRW MR 4VSJMXW  ZM  XLIMV PEXIV VIGSQQIRHEXMSRW EVI MQTPMIH 8LI WSPYXMSR XS XLI lHMPIQQE SJ XLVMJXz MW XS MRGVIEWI XLI EQSYRX SJ QSRI] EX GSRWYQIVW
HMWTSWEP 8LMW MW FIWX EGLMIZIH XLVSYKL JMRERGMRK TYFPMG [SVOW [LIVI XLI EHHMXMSREP QSRI] MW WTIRX SR [EKIW 8LI IJJIGX MW RSX SJJWIX F] ER MRGVIEWIH GSRWYQIV KSSHW WYTTP] WMRGI KSZIVRQIRX I\TIRHMXYVIW lTYX XLI QSRI] MRXS XLI LERHW SJ GSRWYQIVW [MXLSYX TYXXMRK GSQQSHMXMIW MRXS GSRWYQIVW
QEVOIXWz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

8E\ GYXW [LMGL EVI RSX EGGSQTERMIH F] VIHYGIH WTIRHMRK FYX SJJWIX F] FSVVS[MRK LEZI XLI WEQI VIWYPX 8E\ JMRERGIH I\TIRHMXYVI HSIW RSX HMQMRMWL XLI HIJMGMIRG] MR GSRWYQIVW
HIQERH EGGSVHMRK XS XLMW PSKMG *SWXIV ERH 'EXGLMRKW    ,IRGI *SWXIV GVMXMGM^IW XLI ,SSZIV ERH 6SSWIZIPX EHQMRMWXVEXMSRW
EXXIQTXW XS FEPERGI XLI FYHKIX *SWXIV    *SWXIV ERH 'EXGLMRKW IQTLEXMGEPP] GVMXMGM^IH XLI *IHIVEP 6IWIVZI JSV ETTP]MRK TVIWWYVI SR XLI *IHIVEP 6IWIVZI (MWXVMGX &EROW MR IEVP]  XS HIR] VIHMWGSYRXMRK XS FEROW [LS YWIH XLI JYRHW XS PIRH MR XLI GEPP QEVOIX &EVFIV      

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
MRZIWXMKEXMSR MR XIVQW SJ E JYPP] MRXIKVEXIH TVSHYGXMSR TVSGIWW GSYPH FI IRZMWMSRIH EW E HIZIPSTQIRX SJ ,SFWSR
W HIWGVMTXMSR SJ TVSHYGXMSR EW XVERWJSVQMRK TVMQEV] MRTYXW MRXS JMREP TVSHYGXW MR E WIVMIW SJ WXEKIW 8LI GVYGMEP HMJJIVIRGI EVMWIW JVSQ XLIMV GSRGITXMSR SJ GETMXEP ;LIVIEW ,SFWSR HIJMRIW GETMXEP EW XLI ZEPYI SJ TL]WMGEP GETMXEP KSSHW ETTPMIH EX XLI HMJJIVIRX WXEKIW SJ XLI TVSHYGXMSR TVSGIWW MR *SWXIV ERH 'EXGLMRKW GETMXEP MW E JYRH *SWXIV ERH 'EXGLMRKW   VINIGX ,SFWSR
W WYKKIWXMSR XS MRGVIEWI GSRWYQTXMSR KSSHW HIQERH XLVSYKL VIHMWXVMFYXMSR 8LI FEWMG TVSFPIQ SJ MRWYJJMGMIRX GSRWYQIV TYVGLEWMRK TS[IV EW XLI] HIJMRI MX [SYPH RSX FI WSPZIH (YVMRK XLI +VIEX (ITVIWWMSR *SWXIV GSRGIHIW XLEX HIQERH HIJMGMIRGMIW GER FI QMXMKEXIH ERH YVKIW XS lMRGVIEWI XLI MRGSQIW SJ XLSWI [LS HIWMVI XS GSRWYQI ERH VIHYGI XLI MRGSQIW SJ XLI ZIV] [IEPXL]z XLVSYKL TVSKVIWWMZI XE\EXMSR ERH XLI XE\EXMSR SJ TVSJMXW ERH MRLIVMXERGIW *SWXIV    *YVXLIVQSVI YRPMOI ,SFWSR ERH MR OIITMRK [MXL XLIMV MHIEW *SWXIV ERH 'EXGLMRKW VINIGX TPERMRK WMRGI MX HSIW RSX SJJIV E WSPYXMSR XS XLI lHMPIQQE SJ XLVMJXz *SWXIV ERH 'EXGLMRKW    6SFIVXWSR ?A  WYQQEVM^IW LMW GVMXMUYI SJ *SWXIV ERH 'EXGLMRKW MR LMW WXEXIQIRX XLEX l8LI XSSPW [MXL [LMGL XLI] [SVO EVI RSX WLEVT IRSYKLz 8LMW TIVXEMRW XS XLIMV GSRGITXW SJ WEZMRK ERH SJ GETMXEP ;LMPI *SWXIV ERH 'EXGLMRKW GSRHIQR E TSTYPEV YRHIVWXERHMRK [LIVI WEZMRK lQIVIP] QIERW WEZMRK QSRI] MRWXIEH SJ WTIRHMRK MXz XLI] SRP] EHZERGI FI]SRH MX F] TSMRXMRK XS XLI VIHYGXMSR MR GSRWYQIVW
HIQERH MR XLI TIVMSH MR [LMGL WEZMRKW EVI QEHI *SWXIV ERH 'EXGLMRKW    8LI] PEGO E RSXMSR SJ XLI TVSGIWW SJ VIEP WEZMRK [LIVI WEZMRK MQTPMIW E VIHYGXMSR SJ GYVVIRX MR JEZSV SJ JYXYVI GSRWYQTXMSR -R *SWXIV ERH 'EXGLMRKW WEZMRKW MRGVIEWI TVSHYGXMSR -R XLI EVMXLQIXMG &VEMPWJSVH TSMRXW SYX XLEX ,SFWSR
W MHIEW [IVI HMWWIQMREXIH MR XLI 9RMXIH 7XEXIW RSX SRP] XLVSYKL LMW FSSOW FYX EPWS XLVSYKL RI[WTETIV EVXMGPIW ERH TYFPMG PIGXYVIW &VEMPWJSVH     

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lMRGVIEWIH GETMXEP JEGMPMXMIWz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
VIWXVMGXMZI TVSTSWMXMSRW EFSYX XLI GMVGYPEXMSR SJ QSRI] ERH XLI YWI SJ GVIHMX 6SFIVXWSR ?A  

8LMW MW XLI WXEVXMRK TSMRX JSV ,E]IO
W GVMXMUYI SJ *SWXIV ERH 'EXGLMRKW
MHIEW ,E]IO ?A   ,I I\TPEMRW XLI IJJIGXW SJ WEZMRK ERH MRZIWXQIRX MR ER %YWXVMER QSHIP ERH WLS[W LS[ ER I\TERWMSR SJ SYXTYX MW TSWWMFPI [MXLSYX PIEHMRK XS E GVMWMW ,I TSMRXW SYX XLI TSWWMFMPMX] SJ MQFEPERGIW FIX[IIR HMJJIVIRX WXEKIW SJ TVSHYGXMSR JSPPS[MRK QMWKYMHIH GVIHMX TSPMGMIW   &EWIH SR XLMW LI VINIGXW XLIMV TSPMG] TVIWGVMTXMSRW ERH EVKYIW EPSRK JEQMPMEV PMRIW SJ LMW S[R FYWMRIWW G]GPI XLISV] XLEX I\TERWMSREV] QSRIXEV] TSPMG] [SYPH QEKRMJ] HMWIUYMPMFVME    

*SWXIV ERH 'EXGLMRKW LEH ZIV] PMXXPI MJ ER] JSVQEP XVEMRMRK MR IGSRSQMGW MR GSRXVEWX XS 0IHIVIV ERH ,SFWSR 8LIMV EREP]WMW VIJPIGXW TSTYPEV RSXMSRW ERH ER EGUYEMRXERGI [MXL IGSRSQMG MWWYIW JVSQ E FYWMRIWW TIVWTIGXMZI 8LI] HS RSX WIIQ XS FI JEQMPMEV [MXL IZIR FEWMG GSRGITXW SJ XVEHMXMSREP IGSRSQMGW 8LI] [IVI XVYI lGVEROWz ERH EW WYGL EPWS XVYP] GSRZMRGIH SJ XLIMV JMRHMRKW 8LIMV MHIEW WIIQ XS LEZI FIIR HIZIPSTIH [MXLMR E VEXLIV PMQMXIH XMQI JVEQI ERH HMHR
X GLERKI QYGL MR VIWTSRWI XS GVMXMGMWQ 8LI 4SPPEO *SYRHEXMSR [EW FVSYKLX MRXS I\MWXIRGI F] XLIQ [MXL XLI TYVTSWI SJ TVSWIP]XM^MRK XLI IGSRSQMGW TVSJIWWMSR ERH XLI KIRIVEP TYFPMG 8LI TYFPMGEXMSR SJ 4VSJMXW  [EW EGGSQTERMIH F] E TVM^I GSRXIWX  [IVI SJJIVIH JSV XLI FIWX lEHZIVWI GVMXMGMWQz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W   EWWIWWQIRX SJ *SWXIV ERH 'EXGLMRKW EW lEQEXIYV IGSRSQMWXWz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W VSPI [SYPH GSRWMWX MR KYMHMRK XLIQ SR XLI TVSTIV XMQMRK *YVXLIVQSVI XLI JIHIVEP KSZIVRQIRX [SYPH MRJSVQ XLI TVMZEXI WIGXSV SJ XLI EHZERXEKIW SJ GSYRXIV G]GPMGEP MRZIWXQIRX 8LMW JSVQ SJ MRHMGEXMZI TPERRMRK [SYPH RSX GSQTVSQMWI XLI JVIIHSQ SJ XLI PS[IV PIZIPW SJ KSZIVRQIRX SV SJ XLI TVMZEXI WIGXSV &EVFIV    *YVXLIVQSVI XLI HIQERH JSV GSRWYQIV KSSHW [EW WYTTSWIH XS FI WXEFMPM^IH F] WYTTSVXMRK [EKI PIZIPW XLVSYKL MQQMKVEXMSR VIWXVMGXMSRW ERH XEVMJJW SR MQTSVXW &EVFIV   ERH   &YX MR XLI GSYVWI SJ  XLI WXEFMPM^EXMSR WXVEXIK] HIZIPSTIH MR XLI W LEH TVSZIH MRWYJJMGMIRX XS EHHVIWW XLI I\XVESVHMREV] GLEPPIRKIW SJ XLI +VIEX (ITVIWWMSR %HNYWXQIRXW XS XLMW WMXYEXMSR LEH XS FI QEHI IWTIGMEPP] MR ZMI[ SJ XLI JMRERGMEP GVMWMW ;LIVIEW XLI

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W 'SRJIVIRGI SR 9RIQTPS]QIRX   1IQFIVW SJ XLI GSQQMXXII XLEX HVI[ YT XLI VITSVX MRGPYHIH ;IWPI] 1MXGLIPP )H[MR 6% 7IPMKQER %PP]R % =SYRK ERH SXLIV IGSRSQMWXW VITVIWIRXEXMZIW SJ XLI FYWMRIWW GSQQYRMX] ERH TYFPMG SJJMGMEPW WII XLI GSQTVILIRWMZI PMWX MR &EVFIV      

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lGPEWWMGEPz IGSRSQMG TSPMG] EHZMGI VINIGXMRK TYFPMG [SVOW EW MRIJJIGXMZI ERH MRJPEXMSREV] (MQERH    %PZMR ,ERWIR [EW E GEWI MR TSMRX [LS FPEQIH XLI MRXIVZIRXMSRMWX TSPMGMIW SJ XLI W ERH HYVMRK XLI IEVP] ]IEVW SJ XLI GVMWMW JSV XLI WIZIVMX] ERH HYVEXMSR SJ XLI HITVIWWMSR ,I EVKYIH XLEX XLI KSZIVRQIRX WLSYPH WYTTSVX XLI EHNYWXQIRX TVSGIWW XLVSYKL QIEWYVIW IRLERGMRK TVMGI JPI\MFMPMX] 4YFPMG [SVOW GSYPH SRP] FI YWIJYP XS VIGSZIV] EJXIV XLI EHNYWXQIRX [EW GSQTPIXIH &EVFIV    4VSKVIWWMZI IGSRSQMWXW [IVI XS FI JSYRH MR E KVSYT EX XLI 9RMZIVWMX] SJ 'LMGEKS EVSYRH .EGSF :MRIV 4EYP (SYKPEW ERH ,IRV] 7MQSRW 8LI] EVKYIH JSV GSYRXIV G]GPMGEP TYFPMG I\TIRHMXYVI &EVFIV   EVKYIW XLEX ,SSZIV
W GLERKI MR WXVEXIKMIW MR  [EW RSX E VIGERXEXMSR SJ XLI FIPMIJ MR KSZIVRQIRX MRXIVZIRXMSR FYX ER EHNYWXQIRX XS RI[ TVMSVMXMIW 0EMHPIV   HMWGYWWIW XLI YRHIVGSRWYQTXMSRMWX EVKYQIRXW SJ (SYKPEW MR HIXEMP  


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W VIGSQQIRHEXMSRW EW 7IGVIXEV] SJ 'SQQIVGI &EVFIV     

)ZEPYEXMSR 9RHIVGSRWYQTXMSR XLISVMIW ERH /I]RIWMER IGSRSQMGW .SLR 7XYEVX 1MPP
W  ?A  EWWIWWQIRX SJ YRHIVGSRWYQTXMSR EVKYQIRXW GLEVEGXIVM^IW XLI VIGITXMSR XLI] SFXEMRIH JVSQ XVEHMXMSREP IGSRSQMGW SZIV QSVI XLER E GIRXYV] l8LI HSGXVMRI ETTIEVW XS QI XS MRZSPZI WS QYGL MRGSRWMWXIRG] MR MXW ZIV] GSRGITXMSR XLEX - JIIP GSRWMHIVEFPI HMJJMGYPX] MR KMZMRK ER] WXEXIQIRX SJ MX [LMGL WLEPP FI EX SRGI GPIEV ERH WEXMWJEGXSV] XS MXW WYTTSVXIVWz /I]RIW  ?A GLEPPIRKIW XLMW ZMI[ MR GLETXIV  SJ 8LI KIRIVEP XLISV] SJ IQTPS]QIRX MRXIVIWX ERH QSRI] -R LMW l2SXIW SR QIVGERXMPMWQ XLI YWYV] PE[W WXEQTIH QSRI] ERH XLISVMIW SJ YRHIVGSRWYQTXMSRz LI EVKYIW XLEX XLIWI WXVERHW SJ IGSRSQMG VIEWSRMRK LEZI FIIR YRHYP] GVMXMGM^IH ERH VINIGXIH F] GPEWWMGEP IGSRSQMWXW ,I SJJIVW VIMRXIVTVIXEXMSRW SR XLI FEGOKVSYRH SJ LMW S[R XLISV] ERH JMRHW TVEMWI JSV EYXLSVW [LS LEH HIZIPSTIH VIEWSRMRK XLEX TEVEPPIPW EVKYQIRXW YWIH MR XLI +IRIVEP 8LISV] %X XLI WEQI XMQI LI FIPMXXPIW XLIMV GSRXVMFYXMSRW F] YWMRK PERKYEKI XLEX MQTPMIW XLEX XLI VERO ERH JMPI SJ XLI lFVEZI EVQ] SJ LIVIXMGWz WLSYPH RSX FI XEOIR XSS WIVMSYWP] ,EFIVPIV HIZSXIW E GLETXIV MR LMW 4VSWTIVMX] ERH HITVIWWMSR XS l9RHIVGSRWYQTXMSR XLISVMIWz -R XLI MRXVSHYGXMSR LI TSMRXW SYX XLEX l8LI EYXLSVW [LS LEZI HSRI QSWX MR VIGIRX XMQIW XS VIWXEXI ERH TVSTEKEXI XLI YRHIVGSRWYQTXMSR XLISV] MR E WGMIRXMJMG [E] EVI 1V .% ,SFWSR MR )RKPERH 1IWWVW ;8 *SWXIV ERH ; 'EXGLMRKW MR XLI 9RMXIH 7XEXIW ERH 4VSJIWWSV )QMP 0IHIVIV MR +IVQER]z ,EFIVPIV ?A  ;LIVIEW - LEZI LIVI TVIWIRXIH XLI XLISVMIW SJ XLIWI XLVII EYXLSVW EW EXXIQTXW EX I\TPEMRMRK FYWMRIWW G]GPIW W]WXIQEXMGEPP] ,EFIVPIV EREP]^IW MRHMZMHYEP TVSTSWMXMSRW VIGYVVMRK MR YRHIVGSRWYQTXMSR XLISVMIW ,I HMWGYWWIW XLIMV VIPEXMSR XS SZIVMRZIWXQIRX XLISVMIW ERH IZEPYEXIW XLIMV TPEYWMFMPMX] ERH GSLIVIRGI )ZIR MJ LI XEOIW TEMRW XS HS XLIQ NYWXMGI ERH XS WMRKPI SYX WSYRH MHIEW JVSQ lYRUYEPMJMIH WXEXIQIRXWz XLI HMWXVYWX JSVQYPEXIH F] 1MPP TVIZEMPW -R XLI IRXV] SR lYRHIVGSRWYQTXMSRz MR 8LI 2I[ 4EPKVEZI 7GLRIMHIV   WXEXIW XLEX l9RHIVGSRWYQTXMSR XLISVMIW LEZI RIZIV FIIR EGGITXEFPI XS SVXLSHS\ IGSRSQMWXW TIVLETW TEVXP] FIGEYWI YRHIVGSRWYQTXMSRMWXW MR KIRIVEP LEZI PEGOIH VMKSYV MR XLI I\TSWMXMSR SJ XLIMV MHIEWz 8LI I\EQTPIW [I LEZI HMWGYWWIH EFSZI ZEV] [MHIP] MR XLMW % WMQMPEV VLIXSVMGEP WXVEXIK] MW YWIH F] 7GLYQTIXIV   [LIR MRXVSHYGMRK ,SFWSR EW WSQISRI [LS WIIQW XS WXERH lMR WSQIXLMRK XLEX XS QER] PSSOW ZIV] PMOI E LEPS SJ KPSV]z  

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

MRZIWXQIRX %PXLSYKL XLI EYXLSVW HMWGYWWIH LIVI EPP EHHVIWW LSEVHMRK MX MW GSRWMHIVIH ER EFRSVQEPMX] ERH MRIWWIRXMEP MR I\TPEMRMRK XLI GVMWMW %W EVKYIH EFSZI 1EVFEGL WXERHW SYX MR XLMW VIWTIGX ,I HSIW RSX HIZIPST XLI GSRWIUYIRGIW SJ XLMW GLERKIH TIVWTIGXMZI XLSYKL ,SEVHMRK MW HIWGVMFIH EW ER EWTIGX SJ XLI HITVIWWMSR RSX EW E GEYWI -RZIWXQIRX IUYEPW WEZMRK I\ ERXI RS MRHITIRHIRX MRZIWXQIRX HIQERH JYRGXMSR MW MRXVSHYGIH 8LIVIJSVI XLI ZMWMSR SJ E HIQERH HVMZIR IGSRSQ] XLEX /I]RIW HIZIPSTW MW SRP] TEVXMEPP] ERXMGMTEXIH F] YRHIVGSRWYQTXMSRMWXW 8LI UYEWMEYXSQEXMG MRGVIEWI MR TVSHYGXMSR GETEGMX] HVMZIW XLI IGSRSQ] MRXS HMWIUYMPMFVMYQ ERH RSX EYXSRSQSYW GLERKIW MR EKKVIKEXI HIQERH -R YRHIVGSRWYQTXMSR XLISVMIW WEZMRKW ERH MRZIWXQIRX FVIEO HS[R SRGI XLI TVSHYGXMSR JEGMPMXMIW FYMPX YT HYVMRK XLI FSSQ F] I\GIWWMZI WEZMRK KS MRXS TVSHYGXMSR %X XLMW TSMRX XLI MRGVIEWIH WYTTP] SJ GSRWYQTXMSR KSSHW QIIXW [MXL MREHIUYEXI HIQERH 8LI MRGSQIW XLEX GER FI VIEPM^IH MR WYGL GMVGYQWXERGIW JEPP WLSVX SJ XLI ZEPYI SJ XSXEP SYXTYX 7GLRIMHIV    8LMW TIVGITXMSR MW HMJJIVIRX JVSQ E /I]RIWMER GMVGYPEV JPS[ TIVWTIGXMZI [LIVI WEZMRKW ERH MRZIWXQIRX EVI RIGIWWEVMP] IUYEP I\ TSWX XLI IUYMPMFVMYQ FIMRK FVSYKLX EFSYX F] MRGSQI EHNYWXQIRXW 9RHIVGSRWYQTXMSRMWXW VEMWI XLI MWWYI SJ KIRIVEP SV QEGVSIGSRSQMG HMWVYTXMSRW MR XLI GSRXI\X SJ E KVS[MRK IGSRSQ] 8LI] HMWGYWW MRXIVXIQTSVEP GSSVHMREXMSR MI XLI GSSVHMREXMSR SJ GSRWYQTXMSR WEZMRK ERH MRZIWXQIRX HIGMWMSRW 8LI] EREP]^I HMZIVKIRGIW FIX[IIR TPERRIH ERH VIEPM^IH ZEPYIW ERH ZSPYQIW XLI GEYWIW ERH IJJIGXW SJ HMWIUYMPMFVME ,IVI EKEMR XLI] HMJJIV JVSQ E /I]RIWMER WLSVXXIVQ TIVWTIGXMZI ;LIVIEW XLI IEVP] TLEWI SJ XLI FYWMRIWW G]GPI QE] TVSZMHI IQTPS]QIRX XLVSYKL ER I\TERWMSR SJ TVSHYGXMSR GETEGMX] XLMW HSIW RSX KYEVERXII XLEX XLI JEGMPMXMIW GER FI IQTPS]IH TVSJMXEFP] MR XLI JYXYVI KMZIR MRWYJJMGMIRX HIQERH JSV XLIMV SYXTYX -R XLMW VIWTIGX XLI QEGVSIGSRSQMG EREP]WMW SJJIVIH F] YRHIVGSRWYQTXMSRMWXW MW GPSWIV XS GPEWWMGEP GSRGIVRW XLER XS /I]RIWMER IGSRSQMGW JSGYWMRK SR WLSVXXIVQ IUYMPMFVME 8LI YRHIVGSRWYQTXMSRMWXW LEZI MR GSQQSR XLI VINIGXMSR SJ XLI GPEWWMGEP EWWYQTXMSR SJ E REXYVEP LEVQSR] FIX[IIR XLI MRXIVIWXW SJ MRHMZMHYEPW ERH WSGMIX] 8LI TVSTSWMXMSR EHZERGIH F] GPEWWMGEP ERH RISGPEWWMGEP EYXLSVW XLEX QEVOIX JSVGIW FVMRK EFSYX TVSWTIVMX] ERH KVS[XL MW UYIWXMSRIH -RWXIEH YRHIVGSRWYQTXMSR MW WIIR EW VIWTSRWMFPI JSV G]GPMGEP

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
W TSPMGMIW 4EVX SJ XLMW WYGGIWW LEW XS FI EXXVMFYXIH XS XLI JEGX XLEX XLI YRHIVGSRWYQTXMSR EVKYQIRX [EW XLI SRP] SRI YWIH XS WYTTSVX XLI HIQERH JSV MRGVIEWIW MR KSZIVRQIRX WTIRHMRK MR 7[MX^IVPERH -R +VIEX &VMXEMR +IVQER] ERH XLI 9RMXIH 7XEXIW YRHIVGSRWYQTXMSRMWXW [IVI RSX EPSRI MR GVMXMGM^MRK SVXLSHS\ IGSRSQMG TSPMGMIW 8VEHMXMSREP EVKYQIRXW JSV TYFPMG [SVOW XLI GSRGITX SJ E lWIGSRHEV] HIJPEXMSRz ERH SXLIV EVKYQIRXW HIVMZIH JVSQ QEMRWXVIEQ XLISVMIW [IVI HIZIPSTIH XS WYTTSVX XLI HIQERH JSV I\TERWMSREV] TYFPMG TSPMGMIW 0MOI 7GLRIMHIV - [SYPH WYTTSVX E [MHIV HIJMRMXMSR XLER &PIERI] [LS EVKYIW XLEX E XIRHIRG] XS[EVHW WXEKREXMSR SJ XLI GETMXEPMWX IGSRSQ] MW EX XLI GSVI SJ YRHIVGSRWYQTXMSR EVKYQIRXW 8LI EYXLSVW HMWGYWWIH LIVI EPP WXVIWW YRHIVGSRWYQTXMSR EW E G]GPMGEP TLIRSQIRSR &PIERI]     

&MFPMSKVETL] &EGOLSYWI 6SKIV )  1YQQIV] ERH ,SFWSRkW 8LI 4L]WMSPSK] SJ -RHYWXV] -R 4LIF] .SLR IH  .% ,SFWSR EJXIV *MJX] =IEVW  &EVFIV ;MPPMEQ .  *VSQ 2I[ )VE XS 2I[ (IEP ,IVFIVX ,SSZIV XLI )GSRSQMWXW ERH %QIVMGER )GSRSQMG 4SPMG]  'EQFVMHKI IXG 'EQFVMHKI 9RMZIVWMX] 4VIWW &IVRWXIMR 1MGLEIP %  % TIVMPSYW TVSKVIWW IGSRSQMWXW ERH TYFPMG TYVTSWI MR X[IRXMIXLGIRXYV] %QIVMGE 4VMRGIXSR 4VMRGIXSR 9RMZIVWMX] 4VIWW &PIERI] 1MGLEIP  9RHIVGSRWYQTXMSR 8LISVMIW % ,MWXSV] ERH 'VMXMGEP %REP]WMW 2I[ =SVO -RXIVREXMSREP 4YFPMWLIVW &¸LPIV )YKIR  1¸KPMGLOIMXIR HIV /VMWIRFIOÇQTJYRK >²VMGL &SQFEGL +SXXJVMIH IX EP IHW  (IV /I]RIWMERMWQYW -- (MI FIWGLÇJXMKYRKWTSPMXMWGLI (MWOYWWMSR ZSV /I]RIW MR (IYXWGLPERH &IVPMR IXG 7TVMRKIV &VEMPWJSVH ,2  8LI 0MJI[SVO SJ .% ,SFWSR 0SRHSR 3\JSVH 9RMZIVWMX] 4VIWW (EZMW . 6SRRMI  8LI 2I[ )GSRSQMGW ERH XLI 3PH )GSRSQMWXW %QIW 8LI -S[E 7XEXI 9RMZIVWMX] 4VIWW (MQERH 6SFIVX ;  'VEROW ,IVIXMGW ERH 1EGVSIGSRSQMGW MR XLI W ,MWXSV] SJ )GSRSQMGW 6IZMI[   (MQERH 6SFIVX ;  8LI 3VMKMRW SJ XLI /I]RIWMER 6IZSPYXMSR 8LI (IZIPSTQIRX SJ /I]RIWk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

,E]IO *VMIHVMGL %YKYWX ZSR ?A 8LI k4EVEHS\ SJ 7EZMRKWk -R 4VSJMXW -RXIVIWX ERH -RZIWXQIRX ERH SXLIV )WWE]W SR XLI 8LISV] SJ -RHYWXVMEP *PYGXYEXMSR 0SRHSR 6SYXPIHKI ERH /IKER 4EYP 0XH  3VMKMREPP] TYFPMWLIH EW +MFX IW IMRIR ;MHIVWMRR HIW 7TEVIRW# -R >IMXWGLVMJX J²V 2EXMSREP¸OSRSQMI    ,SFWSR .SLR %  8LI MRHYWXVMEP W]WXIQ %R MRUYMV] MRXS IEVRIH ERH YRIEVRIH MRGSQI 2I[ =SVO %1 /IPPI] 4YFPMWLIVW ,SFWSR .SLR %  9RHIVGSRWYQTXMSR %R )\TSWMXMSR ERH E 6ITP] )GSRSQMGE :SP<--- SPH WIVMIW   ,YXGLMWSR 8IVIRGI ; ?A % 6IZMI[ SJ )GSRSQMG (SGXVMRIW  3\JSVH 'PEVIRHSR 4VIWW ,YXGLMWSR 8IVIRGI ;  3R 6IZSPYXMSRW ERH 4VSKVIWW MR )GSRSQMG /RS[PIHKI 'EQFVMHKI 'EQFVMHKI 9RMZIVWMX] 4VIWW .EQIW ,EVSPH  8LI +IVQER 7PYQT 3\JSVH 3\JSVH 9RMZIVWMX] 4VIWW .ERWWIR ,EYOI  2EXMSREP¸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¸OSRSQMO 8²FMRKIR .'& 1SLV  0IHIVIV )QMP E 8IGLRMWGLIV *SVXWGLVMXX YRH %VFIMXWPSWMKOIMX 8²FMRKIR .'& 1SLV -R  E VIZMWIH ERH WYFWXERXMEPP] I\XIRHIH ZIVWMSR [EW TYFPMWLIH F] XLI -RXIVREXMSREP 0EFSYV 3JJMGI MR +IRIZE EW 8IGLRMGEP TVSKVIWW ERH YRIQTPS]QIRX %R IRUYMV] MRXS XLI SFWXEGPIW XS IGSRSQMG I\TERWMSR 0IHIVIV )QMP F ;MVOYRKIR HIW 0SLREFFEYW )MR :SVXVEK 8²FMRKIR .'& 1SLV 0IHIVIV )QMP E 4PER[MVXWGLEJX 8²FMRKIR .'& 1SLV 0IHIVIV )QMP F (MI 0ÇLQYRK HIV ;IPX[MVXWGLEJX %VGLMZ J²V 7S^MEP[MWWIRWGLEJX YRH 7S^MEPTSPMXMO   1EVFEGL *VMX^  (EW EOXYIPPI 0SLRTVSFPIQ 7GLVMJXIR HIW *¸HIVEXMZZIVFERHIW HIW 4IVWSREPW ¸JJIRXPMGLIV :IV[EPXYRKIR YRH &IXVMIFI ,IJX  &IVR 

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¸TOI ;MPLIPQ  7ERQERR ,SVWX  4VEOXMWGLI /SRNYROXYVTSPMXMO (MI %VFIMX HIV &VEYRW (EXIR YRH %PXIVREXMZIR HIV HIYXWGLIR ;MVXWGLEJXW YRH /SQQMWWMSR ;IPX[MVXWGLEJXPMGLIW %VGLMZ   *MRER^TSPMXMO MR HIV âVE &V²RMRK MR 3VXPMIF ,IMR^(MIXVMGL ERH &VYRS 1SPMXSV IHW  ,EQFYVKIV .ELVFYGL J²V ;MVXWGLEJXW YRH +IWIPPWGLEJXWTSPMXMO 8²FMRKIR .'& 1SLV  7GLRIMHIV 1MGLEIP  YRHIVGSRWYQTXMSR MR )EX[IPP .SLR 1YVVE] 1MPKEXI ERH 4IXIV 2I[QER IHW 8LI 2I[ 4EPKVEZI % HMGXMSREV] SJ IGSRSQMGW :SP    7GLRIMHIV 1MGLEIP  1SHIPPMRK ,SFWSRkW 9RHIVGSRWYQTXMSR 8LISV] -R 4LIF] .SLR IH  .% ,SFWSR EJXIV *MJX] =IEVW *VIIXLMROIV SJ XLI 7SGMEP 7GMIRGIW  ,SYRHQMPPW IXG 1EGQMPPER 4VIWW 7GLRIMHIV 1MGLEIP  . % ,SFWSR ,SYRHQMPPW IXG 1EGQMPPER 4VIWW 7GLYQTIXIV .SWITL %  ,MWXSV] SJ )GSRSQMG %REP]WMW 2I[ =SVO 3\JSVH 9RMZIVWMX] 4VIWW 

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